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, 2006
------------------
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, 2006
Nuveen Investments
Municipal Exchange-Traded
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: Man, woman and child 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: Man and child
Photo of: Woman
NOW YOU CAN RECEIVE YOUR
NUVEEN FUND REPORTS FASTER.
NO MORE WAITING.
SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL.
It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive
an e-mail as soon as your Nuveen Investments Fund information is ready -- no
more waiting for delivery by regular mail. Just click on the link within the
e-mail to see the report, and save it on your computer if you wish.
----------------------
DELIVERY DIRECT TO
YOUR E-MAIL INBOX
----------------------
IT'S FAST, EASY & FREE:
WWW.INVESTORDELIVERY.COM
if you get your Nuveen Fund dividends
and statements from your financial
advisor or brokerage account.
OR
WWW.NUVEEN.COM/ACCOUNTACCESS
if you get your Nuveen Fund dividends
and statements directly from Nuveen.
(Be sure to have the address sheet that accompanied this report handy. You'll
need it to complete the enrollment process.)
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 Distribution and Share
Price Information, and the Performance Overview sections of this report.
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
"PORTFOLIO DIVERSIFICATION IS A RECOGNIZED WAY TO TRY TO REDUCE SOME OF THE RISK
THAT COMES WITH INVESTING."
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 comes with investing. I encourage you to contact
your personal financial advisor who can help explain this important investment
strategy.
Nuveen Investments is pleased to offer you choices when it comes to receiving
your fund reports. In addition to mailed print copies, you can also sign up to
receive future Fund reports and other Fund information by e-mail and the
Internet. Not only will you be able to receive the information faster, but this
also may help lower your Fund's expenses. 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 3, 2006
Nuveen Investments California Exchange-Traded Municipal
Closed-End Funds (NCA, NCP, NCO, NQC, NVC, NUC)
Portfolio Manager's
COMMENTS
Portfolio manager Scott Romans reviews key investment strategies and the
semiannual performance of these California Funds. Scott, who joined Nuveen in
2000, has managed these six Funds since 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE CALIFORNIA FUNDS DURING THE
SIX-MONTH REPORTING PERIOD ENDED FEBRUARY 28, 2006?
During this reporting period, we saw a general increase in interest rates across
the yield curve, with short-term rates rising faster than longer-term rates.
Between September 1, 2005, and February 28, 2006, the Federal Reserve
implemented four increases of 0.25% each in the fed funds rate, raising this
short-term target by 100 basis points. In contrast, the yield on the benchmark
10-year U.S. Treasury note ended February 2006 at 4.55%, up from 4.02% six
months earlier, while the yield on the Bond Buyer 25 Revenue Bond Index, a
widely followed measure of longer-term municipal market rates, was 5.04% at the
end of February 2006, an increase of 17 basis points from the end of August
2005. As interest rates increased, bond valuations generally declined, and the
yield curve flattened as shorter-term rates approached the levels of longer-term
rates.
In this environment, one of our key strategies continued to be careful duration1
management. As the yield curve flattened, we continued to see a substantial
number of advance refundings2 in the California market. While these refundings
benefited the Funds' performances to a certain extent during this period, they
also had a shortening effect on the Funds' durations. To help us maintain these
durations within our preferred strategic range, our purchase activity therefore
focused mainly on attractively priced bonds with longer durations, that is,
bonds maturing in 25 to 30 years. In the current rate environment, we believed
that bonds in this part of the yield curve generally offered more attractive
opportunities and the best values.
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.
2 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.
4
In looking for potential purchase candidates, we kept an opportunistic eye
toward all types of issuance that we believed could add value to the Funds'
portfolios. Overall, portfolio activity was relatively light, due in part to the
decline in California municipal supply during this six-month period. This was
especially true during the first two months of 2006, when new issuance in the
state dropped 27% from levels seen in early 2005. While we continued to
emphasize maintaining the Funds' weightings of bonds rated BBB or lower and
nonrated bonds, tighter supply meant fewer opportunities to find lower-rated
issues that we believed represented value for shareholders. Therefore, the
majority of our new purchases during this period were higher-rated credits.
One area where we did find opportunities to purchase lower-rated bonds was the
tobacco sector. In December 2005, we added $3.5 million in BBB rated bonds
issued by Northern California Tobacco Securitization Authority to NQC to more
closely align the tobacco allocation of this Fund with that of the other
California Funds. In addition, as selected credits were advance refunded in each
of the Funds, we replaced some of the pre-refunded issues with BBB rated tobacco
bonds issued by Sonoma County. This helped us maintain the Funds' tobacco
allocations at preferred levels. Although the Sonoma County tobacco bonds had
lower coupons and shorter maturities than we had strategically targeted during
this period, we believed that this was offset by the attractive structures and
return potential offered by these credits.
As part of our duration management strategies during this period, we were also
selectively selling holdings with shorter durations, including bonds with very
short maturities, bonds priced to short calls, and pre-refunded bonds. The
proceeds from these sales, as well as proceeds from any calls, were then
generally reinvested in the 25- to 30-year part of the yield curve as attractive
opportunities arose.
5
HOW DID THE FUNDS PERFORM?
Individual results for these 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 2/28/06
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NCA3 1.28% 4.50% 5.60% 5.63%
--------------------------------------------------------------------------------
NCP 0.89% 5.20% 7.12% 6.48%
--------------------------------------------------------------------------------
NCO 0.83% 5.17% 7.34% 6.40%
--------------------------------------------------------------------------------
NQC 1.04% 4.94% 7.10% 6.37%
--------------------------------------------------------------------------------
NVC 1.13% 5.60% 7.46% 6.75%
--------------------------------------------------------------------------------
NUC 1.08% 5.89% 6.91% 6.72%
--------------------------------------------------------------------------------
Lehman Brothers CA
Tax-Exempt
Bond Index4 1.16% 4.37% 5.58% 5.92%
--------------------------------------------------------------------------------
Lipper CA Municipal Debt
Funds Average5 1.63% 6.49% 6.94% 6.43%
--------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
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.
For the six months ended February 28, 2006, the cumulative returns on net asset
value (NAV) for NCA, NQC, NVC, and NUC either exceeded or performed relatively
in line with the return on their Lehman Brothers California municipal benchmark,
while NCP and NCO trailed this index. The cumulative returns on NAV for all of
the Funds underperformed the average return for the Lipper California peer group
over the reporting period.
One of the factors affecting the six-month performance of these Funds relative
to that of the unleveraged Lehman Brothers municipal index was the use of
financial leverage. Five of these Funds (NCP, NCO, NQC, NVC, and NUC) use
leverage, while NCA is not leveraged. Although leveraging provides opportunities
for additional income and total returns for common shareholders when interest
rates fall or remain consistently low (as they have over the past several
years), this benefit is reduced when interest rates rise. With the increase in
both short-term and long-term interest rates during this six-month period, the
decline in value of the bonds in these Funds' portfolios was exacerbated by the
effects of leveraging.
3 NCA is an unleveraged Fund; the remaining five Funds in this report are
leveraged.
4 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 index do not reflect any expenses.
5 The Lipper California Municipal Debt Funds average is calculated using the
returns of all closed-end exchange-traded funds in this category for each
period as follows: 6 months, 26; 1 year, 26; 5 years, 15; and 10 years, 13.
Fund and Lipper returns assume reinvestment of dividends.
6
In addition, the benefits of leveraging are tied in part to the short-term rates
leveraged Funds pay their MuniPreferred(R) shareholders. During periods of low
short-term rates, these Funds generally pay lower dividends to their
MuniPreferred shareholders, which can leave more earnings to support common
share dividends. Conversely, when short-term interest rates rise, as they did
during this reporting period, the Funds' borrowing costs also rise, impacting
the Funds' income streams, and total returns. Since NCA is not leveraged, it was
not affected by the rise in borrowing costs, which helped its total return
performance for the period and accounted for much of the performance
differential between NCA and the other five Funds in this report. However, we
remain convinced that, over the long term, the use of financial leverage should
work to the benefit of the Funds that are leveraged.
During this reporting period, positive contributors to the Funds' returns
included allocations to lower-rated credits, yield curve and duration
positioning, and--to a more limited extent--pre-refunding activity.
With bonds rated BBB or lower and nonrated bonds generally outperforming other
credit quality sectors during this period, all of these Funds benefited from
their allocations of lower-quality credits. The performance of this sector was
largely the result of investor demand for the higher yields typically associated
with lower-quality bonds, which drove up their value and kept credit spreads
narrow. As of February 28, 2006, bonds rated BBB or lower and nonrated bonds
accounted for 7% of NVC's portfolio, 8% of NCO, 9% of NCP and NUC, 11% of NQC,
and 25% of NCA. Among the lower-rated bonds making positive contributions to the
Funds' cumulative returns for this period were healthcare (including hospitals
and long-term care), housing, and tobacco credits. At period end, these Funds
held between 1% and 4% of their portfolios in unenhanced, uninsured tobacco
bonds.
As the yield curve continued to flatten over the course of this period, yield
curve and duration positioning also played important roles in the Funds'
performances. On the whole, bonds priced to intermediate calls (i.e., between
2009 and 2012, the part of the curve that experienced the greatest rate changes)
were the most impacted by the
7
changes in the yield curve. As a result, these bonds generally underperformed
those priced to very short calls (i.e., 2006) and longer calls (i.e., 2014 and
beyond). Yield curve positioning or, more specifically, greater exposure to
those parts of the yield curve that performed well helped the performances of
these Funds during this period.
As mentioned earlier, we also continued to see a substantial number of
refinancings during this period, which benefited the Funds through price
appreciation and enhanced credit quality. The impact of a bond's price
appreciation on the Fund's total return is determined by the structure of the
bond being refinanced. For example, the advance refunding of a bond with a 7%
coupon produces greater price appreciation, and therefore greater positive
impact on total return, than the refunding of a 5% coupon bond. As the yield
curve flattened, we saw more lower coupon bonds being pre-refunded, which meant
that the positive impact of price appreciation from advance refundings was less
than in the previous reporting period. In addition, new bonds that were issued
to replace those that were pre-refunded now had new maturities and new call
dates, some of which fell into that part of the yield curve that underperformed
during this period. As a result, while the Funds benefited from the initial
price appreciation associated with advance refundings, some of their
pre-refunded holdings subsequently did not perform well.
Additionally, the rising interest rate environment of this six-month period
generally meant that the Funds' holdings of older pre-refunded bonds tended to
underperform the general municipal market, due primarily to the shorter
effective maturities of these bonds. In addition to the factors mentioned above,
security-specific issues--including the timing and amount of advance
refundings--also accounted for some of the performance differential among these
Funds.
8
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
FEBRUARY 28, 2006?
We continued to believe that maintaining strong credit quality was an important
requirement. As of February 28, 2006, all of these Funds continued to offer
excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed
and AA ranging from 66% in NCA to 80% in NCP, 81% in NQC and NVC, 82% in NUC,
and 83% NCO.
As of February 28, 2006, potential call exposure for the period March 2006
through the end of 2007 ranged from 7% in NQC and 9% in NVC and NUC to 12% in
NCA, NCP, and NCO. We continue to work to manage the call structure of all of
these Funds.
The number of actual bond calls will depend largely on future market interest
rates.
9
Dividend and Share Price
INFORMATION
As previously noted, all of the Funds in this report except NCA use leverage to
potentially enhance opportunities for additional income for common shareholders.
During periods of rising short-term interest rates, as was the case during this
reporting period, the Funds' borrowing costs also rise, reducing the extent of
the benefits of leveraging. The Funds' income streams were also impacted as the
proceeds from older, higher-yielding bonds that matured or were called were
reinvested into bonds generally offering lower yields. These factors resulted in
one monthly dividend reduction in NCP and NUC over the six-month period ended
February 28, 2006. The dividends of NCA, NCO, NQC, and NVC remained stable
throughout this reporting period. (On March 1, 2006, NCP, NCO, NQC, NVC, and NUC
announced monthly dividend reductions.)
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds received capital gains and net ordinary income
distributions at the end of December 2005, as follows:
LONG-TERM CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NCA $0.0530 $0.0049
--------------------------------------------------------------------------------
NQC $0.0535 $0.0066
--------------------------------------------------------------------------------
NVC $0.1167 $0.0006
--------------------------------------------------------------------------------
NUC $0.0307 $ --
--------------------------------------------------------------------------------
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, 2006, all of
the Funds in this report except NCA had positive UNII balances for both
financial statement and tax purposes. NCA had a positive UNII balance, based on
our best estimate, for tax purposes and a negative UNII balance for financial
statement purposes.
10
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:
2/28/06 6-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM/DISCOUNT
--------------------------------------------------------------------------------
NCA -5.51% -4.02%
--------------------------------------------------------------------------------
NCP -5.80% -6.96%
--------------------------------------------------------------------------------
NCO +0.44% -4.88%
--------------------------------------------------------------------------------
NQC -3.54% -5.79%
--------------------------------------------------------------------------------
NVC -1.35% -2.93%
--------------------------------------------------------------------------------
NUC -0.89% -3.52%
--------------------------------------------------------------------------------
11
Nuveen California Municipal Value Fund, Inc.
NCA
Performance
OVERVIEW As of February 28, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 62%
AA 4%
A 9%
BBB 16%
BB or Lower 1%
N/R 8%
Bar Chart:
2005-2006 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.
3/01/05 9.6
9.6
9.62
9.6
9.7
9.6
9.6
9.58
9.57
9.56
9.47
9.5
9.6
9.45
9.45
9.32
9.41
9.34
9.28
9.13
9.21
9.33
9.31
9.36
9.36
9.39
9.34
9.31
9.29
9.33
9.34
9.34
9.47
9.46
9.4
9.37
9.35
9.37
9.38
9.38
9.45
9.4
9.45
9.45
9.45
9.46
9.43
9.48
9.45
9.54
9.5
9.49
9.45
9.41
9.46
9.43
9.47
9.47
9.47
9.52
9.53
9.56
9.6
9.56
9.56
9.57
9.58
9.59
9.67
9.66
9.74
9.71
9.71
9.7
9.83
9.83
9.82
9.79
9.79
9.84
9.77
9.82
9.9
9.88
9.85
9.88
9.85
9.84
9.89
9.93
9.98
9.9
9.89
9.88
9.73
9.78
9.77
9.83
9.8
9.76
9.81
9.93
9.93
9.88
9.83
9.85
9.84
9.84
9.88
9.9
9.9
9.91
9.86
9.89
9.89
9.92
9.85
9.81
9.73
9.75
9.73
9.74
9.79
9.83
9.84
9.79
9.84
9.91
9.94
9.98
9.92
9.98
9.94
9.96
9.98
9.98
9.99
10.15
9.88
9.88
10.04
9.9
9.94
9.91
9.92
9.76
9.96
9.77
10.01
9.91
9.82
9.82
9.85
9.93
9.92
9.92
9.91
9.8
9.89
9.85
9.69
9.56
9.56
9.47
9.56
9.65
9.7
9.71
9.73
9.75
9.82
9.85
9.79
9.88
9.83
9.73
9.74
9.69
9.82
9.85
9.87
9.85
9.77
9.89
9.76
9.72
9.75
9.71
9.73
9.66
9.62
9.69
9.61
9.65
9.64
9.73
9.86
9.8
9.9
9.7
9.85
9.93
9.88
9.98
9.91
9.74
9.79
9.66
9.68
9.56
9.54
9.54
9.62
9.65
9.65
9.65
9.62
9.68
9.73
9.8
9.82
9.75
9.7
9.7
9.74
9.7
9.73
9.63
9.71
9.72
9.57
9.58
9.69
9.78
9.75
9.72
9.68
9.64
9.61
9.63
9.55
9.5
9.59
9.63
9.68
9.57
9.52
9.61
9.63
9.74
9.79
9.77
9.75
9.68
2/28/06 9.61
FUND SNAPSHOT
------------------------------------
Common Share Price $9.61
------------------------------------
Common Share
Net Asset Value $10.17
------------------------------------
Premium/(Discount) to NAV -5.51%
------------------------------------
Market Yield 4.81%
------------------------------------
Taxable-Equivalent Yield1 7.34%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $256,679
------------------------------------
Average Effective Maturity
on Securities (Years) 15.24
------------------------------------
Modified Duration 5.15
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/07/87)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -0.22% 1.28%
------------------------------------
1-Year 5.37% 4.50%
------------------------------------
5-Year 5.08% 5.60%
------------------------------------
10-Year 4.97% 5.63%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 31.5%
------------------------------------
Tax Obligation/Limited 25.2%
------------------------------------
Tax Obligation/General 14.6%
------------------------------------
Health Care 6.1%
------------------------------------
Housing/Multifamily 5.2%
------------------------------------
Water and Sewer 5.0%
------------------------------------
Other 12.4%
------------------------------------
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 34.5%. When comparing this fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.0579 per share.
12
Nuveen California Performance Plus Municipal Fund, Inc.
NCP
Performance
OVERVIEW As of February 28, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 69%
AA 11%
A 11%
BBB 7%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Mar 0.0745
Apr 0.0745
May 0.0745
Jun 0.0705
Jul 0.0705
Aug 0.0705
Sep 0.0705
Oct 0.0705
Nov 0.0705
Dec 0.067
Jan 0.067
Feb 0.067
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/05 14.88
14.86
14.84
14.9
14.89
14.82
14.62
14.55
14.6
14.54
14.42
14.38
14.34
14.25
14.3
14.2
14.2
14.01
13.84
13.9
13.69
13.79
13.65
13.66
13.72
13.78
13.85
14.04
14.07
14.27
14.02
13.94
14.02
14
14.06
13.9
13.95
13.99
13.97
13.99
14.02
14.03
14.32
14.32
14.31
14.21
14.29
14.33
14.25
14.11
14.26
14.17
14.29
14.21
14.23
14.26
14.39
14.37
14.37
14.33
14.41
14.56
14.65
14.82
14.81
14.8
14.61
14.7
14.58
14.8
14.75
14.63
14.8
14.79
14.7
14.53
14.7
14.58
14.45
14.45
14.51
14.5
14.55
14.52
14.52
14.54
14.54
14.51
14.47
14.7
14.92
14.85
14.89
14.87
14.79
14.71
14.7
14.67
14.76
14.61
14.75
14.69
14.74
14.62
14.65
14.71
14.69
14.69
14.61
14.62
14.6
14.51
14.37
14.29
14.29
14.36
14.25
14.27
14.38
14.43
14.38
14.45
14.48
14.45
14.47
14.47
14.5
14.48
14.52
14.5
14.52
14.57
14.61
14.7
14.76
14.84
14.83
14.89
14.81
14.75
14.72
14.83
14.83
14.75
14.73
14.65
14.36
14.45
14.45
14.52
14.55
14.57
14.67
14.67
14.56
14.42
14.36
14.3
14.45
14.35
14.35
14.44
14.36
14.31
14.32
14.39
14.42
14.39
14.32
14.23
14.42
14.38
14.31
14.44
14.47
14.47
14.44
14.39
14.4
14.31
14.14
14.07
13.95
13.87
13.94
13.92
13.79
13.83
13.83
13.88
13.92
14.04
14.12
14.11
14.06
14.05
14.1
14.16
14.11
14.12
14.12
14.02
13.84
13.7
13.77
13.8
13.8
13.68
13.87
13.9
13.81
13.92
13.98
13.99
14.03
14.03
14.01
14.13
14.24
14.25
14.42
14.44
14.34
14.28
14.3
14.35
14.4
14.41
14.51
14.55
14.5
14.68
14.62
14.65
14.55
14.57
14.62
14.7
14.72
14.58
14.74
14.82
14.89
14.81
14.45
14.35
14.32
14.35
14.39
14.47
14.42
14.39
14.5
14.53
2/28/06 14.61
FUND SNAPSHOT
------------------------------------
Common Share Price $14.61
------------------------------------
Common Share
Net Asset Value $15.51
------------------------------------
Premium/(Discount) to NAV -5.80%
------------------------------------
Market Yield 5.50%
------------------------------------
Taxable-Equivalent Yield1 8.40%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $201,132
------------------------------------
Average Effective Maturity
on Securities (Years) 14.39
------------------------------------
Leverage-Adjusted Duration 8.02
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/15/89)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 3.53% 0.89%
------------------------------------
1-Year 4.31% 5.20%
------------------------------------
5-Year 4.88% 7.12%
------------------------------------
10-Year 5.82% 6.48%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Transportation 18.9%
------------------------------------
U.S. Guaranteed 16.8%
------------------------------------
Tax Obligation/General 16.7%
------------------------------------
Tax Obligation/Limited 15.7%
------------------------------------
Water and Sewer 10.1%
------------------------------------
Utilities 6.4%
------------------------------------
Health Care 6.4%
------------------------------------
Other 9.0%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. When comparing this fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
13
Nuveen California Municipal Market Opportunity Fund, Inc.
NCO
Performance
OVERVIEW As of February 28, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 69%
AA 14%
A 9%
BBB 6%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Mar 0.076
Apr 0.076
May 0.076
Jun 0.076
Jul 0.076
Aug 0.076
Sep 0.0725
Oct 0.0725
Nov 0.0725
Dec 0.0725
Jan 0.0725
Feb 0.0725
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/05 14.93
14.96
14.96
14.94
14.92
14.89
14.8
14.7
14.74
14.8
14.72
14.55
14.53
14.51
14.51
14.5
14.09
14.24
14.3
14.3
14.38
14.38
14.35
14.22
14.19
14.22
14.34
14.23
14.24
14.25
14.21
14.21
14.23
14.22
14.34
14.22
14.18
14.21
14.3
14.33
14.36
14.4
14.44
14.44
14.53
14.57
14.6
14.56
14.43
14.45
14.6
14.64
14.61
14.68
14.69
14.72
14.76
14.87
14.8
14.88
14.83
14.8
14.85
14.85
14.89
14.97
14.93
14.9
14.98
14.96
14.98
14.97
14.97
14.76
14.8
14.72
14.81
14.8
14.88
14.79
14.81
14.91
14.99
15
15
15
15.05
15.14
15.19
15.15
15.32
15.45
15.46
15.5
15.46
15.51
15.45
15.45
15.41
15.41
15.28
15.24
15.29
15.26
15.31
15.27
15.24
15.24
15.28
15.2
15.24
15.19
15
15.1
15.19
15.2
15.1
15
15.1
15.34
15.34
15.45
15.55
15.41
15.41
15.45
15.5
15.55
15.67
15.66
15.61
15.73
15.76
15.75
15.81
15.76
15.9
15.86
15.74
15.57
15.43
15.36
15.34
15.39
15.46
15.39
15.25
15.17
15.03
15.19
15.25
15.25
15.2
15.1
15.15
15.14
15.14
15.16
15.16
15.08
15.09
15.08
14.95
14.68
14.57
14.56
14.58
14.54
14.61
14.45
14.56
14.52
14.67
14.71
14.74
14.79
14.65
14.76
14.76
14.76
14.75
14.61
14.56
14.55
14.52
14.52
14.41
14.41
14.49
14.47
14.52
14.52
14.54
14.55
14.42
14.42
14.36
14.42
14.35
14.37
14.32
14.25
14.18
14.13
14.18
14.18
14.17
14.14
14.29
14.37
14.37
14.39
14.4
14.55
14.65
14.65
14.79
14.97
15.3
15.41
15.39
15.53
15.62
15.56
15.7
15.55
15.5
15.65
15.74
15.51
15.3
15.21
15.22
15.19
15
15
14.91
14.82
14.84
14.86
14.9
14.92
15.05
15.12
15
15.16
15.26
15.33
15.35
15.6
15.54
15.58
15.63
15.74
2/28/06 15.9
FUND SNAPSHOT
------------------------------------
Common Share Price $15.90
------------------------------------
Common Share
Net Asset Value $15.83
------------------------------------
Premium/(Discount) to NAV 0.44%
------------------------------------
Market Yield 5.47%
------------------------------------
Taxable-Equivalent Yield1 8.35%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $129,114
------------------------------------
Average Effective Maturity
on Securities (Years) 16.45
------------------------------------
Leverage-Adjusted Duration 8.43
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/17/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 4.84% 0.83%
------------------------------------
1-Year 13.23% 5.17%
------------------------------------
5-Year 5.89% 7.34%
------------------------------------
10-Year 6.62% 6.40%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.2%
------------------------------------
Transportation 17.1%
------------------------------------
Tax Obligation/General 16.8%
------------------------------------
Water and Sewer 14.7%
------------------------------------
U.S. Guaranteed 13.2%
------------------------------------
Health Care 6.0%
------------------------------------
Other 10.0%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. When comparing this fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
14
Nuveen California Investment Quality Municipal Fund, Inc.
NQC
Performance
OVERVIEW As of February 28, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 70%
AA 11%
A 8%
BBB 10%
N/R 1%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0765
Apr 0.0765
May 0.0765
Jun 0.0725
Jul 0.0725
Aug 0.0725
Sep 0.0695
Oct 0.0695
Nov 0.0695
Dec 0.0695
Jan 0.0695
Feb 0.0695
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/05 15.19
15.37
15.32
15.27
15.18
15.15
14.96
14.81
14.57
14.41
14.41
14.35
14.45
14.48
14.37
14.37
14.4
14.2
14.19
14.3
14.24
14.33
14.37
14.52
14.4
14.45
14.41
14.46
14.48
14.42
14.33
14.4
14.37
14.36
14.36
14.35
14.39
14.3
14.52
14.5
14.79
14.78
14.75
14.75
14.67
14.73
14.74
14.75
14.54
14.55
14.58
14.53
14.51
14.67
14.76
14.98
14.93
14.86
14.75
14.75
14.8
14.8
14.85
14.8
14.75
14.8
14.76
14.83
14.81
14.9
14.83
14.87
14.88
14.72
14.7
14.65
14.6
14.75
14.66
14.8
14.87
15
15.06
14.95
15
15.02
15.14
15.03
15.08
14.94
15.06
15.01
15.1
15.15
15.18
15.22
15.3
15.25
15.08
15.12
15.02
14.91
14.98
14.94
15
15.13
15.06
15.06
15.15
15.15
15.11
15.03
14.94
14.77
14.95
15.05
14.82
14.82
14.96
14.92
14.93
14.88
14.9
14.94
15.01
14.97
15.06
15.02
15.12
15.08
15.1
15.17
15.1
15.15
15.17
15.3
15.31
15.33
15.18
15.29
15.2
15.1
14.94
15.12
14.99
14.98
14.85
14.95
14.96
14.96
14.96
14.97
14.98
14.97
15.03
14.99
14.95
14.96
15.05
14.92
14.7
14.64
14.48
14.33
14.34
14.44
14.43
14.53
14.45
14.4
14.41
14.43
14.38
14.45
14.48
14.39
14.39
14.4
14.41
14.3
14.32
14.14
14
13.93
13.93
13.94
13.89
13.9
13.98
13.89
13.9
13.96
14.07
14.08
13.98
13.97
13.98
13.99
13.92
13.99
14
13.97
13.87
13.88
13.95
13.95
13.91
13.97
13.97
13.93
13.92
13.9
13.98
14.11
14.35
14.35
14.48
14.49
14.61
14.67
14.72
14.77
14.64
14.65
14.7
14.7
14.64
14.78
14.85
14.94
15
14.95
14.94
15.19
15.24
15.38
15.23
15.19
15.14
15.11
15.09
15.08
15.13
15.03
14.91
14.84
14.81
14.78
14.81
14.77
14.63
14.7
14.79
14.87
2/28/06 14.99
FUND SNAPSHOT
------------------------------------
Common Share Price $14.99
------------------------------------
Common Share
Net Asset Value $15.54
------------------------------------
Premium/(Discount) to NAV -3.54%
------------------------------------
Market Yield 5.56%
------------------------------------
Taxable-Equivalent Yield1 8.49%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $211,072
------------------------------------
Average Effective Maturity
on Securities (Years) 15.92
------------------------------------
Leverage-Adjusted Duration 7.55
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.54% 1.04%
------------------------------------
1-Year 4.28% 4.94%
------------------------------------
5-Year 5.03% 7.10%
------------------------------------
10-Year 5.73% 6.37%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 23.7%
------------------------------------
Transportation 19.5%
------------------------------------
U.S. Guaranteed 15.7%
------------------------------------
Tax Obligation/General 11.9%
------------------------------------
Education and Civic
Organizations 9.9%
------------------------------------
Water and Sewer 5.4%
------------------------------------
Health Care 5.3%
------------------------------------
Other 8.6%
------------------------------------
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 34.5%. When comparing this fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.0601 per share.
15
Nuveen California Select Quality Municipal Fund, Inc.
NVC
Performance
OVERVIEW As of February 28, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 74%
AA 7%
A 12%
BBB 5%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.0775
Apr 0.0775
May 0.0775
Jun 0.0775
Jul 0.0775
Aug 0.0775
Sep 0.074
Oct 0.074
Nov 0.074
Dec 0.074
Jan 0.074
Feb 0.074
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/05 14.07
14.07
14.1
14.16
14.15
14.06
13.84
13.74
13.64
13.64
13.64
13.64
13.52
13.64
13.54
13.26
13.17
13.06
13.06
13.03
13.07
13.1
13.02
13.09
13.08
13.09
13.03
13.21
13.22
13.29
13.5
13.63
13.9
13.81
13.82
13.8
13.76
13.67
13.85
13.85
13.86
13.97
13.97
13.97
14
13.99
13.98
13.99
13.97
13.83
13.92
13.9
13.77
13.89
13.97
13.89
14
13.92
13.91
13.93
13.94
13.99
14.13
14.06
14.1
13.99
14.22
14.33
14.74
14.7
14.49
14.47
14.4
14.3
14.18
14
14.24
14.2
14.12
14.11
14.12
14.12
14.16
14.03
14.1
14.14
14.13
14.15
14.23
14.32
14.31
14.25
14.3
14.2
14.13
14.25
14.13
14.1
14.1
14.07
14.14
14.15
14.2
14.15
14.14
14.34
14.26
14.26
14.26
14.39
14.58
14.37
14.23
14.03
14.18
14.21
14.08
14.08
14.14
14.2
14.14
14.21
14.26
14.34
14.5
14.37
14.35
14.24
14.32
14.45
14.37
14.43
14.43
14.48
14.5
14.44
14.48
14.5
14.35
14.3
14.23
14.1
14.06
14.03
14.09
14.19
13.89
13.91
13.79
13.95
13.9
13.87
13.98
13.95
13.96
13.95
13.95
14
13.9
13.92
13.88
13.9
13.88
13.92
13.9
13.92
13.96
14.05
14.09
14
14.03
14
14.02
14.07
14.07
13.95
13.92
13.94
13.82
13.69
13.69
13.7
13.55
13.8
13.8
13.76
13.76
13.7
13.49
13.45
13.4
13.5
13.55
13.5
13.57
13.9
13.78
13.83
13.81
13.74
13.77
13.77
13.9
14.11
14
13.92
13.87
13.73
13.66
13.67
13.64
13.51
13.49
13.54
13.62
13.62
13.65
13.75
13.88
14
14
14.02
14.2
14.12
14.1
13.96
14
14.02
14.13
14.12
14.15
14.15
14.3
14.2
14.2
14.23
14.5
14.23
14.24
14.5
14.45
14.6
14.5
14.44
14.3
14.28
14.26
14.25
14.26
14
14.03
14.02
14.18
14.12
2/28/06 14.15
FUND SNAPSHOT
------------------------------------
Common Share Price $15.38
------------------------------------
Common Share
Net Asset Value $15.59
------------------------------------
Premium/(Discount) to NAV -1.35%
------------------------------------
Market Yield 5.77%
------------------------------------
Taxable-Equivalent Yield1 8.81%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $360,320
------------------------------------
Average Effective Maturity
on Securities (Years) 16.47
------------------------------------
Leverage-Adjusted Duration 7.66
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 1.71% 1.13%
------------------------------------
1-Year 9.63% 5.60%
------------------------------------
5-Year 6.27% 7.46%
------------------------------------
10-Year 6.61% 6.75%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.0%
------------------------------------
U.S. Guaranteed 19.1%
------------------------------------
Tax Obligation/General 15.4%
------------------------------------
Transportation 12.2%
------------------------------------
Utilities 8.5%
------------------------------------
Water and Sewer 7.8%
------------------------------------
Other 15.0%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. When comparing this fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.1173 per share.
16
Nuveen California Quality Income Municipal Fund, Inc.
NUC
Performance
OVERVIEW As of February 28, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 75%
AA 7%
A 9%
BBB 7%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Mar 0.08
Apr 0.08
May 0.08
Jun 0.076
Jul 0.076
Aug 0.076
Sep 0.076
Oct 0.076
Nov 0.076
Dec 0.072
Jan 0.072
Feb 0.072
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/01/05 14.94
15.01
14.98
15.09
15.1
15.01
14.84
14.75
14.75
14.67
14.64
14.59
14.6
14.73
14.58
14.33
14.24
14.37
14.05
14.09
14.16
14.23
14.38
14.38
14.44
14.44
14.49
14.47
14.54
14.52
14.38
14.43
14.5
14.59
14.67
14.57
14.56
14.56
14.69
14.56
14.58
14.64
14.95
14.95
14.9
14.8
14.76
14.71
14.65
14.66
14.74
14.7
14.65
14.73
14.65
14.73
14.75
14.74
14.73
14.78
14.8
14.8
14.83
14.87
14.91
14.95
14.99
14.92
14.95
15.14
15.24
15.1
15.08
15.06
15.07
15.09
15.23
15.25
15.25
15.16
15.08
15.09
15.04
15.1
15.14
15.1
15.26
15.27
15.29
15.26
15.4
15.56
15.54
15.44
15.5
15.51
15.4
15.42
15.42
15.43
15.52
15.49
15.49
15.43
15.53
15.52
15.5
15.5
15.6
15.61
15.65
15.58
15.37
15.39
15.55
15.55
15.67
15.67
15.75
15.78
15.72
15.71
15.56
15.57
15.57
15.56
15.6
15.55
15.68
15.7
15.69
15.68
15.74
15.8
15.62
15.62
15.65
15.65
15.57
15.62
15.57
15.43
15.5
15.42
15.43
15.35
15.28
15.39
15.18
15.23
15.27
15.26
15.35
15.28
15.23
15.19
15.14
15.08
14.97
14.84
14.63
14.65
14.55
14.4
14.41
14.4
14.48
14.45
14.43
14.38
14.49
14.35
14.4
14.47
14.51
14.62
14.57
14.67
14.6
14.54
14.32
14.24
14.25
14.21
14.31
14.32
14.3
14.36
14.41
14.35
14.43
14.54
14.5
14.51
14.55
14.65
14.67
14.9
14.9
14.92
14.95
15
14.7
14.77
14.77
14.7
14.76
14.64
14.51
14.53
14.5
14.63
14.55
14.79
15.05
15.05
15.15
15.29
15.34
15.35
15.41
15.53
15.46
15.45
15.5
15.35
15.27
15.39
15.52
15.7
15.69
15.76
15.65
15.7
15.56
15.58
15.5
15.46
15.38
15.47
15.42
15.43
15.69
15.54
15.45
15.51
15.45
15.45
15.45
15.37
15.3
15.24
15.42
15.36
2/28/06 15.38
FUND SNAPSHOT
------------------------------------
Common Share Price $15.58
------------------------------------
Common Share
Net Asset Value $15.72
------------------------------------
Premium/(Discount) to NAV -0.89%
------------------------------------
Market Yield 5.55%
------------------------------------
Taxable-Equivalent Yield1 8.47%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $345,734
------------------------------------
Average Effective Maturity
on Securities (Years) 16.03
------------------------------------
Leverage-Adjusted Duration 7.84
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.18% 1.08%
------------------------------------
1-Year 7.14% 5.89%
------------------------------------
5-Year 5.42% 6.91%
------------------------------------
10-Year 7.01% 6.72%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.9%
------------------------------------
U.S. Guaranteed 21.3%
------------------------------------
Tax Obligation/General 16.2%
------------------------------------
Education and Civic
Organizations 10.6%
------------------------------------
Transportation 8.6%
------------------------------------
Utilities 5.6%
------------------------------------
Other 14.8%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 34.5%. When comparing this fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2005 of $0.0307 per share.
17
Shareholder
MEETING REPORT
The shareholder meeting was held at the offices of Nuveen's Investments on
November 15, 2005.
NCA NCP NCO
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
Common shares as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For - 11,508,296 - 7,365,651 -
Withhold - 118,904 - 64,766 -
------------------------------------------------------------------------------------------------------------------------------------
Total - 11,627,200 - 7,430,417 -
====================================================================================================================================
Lawrence H. Brown
For - 11,504,809 - 7,367,551 -
Withhold - 122,391 - 62,866 -
------------------------------------------------------------------------------------------------------------------------------------
Total - 11,627,200 - 7,430,417 -
====================================================================================================================================
Jack B. Evans
For - 11,505,160 - 7,360,813 -
Withhold - 122,040 - 69,604 -
------------------------------------------------------------------------------------------------------------------------------------
Total - 11,627,200 - 7,430,417 -
====================================================================================================================================
William C. Hunter
For 22,015,285 11,504,810 - 7,362,393 -
Withhold 206,549 122,390 - 68,024 -
------------------------------------------------------------------------------------------------------------------------------------
Total 22,221,834 11,627,200 - 7,430,417 -
====================================================================================================================================
David J. Kundert
For 22,015,683 11,504,093 - 7,363,143 -
Withhold 206,151 123,107 - 67,274 -
------------------------------------------------------------------------------------------------------------------------------------
Total 22,221,834 11,627,200 - 7,430,417 -
====================================================================================================================================
William J. Schneider
For - - 3,424 - 1,981
Withhold - - - - 8
------------------------------------------------------------------------------------------------------------------------------------
Total - - 3,424 - 1,989
====================================================================================================================================
Timothy R. Schwertfeger
For - - 3,424 - 1,981
Withhold - - - - 8
------------------------------------------------------------------------------------------------------------------------------------
Total - - 3,424 - 1,989
====================================================================================================================================
Judith M. Stockdale
For - 11,510,109 - 7,369,401 -
Withhold - 117,091 - 61,016 -
------------------------------------------------------------------------------------------------------------------------------------
Total - 11,627,200 - 7,430,417 -
====================================================================================================================================
Eugene S. Sunshine
For 22,012,105 11,506,893 - 7,364,054 -
Withhold 209,729 120,307 - 66,363 -
------------------------------------------------------------------------------------------------------------------------------------
Total 22,221,834 11,627,200 - 7,430,417 -
====================================================================================================================================
18
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 12,188,375 - 20,198,186 - 20,068,553 -
Withhold 117,604 - 183,013 - 152,101 -
------------------------------------------------------------------------------------------------------------------------------------
Total 12,305,979 - 20,381,199 - 20,220,654 -
====================================================================================================================================
Lawrence H. Brown
For 12,184,480 - 20,195,098 - 20,078,068 -
Withhold 121,499 - 186,101 - 142,586 -
------------------------------------------------------------------------------------------------------------------------------------
Total 12,305,979 - 20,381,199 - 20,220,654 -
====================================================================================================================================
Jack B. Evans
For 12,184,720 - 20,199,398 - 20,072,607 -
Withhold 121,259 - 181,801 - 148,047 -
------------------------------------------------------------------------------------------------------------------------------------
Total 12,305,979 - 20,381,199 - 20,220,654 -
====================================================================================================================================
William C. Hunter
For 12,189,591 - 20,202,786 - 20,073,901 -
Withhold 116,388 - 178,413 - 146,753 -
------------------------------------------------------------------------------------------------------------------------------------
Total 12,305,979 - 20,381,199 - 20,220,654 -
====================================================================================================================================
David J. Kundert
For 12,185,991 - 20,202,786 - 20,073,901 -
Withhold 119,988 - 178,413 - 146,753 -
------------------------------------------------------------------------------------------------------------------------------------
Total 12,305,979 - 20,381,199 - 20,220,654 -
====================================================================================================================================
William J. Schneider
For - 3,721 - 6,431 - 5,986
Withhold - 5 - 1 - 6
------------------------------------------------------------------------------------------------------------------------------------
Total - 3,726 - 6,432 - 5,992
====================================================================================================================================
Timothy R. Schwertfeger
For - 3,721 - 6,431 - 5,986
Withhold - 5 - 1 - 6
------------------------------------------------------------------------------------------------------------------------------------
Total - 3,726 - 6,432 - 5,992
====================================================================================================================================
Judith M. Stockdale
For 12,178,721 - 20,199,486 - 20,076,891 -
Withhold 127,258 - 181,713 - 143,763 -
------------------------------------------------------------------------------------------------------------------------------------
Total 12,305,979 - 20,381,199 - 20,220,654 -
====================================================================================================================================
Eugene S. Sunshine
For 12,189,591 - 20,200,486 - 20,076,940 -
Withhold 116,388 - 180,713 - 143,714 -
------------------------------------------------------------------------------------------------------------------------------------
Total 12,305,979 - 20,381,199 - 20,220,654 -
====================================================================================================================================
19
Nuveen California Municipal Value Fund, Inc. (NCA)
Portfolio of
INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 1.3% (1.3% OF TOTAL INVESTMENTS)
$ 630 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 611,699
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 2,738,175
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
3,130 Total Consumer Staples 3,349,874
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 0.6% (0.7% OF TOTAL INVESTMENTS)
1,500 California Statewide Community Development Authority, 12/06 at 105.00 N/R 1,597,755
Certificates of Participation, San Diego Space and Science
Foundation, Series 1996, 7.500%, 12/01/26
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 6.1% (6.1% OF TOTAL INVESTMENTS)
825 Arcadia, California, Hospital Revenue Bonds, Methodist 5/06 at 100.00 BBB+ 826,633
Hospital of Southern California, Series 1992, 6.500%, 11/15/12
940 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A3 961,357
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
California Statewide Community Development Authority, Revenue
Bonds, Daughters of Charity Health System, Series 2005A:
250 5.250%, 7/01/24 7/15 at 100.00 BBB+ 262,695
530 5.250%, 7/01/35 7/15 at 100.00 BBB+ 550,379
4,000 California Statewide Community Development Authority, No Opt. Call AAA 4,329,240
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 5,238,100
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+ 1,492,992
Hospital Association, Series 1997A, 5.300%, 12/01/08
1,730 West Contra Costa Healthcare District, California, Certificates 7/14 at 100.00 AAA 1,890,163
of Participation, Series 2004, 5.375%, 7/01/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
14,715 Total Health Care 15,551,559
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.2% (5.2% OF TOTAL INVESTMENTS)
3,350 ABAG Finance Authority for Non-Profit Corporations, California, 8/30 at 100.00 BBB 3,506,579
Multifamily Housing Revenue Refunding Bonds, United
Dominion/2000 Post Apartments, Series 2000B, 6.400%, 8/15/30
(Mandatory put 8/15/08) (Alternative Minimum Tax)
2,565 California Statewide Community Development Authority, 7/09 at 102.00 N/R 2,691,249
Multifamily Housing Revenue Bonds, Harbor City Lights,
Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
5,000 California Statewide Community Development Authority, 6/29 at 100.00 BBB+ 5,130,200
Multifamily Housing Revenue Refunding Bonds, Archstone
Communities Trust, Archstone Pelican Point Apartments,
Series 1999H, 5.300%, 6/01/29 (Mandatory put 6/01/08)
475 Riverside County, California, Subordinate Lien Mobile Home 4/06 at 100.00 N/R 475,399
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 1,508,098
Revenue Bonds, Charter Oak Mobile Home Estates Acquisition
Project, Series 1998A, 5.700%, 7/01/28
------------------------------------------------------------------------------------------------------------------------------------
12,830 Total Housing/Multifamily 13,311,525
------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.0% (0.0% OF TOTAL INVESTMENTS)
$ 15 California Rural Home Mortgage Finance Authority, GNMA No Opt. Call Aaa $ 15,198
Collateralized Single Family Mortgage Revenue Bonds,
Series 1993A-2, 7.950%, 12/01/24 (Alternative Minimum Tax)
90 California Rural Home Mortgage Finance Authority, No Opt. Call AAA 90,634
Mortgage-Backed Securities Program Single Family Mortgage
Revenue Bonds, Series 1997D, 6.700%, 5/01/29 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
105 Total Housing/Single Family 105,832
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.5% (0.5% OF TOTAL INVESTMENTS)
1,000 California Municipal Finance Authority, Solid Waste Disposal 9/14 at 100.00 BBB 997,310
Revenue Bonds, Waste Management Inc., Series 2004,
4.100%, 9/01/14 (Mandatory put 9/01/09) (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 1,958,484
2,130 5.600%, 8/15/34 8/14 at 100.00 A 2,262,699
2,720 ABAG Finance Authority for Non-Profit Corporations, California, 10/07 at 102.00 BB+ 2,752,504
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 2,899,986
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- 1,563,150
Certificates of Participation, Air Force Village West,
Series 1999, 5.750%, 5/15/19
------------------------------------------------------------------------------------------------------------------------------------
11,030 Total Long-Term Care 11,436,823
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.4% (14.6% OF TOTAL INVESTMENTS)
California, General Obligation Bonds, Series 2004:
500 5.000%, 2/01/20 2/14 at 100.00 A 529,305
5,200 5.000%, 2/01/21 2/14 at 100.00 A 5,493,956
2,850 5.250%, 4/01/34 4/14 at 100.00 A 3,050,355
7,000 California, General Obligation Bonds, Series 2005, 5.000%, 3/01/32 3/16 at 100.00 A 7,308,209
4,085 Foothill-De Anza Community College District, Santa Clara 8/15 at 100.00 AAA 4,306,162
County, California, General Obligation Bonds, Series 2005C,
5.000%, 8/01/36 - FGIC Insured
1,000 Fremont Unified School District, Alameda County, California, 8/12 at 101.00 AAA 1,064,790
General Obligation Bonds, Series 2002A, 5.000%, 8/01/21 -
FGIC Insured
1,110 Los Angeles Community College District, Los Angeles County, 8/15 at 100.00 AAA 1,183,393
California, General Obligation Bonds, Series 2005A,
5.000%, 6/01/26 - FSA Insured
3,200 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 3,394,368
Obligation Bonds, Series 2003A, 5.000%, 7/01/22 - FSA Insured
1,845 Oakland Unified School District, Alameda County, California, 8/08 at 101.00 AAA 1,930,590
General Obligation Bonds, Series 2001, 5.125%, 8/01/21 -
FSA Insured
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005:
360 5.000%, 8/01/25 - MBIA Insured 8/15 at 100.00 AAA 382,936
380 5.000%, 8/01/26 - MBIA Insured 8/15 at 100.00 AAA 403,906
2,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 2,328,460
Series 2001A, 5.500%, 7/01/20 - MBIA Insured
San Jose-Evergreen Community College District, Santa Clara
County, California, General Obligation Bonds, Series 2005A:
285 5.000%, 9/01/25 - MBIA Insured 9/15 at 100.00 AAA 304,218
415 5.000%, 9/01/27 - MBIA Insured 9/15 at 100.00 AAA 441,643
1,500 San Ramon Valley Unified School District, Contra Costa County, 8/13 at 100.00 AAA 1,595,595
California, General Obligation Bonds, Series 2003,
5.000%, 8/01/23 - FSA Insured
21
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,570 Southwestern Community College District, San Diego County, 8/15 at 102.00 AAA $ 1,704,141
California, General Obligation Bonds, Series 2005,
5.000%, 8/01/23 - MBIA Insured
1,460 West Contra Costa Unified School District, Contra Costa County, 8/11 at 101.00 AAA 1,563,470
California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
34,760 Total Tax Obligation/General 36,985,497
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 24.9% (25.2% 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 3,224,910
1,000 5.625%, 10/01/33 - RAAI Insured 10/13 at 100.00 AA 1,074,290
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 1,891,216
5,010 5.750%, 12/01/33 - FGIC Insured 12/13 at 100.00 AAA 5,618,615
2,400 Calexico Community Redevelopment Agency, California, 8/13 at 102.00 AAA 2,529,936
Tax Allocation Bonds, Merged Central Business and
Residential District Project, Series 2003C, 5.000%, 8/01/28 -
AMBAC Insured
3,400 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA- 3,690,428
5.000%, 7/01/15
2,800 Commerce Community Development Commission, California, 8/07 at 102.00 N/R 2,920,680
Subordinate Lien Tax Allocation Refunding Bonds,
Redevelopment Project 1, Series 1997B, 6.000%, 8/01/21
1,855 Duarte Redevelopment Agency, California, Tax Allocation 9/07 at 102.00 N/R 1,943,688
Refunding Bonds, Amended Davis Addition Project Area,
Series 1997A, 6.700%, 9/01/14
260 Hesperia Community Redevelopment Agency, California, Tax 9/15 at 100.00 AAA 277,742
Allocation Bonds, Series 2005A, 5.000%, 9/01/20 - XLCA Insured
2,750 Los Angeles County Schools, California, Certificates of 9/13 at 100.00 AAA 2,873,310
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 3/06 at 103.00 N/R 3,798,553
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 1,138,026
1,145 5.250%, 9/01/23 - AMBAC Insured 9/14 at 100.00 AAA
1,255 5.250%, 9/01/24 - AMBAC Insured 9/14 at 100.00 AAA 1,361,060
420 Oakland Redevelopment Agency, California, Subordinate Lien 3/13 at 100.00 AAA 464,520
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 8,649,599
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 301,913
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
615 Riverside County Public Financing Authority, California, Tax 10/15 at 100.00 AAA 640,418
Allocation Bonds, Multiple Projects, Series 2005A,
5.000%, 10/01/35 - XLCA Insured
3,130 San Francisco Redevelopment Agency, California, Lease 7/11 at 102.00 AAA 3,381,809
Revenue Bonds, Moscone Convention Center, Series 2004,
5.250%, 7/01/23 - AMBAC Insured
2,750 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,923,140
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
1,700 Shafter Joint Powers Financing Authority, California, Lease 1/07 at 101.00 A- 1,747,209
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 1,057,830
5.000%, 9/01/24 - AMBAC Insured
3,845 Ventura County Superintendent of Schools, California, 12/11 at 100.00 AAA 3,987,688
Certificates Participation, Series 2003, 5.000%, 12/01/27 -
AMBAC Insured
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB $ 3,333,570
Loan Note, Series 1999A, 6.500%, 10/01/24
1,300 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/14 at 100.00 AA 1,357,148
Loan Note, Series 2003, 5.000%, 10/01/33 - RAAI Insured
2,570 Vista Joint Powers Financing Authority, California, Special Tax 3/06 at 102.00 N/R 2,602,074
Lease Revenue Refunding Bonds, Community Facilities
District 90-2, Series 1997A, 5.875%, 9/01/20
------------------------------------------------------------------------------------------------------------------------------------
59,905 Total Tax Obligation/Limited 64,033,712
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.4% (2.4% OF TOTAL INVESTMENTS)
5,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 4,829,385
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 1,346,163
5.500%, 7/01/30 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,750 Total Transportation 6,175,548
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 31.1% (31.5% OF TOTAL INVESTMENTS) (4)
2,400 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 (4) 2,626,464
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 A2 (4) 4,923,810
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) 3,540,011
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 A3 (4) 13,257,118
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 4,370,080
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 6,886,813
Series 2000, 5.750%, 3/01/27 (Pre-refunded 3/01/10) -
MBIA Insured
2,000 Capistrano Unified School District, Orange County, California, 9/09 at 102.00 N/R (4) 2,190,580
Special Tax Bonds, Community Facilities District 98-2 -
Ladera, Series 1999, 5.750%, 9/01/29 (Pre-refunded 9/01/09)
2,065 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 2,952,248
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 4,215,872
3,000 5.625%, 6/01/38 (Pre-refunded 6/01/13) 6/13 at 100.00 Aaa 3,351,930
1,475 Long Beach Community College District, California, General 5/13 at 100.00 AAA 1,604,682
Obligation Bonds, Series 2003A, 5.000%, 5/01/28
(Pre-refunded 5/01/13) - MBIA Insured
2,500 Los Angeles Community Redevelopment Agency, California, 7/06 at 100.00 BBB (4) 2,611,700
Tax Allocation Refunding Bonds, Central Business District
Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)
4,188 Merced Irrigation District, California, Subordinated Revenue 3/08 at 102.00 AAA 4,530,411
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 5,366,658
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 3,620,496
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 8,771,508
Securities Program Single Family Home Mortgage Revenue
Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
5,000 San Francisco Airports Commission, California, Revenue Bonds, 5/06 at 102.00 AAA 5,116,750
San Francisco International Airport, Second Series Issue 10A,
5.625%, 5/01/21 (Pre-refunded 5/01/06) - MBIA Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
88,583 Total U.S. Guaranteed 79,937,131
------------------------------------------------------------------------------------------------------------------------------------
23
Nuveen California Municipal Value Fund, Inc. (NCA) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.0% (3.0% OF TOTAL INVESTMENTS)
$ 2,740 California Statewide Community Development Authority, 6/06 at 101.50 N/R $ 2,782,443
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
500 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 532,165
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
605 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 639,019
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 3,777,754
Environmental Control Facilities Financing Authority,
Co-Generation Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
7,315 Total Utilities 7,731,381
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.0% (5.0% OF TOTAL INVESTMENTS)
1,500 California Department of Water Resources, Water System 6/15 at 100.00 AAA 1,610,820
Revenue Bonds, Central Valley Project, Series 2005AD,
5.000%, 12/01/22 - FSA Insured
500 Los Angeles County Sanitation Districts Financing Authority, 10/13 at 100.00 AAA 532,070
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 5,333,400
Participation, Series 2003, 5.250%, 2/01/27 - FGIC Insured
1,580 San Diego County Water Authority, California, Water Revenue 5/12 at 101.00 AAA 1,654,023
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+ 3,672,025
Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
12,080 Total Water and Sewer 12,802,338
------------------------------------------------------------------------------------------------------------------------------------
$ 253,703 Total Investments (cost $235,540,463) - 99.0% 254,016,285
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 2,662,365
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 256,678,650
====================================================================================================================
(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) Investment is 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.
N/R Investment is not rated.
(ETM) Investment is escrowed to maturity.
See accompanying notes to financial statements.
24
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Portfolio of
INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.0% (1.3% OF TOTAL INVESTMENTS)
$ 750 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 728,213
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 3,383,100
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
------------------------------------------------------------------------------------------------------------------------------------
3,750 Total Consumer Staples 4,111,313
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.1% (4.0% OF TOTAL INVESTMENTS)
4,730 California Infrastructure Economic Development Bank, Revenue 10/11 at 101.00 A- 5,040,477
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 5,077,466
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 2,162,440
Series 2003A, 5.125%, 5/15/17 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
11,460 Total Education and Civic Organizations 12,280,383
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.6% (6.4% OF TOTAL INVESTMENTS)
2,630 California Health Facilities Financing Authority, Insured Health 5/06 at 100.00 A 2,634,866
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 A3 1,150,560
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
5,500 California Statewide Community Development Authority, 7/07 at 102.00 AA- 5,680,015
Certificates of Participation Refunding, St. Joseph Health
System, Series 1997, 5.125%, 7/01/17
California Statewide Community Development Authority, Revenue
Bonds, Daughters of Charity Health System, Series 2005A:
300 5.250%, 7/01/24 7/15 at 100.00 BBB+ 315,234
630 5.250%, 7/01/35 7/15 at 100.00 BBB+ 654,224
2,000 California Statewide Community Development Authority, No Opt. Call AAA 2,164,620
Revenue 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:
2,040 5.250%, 2/01/13 8/06 at 100.00 Baa2 2,041,326
4,665 5.000%, 2/01/23 8/06 at 100.00 Baa2 4,665,513
------------------------------------------------------------------------------------------------------------------------------------
18,890 Total Health Care 19,306,358
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.7% (3.7% OF TOTAL INVESTMENTS)
3,750 California Statewide Community Development Authority, 7/08 at 101.00 BBB 3,810,488
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 1,591,845
Student Housing Revenue Bonds, EAH - Irvine East Campus
Apartments, LLC Project, Series 2002A, 5.500%, 8/01/22 -
ACA Insured
1,970 Los Angeles County Community Development Commission, 5/06 at 100.00 Aaa 1,976,068
California, FHA-Insured Section 8 Assisted Mortgage Revenue
Refunding Bonds, Los Tomas Apartments, Series 1993,
6.500%, 7/15/23
3,915 Los Angeles, California, GNMA Collateralized Multifamily 3/07 at 102.00 AAA 4,036,287
Housing Revenue Bonds, Ridgecroft Apartments, Series 1997E,
6.250%, 9/20/39 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
11,135 Total Housing/Multifamily 11,414,688
------------------------------------------------------------------------------------------------------------------------------------
25
Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 25.2% (16.7% OF TOTAL INVESTMENTS)
California, General Obligation Bonds, Series 2003:
$ 2,350 5.250%, 2/01/21 8/13 at 100.00 A $ 2,542,512
2,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 2,162,780
California, General Obligation Bonds, Series 2004:
500 5.000%, 2/01/23 2/14 at 100.00 A 526,195
3,950 5.200%, 4/01/26 4/14 at 100.00 A 4,238,903
3,400 5.250%, 4/01/34 4/14 at 100.00 A 3,639,020
2,000 California, General Obligation Bonds, Series 2005, 5.000%, 3/01/31 3/16 at 100.00 A 2,088,880
3,435 California, General Obligation Veterans Welfare Bonds, 6/06 at 101.00 A 3,474,743
Series 2000BT, 5.375%, 12/01/16 (Alternative Minimum Tax)
3,550 Centinela Valley Union High School District, Los Angeles No Opt. Call AAA 4,027,936
County, California, General Obligation Bonds, Series 2002A,
5.250%, 2/01/26 - MBIA Insured
1,320 Los Angeles Community College District, Los Angeles County, 8/15 at 100.00 AAA 1,407,278
California, General Obligation Bonds, Series 2005A,
5.000%, 6/01/26 - FSA Insured
1,000 Los Angeles Unified School District, California, General 7/14 at 100.00 AAA 1,071,380
Obligation Bonds, Series 2004A-2, 5.000%, 7/01/20 -
FGIC Insured
4,765 North Orange County Community College District, California, No Opt. Call AAA 1,822,708
General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 -
FGIC Insured
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005:
435 5.000%, 8/01/25 - MBIA Insured 8/15 at 100.00 AAA 462,714
460 5.000%, 8/01/26 - MBIA Insured 8/15 at 100.00 AAA 488,939
2,575 Oxnard School District, Ventura County, California, General 2/22 at 103.00 AAA 3,053,075
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 6,842,580
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 16,489
20 5.250%, 8/01/26 - MBIA Insured 8/14 at 100.00 AAA 21,907
4,000 San Diego Unified School District, San Diego County, California, 7/13 at 101.00 AAA 4,408,160
General Obligation Bonds, Series 2003E, 5.250%, 7/01/22 -
FSA Insured
3,000 San Jose-Evergreen Community College District, Santa Clara 9/10 at 100.00 AAA 3,251,280
County, California, General Obligation Bonds, Series 2000B,
5.600%, 9/01/24 - FGIC Insured
San Jose-Evergreen Community College District, Santa Clara
County, California, General Obligation Bonds, Series 2005A:
340 5.000%, 9/01/25 - MBIA Insured 9/15 at 100.00 AAA 362,926
495 5.000%, 9/01/27 - MBIA Insured 9/15 at 100.00 AAA 526,779
2,200 Santa Maria Joint Union High School District, Santa Barbara No Opt. Call Aaa 2,632,410
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 1,558,310
California, General Obligation Bonds, Series 2005,
5.000%, 8/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
49,250 Total Tax Obligation/General 50,627,904
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 23.7% (15.7% OF TOTAL INVESTMENTS)
5,045 California State Public Works Board, Lease Revenue Bonds, 3/12 at 100.00 AAA 5,405,818
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- 1,742,753
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- 3,350,431
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/19
4,170 California, Economic Recovery Revenue Bonds, 7/14 at 100.00 AA- 4,526,201
Series 2004A, 5.000%, 7/01/15
2,500 Corona Public Financing Authority, California, Superior Lien 9/09 at 102.00 AAA 2,661,500
Revenue Bonds, Series 1999A, 5.000%, 9/01/20 - FSA Insured
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Hesperia Community Redevelopment Agency, California, Tax
Allocation Bonds, Series 2005A:
$ 310 5.000%, 9/01/20 - XLCA Insured 9/15 at 100.00 AAA $ 331,154
1,750 5.000%, 9/01/25 - XLCA Insured 9/15 at 100.00 AAA 1,846,880
1,395 Moreno Valley Unified School District, Riverside County, 3/14 at 100.00 AAA 1,479,481
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 2,217,460
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 1,054,130
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 364,378
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
730 Riverside County Public Financing Authority, California, 10/15 at 100.00 AAA 760,171
Tax Allocation Bonds, Multiple Projects, Series 2005A,
5.000%, 10/01/35 - XLCA Insured
1,000 Sacramento City Financing Authority, California, Lease Revenue No Opt. Call AAA 1,130,280
Refunding Bonds, Series 1993A, 5.400%, 11/01/20 -
MBIA Insured
5,000 San Marcos Public Facilities Authority, California, Tax Allocation 8/15 at 100.00 AAA 5,239,100
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 4,723,364
2,695 5.000%, 6/01/20 - MBIA Insured 6/13 at 100.00 AAA 2,853,574
1,500 5.000%, 6/01/21 - MBIA Insured 6/13 at 100.00 AAA 1,586,340
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 2,115,660
4,015 5.000%, 9/01/24 - FSA Insured 9/12 at 102.00 AAA 4,247,187
------------------------------------------------------------------------------------------------------------------------------------
44,495 Total Tax Obligation/Limited 47,635,862
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 28.5% (18.9% OF TOTAL INVESTMENTS)
5,360 California Infrastructure Economic Development Bank, First 7/13 at 100.00 AAA 5,700,253
Lien Revenue Bonds, San Francisco Bay Area Toll Bridge,
Series 2003A, 5.000%, 7/01/23 - FSA Insured
6,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 5,686,915
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
Long Beach, California, Harbor Revenue Bonds, Series 2000A:
2,740 5.750%, 5/15/14 (Alternative Minimum Tax) 5/10 at 101.00 AA 2,961,666
11,885 5.750%, 5/15/15 (Alternative Minimum Tax) 5/10 at 101.00 AA 12,805,612
2,500 Orange County, California, Airport Revenue Refunding Bonds, 7/13 at 100.00 AAA 2,668,225
John Wayne Airport, Series 2003, 5.000%, 7/01/17 - FSA Insured
8,550 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 9,141,575
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 1,521,632
5.250%, 11/01/20 - FGIC Insured
14,000 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 14,815,360
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 2,078,800
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27B, 5.000%, 5/01/23 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
54,935 Total Transportation 57,380,038
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 25.4% (16.8% OF TOTAL INVESTMENTS) (4)
5,150 California County Tobacco Securitization Agency, Tobacco 6/10 at 100.00 Baa3 (4) 5,322,061
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 A2 (4) 5,744,445
Revenue Bonds, Series 2002A, 5.125%, 5/01/18
(Pre-refunded 5/01/12)
27
Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 3,000 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 A3 (4) $ 3,314,280
Cedars-Sinai Medical Center, Series 1999A, 6.125%, 12/01/30
(Pre-refunded 12/01/09)
4,000 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 5,718,640
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 4,160,400
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 2,683,525
General Obligation Bonds, Series 1997A, 5.500%, 5/01/22
(Pre-refunded 11/01/08) - FGIC Insured
1,530 Long Beach Community College District, California, General 5/13 at 100.00 AAA 1,664,518
Obligation Bonds, Series 2003A, 5.000%, 5/01/18 (Pre-refunded
5/01/13) - MBIA Insured
8,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 8,660,960
Obligation Bonds, Series 2000D, 5.375%, 7/01/25
(Pre-refunded 7/01/10) - FGIC Insured
5,500 Orange County, California, Recovery Certificates of 7/06 at 102.00 AAA 5,659,995
Participation, Series 1996A, 6.000%, 7/01/26
(Pre-refunded 7/01/06) - MBIA Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 AAA 4,388,480
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 1,633,817
1,960 5.250%, 8/01/26 (Pre-refunded 8/01/14) - MBIA Insured 8/14 at 100.00 AAA 2,178,422
------------------------------------------------------------------------------------------------------------------------------------
46,110 Total U.S. Guaranteed 51,129,543
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.6% (6.4% OF TOTAL INVESTMENTS)
4,715 California Statewide Community Development Authority, 6/06 at 101.50 N/R 4,788,035
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 771,639
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
715 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 755,204
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
10,450 Orange County Public Financing Authority, California, No Opt. Call Aaa 11,364,062
Waste 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 1,097,360
Revenue Bonds, Series 2004T, 5.250%, 5/15/23 - FGIC Insured
500 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 540,840
Revenue Refunding Bonds, Series 2002Q, 5.250%, 8/15/22 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
18,105 Total Utilities 19,317,140
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 15.3% (10.1% OF TOTAL INVESTMENTS)
2,500 California Department of Water Resources, Water System 6/13 at 100.00 AAA 2,729,075
Revenue Bonds, Central Valley Project, Series 2003Y,
5.250%, 12/01/16 - FGIC Insured
1,000 California Statewide Community Development Authority, 10/13 at 100.00 AAA 1,078,730
Water and Wastewater Revenue Bonds, Pooled Financing
Program, Series 2003A, 5.250%, 10/01/23 - FSA Insured
4,770 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 5,249,528
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 2,670,700
Certificates of Participation, Series 1999A, 5.750%, 3/01/29 -
AMBAC Insured
5,985 Sacramento County Sanitation District Financing Authority, 12/10 at 101.00 AA 6,501,266
California, Revenue Bonds, Series 2000A, 5.250%, 12/01/12
4,000 Sacramento County Sanitation District Financing Authority, No Opt. Call AAA 4,646,640
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 5,041,712
Revenue Certificates of Participation, Series 1997A,
5.550%, 8/01/27 - AMBAC Insured (5)
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,700 South Gate Utility Authority, California, Subordinate Revenue 10/11 at 102.00 AAA $ 1,793,772
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+ 991,447
Participation, Water Systems Project, Series 2003,
5.625%, 7/01/43
------------------------------------------------------------------------------------------------------------------------------------
27,985 Total Water and Sewer 30,702,870
------------------------------------------------------------------------------------------------------------------------------------
$ 286,115 Total Investments (cost $284,650,888) - 151.1% 303,906,099
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 3,225,692
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.7)% (106,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 201,131,791
====================================================================================================================
(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) Investment is 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 preliminary 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 Investment is not rated.
(ETM) Investment is escrowed to maturity.
See accompanying notes to financial statements.
29
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO)
Portfolio of
INVESTMENTS February 28, 2006 (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 $ 466,056
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 2,190,540
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.250%, 6/01/33
------------------------------------------------------------------------------------------------------------------------------------
2,480 Total Consumer Staples 2,656,596
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 7.4% (4.9% OF TOTAL INVESTMENTS)
1,000 California Infrastructure Economic Development Bond Bank, 7/15 at 100.00 Aa3 1,054,510
Revenue Bonds, Scripps Research Institute, Series 2005A,
5.000%, 7/01/24
1,530 University of California, Certificates of Participation, San Diego 1/10 at 101.00 Aa2 1,607,464
and Sacramento Campus Projects, Series 2002A,
5.250%, 1/01/20
6,580 University of California, Revenue Bonds, Multiple Purpose 9/08 at 101.00 AA 6,885,838
Projects, Series 2000K, 5.000%,9/01/13
------------------------------------------------------------------------------------------------------------------------------------
9,110 Total Education and Civic Organizations 9,547,812
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.1% (6.0% OF TOTAL INVESTMENTS)
725 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A3 741,472
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+ 3,409,152
Bonds, Kaiser Hospital Assistance LLC, Series 2001A,
5.550%, 8/01/31
California Statewide Community Development Authority, Revenue
Bonds, Daughters of Charity Health System, Series 2005A:
190 5.250%, 7/01/24 7/15 at 100.00 BBB+ 199,648
400 5.250%, 7/01/35 7/15 at 100.00 BBB+ 415,380
1,000 California Statewide Community Development Authority, Revenue No Opt. Call AAA 1,082,310
Bonds, Sherman Oaks Health System, Series 1998A,
5.000%, 8/01/22 - AMBAC Insured
5,930 Central California Joint Powers Health Finance Authority, 8/06 at 100.00 Baa2 5,930,652
Certificates of Participation, Community Hospitals of Central
California, Series 1993, 5.000%, 2/01/23
------------------------------------------------------------------------------------------------------------------------------------
11,445 Total Health Care 11,778,614
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.3% (0.7% OF TOTAL INVESTMENTS)
1,550 San Bernardino County Housing Authority, California, 6/29 at 100.00 A- 1,606,885
Multifamily Housing Revenue Refunding Bonds, Equity
Residential Properties/Redlands Lawn and Tennis Apartments,
Series 1999A, 5.200%, 6/15/29 (Mandatory put 6/15/09)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 25.4% (16.8% OF TOTAL INVESTMENTS)
4,125 Alameda Unified School District, Alameda County, California, No Opt. Call AAA 1,737,821
General Obligation Bonds, Series 2004A, 0.000%, 8/01/25 -
FSA Insured
California, General Obligation Bonds, Series 2003:
1,000 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 1,091,030
1,400 5.250%, 2/01/20 8/13 at 100.00 A 1,514,688
1,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 1,081,390
California, General Obligation Bonds, Series 2004:
3,000 5.000%, 2/01/23 2/14 at 100.00 A 3,157,170
2,500 5.125%, 4/01/23 4/14 at 100.00 A 2,663,325
2,100 5.250%, 4/01/34 4/14 at 100.00 A 2,247,630
860 Los Angeles Community College District, Los Angeles County, 8/15 at 100.00 AAA 916,863
California, General Obligation Bonds, Series 2005A,
5.000%, 6/01/26 - FSA Insured
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 4,100 Monrovia Unified School District, Los Angeles County, California, No Opt. Call AAA $ 1,564,068
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 2,703,075
General Obligation Bonds, Series 2002, 5.250%, 8/01/21 -
FGIC Insured
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005:
280 5.000%, 8/01/25 - MBIA Insured 8/15 at 100.00 AAA 297,839
295 5.000%, 8/01/26 - MBIA Insured 8/15 at 100.00 AAA 313,558
1,000 Pomona Unified School District, Los Angeles County, California, 8/11 at 103.00 AAA 1,150,740
General Obligation Refunding Bonds, Series 1997A,
6.150%, 8/01/15 - MBIA Insured
2,620 Rancho Santiago Community College District, Orange County, 9/15 at 100.00 AAA 2,781,864
California, General Obligation Bonds, Series 2005B,
5.000%, 9/01/27 - FSA Insured
25 Riverside Community College District, California, General 8/14 at 100.00 AAA 27,454
Obligation Bonds, Series 2004A, 5.250%, 8/01/24 - MBIA Insured
5,000 San Diego Unified School District, California, General Obligation 7/10 at 100.00 AAA 5,310,950
Bonds, Election of 1998, Series 2000B, 5.125%, 7/01/21 -
MBIA Insured
San Jose-Evergreen Community College District, Santa Clara
County, California, General Obligation Bonds, Series 2005A:
220 5.000%, 9/01/25 - MBIA Insured 9/15 at 100.00 AAA 234,835
320 5.000%, 9/01/27 - MBIA Insured 9/15 at 100.00 AAA 340,544
4,970 San Rafael City High School District, Marin County, California, No Opt. Call AAA 1,909,076
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 1,758,886
California, General Obligation Bonds, Series 2004,
0.000%, 8/01/25 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
41,490 Total Tax Obligation/General 32,802,806
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 32.8% (21.7% OF TOTAL INVESTMENTS)
2,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 2,226,200
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/19
2,700 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA- 2,930,634
5.000%, 7/01/15
195 Hesperia Community Redevelopment Agency, California, 9/15 at 100.00 AAA 208,307
Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/20 -
XLCA Insured
1,065 Los Angeles County Public Works Financing Authority, California, 10/07 at 101.00 AA 1,100,656
Revenue Bonds, Regional Park and Open Space District,
Series 1997A, 5.000%, 10/01/19
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 1,488,121
1,500 5.250%, 9/01/26 - AMBAC Insured 9/14 at 100.00 AAA
2,000 Monterey County, California, Certificates of Participation, 8/11 at 100.00 Aaa 2,085,220
Master Plan Financing, Series 2001, 5.000%, 8/01/21 -
MBIA Insured
10,900 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call AAA 14,996,001
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 9/06 at 102.00 N/R 1,027,000
District 5, Freeway Interchange Project, Series 1997,
6.375%, 9/01/17
225 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 234,243
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
470 Riverside County Public Financing Authority, California, 10/15 at 100.00 AAA 489,425
Tax Allocation Bonds, Multiple Projects, Series 2005A,
5.000%, 10/01/35 - XLCA Insured
2,500 Sacramento City Financing Authority, California, Lease No Opt. Call AAA 2,857,050
Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 -
AMBAC Insured
2,255 San Bernardino County, California, Certificates of Participation, 8/06 at 101.00 AAA 2,303,934
Medical Center Financing Project, Series 1995, 5.500%, 8/01/22 -
MBIA Insured
31
Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,200 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA $ 1,275,552
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 7,566,580
Tax Allocation Revenue Bonds, Redevelopment Project,
Series 1999, 5.750%, 10/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
36,385 Total Tax Obligation/Limited 42,408,968
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 25.9% (17.1% OF TOTAL INVESTMENTS)
4,000 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 3,499,640
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 9,187,650
5.750%, 5/15/14 (Alternative Minimum Tax)
5,250 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 5,613,248
5.750%, 11/01/29 - FGIC Insured (Alternative Minimum Tax)
5,000 Sacramento County, California, Airport System Revenue Bonds, 7/06 at 102.00 AAA 5,138,700
Series 1996A, 5.900%, 7/01/24 - MBIA 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 2,661,474
3,100 5.750%, 5/01/30 -FSA Insured (Alternative Minimum Tax) 5/10 at 101.00 AAA 3,340,839
1,250 San Francisco Airports Commission, California, Revenue Bonds, 5/10 at 101.00 AAA 1,322,000
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 2,619,827
Lease Revenue Bonds, San Francisco International Airport,
SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 - FSA
Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
32,080 Total Transportation 33,383,378
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.0% (13.2% OF TOTAL INVESTMENTS) (4)
3,625 California County Tobacco Securitization Agency, Tobacco 6/10 at 100.00 Baa3 (4) 3,746,111
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 A2 (4) 3,282,540
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 A3 (4) 441,904
Cedars-Sinai Medical Center, Series 1999A,
6.125%, 12/01/30 (Pre-refunded 12/01/09)
4,950 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA 5,445,644
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 5,413,100
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 5,341,080
Family Mortgage Revenue Refunding Bonds,
Series 1990B, 7.500%, 8/01/23 (ETM)
1,975 Riverside Community College District, California, General 8/14 at 100.00 AAA 2,195,094
Obligation Bonds, Series 2004A, 5.250%, 8/01/24
(Pre-refunded 8/01/14) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
22,950 Total U.S. Guaranteed 25,865,473
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.5% (3.0% OF TOTAL INVESTMENTS)
1,500 California Pollution Control Financing Authority, Revenue 9/09 at 101.00 AAA 1,593,720
Refunding Bonds, Southern California Edison Company,
Series 1999A, 5.450%, 9/01/29 - MBIA Insured
3,155 California Statewide Community Development Authority, 6/06 at 101.50 N/R 3,203,871
Certificates of Participation Refunding, Rio Bravo Fresno
Project, Series 1999A, 6.300%, 12/01/18
500 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 532,165
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
455 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 480,585
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,610 Total Utilities 5,810,341
------------------------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 22.2% (14.7% OF TOTAL INVESTMENTS)
$ 3,330 California Department of Water Resources, Water System 12/11 at 100.00 AA $ 3,646,949
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 1,181,760
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 1,492,693
Revenue Bonds, Central Valley Project, Series 2005AD,
5.000%, 12/01/22 - FSA Insured
4,000 Los Angeles, California, Wastewater System Revenue Bonds, 5/06 at 100.00 AAA 4,002,120
Series 1993D, 4.700%, 11/01/19 - FGIC Insured
5,000 Orange County Water District, California, Revenue Certificates 8/13 at 100.00 AAA 5,198,400
of Participation, Series 2003B, 5.000%, 8/15/34 - MBIA Insured
2,000 San Francisco City and County Public Utilities Commission, 4/13 at 100.00 AAA 2,178,080
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 10,996,100
Revenue Certificates of Participation, Series 1997A,
5.550%, 8/01/27 - AMBAC Insured (6)
------------------------------------------------------------------------------------------------------------------------------------
26,750 Total Water and Sewer 28,696,102
------------------------------------------------------------------------------------------------------------------------------------
$ 189,850 Total Long-Term Investments (cost $178,254,896) - 150.7% 194,556,975
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.8% (0.5% OF TOTAL INVESTMENTS)
1,000 Irvine Assessment District No. 97-17, California, Limited VMIG-1 1,000,000
Obligation Improvement Bonds, Variable Rate Demand
Obligations, Series 1998, 2.900%, 9/02/23 (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 1,000 Total Short-Term Investments (cost $1,000,000) 1,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $179,254,896) - 151.5% 195,556,975
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 1,556,565
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.7)% (68,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 129,113,540
====================================================================================================================
(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) Investment is 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) The issuer has received a preliminary 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 Investment is not rated.
(ETM) Investment is escrowed to maturity.
See accompanying notes to financial statements.
33
Nuveen California Investment Quality Municipal Fund, Inc. (NQC)
Portfolio of
INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.2% (2.8% 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 $ 767,051
3,500 5.250%, 6/01/45 6/15 at 100.00 BBB
3,500 Tobacco Securitization Authority of Northern California, Tobacco 6/15 at 100.00 BBB 3,571,330
Settlement Asset-Backed Bonds, Series 2005A-1, 5.375%, 6/01/38
1,000 Tobacco Securitization Authority of Southern California, Tobacco 6/12 at 100.00 BBB 1,022,460
Settlement Asset-Backed Bonds, San Diego County Tobacco
Asset Securitization Corporation, Senior Series 2001A, 5.500%,
6/01/36
------------------------------------------------------------------------------------------------------------------------------------
8,790 Total Consumer Staples 8,861,821
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.0% (9.9% OF TOTAL INVESTMENTS)
2,250 California Educational Facilities Authority, Revenue Bonds, 10/06 at 102.00 AAA 2,312,415
Chapman University, Series 1996, 5.125%, 10/01/26 -
CONNIE LEE/AMBA Insured
3,000 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 3,270,360
University of the Pacific, Series 2000, 5.750%, 11/01/30 -
MBIA Insured
6,000 California State Public Works Board, Lease Revenue Bonds, 10/07 at 102.00 A2 6,237,900
California State University Projects, Series 1997C,
5.400%, 10/01/22
2,500 Long Beach Bond Financing Authority, California, Lease Revenue 11/11 at 101.00 AAA 2,651,575
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 10,043,025
3,000 5.125%, 5/15/17 - AMBAC Insured 5/13 at 100.00 AAA 3,243,660
1,060 5.000%, 5/15/24 - AMBAC Insured 5/13 at 100.00 AAA 1,125,317
2,540 University of California, Revenue Bonds, Research Facilities, 9/09 at 101.00 AAA 2,679,471
Series 2001E, 5.000%, 9/01/25 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
29,620 Total Education and Civic Organizations 31,563,723
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 8.0% (5.3% OF TOTAL INVESTMENTS)
3,000 California Health Facilities Financing Authority, Revenue Bonds, 7/14 at 100.00 A- 3,181,620
Catholic Healthcare West, Series 2004G, 5.250%, 7/01/23
1,190 California Health Facilities Financing Authority, Revenue Bonds, 11/15 at 100.00 A3 1,217,037
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
California Statewide Community Development Authority, Revenue
Bonds, Daughters of Charity Health System, Series 2005A:
320 5.250%, 7/01/24 7/15 at 100.00 BBB+ 336,250
660 5.250%, 7/01/35 7/15 at 100.00 BBB+ 685,377
2,145 California Statewide Community Development Authority, 11/36 at 100.00 A+ 2,199,354
Revenue 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:
1,430 5.250%, 2/01/13 8/06 at 100.00 Baa2 1,430,930
6,820 5.500%, 2/01/15 8/06 at 100.00 Baa2 6,825,797
1,000 Stockton, California, Health Facility Revenue Bonds, Dameron 12/07 at 102.00 BBB+ 1,042,800
Hospital Association, Series 1997A, 5.700%, 12/01/14
------------------------------------------------------------------------------------------------------------------------------------
16,565 Total Health Care 16,919,165
------------------------------------------------------------------------------------------------------------------------------------
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.5% (1.6% OF TOTAL INVESTMENTS)
$ 3,000 California Statewide Community Development Authority, 7/08 at 101.00 BBB $ 3,048,390
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- 2,215,900
Mobile Home Park Revenue Bonds, Franciscan Mobile Home
Park Project, Series 2002A, 5.850%, 12/15/32
------------------------------------------------------------------------------------------------------------------------------------
5,000 Total Housing/Multifamily 5,264,290
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3% (1.0% OF TOTAL INVESTMENTS)
2,780 California Statewide Community Development Authority, 4/09 at 101.00 BBB 2,848,749
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 18.0% (11.9% OF TOTAL INVESTMENTS)
240 California, General Obligation Bonds, Series 2000, 5.250%, 9/01/20 9/10 at 100.00 A 253,682
2,400 California, General Obligation Bonds, Series 2003, 5.250%, 2/01/20 8/13 at 100.00 A 2,596,608
California, General Obligation Bonds, Series 2004:
1,000 5.000%, 2/01/21 2/14 at 100.00 A 1,056,530
3,150 5.250%, 4/01/34 4/14 at 100.00 A 3,371,445
2,395 Fontana Unified School District, San Bernardino County, 5/09 at 102.00 AAA 2,607,173
California, General Obligation Refunding Bonds, Series 1997D,
5.800%, 5/01/17 - FGIC Insured
3,000 Fresno Unified School District, Fresno County, California, No Opt. Call AAA 3,737,850
General Obligation Bonds, Series 2002A, 6.000%, 8/01/26 -
MBIA Insured
1,385 Los Angeles Community College District, Los Angeles County, 8/15 at 100.00 AAA 1,476,576
California, General Obligation Bonds, Series 2005A,
5.000%, 6/01/26 - FSA Insured
10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA 10,676,980
Series 2001A, 5.000%, 9/01/21
2,285 Moreno Valley Unified School District, Riverside County, 8/14 at 100.00 AAA 2,509,273
California, General Obligation Bonds, Series 2004A,
5.250%, 8/01/24 - FSA Insured
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005:
460 5.000%, 8/01/25 - MBIA Insured 8/15 at 100.00 AAA 489,307
480 5.000%, 8/01/26 - MBIA Insured 8/15 at 100.00 AAA 510,197
3,250 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 3,783,748
Series 2001A, 5.500%, 7/01/20 - MBIA Insured
20 Riverside Community College District, California, General 8/14 at 100.00 AAA 21,993
Obligation Bonds, Series 2004A, 5.250%, 8/01/21 - MBIA Insured
3,500 San Diego Unified School District, San Diego County, California, 7/13 at 101.00 AAA 3,857,140
General Obligation Bonds, Series 2003E, 5.250%, 7/01/24 -
FSA Insured
San Jose-Evergreen Community College District, Santa Clara
County, California, General Obligation Bonds, Series 2005A:
360 5.000%, 9/01/25 - MBIA Insured 9/15 at 100.00 AAA 384,275
525 5.000%, 9/01/27 - MBIA Insured 9/15 at 100.00 AAA 558,705
------------------------------------------------------------------------------------------------------------------------------------
34,510 Total Tax Obligation/General 37,891,482
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 35.9% (23.7% OF TOTAL INVESTMENTS)
3,135 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 AAA 3,410,723
Department of General Services, Capital East End Project,
Series 2002A, 5.250%, 12/01/15 - AMBAC Insured
3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A- 3,337,050
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 3,191,010
Department of Mental Health, Hospital Addition, Series 2001A,
5.000%, 12/01/21 - AMBAC Insured
4,460 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA- 4,840,973
5.000%, 7/01/15
1,595 Fontana Public Financing Authority, California, Tax Allocation 9/11 at 101.00 AAA 1,725,726
Revenue Bonds, North Fontana Redevelopment Project,
Series 2003A, 5.375%, 9/01/25 - AMBAC Insured
35
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Hesperia Community Redevelopment Agency, California, Tax
Allocation Bonds, Series 2005A:
$ 325 5.000%, 9/01/20 - XLCA Insured 9/15 at 100.00 AAA $ 347,178
3,840 5.000%, 9/01/35 - XLCA Insured 9/15 at 100.00 AAA 3,997,747
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 - FGIC Insured 7/10 at 101.00 AAA 8,551,341
6,500 5.250%, 7/01/30 - FGIC Insured 7/10 at 101.00 AAA 6,938,230
1,250 Los Angeles County Public Works Financing Authority, 12/15 at 100.00 AAA 1,326,738
California, Lease Revenue Bonds, Master Refunding Project,
Series 2005A, 5.000%, 12/01/25 - MBIA Insured
4,130 Manteca Unified School District, San Joaquin County, 9/11 at 101.00 AAA 4,392,957
California, 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 4,140,827
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 4,952,808
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 9/06 at 102.00 N/R 1,730,495
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 1,549,755
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 1,054,130
Bonds, Redevelopment Project Area 1, Series 2003,
5.000%, 8/01/23 - MBIA Insured
370 Rialto Redevelopment Agency, California, Tax Allocation 9/15 at 100.00 AAA 385,200
Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
770 Riverside County Public Financing Authority, California, Tax 10/15 at 100.00 AAA 801,824
Allocation Bonds, Multiple Projects, Series 2005A,
5.000%, 10/01/35 - XLCA Insured
4,000 Sacramento City Financing Authority, California, Lease Revenue No Opt. Call AAA 4,571,280
Refunding Bonds, Series 1993A, 5.400%, 11/01/20 -
AMBAC Insured
2,000 San Jose Financing Authority, California, Lease Revenue 6/12 at 100.00 AAA 2,166,420
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 3,757,564
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
2,840 Santa Clara Redevelopment Agency, California, Tax Allocation 6/13 at 100.00 AAA 2,990,690
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 5,638,815
Subordinate Lien Tax Allocation Bonds, Live Oak and Soquel
Community Improvement Projects, Series 2000, 5.250%, 9/01/25 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
69,680 Total Tax Obligation/Limited 75,799,481
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 29.5% (19.5% OF TOTAL INVESTMENTS)
13,000 Alameda Corridor Transportation Authority, California, Senior 10/09 at 101.00 AAA 13,404,430
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 4,135,439
2,605 5.000%, 4/01/16 4/11 at 100.00 AA 2,773,570
6,500 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 5,686,915
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 10,541,575
5.500%, 5/15/25 (Alternative Minimum Tax)
9,000 Port of Oakland, California, Revenue Bonds, Series 2000K, 5/10 at 100.00 AAA 9,622,710
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 16,165,348
San Francisco International Airport, Second Series 2000,
Issue 24A, 5.750%, 5/01/30 - FSA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
59,960 Total Transportation 62,329,987
------------------------------------------------------------------------------------------------------------------------------------
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.8% (15.7% 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 $ 3,988,548
6,000 5.125%, 5/01/18 (Pre-refunded 5/01/12) 5/12 at 101.00 A2 (4) 6,565,080
670 California Department of Water Resources, Water System 12/11 at 100.00 AA (4) 739,224
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/16 (Pre-refunded 12/01/11)
3,000 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 A3 (4) 3,314,280
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 2,223,982
Kaiser Permanente System, Series 1998B, 5.250%, 10/01/12 (ETM)
California, General Obligation Bonds, Series 2000:
3,355 5.250%, 9/01/20 (Pre-refunded 9/01/10) 9/10 at 100.00 A (4) 3,604,411
480 5.250%, 9/01/20 (Pre-refunded 9/01/10) 9/10 at 100.00 A (4) 515,683
13,300 California, Various Purpose General Obligation Bonds, 3/10 at 101.00 AAA 14,631,729
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 2,513,947
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, 7/06 at 100.00 BBB (4) 2,611,700
Tax Allocation Refunding Bonds, Central Business District
Redevelopment Project, Series 1987G, 6.750%, 7/01/10 (ETM)
1,100 Newhall School District, Los Angeles County, California, 8/12 at 101.00 AAA 1,223,299
General Obligation Bonds, Series 2002B, 5.375%, 8/01/22
(Pre-refunded 8/01/12) - FSA Insured
2,745 Northridge Water District, California, Revenue Certificates 2/11 at 101.00 AAA 2,987,823
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 4,388,480
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 905,824
Obligation Bonds, Series 2004A, 5.250%, 8/01/21 (Pre-refunded
8/01/14) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
45,925 Total U.S. Guaranteed 50,214,010
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.9% (3.2% OF TOTAL INVESTMENTS)
5,000 Los Angeles Department of Water and Power, California, Power 7/11 at 100.00 AAA 5,368,500
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 745,031
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 781,610
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 3,442,982
Series 2003A, 5.000%, 1/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
9,650 Total Utilities 10,338,123
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.2% (5.4% OF TOTAL INVESTMENTS)
3,330 California Department of Water Resources, Water System 12/11 at 100.00 AA 3,659,670
Revenue Bonds, Central Valley Project, Series 2001W,
5.500%, 12/01/16
1,500 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 1,651,920
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 3,233,557
Bonds, Series 2003, 5.000%, 6/01/17 - FGIC Insured
San Elijo Joint Powers Authority, San Diego County, California,
Revenue Refunding Bonds, San Elijo Wastewater Facilities, Series
2003:
1,245 5.000%, 3/01/16 - FSA Insured 3/12 at 101.00 AAA 1,344,264
1,310 5.000%, 3/01/17 - FSA Insured 3/12 at 101.00 AAA 1,401,923
3,430 Westlands Water District, California, Revenue Certificates of 9/12 at 101.00 AAA 3,705,978
Participation, Series 2002, 5.250%, 9/01/22 - MBIA Insured
37
Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 2,155 Westlands Water District, California, Revenue Certificates 3/15 at 100.00 AAA $ 2,279,042
of Participation, Series 2005A, 5.000%, 9/01/25 - MBIA Insured
15,985 Total Water and Sewer 17,276,354
------------------------------------------------------------------------------------------------------------------------------------
$ 298,465 Total Investments (cost $299,057,033) - 151.3% 319,307,185
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 3,764,927
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.1)% (112,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 211,072,112
====================================================================================================================
(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) Investment is 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.
N/R Investment is not rated.
(ETM) Investment is escrowed to maturity.
See accompanying notes to financial statements.
38
Nuveen California Select Quality Municipal Fund, Inc. (NVC)
Portfolio of
INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.2% (3.4% OF TOTAL INVESTMENTS)
$ 1,355 California County Tobacco Securitization Agency, Tobacco 6/15 at 100.00 BBB $ 1,315,637
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 4,741,319
Settlement Asset-Backed Bonds, Stanislaus County Tobacco
Funding Corporation, Series 2002A, 5.500%, 6/01/33
9,150 California Pollution Control Financing Authority, Sewerage 12/06 at 101.00 A+ 9,370,058
and Solid Waste Disposal Facilities Revenue Bonds,
Anheuser-Busch Companies Inc., Series 1996, 5.750%, 12/01/30
(Alternative Minimum Tax)
3,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 BBB 3,383,100
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39
------------------------------------------------------------------------------------------------------------------------------------
18,130 Total Consumer Staples 18,810,114
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 3.9% (2.6% OF TOTAL INVESTMENTS)
5,000 California Educational Facilities Authority, Revenue Bonds, 12/15 at 100.00 Aaa 5,278,250
Pepperdine University, Series 2005A, 5.000%, 12/01/35 -
AMBAC Insured
1,595 California Infrastructure Economic Development Bank, Revenue 10/12 at 100.00 Aa3 1,676,776
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 1,834,847
Revenue Bonds, Scripps Research Institute, Series 2005A,
5.000%, 7/01/24
5,125 University of California, Revenue Bonds, Research Facilities, 9/09 at 101.00 AAA 5,406,414
Series 2001E, 5.000%, 9/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
13,460 Total Education and Civic Organizations 14,196,287
------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 2.7% (1.8% OF TOTAL INVESTMENTS)
9,500 California Pollution Control Financing Authority, Exempt 12/06 at 102.00 AAA 9,819,295
Facilities Revenue Bonds, Mobil Oil Corporation, Series 1996,
5.500%, 12/01/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 6.2% (4.1% OF TOTAL INVESTMENTS)
1,750 ABAG Finance Authority for Non-Profit Corporations, California, 4/12 at 100.00 A 1,873,515
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 7/06 at 100.00 AAA 546,112
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 A3 2,086,349
Cedars-Sinai Medical Center, Series 2005, 5.000%, 11/15/34
5,000 California Statewide Community Development Authority, 7/07 at 102.00 AA- 5,163,650
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- 2,042,194
Certificates of Participation, Catholic Healthcare West,
Series 1999, 6.500%, 7/01/20
California Statewide Community Development Authority, Revenue
Bonds, Daughters of Charity Health System, Series 2005A:
545 5.250%, 7/01/24 7/15 at 100.00 BBB+ 572,675
690 5.250%, 7/01/35 7/15 at 100.00 BBB+ 716,531
2,000 California Statewide Community Development Authority, No Opt. Call AAA 2,164,620
Revenue Bonds, Sherman Oaks Health System, Series 1998A,
5.000%, 8/01/22 - AMBAC Insured
6,000 Madera County, California, Certificates of Participation, Valley 3/06 at 101.00 AAA 6,127,020
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+ 1,095,801
Hospital Association, Series 1997A, 5.450%, 12/01/10
------------------------------------------------------------------------------------------------------------------------------------
21,465 Total Health Care 22,388,467
------------------------------------------------------------------------------------------------------------------------------------
39
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.8% (1.2% OF TOTAL INVESTMENTS)
$ 1,000 Independent Cities Lease Finance Authority, California, Revenue 11/14 at 100.00 N/R $ 1,064,390
Bonds, Morgan Hill, Hacienda Valley Mobile Home Park,
Series 2004A, 5.950%, 11/15/39
4,750 Montclair Redevelopment Agency, California, Revenue Bonds, 12/10 at 102.00 N/R 5,267,370
Monterey Manor Mobile Home Estates Project, Series 2000,
6.400%, 12/15/30
------------------------------------------------------------------------------------------------------------------------------------
5,750 Total Housing/Multifamily 6,331,760
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.3% (0.9% OF TOTAL INVESTMENTS)
120 California Housing Finance Agency, Single Family Mortgage 4/06 at 102.00 AAA 121,111
Bonds, Mezzanine Series 1995B-2, 6.250%, 8/01/14 -
AMBAC Insured (Alternative Minimum Tax)
160 California Housing Finance Agency, Single Family Mortgage 5/06 at 101.00 AAA 161,533
Bonds, Senior Series 1995A-2, 6.350%, 8/01/15 (Alternative
Minimum Tax)
755 California Housing Finance Agency, Single Family Mortgage 4/06 at 102.00 AAA 761,991
Bonds, Senior Series 1995B-2, 6.250%, 2/01/18 (Alternative
Minimum Tax)
3,560 Puerto Rico Housing Bank and Finance Agency, Affordable 4/06 at 101.00 AAA 3,606,066
Housing Mortgage Subsidy Program Single Family Mortgage
Revenue Bonds, Series 1995I, 6.250%, 4/01/29 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,595 Total Housing/Single Family 4,650,701
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.5% (1.0% OF TOTAL INVESTMENTS)
5,000 California Pollution Control Financing Authority, Solid Waste 6/23 at 100.00 BBB+ 5,318,000
Disposal Revenue Bonds, Republic Services Inc., Series 2002C,
5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
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 4,091,362
3,700 5.250%, 2/01/21 8/13 at 100.00 A 4,003,104
5,000 5.250%, 2/01/22 8/13 at 100.00 A 5,399,600
1,000 5.250%, 2/01/22 - CIFG Insured 8/13 at 100.00 AAA 1,081,390
California, General Obligation Bonds, Series 2004:
3,800 5.000%, 2/01/21 2/14 at 100.00 A 4,014,814
3,700 5.125%, 4/01/25 4/14 at 100.00 A 3,923,480
1,850 5.200%, 4/01/26 4/14 at 100.00 A 1,985,309
4,700 California, Various Purpose General Obligation Bonds, 5/10 at 101.00 AAA 5,102,320
Series 2000, 5.625%, 5/01/22 - FGIC Insured
1,880 Compton Community College District, Los Angeles County, 7/14 at 100.00 AAA 2,068,996
California, General Obligation Bonds, Series 2004A,
5.250%, 7/01/20 - MBIA 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 1,617,088
1,040 5.250%, 5/01/20 - MBIA Insured 5/14 at 100.00 AAA 1,143,293
1,520 Jurupa Unified School District, Riverside County, California, 8/13 at 100.00 AAA 1,616,870
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 4,221,080
Obligation Bonds, Series 2005B, 5.000%, 5/01/30 -
FGIC Insured
2,425 Los Angeles Community College District, Los Angeles County, 8/15 at 100.00 AAA 2,585,341
California, General Obligation Bonds, Series 2005A,
5.000%, 6/01/26 - FSA Insured
10,060 Los Angeles, California, General Obligation Bonds, 9/11 at 100.00 AA 10,714,001
Series 2001A, 5.000%, 9/01/20
6,000 North Orange County Community College District, California, No Opt. Call AAA 2,295,120
General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 -
FGIC Insured
2,200 Oakland Unified School District, Alameda County, California, 8/08 at 101.00 AAA 2,302,058
General Obligation Bonds, Series 2001, 5.125%, 8/01/21 -
FSA Insured
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005:
785 5.000%, 8/01/25 - MBIA Insured 8/15 at 100.00 AAA 835,012
825 5.000%, 8/01/26 - MBIA Insured 8/15 at 100.00 AAA 876,901
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 5,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA $ 5,821,150
Series 2001A, 5.500%, 7/01/20 - MBIA Insured
7,375 Rancho Santiago Community College District, Orange County, 9/15 at 100.00 AAA 7,830,628
California, General Obligation Bonds, Series 2005B,
5.000%, 9/01/27 - FSA Insured
San Jose-Evergreen Community College District, Santa Clara
County, California, General Obligation Bonds, Series 2005A:
615 5.000%, 9/01/25 - MBIA Insured 9/15 at 100.00 AAA 656,469
895 5.000%, 9/01/27 - MBIA Insured 9/15 at 100.00 AAA 952,459
1,500 Southwestern Community College District, San Diego County, 8/15 at 102.00 AAA 1,619,550
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 1,063,590
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 4,000,715
California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/22 - FSA Insured
2,000 West Contra Costa Unified School District, Contra Costa County, 8/11 at 101.00 AAA 2,128,040
California, General Obligation Bonds, Series 2003C,
5.000%, 8/01/22 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
81,850 Total Tax Obligation/General 83,949,740
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.4% (22.0% OF TOTAL INVESTMENTS)
2,870 Bell Community Redevelopment Agency, California, Tax 10/13 at 100.00 AA 3,085,164
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 4,112,547
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- 4,446,400
2,000 5.500%, 6/01/23 6/14 at 100.00 A- 2,211,320
6,890 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA- 7,478,544
5.000%, 7/01/15
3,000 Coronado Community Development Agency, California, Tax 9/15 at 100.00 AAA 3,149,340
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 1,093,077
California, General Obligation Bonds, School Facilities
Improvement District 2, Series 2004B, 5.000%, 10/01/25 -
FSA Insured
555 Hesperia Community Redevelopment Agency, California, 9/15 at 100.00 AAA 592,873
Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/20 -
XLCA Insured
1,405 Indian Wells Redevelopment Agency, California, Tax Allocation 9/13 at 100.00 AAA 1,490,199
Bonds, Consolidated Whitewater Project Area, Series 2003A,
5.000%, 9/01/20 - AMBAC Insured
3,000 La Quinta Redevelopment Agency, California, Tax Allocation 9/11 at 102.00 AAA 3,177,930
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 3,633,271
Revenue and Refunding Bonds, Civic Center Project,
Series 1997A, 5.000%, 10/01/27 - MBIA Insured
3,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA 3,204,750
California, Proposition C Second Senior Lien Sales Tax
Revenue Bonds, Series 2000A, 5.250%, 7/01/25 - FGIC Insured
16,500 Los Angeles County Metropolitan Transportation Authority, 7/08 at 101.00 AAA 17,176,665
California, Proposition C Second Senior Lien Sales Tax Revenue
Refunding Bonds, Series 1998A, 5.000%, 7/01/23 -
AMBAC Insured
2,105 Los Angeles County Public Works Financing Authority, 12/15 at 100.00 AAA 2,234,226
California, Lease Revenue Bonds, Master Refunding Project,
Series 2005A, 5.000%, 12/01/25 - MBIA 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 2,173,687
3,000 5.000%, 8/01/26 - MBIA Insured 8/11 at 100.00 Aaa 3,110,100
2,580 Oakland Redevelopment Agency, California, Subordinate 3/13 at 100.00 AAA 2,853,480
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 3,741,377
Bonds, Elihu M. Harris State Office Building, Series 1998A,
5.000%, 4/01/23 - AMBAC Insured
41
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,280 Ontario Redevelopment Financing Authority, California, Lease 8/11 at 101.00 AAA $ 2,471,474
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 1,039,330
Facilities District 03-1 of Ladera Ranch, Series 2004A,
5.500%, 8/15/24
8,750 Pittsburg Redevelopment Agency, California, Tax Allocation No Opt. Call AAA 4,015,725
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 Aa1 2,498,240
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 661,086
Merged Project Area, Series 2005A, 5.000%, 9/01/35 -
XLCA Insured
4,315 Riverside County Public Financing Authority, California, Tax 10/15 at 100.00 AAA 4,493,339
Allocation Bonds, Multiple Projects, Series 2005A,
5.000%, 10/01/35 - XLCA Insured
120 Riverside Public Financing Authority, California, Revenue Bonds, 8/06 at 100.00 N/R 121,679
Multiple Project Loans, Series 1991A, 8.000%, 2/01/18
1,680 Riverside Redevelopment Agency, California, Tax Allocation 8/13 at 100.00 AAA 1,814,266
Refunding Bonds, Merged Project Areas, Series 2003,
5.250%, 8/01/23 - MBIA Insured
2,200 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,338,512
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
10,000 San Jose Redevelopment Agency, California, Tax Allocation 8/08 at 102.00 A 10,321,800
Bonds, Merged Area Redevelopment Project, Series 1998,
5.250%, 8/01/29
4,625 Santa Clara Redevelopment Agency, California, Tax Allocation 6/17 at 100.00 AAA 4,933,118
Bonds, Bayshore North Project, Series 2003, 5.000%, 6/01/17 -
MBIA Insured
Solano County, California, Certificates of Participation,
Series 2002:
2,415 5.250%, 11/01/22 - MBIA Insured 11/12 at 100.00 AAA 2,608,224
1,625 5.250%, 11/01/23 - MBIA Insured 11/12 at 100.00 AAA 1,755,016
6,870 Vernon Redevelopment Agency, California, Tax Allocation 9/15 at 100.00 AAA 7,201,065
Bonds, 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 5,230,900
Participation, Series 1998, 5.000%, 2/01/25 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
118,405 Total Tax Obligation/Limited 120,468,724
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 18.6% (12.2% OF TOTAL INVESTMENTS)
8,300 Foothill/Eastern Transportation Corridor Agency, California, 1/10 at 100.00 AAA 8,634,407
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- 9,186,555
Toll Road Revenue Refunding Bonds, Series 1999,
0.000%, 1/15/29
7,500 Los Angeles Harbors Department, California, Revenue Bonds, 8/06 at 101.00 AAA 7,660,575
Series 1996, 6.200%, 8/01/25 - MBIA Insured (Alternative
Minimum Tax)
2,000 Orange County Transportation Authority, California, Toll Road 8/13 at 100.00 AAA 2,144,060
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 8,553,520
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 21,553,797
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 5,343,500
Refunding Bonds, San Francisco International Airport,
Second Series 2001, Issue 27B, 5.250%, 5/01/18 -
FGIC Insured
3,665 San Francisco Airports Commission, California, Revenue 5/12 at 100.00 AAA 3,877,277
Refunding Bonds, San Francisco International Airport,
Second Series 2002, Issue 28A, 5.250%, 5/01/18 -
MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
64,965 Total Transportation 66,953,691
------------------------------------------------------------------------------------------------------------------------------------
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 29.0% (19.1% OF TOTAL INVESTMENTS) (4)
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 $ 2,769,825
9,750 5.125%, 5/01/18 (Pre-refunded 5/01/12) 5/12 at 101.00 A2 (4) 10,668,255
13,500 California Health Facilities Financing Authority, Revenue Bonds, 12/09 at 101.00 A3 (4) 14,914,260
Cedars-Sinai Medical Center, Series 1999A, 6.125%, 12/01/30
(Pre-refunded 12/01/09)
3,000 California Pollution Control Financing Authority, Solid Waste 7/06 at 100.00 Aaa 3,442,170
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) 5,082,856
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 11,001,300
Series 2000, 5.750%, 3/01/27 (Pre-refunded 3/01/10) -
MBIA Insured
1,755 Contra Costa County, California, GNMA Mortgage-Backed 11/09 at 100.00 AAA 1,894,523
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, 8/09 at 102.00 AAA 5,881,141
General 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 2,234,620
2,500 5.625%, 6/01/38 (Pre-refunded 6/01/13) 6/13 at 100.00 Aaa 2,793,275
4,220 Los Angeles Unified School District, California, General 7/08 at 101.00 AAA 4,417,834
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 6,528,199
Obligation Bonds, Series 2000D, 5.375%, 7/01/25
(Pre-refunded 7/01/10) - FGIC Insured
2,270 Pajaro Valley Unified School District, Santa Cruz County, 8/13 at 100.00 AAA 2,473,074
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) 11,039,700
Revenue Bonds, Series 2000B, 6.000%, 7/01/31
(Pre-refunded 7/01/10)
4,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 4,339,560
Obligation Bonds, Series 2000A, 5.500%, 10/01/32 (ETM)
Sweetwater Authority, California, Water Revenue Bonds,
Series 2002:
2,800 5.500%, 4/01/19 (Pre-refunded 4/01/10) - FSA Insured 4/10 at 101.00 AAA 3,057,796
9,055 5.000%, 4/01/22 (Pre-refunded 4/01/10) - FSA Insured 4/10 at 101.00 AAA 9,716,830
2,000 Vista, California, Mobile Home Park Revenue Bonds, Vista 3/24 at 100.00 N/R (4) 2,169,200
Manor Mobile Home Park Project, Series 1999A,
5.750%, 3/15/29 (Pre-refunded 3/15/24)
------------------------------------------------------------------------------------------------------------------------------------
95,390 Total U.S. Guaranteed 104,424,418
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.9% (8.5% OF TOTAL INVESTMENTS)
2,000 Anaheim Public Finance Authority, California, Revenue 10/12 at 100.00 AAA 2,174,300
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 1,972,375
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+ 12,218,796
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 4,315,080
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 5,408,600
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 1,277,196
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
5,225 Los Angeles, California, Sanitation Equipment Charge Revenue 2/11 at 100.00 AAA 5,592,527
Bonds, Series 2001A, 5.250%,2/01/18 - FSA Insured
43
Nuveen California Select Quality Municipal Fund, Inc. (NVC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 1,025 Los Angeles, California, Sanitation Equipment Charge Revenue 2/14 at 100.00 AAA $ 1,091,492
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 1,330,850
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
2,630 Pasadena, California, Electric Works Revenue Bonds, 6/12 at 100.00 AAA 2,839,269
Series 2002, 5.250%, 6/01/21 - MBIA Insured
4,360 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA 4,738,797
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 3,674,658
Magnolia Power Project, Series 2003-1A, 5.000%, 7/01/20 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
42,320 Total Utilities 46,633,940
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.9% (7.8% OF TOTAL INVESTMENTS)
1,185 Burbank, California, Wastewater System Revenue Bonds, 6/14 at 100.00 AAA 1,252,616
Series 2004A, 5.000%, 6/01/24 - AMBAC Insured
2,750 Los Angeles Department of Water and Power, California, 7/14 at 100.00 AAA 3,026,458
Waterworks Revenue Bonds, Series 2004C, 5.250%, 7/01/20 -
MBIA Insured
5,000 Los Angeles, California, Wastewater System Revenue Bonds, 6/08 at 101.00 AAA 5,167,700
Series 1998A, 5.000%, 6/01/28 - FGIC Insured
3,750 Metropolitan Water District of Southern California, Water 10/14 at 100.00 AAA 3,957,450
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 2,143,780
Series 2001A, 6.250%, 12/01/32
2,525 Sacramento County Sanitation District Financing Authority, No Opt. Call AAA 2,933,192
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 2,308,765
2,960 5.250%, 10/01/20 - MBIA Insured 4/13 at 100.00 AAA 3,223,558
17,670 San Francisco City and County Public Utilities Commission, 11/11 at 100.00 AAA 18,772,078
California, Water Revenue Bonds, Series 2001A,
5.000%, 11/01/24 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
39,960 Total Water and Sewer 42,785,597
------------------------------------------------------------------------------------------------------------------------------------
$ 520,790 Total Investments (cost $511,073,684) - 151.7% 546,730,734
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,588,927
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.3)% (192,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 360,319,661
====================================================================================================================
(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) Investment is 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.
N/R Investment is not rated.
(ETM) Investment is escrowed to maturity.
See accompanying notes to financial statements.
44
Nuveen California Quality Income Municipal Fund, Inc. (NUC)
Portfolio of
INVESTMENTS February 28, 2006 (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 $ 5,192,150
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 1,262,235
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 4,736,193
Settlement Asset-Backed Bonds, Stanislaus County Tobacco
Funding Corporation, Series 2002A, 5.500%, 6/01/33
8,880 California Statewide Financing Authority, Tobacco Settlement 5/12 at 100.00 Baa3 9,159,187
Asset-Backed Bonds, Pooled Tobacco Securitization Program,
Series 2002A, 5.625%, 5/01/29
------------------------------------------------------------------------------------------------------------------------------------
19,800 Total Consumer Staples 20,349,765
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.1% (10.6% OF TOTAL INVESTMENTS)
8,975 California Educational Facilities Authority, Revenue Bonds, 11/10 at 100.00 Aaa 9,783,827
University of the Pacific, Series 2000, 5.750%, 11/01/30 -
MBIA Insured
4,000 California State Public Works Board, Lease Revenue Refunding 3/06 at 102.00 AAA 4,087,920
Bonds, Community CollegesProjects, Series 1996B,
5.625%, 3/01/19 - AMBAC Insured
6,400 California State University, Systemwide Revenue Bonds, 11/12 at 100.00 AAA 6,864,320
Series 2002A, 5.000%, 11/01/20 - AMBAC Insured
1,000 California Statewide Community Development Authority, 4/06 at 101.00 AAA 1,012,190
Auxiliary Organization Revenue Certificates of Participation,
University Corporation - California State University -
Northridge, Series 1996, 6.000%, 4/01/26 - AMBAC Insured
1,615 University of California, Certificates of Participation, San Diego 1/10 at 101.00 Aa2 1,695,588
and Sacramento Campus Projects, Series 2002A,
5.250%, 1/01/21
7,500 University of California, Revenue Bonds, Multiple Purpose 9/08 at 101.00 AA 7,749,525
Projects, Series 2000K, 5.300%, 9/01/30
University of California, Revenue Bonds, Multi-Purpose Projects,
Series 2002O:
5,265 5.000%, 9/01/18 - FGIC Insured 9/10 at 101.00 AAA 5,612,227
10,255 5.000%, 9/01/19 - FGIC Insured 9/10 at 101.00 AAA 10,931,317
University of California, Revenue Bonds, Research Facilities,
Series 2001E:
2,305 5.000%, 9/01/23 - AMBAC Insured 9/09 at 101.00 AAA 2,431,568
5,150 5.000%, 9/01/24 - AMBAC Insured 9/09 at 101.00 AAA 5,432,787
------------------------------------------------------------------------------------------------------------------------------------
52,465 Total Education and Civic Organizations 55,601,269
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 5.1% (3.2% OF TOTAL INVESTMENTS)
1,750 ABAG Finance Authority for Non-Profit Corporations, California, 4/12 at 100.00 A 1,873,515
Cal-Mortgage Insured Revenue Bonds, Sansum-Santa Barbara
Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
3,790 California Health Facilities Financing Authority, Insured Health 5/06 at 100.00 A 3,797,012
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 A3 1,978,963
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 1,294,200
of California - Davis Medical Center, Series 2004II-A,
5.000%, 11/01/23 - MBIA Insured
1,060 California Statewide Community Development Authority, No Opt. Call A3 1,146,348
Certificates of Participation, Cedars-Sinai Medical Center,
Series 1992, 6.500%, 8/01/12
California Statewide Community Development Authority,
Revenue Bonds, Daughters of Charity Health System,
Series 2005A:
520 5.250%, 7/01/24 7/15 at 100.00 BBB+ 546,406
1,090 5.250%, 7/01/35 7/15 at 100.00 BBB+ 1,131,911
45
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 5,355 California Statewide Community Development Authority, 11/36 at 100.00 A+ $ 5,490,696
Revenue Bonds, Kaiser Permanente System, Series 2002E,
4.700%, 11/01/36 (Mandatory put 6/01/09)
------------------------------------------------------------------------------------------------------------------------------------
16,725 Total Health Care 17,259,051
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.4% (3.6% OF TOTAL INVESTMENTS)
1,916 California Housing Finance Agency, Multi-Unit Rental Housing 8/06 at 100.00 Aa3 1,935,658
Revenue Bonds, Series 1992B-II, 6.700%, 8/01/15
1,000 California Statewide Community Development Authority, 7/08 at 101.00 BBB 1,032,870
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- 3,323,850
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 1,064,390
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 2,376,400
Mobile Home Park, Series 1998A, 5.700%, 3/01/18
2,365 Oceanside, California, Mobile Home Park Revenue Bonds, 3/08 at 102.00 N/R 2,459,009
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 3,171,237
Bravo Mobile Home Park Project, Series 1999A, 5.900%, 3/20/29
1,715 Stanton, California, Multifamily Housing Revenue Bonds, 8/07 at 102.00 AAA 1,781,285
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:
560 6.900%, 11/01/08 5/06 at 100.00 Aa2 561,159
1,030 7.000%, 11/01/14 5/06 at 100.00 Aa2 1,031,895
------------------------------------------------------------------------------------------------------------------------------------
17,911 Total Housing/Multifamily 18,737,753
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.0% (0.0% OF TOTAL INVESTMENTS)
60 Riverside County, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 60,483
Program Single Family Mortgage Revenue Bonds, Series 1989B,
7.600%, 11/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 24.6% (16.2% OF TOTAL INVESTMENTS)
1,900 Azusa Unified School District, Los Angeles County, California, 7/12 at 100.00 AAA 2,075,522
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 85,312
California, General Obligation Bonds, Series 2003:
3,750 5.250%, 11/01/19 - RAAI Insured 11/13 at 100.00 AA 4,091,362
500 5.250%, 2/01/33 2/13 at 100.00 A 530,785
6,300 California, General Obligation Bonds, Series 2004, 5.200%, 4/01/26 4/14 at 100.00 A 6,760,782
2,000 California, General Obligation Refunding Bonds, Series 2002, 4/12 at 100.00 A 2,111,760
5.250%, 4/01/32
6,865 California, General Obligation Veterans Welfare Bonds, 6/06 at 100.00 AA- 6,903,101
Series 1997BH, 5.600%, 12/01/32 (Alternative Minimum Tax)
6,085 California, General Obligation Veterans Welfare Bonds, 12/06 at 102.00 AA- 6,259,092
Series 1997BJ, 5.700%, 12/01/32 (Alternative Minimum Tax)
7,500 California, Various Purpose General Obligation Bonds, 6/11 at 100.00 A 7,847,175
Series 2001, 5.125%, 6/01/22
1,615 Compton Unified School District, Los Angeles County, California, 9/13 at 100.00 AAA 1,779,246
General Obligation Bonds, Series 2003A, 5.375%, 9/01/19 -
MBIA Insured
1,370 Fremont-Newark Community College District, Alameda County, 8/11 at 101.00 AAA 1,494,807
California, General Obligation Bonds, Series 2002A,
5.375%, 8/01/20 - MBIA Insured
5,255 Livermore Valley Joint Unified School District, Alameda County, 8/11 at 100.00 AAA 5,502,721
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 2,791,189
Obligation Bonds, Series 2005B, 5.000%, 5/01/30 - FGIC Insured
46
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,265 Los Angeles Community College District, Los Angeles County, 8/15 at 100.00 AAA $ 2,414,762
California, General Obligation Bonds, Series 2005A,
5.000%, 6/01/26 - FSA Insured
1,170 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 1,255,667
Obligation Bonds, Series 2003F, 5.000%, 7/01/17 - FSA Insured
2,375 Moreno Valley Unified School District, Riverside County, 8/14 at 100.00 AAA 2,608,106
California, General Obligation Bonds, Series 2004A,
5.250%, 8/01/24 - FSA Insured
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Series 2005:
745 5.000%, 8/01/25 - MBIA Insured 8/15 at 100.00 AAA 792,464
785 5.000%, 8/01/26 - MBIA Insured 8/15 at 100.00 AAA 834,384
6,760 San Diego Unified School District, San Diego County, 7/13 at 101.00 AAA 7,449,790
California, General Obligation Bonds, Series 2003E,
5.250%, 7/01/21 - FSA Insured
5,055 San Joaquin Delta Community College District, California, 8/15 at 100.00 AAA 5,356,834
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 1,600,380
General Obligation Bonds, Series 2005B, 5.000%, 8/01/25 -
FGIC Insured
San Jose-Evergreen Community College District, Santa Clara
County, California, General Obligation Bonds, Series 2005A:
585 5.000%, 9/01/25 - MBIA Insured 9/15 at 100.00 AAA 624,447
860 5.000%, 9/01/27 - MBIA Insured 9/15 at 100.00 AAA 915,212
6,865 San Ramon Valley Unified School District, Contra Costa 8/13 at 100.00 AAA 7,302,506
County, 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 1,480,058
California, General Obligation Bonds, Series 2003A,
5.000%, 8/01/22 - FGIC Insured
3,925 West Contra Costa Unified School District, Contra Costa 8/11 at 101.00 AAA 4,173,924
County, California, General Obligation Bonds, Series 2003B,
5.000%, 8/01/23 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
80,145 Total Tax Obligation/General 85,041,388
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.3% (22.6% OF TOTAL INVESTMENTS)
1,655 Bell Community Housing Authority, California, Lease Revenue 10/15 at 100.00 AAA 1,726,033
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 1,272,252
West Olive Redevelopment Project, Series 2002,
5.125%, 12/01/22 - AMBAC Insured
2,000 California State Public Works Board, Lease Revenue Bonds, No Opt. Call AAA 2,197,900
Department of Corrections, Susanville State Prison,
Series 1993D, 5.250%, 6/01/15 - FSA Insured
3,070 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 AAA 3,353,392
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 2,175,186
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- 5,689,670
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.500%, 6/01/20
5,160 California, Economic Recovery Revenue Bonds, Series 2004A, 7/14 at 100.00 AA- 5,600,767
5.000%, 7/01/15
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 1,050,630
2,765 5.700%, 8/01/28 8/08 at 102.00 N/R 2,910,771
1,250 Coronado Community Development Agency, California, Tax 9/15 at 100.00 AAA 1,312,225
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 3,372,542
California, Special Tax Bonds, Community Facilities
District 98-1, Series 2003, 5.500%, 9/01/33 - MBIA Insured
2,725 Fresno, California, Certificates of Participation, Street 6/06 at 100.00 A+ 2,743,912
Improvement Project, Series 1991, 6.625%, 12/01/11
47
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 530 Hesperia Community Redevelopment Agency, California, Tax 9/15 at 100.00 AAA $ 566,167
Allocation Bonds, Series 2005A, 5.000%, 9/01/20 - XLCA Insured
1,910 Industry Urban Development Agency, California, Tax Allocation 5/07 at 101.50 AAA 1,984,719
Refunding Bonds, Civic, Recreational and Industrial Redevelopment
Project 1, Series 2002, 5.500%, 5/01/19 - MBIA Insured
1,350 Los Angeles Community Redevelopment Agency, California, 3/13 at 100.00 BBB- 1,363,217
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 5,221,171
California, Proposition A First Tier Senior Sales Tax Revenue
Bonds, Series 2003A, 5.000%, 7/01/16 - FSA Insured
1,500 Los Angeles County Metropolitan Transportation Authority, 7/15 at 100.00 AAA 1,598,415
California, Proposition A First Tier Senior Sales Tax Revenue
Bonds, Series 2005A, 5.000%, 7/01/26 - AMBAC Insured
8,000 Los Angeles County Metropolitan Transportation Authority, 7/10 at 101.00 AAA 8,546,000
California, Proposition C Second Senior Lien Sales Tax Revenue
Bonds, Series 2000A, 5.250%, 7/01/25 - FGIC Insured
4,000 Los Angeles County Public Works Financing Authority, 12/15 at 100.00 AAA 4,242,280
California, 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 3,141,968
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 14,695,673
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 21,049,434
County, California, Revenue Refunding Bonds, Redevelopment
Project 1, Series 1995, 7.400%, 8/01/25 - 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 1,612,050
1,500 5.000%, 9/01/20 - MBIA Insured 9/13 at 100.00 AAA 1,608,315
600 Rialto Redevelopment Agency, California, Tax Allocation Bonds, 9/15 at 100.00 AAA 624,648
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 4,648,406
Allocation Bonds, Series 2003A, 5.250%, 9/01/22 -
MBIA Insured
3,245 Riverside County Public Financing Authority, California, 10/15 at 100.00 AAA 3,379,116
Tax Allocation Bonds, Multiple Projects, Series 2005A,
5.000%, 10/01/35 - XLCA Insured
3,000 San Francisco Bay Area Rapid Transit District, California, Sales 7/15 at 100.00 AAA 3,204,030
Tax Revenue Bonds, Series 2005A, 5.000%, 7/01/24 - MBIA Insured
2,500 San Jose Financing Authority, California, Lease Revenue 9/11 at 100.00 AAA 2,657,400
Refunding Bonds, Convention Center Project, Series 2001F,
5.000%, 9/01/20 - MBIA Insured
2,000 San Jose Unified School District, Santa Clara County, California, 6/07 at 101.00 AAA 2,075,720
Certificates of Participation, Series 1999, 5.750%, 6/01/24 -
MBIA Insured
2,770 Santa Ana Community Redevelopment Agency, Orange County, 9/13 at 100.00 AAA 2,945,341
California, Tax Allocation Refunding Bonds, South Main Street
Redevelopment, Series 2003B, 5.000%, 9/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
107,075 Total Tax Obligation/Limited 118,569,350
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 13.0% (8.6% OF TOTAL INVESTMENTS)
11,000 Foothill/Eastern Transportation Corridor Agency, California, 1/14 at 101.00 BBB- 9,624,010
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 2,144,060
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 2,894,591
Series 2002A, 5.250%, 7/01/21 - FSA Insured
20,000 San Francisco Airports Commission, California, Revenue 5/10 at 101.00 AAA 21,553,798
Bonds, San Francisco International Airport, Second Series 2000,
Issue 25, 5.750%, 5/01/30 - FSA Insured (Alternative
Minimum Tax)
48
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 $ 1,567,379
3,865 5.250%, 5/01/19 - MBIA Insured (Alternative Minimum Tax) 5/12 at 100.00 AAA 4,082,406
3,000 San Francisco Airports Commission, California, Revenue 5/12 at 100.00 AAA 3,229,230
Refunding Bonds, San Francisco International Airport, Second
Series 2002, Issue 28B, 5.250%, 5/01/22 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
44,030 Total Transportation 45,095,474
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 32.3% (21.3% OF TOTAL INVESTMENTS) (4)
7,325 California County Tobacco Securitization Agency, Tobacco 6/12 at 100.00 Baa3 (4) 8,016,187
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 2,769,825
9,000 5.125%, 5/01/18 (Pre-refunded 5/01/12) 5/12 at 101.00 A2 (4) 9,847,620
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 A3 (4) 11,489,504
7,700 6.250%, 12/01/34 (Pre-refunded 12/01/09) 12/09 at 101.00 A3 (4) 8,538,915
8,000 California Pollution Control Financing Authority, Solid Waste 7/06 at 100.00 Aaa 9,179,120
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 A (4) 1,194,759
315 5.500%, 6/01/25 (Pre-refunded 6/01/10) 6/10 at 100.00 A (4) 340,587
4,440 Coast Community College District, Orange County, California, 8/13 at 100.00 AAA 4,813,138
General Obligation Refunding Bonds, Series 2003A,
5.000%, 8/01/22 (Pre-refunded 8/01/13) - MBIA Insured
12,805 Contra Costa County, California, GNMA Mortgage-Backed No Opt. Call AAA 18,306,796
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 5,586,550
2,500 5.625%, 6/01/38 (Pre-refunded 6/01/13) 6/13 at 100.00 Aaa 2,793,275
2,000 Los Angeles Unified School District, California, General 7/10 at 100.00 AAA 2,165,240
Obligation Bonds, Series 2000D, 5.375%, 7/01/25
(Pre-refunded 7/01/10) - FGIC Insured
4,900 Orange County, California, Recovery Certificates of Participation, 7/06 at 102.00 AAA 5,042,541
Series 1996A, 6.000%, 7/01/26 (Pre-refunded 7/01/06) -
MBIA Insured
5,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 5,424,450
Obligation Bonds, Series 2000A, 5.500%, 10/01/32 (ETM)
13,525 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 16,272,198
Securities Program Single Family Home Mortgage Revenue
Bonds, Series 1989A, 7.750%, 11/01/14 (Alternative
Minimum Tax) (ETM)
------------------------------------------------------------------------------------------------------------------------------------
96,515 Total U.S. Guaranteed 111,780,705
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.9% (5.2% OF TOTAL INVESTMENTS)
1,200 Los Angeles Department of Water and Power, California, 7/13 at 100.00 AAA 1,277,196
Power System Revenue Bonds, Series 2003A-2,
5.000%, 7/01/21 - MBIA Insured
1,235 Merced Irrigation District, California, Electric System Revenue 9/15 at 100.00 AAA 1,304,444
Bonds, Series 2005, 5.125%, 9/01/31 - XLCA Insured
5,000 Merced Irrigation District, California, Revenue Certificates 9/13 at 102.00 Baa3 5,283,600
of Participation, Electric System Project, Series 2003,
5.700%, 9/01/36
880 Redlands, California, Certificates of Participation Refunding, 3/06 at 100.00 AAA 882,578
Capital Improvement Projects, Series 1992, 6.800%, 3/01/07 -
AMBAC Insured
Sacramento Municipal Utility District, California, Electric Revenue
Bonds, Series 2004T:
2,500 5.250%, 5/15/22 - FGIC Insured 5/14 at 100.00 AAA 2,745,250
2,500 5.250%, 5/15/23 - FGIC Insured No Opt. Call AAA 2,743,400
49
Nuveen California Quality Income Municipal Fund, Inc. (NUC) (continued)
Portfolio of INVESTMENTS February 28, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 2,410 Sacramento Municipal Utility District, California, Electric 8/12 at 100.00 AAA $ 2,606,849
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 4,248,160
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 6,256,030
Multiple Projects, Series 1989, 6.750%, 7/01/11
------------------------------------------------------------------------------------------------------------------------------------
25,225 Total Utilities 27,347,507
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.2% (4.1% OF TOTAL INVESTMENTS)
7,040 California Statewide Community Development Authority, 10/13 at 101.00 AAA 7,631,853
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 1,096,230
1,440 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 AAA 1,564,258
1,205 5.250%, 12/01/22 - MBIA Insured 12/13 at 100.00 AAA 1,308,979
500 Norco, California, Certificates of Participation Refunding, 10/08 at 102.00 AAA 525,765
Water and Sewerage System Improvement Project,
Series 1998, 5.125%, 10/01/28 - AMBAC Insured
5,375 San Francisco City and County Public Utilities Commission, 11/12 at 100.00 AAA 5,769,848
California, Water Revenue Bonds, Series 2002A,
5.000%, 11/01/19 - MBIA Insured
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 1,682,406
1,650 5.000%, 9/15/20 - FGIC Insured 9/13 at 100.00 AAA 1,769,311
------------------------------------------------------------------------------------------------------------------------------------
19,775 Total Water and Sewer 21,348,650
------------------------------------------------------------------------------------------------------------------------------------
$ 479,726 Total Long-Term Investments (cost $483,673,592) - 150.8% 521,191,395
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.1% (0.7% OF TOTAL INVESTMENTS)
2,400 California Department of Water Resources, Power Supply A-1+ 2,400,000
Revenue Bonds, Variable Rate Demand Obligations,
Series 2002C-7, 3.150%, 5/01/22 - FSA Insured (5)
1,500 Irvine Assessment District No. 97-17, California, Limited VMIG-1 1,500,000
Obligation Improvement Bonds, Variable Rate Demand
Obligations, Series 1998, 2.900%, 9/02/23 (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 3,900 Total Short-Term Investments (cost $3,900,000) 3,900,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $487,573,592) - 151.9% 525,091,395
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,643,057
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.5)% (185,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 345,734,452
====================================================================================================================
(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) Investment is 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.
N/R Investment is not rated.
(ETM) Investment is escrowed to maturity.
See accompanying notes to financial statements.
50
Statement of
ASSETS AND LIABILITIES February 28, 2006 (Unaudited)
CALIFORNIA
CALIFORNIA CALIFORNIA CALIFORNIA INVESTMENT CALIFORNIA CALIFORNIA
VALUE PERFORMANCE PLUS OPPORTUNITY QUALITY SELECT QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value
(cost $235,540,463, $284,650,888,
$179,254,896, $299,057,033,
$511,073,684 and $487,573,592,
respectively) $254,016,285 $303,906,099 $195,556,975 $319,307,185 $546,730,734 $525,091,395
Receivables:
Interest 3,200,178 3,915,676 2,301,232 4,798,341 7,317,707 7,543,391
Investments sold 388,000 -- -- 165,000 -- 880,000
Other assets 15,943 27,678 12,469 30,299 54,033 44,421
------------------------------------------------------------------------------------------------------------------------------------
Total assets 257,620,406 307,849,453 197,870,676 324,300,825 554,102,474 533,559,207
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 773,392 471,951 613,928 990,886 1,288,848 2,415,823
Accrued expenses:
Management fees 111,329 147,819 95,617 155,347 262,515 252,611
Other 57,035 58,622 24,938 65,564 136,750 104,163
Preferred share
dividends payable N/A 39,270 22,653 16,916 94,700 52,158
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 941,756 717,662 757,136 1,228,713 1,782,813 2,824,755
------------------------------------------------------------------------------------------------------------------------------------
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 $256,678,650 $201,131,791 $129,113,540 $211,072,112 $360,319,661 $345,734,452
====================================================================================================================================
Common shares outstanding 25,241,808 12,965,742 8,154,681 13,580,232 23,106,079 21,999,728
====================================================================================================================================
Net asset value per Common
share outstanding (net
assets applicable to Common
shares, divided by
Common shares outstanding) $ 10.17 $ 15.51 $ 15.83 $ 15.54 $ 15.59 $ 15.72
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value
per share $ 252,418 $ 129,657 $ 81,547 $ 135,802 $ 231,061 $ 219,997
Paid-in surplus 237,577,056 181,322,372 113,688,343 189,659,207 322,193,029 306,481,101
Undistributed
(Over-distribution of)
net investment income (3,486) 379,858 913,946 523,542 1,563,319 1,013,121
Accumulated net realized
gain (loss)
from investments 376,840 44,693 (1,872,375) 503,409 675,202 502,430
Net unrealized
appreciation (depreciation)
of investments 18,475,822 19,255,211 16,302,079 20,250,152 35,657,050 37,517,803
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $256,678,650 $201,131,791 $129,113,540 $211,072,112 $360,319,661 $345,734,452
====================================================================================================================================
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.
51
Statement of
OPERATIONS Six Months Ended February 28, 2006 (Unaudited)
CALIFORNIA
CALIFORNIA CALIFORNIA CALIFORNIA INVESTMENT CALIFORNIA CALIFORNIA
VALUE PERFORMANCE PLUS OPPORTUNITY QUALITY SELECT QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 6,579,933 $ 7,480,293 $ 4,916,572 $ 7,840,078 $13,566,850 $13,254,597
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 703,481 955,875 618,468 1,005,951 1,702,792 1,635,144
Preferred shares - auction fees N/A 131,274 84,323 139,031 238,338 229,135
Preferred shares - dividend
disbursing agent fees N/A 14,877 8,301 9,917 14,877 14,877
Shareholders' servicing agent fees
and expenses 21,369 12,292 7,532 11,858 16,151 15,521
Custodian's fees and expenses 31,099 35,668 26,241 41,267 81,213 63,544
Directors' fees and expenses 2,903 3,469 2,248 3,309 5,996 5,494
Professional fees 6,855 21,545 15,517 9,594 10,859 12,122
Shareholders' reports - printing
and mailing expenses 18,862 14,481 9,709 14,121 21,737 20,456
Stock exchange listing fees 5,483 5,149 5,149 5,149 5,149 5,187
Investor relations expense 9,140 11,580 8,285 19,483 19,533 31,950
Other expenses 6,257 14,514 13,250 14,926 20,775 18,775
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian
fee credit 805,449 1,220,724 799,023 1,274,606 2,137,420 2,052,205
Custodian fee credit (9,786) (10,884) (8,500) (5,930) (13,763) (13,128)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 795,663 1,209,840 790,523 1,268,676 2,123,657 2,039,077
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 5,784,270 6,270,453 4,126,049 6,571,402 11,443,193 11,215,520
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss)
from investments 846,305 287,921 494,719 575,818 2,891,652 647,082
Change in net unrealized
appreciation (depreciation)
of investments (3,441,389) (3,483,971) (2,772,995) (3,602,956) (7,733,345) (6,077,510)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) (2,595,084) (3,196,050) (2,278,276) (3,027,138) (4,841,693) (5,430,428)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED
SHAREHOLDERS
From net investment income N/A (1,286,310) (773,609) (1,328,817) (2,114,707) (2,257,132)
From accumulated net realized
gains from investments N/A -- -- (110,537) (435,734) (102,178)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Preferred
shareholders N/A (1,286,310) (773,609) (1,439,354) (2,550,441) (2,359,310)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations $ 3,189,186 $ 1,788,093 $ 1,074,164 $ 2,104,910 $ 4,051,059 $ 3,425,782
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
52
Statement of
CHANGES IN NET ASSETS (Unaudited)
CALIFORNIA VALUE (NCA) CALIFORNIA PERFORMANCE PLUS (NCP) CALIFORNIA OPPORTUNITY (NCO)
---------------------------- --------------------------------- -----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
2/28/06 8/31/05 2/28/06 8/31/05 2/28/06 8/31/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 5,784,270 $ 11,742,162 $ 6,270,453 $ 12,587,882 $ 4,126,049 $ 8,324,124
Net realized gain (loss)
from investments 846,305 992,787 287,921 26,124 494,719 166,107
Change in net unrealized
appreciation (depreciation)
of investments (3,441,389) 4,321,472 (3,483,971) 6,361,946 (2,772,995) 3,945,711
Distributions to Preferred Shareholders:
From net investment income N/A N/A (1,286,310) (1,569,978) (773,609) (1,008,746)
From accumulated net
realized gains N/A N/A -- (129,312) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 3,189,186 17,056,421 1,788,093 17,276,662 1,074,164 11,427,196
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,832,398) (11,804,999) (5,348,369) (11,669,172) (3,547,287) (7,583,854)
From accumulated net
realized gains (1,459,962) (2,019,942) -- (2,222,318) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (7,292,360) (13,824,941) (5,348,369) (13,891,490) (3,547,287) (7,583,854)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (4,103,174) 3,231,480 (3,560,276) 3,385,172 (2,473,123) 3,843,342
Net assets applicable to Common
shares at the beginning
of period 260,781,824 257,550,344 204,692,067 201,306,895 131,586,663 127,743,321
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares at the
end of period $256,678,650 $260,781,824 $201,131,791 $204,692,067 $129,113,540 $131,586,663
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the end
of period $ (3,486) $ 44,642 $ 379,858 $ 744,084 $ 913,946 $ 1,108,793
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
53
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
CALIFORNIA INVESTMENT QUALITY (NQC) CALIFORNIA SELECT QUALITY (NVC) CALIFORNIA QUALITY INCOME (NUC)
----------------------------------- ------------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
2/28/06 8/31/05 2/28/06 8/31/05 2/28/06 8/31/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,571,402 $ 13,335,770 $ 11,443,193 $ 23,451,740 $ 11,215,520 $ 22,942,792
Net realized gain (loss)
from investments 575,818 835,843 2,891,652 1,329,957 647,082 678,309
Change in net unrealized
appreciation (depreciation)
of investments (3,602,956) 4,550,382 (7,733,345) 11,008,345 (6,077,510) 14,266,825
Distributions to
Preferred Shareholders:
From net investment income (1,328,817) (1,714,541) (2,114,707) (3,020,321) (2,257,132) (2,896,581)
From accumulated net
realized gains (110,537) (86,722) (435,734) (130,670) (102,178) (116,424)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 2,104,910 16,920,732 4,051,059 32,639,051 3,425,782 34,874,921
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,662,959) (12,548,137) (10,269,470) (22,172,610) (9,767,880) (21,251,737)
From accumulated net
realized gains (816,172) (1,435,415) (2,695,380) (2,316,774) (675,392) (1,744,585)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (6,479,131) (13,983,552) (12,964,850) (24,489,384) (10,443,272) (22,996,322)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- 146,094 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (4,374,221) 2,937,180 (8,767,697) 8,149,667 (7,017,490) 11,878,599
Net assets applicable to Common
shares at the beginning
of period 215,446,333 212,509,153 369,087,358 360,937,691 352,751,942 340,873,343
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $211,072,112 $215,446,333 $360,319,661 $369,087,358 $345,734,452 $352,751,942
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income
at the end of period $ 523,542 $ 943,916 $ 1,563,319 $ 2,504,303 $ 1,013,121 $ 1,822,613
====================================================================================================================================
See accompanying notes to financial statements.
54
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 establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. Prices of
derivative investments 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 derivative investment, 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 atrade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or 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 and delayed delivery purchase commitments. At February 28, 2006,
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.
Professional Fees
Professional fees presented in the Statement of Operations consist of legal fees
incurred in the normal course of operations, audit fees, tax consulting fees
and, in some cases, workout expenditures. Workout expenditures are incurred in
an attempt to protect or enhance an investment, or to pursue other claims or
legal actions on behalf of the Fund's shareholders.
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.
55
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from 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
=========================================================================================================
Derivative Financial Instruments
The Funds are authorized to invest in certain derivative financial instruments
including futures, forward, swap and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended February 28, 2006.
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.
56
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
2/28/06 8/31/05 2/28/06 8/31/05 2/28/06 8/31/05
---------------------------------------------------------------------------------------------------------
Shares issued to
shareholders due
to reinvestment
of distributions -- -- -- -- -- --
=========================================================================================================
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
2/28/06 8/31/05 2/28/06 8/31/05 2/28/06 8/31/05
---------------------------------------------------------------------------------------------------------
Shares issued to
shareholders due
to reinvestment
of distributions -- -- 9,425 -- -- --
=========================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended February 28, 2006, 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 $16,409,880 $10,133,044 $8,053,629 $13,115,035 $27,643,691 $13,399,524
Sales and maturities 16,450,660 10,072,487 9,835,104 14,966,161 31,409,481 15,329,123
=========================================================================================================
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 and timing differences in recognizing
certain gains and losses on investment transactions.
At February 28, 2006, 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 $235,465,992 $284,348,359 $178,859,136 $298,596,203 $511,195,038 $487,416,295
==================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at February 28, 2006, 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 $18,580,505 $19,570,168 $16,703,491 $20,749,782 $35,782,975 $37,687,355
Depreciation (30,212) (12,428) (5,652) (38,800) (247,279) (12,255)
--------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of
investments $18,550,293 $19,557,740 $16,697,839 $20,710,982 $35,535,696 $37,675,100
==============================================================================================================
57
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax components of undistributed net investment income and net realized gains
at August 31, 2005, 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 * $944,832 $1,393,697 $1,327,689 $1,518,418 $4,089,129 $3,305,919
Undistributed net
ordinary income ** 123,279 -- -- 102,358 15,117 --
Undistributed net
long-term capital gains 868,757 312 -- 751,942 1,143,768 632,919
==========================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on August 1, 2005, paid on September 1, 2005.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the tax year ended August 31,
2005, the Funds' last tax year end, was designated for purposes of the dividends
paid deduction as follows:
CALIFORNIA CALIFORNIA CALIFORNIA CALIFORNIA
CALIFORNIA PERFORMANCE CALIFORNIA INVESTMENT SELECT QUALITY
VALUE PLUS OPPORTUNITY QUALITY QUALITY INCOME
(NCA) (NCP) (NCO) (NQC) (NVC) (NUC)
----------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $11,661,719 $13,327,648 $8,607,230 $14,342,984 $24,952,005 $24,276,134
Distributions from
net ordinary income ** 143,281 -- -- -- 292,603 --
Distributions from net
long-term
capital gains 2,019,942 2,351,630 -- 1,522,137 2,447,444 1,861,009
==========================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At August 31, 2005, the Funds' last tax year end, California Opportunity (NCO)
had unused capital loss carryforwards of $2,367,094 available for federal income
tax purposes to be applied against future capital gains, if any. If not applied,
$851,972 of the carryforwards will expire in the year 2011 and $1,515,122 will
expire in 2012.
California Performance Plus (NCP) elected to defer net realized losses from
investments incurred from November 1, 2004 through August 31, 2005
("post-October losses") in accordance with Federal income tax regulations.
Post-October losses of $243,649 were treated as having arisen on the first day
of the current fiscal year.
58
5. MANAGEMENT FEE 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., and a specific fund-level component, based only on the amount
of assets within each individual fund. 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
================================================================================
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, 2006, the complex level fee rate was .1886%.
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
all types of leverage used 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 their 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.
59
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on April 3, 2006, to shareholders of record on
March 15, 2006, 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 $.0635 $.0690 $.0660 $.0700 $.0685
=========================================================================================================
60
Financial
HIGHLIGHTS (Unaudited)
61
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:
2006(a) $10.33 $ .23 $(.10) $N/A $N/A $ .13 $(.23) $(.06) $ (.29)
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)
2001 9.85 .51 .47 N/A N/A .98 (.52) -- (.52)
CALIFORNIA PERFORMANCE
PLUS (NCP)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 15.79 .48 (.25) (.10) -- .13 (.41) -- (.41)
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)
2001 14.96 1.12 .44 (.25) (.01) 1.30 (.90) (.04) (.94)
CALIFORNIA OPPORTUNITY
(NCO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 16.14 .51 (.29) (.09) -- .13 (.44) -- (.44)
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)
2001 14.97 1.14 .48 (.23) (.03) 1.36 (.92) (.09) (1.01)
====================================================================================================================================
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:
2006(a) $10.17 $ 9.61 (.22)% 1.28%
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
2001 10.31 9.83 11.41 10.20
CALIFORNIA PERFORMANCE
PLUS (NCP)
-----------------------------------------------------------------------
Year Ended 8/31:
2006(a) 15.51 14.61 3.53 .89
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
2001 15.32 15.85 7.88 9.13
CALIFORNIA OPPORTUNITY
(NCO)
-----------------------------------------------------------------------
Year Ended 8/31:
2006(a) 15.83 15.90 4.84 .83
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
2001 15.32 16.30 8.65 9.51
=======================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------
Before Credit After Credit***
---------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=====================================================================================================================
CALIFORNIA VALUE (NCA)
---------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) $256,679 .63%* 4.54%* .63%* 4.54%* 6%
2005 260,782 .63 4.54 .63 4.54 4
2004 257,550 .65 4.70 .65 4.70 28
2003 250,749 .66 4.84 .66 4.85 24
2002 259,346 .68 5.06 .68 5.07 4
2001 260,145 .70 5.14 .69 5.15 7
CALIFORNIA PERFORMANCE
PLUS (NCP)
---------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 201,132 1.23* 6.31* 1.22* 6.32* 3
2005 204,692 1.23 6.22 1.22 6.23 5
2004 201,307 1.26 6.48 1.25 6.49 16
2003 191,409 1.26 6.65 1.25 6.66 30
2002 198,594 1.28 7.04 1.27 7.05 11
2001 197,642 1.26 7.57 1.25 7.59 27
CALIFORNIA OPPORTUNITY
(NCO)
---------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 129,114 1.26* 6.47* 1.24* 6.48* 4
2005 131,587 1.25 6.42 1.25 6.43 7
2004 127,743 1.28 6.72 1.28 6.73 13
2003 120,437 1.27 6.74 1.26 6.75 16
2002 124,425 1.30 7.13 1.29 7.14 11
2001 124,296 1.30 7.68 1.28 7.69 31
=====================================================================================================================
Preferred Shares at End of Period
----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
====================================================================
CALIFORNIA VALUE (NCA)
--------------------------------------------------------------------
Year Ended 8/31:
2006(a) $ 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
2001 N/A N/A N/A
CALIFORNIA PERFORMANCE
PLUS (NCP)
--------------------------------------------------------------------
Year Ended 8/31:
2006(a) 106,000 25,000 72,437
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
2001 106,000 25,000 71,614
CALIFORNIA OPPORTUNITY
(NCO)
--------------------------------------------------------------------
Year Ended 8/31:
2006(a) 68,000 25,000 72,468
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
2001 68,000 25,000 70,697
====================================================================
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment 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, where applicable.
(a) For the six months ended February 28, 2006.
See accompanying notes to financial statements.
62-63 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:
2006(a) $15.86 $ .48 $(.21) $(.10) $(.01) $ .16 $(.42) $(.06) $ (.48)
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)
2001 14.83 1.15 .97 (.25) -- 1.87 (.92) -- (.92)
CALIFORNIA SELECT
QUALITY (NVC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 15.98 .50 (.22) (.09) (.02) .17 (.44) (.12) (.56)
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)
2001 14.90 1.18 .72 (.26) -- 1.64 (.91) -- (.91)
CALIFORNIA QUALITY
INCOME (NUC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 16.03 .51 (.25) (.10) -- .16 (.44) (.03) (.47)
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)
2001 15.41 1.21 .75 (.26) -- 1.70 (.94) (.01) (.95)
====================================================================================================================================
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:
2006(a) $15.54 $14.99 2.54% 1.04%
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
2001 15.78 16.58 12.54 13.09
CALIFORNIA SELECT
QUALITY (NVC)
----------------------------------------------------------------------
Year Ended 8/31:
2006(a) 15.59 15.38 1.71 1.13
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
2001 15.63 16.18 10.70 11.43
CALIFORNIA QUALITY
INCOME (NUC)
----------------------------------------------------------------------
Year Ended 8/31:
2006(a) 15.72 15.58 2.18 1.08
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
2001 16.16 16.55 8.51 11.44
======================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------
Before Credit After Credit***
---------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=====================================================================================================================
CALIFORNIA INVESTMENT
QUALITY (NQC)
---------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) $211,072 1.22%* 6.29%* 1.22%* 6.30%* 4%
2005 215,446 1.21 6.24 1.20 6.25 5
2004 212,509 1.22 6.48 1.22 6.49 20
2003 204,974 1.21 6.73 1.21 6.73 26
2002 214,261 1.25 7.03 1.23 7.04 11
2001 213,221 1.25 7.64 1.23 7.65 34
CALIFORNIA SELECT
QUALITY (NVC)
---------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 360,320 1.20* 6.40* 1.19* 6.41* 5
2005 369,087 1.19 6.44 1.18 6.44 8
2004 360,938 1.21 6.78 1.20 6.78 14
2003 344,892 1.20 6.78 1.20 6.78 20
2002 358,632 1.23 7.14 1.22 7.15 19
2001 359,318 1.24 7.81 1.22 7.83 29
CALIFORNIA QUALITY
INCOME (NUC)
---------------------------------------------------------------------------------------------------------------------
Year Ended 8/31:
2006(a) 345,734 1.20* 6.56* 1.19* 6.57* 3
2005 352,752 1.20 6.62 1.20 6.63 6
2004 340,873 1.22 6.89 1.21 6.89 16
2003 326,280 1.22 6.90 1.21 6.91 46
2002 347,561 1.23 7.58 1.22 7.59 22
2001 352,693 1.23 7.77 1.21 7.78 18
=====================================================================================================================
Preferred Shares at End of Period
----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
===================================================================
CALIFORNIA INVESTMENT
QUALITY (NQC)
-------------------------------------------------------------------
Year Ended 8/31:
2006(a) $112,000 $25,000 $72,114
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
2001 112,000 25,000 72,594
CALIFORNIA SELECT
QUALITY (NVC)
-------------------------------------------------------------------
Year Ended 8/31:
2006(a) 192,000 25,000 71,917
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
2001 192,000 25,000 71,786
CALIFORNIA QUALITY
INCOME (NUC)
-------------------------------------------------------------------
Year Ended 8/31:
2006(a) 185,000 25,000 71,721
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
2001 185,000 25,000 72,661
===================================================================
* Annualized.
** Total Investment 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, where applicable.
(a) For the six months ended February 28, 2006.
See accompanying notes to financial statements.
64-65 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 EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded 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.
66
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, 2005, 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.
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 all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of 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.
MODIFIED 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.
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.
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
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.
67
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 more than $135 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
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
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/ETF o Interactive planning tools
Logo: NUVEEN Investments
ESA-A-0206D
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.
During this reporting period, the registrant's Board of Directors implemented a
change to the procedures by which shareholders may recommend nominees to the
registrant's board of directors by amending the registrant's by-laws to include
a provision specifying the date by which shareholder nominations for election as
director at a subsequent meeting must be submitted to the registrant.
Shareholders must deliver or mail notice to the registrant not less than
forty-five days nor more than sixty days prior to the first anniversary date of
the date on which the registrant first mailed its proxy materials for the prior
year's annual meeting; provided, however, if an only if the annual meeting is
not scheduled to be held within a period that commences thirty days before the
first anniversary date of the annual meeting for the preceding year and ends
thirty days after such anniversary date (an annual meeting date outside such
period being referred to as an "Other Annual Meeting Date" hereafter), the
shareholder notice must be given no later than the close of business on the date
forty-five days prior to such Other Annual Meeting Date or the tenth business
day following the date such Other Annual Meeting Date is first publicly
announced or disclosed. The shareholder's notice must be in writing and set
forth the name, age, date of birth, business address, residence address and
nationality of the person(s) being nominated and the class or series, number of
all shares of the registrant owned of record or beneficially be each such
person(s), any other information regarding such person required by Item 401 of
Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities
Exchange Act of 1934, as amended, any other information regarding the person(s)
to be nominated that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitation of proxies for
election of directors, and whether such shareholder believes any nominee is or
will be an "interested person" (as that term is defined in the Investment
Company Act of 1940, as amended) of the registrant or sufficient information to
enable the registrant to make that determination and the written and signed
consent of the person(s) to be nominated.
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.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: May 5, 2006
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: May 5, 2006
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: May 5, 2006
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.