nca.htm

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)

Kevin J. McCarthy
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: February 28

Date of reporting period: February 28, 2014

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.


 
 

 
 
Nuveen Investments to be acquired by TIAA-CREF
 
On April 14, 2014, TIAA-CREF announced that it had entered into an agreement to acquire Nuveen Investments, the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $569 billion in assets under management (as of March 31, 2014) and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen anticipates that it will operate as a separate subsidiary within TIAA-CREF’s asset management business, and that its current leadership and key investment teams will stay in place.
 
Your Fund investment will not change as a result of Nuveen’s change of ownership. You will still own the same Fund shares and the underlying value of those shares will not change as a result of the transaction. NFAL and your Fund’s sub-adviser(s) will continue to manage your Fund according to the same objectives and policies as before, and we do not anticipate any significant changes to your Fund’s operations. Under the securities laws, the consummation of the transaction will result in the automatic termination of the investment management agreements between the Funds and NFAL and the investment sub-advisory agreements between NFAL and each Fund’s sub-adviser(s). New agreements will be presented to the Funds’ shareholders for approval, and, if approved, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.
 
The transaction, expected to be completed by year end, is subject to customary closing conditions.
 

 
 

 

Table of Contents
 
Chairman’s Letter to Shareholders
4
   
Portfolio Manager’s Comments
5
   
Fund Leverage
12
   
Common Share Information
13
   
Risk Considerations
15
   
Performance Overview and Holding Summaries
16
   
Shareholder Meeting Report
23
   
Report of Independent Registered Public Accounting Firm
27
   
Portfolios of Investments
28
   
Statement of Assets and Liabilities
74
   
Statement of Operations
76
   
Statement of Changes in Net Assets
78
   
Statement of Cash Flows
81
   
Financial Highlights
84
   
Notes to Financial Statements
93
   
Additional Fund Information
106
   
Glossary of Terms Used in this Report
107
   
Reinvest Automatically, Easily and Conveniently
109
   
Board Members & Officers
110

Nuveen Investments
 
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Chairman’s Letter to Shareholders
 
 
Dear Shareholders,
 
Despite headwinds from slow growth, fiscal and political uncertainty in many countries and some fragile economies around the world, domestic and international equity markets increased significantly in 2013. The emerging markets equity sector was an exception. Other sectors, such as real estate, were flat to down a bit and commodities were notably negative in total return performance. The fixed income market also experienced losses in many sectors.
 
U.S. equities in particular hit numerous all-time highs during the past year, exceeding prior rising market trends. Europe and Asia struggled with political and financial stresses but Europe’s improving GDP in the second half provided hope that the region can exit recession. In Japan, the economic policies advocated by Prime Minister Shinzo Abe became a positive influence on the economy as deflationary pressures declined, while the economy in China started to stabilize due to monetary easing and supply side reforms. On the domestic front, the Federal Reserve stimulus continued throughout the year but discussion of reductions in the stimulus program caused historically low rates to rise and added to concern that interest rates could rise quickly in the near future. This provided challenges for fixed income investors.
 
The Federal Reserve’s decision to slow down its bond buying program beginning in December 2013, and the federal budget compromise over government spending into early 2015 were positive signs that the domestic economy is moving forward. We are beginning to experience an economy that can provide encouraging conditions for GDP growth, job growth and low inflation. Additionally, downward trending unemployment and a continuing rebound in the housing market adds to a positive economic scenario going forward.
 
However, the current year has experienced a tumultuous start. It is in these particularly volatile markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.
 
As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
 
William J. Schneider
Chairman of the Board
April 22, 2014

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Portfolio Manager’s Comments
 
Nuveen California Municipal Value Fund, Inc. (NCA)
Nuveen California Municipal Value Fund 2 (NCB)
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)
 
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Portfolio manager Scott R. Romans, PhD, reviews U.S. economic and municipal market conditions at both the national and state levels, key investment strategies and the twelve-month performance of these Nuveen California Municipal Funds. Scott has managed NCA, NCP, NCO, NQC, NVC and NUC since 2003 and NCB since its inception in 2009.
 
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended February 28, 2014?
 
During this reporting period, the U.S. economy’s progress toward recovery from recession continued, although the economy remained below peak levels. The Federal Reserve (Fed) maintained its efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. Based on its view that the underlying strength in the broader economy was enough to support ongoing improvement in the labor market, the Fed began to reduce, or taper, its monthly asset purchases in $10 billion increments over the course of three consecutive meetings (December 2013, January 2014 and following the end of this reporting period, March 2014). As of April 2014, the Fed’s monthly purchases will comprise $25 billion in mortgage-backed securities (versus the original $40 billion per month) and $30 billion in longer-term Treasury securities (versus $45 billion). Following the March 2014 meeting, the Fed also stated that it would now look at a wide range of factors, including inflation levels and job creation, in determining future actions and that it would likely maintain the current target range for the fed funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Fed’s 2% longer run goal.
 

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
 
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Nuveen Investments
 
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Portfolio Manager’s Comments (continued)
 
In the fourth quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.6%, bringing the annual GDP for 2013 to 1.9% and continuing the pattern of positive economic growth for the eleventh consecutive quarter. The Consumer Price Index (CPI) rose 1.1% year-over-year as of February 2014, while the core CPI (which excludes food and energy) increased 1.6% during the same period, staying within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of February 2014, the national unemployment rate was 6.7%, down from the 7.7% reported in February 2013. The housing market continued to post gains, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.2% for the twelve months ended January 2014 (most recent data available at the time this report was prepared). This brought the average U.S. home price back to mid-2004 levels, although prices continued to be down approximately 20% from their mid-2006 peak.
 
As this reporting period began, continued political debate over federal spending clouded the outlook for the U.S. economy, as lawmakers failed to reach a resolution on spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of Fiscal 2013, the federal budget for Fiscal 2014 remained under debate well into the new fiscal year. On October 1, 2013, the start date for Fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 2014. Consensus on a $1.1 trillion federal spending bill was finally reached in January 2014, and in February 2014, members of Congress agreed to suspend the $16.7 trillion debt ceiling until March 2015.
 
In June 2013, then-Fed Chairman Ben Bernanke’s remarks about potentially tapering the Fed’s asset purchase program touched off widespread uncertainty about the next step for the Fed’s quantitative easing program and its impact on the economy and financial markets. This led to increased market volatility, which was compounded by headline credit stories involving Detroit’s bankruptcy filing in July 2013, the largest municipal bankruptcy in history and the disappointing news that continued to come out of Puerto Rico, where a struggling economy and years of deficit spending and borrowing resulted in multiple downgrades on the commonwealth’s bonds. In this unsettled environment, the Treasury market traded off, the municipal market followed suit and spreads widened as investor concern grew, prompting increased selling by bondholders across the fixed income markets. During the second half of this reporting period, municipal bonds generally rallied, as higher yields sparked increased demand and improved flows into municipal bond funds, while supply continued to drop. However, for the reporting period as a whole, municipal bond prices generally declined, especially at the longer end of the maturity spectrum. At the same time, fundamentals on municipal bonds remained strong, as state governments made good progress in dealing with budget issues. Due to strong growth in personal tax collections, year-over-year totals for state tax revenues have increased for 15 consecutive quarters, while on the expense side, the states made headway in cutting and controlling costs, with more than 40 states implementing some type of pension reform. The current level of municipal issuance reflects the more conservative approach to state budgeting as well as a decrease in refunding activity as municipal market yields rose. Over the twelve months ended February 28, 2014, municipal bond issuance nationwide totaled $315.9 billion, a decrease of 17% from the issuance for the twelve-month period ended February 28, 2013.
 
How were the economic and market environments in California during the twelve-month reporting period ended February 28, 2014?
 
California’s economy continued to strengthen during this reporting period, with employment growth driven by hiring in technology, international trade and tourism and supplemented by improved residential construction and real estate conditions. Unemployment rates in the state continued to be above national levels, resulting in slow income and wage growth and negatively impacting broader growth through consumption and investment. Although California ranked fourth in the nation in terms of unemployment in February 2014 (behind Rhode Island, Illinois and Nevada), the state’s jobless number had improved to 8.0%, down from 9.4% in February 2013, its lowest level since September 2008. This compared with the national unemployment rate of 6.7% in February 2014. According to the S&P/Case-Shiller Index, home prices in San Francisco, San Diego and Los Angeles rose 23.1%, 19.4% and 18.9%, respectively,

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over the twelve-month reporting period ended January 2014 (most recent data available at the time this report was prepared). These increases far outpaced the average rise of 13.2% nationally for the same period. On the fiscal front, the state’s $97.1 billion Fiscal 2014 general fund budget, which required no major expenditure cuts or revenue-raising measures, provided for building a $1.1 billion reserve, continued to pay down inter-year deferrals and introduced a new funding formula for schools. Strong revenue growth resulting from a recovering economy and the passage of Proposition 30 in November 2012 (which temporarily increased state sales and personal income taxes) have aided in California’s fiscal recovery. For Fiscal 2014-2015, the proposed $106.7 billion general fund budget calls for adding to reserves, continuing to pay down education funding deferrals and budgetary obligations, building a strong rainy day fund and introducing a five-year plan for infrastructure improvements. In January 2014, S&P affirmed its A rating on California general obligation (GO) debt and revised the state outlook to positive from stable, while Moody’s and Fitch maintained their ratings of A1 and A, respectively, with stable outlooks as of February 2014. For the twelve months ended February 28, 2014, municipal issuance in California totaled $45.6 billion, an increase of 3.7% over the previous twelve months. California was the largest state issuer in the nation, representing approximately 14.4% of total issuance nationwide for the reporting period.
 
What key strategies were used to manage these California Funds during the twelve-month reporting period ended February 28, 2014?
 
As previously discussed, during the first part of this reporting period, debate over federal spending, uncertainty about the Fed’s quantitative easing program and headline credit stories involving Detroit and Puerto Rico led to an unsettled environment and increased selling by bondholders across the fixed income markets. Although the second half of the reporting period brought stabilization and a municipal market rally driven by stronger demand and tight supply, municipal bond prices nationwide generally declined for the reporting period as a whole, while interest rates rose. At the same time, California municipal paper performed relatively well, due in part to increased demand triggered by recent changes in the state tax code as well as improving economic conditions in the state. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and help us keep our Funds fully invested.
 
During this reporting period, we primarily focused on strategies intended to enhance the Funds’ positioning and the structure of their holdings and increase income distribution. The first of these strategies involved bond purchases. Many of the bonds we added to our portfolios in the previous reporting period were purchased at significant premiums. Because premiums must be amortized, this cuts into the amount of income available for distribution from the coupon. By purchasing a bond in a rising interest rate environment, that amortization expense is basically converted into a loss, so that more of the income from the coupon can be distributed to shareholders. Most of the bonds we swapped offered similar risk characteristics and often involved the same credit, but with different maturity dates. An additional benefit of this strategy was the generation of tax loss carry-forwards that can be used to offset future capital gains.
 
A second strategy involved an approach known as “couponing up.” Couponing up is the process of working to improve the book yields on Fund holdings, which enables us to maintain and potentially improve the dividend stream that is passed on to shareholders. For example, we sold some of the Funds’ redevelopment agency holdings with 5% coupons in the 20-year maturity range at attractive prices into strong retail demand. We then used the proceeds from these sales to purchase more recent redevelopment issuance from 2010-2011 with higher coupons (e.g., 5.75%). These bonds ultimately provide a more defensive structure and may enable us to increase income distributions. During this reporting period, we also took advantage of opportunities to swap tobacco bonds. Bonds from certain tobacco issuers tend to be more liquid because they were part of a larger issuance. Because of this liquidity, these bonds are preferred by non-traditional municipal investors such as hedge funds. By swapping the more liquid tobacco bonds for ones with less liquidity, we were able to pick up bonds with better credit quality and structure and higher yields, while also harvesting tax losses.

Nuveen Investments
 
7

 
 

 

Portfolio Manager’s Comments (continued)
 
More broadly during this reporting period, we focused on adding lower rated credits with higher coupons, taking advantage of opportunities to purchase these bonds at attractive prices when high yield funds were selling off during the market downturn. This also provided opportunities to extend the Funds’ call protection, which sets a certain period of time during which the bond cannot be redeemed by the issuer. In addition, market action during this reporting period acted to extend the Funds’ durations naturally. We addressed this situation by selling some of our longer duration holdings, (e.g., zero coupon bonds), in order to reduce the Funds’ durations and maintain them in line with their targeted objectives. Activity was driven primarily by the execution of these strategies and the reinvestment of proceeds from called and matured bonds. This reinvestment activity was aimed at keeping the Funds fully invested and supporting their income streams.
 
As of February 28, 2014, all seven of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NCB also used forward interest rate swaps to manage duration and reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmarks. In April 2013, these derivatives were removed from NCB. These swaps detracted mildly from performance during this reporting period.
 
How did the Funds perform during the twelve-month reporting period ended February 28, 2014?
 
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year, ten-year and since inception periods ended February 28, 2014. Each Fund’s returns on common share net asset value (NAV) are compared with the performance of corresponding market indexes and Lipper classification average.
 
For the twelve months ended February 28, 2014, the total return on common share net asset value (NAV) for NCA performed in line with the return for the S&P Municipal Bond California Index, while the remaining six Funds underperformed this S&P California index. NCA, NCB, NCP and NUC exceeded the return on the national S&P Municipal Bond Index, while NCO, NQC and NVC lagged the national return. For this same period, all of the Funds outperformed the average return for the Lipper California Municipal Debt Funds Classification Average.
 
Key management factors that influenced the Funds’ returns during this reporting period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of leverage was an important factor affecting the performance of these Funds. Among the primary reasons that the returns of NCA and NCB exceeded those of most of the other Funds for this twelve-month reporting period was that these two Funds do not use regulatory leverage. Leverage is discussed in more detail later in this report.
 
As interest rates rose and the yield curve steepened, municipal bonds with shorter maturities generally outperformed those with longer maturities. Overall, credits with short intermediate maturities (between two and six years) posted the best returns during this reporting period, while bonds at the longest end of the municipal yield curve produced the weakest results. In general, the Funds’ durations and yield curve positioning were key detractors from their performance. Consistent with our long-term strategy, all of these Funds tended to be overweighted in the longer parts of the yield curve that underperformed and underweighted in the outperforming shorter end of the curve. This was especially true in NCO, which had the longest duration among these Funds, while NUC had the shortest excess duration among the leveraged Funds.
 
Credit exposure was another factor in the Funds’ performance during the twelve month reporting period. In general, non-rated credits and BBB-rated bonds were the top performers in the California municipal market, as the environment shifted from tradeoff to rally and investors became more willing to accept risk. Bonds rated A performed in line with the California market average, while AAA- and AA-rated bonds slightly underperformed the market. Both the BB- and B-rated categories underperformed, dramatically so in the case of B-rated bonds due to the performance of tobacco bonds. Overall, these Funds tended to be overweighted in BBB-rated bonds and underweighted in higher quality credits relative to the market. This positive impact on credit exposure helped to offset some of the negative impact from their duration positioning.

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Among the municipal market sectors, housing bonds generally were the top performers, helped by improving property value assessments and a decline in mortgage and tax delinquencies. Tied to this was the performance of land-secured deals such as tax increment financing (TIF) district credits, which benefited from the improving housing market and overall economy. Pre-refunded bonds, which are often backed by U.S. Treasury securities, also were among the best performing market segments. The outperformance of these bonds relative to the market can be attributed primarily to their shorter effective maturities. All of these Funds had holdings of pre-refunded bonds, with NVC having the heaviest allocation of these bonds and NCB the smallest. Other holdings that generally made positive contributions to the Funds’ returns included toll roads and GO credits, which typically outperformed the general municipal market, while industrial development revenue (IDR), education and water and sewer bonds generally performed in line with the market.
 
In contrast, revenue bonds as a whole underperformed the municipal market. Among the revenue sectors that generally lagged municipal market performance by the widest margins were utilities and transportation. The health care sector (including hospitals) also produced negative results in the California market. In particular, NVC underperformed due to its significant overweight in health care bonds relative to the market. Tobacco credits backed by the 1998 master tobacco settlement agreement also were among the poorest performing market sectors, due in part to their longer effective durations. All of these Funds had allocations of tobacco bonds issued by various California agencies, with NUC having the heaviest weighting in these credits.
 
Shareholders also should be aware of ongoing developments in Puerto Rico that had an impact on the Funds’ holdings and performance, most recently the downgrade of Puerto Rico GOs and related debt to below investment grade. Puerto Rico’s continued economic weakening, escalating debt service obligations and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past twelve months. Following the most recent round of rating reductions in early February 2014, the three major rating agencies, Moody’s, S&P and Fitch, rated Puerto Rico GO debt at Ba2/BB+/BB, respectively, with negative outlooks. Ratings on sales tax bonds issued by Puerto Rico Sales Tax Financing Corporation (COFINA) also were lowered during the past twelve months, with senior sales tax revenue bonds rated Baa1/AA-/AA- and subordinate sales tax revenue bonds rated Baa2/A+/A+ by Moody’s, S&P and Fitch, respectively, as of February 2014. The COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Rico’s GO bonds.
 
For the reporting period ended February 28, 2014, Puerto Rico paper underperformed the municipal market as a whole. During this reporting period, NCA, NCP, NQC, NVC and NUC had limited exposure to Puerto Rico bonds, while NCB and NCO held no Puerto Rico paper. The effect on performance from these holdings differed from Fund to Fund in line with the type and amount of its position, but on the whole, the impact was negligible. Puerto Rico bonds were originally added to our portfolios at times when in-state paper was scarce in order to keep the assets fully invested and working for the Funds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from federal, state and local taxes). During this reporting period, these Funds took advantage of opportunities to trim positions in Puerto Rico paper. NCA, NQC and NVC, which began this reporting period with allocations of 2.12%, 1.09% and 1.50%, respectively, to Puerto Rico debt, all held Puerto Rico GOs that are insured. NCA also had a position in bonds issued for the Puerto Rico co-generation facility, which were sold following the end of this reporting period, reducing the Fund’s Puerto Rico exposure to 0.78%. In the early part of this reporting period, NCP and NUC had added small positions in COFINA senior sales tax revenue bonds, giving them exposures of 0.39% and 0.04%, respectively, to Puerto Rico debt. A look at Puerto Rico’s tax-supported debt (GO, COFINA and guaranteed debt) as a whole makes it clear that the commonwealth’s debt was structured based on an assumption of a steadily growing economy. Unfortunately for Puerto Rico, its economy continues to struggle with high unemployment and population loss, among other problems. As a result, we believe that Puerto Rico bonds that lack a lien on specific revenues (e.g., COFINA sales tax bonds) or that are not backed by healthy bond insurers currently carry significant economic, fiscal and political risks.

Nuveen Investments
 
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Given the Puerto Rico situation and Detroit’s bankruptcy filing in July 2013, we should note that we continue to closely watch credit conditions in the California market. In August 2013, Fitch upgraded the rating on California state GO debt to A from A-, while Moody’s and S&P maintained their ratings of A1 and A, respectively. In January 2014, S&P revised its outlook for California to positive from stable. We also continue to monitor the status of local municipalities such as San Bernardino and Stockton, which filed for bankruptcy in 2012 as they became increasingly squeezed by budget problems resulting from rising pension costs. At the end of August 2013, San Bernardino was awarded bankruptcy protection by the court, joining Stockton, which received Chapter 9 protection in April 2013. Pension liabilities, primarily due to the California Public Employees’ Retirement System (CalPERS), were at the heart of Stockton’s bankruptcy filing. Stockton has since released a draft of a restructuring plan for reducing debt obligations, and most major insurers, acting as the proxy for Stockton bondholders, have approved the plan. San Bernardino, which has unfunded pension liabilities of approximately $143 million as well as $50 million in bonds it issued in 2005 to help cover pension obligations, is further behind in the bankruptcy process, as a recent recall election of local officials delayed progress. The Funds in this report have no exposure to Stockton.

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APPROVED FUND REORGANIZATIONS
 
On October 13, 2013, the Nuveen Funds Board of Directors/Trustees approved a series of reorganizations for certain of the California Funds included in this report. The reorganizations are subject to customary conditions, including shareholder approval at annual shareholder meetings during 2014. Each reorganization is intended to create one, larger-state fund, which would potentially offer shareholders the following benefits:

 
Lower fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
 
Enhanced secondary market trading, as larger funds potentially make it easier for investors to buy and sell fund shares;
 
Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
 
Increased fund flexibility in managing the structure and cost of leverage over time.
 
The approved reorganizations are as follows:
 
Acquired Funds
Acquiring Funds
Nuveen California Performance Plus Municipal Fund, Inc. (NCP)
Nuveen California Dividend Advantage Municipal Fund (NAC)
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)
 
 
Upon the closing of a reorganization, an Acquired Fund transfers its assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund. Each Acquired Fund is then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of each Acquired Fund become shareholders of the Acquiring Fund. Holders of common shares receive newly issued common shares of their Acquiring Fund, the aggregate net asset value of which equal the aggregate net asset value of the common shares of the Acquired Fund held immediately prior to the reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders are entitled). Fractional shares are sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of each Acquired Fund receive on a one-for-one basis newly issued preferred shares of their Acquiring Fund, in exchange for preferred shares of the Acquired Fund held immediately prior to the reorganization.

Nuveen Investments
 
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Fund Leverage
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of the Funds relative to their comparative benchmarks was the Funds’ use of leverage through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. As mentioned previously, NCA and NCB do not use regulatory leverage. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a negative impact on the performance of the Funds over this reporting period.
 
As of February 28, 2014, the Funds’ percentages of effective and regulatory leverage are as shown in the accompanying table.
                                           
   
NCA
   
NCB
   
NCP
   
NCO
   
NQC
   
NVC
   
NUC
 
Effective Leverage*
 
1.74
%
 
9.78
%
 
37.70
%
 
35.33
%
 
38.65
%
 
37.08
%
 
38.19
%
Regulatory Leverage*
 
0.00
%
 
0.00
%
 
31.75
%
 
28.42
%
 
33.94
%
 
30.61
%
 
31.24
%

*
Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
 
THE FUNDS’ REGULATORY LEVERAGE
 
As of February 28, 2014, the following Funds have issued and outstanding Variable Rate Demand Preferred (VRDP) Shares as shown in the accompanying table. As mentioned previously, NCA and NCB do not use regulatory leverage.
               
   
VRDP Shares
           
Shares
 
           
Issued at
 
     
Series
   
Liquidation Value
 
NCP
   
1
 
$
91,000,000
 
NCO
   
1
 
$
49,800,000
 
NQC
   
2
 
$
105,600,000
 
NVC
   
1
 
$
158,900,000
 
NUC
   
1
 
$
158,100,000
 
 
Refer to Notes to Financial Statements, Note 1 – General Information and Significant Accounting Policies for further details on VRDP Shares.

12
 
Nuveen Investments

 
 

 
 
Common Share Information
 
COMMON SHARE DIVIDEND INFORMATION
 
The following information regarding the Funds’ distributions is current as of February 28, 2014. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
 
During the current reporting period, each Fund’s monthly dividends to common shareholders were as shown in the accompanying table.
                                             
     
Per Common Share Amounts
Ex-Dividend Date
   
NCA
   
NCB
   
NCP
   
NCO
   
NQC
   
NVC
   
NUC
 
March 2013
 
$
0.0390
 
$
0.0650
 
$
0.0790
 
$
0.0800
 
$
0.0770
 
$
0.0830
 
$
0.0850
 
April
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
May
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
June
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
July
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
August
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
September
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
October
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
November
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
December
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
January
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
February 2014
   
0.0390
   
0.0650
   
0.0790
   
0.0800
   
0.0770
   
0.0830
   
0.0850
 
                                             
Ordinary Income Distribution**
 
$
0.0012
 
$
0.0012
 
$
0.0009
 
$
0.0011
 
$
0.0012
 
$
0.0010
 
$
0.0011
 
                                             
Market Yield***
   
4.89
%
 
5.02
%
 
6.79
%
 
6.69
%
 
6.54
%
 
6.69
%
 
6.79
%
Taxable-Equivalent Yield***
   
7.49
%
 
7.69
%
 
10.40
%
 
10.25
%
 
10.02
%
 
10.25
%
 
10.40
%

**
Distribution paid in December 2013.
***
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 34.7%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
 
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, 2014, all of the Funds in this report had positive UNII balances for both tax and financial reporting purposes.

Nuveen Investments
 
13

 
 

 
 
Common Share Information (continued)
 
COMMON SHARE REPURCHASES
 
During November 2013, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.
 
As of February 28, 2014, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table.
                                           
   
NCA
   
NCB
   
NCP
   
NCO
   
NQC
   
NVC
   
NUC
 
Common Shares Cumulatively Repurchased and Retired
 
   
   
28,300
   
24,900
   
   
41,400
   
40,000
 
Common Shares Authorized for Repurchase
 
2,530,000
   
330,000
   
1,300,000
   
815,000
   
1,365,000
   
2,330,000
   
2,220,000
 
 
During the current reporting period, the Funds did not repurchase any of their outstanding common shares.
 
COMMON SHARE EQUITY SHELF PROGRAMS
 
The following Funds are authorized to issue additional common shares through their ongoing equity shelf programs. Under these programs, each Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s NAV per common share. Under the equity shelf programs, the Funds are authorized to issue the following number of additional common shares.
                               
   
NCA
   
NCP
   
NQC
   
NVC
   
NUC
 
Additional Common Shares Authorized
 
2,500,000
   
1,200,000
   
1,300,000
   
2,300,000
   
2,200,000
 
 
During the current reporting period, the following Fund sold common shares through its equity shelf program at a weighted average premium to its NAV per common share as shown in the accompanying table.
       
   
NUC
 
Common Shares Sold through Equity Shelf Program
 
38,800
 
Weighted Average Premium to NAV per Common Share Sold
 
1.11
%
 
OTHER COMMON SHARE INFORMATION
 
As of February 28, 2014, and during the current reporting period, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs as shown in the accompanying table.
                                             
     
NCA
   
NCB
   
NCP
   
NCO
   
NQC
   
NVC
   
NUC
 
Common Share NAV
 
$
10.03
 
$
16.80
 
$
15.02
 
$
15.35
 
$
15.05
 
$
15.45
 
$
15.67
 
Common Share Price
 
$
9.57
 
$
15.53
 
$
13.97
 
$
14.36
 
$
14.13
 
$
14.88
 
$
15.02
 
Premium/(Discount) to NAV
   
(4.59
)%
 
(7.56
)%
 
(6.99
)%
 
(6.45
)%
 
(6.11
)%
 
(3.69
)%
 
(4.15
)%
12-Month Average Premium/(Discount) to NAV
   
(4.45
)%
 
(7.67
)%
 
(4.75
)%
 
(4.39
)%
 
(5.61
)%
 
(3.50
)%
 
(1.84
)%

14
 
Nuveen Investments

 
 

 
 
Risk Considerations
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment, Price and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful. Certain aspects of the recently adopted Volcker Rule may limit the availability of tender option bonds, which are used by the Funds for leveraging and duration management purposes. The effects of this new Rule, expected to take effect in mid-2015, may make it more difficult for a Fund to maintain current or desired levels of leverage and may cause the Fund to incur additional expenses to maintain its leverage.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
Inverse Floater Risk. The Funds invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.

Nuveen Investments
 
15

 
 

 
 
NCA
 
 
Nuveen California Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of February 28, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
                     
   
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NCA at Common Share NAV
   
0.62%
   
7.48%
   
4.79%
 
NCA at Common Share Price
   
(3.80)%
   
7.85%
   
4.95%
 
S&P Municipal Bond California Index
   
0.77%
   
6.73%
   
4.77%
 
S&P Municipal Bond Index
   
(0.27)%
   
6.11%
   
4.45%
 
Lipper California Municipal Debt Funds Classification Average
   
(1.09)%
   
10.39%
   
5.14%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
     
(% of net assets)
     
Municipal Bonds
 
100.8%
 
Floating Rate Obligations
 
(1.8)%
 
Other Assets Less Liabilities
 
1.0%
 
       
Portfolio Composition
     
(% of total investments)
     
Tax Obligation/Limited
 
24.1%
 
Health Care
 
16.5%
 
U.S. Guaranteed
 
12.6%
 
Tax Obligation/General
 
12.0%
 
Water and Sewer
 
9.0%
 
Utilities
 
7.9%
 
Other Industries
 
17.9%
 
       
Credit Quality
     
(% of total investment exposure)
     
AAA/U.S. Guaranteed
 
15.2%
 
AA
 
23.6%
 
A
 
31.0%
 
BBB
 
14.2%
 
BB or Lower
 
7.4%
 
N/R
 
8.6%
 

16
 
Nuveen Investments

 
 

 
 
NCB
 
 
Nuveen California Municipal Value Fund 2
 
Performance Overview and Holding Summaries as of February 28, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
             
 
Average Annual
         
Since
 
   
1-Year
   
Inception
 
NCB at Common Share NAV
 
0.22%
   
8.61%
 
NCB at Common Share Price
 
(3.08)%
   
6.16%
 
S&P Municipal Bond California Index
 
0.77%
   
6.55%
 
S&P Municipal Bond Index
 
(0.27)%
   
5.80%
 
Lipper California Municipal Debt Funds Classification Average
 
(1.09)%
   
8.64%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Municipal Bonds
 
98.6%
Other Assets Less Liabilities
 
1.4%
     
Portfolio Composition
   
(% of total investments)
   
Health Care
 
20.6%
Tax Obligation/Limited
 
19.4%
Utilities
 
14.4%
Tax Obligation/General
 
11.0%
Education and Civic Organizations
 
7.3%
Water and Sewer
 
7.1%
Housing/Single Family
 
5.8%
Consumer Staples
 
5.0%
Other Industries
 
9.4%
     
Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
17.0%
AA
 
13.7%
A
 
48.5%
BBB
 
13.8%
BB or Lower
 
5.9%
N/R
 
1.1%
 
1 Since inception returns are from April 28, 2009.

Nuveen Investments
 
17

 
 

 
 
NCP
 
 
Nuveen California Performance Plus Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of February 28, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
 
     
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NCP at Common Share NAV
   
(0.16)%
   
10.27%
   
5.61%
 
NCP at Common Share Price
   
(7.21)%
   
12.34%
   
5.99%
 
S&P Municipal Bond California Index
   
0.77%
   
6.73%
   
4.77%
 
S&P Municipal Bond Index
   
(0.27)%
   
6.11%
   
4.45%
 
Lipper California Municipal Debt Funds Classification Average
   
(1.09)%
   
10.39%
   
5.14%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Municipal Bonds
 
145.1%
Floating Rate Obligations
 
(2.8)%
Variable Rate Demand Preferred Shares
 
(46.5)%
Other Assets Less Liabilities
 
4.2%
     
Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
28.4%
Health Care
 
19.0%
Tax Obligation/General
 
16.7%
U.S. Guaranteed
 
9.9%
Transportation
 
7.8%
Water and Sewer
 
7.0%
Other Industries
 
11.2%
     
Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
13.8%
AA
 
22.7%
A
 
37.8%
BBB
 
15.7%
BB or Lower
 
5.7%
N/R
 
4.3%

18
 
Nuveen Investments

 
 

 

NCO
 
 
Nuveen California Municipal Market Opportunity Fund, Inc.
 
Performance Overview and Holding Summaries as of February 28, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014
 
     
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NCO at Common Share NAV
   
(0.93)%
   
10.28%
   
5.71%
 
NCO at Common Share Price
   
(8.35)%
   
13.15%
   
5.93%
 
S&P Municipal Bond California Index
   
0.77%
   
6.73%
   
4.77%
 
S&P Municipal Bond Index
   
(0.27)%
   
6.11%
   
4.45%
 
Lipper California Municipal Debt Funds Classification Average
   
(1.09)%
   
10.39%
   
5.14%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Municipal Bonds
 
140.6%
Floating Rate Obligations
 
(2.1)%
Variable Rate Demand Preferred Shares
 
(39.7)%
Other Assets Less Liabilities
 
1.2%
     
Portfolio Composition
   
(% of total investments)
   
Health Care
 
21.6%
Tax Obligation/Limited
 
21.5%
Tax Obligation/General
 
13.2%
Water and Sewer
 
12.9%
U.S. Guaranteed
 
8.6%
Transportation
 
6.9%
Other Industries
 
15.3%
     
Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
17.7%
AA
 
26.8%
A
 
26.5%
BBB
 
14.5%
BB or Lower
 
5.8%
N/R
 
8.7%

Nuveen Investments
 
19

 
 

 
 
NQC
 
 
Nuveen California Investment Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of February 28, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014

     
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NQC at Common Share NAV
   
(0.66)%
   
10.34%
   
5.69%
 
NQC at Common Share Price
   
(6.42)%
   
12.17%
   
5.98%
 
S&P Municipal Bond California Index
   
0.77%
   
6.73%
   
4.77%
 
S&P Municipal Bond Index
   
(0.27)%
   
6.11%
   
4.45%
 
Lipper California Municipal Debt Funds Classification Average
   
(1.09)%
   
10.39%
   
5.14%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Municipal Bonds
 
152.8%
Floating Rate Obligations
 
(4.8)%
Variable Rate Demand Preferred Shares
 
(51.4)%
Other Assets Less Liabilities
 
3.4%
     
Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
25.5%
Health Care
 
20.4%
Tax Obligation/General
 
19.4%
Water and Sewer
 
9.3%
Transportation
 
7.0%
U.S. Guaranteed
 
5.8%
Other Industries
 
12.6%
     
Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
7.5%
AA
 
27.4%
A
 
41.9%
BBB
 
14.0%
BB or Lower
 
5.7%
N/R
 
3.5%

20
 
Nuveen Investments

 
 

 

NVC
 
 
Nuveen California Select Quality Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of February 28, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014

     
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NVC at Common Share NAV
   
(0.95)%
   
11.05%
   
6.22%
 
NVC at Common Share Price
   
(5.71)%
   
14.11%
   
6.57%
 
S&P Municipal Bond California Index
   
0.77%
   
6.73%
   
4.77%
 
S&P Municipal Bond Index
   
(0.27)%
   
6.11%
   
4.45%
 
Lipper California Municipal Debt Funds Classification Average
   
(1.09)%
   
10.39%
   
5.14%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Municipal Bonds
 
143.3%
Floating Rate Obligations
 
(3.9)%
Variable Rate Demand Preferred Shares
 
(44.1)%
Other Assets Less Liabilities
 
4.7%
     
Portfolio Composition
   
(% of total investments)
   
Health Care
 
22.1%
Tax Obligation/Limited
 
21.7%
Tax Obligation/General
 
20.7%
Water and Sewer
 
10.2%
U.S. Guaranteed
 
7.0%
Consumer Staples
 
5.1%
Other Industries
 
13.2%
     
Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
9.4%
AA
 
28.4%
A
 
36.9%
BBB
 
14.1%
BB or Lower
 
5.5%
N/R
 
5.7%

Nuveen Investments
 
21

 
 

 
 
NUC
 
 
Nuveen California Quality Income Municipal Fund, Inc.
 
Performance Overview and Holding Summaries as of February 28, 2014
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
 
Average Annual Total Returns as of February 28, 2014

     
Average Annual
     
1-Year
   
5-Year
   
10-Year
 
NUC at Common Share NAV
   
0.58%
   
10.36%
   
6.26%
 
NUC at Common Share Price
   
(6.34)%
   
13.41%
   
6.22%
 
S&P Municipal Bond California Index
   
0.77%
   
6.73%
   
4.77%
 
S&P Municipal Bond Index
   
(0.27)%
   
6.11%
   
4.45%
 
Lipper California Municipal Debt Funds Classification Average
   
(1.09)%
   
10.39%
   
5.14%
 
 
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Municipal Bonds
 
149.4%
Floating Rate Obligations
 
(7.2)%
Variable Rate Demand Preferred Shares
 
(45.4)%
Other Assets Less Liabilities
 
3.2%
     
Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
 
27.1%
Health Care
 
22.5%
Tax Obligation/General
 
15.6%
U.S. Guaranteed
 
9.8%
Water and Sewer
 
5.6%
Other Industries
 
19.4%
     
Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
 
11.5%
AA
 
26.6%
A
 
37.0%
BBB
 
16.8%
BB or Lower
 
3.1%
N/R
 
5.0%

22
 
Nuveen Investments

 
 

 
 
Shareholder Meeting Report
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on November 26, 2013 for NCA and NCB; at this meeting the shareholders were asked to vote on the election of Board Members.
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on February 24, 2014 for NCP, NCO, NQC, NVC and NUC; at this meeting the shareholders were asked to vote on the election of Board Members, the approval of an Agreement and Plan of Reorganization, the Issuance of Additional Common Shares and the approval of an Agreement and Plan of Reorganization and to approve the amendment and restatement of the Statement Establishing and Fixing the Rights and Preferences of Variable Rate Demand Preferred Shares.
 
   
NCA
 
NCB
 
NCP
 
NCO
 
   
Common
Shares
 
Common
Shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
To approve an Agreement and Plan of Reorganization
                                     
For
   
   
   
4,233,813
   
700
   
2,503,553
   
498
 
Against
   
   
   
327,781
   
   
159,409
   
 
Abstain
   
   
   
172,995
   
   
102,231
   
 
Broker Non-Votes
   
   
   
6,532,089
   
   
4,500,004
   
 
Total
   
   
   
11,266,678
   
700
   
7,265,197
   
498
 
Approval of the Board Members was reached as follows:
                                     
William Adams IV
                                     
For
   
   
   
10,766,773
   
   
6,922,737
   
 
Withhold
   
   
   
499,905
   
   
342,460
   
 
Total
   
   
   
11,266,678
   
   
7,265,197
   
 
Robert P. Bremner
                                     
For
   
   
   
10,751,894
   
   
6,912,507
   
 
Withhold
   
   
   
514,784
   
   
352,690
   
 
Total
   
   
   
11,266,678
   
   
7,265,197
   
 
Jack B. Evans
                                     
For
   
   
   
10,766,773
   
   
6,922,737
   
 
Withhold
   
   
   
499,905
   
   
342,460
   
 
Total
   
   
   
11,266,678
   
   
7,265,197
   
 
William C. Hunter
                                     
For
   
21,208,447
   
2,700,068
   
   
700
   
   
498
 
Withhold
   
408,910
   
79,479
   
   
   
   
 
Total
   
21,617,357
   
2,779,547
   
   
700
   
   
498
 
David J. Kundert
                                     
For
   
   
   
10,761,126
   
   
6,914,233
   
 
Withhold
   
   
   
505,552
   
   
350,964
   
 
Total
   
   
   
11,266,678
   
   
7,265,197
   
 
John K. Nelson
                                     
For
   
   
   
10,766,773
   
   
6,914,233
   
 
Withhold
   
   
   
499,905
   
   
350,964
   
 
Total
   
   
   
11,266,678
   
   
7,265,197
   
 
William J. Schneider
                                     
For
   
   
   
   
700
   
   
498
 
Withhold
   
   
   
   
   
   
 
Total
   
   
   
   
700
   
   
498
 

Nuveen Investments
 
23

 
 

 
 
Shareholder Meeting Report (continued)
 
   
NCA
 
NCB
 
NCP
 
NCO
 
   
Common
Shares
 
Common
Shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Approval of the Board Members was reached as follows:
                                     
Thomas S. Schreier
                                     
For
   
   
   
10,759,714
   
   
6,922,737
   
 
Withhold
   
   
   
506,964
   
   
342,460
   
 
Total
   
   
   
11,266,678
   
   
7,265,197
   
 
Judith M. Stockdale
                                     
For
   
21,187,958
   
2,698,775
   
10,763,109
   
   
6,901,611
   
 
Withhold
   
429,399
   
80,772
   
503,569
   
   
363,586
   
 
Total
   
21,617,357
   
2,779,547
   
11,266,678
   
   
7,265,197
   
 
Carole E. Stone
                                     
For
   
21,211,994
   
2,700,068
   
10,750,608
   
   
6,889,038
   
 
Withhold
   
405,363
   
79,479
   
516,070
   
   
376,159
   
 
Total
   
21,617,357
   
2,779,547
   
11,266,678
   
   
7,265,197
   
 
Virginia L. Stringer
                                     
For
   
21,211,954
   
2,700,068
   
10,744,961
   
   
6,914,453
   
 
Withhold
   
405,403
   
79,479
   
521,717
   
   
350,744
   
 
Total
   
21,617,357
   
2,779,547
   
11,266,678
   
   
7,265,197
   
 
Terence J. Toth
                                     
For
   
   
   
10,766,773
   
   
6,922,737
   
 
Withhold
   
   
   
499,905
   
   
342,460
   
 
Total
   
   
   
11,266,678
   
   
7,265,197
   
 

24
 
Nuveen Investments

 
 

 
 
   
NQC
 
NVC
 
NUC
 
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
Shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
To approve an Agreement and Plan of Reorganization
                                     
For
   
4,239,246
   
1,055
   
5,484,623
   
1,589
   
6,587,069
   
1,581
 
Against
   
169,115
   
   
420,497
   
   
327,843
   
 
Abstain
   
320,807
   
   
277,679
   
   
340,475
   
 
Broker Non-Votes
   
7,453,583
   
   
13,362,064
   
   
13,019,037
   
 
Total
   
12,182,751
   
1,055
   
19,544,863
   
1,589
   
20,274,424
   
1,581
 
Approval of the Board Members was reached as follows:
                                     
William Adams IV
                                     
For
   
11,870,467
   
   
18,624,010
   
   
19,806,341
   
 
Withhold
   
312,284
   
   
920,853
   
   
468,083
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
Robert P. Bremner
                                     
For
   
11,829,240
   
   
18,602,859
   
   
19,803,556
   
 
Withhold
   
353,511
   
   
942,004
   
   
470,868
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
Jack B. Evans
                                     
For
   
11,865,473
   
   
18,606,993
   
   
19,830,170
   
 
Withhold
   
317,278
   
   
937,870
   
   
444,254
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
William C. Hunter
                                     
For
   
   
977
   
   
1,589
   
   
1,581
 
Withhold
   
   
78
   
   
   
   
 
Total
   
   
1,055
   
   
1,589
   
   
1,581
 
David J. Kundert
                                     
For
   
11,878,221
   
   
18,669,197
   
   
19,845,080
   
 
Withhold
   
304,530
   
   
875,666
   
   
429,344
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
John K. Nelson
                                     
For
   
11,908,180
   
   
18,682,784
   
   
19,872,702
   
 
Withhold
   
274,571
   
   
862,079
   
   
401,722
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
William J. Schneider
                                     
For
   
   
977
   
   
1,589
   
   
1,581
 
Withhold
   
   
78
   
   
   
   
 
Total
   
   
1,055
   
   
1,589
   
   
1,581
 

Nuveen Investments
 
25

 
 

 
 
Shareholder Meeting Report (continued)
 
   
NQC
 
NVC
 
NUC
 
   
Common and
Preferred
shares voting
together
as a class
 
Preferred
Shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Common and
Preferred
shares voting
together
as a class
 
Preferred
shares
 
Approval of the Board Members was reached as follows:
                                     
Thomas S. Schreier
                                     
For
   
11,887,935
   
   
18,680,179
   
   
19,870,196
   
 
Withhold
   
294,816
   
   
864,684
   
   
404,228
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
Judith M. Stockdale
                                     
For
   
11,843,663
   
   
18,608,902
   
   
19,774,162
   
 
Withhold
   
339,088
   
   
935,961
   
   
500,262
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
Carole E. Stone
                                     
For
   
11,887,014
   
   
18,669,223
   
   
19,847,649
   
 
Withhold
   
295,737
   
   
875,640
   
   
426,775
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
Virginia L. Stringer
                                     
For
   
11,843,649
   
   
18,606,812
   
   
19,799,224
   
 
Withhold
   
339,102
   
   
938,051
   
   
475,200
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 
Terence J. Toth
                                     
For
   
11,900,497
   
   
18,675,962
   
   
19,858,326
   
 
Withhold
   
282,254
   
   
868,901
   
   
416,098
   
 
Total
   
12,182,751
   
   
19,544,863
   
   
20,274,424
   
 

26
 
Nuveen Investments

 
 

 

Report of Independent Registered Public Accounting Firm
 
The Board of Directors/Trustees and Shareholders of
Nuveen California Municipal Value Fund, Inc.
Nuveen California Municipal Value Fund 2
Nuveen California Performance Plus Municipal Fund, Inc.
Nuveen California Municipal Market Opportunity Fund, Inc.
Nuveen California Investment Quality Municipal Fund, Inc.
Nuveen California Select Quality Municipal Fund, Inc.
Nuveen California Quality Income Municipal Fund, Inc.
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen California Municipal Value Fund, Inc., Nuveen California Municipal Value Fund 2, Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California Municipal Market Opportunity Fund, Inc., Nuveen California Investment Quality Municipal Fund, Inc., Nuveen California Select Quality Municipal Fund, Inc., and Nuveen California Quality Income Municipal Fund, Inc. (the “Funds”) as of February 28, 2014, and the related statements of operations and cash flows (Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California Municipal Market Opportunity Fund, Inc., California Investment Quality Municipal Fund, Inc., Nuveen California Select Quality Municipal Fund, Inc., and Nuveen California Quality Income Municipal Fund, Inc. only) for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of February 28, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen California Municipal Value Fund, Inc., Nuveen California Municipal Value Fund 2, Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California Municipal Market Opportunity Fund, Inc., Nuveen California Investment Quality Municipal Fund, Inc., Nuveen California Select Quality Municipal Fund, Inc., and Nuveen California Quality Income Municipal Fund, Inc. at February 28, 2014, and the results of their operations and their cash flows (Nuveen California Performance Plus Municipal Fund, Inc., Nuveen California Municipal Market Opportunity Fund, Inc., California Investment Quality Municipal Fund, Inc., Nuveen California Select Quality Municipal Fund, Inc., and Nuveen California Quality Income Municipal Fund, Inc. only) for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
April 25, 2014

Nuveen Investments
 
27
 
 
 

 
NCA
 
 
Nuveen California Municipal Value Fund, Inc.
 
Portfolio of Investments
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 100.8% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 100.8% (100.0% of Total Investments)
             
     
Consumer Staples – 4.2% (4.2% of Total Investments)
             
$
2,000
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
12/18 at 100.00
 
BB–
 
$
1,619,720
 
 
255
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
6/15 at 100.00
 
BB+
   
244,134
 
 
3,940
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
6/17 at 100.00
 
B
   
3,246,875
 
 
3,570
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
   
2,799,273
 
 
3,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
6/15 at 100.00
 
B–
   
2,742,390
 
 
13,265
 
Total Consumer Staples
         
10,652,392
 
     
Education and Civic Organizations – 2.5% (2.5% of Total Investments)
             
 
140
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
   
141,928
 
 
95
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
11/15 at 100.00
 
A2
   
100,526
 
 
450
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
   
454,950
 
 
700
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
   
751,730
 
 
4,610
 
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
5/23 at 100.00
 
Aa1
   
5,019,552
 
 
5,995
 
Total Education and Civic Organizations
         
6,468,686
 
     
Health Care – 16.6% (16.5% of Total Investments)
             
     
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011:
             
 
560
 
5.000%, 8/15/31
8/21 at 100.00
 
A1
   
593,964
 
 
670
 
5.250%, 8/15/41
8/21 at 100.00
 
A1
   
705,885
 
 
5,365
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
   
5,439,949
 
 
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
   
1,167,780
 
 
3,870
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
2/17 at 100.00
 
BBB
   
3,944,149
 
 
1,560
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
3/15 at 100.00
 
A
   
1,568,206
 
 
2,625
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
   
2,718,503
 
 
1,000
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
7/17 at 100.00
 
N/R
   
893,140
 

28
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
1,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
7/18 at 100.00
 
A
 
$
1,081,300
 
 
3,000
 
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured
7/17 at 100.00
 
AA–
   
3,267,060
 
 
1,460
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
   
1,503,435
 
 
2,710
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
A1
   
2,941,271
 
 
1,890
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
11/15 at 100.00
 
AA–
   
1,907,936
 
 
1,615
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/22
12/15 at 100.00
 
BBB
   
1,630,181
 
 
1,525
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
12/17 at 100.00
 
BBB
   
1,679,010
 
 
2,940
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Baa3
   
3,030,170
 
 
2,900
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Baa3
   
2,845,973
 
 
1,750
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
   
1,976,083
 
 
3,000
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
8/17 at 100.00
 
A+
   
3,143,880
 
 
40,440
 
Total Health Care
         
42,037,875
 
     
Housing/Multifamily – 2.2% (2.2% of Total Investments)
             
 
1,030
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
   
1,078,575
 
 
1,060
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
   
1,084,783
 
 
2,325
 
California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Harbor City Lights, Series 1999Y, 6.650%, 7/01/39 (Alternative Minimum Tax)
7/14 at 100.00
 
N/R
   
2,324,954
 
 
1,215
 
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
7/14 at 100.00
 
N/R
   
1,215,304
 
 
5,630
 
Total Housing/Multifamily
         
5,703,616
 
     
Housing/Single Family – 0.9% (0.9% of Total Investments)
             
 
2,125
 
California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%, 12/01/42 (Alternative Minimum Tax)
12/16 at 100.00
 
AA
   
2,149,650
 
 
85
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
88,977
 
 
2,210
 
Total Housing/Single Family
         
2,238,627
 
     
Long-Term Care – 3.5% (3.5% 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
   
1,866,003
 
 
2,130
 
5.600%, 8/15/34
8/14 at 100.00
 
A
   
2,142,354
 

Nuveen Investments
 
29

 
 

 

NCA
Nuveen California Municipal Value Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Long-Term Care (continued)
             
$
4,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, The Institute on Aging, Series 2008A, 5.650%, 8/15/38
8/18 at 100.00
 
A
 
$
4,255,520
 
 
625
 
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
4/14 at 100.00
 
BBB+
   
627,075
 
 
8,605
 
Total Long-Term Care
         
8,890,952
 
     
Tax Obligation/General – 12.1% (12.0% of Total Investments)
             
     
California State, General Obligation Bonds, Various Purpose Series 2009:
             
 
2,500
 
6.000%, 4/01/38
4/19 at 100.00
 
A1
   
2,911,275
 
 
1,000
 
6.000%, 11/01/39
11/19 at 100.00
 
A1
   
1,182,040
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
 
A1
   
2,235,140
 
     
California State, General Obligation Bonds, Various Purpose Series 2013:
             
 
1,000
 
5.000%, 2/01/29
No Opt. Call
 
A1
   
1,126,770
 
 
2,500
 
5.000%, 4/01/37
4/23 at 100.00
 
A1
   
2,687,900
 
 
1,500
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 5.000%, 7/01/24 – FGIC Insured
7/16 at 100.00
 
Aa2
   
1,645,530
 
 
6,000
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA–
   
607,980
 
 
2,000
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
A
   
1,969,400
 
 
11,875
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41
9/36 at 100.00
 
AA+
   
6,293,275
 
 
1,320
 
Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35
8/18 at 100.00
 
Aa3
   
1,471,219
 
 
20,860
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
   
8,538,207
 
 
52,555
 
Total Tax Obligation/General
         
30,668,736
 
     
Tax Obligation/Limited – 24.3% (24.1% of Total Investments)
             
 
1,000
 
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
6/15 at 100.00
 
BBB+
   
978,590
 
     
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
             
 
3,000
 
5.500%, 10/01/23 – RAAI Insured
4/14 at 100.00
 
N/R
   
2,978,340
 
 
1,000
 
5.625%, 10/01/33 – RAAI Insured
4/14 at 100.00
 
N/R
   
894,360
 
 
2,400
 
Calexico Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Central Business and Residential District Project, Series 2003C, 5.000%, 8/01/28 – AMBAC Insured
8/15 at 100.00
 
A–
   
2,419,752
 
 
3,500
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
9/23 at 100.00
 
A2
   
3,821,475
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A2
   
1,115,210
 
 
2,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A2
   
2,337,560
 
 
340
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
9/15 at 100.00
 
A
   
347,551
 
 
1,005
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A–
   
1,013,834
 

30
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,000
 
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2007A, 5.000%, 9/01/23 – AMBAC Insured
9/17 at 100.00
 
N/R
 
$
1,035,290
 
 
750
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
4/14 at 100.00
 
A–
   
750,578
 
 
615
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 – AMBAC Insured
6/15 at 100.00
 
A2
   
609,668
 
 
675
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
680,873
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
             
 
150
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
   
152,571
 
 
355
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
   
356,683
 
 
2,500
 
Kern County Board of Education, California, Certificates of Participation, Series 2006A, 5.000%, 6/01/31 – NPFG Insured
6/16 at 100.00
 
A
   
2,519,175
 
 
750
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24
8/19 at 100.00
 
BBB
   
810,893
 
 
3,520
 
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
No Opt. Call
 
AA
   
3,660,941
 
     
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
 
N/R
   
1,053,109
 
 
1,145
 
5.250%, 9/01/23 – AMBAC Insured
9/14 at 100.00
 
N/R
   
1,152,385
 
 
1,255
 
5.250%, 9/01/24 – AMBAC Insured
9/14 at 100.00
 
N/R
   
1,260,271
 
 
370
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
   
444,895
 
 
140
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
156,015
 
 
5,910
 
Palmdale Elementary School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 90-1, Series 1999, 5.800%, 8/01/29
No Opt. Call
 
AA–
   
5,920,283
 
     
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
             
 
955
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
   
973,365
 
 
860
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
888,827
 
 
160
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
   
164,435
 
     
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
             
 
125
 
6.000%, 9/01/33
3/14 at 100.00
 
N/R
   
129,096
 
 
275
 
6.125%, 9/01/41
3/14 at 100.00
 
N/R
   
283,847
 
 
1,130
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
   
1,180,296
 
 
440
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
   
483,974
 
 
80
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A–
   
90,107
 
 
5,000
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2004A, 5.000%, 10/01/37 – SYNCORA GTY Insured
10/14 at 100.00
 
A–
   
5,008,850
 

Nuveen Investments
 
31

 
 

 

NCA
Nuveen California Municipal Value Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
2,000
 
Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
9/15 at 100.00
 
N/R
 
$
1,979,380
 
 
1,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
AAA
   
1,078,190
 
 
65
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
   
74,738
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
 
65
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
   
71,589
 
 
80
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
   
86,901
 
 
2,750
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
9/14 at 100.00
 
AA
   
2,761,660
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
             
 
400
 
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
 
A
   
413,016
 
 
590
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
A
   
606,603
 
 
780
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
8/17 at 100.00
 
BBB
   
809,796
 
 
910
 
Santa Clara Valley Transportation Authority, California, Sales Tax Revenue Bonds, Series 2007A, 5.000%, 4/01/36 – AMBAC Insured
4/17 at 100.00
 
AA+
   
988,806
 
 
110
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
   
118,604
 
 
1,000
 
Simi Valley, California, Certificates of Participation, Series 2004, 5.000%, 9/01/24 – AMBAC Insured
9/14 at 100.00
 
AA+
   
1,017,300
 
 
1,390
 
Tehachapi Redevelopment Agency, California, Tax Allocation Bonds, Series 2007, 5.250%, 12/01/37 – RAAI Insured
12/17 at 100.00
 
BB–
   
1,288,850
 
 
1,925
 
Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006, 5.000%, 9/01/26 – FGIC Insured
9/16 at 100.00
 
Baa1
   
1,951,007
 
 
785
 
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
9/14 at 100.00
 
N/R
   
786,036
 
 
1,730
 
West Contra Costa Healthcare District, California, Certificates of Participation, Series 2004, 5.375%, 7/01/21 – AMBAC Insured
7/14 at 100.00
 
A–
   
1,743,010
 
 
190
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
9/21 at 100.00
 
A–
   
220,345
 
 
60,220
 
Total Tax Obligation/Limited
         
61,668,930
 
     
Transportation – 4.7% (4.6% of Total Investments)
             
 
1,820
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
   
1,928,690
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
4,010
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
4,178,460
 
 
4,010
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
4,217,157
 
 
200
 
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
7/14 at 102.00
 
N/R
   
196,494
 

32
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
1,210
 
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
$
1,295,777
 
 
11,250
 
Total Transportation
         
11,816,578
 
     
U.S. Guaranteed – 12.7% (12.6% of Total Investments) (4)
             
 
2,500
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (4)
   
2,747,025
 
 
1,480
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AD, 5.000%, 12/01/22 (Pre-refunded 6/01/15) – AGM Insured
6/15 at 100.00
 
AAA
   
1,570,561
 
 
1,845
 
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
4/14 at 100.00
 
AAA
   
1,853,745
 
 
2,065
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
   
2,673,989
 
 
8,565
 
Palmdale, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1988A, 0.000%, 3/01/17 (ETM)
No Opt. Call
 
AA+ (4)
   
8,400,381
 
 
270
 
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA (4)
   
288,665
 
 
20,415
 
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
   
13,982,029
 
 
625
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (4)
   
727,669
 
 
37,765
 
Total U.S. Guaranteed
         
32,244,064
 
     
Utilities – 8.0% (7.9% of Total Investments)
             
 
2,240
 
California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18
6/14 at 100.00
 
N/R
   
2,134,406
 
 
1,800
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
   
1,985,256
 
 
21,500
 
Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/23
9/16 at 64.56
 
A
   
12,409,582
 
 
605
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
608,527
 
 
3,470
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 (Alternative Minimum Tax)
6/14 at 100.00
 
Ba2
   
3,126,817
 
 
29,615
 
Total Utilities
         
20,264,588
 
     
Water and Sewer – 9.1% (9.0% of Total Investments)
             
 
1,000
 
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/29
4/23 at 100.00
 
AA–
   
1,133,820
 
     
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
             
 
1,375
 
5.000%, 7/01/37 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
1,365,540
 
 
2,675
 
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
2,552,164
 
 
1,500
 
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 8/01/36 – NPFG Insured
8/16 at 100.00
 
AA–
   
1,584,270
 
 
410
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
4/16 at 100.00
 
AA–
   
432,800
 

Nuveen Investments
 
33

 
 

 

NCA
Nuveen California Municipal Value Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
5,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2007A-2, 5.000%, 7/01/44 – AMBAC Insured
7/17 at 100.00
 
AA
 
$
5,363,450
 
     
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008:
             
 
1,850
 
5.500%, 1/01/33
1/18 at 100.00
 
A–
   
2,020,718
 
 
3,000
 
5.500%, 1/01/38
1/18 at 100.00
 
A–
   
3,133,080
 
 
5,000
 
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization Series 2007A, 5.000%, 7/01/37
7/17 at 100.00
 
AAA
   
5,477,350
 
 
21,810
 
Total Water and Sewer
         
23,063,192
 
$
289,360
 
Total Long-Term Investments (cost $238,240,539)
         
255,718,236
 
     
Floating Rate Obligations – (1.8)%
         
(4,490,000
)
     
Other Assets Less Liabilities – 1.0%
         
2,410,264
 
     
Net Assets Applicable to Common Shares – 100%
       
$
253,638,500
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(ETM)
Escrowed to maturity.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.
 
34
 
Nuveen Investments

 
 

 

NCB
 
 
Nuveen California Municipal Value Fund 2
 
Portfolio of Investments
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 98.6% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 98.6% (100.0% of Total Investments)
             
     
Consumer Staples – 5.0% (5.0% of Total Investments)
             
$
3,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
6/15 at 100.00
 
B–
 
$
2,742,390
 
     
Education and Civic Organizations – 7.1% (7.3% of Total Investments)
             
 
500
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/25
10/15 at 100.00
 
A3
   
525,755
 
 
865
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 5.500%, 11/01/39
11/19 at 100.00
 
A2
   
923,682
 
 
100
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
   
101,100
 
 
1,965
 
California State Public Works Board, Lease Revenue Bonds, University of California Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23
4/19 at 100.00
 
A2
   
2,236,779
 
 
150
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
   
161,085
 
 
3,580
 
Total Education and Civic Organizations
         
3,948,401
 
     
Health Care – 20.3% (20.6% of Total Investments)
             
 
1,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29
5/19 at 100.00
 
A
   
1,074,230
 
 
1,900
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009A, 6.000%, 7/01/39
7/19 at 100.00
 
A
   
2,089,164
 
 
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange County, Series 2009A, 6.500%, 11/01/38
11/19 at 100.00
 
A
   
1,157,870
 
 
850
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27
2/17 at 100.00
 
BBB
   
866,286
 
 
700
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2007B, 5.000%, 3/01/37 – AGC Insured
3/18 at 100.00
 
AA–
   
717,381
 
     
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
             
 
125
 
5.000%, 3/01/41
3/16 at 100.00
 
A+
   
126,283
 
 
2,000
 
5.250%, 3/01/45
3/16 at 100.00
 
A+
   
2,025,040
 
 
800
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System, Series 2006, 5.000%, 8/01/24
8/16 at 100.00
 
A3
   
859,760
 
 
850
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
8/17 at 100.00
 
BBB
   
903,159
 
 
250
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Baa3
   
260,070
 
 
725
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Baa3
   
711,493
 
 
380
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
   
429,092
 
 
10,580
 
Total Health Care
         
11,219,828
 
     
Housing/Multifamily – 1.0% (1.0% of Total Investments)
             
 
230
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
   
240,847
 
 
70
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
   
71,637
 

Nuveen Investments
 
35

 
 

 

NCB
Nuveen California Municipal Value Fund 2
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily (continued)
             
$
250
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
 
$
257,220
 
 
550
 
Total Housing/Multifamily
         
569,704
 
     
Housing/Single Family – 5.8% (5.8% of Total Investments)
             
 
690
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L, 5.500%, 8/01/38
2/18 at 100.00
 
A–
   
690,711
 
 
2,500
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 4.625%, 8/01/26 (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
2,493,500
 
 
3,190
 
Total Housing/Single Family
         
3,184,211
 
     
Materials – 1.1% (1.1% of Total Investments)
             
 
585
 
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
6/15 at 100.00
 
BBB
   
591,125
 
     
Tax Obligation/General – 10.8% (11.0% of Total Investments)
             
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37 – NPFG Insured
6/17 at 100.00
 
A1
   
2,109,500
 
 
2,100
 
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34
5/24 at 100.00
 
AA
   
1,718,283
 
 
1,120
 
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29
1/19 at 100.00
 
Aa2
   
1,209,018
 
 
4,000
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA–
   
405,320
 
 
500
 
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured
8/19 at 100.00
 
AA
   
535,095
 
 
9,720
 
Total Tax Obligation/General
         
5,977,216
 
     
Tax Obligation/Limited – 19.1% (19.4% of Total Investments)
             
 
1,000
 
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
2/21 at 100.00
 
A
   
1,150,370
 
 
500
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35
3/20 at 100.00
 
A2
   
589,155
 
 
160
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
4/14 at 100.00
 
A–
   
160,123
 
 
145
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
146,262
 
 
425
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
No Opt. Call
 
BBB
   
462,855
 
     
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
             
 
1,135
 
5.000%, 8/01/16
No Opt. Call
 
A–
   
1,245,878
 
 
80
 
6.500%, 8/01/24
8/21 at 100.00
 
A–
   
96,194
 
 
30
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
33,432
 
     
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
             
 
210
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
   
214,038
 
 
190
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
196,369
 
 
35
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
   
35,970
 
     
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
             
 
30
 
6.000%, 9/01/33
3/14 at 100.00
 
N/R
   
30,983
 
 
60
 
6.125%, 9/01/41
3/14 at 100.00
 
N/R
   
61,930
 
 
240
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
   
250,682
 

36
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
95
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
 
$
104,494
 
 
15
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A–
   
16,895
 
 
1,000
 
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39
8/19 at 100.00
 
A
   
1,105,540
 
 
1,500
 
San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.250%, 4/01/31
4/19 at 100.00
 
AA
   
1,679,100
 
 
15
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
   
17,247
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
 
15
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
   
16,521
 
 
15
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
   
16,294
 
 
125
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
A
   
128,518
 
 
635
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D, 5.000%, 8/01/22 – AMBAC Insured
8/17 at 100.00
 
BBB
   
663,912
 
 
25
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
   
26,956
 
 
2,000
 
Westlake Village, California, Certificates of Participation, Financing Project, Series 2009, 5.000%, 6/01/39
6/16 at 100.00
 
AA+
   
2,043,740
 
 
40
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
9/21 at 100.00
 
A–
   
45,002
 
 
9,720
 
Total Tax Obligation/Limited
         
10,538,460
 
     
Transportation – 4.6% (4.7% of Total Investments)
             
 
395
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
   
418,589
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
865
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
901,339
 
 
865
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
909,686
 
 
305
 
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
   
322,693
 
 
2,430
 
Total Transportation
         
2,552,307
 
     
U.S. Guaranteed – 2.6% (2.6% of Total Investments) (4)
             
     
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009:
             
 
55
 
5.500%, 11/01/39 (Pre-refunded 11/01/19)
11/19 at 100.00
 
N/R (4)
   
67,814
 
 
80
 
5.500%, 11/01/39 (Pre-refunded 11/01/19)
11/19 at 100.00
 
A2 (4)
   
97,510
 
 
575
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
   
746,218
 
 
500
 
Val Verde Unified School District Financing Authority, California, Special Tax Revenue, Junior Lien Refunding Series 2003, 6.250%, 10/01/28 (Pre-refunded 4/01/14)
4/14 at 102.00
 
N/R (4)
   
505,725
 
 
1,210
 
Total U.S. Guaranteed
         
1,417,267
 
     
Utilities – 14.2% (14.4% of Total Investments)
             
 
1,000
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
   
1,264,950
 
 
2,495
 
Roseville Natural Gas Financing Authority, California, Gas Revenue Bonds, Series 2007, 5.000%, 2/15/17
No Opt. Call
 
A
   
2,739,959
 
 
2,400
 
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24
No Opt. Call
 
A
   
2,673,912
 

Nuveen Investments
 
37

 
 

 

NCB
Nuveen California Municipal Value Fund 2
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Utilities (continued)
             
$
1,000
 
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series 2009A, 5.625%, 1/01/29
1/19 at 100.00
 
A+
 
$
1,145,320
 
 
6,895
 
Total Utilities
         
7,824,141
 
     
Water and Sewer – 7.0% (7.1% of Total Investments)
             
 
1,075
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
1,025,633
 
 
2,000
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.151%, 2/01/35 (IF) (5)
2/19 at 100.00
 
AAA
   
2,846,440
 
 
3,075
 
Total Water and Sewer
         
3,872,073
 
$
55,035
 
Total Long-Term Investments (cost $46,561,686)
         
54,437,123
 
     
Other Assets Less Liabilities – 1.4%
         
799,080
 
     
Net Assets Applicable to Common Shares – 100%
       
$
55,236,203
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(IF)
Inverse floating rate investment.
 
 See accompanying notes to financial statements.
 
38
 
Nuveen Investments

 
 

 

NCP
 
 
Nuveen California Performance Plus Municipal Fund, Inc.
 
Portfolio of Investments
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 145.1% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 145.1% (100.0% of Total Investments)
             
     
Consumer Staples – 6.3% (4.3% of Total Investments)
             
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
             
$
2,000
 
5.600%, 6/01/36
12/18 at 100.00
 
BB–
 
$
1,684,280
 
 
1,000
 
5.650%, 6/01/41
12/18 at 100.00
 
BB–
   
809,860
 
 
305
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
6/15 at 100.00
 
BB+
   
292,004
 
 
12,135
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
   
9,515,171
 
 
15,440
 
Total Consumer Staples
         
12,301,315
 
     
Education and Civic Organizations – 3.3% (2.3% of Total Investments)
             
 
160
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
   
162,203
 
 
110
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
11/15 at 100.00
 
A2
   
116,399
 
 
500
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
   
505,500
 
 
4,000
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
9/15 at 102.00
 
Baa1
   
4,020,400
 
 
1,490
 
University of California, General Revenue Bonds, Series 2013AF, 5.000%, 5/15/29
5/23 at 100.00
 
Aa1
   
1,694,205
 
 
6,260
 
Total Education and Civic Organizations
         
6,498,707
 
     
Health Care – 27.5% (19.0% of Total Investments)
             
 
1,000
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36
3/21 at 100.00
 
Ba2
   
1,086,420
 
 
7,885
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
7/20 at 100.00
 
AA–
   
8,128,647
 
 
810
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
A1
   
853,384
 
 
2,320
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
   
2,352,410
 
 
1,200
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
   
1,401,336
 
 
1,530
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
   
1,588,645
 
 
1,750
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46
2/17 at 100.00
 
BBB
   
1,736,473
 
 
4,000
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
3/15 at 100.00
 
A
   
4,021,040
 
 
500
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
   
517,810
 
 
895
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
   
986,111
 
 
1,440
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/47
8/17 at 100.00
 
BBB+
   
1,432,080
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
             
 
4,000
 
5.250%, 7/01/24
7/15 at 100.00
 
BBB–
   
4,064,480
 
 
1,000
 
5.250%, 7/01/30
7/15 at 100.00
 
BBB–
   
1,004,170
 

Nuveen Investments
 
39

 
 

 

NCP
Nuveen California Performance Plus Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
1,755
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
$
1,807,211
 
 
1,355
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
A1
   
1,470,636
 
 
4,045
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43 (UB) (4)
11/15 at 100.00
 
AA–
   
4,083,387
 
 
1,000
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/23
12/15 at 100.00
 
BBB
   
1,007,000
 
 
1,750
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
12/17 at 100.00
 
BBB
   
1,926,733
 
 
5,000
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
1/21 at 100.00
 
A
   
5,170,800
 
 
2,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Baa3
   
2,080,560
 
 
2,900
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Baa3
   
2,845,973
 
 
1,600
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
5/17 at 101.00
 
Aa2
   
1,636,768
 
 
2,350
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
A
   
2,591,980
 
 
52,085
 
Total Health Care
         
53,794,054
 
     
Housing/Multifamily – 1.2% (0.9% of Total Investments)
             
 
1,140
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
   
1,193,762
 
 
1,160
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
   
1,187,121
 
 
2,300
 
Total Housing/Multifamily
         
2,380,883
 
     
Housing/Single Family – 0.1% (0.0% of Total Investments)
             
 
105
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
109,913
 
     
Long-Term Care – 1.7% (1.1% of Total Investments)
             
 
3,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40
5/20 at 100.00
 
A
   
3,227,820
 
     
Tax Obligation/General – 24.2% (16.7% of Total Investments)
             
 
245
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/36
No Opt. Call
 
A1
   
262,978
 
 
3,200
 
California State, General Obligation Bonds, Various Purpose Series 2008, 5.125%, 4/01/33
4/18 at 100.00
 
A1
   
3,492,768
 
 
5,750
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
 
A1
   
6,796,730
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
             
 
3,000
 
6.000%, 3/01/33
3/20 at 100.00
 
A1
   
3,581,490
 
 
2,000
 
5.250%, 11/01/40
11/20 at 100.00
 
A1
   
2,171,300
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
             
 
3,105
 
5.000%, 9/01/31
No Opt. Call
 
A1
   
3,430,683
 
 
1,450
 
5.000%, 10/01/41
10/21 at 100.00
 
A1
   
1,529,982
 
 
3,000
 
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37
4/23 at 100.00
 
A1
   
3,225,480
 
 
3,550
 
Centinela Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2002A, 5.250%, 2/01/26 – NPFG Insured
No Opt. Call
 
AA–
   
4,045,296
 
 
2,600
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured
No Opt. Call
 
AA–
   
1,160,796
 
 
4,765
 
North Orange County Community College District, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
Aa1
   
2,808,253
 

40
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
$
1,250
 
Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 – AGM Insured
8/23 at 100.00
 
AA–
 
$
1,306,825
 
 
2,575
 
Oxnard School District, Ventura County, California, General Obligation Refunding Bonds, Series 2001A, 5.750%, 8/01/30 – NPFG Insured
2/22 at 103.00
 
A+
   
2,970,185
 
     
Riverside Community College District, California, General Obligation Bonds, Series 2004A:
             
 
15
 
5.250%, 8/01/25 – NPFG Insured
8/14 at 100.00
 
AA
   
15,311
 
 
20
 
5.250%, 8/01/26 – NPFG Insured
8/14 at 100.00
 
AA
   
20,391
 
 
1,850
 
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 3646, 18.195%, 8/01/17 (IF)
No Opt. Call
 
AAA
   
2,451,694
 
 
2,200
 
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo Counties, California, General Obligation Bonds, Series 2003B, 5.625%, 8/01/24 – AGM Insured
No Opt. Call
 
Aa3
   
2,801,172
 
 
1,440
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Series 2005, 5.000%, 8/01/24 – NPFG Insured
8/15 at 102.00
 
AA–
   
1,560,758
 
     
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A:
             
 
1,535
 
5.500%, 8/01/38
8/24 at 100.00
 
Aa3
   
1,724,787
 
 
1,750
 
5.500%, 8/01/40
8/24 at 100.00
 
Aa3
   
1,956,885
 
 
45,300
 
Total Tax Obligation/General
         
47,313,764
 
     
Tax Obligation/Limited – 41.2% (28.4% of Total Investments)
             
 
5,045
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2002A, 5.250%, 3/01/22 – AMBAC Insured
3/14 at 100.00
 
A2
   
5,062,405
 
 
1,575
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2003D, 5.500%, 6/01/20
6/14 at 100.00
 
A2
   
1,581,221
 
 
3,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A2
   
3,345,630
 
 
2,650
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33
No Opt. Call
 
A2
   
2,811,809
 
 
1,295
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
7/14 at 100.00
 
AA
   
1,316,963
 
 
400
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
9/15 at 100.00
 
A
   
408,884
 
 
1,210
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A–
   
1,220,636
 
 
2,000
 
Coachella Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2007, 5.000%, 9/01/31 – AMBAC Insured
9/16 at 100.00
 
N/R
   
1,937,620
 
 
2,500
 
Corona Public Financing Authority, California, Superior Lien Revenue Bonds, Series 1999A, 5.000%, 9/01/20 – AGM Insured
3/14 at 100.00
 
AA–
   
2,559,500
 
 
585
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
9/14 at 100.00
 
A
   
585,018
 
 
810
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
4/14 at 100.00
 
A–
   
810,624
 
 
3,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45
6/15 at 100.00
 
A2
   
2,973,990
 
 
1,045
 
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
   
1,076,256
 
 
1,750
 
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/25 – SYNCORA GTY Insured
9/15 at 100.00
 
BB+
   
1,753,763
 
     
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
             
 
400
 
5.000%, 5/01/24 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
404,028
 
 
330
 
5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
332,871
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
             
 
185
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
   
188,171
 
 
425
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
   
427,015
 

Nuveen Investments
 
41

 
 

 

NCP
Nuveen California Performance Plus Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,730
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
9/15 at 100.00
 
A1
 
$
1,762,559
 
 
10,000
 
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2006B, 5.000%, 9/01/31 – FGIC Insured
9/16 at 100.00
 
A
   
10,295,400
 
 
2,000
 
Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Police Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
1/17 at 100.00
 
A+
   
2,038,460
 
 
1,625
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 6.750%, 9/01/26
9/21 at 100.00
 
A–
   
1,908,140
 
 
2,220
 
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured
8/17 at 100.00
 
A
   
2,244,620
 
 
400
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
   
480,968
 
 
1,000
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Refunding, School District Pass-Through, Series 2004, 5.000%, 3/01/32 – RAAI Insured
3/14 at 100.00
 
N/R
   
999,930
 
 
2,500
 
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010, 5.875%, 3/01/32
3/20 at 100.00
 
A
   
2,654,900
 
 
150
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
167,159
 
 
1,000
 
Paramount Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2003, 5.000%, 8/01/23 – NPFG Insured
8/14 at 100.00
 
A
   
1,003,110
 
     
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
             
 
1,080
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
   
1,100,768
 
 
975
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
1,007,682
 
 
175
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
   
179,851
 
     
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
             
 
135
 
6.000%, 9/01/33
3/14 at 100.00
 
N/R
   
139,424
 
 
300
 
6.125%, 9/01/41
3/14 at 100.00
 
N/R
   
309,651
 
 
2,370
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
   
2,475,489
 
 
9,280
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
   
1,176,982
 
 
480
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
   
527,971
 
 
1,500
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2005A, 5.000%, 10/01/37 – SYNCORA GTY Insured
10/15 at 100.00
 
BBB
   
1,482,525
 
 
85
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A–
   
95,739
 
 
1,445
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39
10/20 at 100.00
 
A–
   
1,520,660
 
 
710
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured
8/17 at 100.00
 
A
   
711,186
 
 
1,000
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
No Opt. Call
 
A
   
1,131,300
 
 
1,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
AAA
   
1,078,190
 
 
500
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
8/19 at 100.00
 
A–
   
559,235
 
 
70
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
   
80,487
 

42
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
$
70
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
 
$
77,096
 
 
85
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
   
92,332
 
 
125
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
8/22 at 100.00
 
N/R
   
129,184
 
 
370
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.360%, 8/01/16 – NPFG Insured
8/14 at 100.00
 
A
   
374,817
 
 
655
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
A
   
673,432
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D:
             
 
335
 
5.000%, 8/01/19 – AMBAC Insured
8/17 at 100.00
 
BBB
   
364,336
 
 
835
 
5.000%, 8/01/23 – AMBAC Insured
8/17 at 100.00
 
BBB
   
866,897
 
 
5,000
 
San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2 and 3, Series 2005C, 5.000%, 8/01/35 – AMBAC Insured
8/15 at 100.00
 
A–
   
5,024,000
 
     
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003:
             
 
2,695
 
5.000%, 6/01/20 – NPFG Insured
6/14 at 100.00
 
A
   
2,723,540
 
 
1,500
 
5.000%, 6/01/21 – NPFG Insured
6/14 at 100.00
 
A
   
1,515,885
 
 
120
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
   
129,386
 
 
845
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2013, 5.500%, 9/01/36
9/14 at 102.00
 
N/R
   
739,493
 
 
400
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33
12/21 at 100.00
 
A
   
476,464
 
 
1,280
 
William S Hart School Financing Authority, California, Refunding Revenue Bonds, Series 2013, 5.000%, 9/01/34
9/23 at 100.00
 
A–
   
1,326,554
 
 
205
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
9/21 at 100.00
 
A–
   
230,633
 
 
86,455
 
Total Tax Obligation/Limited
         
80,672,839
 
     
Transportation – 11.3% (7.8% of Total Investments)
             
 
1,890
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.595%, 10/01/32 (IF)
4/18 at 100.00
 
AA
   
2,503,740
 
 
2,040
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
   
2,161,829
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
4,505
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
4,694,255
 
 
4,500
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
4,732,470
 
 
2,620
 
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
   
2,771,986
 
     
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B:
             
 
1,300
 
5.000%, 7/01/25 (Alternative Minimum Tax)
7/23 at 100.00
 
A+
   
1,449,825
 
 
1,670
 
5.000%, 7/01/26 (Alternative Minimum Tax)
7/23 at 100.00
 
A+
   
1,844,265
 
 
1,805
 
5.000%, 7/01/27 (Alternative Minimum Tax)
7/23 at 100.00
 
A+
   
1,976,150
 
 
20,330
 
Total Transportation
         
22,134,520
 
     
U.S. Guaranteed – 14.4% (9.9% of Total Investments) (5)
             
 
1,430
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (5)
   
1,571,298
 
 
5,360
 
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/23 – AGM Insured (ETM)
No Opt. Call
 
Aaa
   
6,545,096
 

Nuveen Investments
 
43

 
 

 

NCP
Nuveen California Performance Plus Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued)
             
$
3,010
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.500%, 6/01/19 (Pre-refunded 6/01/14)
6/14 at 100.00
 
AAA
 
$
3,051,719
 
 
2,645
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
   
3,541,602
 
 
400
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
7/14 at 100.00
 
Aaa
   
406,688
 
 
4,000
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
   
5,179,640
 
 
4,770
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2004C, 5.250%, 7/01/20 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
 
AA (5)
   
4,853,809
 
 
1,400
 
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 102.00
 
Aa2 (5)
   
1,456,756
 
 
290
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured (ETM)
8/17 at 100.00
 
AA– (5)
   
319,244
 
 
325
 
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA (5)
   
347,467
 
 
750
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (5)
   
873,203
 
 
24,380
 
Total U.S. Guaranteed
         
28,146,522
 
     
Utilities – 3.7% (2.6% of Total Investments)
             
 
3,850
 
California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18
6/14 at 100.00
 
N/R
   
3,668,511
 
 
2,140
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
   
2,360,249
 
 
500
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured (UB)
7/15 at 100.00
 
AA
   
524,525
 
 
715
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
719,168
 
 
7,205
 
Total Utilities
         
7,272,453
 
     
Water and Sewer – 10.2% (7.0% of Total Investments)
             
 
1,010
 
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/29
4/23 at 100.00
 
AA–
   
1,145,158
 
 
5,475
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
5,223,588
 
 
175
 
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
4/14 at 100.00
 
AA–
   
175,676
 
 
2,500
 
Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 3152, 18.423%, 8/01/33 – AGM Insured (IF)
2/20 at 100.00
 
AA
   
2,971,500
 
 
1,950
 
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
10/20 at 100.00
 
AA–
   
2,013,414
 
 
2,500
 
El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 – AGM Insured
10/16 at 100.00
 
AA–
   
2,583,050
 
 
2,000
 
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization Series 2007A, 5.000%, 7/01/37
7/17 at 100.00
 
AAA
   
2,190,940
 
 
2,500
 
Pajaro Valley Water Management Agency, California, Revenue Certificates of Participation, Series 1999A, 5.750%, 3/01/29 – AMBAC Insured
9/14 at 100.00
 
BBB+
   
2,500,400
 

44
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
1,000
 
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/28
11/21 at 100.00
 
AA–
 
$
1,138,120
 
 
19,110
 
Total Water and Sewer
         
19,941,846
 
$
281,970
 
Total Long-Term Investments (cost $270,226,077)
         
283,794,636
 
     
Floating Rate Obligations – (2.8)%
         
(5,480,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (46.5)% (6)
         
(91,000,000
)
     
Other Assets Less Liabilities – 4.2%
         
8,297,880
 
     
Net Assets Applicable to Common Shares – 100%
       
$
195,612,516
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.1%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
45

 
 

 

NCO
 
 
Nuveen California Municipal Market Opportunity Fund, Inc.
 
Portfolio of Investments
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 140.6% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 140.6% (100.0% of Total Investments)
             
     
Consumer Staples – 6.8% (4.9% of Total Investments)
             
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
             
$
4,650
 
5.600%, 6/01/36
12/18 at 100.00
 
BB–
 
$
3,915,951
 
 
1,000
 
5.650%, 6/01/41
12/18 at 100.00
 
BB–
   
809,860
 
 
195
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
6/15 at 100.00
 
BB+
   
186,691
 
 
4,440
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
6/17 at 100.00
 
B
   
3,658,915
 
 
10,285
 
Total Consumer Staples
         
8,571,417
 
     
Education and Civic Organizations – 3.4% (2.4% of Total Investments)
             
 
100
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
   
101,377
 
 
70
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
11/15 at 100.00
 
A2
   
74,072
 
 
1,000
 
California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research Institute, Series 2005A, 5.000%, 7/01/24
7/15 at 100.00
 
Aa3
   
1,051,790
 
 
305
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
   
308,355
 
 
260
 
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
12/21 at 100.00
 
N/R
   
285,607
 
 
450
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
   
483,255
 
 
2,000
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
9/15 at 102.00
 
Baa1
   
2,010,200
 
 
4,185
 
Total Education and Civic Organizations
         
4,314,656
 
     
Health Care – 30.4% (21.6% of Total Investments)
             
 
5,260
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
7/20 at 100.00
 
AA–
   
5,422,534
 
 
515
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
A1
   
542,583
 
 
1,305
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
   
1,323,231
 
 
1,060
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/46
2/17 at 100.00
 
BBB
   
1,051,806
 
 
2,000
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
3/15 at 100.00
 
A
   
2,010,520
 
 
5,040
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
   
5,219,525
 
 
569
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
   
626,924
 
 
1,160
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
7/17 at 100.00
 
N/R
   
1,036,042
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
             
 
1,500
 
5.250%, 7/01/24
7/15 at 100.00
 
BBB–
   
1,524,180
 
 
1,000
 
5.250%, 7/01/30
7/15 at 100.00
 
BBB–
   
1,004,170
 

46
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
135
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
 
$
139,016
 
 
1,500
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
3/16 at 100.00
 
A+
   
1,515,390
 
 
675
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
A1
   
732,605
 
 
2,585
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
11/15 at 100.00
 
AA–
   
2,609,532
 
 
200
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2007C, 5.000%, 8/15/38 – AMBAC Insured
8/17 at 100.00
 
AA–
   
203,652
 
 
1,000
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/23
12/15 at 100.00
 
BBB
   
1,007,000
 
 
1,150
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
12/17 at 100.00
 
BBB
   
1,266,139
 
 
2,205
 
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
A+
   
2,294,258
 
 
2,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Baa3
   
2,080,560
 
 
1,800
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Baa3
   
1,766,466
 
 
1,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
7/17 at 100.00
 
Baa2
   
1,000,540
 
 
1,200
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
   
1,355,028
 
 
1,250
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
8/17 at 100.00
 
A+
   
1,309,950
 
 
1,000
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series 2009E, 5.000%, 5/15/38
5/17 at 101.00
 
Aa2
   
1,022,980
 
 
37,109
 
Total Health Care
         
38,064,631
 
     
Housing/Multifamily – 2.9% (2.1% of Total Investments)
             
 
690
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
   
722,540
 
 
1,665
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.125%, 8/15/32
8/22 at 100.00
 
BBB
   
1,709,822
 
 
1,230
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39
5/22 at 100.00
 
A–
   
1,239,385
 
 
3,585
 
Total Housing/Multifamily
         
3,671,747
 
     
Housing/Single Family – 0.1% (0.0% of Total Investments)
             
 
70
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
73,275
 
     
Long-Term Care – 3.4% (2.4% of Total Investments)
             
 
4,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40
5/20 at 100.00
 
A
   
4,303,760
 
     
Tax Obligation/General – 18.6% (13.2% of Total Investments)
             
 
4,125
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/25 – AGM Insured
No Opt. Call
 
Aa2
   
2,627,625
 
 
2,000
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
 
A1
   
2,364,080
 
 
1,350
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/30 – FGIC Insured
8/15 at 100.00
 
A1
   
1,413,599
 
 
4,100
 
Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
Aa3
   
2,280,502
 

Nuveen Investments
 
47

 
 

 

NCO
Nuveen California Municipal Market Opportunity Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
$
2,500
 
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2002, 5.250%, 8/01/21 – FGIC Insured
8/14 at 100.00
 
A
 
$
2,509,650
 
 
25
 
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/24 – NPFG Insured
8/14 at 100.00
 
AA
   
25,519
 
 
4,970
 
San Rafael City High School District, Marin County, California, General Obligation Bonds, Series 2004B, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
AA+
   
2,742,695
 
 
4,175
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/25 – FGIC Insured
No Opt. Call
 
Aa2
   
2,692,458
 
 
9,850
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA–
   
3,256,410
 
 
5,750
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
   
2,353,533
 
 
1,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
   
1,055,970
 
 
39,845
 
Total Tax Obligation/General
         
23,322,041
 
     
Tax Obligation/Limited – 30.2% (21.5% of Total Investments)
             
 
260
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
9/15 at 100.00
 
A
   
265,775
 
 
770
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
9/16 at 101.00
 
A–
   
776,768
 
 
375
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
9/14 at 100.00
 
A
   
375,011
 
 
510
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
4/14 at 100.00
 
A–
   
510,393
 
 
1,035
 
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
   
1,065,957
 
 
460
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
464,002
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
             
 
120
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
   
122,057
 
 
275
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
   
276,304
 
 
470
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
9/15 at 100.00
 
A1
   
478,845
 
     
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
 
N/R
   
1,379,675
 
 
1,500
 
5.250%, 9/01/26 – AMBAC Insured
9/14 at 100.00
 
N/R
   
1,503,675
 
 
245
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
   
294,593
 
 
1,000
 
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34
3/18 at 100.00
 
A
   
1,116,950
 
 
90
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
100,295
 
 
10,900
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%,
8/01/25 – NPFG Insured
No Opt. Call
 
A
   
12,814,694
 
 
825
 
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17
9/14 at 100.00
 
N/R
   
844,652
 
 
1,065
 
Panama-Buena Vista Union School District, California, Certificates of Participation, School Construction Project, Series 2006, 5.000%, 9/01/22 – NPFG Insured
9/16 at 100.00
 
A
   
1,122,201
 

48
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
     
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
             
$
660
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
 
$
672,692
 
 
590
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
609,777
 
 
110
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
   
113,049
 
     
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
             
 
90
 
6.000%, 9/01/33
3/14 at 100.00
 
N/R
   
92,949
 
 
195
 
6.125%, 9/01/41
3/14 at 100.00
 
N/R
   
201,273
 
 
770
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
   
804,273
 
 
295
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
   
324,482
 
 
55
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A–
   
61,949
 
 
1,440
 
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39
10/20 at 100.00
 
A–
   
1,515,398
 
 
2,500
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured
No Opt. Call
 
A
   
2,828,250
 
 
45
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
   
51,742
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
 
45
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
   
49,562
 
 
55
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
   
59,744
 
 
1,200
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
9/14 at 100.00
 
AA
   
1,205,088
 
 
410
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
A
   
421,537
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D:
             
 
360
 
5.000%, 8/01/19 – AMBAC Insured
8/17 at 100.00
 
BBB
   
391,525
 
 
910
 
5.000%, 8/01/21 – AMBAC Insured
8/17 at 100.00
 
BBB
   
963,554
 
 
530
 
5.000%, 8/01/23 – AMBAC Insured
8/17 at 100.00
 
BBB
   
550,246
 
 
70
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
   
75,475
 
 
515
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2013, 5.450%, 9/01/26
9/14 at 102.00
 
N/R
   
474,562
 
 
1,350
 
Temecula Valley Unified School District, Riverside County, California, Community Facilities District 2002-1 Improvement Area 1 Special Tax, Series 2012, 5.000%, 9/01/33
9/22 at 100.00
 
N/R
   
1,330,155
 
 
1,300
 
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/38
11/22 at 100.00
 
AA+
   
1,373,437
 
 
125
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
9/21 at 100.00
 
A–
   
140,630
 
 
34,895
 
Total Tax Obligation/Limited
         
37,823,196
 
     
Transportation – 9.7% (6.9% of Total Investments)
             
 
1,355
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.595%, 10/01/32 (IF)
4/18 at 100.00
 
AA
   
1,795,009
 
 
1,240
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
   
1,314,053
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
2,740
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
2,855,107
 
 
2,740
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
2,881,548
 

Nuveen Investments
 
49

 
 

 

NCO
Nuveen California Municipal Market Opportunity Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Transportation (continued)
             
$
840
 
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
 
$
888,728
 
 
2,465
 
San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 – AGM Insured (Alternative Minimum Tax)
7/14 at 100.00
 
AA–
   
2,476,166
 
 
11,380
 
Total Transportation
         
12,210,611
 
     
U.S. Guaranteed – 12.0% (8.6% of Total Investments) (4)
             
 
10
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured (ETM)
No Opt. Call
 
AAA
   
11,835
 
 
2,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.500%, 6/01/19 (Pre-refunded 6/01/14)
6/14 at 100.00
 
AAA
   
2,027,720
 
 
1,680
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
   
2,249,486
 
 
600
 
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
4/14 at 100.00
 
AAA
   
602,844
 
 
2,150
 
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 102.00
 
Aa2 (4)
   
2,237,161
 
 
870
 
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B, 5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
 
AAA
   
1,011,453
 
 
3,270
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
 
Aaa
   
4,231,086
 
 
1,875
 
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/24 (Pre-refunded 8/01/14) – NPFG Insured
8/14 at 100.00
 
AA (4)
   
1,915,875
 
 
210
 
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA (4)
   
224,517
 
 
485
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (4)
   
564,670
 
 
13,150
 
Total U.S. Guaranteed
         
15,076,647
 
     
Utilities – 4.9% (3.5% of Total Investments)
             
 
2,575
 
California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18
6/14 at 100.00
 
N/R
   
2,453,615
 
 
1,365
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
   
1,505,486
 
 
455
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
457,653
 
 
1,500
 
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28
1/20 at 100.00
 
AA–
   
1,694,415
 
 
5,895
 
Total Utilities
         
6,111,169
 
     
Water and Sewer – 18.2% (12.9% of Total Investments)
             
 
1,020
 
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2002X, 5.500%, 12/01/17 – FGIC Insured
No Opt. Call
 
AAA
   
1,210,189
 
 
2,870
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
2,738,210
 
 
2,500
 
El Centro Financing Authority, California, Water Revenue Bonds, Series 2006A, 4.750%, 10/01/31 – AGM Insured
10/16 at 100.00
 
AA–
   
2,583,050
 
 
750
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 10/01/36 – AGM Insured
10/16 at 100.00
 
AA–
   
762,443
 
 
2,540
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.250%, 7/01/39 (UB)
1/21 at 100.00
 
AA
   
2,762,326
 
 
1,000
 
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization Series 2007A, 5.000%, 7/01/37
7/17 at 100.00
 
AAA
   
1,095,470
 

50
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
3,380
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 11738, 18.307%, 8/01/29 (IF)
2/19 at 100.00
 
AAA
 
$
4,810,416
 
 
3,500
 
Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
   
3,397,310
 
 
350
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2006, 5.000%, 12/01/31 – FGIC Insured
6/16 at 100.00
 
AA
   
373,076
 
 
2,630
 
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A, 5.250%, 5/15/27
5/20 at 100.00
 
AA
   
3,045,067
 
 
20,540
 
Total Water and Sewer
         
22,777,557
 
$
184,939
 
Total Long-Term Investments (cost $163,736,988)
         
176,320,707
 
     
Floating Rate Obligations – (2.1)%
         
(2,695,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.7)% (5)
         
(49,800,000
)
     
Other Assets Less Liabilities – 1.2%
         
1,585,569
 
     
Net Assets Applicable to Common Shares – 100%
       
$
125,411,276
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.2%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.
 
Nuveen Investments
 
51

 
 

 

NQC
 
 
Nuveen California Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 152.8% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 152.8% (100.0% of Total Investments)
             
     
Consumer Staples – 6.3% (4.1% of Total Investments)
             
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
             
$
1,000
 
5.600%, 6/01/36
12/18 at 100.00
 
BB–
 
$
842,140
 
 
1,000
 
5.650%, 6/01/41
12/18 at 100.00
 
BB–
   
809,860
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:
             
 
320
 
4.250%, 6/01/21
6/15 at 100.00
 
BB+
   
306,365
 
 
3,500
 
5.250%, 6/01/45
6/15 at 100.00
 
B–
   
2,741,025
 
 
150
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
6/17 at 100.00
 
B
   
123,612
 
 
6,740
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
   
5,284,901
 
 
3,500
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.375%, 6/01/38
6/15 at 100.00
 
B–
   
2,785,405
 
 
16,210
 
Total Consumer Staples
         
12,893,308
 
     
Education and Civic Organizations – 7.1% (4.7% of Total Investments)
             
 
3,000
 
California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36
12/16 at 100.00
 
Baa3
   
2,995,710
 
 
2,000
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A, 5.000%, 10/01/27 – NPFG Insured
10/15 at 100.00
 
Aa3
   
2,123,380
 
 
1,575
 
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2010, 5.000%, 2/01/40
2/20 at 100.00
 
Aa3
   
1,647,576
 
 
170
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
   
172,341
 
 
120
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/21
11/15 at 100.00
 
A2
   
126,980
 
 
545
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
   
550,995
 
 
1,000
 
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38
10/23 at 100.00
 
Baa1
   
1,010,200
 
 
6,000
 
California State Public Works Board, Lease Revenue Bonds, California State University Projects, Series 1997C, 5.400%, 10/01/22
4/14 at 100.00
 
Aa3
   
6,021,480
 
 
14,410
 
Total Education and Civic Organizations
         
14,648,662
 
      Health Care – 31.2% (20.4% of Total Investments)              
 
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2004G, 5.250%, 7/01/23
7/14 at 100.00
 
A
   
3,037,590
 
 
3,260
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
7/20 at 100.00
 
AA–
   
3,360,734
 
 
1,250
 
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
No Opt. Call
 
AA–
   
1,320,063
 
 
840
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
A1
   
884,990
 
 
2,400
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
11/16 at 100.00
 
AA–
   
2,433,528
 
 
6,765
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
   
6,859,507
 

52
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
1,270
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
 
$
1,483,081
 
     
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:
             
 
2,950
 
5.250%, 2/01/27
2/17 at 100.00
 
BBB
   
3,006,522
 
 
1,750
 
5.250%, 2/01/46
2/17 at 100.00
 
BBB
   
1,736,473
 
 
5,000
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
3/15 at 100.00
 
A
   
5,026,300
 
 
8,275
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
   
8,569,756
 
 
948
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
   
1,043,956
 
 
3,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/24
7/15 at 100.00
 
BBB–
   
3,048,360
 
 
1,840
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
   
1,894,740
 
     
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
             
 
1,785
 
5.000%, 3/01/41
3/16 at 100.00
 
A+
   
1,803,314
 
 
2,355
 
5.250%, 3/01/45
3/16 at 100.00
 
A+
   
2,384,485
 
 
770
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2005A, 5.000%, 11/15/43
11/15 at 100.00
 
AA–
   
777,307
 
 
1,000
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/23
12/15 at 100.00
 
BBB
   
1,007,000
 
 
1,785
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
12/17 at 100.00
 
BBB
   
1,965,267
 
 
2,400
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
1/21 at 100.00
 
A
   
2,481,984
 
 
65
 
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
11/20 at 100.00
 
BB+
   
65,586
 
 
2,500
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29
11/19 at 100.00
 
Baa3
   
2,600,700
 
 
3,250
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Baa3
   
3,189,453
 
 
1,250
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
8/17 at 100.00
 
A+
   
1,309,950
 
 
2,575
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
A
   
2,840,148
 
 
62,283
 
Total Health Care
         
64,130,794
 
     
Housing/Multifamily – 1.3% (0.8% of Total Investments)
             
 
1,230
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
   
1,288,007
 
 
1,255
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
   
1,284,342
 
 
2,485
 
Total Housing/Multifamily
         
2,572,349
 
     
Housing/Single Family – 1.2% (0.8% of Total Investments)
             
 
1,890
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
2/17 at 100.00
 
A–
   
1,889,754
 
 
105
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
109,913
 
 
480
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006K, 5.500%, 2/01/42 (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
491,088
 
 
2,475
 
Total Housing/Single Family
         
2,490,755
 

Nuveen Investments
 
53

 
 

 

NQC
Nuveen California Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Long-Term Care – 0.3% (0.2% of Total Investments)
             
$
610
 
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
4/14 at 100.00
 
BBB+
 
$
612,025
 
     
Tax Obligation/General – 29.6% (19.4% of Total Investments)
             
     
California State, General Obligation Bonds, Various Purpose Series 2009:
             
 
15,445
 
6.000%, 11/01/39
11/19 at 100.00
 
A1
   
18,256,608
 
 
1,505
 
5.500%, 11/01/39
11/19 at 100.00
 
A1
   
1,687,827
 
 
5,100
 
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40
3/20 at 100.00
 
A1
   
5,699,607
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
             
 
3,000
 
5.000%, 9/01/31
No Opt. Call
 
A1
   
3,314,670
 
 
3,815
 
5.000%, 9/01/41
9/21 at 100.00
 
A1
   
4,023,604
 
 
3,030
 
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured
No Opt. Call
 
AA–
   
1,352,774
 
 
3,250
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
A
   
3,200,275
 
 
20
 
Riverside Community College District, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/21 – NPFG Insured
8/14 at 100.00
 
AA
   
20,424
 
 
2,500
 
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41
8/21 at 100.00
 
AA+
   
2,681,575
 
 
3,250
 
San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2004 Series 2007B, 5.000%, 8/01/32
8/17 at 100.00
 
AAA
   
3,576,918
 
 
41,725
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
   
17,078,460
 
 
82,640
 
Total Tax Obligation/General
         
60,892,742
 
     
Tax Obligation/Limited – 39.0% (25.5% of Total Investments)
             
 
3,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Hospital Addition, Series 2001A, 5.000%, 12/01/21 – AMBAC Insured
6/14 at 100.00
 
A2
   
3,010,110
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A2
   
1,115,210
 
 
1,390
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15
7/14 at 100.00
 
AA
   
1,413,574
 
 
385
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
9/15 at 100.00
 
A
   
393,551
 
 
865
 
Chula Vista, California, Special Tax Bonds, Community Facilities District 12-1 McMillin Otay Ranch Village Seven, Series 2005, 5.250%, 9/01/30
3/14 at 100.00
 
N/R
   
867,777
 
 
645
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
9/14 at 100.00
 
A
   
645,019
 
 
1,595
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana Redevelopment Project, Series 2003A, 5.375%, 9/01/25 – AMBAC Insured
3/14 at 100.00
 
A+
   
1,597,456
 
 
885
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
4/14 at 100.00
 
A–
   
885,681
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 2215:
             
 
1,175
 
15.344%, 6/01/31 – FGIC Insured (IF)
6/15 at 100.00
 
A2
   
1,180,029
 
 
825
 
15.344%, 6/01/35 – FGIC Insured (IF)
6/15 at 100.00
 
A2
   
796,389
 
 
1,770
 
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.000%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
   
1,809,648
 
 
3,840
 
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
9/15 at 100.00
 
BB+
   
3,504,730
 
 
810
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/24 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
818,157
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
             
 
195
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
   
198,342
 
 
445
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
   
447,109
 

54
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
770
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
9/15 at 100.00
 
A1
 
$
784,491
 
 
10,000
 
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2006B, 5.000%, 9/01/31 – FGIC Insured
9/16 at 100.00
 
A
   
10,295,400
 
 
440
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
   
529,065
 
     
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010:
             
 
1,000
 
5.875%, 3/01/32
3/20 at 100.00
 
A
   
1,061,960
 
 
1,500
 
6.000%, 3/01/36
3/20 at 100.00
 
A
   
1,619,340
 
 
160
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
178,302
 
 
3,600
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%,
8/01/25 – NPFG Insured
No Opt. Call
 
A
   
4,232,376
 
 
1,390
 
Ontario, California, Special Tax Bonds, Community Facilities District 5, Freeway Interchange Project, Series 1997, 6.375%, 9/01/17
9/14 at 100.00
 
N/R
   
1,423,110
 
 
1,000
 
Paramount Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2003, 5.000%, 8/01/23 – NPFG Insured
8/14 at 100.00
 
A
   
1,003,110
 
     
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
             
 
1,170
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
   
1,192,499
 
 
1,050
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
1,085,196
 
 
190
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
   
195,267
 
     
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
             
 
150
 
6.000%, 9/01/33
3/14 at 100.00
 
N/R
   
154,916
 
 
330
 
6.125%, 9/01/41
3/14 at 100.00
 
N/R
   
340,616
 
 
2,630
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
   
2,747,061
 
 
1,000
 
Pittsburg Redevelopment Agency, California, Tax Allocation Refunding Bonds, Los Medanos Community Development Project, Series 2003A, 5.000%, 8/01/14 – NPFG Insured
No Opt. Call
 
A
   
1,021,250
 
 
525
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
   
577,469
 
 
95
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A–
   
107,002
 
     
Riverside County, California, Community Facilities District 05-8, Scott Road, Special Tax Bonds Series 2013:
             
 
555
 
5.000%, 9/01/30
9/22 at 100.00
 
N/R
   
570,745
 
 
710
 
5.000%, 9/01/42
9/22 at 100.00
 
N/R
   
714,068
 
 
1,415
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured
8/17 at 100.00
 
A
   
1,417,363
 
 
4,000
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured
No Opt. Call
 
A
   
4,525,200
 
 
4,250
 
Sacramento City Financing Authority, California, Tax Allocation Revenue Bonds, Merged Downtown Sacramento and Oak Park Projects, Series 2005A, 0.000%, 12/01/31 – FGIC Insured
No Opt. Call
 
A
   
1,561,535
 
 
500
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39
8/19 at 100.00
 
A–
   
559,235
 
 
80
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
   
91,986
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
 
75
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
   
82,603
 
 
95
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
   
103,195
 
 
130
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
8/22 at 100.00
 
N/R
   
134,351
 

Nuveen Investments
 
55

 
 

 

NQC
Nuveen California Investment Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
3,535
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
9/14 at 100.00
 
AA
 
$
3,549,988
 
 
1,825
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2008B, 6.250%, 8/01/20
8/18 at 100.00
 
BBB
   
2,065,991
 
 
6,000
 
San Ramon Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2006A, 5.000%, 2/01/38 – AMBAC Insured
2/16 at 100.00
 
A–
   
6,025,440
 
 
2,840
 
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003, 5.000%, 6/01/23 – NPFG Insured
6/14 at 100.00
 
A
   
2,870,076
 
 
5,250
 
Santa Cruz County Redevelopment Agency, California, Tax Allocation Bonds, Live Oak-Soquel Community Improvement Projects, Subordinate Lien Series 2000, 5.250%, 9/01/25 – AMBAC Insured
9/14 at 100.00
 
A
   
5,347,440
 
 
130
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
   
140,169
 
 
915
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2013, 5.450%, 9/01/26
9/14 at 102.00
 
N/R
   
843,154
 
 
600
 
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33
12/21 at 100.00
 
A
   
714,696
 
 
1,265
 
Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 – AMBAC Insured
8/17 at 100.00
 
A
   
1,301,723
 
 
225
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
9/21 at 100.00
 
A–
   
260,935
 
 
80,220
 
Total Tax Obligation/Limited
         
80,111,105
 
     
Transportation – 10.7% (7.0% of Total Investments)
             
 
2,715
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2012F-1, 5.000%, 4/01/30
No Opt. Call
 
AA
   
3,037,271
 
 
1,325
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.595%, 10/01/32 (IF)
4/18 at 100.00
 
AA
   
1,755,267
 
 
2,195
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
   
2,326,085
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
4,840
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
5,043,328
 
 
4,840
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
5,090,034
 
 
2,975
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010D, 5.000%, 5/15/40
5/20 at 100.00
 
AA
   
3,146,301
 
 
1,490
 
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
   
1,576,435
 
 
20,380
 
Total Transportation
         
21,974,721
 
     
U.S. Guaranteed – 8.8% (5.8% of Total Investments) (4)
             
 
2,080
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (4)
   
2,285,525
 
 
3,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.500%, 6/01/20 (Pre-refunded 6/01/14)
6/14 at 100.00
 
AAA
   
3,041,580
 
 
2,798
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
   
3,746,466
 
 
960
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
7/14 at 100.00
 
Aaa
   
976,051
 
 
3,145
 
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
4/14 at 100.00
 
AAA
   
3,159,907
 
 
1,500
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2004C, 5.250%, 7/01/19 (Pre-refunded 7/01/14) – NPFG Insured
7/14 at 100.00
 
AA (4)
   
1,526,355
 
 
2,285
 
Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 100.00
 
AA– (4)
   
2,335,019
 
 
585
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured (ETM)
8/17 at 100.00
 
AA– (4)
   
643,990
 

56
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (4) (continued)
             
$
345
 
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA (4)
 
$
368,850
 
 
16,698
 
Total U.S. Guaranteed
         
18,083,743
 
     
Utilities – 3.1% (2.0% of Total Investments)
             
 
2,250
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
   
2,481,570
 
 
740
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
744,314
 
 
3,210
 
Turlock Irrigation District, California, Electric Revenue Bonds, Series 2003A, 5.000%, 1/01/16 – NPFG Insured
7/14 at 100.00
 
A+
   
3,223,225
 
 
6,200
 
Total Utilities
         
6,449,109
 
     
Water and Sewer – 14.2% (9.3% of Total Investments)
             
     
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
             
 
4,250
 
5.000%, 10/01/30
4/23 at 100.00
 
AA–
   
4,772,538
 
 
1,000
 
5.000%, 10/01/34
4/23 at 100.00
 
AA–
   
1,101,590
 
 
5,900
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
5,629,072
 
 
520
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
4/16 at 100.00
 
AA–
   
548,917
 
     
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A:
             
 
6,250
 
5.250%, 7/01/39 (UB)
1/21 at 100.00
 
AA
   
6,797,063
 
 
2,000
 
5.000%, 7/01/41
1/21 at 100.00
 
AA
   
2,127,800
 
 
7,170
 
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A, 5.250%, 5/15/28
5/20 at 100.00
 
AA
   
8,254,821
 
 
27,090
 
Total Water and Sewer
         
29,231,801
 
$
331,701
 
Total Long-Term Investments (cost $298,166,015)
         
314,091,114
 
     
Floating Rate Obligations – (4.8)%
         
(9,815,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (51.4)% (5)
         
(105,600,000
)
     
Other Assets Less Liabilities – 3.4%
         
6,881,677
 
     
Net Assets Applicable to Common Shares – 100%
       
$
205,557,791
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.6%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments
 
57

 
 

 

NVC
 
 
Nuveen California Select Quality Municipal Fund, Inc.
 
Portfolio of Investments
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 143.3% (100.0% of Total Investments)
             
     
MUNICIPAL BONDS – 143.3% (100.0% of Total Investments)
             
     
Consumer Staples – 7.3% (5.1% of Total Investments)
             
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
             
$
2,075
 
5.600%, 6/01/36
12/18 at 100.00
 
BB–
 
$
1,747,441
 
 
4,675
 
5.650%, 6/01/41
12/18 at 100.00
 
BB–
   
3,786,096
 
 
545
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
6/15 at 100.00
 
BB+
   
521,778
 
 
2,770
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
6/14 at 100.00
 
Baa1
   
2,755,097
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
8,515
 
5.750%, 6/01/47
6/17 at 100.00
 
B
   
7,017,041
 
 
2,180
 
5.125%, 6/01/47
6/17 at 100.00
 
B
   
1,643,938
 
 
10,220
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
   
8,013,604
 
 
1,250
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
6/15 at 100.00
 
B–
   
979,425
 
 
32,230
 
Total Consumer Staples
         
26,464,420
 
     
Education and Civic Organizations – 3.3% (2.3% of Total Investments)
             
 
290
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
   
293,993
 
 
2,165
 
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
10/21 at 100.00
 
A2
   
2,530,907
 
 
535
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 18.021%, 10/01/38 (IF) (4)
10/18 at 100.00
 
Aa1
   
725,695
 
     
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
             
 
200
 
5.000%, 11/01/21
11/15 at 100.00
 
A2
   
211,634
 
 
1,500
 
5.000%, 11/01/30
11/15 at 100.00
 
A2
   
1,587,900
 
 
1,740
 
California Infrastructure and Economic Development Bond Bank, Revenue Bonds, Scripps Research Institute, Series 2005A, 5.000%, 7/01/24
7/15 at 100.00
 
Aa3
   
1,830,115
 
 
905
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
   
914,955
 
 
1,385
 
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – NPFG Insured
11/15 at 100.00
 
Aa2
   
1,480,731
 
 
770
 
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
12/21 at 100.00
 
N/R
   
845,837
 
 
1,300
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
   
1,396,070
 
 
10,790
 
Total Education and Civic Organizations
         
11,817,837
 
     
Health Care – 31.7% (22.1% of Total Investments)
             
 
1,750
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Sansum-Santa Barbara Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
4/14 at 100.00
 
A
   
1,756,213
 
 
1,455
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
A1
   
1,532,930
 
 
4,850
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46
11/16 at 100.00
 
AA–
   
4,917,755
 

58
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
10,145
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
 
$
10,286,726
 
 
8,200
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A, 5.000%, 3/01/35
3/15 at 100.00
 
A
   
8,243,132
 
 
3,000
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
   
3,106,860
 
 
1,621
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
   
1,786,018
 
 
12,125
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
   
14,159,333
 
 
3,475
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
7/17 at 100.00
 
N/R
   
3,103,662
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
             
 
1,500
 
5.250%, 7/01/24
7/15 at 100.00
 
BBB–
   
1,524,180
 
 
10,000
 
5.000%, 7/01/39
7/15 at 100.00
 
BBB–
   
9,503,400
 
 
5,190
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
   
5,344,403
 
 
1,355
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
No Opt. Call
 
A1
   
1,470,636
 
 
4,565
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 19.169%, 11/15/46 (IF) (4)
11/16 at 100.00
 
AA–
   
4,819,955
 
 
1,000
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A, 5.000%, 12/01/23
12/15 at 100.00
 
BBB
   
1,007,000
 
 
3,100
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
12/17 at 100.00
 
BBB
   
3,413,069
 
     
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010:
             
 
1,195
 
5.500%, 3/15/36
3/15 at 100.00
 
A+
   
1,242,191
 
 
3,410
 
5.375%, 3/15/36
3/20 at 100.00
 
A+
   
3,548,037
 
 
6,200
 
Madera County, California, Certificates of Participation, Valley Children’s Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured
3/14 at 100.00
 
A1
   
6,207,192
 
 
5,885
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Baa3
   
6,065,493
 
 
5,800
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Baa3
   
5,691,946
 
 
9,655
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
7/17 at 100.00
 
Baa2
   
9,660,214
 
 
3,550
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
   
4,008,625
 
 
1,500
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
A
   
1,654,455
 
 
110,526
 
Total Health Care
         
114,053,425
 
     
Housing/Multifamily – 1.5% (1.1% of Total Investments)
             
 
2,070
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
   
2,167,621
 
     
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A:
             
 
275
 
5.125%, 8/15/32
8/22 at 100.00
 
BBB
   
282,403
 
 
525
 
5.500%, 8/15/47
8/22 at 100.00
 
BBB
   
537,275
 
 
1,500
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
   
1,543,320
 

Nuveen Investments
 
59

 
 

 

NVC
Nuveen California Select Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily (continued)
             
$
1,000
 
Independent Cities Lease Finance Authority, California, Revenue Bonds, Morgan Hill, Hacienda Valley Mobile Home Park, Series 2004A, 5.950%, 11/15/39
11/14 at 100.00
 
N/R
 
$
1,001,480
 
 
5,370
 
Total Housing/Multifamily
         
5,532,099
 
     
Housing/Single Family – 0.5% (0.3% of Total Investments)
             
 
1,590
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
2/17 at 100.00
 
A–
   
1,589,793
 
 
185
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
193,656
 
 
1,775
 
Total Housing/Single Family
         
1,783,449
 
     
Industrials – 1.2% (0.8% of Total Investments)
             
 
4,055
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Republic Services Inc., Series 2002C, 5.250%, 6/01/23 (Mandatory put 12/01/17) (Alternative Minimum Tax)
No Opt. Call
 
BBB+
   
4,351,421
 
     
Tax Obligation/General – 29.7% (20.7% of Total Investments)
             
 
140
 
California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 – FGIC Insured
5/14 at 100.00
 
A1
   
140,662
 
     
California State, General Obligation Bonds, Various Purpose Series 2009:
             
 
15,000
 
6.000%, 11/01/39
11/19 at 100.00
 
A1
   
17,730,600
 
 
3,500
 
5.500%, 11/01/39
11/19 at 100.00
 
A1
   
3,925,180
 
     
California State, General Obligation Bonds, Various Purpose Series 2010:
             
 
2,000
 
6.000%, 3/01/33
3/20 at 100.00
 
A1
   
2,387,660
 
 
7,605
 
5.250%, 11/01/40
11/20 at 100.00
 
A1
   
8,256,368
 
     
California State, General Obligation Bonds, Various Purpose Series 2011:
             
 
2,215
 
5.250%, 10/01/28
No Opt. Call
 
A1
   
2,550,573
 
 
2,415
 
5.000%, 9/01/31
No Opt. Call
 
A1
   
2,668,309
 
 
8,910
 
5.000%, 9/01/41
9/21 at 100.00
 
A1
   
9,397,199
 
 
9,135
 
5.000%, 10/01/41
10/21 at 100.00
 
A1
   
9,638,887
 
 
3,000
 
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 2/01/29
No Opt. Call
 
A1
   
3,380,310
 
 
3,850
 
Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/30 – FGIC Insured
8/15 at 100.00
 
A1
   
4,031,374
 
 
2,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/31 – AGM Insured
8/18 at 100.00
 
Aa1
   
2,128,280
 
     
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Refunding Series 2004:
             
 
1,470
 
5.250%, 5/01/19 – NPFG Insured
5/14 at 100.00
 
Aa3
   
1,481,848
 
 
1,040
 
5.250%, 5/01/20 – NPFG Insured
5/14 at 100.00
 
Aa3
   
1,048,382
 
 
4,000
 
Long Beach Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 5/01/30 – FGIC Insured
5/15 at 100.00
 
Aa2
   
4,167,320
 
 
3,915
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005A-2, 5.000%, 7/01/24 – NPFG Insured
7/15 at 100.00
 
Aa2
   
4,164,738
 
 
6,000
 
North Orange County Community College District, California, General Obligation Bonds, Series 2003B, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
Aa1
   
3,536,100
 
 
5,000
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured
No Opt. Call
 
A
   
4,923,500
 
 
3,245
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
8/21 at 100.00
 
Aa2
   
3,506,482
 
 
16,150
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured
No Opt. Call
 
AA–
   
5,339,190
 
 
2,340
 
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B, 5.500%, 8/01/40
8/24 at 100.00
 
Aa3
   
2,616,635
 
 
1,285
 
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A, 5.500%, 8/01/38
8/24 at 100.00
 
Aa3
   
1,443,877
 

60
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/General (continued)
             
$
20,860
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
 
$
8,538,207
 
 
125,075
 
Total Tax Obligation/General
         
107,001,681
 
     
Tax Obligation/Limited – 31.0% (21.7% of Total Investments)
             
 
3,370
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured
4/14 at 100.00
 
N/R
   
3,345,669
 
 
2,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A2
   
2,230,420
 
 
4,860
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34
11/19 at 100.00
 
A2
   
5,680,271
 
 
730
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
9/15 at 100.00
 
A
   
746,213
 
 
1,000
 
Coachella Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2007, 5.000%, 9/01/31 – AMBAC Insured
9/16 at 100.00
 
N/R
   
968,810
 
 
1,500
 
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 – RAAI Insured
8/14 at 100.00
 
BBB
   
1,500,195
 
 
3,000
 
Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured
9/15 at 100.00
 
AA–
   
3,141,210
 
 
1,115
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Series 2003, 5.000%, 9/01/33 – NPFG Insured
9/14 at 101.00
 
A
   
1,116,193
 
 
1,530
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
4/14 at 100.00
 
A–
   
1,531,178
 
 
3,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45
6/15 at 100.00
 
A2
   
2,973,990
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 2215:
             
 
1,940
 
15.344%, 6/01/31 – FGIC Insured (IF)
6/15 at 100.00
 
A2
   
1,948,303
 
 
1,355
 
15.344%, 6/01/35 – FGIC Insured (IF)
6/15 at 100.00
 
A2
   
1,308,009
 
 
1,785
 
Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.250%, 9/01/36 – SYNCORA GTY Insured
9/16 at 100.00
 
N/R
   
1,838,389
 
 
1,500
 
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
2/17 at 100.00
 
A–
   
1,508,655
 
 
1,000
 
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 – BAM Insured
2/23 at 100.00
 
AA
   
1,034,530
 
 
435
 
Indian Wells Redevelopment Agency, California, Tax Allocation Bonds, Consolidated Whitewater Project Area, Series 2003A, 5.000%, 9/01/20 – AMBAC Insured
3/14 at 100.00
 
BBB
   
435,657
 
 
1,345
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1, 5.000%, 5/01/23 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
1,365,565
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
             
 
330
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
   
335,656
 
 
760
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
   
763,602
 
 
4,315
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
9/15 at 100.00
 
A1
   
4,396,208
 
 
4,090
 
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
No Opt. Call
 
AA
   
4,253,764
 
 
5,175
 
Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Police Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
1/17 at 100.00
 
A+
   
5,274,515
 
 
1,895
 
Murrieta, California, Special Tax Bonds, Community Facilities District 2000-2, The Oaks Improvement Area A, Series 2004A, 5.900%, 9/01/27
9/14 at 100.00
 
N/R
   
1,913,533
 

Nuveen Investments
 
61

 
 

 

NVC
Nuveen California Select Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
735
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
 
$
883,779
 
 
275
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
306,457
 
 
3,605
 
Oakland State Building Authority, California, Lease Revenue Bonds, Elihu M. Harris State Office Building, Series 1998A, 5.000%, 4/01/23 – AMBAC Insured
4/14 at 100.00
 
A2
   
3,608,389
 
 
695
 
Ontario Redevelopment Financing Authority, California, Lease Revenue Bonds, Capital Projects, Series 2001, 5.250%, 8/01/18 – AMBAC Insured
8/14 at 100.00
 
AA–
   
698,051
 
 
5,000
 
Palm Springs Financing Authority, California, Lease Revenue Bonds, Convention Center Project, Refunding Series 2004A, 5.500%, 11/01/35 – NPFG Insured
11/14 at 102.00
 
A+
   
5,131,300
 
 
1,120
 
Panama-Buena Vista Union School District, California, Certificates of Participation, School Construction Project, Series 2006, 5.000%, 9/01/23 – NPFG Insured
9/16 at 100.00
 
A
   
1,173,872
 
     
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
             
 
1,955
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
   
1,992,595
 
 
1,755
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
1,813,828
 
 
320
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
   
328,870
 
     
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
             
 
225
 
6.000%, 9/01/33
3/14 at 100.00
 
N/R
   
232,373
 
 
530
 
6.125%, 9/01/41
3/14 at 100.00
 
N/R
   
547,050
 
 
1,920
 
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
6/14 at 100.00
 
N/R
   
1,921,094
 
 
4,930
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
   
5,149,434
 
 
8,750
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999, 0.000%, 8/01/23 – AMBAC Insured
No Opt. Call
 
A
   
5,723,025
 
 
890
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
   
978,947
 
 
160
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A–
   
180,214
 
 
45
 
Riverside Public Financing Authority, California, Revenue Bonds, Multiple Project Loans, Series 1991A, 8.000%, 2/01/18
8/14 at 100.00
 
N/R
   
45,885
 
 
1,135
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
AAA
   
1,223,746
 
 
130
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
   
149,477
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
 
130
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
   
143,178
 
 
165
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
   
179,233
 
 
2,200
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
9/14 at 100.00
 
AA
   
2,209,328
 
 
875
 
San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35
8/20 at 100.00
 
A
   
907,996
 
 
1,260
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured
8/14 at 100.00
 
A
   
1,259,950
 
     
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
             
 
1,100
 
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
 
A
   
1,135,794
 
 
1,215
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
A
   
1,249,190
 
 
2,860
 
Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2011A, 6.750%, 9/01/28
3/21 at 100.00
 
A+
   
3,380,634
 

62
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
4,625
 
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 2003, 5.000%, 6/01/17 – NPFG Insured
6/14 at 100.00
 
A
 
$
4,673,979
 
 
220
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
   
237,208
 
 
1,525
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2013, 5.450%, 9/01/26
9/14 at 102.00
 
N/R
   
1,405,257
 
 
3,900
 
Ventura County Public Financing Authority, California, Lease Revenue Bonds Series 2013A, 5.000%, 11/01/38
11/22 at 100.00
 
AA+
   
4,120,311
 
 
6,870
 
Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured
9/15 at 100.00
 
A
   
6,535,431
 
 
2,175
 
Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 – AMBAC Insured
8/17 at 100.00
 
A
   
2,238,140
 
 
385
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
9/21 at 100.00
 
A–
   
433,140
 
 
111,710
 
Total Tax Obligation/Limited
         
111,807,690
 
     
Transportation – 6.5% (4.5% of Total Investments)
             
 
8,300
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series1995A, 5.000%, 1/01/35 – NPFG Insured
7/14 at 100.00
 
A
   
8,291,949
 
 
2,640
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
   
2,797,661
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
5,830
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
6,074,918
 
 
5,830
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
6,131,178
 
 
22,600
 
Total Transportation
         
23,295,706
 
     
U.S. Guaranteed – 10.0% (7.0% of Total Investments) (5)
             
 
2,210
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (5)
   
2,428,370
 
 
2,175
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)
4/14 at 100.00
 
Aaa
   
2,367,879
 
     
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A:
             
 
4,000
 
5.500%, 6/01/21 (Pre-refunded 6/01/14)
6/14 at 100.00
 
AAA
   
4,055,440
 
 
2,000
 
5.500%, 6/01/23 (Pre-refunded 6/01/14)
6/14 at 100.00
 
AAA
   
2,027,720
 
 
4,787
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
   
6,409,697
 
 
1,030
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/25 (Pre-refunded 10/01/14) – AGM Insured
10/14 at 100.00
 
AA– (5)
   
1,059,777
 
     
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, General Obligation Bonds, Series 2006C:
             
 
2,710
 
5.000%, 8/01/25 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 102.00
 
Aa2 (5)
   
2,819,863
 
 
3,875
 
5.000%, 8/01/26 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 102.00
 
Aa2 (5)
   
4,032,093
 
 
3,750
 
Metropolitan Water District of Southern California, Water Revenue Bonds, Series 2004B-3, 5.000%, 10/01/29 (Pre-refunded 10/01/14) – NPFG Insured
10/14 at 100.00
 
AAA
   
3,858,638
 
 
1,770
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
12/21 at 100.00
 
AA (5)
   
2,291,477
 
 
2,000
 
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 – AGC Insured (ETM)
No Opt. Call
 
AA+ (5)
   
2,510,420
 
 
585
 
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA (5)
   
625,441
 

Nuveen Investments
 
63

 
 

 

NVC
Nuveen California Select Quality Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued)
             
$
1,365
 
San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
12/17 at 100.00
 
N/R (5)
 
$
1,589,229
 
 
32,257
 
Total U.S. Guaranteed
         
36,076,044
 
     
Utilities – 6.0% (4.2% of Total Investments)
             
 
1,810
 
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds, Series 2004, 5.250%, 10/01/21 – NPFG Insured
10/14 at 100.00
 
AA–
   
1,860,988
 
 
1,855
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
No Opt. Call
 
A
   
2,045,917
 
 
5,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured (UB)
7/15 at 100.00
 
AA
   
5,245,250
 
 
2,510
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28
7/23 at 100.00
 
AA–
   
2,889,738
 
     
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005:
             
 
4,000
 
5.000%, 9/01/26 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
4,048,040
 
 
1,260
 
5.125%, 9/01/31 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
1,267,346
 
 
2,800
 
5.250%, 9/01/36 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
2,814,476
 
 
1,305
 
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28
1/20 at 100.00
 
AA–
   
1,474,141
 
 
20,540
 
Total Utilities
         
21,645,896
 
     
Water and Sewer – 14.6% (10.2% of Total Investments)
             
     
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
             
 
4,710
 
5.000%, 10/01/28
4/23 at 100.00
 
AA–
   
5,380,092
 
 
1,500
 
5.000%, 10/01/34
4/23 at 100.00
 
AA–
   
1,652,385
 
 
1,185
 
Burbank, California, Wastewater System Revenue Bonds, Series 2004A, 5.000%, 6/01/24 – AMBAC Insured
6/14 at 100.00
 
AA+
   
1,198,343
 
 
8,380
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
7,995,190
 
 
890
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
4/16 at 100.00
 
AA–
   
939,493
 
 
1,250
 
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
4/16 at 100.00
 
A
   
1,322,600
 
 
4,685
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.250%, 7/01/39 (UB)
1/21 at 100.00
 
AA
   
5,095,078
 
 
4,705
 
Madera Irrigation District. California, Water Revenue Refunding Bonds, Series 2008, 5.500%, 1/01/38
1/18 at 100.00
 
A–
   
4,913,714
 
 
3,000
 
Metropolitan Water District of Southern California, Water Revenue Bonds, 2006 Authorization Series 2007A, 5.000%, 7/01/37
7/17 at 100.00
 
AAA
   
3,286,410
 
 
1,510
 
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 3020, 18.151%, 2/01/35 (IF) (4)
2/19 at 100.00
 
AAA
   
2,149,062
 
 
2,525
 
Sacramento County Sanitation District Financing Authority, California, Revenue Refunding Bonds, Series 2001, 5.500%, 12/01/20 – AMBAC Insured
No Opt. Call
 
AA
   
3,139,888
 

64
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Water and Sewer (continued)
             
$
11,320
 
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A, 5.250%, 5/15/25
5/20 at 100.00
 
AA
 
$
13,258,771
 
 
2,000
 
West Basin Municipal Water District, California, Certificates of Participation, Refunding Series 2008B, 5.000%, 8/01/28 – AGC Insured
8/18 at 100.00
 
AA–
   
2,201,300
 
 
47,660
 
Total Water and Sewer   
         
52,532,326
 
$
524,588
 
Total Long-Term Investments (cost $480,582,073)
         
516,361,994
 
     
Floating Rate Obligations – (3.9)%
         
(14,025,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.1)% (6)
         
(158,900,000
)
     
Other Assets Less Liabilities – 4.7%
         
16,794,260
 
     
Net Assets Applicable to Common Shares – 100%
       
$
360,231,254
 

(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for inverse floating rate transactions.
(5)
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.8%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

Nuveen Investments
 
65

 
 

 

NUC
 
 
Nuveen California Quality Income Municipal Fund, Inc.
 
Portfolio of Investments
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
LONG-TERM INVESTMENTS – 147.9% (99.0% of Total Investments)
             
     
MUNICIPAL BONDS – 147.9% (99.0% of Total Investments)
             
     
Consumer Staples – 5.6% (3.8% of Total Investments)
             
$
4,165
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
6/14 at 100.00
 
Baa1
 
$
4,114,645
 
 
525
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
6/15 at 100.00
 
BB+
   
502,630
 
 
2,775
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
6/14 at 100.00
 
Baa1
   
2,760,071
 
 
5,740
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
5/14 at 100.00
 
BBB
   
5,644,142
 
 
1,230
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
6/17 at 100.00
 
B
   
1,013,618
 
 
2,165
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 5.300%, 6/01/37
6/22 at 100.00
 
B
   
1,697,598
 
 
5,000
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.375%, 6/01/38
6/15 at 100.00
 
B–
   
3,979,150
 
 
21,600
 
Total Consumer Staples
         
19,711,854
 
     
Education and Civic Organizations – 6.0% (4.0% of Total Investments)
             
 
2,225
 
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
7/22 at 100.00
 
A1
   
2,266,652
 
 
280
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35
10/15 at 100.00
 
A3
   
283,856
 
 
1,935
 
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 09-11B, 18.021%, 10/01/38 (IF) (4)
10/18 at 100.00
 
Aa1
   
2,624,711
 
     
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
             
 
195
 
5.000%, 11/01/21
11/15 at 100.00
 
A2
   
206,343
 
 
2,450
 
5.000%, 11/01/30
11/15 at 100.00
 
A2
   
2,593,570
 
 
885
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
6/22 at 102.00
 
N/R
   
894,735
 
 
2,500
 
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40
6/20 at 100.00
 
BBB+
   
2,724,025
 
 
4,000
 
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 – AMBAC Insured
9/14 at 100.00
 
A2
   
4,016,760
 
 
785
 
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
12/21 at 100.00
 
N/R
   
862,315
 
 
1,300
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
7/21 at 100.00
 
BBB–
   
1,396,070
 
 
3,000
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34
9/15 at 102.00
 
Baa1
   
3,015,300
 
 
19,555
 
Total Education and Civic Organizations
         
20,884,337
 
     
Health Care – 33.6% (22.5% of Total Investments)
             
 
1,750
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Sansum-Santa Barbara Medical Foundation Clinic, Series 2002A, 5.500%, 4/01/21
4/14 at 100.00
 
A
   
1,756,213
 
 
2,000
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36
3/21 at 100.00
 
Ba2
   
2,172,840
 
 
1,380
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
8/21 at 100.00
 
A1
   
1,453,913
 

66
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Health Care (continued)
             
$
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
AA–
 
$
3,391,650
 
 
14,550
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A, 5.250%, 11/15/46 (UB)
11/16 at 100.00
 
AA–
   
14,753,264
 
 
2,265
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
   
2,351,817
 
     
California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007:
             
 
4,200
 
5.250%, 2/01/27
2/17 at 100.00
 
BBB
   
4,280,472
 
 
2,855
 
5.250%, 2/01/46
2/17 at 100.00
 
BBB
   
2,832,931
 
 
3,275
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
4/22 at 100.00
 
A+
   
3,391,656
 
 
1,571
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.668%, 7/01/47 – AGM Insured (IF)
7/18 at 100.00
 
AA
   
1,730,928
 
 
5,500
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42
8/20 at 100.00
 
AA–
   
6,422,790
 
 
3,400
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31
7/17 at 100.00
 
N/R
   
3,036,676
 
     
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
             
 
3,425
 
5.250%, 7/01/24
7/15 at 100.00
 
BBB–
   
3,480,211
 
 
1,535
 
5.250%, 7/01/30
7/15 at 100.00
 
BBB–
   
1,541,401
 
 
3,015
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31
8/16 at 100.00
 
A+
   
3,104,696
 
 
8,295
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2006, 5.000%, 3/01/41
3/16 at 100.00
 
A+
   
8,380,107
 
 
17,470
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2003A, 5.000%, 8/15/38 – AMBAC Insured (UB) (4)
8/17 at 100.00
 
AA–
   
17,789,002
 
     
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2005A:
             
 
3,000
 
5.000%, 12/01/22
12/15 at 100.00
 
BBB
   
3,028,200
 
 
1,000
 
5.000%, 12/01/23
12/15 at 100.00
 
BBB
   
1,007,000
 
 
3,025
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38
12/17 at 100.00
 
BBB
   
3,330,495
 
 
2,000
 
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
 
A+
   
2,080,960
 
 
4,000
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011, 5.250%, 1/01/42
1/21 at 100.00
 
A
   
4,136,640
 
 
1,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Baa3
   
1,030,670
 
 
7,835
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41
11/20 at 100.00
 
Baa3
   
7,689,034
 
 
4,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/38
7/17 at 100.00
 
Baa2
   
4,002,160
 
 
3,500
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
12/21 at 100.00
 
BB
   
3,952,165
 
 
4,275
 
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41
1/21 at 100.00
 
A
   
4,715,197
 
 
113,121
 
Total Health Care
         
116,843,088
 
     
Housing/Multifamily – 1.6% (1.1% of Total Investments)
             
 
2,040
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45
8/20 at 100.00
 
BBB
   
2,136,206
 
 
640
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
8/22 at 100.00
 
BBB
   
654,963
 

Nuveen Investments
 
67

 
 

 

NUC
Nuveen California Quality Income Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Housing/Multifamily (continued)
             
$
1,480
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
8/22 at 100.00
 
A1
 
$
1,522,742
 
 
1,000
 
Independent Cities Lease Finance Authority, California, Revenue Bonds, Morgan Hill, Hacienda Valley Mobile Home Park, Series 2004A, 5.950%, 11/15/39
11/14 at 100.00
 
N/R
   
1,001,480
 
 
210
 
Yolo County Housing Authority, California, Revenue Refunding Bonds, Russell Park Apartments, Series 1992A, 7.000%, 11/01/14
5/14 at 100.00
 
A2
   
211,058
 
 
5,370
 
Total Housing/Multifamily
         
5,526,449
 
     
Housing/Single Family – 5.3% (3.5% of Total Investments)
             
 
1,390
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007G, 5.050%, 2/01/29 (Alternative Minimum Tax)
2/17 at 100.00
 
A–
   
1,389,819
 
 
180
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
188,422
 
 
16,790
 
California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006M, 4.625%, 8/01/26 (Alternative Minimum Tax)
2/16 at 100.00
 
A–
   
16,746,346
 
 
18,360
 
Total Housing/Single Family
         
18,324,587
 
     
Tax Obligation/General – 23.2% (15.6% of Total Investments)
             
 
2,325
 
Baldwin Park Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2006, 0.000%, 8/01/30 – AMBAC Insured
8/16 at 50.16
 
A+
   
1,036,113
 
 
5,000
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 5.000%, 9/01/36
No Opt. Call
 
A1
   
5,366,900
 
 
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
 
A1
   
18,912,640
 
 
4,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
3/20 at 100.00
 
A1
   
4,775,320
 
     
California State, General Obligation Bonds, Various Purpose Series 2013:
             
 
3,000
 
5.000%, 2/01/29
No Opt. Call
 
A1
   
3,380,310
 
 
4,475
 
5.000%, 4/01/37
4/23 at 100.00
 
A1
   
4,811,341
 
 
2,255
 
5.000%, 2/01/43
No Opt. Call
 
A1
   
2,388,902
 
 
25,000
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/46 – AGM Insured
No Opt. Call
 
Aa2
   
4,131,250
 
 
3,610
 
Hartnell Community College District, California, General Obligation Bonds, Series 2006B, 5.000%, 6/01/29 – AGM Insured (UB)
6/16 at 100.00
 
AA
   
3,883,963
 
 
2,645
 
Long Beach Community College District, California, General Obligation Bonds, Series 2005B, 5.000%, 5/01/30 – FGIC Insured
5/15 at 100.00
 
Aa2
   
2,755,640
 
 
11,800
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/27 – NPFG Insured
No Opt. Call
 
Aa3
   
5,942,008
 
 
515
 
San Joaquin Delta Community College District, California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/29 – AGM Insured
8/15 at 100.00
 
Aa2
   
526,248
 
 
2,000
 
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
8/21 at 100.00
 
Aa2
   
2,161,160
 
 
1,970
 
Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B, 5.500%, 8/01/38
8/24 at 100.00
 
Aa3
   
2,213,571
 
 
41,725
 
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
No Opt. Call
 
Aa2
   
17,078,460
 
 
1,400
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47
8/21 at 100.00
 
Aa2
   
1,478,358
 
 
127,720
 
Total Tax Obligation/General
         
80,842,184
 
     
Tax Obligation/Limited – 39.0% (26.1% of Total Investments)
             
 
1,655
 
Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured
10/15 at 100.00
 
N/R
   
1,390,498
 
 
1,200
 
Burbank Public Financing Authority, California, Revenue Bonds, West Olive Redevelopment Project, Series 2002, 5.125%, 12/01/22 – AMBAC Insured
6/14 at 100.00
 
BBB+
   
1,201,224
 

68
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
11,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Series 2013G, 5.250%, 9/01/32
9/23 at 100.00
 
A2
 
$
12,128,930
 
 
3,070
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Capital East End Project, Series 2002A, 5.250%, 12/01/16 – AMBAC Insured
6/14 at 100.00
 
A2
   
3,083,048
 
 
2,030
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services, Series 2002C, 5.250%, 3/01/21 – AMBAC Insured
3/14 at 100.00
 
A2
   
2,037,288
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/30
No Opt. Call
 
A2
   
1,096,010
 
 
1,000
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Yuba City Courthouse, Series 2013D, 5.000%, 6/01/32
6/23 at 100.00
 
A2
   
1,077,880
 
 
3,650
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30
10/19 at 100.00
 
A2
   
4,070,517
 
 
690
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
9/15 at 100.00
 
A
   
705,325
 
 
3,000
 
Coachella Valley Unified School District, Riverside County, California, Certificates of Participation, Series 2007, 5.000%, 9/01/31 – AMBAC Insured
9/16 at 100.00
 
N/R
   
2,906,430
 
     
Commerce Community Development Commission, California, Tax Allocation Refunding Bonds, Merged Area Development Projects 2 and 3, Series 1998A:
             
 
750
 
5.650%, 8/01/18
8/14 at 100.00
 
N/R
   
751,575
 
 
2,765
 
5.700%, 8/01/28
8/14 at 100.00
 
N/R
   
2,709,451
 
 
1,500
 
Commerce Joint Power Financing Authority, California, Tax Allocation Bonds, Redevelopment Projects 2 and 3, Refunding Series 2003A, 5.000%, 8/01/28 – RAAI Insured
8/14 at 100.00
 
BBB
   
1,500,195
 
 
1,250
 
Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured
9/15 at 100.00
 
AA–
   
1,308,838
 
 
1,085
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding Series 2001, 5.000%, 9/01/31 – NPFG Insured
9/14 at 100.00
 
A
   
1,085,033
 
 
5
 
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Series 2003, 5.000%, 9/01/33 – NPFG Insured
9/14 at 101.00
 
A
   
5,005
 
 
1,490
 
Fontana Redevelopment Agency, California, Jurupa Hills Redevelopment Project, Tax Allocation Refunding Bonds, 1997 Series A, 5.500%, 10/01/27
4/14 at 100.00
 
A–
   
1,491,147
 
 
1,000
 
Fremont, California, Special Tax Bonds, Community Facilities District 1, Pacific Commons, Series 2005, 6.300%, 9/01/31
3/14 at 100.00
 
N/R
   
1,004,560
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
             
 
8,435
 
5.000%, 6/01/35 – FGIC Insured
6/15 at 100.00
 
AA–
   
8,457,268
 
 
2,705
 
5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
 
AA–
   
2,705,595
 
     
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bonds Trust 2215:
             
 
1,885
 
15.344%, 6/01/31 – FGIC Insured (IF)
6/15 at 100.00
 
A2
   
1,893,068
 
 
1,320
 
15.344%, 6/01/35 – FGIC Insured (IF)
6/15 at 100.00
 
A2
   
1,274,222
 
     
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
             
 
115
 
5.000%, 5/01/23 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
116,758
 
 
1,225
 
5.000%, 5/01/24 – AMBAC Insured
5/17 at 100.00
 
BBB+
   
1,237,336
 
     
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District Series 2006A:
             
 
320
 
5.000%, 9/01/26
9/16 at 100.00
 
N/R
   
325,485
 
 
735
 
5.125%, 9/01/36
9/16 at 100.00
 
N/R
   
738,484
 
 
3,245
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
9/15 at 100.00
 
A1
   
3,306,071
 

Nuveen Investments
 
69

 
 

 

NUC
Nuveen California Quality Income Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
1,350
 
Los Angeles Community Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Bunker Hill Redevelopment Project, Series 2004L, 5.100%, 3/01/19
3/14 at 100.00
 
BBB–
 
$
1,365,917
 
 
4,340
 
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
No Opt. Call
 
AA
   
4,513,774
 
 
735
 
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24
8/21 at 100.00
 
A–
   
883,779
 
 
275
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
 
BBB+
   
306,457
 
 
15,300
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%,
8/01/25 – NPFG Insured
No Opt. Call
 
A
   
17,987,595
 
 
2,000
 
Palm Springs Financing Authority, California, Lease Revenue Bonds, Convention Center Project, Refunding Series 2004A, 5.500%, 11/01/35 – NPFG Insured
11/14 at 102.00
 
A+
   
2,052,520
 
 
1,170
 
Panama-Buena Vista Union School District, California, Certificates of Participation, School Construction Project, Series 2006, 5.000%, 9/01/24 – NPFG Insured
9/16 at 100.00
 
A
   
1,220,415
 
     
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
             
 
1,890
 
5.250%, 9/01/30
9/23 at 100.00
 
N/R
   
1,926,345
 
 
1,695
 
5.750%, 9/01/39
9/23 at 100.00
 
N/R
   
1,751,816
 
 
310
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
9/23 at 100.00
 
N/R
   
318,593
 
     
Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
             
 
255
 
6.000%, 9/01/33
3/14 at 100.00
 
N/R
   
263,356
 
 
555
 
6.125%, 9/01/41
3/14 at 100.00
 
N/R
   
572,854
 
 
2,240
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28
9/18 at 100.00
 
BBB–
   
2,339,702
 
 
1,875
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/45 – NPFG Insured
No Opt. Call
 
AA–
   
237,806
 
 
885
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30
9/21 at 100.00
 
BBB+
   
973,447
 
     
Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A:
             
 
1,500
 
5.000%, 9/01/17 – NPFG Insured
3/14 at 100.00
 
A
   
1,506,045
 
 
1,500
 
5.000%, 9/01/20 – NPFG Insured
3/14 at 100.00
 
A
   
1,505,460
 
 
4,320
 
Richmond Joint Powers Financing Authority, California, Tax Allocation Bonds, Series 2003A, 5.250%, 9/01/22 – NPFG Insured
3/14 at 100.00
 
A
   
4,320,000
 
 
3,375
 
Riverside County Redevelopment Agency, California, Interstate 215 Corridor Redevelopment Project Area Tax Allocation Bonds, Series 2010E, 6.500%, 10/01/40
10/20 at 100.00
 
A–
   
3,642,368
 
 
160
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
10/21 at 100.00
 
A–
   
180,214
 
 
1,415
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured
8/17 at 100.00
 
A
   
1,417,363
 
 
2,645
 
Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2005, 5.050%, 9/01/30
9/15 at 100.00
 
N/R
   
2,617,730
 
 
8,625
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, 300 Richards Boulevard Building Acquisition, Series 2006C, 5.000%, 12/01/36 – AMBAC Insured
12/16 at 100.00
 
A
   
8,729,535
 
 
130
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
2/21 at 100.00
 
A–
   
149,477
 
     
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
             
 
130
 
7.000%, 8/01/33
2/21 at 100.00
 
BBB+
   
143,178
 
 
160
 
7.000%, 8/01/41
2/21 at 100.00
 
BBB+
   
173,802
 

70
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
Tax Obligation/Limited (continued)
             
$
2,500
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center Project, Series 2001F, 5.000%, 9/01/20 – NPFG Insured
9/14 at 100.00
 
AA
 
$
2,510,600
 
 
875
 
San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35
8/20 at 100.00
 
A
   
907,996
 
 
1,260
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2003, 4.900%, 8/01/33 – FGIC Insured
8/14 at 100.00
 
A
   
1,259,950
 
 
700
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2004A, 4.440%, 8/01/17 – NPFG Insured
8/14 at 100.00
 
A
   
708,428
 
 
1,195
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
 
A
   
1,228,627
 
 
2,770
 
Santa Ana Community Redevelopment Agency, Orange County, California, Tax Allocation Refunding Bonds, South Main Street Redevelopment, Series 2003B, 5.000%, 9/01/19 – FGIC Insured
3/14 at 100.00
 
A
   
2,777,147
 
 
215
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
4/21 at 100.00
 
N/R
   
231,817
 
 
1,470
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-02 Roripaugh, Series 2013, 5.500%, 9/01/36
9/14 at 102.00
 
N/R
   
1,286,456
 
 
1,310
 
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39
8/21 at 100.00
 
A
   
1,545,970
 
 
2,090
 
Washington Unified School District, Yolo County, California, Certificates of Participation, Series 2007, 5.125%, 8/01/37 – AMBAC Insured
8/17 at 100.00
 
A
   
2,150,673
 
 
375
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
9/21 at 100.00
 
A–
   
434,891
 
 
131,720
 
Total Tax Obligation/Limited
         
135,749,344
 
     
Transportation – 6.9% (4.6% of Total Investments)
             
 
970
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 3211, 13.595%, 10/01/32 (IF)
4/18 at 100.00
 
AA
   
1,284,988
 
 
3,540
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Junior Lien Series 2013C, 6.500%, 1/15/43
1/24 at 100.00
 
BB+
   
3,751,409
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 2013A:
             
 
7,820
 
5.750%, 1/15/46
1/24 at 100.00
 
BBB–
   
8,148,518
 
 
7,825
 
6.000%, 1/15/53
1/24 at 100.00
 
BBB–
   
8,229,240
 
     
Port of Oakland, California, Revenue Refunding Bonds, Series 2012P:
             
 
1,000
 
5.000%, 5/01/29 (Alternative Minimum Tax)
No Opt. Call
 
A+
   
1,070,890
 
 
1,390
 
5.000%, 5/01/31 (Alternative Minimum Tax)
No Opt. Call
 
A+
   
1,470,634
 
 
22,545
 
Total Transportation
         
23,955,679
 
     
U.S. Guaranteed – 14.7% (9.8% of Total Investments) (5)
             
 
3,950
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
4/16 at 100.00
 
AA (5)
   
4,340,300
 
 
5,800
 
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, North County Recycling Center, Series 1991A, 6.750%, 7/01/17 (ETM)
4/14 at 100.00
 
Aaa
   
6,314,344
 
 
5,115
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.500%, 6/01/20 (Pre-refunded 6/01/14)
6/14 at 100.00
 
AAA
   
5,185,894
 
 
4,640
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents, Tender Option Bond Trust 1065, 9.436%, 3/01/33 (Pre-refunded 3/01/18) (IF)
3/18 at 100.00
 
Aaa
   
6,212,867
 
 
1,225
 
California State Public Works Board, Revenue Bonds, University of California – Davis Medical Center, Series 2004II-A, 5.000%, 11/01/23 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
 
Aaa
   
1,264,849
 
 
1,110
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.000%, 7/01/15 (Pre-refunded 7/01/14)
7/14 at 100.00
 
Aaa
   
1,128,559
 
 
12,805
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
   
16,581,323
 

Nuveen Investments
 
71

 
 

 

NUC
Nuveen California Quality Income Municipal Fund, Inc.
 
Portfolio of Investments (continued)
 
February 28, 2014

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
U.S. Guaranteed (5) (continued)
             
$
2,375
 
Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 100.00
 
AA– (5)
 
$
2,426,989
 
 
1,675
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
12/21 at 100.00
 
AA (5)
   
2,168,489
 
 
585
 
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured (ETM)
8/17 at 100.00
 
AA– (5)
   
643,991
 
 
565
 
Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
8/15 at 100.00
 
AA (5)
   
604,058
 
 
1,500
 
Sacramento City Unified School District, Sacramento County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – NPFG Insured
7/15 at 100.00
 
A1 (5)
   
1,597,365
 
 
2,515
 
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1989A, 7.750%, 11/01/14 (Alternative Minimum Tax) (ETM)
No Opt. Call
 
Aaa
   
2,589,243
 
 
43,860
 
Total U.S. Guaranteed
         
51,058,271
 
     
Utilities – 3.6% (2.4% of Total Investments)
             
 
3,695
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.000%, 11/15/35
No Opt. Call
 
A
   
3,834,338
 
 
500
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2005A-1, 5.000%, 7/01/31 – AGM Insured (UB)
7/15 at 100.00
 
AA
   
524,525
 
 
5,230
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
7/22 at 100.00
 
AA–
   
5,599,500
 
     
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005:
             
 
1,235
 
5.125%, 9/01/31 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
1,242,200
 
 
1,500
 
5.250%, 9/01/36 – SYNCORA GTY Insured
9/15 at 100.00
 
N/R
   
1,507,755
 
 
12,160
 
Total Utilities
         
12,708,318
 
     
Water and Sewer – 8.4% (5.6% of Total Investments)
             
 
2,400
 
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/28
4/23 at 100.00
 
AA–
   
2,741,448
 
     
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
             
 
2,660
 
5.000%, 7/01/37 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
2,641,699
 
 
7,320
 
5.000%, 11/21/45 (Alternative Minimum Tax)
No Opt. Call
 
Baa3
   
6,983,866
 
 
385
 
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured
10/14 at 100.00
 
AA–
   
390,282
 
 
1,600
 
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Tender Option Bond Trust 3220, 14.741%, 7/01/28 (IF)
7/18 at 100.00
 
AA+
   
2,376,144
 
 
850
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 5.000%, 4/01/36 – NPFG Insured
4/16 at 100.00
 
AA–
   
897,269
 
 
1,250
 
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – AMBAC Insured
4/16 at 100.00
 
A
   
1,322,600
 
 
670
 
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 09-8B, 17.866%, 7/01/35 (IF) (4)
7/19 at 100.00
 
AAA
   
957,457
 
 
9,370
 
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A, 5.250%, 5/15/27
5/20 at 100.00
 
AA
   
10,848,773
 
 
26,505
 
Total Water and Sewer
         
29,159,538
 
$
542,516
 
Total Long-Term Investments (cost $476,302,784)
         
514,763,649
 

72
 
Nuveen Investments

 
 

 

 
Principal
   
Optional Call
           
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
   
Value
 
     
SHORT-TERM INVESTMENTS – 1.5% (1.0% of Total Investments)
             
     
MUNICIPAL BONDS – 1.5% (1.0% of Total Investments)
             
     
Tax Obligation/Limited – 1.5% (1.0% of Total Investments)
             
$
4,995
 
Los Angeles Community Redevelopment Agency, California, Multifamily Housing Revenue Bonds, Wilshire Station Apartments, Variable Rate Demand Obligations, Tender Option Bond Trust 1178, 0.280%, 10/15/38 (6)
7/14 at 100.00
 
A–1
 
$
4,995,000
 
$
4,995
 
Total Short-Term Investments (cost $4,995,000)
         
4,995,000
 
     
Total Investments (cost $481,297,784) – 149.4%
         
519,758,649
 
     
Floating Rate Obligations – (7.2)%
         
(25,130,000
)
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.4)% (7)
         
(158,100,000
)
     
Other Assets Less Liabilities – 3.2%
         
11,451,503
 
     
Net Assets Applicable to Common Shares – 100%
       
$
347,980,152
 
 
(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 (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for inverse floating rate transactions.
(5)
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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
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.
(7)
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.4%.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
 See accompanying notes to financial statements.

Nuveen Investments
 
73

 
 

 

Statement of
 
 
Assets and Liabilities
 
February 28, 2014

     
California
   
California
   
California
   
California
 
     
Value
   
Value 2
   
Performance Plus
   
Opportunity
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
Assets
                         
Long-term investments, at value (cost $238,240,539, $46,561,686, $270,226,077 and $163,736,988, respectively)
 
$
255,718,236
 
$
54,437,123
 
$
283,794,636
 
$
176,320,707
 
Short-term investments, at value (cost approximates value)
   
   
   
   
 
Cash
   
602,578
   
406,755
   
268,624
   
 
Receivable for:
                         
Interest
   
2,816,075
   
652,457
   
4,306,055
   
2,316,030
 
Investments sold
   
   
   
4,453,192
   
 
Deferred offering costs
   
145,000
   
   
939,010
   
751,175
 
Other assets
   
23,063
   
433
   
100,245
   
45,107
 
Total assets
   
259,304,952
   
55,496,768
   
293,861,762
   
179,433,019
 
Liabilities
                         
Cash overdraft
   
   
   
   
546,793
 
Floating rate obligations
   
4,490,000
   
   
5,480,000
   
2,695,000
 
Payable for:
                         
Common share dividends
   
915,611
   
198,459
   
924,624
   
610,032
 
Offering costs
   
   
   
243,929
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
   
   
91,000,000
   
49,800,000
 
Accrued expenses:
                         
Management fees
   
106,497
   
26,372
   
140,366
   
87,282
 
Directors/Trustees fees
   
26,870
   
590
   
39,150
   
1,879
 
Reorganization
   
   
   
294,950
   
219,950
 
Shelf offering costs
   
34,608
   
   
53,139
   
 
Other
   
92,866
   
35,144
   
73,088
   
60,807
 
Total liabilities
   
5,666,452
   
260,565
   
98,249,246
   
54,021,743
 
Net assets applicable to common shares
 
$
253,638,500
 
$
55,236,203
 
$
195,612,516
 
$
125,411,276
 
Common shares outstanding
   
25,283,751
   
3,287,900
   
13,019,195
   
8,170,445
 
Net asset value (“NAV”) per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
10.03
 
$
16.80
 
$
15.02
 
$
15.35
 
Net assets applicable to common shares consist of:
                         
Common shares, $.01 par value per share
 
$
252,838
 
$
32,879
 
$
130,192
 
$
81,704
 
Paid-in surplus
   
238,030,321
   
46,967,862
   
181,973,308
   
113,754,827
 
Undistributed (Over-distribution of) net investment income
   
1,401,341
   
565,740
   
2,448,849
   
1,664,758
 
Accumulated net realized gain (loss)
   
(3,523,697
)
 
(205,715
)
 
(2,508,392
)
 
(2,673,732
)
Net unrealized appreciation (depreciation)
   
17,477,697
   
7,875,437
   
13,568,559
   
12,583,719
 
Net assets applicable to common shares
 
$
253,638,500
 
$
55,236,203
 
$
195,612,516
 
$
125,411,276
 
Authorized shares:
                         
Common
   
250,000,000
   
Unlimited
   
200,000,000
   
200,000,000
 
Preferred
   
N/A
   
N/A
   
1,000,000
   
1,000,000
 
N/A – Fund is not authorized to issue Preferred shares.
                         

See accompanying notes to financial statements.

74
 
Nuveen Investments

 
 

 

     
California
   
California
   
California
 
     
Investment Quality
   
Select Quality
   
Quality Income
 
     
(NQC
)
 
(NVC
)
 
(NUC
)
Assets
                   
Long-term investments, at value (cost $298,166,015, $480,582,073 and $476,302,784, respectively)
 
$
314,091,114
 
$
516,361,994
 
$
514,763,649
 
Short-term investments, at value (cost approximates value)
   
   
   
4,995,000
 
Cash
   
3,473,236
   
7,453,468
   
5,549,218
 
Receivable for:
                   
Interest
   
4,712,191
   
7,621,889
   
7,044,488
 
Investments sold
   
10,000
   
3,103,122
   
10,000
 
Deferred offering costs
   
509,653
   
940,013
   
933,014
 
Other assets
   
125,898
   
170,552
   
168,107
 
Total assets
   
322,922,092
   
535,651,038
   
533,463,476
 
Liabilities
                   
Cash overdraft
   
   
   
 
Floating rate obligations
   
9,815,000
   
14,025,000
   
25,130,000
 
Payable for:
                   
Common share dividends
   
950,221
   
1,780,730
   
1,742,688
 
Offering costs
   
275,773
   
   
 
Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value
   
105,600,000
   
158,900,000
   
158,100,000
 
Accrued expenses:
                   
Management fees
   
153,460
   
251,455
   
243,678
 
Directors/Trustees fees
   
41,687
   
71,286
   
69,172
 
Reorganization
   
369,950
   
269,950
   
79,950
 
Shelf offering costs
   
66,504
   
3,756
   
7,384
 
Other
   
91,706
   
117,607
   
110,452
 
Total liabilities
   
117,364,301
   
175,419,784
   
185,483,324
 
Net assets applicable to common shares
 
$
205,557,791
 
$
360,231,254
 
$
347,980,152
 
Common shares outstanding
   
13,654,705
   
23,319,003
   
22,204,378
 
Net asset value (“NAV”) per common share outstanding (net assets applicable to common shares, divided by common shares outstanding)
 
$
15.05
 
$
15.45
 
$
15.67
 
Net assets applicable to common shares consist of:
                   
Common shares, $.01 par value per share
 
$
136,547
 
$
233,190
 
$
222,044
 
Paid-in surplus
   
190,082,690
   
325,705,782
   
310,042,271
 
Undistributed (Over-distribution of) net investment income
   
2,187,867
   
4,043,320
   
5,516,122
 
Accumulated net realized gain (loss)
   
(2,774,412
)
 
(5,530,959
)
 
(6,261,150
)
Net unrealized appreciation (depreciation)
   
15,925,099
   
35,779,921
   
38,460,865
 
Net assets applicable to common shares
 
$
205,557,791
 
$
360,231,254
 
$
347,980,152
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 

See accompanying notes to financial statements.

Nuveen Investments
 
75

 
 

 

Statement of
 
 
Operations
  Year Ended February 28, 2014

                           
     
California
   
California
   
California
   
California
 
     
Value
   
Value 2
   
Performance Plus
   
Opportunity
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
Investment Income
 
$
13,441,206
 
$
3,146,613
 
$
14,952,572
 
$
9,751,327
 
Expenses
                         
Management fees
   
1,349,904
   
343,980
   
1,829,358
   
1,138,207
 
Shareholder servicing agent fees and expenses
   
24,388
   
198
   
13,884
   
8,217
 
Interest expense and amortization of offering costs
   
24,550
   
   
212,327
   
147,727
 
Liquidity fees
   
   
   
704,782
   
514,259
 
Remarketing fees
   
   
   
92,265
   
50,490
 
Custodian fees and expenses
   
47,240
   
16,442
   
56,267
   
38,144
 
Directors/Trustees fees and expenses
   
6,669
   
1,443
   
7,684
   
4,635
 
Professional fees
   
40,836
   
27,634
   
50,917
   
42,839
 
Shareholder reporting expenses
   
25,425
   
12,725
   
9,116
   
14,913
 
Stock exchange listing fees
   
8,717
   
474
   
8,611
   
8,611
 
Investor relations expenses
   
21,583
   
4,717
   
20,075
   
12,530
 
Reorganization expenses
   
   
   
295,000
   
220,000
 
Other expenses
   
15,360
   
8,252
   
47,794
   
27,821
 
Total expenses
   
1,564,672
   
415,865
   
3,348,080
   
2,228,393
 
Net investment income (loss)
   
11,876,534
   
2,730,748
   
11,604,492
   
7,522,934
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from:
                         
Investments
   
(1,431,597
)
 
(52,738
)
 
(2,215,946
)
 
(448,097
)
Swaps
   
   
(59,500
)
 
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
(9,078,446
)
 
(2,615,620
)
 
(10,258,507
)
 
(8,699,028
)
Swaps
   
   
32,496
   
   
 
Net realized and unrealized gain (loss)
   
(10,510,043
)
 
(2,695,362
)
 
(12,474,453
)
 
(9,147,125
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
1,366,491
 
$
35,386
 
$
(869,961
)
$
(1,624,191
)

See accompanying notes to financial statements.

76
 
Nuveen Investments

 
 

 

     
California
   
California
   
California
 
     
Investment Quality
   
Select Quality
   
Quality Income
 
     
(NQC
)
 
(NVC
)
 
(NUC
)
Investment Income
 
$
15,923,691
 
$
28,046,601
 
$
27,909,753
 
Expenses
                   
Management fees
   
1,989,628
   
3,286,145
   
3,166,784
 
Shareholder servicing agent fees and expenses
   
12,840
   
17,622
   
15,949
 
Interest expense and amortization of offering costs
   
241,969
   
368,833
   
433,753
 
Liquidity fees
   
981,427
   
1,230,656
   
1,224,459
 
Remarketing fees
   
107,065
   
161,107
   
160,297
 
Custodian fees and expenses
   
54,928
   
88,499
   
87,836
 
Directors/Trustees fees and expenses
   
8,651
   
13,800
   
13,373
 
Professional fees
   
56,756
   
56,720
   
55,976
 
Shareholder reporting expenses
   
11,339
   
17,323
   
17,633
 
Stock exchange listing fees
   
8,766
   
9,004
   
8,960
 
Investor relations expenses
   
22,042
   
36,180
   
34,595
 
Reorganization expenses
   
370,000
   
270,000
   
80,000
 
Other expenses
   
48,083
   
54,461
   
53,979
 
Total expenses
   
3,913,494
   
5,610,350
   
5,353,594
 
Net investment income (loss)
   
12,010,197
   
22,436,251
   
22,556,159
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from:
                   
Investments
   
(1,352,813
)
 
(1,901,548
)
 
(1,389,766
)
Swaps
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                   
Investments
   
(12,679,777
)
 
(25,343,863
)
 
(20,073,708
)
Swaps
   
   
   
 
Net realized and unrealized gain (loss)
   
(14,032,590
)
 
(27,245,411
)
 
(21,463,474
)
Net increase (decrease) in net assets applicable to common shares from operations
 
$
(2,022,393
)
$
(4,809,160
)
$
1,092,685
 

See accompanying notes to financial statements.

Nuveen Investments
 
77

 
 

 

Statement of
 
 
Changes in Net Assets

   
California Value (NCA)
 
California Value 2 (NCB)
 
California Performance Plus (NCP)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
 
Operations
                                     
Net investment income (loss)
 
$
11,876,534
 
$
11,854,006
 
$
2,730,748
 
$
2,716,611
 
$
11,604,492
 
$
11,789,680
 
Net realized gain (loss) from:
                                     
Investments
   
(1,431,597
)
 
442,672
   
(52,738
)
 
559,938
   
(2,215,946
)
 
678,773
 
Swaps
   
   
   
(59,500
)
 
(661,714
)
 
   
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(9,078,446
)
 
8,841,717
   
(2,615,620
)
 
2,350,407
   
(10,258,507
)
 
8,312,464
 
Swaps
   
   
   
32,496
   
701,797
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
1,366,491
   
21,138,395
   
35,386
   
5,667,039
   
(869,961
)
 
20,780,917
 
Distributions to Common Shareholders
                                     
From net investment income
   
(11,863,137
)
 
(11,876,200
)
 
(2,568,508
)
 
(2,625,717
)
 
(12,353,250
)
 
(12,598,891
)
From accumulated net realized gains
   
   
   
   
(43,729
)
 
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(11,863,137
)
 
(11,876,200
)
 
(2,568,508
)
 
(2,669,446
)
 
(12,353,250
)
 
(12,598,891
)
Capital Share Transactions
                                     
Common shares:
                                     
Proceeds from shelf offering, net of offering costs
   
   
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
41,527
   
268,867
   
   
   
148,885
   
895,810
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
41,527
   
268,867
   
   
   
148,885
   
895,810
 
Net increase (decrease) in net assets applicable to common shares
   
(10,455,119
)
 
9,531,062
   
(2,533,122
)
 
2,997,593
   
(13,074,326
)
 
9,077,836
 
Net assets applicable to common shares at the beginning of period
   
264,093,619
   
254,562,557
   
57,769,325
   
54,771,732
   
208,686,842
   
199,609,006
 
Net assets applicable to common shares at the end of period
 
$
253,638,500
 
$
264,093,619
 
$
55,236,203
 
$
57,769,325
 
$
195,612,516
 
$
208,686,842
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,401,341
 
$
1,401,825
 
$
565,740
 
$
409,568
 
$
2,448,849
 
$
3,039,905
 

See accompanying notes to financial statements.
 
78
 
Nuveen Investments

 
 

 

   
California
Opportunity (NCO)
 
California
Investment Quality (NQC)
 
California
Select Quality (NVC)
 
     
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
     
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
 
Operations
                                     
Net investment income (loss)
 
$
7,522,934
 
$
7,541,437
 
$
12,010,197
 
$
11,437,842
 
$
22,436,251
 
$
22,413,362
 
Net realized gain (loss) from:
                                     
Investments
   
(448,097
)
 
(247,880
)
 
(1,352,813
)
 
1,742,907
   
(1,901,548
)
 
1,245,325
 
Swaps
   
   
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                                     
Investments
   
(8,699,028
)
 
7,906,514
   
(12,679,777
)
 
11,494,394
   
(25,343,863
)
 
22,266,999
 
Swaps
   
   
   
   
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
(1,624,191
)
 
15,200,071
   
(2,022,393
)
 
24,675,143
   
(4,809,160
)
 
45,925,686
 
Distributions to Common Shareholders
                                     
From net investment income
   
(7,852,393
)
 
(7,830,103
)
 
(12,633,334
)
 
(13,320,076
)
 
(23,242,066
)
 
(23,760,759
)
From accumulated net realized gains
   
   
   
   
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(7,852,393
)
 
(7,830,103
)
 
(12,633,334
)
 
(13,320,076
)
 
(23,242,066
)
 
(23,760,759
)
Capital Share Transactions
                                     
Common shares:
                                     
Proceeds from shelf offering, net of offering costs
   
   
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
67,738
   
338,291
   
106,637
   
936,643
   
534,901
   
1,749,591
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
67,738
   
338,291
   
106,637
   
936,643
   
534,901
   
1,749,591
 
Net increase (decrease) in net assets applicable to common shares
   
(9,408,846
)
 
7,708,259
   
(14,549,090
)
 
12,291,710
   
(27,516,325
)
 
23,914,518
 
Net assets applicable to common shares at the beginning of period
   
134,820,122
   
127,111,863
   
220,106,881
   
207,815,171
   
387,747,579
   
363,833,061
 
Net assets applicable to common shares at the end of period
 
$
125,411,276
 
$
134,820,122
 
$
205,557,791
 
$
220,106,881
 
$
360,231,254
 
$
387,747,579
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
1,664,758
 
$
1,753,950
 
$
2,187,867
 
$
2,432,990
 
$
4,043,320
 
$
4,682,225
 

See accompanying notes to financial statements.

Nuveen Investments
 
79

 
 

 
Statement of Changes in Net Assets (continued)

   
California
Quality Income (NUC)
 
     
Year
   
Year
 
     
Ended
   
Ended
 
     
2/28/14
   
2/28/13
 
Operations
             
Net investment income (loss)
 
$
22,556,159
 
$
22,044,637
 
Net realized gain (loss) from:
             
Investments
   
(1,389,766
)
 
728,051
 
Swaps
   
   
 
Change in net unrealized appreciation (depreciation) of:
             
Investments
   
(20,073,708
)
 
15,640,505
 
Swaps
   
   
 
Net increase (decrease) in net assets applicable to common shares from operations
   
1,092,685
   
38,413,193
 
Distributions to Common Shareholders
             
From net investment income
   
(22,654,588
)
 
(23,014,225
)
From accumulated net realized gains
   
   
 
Decrease in net assets applicable to common shares from distributions to common shareholders
   
(22,654,588
)
 
(23,014,225
)
Capital Share Transactions
             
Common shares:
             
Proceeds from shelf offering, net of offering costs
   
585,741
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
658,729
   
1,521,587
 
Net increase (decrease) in net assets applicable to common shares from capital share transactions
   
1,244,470
   
1,521,587
 
Net increase (decrease) in net assets applicable to common shares
   
(20,317,433
)
 
16,920,555
 
Net assets applicable to common shares at the beginning of period
   
368,297,585
   
351,377,030
 
Net assets applicable to common shares at the end of period
 
$
347,980,152
 
$
368,297,585
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
5,516,122
 
$
5,507,582
 

See accompanying notes to financial statements.

80
 
Nuveen Investments

 
 

 
 
Statement of
 
 
Cash Flows
  Year Ended February 28, 2014

     
California
   
California
   
California
 
     
Performance Plus
   
Opportunity
   
Investment Quality
 
     
(NCP
)
 
(NCO
)
 
(NQC
)
Cash Flows from Operating Activities:
                   
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(869,961
)
$
(1,624,191
)
$
(2,022,393
)
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
                   
Purchases of investments
   
(58,487,222
)
 
(30,658,702
)
 
(74,966,404
)
Proceeds from sales and maturities of investments
   
63,029,510
   
33,134,023
   
73,462,324
 
Proceeds from (Purchase of) short-term investments, net
   
   
   
 
Amortization (Accretion) of premiums and discounts, net
   
487,331
   
(535,589
)
 
(65,684
)
(Increase) Decrease in:
                   
Receivable for interest
   
(17,999
)
 
(3,253
)
 
(128,629
)
Receivable for investments sold
   
(4,453,192
)
 
   
4,150,600
 
Other assets
   
1,306
   
26
   
1,372
 
Increase (Decrease) in:
                   
Payable for investments purchased
   
(1,105,979
)
 
(1,455,077
)
 
(3,422,268
)
Accrued management fees
   
(6,882
)
 
(4,140
)
 
(5,587
)
Accrued Directors/Trustees fees
   
3,409
   
1,169
   
3,615
 
Accrued reorganization expenses
   
294,950
   
219,950
   
369,950
 
Accrued other expenses
   
(6,802
)
 
(12,614
)
 
(12,232
)
Net realized (gain) loss from investments
   
2,215,946
   
448,097
   
1,352,813
 
Change in net unrealized (appreciation) depreciation of investments
   
10,258,507
   
8,699,028
   
12,679,777
 
Taxes paid on undistributed capital gains
   
(3
)
 
(21
)
 
(35
)
Net cash provided by (used in) operating activities
   
11,342,919
   
8,208,706
   
11,397,219
 
Cash Flows from Financing Activities:
                   
(Increase) Decrease in deferred offering costs
   
(99,785
)
 
(69,045
)
 
(127,152
)
Increase (Decrease) in:
                   
Cash overdraft
   
   
546,793
   
 
Floating rate obligations
   
(700,000
)
 
(1,590,000
)
 
4,080,000
 
Payable for offering costs
   
(113,523
)
 
   
(53,247
)
Accrued shelf offering costs
   
53,139
   
   
66,504
 
Cash distributions paid to common shareholders
   
(12,185,395
)
 
(7,759,199
)
 
(12,487,817
)
Proceeds from shelf offering, net of offering costs
   
   
   
 
Net cash provided by (used in) financing activities
   
(13,045,564
)
 
(8,871,451
)
 
(8,521,712
)
Net Increase (Decrease) in Cash
   
(1,702,645
)
 
(662,745
)
 
2,875,507
 
Cash at the beginning of period
   
1,971,269
   
662,745
   
597,729
 
Cash at the end of period
 
$
268,624
 
$
 
$
3,473,236
 
Supplemental Disclosure of Cash Flow Information
                   
                     
     
California
   
California
   
California
 
     
Performance Plus
   
Opportunity
   
Investment Quality
 
     
(NCP
)
 
(NCO
)
 
(NQC
)
Cash paid for interest (excluding amortization of offering costs)
 
$
182,112
 
$
122,454
 
$
229,121
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
148,885
   
67,738
   
106,637
 

See accompanying notes to financial statements.

Nuveen Investments
 
81
 
 
 

 
Statement of Cash Flows (continued)

     
California
   
California
 
     
Select Quality
   
Quality Income
 
     
(NVC
)
 
(NUC
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
 
$
(4,809,160
)
$
1,092,685
 
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash provided by (used in) operating activities:
             
Purchases of investments
   
(97,387,962
)
 
(115,169,714
)
Proceeds from sales and maturities of investments
   
111,788,622
   
124,503,830
 
Proceeds from (Purchase of) short-term investments, net
   
   
(4,995,000
)
Amortization (Accretion) of premiums and discounts, net
   
(504,700
)
 
(749,970
)
(Increase) Decrease in:
             
Receivable for interest
   
148,097
   
165,637
 
Receivable for investments sold
   
(1,743,122
)
 
65,000
 
Other assets
   
2,464
   
2,469
 
Increase (Decrease) in:
             
Payable for investments purchased
   
(6,337,268
)
 
 
Accrued management fees
   
(12,349
)
 
(10,751
)
Accrued Directors/Trustees fees
   
6,089
   
5,933
 
Accrued reorganization expenses
   
269,950
   
79,950
 
Accrued other expenses
   
(13,452
)
 
(13,953
)
Net realized (gain) loss from investments
   
1,901,548
   
1,389,766
 
Change in net unrealized (appreciation) depreciation of investments
   
25,343,863
   
20,073,708
 
Taxes paid on undistributed capital gains
   
(62
)
 
(17
)
Net cash provided by (used in) operating activities
   
28,652,558
   
26,439,573
 
Cash Flows from Financing Activities:
             
(Increase) Decrease in deferred offering costs
   
(113,614
)
 
(111,068
)
Increase (Decrease) in:
             
Cash overdraft
   
   
 
Floating rate obligations
   
215,000
   
 
Payable for offering costs
   
   
 
Accrued shelf offering costs
   
3,756
   
7,384
 
Cash distributions paid to common shareholders
   
(22,700,593
)
 
(21,920,232
)
Proceeds from shelf offering, net of offering costs
   
   
585,741
 
Net cash provided by (used in) financing activities
   
(22,595,451
)
 
(21,438,175
)
Net Increase (Decrease) in Cash
   
6,057,107
   
5,001,398
 
Cash at the beginning of period
   
1,396,361
   
547,820
 
Cash at the end of period
 
$
7,453,468
 
$
5,549,218
 
Supplemental Disclosure of Cash Flow Information
             
               
     
California
   
California
 
     
Select Quality
   
Quality Income
 
     
(NVC
)
 
(NUC
)
Cash paid for interest (excluding amortization of offering costs)
 
$
338,716
 
$
403,800
 
Non-cash financing activities not included herein consists of reinvestments of common share distributions
   
534,901
   
658,729
 

See accompanying notes to financial statements.

82
 
Nuveen Investments

 
 

 

THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen Investments
 
83

 
 

 

Financial
 
 
Highlights

Selected data for a common share outstanding throughout each period:
                                                                     
         
Investment Operations
 
Less Distributions
                         
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Offering
Costs
 
Ending
Common
Share
NAV
 
Ending
Market
Value
 
California Value (NCA)
Year Ended 2/28–2/29:
2014
 
$
10.45
 
$
.47
 
$
(.42
)
$
.05
 
$
(.47
)
$
 
$
(.47
)
$
 
$
 
$
10.03
 
$
9.57
 
2013
   
10.08
   
.47
   
.37
   
.84
   
(.47
)
 
   
(.47
)
 
   
   
10.45
   
10.45
 
2012
   
9.07
   
.48
   
.99
   
1.47
   
(.46
)
 
   
(.46
)
 
   
   
10.08
   
10.13
 
2011
   
9.53
   
.47
   
(.47
)
 
   
(.46
)
 
   
(.46
)
 
   
   
9.07
   
8.36
 
2010
   
8.87
   
.47
   
.65
   
1.12
   
(.46
)
 
   
(.46
)
 
   
   
9.53
   
9.00
 
 
California Value 2 (NCB)
Year Ended 2/28–2/29:
2014
   
17.57
   
.83
   
(.82
)
 
.01
   
(.78
)
 
   
(.78
)
 
   
   
16.80
   
15.53
 
2013
   
16.66
   
.83
   
.89
   
1.72
   
(.80
)
 
(.01
)
 
(.81
)
 
   
   
17.57
   
16.86
 
2012
   
14.88
   
.84
   
1.76
   
2.60
   
(.80
)
 
(.02
)
 
(.82
)
 
   
   
16.66
   
16.33
 
2011
   
15.71
   
.84
   
(.84
)
 
   
(.82
)
 
(.01
)
 
(.83
)
 
   
   
14.88
   
13.65
 
2010(b)
   
14.33
   
.65
   
1.40
   
2.05
   
(.62
)
 
(.02
)
 
(.64
)
 
   
(.03
)
 
15.71
   
14.61
 

(a)
Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

84
 
Nuveen Investments

 
 

 

               
Ratios/Supplemental Data
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares
       
   
Based
on
Common
Share
NAV
(a)
Based
on
Market
Value
(a)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(c)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(d)
                                       
                                       
     
.62
%
 
(3.80
)%
$
253,639
   
.62
%
 
4.73
%
 
20
%
     
8.48
   
7.99
   
264,094
   
.64
   
4.55
   
16
 
     
16.58
   
27.44
   
254,563
   
.65
   
4.98
   
8
 
     
(.13
)
 
(2.32
)
 
228,948
   
.65
   
4.92
   
14
 
     
12.85
   
12.83
   
240,598
   
.68
   
5.03
   
6
 
                                       
                                       
     
.22
   
(3.08
)
 
55,236
   
.76
   
5.00
   
12
 
     
10.54
   
8.39
   
57,769
   
.74
   
4.81
   
7
 
     
17.97
   
26.50
   
54,772
   
.77
   
5.41
   
4
 
     
(.17
)
 
(1.25
)
 
48,936
   
.72
   
5.35
   
5
 
     
14.34
   
1.80
   
51,661
   
.77
*
 
5.13
*
 
10
 

(b)
For the period April 28, 2009 (commencement of operations) through February 28, 2010.
(c)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, as follows:

California Value (NCA)
       
Year Ended 2/28–2/29:
       
2014
   
.01
%
2013
   
.01
 
2012
   
.01
 
2011
   
.01
 
2010
   
.01
 
         
California Value 2 (NCB)
       
Year Ended 2/28–2/29:
       
2014
   
%
2013
   
 
2012
   
 
2011
   
 
2010(b)
   
 

(d)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Annualized.

See accompanying notes to financial statements.

Nuveen Investments
 
85

 
 

 
Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
NAV
 
Ending
Market
Value
 
California Performance Plus (NCP)
Year Ended 2/28–2/29:
2014
 
$
16.04
 
$
.89
 
$
(.96
)
$
 
$
 
$
(.07
)
$
(.95
)
$
 
$
(.95
)
$
 
$
15.02
 
$
13.97
 
2013
   
15.41
   
.91
   
.69
   
   
   
1.60
   
(.97
)
 
   
(.97
)
 
   
16.04
   
16.10
 
2012
   
13.03
   
.95
   
2.38
   
   
   
3.33
   
(.95
)
 
   
(.95
)
 
   
15.41
   
15.74
 
2011
   
14.07
   
1.00
   
(1.12
)
 
(.02
)
 
   
(.14
)
 
(.90
)
 
   
(.90
)
 
   
13.03
   
12.43
 
2010
   
12.63
   
1.02
   
1.26
   
(.03
)
 
(.01
)
 
2.24
   
(.80
)
 
   
(.80
)
 
 
14.07
   
12.59
 
                                                                           
California Opportunity (NCO)
Year Ended 2/28–2/29:
2014
   
16.51
   
.92
   
(1.12
)
 
   
   
(.20
)
 
(.96
)
 
   
(.96
)
 
   
15.35
   
14.36
 
2013
   
15.61
   
.92
   
.94
   
   
   
1.86
   
(.96
)
 
   
(.96
)
 
   
16.51
   
16.74
 
2012
   
12.76
   
.95
   
2.85
   
   
   
3.80
   
(.95
)
 
   
(.95
)
 
   
15.61
   
15.83
 
2011
   
14.13
   
.95
   
(1.39
)
 
 
   
(.44
)
 
(.93
)
 
   
(.93
)
 
   
12.76
   
12.42
 
2010
   
12.92
   
1.03
   
1.05
   
(.03
)
 
   
2.05
   
(.84
)
 
   
(.84
)
 
 
14.13
   
12.94
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

86
 
Nuveen Investments

 
 

 
               
Ratios/Supplemental Data
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
   
Based
on
Common
Share
NAV
(b)
Based
on
Market
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(e)
                                       
                                       
     
(.16
)%
 
(7.21
)%
$
195,613
   
1.74
%
 
6.02
%
 
20
%
     
10.67
   
8.75
   
208,687
   
1.54
   
5.77
   
12
 
     
26.45
   
35.63
   
199,609
   
1.63
   
6.73
   
10
 
     
(1.26
)
 
5.61
   
168,600
   
1.31
   
7.11
   
15
 
     
18.20
   
23.76
   
182,060
   
1.25
   
7.58
   
3
 
                                       
                                       
     
(.93
)
 
(8.35
)
 
125,411
   
1.80
   
6.07
   
17
 
     
12.22
   
12.20
   
134,820
   
1.65
   
5.74
   
13
 
     
30.81
   
36.49
   
127,112
   
1.77
   
6.80
   
12
 
     
(3.51
)
 
2.82
   
103,930
   
1.77
   
6.77
   
18
 
     
16.25
   
28.54
   
115,069
   
1.26
   
7.59
   
5
 
 
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred Shares (“ARPS”) and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:

California Performance Plus (NCP)
       
Year Ended 2/28–2/29:
       
2014
   
.52
%
2013
   
.49
 
2012
   
.57
 
2011
   
.17
 
2010
   
.03
 
         
California Opportunity (NCO)
       
Year Ended 2/28–2/29:
       
2014
   
.58
%
2013
   
.58
 
2012
   
.68
 
2011
   
.69
 
2010
   
.04
 

(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $.01 per share.

See accompanying notes to financial statements.
 
Nuveen Investments
 
87

 
 

 
Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                   
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders
(a)
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
NAV
 
Ending
Market
Value
 
California Investment Quality (NQC)
Year Ended 2/28–2/29:
2014
 
$
16.13
 
$
.88
 
$
(1.03
)
$
 
$
 
$
(.15
)
$
(.93
)
$
 
$
(.93
)
$
 
$
15.05
 
$
14.13
 
2013
   
15.29
   
.84
   
.98
   
   
   
1.82
   
(.98
)
 
   
(.98
)
 
   
16.13
   
16.13
 
2012
   
13.07
   
.95
   
2.23
   
   
   
3.18
   
(.96
)
 
   
(.96
)
 
   
15.29
   
15.85
 
2011
   
14.06
   
1.01
   
(1.06
)
 
(.03
)
 
   
(.08
)
 
(.91
)
 
   
(.91
)
 
   
13.07
   
12.41
 
2010
   
12.65
   
1.04
   
1.24
   
(.02
)
 
(.02
)
 
2.24
   
(.83
)
 
   
(.83
)
 
   
14.06
   
12.84
 
 
California Select Quality (NVC)
Year Ended 2/28–2/29:
2014
   
16.65
   
.96
   
(1.16
)
 
   
   
(.20
)
 
(1.00
)
 
   
(1.00
)
 
   
15.45
   
14.88
 
2013
   
15.70
   
.96
   
1.01
   
   
   
1.97
   
(1.02
)
 
   
(1.02
)
 
   
16.65
   
16.88
 
2012
   
13.09
   
1.00
   
2.61
   
   
   
3.61
   
(1.00
)
 
   
(1.00
)
 
   
15.70
   
16.38
 
2011
   
14.27
   
1.02
   
(1.21
)
 
(.02
)
 
   
(.21
)
 
(.97
)
 
   
(.97
)
 
   
13.09
   
12.65
 
2010
   
12.72
   
1.07
   
1.40
   
(.02
)
 
(.02
)
 
2.43
   
(.88
)
 
   
(.88
)
 
*
 
14.27
   
13.61
 

(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

88
 
Nuveen Investments

 
 

 
               
Ratios/Supplemental Data
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
   
Based
on
Common
Share
NAV
(b)
Based
on
Market
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(e)
                                       
                                       
     
(.66
)%
 
(6.42
)%
$
205,558
   
1.94
%
 
5.95
%
 
23
%
     
12.17
   
8.22
   
220,107
   
1.96
   
5.30
   
18
 
     
25.20
   
36.87
   
207,815
   
1.74
   
6.77
   
11
 
     
(.84
)
 
3.41
   
177,474
   
1.36
   
7.15
   
16
 
     
18.21
   
23.89
   
190,883
   
1.29
   
7.72
   
11
 
                                       
                                       
     
(.95
)
 
(5.71
)
 
360,231
   
1.57
   
6.29
   
19
 
     
12.89
   
9.70
   
387,748
   
1.51
   
5.94
   
10
 
     
28.60
   
38.89
   
363,833
   
1.64
   
7.03
   
16
 
     
(1.82
)
 
(.41
)
 
302,548
   
1.50
   
7.18
   
17
 
     
19.60
   
35.21
   
329,544
   
1.24
   
7.91
   
10
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:

California Investment Quality (NQC)
       
Year Ended 2/28–2/29:
       
2014
   
.66
%
2013
   
.81
 
2012
   
.65
 
2011
   
.20
 
2010
   
.06
 
         
California Select Quality (NVC)
       
Year Ended 2/28–2/29:
       
2014
   
.49
%
2013
   
.51
 
2012
   
.62
 
2011
   
.41
 
2010
   
.05
 

(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $.01 per share.

See accompanying notes to financial statements.
 
Nuveen Investments
 
89


 
 

 
Financial Highlights (continued)

Selected data for a common share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                               
   
Beginning
Common
Share
NAV
 
Net
Investment
Income
(Loss)
 
Net
Realized/
Unrealized
Gain (Loss)
 
Distributions
from Net
Investment
Income to
Auction Rate
Preferred
Shareholders
(a)
Distributions
from Accumulated Net
Realized
Gains to
Auction Rate
Preferred
Shareholders(a)
 
Total
 
From
Net
Investment
Income to
Common
Shareholders
 
From
Accumulated Net
Realized
Gains to
Common
Shareholders
 
Total
 
Shelf
Offering
Costs
 
Premium
from
Common
Shares Sold
through
Shelf
Offering
 
Discount
from
Common
Shares
Repurchased
and Retired
 
Ending
Common
Share
NAV
 
Ending
Market
Value
 
California Quality Income (NUC)
Year Ended 2/28–2/29:
2014
 
$
16.65
 
$
1.02
 
$
(.98
)
$
 
$
 
$
.04
 
$
(1.02
)
$
 
$
(1.02
)
$
*
$
*
$
 
$
15.67
 
$
15.02
 
2013
   
15.95
   
1.00
   
.74
   
   
   
1.74
   
(1.04
)
 
   
(1.04
)
 
   
   
   
16.65
   
17.16
 
2012
   
13.62
   
1.03
   
2.32
   
   
   
3.35
   
(1.02
)
 
   
(1.02
)
 
   
   
   
15.95
   
16.84
 
2011
   
14.58
   
1.04
   
(1.01
)
 
(.02
)
 
   
.01
   
(.97
)
 
   
(.97
)
 
   
   
   
13.62
   
12.92
 
2010
   
13.29
   
1.10
   
1.13
   
(.03
)
 
(.02
)
 
2.18
   
(.89
)
 
   
(.89
)
 
   
   
 
14.58
   
13.64
 
 
(a)
The amounts shown are based on common share equivalents.
(b)
Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

90
 
Nuveen Investments

 
 

 
               
Ratios/Supplemental Data
   
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)
       
   
Based
on
Common
Share
NAV
(b)
Based
on
Market
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000)
 
Expenses
(d)
Net
Investment
Income (Loss)
 
Portfolio
Turnover
Rate
(e)
                                       
                                       
     
.58
%
 
(6.34
)%
$
347,980
   
1.57
%
 
6.61
%
 
22
%
     
11.21
   
8.54
   
368,298
   
1.57
   
6.10
   
14
 
     
25.46
   
39.70
   
351,377
   
1.71
   
7.05
   
11
 
     
(.17
)
 
1.41
   
299,609
   
1.55
   
7.12
   
16
 
     
16.84
   
30.22
   
320,561
   
1.26
   
7.85
   
11
 

(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or VRDP Shares, where applicable.
(d)
The expense ratios reflect, among other things, all interest expense and other costs related to VRDP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, each as described in Note 1 – General Information and Significant Accounting Policies, Variable Rate Demand Preferred Shares and Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities, respectively, as follows:

California Quality Income (NUC)
       
Year Ended 2/28–2/29:
       
2014
   
.53
%
2013
   
.53
 
2012
   
.66
 
2011
   
.44
 
2010
   
.06
 

(e)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $.01 per share.

See accompanying notes to financial statements.

Nuveen Investments
 
91

 
 

 
Financial Highlights (continued)

   
ARPS at the End of Period
 
VRDP Shares at the End of Period
 
     
Aggregate
   
Asset
   
Aggregate
   
Asset
 
     
Amount
   
Coverage
   
Amount
   
Coverage
 
     
Outstanding
   
Per $25,000
   
Outstanding
   
Per $100,000
 
     
(000
)
 
Share
   
(000
)
 
Share
 
California Performance Plus (NCP)
                         
Year Ended 2/28–2/29:
                         
2014
 
$
 
$
 
$
91,000
 
$
314,959
 
2013
   
   
   
91,000
   
329,326
 
2012
   
   
   
81,000
   
346,431
 
2011
   
   
   
81,000
   
308,148
 
2010
   
91,175
   
74,920
   
   
 
                           
California Opportunity (NCO)
                         
Year Ended 2/28–2/29:
                         
2014
   
   
   
49,800
   
351,830
 
2013
   
   
   
49,800
   
370,723
 
2012
   
   
   
49,800
   
355,245
 
2011
   
   
   
49,800
   
308,695
 
2010
   
48,775
   
83,979
   
   
 
                           
California Investment Quality (NQC)
                         
Year Ended 2/28–2/29:
                         
2014
   
   
   
105,600
   
294,657
 
2013
   
   
   
105,600
   
308,435
 
2012
   
   
   
95,600
   
317,380
 
2011
   
   
   
95,600
   
285,643
 
2010
   
94,925
   
75,272
   
   
 
                           
California Select Quality (NVC)
                         
Year Ended 2/28–2/29:
                         
2014
   
   
   
158,900
   
326,703
 
2013
   
   
   
158,900
   
344,020
 
2012
   
   
   
158,900
   
328,970
 
2011
   
   
   
158,900
   
290,401
 
2010
   
158,025
   
77,135
   
   
 
                           
California Quality Income (NUC)
                         
Year Ended 2/28–2/29:
                         
2014
   
   
   
158,100
   
320,101
 
2013
   
   
   
158,100
   
332,952
 
2012
   
   
   
158,100
   
322,250
 
2011
   
   
   
158,100
   
289,506
 
2010
   
157,225
   
75,972
   
   
 

See accompanying notes to financial statements.

92
 
Nuveen Investments

 
 

 

Notes to
 
 
Financial Statements
 
1. General Information and Significant Accounting Policies
 
General Information
 
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or NYSE MKT symbols are as follows (each a “Fund” and collectively, the “Funds”):
 
• Nuveen California Municipal Value Fund, Inc. (NCA) (“California Value (NCA)”)
• Nuveen California Municipal Value Fund 2 (NCB) (“California Value 2 (NCB)”)
• Nuveen California Performance Plus Municipal Fund, Inc. (NCP) (“California Performance Plus (NCP)”)
• Nuveen California Municipal Market Opportunity Fund, Inc. (NCO) (“California Opportunity (NCO)”)
• Nuveen California Investment Quality Municipal Fund, Inc. (NQC) (“California Investment Quality (NQC)”)
• Nuveen California Select Quality Municipal Fund, Inc. (NVC) (“California Select Quality (NVC)”)
• Nuveen California Quality Income Municipal Fund, Inc. (NUC) (“California Quality Income (NUC)”)
 
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Common shares of California Value (NCA), California Performance Plus (NCP), California Opportunity (NCO), California Investment Quality (NQC), California Select Quality (NVC) and California Quality Income (NUC) are traded on the NYSE while common shares of California Value 2 (NCB) are traded on the NYSE MKT. California Value (NCA), California Performance Plus (NCP), California Opportunity (NCO), California Investment Quality (NQC), California Select Quality (NVC) and California Quality Income (NUC) were incorporated under the state laws of Minnesota on July 15, 1987, October 6, 1989, January 23, 1990, September 21, 1990, April 3, 1991 and July 25, 1991, respectively. California Value 2 (NCB) was organized as a Massachusetts business trust on January 26, 2009.
 
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
 
Investment Objective
Each Fund seeks to provide current income exempt from both regular federal and California state income taxes by investing primarily in a portfolio of municipal obligations issued by state and local government authorities within the state of California or certain U.S. territories.
 
Approved Fund Reorganizations
On October 13, 2013, the Nuveen Funds Board of Directors/Trustees approved a series of reorganizations for certain of the California Funds included in this report. The reorganizations are subject to customary conditions, including shareholder approval during annual shareholder meetings during 2014. Each reorganization is intended to create one, larger-state fund, which would potentially offer shareholders the following benefits:
 
• Lower fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;
• Enhanced secondary market trading, as larger funds potentially make it easier for investors to buy and sell fund shares;
• Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and
• Increased fund flexibility in managing the structure and cost of leverage over time.
 
The approved reorganizations are as follows:

Acquired Funds
Acquiring Funds
California Performance Plus (NCP)
Nuveen California Dividend Advantage Municipal Fund (NAC)
California Opportunity (NCO)
 
California Investment Quality (NQC)
 
California Select Quality (NVC)
 
California Quality Income (NUC)
 

Nuveen Investments
 
93

 
 

 
Notes to Financial Statements (continued)

Upon the closing of a reorganization, an Acquired Fund transfers its assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund. Each Acquired Fund is then liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of each Acquired Fund become shareholders of the Acquiring Fund. Holders of common shares receive newly issued common shares of their Acquiring Fund, the aggregate net asset value of which equal the aggregate net asset value of the common shares of the Acquired Fund held immediately prior to the reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders are entitled). Fractional shares are sold on the open market and shareholders received cash in lieu of such fractional shares. Holders of preferred shares of each Acquired Fund receive on a one-for-one basis newly issued preferred shares of their Acquiring Fund, in exchange for preferred shares of the Acquired Fund held immediately prior to the reorganization.
 
In connection with the reorganizations, the Acquiring Funds have accrued for certain associated costs and expenses. Such amounts are recognized as “Accrued reorganization expenses” on the Statement of Assets and Liabilities and “Reorganization expenses” on the Statement of Operations.
 
Significant Accounting Policies
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 (“U.S. GAAP”).
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of February 28, 2014, there where no such outstanding purchase commitments in any of the Funds.
 
Investment Income
Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
Professional Fees
Professional fees presented on 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 Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
 
Dividends and Distributions to Common Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to common shareholders of 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. GAAP.
 
Auction Rate Preferred Shares
Each Fund, except California Value (NCA) and California Value 2 (NCB), is authorized to issue Auction Rate Preferred Shares (“ARPS”). During prior fiscal periods the Funds redeemed all of their outstanding ARPS, at liquidation value.
 
Variable Rate Demand Preferred Shares
The following Funds have issued and outstanding Variable Rate Demand Preferred (“VRDP”) Shares, with a $100,000 liquidation value per share. The Funds issued their VRDP Shares in privately negotiated offering, which were offered to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.

94
 
Nuveen Investments

 
 

 
As of February 28, 2014, the details for each Fund’s series VRDP Shares outstanding are as follows:

                 
Shares
       
               
Outstanding
       
           
Shares
 
at $100,000 Per Share
       
     
Series
   
Outstanding
   
Liquidation Value
   
Maturity
 
California Performance Plus (NCP)
   
1
   
910
 
$
91,000,000
   
December 1, 2040
 
California Opportunity (NCO)
   
1
   
498
 
$
49,800,000
   
March 1, 2040
 
California Investment Quality (NQC)
   
2
   
1,056
 
$
105,600,000
   
December 1, 2042
 
California Select Quality (NVC)
   
1
   
1,589
 
$
158,900,000
   
August 1, 2040
 
California Quality Income (NUC)
   
1
   
1,581
 
$
158,100,000
   
August 1, 2040
 

VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. Each Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee of .10% on the aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
The average liquidation value of VRDP Shares outstanding and annualized dividend rate for each Fund during the fiscal year ended February 28, 2014, were as follows:

     
California
         
California
   
California
   
California
 
     
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Average liquidation value of VRDP Shares outstanding
 
$
91,000,000
 
$
49,800,000
 
$
105,600,000
 
$
158,900,000
 
$
158,100,000
 
Annualized dividend rate
   
0.16
%
 
0.19
%
 
0.16
%
 
0.16
%
 
0.16
%
 
For financial reporting purposes, the liquidation value of VRDP Shares is a liability and recognized as “Variable Rate Demand Preferred (“VRDP”) Shares, at liquidation value” on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities, when applicable. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as a deferred charge, which are amortized over the life of the shares and are recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities and “Interest expense and amortization of offerings costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider as well as a remarketing fee, which are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement of Operations.
 
Common Shares Equity Shelf Programs and Offering Costs
During the prior reporting period, the following Funds each filed initial registration statements with the Securities and Exchange Commission (“SEC”) authorizing the Funds to issue additional common shares through equity shelf programs (“Shelf Offerings”), which became effective with the SEC during the current fiscal period.
 
Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share.

Nuveen Investments
 
95

 
 

 

Notes to Financial Statements (continued)
 
Authorized common shares, common shares issued and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the fiscal year ended February 28, 2014, were as follows:

           
California
   
California
   
California
   
California
 
     
California
   
Performance
   
Investment
   
Select
   
Quality
 
     
Value
   
Plus
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCP
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Authorized common shares authorized
   
2,500,000
   
1,200,000
   
1,300,000
   
2,300,000
   
2,200,000
 
Common shares issued
   
   
   
   
   
38,800
 
Offering proceeds, net of offering costs
   
   
   
   
 
$
585,741
 
 
Costs incurred by the Funds in connection with their Shelf Offerings are recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. These deferred charges are recognized over the period such additional shares are sold by reducing the proceeds from the Shelf Offering. These deferred charges are not to exceed the one-year life of the Shelf Offering period and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. At the end of the one-year life of the Shelf Offering period, any remaining deferred charges will be expensed accordingly and recognized as a component of “Other expenses” on the Statement of Operations. Any additional costs the Funds may incur in connection with their Shelf Offerings are expensed as incurred and recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets.
 
During the fiscal year ended February 28, 2014, Nuveen Securities, LLC, the Funds’ distributor and a wholly-owned subsidiary of Nuveen, received commission of $1,188, related to the sale of common shares from California Quality Income’s (NUC) Shelf Offering.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees 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.
 
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements.
Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of February 28, 2014, the Funds were not invested in any portfolio securities or derivative instruments that are subject to netting agreements.
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to common shares from operations during the reporting period. Actual results may differ from those estimates.
 
2. Investment Valuation and Fair Value Measurements
 
Investment Valuation
Prices of municipal bonds and swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality,

96
 
Nuveen Investments

 
 

 

type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
   
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
   
Level 3 –  
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

California Value (NCA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
255,718,236
 
$
 
$
255,718,236
 
California Value 2 (NCB)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
54,437,123
 
$
 
$
54,437,123
 
California Performance Plus (NCP)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
283,794,636
 
$
 
$
283,794,636
 
California Opportunity (NCO)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
176,320,707
 
$
 
$
176,320,707
 
California Investment Quality (NQC)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
314,091,114
 
$
 
$
314,091,114
 
California Select Quality (NVC)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
516,361,994
 
$
 
$
516,361,994
 
California Quality Income (NUC)
                         
Long-Term Investments*:
                         
Municipal Bonds
 
$
 
$
514,763,649
 
$
 
$
514,763,649
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
4,995,000
   
   
4,995,000
 
Total
 
$
 
$
519,758,649
 
$
 
$
519,758,649
 
 
*
Refer to the Fund’s Portfolio of Investments for industry classifications.

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees.  The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee.  When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things,

Nuveen Investments
 
97

 
 

 
Notes to Financial Statements (continued)
 
conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.  
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
 
 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
 
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
3. Portfolio Securities and Investments in Derivatives
 
Portfolio Securities
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
 
An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
During the fiscal year ended February 28, 2014, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.

98
 
Nuveen Investments

 
 

 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters for the following Funds during the fiscal year ended February 28, 2014, were as follows:

           
California
         
California
   
California
   
California
 
     
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Average floating rate obligations outstanding
 
$
4,490,000
 
$
6,124,384
 
$
5,598,877
 
$
9,820,808
 
$
16,663,932
 
$
25,130,000
 
Average annual interest rate and fees
   
0.55
%
 
0.61
%
 
0.52
%
 
0.57
%
 
0.51
%
 
0.61
%

As of February 28, 2014, the total amount of floating rate obligations issued by the each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:

   
California
Value
(NCA
)
California
Value 2
(NCB
)
California
Performance
Plus
(NCP
)
California
Opportunity
(NCO
)
California
Investment
Quality
(NQC
)
California
Select
Quality
(NVC
)
California
Quality
Income
(NUC
)
Floating rate obligations: self deposited inverse floaters
 
$
4,490,000
 
$
 
$
5,480,000
 
$
2,695,000
 
$
9,815,000
 
$
14,025,000
 
$
25,130,000
 
Floating rate obligations: externally-deposited inverse floaters
   
   
5,990,000
   
21,880,000
   
16,016,000
   
14,094,500
   
39,377,000
   
31,739,000
 
Total
 
$
4,490,000
 
$
5,990,000
 
$
27,360,000
 
$
18,711,000
 
$
23,909,500
 
$
53,402,000
 
$
56,869,000
 

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

As of February 28, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:

                 
California
         
California
   
California
   
California
 
     
California
   
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Value 2
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Maximum exposure to Recourse Trusts
 
$
 
$
 
$
7,500,000
 
$
 
$
 
$
15,295,000
 
$
7,815,000
 

Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Swap Contracts
Interest rate swap contracts involve a Fund’s agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund’s agreement with a counterparty to pay or receive, in the future, a fixed or variable rate payment in exchange for the counterparty receiving or paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that a Fund is to receive. Swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be received or paid on a daily basis, and recognizes the daily change in the fair value of the Fund’s contractual rights and obligations under the contracts. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and

Nuveen Investments
 
99

 
 

 
Notes to Financial Statements (continued)

Liabilities as a component of “Unrealized appreciation or depreciation on interest rate swaps (, net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of swaps.” Income received or paid by a Fund is recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations, in addition to the net realized gains or losses recognized upon the termination of an swap contract and are equal to the difference between a Fund’s basis in the swap and the proceeds from (or cost of) the closing transaction. Payments received or made at the beginning of the measurement period are recognized as a component of “Interest rate swap premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. For tax purposes, periodic payments are treated as ordinary income or expense.

During the fiscal year ended February 28, 2014, California Value 2 (NCB) used forward interest rate swap contracts to manage duration and to reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmarks. These swap contracts were removed from the Fund during the current reporting period.

The average notional amount of interest rate swap contracts outstanding during the fiscal year ended February 28, 2014, was as follows:

     
California
 
     
Value 2
 
     
(NCB
)
Average notional amount of interest rate swap contracts outstanding*
 
$
200,000
 
 
*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the fiscal year ended February 28, 2014, and the primary underlying risk exposure.

     
Underlying
   
Derivative
   
Net Realized
   
Change in Net Unrealized
 
Fund
   
Risk Exposure
   
Instrument
  Gain (Loss from Swaps
)
Appreciation (Depreciation of Swaps
)
California Value 2 (NCB)
   
Interest rate
   
Swaps
 
$
(59,500
)
$
32,496
 

Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Common Shares
The Funds have not repurchased any of their outstanding common shares during the fiscal years ended February 28, 2014 and February 28, 2013.

Transactions in common shares were as follows:

   
California Value (NCA)
 
California Value 2 (NCB)
 
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
 
Common shares:
                         
Issued to shareholders due to reinvestment of distributions
   
3,970
   
26,100
   
   
 

100
 
Nuveen Investments

 
 

 
 
   
California
 
California
 
   
Performance Plus (NCP)
 
Opportunity (NCO)
 
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
 
Common shares:
                         
Issued to shareholders due to reinvestment of distributions
   
9,253
   
56,706
   
4,083
   
20,931
 
                           
   
California
 
California
 
   
Investment Quality (NQC)
 
Select Quality (NVC)
 
     
Year
   
Year
   
Year
   
Year
 
     
Ended
   
Ended
   
Ended
   
Ended
 
     
2/28/14
   
2/28/13
   
2/28/14
   
2/28/13
 
Common shares:
                         
Issued to shareholders due to reinvestment of distributions
   
6,602
   
58,996
   
32,976
   
106,787
 
                           
               
California
 
               
Quality Income (NUC)
 
                 
Year
   
Year
 
                 
Ended
   
Ended
 
                 
2/28/14
   
2/28/13
 
Common shares:
                         
Sold through shelf offering
               
38,800
   
 
Issued to shareholders due to reinvestment of distributions
               
39,852
   
92,328
 
Total
               
78,652
   
92,328
 
Weighted average common share:
                         
Premium to NAV per shelf offering share sold
               
1.11
%
 
 

Preferred Shares
The Funds did not have any transactions in VRDP shares during the fiscal year ended February 28, 2014. California Opportunity (NCO), California Select Quality (NVC) and California Quality Income (NUC) did not have any transactions in VRDP Shares during the fiscal year ended February 28, 2013.

Transactions in VRDP Shares were as follows:

   
Year Ended February 28, 2013
 
     
Series
   
Shares
   
Amount
 
California Performance Plus (NCP)
                   
VRDP Shares issued
   
1
   
100
 
$
10,000,000
 
                     
California Investment Quality (NQC)
                   
VRDP Shares issued:
                   
     
1
   
 
$
 
     
2
   
100
   
10,000,000
 
VRDP Shares exchanged:
                   
     
1
   
(956
)
 
(95,600,000
)
     
2
   
956
   
95,600,000
 
                     
Total
         
100
 
$
10,000,000
 

5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the fiscal year ended February 28, 2014, were as follows:

                 
California
         
California
   
California
   
California
 
     
California
   
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Value 2
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Purchases
 
$
50,841,518
 
$
6,598,804
 
$
58,487,222
 
$
30,658,702
 
$
74,966,404
 
$
97,387,962
 
$
115,169,714
 
Sales and maturities
   
53,493,552
   
6,316,082
   
63,029,510
   
33,134,023
   
73,462,324
   
111,788,622
   
124,503,830
 

Nuveen Investments
 
101

 
 

 
Notes to Financial Statements (continued)

6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its 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 that 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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

As of February 28, 2014, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

                 
California
       
     
California
   
California
   
Performance
   
California
 
     
Value
   
Value 2
   
Plus
   
Opportunity
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
Cost of investments
 
$
233,838,980
 
$
46,023,706
 
$
264,502,588
 
$
160,818,761
 
Gross unrealized:
                         
Appreciation
 
$
19,379,327
 
$
8,435,296
 
$
17,437,123
 
$
13,419,791
 
Depreciation
   
(1,989,125
)
 
(21,879
)
 
(3,623,338
)
 
(612,321
)
Net unrealized appreciation (depreciation) of investments
 
$
17,390,202
 
$
8,413,417
 
$
13,813,785
 
$
12,807,470
 
                           
           
California
   
California
   
California
 
           
Investment
   
Select
   
Quality
 
           
Quality
   
Quality
   
Income
 
           
(NQC
)
 
(NVC
)
 
(NUC
)
Cost of investments
       
$
287,998,540
 
$
466,034,882
 
$
456,127,521
 
Gross unrealized:
                         
Appreciation
       
$
20,911,783
 
$
40,298,811
 
$
41,830,840
 
Depreciation
         
(4,636,244
)
 
(3,998,625
)
 
(3,326,753
)
Net unrealized appreciation (depreciation) of investments
       
$
16,275,539
 
$
36,300,186
 
$
38,504,087
 

Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible reorganization expenses and nondeductible offering costs, resulted in reclassifications among the Funds’ components of common share net assets as of February 28, 2014, the Funds’ tax year end, as follows:

                 
California
         
California
   
California
   
California
 
     
California
   
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Value 2
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Paid-in surplus
 
$
 
$
 
$
(325,196
)
$
(245,152
)
$
(382,651
)
$
(299,769
)
$
(109,858
)
Undistributed (Over-distribution of) net investment income
   
(13,881
)
 
(6,068
)
 
157,702
   
240,267
   
378,014
   
166,910
   
106,969
 
Accumulated net realized gain (loss)
   
13,881
   
6,068
   
167,494
   
4,885
   
4,637
   
132,859
   
2,889
 

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of February 28, 2014, the Funds’ tax year end, were as follows:

                 
California
         
California
   
California
   
California
 
     
California
   
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Value 2
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Undistributed net tax-exempt income1
 
$
2,157,384
 
$
241,474
 
$
3,284,547
 
$
2,169,887
 
$
2,908,456
 
$
5,473,329
 
$
6,437,490
 
Undistributed net ordinary income2
   
   
   
   
   
   
   
 
Undistributed net long-term capital gains
   
   
   
   
   
   
   
 
 
1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 3, 2014, paid on March 3, 2014.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

102
 
Nuveen Investments

 
 

 
The tax character of distributions paid during the Funds’ tax years ended February 28, 2014 and February 28, 2013, was designated for purposes of the dividends paid deduction as follows:

                 
California
         
California
   
California
   
California
 
     
California
   
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Value 2
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
2014
   
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Distributions from net tax-exempt income3
 
$
11,832,802
 
$
2,564,399
 
$
12,485,341
 
$
7,935,778
 
$
12,789,498
 
$
23,468,154
 
$
22,875,262
 
Distributions from net ordinary income2
   
30,180
   
4,109
   
12,054
   
9,435
   
16,946
   
24,153
   
24,345
 
Distributions from net long-term capital gains
   
   
   
   
   
   
   
 
                                             
                 
California
         
California
   
California
   
California
 
     
California
   
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Value 2
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
2013
   
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Distributions from net tax-exempt income
 
$
11,824,623
 
$
2,613,880
 
$
12,843,505
 
$
7,970,499
 
$
13,656,684
 
$
24,242,996
 
$
23,480,900
 
Distributions from net ordinary income2
   
50,560
   
16,860
   
   
   
   
   
 
Distributions from net long-term capital gains
   
   
43,637
   
   
   
   
   
 
 
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2014, as Exempt Interest Dividends.
   

As of February 28, 2014, the Funds’ tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

                 
California
         
California
   
California
   
California
 
     
California
   
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Value 2
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCB
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Expiration:
                                           
February 28, 2017
 
$
1,426,925
 
$
 
$
 
$
 
$
 
$
65,078
 
$
790,545
 
February 28, 2018
   
251,409
   
   
516,359
   
664,054
   
1,288,738
   
   
3,225,294
 
Not subject to expiration
   
1,407,075
   
205,714
   
1,457,373
   
2,072,912
   
1,447,110
   
4,993,787
   
626,069
 
Total
 
$
3,085,409
 
$
205,714
 
$
1,973,732
 
$
2,736,966
 
$
2,735,848
 
$
5,058,865
 
$
4,641,908
 

The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Funds have elected to defer losses as follows:

           
California
         
California
   
California
   
California
 
     
California
   
Performance
   
California
   
Investment
   
Select
   
Quality
 
     
Value
   
Plus
   
Opportunity
   
Quality
   
Quality
   
Income
 
     
(NCA
)
 
(NCP
)
 
(NCO
)
 
(NQC
)
 
(NVC
)
 
(NUC
)
Post-October capital losses5
 
$
120,772
 
$
587,065
 
$
12,010
 
$
58,188
 
$
486,897
 
$
696,461
 
Late-year ordinary losses6
   
   
   
   
   
   
 
 
5
Capital losses incurred from November 1, 2013 through February 28, 2014, the Funds’ tax year end.
6
Ordinary losses incurred from January 1, 2014 through February 28, 2014, and specified losses incurred from November 1, 2013 through February 28, 2014.

7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser, and for California Value (NCA) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective 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 (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) of the Fund.

Nuveen Investments
 
103

 
 

 

Notes to Financial Statements (continued)

The annual fund-level fee for each Fund (excluding California Value (NCA)), payable monthly, is calculated according to the following schedules:

   
California Value 2 (NCB)
Average Daily Managed Assets*
 
Fund-Level Fee Rate
For the first $125 million
 
.4000
%
For the next $125 million
 
.3875
 
For the next $250 million
 
.3750
 
For the next $500 million
 
.3625
 
For the next $1 billion
 
.3500
 
For managed assets over $2 billion
 
.3375
 
       
   
California Performance Plus (NCP)
   
California Opportunity (NCO)
   
California Investment Quality (NQC)
   
California Select Quality (NVC)
   
California Quality Income (NUC)
Average Daily Managed Assets*
 
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 managed assets over $5 billion
 
.3750
 

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
 
Effective Rate at Breakpoint Level
$55 billion
 
.2000
%
$56 billion
 
.1996
 
$57 billion
 
.1989
 
$60 billion
 
.1961
 
$63 billion
 
.1931
 
$66 billion
 
.1900
 
$71 billion
 
.1851
 
$76 billion
 
.1806
 
$80 billion
 
.1773
 
$91 billion
 
.1691
 
$125 billion
 
.1599
 
$200 billion
 
.1505
 
$250 billion
 
.1469
 
$300 billion
 
.1445
 

*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of February 28, 2014, the complex-level fee rate for each of these Funds was .1672%.

The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees 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.

104
 
Nuveen Investments

 
 

 
8. Subsequent Events

Agreement and Plan of Merger
On April 14, 2014, TIAA-CREF, a national financial services organization, announced that it had entered into an agreement (the “Purchase Agreement”) to acquire Nuveen Investments, the parent company of the Adviser. The transaction is expected to be completed by the end of the year, subject to customary closing conditions, including obtaining necessary Nuveen Fund and client consents sufficient to satisfy the terms of the Purchase Agreement and obtaining customary regulatory approvals. There can be no assurance that the transaction described above will be consummated as contemplated or that necessary conditions will be satisfied.

The consummation of the transaction will be deemed to be an “assignment” (as defined in the Investment Company Act of 1940) of the investment management agreements between the Nuveen Funds and the Adviser and the investment sub-advisory agreements between the Adviser and each Nuveen Fund’s sub-adviser or sub-advisers, and will result in automatic termination of each agreement. It is anticipated that the Board of Directors/Trustees of the Nuveen Funds (the “Board”) will consider a new investment management agreement with the Adviser and new investment sub-advisory agreements with each sub-adviser. If approved by the Board, the new agreements will be presented to the Nuveen Funds’ shareholders for approval, and, if so approved by shareholders, will take effect upon consummation of the transaction or such later time as shareholder approval is obtained.

The transaction is not expected to result in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Nuveen Investments
 
105

 
 

 
 
Additional
 
Fund Information

Board of Directors/Trustees
       
William Adams IV*
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
John K. Nelson
William J. Schneider
Thomas S. Schreier, Jr.*
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth
           
* Interested Board Member.
         
           

Fund Manager
Custodian
Legal Counsel
Independent Registered
Transfer Agent and
Nuveen Fund Advisors, LLC
State Street Bank
Chapman and Cutler LLP
Public Accounting Firm
Shareholder Services
333 West Wacker Drive
& Trust Company
Chicago, IL 60603
Ernst & Young LLP
State Street Bank
Chicago, IL 60606
Boston, MA 02111
 
Chicago, IL 60606
& Trust Company
       
Nuveen Funds
       
P.O. Box 43071
       
Providence, RI 02940-3071
       
(800) 257-8787
         

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC -0330 for room hours and operation.
 
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
 

 
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 

 
Common Share Information
Each Fund intends to repurchase shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

                 
 
NCA
NCB
NCP
NCO
NQC
NVC
NUC
 
Common shares repurchased
 

FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

106
 
Nuveen Investments

 
 

 
 
Glossary of Terms Used in this Report

Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
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.
   
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.
   
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
Lipper California Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

Nuveen Investments
 
107

 
 

 
Glossary of Terms Used in this Report (continued)
 
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
   
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
   
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

108
 
Nuveen Investments

 
 

 
 
Reinvest Automatically, Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 

 
Nuveen Closed-End Funds Automatic Reinvestment Plan
 
Nuveen Closed-End Fund allows you to conveniently reinvest 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 compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on 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 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 greater of the net asset value or 95% of 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. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on 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 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. 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 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.

Nuveen Investments
 
109

 
 

 
 
Board Members & Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members:            
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chairman and
Board Member
 
 
 
1996
Class III
 
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
 
 
 
208
                   
ROBERT P. BREMNER
1940
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
1996
Class III
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. Company Institute.
 
 
208
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 
 
208
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
Class I
 
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 
 
 
208
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
 
 
 
208
 
110
 
Nuveen Investments

 
 

 

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):            
                   
JOHN K. NELSON
1962
333 West Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Whole- sale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 
 
 
208
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
Class I
 
Board Member, Land Trust Alliance (since June 2013) and U.S. Endowment for Forestry and Communities (since November 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
 
208
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2007
Class I
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
 
 
 
208
                   
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2011
Class I
 
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
 
 
 
208
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 
 
 
208

Nuveen Investments
 
111

 
 

 
Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
 
   
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Interested Board Members:                
                   
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class II
 
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda s Club Chicago.
 
 
 
133
                   
THOMAS S. SCHREIER, JR.(2)
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2013
Class III
 
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
 
 
 
133
                   
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:            
                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief
Administrative
Officer
 
 
1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 
 
208
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2007
 
Managing Director of Nuveen Securities, LLC.
 
 
 
101
                   
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2009
 
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
 
 
 
208

112
 
Nuveen Investments

 
 

 
 
 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):            
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
1998
 
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).
 
 
 
208
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Controller
 
 
 
1998
 
Managing Director (since 2014), formerly, Senior Vice President (2013-2014), and Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Senior Vice President (2010-2011), Formerly Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Certified Public Accountant.
 
 
 
208
                   
SCOTT S. GRACE
1970
333 W. Wacker Drive
 
 
Vice President
and Treasurer
 
 
 
2009
 
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
 
 
 
208
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 
 
Chief Compliance
Officer and
Vice President
 
 
 
2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 
 
 
208
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Vice President
 
 
 
2002
 
Senior Vice President of Nuveen Investment Holdings, Inc.
 
 
 
208
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 
 
Vice President
and Secretary
 
 
 
2007
 
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 
 
 
208

Nuveen Investments
 
113

 
 

 
Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(3)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):            
                   
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 
 
 
Vice President and
Assistant Secretary
 
 
 
2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 
 
 
208
                   
JOEL T. SLAGER
1978
333 West Wacker Drive
Chicago, IL 60606
 
 
Vice President and
Assistant Secretary
 
 
 
2013
 
Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010).
 
 
 
208
 
(1)
For California Value (NCA) and California Value 2 (NCB) Board Members serve three year terms. The Board of Trustees for NCA and NCB are divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. For California Performance Plus (NCP), California Opportunity (NCO), California Investment Quality (NQC), California Select Quality (NVC) and California Quality Income (NUC), the Board Members serve a one year term to serve until the next annual meeting or until their successors shall have been duly elected and qualified. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
“Interested person” as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

114
 
Nuveen Investments

 
 

 
Notes

Nuveen Investments
 
115

 
 

 


Nuveen Investments:
 
Serving Investors for Generations
 

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.


Focused on meeting investor needs.
 
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed approximately $221 billion as of December 31, 2013.
 

Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain 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.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC  |  333 West Wacker Drive  |  Chicago, IL 60606  |  www.nuveen.com
 
EAN-A-0214D

 
 

 
 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State's operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State's bond-related disclosure documents and certifying that they fairly presented the State's financial position; reviewing audits of various State and local agencies and programs; and coordinating the State's system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director.  Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone's position on the boards of these entities and as a member of both CBOE Holdings' Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen California Municipal Value Fund, Inc.

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND

 
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
February 28, 2014
$ 21,750     $ 4,000     $ 0     $ 0  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
February 28, 2013
$ 19,500     $ 0     $ 0     $ 0  
                               
Percentage approved
  0 %     0 %     0 %     0 %
pursuant to
                             
pre-approval
                             
exception
                             
                               
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                               
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                               
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                               
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 
                               

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.

 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
February 28, 2014
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
February 28, 2013
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     

NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
February 28, 2014
 $                               0
 $                                     0
 $                                   0
 $                           0
February 28, 2013
 $                               0
 $                                     0
 $                                   0
 $                           0
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Terence J. Toth, William J. Schneider, Carole E. Stone and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser's policies and procedures. The Adviser periodically monitors the Sub-Adviser's voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
Scott R. Romans
Nuveen California Municipal Value Fund, Inc.

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Scott R. Romans
Registered Investment Company
21
$8.27 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
2
$1.57 million
*
Assets are as of February 28, 2014.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, have received equity interests in the parent company of Nuveen Investments. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of Securities.  As of February 28, 2014 the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the remainder of
Nuveen funds managed by Nuveen Asset
Management’s municipal investment team
Scott R. Romans
Nuveen California Municipal Value Fund, Inc.
$0
$0

PORTFOLIO MANAGER BIO:

Scott R. Romans, PhD, Senior Vice President of Nuveen Asset Management, joined Nuveen Investments in 2000 as a senior analyst in the education sector. In 2003, he was assigned management responsibility for several closed- and open-ended municipal bond funds most of which are state funds covering California and other western states.   Currently, he manages investments for 22 Nuveen-sponsored investment companies.  He holds an undergraduate degree from the University of Pennsylvania and an MA and PhD from the University of Chicago.
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: May 8, 2014

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 8, 2014
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: May 8, 2014