Nuveen California Municipal Value Fund
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 |
|
811-05235 |
Nuveen California Municipal Value Fund
(Exact name of registrant as
specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL
60606
(Address of principal
executive offices) (Zip code)
Mark L. Winget
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: |
|
August 31, 2023 |
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. |
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Nuveen
California
Quality
Municipal
Income
Fund
NAC
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
NKX
Nuveen
California
Municipal
Value
Fund
NCA
Nuveen
California
Select
Tax-Free
Income
Portfolio
NXC
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Fund
Leverage
5
Common
Share
Information
6
About
the
Funds’
Benchmarks
8
Performance
Overview
and
Holdings
Summaries
9
Shareholder
Meeting
Report
17
Portfolios
of
Investments
18
Statement
of
Assets
and
Liabilities
55
Statement
of
Operations
56
Statement
of
Changes
in
Net
Assets
57
Statement
of
Cash
Flows
59
Financial
Highlights
60
Notes
to
Financial
Statements
65
Risk
Considerations
77
Additional
Fund
Information
78
Glossary
of
Terms
Used
in
this
Report
79
Annual
Investment
Management
Agreement
Approval
Process
80
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
Inflation
concerns
have
continued
to
dominate
the
investment
landscape
in
2023.
Inflation
rates
have
fallen
meaningfully
from
post-pandemic
highs,
helped
by
the
significant
policy
interest
rate
increases
from
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
and
the
normalization
of
supply
chains.
However,
they
currently
remain
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
Core
inflation
measures,
which
exclude
volatile
food
and
energy
prices,
in
particular
remain
above
central
banks’
targeted
levels.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
U.S.
gross
domestic
product
increased
to
2.1%
in
the
second
quarter
of
2023
from
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
Consider
that
much
of
this
growth
occurred
while
the
Fed
was
raising
interest
rates
in
one
of
the
fastest
hiking
cycles
in
its
history.
The
Fed
increased
the
target
fed
funds
rate
from
near
zero
in
March
2022
to
a
range
of
5.25%
to
5.50%
as
of
September
2023,
pausing
briefly
in
June
2023
and
again
in
September
2023.
Despite
historically
high
inflation
and
rapidly
rising
interest
rates,
the
jobs
market
has
remained
relatively
strong,
helping
to
support
consumer
sentiment
and
spending.
However,
markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
leading
to
interest
rates
staying
higher
for
longer
and
a
potentially
deeper
slowdown
in
the
economy.
U.S.
regional
banks
–
after
enduring
the
relatively
contained
collapses
of
Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank
and
major
European
bank
Credit
Suisse
in
March
2023
–
remain
exposed
to
challenges
in
the
commercial
real
estate
sector.
Additionally,
concerns
about
government
funding
and
deficits
persist.
Congress
averted
a
near-term
default
scenario
in
June
2023
and
a
partial
government
shutdown
at
the
end
of
September
2023,
but
funding
will
need
to
be
renegotiated
again
in
November
2023.
Given
the
lingering
upside
risks
to
inflation
and
the
lagging
impact
of
tighter
credit
conditions
on
the
economy,
Fed
officials
are
closely
monitoring
incoming
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis.
The
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
turbulence.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
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.
Terence
J.
Toth
Chair
of
the
Board
October 23,
2023
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
February
28,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Events
that
Occurred
Subsequent
to
the
Reporting
Period
Portfolio
Manager
Update
Effective
October
13,
2023,
Kristen
DeJong
has
been
added
as
a
portfolio
manager.
Scott
Romans
continues
to
serve
as
a
portfolio
manager
of
the
Funds.
Updated
Distribution
Policy
for
NAC
and
NKX
On
October
23,
2023,
the
Funds’
Board
of
Trustees
(the
“Board”)
updated
the
distribution
policy
for
NAC
and
NKX.
Each
Fund’s
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
its
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distribution
rate
which
may
be
set
from
time
to
time).
The
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
the
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
the
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
will
erode.
If
the
Fund’s
distribution
includes
anything
other
than
net
investment
income,
the
Fund
will
provide
a
notice
to
shareholders
of
its
best
estimate
of
the
distribution
sources
at
that
the
time
of
the
distribution.
These
estimates
may
not
match
the
final
tax
characterization
(for
the
full
year’s
distributions)
contained
in
shareholders’
1099-DIV
forms
after
the
end
of
the
year.
IMPACT
OF
THE
FUND’S
LEVERAGE
STRATEGY
ON
PERFORMANCE
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
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.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
that
it
has
bought
with
the
proceeds
of
that
leverage.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
a
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
municipal
bonds
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
bonds
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
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.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
tax-exempt
interest
rates.
While
fund
leverage
expenses
are
higher
than
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
NAC
and
NKX’s
use
of
leverage
detracted
from
relative
performance
over
this
reporting
period.
As
of
August
31,
2023
,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
*
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.
A
Fund,
however,
may
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
incidental
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
August
31,
2023
,
the
following
Funds
have
issued
and
outstanding
preferred
shares
as
shown
in
the
accompanying
table.
As
mentioned
previously,
NCA
and
NXC
do
not
use
regulatory
leverage.
*
Preferred
shares
of
the
Fund
featuring
a
floating
rate
dividend
based
on
a
predetermined
formula
or
spread
to
an
index
rate.
Includes
the
following
preferred
shares
AMTP,
iMTP,
MFP-VRM
and
VRDP
in
Special
Rate
Mode,
where
applicable.
See
Notes
to
Financial
Statements
for
further
details.
**
Preferred
shares
of
the
Fund
featuring
floating
rate
dividends
set
by
a
remarketing
agent
via
a
regular
remarketing.
Includes
the
following
preferred
shares
VRDP
not
in
Special
Rate
Mode,
MFP-VRRM
and
MFP-VRDM,
where
applicable.
See
Notes
to
Financial
Statements
for
further
details.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
preferred
shares
and
each
Fund’s
respective
transactions.
NAC
NKX
NCA
NXC
Effective
Leverage
*
40.80%
41.47%
0.00%
0.00%
Regulatory
Leverage
*
40.80%
39.52%
0.00%
0.00%
Variable
Rate
Preferred*
Variable
Rate
Remarketed
Preferred**
Fund
Shares
Issued
at
Liquidation
Preference
Shares
Issued
at
Liquidation
Preference
Total
NAC
$729,900,000
$497,900,000
$1,227,800,000
NKX
$
-
$397,100,000
$397,100,000
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
August
31,
2023. 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
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to the
Notes
to
Financial Statements for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
in the
Notes
to
Financial
Statements
of
this
report.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closed-end-funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
COMMON
SHARE
EQUITY
During
the
current
reporting
period,
NXC
were
authorized
by
the
Securities
and
Exchange
Commission
to
issue
additional
common
shares
through
an
equity
shelf
program
(Shelf
Offering).
Under
these
programs,
the
Funds,
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
each
Fund’s
NAV
per
common
share.
The
maximum
aggregate
offering
under
these
Shelf
Offerings
are
as
shown
in
the
accompanying
table.
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NAC
NKX
NCA
NXC
March
$0.0360
$0.0415
$0.0290
$0.0435
April
0.0360
0.0415
0.0290
0.0435
May
0.0360
0.0415
0.0290
0.0435
June
0.0360
0.0415
0.0290
0.0435
July
0.0360
0.0415
0.0290
0.0435
August
0.0360
0.0415
0.0290
0.0435
Total
Distributions
from
Net
Investment
Income
$0.2160
$0.2490
$0.1740
$0.2610
Yields
NAC
NKX
NCA
NXC
Market
Yield
1
4.15%
4.50%
3.95%
4.06%
Taxable-Equivalent
Yield
1
9.04%
9.80%
8.61%
8.85%
1
Market
Yield
is
based
on
the
Fund’s
current
annualized
monthly
distribution
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
54.1%.
Your
actual
combined
federal
and
state
income
tax
rate
may
differ
from
the
assumed
rate.
The
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
either
exempt
from
federal
income
tax
but
not
from
state
income
tax
(e.g.,
income
from
an
out-of-state
municipal
bond),
or
was
exempt
from
neither
federal
nor
state
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-Equivalent
Yield
would
be
lower.
Refer
to
Notes
to
Financial
Statements
for
further
details
of
Shelf
Offerings
and
each
Fund’s
respective
transactions.
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
August
31,
2023,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
OTHER
COMMON
SHARE
INFORMATION
As
of
August
31,
2023,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAVs
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
NXC*
Maximum
aggregate
offering
1,300,000
*
Represents
additional
authorized
shares
for
the
period
August
4,
2023
through
August
31,
2023.
NAC
NKX
NCA
NXC
Common
shares
cumulatively
repurchased
and
retired
370,000
230,000
-
-
Common
shares
authorized
for
repurchase
14,470,000
4,750,000
3,310,000
635,000
NAC
NKX
NCA
NXC
Common
share
NAV
$12.31
$12.79
$9.13
$13.60
Common
share
price
$10.40
$11.06
$8.81
$12.85
Premium/(Discount)
to
NAV
(15.52)%
(13.53)%
(3.50)%
(5.51)%
Average
premium/(discount)
to
NAV
(14.69)%
(12.96)%
(6.30)%
(4.30)%
About
the
Funds’
Benchmarks
S&P
Municipal
Bond
California
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
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
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Nuveen
California
Quality
Municipal
Income
Fund
Performance
Overview
and
Holdings
Summaries
August
31,
2023
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
August
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NAC
at
Common
Share
NAV
5/26/99
0.02%
(1.81)%
(0.10)%
4.09%
NAC
at
Common
Share
Price
5/26/99
(2.39)%
(10.52)%
(0.73)%
3.57%
S&P
Municipal
Bond
Index
—
1.22%
1.79%
1.57%
2.89%
S&P
Municipal
Bond
California
Index
—
1.21%
1.93%
1.42%
3.09%
Performance
Overview
and
Holdings
Summaries
August
31,
2023
(continued)
Holdings
Summaries
as
of
August
31,
2023
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.
For
financial
reporting
purposes,
the
ratings
disclosed
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.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
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.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
166
.7
%
Other
Assets
&
Liabilities,
Net
2.1%
MFP
Shares,
Net
(
18
.0
)
%
VRDP
Shares,
Net
(
50
.8
)
%
Net
Assets
100
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
10.1%
AAA
6.6%
AA
38.9%
A
19.7%
BBB
7.7%
BB
or
Lower
3.1%
N/R
(not
rated)
13.9%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/General
16.8%
Health
Care
15.4%
Utilities
15.0%
Transportation
13.2%
Tax
Obligation/Limited
11.9%
U.S.
Guaranteed
11.8%
Housing/Multifamily
10.4%
Other
5.5%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
95.2%
Puerto
Rico
4.1%
Guam
0.7%
Virgin
Islands
0.0%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
Performance
Overview
and
Holdings
Summaries
August
31,
2023
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
August
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NKX
at
Common
Share
NAV
11/21/02
0.35%
(2.08)%
0.46%
4.43%
NKX
at
Common
Share
Price
11/21/02
(3.54)%
(14.05)%
0.52%
4.27%
S&P
Municipal
Bond
Index
—
1.22%
1.79%
1.57%
2.89%
S&P
Municipal
Bond
California
Index
—
1.21%
1.93%
1.42%
3.09%
Performance
Overview
and
Holdings
Summaries
August
31,
2023
(continued)
Holdings
Summaries
as
of
August
31,
2023
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.
For
financial
reporting
purposes,
the
ratings
disclosed
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.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
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.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
165.7%
Short-Term
Municipal
Bonds
3.8%
Other
Assets
&
Liabilities,
Net
1.1%
Floating
Rate
Obligations
(5.5)%
MFP
Shares,
Net
(23
.0)%
VRDP
Shares,
Net
(42.1)%
Net
Assets
100%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
13.5%
AAA
4.1%
AA
39.8%
A
16.2%
BBB
7.7%
BB
or
Lower
3.4%
N/R
(not
rated)
15.3%
Total
100%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/General
20.4%
Health
Care
16.6%
Tax
Obligation/Limited
14.5%
U.S.
Guaranteed
13.8%
Utilities
13.1%
Housing/Multifamily
10.3%
Transportation
6.8%
Other
4.5%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
92.8%
Puerto
Rico
5.5%
Guam
1.1%
Virgin
Islands
0.5%
New
York
0.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
California
Municipal
Value
Fund
Performance
Overview
and
Holdings
Summaries
August
31,
2023
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
August
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NCA
at
Common
Share
NAV
10/07/87
0.90%
0.89%
0.96%
3.32%
NCA
at
Common
Share
Price
10/07/87
3.05%
1.35%
1.45%
3.53%
S&P
Municipal
Bond
Index
—
1.22%
1.79%
1.57%
2.89%
S&P
Municipal
Bond
California
Index
—
1.21%
1.93%
1.42%
3.09%
Performance
Overview
and
Holdings
Summaries
August
31,
2023
(continued)
Holdings
Summaries
as
of
August
31,
2023
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.
For
financial
reporting
purposes,
the
ratings
disclosed
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.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
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.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
97
.2
%
Other
Assets
&
Liabilities,
Net
2.8%
Net
Assets
100
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
5.2%
AAA
10.0%
AA
44.3%
A
20.2%
BBB
6.2%
BB
or
Lower
2.4%
N/R
(not
rated)
11.7%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Utilities
22.1%
Tax
Obligation/General
20.4%
Transportation
18.0%
Tax
Obligation/Limited
10.6%
Health
Care
10.0%
Housing/Multifamily
9.2%
U.S.
Guaranteed
6.3%
Other
3.4%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
96.9%
Puerto
Rico
3.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
California
Select
Tax-Free
Income
Port-
folio
Performance
Overview
and
Holdings
Summaries
August
31,
2023
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
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.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
August
31,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXC
at
Common
Share
NAV
6/19/92
1.09%
1.44%
1.47%
3.70%
NXC
at
Common
Share
Price
6/19/92
(5.64)%
(2.07)%
1.77%
3.88%
S&P
Municipal
Bond
Index
—
1.22%
1.79%
1.57%
2.89%
S&P
Municipal
Bond
California
Index
—
1.21%
1.93%
1.42%
3.09%
Performance
Overview
and
Holdings
Summaries
August
31,
2023
(continued)
Holdings
Summaries
as
of
August
31,
2023
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.
For
financial
reporting
purposes,
the
ratings
disclosed
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.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
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.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
97
.6
%
Other
Assets
&
Liabilities,
Net
2.4%
Net
Assets
100
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
10.8%
AAA
11.4%
AA
40.3%
A
20.1%
BBB
4.5%
BB
or
Lower
2.1%
N/R
(not
rated)
10.8%
Total
100
%
Portfolio
Composition
1
(%
of
total
investments)
Utilities
21.7%
Tax
Obligation/General
20.5%
Tax
Obligation/Limited
13.7%
Transportation
12.1%
Health
Care
11.7%
U.S.
Guaranteed
10.8%
Housing/Multifamily
8.8%
Other
0.7%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
97.8%
Puerto
Rico
2.2%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Shareholder
Meeting
Report
The
annual
meeting
of
shareholders
was
held
on
August
9,
2023
for
NXC;
at
this
meeting
the
shareholders
were
asked
to
elect
Board
members.
NXC
Common
Shares
Approval
of
the
Board
Members
was
reached
as
follows:
Amy
B.R.
Lancellotta
For
4,952,512
Withhold
94,570
Total
5,047,082
John
K.
Nelson
For
4,931,335
Withhold
115,747
Total
5,047,082
Terence
J.
Toth
For
4,905,755
Withhold
141,327
Total
5,047,082
Robert
L.
Young
For
4,883,564
Withhold
163,518
Total
5,047,082
Nuveen
California
Quality
Municipal
Income
Fund
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
166.7% (100.0%
of
Total
Investments)
X
2,970,706,430
MUNICIPAL
BONDS
-
166.7% (100.0%
of
Total
Investments)
X
2,970,706,430
Consumer
Staples
-
1.1%
(0.7%
of
Total
Investments)
$
1,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A,
5.000%,
6/01/47
9/23
at
100.00
$
917,960
2,575
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
2,335,937
2,120
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-1,
5.000%,
6/01/49
6/30
at
100.00
2,142,536
25,000
California
Statewide
Financing
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
Pooled
Tobacco
Securitization
Program,
Series
2006A,
0.000%,
6/01/46
9/23
at
24.76
6,047,250
44,035
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
4,378,840
19,000
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007B,
0.000%,
6/01/47
10/23
at
25.58
4,552,590
Total
Consumer
Staples
20,375,113
Education
and
Civic
Organizations
-
7.6%
(4.5%
of
Total
Investments)
6,995
California
Educational
Facilities
Authority,
Revenue
Bonds,
Chapman
University,
Series
2017B,
4.000%,
4/01/47
4/27
at
100.00
6,358,105
5,725
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University
Series
2016U-7,
5.000%,
6/01/46
No
Opt.
Call
6,525,126
4,385
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Series
2023,
5.000%,
11/01/53
11/33
at
100.00
4,609,205
California
Municipal
Finance
Authority, Revenue
Bonds,
Creative
Center
of
Los
Altos
Project
Pinewood
&
Oakwood
Schools,
Series
2016B:
800
4.000%,
11/01/36,
144A
11/26
at
100.00
679,904
1,000
4.500%,
11/01/46,
144A
11/26
at
100.00
810,300
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B:
1,210
5.000%,
10/01/39,
144A
10/27
at
100.00
1,150,892
2,980
5.000%,
10/01/57,
144A
10/27
at
100.00
2,599,692
1,000
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/26
at
100.00
913,540
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A:
3,500
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
3,501,890
1,650
4.000%,
12/31/47,
(AMT)
6/28
at
100.00
1,407,334
4,000
5.000%,
12/31/47,
(AMT)
6/28
at
100.00
3,951,320
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019,
5.000%,
8/01/48
8/29
at
100.00
964,100
1,550
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Camino
Nuevo
Charter
Academy
Sustainability
Series
2023A,
5.250%,
6/01/53,
144A
6/31
at
100.00
1,480,266
300
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A,
5.000%,
5/01/27,
144A
No
Opt.
Call
296,043
1,100
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Stem
Preparatory
Schools
?
Obligated
Group,
Series
2023A,
5.375%,
5/01/63,
144A
6/31
at
100.00
1,053,855
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Education
and
Civic
Organizations
(continued)
$
1,615
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A,
5.000%,
7/01/45,
144A
7/25
at
100.00
$
1,598,882
2,150
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
2,120,179
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C:
5,995
5.000%,
7/01/46,
144A
7/25
at
101.00
5,911,850
8,340
5.250%,
7/01/52,
144A
7/25
at
101.00
8,350,675
800
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A,
6.000%,
7/01/51,
144A
7/26
at
100.00
817,672
5,140
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/01/43
11/25
at
100.00
5,266,907
10,440
California
State
University,
Systemwide
Revenue
Bonds,
Series
2018A,
5.000%,
11/01/43
11/28
at
100.00
11,095,528
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O:
8,500
5.000%,
5/15/43
5/28
at
100.00
9,033,800
10,390
4.000%,
5/15/48
5/28
at
100.00
10,160,693
17,150
5.000%,
5/15/48
5/28
at
100.00
18,046,430
University
of
California,
General
Revenue
Bonds,
Series
2018AZ:
3,930
5.000%,
5/15/38
5/28
at
100.00
4,223,060
6,775
5.000%,
5/15/48
5/28
at
100.00
7,141,053
15,385
University
of
California,
General
Revenue
Bonds,
Series
2020BE,
4.000%,
5/15/47
5/30
at
100.00
15,174,995
Total
Education
and
Civic
Organizations
135,243,296
Financials
-
0.0%
(0.0%
of
Total
Investments)
1,305
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0,
0.000%,
8/01/54
(c)
No
Opt.
Call
269,685
Total
Financials
269,685
Health
Care
-
25.6%
(15.4%
of
Total
Investments)
9,345
ABAG
Finance
Authority
for
Nonprofit
Corporations,
California,
Revenue
Bonds,
Sharp
HealthCare,
Series
2014A,
5.000%,
8/01/43
10/23
at
100.00
9,347,243
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
6,365
4.000%,
11/15/41
11/26
at
100.00
6,268,252
19,795
5.000%,
11/15/46
11/26
at
100.00
20,245,732
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A:
20,215
4.000%,
11/15/48
11/27
at
100.00
19,216,379
13,110
5.000%,
11/15/48
11/27
at
100.00
13,405,630
5,890
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
5.000%,
11/15/38
11/27
at
100.00
6,152,812
7,960
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Refunding
Series
2016A,
4.000%,
3/01/39
3/26
at
100.00
7,462,182
7,810
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2013A,
4.000%,
3/01/43
9/23
at
100.00
7,065,707
15,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Medical
Center,
Refunding
Series
2016B,
4.000%,
8/15/39
8/26
at
100.00
15,004,800
7,400
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/47
8/27
at
100.00
7,405,698
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019:
16,625
4.000%,
11/15/45
11/29
at
100.00
15,195,084
30,630
5.000%,
11/15/49
11/26
at
100.00
30,888,517
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A:
$
31,810
4.000%,
4/01/44
4/30
at
100.00
$
28,982,091
10,855
4.000%,
4/01/45
4/30
at
100.00
9,814,983
2,815
4.000%,
4/01/49
4/30
at
100.00
2,481,535
24,625
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Refunding
Forward
Delivery
Series
2022A,
4.000%,
5/15/51
5/32
at
100.00
22,901,004
6,105
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
6,166,844
2,230
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A,
5.000%,
10/01/38
10/24
at
100.00
2,250,293
16,375
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
16,429,201
26,330
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2016A,
4.000%,
10/01/47
10/26
at
100.00
23,727,543
16,185
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
14,733,367
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A:
3,095
5.000%,
7/01/42
7/27
at
100.00
3,107,597
685
5.000%,
7/01/47
7/27
at
100.00
682,376
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
7,210
5.250%,
11/01/36
11/26
at
100.00
7,181,160
6,040
5.250%,
11/01/41
11/26
at
100.00
5,729,121
9,335
5.000%,
11/01/47
11/26
at
100.00
8,133,026
6,770
5.250%,
11/01/47
11/26
at
100.00
6,176,474
5,330
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
5,693,932
12,485
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
12,097,965
14,550
California
Public
Finance
Authority,
Revenue
Bonds,
Hoag
Memorial
Hospital
Presbyterian,
Fixed
Period
Series
2022A,
4.000%,
7/15/51
7/32
at
100.00
13,545,322
5,310
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
5,336,019
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A:
1,000
5.250%,
12/01/34
12/24
at
100.00
1,008,870
1,200
5.250%,
12/01/44
12/24
at
100.00
1,190,364
2,375
5.500%,
12/01/54
12/24
at
100.00
2,371,105
43,280
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
42,341,257
16,445
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58,
144A
6/28
at
100.00
16,456,676
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A:
2,345
5.000%,
3/01/35
3/26
at
100.00
2,401,139
3,000
5.000%,
3/01/45
3/26
at
100.00
3,013,230
6,465
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2016A,
4.000%,
8/15/51
8/26
at
100.00
5,788,050
2,475
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
2,650,354
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
$
152
5.750%,
7/01/24
(d),(e)
10/23
at
100.00
$
152,439
166
5.750%,
7/01/30
(d),(e)
10/23
at
100.00
166,304
116
5.750%,
7/01/35
(d),(e)
10/23
at
100.00
116,420
157
5.500%,
7/01/39
(d),(e)
10/23
at
100.00
156,960
6,200
Madera
County,
California,
Certificates
of
Participation,
Valley
Children's
Hospital
Project,
Series
1995,
5.750%,
3/15/28
-
NPFG
Insured
10/23
at
100.00
6,364,610
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016:
6,250
5.000%,
11/01/36
11/26
at
100.00
6,323,750
4,500
4.000%,
11/01/39
11/26
at
100.00
3,968,460
9,000
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P,
5.000%,
5/15/47
5/32
at
100.00
9,629,460
Total
Health
Care
456,927,337
Housing/Multifamily
-
17.3%
(10.4%
of
Total
Investments)
23,285
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
14,533,798
22,070
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
17,213,717
6,250
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Senior
Series
2021A-1,
4.000%,
2/01/56,
144A
8/31
at
100.00
5,114,250
23,610
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
18,620,499
6,960
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
5,074,606
660
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
492,492
2,090
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A,
5.000%,
8/01/50,
144A
8/30
at
100.00
1,895,379
1,385
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
1,270,557
7,575
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
6,255,435
22,500
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
21,724,873
13,618
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
12,529,515
5,095
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-3,
3.250%,
8/20/36
2021
1
No
Opt.
Call
4,547,400
3,343
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
3,262,114
17,806
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1,
4.375%,
9/20/36
No
Opt.
Call
17,318,441
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
1,680
5.250%,
8/15/39
8/24
at
100.00
1,691,928
2,150
5.250%,
8/15/49
8/24
at
100.00
2,161,567
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A:
1,465
5.500%,
7/01/50,
144A
7/33
at
105.00
1,438,674
1,000
6.000%,
7/01/53,
144A
7/33
at
105.00
1,011,660
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
(continued)
$
23,750
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
$
16,778,900
8,060
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
5,945,701
3,265
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
2,573,506
11,510
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
7,823,002
1,720
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
1,280,987
12,910
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
10,545,533
20,500
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
15,049,870
23,610
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
18,429,258
5,095
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-1,
2.875%,
8/01/41,
144A
8/31
at
100.00
4,308,587
7,030
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2,
3.125%,
8/01/56,
144A
8/31
at
100.00
4,759,169
3,750
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-Hawthorne,
Series
2021A-1
and
A-2,
3.250%,
7/01/56,
144A
7/32
at
100.00
2,525,062
3,565
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-1,
3.400%,
10/01/46,
144A
10/31
at
100.00
2,724,266
21,695
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
15,438,162
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
2,215
3.000%,
7/01/43,
144A
7/32
at
100.00
1,636,686
9,645
3.125%,
7/01/56,
144A
7/32
at
100.00
6,266,453
7,345
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56,
144A
9/31
at
100.00
5,310,362
450
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
315,301
12,105
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
8,934,216
4,020
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
2,814,884
8,025
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
5,760,345
2,010
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
9/01/46,
144A
9/31
at
100.00
1,620,442
5,700
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
4,007,214
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
(continued)
$
20,760
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
$
13,029,184
21,185
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
13,807,959
Total
Housing/Multifamily
307,841,954
Long-Term
Care
-
0.5%
(0.3%
of
Total
Investments)
6,120
California
Municipal
Finance
Authority,
Revenue
Bonds,
HumanGood
California
Obligated
Group,
Refunding
Series
2019,
4.000%,
10/01/37
10/26
at
100.00
5,862,899
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Odd
Fellows
Home
of
California
Project,
Insured
Refunding
Series
2023A:
1,900
4.000%,
4/01/43
4/30
at
100.00
1,878,359
1,000
4.125%,
4/01/53
4/30
at
100.00
979,160
Total
Long-Term
Care
8,720,418
Tax
Obligation/General
-
28.0%
(16.8%
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
3,857,453
4,420
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
4,640,470
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016:
4,600
5.000%,
8/01/33
8/26
at
100.00
4,831,978
8,000
5.000%,
9/01/37
9/26
at
100.00
8,368,480
3,570
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2021.
Forward
Delivery,
5.000%,
9/01/41
9/31
at
100.00
3,917,361
50
California
State,
General
Obligation
Bonds,
Series
2013,
5.000%,
2/01/29
10/23
at
100.00
50,091
California
State,
General
Obligation
Bonds,
Series
2014:
9,320
5.000%,
12/01/43
12/23
at
100.00
9,350,383
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015:
6,700
5.000%,
8/01/32
2/25
at
100.00
6,867,969
11,000
5.000%,
8/01/34
8/25
at
100.00
11,352,660
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2016,
5.000%,
9/01/36
9/26
at
100.00
5,238,750
7,240
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013,
5.000%,
11/01/43
11/23
at
100.00
7,255,204
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014:
24,970
5.000%,
5/01/32
5/24
at
100.00
25,269,390
8,910
5.000%,
10/01/39
10/24
at
100.00
9,027,167
7,780
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2017,
5.000%,
11/01/47
11/27
at
100.00
8,175,924
9,500
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
10/01/47
4/26
at
100.00
9,796,020
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2019,
5.000%,
4/01/49
4/29
at
100.00
5,294,250
1,770
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
4.000%,
11/01/45
11/25
at
100.00
1,750,512
2,650
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
2,720,172
5,400
Central
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2018B.,
4.000%,
8/01/48
8/26
at
100.00
5,227,524
7,860
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2019C,
3.000%,
8/01/44
-
BAM
Insured
8/28
at
100.00
6,328,636
5,000
Elk
Grove
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2017,
4.000%,
8/01/46
8/26
at
100.00
4,824,500
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
12,500
Glendale
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Taxable
Refunding
Series
2020B,
4.000%,
8/01/50
8/29
at
100.00
$
11,981,250
18,500
Grossmont
Healthcare
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015D,
4.000%,
7/15/40
7/25
at
100.00
17,839,920
6,185
Grossmont-Cuyamaca
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2018,
4.000%,
8/01/47
8/28
at
100.00
6,030,994
5,150
Hacienda
La
Puente
Unified
School
District
Facilities
Financing
Authority,
California,
General
Obligation
Revenue
Bonds,
Program
Series
2007,
5.000%,
8/01/26
-
AGM
Insured
No
Opt.
Call
5,429,336
3,000
Hacienda
La
Puente
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2017A,
4.000%,
8/01/47
8/27
at
100.00
2,898,810
5,585
Lake
Elsinore
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
2016
Election
Series
B,
4.000%,
8/01/49
-
BAM
Insured
8/27
at
100.00
5,174,391
5,630
Lake
Tahoe
Unified
School
District,
El
Dorado
County,
California,
General
Obligation
Bonds,
Series
2010,
0.000%,
8/01/45
-
AGM
Insured
(f)
No
Opt.
Call
4,304,642
4,140
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J,
4.000%,
8/01/41
8/27
at
100.00
4,091,148
1,285
Los
Angeles
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Measure
Q
Series
2020C,
4.000%,
7/01/40
7/30
at
100.00
1,285,321
3,100
Manteca
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2017B,
4.000%,
8/01/42
8/27
at
100.00
3,037,411
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A:
10,000
4.000%,
8/01/40
8/25
at
100.00
9,792,300
7,500
4.000%,
8/01/45
8/25
at
100.00
7,188,975
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
3,578,275
6,950
Morgan
Hill
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017B,
4.000%,
8/01/47
8/27
at
100.00
6,715,576
10,765
North
Orange
County
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2002
Series
2003B,
0.000%,
8/01/27
-
FGIC
Insured
No
Opt.
Call
9,405,919
1,815
Orland
Joint
Unified
School
District,
Glenn
and
Tehama
Counties,
California,
General
Obligation
Bonds,
2008
Election,
Series
2012B,
0.000%,
8/01/51
(f)
8/37
at
100.00
1,248,303
10,330
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A,
0.000%,
8/01/35
No
Opt.
Call
6,272,169
5,000
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011,
6.375%,
8/01/45
2/33
at
100.00
5,963,900
7,350
Pleasant
Valley
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Refunding
Series
B,
4.000%,
8/01/46
8/29
at
100.00
7,133,984
16,736
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
14,472,456
28,000
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B,
0.000%,
8/01/44
No
Opt.
Call
10,208,800
7,500
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
General
Obligation
Bonds,
Election
of
2016,
Green
Series
2022D-1,
4.250%,
8/01/52
2/32
at
100.00
7,454,475
9,760
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Election
2020
Series
2020A,
4.000%,
6/15/45
6/30
at
100.00
9,117,499
21,000
San
Marcos
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
2010
Election,
Series
2012B,
0.000%,
8/01/51
No
Opt.
Call
5,567,730
1,220
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011A,
0.000%,
7/01/51
(f)
9/41
at
100.00
828,246
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
4,309,338
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
810
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
$
827,042
4,175
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2002,
Series
2004,
0.000%,
8/01/25
-
FGIC
Insured
No
Opt.
Call
3,910,806
5,530
Stockton
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2011D,
0.000%,
8/01/50
-
AGM
Insured
(f)
8/37
at
100.00
5,721,172
26,000
Sylvan
Union
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2010,
0.000%,
8/01/49
-
AGM
Insured
(f)
No
Opt.
Call
20,235,540
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2004
Election
Series
2013B:
4,740
5.500%,
8/01/38
8/24
at
100.00
4,818,542
4,830
5.500%,
8/01/40
8/24
at
100.00
4,903,754
20,510
5.000%,
8/01/43
8/24
at
100.00
20,674,695
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2013A:
4,355
5.500%,
8/01/38
8/24
at
100.00
4,425,203
3,500
5.500%,
8/01/40
8/24
at
100.00
3,553,445
8,410
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B,
4.000%,
8/01/45
8/25
at
100.00
7,514,419
140,160
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(f)
No
Opt.
Call
106,309,958
Total
Tax
Obligation/General
498,370,638
Tax
Obligation/Limited
-
19.9%
(11.9%
of
Total
Investments)
1,675
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19A,
Series
2015B,
5.000%,
9/01/35
9/25
at
100.00
1,704,581
1,655
Bell
Community
Housing
Authority,
California,
Lease
Revenue
Bonds,
Series
2005,
5.000%,
10/01/36
-
AMBAC
Insured
10/23
at
100.00
1,660,412
745
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003,
5.500%,
10/01/23
-
RAAI
Insured
9/23
at
100.00
746,475
1,200
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-Climate
Bond
Certified
Series
2019,
5.000%,
8/01/44
8/29
at
100.00
1,276,104
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Series
2013G:
10,690
5.250%,
9/01/30
10/23
at
100.00
10,708,707
18,135
5.250%,
9/01/32
10/23
at
100.00
18,164,016
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F:
8,685
5.250%,
9/01/31
10/23
at
100.00
8,699,765
1,450
5.250%,
9/01/33
10/23
at
100.00
1,452,218
10,525
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
5.000%,
9/01/39
9/24
at
100.00
10,674,981
17,395
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B,
5.000%,
10/01/39
10/24
at
100.00
17,664,101
9,950
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Various
Capital
Projects,
Series
2013I,
5.000%,
11/01/38
11/23
at
100.00
9,967,114
13,520
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Various
Capital
Projects,
Series
2014E,
5.000%,
9/01/39
9/24
at
100.00
13,712,660
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
545
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
$
566,211
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
9,000
5.000%,
11/15/29
11/25
at
100.00
9,086,760
11,000
5.000%,
11/15/39
11/25
at
100.00
10,760,310
Jurupa
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2014A:
530
5.000%,
9/01/29
9/24
at
100.00
538,687
1,900
5.000%,
9/01/30
9/24
at
100.00
1,930,400
1,220
5.000%,
9/01/31
9/24
at
100.00
1,238,922
1,955
Jurupa
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015A,
5.000%,
9/01/43
9/25
at
100.00
2,012,927
810
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
817,808
1,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
1,006,240
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A:
5,125
5.000%,
6/01/36
6/26
at
100.00
5,354,805
5,620
5.000%,
6/01/37
6/26
at
100.00
5,858,569
10,455
5.000%,
6/01/38
6/26
at
100.00
10,889,614
20,735
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
22,028,864
3,995
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
4,189,716
8,945
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A,
5.000%,
7/01/42
7/31
at
100.00
9,830,197
2,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
2,126,300
1,835
Modesto,
California,
Special
Tax
Bonds,
Community
Faclities
District
2004-
1
Village
One
2,
Refunding
Series
2014,
5.000%,
9/01/31
9/24
at
100.00
1,862,543
1,000
Norco
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
1,
Series
2009,
7.000%,
3/01/34
10/23
at
100.00
1,003,000
6,815
Ontario
Redevelopment
Financing
Authority,
San
Bernardino
County,
California,
Revenue
Bonds,
Redevelopment
Project
1,
Refunding
Series
1995,
7.400%,
8/01/25
-
NPFG
Insured
No
Opt.
Call
7,052,843
6,055
Orange
County
Local
Transportation
Authority,
California,
Measure
M2
Sales
Tax
Revenue
Bonds,
Limited
Tax
Series
2019,
5.000%,
2/15/41
2/29
at
100.00
6,518,389
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
14,741
0.000%,
7/01/51
7/28
at
30.01
3,046,670
91,462
5.000%,
7/01/58
7/28
at
100.00
88,754,725
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
43
4.536%,
7/01/53
7/28
at
100.00
38,917
8,185
4.784%,
7/01/58
7/28
at
100.00
7,672,537
3,500
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014,
5.000%,
9/01/30
9/24
at
100.00
3,558,835
815
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
4.250%,
9/01/47
-
AGM
Insured
9/29
at
103.00
796,133
5,000
Riverside
County
Transportation
Commission,
California,
Sales
Tax
Revenue
Bonds,
Refunding
Limited
Tax
Series
2017B,
5.000%,
6/01/38
12/27
at
100.00
5,291,650
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
04-2
Lake
Hill
Crest,
Series
2012:
$
990
5.000%,
9/01/29
3/24
at
100.00
$
996,099
2,615
5.000%,
9/01/35
3/24
at
100.00
2,627,421
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-8
Scott
Road,
Series
2013:
555
5.000%,
9/01/30
10/23
at
100.00
555,433
710
5.000%,
9/01/42
10/23
at
100.00
710,121
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015:
385
5.000%,
9/01/31
9/25
at
100.00
393,305
575
5.000%,
9/01/37
9/25
at
100.00
582,078
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
3,087,667
San
Buenaventura
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Project
Areas,
Series
2008:
840
7.750%,
8/01/28
10/23
at
100.00
842,797
1,325
8.000%,
8/01/38
10/23
at
100.00
1,329,571
615
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
622,091
255
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District 6
Mission
Bay
South
Public
Improvements,
Refunding
Series
2013A,
5.000%,
8/01/33
10/23
at
100.00
256,851
1,775
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
1,782,402
5,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
North
Redevelopment
Project,
Refunding
Series
2016A,
5.000%,
8/01/41
-
NPFG
Insured
8/26
at
100.00
5,132,300
785
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
10/23
at
100.00
786,774
2,500
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/37
9/25
at
103.00
2,568,000
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017:
960
5.500%,
9/01/27,
144A
No
Opt.
Call
993,859
1,435
5.750%,
9/01/32,
144A
9/27
at
100.00
1,530,442
5,520
6.250%,
9/01/47,
144A
9/27
at
100.00
5,736,936
1,350
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-1
Improvement
Area
1,
Series
2012,
5.000%,
9/01/33
10/23
at
100.00
1,351,040
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A:
4,125
5.000%,
10/01/45
4/30
at
100.00
4,167,240
7,285
5.000%,
10/01/49
4/30
at
100.00
7,314,286
1,620
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
10/23
at
100.00
1,620,632
Total
Tax
Obligation/Limited
355,251,051
Transportation
-
22.0%
(13.2%
of
Total
Investments)
10,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Fixed
Rate
Series
2017S-7,
4.000%,
4/01/37
4/27
at
100.00
10,064,200
7,775
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
7,678,668
1,200
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D,
5.000%,
5/15/42
5/25
at
100.00
1,225,032
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2019A:
$
1,000
5.000%,
5/15/44
5/29
at
100.00
$
1,062,340
7,500
5.000%,
5/15/49
5/29
at
100.00
7,916,475
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C:
3,730
4.000%,
5/15/41,
(AMT)
5/32
at
100.00
3,570,617
4,000
3.250%,
5/15/49,
(AMT)
5/32
at
100.00
3,002,280
13,625
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Private
Activity
Series
2021A,
5.000%,
5/15/51,
(AMT)
5/31
at
100.00
13,995,600
3,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Series
2021B,
5.000%,
5/15/45
5/31
at
100.00
3,251,460
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D:
2,600
5.000%,
5/15/31,
(AMT)
5/25
at
100.00
2,652,416
2,000
5.000%,
5/15/36,
(AMT)
5/25
at
100.00
2,030,140
24,920
5.000%,
5/15/41,
(AMT)
5/25
at
100.00
25,160,478
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Series
2022H:
4,850
5.000%,
5/15/42,
(AMT)
11/31
at
100.00
5,061,654
5,080
5.000%,
5/15/52,
(AMT)
11/31
at
100.00
5,221,376
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2016B:
1,000
5.000%,
5/15/34,
(AMT)
5/26
at
100.00
1,032,470
24,405
5.000%,
5/15/46,
(AMT)
5/26
at
100.00
24,683,217
3,310
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
5.000%,
5/15/44,
(AMT)
11/27
at
100.00
3,369,514
5,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018D,
5.000%,
5/15/48,
(AMT)
5/29
at
100.00
5,116,500
5,485
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019E,
5.000%,
5/15/44
11/28
at
100.00
5,823,424
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D:
945
5.000%,
5/15/37,
(AMT)
11/31
at
100.00
1,009,969
22,230
5.000%,
5/15/46,
(AMT)
11/31
at
100.00
23,009,384
4,160
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
4,321,491
1,865
Los
Angeles
Harbors
Department,
California,
Revenue
Bonds,
Series
2014C,
5.000%,
8/01/36
8/24
at
100.00
1,887,548
4,780
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Second
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021C,
4.000%,
6/01/47
6/31
at
100.00
4,318,539
7,750
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
4.000%,
6/01/46
6/31
at
100.00
7,219,280
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Refunding
Subordinate
Series
2019A:
3,600
5.000%,
7/01/34
7/29
at
100.00
3,982,716
1,250
5.000%,
7/01/36
7/29
at
100.00
1,366,175
6,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
5,602,560
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
$
25,270
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
$
26,105,173
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A:
3,040
5.000%,
5/01/38,
(AMT)
5/29
at
100.00
3,169,656
2,000
5.000%,
5/01/44,
(AMT)
5/29
at
100.00
2,055,060
42,645
5.000%,
5/01/49,
(AMT)
5/29
at
100.00
43,553,765
9,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
9,225,720
22,835
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
5.000%,
5/01/46,
(AMT)
5/26
at
100.00
22,972,695
10,910
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A,
5.000%,
5/01/42,
(AMT)
5/27
at
100.00
11,076,596
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D:
23,845
5.000%,
5/01/43,
(AMT)
5/28
at
100.00
24,273,733
18,100
5.000%,
5/01/48,
(AMT)
5/28
at
100.00
18,293,489
10,500
5.250%,
5/01/48,
(AMT)
5/28
at
100.00
10,791,375
4,900
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
5.000%,
5/01/40,
(AMT)
5/29
at
100.00
5,078,360
7,510
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019F,
5.000%,
5/01/50
5/29
at
100.00
7,850,879
16,936
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
15,730,496
6,250
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
3/01/47,
(AMT)
3/27
at
100.00
6,302,187
Total
Transportation
391,114,707
U.S.
Guaranteed
-
19.7%
(11.8%
of
Total
Investments)
(g)
18,400
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/42,
(Pre-refunded
2/15/27)
2/27
at
100.00
19,890,768
9,500
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-H,
5.000%,
4/01/49,
(Pre-
refunded
4/01/29)
4/29
at
100.00
10,635,345
1,285
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
1,333,522
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
12,880
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
13,701,229
16,250
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
16,964,512
21,255
California
Infrastructure
and
Economic
Development
Bank,
Infrastructure
State
Revolving
Fund
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/41,
(Pre-refunded
10/01/26)
10/26
at
100.00
22,555,381
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Biola
University,
Series
2013,
5.000%,
10/01/38,
(Pre-refunded
10/01/23)
10/23
at
100.00
1,001,130
18,250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Pomona
College,
Series
2017,
5.000%,
1/01/48,
(Pre-refunded
1/01/28)
1/28
at
100.00
19,935,570
California
State,
General
Obligation
Bonds,
Series
2014:
925
5.000%,
12/01/43,
(Pre-refunded
12/01/23)
12/23
at
100.00
928,839
5,500
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Buck
Institute
for
Research
on
Aging,
Series
2014,
5.000%,
11/15/44,
(Pre-refunded
11/15/24)
-
AGM
Insured
11/24
at
100.00
5,629,250
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
U.S.
Guaranteed
(g)
(continued)
$
2,670
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Huntington
Memorial
Hospital,
Refunding
Series
2014B,
5.000%,
7/01/44,
(Pre-refunded
7/01/24)
7/24
at
100.00
$
2,712,987
7,500
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
8/01/37,
(Pre-
refunded
2/01/26)
2/26
at
100.00
7,872,450
20,725
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
20,962,923
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
45,735
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
46,179,544
45,725
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
46,205,113
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
1,790
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
1,852,990
1,460
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
1,511,377
86,320
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
89,357,601
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D:
55
5.000%,
5/15/37,
(Pre-refunded
11/15/31),
(AMT)
11/31
at
100.00
60,683
70
5.000%,
5/15/46,
(Pre-refunded
11/15/31),
(AMT)
11/31
at
100.00
77,233
5,840
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
1999A,
5.375%,
8/15/29,
(ETM)
No
Opt.
Call
6,415,123
905
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B,
5.000%,
8/15/34,
(Pre-refunded
8/15/32)
-
NPFG
Insured
8/32
at
100.00
1,057,637
2,000
Puerto
Rico
Public
Finance
Corporation,
Commonwealth
Appropriation
Bonds,
Series
2002E,
6.000%,
8/01/26,
(ETM)
No
Opt.
Call
2,139,500
1,460
Rohnert
Park
Community
Development
Commission,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
Series
2007R,
5.000%,
8/01/37
-
FGIC
Insured,
(ETM)
10/23
at
100.00
1,522,123
4,250
San
Diego
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
8/01/41,
(Pre-refunded
8/01/26)
8/26
at
100.00
4,512,140
5,000
San
Diego
County
Regional
Transportation
Commission,
California,
Sales
Tax
Revenue
Bonds,
Series
2014A,
5.000%,
4/01/44,
(Pre-refunded
4/01/24)
4/24
at
100.00
5,057,550
1,600
Silicon
Valley
Clean
Water,
Mateo
County,
California,
Wastewater
Revenue
Bonds,
Series
2015,
5.000%,
8/01/45,
(Pre-refunded
8/01/25)
8/25
at
100.00
1,661,936
Total
U.S.
Guaranteed
351,734,456
Utilities
-
25.0%
(15.0%
of
Total
Investments)
10,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021B-1,
4.000%,
2/01/52,
(Mandatory
Put
8/01/31)
5/31
at
100.63
9,788,800
5,000
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018,
5.000%,
10/01/48
4/28
at
100.00
5,257,800
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
3,925
5.000%,
7/01/37,
(AMT),
144A
1/24
at
100.00
3,924,411
69,535
5.000%,
11/21/45,
(AMT),
144A
1/24
at
100.00
67,889,107
85
California
Statewide
Community
Development
Authority,
Water
and
Wastewater
Revenue
Bonds,
Pooled
Financing
Program,
Series
2004A,
5.250%,
10/01/24
-
AGM
Insured
10/23
at
100.00
85,133
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2017A:
$
5,000
5.000%,
6/01/42
6/27
at
100.00
$
5,234,150
2,200
5.000%,
6/01/45
6/27
at
100.00
2,296,734
10,000
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Series
2014C,
5.000%,
6/01/44
6/24
at
100.00
10,067,200
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A:
14,140
5.000%,
11/15/35
No
Opt.
Call
14,708,287
7,610
5.500%,
11/15/37
No
Opt.
Call
8,126,262
4,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2014B,
5.000%,
7/01/43
1/24
at
100.00
4,015,040
24,070
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2015E,
5.000%,
7/01/44
7/24
at
100.00
24,287,352
10,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/46
1/26
at
100.00
10,241,700
44,455
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
46,030,041
12,870
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
13,689,433
8,980
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/45
1/29
at
100.00
9,476,504
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B:
8,960
5.000%,
7/01/40
7/30
at
100.00
9,849,818
26,625
5.000%,
7/01/50
7/30
at
100.00
28,249,657
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022A:
4,000
5.000%,
7/01/46
7/31
at
100.00
4,297,160
5,105
5.000%,
7/01/51
7/31
at
100.00
5,450,608
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022C:
3,000
5.000%,
7/01/39
1/32
at
100.00
3,373,530
2,325
5.000%,
7/01/41
1/32
at
100.00
2,576,844
10,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022B,
5.000%,
7/01/52
1/32
at
100.00
10,719,200
6,770
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/46
1/26
at
100.00
6,933,631
43,615
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/44
1/27
at
100.00
45,319,038
6,650
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
6,969,532
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C:
2,000
5.000%,
7/01/36
7/30
at
100.00
2,245,900
3,000
5.000%,
7/01/38
7/30
at
100.00
3,333,870
5,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/43
6/28
at
100.00
5,311,900
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A:
1,245
5.000%,
6/01/34
9/23
at
100.00
1,245,909
6,840
5.000%,
6/01/35
9/23
at
100.00
6,844,651
5,025
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2020C,
5.000%,
7/01/38
7/30
at
100.00
5,544,786
6,500
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2023A,
5.000%,
4/01/53
4/33
at
100.00
7,028,450
7,525
Moulton
Niguel
Water
District,
California,
Certificates
of
Participation,
Series
2019,
3.000%,
9/01/44
3/29
at
100.00
5,883,647
6,970
Public
Facilities
Financing
Authority
of
the
City
of
San
Diego,
California,
Subordinated
Sewer
Revenue
Bonds,
Series
2022A,
5.000%,
5/15/52
5/32
at
100.00
7,506,829
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
$
4,415
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47,
144A
7/30
at
100.00
$
4,242,373
2,950
Sacramento
County
Sanitation
Districts
Financing
Authority,
California,
Revenue
Bonds,
Sacramento
Regional
County
Sanitation
District,
Series
2020A,
5.000%,
12/01/50
12/30
at
100.00
3,144,110
18,180
Sacramento
Municipal
Utility
District,
California,
Electric
Revenue
Bonds,
Series
2020H,
5.000%,
8/15/50
8/30
at
100.00
19,464,599
4,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B,
5.000%,
8/01/37
8/26
at
100.00
4,183,920
2,555
Santa
Clara
Valley
Water
District,
California,
Water
System
Revenue
Bonds,
Refunding Series
2020A,
5.000%,
6/01/50
6/30
at
100.00
2,737,504
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Apex
Power
Project
Series
2014A:
1,565
5.000%,
7/01/35
7/24
at
100.00
1,582,810
1,500
5.000%,
7/01/38
7/24
at
100.00
1,513,665
4,000
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A,
5.000%,
11/01/33
No
Opt.
Call
4,185,880
Total
Utilities
444,857,775
Total
Municipal
Bonds
(cost
$3,011,305,404)
2,970,706,430
Total
Long-Term
Investments
(cost
$3,011,305,404)
2,970,706,430
MFP
Shares,
Net
-
(18.0)%
(h)
(
319,873,569
)
VRDP
Shares,
Net
-
(50.8)%
(i)
(
905,331,235
)
Other
Assets
&
Liabilities,
Net
-
2.1%
36,223,958
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,781,725,584
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(c)
Effective
February
12,
2019,
the
par
value
of
the
original
bonds
was
replaced
with
taxable
and
tax
exempt
Puerto
Rico
Sales
Tax
Financing
Corporation
(commonly
known
as
COFINA)
bond
units
that
are
collateralized
by
a
bundle
of
zero
and
coupon
paying
bonds.
The
quantity
shown
represents
units
in
a
trust,
which
were
assigned
according
to
the
original
bond’s
accreted
value.
These
securities
do
not
have
a
stated
coupon
interest
rate
and
income
will
be
recognized
through
accretion
of
the
discount
associated
with
the
trust
units.
The
factor
at
which
these
units
accrete
can
also
decrease,
primarily
for
principal
payments
generated
from
coupon
payments
received
or
dispositions
of
the
underlying
bond
collateral.
The
quantity
of
units
will
not
change
as
a
result
of
these
principal
payments.
(d)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(e)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(f)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
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.
(h)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.8%.
(i)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
30.5%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
See
Notes
to
Financial
Statements
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
165.7% (97.8%
of
Total
Investments)
X
1,006,881,020
MUNICIPAL
BONDS
-
165.7% (97.8%
of
Total
Investments)
X
1,006,881,020
Consumer
Staples
-
0.3%
(0.2%
of
Total
Investments)
$
235
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
$
213,183
14,700
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
1,461,768
Total
Consumer
Staples
1,674,951
Education
and
Civic
Organizations
-
6.9%
(4.1%
of
Total
Investments)
1,515
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Series
2023,
5.000%,
11/01/53
11/33
at
100.00
1,592,462
700
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Academy
for
Academic
Excellence
Project,
Series
2020A,
5.000%,
7/01/50,
144A
7/27
at
100.00
637,476
1,000
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B,
5.000%,
10/01/39,
144A
10/27
at
100.00
951,150
995
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/26
at
100.00
908,972
1,560
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2012A,
6.875%,
1/01/42,
144A
10/23
at
100.00
1,477,180
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019,
5.000%,
8/01/48
8/29
at
100.00
964,100
1,000
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Camino
Nuevo
Charter
Academy
Sustainability
Series
2023A,
5.000%,
6/01/43,
144A
6/31
at
100.00
953,420
555
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Stem
Preparatory
Schools
?
Obligated
Group,
Series
2023A,
5.125%,
6/01/53,
144A
6/31
at
100.00
526,168
635
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A,
5.000%,
7/01/45,
144A
7/25
at
100.00
628,663
750
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
739,597
4,925
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.000%,
7/01/46,
144A
7/25
at
101.00
4,856,690
280
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A,
5.750%,
7/01/41,
144A
7/26
at
100.00
286,339
8,290
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/01/43
11/25
at
100.00
8,494,680
7,710
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M,
5.000%,
5/15/47
5/27
at
100.00
8,050,705
10,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O,
5.000%,
5/15/43
5/28
at
100.00
10,628,000
Total
Education
and
Civic
Organizations
41,695,602
Health
Care
-
28.1%
(16.6%
of
Total
Investments)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
13,295
4.000%,
11/15/41
11/26
at
100.00
13,092,916
15,875
5.000%,
11/15/46
11/26
at
100.00
16,236,474
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
August
31,
2023
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
$
10,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
4.000%,
11/15/48
11/27
at
100.00
$
9,506,000
5,375
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Refunding
Series
2016A,
4.000%,
3/01/39
3/26
at
100.00
5,038,848
7,760
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Health
System,
Series
2021A,
4.000%,
8/15/48
8/31
at
100.00
7,545,979
12,165
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/47
8/27
at
100.00
12,174,367
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2012A,
5.000%,
11/15/35
10/23
at
100.00
998,500
2,930
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
2,677,991
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A:
3,390
4.000%,
4/01/44
4/30
at
100.00
3,088,629
1,055
4.000%,
4/01/49
4/30
at
100.00
930,025
7,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Refunding
Forward
Delivery
Series
2022A,
4.000%,
5/15/46
5/32
at
100.00
7,128,525
2,520
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
2,545,528
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
795
5.000%,
10/01/38
10/24
at
100.00
802,234
6,760
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
6,782,376
15,660
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2016A,
4.000%,
10/01/47
10/26
at
100.00
14,112,166
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A:
5,495
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
5,002,153
4,615
4.000%,
2/01/51
2/32
at
100.00
4,037,802
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A:
2,000
5.000%,
7/01/42
7/27
at
100.00
2,008,140
250
5.000%,
7/01/47
7/27
at
100.00
249,042
1,750
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2015,
5.000%,
11/01/44
11/24
at
100.00
1,575,997
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
2,690
5.250%,
11/01/36
11/26
at
100.00
2,679,240
1,000
5.000%,
11/01/47
11/26
at
100.00
871,240
3,200
5.250%,
11/01/47
11/26
at
100.00
2,919,456
1,855
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
1,981,659
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017:
500
5.000%,
10/15/37
10/26
at
100.00
504,175
13,615
5.000%,
10/15/47
10/26
at
100.00
13,192,935
1,100
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
1,105,390
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A:
1,200
5.250%,
12/01/44
12/24
at
100.00
1,190,364
4,000
5.500%,
12/01/54
12/24
at
100.00
3,993,440
14,740
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
14,420,289
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
$
2,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58,
144A
6/28
at
100.00
$
2,001,420
1,940
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Marin
General
Hospital,
Green
Series
2018A,
4.000%,
8/01/45
9/23
at
100.00
1,640,891
845
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
904,868
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
11
5.750%,
7/01/24
(c),(d)
10/23
at
100.00
10,550
64
5.750%,
7/01/30
(c),(d)
10/23
at
100.00
63,899
2
5.750%,
7/01/35
(c),(d)
10/23
at
100.00
1,582
8,895
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
11/01/39
11/26
at
100.00
7,844,323
Total
Health
Care
170,859,413
Housing/Multifamily
-
17.5%
(10.3%
of
Total
Investments)
8,680
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
5,417,796
7,570
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
5,904,297
1,250
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Senior
Series
2021A-1,
4.000%,
2/01/56,
144A
8/31
at
100.00
1,022,850
3,590
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
2,831,325
4,720
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
3,441,399
230
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
171,626
1,700
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A,
5.000%,
8/01/50,
144A
8/30
at
100.00
1,541,696
500
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
458,685
4,750
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
3,922,550
7,663
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
7,399,084
6,339
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
5,832,323
1,141
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
1,113,340
6,095
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1,
4.375%,
9/20/36
No
Opt.
Call
5,928,179
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
260
5.250%,
8/15/39
8/24
at
100.00
261,846
705
5.250%,
8/15/49
8/24
at
100.00
708,793
160
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A,
5.250%,
7/01/40,
144A
7/33
at
105.00
157,530
8,205
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
5,796,668
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
August
31,
2023
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
(continued)
$
2,740
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
$
2,021,243
1,440
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
1,135,023
3,980
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
2,705,087
595
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
443,132
6,135
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
5,011,375
7,065
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
5,186,699
8,125
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
6,342,131
1,275
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-Hawthorne,
Series
2021A-1
and
A-2,
3.250%,
7/01/56,
144A
7/32
at
100.00
858,521
6,820
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
4,853,112
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
770
3.000%,
7/01/43,
144A
7/32
at
100.00
568,961
3,340
3.125%,
7/01/56,
144A
7/32
at
100.00
2,170,031
2,485
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56,
144A
9/31
at
100.00
1,796,630
155
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
108,604
4,100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
3,026,046
1,360
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
952,299
555
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
365,368
2,720
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
1,952,416
1,975
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
1,388,465
7,200
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
4,518,792
7,285
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
4,748,217
3,285
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds, Rancho
Vallecitos
Mobile
Home
Park,
Series
2013,
5.000%,
4/15/38
10/23
at
100.00
3,286,347
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
(continued)
La
Verne,
California,
Mobile
Home
Park
Revenue
Bonds,
Copacabana
Mobile
Home
Park,
Refunding
Series
2014:
$
670
5.000%,
6/15/44
6/24
at
100.00
$
671,454
185
5.000%,
6/15/49
6/24
at
100.00
185,270
Total
Housing/Multifamily
106,205,210
Long-Term
Care
-
0.4%
(0.2%
of
Total
Investments)
1,225
California
Health
Facilities
Financing
Authority,
Insured
Revenue
Bonds,
Community
Program
for
Persons
with
Developmental
Disabilities,
Series
2011A,
6.250%,
2/01/26
10/23
at
100.00
1,227,781
1,300
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Northern
California
Presbyterian
Homes
&
Services
Inc.,
Refunding
Series
2015,
5.000%,
7/01/39
7/25
at
100.00
1,332,461
Total
Long-Term
Care
2,560,242
Tax
Obligation/General
-
34.6%
(20.4%
of
Total
Investments)
2,210
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
2,320,235
1,600
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016,
5.000%,
8/01/33
8/26
at
100.00
1,680,688
13,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2018.
Bid
Group
C,
5.000%,
8/01/37
8/28
at
100.00
13,995,670
California
State,
General
Obligation
Bonds,
Series
2014:
8,190
5.000%,
12/01/43
12/23
at
100.00
8,216,699
5,520
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013,
5.000%,
11/01/43
11/23
at
100.00
5,531,592
2,460
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014,
5.000%,
10/01/39
10/24
at
100.00
2,492,349
5,390
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2015,
5.000%,
8/01/45
8/25
at
100.00
5,523,025
10,995
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
10/01/47
4/26
at
100.00
11,337,604
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B,
5.000%,
10/01/48
10/28
at
100.00
5,279,050
2,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
5.000%,
11/01/36
11/30
at
100.00
2,225,580
2,000
Chaffey
Community
College
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Taxable
Refunding
Series
2019,
4.000%,
6/01/43
6/28
at
100.00
1,975,920
2,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B,
5.000%,
8/01/55
8/30
at
100.00
2,108,400
20,750
Coachella
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2005
Series
2010C,
0.000%,
8/01/43
-
AGM
Insured
No
Opt.
Call
8,098,310
4,500
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2018B,
4.000%,
8/01/43
8/28
at
100.00
4,389,120
9,790
Glendale
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Taxable
Refunding
Series
2020B,
4.000%,
8/01/50
8/29
at
100.00
9,383,715
1,725
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J,
4.000%,
8/01/41
8/27
at
100.00
1,704,645
1,500
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/45
8/25
at
100.00
1,437,795
4,500
Mount
Diablo
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2010A,
5.500%,
8/01/30
-
AGM
Insured
8/25
at
100.00
4,711,230
16,744
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
14,479,374
11,980
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012R-1,
0.000%,
7/01/31
No
Opt.
Call
9,109,113
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
August
31,
2023
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
$
3,400
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Election
2020
Series
2020A,
4.000%,
6/15/45
6/30
at
100.00
$
3,176,178
2,670
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2010,
Refunding
Series
2011A,
0.000%,
9/01/33
(e)
No
Opt.
Call
2,467,935
1,580
Santa
Ana
College
Improvement
District
1,
Orange
County,
California,
General
Obligation
Bonds,
Rancho
Santiago
Community
College
District,
Election
of
2012,
Series
2019C,
3.000%,
8/01/39
8/26
at
100.00
1,316,851
10,000
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2011C,
0.000%,
8/01/41
No
Opt.
Call
4,478,400
Stockton
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2011D:
23,280
0.000%,
8/01/47
-
AGC
Insured
(e)
8/37
at
100.00
24,075,477
38,845
0.000%,
8/01/50
-
AGM
Insured
(e)
8/37
at
100.00
40,187,872
15,780
Sylvan
Union
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2010,
0.000%,
8/01/49
-
AGM
Insured
(e)
No
Opt.
Call
12,281,416
8,345
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(e)
No
Opt.
Call
6,329,599
Total
Tax
Obligation/General
210,313,842
Tax
Obligation/Limited
-
24.6%
(14.5%
of
Total
Investments)
1,000
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003,
5.625%,
10/01/33
-
RAAI
Insured
10/23
at
100.00
1,002,940
3,605
Brea
and
Olinda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation
Refunding,
Series
2002A,
5.125%,
8/01/26
-
AGM
Insured
10/23
at
100.00
3,607,848
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
North
County
Center
for
Self-Sufficiency
Corporation,
Series
2004:
1,780
5.000%,
12/01/23
-
AMBAC
Insured
10/23
at
100.00
1,782,456
1,865
5.000%,
12/01/24
-
AMBAC
Insured
10/23
at
100.00
1,867,313
7,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F,
5.250%,
9/01/31
10/23
at
100.00
7,011,900
2,065
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Education,
Riverside
Campus
Project,
Series
2012H,
5.000%,
4/01/31
10/23
at
100.00
2,067,912
20,330
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B,
5.000%,
10/01/39
10/24
at
100.00
20,644,505
4,430
El
Monte,
California,
Senior
Lien
Certificates
of
Participation,
Department
of
Public
Services
Facility
Phase
II,
Series
2001,
5.250%,
1/01/34
-
AMBAC
Insured,
144A
10/23
at
100.00
4,528,257
185
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
192,200
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
7,610
5.000%,
11/15/30
11/25
at
100.00
7,677,881
4,000
5.000%,
11/15/39
11/25
at
100.00
3,912,840
1,110
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
1,120,700
1,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
1,006,240
15,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/38
6/26
at
100.00
15,623,550
3,220
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
3,420,928
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
3,855
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
$
4,098,443
1,750
Peninsula
Corridor
Joint
Powers
Board,
California,
Measure
RR
Sales
Tax
Revenue
Bonds,
Green
Bonds-Climate
Bond
Certified,
Series
2022A,
5.000%,
6/01/51
6/31
at
100.00
1,871,135
1,925
Perris
Joint
Powers
Authority,
California,
Local
Agency
Revenue
Bonds,
Community
Facilities
District
2001-1
May
Farms
Improvement
Area
1,2
and
3,
Refunding
Series
2014A,
5.375%,
9/01/33
10/23
at
100.00
1,926,944
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
4,000
0.000%,
7/01/46
7/28
at
41.38
1,114,080
32,445
0.000%,
7/01/51
7/28
at
30.01
6,705,733
22,539
5.000%,
7/01/58
7/28
at
100.00
21,871,845
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
1,482
4.536%,
7/01/53
7/28
at
100.00
1,341,270
3,175
4.784%,
7/01/58
7/28
at
100.00
2,976,213
2,160
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
2,336,991
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-8
Scott
Road,
Series
2013:
660
5.000%,
9/01/32
10/23
at
100.00
660,515
1,775
5.000%,
9/01/42
10/23
at
100.00
1,775,302
400
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015,
5.000%,
9/01/33
9/25
at
100.00
408,348
6,230
Sacramento
Area
Flood
Control
Agency,
California,
Consolidated
Capital
Assessment
District
2
Bonds,
Series
2016A,
5.000%,
10/01/47
10/26
at
100.00
6,433,846
210
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
212,421
935
San
Diego
Redevelopment
Agency,
California,
Subordinate
Lien
Tax
Increment
and
Parking
Revenue
Bonds,
Centre
City
Project,
Series
2003B,
5.250%,
9/01/26
10/23
at
100.00
936,216
380
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District 6
Mission
Bay
South
Public
Improvements,
Refunding
Series
2013A,
5.000%,
8/01/33
10/23
at
100.00
382,759
595
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
597,481
2,700
San
Francisco
City
and
County
Redevelopment
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
San
Francisco
Redevelopment
Projects,
Series
1998D,
0.000%,
8/01/24
-
NPFG
Insured
No
Opt.
Call
2,615,895
30
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
10/23
at
100.00
30,068
3,600
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/33
9/25
at
103.00
3,769,812
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017:
2,145
6.125%,
9/01/37,
144A
9/27
at
100.00
2,256,025
990
6.250%,
9/01/47,
144A
9/27
at
100.00
1,028,907
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A:
635
5.000%,
10/01/45
4/30
at
100.00
641,502
2,540
5.000%,
10/01/49
4/30
at
100.00
2,550,211
4,500
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
10/23
at
100.00
4,501,755
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
August
31,
2023
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
West
Patterson
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2015-1
Arambel-
KDN,
Refunding
Series
2015:
$
350
5.250%,
9/01/35
9/25
at
100.00
$
357,703
790
5.250%,
9/01/45
9/25
at
100.00
796,573
Total
Tax
Obligation/Limited
149,665,463
Transportation
-
11.5%
(6.8%
of
Total
Investments)
150
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015E,
5.000%,
5/15/31
5/25
at
100.00
155,577
4,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019E,
5.000%,
5/15/44
11/28
at
100.00
4,246,800
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A:
3,000
4.000%,
7/01/51
7/31
at
100.00
2,801,280
4,230
4.000%,
7/01/56
7/31
at
100.00
3,882,167
5,770
5.000%,
7/01/56
7/31
at
100.00
6,078,464
44,650
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47,
(UB)
(f)
5/27
at
100.00
46,125,683
4,535
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
4,648,738
2,025
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
1,880,860
Total
Transportation
69,819,569
U.S.
Guaranteed
-
23.4%
(13.8%
of
Total
Investments)
(g)
3,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Pepperdine
University,
Series
2015,
5.000%,
9/01/40,
(Pre-refunded
9/01/25)
9/25
at
100.00
3,115,020
430
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
446,237
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
2,040
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
2,170,070
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A:
18,430
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
19,240,367
7,500
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
7,829,775
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
610
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
621,566
2,250
California
Infrastructure
and
Economic
Development
Bank,
First
Lien
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2003A,
5.000%,
7/01/36,
(Pre-refunded
1/01/28)
-
AMBAC
Insured
1/28
at
100.00
2,452,050
3,000
California
Infrastructure
and
Economic
Development
Bank,
Infrastructure
State
Revolving
Fund
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/41,
(Pre-refunded
10/01/26)
10/26
at
100.00
3,183,540
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Windsor
Mobile
Country
Club
Series
2013A:
2,000
5.625%,
11/15/33,
(Pre-refunded
11/15/23)
11/23
at
100.00
2,008,920
8,000
6.000%,
11/15/48,
(Pre-refunded
11/15/23)
11/23
at
100.00
8,041,120
California
State,
General
Obligation
Bonds,
Series
2014:
810
5.000%,
12/01/43,
(Pre-refunded
12/01/23)
12/23
at
100.00
813,361
6,750
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
6,827,490
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
U.S.
Guaranteed
(g)
(continued)
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
$
14,885
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
$
15,029,682
14,885
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
15,041,293
45,825
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
47,437,581
2,870
Sanger
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2014B,
5.000%,
8/01/39,
(Pre-
refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
2,917,097
5,000
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2007
Measure
S,
Series
2014C,
5.000%,
8/01/39,
(Pre-refunded
8/01/24)
8/24
at
100.00
5,084,300
Total
U.S.
Guaranteed
142,259,469
Utilities
-
18.4%
(10.9%
of
Total
Investments)
9,940
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021B-1,
4.000%,
2/01/52,
(Mandatory
Put
8/01/31)
5/31
at
100.63
9,730,067
5,000
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018,
5.000%,
10/01/48
4/28
at
100.00
5,257,800
3,675
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authority
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
11/21/45,
144A
1/29
at
100.00
3,686,650
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A:
2,490
5.000%,
11/15/35
No
Opt.
Call
2,590,073
1,835
5.500%,
11/15/37
No
Opt.
Call
1,959,487
7,960
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2015E,
5.000%,
7/01/44
7/24
at
100.00
8,031,879
6,015
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
6,228,111
3,575
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/45
1/29
at
100.00
3,772,662
5,190
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/50
7/30
at
100.00
5,506,694
3,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/46
7/31
at
100.00
3,222,870
1,205
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/44
1/27
at
100.00
1,252,079
5,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
5,240,250
8,250
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C,
5.000%,
7/01/38
7/30
at
100.00
9,168,142
9,500
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Series
2015C,
5.000%,
6/01/45
6/25
at
100.00
9,679,835
5,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/43
6/28
at
100.00
5,311,900
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A:
2,000
5.000%,
6/01/34
9/23
at
100.00
2,001,460
3,500
5.000%,
6/01/35
9/23
at
100.00
3,502,380
3,500
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2023A,
5.000%,
4/01/53
4/33
at
100.00
3,784,550
1,000
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2018B,
5.000%,
6/15/48
6/28
at
100.00
1,055,500
8,660
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47,
144A
7/30
at
100.00
8,321,394
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
August
31,
2023
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
$
4,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B,
5.000%,
8/01/37
8/26
at
100.00
$
4,183,920
5,000
South
Coast
Water
District
Financing
Authority,
California,
Revenue
Bonds,
Series
2019A,
5.000%,
2/01/44
2/29
at
100.00
5,335,550
2,975
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Apex
Power
Project
Series
2014A,
5.000%,
7/01/37
7/24
at
100.00
3,004,006
Total
Utilities
111,827,259
Total
Municipal
Bonds
(cost
$1,006,465,949)
1,006,881,020
Total
Long-Term
Investments
(cost
$1,006,465,949)
1,006,881,020
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
SHORT-TERM
INVESTMENTS
-
3.8%(2.2%
of
Total
Investments)
X
22,800,000
MUNICIPAL
BONDS
-
3.8% (2.2%
of
Total
Investments)
X
22,800,000
Utilities
-
3.8%
(2.2%
of
Total
Investments)
$
22,800
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Variable
Rate
Demand
Obligations
Series
2001B-2,
2.250%,
7/01/34,
(Mandatory
Put
9/15/23)
(h)
10/23
at
100.00
$
22,800,000
Total
Utilities
22,800,000
Total
Municipal
Bonds
(cost
$22,800,000)
22,800,000
Total
Short-Term
Investments
(cost
$22,800,000)
22,800,000
Total
Investments
(cost
$1,029,265,949)
-
169.5%
1,029,681,020
Floating
Rate
Obligations
-
(5.5)%
(
33,485,000
)
MFP
Shares,
Net
-
(23.0)%
(i)
(
140,032,372
)
VRDP
Shares,
Net
-
(42.1)%
(j)
(
255,660,415
)
Other
Assets
&
Liabilities,
Net
-
1.1%
7,103,540
Net
Assets
Applicable
to
Common
Shares
-
100%
$
607,606,773
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(f)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(g)
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.
(h)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
(i)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
13.6%.
(j)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
24.8%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
Notes
to
Financial
Statements
Nuveen
California
Municipal
Value
Fund
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
97.2% (100.0%
of
Total
Investments)
X
293,970,541
MUNICIPAL
BONDS
-
97.2% (100.0%
of
Total
Investments)
X
293,970,541
Consumer
Staples
-
0.6%
(0.6%
of
Total
Investments)
$
70
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
$
63,501
4,895
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A,
0.000%,
6/01/41
10/23
at
37.23
1,738,998
Total
Consumer
Staples
1,802,499
Education
and
Civic
Organizations
-
2.5%
(2.6%
of
Total
Investments)
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
1,000,540
220
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
216,949
1,425
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.250%,
7/01/52,
144A
7/25
at
101.00
1,426,824
3,780
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M,
5.000%,
5/15/47
5/27
at
100.00
3,947,038
1,070
University
of
California,
General
Revenue
Bonds,
Series
2018AZ,
5.000%,
5/15/38
5/28
at
100.00
1,149,790
Total
Education
and
Civic
Organizations
7,741,141
Health
Care
-
9.7%
(10.0%
of
Total
Investments)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
4,105
5.000%,
11/15/46
11/26
at
100.00
4,198,471
1,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
5.000%,
11/15/36
11/27
at
100.00
1,052,730
2,045
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
1,869,110
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A:
1,815
4.000%,
4/01/44
4/30
at
100.00
1,653,647
3,830
4.000%,
4/01/49
4/30
at
100.00
3,376,298
625
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
631,331
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
240
5.000%,
10/01/38
10/24
at
100.00
242,184
840
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
842,780
1,600
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
1,456,496
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A:
2,000
4.000%,
7/01/47
7/27
at
100.00
1,684,520
120
5.000%,
7/01/47
7/27
at
100.00
119,540
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
100
5.250%,
11/01/41
11/26
at
100.00
94,853
1,090
5.000%,
11/01/47
11/26
at
100.00
949,652
400
5.250%,
11/01/47
11/26
at
100.00
364,932
520
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
555,506
Nuveen
California
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Health
Care
(continued)
$
1,000
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
$
1,004,900
150
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.250%,
12/01/34
12/24
at
100.00
151,330
5,800
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
5,674,198
1,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58,
144A
6/28
at
100.00
1,000,710
245
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
262,358
2,000
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P,
5.000%,
5/15/47
5/32
at
100.00
2,139,880
Total
Health
Care
29,325,426
Housing/Multifamily
-
9.0%
(9.2%
of
Total
Investments)
2,175
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
1,357,570
2,190
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
1,708,112
1,420
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
1,119,911
800
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
583,288
1,115
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
920,767
2,152
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
2,078,242
1,841
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
1,694,256
324
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
316,131
1,787
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1,
4.375%,
9/20/36
No
Opt.
Call
1,738,156
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
80
5.250%,
8/15/39
8/24
at
100.00
80,568
215
5.250%,
8/15/49
8/24
at
100.00
216,157
2,320
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
1,639,034
800
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
590,144
125
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
98,526
1,130
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
768,027
175
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
130,333
1,465
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
1,196,685
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
(continued)
$
2,005
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
$
1,471,951
2,310
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
1,803,117
370
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-Hawthorne,
Series
2021A-1
and
A-2,
3.250%,
7/01/56,
144A
7/32
at
100.00
249,139
1,925
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
1,369,830
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
220
3.000%,
7/01/43,
144A
7/32
at
100.00
162,560
950
3.125%,
7/01/56,
144A
7/32
at
100.00
617,225
405
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56,
144A
9/31
at
100.00
292,811
880
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
649,493
530
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
371,117
555
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
365,368
795
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
570,651
560
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
393,691
2,035
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
1,277,186
2,080
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
1,355,702
Total
Housing/Multifamily
27,185,748
Long-Term
Care
-
0.2%
(0.2%
of
Total
Investments)
545
California
Health
Facilities
Financing
Authority,
Insured
Revenue
Bonds,
Community
Program
for
Persons
with
Developmental
Disabilities,
Series
2011A,
6.250%,
2/01/26
10/23
at
100.00
546,237
Total
Long-Term
Care
546,237
Tax
Obligation/General
-
19.8%
(20.4%
of
Total
Investments)
4,000
Anaheim
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2014
Election
Series
2019,
3.000%,
8/01/40
-
BAM
Insured
8/27
at
100.00
3,301,360
375
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
393,705
5
California
State,
General
Obligation
Bonds,
Series
2013,
5.000%,
2/01/29
10/23
at
100.00
5,009
3,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015,
5.000%,
8/01/34
8/25
at
100.00
3,096,180
2,240
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013,
5.000%,
11/01/43
11/23
at
100.00
2,244,704
Nuveen
California
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/General
(continued)
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014:
$
5,000
5.000%,
5/01/32
5/24
at
100.00
$
5,059,950
1,970
5.000%,
10/01/39
10/24
at
100.00
1,995,906
2,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B,
5.000%,
10/01/48
10/28
at
100.00
2,111,620
2,100
Carlsbad
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Series
2009B,
6.000%,
5/01/34
5/24
at
100.00
2,135,385
3,000
Chaffey
Community
College
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Taxable
Refunding
Series
2019,
4.000%,
6/01/43
6/28
at
100.00
2,963,880
1,000
Chaffey
Joint
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017C,
5.250%,
8/01/47
2/27
at
100.00
1,043,770
5,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B,
5.000%,
8/01/55
8/30
at
100.00
5,271,000
690
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J,
4.000%,
8/01/41
8/27
at
100.00
681,858
2,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/40
8/25
at
100.00
1,958,460
519
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
448,805
840
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017,
5.250%,
8/01/46
8/27
at
100.00
882,210
11,875
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011A,
0.000%,
9/01/41
(c)
9/36
at
100.00
11,265,694
19,860
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(c)
No
Opt.
Call
15,063,611
Total
Tax
Obligation/General
59,923,107
Tax
Obligation/Limited
-
10.3%
(10.6%
of
Total
Investments)
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003:
665
5.500%,
10/01/23
-
RAAI
Insured
9/23
at
100.00
666,317
1,000
5.625%,
10/01/33
-
RAAI
Insured
10/23
at
100.00
1,002,940
1,000
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-Climate
Bond
Certified
Series
2019,
5.000%,
8/01/44
8/29
at
100.00
1,063,420
1,500
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F,
5.250%,
9/01/33
10/23
at
100.00
1,502,295
1,250
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
5.000%,
9/01/39
9/24
at
100.00
1,267,812
55
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
57,141
4,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/38
6/26
at
100.00
4,166,280
2,300
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
2,412,102
1,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
1,063,150
700
Los
Angeles
Unified
School
District,
California,
Certificates
of
Participation,
Sustainability
Green
Series
2023A,
5.000%,
10/01/24
No
Opt.
Call
712,159
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
4,953
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
5.000%,
7/01/58
7/28
at
100.00
$
4,806,391
2,095
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.784%,
7/01/58
7/28
at
100.00
1,963,832
625
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
676,213
70
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
70,807
150
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
150,626
5,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
North
Redevelopment
Project,
Refunding
Series
2016A,
5.000%,
8/01/41
-
NPFG
Insured
8/26
at
100.00
5,132,300
80
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
10/23
at
100.00
80,181
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A:
1,000
5.000%,
9/01/33
9/25
at
103.00
1,047,170
765
5.000%,
9/01/43
9/25
at
103.00
772,879
195
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
5.750%,
9/01/32,
144A
9/27
at
100.00
207,969
2,185
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A,
5.000%,
10/01/45
4/30
at
100.00
2,207,374
Total
Tax
Obligation/Limited
31,029,358
Transportation
-
17.5%
(18.0%
of
Total
Investments)
225
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
222,212
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
1,945
5.000%,
1/15/42
-
AGM
Insured
1/24
at
100.00
1,950,602
2,580
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2019A,
5.000%,
5/15/44
5/29
at
100.00
2,740,837
10,415
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
5.000%,
5/15/44,
(AMT)
11/27
at
100.00
10,602,262
2,670
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
5.000%,
5/15/33,
(AMT)
11/28
at
100.00
2,835,540
1,480
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
1,537,454
3,075
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
2,871,312
5,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
4.000%,
7/01/51,
(AMT)
7/31
at
100.00
4,413,150
13,570
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
14,018,488
6,465
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
6,627,142
4,160
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
5.000%,
5/01/43,
(AMT)
5/28
at
100.00
4,234,797
Nuveen
California
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Transportation
(continued)
$
665
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
$
617,665
250
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
252,950
Total
Transportation
52,924,411
U.S.
Guaranteed
-
6.1%
(6.3%
of
Total
Investments)
(d)
1,500
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-H,
5.000%,
4/01/44,
(Pre-
refunded
4/01/29)
4/29
at
100.00
1,679,265
285
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
295,762
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
795
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
845,689
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
185
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
188,508
3,130
California
Infrastructure
and
Economic
Development
Bank,
Infrastructure
State
Revolving
Fund
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/33,
(Pre-refunded
10/01/26)
10/26
at
100.00
3,321,493
2,215
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
2,240,428
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
4,875
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
4,922,385
4,875
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
4,926,188
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
100
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
103,519
80
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
82,815
Total
U.S.
Guaranteed
18,606,052
Utilities
-
21.5%
(22.1%
of
Total
Investments)
850
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018,
5.000%,
10/01/43
4/28
at
100.00
899,810
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
1,375
5.000%,
7/01/37,
(AMT),
144A
1/24
at
100.00
1,374,794
3,750
5.000%,
11/21/45,
(AMT),
144A
1/24
at
100.00
3,661,237
1,500
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39,
144A
1/29
at
100.00
1,522,275
4,200
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
4,488,120
2,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016,
5.000%,
3/01/41
9/26
at
100.00
2,083,380
1,800
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A,
5.500%,
11/15/37
No
Opt.
Call
1,922,112
1,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/40
1/26
at
100.00
1,032,260
835
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016B,
5.000%,
7/01/37
1/26
at
100.00
864,851
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Utilities
(continued)
$
2,425
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019D,
5.000%,
7/01/49
7/29
at
100.00
$
2,555,611
1,890
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/40
7/30
at
100.00
2,077,696
7,190
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/51
7/31
at
100.00
7,676,763
4,150
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022B,
5.000%,
7/01/47
1/32
at
100.00
4,477,145
1,500
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/38
7/28
at
100.00
1,608,450
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C:
2,500
5.000%,
7/01/36
7/30
at
100.00
2,807,375
6,000
5.000%,
7/01/38
7/30
at
100.00
6,667,740
1,400
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/38
6/28
at
100.00
1,500,016
1,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C,
6.500%,
11/01/39
No
Opt.
Call
1,188,240
2,000
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47,
144A
7/30
at
100.00
1,921,800
5,775
Riverside,
California,
Sewer
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
8/01/39
8/28
at
100.00
6,171,627
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B:
2,670
5.000%,
8/01/32
8/26
at
100.00
2,819,840
3,000
5.000%,
8/01/37
8/26
at
100.00
3,137,940
2,400
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A,
5.250%,
11/01/24
No
Opt.
Call
2,427,480
Total
Utilities
64,886,562
Total
Municipal
Bonds
(cost
$295,082,115)
293,970,541
Total
Long-Term
Investments
(cost
$295,082,115)
293,970,541
Other
Assets
&
Liabilities,
Net
-
2.8%
8,324,763
Net
Assets
Applicable
to
Common
Shares
-
100%
$
302,295,304
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
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.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
See
Notes
to
Financial
Statements
Nuveen
California
Select
Tax-Free
Income
Portfolio
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
LONG-TERM
INVESTMENTS
-
97.6% (100.0%
of
Total
Investments)
X
84,456,117
MUNICIPAL
BONDS
-
97.6% (100.0%
of
Total
Investments)
X
84,456,117
Consumer
Staples
-
0.2%
(0.2%
of
Total
Investments)
$
20
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
$
18,143
1,265
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
125,792
Total
Consumer
Staples
143,935
Education
and
Civic
Organizations
-
0.5%
(0.5%
of
Total
Investments)
60
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
59,168
385
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.000%,
7/01/46,
144A
7/25
at
101.00
379,660
Total
Education
and
Civic
Organizations
438,828
Health
Care
-
11.4%
(11.7%
of
Total
Investments)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
2,590
5.000%,
11/15/46
11/26
at
100.00
2,648,974
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Refunding
Series
2016A,
4.000%,
3/01/39
3/26
at
100.00
937,460
1,240
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
1,133,348
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
4.000%,
4/01/49
4/30
at
100.00
881,540
1,365
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Kaiser
Permanente
System,
Series
2017A-2,
4.000%,
11/01/44
11/27
at
100.00
1,342,259
115
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
116,165
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
70
5.000%,
10/01/38
10/24
at
100.00
70,637
255
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
255,844
450
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
409,639
35
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/47
7/27
at
100.00
34,866
130
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A,
5.250%,
11/01/41
11/26
at
100.00
123,309
150
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
160,242
350
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.250%,
12/01/34
12/24
at
100.00
353,104
1,365
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
1,335,393
70
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
74,960
Total
Health
Care
9,877,740
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
-
8.6%
(8.8%
of
Total
Investments)
$
615
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
$
383,865
590
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
460,177
800
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
630,936
200
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
145,822
612
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
590,473
521
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
479,005
89
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
87,051
514
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1,
4.375%,
9/20/36
No
Opt.
Call
500,084
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
25
5.250%,
8/15/39
8/24
at
100.00
25,177
65
5.250%,
8/15/49
8/24
at
100.00
65,350
660
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
466,277
225
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
165,978
320
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
217,494
425
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
347,161
560
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
411,118
650
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
507,371
540
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
384,264
265
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1,
3.125%,
7/01/56,
144A
7/32
at
100.00
172,173
115
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2,
4.000%,
9/01/56,
144A
9/31
at
100.00
83,144
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
184,515
50
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
35,011
100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
65,832
185
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
132,793
Nuveen
California
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Housing/Multifamily
(continued)
$
160
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
$
112,483
585
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
367,152
600
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
391,068
Total
Housing/Multifamily
7,411,774
Tax
Obligation/General
-
20.0%
(20.5%
of
Total
Investments)
620
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
650,926
1,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015,
5.000%,
8/01/34
8/25
at
100.00
1,032,060
1,000
Chaffey
Joint
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017C,
5.250%,
8/01/47
2/27
at
100.00
1,043,770
1,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/45
8/25
at
100.00
958,530
2,790
Natomas
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2020A,
4.000%,
8/01/49
-
AGM
Insured
8/26
at
100.00
2,645,087
7,575
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A,
0.000%,
8/01/34
No
Opt.
Call
4,863,604
65
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
56,209
1,000
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017,
5.250%,
8/01/46
8/27
at
100.00
1,050,250
8,075
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B,
0.000%,
8/01/44
No
Opt.
Call
2,944,145
2,000
West
Hills
Community
College
District,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
3,
2008
Election
Series
2011,
0.000%,
8/01/38
-
AGM
Insured
(c)
8/31
at
100.00
2,062,820
Total
Tax
Obligation/General
17,307,401
Tax
Obligation/Limited
-
13.4%
(13.7%
of
Total
Investments)
1,000
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003,
5.625%,
10/01/33
-
RAAI
Insured
10/23
at
100.00
1,002,940
2,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F,
5.250%,
9/01/33
10/23
at
100.00
2,003,060
15
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
15,584
1,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/38
6/26
at
100.00
1,041,570
3,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
3,187,200
1,000
Norco
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
1,
Series
2009,
7.000%,
3/01/34
10/23
at
100.00
1,003,000
1,118
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
5.000%,
7/01/58
7/28
at
100.00
1,084,907
550
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.784%,
7/01/58
7/28
at
100.00
515,565
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
Tax
Obligation/Limited
(continued)
$
180
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
$
194,749
20
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
20,231
60
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
60,250
20
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
10/23
at
100.00
20,045
1,285
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/28
9/25
at
103.00
1,351,782
60
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A,
5.000%,
10/01/45
4/30
at
100.00
60,614
Total
Tax
Obligation/Limited
11,561,497
Transportation
-
11.8%
(12.1%
of
Total
Investments)
60
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
59,257
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
1,000
5.000%,
1/15/42
-
AGM
Insured
1/24
at
100.00
1,002,880
800
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D,
5.000%,
5/15/42
5/25
at
100.00
816,688
1,860
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
4.000%,
5/15/40,
(AMT)
5/32
at
100.00
1,794,435
1,525
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
1,584,200
3,250
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
4.000%,
6/01/39
6/31
at
100.00
3,128,352
1,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
5.000%,
7/01/51,
(AMT)
7/31
at
100.00
1,019,020
90
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
83,594
750
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
758,850
Total
Transportation
10,247,276
U.S.
Guaranteed
-
10.5%
(10.8%
of
Total
Investments)
(d)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
410
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
436,142
2,500
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
2,609,925
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
55
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
56,043
530
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
536,084
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
1,170
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
1,181,372
1,175
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
1,187,338
Nuveen
California
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
August
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(a)
Optional
Call
Provisions
(b)
Value
U.S.
Guaranteed
(d)
(continued)
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
$
1,650
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
$
1,708,064
1,350
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
1,397,506
Total
U.S.
Guaranteed
9,112,474
Utilities
-
21.2%
(21.7%
of
Total
Investments)
1,480
California
Infrastructure
and
Economic
Development
Bank,
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2017,
5.000%,
10/01/33
4/27
at
100.00
1,588,218
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
375
5.000%,
7/01/37,
(AMT),
144A
1/24
at
100.00
374,943
1,160
5.000%,
11/21/45,
(AMT),
144A
1/24
at
100.00
1,132,543
1,730
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2017A,
4.000%,
6/01/45
6/27
at
100.00
1,686,317
2,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016,
5.000%,
3/01/41
9/26
at
100.00
2,083,380
645
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A,
5.500%,
11/15/37
No
Opt.
Call
688,757
1,970
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2015E,
5.000%,
7/01/44
7/24
at
100.00
1,987,789
2,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/40
7/30
at
100.00
2,198,620
3,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/44
1/27
at
100.00
3,117,210
1,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/38
7/28
at
100.00
1,072,300
250
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A,
5.000%,
7/01/47,
144A
7/30
at
100.00
240,225
2,050
Sacramento
County
Sanitation
Districts
Financing
Authority,
California,
Revenue
Bonds,
Sacramento
Regional
County
Sanitation
District,
Series
2020A,
5.000%,
12/01/50
12/30
at
100.00
2,184,890
Total
Utilities
18,355,192
Total
Municipal
Bonds
(cost
$84,675,090)
84,456,117
Total
Long-Term
Investments
(cost
$84,675,090)
84,456,117
Other
Assets
&
Liabilities,
Net
-
2.4%
2,100,078
Net
Assets
Applicable
to
Common
Shares
-
100%
$
86,556,195
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
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.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
AMT
Alternative
Minimum
Tax
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
August
31,
2023
(Unaudited)
NAC
NKX
NCA
NXC
ASSETS
Long-term
investments,
at
value
†
$
2,970,706,430
$
1,006,881,020
$
293,970,541
$
84,456,117
Short-term
investments,
at
value
◊
–
22,800,000
–
–
Cash
–
–
3,933,273
706,779
Receivables:
Interest
33,585,254
11,761,509
3,128,985
904,381
Investments
sold
30,490,000
14,830,000
2,375,000
740,000
Deferred
offering
costs
–
–
–
135,000
Other
1,157,334
399,690
65,874
35,796
Total
assets
3,035,939,018
1,056,672,219
303,473,673
86,978,073
LIABILITIES
Cash
overdraft
21,357,972
16,242,650
–
–
Floating
rate
obligations
–
33,485,000
–
–
MFP
Shares,
Net
**
319,873,569
140,032,372
–
–
VRDP
Shares,
Net
***
905,331,235
255,660,415
–
–
Payables:
Dividends
5,064,081
1,886,284
918,063
265,812
Interest
—
871,803
47
13
Accrued
expenses:
Custodian
fees
184,461
67,319
23,997
10,051
Investor
relations
38,530
13,340
4,193
634
Management
fees
1,431,204
513,224
124,379
19,123
Trustees
fees
767,461
198,677
58,616
31,273
Professional
fees
4,386
15,676
18,796
15,569
Shareholder
reporting
expenses
49,991
21,144
13,863
2,908
Shareholder
servicing
agent
fees
4,020
1,126
1,402
341
Shelf
offering
costs
–
–
–
71,422
Other
106,524
56,416
15,013
4,732
Total
liabilities
1,254,213,434
449,065,446
1,178,369
421,878
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
1,781,725,584
$
607,606,773
$
302,295,304
$
86,556,195
Common
shares
outstanding
144,735,058
47,520,333
33,108,196
6,362,276
Net
asset
value
("NAV")
per
common
share
outstanding
$
12
.31
$
12
.79
$
9
.13
$
13
.60
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
1,447,351
$
475,203
$
331,082
$
63,623
Paid-in
capital
1,964,735,168
635,806,480
312,875,798
88,550,088
Total
distributable
earnings
(loss)
(
184,456,935
)
(
28,674,910
)
(
10,911,576
)
(
2,057,516
)
Net
assets
applicable
to
common
shares
$
1,781,725,584
$
607,606,773
$
302,295,304
$
86,556,195
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
—
—
†
Long-term
investments,
cost
$
3,011,305,404
$
1,006,465,949
$
295,082,115
$
84,675,090
◊
Short-term
investments,
cost
$
—
$
22,800,000
$
—
$
—
**
MFP Shares,
liquidation
preference
320,000,000
140,400,000
—
—
***
VRDP
Shares,
liquidation
preference
907,800,000
256,700,000
—
—
(1)
As
disclosed
in
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
Six
Months
Ended
August
31,
2023
(Unaudited)
NAC
NKX
NCA
NXC
INVESTMENT
INCOME
Interest
$
67,677,740
$
23,280,783
$
6,580,016
$
1,847,913
Total
investment
income
67,677,740
23,280,783
6,580,016
1,847,913
EXPENSES
–
–
–
–
Management
fees
8,590,311
3,075,992
748,281
114,598
Shareholder
servicing
agent
fees
12,314
3,519
4,330
1,013
Interest
expense
and
amortization
of
offering
costs
24,509,624
7,611,375
412
116
Trustees
fees
57,403
19,145
5,770
1,652
Custodian
expenses
106,363
40,480
15,099
6,648
Investor
relations
expenses
68,703
23,174
7,328
1,890
Liquidity
fees
1,938,554
999,670
—
—
Professional
fees
120,820
58,738
31,351
20,941
Remarketing
fees
254,483
335,689
—
—
Shareholder
reporting
expenses
36,816
18,631
13,031
5,218
Stock
exchange
listing
fees
22,166
7,276
2,234
3,734
Other
74,307
46,650
4,665
5,182
Total
expenses
35,791,864
12,240,339
832,501
160,992
Net
investment
income
(loss)
31,885,876
11,040,444
5,747,515
1,686,921
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
6,442,045
)
(
2,334,795
)
(
1,349,187
)
(
287,945
)
Net
realized
gain
(loss)
(
6,442,045
)
(
2,334,795
)
(
1,349,187
)
(
287,945
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
24,207,112
)
(
6,494,151
)
(
1,485,012
)
(
412,454
)
Change
in
net
unrealized
appreciation
(depreciation)
(
24,207,112
)
(
6,494,151
)
(
1,485,012
)
(
412,454
)
Net
realized
and
unrealized
gain
(loss)
(
30,649,157
)
(
8,828,946
)
(
2,834,199
)
(
700,399
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
1,236,719
$
2,211,498
$
2,913,316
$
986,522
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
NAC
NKX
Unaudited
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Unaudited
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
OPERATIONS
Net
investment
income
(loss)
$
31,885,876
$
79,191,067
$
11,040,444
$
26,790,986
Net
realized
gain
(loss)
(6,442,045)
(112,184,494)
(2,334,795)
(25,699,597)
Net
change
in
unrealized
appreciation
(depreciation)
(24,207,112)
(253,974,571)
(6,494,151)
(98,059,693)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
1,236,719
(286,967,998)
2,211,498
(96,968,304)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(31,262,772)
(82,354,248)
(11,832,564)
(28,797,322)
Total
distributions
(31,262,772)
(82,354,248)
(11,832,564)
(28,797,322)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(30,026,053)
(369,322,246)
(9,621,066)
(125,765,626)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,811,751,637
2,181,073,883
617,227,839
742,993,465
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,781,725,584
$
1,811,751,637
$
607,606,773
$
617,227,839
See
Notes
to
Financial
Statements
NCA
NXC
Unaudited
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Unaudited
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
OPERATIONS
Net
investment
income
(loss)
$
5,747,515
$
10,979,386
$
1,686,921
$
3,228,096
Net
realized
gain
(loss)
(1,349,187)
(7,463,877)
(287,945)
(1,704,954)
Net
change
in
unrealized
appreciation
(depreciation)
(1,485,012)
(29,648,083)
(412,454)
(7,514,728)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
2,913,316
(26,132,574)
986,522
(5,991,586)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(5,760,826)
(10,528,407)
(1,660,554)
(3,149,970)
Total
distributions
(5,760,826)
(10,528,407)
(1,660,554)
(3,149,970)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Reinvestments
of
distributions
—
—
6,412
12,887
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—
—
6,412
12,887
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(2,847,510)
(36,660,981)
(667,620)
(9,128,669)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
305,142,814
341,803,795
87,223,815
96,352,484
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
302,295,304
$
305,142,814
$
86,556,195
$
87,223,815
See
Notes
to
Financial
Statements
Six
Months
Ended
August
31,
2023
(Unaudited)
NAC
NKX
CASH
FLOWS
FROM
OPERATING
ACTIVITIES
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
1,236,719
$
2,211,498
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
(216,827,890)
(66,877,398)
Proceeds
from
sale
and
maturities
of
investments
227,555,169
87,650,792
Proceeds
from
(Purchase
of)
short-term
investments,
net
—
(22,800,000)
Amortization
(Accretion)
of
premiums
and
discounts,
net
1,024,968
(893,279)
Amortization
of
deferred
offering
costs
84,701
36,117
(Increase)
Decrease
in:
Receivable
for
interest
(221,485)
83,071
Receivable
for
investments
sold
(30,470,000)
(10,683,800)
Other
assets
(59,563)
8,035
Increase
(Decrease)
in:
Payable
for
interest
(2,791)
310,071
Accrued
custodian
fees
(63,750)
(21,808)
Accrued
investor
relations
fees
(12,787)
(4,242)
Accrued
management
fees
109,077
39,324
Accrued
Trustees
fees
42,468
11,534
Accrued
professional
fees
(43,564)
(18,765)
Accrued
shareholder
reporting
expenses
5,256
3,635
Accrued
shareholder
servicing
agent
fees
(180)
(80)
Accrued
other
expenses
62,512
32,258
Net
realized
(gain)
loss
from
investments
6,442,045
2,334,795
Net
realized
(gain)
loss
from
paydowns
24,372
14,011
Net
change
in
unrealized
(appreciation)
depreciation
of
investments
24,207,112
6,494,151
Net
cash
provided
by
(used
in)
operating
activities
13,092,389
(2,070,080)
CASH
FLOWS
FROM
FINANCING
ACTIVITIES
Proceeds
from
borrowings
76,792,583
914,725
(Repayments)
of
borrowings
(76,792,583)
(914,725)
Increase
(Decrease)
in:
Cash
overdraft
18,156,542
13,894,008
Cash
distributions
paid
to
common
shareholders
(31,248,931)
(11,823,928)
Net
cash
provided
by
(used
in)
financing
activities
(13,092,389)
2,070,080
Net
increase
(decrease)
in
Cash
–
–
Cash
at
the
beginning
of
period
—
—
Cash
at
the
end
of
period
$
—
$
—
SUPPLEMENTAL
DISCLOSURE
OF
CASH
FLOW
INFORMATION
NAC
NKX
Cash
paid
for
interest
$
24,425,192
$
7,264,322
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NAC
8/31/23(c)
$
12.52
$
0.22
$
(0.21)
$
0.01
$
(0.22)
$
—
$
(0.22)
$
—
$
12.31
$
10.40
2/28/23
15.07
0.55
(2.53)
(1.98)
(0.57)
—
(0.57)
—
12.52
10.87
2/28/22
15.91
0.66
(0.85)
(0.19)
(0.65)
—
(0.65)
—
15.07
13.71
2/28/21
16.71
0.64
(0.80)
(0.16)
(0.64)
—
(0.64)
—
15.91
14.57
2/29/20
14.95
0.65
1.76
2.41
(0.65)
—
(0.65)
—
16.71
15.09
2/28/19
15.17
0.67
(0.22)
0.45
(0.68)
—
(0.68)
0.01
14.95
13.30
NKX
8/31/23(c)
12.99
0.23
(0.18)
0.05
(0.25)
—
(0.25)
—
12.79
11.06
2/28/23
15.64
0.56
(2.60)
(2.04)
(0.61)
—
(0.61)
—
12.99
11.72
2/28/22
16.48
0.68
(0.85)
(0.17)
(0.67)
—
(0.67)
—
15.64
14.15
2/28/21
17.27
0.66
(0.80)
(0.14)
(0.65)
—
(0.65)
—
16.48
15.13
2/29/20
15.17
0.63
2.09
2.72
(0.62)
—
(0.62)
—
17.27
15.53
2/28/19
15.26
0.66
(0.11)
0.55
(0.65)
—
(0.65)
0.01
15.17
13.50
(a)
Percentage
is
not
annualized.
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
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
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
See
Notes
to
Financial
Statements
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Net
Assets,
End
of
Period
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
0.02
%
(2.39)
%
$
1,781,726
3.88
%
(d)
3.48
%
(d)
7
%
(13.20)
(16.78)
1,811,752
2.72
4.19
69
(1.33)
(1.81)
2,181,074
1.46
4.14
12
(0.90)
0.88
2,302,711
1.67
4.00
17
16.37
18.54
2,418,423
2.26
4.11
11
3.01
3.79
2,163,282
2.42
4.48
30
0.35
(3.54)
607,607
3.90
(d)
3.54
(d)
6
(13.14)
(13.15)
617,228
2.82
4.15
58
(1.19)
(2.44)
742,993
1.51
4.10
9
(0.77)
1.67
783,202
1.72
4.03
8
18.23
19.88
820,662
2.27
3.91
11
3.73
1.45
720,786
2.50
4.34
28
(c)
Unaudited.
(d)
Annualized.
Financial
Highlights
(continued)
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
NCA
8/31/23(c)
$
9.22
$
0.17
$
(0.09)
$
0.08
$
(0.17)
$
—
$
(0.17)
$
—
$
—
$
9.13
$
8.81
2/28/23
10.32
0.33
(1.11)
(0.78)
(0.32)
—
(0.32)
—
—
9.22
8.72
2/28/22
10.66
0.31
(0.35)
(0.04)
(0.30)
—
(0.30)
—
—
10.32
9.53
2/28/21
11.05
0.32
(0.39)
(0.07)
(0.32)
—
(0.32)
—
—
10.66
10.21
2/29/20
10.13
0.34
0.92
1.26
(0.34)
—
(0.34)
—
—
11.05
10.45
2/28/19
10.19
0.34
(0.06)
0.28
(0.34)
—
(0.34)
—(e)
—
10.13
9.42
NXC
8/31/23(c)
13.71
0.27
(0.12)
0.15
(0.26)
—
(0.26)
—
—
13.60
12.85
2/28/23
15.15
0.51
(1.46)
(0.95)
(0.49)
—(e)
(0.49)
—
—
13.71
13.89
2/28/22(f)
15.83
0.45
(0.65)
(0.20)
(0.44)
(0.04)
(0.48)
—
—
15.15
14.81
3/31/21
15.43
0.51
0.41
0.92
(0.52)
—
(0.52)
—
—
15.83
16.29
3/31/20
15.21
0.53
0.21
0.74
(0.52)
—
(0.52)
—
—
15.43
14.50
3/31/19
15.02
0.50
0.19
0.69
(0.52)
—
(0.52)
0.02
—
15.21
14.12
3/31/18
15.00
0.57
0.09
0.66
(0.58)
(0.06)
(0.64)
—
—(e)
15.02
13.90
(a)
Percentage
is
not
annualized.
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
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
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
See
Notes
to
Financial
Statements
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(a)
Based
on
Share
Price(a)
Net
Assets,
End
of
Period
(000)
Expenses(b)
Net
Investment
Income
(Loss)(b)
Portfolio
Turnover
Rate
0.90
%
3.05
%
$
302,295
0.53
%
(d)
3.72
%
(d)
5
%
(7.58)
(5.13)
305,143
0.53
3.52
58
(0.43)
(3.89)
341,804
0.56
2.85
6
(0.62)
0.73
299,625
0.60
2.94
9
12.63
14.67
310,278
0.52
3.22
8
2.82
2.31
284,624
0.62
3.38
38
1.09
(5.64)
86,556
0.35
(d)
3.82
(d)
3
(6.23)
(2.77)
87,224
0.36
3.63
43
(1.34)
(6.27)
96,352
0.35
(d)
3.14
(d)
9
(6.05)
16.13
100,600
0.35
3.26
5
4.86
6.26
98,013
0.36
3.41
10
4.82
5.44
96,573
0.55
3.38
23
4.37
(2.23)
95,357
0.37
3.73
20
(c)
Unaudited.
(d)
Annualized.
(e)
Value
rounded
to
zero.
(f)
For
the
eleven
months
ended
February
28,
2022
Financial
Highlights
(continued)
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
MFP
Shares
VRDP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Asset
Coverage
Per
$1
Liquidation
Preference(c)
NAC
8/31/23(d)
$
320,000
$
245,115
$
907,800
$
245,115
$
2.45
2/28/23
320,000
247,561
907,800
247,561
2.48
2/28/22
320,000
270,716
957,600
270,716
2.71
2/28/21
320,000
280,237
957,600
280,237
2.80
2/29/20
320,000
289,294
957,600
289,294
2.89
2/28/19
320,000
269,324
957,600
269,324
2.69
NKX
8/31/23(d)
140,400
253,011
256,700
253,011
2.53
2/28/23
140,400
255,434
256,700
255,434
2.55
2/28/22
140,400
271,751
292,200
271,751
2.72
2/28/21
140,400
281,045
292,200
281,045
2.81
2/29/20
140,400
289,705
292,200
289,705
2.90
2/28/19
140,400
266,617
292,200
266,617
2.67
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$100,000:
Asset
coverage
per
$100,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
100,000.
(c)
Includes
all
preferred
shares
presented
for
the
Fund.
(d)
Unaudited.
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Fund
Information
:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(NKX)
Nuveen
California
Municipal
Value
Fund
(NCA)
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
diversified
closed-end
management
investment
companies.
NAC,
NKX
and
NXC
were
organized
as
Massachusetts
business
trusts
on
December
1,
1998,
July
29,
2002,
and
March
30,
1992,
respectively.
NCA
was
organized
as
a
Massachusetts
business
trust
on
March
8,
2021
(previously
organized
as
a
Minnesota
trust
on
July
15,
1987).
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
August
31,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
August
31,
2023
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
:
The
Fund’s
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
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.
Developments
Regarding
the
Funds'
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(
i
)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Funds'
Board
of
Trustees
(the
"Board")
amended
the
Fund’s
by-laws
to
provide
that
the
Funds'
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Fund's
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
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.
Custodian
Fee
Credit:
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Notes
to
Financial
Statements
(Unaudited)
(continued)
Distributions
to
Common
Shareholders:
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
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
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
New
Accounting
Pronouncement:
In
March
2020,
FASB
issued
Accounting
Standards
Update
("ASU")
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
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.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
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
management’s
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,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Fund
Gross
Custodian
Fee
Credits
NAC
$
—
NKX
—
NCA
—
NXC
—
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
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,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
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,
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.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
The
Funds
hold
liabilities
in
floating
rate
obligations
and
preferred
shares,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds’
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
later
in
these Notes
to
Financial
Statements.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
later
in
these
Notes
to
Financial
Statements.
4.
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
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
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
value
of
an
Inverse
Floater
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
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
NAC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
2,970,114,307
$
592,123*
$
2,970,706,430
Total
$
–
$
2,970,114,307
$
592,123
$
2,970,706,430
NKX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,006,804,989
$
76,031*
$
1,006,881,020
Short-Term
Investments:
Municipal
Bonds
–
22,800,000
–
22,800,000
Total
$
–
$
1,029,604,989
$
76,031
$
1,029,681,020
NCA
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
293,970,541
$
–
$
293,970,541
Total
$
–
$
293,970,541
$
–
$
293,970,541
NXC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
84,456,117
$
–
$
84,456,117
Total
$
–
$
84,456,117
$
–
$
84,456,117
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
securities
classified
as
Level
3.
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NAC
$
—
$
—
$
—
NKX
33,485,000
—
33,485,000
NCA
—
—
—
NXC
—
—
—
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NAC
$
—
—
%
NKX
33,485,000
3.79
NCA
—
—
NXC
—
—
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any
such
facility.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
any
shortfalls
in
interest
cash
flows
(sometimes
referred
to
as
“shortfall
payments”).
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
current
fiscal
period,
the
Funds
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
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.
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
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.
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NAC
$
—
$
—
$
—
NKX
33,485,000
—
33,485,000
NCA
—
—
—
NXC
—
—
—
Fund
Purchases
Sales
and
Maturities
NAC
$
216,827,890
$
227,555,169
NKX
66,877,398
87,650,792
NCA
15,777,625
20,330,185
NXC
2,631,382
3,185,422
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
6.
Fund
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
NKX
and
NXC
have
filed
a
registration
statement
with
the
SEC
authorizing each
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
prior
fiscal
periods.
Under
this
Shelf
Offering,
the
Funds,
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above each
Fund’s
NAV
per
common
share.
In
the
event
the
Fund’s
Shelf
Offering
registration
statement
is
no
longer
current,
the
Fund
may
not
issue
additional
common
shares
until
a
post-effective
amendment
to
the
registration
statement
has
been
filed
with
the
SEC.
Additional
authorized
common
shares,
common
shares
sold
and
offering
proceeds,
net
of
offering
costs
under
each
Fund’s
Shelf
Offering
during
the
Funds’
current
and
prior fiscal
period
were
as
follows:
Costs
incurred
by
the
Funds
in
connection
with their
initial
shelf
registrations
are
recorded
as
a
prepaid
expense
and
recognized
as
“Deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities.
These
costs
are
amortized
pro
rata
as
common
shares
are
sold
and
are
recognized
as
a
component
of
“Proceeds
from
shelf
offering,
net
of
offering
costs”
on
the
Statement
of
Changes
in
Net
Assets.
Any
deferred
offering
costs
remaining
after
the
effectiveness
of
the
initial
shelf
registration
will
be
expensed.
Costs
incurred
by
the
Fund
to
keep
the
shelf
registration
current
are
expensed
as
incurred
and
recognized
as
a
component
of
“Other
expenses”
on
the
Statement
of
Operations.
Common Share
Transactions:
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Preferred
Shares
MuniFund
Preferred
Shares
:
NAC
and
NKX
have
issued
and
have
outstanding
MuniFund
Preferred
(“MFP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
These
MFP
Shares
were
issued
via
private
placement
and
are
not
publicly
available.
The
Funds
are
obligated
to
redeem
their
MFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Funds.
MFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
MFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
Funds.
The
modes
within
MFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Funds
may
establish
additional
mode
structures
with
the
MFP
Share.
•
Variable
Rate
Remarketed
Mode
(“VRRM”)
–
Dividends
for
MFP
Shares
within
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
Shareholders
have
the
ability
to
request
a
best-efforts
tender
of
its
shares
upon
seven
days
notice.
If
the
remarketing
agent
is
unable
to
identify
an
alternative
purchaser,
the
shares
will
be
retained
by
the
shareholder
requesting
tender
and
the
subsequent
dividend
rate
will
increase
to
its
step-up
dividend
rate.
If
after
one
consecutive
year
of
unsuccessful
remarketing
attempts,
the
Fund
will
be
required
to
designate
an
alternative
mode
or
redeem
the
shares.
NKX
NXC
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Six
Months
Ended
8/31/23*
Year
Ended
2/28/23
Additional
authorized
common
shares
-
-
1,300,000
-
Common
shares
sold
-
-
-
-
Offering
proceeds,
net
of
offering
costs
-
-
-
-
*
Represents
additional
authorized
shares
for
the
period
August
4,
2023
through
August
31,
2023.
NXC
Six
Months
Ended
8/31/23
Year
Ended
2/28/23
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
468
925
Total
468
925
Each
Fund
will
pay
a
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
Shares
while
designated
in
VRRM.
Payments
made
by
the
Fund
to
the
remarketing
agent
are
recognized
as
“Remarketing
fees”
on
the
Statement
of
Operations.
•
Variable
Rate
Mode
(“VRM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
are
based
upon
a
short-term
index
plus
an
additional
fixed
“spread”
amount
established
at
the
time
of
issuance
or
renewal
/
conversion
of
its
mode.
At
the
end
of
the
period
of
the
mode,
the
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
MFP
Shares.
The
fair
value
of
MFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
In
current
market
conditions,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
are
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
•
Variable
Rate
Demand
Mode
(“VRDM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
While
in
this
mode,
shares
will
have
an
unconditional
liquidity
feature
that
enable
its
shareholders
to
require
a
liquidity
provider,
which
the
Fund
has
entered
into
a
contractual
agreement,
to
purchase
shares
in
the
event
that
the
shares
are
not
able
to
be
successfully
remarketed.
In
the
event
that
shares
within
this
mode
are
unable
to
be
successfully
remarketed
and
are
purchased
by
the
liquidity
provider,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
shares.
Each
Fund
is
required
to
redeem
any
shares
that
are
still
owned
by
a
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
The
Fund
will
pay
a
liquidity
and
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
shares
while
within
VRDM.
Payments
made
by
the
Fund
to
the
liquidity
provider
and
remarketing
agent
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees”,
respectively,
on
the
Statement
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
MFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
on
the
MFP
shares
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
MFP
shares
are
recognized
as
a
component
on
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
MFP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Subject
to
certain
conditions,
MFP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
the
Fund.
The
Fund
may
also
be
required
to
redeem
certain
MFP
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
in
all
circumstances
is
equal
to
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
Costs
incurred
in
connection
with
the
Fund’s
offering
of
MFP
Shares
were
recorded
as
a
deferred
charge
and
are
being
amortized
over
the
life
of
the
shares.
These
offering
costs
are
recognized
as
a
component
of
“MFP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
details
of
each
Fund’s
MFP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
The
average
liquidation
preference
of
MFP
Shares
outstanding
and
the
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
Variable
Rate
Demand
Preferred
Shares:
The
following
Funds
have
issued
and
have
outstanding
Variable
Rate
Demand
Preferred
(“VRDP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
VRDP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
Term
Redemption
Date
Mode
Mode
Termination
Date
NAC
A
3,200
$320,000,000
$319,873,569
January
3,
2028
VRM
January
3,
2028*
NKX
A
1,404
$140,400,000
$140,032,372
October
1,
2047
VRRM
N/A
*
Subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
NAC
$
320,000,000
4.44
%
NKX
140,400,000
3.73
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
the
end
of
the
reporting
period,
NAC
and
NKX
had
$905,331,235
and
$255,660,415
VRDP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
the
Funds’
VRDP
Shares
outstanding
as
of
the
reporting
period,
were
as
follows:
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
VRDP
Shares
are
not
able
to
be
successfully
remarketed.
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
on
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding.
Each
Fund’s
VRDP
Shares
have
successfully
remarketed
since
issuance.
NAC’s
Series
2,
Series
5
and
Series
8
VRDP
Shares
are
considered
to
be
Special
Rate
VRDP,
which
are
sold
to
institutional
investors.
The
special
rate
period
will
expire
on
February
6,
2024,
September
2,
2026
and
November
6,
2026,
for
the
Fund’s
Series
2,
5
and
8
VRDP
Shares,
respectively.
The
special
rate
period
for
NAC’s
Series
8
VRDP
Shares
is
subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
During
the
special
rate
period,
the
VRDP
Shares
will
not
be
remarketed
by
a
remarketing
agent,
be
subject
to
optional
or
mandatory
tender
events,
or
be
supported
by
a
liquidity
provider
and
are
not
subject
to
remarketing
fees
or
liquidity
fees.
During
the
special
rate
period,
VRDP
dividends
will
be
set
monthly
as
a
floating
rate
based
on
the
predetermined
formula.
Following
the
initial
special
rate
period,
Special
Rate
Period
VRDP
Shares
may
transition
to
traditional
VRDP
Shares
with
dividends
set
at
weekly
remarketings,
and
be
supported
by
designated
liquidity
provider,
or
the
Board
may
approve
a
subsequent
special
rate
period.
Dividends
on
the
VRDP
Shares
(which
are
treated
as
interest
payments
for
financial
reporting
purposes)
are
set
at
a
rate
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
VRDP
Shares
is
expected
to
approximate
its
liquidation
preference.
In
the
event
that
VRDP
shares
are
unable
to
be
successfully
remarketed,
the
dividend
rate
will
be
the
maximum
rate
which
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
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
The
average
liquidation
preference
of
VRDP
Shares
outstanding
and
annualized
dividend
rate
for
each
Fund
during
the
current
fiscal
period
were
as
follows:
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
Net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Dividends
accrued
on
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
being
amortized
over
the
life
of
the
shares
and
are
recognized
as
a
component
of
“VRDP
Shares,
Net”
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.
Preferred
Share
Transactions:
Transactions
in
preferred
shares
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
table.
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Maturity
NAC
1
1,362
0.10%
$136,200,000
June
1,
2041
2
910
N/A**
$91,000,000
December
1,
2040
4
1,056
0.10%
$105,600,000
December
1,
2042
5
1,589
N/A**
$158,900,000
August
1,
2040
6
1,581
0.10%
$158,100,000
August
1,
2040
7
980
0.10%
$98,000,000
August
3,
2043
8
1,600
N/A**
$160,000,000
November
6,
2026
NKX
3
427
0.05%
$42,700,000
March
1,
2040
4
1,090
0.10%
$109,000,000
December
1,
2040
6
1,050
0.10%
$105,000,000
June
1,
2046
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
**
Not
applicable.
Series
is
considered
to
be
Special
Rate
VRDP
and
therefore
does
not
pay
a
remarketing
fee.
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NAC
$
907,800,000
3.73
%
NKX
256,700,000
3.32
Transactions
in
VRDP
Shares
for
the
Funds,
where
applicable,
was
as
follows:
7.
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
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.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
and
in
the
case
of
NKX
the
alternative
minimum
tax
applicable
to
individuals
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.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
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
their
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Year
Ended
February
28,
2023
NAC
Series
Shares
Amount
VRDP
Shares
redeemed
3
(498)
$(49,800,000)
NKX
Series
Shares
Amount
VRDP
Shares
redeemed
2
(355)
$(35,500,000)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NAC
$
3,011,996,938
$
72,914,639
$
(114,205,147)
$
(41,290,508)
NKX
995,608,455
36,798,519
(36,210,958)
587,561
NCA
294,616,566
10,483,076
(11,129,101)
(646,025)
NXC
84,645,515
2,713,353
(2,902,751)
(189,398)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NAC
$
1,638,260
$
24,751
$
—
$
(17,376,926)
$
(133,506,505)
$
—
$
(5,210,462)
$
(154,430,882)
NKX
2,654,741
2,681
—
6,992,648
(26,731,820)
—
(1,972,094)
(19,053,844)
NCA
1,507,802
—
—
794,877
(9,406,607)
—
(960,138)
(8,064,066)
NXC
383,664
—
—
216,926
(1,707,335)
—
(276,739)
(1,383,484)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
on
February
1,
2023
and
paid
on
March
1,
2023.
Fund
Short-Term
Long-Term
Total
NAC
$
83,940,978
$
49,565,527
$
133,506,505
NKX
12,077,281
14,654,539
26,731,820
NCA
3,960,863
5,445,744
9,406,607
NXC
435,076
1,272,259
1,707,335
Notes
to
Financial
Statements
(Unaudited)
(continued)
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser,
and
for
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.
NCA
pays
an
annual
fund-level
fee,
payable
monthly,
of
0.15%
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.
The
annual
fund-level
fee,
payable
monthly,
for
NAC
and
NKX
is
calculated
according
to
the
following
schedules:
The
annual
fund-level
fee,
payable
monthly,
for
NXC
is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Fund’s
daily
managed
assets
(net
assets
for
NCA
and
NXC):
*
For
the
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
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$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,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
August
31,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
Average
Daily
Managed
Assets*
NAC
NKX
For
the
first
$125
million
0.4500
%
0.4500
%
For
the
next
$125
million
0.4375
0.4375
For
the
next
$250
million
0.4250
0.4250
For
the
next
$500
million
0.4125
0.4125
For
the
next
$1
billion
0.4000
0.4000
For
the
next
$3
billion
0.3750
0.3750
For
managed
assets
over
$5
billion
0.3675
0.3675
Average
Daily
Net
Assets*
NXC
Fund-Level
Fee
Rate
For
the
first
$125
million
0.1000
%
For
the
next
$125
million
0.0875
For
the
next
$250
million
0.0750
For
the
next
$500
million
0.0625
For
the
next
$1
billion
0.0500
For
the
next
$3
billion
0.0250
For
managed
assets
over
$5
billion
0.0125
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
NAC
0.1600%
NKX
0.1600%
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
9.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
management
has
determined
that
any
legal
proceeding(s)
the
Funds
are
subject
to,
including
those
described
within
this
report,
are
unlikely
to
have
a
material
impact
to
any
of
the
Funds’
financial
statements.
10.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-
day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
current
credit
facility
was
entered
into
on
June
21,
2023
expiring
on
June
19,
2024,
replacing
the
previous
facility,
which
expired
June
2023.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
Fund
Complex-Level
Fee
NCA
0.1600%
NXC
0.1600%
Fund
Purchases
Sales
Realized
Gain
(Loss)
NAC
$
10,033,799
$
6,181,098
$
(176,387)
NKX
3,279,501
254,855
(8,360)
NCA
121,577
122,330
(4,012)
NXC
159,835
35,680
(1,170)
Fund
Maximum
Outstanding
Balance
NAC
$
28,400,000
NKX
914,725
NCA
—
NXC
—
Notes
to
Financial
Statements
(Unaudited)
(continued)
During
the
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NAC
53
$
21,510,901
6.22
%
NKX
3
914,725
6.03
NCA
—
—
—
NXC
—
—
—
Risk
Considerations
(Unaudited)
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.
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NAC.
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(NKX)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
Leverage
increases
return
volatility
and
magnifies
the
Fund’s
potential
return
and
its
risks;
there
is
no
guarantee
a
fund’s
leverage
strategy
will
be
successful.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
inverse
floater
risk
and
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NKX.
Nuveen
California
Municipal
Value
Fund
(NCA)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NCA.
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Debt
or
fixed
income
securities
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
credit
risk,
interest
rate
risk,
derivatives
risk,
liquidity
risk,
and
income
risk.
As
interest
rates
rise,
bond
prices
fall.
State
concentration
makes
the
Fund
more
susceptible
to
local
adverse
economic,
political,
or
regulatory
changes
affecting
municipal
bond
issuers.
These
and
other
risk
considerations
such
as
tax
risk
are
described
in
more
detail
on
the
Fund’s
web
page
at
www.nuveen.com/NXC.
Additional
Fund
Information
(Unaudited)
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
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
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
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
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
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
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.
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.
Board
of
Trustees
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NAC
NKX
NCA
NXC
Common
shares
repurchased
0
0
0
0
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
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
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
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.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
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.
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.
Pre-Refunded
Bond/Pre-Refunding
:
Pre-Refunded
Bond/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.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back
.
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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2023
(the
“May
Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
are
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
their
respective
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-
Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
the
applicable
sub-advisers
in
their
annual
review
of
the
advisory
agreements.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
securities
lending;
liquidity
management;
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
presentations,
discussions,
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
advanced
in
2022
for
the
benefit
of
particular
Nuveen
funds
and/or
the
Nuveen
fund
complex;
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
any
Nuveen
funds
considered
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
with
a
focus
on
any
Nuveen
funds
considered
expense
outliers;
a
review
of
management
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
(including,
among
other
things,
an
analysis
of
secondary
market
performance
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
of
Nuveen
closed-end
funds);
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Independent
Board
Members.
As
part
of
its
review,
the
Board
met
on
April
11-12,
2023
(the
“April
Meeting”)
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
Nuveen
funds
and
that
the
scope
and
complexity
of
these
services,
along
with
the
undertakings
required
of
the
Adviser
in
connection
with
providing
these
services,
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
noted
the
Adviser’s
dedication
of
resources,
time,
personnel
and
capital
and
commitment
to
continuing
to
develop
improvements
and
innovations
that
seek
to
enhance
the
Nuveen
fund
complex
and
meet
the
needs
of
the
Nuveen
funds
in
an
increasingly
complex
regulatory
environment.
The
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
breadth
and
the
quality
of
the
services
the
Adviser
and
its
various
teams
provide
in
overseeing
the
investment
management
of
the
Nuveen
funds,
including,
among
other
things,
overseeing
and
reviewing
the
services
provided
by
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
evaluating
fund
performance
and
market
conditions;
overseeing
operational
and
investment
risks;
evaluating
investment
strategies
and
recommending
any
changes
thereto;
managing
liquidity;
managing
the
daily
valuation
of
portfolio
securities;
overseeing
trade
execution
and
securities
lending;
and
setting
and
managing
distributions
consistent
with
the
respective
fund’s
product
design.
With
respect
to
closed-end
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
also
reviewed
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
considered
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
Given
the
Nuveen
funds
operate
in
a
highly
regulated
industry,
the
Board
further
considered
the
extensive
compliance,
regulatory
and
administrative
services
the
Adviser
and
its
various
teams
provide
to
manage
and
operate
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
laws
and
regulations;
devising
internal
compliance
programs
in
seeking
to
enhance
compliance
with
regulatory
requirements
and
creating
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
reviewed
highlights
of
the
various
initiatives
Nuveen
compliance
had
taken
in
2022
including,
among
other
things,
additional
due
diligence
of
service
providers
as
their
operating
environments
evolve
post-Covid
to
more
hybrid
in-person
working
arrangements;
investments
in
supporting
and
expanding
international
trading
capabilities;
continuing
efforts
to
enhance
policies
and
controls
to
address
compliance
risks
including
those
related
to
environmental,
social
and
governance
(“ESG”)
matters
and
new
regulatory
developments
or
guidance;
and
establishing
and
maintaining
compliance
policies
and
comprehensive
compliance
training
programs.
The
Board
also
considered
information
regarding
the
Adviser’s
business
continuity,
disaster
recovery
and
information
security
programs
and
the
periodic
testing
and
review
of
such
programs.
In
addition
to
the
above
functions,
the
Board
considered
the
quality
and
extent
of
other
non-advisory
services
the
Adviser
provides
including,
among
other
things,
various
fund
administration
services
(such
as
preparing,
overseeing
or
assisting
with
the
preparation
of
tax
and
regulatory
filings);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
support
services;
shareholder
services
and
transfer
agency
function
oversight
services;
and
board
support
and
reporting
services.
With
respect
to
board
support
services,
the
Board
reviewed
a
summary
of
the
annual,
quarterly,
and
special
reports
the
Adviser
and/or
its
affiliates
provided
to
the
Board
throughout
2022.
The
Board
further
acknowledged
various
initiatives
the
Adviser
had
undertaken
or
continued
in
2022
in
seeking
to
improve
the
effectiveness
of
its
organization,
the
Nuveen
funds
product
line-up
as
well
as
particular
Nuveen
fund(s)
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
reopening
certain
funds
previously
closed
to
new
investors;
adding
or
modifying
the
share
classes
offered
by
certain
funds;
implementing
fee
waivers
and
expense
cap
changes
for
certain
funds
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
represented.
Aside
from
the
services
provided,
the
Board
recognized
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
to
such
team,
the
investment
process
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
prepared
specifically
for
the
annual
review
of
the
advisory
agreements
as
well
as
the
performance
data
the
Board
received
throughout
the
year
representing
different
time
periods.
In
this
regard,
leading
into
the
May
Meeting,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2022
and
March
31,
2023.
In
addition,
the
Board
reviewed
and
discussed
performance
data
at
its
regularly
scheduled
quarterly
meetings
during
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
have
been
provided
for
the
annual
review
as
well
as
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
the
Adviser’s
analysis
of
a
fund’s
performance
with
particular
focus
on
performance
outliers
(both
overperformance
and
underperformance),
the
factors
contributing
to
performance
(including
relative
to
a
fund’s
benchmark
and
peers
and
the
impact
of
market
conditions)
and
any
recommendations
or
steps
that
had
been
taken
or
were
proposed
to
be
taken
to
address
significant
performance
concerns.
In
this
regard,
the
Board
noted,
among
other
things,
that
certain
Nuveen
funds
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2020,
and,
as
a
result,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
The
Board
recognized
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
noted
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
Nuveen
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods
and
evaluated
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
Nuveen
fund.
With
respect
to
relative
performance
of
a
Nuveen
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
over
specified
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
acknowledged
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
helping
to
provide
income.
The
Board
also
evaluated
Nuveen
fund
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
recognized
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
relation
to
recent
general
market
conditions,
the
Board
had
recognized
the
general
market
volatility
and
underperformance
of
the
market
in
2022
in
considering
Nuveen
fund
performance.
The
Board
took
into
account
the
Adviser’s
assessment
of
a
fund’s
performance
during
the
recent
period
of
significant
market
volatility.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
California
Quality
Municipal
Income
Fund
(the
“California
Quality
Fund”),
the
Board
noted
that
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
The
Fund,
however,
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022.
In
addition,
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
March
31,
2023,
but
ranked
in
the
third
quartile
for
the
one-year
period
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(the
“California
AMT-Free
Quality
Fund”),
the
Board
noted
that
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
The
Fund,
however,
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2022
and
second
quartile
for
the
five-year
period
ended
December
31,
2022.
Further,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
March
31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023
and
second
quartile
for
the
five-year
period
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
California
Municipal
Value
Fund
(the
“California
Municipal
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
such
periods.
The
Fund’s
performance
was
also
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023,
but
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March
31,
2023
and
ranked
in
the
second
quartile
for
the
three-year
period
ended
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
California
Select
Tax-Free
Income
Portfolio
(the
“California
Select
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
such
periods.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
five-year
period
ended
March
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023.
In
its
review,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
Nuveen
closed-end
fund’s
actual
management
fee
rate
(after
fee
waivers
and/or
expense
reimbursements,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
established
by
Broadridge.
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
as
well
as
changes
to
the
composition
of
the
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
Nuveen
fund
with
a
net
total
expense
ratio
(excluding
investment-related
costs
of
leverage
for
closed-end
funds)
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
total
net
expenses
both
including
and
excluding
investment-related
expenses
(i.e.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
recognized
that
leverage
expenses
will
vary
across
funds
and
in
comparison
to
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
(excluding
leverage
costs
and
leveraged
assets
for
the
closed-end
funds)
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Universe.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
Nuveen
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history,
including
reviewing
certain
funds
identified
by
the
Adviser
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
addition,
with
respect
to
closed-end
funds
that
utilize
leverage,
the
Independent
Board
Members
recognized
that
certain
assets
attributable
to
a
fund’s
use
of
leverage
may
be
included
in
the
amount
of
assets
upon
which
the
advisory
fee
or
sub-advisory
fee
is
calculated.
The
Independent
Board
Members
acknowledged
the
fact
that
a
decision
to
employ
leverage
or
increase
a
fund’s
leverage
which
has
the
effect,
all
other
things
being
equal,
of
increasing
the
assets
upon
which
an
advisory
or
sub-
advisory
fee
is
based
(and,
in
turn,
increasing
the
Adviser’s
and
applicable
sub-adviser’s
management
fees),
means
that
the
Adviser
and
applicable
sub-adviser
may
have
a
conflict
of
interest
in
determining
whether
to
use
or
increase
leverage.
The
Independent
Board
Members
recognized,
however,
that
the
Adviser
and
sub-advisers
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
the
Adviser
and/or
sub-adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
also
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$62.4 million
and
fund-level
breakpoints
reduced
fees
by
approximately
$76.1 million
in
2022.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
California
AMT-Free
Quality
Fund
had
an
actual
management
fee
that
was
below
the
peer
average
and
a
net
total
expense
ratio
that
was
in
line
with
the
peer
average;
and
(b)
the
California
Quality
Fund,
California
Municipal
Value
Fund
and
California
Select
Fund
each
had
an
actual
management
fee
and
a
net
total
expense
ratio
that
were
below
the
respective
peer
averages.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
municipal
Nuveen
funds,
such
other
clients
may
include
retail
and
institutional
municipal
managed
accounts
sub-advised
by
the
Sub-Adviser,
municipal
exchange-traded
funds
(“ETFs”)
sub-advised
by
the
Sub-Adviser
that
are
offered
by
another
fund
complex,
municipal
managed
accounts
offered
by
an
unaffiliated
adviser
and
certain
municipal
private
limited
partnerships
offered
by
Nuveen.
The
Board
reviewed,
among
other
things,
the
fee
range
and
average
fee
of
municipal
retail
advisory
accounts
and
municipal
institutional
accounts,
the
sub-advisory
fee
the
Sub-Adviser
received
for
serving
as
sub-adviser
to
certain
municipal
ETFs
offered
outside
the
Nuveen
family
and
the
management
fee
rates
paid
by
the
municipal
private
limited
partnerships
operated
by
Nuveen.
In
considering
the
comparative
fee
data,
the
Board
recognized
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
Nuveen
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
eligible
portfolio
assets
and
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
account
sizes;
and
regulatory
requirements
contribute
to
the
variations
in
the
fee
schedules.
The
Board
acknowledged
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
as
well
as
profitability
data
of
other
publicly
traded
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2022
and
2021
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution
and
certain
other
expenses)
for
the
2022
and
2021
calendar
years.
The
Independent
Board
Members
also
considered
a
summary
of
some
of
the
key
factors
that
impacted
Nuveen’s
profitability
in
2022.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2022
and
2021
calendar
years.
In
developing
the
profitability
data
of
the
Adviser
for
its
advisory
services
to
the
Nuveen
funds,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
perfect
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
through
2022,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2022.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
meet
with
representatives
of
the
Adviser
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
recognized
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2012
to
2022.
Although
the
total
company
operating
margins
of
Nuveen
Investments
were
in
the
bottom
half
of
the
peer
group
range
for
2022
and
2021,
the
Independent
Board
Members
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2022
and
2021
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2022
and
December
31,
2021.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December 31,
2022
and
December
31,
2021.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
recognized
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
Nuveen
shares
the
benefits
of
economies
of
scale,
if
any,
in
a
number
of
ways
including
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
With
this
structure,
the
Board
noted
that
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
are
designed
to
share
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
noted,
however,
that
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
in
the
Nuveen
business
were
not
specific
to
individual
Nuveen
funds
but
rather
incurred
across
of
a
variety
of
products
and
services
pursuant
to
which
the
family
of
Nuveen
funds
as
a
whole
may
benefit.
In
addition,
the
Board
also
considered
that
Nuveen
has
provided,
without
raising
advisory
fees
to
the
Nuveen
funds,
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Board
acknowledged
that
an
affiliate
of
the
Adviser
may
receive
compensation
for
serving
as
a
co-manager
in
the
initial
public
offerings
of
new
Nuveen
closed-end
funds
(if
any)
and
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services,
if
any,
in
2021
and
2022.
In
addition,
the
Independent
Board
Members
noted
that
the
various
sub-advisers
to
the
Nuveen
funds
do
not
generally
benefit
from
soft
dollar
arrangements
with
respect
to
Nuveen
fund
portfolio
transactions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Independent
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-A-0823P
3131590-INV-B-10/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
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,
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/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Not applicable to this filing.
| ITEM 3. |
AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable to this filing.
| ITEM 4. |
PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable to this filing.
| ITEM 5. |
AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this filing.
| ITEM 6. |
SCHEDULE OF INVESTMENTS. |
| (a) |
|
See Portfolio of Investments in Item 1. |
| ITEM 7. |
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this filing.
| ITEM 8. |
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
Not applicable to this filing.
| ITEM 9. |
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 10. |
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the
registrant last provided disclosure in response to this Item.
| ITEM 11. |
CONTROLS AND PROCEDURES. |
| (a) |
|
The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date
of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17
CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) |
|
There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR
270.30a-3(d)) that occurred during the 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. |
DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT
INVESTMENT COMPANIES. |
Not applicable.
File the exhibits listed below as part of this Form.
(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required
by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See 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.
(a)(4) Change in the registrant’s independent public accountant. 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: See 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
|
|
|
| By (Signature and Title) |
|
/s/ David J. Lamb |
|
|
David J. Lamb |
|
|
Chief Administrative Officer |
Date: November 3, 2023
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/ David J. Lamb |
|
|
David J. Lamb |
|
|
Chief Administrative Officer |
|
|
(principal executive officer) |
Date: November 3, 2023
|
|
|
| By (Signature and Title) |
|
/s/ E. Scott Wickerham |
|
|
E. Scott Wickerham |
|
|
Vice President and Funds Controller |
|
|
(principal financial officer) |
Date: November 3, 2023