|
NCA
|
NCB
|
NKX
|
NAC
|
Effective Leverage*
|
0.00%
|
0.00%
|
37.00%
|
36.33%
|
Regulatory Leverage*
|
0.00%
|
0.00%
|
35.34%
|
35.44%
|
* 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.
|
|
Variable Rate
|
Variable Rate
|
||||||||||
|
Preferred*
|
Remarketed Preferred**
|
||||||||||
|
Shares
|
Shares
|
||||||||||
|
Issued at
|
Issued at
|
||||||||||
|
Liquidation
|
Liquidation
|
||||||||||
|
Preference
|
Preference
|
Total
|
|||||||||
NKX
|
$
|
—
|
$
|
432,600,000
|
$
|
432,600,000
|
||||||
NAC
|
$
|
638,900,000
|
$
|
638,700,000
|
$
|
1,277,600,000
|
*
|
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, Note 5 – Fund Shares, 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, Note 5 – Fund Shares, for further details.
|
|
Per Common Share Amounts
|
|||||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
March 2020
|
$
|
0.0265
|
$
|
0.0345
|
$
|
0.0515
|
$
|
0.0520
|
||||||||
April
|
0.0265
|
0.0345
|
0.0515
|
0.0520
|
||||||||||||
May
|
0.0265
|
0.0345
|
0.0515
|
0.0520
|
||||||||||||
June
|
0.0265
|
0.0345
|
0.0545
|
0.0520
|
||||||||||||
July
|
0.0265
|
0.0345
|
0.0545
|
0.0520
|
||||||||||||
August 2020
|
0.0265
|
0.0345
|
0.0545
|
0.0520
|
||||||||||||
Total Distributions from Net Investment Income
|
$
|
0.1590
|
$
|
0.2070
|
$
|
0.3180
|
$
|
0.3120
|
||||||||
Yields
|
||||||||||||||||
Market Yield*
|
3.01
|
%
|
2.69
|
%
|
4.25
|
%
|
4.26
|
%
|
||||||||
Taxable-Equivalent Yield*
|
6.55
|
%
|
5.84
|
%
|
9.20
|
%
|
9.26
|
%
|
* 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.
|
|
NKX
|
Additional authorized common shares
|
4,100,000*
|
|
NCA
|
NCB
|
NKX
|
NAC
|
Common shares cumulatively repurchased and retired
|
–
|
–
|
230,000
|
370,000
|
Common shares authorized for repurchase
|
2,805,000
|
330,000
|
4,750,000
|
14,470,000
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Common share NAV
|
$
|
10.77
|
$
|
16.45
|
$
|
16.66
|
$
|
16.08
|
||||||||
Common share price
|
$
|
10.58
|
$
|
15.41
|
$
|
15.40
|
$
|
14.64
|
||||||||
Premium/(Discount) to NAV
|
(1.76
|
)%
|
(6.32
|
)%
|
(7.56
|
)%
|
(8.96
|
)%
|
||||||||
6-month average premium/(discount) to NAV
|
(4.66
|
)%
|
(10.24
|
)%
|
(9.68
|
)%
|
(9.93
|
)%
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
|
|
August 31, 2020
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
||||
Average Annual Total Returns as of August 31, 2020
|
||||
|
Cumulative
|
Average Annual
|
||
|
6-Months
|
1-Year
|
5-Year
|
10-Year
|
NCA at Common Share NAV
|
(1.06)%
|
2.75%
|
4.56%
|
5.19%
|
NCA at Common Share Price
|
2.83%
|
3.02%
|
4.17%
|
5.39%
|
S&P Municipal Bond California Index
|
0.34%
|
3.25%
|
4.04%
|
4.53%
|
S&P Municipal Bond Index
|
0.29%
|
3.15%
|
3.95%
|
4.03%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
98.2%
|
Other Assets Less Liabilities
|
1.8%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
97.7%
|
Puerto Rico
|
1.9%
|
Virgin Islands
|
0.4%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
26.4%
|
Transportation
|
19.5%
|
Water and Sewer
|
15.6%
|
Tax Obligation/Limited
|
12.8%
|
Health Care
|
7.7%
|
Utilities
|
6.8%
|
U.S. Guaranteed
|
4.6%
|
Other
|
6.6%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
4.2%
|
AAA
|
15.5%
|
AA
|
47.5%
|
A
|
16.5%
|
BBB
|
5.4%
|
BB or Lower
|
5.8%
|
N/R (not rated)
|
5.1%
|
Total
|
100%
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Performance Overview and Holding Summaries as of
|
|
August 31, 2020
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
||||
Average Annual Total Returns as of August 31, 2020
|
||||
|
Cumulative
|
Average Annual
|
||
|
6-Months
|
1-Year
|
5-Year
|
10-Year
|
NCB at Common Share NAV
|
(1.35)%
|
2.41%
|
4.22%
|
5.12%
|
NCB at Common Share Price
|
(0.46)%
|
(6.76)%
|
3.76%
|
5.04%
|
S&P Municipal Bond California Index
|
0.34%
|
3.25%
|
4.04%
|
4.53%
|
S&P Municipal Bond Index
|
0.29%
|
3.15%
|
3.95%
|
4.03%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
89.4%
|
Short-Term Municipal Bonds
|
2.2%
|
Other Assets Less Liabilities
|
8.4%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
98.0%
|
Puerto Rico
|
2.0%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
21.1%
|
Transportation
|
19.4%
|
Utilities
|
15.2%
|
Water and Sewer
|
9.9%
|
Health Care
|
8.8%
|
Tax Obligation/Limited
|
8.6%
|
Consumer Staples
|
5.0%
|
U.S. Guaranteed
|
4.6%
|
Other
|
7.4%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
4.6%
|
AAA
|
10.3%
|
AA
|
44.1%
|
A
|
19.8%
|
BBB
|
8.3%
|
BB or Lower
|
5.9%
|
N/R (not rated)
|
7.0%
|
Total
|
100%
|
NKX
|
Nuveen California AMT-Free Quality
|
|
Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of
|
|
August 31, 2020
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
||||
Average Annual Total Returns as of August 31, 2020
|
||||
|
Cumulative
|
Average Annual
|
||
|
6-Months
|
1-Year
|
5-Year
|
10-Year
|
NKX at Common Share NAV
|
(1.62)%
|
3.65%
|
6.05%
|
6.75%
|
NKX at Common Share Price
|
1.32%
|
3.97%
|
6.71%
|
6.63%
|
S&P Municipal Bond California Index
|
0.34%
|
3.25%
|
4.04%
|
4.53%
|
S&P Municipal Bond Index
|
0.29%
|
3.15%
|
3.95%
|
4.03%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
155.7%
|
Other Assets Less Liabilities
|
1.3%
|
Net Assets Plus Floating Rate
|
|
Obligations, MFP Shares, net of
|
|
deferred offering costs & VRDP Shares,
|
|
net of deferred offering costs
|
157.0%
|
Floating Rate Obligations
|
(2.6)%
|
MFP Shares, net of deferred offering costs
|
(17.7)%
|
VRDP Shares, net of deferred offering costs
|
(36.7)%
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
96.2%
|
Puerto Rico
|
2.3%
|
Guam
|
1.0%
|
Virgin Islands
|
0.4%
|
New York
|
0.1%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
22.8%
|
Tax Obligation/Limited
|
22.2%
|
Water and Sewer
|
14.1%
|
Health Care
|
10.0%
|
Transportation
|
9.1%
|
U.S. Guaranteed
|
6.2%
|
Utilities
|
5.9%
|
Other
|
9.7%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
6.1%
|
AAA
|
6.7%
|
AA
|
56.7%
|
A
|
12.6%
|
BBB
|
3.8%
|
BB or Lower
|
5.1%
|
N/R (not rated)
|
9.0%
|
Total
|
100%
|
NAC
|
Nuveen California Quality Municipal
|
|
Income Fund
|
|
Performance Overview and Holding Summaries as of
|
|
August 31, 2020
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
|
||||
Average Annual Total Returns as of August 31, 2020
|
||||
|
Cumulative
|
Average Annual
|
||
|
6-Months
|
1-Year
|
5-Year
|
10-Year
|
NAC at Common Share NAV
|
(1.83)%
|
2.40%
|
5.57%
|
6.69%
|
NAC at Common Share Price
|
(0.83)%
|
(0.79)%
|
5.51%
|
6.13%
|
S&P Municipal Bond California Index
|
0.34%
|
3.25%
|
4.04%
|
4.53%
|
S&P Municipal Bond Index
|
0.29%
|
3.15%
|
3.95%
|
4.03%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
154.7%
|
Other Assets Less Liabilities
|
0.9%
|
Net Assets Plus Floating Rate
|
|
Obligations, MFP Shares, net of
|
|
deferred offering costs & VRDP
|
|
Shares, net of deferred offering costs
|
155.6%
|
Floating Rate Obligations
|
(0.9)%
|
MFP Shares, net of deferred offering costs
|
(13.7)%
|
VRDP Shares, net of deferred offering costs (41.0)%
|
|
Net Assets
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
97.3%
|
Puerto Rico
|
2.1%
|
Guam
|
0.6%
|
Virgin Islands
|
0.0%*
|
New York
|
0.0%*
|
Total
|
100%
|
* Rounds to less than 0.1%
|
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
21.9%
|
Tax Obligation/Limited
|
16.7%
|
Transportation
|
14.7%
|
Health Care
|
10.0%
|
Utilities
|
9.6%
|
Water and Sewer
|
9.2%
|
U.S. Guaranteed
|
8.2%
|
Other
|
9.7%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
6.9%
|
AAA
|
6.9%
|
AA
|
44.7%
|
A
|
16.7%
|
BBB
|
6.2%
|
BB or Lower
|
7.2%
|
N/R (not rated)
|
11.4%
|
Total
|
100%
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 98.2% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 98.2% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 3.7% (3.7% of Total Investments)
|
|
|
|
|
$ 60
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
6/30 at 100.00
|
BBB+
|
$ 67,465
|
|
|
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49
|
|
|
|
|
3,570
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
B–
|
3,700,555
|
|
|
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
|
|
|
|
2,450
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
2,526,954
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
3,895
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds,
|
10/20 at 31.43
|
N/R
|
1,218,862
|
|
|
Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
|
|
|
|
3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
9/20 at 100.00
|
B–
|
3,520,440
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
13,475
|
Total Consumer Staples
|
|
|
11,034,276
|
|
|
Education and Civic Organizations – 0.9% (0.9% of Total Investments)
|
|
|
|
|
450
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship
|
6/22 at 102.00
|
N/R
|
489,456
|
|
|
Education Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
|
|
|
|
185
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 100.00
|
BBB
|
204,887
|
|
|
College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A
|
|
|
|
|
1,165
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 101.00
|
BBB
|
1,307,270
|
|
|
College-Ready Public Schools Project, Series 2016C, 5.250%, 7/01/52
|
|
|
|
|
690
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
781,508
|
|
2,490
|
Total Education and Civic Organizations
|
|
|
2,783,121
|
|
|
Health Care – 7.6% (7.7% of Total Investments)
|
|
|
|
|
285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
8/25 at 100.00
|
A+
|
330,095
|
|
|
Health, Refunding Series 2015A, 5.000%, 8/15/43
|
|
|
|
|
1,950
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/26 at 100.00
|
A+
|
2,294,448
|
|
|
Health, Refunding Series 2016B, 5.000%, 11/15/46
|
|
|
|
|
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
|
|
|
|
|
Health, Series 2018A:
|
|
|
|
|
1,200
|
5.000%, 11/15/34
|
11/27 at 100.00
|
A+
|
1,483,788
|
|
2,950
|
5.000%, 11/15/48
|
11/27 at 100.00
|
A+
|
3,544,248
|
|
555
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/24 at 100.00
|
AA–
|
618,670
|
|
|
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
|
|
|
|
200
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
226,738
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38
|
|
|
|
|
690
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
779,038
|
|
|
Services, Series 2014B, 5.000%, 10/01/44
|
|
|
|
|
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s
|
|
|
|
|
|
Hospital – San Diego, Series 2011:
|
|
|
|
|
560
|
5.000%, 8/15/31
|
8/21 at 100.00
|
AA
|
582,053
|
|
670
|
5.250%, 8/15/41
|
8/21 at 100.00
|
AA
|
695,205
|
|
100
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center,
|
7/27 at 100.00
|
Baa2
|
113,563
|
|
|
Refunding Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
400
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series
|
11/26 at 100.00
|
BBB–
|
440,788
|
|
|
2017A, 5.250%, 11/01/47
|
|
|
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
|
|
|
|
|
Linda University Medical Center, Series 2016A:
|
|
|
|
|
2,390
|
5.000%, 12/01/46, 144A
|
6/26 at 100.00
|
BB
|
2,592,983
|
|
2,625
|
5.250%, 12/01/56, 144A
|
6/26 at 100.00
|
BB
|
2,826,679
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 1,000
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/28 at 100.00
|
BB
|
$ 1,088,390
|
|
|
Linda University Medical Center, Series 2018A, 5.250%, 12/01/48, 144A
|
|
|
|
|
2,625
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser
|
4/22 at 100.00
|
AA–
|
2,764,729
|
|
|
Permanente, Series 2012A, 5.000%, 4/01/42
|
|
|
|
|
620
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
|
No Opt. Call
|
AA–
|
627,037
|
|
|
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
|
|
|
|
1,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series
|
12/21 at 100.00
|
BB
|
1,842,382
|
|
|
2011, 7.500%, 12/01/41
|
|
|
|
|
20,570
|
Total Health Care
|
|
|
22,850,834
|
|
|
Housing/Multifamily – 1.9% (2.0% of Total Investments)
|
|
|
|
|
1,115
|
California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel
|
4/29 at 100.00
|
N/R
|
1,252,067
|
|
|
Apartments, Series 2019A, 5.000%, 4/01/49, 144A
|
|
|
|
|
1,945
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series
|
No Opt. Call
|
BBB+
|
2,149,550
|
|
|
2019-2, 4.000%, 3/20/33
|
|
|
|
|
286
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A
|
No Opt. Call
|
BBB+
|
322,360
|
|
|
Series2019-1, 4.250%, 1/15/35
|
|
|
|
|
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas
|
|
|
|
|
|
Affordable Housing Inc Projects, Senior Series 2014A:
|
|
|
|
|
65
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB+
|
71,791
|
|
175
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
191,758
|
|
1,060
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
BBB
|
1,119,180
|
|
|
Series 2012A, 5.500%, 8/15/47
|
|
|
|
|
770
|
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak
|
10/20 at 100.00
|
N/R
|
771,571
|
|
|
Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
|
|
|
|
|
5,416
|
Total Housing/Multifamily
|
|
|
5,878,277
|
|
|
Tax Obligation/General – 25.9% (26.4% of Total Investments)
|
|
|
|
|
4,000
|
Anaheim Union High School District, Orange County, California, General Obligation Bonds,
|
8/27 at 100.00
|
AAA
|
4,219,960
|
|
|
2014 Election Series 2019, 3.000%, 8/01/40
|
|
|
|
|
1,000
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013,
|
2/23 at 100.00
|
Aa2
|
1,108,210
|
|
|
5.000%, 2/01/29
|
|
|
|
|
3,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015,
|
8/25 at 100.00
|
Aa2
|
3,622,620
|
|
|
5.000%, 8/01/34
|
|
|
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|
|
|
|
2,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
Aa2
|
2,777,100
|
|
2,500
|
5.000%, 2/01/43
|
2/23 at 100.00
|
Aa2
|
2,755,875
|
|
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
Aa2
|
2,537,158
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|
|
|
|
5,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
Aa2
|
5,801,150
|
|
1,970
|
5.000%, 10/01/39
|
10/24 at 100.00
|
Aa2
|
2,298,832
|
|
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 10/01/47
|
4/26 at 100.00
|
Aa2
|
2,411,480
|
|
4,000
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation
|
1/28 at 100.00
|
AA+
|
5,037,280
|
|
|
Bonds, Election 2008 Series 2018B-1, 5.000%, 7/01/38
|
|
|
|
|
3,000
|
Mount San Jacinto Community College District, Riverside County, California, General
|
8/28 at 100.00
|
Aa1
|
3,485,340
|
|
|
Obligation Bonds, Election 2014, Series 2018B, 4.000%, 8/01/43
|
|
|
|
|
290
|
Oceanside Unified School District, San Diego County, California, General Obligation
|
10/20 at 13.75
|
AA
|
39,887
|
|
|
Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
|
|
|
|
2,000
|
Pittsburg Unified School District Financing Authority, Contra Costa County, California,
|
9/28 at 100.00
|
AA
|
2,501,800
|
|
|
General Obligation Bonds, Pittsburg Unified School District Bond Program, Series 2019,
|
|
|
|
|
|
5.000%, 9/01/47 – AGM Insured
|
|
|
|
|
5,000
|
San Mateo County Community College District, California, General Obligation Bonds,
|
9/28 at 100.00
|
AAA
|
6,357,400
|
|
|
Election 2014 Series 2018B, 5.000%, 9/01/45
|
|
|
|
|
11,875
|
San Mateo Union High School District, San Mateo County, California, General Obligation
|
9/36 at 100.00
|
Aaa
|
13,287,294
|
|
|
Bonds, Election 2010 Series 2011A, 0.000%, 9/01/41 (4)
|
|
|
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
$ 19,860
|
Yosemite Community College District, California, General Obligation Bonds, Capital
|
No Opt. Call
|
Aa2
|
$ 20,201,195
|
|
|
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)
|
|
|
|
|
70,235
|
Total Tax Obligation/General
|
|
|
78,442,581
|
|
|
Tax Obligation/Limited – 12.6% (12.8% of Total Investments)
|
|
|
|
|
1,000
|
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia
|
10/20 at 100.00
|
BBB+
|
1,002,370
|
|
|
Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
|
|
|
|
|
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project
|
|
|
|
|
|
Area, Series 2003:
|
|
|
|
|
1,895
|
5.500%, 10/01/23 – RAAI Insured
|
10/20 at 100.00
|
AA
|
1,902,713
|
|
1,000
|
5.625%, 10/01/33 – RAAI Insured
|
10/20 at 100.00
|
AA
|
1,003,390
|
|
1,175
|
California Infrastructure and Economic Development Bank, Lease Revenue Bonds, California
|
8/29 at 100.00
|
AA
|
1,520,838
|
|
|
State Teachers Retirement System Headquarters Expansion, Green Bond-Climate Bond Certified
|
|
|
|
|
|
Series 2019, 5.000%, 8/01/38
|
|
|
|
|
1,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/23 at 100.00
|
Aa3
|
1,701,420
|
|
|
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/33
|
|
|
|
|
1,250
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/24 at 100.00
|
Aa3
|
1,450,537
|
|
|
Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
|
|
|
|
|
3,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
11/22 at 100.00
|
Aa3
|
3,272,640
|
|
|
Series 2012G, 5.000%, 11/01/37
|
|
|
|
|
3,000
|
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales
|
6/26 at 100.00
|
AAA
|
3,672,030
|
|
|
Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38
|
|
|
|
|
1,150
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C
|
7/27 at 100.00
|
AAA
|
1,437,396
|
|
|
Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/39
|
|
|
|
|
3,520
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds,
|
8/22 at 100.00
|
AA+
|
3,774,320
|
|
|
Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
|
|
|
|
1,000
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds,
|
12/29 at 100.00
|
AA+
|
1,269,960
|
|
|
Series 2019E-1, 5.000%, 12/01/44
|
|
|
|
|
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
|
|
|
|
|
District 2001-1, Senior Series 2013A:
|
|
|
|
|
940
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,029,723
|
|
855
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
933,284
|
|
140
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
153,320
|
|
|
District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured
|
|
|
|
|
|
2018A-1:
|
|
|
|
|
52
|
4.500%, 7/01/34
|
7/25 at 100.00
|
N/R
|
55,036
|
|
52
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
55,379
|
|
3,926
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
4,191,790
|
|
80
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley
|
10/21 at 100.00
|
A
|
85,410
|
|
|
Project Area, Series 2011B, 6.500%, 10/01/25
|
|
|
|
|
50
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District
|
9/25 at 100.00
|
N/R
|
55,631
|
|
|
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
|
|
|
|
160
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special
|
8/24 at 100.00
|
N/R
|
170,003
|
|
|
Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
|
|
|
|
|
|
Refunding Series 2014, 5.000%, 8/01/39
|
|
|
|
|
5,000
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax
|
8/26 at 100.00
|
A
|
5,862,100
|
|
|
Allocation Bonds, Mission Bay North Redevelopment Project, Refunding Series 2016A, 5.000%,
|
|
|
|
|
|
8/01/41 – NPFG Insured
|
|
|
|
|
110
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series
|
4/21 at 100.00
|
N/R
|
113,573
|
|
|
2011, 7.000%, 10/01/26
|
|
|
|
|
|
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
|
N/R
|
1,128,430
|
|
765
|
5.000%, 9/01/43
|
9/25 at 103.00
|
N/R
|
844,315
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 100
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
9/27 at 100.00
|
N/R
|
$ 108,421
|
|
|
District 16-01, Series 2017, 5.750%, 9/01/32, 144A
|
|
|
|
|
155
|
Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series
|
4/30 at 100.00
|
A–
|
192,887
|
|
|
2020A, 5.000%, 10/01/45
|
|
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series
|
10/22 at 100.00
|
AA
|
1,077,900
|
|
|
2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
33,875
|
Total Tax Obligation/Limited
|
|
|
38,064,816
|
|
|
Transportation – 19.1% (19.5% of Total Investments)
|
|
|
|
|
1,000
|
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien
|
6/28 at 100.00
|
BBB–
|
1,144,340
|
|
|
Series 2018A, 5.000%, 12/31/47 (AMT)
|
|
|
|
|
190
|
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines,
|
No Opt. Call
|
B+
|
190,133
|
|
|
Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT)
|
|
|
|
|
1,820
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
BBB+
|
2,066,992
|
|
|
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
|
|
|
|
|
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
|
AA
|
2,150,995
|
|
4,010
|
5.750%, 1/15/46
|
1/24 at 100.00
|
A–
|
4,464,654
|
|
1,580
|
Long Beach, California, Harbor Revenue Bonds, Series 2017C, 5.000%, 5/15/47
|
5/27 at 100.00
|
AA
|
1,874,117
|
|
1,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/28 at 100.00
|
Aa2
|
1,236,200
|
|
|
Airport, Refunding Senior Lien Series 2018B, 5.000%, 5/15/32 (AMT)
|
|
|
|
|
5,665
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/25 at 100.00
|
Aa2
|
6,478,834
|
|
|
Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (AMT)
|
|
|
|
|
4,610
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/28 at 100.00
|
Aa3
|
5,562,288
|
|
|
Airport, Subordinate Lien Series 2018A, 5.250%, 5/15/48 (AMT)
|
|
|
|
|
1,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/29 at 100.00
|
Aa3
|
1,249,560
|
|
|
Airport, Subordinate Lien Series 2019F, 5.000%, 5/15/34 (AMT)
|
|
|
|
|
3,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
3,427,410
|
|
1,210
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%,
|
5/22 at 100.00
|
A+
|
1,292,776
|
|
|
5/01/29 (AMT)
|
|
|
|
|
2,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/27 at 100.00
|
A1
|
2,360,780
|
|
|
International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47
|
|
|
|
|
11,750
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/26 at 100.00
|
A1
|
13,681,348
|
|
|
International Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46
|
|
|
|
|
4,535
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/27 at 100.00
|
A
|
5,325,314
|
|
|
International Airport, Second Series 2017A, 5.000%, 5/01/47 (AMT)
|
|
|
|
|
4,465
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/28 at 100.00
|
A1
|
5,360,768
|
|
|
International Airport, Second Series 2018E, 5.000%, 5/01/48
|
|
|
|
|
49,780
|
Total Transportation
|
|
|
57,866,509
|
|
|
U.S. Guaranteed – 4.5% (4.6% of Total Investments) (5)
|
|
|
|
|
150
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
N/R
|
179,043
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38 (Pre-refunded 10/01/24)
|
|
|
|
|
700
|
California Statewide Communities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R
|
738,871
|
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 (Pre-refunded 7/01/21)
|
|
|
|
|
360
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage
|
No Opt. Call
|
AA+
|
371,574
|
|
|
Revenue Bonds, Series 1988, 8.250%, 6/01/21 (AMT) (ETM)
|
|
|
|
|
4,010
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
A–
|
4,784,652
|
|
|
Refunding Series 2013A, 6.000%, 1/15/53 (Pre-refunded 1/15/24)
|
|
|
|
|
370
|
National City Community Development Commission, California, Tax Allocation Bonds,
|
8/21 at 100.00
|
A
|
391,231
|
|
|
National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
|
|
|
|
140
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field
|
9/21 at 100.00
|
A–
|
149,087
|
|
|
Redevelopment Project, Series 2011, 6.750%, 9/01/40 (Pre-refunded 9/01/21)
|
|
|
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
Portfolio of Investments (continued)
August 31, 2020 (Unaudited) |
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|
$ 2,900
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/20 at 100.00
|
Ba1
|
$ 2,927,782
|
|
|
2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
|
|
|
|
440
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
A–
|
464,178
|
|
|
2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
|
|
|
|
2,220
|
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family
|
No Opt. Call
|
AA+
|
2,117,658
|
|
|
Home Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (AMT) (ETM)
|
|
|
|
|
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue
|
4/22 at 100.00
|
AAA
|
1,076,700
|
|
|
Bonds, Refunding Series 2012A, 5.000%, 4/01/42 (Pre-refunded 4/01/22)
|
|
|
|
|
65
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A–
|
66,766
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
|
|
|
|
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue
|
|
|
|
|
|
Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|
65
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
66,791
|
|
80
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
82,205
|
|
190
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue
|
9/21 at 100.00
|
N/R
|
201,761
|
|
|
Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32
|
|
|
|
|
|
(Pre-refunded 9/01/21)
|
|
|
|
|
12,690
|
Total U.S. Guaranteed
|
|
|
13,618,299
|
|
|
Utilities – 6.7% (6.8% of Total Investments)
|
|
|
|
|
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds,
|
|
|
|
|
|
Poseidon Resources Channelside LP Desalination Project, Series 2012:
|
|
|
|
|
2,875
|
5.000%, 7/01/37 (AMT), 144A
|
7/22 at 100.00
|
BBB
|
3,000,091
|
|
2,675
|
5.000%, 11/21/45 (AMT), 144A
|
7/22 at 100.00
|
BBB
|
2,780,181
|
|
1,800
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
|
No Opt. Call
|
A+
|
2,622,042
|
|
|
Series 2007A, 5.500%, 11/15/37
|
|
|
|
|
1,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/26 at 100.00
|
Aa2
|
1,206,730
|
|
|
Series 2016A, 5.000%, 7/01/40
|
|
|
|
|
420
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/26 at 100.00
|
Aa2
|
509,502
|
|
|
Series 2016B, 5.000%, 7/01/37
|
|
|
|
|
3,605
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/27 at 100.00
|
Aa2
|
4,399,831
|
|
|
Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
2,630
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/27 at 100.00
|
Aa2
|
3,253,599
|
|
|
Series 2017C, 5.000%, 7/01/42
|
|
|
|
|
1,890
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/28 at 100.00
|
Aa2
|
2,381,627
|
|
|
Series 2018A, 5.000%, 7/01/38
|
|
|
|
|
16,895
|
Total Utilities
|
|
|
20,153,603
|
|
|
Water and Sewer – 15.3% (15.6% of Total Investments)
|
|
|
|
|
4,240
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California,
|
6/27 at 100.00
|
AAA
|
5,242,463
|
|
|
Water System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45
|
|
|
|
|
2,000
|
Irvine Ranch Water District, California, Certificates of Participation, Irvine Ranch
|
9/26 at 100.00
|
AAA
|
2,428,920
|
|
|
Water District Series 2016, 5.000%, 3/01/41
|
|
|
|
|
6,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
1/27 at 100.00
|
AA+
|
7,357,260
|
|
|
2017A, 5.000%, 7/01/41
|
|
|
|
|
4,475
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
1/28 at 100.00
|
AA+
|
5,555,444
|
|
|
2018A, 5.000%, 7/01/48
|
|
|
|
|
4,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/28 at 100.00
|
AA+
|
5,125,120
|
|
|
2018B, 5.000%, 7/01/38
|
|
|
|
|
1,400
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series
|
6/28 at 100.00
|
AA
|
1,785,448
|
|
|
2018A, 5.000%, 6/01/38
|
|
|
|
|
2,355
|
Mesa Water District, California, Certificates of Participation, Series 2020, 4.000%, 3/15/45
|
3/30 at 100.00
|
AAA
|
2,813,754
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
|
Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding
|
|
|
|
|
|
Series 2020C:
|
|
|
|
|
$ 2,500
|
5.000%, 7/01/39
|
7/30 at 100.00
|
AAA
|
$ 3,364,450
|
|
1,500
|
5.000%, 7/01/40
|
7/30 at 100.00
|
AAA
|
2,012,715
|
|
270
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
10/20 at 100.00
|
CC
|
274,388
|
|
|
6.000%, 7/01/44
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
145
|
5.500%, 7/01/28
|
7/22 at 100.00
|
CC
|
151,706
|
|
535
|
5.750%, 7/01/37
|
7/22 at 100.00
|
CC
|
557,069
|
|
435
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
454,031
|
|
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue
|
|
|
|
|
|
Bonds, Refunding Subordinate Lien Series 2016B:
|
|
|
|
|
2,335
|
5.000%, 8/01/32
|
8/26 at 100.00
|
Aa3
|
2,912,072
|
|
3,000
|
5.000%, 8/01/37
|
8/26 at 100.00
|
Aa3
|
3,694,500
|
|
2,090
|
San Francisco City and County Public Utilities Commission, California, Water Revenue
|
11/27 at 100.00
|
Aa2
|
2,682,640
|
|
|
Bonds, Refunding Green Series 2017D, 5.000%, 11/01/32
|
|
|
|
|
37,280
|
Total Water and Sewer
|
|
|
46,411,980
|
|
$ 262,706
|
Total Long-Term Investments (cost $257,818,521)
|
|
|
297,104,296
|
|
|
Other Assets Less Liabilities – 1.8%
|
|
|
5,389,277
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 302,493,573
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic
principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of
split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings
designated N/R are not rated by any of these national rating agencies.
|
(4)
|
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.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
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 accompanying notes to financial statements.
|
NCB
|
Nuveen California Municipal Value Fund 2
Portfolio of Investments
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 89.4% (97.6% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 89.4% (97.6% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 4.5% (5.0% of Total Investments)
|
|
|
|
|
$ 10
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
6/30 at 100.00
|
BBB+
|
$ 11,244
|
|
|
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49
|
|
|
|
|
1,100
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
1,134,551
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
1,000
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement
|
10/20 at 31.43
|
N/R
|
312,930
|
|
|
Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A,
|
|
|
|
|
|
0.000%, 6/01/41
|
|
|
|
|
1,000
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
9/20 at 100.00
|
B–
|
1,005,840
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
3,110
|
Total Consumer Staples
|
|
|
2,464,565
|
|
|
Education and Civic Organizations – 2.8% (3.0% of Total Investments)
|
|
|
|
|
865
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific,
|
10/20 at 100.00
|
A2
|
867,941
|
|
|
Series 2009, 5.500%, 11/01/39
|
|
|
|
|
200
|
California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to
|
8/22 at 100.00
|
BB
|
203,520
|
|
|
Uplift Communities Project, Series 2012A, 5.250%, 8/01/42
|
|
|
|
|
100
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship
|
6/22 at 102.00
|
N/R
|
108,768
|
|
|
Education Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
|
|
|
|
35
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 100.00
|
BBB
|
38,763
|
|
|
College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A
|
|
|
|
|
260
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 101.00
|
BBB
|
291,751
|
|
|
College-Ready Public Schools Project, Series 2016C, 5.250%, 7/01/52
|
|
|
|
|
1,460
|
Total Education and Civic Organizations
|
|
|
1,510,743
|
|
|
Health Care – 7.7% (8.4% of Total Investments)
|
|
|
|
|
1,090
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los
|
8/27 at 100.00
|
BBB+
|
1,225,934
|
|
|
Angeles, Series 2017A, 5.000%, 8/15/47
|
|
|
|
|
70
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/24 at 100.00
|
AA–
|
78,030
|
|
|
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
|
|
|
|
40
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
45,348
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38
|
|
|
|
|
150
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
169,356
|
|
|
Services, Series 2014B, 5.000%, 10/01/44
|
|
|
|
|
20
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center,
|
7/27 at 100.00
|
Baa2
|
22,713
|
|
|
Refunding Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
100
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series
|
11/26 at 100.00
|
BBB–
|
111,309
|
|
|
2017A, 5.250%, 11/01/41
|
|
|
|
|
1,000
|
California Statewide Communities Development Authority, California, Redlands Community
|
10/26 at 100.00
|
A–
|
1,110,980
|
|
|
Hospital, Revenue Bonds, Series 2016, 5.000%, 10/01/46
|
|
|
|
|
150
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
12/24 at 100.00
|
BB
|
164,026
|
|
|
Linda University Medical Center, Series 2014A, 5.250%, 12/01/34
|
|
|
|
|
785
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/26 at 100.00
|
BB
|
845,312
|
|
|
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A
|
|
|
|
|
380
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series
|
12/21 at 100.00
|
BB
|
400,060
|
|
|
2011, 7.500%, 12/01/41
|
|
|
|
|
3,785
|
Total Health Care
|
|
|
4,173,068
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Housing/Multifamily – 2.1% (2.3% of Total Investments)
|
|
|
|
|
$ 250
|
California Community Housing Agency, California, Essential Housing Revenue Bonds,
|
2/30 at 100.00
|
N/R
|
$ 283,277
|
|
|
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A
|
|
|
|
|
352
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series
|
No Opt. Call
|
BBB+
|
388,341
|
|
|
2019-2, 4.000%, 3/20/33
|
|
|
|
|
54
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A
|
No Opt. Call
|
BBB+
|
61,137
|
|
|
Series2019-1, 4.250%, 1/15/35
|
|
|
|
|
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas
|
|
|
|
|
|
Affordable Housing Inc Projects, Senior Series 2014A:
|
|
|
|
|
15
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB+
|
16,567
|
|
40
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
43,830
|
|
70
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
BBB
|
73,908
|
|
|
Series 2012A, 5.500%, 8/15/47
|
|
|
|
|
250
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
N/R
|
268,523
|
|
|
Series 2012B, 7.250%, 8/15/47
|
|
|
|
|
1,031
|
Total Housing/Multifamily
|
|
|
1,135,583
|
|
|
Long-Term Care – 1.9% (2.1% of Total Investments)
|
|
|
|
|
1,000
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community
|
2/21 at 100.00
|
AA
|
1,025,270
|
|
|
Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
|
|
|
|
|
Tax Obligation/General – 19.3% (21.1% of Total Investments)
|
|
|
|
|
2,100
|
Carlsbad Unified School District, San Diego County, California, General Obligation
|
5/24 at 100.00
|
Aa1
|
2,531,550
|
|
|
Bonds, Series 2009B, 6.000%, 5/01/34
|
|
|
|
|
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation
|
|
|
|
|
|
Bonds, Election 2008 Series 2018B-1:
|
|
|
|
|
1,000
|
5.000%, 7/01/37
|
1/28 at 100.00
|
AA+
|
1,262,630
|
|
1,000
|
5.250%, 7/01/42
|
1/28 at 100.00
|
AA+
|
1,264,630
|
|
195
|
Oceanside Unified School District, San Diego County, California, General Obligation
|
10/20 at 13.75
|
AA
|
26,821
|
|
|
Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
|
|
|
|
840
|
San Benito High School District, San Benito and Santa Clara Counties, California,
|
8/27 at 100.00
|
Aa3
|
1,035,745
|
|
|
General Obligation Bonds, 2016 Election Series 2017, 5.250%, 8/01/46
|
|
|
|
|
9,000
|
San Marcos Unified School District, San Diego County, California, General Obligation
|
No Opt. Call
|
AA–
|
3,892,950
|
|
|
Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51
|
|
|
|
|
500
|
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds,
|
10/20 at 100.00
|
AA+
|
502,015
|
|
|
Western Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured
|
|
|
|
|
14,635
|
Total Tax Obligation/General
|
|
|
10,516,341
|
|
|
Tax Obligation/Limited – 7.9% (8.6% of Total Investments)
|
|
|
|
|
180
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/25 at 100.00
|
Aa3
|
209,531
|
|
|
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40
|
|
|
|
|
1,000
|
Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales
|
6/26 at 100.00
|
AAA
|
1,224,010
|
|
|
Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38
|
|
|
|
|
1,150
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C
|
7/27 at 100.00
|
AAA
|
1,437,396
|
|
|
Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/39
|
|
|
|
|
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
|
|
|
|
|
District 2001-1, Senior Series 2013A:
|
|
|
|
|
210
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
230,045
|
|
190
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
207,396
|
|
35
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
38,330
|
|
|
District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured
|
|
|
|
|
|
2018A-1:
|
|
|
|
|
8
|
4.500%, 7/01/34
|
7/25 at 100.00
|
N/R
|
8,467
|
|
8
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
8,520
|
|
670
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
715,359
|
NCB
|
Nuveen California Municipal Value Fund 2
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 15
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley
|
10/21 at 100.00
|
A
|
$ 16,014
|
|
|
Project Area, Series 2011B, 6.500%, 10/01/25
|
|
|
|
|
20
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District
|
9/25 at 100.00
|
N/R
|
22,253
|
|
|
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
|
|
|
|
25
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series
|
4/21 at 100.00
|
N/R
|
25,812
|
|
|
2011, 7.000%, 10/01/26
|
|
|
|
|
100
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
9/27 at 100.00
|
N/R
|
108,421
|
|
|
District 16-01, Series 2017, 5.750%, 9/01/32, 144A
|
|
|
|
|
30
|
Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series
|
4/30 at 100.00
|
A–
|
37,333
|
|
|
2020A, 5.000%, 10/01/45
|
|
|
|
|
3,641
|
Total Tax Obligation/Limited
|
|
|
4,288,887
|
|
|
Transportation – 17.8% (19.4% of Total Investments)
|
|
|
|
|
1,500
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
4/29 at 100.00
|
AA–
|
1,872,225
|
|
|
Subordinate Series 2019S-H, 5.000%, 4/01/44
|
|
|
|
|
35
|
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines,
|
No Opt. Call
|
B+
|
35,025
|
|
|
Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT)
|
|
|
|
|
395
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
BBB+
|
448,605
|
|
|
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
|
|
|
|
865
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
A–
|
963,074
|
|
|
Refunding Series 2013A, 5.750%, 1/15/46
|
|
|
|
|
1,000
|
Long Beach, California, Harbor Revenue Bonds, Series 2017C, 5.000%, 5/15/47
|
5/27 at 100.00
|
AA
|
1,186,150
|
|
1,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/28 at 100.00
|
Aa2
|
1,236,200
|
|
|
Airport, Refunding Senior Lien Series 2018B, 5.000%, 5/15/32 (AMT)
|
|
|
|
|
1,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/28 at 100.00
|
Aa3
|
1,206,570
|
|
|
Airport, Subordinate Lien Series 2018A, 5.250%, 5/15/48 (AMT)
|
|
|
|
|
305
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31
|
5/22 at 100.00
|
A+
|
325,191
|
|
|
(AMT)
|
|
|
|
|
1,820
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/26 at 100.00
|
A1
|
2,119,153
|
|
|
International Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46
|
|
|
|
|
250
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road
|
1/25 at 100.00
|
BBB+
|
276,955
|
|
|
Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
|
|
|
|
|
8,170
|
Total Transportation
|
|
|
9,669,148
|
|
|
U.S. Guaranteed – 4.2% (4.6% of Total Investments) (4)
|
|
|
|
|
35
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
N/R
|
41,777
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38 (Pre-refunded 10/01/24)
|
|
|
|
|
150
|
California Statewide Communities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R
|
158,330
|
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 (Pre-refunded 7/01/21)
|
|
|
|
|
865
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
A–
|
1,032,101
|
|
|
Refunding Series 2013A, 6.000%, 1/15/53 (Pre-refunded 1/15/24)
|
|
|
|
|
80
|
National City Community Development Commission, California, Tax Allocation Bonds,
|
8/21 at 100.00
|
A
|
84,590
|
|
|
National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
|
|
|
|
30
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field
|
9/21 at 100.00
|
A–
|
31,947
|
|
|
Redevelopment Project, Series 2011, 6.750%, 9/01/40 (Pre-refunded 9/01/21)
|
|
|
|
|
725
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/20 at 100.00
|
Ba1
|
731,946
|
|
|
2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
|
|
|
|
95
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
A–
|
100,220
|
|
|
2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
|
|
|
|
15
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A–
|
15,408
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (4) (continued)
|
|
|
|
|
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue
|
|
|
|
|
|
Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|
$ 15
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
$ 15,413
|
|
15
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
15,413
|
|
40
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue
|
9/21 at 100.00
|
N/R
|
42,289
|
|
|
Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
|
|
|
|
|
|
(Pre-refunded 9/01/21)
|
|
|
|
|
2,065
|
Total U.S. Guaranteed
|
|
|
2,269,434
|
|
|
Utilities – 14.0% (15.2% of Total Investments)
|
|
|
|
|
1,075
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds,
|
7/22 at 100.00
|
BBB
|
1,117,269
|
|
|
Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45
|
|
|
|
|
|
(AMT), 144A
|
|
|
|
|
415
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/26 at 100.00
|
Aa2
|
503,436
|
|
|
Series 2016B, 5.000%, 7/01/37
|
|
|
|
|
1,245
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/27 at 100.00
|
Aa2
|
1,519,498
|
|
|
Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
1,000
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts,
|
No Opt. Call
|
A
|
1,593,130
|
|
|
Series 2009C, 6.500%, 11/01/39
|
|
|
|
|
2,400
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series
|
No Opt. Call
|
A
|
2,850,864
|
|
|
2007A, 5.250%, 11/01/24
|
|
|
|
|
6,135
|
Total Utilities
|
|
|
7,584,197
|
|
|
Water and Sewer – 7.2% (7.9% of Total Investments)
|
|
|
|
|
1,000
|
California Infrastructure and Economic Development Bank Clean Water State Revolving Fund
|
4/28 at 100.00
|
AAA
|
1,261,930
|
|
|
Revenue Bonds, Green Series 2018, 5.000%, 10/01/43
|
|
|
|
|
375
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series
|
6/27 at 100.00
|
AA
|
465,536
|
|
|
2017A, 5.250%, 6/01/47
|
|
|
|
|
45
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
10/20 at 100.00
|
CC
|
45,731
|
|
|
6.000%, 7/01/44
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
25
|
5.500%, 7/01/28
|
7/22 at 100.00
|
CC
|
26,156
|
|
100
|
5.750%, 7/01/37
|
7/22 at 100.00
|
CC
|
104,125
|
|
80
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
83,500
|
|
1,190
|
Sacramento, California, Wastewater Revenue Bonds, Series 2019, 5.000%, 9/01/39
|
9/29 at 100.00
|
AA
|
1,535,029
|
|
335
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue
|
8/26 at 100.00
|
Aa3
|
417,792
|
|
|
Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/32
|
|
|
|
|
3,150
|
Total Water and Sewer
|
|
|
3,939,799
|
|
$ 48,182
|
Total Long-Term Investments (cost $41,744,382)
|
|
|
$ 48,577,035
|
NCB
|
Nuveen California Municipal Value Fund 2
Portfolio of Investments (continued)
August 31, 2020 (Unaudited) |
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
SHORT-TERM INVESTMENTS – 2.2% (2.4% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 2.2% (2.4% of Total Investments)
|
|
|
|
|
|
Health Care – 0.4% (0.4% of Total Investments)
|
|
|
|
|
$ 200
|
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare,
|
8/20 at 100.00
|
VMIG1
|
$ 200,000
|
|
|
Variable Rate Demand Obligation, Refunding Series 2009D, 0.070%, 8/01/35 (Mandatory Put
|
|
|
|
|
|
9/07/20) (5)
|
|
|
|
|
|
Water and Sewer – 1.8% (2.0% of Total Investments)
|
|
|
|
|
1,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Variable
|
9/20 at 100.00
|
A-1+
|
1,000,000
|
|
|
Rate Demand Obligation, Series 2019A-2, 0.020%, 7/01/45 (Mandatory Put 8/31/20) (5)
|
|
|
|
|
$ 1,200
|
Total Short-Term Investments (cost $1,200,000)
|
|
|
1,200,000
|
|
|
Total Investments (cost $42,944,382 ) – 91.6%
|
|
|
49,777,035
|
|
|
Other Assets Less Liabilities – 8.4%
|
|
|
4,566,188
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 54,343,223
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic
principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of
split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings
designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(5)
|
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.
|
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 accompanying notes to financial statements.
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
Portfolio of Investments
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 155.7% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 155.7% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 5.8% (3.7% of Total Investments)
|
|
|
|
|
$ 235
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
6/30 at 100.00
|
BBB+
|
$ 264,236
|
|
|
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49
|
|
|
|
|
855
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
|
10/20 at 100.00
|
Baa1
|
858,155
|
|
|
Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
|
|
|
|
6,380
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
B–
|
6,613,317
|
|
|
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
|
|
|
|
24,735
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
25,511,926
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
3,695
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
3,799,273
|
|
|
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
|
|
|
|
8,450
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
9/20 at 100.00
|
B–
|
8,484,814
|
|
|
Bonds, Series 2005A-1, 5.375%, 6/01/38
|
|
|
|
|
44,350
|
Total Consumer Staples
|
|
|
45,531,721
|
|
|
Education and Civic Organizations – 5.7% (3.6% of Total Investments)
|
|
|
|
|
1,050
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The
|
7/22 at 100.00
|
A1
|
1,107,866
|
|
|
Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
|
|
|
|
3,000
|
California Educational Facilities Authority, Revenue Bonds, Pepperdine University,
|
9/25 at 100.00
|
AA
|
3,579,780
|
|
|
Series 2015, 5.000%, 9/01/40
|
|
|
|
|
4,475
|
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein
|
8/23 at 100.00
|
BB
|
4,929,615
|
|
|
Academies Project, Series 2013A, 7.125%, 8/01/43
|
|
|
|
|
1,780
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship
|
6/22 at 102.00
|
N/R
|
1,936,070
|
|
|
Education Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
|
|
|
|
1,600
|
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento
|
1/22 at 100.00
|
N/R
|
1,562,208
|
|
|
Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42, 144A (4)
|
|
|
|
|
7,875
|
California Municipal Finance Authority, Revenue Bonds, Pomona College, Series 2017,
|
1/28 at 100.00
|
AAA
|
9,822,881
|
|
|
5.000%, 1/01/48
|
|
|
|
|
635
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 100.00
|
BBB
|
703,542
|
|
|
College-Ready Public Schools Project, Series 2015A, 5.000%, 7/01/45, 144A
|
|
|
|
|
750
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 100.00
|
BBB
|
830,625
|
|
|
College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A
|
|
|
|
|
4,925
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 101.00
|
BBB
|
5,497,876
|
|
|
College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/46
|
|
|
|
|
280
|
California School Finance Authority, School Facility Revenue Bonds, Value Schools,
|
7/26 at 100.00
|
BB+
|
305,850
|
|
|
Series 2016A, 5.750%, 7/01/41, 144A
|
|
|
|
|
1,725
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
1,953,769
|
|
175
|
California Statewide Communities Development Authority, Charter School Revenue Bonds,
|
12/21 at 100.00
|
N/R
|
186,750
|
|
|
Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
|
|
|
|
|
10,000
|
University of California, General Revenue Bonds, Series 2018AZ, 5.000%, 5/15/48
|
5/28 at 100.00
|
AA
|
12,448,800
|
|
38,270
|
Total Education and Civic Organizations
|
|
|
44,865,632
|
|
|
Health Care – 15.6% (10.0% of Total Investments)
|
|
|
|
|
430
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
8/25 at 100.00
|
A+
|
498,039
|
|
|
Health, Refunding Series 2015A, 5.000%, 8/15/43
|
|
|
|
|
|
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
|
A+
|
14,769,947
|
|
5,000
|
5.000%, 11/15/46
|
11/26 at 100.00
|
A+
|
5,883,200
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 9,415
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/27 at 100.00
|
A+
|
$ 11,311,558
|
|
|
Health, Refunding Series 2017A, 5.000%, 11/15/48
|
|
|
|
|
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
|
|
|
|
|
Health, Series 2016A:
|
|
|
|
|
18,430
|
5.000%, 11/15/41
|
11/25 at 100.00
|
A+
|
21,552,226
|
|
7,500
|
5.000%, 11/15/46
|
11/25 at 100.00
|
A+
|
8,714,550
|
|
3,500
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/27 at 100.00
|
A+
|
4,205,040
|
|
|
Health, Series 2018A, 5.000%, 11/15/48
|
|
|
|
|
1,255
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los
|
11/22 at 100.00
|
BBB+
|
1,345,385
|
|
|
Angeles, Series 2012A, 5.000%, 11/15/29
|
|
|
|
|
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los
|
8/27 at 100.00
|
BBB+
|
1,124,710
|
|
|
Angeles, Series 2017A, 5.000%, 8/15/47
|
|
|
|
|
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National
|
11/22 at 100.00
|
A+
|
1,077,370
|
|
|
Medical Center, Series 2012A, 5.000%, 11/15/35
|
|
|
|
|
10,000
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente
|
11/27 at 100.00
|
AA–
|
11,205,400
|
|
|
System, Series 2017A-2, 4.000%, 11/01/44
|
|
|
|
|
2,520
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/24 at 100.00
|
AA–
|
2,809,094
|
|
|
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
|
|
|
|
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health
|
10/22 at 100.00
|
AA–
|
2,166,660
|
|
|
Services, Series 2012A, 5.000%, 10/01/33
|
|
|
|
|
795
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
901,284
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38
|
|
|
|
|
2,800
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
3,161,312
|
|
|
Services, Series 2014B, 5.000%, 10/01/44
|
|
|
|
|
335
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s
|
8/21 at 100.00
|
AA
|
347,603
|
|
|
Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
|
|
|
|
250
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center,
|
7/27 at 100.00
|
Baa2
|
283,908
|
|
|
Refunding Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
1,690
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series
|
11/26 at 100.00
|
BBB–
|
1,911,491
|
|
|
2017A, 5.250%, 11/01/36
|
|
|
|
|
|
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
|
BB
|
1,290,720
|
|
4,000
|
5.500%, 12/01/54
|
12/24 at 100.00
|
BB
|
4,297,800
|
|
14,740
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/26 at 100.00
|
BB
|
15,872,474
|
|
|
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A
|
|
|
|
|
2,000
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/28 at 100.00
|
BB
|
2,176,780
|
|
|
Linda University Medical Center, Series 2018A, 5.250%, 12/01/48, 144A
|
|
|
|
|
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
|
|
|
|
|
Charity Health System, Series 2005A:
|
|
|
|
|
700
|
5.750%, 7/01/24 (4)
|
10/20 at 100.00
|
N/R
|
643,524
|
|
4,240
|
5.750%, 7/01/30 (4)
|
10/20 at 100.00
|
N/R
|
3,892,617
|
|
105
|
5.750%, 7/01/35 (4)
|
10/20 at 100.00
|
N/R
|
96,326
|
|
1,420
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
|
No Opt. Call
|
AA–
|
1,436,117
|
|
|
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
|
|
|
|
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series
|
12/21 at 100.00
|
BB
|
894,871
|
|
|
2011, 7.500%, 12/01/41
|
|
|
|
|
110,470
|
Total Health Care
|
|
|
123,870,006
|
|
|
Housing/Multifamily – 3.2% (2.1% of Total Investments)
|
|
|
|
|
3,000
|
California Community Housing Agency, California, Essential Housing Revenue Bonds,
|
2/30 at 100.00
|
N/R
|
3,399,330
|
|
|
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A
|
|
|
|
|
500
|
California Community Housing Agency, California, Essential Housing Revenue Bonds,
|
8/29 at 100.00
|
N/R
|
563,520
|
|
|
Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Housing/Multifamily (continued)
|
|
|
|
|
$ 4,750
|
California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel
|
4/29 at 100.00
|
N/R
|
$ 5,333,917
|
|
|
Apartments, Series 2019A, 5.000%, 4/01/49, 144A
|
|
|
|
|
8,063
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series
|
No Opt. Call
|
BBB+
|
8,909,969
|
|
|
2019-2, 4.000%, 3/20/33
|
|
|
|
|
1,198
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A
|
No Opt. Call
|
BBB+
|
1,350,578
|
|
|
Series2019-1, 4.250%, 1/15/35
|
|
|
|
|
|
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
|
BBB+
|
287,162
|
|
705
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
772,511
|
|
155
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
BBB
|
163,654
|
|
|
Series 2012A, 5.500%, 8/15/47
|
|
|
|
|
350
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
N/R
|
375,931
|
|
|
Series 2012B, 7.250%, 8/15/47
|
|
|
|
|
140
|
California Public Finance Authority, University Housing Revenue Bonds, National Campus
|
7/27 at 100.00
|
Caa2
|
117,600
|
|
|
Community Development – Claremont Properties LLC Claremont Colleges Project, Series 2017A,
|
|
|
|
|
|
5.000%, 7/01/37, 144A
|
|
|
|
|
3,285
|
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds,
|
4/23 at 100.00
|
A–
|
3,489,853
|
|
|
Rancho Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38
|
|
|
|
|
|
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
|
A
|
766,949
|
|
185
|
5.000%, 6/15/49
|
6/24 at 100.00
|
A
|
210,661
|
|
23,261
|
Total Housing/Multifamily
|
|
|
25,741,635
|
|
|
Long-Term Care – 0.5% (0.3% of Total Investments)
|
|
|
|
|
2,250
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community
|
2/21 at 100.00
|
AA
|
2,306,858
|
|
|
Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
|
|
|
|
1,300
|
California Health Facilities Financing Authority, Revenue Bonds, Northern California
|
7/25 at 100.00
|
AA
|
1,499,433
|
|
|
Presbyterian Homes & Services Inc, Refunding Series 2015, 5.000%, 7/01/39
|
|
|
|
|
3,550
|
Total Long-Term Care
|
|
|
3,806,291
|
|
|
Tax Obligation/General – 35.5% (22.8% of Total Investments)
|
|
|
|
|
1,000
|
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
|
9/21 at 100.00
|
Aa2
|
1,049,560
|
|
1,600
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2016,
|
8/26 at 100.00
|
Aa2
|
1,982,864
|
|
|
5.000%, 8/01/33
|
|
|
|
|
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2019:
|
|
|
|
|
3,250
|
5.000%, 4/01/32
|
No Opt. Call
|
Aa2
|
4,628,390
|
|
15,000
|
5.000%, 11/01/39
|
11/28 at 100.00
|
Aa2
|
19,094,700
|
|
2,015
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
10/20 at 100.00
|
Aa2
|
2,027,030
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|
|
|
|
2,000
|
5.000%, 9/01/31
|
9/21 at 100.00
|
Aa2
|
2,091,880
|
|
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
Aa2
|
4,271,596
|
|
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
2,751,210
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|
|
|
|
3,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
Aa2
|
3,887,940
|
|
2,000
|
5.000%, 2/01/43
|
2/23 at 100.00
|
Aa2
|
2,204,700
|
|
5,520
|
5.000%, 11/01/43
|
11/23 at 100.00
|
Aa2
|
6,252,283
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|
|
|
|
2,460
|
5.000%, 10/01/39
|
10/24 at 100.00
|
Aa2
|
2,870,623
|
|
9,000
|
5.000%, 12/01/43
|
12/23 at 100.00
|
Aa2
|
10,224,180
|
|
9,000
|
5.000%, 10/01/44
|
10/24 at 100.00
|
Aa2
|
10,458,990
|
|
8,000
|
California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 3/01/45
|
3/25 at 100.00
|
Aa2
|
9,376,800
|
|
5,390
|
California State, General Obligation Bonds, Various Purpose Series 2016, 5.000%, 9/01/46
|
9/26 at 100.00
|
Aa2
|
6,580,759
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
$ 7,995
|
California State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 11/01/47
|
11/27 at 100.00
|
Aa2
|
$ 9,869,588
|
|
1,505
|
Chaffey Joint Union High School District, San Bernardino County, California, General
|
8/28 at 100.00
|
Aa1
|
1,735,099
|
|
|
Obligation Bonds, Election 2012 Series 2019D, 4.000%, 8/01/49
|
|
|
|
|
20,750
|
Coachella Valley Unified School District, Riverside County, California, General
|
No Opt. Call
|
AA
|
11,103,325
|
|
|
Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
|
|
|
|
|
9,840
|
Corona-Norco Unified School District, Riverside County, California, General Obligation
|
8/28 at 100.00
|
AAA
|
12,252,276
|
|
|
Bonds, Election 2014, Series 2018B, 5.000%, 8/01/47
|
|
|
|
|
3,065
|
Lucia Mar Unified School District, San Luis Obispo County, California, General
|
8/27 at 100.00
|
Aa2
|
3,487,081
|
|
|
Obligation Bonds, Election 2016 Series 2017A, 4.000%, 8/01/46
|
|
|
|
|
4,500
|
Mount Diablo Unified School District, Contra Costa County, California, General
|
8/25 at 100.00
|
AA
|
4,977,585
|
|
|
Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (5)
|
|
|
|
|
3,300
|
Mount San Jacinto Community College District, Riverside County, California, General
|
8/28 at 100.00
|
Aa1
|
3,833,874
|
|
|
Obligation Bonds, Election 2014, Series 2018B, 4.000%, 8/01/43
|
|
|
|
|
1,125
|
San Diego Unified School District, San Diego County, California, General Obligation
|
No Opt. Call
|
Aa2
|
1,120,343
|
|
|
Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
|
|
|
|
|
11,980
|
San Diego Unified School District, San Diego County, California, General Obligation
|
No Opt. Call
|
Aa2
|
9,982,095
|
|
|
Bonds, Refunding Series 2012R-1, 0.000%, 7/01/31
|
|
|
|
|
9,665
|
San Jose, California, General Obligation Bonds, Disaster Preparedness, Public Safety &
|
3/29 at 100.00
|
AA+
|
12,345,588
|
|
|
Infrastructure, Series 2019A-1, 5.000%, 9/01/45
|
|
|
|
|
2,000
|
San Mateo County Community College District, California, General Obligation Bonds,
|
9/28 at 100.00
|
AAA
|
2,542,960
|
|
|
Election 2014 Series 2018B, 5.000%, 9/01/45
|
|
|
|
|
2,670
|
San Mateo Union High School District, San Mateo County, California, General Obligation
|
No Opt. Call
|
Aaa
|
2,660,842
|
|
|
Bonds, Capital Appreciation, Election 2010, Refunding Series 2011A, 0.000%, 9/01/33 (5)
|
|
|
|
|
2,870
|
Sanger Unified School District, Fresno County, California, General Obligation Bonds,
|
8/24 at 100.00
|
AA
|
3,297,400
|
|
|
Election 2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured
|
|
|
|
|
|
Sonoma County Junior College District, California, General Obligation Bonds, Election
|
|
|
|
|
|
2014 Series 2019B:
|
|
|
|
|
1,730
|
3.000%, 8/01/36
|
8/29 at 100.00
|
AA
|
1,901,875
|
|
2,110
|
3.000%, 8/01/41
|
8/29 at 100.00
|
AA
|
2,257,721
|
|
10,000
|
Southwestern Community College District, San Diego County, California, General
|
No Opt. Call
|
Aa2
|
6,114,100
|
|
|
Obligation Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
|
|
|
|
|
|
Stockton Unified School District, San Joaquin County, California, General Obligation
|
|
|
|
|
|
Bonds, Election 2008 Series 2011D:
|
|
|
|
|
23,280
|
0.000%, 8/01/47 – AGC Insured (5)
|
8/37 at 100.00
|
AA
|
28,432,795
|
|
38,845
|
0.000%, 8/01/50 – AGM Insured (5)
|
8/37 at 100.00
|
AA
|
47,453,052
|
|
15,780
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
17,116,093
|
|
|
Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (5)
|
|
|
|
|
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital
|
No Opt. Call
|
Aa2
|
8,488,367
|
|
|
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (5)
|
|
|
|
|
257,805
|
Total Tax Obligation/General
|
|
|
280,725,564
|
|
|
Tax Obligation/Limited – 34.5% (22.2% of Total Investments)
|
|
|
|
|
655
|
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area
|
9/23 at 100.00
|
N/R
|
720,100
|
|
|
19C, Series 2013A, 5.000%, 9/01/27
|
|
|
|
|
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project
|
10/20 at 100.00
|
AA
|
1,003,390
|
|
|
Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
|
|
|
|
6,700
|
Brea and Olinda Unified School District, Orange County, California, Certificates of
|
10/20 at 100.00
|
AA
|
6,723,986
|
|
|
Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
|
|
|
|
3,000
|
California Infrastructure and Economic Development Bank, Infrastructure State Revolving
|
10/26 at 100.00
|
AAA
|
3,668,220
|
|
|
Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
|
California Infrastructure and Economic Development Bank, Revenue Bonds, North County
|
|
|
|
|
|
Center for Self-Sufficiency Corporation, Series 2004:
|
|
|
|
|
$ 1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
10/20 at 100.00
|
AA+
|
$ 1,541,017
|
|
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
10/20 at 100.00
|
AA+
|
1,621,315
|
|
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
10/20 at 100.00
|
AA+
|
1,701,611
|
|
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
10/20 at 100.00
|
AA+
|
1,786,942
|
|
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
10/20 at 100.00
|
AA+
|
1,872,274
|
|
7,000
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/23 at 100.00
|
Aa3
|
7,966,840
|
|
|
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
|
|
|
|
|
|
California State Public Works Board, Lease Revenue Bonds, Department of Education,
|
|
|
|
|
|
Riverside Campus Project, Series 2012H:
|
|
|
|
|
2,790
|
5.000%, 4/01/30
|
4/22 at 100.00
|
Aa3
|
2,988,006
|
|
2,065
|
5.000%, 4/01/31
|
4/22 at 100.00
|
Aa3
|
2,209,839
|
|
20,330
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of
|
10/24 at 100.00
|
Aa3
|
23,652,329
|
|
|
California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
|
|
|
|
|
1,990
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of
|
3/23 at 100.00
|
Aa3
|
2,202,612
|
|
|
California, Various Projects Series 2013A, 5.000%, 3/01/33
|
|
|
|
|
|
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds,
|
|
|
|
|
|
Redevelopment Projects, Second Lien Series 2010B:
|
|
|
|
|
1,230
|
5.000%, 8/01/25
|
10/20 at 100.00
|
N/R
|
1,233,690
|
|
530
|
5.750%, 8/01/26
|
10/20 at 100.00
|
N/R
|
531,818
|
|
|
El Monte, California, Senior Lien Certificates of Participation, Department of Public
|
|
|
|
|
|
Services Facility Phase II, Series 2001:
|
|
|
|
|
1,580
|
5.000%, 1/01/21 – AMBAC Insured
|
10/20 at 100.00
|
Aa2
|
1,586,178
|
|
5,000
|
5.250%, 1/01/34 – AMBAC Insured
|
10/20 at 100.00
|
Aa2
|
5,017,750
|
|
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige
|
9/22 at 100.00
|
A+
|
1,084,680
|
|
|
Heights, Refunding Series 2012, 5.000%, 9/01/32
|
|
|
|
|
45,825
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/25 at 100.00
|
Aa3
|
52,975,991
|
|
|
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
|
|
|
|
|
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/23 at 100.00
|
Aa3
|
1,112,630
|
|
|
Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
|
|
|
|
|
7,610
|
5.000%, 11/15/30
|
11/25 at 100.00
|
BB
|
8,480,584
|
|
4,000
|
5.000%, 11/15/34
|
11/25 at 100.00
|
BB
|
4,418,920
|
|
960
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
|
No Opt. Call
|
N/R
|
1,039,651
|
|
|
Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
|
|
|
|
|
|
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon
|
|
|
|
|
|
Hills Improvement Area D, Series 2014A:
|
|
|
|
|
1,140
|
5.500%, 9/01/33
|
9/23 at 100.00
|
N/R
|
1,246,727
|
|
2,105
|
5.750%, 9/01/44
|
9/23 at 100.00
|
N/R
|
2,284,830
|
|
1,110
|
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds,
|
9/25 at 100.00
|
N/R
|
1,232,822
|
|
|
Refunding Series 2015, 5.000%, 9/01/40
|
|
|
|
|
2,000
|
Lammersville Joint Unified School District, California, Special Tax Bonds, Community
|
9/23 at 100.00
|
N/R
|
2,204,640
|
|
|
Facilities District 2007-1 Mountain House – Shea Homes Improvement Area 1, Series 2013,
|
|
|
|
|
|
6.000%, 9/01/38
|
|
|
|
|
1,000
|
Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment
|
9/25 at 100.00
|
N/R
|
1,112,180
|
|
|
District, Series 2015, 5.000%, 9/02/40
|
|
|
|
|
6,190
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont
|
10/20 at 100.00
|
Aa2
|
6,209,251
|
|
|
Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
|
|
|
|
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A
|
|
|
|
|
|
First Tier Senior Sales Tax Revenue Bonds, Green Series 2017A:
|
|
|
|
|
7,860
|
5.000%, 7/01/39
|
7/27 at 100.00
|
AAA
|
9,824,293
|
|
7,140
|
5.000%, 7/01/41
|
7/27 at 100.00
|
AAA
|
8,893,156
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 3,220
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C
|
7/27 at 100.00
|
AAA
|
$ 4,002,492
|
|
|
Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
3,855
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds,
|
12/29 at 100.00
|
AA+
|
4,866,513
|
|
|
Series 2019E-1, 5.000%, 12/01/49
|
|
|
|
|
475
|
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A,
|
9/21 at 100.00
|
A
|
499,168
|
|
|
Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
|
|
|
|
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
|
|
|
|
|
District 2001-1, Senior Series 2013A:
|
|
|
|
|
3,745
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
4,102,460
|
|
3,350
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
3,656,726
|
|
530
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
580,424
|
|
|
District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
|
|
|
|
1,960
|
Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community
|
9/23 at 100.00
|
N/R
|
2,132,872
|
|
|
Facilities District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A,
|
|
|
|
|
|
5.375%, 9/01/33
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured
|
|
|
|
|
|
2018A-1:
|
|
|
|
|
298
|
4.500%, 7/01/34
|
7/25 at 100.00
|
N/R
|
315,397
|
|
303
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
322,689
|
|
20,088
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
21,447,958
|
|
12
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable
|
7/28 at 100.00
|
N/R
|
12,441
|
|
|
Restructured Cofina Project Series 2019A-2, 4.536%, 7/01/53
|
|
|
|
|
40
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley
|
10/21 at 100.00
|
A
|
42,705
|
|
|
Project Area, Series 2011B, 6.500%, 10/01/25
|
|
|
|
|
|
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8
|
|
|
|
|
|
Scott Road, Series 2013:
|
|
|
|
|
660
|
5.000%, 9/01/32
|
9/22 at 100.00
|
N/R
|
696,293
|
|
1,775
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,856,011
|
|
400
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark,
|
9/25 at 100.00
|
N/R
|
452,684
|
|
|
Refunding Series 2015, 5.000%, 9/01/33
|
|
|
|
|
|
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment
|
|
|
|
|
|
District 2 Bonds, Series 2016A:
|
|
|
|
|
3,695
|
5.000%, 10/01/36
|
10/26 at 100.00
|
AA
|
4,564,434
|
|
8,290
|
5.000%, 10/01/41
|
10/26 at 100.00
|
AA
|
10,131,126
|
|
6,230
|
5.000%, 10/01/47
|
10/26 at 100.00
|
AA
|
7,556,554
|
|
280
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series
|
No Opt. Call
|
AA–
|
282,321
|
|
|
1993A, 5.400%, 11/01/20 – NPFG Insured
|
|
|
|
|
570
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series
|
No Opt. Call
|
AAA
|
574,725
|
|
|
1993B, 5.400%, 11/01/20
|
|
|
|
|
330
|
San Bernardino Joint Powers Financing Authority, California, Certificates of
|
8/20 at 100.00
|
Baa2
|
330,000
|
|
|
Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 –
|
|
|
|
|
|
NPFG Insured
|
|
|
|
|
210
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District
|
9/25 at 100.00
|
N/R
|
233,652
|
|
|
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
|
|
|
|
5,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue
|
4/26 at 100.00
|
AAA
|
6,007,700
|
|
|
Bonds, Limited Tax Series 2016A, 5.000%, 4/01/48
|
|
|
|
|
1,480
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking
|
10/20 at 100.00
|
AAA
|
1,485,935
|
|
|
Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
|
|
|
|
|
3,000
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds,
|
7/27 at 100.00
|
AA+
|
3,165,960
|
|
|
Series 2019A, 3.000%, 7/01/44
|
|
|
|
|
645
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special
|
8/24 at 100.00
|
N/R
|
685,325
|
|
|
Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
|
|
|
|
|
|
Refunding Series 2014, 5.000%, 8/01/39
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 2,700
|
San Francisco City and County Redevelopment Financing Authority, California, Tax
|
No Opt. Call
|
AA
|
$ 2,633,121
|
|
|
Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 1998D, 0.000%,
|
|
|
|
|
|
8/01/24 – NPFG Insured
|
|
|
|
|
380
|
San Francisco, California, Community Facilities District 6, Mission Bay South Public
|
8/22 at 100.00
|
N/R
|
399,999
|
|
|
Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
|
|
|
|
|
995
|
San Marcos Public Financing Authority, California, Special Tax Revenue Bonds, Refunding
|
9/22 at 100.00
|
N/R
|
1,045,078
|
|
|
Series 2012D, 5.000%, 9/01/36
|
|
|
|
|
50
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series
|
4/21 at 100.00
|
N/R
|
51,624
|
|
|
2011, 7.000%, 10/01/26
|
|
|
|
|
3,600
|
Stockton Public Financing Authority, California, Revenue Bonds, Arch Road East Community
|
9/25 at 103.00
|
N/R
|
4,062,348
|
|
|
Facility District 99-02, Series 2018A, 5.000%, 9/01/33
|
|
|
|
|
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
|
|
|
|
|
District 16-01, Series 2017:
|
|
|
|
|
2,170
|
6.125%, 9/01/37, 144A
|
9/27 at 100.00
|
N/R
|
2,344,815
|
|
1,000
|
6.250%, 9/01/47, 144A
|
9/27 at 100.00
|
N/R
|
1,071,240
|
|
635
|
Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series
|
4/30 at 100.00
|
A–
|
790,213
|
|
|
2020A, 5.000%, 10/01/45
|
|
|
|
|
4,500
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
AA
|
4,850,550
|
|
|
Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
|
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
|
N/R
|
382,438
|
|
790
|
5.250%, 9/01/45
|
9/25 at 100.00
|
N/R
|
851,012
|
|
4,165
|
West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014,
|
9/22 at 102.00
|
N/R
|
4,524,315
|
|
|
5.500%, 9/01/31
|
|
|
|
|
243,076
|
Total Tax Obligation/Limited
|
|
|
273,159,590
|
|
|
Transportation – 14.2% (9.1% of Total Investments)
|
|
|
|
|
9,005
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
|
10/26 at 100.00
|
BBB+
|
10,461,739
|
|
|
Subordinate Lien Series 2016B, 5.000%, 10/01/36
|
|
|
|
|
6,750
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
BBB+
|
7,666,042
|
|
|
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
|
|
|
|
14,885
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
A–
|
16,572,661
|
|
|
Refunding Series 2013A, 5.750%, 1/15/46
|
|
|
|
|
10,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/30 at 100.00
|
Aa2
|
11,827,300
|
|
|
Airport, Refunding Senior Lien Series 2020B, 4.000%, 5/15/39
|
|
|
|
|
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
|
|
|
|
|
Airport, Senior Lien Series 2015E:
|
|
|
|
|
150
|
5.000%, 5/15/31
|
5/25 at 100.00
|
Aa2
|
176,966
|
|
1,270
|
5.000%, 5/15/34
|
5/25 at 100.00
|
Aa2
|
1,483,678
|
|
1,345
|
5.000%, 5/15/36
|
5/25 at 100.00
|
Aa2
|
1,563,939
|
|
4,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/27 at 100.00
|
Aa3
|
4,796,400
|
|
|
Airport, Subordinate Lien Series 2017B, 5.000%, 5/15/42
|
|
|
|
|
49,185
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/27 at 100.00
|
A1
|
58,057,482
|
|
|
International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47
|
|
|
|
|
96,590
|
Total Transportation
|
|
|
112,606,207
|
|
|
U.S. Guaranteed – 9.7% (6.2% of Total Investments) (6)
|
|
|
|
|
2,545
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%,
|
3/21 at 100.00
|
N/R
|
2,628,069
|
|
|
3/01/26 (Pre-refunded 3/01/21)
|
|
|
|
|
1,115
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
4/23 at 100.00
|
AA–
|
1,261,098
|
|
|
Series 2013S-4, 5.250%, 4/01/48 (Pre-refunded 4/01/23)
|
|
|
|
|
610
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
N/R
|
728,108
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38 (Pre-refunded 10/01/24)
|
|
|
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San
|
|
|
|
|
|
Francisco Bay Area Toll Bridge, Series 2003A:
|
|
|
|
|
$ 3,000
|
5.000%, 7/01/22 – AGM Insured (ETM)
|
No Opt. Call
|
AA+
|
$ 3,260,670
|
|
2,250
|
5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured
|
1/28 at 100.00
|
AA+
|
3,000,780
|
|
|
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
|
N/R
|
2,337,100
|
|
8,000
|
6.000%, 11/15/48 (Pre-refunded 11/15/23)
|
11/23 at 100.00
|
N/R
|
9,432,640
|
|
300
|
California Statewide Communities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R
|
316,659
|
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 (Pre-refunded 7/01/21)
|
|
|
|
|
3,000
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System
|
3/22 at 100.00
|
AA–
|
3,213,300
|
|
|
Financing, Series 2012, 5.000%, 9/01/41 (Pre-refunded 3/01/22)
|
|
|
|
|
14,885
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
A–
|
17,760,484
|
|
|
Refunding Series 2013A, 6.000%, 1/15/53 (Pre-refunded 1/15/24)
|
|
|
|
|
|
Marysville, California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011:
|
|
|
|
|
25
|
5.250%, 1/01/23 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
25,417
|
|
25
|
4.500%, 1/01/26 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
25,355
|
|
75
|
5.000%, 1/01/29 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
76,189
|
|
275
|
5.000%, 1/01/30 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
279,359
|
|
525
|
5.000%, 1/01/31 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
533,321
|
|
810
|
5.125%, 1/01/32 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
823,171
|
|
3,750
|
5.250%, 1/01/42 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
3,812,550
|
|
170
|
National City Community Development Commission, California, Tax Allocation Bonds,
|
8/21 at 100.00
|
A
|
179,755
|
|
|
National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
|
|
|
|
65
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field
|
9/21 at 100.00
|
A–
|
69,219
|
|
|
Redevelopment Project, Series 2011, 6.750%, 9/01/40 (Pre-refunded 9/01/21)
|
|
|
|
|
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
|
|
|
|
|
1,500
|
6.000%, 11/01/30 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
Ba1
|
1,514,370
|
|
2,595
|
6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
Ba1
|
2,619,860
|
|
210
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
A–
|
221,540
|
|
|
2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
|
|
|
|
1,115
|
Rio Elementary School District, California, Special Tax Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
1,288,594
|
|
|
District 1, Series 2013, 5.500%, 9/01/39 (Pre-refunded 9/01/23)
|
|
|
|
|
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue
|
4/22 at 100.00
|
AAA
|
1,076,700
|
|
|
Bonds, Refunding Series 2012A, 5.000%, 4/01/42 (Pre-refunded 4/01/22)
|
|
|
|
|
30
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A–
|
30,815
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
|
|
|
|
|
|
(Pre-refunded 2/01/21)
|
|
|
|
|
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue
|
|
|
|
|
|
Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|
30
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
30,827
|
|
40
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
41,102
|
|
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
|
|
|
|
|
|
Election Series 2011F:
|
|
|
|
|
7,230
|
0.000%, 8/01/42 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 21.00
|
AA
|
1,512,733
|
|
10,450
|
0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 19.43
|
AA
|
2,023,642
|
|
21,225
|
0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 17.98
|
AA
|
3,803,308
|
|
12,550
|
0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 16.64
|
AA
|
2,080,539
|
|
23,425
|
0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 15.39
|
AA
|
3,592,224
|
|
5,000
|
Walnut Valley Unified School District, Los Angeles County, California, General
|
8/24 at 100.00
|
Aa1
|
5,920,150
|
|
|
Obligation Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39
|
|
|
|
|
|
(Pre-refunded 8/01/24)
|
|
|
|
|
95
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue
|
9/21 at 100.00
|
N/R
|
100,437
|
|
|
Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
|
|
|
|
|
|
(Pre-refunded 9/01/21)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|
$ 1,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006
|
8/21 at 100.00
|
Aa2
|
$ 1,046,750
|
|
|
Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21)
|
|
|
|
|
130,920
|
Total U.S. Guaranteed
|
|
|
76,666,835
|
|
|
Utilities – 9.1% (5.9% of Total Investments)
|
|
|
|
|
3,675
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San
|
1/29 at 100.00
|
BBB
|
4,280,787
|
|
|
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%,
|
|
|
|
|
|
7/01/39, 144A
|
|
|
|
|
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
|
|
|
|
|
|
Series 2007A:
|
|
|
|
|
2,490
|
5.000%, 11/15/35
|
No Opt. Call
|
A+
|
3,394,866
|
|
1,835
|
5.500%, 11/15/37
|
No Opt. Call
|
A+
|
2,673,026
|
|
10,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/22 at 100.00
|
Aa2
|
10,776,800
|
|
|
Series 2012B, 5.000%, 7/01/43
|
|
|
|
|
4,280
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/23 at 100.00
|
Aa2
|
4,846,715
|
|
|
Series 2013B, 5.000%, 7/01/28
|
|
|
|
|
5,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/26 at 100.00
|
Aa2
|
5,984,800
|
|
|
Series 2016A, 5.000%, 7/01/46
|
|
|
|
|
6,015
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/27 at 100.00
|
Aa2
|
7,341,187
|
|
|
Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
16,400
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/27 at 100.00
|
Aa2
|
20,151,500
|
|
|
Series 2017C, 5.000%, 7/01/47
|
|
|
|
|
3,490
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/29 at 100.00
|
AA–
|
4,447,866
|
|
|
Series 2019C, 5.000%, 7/01/49
|
|
|
|
|
3,750
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/22 at 100.00
|
Aa2
|
4,915,275
|
|
|
Tender Option Bond Trust 3345 As Of 6/4/2015 Converted to Trust 2015-XF2047, 17.642%,
|
|
|
|
|
|
7/01/43, 144A (IF) (7)
|
|
|
|
|
2,975
|
Southern California Public Power Authority, California, Revenue Bonds, Apex Power
|
7/24 at 100.00
|
AA–
|
3,435,738
|
|
|
Project Series 2014A, 5.000%, 7/01/37
|
|
|
|
|
59,910
|
Total Utilities
|
|
|
72,248,560
|
|
|
Water and Sewer – 21.9% (14.1% of Total Investments)
|
|
|
|
|
7,600
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost
|
4/23 at 100.00
|
AA–
|
8,454,848
|
|
|
Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
|
|
|
|
|
5,850
|
California Infrastructure and Economic Development Bank Clean Water State Revolving Fund
|
4/28 at 100.00
|
AAA
|
7,382,291
|
|
|
Revenue Bonds, Green Series 2018, 5.000%, 10/01/43
|
|
|
|
|
3,775
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds,
|
1/26 at 100.00
|
AA+
|
4,612,484
|
|
|
Refunding Series 2016B, 5.000%, 7/01/35
|
|
|
|
|
16,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/22 at 100.00
|
AA+
|
17,258,240
|
|
|
2012A, 5.000%, 7/01/43
|
|
|
|
|
10,515
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/24 at 100.00
|
AA+
|
12,117,696
|
|
|
2014A, 5.000%, 7/01/44
|
|
|
|
|
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds,
|
|
|
|
|
|
Series 2016A:
|
|
|
|
|
5,680
|
5.000%, 7/01/35
|
1/26 at 100.00
|
AA+
|
6,940,108
|
|
1,000
|
5.000%, 7/01/36
|
1/26 at 100.00
|
AA+
|
1,218,340
|
|
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds,
|
|
|
|
|
|
Series 2017A:
|
|
|
|
|
9,455
|
5.000%, 7/01/44
|
1/27 at 100.00
|
AA+
|
11,532,169
|
|
5,000
|
5.250%, 7/01/44
|
1/27 at 100.00
|
AA+
|
6,191,150
|
|
7,570
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds,
|
7/30 at 100.00
|
Aa2
|
9,815,640
|
|
|
Series 2020A, 5.000%, 7/01/50
|
|
|
|
|
2,210
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series
|
6/27 at 100.00
|
AA
|
2,743,560
|
|
|
2017A, 5.250%, 6/01/47
|
|
|
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
$ 5,000
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series
|
6/28 at 100.00
|
AA
|
$ 6,243,250
|
|
|
2018A, 5.000%, 6/01/48
|
|
|
|
|
9,500
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A,
|
6/25 at 100.00
|
AA+
|
11,202,590
|
|
|
5.000%, 6/01/44
|
|
|
|
|
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
2,000
|
5.000%, 6/01/34
|
6/23 at 100.00
|
AA
|
2,236,140
|
|
3,500
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
3,910,200
|
|
5,000
|
Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding
|
7/30 at 100.00
|
AAA
|
6,728,900
|
|
|
Series 2020C, 5.000%, 7/01/39
|
|
|
|
|
1,000
|
New York State Environmental Facilities Corporation, State Clean Water and Drinking
|
6/28 at 100.00
|
AAA
|
1,248,950
|
|
|
Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority
|
|
|
|
|
|
Projects-Second Resolution Bonds,, 5.000%, 6/15/48
|
|
|
|
|
1,500
|
Placerville Public Financing Authority, California, Wastewater System Refinancing and
|
10/20 at 100.00
|
N/R
|
1,502,625
|
|
|
Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
|
|
|
|
|
1,070
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
10/20 at 100.00
|
CC
|
1,087,388
|
|
|
6.000%, 7/01/44
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
580
|
5.500%, 7/01/28
|
7/22 at 100.00
|
CC
|
606,825
|
|
2,140
|
5.750%, 7/01/37
|
7/22 at 100.00
|
CC
|
2,228,275
|
|
1,750
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
1,826,563
|
|
4,500
|
Rancho California Water District Financing Authority, California, Revenue Bonds,
|
2/30 at 100.00
|
AAA
|
4,888,350
|
|
|
Refunding Series 2019A, 3.000%, 8/01/40
|
|
|
|
|
2,500
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds,
|
6/24 at 100.00
|
AA
|
2,918,450
|
|
|
Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
|
|
|
|
|
4,000
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue
|
8/26 at 100.00
|
Aa3
|
4,926,000
|
|
|
Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/37
|
|
|
|
|
26,220
|
San Francisco City and County Public Utilities Commission, California, Water Revenue
|
11/27 at 100.00
|
Aa2
|
33,518,860
|
|
|
Bonds, Refunding Green Series 2017D, 5.000%, 11/01/33 (UB) (7)
|
|
|
|
|
144,915
|
Total Water and Sewer
|
|
|
173,339,892
|
|
$ 1,153,117
|
Total Long-Term Investments (cost $1,074,874,074)
|
|
|
1,232,561,933
|
|
|
Floating Rate Obligations – (2.6)%
|
|
|
(20,975,000)
|
|
|
MuniFund Preferred Shares, net of deferred offering costs – ( 17.7)% (8)
|
|
|
(139,986,601)
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (36.7)% (9)
|
|
|
(290,466,468)
|
|
|
Other Assets Less Liabilities – 1.3%
|
|
|
10,399,369
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 791,533,233
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic
principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of
split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings
designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
(5)
|
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.
|
(6)
|
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.
|
(7)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(8)
|
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.4%.
|
(9)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 23.6%.
|
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.
|
ETM
|
Escrowed to maturity
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a
similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, for more information.
|
|
See accompanying notes to financial statements.
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 154.7% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 154.7% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 5.4% (3.5% of Total Investments)
|
|
|
|
|
$ 1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
9/20 at 100.00
|
N/R
|
$ 1,000,180
|
|
|
Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/47
|
|
|
|
|
680
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
6/30 at 100.00
|
BBB+
|
764,599
|
|
|
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49
|
|
|
|
|
3,735
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
10/20 at 100.00
|
B–
|
3,745,084
|
|
|
Sonoma County Tobacco Securitization Corporation, Series 2005, 5.250%, 6/01/45
|
|
|
|
|
2,150
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
|
10/20 at 100.00
|
Baa1
|
2,157,934
|
|
|
Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
|
|
|
|
25,000
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
|
9/20 at 20.55
|
N/R
|
5,126,750
|
|
|
Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46
|
|
|
|
|
31,645
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
B–
|
32,802,258
|
|
|
Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
|
|
|
|
39,735
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
40,983,076
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
26,755
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
27,510,026
|
|
|
Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
|
|
|
|
19,000
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement
|
10/20 at 21.49
|
N/R
|
4,064,670
|
|
|
Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007B,
|
|
|
|
|
|
0.000%, 6/01/47
|
|
|
|
|
8,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
9/20 at 100.00
|
B–
|
8,535,020
|
|
|
Bonds, Series 2005A-1, 5.375%, 6/01/38
|
|
|
|
|
158,200
|
Total Consumer Staples
|
|
|
126,689,597
|
|
|
Education and Civic Organizations – 6.4% (4.2% of Total Investments)
|
|
|
|
|
4,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The
|
7/22 at 100.00
|
A1
|
4,220,440
|
|
|
Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
|
|
|
|
7,000
|
California Educational Facilities Authority, Revenue Bonds,Stanford University,
|
No Opt. Call
|
AAA
|
11,048,240
|
|
|
Refunding Series 2014U-6, 5.000%, 5/01/45
|
|
|
|
|
10,065
|
California Infrastructure and Economic Development Bank, Revenue Bonds, Academy of
|
No Opt. Call
|
Aa2
|
13,601,237
|
|
|
Motion Picture Arts and Sciences Obligated Group, Green Series 2020A, 5.000%, 11/01/30
|
|
|
|
|
|
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
|
N/R
|
779,488
|
|
1,000
|
4.500%, 11/01/46, 144A
|
11/26 at 100.00
|
N/R
|
990,830
|
|
5,385
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship
|
6/22 at 102.00
|
N/R
|
5,857,157
|
|
|
Education Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
|
|
|
|
1,000
|
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013,
|
10/23 at 100.00
|
Baa1
|
1,072,060
|
|
|
5.000%, 10/01/38
|
|
|
|
|
18,250
|
California Municipal Finance Authority, Revenue Bonds, Pomona College, Series 2017,
|
1/28 at 100.00
|
AAA
|
22,764,137
|
|
|
5.000%, 1/01/48
|
|
|
|
|
380
|
California School Finance Authority, Charter School Revenue Bonds, Kepler Neighborhood
|
No Opt. Call
|
N/R
|
402,017
|
|
|
School, Series 2017A, 5.000%, 5/01/27, 144A
|
|
|
|
|
1,615
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 100.00
|
BBB
|
1,789,323
|
|
|
College-Ready Public Schools Project, Series 2015A, 5.000%, 7/01/45, 144A
|
|
|
|
|
2,150
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
7/25 at 100.00
|
BBB
|
2,381,125
|
|
|
College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A
|
|
|
|
|
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for
|
|
|
|
|
|
College-Ready Public Schools Project, Series 2016C:
|
|
|
|
|
5,995
|
5.000%, 7/01/46
|
7/25 at 101.00
|
BBB
|
6,692,338
|
|
8,340
|
5.250%, 7/01/52
|
7/25 at 101.00
|
BBB
|
9,358,481
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Education and Civic Organizations (continued)
|
|
|
|
|
$ 800
|
California School Finance Authority, School Facility Revenue Bonds, Value Schools,
|
7/26 at 100.00
|
BB+
|
$ 889,896
|
|
|
Series 2016A, 6.000%, 7/01/51, 144A
|
|
|
|
|
4,140
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
4,689,047
|
|
10,440
|
California State University, Systemwide Revenue Bonds, Series 2019A, 5.000%, 11/01/44
|
11/29 at 100.00
|
Aa2
|
13,440,247
|
|
5,500
|
California Statewide Communities Development Authority, Revenue Bonds, Buck Institute
|
11/24 at 100.00
|
AA
|
6,283,310
|
|
|
for Research on Aging, Series 2014, 5.000%, 11/15/44 – AGM Insured
|
|
|
|
|
1,770
|
California Statewide Communities Development Authority, Charter School Revenue Bonds,
|
12/21 at 100.00
|
N/R
|
1,888,838
|
|
|
Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
|
|
|
|
|
1,000
|
Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College
|
7/25 at 100.00
|
A+
|
1,123,880
|
|
|
Project, Series 2015A, 5.000%, 7/01/45
|
|
|
|
|
17,750
|
University of California, General Revenue Bonds, Limited Project Series 2017M,
|
5/27 at 100.00
|
AA–
|
21,550,098
|
|
|
5.000%, 5/15/47
|
|
|
|
|
6,775
|
University of California, General Revenue Bonds, Series 2017AV, 5.250%, 5/15/47
|
5/27 at 100.00
|
AA
|
8,366,583
|
|
8,500
|
University of California, General Revenue Bonds, Series 2018AZ, 5.000%, 5/15/48
|
5/28 at 100.00
|
AA
|
10,581,480
|
|
122,655
|
Total Education and Civic Organizations
|
|
|
149,770,252
|
|
|
Financials – 0.0% (0.0% of Total Investments)
|
|
|
|
|
1,305
|
Puerto Rico Urgent Interest Fund Corp (COFINA), National Taxable Trust Unit, Series 2007A
|
No Opt. Call
|
N/R
|
248,520
|
|
|
Sr. Bond, 0.000%, 8/01/54 (4)
|
|
|
|
|
|
Health Care – 15.5% (10.0% of Total Investments)
|
|
|
|
|
9,345
|
ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp
|
8/23 at 100.00
|
AA
|
10,238,195
|
|
|
HealthCare, Series 2014A, 5.000%, 8/01/43
|
|
|
|
|
1,285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
8/25 at 100.00
|
A+
|
1,488,325
|
|
|
Health, Refunding Series 2015A, 5.000%, 8/15/43
|
|
|
|
|
38,080
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/26 at 100.00
|
A+
|
44,806,451
|
|
|
Health, Refunding Series 2016B, 5.000%, 11/15/46
|
|
|
|
|
16,250
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/25 at 100.00
|
A+
|
18,881,525
|
|
|
Health, Series 2016A, 5.000%, 11/15/46
|
|
|
|
|
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
|
|
|
|
|
Health, Series 2018A:
|
|
|
|
|
6,135
|
5.000%, 11/15/36
|
11/27 at 100.00
|
A+
|
7,528,442
|
|
7,250
|
5.000%, 11/15/48
|
11/27 at 100.00
|
A+
|
8,710,440
|
|
15,000
|
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical
|
8/26 at 100.00
|
Aa3
|
16,849,800
|
|
|
Center, Refunding Series 2016B, 4.000%, 8/15/39
|
|
|
|
|
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los
|
|
|
|
|
|
Angeles, Series 2017A:
|
|
|
|
|
3,900
|
5.000%, 8/15/42
|
8/27 at 100.00
|
BBB+
|
4,441,827
|
|
2,400
|
5.000%, 8/15/47
|
8/27 at 100.00
|
BBB+
|
2,699,304
|
|
6,105
|
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
|
8/24 at 100.00
|
AA–
|
6,805,366
|
|
|
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
|
|
|
|
|
1,250
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health
|
10/22 at 100.00
|
AA–
|
1,354,162
|
|
|
Services, Series 2012A, 5.000%, 10/01/33
|
|
|
|
|
2,230
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
2,528,129
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38
|
|
|
|
|
8,375
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
AA–
|
9,455,710
|
|
|
Services, Series 2014B, 5.000%, 10/01/44
|
|
|
|
|
11,250
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph
|
10/26 at 100.00
|
AA–
|
12,456,900
|
|
|
Health, Refunding Series 2016A, 4.000%, 10/01/47
|
|
|
|
|
8,760
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s
|
8/21 at 100.00
|
AA
|
9,089,551
|
|
|
Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
|
|
|
|
685
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center,
|
7/27 at 100.00
|
Baa2
|
777,907
|
|
|
Refunding Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
11,520
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series
|
11/26 at 100.00
|
BBB–
|
12,822,797
|
|
|
2017A, 5.250%, 11/01/41
|
|
|
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited) |
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Health Care (continued)
|
|
|
|
|
$ 1,455
|
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series
|
10/26 at 100.00
|
BBB–
|
$ 1,601,926
|
|
|
2017, 5.000%, 10/15/47
|
|
|
|
|
5,760
|
California Public Finance Authority, Revenue Bonds, Sharp HealthCare, Series 2017A,
|
2/28 at 100.00
|
AA
|
6,897,370
|
|
|
5.000%, 8/01/47
|
|
|
|
|
2,000
|
California Statewide Communities Development Authority, California, Redlands Community
|
10/26 at 100.00
|
A–
|
2,221,960
|
|
|
Hospital, Revenue Bonds, Series 2016, 5.000%, 10/01/46
|
|
|
|
|
|
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
|
BB
|
1,093,510
|
|
1,200
|
5.250%, 12/01/44
|
12/24 at 100.00
|
BB
|
1,290,720
|
|
2,375
|
5.500%, 12/01/54
|
12/24 at 100.00
|
BB
|
2,551,819
|
|
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
|
|
|
|
|
Linda University Medical Center, Series 2016A:
|
|
|
|
|
9,385
|
5.000%, 12/01/46, 144A
|
6/26 at 100.00
|
BB
|
10,182,068
|
|
33,895
|
5.250%, 12/01/56, 144A
|
6/26 at 100.00
|
BB
|
36,499,153
|
|
16,445
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/28 at 100.00
|
BB
|
18,107,589
|
|
|
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A
|
|
|
|
|
|
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
|
A+
|
2,789,096
|
|
3,000
|
5.000%, 3/01/45
|
3/26 at 100.00
|
A+
|
3,484,950
|
|
2,670
|
California Statewide Communities Development Authority, Revenue Bonds, Huntington
|
7/24 at 100.00
|
A–
|
2,956,037
|
|
|
Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44
|
|
|
|
|
25,290
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser
|
4/22 at 100.00
|
AA–
|
26,636,187
|
|
|
Permanente, Series 2012A, 5.000%, 4/01/42
|
|
|
|
|
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
|
|
|
|
|
Charity Health System, Series 2005A:
|
|
|
|
|
10,115
|
5.750%, 7/01/24 (5)
|
10/20 at 100.00
|
N/R
|
9,298,922
|
|
11,035
|
5.750%, 7/01/30 (5)
|
10/20 at 100.00
|
N/R
|
10,130,902
|
|
7,725
|
5.750%, 7/01/35 (5)
|
10/20 at 100.00
|
N/R
|
7,086,838
|
|
10,415
|
5.500%, 7/01/39 (5)
|
10/20 at 100.00
|
N/R
|
9,549,722
|
|
780
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
|
No Opt. Call
|
AA–
|
788,853
|
|
|
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
|
|
|
|
6,200
|
Madera County, California, Certificates of Participation, Valley Children’s Hospital
|
10/20 at 100.00
|
A1
|
6,222,630
|
|
|
Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured
|
|
|
|
|
1,890
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series
|
11/20 at 100.00
|
BB
|
1,909,467
|
|
|
2010A, 6.500%, 11/01/29
|
|
|
|
|
7,910
|
Palomar Pomerado Health System, California, Revenue Bonds, Refunding Series 2016,
|
11/26 at 100.00
|
BBB
|
8,992,642
|
|
|
5.000%, 11/01/39
|
|
|
|
|
17,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series
|
12/21 at 100.00
|
BB
|
18,318,546
|
|
|
2011, 7.500%, 12/01/41
|
|
|
|
|
330,110
|
Total Health Care
|
|
|
359,545,738
|
|
|
Housing/Multifamily – 3.1% (2.0% of Total Investments)
|
|
|
|
|
5,575
|
California Community Housing Agency, California, Essential Housing Revenue Bonds,
|
2/30 at 100.00
|
N/R
|
6,317,088
|
|
|
Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A
|
|
|
|
|
1,385
|
California Community Housing Agency, California, Essential Housing Revenue Bonds,
|
8/29 at 100.00
|
N/R
|
1,560,950
|
|
|
Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A
|
|
|
|
|
7,575
|
California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel
|
4/29 at 100.00
|
N/R
|
8,506,195
|
|
|
Apartments, Series 2019A, 5.000%, 4/01/49, 144A
|
|
|
|
|
23,676
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series
|
No Opt. Call
|
BBB+
|
26,161,068
|
|
|
2019-2, 4.000%, 3/20/33
|
|
|
|
|
3,510
|
California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A
|
No Opt. Call
|
BBB+
|
3,957,248
|
|
|
Series2019-1, 4.250%, 1/15/35
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Housing/Multifamily (continued)
|
|
|
|
|
|
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
|
BBB+
|
$ 1,855,510
|
|
2,150
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
2,355,884
|
|
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
|
|
|
|
|
Series 2012A:
|
|
|
|
|
6,540
|
5.125%, 8/15/32
|
8/22 at 100.00
|
BBB
|
6,930,700
|
|
6,010
|
5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
6,345,538
|
|
3,920
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
|
8/22 at 100.00
|
N/R
|
4,210,433
|
|
|
Series 2012B, 7.250%, 8/15/47
|
|
|
|
|
|
California Public Finance Authority, University Housing Revenue Bonds, National Campus
|
|
|
|
|
|
Community Development – Claremont Properties LLC Claremont Colleges Project, Series 2017A:
|
|
|
|
|
1,325
|
5.000%, 7/01/37, 144A
|
7/27 at 100.00
|
Caa2
|
1,113,000
|
|
1,000
|
5.000%, 7/01/47, 144A
|
7/27 at 100.00
|
Caa2
|
840,000
|
|
1,230
|
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds,
|
5/22 at 100.00
|
A+
|
1,282,669
|
|
|
Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39
|
|
|
|
|
65,576
|
Total Housing/Multifamily
|
|
|
71,436,283
|
|
|
Tax Obligation/General – 33.9% (21.9% of Total Investments)
|
|
|
|
|
4,125
|
Alameda Unified School District, Alameda County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
3,947,666
|
|
|
Series 2004A, 0.000%, 8/01/25 – AGM Insured
|
|
|
|
|
18,400
|
Antelope Valley Community College District, Los Angeles County, California, General
|
2/27 at 100.00
|
AA
|
22,520,312
|
|
|
Obligation Bonds, Election 2016 Series 2017A, 5.250%, 8/01/42
|
|
|
|
|
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2012:
|
|
|
|
|
3,230
|
5.250%, 2/01/29
|
2/22 at 100.00
|
Aa2
|
3,451,352
|
|
5,245
|
5.000%, 9/01/36
|
9/22 at 100.00
|
Aa2
|
5,706,665
|
|
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013:
|
|
|
|
|
9,260
|
5.000%, 2/01/29
|
2/23 at 100.00
|
Aa2
|
10,262,025
|
|
1,710
|
5.000%, 2/01/31
|
2/23 at 100.00
|
Aa2
|
1,894,594
|
|
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2016:
|
|
|
|
|
3,750
|
5.000%, 9/01/30
|
9/26 at 100.00
|
Aa2
|
4,704,375
|
|
4,600
|
5.000%, 8/01/33
|
8/26 at 100.00
|
Aa2
|
5,700,734
|
|
8,000
|
5.000%, 9/01/37
|
9/26 at 100.00
|
Aa2
|
9,861,200
|
|
9,210
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2019,
|
10/29 at 100.00
|
Aa2
|
10,203,851
|
|
|
3.000%, 10/01/35
|
|
|
|
|
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
|
|
|
|
6,700
|
5.000%, 8/01/32
|
2/25 at 100.00
|
Aa2
|
7,979,901
|
|
11,000
|
5.000%, 8/01/34
|
8/25 at 100.00
|
Aa2
|
13,282,940
|
|
5,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2016,
|
9/26 at 100.00
|
Aa2
|
6,179,700
|
|
|
5.000%, 9/01/36
|
|
|
|
|
140
|
California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22
|
10/20 at 100.00
|
Aa2
|
140,622
|
|
|
– FGIC Insured
|
|
|
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|
|
|
|
5,375
|
6.000%, 3/01/33
|
10/20 at 100.00
|
Aa2
|
5,407,089
|
|
12,605
|
5.250%, 11/01/40
|
11/20 at 100.00
|
Aa2
|
12,703,067
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|
|
|
|
13,835
|
5.250%, 10/01/28
|
10/21 at 100.00
|
Aa2
|
14,566,871
|
|
14,520
|
5.000%, 9/01/31
|
9/21 at 100.00
|
Aa2
|
15,187,049
|
|
15,025
|
5.000%, 9/01/41
|
9/21 at 100.00
|
Aa2
|
15,692,110
|
|
21,420
|
5.000%, 10/01/41
|
10/21 at 100.00
|
Aa2
|
22,449,874
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|
|
|
|
9,940
|
5.000%, 4/01/37
|
4/23 at 100.00
|
Aa2
|
11,041,750
|
|
9,755
|
5.000%, 2/01/43
|
2/23 at 100.00
|
Aa2
|
10,753,424
|
|
15,145
|
5.000%, 4/01/43
|
4/23 at 100.00
|
Aa2
|
16,794,896
|
|
7,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
Aa2
|
8,200,458
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|
|
|
|
$ 24,970
|
5.000%, 5/01/32
|
5/24 at 100.00
|
Aa2
|
$ 28,970,943
|
|
8,910
|
5.000%, 10/01/39
|
10/24 at 100.00
|
Aa2
|
10,397,257
|
|
10,245
|
5.000%, 12/01/43
|
12/23 at 100.00
|
Aa2
|
11,638,525
|
|
1,815
|
5.000%, 10/01/44
|
10/24 at 100.00
|
Aa2
|
2,109,230
|
|
9,500
|
California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 3/01/45
|
3/25 at 100.00
|
Aa2
|
11,134,950
|
|
3,780
|
California State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 11/01/47
|
11/27 at 100.00
|
Aa2
|
4,666,297
|
|
8,360
|
California State, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 10/01/47
|
4/26 at 100.00
|
Aa2
|
10,079,986
|
|
8,000
|
California State, General Obligation Bonds, Various Purpose Series 2018 Bid Group A/B,
|
10/28 at 100.00
|
Aa2
|
10,004,560
|
|
|
5.000%, 10/01/48
|
|
|
|
|
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2019, 5.000%, 4/01/45
|
4/29 at 100.00
|
Aa2
|
6,334,150
|
|
3,550
|
Centinela Valley Union High School District, Los Angeles County, California, General
|
No Opt. Call
|
A+
|
4,138,696
|
|
|
Obligation Bonds, Series 2002A, 5.250%, 2/01/26 – NPFG Insured
|
|
|
|
|
15,000
|
Chaffey Joint Union High School District, San Bernardino County, California, General
|
8/28 at 100.00
|
Aa1
|
17,293,350
|
|
|
Obligation Bonds, Election 2012 Series 2019D, 4.000%, 8/01/49
|
|
|
|
|
|
Corona-Norco Unified School District, Riverside County, California, General Obligation
|
|
|
|
|
|
Bonds, Election 2014, Series 2019C:
|
|
|
|
|
7,860
|
3.000%, 8/01/44
|
8/28 at 100.00
|
AA–
|
8,386,306
|
|
5,585
|
4.000%, 8/01/49
|
8/28 at 100.00
|
AA–
|
6,438,891
|
|
7,500
|
Desert Community College District, Riverside County, California, General Obligation
|
2/26 at 100.00
|
AA
|
9,091,350
|
|
|
Bonds, Refunding Series 2016, 5.000%, 8/01/37
|
|
|
|
|
3,300
|
Evergreen School District, Santa Clara County, California, General Obligation Bonds,
|
8/28 at 100.00
|
Aa2
|
4,112,163
|
|
|
Election of 2014, Series 2018, 5.000%, 8/01/46
|
|
|
|
|
5,150
|
Hacienda La Puente Unified School District Facilities Financing Authority, California,
|
No Opt. Call
|
AA
|
6,409,278
|
|
|
General Obligation Revenue Bonds, Series 2007, 5.000%, 8/01/26 – AGM Insured
|
|
|
|
|
3,000
|
Hacienda La Puente Unified School District, Los Angeles County, California, General
|
8/27 at 100.00
|
AAA
|
3,410,760
|
|
|
Obligation Bonds, 2016 Election, Series 2017A, 4.000%, 8/01/47
|
|
|
|
|
5,630
|
Lake Tahoe Unified School District, El Dorado County, California, General Obligation
|
No Opt. Call
|
AA
|
5,810,498
|
|
|
Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured (6)
|
|
|
|
|
4,650
|
Long Beach Unified School District, Los Angeles County, California, General Obligation
|
8/29 at 100.00
|
Aa2
|
4,905,843
|
|
|
Bonds, Election of 2016, Series 2019B, 3.000%, 8/01/41
|
|
|
|
|
13,465
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation
|
7/30 at 100.00
|
AA+
|
15,942,560
|
|
|
Bonds, Refunding Series 2020RYQ, 4.000%, 7/01/44
|
|
|
|
|
5,050
|
Manhattan Beach Unified School District, Los Angeles County, California, General
|
9/28 at 100.00
|
Aa1
|
5,952,738
|
|
|
Obligation Bonds, Election 2016 Measure EE Series 2018A, 4.000%, 9/01/46
|
|
|
|
|
4,100
|
Monrovia Unified School District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
Aa3
|
3,794,345
|
|
|
Bonds, Series 2001B, 0.000%, 8/01/27 – FGIC Insured
|
|
|
|
|
3,100
|
Mount San Antonio Community College District, Los Angeles County, California, General
|
8/29 at 100.00
|
Aa1
|
3,634,502
|
|
|
Obligation Bonds, Election of 2018, Series 2019A, 4.000%, 8/01/49
|
|
|
|
|
10,765
|
North Orange County Community College District, California, General Obligation Bonds,
|
No Opt. Call
|
AA+
|
10,065,706
|
|
|
Election of 2002 Series 2003B, 0.000%, 8/01/27 – FGIC Insured
|
|
|
|
|
14,655
|
Ontario-Montclair School District, San Bernardino County, California, General Obligation
|
8/27 at 100.00
|
Aa2
|
16,651,011
|
|
|
Bonds, Election of 2016, Series 2019B, 4.000%, 8/01/48
|
|
|
|
|
1,815
|
Orland Joint Unified School District, Glenn and Tehama Counties, California, General
|
8/37 at 100.00
|
AA
|
1,617,292
|
|
|
Obligation Bonds, 2008 Election, Series 2012B, 0.000%, 8/01/51 (6)
|
|
|
|
|
7,495
|
Palmdale School District, Los Angeles County, California, General Obligation Bonds, 2016
|
8/27 at 100.00
|
AAA
|
9,313,961
|
|
|
Election Series 2017A, 5.250%, 8/01/42
|
|
|
|
|
10,330
|
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital
|
No Opt. Call
|
A2
|
7,171,396
|
|
|
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/35
|
|
|
|
|
5,000
|
Paramount Unified School District, Los Angeles County, California, General Obligation
|
2/33 at 100.00
|
Aa3
|
6,348,150
|
|
|
Bonds, Election 2006 Series 2011, 0.000%, 8/01/45 (6)
|
|
|
|
|
28,000
|
San Bernardino Community College District, California, General Obligation Bonds,
|
No Opt. Call
|
Aa1
|
14,188,160
|
|
|
Election of 2008 Series 2009B, 0.000%, 8/01/44
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/General (continued)
|
|
|
|
|
$ 4,250
|
San Diego Community College District, San Diego County, California, General Obligation
|
8/26 at 100.00
|
AAA
|
$ 5,184,660
|
|
|
Bonds, Refunding Series 2016, 5.000%, 8/01/41
|
|
|
|
|
5,690
|
San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds,
|
8/29 at 100.00
|
AAA
|
6,090,348
|
|
|
Election of 2016, Green Series 2019B-1, 3.000%, 8/01/49
|
|
|
|
|
21,000
|
San Marcos Unified School District, San Diego County, California, General Obligation
|
No Opt. Call
|
AA–
|
9,083,550
|
|
|
Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51
|
|
|
|
|
20,220
|
San Mateo County Community College District, California, General Obligation Bonds,
|
9/28 at 100.00
|
AAA
|
25,709,325
|
|
|
Election 2014 Series 2018B, 5.000%, 9/01/45
|
|
|
|
|
1,220
|
San Mateo Union High School District, San Mateo County, California, General Obligation
|
9/41 at 100.00
|
Aaa
|
1,127,060
|
|
|
Bonds, Election 2010 Series 2011A, 0.000%, 7/01/51 (6)
|
|
|
|
|
4,970
|
San Rafael City High School District, Marin County, California, General Obligation
|
No Opt. Call
|
AA+
|
4,628,014
|
|
|
Bonds, Series 2004B, 0.000%, 8/01/27 – FGIC Insured
|
|
|
|
|
8,700
|
Santa Ana College Improvement District 1, Orange County, California, General Obligation
|
8/27 at 100.00
|
AA
|
9,979,596
|
|
|
Bonds, Rancho Santiago Community College District, Election of 2012, Series 2017B,
|
|
|
|
|
|
4.000%, 8/01/41
|
|
|
|
|
6,725
|
Santa Barbara Unified School District, Santa Barbara County, California, General
|
8/28 at 100.00
|
Aa1
|
8,402,417
|
|
|
Obligation Bonds, School Facilities Improvement District 1, Election of 2016, Series 2019B,
|
|
|
|
|
|
5.000%, 8/01/44
|
|
|
|
|
2,200
|
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo
|
No Opt. Call
|
Aa3
|
2,537,458
|
|
|
Counties, California, General Obligation Bonds, Series 2003B, 5.625%, 8/01/24 – AGM Insured
|
|
|
|
|
|
Sonoma County Junior College District, California, General Obligation Bonds, Election
|
|
|
|
|
|
2014 Series 2019B:
|
|
|
|
|
7,285
|
3.000%, 8/01/37
|
8/29 at 100.00
|
AA
|
7,980,353
|
|
4,650
|
3.000%, 8/01/41
|
8/29 at 100.00
|
AA
|
4,975,546
|
|
4,175
|
Southwestern Community College District, San Diego County, California, General
|
No Opt. Call
|
Aa2
|
4,022,988
|
|
|
Obligation Bonds, Election of 2000, Series 2004, 0.000%, 8/01/25 – FGIC Insured
|
|
|
|
|
5,530
|
Stockton Unified School District, San Joaquin County, California, General Obligation
|
8/37 at 100.00
|
AA
|
6,755,448
|
|
|
Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured (6)
|
|
|
|
|
26,000
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
28,201,420
|
|
|
Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (6)
|
|
|
|
|
|
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
|
A1
|
5,383,408
|
|
4,830
|
5.500%, 8/01/40
|
8/24 at 100.00
|
A1
|
5,471,086
|
|
|
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
|
A1
|
4,946,148
|
|
3,500
|
5.500%, 8/01/40
|
8/24 at 100.00
|
A1
|
3,964,555
|
|
2,015
|
Wiseburn School District, Los Angeles County, California, General Obligation Bonds,
|
8/22 at 100.00
|
Aa2
|
2,187,041
|
|
|
Series 2012C, 5.000%, 8/01/26
|
|
|
|
|
140,160
|
Yosemite Community College District, California, General Obligation Bonds, Capital
|
No Opt. Call
|
Aa2
|
142,567,949
|
|
|
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (6)
|
|
|
|
|
743,025
|
Total Tax Obligation/General
|
|
|
787,843,749
|
|
|
Tax Obligation/Limited – 25.9% (16.7% of Total Investments)
|
|
|
|
|
1,675
|
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area
|
9/25 at 100.00
|
N/R
|
1,881,712
|
|
|
19A, Series 2015B, 5.000%, 9/01/35
|
|
|
|
|
1,655
|
Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%,
|
10/20 at 100.00
|
N/R
|
1,665,261
|
|
|
10/01/36 – AMBAC Insured
|
|
|
|
|
2,125
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project
|
10/20 at 100.00
|
AA
|
2,133,649
|
|
|
Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured
|
|
|
|
|
21,255
|
California Infrastructure and Economic Development Bank, Infrastructure State Revolving
|
10/26 at 100.00
|
AAA
|
25,989,339
|
|
|
Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41
|
|
|
|
|
1,175
|
California Infrastructure and Economic Development Bank, Lease Revenue Bonds, California
|
8/29 at 100.00
|
AA
|
1,520,838
|
|
|
State Teachers Retirement System Headquarters Expansion, Green Bond-Climate Bond Certified
|
|
|
|
|
|
Series 2019, 5.000%, 8/01/38
|
|
|
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 4,000
|
California Infrastructure and Economic Development Bank, Lease Revenue Bonds, California
|
8/29 at 100.00
|
AA
|
$ 5,053,840
|
|
|
State Teachers Retirement System Headquarters Expansion, Green Bond-Climate Bond Certified
|
|
|
|
|
|
Series 2019, 5.000%, 8/01/49
|
|
|
|
|
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
|
|
|
|
|
Rehabilitation, Series 2013G:
|
|
|
|
|
10,690
|
5.250%, 9/01/30
|
9/23 at 100.00
|
Aa3
|
12,187,028
|
|
18,135
|
5.250%, 9/01/32
|
9/23 at 100.00
|
Aa3
|
20,599,002
|
|
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
|
|
|
|
|
Rehabilitation, Various Correctional Facilities Series 2013F:
|
|
|
|
|
8,685
|
5.250%, 9/01/31
|
9/23 at 100.00
|
Aa3
|
9,884,572
|
|
1,450
|
5.250%, 9/01/33
|
9/23 at 100.00
|
Aa3
|
1,644,706
|
|
10,525
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
|
9/24 at 100.00
|
Aa3
|
12,213,526
|
|
|
Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39
|
|
|
|
|
17,395
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of
|
10/24 at 100.00
|
Aa3
|
20,237,691
|
|
|
California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
|
|
|
|
|
1,000
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of
|
3/23 at 100.00
|
Aa3
|
1,111,590
|
|
|
California, Various Projects Series 2013A, 5.000%, 3/01/30
|
|
|
|
|
1,000
|
California State Public Works Board, Lease Revenue Bonds, Judicial Council of
|
6/23 at 100.00
|
Aa3
|
1,118,650
|
|
|
California, Yuba City Courthouse, Series 2013D, 5.000%, 6/01/32
|
|
|
|
|
2,650
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
4/22 at 100.00
|
Aa3
|
2,830,227
|
|
|
Series 2012A, 5.000%, 4/01/33
|
|
|
|
|
3,770
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
11/22 at 100.00
|
Aa3
|
4,112,618
|
|
|
Series 2012G, 5.000%, 11/01/37
|
|
|
|
|
9,950
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
11/23 at 100.00
|
Aa3
|
11,233,251
|
|
|
Series 2013I, 5.000%, 11/01/38
|
|
|
|
|
13,520
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
9/24 at 100.00
|
Aa3
|
15,689,014
|
|
|
Series 2014E, 5.000%, 9/01/39
|
|
|
|
|
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige
|
9/22 at 100.00
|
A+
|
1,084,680
|
|
|
Heights, Refunding Series 2012, 5.000%, 9/01/32
|
|
|
|
|
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Revenue Bonds, Refunding Series 2015A:
|
|
|
|
|
3,250
|
5.000%, 6/01/40
|
6/25 at 100.00
|
Aa3
|
3,783,195
|
|
86,320
|
5.000%, 6/01/45
|
6/25 at 100.00
|
Aa3
|
99,790,236
|
|
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/23 at 100.00
|
Aa3
|
1,112,630
|
|
|
Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
|
|
|
|
|
9,000
|
5.000%, 11/15/29
|
11/25 at 100.00
|
BB
|
10,051,110
|
|
11,000
|
5.000%, 11/15/35
|
11/25 at 100.00
|
BB
|
12,119,470
|
|
2,050
|
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
|
No Opt. Call
|
N/R
|
2,220,089
|
|
|
Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
|
|
|
|
|
|
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:
|
|
|
|
|
530
|
5.000%, 9/01/29
|
9/24 at 100.00
|
A+
|
611,800
|
|
1,900
|
5.000%, 9/01/30
|
9/24 at 100.00
|
A+
|
2,184,544
|
|
1,220
|
5.000%, 9/01/31
|
9/24 at 100.00
|
A+
|
1,396,046
|
|
1,955
|
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A,
|
9/25 at 100.00
|
A+
|
2,241,603
|
|
|
5.000%, 9/01/43
|
|
|
|
|
810
|
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds,
|
9/25 at 100.00
|
N/R
|
899,627
|
|
|
Refunding Series 2015, 5.000%, 9/01/40
|
|
|
|
|
1,000
|
Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment
|
9/25 at 100.00
|
N/R
|
1,112,180
|
|
|
District, Series 2015, 5.000%, 9/02/40
|
|
|
|
|
14,930
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont
|
10/20 at 100.00
|
Aa2
|
14,976,432
|
|
|
Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
|
|
|
|
|
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
|
AAA
|
6,298,830
|
|
5,620
|
5.000%, 6/01/37
|
6/26 at 100.00
|
AAA
|
6,893,042
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 5,210
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A
|
7/27 at 100.00
|
AAA
|
$ 6,489,263
|
|
|
First Tier Senior Sales Tax Revenue Bonds, Green Series 2017A, 5.000%, 7/01/41
|
|
|
|
|
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C
|
|
|
|
|
|
Sales Tax Revenue Bonds, Senior Lien Series 2017A:
|
|
|
|
|
10,455
|
5.000%, 7/01/38
|
7/27 at 100.00
|
AAA
|
13,097,919
|
|
3,995
|
5.000%, 7/01/39
|
7/27 at 100.00
|
AAA
|
4,993,390
|
|
15,615
|
5.000%, 7/01/42
|
7/27 at 100.00
|
AAA
|
19,409,601
|
|
9,045
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds,
|
8/22 at 100.00
|
AA+
|
9,698,501
|
|
|
Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
|
|
|
|
2,000
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds,
|
12/29 at 100.00
|
AA+
|
2,524,780
|
|
|
Series 2019E-1, 5.000%, 12/01/49
|
|
|
|
|
|
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A,
|
|
|
|
|
|
Subordinate Lien Series 2011A:
|
|
|
|
|
1,625
|
6.750%, 9/01/26
|
9/21 at 100.00
|
A
|
1,718,421
|
|
750
|
7.000%, 9/01/31
|
9/21 at 100.00
|
A
|
789,413
|
|
1,835
|
Modesto, California, Special Tax Bonds, Community Facilties District 2004-1 Village One
|
9/24 at 100.00
|
BBB+
|
2,085,184
|
|
|
2, Refunding Series 2014, 5.000%, 9/01/31
|
|
|
|
|
1,000
|
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series
|
10/20 at 100.00
|
A+
|
1,004,100
|
|
|
2009, 7.000%, 3/01/34
|
|
|
|
|
19,390
|
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue
|
No Opt. Call
|
Baa2
|
22,266,506
|
|
|
Bonds, Redevelopment Project 1, Refunding Series 1995, 7.400%, 8/01/25 – NPFG Insured
|
|
|
|
|
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
|
|
|
|
|
District 2001-1, Senior Series 2013A:
|
|
|
|
|
11,310
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
12,389,539
|
|
10,145
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
11,073,876
|
|
1,650
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities
|
9/23 at 100.00
|
N/R
|
1,806,981
|
|
|
District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39
|
|
|
|
|
8,940
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
10/20 at 100.00
|
N/R
|
9,038,251
|
|
8,750
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
|
No Opt. Call
|
AA–
|
8,580,775
|
|
|
Development Project, Series 1999, 0.000%, 8/01/23 – AMBAC Insured
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1:
|
|
|
|
|
141
|
4.500%, 7/01/34
|
7/25 at 100.00
|
N/R
|
149,232
|
|
143
|
4.550%, 7/01/40
|
7/28 at 100.00
|
N/R
|
152,292
|
|
52,032
|
5.000%, 7/01/58
|
7/28 at 100.00
|
N/R
|
55,554,566
|
|
43
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable
|
7/28 at 100.00
|
N/R
|
44,581
|
|
|
Restructured Cofina Project Series 2019A-2, 4.536%, 7/01/53
|
|
|
|
|
3,500
|
Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation
|
9/24 at 100.00
|
AA+
|
4,041,940
|
|
|
Bonds, Rancho Redevelopment Project, Series 2014, 5.000%, 9/01/30
|
|
|
|
|
1,500
|
Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress
|
8/20 at 100.00
|
A+
|
1,500,000
|
|
|
Area Project, Series 2003A, 5.000%, 9/01/20 – NPFG Insured
|
|
|
|
|
960
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley
|
10/21 at 100.00
|
A
|
1,024,925
|
|
|
Project Area, Series 2011B, 6.500%, 10/01/25
|
|
|
|
|
5,000
|
Riverside County Transportation Commission, California, Sales Tax Revenue Bonds,
|
12/27 at 100.00
|
AA+
|
6,315,900
|
|
|
Refunding Limited Tax Series 2017B, 5.000%, 6/01/39
|
|
|
|
|
|
Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake
|
|
|
|
|
|
Hill Crest, Series 2012:
|
|
|
|
|
990
|
5.000%, 9/01/29
|
9/22 at 100.00
|
N/R
|
1,052,934
|
|
2,615
|
5.000%, 9/01/35
|
9/22 at 100.00
|
N/R
|
2,749,594
|
|
|
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8
|
|
|
|
|
|
Scott Road, Series 2013:
|
|
|
|
|
555
|
5.000%, 9/01/30
|
9/22 at 100.00
|
N/R
|
587,939
|
|
710
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
742,404
|
|
|
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark,
|
|
|
|
|
|
Refunding Series 2015:
|
|
|
|
|
385
|
5.000%, 9/01/31
|
9/25 at 100.00
|
N/R
|
439,766
|
|
575
|
5.000%, 9/01/37
|
9/25 at 100.00
|
N/R
|
644,495
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tax Obligation/Limited (continued)
|
|
|
|
|
$ 5,500
|
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment
|
10/26 at 100.00
|
AA
|
$ 6,721,495
|
|
|
District 2 Bonds, Series 2016A, 5.000%, 10/01/41
|
|
|
|
|
|
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment
|
|
|
|
|
|
District 2 Bonds, Series 2020:
|
|
|
|
|
2,540
|
4.000%, 10/01/40
|
10/30 at 100.00
|
AA
|
3,040,939
|
|
8,245
|
4.000%, 10/01/43
|
10/30 at 100.00
|
AA
|
9,782,692
|
|
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:
|
|
|
|
|
190
|
5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
191,575
|
|
1,705
|
5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
AA–
|
1,719,134
|
|
4,250
|
Sacramento City Financing Authority, California, Tax Allocation Revenue Bonds, Merged
|
No Opt. Call
|
A
|
3,308,455
|
|
|
Downtown Sacramento and Oak Park Projects, Series 2005A, 0.000%, 12/01/31 – FGIC Insured
|
|
|
|
|
|
San Buenaventura Redevelopment Agency, California, Tax Allocation Bonds, Merged Project
|
|
|
|
|
|
Areas, Series 2008:
|
|
|
|
|
1,000
|
7.750%, 8/01/28
|
10/20 at 100.00
|
A
|
1,005,440
|
|
1,325
|
8.000%, 8/01/38
|
10/20 at 100.00
|
A
|
1,332,301
|
|
620
|
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District
|
9/25 at 100.00
|
N/R
|
689,831
|
|
|
2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40
|
|
|
|
|
8,855
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue
|
4/26 at 100.00
|
AAA
|
10,639,637
|
|
|
Bonds, Limited Tax Series 2016A, 5.000%, 4/01/48
|
|
|
|
|
5,000
|
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds,
|
7/27 at 100.00
|
AA+
|
5,276,600
|
|
|
Series 2019A, 3.000%, 7/01/44
|
|
|
|
|
1,935
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Special
|
8/24 at 100.00
|
N/R
|
2,055,976
|
|
|
Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
|
|
|
|
|
|
Refunding Series 2014, 5.000%, 8/01/39
|
|
|
|
|
5,000
|
San Francisco City and County Redevelopment Agency Successor Agency, California, Tax
|
8/26 at 100.00
|
A
|
5,862,100
|
|
|
Allocation Bonds, Mission Bay North Redevelopment Project, Refunding Series 2016A, 5.000%,
|
|
|
|
|
|
8/01/41 – NPFG Insured
|
|
|
|
|
255
|
San Francisco, California, Community Facilities District 6, Mission Bay South Public
|
8/22 at 100.00
|
N/R
|
268,421
|
|
|
Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
|
|
|
|
|
1,315
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series
|
4/21 at 100.00
|
N/R
|
1,357,711
|
|
|
2011, 7.000%, 10/01/26
|
|
|
|
|
2,500
|
Stockton Public Financing Authority, California, Revenue Bonds, Arch Road East Community
|
9/25 at 103.00
|
N/R
|
2,789,100
|
|
|
Facility District 99-02, Series 2018A, 5.000%, 9/01/37
|
|
|
|
|
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
|
|
|
|
|
|
District 16-01, Series 2017:
|
|
|
|
|
1,565
|
5.500%, 9/01/27, 144A
|
No Opt. Call
|
N/R
|
1,664,456
|
|
1,455
|
5.750%, 9/01/32, 144A
|
9/27 at 100.00
|
N/R
|
1,577,526
|
|
5,560
|
6.250%, 9/01/47, 144A
|
9/27 at 100.00
|
N/R
|
5,956,094
|
|
1,350
|
Temecula Valley Unified School District, Riverside County, California, Special Tax
|
9/22 at 100.00
|
N/R
|
1,422,320
|
|
|
Bonds, Community Facilities District 2002-1 Improvement Area 1, Series 2012, 5.000%, 9/01/33
|
|
|
|
|
4,085
|
Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series
|
4/30 at 100.00
|
A–
|
5,059,518
|
|
|
2020A, 5.000%, 10/01/49
|
|
|
|
|
1,565
|
Tustin, California, Special Tax Bonds, Community Facilities District 06-1 Tustin
|
9/25 at 100.00
|
A–
|
1,848,312
|
|
|
Legacy/Columbus Villages, Refunding Series 2015A, 5.000%, 9/01/32
|
|
|
|
|
6,870
|
Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment
|
10/20 at 100.00
|
Baa2
|
7,013,995
|
|
|
Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured
|
|
|
|
|
1,620
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding
|
10/22 at 100.00
|
AA
|
1,746,198
|
|
|
Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
|
|
|
|
1,280
|
William S Hart School Financing Authority, California, Refunding Revenue Bonds, Series
|
9/23 at 100.00
|
A
|
1,416,038
|
|
|
2013, 5.000%, 9/01/34
|
|
|
|
|
533,814
|
Total Tax Obligation/Limited
|
|
|
603,594,960
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Transportation – 22.7% (14.7% of Total Investments)
|
|
|
|
|
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
|
|
|
|
|
|
Subordinate Lien Series 2016B:
|
|
|
|
|
$ 6,990
|
5.000%, 10/01/34
|
10/26 at 100.00
|
BBB+
|
$ 8,170,261
|
|
5,445
|
5.000%, 10/01/36
|
10/26 at 100.00
|
BBB+
|
6,325,838
|
|
9,500
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
4/29 at 100.00
|
AA–
|
11,785,605
|
|
|
Subordinate Series 2019S-H, 5.000%, 4/01/49
|
|
|
|
|
3,500
|
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien
|
6/28 at 100.00
|
BBB–
|
4,005,190
|
|
|
Series 2018A, 5.000%, 12/31/47 (AMT)
|
|
|
|
|
2,295
|
California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines,
|
No Opt. Call
|
B+
|
2,296,607
|
|
|
Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT)
|
|
|
|
|
20,725
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
BBB+
|
23,537,590
|
|
|
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
|
|
|
|
45,735
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
A–
|
50,920,434
|
|
|
Refunding Series 2013A, 5.750%, 1/15/46
|
|
|
|
|
1,200
|
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
|
5/25 at 100.00
|
AA
|
1,387,656
|
|
870
|
Long Beach, California, Harbor Revenue Bonds, Series 2017C, 5.000%, 5/15/47
|
5/27 at 100.00
|
AA
|
1,031,951
|
|
10,840
|
Long Beach, California, Harbor Revenue Bonds, Series 2019A, 5.000%, 5/15/44
|
5/29 at 100.00
|
Aa2
|
13,423,931
|
|
|
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
|
Aa2
|
3,036,150
|
|
11,420
|
5.000%, 5/15/33 (AMT)
|
5/25 at 100.00
|
Aa2
|
13,245,144
|
|
3,000
|
5.000%, 5/15/36 (AMT)
|
5/25 at 100.00
|
Aa2
|
3,458,790
|
|
11,335
|
5.000%, 5/15/41 (AMT)
|
5/25 at 100.00
|
Aa2
|
12,963,386
|
|
10,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/30 at 100.00
|
Aa2
|
12,448,000
|
|
|
Airport, Senior Lien Series 2020C, 5.000%, 5/15/39 (AMT)
|
|
|
|
|
1,500
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/26 at 100.00
|
Aa3
|
1,761,690
|
|
|
Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/35 (AMT)
|
|
|
|
|
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
|
|
|
|
|
Airport, Subordinate Lien Series 2016B:
|
|
|
|
|
1,765
|
5.000%, 5/15/30 (AMT)
|
5/26 at 100.00
|
Aa3
|
2,109,969
|
|
1,000
|
5.000%, 5/15/34 (AMT)
|
5/26 at 100.00
|
Aa3
|
1,177,540
|
|
6,835
|
5.000%, 5/15/46 (AMT)
|
5/26 at 100.00
|
Aa3
|
7,865,786
|
|
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
|
|
|
|
|
Airport, Subordinate Lien Series 2017A:
|
|
|
|
|
13,680
|
5.000%, 5/15/42 (AMT)
|
5/27 at 100.00
|
Aa3
|
16,129,541
|
|
11,900
|
5.000%, 5/15/47 (AMT)
|
5/27 at 100.00
|
Aa3
|
13,936,090
|
|
4,850
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/28 at 100.00
|
Aa3
|
5,791,482
|
|
|
Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (AMT)
|
|
|
|
|
22,015
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
11/27 at 100.00
|
Aa3
|
26,129,383
|
|
|
Airport, Subordinate Lien Series 2018C, 5.000%, 5/15/44 (AMT)
|
|
|
|
|
1,250
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/29 at 100.00
|
Aa3
|
1,519,050
|
|
|
Airport, Subordinate Lien Series 2018D, 5.000%, 5/15/43 (AMT)
|
|
|
|
|
1,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
11/28 at 100.00
|
Aa3
|
1,251,360
|
|
|
Airport, Subordinate Lien Series 2019D, 5.000%, 5/15/32 (AMT)
|
|
|
|
|
5,485
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
11/28 at 100.00
|
Aa3
|
6,751,267
|
|
|
Airport, Subordinate Lien Series 2019E, 5.000%, 5/15/44
|
|
|
|
|
2,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/29 at 100.00
|
Aa3
|
2,479,320
|
|
|
Airport, Subordinate Lien Series 2019F, 5.000%, 5/15/36 (AMT)
|
|
|
|
|
5,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B,
|
8/24 at 100.00
|
AA
|
5,712,350
|
|
|
5.000%, 8/01/44
|
|
|
|
|
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
|
|
|
|
|
1,160
|
5.000%, 8/01/34
|
8/24 at 100.00
|
AA
|
1,341,737
|
|
1,575
|
5.000%, 8/01/35
|
8/24 at 100.00
|
AA
|
1,820,669
|
|
1,865
|
5.000%, 8/01/36
|
8/24 at 100.00
|
AA
|
2,152,247
|
|
6,610
|
5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
7,551,727
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Transportation (continued)
|
|
|
|
|
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
|
|
|
|
$ 4,895
|
5.000%, 5/01/29 (AMT)
|
5/22 at 100.00
|
A+
|
$ 5,229,867
|
|
7,340
|
5.000%, 5/01/31 (AMT)
|
5/22 at 100.00
|
A+
|
7,825,908
|
|
1,000
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds,
|
6/23 at 100.00
|
A
|
1,091,220
|
|
|
Series 2013A, 5.750%, 6/01/44
|
|
|
|
|
735
|
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding
|
9/20 at 100.00
|
A–
|
735,390
|
|
|
Series 2012, 5.000%, 3/01/42
|
|
|
|
|
5,000
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds,
|
7/29 at 100.00
|
A+
|
6,263,350
|
|
|
Refunding Subordinate Series 2019A, 5.000%, 7/01/39
|
|
|
|
|
9,550
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior
|
7/23 at 100.00
|
AA–
|
10,362,227
|
|
|
Series 2013B, 5.000%, 7/01/43 (AMT)
|
|
|
|
|
5,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/27 at 100.00
|
A1
|
5,901,950
|
|
|
International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47
|
|
|
|
|
22,930
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/26 at 100.00
|
A1
|
26,699,004
|
|
|
International Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46
|
|
|
|
|
4,500
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/24 at 100.00
|
A1
|
5,075,820
|
|
|
International Airport, Second Series 2014B, 5.000%, 5/01/44
|
|
|
|
|
50,075
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/26 at 100.00
|
A1
|
57,754,001
|
|
|
International Airport, Second Series 2016B, 5.000%, 5/01/46 (AMT)
|
|
|
|
|
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
|
|
|
|
|
International Airport, Second Series 2017A:
|
|
|
|
|
2,500
|
5.250%, 5/01/42 (AMT)
|
5/27 at 100.00
|
A1
|
3,003,025
|
|
19,965
|
5.000%, 5/01/47 (AMT)
|
5/27 at 100.00
|
A
|
23,444,301
|
|
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
|
|
|
|
|
International Airport, Second Series 2018D:
|
|
|
|
|
37,935
|
5.000%, 5/01/43 (AMT)
|
5/28 at 100.00
|
A1
|
45,387,710
|
|
20,000
|
5.250%, 5/01/48 (AMT)
|
5/28 at 100.00
|
A1
|
24,191,200
|
|
9,350
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/28 at 100.00
|
A1
|
11,225,797
|
|
|
International Airport, Second Series 2018E, 5.000%, 5/01/48
|
|
|
|
|
2,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/29 at 100.00
|
A1
|
2,428,880
|
|
|
International Airport, Second Series 2019A, 5.000%, 5/01/44 (AMT)
|
|
|
|
|
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
|
|
|
|
|
International Airport, Second Series 2019E:
|
|
|
|
|
4,900
|
5.000%, 5/01/39 (AMT)
|
5/29 at 100.00
|
A1
|
6,026,951
|
|
3,335
|
5.000%, 5/01/40 (AMT)
|
5/29 at 100.00
|
A1
|
4,091,145
|
|
|
San Jose, California, Airport Revenue Bonds, Refunding Series 2017A:
|
|
|
|
|
3,250
|
5.000%, 3/01/36 (AMT)
|
3/27 at 100.00
|
A
|
3,848,812
|
|
3,000
|
5.000%, 3/01/37 (AMT)
|
3/27 at 100.00
|
A
|
3,542,610
|
|
452,205
|
Total Transportation
|
|
|
527,646,909
|
|
|
U.S. Guaranteed – 12.7% (8.2% of Total Investments) (7)
|
|
|
|
|
3,000
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%,
|
3/21 at 100.00
|
N/R
|
3,103,050
|
|
|
3/01/36 (Pre-refunded 3/01/21)
|
|
|
|
|
5,705
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
4/23 at 100.00
|
AA–
|
6,452,526
|
|
|
Series 2013S-4, 5.250%, 4/01/48 (Pre-refunded 4/01/23)
|
|
|
|
|
|
California Educational Facilities Authority, Revenue Bonds, University of San Francisco,
|
|
|
|
|
|
Series 2011:
|
|
|
|
|
2,120
|
6.125%, 10/01/36 (Pre-refunded 10/01/21)
|
10/21 at 100.00
|
N/R
|
2,253,115
|
|
2,205
|
6.125%, 10/01/36 (Pre-refunded 10/01/21)
|
10/21 at 100.00
|
A2
|
2,343,452
|
|
1,700
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/24 at 100.00
|
N/R
|
2,029,154
|
|
|
Services, Refunding Series 2014A, 5.000%, 10/01/38 (Pre-refunded 10/01/24)
|
|
|
|
|
5,360
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San
|
No Opt. Call
|
AA+
|
6,074,381
|
|
|
Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/23 – AGM Insured (ETM)
|
|
|
|
|
6,450
|
California Statewide Communities Development Authority, School Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R
|
6,808,168
|
|
|
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 (Pre-refunded 7/01/21)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (7) (continued)
|
|
|
|
|
$ 2,915
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage
|
No Opt. Call
|
AA+
|
$ 3,008,717
|
|
|
Revenue Bonds, Series 1988, 8.250%, 6/01/21 (AMT) (ETM)
|
|
|
|
|
4,265
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System
|
3/22 at 100.00
|
AA–
|
4,568,242
|
|
|
Financing, Series 2012, 5.000%, 9/01/41 (Pre-refunded 3/01/22)
|
|
|
|
|
45,725
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/24 at 100.00
|
A–
|
54,558,155
|
|
|
Refunding Series 2013A, 6.000%, 1/15/53 (Pre-refunded 1/15/24)
|
|
|
|
|
4,000
|
Hesperia Unified School District, San Bernardino County, California, Certificates of
|
2/23 at 100.00
|
AA
|
4,455,920
|
|
|
Participation, Series 2013A, 5.000%, 2/01/38 (Pre-refunded 2/01/23) – BAM Insured
|
|
|
|
|
|
Marysville, California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011:
|
|
|
|
|
275
|
5.125%, 1/01/32 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
279,472
|
|
525
|
5.200%, 1/01/34 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
533,668
|
|
125
|
5.250%, 1/01/35 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
127,085
|
|
250
|
5.250%, 1/01/37 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
254,170
|
|
15,615
|
5.250%, 1/01/42 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R
|
15,875,458
|
|
|
National City Community Development Commission, California, Tax Allocation Bonds,
|
|
|
|
|
|
National City Redevelopment Project, Series 2011:
|
|
|
|
|
4,450
|
6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
A
|
4,705,341
|
|
3,000
|
7.000%, 8/01/32 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
A
|
3,185,010
|
|
7,500
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series
|
12/21 at 100.00
|
N/R
|
8,035,650
|
|
|
2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
|
|
|
|
|
1,655
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field
|
9/21 at 100.00
|
A–
|
1,762,426
|
|
|
Redevelopment Project, Series 2011, 6.750%, 9/01/40 (Pre-refunded 9/01/21)
|
|
|
|
|
5,840
|
Orange County Water District, California, Revenue Certificates of Participation, Series
|
No Opt. Call
|
N/R
|
7,723,283
|
|
|
1999A, 5.375%, 8/15/29 (ETM)
|
|
|
|
|
905
|
Orange County Water District, California, Revenue Certificates of Participation, Series
|
8/32 at 100.00
|
N/R
|
1,300,548
|
|
|
2003B, 5.000%, 8/15/34 (Pre-refunded 8/15/32) – NPFG Insured
|
|
|
|
|
2,370
|
Oxnard School District, Ventura County, California, General Obligation Bonds, Election
|
8/23 at 100.00
|
AA
|
2,702,582
|
|
|
2012 Series 2013B, 5.000%, 8/01/43 (Pre-refunded 8/01/23) – AGM Insured
|
|
|
|
|
2,575
|
Oxnard School District, Ventura County, California, General Obligation Bonds, Refunding
|
2/22 at 103.00
|
A+
|
2,852,122
|
|
|
Series 2001A, 5.750%, 8/01/30 (Pre-refunded 2/01/22) – NPFG Insured
|
|
|
|
|
9,385
|
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation
|
8/23 at 100.00
|
Aa3
|
10,701,997
|
|
|
Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43 (Pre-refunded 8/01/23)
|
|
|
|
|
39,485
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/20 at 100.00
|
Ba1
|
39,863,266
|
|
|
2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
|
|
|
|
1,290
|
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding
|
No Opt. Call
|
AA+
|
1,436,093
|
|
|
Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
|
|
|
|
|
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E,
|
No Opt. Call
|
C
|
2,615,720
|
|
|
6.000%, 8/01/26 (ETM)
|
|
|
|
|
5,335
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
|
9/21 at 100.00
|
A–
|
5,628,158
|
|
|
2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
|
|
|
|
6,750
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215
|
10/20 at 100.00
|
N/R
|
6,784,560
|
|
|
Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40 (Pre-refunded 10/01/20)
|
|
|
|
|
2,885
|
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series
|
10/20 at 100.00
|
A2
|
2,898,588
|
|
|
2010A, 6.000%, 10/01/39 (Pre-refunded 10/01/20)
|
|
|
|
|
1,460
|
Rohnert Park Community Development Commission, California, Tax Allocation Bonds,
|
10/20 at 100.00
|
Baa2
|
1,506,676
|
|
|
Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured (ETM)
|
|
|
|
|
5,825
|
Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42
|
9/23 at 100.00
|
AA
|
6,645,043
|
|
|
(Pre-refunded 9/01/23)
|
|
|
|
|
6,500
|
San Diego Community College District, California, General Obligation Bonds, Refunding
|
8/21 at 100.00
|
AAA
|
6,788,990
|
|
|
Series 2011, 5.000%, 8/01/41 (Pre-refunded 8/01/21)
|
|
|
|
|
2,135
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue
|
4/22 at 100.00
|
AAA
|
2,298,755
|
|
|
Bonds, Refunding Series 2012A, 5.000%, 4/01/42 (Pre-refunded 4/01/22)
|
|
|
|
|
5,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue
|
4/24 at 100.00
|
AAA
|
5,816,850
|
|
|
Bonds, Series 2014A, 5.000%, 4/01/44 (Pre-refunded 4/01/24)
|
|
|
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited) |
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
U.S. Guaranteed (7) (continued)
|
|
|
|
|
$ 5,580
|
San Francisco City and County Public Utilities Commission, California, Water Revenue
|
11/21 at 100.00
|
Aa2
|
$ 5,895,940
|
|
|
Bonds, Series 2011A, 5.000%, 11/01/41 (Pre-refunded 11/01/21) (UB) (8)
|
|
|
|
|
780
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A–
|
801,193
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
|
|
|
|
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue
|
|
|
|
|
|
Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|
785
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
806,635
|
|
980
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
1,007,009
|
|
|
San Mateo Union High School District, San Mateo County, California, General Obligation
|
|
|
|
|
|
Bonds, Election 2010 Series 2011A:
|
|
|
|
|
220
|
5.000%, 9/01/42 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
230,448
|
|
1,895
|
5.000%, 9/01/42 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
Aaa
|
1,986,945
|
|
7,860
|
Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged
|
3/21 at 100.00
|
N/R
|
8,117,729
|
|
|
Project Area, Series 2011A, 6.750%, 9/01/28 (Pre-refunded 3/01/21)
|
|
|
|
|
6,245
|
Southwestern Community College District, San Diego County, California, General
|
8/21 at 100.00
|
Aa2
|
6,536,954
|
|
|
Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36 (Pre-refunded 8/01/21)
|
|
|
|
|
2,475
|
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation
|
8/21 at 100.00
|
N/R
|
2,625,975
|
|
|
Housing Bonds Series 2011A, 7.000%, 8/01/39 (Pre-refunded 8/01/21)
|
|
|
|
|
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series
|
3/21 at 100.00
|
N/R
|
1,243,332
|
|
|
2011, 7.500%, 9/01/39 (Pre-refunded 3/01/21)
|
|
|
|
|
1,000
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds,
|
12/21 at 100.00
|
A+
|
1,082,570
|
|
|
Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33 (Pre-refunded 12/01/21)
|
|
|
|
|
8,760
|
University of California Regents, Medical Center Pooled Revenue Bonds, Series 2013J,
|
5/23 at 100.00
|
AA–
|
9,936,468
|
|
|
5.250%, 5/15/31 (Pre-refunded 5/15/23)
|
|
|
|
|
10,700
|
Upland, California, Certificates of Participation, San Antonio Community Hospital,
|
1/21 at 100.00
|
BBB
|
10,903,300
|
|
|
Series 2011, 6.500%, 1/01/41 (Pre-refunded 1/01/21)
|
|
|
|
|
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue
|
|
|
|
|
|
Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A:
|
|
|
|
|
865
|
6.000%, 9/01/26 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
914,504
|
|
1,420
|
6.500%, 9/01/32 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
1,507,898
|
|
4,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006
|
8/21 at 100.00
|
Aa2
|
4,187,000
|
|
|
Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21)
|
|
|
|
|
271,345
|
Total U.S. Guaranteed
|
|
|
295,760,291
|
|
|
Utilities – 14.8% (9.6% of Total Investments)
|
|
|
|
|
|
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
|
7/22 at 100.00
|
BBB
|
4,095,777
|
|
65,500
|
5.000%, 11/21/45 (AMT), 144A
|
7/22 at 100.00
|
BBB
|
68,075,460
|
|
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
|
|
|
|
|
|
Series 2007A:
|
|
|
|
|
14,140
|
5.000%, 11/15/35
|
No Opt. Call
|
A+
|
19,278,476
|
|
7,610
|
5.500%, 11/15/37
|
No Opt. Call
|
A+
|
11,085,411
|
|
8,980
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/29 at 100.00
|
Aa2
|
11,505,805
|
|
|
Refunding Series 2019D, 5.000%, 7/01/44
|
|
|
|
|
33,735
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/22 at 100.00
|
Aa2
|
36,355,535
|
|
|
Series 2012B, 5.000%, 7/01/43
|
|
|
|
|
4,865
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/23 at 100.00
|
Aa2
|
5,509,175
|
|
|
Series 2013B, 5.000%, 7/01/28
|
|
|
|
|
4,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/24 at 100.00
|
Aa2
|
4,527,840
|
|
|
Series 2014B, 5.000%, 7/01/43
|
|
|
|
|
43,605
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/27 at 100.00
|
Aa2
|
53,219,030
|
|
|
Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
4,500
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/27 at 100.00
|
Aa2
|
5,538,735
|
|
|
Series 2017B, 5.000%, 7/01/38
|
|
|
|
|
53,615
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/27 at 100.00
|
Aa2
|
65,879,431
|
|
|
Series 2017C, 5.000%, 7/01/47
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utilities (continued)
|
|
|
|
|
$ 10,650
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
1/28 at 100.00
|
Aa2
|
$ 13,420,278
|
|
|
Series 2018A, 5.000%, 7/01/38
|
|
|
|
|
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
|
|
|
|
|
Series 2018D:
|
|
|
|
|
8,960
|
5.000%, 7/01/38
|
7/28 at 100.00
|
Aa2
|
11,441,830
|
|
8,215
|
5.000%, 7/01/39
|
7/28 at 100.00
|
Aa2
|
10,463,363
|
|
4,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/29 at 100.00
|
AA–
|
5,097,840
|
|
|
Series 2019C, 5.000%, 7/01/49
|
|
|
|
|
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds,
|
7/22 at 100.00
|
Aa2
|
3,932,220
|
|
|
Tender Option Bond Trust 3345 As Of 6/4/2015 Converted to Trust 2015-XF2047, 17.642%,
|
|
|
|
|
|
7/01/43, 144A (IF) (8)
|
|
|
|
|
2,800
|
Sacremento Municipal Utility District, California, Electric Revenue Bonds, Series 2020H,
|
8/30 at 100.00
|
AA
|
3,464,916
|
|
|
4.000%, 8/15/40
|
|
|
|
|
2,500
|
Sacremento Municipal Utility District, California, Electric Revenue Bonds, Tender Option
|
8/23 at 100.00
|
AA
|
3,725,500
|
|
|
Bond Trust 2016-XG0060, 18.079%, 8/15/41, 144A (IF) (8)
|
|
|
|
|
|
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
|
AA–
|
1,813,146
|
|
1,500
|
5.000%, 7/01/38
|
7/24 at 100.00
|
AA–
|
1,729,860
|
|
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series
|
No Opt. Call
|
A
|
5,334,320
|
|
|
2007A, 5.000%, 11/01/33
|
|
|
|
|
291,665
|
Total Utilities
|
|
|
345,493,948
|
|
|
Water and Sewer – 14.3% (9.2% of Total Investments)
|
|
|
|
|
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost
|
|
|
|
|
|
Recovery Prepayment Program, Series 2013A:
|
|
|
|
|
2,000
|
5.000%, 10/01/27
|
4/23 at 100.00
|
AA–
|
2,248,600
|
|
6,010
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
6,738,773
|
|
7,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
7,787,360
|
|
3,050
|
California Department of Water Resources, Central Valley Project Water System Revenue
|
12/30 at 100.00
|
AAA
|
4,174,474
|
|
|
Bonds, Series 2020BB, 5.000%, 12/01/35
|
|
|
|
|
5,000
|
California Infrastructure and Economic Development Bank Clean Water State Revolving Fund
|
4/28 at 100.00
|
AAA
|
6,309,650
|
|
|
Revenue Bonds, Green Series 2018, 5.000%, 10/01/43
|
|
|
|
|
145
|
California Statewide Community Development Authority, Water and Wastewater Revenue
|
10/20 at 100.00
|
AA
|
145,584
|
|
|
Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
|
|
|
|
|
385
|
California Statewide Community Development Authority, Water and Wastewater Revenue
|
10/20 at 100.00
|
AA
|
386,544
|
|
|
Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured
|
|
|
|
|
2,500
|
Central Basin Municipal Water District, California, Certificates of Participation,
|
11/20 at 100.00
|
A2
|
2,518,000
|
|
|
Tender Option Bond Trust 2016-XG0038 Formerly Tender Option Bond Trust 3152,
|
|
|
|
|
|
17.580%, 8/01/39 – AGC Insured, 144A (IF) (8)
|
|
|
|
|
|
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
|
AAA
|
6,212,750
|
|
2,200
|
5.000%, 6/01/45
|
6/27 at 100.00
|
AAA
|
2,720,146
|
|
8,715
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California,
|
6/29 at 100.00
|
AAA
|
11,353,641
|
|
|
Water System Revenue Bonds, Green Series 2019A, 5.000%, 6/01/44
|
|
|
|
|
10,000
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California,
|
6/24 at 100.00
|
AAA
|
11,552,600
|
|
|
Water System Revenue Bonds, Series 2014C, 5.000%, 6/01/44
|
|
|
|
|
4,950
|
East Valley Water District Financing Authority, California, Refunding Revenue Bonds,
|
10/20 at 100.00
|
AA–
|
4,967,325
|
|
|
Series 2010, 5.000%, 10/01/40
|
|
|
|
|
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds,
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
23,430
|
5.250%, 7/01/39 (UB) (8)
|
1/21 at 100.00
|
Aa2
|
23,794,571
|
|
2,000
|
5.000%, 7/01/41
|
1/21 at 100.00
|
AA+
|
2,029,000
|
|
2,355
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/22 at 100.00
|
AA+
|
2,549,217
|
|
|
2012B, 5.000%, 7/01/37
|
|
|
|
NAC
|
Nuveen California Quality Municipal Income Fund
Portfolio of Investments (continued)
August 31, 2020 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
$ 24,070
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/24 at 100.00
|
AA+
|
$ 27,738,749
|
|
|
2014A, 5.000%, 7/01/44
|
|
|
|
|
6,770
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
1/26 at 100.00
|
AA+
|
8,122,849
|
|
|
2016A, 5.000%, 7/01/46
|
|
|
|
|
10,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
1/27 at 100.00
|
AA+
|
12,262,100
|
|
|
2017A, 5.000%, 7/01/41
|
|
|
|
|
10,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
1/28 at 100.00
|
AA+
|
12,414,400
|
|
|
2018A, 5.000%, 7/01/48
|
|
|
|
|
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
|
|
|
|
|
2018B:
|
|
|
|
|
2,000
|
5.000%, 7/01/38
|
7/28 at 100.00
|
AA+
|
2,562,560
|
|
6,650
|
5.000%, 7/01/48
|
7/28 at 100.00
|
AA+
|
8,358,784
|
|
15,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
|
7/30 at 100.00
|
Aa2
|
19,750,200
|
|
|
2020A, 5.000%, 7/01/41
|
|
|
|
|
1,490
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Series 2015C,
|
6/25 at 100.00
|
AA+
|
1,754,773
|
|
|
5.000%, 6/01/45
|
|
|
|
|
4,420
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series
|
6/27 at 100.00
|
AA
|
5,487,121
|
|
|
2017A, 5.250%, 6/01/47
|
|
|
|
|
5,000
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series
|
6/28 at 100.00
|
AA
|
6,243,250
|
|
|
2018A, 5.000%, 6/01/48
|
|
|
|
|
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
1,245
|
5.000%, 6/01/34
|
6/23 at 100.00
|
AA
|
1,391,997
|
|
6,840
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
7,641,648
|
|
|
Mesa Water District, California, Certificates of Participation, Series 2020:
|
|
|
|
|
2,000
|
4.000%, 3/15/45
|
3/30 at 100.00
|
AAA
|
2,389,600
|
|
6,380
|
5.000%, 3/15/50
|
3/30 at 100.00
|
AAA
|
8,254,891
|
|
13,500
|
Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding
|
7/30 at 100.00
|
AAA
|
18,114,435
|
|
|
Series 2020C, 5.000%, 7/01/40
|
|
|
|
|
14,700
|
Metropolitan Water District of Southern California, Water Revenue Bonds, Series 2020A,
|
10/29 at 100.00
|
AAA
|
19,064,577
|
|
|
5.000%, 10/01/49
|
|
|
|
|
7,525
|
Moulton Niguel Water District, California, Certificates of Participation, Series 2019,
|
3/29 at 100.00
|
AAA
|
7,905,464
|
|
|
3.000%, 9/01/44
|
|
|
|
|
3,500
|
Placerville Public Financing Authority, California, Wastewater System Refinancing and
|
10/20 at 100.00
|
N/R
|
3,506,125
|
|
|
Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
|
|
|
|
|
3,195
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
10/20 at 100.00
|
CC
|
3,246,919
|
|
|
6.000%, 7/01/44
|
|
|
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A:
|
|
|
|
|
1,730
|
5.500%, 7/01/28
|
7/22 at 100.00
|
CC
|
1,810,012
|
|
6,390
|
5.750%, 7/01/37
|
7/22 at 100.00
|
CC
|
6,653,587
|
|
5,235
|
6.000%, 7/01/47
|
7/22 at 100.00
|
CC
|
5,464,031
|
|
2,525
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds,
|
No Opt. Call
|
AA
|
2,558,683
|
|
|
Crossover Refunding Series 2001, 5.500%, 12/01/20 – AMBAC Insured
|
|
|
|
|
3,000
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds,
|
6/24 at 100.00
|
AA
|
3,502,140
|
|
|
Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
|
|
|
|
|
18,570
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds,
|
12/30 at 100.00
|
AA
|
24,591,880
|
|
|
Sacramento Regional County Sanitation District, Series 2020A, 5.000%, 12/01/50
|
|
|
|
|
4,000
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue
|
8/26 at 100.00
|
Aa3
|
4,926,000
|
|
|
Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/37
|
|
|
|
|
2,570
|
San Francisco City and County Public Utilities Commission, California, Wastewater
|
4/28 at 100.00
|
AA
|
3,215,841
|
|
|
Revenue Bonds, Series 2018B, 5.000%, 10/01/43
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Water and Sewer (continued)
|
|
|
|
|
|
San Francisco City and County Public Utilities Commission, California, Water Revenue
|
|
|
|
|
|
Bonds, Tender Option Bond Trust 2015-XF0226:
|
|
|
|
|
$ 750
|
18.013%, 5/01/21, 144A (IF) (8)
|
No Opt. Call
|
Aa2
|
$ 992,220
|
|
750
|
18.013%, 11/01/28, 144A (IF) (8)
|
No Opt. Call
|
Aa2
|
919,853
|
|
|
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2015:
|
|
|
|
|
3,000
|
5.000%, 8/01/40
|
8/25 at 100.00
|
AA
|
3,587,310
|
|
1,600
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA
|
1,901,360
|
|
1,095
|
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series
|
2/28 at 100.00
|
AA
|
1,247,830
|
|
|
2018, 4.000%, 8/01/46
|
|
|
|
|
280,240
|
Total Water and Sewer
|
|
|
333,069,424
|
|
$ 3,250,140
|
Total Long-Term Investments (cost $3,211,283,463)
|
|
|
3,601,099,671
|
|
|
Floating Rate Obligations – (0.9)%
|
|
|
(21,750,000)
|
|
|
MuniFund Preferred Shares, net of deferred offering costs – (13.7)% (9)
|
|
|
(319,786,232)
|
|
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (41.0)% (10)
|
|
|
(954,149,119)
|
|
|
Other Assets Less Liabilities – 0.9%
|
|
|
21,905,065
|
|
|
Net Asset Applicable to Common Shares – 100%
|
|
|
$ 2,327,319,385
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic
principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of
split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings
designated N/R are not rated by any of these national rating agencies.
|
(4)
|
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.
|
(5)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
(6)
|
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.
|
(7)
|
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.
|
(8)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(9)
|
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 8.9%.
|
(10)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 26.5%.
|
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
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a
similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives, for more information.
|
|
See accompanying notes to financial statements.
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Assets
|
||||||||||||||||
Long-term investments, at value (cost $257,818,521, $41,744,382
|
||||||||||||||||
$1,074,874,074 and $3,211,283,463, respectively)
|
$
|
297,104,296
|
$
|
48,577,035
|
$
|
1,232,561,933
|
$
|
3,601,099,671
|
||||||||
Short-term investments, at value (cost approximates value)
|
—
|
1,200,000
|
—
|
—
|
||||||||||||
Cash
|
1,771,516
|
4,198,505
|
—
|
—
|
||||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
2,838,797
|
528,593
|
13,369,067
|
38,991,754
|
||||||||||||
Investments sold
|
1,657,792
|
—
|
9,655,550
|
1,355,150
|
||||||||||||
Deferred offering costs
|
—
|
—
|
185,000
|
—
|
||||||||||||
Other assets
|
46,559
|
3,038
|
356,977
|
1,029,698
|
||||||||||||
Total assets
|
303,418,960
|
54,507,171
|
1,256,128,527
|
3,642,476,273
|
||||||||||||
Liabilities
|
||||||||||||||||
Cash overdraft
|
—
|
—
|
9,514,964
|
9,410,292
|
||||||||||||
Floating rate obligations
|
—
|
—
|
20,975,000
|
21,750,000
|
||||||||||||
Payable for:
|
||||||||||||||||
Dividends
|
700,973
|
111,125
|
2,491,836
|
7,303,505
|
||||||||||||
Interest
|
—
|
—
|
93,690
|
54,165
|
||||||||||||
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs
|
||||||||||||||||
(liquidation preference $—, $—, $140,400,000 and $320,000,000, respectively)
|
—
|
—
|
139,986,601
|
319,786,232
|
||||||||||||
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs
|
||||||||||||||||
(liquidation preference $—, $—, $292,200,000 and $957,600,000, respectively)
|
—
|
—
|
290,466,468
|
954,149,119
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
116,097
|
25,938
|
618,655
|
1,727,049
|
||||||||||||
Custodian fees
|
19,695
|
10,247
|
53,315
|
126,659
|
||||||||||||
Directors/Trustees fees
|
46,446
|
674
|
159,764
|
621,823
|
||||||||||||
Professional fees
|
11,086
|
10,232
|
15,948
|
23,898
|
||||||||||||
Deferred offering costs
|
—
|
—
|
159,912
|
—
|
||||||||||||
Other
|
31,090
|
5,732
|
59,141
|
204,146
|
||||||||||||
Total liabilities
|
925,387
|
163,948
|
464,595,294
|
1,315,156,888
|
||||||||||||
Net Assets applicable to common shares
|
$
|
302,493,573
|
$
|
54,343,223
|
$
|
791,533,233
|
$
|
2,327,319,385
|
||||||||
Common shares outstanding
|
28,090,999
|
3,302,961
|
47,520,334
|
144,735,059
|
||||||||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
10.77
|
$
|
16.45
|
$
|
16.66
|
$
|
16.08
|
||||||||
Net assets applicable to common shares consist of:
|
||||||||||||||||
Common shares, $0.01 par value per share
|
$
|
280,910
|
$
|
33,030
|
$
|
475,203
|
$
|
1,447,351
|
||||||||
Paid-in surplus
|
266,288,699
|
47,218,878
|
636,947,679
|
1,965,695,235
|
||||||||||||
Total distributable earnings
|
35,923,964
|
7,091,315
|
154,110,351
|
360,176,799
|
||||||||||||
Net assets applicable to common shares
|
$
|
302,493,573
|
$
|
54,343,223
|
$
|
791,533,233
|
$
|
2,327,319,385
|
||||||||
Authorized shares:
|
||||||||||||||||
Common
|
250,000,000
|
Unlimited
|
Unlimited
|
Unlimited
|
||||||||||||
Preferred
|
N/A
|
N/A
|
Unlimited
|
Unlimited
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Investment Income
|
$
|
5,414,032
|
$
|
973,986
|
$
|
22,867,722
|
$
|
69,622,234
|
||||||||
Expenses
|
||||||||||||||||
Management fees
|
686,052
|
150,077
|
3,595,131
|
10,060,387
|
||||||||||||
Interest expense and amortization of offering costs
|
—
|
—
|
2,247,685
|
7,550,879
|
||||||||||||
Liquidity fees
|
—
|
—
|
1,067,349
|
2,395,229
|
||||||||||||
Remarketing fees
|
—
|
—
|
343,540
|
295,506
|
||||||||||||
Custodian fees
|
16,697
|
7,674
|
50,553
|
132,693
|
||||||||||||
Directors/Trustees fees
|
4,521
|
807
|
18,263
|
54,188
|
||||||||||||
Professional fees
|
14,899
|
10,591
|
53,339
|
99,162
|
||||||||||||
Shareholder reporting expenses
|
14,205
|
4,982
|
23,131
|
54,699
|
||||||||||||
Shareholder servicing agent fees
|
5,342
|
68
|
4,411
|
15,082
|
||||||||||||
Stock exchange listing fees
|
3,796
|
3,305
|
6,419
|
19,554
|
||||||||||||
Investor relations expenses
|
8,771
|
1,822
|
33,366
|
96,950
|
||||||||||||
Other
|
9,248
|
4,933
|
58,969
|
104,259
|
||||||||||||
Total expenses
|
763,531
|
184,259
|
7,502,156
|
20,878,588
|
||||||||||||
Net investment income (loss)
|
4,650,501
|
789,727
|
15,365,566
|
48,743,646
|
||||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
(118,904
|
)
|
(152,312
|
)
|
(2,309,690
|
)
|
(8,154,581
|
)
|
||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(7,849,577
|
)
|
(1,406,988
|
)
|
(27,072,907
|
)
|
(86,534,890
|
)
|
||||||||
Net realized and unrealized gain (loss)
|
(7,968,481
|
)
|
(1,559,300
|
)
|
(29,382,597
|
)
|
(94,689,471
|
)
|
||||||||
Net increase (decrease) in net assets applicable to
|
||||||||||||||||
common shares from operations
|
$
|
(3,317,980
|
)
|
$
|
(769,573
|
)
|
$
|
(14,017,031
|
)
|
$
|
(45,945,825
|
)
|
|
NCA
|
NCB
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/20
|
2/29/20
|
8/31/20
|
2/29/20
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
4,650,501
|
$
|
9,607,706
|
$
|
789,727
|
$
|
1,757,745
|
||||||||
Net realized gain (loss) from investments
|
(118,904
|
)
|
(14,989
|
)
|
(152,312
|
)
|
592,194
|
|||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(7,849,577
|
)
|
25,668,841
|
(1,406,988
|
)
|
4,019,668
|
||||||||||
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
from operations
|
(3,317,980
|
)
|
35,261,558
|
(769,573
|
)
|
6,369,607
|
||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
Dividends
|
(4,466,470
|
)
|
(9,607,122
|
)
|
(683,713
|
)
|
(2,220,524
|
)
|
||||||||
Decrease in net assets applicable to common shares from
|
||||||||||||||||
distributions to common shareholders
|
(4,466,470
|
)
|
(9,607,122
|
)
|
(683,713
|
)
|
(2,220,524
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Net proceeds from shares issued to shareholders due to
|
||||||||||||||||
reinvestment of distributions
|
—
|
—
|
—
|
31,433
|
||||||||||||
Net increase (decrease) in net assets applicable to common
|
||||||||||||||||
shares from capital share transactions
|
—
|
—
|
—
|
31,433
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
(7,784,450
|
)
|
25,654,436
|
(1,453,286
|
)
|
4,180,516
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
310,278,023
|
284,623,587
|
55,796,509
|
51,615,993
|
||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
302,493,573
|
$
|
310,278,023
|
$
|
54,343,223
|
$
|
55,796,509
|
|
NKX
|
NAC
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/20
|
2/29/20
|
8/31/20
|
2/29/20
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
15,365,566
|
$
|
30,142,314
|
$
|
48,743,646
|
$
|
94,354,321
|
||||||||
Net realized gain (loss) from investments
|
(2,309,690
|
)
|
3,171,600
|
(8,154,581
|
)
|
5,206,326
|
||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(27,072,907
|
)
|
95,928,915
|
(86,534,890
|
)
|
248,933,863
|
||||||||||
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
from operations
|
(14,017,031
|
)
|
129,242,829
|
(45,945,825
|
)
|
348,494,510
|
||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
Dividends
|
(15,111,466
|
)
|
(29,367,566
|
)
|
(45,157,337
|
)
|
(93,354,113
|
)
|
||||||||
Decrease in net assets applicable to common shares from
|
||||||||||||||||
distributions to common shareholders
|
(15,111,466
|
)
|
(29,367,566
|
)
|
(45,157,337
|
)
|
(93,354,113
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Net proceeds from shares issued to shareholders due to
|
||||||||||||||||
reinvestment of distributions
|
—
|
—
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets applicable to common
|
||||||||||||||||
shares from capital share transactions
|
—
|
—
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
(29,128,497
|
)
|
99,875,263
|
(91,103,162
|
)
|
255,140,397
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
820,661,730
|
720,786,467
|
2,418,422,547
|
2,163,282,150
|
||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
791,533,233
|
$
|
820,661,730
|
$
|
2,327,319,385
|
$
|
2,418,422,547
|
|
NKX
|
NAC
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
(14,017,031
|
)
|
$
|
(45,945,825
|
)
|
||
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
|
(57,966,404
|
)
|
(399,018,377
|
)
|
||||
Proceeds from sales and maturities of investments
|
53,629,329
|
383,439,782
|
||||||
Amortization (Accretion) of premiums and discounts, net
|
1,181,798
|
6,268,292
|
||||||
Amortization of deferred offering costs
|
49,504
|
99,309
|
||||||
(Increase) Decrease in:
|
||||||||
Receivable for interest
|
33,636
|
632,466
|
||||||
Receivable for investments sold
|
(5,746,883
|
)
|
17,948,350
|
|||||
Other assets
|
(12,380
|
)
|
(1,266
|
)
|
||||
Increase (Decrease) in:
|
||||||||
Payable for interest
|
(19,407
|
)
|
(20,551
|
)
|
||||
Payable for investments purchased - when-issued/delayed-delivery settlement
|
—
|
(7,242,943
|
)
|
|||||
Accrued management fees
|
42,246
|
110,773
|
||||||
Accrued Directors/Trustees fees
|
6,594
|
14,170
|
||||||
Accrued professional fees
|
(32,351
|
)
|
(43,007
|
)
|
||||
Accrued shelf offering costs
|
159,912
|
—
|
||||||
Accrued other expenses
|
37,001
|
72,552
|
||||||
Net realized (gain) loss from:
|
||||||||
Investments
|
2,309,690
|
8,154,581
|
||||||
Paydowns
|
9,783
|
28,745
|
||||||
Change in net unrealized (appreciation) depreciation of investments
|
27,072,907
|
86,534,890
|
||||||
Net cash provided by (used in) operating activities
|
6,737,944
|
51,031,941
|
||||||
Cash Flow from Financing Activities:
|
||||||||
(Payments for) deferred offering costs
|
(185,000
|
)
|
—
|
|||||
Increase (Decrease) in:
|
||||||||
Cash overdraft
|
8,416,823
|
(52,741
|
)
|
|||||
Floating rate obligations
|
—
|
(5,830,000
|
)
|
|||||
Cash distributions paid to common shareholders
|
(14,969,767
|
)
|
(45,149,200
|
)
|
||||
Net cash provided by (used in) financing activities
|
(6,737,944
|
)
|
(51,031,941
|
)
|
||||
Net Increase (Decrease) in Cash
|
||||||||
Cash at the beginning of period
|
—
|
—
|
||||||
Cash at the end of period
|
—
|
—
|
||||||
Supplemental Disclosures of Cash Flow Information
|
||||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
2,217,589
|
$
|
7,472,122
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
per
Share
Sold
through
Shelf
Offering
|
Ending
NAV
|
Ending
Share
Price
|
|||||||||||||||||||||||||||||||||
NCA
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||
2021(d)
|
$
|
11.05
|
$
|
0.17
|
$
|
(0.29
|
)
|
$
|
(0.12
|
)
|
$
|
(0.16
|
)
|
$
|
—
|
$
|
(0.16
|
)
|
$
|
—
|
$
|
—
|
$
|
10.77
|
$
|
10.58
|
||||||||||||||||||
2020
|
10.13
|
0.34
|
0.92
|
1.26
|
(0.34
|
)
|
—
|
(0.34
|
)
|
—
|
—
|
11.05
|
10.45
|
|||||||||||||||||||||||||||||||
2019
|
10.19
|
0.34
|
(0.06
|
)
|
0.28
|
(0.34
|
)
|
—
|
(0.34
|
)
|
—
|
*
|
—
|
10.13
|
9.42
|
|||||||||||||||||||||||||||||
2018
|
10.24
|
0.38
|
(0.03
|
)
|
0.35
|
(0.40
|
)
|
—
|
(0.40
|
)
|
—
|
—
|
*
|
10.19
|
9.55
|
|||||||||||||||||||||||||||||
2017
|
10.56
|
0.42
|
(0.32
|
)
|
0.10
|
(0.44
|
)
|
—
|
(0.44
|
)
|
—
|
0.02
|
10.24
|
10.21
|
||||||||||||||||||||||||||||||
2016
|
10.54
|
0.45
|
0.03
|
0.48
|
(0.47
|
)
|
—
|
(0.47
|
)
|
—
|
0.01
|
10.56
|
10.79
|
|||||||||||||||||||||||||||||||
NCB
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||||||
2021(d)
|
16.89
|
0.24
|
(0.47
|
)
|
(0.23
|
)
|
(0.21
|
)
|
—
|
(0.21
|
)
|
—
|
—
|
16.45
|
15.41
|
|||||||||||||||||||||||||||||
2020
|
15.64
|
0.53
|
1.39
|
1.92
|
(0.55
|
)
|
(0.12
|
)
|
(0.67
|
)
|
—
|
—
|
16.89
|
15.70
|
||||||||||||||||||||||||||||||
2019
|
15.90
|
0.66
|
(0.27
|
)
|
0.39
|
(0.65
|
)
|
—
|
(0.65
|
)
|
—
|
—
|
15.64
|
16.00
|
||||||||||||||||||||||||||||||
2018
|
16.28
|
0.68
|
(0.10
|
)
|
0.58
|
(0.83
|
)
|
(0.13
|
)
|
(0.96
|
)
|
—
|
—
|
15.90
|
15.62
|
|||||||||||||||||||||||||||||
2017
|
17.23
|
0.77
|
(0.73
|
)
|
0.04
|
(0.79
|
)
|
(0.20
|
)
|
(0.99
|
)
|
—
|
—
|
16.28
|
16.70
|
|||||||||||||||||||||||||||||
2016
|
17.50
|
0.82
|
(0.05
|
)
|
0.77
|
(0.81
|
)
|
(0.23
|
)
|
(1.04
|
)
|
—
|
—
|
17.23
|
17.70
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is
typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not
its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share
at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last
dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not
annualized.
|
*
|
Rounds to less than $0.01 per share.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets
|
|||||||||||||||||||||
Based
on
NAV(a)
|
Based
on
Share
Price(a)
|
Ending
Net
Assets
(000)
|
Expenses(b)
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate(c)
|
|||||||||||||||||
(1.06
|
)%
|
2.83
|
%
|
$
|
302,494
|
0.51
|
%**
|
3.09
|
%**
|
6
|
%
|
|||||||||||
12.63
|
14.67
|
310,278
|
0.52
|
3.22
|
8
|
|||||||||||||||||
2.82
|
2.31
|
284,624
|
0.62
|
3.38
|
38
|
|||||||||||||||||
3.45
|
(2.72
|
)
|
286,121
|
0.56
|
3.67
|
23
|
||||||||||||||||
1.12
|
(1.32
|
)
|
285,491
|
0.58
|
4.00
|
25
|
||||||||||||||||
4.81
|
6.08
|
279,880
|
0.64
|
4.35
|
10
|
|||||||||||||||||
(1.35
|
)
|
(0.46
|
)
|
54,343
|
0.68
|
**
|
2.94
|
**
|
4
|
|||||||||||||
12.52
|
2.31
|
55,797
|
0.71
|
3.27
|
25
|
|||||||||||||||||
2.50
|
6.77
|
51,616
|
0.76
|
4.17
|
27
|
|||||||||||||||||
3.56
|
(0.90
|
)
|
52,469
|
0.77
|
4.14
|
8
|
||||||||||||||||
0.25
|
0.10
|
53,601
|
0.74
|
4.52
|
23
|
|||||||||||||||||
4.57
|
12.91
|
56,673
|
0.74
|
4.78
|
8
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund,
(as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows:
|
NCA
|
|
NCB
|
|
|
Year Ended 2/28–2/29:
|
Year Ended 2/28–2/29:
|
|||
2021(d)
|
—%
|
2021(d)
|
—%
|
|
2020
|
—
|
2020
|
—
|
|
2019
|
—
|
2019
|
—
|
|
2018
|
—
|
2018
|
—
|
|
2017
|
0.01
|
2017
|
—
|
|
2016
|
0.01
|
2016
|
—
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
|
(d)
|
For the six months ended August 31, 2020.
|
**
|
Annualized.
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated
Net
Realized
Gains
|
Total
|
Premium
per
Share
Sold
through
Shelf
Offering
|
Discount
per
Share
Repur-
chased
and
Retired
|
Ending
NAV
|
Ending
Share
Price
|
|||||||||||||||||||||||||||||||||
NKX
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||||||
2021(e)
|
$
|
17.27
|
$
|
0.32
|
$
|
(0.61
|
)
|
$
|
(0.29
|
)
|
$
|
(0.32
|
)
|
$
|
—
|
$
|
(0.32
|
)
|
$
|
—
|
$
|
—
|
$
|
16.66
|
$
|
15.40
|
||||||||||||||||||
2020
|
15.17
|
0.63
|
2.09
|
2.72
|
(0.62
|
)
|
—
|
(0.62
|
)
|
—
|
—
|
17.27
|
15.53
|
|||||||||||||||||||||||||||||||
2019
|
15.26
|
0.66
|
(0.11
|
)
|
0.55
|
(0.65
|
)
|
—
|
(0.65
|
)
|
—
|
0.01
|
15.17
|
13.50
|
||||||||||||||||||||||||||||||
2018
|
15.35
|
0.72
|
(0.04
|
)
|
0.68
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
—
|
15.26
|
13.97
|
||||||||||||||||||||||||||||||
2017
|
16.17
|
0.76
|
(0.71
|
)
|
0.05
|
(0.83
|
)
|
(0.04
|
)
|
(0.87
|
)
|
—
|
—
|
15.35
|
14.62
|
|||||||||||||||||||||||||||||
2016
|
15.95
|
0.82
|
0.27
|
1.09
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
—
|
16.17
|
15.63
|
|||||||||||||||||||||||||||||||
NAC
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||||||
2021(e)
|
16.71
|
0.34
|
(0.66
|
)
|
(0.32
|
)
|
(0.31
|
)
|
—
|
(0.31
|
)
|
—
|
—
|
16.08
|
14.64
|
|||||||||||||||||||||||||||||
2020
|
14.95
|
0.65
|
1.76
|
2.41
|
(0.65
|
)
|
—
|
(0.65
|
)
|
—
|
—
|
16.71
|
15.09
|
|||||||||||||||||||||||||||||||
2019
|
15.17
|
0.67
|
(0.22
|
)
|
0.45
|
(0.68
|
)
|
—
|
(0.68
|
)
|
—
|
0.01
|
14.95
|
13.30
|
||||||||||||||||||||||||||||||
2018
|
15.31
|
0.73
|
(0.10
|
)
|
0.63
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
—
|
15.17
|
13.49
|
||||||||||||||||||||||||||||||
2017
|
16.06
|
0.78
|
(0.66
|
)
|
0.12
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
*
|
—
|
15.31
|
14.55
|
|||||||||||||||||||||||||||||
2016
|
15.96
|
0.88
|
0.15
|
1.03
|
(0.93
|
)
|
—
|
(0.93
|
)
|
—
|
—
|
16.06
|
15.84
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is
typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not
its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share
at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last
dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not
annualized.
|
*
|
Rounds to less than $0.01 per share.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||||||||
Based
on
NAV(a)
|
Based
on
Share
Price(a)
|
Ending
Net
Assets
(000)
|
Expenses
|
Net
Investment
Income (Loss)
|
Portfolio
Turnover
Rate(c)
|
|||||||||||||||||
(1.62
|
)%
|
1.32
|
%
|
$
|
791,533
|
1.93
|
%**
|
3.95
|
%**
|
4
|
%
|
|||||||||||
18.23
|
19.88
|
820,662
|
2.27
|
3.91
|
11
|
|||||||||||||||||
3.73
|
1.45
|
720,786
|
2.50
|
4.34
|
28
|
|||||||||||||||||
4.42
|
0.51
|
728,662
|
2.24
|
4.58
|
14
|
|||||||||||||||||
0.21
|
(1.10
|
)
|
732,649
|
1.83
|
4.70
|
25
|
||||||||||||||||
7.09
|
12.93
|
771,466
|
1.48
|
5.22
|
20
|
|||||||||||||||||
(1.83
|
)
|
(0.83
|
)
|
2,327,319
|
1.82
|
**
|
4.25
|
**
|
11
|
|||||||||||||
16.37
|
18.54
|
2,418,423
|
2.26
|
4.11
|
11
|
|||||||||||||||||
3.01
|
3.79
|
2,163,282
|
2.42
|
4.48
|
30
|
|||||||||||||||||
4.19
|
(2.27
|
)
|
2,201,952
|
1.97
|
4.71
|
14
|
||||||||||||||||
0.63
|
(2.89
|
)
|
2,221,595
|
1.77
|
4.93
|
23
|
||||||||||||||||
6.73
|
9.79
|
1,724,746
|
1.42
|
5.62
|
15
|
(b)
|
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred (as further described below) on assets attributable to preferred shares issued by the Fund.
|
|
• The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 5 – Fund Shares, Preferred Shares) and/or the
interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and
Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NKX
|
|
NAC
|
|
|
Year Ended 2/28-2/29:
|
Year Ended 2/28-2/29:
|
|||
2021(e)
|
0.94%
|
2021(e)
|
0.89%
|
|
2020
|
1.28
|
2020
|
1.33
|
|
2019
|
1.45
|
2019
|
1.45
|
|
2018
|
1.20
|
2018
|
1.02
|
|
2017
|
0.82
|
2017
|
0.79
|
|
2016
|
0.48
|
2016
|
0.48
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
|
(e)
|
For the six months ended August 31, 2020.
|
**
|
Annualized.
|
|
iMTP Shares
at the End of the Period
|
MFP Shares at
the End of the Period
|
VMTP Shares at the
End of the Period
|
VRDP Shares
at the End of the Period
|
iMTP, MFP, VMTP
and/or VRDP
Shares at the
End of the Period
|
|||||||||||||||||||||||||||||||
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $5,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Aggregate
Amount
Outstanding
(000)
|
Asset
Coverage
Per $100,000
Share
|
Asset Coverage
Per $1
Liquidation
Preference
|
|||||||||||||||||||||||||||
NKX
|
||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||
2021(a)
|
$
|
—
|
$
|
—
|
$
|
140,400
|
$
|
282,971
|
$
|
—
|
$
|
—
|
$
|
292,200
|
$
|
282,971
|
$
|
2.83
|
||||||||||||||||||
2020
|
—
|
—
|
140,400
|
289,705
|
—
|
—
|
292,200
|
289,705
|
2.90
|
|||||||||||||||||||||||||||
2019
|
—
|
—
|
140,400
|
266,617
|
—
|
—
|
292,200
|
266,617
|
2.67
|
|||||||||||||||||||||||||||
2018
|
—
|
—
|
140,400
|
268,438
|
—
|
—
|
292,200
|
268,438
|
2.68
|
|||||||||||||||||||||||||||
2017
|
36,000
|
13,468
|
—
|
—
|
—
|
—
|
396,600
|
269,359
|
2.69
|
|||||||||||||||||||||||||||
2016
|
36,000
|
16,775
|
—
|
—
|
—
|
—
|
291,600
|
335,490
|
3.35
|
|||||||||||||||||||||||||||
NAC
|
||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||
2021(a)
|
—
|
—
|
320,000
|
282,163
|
—
|
—
|
957,600
|
282,163
|
2.82
|
|||||||||||||||||||||||||||
2020
|
—
|
—
|
320,000
|
289,294
|
—
|
—
|
957,600
|
289,294
|
2.89
|
|||||||||||||||||||||||||||
2019
|
—
|
—
|
320,000
|
269,324
|
—
|
—
|
957,600
|
269,324
|
2.69
|
|||||||||||||||||||||||||||
2018
|
—
|
—
|
320,000
|
272,351
|
—
|
—
|
957,600
|
272,351
|
2.72
|
|||||||||||||||||||||||||||
2017
|
—
|
—
|
—
|
—
|
145,000
|
301,487
|
957,600
|
301,487
|
3.01
|
|||||||||||||||||||||||||||
2016
|
—
|
—
|
—
|
—
|
—
|
—
|
699,600
|
346,533
|
—
|
(a)
|
For the six months ended August 31, 2020.
|
•
|
Nuveen California Municipal Value Fund, Inc. (NCA)
|
•
|
Nuveen California Municipal Value Fund 2 (NCB)
|
•
|
Nuveen California AMT-Free Quality Municipal Income Fund (NKX)
|
•
|
Nuveen California Quality Municipal Income Fund (NAC)
|
NCA
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
297,104,296
|
$
|
—
|
$
|
297,104,296
|
||||||||
NCB
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
48,577,035
|
$
|
—
|
$
|
48,577,035
|
||||||||
Short-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
—
|
1,200,000
|
—
|
1,200,000
|
||||||||||||
Total
|
$
|
—
|
$
|
49,777,035
|
$
|
—
|
$
|
49,777,035
|
||||||||
NKX
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
1,232,561,933
|
$
|
—
|
$
|
1,232,561,933
|
||||||||
NAC
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
3,601,099,671
|
$
|
—
|
$
|
3,601,099,671
|
Floating Rate Obligations Outstanding
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
20,975,000
|
$
|
21,750,000
|
||||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
—
|
—
|
11,250,000
|
28,500,000
|
||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
32,225,000
|
$
|
50,250,000
|
Self-Deposited Inverse Floaters
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Average floating rate obligations outstanding
|
$
|
—
|
$
|
—
|
$
|
20,975,000
|
$
|
26,813,832
|
||||||||
Average annual interest rate and fees
|
—
|
%
|
—
|
%
|
1.24
|
%
|
1.22
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
20,975,000
|
$
|
21,750,000
|
||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
—
|
11,250,000
|
28,500,000
|
||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
32,225,000
|
$
|
50,250,000
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Purchases
|
$
|
19,306,804
|
$
|
2,093,424
|
$
|
57,966,404
|
$
|
399,018,377
|
||||||||
Sales and maturities
|
17,242,060
|
2,064,448
|
53,629,329
|
383,439,782
|
|
Six Months
|
|||
|
Ended
|
|||
|
8/31/20
|
|||
Additional authorized common shares
|
4,100,000
|
*
|
||
Common shares sold
|
—
|
|||
Offering proceeds, net of offering cost
|
—
|
|
NCB
|
|
|
Year
|
Year
|
|
Ended
|
Ended
|
|
8/31/20
|
2/29/20
|
Common shares issued to shareholders due to reinvestment of distributions
|
—
|
1,938
|
Fund
|
Series
|
Shares
Outstanding
|
Liquidation
Preference
|
Liquidation
Preference,
net of deferred
offering costs
|
Term
Redemption Date
|
Mode
|
Mode
Termination Date
|
NKX
|
A
|
1,404
|
$140,400,000
|
$139,986,601
|
10/01/47
|
VRRM
|
N/A
|
NAC
|
A
|
3,200
|
320,000,000
|
319,786,232
|
1/03/28
|
VRM
|
1/03/28*
|
|
NKX
|
NAC
|
||||||
Average liquidation preference of MFP Shares outstanding
|
$
|
140,400,000
|
$
|
320,000,000
|
||||
Annualized dividend rate
|
1.35
|
%
|
1.22
|
%
|
|
Shares
|
Remarketing
|
Liquidation
|
|
|||||||||||||
Fund
|
Series
|
Outstanding
|
Fees*
|
Preference
|
Maturity
|
||||||||||||
NKX
|
2
|
355
|
0.10
|
%
|
$
|
35,500,000
|
June 1, 2040
|
||||||||||
|
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
|
||||||||||||
NAC
|
1
|
1,362
|
0.10
|
%
|
$
|
136,200,000
|
June 1, 2041
|
||||||||||
|
2
|
910
|
0.10
|
91,000,000
|
December 1, 2040
|
||||||||||||
|
3
|
498
|
0.05
|
49,800,000
|
March 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
|
NAC
|
||||||
Average liquidation preference of VRDP Shares outstanding
|
$
|
292,200,000
|
$
|
957,600,000
|
||||
Annualized dividend rate
|
0.75
|
%
|
1.10
|
%
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Tax cost of investments
|
$
|
258,000,313
|
$
|
42,658,969
|
$
|
1,053,811,151
|
$
|
3,189,118,846
|
||||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
39,505,830
|
$
|
7,137,400
|
$
|
158,687,543
|
$
|
394,359,189
|
||||||||
Depreciation
|
(401,847
|
)
|
(19,334
|
)
|
(911,680
|
)
|
(4,128,381
|
)
|
||||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
39,103,983
|
$
|
7,118,066
|
$
|
157,775,863
|
$
|
390,230,808
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Undistributed net tax-exempt income1
|
$
|
328,440
|
$
|
—
|
$
|
2,082,061
|
$
|
2,475,457
|
||||||||
Undistributed net ordinary income2
|
—
|
4,350
|
100,694
|
79,805
|
||||||||||||
Undistributed net long-term capital gains
|
—
|
162,808
|
—
|
—
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Distributions from net tax-exempt income
|
$
|
9,607,122
|
$
|
1,817,209
|
$
|
35,648,711
|
$
|
117,845,124
|
||||||||
Distributions from net ordinary income2
|
—
|
151,855
|
291,702
|
476,406
|
||||||||||||
Distributions from net long-term capital gains
|
—
|
300,900
|
—
|
—
|
|
NCA
|
NKX
|
NAC5
|
|||||||||
Not subject to expiration:
|
||||||||||||
Short-term
|
$
|
2,763,789
|
$
|
1,294,688
|
$
|
20,353,253
|
||||||
Long-term
|
—
|
—
|
—
|
|||||||||
Total
|
$
|
2,763,789
|
$
|
1,294,688
|
$
|
20,353,253
|
|
NCA
|
NKX
|
NAC
|
|||||||||
Utilized capital loss carryforwards
|
$
|
3,587
|
$
|
3,284,297
|
$
|
5,415,205
|
|
NCB
|
|||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4000
|
%
|
||
For the next $125 million
|
0.3875
|
|||
For the next $250 million
|
0.3750
|
|||
For the next $500 million
|
0.3625
|
|||
For the next $1 billion
|
0.3500
|
|||
For the next $3 billion
|
0.3250
|
|||
For managed assets over $5 billion
|
0.3125
|
|
NKX
|
|||
|
NAC
|
|||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
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
|
* 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, 2020, the complex-level fee for
each Fund was 0.1574%.
|
|
NCB
|
NKX
|
NAC
|
|||||||||
Purchases
|
$
|
714,316
|
$
|
2,358,425
|
$
|
12,736,016
|
||||||
Sales
|
—
|
—
|
10,317,885
|
(i)
|
one-tenth or more, but less than one-fifth of all voting power;
|
(ii)
|
one-fifth or more, but less than one-third of all voting power;
|
(iii)
|
one-third or more, but less than a majority of all voting power; or
|
(iv)
|
a majority or more of all voting power.
|
Board of Directors/Trustees*
|
|
|
|
|
|
|
||
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
Judith M. Stockdale
|
Carole E. Stone
|
|||
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|
|
|
|
|
||||||||
* Mathew Thornton III has been appointed to the Board of Directors/Trustees effective November 16, 2020.
|
||||||||
|
||||||||
|
||||||||
Investment Adviser
|
|
Custodian
|
Legal Counsel
|
|
Independent Registered
|
Transfer Agent and
|
||
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
||||
333 West Wacker Drive
|
|
& Trust Company
|
Chicago, IL 60603
|
|
KPMG LLP
|
|
Computershare Trust
|
|
Chicago, IL 60606
|
|
One Lincoln Street
|
|
|
200 East Randolph Street
|
Company, N.A.
|
||
|
|
Boston, MA 02111
|
|
|
Chicago, IL 60601
|
150 Royall Street
|
||
|
|
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
|
|
|
|
(800) 257-8787
|
|
NCA
|
NCB
|
NKX
|
NAC
|
Common shares repurchased
|
—
|
—
|
—
|
—
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also
serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next
scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses
the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period
being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a
bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of
certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and
interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a
municipal bond, typically with a fixed interest rate, into a special purpose trust. 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.
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Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to
lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral,
pre-refunding generally raises a bond’s credit rating and thus its value.
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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.
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S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade
California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
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S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal
bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
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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.
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Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from
accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile
than the market prices of bonds that pay interest periodically.
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Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
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(a)
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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)).
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(b)
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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.
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(a)(1)
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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.
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(a)(3)
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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.
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(a)(4)
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Change in the registrant’s independent public accountant. Not applicable.
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