N-CSR 1 d494043dncsr.htm NUVEEN CALIFORNIA MUNICIPAL VALUE FUND

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number |  | 811-05235

Nuveen California Municipal Value Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: |  | (312) 917-7700

Date of fiscal year end: |  | February 28

Date of reporting period: |  | February 28, 2023

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

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

ITEM 1. | REPORTS TO STOCKHOLDERS.

Closed-End
Funds
Closed-End
Funds
Nuveen
Municipal
February
28,
2023
Annual
Report
NAC
Nuveen
California
Quality
Municipal
Income
Fund
NKX
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
NCA
Nuveen
California
Municipal
Value
Fund
NXC
Nuveen
California
Select
Tax-Free
Income
Portfolio
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NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Portfolio
Managers’
Comments
5
Fund
Leverage
8
Common
Share
Information
9
Performance
Overview
and
Holdings
Summaries
11
Shareholder
Meeting
Report
19
Report
of
Independent
Registered
Public
Accounting
Firm
21
Portfolios
of
Investments
23
Statement
of
Assets
and
Liabilities
63
Statement
of
Operations
64
Statement
of
Changes
in
Net
Assets
65
Statement
of
Cash
Flows
68
Financial
Highlights
70
Notes
to
Financial
Statements
75
Shareholder
Update
89
Important
Tax
Information
113
Additional
Fund
Information
114
Glossary
of
Terms
Used
in
this
Report
115
Board
Members
&
Officers
116
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
over
the
past
year
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
March
2023,
the
Fed
raised
the
target
fed
funds
rate
by
4.75%
to
a
range
of
4.75%
to
5.00%,
marking
the
fastest
interest
rate
hiking
cycle
in
its
history.
Across
most
of
the
world,
inflation
rates
have
fallen
from
their
post-pandemic
highs
but
currently
remain
well
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
surprisingly
resilient,
even
as
financial
conditions
have
tightened.
Despite
contracting
in
the
first
half
of
2022,
U.S.
gross
domestic
product
grew
2.1%
in
the
year
overall
compared
to
2021.
More
recent
data
have
shown
a
relatively
strong
jobs
market,
which
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages,
which
could
prompt
central
banks
to
continue
raising
interest
rates
at
the
risk
of
slowing
economies
too
much.
Additionally,
the
recent
collapse
of
two
regional
U.S.
banks,
Silicon
Valley
Bank
and
Signature
Bank,
and
major
European
bank
Credit
Suisse,
is
likely
to
add
further
downward
pressure
to
the
economy
as
the
banking
system
slows
lending
in
response.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
policy
based
upon
these
factors.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-
term
perspective
amid
the
short-term
noise.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
April
20,
2023
Portfolio
Managers’
Comments
5
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
Nuveen
California
ATM-Free
Quality
Municipal
Income
Fund
(NKX)
Nuveen
California
Municipal
Value
Fund
(NCA)
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC)
These
Funds
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Here,
the
Funds’
portfolio
manager
Scott
R.
Romans,
PhD,
reviews
U.S.
economic
and
market
conditions,
key
investment
strategies
and
the
performance
of
the
Funds
for
the
twelve-month
reporting
period
ended
February
28,
2023.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
Shareholder
Update
section
at
the
end
of
the
report.
What
factors
affected
the
U.S.
economy
and
municipal
bond
markets
during
the
twelve-month
reporting
period
ended
February
28,
2023?
Despite
high
inflation
and
tightening
financial
conditions,
the
U.S.
economy
remained
on
a
moderate
growth
path
during
the
twelve-month
period
ended
February
28,
2023.
The
U.S.
economy
grew
at
a
pace
of
2.1%
in
2022,
normalizing
from
its
rapid
post-pandemic
recovery
in
2021
when
it
expanded
5.9%,
according
to
the
U.S.
Bureau
of
Economic
Analysis.
Inflation
remained
persistently
high
as
China’s
Zero-COVID
restrictions
(later
lifted
in
December
2022)
and
the
Russia-Ukraine
war
worsened
existing
pandemic-related
supply
chain
disruptions
and
drove
food
and
energy
prices
higher.
While
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
took
aggressive
measures
that
helped
inflation
rates
ease
off
their
peaks,
the
levels
remained
much
higher
than
central
banks’
target
levels.
Beginning
in
March
2022,
the
Fed
raised
its
target
fed
funds
rate
eight
times
during
the
reporting
period,
bringing
it
from
near
zero
at
the
start
of
2022
to
a
range
of
4.50%
to
4.75%.
After
the
close
of
the
reporting
period,
in
March
2023,
the
Fed
raised
its
rate
by
0.25%
to
a
range
of
4.75%
to
5.00%.
This
was
a
closely
watched
decision
because
of
the
failure
of
Silicon
Valley
Bank
and
Signature
Bank
in
March
2023,
after
the
end
of
the
reporting
period,
and
uncertainty
around
the
economic
impact
of
these
failures.
In
the
same
month,
Swiss
bank
UBS
agreed
to
buy
Credit
Suisse,
which
had
been
troubled
for
some
time
and
was
considered
to
be
vulnerable
in
the
current
environment.
For
much
of
the
reporting
period,
the
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets.
In
addition,
it
contributed
to
an
increase
in
the
U.S.
dollar’s
value
relative
to
major
world
currencies,
which
acts
as
a
headwind
to
the
profits
of
international
companies
and
U.S.
domestic
companies
with
overseas
earnings.
Global
currency
and
bond
markets
were
further
roiled
in
September
2022
by
an
unpopular
fiscal
spending
proposal
in
the
U.K.
but
recovered
after
the
plans
were
abandoned.
Inflation
and
higher
borrowing
costs
weighed
on
consumer
confidence
and
spending
and
notably
cooled
the
housing
market
in
this
reporting
period.
However,
the
labor
market,
another
key
gauge
of
the
economy’s
health,
remained
stronger
than
expected.
By
July
2022,
the
economy
had
recovered
the
22
million
jobs
lost
since
the
beginning
of
the
pandemic.
As
of
February
2023,
the
unemployment
rate
remained
near
its
pre-pandemic
low
of
3.6%,
although
monthly
job
growth
appeared
to
be
slowing.
The
strong
labor
market
and
wage
gains
helped
provide
a
measure
of
resilience
to
the
U.S.
economy
in
2022
and
early
2023,
even
as
the
Fed
sought
to
soften
job
growth
to
help
curb
inflation
pressures.
The
broad
municipal
bond
market
declined
over
the
twelve-month
reporting
period,
primarily
driven
by
interest
rate
and
economic
uncertainty.
Municipal
yields
rose
across
the
maturity
spectrum,
with
a
greater
increase
at
the
shorter
end
of
the
curve
as
markets
priced
in
a
more
aggressive
pace
of
monetary
tightening
to
combat
persistently
high
inflation.
Although
the
yield
curve
flattened
overall,
shorter
maturities
still
outperformed
longer
maturities.
In
response
to
the
rising
interest
rate
environment
and
heightened
market
volatility,
dealers
reduced
their
inventories
and
investors
increased
redemptions
from
traditional
municipal
bond
mutual
funds.
For
much
of
the
reporting
period,
credit
spreads
were
generally
stable
given
relatively
strong
municipal
fundamentals,
although
there
was
some
widening
as
the
market
sell-off
continued.
Portfolio
Managers’
Comments
(continued)
6
What
were
the
economic
and
market
environments
in
California
during
the
twelve-month
reporting
period
ended
February
28,
2023?
California’s
$3.6
trillion
economy
is
the
largest
in
the
United
States,
representing
14.1%
of
U.S.
gross
domestic
product,
and
on
a
standalone
basis
would
be
the
fifth
largest
economy
in
the
world.
The
state’s
economy
is
diverse
and
generally
mirrors
the
nation’s
economic
composition
but
with
a
higher
concentration
in
the
information
technology
sector.
During
2022,
the
state
recovered
the
remaining
2.8
million
jobs
lost
during
the
pandemic.
However,
employment
gains
are
slowing
because
of
technology
layoffs,
agricultural
headwinds
and
declining
housing
affordability.
The
state’s
unemployment
rate
was
4.3%
as
of
February
2023,
higher
than
the
nation’s
3.6%
rate.
The
state’s
general
fund
budget
for
fiscal
year
2023
(July
1,
2022
to
June
30,
2023)
totals
$234.4
billion,
which
is
3.5%
lower
than
the
revised
fiscal
year
2022
budget.
The
fiscal
year
2023
budget
projected
a
$49.2
billion
surplus,
driven
by
revenues
that
were
significantly
higher
and
state
costs
that
were
lower
than
initially
expected.
California’s
proposed
budget
of
$223.6
billion
for
fiscal
year
2023-2024
(July
1,
2023
to
June
30,
2024)
represents
a
6.9%
decrease
over
the
prior
year
and
projects
a
$22.5
billion
budget
gap
because
of
lower
general
fund
revenues.
The
state
has
released
plans
to
address
the
deficit.
As
of
February
2023,
S&P
affirmed
its
AA-
rating
and
positive
outlook
on
California
general
obligation
(GO)
debt.
Moody’s
affirmed
its
state
GO
rating
of
Aa2
with
a
stable
outlook.
California
municipal
bond
supply
totaled
$47.8
billion
for
the
twelve-month
period
ended
February
28,
2023,
a
40.5%
decrease
from
the
same
period
a
year
earlier.
What
key
strategies
were
used
to
manage
the
Funds
during
the
twelve-month
reporting
period
ended
February
28,
2023?
Each
Fund
seeks
to
provide
current
income
exempt
from
both
regular
federal
and
California
state
income
taxes,
and
in
the
case
of
NKX,
the
alternative
minimum
tax
(“AMT”)
applicable
to
individuals,
by
investing
primarily
in
a
portfolio
of
municipal
obligations
issued
by
state
and
local
government
authorities
within
the
state
of
California
or
certain
U.S.
territories.
To
the
extent
that
the
Funds
invest
in
bonds
of
municipal
issuers
located
in
other
states,
each
Fund
may
have
income
that
is
not
exempt
from
state
personal
income
tax.
NAC
and
NKX
use
leverage.
NCA
and
NXC
may
use
tender
option
bonds
to
implement
their
investment
strategies
more
efficiently,
which
may
create
up
to
10%
effective
leverage.
Leverage
is
discussed
in
more
detail
later
in
the
Fund
Leverage
section
of
this
report.
During
the
reporting
period,
the
Funds’
trading
activity
remained
focused
on
pursuing
their
investment
objectives.
The
rising
yield
environment
during
this
reporting
period
was
favorable
for
the
Funds
to
reset
embedded
yields
higher
in
their
portfolios,
primarily
by
executing
on
tax-loss
swap
opportunities.
This
strategy
involves
selling
depreciated
bonds
with
lower
embedded
yields
to
reinvest
in
similarly
structured,
higher
income-producing
bonds
to
support
the
Funds’
income
earnings
and
capture
tax
efficiencies.
The
rising
interest
rate
environment
in
this
reporting
period
also
provided
an
opportunity
for
the
municipal
investment
team
to
buy
lower
rated
credits
in
the
Funds
at
wider-than-average
credit
spreads
and
with
incrementally
higher
yields.
These
new
purchases
were
funded
by
selling
higher
quality,
lower
yielding
paper
that
had
been
bought
when
prevailing
interest
rates
were
lower.
The
goal
of
the
new
purchases
was
to
keep
the
Funds
fully
invested
and
to
hold
a
more
liquid
investment
that
could
be
sold
when
longer-term
opportunities
arose.
This
credit
rotation
strategy
resulted
in
increased
weightings
in
health
care
and
multi-family
housing
bonds,
specifically
in
a
program
in
California
that
finances
affordable
workforce
housing.
In
the
case
of
NAC,
NCA
and
NXC,
this
strategy
also
resulted
in
an
increased
weight
in
airport
revenue
bonds
subject
to
the
alternative
minimum
tax
(AMT).
Conversely,
the
Funds’
weightings
in
utilities
and
state
and
local
general
obligation
bonds
decreased
in
the
reporting
period.
As
of
February
28,
2023,
NAC
and
NKX
continued
to
use
inverse
floating
rate
securities.
The
Funds
employ
inverse
floating
rate
securities,
which
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
and
are
sometimes
referred
to
as
“inverse
floaters,”
for
a
variety
of
reasons,
including
duration
management,
income
and
total
return
enhancement.
NCA
and
NXC
had
no
effective
leverage
during
the
reporting
period.
How
did
the
Funds
perform
during
the
twelve-month
reporting
period
ended
February
28,
2023?
For
the
twelve
months
ended
February
28,
2023,
the
Nuveen
California
Municipal
Value
Fund
(NCA)
and
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC) underperformed
the
S&P
Municipal
Bond
California
Index
while
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
and
Nuveen
California
ATM-Free
Quality
Municipal
Income
Fund
(NKX)
significantly
underperformed
the
S&P
Municipal
Bond
California
Index.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
S&P
Municipal
Bond
California
Index.
NAC
and
NKX’s
use
of
leverage
through
inverse
floating
rate
securities
and
the
issuance
of
preferred
shares
detracted
significantly
from
relative
performance
during
the
reporting
period.
However,
the
Funds’
use
of
leverage
was
accretive
to
overall
common
share
income.
7
The
Funds’
longer-duration
positioning
relative
to
their
respective
benchmark
indexes
was
another
primary
detractor
from
relative
performance
for
NAC
and
NKX
and
was
the
main
relative
performance
detractor
for
NCA
and
NXC.
The
negative
impact
came
from
the
Funds’
overweight
allocations
to
longer-duration
bonds,
which
underperformed
in
the
rising
rate
environment,
and
their
corresponding
underweights
to
shorter-duration
bonds,
which
outperformed.
During
the
reporting
period,
there
were
no
material
contributors
that
offset
the
Funds’
underperformance.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
manager
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements,
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Fund
disclaims
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group
(S&P),
Moody’s
Investors
Service,
Inc.
(Moody’s)
or
Fitch,
Inc.
(Fitch).
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings,
while
BB,
B,
CCC,
CC,
C
and
D
are
below
investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Bond
insurance
guarantees
only
the
payment
of
principal
and
interest
on
the
bond
when
due,
and
not
the
value
of
the
bonds
themselves,
which
will
fluctuate
with
the
bond
market
and
the
financial
success
of
the
issuer
and
the
insurer.
Insurance
relates
specifically
to
the
bonds
in
the
portfolio
and
not
to
the
share
prices
of
a
Fund.
No
representation
is
made
as
to
the
insurers’
ability
to
meet
their
commitments.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
8
Fund
Leverage
IMPACT
OF
THE
FUND’S
LEVERAGE
STRATEGY
ON
PERFORMANCE
One
important
factor
impacting
the
returns
of
the
Funds’
common
shares
relative
to
their
comparative
benchmarks
was
the
Funds’
use
of
leverage
through
their
issuance
of
preferred
shares
and/or
investments
in
inverse
floating
rate
securities,
which
represent
leveraged
investments
in
underlying
bonds.
The
Funds
use
leverage
because
our
research
has
shown
that,
over
time,
leveraging
provides
opportunities
for
additional
income.
The
opportunity
arises
when
short-term
rates
that
a
Fund
pays
on
its
leveraging
instruments
are
lower
than
the
interest
the
Fund
earns
on
its
portfolio
of
long-term
bonds
that
it
has
bought
with
the
proceeds
of
that
leverage.
However,
use
of
leverage
can
expose
Fund
common
shares
to
additional
price
volatility.
When
a
Fund
uses
leverage,
the
Fund’s
common
shares
will
experience
a
greater
increase
in
their
net
asset
value
if
the
municipal
bonds
acquired
through
the
use
of
leverage
increase
in
value,
but
will
also
experience
a
correspondingly
larger
decline
in
their
net
asset
value
if
the
bonds
acquired
through
leverage
decline
in
value.
All
this
will
make
the
shares’
total
return
performance
more
variable
over
time.
In
addition,
common
share
income
in
levered
funds
will
typically
decrease
in
comparison
to
unlevered
funds
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
In
recent
quarters,
fund
leverage
expenses
have
generally
tracked
the
overall
movement
of
short-term
tax-exempt
interest
rates.
While
fund
leverage
expenses
are
higher
than
prior
year
lows,
leverage
nevertheless
continues
to
provide
the
opportunity
for
incremental
common
share
income,
particularly
over
longer-term
periods.
NAC
and
NKX’s
use
of
leverage
significantly
detracted
from
relative
performance
during
the
reporting
period.
However,
the
Funds’
use
of
leverage
was
accretive
to
overall
common
share
income.
As
of
February
28,
2023
,
the
Funds’
percentages
of
leverage
are
as
shown
in
the
accompanying
table.
*
Effective
Leverage
is
a
Fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
and
the
leverage
effects
of
certain
derivative
and
other
investments
in
a
Fund’s
portfolio
that
increase
the
Fund’s
investment
exposure.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Regulatory
leverage
consists
of
preferred
shares
issued
or
borrowings
of
a
Fund.
Both
of
these
are
part
of
a
Fund’s
capital
structure.
A
Fund,
however,
may
from
time
to
time
borrow
on
a
typically
transient
basis
in
connection
with
its
day-to-day
operations,
primarily
in
connection
with
the
need
to
settle
portfolio
trades.
Such
incidental
borrowings
are
excluded
from
the
calculation
of
a
Fund’s
effective
leverage
ratio.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
forth
in
the
Investment
Company
Act
of
1940.
THE
FUNDS’
REGULATORY
LEVERAGE
As
of
February
28,
2023
,
the
following
Funds
have
issued
and
outstanding
preferred
shares
as
shown
in
the
accompanying
table.
As
mentioned
previously,
NCA
and
NXC
do
not
use
regulatory
leverage.
*
Preferred
shares
of
the
Fund
featuring
a
floating
rate
dividend
based
on
a
predetermined
formula
or
spread
to
an
index
rate.
Includes
the
following
preferred
shares
AMTP,
iMTP,
MFP-VRM
and
VRDP
in
Special
Rate
Mode,
where
applicable.
See
Notes
to
Financial
Statements
for
further
details.
**
Preferred
shares
of
the
Fund
featuring
floating
rate
dividends
set
by
a
remarketing
agent
via
a
regular
remarketing.
Includes
the
following
preferred
shares
VRDP
not
in
Special
Rate
Mode,
MFP-VRRM
and
MFP-VRDM,
where
applicable.
See
Notes
to
Financial
Statements
for
further
details.
Refer
to
Notes
to
Financial
Statements
for
further
details
on
preferred
shares
and
each
Fund’s
respective
transactions.
NAC
NKX
NCA
NXC
Effective
Leverage*
40.54%
41.09%
0.00%
0.00%
Regulatory
Leverage*
40.39%
39.15%
0.00%
0.00%
Variable
Rate
Preferred*
Variable
Rate
Remarketed
Preferred**
Fund
Shares
Issued
at
Liquidation
Preference
Shares
Issued
at
Liquidation
Preference
Total
NAC
$729,900,000
$497,900,000
$1,227,800,000
NKX
$
-
$397,100,000
$397,100,000
Common
Share
Information
9
COMMON
SHARE
DISTRIBUTION
INFORMATION
The
following
information
regarding the
Funds' distributions
is
current
as
of
February
28,
2023. Each
Fund's
distribution
levels
may
vary
over
time
based
on each
Fund's
investment
activity
and
portfolio
investment
value
changes.
During
the
current
reporting
period, each
Fund's
distributions
to
common
shareholders
were
as
shown
in
the
accompanying
table.
Each
Fund
seeks
to
pay
regular
monthly
dividends
out
of
its
net
investment
income
at
a
rate
that
reflects
its
past
and
projected
net
income
performance.
To
permit
each
Fund
to
maintain
a
more
stable
monthly
dividend,
the
Fund
may
pay
dividends
at
a
rate
that
may
be
more
or
less
than
the
amount
of
net
income
actually
earned
by
the
Fund
during
the
period.
Distributions
to
common
shareholders
are
determined
on
a
tax
basis,
which
may
differ
from
amounts
recorded
in
the
accounting
records.
In
instances
where
the
monthly
dividend
exceeds
the
earned
net
investment
income,
the
Fund
would
report
a
negative
undistributed
net
ordinary
income.
Refer
to the
Notes
to
Financial Statements for
additional
information
regarding
the
amounts
of
undistributed
net
ordinary
income
and
undistributed
net
long-term
capital
gains
and
the
character
of
the
actual
distributions
paid
by
the
Fund
during
the
period.
All
monthly
dividends
paid
by
each
Fund
during
the
current
reporting
period
were
paid
from
net
investment
income.
If
a
portion
of
the
Fund’s
monthly
distributions
is
sourced
or
comprised
of
elements
other
than
net
investment
income,
including
capital
gains
and/
or
a
return
of
capital,
shareholders
will
be
notified
of
those
sources.
For
financial
reporting
purposes,
the
per
share
amounts
of
each
Fund’s
distributions
for
the
reporting
period
are
presented
in
this
report’s
Financial
Highlights.
For
income
tax
purposes,
distribution
information
for
each
Fund
as
of
its
most
recent
tax
year
end
is
presented
in the
Notes
to
Financial
Statements
of
this
report.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-
closed-end-funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
Per
Common
Share
Amounts
Monthly
Distributions
(Ex-Dividend
Date)
NAC
NKX
NCA
NXC
March
$0.0545
$0.0565
$0.0245
$0.0400
April
0.0515
0.0565
0.0245
0.0400
May
0.0515
0.0565
0.0245
0.0400
June
0.0515
0.0565
0.0245
0.0400
July
0.0515
0.0520
0.0265
0.0400
August
0.0515
0.0520
0.0265
0.0400
September
0.0515
0.0520
0.0265
0.0400
October
0.0445
0.0470
0.0275
0.0420
November
0.0445
0.0470
0.0275
0.0420
December
0.0445
0.0470
0.0275
0.0420
January
0.0360
0.0415
0.0290
0.0435
February
0.0360
0.0415
0.0290
0.0435
Total
Distributions
from
Net
Investment
Income
$0.5690
$0.6060
$0.3180
$0.4930
Total
Distributions
from
Long
Term
Capital
Gains
1
$–
$–
$–
$0.0022
Total
Distributions
$0.5690
$0.6060
$0.3180
$0.4952
1
Distributions
paid
in
December
2022.
Yields
NAC
NKX
NCA
NXC
Market
Yield
1
3.97%
4.25%
3.99%
3.76%
Taxable-Equivalent
Yield
1
8.65%
9.26%
8.69%
8.19%
1
Market
Yield
is
based
on
the
Fund’s
current
annualized
monthly
distribution
divided
by
the
Fund’s
current
market
price
as
of
the
end
of
the
reporting
period.
Taxable-Equivalent
Yield
represents
the
yield
that
must
be
earned
on
a
fully
taxable
investment
in
order
to
equal
the
yield
of
the
Fund
on
an
after-tax
basis.
It
is
based
on
a
combined
federal
and
state
income
tax
rate
of
54.1%.
Your
actual
combined
federal
and
state
income
tax
rate
may
differ
from
the
assumed
rate.
The
Taxable-Equivalent
Yield
also
takes
into
account
the
percentage
of
the
Fund’s
income
generated
and
paid
by
the
Fund
(based
on
payments
made
during
the
previous
calendar
year)
that
was
either
exempt
from
federal
income
tax
but
not
from
state
income
tax
(e.g.,
income
from
an
out-of-state
municipal
bond),
or
was
exempt
from
neither
federal
nor
state
income
tax.
Separately,
if
the
comparison
were
instead
to
investments
that
generate
qualified
dividend
income,
which
is
taxable
at
a
rate
lower
than
an
individual’s
ordinary
graduated
tax
rate,
the
fund’s
Taxable-Equivalent
Yield
would
be
lower.
Common
Share
Information
(continued)
10
COMMON
SHARE
REPURCHASES
During
August
2022,
the
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
February
28,
2023,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
OTHER
COMMON
SHARE
INFORMATION
As
of
February
28,
2023,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAV,
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
NAC
NKX
NCA
NXC
Common
shares
cumulatively
repurchased
and
retired
370,000
230,000
-
-
Common
shares
authorized
for
repurchase
14,470,000
4,750,000
3,310,000
635,000
NAC
NKX
NCA
NXC
Common
share
NAV
$12.52
$12.99
$9.22
$13.71
Common
share
price
$10.87
$11.72
$8.72
$13.89
Premium/(Discount)
to
NAV
(13.18)%
(9.78)%
(5.42)%
1.31%
Average
premium/(discount)
to
NAV
(9.80)%
(6.49)%
(6.64)%
(1.12)%
Nuveen
California
Quality
Municipal
Income
Fund
Performance
Overview
and
Holdings
Summaries
February
28,
2023
11
NAC
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Common
Share
Price
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NAC
at
Common
Share
NAV
5/26/99
(13.20)%
0.34%
2.58%
NAC
at
Common
Share
Price
5/26/99
(16.78)%
0.28%
1.56%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
California
Index
—
(4.78)%
1.55%
2.34%
12
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
166
.3‌
%
Other
Assets
&
Liabilities,
Net
1.4%
MFP
Shares,
Net
(
17
.7‌
)
%
VRDP
Shares,
Net
(
50
.0‌
)
%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
12.0%
AAA
6.4%
AA
40.5%
A
17.2%
BBB
6.5%
BB
or
Lower
3.1%
N/R
(not
rated)
14.3%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/General
18.3%
Utilities
14.7%
U.S.
Guaranteed
13.8%
Transportation
13.5%
Health
Care
12.9%
Tax
Obligation/Limited
12.1%
Housing/Multifamily
10.5%
Other
4.2%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
95.8%
Puerto
Rico
3.4%
Guam
0.7%
Virgin
Islands
0.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
California
AMT-Free
Quality
Municipal
In-
come
Fund
Performance
Overview
and
Holdings
Summaries
February
28,
2023
13
NKX
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Common
Share
Price
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NKX
at
Common
Share
NAV
11/21/02
(13.14)%
0.87%
3.01%
NKX
at
Common
Share
Price
11/21/02
(13.15)%
0.94%
2.61%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
California
Index
—
(4.78)%
1.55%
2.34%
14
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
167
.8‌
%
Other
Assets
&
Liabilities,
Net
1.7%
Floating
Rate
Obligations
(5.4)%
MFP
Shares,
Net
(
22
.7‌
)
%
VRDP
Shares,
Net
(
41
.4‌
)
%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
15.4%
AAA
3.8%
AA
41.5%
A
13.7%
BBB
6.4%
BB
or
Lower
3.3%
N/R
(not
rated)
15.9%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/General
22.6%
U.S.
Guaranteed
15.8%
Tax
Obligation/Limited
14.9%
Health
Care
13.6%
Utilities
12.0%
Housing/Multifamily
10.5%
Transportation
6.8%
Other
3.8%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
93.7%
Puerto
Rico
4.7%
Guam
1.1%
Virgin
Islands
0.4%
New
York
0.1%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
California
Municipal
Value
Fund
Performance
Overview
and
Holdings
Summaries
February
28,
2023
15
NCA
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Common
Share
Price
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NCA
at
Common
Share
NAV
10/07/87
(7.58)%
1.16%
2.53%
NCA
at
Common
Share
Price
10/07/87
(5.13)%
1.50%
2.08%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
California
Index
—
(4.78)%
1.55%
2.34%
16
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98
.8‌
%
Other
Assets
&
Liabilities,
Net
1.2%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
5.1%
AAA
9.8%
AA
45.2%
A
19.5%
BBB
5.7%
BB
or
Lower
2.3%
N/R
(not
rated)
12.4%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Tax
Obligation/General
23.2%
Utilities
19.0%
Transportation
18.7%
Tax
Obligation/Limited
10.1%
Health
Care
9.7%
Housing/Multifamily
9.5%
U.S.
Guaranteed
6.3%
Other
3.5%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
97.8%
Puerto
Rico
2.2%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Nuveen
California
Select
Tax-Free
Income
Portfo-
lio
Performance
Overview
and
Holdings
Summaries
February
28,
2023
17
NXC
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
S&P
Municipal
Bond
California
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Growth
of
an
Assumed
$10,000
Investment
as
of February
28,
2023
-
Common
Share
Price
Total
Returns
as
of
February
28,
2023
Average
Annual
Inception
Date
1-Year
5-Year
10-Year
NXC
at
Common
Share
NAV
6/19/92
(6.23)%
1.65%
2.75%
NXC
at
Common
Share
Price
6/19/92
(2.77)%
2.83%
3.28%
S&P
Municipal
Bond
Index
—
(4.91)%
1.68%
2.13%
S&P
Municipal
Bond
California
Index
—
(4.78)%
1.55%
2.34%
18
Performance
Overview
and
Holdings
Summaries
February
28,
2023
(continued)
Holdings
Summaries
as
of
February
28,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
rating
given
by
one
of
the
following
national
rating
agencies:
Standard
&
Poor’s
Group,
Moody’s
Investors
Service,
Inc.
or
Fitch,
Inc.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Credit
ratings
are
subject
to
change.
AAA,
AA,
A
and
BBB
are
investment
grade
ratings;
BB,
B,
CCC,
CC,
C
and
D
are
below-investment
grade
ratings.
Holdings
designated
N/R
are
not
rated
by
these
national
rating
agencies.
Fund
Allocation
(%
of
net
assets)
Municipal
Bonds
98
.2‌
%
Other
Assets
&
Liabilities,
Net
1.8%
Net
Assets
100‌
%
Portfolio
Credit
Quality
(%
of
total
investment
exposure)
U.S.
Guaranteed
11.9%
AAA
11.3%
AA
40.1%
A
18.5%
BBB
3.9%
BB
or
Lower
2.6%
N/R
(not
rated)
11.7%
Total
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Utilities
21.4%
Tax
Obligation/General
20.4%
Tax
Obligation/Limited
13.6%
Transportation
12.0%
U.S.
Guaranteed
11.9%
Health
Care
10.3%
Housing/Multifamily
9.3%
Other
1.1%
Total
100%
States
and
Territories
2
(%
of
total
municipal
bonds)
California
98.7%
Puerto
Rico
1.3%
Total
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
2
The
Fund
may
invest
up
to
20%
of
its
net
assets
in
municipal
bonds
that
are
exempt
from
regular
federal
income
tax,
but
not
from
California
personal
income
tax
if,
in
the
judgement
of
the
Fund's
sub-adviser,
such
purchases
are
expected
to
enhance
the
Fund's
after-tax
total
return
potential.
Shareholder
Meeting
Report
19
The
annual
meeting
of
shareholders
was
held
on
November
18,
2022
for
NAC,
NKX
and
NCA;
at
this
meeting
the
shareholders
were
asked
to
elect
Board
members.
NAC
NKX
NCA
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Common
and
Preferred
shares
voting
together
as
a
class
Preferred
shares
voting
together
as
a
class
Approval
of
the
Board
Members
was
reached
as
follows:
Judith
M.
Stockdale
For
101,750,835
—
34,901,203
—
26,861,810
—
Withhold
3,336,024
—
1,186,396
—
661,992
—
Total
105,086,859
—
36,087,599
—
27,523,802
—
Carole
E.
Stone
For
101,807,900
—
34,940,704
—
26,883,619
—
Withhold
3,278,959
—
1,146,895
—
640,183
—
Total
105,086,859
—
36,087,599
—
27,523,802
—
Margaret
L.
Wolff
For
101,867,468
—
34,928,317
—
26,877,856
—
Withhold
3,219,391
—
1,159,282
—
645,946
—
Total
105,086,859
—
36,087,599
—
27,523,802
—
William
C.
Hunter
For
—
11,187
—
4,326
26,689,956
—
Withhold
—
—
—
—
833,846
—
Total
—
11,187
—
4,326
27,523,802
—
Albin
F.
Moschner
For
—
11,187
—
4,326
—
—
Withhold
—
—
—
—
—
—
Total
—
11,187
—
4,326
—
—
Report
of
Independent
Registered
Public
Accounting
Firm
21
To
the
Shareholders
and
Board
of
Trustees
Nuveen
California
Quality
Municipal
Income
Fund,
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund,
Nuveen
California
Municipal
Value
Fund,
and
Nuveen
California
Select
Tax-Free
Income
Portfolio:
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
the
Funds
listed
in
Appendix
A
(the
Funds),
including
the
portfolios
of
investments,
as
of
February
28,
2023,
the
related
statements
of
operations,
cash
flows
and
changes
in
net
assets
for
the
Funds
and
periods
listed
in
Appendix
A,
and
the
related
notes
(collectively,
the
financial
statements)
and
the
financial
highlights
for
the
Funds
and
periods
listed
in
Appendix
A.
In
our
opinion,
the
financial
statements
and
financial
highlights
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
February
28,
2023,
the
results
of
their
operations,
cash
flows
and
changes
in
net
assets
for
the
periods
listed
in
Appendix
A,
and
the
financial
highlights
for
the
Funds
and
periods
listed
in
Appendix
A,
in
conformity
with
U.S.
generally
accepted
accounting
principles.
Basis
for
Opinion
These
financial
statements
and
financial
highlights
are
the
responsibility
of
the
Funds'
management.
Our
responsibility
is
to
express
an
opinion
on
these
financial
statements
and
financial
highlights
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
financial
highlights
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
financial
highlights,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements
and
financial
highlights.
Such
procedures
also
included
confirmation
of
securities
owned
as
of
February
28,
2023,
by
correspondence
with
custodians
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
financial
highlights.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/
KPMG
LLP
We
have
served
as
the
auditor
of
one
or
more
Nuveen
investment
companies
since
2014.
Chicago,
Illinois
April
26,
2023
(continued)
22
Appendix
A
For
the
year
ended
February
28,
2023
(statements
of
operations
and
cash
flows);
for
each
of
the
years
in
the
two-year
period
ended
February
28,
2023
(statement
of
changes
in
net
assets);
for
each
of
the
years
in
the
five-year
period
ended
February
28,
2023
(financial
highlights):
Nuveen
California
Quality
Municipal
Income
Fund
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
For
the
year
ended
February
28,
2023
(statement
of
operations);
for
each
of
the
years
in
the
two-year
period
ended
February
28,
2023
(statement
of
changes
in
net
assets);
for
each
of
the
years
in
the
five-year
period
ended
February
28,
2023
(financial
highlights):
Nuveen
California
Municipal
Value
Fund
For
the
year
ended
February
28,
2023
(statement
of
operations);
for
the
year
ended
February
28,
2023,
the
eleven-month
period
ended
February
28,
2022,
and
the
year
ended
March
31,
2021
(statement
of
changes
in
net
assets);
for
the
year
ended
February
28,
2023,
the
eleven-
month
period
ended
February
28,
2022,
and
for
each
of
the
years
in
the
four-year
period
ended
March
31,
2021
(financial
highlights):
Nuveen
California
Select
Tax-Free
Income
Portfolio
23
Nuveen
California
Quality
Municipal
Income
Fund
Portfolio
of
Investments
February
28,
2023
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
166.3% (100.0%
of
Total
Investments)
X
3,013,132,207
MUNICIPAL
BONDS
-
166.3% (100.0%
of
Total
Investments)
X
3,013,132,207
Consumer
Staples
-
0.9%
(0.6%
of
Total
Investments)
$
1,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A,
5.000%,
6/01/47
3/23
at
100.00
N/R
$
921,730
2,575
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
2,272,746
3,095
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-1,
5.000%,
6/01/49
6/30
at
100.00
BBB+
3,122,824
25,000
California
Statewide
Financing
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
Pooled
Tobacco
Securitization
Program,
Series
2006A,
0.000%,
6/01/46
3/23
at
23.97
N/R
5,978,250
19,000
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007B,
0.000%,
6/01/47
3/23
at
24.82
N/R
4,694,330
Total
Consumer
Staples
16,989,880
Education
and
Civic
Organizations
-
6.1%
(3.6%
of
Total
Investments)
5,725
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University
Series
2016U-7,
5.000%,
6/01/46
No
Opt.
Call
AAA
6,620,276
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
691,288
1,000
4.500%,
11/01/46,
144A
11/26
at
100.00
N/R
829,230
1,000
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/26
at
100.00
BB
899,500
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A:
3,500
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
BBB-
3,510,500
1,650
4.000%,
12/31/47,
(AMT)
6/28
at
100.00
A2
1,408,886
4,000
5.000%,
12/31/47,
(AMT)
6/28
at
100.00
BBB-
3,961,840
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019,
5.000%,
8/01/48
8/29
at
100.00
BBB-
957,360
350
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A,
5.000%,
5/01/27,
144A
No
Opt.
Call
N/R
346,867
1,615
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A,
5.000%,
7/01/45,
144A
7/25
at
100.00
BBB
1,621,299
2,150
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BBB
2,157,159
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C:
5,995
5.000%,
7/01/46,
144A
7/25
at
101.00
BBB
6,023,056
8,340
5.250%,
7/01/52,
144A
7/25
at
101.00
BBB
8,419,397
800
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A,
6.000%,
7/01/51,
144A
7/26
at
100.00
BBB-
822,944
5,140
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/01/43
11/25
at
100.00
Aa2
5,341,694
10,440
California
State
University,
Systemwide
Revenue
Bonds,
Series
2018A,
5.000%,
11/01/43
11/28
at
100.00
Aa2
11,235,737
7,505
California
State
University,
Systemwide
Revenue
Bonds,
Series
2020C,
3.000%,
11/01/40
11/30
at
100.00
Aa2
6,318,159
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
24
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Education
and
Civic
Organizations
(continued)
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O:
$
8,500
5.000%,
5/15/43
5/28
at
100.00
AA-
$
9,049,695
17,150
5.000%,
5/15/48
5/28
at
100.00
AA-
18,147,787
University
of
California,
General
Revenue
Bonds,
Series
2018AZ:
3,930
5.000%,
5/15/38
5/28
at
100.00
AA
4,248,644
6,775
5.000%,
5/15/48
5/28
at
100.00
AA
7,182,313
10,000
University
of
California,
General
Revenue
Bonds,
Series
2020BE,
4.000%,
5/15/47
5/30
at
100.00
AA
9,618,100
Total
Education
and
Civic
Organizations
109,411,731
Financials
-
0.0%
(0.0%
of
Total
Investments)
1,305
Puerto
Rico
Urgent
Interest
Fund
Corp
(COFINA),
National
Taxable
Trust
Unit,
Series
2007A
Sr.
Bond,
0.000%,
8/01/54
(4)
No
Opt.
Call
N/R
246,197
Total
Financials
246,197
Health
Care
-
21.5%
(12.9%
of
Total
Investments)
9,345
ABAG
Finance
Authority
for
Nonprofit
Corporations,
California,
Revenue
Bonds,
Sharp
HealthCare,
Series
2014A,
5.000%,
8/01/43
8/23
at
100.00
AA
9,367,241
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
19,795
5.000%,
11/15/46
11/26
at
100.00
A1
20,179,221
13,110
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
5.000%,
11/15/48
11/27
at
100.00
A1
13,385,703
5,890
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
5.000%,
11/15/38
11/27
at
100.00
A1
6,222,432
7,960
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Refunding
Series
2016A,
4.000%,
3/01/39
3/26
at
100.00
A
7,505,802
7,810
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2013A,
4.000%,
3/01/43
3/23
at
100.00
A
7,009,006
15,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Medical
Center,
Refunding
Series
2016B,
4.000%,
8/15/39
8/26
at
100.00
Aa3
15,007,500
3,900
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/47
8/27
at
100.00
BBB+
3,945,240
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019:
16,625
4.000%,
11/15/45
11/29
at
100.00
A
15,254,601
30,630
5.000%,
11/15/49
11/26
at
100.00
A
30,945,489
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A:
31,810
4.000%,
4/01/44
4/30
at
100.00
A-
29,127,145
10,855
4.000%,
4/01/45
4/30
at
100.00
A-
9,848,416
2,815
4.000%,
4/01/49
4/30
at
100.00
A-
2,488,938
24,625
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Refunding
Forward
Delivery
Series
2022A,
4.000%,
5/15/51
5/32
at
100.00
AA-
22,812,846
6,105
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
AA-
6,217,515
2,230
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A,
5.000%,
10/01/38
10/24
at
100.00
A+
2,259,614
8,375
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
A+
8,423,826
16,330
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2016A,
4.000%,
10/01/47
10/26
at
100.00
A+
15,045,972
16,185
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
AA
15,000,420
685
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
696,440
25
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
$
11,520
5.250%,
11/01/41
11/26
at
100.00
BBB-
$
11,561,933
6,750
5.000%,
11/01/47
11/26
at
100.00
BBB-
6,777,000
3,900
5.250%,
11/01/47
11/26
at
100.00
BBB-
3,911,622
5,330
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
AA
5,617,021
9,820
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
BBB-
9,686,055
5,760
California
Public
Finance
Authority,
Revenue
Bonds,
Sharp
HealthCare,
Series
2017A,
5.000%,
8/01/47
2/28
at
100.00
AA
5,934,758
2,000
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
A-
2,019,220
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+
1,018,110
1,200
5.250%,
12/01/44
12/24
at
100.00
BB+
1,167,936
2,375
5.500%,
12/01/54
12/24
at
100.00
BB+
2,354,053
43,280
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB+
40,810,443
16,445
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.500%,
12/01/58,
144A
6/28
at
100.00
BB+
16,168,560
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
2,419,337
3,000
5.000%,
3/01/45
3/26
at
100.00
A
3,033,420
6,465
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2016A,
4.000%,
8/15/51
8/26
at
100.00
A+
5,955,946
2,475
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
AA
2,619,689
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
166
5.750%,
7/01/24
(5),(6)
1/22
at
100.00
N/R
165,764
181
5.750%,
7/01/30
(5),(6)
1/22
at
100.00
N/R
180,841
127
5.750%,
7/01/35
(5),(6)
1/22
at
100.00
N/R
126,597
171
5.500%,
7/01/39
(5),(6)
1/22
at
100.00
N/R
170,681
6,200
Madera
County,
California,
Certificates
of
Participation,
Valley
Children's
Hospital
Project,
Series
1995,
5.750%,
3/15/28
-
NPFG
Insured
3/23
at
100.00
AAA
6,385,628
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016:
6,250
5.000%,
11/01/36
11/26
at
100.00
BBB
6,369,750
4,500
4.000%,
11/01/39
11/26
at
100.00
BBB
4,066,875
720
5.000%,
11/01/39
11/26
at
100.00
BBB
727,538
9,000
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P,
5.000%,
5/15/47
5/32
at
100.00
AA-
9,724,500
Total
Health
Care
389,716,644
Housing/Multifamily
-
17.4%
(10.5%
of
Total
Investments)
22,285
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
17,388,317
22,070
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
17,648,717
6,250
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Senior
Series
2021A-1,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
5,228,188
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
26
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
23,610
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
$
20,560,060
6,960
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
5,215,476
660
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
507,989
2,090
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A,
5.000%,
8/01/50,
144A
8/30
at
100.00
N/R
1,965,311
1,385
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
N/R
1,328,534
7,575
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
N/R
6,555,481
22,708
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
BBB+
22,443,707
13,728
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
BBB+
12,928,467
5,136
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-3,
3.250%,
8/20/36
No
Opt.
Call
BBB
4,743,801
3,373
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
3,360,790
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
A-
1,704,948
2,150
5.250%,
8/15/49
8/24
at
100.00
A-
2,175,649
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
1,282,865
1,000
5.000%,
7/01/47,
144A
7/27
at
100.00
Caa2
967,350
23,750
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
N/R
18,054,987
8,060
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
N/R
6,286,639
7,345
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
5,061,733
3,265
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
2,588,884
11,510
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
N/R
8,055,849
1,720
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
1,339,536
12,910
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
10,746,284
20,500
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
15,434,245
23,610
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
20,006,642
5,180
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-1,
2.875%,
8/01/41,
144A
8/31
at
100.00
N/R
4,341,358
27
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
7,030
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2,
3.125%,
8/01/56,
144A
8/31
at
100.00
N/R
$
4,936,185
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Series
2021A-1
and
A-2:
6,210
3.375%,
7/01/43,
144A
7/32
at
100.00
N/R
4,937,695
8,060
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
5,506,270
3,590
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-1,
3.400%,
10/01/46,
144A
10/31
at
100.00
N/R
2,701,547
21,695
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
16,075,127
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
2,215
3.000%,
7/01/43,
144A
7/32
at
100.00
N/R
1,688,915
9,645
3.125%,
7/01/56,
144A
7/32
at
100.00
N/R
6,665,467
450
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
N/R
323,118
1,095
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Senior
Lien
Series
2021A-2,
3.000%,
3/01/57,
144A
3/32
at
100.00
N/R
734,701
12,115
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
9,870,939
5,720
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
4,215,468
8,025
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
6,056,467
2,010
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B,
4.000%,
9/01/46,
144A
9/31
at
100.00
N/R
1,630,974
5,700
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
N/R
4,212,357
20,760
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
13,804,777
21,185
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
14,305,383
Total
Housing/Multifamily
315,587,197
Tax
Obligation/General
-
30.4%
(18.3%
of
Total
Investments)
4,125
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Series
2004A,
0.000%,
8/01/25
-
AGM
Insured
No
Opt.
Call
AA
3,813,851
4,420
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
Aa2
4,705,046
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016:
4,600
5.000%,
8/01/33
8/26
at
100.00
Aa2
4,901,208
8,000
5.000%,
9/01/37
9/26
at
100.00
Aa2
8,475,520
7,250
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2020,
3.000%,
11/01/35
11/30
at
100.00
Aa2
6,642,958
3,570
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2021.
Forward
Delivery,
5.000%,
9/01/41
9/31
at
100.00
Aa2
3,961,415
50
California
State,
General
Obligation
Bonds,
Series
2013,
5.000%,
2/01/29
3/23
at
100.00
Aa2
50,077
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
28
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
California
State,
General
Obligation
Bonds,
Series
2014:
$
9,320
5.000%,
12/01/43
12/23
at
100.00
Aa2
$
9,410,218
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015:
6,700
5.000%,
8/01/32
2/25
at
100.00
Aa2
6,963,377
11,000
5.000%,
8/01/34
8/25
at
100.00
Aa2
11,510,400
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2016,
5.000%,
9/01/36
9/26
at
100.00
Aa2
5,307,600
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013:
9,940
5.000%,
4/01/37
4/23
at
100.00
Aa2
9,950,834
16,960
5.000%,
4/01/43
4/23
at
100.00
Aa2
16,977,130
7,240
5.000%,
11/01/43
11/23
at
100.00
Aa2
7,302,409
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014:
24,970
5.000%,
5/01/32
5/24
at
100.00
Aa2
25,465,405
8,910
5.000%,
10/01/39
10/24
at
100.00
Aa2
9,104,772
7,780
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2017,
5.000%,
11/01/47
11/27
at
100.00
Aa2
8,261,426
9,500
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
10/01/47
4/26
at
100.00
Aa2
9,862,425
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2019,
5.000%,
4/01/49
4/29
at
100.00
Aa2
5,339,200
1,770
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
4.000%,
11/01/45
11/25
at
100.00
Aa2
1,743,131
2,725
Centinela
Valley
Union
High
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2002A,
5.250%,
2/01/26
-
NPFG
Insured
No
Opt.
Call
A+
2,831,466
5,400
Central
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2018B.,
4.000%,
8/01/48
8/26
at
100.00
Aa3
5,129,082
7,860
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2019C,
3.000%,
8/01/44
-
BAM
Insured
8/28
at
100.00
AA
6,307,414
5,000
Elk
Grove
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2017,
4.000%,
8/01/46
8/26
at
100.00
AAA
4,869,900
12,500
Glendale
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Taxable
Refunding
Series
2020B,
4.000%,
8/01/50
8/29
at
100.00
Aa2
11,881,250
18,500
Grossmont
Healthcare
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015D,
4.000%,
7/15/40
7/25
at
100.00
Aa2
18,163,670
5,150
Hacienda
La
Puente
Unified
School
District
Facilities
Financing
Authority,
California,
General
Obligation
Revenue
Bonds,
Program
Series
2007,
5.000%,
8/01/26
-
AGM
Insured
No
Opt.
Call
AA
5,506,431
3,000
Hacienda
La
Puente
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2017A,
4.000%,
8/01/47
8/27
at
100.00
AAA
2,861,040
5,585
Lake
Elsinore
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
2016
Election
Series
B,
4.000%,
8/01/49
-
BAM
Insured
8/27
at
100.00
AA
5,226,946
5,630
Lake
Tahoe
Unified
School
District,
El
Dorado
County,
California,
General
Obligation
Bonds,
Series
2010,
0.000%,
8/01/45
-
AGM
Insured
(7)
No
Opt.
Call
AA
4,352,834
4,140
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J,
4.000%,
8/01/41
8/27
at
100.00
Aaa
4,143,643
1,285
Los
Angeles
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Measure
Q
Series
2020C,
4.000%,
7/01/40
7/30
at
100.00
AAA
1,281,261
3,100
Manteca
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2017B,
4.000%,
8/01/42
8/27
at
100.00
Aa2
3,021,415
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A:
10,000
4.000%,
8/01/40
8/25
at
100.00
Aa2
9,812,100
7,500
4.000%,
8/01/45
8/25
at
100.00
Aa2
7,152,675
4,100
Monrovia
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2001B,
0.000%,
8/01/27
-
FGIC
Insured
No
Opt.
Call
Aa3
3,524,770
29
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
6,950
Morgan
Hill
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017B,
4.000%,
8/01/47
8/27
at
100.00
Aa1
$
6,690,000
10,765
North
Orange
County
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2002
Series
2003B,
0.000%,
8/01/27
-
FGIC
Insured
No
Opt.
Call
AA+
9,282,875
1,815
Orland
Joint
Unified
School
District,
Glenn
and
Tehama
Counties,
California,
General
Obligation
Bonds,
2008
Election,
Series
2012B,
0.000%,
8/01/51
(7)
8/37
at
100.00
AA
1,254,256
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Refunding
Election
2012
Series
2013A:
9,650
4.250%,
8/01/47
8/23
at
100.00
Aa3
9,565,177
10,330
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A,
0.000%,
8/01/35
No
Opt.
Call
A1
6,082,717
5,000
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011,
6.375%,
8/01/45
2/33
at
100.00
Aa3
5,928,750
2,500
Pleasant
Valley
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Refunding
Series
B,
4.000%,
8/01/46
8/29
at
100.00
Aa2
2,395,250
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
7,495
4.000%,
7/01/37
7/31
at
103.00
N/R
6,409,799
23,736
4.000%,
7/01/41
7/31
at
103.00
N/R
19,607,360
5,281
4.000%,
7/01/46
7/31
at
103.00
N/R
4,205,260
28,000
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B,
0.000%,
8/01/44
No
Opt.
Call
Aa1
10,607,520
7,500
San
Francisco
Bay
Area
Rapid
Transit
District,
California,
General
Obligation
Bonds,
Election
of
2016,
Green
Series
2022D-1,
4.250%,
8/01/52
2/32
at
100.00
Aaa
7,530,675
9,760
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Election
2020
Series
2020A,
4.000%,
6/15/45
6/30
at
100.00
A1
9,301,085
21,000
San
Marcos
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
2010
Election,
Series
2012B,
0.000%,
8/01/51
No
Opt.
Call
AA-
5,853,960
1,220
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011A,
0.000%,
7/01/51
(7)
9/41
at
100.00
Aaa
838,628
4,970
San
Rafael
City
High
School
District,
Marin
County,
California,
General
Obligation
Bonds,
Series
2004B,
0.000%,
8/01/27
-
FGIC
Insured
No
Opt.
Call
AA+
4,276,437
1,540
Santa
Maria
Joint
Union
High
School
District,
Santa
Barbara
and
San
Luis
Obispo
Counties,
California,
General
Obligation
Bonds,
Series
2003B,
5.625%,
8/01/24
-
AGM
Insured
No
Opt.
Call
Aa2
1,576,359
4,175
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2000,
Series
2004,
0.000%,
8/01/25
-
FGIC
Insured
No
Opt.
Call
Aa2
3,856,448
5,530
Stockton
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2011D,
0.000%,
8/01/50
-
AGM
Insured
(7)
8/37
at
100.00
AA
5,693,688
26,000
Sylvan
Union
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2010,
0.000%,
8/01/49
-
AGM
Insured
(7)
No
Opt.
Call
AA
20,552,220
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
4,880,683
4,830
5.500%,
8/01/40
8/24
at
100.00
A1
4,962,246
20,510
5.000%,
8/01/43
8/24
at
100.00
A1
20,672,234
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
4,481,208
3,500
5.500%,
8/01/40
8/24
at
100.00
A1
3,595,830
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
30
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
8,410
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B,
4.000%,
8/01/45
8/25
at
100.00
A1
$
7,824,916
2,015
Wiseburn
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2012C,
5.000%,
8/01/26
3/23
at
100.00
Aa2
2,016,894
140,160
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(7)
No
Opt.
Call
Aa2
105,676,435
Total
Tax
Obligation/General
551,433,209
Tax
Obligation/Limited
-
20.1%
(12.1%
of
Total
Investments)
1,675
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19A,
Series
2015B,
5.000%,
9/01/35
9/25
at
100.00
N/R
1,715,451
1,655
Bell
Community
Housing
Authority,
California,
Lease
Revenue
Bonds,
Series
2005,
5.000%,
10/01/36
-
AMBAC
Insured
3/23
at
100.00
N/R
1,661,173
745
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003,
5.500%,
10/01/23
-
RAAI
Insured
3/23
at
100.00
AA
746,751
1,200
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-Climate
Bond
Certified
Series
2019,
5.000%,
8/01/44
8/29
at
100.00
AA
1,279,080
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
10,802,245
18,135
5.250%,
9/01/32
9/23
at
100.00
Aa3
18,313,811
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
8,771,068
1,450
5.250%,
9/01/33
9/23
at
100.00
Aa3
1,463,935
10,525
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
5.000%,
9/01/39
9/24
at
100.00
Aa3
10,751,498
17,395
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B,
5.000%,
10/01/39
10/24
at
100.00
Aa3
17,788,649
1,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
Various
Projects
Series
2013A,
5.000%,
3/01/30
3/23
at
100.00
Aa3
1,001,470
1,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
Yuba
City
Courthouse,
Series
2013D,
5.000%,
6/01/32
6/23
at
100.00
Aa3
1,004,230
9,950
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Various
Capital
Projects,
Series
2013I,
5.000%,
11/01/38
11/23
at
100.00
Aa3
10,050,794
13,520
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Various
Capital
Projects,
Series
2014E,
5.000%,
9/01/39
9/24
at
100.00
Aa3
13,810,950
545
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
BBB+
567,688
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
9,000
5.000%,
11/15/29
11/25
at
100.00
BB
9,212,040
11,000
5.000%,
11/15/39
11/25
at
100.00
BB
11,050,490
190
Inglewood
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project,
Refunding
Series
1998A,
5.250%,
5/01/23
-
AMBAC
Insured
No
Opt.
Call
N/R
190,386
Jurupa
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2014A:
530
5.000%,
9/01/29
9/24
at
100.00
A+
542,884
1,900
5.000%,
9/01/30
9/24
at
100.00
A+
1,943,966
1,220
5.000%,
9/01/31
9/24
at
100.00
A+
1,247,145
1,955
Jurupa
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015A,
5.000%,
9/01/43
9/25
at
100.00
A+
2,037,188
31
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
810
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
$
823,762
1,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
N/R
1,011,570
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
5,434,089
5,620
5.000%,
6/01/37
6/26
at
100.00
AAA
5,942,756
10,455
5.000%,
6/01/38
6/26
at
100.00
AAA
11,033,580
20,735
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
AAA
22,181,681
3,995
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AAA
4,250,360
8,945
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2021A,
5.000%,
7/01/42
7/31
at
100.00
AAA
9,914,370
2,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
AA+
2,142,560
1,835
Modesto,
California,
Special
Tax
Bonds,
Community
Facilities
District
2004-1
Village
One
2,
Refunding
Series
2014,
5.000%,
9/01/31
9/24
at
100.00
BBB+
1,882,453
1,000
Norco
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
1,
Series
2009,
7.000%,
3/01/34
3/23
at
100.00
A+
1,003,470
11,095
Ontario
Redevelopment
Financing
Authority,
San
Bernardino
County,
California,
Revenue
Bonds,
Redevelopment
Project
1,
Refunding
Series
1995,
7.400%,
8/01/25
-
NPFG
Insured
No
Opt.
Call
AAA
11,513,503
6,055
Orange
County
Local
Transportation
Authority,
California,
Measure
M2
Sales
Tax
Revenue
Bonds,
Limited
Tax
Series
2019,
5.000%,
2/15/41
2/29
at
100.00
AA+
6,533,284
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A:
11,230
5.250%,
9/01/30
9/23
at
100.00
N/R
11,319,278
10,065
5.750%,
9/01/39
9/23
at
100.00
N/R
10,139,280
1,545
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Subordinate
Lien
Series
2013B,
5.875%,
9/01/39
9/23
at
100.00
N/R
1,557,329
8,750
Pittsburg
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Los
Medanos
Community
Development
Project,
Series
1999,
0.000%,
8/01/23
-
AMBAC
Insured
No
Opt.
Call
AA
8,619,363
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
14,741
0.000%,
7/01/51
7/28
at
30.01
N/R
2,781,332
73,327
5.000%,
7/01/58
7/28
at
100.00
N/R
68,032,790
43
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.536%,
7/01/53
7/28
at
100.00
N/R
37,186
3,500
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014,
5.000%,
9/01/30
9/24
at
100.00
AA+
3,613,645
815
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
4.250%,
9/01/47
-
AGM
Insured
9/29
at
103.00
AA
805,204
5,000
Riverside
County
Transportation
Commission,
California,
Sales
Tax
Revenue
Bonds,
Refunding
Limited
Tax
Series
2017B,
5.000%,
6/01/38
12/27
at
100.00
AA+
5,368,000
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
04-2
Lake
Hill
Crest,
Series
2012:
990
5.000%,
9/01/29
9/23
at
100.00
N/R
997,584
2,615
5.000%,
9/01/35
9/23
at
100.00
N/R
2,629,330
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-8
Scott
Road,
Series
2013:
555
5.000%,
9/01/30
3/23
at
100.00
N/R
555,594
710
5.000%,
9/01/42
3/23
at
100.00
N/R
710,220
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
32
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
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
$
397,047
575
5.000%,
9/01/37
9/25
at
100.00
N/R
586,063
4,250
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A,
0.000%,
12/01/31
-
FGIC
Insured
No
Opt.
Call
A
3,124,175
San
Buenaventura
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Project
Areas,
Series
2008:
1,000
7.750%,
8/01/28
3/23
at
100.00
A
1,003,900
1,325
8.000%,
8/01/38
3/23
at
100.00
A
1,330,353
615
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
622,103
255
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District 6
Mission
Bay
South
Public
Improvements,
Refunding
Series
2013A,
5.000%,
8/01/33
3/23
at
100.00
N/R
257,111
1,795
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
1,811,406
5,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
North
Redevelopment
Project,
Refunding
Series
2016A,
5.000%,
8/01/41
-
NPFG
Insured
8/26
at
100.00
A
5,184,200
1,060
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
3/23
at
100.00
N/R
1,062,883
2,500
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/37
9/25
at
103.00
N/R
2,592,250
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017:
1,145
5.500%,
9/01/27,
144A
No
Opt.
Call
N/R
1,178,663
1,435
5.750%,
9/01/32,
144A
9/27
at
100.00
N/R
1,529,265
5,520
6.250%,
9/01/47,
144A
9/27
at
100.00
N/R
5,692,390
1,350
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-1
Improvement
Area
1,
Series
2012,
5.000%,
9/01/33
3/23
at
100.00
N/R
1,351,364
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A:
2,125
5.000%,
10/01/45
4/30
at
100.00
A-
2,176,064
5,085
5.000%,
10/01/49
4/30
at
100.00
A-
5,159,953
1,620
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
3/23
at
100.00
AA
1,621,021
1,280
William
S
Hart
School
Financing
Authority,
California,
Refunding
Revenue
Bonds,
Series
2013,
5.000%,
9/01/34
9/23
at
100.00
A
1,290,995
Total
Tax
Obligation/Limited
364,757,671
Transportation
-
22.5%
(13.5%
of
Total
Investments)
10,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Fixed
Rate
Series
2017S-7,
4.000%,
4/01/37
4/27
at
100.00
AA-
10,157,500
7,775
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
B+
7,448,994
1,200
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D,
5.000%,
5/15/42
5/25
at
100.00
AA+
1,236,768
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2019A:
4,340
5.000%,
5/15/44
5/29
at
100.00
Aa2
4,672,183
7,500
5.000%,
5/15/49
5/29
at
100.00
Aa2
8,013,450
33
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C:
$
3,730
4.000%,
5/15/41,
(AMT)
5/32
at
100.00
AA-
$
3,554,503
4,000
3.250%,
5/15/49,
(AMT)
5/32
at
100.00
AA-
3,067,760
13,625
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Private
Activity
Series
2021A,
5.000%,
5/15/51,
(AMT)
5/31
at
100.00
AA-
14,067,404
3,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Series
2021B,
5.000%,
5/15/45
5/31
at
100.00
AA-
3,251,970
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
AA
2,683,434
2,000
5.000%,
5/15/36,
(AMT)
5/25
at
100.00
AA
2,041,660
24,920
5.000%,
5/15/41,
(AMT)
5/25
at
100.00
AA
25,204,337
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Series
2022H:
4,850
5.000%,
5/15/42,
(AMT)
11/31
at
100.00
AA
5,112,385
5,080
5.000%,
5/15/52,
(AMT)
11/31
at
100.00
AA
5,252,009
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2016B:
1,000
5.000%,
5/15/34,
(AMT)
5/26
at
100.00
AA-
1,039,240
24,405
5.000%,
5/15/46,
(AMT)
5/26
at
100.00
AA-
24,709,818
3,310
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
5.000%,
5/15/44,
(AMT)
11/27
at
100.00
AA-
3,377,723
5,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018D,
5.000%,
5/15/48,
(AMT)
5/29
at
100.00
AA-
5,128,950
5,485
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019E,
5.000%,
5/15/44
11/28
at
100.00
AA-
5,830,665
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D:
945
5.000%,
5/15/37,
(AMT)
11/31
at
100.00
AA-
1,012,237
22,230
5.000%,
5/15/46,
(AMT)
11/31
at
100.00
AA-
23,128,981
4,160
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
AA-
4,338,048
5,000
Los
Angeles
Harbors
Department,
California,
Revenue
Bonds,
Refunding
Series
2014B,
5.000%,
8/01/44
8/24
at
100.00
AA+
5,100,300
Los
Angeles
Harbors
Department,
California,
Revenue
Bonds,
Series
2014C:
1,865
5.000%,
8/01/36
8/24
at
100.00
AA+
1,916,437
6,610
5.000%,
8/01/44
8/24
at
100.00
AA+
6,742,596
4,780
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Second
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021C,
4.000%,
6/01/47
6/31
at
100.00
A-
4,397,696
7,750
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
4.000%,
6/01/46
6/31
at
100.00
A
7,158,830
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Refunding
Subordinate
Series
2019A:
3,600
5.000%,
7/01/34
7/29
at
100.00
A+
4,000,680
1,250
5.000%,
7/01/36
7/29
at
100.00
A+
1,362,075
6,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
A+
5,612,400
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
34
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
25,270
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
A+
$
26,241,379
9,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
A+
9,274,230
22,835
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
5.000%,
5/01/46,
(AMT)
5/26
at
100.00
A+
23,117,241
10,910
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A,
5.000%,
5/01/42,
(AMT)
5/27
at
100.00
A+
11,135,510
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D:
23,845
5.000%,
5/01/43,
(AMT)
5/28
at
100.00
A+
24,416,326
18,100
5.000%,
5/01/48,
(AMT)
5/28
at
100.00
A+
18,397,202
10,500
5.250%,
5/01/48,
(AMT)
5/28
at
100.00
A+
10,791,795
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019A:
3,040
5.000%,
5/01/38,
(AMT)
5/29
at
100.00
A+
3,177,317
2,000
5.000%,
5/01/44,
(AMT)
5/29
at
100.00
A+
2,055,280
42,645
5.000%,
5/01/49,
(AMT)
5/29
at
100.00
A+
43,430,521
4,900
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
5.000%,
5/01/40,
(AMT)
5/29
at
100.00
A+
5,084,926
7,510
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019F,
5.000%,
5/01/50
5/29
at
100.00
A+
7,900,895
16,936
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
A
15,507,618
6,250
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
3/01/47,
(AMT)
3/27
at
100.00
A
6,338,625
Total
Transportation
407,489,898
U.S.
Guaranteed
-
22.9%
(13.8%
of
Total
Investments)
(8)
18,400
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/42,
(Pre-refunded
2/15/27)
2/27
at
100.00
AA
20,120,584
5,705
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2013S-4,
5.250%,
4/01/48,
(Pre-refunded
4/01/23)
4/23
at
100.00
A1
5,714,870
9,500
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-H,
5.000%,
4/01/49,
(Pre-
refunded
4/01/29)
4/29
at
100.00
AA-
10,786,965
Bay
Area
Water
Supply
and
Conservation
Agency,
California,
Revenue
Bonds,
Capital
Cost
Recovery
Prepayment
Program,
Series
2013A:
2,000
5.000%,
10/01/27,
(Pre-refunded
4/01/23)
4/23
at
100.00
AA-
2,002,980
7,000
5.000%,
10/01/34,
(Pre-refunded
4/01/23)
4/23
at
100.00
AA-
7,010,430
1,285
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
A1
1,346,333
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
12,880
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
13,793,578
16,250
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
A1
17,117,750
5,360
California
Infrastructure
and
Economic
Development
Bank,
First
Lien
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2003A,
5.000%,
7/01/23
-
AGM
Insured,
(ETM)
10/21
at
100.00
AA+
5,395,644
35
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(8)
(continued)
$
21,255
California
Infrastructure
and
Economic
Development
Bank,
Infrastructure
State
Revolving
Fund
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/41,
(Pre-refunded
10/01/26)
10/26
at
100.00
AAA
$
22,934,570
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Biola
University,
Series
2013,
5.000%,
10/01/38,
(Pre-refunded
10/01/23)
10/23
at
100.00
Baa1
1,010,100
18,250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Pomona
College,
Series
2017,
5.000%,
1/01/48,
(Pre-refunded
1/01/28)
1/28
at
100.00
Aaa
20,179,755
California
State,
General
Obligation
Bonds,
Series
2014:
925
5.000%,
12/01/43,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
937,996
5,500
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Buck
Institute
for
Research
on
Aging,
Series
2014,
5.000%,
11/15/44,
(Pre-refunded
11/15/24)
-
AGM
Insured
11/24
at
100.00
AA
5,679,630
2,670
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Huntington
Memorial
Hospital,
Refunding
Series
2014B,
5.000%,
7/01/44,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R
2,739,073
7,500
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
8/01/37,
(Pre-
refunded
2/01/26)
2/26
at
100.00
AA
7,949,700
20,725
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
21,309,860
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
45,735
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
46,793,765
45,725
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
46,868,582
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
1,790
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
N/R
1,867,435
1,460
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
A+
1,523,160
86,320
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
Aa3
90,054,203
1,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2013A,
5.000%,
6/01/30,
(Pre-refunded
6/01/23)
6/23
at
100.00
Aa3
1,005,010
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D:
55
5.000%,
5/15/37,
(Pre-refunded
11/15/31),
(AMT)
11/31
at
100.00
N/R
61,887
70
5.000%,
5/15/46,
(Pre-refunded
11/15/31),
(AMT)
11/31
at
100.00
N/R
78,766
5,840
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
1999A,
5.375%,
8/15/29,
(ETM)
No
Opt.
Call
N/R
6,539,282
905
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B,
5.000%,
8/15/34,
(Pre-refunded
8/15/32)
-
NPFG
Insured
8/32
at
100.00
N/R
1,078,217
2,370
Oxnard
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2013B,
5.000%,
8/01/43,
(Pre-refunded
8/01/23)
-
AGM
Insured
8/23
at
100.00
AA
2,389,007
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Refunding
Election
2012
Series
2013A:
9,385
5.000%,
8/01/43,
(Pre-refunded
8/01/23)
8/23
at
100.00
Aa3
9,460,268
235
Pomona,
California,
GNMA/FHLMC
Collateralized
Single
Family
Mortgage
Revenue
Refunding
Bonds,
Series
1990B,
7.500%,
8/01/23,
(ETM)
No
Opt.
Call
AA+
239,084
2,000
Puerto
Rico
Public
Finance
Corporation,
Commonwealth
Appropriation
Bonds,
Series
2002E,
6.000%,
8/01/26,
(ETM)
No
Opt.
Call
N/R
2,179,900
1,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
Series
2013A,
5.750%,
6/01/44,
(Pre-refunded
6/01/23)
6/23
at
100.00
A
1,006,580
1,460
Rohnert
Park
Community
Development
Commission,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
Series
2007R,
5.000%,
8/01/37
-
FGIC
Insured,
(ETM)
3/23
at
100.00
Baa2
1,529,788
5,825
Sacramento,
California,
Wastewater
Revenue
Bonds,
Series
2013,
5.000%,
9/01/42,
(Pre-refunded
9/01/23)
9/23
at
100.00
AA
5,881,328
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
36
NAC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(8)
(continued)
$
4,250
San
Diego
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
5.000%,
8/01/41,
(Pre-refunded
8/01/26)
8/26
at
100.00
AAA
$
4,565,648
9,550
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2013B,
5.000%,
7/01/43,
(Pre-refunded
7/01/23),
(AMT)
7/23
at
100.00
A1
9,598,323
5,000
San
Diego
County
Regional
Transportation
Commission,
California,
Sales
Tax
Revenue
Bonds,
Series
2014A,
5.000%,
4/01/44,
(Pre-refunded
4/01/24)
4/24
at
100.00
AAA
5,101,450
1,600
Silicon
Valley
Clean
Water,
Mateo
County,
California,
Wastewater
Revenue
Bonds,
Series
2015,
5.000%,
8/01/45,
(Pre-refunded
8/01/25)
8/25
at
100.00
Aa2
1,679,376
8,760
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2013J,
5.250%,
5/15/31,
(Pre-refunded
5/15/23)
5/23
at
100.00
AA-
8,798,456
Total
U.S.
Guaranteed
414,329,333
Utilities
-
24.5%
(14.7%
of
Total
Investments)
Bay
Area
Water
Supply
and
Conservation
Agency,
California,
Revenue
Bonds,
Capital
Cost
Recovery
Prepayment
Program,
Series
2013A:
6,010
5.000%,
10/01/29
4/23
at
100.00
AA-
6,018,955
10,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021B-1,
4.000%,
2/01/52,
(Mandatory
Put
8/01/31)
5/31
at
100.63
A1
9,947,400
5,000
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018,
5.000%,
10/01/48
4/28
at
100.00
AAA
5,320,500
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
7/23
at
100.00
BBB
3,935,009
65,500
5.000%,
11/21/45,
(AMT),
144A
7/23
at
100.00
BBB
65,576,635
170
California
Statewide
Community
Development
Authority,
Water
and
Wastewater
Revenue
Bonds,
Pooled
Financing
Program,
Series
2004A,
5.250%,
10/01/24
-
AGM
Insured
3/23
at
100.00
AA
170,323
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
5,311,800
2,200
5.000%,
6/01/45
6/27
at
100.00
AAA
2,328,370
10,000
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Series
2014C,
5.000%,
6/01/44
6/24
at
100.00
AAA
10,130,000
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A:
14,140
5.000%,
11/15/35
No
Opt.
Call
AA-
14,865,806
7,610
5.500%,
11/15/37
No
Opt.
Call
AA-
8,281,659
4,865
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2013B,
5.000%,
7/01/28
7/23
at
100.00
Aa2
4,892,828
4,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2014B,
5.000%,
7/01/43
1/24
at
100.00
Aa2
4,034,840
24,070
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2015E,
5.000%,
7/01/44
7/24
at
100.00
Aa2
24,390,372
10,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/46
1/26
at
100.00
Aa2
10,415,800
44,455
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
Aa2
46,503,042
12,870
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
Aa2
13,844,516
8,980
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/45
1/29
at
100.00
Aa2
9,597,555
37
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B:
$
8,960
5.000%,
7/01/40
7/30
at
100.00
Aa2
$
9,867,379
26,625
5.000%,
7/01/50
7/30
at
100.00
Aa2
28,534,013
4,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/46
7/31
at
100.00
Aa2
4,350,560
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022C:
3,000
5.000%,
7/01/39
1/32
at
100.00
Aa2
3,374,640
2,325
5.000%,
7/01/41
1/32
at
100.00
Aa2
2,577,169
10,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022B,
5.000%,
7/01/52
1/32
at
100.00
Aa2
10,842,500
6,770
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/46
1/26
at
100.00
AA+
7,058,944
43,615
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/44
1/27
at
100.00
AA+
45,826,280
6,650
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
AA+
7,108,451
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C:
2,000
5.000%,
7/01/36
7/30
at
100.00
Aa2
2,265,280
3,000
5.000%,
7/01/38
7/30
at
100.00
Aa2
3,339,720
5,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/43
6/28
at
100.00
AA
5,345,600
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
1,250,266
6,840
5.000%,
6/01/35
6/23
at
100.00
AA
6,868,797
5,025
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2020C,
5.000%,
7/01/38
7/30
at
100.00
AAA
5,646,341
7,525
Moulton
Niguel
Water
District,
California,
Certificates
of
Participation,
Series
2019,
3.000%,
9/01/44
3/29
at
100.00
AAA
5,928,270
6,970
Public
Facilities
Financing
Authority
of
the
City
of
San
Diego,
California,
Subordinated
Sewer
Revenue
Bonds,
Series
2022A,
5.000%,
5/15/52
5/32
at
100.00
AA
7,572,278
2,950
Sacramento
County
Sanitation
Districts
Financing
Authority,
California,
Revenue
Bonds,
Sacramento
Regional
County
Sanitation
District,
Series
2020A,
5.000%,
12/01/50
12/30
at
100.00
AA
3,171,810
18,180
Sacramento
Municipal
Utility
District,
California,
Electric
Revenue
Bonds,
Series
2020H,
5.000%,
8/15/50
8/30
at
100.00
AA
19,661,852
2,500
Sacramento
Municipal
Utility
District,
California,
Electric
Revenue
Bonds,
Tender
Option
Bond
Trust
2016-XG0060,
7.905%,
8/15/41,
144A,
(IF)
(9)
8/23
at
100.00
AA
2,567,225
4,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B,
5.000%,
8/01/37
8/26
at
100.00
Aa3
4,259,640
2,555
Santa
Clara
Valley
Water
District,
California,
Water
System
Revenue
Bonds,
Refunding
Series
2020A,
5.000%,
6/01/50
6/30
at
100.00
Aa1
2,766,579
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-
1,598,898
1,500
5.000%,
7/01/38
7/24
at
100.00
AA-
1,529,745
4,000
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A,
5.000%,
11/01/33
No
Opt.
Call
A2
4,292,800
Total
Utilities
443,170,447
Total
Long-Term
Investments
(cost
$3,029,524,069)
3,013,132,207
MFP
Shares,
Net
-
(17.7)%
(10)
(
319,858,894
)
VRDP
Shares,
Net
-
(50.0)%
(11)
(
905,261,210
)
Other
Assets
&
Liabilities,
Net
-
1.4%
23,739,534
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,811,751,637
Nuveen
California
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
38
NAC
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(7)
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.
(8)
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.
(9)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(10)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.6%.
(11)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
30.0%.
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.
See
Notes
to
Financial
Statements
39
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
Portfolio
of
Investments
February
28,
2023
NKX
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
167.8% (100.0%
of
Total
Investments)
X
1,035,604,091
MUNICIPAL
BONDS
-
167.8% (100.0%
of
Total
Investments)
X
1,035,604,091
Consumer
Staples
-
0.0%
(0.0%
of
Total
Investments)
$
235
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
$
207,416
Total
Consumer
Staples
207,416
Education
and
Civic
Organizations
-
6.1%
(3.6%
of
Total
Investments)
995
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/26
at
100.00
BB
895,002
1,560
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2012A,
6.875%,
1/01/42,
144A
3/23
at
100.00
N/R
1,495,931
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019,
5.000%,
8/01/48
8/29
at
100.00
BBB-
957,360
635
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A,
5.000%,
7/01/45,
144A
7/25
at
100.00
BBB
637,476
750
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BBB
752,498
4,925
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.000%,
7/01/46,
144A
7/25
at
101.00
BBB
4,948,049
280
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A,
5.750%,
7/01/41,
144A
7/26
at
100.00
BBB-
287,753
8,290
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/01/43
11/25
at
100.00
Aa2
8,615,300
7,710
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M,
5.000%,
5/15/47
5/27
at
100.00
AA-
8,124,798
10,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O,
5.000%,
5/15/43
5/28
at
100.00
AA-
10,646,700
Total
Education
and
Civic
Organizations
37,360,867
Health
Care
-
22.8%
(13.6%
of
Total
Investments)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
13,295
4.000%,
11/15/41
11/26
at
100.00
A1
12,464,594
15,875
5.000%,
11/15/46
11/26
at
100.00
A1
16,183,134
10,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A,
4.000%,
11/15/48
11/27
at
100.00
A1
9,088,500
7,760
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Health
System,
Series
2021A,
4.000%,
8/15/48
8/31
at
100.00
AA-
7,404,980
10,665
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/47
8/27
at
100.00
BBB+
10,788,714
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2012A,
5.000%,
11/15/35
3/23
at
100.00
A
976,460
2,930
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
A
2,688,480
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A:
3,390
4.000%,
4/01/44
4/30
at
100.00
A-
3,104,088
1,055
4.000%,
4/01/49
4/30
at
100.00
A-
932,799
7,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Refunding
Forward
Delivery
Series
2022A,
4.000%,
5/15/46
5/32
at
100.00
AA-
7,125,000
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
February
28,
2023
40
NKX
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
2,520
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
AA-
$
2,566,443
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
795
5.000%,
10/01/38
10/24
at
100.00
A+
805,558
2,800
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
A+
2,816,324
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A:
5,495
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
AA
5,092,821
4,615
4.000%,
2/01/51
2/32
at
100.00
A-
4,263,337
250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
254,175
1,750
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2015,
5.000%,
11/01/44
11/24
at
100.00
BBB-
1,757,612
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
1,690
5.250%,
11/01/36
11/26
at
100.00
BBB-
1,701,830
1,000
5.000%,
11/01/47
11/26
at
100.00
BBB-
1,004,000
3,200
5.250%,
11/01/47
11/26
at
100.00
BBB-
3,209,536
1,855
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
AA
1,954,892
13,615
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
BBB-
13,429,291
1,100
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
A-
1,110,571
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+
1,167,936
4,000
5.500%,
12/01/54
12/24
at
100.00
BB+
3,964,720
14,740
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB+
13,898,936
2,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.250%,
12/01/48,
144A
6/28
at
100.00
BB+
1,892,680
845
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
AA
894,399
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
11
5.750%,
7/01/24
(4),(5)
1/22
at
100.00
N/R
11,471
69
5.750%,
7/01/30
(4),(5)
1/22
at
100.00
N/R
69,485
2
5.750%,
7/01/35
(4),(5)
1/22
at
100.00
N/R
1,721
8,895
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
11/01/39
11/26
at
100.00
BBB
8,038,856
Total
Health
Care
140,663,343
Housing/Multifamily
-
17.7%
(10.5%
of
Total
Investments)
7,680
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
5,992,474
7,570
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
6,053,502
1,250
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Senior
Series
2021A-1,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
1,045,638
41
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
3,590
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
$
3,126,244
4,720
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
3,536,932
230
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
177,026
1,700
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A,
5.000%,
8/01/50,
144A
8/30
at
100.00
N/R
1,598,578
500
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
N/R
479,615
4,750
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
N/R
4,110,697
7,734
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
BBB+
7,643,905
6,390
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
BBB+
6,018,030
1,151
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
1,147,011
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
A-
263,861
705
5.250%,
8/15/49
8/24
at
100.00
A-
713,411
140
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Series
2017A,
5.000%,
7/01/37,
144A
7/27
at
100.00
Caa2
135,548
8,205
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
N/R
6,237,523
2,740
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
N/R
2,137,145
1,435
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
988,916
1,440
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
1,141,805
3,980
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
N/R
2,785,602
595
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
463,386
6,135
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
5,106,774
7,065
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
5,319,168
8,125
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
6,884,962
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Series
2021A-1
and
A-2:
2,150
3.375%,
7/01/43,
144A
7/32
at
100.00
N/R
1,709,508
2,745
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
1,875,274
6,820
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
5,053,347
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
February
28,
2023
42
NKX
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
$
770
3.000%,
7/01/43,
144A
7/32
at
100.00
N/R
$
587,117
3,340
3.125%,
7/01/56,
144A
7/32
at
100.00
N/R
2,308,207
155
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
N/R
111,296
2,985
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Senior
Lien
Series
2021A-2,
3.000%,
3/01/57,
144A
3/32
at
100.00
N/R
2,002,816
4,105
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
3,344,631
1,935
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
1,426,037
555
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
377,017
2,720
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
2,052,784
1,975
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
N/R
1,459,545
7,200
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
4,787,784
7,285
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
4,919,269
3,285
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds, Rancho
Vallecitos
Mobile
Home
Park,
Series
2013,
5.000%,
4/15/38
4/23
at
100.00
A-
3,288,384
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+
674,590
185
5.000%,
6/15/49
6/24
at
100.00
A+
186,056
Total
Housing/Multifamily
109,271,415
Long-Term
Care
-
0.4%
(0.2%
of
Total
Investments)
1,225
California
Health
Facilities
Financing
Authority,
Insured
Revenue
Bonds,
Community
Program
for
Persons
with
Developmental
Disabilities,
Series
2011A,
6.250%,
2/01/26
3/23
at
100.00
AA
1,228,344
1,300
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Northern
California
Presbyterian
Homes
&
Services
Inc.,
Refunding
Series
2015,
5.000%,
7/01/39
7/25
at
100.00
AA
1,353,755
Total
Long-Term
Care
2,582,099
Tax
Obligation/General
-
37.9%
(22.6%
of
Total
Investments)
2,210
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
Aa2
2,352,523
1,600
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016,
5.000%,
8/01/33
8/26
at
100.00
Aa2
1,704,768
13,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2018.
Bid
Group
C,
5.000%,
8/01/37
8/28
at
100.00
Aa2
14,123,980
California
State,
General
Obligation
Bonds,
Series
2014:
8,190
5.000%,
12/01/43
12/23
at
100.00
Aa2
8,269,279
43
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013:
$
3,500
5.000%,
4/01/37
4/23
at
100.00
Aa2
$
3,503,815
9,000
5.000%,
4/01/43
4/23
at
100.00
Aa2
9,009,090
5,520
5.000%,
11/01/43
11/23
at
100.00
Aa2
5,567,582
2,460
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014,
5.000%,
10/01/39
10/24
at
100.00
Aa2
2,513,776
5,390
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2015,
5.000%,
8/01/45
8/25
at
100.00
Aa2
5,576,925
10,995
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
10/01/47
4/26
at
100.00
Aa2
11,414,459
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B,
5.000%,
10/01/48
10/28
at
100.00
Aa2
5,317,800
2,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
5.000%,
11/01/36
11/30
at
100.00
Aa2
2,250,680
2,000
Chaffey
Community
College
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Taxable
Refunding
Series
2019,
4.000%,
6/01/43
6/28
at
100.00
AA
1,933,940
2,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B,
5.000%,
8/01/55
8/30
at
100.00
Aa2
2,145,860
20,750
Coachella
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2005
Series
2010C,
0.000%,
8/01/43
-
AGM
Insured
No
Opt.
Call
AA
7,973,603
4,500
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2018B,
4.000%,
8/01/43
8/28
at
100.00
AAA
4,370,850
9,790
Glendale
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Taxable
Refunding
Series
2020B,
4.000%,
8/01/50
8/29
at
100.00
Aa2
9,305,395
1,725
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J,
4.000%,
8/01/41
8/27
at
100.00
Aaa
1,726,518
1,500
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/45
8/25
at
100.00
Aa2
1,430,535
4,500
Mount
Diablo
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2010A,
5.500%,
8/01/30
-
AGM
Insured
8/25
at
100.00
AA
4,804,290
2,125
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Refunding
Election
2012
Series
2013A,
4.250%,
8/01/47
8/23
at
100.00
Aa3
2,106,321
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
850
4.000%,
7/01/37
7/31
at
103.00
N/R
726,929
16,744
4.000%,
7/01/41
7/31
at
103.00
N/R
13,831,549
10,565
4.000%,
7/01/46
7/31
at
103.00
N/R
8,412,909
11,980
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012R-1,
0.000%,
7/01/31
No
Opt.
Call
Aa2
9,105,159
3,400
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Election
2020
Series
2020A,
4.000%,
6/15/45
6/30
at
100.00
A1
3,240,132
2,670
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2010,
Refunding
Series
2011A,
0.000%,
9/01/33
(6)
No
Opt.
Call
Aaa
2,445,693
1,580
Santa
Ana
College
Improvement
District
1,
Orange
County,
California,
General
Obligation
Bonds,
Rancho
Santiago
Community
College
District,
Election
of
2012,
Series
2019C,
3.000%,
8/01/39
8/26
at
100.00
AA
1,342,874
10,000
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2011C,
0.000%,
8/01/41
No
Opt.
Call
Aa2
4,558,300
Stockton
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2011D:
23,280
0.000%,
8/01/47
-
AGC
Insured
(6)
8/37
at
100.00
AA
23,924,390
38,845
0.000%,
8/01/50
-
AGM
Insured
(6)
8/37
at
100.00
AA
39,994,812
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
February
28,
2023
44
NKX
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
$
15,780
Sylvan
Union
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2010,
0.000%,
8/01/49
-
AGM
Insured
(6)
No
Opt.
Call
AA
$
12,473,617
8,345
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(6)
No
Opt.
Call
Aa2
6,291,880
Total
Tax
Obligation/General
233,750,233
Tax
Obligation/Limited
-
25.1%
(14.9%
of
Total
Investments)
1,000
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003,
5.625%,
10/01/33
-
RAAI
Insured
3/23
at
100.00
AA
1,003,440
4,690
Brea
and
Olinda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation
Refunding,
Series
2002A,
5.125%,
8/01/26
-
AGM
Insured
3/23
at
100.00
AA
4,695,253
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
North
County
Center
for
Self-Sufficiency
Corporation,
Series
2004:
1,780
5.000%,
12/01/23
-
AMBAC
Insured
3/23
at
100.00
AA+
1,782,972
1,865
5.000%,
12/01/24
-
AMBAC
Insured
3/23
at
100.00
AA+
1,867,891
7,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F,
5.250%,
9/01/31
9/23
at
100.00
Aa3
7,069,370
2,065
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Education,
Riverside
Campus
Project,
Series
2012H,
5.000%,
4/01/31
3/23
at
100.00
Aa3
2,067,870
20,330
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B,
5.000%,
10/01/39
10/24
at
100.00
Aa3
20,790,068
1,990
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
Various
Projects
Series
2013A,
5.000%,
3/01/33
3/23
at
100.00
Aa3
1,992,687
4,430
El
Monte,
California,
Senior
Lien
Certificates
of
Participation,
Department
of
Public
Services
Facility
Phase
II,
Series
2001,
5.250%,
1/01/34
-
AMBAC
Insured,
144A
3/23
at
100.00
Aa2
4,540,396
185
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
BBB+
192,702
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
7,610
5.000%,
11/15/30
11/25
at
100.00
BB
7,787,085
4,000
5.000%,
11/15/39
11/25
at
100.00
BB
4,018,360
90
Inglewood
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Redevelopment
Project,
Refunding
Series
1998A,
5.250%,
5/01/23
-
AMBAC
Insured
No
Opt.
Call
N/R
90,183
1,110
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
1,128,859
2,000
Lammersville
Joint
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District 2007-1
Mountain
House
-
Shea
Homes
Improvement
Area
1,
Series
2013,
6.000%,
9/01/38
9/23
at
100.00
N/R
2,018,780
1,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
N/R
1,011,570
15,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/38
6/26
at
100.00
AAA
15,830,100
3,220
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
AAA
3,444,659
3,855
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
AA+
4,129,784
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A:
3,710
5.250%,
9/01/30
9/23
at
100.00
N/R
3,739,494
3,315
5.750%,
9/01/39
9/23
at
100.00
N/R
3,339,465
45
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
500
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Subordinate
Lien
Series
2013B,
5.875%,
9/01/39
9/23
at
100.00
N/R
$
503,990
1,750
Peninsula
Corridor
Joint
Powers
Board,
California,
Measure
RR
Sales
Tax
Revenue
Bonds,
Green
Bonds-Climate
Bond
Certified,
Series
2022A,
5.000%,
6/01/51
6/31
at
100.00
AA+
1,908,917
1,925
Perris
Joint
Powers
Authority,
California,
Local
Agency
Revenue
Bonds,
Community
Facilities
District
2001-1
May
Farms
Improvement
Area
1,2
and
3,
Refunding
Series
2014A,
5.375%,
9/01/33
9/23
at
100.00
N/R
1,940,804
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
32,445
0.000%,
7/01/51
7/28
at
30.01
N/R
6,121,723
20,429
5.000%,
7/01/58
7/28
at
100.00
N/R
18,954,026
12
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2,
4.536%,
7/01/53
7/28
at
100.00
N/R
10,377
2,160
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
AA
2,394,317
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-8
Scott
Road,
Series
2013:
660
5.000%,
9/01/32
3/23
at
100.00
N/R
660,693
1,775
5.000%,
9/01/42
3/23
at
100.00
N/R
1,775,550
400
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015,
5.000%,
9/01/33
9/25
at
100.00
N/R
411,880
6,230
Sacramento
Area
Flood
Control
Agency,
California,
Consolidated
Capital
Assessment
District
2
Bonds,
Series
2016A,
5.000%,
10/01/47
10/26
at
100.00
AA
6,486,863
210
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
212,426
1,215
San
Diego
Redevelopment
Agency,
California,
Subordinate
Lien
Tax
Increment
and
Parking
Revenue
Bonds,
Centre
City
Project,
Series
2003B,
5.250%,
9/01/26
3/23
at
100.00
AAA
1,217,053
380
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District 6
Mission
Bay
South
Public
Improvements,
Refunding
Series
2013A,
5.000%,
8/01/33
3/23
at
100.00
N/R
383,146
600
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
605,484
2,700
San
Francisco
City
and
County
Redevelopment
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
San
Francisco
Redevelopment
Projects,
Series
1998D,
0.000%,
8/01/24
-
NPFG
Insured
No
Opt.
Call
AA
2,578,662
40
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
3/23
at
100.00
N/R
40,109
3,600
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/33
9/25
at
103.00
N/R
3,800,916
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017:
2,145
6.125%,
9/01/37,
144A
9/27
at
100.00
N/R
2,226,231
990
6.250%,
9/01/47,
144A
9/27
at
100.00
N/R
1,020,918
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A:
635
5.000%,
10/01/45
4/30
at
100.00
A-
650,259
2,540
5.000%,
10/01/49
4/30
at
100.00
A-
2,577,440
4,500
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
3/23
at
100.00
AA
4,502,835
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
360,178
790
5.250%,
9/01/45
9/25
at
100.00
N/R
800,902
Total
Tax
Obligation/Limited
154,686,687
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
February
28,
2023
46
NKX
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
-
11.3%
(6.8%
of
Total
Investments)
$
150
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015E,
5.000%,
5/15/31
5/25
at
100.00
AA
$
156,760
4,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019E,
5.000%,
5/15/44
11/28
at
100.00
AA-
4,252,080
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A:
3,000
4.000%,
7/01/51
7/31
at
100.00
A+
2,806,200
4,230
4.000%,
7/01/56
7/31
at
100.00
A+
3,908,393
5,770
5.000%,
7/01/56
7/31
at
100.00
A+
6,054,519
44,650
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47,
(UB)
(7)
5/27
at
100.00
A+
46,366,346
4,535
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
A+
4,673,181
2,025
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
A
1,854,212
Total
Transportation
70,071,691
U.S.
Guaranteed
-
26.4%
(15.8%
of
Total
Investments)
(8)
1,115
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2013S-4,
5.250%,
4/01/48,
(Pre-refunded
4/01/23)
4/23
at
100.00
A1
1,116,929
7,600
Bay
Area
Water
Supply
and
Conservation
Agency,
California,
Revenue
Bonds,
Capital
Cost
Recovery
Prepayment
Program,
Series
2013A,
5.000%,
10/01/34,
(Pre-refunded
4/01/23)
4/23
at
100.00
AA-
7,611,324
655
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19C,
Series
2013A,
5.000%,
9/01/27,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
661,013
3,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Pepperdine
University,
Series
2015,
5.000%,
9/01/40,
(Pre-refunded
9/01/25)
9/25
at
100.00
AA-
3,153,330
430
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
A1
450,524
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
2,040
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
2,184,697
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A:
18,430
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
A1
19,414,162
7,500
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
A1
7,900,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
610
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
N/R
627,977
2,250
California
Infrastructure
and
Economic
Development
Bank,
First
Lien
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2003A,
5.000%,
7/01/36,
(Pre-refunded
1/01/28)
-
AMBAC
Insured
1/28
at
100.00
AA+
2,496,532
3,000
California
Infrastructure
and
Economic
Development
Bank,
Infrastructure
State
Revolving
Fund
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/41,
(Pre-refunded
10/01/26)
10/26
at
100.00
AAA
3,237,060
4,475
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
Albert
Einstein
Academies
Project,
Series
2013A,
7.125%,
8/01/43,
(Pre-
refunded
8/01/23)
8/23
at
100.00
BB
4,546,869
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
2,034,360
8,000
6.000%,
11/15/48,
(Pre-refunded
11/15/23)
11/23
at
100.00
N/R
8,157,040
California
State,
General
Obligation
Bonds,
Series
2014:
810
5.000%,
12/01/43,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
821,380
47
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(8)
(continued)
$
6,750
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
$
6,940,485
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
14,885
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
15,229,588
14,885
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
15,257,274
45,825
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
Aa3
47,807,390
1,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2013A,
5.000%,
6/01/30,
(Pre-refunded
6/01/23)
6/23
at
100.00
Aa3
1,005,010
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
D,
Series
2014A:
1,140
5.500%,
9/01/33,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,153,817
2,105
5.750%,
9/01/44,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
2,133,102
1,115
Rio
Elementary
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2013,
5.500%,
9/01/39,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,128,514
2,870
Sanger
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2014B,
5.000%,
8/01/39,
(Pre-
refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
2,947,174
5,000
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2007
Measure
S,
Series
2014C,
5.000%,
8/01/39,
(Pre-refunded
8/01/24)
8/24
at
100.00
Aa1
5,137,950
Total
U.S.
Guaranteed
163,154,001
Utilities
-
20.1%
(12.0%
of
Total
Investments)
9,940
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021B-1,
4.000%,
2/01/52,
(Mandatory
Put
8/01/31)
5/31
at
100.63
A1
9,887,716
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018:
850
5.000%,
10/01/43
4/28
at
100.00
AAA
911,149
5,000
5.000%,
10/01/48
4/28
at
100.00
AAA
5,320,500
3,675
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authority
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
11/21/45,
144A
1/29
at
100.00
BBB
3,702,452
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A:
2,490
5.000%,
11/15/35
No
Opt.
Call
AA-
2,617,812
1,835
5.500%,
11/15/37
No
Opt.
Call
AA-
1,996,957
4,280
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2013B,
5.000%,
7/01/28
7/23
at
100.00
Aa2
4,304,481
7,960
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2015E,
5.000%,
7/01/44
7/24
at
100.00
Aa2
8,065,948
6,015
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
Aa2
6,292,111
3,575
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/45
1/29
at
100.00
Aa2
3,820,853
5,190
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/50
7/30
at
100.00
Aa2
5,562,123
3,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/46
7/31
at
100.00
Aa2
3,262,920
1,205
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/44
1/27
at
100.00
AA+
1,266,093
5,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
AA+
5,344,700
8,250
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C,
5.000%,
7/01/38
7/30
at
100.00
Aa2
9,184,230
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(contin-
ued)
Portfolio
of
Investments
February
28,
2023
48
NKX
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
9,500
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Series
2015C,
5.000%,
6/01/45
6/25
at
100.00
AA+
$
9,780,440
5,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/43
6/28
at
100.00
AA
5,345,600
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
2,008,460
3,500
5.000%,
6/01/35
6/23
at
100.00
AA
3,514,735
1,000
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2018B,
5.000%,
6/15/48
6/28
at
100.00
AAA
1,061,480
4,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B,
5.000%,
8/01/37
8/26
at
100.00
Aa3
4,259,640
16,220
San
Francisco
City
and
County
Public
Utilities
Commission,
California,
Water
Revenue
Bonds,
Refunding
Green
Series
2017D,
5.000%,
11/01/33
11/27
at
100.00
Aa2
17,923,911
5,000
South
Coast
Water
District
Financing
Authority,
California,
Revenue
Bonds,
Series
2019A,
5.000%,
2/01/44
2/29
at
100.00
AA+
5,386,100
2,975
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Apex
Power
Project
Series
2014A,
5.000%,
7/01/37
7/24
at
100.00
AA-
3,035,928
Total
Utilities
123,856,339
Total
Long-Term
Investments
(cost
$1,028,694,869)
1,035,604,091
Floating
Rate
Obligations
-
(5.4)%
(33,485,000)
MFP
Shares,
Net
-
(22.7)%
(9)
(140,024,680)
VRDP
Shares,
Net
-
(41.4)%
(10)
(255,631,989)
Other
Assets
&
Liabilities,
Net
-
1.7%
10,765,417
Net
Assets
Applicable
to
Common
Shares
-
100%
$
617,227,839
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(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)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(8)
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.
(9)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
13.5%.
(10)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
24.7%.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
See
Notes
to
Financial
Statements
49
Nuveen
California
Municipal
Value
Fund
Portfolio
of
Investments
February
28,
2023
NCA
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
98.8% (100.0%
of
Total
Investments)
X
301,383,606
MUNICIPAL
BONDS
-
98.8% (100.0%
of
Total
Investments)
X
301,383,606
Consumer
Staples
-
0.6%
(0.6%
of
Total
Investments)
$
70
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
$
61,784
4,895
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A,
0.000%,
6/01/41
3/23
at
36.15
N/R
1,727,543
Total
Consumer
Staples
1,789,327
Education
and
Civic
Organizations
-
2.6%
(2.7%
of
Total
Investments)
200
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Series
2012A,
5.250%,
8/01/42
3/23
at
100.00
BB+
184,862
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
5.000%,
12/31/43,
(AMT)
6/28
at
100.00
BBB-
1,003,000
220
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BBB
220,732
1,425
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.250%,
7/01/52,
144A
7/25
at
101.00
BBB
1,438,566
3,780
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M,
5.000%,
5/15/47
5/27
at
100.00
AA-
3,983,364
1,070
University
of
California,
General
Revenue
Bonds,
Series
2018AZ,
5.000%,
5/15/38
5/28
at
100.00
AA
1,156,756
Total
Education
and
Civic
Organizations
7,987,280
Health
Care
-
9.6%
(9.7%
of
Total
Investments)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
4,105
5.000%,
11/15/46
11/26
at
100.00
A1
4,184,678
1,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A,
5.000%,
11/15/36
11/27
at
100.00
A1
1,063,120
2,045
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
A
1,876,431
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A:
1,815
4.000%,
4/01/44
4/30
at
100.00
A-
1,661,923
3,830
4.000%,
4/01/49
4/30
at
100.00
A-
3,386,371
625
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
AA-
636,519
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
240
5.000%,
10/01/38
10/24
at
100.00
A+
243,187
840
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
A+
844,897
1,600
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
AA
1,482,896
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A:
120
5.000%,
7/01/42
7/27
at
100.00
Baa2
122,004
2,000
4.000%,
7/01/47
7/27
at
100.00
Baa2
1,713,280
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
100
5.250%,
11/01/41
11/26
at
100.00
BBB-
100,364
1,090
5.000%,
11/01/47
11/26
at
100.00
BBB-
1,094,360
400
5.250%,
11/01/47
11/26
at
100.00
BBB-
401,192
Nuveen
California
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
50
NCA
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
$
520
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
AA
$
548,002
1,000
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
A-
1,009,610
150
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.250%,
12/01/34
12/24
at
100.00
BB+
152,716
5,800
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB+
5,469,052
1,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A,
5.250%,
12/01/48,
144A
6/28
at
100.00
BB+
946,340
245
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
AA
259,323
2,000
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P,
5.000%,
5/15/47
5/32
at
100.00
AA-
2,161,000
Total
Health
Care
29,357,265
Housing/Multifamily
-
9.4%
(9.5%
of
Total
Investments)
2,175
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
1,697,087
2,190
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
1,751,277
1,420
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
1,236,564
800
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
599,480
1,115
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
N/R
964,932
2,203
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
BBB+
2,177,270
1,856
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
BBB+
1,748,203
327
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
325,694
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
80
5.250%,
8/15/39
8/24
at
100.00
A-
81,188
215
5.250%,
8/15/49
8/24
at
100.00
A-
217,565
2,320
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
N/R
1,763,687
800
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
N/R
623,984
405
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
279,102
125
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
99,115
1,130
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
N/R
790,887
175
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
136,290
51
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
1,465
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
$
1,219,466
2,005
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
1,509,544
2,310
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
1,957,448
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Series
2021A-1
and
A-2:
610
3.375%,
7/01/43,
144A
7/32
at
100.00
N/R
485,023
800
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
546,528
1,925
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
1,426,348
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
220
3.000%,
7/01/43,
144A
7/32
at
100.00
N/R
167,748
950
3.125%,
7/01/56,
144A
7/32
at
100.00
N/R
656,526
1,345
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Senior
Lien
Series
2021A-2,
3.000%,
3/01/57,
144A
3/32
at
100.00
N/R
902,441
880
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
716,998
750
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
552,728
555
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
377,017
795
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
599,987
560
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
N/R
413,846
2,035
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
1,353,214
2,080
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
1,404,541
Total
Housing/Multifamily
28,781,728
Long-Term
Care
-
0.2%
(0.2%
of
Total
Investments)
545
California
Health
Facilities
Financing
Authority,
Insured
Revenue
Bonds,
Community
Program
for
Persons
with
Developmental
Disabilities,
Series
2011A,
6.250%,
2/01/26
3/23
at
100.00
AA
546,488
Total
Long-Term
Care
546,488
Tax
Obligation/General
-
22.9%
(23.2%
of
Total
Investments)
4,000
Anaheim
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2014
Election
Series
2019,
3.000%,
8/01/40
-
BAM
Insured
8/27
at
100.00
AA
3,302,080
375
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
Aa2
399,184
5
California
State,
General
Obligation
Bonds,
Series
2013,
5.000%,
2/01/29
3/23
at
100.00
Aa2
5,008
3,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015,
5.000%,
8/01/34
8/25
at
100.00
Aa2
3,139,200
Nuveen
California
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
52
NCA
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013:
$
2,500
5.000%,
4/01/37
4/23
at
100.00
Aa2
$
2,502,725
2,240
5.000%,
11/01/43
11/23
at
100.00
Aa2
2,259,309
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014:
5,000
5.000%,
5/01/32
5/24
at
100.00
Aa2
5,099,200
1,970
5.000%,
10/01/39
10/24
at
100.00
Aa2
2,013,064
2,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B,
5.000%,
10/01/48
10/28
at
100.00
Aa2
2,127,120
2,100
Carlsbad
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Series
2009B,
6.000%,
5/01/34
5/24
at
100.00
Aa1
2,160,816
3,000
Chaffey
Community
College
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Taxable
Refunding
Series
2019,
4.000%,
6/01/43
6/28
at
100.00
AA
2,900,910
1,000
Chaffey
Joint
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017C,
5.250%,
8/01/47
2/27
at
100.00
Aa1
1,051,960
5,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B,
5.000%,
8/01/55
8/30
at
100.00
Aa2
5,364,650
690
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J,
4.000%,
8/01/41
8/27
at
100.00
Aaa
690,607
2,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/40
8/25
at
100.00
Aa2
1,962,420
1,000
Oxnard
Union
High
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Election
2018
Series
2020B,
5.000%,
8/01/45
8/28
at
100.00
Aa2
1,066,870
2,000
Pittsburg
Unified
School
District
Financing
Authority,
Contra
Costa
County,
California, General
Obligation
Bonds,
Pittsburg
Unified
School
District
Bond
Program,
Series
2019,
5.000%,
9/01/47
-
AGM
Insured
9/28
at
100.00
AA
2,104,120
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
245
4.000%,
7/01/37
7/31
at
103.00
N/R
209,527
519
4.000%,
7/01/41
7/31
at
103.00
N/R
428,725
2,000
4.000%,
7/01/46
7/31
at
103.00
N/R
1,592,600
840
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017,
5.250%,
8/01/46
8/27
at
100.00
Aa3
894,524
9,000
San
Marcos
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
2010
Election,
Series
2012B,
0.000%,
8/01/51
No
Opt.
Call
AA-
2,508,840
11,875
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011A,
0.000%,
9/01/41
(4)
9/36
at
100.00
Aaa
11,095,881
19,860
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
0.000%,
8/01/42
(4)
No
Opt.
Call
Aa2
14,973,844
Total
Tax
Obligation/General
69,853,184
Tax
Obligation/Limited
-
10.0%
(10.1%
of
Total
Investments)
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003:
665
5.500%,
10/01/23
-
RAAI
Insured
3/23
at
100.00
AA
666,563
1,000
5.625%,
10/01/33
-
RAAI
Insured
3/23
at
100.00
AA
1,003,440
1,000
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-Climate
Bond
Certified
Series
2019,
5.000%,
8/01/44
8/29
at
100.00
AA
1,065,900
1,500
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F,
5.250%,
9/01/33
9/23
at
100.00
Aa3
1,514,415
1,250
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
5.000%,
9/01/39
9/24
at
100.00
Aa3
1,276,900
53
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
55
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
BBB+
$
57,290
4,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/38
6/26
at
100.00
AAA
4,221,360
2,300
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AAA
2,447,016
1,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
AA+
1,071,280
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A:
1,140
5.250%,
9/01/30
9/23
at
100.00
N/R
1,149,063
1,040
5.750%,
9/01/39
9/23
at
100.00
N/R
1,047,675
165
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Subordinate
Lien
Series
2013B,
5.875%,
9/01/39
9/23
at
100.00
N/R
166,317
4,708
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
5.000%,
7/01/58
7/28
at
100.00
N/R
4,368,082
625
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
AA
692,800
70
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
70,808
150
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
151,371
5,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
North
Redevelopment
Project,
Refunding
Series
2016A,
5.000%,
8/01/41
-
NPFG
Insured
8/26
at
100.00
A
5,184,200
110
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
3/23
at
100.00
N/R
110,299
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
1,055,810
765
5.000%,
9/01/43
9/25
at
103.00
N/R
779,198
195
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017,
5.750%,
9/01/32,
144A
9/27
at
100.00
N/R
207,810
2,185
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A,
5.000%,
10/01/45
4/30
at
100.00
A-
2,237,506
Total
Tax
Obligation/Limited
30,545,103
Transportation
-
18.5%
(18.7%
of
Total
Investments)
225
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
B+
215,566
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
1,979,601
2,580
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2019A,
5.000%,
5/15/44
5/29
at
100.00
Aa2
2,777,473
10,415
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
5.000%,
5/15/44,
(AMT)
11/27
at
100.00
AA-
10,628,091
2,670
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
5.000%,
5/15/33,
(AMT)
11/28
at
100.00
AA-
2,860,291
Nuveen
California
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
54
NCA
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Transportation
(continued)
$
1,480
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
AA-
$
1,543,344
3,000
Los
Angeles
Harbors
Department,
California,
Revenue
Bonds,
Series
2014C,
5.000%,
8/01/44
8/24
at
100.00
AA+
3,060,180
3,075
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
7/01/51
7/31
at
100.00
A+
2,876,355
5,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
4.000%,
7/01/51,
(AMT)
7/31
at
100.00
A+
4,447,000
13,570
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
A+
14,091,631
6,465
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
A+
6,661,989
4,160
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
5.000%,
5/01/43,
(AMT)
5/28
at
100.00
A+
4,259,674
665
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
A
608,914
250
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
A-
251,127
Total
Transportation
56,261,236
U.S.
Guaranteed
-
6.2%
(6.3%
of
Total
Investments)
(5)
1,500
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-H,
5.000%,
4/01/44,
(Pre-
refunded
4/01/29)
4/29
at
100.00
AA-
1,703,205
285
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
5.000%,
8/15/43,
(Pre-refunded
8/15/25)
8/25
at
100.00
A1
298,603
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
795
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
851,389
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
185
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
N/R
190,452
3,130
California
Infrastructure
and
Economic
Development
Bank,
Infrastructure
State
Revolving
Fund
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/33,
(Pre-refunded
10/01/26)
10/26
at
100.00
AAA
3,377,333
2,215
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
2,277,507
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
4,875
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
4,987,856
4,875
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
4,996,924
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
100
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
N/R
104,326
80
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
A+
83,461
Total
U.S.
Guaranteed
18,871,056
55
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
-
18.8%
(19.0%
of
Total
Investments)
$
1,000
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018,
5.000%,
10/01/43
4/28
at
100.00
AAA
$
1,071,940
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
1,375
5.000%,
7/01/37,
(AMT),
144A
7/23
at
100.00
BBB
1,378,506
3,750
5.000%,
11/21/45,
(AMT),
144A
7/23
at
100.00
BBB
3,754,388
1,500
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authority
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39,
144A
1/29
at
100.00
BBB
1,526,445
4,200
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
AAA
4,528,146
2,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016,
5.000%,
3/01/41
9/26
at
100.00
AAA
2,108,220
1,800
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A,
5.500%,
11/15/37
No
Opt.
Call
AA-
1,958,868
1,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/40
1/26
at
100.00
Aa2
1,048,970
835
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016B,
5.000%,
7/01/37
1/26
at
100.00
Aa2
879,497
2,425
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019D,
5.000%,
7/01/49
7/29
at
100.00
Aa2
2,582,795
1,890
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/40
7/30
at
100.00
Aa2
2,081,400
4,150
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022B,
5.000%,
7/01/47
1/32
at
100.00
Aa2
4,537,527
1,500
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/38
7/28
at
100.00
AA+
1,627,410
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C:
2,500
5.000%,
7/01/36
7/30
at
100.00
Aa2
2,831,600
6,000
5.000%,
7/01/38
7/30
at
100.00
Aa2
6,679,440
1,400
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/38
6/28
at
100.00
AA
1,517,208
1,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C,
6.500%,
11/01/39
No
Opt.
Call
A
1,192,930
5,775
Riverside,
California,
Sewer
Revenue
Bonds,
Refunding
Series
2018A,
5.000%,
8/01/39
8/28
at
100.00
AA-
6,259,753
1,190
Sacramento,
California,
Wastewater
Revenue
Bonds,
Series
2019,
5.000%,
9/01/39
9/29
at
100.00
AA
1,305,704
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B:
2,670
5.000%,
8/01/32
8/26
at
100.00
Aa3
2,882,238
3,000
5.000%,
8/01/37
8/26
at
100.00
Aa3
3,194,730
2,400
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A,
5.250%,
11/01/24
No
Opt.
Call
A2
2,443,224
Total
Utilities
57,390,939
Total
Long-Term
Investments
(cost
$301,010,168)
301,383,606
Other
Assets
&
Liabilities,
Net
-
1.2%
3,759,208
Net
Assets
Applicable
to
Common
Shares
-
100%
$
305,142,814
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
Nuveen
California
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
February
28,
2023
56
NCA
(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
See
Notes
to
Financial
Statements
57
Nuveen
California
Select
Tax-Free
Income
Portfolio
Portfolio
of
Investments
February
28,
2023
NXC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
98.2% (100.0%
of
Total
Investments)
X
85,694,976
MUNICIPAL
BONDS
-
98.2% (100.0%
of
Total
Investments)
X
85,694,976
Consumer
Staples
-
0.0%
(0.0%
of
Total
Investments)
$
20
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
$
17,653
Total
Consumer
Staples
17,653
Education
and
Civic
Organizations
-
1.1%
(1.1%
of
Total
Investments)
550
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Partnerships
to
Uplift
Communities
Project,
Series
2012A,
5.250%,
8/01/42
3/23
at
100.00
BB+
508,370
60
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BBB
60,200
385
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.000%,
7/01/46,
144A
7/25
at
101.00
BBB
386,802
Total
Education
and
Civic
Organizations
955,372
Health
Care
-
10.1%
(10.3%
of
Total
Investments)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
2,590
5.000%,
11/15/46
11/26
at
100.00
A1
2,640,272
1,240
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
A
1,137,787
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
4.000%,
4/01/49
4/30
at
100.00
A-
884,170
1,365
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Kaiser
Permanente
System,
Series
2017A-2,
4.000%,
11/01/44
11/27
at
100.00
AA-
1,281,216
115
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital,
Series
2014A,
5.000%,
8/15/43
8/24
at
100.00
AA-
117,119
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
70
5.000%,
10/01/38
10/24
at
100.00
A+
70,930
255
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
A+
256,487
450
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A,
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
AA
417,065
35
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
35,584
130
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A,
5.250%,
11/01/41
11/26
at
100.00
BBB-
130,473
150
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
AA
158,077
350
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A,
5.250%,
12/01/34
12/24
at
100.00
BB+
356,339
1,365
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB+
1,287,113
70
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
AA
74,092
Total
Health
Care
8,846,724
Nuveen
California
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
February
28,
2023
58
NXC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
-
9.1%
(9.3%
of
Total
Investments)
$
615
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
$
479,866
590
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
471,805
800
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
696,656
200
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
149,870
617
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
No
Opt.
Call
BBB+
610,011
525
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
No
Opt.
Call
BBB+
494,256
90
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
89,685
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
25
5.250%,
8/15/39
8/24
at
100.00
A-
25,371
65
5.250%,
8/15/49
8/24
at
100.00
A-
65,776
660
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
N/R
501,739
225
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
N/R
175,496
115
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1,
3.000%,
12/01/56,
144A
12/31
at
100.00
N/R
79,251
320
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
N/R
223,968
425
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
353,770
560
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
421,618
650
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
550,797
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Series
2021A-1
and
A-2:
175
3.375%,
7/01/43,
144A
7/32
at
100.00
N/R
139,146
195
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
133,216
540
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
400,118
265
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1,
3.125%,
7/01/56,
144A
7/32
at
100.00
N/R
183,136
380
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Senior
Lien
Series
2021A-2,
3.000%,
3/01/57,
144A
3/32
at
100.00
N/R
254,965
250
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
203,693
150
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
110,546
100
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
67,931
59
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
185
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
$
139,619
160
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
N/R
118,242
585
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
389,007
600
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
405,156
Total
Housing/Multifamily
7,934,710
Tax
Obligation/General
-
20.1%
(20.4%
of
Total
Investments)
620
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
Aa2
659,984
1,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015,
5.000%,
8/01/34
8/25
at
100.00
Aa2
1,046,400
1,000
Chaffey
Joint
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017C,
5.250%,
8/01/47
2/27
at
100.00
Aa1
1,051,960
1,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/45
8/25
at
100.00
Aa2
953,690
2,790
Natomas
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2020A,
4.000%,
8/01/49
-
AGM
Insured
8/26
at
100.00
AA
2,648,714
7,575
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A,
0.000%,
8/01/34
No
Opt.
Call
A1
4,742,026
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1:
70
4.000%,
7/01/37
7/31
at
103.00
N/R
59,865
65
4.000%,
7/01/41
7/31
at
103.00
N/R
53,694
161
4.000%,
7/01/46
7/31
at
103.00
N/R
128,204
1,000
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017,
5.250%,
8/01/46
8/27
at
100.00
Aa3
1,064,910
8,075
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B,
0.000%,
8/01/44
No
Opt.
Call
Aa1
3,059,133
2,000
West
Hills
Community
College
District,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
3,
2008
Election
Series
2011,
0.000%,
8/01/38
-
AGM
Insured
(4)
8/31
at
100.00
AA
2,036,820
Total
Tax
Obligation/General
17,505,400
Tax
Obligation/Limited
-
13.3%
(13.6%
of
Total
Investments)
1,000
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003,
5.625%,
10/01/33
-
RAAI
Insured
3/23
at
100.00
AA
1,003,440
2,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F,
5.250%,
9/01/33
9/23
at
100.00
Aa3
2,019,220
15
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
BBB+
15,625
1,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/38
6/26
at
100.00
AAA
1,055,340
3,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
AAA
3,209,310
1,000
Norco
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
1,
Series
2009,
7.000%,
3/01/34
3/23
at
100.00
A+
1,003,470
Nuveen
California
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
February
28,
2023
60
NXC
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A:
$
350
5.250%,
9/01/30
9/23
at
100.00
N/R
$
352,782
320
5.750%,
9/01/39
9/23
at
100.00
N/R
322,362
60
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Subordinate
Lien
Series
2013B,
5.875%,
9/01/39
9/23
at
100.00
N/R
60,479
948
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1,
5.000%,
7/01/58
7/28
at
100.00
N/R
879,554
180
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
AA
199,526
20
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
20,231
60
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
60,548
30
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
3/23
at
100.00
N/R
30,082
1,285
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/28
9/25
at
103.00
N/R
1,366,263
60
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A,
5.000%,
10/01/45
4/30
at
100.00
A-
61,442
Total
Tax
Obligation/Limited
11,659,674
Transportation
-
11.8%
(12.0%
of
Total
Investments)
60
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
4.000%,
7/15/29,
(AMT)
No
Opt.
Call
B+
57,484
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
1,000
5.000%,
1/15/42
-
AGM
Insured
1/24
at
100.00
AA
1,017,790
800
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D,
5.000%,
5/15/42
5/25
at
100.00
AA+
824,512
1,860
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
4.000%,
5/15/40,
(AMT)
5/32
at
100.00
AA-
1,780,448
1,525
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
5.000%,
5/15/45,
(AMT)
5/32
at
100.00
AA-
1,590,270
3,250
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1,
4.000%,
6/01/39
6/31
at
100.00
A
3,138,980
1,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
5.000%,
7/01/51,
(AMT)
7/31
at
100.00
A+
1,022,430
90
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
A
82,409
750
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B,
5.250%,
1/15/44
1/25
at
100.00
A-
753,383
Total
Transportation
10,267,706
U.S.
Guaranteed
-
11.7%
(11.9%
of
Total
Investments)
(5)
1,000
Bay
Area
Water
Supply
and
Conservation
Agency,
California,
Revenue
Bonds,
Capital
Cost
Recovery
Prepayment
Program,
Series
2013A,
5.000%,
10/01/34,
(Pre-refunded
4/01/23)
4/23
at
100.00
AA-
1,001,490
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
410
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
439,081
61
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(5)
(continued)
$
2,500
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
5.000%,
11/15/41,
(Pre-refunded
11/15/25)
11/25
at
100.00
A1
$
2,633,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
55
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
N/R
56,621
530
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
544,957
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
1,170
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
1,197,085
1,175
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
1,204,387
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A:
1,650
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
N/R
1,721,379
1,350
5.000%,
6/01/40,
(Pre-refunded
6/01/25)
6/25
at
100.00
A+
1,408,401
Total
U.S.
Guaranteed
10,206,901
Utilities
-
21.0%
(21.4%
of
Total
Investments)
1,480
California
Infrastructure
and
Economic
Development
Bank,
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2017,
5.000%,
10/01/33
4/27
at
100.00
AAA
1,617,966
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012:
375
5.000%,
7/01/37,
(AMT),
144A
7/23
at
100.00
BBB
375,956
1,160
5.000%,
11/21/45,
(AMT),
144A
7/23
at
100.00
BBB
1,161,357
1,730
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2017A,
4.000%,
6/01/45
6/27
at
100.00
AAA
1,695,469
2,000
Irvine
Ranch
Water
District,
California,
Certificates
of
Participation,
Irvine
Ranch
Water
District
Series
2016,
5.000%,
3/01/41
9/26
at
100.00
AAA
2,108,220
645
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A,
5.500%,
11/15/37
No
Opt.
Call
AA-
701,928
1,970
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2015E,
5.000%,
7/01/44
7/24
at
100.00
Aa2
1,996,221
2,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/40
7/30
at
100.00
Aa2
2,202,540
3,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/44
1/27
at
100.00
AA+
3,152,100
1,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/38
7/28
at
100.00
AA+
1,084,940
2,050
Sacramento
County
Sanitation
Districts
Financing
Authority,
California,
Revenue
Bonds,
Sacramento
Regional
County
Sanitation
District,
Series
2020A,
5.000%,
12/01/50
12/30
at
100.00
AA
2,204,139
Total
Utilities
18,300,836
Total
Long-Term
Investments
(cost
$85,501,495)
85,694,976
Other
Assets
&
Liabilities,
Net
-
1.8%
1,528,839
Net
Assets
Applicable
to
Common
Shares
-
100%
$
87,223,815
(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.
Optional
Call
Provisions
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
(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.
Nuveen
California
Select
Tax-Free
Income
Portfolio
(continued)
Portfolio
of
Investments
February
28,
2023
62
NXC
(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
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
February
28,
2023
See
Notes
to
Financial
Statements
63
NAC
NKX
NCA
NXC
Assets
Long-term
investments,
at
value
†
$
3,013,132,207‌
$
1,035,604,091‌
$
301,383,606‌
$
85,694,976‌
Cash
–‌
–‌
1,675,325‌
959,415‌
Receivable
for
interest
33,363,769‌
11,844,580‌
3,215,459‌
906,257‌
Receivable
for
investments
sold
20,000‌
4,146,200‌
–‌
–‌
Other
assets
1,097,771‌
407,725‌
57,748‌
30,570‌
Total
assets
3,047,613,747‌
1,052,002,596‌
306,332,138‌
87,591,218‌
Liabilities
Cash
overdraft
3,201,430‌
2,348,642‌
–‌
–‌
Floating
rate
obligations
–‌
33,485,000‌
–‌
–‌
Payable
for
dividends
5,050,240‌
1,877,648‌
920,217‌
267,474‌
Payable
for
interest
2,791‌
561,732‌
227‌
—‌
MFP
Shares,
Net
**
319,858,894‌
140,024,680‌
–‌
–‌
VRDP
Shares,
Net
***
905,261,210‌
255,631,989‌
–‌
–‌
Accrued
expenses:
Custodian
fees
248,211‌
89,127‌
30,827‌
12,659‌
Investor
relations
51,317‌
17,582‌
5,454‌
1,289‌
Management
fees
1,322,127‌
473,900‌
117,879‌
17,550‌
Trustees
fees
724,993‌
187,143‌
55,063‌
29,276‌
Professional
fees
47,950‌
34,441‌
28,916‌
27,362‌
Shareholder
reporting
expenses
44,735‌
17,509‌
11,443‌
5,968‌
Shareholder
servicing
agent
fees
4,200‌
1,206‌
1,516‌
347‌
Other
44,012‌
24,158‌
17,782‌
5,478‌
Total
liabilities
1,235,862,110‌
434,774,757‌
1,189,324‌
367,403‌
Commitments
and
contingencies
(1)
Net
assets
applicable
to
common
shares
$
1,811,751,637‌
$
617,227,839‌
$
305,142,814‌
$
87,223,815‌
Common
shares
outstanding
144,735,059‌
47,520,334‌
33,108,196‌
6,361,808‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
12
.52‌
$
12
.99‌
$
9
.22‌
$
13
.71‌
Net
assets
applicable
to
common
shares
consist
of:
Common
shares,
$0.01
par
value
per
share
$
1,447,351‌
$
475,203‌
$
331,082‌
$
63,618‌
Paid-in
surplus
1,964,735,168‌
635,806,480‌
312,875,798‌
88,543,681‌
Total
distributable
earnings
(loss)
(
154,430,882‌
)
(
19,053,844‌
)
(
8,064,066‌
)
(
1,383,484‌
)
Net
assets
applicable
to
common
shares
$
1,811,751,637‌
$
617,227,839‌
$
305,142,814‌
$
87,223,815‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
—
—
†
Long-term
investments,
cost
$
3,029,524,069‌
$
1,028,694,869‌
$
301,010,168‌
$
85,501,495‌
**
MFP
Shares,
liquidation
preference
320,000,000‌
140,400,000‌
—‌
—‌
***
VRDP
Shares,
liquidation
preference
907,800,000‌
256,700,000‌
—‌
—‌
(1)
As
disclosed
in
Notes
to
Financial
Statements.
Statement
of
Operations
Year
Ended
February
28,
2023
See
Notes
to
Financial
Statements
64
NAC
NKX
NCA
NXC
Investment
Income
Interest
$
130,698,566‌
$
44,997,857‌
$
12,640,288‌
$
3,551,308‌
Total
Investment
Income
130,698,566‌
44,997,857‌
12,640,288‌
3,551,308‌
Expenses
–
–
–
–
Management
fees
17,576,819‌
6,326,775‌
1,476,676‌
228,348‌
Shareholder
servicing
agent
fees
25,314‌
7,300‌
8,990‌
2,321‌
Interest
expense
and
amortization
of
offering
costs
28,210,386‌
8,557,243‌
834‌
44‌
Trustees
fees
85,578‌
29,059‌
8,903‌
2,538‌
Custodian
expenses,
net
274,511‌
102,900‌
33,192‌
19,613‌
Investor
relations
expenses
116,033‌
39,459‌
11,672‌
3,467‌
Liquidity
fees
4,129,540‌
2,162,268‌
—‌
—‌
Professional
fees
293,752‌
136,420‌
47,054‌
36,400‌
Remarketing
fees
522,245‌
690,815‌
—‌
—‌
Shareholder
reporting
expenses
103,243‌
46,558‌
33,104‌
14,918‌
Stock
exchange
listing
fees
42,957‌
14,105‌
30,427‌
7,259‌
Other
127,121‌
93,969‌
10,050‌
8,304‌
Total
expenses
51,507,499‌
18,206,871‌
1,660,902‌
323,212‌
Net
investment
income
(loss)
79,191,067‌
26,790,986‌
10,979,386‌
3,228,096‌
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
(
112,184,494‌
)
(
25,699,597‌
)
(
7,463,877‌
)
(
1,704,954‌
)
Net
realized
gain
(loss)
(
112,184,494‌
)
(
25,699,597‌
)
(
7,463,877‌
)
(
1,704,954‌
)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(
253,974,571‌
)
(
98,059,693‌
)
(
29,648,083‌
)
(
7,514,728‌
)
Change
in
net
unrealized
appreciation
(depreciation)
(
253,974,571‌
)
(
98,059,693‌
)
(
29,648,083‌
)
(
7,514,728‌
)
Net
realized
and
unrealized
gain
(loss)
(
366,159,065‌
)
(
123,759,290‌
)
(
37,111,960‌
)
(
9,219,682‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
(
286,967,998‌
)
$
(
96,968,304‌
)
$
(
26,132,574‌
)
$
(
5,991,586‌
)
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
65
NAC
NKX
Year
Ended
2/28/23
Year
Ended
2/28/22
Year
Ended
2/28/23
Year
Ended
2/28/22
Operations
Net
investment
income
(loss)
$
79,191,067‌
$
96,175,613‌
$
26,790,986‌
$
32,467,323‌
Net
realized
gain
(loss)
(112,184,494‌)
(2,554,993‌)
(25,699,597‌)
458,904‌
Change
in
net
unrealized
appreciation
(depreciation)
(253,974,571‌)
(120,601,420‌)
(98,059,693‌)
(41,296,515‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(286,967,998‌)
(26,980,800‌)
(96,968,304‌)
(8,370,288‌)
Distributions
to
Common
Shareholders
Dividends
(82,354,248‌)
(94,656,728‌)
(28,797,322‌)
(31,838,623‌)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(82,354,248‌)
(94,656,728‌)
(28,797,322‌)
(31,838,623‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(369,322,246‌)
(121,637,528‌)
(125,765,626‌)
(40,208,911‌)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
2,181,073,883‌
2,302,711,411‌
742,993,465‌
783,202,376‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,811,751,637‌
$
2,181,073,883‌
$
617,227,839‌
$
742,993,465‌
See
Notes
to
Financial
Statements
66
NCA
Year
Ended
2/28/23
Year
Ended
2/28/22
Operations
Net
investment
income
(loss)
$
10,979,386‌
$
10,135,155‌
Net
realized
gain
(loss)
(7,463,877‌)
182,061‌
Change
in
net
unrealized
appreciation
(depreciation)
(29,648,083‌)
(11,767,724‌)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(26,132,574‌)
(1,450,508‌)
Distributions
to
Common
Shareholders
Dividends
(10,528,407‌)
(9,911,780‌)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(10,528,407‌)
(9,911,780‌)
Capital
Share
Transactions
Common
shares:
Fund
Reorganization
—‌
53,540,962‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
—‌
53,540,962‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(36,660,981‌)
42,178,674‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
341,803,795‌
299,625,121‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
305,142,814‌
$
341,803,795‌
See
Notes
to
Financial
Statements
67
NXC
Year
Ended
2/28/23
Eleven
Months
Ended
2/28/22
Year
Ended
3/31/21
Operations
Net
investment
income
(loss)
$
3,228,096‌
$
2,887,651‌
$
3,270,899‌
Net
realized
gain
(loss)
(1,704,954‌)
33,430‌
460,516‌
Change
in
net
unrealized
appreciation
(depreciation)
(7,514,728‌)
(4,195,935‌)
2,121,520‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
(5,991,586‌)
(1,274,854‌)
5,852,935‌
Distributions
to
Common
Shareholders
Dividends
(3,149,970‌)
(3,049,063‌)
(3,331,881‌)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(3,149,970‌)
(3,049,063‌)
(3,331,881‌)
Capital
Share
Transactions
Common
shares:
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
12,887‌
75,933‌
66,551‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
12,887‌
75,933‌
66,551‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
(9,128,669‌)
(4,247,984‌)
2,587,605‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
96,352,484‌
100,600,468‌
98,012,863‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
87,223,815‌
$
96,352,484‌
$
100,600,468‌
Statement
of
Cash
Flows
Year
Ended
February
28,
2023
See
Notes
to
Financial
Statements
68
NAC
NKX
Cash
Flows
from
Operating
Activities
Net
Increase
(Decrease)
in
Net
Assets
Applicable
to
Common
Shares
from
Operations
$
(286,967,998‌)
$
(96,968,304‌)
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
(2,158,038,514‌)
(618,658,454‌)
Proceeds
from
sale
and
maturities
of
investments
2,193,042,913‌
645,144,504‌
Taxes
paid
(9,608‌)
(381‌)
Amortization
(Accretion)
of
premiums
and
discounts,
net
7,915,403‌
800,321‌
Amortization
of
deferred
offering
costs
690,065‌
556,705‌
(Increase)
Decrease
in:
Receivable
for
interest
2,810,550‌
1,099,736‌
Receivable
for
investments
sold
21,687,078‌
(1,105,800‌)
Other
assets
86,472‌
(419‌)
Increase
(Decrease)
in:
Payable
for
interest
2,560‌
519,790‌
Payable
for
investments
purchased
-
regular
settlement
(4,928,112‌)
—‌
Accrued
custodian
fees
(162,950‌)
(59,747‌)
Accrued
investor
relations
fees
(12,986‌)
(4,484‌)
Accrued
management
fees
(153,048‌)
(59,124‌)
Accrued
Trustees
fees
(83,065‌)
(19,833‌)
Accrued
professional
fees
20,388‌
7,185‌
Accrued
shareholder
reporting
expenses
3,500‌
1,174‌
Accrued
shareholder
servicing
agent
fees
(403‌)
425‌
Accrued
other
expenses
2,179‌
19,387‌
Net
realized
(gain)
loss
from
investments
112,184,494‌
25,699,597‌
Net
realized
(gain)
loss
from
paydowns
(501,194‌)
(1,583‌)
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
253,974,571‌
98,059,693‌
Net
cash
provided
by
operating
activities
141,562,295‌
55,030,388‌
Cash
Flows
from
Financing
Activities
Proceeds
from
borrowings
111,949,338‌
27,639,876‌
(Repayments)
of
borrowings
(111,949,338‌)
(27,639,876‌)
Proceeds
from
floating
rate
obligations
—‌
33,485,000‌
(Repayments
of)
floating
rate
obligations
—‌
(20,975,000‌)
(Payments
for)
VRDP
Shares
redeemed,
at
liquidation
preference
(49,800,000‌)
(35,500,000‌)
Increase
(Decrease)
in
cash
overdraft
(6,811,539‌)
(2,531,250‌)
Cash
distributions
paid
to
common
shareholders
(84,950,756‌)
(29,509,138‌)
Net
cash
provided
by
(used
in)
financing
activities
(141,562,295‌)
(55,030,388‌)
Net
increase
(decrease)
in
cash
and
cash
collateral
at
brokers
—‌
—‌
Cash
and
Cash
Collateral
at
Brokers
at
the
beginning
of
period
—‌
—‌
Cash
and
Cash
Collateral
at
Brokers
at
the
end
of
period
$
—‌
$
—‌
Supplemental
Disclosure
of
Cash
Flow
Information
NAC
NKX
Cash
paid
for
interest
$
27,513,495‌
$
7,478,483‌
Financial
Highlights
70
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Discount
Per
Share
Repurchased
and
Retired
Ending
NAV
Ending
Share
Price
NAC
2/28/23
$
15.07
$
0.55
$
(2.53)
$
(1.98)
$
(0.57)
$
—
$
(0.57)
$
—
$
12.52
$
10.87
2/28/22
15.91
0.66
(0.85)
(0.19)
(0.65)
—
(0.65)
—
15.07
13.71
2/28/21
16.71
0.64
(0.80)
(0.16)
(0.64)
—
(0.64)
—
15.91
14.57
2/29/20
14.95
0.65
1.76
2.41
(0.65)
—
(0.65)
—
16.71
15.09
2/28/19
15.17
0.67
(0.22)
0.45
(0.68)
—
(0.68)
0.01
14.95
13.30
NKX
2/28/23
15.64
0.56
(2.60)
(2.04)
(0.61)
—
(0.61)
—
12.99
11.72
2/28/22
16.48
0.68
(0.85)
(0.17)
(0.67)
—
(0.67)
—
15.64
14.15
2/28/21
17.27
0.66
(0.80)
(0.14)
(0.65)
—
(0.65)
—
16.48
15.13
2/29/20
15.17
0.63
2.09
2.72
(0.62)
—
(0.62)
—
17.27
15.53
2/28/19
15.26
0.66
(0.11)
0.55
(0.65)
—
(0.65)
0.01
15.17
13.50
(a)
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.
See
Notes
to
Financial
Statements
71
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NAC
2/28/23
1.73
%
2/28/22
0.55
2/28/21
0.74
2/29/20
1.33
2/28/19
1.45
NKX
2/28/23
1.76
2/28/22
0.49
2/28/21
0.74
2/29/20
1.28
2/28/19
1.45
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)(b)
Portfolio
Turnover
Rate(c)
(13.20‌)
%
(16.78‌)
%
$
1,811,752
2.72‌
%
4.19‌
%
69‌
%
(1.33‌)
(1.81‌)
2,181,074
1.46‌
4.14‌
12‌
(0.90‌)
0.88‌
2,302,711
1.67‌
4.00‌
17‌
16.37‌
18.54‌
2,418,423
2.26‌
4.11‌
11‌
3.01‌
3.79‌
2,163,282
2.42‌
4.48‌
30‌
(13.14‌)
(13.15‌)
617,228
2.82‌
4.15‌
58‌
(1.19‌)
(2.44‌)
742,993
1.51‌
4.10‌
9‌
(0.77‌)
1.67‌
783,202
1.72‌
4.03‌
8‌
18.23‌
19.88‌
820,662
2.27‌
3.91‌
11‌
3.73‌
1.45‌
720,786
2.50‌
4.34‌
28‌
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
and/or
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(c)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Notes
to
Financial
Statements)
divided
by
the
average
long-term
market
value
during
the
period.
72
Financial
Highlights
(continued)
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Beginning
Common
Share
NAV
Net
Investment
Income
(NII)
(Loss)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Ending
NAV
Ending
Share
Price
NCA
2/28/23
$
10.32
$
0.33
$
(1.11)
$
(0.78)
$
(0.32)
$
—
$
(0.32)
$
—
$
—
$
9.22
$
8.72
2/28/22
10.66
0.31
(0.35)
(0.04)
(0.30)
—
(0.30)
—
—
10.32
9.53
2/28/21
11.05
0.32
(0.39)
(0.07)
(0.32)
—
(0.32)
—
—
10.66
10.21
2/29/20
10.13
0.34
0.92
1.26
(0.34)
—
(0.34)
—
—
11.05
10.45
2/28/19
10.19
0.34
(0.06)
0.28
(0.34)
—
(0.34)
—(d)
—
10.13
9.42
NXC
2/28/23
15.15
0.51
(1.46)
(0.95)
(0.49)
—(d)
(0.49)
—
—
13.71
13.89
2/28/22(e)
15.83
0.45
(0.65)
(0.20)
(0.44)
(0.04)
(0.48)
—
—
15.15
14.81
3/31/21
15.43
0.51
0.41
0.92
(0.52)
—
(0.52)
—
—
15.83
16.29
3/31/20
15.21
0.53
0.21
0.74
(0.52)
—
(0.52)
—
—
15.43
14.50
3/31/19
15.02
0.50
0.19
0.69
(0.52)
—
(0.52)
0.02
—
15.21
14.12
3/31/18
15.00
0.57
0.09
0.66
(0.58)
(0.06)
(0.64)
—
—(d)
15.02
13.90
(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.
See
Notes
to
Financial
Statements
73
Ratios
of
Interest
Expense
to
Average
Net
Assets
Applicable
to
Common
Shares
NCA
2/28/23
—
%
2/28/22
—
2/28/21
—
2/29/20
—
2/28/19
—
NXC
2/28/23
—
2/28/22(e)
—
3/31/21
—
3/31/20
—
3/31/19
—
3/31/18
—
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)(b)
Portfolio
Turnover
Rate(c)
(7.58‌)
%
(5.13‌)
%
$
305,143
0.53‌
%
3.52‌
%
58‌
%
(0.43‌)
(3.89‌)
341,804
0.56‌
2.85‌
6‌
(0.62‌)
0.73‌
299,625
0.60‌
2.94‌
9‌
12.63‌
14.67‌
310,278
0.52‌
3.22‌
8‌
2.82‌
2.31‌
284,624
0.62‌
3.38‌
38‌
(6.23‌)
(2.77‌)
87,224
0.36‌
3.63‌
43‌
(1.34‌)
(6.27‌)
96,352
0.35‌
(f)
3.14‌
(f)
9‌
(6.05‌)
16.13‌
100,600
0.35‌
3.26‌
5‌
4.86‌
6.26‌
98,013
0.36‌
3.41‌
10‌
4.82‌
5.44‌
96,573
0.55‌
3.38‌
23‌
4.37‌
(2.23‌)
95,357
0.37‌
3.73‌
20‌
(b)
•
Net
Investment
Income
(Loss)
ratios
reflect
income
earned
and
expenses
incurred
on
assets
attributable
to
preferred
shares
issued
by
the
Fund,
where
applicable.
•
The
expense
ratios
reflect,
among
other
things,
all
interest
expenses
and
other
costs
related
to
preferred
shares
(as
described
in
Notes
to
Financial
Statements)
and/or
the
interest
expense
deemed
to
have
been
paid
by
the
Fund
on
the
floating
rate
certificates
issued
by
the
special
purpose
trusts
for
the
self-deposited
inverse
floaters
held
by
the
Fund
(as
described
in
Notes
to
Financial
Statements),
where
applicable,
as
follows:
(c)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Notes
to
Financial
Statements)
divided
by
the
average
long-term
market
value
during
the
period.
(d)
Value
rounded
to
zero.
(e)
For
the
eleven
months
ended
February
28,
2022.
(f)
Annualized.
74
Financial
Highlights
(continued)
The
following
table
sets
forth
information
regarding
each
Fund's
outstanding
senior
securities
as
of
the
end
of
each
of
the
Fund's
last
five
fiscal
periods,
as
applicable.
MFP
Shares
VRDP
Shares
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share
(b)
Aggregate
Amount
Outstanding
(000)(a)
Asset
Coverage
Per
$100,000
Share(b)
Asset
Coverage
Per
$1
Liquidation
Preference(c)
NAC
2/28/23
$
320,000
$
247,561
$
907,800
$
247,561
$
2.48
2/28/22
320,000
270,716
957,600
270,716
2.71
2/28/21
320,000
280,237
957,600
280,237
2.80
2/29/20
320,000
289,294
957,600
289,294
2.89
2/28/19
320,000
269,324
957,600
269,324
2.69
NKX
2/28/23
140,400
255,434
256,700
255,434
2.55
2/28/22
140,400
271,751
292,200
271,751
2.72
2/28/21
140,400
281,045
292,200
281,045
2.81
2/29/20
140,400
289,705
292,200
289,705
2.90
2/28/19
140,400
266,617
292,200
266,617
2.67
(a)
Aggregate
Amount
Outstanding:
Aggregate
amount
outstanding
represents
the
liquidation
preference
as
of
the
end
of
the
relevant
fiscal
year.
(b)
Asset
Coverage
Per
$100,000:
Asset
coverage
per
$100,000
is
calculated
by
subtracting
the
Fund’s
liabilities
and
indebtedness
not
represented
by
senior
securities
from
the
Fund’s
total
assets,
dividing
the
result
by
the
aggregate
amount
of
the
Fund’s
senior
securities
representing
indebtedness
then
outstanding
(if
applicable,)
plus
the
aggregate
of
the
involuntary
liquidation
preference
of
the
outstanding
preferred
shares,
if
applicable,
and
multiplying
the
result
by
100,000.
(c)
Includes
all
preferred
shares
presented
for
the
Fund.
Notes
to
Financial
Statements
75
1.
General
Information
Fund
Information
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(NKX)
Nuveen
California
Municipal
Value
Fund
(NCA)
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
diversified
closed-end
management
investment
companies.
NAC,
NKX
and
NXC
were
organized
as
Massachusetts
business
trusts
on
December
1,
1998,
July
29,
2002,
and
March
30,
1992,
respectively.
NCA
was
organized
as
a
Massachusetts
business
trust
on
March
8,
2021
(previously
organized
as
a
Minnesota
trust
on
July
15,
1987).
Change
in
Fiscal
and
Tax
Year
End
for
NXC
Effective
February
24,
2022,
NXC’s
fiscal
and
tax
year
end
changed
from
March
31
to
February
28/29
as
approved
by
the
Fund's
Board
of
Trustees
(the
“Board”).
As
a
result,
NXC
has
prepared
an
annual
report
for
the
period
April
1,
2021
through
February
28,
2022
(the
“eleven
months
ended
February
28,
2022”).
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Funds
is
February
28,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
February
28,
2023
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Fund’s
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Fund
Reorganization
Effective
prior
to
the
opening
of
business
on
March
8,
2021,
Nuveen
California
Municipal
Value
Fund
2
(NCB)
(the
“Target
Fund“)
was
reorganized
into
NCA
(the
“Acquiring
Fund“)
(the
“Reorganization“).
For
accounting
and
performance
reporting
purposes,
the
Acquiring
Fund
is
the
survivor.
Upon
the
closing
of
the
Reorganization,
the
Target
Fund
transferred
its
assets
to
the
Acquiring
Fund
in
exchange
for
common
shares
of
the
Acquiring
Fund
and
the
assumption
by
the
Acquiring
Fund
of
the
liabilities
of
the
Target
Fund.
The
Target
Fund
was
then
liquidated,
dissolved
and
terminated
in
accordance
with
its
Declaration
of
Trust.
Shareholders
of
the
Target
Fund
became
shareholders
of
the
Acquiring
Fund.
Holders
of
common
shares
of
the
Target
Fund
received
newly
issued
common
shares
of
the
Acquiring
Fund,
the
aggregate
net
asset
value
(“NAV”)
of
which
was
equal
to
the
aggregate
NAV
of
the
common
shares
of
the
Target
Fund
held
immediately
prior
to
the
Reorganization
(including
for
this
purpose
fractional
Acquiring
Fund
shares
to
which
shareholders
were
entitled).
Developments
Regarding
the
Funds'
Control
Share
By-Law
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Funds'
Board
of
Trustees
(the
"Board")
amended
the
Fund’s
by-laws
to
provide
that
the
Funds'
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Fund's
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
76
Notes
to
Financial
Statements
(continued)
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
The
Funds pay
no
compensation
directly
to
those
of
its
trustees
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Fund
from
the
Adviser
or
its
affiliates.
The Board has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Custodian
Fee
Credit
As
an
alternative
to
overnight
investments,
each
Fund
has
an
arrangement
with
its
custodian
bank,
State
Street
Bank
and
Trust
Company,
(the
“Custodian”)
whereby
certain
custodian
fees
and
expenses
are
reduced
by
net
credits
earned
on
each
Fund’s
cash
on
deposit
with
the
bank.
Credits
for
cash
balances
may
be
offset
by
charges
for
any
days
on
which
a
Fund
overdraws
its
account
at
the
Custodian.
The
amount
of
custodian
fee
credit
earned
by
a
Fund
is
recognized
on
the
Statement
of
Operations
as
a
component
of
“Custodian
expenses,
net.”
During
the
current
reporting
period,
the
custodian
fee
credit
earned
by
each
Fund
was
as
follows:
Distributions
to
Common
Shareholders
Distributions
to
common shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Investment
income
is
comprised
of
interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Investment
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statements
of
Assets
and
Liabilities.
Fund
Gross
Custodian
Fee
Credits
NAC
$
6,093
NKX
3,723
NCA
4,000
NXC
774
77
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
("ASU")
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
New
Rules
to
Modernize
Fund
Valuation
Framework
Take
Effect
A
new
rule
adopted
by
the
Securities
and
Exchange
Commission
(the
"SEC")
governing
fund
valuation
practices,
Rule
2a-5
under
the
1940
Act,
has
established
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
"readily
available"
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotations
are
not
readily
available.
Separately,
new
SEC
Rule
31a-4
under
the
1940
Act
sets
forth
the
recordkeeping
requirements
associated
with
fair
value
determinations.
The
Funds
adopted
a
valuation
policy
conforming
to
the
new
rules,
effective
September
1,
2022,
and
there
was
no
material
impact
to
the
Funds.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
78
Notes
to
Financial
Statements
(continued)
The
Funds
hold
liabilities
in
floating
rate
obligations
and
preferred
shares,
where
applicable,
which
are
not
reflected
in
the
tables
above.
The
fair
values
of
the
Funds’
liabilities
for
floating
rate
obligations
approximate
their
liquidation
values.
Floating
rate
obligations
are
generally
classified
as
Level
2
and
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
The
fair
values
of
the
Funds’
liabilities
for
preferred
shares
approximate
their
liquidation
preference.
Preferred
shares
are
generally
classified
as
Level
2
and
further
described
in
Note
5
-
Fund
Shares.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Inverse
Floating
Rate
Securities
Each
Fund
is
authorized
to
invest
in
inverse
floating
rate
securities.
An
inverse
floating
rate
security
is
created
by
depositing
a
municipal
bond
(referred
to
as
an
“Underlying
Bond”),
typically
with
a
fixed
interest
rate,
into
a
special
purpose
tender
option
bond
(“TOB”)
trust
(referred
to
as
the
“TOB
Trust”)
created
by
or
at
the
direction
of
one
or
more
Funds.
In
turn,
the
TOB
Trust
issues
(a)
floating
rate
certificates
(referred
to
as
“Floaters”),
in
face
amounts
equal
to
some
fraction
of
the
Underlying
Bond’s
par
amount
or
market
value,
and
(b)
an
inverse
floating
rate
certificate
(referred
to
as
an
“Inverse
Floater”)
that
represents
all
remaining
or
residual
interest
in
the
TOB
Trust.
Floaters
typically
pay
short-term
tax-exempt
interest
rates
to
third
parties
who
are
also
provided
a
right
to
tender
their
certificate
and
receive
its
par
value,
which
may
be
paid
from
the
proceeds
of
a
remarketing
of
the
Floaters,
by
a
loan
to
the
TOB
Trust
from
a
third
party
liquidity
provider
(“Liquidity
Provider”),
or
by
the
sale
of
assets
from
the
TOB
Trust.
The
Inverse
Floater
is
issued
to
a
long
term
investor,
such
as
one
or
more
Funds.
The
income
received
by
the
Inverse
Floater
holder
varies
inversely
with
the
short-term
rate
paid
to
holders
of
the
Floaters,
and
in
most
circumstances
the
Inverse
Floater
holder
bears
substantially
all
of
the
Underlying
Bond’s
downside
investment
risk
and
also
benefits
disproportionately
from
any
potential
appreciation
of
the
Underlying
Bond’s
value.
The
value
of
an
Inverse
Floater
will
be
more
volatile
than
that
of
the
Underlying
Bond
because
the
interest
rate
is
dependent
on
not
only
the
fixed
coupon
rate
of
the
Underlying
Bond
but
also
on
the
short-term
interest
paid
on
the
Floaters,
and
because
the
Inverse
Floater
essentially
bears
the
risk
of
loss
(and
possible
gain)
of
the
greater
face
value
of
the
Underlying
Bond.
The
Inverse
Floater
held
by
a
Fund
gives
the
Fund
the
right
to
(a)
cause
the
holders
of
the
Floaters
to
tender
their
certificates
at
par
(or
slightly
more
than
par
in
certain
circumstances),
and
(b)
have
the
trustee
of
the
TOB
Trust
(the
“Trustee”)
transfer
the
Underlying
Bond
held
by
the
TOB
Trust
to
the
Fund,
thereby
collapsing
the
TOB
Trust.
The
Fund
may
acquire
an
Inverse
Floater
in
a
transaction
where
it
(a)
transfers
an
Underlying
Bond
that
it
owns
to
a
TOB
Trust
created
by
a
third
party
or
(b)
transfers
an
Underlying
Bond
that
it
owns,
or
that
it
has
purchased
in
a
secondary
market
transaction
for
the
purpose
of
creating
an
Inverse
Floater,
to
a
TOB
Trust
created
at
its
direction,
and
in
return
receives
the
Inverse
Floater
of
the
TOB
Trust
(referred
to
as
a
“self-deposited
Inverse
Floater”).
A
Fund
may
also
purchase
an
Inverse
Floater
in
a
secondary
market
transaction
from
a
third
party
creator
of
the
TOB
Trust
without
first
owning
the
Underlying
Bond
(referred
to
as
an
“externally-deposited
Inverse
Floater”).
An
investment
in
a
self-deposited
Inverse
Floater
is
accounted
for
as
a
“financing”
transaction
(i.e.,
a
secured
borrowing).
For
a
self-deposited
Inverse
Floater,
the
Underlying
Bond
deposited
into
the
TOB
Trust
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(UB)
–
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction,”
with
the
Fund
recognizing
as
liabilities,
labeled
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities,
(a)
the
liquidation
value
of
Floaters
issued
by
the
TOB
Trust,
and
(b)
the
amount
of
any
borrowings
by
the
TOB
NAC
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
3,012,488,324
$
643,883**
$
3,013,132,207
Total
$
–
$
3,012,488,324
$
643,883
$
3,013,132,207
1
NKX
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
1,035,521,414
$
82,677**
$
1,035,604,091
Total
$
–
$
1,035,521,414
$
82,677
$
1,035,604,091
1
NCA
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
301,383,606
$
–
$
301,383,606
Total
$
–
$
301,383,606
$
–
$
301,383,606
1
NXC
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Municipal
Bonds
$
–
$
85,694,976
$
–
$
85,694,976
Total
$
–
$
85,694,976
$
–
$
85,694,976
1
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
**
Refer
to
the
Fund's
Portfolio
of
Investments
for
securities
classified
as
Level
3.
79
Trust
from
a
Liquidity
Provider
to
enable
the
TOB
Trust
to
purchase
outstanding
Floaters
in
lieu
of
a
remarketing.
In
addition,
the
Fund
recognizes
in
“Investment
Income”
the
entire
earnings
of
the
Underlying
Bond,
and
recognizes
(a)
the
interest
paid
to
the
holders
of
the
Floaters
or
on
the
TOB
Trust’s
borrowings,
and
(b)
other
expenses
related
to
remarketing,
administration,
trustee,
liquidity
and
other
services
to
a
TOB
Trust,
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Earnings
due
from
the
Underlying
Bond
and
interest
due
to
the
holders
of
the
Floaters
as
of
the
end
of
the
reporting
period
are
recognized
as
components
of
“Receivable
for
interest”
and
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
respectively.
In
contrast,
an
investment
in
an
externally-deposited
Inverse
Floater
is
accounted
for
as
a
purchase
of
the
Inverse
Floater
and
is
identified
in
the
Fund’s
Portfolio
of
Investments
as
“(IF)
–
Inverse
floating
rate
investment.”
For
an
externally-deposited
Inverse
Floater,
a
Fund’s
Statement
of
Assets
and
Liabilities
recognizes
the
Inverse
Floater
and
not
the
Underlying
Bond
as
an
asset,
and
the
Fund
does
not
recognize
the
Floaters,
or
any
related
borrowings
from
a
Liquidity
Provider,
as
a
liability.
Additionally,
the
Fund
reflects
in
“Investment
Income”
only
the
net
amount
of
earnings
on
the
Inverse
Floater
(net
of
the
interest
paid
to
the
holders
of
the
Floaters
or
the
Liquidity
Provider
as
lender,
and
the
expenses
of
the
Trust),
and
does
not
show
the
amount
of
that
interest
paid
or
the
expenses
of
the
TOB
Trust
as
described
above
as
interest
expense
on
the
Statement
of
Operations.
Fees
paid
upon
the
creation
of
a
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
are
recognized
as
part
of
the
cost
basis
of
the
Inverse
Floater
and
are
capitalized
over
the
term
of
the
TOB
Trust.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
Floaters
issued
by
each
Fund’s
TOB
Trust
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
During
the
current
fiscal
period,
the
average
amount
of
Floaters
(including
any
borrowings
from
a
Liquidity
Provider)
outstanding,
and
the
average
annual
interest
rates
and
fees
related
to
self-deposited
Inverse
Floaters,
were
as
follows:
TOB
Trusts
are
supported
by
a
liquidity
facility
provided
by
a
Liquidity
Provider
pursuant
to
which
the
Liquidity
Provider
agrees,
in
the
event
that
Floaters
are
(a)
tendered
to
the
Trustee
for
remarketing
and
the
remarketing
does
not
occur,
or
(b)
subject
to
mandatory
tender
pursuant
to
the
terms
of
the
TOB
Trust
agreement,
to
either
purchase
Floaters
or
to
provide
the
Trustee
with
an
advance
from
a
loan
facility
to
fund
the
purchase
of
Floaters
by
the
TOB
Trust.
In
certain
circumstances,
the
Liquidity
Provider
may
otherwise
elect
to
have
the
Trustee
sell
the
Underlying
Bond
to
retire
the
Floaters
that
were
tendered
and
not
remarketed
prior
to
providing
such
a
loan.
In
these
circumstances,
the
Liquidity
Provider
remains
obligated
to
provide
a
loan
to
the
extent
that
the
proceeds
of
the
sale
of
the
Underlying
Bond
are
not
sufficient
to
pay
the
purchase
price
of
the
Floaters.
The
size
of
the
commitment
under
the
loan
facility
for
a
given
TOB
Trust
is
at
least
equal
to
the
balance
of
that
TOB
Trust’s
outstanding
Floaters
plus
any
accrued
interest.
In
consideration
of
the
loan
facility,
fee
schedules
are
in
place
and
are
charged
by
the
Liquidity
Provider(s).
Any
loans
made
by
the
Liquidity
Provider
will
be
secured
by
the
purchased
Floaters
held
by
the
TOB
Trust.
Interest
paid
on
any
outstanding
loan
balances
will
be
effectively
borne
by
the
Fund
that
owns
the
Inverse
Floaters
of
the
TOB
Trust
that
has
incurred
the
borrowing
and
may
be
at
a
rate
that
is
greater
than
the
rate
that
would
have
been
paid
had
the
Floaters
been
successfully
remarketed.
As
described
above,
any
amounts
outstanding
under
a
liquidity
facility
are
recognized
as
a
component
of
“Floating
rate
obligations”
on
the
Statement
of
Assets
and
Liabilities
by
the
Fund
holding
the
corresponding
Inverse
Floaters
issued
by
the
borrowing
TOB
Trust.
As
of
the
end
of
the
reporting
period,
there
were
no
loans
outstanding
under
any
such
facility.
Each
Fund
may
also
enter
into
shortfall
and
forbearance
agreements
(sometimes
referred
to
as
a
“recourse
arrangement”)
(TOB
Trusts
involving
such
agreements
are
referred
to
herein
as
“Recourse
Trusts”),
under
which
a
Fund
agrees
to
reimburse
the
Liquidity
Provider
for
the
Trust’s
Floaters,
in
certain
circumstances,
for
the
amount
(if
any)
by
which
the
liquidation
value
of
the
Underlying
Bond
held
by
the
TOB
Trust
may
fall
short
of
the
sum
of
the
liquidation
value
of
the
Floaters
issued
by
the
TOB
Trust
plus
any
amounts
borrowed
by
the
TOB
Trust
from
the
Liquidity
Provider,
plus
Fund
Floating
Rate
Obligations:
Self-
Deposited
Inverse
Floaters
Floating
Rate
Obligations:
Externally-Deposited
Inverse
Floaters
Total
NAC
$
—
$
7,500,000
$
7,500,000
NKX
33,485,000
—
33,485,000
NCA
—
—
—
NXC
—
—
—
Fund
Average
Floating
Rate
Obligations
Outstanding
Average
Annual
Interest
Rate
And
Fees
NAC
$
—
—
%
NKX
23,792,438
2.27
NCA
—
—
NXC
—
—
80
Notes
to
Financial
Statements
(continued)
any
shortfalls
in
interest
cash
flows.
Under
these
agreements,
a
Fund’s
potential
exposure
to
losses
related
to
or
on
an
Inverse
Floater
may
increase
beyond
the
value
of
the
Inverse
Floater
as
a
Fund
may
potentially
be
liable
to
fulfill
all
amounts
owed
to
holders
of
the
Floaters
or
the
Liquidity
Provider.
Any
such
shortfall
amount
in
the
aggregate
is
recognized
as
“Unrealized
depreciation
on
Recourse
Trusts”
on
the
Statement
of
Assets
and
Liabilities.
As
of
the
end
of
the
reporting
period,
the
Funds
maximum
exposure
to
the
Floaters
issued
by
Recourse
Trusts
for
self-deposited
Inverse
Floaters
and
externally-deposited
Inverse
Floaters
was
as
follows:
Zero
Coupon
Securities
A
zero
coupon
security
does
not
pay
a
regular
interest
coupon
to
its
holders
during
the
life
of
the
security.
Income
to
the
holder
of
the
security
comes
from
accretion
of
the
difference
between
the
original
purchase
price
of
the
security
at
issuance
and
the
par
value
of
the
security
at
maturity
and
is
effectively
paid
at
maturity.
The
market
prices
of
zero
coupon
securities
generally
are
more
volatile
than
the
market
prices
of
securities
that
pay
interest
periodically.
Investment
Transactions
Long-term
purchases
and
sales
(including
maturities)
during
the
current
fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
In
addition
to
the
inverse
floating
rate
securities
in
which each
Fund
may
invest,
which
are
considered
portfolio
securities
for
financial
reporting
purposes, each
Fund
is
authorized
to
invest
in
certain
other
derivative
instruments
such
as
futures,
options
and
swap
contracts.
Each
Fund
limits
its
investments
in
futures,
options
on
futures
and
swap
contracts
to
the
extent
necessary
for
the
Adviser
to
claim
the
exclusion
from
registration
by
the
Commodity Futures
Trading
Commission
as
a
commodity
pool
operator
with
respect
to
the
Fund.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
where
applicable.
Even
though
the
Funds'
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments
and
may
do
so
in
the
future, they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Exposure
to
Recourse
Trusts:
Self-Deposited
Inverse
Floaters
Maximum
Exposure
to
Recourse
Trusts:
Externally-Deposited
Inverse
Floaters
Total
NAC
$
—
$
7,500,000
$
7,500,000
NKX
33,485,000
—
33,485,000
NCA
—
—
—
NXC
—
—
—
Fund
Purchases
Sales
and
Maturities
NAC
$
2,158,038,514
$
2,193,042,913
NKX
618,658,454
645,144,504
NCA
178,522,119
179,917,225
NXC
37,947,620
37,398,734
81
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
5.
Fund
Shares
Common
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs
The
following
Fund
has
filed
a
registration
statement
with
the
SEC
authorizing
the
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
prior
fiscal
periods.
Under
this
Shelf
Offering,
the
Fund,
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above
the
Fund’s
NAV
per
common
share.
In
the
event
the
Fund’s
Shelf
Offering
registration
statement
is
no
longer
current,
the
Fund
may
not
issue
additional
common
shares
until
a
post-effective
amendment
to
the
registration
statement
has
been
filed
with
the
SEC.
Additional
authorized
common
shares,
common
shares
sold
and
offering
proceeds,
net
of
offering
costs
under
the
Fund’s
Shelf
Offering
during
the
Fund’s
current
fiscal
period
were
as
follows:
Costs
incurred
by
the
Fund
in
connection
with
its
initial
shelf
registration
are
recorded
as
a
prepaid
expense
and
recognized
as
“Deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities.
These
costs
are
amortized
pro
rata
as
common
shares
are
sold
and
are
recognized
as
a
component
of
“Proceeds
from
shelf
offering,
net
of
offering
costs”
on
the
Statement
of
Changes
in
Net
Assets.
Any
deferred
offering
costs
remaining
after
the
effectiveness
of
the
initial
shelf
registration
will
be
expensed.
Costs
incurred
by
the
Fund
to
keep
the
shelf
registration
current
are
expensed
as
incurred
and
recognized
as
a
component
of
“Other
expenses”
on
the
Statement
of
Operations.
Common Share
Transactions
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Preferred
Shares
MuniFund
Preferred
Shares
NAC
and
NKX
have
issued
and
have
outstanding
MuniFund
Preferred
(“MFP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
These
MFP
Shares
were
issued
via
private
placement
and
are
not
publicly
available.
NKX
Year
Ended
2/28/23
Year
Ended
2/28/22
Additional
authorized
common
shares
–
4,100,000*
Common
shares
sold
–
–
Offering
proceeds,
net
of
offering
costs
–
–
*
Represents
additional
authorized
common
shares
for
the
period
March
1,
2020
through
June
30,
2021.
NAC
NKX
NCA
Year
Ended
2/28/23
Year
Ended
2/28/22
Year
Ended
2/28/23
Year
Ended
2/28/22
Year
Ended
2/28/23
Year
Ended
2/28/22
Common
Shares:
Issued
in
the
Reorganization
—
—
—
—
—
5,011,513
Total
—
—
—
—
—
5,011,513
NXC
Year
Ended
2/28/23
Eleven
Months
Ended
2/28/22
Year
Ended
3/31/21
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
925
4,779
4,192
Total
925
4,779
4,192
82
Notes
to
Financial
Statements
(continued)
The
Funds
are
obligated
to
redeem
their
MFP
Shares
by
the
date
as
specified
in
its
offering
documents
(“Term
Redemption
Date”),
unless
earlier
redeemed
by
the
Funds.
MFP
Shares
are
initially
issued
in
a
pre-specified
mode,
however,
MFP
Shares
can
be
subsequently
designated
as
an
alternative
mode
at
a
later
date
at
the
discretion
of
the
Funds.
The
modes
within
MFP
Shares
detail
the
dividend
mechanics
and
are
described
as
follows.
At
a
subsequent
date,
the
Funds
may
establish
additional
mode
structures
with
the
MFP
Share.
•
Variable
Rate
Remarketed
Mode
(“VRRM”)
–
Dividends
for
MFP
Shares
within
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
Shareholders
have
the
ability
to
request
a
best-efforts
tender
of
its
shares
upon
seven
days
notice.
If
the
remarketing
agent
is
unable
to
identify
an
alternative
purchaser,
the
shares
will
be
retained
by
the
shareholder
requesting
tender
and
the
subsequent
dividend
rate
will
increase
to
its
step-up
dividend
rate.
If
after
one
consecutive
year
of
unsuccessful
remarketing
attempts,
the
Fund
will
be
required
to
designate
an
alternative
mode
or
redeem
the
shares.
Each
Fund
will
pay
a
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
Shares
while
designated
in
VRRM.
Payments
made
by
the
Fund
to
the
remarketing
agent
are
recognized
as
“Remarketing
fees”
on
the
Statement
of
Operations.
•
Variable
Rate
Mode
(“VRM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
are
based
upon
a
short-term
index
plus
an
additional
fixed
“spread”
amount
established
at
the
time
of
issuance
or
renewal
/
conversion
of
its
mode.
At
the
end
of
the
period
of
the
mode,
the
Fund
will
be
required
to
either
extend
the
term
of
the
mode,
designate
an
alternative
mode
or
redeem
the
MFP
Shares.
The
fair
value
of
MFP
Shares
while
in
VRM
are
expected
to
approximate
their
liquidation
preference
so
long
as
the
fixed
“spread”
on
the
shares
remains
roughly
in
line
with
the
“spread”
being
demanded
by
investors
on
instruments
having
similar
terms
in
the
current
market.
In
current
market
conditions,
the
Adviser
has
determined
that
the
fair
value
of
the
shares
are
approximately
their
liquidation
preference,
but
their
fair
value
could
vary
if
market
conditions
change
materially.
•
Variable
Rate
Demand
Mode
(“VRDM”)
–
Dividends
for
MFP
Shares
designated
in
this
mode
will
be
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
MFP
Shares
is
expected
to
approximate
its
liquidation
preference.
While
in
this
mode,
Shares
will
have
an
unconditional
liquidity
feature
that
enable
its
shareholders
to
require
a
liquidity
provider,
which
the
Fund
has
entered
into
a
contractual
agreement,
to
purchase
shares
in
the
event
that
the
shares
are
not
able
to
be
successfully
remarketed.
In
the
event
that
shares
within
this
mode
are
unable
to
be
successfully
remarketed
and
are
purchased
by
the
liquidity
provider,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
shares.
Each
Fund
is
required
redeem
any
shares
that
are
still
owned
by
a
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
The
Fund
will
pay
a
liquidity
and
remarketing
fee
on
the
aggregate
principal
amount
of
all
MFP
shares
while
within
VRDM.
Payments
made
by
the
Fund
to
the
liquidity
provider
and
remarketing
agent
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees”,
respectively,
on
the
Statement
Operations.
For
financial
reporting
purposes,
the
liquidation
preference
of
MFP
Shares
is
recorded
as
a
liability
and
is
recognized
as
a
component
of
“MFP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
on
the
MFP
shares
are
treated
as
interest
payments
for
financial
reporting
purposes.
Unpaid
dividends
on
MFP
shares
are
recognized
as
a
component
on
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities.
Dividends
accrued
on
MFP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Subject
to
certain
conditions,
MFP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
the
Fund.
The
Fund
may
also
be
required
to
redeem
certain
MFP
shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
in
all
circumstances
is
equal
to
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
Costs
incurred
in connection
with
each
Fund’s
offering
of
MFP
Shares
were
recorded
as
deferred
charges
and
are
amortized
over
the
life
of
the
shares
and
are
recognized
as
a
component
of
“MFP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
details
of
each
Fund’s
MFP
Shares
outstanding
as
of
the
end
of
the
reporting
period,
were
as
follows:
The
average
liquidation
preference
of
MFP
Shares
outstanding
and
the
annualized
dividend
rate
for
the
Fund
during
the
current
fiscal
period
were
as
follows:
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net
of
deferred
offering
costs
Term
Redemption
Date
Mode
Mode
Termination
Date
NAC
A
3,200
$320,000,000
$319,858,894
January
3,
2028
VRM
January
3,
2028*
NKX
A
1,404
$140,400,000
$140,024,680
October
1,
2047
VRRM
N/A
*
Subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
83
Variable
Rate
Demand
Preferred
Shares
The
following
Funds
have
issued
and
have
outstanding
Variable
Rate
Demand
Preferred
(“VRDP”)
Shares,
with
a
$100,000
liquidation
preference
per
share.
VRDP
Shares
are
issued
via
private
placement
and
are
not
publicly
available.
As
of
the
end
of
the
reporting
period,
NAC
and
NKX
had
$905,261,210
and
$255,631,989
VRDP
Shares
at
liquidation
preference,
net
of
deferred
offering
costs,
respectively.
Further
details
of
the
Funds’
VRDP
Shares
outstanding
as
of
the
reporting
period,
were
as
follows:
VRDP
Shares
include
a
liquidity
feature
that
allows
VRDP
shareholders
to
have
their
shares
purchased
by
a
liquidity
provider
with
whom
each
Fund
has
contracted
in
the
event
that
VRDP
Shares
are
not
able
to
be
successfully
remarketed.
Each
Fund
is
required
to
redeem
any
VRDP
Shares
that
are
still
owned
by
the
liquidity
provider
after
six
months
of
continuous,
unsuccessful
remarketing.
Each
Fund
pays
an
annual
remarketing
fee
on
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding.
Each
Fund’s
VRDP
Shares
have
successfully
remarketed
since
issuance.
NAC’s
Series
2,
Series
5
and
Series
8
VRDP
Shares
are
considered
to
be
Special
Rate
VRDP,
which
are
sold
to
institutional
investors.
The
special
rate
period
will
expire
on
February
6,
2024,
September
1,
2023
and
November
6,
2026,
for
the
Fund’s
Series
2,
5
and
8
VRDP
Shares,
respectively.
The
special
rate
period
for
NAC’s
Series
8
VRDP
Shares
is
subject
to
earlier
termination
by
either
the
Fund
or
the
holder.
During
the
special
rate
period,
the
VRDP
Shares
will
not
be
remarketed
by
a
remarketing
agent,
be
subject
to
optional
or
mandatory
tender
events,
or
be
supported
by
a
liquidity
provider
and
are
not
subject
to
remarketing
fees
or
liquidity
fees.
During
the
special
rate
period,
VRDP
dividends
will
be
set
monthly
as
a
floating
rate
based
on
the
predetermined
formula.
Following
the
initial
special
rate
period,
Special
Rate
Period
VRDP
Shares
may
transition
to
traditional
VRDP
Shares
with
dividends
set
at
weekly
remarketings,
and
be
supported
by
designated
liquidity
provider,
or
the
Board
may
approve
a
subsequent
special
rate
period.
Dividends
on
the
VRDP
Shares
(which
are
treated
as
interest
payments
for
financial
reporting
purposes)
are
set
at
a
rate
established
by
a
remarketing
agent;
therefore,
the
market
value
of
the
VRDP
Shares
is
expected
to
approximate
its
liquidation
preference.
In
the
event
that
VRDP
shares
are
unable
to
be
successfully
remarketed,
the
dividend
rate
will
be
the
maximum
rate
which
is
designed
to
escalate
according
to
a
specified
schedule
in
order
to
enhance
the
remarketing
agent’s
ability
to
successfully
remarket
the
VRDP
Shares.
Subject
to
certain
conditions,
VRDP
Shares
may
be
redeemed,
in
whole
or
in
part,
at
any
time
at
the
option
of
each
Fund.
Each
Fund
may
also
redeem
certain
of
the
VRDP
Shares
if
the
Fund
fails
to
maintain
certain
asset
coverage
requirements
and
such
failures
are
not
cured
by
the
applicable
cure
date.
The
redemption
price
per
share
is
equal
to
the
sum
of
the
liquidation
preference
per
share
plus
any
accumulated
but
unpaid
dividends.
The
average
liquidation
preference
of
VRDP
Shares
outstanding
and
annualized
dividend
rate
for
each
Fund
during
the
current
fiscal
period
were
as
follows:
Fund
Average
Liquidation
Preference
of
MFP
Shares
Outstanding
Annualized
Dividend
Rate
NAC
$
320,000,000
2.54
%
NKX
140,400,000
2.05
NCA
—
—
NXC
—
—
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Maturity
NAC
1
1,362
0.10%
$136,200,000
June
1,
2041
2
910
N/A**
$91,000,000
December
1,
2040
4
1,056
0.10%
$105,600,000
December
1,
2042
5
1,589
N/A**
$158,900,000
August
1,
2040
6
1,581
0.10%
$158,100,000
August
1,
2040
7
980
0.10%
$98,000,000
August
3,
2043
8
1,600
N/A**
$160,000,000
November
6,
2026
NKX
3
427
0.05%
$42,700,000
March
1,
2040
4
1,090
0.10%
$109,000,000
December
1,
2040
6
1,050
0.10%
$105,000,000
June
1,
2046
*
Remarketing
fees
as
a
percentage
of
the
aggregate
principal
amount
of
all
VRDP
Shares
outstanding
for
each
series.
**
Not
applicable.
Series
is
considered
to
be
Special
Rate
VRDP
and
therefore
does
not
pay
a
remarketing
fee.
84
Notes
to
Financial
Statements
(continued)
For
financial
reporting
purposes,
the
liquidation
preference
of
VRDP
Shares
is
a
liability
and
is
recognized
as
a
component
of
“VRDP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities.
Unpaid
dividends
on
VRDP
Shares
are
recognized
as
a
component
of
“Payable
for
interest”
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
Dividends
accrued
on
VRDP
Shares
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Costs
incurred
by
the
Funds
in
connection
with
their
offerings
of
VRDP
Shares
were
recorded
as
a
deferred
charge,
which
are
being
amortized
over
the
life
of
the
shares
and
are
recognized
as
a
component
of
“VRDP
Shares,
net”
on
the
Statement
of
Assets
and
Liabilities
and
“Interest
expense
and
amortization
of
offerings
costs”
on
the
Statement
of
Operations.
In
addition
to
interest
expense,
each
Fund
also
pays
a
per
annum
liquidity
fee
to
the
liquidity
provider,
as
well
as
a
remarketing
fee,
which
are
recognized
as
“Liquidity
fees”
and
“Remarketing
fees,”
respectively,
on
the
Statement
of
Operations.
Preferred
Share
Transactions
Transactions
in
preferred
shares
during
the
Funds'
current
and
prior
fiscal
period,
where
applicable,
are
noted
in
the
following
table.
Transactions
in
VRDP
Shares
for
the
Funds,
where
applicable,
was
as
follows:
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
and
designated
state
income
taxes,
and
in
the
case
of
NKX
the
alternative
minimum
tax
applicable
to
individuals
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
nondeductible
offering
costs,
nondeductible
reorganization
expenses,
paydowns,
taxable
market
discount,
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes were
as
follows:
Fund
Average
Liquidation
Preference
of
VRDP
Shares
Outstanding
Annualized
Dividend
Rate
NAC
$
942,046,027
2.05
%
NKX
281,404,110
1.62
NCA
—
—
NXC
—
—
Year
Ended
February
28,
2023
NAC
Series
Shares
Amount
VRDP
Shares
redeemed
3
(498)
$(49,800,000)
NKX
Series
Shares
Amount
VRDP
Shares
redeemed
2
(355)
$(35,500,000)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NAC
$
3,030,509,133
$
83,905,092
$
(101,282,018)
$
(17,376,926)
NKX
995,126,492
42,433,055
(35,440,407)
6,992,648
NCA
300,588,729
11,917,357
(11,122,480)
794,877
NXC
85,478,050
3,059,269
(2,842,343)
216,926
85
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser,
and
for
NCA
a
gross
interest
income
component.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
NCA
pays
an
annual
fund-level
fee,
payable
monthly,
of
0.15%
of
the
average
daily
net
assets
of
the
Fund,
as
well
as
4.125%
of
the
gross
interest
income
(excluding
interest
on
bonds
underlying
a
“self-deposited
inverse
floater”
trust
that
is
attributed
to
the
Fund
over
and
above
the
net
interest
earned
on
the
inverse
floater
itself)
of
the
Fund.
The
annual
fund-level
fee,
payable
monthly,
for
NAC
and
NKX
is
calculated
according
to
the
following
schedules:
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NAC
$
1,638,260
$
24,751
$
—
$
(17,376,926)
$
(133,506,505)
$
—
$
(5,210,462)
$
(154,430,882)
NKX
2,654,741
2,681
—
6,992,648
(26,731,820)
—
(1,972,094)
(19,053,844)
NCA
1,507,802
—
—
794,877
(9,406,607)
—
(960,138)
(8,064,066)
NXC
383,664
—
—
216,926
(1,707,335)
—
(276,739)
(1,383,484)
1
Undistributed
tax-exempt
income
(on
a
tax
basis)
has
not
been
reduced
for
the
dividend
declared
on
February
1,
2023,
and
paid
on
March
1,
2023.
2/28/23
2/28/22
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
NAC
$
82,119,918
$
234,330
$
—
$
94,119,228
$
537,500
$
—
NKX
28,776,323
20,999
—
31,551,302
287,321
—
NCA
10,528,407
—
—
9,854,299
57,481
—
2/28/23
Eleven
Months
Ended
2/28/22
3/31/21
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
NXC
$3,136,161
$–
$13,809
$2,772,383
$25,481
$251,199
$3,327,984
$3,897
$–
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
NAC
$
83,940,978
$
49,565,527
$
133,506,505
NKX
12,077,281
14,654,539
26,731,820
NCA
3,960,863
5,445,744
9,406,607
NXC
435,076
1,272,259
1,707,335
86
Notes
to
Financial
Statements
(continued)
The
annual
fund-level
fee,
payable
monthly,
for
NXC
is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Fund’s
daily
managed
assets
(net
assets
for
NCA
and
NXC):
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
February
28,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
Other
Transactions
with
Affiliates
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
Average
Daily
Managed
Assets*
NAC
NKX
For
the
first
$125
million
0.4500
%
0.4500
%
For
the
next
$125
million
0.4375
0.4375
For
the
next
$250
million
0.4250
0.4250
For
the
next
$500
million
0.4125
0.4125
For
the
next
$1
billion
0.4000
0.4000
For
the
next
$3
billion
0.3750
0.3750
For
managed
assets
over
$5
billion
0.3675
0.3675
Average
Daily
Net
Assets*
NXC
Fund-Level
Fee
Rate
For
the
first
$125
million
0.1000
%
For
the
next
$125
million
0.0875
For
the
next
$250
million
0.0750
For
the
next
$500
million
0.0625
For
the
next
$1
billion
0.0500
For
the
next
$3
billion
0.0250
For
managed
assets
over
$5
billion
0.0125
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
NAC
0.1588%
NKX
0.1588%
NCA
0.1588%
NXC
0.1588%
87
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
8.
Commitments
and
Contingencies
In
the
normal
course
of
business,
each
Fund
enters
into
a
variety
of
agreements
that
may
expose
the
Fund
to
some
risk
of
loss.
These
could
include
recourse
arrangements
for
certain
TOB
Trusts
and
certain
agreements
related
to
preferred
shares,
which
are
described
elsewhere
in
these
Notes
to
Financial
Statements.
The
risk
of
future
loss
arising
from
such
agreements,
while
not
quantifiable,
is
expected
to
be
remote.
As
of
the
end
of
the
reporting
period,
the
Funds
did
not
have
any
unfunded
commitments.
From
time
to
time,
the
Funds
may
be
party
to
certain
legal
proceedings
in
the
ordinary
course
of
business,
including
proceedings
relating
to
the
enforcement
of
the
Funds’
rights
under
contracts.
As
of
the
end
of
the
reporting
period,
management
has
determined
that
any
legal
proceeding(s)
the
Funds
are
subject
to,
including
those
described
within
this
report,
are
unlikely
to
have
a
material
impact
to
any
of
the
Funds’
financial
statements.
9.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2023
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense
and
amortization
of
offering
costs”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Fund’s
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
During
the
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Fund
Purchases
Sales
Realized
Gain
(Loss)
NAC
$
30,481,135
$
30,650,745
$
(3,052,205)
NKX
6,578,845
6,606,145
(482,025)
NCA
3,876,458
3,892,544
(284,022)
NXC
1,012,130
1,016,330
(74,158)
Fund
Maximum
Outstanding
Balance
NAC
$
25,000,000
NKX
12,100,000
NCA
369,632
NXC
—
88
Notes
to
Financial
Statements
(continued)
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities,
where
applicable.
Inter-Fund
Borrowing
and
Lending
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
NAC
44
$
18,211,303
2.81
%
NKX
25
8,490,380
3.73
NCA
4
369,632
5.53
NXC
—
—
—
Shareholder
Update
(Unaudited)
89
CURRENT
INVESTMENT
OBJECTIVES,
INVESTMENT
POLICIES
AND
PRINCIPAL
RISKS
OF
THE
FUNDS
NUVEEN
CALIFORNIA
QUALITY
MUNICIPAL
VALUE
FUND
(NAC)
Investment
Objectives
The
Fund’s
investment
objectives
are
to
provide
current
income
exempt
from
regular
federal
and
California
income
tax
and
to
enhance
portfolio
value
relative
to
the
municipal
bond
market
by
investing
in
tax-exempt
municipal
bonds
that
the
Fund’s
investment
adviser
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments,
that
pay
interest
exempt
from
federal
and
California
income
taxes.
The
Fund
will
primarily
invest
in
municipal
securities
with
long-term
maturities
in
order
to
maintain
a
weighted
average
maturity
of
at
least
15
years,
but
the
average
weighted
maturity
of
obligations
held
by
the
Fund
may
be
shortened,
depending
on
market
conditions.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
investment
grade
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
nationally
recognized
statistical
rating
organization
(an
“NRSRO”)
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below
B3/B-
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax.
The
Fund
may
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities
The
Fund
may
invest
25%
or
more
of
its
total
assets
in
municipal
securities
in
the
same
economic
sector.
The
Fund
may
invest
up
to
10%
of
its
total
assets
in
securities
of
other
open-
or closed-end investment
companies
(including
exchange-
traded
funds
(“ETFs”))
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
Fund
may
invest
in
distressed
securities
but
may
not
invest
in
the
securities
of
an
issuer
which,
at
the
time
of
investment,
is
in
default
on
its
obligations
to
pay
principal
or
interest
thereon
when
due
or
that
is
involved
in
a
bankruptcy
proceeding
(i.e.,
rated
below C-, at
the
time
of
investment);
provided,
however,
that
the
Fund’s
investment
adviser
and/or the
Fund’s
sub-adviser may
determine
that
it
is
in
the
best
interest
of
shareholders
in
pursuing
a
workout
arrangement
with
issuers
of
defaulted
securities
to
make
loans
to
the
defaulted
issuer
or
another
party,
or
purchase
a
debt,
equity
or
other
interest
from
the
defaulted
issuer
or
another
party,
or
take
other
related
or
similar
steps
involving
the
investment
of
additional
monies,
but
only
if
that
issuer’s
securities
are
already
held
by
the
Fund.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments
that
pay
interest
exempt
from
federal
and
California
income
taxes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Additionally,
with
respect
to
the
Fund’s
policy
of
investing
at
least
80%
of
its
Managed
Assets
in
investment
grade
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser,
such
policy
may
not
be
changed
without
60
days’
prior
notice
to
shareholders.
90
Shareholder
Update
(Unaudited)
(continued)
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
tender
option
bond
trusts
(“TOB
trusts”),
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
California
person
income
taxes.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax
applicable
to
noncorporate
taxpayers
(“AMT
Bonds”).
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
State
of
California,
a
municipality
in
California,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
state
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
investment
adviser
to
be
reliable),
is
exempt
from
both
regular
federal
income
taxes
and
California
personal
income
tax,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
91
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933,
as
amended
(the
“1933
Act”),
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
municipal
market
data
rate
locks
(“MMD
Rate
Locks”)),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
Securities
and
Exchange
Commission
(“SEC”).
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
preferred
shares
of
beneficial
interest
(“Preferred
Shares”)
and
investments
in
inverse
floating
rate
securities. The
Fund
may
borrow
money
(including
reverse
repurchase
agreements)
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
at
least
15
years
and
the
Fund
may
not
achieve
its
investment
objectives.
92
Shareholder
Update
(Unaudited)
(continued)
NUVEEN
CALIFORNIA
AMT-FREE
QUALITY
MUNICIPAL
INCOME
FUND
(NKX)
Investment
Objectives
The
Fund’s
investment
objectives
are
(i)
to
provide
current
income
exempt
from
regular
federal
income
tax,
the
federal
alternative
minimum
tax
applicable
to
individuals
and
California
income
tax
and
(ii)
to
enhance
portfolio
value
relative
to
the
municipal
bond
market
by
investing
in
tax-
exempt
municipal
securities
that
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser,
believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
federal
and
California
income
taxes.
As
a
non-fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
100%
of
its
Managed
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
the
federal
alternative
minimum
tax
applicable
to
individuals
at
the
time
of
purchase.
The
Fund
generally
invests
in
California
municipal
securities
with
intermediate
or
long-term
maturities
in
order
to
maintain
an
average
effective
maturity
of
15
to
30
years,
but
the
average
effective
maturity
of
obligations
held
by
the
Fund
may
be
shortened
or
lengthened,
depending
on
market
conditions
and
on
an
assessment
by
the
Fund’s
portfolio
manager
of
which
segments
of
the
California
municipal
securities
market
offer
the
most
favorable
relative
investment
values
and
opportunities
for
tax-exempt
income
and
total
return.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
the
federal
alternative
minimum
tax
applicable
to
individuals
at
the
time
of
purchase.
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
investment
grade
municipal
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
(Ba
or
BB
or
lower)
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-
adviser.
The
Fund
may
invest
up
to
10%
of
its
Managed
Assets
in
municipal
securities
rated
below B3/B- or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser.
The
Fund
may
invest
in
distressed
securities
but
may
not
invest
in
the
securities
of
an
issuer
which,
at
the
time
of
investment,
is
in
default
on
its
obligations
to
pay
principal
or
interest
thereon
when
due
or
that
is
involved
in
a
bankruptcy
proceeding
(i.e., rated
below C-, at
the
time
of
investment);
provided,
however,
that
the
Fund’s
sub-adviser
may
determine
that
it
is
in
the
best
interest
of
shareholders
in
pursuing
a
workout
arrangement
with
issuers
of
defaulted
securities
to
make
loans
to
the
defaulted
issuer
or
another
party,
or
purchase
a
debt,
equity
or
other
interest
from
the
defaulted
issuer
or
another
party,
or
take
other
related
or
similar
steps
involving
the
investment
of
additional
monies,
but
only
if
that
issuer’s
securities
are
already
held
by
the
Fund.
The
Fund
may
invest
up
to
10%
of
its
total
assets
in
securities
of
other open- or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
Fund
may
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
federal
and
California
income
taxes,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
93
Additionally,
with
respect
to
the
Fund’s
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments
the
income
from
which
is
exempt
from
the
federal
alternative
minimum
tax
applicable
to
individuals
at
the
time
of
purchase,
such
policy
may
not
be
changed
without
60
days’
prior
notice
to
shareholders.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
U.S.
federal
and
California
income
tax.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
municipal
securities
in
which
the
Fund
generally
invests
are
issued
by
the
State
of
California,
a
municipality
in
California,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
state
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
Fund’s
sub-adviser
to
be
reliable),
is
exempt
from
regular
federal
and
California
personal
income
taxes
and
is
also
exempt
from
the
federal
alternative
minimum
tax
applicable
to
individuals.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds,
formerly
referred
to
as
industrial
development
bonds,
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund’s
distributions
of
its
interest
income
from
private
activity
bonds
may
subject
certain
investors
to
the
federal
alternative
minimum
tax
applicable
to
individuals.
However,
the
Fund
will
only
invest
in
private
activity
bonds
that
are
not
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
94
Shareholder
Update
(Unaudited)
(continued)
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
In
addition,
the
Fund
may
invest
a
portion
of
its
Managed
Assets
in
pooled
investment
vehicles
(other
than
investment
companies)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
Use
of
Leverage
The
Fund
uses
leverage
to
pursue
its
investment
objectives.
The
Fund
may
use
leverage
to
the
extent
permitted
by
the
1940
Act.
The
Fund
may
source
leverage
through
a
number
of
methods
including
the
issuance
of
Preferred
Shares
and
investments
in
inverse
floating
rate
securities. The
Fund
may
borrow
(including
reverse
repurchase
agreements)
from
banks
for
temporary
or
emergency
purposes,
or
to
repurchase
its
shares.
In
addition,
the
Fund
may
also
use
certain
derivatives
that
have
the
economic
effect
of
leverage
by
creating
additional
investment
exposure.
The
amount
and
sources
of
leverage
will
vary
depending
on
market
conditions.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
15
to
30
years
and
the
Fund
may
not
achieve
its
investment
objectives.
95
NUVEEN
CALIFORNIA
MUNICIPAL
VALUE
FUND
(NCA)
(formerly
known
as
NUVEEN
CALIFORNIA
MUNICIPAL
VALUE
FUND,
INC.)
Investment
Objectives
The
Fund’s
primary
investment
objective
is
to
provide
current
income
exempt
from
regular
federal
and
California
income
taxes.
The
Fund’s
secondary
investment
objective
is
to
enhance
portfolio
value
relative
to
the
California
municipal
bond
market
by
investing
in tax-exempt California
municipal
securities
that
the
Fund’s
investment
adviser
and/or the
Fund’s
sub-adviser believes
are
underrated
or
undervalued
or
that
represent
municipal
market
sectors
that
are
undervalued.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
will
invest
at
least
80%
of
its
Assets
(as
defined
below)
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
and
California
income
taxes.
The
Fund
will
primarily
invest
in
municipal
securities
with
long-term
maturities
in
order
to
maintain
an
effective
maturity
of
at
least
15
years,
but
it
may
be
shortened
or
lengthened,
depending
on
market
conditions.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
municipal
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or the
Fund’s
sub-adviser. Investment
grade
securities
may
include
securities
that,
at
the
time
of
investment,
are
rated
below
investment
grade,
so
long
as
at
least
one
NRSRO
rates
such
securities
within
the
four
highest
grades
(such
securities
are
commonly
referred
to
as
split-rated
securities).
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below B3/B- by
all
NRSROs
that
rate
the
security
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
pay
interest
that
is
taxable
under
the
federal
alternative
minimum
tax
applicable
to
individuals.
The
Fund
may
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities.
The
Fund
will
not
invest
more
than
25%
of
its
total
assets
in
municipal
securities
in
any
one
industry.
The
Fund
may
invest
up
to
10%
of
its
Managed
Assets
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
Fund
may
invest
in
distressed
securities
but
may
not
invest
in
the
securities
of
an
issuer
which,
at
the
time
of
investment,
is
in
default
on
its
obligations
to
pay
principal
or
interest
thereon
when
due
or
that
is
involved
in
a
bankruptcy
proceeding
(i.e.,
rated
below C-, at
the
time
of
investment);
provided,
however,
that
the
Fund’s
investment
adviser
and/or the
Fund’s
sub-adviser may
determine
that
it
is
in
the
best
interest
of
shareholders
in
pursuing
a
workout
arrangement
with
issuers
of
defaulted
securities
to
make
loans
to
the
defaulted
issuer
or
another
party,
or
purchase
a
debt,
equity
or
other
interest
from
the
defaulted
issuer
or
another
party,
or
take
other
related
or
similar
steps
involving
the
investment
of
additional
monies,
but
only
if
that
issuer’s
securities
are
already
held
by
the
Fund.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objectives,
(ii)
policy
of
investing
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments,
the
income
from
which
is
exempt
from
regular
federal
and
California
income
taxes
and
(iii)
policy
(as
described
below)
that
it
will
not
leverage
its
capital
structure
by
issuing
senior
securities
such
as
Preferred
Shares
or
debt
instruments,
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
96
Shareholder
Update
(Unaudited)
(continued)
Additionally,
with
respect
to
the
Fund’s
policy
of
investing
at
least
80%
of
its
Managed
Assets
in
municipal
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or the
Fund’s
sub-adviser,
such
policy
may
not
be
changed
without
60
days’
prior
notice
to
shareholders.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
California
income
taxes.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
State
of
California,
a
municipality
in
California,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
state
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
investment
adviser
to
be
reliable),
is
exempt
from
both
regular
federal
income
taxes
and
California
personal
income
tax,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
97
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objectives,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
Use
of
Leverage
As
a
fundamental
policy,
the
Fund
will
not
leverage
its
capital
structure
by
issuing
senior
securities
(as
defined
under
the
1940
Act),
such
as
preferred
shares
or
debt
instruments.
However,
the
Fund
may
borrow
(including
reverse
repurchase
agreements)
for
temporary
or
emergency
purposes
and
invest
in
certain
instruments,
including
inverse
floating
rate
securities
that
have
the
economic
effect
of
leverage.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
at
least
15
years
and
the
Fund
may
not
achieve
its
investment
objectives.
98
Shareholder
Update
(Unaudited)
(continued)
NUVEEN
CALIFORNIA
SELECT
TAX-FREE
INCOME
PORTFOLIO
(NXC)
Investment
Objective
The
Fund’s
investment
objective
is
to
provide
stable
dividends
exempt
from
both
regular
federal
and
California
income
taxes,
consistent
with
preservation
of
capital.
Investment
Policies
As
a
fundamental
policy,
under
normal
circumstances,
the
Fund
invests
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments,
the
income
from
which
are
exempt
from
regular
federal
and
California
income
tax.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
are
subject
to
the
federal
alternative
minimum
tax
(“AMT
Bonds”).
The
Fund
generally
invests
in
municipal
securities
with
an
average
effective
maturity
of
approximately 15-30 years,
but
it
may
be
shortened
or
lengthened,
depending
on
market
conditions
and
on
an
assessment
by
the
Fund’s
portfolio
manager
of
which
segments
of
the
municipal
securities
market
offer
the
most
favorable
relative
investment
values
and
opportunities
for tax-exempt income
and
total
return.
“Assets”
mean
the
net
assets
of
the
Fund
plus
the
amount
of
any
borrowings
for
investment
purposes.
“Managed
Assets”
mean
the
total
assets
of
the
Fund,
minus
the
sum
of
its
accrued
liabilities
(other
than
Fund
liabilities
incurred
for
the
express
purpose
of
creating
leverage).
Total
assets
for
this
purpose
shall
include
assets
attributable
to
the
Fund’s
use
of
leverage
(whether
or
not
those
assets
are
reflected
in
the
Fund’s
financial
statements
for
purposes
of
generally
accepted
accounting
principles),
and
derivatives
will
be
valued
at
their
market
value.
Under
normal
circumstances:
The
Fund
will
invest
at
least
80%
of
its
Managed
Assets
in
investment
grade
securities
that,
at
the
time
of
investment,
are
rated
within
the
four
highest
grades
(Baa
or
BBB
or
better)
by
at
least
one
NRSRO
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
A
security
is
considered
investment
grade
if
it
is
rated
within
the
four
highest
letter
grades
by
at
least
one
NRSRO
that
rate
such
securities
(even
if
rated
lower
by
another),
or
if
it
is
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
20%
of
its
Managed
Assets
in
municipal
securities
that
at
the
time
of
investment
are
rated
below
investment
grade
or
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
investment
adviser
and/or
the
Fund’s
sub-adviser.
No
more
than
10%
of
the
Fund’s
Managed
Assets
may
be
invested
in
municipal
securities
rated
below
B3/B-
by
all
NRSROs
that
rate
the
security
or
that
are
unrated
but
judged
to
be
of
comparable
quality
by
the
Fund’s
sub-adviser.
The
Fund
may
invest
up
to
15%
of
its
Managed
Assets
in
inverse
floating
rate
securities.
The
Fund
may
invest
up
to
10%
of
its
net
assets
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly.
The
Fund
will
not
invest
more
than
25%
of
its
total
assets
in
municipal
securities
in
any
one
industry.
The
foregoing
policies
apply
only
at
the
time
of
any
new
investment.
Approving
Changes
in
Investment
Policies
The
Board
of
Trustees
of
the
Fund
may
change
the
policies
described
above
without
a
shareholder
vote.
However,
the
Fund’s
(i)
investment
objective
and
(ii)
policy
of
investing
at
least
at
least
80%
of
its
Assets
in
municipal
securities
and
other
related
investments,
the
income
from
which
are
exempt
from
regular
federal
and
California
income
tax
may
not
be
changed
without
the
approval
of
the
holders
of
a
majority
of
the
outstanding
common
shares
and
preferred
shares
voting
together
as
a
single
class,
and
the
approval
of
the
holders
of
a
majority
of
the
outstanding
preferred
shares,
voting
separately
as
a
single
class.
A
“majority
of
the
outstanding”
shares
means
(i)
67%
or
more
of
the
shares
present
at
a
meeting,
if
the
holders
of
more
than
50%
of
the
shares
are
present
or
represented
by
proxy
or
(ii)
more
than
50%
of
the
shares,
whichever
is
less.
Portfolio
Contents
The
Fund
generally
invests
in
municipal
securities.
Municipal
securities
include
municipal
bonds,
notes,
securities
issued
to
finance
and
refinance
public
projects,
certificates
of
participation,
variable
rate
demand
obligations,
lease
obligations,
municipal
notes,
pre-refunded
municipal
bonds,
private
activity
bonds,
securities
issued
by
TOB
trusts,
including
inverse
floating
rate
securities,
and
other
forms
of
municipal
bonds
and
securities,
and
other
related
instruments
that
create
exposure
to
municipal
bonds,
notes
and
securities
that
provide
for
the
payment
of
interest
income
that
is
exempt
from
regular
U.S.
federal
income
tax
and
California
personal
income
taxes.
Municipal
securities
are
debt
obligations
generally
issued
by
states,
cities
and
local
authorities
and
certain
possessions
and
territories
of
the
United
States
(such
as
Puerto
Rico
and
Guam)
to
finance
or
refinance
public
purpose
projects
such
as
roads,
schools,
and
water
supply
systems.
The
Fund
may
also
invest
in
AMT
Bonds.
AMT
Bonds
may
trigger
adverse
tax
consequences
for
Fund
shareholders
who
are
subject
to
the
federal
alternative
minimum
tax.
99
The
municipal
securities
in
which
the
Fund
invests
are
generally
issued
by
the
State
of
California,
a
municipality
in
California,
or
a
political
subdivision
or
agency
or
instrumentality
of
such
state
or
municipality,
and
pay
interest
that,
in
the
opinion
of
bond
counsel
to
the
issuer
(or
on
the
basis
of
other
authority
believed
by
the
investment
adviser
to
be
reliable),
is
exempt
from
both
regular
federal
income
taxes
and
California
personal
income
tax,
although
the
interest
may
be
subject
to
the
federal
alternative
minimum
tax.
The
Fund
may
invest
in
municipal
securities
that
represent
lease
obligations
and
certificates
of
participation
in
such
leases.
A
municipal
lease
is
an
obligation
in
the
form
of
a
lease
or
installment
purchase
that
is
issued
by
a
state
or
local
government
to
acquire
equipment
and
facilities.
Income
from
such
obligations
generally
is
exempt
from
state
and
local
taxes
in
the
state
of
issuance.
A
certificate
of
participation
represents
an
undivided
interest
in
an
unmanaged
pool
of
municipal
leases,
an
installment
purchase
agreement
or
other
instruments.
The
certificates
typically
are
issued
by
a
municipal
agency,
a
trust
or
other
entity
that
has
received
an
assignment
of
the
payments
to
be
made
by
the
state
or
political
subdivision
under
such
leases
or
installment
purchase
agreements.
Such
certificates
provide
the
Fund
with
the
right
to
a
pro
rata
undivided
interest
in
the
underlying
municipal
securities.
In
addition,
such
participations
generally
provide
the
Fund
with
the
right
to
demand
payment,
on
not
more
than
seven
days’
notice,
of
all
or
any
part
of
the
Fund’s
participation
interest
in
the
underlying
municipal
securities,
plus
accrued
interest.
The
Fund
may
invest
in
municipal
notes.
Municipal
securities
in
the
form
of
notes
generally
are
used
to
provide
for
short-term
capital
needs,
in
anticipation
of
an
issuer’s
receipt
of
other
revenues
or
financing,
and
typically
have
maturities
of
up
to
three
years.
Such
instruments
may
include
tax
anticipation
notes,
revenue
anticipation
notes,
bond
anticipation
notes,
tax
and
revenue
anticipation
notes
and
construction
loan
notes.
Tax
anticipation
notes
are
issued
to
finance
the
working
capital
needs
of
governments.
Generally,
they
are
issued
in
anticipation
of
various
tax
revenues,
such
as
income,
sales,
property,
use
and
business
taxes,
and
are
payable
from
these
specific
future
taxes.
Revenue
anticipation
notes
are
issued
in
expectation
of
receipt
of
other
kinds
of
revenue,
such
as
federal
revenues
available
under
federal
revenue
sharing
programs.
Bond
anticipation
notes
are
issued
to
provide
interim
financing
until
long-term
bond
financing
can
be
arranged.
In
most
cases,
the
long-term
bonds
then
provide
the
funds
needed
for
repayment
of
the
bond
anticipation
notes.
Tax
and
revenue
anticipation
notes
combine
the
funding
sources
of
both
tax
anticipation
notes
and
revenue
anticipation
notes.
Construction
loan
notes
are
sold
to
provide
construction
financing.
Mortgage
notes
insured
by
the
Federal
Housing
Authority
secure
these
notes;
however,
the
proceeds
from
the
insurance
may
be
less
than
the
economic
equivalent
of
the
payment
of
principal
and
interest
on
the
mortgage
note
if
there
has
been
a
default.
The
anticipated
revenues
from
taxes,
grants
or
bond
financing
generally
secure
the
obligations
of
an
issuer
of
municipal
notes.
The
Fund
may
invest
in
“tobacco
settlement
bonds.”
Tobacco
settlement
bonds
are
municipal
securities
that
are
secured
or
payable
solely
from
the
collateralization
of
the
proceeds
from
class
action
or
other
litigation
against
the
tobacco
industry.
The
Fund
may
invest
in
pre-refunded
municipal
securities.
The
principal
of
and
interest
on pre-refunded municipal
securities
are
no
longer
paid
from
the
original
revenue
source
for
the
securities.
Instead,
the
source
of
such
payments
is
typically
an
escrow
fund
consisting
of
U.S.
government
securities.
The
assets
in
the
escrow
fund
are
derived
from
the
proceeds
of
refunding
bonds
issued
by
the
same
issuer
as
the pre-refunded municipal
securities.
Issuers
of
municipal
securities
use
this
advance
refunding
technique
to
obtain
more
favorable
terms
with
respect
to
securities
that
are
not
yet
subject
to
call
or
redemption
by
the
issuer.
For
example,
advance
refunding
enables
an
issuer
to
refinance
debt
at
lower
market
interest
rates,
restructure
debt
to
improve
cash
flow
or
eliminate
restrictive
covenants
in
the
indenture
or
other
governing
instrument
for
the pre-
refunded municipal
securities.
However,
except
for
a
change
in
the
revenue
source
from
which
principal
and
interest
payments
are
made,
the pre-
refunded municipal
securities
remain
outstanding
on
their
original
terms
until
they
mature
or
are
redeemed
by
the
issuer.
The
Fund
may
invest
in
private
activity
bonds.
Private
activity
bonds
are
issued
by
or
on
behalf
of
public
authorities
to
obtain
funds
to
provide
privately
operated
housing
facilities,
airport,
mass
transit
or
port
facilities,
sewage
disposal,
solid
waste
disposal
or
hazardous
waste
treatment
or
disposal
facilities
and
certain
local
facilities
for
water
supply,
gas
or
electricity.
Other
types
of
private
activity
bonds,
the
proceeds
of
which
are
used
for
the
construction,
equipment,
repair
or
improvement
of
privately
operated
industrial
or
commercial
facilities,
may
constitute
municipal
securities,
although
the
current
federal
tax
laws
place
substantial
limitations
on
the
size
of
such
issues.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
a
TOB
trust,
the
interest
rate
on
which
varies
inversely
with
the
Securities
Industry
Financial
Markets
Association
short-term
rate,
which
resets
weekly,
or
a
similar
short-term
rate,
and
is
reduced
by
the
expenses
related
to
the
TOB
trust.
Typically,
inverse
floating
rate
securities
represent
beneficial
interests
in
a
special
purpose
trust
(sometimes
called
a
TOB
trust)
formed
by
a
third
party
sponsor
for
the
purpose
of
holding
municipal
bonds.
Inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate
on
the
municipal
bond
held
by
the
TOB
trust,
which
effectively
leverages
the
Fund’s
investment.
The
Fund
may
invest
in
floating
rate
securities
issued
by
special
purpose
trusts.
Floating
rate
securities
may
take
the
form
of
short-term
floating
rate
securities
or
the
option
period
may
be
substantially
longer.
Generally,
the
interest
rate
earned
will
be
based
upon
the
market
rates
for
municipal
securities
with
maturities
or
remarketing
provisions
that
are
comparable
in
duration
to
the
periodic
interval
of
the
tender
option,
which
may
vary
from
weekly,
to
monthly,
to
extended
periods
of
one
year
or
multiple
years.
Since
the
option
feature
has
a
shorter
term
than
the
final
maturity
or
first
call
date
of
the
underlying
bond
deposited
in
the
trust,
the
Fund
as
the
holder
of
the
floating
rate
security
relies
upon
the
terms
of
the
agreement
with
the
financial
institution
furnishing
the
option
as
well
as
the
credit
strength
of
that
institution.
As
further
assurance
of
liquidity,
the
terms
of
the
trust
provide
for
a
liquidation
of
the
municipal
security
deposited
in
the
trust
and
the
application
of
the
proceeds
to
pay
off
the
floating
rate
security.
The
trusts
that
are
organized
to
issue
both short-term floating
rate
securities
and
inverse
floaters
generally
include
liquidation
triggers
to
protect
the
investor
in
the
floating
rate
security.
The
Fund
may
invest
in
municipal
securities
issued
by
special
taxing
districts.
Special
taxing
districts
are
organized
to
plan
and
finance
infrastructure
developments
to
induce
residential,
commercial
and
industrial
growth
and
redevelopment.
The
bond
financing
methods
such
as
tax
increment
finance,
tax
assessment,
special
services
district
and
Mello-Roos
bonds,
are
generally
payable
solely
from
taxes
or
other
revenues
attributable
to
the
specific
projects
financed
by
the
bonds
without
recourse
to
the
credit
or
taxing
power
of
related
or
overlapping
municipalities.
The
Fund
may
invest
in
zero
coupon
bonds.
A
zero
coupon
bond
is
a
bond
that
typically
does
not
pay
interest
for
the
entire
life
of
the
obligation
or
for
an
initial
period
after
the
issuance
of
the
obligation.
100
Shareholder
Update
(Unaudited)
(continued)
The
Fund
may
buy
and
sell
securities
on
a
when-issued
or
delayed
delivery
basis,
making
payment
or
taking
delivery
at
a
later
date,
normally
within
15
to
45
days
of
the
trade
date.
The
Fund
may
utilize
structured
notes
and
similar
instruments
for
investment
purposes
and
also
for
hedging
purposes.
Structured
notes
are
privately
negotiated
debt
obligations
where
the
principal
and/or
interest
is
determined
by
reference
to
the
performance
of
a
benchmark
asset,
market
or
interest
rate
(an
“embedded
index”),
such
as
selected
securities,
an
index
of
securities
or
specified
interest
rates,
or
the
differential
performance
of
two
assets
or
markets.
The
Fund
may
invest
in
illiquid
securities
(i.e.,
securities
that
are
not
readily
marketable),
including,
but
not
limited
to,
restricted
securities
(securities
the
disposition
of
which
is
restricted
under
the
federal
securities
laws),
securities
that
may
be
resold
only
pursuant
to
Rule
144A
under
the
1933
Act,
and
repurchase
agreements
with
maturities
in
excess
of
seven
days.
The
Fund
may
enter
into
certain
derivative
instruments
in
pursuit
of
its
investment
objective,
including
to
seek
to
enhance
return,
to
hedge
certain
risks
of
its
investments
in
municipal
securities
or
as
a
substitute
for
a
position
in
the
underlying
asset.
Such
instruments
include
financial
futures
contracts,
swap
contracts
(including
interest
rate
swaps,
credit
default
swaps
and
MMD
Rate
Locks),
options
on
financial
futures,
options
on
swap
contracts
or
other
derivative
instruments.
The
Fund
may
purchase
and
sell
MMD
Rate
Locks.
An
MMD
Rate
Lock
permits
the
Fund
to
lock
in
a
specified
municipal
interest
rate
for
a
portion
of
its
portfolio
to
preserve
a
return
on
a
particular
investment
or
a
portion
of
its
portfolio
as
a
duration
management
technique
or
to
protect
against
any
increase
in
the
price
of
securities
to
be
purchased
at
a
later
date.
By
using
an
MMD
Rate
Lock,
the
Fund
can
create
a
synthetic
long
or
short
position,
allowing
the
Fund
to
select
what
the
manager
believes
is
an
attractive
part
of
the
yield
curve.
The
Fund
will
ordinarily
use
these
transactions
as
a
hedge
or
for
duration
or
risk
management
although
it
is
permitted
to
enter
into
them
to
enhance
income
or
gain
or
to
increase
the
Fund’s
yield,
for
example,
during
periods
of
steep
interest
rate
yield
curves
(i.e.,
wide
differences
between
short
term
and
long
term
interest
rates).
The
Fund
may
also
invest
in
securities
of
other
open-
or closed-end investment
companies
(including
ETFs)
that
invest
primarily
in
municipal
securities
of
the
types
in
which
the
Fund
may
invest
directly,
to
the
extent
permitted
by
the
1940
Act,
the
rules
and
regulations
issued
thereunder
and
applicable
exemptive
orders
issued
by
the
SEC.
Use
of
Leverage
As
a
fundamental
policy,
the
Fund
will
not
leverage
its
capital
structure
by
issuing
senior
securities
such
as
preferred
shares
or
debt
instruments.
However,
the
Fund
may
borrow
for
temporary,
emergency
or
other
purposes
as
permitted
by
the
1940
Act,
and
invest
in
certain
instruments,
including
inverse
floating
rate
securities,
that
have
the
economic
effect
of
financial
leverage.
Temporary
Defensive
Periods
During
temporary
defensive
periods
(e.g.,
times
when,
in
the
Fund’s
investment
adviser’s
and/or
the
Fund’s
sub-adviser’s opinion,
temporary
imbalances
of
supply
and
demand
or
other
temporary
dislocations
in
the tax-exempt bond
market
adversely
affect
the
price
at
which
long-term
or
intermediate-term
municipal
securities
are
available),
the
Fund
may
invest
up
to
100%
of
its
net
assets
in
cash
or
cash
equivalents,
short-term
investments
or
municipal
bonds
and
deviate
from
its
investment
policies
including
the
Fund’s
80%
names
rule
policy.
Also,
during
these
periods,
the
weighted
average
maturity
of
the
Fund’s
investment
portfolio
may
fall
below
the
effective
maturity
range
of
at
least
15-30
years
and
the
Fund
may
not
achieve
its
investment
objective.
101
PRINCIPAL
RISKS
OF
THE
FUNDS
The
factors
that
are
most
likely
to
have
a
material
effect
on
a
particular
Fund’s
portfolio
as
a
whole
are
called
“principal
risks.”
Each
Fund
is
subject
to
the
principal
risks
indicated
below,
whether
through
direct
investment
or
derivative
positions.
Each
Fund
may
be
subject
to
additional
risks
other
than
those
identified
and
described
below
because
the
types
of
investments
made
by
a
Fund
can
change
over
time.
Risk
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(NKX)
Nuveen
California
Municipal
Value
Fund
(NCA)
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC)
Portfolio
Level
Risks
Alternative
Minimum
Tax
Risk
X
—
X
X
Below
Investment
Grade
Risk
X
X
X
X
Call
Risk
X
X
X
X
Credit
Risk
X
X
X
X
Credit
Spread
Risk
X
X
X
X
Deflation
Risk
X
X
X
X
Derivatives
Risk
X
X
X
X
Distressed
Securities
Risk
X
X
X
—
Duration
Risk
X
X
X
X
Economic
Sector
Risk
X
X
X
X
Financial
Futures
and
Options
Risk
X
X
X
X
Hedging
Risk
X
X
X
X
Illiquid
Investments
Risk
X
X
X
X
Income
Risk
X
X
X
X
Inflation
Risk
X
X
X
X
Insurance
Risk
X
X
X
X
Interest
Rate
Risk
X
X
X
X
Inverse
Floating
Rate
Securities
Risk
X
X
X
X
Municipal
Securities
Market
Liquidity
Risk
X
X
X
X
Municipal
Securities
Market
Risk
X
X
X
X
Other
Investment
Companies
Risk
X
X
X
X
Puerto
Rico
Municipal
Securities
Market
Risk
X
X
X
X
Reinvestment
Risk
X
X
X
X
Special
Considerations
Related
to
California
Concentration
Risk
X
X
X
X
Special
Risks
Related
to
Certain
Municipal
Obligations
X
X
X
X
Swap
Transactions
Risk
X
X
X
X
Tax
Risk
X
X
X
X
Taxability
Risk
X
X
X
X
Tobacco
Settlement
Bond
Risk
X
X
X
X
Unrated
Securities
Risk
X
X
X
X
Valuation
Risk
X
X
X
X
Zero
Coupon
Bonds
Risk
X
X
X
X
102
Shareholder
Update
(Unaudited)
(continued)
Risk
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(NKX)
Nuveen
California
Municipal
Value
Fund
(NCA)
Nuveen
California
Select
Tax-Free
Income
Portfolio
(NXC)
Fund
Level
and
Other
Risks
Anti-Takeover
Provisions
X
X
X
X
Counterparty
Risk
X
X
X
X
Cybersecurity
Risk
X
X
X
X
Economic
and
Political
Events
Risk
X
X
X
X
Global
Economic
Risk
X
X
X
X
Investment
and
Market
Risk
X
X
X
X
Legislation
and
Regulatory
Risk
X
X
X
X
Leverage
Risk
X
X
—
—
Market
Discount
from
Net
Asset
Value
X
X
X
X
Recent
Market
Conditions
X
X
X
X
Reverse
Repurchase
Agreement
Risk
X
X
X
—
103
Portfolio
Level
Risks:
Alternative
Minimum
Tax
Risk.
The
Fund
may
invest
in
AMT
Bonds.
Therefore,
a
portion
of
the
Fund’s
otherwise
exempt-interest
dividends
may
be
taxable
to
those
shareholders
subject
to
the
federal
alternative
minimum
tax.
Below
Investment
Grade
Risk.
Municipal
securities
of
below
investment
grade
quality
are
regarded
as
having
speculative
characteristics
with
respect
to
the
issuer’s
capacity
to
pay
interest
and
repay
principal,
and
may
be
subject
to
higher
price
volatility
and
default
risk
than
investment
grade
municipal
securities
of
comparable
terms
and
duration.
Issuers
of
lower
grade
municipal
securities
may
be
highly
leveraged
and
may
not
have
available
to
them
more
traditional
methods
of
financing.
The
prices
of
these
lower
grade
securities
are
typically
more
sensitive
to
negative
developments,
such
as
a
decline
in
the
issuer’s
revenues
or
a
general
economic
downturn.
The
secondary
market
for
lower
rated
municipal
securities
may
not
be
as
liquid
as
the
secondary
market
for
more
highly
rated
municipal
securities,
a
factor
which
may
have
an
adverse
effect
on
the
Fund’s
ability
to
dispose
of
a
particular
municipal
security.
If
a
below
investment
grade
municipal
security
goes
into
default,
or
its
issuer
enters
bankruptcy,
it
might
be
difficult
to
sell
that
security
in
a
timely
manner
at
a
reasonable
price.
Call
Risk.
The
Fund
may
invest
in
municipal
securities
that
are
subject
to
call
risk.
Such
municipal
securities
may
be
redeemed
at
the
option
of
the
issuer,
or
“called,”
before
their
stated
maturity
or
redemption
date.
In
general,
an
issuer
will
call
its
instruments
if
they
can
be
refinanced
by
issuing
new
instruments
that
bear
a
lower
interest
rate.
The
Fund
is
subject
to
the
possibility
that
during
periods
of
falling
interest
rates,
an
issuer
will
call
its
high
yielding
municipal
securities.
The
Fund
would
then
be
forced
to
invest
the
unanticipated
proceeds
at
lower
interest
rates,
resulting
in
a
decline
in
the
Fund’s
income.
Credit
Risk.
Issuers
of
municipal
securities
in
which
the
Fund
may
invest
may
default
on
their
obligations
to
pay
principal
or
interest
when
due.
This
non-payment
would
result
in
a
reduction
of
income
to
the
Fund,
a
reduction
in
the
value
of
a
municipal
security
experiencing
non-payment
and
potentially
a
decrease
in
the
net
asset
value
(“NAV”)
of
the
Fund.
To
the
extent
that
the
credit
rating
assigned
to
a
municipal
security
in
the
Fund’s
portfolio
is
downgraded,
the
market
price
and
liquidity
of
such
security
may
be
adversely
affected.
Credit
Spread
Risk.
Credit
spread
risk
is
the
risk
that
credit
spreads
(
i.e.,
the
difference
in
yield
between
securities
that
is
due
to
differences
in
their
credit
quality)
may
increase
when
the
market
believes
that
municipal
securities
generally
have
a
greater
risk
of
default.
Increasing
credit
spreads
may
reduce
the
market
values
of
the
Fund’s
securities.
Credit
spreads
often
increase
more
for
lower
rated
and
unrated
securities
than
for
investment
grade
securities.
In
addition,
when
credit
spreads
increase,
reductions
in
market
value
will
generally
be
greater
for
longer-maturity
securities.
Deflation
Risk.
Deflation
risk
is
the
risk
that
prices
throughout
the
economy
decline
over
time.
Deflation
may
have
an
adverse
effect
on
the
creditworthiness
of
issuers
and
may
make
issuer
default
more
likely,
which
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Derivatives
Risk.
The
use
of
derivatives
involves
additional
risks
and
transaction
costs
which
could
leave
the
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Derivative
instruments
can
be
used
to
acquire
or
to
transfer
the
risk
and
returns
of
a
municipal
security
or
other
asset
without
buying
or
selling
the
municipal
security
or
asset.
These
instruments
may
entail
investment
exposures
that
are
greater
than
their
cost
would
suggest.
As
a
result,
a
small
investment
in
derivatives
can
result
in
losses
that
greatly
exceed
the
original
investment.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
An
over-the-counter
derivative
transaction
between
the
Fund
and
a
counterparty
that
is
not
cleared
through
a
central
counterparty
also
involves
the
risk
that
a
loss
may
be
sustained
as
a
result
of
the
failure
of
the
counterparty
to
the
contract
to
make
required
payments.
The
payment
obligation
for
a
cleared
derivative
transaction
is
guaranteed
by
a
central
counterparty,
which
exposes
the
Fund
to
the
creditworthiness
of
the
central
counterparty.
It
is
possible
that
regulatory
or
other
developments
in
the
derivatives
market,
including
changes
in
government
regulation,
could
adversely
impact
the
Fund’s
ability
to
invest
in
certain
derivatives
or
successfully
use
derivative
instruments.
Distressed
Securities
Risk.
The
Fund
may
invest
in
low-rated
securities
or
securities
unrated
but
judged
by
the
sub-adviser
to
be
of
comparable
quality.
Some
or
many
of
these
low-rated
securities,
although
not
in
default,
may
be
“distressed,”
meaning
that
the
issuer
is
experiencing
financial
difficulties
or
distress
at
the
time
of
acquisition.
Such
securities
would
present
a
substantial
risk
of
future
default
which
may
cause
the
Fund
to
incur
losses,
including
additional
expenses,
to
the
extent
it
is
required
to
seek
recovery
upon
a
default
in
the
payment
of
principal
or
interest
on
those
securities.
In
any
reorganization
or
liquidation
proceeding
relating
to
a
portfolio
security,
the
Fund
may
lose
its
entire
investment
or
may
be
required
to
accept
cash
or
securities
with
a
value
less
than
its
original
investment.
Distressed
securities
may
be
subject
to
restrictions
on
resale.
Duration
Risk.
Duration
is
the
sensitivity,
expressed
in
years,
of
the
price
of
a
fixed-income
security
to
changes
in
the
general
level
of
interest
rates
(or
yields).
Securities
with
longer
durations
tend
to
be
more
sensitive
to
interest
rate
(or
yield)
changes,
which
typically
corresponds
to
increased
volatility
and
risk,
than
securities
with
shorter
durations.
For
example,
if
a
security
or
portfolio
has
a
duration
of
three
years
and
interest
rates
increase
by
1%,
then
the
security
or
portfolio
would
decline
in
value
by
approximately
3%.
Duration
differs
from
maturity
in
that
it
considers
potential
changes
to
interest
rates,
and
a
security’s
coupon
payments,
yield,
price
and
par
value
and
call
features,
in
addition
to
the
amount
of
time
until
the
security
matures.
The
duration
of
a
security
will
be
expected
to
change
over
time
with
changes
in
market
factors
and
time
to
maturity.
Economic
Sector
Risk.
The
Fund
may
invest
a
significant
amount
of
its
total
assets
in
municipal
securities
in
the
same
economic
sector.
This
may
make
the
Fund
more
susceptible
to
adverse
economic,
political
or
regulatory
occurrences
affecting
an
economic
sector,
making
the
Fund
more
vulnerable
to
unfavorable
developments
in
that
sector
than
funds
that
invest
more
broadly.
As
the
percentage
of
the
Fund’s
Managed
Assets
invested
in
a
particular
sector
increases,
so
does
the
potential
for
fluctuation
in
the
value
of
the
Fund’s
assets.
In
addition,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
certain
sectors
of
the
municipal
securities
market,
such
as
health
care
facilities,
private
educational
facilities,
special
taxing
districts
and
start-up
utility
districts,
and
private
activity
bonds
including
industrial
development
bonds
on
behalf
of
transportation
companies,
whose
104
Shareholder
Update
(Unaudited)
(continued)
credit
quality
and
performance
may
be
more
susceptible
to
economic,
business,
political,
regulatory
and
other
developments
than
other
sectors
of
municipal
issuers.
If
the
Fund
invests
a
significant
portion
of
its
assets
in
one
or
more
particular
sectors,
the
Fund’s
performance
may
be
subject
to
additional
risk
and
variability.
Financial
Futures
and
Options
Transactions
Risk.
The
Fund
may
use
certain
transactions
for
hedging
the
portfolio’s
exposure
to
credit
risk
and
the
risk
of
increases
in
interest
rates,
which
could
result
in
poorer
overall
performance
for
the
Fund.
There
may
be
an
imperfect
correlation
between
price
movements
of
the
futures
and
options
and
price
movements
of
the
portfolio
securities
being
hedged.
If
the
Fund
engages
in
futures
transactions
or
in
the
writing
of
options
on
futures,
it
will
be
required
to
maintain
initial
margin
and
maintenance
margin
and
may
be
required
to
make
daily
variation
margin
payments
in
accordance
with
applicable
rules
of
the
exchanges
and
the
Commodity
Futures
Trading
Commission
(“CFTC”).
If
the
Fund
purchases
a
financial
futures
contract
or
a
call
option
or
writes
a
put
option
in
order
to
hedge
the
anticipated
purchase
of
municipal
securities,
and
if
the
Fund
fails
to
complete
the
anticipated
purchase
transaction,
the
Fund
may
have
a
loss
or
a
gain
on
the
futures
or
options
transaction
that
will
not
be
offset
by
price
movements
in
the
municipal
securities
that
were
the
subject
of
the
anticipatory
hedge.
There
can
be
no
assurance
that
a
liquid
market
will
exist
at
a
time
when
the
Fund
seeks
to
close
out
a
derivatives
or
futures
or
a
futures
option
position,
and
the
Fund
would
remain
obligated
to
meet
margin
requirements
until
the
position
is
closed.
Hedging
Risk.
The
Fund’s
use
of
derivatives
or
other
transactions
to
reduce
risk
involves
costs
and
will
be
subject
to
the
investment
adviser’s
and/or
the
sub-adviser’s
ability
to
predict
correctly
changes
in
the
relationships
of
such
hedge
instruments
to
the
Fund’s
portfolio
holdings
or
other
factors.
No
assurance
can
be
given
that
the
investment
adviser’s
and/or
the
sub-adviser’s
judgment
in
this
respect
will
be
correct,
and
no
assurance
can
be
given
that
the
Fund
will
enter
into
hedging
or
other
transactions
at
times
or
under
circumstances
in
which
it
may
be
advisable
to
do
so.
Hedging
activities
may
reduce
the
Fund’s
opportunities
for
gain
by
offsetting
the
positive
effects
of
favorable
price
movements
and
may
result
in
net
losses.
Illiquid
Investments
Risk.
Illiquid
investments
are
investments
that
are
not
readily
marketable.
These
investments
may
include
restricted
investments,
including
Rule
144
A
securities,
which
cannot
be
resold
to
the
public
without
an
effective
registration
statement
under
the
1933
Act,
or
if
they
are
unregistered
may
be
sold
only
in
a
privately
negotiated
transaction
or
pursuant
to
an
available
exemption
from
registration.
The
Fund
may
not
be
able
to
readily
dispose
of
such
investments
at
prices
that
approximate
those
at
which
the
Fund
could
sell
such
the
investments
if
they
were
more
widely
traded
and,
as
a
result
of
such
illiquidity,
the
Fund
may
have
to
sell
other
investments
or
engage
in
borrowing
transactions
if
necessary
to
raise
cash
to
meet
its
obligations.
Limited
liquidity
can
also
affect
the
market
price
of
investments,
thereby
adversely
affecting
the
Fund’s
NAV
and
ability
to
make
dividend
distributions.
The
financial
markets
in
general
have
in
recent
years
experienced
periods
of
extreme
secondary
market
supply
and
demand
imbalance,
resulting
in
a
loss
of
liquidity
during
which
market
prices
were
suddenly
and
substantially
below
traditional
measures
of
intrinsic
value.
During
such
periods,
some
investments
could
be
sold
only
at
arbitrary
prices
and
with
substantial
losses.
Periods
of
such
market
dislocation
may
occur
again
at
any
time.
Income
Risk.
The
Fund’s
income
could
decline
due
to
falling
market
interest
rates.
This
is
because,
in
a
falling
interest
rate
environment,
the
Fund
generally
will
have
to
invest
the
proceeds
from
maturing
portfolio
securities
in
lower-yielding
securities.
Inflation
Risk.
Inflation
risk
is
the
risk
that
the
value
of
assets
or
income
from
investments
will
be
worth
less
in
the
future
as
inflation
decreases
the
value
of
money.
As
inflation
increases,
the
real
value
of
the
common
shares
and
distributions
can
decline.
Currently,
inflation
rates
are
elevated
relative
to
normal
market
conditions
and
could
continue
to
increase.
Insurance
Risk.
The
Fund
may
purchase
municipal
securities
that
are
secured
by
insurance,
bank
credit
agreements
or
escrow
accounts.
The
credit
quality
of
the
companies
that
provide
such
credit
enhancements
will
affect
the
value
of
those
securities.
Certain
significant
providers
of
insurance
for
municipal
securities
have
incurred
significant
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower
credit
quality
investments.
As
a
result,
such
losses
reduced
the
insurers’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
insurance
if
they
are
called
upon
to
do
so
in
the
future.
While
an
insured
municipal
security
will
typically
be
deemed
to
have
the
rating
of
its
insurer,
if
the
insurer
of
a
municipal
security
suffers
a
downgrade
in
its
credit
rating
or
the
market
discounts
the
value
of
the
insurance
provided
by
the
insurer,
the
value
of
the
municipal
security
would
more
closely,
if
not
entirely,
reflect
such
rating.
In
such
a
case,
the
value
of
insurance
associated
with
a
municipal
security
may
not
add
any
value.
The
insurance
feature
of
a
municipal
security
does
not
guarantee
the
full
payment
of
principal
and
interest
through
the
life
of
an
insured
obligation,
the
market
value
of
the
insured
obligation
or
the
NAV
of
the
common
shares
represented
by
such
insured
obligation.
Interest
Rate
Risk.
Interest
rate
risk
is
the
risk
that
municipal
securities
in
the
Fund’s
portfolio
will
decline
in
value
because
of
changes
in
market
interest
rates.
Generally,
when
market
interest
rates
rise,
the
market
value
of
such
securities
will
fall,
and
vice
versa.
As
interest
rates
decline,
issuers
of
municipal
securities
may
prepay
principal
earlier
than
scheduled,
forcing
the
Fund
to
reinvest
in
lower-yielding
securities
and
potentially
reducing
the
Fund’s
income.
As
interest
rates
increase,
slower
than
expected
principal
payments
may
extend
the
average
life
of
municipal
securities,
potentially
locking
in
a
below-market
interest
rate
and
reducing
the
Fund’s
value.
In
typical
market
interest
rate
environments,
the
prices
of
longer-
term
municipal
securities
generally
fluctuate
more
than
prices
of
shorter-term
municipal
securities
as
interest
rates
change.
Inverse
Floating
Rate
Securities
Risk.
The
Fund
may
invest
in
inverse
floating
rate
securities.
In
general,
income
on
inverse
floating
rate
securities
will
decrease
when
short-term
interest
rates
increase
and
increase
when
short-term
interest
rates
decrease.
Investments
in
inverse
floating
rate
securities
may
subject
the
Fund
to
the
risks
of
reduced
or
eliminated
interest
payments
and
losses
of
principal.
In
addition,
inverse
floating
rate
securities
may
increase
or
decrease
in
value
at
a
greater
rate
than
the
underlying
interest
rate,
which
effectively
leverages
the
Fund’s
investment.
As
a
result,
the
market
value
of
such
securities
generally
will
be
more
volatile
than
that
of
fixed
rate
securities.
The
Fund
may
invest
in
inverse
floating
rate
securities
issued
by
special
purpose
trusts
that
have
recourse
to
the
Fund.
In
such
instances,
the
Fund
may
be
at
risk
of
loss
that
exceeds
its
investment
in
the
inverse
floating
rate
securities.
The
Fund
may
be
required
to
sell
its
inverse
floating
rate
securities
at
less
than
favorable
prices,
or
liquidate
other
Fund
portfolio
holdings
in
certain
circumstances,
including,
but
not
limited
to,
the
following:
105
If
the
Fund
has
a
need
for
cash
and
the
securities
in
a
special
purpose
trust
are
not
actively
trading
due
to
adverse
market
conditions;
If
special
purpose
trust
sponsors
(as
a
collective
group
or
individually)
experience
financial
hardship
and
consequently
seek
to
terminate
their
respective
outstanding
special
purpose
trusts;
and
If
the
value
of
an
underlying
security
declines
significantly
and
if
additional
collateral
has
not
been
posted
by
the
Fund.
Municipal
Securities
Market
Liquidity
Risk.
Inventories
of
municipal
securities
held
by
brokers
and
dealers
have
decreased
in
recent
years,
lessening
their
ability
to
make
a
market
in
these
securities.
This
reduction
in
market
making
capacity
has
the
potential
to
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities
at
attractive
prices,
and
increase
municipal
security
price
volatility
and
trading
costs,
particularly
during
periods
of
economic
or
market
stress.
In
addition,
recent
federal
banking
regulations
may
cause
certain
dealers
to
reduce
their
inventories
of
municipal
securities,
which
may
further
decrease
the
Fund’s
ability
to
buy
or
sell
municipal
securities.
As
a
result,
the
Fund
may
be
forced
to
accept
a
lower
price
to
sell
a
security,
to
sell
other
securities
to
raise
cash,
or
to
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
If
the
Fund
needed
to
sell
large
blocks
of
municipal
securities
to
raise
cash
to
meet
its
obligations,
those
sales
could
further
reduce
the
municipal
securities’
prices
and
hurt
performance.
Municipal
Securities
Market
Risk.
The
amount
of
public
information
available
about
the
municipal
securities
in
the
Fund’s
portfolio
is
generally
less
than
that
for
corporate
equities
or
bonds,
and
the
investment
performance
of
the
Fund
may
therefore
be
more
dependent
on
the
analytical
abilities
of
the
sub-adviser
than
if
the
Fund
were
a
stock
fund
or
taxable
bond
fund.
The
secondary
market
for
municipal
securities,
particularly
below
investment
grade
municipal
securities,
also
tends
to
be
less
well-developed
or
liquid
than
many
other
securities
markets,
which
may
adversely
affect
the
Fund’s
ability
to
sell
its
municipal
securities
at
attractive
prices.
Other
Investment
Companies
Risk.
The
Fund
may
invest
in
the
securities
of
other
investment
companies,
including
ETFs.
Investing
in
an
investment
company
exposes
the
Fund
to
all
of
the
risks
of
that
investment
company’s
investments.
The
Fund,
as
a
holder
of
the
securities
of
other
investment
companies,
will
bear
its
pro
rata
portion
of
the
other
investment
companies’
expenses,
including
advisory
fees.
These
expenses
are
in
addition
to
the
direct
expenses
of
the
Fund’s
own
operations.
As
a
result,
the
cost
of
investing
in
investment
company
shares
may
exceed
the
costs
of
investing
directly
in
its
underlying
investments.
In
addition,
securities
of
other
investment
companies
may
be
leveraged.
As
a
result,
the
Fund
may
be
indirectly
exposed
to
leverage
through
an
investment
in
such
securities
and
therefore
magnify
the
Fund’s
leverage
risk.
With
respect
to
ETF’s,
an
ETF
that
is
based
on
a
specific
index
may
not
be
able
to
replicate
and
maintain
exactly
the
composition
and
relative
weighting
of
securities
in
the
index.
The
value
of
an
ETF
based
on
a
specific
index
is
subject
to
change
as
the
values
of
its
respective
component
assets
fluctuate
according
to
market
volatility.
ETFs
typically
rely
on
a
limited
pool
of
authorized
participants
to
create
and
redeem
shares,
and
an
active
trading
market
for
ETF
shares
may
not
develop
or
be
maintained.
The
market
value
of
shares
of
ETFs
and
closed-end
funds
may
differ
from
their
NAV.
Puerto
Rico
Municipal
Securities
Market
Risk.
To
the
extent
that
the
Fund
invests
a
significant
portion
of
its
assets
in
the
securities
issued
by
the
Commonwealth
of
Puerto
Rico
or
its
political
subdivisions,
agencies,
instrumentalities,
or
public
corporations
(collectively
referred
to
as
“Puerto
Rico”
or
the
“Commonwealth”),
it
will
be
disproportionally
affected
by
political,
social
and
economic
conditions
and
developments
in
the
Commonwealth.
In
addition,
economic,
political
or
regulatory
changes
in
that
territory
could
adversely
affect
the
value
of
the
Fund’s
investment
portfolio.
Puerto
Rico
currently
is
experiencing
significant
fiscal
and
economic
challenges,
including
substantial
debt
service
obligations,
high
levels
of
unemployment,
underfunded
public
retirement
systems,
and
persistent
government
budget
deficits.
These
challenges
may
negatively
affect
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Several
major
ratings
agencies
have
downgraded
the
general
obligation
debt
of
Puerto
Rico
to
below
investment
grade
and
continue
to
maintain
a
negative
outlook
for
this
debt,
which
increases
the
likelihood
that
the
rating
will
be
lowered
further.
Puerto
Rico
recently
defaulted
on
its
debt
by
failing
to
make
full
payment
due
on
its
outstanding
bonds,
and
there
can
be
no
assurance
that
Puerto
Rico
will
be
able
to
satisfy
its
future
debt
obligations.
Further
downgrades
or
defaults
may
place
additional
strain
on
the
Puerto
Rico
economy
and
may
negatively
affect
the
value,
liquidity,
and
volatility
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
Additionally,
numerous
issuers
have
entered
Title
III
of
the
Puerto
Rico
Oversite,
Management
and
Economic
Stability
Act
(“PROMESA”),
which
is
similar
to
bankruptcy
protection,
through
which
the
Commonwealth
of
Puerto
Rico
can
restructure
its
debt.
However,
Puerto
Rico’s
case
is
the
first
ever
heard
under
PROMESA
and
there
is
no
existing
case
precedent
to
guide
the
proceedings.
Accordingly,
Puerto
Rico’s
debt
restructuring
process
could
take
significantly
longer
than
traditional
municipal
bankruptcy
proceedings.
Further,
it
is
not
clear
whether
a
debt
restructuring
process
will
ultimately
be
approved
or,
if
so,
the
extent
to
which
it
will
apply
to
Puerto
Rico
municipal
securities
sold
by
an
issuer
other
than
the
territory.
A
debt
restructuring
could
reduce
the
principal
amount
due,
the
interest
rate,
the
maturity,
and
other
terms
of
Puerto
Rico
municipal
securities,
which
could
adversely
affect
the
value
of
Puerto
Rican
municipal
securities.
Legislation
that
would
allow
Puerto
Rico
to
restructure
its
municipal
debt
obligations,
thus
increasing
the
risk
that
Puerto
Rico
may
never
pay
off
municipal
indebtedness,
or
may
pay
only
a
small
fraction
of
the
amount
owed,
could
also
impact
the
value
of
the
Fund’s
investments
in
Puerto
Rican
municipal
securities.
These
challenges
and
uncertainties
have
been
exacerbated
by
multiple
hurricanes
and
the
resulting
natural
disasters
that
have
stuck
Puerto
Rico
since
2017.
The
full
extent
of
the
natural
disasters’
impact
on
Puerto
Rico’s
economy
and
foreign
investment
in
Puerto
Rico
is
difficult
to
estimate.
Reinvestment
Risk.
Reinvestment
risk
is
the
risk
that
income
from
the
Fund’s
portfolio
will
decline
if
and
when
the
Fund
invests
the
proceeds
from
matured,
traded
or
called
municipal
securities
at
market
interest
rates
that
are
below
the
portfolio’s
current
earnings
rate.
A
decline
in
income
could
affect
the
common
shares’
market
price,
NAV
and/or
a
common
shareholder’s
overall
returns.
Special
Considerations
Related
to
California
Concentration
Risk.
Because
the
Fund
primarily
invests
in
municipal
securities
from
a
single
state,
the
State
of
California,
the
Fund
is
more
susceptible
to
political,
economic
or
regulatory
factors
affecting
issuers
of
California
municipal
securities.
Information
regarding
the
financial
condition
of
the
State
of
California
is
ordinarily
included
in
various
public
documents
issued
thereby,
such
as
the
official
statements
prepared
in
connection
with
the
issuance
of
general
obligation
bonds
of
the
State
of
California.
106
Shareholder
Update
(Unaudited)
(continued)
Additionally,
the
State
of
California
is
a
party
to
numerous
legal
proceedings,
many
of
which
normally
occur
in
governmental
operations.
The
creditworthiness
of
obligations
issued
by
local
California
issuers
may
be
unrelated
to
the
creditworthiness
of
obligations
issued
by
the
State
of
California,
and
that
there
is
no
obligation
on
the
part
of
the
State
of
California
to
make
payment
on
such
local
obligations
in
the
event
of
default.
Special
Risks
Related
to
Certain
Municipal
Obligations.
Municipal
leases
and
certificates
of
participation
involve
special
risks
not
normally
associated
with
general
obligations
or
revenue
bonds.
Leases
and
installment
purchase
or
conditional
sale
contracts
(which
normally
provide
for
title
to
the
leased
asset
to
pass
eventually
to
the
governmental
issuer)
have
evolved
as
a
means
for
governmental
issuers
to
acquire
property
and
equipment
without
meeting
the
constitutional
and
statutory
requirements
for
the
issuance
of
debt.
The
debt
issuance
limitations
are
deemed
to
be
inapplicable
because
of
the
inclusion
in
many
leases
or
contracts
of
“non-appropriation”
clauses
that
relieve
the
governmental
issuer
of
any
obligation
to
make
future
payments
under
the
lease
or
contract
unless
money
is
appropriated
for
such
purpose
by
the
appropriate
legislative
body.
In
addition,
such
leases
or
contracts
may
be
subject
to
the
temporary
abatement
of
payments
in
the
event
that
the
governmental
issuer
is
prevented
from
maintaining
occupancy
of
the
leased
premises
or
utilizing
the
leased
equipment.
Although
the
obligations
may
be
secured
by
the
leased
equipment
or
facilities,
the
disposition
of
the
property
in
the
event
of
non-appropriation
or
foreclosure
might
prove
difficult,
time
consuming
and
costly,
and
may
result
in
a
delay
in
recovering
or
the
failure
to
fully
recover
the
Fund’s
original
investment.
In
the
event
of
non-appropriation,
the
issuer
would
be
in
default
and
taking
ownership
of
the
assets
may
be
a
remedy
available
to
the
Fund,
although
the
Fund
does
not
anticipate
that
such
a
remedy
would
normally
be
pursued.
Certificates
of
participation
involve
the
same
risks
as
the
underlying
municipal
leases.
In
addition,
the
Fund
may
be
dependent
upon
the
municipal
authority
issuing
the
certificates
of
participation
to
exercise
remedies
with
respect
to
the
underlying
securities.
Certificates
of
participation
also
entail
a
risk
of
default
or
bankruptcy,
both
of
the
issuer
of
the
municipal
lease
and
also
the
municipal
agency
issuing
the
certificate
of
participation.
Swap
Transactions
Risk.
The
Fund
may
enter
into
debt-related
derivative
instruments
such
as
credit
default
swap
contracts
and
interest
rate
swaps.
Like
most
derivative
instruments,
the
use
of
swaps
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
In
addition,
the
use
of
swaps
requires
an
understanding
by
the
adviser
and/or
the
sub-
adviser
of
not
only
the
referenced
asset,
rate
or
index,
but
also
of
the
swap
itself.
If
the
investment
adviser
and/or
the
sub-adviser
is
incorrect
in
its
forecasts
of
default
risks,
market
spreads
or
other
applicable
factors
or
events,
the
investment
performance
of
the
Fund
would
diminish
compared
with
what
it
would
have
been
if
these
techniques
were
not
used.
Tax
Risk.
The
value
of
the
Fund’s
investments
and
its
NAV
may
be
adversely
affected
by
changes
in
tax
rates,
rules
and
policies.
Because
interest
income
from
municipal
securities
is
normally
not
subject
to
regular
federal
income
taxation,
the
attractiveness
of
municipal
securities
in
relation
to
other
investment
alternatives
is
affected
by
changes
in
federal
income
tax
rates
or
changes
in
the
tax
exempt
status
of
interest
income
from
municipal
securities.
Additionally,
the
Fund
is
not
a
suitable
investment
for
individual
retirement
accounts,
for
other
tax
exempt
or
tax-deferred
accounts,
for
investors
who
are
not
sensitive
to
the
federal
income
tax
consequences
of
their
investments.
Taxability
Risk.
The
Fund
will
invest
in
municipal
securities
in
reliance
at
the
time
of
purchase
on
an
opinion
of
bond
counsel
to
the
issuer
that
the
interest
paid
on
those
securities
will
be
excludable
from
gross
income
for
regular
federal
income
tax
purposes,
and
the
sub-adviser
will
not
independently
verify
that
opinion.
Subsequent
to
the
Fund’s
acquisition
of
such
a
municipal
security,
however,
the
security
may
be
determined
to
pay,
or
to
have
paid,
taxable
income.
As
a
result,
the
treatment
of
dividends
previously
paid
or
to
be
paid
by
the
Fund
as
“exempt-interest
dividends”
could
be
adversely
affected,
subjecting
the
Fund’s
shareholders
to
increased
federal
income
tax
liabilities.
Certain
other
investments
made
by
the
Fund,
including
derivatives
transactions,
may
result
in
the
receipt
of
taxable
income
or
gains
by
the
Fund.
Tobacco
Settlement
Bond
Risk.
The
Fund
may
invest
in
tobacco
settlement
bonds.
Tobacco
settlement
bonds
are
municipal
securities
that
are
backed
solely
by
expected
revenues
to
be
derived
from
lawsuits
involving
tobacco
related
deaths
and
illnesses
which
were
settled
between
certain
states
and
American
tobacco
companies.
Tobacco
settlement
bonds
are
secured
by
an
issuing
state’s
proportionate
share
in
the
Master
Settlement
Agreement,
an
agreement
between
46
states
and
nearly
all
of
the
U.S.
tobacco
manufacturers
(the
“MSA”).
Under
the
terms
of
the
MSA,
the
actual
amount
of
future
settlement
payments
by
tobacco-manufacturers
is
dependent
on
many
factors,
including,
among
other
things,
reduced
cigarette
consumption.
Payments
made
by
tobacco
manufacturers
could
be
negatively
impacted
if
the
decrease
in
tobacco
consumption
is
significantly
greater
than
the
forecasted
decline.
Unrated
Securities
Risk.
The
Fund
may
purchase
securities
that
are
not
rated
by
any
rating
organization.
Unrated
securities
determined
by
the
Fund’s
investment
adviser
to
be
of
comparable
quality
to
rated
investments
which
the
Fund
may
purchase
may
pay
a
higher
dividend
or
interest
rate
than
such
rated
investments
and
be
subject
to
a
greater
risk
of
illiquidity
or
price
changes.
Less
public
information
is
typically
available
about
unrated
investments
or
issuers
than
rated
investments
or
issuers.
Some
unrated
securities
may
not
have
an
active
trading
market
or
may
be
difficult
to
value,
which
means
the
Fund
might
have
difficulty
selling
them
promptly
at
an
acceptable
price.
To
the
extent
that
the
Fund
invests
in
unrated
securities,
the
Fund’s
ability
to
achieve
its
investment
objectives
will
be
more
dependent
on
the
investment
adviser’s
credit
analysis
than
would
be
the
case
when
the
Fund
invests
in
rated
securities.
Valuation
Risk.
The
municipal
securities
in
which
the
Fund
invests
typically
are
valued
by
a
pricing
service
utilizing
a
range
of
market-based
inputs
and
assumptions,
including
readily
available
market
quotations
obtained
from
broker-dealers
making
markets
in
such
instruments,
cash
flows
and
transactions
for
comparable
instruments.
There
is
no
assurance
that
the
Fund
will
be
able
to
sell
a
portfolio
security
at
the
price
established
by
the
pricing
service,
which
could
result
in
a
loss
to
the
Fund.
Pricing
services
generally
price
municipal
securities
assuming
orderly
transactions
of
an
institutional
“round
lot”
size,
but
some
trades
may
occur
in
smaller,
“odd
lot”
sizes,
often
at
lower
prices
than
institutional
round
lot
trades.
Different
pricing
services
may
incorporate
different
assumptions
and
inputs
into
their
valuation
methodologies,
potentially
resulting
in
different
values
for
the
same
securities.
As
a
result,
if
the
Fund
were
to
change
pricing
services,
or
if
the
Fund’s
pricing
service
were
to
change
its
valuation
methodology,
there
could
be
a
material
impact,
either
positive
or
negative,
on
the
Fund’s
NAV.
107
Zero
Coupon
Bonds
Risk.
Because
interest
on
zero
coupon
bonds
is
not
paid
on
a
current
basis,
the
values
of
zero
coupon
bonds
will
be
more
volatile
in
response
to
interest
rate
changes
than
the
values
of
bonds
that
distribute
income
regularly.
Although
zero
coupon
bonds
generate
income
for
accounting
purposes,
they
do
not
produce
cash
flow,
and
thus
the
Fund
could
be
forced
to
liquidate
securities
at
an
inopportune
time
in
order
to
generate
cash
to
distribute
to
shareholders
as
required
by
tax
laws.
Fund
Level
and
Other
Risks:
Anti-Takeover
Provisions.
The
Fund’s
organizational
documents
include
provisions
that
could
limit
the
ability
of
other
entities
or
persons
to
acquire
control
of
the
Fund
or
convert
the
Fund
to
open-end
status,
which
are
commonly
known
as
“Control
Share
Acquisition”
provisions.
Although
the
application
of
the
"Control
Share
Acquisition"
provisions
has
currently
been
suspended,
these
provisions
could
have
the
effect
of
depriving
the
common
shareholders
of
opportunities
to
sell
their
common
shares
at
a
premium
over
the
then-current
market
price
of
the
common
shares.
Counterparty
Risk.
Changes
in
the
credit
quality
of
the
companies
that
serve
as
the
Fund’s
counterparties
with
respect
to
derivatives
or
other
transactions
supported
by
another
party’s
credit
will
affect
the
value
of
those
instruments.
Certain
entities
that
have
served
as
counterparties
in
the
markets
for
these
transactions
have
incurred
or
may
incur
in
the
future
significant
financial
hardships
including
bankruptcy
and
losses
as
a
result
of
exposure
to
sub-prime
mortgages
and
other
lower-quality
credit
investments.
As
a
result,
such
hardships
have
reduced
these
entities’
capital
and
called
into
question
their
continued
ability
to
perform
their
obligations
under
such
transactions.
By
using
such
derivatives
or
other
transactions,
the
Fund
assumes
the
risk
that
its
counterparties
could
experience
similar
financial
hardships.
In
the
event
of
the
insolvency
of
a
counterparty,
the
Fund
may
sustain
losses
or
be
unable
to
liquidate
a
derivatives
position.
Cybersecurity
Risk.
The
Fund
and
its
service
providers
are
susceptible
to
operational
and
information
security
risk
resulting
from
cyber
incidents.
Cyber
incidents
refer
to
both
intentional
attacks
and
unintentional
events
including:
processing
errors,
human
errors,
technical
errors
including
computer
glitches
and
system
malfunctions,
inadequate
or
failed
internal
or
external
processes,
market-wide
technical-related
disruptions,
unauthorized
access
to
digital
systems
(through
“hacking”
or
malicious
software
coding),
computer
viruses,
and
cyber-attacks
which
shut
down,
disable,
slow
or
otherwise
disrupt
operations,
business
processes
or
website
access
or
functionality
(including
denial
of
service
attacks).
Cyber
incidents
could
adversely
impact
the
Fund
and
cause
the
Fund
to
incur
financial
loss
and
expense,
as
well
as
face
exposure
to
regulatory
penalties,
reputational
damage,
and
additional
compliance
costs
associated
with
corrective
measures.
In
addition,
substantial
costs
may
be
incurred
in
order
to
prevent
any
cyber
incidents
in
the
future.
Furthermore,
the
Fund
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Fund.
Economic
and
Political
Events
Risk.
The
Fund
may
be
more
sensitive
to
adverse
economic,
business
or
political
developments
if
it
invests
a
substantial
portion
of
its
assets
in
the
municipal
securities
of
similar
projects
(such
as
those
relating
to
the
education,
health
care,
housing,
transportation,
or
utilities
industries),
industrial
development
bonds,
or
in
particular
types
of
municipal
securities
(such
as
general
obligation
bonds,
private
activity
bonds
or
moral
obligation
bonds).
Such
developments
may
adversely
affect
a
specific
industry
or
local
political
and
economic
conditions,
and
thus
may
lead
to
declines
in
the
creditworthiness
and
value
of
such
municipal
securities.
Global
Economic
Risk.
National
and
regional
economies
and
financial
markets
are
becoming
increasingly
interconnected,
which
increases
the
possibilities
that
conditions
in
one
country,
region
or
market
might
adversely
impact
issuers
in
a
different
country,
region
or
market.
Changes
in
legal,
political,
regulatory,
tax
and
economic
conditions
may
cause
fluctuations
in
markets
and
investments
prices
around
the
world,
which
could
negatively
impact
the
value
of
the
Fund’s
investments.
Major
economic
or
political
disruptions,
particularly
in
large
economies
like
China’s,
may
have
global
negative
economic
and
market
repercussions.
Additionally,
instability
in
various
countries,
such
as
Afghanistan
and
Syria,
and
natural
and
environmental
disasters
and
the
spread
of
infectious
illnesses
or
other
public
health
emergencies
,
possible
terrorist
attacks
in
the
United
States
and
around
the
world,
continued
tensions
between
North
Korea
and
the
United
States
and
the
international
community
generally,
growing
social
and
political
discord
in
the
United
States,
the
European
debt
crisis,
the
response
of
the
international
community—through
economic
sanctions
and
otherwise—further
downgrade
of
U.S.
government
securities,
the
change
in
the
U.S.
president
and
the
new
administration
and
other
similar
events
may
adversely
affect
the
global
economy
and
the
markets
and
issuers
in
which
the
Fund
invests.
Recent
examples
of
such
events
include
the
outbreak
of
a
novel
coronavirus
known
as
COVID-19
that
was
first
detected
in
China
in
December
2019
and
heightened
concerns
regarding
North
Korea’s
nuclear
weapons
and
long-range
ballistic
missile
programs.
In
addition,
Russia’s
recent
invasion
of
Ukraine
in
February
2022
has
resulted
in
sanctions
imposed
by
several
nations,
such
as
the
United
States,
United
Kingdom,
European
Union
and
Canada.
The
current
sanctions
and
potential
further
sanctions
may
negatively
impact
certain
sectors
of
Russia’s
economy,
but
also
may
negatively
impact
the
value
of
the
Fund’s
investments
that
do
not
have
direct
exposure
to
Russia.
These
events
could
reduce
consumer
demand
or
economic
output,
result
in
market
closure,
travel
restrictions
or
quarantines,
and
generally
have
a
significant
impact
on
the
economy.
These
events
could
also
impair
the
information
technology
and
other
operational
systems
upon
which
the
Fund’s
service
providers,
including
the
Fund’s
sub-adviser,
rely,
and
could
otherwise
disrupt
the
ability
of
employees
of
the
Fund’s
service
providers
to
perform
essential
tasks
on
behalf
of
the
Fund.
The
Fund
does
not
know
and
cannot
predict
how
long
the
securities
markets
may
be
affected
by
these
events
and
the
effects
of
these
and
similar
events
in
the
future
on
the
U.S.
economy
and
securities
markets.
The
Fund
may
be
adversely
affected
by
abrogation
of
international
agreements
and
national
laws
which
have
created
the
market
instruments
in
which
the
Fund
may
invest,
failure
of
the
designated
national
and
international
authorities
to
enforce
compliance
with
the
same
laws
and
agreements,
failure
of
local,
national
and
international
organizations
to
carry
out
the
duties
prescribed
to
them
under
the
relevant
agreements,
revisions
of
these
laws
and
agreements
which
dilute
their
effectiveness
or
conflicting
interpretation
of
provisions
of
the
same
laws
and
agreements.
Governmental
and
quasi-governmental
authorities
and
regulators
throughout
the
world
have
in
the
past
responded
to
major
economic
disruptions
with
a
variety
of
significant
fiscal
and
monetary
policy
changes,
including
but
not
limited
to,
direct
capital
infusions
into
companies,
new
monetary
programs
and
dramatically
lower
interest
rates.
An
unexpected
or
quick
reversal
of
these
policies,
or
the
ineffectiveness
of
these
policies,
could
increase
volatility
in
securities
markets,
which
could
adversely
affect
the
Fund’s
investments.
108
Shareholder
Update
(Unaudited)
(continued)
Investment
and
Market
Risk.
An
investment
in
common
shares
is
subject
to
investment
risk,
including
the
possible
loss
of
the
entire
principal
amount
that
you
invest.
Common
shares
frequently
trade
at
a
discount
to
their
NAV.
An
investment
in
common
shares
represents
an
indirect
investment
in
the
securities
owned
by
the
Fund.
Common
shares
at
any
point
in
time
may
be
worth
less
than
your
original
investment,
even
after
taking
into
account
the
reinvestment
of
Fund
dividends
and
distributions.
Legislation
and
Regulatory
Risk.
At
any
time
after
the
date
of
this
report,
legislation
or
additional
regulations
may
be
enacted
that
could
negatively
affect
the
assets
of
the
Fund,
securities
held
by
the
Fund
or
the
issuers
of
such
securities.
Fund
shareholders
may
incur
increased
costs
resulting
from
such
legislation
or
additional
regulation.
There
can
be
no
assurance
that
future
legislation,
regulation
or
deregulation
will
not
have
a
material
adverse
effect
on
the
Fund
or
will
not
impair
the
ability
of
the
Fund
to
achieve
its
investment
objectives.
Leverage
Risk.
The
use
of
leverage
creates
special
risks
for
common
shareholders,
including
potential
interest
rate
risks
and
the
likelihood
of
greater
volatility
of
NAV
and
market
price
of,
and
distributions
on,
the
common
shares.
The
use
of
leverage
in
a
declining
market
will
likely
cause
a
greater
decline
in
the
Fund’s
NAV,
which
may
result
at
a
greater
decline
of
the
common
share
price,
than
if
the
Fund
were
not
to
have
used
leverage.
The
Fund
will
pay
(and
common
shareholders
will
bear)
any
costs
and
expenses
relating
to
the
Fund’s
use
of
leverage,
which
will
result
in
a
reduction
in
the
Fund’s
NAV.
The
investment
adviser
may,
based
on
its
assessment
of
market
conditions
and
composition
of
the
Fund’s
holdings,
increase
or
decrease
the
amount
of
leverage.
Such
changes
may
impact
the
Fund’s
distributions
and
the
price
of
the
common
shares
in
the
secondary
market.
The
Fund
may
seek
to
refinance
its
leverage
over
time,
in
the
ordinary
course,
as
current
forms
of
leverage
mature
or
it
is
otherwise
desirable
to
refinance;
however,
the
form
that
such
leverage
will
take
cannot
be
predicted
at
this
time.
If
the
Fund
is
unable
to
replace
existing
leverage
on
comparable
terms,
its
costs
of
leverage
will
increase.
Accordingly,
there
is
no
assurance
that
the
use
of
leverage
may
result
in
a
higher
yield
or
return
to
common
shareholders.
The
amount
of
fees
paid
to
the
investment
adviser
and
the
sub-adviser
for
investment
advisory
services
will
be
higher
if
the
Fund
uses
leverage
because
the
fees
will
be
calculated
based
on
the
Fund’s
Managed
Assets
-
this
may
create
an
incentive
for
the
investment
adviser
and
the
sub-
adviser
to
leverage
the
Fund
or
increase
the
Fund’s
leverage.
Market
Discount
from
Net
Asset
Value.
Shares
of
closed-end
investment
companies
like
the
Fund
frequently
trade
at
prices
lower
than
their
NAV.
This
characteristic
is
a
risk
separate
and
distinct
from
the
risk
that
the
Fund’s
NAV
could
decrease
as
a
result
of
investment
activities.
Whether
investors
will
realize
gains
or
losses
upon
the
sale
of
the
common
shares
will
depend
not
upon
the
Fund’s
NAV
but
entirely
upon
whether
the
market
price
of
the
common
shares
at
the
time
of
sale
is
above
or
below
the
investor’s
purchase
price
for
the
common
shares.
Furthermore,
management
may
have
difficulty
meeting
the
Fund’s
investment
objectives
and
managing
its
portfolio
when
the
underlying
securities
are
redeemed
or
sold
during
periods
of
market
turmoil
and
as
investors’
perceptions
regarding
closed-end
funds
or
their
underlying
investments
change.
Because
the
market
price
of
the
common
shares
will
be
determined
by
factors
such
as
relative
supply
of
and
demand
for
the
common
shares
in
the
market,
general
market
and
economic
circumstances,
and
other
factors
beyond
the
control
of
the
Fund,
the
Fund
cannot
predict
whether
the
common
shares
will
trade
at,
below
or
above
NAV.
The
common
shares
are
designed
primarily
for
long-term
investors,
and
you
should
not
view
the
Fund
as
a
vehicle
for
short-term
trading
purposes.
Recent
Market
Conditions.
Periods
of
unusually
high
financial
market
volatility
and
restrictive
credit
conditions,
at
times
limited
to
a
particular
sector
or
geographic
area,
have
occurred
in
the
past
and
may
be
expected
to
recur
in
the
future.
Some
countries,
including
the
United
States,
have
adopted
or
have
signaled
protectionist
trade
measures,
relaxation
of
the
financial
industry
regulations
that
followed
the
financial
crisis,
and/or
reductions
to
corporate
taxes.
The
scope
of
these
policy
changes
is
still
developing,
but
the
equity
and
debt
markets
may
react
strongly
to
expectations
of
change,
which
could
increase
volatility,
particularly
if
a
resulting
policy
runs
counter
to
the
market’s
expectations.
The
outcome
of
such
changes
cannot
be
foreseen
at
the
present
time.
In
addition,
geopolitical
and
other
risks,
including
environmental
and
public
health
risks,
may
add
to
instability
in
the
world
economy
and
markets
generally.
As
a
result
of
increasingly
interconnected
global
economies
and
financial
markets,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected
by
events
impacting
a
country
or
region,
regardless
of
whether
the
Fund
invests
in
issuers
located
in
or
with
significant
exposure
to
such
country
or
region.
Ukraine
has
experienced
ongoing
military
conflict,
most
recently
in
February
2022
when
Russia
invaded
Ukraine;
this
conflict
may
expand
and
military
attacks
could
occur
elsewhere
in
Europe.
Europe
has
also
been
struggling
with
mass
migration
from
the
Middle
East
and
Africa.
The
ultimate
effects
of
these
events
and
other
socio-political
or
geographical
issues
are
not
known
but
could
profoundly
affect
global
economies
and
markets.
The
ongoing
trade
war
between
China
and
the
United
States,
including
the
imposition
of
tariffs
by
each
country
on
the
other
country’s
products,
has
created
a
tense
political
environment.
These
actions
may
trigger
a
significant
reduction
in
international
trade,
the
oversupply
of
certain
manufactured
goods,
substantial
price
reductions
of
goods
and
possible
failure
of
individual
companies
and/or
large
segments
of
China’s
export
industry,
which
could
have
a
negative
impact
on
the
Fund’s
performance.
U.S.
companies
that
source
material
and
goods
from
China
and
those
that
make
large
amounts
of
sales
in
China
would
be
particularly
vulnerable
to
an
escalation
of
trade
tensions.
Uncertainty
regarding
the
outcome
of
the
trade
tensions
and
the
potential
for
a
trade
war
could
cause
the
U.S.
dollar
to
decline
against
safe
haven
currencies,
such
as
the
Japanese
yen
and
the
euro.
Events
such
as
these
and
their
consequences
are
difficult
to
predict
and
it
is
unclear
whether
further
tariffs
may
be
imposed
or
other
escalating
actions
may
be
taken
in
the
future.
Recent
Market
Conditions.
Periods
of
unusually
high
financial
market
volatility
and
restrictive
credit
conditions,
at
times
limited
to
a
particular
sector
or
geographic
area,
have
occurred
in
the
past
and
may
be
expected
to
recur
in
the
future.
Some
countries,
including
the
United
States,
have
adopted
or
have
signaled
protectionist
trade
measures,
relaxation
of
the
financial
industry
regulations
that
followed
the
financial
crisis,
and/
or
reductions
to
corporate
taxes.
The
scope
of
these
policy
changes
is
still
developing,
but
the
equity
and
debt
markets
may
react
strongly
to
expectations
of
change,
which
could
increase
volatility,
particularly
if
a
resulting
policy
runs
counter
to
the
market’s
expectations.
The
outcome
of
such
changes
cannot
be
foreseen
at
the
present
time.
In
addition,
geopolitical
and
other
risks,
including
environmental
and
public
health
risks,
may
109
add
to
instability
in
the
world
economy
and
markets
generally.
As
a
result
of
increasingly
interconnected
global
economies
and
financial
markets,
the
value
and
liquidity
of
the
Fund’s
investments
may
be
negatively
affected
by
events
impacting
a
country
or
region,
regardless
of
whether
the
Fund
invests
in
issuers
located
in
or
with
significant
exposure
to
such
country
or
region.
Ukraine
has
experienced
ongoing
military
conflict,
most
recently
in
February
2022
when
Russia
invaded
Ukraine;
this
conflict
may
expand
and
military
attacks
could
occur
elsewhere
in
Europe.
Europe
has
also
been
struggling
with
mass
migration
from
the
Middle
East
and
Africa.
The
ultimate
effects
of
these
events
and
other
socio-political
or
geographical
issues
are
not
known
but
could
profoundly
affect
global
economies
and
markets.
The
ongoing
trade
war
between
China
and
the
United
States,
including
the
imposition
of
tariffs
by
each
country
on
the
other
country’s
products,
has
created
a
tense
political
environment.
These
actions
may
trigger
a
significant
reduction
in
international
trade,
the
oversupply
of
certain
manufactured
goods,
substantial
price
reductions
of
goods
and
possible
failure
of
individual
companies
and/or
large
segments
of
China’s
export
industry,
which
could
have
a
negative
impact
on
the
Fund’s
performance.
U.S.
companies
that
source
material
and
goods
from
China
and
those
that
make
large
amounts
of
sales
in
China
would
be
particularly
vulnerable
to
an
escalation
of
trade
tensions.
Uncertainty
regarding
the
outcome
of
the
trade
tensions
and
the
potential
for
a
trade
war
could
cause
the
U.S.
dollar
to
decline
against
safe
haven
currencies,
such
as
the
Japanese
yen
and
the
euro.
Events
such
as
these
and
their
consequences
are
difficult
to
predict
and
it
is
unclear
whether
further
tariffs
may
be
imposed
or
other
escalating
actions
may
be
taken
in
the
future.
Recently
the
U.S.
Federal
Reserve
(the
“Fed”)
has
sharply
raised
interest
rates
and
has
signaled
an
intention
to
continue
to
do
so
until
current
inflation
levels
re-align
with
the
Fed’s
long-term
inflation
target.
Changing
interest
rate
environments
impact
the
various
sectors
of
the
economy
in
different
ways.
For
example,
in
March
2023,
the
Federal
Deposit
Insurance
Corporation
("FDIC")
was
appointed
receiver
for
each
of
Silicon
Valley
Bank
and
Signature
Bank,
the
second-
and
third-largest
bank
failures
in
U.S.
history,
which
failures
may
be
attributable,
in
part,
to
rising
interest
rates.
Bank
failures
may
have
a
destabilizing
impact
on
the
broader
banking
industry
or
markets
generally.
The
impact
of
these
developments
in
the
near-
and
long-term
is
unknown
and
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
Reverse
Repurchase
Agreement
Risk.
A
reverse
repurchase
agreement,
in
economic
essence,
constitutes
a
securitized
borrowing
by
the
Fund
from
the
security
purchaser.
The
Fund
may
enter
into
reverse
repurchase
agreements
for
the
purpose
of
creating
a
leveraged
investment
exposure
and,
as
such,
their
usage
involves
essentially
the
same
risks
associated
with
a
leveraging
strategy
generally
since
the
proceeds
from
these
agreements
may
be
invested
in
additional
portfolio
securities.
Reverse
repurchase
agreements
tend
to
be
short-term
in
tenor,
and
there
can
be
no
assurances
that
the
purchaser
(lender)
will
commit
to
extend
or
“roll”
a
given
agreement
upon
its
agreed-upon
repurchase
date
or
an
alternative
purchaser
can
be
identified
on
similar
terms.
Reverse
repurchase
agreements
also
involve
the
risk
that
the
purchaser
fails
to
return
the
securities
as
agreed
upon,
files
for
bankruptcy
or
becomes
insolvent.
The
Fund
may
be
restricted
from
taking
normal
portfolio
actions
during
such
time,
could
be
subject
to
loss
to
the
extent
that
the
proceeds
of
the
agreement
are
less
than
the
value
of
securities
subject
to
the
agreement
and
may
experience
adverse
tax
consequences.
110
Shareholder
Update
(Unaudited)
(continued)
EFFECTS
OF
LEVERAGE
The
following
table
is
furnished
in
response
to
requirements
of
the
SEC.
It
is
designed
to
illustrate
the
effects
of
leverage
through
the
use
of
senior
securities,
as
that
term
is
defined
under
Section
18
of
the
1940
Act,
as
well
as
certain
other
forms
of
leverage,
such
as
reverse
repurchase
agreements
and
investments
in
inverse
floating
rate
securities,
on
common
share
total
return,
assuming
investment
portfolio
total
returns
(consisting
of
income
and
changes
in
the
value
of
investments
held
in
a
Fund’s
portfolio)
of
-10%,
-5%,
0%,
5%
and
10%.
The
table
below
reflects
each
Fund’s
(i)
continued
use
of
leverage
as
of
February
28,
2023
as
a
percentage
of
Managed
Assets
(including
assets
attributable
to
such
leverage),
(ii)
the
estimated
annual
effective
interest
expense
rate
payable
by
the
Fund
on
such
instruments
(based
on
actual
leverage
costs
incurred
during
the
fiscal
year
ended
February
28,
2023)
as
set
forth
in
the
table,
and
(iii)
the
annual
return
that
the
Fund’s
portfolio
must
experience
(net
of
expenses)
in
order
to
cover
such
costs
of
leverage
based
on
such
estimated
annual
effective
interest
expense
rate.
The
information
below
does
not
reflect
any
Fund’s
use
of
certain
other
forms
of
economic
leverage
achieved
through
the
use
of
other
instruments
or
transactions
not
considered
to
be
senior
securities
under
the
1940
Act,
such
as
certain
derivative
instruments
and
investments
in
inverse
floating
rate
securities.
The
numbers
are
merely
estimates,
used
for
illustration.
The
costs
of
leverage
may
vary
frequently
and
may
be
significantly
higher
or
lower
than
the
estimated
rate.
The
assumed
investment
portfolio
returns
in
the
table
below
are
hypothetical
figures
and
are
not
necessarily
indicative
of
the
investment
portfolio
returns
experienced
or
expected
to
be
experienced
by
the
Fund.
Your
actual
returns
may
be
greater
or
less
than
those
appearing
below.
Common
Share
total
return
is
composed
of
two
elements
—
the
distributions
paid
by
a
Fund
to
holders
of
common
shares
(the
amount
of
which
is
largely
determined
by
the
net
investment
income
of
the
Fund
after
paying
dividend
payments
on
any
preferred
shares
issued
by
the
Fund
and
expenses
on
any
forms
of
leverage
outstanding)
and
gains
or
losses
on
the
value
of
the
securities
and
other
instruments
the
Fund
owns.
As
required
by
SEC
rules,
the
table
assumes
that
a
Fund
is
more
likely
to
suffer
capital
losses
than
to
enjoy
capital
appreciation.
For
example,
to
assume
a
total
return
of
0%,
a
Fund
must
assume
that
the
income
it
receives
on
its
investments
is
entirely
offset
by
losses
in
the
value
of
those
investments.
This
table
reflects
hypothetical
performance
of
a
Fund’s
portfolio
and
not
the
actual
performance
of
the
Fund’s
common
shares,
the
value
of
which
is
determined
by
market
forces
and
other
factors.
Should
a
Fund
elect
to
add
additional
leverage
to
its
portfolio,
any
benefits
of
such
additional
leverage
cannot
be
fully
achieved
until
the
proceeds
resulting
from
the
use
of
such
leverage
have
been
received
by
the
Fund
and
invested
in
accordance
with
the
Fund’s
investment
objectives
and
policies.
As
noted
above,
a
Fund’s
willingness
to
use
additional
leverage,
and
the
extent
to
which
leverage
is
used
at
any
time,
will
depend
on
many
factors.
Risk
Nuveen
California
Quality
Municipal
Income
Fund
(NAC)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(NKX)
Estimated
Leverage
as
a
Percentage
of
Managed
Assets
(Including
Assets
Attributable
to
Leverage)
40.54%
41.09%
Estimated
Annual
Effective
Leverage
Expense
Rate
Payable
by
Fund
on
Leverage
2.60%
2.56%
Annual
Return
Fund
Portfolio
Must
Experience
(net
of
expenses)
to
Cover
Estimated
Annual
Effective
Interest
Expense
Rate
on
Leverage
1.05%
1.05%
Common
Share
Total
Return
for
(10.00)%
Assumed
Portfolio
Total
Return
-18.59%
-18.76%
Common
Share
Total
Return
for
(5.00)%
Assumed
Portfolio
Total
Return
-10.18%
-10.27%
Common
Share
Total
Return
for
0.00%
Assumed
Portfolio
Total
Return
-1.77%
-1.78%
Common
Share
Total
Return
for
5.00%
Assumed
Portfolio
Total
Return
6.64%
6.70%
Common
Share
Total
Return
for
10.00%
Assumed
Portfolio
Total
Return
15.05%
15.19%
111
DIVIDEND
REINVESTMENT
PLAN
Nuveen
Closed-End
Funds
Automatic
Reinvestment
Plan
Your
Nuveen
Closed-End
Fund
allows
you
to
conveniently
reinvest
distributions
in
additional
Fund
shares.
By
choosing
to
reinvest,
you’ll
be
able
to
invest
money
regularly
and
automatically,
and
watch
your
investment
grow
through
the
power
of
compounding.
Just
like
distributions
in
cash,
there
may
be
times
when
income
or
capital
gains
taxes
may
be
payable
on
distributions
that
are
reinvested.
It
is
important
to
note
that
an
automatic
reinvestment
plan
does
not
ensure
a
profit,
nor
does
it
protect
you
against
loss
in
a
declining
market.
Easy
and
convenient
To
make
recordkeeping
easy
and
convenient,
each
month
you’ll
receive
a
statement
showing
your
total
distributions,
the
date
of
investment,
the
shares
acquired
and
the
price
per
share,
and
the
total
number
of
shares
you
own.
How
shares
are
purchased
The
shares
you
acquire
by
reinvesting
will
either
be
purchased
on
the
open
market
or
newly
issued
by
the
Fund.
If
the
shares
are
trading
at
or
above
NAV
at
the
time
of
valuation,
the
Fund
will
issue
new
shares
at
the
greater
of
the
NAV
or
95%
of
the
then-current
market
price.
If
the
shares
are
trading
at
less
than
NAV,
shares
for
your
account
will
be
purchased
on
the
open
market.
If
Computershare
Trust
Company,
N.A.
(the
“Plan
Agent”)
begins
purchasing
Fund
shares
on
the
open
market
while
shares
are
trading
below
NAV,
but
the
Fund’s
shares
subsequently
trade
at
or
above
their
NAV
before
the
Plan
Agent
is
able
to
complete
its
purchases,
the
Plan
Agent
may
cease
open-market
purchases
and
may
invest
the
uninvested
portion
of
the
distribution
in
newly-issued
Fund
shares
at
a
price
equal
to
the
greater
of
the
shares’
NAV
or
95%
of
the
shares’
market
value
on
the
last
business
day
immediately
prior
to
the
purchase
date.
Distributions
received
to
purchase
shares
in
the
open
market
will
normally
be
invested
shortly
after
the
distribution
payment
date.
No
interest
will
be
paid
on
distributions
awaiting
reinvestment.
Because
the
market
price
of
the
shares
may
increase
before
purchases
are
completed,
the
average
purchase
price
per
share
may
exceed
the
market
price
at
the
time
of
valuation,
resulting
in
the
acquisition
of
fewer
shares
than
if
the
distribution
had
been
paid
in
shares
issued
by
the
Fund.
A
pro
rata
portion
of
any
applicable
brokerage
commissions
on
open
market
purchases
will
be
paid
by
Dividend
Reinvestment
Plan
(the
“Plan”)
participants.
These
commissions
usually
will
be
lower
than
those
charged
on
individual
transactions.
Flexible
You
may
change
your
distribution
option
or
withdraw
from
the
Plan
at
any
time,
should
your
needs
or
situation
change.
You
can
reinvest
whether
your
shares
are
registered
in
your
name,
or
in
the
name
of
a
brokerage
firm,
bank,
or
other
nominee.
Ask
your
investment
advisor
if
his
or
her
firm
will
participate
on
your
behalf.
Participants
whose
shares
are
registered
in
the
name
of
one
firm
may
not
be
able
to
transfer
the
shares
to
another
firm
and
continue
to
participate
in
the
Plan.
The
Fund
reserves
the
right
to
amend
or
terminate
the
Plan
at
any
time.
Although
the
Fund
reserves
the
right
to
amend
the
Plan
to
include
a
service
charge
payable
by
the
participants,
there
is
no
direct
service
charge
to
participants
in
the
Plan
at
this
time.
Call
today
to
start
reinvesting
distributions
For
more
information
on
the
Nuveen
Automatic
Reinvestment
Plan
or
to
enroll
in
or
withdraw
from
the
Plan,
speak
with
your
financial
professional
or
call
us
at
(800)
257-8787.
112
Shareholder
Update
(Unaudited)
(continued)
CHANGES
OCCURRING
DURING
THE
FISCAL
YEAR
The
following
information
in
this
annual
report
is
a
summary
of
certain
changes
during
the
most
recent
fiscal
year.
This
information
may
not
reflect
all
of
the
changes
that
have
occurred
since
you
purchased
shares
of
a
Fund.
During
the
most
recent
fiscal
year,
there
have
been
no
changes
to:
(i)
the
Funds’
investment
objectives
and
principal
investment
policies
that
have
not
been
approved
by
shareholders,
(ii)
the
principal
risks
of
the
Fund,
(iii)
the
portfolio
managers
of
the
Funds;
(iv)
a
Fund’s
charter
or
by-laws
that
would
delay
or
prevent
a
change
of
control
of
the
Fund
that
have
not
been
approved
by
shareholders
except
as
follows:
Principal
Risks
The
following
principal
risks
were
consolidated
into
a
single
risk
factor
entitled,
“Economic
Sector
Risk,”
and
are
therefore
no
longer
included
as
stand-alone
principal
risks:
Sector
and
Industry
Risk.
Subject
to
the
concentration
limits
of
the
Fund’s
investment
policies
and
guidelines,
a
Fund
may
invest
a
significant
portion
of
its
net
assets
in
certain
sectors
of
the
municipal
securities
market,
such
as
hospitals
and
other
health
care
facilities,
charter
schools
and
other
private
educational
facilities,
special
taxing
districts
and
start-up
utility
districts,
and
private
activity
bonds
including
industrial
development
bonds
on
behalf
of
transportation
companies
such
as
airline
companies,
whose
credit
quality
and
performance
may
be
more
susceptible
to
economic,
business,
political,
regulatory
and
other
developments
than
other
sectors
of
municipal
issuers.
If
the
Fund
invests
a
significant
portion
of
its
net
assets
in
the
sectors
noted
above,
the
Fund’s
performance
may
be
subject
to
additional
risk
and
variability.
Sector
Focus
Risk.
At
times,
the
Fund
may
focus
its
investments
(i.e.,
overweight
its
investments
relative
to
the
overall
municipal
securities
market)
in
one
or
more
particular
sectors,
which
may
subject
the
Fund
to
additional
risk
and
variability.
Securities
issued
in
the
same
sector
may
be
similarly
affected
by
economic
or
market
events,
making
the
Fund
more
vulnerable
to
unfavorable
developments
in
that
sector
than
funds
that
invest
more
broadly.
As
the
percentage
of
the
Fund’s
Managed
Assets
invested
in
a
particular
sector
increases,
so
does
the
potential
for
fluctuation
in
the
NAV
of
the
Fund’s
common
shares.
Developments
Regarding
the
Funds’
Control
Share
By-Law
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Board
amended
the
Funds’
bylaws
to
provide
that
the
Funds’
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Funds’
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
113
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
NAC
$
—
NKX
—
NCA
—
NXC
13,809
114
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
The
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Board
of
Trustees
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60601
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
NAC
NKX
NCA
NXC
Common
shares
repurchased
0
0
0
0
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
115
Average
Annual
Total
Return
:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Effective
Leverage:
Effective
leverage
is
a
fund’s
effective
economic
leverage,
and
includes
both
regulatory
leverage
(see
leverage)
and
the
leverage
effects
of
certain
derivative
investments
in
the
fund’s
portfolio.
Currently,
the
leverage
effects
of
Tender
Option
Bond
(TOB)
inverse
floater
holdings
are
included
in
effective
leverage
values,
in
addition
to
any
regulatory
leverage.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Inverse
Floating
Rate
Securities:
Inverse
floating
rate
securities
are
the
residual
interest
in
a
tender
option
bond
(TOB)
trust,
sometimes
referred
to
as
“inverse
floaters”,
are
created
by
depositing
a
municipal
bond,
typically
with
a
fixed
interest
rate,
into
a
special
purpose
trust.
This
trust,
in
turn,
(a)
issues
floating
rate
certificates
typically
paying
short-term
tax-exempt
interest
rates
to
third
parties
in
amounts
equal
to
some
fraction
of
the
deposited
bond’s
par
amount
or
market
value,
and
(b)
issues
an
inverse
floating
rate
certificate
(sometimes
referred
to
as
an
“inverse
floater”)
to
an
investor
(such
as
a
Fund)
interested
in
gaining
investment
exposure
to
a
long-term
municipal
bond.
The
income
received
by
the
holder
of
the
inverse
floater
varies
inversely
with
the
short-term
rate
paid
to
the
floating
rate
certificates’
holders,
and
in
most
circumstances
the
holder
of
the
inverse
floater
bears
substantially
all
of
the
underlying
bond’s
downside
investment
risk.
The
holder
of
the
inverse
floater
typically
also
benefits
disproportionately
from
any
potential
appreciation
of
the
underlying
bond’s
value.
Hence,
an
inverse
floater
essentially
represents
an
investment
in
the
underlying
bond
on
a
leveraged
basis.
Leverage:
Leverage
is
created
whenever
a
fund
has
investment
exposure
(both
reward
and/or
risk)
equivalent
to
more
than
100%
of
the
investment
capital.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
Pre-Refunded
Bond/Pre-Refunding
:
Pre-Refunded
Bond/Pre-Refunding,
also
known
as
advanced
refundings
or
refinancings,
is
a
procedure
used
by
state
and
local
governments
to
refinance
municipal
bonds
to
lower
interest
expenses.
The
issuer
sells
new
bonds
with
a
lower
yield
and
uses
the
proceeds
to
buy
U.S.
Treasury
securities,
the
interest
from
which
is
used
to
make
payments
on
the
higher-yielding
bonds.
Because
of
this
collateral,
pre-refunding
generally
raises
a
bond’s
credit
rating
and
thus
its
value.
Regulatory
Leverage:
Regulatory
leverage
consists
of
preferred
shares
issued
by
or
borrowings
of
a
fund.
Both
of
these
are
part
of
a
fund’s
capital
structure.
Regulatory
leverage
is
subject
to
asset
coverage
limits
set
in
the
Investment
Company
Act
of
1940.
S&P
Municipal
Bond
California
Index:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
California
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
Municipal
Bond
Index
:
An
index
designed
to
measure
the
performance
of
the
tax-exempt
U.S.
municipal
bond
market.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Tax
Obligation/General
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
has
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back.
Tax
Obligation/Limited
Bonds:
Bonds
backed
by
the
general
revenues
of
an
issuer,
including
taxes,
where
the
issuer
doesn’t
have
the
ability
to
increase
taxes
by
an
unlimited
amount
to
pay
the
bonds
back
.
Total
Investment
Exposure:
Total
investment
exposure
is
a
fund’s
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
a
fund’s
use
of
preferred
stock
and
borrowings
and
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities.
116
Board
Members
&
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of
Trustees
of
the
Funds.
None
of
the
trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“independent
board
members”)
has
ever
been
a
director
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the
trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
Trustee
oversees
and
other
directorships
they
hold
are
set
forth
below.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Board
Member
2008
Class
II
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
formerly,
chair
of
its
investment
committee
(2017-2022);
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
(2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-
2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
139
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
1999
Class
III
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College
and
the
Iowa
College
Foundation;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
139
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2003
Class
I
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
139
117
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
II
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
139
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2021
Class
III
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)
(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
139
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
III
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
139
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2013
Class
II
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
139
118
Board
Members
&
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
and
Term
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Board
Member
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2020
Class
III
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
139
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2016
Class
I
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-
2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004)
formerly,
Chair
(2015-
2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
139
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Board
Member
2017
Class
II
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
139
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
David
J.
Lamb
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2015
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2020-2021)
of
Nuveen
Securities,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
of
Nuveen
(2006-2017).
Brett
E.
Black
1972
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Enterprise
Senior
Compliance
Officer
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
(2017-2022);
Deputy
Chief
Compliance
Officer
(2014-2017)
of
BMO
Funds,
Inc.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Secretary
2013
Managing
Director
(since
2022),
formerly,
Vice
President
(2016-2022),
and
Assistant
Secretary
(since
2016)
of
Nuveen
Securities,
LLC;
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC.
119
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President
and
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
formerly,
Associate
General
Counsel
of
Jackson
National
Asset
Management
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2021);
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
(since
2021)
and
Assistant
Secretary
(since
2016)
of
TIAA
SMA
Strategies
LLC;
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Senior
Managing
Director
(since
2017)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Executive
Vice
President
(2016-
2017),
Managing
Director
and
Assistant
Secretary
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly,
Executive
Vice
President
(2016-2017)
and
Managing
Director
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Co-General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017),
Managing
Director
(2008-2016)
and
Assistant
Secretary
(2007-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Associate
General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017)
and Managing
Director
and
Assistant
Secretary
(2011-2016);
formerly,
Vice
President
(2007-2021)
and
Secretary
(2016-2021)
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
(2017-2022),
at
Nuveen;
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Managing
Director
(since
2021),
formerly,
Senior
Director
(2016-2021),
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Senior
Director
Mutual
Fund
Taxation
(2015-2022),
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
of
Nuveen.
120
Board
Members
&
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Trey
S.
Stenersen
1965
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Senior
Managing
Director
of
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2018);
Senior
Managing
Director
(since
2019)
and
Chief
Risk
Officer
(since
2022),
formerly
Head
of
Investment
Risk
Management
(2017-
2022)
of
Nuveen;
Senior
Managing
Director
(since
2018)
of
Nuveen
Alternative
Advisors
LLC.
E.
Scott
Wickerham
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019)
of
Nuveen.
Rachael
Zufall
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2014)
of
the
CREF
Accounts,
TIAA
Separate
Account
VA-1,
TIAA-
CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Teacher
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
of
Nuveen,
LLC
and
of
TIAA
(since
2017).
(1)
The
Board
of
Trustees
is
divided
into
three
classes,
Class
I,
Class
II,
and
Class
III,
with
each
being
elected
to
serve
until
the
third
succeeding
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed,
except
two
board
members
are
elected
by
the
holders
of
Preferred
Shares,
when
applicable,
to
serve
until
the
next
annual
shareholders’
meeting
subsequent
to
its
election
or
thereafter
in
each
case
when
its
respective
successors
are
duly
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
board
member
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
complex.
(2)
Officers
serve
indefinite
terms
until
their
successor
has
been
duly
elected
and
qualified,
their
death
or
their
resignation
or
removal. The
year
first
elected
or
appointed
represents
the
year
in
which
the
Officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
EAN-A-0223D
2557722-INV-Y-04/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/closed-end-funds

ITEM 2. | CODE OF ETHICS.

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

ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

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

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen California Municipal Value Fund

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended |  | Audit Fees Billed to Fund 1 |  |  | Audit-Related Fees Billed to Fund 2 |  |  | Tax Fees Billed to Fund 3 |  |  | All Other Fees Billed to Fund 4 |
February 28, 2023 |  | $ | 32,000 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
February 28, 2022 |  | $ | 31,740 |  |  | $ | 3,500 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %

1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.

Fiscal Year Ended |  | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers |  |  | Tax Fees Billed to Adviser and Affiliated Fund Service Providers |  |  | All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
February 28, 2023 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
February 28, 2022 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Percentage approved pursuant to pre-approval exception |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %

NON-AUDIT SERVICES

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

Fiscal Year Ended |  | Total Non-Audit Fees Billed to Fund |  |  | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) |  |  | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) |  |  | Total |
February 28, 2023 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
February 28, 2022 |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

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

ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, John K. Nelson, Albin F. Moschner, Judith M. Stockdale, Carole E. Stone, Chair, and Robert L. Young.

ITEM 6. | SCHEDULE OF INVESTMENTS.

a) |  | See Portfolio of Investments in Item 1.

b) |  | Not applicable.

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

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

ITEM 8. | PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 8(a)(1). | PORTFOLIO MANAGER BIOGRAPHY

As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Scott R. Romans, PhD, Managing Director of Nuveen Asset Management, responsible for managing several state-specific, tax-exempt portfolios, including the California Municipal Bond, California High Yield Municipal Bond and the New York Municipal Bond strategies. He also serves as portfolio manager for a number of closed-end funds. Before moving to his portfolio management role in 2003, he was a senior research analyst in the firm’s tax-exempt fixed income department, specializing in the education sector. He holds an undergraduate degree from the University of Pennsylvania, an M.S.F. from the Illinois Institute of Technology Stuart School of Business, and an MA and PhD from the University of Chicago.

ITEM 8(a)(2). | OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER

Other Accounts Managed. In addition to managing the registrant, the Portfolio Manager is also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager |  | Type of Account Managed |  | Number of Accounts |  |  | Assets* |
Scott R. Romans |  | Registered Investment Company |  |  | 10 |  |  | $ | 13.03 billion |
|  | Other Pooled Investment Vehicles |  |  | 0 |  |  | $ | 0 |
|  | Other Accounts |  |  | 3 |  |  | $ | 3.90 million |

* Assets are as of February 28, 2023. None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

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

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

ITEM 8(a)(3). | FUND MANAGER COMPENSATION

As of the most recently completed fiscal year end, the primary Portfolio Manager’s compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

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

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

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

ITEM 8(a)(4). | OWNERSHIP OF NCA SECURITIES AS OF FEBRUARY 28, 2023

Name of Portfolio Manager |  | None |  | $1 - $10,000 |  | $10,001- $50,000 |  | $50,001- $100,000 |  | $100,001- $500,000 |  | $500,001- $1,000,000 |  | Over $1,000,000
Scott R. Romans |  | X |  |  |  |  |  |  |  |  |  |  |  |

ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. | CONTROLS AND PROCEDURES.

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

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

ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. | EXHIBITS.

File the exhibits listed below as part of this Form.

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

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen California Municipal Value Fund

By (Signature and Title) |  | /s/ Mark L. Winget
|  | Mark L. Winget
|  | Vice President and Secretary

Date: May 5, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) |  | /s/ David J. Lamb
|  | David J. Lamb
|  | Chief Administrative Officer
|  | (principal executive officer)

Date: May 5, 2023

By (Signature and Title) |  | /s/ E. Scott Wickerham
|  | E. Scott Wickerham
|  | Vice President and Controller
|  | (principal financial officer)

Date: May 5, 2023