Chairman’s Letter to Shareholders
|
4
|
Portfolio Manager’s Comments
|
5
|
Fund Leverage
|
8
|
Common Share Information
|
10
|
Risk Considerations
|
12
|
Performance Overview and Holding Summaries
|
13
|
Portfolios of Investments
|
17
|
Statement of Assets and Liabilities
|
55
|
Statement of Operations
|
56
|
Statement of Changes in Net Assets
|
57
|
Statement of Cash Flows
|
59
|
Financial Highlights
|
60
|
Notes to Financial Statements
|
65
|
Additional Fund Information
|
78
|
Glossary of Terms Used in this Report
|
79
|
Reinvest Automatically, Easily and Conveniently
|
81
|
Annual Investment Management Agreement Approval Process
|
82
|
|
NCA
|
NCB
|
NKX
|
NAC
|
Effective Leverage*
|
0.00%
|
9.11%
|
39.24%
|
38.29%
|
Regulatory Leverage*
|
0.00%
|
0.00%
|
37.21%
|
36.71%
|
*
|
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. Regulatory leverage consists of preferred shares issued or borrowings of a Fund. Both of these are part of a Fund’s capital structure. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940.
|
|
Variable Rate
|
Variable Rate
|
|
|
Preferred*
|
Remarketed Preferred**
|
|
|
Shares
|
Shares
|
|
|
Issued at
|
Issued at
|
|
|
Liquidation
|
Liquidation
|
|
|
Preference
|
Preference
|
Total
|
NKX
|
$ —
|
$432,600,000
|
$ 432,600,000
|
NAC
|
$638,900,000
|
$638,700,000
|
$1,277,600,000
|
*
|
Preferred shares of the Fund featuring a floating rate dividend based on a predetermined formula or spread to an index rate. Includes the following preferred shares AMTP, iMTP, VMTP, MFP- VRM and VRDP in Special Rate Mode, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
|
**
|
Preferred shares of the Fund featuring floating rate dividends set by a remarketing agent via a regular remarketing. Includes the following preferred shares VRDP not in Special Rate Mode, MFP- VRRM and MFP-VRDM, where applicable. See Notes to Financial Statements, Note 4 – Fund Shares, Preferred Shares for further details.
|
|
Per Common Share Amounts
|
|||
Monthly Distributions (Ex-Dividend Date)
|
NCA
|
NCB
|
NKX
|
NAC
|
March 2018
|
$0.0285
|
$0.0540
|
$0.0560
|
$0.0585
|
April
|
0.0285
|
0.0540
|
0.0560
|
0.0585
|
May
|
0.0285
|
0.0540
|
0.0560
|
0.0585
|
June
|
0.0285
|
0.0540
|
0.0560
|
0.0555
|
July
|
0.0285
|
0.0540
|
0.0560
|
0.0555
|
August 2018
|
0.0285
|
0.0540
|
0.0560
|
0.0555
|
Total Distributions from Net Investment Income
|
$0.1710
|
$0.3240
|
$0.3360
|
$0.3420
|
Yields
|
|
|
|
|
Market Yield*
|
3.53%
|
4.18%
|
5.01%
|
4.93%
|
Taxable-Equivalent Yield*
|
5.29%
|
6.27%
|
7.51%
|
7.39%
|
*
|
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 33.3%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield would be lower.
|
|
NCA
|
Additional authorized common shares
|
2,700,000*
|
|
NCA
|
NCB
|
NKX
|
NAC
|
Common shares cumulatively repurchased and retired
|
–
|
–
|
–
|
–
|
Common shares authorized for repurchase
|
2,810,000
|
330,000
|
4,775,000
|
14,510,000
|
|
NCA
|
NCB
|
NKX
|
NAC
|
Common share NAV
|
$10.21
|
$15.84
|
$15.29
|
$15.18
|
Common share price
|
$9.69
|
$15.50
|
$13.42
|
$13.50
|
Premium/(Discount) to NAV
|
(5.09)%
|
(2.15)%
|
(12.23)%
|
(11.07)%
|
6-month average premium/(discount) to NAV
|
(7.42)%
|
(1.61)%
|
(11.46)%
|
(11.85)%
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Performance Overview and Holding Summaries as of August 31, 2018
|
|
Cumulative
|
|
Average Annual
|
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NCA at Common Share NAV
|
1.88%
|
0.98%
|
5.74%
|
5.31%
|
NCA at Common Share Price
|
3.32%
|
(3.35)%
|
5.65%
|
4.97%
|
S&P Municipal Bond California Index
|
1.87%
|
0.83%
|
4.79%
|
4.80%
|
S&P Municipal Bond Index
|
1.78%
|
0.61%
|
4.23%
|
4.36%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
92.7%
|
Short-Term Municipal Bonds
|
6.2%
|
Other Assets Less Liabilities
|
1.1%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
22.0%
|
Transportation
|
20.2%
|
Health Care
|
13.2%
|
Tax Obligation/Limited
|
12.7%
|
U.S. Guaranteed
|
8.3%
|
Water and Sewer
|
7.8%
|
Utilities
|
7.8%
|
Consumer Staples
|
6.0%
|
Other
|
2.0%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
6.4%
|
AAA
|
17.4%
|
AA
|
43.4%
|
A
|
17.9%
|
BBB
|
4.1%
|
BB or Lower
|
6.9%
|
N/R (not rated)
|
3.9%
|
Total
|
100%
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Performance Overview and Holding Summaries as of August 31, 2018
|
|
Cumulative
|
|
Average Annual
|
|
|
6-Month
|
1-Year
|
5-Year
|
Since
Inception |
NCB at Common Share NAV
|
1.67%
|
0.68%
|
5.63%
|
6.53%
|
NCB at Common Share Price
|
1.31%
|
(9.04)%
|
6.78%
|
5.97%
|
S&P Municipal Bond California Index
|
1.87%
|
0.83%
|
4.79%
|
5.18%
|
S&P Municipal Bond Index
|
1.78%
|
0.61%
|
4.23%
|
4.61%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
98.8%
|
Other Assets Less Liabilities
|
1.2%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
U.S. Guaranteed
|
27.2%
|
Tax Obligation/General
|
16.3%
|
Utilities
|
11.7%
|
Transportation
|
11.6%
|
Tax Obligation/Limited
|
9.5%
|
Consumer Staples
|
6.1%
|
Water and Sewer
|
6.1%
|
Health Care
|
5.7%
|
Other
|
5.8%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
16.9%
|
AAA
|
24.2%
|
AA
|
26.1%
|
A
|
19.3%
|
BBB
|
4.1%
|
BB or Lower
|
5.2%
|
N/R (not rated)
|
4.2%
|
Total
|
100%
|
NKX
|
Nuveen California AMT-Free Quality
|
|
Municipal Income Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2018
|
|
Cumulative
|
|
Average Annual
|
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NKX at Common Share NAV
|
2.42%
|
0.57%
|
8.56%
|
6.55%
|
NKX at Common Share Price
|
(1.53)%
|
(11.34)%
|
8.16%
|
5.85%
|
S&P Municipal Bond California Index
|
1.87%
|
0.83%
|
4.79%
|
4.80%
|
S&P Municipal Bond Index
|
1.78%
|
0.61%
|
4.23%
|
4.36%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
160.4%
|
Other Assets Less Liabilities
|
1.5%
|
Net Assets Plus Floating Rate Obligations, MFP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs
|
161.9%
|
Floating Rate Obligations
|
(2.9)%
|
MFP Shares, net of deferred offering costs
|
(19.2)%
|
VRDP Shares, net of deferred offering costs
|
(39.8)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
23.4%
|
Tax Obligation/General
|
18.5%
|
Water and Sewer
|
16.6%
|
U.S. Guaranteed
|
10.7%
|
Health Care
|
10.6%
|
Consumer Staples
|
6.0%
|
Utilities
|
5.1%
|
Transportation
|
5.0%
|
Other
|
4.1%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
8.7%
|
AAA
|
8.3%
|
AA
|
49.8%
|
A
|
15.4%
|
BBB
|
5.3%
|
BB or Lower
|
5.9%
|
N/R (not rated)
|
6.6%
|
Total
|
100%
|
NAC
|
Nuveen California Quality Municipal
|
|
Income Fund
|
|
Performance Overview and Holding Summaries as of August 31, 2018
|
|
Cumulative
|
|
Average Annual
|
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NAC at Common Share NAV
|
2.27%
|
0.69%
|
8.46%
|
6.85%
|
NAC at Common Share Price
|
2.65%
|
(7.36)%
|
8.05%
|
6.78%
|
S&P Municipal Bond California Index
|
1.87%
|
0.83%
|
4.79%
|
4.80%
|
S&P Municipal Bond Index
|
1.78%
|
0.61%
|
4.23%
|
4.36%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
157.1%
|
Other Assets Less Liabilities
|
2.6%
|
Net Assets Plus Floating Rate Obligations, Borrowings, MFP Shares, net of deferred offering costs & VRDP Shares, net of deferred offering costs
|
159.7%
|
Floating Rate Obligations
|
(1.3)%
|
Borrowings
|
(0.6)%
|
MFP Shares, net of deferred offering costs
|
(14.5)%
|
VRDP Shares, net of deferred offering costs
|
(43.3)%
|
Net Assets
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/General
|
22.7%
|
Tax Obligation/Limited
|
19.4%
|
U.S. Guaranteed
|
12.8%
|
Transportation
|
12.7%
|
Water and Sewer
|
10.8%
|
Health Care
|
9.0%
|
Consumer Staples
|
6.0%
|
Other
|
6.6%
|
Total
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
11.0%
|
AAA
|
8.6%
|
AA
|
43.0%
|
A
|
18.5%
|
BBB
|
7.1%
|
BB or Lower
|
6.9%
|
N/R (not rated)
|
4.9%
|
Total
|
100%
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
Portfolio of Investments
|
|
August 31, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
LONG-TERM INVESTMENTS – 92.7% (93.8% of Total Investments)
|
|
|
|
|||
|
MUNICIPAL BONDS – 92.7% (93.8% of Total Investments)
|
|
|
|
|||
|
Consumer Staples – 6.0% (6.0% of Total Investments)
|
|
|
|
|||
$ |
3,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 5.250%, 6/01/46
|
11/18 at 100.00
|
CCC
|
$ |
2,999,760
|
|
2,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
2,008,560
|
|||
60
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
11/18 at 100.00
|
A
|
60,390
|
|||
3,570
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B+
|
3,725,688
|
|||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1:
|
|
|
|
|||
1,155
|
5.250%, 6/01/47
|
6/22 at 100.00
|
N/R
|
1,205,011
|
|||
275
|
5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
282,714
|
|||
2,175
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
2,236,009
|
|||
3,895
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
10/18 at 28.21
|
N/R
|
1,085,147
|
|||
3,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
10/18 at 100.00
|
B–
|
3,514,805
|
|||
19,630
|
Total Consumer Staples
|
|
|
17,118,084
|
|||
|
Education and Civic Organizations – 1.2% (1.2% of Total Investments)
|
|
|
|
|||
450
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
507,708
|
|||
185
|
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
|
197,306
|
|||
1,165
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.250%, 7/01/52
|
7/25 at 101.00
|
BBB
|
1,260,751
|
|||
690
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
728,157
|
|||
700
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
758,772
|
|||
3,190
|
Total Education and Civic Organizations
|
|
|
3,452,694
|
|||
|
Health Care – 8.2% (8.4% of Total Investments)
|
|
|
|
|||
285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
320,867
|
|||
1,950
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
2,201,160
|
|||
2,350
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/48
|
11/27 at 100.00
|
AA–
|
2,670,493
|
|||
1,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 5.000%, 11/15/48
|
11/27 at 100.00
|
AA–
|
1,136,380
|
|||
555
|
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–
|
609,307
|
|||
350
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
394,384
|
|||
690
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
768,908
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Health Care (continued)
|
|
|
|
|||
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011:
|
|
|
|
|||
$ |
560
|
5.000%, 8/15/31
|
8/21 at 100.00
|
AA
|
$ |
606,631
|
|
670
|
5.250%, 8/15/41
|
8/21 at 100.00
|
AA
|
717,054
|
|||
100
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
Baa2
|
109,862
|
|||
400
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/47
|
11/26 at 100.00
|
BBB–
|
435,352
|
|||
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
|
|
|
|
|||
2,390
|
5.000%, 12/01/46, 144A
|
6/26 at 100.00
|
BB–
|
2,575,607
|
|||
2,625
|
5.250%, 12/01/56, 144A
|
6/26 at 100.00
|
BB–
|
2,834,134
|
|||
2,625
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AA–
|
2,856,315
|
|||
1,000
|
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35
|
11/18 at 100.00
|
A
|
1,003,300
|
|||
2,360
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
AA–
|
2,512,763
|
|||
1,750
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
1,943,183
|
|||
21,660
|
Total Health Care
|
|
|
23,695,700
|
|||
|
Housing/Multifamily – 0.8% (0.8% of Total Investments)
|
|
|
|
|||
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc. Projects, Senior Series 2014A:
|
|
|
|
|||
65
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB+
|
71,129
|
|||
175
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
190,227
|
|||
1,060
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
1,141,122
|
|||
915
|
San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28
|
1/19 at 100.00
|
N/R
|
916,299
|
|||
2,215
|
Total Housing/Multifamily
|
|
|
2,318,777
|
|||
|
Tax Obligation/General – 21.8% (22.0% of Total Investments)
|
|
|
|
|||
1,000
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013, 5.000%, 2/01/29
|
2/23 at 100.00
|
AA–
|
1,122,300
|
|||
1,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
1,145,900
|
|||
3,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
3,450,330
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|
|
|
|||
1,615
|
6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
1,655,004
|
|||
1,000
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,050,030
|
|||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 5.500%, 3/01/40 California State, General Obligation Bonds, Various Purpose Series 2013:
|
3/20 at 100.00
|
AA–
|
2,107,320
|
|||
2,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
2,783,275
|
|||
2,500
|
5.000%, 2/01/43
|
2/23 at 100.00
|
AA–
|
2,766,850
|
|||
2,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
2,517,312
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|
|
|
|||
5,000
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
5,689,200
|
|||
1,970
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,231,596
|
|||
2,000
|
California State, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 10/01/47
|
4/26 at 100.00
|
AA–
|
2,273,460
|
|||
4,000
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2016A, 5.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
4,564,240
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/General (continued)
|
|
|
|
|||
$ |
290
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
$ |
37,743
|
|
4,000
|
San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2016, Green Series 2017A-1, 5.000%, 8/01/47
|
8/27 at 100.00
|
AAA
|
4,651,600
|
|||
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
|
10,290,875
|
|||
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
|
14,098,018
|
|||
65,850
|
Total Tax Obligation/General
|
|
|
62,435,053
|
|||
|
Tax Obligation/Limited – 12.5% (12.7% of Total Investments)
|
|
|
|
|||
1,000
|
Artesia Redevelopment Agency, California, Tax Allocation Revenue Bonds, Artesia Redevelopment Project Area, Series 2007, 5.375%, 6/01/27
|
11/18 at 100.00
|
BBB+
|
1,000,120
|
|||
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003:
|
|
|
|
|||
3,000
|
5.500%, 10/01/23 – RAAI Insured
|
11/18 at 100.00
|
AA
|
3,008,010
|
|||
1,000
|
5.625%, 10/01/33 – RAAI Insured
|
11/18 at 100.00
|
AA
|
1,003,010
|
|||
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
|
A+
|
1,706,670
|
|||
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
|
A+
|
1,409,475
|
|||
3,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37
|
11/22 at 100.00
|
A+
|
3,317,910
|
|||
1,005
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
11/18 at 100.00
|
A
|
1,005,402
|
|||
3,000
|
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
|
3,467,520
|
|||
1,150
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/39
|
7/27 at 100.00
|
AA+
|
1,342,602
|
|||
3,520
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
8/22 at 100.00
|
AA
|
3,857,814
|
|||
140
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
155,877
|
|||
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A :
|
|
|
|
|||
945
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
1,032,762
|
|||
860
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
944,977
|
|||
150
|
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
|
165,672
|
|||
80
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
90,470
|
|||
3,400
|
Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2017A, 5.000%, 6/01/38
|
6/27 at 100.00
|
AA+
|
3,950,392
|
|||
50
|
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
|
54,291
|
|||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,098,560
|
|||
170
|
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
|
183,964
|
|||
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
|
5,653,950
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||
$ |
110
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
$ |
122,167
|
|
100
|
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
|
100,138
|
|||
1,000
|
Virgin Islands Public Finance Authority, California, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
1,074,920
|
|||
260
|
Vista Joint Powers Financing Authority, California, Special Tax Lease Revenue Refunding Bonds, Community Facilities District 90-2, Series 1997A, 5.875%, 9/01/20
|
9/18 at 100.00
|
N/R
|
260,328
|
|||
32,690
|
Total Tax Obligation/Limited
|
|
|
36,007,001
|
|||
|
Transportation – 18.6% (18.8% of Total Investments)
|
|
|
|
|||
1,820
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BBB+
|
2,130,255
|
|||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|
|
|
|||
1,945
|
5.000%, 1/15/42 – AGM Insured
|
1/24 at 100.00
|
AA
|
2,128,180
|
|||
4,010
|
5.750%, 1/15/46
|
1/24 at 100.00
|
A–
|
4,567,109
|
|||
4,010
|
6.000%, 1/15/53
|
1/24 at 100.00
|
A–
|
4,655,369
|
|||
5,665
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/41 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
6,347,293
|
|||
4,610
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, 5.000%, 5/15/44 (Alternative Minimum Tax)
|
11/27 at 100.00
|
AA–
|
5,203,537
|
|||
3,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
3,386,490
|
|||
125
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.550%, 7/01/28 (Alternative Minimum Tax)
|
11/18 at 100.00
|
N/R
|
123,871
|
|||
1,210
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/29 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
1,321,659
|
|||
11,750
|
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+
|
13,226,505
|
|||
9,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017B, 5.000%, 5/01/47
|
5/27 at 100.00
|
A+
|
10,237,860
|
|||
47,145
|
Total Transportation
|
|
|
53,328,128
|
|||
|
U.S. Guaranteed – 8.2% (8.3% of Total Investments) (5)
|
|
|
|
|||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
AA–
|
1,086,310
|
|||
970
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
BBB
|
1,048,104
|
|||
1,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30 (Pre-refunded 10/01/19)
|
10/19 at 100.00
|
Aaa
|
1,046,230
|
|||
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aaa
|
2,113,620
|
|||
885
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38 (Pre-refunded 4/01/19)
|
4/19 at 100.00
|
Aaa
|
908,629
|
|||
1,175
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
1,269,200
|
|||
750
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27 (Pre-refunded 10/01/18)
|
10/18 at 100.00
|
A
|
752,235
|
|||
750
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.000%, 8/01/24 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
BBB
|
780,368
|
|||
370
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
A
|
420,860
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|||
$ |
5,710
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA
|
$ |
753,206
|
|
2,940
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
3,117,841
|
|||
2,900
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
BBB–
|
3,177,008
|
|||
440
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A–
|
491,854
|
|||
7,285
|
San Bernardino County, California, GNMA Mortgage-Backed Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 0.000%, 9/01/21 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
AA+
|
6,105,486
|
|||
65
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A–
|
73,032
|
|||
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|||
65
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
73,414
|
|||
80
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
90,356
|
|||
190
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
216,528
|
|||
28,575
|
Total U.S. Guaranteed
|
|
|
23,524,281
|
|||
|
Utilities – 7.7% (7.8% of Total Investments)
|
|
|
|
|||
1,715
|
California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
11/18 at 100.00
|
N/R
|
1,714,846
|
|||
1,800
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/37
|
No Opt. Call
|
A+
|
2,317,716
|
|||
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
|
AA
|
1,146,120
|
|||
420
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/37
|
1/26 at 100.00
|
AA
|
484,378
|
|||
3,605
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/47
|
1/27 at 100.00
|
AA
|
4,138,071
|
|||
10,520
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/42
|
7/27 at 100.00
|
AA
|
12,219,506
|
|||
19,060
|
Total Utilities
|
|
|
22,020,637
|
|||
|
Water and Sewer – 7.7% (7.8% of Total Investments)
|
|
|
|
|||
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
|
|
|
|
|||
1,375
|
5.000%, 7/01/37, 144A (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
1,453,678
|
|||
2,675
|
5.000%, 11/21/45, 144A (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
2,820,199
|
|||
1,150
|
Eastern Municipal Water District, California, Water and Wastewater Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/45
|
7/26 at 100.00
|
AA+
|
1,310,977
|
|||
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
|
2,305,280
|
|||
7,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A, 5.000%, 7/01/46
|
1/21 at 100.00
|
AA+
|
7,973,140
|
|||
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B:
|
|
|
|
|||
2,335
|
5.000%, 8/01/32
|
8/26 at 100.00
|
Aa3
|
2,747,688
|
|||
3,000
|
5.000%, 8/01/37
|
8/26 at 100.00
|
Aa3
|
3,469,680
|
|||
19,535
|
Total Water and Sewer
|
|
|
22,080,642
|
|||
$ 259,550
|
Total Long-Term Investments (cost $244,083,063)
|
|
|
265,980,997
|
NCA
|
Nuveen California Municipal Value Fund, Inc.
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
SHORT-TERM INVESTMENTS – 6.2% (6.2% of Total Investments)
|
|
|
|
|||
|
MUNICIPAL BONDS – 6.2% (6.2% of Total Investments)
|
|
|
|
|||
|
Health Care – 4.8% (4.8% of Total Investments)
|
|
|
|
|||
$ |
4,000
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Variable Rate Demand Obligations, Series 2011C, 1.250%, 3/01/47 (6)
|
10/18 at 100.00
|
VMIG-1
|
$ |
4,000,000
|
|
4,670
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Variable Rate Demand Obligations, Series 2008A, 1.450%, 4/01/32 (6)
|
11/18 at 100.00
|
A-1+
|
4,670,000
|
|||
5,000
|
California Statewide Communities Development Authority, Revenue Bonds, Variable Rate Demand Obligations, SWEEP Loan Program, Variable Rate Demand Series 2007A, 1.250%, 8/01/35 (6)
|
12/18 at 100.00
|
VMIG-1
|
5,000,000
|
|||
13,670
|
Total Health Care
|
|
|
13,670,000
|
|||
|
Transportation – 1.4% (1.4% of Total Investments)
|
|
|
|
|||
4,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Variable Rate Demand Obligations, Series 2007C, 1.200%, 4/01/47 (6)
|
11/18 at 100.00
|
A-1
|
4,000,000
|
|||
$ |
17,670
|
Total Short-Term Investments (cost $17,670,000)
|
|
|
17,670,000
|
||
|
Total Investments (cost $261,753,063) – 98.9%
|
|
|
283,650,997
|
|||
|
Other Assets Less Liabilities – 1.1%
|
|
|
3,155,094
|
|||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
286,806,091
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
ETM
|
Escrowed to maturity.
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
Portfolio of Investments
|
|
August 31, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
LONG-TERM INVESTMENTS – 98.8% (100.0% of Total Investments)
|
|
|
|
|||
|
MUNICIPAL BONDS – 98.8% (100.0% of Total Investments)
|
|
|
|
|||
|
Consumer Staples – 6.0% (6.1% of Total Investments)
|
|
|
|
|||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1:
|
|
|
|
|||
$ |
230
|
5.250%, 6/01/47
|
6/22 at 100.00
|
N/R
|
$ |
239,959
|
|
1,100
|
5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
1,130,855
|
|||
1,000
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41
|
10/18 at 100.00
|
N/R
|
278,600
|
|||
1,500
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45
|
10/18 at 100.00
|
B–
|
1,506,345
|
|||
3,830
|
Total Consumer Staples
|
|
|
3,155,759
|
|||
|
Education and Civic Organizations – 2.9% (2.9% of Total Investments)
|
|
|
|
|||
865
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 5.500%, 11/01/39
|
11/19 at 100.00
|
A2
|
902,333
|
|||
100
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
112,824
|
|||
35
|
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
|
37,328
|
|||
260
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.250%, 7/01/52
|
7/25 at 101.00
|
BBB
|
281,369
|
|||
150
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
162,594
|
|||
1,410
|
Total Education and Civic Organizations
|
|
|
1,496,448
|
|||
|
Health Care – 5.6% (5.7% of Total Investments)
|
|
|
|
|||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange County, Series 2009A, 6.500%, 11/01/38
|
11/19 at 100.00
|
A+
|
1,060,380
|
|||
70
|
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–
|
76,850
|
|||
75
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
84,511
|
|||
150
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
167,154
|
|||
20
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
Baa2
|
21,972
|
|||
100
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41
|
11/26 at 100.00
|
BBB–
|
109,421
|
|||
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
|
164,678
|
|||
785
|
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–
|
847,541
|
|||
380
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
421,948
|
|||
2,730
|
Total Health Care
|
|
|
2,954,455
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Housing/Multifamily – 0.8% (0.8% of Total Investments)
|
|
|
|
|||
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc. Projects, Senior Series 2014A:
|
|
|
|
|||
$ |
15
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB+
|
$ |
16,414
|
|
40
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
43,480
|
|||
70
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
75,357
|
|||
250
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
277,315
|
|||
375
|
Total Housing/Multifamily
|
|
|
412,566
|
|||
|
Long-Term Care – 2.1% (2.1% of Total Investments)
|
|
|
|
|||
1,000
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
2/21 at 100.00
|
AA–
|
1,101,540
|
|||
|
Tax Obligation/General – 16.1% (16.3% of Total Investments)
|
|
|
|
|||
2,100
|
Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 0.000%, 5/01/34 (4)
|
5/24 at 100.00
|
Aa1
|
2,444,337
|
|||
1,000
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1, 5.000%, 7/01/38
|
1/28 at 100.00
|
AAA
|
1,174,890
|
|||
195
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured
|
8/20 at 13.60
|
AA
|
25,379
|
|||
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
|
988,159
|
|||
10,000
|
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–
|
2,661,800
|
|||
870
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 9/01/46
|
No Opt. Call
|
Aaa
|
593,183
|
|||
500
|
Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured
|
8/19 at 100.00
|
AA+
|
518,360
|
|||
15,505
|
Total Tax Obligation/General
|
|
|
8,406,108
|
|||
|
Tax Obligation/Limited – 9.4% (9.5% of Total Investments)
|
|
|
|
|||
180
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40
|
6/25 at 100.00
|
A+
|
201,110
|
|||
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
|
1,155,840
|
|||
1,150
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/39
|
7/27 at 100.00
|
AA+
|
1,342,602
|
|||
30
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
33,402
|
|||
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A :
|
|
|
|
|||
210
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
229,503
|
|||
190
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
208,774
|
|||
35
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
|
9/23 at 100.00
|
N/R
|
38,657
|
|||
15
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
16,963
|
|||
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
|
21,716
|
|||
1,500
|
San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.250%, 4/01/31
|
4/19 at 100.00
|
Aa1
|
1,530,960
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||
$ |
25
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
$ |
27,765
|
|
100
|
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
|
100,138
|
|||
4,455
|
Total Tax Obligation/Limited
|
|
|
4,907,430
|
|||
|
Transportation – 11.4% (11.6% of Total Investments)
|
|
|
|
|||
395
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BBB+
|
462,336
|
|||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|
|
|
|||
865
|
5.750%, 1/15/46
|
1/24 at 100.00
|
A–
|
985,174
|
|||
865
|
6.000%, 1/15/53
|
1/24 at 100.00
|
A–
|
1,004,213
|
|||
1,000
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, 5.000%, 5/15/44 (Alternative Minimum Tax)
|
11/27 at 100.00
|
AA–
|
1,128,750
|
|||
305
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
331,803
|
|||
1,820
|
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+
|
2,048,701
|
|||
5,250
|
Total Transportation
|
|
|
5,960,977
|
|||
|
U.S. Guaranteed – 26.9% (27.2% of Total Investments) (5)
|
|
|
|
|||
1,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Health Facility Revenue Bonds, Saint Rose Hospital, Series 2009A, 6.000%, 5/15/29 (Pre-refunded 5/15/19)
|
5/19 at 100.00
|
AA–
|
1,031,870
|
|||
|
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009:
|
|
|
|
|||
55
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
57,542
|
|||
80
|
5.500%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A2
|
83,698
|
|||
1,900
|
California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009A, 6.000%, 7/01/39 (Pre-refunded 7/01/19)
|
7/19 at 100.00
|
A3
|
1,970,205
|
|||
215
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
BBB
|
232,312
|
|||
1,965
|
California State Public Works Board, Lease Revenue Bonds, Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23 (Pre-refunded 4/01/19)
|
4/19 at 100.00
|
Aaa
|
2,014,675
|
|||
500
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35 (Pre-refunded 3/01/20)
|
3/20 at 100.00
|
Aaa
|
533,695
|
|||
160
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27 (Pre-refunded 10/01/18)
|
10/18 at 100.00
|
A
|
160,477
|
|||
|
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009:
|
|
|
|
|||
575
|
6.875%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R
|
602,790
|
|||
425
|
6.875%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
BBB
|
445,540
|
|||
80
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
A
|
90,997
|
|||
1,120
|
Oakland, California, General Obligation Bonds, Measure DD Series 2009B, 5.250%, 1/15/29 (Pre-refunded 1/15/19)
|
1/19 at 100.00
|
Aa2
|
1,135,982
|
|||
3,805
|
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured
|
8/20 at 13.60
|
AA
|
501,918
|
|||
1,750
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 2017-XF2452, 13.498%, 2/01/35 (Pre-refunded 2/01/19) 144A (IF) (6)
|
2/19 at 100.00
|
AAA
|
1,854,738
|
|||
250
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.625%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
264,765
|
NCB
|
Nuveen California Municipal Value Fund 2
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|||
$ |
725
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
BBB–
|
$ |
794,252
|
|
95
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A–
|
106,196
|
|||
1,000
|
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 2009B, 6.625%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
AA
|
1,047,020
|
|||
15
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A–
|
16,854
|
|||
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|||
15
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
16,942
|
|||
15
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
16,942
|
|||
1,000
|
Tuolumne Wind Project Authority, California, Revenue Bonds, Tuolumne Company Project, Series 2009A, 5.625%, 1/01/29 (Pre-refunded 1/01/19)
|
1/19 at 100.00
|
AA–
|
1,013,610
|
|||
40
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
45,004
|
|||
16,785
|
Total U.S. Guaranteed
|
|
|
14,038,024
|
|||
|
Utilities – 11.6% (11.7% of Total Investments)
|
|
|
|
|||
415
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/37
|
1/26 at 100.00
|
AA
|
478,611
|
|||
1,245
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/47
|
1/27 at 100.00
|
AA
|
1,429,098
|
|||
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
|
1,404,590
|
|||
2,400
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24
|
No Opt. Call
|
A
|
2,730,265
|
|||
5,060
|
Total Utilities
|
|
|
6,042,564
|
|||
|
Water and Sewer – 6.0% (6.1% 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
|
1,176,240
|
|||
1,075
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45, 144A (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
1,133,351
|
|||
375
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47
|
6/27 at 100.00
|
AA
|
443,850
|
|||
335
|
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/32
|
8/26 at 100.00
|
Aa3
|
394,208
|
|||
2,785
|
Total Water and Sewer
|
|
|
3,147,649
|
|||
$ |
59,185
|
Total Long-Term Investments (cost $46,829,720)
|
|
|
51,623,520
|
||
|
Other Assets Less Liabilities – 1.2%
|
|
|
628,858
|
|||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
52,252,378
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
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.
|
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 accompanying notes to financial statements.
|
NKX
|
Nuveen California AMT-Free Quality Municipal Income Fund
|
|
Portfolio of Investments
|
|
August 31, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
LONG-TERM INVESTMENTS – 160.4% (100.0% of Total Investments)
|
|
|
|
|||
|
MUNICIPAL BONDS – 160.4% (100.0% of Total Investments)
|
|
|
|
|||
|
Consumer Staples – 9.6% (6.0% of Total Investments)
|
|
|
|
|||
$ |
475
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
11/18 at 100.00
|
Baa1
|
$ |
479,669
|
|
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
|
|
|
|||
6,350
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B2
|
6,381,052
|
|||
325
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
326,391
|
|||
2,780
|
5.700%, 6/01/46
|
12/18 at 100.00
|
B2
|
2,788,952
|
|||
25
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
|
11/18 at 100.00
|
A
|
25,162
|
|||
1,805
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
11/18 at 100.00
|
Baa2
|
1,806,697
|
|||
16,380
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B+
|
17,094,332
|
|||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1:
|
|
|
|
|||
4,930
|
5.250%, 6/01/47
|
6/22 at 100.00
|
N/R
|
5,143,469
|
|||
1,175
|
5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
1,207,959
|
|||
23,560
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
24,220,858
|
|||
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
|
|
|
|||
8,450
|
5.375%, 6/01/38
|
10/18 at 100.00
|
B–
|
8,485,744
|
|||
2,000
|
5.500%, 6/01/45
|
10/18 at 100.00
|
B–
|
2,008,460
|
|||
68,255
|
Total Consumer Staples
|
|
|
69,968,745
|
|||
|
Education and Civic Organizations – 5.3% (3.3% of Total Investments)
|
|
|
|
|||
1,050
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
1,138,294
|
|||
3,000
|
California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40
|
9/25 at 100.00
|
AA
|
3,406,110
|
|||
3,600
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2017C, 5.000%, 4/01/46
|
4/28 at 100.00
|
Aa3
|
4,162,716
|
|||
2,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding Series 2014U-6, 5.000%, 5/01/45
|
No Opt. Call
|
AAA
|
2,595,420
|
|||
4,475
|
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 7.125%, 8/01/43
|
8/23 at 100.00
|
BB–
|
4,889,967
|
|||
1,780
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A, 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
2,008,267
|
|||
1,600
|
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42, 144A
|
1/22 at 100.00
|
N/R
|
1,711,840
|
|||
7,875
|
California Municipal Finance Authority, Revenue Bonds, Pomona College, Series 2017, 5.000%, 1/01/48
|
1/28 at 100.00
|
AAA
|
9,203,040
|
|||
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
|
677,628
|
|||
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
|
799,890
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Education and Civic Organizations (continued)
|
|
|
|
|||
$ |
4,925
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/46
|
7/25 at 101.00
|
BBB
|
$ |
5,290,484
|
|
280
|
California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A, 5.750%, 7/01/41, 144A
|
7/26 at 100.00
|
BB+
|
300,364
|
|||
1,725
|
California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
1,820,393
|
|||
300
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
325,188
|
|||
185
|
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
|
12/21 at 100.00
|
N/R
|
210,761
|
|||
34,180
|
Total Education and Civic Organizations
|
|
|
38,540,362
|
|||
|
Health Care – 17.0% (10.6% of Total Investments)
|
|
|
|
|||
430
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
484,115
|
|||
|
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
|
AA–
|
13,754,874
|
|||
5,000
|
5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
5,644,000
|
|||
9,415
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/48
|
11/27 at 100.00
|
AA–
|
10,699,018
|
|||
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A:
|
|
|
|
|||
18,430
|
5.000%, 11/15/41
|
11/25 at 100.00
|
AA–
|
20,785,723
|
|||
5,500
|
5.000%, 11/15/46
|
11/25 at 100.00
|
AA–
|
6,191,680
|
|||
3,500
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 5.000%, 11/15/48
|
11/27 at 100.00
|
AA–
|
3,977,330
|
|||
1,255
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29
|
11/22 at 100.00
|
BBB+
|
1,364,022
|
|||
875
|
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+
|
975,030
|
|||
1,000
|
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35
|
11/22 at 100.00
|
AA–
|
1,106,070
|
|||
10,000
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, 4.000%, 11/01/44
|
11/27 at 100.00
|
AA–
|
10,317,100
|
|||
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–
|
2,766,582
|
|||
2,000
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
10/22 at 100.00
|
AA–
|
2,221,080
|
|||
1,405
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
1,583,168
|
|||
2,800
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
3,120,208
|
|||
335
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA
|
358,527
|
|||
250
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
Baa2
|
274,655
|
|||
1,690
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/36
|
11/26 at 100.00
|
BBB–
|
1,857,902
|
|||
3,705
|
California Public Finance Authority, Revenue Bonds, Sharp HealthCare, Series 2017A, 4.000%, 8/01/47
|
2/28 at 100.00
|
AA
|
3,786,584
|
|||
5,200
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44
|
12/24 at 100.00
|
BB
|
5,642,052
|
NKX
|
Nuveen California AMT-Free Quality
|
|
|
Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Health Care (continued)
|
|
|
|
|||
$ |
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–
|
$ |
15,914,336
|
|
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|
|
|
|||
700
|
5.750%, 7/01/24
|
11/18 at 100.00
|
CCC
|
665,000
|
|||
4,240
|
5.750%, 7/01/30
|
11/18 at 100.00
|
CCC
|
4,028,000
|
|||
105
|
5.750%, 7/01/35
|
11/18 at 100.00
|
CCC
|
99,750
|
|||
5,365
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
AA–
|
5,712,276
|
|||
850
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
943,832
|
|||
114,605
|
Total Health Care
|
|
|
124,272,914
|
|||
|
Housing/Multifamily – 0.8% (0.5% of Total Investments)
|
|
|
|
|||
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc. Projects, Senior Series 2014A:
|
|
|
|
|||
260
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB+
|
284,515
|
|||
705
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
766,342
|
|||
155
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
166,862
|
|||
350
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
388,241
|
|||
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
|
B1
|
146,805
|
|||
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–
|
3,493,039
|
|||
|
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
|
732,384
|
|||
185
|
5.000%, 6/15/49
|
6/24 at 100.00
|
A
|
194,740
|
|||
5,750
|
Total Housing/Multifamily
|
|
|
6,172,928
|
|||
|
Long-Term Care – 0.5% (0.3% of Total Investments)
|
|
|
|
|||
2,250
|
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
|
2/21 at 100.00
|
AA–
|
2,478,465
|
|||
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–
|
1,455,025
|
|||
3,550
|
Total Long-Term Care
|
|
|
3,933,490
|
|||
|
Tax Obligation/General – 29.6% (18.5% of Total Investments)
|
|
|
|
|||
3,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa2
|
3,329,280
|
|||
1,000
|
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
|
9/21 at 100.00
|
AA–
|
1,105,180
|
|||
1,600
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2016, 5.000%, 8/01/33
|
8/26 at 100.00
|
AA–
|
1,864,064
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|
|
|
|||
2,350
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
2,467,571
|
|||
1,300
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
1,356,719
|
|||
6,000
|
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
6,390,540
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/General (continued)
|
|
|
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|
|
|
|||
$ |
2,000
|
5.000%, 9/01/31
|
9/21 at 100.00
|
AA–
|
$ |
2,184,200
|
|
4,090
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
4,451,720
|
|||
2,625
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
2,863,403
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|
|
|
|||
3,500
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
3,896,585
|
|||
2,000
|
5.000%, 2/01/43
|
2/23 at 100.00
|
AA–
|
2,213,480
|
|||
5,520
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
6,203,376
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|
|
|
|||
2,460
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
2,786,663
|
|||
9,000
|
5.000%, 12/01/43
|
12/23 at 100.00
|
AA–
|
10,131,030
|
|||
9,000
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
10,178,910
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2015:
|
|
|
|
|||
8,000
|
5.000%, 3/01/45
|
3/25 at 100.00
|
AA–
|
9,022,480
|
|||
2,000
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
2,270,460
|
|||
7,995
|
California State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 8/01/46
|
8/26 at 100.00
|
AA–
|
9,136,926
|
|||
5,390
|
California State, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 10/01/47
|
4/26 at 100.00
|
AA–
|
6,126,975
|
|||
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
|
7,482,035
|
|||
9,840
|
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2014, Series 2018B, 5.000%, 8/01/47
|
8/28 at 100.00
|
AAA
|
11,423,846
|
|||
3,065
|
Lucia Mar Unified School District, San Luis Obispo County, California, General Obligation Bonds, Election 2016 Series 2017A, 4.000%, 8/01/46
|
8/27 at 100.00
|
Aa2
|
3,193,240
|
|||
4,500
|
Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (4)
|
8/25 at 100.00
|
AA
|
4,403,610
|
|||
1,125
|
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,067,130
|
|||
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
|
7,794,907
|
|||
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 (4)
|
No Opt. Call
|
Aaa
|
2,201,762
|
|||
2,870
|
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election 2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured
|
8/24 at 100.00
|
AA
|
3,218,045
|
|||
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
|
4,031,200
|
|||
|
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D:
|
|
|
|
|||
23,280
|
0.000%, 8/01/47 – AGC Insured (4)
|
8/37 at 100.00
|
AA
|
21,010,433
|
|||
38,845
|
0.000%, 8/01/50 – AGM Insured (4)
|
8/37 at 100.00
|
AA
|
35,111,219
|
|||
15,780
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (4)
|
No Opt. Call
|
AA
|
11,727,380
|
|||
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
|
8/24 at 100.00
|
Aa1
|
5,650,000
|
|||
3,905
|
West Kern Community College District, California, General Obligation Bonds, Election 2004, Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured
|
12/18 at 100.00
|
A+
|
3,924,056
|
|||
8,345
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)
|
No Opt. Call
|
Aa2
|
5,923,865
|
|||
240,785
|
Total Tax Obligation/General
|
|
|
216,142,290
|
NKX
|
Nuveen California AMT-Free Quality
|
|
|
Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited – 37.5% (23.4% of Total Investments)
|
|
|
|
|||
$ |
655
|
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A, 5.000%, 9/01/27
|
9/23 at 100.00
|
N/R
|
$ |
713,059
|
|
1,000
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured
|
11/18 at 100.00
|
AA
|
1,003,010
|
|||
7,895
|
Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
|
11/18 at 100.00
|
AA
|
7,916,395
|
|||
7,390
|
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41
|
10/26 at 100.00
|
AAA
|
8,551,412
|
|||
|
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004:
|
|
|
|
|||
1,215
|
5.000%, 12/01/19 – AMBAC Insured
|
11/18 at 100.00
|
AA+
|
1,218,195
|
|||
1,535
|
5.000%, 12/01/20 – AMBAC Insured
|
11/18 at 100.00
|
AA+
|
1,538,899
|
|||
1,615
|
5.000%, 12/01/21 – AMBAC Insured
|
11/18 at 100.00
|
AA+
|
1,619,037
|
|||
1,695
|
5.000%, 12/01/22 – AMBAC Insured
|
11/18 at 100.00
|
AA+
|
1,699,221
|
|||
1,780
|
5.000%, 12/01/23 – AMBAC Insured
|
11/18 at 100.00
|
AA+
|
1,784,432
|
|||
1,865
|
5.000%, 12/01/24 – AMBAC Insured
|
11/18 at 100.00
|
AA+
|
1,869,625
|
|||
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
|
A+
|
7,971,600
|
|||
|
California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H:
|
|
|
|
|||
2,790
|
5.000%, 4/01/30
|
4/22 at 100.00
|
A+
|
3,064,982
|
|||
2,065
|
5.000%, 4/01/31
|
4/22 at 100.00
|
A+
|
2,266,296
|
|||
2,560
|
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured
|
11/18 at 100.00
|
A+
|
2,567,757
|
|||
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
|
A+
|
22,956,433
|
|||
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
|
A+
|
2,216,999
|
|||
3,020
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
11/18 at 100.00
|
A
|
3,021,208
|
|||
|
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B:
|
|
|
|
|||
1,230
|
5.000%, 8/01/25
|
8/20 at 100.00
|
N/R
|
1,280,073
|
|||
530
|
5.750%, 8/01/26
|
8/20 at 100.00
|
N/R
|
557,687
|
|||
|
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001:
|
|
|
|
|||
4,520
|
5.000%, 1/01/21 – AMBAC Insured
|
1/19 at 100.00
|
Aa2
|
4,531,616
|
|||
5,000
|
5.250%, 1/01/34 – AMBAC Insured
|
1/19 at 100.00
|
Aa2
|
5,012,850
|
|||
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
|
9/22 at 100.00
|
A–
|
1,089,190
|
|||
63,875
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
71,160,583
|
|||
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
|
6/23 at 100.00
|
A+
|
1,109,620
|
|||
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
|
|
|
|
|||
7,610
|
5.000%, 11/15/30
|
11/25 at 100.00
|
A
|
8,473,355
|
|||
4,000
|
5.000%, 11/15/34
|
11/25 at 100.00
|
A
|
4,402,520
|
|||
425
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured
|
10/18 at 100.00
|
BBB
|
425,030
|
|||
3,345
|
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured
|
10/18 at 100.00
|
N/R
|
3,347,977
|
|||
1,750
|
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
|
1,862,630
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||
|
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area D, Series 2014A:
|
|
|
|
|||
$ |
1,140
|
5.500%, 9/01/33
|
9/23 at 100.00
|
N/R
|
$ |
1,217,167
|
|
2,105
|
5.750%, 9/01/44
|
9/23 at 100.00
|
N/R
|
2,273,063
|
|||
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
|
1,210,277
|
|||
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
|
2,273,100
|
|||
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
|
1,083,280
|
|||
6,190
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
11/18 at 100.00
|
Aa2
|
6,204,175
|
|||
15,000
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
AAA
|
17,435,850
|
|||
3,220
|
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
|
AA+
|
3,726,603
|
|||
1,500
|
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured
|
3/19 at 100.00
|
BBB+
|
1,521,675
|
|||
475
|
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, Subordinate Lien Series 2011A, 7.250%, 9/01/38
|
9/21 at 100.00
|
A–
|
546,402
|
|||
65
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
72,372
|
|||
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A :
|
|
|
|
|||
3,775
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
4,125,584
|
|||
3,380
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
3,713,978
|
|||
560
|
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
|
618,509
|
|||
1,975
|
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
|
2,161,124
|
|||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|
|
|
|||
5,000
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
Baa2
|
1,328,800
|
|||
7,200
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
Baa2
|
1,818,144
|
|||
1,115
|
Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39
|
9/23 at 100.00
|
N/R
|
1,244,909
|
|||
40
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
45,235
|
|||
|
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:
|
|
|
|
|||
660
|
5.000%, 9/01/32
|
9/22 at 100.00
|
N/R
|
699,079
|
|||
1,775
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
1,866,555
|
|||
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
|
441,868
|
|||
|
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment District 2 Bonds, Series 2016A:
|
|
|
|
|||
3,695
|
5.000%, 10/01/36
|
10/26 at 100.00
|
AA
|
4,255,531
|
|||
6,000
|
5.000%, 10/01/41
|
10/26 at 100.00
|
AA
|
6,849,900
|
|||
805
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
Aa3
|
837,530
|
|||
1,620
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20
|
No Opt. Call
|
Aa3
|
1,685,464
|
NKX
|
Nuveen California AMT-Free Quality
|
|
|
Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||
$ |
645
|
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
|
11/18 at 100.00
|
Baa2
|
$ |
646,787
|
|
215
|
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
|
233,451
|
|||
1,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
1,098,560
|
|||
1,480
|
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
|
11/18 at 100.00
|
AAA
|
1,484,026
|
|||
690
|
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
|
746,677
|
|||
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
|
A
|
2,300,481
|
|||
2,000
|
San Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.200%, 4/01/26
|
4/19 at 100.00
|
Aa1
|
2,040,820
|
|||
380
|
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
|
8/22 at 100.00
|
N/R
|
413,505
|
|||
5,150
|
San Jacinto Unified School District, Riverside County, California, Certificates of Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured
|
9/20 at 100.00
|
AA
|
5,456,116
|
|||
1,000
|
San Marcos Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 5.000%, 9/01/36
|
9/22 at 100.00
|
N/R
|
1,063,050
|
|||
50
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
55,530
|
|||
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017:
|
|
|
|
|||
2,170
|
6.125%, 9/01/37, 144A
|
9/27 at 100.00
|
N/R
|
2,200,640
|
|||
1,000
|
6.250%, 9/01/47, 144A
|
9/27 at 100.00
|
N/R
|
1,014,390
|
|||
4,500
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
4,837,140
|
|||
|
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
|
363,888
|
|||
790
|
5.250%, 9/01/45
|
9/25 at 100.00
|
N/R
|
811,836
|
|||
4,215
|
West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31
|
9/22 at 102.00
|
N/R
|
4,671,400
|
|||
260,825
|
Total Tax Obligation/Limited
|
|
|
273,926,162
|
|||
|
Transportation – 8.1% (5.0% of Total Investments)
|
|
|
|
|||
9,005
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/36
|
10/26 at 100.00
|
BBB+
|
10,081,908
|
|||
6,750
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BBB+
|
7,900,673
|
|||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|
|
|
|||
14,885
|
5.750%, 1/15/46
|
1/24 at 100.00
|
A–
|
16,952,973
|
|||
14,885
|
6.000%, 1/15/53
|
1/24 at 100.00
|
A–
|
17,280,592
|
|||
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015E:
|
|
|
|
|||
150
|
5.000%, 5/15/31
|
5/25 at 100.00
|
AA
|
172,880
|
|||
1,270
|
5.000%, 5/15/34
|
5/25 at 100.00
|
AA
|
1,451,927
|
|||
1,345
|
5.000%, 5/15/36
|
5/25 at 100.00
|
AA
|
1,532,358
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Transportation (continued)
|
|
|
|
|||
$ |
3,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Parking & Capital Projects, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
11/18 at 100.00
|
Baa2
|
$ |
3,500,385
|
|
51,790
|
Total Transportation
|
|
|
58,873,696
|
|||
|
U.S. Guaranteed – 17.2% (10.7% of Total Investments) (5)
|
|
|
|
|||
3,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA–
|
3,234,900
|
|||
3,225
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
N/R
|
3,538,341
|
|||
13,200
|
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 (Pre-refunded 5/01/19) – AGM Insured
|
5/19 at 100.00
|
AA
|
13,526,568
|
|||
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
|
AA–
|
1,286,275
|
|||
1,630
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 (Pre-refunded 7/01/20) – AGC Insured
|
7/20 at 100.00
|
AA
|
1,737,613
|
|||
3,000
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/22 – AGM Insured (ETM)
|
No Opt. Call
|
Aaa
|
3,367,170
|
|||
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
|
Aaa
|
2,748,600
|
|||
465
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
BBB
|
502,442
|
|||
|
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
|
2,362,440
|
|||
8,000
|
6.000%, 11/15/48 (Pre-refunded 11/15/23)
|
11/23 at 100.00
|
N/R
|
9,597,280
|
|||
750
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
Baa2
|
805,515
|
|||
5,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30 (Pre-refunded 10/01/19)
|
10/19 at 100.00
|
Aaa
|
5,231,150
|
|||
2,000
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aaa
|
2,113,620
|
|||
2,680
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R
|
2,807,782
|
|||
|
East Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B:
|
|
|
|
|||
3,490
|
5.000%, 8/01/27 (Pre-refunded 8/01/19) – AGC Insured
|
8/19 at 100.00
|
AA
|
3,601,645
|
|||
3,545
|
5.000%, 8/01/28 (Pre-refunded 8/01/19) – AGC Insured
|
8/19 at 100.00
|
AA
|
3,658,405
|
|||
3,110
|
5.000%, 8/01/29 (Pre-refunded 8/01/19) – AGC Insured
|
8/19 at 100.00
|
AA
|
3,209,489
|
|||
350
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27 (Pre-refunded 10/01/18)
|
10/18 at 100.00
|
A
|
351,043
|
|||
6,000
|
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
|
No Opt. Call
|
Aaa
|
6,475,140
|
|||
|
Marysville, California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011:
|
|
|
|
|||
25
|
5.250%, 1/01/23 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
27,041
|
|||
25
|
4.500%, 1/01/26 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
26,616
|
|||
75
|
5.000%, 1/01/29 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
80,699
|
|||
275
|
5.000%, 1/01/30 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
295,897
|
|||
525
|
5.000%, 1/01/31 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
564,895
|
|||
810
|
5.125%, 1/01/32 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
873,852
|
|||
3,750
|
5.250%, 1/01/42 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
4,056,225
|
|||
170
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
A
|
193,368
|
NKX
|
Nuveen California AMT-Free Quality
|
|
|
Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
U.S. Guaranteed (5) (continued)
|
|
|
|
|||
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
|
|
|
|||
$ |
9,250
|
6.625%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
$ |
9,796,305
|
|
7,500
|
6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
7,953,675
|
|||
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
|
|
|
|
|||
1,500
|
6.000%, 11/01/30 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
BBB–
|
1,643,280
|
|||
2,595
|
6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
BBB–
|
2,842,874
|
|||
210
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A–
|
234,748
|
|||
30
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A–
|
33,707
|
|||
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|||
30
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
33,883
|
|||
40
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
45,178
|
|||
1,500
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 13.230%, 8/01/40 (Pre-refunded 8/01/19) 144A (IF)
|
8/19 at 100.00
|
AAA
|
1,694,715
|
|||
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2011F:
|
|
|
|
|||
7,230
|
0.000%, 8/01/42 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 21.00
|
AA
|
1,439,421
|
|||
10,450
|
0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 19.43
|
AA
|
1,925,517
|
|||
21,225
|
0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 17.98
|
AA
|
3,619,075
|
|||
12,550
|
0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 16.64
|
AA
|
1,979,763
|
|||
23,425
|
0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured
|
8/21 at 15.39
|
AA
|
3,418,176
|
|||
|
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010:
|
|
|
|
|||
1,205
|
5.000%, 9/01/30 (Pre-refunded 9/01/20) – AGM Insured
|
9/20 at 100.00
|
AA
|
1,286,603
|
|||
3,250
|
5.250%, 9/01/39 (Pre-refunded 9/01/20) – AGM Insured
|
9/20 at 100.00
|
AA
|
3,485,950
|
|||
6,000
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
6,318,000
|
|||
95
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
106,884
|
|||
1,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
Aa2
|
1,103,510
|
|||
179,550
|
Total U.S. Guaranteed
|
|
|
125,235,275
|
|||
|
Utilities – 8.2% (5.1% of Total Investments)
|
|
|
|
|||
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
|
|
|
|||
2,490
|
5.000%, 11/15/35
|
No Opt. Call
|
A+
|
3,016,286
|
|||
1,835
|
5.500%, 11/15/37
|
No Opt. Call
|
A+
|
2,362,783
|
|||
10,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA
|
11,013,000
|
|||
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
|
AA
|
4,873,679
|
|||
5,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016A, 5.000%, 7/01/46
|
1/26 at 100.00
|
AA
|
5,695,100
|
|||
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C:
|
|
|
|
|||
5,000
|
5.000%, 7/01/42
|
7/27 at 100.00
|
AA
|
5,807,750
|
|||
15,000
|
5.000%, 7/01/47
|
7/27 at 100.00
|
AA
|
17,334,750
|
|||
3,750
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 13.232%, 7/01/43, 144A (IF) (6)
|
7/22 at 100.00
|
AA
|
5,269,575
|
|||
1,000
|
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28
|
1/20 at 100.00
|
Aa2
|
1,041,740
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Utilities (continued)
|
|
|
|
|||
$ |
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
|
$ |
3,370,378
|
|
51,330
|
Total Utilities
|
|
|
59,785,041
|
|||
|
Water and Sewer – 26.6% (16.6% of Total Investments)
|
|
|
|
|||
11,600
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
12,983,880
|
|||
5,850
|
California Infrastructure and Economic Development Bank. Clean Water State Revolving Fund Revenue Bonds, Green Series 2018, 5.000%, 10/01/43
|
4/28 at 100.00
|
AAA
|
6,881,004
|
|||
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012:
|
|
|
|
|||
7,910
|
5.000%, 7/01/37, 144A
|
11/18 at 100.00
|
Baa3
|
7,960,070
|
|||
12,045
|
5.000%, 11/21/45, 144A
|
11/18 at 100.00
|
Baa3
|
12,176,170
|
|||
3,000
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
3,232,410
|
|||
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2016B:
|
|
|
|
|||
1,000
|
5.000%, 7/01/32
|
1/26 at 100.00
|
AA+
|
1,169,210
|
|||
3,775
|
5.000%, 7/01/35
|
1/26 at 100.00
|
AA+
|
4,375,376
|
|||
16,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA+
|
17,620,800
|
|||
10,515
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA+
|
11,839,680
|
|||
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A:
|
|
|
|
|||
5,680
|
5.000%, 7/01/35
|
1/26 at 100.00
|
AA+
|
6,583,347
|
|||
1,000
|
5.000%, 7/01/36
|
1/26 at 100.00
|
AA+
|
1,155,440
|
|||
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A:
|
|
|
|
|||
2,705
|
5.000%, 7/01/41
|
1/27 at 100.00
|
AA+
|
3,122,246
|
|||
5,000
|
5.250%, 7/01/44
|
1/27 at 100.00
|
AA+
|
5,867,100
|
|||
11,400
|
5.000%, 7/01/44
|
1/27 at 100.00
|
AA+
|
13,131,090
|
|||
6,015
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018A, 5.000%, 7/01/43
|
1/28 at 100.00
|
AA+
|
7,002,663
|
|||
2,210
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47
|
6/27 at 100.00
|
AA
|
2,615,756
|
|||
9,500
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44
|
6/25 at 100.00
|
AA+
|
10,793,805
|
|||
|
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
|
2,250,640
|
|||
3,500
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
3,931,900
|
|||
670
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 2016-XL0015, 13.610%, 7/01/35, 144A (IF) (6)
|
7/19 at 100.00
|
AAA
|
744,524
|
|||
1,500
|
Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
|
11/18 at 100.00
|
N/R
|
1,500,660
|
|||
8,120
|
Public Utilities Commission of the City and County of San Francisco, California, Wastewater Revenue Bonds, Series 2018B, 5.000%, 10/01/43
|
4/28 at 100.00
|
AA
|
9,447,701
|
|||
7,755
|
Rancho California Water District Financing Authority, California, Revenue Bonds, Series 2016A, 5.000%, 8/01/46
|
8/26 at 100.00
|
AAA
|
8,868,540
|
|||
2,500
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
|
6/24 at 100.00
|
AA
|
2,857,975
|
|||
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
|
4,626,240
|
NKX
|
Nuveen California AMT-Free Quality
|
|
|
||
|
Municipal Income Fund
|
|
|
|
|
|
Portfolio of Investments (continued)
|
|
|
|
|
|
August 31, 2018 (Unaudited)
|
|
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Water and Sewer (continued)
|
|
|
|
|||
$ |
26,220
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2017D, 5.000%, 11/01/33 (UB) (6)
|
11/27 at 100.00
|
AA–
|
$ |
31,081,975
|
|
171,470
|
Total Water and Sewer
|
|
|
193,820,202
|
|||
$ |
1,182,090
|
Total Long-Term Investments (cost $1,078,968,844)
|
|
|
1,170,671,105
|
||
|
Floating Rate Obligations – (2.9)%
|
|
|
(20,975,000)
|
|||
|
MuniFund Preferred Shares, net of deferred offering costs – (19.2)% (7)
|
|
|
(139,979,412)
|
|||
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (39.8)% (8)
|
|
|
(290,262,317)
|
|||
|
Other Assets Less Liabilities – 1.5%
|
|
|
10,508,996
|
|||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
729,963,372
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investment in inverse floating rate transactions.
|
(7)
|
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.0%.
|
(8)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 24.8%.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
ETM
|
Escrowed to maturity.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
NAC
|
Nuveen California Quality Municipal
|
|
Income Fund
|
|
Portfolio of Investments
|
|
August 31, 2018 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
LONG-TERM INVESTMENTS – 157.1% (100.0% of Total Investments)
|
|
|
|
|||
|
MUNICIPAL BONDS – 157.1% (100.0% of Total Investments)
|
|
|
|
|||
|
Consumer Staples – 9.5% (6.0% of Total Investments)
|
|
|
|
|||
$ |
1,580
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
|
11/18 at 100.00
|
Baa1
|
$ |
1,595,531
|
|
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
|
10/18 at 100.00
|
N/R
|
995,390
|
|||
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
|
|
|
|
|||
13,840
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B2
|
13,907,678
|
|||
17,560
|
5.650%, 6/01/41
|
12/18 at 100.00
|
B2
|
17,635,157
|
|||
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005:
|
|
|
|
|||
760
|
4.250%, 6/01/21
|
11/18 at 100.00
|
A
|
764,940
|
|||
3,735
|
5.250%, 6/01/45
|
11/18 at 100.00
|
BB–
|
3,759,278
|
|||
1,530
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2002A, 5.500%, 6/01/33
|
11/18 at 100.00
|
A3
|
1,550,318
|
|||
4,530
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
11/18 at 100.00
|
Baa2
|
4,534,258
|
|||
50,000
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2006A, 0.000%, 6/01/46
|
11/18 at 100.00
|
N/R
|
9,069,500
|
|||
61,645
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37
|
6/22 at 100.00
|
B+
|
64,333,338
|
|||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1:
|
|
|
|
|||
31,755
|
5.250%, 6/01/47
|
6/22 at 100.00
|
N/R
|
33,129,992
|
|||
24,210
|
5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
24,889,090
|
|||
15,875
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47
|
6/22 at 100.00
|
N/R
|
16,320,294
|
|||
19,000
|
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007B, 0.000%, 6/01/47
|
10/18 at 100.00
|
N/R
|
3,258,690
|
|||
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1:
|
|
|
|
|||
8,500
|
5.375%, 6/01/38
|
10/18 at 100.00
|
B–
|
8,535,955
|
|||
1,250
|
5.500%, 6/01/45
|
10/18 at 100.00
|
B–
|
1,255,288
|
|||
3,200
|
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 5.125%, 6/01/46
|
10/18 at 100.00
|
B+
|
3,213,536
|
|||
259,970
|
Total Consumer Staples
|
|
|
208,748,233
|
|||
|
Education and Civic Organizations – 3.8% (2.4% of Total Investments)
|
|
|
|
|||
4,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37
|
7/22 at 100.00
|
A1
|
4,336,360
|
|||
2,205
|
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36
|
10/21 at 100.00
|
A2
|
2,478,883
|
|||
7,000
|
California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding Series 2014U-6, 5.000%, 5/01/45
|
No Opt. Call
|
AAA
|
9,083,970
|
|||
|
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
|
767,008
|
|||
1,000
|
4.500%, 11/01/46, 144A
|
11/26 at 100.00
|
N/R
|
1,001,980
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Education and Civic Organizations (continued)
|
|
|
|
|||
$ |
5,385
|
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education, Multiple Projects, Series 2014A , 7.250%, 6/01/43
|
6/22 at 102.00
|
N/R
|
$ |
6,075,572
|
|
1,000
|
California Municipal Finance Authority, Revenue Bonds, Biola University, Series 2013, 5.000%, 10/01/38
|
10/23 at 100.00
|
Baa1
|
1,088,520
|
|||
390
|
California School Finance Authority, Charter School Revenue Bonds, Kepler Neighborhood School, Series 2017A, 5.000%, 5/01/27, 144A
|
No Opt. Call
|
N/R
|
371,264
|
|||
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
|
1,723,415
|
|||
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
|
2,293,018
|
|||
|
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C:
|
|
|
|
|||
5,995
|
5.000%, 7/01/46
|
7/25 at 101.00
|
BBB
|
6,439,889
|
|||
8,340
|
5.250%, 7/01/52
|
7/25 at 101.00
|
BBB
|
9,025,465
|
|||
800
|
California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A, 6.000%, 7/01/51, 144A
|
7/26 at 100.00
|
BB+
|
865,776
|
|||
1,410
|
California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1996B, 5.625%, 3/01/19 – AMBAC Insured
|
9/18 at 100.00
|
A1
|
1,414,230
|
|||
|
California State University, Systemwide Revenue Bonds, Series 2016A:
|
|
|
|
|||
4,140
|
4.000%, 11/01/38
|
5/26 at 100.00
|
Aa2
|
4,368,942
|
|||
2,640
|
5.000%, 11/01/41
|
5/26 at 100.00
|
Aa2
|
3,012,240
|
|||
5,500
|
California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Series 2014, 5.000%, 11/15/44 – AGM Insured
|
11/24 at 100.00
|
AA
|
6,074,805
|
|||
6,450
|
California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
|
7/21 at 100.00
|
BBB–
|
6,991,542
|
|||
1,815
|
California Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
|
12/21 at 100.00
|
N/R
|
2,067,739
|
|||
12,500
|
University of California, General Revenue Bonds, Series 2017AV, 5.250%, 5/15/47
|
5/27 at 100.00
|
AA
|
14,617,000
|
|||
75,135
|
Total Education and Civic Organizations
|
|
|
84,097,618
|
|||
|
Health Care – 14.1% (9.0% 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
|
10,178,107
|
|||
1,285
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43
|
8/25 at 100.00
|
AA–
|
1,446,717
|
|||
10,955
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46
|
11/26 at 100.00
|
AA–
|
12,366,004
|
|||
10,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/46
|
11/25 at 100.00
|
AA–
|
11,257,600
|
|||
7,250
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 5.000%, 11/15/48
|
11/27 at 100.00
|
AA–
|
8,238,755
|
|||
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
|
15,589,950
|
|||
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–
|
6,702,374
|
|||
1,250
|
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33
|
10/22 at 100.00
|
AA–
|
1,388,175
|
|||
3,930
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38
|
10/24 at 100.00
|
AA–
|
4,428,363
|
|||
8,375
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
9,332,765
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Health Care (continued)
|
|
|
|
|||
$ |
11,250
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2016A, 4.000%, 10/01/47
|
10/26 at 100.00
|
AA–
|
$ |
11,586,488
|
|
8,760
|
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital – San Diego, Series 2011, 5.250%, 8/15/41
|
8/21 at 100.00
|
AA
|
9,375,215
|
|||
4,765
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
AA–
|
4,927,344
|
|||
685
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42
|
7/27 at 100.00
|
Baa2
|
752,555
|
|||
11,520
|
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41
|
11/26 at 100.00
|
BBB–
|
12,605,299
|
|||
1,455
|
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47
|
10/26 at 100.00
|
BBB–
|
1,568,461
|
|||
5,760
|
California Public Finance Authority, Revenue Bonds, Sharp HealthCare, Series 2017A, 5.000%, 8/01/47
|
2/28 at 100.00
|
AA
|
6,491,462
|
|||
|
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
|
1,097,850
|
|||
3,575
|
5.250%, 12/01/44
|
12/24 at 100.00
|
BB
|
3,878,911
|
|||
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A:
|
|
|
|
|||
3,345
|
5.000%, 12/01/36, 144A
|
6/26 at 100.00
|
BB–
|
3,649,228
|
|||
6,040
|
5.000%, 12/01/46, 144A
|
6/26 at 100.00
|
BB–
|
6,509,066
|
|||
50,340
|
5.250%, 12/01/56, 144A
|
6/26 at 100.00
|
BB–
|
54,350,588
|
|||
|
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+
|
2,659,160
|
|||
3,000
|
5.000%, 3/01/45
|
3/26 at 100.00
|
A+
|
3,342,270
|
|||
2,670
|
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Refunding Series 2014B, 5.000%, 7/01/44
|
7/24 at 100.00
|
A–
|
2,918,871
|
|||
25,290
|
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AA–
|
27,518,555
|
|||
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
|
|
|
|
|||
10,115
|
5.750%, 7/01/24
|
11/18 at 100.00
|
CCC
|
9,609,250
|
|||
11,035
|
5.750%, 7/01/30
|
11/18 at 100.00
|
CCC
|
10,483,250
|
|||
7,725
|
5.750%, 7/01/35
|
11/18 at 100.00
|
CCC
|
7,338,750
|
|||
10,000
|
5.500%, 7/01/39
|
11/18 at 100.00
|
CCC
|
9,500,000
|
|||
2,950
|
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
|
No Opt. Call
|
AA–
|
3,140,953
|
|||
6,200
|
Madera County, California, Certificates of Participation, Valley Children’s Hospital Project, Series 1995, 5.750%, 3/15/28 – NPFG Insured
|
9/18 at 100.00
|
A1
|
6,219,530
|
|||
1,890
|
Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 6.500%, 11/01/29
|
11/20 at 100.00
|
BB
|
1,944,753
|
|||
7,745
|
Palomar Health System, California, Revenue Bonds, Refunding Series 2017, 5.000%, 11/01/42
|
11/27 at 100.00
|
BBB
|
8,413,936
|
|||
17,400
|
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41
|
12/21 at 100.00
|
BB
|
19,320,786
|
|||
290,355
|
Total Health Care
|
|
|
310,131,341
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Housing/Multifamily – 1.2% (0.8% of Total Investments)
|
|
|
|
|||
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc. Projects, Senior Series 2014A:
|
|
|
|
|||
$ |
1,680
|
5.250%, 8/15/39
|
8/24 at 100.00
|
BBB+
|
$ |
1,838,407
|
|
2,150
|
5.250%, 8/15/49
|
8/24 at 100.00
|
BBB+
|
2,337,071
|
|||
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A:
|
|
|
|
|||
6,540
|
5.125%, 8/15/32
|
8/22 at 100.00
|
BBB
|
7,054,698
|
|||
6,010
|
5.500%, 8/15/47
|
8/22 at 100.00
|
BBB
|
6,469,945
|
|||
3,920
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47
|
8/22 at 100.00
|
A1
|
4,348,299
|
|||
|
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
|
B1
|
1,389,408
|
|||
1,000
|
5.000%, 7/01/47, 144A
|
7/27 at 100.00
|
B1
|
1,039,710
|
|||
1,230
|
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39
|
5/22 at 100.00
|
A+
|
1,294,661
|
|||
23,855
|
Total Housing/Multifamily
|
|
|
25,772,199
|
|||
|
Tax Obligation/General – 35.6% (22.7% 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
|
3,469,909
|
|||
4,300
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
|
8/22 at 100.00
|
Aa2
|
4,771,968
|
|||
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2012:
|
|
|
|
|||
3,230
|
5.250%, 2/01/29
|
2/22 at 100.00
|
AA–
|
3,581,747
|
|||
5,245
|
5.000%, 9/01/36
|
9/22 at 100.00
|
AA–
|
5,819,852
|
|||
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2013:
|
|
|
|
|||
9,260
|
5.000%, 2/01/29
|
2/23 at 100.00
|
AA–
|
10,392,498
|
|||
1,710
|
5.000%, 2/01/31
|
2/23 at 100.00
|
AA–
|
1,913,781
|
|||
|
California State, General Obligation Bonds, Refunding Various Purpose Series 2016:
|
|
|
|
|||
3,750
|
5.000%, 9/01/30
|
9/26 at 100.00
|
AA–
|
4,416,187
|
|||
4,600
|
5.000%, 8/01/33
|
8/26 at 100.00
|
AA–
|
5,359,184
|
|||
8,000
|
5.000%, 9/01/37
|
9/26 at 100.00
|
AA–
|
9,233,520
|
|||
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2014:
|
|
|
|
|||
8,690
|
5.000%, 8/01/31
|
8/24 at 100.00
|
AA–
|
9,957,871
|
|||
4,000
|
5.000%, 8/01/33
|
8/24 at 100.00
|
AA–
|
4,564,640
|
|||
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
|
|
|
|
|||
6,700
|
5.000%, 8/01/32
|
2/25 at 100.00
|
AA–
|
7,681,349
|
|||
11,000
|
5.000%, 8/01/34
|
8/25 at 100.00
|
AA–
|
12,651,210
|
|||
5,000
|
California State, General Obligation Bonds, Various Purpose Refunding Series 2016, 5.000%, 9/01/36
|
9/26 at 100.00
|
AA–
|
5,782,550
|
|||
140
|
California State, General Obligation Bonds, Various Purpose Series 2000, 5.625%, 5/01/22 – FGIC Insured
|
11/18 at 100.00
|
Aa3
|
140,445
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2009:
|
|
|
|
|||
8,950
|
6.000%, 4/01/38
|
4/19 at 100.00
|
AA–
|
9,171,691
|
|||
67,235
|
6.000%, 11/01/39
|
11/19 at 100.00
|
AA–
|
70,598,767
|
|||
8,505
|
5.500%, 11/01/39
|
11/19 at 100.00
|
AA–
|
8,876,073
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2010:
|
|
|
|
|||
16,000
|
6.000%, 3/01/33
|
3/20 at 100.00
|
AA–
|
17,041,440
|
|||
15,060
|
5.500%, 3/01/40
|
3/20 at 100.00
|
AA–
|
15,868,120
|
|||
12,605
|
5.250%, 11/01/40
|
11/20 at 100.00
|
AA–
|
13,528,442
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/General (continued)
|
|
|
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2011:
|
|
|
|
|||
$ |
13,835
|
5.250%, 10/01/28
|
10/21 at 100.00
|
AA–
|
$ |
15,294,593
|
|
14,520
|
5.000%, 9/01/31
|
9/21 at 100.00
|
AA–
|
15,857,292
|
|||
15,025
|
5.000%, 9/01/41
|
9/21 at 100.00
|
AA–
|
16,353,811
|
|||
21,420
|
5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
23,365,364
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2013:
|
|
|
|
|||
9,940
|
5.000%, 4/01/37
|
4/23 at 100.00
|
AA–
|
11,066,301
|
|||
9,755
|
5.000%, 2/01/43
|
2/23 at 100.00
|
AA–
|
10,796,249
|
|||
15,145
|
5.000%, 4/01/43
|
4/23 at 100.00
|
AA–
|
16,819,431
|
|||
7,240
|
5.000%, 11/01/43
|
11/23 at 100.00
|
AA–
|
8,136,312
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2014:
|
|
|
|
|||
24,970
|
5.000%, 5/01/32
|
5/24 at 100.00
|
AA–
|
28,411,865
|
|||
8,910
|
5.000%, 10/01/39
|
10/24 at 100.00
|
AA–
|
10,093,159
|
|||
10,245
|
5.000%, 12/01/43
|
12/23 at 100.00
|
AA–
|
11,532,489
|
|||
1,815
|
5.000%, 10/01/44
|
10/24 at 100.00
|
AA–
|
2,052,747
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2015:
|
|
|
|
|||
9,500
|
5.000%, 3/01/45
|
3/25 at 100.00
|
AA–
|
10,714,195
|
|||
6,345
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA–
|
7,203,034
|
|||
|
California State, General Obligation Bonds, Various Purpose Series 2017:
|
|
|
|
|||
3,780
|
5.000%, 8/01/46
|
8/26 at 100.00
|
AA–
|
4,319,897
|
|||
8,000
|
5.000%, 11/01/47
|
11/27 at 100.00
|
AA–
|
9,237,680
|
|||
8,360
|
California State, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 10/01/47
|
4/26 at 100.00
|
AA–
|
9,503,063
|
|||
3,550
|
Centinela Valley Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2002A, 5.250%, 2/01/26 – NPFG Insured
|
No Opt. Call
|
A+
|
4,046,894
|
|||
7,500
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Refunding Series 2016, 5.000%, 8/01/37
|
2/26 at 100.00
|
AA
|
8,639,775
|
|||
3,300
|
Evergreen School District, Santa Clara County, California, General Obligation Bonds, Election of 2014, Series 2018, 5.000%, 8/01/46
|
8/28 at 100.00
|
Aa2
|
3,843,411
|
|||
8,620
|
Fremont Union High School District, Santa Clara County, California, General Obligation Bonds, Refunding Series 2017A, 5.000%, 8/01/44
|
8/27 at 100.00
|
AAA
|
10,075,746
|
|||
5,150
|
Hacienda La Puente Unified School District Facilities Financing Authority, California, General Obligation Revenue Bonds, Series 2007, 5.000%, 8/01/26 – AGM Insured
|
No Opt. Call
|
AA
|
6,232,582
|
|||
6,560
|
Hartnell Community College District, Monterey County, California, General Obligation Bonds, Election 2016 Series 2017A, 4.000%, 8/01/42
|
8/27 at 100.00
|
AA
|
6,860,054
|
|||
6,850
|
Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured (4)
|
No Opt. Call
|
AA
|
4,838,909
|
|||
4,545
|
Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2017E, 5.000%, 8/01/43
|
8/26 at 100.00
|
AAA
|
5,211,388
|
|||
3,010
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2016A, 4.000%, 7/01/40
|
7/25 at 100.00
|
AAA
|
3,156,437
|
|||
12,675
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1, 5.250%, 7/01/42
|
1/28 at 100.00
|
AAA
|
15,092,249
|
|||
1,285
|
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009D, 5.000%, 7/01/27
|
7/19 at 100.00
|
Aa2
|
1,320,517
|
|||
10,050
|
Manhattan Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2016 Measure EE Series 2018A, 4.000%, 9/01/46
|
9/28 at 100.00
|
Aa1
|
10,591,896
|
|||
3,325
|
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
|
3,471,898
|
|||
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
|
3,186,643
|
|||
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+
|
8,463,012
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/General (continued)
|
|
|
|
|||
$ |
1,815
|
Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B, 0.000%, 8/01/51 – AGM Insured
|
8/37 at 100.00
|
AA
|
$ |
1,084,481
|
|
2,370
|
Oxnard School District, Ventura County, California, General Obligation Bonds, Election 2012 Series 2013B, 5.000%, 8/01/43 – AGM Insured
|
8/23 at 100.00
|
AA
|
2,600,530
|
|||
2,575
|
Oxnard School District, Ventura County, California, General Obligation Refunding Bonds, Series 2001A, 5.750%, 8/01/30 – NPFG Insured
|
2/22 at 103.00
|
A+
|
2,968,151
|
|||
9,385
|
Pajaro Valley Unified School District, Santa Cruz County, California, General Obligation Bonds, Refunding Election 2012 Series 2013A, 5.000%, 8/01/43
|
8/23 at 100.00
|
Aa2
|
10,356,723
|
|||
10,330
|
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/35
|
No Opt. Call
|
A2
|
5,394,636
|
|||
5,000
|
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45
|
No Opt. Call
|
A+
|
5,136,350
|
|||
28,000
|
San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44
|
No Opt. Call
|
AA
|
9,543,240
|
|||
4,250
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2016, 5.000%, 8/01/41
|
8/26 at 100.00
|
AAA
|
4,915,380
|
|||
8,075
|
San Dieguito Union High School District, San Diego County, California, General Obligation Bonds, Election 2012, Series 2018D-2, 4.000%, 8/01/42
|
8/28 at 100.00
|
Aa1
|
8,521,144
|
|||
1,925
|
San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2016, Green Series 2017A-1, 5.000%, 8/01/47
|
8/27 at 100.00
|
AAA
|
2,238,582
|
|||
1,425
|
San Joaquin Delta Community College District, California, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/01/32
|
8/25 at 100.00
|
Aa2
|
1,653,556
|
|||
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–
|
5,589,780
|
|||
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+
|
3,873,022
|
|||
8,700
|
Santa Ana College Improvement District 1, Orange County, California, General Obligation Bonds, Rancho Santiago Community College District, Election of 2012, Series 2017B, 4.000%, 8/01/41
|
8/27 at 100.00
|
AA
|
9,111,597
|
|||
13,425
|
Santa Barbara Unified School District, Santa Barbara County, California, General Obligation Bonds, Election of 2016 Series 2017A, 4.000%, 8/01/41
|
8/27 at 100.00
|
Aa2
|
14,197,877
|
|||
2,200
|
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo Counties, California, General Obligation Bonds, Series 2003B, 5.625%, 8/01/24 – AGM Insured
|
No Opt. Call
|
Aa3
|
2,586,122
|
|||
3,240
|
South San Francisco Unified School District, San Mateo County, California, General Obligation Bond Anticipation Notes, Measure J, Series 2015B, 5.000%, 9/01/40
|
9/25 at 100.00
|
Aa1
|
3,729,532
|
|||
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
|
3,478,610
|
|||
6,245
|
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36
|
8/21 at 100.00
|
Aa2
|
6,839,149
|
|||
5,530
|
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D, 0.000%, 8/01/50 – AGM Insured (4)
|
8/37 at 100.00
|
AA
|
4,998,456
|
|||
26,000
|
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (4)
|
No Opt. Call
|
AA
|
19,322,680
|
|||
3,605
|
Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2016 Series 2018A, 4.000%, 8/01/43
|
8/28 at 100.00
|
AAA
|
3,785,538
|
|||
|
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
|
Aa3
|
5,502,002
|
|||
4,830
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
5,592,126
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/General (continued)
|
|
|
|
|||
|
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
|
Aa3
|
$ |
5,055,110
|
|
3,500
|
5.500%, 8/01/40
|
8/24 at 100.00
|
Aa3
|
4,052,265
|
|||
2,015
|
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 2012C, 5.000%, 8/01/26
|
8/22 at 100.00
|
Aa3
|
2,225,003
|
|||
140,160
|
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4)
|
No Opt. Call
|
Aa2
|
99,495,379
|
|||
822,035
|
Total Tax Obligation/General
|
|
|
784,457,158
|
|||
|
Tax Obligation/Limited – 30.5% (19.4% 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
|
1,818,748
|
|||
1,655
|
Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured
|
11/18 at 100.00
|
N/R
|
1,654,917
|
|||
3,370
|
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.500%, 10/01/23 – RAAI Insured
|
11/18 at 100.00
|
AA
|
3,378,998
|
|||
21,255
|
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41
|
10/26 at 100.00
|
AAA
|
24,595,436
|
|||
|
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
|
A+
|
12,173,772
|
|||
18,135
|
5.250%, 9/01/32
|
9/23 at 100.00
|
A+
|
20,652,138
|
|||
|
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
|
A+
|
9,890,478
|
|||
1,450
|
5.250%, 9/01/33
|
9/23 at 100.00
|
A+
|
1,649,781
|
|||
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
|
A+
|
11,867,780
|
|||
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
|
A+
|
19,642,260
|
|||
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
|
A+
|
1,115,880
|
|||
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
|
A+
|
1,120,530
|
|||
2,650
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/33
|
4/22 at 100.00
|
A+
|
2,902,571
|
|||
3,770
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012G, 5.000%, 11/01/37
|
11/22 at 100.00
|
A+
|
4,169,507
|
|||
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
|
A+
|
11,171,562
|
|||
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
|
A+
|
15,244,882
|
|||
5,365
|
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
|
11/18 at 100.00
|
A
|
5,367,146
|
|||
4,250
|
Coronado Community Development Agency, California, Tax Allocation Bonds, Community Development Project, Series 2005, 5.000%, 9/01/30 – AMBAC Insured
|
10/18 at 100.00
|
AAA
|
4,260,667
|
|||
1,000
|
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32
|
9/22 at 100.00
|
A–
|
1,089,190
|
|||
110,320
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
|
6/25 at 100.00
|
A+
|
122,903,099
|
|||
1,000
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
|
6/23 at 100.00
|
A+
|
1,109,620
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
|
|
|
|
|||
$ |
9,000
|
5.000%, 11/15/29
|
11/25 at 100.00
|
A
|
$ |
10,057,860
|
|
11,000
|
5.000%, 11/15/35
|
11/25 at 100.00
|
A
|
12,077,560
|
|||
|
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A:
|
|
|
|
|||
1,750
|
5.000%, 9/01/25 – SYNCORA GTY Insured
|
10/18 at 100.00
|
BBB
|
1,750,578
|
|||
6,690
|
5.000%, 9/01/35 – SYNCORA GTY Insured
|
10/18 at 100.00
|
BBB
|
6,690,468
|
|||
4,000
|
Hesperia Unified School District, San Bernardino County, California, Certificates of Participation, Series 2013A, 5.000%, 2/01/38 – BAM Insured
|
2/23 at 100.00
|
AA
|
4,338,040
|
|||
3,725
|
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
|
3,964,741
|
|||
|
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2014A:
|
|
|
|
|||
530
|
5.000%, 9/01/29
|
9/24 at 100.00
|
A–
|
598,243
|
|||
1,900
|
5.000%, 9/01/30
|
9/24 at 100.00
|
A–
|
2,132,332
|
|||
1,220
|
5.000%, 9/01/31
|
9/24 at 100.00
|
A–
|
1,365,607
|
|||
1,955
|
Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A, 5.000%, 9/01/43
|
9/25 at 100.00
|
A+
|
2,129,093
|
|||
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
|
883,175
|
|||
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
|
1,083,280
|
|||
14,930
|
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
|
11/18 at 100.00
|
Aa2
|
14,964,190
|
|||
|
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
|
5,950,843
|
|||
5,620
|
5.000%, 6/01/37
|
6/26 at 100.00
|
AAA
|
6,512,793
|
|||
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Green Series 2017A:
|
|
|
|
|||
12,745
|
5.000%, 7/01/39
|
7/27 at 100.00
|
AAA
|
14,922,866
|
|||
9,640
|
5.000%, 7/01/42
|
7/27 at 100.00
|
AAA
|
11,205,440
|
|||
45,565
|
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
|
AA+
|
52,733,741
|
|||
9,045
|
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple Capital Facilities Project II, Series 2012, 5.000%, 8/01/42
|
8/22 at 100.00
|
AA
|
9,913,049
|
|||
|
Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, Subordinate Lien Series 2011A:
|
|
|
|
|||
1,625
|
6.750%, 9/01/26
|
9/21 at 100.00
|
A–
|
1,843,806
|
|||
750
|
7.000%, 9/01/31
|
9/21 at 100.00
|
A–
|
857,332
|
|||
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
|
2,024,225
|
|||
1,000
|
Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009, 7.000%, 3/01/34
|
11/18 at 100.00
|
A+
|
1,004,030
|
|||
1,655
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
A–
|
1,842,694
|
|||
26,575
|
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
|
Baa2
|
30,166,346
|
|||
|
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A:
|
|
|
|
|||
11,415
|
5.250%, 9/01/30
|
9/23 at 100.00
|
N/R
|
12,475,111
|
|||
10,235
|
5.750%, 9/01/39
|
9/23 at 100.00
|
N/R
|
11,246,320
|
|||
1,740
|
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
|
1,921,795
|
|||
10,360
|
Pico Rivera Water Authority, California, Revenue Bonds, Series 2001A, 6.250%, 12/01/32
|
12/18 at 100.00
|
N/R
|
10,449,407
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||
$ |
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–
|
$ |
7,701,138
|
|
3,250
|
Pomona Public Financing Authority, California, Revenue Refunding Bonds, Merged Redevelopment Projects, Series 2001AD, 5.000%, 2/01/27 – NPFG Insured
|
2/19 at 100.00
|
Baa2
|
3,259,100
|
|||
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|
|
|
|||
10,000
|
0.000%, 8/01/44 – NPFG Insured
|
No Opt. Call
|
Baa2
|
2,657,600
|
|||
29,955
|
0.000%, 8/01/45 – NPFG Insured
|
No Opt. Call
|
Baa2
|
7,564,237
|
|||
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+
|
3,994,340
|
|||
1,500
|
Redding Redevelopment Agency, California, Tax Allocation Bonds, Canby-Hilltop-Cypress Area Project, Series 2003A, 5.000%, 9/01/20 – NPFG Insured
|
11/18 at 100.00
|
A+
|
1,503,885
|
|||
960
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25
|
10/21 at 100.00
|
A
|
1,085,635
|
|||
|
Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012:
|
|
|
|
|||
990
|
5.000%, 9/01/29
|
9/22 at 100.00
|
N/R
|
1,057,765
|
|||
2,615
|
5.000%, 9/01/35
|
9/22 at 100.00
|
N/R
|
2,765,833
|
|||
|
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013:
|
|
|
|
|||
555
|
5.000%, 9/01/30
|
9/22 at 100.00
|
N/R
|
590,420
|
|||
710
|
5.000%, 9/01/42
|
9/22 at 100.00
|
N/R
|
746,622
|
|||
|
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
|
427,327
|
|||
575
|
5.000%, 9/01/37
|
9/25 at 100.00
|
N/R
|
631,425
|
|||
4,000
|
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment District 2 Bonds, Series 2016A, 5.000%, 10/01/41
|
10/26 at 100.00
|
AA
|
4,566,600
|
|||
|
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A:
|
|
|
|
|||
4,855
|
5.400%, 11/01/20 – AMBAC Insured
|
No Opt. Call
|
A+
|
5,051,191
|
|||
540
|
5.400%, 11/01/20 – NPFG Insured
|
No Opt. Call
|
Aa3
|
561,821
|
|||
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–
|
2,575,288
|
|||
|
San Buenaventura Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Areas, Series 2008:
|
|
|
|
|||
1,000
|
7.750%, 8/01/28
|
11/18 at 100.00
|
A
|
1,003,580
|
|||
1,325
|
8.000%, 8/01/38
|
11/18 at 100.00
|
A
|
1,330,048
|
|||
625
|
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
|
678,637
|
|||
49,510
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2016A, 5.000%, 4/01/48
|
4/26 at 100.00
|
AAA
|
56,676,572
|
|||
2,135
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42
|
4/22 at 100.00
|
AAA
|
2,345,426
|
|||
5,000
|
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Series 2014A, 5.000%, 4/01/44
|
4/24 at 100.00
|
AAA
|
5,618,650
|
|||
2,075
|
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
|
2,245,440
|
|||
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
|
5,653,950
|
|||
255
|
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
|
8/22 at 100.00
|
N/R
|
277,483
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Tax Obligation/Limited (continued)
|
|
|
|
|||
$ |
7,860
|
Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2011A, 6.750%, 9/01/28
|
3/21 at 100.00
|
AA+
|
$ |
8,762,092
|
|
2,770
|
Santa Ana Community Redevelopment Agency, Orange County, California, Tax Allocation Refunding Bonds, South Main Street Redevelopment, Series 2003B, 5.000%, 9/01/19 – FGIC Insured
|
11/18 at 100.00
|
A+
|
2,776,371
|
|||
1,315
|
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26
|
4/21 at 100.00
|
N/R
|
1,460,452
|
|||
|
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017:
|
|
|
|
|||
1,925
|
5.500%, 9/01/27, 144A
|
No Opt. Call
|
N/R
|
1,935,626
|
|||
1,455
|
5.750%, 9/01/32, 144A
|
9/27 at 100.00
|
N/R
|
1,457,008
|
|||
5,560
|
6.250%, 9/01/47, 144A
|
9/27 at 100.00
|
N/R
|
5,640,008
|
|||
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
|
9/22 at 100.00
|
N/R
|
1,436,157
|
|||
6,870
|
Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured
|
11/18 at 100.00
|
Baa2
|
6,872,748
|
|||
1,620
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured
|
10/22 at 100.00
|
AA
|
1,741,370
|
|||
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–
|
1,408,384
|
|||
638,420
|
Total Tax Obligation/Limited
|
|
|
670,944,156
|
|||
|
Transportation – 19.9% (12.7% of Total Investments)
|
|
|
|
|||
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B:
|
|
|
|
|||
6,990
|
5.000%, 10/01/34
|
10/26 at 100.00
|
BBB+
|
7,868,084
|
|||
5,445
|
5.000%, 10/01/36
|
10/26 at 100.00
|
BBB+
|
6,096,168
|
|||
20,725
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
|
1/24 at 100.00
|
BBB+
|
24,257,991
|
|||
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A:
|
|
|
|
|||
45,735
|
5.750%, 1/15/46
|
1/24 at 100.00
|
A–
|
52,088,964
|
|||
45,725
|
6.000%, 1/15/53
|
1/24 at 100.00
|
A–
|
53,083,982
|
|||
1,200
|
Long Beach, California, Harbor Revenue Bonds, Series 2015D, 5.000%, 5/15/42
|
5/25 at 100.00
|
AA
|
1,360,092
|
|||
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D:
|
|
|
|
|||
2,600
|
5.000%, 5/15/31 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
2,963,896
|
|||
11,420
|
5.000%, 5/15/33 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
12,943,542
|
|||
3,000
|
5.000%, 5/15/36 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
3,376,830
|
|||
11,335
|
5.000%, 5/15/41 (Alternative Minimum Tax)
|
5/25 at 100.00
|
AA
|
12,700,187
|
|||
1,500
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/35 (Alternative Minimum Tax)
|
5/26 at 100.00
|
AA–
|
1,687,140
|
|||
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B:
|
|
|
|
|||
1,765
|
5.000%, 5/15/30 (Alternative Minimum Tax)
|
5/26 at 100.00
|
AA–
|
2,016,283
|
|||
1,000
|
5.000%, 5/15/34 (Alternative Minimum Tax)
|
5/26 at 100.00
|
AA–
|
1,127,680
|
|||
5,835
|
5.000%, 5/15/46 (Alternative Minimum Tax)
|
5/26 at 100.00
|
AA–
|
6,478,834
|
|||
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2017A:
|
|
|
|
|||
3,680
|
5.000%, 5/15/42 (Alternative Minimum Tax)
|
5/27 at 100.00
|
AA–
|
4,137,498
|
|||
33,000
|
5.000%, 5/15/47 (Alternative Minimum Tax)
|
5/27 at 100.00
|
AA–
|
36,970,230
|
|||
15,355
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, 5.000%, 5/15/44 (Alternative Minimum Tax)
|
11/27 at 100.00
|
AA–
|
17,331,956
|
|||
1,250
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Series 2010D, 5.000%, 5/15/40 (UB) (5)
|
5/20 at 100.00
|
AA
|
1,317,500
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Transportation (continued)
|
|
|
|
|||
$ |
5,000
|
Los Angeles Harbors Department, California, Revenue Bonds, Refunding Series 2014B, 5.000%, 5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
$ |
5,644,150
|
|
|
Los Angeles Harbors Department, California, Revenue Bonds, Series 2014C:
|
|
|
|
|||
1,160
|
5.000%, 8/01/34
|
8/24 at 100.00
|
AA
|
1,318,955
|
|||
1,575
|
5.000%, 8/01/35
|
8/24 at 100.00
|
AA
|
1,787,121
|
|||
1,865
|
5.000%, 8/01/36
|
8/24 at 100.00
|
AA
|
2,115,078
|
|||
6,610
|
5.000%, 8/01/44
|
8/24 at 100.00
|
AA
|
7,461,566
|
|||
65
|
Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006, 5.450%, 7/01/20 (Alternative Minimum Tax)
|
11/18 at 100.00
|
N/R
|
65,023
|
|||
|
Port of Oakland, California, Revenue Bonds, Refunding Series 2012P:
|
|
|
|
|||
4,895
|
5.000%, 5/01/29 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
5,346,711
|
|||
7,340
|
5.000%, 5/01/31 (Alternative Minimum Tax)
|
5/22 at 100.00
|
A+
|
7,985,039
|
|||
1,000
|
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A, 5.750%, 6/01/44
|
6/23 at 100.00
|
BBB
|
1,108,000
|
|||
735
|
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/42
|
9/20 at 100.00
|
A–
|
774,389
|
|||
9,550
|
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2013B, 5.000%, 7/01/43 (Alternative Minimum Tax)
|
7/23 at 100.00
|
A+
|
10,419,145
|
|||
22,930
|
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+
|
25,811,384
|
|||
4,500
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2014B, 5.000%, 5/01/44
|
5/24 at 100.00
|
A+
|
5,011,830
|
|||
25,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, 5.000%, 5/01/46 (Alternative Minimum Tax)
|
5/26 at 100.00
|
A+
|
27,693,000
|
|||
14,500
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, 5.000%, 5/01/42 (Alternative Minimum Tax)
|
5/27 at 100.00
|
A+
|
16,261,025
|
|||
54,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017B, 5.000%, 5/01/47
|
5/27 at 100.00
|
A+
|
61,427,160
|
|||
2,465
|
San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.125%, 1/01/27 – AGM Insured (Alternative Minimum Tax)
|
1/19 at 100.00
|
AA
|
2,472,987
|
|||
|
San Jose, California, Airport Revenue Bonds, Refunding Series 2017A:
|
|
|
|
|||
3,250
|
5.000%, 3/01/36 (Alternative Minimum Tax)
|
3/27 at 100.00
|
A
|
3,681,860
|
|||
3,000
|
5.000%, 3/01/37 (Alternative Minimum Tax)
|
3/27 at 100.00
|
A
|
3,391,500
|
|||
1,500
|
Stockton Public Financing Authority, California, Lease Revenue Bonds, Parking & Capital Projects, Series 2004, 5.250%, 9/01/34 – FGIC Insured
|
11/18 at 100.00
|
Baa2
|
1,500,165
|
|||
388,500
|
Total Transportation
|
|
|
439,082,945
|
|||
|
U.S. Guaranteed – 20.1% (12.8% of Total Investments) (6)
|
|
|
|
|||
7,000
|
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA–
|
7,548,100
|
|||
3,000
|
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 7.250%, 3/01/36 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
N/R
|
3,402,480
|
|||
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
|
AA–
|
6,581,345
|
|||
4,075
|
California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Refunding Series 2010, 5.000%, 2/01/40 (Pre-refunded 2/01/20)
|
2/20 at 100.00
|
Aa3
|
4,277,854
|
|||
2,120
|
California Educational Facilities Authority, Revenue Bonds, University of San Francisco, Series 2011, 6.125%, 10/01/36 (Pre-refunded 10/01/21)
|
10/21 at 100.00
|
N/R
|
2,399,628
|
|||
2,470
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2017-XF2456, 13.511%, 10/01/38 (Pre-refunded 10/01/18) 144A (IF) (5)
|
10/18 at 100.00
|
Aa1
|
2,496,256
|
|||
16,405
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 (Pre-refunded 7/01/20) – AGC Insured
|
7/20 at 100.00
|
AA
|
17,488,058
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|||
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B:
|
|
|
|
|||
$ |
6,000
|
6.000%, 8/15/42 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
AA–
|
$ |
6,517,860
|
|
6,530
|
6.000%, 8/15/42 (Pre-refunded 8/15/20) (UB)
|
8/20 at 100.00
|
AA–
|
7,093,604
|
|||
5,360
|
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/23 – AGM Insured (ETM)
|
No Opt. Call
|
Aaa
|
6,154,030
|
|||
11,755
|
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
BBB
|
12,701,513
|
|||
3,795
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20)
|
7/20 at 100.00
|
Baa2
|
4,075,906
|
|||
2,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
A3
|
2,146,860
|
|||
5,000
|
California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.250%, 6/01/40 (Pre-refunded 6/01/20)
|
6/20 at 100.00
|
A3
|
5,402,400
|
|||
11,650
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30 (Pre-refunded 10/01/19)
|
10/19 at 100.00
|
Aaa
|
12,188,580
|
|||
6,860
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
Aaa
|
7,249,717
|
|||
2,260
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 5.750%, 3/01/30 (Pre-refunded 3/01/20)
|
3/20 at 100.00
|
Aaa
|
2,404,007
|
|||
4,900
|
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 4/01/38 (Pre-refunded 4/01/19)
|
4/19 at 100.00
|
Aaa
|
5,030,830
|
|||
32,000
|
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 2011A, 6.000%, 8/15/42 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
AA–
|
34,729,600
|
|||
2,010
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
N/R
|
2,105,837
|
|||
2,905
|
Carson Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1, Series 2009A, 7.000%, 10/01/36 (Pre-refunded 10/01/19)
|
10/19 at 100.00
|
A–
|
3,077,818
|
|||
9,520
|
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 1988, 8.250%, 6/01/21 (Alternative Minimum Tax) (ETM)
|
No Opt. Call
|
Aaa
|
10,283,218
|
|||
9,060
|
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27 (Pre-refunded 10/01/18)
|
10/18 at 100.00
|
A
|
9,086,999
|
|||
10,225
|
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20)
|
3/20 at 100.00
|
AA–
|
10,827,559
|
|||
|
Marysville, California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011:
|
|
|
|
|||
275
|
5.125%, 1/01/32 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
296,678
|
|||
525
|
5.200%, 1/01/34 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
567,278
|
|||
125
|
5.250%, 1/01/35 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
135,208
|
|||
250
|
5.250%, 1/01/37 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
270,415
|
|||
15,615
|
5.250%, 1/01/42 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
A
|
16,890,121
|
|||
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
|
|
|
|
|||
4,450
|
6.500%, 8/01/24 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
A
|
5,061,697
|
|||
3,000
|
7.000%, 8/01/32 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
A
|
3,454,800
|
|||
7,500
|
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presybterian, Series 2011A, 6.000%, 12/01/40 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R
|
8,537,325
|
|||
|
Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010:
|
|
|
|
|||
3,775
|
5.875%, 3/01/32 (Pre-refunded 3/01/20)
|
3/20 at 100.00
|
A+
|
4,019,582
|
|||
1,500
|
6.000%, 3/01/36 (Pre-refunded 3/01/20)
|
3/20 at 100.00
|
A+
|
1,599,930
|
|||
3,380
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 2016-XG0022, 13.405%, 2/01/35 (Pre-refunded 2/01/19) 144A (IF)
|
2/19 at 100.00
|
AAA
|
3,582,361
|
|||
1,510
|
Orange County Sanitation District, California, Certificates of Participation, Tender Option Bond Trust 2017-XF2452, 13.505%, 2/01/35 (Pre-refunded 2/01/19) 144A (IF) (5)
|
2/19 at 100.00
|
AAA
|
1,600,434
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|||
$ |
5,840
|
Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, 5.375%, 8/15/29 (ETM)
|
No Opt. Call
|
N/R
|
$ |
7,215,378
|
|
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
|
AAA
|
1,139,504
|
|||
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
|
|
|
|
|||
12,000
|
6.625%, 11/01/29 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
12,708,720
|
|||
7,885
|
6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
8,361,964
|
|||
39,485
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20)
|
11/20 at 100.00
|
BBB–
|
43,256,607
|
|||
2,005
|
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
|
No Opt. Call
|
Aaa
|
2,289,229
|
|||
2,000
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 (ETM)
|
No Opt. Call
|
C
|
2,479,820
|
|||
5,335
|
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
A–
|
5,963,730
|
|||
6,750
|
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Interstate 215 Corridor Redevelopment Project Area, Series 2010E, 6.500%, 10/01/40 (Pre-refunded 10/01/20)
|
10/20 at 100.00
|
A–
|
7,438,905
|
|||
2,885
|
Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2010A, 6.000%, 10/01/39 (Pre-refunded 10/01/20)
|
10/20 at 100.00
|
A3
|
3,150,103
|
|||
1,460
|
Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R, 5.000%, 8/01/37 – FGIC Insured (ETM)
|
11/18 at 100.00
|
Baa2
|
1,462,278
|
|||
445
|
Sacramento Regional Transit District, California, Farebox Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/42 (Pre-refunded 9/01/20)
|
9/20 at 100.00
|
N/R
|
473,778
|
|||
6,500
|
San Diego Community College District, California, General Obligation Bonds, Refunding Series 2011, 5.000%, 8/01/41 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
AAA
|
7,126,860
|
|||
|
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Series 2010A:
|
|
|
|
|||
11,320
|
5.250%, 5/15/25 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+
|
12,031,236
|
|||
11,000
|
5.250%, 5/15/26 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+
|
11,691,130
|
|||
12,000
|
5.250%, 5/15/27 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+
|
12,764,400
|
|||
7,170
|
5.250%, 5/15/28 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
AA+
|
7,626,729
|
|||
2,000
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19)
|
8/19 at 100.00
|
A–
|
2,091,800
|
|||
780
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A–
|
876,385
|
|||
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
|
|
|
|
|||
785
|
7.000%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
886,618
|
|||
980
|
7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
BBB+
|
1,106,861
|
|||
2,750
|
San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35 (Pre-refunded 8/01/20)
|
8/20 at 100.00
|
AA
|
2,956,910
|
|||
1,850
|
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 13.230%, 8/01/40 (Pre-refunded 8/01/19) 144A (IF)
|
8/19 at 100.00
|
AAA
|
2,090,148
|
|||
220
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
241,138
|
|||
1,895
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A, 5.000%, 9/01/42 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
Aaa
|
2,082,889
|
|||
2,475
|
Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 7.000%, 8/01/39 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
BBB+
|
2,846,052
|
|||
1,200
|
Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.500%, 9/01/39 (Pre-refunded 3/01/21)
|
3/21 at 100.00
|
A–
|
1,373,028
|
|||
1,000
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
A+
|
1,164,100
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
U.S. Guaranteed (6) (continued)
|
|
|
|
|||
$ |
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–
|
$ |
10,135,758
|
|
10,700
|
Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
BBB+
|
11,890,268
|
|||
|
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009:
|
|
|
|
|||
12,500
|
6.250%, 11/01/39 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
13,162,500
|
|||
5,000
|
5.750%, 11/01/45 (Pre-refunded 11/01/19)
|
11/19 at 100.00
|
N/R
|
5,236,500
|
|||
|
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A:
|
|
|
|
|||
865
|
6.000%, 9/01/26 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
973,211
|
|||
1,420
|
6.500%, 9/01/32 (Pre-refunded 9/01/21)
|
9/21 at 100.00
|
N/R
|
1,618,260
|
|||
4,000
|
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21)
|
8/21 at 100.00
|
Aa2
|
4,414,040
|
|||
408,675
|
Total U.S. Guaranteed
|
|
|
443,612,725
|
|||
|
Utilities – 5.4% (3.4% of Total Investments)
|
|
|
|
|||
4,930
|
California Statewide Communities Development Authority, Certificates of Participation, Rio Bravo Fresno Project, Refunding Series 1999A, 6.500%, 12/01/18
|
11/18 at 100.00
|
N/R
|
4,929,556
|
|||
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
|
|
|
|
|||
14,140
|
5.000%, 11/15/35
|
No Opt. Call
|
A+
|
17,128,630
|
|||
7,610
|
5.500%, 11/15/37
|
No Opt. Call
|
A+
|
9,798,788
|
|||
33,735
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43
|
7/22 at 100.00
|
AA
|
37,152,356
|
|||
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
|
AA
|
5,539,824
|
|||
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
|
AA
|
4,465,720
|
|||
6,150
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/47
|
1/27 at 100.00
|
AA
|
7,059,400
|
|||
14,635
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/42
|
7/27 at 100.00
|
AA
|
16,999,284
|
|||
3,000
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 2015-XF2047, 13.232%, 7/01/43, 144A (IF) (5)
|
7/22 at 100.00
|
AA
|
4,215,660
|
|||
2,500
|
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Tender Option Bond Trust 2016-XG0060, 13.515%, 8/15/41, 144A (IF) (5)
|
8/23 at 100.00
|
AA
|
3,641,050
|
|||
|
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
|
1,779,342
|
|||
1,500
|
5.000%, 7/01/38
|
7/24 at 100.00
|
AA
|
1,697,625
|
|||
4,000
|
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
No Opt. Call
|
A
|
4,742,440
|
|||
102,630
|
Total Utilities
|
|
|
119,149,675
|
|||
|
Water and Sewer – 17.0% (10.8% of Total Investments)
|
|
|
|
|||
|
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A:
|
|
|
|
|||
2,000
|
5.000%, 10/01/27
|
4/23 at 100.00
|
AA–
|
2,263,700
|
|||
6,010
|
5.000%, 10/01/29
|
4/23 at 100.00
|
AA–
|
6,782,766
|
|||
7,000
|
5.000%, 10/01/34
|
4/23 at 100.00
|
AA–
|
7,835,100
|
|||
3,500
|
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
|
4,174,310
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Water and Sewer (continued)
|
|
|
|
|||
|
California Infrastructure and Economic Development Bank. Clean Water State Revolving Fund Revenue Bonds, Green Series 2018:
|
|
|
|
|||
$ |
5,000
|
5.000%, 10/01/43
|
4/28 at 100.00
|
AAA
|
$ |
5,881,200
|
|
5,415
|
5.000%, 10/01/48
|
4/28 at 100.00
|
AAA
|
6,344,593
|
|||
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012:
|
|
|
|
|||
3,925
|
5.000%, 7/01/37, 144A (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
4,149,588
|
|||
65,500
|
5.000%, 11/21/45, 144A (Alternative Minimum Tax)
|
7/22 at 100.00
|
Baa3
|
69,055,340
|
|||
175
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured
|
11/18 at 100.00
|
AA
|
175,492
|
|||
385
|
California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2004A, 5.250%, 10/01/24 – AGM Insured
|
11/18 at 100.00
|
AA
|
386,063
|
|||
2,500
|
Central Basin Municipal Water District, California, Certificates of Participation, Tender Option Bond Trust 2016-XG0038, 13.022%, 8/01/39, 144A – AGM Insured (IF) (5)
|
2/20 at 100.00
|
AA
|
2,881,000
|
|||
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
|
11,305,600
|
|||
4,950
|
East Valley Water District Financing Authority, California, Refunding Revenue Bonds, Series 2010, 5.000%, 10/01/40
|
10/20 at 100.00
|
AA–
|
5,229,180
|
|||
5,915
|
Eastern Municipal Water District, California, Water and Wastewater Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/42
|
7/26 at 100.00
|
AA+
|
6,774,035
|
|||
4,265
|
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41
|
3/22 at 100.00
|
AA–
|
4,595,410
|
|||
2,000
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.000%, 7/01/41
|
1/21 at 100.00
|
AA+
|
2,136,380
|
|||
2,355
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012B, 5.000%, 7/01/37
|
7/22 at 100.00
|
AA+
|
2,599,025
|
|||
24,070
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44
|
7/24 at 100.00
|
AA+
|
27,102,339
|
|||
22,595
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A, 5.000%, 7/01/46
|
1/21 at 100.00
|
AA+
|
25,736,157
|
|||
50,615
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A, 5.000%, 7/01/44
|
1/27 at 100.00
|
AA+
|
58,300,888
|
|||
22,375
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018A, 5.000%, 7/01/48
|
1/28 at 100.00
|
AA+
|
25,910,921
|
|||
23,430
|
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2011A, 5.250%, 7/01/39 (UB) (5)
|
1/21 at 100.00
|
AA+
|
25,343,293
|
|||
1,490
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Series 2015C, 5.000%, 6/01/45
|
6/25 at 100.00
|
AA+
|
1,691,940
|
|||
4,420
|
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47
|
6/27 at 100.00
|
AA
|
5,231,512
|
|||
1,570
|
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/32
|
6/25 at 100.00
|
AA+
|
1,824,654
|
|||
|
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
|
1,401,023
|
|||
6,840
|
5.000%, 6/01/35
|
6/23 at 100.00
|
AA
|
7,684,056
|
|||
1,830
|
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 2016-XL0015, 13.610%, 7/01/35, 144A (IF) (5)
|
7/19 at 100.00
|
AAA
|
2,033,551
|
|||
3,500
|
Placerville Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
|
11/18 at 100.00
|
N/R
|
3,501,540
|
|||
4,070
|
Public Utilities Commission of the City and County of San Francisco, California, Wastewater Revenue Bonds, Series 2018B, 5.000%, 10/01/43
|
4/28 at 100.00
|
AA
|
4,735,486
|
NAC
|
Nuveen California Quality Municipal Income Fund
|
|
|
Portfolio of Investments (continued)
|
|
|
August 31, 2018 (Unaudited)
|
|
|
||
|
Principal
|
|
Optional Call
|
|
|
|||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||
|
Water and Sewer (continued)
|
|
|
|
|||
$ |
2,525
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Crossover Refunding Series 2001, 5.500%, 12/01/20 – AMBAC Insured
|
No Opt. Call
|
AA
|
$ |
2,743,564
|
|
3,000
|
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
|
6/24 at 100.00
|
AA
|
3,429,570
|
|||
5,825
|
Sacramento, California, Wastewater Revenue Bonds, Series 2013, 5.000%, 9/01/42
|
9/23 at 100.00
|
AA
|
6,512,700
|
|||
1,440
|
San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 5/15/33
|
5/26 at 100.00
|
AA+
|
1,690,517
|
|||
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
|
4,626,240
|
|||
5,580
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2011A, 5.000%, 11/01/41 (UB)
|
11/21 at 100.00
|
AA–
|
6,078,573
|
|||
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Tender Option Bond Trust 2015-XF0226:
|
|
|
|
|||
750
|
13.355%, 1/01/20, 144A (IF)
|
No Opt. Call
|
AA–
|
1,062,592
|
|||
750
|
13.453%, 6/01/20, 144A (IF)
|
No Opt. Call
|
AA–
|
1,026,832
|
|||
7,500
|
Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding Series 2016A, 5.000%, 6/01/46
|
12/25 at 100.00
|
Aa1
|
8,605,800
|
|||
|
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2015:
|
|
|
|
|||
3,000
|
5.000%, 8/01/40
|
8/25 at 100.00
|
AA
|
3,427,920
|
|||
1,600
|
5.000%, 8/01/45
|
8/25 at 100.00
|
AA
|
1,822,816
|
|||
1,095
|
Silicon Valley Clean Water, Mateo County, California, Wastewater Revenue Bonds, Series 2018, 4.000%, 8/01/46
|
2/28 at 100.00
|
AA
|
1,146,585
|
|||
336,010
|
Total Water and Sewer
|
|
|
375,239,851
|
|||
$ |
3,345,585
|
Total Long-Term Investments (cost $3,213,933,910)
|
|
|
3,461,235,901
|
||
|
Floating Rate Obligations – (1.3)%
|
|
|
(27,580,000)
|
|||
|
Borrowings – (0.6)% (7)
|
|
|
(12,200,000)
|
|||
|
MuniFund Preferred Shares, net of deferred offering costs – (14.5)% (8)
|
|
|
(319,722,492)
|
|||
|
Variable Rate Demand Preferred Shares, net of deferred offering costs – (43.3)% (9)
|
|
|
(953,723,213)
|
|||
|
Other Assets Less Liabilities – 2.6%
|
|
|
54,611,934
|
|||
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ |
2,202,622,130
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(7)
|
Borrowings as a percentage of Total Investments is 0.4%.
|
(8)
|
MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 9.2%.
|
(9)
|
Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 27.6%.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
ETM
|
Escrowed to maturity.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Assets
|
||||||||||||||||
Long-term investments, at value (cost $244,083,063, $46,829,720, $1,078,968,844 and $3,213,933,910, respectively)
|
$
|
265,980,997
|
$
|
51,623,520
|
$
|
1,170,671,105
|
$
|
3,461,235,901
|
||||||||
Short-term investments, at value (cost approximates value)
|
17,670,000
|
—
|
—
|
—
|
||||||||||||
Cash
|
—
|
53,151
|
—
|
—
|
||||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
2,741,110
|
567,447
|
13,177,513
|
42,188,426
|
||||||||||||
Investments sold
|
2,636,621
|
240,000
|
1,293,050
|
24,817,800
|
||||||||||||
Other assets
|
44,536
|
2,477
|
340,193
|
1,023,092
|
||||||||||||
Total assets
|
289,073,264
|
52,486,595
|
1,185,481,861
|
3,529,265,219
|
||||||||||||
Liabilities
|
||||||||||||||||
Borrowings
|
—
|
—
|
—
|
12,200,000
|
||||||||||||
Cash overdraft
|
1,270,748
|
—
|
720,215
|
2,075,771
|
||||||||||||
Floating rate obligations
|
—
|
—
|
20,975,000
|
27,580,000
|
||||||||||||
Payable for:
|
||||||||||||||||
Dividends
|
755,653
|
171,894
|
2,549,568
|
7,756,362
|
||||||||||||
Investments purchased
|
—
|
—
|
—
|
516,643
|
||||||||||||
Offering costs
|
—
|
—
|
—
|
204,476
|
||||||||||||
MuniFund Preferred (“MFP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $140,400,000 and $320,000,000, respectively)
|
—
|
—
|
139,979,412
|
319,722,492
|
||||||||||||
Variable Rate Demand Preferred (“VRDP”) Shares, net of deferred offering costs (liquidation preference $—, $—, $292,200,000 and $957,600,000, respectively)
|
—
|
—
|
290,262,317
|
953,723,213
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
114,072
|
27,300
|
590,067
|
1,680,817
|
||||||||||||
Directors/Trustees fees
|
42,651
|
212
|
146,200
|
582,311
|
||||||||||||
Professional fees
|
12,671
|
12,521
|
14,955
|
15,607
|
||||||||||||
Other
|
71,378
|
22,290
|
280,755
|
585,397
|
||||||||||||
Total liabilities
|
2,267,173
|
234,217
|
455,518,489
|
1,326,643,089
|
||||||||||||
Net assets applicable to common shares
|
$
|
286,806,091
|
$
|
52,252,378
|
$
|
729,963,372
|
$
|
2,202,622,130
|
||||||||
Common shares outstanding
|
28,090,999
|
3,299,377
|
47,750,334
|
145,105,059
|
||||||||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
10.21
|
$
|
15.84
|
$
|
15.29
|
$
|
15.18
|
||||||||
Net assets applicable to common shares consist of:
|
||||||||||||||||
Common shares, $0.01 par value per share
|
$
|
280,910
|
$
|
32,994
|
$
|
477,503
|
$
|
1,451,051
|
||||||||
Paid-in surplus
|
266,548,700
|
47,161,859
|
639,990,660
|
1,970,829,706
|
||||||||||||
Undistributed (Over-distribution of) net investment income
|
(752,413
|
)
|
177,952
|
(1,180,389
|
)
|
(3,807,447
|
)
|
|||||||||
Accumulated net realized gain (loss)
|
(1,169,040
|
)
|
85,773
|
(1,026,663
|
)
|
(13,153,171
|
)
|
|||||||||
Net unrealized appreciation (depreciation)
|
21,897,934
|
4,793,800
|
91,702,261
|
247,301,991
|
||||||||||||
Net assets applicable to common shares
|
$
|
286,806,091
|
$
|
52,252,378
|
$
|
729,963,372
|
$
|
2,202,622,130
|
||||||||
Authorized shares:
|
||||||||||||||||
Common
|
250,000,000
|
Unlimited
|
Unlimited
|
Unlimited
|
||||||||||||
Preferred
|
N/A
|
N/A
|
Unlimited
|
Unlimited
|
||||||||||||
N/A – Fund is not authorized to issue Preferred shares.
|
Statement of Operations
|
|
Six Months Ended August 31, 2018 (Unaudited)
|
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Investment Income
|
$
|
5,727,956
|
$
|
1,303,408
|
$
|
24,931,885
|
$
|
75,846,684
|
||||||||
Expenses
|
||||||||||||||||
Management fees
|
685,632
|
162,464
|
3,510,579
|
10,051,603
|
||||||||||||
Interest expense and amortization of offering costs
|
—
|
—
|
3,535,148
|
11,822,449
|
||||||||||||
Liquidity fees
|
—
|
—
|
1,162,525
|
3,035,526
|
||||||||||||
Remarketing fees
|
—
|
—
|
364,627
|
376,324
|
||||||||||||
Custodian fees
|
19,196
|
7,415
|
61,915
|
158,972
|
||||||||||||
Directors/Trustees fees
|
4,124
|
751
|
16,706
|
50,742
|
||||||||||||
Professional fees
|
15,043
|
12,923
|
49,524
|
60,650
|
||||||||||||
Shareholder reporting expenses
|
18,517
|
7,440
|
27,331
|
61,432
|
||||||||||||
Shareholder servicing agent fees
|
6,025
|
67
|
5,295
|
16,697
|
||||||||||||
Stock exchange listing fees
|
4,386
|
3,414
|
6,640
|
20,126
|
||||||||||||
Investor relations expenses
|
8,440
|
1,899
|
31,195
|
94,685
|
||||||||||||
Shelf offering expenses
|
260,001
|
—
|
—
|
—
|
||||||||||||
Other
|
10,069
|
6,995
|
127,340
|
204,838
|
||||||||||||
Total expenses
|
1,031,433
|
203,368
|
8,898,825
|
25,954,044
|
||||||||||||
Net investment income (loss)
|
4,696,523
|
1,100,040
|
16,033,060
|
49,892,640
|
||||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
557,912
|
171,327
|
6,767,478
|
15,190,837
|
||||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
234,006
|
(425,541
|
)
|
(5,455,300
|
)
|
(14,787,527
|
)
|
|||||||||
Net realized and unrealized gain (loss)
|
791,918
|
(254,214
|
)
|
1,312,178
|
403,310
|
|||||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
$
|
5,488,441
|
$
|
845,826
|
$
|
17,345,238
|
$
|
50,295,950
|
|
NCA
|
NCB
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
4,696,523
|
$
|
10,648,447
|
$
|
1,100,040
|
$
|
2,235,504
|
||||||||
Net realized gain (loss) from investments
|
557,912
|
475,814
|
171,327
|
357,553
|
||||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
234,006
|
(1,499,558
|
)
|
(425,541
|
)
|
(663,775
|
)
|
|||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
5,488,441
|
9,624,703
|
845,826
|
1,929,282
|
||||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
From net investment income
|
(4,803,561
|
)
|
(11,269,691
|
)
|
(1,068,912
|
)
|
(2,730,914
|
)
|
||||||||
From accumulated net realized gains
|
—
|
—
|
—
|
(435,138
|
)
|
|||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(4,803,561
|
)
|
(11,269,691
|
)
|
(1,068,912
|
)
|
(3,166,052
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
2,046,091
|
—
|
—
|
||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
229,365
|
6,321
|
105,065
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
2,275,456
|
6,321
|
105,065
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
684,880
|
630,468
|
(216,765
|
)
|
(1,131,705
|
)
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
286,121,211
|
285,490,743
|
52,469,143
|
53,600,848
|
||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
286,806,091
|
$
|
286,121,211
|
$
|
52,252,378
|
$
|
52,469,143
|
||||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
(752,413
|
)
|
$
|
(645,375
|
)
|
$
|
177,952
|
$
|
146,824
|
|
NKX
|
NAC
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
16,033,060
|
$
|
34,241,707
|
$
|
49,892,640
|
$
|
106,378,775
|
||||||||
Net realized gain (loss) from investments
|
6,767,478
|
3,157,902
|
15,190,837
|
10,326,149
|
||||||||||||
Change in net unrealized appreciation (depreciation) of investments
|
(5,455,300
|
)
|
(4,812,334
|
)
|
(14,787,527
|
)
|
(24,253,703
|
)
|
||||||||
Net increase (decrease) in net assets applicable to common shares from operations
|
17,345,238
|
32,587,275
|
50,295,950
|
92,451,221
|
||||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
From net investment income
|
(16,044,112
|
)
|
(36,805,471
|
)
|
(49,625,930
|
)
|
(112,093,659
|
)
|
||||||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
||||||||||||
Decrease in net assets applicable to common shares from distributions to common shareholders
|
(16,044,112
|
)
|
(36,805,471
|
)
|
(49,625,930
|
)
|
(112,093,659
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Common shares:
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
||||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
—
|
231,711
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares from capital share transactions
|
—
|
231,711
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
1,301,126
|
(3,986,485
|
)
|
670,020
|
(19,642,438
|
)
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
728,662,246
|
732,648,731
|
2,201,952,110
|
2,221,594,548
|
||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
729,963,372
|
$
|
728,662,246
|
$
|
2,202,622,130
|
$
|
2,201,952,110
|
||||||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
(1,180,389
|
)
|
$
|
(1,169,337
|
)
|
$
|
(3,807,447
|
)
|
$
|
(4,074,157
|
)
|
Statement of Cash Flows
|
|
Six Months Ended August 31, 2018 (Unaudited)
|
|
NKX
|
NAC
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
17,345,238
|
$
|
50,295,950
|
||||
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
|
(135,339,501
|
)
|
(377,048,479
|
)
|
||||
Proceeds from sales and maturities of investments
|
141,771,704
|
391,476,006
|
||||||
Taxes paid
|
(1,441
|
)
|
(5,597
|
)
|
||||
Amortization (Accretion) of premiums and discounts, net
|
730,427
|
4,605,156
|
||||||
Amortization of deferred offering costs
|
5,627
|
9,928
|
||||||
(Increase) Decrease in:
|
||||||||
Receivable for interest
|
422,648
|
1,451,438
|
||||||
Receivable for investments sold
|
2,870,839
|
(7,259,146
|
)
|
|||||
Other assets
|
(9,513
|
)
|
60,139
|
|||||
Increase (Decrease) in:
|
||||||||
Payable for investments purchased
|
(3,810,411
|
)
|
(14,483,839
|
)
|
||||
Payable for offering costs
|
—
|
(144,947
|
)
|
|||||
Accrued management fees
|
54,221
|
129,715
|
||||||
Accrued Directors/Trustees fees
|
9,327
|
42,529
|
||||||
Accrued professional fees
|
(18,513
|
)
|
(27,893
|
)
|
||||
Accrued other expenses
|
40,798
|
48,147
|
||||||
Net realized (gain) loss from investments
|
(6,767,478
|
)
|
(15,190,837
|
)
|
||||
Change in net unrealized (appreciation) depreciation of investments
|
5,455,300
|
14,787,527
|
||||||
Net cash provided by (used in) operating activities
|
22,759,272
|
48,745,797
|
||||||
Cash Flows from Financing Activities:
|
||||||||
Proceeds from borrowings
|
44,800,000
|
139,600,000
|
||||||
Repayments of borrowings
|
(51,600,000
|
)
|
(138,200,000
|
)
|
||||
Increase (Decrease) in cash overdraft
|
353,389
|
(84,551
|
)
|
|||||
Cash distributions paid to common shareholders
|
(16,312,661
|
)
|
(50,061,246
|
)
|
||||
Net cash provided by (used in) financing activities
|
(22,759,272
|
)
|
(48,745,797
|
)
|
||||
Net Increase (Decrease) in Cash
|
—
|
—
|
||||||
Cash at the beginning of period
|
—
|
—
|
||||||
Cash at the end of period
|
$
|
—
|
$
|
—
|
||||
Supplemental Disclosures of Cash Flow
|
||||||||
Cash paid for interest (excluding amortization of offering costs)
|
$
|
3,534,757
|
$
|
11,653,569
|
Financial Highlights (Unaudited)
|
|||||||||||||||||
Selected data for a common share outstanding throughout each period:
|
|
Less Distributions
|
|||||||||||||||||||||||||||||||||||||||
|
Investment Operations
|
to Common Shareholders
|
Common Share | |||||||||||||||||||||||||||||||||||||
|
Premium
|
|||||||||||||||||||||||||||||||||||||||
|
From
|
per Share
|
||||||||||||||||||||||||||||||||||||||
|
Beginning
|
Net
|
Net
|
From
|
Accumu-
|
Sold | ||||||||||||||||||||||||||||||||||
|
Common
|
Investment
|
Realized/
|
Net
|
lated Net
|
through
|
Ending
|
|||||||||||||||||||||||||||||||||
|
Share
|
Income
|
Unrealized |
Investment
|
Realized
|
Shelf
|
Ending
|
Share
|
||||||||||||||||||||||||||||||||
|
NAV
|
(Loss)
|
Gain (Loss) |
Total
|
Income
|
Gains
|
Total
|
Offering
|
NAV
|
Price
|
||||||||||||||||||||||||||||||
NCA
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||
2019(e)
|
$
|
10.19
|
$
|
0.17
|
$
|
0.02
|
$
|
0.19
|
$
|
(0.17
|
)
|
$
|
—
|
$
|
(0.17
|
)
|
$
|
—
|
$
|
10.21
|
$
|
9.69
|
||||||||||||||||||
2018
|
10.24
|
0.38
|
(0.03
|
)
|
0.35
|
(0.40
|
)
|
—
|
(0.40
|
)
|
—
|
*
|
10.19
|
9.55
|
||||||||||||||||||||||||||
2017
|
10.56
|
0.42
|
(0.32
|
)
|
0.10
|
(0.44
|
)
|
—
|
(0.44
|
)
|
0.02
|
10.24
|
10.21
|
|||||||||||||||||||||||||||
2016
|
10.54
|
0.45
|
0.03
|
0.48
|
(0.47
|
)
|
—
|
(0.47
|
)
|
0.01
|
10.56
|
10.79
|
||||||||||||||||||||||||||||
2015
|
10.03
|
0.46
|
0.51
|
0.97
|
(0.47
|
)
|
—
|
(0.47
|
)
|
0.01
|
10.54
|
10.64
|
||||||||||||||||||||||||||||
2014
|
10.45
|
0.47
|
(0.42
|
)
|
0.05
|
(0.47
|
)
|
—
|
(0.47
|
)
|
—
|
10.03
|
9.57
|
|||||||||||||||||||||||||||
NCB
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28–2/29:
|
||||||||||||||||||||||||||||||||||||||||
2019(e)
|
15.90
|
0.33
|
(0.07
|
)
|
0.26
|
(0.32
|
)
|
—
|
(0.32
|
)
|
—
|
15.84
|
15.50
|
|||||||||||||||||||||||||||
2018
|
16.28
|
0.68
|
(0.10
|
)
|
0.58
|
(0.83
|
)
|
(0.13
|
)
|
(0.96
|
)
|
—
|
15.90
|
15.62
|
||||||||||||||||||||||||||
2017
|
17.23
|
0.77
|
(0.73
|
)
|
0.04
|
(0.79
|
)
|
(0.20
|
)
|
(0.99
|
)
|
—
|
16.28
|
16.70
|
||||||||||||||||||||||||||
2016
|
17.50
|
0.82
|
(0.05
|
)
|
0.77
|
(0.81
|
)
|
(0.23
|
)
|
(1.04
|
)
|
—
|
17.23
|
17.70
|
||||||||||||||||||||||||||
2015
|
16.80
|
0.84
|
0.76
|
1.60
|
(0.79
|
)
|
(0.11
|
)
|
(0.90
|
)
|
—
|
17.50
|
16.68
|
|||||||||||||||||||||||||||
2014
|
17.57
|
0.83
|
(0.82
|
)
|
0.01
|
(0.78
|
)
|
—
|
(0.78
|
)
|
—
|
16.80
|
15.53
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
*
|
Rounds to less than $0.01 per share.
|
Common Share Supplemental Data/ | ||||||||||||||||||||||
Common Share
|
Ratios Applicable to Common Shares | |||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
|
|||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(b)
|
Income (Loss)
|
Rate(d)
|
||||||||||||||||
1.88
|
%
|
3.32
|
%
|
$
|
286,806
|
0.71
|
%**
|
3.25
|
%**
|
13
|
%
|
|||||||||||
3.45
|
(2.72
|
)
|
286,121
|
0.56
|
3.67
|
23
|
||||||||||||||||
1.12
|
(1.32
|
)
|
285,491
|
0.58
|
4.00
|
25
|
||||||||||||||||
4.81
|
6.08
|
279,880
|
0.64
|
4.35
|
10
|
|||||||||||||||||
9.91
|
16.36
|
268,050
|
0.64(c
|
)
|
4.41(c
|
)
|
13
|
|||||||||||||||
0.62
|
(3.80
|
)
|
253,639
|
0.62
|
4.73
|
20
|
||||||||||||||||
1.67
|
1.31
|
52,252
|
0.77
|
**
|
4.16
|
**
|
8
|
|||||||||||||||
3.56
|
(0.90
|
)
|
52,469
|
0.77
|
4.14
|
8
|
||||||||||||||||
0.25
|
0.10
|
53,601
|
0.74
|
4.52
|
23
|
|||||||||||||||||
4.57
|
12.91
|
56,673
|
0.74
|
4.78
|
8
|
|||||||||||||||||
9.68
|
13.41
|
57,532
|
0.75
|
4.84
|
7
|
|||||||||||||||||
0.22
|
(3.08
|
)
|
55,236
|
0.76
|
5.00
|
12
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NCA
|
|
NCB
|
|
|
Year Ended 2/28–2/29:
|
|
Year Ended 2/28–2/29:
|
|
|
2019(e)
|
—%**
|
2019(e)
|
—%**
|
|
2018
|
—
|
2018
|
—
|
|
2017
|
0.01
|
2017
|
—
|
|
2016
|
0.01
|
2016
|
—
|
|
2015
|
0.01
|
2015
|
—
|
|
2014
|
0.01
|
2014
|
—
|
(c)
|
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program. As a result the expenses and net investment income (loss) ratios to average net assets applicable to common shares reflect the voluntary expense reimbursement from Adviser. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reimbursement from Adviser are as follows:
|
|
Ratio to Average Net Assets
|
|
|
|
Net Investment
|
NCA
|
Expenses
|
Income (Loss)
|
Year Ended 2/28-2/29:
|
|
|
2015
|
0.67%
|
4.38%
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(e)
|
For the six months ended August 31, 2018.
|
**
|
Annualized.
|
Selected data for a common share outstanding throughout each period:
|
|||||
|
|
Less Distributions
to Common Shareholders
|
|||||||||||||||||||||||||||||||||||||||
|
Investment Operations
|
Common Share
|
||||||||||||||||||||||||||||||||||||||
|
Premium
|
|||||||||||||||||||||||||||||||||||||||
|
From
|
per
|
||||||||||||||||||||||||||||||||||||||
|
Accumu-
|
Share
|
||||||||||||||||||||||||||||||||||||||
|
Beginning
|
Net
|
Net
|
From
|
lated
|
Sold
|
||||||||||||||||||||||||||||||||||
|
Common
|
Investment
|
Realized/
|
Net
|
Net
|
through
|
Ending
|
|||||||||||||||||||||||||||||||||
|
Share
|
Income
|
Unrealized
|
Investment
|
Realized
|
Shelf
|
Ending
|
Share
|
||||||||||||||||||||||||||||||||
|
NAV
|
(Loss)
|
Gain (Loss)
|
Total
|
Income
|
Gains
|
Total
|
Offering
|
NAV
|
Price
|
||||||||||||||||||||||||||||||
NKX
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||
2019(f)
|
$
|
15.26
|
$
|
0.34
|
$
|
0.03
|
$
|
0.37
|
$
|
(0.34
|
)
|
$
|
—
|
$
|
(0.34
|
)
|
$
|
—
|
$
|
15.29
|
$
|
13.42
|
||||||||||||||||||
2018
|
15.35
|
0.72
|
(0.04
|
)
|
0.68
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
15.26
|
13.97
|
|||||||||||||||||||||||||||
2017
|
16.17
|
0.76
|
(0.71
|
)
|
0.05
|
(0.83
|
)
|
(0.04
|
)
|
(0.87
|
)
|
—
|
15.35
|
14.62
|
||||||||||||||||||||||||||
2016
|
15.95
|
0.82
|
0.27
|
1.09
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
16.17
|
15.63
|
||||||||||||||||||||||||||||
2015
|
14.50
|
0.85
|
1.45
|
2.30
|
(0.85
|
)
|
—
|
(0.85
|
)
|
—
|
15.95
|
14.67
|
||||||||||||||||||||||||||||
2014
|
15.57
|
0.84
|
(1.06
|
)
|
(0.22
|
)
|
(0.84
|
)
|
(0.01
|
)
|
(0.85
|
)
|
—
|
14.50
|
13.25
|
|||||||||||||||||||||||||
NAC
|
||||||||||||||||||||||||||||||||||||||||
Year Ended 2/28-2/29:
|
||||||||||||||||||||||||||||||||||||||||
2019(f)
|
15.17
|
0.34
|
0.01
|
0.35
|
(0.34
|
)
|
—
|
(0.34
|
)
|
—
|
15.18
|
13.50
|
||||||||||||||||||||||||||||
2018
|
15.31
|
0.73
|
(0.10
|
)
|
0.63
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
15.17
|
13.49
|
|||||||||||||||||||||||||||
2017
|
16.06
|
0.78
|
(0.66
|
)
|
0.12
|
(0.87
|
)
|
—
|
(0.87
|
)
|
—
|
*
|
15.31
|
14.55
|
||||||||||||||||||||||||||
2016
|
15.96
|
0.88
|
0.15
|
1.03
|
(0.93
|
)
|
—
|
(0.93
|
)
|
—
|
16.06
|
15.84
|
||||||||||||||||||||||||||||
2015
|
14.68
|
0.87
|
1.34
|
2.21
|
(0.93
|
)
|
—
|
(0.93
|
)
|
—
|
15.96
|
15.34
|
||||||||||||||||||||||||||||
2014
|
15.90
|
0.84
|
(1.17
|
)
|
(0.33
|
)
|
(0.89
|
)
|
—
|
(0.89
|
)
|
—
|
14.68
|
14.07
|
(a)
|
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
*
|
Rounds to less than $0.01 per share.
|
Common Share Supplemental Data/
Ratios Applicable to Common Shares
|
||||||||||||||||||||||
Common Share
|
|
|||||||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(c)
|
|||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(b)
|
Income (Loss)
|
Rate(e)
|
||||||||||||||||
2.42
|
%
|
(1.53
|
)%
|
$
|
729,963
|
2.42
|
%**
|
4.36
|
%**
|
12
|
%
|
|||||||||||
4.42
|
0.51
|
728,662
|
2.24
|
4.58
|
14
|
|||||||||||||||||
0.21
|
(1.10
|
)
|
732,649
|
1.83
|
4.70
|
25
|
||||||||||||||||
7.09
|
12.93
|
771,466
|
1.48
|
5.22
|
20
|
|||||||||||||||||
16.16
|
17.55
|
760,786
|
1.62(d
|
)
|
5.53(d
|
)
|
13
|
|||||||||||||||
(1.10
|
)
|
(6.39
|
)
|
606,852
|
1.64
|
5.93
|
32
|
|||||||||||||||
2.27
|
2.65
|
2,202,622
|
2.32
|
**
|
4.50
|
**
|
11
|
|||||||||||||||
4.19
|
(2.27
|
)
|
2,201,952
|
1.97
|
4.71
|
14
|
||||||||||||||||
0.63
|
(2.89
|
)
|
2,221,595
|
1.77
|
4.93
|
23
|
||||||||||||||||
6.73
|
9.79
|
1,724,746
|
1.42
|
5.62
|
15
|
|||||||||||||||||
15.39
|
16.21
|
1,713,628
|
1.50(d
|
)
|
5.97(d
|
)
|
9
|
|||||||||||||||
(1.81
|
)
|
(4.95
|
)
|
345,463
|
1.86
|
5.79
|
25
|
(b)
|
The expense ratios reflect, among other things, all interest expense and other costs related to preferred shares (as described in Note 4 – Fund Shares, Preferred Shares) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NKX
|
|
NAC
|
|
|
Year Ended 2/28-2/29:
|
|
Year Ended 2/28-2/29:
|
|
|
2019(f)
|
1.38%**
|
2019(f)
|
1.37%**
|
|
2018
|
1.20
|
2018
|
1.02
|
|
2017
|
0.82
|
2017
|
0.79
|
|
2016
|
0.48
|
2016
|
0.48
|
|
2015
|
0.57
|
2015
|
0.50
|
|
2014
|
0.62
|
2014
|
0.61
|
(c)
|
Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to preferred shares issued by the Fund.
|
||||
(d)
|
During the fiscal year ended February 28, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with its common shares equity shelf program. As a result the expenses and net investment income (loss) ratios to average net assets applicable to common shares reflect the voluntary expense reimbursement from Adviser. The expenses and net investment income (loss) ratios to average net assets applicable to common shares excluding this expense reim- bursement from Adviser are as follows:
|
|
Ratio to Average Net Assets
|
|
Ratio to Average Net Assets
|
|||
|
|
Net Investment
|
|
|
Net Investment
|
|
NKX
|
Expenses
|
Income (Loss)
|
NAC
|
Expenses
|
Income (Loss)
|
|
Year Ended 2/28-2/29:
|
|
|
Year Ended 2/28-2/29:
|
|
|
|
2015
|
1.63%
|
5.51%
|
2015
|
1.53%
|
5.95%
|
(e)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(f)
|
For the six months ended August 31, 2018.
|
**
|
Annualized.
|
Financial Highlights (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
iMTP, MFP, VMTP
|
|
|
|
|
|
|
|
|
|
and/or VRDP
|
|
iMTP Shares
|
MFP Shares at
|
VMTP Shares at the
|
VRDP Shares
|
Shares at the
|
||||
|
at the End of the Period
|
the End of the Period
|
End of the Period
|
at the End of the Period
|
End of the Period
|
||||
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Aggregate
|
Asset
|
Asset Coverage
|
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Amount
|
Coverage
|
Per $1
|
|
Outstanding
|
Per $5,000 |
Outstanding
|
Per $100,000 |
Outstanding
|
Per $100,000
|
Outstanding
|
Per $100,000
|
Liquidation
|
|
(000)
|
Share
|
(000)
|
Share
|
(000)
|
Share
|
(000)
|
Share
|
Preference
|
NKX
|
|
|
|
|
|
|
|
|
|
Year Ended 2/28-2/29:
|
|
|
|
|
|
|
|
||
2019(b)
|
$ —
|
$ —
|
$140,400
|
$268,739
|
$ —
|
$ —
|
$292,200
|
$268,739
|
$2.69
|
2018
|
—
|
—
|
140,400
|
268,438
|
—
|
—
|
292,200
|
268,438
|
2.68
|
2017
|
36,000
|
13,468
|
—
|
—
|
—
|
—
|
396,600
|
269,359
|
2.69
|
2016
|
36,000
|
16,775
|
—
|
—
|
—
|
—
|
291,600
|
335,490
|
3.35
|
2015(a)
|
36,000
|
16,612
|
—
|
—
|
—
|
—
|
291,600
|
332,230
|
3.32
|
2014
|
—
|
—
|
—
|
—
|
—
|
—
|
291,600
|
308,111
|
—
|
|
|||||||||
NAC
|
|
|
|
|
|
|
|
|
|
Year Ended 2/28-2/29:
|
|
|
|
|
|
|
|
||
2019(b)
|
—
|
—
|
320,000
|
272,403
|
—
|
—
|
957,600
|
272,403
|
2.72
|
2018
|
—
|
—
|
320,000
|
272,351
|
—
|
—
|
957,600
|
272,351
|
2.72
|
2017
|
—
|
—
|
—
|
—
|
145,000
|
301,487
|
957,600
|
301,487
|
3.01
|
2016
|
—
|
—
|
—
|
—
|
—
|
—
|
699,600
|
346,533
|
—
|
2015
|
—
|
—
|
—
|
—
|
—
|
—
|
699,600
|
344,944
|
—
|
2014
|
—
|
—
|
—
|
—
|
—
|
—
|
136,200
|
353,644
|
—
|
(a) |
The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:
|
|
2015
|
|||
NKX
|
||||
Series 2015 (NKX PRC)
|
||||
Ending Market Value per Share
|
$
|
—
|
||
Average Market Value per Share
|
10.03
|
Ω
|
(b)
|
For the six months ended August 31, 2018.
|
Ω
|
For the period June 9, 2014 (effective date of the Reorganizations) through December 29, 2014.
|
·
|
Nuveen California Municipal Value Fund, Inc. (NCA)
|
·
|
Nuveen California Municipal Value Fund 2 (NCB)
|
·
|
Nuveen California AMT-Free Quality Municipal Income Fund (NKX)
|
·
|
Nuveen California Quality Municipal Income Fund (NAC)
|
NCA
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
265,980,997
|
$
|
—
|
$
|
265,980,997
|
||||||||
Short-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
—
|
17,670,000
|
—
|
17,670,000
|
||||||||||||
Total
|
$
|
—
|
$
|
283,650,997
|
$
|
—
|
$
|
283,650,997
|
||||||||
NCB
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
51,623,520
|
$
|
—
|
$
|
51,623,520
|
||||||||
NKX
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
1,170,671,105
|
$
|
—
|
$
|
1,170,671,105
|
||||||||
NAC
|
||||||||||||||||
Long-Term Investments*:
|
||||||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
3,461,235,901
|
$
|
—
|
$
|
3,461,235,901
|
||||||||
* Refer to the Fund’s Portfolio of Investments for industry classifications.
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
Floating Rate Obligations Outstanding
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
20,975,000
|
$
|
27,580,000
|
||||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
—
|
5,240,000
|
17,760,000
|
61,600,000
|
||||||||||||
Total
|
$
|
—
|
$
|
5,240,000
|
$
|
38,735,000
|
$
|
89,180,000
|
Self-Deposited Inverse Floaters
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Average floating rate obligations outstanding
|
$
|
—
|
$
|
—
|
$
|
20,975,000
|
$
|
27,580,000
|
||||||||
Average annual interest rate and fees
|
—
|
%
|
—
|
%
|
2.26
|
%
|
1.95
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
—
|
$
|
—
|
$
|
20,975,000
|
$
|
5,830,000
|
||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
—
|
13,260,000
|
47,025,000
|
||||||||||||
Total
|
$
|
—
|
$
|
—
|
$
|
34,235,000
|
$
|
52,855,000
|
|
NCA
|
NAC
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
8/31/18*
|
2/28/18
|
8/31/18
|
2/28/18**
|
||||||||||||
Additional authorized common shares
|
2,700,000
|
2,700,000
|
—
|
2,300,000
|
||||||||||||
Common shares sold
|
—
|
197,500
|
—
|
—
|
||||||||||||
Offering proceeds, net of offering costs
|
$
|
—
|
$
|
2,046,091
|
$
|
—
|
$
|
—
|
*
|
Represents additional authorized shares for the period March 1, 2018 through June 29, 2018.
|
**
|
Represents additional authorized shares for the period March 1, 2017 through June 30, 2017.
|
|
NCA
|
NCB
|
NKX
|
|||||||||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
8/31/18
|
2/28/18
|
||||||||||||||||||
Common shares:
|
||||||||||||||||||||||||
Sold through shelf offering
|
—
|
197,500
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
22,140
|
397
|
6,312
|
—
|
14,605
|
||||||||||||||||||
Weighted average common share:
|
||||||||||||||||||||||||
Premium to NAV per shelf offering share sold
|
—
|
%
|
1.35
|
%
|
N/A
|
N/A
|
N/A
|
N/A
|
||||||||||||||||
N/A – The Fund is not authorized to issue additional common shares through a shelf offering.
|
·
|
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. |
|
Shares
|
Liquidation
|
Term
|
|
Mode
|
||||||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
Redemption Date
|
Mode
|
Termination Date
|
|||||||||||
NKX
|
A
|
1,404
|
$
|
140,400,000
|
10/01/47
|
VRRM
|
N/A
|
||||||||||
NAC
|
A
|
3,200
|
320,000,000
|
1/03/28
|
VRM
|
1/03/28*
|
|
NKX
|
NAC
|
||||||
Average liquidation preference of MFP Shares outstanding
|
$
|
140,400,000
|
$
|
320,000,000
|
||||
Annualized dividend rate
|
1.66
|
%
|
2.06
|
%
|
|
Shares
|
Liquidation
|
|
||||||||||
Fund
|
Series
|
Outstanding
|
Preference
|
Maturity
|
|||||||||
NKX
|
2
|
355
|
$
|
35,500,000
|
June 1, 2040
|
||||||||
|
3
|
427
|
42,700,000
|
March 1, 2040
|
|||||||||
|
4
|
1,090
|
109,000,000
|
December 1, 2040
|
|||||||||
|
6
|
1,050
|
105,000,000
|
June 1, 2046
|
|||||||||
NAC
|
1
|
1,362
|
$
|
136,200,000
|
June 1, 2041
|
||||||||
|
2
|
910
|
91,000,000
|
December 1, 2040
|
|||||||||
|
3
|
498
|
49,800,000
|
March 1, 2040
|
|||||||||
|
4
|
1,056
|
105,600,000
|
December 1, 2042
|
|||||||||
|
5
|
1,589
|
158,900,000
|
August 1, 2040
|
|||||||||
|
6
|
1,581
|
158,100,000
|
August 1, 2040
|
|||||||||
|
7
|
980
|
98,000,000
|
August 3, 2043
|
|||||||||
|
8
|
1,600
|
160,000,000
|
November 6, 2026
|
|
NKX
|
NAC
|
||||||
Average liquidation preference of VRDP Shares outstanding
|
$
|
292,200,000
|
$
|
957,600,000
|
||||
Annualized dividend rate
|
1.41
|
%
|
1.65
|
%
|
|
Year Ended
|
|||||||||||
|
February 28, 2018
|
|||||||||||
NKX
|
Series
|
Shares
|
Amount
|
|||||||||
iMTP Shares redeemed
|
2018
|
(7,200
|
)
|
$
|
(36,000,000
|
)
|
||||||
Transactions in MFP Shares for the Funds, where applicable, were as follows:
|
||||||||||||
|
Year Ended
|
|||||||||||
|
February 28, 2018
|
|||||||||||
NKX
|
Series
|
Shares
|
Amount
|
|||||||||
MFP Shares issued
|
A
|
|
1,404
|
$
|
140,400,000
|
|||||||
|
Year Ended
|
|||||||||||
|
February 28, 2018
|
|||||||||||
NAC
|
Series
|
Shares
|
Amount
|
|||||||||
MFP Shares issued
|
A
|
|
3,200
|
$
|
320,000,000
|
|||||||
Transactions in VMTP Shares for the Funds, where applicable, were as follows:
|
||||||||||||
|
Year Ended
|
|||||||||||
|
February 28, 2018
|
|||||||||||
NAC
|
Series
|
Shares
|
Amount
|
|||||||||
VMTP Shares redeemed
|
2019
|
(1,450
|
)
|
$ | (145,000,000 | ) | ||||||
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
|
||||||||||||
|
Year Ended
|
|||||||||||
|
February 28, 2018
|
|||||||||||
NKX
|
Series
|
Shares
|
Amount
|
|||||||||
VRDP Shares redeemed
|
5
|
(1,044
|
)
|
$ | (104,400,000 | ) |
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Purchases
|
$
|
37,134,409
|
$
|
4,850,017
|
$
|
135,339,501
|
$
|
377,048,479
|
||||||||
Sales and maturities
|
37,205,696
|
4,055,000
|
141,771,704
|
391,476,006
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Tax cost of investments
|
$
|
261,846,633
|
$
|
46,601,194
|
$
|
1,057,293,815
|
$
|
3,185,656,598
|
||||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
22,336,774
|
$
|
5,058,535
|
$
|
93,384,869
|
$
|
250,334,785
|
||||||||
Depreciation
|
(532,410
|
)
|
(36,209
|
)
|
(982,544
|
)
|
(2,335,360
|
)
|
||||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
21,804,364
|
$
|
5,022,326
|
$
|
92,402,325
|
$
|
247,999,425
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Paid-in-surplus
|
$
|
(251,409
|
)
|
$
|
—
|
$
|
(844,140
|
)
|
$
|
(2,836,672
|
)
|
|||||
Undistributed (Over-distribution of) net investment income
|
(30,474
|
)
|
(2,516
|
)
|
693,968
|
432,011
|
||||||||||
Accumulated net realized gain (loss)
|
281,883
|
2,516
|
150,172
|
2,404,661
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Undistributed net tax-exempt income1
|
$
|
59,776
|
$
|
88,136
|
$
|
643,906
|
$
|
2,011,197
|
||||||||
Undistributed net ordinary income2
|
30,889
|
—
|
84,348
|
336,759
|
||||||||||||
Undistributed net long-term capital gains
|
—
|
—
|
—
|
—
|
1 Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on February 1, 2018, paid on March 1, 2018.
|
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
NCA
|
NCB
|
NKX
|
NAC
|
||||||||||||
Distributions from net tax-exempt income
|
$
|
11,177,980
|
$
|
2,381,133
|
$
|
41,281,341
|
$
|
125,868,003
|
||||||||
Distributions from net ordinary income2
|
196,607
|
370,200
|
281,727
|
1,305,946
|
||||||||||||
Distributions from net long-term capital gains
|
—
|
434,134
|
—
|
—
|
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
|
NCA
|
NKX
|
NAC3
|
|||||||||
Capital losses to be carried forward - not subject to expiration
|
$
|
1,573,110
|
$
|
7,795,582
|
$
|
27,347,460
|
||||||
3 A portion of NAC’s capital loss carryforward is subject to limitation under the Internal Revenue Code and related regulations.
|
|
NCA
|
NAC
|
||||||
Expired capital loss carryforwards
|
$
|
251,409
|
$
|
2,071,306
|
|
NCA
|
NKX
|
NAC
|
Utilized capital loss carryforwards
|
$506,288
|
$3,234,349
|
$11,762,198
|
|
NCB
|
|||
Post-October capital losses4
|
$
|
85,554
|
||
Late-year ordinary losses5
|
—
|
4 Capital losses incurred from November 1, 2017 through February 28, 2018, the Funds’ last tax year end.
|
5 Ordinary losses incurred from January 1, 2018 through February 28, 2018 and/or specified losses incurred from November 1, 2017 through February 28, 2018.
|
|
NCB
|
|||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4000
|
%
|
||
For the next $125 million
|
0.3875
|
|||
For the next $250 million
|
0.3750
|
|||
For the next $500 million
|
0.3625
|
|||
For the next $1 billion
|
0.3500
|
|||
For the next $3 billion
|
0.3250
|
|||
For managed assets over $5 billion
|
0.3125
|
|
NKX
|
|||
|
NAC
|
|||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For managed assets over $5 billion
|
0.3625
|
Complex-Level Eligible Asset Breakpoint Level*
|
Effective Complex-Level Fee Rate at Breakpoint Level
|
|||
$55 billion
|
0.2000
|
%
|
||
$56 billion
|
0.1996
|
|||
$57 billion
|
0.1989
|
|||
$60 billion
|
0.1961
|
|||
$63 billion
|
0.1931
|
|||
$66 billion
|
0.1900
|
|||
$71 billion
|
0.1851
|
|||
$76 billion
|
0.1806
|
|||
$80 billion
|
0.1773
|
|||
$91 billion
|
0.1691
|
|||
$125 billion
|
0.1599
|
|||
$200 billion
|
0.1505
|
|||
$250 billion
|
0.1469
|
|||
$300 billion
|
0.1445
|
*
|
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of August 31, 2018, the complex-level fee for each Fund was 0.1588%.
|
|
NKX
|
NAC
|
||||||
Maximum Outstanding Balance
|
$
|
19,000,000
|
$
|
88,400,000
|
|
NKX
|
NAC
|
||||||
Average daily balance outstanding
|
$
|
11,003,774
|
$
|
25,040,385
|
||||
Average annual interest rate
|
2.95
|
%
|
3.02
|
%
|
Board of Directors/Trustees
|
|
|
|
|
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
William J. Schneider
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|||||
* Interested Board Member.
|
|
|
|
|
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
Nuveen Fund Advisors, LLC
|
State Street Bank |
Chapman and Cutler LLP
|
Public Accounting Firm |
Shareholder Services
|
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
Computershare Trust
|
Chicago, IL 60606
|
One Lincoln Street
|
|
200 East Randolph Street
|
Company, N.A.
|
|
Boston, MA 02111
|
|
Chicago, IL 60601
|
250 Royall Street
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
(800) 257-8787
|
|
NCA
|
NCB
|
NKX
|
NAC
|
Common shares repurchased
|
—
|
—
|
—
|
—
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
■
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Escrowed to Maturity Bond: When proceeds of a refunding issue are deposited in an escrow account for investment in an amount sufficient to pay the principal and interest on the issue being refunded. In some cases, though, an issuer may expressly reserve its right to exercise an early call of bonds that have been escrowed to maturity.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
■
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
■
|
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
■
|
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
S&P Municipal Bond California Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions but do not reflect any applicable sales charges or management fees.
|
■
|
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
(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)).
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(b)
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There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
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(a)(1)
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
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(a)(2)
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A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
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(a)(3)
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Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
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(b)
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If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
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