NKX
Nuveen California AMT-Free
Quality Municipal Income Fund
Portfolio of Investments November 30, 2021
(Unaudited)
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 156.8% (100.0% of Total Investments) | ||||||
MUNICIPAL BONDS – 156.8% (100.0% of Total Investments) | ||||||
Consumer Staples – 4.5% (2.9% of Total Investments) | ||||||
$235 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 | 6/30 at 100.00 | BBB+ | $273,253 | ||
6,380 | 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- | 6,521,126 | ||
24,735 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47 | 6/22 at 100.00 | N/R | 25,308,605 | ||
3,695 | 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 | 3,775,144 | ||
35,045 | Total Consumer Staples | 35,878,128 | ||||
Education and Civic Organizations – 3.6% (2.3% of Total Investments) | ||||||
3,000 | California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40 | 9/25 at 100.00 | AA- | 3,447,060 | ||
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 | 1,863,179 | ||
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 | 1,601,984 | ||
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 | 708,444 | ||
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 | 835,703 | ||
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 | 5,534,173 | ||
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+ | 327,071 | ||
1,725 | California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38 | 5/26 at 100.00 | Aa2 | 1,951,320 | ||
10,000 | University of California, General Revenue Bonds, Series 2018AZ, 5.000%, 5/15/48 | 5/28 at 100.00 | AA | 12,329,600 | ||
24,695 | Total Education and Civic Organizations | 28,598,534 | ||||
Health Care – 11.9% (7.6% of Total Investments) | ||||||
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B: | ||||||
13,295 | 4.000%, 11/15/41 | 11/26 at 100.00 | A1 | 15,012,847 | ||
2,960 | 5.000%, 11/15/46 | 11/26 at 100.00 | A1 | 3,511,418 | ||
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 | A1 | 11,505,036 |
1
NKX | Nuveen California AMT-Free Quality Municipal Income Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$3,500 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 5.000%, 11/15/48 | 11/27 at 100.00 | A1 | $4,276,965 | ||
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+ | 1,303,531 | ||
1,000 | 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+ | 1,186,290 | ||
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 | A+ | 1,044,050 | ||
6,500 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A, 4.000%, 4/01/44 | 4/30 at 100.00 | BBB+ | 7,609,615 | ||
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- | 11,565,800 | ||
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- | 2,809,321 | ||
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- | 2,076,940 | ||
795 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 | 10/24 at 100.00 | AA- | 889,104 | ||
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- | 3,127,264 | ||
250 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 298,870 | ||
1,690 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/36 | 11/26 at 100.00 | BBB- | 1,981,035 | ||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A: | ||||||
1,200 | 5.250%, 12/01/44 | 12/24 at 100.00 | BB | 1,353,816 | ||
4,000 | 5.500%, 12/01/54 | 12/24 at 100.00 | BB | 4,536,160 | ||
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 | 16,966,624 | ||
2,000 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A, 5.250%, 12/01/48, 144A | 6/28 at 100.00 | BB | 2,430,460 | ||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | ||||||
128 | 5.750%, 7/01/24 (4), (5) | 12/21 at 100.00 | N/R | 111,681 | ||
773 | 5.750%, 7/01/30 (4), (5) | 12/21 at 100.00 | N/R | 676,466 | ||
19 | 5.750%, 7/01/35 (4), (5) | 12/21 at 100.00 | N/R | 16,752 | ||
81,840 | Total Health Care | 94,290,045 | ||||
Housing/Multifamily – 13.3% (8.5% of Total Investments) | ||||||
7,680 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A, 4.000%, 2/01/56, 144A | 8/31 at 100.00 | N/R | 7,973,069 | ||
3,820 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2, 4.000%, 8/01/47, 144A | 8/31 at 100.00 | N/R | 3,912,215 |
2
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
$3,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A | 2/30 at 100.00 | N/R | $3,335,010 | ||
970 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Stoneridge Apartments, Series 2021A, 4.000%, 2/01/56, 144A | 2/31 at 100.00 | N/R | 1,013,126 | ||
3,185 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-1, 3.000%, 2/01/57, 144A | 8/32 at 100.00 | N/R | 2,894,241 | ||
230 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-2, 4.000%, 2/01/50, 144A | 8/32 at 100.00 | N/R | 233,185 | ||
500 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A | 8/29 at 100.00 | N/R | 554,620 | ||
4,750 | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A, 5.000%, 4/01/49, 144A | 4/29 at 100.00 | N/R | 5,200,490 | ||
7,904 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-2, 4.000%, 3/20/33 | No Opt. Call | BBB+ | 9,117,089 | ||
6,512 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-1, 3.500%, 11/20/35 | No Opt. Call | BBB+ | 7,438,843 | ||
1,175 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series2019-1, 4.250%, 1/15/35 | No Opt. Call | BBB+ | 1,413,857 | ||
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A: | ||||||
260 | 5.250%, 8/15/39 | 8/24 at 100.00 | A- | 282,017 | ||
705 | 5.250%, 8/15/49 | 8/24 at 100.00 | A- | 760,963 | ||
155 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 | 8/22 at 100.00 | A- | 158,860 | ||
350 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47 | 8/22 at 100.00 | N/R | 360,815 | ||
140 | California Public Finance Authority, University Housing Revenue Bonds, National Campus Community Development - Claremont Properties LLC Claremont Colleges Project, Series 2017A, 5.000%, 7/01/37, 144A | 7/27 at 100.00 | Caa2 | 125,712 | ||
8,205 | CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at Center City, Series 2021A-2, 4.000%, 4/01/56, 144A | 4/31 at 100.00 | N/R | 8,515,559 | ||
1,435 | CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Latitude 33, Senior Series 2021A-1, 3.000%, 12/01/56, 144A | 12/31 at 100.00 | N/R | 1,299,479 | ||
440 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-1, 3.600%, 5/01/47, 144A | 5/32 at 100.00 | N/R | 446,107 | ||
3,980 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-2, 3.250%, 5/01/57, 144A | 5/32 at 100.00 | N/R | 3,747,966 | ||
595 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek, Mezzanine Lien Series 2021B, 4.000%, 10/01/46, 144A | 10/31 at 100.00 | N/R | 605,145 | ||
1,145 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior Lien Series 2021A, 4.000%, 10/01/56, 144A | 10/31 at 100.00 | N/R | 1,207,838 | ||
7,065 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2, 4.000%, 10/01/56, 144A | 10/31 at 100.00 | N/R | 7,362,366 | ||
8,125 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A, 5.000%, 1/01/54, 144A | 1/31 at 100.00 | N/R | 9,085,862 |
3
NKX | Nuveen California AMT-Free Quality Municipal Income Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Millennium South Bay-Hawthorne, Series 2021A-1 and A-2: | ||||||
$2,150 | 3.375%, 7/01/43, 144A, (WI/DD, Settling 12/01/21) | 7/32 at 100.00 | N/R | $2,158,514 | ||
390 | 3.250%, 7/01/56, 144A, (WI/DD, Settling 12/01/21) | 7/32 at 100.00 | N/R | 369,026 | ||
6,820 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2, 4.000%, 10/01/56, 144A | 10/31 at 100.00 | N/R | 7,107,054 | ||
1,085 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Oceanaire-Long Beach, Social Series 2021A-2, 4.000%, 9/01/56, 144A | 9/31 at 100.00 | N/R | 1,141,344 | ||
155 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Orange City Portfolio, Mezzanine Lien Series 2021B, 4.000%, 3/01/57, 144A | 3/32 at 100.00 | N/R | 157,182 | ||
4,735 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Orange City Portfolio, Senior Lien Series 2021A-2, 3.000%, 3/01/57, 144A | 3/32 at 100.00 | N/R | 4,356,673 | ||
3,020 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A | 8/31 at 100.00 | N/R | 3,132,737 | ||
1,935 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B, 4.000%, 12/01/56, 144A | 12/31 at 100.00 | N/R | 1,958,878 | ||
200 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 225,624 | ||
2,720 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Union South Bay, Series 2021A-2, 4.000%, 7/01/56, 144A | 7/31 at 100.00 | N/R | 2,841,094 | ||
780 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Waterscape Apartments, Senior Lien Series 2021A, 3.000%, 9/01/56, 144A | 9/31 at 100.00 | N/R | 718,138 | ||
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- | 3,405,724 | ||
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+ | 736,062 | ||
185 | 5.000%, 6/15/49 | 6/24 at 100.00 | A+ | 202,557 | ||
100,456 | Total Housing/Multifamily | 105,555,041 | ||||
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 | 12/21 at 100.00 | AA | 2,260,553 | ||
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 | 1,478,789 | ||
3,550 | Total Long-Term Care | 3,739,342 | ||||
Tax Obligation/General – 33.9% (21.6% of Total Investments) | ||||||
1,600 | California State, General Obligation Bonds, Refunding Various Purpose Series 2016, 5.000%, 8/01/33 | 8/26 at 100.00 | Aa2 | 1,917,616 | ||
California State, General Obligation Bonds, Refunding Various Purpose Series 2019: | ||||||
3,250 | 5.000%, 4/01/32 | No Opt. Call | Aa2 | 4,451,980 | ||
15,000 | 5.000%, 11/01/39 | 11/28 at 100.00 | Aa2 | 18,800,250 |
4
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
California State, General Obligation Bonds, Various Purpose Series 2013: | ||||||
$3,500 | 5.000%, 4/01/37 | 4/23 at 100.00 | Aa2 | $3,710,560 | ||
2,000 | 5.000%, 2/01/43 | 2/23 at 100.00 | Aa2 | 2,105,200 | ||
5,520 | 5.000%, 11/01/43 | 11/23 at 100.00 | Aa2 | 5,995,162 | ||
California State, General Obligation Bonds, Various Purpose Series 2014: | ||||||
2,460 | 5.000%, 10/01/39 | 10/24 at 100.00 | Aa2 | 2,757,832 | ||
9,000 | 5.000%, 12/01/43 | 12/23 at 100.00 | Aa2 | 9,808,650 | ||
9,000 | 5.000%, 10/01/44 | 10/24 at 100.00 | Aa2 | 10,059,930 | ||
8,000 | California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 3/01/45 | 3/25 at 100.00 | Aa2 | 9,022,560 | ||
5,390 | California State, General Obligation Bonds, Various Purpose Series 2016, 5.000%, 9/01/46 | 9/26 at 100.00 | Aa2 | 6,381,868 | ||
7,995 | California State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 11/01/47 | 11/27 at 100.00 | Aa2 | 9,793,635 | ||
1,505 | Chaffey Joint Union High School District, San Bernardino County, California, General Obligation Bonds, Election 2012 Series 2019D, 4.000%, 8/01/49 | 8/28 at 100.00 | Aa1 | 1,745,123 | ||
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 | 11,804,882 | ||
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 | 12,049,966 | ||
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 | 3,487,296 | ||
4,500 | Mount Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (6) | 8/25 at 100.00 | AA | 5,074,290 | ||
3,300 | Mount San Jacinto Community College District, Riverside County, California, General Obligation Bonds, Election 2014, Series 2018B, 4.000%, 8/01/43 | 8/28 at 100.00 | Aa1 | 3,831,135 | ||
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 | 10,512,809 | ||
9,665 | San Jose, California, General Obligation Bonds, Disaster Preparedness, Public Safety & Infrastructure, Series 2019A-1, 5.000%, 9/01/45 | 3/29 at 100.00 | AAA | 12,100,966 | ||
2,000 | San Mateo County Community College District, California, General Obligation Bonds, Election 2014 Series 2018B, 5.000%, 9/01/45 | 9/28 at 100.00 | AAA | 2,508,980 | ||
2,670 | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Capital Appreciation, Election 2010, Refunding Series 2011A, 0.000%, 9/01/33 (6) | No Opt. Call | Aaa | 2,775,652 | ||
Sonoma County Junior College District, California, General Obligation Bonds, Election 2014 Series 2019B: | ||||||
1,730 | 3.000%, 8/01/36 | 8/29 at 100.00 | AA | 1,935,507 | ||
2,110 | 3.000%, 8/01/41 | 8/29 at 100.00 | AA | 2,282,957 | ||
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 | 6,509,500 |
5
NKX | Nuveen California AMT-Free Quality Municipal Income Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D: | ||||||
$23,280 | 0.000%, 8/01/47 – AGC Insured (6) | 8/37 at 100.00 | AA | $30,113,378 | ||
38,845 | 0.000%, 8/01/50 – AGM Insured (6) | 8/37 at 100.00 | AA | 50,296,506 | ||
15,780 | Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (6) | No Opt. Call | AA | 18,135,007 | ||
8,345 | Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (6) | No Opt. Call | Aa2 | 8,683,640 | ||
242,080 | Total Tax Obligation/General | 268,652,837 | ||||
Tax Obligation/Limited – 26.2% (16.7% of Total Investments) | ||||||
1,000 | Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured | 12/21 at 100.00 | AA | 1,020,430 | ||
5,720 | Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured | 12/21 at 100.00 | AA | 5,739,620 | ||
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004: | ||||||
1,615 | 5.000%, 12/01/21 – AMBAC Insured | No Opt. Call | AA+ | 1,615,000 | ||
1,695 | 5.000%, 12/01/22 – AMBAC Insured | 12/21 at 100.00 | AA+ | 1,701,594 | ||
1,780 | 5.000%, 12/01/23 – AMBAC Insured | 12/21 at 100.00 | AA+ | 1,787,120 | ||
1,865 | 5.000%, 12/01/24 – AMBAC Insured | 12/21 at 100.00 | AA+ | 1,872,441 | ||
7,000 | California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31 | 9/23 at 100.00 | Aa3 | 7,568,680 | ||
California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H: | ||||||
2,790 | 5.000%, 4/01/30 | 4/22 at 100.00 | Aa3 | 2,834,221 | ||
2,065 | 5.000%, 4/01/31 | 4/22 at 100.00 | Aa3 | 2,097,668 | ||
20,330 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B, 5.000%, 10/01/39 | 10/24 at 100.00 | Aa3 | 22,724,264 | ||
1,990 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/33 | 3/23 at 100.00 | Aa3 | 2,098,853 | ||
9,200 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2021B, 4.000%, 5/01/46 | 5/31 at 100.00 | Aa3 | 10,957,108 | ||
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B: | ||||||
1,230 | 5.000%, 8/01/25 | 12/21 at 100.00 | N/R | 1,234,108 | ||
530 | 5.750%, 8/01/26 | 12/21 at 100.00 | N/R | 532,041 | ||
5,000 | El Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001, 5.250%, 1/01/34 – AMBAC Insured | 12/21 at 100.00 | Aa2 | 5,020,550 | ||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
7,610 | 5.000%, 11/15/30 | 11/25 at 100.00 | BB | 8,666,268 | ||
4,000 | 5.000%, 11/15/34 | 11/25 at 100.00 | BB | 4,534,720 | ||
535 | 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 | 565,843 |
6
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$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 | $1,246,408 | ||
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 | 2,148,200 | ||
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 | 1,124,140 | ||
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 | 12/21 at 100.00 | Aa2 | 6,209,437 | ||
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Green Series 2017A: | ||||||
7,860 | 5.000%, 7/01/39 | 7/27 at 100.00 | AAA | 9,594,781 | ||
7,140 | 5.000%, 7/01/41 | 7/27 at 100.00 | AAA | 8,689,808 | ||
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 | AAA | 3,915,037 | ||
3,855 | Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2019E-1, 5.000%, 12/01/49 | 12/29 at 100.00 | AA+ | 4,892,535 | ||
475 | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, Subordinate Lien Series 2011A, 7.250%, 9/01/38 | 12/21 at 100.00 | A | 477,351 | ||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A: | ||||||
3,735 | 5.250%, 9/01/30 | 9/23 at 100.00 | N/R | 3,990,698 | ||
3,340 | 5.750%, 9/01/39 | 9/23 at 100.00 | N/R | 3,578,142 | ||
515 | 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 | 552,827 | ||
1,940 | 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 | 2,070,484 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
24,200 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 8,092,480 | ||
14,429 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 16,565,213 | ||
12 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2, 4.536%, 7/01/53 | 7/28 at 100.00 | N/R | 13,445 | ||
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 | 678,150 | ||
1,775 | 5.000%, 9/01/42 | 9/22 at 100.00 | N/R | 1,822,002 | ||
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 | 451,596 |
7
NKX | Nuveen California AMT-Free Quality Municipal Income Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
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 | $4,388,625 | ||
8,290 | 5.000%, 10/01/41 | 10/26 at 100.00 | AA | 9,739,175 | ||
6,230 | 5.000%, 10/01/47 | 10/26 at 100.00 | AA | 7,315,827 | ||
210 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 235,969 | ||
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 | 12/21 at 100.00 | AAA | 1,486,201 | ||
3,000 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2019A, 3.000%, 7/01/44 | 7/27 at 100.00 | AA+ | 3,171,420 | ||
380 | San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 6 Mission Bay South Public Improvements, Refunding Series 2013A, 5.000%, 8/01/33 | 8/22 at 100.00 | N/R | 388,979 | ||
630 | 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 | 676,494 | ||
2,700 | San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, San Francisco Redevelopment Projects, Series 1998D, 0.000%, 8/01/24 – NPFG Insured | No Opt. Call | AA | 2,655,099 | ||
50 | Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26 | 12/21 at 100.00 | N/R | 50,240 | ||
3,600 | Stockton Public Financing Authority, California, Revenue Bonds, Arch Road East Community Facility District 99-02, Series 2018A, 5.000%, 9/01/33 | 9/25 at 103.00 | N/R | 4,112,208 | ||
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 | 2,443,311 | ||
1,000 | 6.250%, 9/01/47, 144A | 9/27 at 100.00 | N/R | 1,118,150 | ||
635 | Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A, 5.000%, 10/01/45 | 4/30 at 100.00 | A- | 796,055 | ||
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 | 4,635,495 | ||
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 | 391,829 | ||
790 | 5.250%, 9/01/45 | 9/25 at 100.00 | N/R | 878,322 | ||
4,110 | West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31 | 9/22 at 102.00 | N/R | 4,316,815 | ||
203,631 | Total Tax Obligation/Limited | 207,483,477 | ||||
Transportation – 10.6% (6.7% 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+ | 10,591,141 | ||
5,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Lien Series 2020B, 4.000%, 5/15/39 | 5/30 at 100.00 | Aa2 | 5,978,350 |
8
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015E: | ||||||
$150 | 5.000%, 5/15/31 | 5/25 at 100.00 | Aa2 | $172,211 | ||
1,270 | 5.000%, 5/15/34 | 5/25 at 100.00 | Aa2 | 1,455,699 | ||
1,345 | 5.000%, 5/15/36 | 5/25 at 100.00 | Aa2 | 1,539,178 | ||
4,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2017B, 5.000%, 5/15/42 | 5/27 at 100.00 | Aa3 | 4,879,960 | ||
49,185 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47 | 5/27 at 100.00 | A1 | 59,263,498 | ||
69,955 | Total Transportation | 83,880,037 | ||||
U.S. Guaranteed – 23.6% (15.1% of Total Investments) (7) | ||||||
1,050 | ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 | 1,079,495 | ||
1,115 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48 (Pre-refunded 4/01/23) | 4/23 at 100.00 | A1 | 1,190,106 | ||
655 | Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A, 5.000%, 9/01/27 (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R | 708,579 | ||
430 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43 (Pre-refunded 8/15/25) | 8/25 at 100.00 | A1 | 502,485 | ||
2,040 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 (Pre-refunded 11/15/26) | 11/26 at 100.00 | N/R | 2,483,414 | ||
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A: | ||||||
18,430 | 5.000%, 11/15/41 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A1 | 21,724,731 | ||
7,500 | 5.000%, 11/15/46 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A1 | 8,840,775 | ||
610 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 (Pre-refunded 10/01/24) | 10/24 at 100.00 | N/R | 691,002 | ||
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A: | ||||||
3,000 | 5.000%, 7/01/22 – AGM Insured (ETM) | No Opt. Call | AA+ | 3,084,690 | ||
2,250 | 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured | 1/28 at 100.00 | AA+ | 2,813,738 | ||
3,000 | California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41 (Pre-refunded 10/01/26) | 10/26 at 100.00 | AAA | 3,643,770 | ||
4,475 | California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 7.125%, 8/01/43 (Pre-refunded 8/01/23) | 8/23 at 100.00 | BB | 4,968,951 | ||
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 | 2,204,360 | ||
8,000 | 6.000%, 11/15/48 (Pre-refunded 11/15/23) | 11/23 at 100.00 | N/R | 8,870,800 | ||
7,875 | California Municipal Finance Authority, Revenue Bonds, Pomona College, Series 2017, 5.000%, 1/01/48 (Pre-refunded 1/01/28) | 1/28 at 100.00 | AAA | 9,849,656 | ||
3,000 | Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41 (Pre-refunded 3/01/22) | 3/22 at 100.00 | AA- | 3,035,430 |
9
NKX | Nuveen California AMT-Free Quality Municipal Income Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (7) (continued) | ||||||
$6,750 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 (Pre-refunded 1/15/24) | 1/24 at 100.00 | BBB+ | $7,553,655 | ||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | ||||||
14,885 | 5.750%, 1/15/46 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A- | 16,590,375 | ||
14,885 | 6.000%, 1/15/53 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A- | 16,658,697 | ||
1,000 | Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32 (Pre-refunded 9/01/22) | 9/22 at 100.00 | A+ | 1,035,880 | ||
45,825 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 (Pre-refunded 6/01/25) | 6/25 at 100.00 | Aa3 | 53,084,138 | ||
1,000 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30 (Pre-refunded 6/01/23) | 6/23 at 100.00 | Aa3 | 1,071,010 | ||
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area D, Series 2014A: | ||||||
1,140 | 5.500%, 9/01/33 (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R | 1,243,181 | ||
2,105 | 5.750%, 9/01/44 (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R | 2,304,680 | ||
1,115 | Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39 (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R | 1,215,919 | ||
1,000 | San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42 (Pre-refunded 4/01/22) | 4/22 at 100.00 | AAA | 1,016,120 | ||
995 | San Marcos Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 5.000%, 9/01/36 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R | 1,029,934 | ||
2,870 | Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election 2012, Series 2014B, 5.000%, 8/01/39 (Pre-refunded 8/01/24) – AGM Insured | 8/24 at 100.00 | AA | 3,224,330 | ||
5,000 | Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39 (Pre-refunded 8/01/24) | 8/24 at 100.00 | Aa1 | 5,624,400 | ||
164,000 | Total U.S. Guaranteed | 187,344,301 | ||||
Utilities – 28.7% (18.3% of Total Investments) | ||||||
7,600 | 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- | 8,048,780 | ||
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 | 7,250,841 | ||
3,675 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019, 5.000%, 7/01/39, 144A | 1/29 at 100.00 | BBB | 4,429,036 | ||
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A: | ||||||
2,490 | 5.000%, 11/15/35 | No Opt. Call | AA- | 3,453,804 | ||
1,835 | 5.500%, 11/15/37 | No Opt. Call | AA- | 2,726,737 | ||
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 | Aa2 | 10,274,600 |
10
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$4,280 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28 | 7/23 at 100.00 | Aa2 | $4,598,817 | ||
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 | Aa2 | 5,801,300 | ||
6,015 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/42 | 1/27 at 100.00 | Aa2 | 7,211,203 | ||
16,400 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/47 | 7/27 at 100.00 | Aa2 | 19,920,096 | ||
3,490 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2019C, 5.000%, 7/01/49 | 7/29 at 100.00 | AA- | 4,397,225 | ||
2,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2021B, 5.000%, 7/01/46 | 1/31 at 100.00 | Aa2 | 2,588,900 | ||
3,750 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345. As Of 6/4/2015 Converted to Trust 2015-XF2047, 17.762%, 7/01/43, 144A (IF) (8) | 7/22 at 100.00 | Aa2 | 4,161,900 | ||
3,775 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/35 | 1/26 at 100.00 | AA+ | 4,427,962 | ||
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+ | 16,435,520 | ||
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+ | 11,682,586 | ||
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+ | 6,662,470 | ||
1,000 | 5.000%, 7/01/36 | 1/26 at 100.00 | AA+ | 1,172,080 | ||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A: | ||||||
9,455 | 5.000%, 7/01/44 | 1/27 at 100.00 | AA+ | 11,361,317 | ||
5,000 | 5.250%, 7/01/44 | 1/27 at 100.00 | AA+ | 6,108,950 | ||
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 | 2,711,007 | ||
5,000 | Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series 2018A, 5.000%, 6/01/48 | 6/28 at 100.00 | AA | 6,137,500 | ||
9,500 | Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44 | 6/25 at 100.00 | AA+ | 10,865,815 | ||
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 | 2,132,660 | ||
3,500 | 5.000%, 6/01/35 | 6/23 at 100.00 | AA | 3,730,510 | ||
1,000 | New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects-Second Resolution Bonds,, 5.000%, 6/15/48 | 6/28 at 100.00 | AAA | 1,235,140 | ||
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 | 12/21 at 100.00 | N/R | 1,515,780 |
11
NKX | Nuveen California AMT-Free Quality Municipal Income Fund (continued) |
Portfolio of Investments November 30, 2021 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | ||||||
$580 | 5.500%, 7/01/28 | 7/22 at 100.00 | CCC | $596,948 | ||
2,140 | 5.750%, 7/01/37 | 7/22 at 100.00 | CCC | 2,205,634 | ||
1,750 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 1,805,895 | ||
4,500 | Rancho California Water District Financing Authority, California, Revenue Bonds, Refunding Series 2019A, 3.000%, 8/01/40 | 2/30 at 100.00 | AAA | 4,927,230 | ||
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 | 2,769,850 | ||
2,500 | Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2020A, 5.000%, 12/01/50 | 12/30 at 100.00 | AA | 3,231,425 | ||
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 | 4,753,520 | ||
26,220 | San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Refunding Green Series 2017D, 5.000%, 11/01/33 (UB) (8) | 11/27 at 100.00 | Aa2 | 32,338,699 | ||
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- | 3,293,206 | ||
195,685 | Total Utilities | 226,964,943 | ||||
$1,120,937 | Total Long-Term Investments (cost $1,087,543,352) | 1,242,386,685 | ||||
Floating Rate Obligations – (2.6)% | (20,975,000) | |||||
MuniFund Preferred Shares, net of deferred offering costs – (17.7)% (9) | (140,005,661) | |||||
Variable Rate Demand Preferred Shares, net of deferred offering costs – (36.7)% (10) | (290,570,089) | |||||
Other Assets Less Liabilities – 0.2% | 1,277,488 | |||||
Net Asset Applicable to Common Shares – 100% | $792,113,423 |
Part F of Form N-PORT was prepared
in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”)
related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial
statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the
Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities
are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring
a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of
observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants
would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the
assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered
hierarchy of valuation input levels.
Level 1
– Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
12
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The following table summarizes the
market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value them:
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments: | ||||
Municipal Bonds | $ — | $1,241,581,786 | $804,899 | $1,242,386,685 |
(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) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. | |
(5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(6) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. | |
(7) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(8) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(9) | MuniFund Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 11.3%. | |
(10) | Variable Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 23.4%. | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
13