UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number     811-06623

Nuveen California Select Tax-Free Income Portfolio

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end:     February 28

Date of reporting period:     February 28, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

February

28,

2023

Annual

Report

NAC

Nuveen

California

Quality

Municipal

Income

Fund

NKX

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

NCA

Nuveen

California

Municipal

Value

Fund

NXC

Nuveen

California

Select

Tax-Free

Income

Portfolio

Life

is

Complex.

Nuveen

makes

things

e-simple.

It

only

takes

a

minute

to

sign

up

for

e-Reports.

Once

enrolled,

you’ll

receive

an

e-mail

as

soon

as

your

Nuveen

Fund

information

is

ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

the

link

within

the

e-mail

to

see

the

report

and

save

it

on

your

computer

if

you

wish.

Free

e-Reports

right

to

your

email!

www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

professional

or

brokerage

account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

dividends

and

statements

directly

from

Nuveen.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Portfolio

Managers’

Comments

5

Fund

Leverage

8

Common

Share

Information

9

Performance

Overview

and

Holdings

Summaries

11

Shareholder

Meeting

Report

19

Report

of

Independent

Registered

Public

Accounting

Firm

21

Portfolios

of

Investments

23

Statement

of

Assets

and

Liabilities

63

Statement

of

Operations

64

Statement

of

Changes

in

Net

Assets

65

Statement

of

Cash

Flows

68

Financial

Highlights

70

Notes

to

Financial

Statements

75

Shareholder

Update

89

Important

Tax

Information

113

Additional

Fund

Information

114

Glossary

of

Terms

Used

in

this

Report

115

Board

Members

&

Officers

116

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

The

significant

measures

taken

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

over

the

past

year

to

contain

inflation

have

begun

to

take

effect.

From

March

2022

to

March

2023,

the

Fed

raised

the

target

fed

funds

rate

by

4.75%

to

a

range

of

4.75%

to

5.00%,

marking

the

fastest

interest

rate

hiking

cycle

in

its

history.

Across

most

of

the

world,

inflation

rates

have

fallen

from

their

post-pandemic

highs

but

currently

remain

well

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

surprisingly

resilient,

even

as

financial

conditions

have

tightened.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

the

year

overall

compared

to

2021.

More

recent

data

have

shown

a

relatively

strong

jobs

market,

which

has

helped

support

consumer

sentiment

and

spending

despite

historically

high

inflation.

Markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

which

could

prompt

central

banks

to

continue

raising

interest

rates

at

the

risk

of

slowing

economies

too

much.

Additionally,

the

recent

collapse

of

two

regional

U.S.

banks,

Silicon

Valley

Bank

and

Signature

Bank,

and

major

European

bank

Credit

Suisse,

is

likely

to

add

further

downward

pressure

to

the

economy

as

the

banking

system

slows

lending

in

response.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

policy

based

upon

these

factors.

While

uncertainty

has

increased

given

the

unpredictable

outcome

of

tighter

credit

conditions

on

the

economy,

the

Fed

remains

committed

to

acting

until

it

sees

sustainable

progress

toward

its

inflation

goals.

In

the

meantime,

markets

are

likely

to

continue

reacting

in

the

short

term

to

news

about

inflation

data,

economic

indicators

and

central

bank

policy.

We

encourage

investors

to

keep

a

long-

term

perspective

amid

the

short-term

noise.

Your

financial

professional

can

help

you

review

how

well

your

portfolio

is

aligned

with

your

time

horizon,

risk

tolerance

and

investment

goals.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

April

20,

2023

Portfolio

Managers’

Comments

5

Nuveen

California

Quality

Municipal

Income

Fund

(NAC)

Nuveen

California

ATM-Free

Quality

Municipal

Income

Fund

(NKX)

Nuveen

California

Municipal

Value

Fund

(NCA)

Nuveen

California

Select

Tax-Free

Income

Portfolio

(NXC)

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

Here,

the

Funds’

portfolio

manager

Scott

R.

Romans,

PhD,

reviews

U.S.

economic

and

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

reporting

period

ended

February

28,

2023.

For

more

information

on

the

Funds’

investment

objectives

and

policies,

please

refer

to

the

Shareholder

Update

section

at

the

end

of

the

report.

What

factors

affected

the

U.S.

economy

and

municipal

bond

markets

during

the

twelve-month

reporting

period

ended

February

28,

2023?

Despite

high

inflation

and

tightening

financial

conditions,

the

U.S.

economy

remained

on

a

moderate

growth

path

during

the

twelve-month

period

ended

February

28,

2023.

The

U.S.

economy

grew

at

a

pace

of

2.1%

in

2022,

normalizing

from

its

rapid

post-pandemic

recovery

in

2021

when

it

expanded

5.9%,

according

to

the

U.S.

Bureau

of

Economic

Analysis.

Inflation

remained

persistently

high

as

China’s

Zero-COVID

restrictions

(later

lifted

in

December

2022)

and

the

Russia-Ukraine

war

worsened

existing

pandemic-related

supply

chain

disruptions

and

drove

food

and

energy

prices

higher.

While

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

took

aggressive

measures

that

helped

inflation

rates

ease

off

their

peaks,

the

levels

remained

much

higher

than

central

banks’

target

levels.

Beginning

in

March

2022,

the

Fed

raised

its

target

fed

funds

rate

eight

times

during

the

reporting

period,

bringing

it

from

near

zero

at

the

start

of

2022

to

a

range

of

4.50%

to

4.75%.

After

the

close

of

the

reporting

period,

in

March

2023,

the

Fed

raised

its

rate

by

0.25%

to

a

range

of

4.75%

to

5.00%.

This

was

a

closely

watched

decision

because

of

the

failure

of

Silicon

Valley

Bank

and

Signature

Bank

in

March

2023,

after

the

end

of

the

reporting

period,

and

uncertainty

around

the

economic

impact

of

these

failures.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

had

been

troubled

for

some

time

and

was

considered

to

be

vulnerable

in

the

current

environment.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets.

In

addition,

it

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

Global

currency

and

bond

markets

were

further

roiled

in

September

2022

by

an

unpopular

fiscal

spending

proposal

in

the

U.K.

but

recovered

after

the

plans

were

abandoned.

Inflation

and

higher

borrowing

costs

weighed

on

consumer

confidence

and

spending

and

notably

cooled

the

housing

market

in

this

reporting

period.

However,

the

labor

market,

another

key

gauge

of

the

economy’s

health,

remained

stronger

than

expected.

By

July

2022,

the

economy

had

recovered

the

22

million

jobs

lost

since

the

beginning

of

the

pandemic.

As

of

February

2023,

the

unemployment

rate

remained

near

its

pre-pandemic

low

of

3.6%,

although

monthly

job

growth

appeared

to

be

slowing.

The

strong

labor

market

and

wage

gains

helped

provide

a

measure

of

resilience

to

the

U.S.

economy

in

2022

and

early

2023,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

The

broad

municipal

bond

market

declined

over

the

twelve-month

reporting

period,

primarily

driven

by

interest

rate

and

economic

uncertainty.

Municipal

yields

rose

across

the

maturity

spectrum,

with

a

greater

increase

at

the

shorter

end

of

the

curve

as

markets

priced

in

a

more

aggressive

pace

of

monetary

tightening

to

combat

persistently

high

inflation.

Although

the

yield

curve

flattened

overall,

shorter

maturities

still

outperformed

longer

maturities.

In

response

to

the

rising

interest

rate

environment

and

heightened

market

volatility,

dealers

reduced

their

inventories

and

investors

increased

redemptions

from

traditional

municipal

bond

mutual

funds.

For

much

of

the

reporting

period,

credit

spreads

were

generally

stable

given

relatively

strong

municipal

fundamentals,

although

there

was

some

widening

as

the

market

sell-off

continued.

Portfolio

Managers’

Comments

(continued)

6

What

were

the

economic

and

market

environments

in

California

during

the

twelve-month

reporting

period

ended

February

28,

2023?

California’s

$3.6

trillion

economy

is

the

largest

in

the

United

States,

representing

14.1%

of

U.S.

gross

domestic

product,

and

on

a

standalone

basis

would

be

the

fifth

largest

economy

in

the

world.

The

state’s

economy

is

diverse

and

generally

mirrors

the

nation’s

economic

composition

but

with

a

higher

concentration

in

the

information

technology

sector.

During

2022,

the

state

recovered

the

remaining

2.8

million

jobs

lost

during

the

pandemic.

However,

employment

gains

are

slowing

because

of

technology

layoffs,

agricultural

headwinds

and

declining

housing

affordability.

The

state’s

unemployment

rate

was

4.3%

as

of

February

2023,

higher

than

the

nation’s

3.6%

rate.

The

state’s

general

fund

budget

for

fiscal

year

2023

(July

1,

2022

to

June

30,

2023)

totals

$234.4

billion,

which

is

3.5%

lower

than

the

revised

fiscal

year

2022

budget.

The

fiscal

year

2023

budget

projected

a

$49.2

billion

surplus,

driven

by

revenues

that

were

significantly

higher

and

state

costs

that

were

lower

than

initially

expected.

California’s

proposed

budget

of

$223.6

billion

for

fiscal

year

2023-2024

(July

1,

2023

to

June

30,

2024)

represents

a

6.9%

decrease

over

the

prior

year

and

projects

a

$22.5

billion

budget

gap

because

of

lower

general

fund

revenues.

The

state

has

released

plans

to

address

the

deficit.

As

of

February

2023,

S&P

affirmed

its

AA-

rating

and

positive

outlook

on

California

general

obligation

(GO)

debt.

Moody’s

affirmed

its

state

GO

rating

of

Aa2

with

a

stable

outlook.

California

municipal

bond

supply

totaled

$47.8

billion

for

the

twelve-month

period

ended

February

28,

2023,

a

40.5%

decrease

from

the

same

period

a

year

earlier.

What

key

strategies

were

used

to

manage

the

Funds

during

the

twelve-month

reporting

period

ended

February

28,

2023?

Each

Fund

seeks

to

provide

current

income

exempt

from

both

regular

federal

and

California

state

income

taxes,

and

in

the

case

of

NKX,

the

alternative

minimum

tax

(“AMT”)

applicable

to

individuals,

by

investing

primarily

in

a

portfolio

of

municipal

obligations

issued

by

state

and

local

government

authorities

within

the

state

of

California

or

certain

U.S.

territories.

To

the

extent

that

the

Funds

invest

in

bonds

of

municipal

issuers

located

in

other

states,

each

Fund

may

have

income

that

is

not

exempt

from

state

personal

income

tax.

NAC

and

NKX

use

leverage.

NCA

and

NXC

may

use

tender

option

bonds

to

implement

their

investment

strategies

more

efficiently,

which

may

create

up

to

10%

effective

leverage.

Leverage

is

discussed

in

more

detail

later

in

the

Fund

Leverage

section

of

this

report.

During

the

reporting

period,

the

Funds’

trading

activity

remained

focused

on

pursuing

their

investment

objectives.

The

rising

yield

environment

during

this

reporting

period

was

favorable

for

the

Funds

to

reset

embedded

yields

higher

in

their

portfolios,

primarily

by

executing

on

tax-loss

swap

opportunities.

This

strategy

involves

selling

depreciated

bonds

with

lower

embedded

yields

to

reinvest

in

similarly

structured,

higher

income-producing

bonds

to

support

the

Funds’

income

earnings

and

capture

tax

efficiencies.

The

rising

interest

rate

environment

in

this

reporting

period

also

provided

an

opportunity

for

the

municipal

investment

team

to

buy

lower

rated

credits

in

the

Funds

at

wider-than-average

credit

spreads

and

with

incrementally

higher

yields.

These

new

purchases

were

funded

by

selling

higher

quality,

lower

yielding

paper

that

had

been

bought

when

prevailing

interest

rates

were

lower.

The

goal

of

the

new

purchases

was

to

keep

the

Funds

fully

invested

and

to

hold

a

more

liquid

investment

that

could

be

sold

when

longer-term

opportunities

arose.

This

credit

rotation

strategy

resulted

in

increased

weightings

in

health

care

and

multi-family

housing

bonds,

specifically

in

a

program

in

California

that

finances

affordable

workforce

housing.

In

the

case

of

NAC,

NCA

and

NXC,

this

strategy

also

resulted

in

an

increased

weight

in

airport

revenue

bonds

subject

to

the

alternative

minimum

tax

(AMT).

Conversely,

the

Funds’

weightings

in

utilities

and

state

and

local

general

obligation

bonds

decreased

in

the

reporting

period.

As

of

February

28,

2023,

NAC

and

NKX

continued

to

use

inverse

floating

rate

securities.

The

Funds

employ

inverse

floating

rate

securities,

which

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

and

are

sometimes

referred

to

as

“inverse

floaters,”

for

a

variety

of

reasons,

including

duration

management,

income

and

total

return

enhancement.

NCA

and

NXC

had

no

effective

leverage

during

the

reporting

period.

How

did

the

Funds

perform

during

the

twelve-month

reporting

period

ended

February

28,

2023?

For

the

twelve

months

ended

February

28,

2023,

the

Nuveen

California

Municipal

Value

Fund

(NCA)

and

Nuveen

California

Select

Tax-Free

Income

Portfolio

(NXC) underperformed

the

S&P

Municipal

Bond

California

Index

while

Nuveen

California

Quality

Municipal

Income

Fund

(NAC)

and

Nuveen

California

ATM-Free

Quality

Municipal

Income

Fund

(NKX)

significantly

underperformed

the

S&P

Municipal

Bond

California

Index.

For

the

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

Municipal

Bond

California

Index.

NAC

and

NKX’s

use

of

leverage

through

inverse

floating

rate

securities

and

the

issuance

of

preferred

shares

detracted

significantly

from

relative

performance

during

the

reporting

period.

However,

the

Funds’

use

of

leverage

was

accretive

to

overall

common

share

income.

7

The

Funds’

longer-duration

positioning

relative

to

their

respective

benchmark

indexes

was

another

primary

detractor

from

relative

performance

for

NAC

and

NKX

and

was

the

main

relative

performance

detractor

for

NCA

and

NXC.

The

negative

impact

came

from

the

Funds’

overweight

allocations

to

longer-duration

bonds,

which

underperformed

in

the

rising

rate

environment,

and

their

corresponding

underweights

to

shorter-duration

bonds,

which

outperformed.

During

the

reporting

period,

there

were

no

material

contributors

that

offset

the

Funds’

underperformance.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

manager

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements,

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Fund

disclaims

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group

(S&P),

Moody’s

Investors

Service,

Inc.

(Moody’s)

or

Fitch,

Inc.

(Fitch).

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings,

while

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Bond

insurance

guarantees

only

the

payment

of

principal

and

interest

on

the

bond

when

due,

and

not

the

value

of

the

bonds

themselves,

which

will

fluctuate

with

the

bond

market

and

the

financial

success

of

the

issuer

and

the

insurer.

Insurance

relates

specifically

to

the

bonds

in

the

portfolio

and

not

to

the

share

prices

of

a

Fund.

No

representation

is

made

as

to

the

insurers’

ability

to

meet

their

commitments.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

8

Fund

Leverage

IMPACT

OF

THE

FUND’S

LEVERAGE

STRATEGY

ON

PERFORMANCE

One

important

factor

impacting

the

returns

of

the

Funds’

common

shares

relative

to

their

comparative

benchmarks

was

the

Funds’

use

of

leverage

through

their

issuance

of

preferred

shares

and/or

investments

in

inverse

floating

rate

securities,

which

represent

leveraged

investments

in

underlying

bonds.

The

Funds

use

leverage

because

our

research

has

shown

that,

over

time,

leveraging

provides

opportunities

for

additional

income.

The

opportunity

arises

when

short-term

rates

that

a

Fund

pays

on

its

leveraging

instruments

are

lower

than

the

interest

the

Fund

earns

on

its

portfolio

of

long-term

bonds

that

it

has

bought

with

the

proceeds

of

that

leverage.

However,

use

of

leverage

can

expose

Fund

common

shares

to

additional

price

volatility.

When

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

municipal

bonds

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

bonds

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

tax-exempt

interest

rates.

While

fund

leverage

expenses

are

higher

than

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-term

periods.

NAC

and

NKX’s

use

of

leverage

significantly

detracted

from

relative

performance

during

the

reporting

period.

However,

the

Funds’

use

of

leverage

was

accretive

to

overall

common

share

income.

As

of

February

28,

2023

,

the

Funds’

percentages

of

leverage

are

as

shown

in

the

accompanying

table.

*

Effective

Leverage

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Regulatory

leverage

consists

of

preferred

shares

issued

or

borrowings

of

a

Fund.

Both

of

these

are

part

of

a

Fund’s

capital

structure.

A

Fund,

however,

may

from

time

to

time

borrow

on

a

typically

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

incidental

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

effective

leverage

ratio.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

THE

FUNDS’

REGULATORY

LEVERAGE

As

of

February

28,

2023

,

the

following

Funds

have

issued

and

outstanding

preferred

shares

as

shown

in

the

accompanying

table.

As

mentioned

previously,

NCA

and

NXC

do

not

use

regulatory

leverage.

*

Preferred

shares

of

the

Fund

featuring

a

floating

rate

dividend

based

on

a

predetermined

formula

or

spread

to

an

index

rate.

Includes

the

following

preferred

shares

AMTP,

iMTP,

MFP-VRM

and

VRDP

in

Special

Rate

Mode,

where

applicable.

See

Notes

to

Financial

Statements

for

further

details.

**

Preferred

shares

of

the

Fund

featuring

floating

rate

dividends

set

by

a

remarketing

agent

via

a

regular

remarketing.

Includes

the

following

preferred

shares

VRDP

not

in

Special

Rate

Mode,

MFP-VRRM

and

MFP-VRDM,

where

applicable.

See

Notes

to

Financial

Statements

for

further

details.

Refer

to

Notes

to

Financial

Statements

for

further

details

on

preferred

shares

and

each

Fund’s

respective

transactions.

NAC

NKX

NCA

NXC

Effective

Leverage*

40.54%

41.09%

0.00%

0.00%

Regulatory

Leverage*

40.39%

39.15%

0.00%

0.00%

Variable

Rate

Preferred*

Variable

Rate

Remarketed

Preferred**

Fund

Shares

Issued

at

Liquidation

Preference

Shares

Issued

at

Liquidation

Preference

Total

NAC

$729,900,000

$497,900,000

$1,227,800,000

NKX

  $

-

$397,100,000

$397,100,000

Common

Share

Information

9

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

February

28,

2023.  Each

Fund's

distribution

levels

may

vary

over

time

based

on each

Fund's

investment

activity

and

portfolio

investment

value

changes.

During

the

current

reporting

period, each

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

Each

Fund

seeks

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflects

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

may

pay

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

would

report

a

negative

undistributed

net

ordinary

income.

Refer

to the

Notes

to

Financial Statements for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

All

monthly

dividends

paid

by

each

Fund

during

the

current

reporting

period

were

paid

from

net

investment

income.

If

a

portion

of

the

Fund’s

monthly

distributions

is

sourced

or

comprised

of

elements

other

than

net

investment

income,

including

capital

gains

and/

or

a

return

of

capital,

shareholders

will

be

notified

of

those

sources.

For

financial

reporting

purposes,

the

per

share

amounts

of

each

Fund’s

distributions

for

the

reporting

period

are

presented

in

this

report’s

Financial

Highlights.

For

income

tax

purposes,

distribution

information

for

each

Fund

as

of

its

most

recent

tax

year

end

is

presented

in the

Notes

to

Financial

Statements

of

this

report.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closed-end-funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NAC

NKX

NCA

NXC

March

$0.0545

$0.0565

$0.0245

$0.0400

April

0.0515

0.0565

0.0245

0.0400

May

0.0515

0.0565

0.0245

0.0400

June

0.0515

0.0565

0.0245

0.0400

July

0.0515

0.0520

0.0265

0.0400

August

0.0515

0.0520

0.0265

0.0400

September

0.0515

0.0520

0.0265

0.0400

October

0.0445

0.0470

0.0275

0.0420

November

0.0445

0.0470

0.0275

0.0420

December

0.0445

0.0470

0.0275

0.0420

January

0.0360

0.0415

0.0290

0.0435

February

0.0360

0.0415

0.0290

0.0435

Total

Distributions

from

Net

Investment

Income

$0.5690

$0.6060

$0.3180

$0.4930

Total

Distributions

from

Long

Term

Capital

Gains

1

$–

$–

$–

$0.0022

Total

Distributions

$0.5690

$0.6060

$0.3180

$0.4952

1

Distributions

paid

in

December

2022.

Yields

NAC

NKX

NCA

NXC

Market

Yield

1

3.97%

4.25%

3.99%

3.76%

Taxable-Equivalent

Yield

1

8.65%

9.26%

8.69%

8.19%

1

Market

Yield

is

based

on

the

Fund’s

current

annualized

monthly

distribution

divided

by

the

Fund’s

current

market

price

as

of

the

end

of

the

reporting

period.

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis.

It

is

based

on

a

combined

federal

and

state

income

tax

rate

of

54.1%.

Your

actual

combined

federal

and

state

income

tax

rate

may

differ

from

the

assumed

rate.

The

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

Common

Share

Information

(continued)

10

COMMON

SHARE

REPURCHASES

During

August

2022,

the

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

February

28,

2023,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

February

28,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAV,

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

NAC

NKX

NCA

NXC

Common

shares

cumulatively

repurchased

and

retired

370,000

230,000

-

-

Common

shares

authorized

for

repurchase

14,470,000

4,750,000

3,310,000

635,000

NAC

NKX

NCA

NXC

Common

share

NAV

$12.52

$12.99

$9.22

$13.71

Common

share

price

$10.87

$11.72

$8.72

$13.89

Premium/(Discount)

to

NAV

(13.18)%

(9.78)%

(5.42)%

1.31%

Average

premium/(discount)

to

NAV

(9.80)%

(6.49)%

(6.64)%

(1.12)%

Nuveen

California

Quality

Municipal

Income

Fund

Performance

Overview

and

Holdings

Summaries

February

28,

2023

11

NAC

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

California

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Common

Share

Price 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NAC

at

Common

Share

NAV

5/26/99

(13.20)%

0.34%

2.58%

NAC

at

Common

Share

Price

5/26/99

(16.78)%

0.28%

1.56%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

California

Index

—

(4.78)%

1.55%

2.34%

12

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

166

.3‌

%

Other

Assets

&

Liabilities,

Net

1.4%

MFP

Shares,

Net

(

17

.7‌

)

%

VRDP

Shares,

Net

(

50

.0‌

)

%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

12.0%

AAA

6.4%

AA

40.5%

A

17.2%

BBB

6.5%

BB

or

Lower

3.1%

N/R

(not

rated)

14.3%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/General

18.3%

Utilities

14.7%

U.S.

Guaranteed

13.8%

Transportation

13.5%

Health

Care

12.9%

Tax

Obligation/Limited

12.1%

Housing/Multifamily

10.5%

Other

4.2%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

California

95.8%

Puerto

Rico

3.4%

Guam

0.7%

Virgin

Islands

0.1%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

California

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

California

AMT-Free

Quality

Municipal

In-

come

Fund

Performance

Overview

and

Holdings

Summaries

February

28,

2023

13

NKX

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

California

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Common

Share

Price 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NKX

at

Common

Share

NAV

11/21/02

(13.14)%

0.87%

3.01%

NKX

at

Common

Share

Price

11/21/02

(13.15)%

0.94%

2.61%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

California

Index

—

(4.78)%

1.55%

2.34%

14

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

167

.8‌

%

Other

Assets

&

Liabilities,

Net

1.7%

Floating

Rate

Obligations

(5.4)%

MFP

Shares,

Net

(

22

.7‌

)

%

VRDP

Shares,

Net

(

41

.4‌

)

%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

15.4%

AAA

3.8%

AA

41.5%

A

13.7%

BBB

6.4%

BB

or

Lower

3.3%

N/R

(not

rated)

15.9%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/General

22.6%

U.S.

Guaranteed

15.8%

Tax

Obligation/Limited

14.9%

Health

Care

13.6%

Utilities

12.0%

Housing/Multifamily

10.5%

Transportation

6.8%

Other

3.8%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

California

93.7%

Puerto

Rico

4.7%

Guam

1.1%

Virgin

Islands

0.4%

New

York

0.1%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

California

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

California

Municipal

Value

Fund

Performance

Overview

and

Holdings

Summaries

February

28,

2023

15

NCA

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

California

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Common

Share

Price 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NCA

at

Common

Share

NAV

10/07/87

(7.58)%

1.16%

2.53%

NCA

at

Common

Share

Price

10/07/87

(5.13)%

1.50%

2.08%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

California

Index

—

(4.78)%

1.55%

2.34%

16

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

98

.8‌

%

Other

Assets

&

Liabilities,

Net

1.2%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

5.1%

AAA

9.8%

AA

45.2%

A

19.5%

BBB

5.7%

BB

or

Lower

2.3%

N/R

(not

rated)

12.4%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/General

23.2%

Utilities

19.0%

Transportation

18.7%

Tax

Obligation/Limited

10.1%

Health

Care

9.7%

Housing/Multifamily

9.5%

U.S.

Guaranteed

6.3%

Other

3.5%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

California

97.8%

Puerto

Rico

2.2%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

California

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Nuveen

California

Select

Tax-Free

Income

Portfo-

lio

Performance

Overview

and

Holdings

Summaries

February

28,

2023

17

NXC

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

California

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Growth

of

an

Assumed

$10,000

Investment

as

of February

28,

2023

 -

Common

Share

Price 

Total

Returns

as

of

February

28,

2023

Average

Annual

Inception

Date

1-Year

5-Year

10-Year

NXC

at

Common

Share

NAV

6/19/92

(6.23)%

1.65%

2.75%

NXC

at

Common

Share

Price

6/19/92

(2.77)%

2.83%

3.28%

S&P

Municipal

Bond

Index

—

(4.91)%

1.68%

2.13%

S&P

Municipal

Bond

California

Index

—

(4.78)%

1.55%

2.34%

18

Performance

Overview

and

Holdings

Summaries

February

28,

2023

(continued)

Holdings

Summaries

as

of

February

28,

2023

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

98

.2‌

%

Other

Assets

&

Liabilities,

Net

1.8%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

11.9%

AAA

11.3%

AA

40.1%

A

18.5%

BBB

3.9%

BB

or

Lower

2.6%

N/R

(not

rated)

11.7%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Utilities

21.4%

Tax

Obligation/General

20.4%

Tax

Obligation/Limited

13.6%

Transportation

12.0%

U.S.

Guaranteed

11.9%

Health

Care

10.3%

Housing/Multifamily

9.3%

Other

1.1%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

California

98.7%

Puerto

Rico

1.3%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

California

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

Shareholder

Meeting

Report

19

The

annual

meeting

of

shareholders

was

held

on

November

18,

2022

for

NAC,

NKX

and

NCA;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members.

NAC

NKX

NCA

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Approval

of

the

Board

Members

was

reached

as

follows:

Judith

M.

Stockdale

For

101,750,835

—

34,901,203

—

26,861,810

—

Withhold

3,336,024

—

1,186,396

—

661,992

—

Total

105,086,859

—

36,087,599

—

27,523,802

—

Carole

E.

Stone

For

101,807,900

—

34,940,704

—

26,883,619

—

Withhold

3,278,959

—

1,146,895

—

640,183

—

Total

105,086,859

—

36,087,599

—

27,523,802

—

Margaret

L.

Wolff

For

101,867,468

—

34,928,317

—

26,877,856

—

Withhold

3,219,391

—

1,159,282

—

645,946

—

Total

105,086,859

—

36,087,599

—

27,523,802

—

William

C.

Hunter

For

—

11,187

—

4,326

26,689,956

—

Withhold

—

—

—

—

833,846

—

Total

—

11,187

—

4,326

27,523,802

—

Albin

F.

Moschner

For

—

11,187

—

4,326

—

—

Withhold

—

—

—

—

—

—

Total

—

11,187

—

4,326

—

—

Report

of

Independent

Registered

Public

Accounting

Firm

21

To

the

Shareholders

and

Board

of

Trustees

Nuveen

California

Quality

Municipal

Income

Fund,

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund,

Nuveen

California

Municipal

Value

Fund,

and

Nuveen

California

Select

Tax-Free

Income

Portfolio:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

Funds

listed

in

Appendix

A

(the

Funds),

including

the

portfolios

of

investments,

as

of

February

28,

2023,

the

related

statements

of

operations,

cash

flows

and

changes

in

net

assets

for

the

Funds

and

periods

listed

in

Appendix

A,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

February

28,

2023,

the

results

of

their

operations,

cash

flows

and

changes

in

net

assets

for

the

periods

listed

in

Appendix

A,

and

the

financial

highlights

for

the

Funds

and

periods

listed

in

Appendix

A,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

February

28,

2023,

by

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

We

have

served

as

the

auditor

of

one

or

more

Nuveen

investment

companies

since

2014.

Chicago,

Illinois

April

26,

2023

(continued)

22

Appendix

A

For

the

year

ended

February

28,

2023

(statements

of

operations

and

cash

flows);

for

each

of

the

years

in

the

two-year

period

ended

February

28,

2023

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

five-year

period

ended

February

28,

2023

(financial

highlights):

Nuveen

California

Quality

Municipal

Income

Fund

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

For

the

year

ended

February

28,

2023

(statement

of

operations);

for

each

of

the

years

in

the

two-year

period

ended

February

28,

2023

(statement

of

changes

in

net

assets);

for

each

of

the

years

in

the

five-year

period

ended

February

28,

2023

(financial

highlights):

Nuveen

California

Municipal

Value

Fund

For

the

year

ended

February

28,

2023

(statement

of

operations);

for

the

year

ended

February

28,

2023,

the

eleven-month

period

ended

February

28,

2022,

and

the

year

ended

March

31,

2021

(statement

of

changes

in

net

assets);

for

the

year

ended

February

28,

2023,

the

eleven-

month

period

ended

February

28,

2022,

and

for

each

of

the

years

in

the

four-year

period

ended

March

31,

2021

(financial

highlights):

Nuveen

California

Select

Tax-Free

Income

Portfolio

23

Nuveen

California

Quality

Municipal

Income

Fund

Portfolio

of

Investments

February

28,

2023

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

166.3% (100.0%

of

Total

Investments)  

X

3,013,132,207

MUNICIPAL

BONDS

-

166.3%  (100.0%

of

Total

Investments)

X

3,013,132,207

Consumer

Staples

-

0.9%

(0.6%

of

Total

Investments)

$

1,000

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Golden

Gate

Tobacco

Funding

Corporation,

Turbo,

Series

2007A,

5.000%,

6/01/47

3/23

at

100.00

N/R

$

921,730

2,575

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

BBB+

2,272,746

3,095

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020B-1,

5.000%,

6/01/49

6/30

at

100.00

BBB+

3,122,824

25,000

California

Statewide

Financing

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

Pooled

Tobacco

Securitization

Program,

Series

2006A,

0.000%,

6/01/46

3/23

at

23.97

N/R

5,978,250

19,000

Silicon

Valley

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Santa

Clara

County

Tobacco

Securitization

Corporation,

Series

2007B,

0.000%,

6/01/47

3/23

at

24.82

N/R

4,694,330

Total

Consumer

Staples

16,989,880

Education

and

Civic

Organizations

-

6.1%

(3.6%

of

Total

Investments)

5,725

California

Educational

Facilities

Authority,

Revenue

Bonds,

Stanford

University

Series

2016U-7,

5.000%,

6/01/46

No

Opt.

Call

AAA

6,620,276

California

Municipal

Finance

Authority,  Revenue

Bonds,

Creative

Center

of

Los

Altos

Project

Pinewood

&

Oakwood

Schools,

Series

2016B:

800

4.000%,

11/01/36,

144A

11/26

at

100.00

N/R

691,288

1,000

4.500%,

11/01/46,

144A

11/26

at

100.00

N/R

829,230

1,000

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A,

5.000%,

7/01/46,

144A

7/26

at

100.00

BB

899,500

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A:

3,500

5.000%,

12/31/43,

(AMT)

6/28

at

100.00

BBB-

3,510,500

1,650

4.000%,

12/31/47,

(AMT)

6/28

at

100.00

A2

1,408,886

4,000

5.000%,

12/31/47,

(AMT)

6/28

at

100.00

BBB-

3,961,840

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

The

Master's

University

&

Seminary,

Series

2019,

5.000%,

8/01/48

8/29

at

100.00

BBB-

957,360

350

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A,

5.000%,

5/01/27,

144A

No

Opt.

Call

N/R

346,867

1,615

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A,

5.000%,

7/01/45,

144A

7/25

at

100.00

BBB

1,621,299

2,150

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

BBB

2,157,159

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C:

5,995

5.000%,

7/01/46,

144A

7/25

at

101.00

BBB

6,023,056

8,340

5.250%,

7/01/52,

144A

7/25

at

101.00

BBB

8,419,397

800

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

6.000%,

7/01/51,

144A

7/26

at

100.00

BBB-

822,944

5,140

California

State

University,

Systemwide

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/01/43

11/25

at

100.00

Aa2

5,341,694

10,440

California

State

University,

Systemwide

Revenue

Bonds,

Series

2018A,

5.000%,

11/01/43

11/28

at

100.00

Aa2

11,235,737

7,505

California

State

University,

Systemwide

Revenue

Bonds,

Series

2020C,

3.000%,

11/01/40

11/30

at

100.00

Aa2

6,318,159

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

24

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Education

and

Civic

Organizations

(continued)

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O:

$

8,500

5.000%,

5/15/43

5/28

at

100.00

AA-

$

9,049,695

17,150

5.000%,

5/15/48

5/28

at

100.00

AA-

18,147,787

University

of

California,

General

Revenue

Bonds,

Series

2018AZ:

3,930

5.000%,

5/15/38

5/28

at

100.00

AA

4,248,644

6,775

5.000%,

5/15/48

5/28

at

100.00

AA

7,182,313

10,000

University

of

California,

General

Revenue

Bonds,

Series

2020BE,

4.000%,

5/15/47

5/30

at

100.00

AA

9,618,100

Total

Education

and

Civic

Organizations

109,411,731

Financials

-

0.0%

(0.0%

of

Total

Investments)

1,305

Puerto

Rico

Urgent

Interest

Fund

Corp

(COFINA),

National

Taxable

Trust

Unit,

Series

2007A

Sr.

Bond,

0.000%,

8/01/54

(4)

No

Opt.

Call

N/R

246,197

Total

Financials

246,197

Health

Care

-

21.5%

(12.9%

of

Total

Investments)

9,345

ABAG

Finance

Authority

for

Nonprofit

Corporations,

California,

Revenue

Bonds,

Sharp

HealthCare,

Series

2014A,

5.000%,

8/01/43

8/23

at

100.00

AA

9,367,241

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

19,795

5.000%,

11/15/46

11/26

at

100.00

A1

20,179,221

13,110

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

5.000%,

11/15/48

11/27

at

100.00

A1

13,385,703

5,890

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A,

5.000%,

11/15/38

11/27

at

100.00

A1

6,222,432

7,960

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Refunding

Series

2016A,

4.000%,

3/01/39

3/26

at

100.00

A

7,505,802

7,810

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2013A,

4.000%,

3/01/43

3/23

at

100.00

A

7,009,006

15,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-

Sinai

Medical

Center,

Refunding

Series

2016B,

4.000%,

8/15/39

8/26

at

100.00

Aa3

15,007,500

3,900

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A,

5.000%,

8/15/47

8/27

at

100.00

BBB+

3,945,240

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019:

16,625

4.000%,

11/15/45

11/29

at

100.00

A

15,254,601

30,630

5.000%,

11/15/49

11/26

at

100.00

A

30,945,489

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

31,810

4.000%,

4/01/44

4/30

at

100.00

A-

29,127,145

10,855

4.000%,

4/01/45

4/30

at

100.00

A-

9,848,416

2,815

4.000%,

4/01/49

4/30

at

100.00

A-

2,488,938

24,625

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital

at

Stanford,

Refunding

Forward

Delivery

Series

2022A,

4.000%,

5/15/51

5/32

at

100.00

AA-

22,812,846

6,105

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital,

Series

2014A,

5.000%,

8/15/43

8/24

at

100.00

AA-

6,217,515

2,230

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A,

5.000%,

10/01/38

10/24

at

100.00

A+

2,259,614

8,375

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

A+

8,423,826

16,330

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health,

Refunding

Series

2016A,

4.000%,

10/01/47

10/26

at

100.00

A+

15,045,972

16,185

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

System,

Series

2021A,

4.000%,

2/01/51

-

AGM

Insured

2/32

at

100.00

AA

15,000,420

685

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

Baa2

696,440

25

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

$

11,520

5.250%,

11/01/41

11/26

at

100.00

BBB-

$

11,561,933

6,750

5.000%,

11/01/47

11/26

at

100.00

BBB-

6,777,000

3,900

5.250%,

11/01/47

11/26

at

100.00

BBB-

3,911,622

5,330

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

AA

5,617,021

9,820

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017,

5.000%,

10/15/47

10/26

at

100.00

BBB-

9,686,055

5,760

California

Public

Finance

Authority,

Revenue

Bonds,

Sharp

HealthCare,

Series

2017A,

5.000%,

8/01/47

2/28

at

100.00

AA

5,934,758

2,000

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016,

5.000%,

10/01/46

10/26

at

100.00

A-

2,019,220

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A:

1,000

5.250%,

12/01/34

12/24

at

100.00

BB+

1,018,110

1,200

5.250%,

12/01/44

12/24

at

100.00

BB+

1,167,936

2,375

5.500%,

12/01/54

12/24

at

100.00

BB+

2,354,053

43,280

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56,

144A

6/26

at

100.00

BB+

40,810,443

16,445

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.500%,

12/01/58,

144A

6/28

at

100.00

BB+

16,168,560

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2015A:

2,345

5.000%,

3/01/35

3/26

at

100.00

A

2,419,337

3,000

5.000%,

3/01/45

3/26

at

100.00

A

3,033,420

6,465

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

John

Muir

Health,

Series

2016A,

4.000%,

8/15/51

8/26

at

100.00

A+

5,955,946

2,475

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.250%,

8/15/52

-

AGM

Insured

8/32

at

100.00

AA

2,619,689

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

166

5.750%,

7/01/24

(5),(6)

1/22

at

100.00

N/R

165,764

181

5.750%,

7/01/30

(5),(6)

1/22

at

100.00

N/R

180,841

127

5.750%,

7/01/35

(5),(6)

1/22

at

100.00

N/R

126,597

171

5.500%,

7/01/39

(5),(6)

1/22

at

100.00

N/R

170,681

6,200

Madera

County,

California,

Certificates

of

Participation,

Valley

Children's

Hospital

Project,

Series

1995,

5.750%,

3/15/28

-

NPFG

Insured

3/23

at

100.00

AAA

6,385,628

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016:

6,250

5.000%,

11/01/36

11/26

at

100.00

BBB

6,369,750

4,500

4.000%,

11/01/39

11/26

at

100.00

BBB

4,066,875

720

5.000%,

11/01/39

11/26

at

100.00

BBB

727,538

9,000

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Series

2022P,

5.000%,

5/15/47

5/32

at

100.00

AA-

9,724,500

Total

Health

Care

389,716,644

Housing/Multifamily

-

17.4%

(10.5%

of

Total

Investments)

22,285

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

N/R

17,388,317

22,070

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

N/R

17,648,717

6,250

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Senior

Series

2021A-1,

4.000%,

2/01/56,

144A

8/31

at

100.00

N/R

5,228,188

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

26

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

(continued)

$

23,610

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

N/R

$

20,560,060

6,960

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

2/31

at

100.00

N/R

5,215,476

660

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50,

144A

8/32

at

100.00

N/R

507,989

2,090

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50,

144A

8/30

at

100.00

N/R

1,965,311

1,385

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Verdant

at

Green

Valley

Apartments,

Series

2019A,

5.000%,

8/01/49,

144A

8/29

at

100.00

N/R

1,328,534

7,575

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49,

144A

4/29

at

100.00

N/R

6,555,481

22,708

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

BBB+

22,443,707

13,728

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

BBB+

12,928,467

5,136

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-3,

3.250%,

8/20/36

No

Opt.

Call

BBB

4,743,801

3,373

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

BBB+

3,360,790

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Senior

Series

2014A:

1,680

5.250%,

8/15/39

8/24

at

100.00

A-

1,704,948

2,150

5.250%,

8/15/49

8/24

at

100.00

A-

2,175,649

California

Public

Finance

Authority,

University

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Claremont

Properties

LLC

Claremont

Colleges

Project,

Series

2017A:

1,325

5.000%,

7/01/37,

144A

7/27

at

100.00

Caa2

1,282,865

1,000

5.000%,

7/01/47,

144A

7/27

at

100.00

Caa2

967,350

23,750

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56,

144A

4/31

at

100.00

N/R

18,054,987

8,060

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58,

144A

2/32

at

100.00

N/R

6,286,639

7,345

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-1,

3.000%,

12/01/56,

144A

12/31

at

100.00

N/R

5,061,733

3,265

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-1,

3.600%,

5/01/47,

144A

5/32

at

100.00

N/R

2,588,884

11,510

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-2,

3.250%,

5/01/57,

144A

5/32

at

100.00

N/R

8,055,849

1,720

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46,

144A

10/31

at

100.00

N/R

1,339,536

12,910

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

10,746,284

20,500

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

15,434,245

23,610

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

N/R

20,006,642

5,180

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-1,

2.875%,

8/01/41,

144A

8/31

at

100.00

N/R

4,341,358

27

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

(continued)

$

7,030

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-2,

3.125%,

8/01/56,

144A

8/31

at

100.00

N/R

$

4,936,185

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-

Hawthorne,

Series

2021A-1

and

A-2:

6,210

3.375%,

7/01/43,

144A

7/32

at

100.00

N/R

4,937,695

8,060

3.250%,

7/01/56,

144A

7/32

at

100.00

N/R

5,506,270

3,590

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-1,

3.400%,

10/01/46,

144A

10/31

at

100.00

N/R

2,701,547

21,695

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

16,075,127

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1:

2,215

3.000%,

7/01/43,

144A

7/32

at

100.00

N/R

1,688,915

9,645

3.125%,

7/01/56,

144A

7/32

at

100.00

N/R

6,665,467

450

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Mezzanine

Lien

Series

2021B,

4.000%,

3/01/57,

144A

3/32

at

100.00

N/R

323,118

1,095

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Senior

Lien

Series

2021A-2,

3.000%,

3/01/57,

144A

3/32

at

100.00

N/R

734,701

12,115

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

N/R

9,870,939

5,720

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

N/R

4,215,468

8,025

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

N/R

6,056,467

2,010

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Mezzanine

Lien

Series

2021B,

4.000%,

9/01/46,

144A

9/31

at

100.00

N/R

1,630,974

5,700

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47,

144A

6/31

at

100.00

N/R

4,212,357

20,760

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

N/R

13,804,777

21,185

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

N/R

14,305,383

Total

Housing/Multifamily

315,587,197

Tax

Obligation/General

-

30.4%

(18.3%

of

Total

Investments)

4,125

Alameda

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Series

2004A,

0.000%,

8/01/25

-

AGM

Insured

No

Opt.

Call

AA

3,813,851

4,420

Butte-Glenn

Community

College

District,

Butte

and

Glenn

Counties,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A,

5.250%,

8/01/46

8/27

at

100.00

Aa2

4,705,046

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2016:

4,600

5.000%,

8/01/33

8/26

at

100.00

Aa2

4,901,208

8,000

5.000%,

9/01/37

9/26

at

100.00

Aa2

8,475,520

7,250

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2020,

3.000%,

11/01/35

11/30

at

100.00

Aa2

6,642,958

3,570

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2021.

Forward

Delivery,

5.000%,

9/01/41

9/31

at

100.00

Aa2

3,961,415

50

California

State,

General

Obligation

Bonds,

Series

2013,

5.000%,

2/01/29

3/23

at

100.00

Aa2

50,077

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

28

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

California

State,

General

Obligation

Bonds,

Series

2014:

$

9,320

5.000%,

12/01/43

12/23

at

100.00

Aa2

$

9,410,218

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2015:

6,700

5.000%,

8/01/32

2/25

at

100.00

Aa2

6,963,377

11,000

5.000%,

8/01/34

8/25

at

100.00

Aa2

11,510,400

5,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2016,

5.000%,

9/01/36

9/26

at

100.00

Aa2

5,307,600

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013:

9,940

5.000%,

4/01/37

4/23

at

100.00

Aa2

9,950,834

16,960

5.000%,

4/01/43

4/23

at

100.00

Aa2

16,977,130

7,240

5.000%,

11/01/43

11/23

at

100.00

Aa2

7,302,409

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014:

24,970

5.000%,

5/01/32

5/24

at

100.00

Aa2

25,465,405

8,910

5.000%,

10/01/39

10/24

at

100.00

Aa2

9,104,772

7,780

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2017,

5.000%,

11/01/47

11/27

at

100.00

Aa2

8,261,426

9,500

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

10/01/47

4/26

at

100.00

Aa2

9,862,425

5,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2019,

5.000%,

4/01/49

4/29

at

100.00

Aa2

5,339,200

1,770

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

4.000%,

11/01/45

11/25

at

100.00

Aa2

1,743,131

2,725

Centinela

Valley

Union

High

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Series

2002A,

5.250%,

2/01/26

-

NPFG

Insured

No

Opt.

Call

A+

2,831,466

5,400

Central

Unified

School

District,

Fresno

County,

California,

General

Obligation

Bonds,

2016

Election

Series

2018B.,

4.000%,

8/01/48

8/26

at

100.00

Aa3

5,129,082

7,860

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2014,

Series

2019C,

3.000%,

8/01/44

-

BAM

Insured

8/28

at

100.00

AA

6,307,414

5,000

Elk

Grove

Unified

School

District,

Sacramento

County,

California,

General

Obligation

Bonds,

Election

of

2016,

Series

2017,

4.000%,

8/01/46

8/26

at

100.00

AAA

4,869,900

12,500

Glendale

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2016

Taxable

Refunding

Series

2020B,

4.000%,

8/01/50

8/29

at

100.00

Aa2

11,881,250

18,500

Grossmont

Healthcare

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015D,

4.000%,

7/15/40

7/25

at

100.00

Aa2

18,163,670

5,150

Hacienda

La

Puente

Unified

School

District

Facilities

Financing

Authority,

California,

General

Obligation

Revenue

Bonds,

Program

Series

2007,

5.000%,

8/01/26

-

AGM

Insured

No

Opt.

Call

AA

5,506,431

3,000

Hacienda

La

Puente

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

2016

Election,

Series

2017A,

4.000%,

8/01/47

8/27

at

100.00

AAA

2,861,040

5,585

Lake

Elsinore

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

2016

Election

Series

B,

4.000%,

8/01/49

-

BAM

Insured

8/27

at

100.00

AA

5,226,946

5,630

Lake

Tahoe

Unified

School

District,

El

Dorado

County,

California,

General

Obligation

Bonds,

Series

2010,

0.000%,

8/01/45

-

AGM

Insured

(7)

No

Opt.

Call

AA

4,352,834

4,140

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

2008

Election

Series

2017J,

4.000%,

8/01/41

8/27

at

100.00

Aaa

4,143,643

1,285

Los

Angeles

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Measure

Q

Series

2020C,

4.000%,

7/01/40

7/30

at

100.00

AAA

1,281,261

3,100

Manteca

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2014

Series

2017B,

4.000%,

8/01/42

8/27

at

100.00

Aa2

3,021,415

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A:

10,000

4.000%,

8/01/40

8/25

at

100.00

Aa2

9,812,100

7,500

4.000%,

8/01/45

8/25

at

100.00

Aa2

7,152,675

4,100

Monrovia

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Series

2001B,

0.000%,

8/01/27

-

FGIC

Insured

No

Opt.

Call

Aa3

3,524,770

29

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

6,950

Morgan

Hill

Unified

School

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2017B,

4.000%,

8/01/47

8/27

at

100.00

Aa1

$

6,690,000

10,765

North

Orange

County

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2002

Series

2003B,

0.000%,

8/01/27

-

FGIC

Insured

No

Opt.

Call

AA+

9,282,875

1,815

Orland

Joint

Unified

School

District,

Glenn

and

Tehama

Counties,

California,

General

Obligation

Bonds,

2008

Election,

Series

2012B,

0.000%,

8/01/51

(7)

8/37

at

100.00

AA

1,254,256

Pajaro

Valley

Unified

School

District,

Santa

Cruz

County,

California,

General

Obligation

Bonds,

Refunding

Election

2012

Series

2013A:

9,650

4.250%,

8/01/47

8/23

at

100.00

Aa3

9,565,177

10,330

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Convertible

Capital

Appreciation,

Election

2004

Series

2010A,

0.000%,

8/01/35

No

Opt.

Call

A1

6,082,717

5,000

Paramount

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2011,

6.375%,

8/01/45

2/33

at

100.00

Aa3

5,928,750

2,500

Pleasant

Valley

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Refunding

Series

B,

4.000%,

8/01/46

8/29

at

100.00

Aa2

2,395,250

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

7,495

4.000%,

7/01/37

7/31

at

103.00

N/R

6,409,799

23,736

4.000%,

7/01/41

7/31

at

103.00

N/R

19,607,360

5,281

4.000%,

7/01/46

7/31

at

103.00

N/R

4,205,260

28,000

San

Bernardino

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2008

Series

2009B,

0.000%,

8/01/44

No

Opt.

Call

Aa1

10,607,520

7,500

San

Francisco

Bay

Area

Rapid

Transit

District,

California,

General

Obligation

Bonds,

Election

of

2016,

Green

Series

2022D-1,

4.250%,

8/01/52

2/32

at

100.00

Aaa

7,530,675

9,760

San

Francisco

Community

College

District,

California,

General

Obligation

Bonds,

Election

2020

Series

2020A,

4.000%,

6/15/45

6/30

at

100.00

A1

9,301,085

21,000

San

Marcos

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

2010

Election,

Series

2012B,

0.000%,

8/01/51

No

Opt.

Call

AA-

5,853,960

1,220

San

Mateo

Union

High

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

2010

Series

2011A,

0.000%,

7/01/51

(7)

9/41

at

100.00

Aaa

838,628

4,970

San

Rafael

City

High

School

District,

Marin

County,

California,

General

Obligation

Bonds,

Series

2004B,

0.000%,

8/01/27

-

FGIC

Insured

No

Opt.

Call

AA+

4,276,437

1,540

Santa

Maria

Joint

Union

High

School

District,

Santa

Barbara

and

San

Luis

Obispo

Counties,

California,

General

Obligation

Bonds,

Series

2003B,

5.625%,

8/01/24

-

AGM

Insured

No

Opt.

Call

Aa2

1,576,359

4,175

Southwestern

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2000,

Series

2004,

0.000%,

8/01/25

-

FGIC

Insured

No

Opt.

Call

Aa2

3,856,448

5,530

Stockton

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2008

Series

2011D,

0.000%,

8/01/50

-

AGM

Insured

(7)

8/37

at

100.00

AA

5,693,688

26,000

Sylvan

Union

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Election

of

2006,

Series

2010,

0.000%,

8/01/49

-

AGM

Insured

(7)

No

Opt.

Call

AA

20,552,220

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2004

Election

Series

2013B:

4,740

5.500%,

8/01/38

8/24

at

100.00

A1

4,880,683

4,830

5.500%,

8/01/40

8/24

at

100.00

A1

4,962,246

20,510

5.000%,

8/01/43

8/24

at

100.00

A1

20,672,234

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2013A:

4,355

5.500%,

8/01/38

8/24

at

100.00

A1

4,481,208

3,500

5.500%,

8/01/40

8/24

at

100.00

A1

3,595,830

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

30

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

8,410

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2015B,

4.000%,

8/01/45

8/25

at

100.00

A1

$

7,824,916

2,015

Wiseburn

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Series

2012C,

5.000%,

8/01/26

3/23

at

100.00

Aa2

2,016,894

140,160

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(7)

No

Opt.

Call

Aa2

105,676,435

Total

Tax

Obligation/General

551,433,209

Tax

Obligation/Limited

-

20.1%

(12.1%

of

Total

Investments)

1,675

Beaumont

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Improvement

Area

19A,

Series

2015B,

5.000%,

9/01/35

9/25

at

100.00

N/R

1,715,451

1,655

Bell

Community

Housing

Authority,

California,

Lease

Revenue

Bonds,

Series

2005,

5.000%,

10/01/36

-

AMBAC

Insured

3/23

at

100.00

N/R

1,661,173

745

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003,

5.500%,

10/01/23

-

RAAI

Insured

3/23

at

100.00

AA

746,751

1,200

California

Infrastructure

and

Economic

Development

Bank,

Lease

Revenue

Bonds,

California

State

Teachers

Retirement

System

Headquarters

Expansion,

Green

Bond-Climate

Bond

Certified

Series

2019,

5.000%,

8/01/44

8/29

at

100.00

AA

1,279,080

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Series

2013G:

10,690

5.250%,

9/01/30

9/23

at

100.00

Aa3

10,802,245

18,135

5.250%,

9/01/32

9/23

at

100.00

Aa3

18,313,811

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F:

8,685

5.250%,

9/01/31

9/23

at

100.00

Aa3

8,771,068

1,450

5.250%,

9/01/33

9/23

at

100.00

Aa3

1,463,935

10,525

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2014A,

5.000%,

9/01/39

9/24

at

100.00

Aa3

10,751,498

17,395

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Judicial

Council

of

California,

New

Stockton

Courthouse,

Series

2014B,

5.000%,

10/01/39

10/24

at

100.00

Aa3

17,788,649

1,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Judicial

Council

of

California,

Various

Projects

Series

2013A,

5.000%,

3/01/30

3/23

at

100.00

Aa3

1,001,470

1,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Judicial

Council

of

California,

Yuba

City

Courthouse,

Series

2013D,

5.000%,

6/01/32

6/23

at

100.00

Aa3

1,004,230

9,950

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Various

Capital

Projects,

Series

2013I,

5.000%,

11/01/38

11/23

at

100.00

Aa3

10,050,794

13,520

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Various

Capital

Projects,

Series

2014E,

5.000%,

9/01/39

9/24

at

100.00

Aa3

13,810,950

545

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

BBB+

567,688

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

9,000

5.000%,

11/15/29

11/25

at

100.00

BB

9,212,040

11,000

5.000%,

11/15/39

11/25

at

100.00

BB

11,050,490

190

Inglewood

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project,

Refunding

Series

1998A,

5.250%,

5/01/23

-

AMBAC

Insured

No

Opt.

Call

N/R

190,386

Jurupa

Public

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2014A:

530

5.000%,

9/01/29

9/24

at

100.00

A+

542,884

1,900

5.000%,

9/01/30

9/24

at

100.00

A+

1,943,966

1,220

5.000%,

9/01/31

9/24

at

100.00

A+

1,247,145

1,955

Jurupa

Public

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2015A,

5.000%,

9/01/43

9/25

at

100.00

A+

2,037,188

31

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

810

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

N/R

$

823,762

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

N/R

1,011,570

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Measure

R

Sales

Tax

Revenue

Bonds,

Senior

Series

2016A:

5,125

5.000%,

6/01/36

6/26

at

100.00

AAA

5,434,089

5,620

5.000%,

6/01/37

6/26

at

100.00

AAA

5,942,756

10,455

5.000%,

6/01/38

6/26

at

100.00

AAA

11,033,580

20,735

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Green

Senior

Lien

Series

2019A,

5.000%,

7/01/44

7/28

at

100.00

AAA

22,181,681

3,995

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Senior

Lien

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

AAA

4,250,360

8,945

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Senior

Lien

Series

2021A,

5.000%,

7/01/42

7/31

at

100.00

AAA

9,914,370

2,000

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Series

2019E-1,

5.000%,

12/01/49

12/29

at

100.00

AA+

2,142,560

1,835

Modesto,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1

Village

One

2,

Refunding

Series

2014,

5.000%,

9/01/31

9/24

at

100.00

BBB+

1,882,453

1,000

Norco

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

1,

Series

2009,

7.000%,

3/01/34

3/23

at

100.00

A+

1,003,470

11,095

Ontario

Redevelopment

Financing

Authority,

San

Bernardino

County,

California,

Revenue

Bonds,

Redevelopment

Project

1,

Refunding

Series

1995,

7.400%,

8/01/25

-

NPFG

Insured

No

Opt.

Call

AAA

11,513,503

6,055

Orange

County

Local

Transportation

Authority,

California,

Measure

M2

Sales

Tax

Revenue

Bonds,

Limited

Tax

Series

2019,

5.000%,

2/15/41

2/29

at

100.00

AA+

6,533,284

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Senior

Series

2013A:

11,230

5.250%,

9/01/30

9/23

at

100.00

N/R

11,319,278

10,065

5.750%,

9/01/39

9/23

at

100.00

N/R

10,139,280

1,545

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Subordinate

Lien

Series

2013B,

5.875%,

9/01/39

9/23

at

100.00

N/R

1,557,329

8,750

Pittsburg

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Los

Medanos

Community

Development

Project,

Series

1999,

0.000%,

8/01/23

-

AMBAC

Insured

No

Opt.

Call

AA

8,619,363

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

14,741

0.000%,

7/01/51

7/28

at

30.01

N/R

2,781,332

73,327

5.000%,

7/01/58

7/28

at

100.00

N/R

68,032,790

43

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.536%,

7/01/53

7/28

at

100.00

N/R

37,186

3,500

Rancho

Cucamonga

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Rancho

Redevelopment

Project,

Series

2014,

5.000%,

9/01/30

9/24

at

100.00

AA+

3,613,645

815

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

4.250%,

9/01/47

-

AGM

Insured

9/29

at

103.00

AA

805,204

5,000

Riverside

County

Transportation

Commission,

California,

Sales

Tax

Revenue

Bonds,

Refunding

Limited

Tax

Series

2017B,

5.000%,

6/01/38

12/27

at

100.00

AA+

5,368,000

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

04-2

Lake

Hill

Crest,

Series

2012:

990

5.000%,

9/01/29

9/23

at

100.00

N/R

997,584

2,615

5.000%,

9/01/35

9/23

at

100.00

N/R

2,629,330

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-8

Scott

Road,

Series

2013:

555

5.000%,

9/01/30

3/23

at

100.00

N/R

555,594

710

5.000%,

9/01/42

3/23

at

100.00

N/R

710,220

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

32

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westpark,

Refunding

Series

2015:

$

385

5.000%,

9/01/31

9/25

at

100.00

N/R

$

397,047

575

5.000%,

9/01/37

9/25

at

100.00

N/R

586,063

4,250

Sacramento

City

Financing

Authority,

California,

Tax

Allocation

Revenue

Bonds,

Merged

Downtown

Sacramento

and

Oak

Park

Projects,

Series

2005A,

0.000%,

12/01/31

-

FGIC

Insured

No

Opt.

Call

A

3,124,175

San

Buenaventura

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Project

Areas,

Series

2008:

1,000

7.750%,

8/01/28

3/23

at

100.00

A

1,003,900

1,325

8.000%,

8/01/38

3/23

at

100.00

A

1,330,353

615

San

Clemente,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2006-1

Marblehead

Coastal,

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

N/R

622,103

255

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District  6

Mission

Bay

South

Public

Improvements,

Refunding

Series

2013A,

5.000%,

8/01/33

3/23

at

100.00

N/R

257,111

1,795

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District

7,

Hunters

Point

Shipyard

Phase

One

Improvements,

Refunding

Series

2014,

5.000%,

8/01/39

8/24

at

100.00

N/R

1,811,406

5,000

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Mission

Bay

North

Redevelopment

Project,

Refunding

Series

2016A,

5.000%,

8/01/41

-

NPFG

Insured

8/26

at

100.00

A

5,184,200

1,060

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

3/23

at

100.00

N/R

1,062,883

2,500

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A,

5.000%,

9/01/37

9/25

at

103.00

N/R

2,592,250

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017:

1,145

5.500%,

9/01/27,

144A

No

Opt.

Call

N/R

1,178,663

1,435

5.750%,

9/01/32,

144A

9/27

at

100.00

N/R

1,529,265

5,520

6.250%,

9/01/47,

144A

9/27

at

100.00

N/R

5,692,390

1,350

Temecula

Valley

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2002-1

Improvement

Area

1,

Series

2012,

5.000%,

9/01/33

3/23

at

100.00

N/R

1,351,364

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A:

2,125

5.000%,

10/01/45

4/30

at

100.00

A-

2,176,064

5,085

5.000%,

10/01/49

4/30

at

100.00

A-

5,159,953

1,620

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

3/23

at

100.00

AA

1,621,021

1,280

William

S

Hart

School

Financing

Authority,

California,

Refunding

Revenue

Bonds,

Series

2013,

5.000%,

9/01/34

9/23

at

100.00

A

1,290,995

Total

Tax

Obligation/Limited

364,757,671

Transportation

-

22.5%

(13.5%

of

Total

Investments)

10,000

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Subordinate

Fixed

Rate

Series

2017S-7,

4.000%,

4/01/37

4/27

at

100.00

AA-

10,157,500

7,775

California

Municipal

Finance

Authority,

Special

Facility

Revenue

Bonds,

United

Airlines,

Inc.

Los

Angeles

International

Airport

Project,

Series

2019,

4.000%,

7/15/29,

(AMT)

No

Opt.

Call

B+

7,448,994

1,200

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2015D,

5.000%,

5/15/42

5/25

at

100.00

AA+

1,236,768

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2019A:

4,340

5.000%,

5/15/44

5/29

at

100.00

Aa2

4,672,183

7,500

5.000%,

5/15/49

5/29

at

100.00

Aa2

8,013,450

33

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Series

2022C:

$

3,730

4.000%,

5/15/41,

(AMT)

5/32

at

100.00

AA-

$

3,554,503

4,000

3.250%,

5/15/49,

(AMT)

5/32

at

100.00

AA-

3,067,760

13,625

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Lien

Private

Activity

Series

2021A,

5.000%,

5/15/51,

(AMT)

5/31

at

100.00

AA-

14,067,404

3,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Lien

Series

2021B,

5.000%,

5/15/45

5/31

at

100.00

AA-

3,251,970

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015D:

2,600

5.000%,

5/15/31,

(AMT)

5/25

at

100.00

AA

2,683,434

2,000

5.000%,

5/15/36,

(AMT)

5/25

at

100.00

AA

2,041,660

24,920

5.000%,

5/15/41,

(AMT)

5/25

at

100.00

AA

25,204,337

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Series

2022H:

4,850

5.000%,

5/15/42,

(AMT)

11/31

at

100.00

AA

5,112,385

5,080

5.000%,

5/15/52,

(AMT)

11/31

at

100.00

AA

5,252,009

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2016B:

1,000

5.000%,

5/15/34,

(AMT)

5/26

at

100.00

AA-

1,039,240

24,405

5.000%,

5/15/46,

(AMT)

5/26

at

100.00

AA-

24,709,818

3,310

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C,

5.000%,

5/15/44,

(AMT)

11/27

at

100.00

AA-

3,377,723

5,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018D,

5.000%,

5/15/48,

(AMT)

5/29

at

100.00

AA-

5,128,950

5,485

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019E,

5.000%,

5/15/44

11/28

at

100.00

AA-

5,830,665

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2021D:

945

5.000%,

5/15/37,

(AMT)

11/31

at

100.00

AA-

1,012,237

22,230

5.000%,

5/15/46,

(AMT)

11/31

at

100.00

AA-

23,128,981

4,160

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2022A,

5.000%,

5/15/45,

(AMT)

5/32

at

100.00

AA-

4,338,048

5,000

Los

Angeles

Harbors

Department,

California,

Revenue

Bonds,

Refunding

Series

2014B,

5.000%,

8/01/44

8/24

at

100.00

AA+

5,100,300

Los

Angeles

Harbors

Department,

California,

Revenue

Bonds,

Series

2014C:

1,865

5.000%,

8/01/36

8/24

at

100.00

AA+

1,916,437

6,610

5.000%,

8/01/44

8/24

at

100.00

AA+

6,742,596

4,780

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Second

Lien

Bonds,

RCTC

91

Express

Lanes,

Refunding

Series

2021C,

4.000%,

6/01/47

6/31

at

100.00

A-

4,397,696

7,750

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Senior

Lien

Bonds,

RCTC

91

Express

Lanes,

Refunding

Series

2021B-1,

4.000%,

6/01/46

6/31

at

100.00

A

7,158,830

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Refunding

Subordinate

Series

2019A:

3,600

5.000%,

7/01/34

7/29

at

100.00

A+

4,000,680

1,250

5.000%,

7/01/36

7/29

at

100.00

A+

1,362,075

6,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021A,

4.000%,

7/01/51

7/31

at

100.00

A+

5,612,400

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

34

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

$

25,270

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47

5/27

at

100.00

A+

$

26,241,379

9,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Governmental

Purpose

Series

2016C,

5.000%,

5/01/46

5/26

at

100.00

A+

9,274,230

22,835

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2016B,

5.000%,

5/01/46,

(AMT)

5/26

at

100.00

A+

23,117,241

10,910

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2017A,

5.000%,

5/01/42,

(AMT)

5/27

at

100.00

A+

11,135,510

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D:

23,845

5.000%,

5/01/43,

(AMT)

5/28

at

100.00

A+

24,416,326

18,100

5.000%,

5/01/48,

(AMT)

5/28

at

100.00

A+

18,397,202

10,500

5.250%,

5/01/48,

(AMT)

5/28

at

100.00

A+

10,791,795

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019A:

3,040

5.000%,

5/01/38,

(AMT)

5/29

at

100.00

A+

3,177,317

2,000

5.000%,

5/01/44,

(AMT)

5/29

at

100.00

A+

2,055,280

42,645

5.000%,

5/01/49,

(AMT)

5/29

at

100.00

A+

43,430,521

4,900

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E,

5.000%,

5/01/40,

(AMT)

5/29

at

100.00

A+

5,084,926

7,510

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019F,

5.000%,

5/01/50

5/29

at

100.00

A+

7,900,895

16,936

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A,

4.000%,

1/15/50

1/32

at

100.00

A

15,507,618

6,250

San

Jose,

California,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

3/01/47,

(AMT)

3/27

at

100.00

A

6,338,625

Total

Transportation

407,489,898

U.S.

Guaranteed

-

22.9%

(13.8%

of

Total

Investments)

(8)

18,400

Antelope

Valley

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A,

5.250%,

8/01/42,

(Pre-refunded

2/15/27)

2/27

at

100.00

AA

20,120,584

5,705

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2013S-4,

5.250%,

4/01/48,

(Pre-refunded

4/01/23)

4/23

at

100.00

A1

5,714,870

9,500

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Subordinate

Series

2019S-H,

5.000%,

4/01/49,

(Pre-

refunded

4/01/29)

4/29

at

100.00

AA-

10,786,965

Bay

Area

Water

Supply

and

Conservation

Agency,

California,

Revenue

Bonds,

Capital

Cost

Recovery

Prepayment

Program,

Series

2013A:

2,000

5.000%,

10/01/27,

(Pre-refunded

4/01/23)

4/23

at

100.00

AA-

2,002,980

7,000

5.000%,

10/01/34,

(Pre-refunded

4/01/23)

4/23

at

100.00

AA-

7,010,430

1,285

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2015A,

5.000%,

8/15/43,

(Pre-refunded

8/15/25)

8/25

at

100.00

A1

1,346,333

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

12,880

5.000%,

11/15/46,

(Pre-refunded

11/15/26)

11/26

at

100.00

N/R

13,793,578

16,250

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2016A,

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

A1

17,117,750

5,360

California

Infrastructure

and

Economic

Development

Bank,

First

Lien

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2003A,

5.000%,

7/01/23

-

AGM

Insured,

(ETM)

10/21

at

100.00

AA+

5,395,644

35

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

(8)

(continued)

$

21,255

California

Infrastructure

and

Economic

Development

Bank,

Infrastructure

State

Revolving

Fund

Revenue

Bonds,

Series

2016A,

5.000%,

10/01/41,

(Pre-refunded

10/01/26)

10/26

at

100.00

AAA

$

22,934,570

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Biola

University,

Series

2013,

5.000%,

10/01/38,

(Pre-refunded

10/01/23)

10/23

at

100.00

Baa1

1,010,100

18,250

California

Municipal

Finance

Authority,

Revenue

Bonds,

Pomona

College,

Series

2017,

5.000%,

1/01/48,

(Pre-refunded

1/01/28)

1/28

at

100.00

Aaa

20,179,755

California

State,

General

Obligation

Bonds,

Series

2014:

925

5.000%,

12/01/43,

(Pre-refunded

12/01/23)

12/23

at

100.00

N/R

937,996

5,500

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Buck

Institute

for

Research

on

Aging,

Series

2014,

5.000%,

11/15/44,

(Pre-refunded

11/15/24)

-

AGM

Insured

11/24

at

100.00

AA

5,679,630

2,670

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Huntington

Memorial

Hospital,

Refunding

Series

2014B,

5.000%,

7/01/44,

(Pre-refunded

7/01/24)

7/24

at

100.00

N/R

2,739,073

7,500

Desert

Community

College

District,

Riverside

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016,

5.000%,

8/01/37,

(Pre-

refunded

2/01/26)

2/26

at

100.00

AA

7,949,700

20,725

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2013C,

6.500%,

1/15/43,

(Pre-refunded

1/15/24)

1/24

at

100.00

A-

21,309,860

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

45,735

5.750%,

1/15/46,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

46,793,765

45,725

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

46,868,582

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Series

2015A:

1,790

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

N/R

1,867,435

1,460

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

A+

1,523,160

86,320

5.000%,

6/01/45,

(Pre-refunded

6/01/25)

6/25

at

100.00

Aa3

90,054,203

1,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2013A,

5.000%,

6/01/30,

(Pre-refunded

6/01/23)

6/23

at

100.00

Aa3

1,005,010

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2021D:

55

5.000%,

5/15/37,

(Pre-refunded

11/15/31),

(AMT)

11/31

at

100.00

N/R

61,887

70

5.000%,

5/15/46,

(Pre-refunded

11/15/31),

(AMT)

11/31

at

100.00

N/R

78,766

5,840

Orange

County

Water

District,

California,

Revenue

Certificates

of

Participation,

Series

1999A,

5.375%,

8/15/29,

(ETM)

No

Opt.

Call

N/R

6,539,282

905

Orange

County

Water

District,

California,

Revenue

Certificates

of

Participation,

Series

2003B,

5.000%,

8/15/34,

(Pre-refunded

8/15/32)

-

NPFG

Insured

8/32

at

100.00

N/R

1,078,217

2,370

Oxnard

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2013B,

5.000%,

8/01/43,

(Pre-refunded

8/01/23)

-

AGM

Insured

8/23

at

100.00

AA

2,389,007

Pajaro

Valley

Unified

School

District,

Santa

Cruz

County,

California,

General

Obligation

Bonds,

Refunding

Election

2012

Series

2013A:

9,385

5.000%,

8/01/43,

(Pre-refunded

8/01/23)

8/23

at

100.00

Aa3

9,460,268

235

Pomona,

California,

GNMA/FHLMC

Collateralized

Single

Family

Mortgage

Revenue

Refunding

Bonds,

Series

1990B,

7.500%,

8/01/23,

(ETM)

No

Opt.

Call

AA+

239,084

2,000

Puerto

Rico

Public

Finance

Corporation,

Commonwealth

Appropriation

Bonds,

Series

2002E,

6.000%,

8/01/26,

(ETM)

No

Opt.

Call

N/R

2,179,900

1,000

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Senior

Lien

Bonds,

Series

2013A,

5.750%,

6/01/44,

(Pre-refunded

6/01/23)

6/23

at

100.00

A

1,006,580

1,460

Rohnert

Park

Community

Development

Commission,

California,

Tax

Allocation

Bonds,

Redevelopment

Project

Series

2007R,

5.000%,

8/01/37

-

FGIC

Insured,

(ETM)

3/23

at

100.00

Baa2

1,529,788

5,825

Sacramento,

California,

Wastewater

Revenue

Bonds,

Series

2013,

5.000%,

9/01/42,

(Pre-refunded

9/01/23)

9/23

at

100.00

AA

5,881,328

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

36

NAC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

(8)

(continued)

$

4,250

San

Diego

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016,

5.000%,

8/01/41,

(Pre-refunded

8/01/26)

8/26

at

100.00

AAA

$

4,565,648

9,550

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2013B,

5.000%,

7/01/43,

(Pre-refunded

7/01/23),

(AMT)

7/23

at

100.00

A1

9,598,323

5,000

San

Diego

County

Regional

Transportation

Commission,

California,

Sales

Tax

Revenue

Bonds,

Series

2014A,

5.000%,

4/01/44,

(Pre-refunded

4/01/24)

4/24

at

100.00

AAA

5,101,450

1,600

Silicon

Valley

Clean

Water,

Mateo

County,

California,

Wastewater

Revenue

Bonds,

Series

2015,

5.000%,

8/01/45,

(Pre-refunded

8/01/25)

8/25

at

100.00

Aa2

1,679,376

8,760

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Series

2013J,

5.250%,

5/15/31,

(Pre-refunded

5/15/23)

5/23

at

100.00

AA-

8,798,456

Total

U.S.

Guaranteed

414,329,333

Utilities

-

24.5%

(14.7%

of

Total

Investments)

Bay

Area

Water

Supply

and

Conservation

Agency,

California,

Revenue

Bonds,

Capital

Cost

Recovery

Prepayment

Program,

Series

2013A:

6,010

5.000%,

10/01/29

4/23

at

100.00

AA-

6,018,955

10,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2021B-1,

4.000%,

2/01/52,

(Mandatory

Put

8/01/31)

5/31

at

100.63

A1

9,947,400

5,000

California

Infrastructure

and

Economic

Development

Bank.

Clean

Water

State

Revolving

Fund

Revenue

Bonds,

Green

Series

2018,

5.000%,

10/01/48

4/28

at

100.00

AAA

5,320,500

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012:

3,925

5.000%,

7/01/37,

(AMT),

144A

7/23

at

100.00

BBB

3,935,009

65,500

5.000%,

11/21/45,

(AMT),

144A

7/23

at

100.00

BBB

65,576,635

170

California

Statewide

Community

Development

Authority,

Water

and

Wastewater

Revenue

Bonds,

Pooled

Financing

Program,

Series

2004A,

5.250%,

10/01/24

-

AGM

Insured

3/23

at

100.00

AA

170,323

East

Bay

Municipal

Utility

District,

Alameda

and

Contra

Costa

Counties,

California,

Water

System

Revenue

Bonds,

Green

Series

2017A:

5,000

5.000%,

6/01/42

6/27

at

100.00

AAA

5,311,800

2,200

5.000%,

6/01/45

6/27

at

100.00

AAA

2,328,370

10,000

East

Bay

Municipal

Utility

District,

Alameda

and

Contra

Costa

Counties,

California,

Water

System

Revenue

Bonds,

Series

2014C,

5.000%,

6/01/44

6/24

at

100.00

AAA

10,130,000

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A:

14,140

5.000%,

11/15/35

No

Opt.

Call

AA-

14,865,806

7,610

5.500%,

11/15/37

No

Opt.

Call

AA-

8,281,659

4,865

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2013B,

5.000%,

7/01/28

7/23

at

100.00

Aa2

4,892,828

4,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2014B,

5.000%,

7/01/43

1/24

at

100.00

Aa2

4,034,840

24,070

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2015E,

5.000%,

7/01/44

7/24

at

100.00

Aa2

24,390,372

10,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/46

1/26

at

100.00

Aa2

10,415,800

44,455

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/47

1/27

at

100.00

Aa2

46,503,042

12,870

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2018A,

5.000%,

7/01/38

1/28

at

100.00

Aa2

13,844,516

8,980

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/45

1/29

at

100.00

Aa2

9,597,555

37

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B:

$

8,960

5.000%,

7/01/40

7/30

at

100.00

Aa2

$

9,867,379

26,625

5.000%,

7/01/50

7/30

at

100.00

Aa2

28,534,013

4,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/46

7/31

at

100.00

Aa2

4,350,560

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022C:

3,000

5.000%,

7/01/39

1/32

at

100.00

Aa2

3,374,640

2,325

5.000%,

7/01/41

1/32

at

100.00

Aa2

2,577,169

10,000

Los

Angeles

Department

of

Water

and

Power,

California,

Water

System

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/52

1/32

at

100.00

Aa2

10,842,500

6,770

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/46

1/26

at

100.00

AA+

7,058,944

43,615

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/44

1/27

at

100.00

AA+

45,826,280

6,650

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2018B,

5.000%,

7/01/48

7/28

at

100.00

AA+

7,108,451

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C:

2,000

5.000%,

7/01/36

7/30

at

100.00

Aa2

2,265,280

3,000

5.000%,

7/01/38

7/30

at

100.00

Aa2

3,339,720

5,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Subordinate

Series

2018A,

5.000%,

6/01/43

6/28

at

100.00

AA

5,345,600

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A:

1,245

5.000%,

6/01/34

6/23

at

100.00

AA

1,250,266

6,840

5.000%,

6/01/35

6/23

at

100.00

AA

6,868,797

5,025

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Series

2020C,

5.000%,

7/01/38

7/30

at

100.00

AAA

5,646,341

7,525

Moulton

Niguel

Water

District,

California,

Certificates

of

Participation,

Series

2019,

3.000%,

9/01/44

3/29

at

100.00

AAA

5,928,270

6,970

Public

Facilities

Financing

Authority

of

the

City

of

San

Diego,

California,

Subordinated

Sewer

Revenue

Bonds,

Series

2022A,

5.000%,

5/15/52

5/32

at

100.00

AA

7,572,278

2,950

Sacramento

County

Sanitation

Districts

Financing

Authority,

California,

Revenue

Bonds,

Sacramento

Regional

County

Sanitation

District,

Series

2020A,

5.000%,

12/01/50

12/30

at

100.00

AA

3,171,810

18,180

Sacramento

Municipal

Utility

District,

California,

Electric

Revenue

Bonds,

Series

2020H,

5.000%,

8/15/50

8/30

at

100.00

AA

19,661,852

2,500

Sacramento

Municipal

Utility

District,

California,

Electric

Revenue

Bonds,

Tender

Option

Bond

Trust

2016-XG0060,

7.905%,

8/15/41,

144A,

(IF)

(9)

8/23

at

100.00

AA

2,567,225

4,000

San

Diego

Public

Facilities

Financing

Authority,

California,

Water

Utility

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016B,

5.000%,

8/01/37

8/26

at

100.00

Aa3

4,259,640

2,555

Santa

Clara

Valley

Water

District,

California,

Water

System

Revenue

Bonds,

Refunding

Series

2020A,

5.000%,

6/01/50

6/30

at

100.00

Aa1

2,766,579

Southern

California

Public

Power

Authority,

California,

Revenue

Bonds,

Apex

Power

Project

Series

2014A:

1,565

5.000%,

7/01/35

7/24

at

100.00

AA-

1,598,898

1,500

5.000%,

7/01/38

7/24

at

100.00

AA-

1,529,745

4,000

Southern

California

Public

Power

Authority,

Natural

Gas

Project

1

Revenue

Bonds,

Series

2007A,

5.000%,

11/01/33

No

Opt.

Call

A2

4,292,800

Total

Utilities

443,170,447

Total

Long-Term

Investments

(cost

$3,029,524,069)

3,013,132,207

MFP

Shares,

Net

-

(17.7)%

(10)

(

319,858,894

)

VRDP

Shares,

Net

-

(50.0)%

(11)

(

905,261,210

)

Other

Assets

&

Liabilities,

Net

-

1.4%

23,739,534

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,811,751,637

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

38

NAC

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Effective

February

12,

2019,

the

par

value

of

the

original

bonds

was

replaced

with

taxable

and

tax

exempt

Puerto

Rico

Sales

Tax

Financing

Corporation

(commonly

known

as

COFINA)

bond

units

that

are

collateralized

by

a

bundle

of

zero

and

coupon

paying

bonds.

The

quantity

shown

represents

units

in

a

trust,

which

were

assigned

according

to

the

original

bond’s

accreted

value.

These

securities

do

not

have

a

stated

coupon

interest

rate

and

income

will

be

recognized

through

accretion

of

the

discount

associated

with

the

trust

units.

The

factor

at

which

these

units

accrete

can

also

decrease,

primarily

for

principal

payments

generated

from

coupon

payments

received

or

dispositions

of

the

underlying

bond

collateral.

The

quantity

of

units

will

not

change

as

a

result

of

these

principal

payments.

(5)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(6)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(7)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(8)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(9)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(10)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

10.6%.

(11)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

30.0%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

IF

Inverse

floating

rate

security

issued

by

a

tender

option

bond

(“TOB”)

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

(SIFMA)

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

See

Notes

to

Financial

Statements

39

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

Portfolio

of

Investments

February

28,

2023

NKX

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

167.8% (100.0%

of

Total

Investments)  

X

1,035,604,091

MUNICIPAL

BONDS

-

167.8%  (100.0%

of

Total

Investments)

X

1,035,604,091

Consumer

Staples

-

0.0%

(0.0%

of

Total

Investments)

$

235

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

BBB+

$

207,416

Total

Consumer

Staples

207,416

Education

and

Civic

Organizations

-

6.1%

(3.6%

of

Total

Investments)

995

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A,

5.000%,

7/01/46,

144A

7/26

at

100.00

BB

895,002

1,560

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2012A,

6.875%,

1/01/42,

144A

3/23

at

100.00

N/R

1,495,931

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

The

Master's

University

&

Seminary,

Series

2019,

5.000%,

8/01/48

8/29

at

100.00

BBB-

957,360

635

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A,

5.000%,

7/01/45,

144A

7/25

at

100.00

BBB

637,476

750

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

BBB

752,498

4,925

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.000%,

7/01/46,

144A

7/25

at

101.00

BBB

4,948,049

280

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

5.750%,

7/01/41,

144A

7/26

at

100.00

BBB-

287,753

8,290

California

State

University,

Systemwide

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/01/43

11/25

at

100.00

Aa2

8,615,300

7,710

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

AA-

8,124,798

10,000

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O,

5.000%,

5/15/43

5/28

at

100.00

AA-

10,646,700

Total

Education

and

Civic

Organizations

37,360,867

Health

Care

-

22.8%

(13.6%

of

Total

Investments)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

13,295

4.000%,

11/15/41

11/26

at

100.00

A1

12,464,594

15,875

5.000%,

11/15/46

11/26

at

100.00

A1

16,183,134

10,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A,

4.000%,

11/15/48

11/27

at

100.00

A1

9,088,500

7,760

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-

Sinai

Health

System,

Series

2021A,

4.000%,

8/15/48

8/31

at

100.00

AA-

7,404,980

10,665

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A,

5.000%,

8/15/47

8/27

at

100.00

BBB+

10,788,714

1,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2012A,

5.000%,

11/15/35

3/23

at

100.00

A

976,460

2,930

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019,

4.000%,

11/15/45

11/29

at

100.00

A

2,688,480

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

3,390

4.000%,

4/01/44

4/30

at

100.00

A-

3,104,088

1,055

4.000%,

4/01/49

4/30

at

100.00

A-

932,799

7,500

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital

at

Stanford,

Refunding

Forward

Delivery

Series

2022A,

4.000%,

5/15/46

5/32

at

100.00

AA-

7,125,000

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

February

28,

2023

40

NKX

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

$

2,520

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital,

Series

2014A,

5.000%,

8/15/43

8/24

at

100.00

AA-

$

2,566,443

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

795

5.000%,

10/01/38

10/24

at

100.00

A+

805,558

2,800

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

A+

2,816,324

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

System,

Series

2021A:

5,495

4.000%,

2/01/51

-

AGM

Insured

2/32

at

100.00

AA

5,092,821

4,615

4.000%,

2/01/51

2/32

at

100.00

A-

4,263,337

250

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

Baa2

254,175

1,750

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2015,

5.000%,

11/01/44

11/24

at

100.00

BBB-

1,757,612

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

1,690

5.250%,

11/01/36

11/26

at

100.00

BBB-

1,701,830

1,000

5.000%,

11/01/47

11/26

at

100.00

BBB-

1,004,000

3,200

5.250%,

11/01/47

11/26

at

100.00

BBB-

3,209,536

1,855

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

AA

1,954,892

13,615

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017,

5.000%,

10/15/47

10/26

at

100.00

BBB-

13,429,291

1,100

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016,

5.000%,

10/01/46

10/26

at

100.00

A-

1,110,571

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A:

1,200

5.250%,

12/01/44

12/24

at

100.00

BB+

1,167,936

4,000

5.500%,

12/01/54

12/24

at

100.00

BB+

3,964,720

14,740

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56,

144A

6/26

at

100.00

BB+

13,898,936

2,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.250%,

12/01/48,

144A

6/28

at

100.00

BB+

1,892,680

845

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.250%,

8/15/52

-

AGM

Insured

8/32

at

100.00

AA

894,399

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

11

5.750%,

7/01/24

(4),(5)

1/22

at

100.00

N/R

11,471

69

5.750%,

7/01/30

(4),(5)

1/22

at

100.00

N/R

69,485

2

5.750%,

7/01/35

(4),(5)

1/22

at

100.00

N/R

1,721

8,895

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

11/01/39

11/26

at

100.00

BBB

8,038,856

Total

Health

Care

140,663,343

Housing/Multifamily

-

17.7%

(10.5%

of

Total

Investments)

7,680

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

N/R

5,992,474

7,570

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

N/R

6,053,502

1,250

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Senior

Series

2021A-1,

4.000%,

2/01/56,

144A

8/31

at

100.00

N/R

1,045,638

41

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

(continued)

$

3,590

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

N/R

$

3,126,244

4,720

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

2/31

at

100.00

N/R

3,536,932

230

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50,

144A

8/32

at

100.00

N/R

177,026

1,700

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50,

144A

8/30

at

100.00

N/R

1,598,578

500

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Verdant

at

Green

Valley

Apartments,

Series

2019A,

5.000%,

8/01/49,

144A

8/29

at

100.00

N/R

479,615

4,750

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49,

144A

4/29

at

100.00

N/R

4,110,697

7,734

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

BBB+

7,643,905

6,390

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

BBB+

6,018,030

1,151

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

BBB+

1,147,011

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Senior

Series

2014A:

260

5.250%,

8/15/39

8/24

at

100.00

A-

263,861

705

5.250%,

8/15/49

8/24

at

100.00

A-

713,411

140

California

Public

Finance

Authority,

University

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Claremont

Properties

LLC

Claremont

Colleges

Project,

Series

2017A,

5.000%,

7/01/37,

144A

7/27

at

100.00

Caa2

135,548

8,205

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56,

144A

4/31

at

100.00

N/R

6,237,523

2,740

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58,

144A

2/32

at

100.00

N/R

2,137,145

1,435

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-1,

3.000%,

12/01/56,

144A

12/31

at

100.00

N/R

988,916

1,440

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-1,

3.600%,

5/01/47,

144A

5/32

at

100.00

N/R

1,141,805

3,980

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-2,

3.250%,

5/01/57,

144A

5/32

at

100.00

N/R

2,785,602

595

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46,

144A

10/31

at

100.00

N/R

463,386

6,135

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

5,106,774

7,065

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

5,319,168

8,125

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

N/R

6,884,962

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-

Hawthorne,

Series

2021A-1

and

A-2:

2,150

3.375%,

7/01/43,

144A

7/32

at

100.00

N/R

1,709,508

2,745

3.250%,

7/01/56,

144A

7/32

at

100.00

N/R

1,875,274

6,820

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

5,053,347

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

February

28,

2023

42

NKX

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

(continued)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1:

$

770

3.000%,

7/01/43,

144A

7/32

at

100.00

N/R

$

587,117

3,340

3.125%,

7/01/56,

144A

7/32

at

100.00

N/R

2,308,207

155

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Mezzanine

Lien

Series

2021B,

4.000%,

3/01/57,

144A

3/32

at

100.00

N/R

111,296

2,985

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Senior

Lien

Series

2021A-2,

3.000%,

3/01/57,

144A

3/32

at

100.00

N/R

2,002,816

4,105

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

N/R

3,344,631

1,935

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

N/R

1,426,037

555

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Series

2021A-2,

3.000%,

12/01/56

12/31

at

100.00

N/R

377,017

2,720

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

N/R

2,052,784

1,975

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47,

144A

6/31

at

100.00

N/R

1,459,545

7,200

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

N/R

4,787,784

7,285

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

N/R

4,919,269

3,285

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,  Rancho

Vallecitos

Mobile

Home

Park,

Series

2013,

5.000%,

4/15/38

4/23

at

100.00

A-

3,288,384

La

Verne,

California,

Mobile

Home

Park

Revenue

Bonds,

Copacabana

Mobile

Home

Park,

Refunding

Series

2014:

670

5.000%,

6/15/44

6/24

at

100.00

A+

674,590

185

5.000%,

6/15/49

6/24

at

100.00

A+

186,056

Total

Housing/Multifamily

109,271,415

Long-Term

Care

-

0.4%

(0.2%

of

Total

Investments)

1,225

California

Health

Facilities

Financing

Authority,

Insured

Revenue

Bonds,

Community

Program

for

Persons

with

Developmental

Disabilities,

Series

2011A,

6.250%,

2/01/26

3/23

at

100.00

AA

1,228,344

1,300

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Northern

California

Presbyterian

Homes

&

Services

Inc.,

Refunding

Series

2015,

5.000%,

7/01/39

7/25

at

100.00

AA

1,353,755

Total

Long-Term

Care

2,582,099

Tax

Obligation/General

-

37.9%

(22.6%

of

Total

Investments)

2,210

Butte-Glenn

Community

College

District,

Butte

and

Glenn

Counties,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A,

5.250%,

8/01/46

8/27

at

100.00

Aa2

2,352,523

1,600

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2016,

5.000%,

8/01/33

8/26

at

100.00

Aa2

1,704,768

13,000

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2018.

Bid

Group

C,

5.000%,

8/01/37

8/28

at

100.00

Aa2

14,123,980

California

State,

General

Obligation

Bonds,

Series

2014:

8,190

5.000%,

12/01/43

12/23

at

100.00

Aa2

8,269,279

43

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013:

$

3,500

5.000%,

4/01/37

4/23

at

100.00

Aa2

$

3,503,815

9,000

5.000%,

4/01/43

4/23

at

100.00

Aa2

9,009,090

5,520

5.000%,

11/01/43

11/23

at

100.00

Aa2

5,567,582

2,460

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014,

5.000%,

10/01/39

10/24

at

100.00

Aa2

2,513,776

5,390

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2015,

5.000%,

8/01/45

8/25

at

100.00

Aa2

5,576,925

10,995

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

10/01/47

4/26

at

100.00

Aa2

11,414,459

5,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018.

Bid

Group

A/B,

5.000%,

10/01/48

10/28

at

100.00

Aa2

5,317,800

2,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

5.000%,

11/01/36

11/30

at

100.00

Aa2

2,250,680

2,000

Chaffey

Community

College

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Taxable

Refunding

Series

2019,

4.000%,

6/01/43

6/28

at

100.00

AA

1,933,940

2,000

Chino

Valley

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

2016

Election

Series

2020B,

5.000%,

8/01/55

8/30

at

100.00

Aa2

2,145,860

20,750

Coachella

Valley

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2005

Series

2010C,

0.000%,

8/01/43

-

AGM

Insured

No

Opt.

Call

AA

7,973,603

4,500

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2014,

Series

2018B,

4.000%,

8/01/43

8/28

at

100.00

AAA

4,370,850

9,790

Glendale

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2016

Taxable

Refunding

Series

2020B,

4.000%,

8/01/50

8/29

at

100.00

Aa2

9,305,395

1,725

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

2008

Election

Series

2017J,

4.000%,

8/01/41

8/27

at

100.00

Aaa

1,726,518

1,500

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A,

4.000%,

8/01/45

8/25

at

100.00

Aa2

1,430,535

4,500

Mount

Diablo

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Series

2010A,

5.500%,

8/01/30

-

AGM

Insured

8/25

at

100.00

AA

4,804,290

2,125

Pajaro

Valley

Unified

School

District,

Santa

Cruz

County,

California,

General

Obligation

Bonds,

Refunding

Election

2012

Series

2013A,

4.250%,

8/01/47

8/23

at

100.00

Aa3

2,106,321

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

850

4.000%,

7/01/37

7/31

at

103.00

N/R

726,929

16,744

4.000%,

7/01/41

7/31

at

103.00

N/R

13,831,549

10,565

4.000%,

7/01/46

7/31

at

103.00

N/R

8,412,909

11,980

San

Diego

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2012R-1,

0.000%,

7/01/31

No

Opt.

Call

Aa2

9,105,159

3,400

San

Francisco

Community

College

District,

California,

General

Obligation

Bonds,

Election

2020

Series

2020A,

4.000%,

6/15/45

6/30

at

100.00

A1

3,240,132

2,670

San

Mateo

Union

High

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2010,

Refunding

Series

2011A,

0.000%,

9/01/33

(6)

No

Opt.

Call

Aaa

2,445,693

1,580

Santa

Ana

College

Improvement

District

1,

Orange

County,

California,

General

Obligation

Bonds,

Rancho

Santiago

Community

College

District,

Election

of

2012,

Series

2019C,

3.000%,

8/01/39

8/26

at

100.00

AA

1,342,874

10,000

Southwestern

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2011C,

0.000%,

8/01/41

No

Opt.

Call

Aa2

4,558,300

Stockton

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2008

Series

2011D:

23,280

0.000%,

8/01/47

-

AGC

Insured

(6)

8/37

at

100.00

AA

23,924,390

38,845

0.000%,

8/01/50

-

AGM

Insured

(6)

8/37

at

100.00

AA

39,994,812

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

February

28,

2023

44

NKX

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

$

15,780

Sylvan

Union

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Election

of

2006,

Series

2010,

0.000%,

8/01/49

-

AGM

Insured

(6)

No

Opt.

Call

AA

$

12,473,617

8,345

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(6)

No

Opt.

Call

Aa2

6,291,880

Total

Tax

Obligation/General

233,750,233

Tax

Obligation/Limited

-

25.1%

(14.9%

of

Total

Investments)

1,000

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003,

5.625%,

10/01/33

-

RAAI

Insured

3/23

at

100.00

AA

1,003,440

4,690

Brea

and

Olinda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation

Refunding,

Series

2002A,

5.125%,

8/01/26

-

AGM

Insured

3/23

at

100.00

AA

4,695,253

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

North

County

Center

for

Self-Sufficiency

Corporation,

Series

2004:

1,780

5.000%,

12/01/23

-

AMBAC

Insured

3/23

at

100.00

AA+

1,782,972

1,865

5.000%,

12/01/24

-

AMBAC

Insured

3/23

at

100.00

AA+

1,867,891

7,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F,

5.250%,

9/01/31

9/23

at

100.00

Aa3

7,069,370

2,065

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Education,

Riverside

Campus

Project,

Series

2012H,

5.000%,

4/01/31

3/23

at

100.00

Aa3

2,067,870

20,330

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Judicial

Council

of

California,

New

Stockton

Courthouse,

Series

2014B,

5.000%,

10/01/39

10/24

at

100.00

Aa3

20,790,068

1,990

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Judicial

Council

of

California,

Various

Projects

Series

2013A,

5.000%,

3/01/33

3/23

at

100.00

Aa3

1,992,687

4,430

El

Monte,

California,

Senior

Lien

Certificates

of

Participation,

Department

of

Public

Services

Facility

Phase

II,

Series

2001,

5.250%,

1/01/34

-

AMBAC

Insured,

144A

3/23

at

100.00

Aa2

4,540,396

185

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

BBB+

192,702

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

7,610

5.000%,

11/15/30

11/25

at

100.00

BB

7,787,085

4,000

5.000%,

11/15/39

11/25

at

100.00

BB

4,018,360

90

Inglewood

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project,

Refunding

Series

1998A,

5.250%,

5/01/23

-

AMBAC

Insured

No

Opt.

Call

N/R

90,183

1,110

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

N/R

1,128,859

2,000

Lammersville

Joint

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District  2007-1

Mountain

House

-

Shea

Homes

Improvement

Area

1,

Series

2013,

6.000%,

9/01/38

9/23

at

100.00

N/R

2,018,780

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

N/R

1,011,570

15,000

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Measure

R

Sales

Tax

Revenue

Bonds,

Senior

Series

2016A,

5.000%,

6/01/38

6/26

at

100.00

AAA

15,830,100

3,220

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Green

Senior

Lien

Series

2019A,

5.000%,

7/01/44

7/28

at

100.00

AAA

3,444,659

3,855

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Series

2019E-1,

5.000%,

12/01/49

12/29

at

100.00

AA+

4,129,784

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Senior

Series

2013A:

3,710

5.250%,

9/01/30

9/23

at

100.00

N/R

3,739,494

3,315

5.750%,

9/01/39

9/23

at

100.00

N/R

3,339,465

45

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

500

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Subordinate

Lien

Series

2013B,

5.875%,

9/01/39

9/23

at

100.00

N/R

$

503,990

1,750

Peninsula

Corridor

Joint

Powers

Board,

California,

Measure

RR

Sales

Tax

Revenue

Bonds,

Green

Bonds-Climate

Bond

Certified,

Series

2022A,

5.000%,

6/01/51

6/31

at

100.00

AA+

1,908,917

1,925

Perris

Joint

Powers

Authority,

California,

Local

Agency

Revenue

Bonds,

Community

Facilities

District

2001-1

May

Farms

Improvement

Area

1,2

and

3,

Refunding

Series

2014A,

5.375%,

9/01/33

9/23

at

100.00

N/R

1,940,804

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

32,445

0.000%,

7/01/51

7/28

at

30.01

N/R

6,121,723

20,429

5.000%,

7/01/58

7/28

at

100.00

N/R

18,954,026

12

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.536%,

7/01/53

7/28

at

100.00

N/R

10,377

2,160

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

5.250%,

9/01/52

-

AGM

Insured

9/29

at

103.00

AA

2,394,317

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-8

Scott

Road,

Series

2013:

660

5.000%,

9/01/32

3/23

at

100.00

N/R

660,693

1,775

5.000%,

9/01/42

3/23

at

100.00

N/R

1,775,550

400

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westpark,

Refunding

Series

2015,

5.000%,

9/01/33

9/25

at

100.00

N/R

411,880

6,230

Sacramento

Area

Flood

Control

Agency,

California,

Consolidated

Capital

Assessment

District

2

Bonds,

Series

2016A,

5.000%,

10/01/47

10/26

at

100.00

AA

6,486,863

210

San

Clemente,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2006-1

Marblehead

Coastal,

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

N/R

212,426

1,215

San

Diego

Redevelopment

Agency,

California,

Subordinate

Lien

Tax

Increment

and

Parking

Revenue

Bonds,

Centre

City

Project,

Series

2003B,

5.250%,

9/01/26

3/23

at

100.00

AAA

1,217,053

380

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District  6

Mission

Bay

South

Public

Improvements,

Refunding

Series

2013A,

5.000%,

8/01/33

3/23

at

100.00

N/R

383,146

600

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District

7,

Hunters

Point

Shipyard

Phase

One

Improvements,

Refunding

Series

2014,

5.000%,

8/01/39

8/24

at

100.00

N/R

605,484

2,700

San

Francisco

City

and

County

Redevelopment

Financing

Authority,

California,

Tax

Allocation

Revenue

Bonds,

San

Francisco

Redevelopment

Projects,

Series

1998D,

0.000%,

8/01/24

-

NPFG

Insured

No

Opt.

Call

AA

2,578,662

40

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

3/23

at

100.00

N/R

40,109

3,600

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A,

5.000%,

9/01/33

9/25

at

103.00

N/R

3,800,916

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017:

2,145

6.125%,

9/01/37,

144A

9/27

at

100.00

N/R

2,226,231

990

6.250%,

9/01/47,

144A

9/27

at

100.00

N/R

1,020,918

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A:

635

5.000%,

10/01/45

4/30

at

100.00

A-

650,259

2,540

5.000%,

10/01/49

4/30

at

100.00

A-

2,577,440

4,500

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

3/23

at

100.00

AA

4,502,835

West

Patterson

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Arambel-

KDN,

Refunding

Series

2015:

350

5.250%,

9/01/35

9/25

at

100.00

N/R

360,178

790

5.250%,

9/01/45

9/25

at

100.00

N/R

800,902

Total

Tax

Obligation/Limited

154,686,687

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

February

28,

2023

46

NKX

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

-

11.3%

(6.8%

of

Total

Investments)

$

150

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Senior

Lien

Series

2015E,

5.000%,

5/15/31

5/25

at

100.00

AA

$

156,760

4,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019E,

5.000%,

5/15/44

11/28

at

100.00

AA-

4,252,080

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021A:

3,000

4.000%,

7/01/51

7/31

at

100.00

A+

2,806,200

4,230

4.000%,

7/01/56

7/31

at

100.00

A+

3,908,393

5,770

5.000%,

7/01/56

7/31

at

100.00

A+

6,054,519

44,650

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47,

(UB)

(7)

5/27

at

100.00

A+

46,366,346

4,535

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Governmental

Purpose

Series

2016C,

5.000%,

5/01/46

5/26

at

100.00

A+

4,673,181

2,025

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A,

4.000%,

1/15/50

1/32

at

100.00

A

1,854,212

Total

Transportation

70,071,691

U.S.

Guaranteed

-

26.4%

(15.8%

of

Total

Investments)

(8)

1,115

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2013S-4,

5.250%,

4/01/48,

(Pre-refunded

4/01/23)

4/23

at

100.00

A1

1,116,929

7,600

Bay

Area

Water

Supply

and

Conservation

Agency,

California,

Revenue

Bonds,

Capital

Cost

Recovery

Prepayment

Program,

Series

2013A,

5.000%,

10/01/34,

(Pre-refunded

4/01/23)

4/23

at

100.00

AA-

7,611,324

655

Beaumont

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Improvement

Area

19C,

Series

2013A,

5.000%,

9/01/27,

(Pre-refunded

9/01/23)

9/23

at

100.00

N/R

661,013

3,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Pepperdine

University,

Series

2015,

5.000%,

9/01/40,

(Pre-refunded

9/01/25)

9/25

at

100.00

AA-

3,153,330

430

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2015A,

5.000%,

8/15/43,

(Pre-refunded

8/15/25)

8/25

at

100.00

A1

450,524

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

2,040

5.000%,

11/15/46,

(Pre-refunded

11/15/26)

11/26

at

100.00

N/R

2,184,697

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2016A:

18,430

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00

A1

19,414,162

7,500

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

A1

7,900,500

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

610

5.000%,

10/01/38,

(Pre-refunded

10/01/24)

10/24

at

100.00

N/R

627,977

2,250

California

Infrastructure

and

Economic

Development

Bank,

First

Lien

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2003A,

5.000%,

7/01/36,

(Pre-refunded

1/01/28)

-

AMBAC

Insured

1/28

at

100.00

AA+

2,496,532

3,000

California

Infrastructure

and

Economic

Development

Bank,

Infrastructure

State

Revolving

Fund

Revenue

Bonds,

Series

2016A,

5.000%,

10/01/41,

(Pre-refunded

10/01/26)

10/26

at

100.00

AAA

3,237,060

4,475

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

Albert

Einstein

Academies

Project,

Series

2013A,

7.125%,

8/01/43,

(Pre-

refunded

8/01/23)

8/23

at

100.00

BB

4,546,869

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Windsor

Mobile

Country

Club

Series

2013A:

2,000

5.625%,

11/15/33,

(Pre-refunded

11/15/23)

11/23

at

100.00

N/R

2,034,360

8,000

6.000%,

11/15/48,

(Pre-refunded

11/15/23)

11/23

at

100.00

N/R

8,157,040

California

State,

General

Obligation

Bonds,

Series

2014:

810

5.000%,

12/01/43,

(Pre-refunded

12/01/23)

12/23

at

100.00

N/R

821,380

47

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

(8)

(continued)

$

6,750

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2013C,

6.500%,

1/15/43,

(Pre-refunded

1/15/24)

1/24

at

100.00

A-

$

6,940,485

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

14,885

5.750%,

1/15/46,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

15,229,588

14,885

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

15,257,274

45,825

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

6/01/45,

(Pre-refunded

6/01/25)

6/25

at

100.00

Aa3

47,807,390

1,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2013A,

5.000%,

6/01/30,

(Pre-refunded

6/01/23)

6/23

at

100.00

Aa3

1,005,010

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Canyon

Hills

Improvement

Area

D,

Series

2014A:

1,140

5.500%,

9/01/33,

(Pre-refunded

9/01/23)

9/23

at

100.00

N/R

1,153,817

2,105

5.750%,

9/01/44,

(Pre-refunded

9/01/23)

9/23

at

100.00

N/R

2,133,102

1,115

Rio

Elementary

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

1,

Series

2013,

5.500%,

9/01/39,

(Pre-refunded

9/01/23)

9/23

at

100.00

N/R

1,128,514

2,870

Sanger

Unified

School

District,

Fresno

County,

California,

General

Obligation

Bonds,

Election

2012,

Series

2014B,

5.000%,

8/01/39,

(Pre-

refunded

8/01/24)

-

AGM

Insured

8/24

at

100.00

AA

2,947,174

5,000

Walnut

Valley

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2007

Measure

S,

Series

2014C,

5.000%,

8/01/39,

(Pre-refunded

8/01/24)

8/24

at

100.00

Aa1

5,137,950

Total

U.S.

Guaranteed

163,154,001

Utilities

-

20.1%

(12.0%

of

Total

Investments)

9,940

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2021B-1,

4.000%,

2/01/52,

(Mandatory

Put

8/01/31)

5/31

at

100.63

A1

9,887,716

California

Infrastructure

and

Economic

Development

Bank.

Clean

Water

State

Revolving

Fund

Revenue

Bonds,

Green

Series

2018:

850

5.000%,

10/01/43

4/28

at

100.00

AAA

911,149

5,000

5.000%,

10/01/48

4/28

at

100.00

AAA

5,320,500

3,675

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authority

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

11/21/45,

144A

1/29

at

100.00

BBB

3,702,452

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A:

2,490

5.000%,

11/15/35

No

Opt.

Call

AA-

2,617,812

1,835

5.500%,

11/15/37

No

Opt.

Call

AA-

1,996,957

4,280

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2013B,

5.000%,

7/01/28

7/23

at

100.00

Aa2

4,304,481

7,960

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2015E,

5.000%,

7/01/44

7/24

at

100.00

Aa2

8,065,948

6,015

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/47

1/27

at

100.00

Aa2

6,292,111

3,575

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/45

1/29

at

100.00

Aa2

3,820,853

5,190

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B,

5.000%,

7/01/50

7/30

at

100.00

Aa2

5,562,123

3,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/46

7/31

at

100.00

Aa2

3,262,920

1,205

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/44

1/27

at

100.00

AA+

1,266,093

5,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2018B,

5.000%,

7/01/48

7/28

at

100.00

AA+

5,344,700

8,250

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C,

5.000%,

7/01/38

7/30

at

100.00

Aa2

9,184,230

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

February

28,

2023

48

NKX

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

(continued)

$

9,500

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Series

2015C,

5.000%,

6/01/45

6/25

at

100.00

AA+

$

9,780,440

5,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Subordinate

Series

2018A,

5.000%,

6/01/43

6/28

at

100.00

AA

5,345,600

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A:

2,000

5.000%,

6/01/34

6/23

at

100.00

AA

2,008,460

3,500

5.000%,

6/01/35

6/23

at

100.00

AA

3,514,735

1,000

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

New

York

City

Municipal

Water

Finance

Authority

Projects-Second

Resolution

Bonds,

Subordinated

SRF

Series

2018B,

5.000%,

6/15/48

6/28

at

100.00

AAA

1,061,480

4,000

San

Diego

Public

Facilities

Financing

Authority,

California,

Water

Utility

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016B,

5.000%,

8/01/37

8/26

at

100.00

Aa3

4,259,640

16,220

San

Francisco

City

and

County

Public

Utilities

Commission,

California,

Water

Revenue

Bonds,

Refunding

Green

Series

2017D,

5.000%,

11/01/33

11/27

at

100.00

Aa2

17,923,911

5,000

South

Coast

Water

District

Financing

Authority,

California,

Revenue

Bonds,

Series

2019A,

5.000%,

2/01/44

2/29

at

100.00

AA+

5,386,100

2,975

Southern

California

Public

Power

Authority,

California,

Revenue

Bonds,

Apex

Power

Project

Series

2014A,

5.000%,

7/01/37

7/24

at

100.00

AA-

3,035,928

Total

Utilities

123,856,339

Total

Long-Term

Investments

(cost

$1,028,694,869)

1,035,604,091

Floating

Rate

Obligations

-

(5.4)%  

(33,485,000)

MFP

Shares,

Net

-

(22.7)%

(9)

(140,024,680)

VRDP

Shares,

Net

-

(41.4)%

(10)

(255,631,989)

Other

Assets

&

Liabilities,

Net

-

1.7%

10,765,417

Net

Assets

Applicable

to

Common

Shares

-

100%

$

617,227,839

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(5)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(6)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(7)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(8)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(9)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

13.5%.

(10)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

24.7%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

See

Notes

to

Financial

Statements

49

Nuveen

California

Municipal

Value

Fund

Portfolio

of

Investments

February

28,

2023

NCA

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

98.8% (100.0%

of

Total

Investments)  

X

301,383,606

MUNICIPAL

BONDS

-

98.8%  (100.0%

of

Total

Investments)

X

301,383,606

Consumer

Staples

-

0.6%

(0.6%

of

Total

Investments)

$

70

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

BBB+

$

61,784

4,895

Silicon

Valley

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Santa

Clara

County

Tobacco

Securitization

Corporation,

Series

2007A,

0.000%,

6/01/41

3/23

at

36.15

N/R

1,727,543

Total

Consumer

Staples

1,789,327

Education

and

Civic

Organizations

-

2.6%

(2.7%

of

Total

Investments)

200

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Series

2012A,

5.250%,

8/01/42

3/23

at

100.00

BB+

184,862

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

5.000%,

12/31/43,

(AMT)

6/28

at

100.00

BBB-

1,003,000

220

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

BBB

220,732

1,425

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.250%,

7/01/52,

144A

7/25

at

101.00

BBB

1,438,566

3,780

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

AA-

3,983,364

1,070

University

of

California,

General

Revenue

Bonds,

Series

2018AZ,

5.000%,

5/15/38

5/28

at

100.00

AA

1,156,756

Total

Education

and

Civic

Organizations

7,987,280

Health

Care

-

9.6%

(9.7%

of

Total

Investments)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

4,105

5.000%,

11/15/46

11/26

at

100.00

A1

4,184,678

1,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A,

5.000%,

11/15/36

11/27

at

100.00

A1

1,063,120

2,045

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019,

4.000%,

11/15/45

11/29

at

100.00

A

1,876,431

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

1,815

4.000%,

4/01/44

4/30

at

100.00

A-

1,661,923

3,830

4.000%,

4/01/49

4/30

at

100.00

A-

3,386,371

625

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital,

Series

2014A,

5.000%,

8/15/43

8/24

at

100.00

AA-

636,519

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

240

5.000%,

10/01/38

10/24

at

100.00

A+

243,187

840

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

A+

844,897

1,600

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

System,

Series

2021A,

4.000%,

2/01/51

-

AGM

Insured

2/32

at

100.00

AA

1,482,896

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A:

120

5.000%,

7/01/42

7/27

at

100.00

Baa2

122,004

2,000

4.000%,

7/01/47

7/27

at

100.00

Baa2

1,713,280

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

100

5.250%,

11/01/41

11/26

at

100.00

BBB-

100,364

1,090

5.000%,

11/01/47

11/26

at

100.00

BBB-

1,094,360

400

5.250%,

11/01/47

11/26

at

100.00

BBB-

401,192

Nuveen

California

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

50

NCA

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Health

Care

(continued)

$

520

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

AA

$

548,002

1,000

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016,

5.000%,

10/01/46

10/26

at

100.00

A-

1,009,610

150

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A,

5.250%,

12/01/34

12/24

at

100.00

BB+

152,716

5,800

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56,

144A

6/26

at

100.00

BB+

5,469,052

1,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.250%,

12/01/48,

144A

6/28

at

100.00

BB+

946,340

245

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.250%,

8/15/52

-

AGM

Insured

8/32

at

100.00

AA

259,323

2,000

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Series

2022P,

5.000%,

5/15/47

5/32

at

100.00

AA-

2,161,000

Total

Health

Care

29,357,265

Housing/Multifamily

-

9.4%

(9.5%

of

Total

Investments)

2,175

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

N/R

1,697,087

2,190

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

N/R

1,751,277

1,420

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

N/R

1,236,564

800

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

2/31

at

100.00

N/R

599,480

1,115

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49,

144A

4/29

at

100.00

N/R

964,932

2,203

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

BBB+

2,177,270

1,856

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

BBB+

1,748,203

327

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

BBB+

325,694

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Senior

Series

2014A:

80

5.250%,

8/15/39

8/24

at

100.00

A-

81,188

215

5.250%,

8/15/49

8/24

at

100.00

A-

217,565

2,320

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56,

144A

4/31

at

100.00

N/R

1,763,687

800

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58,

144A

2/32

at

100.00

N/R

623,984

405

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-1,

3.000%,

12/01/56,

144A

12/31

at

100.00

N/R

279,102

125

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-1,

3.600%,

5/01/47,

144A

5/32

at

100.00

N/R

99,115

1,130

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-2,

3.250%,

5/01/57,

144A

5/32

at

100.00

N/R

790,887

175

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46,

144A

10/31

at

100.00

N/R

136,290

51

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

(continued)

$

1,465

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

$

1,219,466

2,005

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

1,509,544

2,310

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

N/R

1,957,448

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-

Hawthorne,

Series

2021A-1

and

A-2:

610

3.375%,

7/01/43,

144A

7/32

at

100.00

N/R

485,023

800

3.250%,

7/01/56,

144A

7/32

at

100.00

N/R

546,528

1,925

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

1,426,348

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1:

220

3.000%,

7/01/43,

144A

7/32

at

100.00

N/R

167,748

950

3.125%,

7/01/56,

144A

7/32

at

100.00

N/R

656,526

1,345

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Senior

Lien

Series

2021A-2,

3.000%,

3/01/57,

144A

3/32

at

100.00

N/R

902,441

880

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

N/R

716,998

750

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

N/R

552,728

555

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Series

2021A-2,

3.000%,

12/01/56

12/31

at

100.00

N/R

377,017

795

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

N/R

599,987

560

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47,

144A

6/31

at

100.00

N/R

413,846

2,035

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

N/R

1,353,214

2,080

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

N/R

1,404,541

Total

Housing/Multifamily

28,781,728

Long-Term

Care

-

0.2%

(0.2%

of

Total

Investments)

545

California

Health

Facilities

Financing

Authority,

Insured

Revenue

Bonds,

Community

Program

for

Persons

with

Developmental

Disabilities,

Series

2011A,

6.250%,

2/01/26

3/23

at

100.00

AA

546,488

Total

Long-Term

Care

546,488

Tax

Obligation/General

-

22.9%

(23.2%

of

Total

Investments)

4,000

Anaheim

Union

High

School

District,

Orange

County,

California,

General

Obligation

Bonds,

2014

Election

Series

2019,

3.000%,

8/01/40

-

BAM

Insured

8/27

at

100.00

AA

3,302,080

375

Butte-Glenn

Community

College

District,

Butte

and

Glenn

Counties,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A,

5.250%,

8/01/46

8/27

at

100.00

Aa2

399,184

5

California

State,

General

Obligation

Bonds,

Series

2013,

5.000%,

2/01/29

3/23

at

100.00

Aa2

5,008

3,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2015,

5.000%,

8/01/34

8/25

at

100.00

Aa2

3,139,200

Nuveen

California

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

52

NCA

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/General

(continued)

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013:

$

2,500

5.000%,

4/01/37

4/23

at

100.00

Aa2

$

2,502,725

2,240

5.000%,

11/01/43

11/23

at

100.00

Aa2

2,259,309

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014:

5,000

5.000%,

5/01/32

5/24

at

100.00

Aa2

5,099,200

1,970

5.000%,

10/01/39

10/24

at

100.00

Aa2

2,013,064

2,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018.

Bid

Group

A/B,

5.000%,

10/01/48

10/28

at

100.00

Aa2

2,127,120

2,100

Carlsbad

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Series

2009B,

6.000%,

5/01/34

5/24

at

100.00

Aa1

2,160,816

3,000

Chaffey

Community

College

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Taxable

Refunding

Series

2019,

4.000%,

6/01/43

6/28

at

100.00

AA

2,900,910

1,000

Chaffey

Joint

Union

High

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2017C,

5.250%,

8/01/47

2/27

at

100.00

Aa1

1,051,960

5,000

Chino

Valley

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

2016

Election

Series

2020B,

5.000%,

8/01/55

8/30

at

100.00

Aa2

5,364,650

690

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

2008

Election

Series

2017J,

4.000%,

8/01/41

8/27

at

100.00

Aaa

690,607

2,000

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A,

4.000%,

8/01/40

8/25

at

100.00

Aa2

1,962,420

1,000

Oxnard

Union

High

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Election

2018

Series

2020B,

5.000%,

8/01/45

8/28

at

100.00

Aa2

1,066,870

2,000

Pittsburg

Unified

School

District

Financing

Authority,

Contra

Costa

County,

California,  General

Obligation

Bonds,

Pittsburg

Unified

School

District

Bond

Program,

Series

2019,

5.000%,

9/01/47

-

AGM

Insured

9/28

at

100.00

AA

2,104,120

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

245

4.000%,

7/01/37

7/31

at

103.00

N/R

209,527

519

4.000%,

7/01/41

7/31

at

103.00

N/R

428,725

2,000

4.000%,

7/01/46

7/31

at

103.00

N/R

1,592,600

840

San

Benito

High

School

District,

San

Benito

and

Santa

Clara

Counties,

California,

General

Obligation

Bonds,

2016

Election

Series

2017,

5.250%,

8/01/46

8/27

at

100.00

Aa3

894,524

9,000

San

Marcos

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

2010

Election,

Series

2012B,

0.000%,

8/01/51

No

Opt.

Call

AA-

2,508,840

11,875

San

Mateo

Union

High

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

2010

Series

2011A,

0.000%,

9/01/41

(4)

9/36

at

100.00

Aaa

11,095,881

19,860

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(4)

No

Opt.

Call

Aa2

14,973,844

Total

Tax

Obligation/General

69,853,184

Tax

Obligation/Limited

-

10.0%

(10.1%

of

Total

Investments)

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003:

665

5.500%,

10/01/23

-

RAAI

Insured

3/23

at

100.00

AA

666,563

1,000

5.625%,

10/01/33

-

RAAI

Insured

3/23

at

100.00

AA

1,003,440

1,000

California

Infrastructure

and

Economic

Development

Bank,

Lease

Revenue

Bonds,

California

State

Teachers

Retirement

System

Headquarters

Expansion,

Green

Bond-Climate

Bond

Certified

Series

2019,

5.000%,

8/01/44

8/29

at

100.00

AA

1,065,900

1,500

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F,

5.250%,

9/01/33

9/23

at

100.00

Aa3

1,514,415

1,250

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2014A,

5.000%,

9/01/39

9/24

at

100.00

Aa3

1,276,900

53

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

$

55

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

BBB+

$

57,290

4,000

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Measure

R

Sales

Tax

Revenue

Bonds,

Senior

Series

2016A,

5.000%,

6/01/38

6/26

at

100.00

AAA

4,221,360

2,300

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Senior

Lien

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

AAA

2,447,016

1,000

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Series

2019E-1,

5.000%,

12/01/49

12/29

at

100.00

AA+

1,071,280

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Senior

Series

2013A:

1,140

5.250%,

9/01/30

9/23

at

100.00

N/R

1,149,063

1,040

5.750%,

9/01/39

9/23

at

100.00

N/R

1,047,675

165

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Subordinate

Lien

Series

2013B,

5.875%,

9/01/39

9/23

at

100.00

N/R

166,317

4,708

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

5.000%,

7/01/58

7/28

at

100.00

N/R

4,368,082

625

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

5.250%,

9/01/52

-

AGM

Insured

9/29

at

103.00

AA

692,800

70

San

Clemente,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2006-1

Marblehead

Coastal,

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

N/R

70,808

150

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District

7,

Hunters

Point

Shipyard

Phase

One

Improvements,

Refunding

Series

2014,

5.000%,

8/01/39

8/24

at

100.00

N/R

151,371

5,000

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Mission

Bay

North

Redevelopment

Project,

Refunding

Series

2016A,

5.000%,

8/01/41

-

NPFG

Insured

8/26

at

100.00

A

5,184,200

110

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

3/23

at

100.00

N/R

110,299

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A:

1,000

5.000%,

9/01/33

9/25

at

103.00

N/R

1,055,810

765

5.000%,

9/01/43

9/25

at

103.00

N/R

779,198

195

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017,

5.750%,

9/01/32,

144A

9/27

at

100.00

N/R

207,810

2,185

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A,

5.000%,

10/01/45

4/30

at

100.00

A-

2,237,506

Total

Tax

Obligation/Limited

30,545,103

Transportation

-

18.5%

(18.7%

of

Total

Investments)

225

California

Municipal

Finance

Authority,

Special

Facility

Revenue

Bonds,

United

Airlines,

Inc.

Los

Angeles

International

Airport

Project,

Series

2019,

4.000%,

7/15/29,

(AMT)

No

Opt.

Call

B+

215,566

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

1,945

5.000%,

1/15/42

-

AGM

Insured

1/24

at

100.00

AA

1,979,601

2,580

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2019A,

5.000%,

5/15/44

5/29

at

100.00

Aa2

2,777,473

10,415

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C,

5.000%,

5/15/44,

(AMT)

11/27

at

100.00

AA-

10,628,091

2,670

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019D,

5.000%,

5/15/33,

(AMT)

11/28

at

100.00

AA-

2,860,291

Nuveen

California

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

54

NCA

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Transportation

(continued)

$

1,480

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2022A,

5.000%,

5/15/45,

(AMT)

5/32

at

100.00

AA-

$

1,543,344

3,000

Los

Angeles

Harbors

Department,

California,

Revenue

Bonds,

Series

2014C,

5.000%,

8/01/44

8/24

at

100.00

AA+

3,060,180

3,075

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021A,

4.000%,

7/01/51

7/31

at

100.00

A+

2,876,355

5,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

4.000%,

7/01/51,

(AMT)

7/31

at

100.00

A+

4,447,000

13,570

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47

5/27

at

100.00

A+

14,091,631

6,465

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Governmental

Purpose

Series

2016C,

5.000%,

5/01/46

5/26

at

100.00

A+

6,661,989

4,160

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

5.000%,

5/01/43,

(AMT)

5/28

at

100.00

A+

4,259,674

665

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A,

4.000%,

1/15/50

1/32

at

100.00

A

608,914

250

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B,

5.250%,

1/15/44

1/25

at

100.00

A-

251,127

Total

Transportation

56,261,236

U.S.

Guaranteed

-

6.2%

(6.3%

of

Total

Investments)

(5)

1,500

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Subordinate

Series

2019S-H,

5.000%,

4/01/44,

(Pre-

refunded

4/01/29)

4/29

at

100.00

AA-

1,703,205

285

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2015A,

5.000%,

8/15/43,

(Pre-refunded

8/15/25)

8/25

at

100.00

A1

298,603

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

795

5.000%,

11/15/46,

(Pre-refunded

11/15/26)

11/26

at

100.00

N/R

851,389

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

185

5.000%,

10/01/38,

(Pre-refunded

10/01/24)

10/24

at

100.00

N/R

190,452

3,130

California

Infrastructure

and

Economic

Development

Bank,

Infrastructure

State

Revolving

Fund

Revenue

Bonds,

Series

2016A,

5.000%,

10/01/33,

(Pre-refunded

10/01/26)

10/26

at

100.00

AAA

3,377,333

2,215

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2013C,

6.500%,

1/15/43,

(Pre-refunded

1/15/24)

1/24

at

100.00

A-

2,277,507

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

4,875

5.750%,

1/15/46,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

4,987,856

4,875

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

4,996,924

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Series

2015A:

100

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

N/R

104,326

80

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

A+

83,461

Total

U.S.

Guaranteed

18,871,056

55

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Utilities

-

18.8%

(19.0%

of

Total

Investments)

$

1,000

California

Infrastructure

and

Economic

Development

Bank.

Clean

Water

State

Revolving

Fund

Revenue

Bonds,

Green

Series

2018,

5.000%,

10/01/43

4/28

at

100.00

AAA

$

1,071,940

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012:

1,375

5.000%,

7/01/37,

(AMT),

144A

7/23

at

100.00

BBB

1,378,506

3,750

5.000%,

11/21/45,

(AMT),

144A

7/23

at

100.00

BBB

3,754,388

1,500

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authority

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

7/01/39,

144A

1/29

at

100.00

BBB

1,526,445

4,200

East

Bay

Municipal

Utility

District,

Alameda

and

Contra

Costa

Counties,

California,

Water

System

Revenue

Bonds,

Green

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

AAA

4,528,146

2,000

Irvine

Ranch

Water

District,

California,

Certificates

of

Participation,

Irvine

Ranch

Water

District

Series

2016,

5.000%,

3/01/41

9/26

at

100.00

AAA

2,108,220

1,800

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.500%,

11/15/37

No

Opt.

Call

AA-

1,958,868

1,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/40

1/26

at

100.00

Aa2

1,048,970

835

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2016B,

5.000%,

7/01/37

1/26

at

100.00

Aa2

879,497

2,425

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2019D,

5.000%,

7/01/49

7/29

at

100.00

Aa2

2,582,795

1,890

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B,

5.000%,

7/01/40

7/30

at

100.00

Aa2

2,081,400

4,150

Los

Angeles

Department

of

Water

and

Power,

California,

Water

System

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/47

1/32

at

100.00

Aa2

4,537,527

1,500

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2018B,

5.000%,

7/01/38

7/28

at

100.00

AA+

1,627,410

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C:

2,500

5.000%,

7/01/36

7/30

at

100.00

Aa2

2,831,600

6,000

5.000%,

7/01/38

7/30

at

100.00

Aa2

6,679,440

1,400

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Subordinate

Series

2018A,

5.000%,

6/01/38

6/28

at

100.00

AA

1,517,208

1,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C,

6.500%,

11/01/39

No

Opt.

Call

A

1,192,930

5,775

Riverside,

California,

Sewer

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

8/01/39

8/28

at

100.00

AA-

6,259,753

1,190

Sacramento,

California,

Wastewater

Revenue

Bonds,

Series

2019,

5.000%,

9/01/39

9/29

at

100.00

AA

1,305,704

San

Diego

Public

Facilities

Financing

Authority,

California,

Water

Utility

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016B:

2,670

5.000%,

8/01/32

8/26

at

100.00

Aa3

2,882,238

3,000

5.000%,

8/01/37

8/26

at

100.00

Aa3

3,194,730

2,400

Southern

California

Public

Power

Authority,

Natural

Gas

Project

1

Revenue

Bonds,

Series

2007A,

5.250%,

11/01/24

No

Opt.

Call

A2

2,443,224

Total

Utilities

57,390,939

Total

Long-Term

Investments

(cost

$301,010,168)

301,383,606

Other

Assets

&

Liabilities,

Net

-

1.2%

3,759,208

Net

Assets

Applicable

to

Common

Shares

-

100%

$

305,142,814

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

Nuveen

California

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

February

28,

2023

56

NCA

(4)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(5)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

57

Nuveen

California

Select

Tax-Free

Income

Portfolio

Portfolio

of

Investments

February

28,

2023

NXC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

98.2% (100.0%

of

Total

Investments)  

X

85,694,976

MUNICIPAL

BONDS

-

98.2%  (100.0%

of

Total

Investments)

X

85,694,976

Consumer

Staples

-

0.0%

(0.0%

of

Total

Investments)

$

20

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

BBB+

$

17,653

Total

Consumer

Staples

17,653

Education

and

Civic

Organizations

-

1.1%

(1.1%

of

Total

Investments)

550

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Series

2012A,

5.250%,

8/01/42

3/23

at

100.00

BB+

508,370

60

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A,

5.000%,

7/01/46,

144A

7/25

at

100.00

BBB

60,200

385

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.000%,

7/01/46,

144A

7/25

at

101.00

BBB

386,802

Total

Education

and

Civic

Organizations

955,372

Health

Care

-

10.1%

(10.3%

of

Total

Investments)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

2,590

5.000%,

11/15/46

11/26

at

100.00

A1

2,640,272

1,240

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019,

4.000%,

11/15/45

11/29

at

100.00

A

1,137,787

1,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A,

4.000%,

4/01/49

4/30

at

100.00

A-

884,170

1,365

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Kaiser

Permanente

System,

Series

2017A-2,

4.000%,

11/01/44

11/27

at

100.00

AA-

1,281,216

115

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital,

Series

2014A,

5.000%,

8/15/43

8/24

at

100.00

AA-

117,119

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

70

5.000%,

10/01/38

10/24

at

100.00

A+

70,930

255

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

A+

256,487

450

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

System,

Series

2021A,

4.000%,

2/01/51

-

AGM

Insured

2/32

at

100.00

AA

417,065

35

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

Baa2

35,584

130

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A,

5.250%,

11/01/41

11/26

at

100.00

BBB-

130,473

150

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

AA

158,077

350

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A,

5.250%,

12/01/34

12/24

at

100.00

BB+

356,339

1,365

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56,

144A

6/26

at

100.00

BB+

1,287,113

70

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A,

5.250%,

8/15/52

-

AGM

Insured

8/32

at

100.00

AA

74,092

Total

Health

Care

8,846,724

Nuveen

California

Select

Tax-Free

Income

Portfolio

(continued)

Portfolio

of

Investments

February

28,

2023

58

NXC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

-

9.1%

(9.3%

of

Total

Investments)

$

615

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

N/R

$

479,866

590

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47,

144A

8/31

at

100.00

N/R

471,805

800

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50,

144A

2/30

at

100.00

N/R

696,656

200

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56,

144A

2/31

at

100.00

N/R

149,870

617

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

BBB+

610,011

525

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

BBB+

494,256

90

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

BBB+

89,685

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Affordable

Housing

Inc

Projects,

Senior

Series

2014A:

25

5.250%,

8/15/39

8/24

at

100.00

A-

25,371

65

5.250%,

8/15/49

8/24

at

100.00

A-

65,776

660

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56,

144A

4/31

at

100.00

N/R

501,739

225

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58,

144A

2/32

at

100.00

N/R

175,496

115

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-1,

3.000%,

12/01/56,

144A

12/31

at

100.00

N/R

79,251

320

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-2,

3.250%,

5/01/57,

144A

5/32

at

100.00

N/R

223,968

425

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

353,770

560

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

421,618

650

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54,

144A

1/31

at

100.00

N/R

550,797

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-

Hawthorne,

Series

2021A-1

and

A-2:

175

3.375%,

7/01/43,

144A

7/32

at

100.00

N/R

139,146

195

3.250%,

7/01/56,

144A

7/32

at

100.00

N/R

133,216

540

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56,

144A

10/31

at

100.00

N/R

400,118

265

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1,

3.125%,

7/01/56,

144A

7/32

at

100.00

N/R

183,136

380

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Senior

Lien

Series

2021A-2,

3.000%,

3/01/57,

144A

3/32

at

100.00

N/R

254,965

250

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

N/R

203,693

150

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56,

144A

12/31

at

100.00

N/R

110,546

100

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Series

2021A-2,

3.000%,

12/01/56

12/31

at

100.00

N/R

67,931

59

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Housing/Multifamily

(continued)

$

185

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56,

144A

7/31

at

100.00

N/R

$

139,619

160

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47,

144A

6/31

at

100.00

N/R

118,242

585

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57,

144A

6/31

at

100.00

N/R

389,007

600

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

12/01/49

6/32

at

100.00

N/R

405,156

Total

Housing/Multifamily

7,934,710

Tax

Obligation/General

-

20.1%

(20.4%

of

Total

Investments)

620

Butte-Glenn

Community

College

District,

Butte

and

Glenn

Counties,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A,

5.250%,

8/01/46

8/27

at

100.00

Aa2

659,984

1,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2015,

5.000%,

8/01/34

8/25

at

100.00

Aa2

1,046,400

1,000

Chaffey

Joint

Union

High

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2017C,

5.250%,

8/01/47

2/27

at

100.00

Aa1

1,051,960

1,000

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A,

4.000%,

8/01/45

8/25

at

100.00

Aa2

953,690

2,790

Natomas

Unified

School

District,

Sacramento

County,

California,

General

Obligation

Bonds,

Election

of

2018,

Series

2020A,

4.000%,

8/01/49

-

AGM

Insured

8/26

at

100.00

AA

2,648,714

7,575

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Convertible

Capital

Appreciation,

Election

2004

Series

2010A,

0.000%,

8/01/34

No

Opt.

Call

A1

4,742,026

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1:

70

4.000%,

7/01/37

7/31

at

103.00

N/R

59,865

65

4.000%,

7/01/41

7/31

at

103.00

N/R

53,694

161

4.000%,

7/01/46

7/31

at

103.00

N/R

128,204

1,000

San

Benito

High

School

District,

San

Benito

and

Santa

Clara

Counties,

California,

General

Obligation

Bonds,

2016

Election

Series

2017,

5.250%,

8/01/46

8/27

at

100.00

Aa3

1,064,910

8,075

San

Bernardino

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2008

Series

2009B,

0.000%,

8/01/44

No

Opt.

Call

Aa1

3,059,133

2,000

West

Hills

Community

College

District,

California,

General

Obligation

Bonds,

School

Facilities

Improvement

District

3,

2008

Election

Series

2011,

0.000%,

8/01/38

-

AGM

Insured

(4)

8/31

at

100.00

AA

2,036,820

Total

Tax

Obligation/General

17,505,400

Tax

Obligation/Limited

-

13.3%

(13.6%

of

Total

Investments)

1,000

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003,

5.625%,

10/01/33

-

RAAI

Insured

3/23

at

100.00

AA

1,003,440

2,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F,

5.250%,

9/01/33

9/23

at

100.00

Aa3

2,019,220

15

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

BBB+

15,625

1,000

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Measure

R

Sales

Tax

Revenue

Bonds,

Senior

Series

2016A,

5.000%,

6/01/38

6/26

at

100.00

AAA

1,055,340

3,000

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Proposition

C

Sales

Tax

Revenue

Bonds,

Green

Senior

Lien

Series

2019A,

5.000%,

7/01/44

7/28

at

100.00

AAA

3,209,310

1,000

Norco

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

1,

Series

2009,

7.000%,

3/01/34

3/23

at

100.00

A+

1,003,470

Nuveen

California

Select

Tax-Free

Income

Portfolio

(continued)

Portfolio

of

Investments

February

28,

2023

60

NXC

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Tax

Obligation/Limited

(continued)

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Senior

Series

2013A:

$

350

5.250%,

9/01/30

9/23

at

100.00

N/R

$

352,782

320

5.750%,

9/01/39

9/23

at

100.00

N/R

322,362

60

Patterson

Public

Finance

Authority,

California,

Revenue

Bonds,

Community

Facilities

District

2001-1,

Subordinate

Lien

Series

2013B,

5.875%,

9/01/39

9/23

at

100.00

N/R

60,479

948

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

5.000%,

7/01/58

7/28

at

100.00

N/R

879,554

180

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Improvement

Area

1,

Refunding

Series

2022A-1,

5.250%,

9/01/52

-

AGM

Insured

9/29

at

103.00

AA

199,526

20

San

Clemente,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2006-1

Marblehead

Coastal,

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

N/R

20,231

60

San

Francisco

City

and

County

Redevelopment

Agency

Successor

Agency,

California,

Special

Tax

Bonds,

Community

Facilities

District

7,

Hunters

Point

Shipyard

Phase

One

Improvements,

Refunding

Series

2014,

5.000%,

8/01/39

8/24

at

100.00

N/R

60,548

30

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

3/23

at

100.00

N/R

30,082

1,285

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A,

5.000%,

9/01/28

9/25

at

103.00

N/R

1,366,263

60

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A,

5.000%,

10/01/45

4/30

at

100.00

A-

61,442

Total

Tax

Obligation/Limited

11,659,674

Transportation

-

11.8%

(12.0%

of

Total

Investments)

60

California

Municipal

Finance

Authority,

Special

Facility

Revenue

Bonds,

United

Airlines,

Inc.

Los

Angeles

International

Airport

Project,

Series

2019,

4.000%,

7/15/29,

(AMT)

No

Opt.

Call

B+

57,484

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

1,000

5.000%,

1/15/42

-

AGM

Insured

1/24

at

100.00

AA

1,017,790

800

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2015D,

5.000%,

5/15/42

5/25

at

100.00

AA+

824,512

1,860

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Series

2022C,

4.000%,

5/15/40,

(AMT)

5/32

at

100.00

AA-

1,780,448

1,525

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2022A,

5.000%,

5/15/45,

(AMT)

5/32

at

100.00

AA-

1,590,270

3,250

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Senior

Lien

Bonds,

RCTC

91

Express

Lanes,

Refunding

Series

2021B-1,

4.000%,

6/01/39

6/31

at

100.00

A

3,138,980

1,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

5.000%,

7/01/51,

(AMT)

7/31

at

100.00

A+

1,022,430

90

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A,

4.000%,

1/15/50

1/32

at

100.00

A

82,409

750

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B,

5.250%,

1/15/44

1/25

at

100.00

A-

753,383

Total

Transportation

10,267,706

U.S.

Guaranteed

-

11.7%

(11.9%

of

Total

Investments)

(5)

1,000

Bay

Area

Water

Supply

and

Conservation

Agency,

California,

Revenue

Bonds,

Capital

Cost

Recovery

Prepayment

Program,

Series

2013A,

5.000%,

10/01/34,

(Pre-refunded

4/01/23)

4/23

at

100.00

AA-

1,001,490

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

410

5.000%,

11/15/46,

(Pre-refunded

11/15/26)

11/26

at

100.00

N/R

439,081

61

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

U.S.

Guaranteed

(5)

(continued)

$

2,500

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2016A,

5.000%,

11/15/41,

(Pre-refunded

11/15/25)

11/25

at

100.00

A1

$

2,633,500

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

55

5.000%,

10/01/38,

(Pre-refunded

10/01/24)

10/24

at

100.00

N/R

56,621

530

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2013C,

6.500%,

1/15/43,

(Pre-refunded

1/15/24)

1/24

at

100.00

A-

544,957

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A:

1,170

5.750%,

1/15/46,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

1,197,085

1,175

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

A

1,204,387

Golden

State

Tobacco

Securitization

Corporation,

California,

Enhanced

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Series

2015A:

1,650

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

N/R

1,721,379

1,350

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

A+

1,408,401

Total

U.S.

Guaranteed

10,206,901

Utilities

-

21.0%

(21.4%

of

Total

Investments)

1,480

California

Infrastructure

and

Economic

Development

Bank,

Clean

Water

State

Revolving

Fund

Revenue

Bonds,

Green

Series

2017,

5.000%,

10/01/33

4/27

at

100.00

AAA

1,617,966

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012:

375

5.000%,

7/01/37,

(AMT),

144A

7/23

at

100.00

BBB

375,956

1,160

5.000%,

11/21/45,

(AMT),

144A

7/23

at

100.00

BBB

1,161,357

1,730

East

Bay

Municipal

Utility

District,

Alameda

and

Contra

Costa

Counties,

California,

Water

System

Revenue

Bonds,

Green

Series

2017A,

4.000%,

6/01/45

6/27

at

100.00

AAA

1,695,469

2,000

Irvine

Ranch

Water

District,

California,

Certificates

of

Participation,

Irvine

Ranch

Water

District

Series

2016,

5.000%,

3/01/41

9/26

at

100.00

AAA

2,108,220

645

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.500%,

11/15/37

No

Opt.

Call

AA-

701,928

1,970

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2015E,

5.000%,

7/01/44

7/24

at

100.00

Aa2

1,996,221

2,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B,

5.000%,

7/01/40

7/30

at

100.00

Aa2

2,202,540

3,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2017A,

5.000%,

7/01/44

1/27

at

100.00

AA+

3,152,100

1,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2018B,

5.000%,

7/01/38

7/28

at

100.00

AA+

1,084,940

2,050

Sacramento

County

Sanitation

Districts

Financing

Authority,

California,

Revenue

Bonds,

Sacramento

Regional

County

Sanitation

District,

Series

2020A,

5.000%,

12/01/50

12/30

at

100.00

AA

2,204,139

Total

Utilities

18,300,836

Total

Long-Term

Investments

(cost

$85,501,495)

85,694,976

Other

Assets

&

Liabilities,

Net

-

1.8%

1,528,839

Net

Assets

Applicable

to

Common

Shares

-

100%

$

87,223,815

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

Optional

Call

Provisions

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(3)

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

of

Standard

&

Poor’s

Group

(“Standard

&

Poor’s”),

Moody’s

Investors

Service,

Inc.

(“Moody’s”)

or

Fitch,

Inc.

(“Fitch”)

rating.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Ratings

below

BBB

by

Standard

&

Poor’s,

Baa

by

Moody’s

or

BBB

by

Fitch

are

considered

to

be

below

investment

grade.

Holdings

designated

N/R

are

not

rated

by

any

of

these

national

rating

agencies.

Ratings

are

not

covered

by

the

report

of

independent

registered

public

accounting

firm.

(4)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

Nuveen

California

Select

Tax-Free

Income

Portfolio

(continued)

Portfolio

of

Investments

February

28,

2023

62

NXC

(5)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

February

28,

2023

See

Notes

to

Financial

Statements

63

NAC

NKX

NCA

NXC

Assets

Long-term

investments,

at

value

†

$

3,013,132,207‌

$

1,035,604,091‌

$

301,383,606‌

$

85,694,976‌

Cash

–‌

–‌

1,675,325‌

959,415‌

Receivable

for

interest

33,363,769‌

11,844,580‌

3,215,459‌

906,257‌

Receivable

for

investments

sold

20,000‌

4,146,200‌

–‌

–‌

Other

assets

1,097,771‌

407,725‌

57,748‌

30,570‌

Total

assets

3,047,613,747‌

1,052,002,596‌

306,332,138‌

87,591,218‌

Liabilities

Cash

overdraft

3,201,430‌

2,348,642‌

–‌

–‌

Floating

rate

obligations

–‌

33,485,000‌

–‌

–‌

Payable

for

dividends

5,050,240‌

1,877,648‌

920,217‌

267,474‌

Payable

for

interest

2,791‌

561,732‌

227‌

—‌

MFP

Shares,

Net

**

319,858,894‌

140,024,680‌

–‌

–‌

VRDP

Shares,

Net

***

905,261,210‌

255,631,989‌

–‌

–‌

Accrued

expenses:

Custodian

fees

248,211‌

89,127‌

30,827‌

12,659‌

Investor

relations

51,317‌

17,582‌

5,454‌

1,289‌

Management

fees

1,322,127‌

473,900‌

117,879‌

17,550‌

Trustees

fees

724,993‌

187,143‌

55,063‌

29,276‌

Professional

fees

47,950‌

34,441‌

28,916‌

27,362‌

Shareholder

reporting

expenses

44,735‌

17,509‌

11,443‌

5,968‌

Shareholder

servicing

agent

fees

4,200‌

1,206‌

1,516‌

347‌

Other

44,012‌

24,158‌

17,782‌

5,478‌

Total

liabilities

1,235,862,110‌

434,774,757‌

1,189,324‌

367,403‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

1,811,751,637‌

$

617,227,839‌

$

305,142,814‌

$

87,223,815‌

Common

shares

outstanding

144,735,059‌

47,520,334‌

33,108,196‌

6,361,808‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

12

.52‌

$

12

.99‌

$

9

.22‌

$

13

.71‌

Net

assets

applicable

to

common

shares

consist

of:

Common

shares,

$0.01

par

value

per

share

$

1,447,351‌

$

475,203‌

$

331,082‌

$

63,618‌

Paid-in

surplus

1,964,735,168‌

635,806,480‌

312,875,798‌

88,543,681‌

Total

distributable

earnings

(loss)

(

154,430,882‌

)

(

19,053,844‌

)

(

8,064,066‌

)

(

1,383,484‌

)

Net

assets

applicable

to

common

shares

$

1,811,751,637‌

$

617,227,839‌

$

305,142,814‌

$

87,223,815‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

—

—

†

Long-term

investments,

cost

$

3,029,524,069‌

$

1,028,694,869‌

$

301,010,168‌

$

85,501,495‌

**

MFP

Shares,

liquidation

preference

320,000,000‌

140,400,000‌

—‌

—‌

***

VRDP

Shares,

liquidation

preference

907,800,000‌

256,700,000‌

—‌

—‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

Year

Ended

February

28,

2023

See

Notes

to

Financial

Statements

64

NAC

NKX

NCA

NXC

Investment

Income

Interest

$

130,698,566‌

$

44,997,857‌

$

12,640,288‌

$

3,551,308‌

Total

Investment

Income

130,698,566‌

44,997,857‌

12,640,288‌

3,551,308‌

Expenses

–

–

–

–

Management

fees

17,576,819‌

6,326,775‌

1,476,676‌

228,348‌

Shareholder

servicing

agent

fees

25,314‌

7,300‌

8,990‌

2,321‌

Interest

expense

and

amortization

of

offering

costs

28,210,386‌

8,557,243‌

834‌

44‌

Trustees

fees

85,578‌

29,059‌

8,903‌

2,538‌

Custodian

expenses,

net

274,511‌

102,900‌

33,192‌

19,613‌

Investor

relations

expenses

116,033‌

39,459‌

11,672‌

3,467‌

Liquidity

fees

4,129,540‌

2,162,268‌

—‌

—‌

Professional

fees

293,752‌

136,420‌

47,054‌

36,400‌

Remarketing

fees

522,245‌

690,815‌

—‌

—‌

Shareholder

reporting

expenses

103,243‌

46,558‌

33,104‌

14,918‌

Stock

exchange

listing

fees

42,957‌

14,105‌

30,427‌

7,259‌

Other

127,121‌

93,969‌

10,050‌

8,304‌

Total

expenses

51,507,499‌

18,206,871‌

1,660,902‌

323,212‌

Net

investment

income

(loss)

79,191,067‌

26,790,986‌

10,979,386‌

3,228,096‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

(

112,184,494‌

)

(

25,699,597‌

)

(

7,463,877‌

)

(

1,704,954‌

)

Net

realized

gain

(loss)

(

112,184,494‌

)

(

25,699,597‌

)

(

7,463,877‌

)

(

1,704,954‌

)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(

253,974,571‌

)

(

98,059,693‌

)

(

29,648,083‌

)

(

7,514,728‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

253,974,571‌

)

(

98,059,693‌

)

(

29,648,083‌

)

(

7,514,728‌

)

Net

realized

and

unrealized

gain

(loss)

(

366,159,065‌

)

(

123,759,290‌

)

(

37,111,960‌

)

(

9,219,682‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

(

286,967,998‌

)

$

(

96,968,304‌

)

$

(

26,132,574‌

)

$

(

5,991,586‌

)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

65

NAC

NKX

Year

Ended

2/28/23

Year

Ended

2/28/22

Year

Ended

2/28/23

Year

Ended

2/28/22

Operations

Net

investment

income

(loss)

$

79,191,067‌

$

96,175,613‌

$

26,790,986‌

$

32,467,323‌

Net

realized

gain

(loss)

(112,184,494‌)

(2,554,993‌)

(25,699,597‌)

458,904‌

Change

in

net

unrealized

appreciation

(depreciation)

(253,974,571‌)

(120,601,420‌)

(98,059,693‌)

(41,296,515‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(286,967,998‌)

(26,980,800‌)

(96,968,304‌)

(8,370,288‌)

Distributions

to

Common

Shareholders

Dividends

(82,354,248‌)

(94,656,728‌)

(28,797,322‌)

(31,838,623‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(82,354,248‌)

(94,656,728‌)

(28,797,322‌)

(31,838,623‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(369,322,246‌)

(121,637,528‌)

(125,765,626‌)

(40,208,911‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

2,181,073,883‌

2,302,711,411‌

742,993,465‌

783,202,376‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,811,751,637‌

$

2,181,073,883‌

$

617,227,839‌

$

742,993,465‌

See

Notes

to

Financial

Statements

66

NCA

Year

Ended

2/28/23

Year

Ended

2/28/22

Operations

Net

investment

income

(loss)

$

10,979,386‌

$

10,135,155‌

Net

realized

gain

(loss)

(7,463,877‌)

182,061‌

Change

in

net

unrealized

appreciation

(depreciation)

(29,648,083‌)

(11,767,724‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(26,132,574‌)

(1,450,508‌)

Distributions

to

Common

Shareholders

Dividends

(10,528,407‌)

(9,911,780‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(10,528,407‌)

(9,911,780‌)

Capital

Share

Transactions

Common

shares:

Fund

Reorganization

—‌

53,540,962‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

—‌

53,540,962‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(36,660,981‌)

42,178,674‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

341,803,795‌

299,625,121‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

305,142,814‌

$

341,803,795‌

See

Notes

to

Financial

Statements

67

NXC

Year

Ended

2/28/23

Eleven

Months

Ended

2/28/22

Year

Ended

3/31/21

Operations

Net

investment

income

(loss)

$

3,228,096‌

$

2,887,651‌

$

3,270,899‌

Net

realized

gain

(loss)

(1,704,954‌)

33,430‌

460,516‌

Change

in

net

unrealized

appreciation

(depreciation)

(7,514,728‌)

(4,195,935‌)

2,121,520‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

(5,991,586‌)

(1,274,854‌)

5,852,935‌

Distributions

to

Common

Shareholders

Dividends

(3,149,970‌)

(3,049,063‌)

(3,331,881‌)

Decrease

in

net

assets

applicable

to

common

shares

from

distributions

to

common

shareholders

(3,149,970‌)

(3,049,063‌)

(3,331,881‌)

Capital

Share

Transactions

Common

shares:

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

12,887‌

75,933‌

66,551‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

capital

share

transactions

12,887‌

75,933‌

66,551‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(9,128,669‌)

(4,247,984‌)

2,587,605‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

96,352,484‌

100,600,468‌

98,012,863‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

87,223,815‌

$

96,352,484‌

$

100,600,468‌

Statement

of

Cash

Flows

Year

Ended

February

28,

2023

See

Notes

to

Financial

Statements

68

NAC

NKX

Cash

Flows

from

Operating

Activities

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

(286,967,998‌)

$

(96,968,304‌)

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(2,158,038,514‌)

(618,658,454‌)

Proceeds

from

sale

and

maturities

of

investments

2,193,042,913‌

645,144,504‌

Taxes

paid

(9,608‌)

(381‌)

Amortization

(Accretion)

of

premiums

and

discounts,

net

7,915,403‌

800,321‌

Amortization

of

deferred

offering

costs

690,065‌

556,705‌

(Increase)

Decrease

in:

Receivable

for

interest

2,810,550‌

1,099,736‌

Receivable

for

investments

sold

21,687,078‌

(1,105,800‌)

Other

assets

86,472‌

(419‌)

Increase

(Decrease)

in:

Payable

for

interest

2,560‌

519,790‌

Payable

for

investments

purchased

-

regular

settlement

(4,928,112‌)

—‌

Accrued

custodian

fees

(162,950‌)

(59,747‌)

Accrued

investor

relations

fees

(12,986‌)

(4,484‌)

Accrued

management

fees

(153,048‌)

(59,124‌)

Accrued

Trustees

fees

(83,065‌)

(19,833‌)

Accrued

professional

fees

20,388‌

7,185‌

Accrued

shareholder

reporting

expenses

3,500‌

1,174‌

Accrued

shareholder

servicing

agent

fees

(403‌)

425‌

Accrued

other

expenses

2,179‌

19,387‌

Net

realized

(gain)

loss

from

investments

112,184,494‌

25,699,597‌

Net

realized

(gain)

loss

from

paydowns

(501,194‌)

(1,583‌)

Change

in

net

unrealized

(appreciation)

depreciation

of

investments

253,974,571‌

98,059,693‌

Net

cash

provided

by

operating

activities

141,562,295‌

55,030,388‌

Cash

Flows

from

Financing

Activities

Proceeds

from

borrowings

111,949,338‌

27,639,876‌

(Repayments)

of

borrowings

(111,949,338‌)

(27,639,876‌)

Proceeds

from

floating

rate

obligations

—‌

33,485,000‌

(Repayments

of)

floating

rate

obligations

—‌

(20,975,000‌)

(Payments

for)

VRDP

Shares

redeemed,

at

liquidation

preference

(49,800,000‌)

(35,500,000‌)

Increase

(Decrease)

in

cash

overdraft

(6,811,539‌)

(2,531,250‌)

Cash

distributions

paid

to

common

shareholders

(84,950,756‌)

(29,509,138‌)

Net

cash

provided

by

(used

in)

financing

activities

(141,562,295‌)

(55,030,388‌)

Net

increase

(decrease)

in

cash

and

cash

collateral

at

brokers

—‌

—‌

Cash

and

Cash

Collateral

at

Brokers

at

the

beginning

of

period

—‌

—‌

Cash

and

Cash

Collateral

at

Brokers

at

the

end

of

period

$

—‌

$

—‌

Supplemental

Disclosure

of

Cash

Flow

Information

NAC

NKX

Cash

paid

for

interest

$

27,513,495‌

$

7,478,483‌

Financial

Highlights

70

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Discount

Per

Share

Repurchased

and

Retired

Ending

NAV

Ending

Share

Price

NAC

2/28/23

$

15.07

$

0.55

$

(2.53)

$

(1.98)

$

(0.57)

$

—

$

(0.57)

$

—

$

12.52

$

10.87

2/28/22

15.91

0.66

(0.85)

(0.19)

(0.65)

—

(0.65)

—

15.07

13.71

2/28/21

16.71

0.64

(0.80)

(0.16)

(0.64)

—

(0.64)

—

15.91

14.57

2/29/20

14.95

0.65

1.76

2.41

(0.65)

—

(0.65)

—

16.71

15.09

2/28/19

15.17

0.67

(0.22)

0.45

(0.68)

—

(0.68)

0.01

14.95

13.30

NKX

2/28/23

15.64

0.56

(2.60)

(2.04)

(0.61)

—

(0.61)

—

12.99

11.72

2/28/22

16.48

0.68

(0.85)

(0.17)

(0.67)

—

(0.67)

—

15.64

14.15

2/28/21

17.27

0.66

(0.80)

(0.14)

(0.65)

—

(0.65)

—

16.48

15.13

2/29/20

15.17

0.63

2.09

2.72

(0.62)

—

(0.62)

—

17.27

15.53

2/28/19

15.26

0.66

(0.11)

0.55

(0.65)

—

(0.65)

0.01

15.17

13.50

(a)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements

71

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NAC

2/28/23

1.73

%

2/28/22

0.55

2/28/21

0.74

2/29/20

1.33

2/28/19

1.45

NKX

2/28/23

1.76

2/28/22

0.49

2/28/21

0.74

2/29/20

1.28

2/28/19

1.45

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

NAV(a)

Based

on

Share

Price(a)

Ending

Net

Assets

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate(c)

(13.20‌)

%

(16.78‌)

%

$

1,811,752

2.72‌

%

4.19‌

%

69‌

%

(1.33‌)

(1.81‌)

2,181,074

1.46‌

4.14‌

12‌

(0.90‌)

0.88‌

2,302,711

1.67‌

4.00‌

17‌

16.37‌

18.54‌

2,418,423

2.26‌

4.11‌

11‌

3.01‌

3.79‌

2,163,282

2.42‌

4.48‌

30‌

(13.14‌)

(13.15‌)

617,228

2.82‌

4.15‌

58‌

(1.19‌)

(2.44‌)

742,993

1.51‌

4.10‌

9‌

(0.77‌)

1.67‌

783,202

1.72‌

4.03‌

8‌

18.23‌

19.88‌

820,662

2.27‌

3.91‌

11‌

3.73‌

1.45‌

720,786

2.50‌

4.34‌

28‌

(b)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

and/or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Notes

to

Financial

Statements)

divided

by

the

average

long-term

market

value

during

the

period.

72

Financial

Highlights

(continued)

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Beginning

Common

Share

NAV

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Ending

NAV

Ending

Share

Price

NCA

2/28/23

$

10.32

$

0.33

$

(1.11)

$

(0.78)

$

(0.32)

$

—

$

(0.32)

$

—

$

—

$

9.22

$

8.72

2/28/22

10.66

0.31

(0.35)

(0.04)

(0.30)

—

(0.30)

—

—

10.32

9.53

2/28/21

11.05

0.32

(0.39)

(0.07)

(0.32)

—

(0.32)

—

—

10.66

10.21

2/29/20

10.13

0.34

0.92

1.26

(0.34)

—

(0.34)

—

—

11.05

10.45

2/28/19

10.19

0.34

(0.06)

0.28

(0.34)

—

(0.34)

—(d)

—

10.13

9.42

NXC

2/28/23

15.15

0.51

(1.46)

(0.95)

(0.49)

—(d)

(0.49)

—

—

13.71

13.89

2/28/22(e)

15.83

0.45

(0.65)

(0.20)

(0.44)

(0.04)

(0.48)

—

—

15.15

14.81

3/31/21

15.43

0.51

0.41

0.92

(0.52)

—

(0.52)

—

—

15.83

16.29

3/31/20

15.21

0.53

0.21

0.74

(0.52)

—

(0.52)

—

—

15.43

14.50

3/31/19

15.02

0.50

0.19

0.69

(0.52)

—

(0.52)

0.02

—

15.21

14.12

3/31/18

15.00

0.57

0.09

0.66

(0.58)

(0.06)

(0.64)

—

—(d)

15.02

13.90

(a)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements

73

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NCA

2/28/23

—

%

2/28/22

—

2/28/21

—

2/29/20

—

2/28/19

—

NXC

2/28/23

—

2/28/22(e)

—

3/31/21

—

3/31/20

—

3/31/19

—

3/31/18

—

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

NAV(a)

Based

on

Share

Price(a)

Ending

Net

Assets

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate(c)

(7.58‌)

%

(5.13‌)

%

$

305,143

0.53‌

%

3.52‌

%

58‌

%

(0.43‌)

(3.89‌)

341,804

0.56‌

2.85‌

6‌

(0.62‌)

0.73‌

299,625

0.60‌

2.94‌

9‌

12.63‌

14.67‌

310,278

0.52‌

3.22‌

8‌

2.82‌

2.31‌

284,624

0.62‌

3.38‌

38‌

(6.23‌)

(2.77‌)

87,224

0.36‌

3.63‌

43‌

(1.34‌)

(6.27‌)

96,352

0.35‌

(f)

3.14‌

(f)

9‌

(6.05‌)

16.13‌

100,600

0.35‌

3.26‌

5‌

4.86‌

6.26‌

98,013

0.36‌

3.41‌

10‌

4.82‌

5.44‌

96,573

0.55‌

3.38‌

23‌

4.37‌

(2.23‌)

95,357

0.37‌

3.73‌

20‌

(b)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

preferred

shares

issued

by

the

Fund,

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

preferred

shares

(as

described

in

Notes

to

Financial

Statements)

and/or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(c)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Notes

to

Financial

Statements)

divided

by

the

average

long-term

market

value

during

the

period.

(d)

Value

rounded

to

zero.

(e)

For

the

eleven

months

ended

February

28,

2022.

(f)

Annualized.

74

Financial

Highlights

(continued)

The

following

table

sets

forth

information

regarding

each

Fund's

outstanding

senior

securities

as

of

the

end

of

each

of

the

Fund's

last

five

fiscal

periods,

as

applicable.

MFP

Shares

VRDP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share

(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

Asset

Coverage

Per

$1

Liquidation

Preference(c)

NAC

2/28/23

$

320,000

$

247,561

$

907,800

$

247,561

$

2.48

2/28/22

320,000

270,716

957,600

270,716

2.71

2/28/21

320,000

280,237

957,600

280,237

2.80

2/29/20

320,000

289,294

957,600

289,294

2.89

2/28/19

320,000

269,324

957,600

269,324

2.69

NKX

2/28/23

140,400

255,434

256,700

255,434

2.55

2/28/22

140,400

271,751

292,200

271,751

2.72

2/28/21

140,400

281,045

292,200

281,045

2.81

2/29/20

140,400

289,705

292,200

289,705

2.90

2/28/19

140,400

266,617

292,200

266,617

2.67

(a)

Aggregate

Amount

Outstanding:

Aggregate

amount

outstanding

represents

the

liquidation

preference

as

of

the

end

of

the

relevant

fiscal

year.

(b)

Asset

Coverage

Per

$100,000:

Asset

coverage

per

$100,000

is

calculated

by

subtracting

the

Fund’s

liabilities

and

indebtedness

not

represented

by

senior

securities

from

the

Fund’s

total

assets,

dividing

the

result

by

the

aggregate

amount

of

the

Fund’s

senior

securities

representing

indebtedness

then

outstanding

(if

applicable,)

plus

the

aggregate

of

the

involuntary

liquidation

preference

of

the

outstanding

preferred

shares,

if

applicable,

and

multiplying

the

result

by

100,000.

(c)

Includes

all

preferred

shares

presented

for

the

Fund.

Notes

to

Financial

Statements

75

1.

General

Information 

Fund

Information

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

California

Quality

Municipal

Income

Fund

(NAC)

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(NKX)

Nuveen

California

Municipal

Value

Fund

(NCA)

Nuveen

California

Select

Tax-Free

Income

Portfolio

(NXC)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

diversified

closed-end

management

investment

companies.

NAC,

NKX

and

NXC

were

organized

as

Massachusetts

business

trusts

on

December

1,

1998,

July

29,

2002,

and

March

30,

1992,

respectively.

NCA

was

organized

as

a

Massachusetts

business

trust

on

March

8,

2021

(previously

organized

as

a

Minnesota

trust

on

July

15,

1987).

Change

in

Fiscal

and

Tax

Year

End

for

NXC

Effective

February

24,

2022,

NXC’s

fiscal

and

tax

year

end

changed

from

March

31

to

February

28/29

as

approved

by

the

Fund's

Board

of

Trustees

(the

“Board”).

As

a

result,

NXC

has

prepared

an

annual

report

for

the

period

April

1,

2021

through

February

28,

2022

(the

“eleven

months

ended

February

28,

2022”).

Current

Fiscal

Period 

The

end

of

the

reporting

period

for

the

Funds

is

February

28,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

February

28,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Fund’s

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Fund

Reorganization

Effective

prior

to

the

opening

of

business

on

March

8,

2021,

Nuveen

California

Municipal

Value

Fund

2

(NCB)

(the

“Target

Fund“)

was

reorganized

into

NCA

(the

“Acquiring

Fund“)

(the

“Reorganization“).

For

accounting

and

performance

reporting

purposes,

the

Acquiring

Fund

is

the

survivor.

Upon

the

closing

of

the

Reorganization,

the

Target

Fund

transferred

its

assets

to

the

Acquiring

Fund

in

exchange

for

common

shares

of

the

Acquiring

Fund

and

the

assumption

by

the

Acquiring

Fund

of

the

liabilities

of

the

Target

Fund.

The

Target

Fund

was

then

liquidated,

dissolved

and

terminated

in

accordance

with

its

Declaration

of

Trust.

Shareholders

of

the

Target

Fund

became

shareholders

of

the

Acquiring

Fund.

Holders

of

common

shares

of

the

Target

Fund

received

newly

issued

common

shares

of

the

Acquiring

Fund,

the

aggregate

net

asset

value

(“NAV”)

of

which

was

equal

to

the

aggregate

NAV

of

the

common

shares

of

the

Target

Fund

held

immediately

prior

to

the

Reorganization

(including

for

this

purpose

fractional

Acquiring

Fund

shares

to

which

shareholders

were

entitled).

Developments

Regarding

the

Funds'

Control

Share

By-Law

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Funds'

Board

of

Trustees

(the

"Board")

amended

the

Fund’s

by-laws

to

provide

that

the

Funds'

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Fund's

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

76

Notes

to

Financial

Statements

(continued)

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

The

Funds pay

no

compensation

directly

to

those

of

its

trustees

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Fund

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

Distributions

to

Common

Shareholders

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statements

of

Assets

and

Liabilities.

Fund

Gross

Custodian

Fee

Credits

NAC

$

6,093

NKX

3,723

NCA

4,000

NXC

774

77

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

("ASU")

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

78

Notes

to

Financial

Statements

(continued)

The

Funds

hold

liabilities

in

floating

rate

obligations

and

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

in

Note

5

-

Fund

Shares.

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Inverse

Floating

Rate

Securities

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

The

Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

NAC

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

3,012,488,324

$

643,883**

$

3,013,132,207

Total

$

–

$

3,012,488,324

$

643,883

$

3,013,132,207

1

NKX

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

1,035,521,414

$

82,677**

$

1,035,604,091

Total

$

–

$

1,035,521,414

$

82,677

$

1,035,604,091

1

NCA

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

301,383,606

$

–

$

301,383,606

Total

$

–

$

301,383,606

$

–

$

301,383,606

1

NXC

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Municipal

Bonds

$

–

$

85,694,976

$

–

$

85,694,976

Total

$

–

$

85,694,976

$

–

$

85,694,976

1

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

**

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

79

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any

such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NAC

$

—

$

7,500,000

$

7,500,000

NKX

33,485,000

—

33,485,000

NCA

—

—

—

NXC

—

—

—

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NAC

$

—

—

%

NKX

23,792,438

2.27

NCA

—

—

NXC

—

—

80

Notes

to

Financial

Statements

(continued)

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period,

the

Funds

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Investment

Transactions

Long-term

purchases

and

sales

(including

maturities)

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

In

addition

to

the

inverse

floating

rate

securities

in

which each

Fund

may

invest,

which

are

considered

portfolio

securities

for

financial

reporting

purposes, each

Fund

is

authorized

to

invest

in

certain

other

derivative

instruments

such

as

futures,

options

and

swap

contracts. 

Each

Fund

limits

its

investments

in

futures,

options

on

futures

and

swap

contracts

to

the

extent

necessary

for

the

Adviser

to

claim

the

exclusion

from

registration

by

the

Commodity Futures

Trading

Commission

as

a

commodity

pool

operator

with

respect

to

the

Fund. 

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

where

applicable. 

Even

though

the

Funds'

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments

and

may

do

so

in

the

future, they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

NAC

$

—

$

7,500,000

$

7,500,000

NKX

33,485,000

—

33,485,000

NCA

—

—

—

NXC

—

—

—

Fund

Purchases

Sales

and

Maturities

NAC

$

2,158,038,514

$

2,193,042,913

NKX

618,658,454

645,144,504

NCA

178,522,119

179,917,225

NXC

37,947,620

37,398,734

81

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Common

Shares

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs

The

following

Fund

has

filed

a

registration

statement

with

the

SEC

authorizing

the

Fund

to

issue

additional

common

shares

through

one

or

more

equity

shelf

programs

(“Shelf

Offering”),

which

became

effective

with

the

SEC

during

prior

fiscal

periods.

Under

this

Shelf

Offering,

the

Fund,

subject

to

market

conditions,

may

raise

additional

equity

capital

by

issuing

additional

common

shares

from

time

to

time

in

varying

amounts

and

by

different

offering

methods

at

a

net

price

at

or

above

the

Fund’s

NAV

per

common

share.

In

the

event

the

Fund’s

Shelf

Offering

registration

statement

is

no

longer

current,

the

Fund

may

not

issue

additional

common

shares

until

a

post-effective

amendment

to

the

registration

statement

has

been

filed

with

the

SEC.

Additional

authorized

common

shares,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

the

Fund’s

Shelf

Offering

during

the

Fund’s

current

fiscal

period

were

as

follows:

Costs

incurred

by

the

Fund

in

connection

with

its

initial

shelf

registration

are

recorded

as

a

prepaid

expense

and

recognized

as

“Deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

These

costs

are

amortized

pro

rata

as

common

shares

are

sold

and

are

recognized

as

a

component

of

“Proceeds

from

shelf

offering,

net

of

offering

costs”

on

the

Statement

of

Changes

in

Net

Assets.

Any

deferred

offering

costs

remaining

after

the

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Fund

to

keep

the

shelf

registration

current

are

expensed

as

incurred

and

recognized

as

a

component

of

“Other

expenses”

on

the

Statement

of

Operations.

Common Share

Transactions

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

Preferred

Shares

MuniFund

Preferred

Shares

NAC

and

NKX

have

issued

and

have

outstanding

MuniFund

Preferred

(“MFP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

These

MFP

Shares

were

issued

via

private

placement

and

are

not

publicly

available.

NKX

Year

Ended

2/28/23

Year

Ended

2/28/22

Additional

authorized

common

shares

–

4,100,000*

Common

shares

sold

–

–

Offering

proceeds,

net

of

offering

costs

–

–

*

Represents

additional

authorized

common

shares

for

the

period

March

1,

2020

through

June

30,

2021.

NAC

NKX

NCA

Year

Ended

2/28/23

Year

Ended

2/28/22

Year

Ended

2/28/23

Year

Ended

2/28/22

Year

Ended

2/28/23

Year

Ended

2/28/22

Common

Shares:

Issued

in

the

Reorganization

—

—

—

—

—

5,011,513

Total

—

—

—

—

—

5,011,513

NXC

Year

Ended

2/28/23

Eleven

Months

Ended

2/28/22

Year

Ended

3/31/21

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

925

4,779

4,192

Total

925

4,779

4,192

82

Notes

to

Financial

Statements

(continued)

The

Funds

are

obligated

to

redeem

their

MFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Funds.

MFP

Shares

are

initially

issued

in

a

pre-specified

mode,

however,

MFP

Shares

can

be

subsequently

designated

as

an

alternative

mode

at

a

later

date

at

the

discretion

of

the

Funds.

The

modes

within

MFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Funds

may

establish

additional

mode

structures

with

the

MFP

Share.

•

Variable

Rate

Remarketed

Mode

(“VRRM”)

–

Dividends

for

MFP

Shares

within

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

market

value

of

the

MFP

Shares

is

expected

to

approximate

its

liquidation

preference.

Shareholders

have

the

ability

to

request

a

best-efforts

tender

of

its

shares

upon

seven

days

notice.

If

the

remarketing

agent

is

unable

to

identify

an

alternative

purchaser,

the

shares

will

be

retained

by

the

shareholder

requesting

tender

and

the

subsequent

dividend

rate

will

increase

to

its

step-up

dividend

rate.

If

after

one

consecutive

year

of

unsuccessful

remarketing

attempts,

the

Fund

will

be

required

to

designate

an

alternative

mode

or

redeem

the

shares.

Each

Fund

will

pay

a

remarketing

fee

on

the

aggregate

principal

amount

of

all

MFP

Shares

while

designated

in

VRRM.

Payments

made

by

the

Fund

to

the

remarketing

agent

are

recognized

as

“Remarketing

fees”

on

the

Statement

of

Operations.

•

Variable

Rate

Mode

(“VRM”)

–

Dividends

for

MFP

Shares

designated

in

this

mode

are

based

upon

a

short-term

index

plus

an

additional

fixed

“spread”

amount

established

at

the

time

of

issuance

or

renewal

/

conversion

of

its

mode.

At

the

end

of

the

period

of

the

mode,

the

Fund

will

be

required

to

either

extend

the

term

of

the

mode,

designate

an

alternative

mode

or

redeem

the

MFP

Shares.

The

fair

value

of

MFP

Shares

while

in

VRM

are

expected

to

approximate

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

shares

remains

roughly

in

line

with

the

“spread”

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market.

In

current

market

conditions,

the

Adviser

has

determined

that

the

fair

value

of

the

shares

are

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

•

Variable

Rate

Demand

Mode

(“VRDM”)

–

Dividends

for

MFP

Shares

designated

in

this

mode

will

be

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

MFP

Shares

is

expected

to

approximate

its

liquidation

preference.

While

in

this

mode,

Shares

will

have

an

unconditional

liquidity

feature

that

enable

its

shareholders

to

require

a

liquidity

provider,

which

the

Fund

has

entered

into

a

contractual

agreement,

to

purchase

shares

in

the

event

that

the

shares

are

not

able

to

be

successfully

remarketed.

In

the

event

that

shares

within

this

mode

are

unable

to

be

successfully

remarketed

and

are

purchased

by

the

liquidity

provider,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

shares.

Each

Fund

is

required

redeem

any

shares

that

are

still

owned

by

a

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

The

Fund

will

pay

a

liquidity

and

remarketing

fee

on

the

aggregate

principal

amount

of

all

MFP

shares

while

within

VRDM.

Payments

made

by

the

Fund

to

the

liquidity

provider

and

remarketing

agent

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees”,

respectively,

on

the

Statement

Operations.

For

financial

reporting

purposes,

the

liquidation

preference

of

MFP

Shares

is

recorded

as

a

liability

and

is

recognized

as

a

component

of

“MFP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

on

the

MFP

shares

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

MFP

shares

are

recognized

as

a

component

on

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

MFP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Subject

to

certain

conditions,

MFP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

the

Fund.

The

Fund

may

also

be

required

to

redeem

certain

MFP

shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

in

all

circumstances

is

equal

to

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

Costs

incurred

in connection

with

each

Fund’s

offering

of

MFP

Shares

were

recorded

as

deferred

charges

and

are

amortized

over

the

life

of

the

shares

and

are

recognized

as

a

component

of

“MFP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

details

of

each

Fund’s

MFP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

The

average

liquidation

preference

of

MFP

Shares

outstanding

and

the

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

Term

Redemption

Date

Mode

Mode

Termination

Date

NAC

A

3,200

$320,000,000

$319,858,894

January

3,

2028

VRM

January

3,

2028*

NKX

A

1,404

$140,400,000

$140,024,680

October

1,

2047

VRRM

N/A

*

Subject

to

earlier

termination

by

either

the

Fund

or

the

holder.

83

Variable

Rate

Demand

Preferred

Shares

The

following

Funds

have

issued

and

have

outstanding

Variable

Rate

Demand

Preferred

(“VRDP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

VRDP

Shares

are

issued

via

private

placement

and

are

not

publicly

available.

As

of

the

end

of

the

reporting

period,

NAC

and

NKX

had

$905,261,210

and

$255,631,989

VRDP

Shares

at

liquidation

preference,

net

of

deferred

offering

costs,

respectively.

Further

details

of

the

Funds’

VRDP

Shares

outstanding

as

of

the

reporting

period,

were

as

follows:

VRDP

Shares

include

a

liquidity

feature

that

allows

VRDP

shareholders

to

have

their

shares

purchased

by

a

liquidity

provider

with

whom

each

Fund

has

contracted

in

the

event

that

VRDP

Shares

are

not

able

to

be

successfully

remarketed.

Each

Fund

is

required

to

redeem

any

VRDP

Shares

that

are

still

owned

by

the

liquidity

provider

after

six

months

of

continuous,

unsuccessful

remarketing.

Each

Fund

pays

an

annual

remarketing

fee

on

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding.

Each

Fund’s

VRDP

Shares

have

successfully

remarketed

since

issuance.

NAC’s

Series

2,

Series

5

and

Series

8

VRDP

Shares

are

considered

to

be

Special

Rate

VRDP,

which

are

sold

to

institutional

investors.

The

special

rate

period

will

expire

on

February

6,

2024,

September

1,

2023

and

November

6,

2026,

for

the

Fund’s

Series

2,

5

and

8

VRDP

Shares,

respectively.

The

special

rate

period

for

NAC’s

Series

8

VRDP

Shares

is

subject

to

earlier

termination

by

either

the

Fund

or

the

holder.

During

the

special

rate

period,

the

VRDP

Shares

will

not

be

remarketed

by

a

remarketing

agent,

be

subject

to

optional

or

mandatory

tender

events,

or

be

supported

by

a

liquidity

provider

and

are

not

subject

to

remarketing

fees

or

liquidity

fees.

During

the

special

rate

period,

VRDP

dividends

will

be

set

monthly

as

a

floating

rate

based

on

the

predetermined

formula.

Following

the

initial

special

rate

period,

Special

Rate

Period

VRDP

Shares

may

transition

to

traditional

VRDP

Shares

with

dividends

set

at

weekly

remarketings,

and

be

supported

by

designated

liquidity

provider,

or

the

Board

may

approve

a

subsequent

special

rate

period.

Dividends

on

the

VRDP

Shares

(which

are

treated

as

interest

payments

for

financial

reporting

purposes)

are

set

at

a

rate

established

by

a

remarketing

agent;

therefore,

the

market

value

of

the

VRDP

Shares

is

expected

to

approximate

its

liquidation

preference.

In

the

event

that

VRDP

shares

are

unable

to

be

successfully

remarketed,

the

dividend

rate

will

be

the

maximum

rate

which

is

designed

to

escalate

according

to

a

specified

schedule

in

order

to

enhance

the

remarketing

agent’s

ability

to

successfully

remarket

the

VRDP

Shares.

Subject

to

certain

conditions,

VRDP

Shares

may

be

redeemed,

in

whole

or

in

part,

at

any

time

at

the

option

of

each

Fund.

Each

Fund

may

also

redeem

certain

of

the

VRDP

Shares

if

the

Fund

fails

to

maintain

certain

asset

coverage

requirements

and

such

failures

are

not

cured

by

the

applicable

cure

date.

The

redemption

price

per

share

is

equal

to

the

sum

of

the

liquidation

preference

per

share

plus

any

accumulated

but

unpaid

dividends.

The

average

liquidation

preference

of

VRDP

Shares

outstanding

and

annualized

dividend

rate

for

each

Fund

during

the

current

fiscal

period

were

as

follows:

Fund

Average

Liquidation

Preference

of

MFP

Shares

Outstanding

Annualized

Dividend

Rate

NAC

$

320,000,000

2.54

%

NKX

140,400,000

2.05

NCA

—

—

NXC

—

—

Fund

Series

Shares

Outstanding

Remarketing

Fees*

Liquidation

Preference

Maturity

NAC

1

1,362

0.10%

$136,200,000

June

1,

2041

2

910

N/A**

$91,000,000

December

1,

2040

4

1,056

0.10%

$105,600,000

December

1,

2042

5

1,589

N/A**

$158,900,000

August

1,

2040

6

1,581

0.10%

$158,100,000

August

1,

2040

7

980

0.10%

$98,000,000

August

3,

2043

8

1,600

N/A**

$160,000,000

November

6,

2026

NKX

3

427

0.05%

$42,700,000

March

1,

2040

4

1,090

0.10%

$109,000,000

December

1,

2040

6

1,050

0.10%

$105,000,000

June

1,

2046

*

Remarketing

fees

as

a

percentage

of

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding

for

each

series.

**

Not

applicable.

Series

is

considered

to

be

Special

Rate

VRDP

and

therefore

does

not

pay

a

remarketing

fee.

84

Notes

to

Financial

Statements

(continued)

For

financial

reporting

purposes,

the

liquidation

preference

of

VRDP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“VRDP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities.

Unpaid

dividends

on

VRDP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Dividends

accrued

on

VRDP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

by

the

Funds

in

connection

with

their

offerings

of

VRDP

Shares

were

recorded

as

a

deferred

charge,

which

are

being

amortized

over

the

life

of

the

shares

and

are

recognized

as

a

component

of

“VRDP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offerings

costs”

on

the

Statement

of

Operations.

In

addition

to

interest

expense,

each

Fund

also

pays

a

per

annum

liquidity

fee

to

the

liquidity

provider,

as

well

as

a

remarketing

fee,

which

are

recognized

as

“Liquidity

fees”

and

“Remarketing

fees,”

respectively,

on

the

Statement

of

Operations.

Preferred

Share

Transactions

Transactions

in

preferred

shares

during

the

Funds'

current

and

prior

fiscal

period,

where

applicable,

are

noted

in

the

following

table.

Transactions

in

VRDP

Shares

for

the

Funds,

where

applicable,

was

as

follows:

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

and

in

the

case

of

NKX

the

alternative

minimum

tax

applicable

to

individuals

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

nondeductible

offering

costs,

nondeductible

reorganization

expenses,

paydowns,

taxable

market

discount,

and

taxes

paid.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes  were

as

follows:

Fund

Average

Liquidation

Preference

of

VRDP

Shares

Outstanding

Annualized

Dividend

Rate

NAC

$

942,046,027

2.05

%

NKX

281,404,110

1.62

NCA

—

—

NXC

—

—

Year

Ended

February

28,

2023

NAC

Series

Shares

Amount

VRDP

Shares

redeemed

3

(498)

$(49,800,000)

NKX

Series

Shares

Amount

VRDP

Shares

redeemed

2

(355)

$(35,500,000)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NAC

$

3,030,509,133

$

83,905,092

$

(101,282,018)

$

(17,376,926)

NKX

995,126,492

42,433,055

(35,440,407)

6,992,648

NCA

300,588,729

11,917,357

(11,122,480)

794,877

NXC

85,478,050

3,059,269

(2,842,343)

216,926

85

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser,

and

for

NCA

a

gross

interest

income

component.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

NCA

pays

an

annual

fund-level

fee,

payable

monthly,

of

0.15%

of

the

average

daily

net

assets

of

the

Fund,

as

well

as

4.125%

of

the

gross

interest

income

(excluding

interest

on

bonds

underlying

a

“self-deposited

inverse

floater”

trust

that

is

attributed

to

the

Fund

over

and

above

the

net

interest

earned

on

the

inverse

floater

itself)

of

the

Fund.

The

annual

fund-level

fee,

payable

monthly,

for

NAC

and

NKX

is

calculated

according

to

the

following

schedules:

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NAC

$

1,638,260

$

24,751

$

—

$

(17,376,926)

$

(133,506,505)

$

—

$

(5,210,462)

$

(154,430,882)

NKX

2,654,741

2,681

—

6,992,648

(26,731,820)

—

(1,972,094)

(19,053,844)

NCA

1,507,802

—

—

794,877

(9,406,607)

—

(960,138)

(8,064,066)

NXC

383,664

—

—

216,926

(1,707,335)

—

(276,739)

(1,383,484)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

on

February

1,

2023,

and

paid

on

March

1,

2023.

2/28/23

2/28/22

Fund

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

NAC

$

82,119,918

$

234,330

$

—

$

94,119,228

$

537,500

$

—

NKX

28,776,323

20,999

—

31,551,302

287,321

—

NCA

10,528,407

—

—

9,854,299

57,481

—

2/28/23

Eleven

Months

Ended

2/28/22

3/31/21

Tax-Exempt

Income

1

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

NXC

$3,136,161

$–

$13,809

$2,772,383

$25,481

$251,199

$3,327,984

$3,897

$–

1

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

NAC

$

83,940,978

$

49,565,527

$

133,506,505

NKX

12,077,281

14,654,539

26,731,820

NCA

3,960,863

5,445,744

9,406,607

NXC

435,076

1,272,259

1,707,335

86

Notes

to

Financial

Statements

(continued)

The

annual

fund-level

fee,

payable

monthly,

for

NXC

is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets

(net

assets

for

NCA

and

NXC):

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

As

of

February

28,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

Other

Transactions

with

Affiliates 

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

Average

Daily

Managed

Assets*

NAC

NKX

For

the

first

$125

million

0.4500

%

0.4500

%

For

the

next

$125

million

0.4375

0.4375

For

the

next

$250

million

0.4250

0.4250

For

the

next

$500

million

0.4125

0.4125

For

the

next

$1

billion

0.4000

0.4000

For

the

next

$3

billion

0.3750

0.3750

For

managed

assets

over

$5

billion

0.3675

0.3675

Average

Daily

Net

Assets*

NXC

Fund-Level

Fee

Rate

For

the

first

$125

million

0.1000

%

For

the

next

$125

million

0.0875

For

the

next

$250

million

0.0750

For

the

next

$500

million

0.0625

For

the

next

$1

billion

0.0500

For

the

next

$3

billion

0.0250

For

managed

assets

over

$5

billion

0.0125

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

NAC

0.1588%

NKX

0.1588%

NCA

0.1588%

NXC

0.1588%

87

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows: 

8.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments.

From

time

to

time,

the

Funds

may

be

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

management

has

determined

that

any

legal

proceeding(s)

the

Funds

are

subject

to,

including

those

described

within

this

report,

are

unlikely

to

have

a

material

impact

to

any

of

the

Funds’

financial

statements.

9.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2023

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

NAC

$

30,481,135

$

30,650,745

$

(3,052,205)

NKX

6,578,845

6,606,145

(482,025)

NCA

3,876,458

3,892,544

(284,022)

NXC

1,012,130

1,016,330

(74,158)

Fund

Maximum

Outstanding

Balance

NAC

$

25,000,000

NKX

12,100,000

NCA

369,632

NXC

—

88

Notes

to

Financial

Statements

(continued)

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

Inter-Fund

Borrowing

and

Lending

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NAC

44

$

18,211,303

2.81

%

NKX

25

8,490,380

3.73

NCA

4

369,632

5.53

NXC

—

—

—

Shareholder

Update

(Unaudited)

89

CURRENT

INVESTMENT

OBJECTIVES,

INVESTMENT

POLICIES

AND

PRINCIPAL

RISKS

OF

THE

FUNDS

NUVEEN

CALIFORNIA

QUALITY

MUNICIPAL

VALUE

FUND

(NAC)

Investment

Objectives

The

Fund’s

investment

objectives

are

to

provide

current

income

exempt

from

regular

federal

and

California

income

tax

and

to

enhance

portfolio

value

relative

to

the

municipal

bond

market

by

investing

in

tax-exempt

municipal

bonds

that

the

Fund’s

investment

adviser

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments,

that

pay

interest

exempt

from

federal

and

California

income

taxes.

The

Fund

will

primarily

invest

in

municipal

securities

with

long-term

maturities

in

order

to

maintain

a

weighted

average

maturity

of

at

least

15

years,

but

the

average

weighted

maturity

of

obligations

held

by

the

Fund

may

be

shortened,

depending

on

market

conditions.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

investment

grade

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

nationally

recognized

statistical

rating

organization

(an

“NRSRO”)

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below

B3/B-

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax.

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities

The

Fund

may

invest

25%

or

more

of

its

total

assets

in

municipal

securities

in

the

same

economic

sector.

The

Fund

may

invest

up

to

10%

of

its

total

assets

in

securities

of

other

open-

or closed-end investment

companies

(including

exchange-

traded

funds

(“ETFs”))

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below C-, at

the

time

of

investment);

provided,

however,

that

the

Fund’s

investment

adviser

and/or the

Fund’s

sub-adviser may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments

that

pay

interest

exempt

from

federal

and

California

income

taxes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Additionally,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Managed

Assets

in

investment

grade

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser,

such

policy

may

not

be

changed

without

60

days’

prior

notice

to

shareholders.

90

Shareholder

Update

(Unaudited)

(continued)

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

tender

option

bond

trusts

(“TOB

trusts”),

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

California

person

income

taxes.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax

applicable

to

noncorporate

taxpayers

(“AMT

Bonds”).

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

State

of

California,

a

municipality

in

California,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

state

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

investment

adviser

to

be

reliable),

is

exempt

from

both

regular

federal

income

taxes

and

California

personal

income

tax,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

91

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended

(the

“1933

Act”),

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

municipal

market

data

rate

locks

(“MMD

Rate

Locks”)),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

Securities

and

Exchange

Commission

(“SEC”).

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

preferred

shares

of

beneficial

interest

(“Preferred

Shares”)

and

investments

in

inverse

floating

rate

securities. The

Fund

may

borrow

money

(including

reverse

repurchase

agreements)

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

at

least

15

years

and

the

Fund

may

not

achieve

its

investment

objectives.

92

Shareholder

Update

(Unaudited)

(continued)

NUVEEN

CALIFORNIA

AMT-FREE

QUALITY

MUNICIPAL

INCOME

FUND

(NKX)

Investment

Objectives

The

Fund’s

investment

objectives

are

(i)

to

provide

current

income

exempt

from

regular

federal

income

tax,

the

federal

alternative

minimum

tax

applicable

to

individuals

and

California

income

tax

and

(ii)

to

enhance

portfolio

value

relative

to

the

municipal

bond

market

by

investing

in

tax-

exempt

municipal

securities

that

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser,

believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued. 

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

federal

and

California

income

taxes.

As

a

non-fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

100%

of

its

Managed

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

the

federal

alternative

minimum

tax

applicable

to

individuals

at

the

time

of

purchase.

The

Fund

generally

invests

in

California

municipal

securities

with

intermediate

or

long-term

maturities

in

order

to

maintain

an

average

effective

maturity

of

15

to

30

years,

but

the

average

effective

maturity

of

obligations

held

by

the

Fund

may

be

shortened

or

lengthened,

depending

on

market

conditions

and

on

an

assessment

by

the

Fund’s

portfolio

manager

of

which

segments

of

the

California

municipal

securities

market

offer

the

most

favorable

relative

investment

values

and

opportunities

for

tax-exempt

income

and

total

return.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

the

federal

alternative

minimum

tax

applicable

to

individuals

at

the

time

of

purchase.

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

investment

grade

municipal

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

(Ba

or

BB

or

lower)

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-

adviser.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

municipal

securities

rated

below B3/B- or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser.

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e., rated

below C-, at

the

time

of

investment);

provided,

however,

that

the

Fund’s

sub-adviser

may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

The

Fund

may

invest

up

to

10%

of

its

total

assets

in

securities

of

other open- or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

federal

and

California

income

taxes,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

93

Additionally,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments

the

income

from

which

is

exempt

from

the

federal

alternative

minimum

tax

applicable

to

individuals

at

the

time

of

purchase,

such

policy

may

not

be

changed

without

60

days’

prior

notice

to

shareholders.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

TOB

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

U.S.

federal

and

California

income

tax.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

municipal

securities

in

which

the

Fund

generally

invests

are

issued

by

the

State

of

California,

a

municipality

in

California,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

state

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

Fund’s

sub-adviser

to

be

reliable),

is

exempt

from

regular

federal

and

California

personal

income

taxes

and

is

also

exempt

from

the

federal

alternative

minimum

tax

applicable

to

individuals.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds,

formerly

referred

to

as

industrial

development

bonds,

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund’s

distributions

of

its

interest

income

from

private

activity

bonds

may

subject

certain

investors

to

the

federal

alternative

minimum

tax

applicable

to

individuals.

However,

the

Fund

will

only

invest

in

private

activity

bonds

that

are

not

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

94

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

In

addition,

the

Fund

may

invest

a

portion

of

its

Managed

Assets

in

pooled

investment

vehicles

(other

than

investment

companies)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

Use

of

Leverage

The

Fund

uses

leverage

to

pursue

its

investment

objectives.

The

Fund

may

use

leverage

to

the

extent

permitted

by

the

1940

Act.

The

Fund

may

source

leverage

through

a

number

of

methods

including

the

issuance

of

Preferred

Shares

and

investments

in

inverse

floating

rate

securities. The

Fund

may

borrow

(including

reverse

repurchase

agreements)

from

banks

for

temporary

or

emergency

purposes,

or

to

repurchase

its

shares.

In

addition,

the

Fund

may

also

use

certain

derivatives

that

have

the

economic

effect

of

leverage

by

creating

additional

investment

exposure.

The

amount

and

sources

of

leverage

will

vary

depending

on

market

conditions.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

15

to

30

years

and

the

Fund

may

not

achieve

its

investment

objectives.

95

NUVEEN

CALIFORNIA

MUNICIPAL

VALUE

FUND

(NCA)

(formerly

known

as

NUVEEN

CALIFORNIA

MUNICIPAL

VALUE

FUND,

INC.)

Investment

Objectives

The

Fund’s

primary

investment

objective

is

to

provide

current

income

exempt

from

regular

federal

and

California

income

taxes.

The

Fund’s

secondary

investment

objective

is

to

enhance

portfolio

value

relative

to

the

California

municipal

bond

market

by

investing

in tax-exempt California

municipal

securities

that

the

Fund’s

investment

adviser

and/or the

Fund’s

sub-adviser believes

are

underrated

or

undervalued

or

that

represent

municipal

market

sectors

that

are

undervalued.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

will

invest

at

least

80%

of

its

Assets

(as

defined

below)

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

and

California

income

taxes.

The

Fund

will

primarily

invest

in

municipal

securities

with

long-term

maturities

in

order

to

maintain

an

effective

maturity

of

at

least

15

years,

but

it

may

be

shortened

or

lengthened,

depending

on

market

conditions.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

municipal

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or the

Fund’s

sub-adviser. Investment

grade

securities

may

include

securities

that,

at

the

time

of

investment,

are

rated

below

investment

grade,

so

long

as

at

least

one

NRSRO

rates

such

securities

within

the

four

highest

grades

(such

securities

are

commonly

referred

to

as

split-rated

securities).

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below B3/B- by

all

NRSROs

that

rate

the

security

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

pay

interest

that

is

taxable

under

the

federal

alternative

minimum

tax

applicable

to

individuals.

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities.

The

Fund

will

not

invest

more

than

25%

of

its

total

assets

in

municipal

securities

in

any

one

industry.

The

Fund

may

invest

up

to

10%

of

its

Managed

Assets

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

Fund

may

invest

in

distressed

securities

but

may

not

invest

in

the

securities

of

an

issuer

which,

at

the

time

of

investment,

is

in

default

on

its

obligations

to

pay

principal

or

interest

thereon

when

due

or

that

is

involved

in

a

bankruptcy

proceeding

(i.e.,

rated

below C-, at

the

time

of

investment);

provided,

however,

that

the

Fund’s

investment

adviser

and/or the

Fund’s

sub-adviser may

determine

that

it

is

in

the

best

interest

of

shareholders

in

pursuing

a

workout

arrangement

with

issuers

of

defaulted

securities

to

make

loans

to

the

defaulted

issuer

or

another

party,

or

purchase

a

debt,

equity

or

other

interest

from

the

defaulted

issuer

or

another

party,

or

take

other

related

or

similar

steps

involving

the

investment

of

additional

monies,

but

only

if

that

issuer’s

securities

are

already

held

by

the

Fund.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objectives,

(ii)

policy

of

investing

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments,

the

income

from

which

is

exempt

from

regular

federal

and

California

income

taxes

and

(iii)

policy

(as

described

below)

that

it

will

not

leverage

its

capital

structure

by

issuing

senior

securities

such

as

Preferred

Shares

or

debt

instruments,

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

96

Shareholder

Update

(Unaudited)

(continued)

Additionally,

with

respect

to

the

Fund’s

policy

of

investing

at

least

80%

of

its

Managed

Assets

in

municipal

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or the

Fund’s

sub-adviser,

such

policy

may

not

be

changed

without

60

days’

prior

notice

to

shareholders.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

TOB

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

California

income

taxes.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

State

of

California,

a

municipality

in

California,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

state

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

investment

adviser

to

be

reliable),

is

exempt

from

both

regular

federal

income

taxes

and

California

personal

income

tax,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

97

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both short-term  floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objectives,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

Use

of

Leverage

As

a

fundamental

policy,

the

Fund

will

not

leverage

its

capital

structure

by

issuing

senior

securities

(as

defined

under

the

1940

Act),

such

as

preferred

shares

or

debt

instruments.

However,

the

Fund

may

borrow

(including

reverse

repurchase

agreements)

for

temporary

or

emergency

purposes

and

invest

in

certain

instruments,

including

inverse

floating

rate

securities

that

have

the

economic

effect

of

leverage.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

at

least

15

years

and

the

Fund

may

not

achieve

its

investment

objectives.

98

Shareholder

Update

(Unaudited)

(continued)

NUVEEN

CALIFORNIA

SELECT

TAX-FREE

INCOME

PORTFOLIO

(NXC)

Investment

Objective

The

Fund’s

investment

objective

is

to

provide

stable

dividends

exempt

from

both

regular

federal

and

California

income

taxes,

consistent

with

preservation

of

capital.

Investment

Policies

As

a

fundamental

policy,

under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments,

the

income

from

which

are

exempt

from

regular

federal

and

California

income

tax.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

are

subject

to

the

federal

alternative

minimum

tax

(“AMT

Bonds”).

The

Fund

generally

invests

in

municipal

securities

with

an

average

effective

maturity

of

approximately 15-30 years,

but

it

may

be

shortened

or

lengthened,

depending

on

market

conditions

and

on

an

assessment

by

the

Fund’s

portfolio

manager

of

which

segments

of

the

municipal

securities

market

offer

the

most

favorable

relative

investment

values

and

opportunities

for tax-exempt income

and

total

return.

“Assets”

mean

the

net

assets

of

the

Fund

plus

the

amount

of

any

borrowings

for

investment

purposes.

“Managed

Assets”

mean

the

total

assets

of

the

Fund,

minus

the

sum

of

its

accrued

liabilities

(other

than

Fund

liabilities

incurred

for

the

express

purpose

of

creating

leverage).

Total

assets

for

this

purpose

shall

include

assets

attributable

to

the

Fund’s

use

of

leverage

(whether

or

not

those

assets

are

reflected

in

the

Fund’s

financial

statements

for

purposes

of

generally

accepted

accounting

principles),

and

derivatives

will

be

valued

at

their

market

value.

Under

normal

circumstances:

The

Fund

will

invest

at

least

80%

of

its

Managed

Assets

in

investment

grade

securities

that,

at

the

time

of

investment,

are

rated

within

the

four

highest

grades

(Baa

or

BBB

or

better)

by

at

least

one

NRSRO

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

A

security

is

considered

investment

grade

if

it

is

rated

within

the

four

highest

letter

grades

by

at

least

one

NRSRO

that

rate

such

securities

(even

if

rated

lower

by

another),

or

if

it

is

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

20%

of

its

Managed

Assets

in

municipal

securities

that

at

the

time

of

investment

are

rated

below

investment

grade

or

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

investment

adviser

and/or

the

Fund’s

sub-adviser. 

No

more

than

10%

of

the

Fund’s

Managed

Assets

may

be

invested

in

municipal

securities

rated

below

B3/B-

by

all

NRSROs

that

rate

the

security

or

that

are

unrated

but

judged

to

be

of

comparable

quality

by

the

Fund’s

sub-adviser.

The

Fund

may

invest

up

to

15%

of

its

Managed

Assets

in

inverse

floating

rate

securities.

The

Fund

may

invest

up

to

10%

of

its

net

assets

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly.

The

Fund

will

not

invest

more

than

25%

of

its

total

assets

in

municipal

securities

in

any

one

industry.

The

foregoing

policies

apply

only

at

the

time

of

any

new

investment.

Approving

Changes

in

Investment

Policies

The

Board

of

Trustees

of

the

Fund

may

change

the

policies

described

above

without

a

shareholder

vote.

However,

the

Fund’s

(i)

investment

objective

and

(ii)

policy

of

investing

at

least

at

least

80%

of

its

Assets

in

municipal

securities

and

other

related

investments,

the

income

from

which

are

exempt

from

regular

federal

and

California

income

tax

may

not

be

changed

without

the

approval

of

the

holders

of

a

majority

of

the

outstanding

common

shares

and

preferred

shares

voting

together

as

a

single

class,

and

the

approval

of

the

holders

of

a

majority

of

the

outstanding

preferred

shares,

voting

separately

as

a

single

class.

A

“majority

of

the

outstanding”

shares

means

(i)

67%

or

more

of

the

shares

present

at

a

meeting,

if

the

holders

of

more

than

50%

of

the

shares

are

present

or

represented

by

proxy

or

(ii)

more

than

50%

of

the

shares,

whichever

is

less.

Portfolio

Contents

The

Fund

generally

invests

in

municipal

securities.

Municipal

securities

include

municipal

bonds,

notes,

securities

issued

to

finance

and

refinance

public

projects,

certificates

of

participation,

variable

rate

demand

obligations,

lease

obligations,

municipal

notes,

pre-refunded

municipal

bonds,

private

activity

bonds,

securities

issued

by

TOB

trusts,

including

inverse

floating

rate

securities,

and

other

forms

of

municipal

bonds

and

securities,

and

other

related

instruments

that

create

exposure

to

municipal

bonds,

notes

and

securities

that

provide

for

the

payment

of

interest

income

that

is

exempt

from

regular

U.S.

federal

income

tax

and

California

personal

income

taxes.

Municipal

securities

are

debt

obligations

generally

issued

by

states,

cities

and

local

authorities

and

certain

possessions

and

territories

of

the

United

States

(such

as

Puerto

Rico

and

Guam)

to

finance

or

refinance

public

purpose

projects

such

as

roads,

schools,

and

water

supply

systems.

The

Fund

may

also

invest

in

AMT

Bonds.

AMT

Bonds

may

trigger

adverse

tax

consequences

for

Fund

shareholders

who

are

subject

to

the

federal

alternative

minimum

tax.

99

The

municipal

securities

in

which

the

Fund

invests

are

generally

issued

by

the

State

of

California,

a

municipality

in

California,

or

a

political

subdivision

or

agency

or

instrumentality

of

such

state

or

municipality,

and

pay

interest

that,

in

the

opinion

of

bond

counsel

to

the

issuer

(or

on

the

basis

of

other

authority

believed

by

the

investment

adviser

to

be

reliable),

is

exempt

from

both

regular

federal

income

taxes

and

California

personal

income

tax,

although

the

interest

may

be

subject

to

the

federal

alternative

minimum

tax.

The

Fund

may

invest

in

municipal

securities

that

represent

lease

obligations

and

certificates

of

participation

in

such

leases.

A

municipal

lease

is

an

obligation

in

the

form

of

a

lease

or

installment

purchase

that

is

issued

by

a

state

or

local

government

to

acquire

equipment

and

facilities.

Income

from

such

obligations

generally

is

exempt

from

state

and

local

taxes

in

the

state

of

issuance.

A

certificate

of

participation

represents

an

undivided

interest

in

an

unmanaged

pool

of

municipal

leases,

an

installment

purchase

agreement

or

other

instruments.

The

certificates

typically

are

issued

by

a

municipal

agency,

a

trust

or

other

entity

that

has

received

an

assignment

of

the

payments

to

be

made

by

the

state

or

political

subdivision

under

such

leases

or

installment

purchase

agreements.

Such

certificates

provide

the

Fund

with

the

right

to

a

pro

rata

undivided

interest

in

the

underlying

municipal

securities.

In

addition,

such

participations

generally

provide

the

Fund

with

the

right

to

demand

payment,

on

not

more

than

seven

days’

notice,

of

all

or

any

part

of

the

Fund’s

participation

interest

in

the

underlying

municipal

securities,

plus

accrued

interest.

The

Fund

may

invest

in

municipal

notes.

Municipal

securities

in

the

form

of

notes

generally

are

used

to

provide

for

short-term

capital

needs,

in

anticipation

of

an

issuer’s

receipt

of

other

revenues

or

financing,

and

typically

have

maturities

of

up

to

three

years.

Such

instruments

may

include

tax

anticipation

notes,

revenue

anticipation

notes,

bond

anticipation

notes,

tax

and

revenue

anticipation

notes

and

construction

loan

notes.

Tax

anticipation

notes

are

issued

to

finance

the

working

capital

needs

of

governments.

Generally,

they

are

issued

in

anticipation

of

various

tax

revenues,

such

as

income,

sales,

property,

use

and

business

taxes,

and

are

payable

from

these

specific

future

taxes.

Revenue

anticipation

notes

are

issued

in

expectation

of

receipt

of

other

kinds

of

revenue,

such

as

federal

revenues

available

under

federal

revenue

sharing

programs.

Bond

anticipation

notes

are

issued

to

provide

interim

financing

until

long-term

bond

financing

can

be

arranged.

In

most

cases,

the

long-term

bonds

then

provide

the

funds

needed

for

repayment

of

the

bond

anticipation

notes.

Tax

and

revenue

anticipation

notes

combine

the

funding

sources

of

both

tax

anticipation

notes

and

revenue

anticipation

notes.

Construction

loan

notes

are

sold

to

provide

construction

financing.

Mortgage

notes

insured

by

the

Federal

Housing

Authority

secure

these

notes;

however,

the

proceeds

from

the

insurance

may

be

less

than

the

economic

equivalent

of

the

payment

of

principal

and

interest

on

the

mortgage

note

if

there

has

been

a

default.

The

anticipated

revenues

from

taxes,

grants

or

bond

financing

generally

secure

the

obligations

of

an

issuer

of

municipal

notes.

The

Fund

may

invest

in

“tobacco

settlement

bonds.”

Tobacco

settlement

bonds

are

municipal

securities

that

are

secured

or

payable

solely

from

the

collateralization

of

the

proceeds

from

class

action

or

other

litigation

against

the

tobacco

industry.

The

Fund

may

invest

in

pre-refunded

municipal

securities.

The

principal

of

and

interest

on pre-refunded municipal

securities

are

no

longer

paid

from

the

original

revenue

source

for

the

securities.

Instead,

the

source

of

such

payments

is

typically

an

escrow

fund

consisting

of

U.S.

government

securities.

The

assets

in

the

escrow

fund

are

derived

from

the

proceeds

of

refunding

bonds

issued

by

the

same

issuer

as

the pre-refunded municipal

securities.

Issuers

of

municipal

securities

use

this

advance

refunding

technique

to

obtain

more

favorable

terms

with

respect

to

securities

that

are

not

yet

subject

to

call

or

redemption

by

the

issuer.

For

example,

advance

refunding

enables

an

issuer

to

refinance

debt

at

lower

market

interest

rates,

restructure

debt

to

improve

cash

flow

or

eliminate

restrictive

covenants

in

the

indenture

or

other

governing

instrument

for

the  pre-

refunded municipal

securities.

However,

except

for

a

change

in

the

revenue

source

from

which

principal

and

interest

payments

are

made,

the  pre-

refunded municipal

securities

remain

outstanding

on

their

original

terms

until

they

mature

or

are

redeemed

by

the

issuer.

The

Fund

may

invest

in

private

activity

bonds.

Private

activity

bonds

are

issued

by

or

on

behalf

of

public

authorities

to

obtain

funds

to

provide

privately

operated

housing

facilities,

airport,

mass

transit

or

port

facilities,

sewage

disposal,

solid

waste

disposal

or

hazardous

waste

treatment

or

disposal

facilities

and

certain

local

facilities

for

water

supply,

gas

or

electricity.

Other

types

of

private

activity

bonds,

the

proceeds

of

which

are

used

for

the

construction,

equipment,

repair

or

improvement

of

privately

operated

industrial

or

commercial

facilities,

may

constitute

municipal

securities,

although

the

current

federal

tax

laws

place

substantial

limitations

on

the

size

of

such

issues.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

a

TOB

trust,

the

interest

rate

on

which

varies

inversely

with

the

Securities

Industry

Financial

Markets

Association

short-term

rate,

which

resets

weekly,

or

a

similar

short-term

rate,

and

is

reduced

by

the

expenses

related

to

the

TOB

trust.

Typically,

inverse

floating

rate

securities

represent

beneficial

interests

in

a

special

purpose

trust

(sometimes

called

a

TOB

trust)

formed

by

a

third

party

sponsor

for

the

purpose

of

holding

municipal

bonds.

Inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate

on

the

municipal

bond

held

by

the

TOB

trust,

which

effectively

leverages

the

Fund’s

investment.

The

Fund

may

invest

in

floating

rate

securities

issued

by

special

purpose

trusts.

Floating

rate

securities

may

take

the

form

of

short-term

floating

rate

securities

or

the

option

period

may

be

substantially

longer.

Generally,

the

interest

rate

earned

will

be

based

upon

the

market

rates

for

municipal

securities

with

maturities

or

remarketing

provisions

that

are

comparable

in

duration

to

the

periodic

interval

of

the

tender

option,

which

may

vary

from

weekly,

to

monthly,

to

extended

periods

of

one

year

or

multiple

years.

Since

the

option

feature

has

a

shorter

term

than

the

final

maturity

or

first

call

date

of

the

underlying

bond

deposited

in

the

trust,

the

Fund

as

the

holder

of

the

floating

rate

security

relies

upon

the

terms

of

the

agreement

with

the

financial

institution

furnishing

the

option

as

well

as

the

credit

strength

of

that

institution.

As

further

assurance

of

liquidity,

the

terms

of

the

trust

provide

for

a

liquidation

of

the

municipal

security

deposited

in

the

trust

and

the

application

of

the

proceeds

to

pay

off

the

floating

rate

security.

The

trusts

that

are

organized

to

issue

both  short-term floating

rate

securities

and

inverse

floaters

generally

include

liquidation

triggers

to

protect

the

investor

in

the

floating

rate

security.

The

Fund

may

invest

in

municipal

securities

issued

by

special

taxing

districts.

Special

taxing

districts

are

organized

to

plan

and

finance

infrastructure

developments

to

induce

residential,

commercial

and

industrial

growth

and

redevelopment.

The

bond

financing

methods

such

as

tax

increment

finance,

tax

assessment,

special

services

district

and

Mello-Roos

bonds,

are

generally

payable

solely

from

taxes

or

other

revenues

attributable

to

the

specific

projects

financed

by

the

bonds

without

recourse

to

the

credit

or

taxing

power

of

related

or

overlapping

municipalities.

The

Fund

may

invest

in

zero

coupon

bonds.

A

zero

coupon

bond

is

a

bond

that

typically

does

not

pay

interest

for

the

entire

life

of

the

obligation

or

for

an

initial

period

after

the

issuance

of

the

obligation.

100

Shareholder

Update

(Unaudited)

(continued)

The

Fund

may

buy

and

sell

securities

on

a

when-issued

or

delayed

delivery

basis,

making

payment

or

taking

delivery

at

a

later

date,

normally

within

15

to

45

days

of

the

trade

date.

The

Fund

may

utilize

structured

notes

and

similar

instruments

for

investment

purposes

and

also

for

hedging

purposes.

Structured

notes

are

privately

negotiated

debt

obligations

where

the

principal

and/or

interest

is

determined

by

reference

to

the

performance

of

a

benchmark

asset,

market

or

interest

rate

(an

“embedded

index”),

such

as

selected

securities,

an

index

of

securities

or

specified

interest

rates,

or

the

differential

performance

of

two

assets

or

markets.

The

Fund

may

invest

in

illiquid

securities

(i.e.,

securities

that

are

not

readily

marketable),

including,

but

not

limited

to,

restricted

securities

(securities

the

disposition

of

which

is

restricted

under

the

federal

securities

laws),

securities

that

may

be

resold

only

pursuant

to

Rule

144A

under

the

1933

Act,

and

repurchase

agreements

with

maturities

in

excess

of

seven

days.

The

Fund

may

enter

into

certain

derivative

instruments

in

pursuit

of

its

investment

objective,

including

to

seek

to

enhance

return,

to

hedge

certain

risks

of

its

investments

in

municipal

securities

or

as

a

substitute

for

a

position

in

the

underlying

asset.

Such

instruments

include

financial

futures

contracts,

swap

contracts

(including

interest

rate

swaps,

credit

default

swaps

and

MMD

Rate

Locks),

options

on

financial

futures,

options

on

swap

contracts

or

other

derivative

instruments.

The

Fund

may

purchase

and

sell

MMD

Rate

Locks.

An

MMD

Rate

Lock

permits

the

Fund

to

lock

in

a

specified

municipal

interest

rate

for

a

portion

of

its

portfolio

to

preserve

a

return

on

a

particular

investment

or

a

portion

of

its

portfolio

as

a

duration

management

technique

or

to

protect

against

any

increase

in

the

price

of

securities

to

be

purchased

at

a

later

date.

By

using

an

MMD

Rate

Lock,

the

Fund

can

create

a

synthetic

long

or

short

position,

allowing

the

Fund

to

select

what

the

manager

believes

is

an

attractive

part

of

the

yield

curve.

The

Fund

will

ordinarily

use

these

transactions

as

a

hedge

or

for

duration

or

risk

management

although

it

is

permitted

to

enter

into

them

to

enhance

income

or

gain

or

to

increase

the

Fund’s

yield,

for

example,

during

periods

of

steep

interest

rate

yield

curves

(i.e.,

wide

differences

between

short

term

and

long

term

interest

rates).

The

Fund

may

also

invest

in

securities

of

other

open-

or closed-end investment

companies

(including

ETFs)

that

invest

primarily

in

municipal

securities

of

the

types

in

which

the

Fund

may

invest

directly,

to

the

extent

permitted

by

the

1940

Act,

the

rules

and

regulations

issued

thereunder

and

applicable

exemptive

orders

issued

by

the

SEC.

Use

of

Leverage

As

a

fundamental

policy,

the

Fund

will

not

leverage

its

capital

structure

by

issuing

senior

securities

such

as

preferred

shares

or

debt

instruments.

However,

the

Fund

may

borrow

for

temporary,

emergency

or

other

purposes

as

permitted

by

the

1940

Act,

and

invest

in

certain

instruments,

including

inverse

floating

rate

securities,

that

have

the

economic

effect

of

financial

leverage.

Temporary

Defensive

Periods

During

temporary

defensive

periods

(e.g.,

times

when,

in

the

Fund’s

investment

adviser’s

and/or

the

Fund’s

sub-adviser’s opinion,

temporary

imbalances

of

supply

and

demand

or

other

temporary

dislocations

in

the tax-exempt bond

market

adversely

affect

the

price

at

which

long-term

or

intermediate-term

municipal

securities

are

available),

the

Fund

may

invest

up

to

100%

of

its

net

assets

in

cash

or

cash

equivalents,

short-term

investments

or

municipal

bonds

and

deviate

from

its

investment

policies

including

the

Fund’s

80%

names

rule

policy.

Also,

during

these

periods,

the

weighted

average

maturity

of

the

Fund’s

investment

portfolio

may

fall

below

the

effective

maturity

range

of

at

least

15-30

years

and

the

Fund

may

not

achieve

its

investment

objective.

101

PRINCIPAL

RISKS

OF

THE

FUNDS

The

factors

that

are

most

likely

to

have

a

material

effect

on

a

particular

Fund’s

portfolio

as

a

whole

are

called

“principal

risks.”

Each

Fund

is

subject

to

the

principal

risks

indicated

below,

whether

through

direct

investment

or

derivative

positions.

Each

Fund

may

be

subject

to

additional

risks

other

than

those

identified

and

described

below

because

the

types

of

investments

made

by

a

Fund

can

change

over

time.

Risk

Nuveen

California

Quality

Municipal

Income

Fund

(NAC)

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(NKX)

Nuveen

California

Municipal

Value

Fund

(NCA)

Nuveen

California

Select

Tax-Free

Income

Portfolio

(NXC)

Portfolio

Level

Risks

Alternative

Minimum

Tax

Risk

X

—

X

X

Below

Investment

Grade

Risk

X

X

X

X

Call

Risk

X

X

X

X

Credit

Risk

X

X

X

X

Credit

Spread

Risk

X

X

X

X

Deflation

Risk

X

X

X

X

Derivatives

Risk

X

X

X

X

Distressed

Securities

Risk

X

X

X

—

Duration

Risk

X

X

X

X

Economic

Sector

Risk

X

X

X

X

Financial

Futures

and

Options

Risk

X

X

X

X

Hedging

Risk

X

X

X

X

Illiquid

Investments

Risk

X

X

X

X

Income

Risk

X

X

X

X

Inflation

Risk

X

X

X

X

Insurance

Risk

X

X

X

X

Interest

Rate

Risk

X

X

X

X

Inverse

Floating

Rate

Securities

Risk

X

X

X

X

Municipal

Securities

Market

Liquidity

Risk

X

X

X

X

Municipal

Securities

Market

Risk

X

X

X

X

Other

Investment

Companies

Risk

X

X

X

X

Puerto

Rico

Municipal

Securities

Market

Risk

X

X

X

X

Reinvestment

Risk

X

X

X

X

Special

Considerations

Related

to

California

Concentration

Risk

X

X

X

X

Special

Risks

Related

to

Certain

Municipal

Obligations

X

X

X

X

Swap

Transactions

Risk

X

X

X

X

Tax

Risk

X

X

X

X

Taxability

Risk

X

X

X

X

Tobacco

Settlement

Bond

Risk

X

X

X

X

Unrated

Securities

Risk

X

X

X

X

Valuation

Risk

X

X

X

X

Zero

Coupon

Bonds

Risk

X

X

X

X

102

Shareholder

Update

(Unaudited)

(continued)

Risk

Nuveen

California

Quality

Municipal

Income

Fund

(NAC)

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(NKX)

Nuveen

California

Municipal

Value

Fund

(NCA)

Nuveen

California

Select

Tax-Free

Income

Portfolio

(NXC)

Fund

Level

and

Other

Risks

Anti-Takeover

Provisions

X

X

X

X

Counterparty

Risk

X

X

X

X

Cybersecurity

Risk

X

X

X

X

Economic

and

Political

Events

Risk

X

X

X

X

Global

Economic

Risk

X

X

X

X

Investment

and

Market

Risk

X

X

X

X

Legislation

and

Regulatory

Risk

X

X

X

X

Leverage

Risk

X

X

—

—

Market

Discount

from

Net

Asset

Value

X

X

X

X

Recent

Market

Conditions

X

X

X

X

Reverse

Repurchase

Agreement

Risk

X

X

X

—

103

Portfolio

Level

Risks:

Alternative

Minimum

Tax

Risk.

The

Fund

may

invest

in

AMT

Bonds.

Therefore,

a

portion

of

the

Fund’s

otherwise

exempt-interest

dividends

may

be

taxable

to

those

shareholders

subject

to

the

federal

alternative

minimum

tax.

Below

Investment

Grade

Risk.

Municipal

securities

of

below

investment

grade

quality

are

regarded

as

having

speculative

characteristics

with

respect

to

the

issuer’s

capacity

to

pay

interest

and

repay

principal,

and

may

be

subject

to

higher

price

volatility

and

default

risk

than

investment

grade

municipal

securities

of

comparable

terms

and

duration.

Issuers

of

lower

grade

municipal

securities

may

be

highly

leveraged

and

may

not

have

available

to

them

more

traditional

methods

of

financing.

The

prices

of

these

lower

grade

securities

are

typically

more

sensitive

to

negative

developments,

such

as

a

decline

in

the

issuer’s

revenues

or

a

general

economic

downturn.

The

secondary

market

for

lower

rated

municipal

securities

may

not

be

as

liquid

as

the

secondary

market

for

more

highly

rated

municipal

securities,

a

factor

which

may

have

an

adverse

effect

on

the

Fund’s

ability

to

dispose

of

a

particular

municipal

security.

If

a

below

investment

grade

municipal

security

goes

into

default,

or

its

issuer

enters

bankruptcy,

it

might

be

difficult

to

sell

that

security

in

a

timely

manner

at

a

reasonable

price.

Call

Risk.

The

Fund

may

invest

in

municipal

securities

that

are

subject

to

call

risk.

Such

municipal

securities

may

be

redeemed

at

the

option

of

the

issuer,

or

“called,”

before

their

stated

maturity

or

redemption

date.

In

general,

an

issuer

will

call

its

instruments

if

they

can

be

refinanced

by

issuing

new

instruments

that

bear

a

lower

interest

rate.

The

Fund

is

subject

to

the

possibility

that

during

periods

of

falling

interest

rates,

an

issuer

will

call

its

high

yielding

municipal

securities.

The

Fund

would

then

be

forced

to

invest

the

unanticipated

proceeds

at

lower

interest

rates,

resulting

in

a

decline

in

the

Fund’s

income.

Credit

Risk.

Issuers

of

municipal

securities

in

which

the

Fund

may

invest

may

default

on

their

obligations

to

pay

principal

or

interest

when

due.

This

non-payment

would

result

in

a

reduction

of

income

to

the

Fund,

a

reduction

in

the

value

of

a

municipal

security

experiencing

non-payment

and

potentially

a

decrease

in

the

net

asset

value

(“NAV”)

of

the

Fund.

To

the

extent

that

the

credit

rating

assigned

to

a

municipal

security

in

the

Fund’s

portfolio

is

downgraded,

the

market

price

and

liquidity

of

such

security

may

be

adversely

affected.

Credit

Spread

Risk.

Credit

spread

risk

is

the

risk

that

credit

spreads

(

i.e.,

the

difference

in

yield

between

securities

that

is

due

to

differences

in

their

credit

quality)

may

increase

when

the

market

believes

that

municipal

securities

generally

have

a

greater

risk

of

default.

Increasing

credit

spreads

may

reduce

the

market

values

of

the

Fund’s

securities.

Credit

spreads

often

increase

more

for

lower

rated

and

unrated

securities

than

for

investment

grade

securities.

In

addition,

when

credit

spreads

increase,

reductions

in

market

value

will

generally

be

greater

for

longer-maturity

securities.

Deflation

Risk.

Deflation

risk

is

the

risk

that

prices

throughout

the

economy

decline

over

time.

Deflation

may

have

an

adverse

effect

on

the

creditworthiness

of

issuers

and

may

make

issuer

default

more

likely,

which

may

result

in

a

decline

in

the

value

of

the

Fund’s

portfolio.

Derivatives

Risk.

The

use

of

derivatives

involves

additional

risks

and

transaction

costs

which

could

leave

the

Fund

in

a

worse

position

than

if

it

had

not

used

these

instruments.

Derivative

instruments

can

be

used

to

acquire

or

to

transfer

the

risk

and

returns

of

a

municipal

security

or

other

asset

without

buying

or

selling

the

municipal

security

or

asset.

These

instruments

may

entail

investment

exposures

that

are

greater

than

their

cost

would

suggest.

As

a

result,

a

small

investment

in

derivatives

can

result

in

losses

that

greatly

exceed

the

original

investment.

Derivatives

can

be

highly

volatile,

illiquid

and

difficult

to

value.

An

over-the-counter

derivative

transaction

between

the

Fund

and

a

counterparty

that

is

not

cleared

through

a

central

counterparty

also

involves

the

risk

that

a

loss

may

be

sustained

as

a

result

of

the

failure

of

the

counterparty

to

the

contract

to

make

required

payments.

The

payment

obligation

for

a

cleared

derivative

transaction

is

guaranteed

by

a

central

counterparty,

which

exposes

the

Fund

to

the

creditworthiness

of

the

central

counterparty.

It

is

possible

that

regulatory

or

other

developments

in

the

derivatives

market,

including

changes

in

government

regulation,

could

adversely

impact

the

Fund’s

ability

to

invest

in

certain

derivatives

or

successfully

use

derivative

instruments.

Distressed

Securities

Risk.

The

Fund

may

invest

in

low-rated

securities

or

securities

unrated

but

judged

by

the

sub-adviser

to

be

of

comparable

quality.

Some

or

many

of

these

low-rated

securities,

although

not

in

default,

may

be

“distressed,”

meaning

that

the

issuer

is

experiencing

financial

difficulties

or

distress

at

the

time

of

acquisition.

Such

securities

would

present

a

substantial

risk

of

future

default

which

may

cause

the

Fund

to

incur

losses,

including

additional

expenses,

to

the

extent

it

is

required

to

seek

recovery

upon

a

default

in

the

payment

of

principal

or

interest

on

those

securities.

In

any

reorganization

or

liquidation

proceeding

relating

to

a

portfolio

security,

the

Fund

may

lose

its

entire

investment

or

may

be

required

to

accept

cash

or

securities

with

a

value

less

than

its

original

investment.

Distressed

securities

may

be

subject

to

restrictions

on

resale.

Duration

Risk.

Duration

is

the

sensitivity,

expressed

in

years,

of

the

price

of

a

fixed-income

security

to

changes

in

the

general

level

of

interest

rates

(or

yields).

Securities

with

longer

durations

tend

to

be

more

sensitive

to

interest

rate

(or

yield)

changes,

which

typically

corresponds

to

increased

volatility

and

risk,

than

securities

with

shorter

durations.

For

example,

if

a

security

or

portfolio

has

a

duration

of

three

years

and

interest

rates

increase

by

1%,

then

the

security

or

portfolio

would

decline

in

value

by

approximately

3%.

Duration

differs

from

maturity

in

that

it

considers

potential

changes

to

interest

rates,

and

a

security’s

coupon

payments,

yield,

price

and

par

value

and

call

features,

in

addition

to

the

amount

of

time

until

the

security

matures.

The

duration

of

a

security

will

be

expected

to

change

over

time

with

changes

in

market

factors

and

time

to

maturity.

Economic

Sector

Risk.

The

Fund

may

invest

a

significant

amount

of

its

total

assets

in

municipal

securities

in

the

same

economic

sector.

This

may

make

the

Fund

more

susceptible

to

adverse

economic,

political

or

regulatory

occurrences

affecting

an

economic

sector,

making

the

Fund

more

vulnerable

to

unfavorable

developments

in

that

sector

than

funds

that

invest

more

broadly.

As

the

percentage

of

the

Fund’s

Managed

Assets

invested

in

a

particular

sector

increases,

so

does

the

potential

for

fluctuation

in

the

value

of

the

Fund’s

assets.

In

addition,

the

Fund

may

invest

a

significant

portion

of

its

assets

in

certain

sectors

of

the

municipal

securities

market,

such

as

health

care

facilities,

private

educational

facilities,

special

taxing

districts

and

start-up

utility

districts,

and

private

activity

bonds

including

industrial

development

bonds

on

behalf

of

transportation

companies,

whose

104

Shareholder

Update

(Unaudited)

(continued)

credit

quality

and

performance

may

be

more

susceptible

to

economic,

business,

political,

regulatory

and

other

developments

than

other

sectors

of

municipal

issuers.

If

the

Fund

invests

a

significant

portion

of

its

assets

in

one

or

more

particular

sectors,

the

Fund’s

performance

may

be

subject

to

additional

risk

and

variability.

Financial

Futures

and

Options

Transactions

Risk.

The

Fund

may

use

certain

transactions

for

hedging

the

portfolio’s

exposure

to

credit

risk

and

the

risk

of

increases

in

interest

rates,

which

could

result

in

poorer

overall

performance

for

the

Fund.

There

may

be

an

imperfect

correlation

between

price

movements

of

the

futures

and

options

and

price

movements

of

the

portfolio

securities

being

hedged.

If

the

Fund

engages

in

futures

transactions

or

in

the

writing

of

options

on

futures,

it

will

be

required

to

maintain

initial

margin

and

maintenance

margin

and

may

be

required

to

make

daily

variation

margin

payments

in

accordance

with

applicable

rules

of

the

exchanges

and

the

Commodity

Futures

Trading

Commission

(“CFTC”).

If

the

Fund

purchases

a

financial

futures

contract

or

a

call

option

or

writes

a

put

option

in

order

to

hedge

the

anticipated

purchase

of

municipal

securities,

and

if

the

Fund

fails

to

complete

the

anticipated

purchase

transaction,

the

Fund

may

have

a

loss

or

a

gain

on

the

futures

or

options

transaction

that

will

not

be

offset

by

price

movements

in

the

municipal

securities

that

were

the

subject

of

the

anticipatory

hedge.

There

can

be

no

assurance

that

a

liquid

market

will

exist

at

a

time

when

the

Fund

seeks

to

close

out

a

derivatives

or

futures

or

a

futures

option

position,

and

the

Fund

would

remain

obligated

to

meet

margin

requirements

until

the

position

is

closed.

Hedging

Risk.

The

Fund’s

use

of

derivatives

or

other

transactions

to

reduce

risk

involves

costs

and

will

be

subject

to

the

investment

adviser’s

and/or

the

sub-adviser’s

ability

to

predict

correctly

changes

in

the

relationships

of

such

hedge

instruments

to

the

Fund’s

portfolio

holdings

or

other

factors.

No

assurance

can

be

given

that

the

investment

adviser’s

and/or

the

sub-adviser’s

judgment

in

this

respect

will

be

correct,

and

no

assurance

can

be

given

that

the

Fund

will

enter

into

hedging

or

other

transactions

at

times

or

under

circumstances

in

which

it

may

be

advisable

to

do

so.

Hedging

activities

may

reduce

the

Fund’s

opportunities

for

gain

by

offsetting

the

positive

effects

of

favorable

price

movements

and

may

result

in

net

losses.

Illiquid

Investments

Risk.

Illiquid

investments

are

investments

that

are

not

readily

marketable.

These

investments

may

include

restricted

investments,

including

Rule

144

A

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

1933

Act,

or

if

they

are

unregistered

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

available

exemption

from

registration.

The

Fund

may

not

be

able

to

readily

dispose

of

such

investments

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

the

investments

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

investments,

thereby

adversely

affecting

the

Fund’s

NAV

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

investments

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Income

Risk.

The

Fund’s

income

could

decline

due

to

falling

market

interest

rates.

This

is

because,

in

a

falling

interest

rate

environment,

the

Fund

generally

will

have

to

invest

the

proceeds

from

maturing

portfolio

securities

in

lower-yielding

securities.

Inflation

Risk.

Inflation

risk

is

the

risk

that

the

value

of

assets

or

income

from

investments

will

be

worth

less

in

the

future

as

inflation

decreases

the

value

of

money.

As

inflation

increases,

the

real

value

of

the

common

shares

and

distributions

can

decline.

Currently,

inflation

rates

are

elevated

relative

to

normal

market

conditions

and

could

continue

to

increase.

Insurance

Risk.

The

Fund

may

purchase

municipal

securities

that

are

secured

by

insurance,

bank

credit

agreements

or

escrow

accounts.

The

credit

quality

of

the

companies

that

provide

such

credit

enhancements

will

affect

the

value

of

those

securities.

Certain

significant

providers

of

insurance

for

municipal

securities

have

incurred

significant

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower

credit

quality

investments.

As

a

result,

such

losses

reduced

the

insurers’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

insurance

if

they

are

called

upon

to

do

so

in

the

future.

While

an

insured

municipal

security

will

typically

be

deemed

to

have

the

rating

of

its

insurer,

if

the

insurer

of

a

municipal

security

suffers

a

downgrade

in

its

credit

rating

or

the

market

discounts

the

value

of

the

insurance

provided

by

the

insurer,

the

value

of

the

municipal

security

would

more

closely,

if

not

entirely,

reflect

such

rating.

In

such

a

case,

the

value

of

insurance

associated

with

a

municipal

security

may

not

add

any

value.

The

insurance

feature

of

a

municipal

security

does

not

guarantee

the

full

payment

of

principal

and

interest

through

the

life

of

an

insured

obligation,

the

market

value

of

the

insured

obligation

or

the

NAV

of

the

common

shares

represented

by

such

insured

obligation.

Interest

Rate

Risk.

Interest

rate

risk

is

the

risk

that

municipal

securities

in

the

Fund’s

portfolio

will

decline

in

value

because

of

changes

in

market

interest

rates.

Generally,

when

market

interest

rates

rise,

the

market

value

of

such

securities

will

fall,

and

vice

versa.

As

interest

rates

decline,

issuers

of

municipal

securities

may

prepay

principal

earlier

than

scheduled,

forcing

the

Fund

to

reinvest

in

lower-yielding

securities

and

potentially

reducing

the

Fund’s

income.

As

interest

rates

increase,

slower

than

expected

principal

payments

may

extend

the

average

life

of

municipal

securities,

potentially

locking

in

a

below-market

interest

rate

and

reducing

the

Fund’s

value.

In

typical

market

interest

rate

environments,

the

prices

of

longer-

term

municipal

securities

generally

fluctuate

more

than

prices

of

shorter-term

municipal

securities

as

interest

rates

change.

Inverse

Floating

Rate

Securities

Risk.

The

Fund

may

invest

in

inverse

floating

rate

securities.

In

general,

income

on

inverse

floating

rate

securities

will

decrease

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

Investments

in

inverse

floating

rate

securities

may

subject

the

Fund

to

the

risks

of

reduced

or

eliminated

interest

payments

and

losses

of

principal.

In

addition,

inverse

floating

rate

securities

may

increase

or

decrease

in

value

at

a

greater

rate

than

the

underlying

interest

rate,

which

effectively

leverages

the

Fund’s

investment.

As

a

result,

the

market

value

of

such

securities

generally

will

be

more

volatile

than

that

of

fixed

rate

securities.

The

Fund

may

invest

in

inverse

floating

rate

securities

issued

by

special

purpose

trusts

that

have

recourse

to

the

Fund.

In

such

instances,

the

Fund

may

be

at

risk

of

loss

that

exceeds

its

investment

in

the

inverse

floating

rate

securities.

The

Fund

may

be

required

to

sell

its

inverse

floating

rate

securities

at

less

than

favorable

prices,

or

liquidate

other

Fund

portfolio

holdings

in

certain

circumstances,

including,

but

not

limited

to,

the

following:

105

If

the

Fund

has

a

need

for

cash

and

the

securities

in

a

special

purpose

trust

are

not

actively

trading

due

to

adverse

market

conditions;

If

special

purpose

trust

sponsors

(as

a

collective

group

or

individually)

experience

financial

hardship

and

consequently

seek

to

terminate

their

respective

outstanding

special

purpose

trusts;

and

If

the

value

of

an

underlying

security

declines

significantly

and

if

additional

collateral

has

not

been

posted

by

the

Fund.

Municipal

Securities

Market

Liquidity

Risk.

Inventories

of

municipal

securities

held

by

brokers

and

dealers

have

decreased

in

recent

years,

lessening

their

ability

to

make

a

market

in

these

securities.

This

reduction

in

market

making

capacity

has

the

potential

to

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities

at

attractive

prices,

and

increase

municipal

security

price

volatility

and

trading

costs,

particularly

during

periods

of

economic

or

market

stress.

In

addition,

recent

federal

banking

regulations

may

cause

certain

dealers

to

reduce

their

inventories

of

municipal

securities,

which

may

further

decrease

the

Fund’s

ability

to

buy

or

sell

municipal

securities.

As

a

result,

the

Fund

may

be

forced

to

accept

a

lower

price

to

sell

a

security,

to

sell

other

securities

to

raise

cash,

or

to

give

up

an

investment

opportunity,

any

of

which

could

have

a

negative

effect

on

performance.

If

the

Fund

needed

to

sell

large

blocks

of

municipal

securities

to

raise

cash

to

meet

its

obligations,

those

sales

could

further

reduce

the

municipal

securities’

prices

and

hurt

performance.

Municipal

Securities

Market

Risk.

The

amount

of

public

information

available

about

the

municipal

securities

in

the

Fund’s

portfolio

is

generally

less

than

that

for

corporate

equities

or

bonds,

and

the

investment

performance

of

the

Fund

may

therefore

be

more

dependent

on

the

analytical

abilities

of

the

sub-adviser

than

if

the

Fund

were

a

stock

fund

or

taxable

bond

fund.

The

secondary

market

for

municipal

securities,

particularly

below

investment

grade

municipal

securities,

also

tends

to

be

less

well-developed

or

liquid

than

many

other

securities

markets,

which

may

adversely

affect

the

Fund’s

ability

to

sell

its

municipal

securities

at

attractive

prices.

Other

Investment

Companies

Risk.

The

Fund

may

invest

in

the

securities

of

other

investment

companies,

including

ETFs.

Investing

in

an

investment

company

exposes

the

Fund

to

all

of

the

risks

of

that

investment

company’s

investments.

The

Fund,

as

a

holder

of

the

securities

of

other

investment

companies,

will

bear

its

pro

rata

portion

of

the

other

investment

companies’

expenses,

including

advisory

fees.

These

expenses

are

in

addition

to

the

direct

expenses

of

the

Fund’s

own

operations.

As

a

result,

the

cost

of

investing

in

investment

company

shares

may

exceed

the

costs

of

investing

directly

in

its

underlying

investments.

In

addition,

securities

of

other

investment

companies

may

be

leveraged.

As

a

result,

the

Fund

may

be

indirectly

exposed

to

leverage

through

an

investment

in

such

securities

and

therefore

magnify

the

Fund’s

leverage

risk.

With

respect

to

ETF’s,

an

ETF

that

is

based

on

a

specific

index

may

not

be

able

to

replicate

and

maintain

exactly

the

composition

and

relative

weighting

of

securities

in

the

index.

The

value

of

an

ETF

based

on

a

specific

index

is

subject

to

change

as

the

values

of

its

respective

component

assets

fluctuate

according

to

market

volatility.

ETFs

typically

rely

on

a

limited

pool

of

authorized

participants

to

create

and

redeem

shares,

and

an

active

trading

market

for

ETF

shares

may

not

develop

or

be

maintained.

The

market

value

of

shares

of

ETFs

and

closed-end

funds

may

differ

from

their

NAV.

Puerto

Rico

Municipal

Securities

Market

Risk.

To

the

extent

that

the

Fund

invests

a

significant

portion

of

its

assets

in

the

securities

issued

by

the

Commonwealth

of

Puerto

Rico

or

its

political

subdivisions,

agencies,

instrumentalities,

or

public

corporations

(collectively

referred

to

as

“Puerto

Rico”

or

the

“Commonwealth”),

it

will

be

disproportionally

affected

by

political,

social

and

economic

conditions

and

developments

in

the

Commonwealth.

In

addition,

economic,

political

or

regulatory

changes

in

that

territory

could

adversely

affect

the

value

of

the

Fund’s

investment

portfolio.

Puerto

Rico

currently

is

experiencing

significant

fiscal

and

economic

challenges,

including

substantial

debt

service

obligations,

high

levels

of

unemployment,

underfunded

public

retirement

systems,

and

persistent

government

budget

deficits.

These

challenges

may

negatively

affect

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Several

major

ratings

agencies

have

downgraded

the

general

obligation

debt

of

Puerto

Rico

to

below

investment

grade

and

continue

to

maintain

a

negative

outlook

for

this

debt,

which

increases

the

likelihood

that

the

rating

will

be

lowered

further.

Puerto

Rico

recently

defaulted

on

its

debt

by

failing

to

make

full

payment

due

on

its

outstanding

bonds,

and

there

can

be

no

assurance

that

Puerto

Rico

will

be

able

to

satisfy

its

future

debt

obligations.

Further

downgrades

or

defaults

may

place

additional

strain

on

the

Puerto

Rico

economy

and

may

negatively

affect

the

value,

liquidity,

and

volatility

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

Additionally,

numerous

issuers

have

entered

Title

III

of

the

Puerto

Rico

Oversite,

Management

and

Economic

Stability

Act

(“PROMESA”),

which

is

similar

to

bankruptcy

protection,

through

which

the

Commonwealth

of

Puerto

Rico

can

restructure

its

debt.

However,

Puerto

Rico’s

case

is

the

first

ever

heard

under

PROMESA

and

there

is

no

existing

case

precedent

to

guide

the

proceedings.

Accordingly,

Puerto

Rico’s

debt

restructuring

process

could

take

significantly

longer

than

traditional

municipal

bankruptcy

proceedings.

Further,

it

is

not

clear

whether

a

debt

restructuring

process

will

ultimately

be

approved

or,

if

so,

the

extent

to

which

it

will

apply

to

Puerto

Rico

municipal

securities

sold

by

an

issuer

other

than

the

territory.

A

debt

restructuring

could

reduce

the

principal

amount

due,

the

interest

rate,

the

maturity,

and

other

terms

of

Puerto

Rico

municipal

securities,

which

could

adversely

affect

the

value

of

Puerto

Rican

municipal

securities.

Legislation

that

would

allow

Puerto

Rico

to

restructure

its

municipal

debt

obligations,

thus

increasing

the

risk

that

Puerto

Rico

may

never

pay

off

municipal

indebtedness,

or

may

pay

only

a

small

fraction

of

the

amount

owed,

could

also

impact

the

value

of

the

Fund’s

investments

in

Puerto

Rican

municipal

securities.

These

challenges

and

uncertainties

have

been

exacerbated

by

multiple

hurricanes

and

the

resulting

natural

disasters

that

have

stuck

Puerto

Rico

since

2017.

The

full

extent

of

the

natural

disasters’

impact

on

Puerto

Rico’s

economy

and

foreign

investment

in

Puerto

Rico

is

difficult

to

estimate.

Reinvestment

Risk.

Reinvestment

risk

is

the

risk

that

income

from

the

Fund’s

portfolio

will

decline

if

and

when

the

Fund

invests

the

proceeds

from

matured,

traded

or

called

municipal

securities

at

market

interest

rates

that

are

below

the

portfolio’s

current

earnings

rate.

A

decline

in

income

could

affect

the

common

shares’

market

price,

NAV

and/or

a

common

shareholder’s

overall

returns.

Special

Considerations

Related

to

California

Concentration

Risk.

Because

the

Fund

primarily

invests

in

municipal

securities

from

a

single

state,

the

State

of

California,

the

Fund

is

more

susceptible

to

political,

economic

or

regulatory

factors

affecting

issuers

of

California

municipal

securities.

Information

regarding

the

financial

condition

of

the

State

of

California

is

ordinarily

included

in

various

public

documents

issued

thereby,

such

as

the

official

statements

prepared

in

connection

with

the

issuance

of

general

obligation

bonds

of

the

State

of

California.

106

Shareholder

Update

(Unaudited)

(continued)

Additionally,

the

State

of

California

is

a

party

to

numerous

legal

proceedings,

many

of

which

normally

occur

in

governmental

operations.

The

creditworthiness

of

obligations

issued

by

local

California

issuers

may

be

unrelated

to

the

creditworthiness

of

obligations

issued

by

the

State

of

California,

and

that

there

is

no

obligation

on

the

part

of

the

State

of

California

to

make

payment

on

such

local

obligations

in

the

event

of

default.

Special

Risks

Related

to

Certain

Municipal

Obligations.

Municipal

leases

and

certificates

of

participation

involve

special

risks

not

normally

associated

with

general

obligations

or

revenue

bonds.

Leases

and

installment

purchase

or

conditional

sale

contracts

(which

normally

provide

for

title

to

the

leased

asset

to

pass

eventually

to

the

governmental

issuer)

have

evolved

as

a

means

for

governmental

issuers

to

acquire

property

and

equipment

without

meeting

the

constitutional

and

statutory

requirements

for

the

issuance

of

debt.

The

debt

issuance

limitations

are

deemed

to

be

inapplicable

because

of

the

inclusion

in

many

leases

or

contracts

of

“non-appropriation”

clauses

that

relieve

the

governmental

issuer

of

any

obligation

to

make

future

payments

under

the

lease

or

contract

unless

money

is

appropriated

for

such

purpose

by

the

appropriate

legislative

body.

In

addition,

such

leases

or

contracts

may

be

subject

to

the

temporary

abatement

of

payments

in

the

event

that

the

governmental

issuer

is

prevented

from

maintaining

occupancy

of

the

leased

premises

or

utilizing

the

leased

equipment.

Although

the

obligations

may

be

secured

by

the

leased

equipment

or

facilities,

the

disposition

of

the

property

in

the

event

of

non-appropriation

or

foreclosure

might

prove

difficult,

time

consuming

and

costly,

and

may

result

in

a

delay

in

recovering

or

the

failure

to

fully

recover

the

Fund’s

original

investment.

In

the

event

of

non-appropriation,

the

issuer

would

be

in

default

and

taking

ownership

of

the

assets

may

be

a

remedy

available

to

the

Fund,

although

the

Fund

does

not

anticipate

that

such

a

remedy

would

normally

be

pursued.

Certificates

of

participation

involve

the

same

risks

as

the

underlying

municipal

leases.

In

addition,

the

Fund

may

be

dependent

upon

the

municipal

authority

issuing

the

certificates

of

participation

to

exercise

remedies

with

respect

to

the

underlying

securities.

Certificates

of

participation

also

entail

a

risk

of

default

or

bankruptcy,

both

of

the

issuer

of

the

municipal

lease

and

also

the

municipal

agency

issuing

the

certificate

of

participation.

Swap

Transactions

Risk.

The

Fund

may

enter

into

debt-related

derivative

instruments

such

as

credit

default

swap

contracts

and

interest

rate

swaps.

Like

most

derivative

instruments,

the

use

of

swaps

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

ordinary

portfolio

securities

transactions.

In

addition,

the

use

of

swaps

requires

an

understanding

by

the

adviser

and/or

the

sub-

adviser

of

not

only

the

referenced

asset,

rate

or

index,

but

also

of

the

swap

itself.

If

the

investment

adviser

and/or

the

sub-adviser

is

incorrect

in

its

forecasts

of

default

risks,

market

spreads

or

other

applicable

factors

or

events,

the

investment

performance

of

the

Fund

would

diminish

compared

with

what

it

would

have

been

if

these

techniques

were

not

used.

Tax

Risk.

The

value

of

the

Fund’s

investments

and

its

NAV

may

be

adversely

affected

by

changes

in

tax

rates,

rules

and

policies.

Because

interest

income

from

municipal

securities

is

normally

not

subject

to

regular

federal

income

taxation,

the

attractiveness

of

municipal

securities

in

relation

to

other

investment

alternatives

is

affected

by

changes

in

federal

income

tax

rates

or

changes

in

the

tax

exempt

status

of

interest

income

from

municipal

securities.

Additionally,

the

Fund

is

not

a

suitable

investment

for

individual

retirement

accounts,

for

other

tax

exempt

or

tax-deferred

accounts,

for

investors

who

are

not

sensitive

to

the

federal

income

tax

consequences

of

their

investments.

Taxability

Risk.

The

Fund

will

invest

in

municipal

securities

in

reliance

at

the

time

of

purchase

on

an

opinion

of

bond

counsel

to

the

issuer

that

the

interest

paid

on

those

securities

will

be

excludable

from

gross

income

for

regular

federal

income

tax

purposes,

and

the

sub-adviser

will

not

independently

verify

that

opinion.

Subsequent

to

the

Fund’s

acquisition

of

such

a

municipal

security,

however,

the

security

may

be

determined

to

pay,

or

to

have

paid,

taxable

income.

As

a

result,

the

treatment

of

dividends

previously

paid

or

to

be

paid

by

the

Fund

as

“exempt-interest

dividends”

could

be

adversely

affected,

subjecting

the

Fund’s

shareholders

to

increased

federal

income

tax

liabilities.

Certain

other

investments

made

by

the

Fund,

including

derivatives

transactions,

may

result

in

the

receipt

of

taxable

income

or

gains

by

the

Fund.

Tobacco

Settlement

Bond

Risk.

The

Fund

may

invest

in

tobacco

settlement

bonds.

Tobacco

settlement

bonds

are

municipal

securities

that

are

backed

solely

by

expected

revenues

to

be

derived

from

lawsuits

involving

tobacco

related

deaths

and

illnesses

which

were

settled

between

certain

states

and

American

tobacco

companies.

Tobacco

settlement

bonds

are

secured

by

an

issuing

state’s

proportionate

share

in

the

Master

Settlement

Agreement,

an

agreement

between

46

states

and

nearly

all

of

the

U.S.

tobacco

manufacturers

(the

“MSA”).

Under

the

terms

of

the

MSA,

the

actual

amount

of

future

settlement

payments

by

tobacco-manufacturers

is

dependent

on

many

factors,

including,

among

other

things,

reduced

cigarette

consumption.

Payments

made

by

tobacco

manufacturers

could

be

negatively

impacted

if

the

decrease

in

tobacco

consumption

is

significantly

greater

than

the

forecasted

decline.

Unrated

Securities

Risk.

The

Fund

may

purchase

securities

that

are

not

rated

by

any

rating

organization.

Unrated

securities

determined

by

the

Fund’s

investment

adviser

to

be

of

comparable

quality

to

rated

investments

which

the

Fund

may

purchase

may

pay

a

higher

dividend

or

interest

rate

than

such

rated

investments

and

be

subject

to

a

greater

risk

of

illiquidity

or

price

changes.

Less

public

information

is

typically

available

about

unrated

investments

or

issuers

than

rated

investments

or

issuers.

Some

unrated

securities

may

not

have

an

active

trading

market

or

may

be

difficult

to

value,

which

means

the

Fund

might

have

difficulty

selling

them

promptly

at

an

acceptable

price.

To

the

extent

that

the

Fund

invests

in

unrated

securities,

the

Fund’s

ability

to

achieve

its

investment

objectives

will

be

more

dependent

on

the

investment

adviser’s

credit

analysis

than

would

be

the

case

when

the

Fund

invests

in

rated

securities.

Valuation

Risk.

The

municipal

securities

in

which

the

Fund

invests

typically

are

valued

by

a

pricing

service

utilizing

a

range

of

market-based

inputs

and

assumptions,

including

readily

available

market

quotations

obtained

from

broker-dealers

making

markets

in

such

instruments,

cash

flows

and

transactions

for

comparable

instruments.

There

is

no

assurance

that

the

Fund

will

be

able

to

sell

a

portfolio

security

at

the

price

established

by

the

pricing

service,

which

could

result

in

a

loss

to

the

Fund.

Pricing

services

generally

price

municipal

securities

assuming

orderly

transactions

of

an

institutional

“round

lot”

size,

but

some

trades

may

occur

in

smaller,

“odd

lot”

sizes,

often

at

lower

prices

than

institutional

round

lot

trades.

Different

pricing

services

may

incorporate

different

assumptions

and

inputs

into

their

valuation

methodologies,

potentially

resulting

in

different

values

for

the

same

securities.

As

a

result,

if

the

Fund

were

to

change

pricing

services,

or

if

the

Fund’s

pricing

service

were

to

change

its

valuation

methodology,

there

could

be

a

material

impact,

either

positive

or

negative,

on

the

Fund’s

NAV.

107

Zero

Coupon

Bonds

Risk.

Because

interest

on

zero

coupon

bonds

is

not

paid

on

a

current

basis,

the

values

of

zero

coupon

bonds

will

be

more

volatile

in

response

to

interest

rate

changes

than

the

values

of

bonds

that

distribute

income

regularly.

Although

zero

coupon

bonds

generate

income

for

accounting

purposes,

they

do

not

produce

cash

flow,

and

thus

the

Fund

could

be

forced

to

liquidate

securities

at

an

inopportune

time

in

order

to

generate

cash

to

distribute

to

shareholders

as

required

by

tax

laws.

Fund

Level

and

Other

Risks:

Anti-Takeover

Provisions.

The

Fund’s

organizational

documents

include

provisions

that

could

limit

the

ability

of

other

entities

or

persons

to

acquire

control

of

the

Fund

or

convert

the

Fund

to

open-end

status,

which

are

commonly

known

as

“Control

Share

Acquisition”

provisions.

Although

the

application

of

the

"Control

Share

Acquisition"

provisions

has

currently

been

suspended,

these

provisions

could

have

the

effect

of

depriving

the

common

shareholders

of

opportunities

to

sell

their

common

shares

at

a

premium

over

the

then-current

market

price

of

the

common

shares.

Counterparty

Risk.

Changes

in

the

credit

quality

of

the

companies

that

serve

as

the

Fund’s

counterparties

with

respect

to

derivatives

or

other

transactions

supported

by

another

party’s

credit

will

affect

the

value

of

those

instruments.

Certain

entities

that

have

served

as

counterparties

in

the

markets

for

these

transactions

have

incurred

or

may

incur

in

the

future

significant

financial

hardships

including

bankruptcy

and

losses

as

a

result

of

exposure

to

sub-prime

mortgages

and

other

lower-quality

credit

investments.

As

a

result,

such

hardships

have

reduced

these

entities’

capital

and

called

into

question

their

continued

ability

to

perform

their

obligations

under

such

transactions.

By

using

such

derivatives

or

other

transactions,

the

Fund

assumes

the

risk

that

its

counterparties

could

experience

similar

financial

hardships.

In

the

event

of

the

insolvency

of

a

counterparty,

the

Fund

may

sustain

losses

or

be

unable

to

liquidate

a

derivatives

position.

Cybersecurity

Risk.

The

Fund

and

its

service

providers

are

susceptible

to

operational

and

information

security

risk

resulting

from

cyber

incidents.

Cyber

incidents

refer

to

both

intentional

attacks

and

unintentional

events

including:

processing

errors,

human

errors,

technical

errors

including

computer

glitches

and

system

malfunctions,

inadequate

or

failed

internal

or

external

processes,

market-wide

technical-related

disruptions,

unauthorized

access

to

digital

systems

(through

“hacking”

or

malicious

software

coding),

computer

viruses,

and

cyber-attacks

which

shut

down,

disable,

slow

or

otherwise

disrupt

operations,

business

processes

or

website

access

or

functionality

(including

denial

of

service

attacks).

Cyber

incidents

could

adversely

impact

the

Fund

and

cause

the

Fund

to

incur

financial

loss

and

expense,

as

well

as

face

exposure

to

regulatory

penalties,

reputational

damage,

and

additional

compliance

costs

associated

with

corrective

measures.

In

addition,

substantial

costs

may

be

incurred

in

order

to

prevent

any

cyber

incidents

in

the

future.

Furthermore,

the

Fund

cannot

control

the

cybersecurity

plans

and

systems

put

in

place

by

its

service

providers

or

any

other

third

parties

whose

operations

may

affect

the

Fund.

Economic

and

Political

Events

Risk.

The

Fund

may

be

more

sensitive

to

adverse

economic,

business

or

political

developments

if

it

invests

a

substantial

portion

of

its

assets

in

the

municipal

securities

of

similar

projects

(such

as

those

relating

to

the

education,

health

care,

housing,

transportation,

or

utilities

industries),

industrial

development

bonds,

or

in

particular

types

of

municipal

securities

(such

as

general

obligation

bonds,

private

activity

bonds

or

moral

obligation

bonds).

Such

developments

may

adversely

affect

a

specific

industry

or

local

political

and

economic

conditions,

and

thus

may

lead

to

declines

in

the

creditworthiness

and

value

of

such

municipal

securities.

Global

Economic

Risk.

National

and

regional

economies

and

financial

markets

are

becoming

increasingly

interconnected,

which

increases

the

possibilities

that

conditions

in

one

country,

region

or

market

might

adversely

impact

issuers

in

a

different

country,

region

or

market.

Changes

in

legal,

political,

regulatory,

tax

and

economic

conditions

may

cause

fluctuations

in

markets

and

investments

prices

around

the

world,

which

could

negatively

impact

the

value

of

the

Fund’s

investments.

Major

economic

or

political

disruptions,

particularly

in

large

economies

like

China’s,

may

have

global

negative

economic

and

market

repercussions.

Additionally,

instability

in

various

countries,

such

as

Afghanistan

and

Syria,

and

natural

and

environmental

disasters

and

the

spread

of

infectious

illnesses

or

other

public

health

emergencies

,

possible

terrorist

attacks

in

the

United

States

and

around

the

world,

continued

tensions

between

North

Korea

and

the

United

States

and

the

international

community

generally,

growing

social

and

political

discord

in

the

United

States,

the

European

debt

crisis,

the

response

of

the

international

community—through

economic

sanctions

and

otherwise—further

downgrade

of

U.S.

government

securities,

the

change

in

the

U.S.

president

and

the

new

administration

and

other

similar

events

may

adversely

affect

the

global

economy

and

the

markets

and

issuers

in

which

the

Fund

invests.

Recent

examples

of

such

events

include

the

outbreak

of

a

novel

coronavirus

known

as

COVID-19

that

was

first

detected

in

China

in

December

2019

and

heightened

concerns

regarding

North

Korea’s

nuclear

weapons

and

long-range

ballistic

missile

programs.

In

addition,

Russia’s

recent

invasion

of

Ukraine

in

February

2022

has

resulted

in

sanctions

imposed

by

several

nations,

such

as

the

United

States,

United

Kingdom,

European

Union

and

Canada.

The

current

sanctions

and

potential

further

sanctions

may

negatively

impact

certain

sectors

of

Russia’s

economy,

but

also

may

negatively

impact

the

value

of

the

Fund’s

investments

that

do

not

have

direct

exposure

to

Russia.

These

events

could

reduce

consumer

demand

or

economic

output,

result

in

market

closure,

travel

restrictions

or

quarantines,

and

generally

have

a

significant

impact

on

the

economy.

These

events

could

also

impair

the

information

technology

and

other

operational

systems

upon

which

the

Fund’s

service

providers,

including

the

Fund’s

sub-adviser,

rely,

and

could

otherwise

disrupt

the

ability

of

employees

of

the

Fund’s

service

providers

to

perform

essential

tasks

on

behalf

of

the

Fund.

The

Fund

does

not

know

and

cannot

predict

how

long

the

securities

markets

may

be

affected

by

these

events

and

the

effects

of

these

and

similar

events

in

the

future

on

the

U.S.

economy

and

securities

markets.

The

Fund

may

be

adversely

affected

by

abrogation

of

international

agreements

and

national

laws

which

have

created

the

market

instruments

in

which

the

Fund

may

invest,

failure

of

the

designated

national

and

international

authorities

to

enforce

compliance

with

the

same

laws

and

agreements,

failure

of

local,

national

and

international

organizations

to

carry

out

the

duties

prescribed

to

them

under

the

relevant

agreements,

revisions

of

these

laws

and

agreements

which

dilute

their

effectiveness

or

conflicting

interpretation

of

provisions

of

the

same

laws

and

agreements.

Governmental

and

quasi-governmental

authorities

and

regulators

throughout

the

world

have

in

the

past

responded

to

major

economic

disruptions

with

a

variety

of

significant

fiscal

and

monetary

policy

changes,

including

but

not

limited

to,

direct

capital

infusions

into

companies,

new

monetary

programs

and

dramatically

lower

interest

rates.

An

unexpected

or

quick

reversal

of

these

policies,

or

the

ineffectiveness

of

these

policies,

could

increase

volatility

in

securities

markets,

which

could

adversely

affect

the

Fund’s

investments.

108

Shareholder

Update

(Unaudited)

(continued)

Investment

and

Market

Risk.

An

investment

in

common

shares

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

principal

amount

that

you

invest.

Common

shares

frequently

trade

at

a

discount

to

their

NAV.

An

investment

in

common

shares

represents

an

indirect

investment

in

the

securities

owned

by

the

Fund.

Common

shares

at

any

point

in

time

may

be

worth

less

than

your

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Legislation

and

Regulatory

Risk.

At

any

time

after

the

date

of

this

report,

legislation

or

additional

regulations

may

be

enacted

that

could

negatively

affect

the

assets

of

the

Fund,

securities

held

by

the

Fund

or

the

issuers

of

such

securities.

Fund

shareholders

may

incur

increased

costs

resulting

from

such

legislation

or

additional

regulation.

There

can

be

no

assurance

that

future

legislation,

regulation

or

deregulation

will

not

have

a

material

adverse

effect

on

the

Fund

or

will

not

impair

the

ability

of

the

Fund

to

achieve

its

investment

objectives.

Leverage

Risk.

The

use

of

leverage

creates

special

risks

for

common

shareholders,

including

potential

interest

rate

risks

and

the

likelihood

of

greater

volatility

of

NAV

and

market

price

of,

and

distributions

on,

the

common

shares.

The

use

of

leverage

in

a

declining

market

will

likely

cause

a

greater

decline

in

the

Fund’s

NAV,

which

may

result

at

a

greater

decline

of

the

common

share

price,

than

if

the

Fund

were

not

to

have

used

leverage.

The

Fund

will

pay

(and

common

shareholders

will

bear)

any

costs

and

expenses

relating

to

the

Fund’s

use

of

leverage,

which

will

result

in

a

reduction

in

the

Fund’s

NAV.

The

investment

adviser

may,

based

on

its

assessment

of

market

conditions

and

composition

of

the

Fund’s

holdings,

increase

or

decrease

the

amount

of

leverage.

Such

changes

may

impact

the

Fund’s

distributions

and

the

price

of

the

common

shares

in

the

secondary

market.

The

Fund

may

seek

to

refinance

its

leverage

over

time,

in

the

ordinary

course,

as

current

forms

of

leverage

mature

or

it

is

otherwise

desirable

to

refinance;

however,

the

form

that

such

leverage

will

take

cannot

be

predicted

at

this

time.

If

the

Fund

is

unable

to

replace

existing

leverage

on

comparable

terms,

its

costs

of

leverage

will

increase.

Accordingly,

there

is

no

assurance

that

the

use

of

leverage

may

result

in

a

higher

yield

or

return

to

common

shareholders.

The

amount

of

fees

paid

to

the

investment

adviser

and

the

sub-adviser

for

investment

advisory

services

will

be

higher

if

the

Fund

uses

leverage

because

the

fees

will

be

calculated

based

on

the

Fund’s

Managed

Assets

-

this

may

create

an

incentive

for

the

investment

adviser

and

the

sub-

adviser

to

leverage

the

Fund

or

increase

the

Fund’s

leverage.

Market

Discount

from

Net

Asset

Value.

Shares

of

closed-end

investment

companies

like

the

Fund

frequently

trade

at

prices

lower

than

their

NAV.

This

characteristic

is

a

risk

separate

and

distinct

from

the

risk

that

the

Fund’s

NAV

could

decrease

as

a

result

of

investment

activities.

Whether

investors

will

realize

gains

or

losses

upon

the

sale

of

the

common

shares

will

depend

not

upon

the

Fund’s

NAV

but

entirely

upon

whether

the

market

price

of

the

common

shares

at

the

time

of

sale

is

above

or

below

the

investor’s

purchase

price

for

the

common

shares.

Furthermore,

management

may

have

difficulty

meeting

the

Fund’s

investment

objectives

and

managing

its

portfolio

when

the

underlying

securities

are

redeemed

or

sold

during

periods

of

market

turmoil

and

as

investors’

perceptions

regarding

closed-end

funds

or

their

underlying

investments

change.

Because

the

market

price

of

the

common

shares

will

be

determined

by

factors

such

as

relative

supply

of

and

demand

for

the

common

shares

in

the

market,

general

market

and

economic

circumstances,

and

other

factors

beyond

the

control

of

the

Fund,

the

Fund

cannot

predict

whether

the

common

shares

will

trade

at,

below

or

above

NAV.

The

common

shares

are

designed

primarily

for

long-term

investors,

and

you

should

not

view

the

Fund

as

a

vehicle

for

short-term

trading

purposes.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

Recent

Market

Conditions.

Periods

of

unusually

high

financial

market

volatility

and

restrictive

credit

conditions,

at

times

limited

to

a

particular

sector

or

geographic

area,

have

occurred

in

the

past

and

may

be

expected

to

recur

in

the

future.

Some

countries,

including

the

United

States,

have

adopted

or

have

signaled

protectionist

trade

measures,

relaxation

of

the

financial

industry

regulations

that

followed

the

financial

crisis,

and/

or

reductions

to

corporate

taxes.

The

scope

of

these

policy

changes

is

still

developing,

but

the

equity

and

debt

markets

may

react

strongly

to

expectations

of

change,

which

could

increase

volatility,

particularly

if

a

resulting

policy

runs

counter

to

the

market’s

expectations.

The

outcome

of

such

changes

cannot

be

foreseen

at

the

present

time.

In

addition,

geopolitical

and

other

risks,

including

environmental

and

public

health

risks,

may

109

add

to

instability

in

the

world

economy

and

markets

generally.

As

a

result

of

increasingly

interconnected

global

economies

and

financial

markets,

the

value

and

liquidity

of

the

Fund’s

investments

may

be

negatively

affected

by

events

impacting

a

country

or

region,

regardless

of

whether

the

Fund

invests

in

issuers

located

in

or

with

significant

exposure

to

such

country

or

region.

Ukraine

has

experienced

ongoing

military

conflict,

most

recently

in

February

2022

when

Russia

invaded

Ukraine;

this

conflict

may

expand

and

military

attacks

could

occur

elsewhere

in

Europe.

Europe

has

also

been

struggling

with

mass

migration

from

the

Middle

East

and

Africa.

The

ultimate

effects

of

these

events

and

other

socio-political

or

geographical

issues

are

not

known

but

could

profoundly

affect

global

economies

and

markets.

The

ongoing

trade

war

between

China

and

the

United

States,

including

the

imposition

of

tariffs

by

each

country

on

the

other

country’s

products,

has

created

a

tense

political

environment.

These

actions

may

trigger

a

significant

reduction

in

international

trade,

the

oversupply

of

certain

manufactured

goods,

substantial

price

reductions

of

goods

and

possible

failure

of

individual

companies

and/or

large

segments

of

China’s

export

industry,

which

could

have

a

negative

impact

on

the

Fund’s

performance.

U.S.

companies

that

source

material

and

goods

from

China

and

those

that

make

large

amounts

of

sales

in

China

would

be

particularly

vulnerable

to

an

escalation

of

trade

tensions.

Uncertainty

regarding

the

outcome

of

the

trade

tensions

and

the

potential

for

a

trade

war

could

cause

the

U.S.

dollar

to

decline

against

safe

haven

currencies,

such

as

the

Japanese

yen

and

the

euro.

Events

such

as

these

and

their

consequences

are

difficult

to

predict

and

it

is

unclear

whether

further

tariffs

may

be

imposed

or

other

escalating

actions

may

be

taken

in

the

future.

Recently

the

U.S.

Federal

Reserve

(the

“Fed”)

has

sharply

raised

interest

rates

and

has

signaled

an

intention

to

continue

to

do

so

until

current

inflation

levels

re-align

with

the

Fed’s

long-term

inflation

target.

 Changing

interest

rate

environments

impact

the

various

sectors

of

the

economy

in

different

ways.

For

example,

in

March

2023,

the

Federal

Deposit

Insurance

Corporation

("FDIC")

was

appointed

receiver

for

each

of

Silicon

Valley

Bank

and

Signature

Bank,

the

second-

and

third-largest

bank

failures

in

U.S.

history,

which

failures

may

be

attributable,

in

part,

to

rising

interest

rates.

Bank

failures

may

have

a

destabilizing

impact

on

the

broader

banking

industry

or

markets

generally.

The

impact

of

these

developments

in

the

near-

and

long-term

is

unknown

and

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

Reverse

Repurchase

Agreement

Risk.

A

reverse

repurchase

agreement,

in

economic

essence,

constitutes

a

securitized

borrowing

by

the

Fund

from

the

security

purchaser.

The

Fund

may

enter

into

reverse

repurchase

agreements

for

the

purpose

of

creating

a

leveraged

investment

exposure

and,

as

such,

their

usage

involves

essentially

the

same

risks

associated

with

a

leveraging

strategy

generally

since

the

proceeds

from

these

agreements

may

be

invested

in

additional

portfolio

securities.

Reverse

repurchase

agreements

tend

to

be

short-term

in

tenor,

and

there

can

be

no

assurances

that

the

purchaser

(lender)

will

commit

to

extend

or

“roll”

a

given

agreement

upon

its

agreed-upon

repurchase

date

or

an

alternative

purchaser

can

be

identified

on

similar

terms.

Reverse

repurchase

agreements

also

involve

the

risk

that

the

purchaser

fails

to

return

the

securities

as

agreed

upon,

files

for

bankruptcy

or

becomes

insolvent.

The

Fund

may

be

restricted

from

taking

normal

portfolio

actions

during

such

time,

could

be

subject

to

loss

to

the

extent

that

the

proceeds

of

the

agreement

are

less

than

the

value

of

securities

subject

to

the

agreement

and

may

experience

adverse

tax

consequences.

110

Shareholder

Update

(Unaudited)

(continued)

EFFECTS

OF

LEVERAGE

The

following

table

is

furnished

in

response

to

requirements

of

the

SEC.

It

is

designed

to

illustrate

the

effects

of

leverage

through

the

use

of

senior

securities,

as

that

term

is

defined

under

Section

18

of

the

1940

Act,

as

well

as

certain

other

forms

of

leverage,

such

as

reverse

repurchase

agreements

and

investments

in

inverse

floating

rate

securities,

on

common

share

total

return,

assuming

investment

portfolio

total

returns

(consisting

of

income

and

changes

in

the

value

of

investments

held

in

a

Fund’s

portfolio)

of

-10%,

-5%,

0%,

5%

and

10%.

The

table

below

reflects

each

Fund’s

(i)

continued

use

of

leverage

as

of

February

28,

2023

as

a

percentage

of

Managed

Assets

(including

assets

attributable

to

such

leverage),

(ii)

the

estimated

annual

effective

interest

expense

rate

payable

by

the

Fund

on

such

instruments

(based

on

actual

leverage

costs

incurred

during

the

fiscal

year

ended

February

28,

2023)

as

set

forth

in

the

table,

and

(iii)

the

annual

return

that

the

Fund’s

portfolio

must

experience

(net

of

expenses)

in

order

to

cover

such

costs

of

leverage

based

on

such

estimated

annual

effective

interest

expense

rate.

The

information

below

does

not

reflect

any

Fund’s

use

of

certain

other

forms

of

economic

leverage

achieved

through

the

use

of

other

instruments

or

transactions

not

considered

to

be

senior

securities

under

the

1940

Act,

such

as

certain

derivative

instruments

and

investments

in

inverse

floating

rate

securities.

The

numbers

are

merely

estimates,

used

for

illustration.

The

costs

of

leverage

may

vary

frequently

and

may

be

significantly

higher

or

lower

than

the

estimated

rate.

The

assumed

investment

portfolio

returns

in

the

table

below

are

hypothetical

figures

and

are

not

necessarily

indicative

of

the

investment

portfolio

returns

experienced

or

expected

to

be

experienced

by

the

Fund.

Your

actual

returns

may

be

greater

or

less

than

those

appearing

below.

Common

Share

total

return

is

composed

of

two

elements

—

the

distributions

paid

by

a

Fund

to

holders

of

common

shares

(the

amount

of

which

is

largely

determined

by

the

net

investment

income

of

the

Fund

after

paying

dividend

payments

on

any

preferred

shares

issued

by

the

Fund

and

expenses

on

any

forms

of

leverage

outstanding)

and

gains

or

losses

on

the

value

of

the

securities

and

other

instruments

the

Fund

owns.

As

required

by

SEC

rules,

the

table

assumes

that

a

Fund

is

more

likely

to

suffer

capital

losses

than

to

enjoy

capital

appreciation.

For

example,

to

assume

a

total

return

of

0%,

a

Fund

must

assume

that

the

income

it

receives

on

its

investments

is

entirely

offset

by

losses

in

the

value

of

those

investments.

This

table

reflects

hypothetical

performance

of

a

Fund’s

portfolio

and

not

the

actual

performance

of

the

Fund’s

common

shares,

the

value

of

which

is

determined

by

market

forces

and

other

factors.

Should

a

Fund

elect

to

add

additional

leverage

to

its

portfolio,

any

benefits

of

such

additional

leverage

cannot

be

fully

achieved

until

the

proceeds

resulting

from

the

use

of

such

leverage

have

been

received

by

the

Fund

and

invested

in

accordance

with

the

Fund’s

investment

objectives

and

policies.

As

noted

above,

a

Fund’s

willingness

to

use

additional

leverage,

and

the

extent

to

which

leverage

is

used

at

any

time,

will

depend

on

many

factors.

Risk

Nuveen

California

Quality

Municipal

Income

Fund

(NAC)

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(NKX)

Estimated

Leverage

as

a

Percentage

of

Managed

Assets

(Including

Assets

Attributable

to

Leverage)

40.54%

41.09%

Estimated

Annual

Effective

Leverage

Expense

Rate

Payable

by

Fund

on

Leverage

2.60%

2.56%

Annual

Return

Fund

Portfolio

Must

Experience

(net

of

expenses)

to

Cover

Estimated

Annual

Effective

Interest

Expense

Rate

on

Leverage

1.05%

1.05%

Common

Share

Total

Return

for

(10.00)%

Assumed

Portfolio

Total

Return

-18.59%

-18.76%

Common

Share

Total

Return

for

(5.00)%

Assumed

Portfolio

Total

Return

-10.18%

-10.27%

Common

Share

Total

Return

for

0.00%

Assumed

Portfolio

Total

Return

-1.77%

-1.78%

Common

Share

Total

Return

for

5.00%

Assumed

Portfolio

Total

Return

6.64%

6.70%

Common

Share

Total

Return

for

10.00%

Assumed

Portfolio

Total

Return

15.05%

15.19%

111

DIVIDEND

REINVESTMENT

PLAN

Nuveen

Closed-End

Funds

Automatic

Reinvestment

Plan

Your

Nuveen

Closed-End

Fund

allows

you

to

conveniently

reinvest

distributions

in

additional

Fund

shares.

By

choosing

to

reinvest,

you’ll

be

able

to

invest

money

regularly

and

automatically,

and

watch

your

investment

grow

through

the

power

of

compounding.

Just

like

distributions

in

cash,

there

may

be

times

when

income

or

capital

gains

taxes

may

be

payable

on

distributions

that

are

reinvested.

It

is

important

to

note

that

an

automatic

reinvestment

plan

does

not

ensure

a

profit,

nor

does

it

protect

you

against

loss

in

a

declining

market.

Easy

and

convenient

To

make

recordkeeping

easy

and

convenient,

each

month

you’ll

receive

a

statement

showing

your

total

distributions,

the

date

of

investment,

the

shares

acquired

and

the

price

per

share,

and

the

total

number

of

shares

you

own.

How

shares

are

purchased

The

shares

you

acquire

by

reinvesting

will

either

be

purchased

on

the

open

market

or

newly

issued

by

the

Fund.

If

the

shares

are

trading

at

or

above

NAV

at

the

time

of

valuation,

the

Fund

will

issue

new

shares

at

the

greater

of

the

NAV

or

95%

of

the

then-current

market

price.

If

the

shares

are

trading

at

less

than

NAV,

shares

for

your

account

will

be

purchased

on

the

open

market.

If

Computershare

Trust

Company,

N.A.

(the

“Plan

Agent”)

begins

purchasing

Fund

shares

on

the

open

market

while

shares

are

trading

below

NAV,

but

the

Fund’s

shares

subsequently

trade

at

or

above

their

NAV

before

the

Plan

Agent

is

able

to

complete

its

purchases,

the

Plan

Agent

may

cease

open-market

purchases

and

may

invest

the

uninvested

portion

of

the

distribution

in

newly-issued

Fund

shares

at

a

price

equal

to

the

greater

of

the

shares’

NAV

or

95%

of

the

shares’

market

value

on

the

last

business

day

immediately

prior

to

the

purchase

date.

Distributions

received

to

purchase

shares

in

the

open

market

will

normally

be

invested

shortly

after

the

distribution

payment

date.

No

interest

will

be

paid

on

distributions

awaiting

reinvestment.

Because

the

market

price

of

the

shares

may

increase

before

purchases

are

completed,

the

average

purchase

price

per

share

may

exceed

the

market

price

at

the

time

of

valuation,

resulting

in

the

acquisition

of

fewer

shares

than

if

the

distribution

had

been

paid

in

shares

issued

by

the

Fund.

A

pro

rata

portion

of

any

applicable

brokerage

commissions

on

open

market

purchases

will

be

paid

by

Dividend

Reinvestment

Plan

(the

“Plan”)

participants.

These

commissions

usually

will

be

lower

than

those

charged

on

individual

transactions.

Flexible

You

may

change

your

distribution

option

or

withdraw

from

the

Plan

at

any

time,

should

your

needs

or

situation

change.

You

can

reinvest

whether

your

shares

are

registered

in

your

name,

or

in

the

name

of

a

brokerage

firm,

bank,

or

other

nominee.

Ask

your

investment

advisor

if

his

or

her

firm

will

participate

on

your

behalf.

Participants

whose

shares

are

registered

in

the

name

of

one

firm

may

not

be

able

to

transfer

the

shares

to

another

firm

and

continue

to

participate

in

the

Plan.

The

Fund

reserves

the

right

to

amend

or

terminate

the

Plan

at

any

time.

Although

the

Fund

reserves

the

right

to

amend

the

Plan

to

include

a

service

charge

payable

by

the

participants,

there

is

no

direct

service

charge

to

participants

in

the

Plan

at

this

time.

Call

today

to

start

reinvesting

distributions

For

more

information

on

the

Nuveen

Automatic

Reinvestment

Plan

or

to

enroll

in

or

withdraw

from

the

Plan,

speak

with

your

financial

professional

or

call

us

at

(800)

257-8787.

112

Shareholder

Update

(Unaudited)

(continued)

CHANGES

OCCURRING

DURING

THE

FISCAL

YEAR

The

following

information

in

this

annual

report

is

a

summary

of

certain

changes

during

the

most

recent

fiscal

year.

This

information

may

not

reflect

all

of

the

changes

that

have

occurred

since

you

purchased

shares

of

a

Fund.

During

the

most

recent

fiscal

year,

there

have

been

no

changes

to:

(i)

the

Funds’

investment

objectives

and

principal

investment

policies

that

have

not

been

approved

by

shareholders,

(ii)

the

principal

risks

of

the

Fund,

(iii)

the

portfolio

managers

of

the

Funds;

(iv)

a

Fund’s

charter

or

by-laws

that

would

delay

or

prevent

a

change

of

control

of

the

Fund

that

have

not

been

approved

by

shareholders

except

as

follows:

Principal

Risks

The

following

principal

risks

were

consolidated

into

a

single

risk

factor

entitled,

“Economic

Sector

Risk,”

and

are

therefore

no

longer

included

as

stand-alone

principal

risks:

Sector

and

Industry

Risk.

Subject

to

the

concentration

limits

of

the

Fund’s

investment

policies

and

guidelines,

a

Fund

may

invest

a

significant

portion

of

its

net

assets

in

certain

sectors

of

the

municipal

securities

market,

such

as

hospitals

and

other

health

care

facilities,

charter

schools

and

other

private

educational

facilities,

special

taxing

districts

and

start-up

utility

districts,

and

private

activity

bonds

including

industrial

development

bonds

on

behalf

of

transportation

companies

such

as

airline

companies,

whose

credit

quality

and

performance

may

be

more

susceptible

to

economic,

business,

political,

regulatory

and

other

developments

than

other

sectors

of

municipal

issuers.

If

the

Fund

invests

a

significant

portion

of

its

net

assets

in

the

sectors

noted

above,

the

Fund’s

performance

may

be

subject

to

additional

risk

and

variability.

Sector

Focus

Risk.

At

times,

the

Fund

may

focus

its

investments

(i.e.,

overweight

its

investments

relative

to

the

overall

municipal

securities

market)

in

one

or

more

particular

sectors,

which

may

subject

the

Fund

to

additional

risk

and

variability.

Securities

issued

in

the

same

sector

may

be

similarly

affected

by

economic

or

market

events,

making

the

Fund

more

vulnerable

to

unfavorable

developments

in

that

sector

than

funds

that

invest

more

broadly.

As

the

percentage

of

the

Fund’s

Managed

Assets

invested

in

a

particular

sector

increases,

so

does

the

potential

for

fluctuation

in

the

NAV

of

the

Fund’s

common

shares.

Developments

Regarding

the

Funds’

Control

Share

By-Law

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

amended

the

Funds’

bylaws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

113

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

NAC

$

—

NKX

—

NCA

—

NXC

13,809

114

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

The

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

The

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Jack

B.

Evans

William

C.

Hunter

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

NAC

NKX

NCA

NXC

Common

shares

repurchased

0

0

0

0

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

115

Average

Annual

Total

Return

:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

leverage)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Gross

Domestic

Product

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding

:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher-yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

Regulatory

Leverage:

Regulatory

leverage

consists

of

preferred

shares

issued

by

or

borrowings

of

a

fund.

Both

of

these

are

part

of

a

fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

in

the

Investment

Company

Act

of

1940.

S&P

Municipal

Bond

California

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

California

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Index

:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back

.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

116

Board

Members

&

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of

Trustees

of

the

Funds.

None

of

the

trustees

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“independent

board

members”)

has

ever

been

a

director

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the

trustees

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

Trustee

oversees

and

other

directorships

they

hold

are

set

forth

below.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Independent

Trustees:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Board

Member

2008

Class

II

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

chair

of

its

investment

committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

(2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-

2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

139

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

1999

Class

III

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

139

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2003

Class

I

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

139

117

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

II

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

Member

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA)

(since

2020).

139

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2021

Class

III

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)

(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

139

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

III

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

139

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2013

Class

II

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

139

118

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

and

Term

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Board

Member

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2020

Class

III

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

139

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2016

Class

I

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-

2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-

2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

139

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Board

Member

2017

Class

II

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

139

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

David

J.

Lamb

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2015

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2020-2021)

of

Nuveen

Securities,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

of

Nuveen

(2006-2017).

Brett

E.

Black

1972

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Enterprise

Senior

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

(2017-2022);

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC.

119

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

2022

Managing

Director

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2021);

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Vice

President

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Senior

Managing

Director

(since

2017)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Executive

Vice

President

(2016-

2017),

Managing

Director

and

Assistant

Secretary

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly,

Executive

Vice

President

(2016-2017)

and

Managing

Director

(2008-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Co-General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017),

Managing

Director

(2008-2016)

and

Assistant

Secretary

(2007-2016);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Associate

General

Counsel

(2011-2020),

Executive

Vice

President

(2016-2017)

and  Managing

Director

and

Assistant

Secretary

(2011-2016);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021)

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Senior

Managing

Director

(since

2017)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC.

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

120

Board

Members

&

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Trey

S.

Stenersen

1965

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

2022

Senior

Managing

Director

of

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2018);

Senior

Managing

Director

(since

2019)

and

Chief

Risk

Officer

(since

2022),

formerly

Head

of

Investment

Risk

Management

(2017-

2022)

of

Nuveen;

Senior

Managing

Director

(since

2018)

of

Nuveen

Alternative

Advisors

LLC.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

at

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

of

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.                                                                    

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teacher

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

The

Board

of

Trustees

is

divided

into

three

classes,

Class

I,

Class

II,

and

Class

III,

with

each

being

elected

to

serve

until

the

third

succeeding

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed,

except

two

board

members

are

elected

by

the

holders

of

Preferred

Shares,

when

applicable,

to

serve

until

the

next

annual

shareholders’

meeting

subsequent

to

its

election

or

thereafter

in

each

case

when

its

respective

successors

are

duly

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

board

member

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

complex.

(2)

Officers

serve

indefinite

terms

until

their

successor

has

been

duly

elected

and

qualified,

their

death

or

their

resignation

or

removal.  The

year

first

elected

or

appointed

represents

the

year

in

which

the

Officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

EAN-A-0223D

2557722-INV-Y-04/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen California Select Tax-Free Income Portfolio

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND

Fiscal Year Ended	Audit Fees Billed to Fund 1			Audit-Related Fees Billed to Fund 2			Tax Fees Billed to Fund 3			All Other Fees Billed to Fund 4
February 28, 2023	$	28,000		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%
February 28, 2022	$	26,740		$	0		$	0		$	0
Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

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

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

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

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

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

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

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

NON-AUDIT SERVICES

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

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

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective

amounts from the previous table.

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

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

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

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

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

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

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

Portfolio Manager	Type of Account Managed	Number of Accounts		Assets*
Scott R. Romans	Registered Investment Company		10	$	13.24 billion
	Other Pooled Investment Vehicles		0	$	0
	Other Accounts		3	$	3.90 million

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

POTENTIAL MATERIAL CONFLICTS OF INTEREST

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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

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

SIGNATURES

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

(Registrant) Nuveen California Select Tax-Free Income Portfolio

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

Date: May 5, 2023

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

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

Date: May 5, 2023

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

Date: May 5, 2023