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     811-09161

Nuveen California Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end:     February 28

Date of reporting period:     August 31, 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

August

31,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

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

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Important

Notices

4

Fund

Leverage

5

Common

Share

Information

6

About

the

Funds’

Benchmarks

8

Performance

Overview

and

Holdings

Summaries

9

Shareholder

Meeting

Report

17

Portfolios

of

Investments

18

Statement

of

Assets

and

Liabilities

55

Statement

of

Operations

56

Statement

of

Changes

in

Net

Assets

57

Statement

of

Cash

Flows

59

Financial

Highlights

60

Notes

to

Financial

Statements

65

Risk

Considerations

77

Additional

Fund

Information

78

Glossary

of

Terms

Used

in

this

Report

79

Annual

Investment

Management

Agreement

Approval

Process

80

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Inflation

concerns

have

continued

to

dominate

the

investment

landscape

in

2023.

Inflation

rates

have

fallen

meaningfully

from

post-pandemic

highs,

helped

by

the

significant

policy

interest

rate

increases

from

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

since

2022

and

the

normalization

of

supply

chains.

However,

they

currently

remain

above

the

levels

that

central

banks

consider

supportive

of

their

economies’

long-term

growth.

Core

inflation

measures,

which

exclude

volatile

food

and

energy

prices,

in

particular

remain

above

central

banks’

targeted

levels.

At

the

same

time,

the

U.S.

and

other

large

economies

have

remained

relatively

resilient,

even

as

financial

conditions

have

tightened.

U.S.

gross

domestic

product

increased

to

2.1%

in

the

second

quarter

of

2023

from

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Consider

that

much

of

this

growth

occurred

while

the

Fed

was

raising

interest

rates

in

one

of

the

fastest

hiking

cycles

in

its

history.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

as

of

September

2023,

pausing

briefly

in

June

2023

and

again

in

September

2023.

Despite

historically

high

inflation

and

rapidly

rising

interest

rates,

the

jobs

market

has

remained

relatively

strong,

helping

to

support

consumer

sentiment

and

spending.

However,

markets

are

concerned

that

these

conditions

could

keep

upward

pressure

on

prices

and

wages,

leading

to

interest

rates

staying

higher

for

longer

and

a

potentially

deeper

slowdown

in

the

economy.

U.S.

regional

banks

–

after

enduring

the

relatively

contained

collapses

of

Silicon

Valley

Bank,

Signature

Bank

and

First

Republic

Bank

and

major

European

bank

Credit

Suisse

in

March

2023

–

remain

exposed

to

challenges

in

the

commercial

real

estate

sector.

Additionally,

concerns

about

government

funding

and

deficits

persist.

Congress

averted

a

near-term

default

scenario

in

June

2023

and

a

partial

government

shutdown

at

the

end

of

September

2023,

but

funding

will

need

to

be

renegotiated

again

in

November

2023.

Given

the

lingering

upside

risks

to

inflation

and

the

lagging

impact

of

tighter

credit

conditions

on

the

economy,

Fed

officials

are

closely

monitoring

incoming

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

activity

based

upon

these

factors

on

a

meeting-by-meeting

basis.

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

turbulence.

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

October 23,

2023

4

Important

Notices

Portfolio

Manager

Commentaries

in

Semi-annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

February

28,

2023

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

Portfolio

Manager

Update

Effective

October

13,

2023,

Kristen

DeJong

has

been

added

as

a

portfolio

manager.

Scott

Romans

continues

to

serve

as

a

portfolio

manager

of

the

Funds.

Updated

Distribution

Policy

for

NAC

and

NKX

On

October

23,

2023,

the

Funds’

Board

of

Trustees

(the

“Board”)

updated

the

distribution

policy

for

NAC

and

NKX.

Each

Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

The

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

will

erode.

If

the

Fund’s

distribution

includes

anything

other

than

net

investment

income,

the

Fund

will

provide

a

notice

to

shareholders

of

its

best

estimate

of

the

distribution

sources

at

that

the

time

of

the

distribution.

These

estimates

may

not

match

the

final

tax

characterization

(for

the

full

year’s

distributions)

contained

in

shareholders’

1099-DIV

forms

after

the

end

of

the

year.

Fund

Leverage

5

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

detracted

from

relative

performance

over

this

reporting

period.

As

of

August

31,

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

August

31,

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

*

40.80%

41.47%

0.00%

0.00%

Regulatory

Leverage

*

40.80%

39.52%

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

6

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

August

31,

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).

COMMON

SHARE

EQUITY

During

the

current

reporting

period,

NXC

were

authorized

by

the

Securities

and

Exchange

Commission

to

issue

additional

common

shares

through

an

equity

shelf

program

(Shelf

Offering).

Under

these

programs,

the

Funds,

subject

to

market

conditions,

may

raise

additional

capital

from

time

to

time

in

varying

amounts

and

offering

methods

at

a

net

price

at

or

above

each

Fund’s

NAV

per

common

share.

The

maximum

aggregate

offering

under

these

Shelf

Offerings

are

as

shown

in

the

accompanying

table.

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NAC

NKX

NCA

NXC

March

$0.0360

$0.0415

$0.0290

$0.0435

April

0.0360

0.0415

0.0290

0.0435

May

0.0360

0.0415

0.0290

0.0435

June

0.0360

0.0415

0.0290

0.0435

July

0.0360

0.0415

0.0290

0.0435

August

0.0360

0.0415

0.0290

0.0435

Total

Distributions

from

Net

Investment

Income

$0.2160

$0.2490

$0.1740

$0.2610

Yields

NAC

NKX

NCA

NXC

Market

Yield

1

4.15%

4.50%

3.95%

4.06%

Taxable-Equivalent

Yield

1

9.04%

9.80%

8.61%

8.85%

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.

7

Refer

to

Notes

to

Financial

Statements

for

further

details

of

Shelf

Offerings

and

each

Fund’s

respective

transactions.

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

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

August

31,

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

August

31,

2023,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

NXC*

Maximum

aggregate

offering

1,300,000

*

Represents

additional

authorized

shares

for

the

period

August

4,

2023

through

August

31,

2023.

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

$12.31

$12.79

$9.13

$13.60

Common

share

price

$10.40

$11.06

$8.81

$12.85

Premium/(Discount)

to

NAV

(15.52)%

(13.53)%

(3.50)%

(5.51)%

Average

premium/(discount)

to

NAV

(14.69)%

(12.96)%

(6.30)%

(4.30)%

8

About

the

Funds’

Benchmarks

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.

Nuveen

California

Quality

Municipal

Income

Fund

Performance

Overview

and

Holdings

Summaries

August

31,

2023

9

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

Total

Returns

as

of

August

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NAC

at

Common

Share

NAV

5/26/99

0.02%

(1.81)%

(0.10)%

4.09%

NAC

at

Common

Share

Price

5/26/99

(2.39)%

(10.52)%

(0.73)%

3.57%

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

S&P

Municipal

Bond

California

Index

—

1.21%

1.93%

1.42%

3.09%

10

Performance

Overview

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

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

.7‌

%

Other

Assets

&

Liabilities,

Net

2.1%

MFP

Shares,

Net

(

18

.0‌

)

%

VRDP

Shares,

Net

(

50

.8‌

)

%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

10.1%

AAA

6.6%

AA

38.9%

A

19.7%

BBB

7.7%

BB

or

Lower

3.1%

N/R

(not

rated)

13.9%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/General

16.8%

Health

Care

15.4%

Utilities

15.0%

Transportation

13.2%

Tax

Obligation/Limited

11.9%

U.S.

Guaranteed

11.8%

Housing/Multifamily

10.4%

Other

5.5%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

California

95.2%

Puerto

Rico

4.1%

Guam

0.7%

Virgin

Islands

0.0%

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

Income

Fund

Performance

Overview

and

Holdings

Summaries

August

31,

2023

11

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

Total

Returns

as

of

August

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NKX

at

Common

Share

NAV

11/21/02

0.35%

(2.08)%

0.46%

4.43%

NKX

at

Common

Share

Price

11/21/02

(3.54)%

(14.05)%

0.52%

4.27%

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

S&P

Municipal

Bond

California

Index

—

1.21%

1.93%

1.42%

3.09%

12

Performance

Overview

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

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

165.7‌%

Short-Term

Municipal

Bonds

3.8‌%

Other

Assets

&

Liabilities,

Net

1.1%

Floating

Rate

Obligations

(5.5)%

MFP

Shares,

Net

(23

.0‌)%

VRDP

Shares,

Net

(42.1‌)%

Net

Assets

100‌%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

13.5%

AAA

4.1%

AA

39.8%

A

16.2%

BBB

7.7%

BB

or

Lower

3.4%

N/R

(not

rated)

15.3%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/General

20.4%

Health

Care

16.6%

Tax

Obligation/Limited

14.5%

U.S.

Guaranteed

13.8%

Utilities

13.1%

Housing/Multifamily

10.3%

Transportation

6.8%

Other

4.5%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

California

92.8%

Puerto

Rico

5.5%

Guam

1.1%

Virgin

Islands

0.5%

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

August

31,

2023

13

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

Total

Returns

as

of

August

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NCA

at

Common

Share

NAV

10/07/87

0.90%

0.89%

0.96%

3.32%

NCA

at

Common

Share

Price

10/07/87

3.05%

1.35%

1.45%

3.53%

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

S&P

Municipal

Bond

California

Index

—

1.21%

1.93%

1.42%

3.09%

14

Performance

Overview

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

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

97

.2‌

%

Other

Assets

&

Liabilities,

Net

2.8%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

5.2%

AAA

10.0%

AA

44.3%

A

20.2%

BBB

6.2%

BB

or

Lower

2.4%

N/R

(not

rated)

11.7%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Utilities

22.1%

Tax

Obligation/General

20.4%

Transportation

18.0%

Tax

Obligation/Limited

10.6%

Health

Care

10.0%

Housing/Multifamily

9.2%

U.S.

Guaranteed

6.3%

Other

3.4%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

California

96.9%

Puerto

Rico

3.1%

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

Select

Tax-Free

Income

Port-

folio

Performance

Overview

and

Holdings

Summaries

August

31,

2023

15

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

Total

Returns

as

of

August

31,

2023

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NXC

at

Common

Share

NAV

6/19/92

1.09%

1.44%

1.47%

3.70%

NXC

at

Common

Share

Price

6/19/92

(5.64)%

(2.07)%

1.77%

3.88%

S&P

Municipal

Bond

Index

—

1.22%

1.79%

1.57%

2.89%

S&P

Municipal

Bond

California

Index

—

1.21%

1.93%

1.42%

3.09%

16

Performance

Overview

and

Holdings

Summaries

August

31,

2023

(continued)

Holdings

Summaries

as

of

August

31,

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

97

.6‌

%

Other

Assets

&

Liabilities,

Net

2.4%

Net

Assets

100‌

%

Portfolio

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

10.8%

AAA

11.4%

AA

40.3%

A

20.1%

BBB

4.5%

BB

or

Lower

2.1%

N/R

(not

rated)

10.8%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Utilities

21.7%

Tax

Obligation/General

20.5%

Tax

Obligation/Limited

13.7%

Transportation

12.1%

Health

Care

11.7%

U.S.

Guaranteed

10.8%

Housing/Multifamily

8.8%

Other

0.7%

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.

Shareholder

Meeting

Report

17

The

annual

meeting

of

shareholders

was

held

on

August

9,

2023

for

NXC;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

members.

NXC

Common

Shares

Approval

of

the

Board

Members

was

reached

as

follows:

Amy

B.R.

Lancellotta

For

4,952,512

Withhold

94,570

Total

5,047,082

John

K.

Nelson

For

4,931,335

Withhold

115,747

Total

5,047,082

Terence

J.

Toth

For

4,905,755

Withhold

141,327

Total

5,047,082

Robert

L.

Young

For

4,883,564

Withhold

163,518

Total

5,047,082

18

Nuveen

California

Quality

Municipal

Income

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

166.7% (100.0%

of

Total

Investments)  

X

2,970,706,430

MUNICIPAL

BONDS

-

166.7%  (100.0%

of

Total

Investments)

X

2,970,706,430

Consumer

Staples

-

1.1%

(0.7%

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

9/23

at

100.00

$

917,960

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

2,335,937

2,120

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

2,142,536

25,000

California

Statewide

Financing

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

Pooled

Tobacco

Securitization

Program,

Series

2006A,

0.000%,

6/01/46

9/23

at

24.76

6,047,250

44,035

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2,

0.000%,

6/01/66

12/31

at

27.75

4,378,840

19,000

Silicon

Valley

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Santa

Clara

County

Tobacco

Securitization

Corporation,

Series

2007B,

0.000%,

6/01/47

10/23

at

25.58

4,552,590

Total

Consumer

Staples

20,375,113

Education

and

Civic

Organizations

-

7.6%

(4.5%

of

Total

Investments)

6,995

California

Educational

Facilities

Authority,

Revenue

Bonds,

Chapman

University,

Series

2017B,

4.000%,

4/01/47

4/27

at

100.00

6,358,105

5,725

California

Educational

Facilities

Authority,

Revenue

Bonds,

Stanford

University

Series

2016U-7,

5.000%,

6/01/46

No

Opt.

Call

6,525,126

4,385

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Series

2023,

5.000%,

11/01/53

11/33

at

100.00

4,609,205

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

679,904

1,000

4.500%,

11/01/46,

144A

11/26

at

100.00

810,300

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Taxable

Series

2019B:

1,210

5.000%,

10/01/39,

144A

10/27

at

100.00

1,150,892

2,980

5.000%,

10/01/57,

144A

10/27

at

100.00

2,599,692

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

913,540

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

3,501,890

1,650

4.000%,

12/31/47,

(AMT)

6/28

at

100.00

1,407,334

4,000

5.000%,

12/31/47,

(AMT)

6/28

at

100.00

3,951,320

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

964,100

1,550

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Camino

Nuevo

Charter

Academy

Sustainability

Series

2023A,

5.250%,

6/01/53,

144A

6/31

at

100.00

1,480,266

300

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A,

5.000%,

5/01/27,

144A

No

Opt.

Call

296,043

1,100

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Stem

Preparatory

Schools

?

Obligated

Group,

Series

2023A,

5.375%,

5/01/63,

144A

6/31

at

100.00

1,053,855

19

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Education

and

Civic

Organizations

(continued)

$

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

$

1,598,882

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

2,120,179

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

5,911,850

8,340

5.250%,

7/01/52,

144A

7/25

at

101.00

8,350,675

800

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

6.000%,

7/01/51,

144A

7/26

at

100.00

817,672

5,140

California

State

University,

Systemwide

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/01/43

11/25

at

100.00

5,266,907

10,440

California

State

University,

Systemwide

Revenue

Bonds,

Series

2018A,

5.000%,

11/01/43

11/28

at

100.00

11,095,528

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O:

8,500

5.000%,

5/15/43

5/28

at

100.00

9,033,800

10,390

4.000%,

5/15/48

5/28

at

100.00

10,160,693

17,150

5.000%,

5/15/48

5/28

at

100.00

18,046,430

University

of

California,

General

Revenue

Bonds,

Series

2018AZ:

3,930

5.000%,

5/15/38

5/28

at

100.00

4,223,060

6,775

5.000%,

5/15/48

5/28

at

100.00

7,141,053

15,385

University

of

California,

General

Revenue

Bonds,

Series

2020BE,

4.000%,

5/15/47

5/30

at

100.00

15,174,995

Total

Education

and

Civic

Organizations

135,243,296

Financials

-

0.0%

(0.0%

of

Total

Investments)

1,305

Cofina

Class

2

Trust

Tax-Exempt

Class

2054,

Puerto

Rico.

Unit

Exchanged

From

Cusip

74529JAP0,

0.000%,

8/01/54

(c)

No

Opt.

Call

269,685

Total

Financials

269,685

Health

Care

-

25.6%

(15.4%

of

Total

Investments)

9,345

ABAG

Finance

Authority

for

Nonprofit

Corporations,

California,

Revenue

Bonds,

Sharp

HealthCare,

Series

2014A,

5.000%,

8/01/43

10/23

at

100.00

9,347,243

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B:

6,365

4.000%,

11/15/41

11/26

at

100.00

6,268,252

19,795

5.000%,

11/15/46

11/26

at

100.00

20,245,732

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A:

20,215

4.000%,

11/15/48

11/27

at

100.00

19,216,379

13,110

5.000%,

11/15/48

11/27

at

100.00

13,405,630

5,890

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A,

5.000%,

11/15/38

11/27

at

100.00

6,152,812

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

7,462,182

7,810

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2013A,

4.000%,

3/01/43

9/23

at

100.00

7,065,707

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

15,004,800

7,400

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A,

5.000%,

8/15/47

8/27

at

100.00

7,405,698

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

15,195,084

30,630

5.000%,

11/15/49

11/26

at

100.00

30,888,517

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

20

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

$

31,810

4.000%,

4/01/44

4/30

at

100.00

$

28,982,091

10,855

4.000%,

4/01/45

4/30

at

100.00

9,814,983

2,815

4.000%,

4/01/49

4/30

at

100.00

2,481,535

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

22,901,004

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

6,166,844

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

2,250,293

16,375

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

16,429,201

26,330

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health,

Refunding

Series

2016A,

4.000%,

10/01/47

10/26

at

100.00

23,727,543

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

14,733,367

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A:

3,095

5.000%,

7/01/42

7/27

at

100.00

3,107,597

685

5.000%,

7/01/47

7/27

at

100.00

682,376

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

7,210

5.250%,

11/01/36

11/26

at

100.00

7,181,160

6,040

5.250%,

11/01/41

11/26

at

100.00

5,729,121

9,335

5.000%,

11/01/47

11/26

at

100.00

8,133,026

6,770

5.250%,

11/01/47

11/26

at

100.00

6,176,474

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

5,693,932

12,485

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017,

5.000%,

10/15/47

10/26

at

100.00

12,097,965

14,550

California

Public

Finance

Authority,

Revenue

Bonds,

Hoag

Memorial

Hospital

Presbyterian,

Fixed

Period

Series

2022A,

4.000%,

7/15/51

7/32

at

100.00

13,545,322

5,310

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016,

5.000%,

10/01/46

10/26

at

100.00

5,336,019

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

1,008,870

1,200

5.250%,

12/01/44

12/24

at

100.00

1,190,364

2,375

5.500%,

12/01/54

12/24

at

100.00

2,371,105

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

42,341,257

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

16,456,676

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

2,401,139

3,000

5.000%,

3/01/45

3/26

at

100.00

3,013,230

6,465

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

John

Muir

Health,

Series

2016A,

4.000%,

8/15/51

8/26

at

100.00

5,788,050

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

2,650,354

21

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

$

152

5.750%,

7/01/24

(d),(e)

10/23

at

100.00

$

152,439

166

5.750%,

7/01/30

(d),(e)

10/23

at

100.00

166,304

116

5.750%,

7/01/35

(d),(e)

10/23

at

100.00

116,420

157

5.500%,

7/01/39

(d),(e)

10/23

at

100.00

156,960

6,200

Madera

County,

California,

Certificates

of

Participation,

Valley

Children's

Hospital

Project,

Series

1995,

5.750%,

3/15/28

-

NPFG

Insured

10/23

at

100.00

6,364,610

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016:

6,250

5.000%,

11/01/36

11/26

at

100.00

6,323,750

4,500

4.000%,

11/01/39

11/26

at

100.00

3,968,460

9,000

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Series

2022P,

5.000%,

5/15/47

5/32

at

100.00

9,629,460

Total

Health

Care

456,927,337

Housing/Multifamily

-

17.3%

(10.4%

of

Total

Investments)

23,285

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

14,533,798

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

17,213,717

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

5,114,250

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

18,620,499

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

5,074,606

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

492,492

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

1,895,379

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

1,270,557

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

6,255,435

22,500

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

21,724,873

13,618

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

12,529,515

5,095

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-3,

3.250%,

8/20/36

2021

1

No

Opt.

Call

4,547,400

3,343

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

3,262,114

17,806

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

17,318,441

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

1,691,928

2,150

5.250%,

8/15/49

8/24

at

100.00

2,161,567

California

Public

Finance

Authority,

University

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Claremont

Properties

LLC

Claremont

Colleges

Project,

Refunding

Series

2023A:

1,465

5.500%,

7/01/50,

144A

7/33

at

105.00

1,438,674

1,000

6.000%,

7/01/53,

144A

7/33

at

105.00

1,011,660

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

22

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

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

$

16,778,900

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

5,945,701

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

2,573,506

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

7,823,002

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

1,280,987

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

10,545,533

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

15,049,870

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

18,429,258

5,095

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

4,308,587

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

4,759,169

3,750

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56,

144A

7/32

at

100.00

2,525,062

3,565

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

2,724,266

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

15,438,162

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

1,636,686

9,645

3.125%,

7/01/56,

144A

7/32

at

100.00

6,266,453

7,345

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56,

144A

9/31

at

100.00

5,310,362

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

315,301

12,105

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

8,934,216

4,020

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

2,814,884

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

5,760,345

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

1,620,442

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

4,007,214

23

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

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

$

13,029,184

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

13,807,959

Total

Housing/Multifamily

307,841,954

Long-Term

Care

-

0.5%

(0.3%

of

Total

Investments)

6,120

California

Municipal

Finance

Authority,

Revenue

Bonds,

HumanGood

California

Obligated

Group,

Refunding

Series

2019,

4.000%,

10/01/37

10/26

at

100.00

5,862,899

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Odd

Fellows

Home

of

California

Project,

Insured

Refunding

Series

2023A:

1,900

4.000%,

4/01/43

4/30

at

100.00

1,878,359

1,000

4.125%,

4/01/53

4/30

at

100.00

979,160

Total

Long-Term

Care

8,720,418

Tax

Obligation/General

-

28.0%

(16.8%

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

3,857,453

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

4,640,470

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2016:

4,600

5.000%,

8/01/33

8/26

at

100.00

4,831,978

8,000

5.000%,

9/01/37

9/26

at

100.00

8,368,480

3,570

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2021.

Forward

Delivery,

5.000%,

9/01/41

9/31

at

100.00

3,917,361

50

California

State,

General

Obligation

Bonds,

Series

2013,

5.000%,

2/01/29

10/23

at

100.00

50,091

California

State,

General

Obligation

Bonds,

Series

2014:

9,320

5.000%,

12/01/43

12/23

at

100.00

9,350,383

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2015:

6,700

5.000%,

8/01/32

2/25

at

100.00

6,867,969

11,000

5.000%,

8/01/34

8/25

at

100.00

11,352,660

5,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2016,

5.000%,

9/01/36

9/26

at

100.00

5,238,750

7,240

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013,

5.000%,

11/01/43

11/23

at

100.00

7,255,204

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014:

24,970

5.000%,

5/01/32

5/24

at

100.00

25,269,390

8,910

5.000%,

10/01/39

10/24

at

100.00

9,027,167

7,780

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2017,

5.000%,

11/01/47

11/27

at

100.00

8,175,924

9,500

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

10/01/47

4/26

at

100.00

9,796,020

5,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2019,

5.000%,

4/01/49

4/29

at

100.00

5,294,250

1,770

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

4.000%,

11/01/45

11/25

at

100.00

1,750,512

2,650

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

2,720,172

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

5,227,524

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

6,328,636

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

4,824,500

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

24

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

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

$

11,981,250

18,500

Grossmont

Healthcare

District,

California,

General

Obligation

Bonds,

Refunding

Series

2015D,

4.000%,

7/15/40

7/25

at

100.00

17,839,920

6,185

Grossmont-Cuyamaca

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2018,

4.000%,

8/01/47

8/28

at

100.00

6,030,994

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

5,429,336

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

2,898,810

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

5,174,391

5,630

Lake

Tahoe

Unified

School

District,

El

Dorado

County,

California,

General

Obligation

Bonds,

Series

2010,

0.000%,

8/01/45

-

AGM

Insured

(f)

No

Opt.

Call

4,304,642

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

4,091,148

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

1,285,321

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

3,037,411

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

9,792,300

7,500

4.000%,

8/01/45

8/25

at

100.00

7,188,975

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

3,578,275

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

6,715,576

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

9,405,919

1,815

Orland

Joint

Unified

School

District,

Glenn

and

Tehama

Counties,

California,

General

Obligation

Bonds,

2008

Election,

Series

2012B,

0.000%,

8/01/51

(f)

8/37

at

100.00

1,248,303

10,330

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Convertible

Capital

Appreciation,

Election

2004

Series

2010A,

0.000%,

8/01/35

No

Opt.

Call

6,272,169

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

5,963,900

7,350

Pleasant

Valley

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Refunding

Series

B,

4.000%,

8/01/46

8/29

at

100.00

7,133,984

16,736

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/41

7/31

at

103.00

14,472,456

28,000

San

Bernardino

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2008

Series

2009B,

0.000%,

8/01/44

No

Opt.

Call

10,208,800

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

7,454,475

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

9,117,499

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

5,567,730

1,220

San

Mateo

Union

High

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

2010

Series

2011A,

0.000%,

7/01/51

(f)

9/41

at

100.00

828,246

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

4,309,338

25

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

810

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

$

827,042

4,175

Southwestern

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2002,

Series

2004,

0.000%,

8/01/25

-

FGIC

Insured

No

Opt.

Call

3,910,806

5,530

Stockton

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2008

Series

2011D,

0.000%,

8/01/50

-

AGM

Insured

(f)

8/37

at

100.00

5,721,172

26,000

Sylvan

Union

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Election

of

2006,

Series

2010,

0.000%,

8/01/49

-

AGM

Insured

(f)

No

Opt.

Call

20,235,540

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

4,818,542

4,830

5.500%,

8/01/40

8/24

at

100.00

4,903,754

20,510

5.000%,

8/01/43

8/24

at

100.00

20,674,695

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

4,425,203

3,500

5.500%,

8/01/40

8/24

at

100.00

3,553,445

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

7,514,419

140,160

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(f)

No

Opt.

Call

106,309,958

Total

Tax

Obligation/General

498,370,638

Tax

Obligation/Limited

-

19.9%

(11.9%

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

1,704,581

1,655

Bell

Community

Housing

Authority,

California,

Lease

Revenue

Bonds,

Series

2005,

5.000%,

10/01/36

-

AMBAC

Insured

10/23

at

100.00

1,660,412

745

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003,

5.500%,

10/01/23

-

RAAI

Insured

9/23

at

100.00

746,475

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

1,276,104

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Series

2013G:

10,690

5.250%,

9/01/30

10/23

at

100.00

10,708,707

18,135

5.250%,

9/01/32

10/23

at

100.00

18,164,016

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F:

8,685

5.250%,

9/01/31

10/23

at

100.00

8,699,765

1,450

5.250%,

9/01/33

10/23

at

100.00

1,452,218

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

10,674,981

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

17,664,101

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

9,967,114

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

13,712,660

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

26

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

$

566,211

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

9,000

5.000%,

11/15/29

11/25

at

100.00

9,086,760

11,000

5.000%,

11/15/39

11/25

at

100.00

10,760,310

Jurupa

Public

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2014A:

530

5.000%,

9/01/29

9/24

at

100.00

538,687

1,900

5.000%,

9/01/30

9/24

at

100.00

1,930,400

1,220

5.000%,

9/01/31

9/24

at

100.00

1,238,922

1,955

Jurupa

Public

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2015A,

5.000%,

9/01/43

9/25

at

100.00

2,012,927

810

Lake

Elsinore

Public

Financing

Authority,

California,

Local

Agency

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

9/01/40

9/25

at

100.00

817,808

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

1,006,240

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

5,354,805

5,620

5.000%,

6/01/37

6/26

at

100.00

5,858,569

10,455

5.000%,

6/01/38

6/26

at

100.00

10,889,614

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

22,028,864

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

4,189,716

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

9,830,197

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

2,126,300

1,835

Modesto,

California,

Special

Tax

Bonds,

Community

Faclities

District

2004-

1

Village

One

2,

Refunding

Series

2014,

5.000%,

9/01/31

9/24

at

100.00

1,862,543

1,000

Norco

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

1,

Series

2009,

7.000%,

3/01/34

10/23

at

100.00

1,003,000

6,815

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

7,052,843

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

6,518,389

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

3,046,670

91,462

5.000%,

7/01/58

7/28

at

100.00

88,754,725

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

43

4.536%,

7/01/53

7/28

at

100.00

38,917

8,185

4.784%,

7/01/58

7/28

at

100.00

7,672,537

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

3,558,835

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

796,133

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

5,291,650

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

04-2

Lake

Hill

Crest,

Series

2012:

$

990

5.000%,

9/01/29

3/24

at

100.00

$

996,099

2,615

5.000%,

9/01/35

3/24

at

100.00

2,627,421

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-8

Scott

Road,

Series

2013:

555

5.000%,

9/01/30

10/23

at

100.00

555,433

710

5.000%,

9/01/42

10/23

at

100.00

710,121

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westpark,

Refunding

Series

2015:

385

5.000%,

9/01/31

9/25

at

100.00

393,305

575

5.000%,

9/01/37

9/25

at

100.00

582,078

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

3,087,667

San

Buenaventura

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Project

Areas,

Series

2008:

840

7.750%,

8/01/28

10/23

at

100.00

842,797

1,325

8.000%,

8/01/38

10/23

at

100.00

1,329,571

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

622,091

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

10/23

at

100.00

256,851

1,775

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

1,782,402

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

5,132,300

785

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

10/23

at

100.00

786,774

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

2,568,000

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017:

960

5.500%,

9/01/27,

144A

No

Opt.

Call

993,859

1,435

5.750%,

9/01/32,

144A

9/27

at

100.00

1,530,442

5,520

6.250%,

9/01/47,

144A

9/27

at

100.00

5,736,936

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

10/23

at

100.00

1,351,040

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A:

4,125

5.000%,

10/01/45

4/30

at

100.00

4,167,240

7,285

5.000%,

10/01/49

4/30

at

100.00

7,314,286

1,620

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

10/23

at

100.00

1,620,632

Total

Tax

Obligation/Limited

355,251,051

Transportation

-

22.0%

(13.2%

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

10,064,200

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

7,678,668

1,200

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2015D,

5.000%,

5/15/42

5/25

at

100.00

1,225,032

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

28

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2019A:

$

1,000

5.000%,

5/15/44

5/29

at

100.00

$

1,062,340

7,500

5.000%,

5/15/49

5/29

at

100.00

7,916,475

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

3,570,617

4,000

3.250%,

5/15/49,

(AMT)

5/32

at

100.00

3,002,280

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

13,995,600

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

3,251,460

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

2,652,416

2,000

5.000%,

5/15/36,

(AMT)

5/25

at

100.00

2,030,140

24,920

5.000%,

5/15/41,

(AMT)

5/25

at

100.00

25,160,478

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

5,061,654

5,080

5.000%,

5/15/52,

(AMT)

11/31

at

100.00

5,221,376

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

1,032,470

24,405

5.000%,

5/15/46,

(AMT)

5/26

at

100.00

24,683,217

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

3,369,514

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

5,116,500

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

5,823,424

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

1,009,969

22,230

5.000%,

5/15/46,

(AMT)

11/31

at

100.00

23,009,384

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

4,321,491

1,865

Los

Angeles

Harbors

Department,

California,

Revenue

Bonds,

Series

2014C,

5.000%,

8/01/36

8/24

at

100.00

1,887,548

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

4,318,539

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

7,219,280

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

3,982,716

1,250

5.000%,

7/01/36

7/29

at

100.00

1,366,175

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

5,602,560

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

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

$

26,105,173

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A:

3,040

5.000%,

5/01/38,

(AMT)

5/29

at

100.00

3,169,656

2,000

5.000%,

5/01/44,

(AMT)

5/29

at

100.00

2,055,060

42,645

5.000%,

5/01/49,

(AMT)

5/29

at

100.00

43,553,765

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

9,225,720

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

22,972,695

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

11,076,596

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

24,273,733

18,100

5.000%,

5/01/48,

(AMT)

5/28

at

100.00

18,293,489

10,500

5.250%,

5/01/48,

(AMT)

5/28

at

100.00

10,791,375

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

5,078,360

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

7,850,879

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

15,730,496

6,250

San

Jose,

California,

Airport

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

3/01/47,

(AMT)

3/27

at

100.00

6,302,187

Total

Transportation

391,114,707

U.S.

Guaranteed

-

19.7%

(11.8%

of

Total

Investments)

(g)

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

19,890,768

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

10,635,345

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

1,333,522

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

13,701,229

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

16,964,512

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

22,555,381

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

1,001,130

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

19,935,570

California

State,

General

Obligation

Bonds,

Series

2014:

925

5.000%,

12/01/43,

(Pre-refunded

12/01/23)

12/23

at

100.00

928,839

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

5,629,250

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

30

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(g)

(continued)

$

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

$

2,712,987

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

7,872,450

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

20,962,923

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

46,179,544

45,725

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

46,205,113

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

1,852,990

1,460

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

1,511,377

86,320

5.000%,

6/01/45,

(Pre-refunded

6/01/25)

6/25

at

100.00

89,357,601

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

60,683

70

5.000%,

5/15/46,

(Pre-refunded

11/15/31),

(AMT)

11/31

at

100.00

77,233

5,840

Orange

County

Water

District,

California,

Revenue

Certificates

of

Participation,

Series

1999A,

5.375%,

8/15/29,

(ETM)

No

Opt.

Call

6,415,123

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

1,057,637

2,000

Puerto

Rico

Public

Finance

Corporation,

Commonwealth

Appropriation

Bonds,

Series

2002E,

6.000%,

8/01/26,

(ETM)

No

Opt.

Call

2,139,500

1,460

Rohnert

Park

Community

Development

Commission,

California,

Tax

Allocation

Bonds,

Redevelopment

Project

Series

2007R,

5.000%,

8/01/37

-

FGIC

Insured,

(ETM)

10/23

at

100.00

1,522,123

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

4,512,140

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

5,057,550

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

1,661,936

Total

U.S.

Guaranteed

351,734,456

Utilities

-

25.0%

(15.0%

of

Total

Investments)

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

9,788,800

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

5,257,800

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

1/24

at

100.00

3,924,411

69,535

5.000%,

11/21/45,

(AMT),

144A

1/24

at

100.00

67,889,107

85

California

Statewide

Community

Development

Authority,

Water

and

Wastewater

Revenue

Bonds,

Pooled

Financing

Program,

Series

2004A,

5.250%,

10/01/24

-

AGM

Insured

10/23

at

100.00

85,133

31

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

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

$

5,234,150

2,200

5.000%,

6/01/45

6/27

at

100.00

2,296,734

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

10,067,200

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A:

14,140

5.000%,

11/15/35

No

Opt.

Call

14,708,287

7,610

5.500%,

11/15/37

No

Opt.

Call

8,126,262

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

4,015,040

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

24,287,352

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

10,241,700

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

46,030,041

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

13,689,433

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

9,476,504

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

9,849,818

26,625

5.000%,

7/01/50

7/30

at

100.00

28,249,657

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022A:

4,000

5.000%,

7/01/46

7/31

at

100.00

4,297,160

5,105

5.000%,

7/01/51

7/31

at

100.00

5,450,608

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

3,373,530

2,325

5.000%,

7/01/41

1/32

at

100.00

2,576,844

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

10,719,200

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

6,933,631

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

45,319,038

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

6,969,532

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

2,245,900

3,000

5.000%,

7/01/38

7/30

at

100.00

3,333,870

5,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Subordinate

Series

2018A,

5.000%,

6/01/43

6/28

at

100.00

5,311,900

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A:

1,245

5.000%,

6/01/34

9/23

at

100.00

1,245,909

6,840

5.000%,

6/01/35

9/23

at

100.00

6,844,651

5,025

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Series

2020C,

5.000%,

7/01/38

7/30

at

100.00

5,544,786

6,500

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Series

2023A,

5.000%,

4/01/53

4/33

at

100.00

7,028,450

7,525

Moulton

Niguel

Water

District,

California,

Certificates

of

Participation,

Series

2019,

3.000%,

9/01/44

3/29

at

100.00

5,883,647

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

7,506,829

Nuveen

California

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

32

NAC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

4,415

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

$

4,242,373

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

3,144,110

18,180

Sacramento

Municipal

Utility

District,

California,

Electric

Revenue

Bonds,

Series

2020H,

5.000%,

8/15/50

8/30

at

100.00

19,464,599

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

4,183,920

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

2,737,504

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

1,582,810

1,500

5.000%,

7/01/38

7/24

at

100.00

1,513,665

4,000

Southern

California

Public

Power

Authority,

Natural

Gas

Project

1

Revenue

Bonds,

Series

2007A,

5.000%,

11/01/33

No

Opt.

Call

4,185,880

Total

Utilities

444,857,775

Total

Municipal

Bonds

(cost

$3,011,305,404)

2,970,706,430

Total

Long-Term

Investments

(cost

$3,011,305,404)

2,970,706,430

MFP

Shares,

Net

-

(18.0)%

(h)

(

319,873,569

)

VRDP

Shares,

Net

-

(50.8)%

(i)

(

905,331,235

)

Other

Assets

&

Liabilities,

Net

-

2.1%

36,223,958

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,781,725,584

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

(c)

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.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

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.

(g)

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.

(h)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

10.8%.

(i)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

30.5%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

See

Notes

to

Financial

Statements

33

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

165.7% (97.8%

of

Total

Investments)  

X

1,006,881,020

MUNICIPAL

BONDS

-

165.7%  (97.8%

of

Total

Investments)

X

1,006,881,020

Consumer

Staples

-

0.3%

(0.2%

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

$

213,183

14,700

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2,

0.000%,

6/01/66

12/31

at

27.75

1,461,768

Total

Consumer

Staples

1,674,951

Education

and

Civic

Organizations

-

6.9%

(4.1%

of

Total

Investments)

1,515

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Series

2023,

5.000%,

11/01/53

11/33

at

100.00

1,592,462

700

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Academy

for

Academic

Excellence

Project,

Series

2020A,

5.000%,

7/01/50,

144A

7/27

at

100.00

637,476

1,000

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Taxable

Series

2019B,

5.000%,

10/01/39,

144A

10/27

at

100.00

951,150

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

908,972

1,560

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2012A,

6.875%,

1/01/42,

144A

10/23

at

100.00

1,477,180

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

964,100

1,000

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Camino

Nuevo

Charter

Academy

Sustainability

Series

2023A,

5.000%,

6/01/43,

144A

6/31

at

100.00

953,420

555

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Stem

Preparatory

Schools

?

Obligated

Group,

Series

2023A,

5.125%,

6/01/53,

144A

6/31

at

100.00

526,168

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

628,663

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

739,597

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

4,856,690

280

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

5.750%,

7/01/41,

144A

7/26

at

100.00

286,339

8,290

California

State

University,

Systemwide

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/01/43

11/25

at

100.00

8,494,680

7,710

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

8,050,705

10,000

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O,

5.000%,

5/15/43

5/28

at

100.00

10,628,000

Total

Education

and

Civic

Organizations

41,695,602

Health

Care

-

28.1%

(16.6%

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

13,092,916

15,875

5.000%,

11/15/46

11/26

at

100.00

16,236,474

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

August

31,

2023

34

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

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

$

9,506,000

5,375

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Refunding

Series

2016A,

4.000%,

3/01/39

3/26

at

100.00

5,038,848

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

7,545,979

12,165

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A,

5.000%,

8/15/47

8/27

at

100.00

12,174,367

1,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2012A,

5.000%,

11/15/35

10/23

at

100.00

998,500

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

2,677,991

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

3,390

4.000%,

4/01/44

4/30

at

100.00

3,088,629

1,055

4.000%,

4/01/49

4/30

at

100.00

930,025

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

7,128,525

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

2,545,528

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

795

5.000%,

10/01/38

10/24

at

100.00

802,234

6,760

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

6,782,376

15,660

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health,

Refunding

Series

2016A,

4.000%,

10/01/47

10/26

at

100.00

14,112,166

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

5,002,153

4,615

4.000%,

2/01/51

2/32

at

100.00

4,037,802

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A:

2,000

5.000%,

7/01/42

7/27

at

100.00

2,008,140

250

5.000%,

7/01/47

7/27

at

100.00

249,042

1,750

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2015,

5.000%,

11/01/44

11/24

at

100.00

1,575,997

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

2,690

5.250%,

11/01/36

11/26

at

100.00

2,679,240

1,000

5.000%,

11/01/47

11/26

at

100.00

871,240

3,200

5.250%,

11/01/47

11/26

at

100.00

2,919,456

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

1,981,659

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017:

500

5.000%,

10/15/37

10/26

at

100.00

504,175

13,615

5.000%,

10/15/47

10/26

at

100.00

13,192,935

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

1,105,390

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

1,190,364

4,000

5.500%,

12/01/54

12/24

at

100.00

3,993,440

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

14,420,289

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

2,000

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

$

2,001,420

1,940

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Marin

General

Hospital,

Green

Series

2018A,

4.000%,

8/01/45

9/23

at

100.00

1,640,891

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

904,868

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

11

5.750%,

7/01/24

(c),(d)

10/23

at

100.00

10,550

64

5.750%,

7/01/30

(c),(d)

10/23

at

100.00

63,899

2

5.750%,

7/01/35

(c),(d)

10/23

at

100.00

1,582

8,895

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

11/01/39

11/26

at

100.00

7,844,323

Total

Health

Care

170,859,413

Housing/Multifamily

-

17.5%

(10.3%

of

Total

Investments)

8,680

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56,

144A

8/31

at

100.00

5,417,796

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

5,904,297

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

1,022,850

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

2,831,325

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

3,441,399

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

171,626

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

1,541,696

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

458,685

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

3,922,550

7,663

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

7,399,084

6,339

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

5,832,323

1,141

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

1,113,340

6,095

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

5,928,179

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

261,846

705

5.250%,

8/15/49

8/24

at

100.00

708,793

160

California

Public

Finance

Authority,

University

Housing

Revenue

Bonds,

National

Campus

Community

Development

-

Claremont

Properties

LLC

Claremont

Colleges

Project,

Refunding

Series

2023A,

5.250%,

7/01/40,

144A

7/33

at

105.00

157,530

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

5,796,668

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

August

31,

2023

36

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

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

$

2,021,243

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

1,135,023

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

2,705,087

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

443,132

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

5,011,375

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

5,186,699

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

6,342,131

1,275

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56,

144A

7/32

at

100.00

858,521

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

4,853,112

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

568,961

3,340

3.125%,

7/01/56,

144A

7/32

at

100.00

2,170,031

2,485

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56,

144A

9/31

at

100.00

1,796,630

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

108,604

4,100

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56,

144A

8/31

at

100.00

3,026,046

1,360

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

952,299

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

365,368

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

1,952,416

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

1,388,465

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

4,518,792

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

4,748,217

3,285

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,  Rancho

Vallecitos

Mobile

Home

Park,

Series

2013,

5.000%,

4/15/38

10/23

at

100.00

3,286,347

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

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

$

671,454

185

5.000%,

6/15/49

6/24

at

100.00

185,270

Total

Housing/Multifamily

106,205,210

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

10/23

at

100.00

1,227,781

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

1,332,461

Total

Long-Term

Care

2,560,242

Tax

Obligation/General

-

34.6%

(20.4%

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

2,320,235

1,600

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2016,

5.000%,

8/01/33

8/26

at

100.00

1,680,688

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

13,995,670

California

State,

General

Obligation

Bonds,

Series

2014:

8,190

5.000%,

12/01/43

12/23

at

100.00

8,216,699

5,520

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013,

5.000%,

11/01/43

11/23

at

100.00

5,531,592

2,460

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014,

5.000%,

10/01/39

10/24

at

100.00

2,492,349

5,390

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2015,

5.000%,

8/01/45

8/25

at

100.00

5,523,025

10,995

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018,

5.000%,

10/01/47

4/26

at

100.00

11,337,604

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

5,279,050

2,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

5.000%,

11/01/36

11/30

at

100.00

2,225,580

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

1,975,920

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

2,108,400

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

8,098,310

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

4,389,120

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

9,383,715

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

1,704,645

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

1,437,795

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

4,711,230

16,744

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/41

7/31

at

103.00

14,479,374

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

9,109,113

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

August

31,

2023

38

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

$

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

$

3,176,178

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

(e)

No

Opt.

Call

2,467,935

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

1,316,851

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

4,478,400

Stockton

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2008

Series

2011D:

23,280

0.000%,

8/01/47

-

AGC

Insured

(e)

8/37

at

100.00

24,075,477

38,845

0.000%,

8/01/50

-

AGM

Insured

(e)

8/37

at

100.00

40,187,872

15,780

Sylvan

Union

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Election

of

2006,

Series

2010,

0.000%,

8/01/49

-

AGM

Insured

(e)

No

Opt.

Call

12,281,416

8,345

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(e)

No

Opt.

Call

6,329,599

Total

Tax

Obligation/General

210,313,842

Tax

Obligation/Limited

-

24.6%

(14.5%

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

10/23

at

100.00

1,002,940

3,605

Brea

and

Olinda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation

Refunding,

Series

2002A,

5.125%,

8/01/26

-

AGM

Insured

10/23

at

100.00

3,607,848

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

10/23

at

100.00

1,782,456

1,865

5.000%,

12/01/24

-

AMBAC

Insured

10/23

at

100.00

1,867,313

7,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F,

5.250%,

9/01/31

10/23

at

100.00

7,011,900

2,065

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Education,

Riverside

Campus

Project,

Series

2012H,

5.000%,

4/01/31

10/23

at

100.00

2,067,912

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

20,644,505

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

10/23

at

100.00

4,528,257

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

192,200

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

7,610

5.000%,

11/15/30

11/25

at

100.00

7,677,881

4,000

5.000%,

11/15/39

11/25

at

100.00

3,912,840

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

1,120,700

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

1,006,240

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

15,623,550

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

3,420,928

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

$

4,098,443

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

1,871,135

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

10/23

at

100.00

1,926,944

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

4,000

0.000%,

7/01/46

7/28

at

41.38

1,114,080

32,445

0.000%,

7/01/51

7/28

at

30.01

6,705,733

22,539

5.000%,

7/01/58

7/28

at

100.00

21,871,845

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

1,482

4.536%,

7/01/53

7/28

at

100.00

1,341,270

3,175

4.784%,

7/01/58

7/28

at

100.00

2,976,213

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

2,336,991

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-8

Scott

Road,

Series

2013:

660

5.000%,

9/01/32

10/23

at

100.00

660,515

1,775

5.000%,

9/01/42

10/23

at

100.00

1,775,302

400

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westpark,

Refunding

Series

2015,

5.000%,

9/01/33

9/25

at

100.00

408,348

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

6,433,846

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

212,421

935

San

Diego

Redevelopment

Agency,

California,

Subordinate

Lien

Tax

Increment

and

Parking

Revenue

Bonds,

Centre

City

Project,

Series

2003B,

5.250%,

9/01/26

10/23

at

100.00

936,216

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

10/23

at

100.00

382,759

595

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

597,481

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

2,615,895

30

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

10/23

at

100.00

30,068

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

3,769,812

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

2,256,025

990

6.250%,

9/01/47,

144A

9/27

at

100.00

1,028,907

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A:

635

5.000%,

10/01/45

4/30

at

100.00

641,502

2,540

5.000%,

10/01/49

4/30

at

100.00

2,550,211

4,500

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

10/23

at

100.00

4,501,755

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

August

31,

2023

40

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

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

$

357,703

790

5.250%,

9/01/45

9/25

at

100.00

796,573

Total

Tax

Obligation/Limited

149,665,463

Transportation

-

11.5%

(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

155,577

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

4,246,800

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

2,801,280

4,230

4.000%,

7/01/56

7/31

at

100.00

3,882,167

5,770

5.000%,

7/01/56

7/31

at

100.00

6,078,464

44,650

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47,

(UB)

(f)

5/27

at

100.00

46,125,683

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

4,648,738

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

1,880,860

Total

Transportation

69,819,569

U.S.

Guaranteed

-

23.4%

(13.8%

of

Total

Investments)

(g)

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

3,115,020

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

446,237

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

2,170,070

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

19,240,367

7,500

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

7,829,775

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

621,566

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

2,452,050

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

3,183,540

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

2,008,920

8,000

6.000%,

11/15/48,

(Pre-refunded

11/15/23)

11/23

at

100.00

8,041,120

California

State,

General

Obligation

Bonds,

Series

2014:

810

5.000%,

12/01/43,

(Pre-refunded

12/01/23)

12/23

at

100.00

813,361

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

6,827,490

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(g)

(continued)

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

$

15,029,682

14,885

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

15,041,293

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

47,437,581

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

2,917,097

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

5,084,300

Total

U.S.

Guaranteed

142,259,469

Utilities

-

18.4%

(10.9%

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

9,730,067

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

5,257,800

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

3,686,650

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A:

2,490

5.000%,

11/15/35

No

Opt.

Call

2,590,073

1,835

5.500%,

11/15/37

No

Opt.

Call

1,959,487

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

8,031,879

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

6,228,111

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

3,772,662

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

5,506,694

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

3,222,870

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

1,252,079

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

5,240,250

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

9,168,142

9,500

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Series

2015C,

5.000%,

6/01/45

6/25

at

100.00

9,679,835

5,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Subordinate

Series

2018A,

5.000%,

6/01/43

6/28

at

100.00

5,311,900

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A:

2,000

5.000%,

6/01/34

9/23

at

100.00

2,001,460

3,500

5.000%,

6/01/35

9/23

at

100.00

3,502,380

3,500

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Series

2023A,

5.000%,

4/01/53

4/33

at

100.00

3,784,550

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

1,055,500

8,660

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

8,321,394

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(contin-

ued)

Portfolio

of

Investments

August

31,

2023

42

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

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

$

4,183,920

5,000

South

Coast

Water

District

Financing

Authority,

California,

Revenue

Bonds,

Series

2019A,

5.000%,

2/01/44

2/29

at

100.00

5,335,550

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

3,004,006

Total

Utilities

111,827,259

Total

Municipal

Bonds

(cost

$1,006,465,949)

1,006,881,020

Total

Long-Term

Investments

(cost

$1,006,465,949)

1,006,881,020

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 3.8%(2.2%

of

Total

Investments)  

X

22,800,000

MUNICIPAL

BONDS

-

3.8%  (2.2%

of

Total

Investments)

X

22,800,000

Utilities

-

3.8%

(2.2%

of

Total

Investments)

$

22,800

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Variable

Rate

Demand

Obligations

Series

2001B-2,

2.250%,

7/01/34,

(Mandatory

Put

9/15/23)

(h)

10/23

at

100.00

$

22,800,000

Total

Utilities

22,800,000

Total

Municipal

Bonds

(cost

$22,800,000)

22,800,000

Total

Short-Term

Investments

(cost

$22,800,000)

22,800,000

Total

Investments

(cost

$1,029,265,949)

-

169.5%

1,029,681,020

Floating

Rate

Obligations

-

(5.5)%  

(

33,485,000

)

MFP

Shares,

Net

-

(23.0)%

(i)

(

140,032,372

)

VRDP

Shares,

Net

-

(42.1)%

(j)

(

255,660,415

)

Other

Assets

&

Liabilities,

Net

-

1.1%

7,103,540

Net

Assets

Applicable

to

Common

Shares

-

100%

$

607,606,773

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

(c)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

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.

(f)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(g)

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.

(h)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

(i)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

13.6%.

(j)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

24.8%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

See

Notes

to

Financial

Statements

43

Nuveen

California

Municipal

Value

Fund

Portfolio

of

Investments

August

31,

2023

(Unaudited)

NCA

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.2% (100.0%

of

Total

Investments)  

X

293,970,541

MUNICIPAL

BONDS

-

97.2%  (100.0%

of

Total

Investments)

X

293,970,541

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

$

63,501

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

10/23

at

37.23

1,738,998

Total

Consumer

Staples

1,802,499

Education

and

Civic

Organizations

-

2.5%

(2.6%

of

Total

Investments)

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

1,000,540

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

216,949

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

1,426,824

3,780

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

3,947,038

1,070

University

of

California,

General

Revenue

Bonds,

Series

2018AZ,

5.000%,

5/15/38

5/28

at

100.00

1,149,790

Total

Education

and

Civic

Organizations

7,741,141

Health

Care

-

9.7%

(10.0%

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

4,198,471

1,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A,

5.000%,

11/15/36

11/27

at

100.00

1,052,730

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

1,869,110

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A:

1,815

4.000%,

4/01/44

4/30

at

100.00

1,653,647

3,830

4.000%,

4/01/49

4/30

at

100.00

3,376,298

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

631,331

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

240

5.000%,

10/01/38

10/24

at

100.00

242,184

840

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

842,780

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

1,456,496

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A:

2,000

4.000%,

7/01/47

7/27

at

100.00

1,684,520

120

5.000%,

7/01/47

7/27

at

100.00

119,540

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

100

5.250%,

11/01/41

11/26

at

100.00

94,853

1,090

5.000%,

11/01/47

11/26

at

100.00

949,652

400

5.250%,

11/01/47

11/26

at

100.00

364,932

520

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

555,506

Nuveen

California

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

44

NCA

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

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

$

1,004,900

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

151,330

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

5,674,198

1,000

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

1,000,710

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

262,358

2,000

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Series

2022P,

5.000%,

5/15/47

5/32

at

100.00

2,139,880

Total

Health

Care

29,325,426

Housing/Multifamily

-

9.0%

(9.2%

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

1,357,570

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

1,708,112

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

1,119,911

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

583,288

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

920,767

2,152

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

2,078,242

1,841

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

1,694,256

324

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

316,131

1,787

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

1,738,156

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

80,568

215

5.250%,

8/15/49

8/24

at

100.00

216,157

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

1,639,034

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

590,144

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

98,526

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

768,027

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

130,333

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

1,196,685

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

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

$

1,471,951

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

1,803,117

370

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56,

144A

7/32

at

100.00

249,139

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

1,369,830

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

162,560

950

3.125%,

7/01/56,

144A

7/32

at

100.00

617,225

405

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56,

144A

9/31

at

100.00

292,811

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

649,493

530

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

371,117

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

365,368

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

570,651

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

393,691

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

1,277,186

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

1,355,702

Total

Housing/Multifamily

27,185,748

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

10/23

at

100.00

546,237

Total

Long-Term

Care

546,237

Tax

Obligation/General

-

19.8%

(20.4%

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

3,301,360

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

393,705

5

California

State,

General

Obligation

Bonds,

Series

2013,

5.000%,

2/01/29

10/23

at

100.00

5,009

3,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2015,

5.000%,

8/01/34

8/25

at

100.00

3,096,180

2,240

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2013,

5.000%,

11/01/43

11/23

at

100.00

2,244,704

Nuveen

California

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

46

NCA

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014:

$

5,000

5.000%,

5/01/32

5/24

at

100.00

$

5,059,950

1,970

5.000%,

10/01/39

10/24

at

100.00

1,995,906

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

2,111,620

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

2,135,385

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

2,963,880

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

1,043,770

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

5,271,000

690

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

2008

Election

Series

2017J,

4.000%,

8/01/41

8/27

at

100.00

681,858

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

1,958,460

519

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/41

7/31

at

103.00

448,805

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

882,210

11,875

San

Mateo

Union

High

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

2010

Series

2011A,

0.000%,

9/01/41

(c)

9/36

at

100.00

11,265,694

19,860

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

(c)

No

Opt.

Call

15,063,611

Total

Tax

Obligation/General

59,923,107

Tax

Obligation/Limited

-

10.3%

(10.6%

of

Total

Investments)

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003:

665

5.500%,

10/01/23

-

RAAI

Insured

9/23

at

100.00

666,317

1,000

5.625%,

10/01/33

-

RAAI

Insured

10/23

at

100.00

1,002,940

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

1,063,420

1,500

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F,

5.250%,

9/01/33

10/23

at

100.00

1,502,295

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

1,267,812

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

57,141

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

4,166,280

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

2,412,102

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

1,063,150

700

Los

Angeles

Unified

School

District,

California,

Certificates

of

Participation,

Sustainability

Green

Series

2023A,

5.000%,

10/01/24

No

Opt.

Call

712,159

47

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

4,953

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

5.000%,

7/01/58

7/28

at

100.00

$

4,806,391

2,095

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.784%,

7/01/58

7/28

at

100.00

1,963,832

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

676,213

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

70,807

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

150,626

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

5,132,300

80

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

10/23

at

100.00

80,181

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

1,047,170

765

5.000%,

9/01/43

9/25

at

103.00

772,879

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

207,969

2,185

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A,

5.000%,

10/01/45

4/30

at

100.00

2,207,374

Total

Tax

Obligation/Limited

31,029,358

Transportation

-

17.5%

(18.0%

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

222,212

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

1,950,602

2,580

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2019A,

5.000%,

5/15/44

5/29

at

100.00

2,740,837

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

10,602,262

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

2,835,540

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

1,537,454

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

2,871,312

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

4,413,150

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

14,018,488

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

6,627,142

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

4,234,797

Nuveen

California

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

48

NCA

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

$

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

$

617,665

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

252,950

Total

Transportation

52,924,411

U.S.

Guaranteed

-

6.1%

(6.3%

of

Total

Investments)

(d)

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

1,679,265

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

295,762

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

845,689

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

188,508

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

3,321,493

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

2,240,428

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

4,922,385

4,875

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

4,926,188

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

103,519

80

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

82,815

Total

U.S.

Guaranteed

18,606,052

Utilities

-

21.5%

(22.1%

of

Total

Investments)

850

California

Infrastructure

and

Economic

Development

Bank.

Clean

Water

State

Revolving

Fund

Revenue

Bonds,

Green

Series

2018,

5.000%,

10/01/43

4/28

at

100.00

899,810

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

1/24

at

100.00

1,374,794

3,750

5.000%,

11/21/45,

(AMT),

144A

1/24

at

100.00

3,661,237

1,500

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authoriity

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

7/01/39,

144A

1/29

at

100.00

1,522,275

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

4,488,120

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

2,083,380

1,800

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.500%,

11/15/37

No

Opt.

Call

1,922,112

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

1,032,260

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

864,851

49

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

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

$

2,555,611

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

2,077,696

7,190

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022A,

5.000%,

7/01/51

7/31

at

100.00

7,676,763

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

4,477,145

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

1,608,450

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

2,807,375

6,000

5.000%,

7/01/38

7/30

at

100.00

6,667,740

1,400

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Subordinate

Series

2018A,

5.000%,

6/01/38

6/28

at

100.00

1,500,016

1,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C,

6.500%,

11/01/39

No

Opt.

Call

1,188,240

2,000

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

1,921,800

5,775

Riverside,

California,

Sewer

Revenue

Bonds,

Refunding

Series

2018A,

5.000%,

8/01/39

8/28

at

100.00

6,171,627

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

2,819,840

3,000

5.000%,

8/01/37

8/26

at

100.00

3,137,940

2,400

Southern

California

Public

Power

Authority,

Natural

Gas

Project

1

Revenue

Bonds,

Series

2007A,

5.250%,

11/01/24

No

Opt.

Call

2,427,480

Total

Utilities

64,886,562

Total

Municipal

Bonds

(cost

$295,082,115)

293,970,541

Total

Long-Term

Investments

(cost

$295,082,115)

293,970,541

Other

Assets

&

Liabilities,

Net

-

2.8%

8,324,763

Net

Assets

Applicable

to

Common

Shares

-

100%

$

302,295,304

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

(c)

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.

(d)

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

50

Nuveen

California

Select

Tax-Free

Income

Portfolio

Portfolio

of

Investments

August

31,

2023

(Unaudited)

NXC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.6% (100.0%

of

Total

Investments)  

X

84,456,117

MUNICIPAL

BONDS

-

97.6%  (100.0%

of

Total

Investments)

X

84,456,117

Consumer

Staples

-

0.2%

(0.2%

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

$

18,143

1,265

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2,

0.000%,

6/01/66

12/31

at

27.75

125,792

Total

Consumer

Staples

143,935

Education

and

Civic

Organizations

-

0.5%

(0.5%

of

Total

Investments)

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

59,168

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

379,660

Total

Education

and

Civic

Organizations

438,828

Health

Care

-

11.4%

(11.7%

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

2,648,974

1,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Refunding

Series

2016A,

4.000%,

3/01/39

3/26

at

100.00

937,460

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

1,133,348

1,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A,

4.000%,

4/01/49

4/30

at

100.00

881,540

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

1,342,259

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

116,165

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

70

5.000%,

10/01/38

10/24

at

100.00

70,637

255

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

255,844

450

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

System,

Series

2021A,

4.000%,

2/01/51

-

AGM

Insured

2/32

at

100.00

409,639

35

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A,

5.000%,

7/01/47

7/27

at

100.00

34,866

130

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A,

5.250%,

11/01/41

11/26

at

100.00

123,309

150

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A,

5.250%,

11/01/52

-

AGM

Insured

11/32

at

100.00

160,242

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

353,104

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

1,335,393

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

74,960

Total

Health

Care

9,877,740

51

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

-

8.6%

(8.8%

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

$

383,865

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

460,177

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

630,936

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

145,822

612

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

590,473

521

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

479,005

89

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

87,051

514

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

500,084

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

25,177

65

5.250%,

8/15/49

8/24

at

100.00

65,350

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

466,277

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

165,978

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

217,494

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

347,161

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

411,118

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

507,371

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

384,264

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

172,173

115

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56,

144A

9/31

at

100.00

83,144

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

184,515

50

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

35,011

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

65,832

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

132,793

Nuveen

California

Select

Tax-Free

Income

Portfolio

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

52

NXC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

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

$

112,483

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

367,152

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

391,068

Total

Housing/Multifamily

7,411,774

Tax

Obligation/General

-

20.0%

(20.5%

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

650,926

1,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2015,

5.000%,

8/01/34

8/25

at

100.00

1,032,060

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

1,043,770

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

958,530

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

2,645,087

7,575

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Convertible

Capital

Appreciation,

Election

2004

Series

2010A,

0.000%,

8/01/34

No

Opt.

Call

4,863,604

65

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/41

7/31

at

103.00

56,209

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

1,050,250

8,075

San

Bernardino

Community

College

District,

California,

General

Obligation

Bonds,

Election

of

2008

Series

2009B,

0.000%,

8/01/44

No

Opt.

Call

2,944,145

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

(c)

8/31

at

100.00

2,062,820

Total

Tax

Obligation/General

17,307,401

Tax

Obligation/Limited

-

13.4%

(13.7%

of

Total

Investments)

1,000

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003,

5.625%,

10/01/33

-

RAAI

Insured

10/23

at

100.00

1,002,940

2,000

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Corrections

&

Rehabilitation,

Various

Correctional

Facilities

Series

2013F,

5.250%,

9/01/33

10/23

at

100.00

2,003,060

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

15,584

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

1,041,570

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

3,187,200

1,000

Norco

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

1,

Series

2009,

7.000%,

3/01/34

10/23

at

100.00

1,003,000

1,118

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1,

5.000%,

7/01/58

7/28

at

100.00

1,084,907

550

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.784%,

7/01/58

7/28

at

100.00

515,565

53

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

$

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

$

194,749

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

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

60,250

20

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

10/23

at

100.00

20,045

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

1,351,782

60

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A,

5.000%,

10/01/45

4/30

at

100.00

60,614

Total

Tax

Obligation/Limited

11,561,497

Transportation

-

11.8%

(12.1%

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

59,257

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

1,002,880

800

Long

Beach,

California,

Harbor

Revenue

Bonds,

Series

2015D,

5.000%,

5/15/42

5/25

at

100.00

816,688

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

1,794,435

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

1,584,200

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

3,128,352

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

1,019,020

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

83,594

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

758,850

Total

Transportation

10,247,276

U.S.

Guaranteed

-

10.5%

(10.8%

of

Total

Investments)

(d)

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

436,142

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

2,609,925

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

56,043

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

536,084

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

1,181,372

1,175

6.000%,

1/15/53,

(Pre-refunded

1/15/24)

1/24

at

100.00

1,187,338

Nuveen

California

Select

Tax-Free

Income

Portfolio

(continued)

Portfolio

of

Investments

August

31,

2023

(Unaudited)

54

NXC

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

U.S.

Guaranteed

(d)

(continued)

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

$

1,708,064

1,350

5.000%,

6/01/40,

(Pre-refunded

6/01/25)

6/25

at

100.00

1,397,506

Total

U.S.

Guaranteed

9,112,474

Utilities

-

21.2%

(21.7%

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

1,588,218

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

1/24

at

100.00

374,943

1,160

5.000%,

11/21/45,

(AMT),

144A

1/24

at

100.00

1,132,543

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

1,686,317

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

2,083,380

645

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A,

5.500%,

11/15/37

No

Opt.

Call

688,757

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

1,987,789

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

2,198,620

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

3,117,210

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

1,072,300

250

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47,

144A

7/30

at

100.00

240,225

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

2,184,890

Total

Utilities

18,355,192

Total

Municipal

Bonds

(cost

$84,675,090)

84,456,117

Total

Long-Term

Investments

(cost

$84,675,090)

84,456,117

Other

Assets

&

Liabilities,

Net

-

2.4%

2,100,078

Net

Assets

Applicable

to

Common

Shares

-

100%

$

86,556,195

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

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.

(c)

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.

(d)

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

See

Notes

to

Financial

Statements

55

August

31,

2023

(Unaudited)

NAC

NKX

NCA

NXC

ASSETS

Long-term

investments,

at

value

†

$

2,970,706,430‌

$

1,006,881,020‌

$

293,970,541‌

$

84,456,117‌

Short-term

investments,

at

value

◊

–‌

22,800,000‌

–‌

–‌

Cash

–‌

–‌

3,933,273‌

706,779‌

Receivables:

Interest

33,585,254‌

11,761,509‌

3,128,985‌

904,381‌

Investments

sold

30,490,000‌

14,830,000‌

2,375,000‌

740,000‌

Deferred

offering

costs

–‌

–‌

–‌

135,000‌

Other

1,157,334‌

399,690‌

65,874‌

35,796‌

Total

assets

3,035,939,018‌

1,056,672,219‌

303,473,673‌

86,978,073‌

LIABILITIES

Cash

overdraft

21,357,972‌

16,242,650‌

–‌

–‌

Floating

rate

obligations

–‌

33,485,000‌

–‌

–‌

MFP

Shares,

Net

**

319,873,569‌

140,032,372‌

–‌

–‌

VRDP

Shares,

Net

***

905,331,235‌

255,660,415‌

–‌

–‌

Payables:

Dividends

5,064,081‌

1,886,284‌

918,063‌

265,812‌

Interest

—‌

871,803‌

47‌

13‌

Accrued

expenses:

Custodian

fees

184,461‌

67,319‌

23,997‌

10,051‌

Investor

relations

38,530‌

13,340‌

4,193‌

634‌

Management

fees

1,431,204‌

513,224‌

124,379‌

19,123‌

Trustees

fees

767,461‌

198,677‌

58,616‌

31,273‌

Professional

fees

4,386‌

15,676‌

18,796‌

15,569‌

Shareholder

reporting

expenses

49,991‌

21,144‌

13,863‌

2,908‌

Shareholder

servicing

agent

fees

4,020‌

1,126‌

1,402‌

341‌

Shelf

offering

costs

–‌

–‌

–‌

71,422‌

Other

106,524‌

56,416‌

15,013‌

4,732‌

Total

liabilities

1,254,213,434‌

449,065,446‌

1,178,369‌

421,878‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

1,781,725,584‌

$

607,606,773‌

$

302,295,304‌

$

86,556,195‌

Common

shares

outstanding

144,735,058‌

47,520,333‌

33,108,196‌

6,362,276‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

12

.31‌

$

12

.79‌

$

9

.13‌

$

13

.60‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

1,447,351‌

$

475,203‌

$

331,082‌

$

63,623‌

Paid-in

capital

1,964,735,168‌

635,806,480‌

312,875,798‌

88,550,088‌

Total

distributable

earnings

(loss)

(

184,456,935‌

)

(

28,674,910‌

)

(

10,911,576‌

)

(

2,057,516‌

)

Net

assets

applicable

to

common

shares

$

1,781,725,584‌

$

607,606,773‌

$

302,295,304‌

$

86,556,195‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

—

—

†

Long-term

investments,

cost

$

3,011,305,404‌

$

1,006,465,949‌

$

295,082,115‌

$

84,675,090‌

◊

Short-term

investments,

cost

$

—‌

$

22,800,000‌

$

—‌

$

—‌

**

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

See

Notes

to

Financial

Statements

56

Six

Months

Ended

August

31,

2023

(Unaudited)

NAC

NKX

NCA

NXC

INVESTMENT

INCOME

Interest

$

67,677,740‌

$

23,280,783‌

$

6,580,016‌

$

1,847,913‌

Total

investment

income

67,677,740‌

23,280,783‌

6,580,016‌

1,847,913‌

EXPENSES

–

–

–

–

Management

fees

8,590,311‌

3,075,992‌

748,281‌

114,598‌

Shareholder

servicing

agent

fees

12,314‌

3,519‌

4,330‌

1,013‌

Interest

expense

and

amortization

of

offering

costs

24,509,624‌

7,611,375‌

412‌

116‌

Trustees

fees

57,403‌

19,145‌

5,770‌

1,652‌

Custodian

expenses

106,363‌

40,480‌

15,099‌

6,648‌

Investor

relations

expenses

68,703‌

23,174‌

7,328‌

1,890‌

Liquidity

fees

1,938,554‌

999,670‌

—‌

—‌

Professional

fees

120,820‌

58,738‌

31,351‌

20,941‌

Remarketing

fees

254,483‌

335,689‌

—‌

—‌

Shareholder

reporting

expenses

36,816‌

18,631‌

13,031‌

5,218‌

Stock

exchange

listing

fees

22,166‌

7,276‌

2,234‌

3,734‌

Other

74,307‌

46,650‌

4,665‌

5,182‌

Total

expenses

35,791,864‌

12,240,339‌

832,501‌

160,992‌

Net

investment

income

(loss)

31,885,876‌

11,040,444‌

5,747,515‌

1,686,921‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

6,442,045‌

)

(

2,334,795‌

)

(

1,349,187‌

)

(

287,945‌

)

Net

realized

gain

(loss)

(

6,442,045‌

)

(

2,334,795‌

)

(

1,349,187‌

)

(

287,945‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(

24,207,112‌

)

(

6,494,151‌

)

(

1,485,012‌

)

(

412,454‌

)

Change

in

net

unrealized

appreciation

(depreciation)

(

24,207,112‌

)

(

6,494,151‌

)

(

1,485,012‌

)

(

412,454‌

)

Net

realized

and

unrealized

gain

(loss)

(

30,649,157‌

)

(

8,828,946‌

)

(

2,834,199‌

)

(

700,399‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

1,236,719‌

$

2,211,498‌

$

2,913,316‌

$

986,522‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

57

NAC

NKX

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

31,885,876‌

$

79,191,067‌

$

11,040,444‌

$

26,790,986‌

Net

realized

gain

(loss)

(6,442,045‌)

(112,184,494‌)

(2,334,795‌)

(25,699,597‌)

Net

change

in

unrealized

appreciation

(depreciation)

(24,207,112‌)

(253,974,571‌)

(6,494,151‌)

(98,059,693‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

1,236,719‌

(286,967,998‌)

2,211,498‌

(96,968,304‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(31,262,772‌)

(82,354,248‌)

(11,832,564‌)

(28,797,322‌)

Total

distributions

(31,262,772‌)

(82,354,248‌)

(11,832,564‌)

(28,797,322‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(30,026,053‌)

(369,322,246‌)

(9,621,066‌)

(125,765,626‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

1,811,751,637‌

2,181,073,883‌

617,227,839‌

742,993,465‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,781,725,584‌

$

1,811,751,637‌

$

607,606,773‌

$

617,227,839‌

See

Notes

to

Financial

Statements

58

NCA

NXC

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Unaudited

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

OPERATIONS

Net

investment

income

(loss)

$

5,747,515‌

$

10,979,386‌

$

1,686,921‌

$

3,228,096‌

Net

realized

gain

(loss)

(1,349,187‌)

(7,463,877‌)

(287,945‌)

(1,704,954‌)

Net

change

in

unrealized

appreciation

(depreciation)

(1,485,012‌)

(29,648,083‌)

(412,454‌)

(7,514,728‌)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

2,913,316‌

(26,132,574‌)

986,522‌

(5,991,586‌)

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(5,760,826‌)

(10,528,407‌)

(1,660,554‌)

(3,149,970‌)

Total

distributions

(5,760,826‌)

(10,528,407‌)

(1,660,554‌)

(3,149,970‌)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Reinvestments

of

distributions

—‌

—‌

6,412‌

12,887‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

6,412‌

12,887‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

(2,847,510‌)

(36,660,981‌)

(667,620‌)

(9,128,669‌)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

305,142,814‌

341,803,795‌

87,223,815‌

96,352,484‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

302,295,304‌

$

305,142,814‌

$

86,556,195‌

$

87,223,815‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

59

Six

Months

Ended

August

31,

2023

(Unaudited)

NAC

NKX

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

1,236,719‌

$

2,211,498‌

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

(216,827,890‌)

(66,877,398‌)

Proceeds

from

sale

and

maturities

of

investments

227,555,169‌

87,650,792‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

—‌

(22,800,000‌)

Amortization

(Accretion)

of

premiums

and

discounts,

net

1,024,968‌

(893,279‌)

Amortization

of

deferred

offering

costs

84,701‌

36,117‌

(Increase)

Decrease

in:

Receivable

for

interest

(221,485‌)

83,071‌

Receivable

for

investments

sold

(30,470,000‌)

(10,683,800‌)

Other

assets

(59,563‌)

8,035‌

Increase

(Decrease)

in:

Payable

for

interest

(2,791‌)

310,071‌

Accrued

custodian

fees

(63,750‌)

(21,808‌)

Accrued

investor

relations

fees

(12,787‌)

(4,242‌)

Accrued

management

fees

109,077‌

39,324‌

Accrued

Trustees

fees

42,468‌

11,534‌

Accrued

professional

fees

(43,564‌)

(18,765‌)

Accrued

shareholder

reporting

expenses

5,256‌

3,635‌

Accrued

shareholder

servicing

agent

fees

(180‌)

(80‌)

Accrued

other

expenses

62,512‌

32,258‌

Net

realized

(gain)

loss

from

investments

6,442,045‌

2,334,795‌

Net

realized

(gain)

loss

from

paydowns

24,372‌

14,011‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

24,207,112‌

6,494,151‌

Net

cash

provided

by

(used

in)

operating

activities

13,092,389‌

(2,070,080‌)

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

76,792,583‌

914,725‌

(Repayments)

of

borrowings

(76,792,583‌)

(914,725‌)

Increase

(Decrease)

in:

Cash

overdraft

18,156,542‌

13,894,008‌

Cash

distributions

paid

to

common

shareholders

(31,248,931‌)

(11,823,928‌)

Net

cash

provided

by

(used

in)

financing

activities

(13,092,389‌)

2,070,080‌

Net

increase

(decrease)

in

Cash

–‌

–‌

Cash

at

the

beginning

of

period

—‌

—‌

Cash

at

the

end

of

period

$

—‌

$

—‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NAC

NKX

Cash

paid

for

interest

$

24,425,192‌

$

7,264,322‌

Financial

Highlights

60

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NAC

8/31/23(c)

2.88

%(d

)

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

8/31/23(c)

2.86

(d

)

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

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

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Discount

Per

Share

Repurchased

and

Retired

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NAC

8/31/23(c)

$

12.52

$

0.22

$

(0.21)

$

0.01

$

(0.22)

$

—

$

(0.22)

$

—

$

12.31

$

10.40

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

8/31/23(c)

12.99

0.23

(0.18)

0.05

(0.25)

—

(0.25)

—

12.79

11.06

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)

Percentage

is

not

annualized.

(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:

See

Notes

to

Financial

Statements

61

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(a)

Based

on

Share

Price(a)

Net

Assets,

End

of

Period

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate

0.02‌

%

(2.39‌)

%

$

1,781,726

3.88‌

%

(d)

3.48‌

%

(d)

7‌

%

(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

0.35‌

(3.54‌)

607,607

3.90‌

(d)

3.54‌

(d)

6‌

(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

(c)

Unaudited.

(d)

Annualized.

62

Financial

Highlights

(continued)

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NCA

8/31/23(c)

—

%(d)

2/28/23

—

2/28/22

—

2/28/21

—

2/29/20

—

2/28/19

—

NXC

8/31/23(c)

—

(d) 

2/28/23

—

2/28/22(f)

—

(d)

3/31/21

—

3/31/20

—

3/31/19

—

3/31/18

—

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

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Shelf

Offering

Costs

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NCA

8/31/23(c)

$

9.22

$

0.17

$

(0.09)

$

0.08

$

(0.17)

$

—

$

(0.17)

$

—

$

—

$

9.13

$

8.81

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)

—(e)

—

10.13

9.42

NXC

8/31/23(c)

13.71

0.27

(0.12)

0.15

(0.26)

—

(0.26)

—

—

13.60

12.85

2/28/23

15.15

0.51

(1.46)

(0.95)

(0.49)

—(e)

(0.49)

—

—

13.71

13.89

2/28/22(f)

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)

—

—(e)

15.02

13.90

(a)

Percentage

is

not

annualized.

(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:

See

Notes

to

Financial

Statements

63

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(a)

Based

on

Share

Price(a)

Net

Assets,

End

of

Period

(000)

Expenses(b)

Net

Investment

Income

(Loss)(b)

Portfolio

Turnover

Rate

0.90‌

%

3.05‌

%

$

302,295

0.53‌

%

(d)

3.72‌

%

(d)

5‌

%

(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

1.09‌

(5.64‌)

86,556

0.35‌

(d)

3.82‌

(d)

3‌

(6.23‌)

(2.77‌)

87,224

0.36‌

3.63‌

43‌

(1.34‌)

(6.27‌)

96,352

0.35‌

(d)

3.14‌

(d)

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

(c)

Unaudited.

(d)

Annualized.

(e)

Value

rounded

to

zero.

(f)

For

the

eleven

months

ended

February

28,

2022

64

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

8/31/23(d)

$

320,000

$

245,115

$

907,800

$

245,115

$

2.45

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

8/31/23(d)

140,400

253,011

256,700

253,011

2.53

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.

(d)

Unaudited.

Notes

to

Financial

Statements

(Unaudited)

65

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).

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

August

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

August

31,

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.

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

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

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

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:

66

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

New

Accounting

Pronouncement: 

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.

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:

Fund

Gross

Custodian

Fee

Credits

NAC

$

—

NKX

—

NCA

—

NXC

—

67

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:

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

later

in

these Notes

to

Financial

Statements.

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

later

in

these

Notes

to

Financial

Statements.

4.

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.

NAC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

2,970,114,307

$

592,123*

$

2,970,706,430

Total

$

–

$

2,970,114,307

$

592,123

$

2,970,706,430

NKX

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,006,804,989

$

76,031*

$

1,006,881,020

Short-Term

Investments:

Municipal

Bonds

–

22,800,000

–

22,800,000

Total

$

–

$

1,029,604,989

$

76,031

$

1,029,681,020

NCA

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

293,970,541

$

–

$

293,970,541

Total

$

–

$

293,970,541

$

–

$

293,970,541

NXC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

84,456,117

$

–

$

84,456,117

Total

$

–

$

84,456,117

$

–

$

84,456,117

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

68

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

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.

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NAC

$

—

$

—

$

—

NKX

33,485,000

—

33,485,000

NCA

—

—

—

NXC

—

—

—

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NAC

$

—

—

%

NKX

33,485,000

3.79

NCA

—

—

NXC

—

—

69

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

any

shortfalls

in

interest

cash

flows

(sometimes

referred

to

as

“shortfall

payments”).

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

current

fiscal

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.

Purchases

and

Sales:

Long-term

purchases

and

sales

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. 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.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

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

$

—

$

—

$

—

NKX

33,485,000

—

33,485,000

NCA

—

—

—

NXC

—

—

—

Fund

Purchases

Sales

and

Maturities

NAC

$

216,827,890

$

227,555,169

NKX

66,877,398

87,650,792

NCA

15,777,625

20,330,185

NXC

2,631,382

3,185,422

70

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

pre-determined

threshold

amount.

6.

Fund

Shares

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs:

NKX

and

NXC

have

filed

a

registration

statement

with

the

SEC

authorizing each

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

Funds,

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 each

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

each

Fund’s

Shelf

Offering

during

the

Funds’

current

and

prior fiscal

period

were

as

follows:

Costs

incurred

by

the

Funds

in

connection

with their

initial

shelf

registrations

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.

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.

NKX

NXC

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Six

Months

Ended

8/31/23*

Year

Ended

2/28/23

Additional

authorized

common

shares

-

-

1,300,000

-

Common

shares

sold

-

-

-

-

Offering

proceeds,

net

of

offering

costs

-

-

-

-

*

Represents

additional

authorized

shares

for

the

period

August

4,

2023

through

August

31,

2023.

NXC

Six

Months

Ended

8/31/23

Year

Ended

2/28/23

Common

Shares:

Issued

to

shareholders

due

to

reinvestment

of

distributions

468

925

Total

468

925

71

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

to

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

the

Fund’s

offering

of

MFP

Shares

were

recorded

as

a

deferred

charge

and

are

being

amortized

over

the

life

of

the

shares.

These

offering

costs

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:

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.

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

$319,873,569

January

3,

2028

VRM

January

3,

2028*

NKX

A

1,404

$140,400,000

$140,032,372

October

1,

2047

VRRM

N/A

*

Subject

to

earlier

termination

by

either

the

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

MFP

Shares

Outstanding

Annualized

Dividend

Rate

NAC

$

320,000,000

4.44

%

NKX

140,400,000

3.73

72

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

the

end

of

the

reporting

period,

NAC

and

NKX

had

$905,331,235

and

$255,660,415

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

2,

2026

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:

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.

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.

Fund

Average

Liquidation

Preference

of

VRDP

Shares

Outstanding

Annualized

Dividend

Rate

NAC

$

907,800,000

3.73

%

NKX

256,700,000

3.32

73

Transactions

in

VRDP

Shares

for

the

Funds,

where

applicable,

was

as

follows:

7.

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.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

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

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Each

Fund’s

management

fee

compensates

the

Adviser

for

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

their

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

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

$

3,011,996,938

$

72,914,639

$

(114,205,147)

$

(41,290,508)

NKX

995,608,455

36,798,519

(36,210,958)

587,561

NCA

294,616,566

10,483,076

(11,129,101)

(646,025)

NXC

84,645,515

2,713,353

(2,902,751)

(189,398)

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.

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

74

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

Fund

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:

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

August

31,

2023,

the

complex-level

fee

for

each

Fund

was

as

follows:

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

0.1600%

NKX

0.1600%

75

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.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows: 

9.

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.

10.

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

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

June

2023.

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:

Fund

Complex-Level

Fee

NCA

0.1600%

NXC

0.1600%

Fund

Purchases

Sales

Realized

Gain

(Loss)

NAC

$

10,033,799

$

6,181,098

$

(176,387)

NKX

3,279,501

254,855

(8,360)

NCA

121,577

122,330

(4,012)

NXC

159,835

35,680

(1,170)

Fund

Maximum

Outstanding

Balance

NAC

$

28,400,000

NKX

914,725

NCA

—

NXC

—

76

Notes

to

Financial

Statements

(Unaudited)

(continued)

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:

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

53

$

21,510,901

6.22

%

NKX

3

914,725

6.03

NCA

—

—

—

NXC

—

—

—

Risk

Considerations

(Unaudited)

77

Fund

shares

are

not

guaranteed

or

endorsed

by

any

bank

or

other

insured

depository

institution,

and

are

not

federally

insured

by

the

Federal

Deposit

Insurance

Corporation.

Nuveen

California

Quality

Municipal

Income

Fund

(NAC)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

State

concentration

makes

the

Fund

more

susceptible

to

local

adverse

economic,

political,

or

regulatory

changes

affecting

municipal

bond

issuers.

These

and

other

risk

considerations

such

as

inverse

floater

risk

and

tax

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/NAC.

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(NKX)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

Leverage

increases

return

volatility

and

magnifies

the

Fund’s

potential

return

and

its

risks;

there

is

no

guarantee

a

fund’s

leverage

strategy

will

be

successful.

State

concentration

makes

the

Fund

more

susceptible

to

local

adverse

economic,

political,

or

regulatory

changes

affecting

municipal

bond

issuers.

These

and

other

risk

considerations

such

as

inverse

floater

risk

and

tax

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/NKX.

Nuveen

California

Municipal

Value

Fund

(NCA)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

State

concentration

makes

the

Fund

more

susceptible

to

local

adverse

economic,

political,

or

regulatory

changes

affecting

municipal

bond

issuers.

These

and

other

risk

considerations

such

as

tax

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/NCA.

Nuveen

California

Select

Tax-Free

Income

Portfolio

(NXC)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

State

concentration

makes

the

Fund

more

susceptible

to

local

adverse

economic,

political,

or

regulatory

changes

affecting

municipal

bond

issuers.

These

and

other

risk

considerations

such

as

tax

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/NXC.

78

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

Each

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

Each

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

Congress

Street

Suite

1

Boston,

MA

02114-2016

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)

79

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.

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.

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.

80

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Boards

of

Trustees

(collectively,

the

“Board”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

are

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

their

respective

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-

Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

securities

lending;

liquidity

management;

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

(including,

among

other

things,

an

analysis

of

secondary

market

performance

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

of

Nuveen

closed-end

funds);

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

81

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

With

respect

to

closed-end

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

82

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

over

specified

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

acknowledged

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

helping

to

provide

income.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

83

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

California

Quality

Municipal

Income

Fund

(the

“California

Quality

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Fund,

however,

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022.

In

addition,

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

March

31,

2023,

but

ranked

in

the

third

quartile

for

the

one-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(the

“California

AMT-Free

Quality

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Fund,

however,

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

December

31,

2022

and

second

quartile

for

the

five-year

period

ended

December

31,

2022.

Further,

although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023

and

second

quartile

for

the

five-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

California

Municipal

Value

Fund

(the

“California

Municipal

Value

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022,

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

such

periods.

The

Fund’s

performance

was

also

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023,

but

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

ended

March

31,

2023

and

ranked

in

the

second

quartile

for

the

three-year

period

ended

March

31,

2023.

In

its

review,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

California

Select

Tax-Free

Income

Portfolio

(the

“California

Select

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022,

the

Fund

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

such

periods.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-

and

three-year

periods

ended

March

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

five-year

period

ended

March

31,

2023

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2023.

In

its

review,

the

Board

recognized

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

closed-end

fund’s

actual

management

fee

rate

(after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

established

by

Broadridge.

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

as

well

as

changes

to

the

composition

of

the

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

84

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

(excluding

investment-related

costs

of

leverage

for

closed-end

funds)

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

total

net

expenses

both

including

and

excluding

investment-related

expenses

(i.e.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

recognized

that

leverage

expenses

will

vary

across

funds

and

in

comparison

to

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

(excluding

leverage

costs

and

leveraged

assets

for

the

closed-end

funds)

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Universe.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

with

respect

to

closed-end

funds

that

utilize

leverage,

the

Independent

Board

Members

recognized

that

certain

assets

attributable

to

a

fund’s

use

of

leverage

may

be

included

in

the

amount

of

assets

upon

which

the

advisory

fee

or

sub-advisory

fee

is

calculated.

The

Independent

Board

Members

acknowledged

the

fact

that

a

decision

to

employ

leverage

or

increase

a

fund’s

leverage

which

has

the

effect,

all

other

things

being

equal,

of

increasing

the

assets

upon

which

an

advisory

or

sub-

advisory

fee

is

based

(and,

in

turn,

increasing

the

Adviser’s

and

applicable

sub-adviser’s

management

fees),

means

that

the

Adviser

and

applicable

sub-adviser

may

have

a

conflict

of

interest

in

determining

whether

to

use

or

increase

leverage.

The

Independent

Board

Members

recognized,

however,

that

the

Adviser

and

sub-advisers

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

the

Adviser

and/or

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

In

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

also

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

California

AMT-Free

Quality

Fund

had

an

actual

management

fee

that

was

below

the

peer

average

and

a

net

total

expense

ratio

that

was

in

line

with

the

peer

average;

and

(b)

the

California

Quality

Fund,

California

Municipal

Value

Fund

and

California

Select

Fund

each

had

an

actual

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

municipal

Nuveen

funds,

such

other

clients

may

include

retail

and

institutional

municipal

managed

accounts

sub-advised

by

the

Sub-Adviser,

municipal

exchange-traded

funds

(“ETFs”)

sub-advised

by

the

Sub-Adviser

that

are

offered

by

another

fund

complex,

municipal

managed

accounts

offered

by

an

unaffiliated

adviser

and

certain

municipal

private

limited

partnerships

offered

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

fee

range

and

average

fee

of

municipal

retail

advisory

accounts

and

municipal

institutional

accounts,

the

sub-advisory

fee

the

Sub-Adviser

received

for

serving

as

sub-adviser

to

certain

municipal

ETFs

offered

outside

the

Nuveen

family

and

the

management

fee

rates

paid

by

the

municipal

private

limited

partnerships

operated

by

Nuveen.

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

85

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

86

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

noted,

however,

that

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Board

acknowledged

that

an

affiliate

of

the

Adviser

may

receive

compensation

for

serving

as

a

co-manager

in

the

initial

public

offerings

of

new

Nuveen

closed-end

funds

(if

any)

and

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services,

if

any,

in

2021

and

2022.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-A-0823P

3131590-INV-B-10/24

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

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

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.

Not applicable to this filing.

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

Not applicable to this filing.

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 to this filing.

(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: See 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: See 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 Quality Municipal Income Fund

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

Date: November 3, 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: November 3, 2023

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

Date: November 3, 2023