Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)
26 Juli 2023 - 10:07PM
Edgar (US Regulatory)
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
Portfolio
of
Investments
May
31,
2023
(Unaudited)
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
167.1% (100.0%
of
Total
Investments)
X
1,029,015,104
MUNICIPAL
BONDS
-
167.1% (100.0%
of
Total
Investments)
X
1,029,015,104
Consumer
Staples
-
0.0%
(0.0%
of
Total
Investments)
$
235
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+
$
215,749
Total
Consumer
Staples
215,749
Education
and
Civic
Organizations
-
6.3%
(3.8%
of
Total
Investments)
995
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/26
at
100.00
BB
917,161
1,560
California
Municipal
Finance
Authority,
Revenue
Bonds,
Goodwill
Industries
of
Sacramento
Valley
&
Northern
Nevada
Project,
Series
2012A,
6.875%,
1/01/42,
144A
7/23
at
100.00
N/R
1,502,561
1,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019,
5.000%,
8/01/48
8/29
at
100.00
BBB-
973,290
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
BBB-
972,850
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
BBB-
538,961
635
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A,
5.000%,
7/01/45,
144A
7/25
at
100.00
BBB
637,356
750
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A,
5.000%,
7/01/46,
144A
7/25
at
100.00
BBB
752,400
4,925
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C,
5.000%,
7/01/46,
144A
7/25
at
101.00
BBB
4,947,852
280
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A,
5.750%,
7/01/41,
144A
7/26
at
100.00
BBB-
287,129
8,290
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
11/01/43
11/25
at
100.00
Aa2
8,600,460
7,710
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M,
5.000%,
5/15/47
5/27
at
100.00
AA-
8,116,317
10,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O,
5.000%,
5/15/43
5/28
at
100.00
AA-
10,718,600
Total
Education
and
Civic
Organizations
38,964,937
Health
Care
-
24.5%
(14.7%
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
A+
13,160,189
15,875
5.000%,
11/15/46
11/26
at
100.00
A+
16,256,000
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
A+
9,567,000
7,760
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-
Sinai
Health
System,
Series
2021A,
4.000%,
8/15/48
8/31
at
100.00
AA-
7,530,537
10,665
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A,
5.000%,
8/15/47
8/27
at
100.00
BBB+
10,672,785
1,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2012A,
5.000%,
11/15/35
7/23
at
100.00
A
999,930
2,930
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019,
4.000%,
11/15/45
11/29
at
100.00
A
2,713,151
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Health
Care
(continued)
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A:
$
3,390
4.000%,
4/01/44
4/30
at
100.00
A-
$
3,221,619
1,055
4.000%,
4/01/49
4/30
at
100.00
A-
976,423
7,500
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Refunding
Forward
Delivery
Series
2022A,
4.000%,
5/15/46
5/32
at
100.00
AA-
7,329,525
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
AA-
2,560,118
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
795
5.000%,
10/01/38
10/24
at
100.00
A
806,297
6,760
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B,
5.000%,
10/01/44
10/24
at
100.00
A
6,791,028
5,765
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2016A,
4.000%,
10/01/47
10/26
at
100.00
A
5,153,795
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A:
5,495
4.000%,
2/01/51
-
AGM
Insured
2/32
at
100.00
AA
5,093,370
4,615
4.000%,
2/01/51
2/32
at
100.00
A3
4,006,651
250
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
Baa2
254,420
1,750
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2015,
5.000%,
11/01/44
11/24
at
100.00
BBB-
1,692,933
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A:
1,690
5.250%,
11/01/36
11/26
at
100.00
BBB-
1,696,557
1,000
5.000%,
11/01/47
11/26
at
100.00
BBB-
925,200
3,200
5.250%,
11/01/47
11/26
at
100.00
BBB-
3,081,248
1,855
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A,
5.250%,
11/01/52
-
AGM
Insured
11/32
at
100.00
AA
1,973,015
13,615
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017,
5.000%,
10/15/47
10/26
at
100.00
BBB-
13,541,343
1,100
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016,
5.000%,
10/01/46
10/26
at
100.00
A-
1,111,869
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A:
1,200
5.250%,
12/01/44
12/24
at
100.00
BB+
1,190,052
4,000
5.500%,
12/01/54
12/24
at
100.00
BB+
3,976,960
14,740
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A,
5.250%,
12/01/56,
144A
6/26
at
100.00
BB+
13,860,169
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
BB+
1,913,360
845
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A,
5.250%,
8/15/52
-
AGM
Insured
8/32
at
100.00
AA
896,444
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A:
11
5.750%,
7/01/24
(4),(5)
1/22
at
100.00
N/R
11,276
68
5.750%,
7/01/30
2030
2030
(4),(5)
1/22
at
100.00
N/R
68,302
2
5.750%,
7/01/35
2035
2035
(4),(5)
1/22
at
100.00
N/R
1,691
8,895
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016,
4.000%,
11/01/39
11/26
at
100.00
BBB
8,054,245
Total
Health
Care
151,087,502
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
-
17.7%
(10.6%
of
Total
Investments)
$
7,680
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
$
5,329,997
7,570
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2,
4.000%,
8/01/47,
144A
8/31
at
100.00
N/R
5,802,178
1,250
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Senior
Series
2021A-1,
4.000%,
2/01/56,
144A
8/31
at
100.00
N/R
1,034,075
3,590
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A,
5.000%,
2/01/50,
144A
2/30
at
100.00
N/R
2,950,765
4,720
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Stoneridge
Apartments,
Series
2021A,
4.000%,
2/01/56,
144A
2/31
at
100.00
N/R
3,468,209
230
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2,
4.000%,
2/01/50,
144A
8/32
at
100.00
N/R
171,382
1,700
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A,
5.000%,
8/01/50,
144A
8/30
at
100.00
N/R
1,556,146
500
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A,
5.000%,
8/01/49,
144A
8/29
at
100.00
N/R
470,925
4,750
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A,
5.000%,
4/01/49,
144A
4/29
at
100.00
N/R
3,925,020
7,699
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2,
4.000%,
3/20/33
2033
2033
No
Opt.
Call
BBB+
7,436,881
6,365
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1,
3.500%,
11/20/35
2021
2021
No
Opt.
Call
BBB+
5,913,890
1,146
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1,
4.250%,
1/15/35
No
Opt.
Call
BBB+
1,137,823
5,645
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1,
4.375%,
9/20/36
No
Opt.
Call
BBB
5,582,284
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Caritas
Affordable
Housing
Inc
Projects,
Senior
Series
2014A:
260
5.250%,
8/15/39
8/24
at
100.00
A-
263,071
705
5.250%,
8/15/49
8/24
at
100.00
A-
711,979
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
N/R
159,278
8,205
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2,
4.000%,
4/01/56,
144A
4/31
at
100.00
N/R
5,728,649
2,740
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1,
4.000%,
8/01/58,
144A
2/32
at
100.00
N/R
2,093,086
1,440
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1,
3.600%,
5/01/47,
144A
5/32
at
100.00
N/R
1,126,685
3,980
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2,
3.250%,
5/01/57,
144A
5/32
at
100.00
N/R
2,726,141
595
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Mezzanine
Lien
Series
2021B,
4.000%,
10/01/46,
144A
10/31
at
100.00
N/R
449,612
6,135
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
5,033,031
7,065
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
5,198,003
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Housing/Multifamily
(continued)
$
8,125
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A,
5.000%,
1/01/54,
144A
1/31
at
100.00
N/R
$
6,451,819
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Millennium
South
Bay-
Hawthorne,
Series
2021A-1
and
A-2:
2,150
3.375%,
7/01/43,
144A
7/32
at
100.00
N/R
1,701,080
1,275
3.250%,
7/01/56,
144A
7/32
at
100.00
N/R
866,210
6,820
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2,
4.000%,
10/01/56,
144A
10/31
at
100.00
N/R
4,986,238
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1:
770
3.000%,
7/01/43,
144A
7/32
at
100.00
N/R
577,846
3,340
3.125%,
7/01/56,
144A
7/32
at
100.00
N/R
2,258,909
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
N/R
1,858,059
155
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B,
4.000%,
3/01/57,
144A
3/32
at
100.00
N/R
109,325
4,105
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A,
4.000%,
8/01/56,
144A
8/31
at
100.00
N/R
3,017,257
1,935
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B,
4.000%,
12/01/56,
144A
12/31
at
100.00
N/R
1,374,740
555
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2,
3.000%,
12/01/56
12/31
at
100.00
N/R
366,794
2,720
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2,
4.000%,
7/01/56,
144A
7/31
at
100.00
N/R
2,012,582
1,975
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
6/01/47,
144A
6/31
at
100.00
N/R
1,433,159
7,200
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2,
3.125%,
6/01/57,
144A
6/31
at
100.00
N/R
4,686,696
7,285
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1,
3.000%,
12/01/49
6/32
at
100.00
N/R
4,828,498
3,285
Independent
Cities
Finance
Authority,
California,
Mobile
Home
Park
Revenue
Bonds, Rancho
Vallecitos
Mobile
Home
Park,
Series
2013,
5.000%,
4/15/38
7/23
at
100.00
A-
3,287,135
La
Verne,
California,
Mobile
Home
Park
Revenue
Bonds,
Copacabana
Mobile
Home
Park,
Refunding
Series
2014:
670
5.000%,
6/15/44
6/24
at
100.00
A+
673,779
185
5.000%,
6/15/49
6/24
at
100.00
A+
185,866
Total
Housing/Multifamily
108,945,102
Long-Term
Care
-
0.4%
(0.3%
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
7/23
at
100.00
AA
1,228,209
1,300
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Northern
California
Presbyterian
Homes
&
Services
Inc.,
Refunding
Series
2015,
5.000%,
7/01/39
7/25
at
100.00
AA
1,342,822
Total
Long-Term
Care
2,571,031
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
-
34.8%
(20.8%
of
Total
Investments)
$
2,210
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
5.250%,
8/01/46
8/27
at
100.00
Aa2
$
2,350,202
1,600
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016,
5.000%,
8/01/33
8/26
at
100.00
Aa2
1,700,192
13,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2018.
Bid
Group
C,
5.000%,
8/01/37
8/28
at
100.00
Aa2
14,121,380
California
State,
General
Obligation
Bonds,
Series
2014:
8,190
5.000%,
12/01/43
12/23
at
100.00
Aa2
8,243,563
5,520
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2013,
5.000%,
11/01/43
11/23
at
100.00
Aa2
5,549,698
2,460
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2014,
5.000%,
10/01/39
10/24
at
100.00
Aa2
2,506,888
5,390
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2015,
5.000%,
8/01/45
8/25
at
100.00
Aa2
5,560,378
10,995
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018,
5.000%,
10/01/47
4/26
at
100.00
Aa2
11,438,758
5,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B,
5.000%,
10/01/48
10/28
at
100.00
Aa2
5,358,850
2,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
5.000%,
11/01/36
11/30
at
100.00
Aa2
2,257,980
2,000
Chaffey
Community
College
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Taxable
Refunding
Series
2019,
4.000%,
6/01/43
6/28
at
100.00
AA
1,984,740
2,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B,
5.000%,
8/01/55
8/30
at
100.00
Aa2
2,138,960
20,750
Coachella
Valley
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2005
Series
2010C,
0.000%,
8/01/43
-
AGM
Insured
No
Opt.
Call
AA
8,306,432
4,500
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2018B,
4.000%,
8/01/43
8/28
at
100.00
AAA
4,462,110
9,790
Glendale
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Taxable
Refunding
Series
2020B,
4.000%,
8/01/50
8/29
at
100.00
Aa2
9,419,546
1,725
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J,
4.000%,
8/01/41
8/27
at
100.00
Aaa
1,725,673
1,500
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A,
4.000%,
8/01/45
8/25
at
100.00
Aa2
1,467,255
4,500
Mount
Diablo
Unified
School
District,
Contra
Costa
County,
California,
General
Obligation
Bonds,
Series
2010A,
5.500%,
8/01/30
-
AGM
Insured
8/25
at
100.00
AA
4,755,015
2,125
Pajaro
Valley
Unified
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Refunding
Election
2012
Series
2013A,
4.250%,
8/01/47
8/23
at
100.00
Aa3
2,128,209
16,744
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1,
4.000%,
7/01/41
7/31
at
103.00
N/R
14,024,607
11,980
San
Diego
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2012R-1,
0.000%,
7/01/31
No
Opt.
Call
Aa2
9,148,886
3,400
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Election
2020
Series
2020A,
4.000%,
6/15/45
6/30
at
100.00
A1
3,300,652
2,670
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2010,
Refunding
Series
2011A,
0.000%,
9/01/33
(6)
No
Opt.
Call
Aaa
2,449,218
1,580
Santa
Ana
College
Improvement
District
1,
Orange
County,
California,
General
Obligation
Bonds,
Rancho
Santiago
Community
College
District,
Election
of
2012,
Series
2019C,
3.000%,
8/01/39
8/26
at
100.00
AA
1,358,310
10,000
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2008,
Series
2011C,
0.000%,
8/01/41
No
Opt.
Call
Aa2
4,626,600
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/General
(continued)
Stockton
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2011D:
$
23,280
0.000%,
8/01/47
-
AGC
Insured
(6)
8/37
at
100.00
AA
$
24,126,228
38,845
0.000%,
8/01/50
-
AGM
Insured
(6)
8/37
at
100.00
AA
40,249,635
15,780
Sylvan
Union
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2010,
0.000%,
8/01/49
-
AGM
Insured
(6)
No
Opt.
Call
AA
12,733,671
8,345
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D,
6.550%,
8/01/42
No
Opt.
Call
Aa2
6,406,039
Total
Tax
Obligation/General
213,899,675
Tax
Obligation/Limited
-
25.7%
(15.4%
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
7/23
at
100.00
AA
1,003,420
4,690
Brea
and
Olinda
Unified
School
District,
Orange
County,
California,
Certificates
of
Participation
Refunding,
Series
2002A,
5.125%,
8/01/26
-
AGM
Insured
7/23
at
100.00
AA
4,694,221
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
7/23
at
100.00
AA+
1,782,652
1,865
5.000%,
12/01/24
-
AMBAC
Insured
7/23
at
100.00
AA+
1,867,686
7,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2013F,
5.250%,
9/01/31
9/23
at
100.00
Aa3
7,028,700
2,065
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Education,
Riverside
Campus
Project,
Series
2012H,
5.000%,
4/01/31
7/23
at
100.00
Aa3
2,067,334
20,330
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B,
5.000%,
10/01/39
10/24
at
100.00
Aa3
20,624,785
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
7/23
at
100.00
Aa2
4,539,332
185
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1,
5.000%,
6/01/51
12/31
at
100.00
BBB+
192,792
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D:
7,610
5.000%,
11/15/30
11/25
at
100.00
BB
7,736,098
4,000
5.000%,
11/15/39
11/25
at
100.00
BB
3,957,400
1,110
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
1,127,005
2,000
Lammersville
Joint
Unified
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District 2007-1
Mountain
House
-
Shea
Homes
Improvement
Area
1,
Series
2013,
6.000%,
9/01/38
9/23
at
100.00
N/R
2,009,040
1,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015,
5.000%,
9/02/40
9/25
at
100.00
N/R
1,010,420
15,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A,
5.000%,
6/01/38
6/26
at
100.00
AAA
15,770,400
3,220
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A,
5.000%,
7/01/44
7/28
at
100.00
AAA
3,443,693
3,855
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1,
5.000%,
12/01/49
12/29
at
100.00
AA+
4,151,372
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Senior
Series
2013A:
3,710
5.250%,
9/01/30
9/23
at
100.00
N/R
3,723,616
3,315
5.750%,
9/01/39
9/23
at
100.00
N/R
3,326,669
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tax
Obligation/Limited
(continued)
$
500
Patterson
Public
Finance
Authority,
California,
Revenue
Bonds,
Community
Facilities
District
2001-1,
Subordinate
Lien
Series
2013B,
5.875%,
9/01/39
9/23
at
100.00
N/R
$
501,915
1,750
Peninsula
Corridor
Joint
Powers
Board,
California,
Measure
RR
Sales
Tax
Revenue
Bonds,
Green
Bonds-Climate
Bond
Certified,
Series
2022A,
5.000%,
6/01/51
6/31
at
100.00
AA+
1,897,140
1,925
Perris
Joint
Powers
Authority,
California,
Local
Agency
Revenue
Bonds,
Community
Facilities
District
2001-1
May
Farms
Improvement
Area
1,2
and
3,
Refunding
Series
2014A,
5.375%,
9/01/33
9/23
at
100.00
N/R
1,932,431
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
N/R
1,080,960
32,445
0.000%,
7/01/51
7/28
at
30.01
N/R
6,461,422
21,279
5.000%,
7/01/58
7/28
at
100.00
N/R
20,384,005
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
N/R
1,326,479
2,135
4.784%,
7/01/58
7/28
at
100.00
N/R
1,966,570
2,160
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1,
5.250%,
9/01/52
-
AGM
Insured
9/29
at
103.00
AA
2,394,554
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
05-8
Scott
Road,
Series
2013:
660
5.000%,
9/01/32
7/23
at
100.00
N/R
660,653
1,775
5.000%,
9/01/42
7/23
at
100.00
N/R
1,775,604
400
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015,
5.000%,
9/01/33
9/25
at
100.00
N/R
410,256
6,230
Sacramento
Area
Flood
Control
Agency,
California,
Consolidated
Capital
Assessment
District
2
Bonds,
Series
2016A,
5.000%,
10/01/47
10/26
at
100.00
AA
6,481,567
210
San
Clemente,
California,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2006-1
Marblehead
Coastal,
Series
2015,
5.000%,
9/01/40
9/25
at
100.00
N/R
212,186
1,215
San
Diego
Redevelopment
Agency,
California,
Subordinate
Lien
Tax
Increment
and
Parking
Revenue
Bonds,
Centre
City
Project,
Series
2003B,
5.250%,
9/01/26
7/23
at
100.00
AAA
1,216,786
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
7/23
at
100.00
N/R
383,127
600
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014,
5.000%,
8/01/39
8/24
at
100.00
N/R
604,434
2,700
San
Francisco
City
and
County
Redevelopment
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
San
Francisco
Redevelopment
Projects,
Series
1998D,
0.000%,
8/01/24
-
NPFG
Insured
No
Opt.
Call
AA
2,593,377
40
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011,
7.000%,
10/01/26
7/23
at
100.00
N/R
40,105
3,600
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A,
5.000%,
9/01/33
9/25
at
103.00
N/R
3,787,524
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017:
2,145
6.125%,
9/01/37,
144A
9/27
at
100.00
N/R
2,277,347
990
6.250%,
9/01/47,
144A
9/27
at
100.00
N/R
1,040,272
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A:
635
5.000%,
10/01/45
4/30
at
100.00
A-
651,631
2,540
5.000%,
10/01/49
4/30
at
100.00
A-
2,582,469
4,500
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A,
5.000%,
10/01/32
-
AGM
Insured
7/23
at
100.00
AA
4,502,655
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
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
N/R
$
359,380
790
5.250%,
9/01/45
9/25
at
100.00
N/R
800,475
Total
Tax
Obligation/Limited
158,381,959
Transportation
-
11.4%
(6.8%
of
Total
Investments)
150
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015E,
5.000%,
5/15/31
5/25
at
100.00
AA
156,846
4,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019E,
5.000%,
5/15/44
11/28
at
100.00
AA-
4,273,880
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A:
3,000
4.000%,
7/01/51
7/31
at
100.00
A+
2,843,550
4,230
4.000%,
7/01/56
7/31
at
100.00
A+
3,944,222
5,770
5.000%,
7/01/56
7/31
at
100.00
A+
6,128,490
44,650
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47,
(UB)
(7)
5/27
at
100.00
A+
46,434,214
4,535
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C,
5.000%,
5/01/46
5/26
at
100.00
A+
4,669,145
2,025
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A,
4.000%,
1/15/50
1/32
at
100.00
A
1,902,771
Total
Transportation
70,353,118
U.S.
Guaranteed
-
25.5%
(15.2%
of
Total
Investments)
(8)
655
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19C,
Series
2013A,
5.000%,
9/01/27,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
657,548
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
Aa3
3,133,590
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
A+
448,288
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
2,040
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
2,175,129
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
A+
19,317,036
7,500
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
A+
7,860,975
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A:
610
5.000%,
10/01/38,
(Pre-refunded
10/01/24)
10/24
at
100.00
N/R
624,024
2,250
California
Infrastructure
and
Economic
Development
Bank,
First
Lien
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2003A,
5.000%,
7/01/36,
(Pre-refunded
1/01/28)
-
AMBAC
Insured
1/28
at
100.00
AA+
2,492,595
3,000
California
Infrastructure
and
Economic
Development
Bank,
Infrastructure
State
Revolving
Fund
Revenue
Bonds,
Series
2016A,
5.000%,
10/01/41,
(Pre-refunded
10/01/26)
10/26
at
100.00
AAA
3,200,880
4,475
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
Albert
Einstein
Academies
Project,
Series
2013A,
7.125%,
8/01/43,
(Pre-
refunded
8/01/23)
8/23
at
100.00
BB
4,501,313
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
U.S.
Guaranteed
(8)
(continued)
California
Municipal
Finance
Authority,
Mobile
Home
Park
Revenue
Bonds,
Windsor
Mobile
Country
Club
Series
2013A:
$
2,000
5.625%,
11/15/33,
(Pre-refunded
11/15/23)
11/23
at
100.00
N/R
$
2,020,160
8,000
6.000%,
11/15/48,
(Pre-refunded
11/15/23)
11/23
at
100.00
N/R
8,093,280
California
State,
General
Obligation
Bonds,
Series
2014:
810
5.000%,
12/01/43,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R
816,772
6,750
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2013C,
6.500%,
1/15/43,
(Pre-refunded
1/15/24)
1/24
at
100.00
A-
6,877,575
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Series
2013A:
14,885
5.750%,
1/15/46,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
15,121,523
14,885
6.000%,
1/15/53,
(Pre-refunded
1/15/24)
1/24
at
100.00
A
15,141,468
45,825
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
5.000%,
6/01/45,
(Pre-refunded
6/01/25)
6/25
at
100.00
Aa3
47,712,532
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Canyon
Hills
Improvement
Area
D,
Series
2014A:
1,140
5.500%,
9/01/33,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,146,099
2,105
5.750%,
9/01/44,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
2,117,546
4,280
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2013B,
5.000%,
7/01/28,
(Pre-refunded
7/01/23)
7/23
at
100.00
Aa2
4,285,093
1,115
Rio
Elementary
School
District,
California,
Special
Tax
Bonds,
Community
Facilities
District
1,
Series
2013,
5.500%,
9/01/39,
(Pre-refunded
9/01/23)
9/23
at
100.00
N/R
1,120,965
2,870
Sanger
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
Election
2012,
Series
2014B,
5.000%,
8/01/39,
(Pre-
refunded
8/01/24)
-
AGM
Insured
8/24
at
100.00
AA
2,928,663
5,000
Walnut
Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2007
Measure
S,
Series
2014C,
5.000%,
8/01/39,
(Pre-refunded
8/01/24)
8/24
at
100.00
Aa1
5,105,050
Total
U.S.
Guaranteed
156,898,104
Utilities
-
20.8%
(12.4%
of
Total
Investments)
9,940
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2021B-1,
4.000%,
2/01/52,
(Mandatory
Put
8/01/31)
5/31
at
100.63
A1
9,860,182
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018:
850
5.000%,
10/01/43
4/28
at
100.00
AAA
910,452
5,000
5.000%,
10/01/48
4/28
at
100.00
AAA
5,318,800
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
BBB
3,721,195
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A:
2,490
5.000%,
11/15/35
No
Opt.
Call
AA-
2,606,631
1,835
5.500%,
11/15/37
No
Opt.
Call
AA-
1,980,901
7,960
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2015E,
5.000%,
7/01/44
7/24
at
100.00
Aa2
8,066,982
6,015
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
Aa2
6,316,291
3,575
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/45
1/29
at
100.00
Aa2
3,837,405
5,190
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B,
5.000%,
7/01/50
7/30
at
100.00
Aa2
5,597,934
3,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022A,
5.000%,
7/01/46
7/31
at
100.00
Aa2
3,273,570
1,205
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A,
5.000%,
7/01/44
1/27
at
100.00
AA+
1,268,817
Nuveen
California
AMT-Free
Quality
Municipal
Income
Fund
(continued)
Portfolio
of
Investments
May
31,
2023
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Utilities
(continued)
$
5,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B,
5.000%,
7/01/48
7/28
at
100.00
AA+
$
5,322,000
8,250
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C,
5.000%,
7/01/38
7/30
at
100.00
Aa2
9,173,340
9,500
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Series
2015C,
5.000%,
6/01/45
6/25
at
100.00
AA+
9,756,215
5,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A,
5.000%,
6/01/43
6/28
at
100.00
AA
5,343,400
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A:
2,000
5.000%,
6/01/34
6/23
at
100.00
AA
2,001,620
3,500
5.000%,
6/01/35
6/23
at
100.00
AA
3,502,835
1,000
New
York
State
Environmental
Facilities
Corporation,
State
Clean
Water
and
Drinking
Water
Revolving
Funds
Revenue
Bonds,
New
York
City
Municipal
Water
Finance
Authority
Projects-Second
Resolution
Bonds,
Subordinated
SRF
Series
2018B,
5.000%,
6/15/48
6/28
at
100.00
AAA
1,066,280
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
N/R
8,342,698
4,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B,
5.000%,
8/01/37
8/26
at
100.00
Aa3
4,243,960
16,220
San
Francisco
City
and
County
Public
Utilities
Commission,
California,
Water
Revenue
Bonds,
Refunding
Green
Series
2017D,
5.000%,
11/01/33
11/27
at
100.00
Aa2
17,773,714
5,000
South
Coast
Water
District
Financing
Authority,
California,
Revenue
Bonds,
Series
2019A,
5.000%,
2/01/44
2/29
at
100.00
AA+
5,386,000
2,975
Southern
California
Public
Power
Authority,
California,
Revenue
Bonds,
Apex
Power
Project
Series
2014A,
5.000%,
7/01/37
7/24
at
100.00
AA-
3,026,705
Total
Utilities
127,697,927
Total
Municipal
Bonds
(cost
$1,020,303,772)
1,029,015,104
Total
Long-Term
Investments
(cost
$1,020,303,772)
1,029,015,104
Floating
Rate
Obligations
-
(5.4)%
(
33,485,000
)
MFP
Shares,
Net
-
(22.7)%
(9)
(
140,028,526
)
VRDP
Shares,
Net
-
(41.5)%
(10)
(
255,646,202
)
Other
Assets
&
Liabilities,
Net
-
2.5%
15,775,339
Net
Assets
Applicable
to
Common
Shares
-
100%
$
615,630,715
them:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
1,028,933,835
$
81,269
$
1,029,015,104
Total
$
–
$
1,028,933,835
$
81,269
$
1,029,015,104
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(5)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(6)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(7)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(8)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(9)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
13.6%.
(10)
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.
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