Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

1

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

Portfolio

of

Investments

May

31,

2024

(Unaudited)

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

166.3% (98.3%

of

Total

Investments)  

X

1,019,495,626

MUNICIPAL

BONDS

-

166.3%  (98.3%

of

Total

Investments)

X

1,019,495,626

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

$

219,482

Total

Consumer

Staples

219,482

Education

and

Civic

Organizations

-

6.6%

(3.9%

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

1,593,427

700

(c)

California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Academy

for

Academic

Excellence

Project,

Series

2020A,

5.000%,

7/01/50

7/27

at

100.00

676,230

6,760

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Los

Angeles

County

Museum

of

Natural

History

Foundation,

Series

2020,

4.000%,

7/01/50

7/30

at

100.00

6,545,281

455

(c)

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A,

5.500%,

6/01/53

6/26

at

100.00

451,734

1,000

(c)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Taxable

Series

2019B,

5.000%,

10/01/39

10/27

at

100.00

993,579

995

(c)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A,

5.000%,

7/01/46

7/26

at

100.00

980,570

1,560

(c)

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2012A,

6.875%,

1/01/42

7/24

at

100.00

1,471,643

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

975,455

250

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Aspire

Public

School

-

Obligated

Group,Issue

No.6,

Series

2020A,

5.000%,

8/01/42

8/28

at

100.00

252,640

1,000

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Camino

Nuevo

Charter

Academy

Sustainability

Series

2023A,

5.000%,

6/01/43

6/31

at

100.00

980,665

555

(c)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Stem

Preparatory

Schools

Obligated

Group,

Series

2023A,

5.125%,

6/01/53

6/31

at

100.00

541,168

635

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

635,365

750

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A,

5.000%,

7/01/46

7/25

at

100.00

750,163

4,925

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016C,

5.000%,

7/01/46

7/25

at

101.00

4,927,189

280

(c)

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A,

5.750%,

7/01/41

7/26

at

100.00

286,083

7,710

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2017M,

5.000%,

5/15/47

5/27

at

100.00

7,953,734

10,000

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O,

5.000%,

5/15/43

5/28

at

100.00

10,476,889

Total

Education

and

Civic

Organizations

40,491,815

Health

Care

-

31.4%

(18.5%

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

12,903,176

15,875

5.000%,

11/15/46

11/26

at

100.00

16,171,496

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

2

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

$

9,604,582

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

5,191,357

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

7,520,345

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A:

7,900

5.000%,

8/15/42

8/27

at

100.00

8,033,443

4,265

5.000%,

8/15/47

8/27

at

100.00

4,316,808

1,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2012A,

5.000%,

11/15/35

7/24

at

100.00

1,000,189

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

2,769,339

3,390

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A,

4.000%,

4/01/44

4/30

at

100.00

3,273,357

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospital

at

Stanford,

Refunding

Forward

Delivery

Series

2022A:

7,500

4.000%,

5/15/46

5/32

at

100.00

7,282,298

5,235

4.000%,

5/15/51

5/32

at

100.00

4,995,814

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A:

795

5.000%,

10/01/38

10/24

at

100.00

795,511

6,760

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B,

5.000%,

10/01/44

10/24

at

100.00

6,765,338

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

14,185,291

9,450

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Stanford

Health

Care,

Series

2020A,

4.000%,

8/15/50

8/30

at

100.00

9,116,503

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

5,199,741

4,615

4.000%,

2/01/51

2/32

at

100.00

4,009,468

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A:

2,000

5.000%,

7/01/42

7/27

at

100.00

2,012,614

250

5.000%,

7/01/47

7/27

at

100.00

248,796

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2015:

1,635

5.000%,

11/01/35

11/24

at

100.00

1,570,591

1,000

5.000%,

11/01/40

11/24

at

100.00

951,025

3,000

5.000%,

11/01/44

11/24

at

100.00

2,714,253

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A:

2,690

5.250%,

11/01/36

11/26

at

100.00

2,694,132

2,585

5.250%,

11/01/41

11/26

at

100.00

2,499,314

1,000

5.000%,

11/01/47

11/26

at

100.00

921,572

3,200

5.250%,

11/01/47

11/26

at

100.00

3,072,756

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

1,945,374

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017:

500

5.000%,

10/15/37

10/26

at

100.00

505,256

13,615

5.000%,

10/15/47

10/26

at

100.00

13,493,310

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

1,109,896

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

1,202,938

4,000

5.500%,

12/01/54

12/24

at

100.00

4,010,576

3

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Health

Care

(continued)

$

1,535

(c)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56

6/26

at

100.00

$

1,541,886

15,205

(c)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A,

5.500%,

12/01/58

6/28

at

100.00

15,482,306

1,940

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Marin

General

Hospital,

Green

Series

2018A,

4.000%,

8/01/45

6/24

at

100.00

1,658,692

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

897,171

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A:

7

(d),(e)

5.750%,

7/01/24

1/22

at

100.00

7,432

45

(d),(e)

5.750%,

7/01/30

1/22

at

100.00

45,018

1

(d),(e)

5.750%,

7/01/35

1/22

at

100.00

1,115

2,550

Palomar

Pomerado

Health

Care

District,

California,

Certificates

of

Participation,

Series

2017,

5.000%,

11/01/32

11/27

at

100.00

2,437,588

8,895

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016,

4.000%,

11/01/39

11/26

at

100.00

7,624,902

520

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2023A,

5.750%,

7/01/48

7/33

at

100.00

560,001

Total

Health

Care

192,342,570

Housing/Multifamily

-

17.7%

(10.4%

of

Total

Investments)

8,680

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A,

4.000%,

2/01/56

8/31

at

100.00

5,781,482

7,570

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2,

4.000%,

8/01/47

8/31

at

100.00

6,088,679

3,590

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A,

5.000%,

2/01/50

2/30

at

100.00

2,511,829

4,720

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Stoneridge

Apartments,

Series

2021A,

4.000%,

2/01/56

2/31

at

100.00

3,754,361

230

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2,

4.000%,

2/01/50

8/32

at

100.00

171,838

1,700

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A,

5.000%,

8/01/50

8/30

at

100.00

1,605,191

500

(c)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Verdant

at

Green

Valley

Apartments,

Series

2019A,

5.000%,

8/01/49

8/29

at

100.00

473,928

4,750

(c)

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A,

5.000%,

4/01/49

4/29

at

100.00

3,929,146

7,554

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2,

4.000%,

3/20/33

No

Opt.

Call

7,426,973

6,261

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1,

3.500%,

11/20/35

No

Opt.

Call

5,846,457

1,126

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1,

4.250%,

1/15/35

No

Opt.

Call

1,093,406

6,064

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1,

4.375%,

9/20/36

No

Opt.

Call

5,996,383

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

260,390

705

5.250%,

8/15/49

8/24

at

100.00

705,472

160

(c)

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

7/33

at

105.00

162,383

8,205

(c)

CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2,

4.000%,

4/01/56

4/31

at

100.00

6,156,761

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

4

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Housing/Multifamily

(continued)

$

2,740

(c)

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1,

4.000%,

8/01/58

2/32

at

100.00

$

2,123,504

1,440

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-1,

3.600%,

5/01/47

5/32

at

100.00

1,197,869

3,980

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-2,

3.250%,

5/01/57

5/32

at

100.00

2,786,996

595

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Mezzanine

Lien

Series

2021B,

4.000%,

10/01/46

10/31

at

100.00

467,467

6,135

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Acacia

on

Santa

Rosa

Creek,

Senior

Lien

Series

2021A,

4.000%,

10/01/56

10/31

at

100.00

5,252,283

250

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-1,

3.500%,

10/01/46

10/31

at

100.00

199,599

7,065

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2,

4.000%,

10/01/56

10/31

at

100.00

5,445,007

8,125

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A,

5.000%,

1/01/54

1/31

at

100.00

6,528,684

1,275

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Millennium

South

Bay-Hawthorne,

Series

2021A-1

and

A-2,

3.250%,

7/01/56

7/32

at

100.00

879,611

6,820

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2,

4.000%,

10/01/56

10/31

at

100.00

4,989,419

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Senior

Lien

Series

2021A-1:

770

(c)

3.000%,

7/01/43

7/32

at

100.00

599,685

3,340

(c)

3.125%,

7/01/56

7/32

at

100.00

2,232,883

2,485

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2,

4.000%,

9/01/56

9/31

at

100.00

1,864,706

155

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Mezzanine

Lien

Series

2021B,

4.000%,

3/01/57

3/32

at

100.00

113,037

3,840

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A,

4.000%,

8/01/56

8/31

at

100.00

3,250,309

1,360

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Mezzanine

Senior

Series

2021B,

4.000%,

12/01/56

12/31

at

100.00

1,006,925

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

387,910

2,720

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2,

4.000%,

7/01/56

7/31

at

100.00

2,084,822

1,975

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-1,

3.000%,

6/01/47

6/31

at

100.00

1,373,285

7,200

(c)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Westgate

Phase

1-Pasadena

Apartments,

Senior

Lien

Series

2021A-2,

3.125%,

6/01/57

6/31

at

100.00

4,254,456

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

5,015,643

3,285

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,  Rancho

Vallecitos

Mobile

Home

Park,

Series

2013,

5.000%,

4/15/38

7/24

at

100.00

3,287,262

5

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

7/24

at

100.00

$

670,246

185

5.000%,

6/15/49

7/24

at

100.00

185,046

Total

Housing/Multifamily

108,161,333

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

7/24

at

100.00

1,227,761

1,275

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Northern

California

Presbyterian

Homes

&

Services

Inc.,

Refunding

Series

2015,

5.000%,

7/01/44

7/25

at

100.00

1,287,940

Total

Long-Term

Care

2,515,701

Tax

Obligation/General

-

32.5%

(19.2%

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

2,301,574

1,600

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Bid

Group

C

Series

2016,

5.000%,

9/01/32

9/26

at

100.00

1,650,411

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

13,781,235

10,750

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2014,

5.000%,

10/01/44

10/24

at

100.00

10,770,141

5,390

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2015,

5.000%,

8/01/45

8/25

at

100.00

5,447,169

3,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2017,

5.000%,

11/01/47

11/27

at

100.00

3,101,900

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

5,223,154

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

2,010,935

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

8,655,149

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

4,510,744

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

1,727,624

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

1,448,638

1,150

Monterey

Peninsula

Community

College

District,

Monterey

County,

California,

General

Obligation

Bonds,

Election

of

2020

Series

2024B,

4.000%,

8/01/51

8/33

at

100.00

1,116,994

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

4,597,870

16,744

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1,

4.000%,

7/01/41

7/31

at

103.00

15,563,987

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

9,323,893

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

3,332,910

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

1,331,776

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

4,861,083

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

6

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/General

(continued)

Stockton

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2008

Series

2011D:

$

23,280

(f)

0.000%,

8/01/47

-

AGC

Insured

8/37

at

100.00

$

25,287,409

38,845

(f)

0.000%,

8/01/50

-

AGM

Insured

8/37

at

100.00

42,179,894

15,780

(f)

Sylvan

Union

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Election

of

2006,

Series

2010,

0.000%,

8/01/49

-

AGM

Insured

No

Opt.

Call

13,322,762

8,625

Walnut

Creek

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Election

2022

Series

2023A,

4.000%,

9/01/52

9/32

at

100.00

8,298,790

2,500

Washington

Township

Health

Care

District,

California,

General

Obligation

Bonds,

2020

Election

Series

2023B,

4.500%,

8/01/53

-

AGM

Insured

8/33

at

100.00

2,526,988

8,345

(f)

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D,

0.000%,

8/01/42

No

Opt.

Call

6,762,260

Total

Tax

Obligation/General

199,135,290

Tax

Obligation/Limited

-

21.8%

(12.9%

of

Total

Investments)

1,000

Bell

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Bell

Project

Area,

Series

2003,

5.625%,

10/01/33

-

RAAI

Insured

7/24

at

100.00

1,001,976

3,605

Brea

and

Olinda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation

Refunding,

Series

2002A,

5.125%,

8/01/26

-

AGM

Insured

7/24

at

100.00

3,606,733

210

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B,

5.000%,

9/02/36

9/24

at

100.00

210,307

1,865

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

North

County

Center

for

Self-Sufficiency

Corporation,

Series

2004,

5.000%,

12/01/24

-

AMBAC

Insured

7/24

at

100.00

1,866,964

2,065

California

State

Public

Works

Board,

Lease

Revenue

Bonds,

Department

of

Education,

Riverside

Campus

Project,

Series

2012H,

5.000%,

4/01/31

7/24

at

100.00

2,067,203

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

20,416,665

1,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017C,

5.000%,

9/02/47

9/27

at

100.00

1,009,908

745

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018A,

5.000%,

9/02/47

9/28

at

100.00

756,750

4,120

(c)

El

Monte,

California,

Senior

Lien

Certificates

of

Participation,

Department

of

Public

Services

Facility

Phase

II,

Series

2001,

5.250%,

1/01/34

-

AMBAC

Insured

7/24

at

100.00

4,126,720

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

190,307

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D:

7,930

5.000%,

11/15/31

11/25

at

100.00

8,015,573

4,000

5.000%,

11/15/39

11/25

at

100.00

4,019,650

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

1,116,367

1,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015,

5.000%,

9/02/40

9/25

at

100.00

1,001,659

2,760

Los

Angeles

County

Facilities

Inc,

California,

Lease

Revenue

Bonds,

Vermont

Corridor

County

Administration

Building,

Series

2018A,

5.000%,

12/01/51

12/28

at

100.00

2,864,247

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

15,401,306

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

3,386,325

7

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tax

Obligation/Limited

(continued)

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

$

1,281,211

32,445

0.000%,

7/01/51

7/28

at

30.01

7,716,628

21,539

5.000%,

7/01/58

7/28

at

100.00

21,545,985

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

1,000

4.329%,

7/01/40

7/28

at

100.00

996,871

1,482

4.536%,

7/01/53

7/28

at

100.00

1,423,203

3,175

4.784%,

7/01/58

7/28

at

100.00

3,146,916

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

2,320,875

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-8

Scott

Road,

Series

2013:

660

5.000%,

9/01/32

9/24

at

100.00

661,901

2,775

5.000%,

9/01/42

9/24

at

100.00

2,782,994

400

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

1

Westpark,

Refunding

Series

2015,

5.000%,

9/01/33

9/25

at

100.00

404,168

935

San

Diego

Redevelopment

Agency,

California,

Subordinate

Lien

Tax

Increment

and

Parking

Revenue

Bonds,

Centre

City

Project,

Series

2003B,

5.250%,

9/01/26

7/24

at

100.00

935,961

575

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

575,499

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

2,684,234

30

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011,

7.000%,

10/01/26

7/24

at

100.00

30,069

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

3,728,085

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017:

2,145

(c)

6.125%,

9/01/37

9/27

at

100.00

2,255,325

990

(c)

6.250%,

9/01/47

9/27

at

100.00

1,027,891

600

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills,  Improvement

Area

2,

Series

2023,

5.250%,

9/01/38

9/29

at

103.00

624,617

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A:

635

5.000%,

10/01/45

4/30

at

100.00

641,001

2,540

5.000%,

10/01/49

4/30

at

100.00

2,548,017

4,260

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A,

5.000%,

10/01/32

-

AGM

Insured

7/24

at

100.00

4,299,731

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

355,491

790

5.250%,

9/01/45

9/25

at

100.00

796,361

Total

Tax

Obligation/Limited

133,841,694

Transportation

-

14.6%

(8.7%

of

Total

Investments)

6,500

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Subordinate

Fixed

Rate

Series

2017S-7,

4.000%,

4/01/47

4/27

at

100.00

6,245,158

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

152,360

4,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019E,

5.000%,

5/15/49

11/28

at

100.00

4,165,528

3,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2023A,

5.000%,

7/01/53

7/33

at

100.00

3,225,430

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

8

NKX

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Transportation

(continued)

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

$

2,871,640

4,230

4.000%,

7/01/56

7/31

at

100.00

3,981,644

5,770

5.000%,

7/01/56

7/31

at

100.00

6,056,886

9,500

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2023D,

5.250%,

5/01/48

5/33

at

100.00

10,473,272

4,535

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

4,666,437

44,650

(g)

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47,

(UB)

5/27

at

100.00

45,944,087

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

1,913,098

Total

Transportation

89,695,540

U.S.

Guaranteed

-

12.5%

(7.4%

of

Total

Investments)

(h)

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

438,536

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

2,118,600

18,430

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

18,886,330

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

612,560

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

2,396,727

2,700

California

State,

General

Obligation

Bonds,

Series

2014,

5.000%,

12/01/43,

(Pre-refunded

7/01/24)

7/24

at

100.00

2,702,239

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

46,604,717

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

2,875,434

Total

U.S.

Guaranteed

76,635,143

Utilities

-

28.8%

(17.0%

of

Total

Investments)

30,055

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

29,839,509

7,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023E-1,

5.000%,

2/01/54,

(Mandatory

Put

3/01/31)

12/30

at

100.16

7,380,528

6,665

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023F,

5.500%,

10/01/54,

(Mandatory

Put

11/01/30)

8/30

at

100.12

7,209,436

5,250

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023G,

5.250%,

11/01/54,

(Mandatory

Put

4/01/30)

1/30

at

100.19

5,579,967

10,045

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024A,

5.000%,

5/01/54,

(Mandatory

Put

4/01/32)

1/32

at

100.21

10,643,298

4,000

(c)

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

1/29

at

100.00

4,147,052

9

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Utilities

(continued)

$

6,190

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

$

6,523,396

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A:

2,490

5.000%,

11/15/35

No

Opt.

Call

2,619,016

1,835

5.500%,

11/15/37

No

Opt.

Call

2,035,976

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

7,966,600

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

6,188,202

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

3,758,077

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

5,516,317

3,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022B,

5.000%,

7/01/47

7/32

at

100.00

3,258,033

1,145

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Refunding

Series

2016B,

5.000%,

7/01/42

1/26

at

100.00

1,165,008

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

5,224,778

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

9,048,280

9,500

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Series

2015C,

5.000%,

6/01/45

6/25

at

100.00

9,593,470

5,000

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Green

Subordinate

Series

2018A,

5.000%,

6/01/43

6/28

at

100.00

5,237,220

Los

Angeles,

California,

Wastewater

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2013A:

2,000

5.000%,

6/01/34

6/24

at

100.00

2,003,924

3,500

5.000%,

6/01/35

6/24

at

100.00

3,506,868

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

2017A,

5.000%,

6/15/46

6/27

at

100.00

1,023,830

2,000

Orange

County

Sanitation

District,

California,

Wastewater

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

2/01/35

2/26

at

100.00

2,049,198

8,660

(c)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A,

5.000%,

7/01/47

7/30

at

100.00

8,749,943

2,000

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

2,061,194

5,000

South

Coast

Water

District

Financing

Authority,

California,

Revenue

Bonds,

Series

2019A,

5.000%,

2/01/44

2/29

at

100.00

5,285,585

2,975

Southern

California

Public

Power

Authority,

California,

Revenue

Bonds,

Apex

Power

Project

Series

2014A,

5.000%,

7/01/37

8/24

at

100.00

2,983,169

14,530

Southern

California

Public

Power

Authority,

Southern

Transmission

System

Renewal

Project

Revenue

Bonds,

Series

2023-1A,

5.000%,

7/01/48

7/33

at

100.00

15,859,184

Total

Utilities

176,457,058

Total

Municipal

Bonds

(cost

$1,006,633,333)

1,019,495,626

Total

Long-Term

Investments

(cost

$1,006,633,333)

1,019,495,626

Nuveen

California

AMT-Free

Quality

Municipal

Income

Fund

(continued)

Portfolio

of

Investments

May

31,

2024

10

NKX

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

them:

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

 3.0%

(1.7%

of

Total

Investments)  

X

18,000,000

MUNICIPAL

BONDS

-

3.0%  (1.7%

of

Total

Investments)

X

18,000,000

Health

Care

-

1

.3

%

(

0

.8

%

of

Total

Investments)

$

8,000

(i)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Scripps

Health,

Weekly

Mode

Series

2024C-1,

2.250%,

11/15/63,

(Mandatory

Put

6/07/24)

5/24

at

100.00

$

8,000,000

Total

Health

Care

8,000,000

Utilities

-

1

.7

%

(

0

.9

%

of

Total

Investments)

10,000

(i)

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Variable

Rate

Demand

Obligations

Series

2001B-6,

3.800%,

7/01/34,

(Mandatory

Put

5/31/24)

6/24

at

100.00

10,000,000

Total

Utilities

10,000,000

Total

Municipal

Bonds

(cost

$18,000,000)

18,000,000

Total

Short-Term

Investments

(cost

$18,000,000)

18,000,000

Total

Investments

(cost

$1,024,633,333)

-

169.3%

1,037,495,626

Floating

Rate

Obligations

-

(5.5)%  

(

33,485,000

)

MFP

Shares,

Net

-

(22.8)%

(j)

(

140,043,825

)

VRDP

Shares,

Net

-

(41.7)%

(k)

(

255,702,750

)

Other

Assets

&

Liabilities,

Net

-

0.7%

4,708,514

Net

Assets

Applicable

to

Common

Shares

-

100%

$

612,972,565

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,019,442,061

$

53,565

$

1,019,495,626

Short-Term

Investments:

Municipal

Bonds

–

18,000,000

–

18,000,000

Total

$

–

$

1,037,442,061

$

53,565

$

1,037,495,626

11

(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)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$127,564,297

or

12.3%

of

Total

Investments.

(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)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(h)

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.

(i)

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.

(j)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

13.5%.

(k)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

24.6%.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

Inverse

floating

rate

trust

is

a

Recourse

Trust

unless

otherwise

noted.

---