Regulatory Filings • Jan 29, 2019
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Download Source FileN-Q 1 d671736dnq.htm NUVEEN CALIFORNIA AMT-FREE QUALITY MUNICIPAL INCOME FUND Nuveen California AMT-Free Quality Municipal Income Fund
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-21212
Nuveen California AMT-Free Quality Municipal Income Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Gifford R. Zimmerman
Vice President and Secretary
333 West Wacker Drive, Chicago, Illinois 60606
(Name and address of agent for service)
Registrants telephone number, including area code: 312-917-7700
Date of fiscal year end: February 28
Date of reporting period: November 30, 2018
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.
Item 1. Schedule of Investments
NKX
Nuveen California AMT-Free Quality Municipal Income Fund
Portfolio of Investments November 30, 2018
(Unaudited)
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | LONG-TERM
INVESTMENTS – 163.0% (100.0% of Total Investments) | | | |
| | MUNICIPAL
BONDS – 163.0% (100.0% of Total Investments) | | | |
| | Consumer
Staples – 9.6% (5.9% of Total Investments) | | | |
| $ 475 | California
County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29 | 2/19
at 100.00 | Baa1 | $ 479,645 |
| | California
County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A: | | | |
| 6,350 | 5.600%,
6/01/36 (4) | 12/18
at 100.00 | B2 | 6,353,048 |
| 325 | 5.650%,
6/01/41 (4) | 12/18
at 100.00 | B2 | 325,127 |
| 2,780 | 5.700%,
6/01/46 (4) | 12/18
at 100.00 | B2 | 2,780,667 |
| 25 | California
County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21 | 2/19
at 100.00 | A | 25,056 |
| 1,345 | California
Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29 | 2/19
at 100.00 | Baa2 | 1,345,740 |
| 16,380 | Golden
State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 (4) | 6/22
at 100.00 | B3 | 16,431,597 |
| | Golden
State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1: | | | |
| 1,175 | 5.000%,
6/01/47 | 6/22
at 100.00 | N/R | 1,130,150 |
| 23,560 | 5.250%,
6/01/47 | 6/22
at 100.00 | N/R | 23,436,546 |
| 4,930 | Golden
State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 | 6/22
at 100.00 | N/R | 4,732,849 |
| | Tobacco
Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1: | | | |
| 8,450 | 5.375%,
6/01/38 | 1/19
at 100.00 | B- | 8,487,349 |
| 2,000 | 5.500%,
6/01/45 | 1/19
at 100.00 | B- | 2,008,840 |
| 67,795 | Total
Consumer Staples | | | 67,536,614 |
| | Education
and Civic Organizations – 6.6% (4.0% of Total Investments) | | | |
| 1,050 | ABAG
Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2012, 5.000%, 7/01/37 | 7/22
at 100.00 | A1 | 1,128,792 |
| 3,000 | California
Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40 | 9/25
at 100.00 | AA | 3,374,370 |
| 3,600 | California
Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 2017C, 5.000%, 4/01/46 | 4/28
at 100.00 | Aa3 | 4,080,636 |
| 4,475 | California
Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 7.125%, 8/01/43 | 8/23
at 100.00 | BB- | 4,906,256 |
1
| NKX |
|---|
| Portfolio of |
| Investments November 30, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Education
and Civic Organizations (continued) | | | |
| $ 1,780 | California
Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A, 7.250%, 6/01/43 | 6/22
at 102.00 | N/R | $ 1,973,112 |
| 1,600 | California
Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42, 144A | 1/22
at 100.00 | N/R | 1,689,584 |
| 7,875 | California
Municipal Finance Authority, Revenue Bonds, Pomona College, Series 2017, 5.000%, 1/01/48 | 1/28
at 100.00 | AAA | 8,955,135 |
| 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 | 664,273 |
| 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 | 784,140 |
| 4,925 | California
School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.000%, 7/01/46 | 7/25
at 101.00 | BBB | 5,178,243 |
| 280 | California
School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A, 5.750%, 7/01/41, 144A | 7/26
at 100.00 | BB+ | 294,356 |
| 1,725 | California
State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38 | 5/26
at 100.00 | Aa2 | 1,764,175 |
| 180 | California
Statewide Communities Development Authority, Charter School Revenue Bonds, Rocketship 4 - Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41 | 12/21
at 100.00 | N/R | 201,226 |
| 300 | California
Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 | 7/21
at 100.00 | BBB- | 320,211 |
| 10,000 | University
of California, General Revenue Bonds, Series 2018AZ, 5.000%, 5/15/48 | 5/28
at 100.00 | AA | 11,291,900 |
| 42,175 | Total
Education and Civic Organizations | | | 46,606,409 |
| | Health
Care – 16.5% (10.2% of Total Investments) | | | |
| 430 | California
Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43 | 8/25
at 100.00 | AA- | 467,879 |
| | 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 | AA- | 13,445,499 |
| 5,000 | 5.000%,
11/15/46 | 11/26
at 100.00 | AA- | 5,464,300 |
| 9,415 | California
Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/48 | 11/27
at 100.00 | AA- | 10,324,960 |
| | California
Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A: | | | |
| 18,430 | 5.000%,
11/15/41 | 11/25
at 100.00 | AA- | 20,189,143 |
| 5,500 | 5.000%,
11/15/46 | 11/25
at 100.00 | AA- | 5,971,790 |
| 3,500 | California
Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A, 5.000%, 11/15/48 | 11/27
at 100.00 | AA- | 3,838,275 |
| 1,255 | California
Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29 | 11/22
at 100.00 | BBB+ | 1,357,283 |
| 875 | 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+ | 947,441 |
| 1,000 | California
Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2012A, 5.000%, 11/15/35 | 11/22
at 100.00 | AA- | 1,086,560 |
2
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Health
Care (continued) | | | |
| $ 10,000 | California
Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, 4.000%, 11/01/44 | 11/27
at 100.00 | AA- | $ 10,217,700 |
| 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- | 2,721,474 |
| 2,000 | California
Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, Series 2012A, 5.000%, 10/01/33 | 10/22
at 100.00 | AA- | 2,196,880 |
| 1,405 | California
Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 | 10/24
at 100.00 | AA- | 1,563,343 |
| 2,800 | California
Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 | 10/24
at 100.00 | AA- | 3,073,728 |
| 335 | California
Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital - San Diego, Series 2011, 5.250%, 8/15/41 | 8/21
at 100.00 | AA | 354,936 |
| 250 | California
Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42 | 7/27
at 100.00 | Baa2 | 270,560 |
| 1,690 | California
Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/36 | 11/26
at 100.00 | BBB- | 1,816,158 |
| 5,200 | California
Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/44 | 12/24
at 100.00 | BB | 5,446,844 |
| 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 | 15,295,698 |
| | California
Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | | | |
| 700 | 5.750%,
7/01/24 | 2/19
at 100.00 | CC | 594,419 |
| 4,240 | 5.750%,
7/01/30 | 2/19
at 100.00 | CC | 3,578,687 |
| 105 | 5.750%,
7/01/35 | 2/19
at 100.00 | CC | 88,513 |
| 5,365 | California
Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured | No
Opt. Call | AA- | 5,650,150 |
| 850 | San
Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 | 12/21
at 100.00 | BB | 926,985 |
| 110,900 | Total
Health Care | | | 116,889,205 |
| | Housing/Multifamily – 0.9%
(0.5% of Total Investments) | | | |
| | 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 | BBB+ | 279,411 |
| 705 | 5.250%,
8/15/49 | 8/24
at 100.00 | BBB+ | 753,906 |
| 155 | California
Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 | 8/22
at 100.00 | BBB | 164,168 |
| 350 | California
Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47 | 8/22
at 100.00 | A1 | 381,500 |
| 140 | California
Public Finance Authority, University Housing Revenue Bonds, National Campus Community Development - Claremont Properties LLC Claremont Colleges Project, Series 2017A, 5.000%, 7/01/37, 144A | 7/27
at 100.00 | B1 | 141,747 |
| 3,285 | Independent
Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38 | 4/23
at 100.00 | A- | 3,460,912 |
3
| NKX |
|---|
| Portfolio of |
| Investments November 30, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | 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 | A | $ 727,218 |
| 185 | 5.000%,
6/15/49 | 6/24
at 100.00 | A | 193,649 |
| 5,750 | Total
Housing/Multifamily | | | 6,102,511 |
| | Long-Term
Care – 0.6% (0.3% of Total Investments) | | | |
| 2,250 | California
Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26 | 2/21
at 100.00 | AA- | 2,444,310 |
| 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- | 1,452,893 |
| 3,550 | Total
Long-Term Care | | | 3,897,203 |
| | Tax
Obligation/General – 29.6% (18.2% of Total Investments) | | | |
| 1,000 | California
State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25 | 9/21
at 100.00 | AA- | 1,086,510 |
| 1,600 | California
State, General Obligation Bonds, Refunding Various Purpose Series 2016, 5.000%, 8/01/33 | 8/26
at 100.00 | AA- | 1,834,624 |
| | California
State, General Obligation Bonds, Various Purpose Series 2009: | | | |
| 1,300 | 5.500%,
11/01/39 | 11/19
at 100.00 | AA- | 1,340,430 |
| 2,350 | 6.000%,
11/01/39 | 11/19
at 100.00 | AA- | 2,434,036 |
| 6,000 | California
State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33 | 3/20
at 100.00 | AA- | 6,306,240 |
| | California
State, General Obligation Bonds, Various Purpose Series 2011: | | | |
| 2,000 | 5.000%,
9/01/31 | 9/21
at 100.00 | AA- | 2,146,440 |
| 4,090 | 5.000%,
9/01/41 | 9/21
at 100.00 | AA- | 4,364,684 |
| 2,625 | 5.000%,
10/01/41 | 10/21
at 100.00 | AA- | 2,806,703 |
| | California
State, General Obligation Bonds, Various Purpose Series 2013: | | | |
| 3,500 | 5.000%,
4/01/37 | 4/23
at 100.00 | AA- | 3,812,725 |
| 2,000 | 5.000%,
2/01/43 | 2/23
at 100.00 | AA- | 2,160,140 |
| 5,520 | 5.000%,
11/01/43 | 11/23
at 100.00 | AA- | 6,037,500 |
| | California
State, General Obligation Bonds, Various Purpose Series 2014: | | | |
| 2,460 | 5.000%,
10/01/39 | 10/24
at 100.00 | AA- | 2,723,392 |
| 9,000 | 5.000%,
12/01/43 | 12/23
at 100.00 | AA- | 9,863,370 |
| 9,000 | 5.000%,
10/01/44 | 10/24
at 100.00 | AA- | 9,908,010 |
| | California
State, General Obligation Bonds, Various Purpose Series 2015: | | | |
| 8,000 | 5.000%,
3/01/45 | 3/25
at 100.00 | AA- | 8,792,720 |
| 2,000 | 5.000%,
8/01/45 | 8/25
at 100.00 | AA- | 2,210,540 |
| 5,390 | California
State, General Obligation Bonds, Various Purpose Series 2016, 5.000%, 9/01/46 | 9/26
at 100.00 | AA- | 6,023,055 |
| 7,995 | California
State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 11/01/47 | 11/27
at 100.00 | AA- | 9,022,917 |
| 20,750 | Coachella
Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured | No
Opt. Call | AA | 7,246,937 |
4
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/General (continued) | | | |
| $ 9,840 | Corona-Norco
Unified School District, Riverside County, California, General Obligation Bonds, Election 2014, Series 2018B, 5.000%, 8/01/47 | 8/28
at 100.00 | AAA | $ 11,205,792 |
| 3,065 | Lucia
Mar Unified School District, San Luis Obispo County, California, General Obligation Bonds, Election 2016 Series 2017A, 4.000%, 8/01/46 | 8/27
at 100.00 | Aa2 | 3,146,590 |
| 4,500 | Mount
Diablo Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (4) | 8/25
at 100.00 | AA | 4,403,970 |
| 1,125 | San
Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured | No
Opt. Call | Aa2 | 1,066,894 |
| 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 | 7,772,744 |
| 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 (4) | No
Opt. Call | Aaa | 2,157,867 |
| 2,870 | Sanger
Unified School District, Fresno County, California, General Obligation Bonds, Election 2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured | 8/24
at 100.00 | AA | 3,192,043 |
| 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 | 3,999,600 |
| | Stockton
Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D: | | | |
| 23,280 | 0.000%,
8/01/47 – AGC Insured (4) | 8/37
at 100.00 | AA | 20,685,677 |
| 38,845 | 0.000%,
8/01/50 – AGM Insured (4) | 8/37
at 100.00 | AA | 34,562,339 |
| 15,780 | Sylvan
Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (4) | No
Opt. Call | AA | 11,451,704 |
| 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 | 8/24
at 100.00 | Aa1 | 5,613,850 |
| 3,905 | West
Kern Community College District, California, General Obligation Bonds, Election 2004, Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured | 3/19
at 100.00 | A+ | 3,922,612 |
| 8,345 | Yosemite
Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (4) | No
Opt. Call | Aa2 | 5,726,172 |
| 237,785 | Total
Tax Obligation/General | | | 209,028,827 |
| | Tax
Obligation/Limited – 35.2% (21.6% of Total Investments) | | | |
| 655 | Beaumont
Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, Series 2013A, 5.000%, 9/01/27 | 9/23
at 100.00 | N/R | 703,175 |
| 1,000 | Bell
Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area, Series 2003, 5.625%, 10/01/33 – RAAI Insured | 2/19
at 100.00 | AA | 1,002,940 |
| 7,895 | Brea
and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured | 2/19
at 100.00 | AA | 7,915,764 |
| 3,000 | California
Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Revenue Bonds, Series 2016A, 5.000%, 10/01/41 | 10/26
at 100.00 | AAA | 3,388,830 |
5
| NKX |
|---|
| Portfolio of |
| Investments November 30, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/Limited (continued) | | | |
| | California
Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004: | | | |
| $ 1,215 | 5.000%,
12/01/19 – AMBAC Insured | 2/19
at 100.00 | AA+ | $ 1,218,135 |
| 1,535 | 5.000%,
12/01/20 – AMBAC Insured | 2/19
at 100.00 | AA+ | 1,538,761 |
| 1,615 | 5.000%,
12/01/21 – AMBAC Insured | 2/19
at 100.00 | AA+ | 1,618,908 |
| 1,695 | 5.000%,
12/01/22 – AMBAC Insured | 2/19
at 100.00 | AA+ | 1,699,085 |
| 1,780 | 5.000%,
12/01/23 – AMBAC Insured | 2/19
at 100.00 | AA+ | 1,784,272 |
| 1,865 | 5.000%,
12/01/24 – AMBAC Insured | 2/19
at 100.00 | AA+ | 1,869,457 |
| 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 | A+ | 7,834,680 |
| | California
State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H: | | | |
| 2,790 | 5.000%,
4/01/30 | 4/22
at 100.00 | A+ | 3,021,961 |
| 2,065 | 5.000%,
4/01/31 | 4/22
at 100.00 | A+ | 2,233,938 |
| 1,315 | California
State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs, Southern California Veterans Home - Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 – AMBAC Insured | 2/19
at 100.00 | A+ | 1,318,906 |
| 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 | A+ | 22,460,991 |
| 1,990 | California
State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/33 | 3/23
at 100.00 | A+ | 2,175,906 |
| 3,020 | Chino
Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured | 2/19
at 100.00 | A | 3,026,523 |
| | Compton
Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B: | | | |
| 1,230 | 5.000%,
8/01/25 | 8/20
at 100.00 | N/R | 1,268,856 |
| 530 | 5.750%,
8/01/26 | 8/20
at 100.00 | N/R | 552,069 |
| | El
Monte, California, Senior Lien Certificates of Participation, Department of Public Services Facility Phase II, Series 2001: | | | |
| 4,520 | 5.000%,
1/01/21 – AMBAC Insured | 1/19
at 100.00 | Aa2 | 4,531,255 |
| 5,000 | 5.250%,
1/01/34 – AMBAC Insured | 1/19
at 100.00 | Aa2 | 5,160,250 |
| 1,000 | Fullerton
Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, Refunding Series 2012, 5.000%, 9/01/32 | 9/22
at 100.00 | A- | 1,080,160 |
| 45,825 | Golden
State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45 | 6/25
at 100.00 | A+ | 49,813,150 |
| 1,000 | Golden
State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30 | 6/23
at 100.00 | A+ | 1,097,120 |
| | Government
of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | | | |
| 7,610 | 5.000%,
11/15/30 | 11/25
at 100.00 | A | 8,226,638 |
| 4,000 | 5.000%,
11/15/34 | 11/25
at 100.00 | A | 4,250,200 |
| 1,750 | Inglewood
Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured | No
Opt. Call | N/R | 1,839,705 |
6
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/Limited (continued) | | | |
| | Lake
Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area D, Series 2014A: | | | |
| $ 1,140 | 5.500%,
9/01/33 | 9/23
at 100.00 | N/R | $ 1,199,531 |
| 2,105 | 5.750%,
9/01/44 | 9/23
at 100.00 | N/R | 2,238,225 |
| 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 | 1,183,737 |
| 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 | 2,233,260 |
| 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 | 1,059,760 |
| 6,190 | Los
Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured | 2/19
at 100.00 | Aa2 | 6,203,618 |
| | Los
Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Green Series 2017A: | | | |
| 7,860 | 5.000%,
7/01/39 | 7/27
at 100.00 | AAA | 9,023,123 |
| 7,140 | 5.000%,
7/01/41 | 7/27
at 100.00 | AAA | 8,158,521 |
| 3,220 | Los
Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/42 | 7/27
at 100.00 | AA+ | 3,666,163 |
| 1,500 | Los
Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, Series 2002, 5.000%, 9/02/33 – NPFG Insured | 3/19
at 100.00 | BBB+ | 1,509,870 |
| 475 | Lynwood
Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, Subordinate Lien Series 2011A, 7.250%, 9/01/38 | 9/21
at 100.00 | A | 538,042 |
| 65 | Novato
Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 | 9/21
at 100.00 | A- | 71,419 |
| | Patterson
Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A: | | | |
| 3,775 | 5.250%,
9/01/30 | 9/23
at 100.00 | N/R | 4,062,844 |
| 3,380 | 5.750%,
9/01/39 | 9/23
at 100.00 | N/R | 3,654,152 |
| 560 | 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 | 608,429 |
| 1,975 | Perris
Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A, 5.375%, 9/01/33 | 9/23
at 100.00 | N/R | 2,127,332 |
| | Puerto
Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: | | | |
| 5,000 | 0.000%,
8/01/44 – NPFG Insured | No
Opt. Call | Baa2 | 1,272,750 |
| 7,200 | 0.000%,
8/01/45 – NPFG Insured | No
Opt. Call | Baa2 | 1,739,808 |
| 1,115 | Rio
Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39 | 9/23
at 100.00 | N/R | 1,223,846 |
| 40 | Riverside
County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25 | 10/21
at 100.00 | A | 44,606 |
7
| NKX |
|---|
| Portfolio of |
| Investments November 30, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/Limited (continued) | | | |
| | Riverside
County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013: | | | |
| $ 660 | 5.000%,
9/01/32 | 9/22
at 100.00 | N/R | $ 690,155 |
| 1,775 | 5.000%,
9/01/42 | 9/22
at 100.00 | N/R | 1,842,894 |
| 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 | 429,520 |
| | Sacramento
Area Flood Control Agency, California, Consolidated Capital Assessment District 2 Bonds, Series 2016A: | | | |
| 3,695 | 5.000%,
10/01/36 | 10/26
at 100.00 | AA | 4,182,260 |
| 8,290 | 5.000%,
10/01/41 | 10/26
at 100.00 | AA | 9,260,759 |
| 6,230 | 5.000%,
10/01/47 | 10/26
at 100.00 | AA | 6,927,635 |
| 550 | Sacramento
City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – NPFG Insured | No
Opt. Call | Aa3 | 574,657 |
| 1,110 | Sacramento
City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20 | No
Opt. Call | Aa3 | 1,159,761 |
| 645 | San
Bernardino Joint Powers Financing Authority, California, Certificates of Participation Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured | 2/19
at 100.00 | Baa2 | 646,741 |
| 215 | 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 | 228,364 |
| 1,000 | San
Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Series 2012A, 5.000%, 4/01/42 | 4/22
at 100.00 | AAA | 1,075,500 |
| 1,480 | San
Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26 | 2/19
at 100.00 | AAA | 1,483,907 |
| 690 | 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 | 732,124 |
| 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 | A | 2,323,728 |
| 2,000 | San
Francisco City and County, California, Certificates of Participation, Multiple Capital Improvement Projects, Series 2009A, 5.200%, 4/01/26 | 4/19
at 100.00 | Aa1 | 2,020,380 |
| 380 | San
Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33 | 8/22
at 100.00 | N/R | 407,630 |
| 5,150 | San
Jacinto Unified School District, Riverside County, California, Certificates of Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured | 9/20
at 100.00 | AA | 5,401,217 |
| 1,000 | San
Marcos Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2012D, 5.000%, 9/01/36 | 9/22
at 100.00 | N/R | 1,044,620 |
| 50 | Signal
Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26 | 4/21
at 100.00 | N/R | 54,728 |
| | Temecula
Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017: | | | |
| 2,170 | 6.125%,
9/01/37, 144A | 9/27
at 100.00 | N/R | 2,168,546 |
| 1,000 | 6.250%,
9/01/47, 144A | 9/27
at 100.00 | N/R | 1,000,550 |
8
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Tax
Obligation/Limited (continued) | | | |
| $ 4,500 | Virgin
Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured | 10/22
at 100.00 | AA | $ 4,803,345 |
| | 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 | 359,968 |
| 790 | 5.250%,
9/01/45 | 9/25
at 100.00 | N/R | 798,872 |
| 4,215 | West
Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31 | 9/22
at 102.00 | N/R | 4,606,995 |
| 241,125 | Total
Tax Obligation/Limited | | | 248,675,527 |
| | Transportation – 16.6%
(10.2% of Total Investments) | | | |
| 9,005 | Alameda
Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/36 | 10/26
at 100.00 | BBB+ | 9,844,806 |
| 6,750 | Foothill/Eastern
Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 | 1/24
at 100.00 | BBB+ | 7,734,555 |
| | Foothill/Eastern
Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | | | |
| 14,885 | 5.750%,
1/15/46 | 1/24
at 100.00 | A- | 16,609,874 |
| 14,885 | 6.000%,
1/15/53 | 1/24
at 100.00 | A- | 16,918,887 |
| | Los
Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015E: | | | |
| 150 | 5.000%,
5/15/31 | 5/25
at 100.00 | AA | 170,703 |
| 1,270 | 5.000%,
5/15/34 | 5/25
at 100.00 | AA | 1,433,246 |
| 1,345 | 5.000%,
5/15/36 | 5/25
at 100.00 | AA | 1,509,453 |
| 4,000 | Los
Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2017B, 5.000%, 5/15/42 | 5/27
at 100.00 | AA- | 4,490,880 |
| 49,185 | San
Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017B, 5.000%, 5/01/47 | 5/27
at 100.00 | A+ | 54,870,294 |
| 3,500 | Stockton
Public Financing Authority, California, Lease Revenue Bonds, Parking & Capital Projects, Series 2004, 5.250%, 9/01/34 – FGIC Insured | 2/19
at 100.00 | Baa2 | 3,488,555 |
| 104,975 | Total
Transportation | | | 117,071,253 |
| | U.S.
Guaranteed – 17.5% (10.7% of Total Investments) (5) | | | |
| 3,000 | ABAG
Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue Bonds, Channing House, Series 2010, 6.125%, 5/15/40 (Pre-refunded 5/15/20) | 5/20
at 100.00 | AA- | 3,188,490 |
| 3,225 | Antelope
Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26 (Pre-refunded 3/01/21) | 3/21
at 100.00 | N/R | 3,494,062 |
| 13,200 | Atwater
Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 5/01/40 (Pre-refunded 5/01/19) – AGM Insured | 5/19
at 100.00 | AA | 13,393,776 |
| 1,115 | Bay
Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.250%, 4/01/48 (Pre-refunded 4/01/23) | 4/23
at 100.00 | AA- | 1,272,349 |
| 1,630 | California
Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2010A, 5.250%, 7/01/38 (Pre-refunded 7/01/20) – AGC Insured | 7/20
at 100.00 | AA | 1,717,694 |
9
| NKX |
|---|
| Portfolio of |
| Investments November 30, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | U.S.
Guaranteed (5) (continued) | | | |
| | California
Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2003A: | | | |
| $ 3,000 | 5.000%,
7/01/22 – AGM Insured (ETM) | No
Opt. Call | Aaa | $ 3,330,900 |
| 2,250 | 5.000%,
7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured | 1/28
at 100.00 | Aaa | 2,724,457 |
| 465 | California
Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20) | 8/20
at 100.00 | BBB | 496,122 |
| | 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 | 2,334,720 |
| 8,000 | 6.000%,
11/15/48 (Pre-refunded 11/15/23) | 11/23
at 100.00 | N/R | 9,479,360 |
| 750 | California
Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) | 7/20
at 100.00 | Baa2 | 795,548 |
| 5,000 | California
State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30 (Pre-refunded 10/01/19) | 10/19
at 100.00 | Aaa | 5,170,500 |
| 2,000 | California
State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) | 11/19
at 100.00 | Aaa | 2,086,120 |
| 2,680 | California
Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) | 8/19
at 100.00 | N/R | 2,769,056 |
| | East
Side Union High School District, Santa Clara County, California, General Obligation Bonds, 2008 Election Series 2010B: | | | |
| 3,490 | 5.000%,
8/01/27 (Pre-refunded 8/01/19) – AGC Insured | 8/19
at 100.00 | AA | 3,567,548 |
| 3,545 | 5.000%,
8/01/28 (Pre-refunded 8/01/19) – AGC Insured | 8/19
at 100.00 | AA | 3,623,770 |
| 3,110 | 5.000%,
8/01/29 (Pre-refunded 8/01/19) – AGC Insured | 8/19
at 100.00 | AA | 3,179,104 |
| 6,000 | Huntington
Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) | No
Opt. Call | Aaa | 6,367,680 |
| | Marysville,
California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011: | | | |
| 25 | 5.250%,
1/01/23 (Pre-refunded 1/01/21) | 1/21
at 100.00 | A | 26,796 |
| 25 | 4.500%,
1/01/26 (Pre-refunded 1/01/21) | 1/21
at 100.00 | A | 26,416 |
| 75 | 5.000%,
1/01/29 (Pre-refunded 1/01/21) | 1/21
at 100.00 | A | 80,009 |
| 275 | 5.000%,
1/01/30 (Pre-refunded 1/01/21) | 1/21
at 100.00 | A | 293,365 |
| 525 | 5.000%,
1/01/31 (Pre-refunded 1/01/21) | 1/21
at 100.00 | A | 560,060 |
| 810 | 5.125%,
1/01/32 (Pre-refunded 1/01/21) | 1/21
at 100.00 | A | 866,141 |
| 3,750 | 5.250%,
1/01/42 (Pre-refunded 1/01/21) | 1/21
at 100.00 | A | 4,019,437 |
| 170 | National
City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21) | 8/21
at 100.00 | A | 190,618 |
| | Palomar
Pomerado Health Care District, California, Certificates of Participation, Series 2009: | | | |
| 9,250 | 6.625%,
11/01/29 (Pre-refunded 11/01/19) | 11/19
at 100.00 | N/R | 9,655,242 |
| 7,500 | 6.750%,
11/01/39 (Pre-refunded 11/01/19) | 11/19
at 100.00 | N/R | 7,836,975 |
10
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | U.S.
Guaranteed (5) (continued) | | | |
| | Palomar
Pomerado Health Care District, California, Certificates of Participation, Series 2010: | | | |
| $ 1,500 | 6.000%,
11/01/30 (Pre-refunded 11/01/20) | 11/20
at 100.00 | Ba1 | $ 1,619,700 |
| 2,595 | 6.000%,
11/01/41 (Pre-refunded 11/01/20) | 11/20
at 100.00 | Ba1 | 2,802,081 |
| 210 | Rancho
Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21) | 9/21
at 100.00 | A- | 231,731 |
| 30 | San
Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21) | 2/21
at 100.00 | A- | 33,149 |
| | San
Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D: | | | |
| 30 | 7.000%,
8/01/33 (Pre-refunded 2/01/21) | 2/21
at 100.00 | BBB+ | 33,280 |
| 40 | 7.000%,
8/01/41 (Pre-refunded 2/01/21) | 2/21
at 100.00 | BBB+ | 44,374 |
| 1,500 | San
Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option Bond Trust 2015-XF0048, 12.987%, 8/01/40 (Pre-refunded 8/01/19), 144A (IF) | 8/19
at 100.00 | AAA | 1,635,330 |
| | San
Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2011F: | | | |
| 7,230 | 0.000%,
8/01/42 (Pre-refunded 8/01/21) – AGM Insured | 8/21
at 21.00 | AA | 1,439,855 |
| 10,450 | 0.000%,
8/01/43 (Pre-refunded 8/01/21) – AGM Insured | 8/21
at 19.43 | AA | 1,926,144 |
| 21,225 | 0.000%,
8/01/44 (Pre-refunded 8/01/21) – AGM Insured | 8/21
at 17.98 | AA | 3,620,136 |
| 12,550 | 0.000%,
8/01/45 (Pre-refunded 8/01/21) – AGM Insured | 8/21
at 16.64 | AA | 1,980,390 |
| 23,425 | 0.000%,
8/01/46 (Pre-refunded 8/01/21) – AGM Insured | 8/21
at 15.39 | AA | 3,419,347 |
| | Tustin
Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010: | | | |
| 1,205 | 5.000%,
9/01/30 (Pre-refunded 9/01/20) – AGM Insured | 9/20
at 100.00 | AA | 1,272,504 |
| 3,250 | 5.250%,
9/01/39 (Pre-refunded 9/01/20) – AGM Insured | 9/20
at 100.00 | AA | 3,445,942 |
| 6,000 | Westminster
Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39 (Pre-refunded 11/01/19) | 11/19
at 100.00 | N/R | 6,240,480 |
| 95 | Yorba
Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26 (Pre-refunded 9/01/21) | 9/21
at 100.00 | N/R | 105,462 |
| 1,000 | Yuba
Community College District, California, General Obligation Bonds, Election 2006 Series 2011C, 5.250%, 8/01/47 (Pre-refunded 8/01/21) | 8/21
at 100.00 | Aa2 | 1,090,500 |
| 179,200 | Total
U.S. Guaranteed | | | 123,486,720 |
| | Utilities – 7.0%
(4.3% of Total Investments) | | | |
| | Long
Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A: | | | |
| 2,490 | 5.000%,
11/15/35 | No
Opt. Call | A+ | 2,953,987 |
| 1,835 | 5.500%,
11/15/37 | No
Opt. Call | A+ | 2,302,631 |
| 10,000 | Los
Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2012B, 5.000%, 7/01/43 | 7/22
at 100.00 | AA | 10,828,400 |
11
| NKX |
|---|
| Portfolio of |
| Investments November 30, 2018 |
| (Unaudited) |
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Utilities (continued) | | | |
| $ 4,280 | Los
Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2013B, 5.000%, 7/01/28 | 7/23
at 100.00 | AA | $ 4,806,740 |
| 5,000 | Los
Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016A, 5.000%, 7/01/46 | 1/26
at 100.00 | AA | 5,556,650 |
| 6,015 | Los
Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/42 | 1/27
at 100.00 | AA | 6,773,732 |
| 6,400 | Los
Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/47 | 7/27
at 100.00 | AA | 7,207,552 |
| 3,750 | Los
Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender Option Bond Trust 3345. As Of 6/4/2015 Converted to Trust 2015-XF2047, 12.990%, 7/01/43, 144A (IF) (6) | 7/22
at 100.00 | AA | 4,992,637 |
| 1,000 | Southern
California Public Power Authority, California, Milford Wind Corridor Phase I Revenue Bonds, Series 2010-1, 5.000%, 7/01/28 | 1/20
at 100.00 | Aa2 | 1,032,010 |
| 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 | 3,341,401 |
| 43,745 | Total
Utilities | | | 49,795,740 |
| | Water
and Sewer – 22.9% (14.1% of Total Investments) | | | |
| 7,600 | Bay
Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34 | 4/23
at 100.00 | AA- | 8,350,576 |
| 5,850 | California
Infrastructure and Economic Development Bank. Clean Water State Revolving Fund Revenue Bonds, Green Series 2018, 5.000%, 10/01/43 | 4/28
at 100.00 | AAA | 6,716,561 |
| | California
Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Series 2012: | | | |
| 7,910 | 5.000%,
7/01/37, 144A | 2/19
at 100.00 | Baa3 | 7,959,675 |
| 12,045 | 5.000%,
11/21/45, 144A | 2/19
at 100.00 | Baa3 | 12,177,615 |
| 3,000 | Escondido
Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41 | 3/22
at 100.00 | AA- | 3,204,210 |
| 3,775 | Los
Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2016B, 5.000%, 7/01/35 | 1/26
at 100.00 | AA+ | 4,283,568 |
| 16,000 | Los
Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A, 5.000%, 7/01/43 | 7/22
at 100.00 | AA+ | 17,325,440 |
| 10,515 | Los
Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A, 5.000%, 7/01/44 | 7/24
at 100.00 | AA+ | 11,603,197 |
| | Los
Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A: | | | |
| 5,680 | 5.000%,
7/01/35 | 1/26
at 100.00 | AA+ | 6,445,210 |
| 1,000 | 5.000%,
7/01/36 | 1/26
at 100.00 | AA+ | 1,130,160 |
| | Los
Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A: | | | |
| 9,455 | 5.000%,
7/01/44 | 1/27
at 100.00 | AA+ | 10,632,242 |
| 5,000 | 5.250%,
7/01/44 | 1/27
at 100.00 | AA+ | 5,726,050 |
| 2,210 | Los
Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47 | 6/27
at 100.00 | AA | 2,553,854 |
12
| Principal
Amount (000) | Description
(1) | Optional
Call Provisions (2) | Ratings
(3) | Value |
| --- | --- | --- | --- | --- |
| | Water
and Sewer (continued) | | | |
| $ 5,000 | Los
Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series 2018A, 5.000%, 6/01/48 | 6/28
at 100.00 | AA | $ 5,687,400 |
| 9,500 | Los
Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A, 5.000%, 6/01/44 | 6/25
at 100.00 | AA+ | 10,661,375 |
| | 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 | 2,216,220 |
| 3,500 | 5.000%,
6/01/35 | 6/23
at 100.00 | AA | 3,867,395 |
| 670 | Metropolitan
Water District of Southern California, Waterworks Revenue Bonds, Tender Option Bond Trust 2016-XL0015, 13.270%, 7/01/35, 144A (IF) (6) | 7/19
at 100.00 | AAA | 717,945 |
| 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 | 1,131,920 |
| 1,500 | Placerville
Public Financing Authority, California, Wastewater System Refinancing and Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured | 2/19
at 100.00 | AAA | 1,500,540 |
| 2,500 | Sacramento
County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33 | 6/24
at 100.00 | AA | 2,822,375 |
| 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 | 4,570,440 |
| 26,220 | San
Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2017D, 5.000%, 11/01/33 (UB) (6) | 11/27
at 100.00 | AA- | 30,742,163 |
| 145,930 | Total
Water and Sewer | | | 162,026,131 |
| $ 1,182,930 | Total
Long-Term Investments (cost $1,075,623,498) | | | 1,151,116,140 |
| | Floating
Rate Obligations – (3.0)% | | | (20,975,000) |
| | MuniFund
Preferred Shares, net of deferred offering costs – (19.8)% (7) | | | (139,983,016) |
| | Variable
Rate Demand Preferred Shares, net of deferred offering costs – (41.1)% (8) | | | (290,321,034) |
| | Other
Assets Less Liabilities – 0.9% | | | 6,538,053 |
| | Net
Asset Applicable to Common Shares – 100% | | | $ 706,375,143 |
Fair Value Measurements
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. A three-tier hierarchy 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 the reporting entity’s own 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).
13
| NKX |
|---|
| Portfolio of |
| Investments November 30, 2018 |
| (Unaudited) |
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
| | Level
1 | Level
2 | Level
3 | Total |
| --- | --- | --- | --- | --- |
| Long-Term
Investments: | | | | |
| Municipal
Bonds | $ — | $1,151,116,140 | $ — | $1,151,116,140 |
Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund's investment portfolio, as determined on a federal income tax basis, as of November 30, 2018.
| Tax
cost of investments | $1,053,951,582 |
| --- | --- |
| Gross
unrealized: | |
| Appreciation | $ 78,785,996 |
| Depreciation | (2,596,362) |
| Net
unrealized appreciation (depreciation) of investments | $ 76,189,634 |
| (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) | Step-up
coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| (5) | Backed
by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
| (6) | Investment,
or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (7) | MuniFund
Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 12.2%. |
| (8) | Variable
Rate Demand Preferred Shares, net of deferred offering costs as a percentage of Total Investments is 25.2%. |
| 144A | Investment
is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ETM | Escrowed
to maturity. |
| IF | Inverse
floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar
short-term rate, and is reduced by the expenses related to the TOB trust. |
| UB | Underlying
bond of an inverse floating rate trust reflected as a financing transaction. |
14
Item 2. Controls and Procedures.
a. The registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
b. There were no changes in the registrants 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 registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form 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)), exactly as set forth below: See EX-99 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 AMT-Free Quality Municipal Income Fund |
|---|---|
| By (Signature and Title) | /s/ Gifford R. |
| Zimmerman | |
| Gifford R. Zimmerman | |
| Vice President and Secretary |
Date: January 29, 2019
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/ Cedric H.
Antosiewicz |
| --- | --- |
| | Cedric H. Antosiewicz |
| | Chief Administrative Officer (principal executive officer) |
| Date: January 29, 2019 | |
| By (Signature and Title) | /s/ Stephen D.
Foy |
| | Stephen D. Foy |
| | Vice President and Controller (principal financial officer) |
| Date: January 29, 2019 | |
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