NCA - Nuveen California Municipal Value Fund

What this means for you

2 large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 8, 2026

   The fund said it may sell new shares.

   Original document →

2. Oct 2, 2026

   The fund said it may sell new shares.

   Original document →

3. Aug 3, 2026

   UBS Group AG raised its stake to 6.6% (from 5.4%), as a passive investor.

   Original document →

4. May 22, 2026

   The fund said it may sell new shares.

   Original document →

5. May 20, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Nuveen Fund Advisors, LLC. Part of the Nuveen fund family. As of Aug 31, 2025, from the fund's yearly report. Original document →
• Size: about $302 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund does not borrow. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.5% a year in management fees; 0.5% a year in total, including interest on borrowed money. Fiscal year ended Aug 31, 2025. As of Aug 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 7 charge a lower management fee and one charges less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Aug 31, 2025) the fund paid $0.35 a share, all of it income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Aug 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Aug 31, 2025): $8.85. The shares traded at $8.52, about 3.7% below that. As of Aug 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: down 1% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.35 in the fiscal year ended Aug 31, 2025; $0.17 in the year ended Aug 31, 2024; $0.35 in the year ended Feb 29, 2024.As of Aug 31, 2025, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of Aug 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 0.54% a year in the fiscal year ended Aug 31, 2025; 0.55% a year in the year ended Aug 31, 2024; 0.54% a year in the year ended Feb 29, 2024.As of Aug 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $293 million at Aug 31, 2025; $312 million at Aug 31, 2024; $311 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Aug 31, 2025 →, Aug 31, 2024 →, Feb 29, 2024 →.
• Borrowing: none at Aug 31, 2025; none at Aug 31, 2024; none at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Aug 31, 2025 →, Aug 31, 2024 →, Feb 29, 2024 →.
• The fund had about 33.1 million shares at Aug 31, 2025, about the same as at Feb 29, 2024.As of Aug 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Aug 31, 2025: the shares returned -1.1%, counting payouts; the holdings -2.3%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Aug 31, 2025, from the fund's annual report. Original document →
• The year ended Aug 31, 2024: the shares returned +4.3%, counting payouts; the holdings +2%. As of Aug 31, 2024, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned +4.7%, counting payouts; the holdings +5.9%. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -5.1%, counting payouts; the holdings -7.6%. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned -3.9%, counting payouts; the holdings -0.4%. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those two years together: the shares returned +3.2%. $10,000 of shares bought at the start (Sept 1, 2023) would have become about $10,300 by Aug 31, 2025, with every payout counted, before tax. As of Aug 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +6%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 42 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 37 reported a higher share return for that year and 4 a lower one. As of Aug 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second - 8.3%
2. Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004 - 6%
3. Los Angeles Department of Water and Power, California, Power System Revenue Bonds - 4.6%
4. San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 - 4.3%
5. Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien, Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C - 3.5%
6. Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds - 3.5%
7. Los Angeles, California, Tax & Revenue Anticipation Notes - 3.4%
8. Berkeley Unified School District, Alameda County, California, General Obligation Bonds, Election of 2020 - 3%
9. California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding - 2.7%
10. Riverside, California, Sewer Revenue Bonds, Refunding - 2%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →