NKX - Nuveen California AMT-Free Quality Municipal Income Fund

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is 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 2, 2026

   The fund said it may sell new shares.

   Original document →

2. Sept 15, 2026

   The fund said it may sell new shares.

   Original document →

3. May 1, 2026

   The fund said it will repay some borrowed money on June 2, 2026.

   Original document →

4. Jan 16, 2026

   The fund said it may sell new shares.

   Original document →

5. Jan 13, 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 $652 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 borrows about 41% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. About 88% of that is money the fund has borrowed by selling preferred shares. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -20.3%; at +10%, about +14.7%. As of Aug 31, 2025, from the fund's annual report. Original document →
• Costs: 0.6% a year in management fees; 3.8% 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, 29 charge a lower management fee and 64 charge 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.
• The fund's own cost example: $1,000 invested costs about $48 in the first year and about $407 over 10 years, assuming the holdings return 5% a year. As of Aug 31, 2025, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended Aug 31, 2025) the fund paid $0.91 a share. $0.49 of that was income; $0.42 was your own money back, not 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): $11.56. The shares traded at $11.82, about 2.3% above that. As of Aug 31, 2025, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 16.2% below to 5.2% above. As of Aug 31, 2025, from the fund's annual report. Original document →
• How the holdings did: down 1.6% 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 2002.

How this has changed

• Payouts per share: $0.91 in the fiscal year ended Aug 31, 2025; $0.38 in the year ended Aug 31, 2024; $0.51 in the year ended Feb 29, 2024.As of Aug 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.42 in the year ended Aug 31, 2025; $0.13 in the year ended Aug 31, 2024; none in the year ended Feb 29, 2024.As of Aug 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.77% a year in the fiscal year ended Aug 31, 2025; 4.02% a year in the year ended Aug 31, 2024; 4.02% 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 $574 million at Aug 31, 2025; $629 million at Aug 31, 2024; $633 million at Feb 29, 2024. From the fund's quarterly holdings reports. Original documents: Aug 31, 2025 →, Aug 31, 2024 →, Feb 29, 2024 →.
• Borrowing: about 43% on top of its own money at Aug 31, 2025; 41% at Aug 31, 2024; 41% 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 49.7 million shares at Aug 31, 2025, up 4.6% from Feb 29, 2024.As of Aug 31, 2025, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. 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 -4.6%, counting payouts; the holdings -6.1%. 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 +19.8%, counting payouts; the holdings +2.3%. As of Aug 31, 2024, from the fund's annual report. Original document →
• The year ended Feb 29, 2024: the shares returned +2.5%, counting payouts; the holdings +6.8%. As of Feb 29, 2024, from the fund's annual report. Original document →
• The year ended Feb 28, 2023: the shares returned -13.2%, counting payouts; the holdings -13.1%. As of Feb 28, 2023, from the fund's annual report. Original document →
• The year ended Feb 28, 2022: the shares returned -2.4%, counting payouts; the holdings -1.2%. As of Feb 28, 2022, from the fund's annual report. Original document →
• Those two years together: the shares returned +14.3%. $10,000 of shares bought at the start (Sept 1, 2023) would have become about $11,400 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: +8.2%. 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, 40 reported a higher share return for that year and 1 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. Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 - 11.1%
2. San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second - 9.1%
3. California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding - 6.3%
4. San Diego, California, General Obligation Bonds, Tax & Revenue Anticipation Note Series 2026-27 - 6.3%
5. Los Angeles, California, Tax & Revenue Anticipation Notes - 5.5%
6. University of California, General Revenue Bonds, Limited Project - 5.5%
7. Riverside County, California, Tax and Revenue Anticipation Notes - 3.2%
8. Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1 - 2.6%
9. Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1 - 2.4%
10. San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Regional Water & Local Water - 2.4%

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