Nuveen California Quality Municipal Income Fund

Frequently Asked Questions About NAC

What does NAC invest in?

The Nuveen California Quality Municipal Income Fund, identified by the symbol NAC, functions as a closed-end mutual fund primarily focused on fixed-income investments. This U.S.-domiciled fund was established on December 1, 1998, under the sponsorship of Nuveen Investments, Inc. Its investment activities are jointly managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. The fund's core strategy involves investing in California's fixed-income markets, specifically targeting undervalued municipal securities and related assets that offer a valuable exemption from both regular federal and California state income taxes. A key aspect of its portfolio construction involves favoring debt instruments rated at least Baa by Moody's Investors Service, Inc., or BBB by Standard & Poor's. The portfolio typically maintains an average maturity period of approximately 20.96 years. Investment decisions are driven by a thorough bottom-up fundamental analysis approach. For performance evaluation, the fund measures itself against two benchmarks: the Standard & Poor's (S&P) California Municipal Bond Index and the Standard & Poor's (S&P) National Municipal Bond Index. Prior to its current name, the fund was recognized as the Nuveen California Dividend Advantage Municipal Fund.

What is the expense ratio of NAC?

Nuveen California Quality Municipal Income Fund (NAC) charges an expense ratio of 3.79%. This is the annual fee deducted from fund assets to cover management and operations.

What is NAC's dividend yield?

NAC's trailing-twelve-month yield is 7.43%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of NAC?

Effective duration measures NAC's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. NAC's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of NAC?

NAC's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of NAC?

Yield to maturity (YTM) is the total return you'd earn from NAC if every bond in the portfolio is held to maturity at the current price. NAC's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.