# Nuveen California Quality Municipal Income Fund (NAC): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/nac for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: Nuveen · Asset class: Bond - Strategy: Thematic · Inception: 1999-05-26 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 fe... ## Key Facts | Metric | Value | |---|---| | Price | $10.16 | | Expense Ratio | 3.79% | | Assets Under Management | $1.59B | | NAV | — | | Holdings Count | — | | Distribution Yield (TTM) | 8.48% | | Annual Distribution (TTM) | $0.86 /share | | Distribution Frequency | Monthly | | 52-Week Range | $9.80 – $12.25 | | Beta | 0.58 | ## Latest Distribution - Amount: $0.0695 /share - Ex-date: 2026-10-15 - Pay date: 2026-11-02 ## Frequently Asked Questions ### 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 8.48%, 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. ### Does NAC pay a dividend? Yes, Nuveen California Quality Municipal Income Fund (NAC) distributes dividends to shareholders. The trailing-twelve-month yield is 8.48%. Full dividend history is on this page. ### How often does NAC pay dividends? Nuveen California Quality Municipal Income Fund pays dividends Monthly. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### When is NAC's next ex-dividend date? The most recently announced ex-dividend date for NAC was 2026-10-15. The next ex-date typically follows Monthly; once announced it appears at the top of the dividend history table on this page. ### How much will NAC's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 3.79% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does NAC charge its expense ratio? The expense ratio is deducted in tiny daily slices from NAC's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does NAC cost more than a fund like VOO? NAC's strategy (current expense ratio 3.79%) is different from a broad-market index tracker like VOO, so its fee belongs to a different cohort. The Cost Verdict card above shows you where NAC sits within its own category, which is the comparison that actually matters. ### Are there cheaper alternatives to NAC? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as NAC (3.79%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/nac - Distribution history: https://www.dividenddata.com/funds/nac/dividend - Holdings & diversification: https://www.dividenddata.com/funds/nac/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/nac/expenses - Peer comparison: https://www.dividenddata.com/funds/nac/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.