Nuveen California Quality Municipal Income Fund (NAC) reported an 8.73% total return on common-share NAV for the 12 months ended August 31, 2026, versus 3.97% for the S&P Municipal Bond California Index. Its average annual NAV return was (1.93)% over five years and 0.95% over 10 years.
Effective July 31, 2026, NAC’s policy calls for at least 80% of Assets in investment-grade municipal securities and related instruments under normal circumstances. The policy may be changed without a shareholder vote, with 60 days’ prior written notice.
NAC sold 22,685,653 common shares through its shelf offering during the reporting period at a weighted average premium to NAV of 2.07%; shelf issuance is subject to market conditions and at a net price at or above NAV. Total distributions from net investment income were $0.8700 per common share. The board reauthorized an open-market program allowing each Fund to repurchase and retire up to approximately 10% of its outstanding common shares.
Nuveen California Quality Municipal Income Fund (NAC) is asking shareholders to elect four Class II Board Members at its virtual annual meeting on December 10, 2026. NAC Preferred Share holders also vote separately to elect two Board Members. The Board recommends voting FOR each nominee.
Independent Board Members’ annual retainer is $355,000 effective January 1, 2026, compared with $350,000 previously; the Board Chair’s annual amount is $160,000, compared with $150,000. The meeting will be held by live webcast, with no physical location.
Nuveen California Quality Municipal Income Fund (NAC) revised the use-of-proceeds terms for Common Shares issued under its prospectus supplement. The Fund anticipates investing substantially all net proceeds in investments that meet its objectives and policies within approximately three months after receipt. Pending investment, proceeds are anticipated to be invested in securities issued by the U.S. Government and its agencies or instrumentalities, or in high-quality, short-term money market instruments; the Fund may also use proceeds to pay shareholder distributions.
Nuveen California Quality Municipal Income Fund (NAC) filed an initial statement of beneficial ownership reporting that Margot Kleinman, identified as a Portfolio Manager, is now a reporting person for the fund’s securities. The filing does not list any reportable transactions or holdings of the fund’s securities by her at this time.
Nuveen California Quality Municipal Income Fund (NAC) reported an initial statement of beneficial ownership on Form 3 for reporting person Parth Doshi, identified with an "other" role of VP and not as a director, officer, or ten percent owner. The filing lists no reportable equity or derivative positions and no transactions.
Nuveen California Quality Municipal Income Fund officer Joseph Castro filed an initial ownership report as EVP, Chief Risk & Compliance. This Form 3 does not list any share transactions or holdings, and serves to identify him as an executive subject to insider reporting requirements.
Nuveen California Quality Municipal Income Fund is launching an at-the-market offering of up to 15,900,000 common shares, allowing it to issue new stock over time at prices at or above net asset value plus commissions. This primary offering can raise additional capital to invest in tax-exempt California municipal bonds consistent with its stated objectives. As of February 6, 2026, the fund’s net asset value was $11.81 per share, its NYSE market price was $11.84, and it had 155,234,395 common shares outstanding. Estimated net proceeds would be about $186.3 million if all shares were sold at $11.84.
JPMorgan Chase Bank, N.A., a 10% owner of Nuveen California Quality Municipal Income Fund (NAC), reported an indirect change in holdings of the fund’s preferred shares. On 12/17/2025, a trust associated with JPMorgan disposed of 240 Series 5 Variable Rate Demand Preferred Shares (VRDP Shares) due to a redemption by the fund. The VRDP Shares were redeemed at $100,153.39725 per share, which includes a $100,000.00 liquidation preference and $153.39725 of accrued dividends per share. Following this transaction, the reporting person beneficially owned 1,349 VRDP Shares indirectly through the trust.
JPMorgan Chase Bank, National Association filed an amended Schedule 13G reporting beneficial ownership of 1,349 Series 5 Variable Rate Demand Preferred Shares of Nuveen California Quality Municipal Income Fund, representing 14.86% of the fund’s preferred shares based on issuer data.
JPMorgan reports no sole voting power over these shares, with shared voting power over 1,349 shares and sole dispositive power over 1,349 shares. Certain voting rights were assigned to a voting trust that follows recommendations from a voting consultant, while JPMorgan retained other voting and all dispositive rights. JPMorgan acquired the VRDP shares in June 2020 and deposited 100% into a tender option bond trust, which holds title but does not control voting or disposition. The position is certified as being held in the ordinary course of business and not for the purpose of influencing control of the fund.
Nuveen California Quality Municipal Income Fund (NAC) and four related Nuveen municipal funds called an all-virtual Annual Meeting for December 18, 2025 at 2:00 p.m. CT to elect Board Members and conduct any other proper business. Shareholders of record as of October 22, 2025 may vote by mail, telephone, Internet, or live during the webcast at www.meetnow.global/MDDDMSP.
Holders of common shares and preferred shares, voting together, will elect Class I trustees; for funds with preferred shares, preferred holders will also elect two trustees in a separate vote. The Board states all nominees are independent and recommends voting FOR each nominee.
The filing explains quorum and broker voting mechanics, including when NYSE Rule 452 proportionate voting may apply to certain series of variable-rate preferred shares. It also details the unitary Board structure, committee oversight, and updated Independent Board Member compensation levels effective January 1, 2025.