In plain terms — Nuveen California Quality Municipal Income Fund
Shares currently cost about 2.1% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 1.9% premium, so today's level is unusually wide for this fund (Z-score -3.0). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 8.3% a year of the share price (8.1% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.02 of assets — a ReinvestCapture™ rate of 8.4%, more than the payout rate itself. That is buying power, not a return.
The assets themselves fell 5.3% over the past year including distributions (NAV total return).
Annual costs are 3.79% of assets.
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | +2.30% | 2.31% | -2.21 | 62 |
| 6 months | +2.61% | 1.79% | -3.03 | 118 |
| 1 year | +1.94% | 1.58% | -3.01 | 224 |
| 3 years | -5.14% | — | — | — |
| 5 years | -7.34% | — | — | — |
Current contemporaneous premium/discount -2.81% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -2.82% to +4.88%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -9.09% | -18.25% | -16.17% | -15.02% | +0.48% | -8.54% |
| Market price total return | -8.50% | -16.76% | -11.45% | -8.54% | +7.61% | -2.96% |
| NAV return | -4.62% | -11.34% | -11.64% | -12.10% | -4.04% | -8.33% |
| NAV total return | -4.00% | -9.68% | -6.54% | -5.26% | +2.50% | -3.08% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
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.
CEF Explorer research page for Nuveen California Quality Municipal Income Fund. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.