Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-21212
 
Nuveen California AMT-Free Municipal Income Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            2/28          
 
Date of reporting period:         5/31/13         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
 
 
 
           
   
Portfolio of Investments (Unaudited) 
      
 
   
               Nuveen California AMT-Free Municipal Income Fund (NKX) 
      
   
May 31, 2013 
      
 
 
 
 
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Consumer Staples – 5.6% (3.7% of Total Investments) 
      
$     1,350 
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
BB– 
$    1,331,964 
   
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36 
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
12,785 
  
5.750%, 6/01/47 
6/17 at 100.00 
B
12,042,192 
9,500 
  
5.125%, 6/01/47 
6/17 at 100.00 
B
8,349,740 
14,630 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
B
13,724,549 
   
Bonds, Series 2007A-2, 5.300%, 6/01/37 
      
38,265 
  
Total Consumer Staples 
    
35,448,445 
   
Education and Civic Organizations – 0.9% (0.6% of Total Investments) 
      
1,600 
  
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento 
1/22 at 100.00 
N/R 
1,737,424 
   
Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42 
      
3,000 
  
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 – 
5/15 at 100.00 
Aa2 
3,249,270 
   
AMBAC Insured 
      
1,000 
  
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 – 
11/15 at 100.00 
Aa2 
1,086,270 
   
NPFG Insured 
      
5,600 
  
Total Education and Civic Organizations 
    
6,072,964 
   
Health Care – 17.9% (11.9% of Total Investments) 
      
5,000 
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
10/13 at 100.00 
A
5,017,850 
   
Bonds, Sansum-Santa Barbara Medical Foundation Clinic, Series 2002A, 5.600%, 4/01/26 
      
1,630 
  
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los 
7/20 at 100.00 
AA– 
1,723,122 
   
Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured 
      
   
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical 
      
   
Center, Series 2012A: 
      
1,000 
  
5.000%, 11/15/35 
No Opt. Call 
AA– 
1,127,150 
1,625 
  
5.000%, 11/15/39 
No Opt. Call 
AA– 
1,802,499 
2,000 
  
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services, 
No Opt. Call 
AA– 
2,256,560 
   
Series 2012A, 5.000%, 10/01/33 
      
2,000 
  
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System 
11/20 at 100.00 
AA– 
2,178,740 
   
Obligated Group, Series 2010, 5.000%, 11/01/40 
      
1,000 
  
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health 
7/17 at 100.00 
N/R 
985,150 
   
System, Series 2007A, 5.125%, 7/15/31 
      
4,000 
  
California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, 
7/17 at 100.00 
AA– 
4,420,080 
   
Catholic Healthcare West, Series 2008K, 5.500%, 7/01/41 – AGC Insured 
      
   
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los 
      
   
Angeles, Series 2007: 
      
4,565 
  
5.000%, 8/15/39 – NPFG Insured 
8/17 at 100.00 
A
4,733,585 
6,500 
  
5.000%, 8/15/47 
8/17 at 100.00 
BBB+ 
6,724,770 
1,000 
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/15 at 100.00 
BBB– 
1,045,810 
   
Health System, Series 2005A, 5.250%, 7/01/30 
      
20,120 
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanante System, 
3/16 at 100.00 
A+ 
21,485,134 
   
Series 2006, 5.000%, 3/01/41 
      
4,500 
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, 
4/17 at 100.00 
A+ 
4,729,140 
   
Series 2007A, 4.750%, 4/01/33 
      
5,020 
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, 
3/16 at 100.00 
AA+ 
5,360,607 
   
Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB) 
      
4,060 
  
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health 
No Opt. Call 
A1 
4,449,760 
   
System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured 
      
7,555 
  
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
8,657,954 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
      
10,000 
  
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 
8/17 at 100.00 
AA– 
10,711,500 
   
2007C, 5.000%, 8/15/38 – AMBAC Insured 
      
2,735 
  
California Statewide Community Development Authority, Revenue Bonds, Trinity Health, Series 
12/21 at 100.00 
AA 
3,020,616 
   
2011, 5.000%, 12/01/41 
      
4,543 
  
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health 
7/18 at 100.00 
AA– 
6,009,844 
   
System, Trust 2554, 18.368%, 7/01/47 – AGM Insured (IF) 
      
2,500 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
2,789,000 
   
6.750%, 11/01/39 
      
   
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010: 
      
1,500 
  
6.000%, 11/01/30 
11/20 at 100.00 
Baa3 
1,651,905 
1,145 
  
6.000%, 11/01/41 
11/20 at 100.00 
Baa3 
1,233,909 
2,400 
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/17 at 100.00 
Baa2 
2,434,824 
   
Center, Series 2007A, 5.000%, 7/01/47 
      
7,670 
  
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, 
8/17 at 100.00 
A+ 
8,369,044 
   
Series 2007A, 5.750%, 2/01/41 – AMBAC Insured 
      
650 
  
University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%, 
11/13 at 100.00 
N/R 
651,924 
   
5/15/18 – AMBAC Insured 
      
104,718 
  
Total Health Care 
    
113,570,477 
   
Housing/Multifamily – 0.7% (0.5% of Total Investments) 
      
3,285 
  
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho 
4/23 at 100.00 
BBB 
3,377,637 
   
Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38 
      
1,165 
  
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series 
5/14 at 101.00 
AA– 
1,189,558 
   
2003, 5.000%, 5/01/23 
      
4,450 
  
Total Housing/Multifamily 
    
4,567,195 
   
Long-Term Care – 1.2% (0.8% of Total Investments) 
      
3,000 
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
5/20 at 100.00 
A
3,380,790 
   
Bonds, Channing House, Series 2010, 6.125%, 5/15/40 
      
1,575 
  
California Health Facilities Financing Authority, Insured Revenue Bonds, California-Nevada 
7/16 at 100.00 
A
1,655,908 
   
Methodist Homes, Series 2006, 5.000%, 7/01/36 
      
2,250 
  
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for 
2/21 at 100.00 
A
2,718,540 
   
Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26 
      
6,825 
  
Total Long-Term Care 
    
7,755,238 
   
Tax Obligation/General – 29.8% (19.8% of Total Investments) 
      
3,000 
  
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, 
8/22 at 100.00 
Aa3 
3,406,800 
   
Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured 
      
1,425 
  
Bassett Unified School District, Los Angeles County, California, General Obligation Bonds, 
8/16 at 100.00 
A
1,568,498 
   
Series 2006B, 5.250%, 8/01/30 – FGIC Insured 
      
3,000 
  
California State, General Obligation Bonds, Various Purpose Refunding Series 2012, 
No Opt. Call 
A1 
3,274,710 
   
5.000%, 9/01/42 
      
6,000 
  
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33 
3/20 at 100.00 
A1 
7,340,460 
1,000 
  
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 9/01/25 
9/21 at 100.00 
A1 
1,186,740 
8,500 
  
California State, General Obligation Bonds, Various Purpose Series 2012, 5.000%, 4/01/42 
4/22 at 100.00 
A1 
9,248,935 
2,500 
  
California State, General Obligation Bonds, Various Purpose Series 2013, 5.000%, 4/01/37 
4/23 at 100.00 
A1 
2,775,525 
20,750 
  
Coachella Valley Unified School District, Riverside County, California, General Obligation 
No Opt. Call 
AA– 
4,366,630 
   
Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured 
      
7,575 
  
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
8/18 at 100.00 
Aa1 
8,126,990 
   
2006C, 0.000%, 8/01/31 – AGM Insured 
      
2,500 
  
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, 
8/18 at 100.00 
Aa2 
2,831,725 
   
Election 2006 Series 2009B, 5.375%, 2/01/34 – AGC Insured 
      
   
East Side Union High School District, Santa Clara County, California, General Obligation 
      
   
Bonds, 2008 Election Series 2010B: 
      
3,490 
  
5.000%, 8/01/27 – AGC Insured 
8/19 at 100.00 
AA– 
3,880,845 
3,545 
  
5.000%, 8/01/28 – AGC Insured 
8/19 at 100.00 
AA– 
3,917,154 
3,110 
  
5.000%, 8/01/29 – AGC Insured 
8/19 at 100.00 
AA– 
3,414,500 
10,000 
  
East Side Union High School District, Santa Clara County, California, General Obligation 
8/13 at 47.75 
A
4,653,500 
   
Bonds, Series 2005, 0.000%, 8/01/28 – SYNCORA GTY Insured 
      
230 
  
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds, 
6/13 at 100.00 
AA 
230,725 
   
Series 2003A, 5.000%, 6/01/28 – AGM Insured 
      
7,100 
  
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
9,069,114 
   
Trust 2668, 9.629%, 2/01/16 – AGM Insured (IF) 
      
5,000 
  
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%, 
7/17 at 100.00 
Aa2 
5,393,550 
   
7/15/37 – AMBAC Insured 
      
1,255 
  
Los Angeles Community College District, Los Angeles County, California, General Obligation 
8/15 at 100.00 
Aa1 
1,370,786 
   
Bonds, Series 2005A, 5.000%, 8/01/24 – AGM Insured 
      
1,270 
  
Merced City School District, Merced County, California, General Obligation Bonds, Series 2004, 
8/13 at 100.00 
AA– 
1,278,877 
   
5.000%, 8/01/22 – FGIC Insured 
      
4,500 
  
Mount Diablo Unified School District, Contra Costa County, California, General Obligation 
8/25 at 100.00 
AA– 
3,216,600 
   
Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured 
      
3,000 
  
Murrieta Valley Unified School District, Riverside County, California, General Obligation 
9/17 at 100.00 
AA– 
3,127,500 
   
Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured 
      
13,880 
  
New Haven Unified School District, Alameda County, California, General Obligation Bonds, 
No Opt. Call 
Aa3 
7,274,647 
   
Series 2004A, 0.000%, 8/01/26 – NPFG Insured 
      
2,500 
  
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 
8/13 at 100.00 
A
2,509,050 
   
2002, 5.250%, 8/01/21 – FGIC Insured 
      
16,000 
  
Poway Unified School District, San Diego County, California, School Facilities Improvement 
No Opt. Call 
Aa2 
3,030,880 
   
District 2007-1 General Obligation Bonds, Series 2011A, 0.000%, 8/01/46 
      
5,500 
  
Sacramento City Unified School District, Sacramento County, California, General Obligation 
7/15 at 100.00 
A1 
5,896,330 
   
Bonds, Series 2005, 5.000%, 7/01/27 – NPFG Insured 
      
1,125 
  
San Diego Unified School District, San Diego County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
906,120 
   
Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured 
      
11,980 
  
San Diego Unified School District, San Diego County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
5,352,784 
   
Refunding Series 2012 R-1, 0.000%, 7/01/31 
      
10,000 
  
San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election 
8/17 at 100.00 
AAA 
11,237,400 
   
of 2004 Series 2007B, 5.000%, 8/01/32 
      
2,000 
  
San Francisco Community College District, California, General Obligation Bonds, Series 2002A, 
6/13 at 100.00 
A1 
2,007,000 
   
5.000%, 6/15/26 – FGIC Insured 
      
5,000 
  
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, 
8/17 at 100.00 
AA– 
5,604,550 
   
Series 2007, 5.250%, 8/01/32 – AGM Insured 
      
1,500 
  
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option 
No Opt. Call 
AAA 
2,208,720 
   
Bond Trust 3646, 17.950%, 8/01/17 (IF) 
      
   
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
      
   
Election Series 2011F: 
      
7,230 
  
0.000%, 8/01/42 – AGM Insured 
8/21 at 21.00 
AA– 
1,065,557 
10,450 
  
0.000%, 8/01/43 – AGM Insured 
8/21 at 19.43 
AA– 
1,422,768 
21,225 
  
0.000%, 8/01/44 – AGM Insured 
8/21 at 17.98 
AA– 
2,669,893 
12,550 
  
0.000%, 8/01/45 – AGM Insured 
8/21 at 16.64 
AA– 
1,458,185 
23,425 
  
0.000%, 8/01/46 – AGM Insured 
8/21 at 15.39 
AA– 
2,515,611 
14,915 
  
Southwestern Community College District, San Diego County, California, General Obligation 
No Opt. Call 
Aa2 
3,801,983 
   
Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41 
      
   
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, 
      
   
Election 2008 Series 2011D: 
      
24,280 
  
0.000%, 8/01/47 – AGC Insured 
8/37 at 100.00 
AA– 
11,852,768 
38,845 
  
0.000%, 8/01/50 – AGM Insured 
8/37 at 100.00 
AA– 
19,041,819 
15,780 
  
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, 
No Opt. Call 
AA– 
6,293,064 
   
Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured 
      
3,905 
  
West Kern Community College District, California, General Obligation Bonds, Election 2004, 
11/17 at 100.00 
A+ 
4,122,196 
   
Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured 
      
12,520 
  
Yosemite Community College District, California, General Obligation Bonds, Capital 
No Opt. Call 
Aa2 
5,290,076 
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 
      
353,360 
  
Total Tax Obligation/General 
    
189,241,565 
   
Tax Obligation/Limited – 55.0% (36.4% of Total Investments) 
      
   
Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public 
      
   
Improvement Project, Series 1997C: 
      
5,130 
  
0.000%, 9/01/18 – AGM Insured 
No Opt. Call 
AA– 
4,541,333 
8,000 
  
0.000%, 9/01/21 – AGM Insured 
No Opt. Call 
AA– 
6,084,560 
2,235 
  
Antioch Public Financing Authority, California, Lease Revenue Refunding Bonds, Municipal 
7/13 at 100.00 
A
2,236,967 
   
Facilities Project, Refunding Series 2002A, 5.500%, 1/01/32 – NPFG Insured 
      
2,000 
  
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds, 
8/13 at 102.00 
BBB 
2,045,100 
   
Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21 
      
   
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17A, 
      
   
Series 2013B: 
      
1,740 
  
5.000%, 9/01/28 
9/23 at 100.00 
N/R 
1,851,882 
2,075 
  
5.000%, 9/01/34 
9/23 at 100.00 
N/R 
2,171,446 
655 
  
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C, 
9/23 at 100.00 
N/R 
683,250 
   
Series 2013A, 5.000%, 9/01/27 
      
7,895 
  
Brea and Olinda Unified School District, Orange County, California, Certificates of 
8/13 at 100.00 
AA– 
7,923,422 
   
Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured 
      
1,165 
  
Burbank Public Financing Authority, California, Revenue Refunding Bonds, Golden State 
12/13 at 100.00 
A
1,187,892 
   
Redevelopment Project, Series 2003A, 5.250%, 12/01/22 – AMBAC Insured 
      
2,200 
  
California Infrastructure and Economic Development Bank, Los Angeles County, Revenue Bonds, 
9/13 at 101.00 
AA– 
2,242,240 
   
Department of Public Social Services, Series 2003, 5.000%, 9/01/28 – AMBAC Insured 
      
   
California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center 
      
   
for Self-Sufficiency Corporation, Series 2004: 
      
1,215 
  
5.000%, 12/01/19 – AMBAC Insured 
12/13 at 100.00 
AA+ 
1,242,933 
1,535 
  
5.000%, 12/01/20 – AMBAC Insured 
12/13 at 100.00 
AA+ 
1,570,044 
1,615 
  
5.000%, 12/01/21 – AMBAC Insured 
12/13 at 100.00 
AA+ 
1,651,870 
1,780 
  
5.000%, 12/01/23 – AMBAC Insured 
12/13 at 100.00 
AA+ 
1,820,637 
3,725 
  
California State Public Works Board, Lease Revenue Bonds, Department of Corrections & 
1/16 at 100.00 
A2 
4,118,621 
   
Rehabilitation, Series 2005J, 5.000%, 1/01/17 – AMBAC Insured 
      
   
California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside 
      
   
Campus Project, Series 2012H: 
      
2,790 
  
5.000%, 4/01/30 
No Opt. Call 
A2 
3,073,185 
2,065 
  
5.000%, 4/01/31 
No Opt. Call 
A2 
2,264,789 
4,000 
  
California State Public Works Board, Lease Revenue Bonds, Department of General Services, 
6/13 at 100.00 
A2 
4,010,840 
   
Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured 
      
3,100 
  
California State Public Works Board, Lease Revenue Bonds, Department of Health Services, 
11/15 at 100.00 
A2 
3,264,455 
   
Richmond Lab, Series 2005B, 5.000%, 11/01/30 – SYNCORA GTY Insured 
      
1,990 
  
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, 
No Opt. Call 
A2 
2,178,692 
   
Various Projects Series 2013A, 5.000%, 3/01/33 
      
4,000 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
10/19 at 100.00 
A2 
4,598,920 
   
2009G-1, 5.750%, 10/01/30 
      
2,000 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
No Opt. Call 
A2 
2,204,260 
   
2012G, 5.000%, 11/01/31 
      
1,210 
  
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community 
9/15 at 100.00 
A
1,244,642 
   
Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured 
      
2,520 
  
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation 
9/16 at 101.00 
A– 
2,526,980 
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured 
      
10,190 
  
Chula Vista Public Financing Authority, California, Pooled Community Facility District 
9/15 at 100.00 
A
10,295,874 
   
Assessment Revenue Bonds, Series 2005A, 4.500%, 9/01/27 – NPFG Insured 
      
1,430 
  
Cloverdale Community Development Agency, California, Tax Allocation Bonds, Cloverdale 
8/16 at 100.00 
N/R 
1,436,750 
   
Redevelopment Project, Refunding Series 2006, 5.000%, 8/01/36 – AMBAC Insured 
      
   
Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
      
   
Redevelopment Projects, Second Lien Series 2010B: 
      
1,230 
  
5.000%, 8/01/25 
8/20 at 100.00 
N/R 
1,231,378 
530 
  
5.750%, 8/01/26 
8/20 at 100.00 
N/R 
552,361 
1,900 
  
Corona-Norco Unified School District, Riverside County, California, Special Tax Bonds, 
9/13 at 100.00 
N/R 
1,904,218 
   
Community Facilities District 98-1, Series 2002, 5.100%, 9/01/25 – AMBAC Insured 
      
7,035 
  
Corona-Norco Unified School District, Riverside County, California, Special Tax Bonds, 
9/13 at 100.00 
A
7,044,286 
   
Community Facilities District 98-1, Series 2003, 5.000%, 9/01/28 – NPFG Insured 
      
3,145 
  
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment 
11/13 at 100.00 
A
3,146,604 
   
Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured 
      
1,905 
  
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba 
9/13 at 100.00 
A
1,906,924 
   
Redevelopment Project and Dinuba Redevelopment Project 2, As Amended, Refunding 
      
   
Series 2001, 5.000%, 9/01/31 – NPFG Insured 
      
   
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services 
      
   
Facility Phase II, Series 2001: 
      
10,730 
  
5.000%, 1/01/21 – AMBAC Insured 
7/13 at 100.00 
A2 
10,747,490 
5,000 
  
5.250%, 1/01/34 – AMBAC Insured 
7/13 at 100.00 
A2 
5,002,200 
3,000 
  
Escondido Joint Powers Financing Authority, California, Lease Revenue Bonds, Water System 
3/22 at 100.00 
AA– 
3,257,550 
   
Financing, Series 2012, 5.000%, 9/01/41 
      
8,280 
  
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana 
10/15 at 100.00 
A
8,413,308 
   
Redevelopment Project, Series 2005A, 5.000%, 10/01/32 – AMBAC Insured 
      
1,000 
  
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights, 
9/22 at 100.00 
A– 
1,066,660 
   
Refunding Series 2012, 5.000%, 9/01/32 
      
1,000 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/23 at 100.00 
A2 
1,106,520 
   
Asset-Backed Bonds, Series 2013A, 5.000%, 6/01/30 
      
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
      
   
Asset-Backed Revenue Bonds, Series 2005A: 
      
7,250 
  
5.000%, 6/01/35 – FGIC Insured 
6/15 at 100.00 
AA– 
7,580,455 
1,750 
  
5.000%, 6/01/45 – AGC Insured 
6/15 at 100.00 
AA– 
1,820,385 
11,065 
  
5.000%, 6/01/45 – AMBAC Insured 
6/15 at 100.00 
A2 
11,486,023 
7,500 
  
5.000%, 6/01/45 – AGC Insured 
6/15 at 100.00 
AA– 
7,801,650 
20,000 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
AA– 
21,608,800 
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 9.039%, 6/01/45 – 
      
   
AGC Insured (IF) (4) 
      
2,000 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
A2 
2,228,300 
   
Revenue Bonds, Tender Option Bonds Trust 2040, 10.655%, 6/01/45 – FGIC Insured (IF) 
      
3,315 
  
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax 
9/17 at 100.00 
Ba1 
3,128,067 
   
Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured 
      
1,700 
  
Hesperia Unified School District, San Bernardino County, California, Certificates of 
2/17 at 100.00 
A– 
1,736,108 
   
Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured 
      
435 
  
Indian Wells Redevelopment Agency, California, Tax Allocation Bonds, Consolidated Whitewater 
9/13 at 100.00 
BBB– 
436,492 
   
Project Area, Series 2003A, 5.000%, 9/01/20 – AMBAC Insured 
      
2,115 
  
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment 
No Opt. Call 
N/R 
2,360,805 
   
Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured 
      
   
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment 
      
   
Project, Subordinate Lien Series 2007A-1: 
      
1,665 
  
5.000%, 5/01/24 – AMBAC Insured 
5/17 at 100.00 
BB+ 
1,708,357 
710 
  
5.000%, 5/01/25 – AMBAC Insured 
5/17 at 100.00 
BB+ 
725,918 
   
Jurupa Community Services District, California, Special Tax Bonds, Community Facilities 
      
   
District 39 Eastvale Area, Series 2012A: 
      
1,000 
  
5.000%, 9/01/37 
9/22 at 100.00 
N/R 
1,030,760 
2,000 
  
5.125%, 9/01/42 
9/22 at 100.00 
N/R 
2,061,780 
3,500 
  
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project 
9/13 at 100.00 
A+ 
3,508,610 
   
Area 1, Series 2001, 5.100%, 9/01/31 – AMBAC Insured 
      
3,400 
  
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project 
9/14 at 100.00 
A+ 
3,474,392 
   
Area 1, Series 2002, 5.000%, 9/01/22 – AMBAC Insured 
      
5,000 
  
La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment 
9/13 at 100.00 
A+ 
5,017,150 
   
Project Area 1, Series 1998, 5.200%, 9/01/28 – AMBAC Insured 
      
   
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment 
      
   
Project Areas Housing Programs, Subordinate Refunding Series 2003: 
      
2,505 
  
4.750%, 8/01/23 – NPFG Insured 
8/15 at 102.00 
A
2,565,696 
2,425 
  
4.750%, 8/01/27 – NPFG Insured 
8/15 at 102.00 
A
2,457,786 
3,690 
  
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester 
9/15 at 100.00 
A1 
3,844,759 
   
Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured 
      
1,895 
  
Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill 
12/14 at 100.00 
AA– 
2,011,524 
   
Project, Series 2004A, 5.000%, 12/01/20 – AGM Insured 
      
6,000 
  
Los Angeles Municipal Improvement Corporation, California, Lease Revenue Bonds, Police 
1/17 at 100.00 
A+ 
6,218,640 
   
Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured 
      
7,460 
  
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, 
6/13 at 100.00 
A+ 
7,483,424 
   
Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured 
      
1,500 
  
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1, 
9/13 at 100.00 
A
1,500,735 
   
Series 2002, 5.000%, 9/02/33 – NPFG Insured 
      
9,270 
  
Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 
8/17 at 100.00 
A– 
9,323,024 
   
5.000%, 8/01/38 – AMBAC Insured 
      
800 
  
Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, 
9/14 at 100.00 
N/R 
810,960 
   
Community Facilities District 2003-1, Series 2004, 5.550%, 9/01/29 
      
2,810 
  
Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration 
8/18 at 100.00 
AA– 
3,191,486 
   
Building Projects, Series 2008B, 5.000%, 8/01/21 – AGC Insured 
      
3,300 
  
Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – 
1/16 at 102.00 
A– 
3,481,500 
   
AMBAC Insured 
      
5,000 
  
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project 
10/13 at 101.00 
A
5,027,250 
   
Area 1, Series 2002, 5.000%, 4/01/25 – NPFG Insured 
      
1,000 
  
Palm Springs Financing Authority, California, Lease Revenue Bonds, Convention Center Project, 
11/14 at 102.00 
A
1,038,560 
   
Refunding Series 2004A, 5.500%, 11/01/35 – NPFG Insured 
      
4,140 
  
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 
6/14 at 100.00 
A
4,182,808 
   
2003A, 5.000%, 6/01/28 – AMBAC Insured 
      
390 
  
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment 
6/13 at 100.00 
A
390,273 
   
Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured 
      
5,745 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/26 at 100.00 
A+ 
5,885,523 
   
2009A, 0.000%, 8/01/32 
      
7,000 
  
Rancho Cucamonga Redevelopment Agency, California, Tax Allocation Bonds, Housing Set-Aside, 
9/17 at 100.00 
A+ 
7,141,680 
   
Rancho Project, Series 2007A, 5.000%, 9/01/34 – NPFG Insured 
      
1,045 
  
Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 
9/15 at 100.00 
A– 
1,048,772 
   
2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured 
      
3,000 
  
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple 
10/15 at 100.00 
BBB 
2,936,580 
   
Projects, Series 2005A, 5.000%, 10/01/35 – SYNCORA GTY Insured 
      
   
Riverside County, California, Community Facilities District 05-8, Scott Road, Special Tax 
      
   
Bonds Series 2013: 
      
660 
  
5.000%, 9/01/32 
9/22 at 100.00 
N/R 
675,662 
1,250 
  
5.000%, 9/01/42 
9/22 at 100.00 
N/R 
1,257,263 
1,000 
  
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community 
9/13 at 100.00 
AA– 
1,008,900 
   
Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured 
      
5,000 
  
Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%, 
9/17 at 100.00 
N/R 
5,036,400 
   
9/01/33 – AMBAC Insured 
      
1,305 
  
Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 
8/13 at 100.00 
AA– 
1,312,739 
   
8/01/25 – AMBAC Insured 
      
3,910 
  
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation 
9/13 at 100.00 
A
3,770,452 
   
Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured 
      
4,930 
  
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue 
9/13 at 100.00 
A
4,933,993 
   
Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26 
      
620 
  
San Diego, California, Community Facilities District 3 Liberty Station Special Tax Refunding 
9/23 at 100.00 
N/R 
656,685 
   
Bonds Series 2013, 5.000%, 9/01/36 
      
380 
  
San Francisco, California, Community Facilities District 6, Mission Bay South Public 
8/22 at 100.00 
N/R 
415,614 
   
Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33 
      
5,150 
  
San Jacinto Unified School District, Riverside County, California, Certificates of 
9/20 at 100.00 
AA– 
5,534,499 
   
Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured 
      
4,000 
  
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center 
9/13 at 100.00 
AA 
4,015,680 
   
Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured 
      
   
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
      
   
Project, Series 2005A: 
      
3,310 
  
5.000%, 8/01/20 – NPFG Insured 
8/15 at 100.00 
A
3,478,413 
5,025 
  
5.000%, 8/01/28 – NPFG Insured 
8/15 at 100.00 
A
5,151,128 
835 
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
A
861,854 
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG Insured 
      
1,000 
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
BBB 
922,890 
   
Project, Series 2007B, 4.250%, 8/01/36 – SYNCORA GTY Insured 
      
   
San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding 
      
   
Series 2012D: 
      
930 
  
5.000%, 9/01/32 
9/22 at 100.00 
N/R 
991,622 
1,000 
  
5.000%, 9/01/36 
9/22 at 100.00 
N/R 
1,046,670 
3,000 
  
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, 
6/13 at 100.00 
A
3,070,470 
   
Series 1999A, 5.500%, 6/01/23 – AMBAC Insured 
      
   
Santa Clarita, California, Special Tax Bonds, Community Facilities District 2002-1 Valencia 
      
   
Town Center, Refunding Series 2012: 
      
1,110 
  
5.000%, 11/15/29 
11/22 at 100.00 
N/R 
1,193,938 
3,895 
  
5.000%, 11/15/32 
11/22 at 100.00 
N/R 
4,164,261 
3,500 
  
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%, 
9/14 at 100.00 
A
3,361,190 
   
9/01/34 – FGIC Insured 
      
   
Sweetwater Union High School District Public Financing Authority, California, Special Tax 
      
   
Revenue Bonds, Series 2005A: 
      
3,565 
  
5.000%, 9/01/25 – AGM Insured 
9/15 at 100.00 
AA– 
3,798,365 
5,510 
  
5.000%, 9/01/28 – AGM Insured 
9/15 at 100.00 
AA– 
5,706,983 
2,160 
  
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment 
8/13 at 100.00 
A
2,193,070 
   
Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured 
      
800 
  
Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, 
9/18 at 102.00 
A
834,256 
   
Series 2010, 5.000%, 9/01/35 
      
   
Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010: 
      
1,205 
  
5.000%, 9/01/30 – AGM Insured 
9/20 at 100.00 
AA– 
1,310,546 
3,250 
  
5.250%, 9/01/39 – AGM Insured 
9/20 at 100.00 
AA– 
3,547,083 
1,020 
  
Washington Unified School District, Yolo County, California, Certificates of Participation, 
8/17 at 100.00 
A
1,072,581 
   
Series 2007, 5.125%, 8/01/37 – AMBAC Insured 
      
2,670 
  
Woodland Finance Authority, California, Lease Revenue Bonds, Series 2002, 5.000%, 3/01/32 – 
9/13 at 100.00 
A2 
2,723,827 
   
SYNCORA GTY Insured 
      
2,805 
  
Yucaipa-Calimesa Joint Unified School District, San Bernardino County, California, 
10/13 at 100.00 
A
2,809,684 
   
Certificates of Participation, Refunding Series 2001A, 5.000%, 10/01/31 – NPFG Insured 
      
341,190 
  
Total Tax Obligation/Limited 
    
348,962,833 
   
Transportation – 3.7% (2.4% of Total Investments) 
      
2,000 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
7/13 at 100.00 
BBB– 
1,999,820 
   
1995A, 5.000%, 1/01/35 
      
   
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding 
      
   
Bonds, Series 1999: 
      
6,500 
  
0.000%, 1/15/18 – NPFG Insured 
7/13 at 77.82 
A
5,025,475 
7,500 
  
5.875%, 1/15/29 
1/14 at 101.00 
BBB– 
7,648,125 
2,000 
  
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
2,219,580 
   
Airport, Senior Lien Series 2010A, 5.000%, 5/15/40 
      
4,000 
  
Orange County Transportation Authority, California, Toll Road Revenue Bonds, 91 Express Lanes 
8/13 at 100.00 
A1 
4,032,800 
   
Project, Series 2003A, 5.000%, 8/15/18 – AMBAC Insured 
      
2,400 
  
San Diego Unified Port District, California, Revenue Bonds, Series 2004B, 5.000%, 9/01/29 – 
9/14 at 100.00 
A+ 
2,510,568 
   
NPFG Insured 
      
24,400 
  
Total Transportation 
    
23,436,368 
   
U.S. Guaranteed – 12.1% (8.0% of Total Investments) (5) 
      
   
Bonita Unified School District, San Diego County, California, General Obligation Bonds, 
      
   
Series 2004A: 
      
1,890 
  
5.250%, 8/01/23 (Pre-refunded 8/01/14) – NPFG Insured 
8/14 at 100.00 
AA (5) 
2,000,017 
1,250 
  
5.250%, 8/01/25 (Pre-refunded 8/01/14) – NPFG Insured 
8/14 at 100.00 
AA (5) 
1,322,763 
2,815 
  
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/13 at 100.00 
AA (5) 
2,842,700 
   
Children’s Hospital, Series 2003C, 5.000%, 8/15/20 (Pre-refunded 8/15/13) – AMBAC Insured 
      
2,250 
  
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San 
1/28 at 100.00 
Aaa 
2,925,788 
   
Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – 
      
   
AMBAC Insured 
      
   
California State, General Obligation Bonds, Series 2003: 
      
830 
  
5.000%, 2/01/21 (Pre-refunded 8/01/13) 
8/13 at 100.00 
Aaa 
836,615 
70 
  
5.000%, 2/01/21 (Pre-refunded 8/01/13) 
8/13 at 100.00 
Aaa 
70,558 
500 
  
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14) 
4/14 at 100.00 
AAA 
520,990 
1,275 
  
Central Unified School District, Fresno County, California, General Obligation Bonds, Series 
9/13 at 100.00 
N/R (5) 
1,292,021 
   
1993, 5.625%, 3/01/18 – AMBAC Insured (ETM) 
      
   
El Segundo Unified School District, Los Angeles County, California, General Obligation Bonds, 
      
   
Series 2004: 
      
2,580 
  
5.250%, 9/01/21 (Pre-refunded 9/01/14) – FGIC Insured 
9/14 at 100.00 
AA– (5) 
2,740,708 
1,775 
  
5.250%, 9/01/22 (Pre-refunded 9/01/14) – FGIC Insured 
9/14 at 100.00 
AA– (5) 
1,885,565 
6,000 
  
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue 
No Opt. Call 
Aaa 
8,565,780 
   
Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM) 
      
1,180 
  
Jurupa Unified School District, Riverside County, California, General Obligation Bonds, Series 
8/13 at 100.00 
AA– (5) 
1,189,405 
   
2004, 5.000%, 8/01/21 (Pre-refunded 8/01/13) – FGIC Insured 
      
275 
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 
7/13 at 100.00 
AA– (5) 
276,095 
   
2003A-2, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured 
      
   
Los Rios Community College District, Sacramento, El Dorado and Yolo Counties, California, 
      
   
General Obligation Bonds, Series 2006C: 
      
2,110 
  
5.000%, 8/01/21 (Pre-refunded 8/01/14) – AGM Insured (UB) 
8/14 at 102.00 
Aa2 (5) 
2,268,756 
3,250 
  
5.000%, 8/01/22 (Pre-refunded 8/01/14) – AGM Insured (UB) 
8/14 at 102.00 
Aa2 (5) 
3,494,530 
3,395 
  
5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured (UB) 
8/14 at 102.00 
Aa2 (5) 
3,650,440 
1,000 
  
5.000%, 8/01/25 (Pre-refunded 8/01/14) – AGM Insured (UB) 
8/14 at 102.00 
Aa2 (5) 
1,075,240 
1,710 
  
Manteca Financing Authority, California, Sewerage Revenue Bonds, Series 2003B, 5.000%, 
12/13 at 100.00 
Aa3 (5) 
1,750,955 
   
12/01/33 (Pre-refunded 12/01/13) – NPFG Insured 
      
1,000 
  
Murrieta Valley Unified School District, Riverside County, California, General Obligation 
9/13 at 100.00 
A+ (5) 
1,011,970 
   
Bonds, Series 2003A, 5.000%, 9/01/26 (Pre-refunded 9/01/13) – FGIC Insured 
      
21,185 
  
Orange County Sanitation District, California, Certificates of Participation, Series 2003, 
8/13 at 100.00 
AAA 
21,355,963 
   
5.000%, 2/01/33 (Pre-refunded 8/01/13) – FGIC Insured (UB) (4) 
      
4,640 
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa2 (5) 
4,922,437 
   
Center, Series 2004, 5.875%, 7/01/26 (Pre-refunded 7/01/14) 
      
980 
  
Roseville Joint Union High School District, Placer County, California, General Obligation 
8/15 at 100.00 
AA (5) 
1,077,481 
   
Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured 
      
1,520 
  
San Buenaventura, California, Water Revenue Certificates of Participation, Series 2004, 
10/14 at 100.00 
AA (5) 
1,615,091 
   
5.000%, 10/01/25 (Pre-refunded 10/01/14) – AMBAC Insured 
      
   
Semitropic Water Storage District, Kern County, California, Water Banking Revenue Bonds, 
      
   
Series 2004A: 
      
1,315 
  
5.500%, 12/01/20 (Pre-refunded 12/01/14) – SYNCORA GTY Insured 
12/14 at 100.00 
A+ (5) 
1,417,083 
1,415 
  
5.500%, 12/01/21 (Pre-refunded 12/01/14) – SYNCORA GTY Insured 
12/14 at 100.00 
A+ (5) 
1,524,846 
875 
  
West Basin Municipal Water District, California, Revenue Certificates of Participation, Series 
8/13 at 100.00 
Aa2 (5) 
881,956 
   
2003A, 5.000%, 8/01/30 (Pre-refunded 8/01/13) – NPFG Insured 
      
   
Yorba Linda Water District, California, Certificates of Participation, Highland Reservoir 
      
   
Renovation, Series 2003: 
      
2,010 
  
5.000%, 10/01/28 (Pre-refunded 10/01/13) – FGIC Insured 
10/13 at 100.00 
AA+ (5) 
2,042,100 
2,530 
  
5.000%, 10/01/33 (Pre-refunded 10/01/13) – FGIC Insured 
10/13 at 100.00 
AA+ (5) 
2,570,404 
71,625 
  
Total U.S. Guaranteed 
    
77,128,257 
   
Utilities – 2.7% (1.8% of Total Investments) 
      
1,000 
  
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds, 
10/14 at 100.00 
AA– 
1,059,650 
   
Series 2004, 5.250%, 10/01/21 – NPFG Insured 
      
   
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, 
      
   
Series 2007A: 
      
2,490 
  
5.000%, 11/15/35 
No Opt. Call 
A
2,809,193 
945 
  
5.500%, 11/15/37 
No Opt. Call 
A
1,141,418 
4,280 
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 
7/23 at 100.00 
AA– 
4,977,469 
   
2013B, 5.000%, 7/01/29 (WI/DD, Settling 6/04/13) 
      
2,155 
  
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 
9/15 at 100.00 
N/R 
2,208,401 
   
9/01/31 – SYNCORA GTY Insured 
      
100 
  
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid 
6/13 at 100.00 
N/R 
100,190 
   
Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured 
      
4,000 
  
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue 
1/20 at 100.00 
AA– 
4,573,440 
   
Bonds, Series 2010-1, 5.000%, 7/01/28 
      
14,970 
  
Total Utilities 
    
16,869,761 
   
Water and Sewer – 21.4% (14.1% of Total Investments) 
      
13,200 
  
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%, 
5/19 at 100.00 
AA– 
13,547,952 
   
5/01/40 – AGM Insured 
      
4,000 
  
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost 
4/23 at 100.00 
AA– 
4,572,320 
   
Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34 
      
7,200 
  
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon 
No Opt. Call 
Baa3 
7,428,816 
   
Resources Channelside Desalination Project, Series 2012, 5.000%, 11/21/45 
      
1,000 
  
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%, 
8/16 at 100.00 
AA– 
1,078,220 
   
8/01/36 – NPFG Insured 
      
3,230 
  
El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, 
3/14 at 100.00 
A+ 
3,338,980 
   
Series 2004A, 5.000%, 3/01/21 – FGIC Insured 
      
2,250 
  
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 
10/16 at 100.00 
AA– 
2,326,185 
   
10/01/36 – AGM Insured 
      
1,480 
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006, 
4/16 at 100.00 
AA– 
1,594,700 
   
5.000%, 4/01/36 – NPFG Insured 
      
5,000 
  
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31 – 
4/16 at 100.00 
A
5,405,650 
   
AMBAC Insured 
      
12,230 
  
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects 
10/15 at 100.00 
AA– 
13,092,460 
   
Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/34 – FGIC Insured 
      
   
Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds, 
      
   
Capital Projects, Series 2003A: 
      
2,700 
  
5.000%, 10/01/21 – AGM Insured 
10/13 at 100.00 
AA+ 
2,741,958 
4,500 
  
5.000%, 10/01/23 – AGM Insured 
10/13 at 100.00 
AA+ 
4,569,480 
16,000 
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A, 
7/22 at 100.00 
AA 
17,780,800 
   
5.000%, 7/01/43 
      
5,615 
  
Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series 
6/23 at 100.00 
AA 
6,399,303 
   
2013A, 5.000%, 6/01/34 
      
1,320 
  
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006, 
6/16 at 100.00 
AA– 
1,426,498 
   
5.000%, 6/01/31 – NPFG Insured 
      
1,500 
  
Placerville Public Financing Authority, California, Wastewater System Refinancing and 
9/16 at 100.00 
N/R 
1,505,685 
   
Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured 
      
9,000 
  
San Diego County Water Authority, California, Water Revenue Certificates of Participation, 
5/18 at 100.00 
AA+ 
9,909,450 
   
Series 2008A, 5.000%, 5/01/38 – AGM Insured 
      
3,675 
  
San Dieguito Water District, California, Water Revenue Bonds, Refunding Series 2004, 5.000%, 
10/14 at 100.00 
AA+ 
3,886,864 
   
10/01/23 – FGIC Insured 
      
4,000 
  
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, 
No Opt. Call 
AA– 
4,663,840 
   
Series 2011A, 5.000%, 11/01/28 
      
   
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, 
      
   
Series 2012A: 
      
10,000 
  
5.000%, 11/01/43 
5/22 at 100.00 
AA– 
11,055,400 
15,000 
  
5.000%, 11/01/43 (UB) 
5/22 at 100.00 
AA– 
16,583,100 
   
Santa Clara Valley Water District, California, Certificates of Participation, Series 2004A: 
      
1,400 
  
5.000%, 2/01/19 – FGIC Insured 
2/14 at 100.00 
AAA 
1,443,316 
445 
  
5.000%, 2/01/20 – FGIC Insured 
2/14 at 100.00 
AAA 
458,706 
465 
  
5.000%, 2/01/21 – FGIC Insured 
2/14 at 100.00 
AAA 
479,257 
125,210 
  
Total Water and Sewer 
    
135,288,940 
$    1,090,613 
  
Total Investments (cost $893,480,123) – 151.0% 
    
958,342,043 
   
Floating Rate Obligations – (5.6)% 
    
(35,375,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (45.9)% (6) 
    
(291,600,000)
   
Other Assets Less Liabilities – 0.5% 
    
3,450,887 
   
Net Assets Applicable to Common Shares – 100% 
    
$ 634,817,930 
 
 

 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of the end of the reporting period:
 
 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments: 
        
Municipal Bonds 
$ — 
$958,342,043 
$ — 
$958,342,043 
 
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of May 31, 2013, the cost of investments was $857,224,439.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2013, were as follows:
 
   
Gross unrealized: 
  
Appreciation 
$68,710,564 
Depreciation 
(2,965,421)
Net unrealized appreciation (depreciation) of investments 
$65,745,143 
 
 
     
(1) 
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
   
shares unless otherwise noted. 
(2) 
  
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
   
may be subject to periodic principal paydowns. 
(3) 
  
Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service, 
   
Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s 
   
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by 
   
any of these national rating agencies. 
(4) 
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in inverse floating rate transactions. 
(5) 
  
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency 
   
securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. 
   
Government or agency securities are regarded as having an implied rating equal to the rating of 
   
such securities. 
(6) 
  
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments 
   
is 30.4%. 
N/R 
  
Not rated. 
WI/DD 
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
 
 
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen California AMT-Free Municipal Income Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         July 30, 2013        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         July 30, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         July 30, 2013