nq2.htm



 
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:         11/30/13         
 
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)
      
   
November 30, 2013
      
 
 
Principal
    
Optional Call
    
Amount (000)
  
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 152.2% (100.0% of Total Investments)
      
   
MUNICIPAL BONDS – 152.2% (100.0% of Total Investments)
      
   
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–
$    1,047,857
   
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:
      
23,020
  
5.750%, 6/01/47
6/17 at 100.00
B
17,544,224
7,500
  
5.125%, 6/01/47
6/17 at 100.00
B
5,184,750
9,630
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
B
7,087,102
   
Bonds, Series 2007A-2, 5.300%, 6/01/37
      
2,000
  
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
6/15 at 100.00
B–
1,443,520
   
Bonds, Series 2005A-1, 5.500%, 6/01/45
      
43,500
  
Total Consumer Staples
    
32,307,453
   
Education and Civic Organizations – 4.0% (2.7% of Total Investments)
      
1,600
  
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento
1/22 at 100.00
N/R
1,637,152
   
Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42
      
800
  
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 –
5/15 at 100.00
Aa2
845,952
   
AMBAC Insured
      
1,000
  
California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/27 –
11/15 at 100.00
Aa2
1,064,710
   
NPFG Insured
      
10,000
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
1/14 at 101.00
A
10,077,000
   
Bonds, Series 1999, 5.875%, 1/15/28 – NPFG Insured
      
9,220
  
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
5/23 at 100.00
Aa1
9,644,212
22,620
  
Total Education and Civic Organizations
    
23,269,026
   
Health Care – 19.0% (12.5% of Total Investments)
      
5,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue
4/14 at 100.00
A
5,000,000
   
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–
1,635,770
   
Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
      
1,255
  
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los
No Opt. Call
BBB+
1,258,125
   
Angeles, Series 2012A, 5.000%, 11/15/29
      
   
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–
1,003,200
1,625
  
5.000%, 11/15/39
No Opt. Call
AA–
1,619,101
2,000
  
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services,
No Opt. Call
AA–
2,041,420
   
Series 2012A, 5.000%, 10/01/33
      
10,265
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
10,291,381
   
5.250%, 11/15/46
      
750
  
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series
7/20 at 100.00
Baa2
759,795
   
2010A, 5.750%, 7/01/40
      
2,000
  
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System
11/20 at 100.00
AA–
1,989,660
   
Obligated Group, Series 2010, 5.000%, 11/01/40
      
5,585
  
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,
4/22 at 100.00
A+
5,538,645
   
Series 2012A, 5.000%, 4/01/42
      
4,543
  
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health
7/18 at 100.00
AA–
4,784,869
   
System, Trust 2554, 18.294%, 7/01/47 – AGM Insured (IF)
      
1,000
  
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
7/17 at 100.00
N/R
855,710
   
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–
4,221,040
   
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:
      
2,995
  
5.000%, 8/15/39 – NPFG Insured
8/17 at 100.00
A
2,895,925
6,500
  
5.000%, 8/15/47
8/17 at 100.00
BBB+
5,866,835
   
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
      
   
Health System, Series 2005A:
      
950
  
5.250%, 7/01/24
7/15 at 100.00
BBB–
961,856
1,000
  
5.250%, 7/01/30
7/15 at 100.00
BBB–
1,001,840
475
  
5.000%, 7/01/39
7/15 at 100.00
BBB–
422,603
11,335
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
3/16 at 100.00
A+
11,209,295
   
Series 2006, 5.000%, 3/01/41
      
5,020
  
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
3/16 at 100.00
AA+
5,082,800
   
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
4,338,881
   
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–
8,283,680
   
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–
10,006,000
   
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
Aa2
2,738,556
   
2011, 5.000%, 12/01/41
      
2,500
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
11/19 at 100.00
Baa3
2,563,400
   
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
1,498,335
1,145
  
6.000%, 11/01/41
11/20 at 100.00
Baa3
1,101,501
2,400
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical
7/17 at 100.00
Baa2
2,241,696
   
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+
7,942,055
   
Series 2007A, 5.750%, 2/01/41 – AMBAC Insured
      
108,493
  
Total Health Care
    
109,153,974
   
Housing/Multifamily – 2.5% (1.6% of Total Investments)
      
   
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country
      
   
Club Series 2013A:
      
2,000
  
5.625%, 11/15/33 (WI/DD, Settling 12/18/13)
11/23 at 100.00
BBB–
1,982,200
8,000
  
6.000%, 11/15/48 (WI/DD, Settling 12/18/13)
11/23 at 100.00
BBB–
8,029,520
3,285
  
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho
4/23 at 100.00
BBB
3,116,381
   
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–
1,180,891
   
2003, 5.000%, 5/01/23
      
14,450
  
Total Housing/Multifamily
    
14,308,992
   
Long-Term Care – 1.5% (1.0% of Total Investments)
      
3,000
  
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue
5/20 at 100.00
A
3,154,770
   
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
1,552,903
   
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
2,542,208
   
Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
      
1,500
  
California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities
4/17 at 100.00
BBB+
1,395,720
   
and Services Project, Series 2007A, 5.125%, 4/01/37
      
8,325
  
Total Long-Term Care
    
8,645,601
   
Tax Obligation/General – 28.5% (18.7% of Total Investments)
      
3,000
  
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
8/22 at 100.00
Aa3
3,183,960
   
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
1,516,656
   
Series 2006B, 5.250%, 8/01/30 – FGIC Insured
      
1,000
  
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
9/21 at 100.00
A1
1,139,980
6,000
  
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
3/20 at 100.00
A1
6,978,480
   
California State, General Obligation Bonds, Various Purpose Series 2011:
      
2,000
  
5.000%, 9/01/31
No Opt. Call
A1
2,121,160
4,090
  
5.000%, 9/01/41
9/21 at 100.00
A1
4,163,375
2,625
  
5.000%, 10/01/41
10/21 at 100.00
A1
2,672,539
20,750
  
Coachella Valley Unified School District, Riverside County, California, General Obligation
No Opt. Call
AA–
3,611,538
   
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
7,927,389
   
2006C, 5.000%, 8/01/31 – AGM Insured
      
2,500
  
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,
8/18 at 100.00
Aa2
2,684,250
   
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–
3,701,424
3,545
  
5.000%, 8/01/28 – AGC Insured
8/19 at 100.00
AA–
3,730,474
3,110
  
5.000%, 8/01/29 – AGC Insured
8/19 at 100.00
AA–
3,248,613
230
  
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds,
12/13 at 100.00
AA
230,697
   
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–
8,332,844
   
Trust 2668, 9.696%, 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
5,081,200
   
7/15/37 – AMBAC Insured
      
1,255
  
Los Angeles Community College District, Los Angeles County, California, General Obligation
8/15 at 100.00
Aa1
1,343,841
   
Bonds, Series 2005A, 5.000%, 8/01/24 – AGM Insured
      
4,500
  
Mount Diablo Unified School District, Contra Costa County, California, General Obligation
8/25 at 100.00
AA–
2,999,520
   
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–
3,009,060
   
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
7,331,971
   
Series 2004A, 0.000%, 8/01/26 – NPFG Insured
      
2,500
  
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series
2/14 at 100.00
A
2,508,975
   
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
2,204,160
   
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
5,765,100
   
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–
884,509
   
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–
4,856,452
   
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
10,729,000
   
of 2004 Series 2007B, 5.000%, 8/01/32
      
2,000
  
San Francisco Community College District, California, General Obligation Bonds, Series 2002A,
12/13 at 100.00
A2
2,007,020
   
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–
5,337,950
   
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
1,780,980
   
Bond Trust 3646, 18.291%, 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–
1,026,154
10,450
  
0.000%, 8/01/43 – AGM Insured
8/21 at 19.43
AA–
1,372,399
21,225
  
0.000%, 8/01/44 – AGM Insured
8/21 at 17.98
AA–
2,577,776
12,550
  
0.000%, 8/01/45 – AGM Insured
8/21 at 16.64
AA–
1,407,985
23,425
  
0.000%, 8/01/46 – AGM Insured
8/21 at 15.39
AA–
2,429,173
14,915
  
Southwestern Community College District, San Diego County, California, General Obligation
No Opt. Call
Aa2
3,036,396
   
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–
10,833,979
38,845
  
0.000%, 8/01/50 – AGM Insured
8/37 at 100.00
AA–
17,365,657
15,780
  
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,
No Opt. Call
AA–
4,742,837
   
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+
3,960,334
   
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
4,308,132
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
      
336,805
  
Total Tax Obligation/General
    
164,143,939
   
Tax Obligation/Limited – 57.1% (37.5% of Total Investments)
      
2,235
  
Antioch Public Financing Authority, California, Lease Revenue Refunding Bonds, Municipal
1/14 at 100.00
A
2,235,402
   
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,
8/17 at 100.00
BBB
2,043,620
   
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
1,706,070
2,075
  
5.000%, 9/01/34
9/23 at 100.00
N/R
1,962,079
655
  
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C,
9/23 at 100.00
N/R
656,454
   
Series 2013A, 5.000%, 9/01/27
      
7,895
  
Brea and Olinda Unified School District, Orange County, California, Certificates of
2/14 at 100.00
AA–
7,923,580
   
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
1,168,728
   
Redevelopment Project, Series 2003A, 5.250%, 12/01/22 – AMBAC Insured
      
2,200
  
California Infrastructure and Economic Development Bank, Los Angeles County, Revenue Bonds,
9/14 at 100.00
AA–
2,228,490
   
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+
1,219,775
1,535
  
5.000%, 12/01/20 – AMBAC Insured
12/13 at 100.00
AA+
1,541,002
1,615
  
5.000%, 12/01/21 – AMBAC Insured
12/13 at 100.00
AA+
1,621,315
1,780
  
5.000%, 12/01/23 – AMBAC Insured
12/13 at 100.00
AA+
1,786,960
7,000
  
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
9/23 at 100.00
A2
7,410,340
   
Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
      
   
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
2,899,703
2,065
  
5.000%, 4/01/31
No Opt. Call
A2
2,131,658
4,000
  
California State Public Works Board, Lease Revenue Bonds, Department of General Services,
12/13 at 100.00
A2
4,010,240
   
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
3,136,673
   
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
2,037,243
   
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
4,363,240
   
2009G-1, 5.750%, 10/01/30
      
2,520
  
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation
9/16 at 101.00
A–
2,446,668
   
Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
      
1,100
  
Chula Vista Public Financing Authority, California, Pooled Community Facility District
9/15 at 100.00
A
1,089,539
   
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
1,305,075
   
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
1,187,196
530
  
5.750%, 8/01/26
8/20 at 100.00
N/R
535,358
3,145
  
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment
5/14 at 100.00
A
3,095,309
   
Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
      
1,905
  
Dinuba Redevelopment Agency, California, Tax Allocation Bonds, Merged City of Dinuba
3/14 at 100.00
A
1,824,819
   
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
1/14 at 100.00
A2
10,743,734
5,000
  
5.250%, 1/01/34 – AMBAC Insured
1/14 at 100.00
A2
4,932,600
3,000
  
Escondido Joint Powers Financing Authority, California, Lease Revenue Bonds, Water System
3/22 at 100.00
AA–
3,003,780
   
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
8,189,831
   
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–
1,010,520
   
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
1,026,640
   
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–
7,183,953
11,065
  
5.000%, 6/01/45 – AMBAC Insured
6/15 at 100.00
A2
10,510,533
7,500
  
5.000%, 6/01/45 – AGC Insured
6/15 at 100.00
AA–
7,257,450
20,000
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
AA–
18,706,400
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 4686, 8.943%, 6/01/45 –
      
   
AGC Insured (IF) (4)
      
2,000
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A2
1,699,340
   
Revenue Bonds, Tender Option Bonds Trust 2040, 10.635%, 6/01/45 – FGIC Insured (IF)
      
3,315
  
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax
9/17 at 100.00
N/R
2,849,209
   
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–
1,641,112
   
Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
      
435
  
Indian Wells Redevelopment Agency, California, Tax Allocation Bonds, Consolidated Whitewater
3/14 at 100.00
BBB
435,348
   
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
2,163,835
   
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
BBB+
1,621,427
710
  
5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
BBB+
681,316
   
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
932,800
2,000
  
5.125%, 9/01/42
9/22 at 100.00
N/R
1,867,540
3,500
  
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1,
3/14 at 100.00
A+
3,500,280
   
Series 2001, 5.100%, 9/01/31 – AMBAC Insured
      
3,130
  
La Quinta Redevelopment Agency, California, Tax Allocation Bonds, Redevelopment Project Area 1,
9/14 at 100.00
A+
3,166,026
   
Series 2002, 5.000%, 9/01/22 – AMBAC Insured
      
4,790
  
La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment
3/14 at 100.00
A+
4,797,712
   
Project Area 1, Series 1998, 5.200%, 9/01/28 – AMBAC Insured
      
2,775
  
Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta
9/14 at 100.00
N/R
2,715,782
   
Canyon Improvement Area 2, Series 2006, 5.250%, 9/01/37
      
2,000
  
Lammersville Joint Unified School District, California, Community Facilities District 2007-1, Mountain
9/23 at 100.00
N/R
2,015,940
   
House – Shea Homes, Improvement Area 1 Special Tax Bonds, Series 2013, 6.000%, 9/01/38
      
   
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
2,519,504
2,425
  
4.750%, 8/01/27 – NPFG Insured
8/15 at 102.00
A
2,311,001
5,880
  
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social
9/15 at 100.00
A1
5,961,908
   
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–
1,964,963
   
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+
6,033,960
   
Headquarters, Series 2006A, 4.750%, 1/01/31 – FGIC Insured
      
7,460
  
Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation,
12/13 at 100.00
A+
7,479,993
   
Series 2003AW, 5.000%, 6/01/33 – AMBAC Insured
      
1,500
  
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,
3/14 at 100.00
A
1,397,925
   
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–
9,230,324
   
5.000%, 8/01/38 – AMBAC Insured
      
1,015
  
Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside
3/14 at 100.00
N/R
994,203
   
Village Improvement Area 1, Series 2005, 5.200%, 9/01/35
      
2,810
  
Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration
8/18 at 100.00
AA–
3,095,412
   
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 – AMBAC Insured
1/16 at 102.00
A–
3,373,854
5,000
  
Palm Desert Financing Authority, California, Tax Allocation Revenue Refunding Bonds, Project
4/14 at 100.00
A
5,001,950
   
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+
1,014,750
   
Refunding Series 2004A, 5.500%, 11/01/35 – NPFG Insured
      
   
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
      
   
2001-1, Senior Series 2013A:
      
3,395
  
5.250%, 9/01/30
9/23 at 100.00
N/R
3,324,384
3,050
  
5.750%, 9/01/39
9/23 at 100.00
N/R
3,041,552
555
  
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
9/23 at 100.00
N/R
548,051
   
2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
      
4,140
  
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series
6/14 at 100.00
A
4,147,038
   
2003A, 5.000%, 6/01/28 – AMBAC Insured
      
390
  
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment
12/13 at 100.00
A
389,988
   
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+
4,260,032
   
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+
6,745,550
   
Rancho Project, Series 2007A, 5.000%, 9/01/34 – NPFG Insured
      
1,250
  
Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1,
9/23 at 100.00
N/R
1,262,100
   
Series 2013, 5.500%, 9/01/39
      
3,000
  
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple
10/15 at 100.00
BBB
2,845,140
   
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
617,232
1,250
  
5.000%, 9/01/42
9/22 at 100.00
N/R
1,112,375
1,000
  
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community
3/14 at 100.00
AA–
1,002,910
   
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
4,467,050
   
9/01/33 – AMBAC Insured
      
3,510
  
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation
3/14 at 100.00
A
3,334,851
   
Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
      
3,060
  
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006,
9/15 at 102.00
Baa2
2,967,496
   
5.000%, 9/01/34
      
4,930
  
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue
3/14 at 100.00
A
4,931,578
   
Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
      
380
  
San Francisco, California, Community Facilities District 6, Mission Bay South Public Improvements,
8/22 at 100.00
N/R
380,239
   
Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
      
5,150
  
San Jacinto Unified School District, Riverside County, California, Certificates of Participation,
9/20 at 100.00
AA–
5,254,700
   
Series 2010, 5.375%, 9/01/40 – AGC Insured
      
4,000
  
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center
3/14 at 100.00
AA
4,016,120
   
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
3,410,525
5,025
  
5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
A
5,036,608
835
  
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
A
845,830
   
Project, Series 2006C, 5.000%, 8/01/25 – NPFG 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
912,181
1,000
  
5.000%, 9/01/36
9/22 at 100.00
N/R
949,130
3,000
  
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project,
12/13 at 100.00
A
3,068,880
   
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
1,089,199
3,895
  
5.000%, 11/15/32
11/22 at 100.00
N/R
3,790,263
3,500
  
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%,
9/14 at 100.00
A
2,924,775
   
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–
3,675,016
5,510
  
5.000%, 9/01/28 – AGM Insured
9/15 at 100.00
AA–
5,595,185
2,620
  
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
9/14 at 102.00
N/R
2,142,348
   
District 03-02 Roripaugh, Series 2013, 5.500%, 9/01/36
      
2,160
  
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment
2/14 at 100.00
A
2,180,304
   
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
781,272
   
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–
1,238,969
3,250
  
5.250%, 9/01/39 – AGM Insured
9/20 at 100.00
AA–
3,337,068
1,020
  
Washington Unified School District, Yolo County, California, Certificates of Participation,
8/17 at 100.00
A
1,035,086
   
Series 2007, 5.125%, 8/01/37 – AMBAC Insured
      
6,000
  
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment
11/19 at 100.00
AA–
6,643,740
   
Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
      
3,455
  
William S. Hart Union High School District, Los Angeles County, California, Special Tax Bonds,
9/15 at 100.00
N/R
3,326,578
   
Community Facilities District 2005-1, Series 2006, 5.300%, 9/01/36
      
2,670
  
Woodland Finance Authority, California, Lease Revenue Bonds, Series 2002, 5.000%, 3/01/32 –
3/14 at 100.00
A2
2,682,202
   
SYNCORA GTY Insured
      
2,805
  
Yucaipa-Calimesa Joint Unified School District, San Bernardino County, California,
4/14 at 100.00
A
2,759,307
   
Certificates of Participation, Refunding Series 2001A, 5.000%, 10/01/31 – NPFG Insured
      
334,065
  
Total Tax Obligation/Limited
    
328,672,243
   
Transportation – 2.4% (1.6% of Total Investments)
      
2,000
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series
1/14 at 100.00
BBB–
1,831,660
   
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
1/14 at 80.02
A
5,124,275
5,000
  
5.875%, 1/15/29
1/14 at 101.00
BBB–
5,026,250
2,000
  
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
5/20 at 100.00
AA
2,049,860
   
Airport, Senior Lien Series 2010A, 5.000%, 5/15/40
      
15,500
  
Total Transportation
    
14,032,045
   
U.S. Guaranteed – 8.2% (5.3% 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)
1,954,827
1,250
  
5.250%, 8/01/25 (Pre-refunded 8/01/14) – NPFG Insured
8/14 at 100.00
AA (5)
1,292,875
2,250
  
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San Francisco
1/28 at 100.00
Aaa
2,682,360
   
Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) – AMBAC Insured
      
2,200
  
California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25
5/15 at 100.00
Aa2 (5)
2,348,984
   
(Pre-refunded 5/01/15) – AMBAC Insured
      
500
  
California State, General Obligation Bonds, Series 2004, 5.250%, 4/01/34 (Pre-refunded 4/01/14)
4/14 at 100.00
AAA
508,680
1,275
  
Central Unified School District, Fresno County, California, General Obligation Bonds, Series
3/14 at 100.00
N/R (5)
1,292,264
   
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)
2,679,278
1,775
  
5.250%, 9/01/22 (Pre-refunded 9/01/14) – FGIC Insured
9/14 at 100.00
AA– (5)
1,843,302
6,000
  
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue
No Opt. Call
Aaa
8,271,180
   
Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
      
   
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)
2,220,986
3,250
  
5.000%, 8/01/22 (Pre-refunded 8/01/14) – AGM Insured (UB)
8/14 at 102.00
Aa2 (5)
3,420,950
3,395
  
5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured (UB)
8/14 at 102.00
Aa2 (5)
3,573,577
1,000
  
5.000%, 8/01/25 (Pre-refunded 8/01/14) – AGM Insured (UB)
8/14 at 102.00
Aa2 (5)
1,052,600
800
  
Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds,
3/14 at 101.00
N/R (5)
818,880
   
Community Facilities District 2003-1, Series 2004, 5.550%, 9/01/29 (Pre-refunded 3/01/14)
      
4,640
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical
7/14 at 100.00
Baa2 (5)
4,796,739
   
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)
1,057,626
   
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)
1,581,454
   
5.000%, 10/01/25 (Pre-refunded 10/01/14) – 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+ (5)
2,487,144
   
(Pre-refunded 9/01/14) – NPFG 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)
1,385,037
1,415
  
5.500%, 12/01/21 (Pre-refunded 12/01/14) – SYNCORA GTY Insured
12/14 at 100.00
A+ (5)
1,490,363
42,545
  
Total U.S. Guaranteed
    
46,759,106
   
Utilities – 5.3% (3.5% of Total Investments)
      
1,000
  
Anaheim Public Finance Authority, California, Second Lien Electric Distribution Revenue Bonds,
10/14 at 100.00
AA–
1,038,000
   
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
2,427,601
945
  
5.500%, 11/15/37
No Opt. Call
A
977,820
10,000
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/22 at 100.00
AA–
10,381,400
   
2012B, 5.000%, 7/01/43
      
4,280
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/23 at 100.00
AA–
4,745,621
   
2013B, 5.000%, 7/01/28
      
3,750
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender
No Opt. Call
AA–
4,322,100
   
Option Bond Trust 3345, 18.063%, 7/01/20 (IF) (4)
      
2,155
  
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,
9/15 at 100.00
N/R
2,156,789
   
9/01/31 – SYNCORA GTY Insured
      
100
  
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid
12/13 at 100.00
N/R
100,150
   
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–
4,339,360
   
Bonds, Series 2010-1, 5.000%, 7/01/28
      
28,720
  
Total Utilities
    
30,488,841
   
Water and Sewer – 18.1% (11.9% of Total Investments)
      
13,200
  
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%,
5/19 at 100.00
AA–
12,709,620
   
5/01/40 – AGM Insured
      
11,600
  
Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost
4/23 at 100.00
AA–
12,282,544
   
Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
      
   
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego
      
   
County Water Authority Desalination Project Pipeline, Series 2012:
      
3,000
  
5.000%, 7/01/37
No Opt. Call
Baa3
2,762,100
12,200
  
5.000%, 11/21/45
No Opt. Call
Baa3
10,852,022
1,000
  
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,
8/16 at 100.00
AA–
1,021,180
   
8/01/36 – NPFG Insured
      
3,230
  
El Dorado Irrigation District, California, Water and Sewer Certificates of Participation,
3/14 at 100.00
A+
3,267,985
   
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–
2,261,655
   
10/01/36 – AGM Insured
      
1,480
  
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
4/16 at 100.00
AA–
1,510,962
   
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
5,179,650
   
AMBAC Insured
      
12,230
  
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects
10/15 at 100.00
AA–
12,538,441
   
Revenue Bonds, District 14, Series 2005, 5.000%, 10/01/34 – FGIC Insured
      
16,000
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A,
7/22 at 100.00
AA
16,703,200
   
5.000%, 7/01/43
      
2,400
  
Los Angeles, California, Wastewater System Revenue Bonds, Subordinate Lien, Refunding Series
6/23 at 100.00
AA
2,549,208
   
2013A, 5.000%, 6/01/35
      
1,320
  
Marina Coast Water District, California, Enterprise Certificate of Participation, Series 2006,
6/16 at 100.00
AA–
1,359,877
   
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
1,384,170
   
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+
9,427,320
   
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+
3,812,702
   
10/01/23 – FGIC Insured
      
4,000
  
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,
No Opt. Call
AA–
4,412,360
   
Series 2011A, 5.000%, 11/01/28
      
103,085
  
Total Water and Sewer
    
104,034,996
$ 1,058,108
  
Total Long-Term Investments (cost $866,638,270)
    
875,816,216
   
Floating Rate Obligations – (1.4)%
    
(8,240,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (50.7)% (6)
    
(291,600,000)
   
Other Assets Less Liabilities – (0.1)%
    
(531,239)
   
Net Assets Applicable to Common Shares – 100%
    
$  575,444,977
 
 
 
 
 
 
 

 
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
$ —
$875,816,216
$ —
$875,816,216
 
 
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 November 30, 2013, the cost of investments was $857,517,801.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of November 30, 2013, were as follows:
 
   
Gross unrealized:
  
  Appreciation
$  27,927,704
  Depreciation
(17,866,850)
Net unrealized appreciation (depreciation) of investments
$  10,060,854
 
 
     
(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 33.3%.
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:         January 29, 2014        
 
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:         January 29, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         January 29, 2014