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:         5/31/15         
 
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
     
 
   
Nuveen California AMT-Free Municipal Income Fund (NKX)
     
   
May 31, 2015 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 143.1% (99.2% of Total Investments)
     
           
   
MUNICIPAL BONDS – 143.1% (99.2% of Total Investments)
     
           
   
Consumer Staples – 5.4% (3.8% of Total Investments)
     
$ 995
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
8/15 at 100.00
Baa1
$     995,109
   
Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
     
   
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
     
   
Angeles County Securitization Corporation, Series 2006A:
     
1,350
 
5.600%, 6/01/36
12/18 at 100.00
B+
1,248,129
325
 
5.650%, 6/01/41
12/18 at 100.00
B+
290,550
7,780
 
5.700%, 6/01/46
12/18 at 100.00
B+
6,914,708
95
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
8/15 at 100.00
BBB+
94,850
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
     
2,165
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
8/15 at 100.00
BBB
2,165,108
   
Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007A-1:
     
8,570
 
5.000%, 6/01/33
6/17 at 100.00
B
7,169,405
1,950
 
5.750%, 6/01/47
6/17 at 100.00
B
1,673,120
13,560
 
5.125%, 6/01/47
6/17 at 100.00
B
10,656,261
865
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
B
712,535
   
Bonds, Series 2007A-2, 5.300%, 6/01/37
     
   
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2005A-1:
     
8,450
 
5.375%, 6/01/38
8/15 at 100.00
B–
7,092,085
2,000
 
5.500%, 6/01/45
8/15 at 100.00
B–
1,638,580
48,105
 
Total Consumer Staples
   
40,650,440
   
Education and Civic Organizations – 2.1% (1.5% of Total Investments)
     
1,050
 
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson
7/22 at 100.00
A1
1,162,676
   
Laboratory, Series 2012, 5.000%, 7/01/37
     
35
 
California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series
10/15 at 100.00
A3
35,184
   
2005A, 5.000%, 10/01/35
     
4,475
 
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies
8/23 at 100.00
BB
5,222,146
   
Project, Series 2013A , 7.125%, 8/01/43
     
1,780
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education –
6/22 at 102.00
N/R
2,021,315
   
Multiple Projects, Series 2014A , 7.250%, 6/01/43
     
1,600
 
California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento
1/22 at 100.00
N/R
1,747,328
   
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 –
8/15 at 100.00
Aa2
803,184
   
AMBAC Insured
     
300
 
California Statewide Communities Development Authority, School Facility Revenue Bonds,
7/21 at 100.00
BBB–
351,303
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
     
185
 
California Statewide Communities Development Authority, Charter School Revenue Bonds,
12/21 at 100.00
N/R
216,774
   
Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
     
4,060
 
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006,
9/15 at 102.00
Baa1
4,150,782
   
5.000%, 9/01/34
     
14,285
 
Total Education and Civic Organizations
   
15,710,692
   
Health Care – 18.6% (12.9% of Total Investments)
     
3,965
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26
No Opt. Call
Ba2
4,477,119
1,630
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los
7/20 at 100.00
AA
1,810,783
   
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+
1,338,997
   
Angeles, Series 2012A, 5.000%, 11/15/29
     
1,000
 
California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical
No Opt. Call
AA–
1,104,300
   
Center, Series 2012A, 5.000%, 11/15/35
     
2,520
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
8/24 at 100.00
AA
2,815,319
   
Children’s Hospital, Series 2014A, 5.000%, 8/15/43
     
2,000
 
California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services,
No Opt. Call
AA–
2,202,120
   
Series 2012A, 5.000%, 10/01/33
     
1,405
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
10/24 at 100.00
AA
1,569,216
   
Series 2014A, 5.000%, 10/01/38
     
2,800
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
10/24 at 100.00
AA
3,117,828
   
Series 2014B, 5.000%, 10/01/44
     
335
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –
8/21 at 100.00
AA–
372,095
   
San Diego, Series 2011, 5.250%, 8/15/41
     
10,265
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
10,786,461
   
5.250%, 11/15/46
     
750
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series
7/20 at 100.00
Baa2
819,788
   
2010A, 5.750%, 7/01/40
     
685
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
A–
704,098
   
of Central California, Series 2007, 5.250%, 2/01/46
     
1,000
 
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System
3/15 at 100.00
A
1,001,720
   
West, Series 2005A, 5.000%, 3/01/35
     
2,770
 
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System
11/24 at 100.00
AA–
3,064,645
   
Obligated Group, Series 2015, 5.000%, 11/01/43
     
4,920
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health
7/18 at 100.00
AA
6,361,701
   
System, Trust 2554, 18.458%, 7/01/47 – AGM Insured (IF)
     
4,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic
7/17 at 100.00
AA
4,274,760
   
Healthcare West, Insured 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
AA–
3,151,010
6,500
 
5.000%, 8/15/47
8/17 at 100.00
BBB+
6,767,605
   
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
     
   
Health System, Series 2005A:
     
895
 
5.250%, 7/01/24
7/15 at 100.00
CCC
810,494
2,740
 
5.250%, 7/01/30
7/15 at 100.00
CCC
2,491,098
730
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
8/16 at 100.00
A+
764,033
   
Series 2001C, 5.250%, 8/01/31
     
11,335
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
3/16 at 100.00
A+
11,611,686
   
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+
5,171,554
   
Series 2006, 5.000%, 3/01/41 – BHAC Insured (UB)
     
2,680
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
8/19 at 100.00
Aa2
3,185,770
   
Project, Series 2009, 6.750%, 2/01/38
     
6,160
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
No Opt. Call
Aa3
7,035,706
   
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–
8,446,490
   
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–
10,525,299
   
2003A, 5.000%, 8/15/38 – AMBAC Insured
     
1,690
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series
11/15 at 100.00
AA–
1,721,096
   
2005A, 5.000%, 11/15/43
     
2,600
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011,
1/21 at 100.00
A
2,839,408
   
5.250%, 1/01/42
     
   
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
     
9,250
 
6.625%, 11/01/29
11/19 at 100.00
Ba1
10,304,129
7,500
 
6.750%, 11/01/39
11/19 at 100.00
Ba1
8,264,250
   
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
     
1,500
 
6.000%, 11/01/30
11/20 at 100.00
Ba1
1,619,100
2,595
 
6.000%, 11/01/41
11/20 at 100.00
Ba1
2,767,490
1,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical
7/17 at 100.00
Baa2
1,038,940
   
Center, Series 2007A, 5.000%, 7/01/38
     
850
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
12/21 at 100.00
BB
1,036,609
   
7.500%, 12/01/41
     
2,000
 
Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%, 7/01/37
9/17 at 100.00
A
2,088,740
1,000
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series
5/17 at 101.00
AA–
1,056,280
   
2009E, 5.000%, 5/15/38
     
127,895
 
Total Health Care
   
138,517,737
   
Housing/Multifamily – 2.5% (1.7% of Total Investments)
     
485
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
BBB
535,154
   
Series 2010A, 6.400%, 8/15/45
     
155
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/22 at 100.00
BBB
167,512
   
Series 2012A, 5.500%, 8/15/47
     
350
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/22 at 100.00
A1
407,502
   
Series 2012B, 7.250%, 8/15/47
     
   
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country
     
   
Club Series 2013A:
     
2,000
 
5.625%, 11/15/33
11/23 at 100.00
BBB
2,205,640
8,000
 
6.000%, 11/15/48
11/23 at 100.00
BBB
9,018,880
   
California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas
     
   
Affordable Housing, Inc. Projects, Series 2014A:
     
260
 
5.250%, 8/15/39
8/24 at 100.00
BBB
282,729
705
 
5.250%, 8/15/49
8/24 at 100.00
BBB
764,650
3,285
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho
4/23 at 100.00
A–
3,527,926
   
Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38
     
   
La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding
     
   
Series 2014:
     
670
 
5.000%, 6/15/44
6/24 at 100.00
A
724,645
185
 
5.000%, 6/15/49
6/24 at 100.00
A
199,312
1,060
 
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series
8/15 at 100.00
AA–
1,061,993
   
2003, 5.000%, 5/01/23
     
17,155
 
Total Housing/Multifamily
   
18,895,943
   
Housing/Single Family – 0.2% (0.1% of Total Investments)
     
1,150
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L,
2/18 at 100.00
A
1,171,126
   
5.500%, 8/01/38
     
   
Long-Term Care – 1.1% (0.7% of Total Investments)
     
3,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue
5/20 at 100.00
A+
3,502,890
   
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+
1,640,583
   
Methodist Homes, Series 2006, 5.000%, 7/01/36
     
1,300
 
California Health Facilities Financing Authority, Revenue Bonds, Northern California
7/25 at 100.00
A+
1,449,877
   
Presbyterian Homes& Services Inc., Series 2015, 5.000%, 7/01/39
     
1,500
 
California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities
4/17 at 100.00
BBB+
1,545,000
   
and Services Project, Series 2007A, 5.125%, 4/01/37
     
7,375
 
Total Long-Term Care
   
8,138,350
   
Tax Obligation/General – 30.9% (21.4% of Total Investments)
     
3,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
8/22 at 100.00
Aa3
3,401,040
   
Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
     
1,000
 
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
9/21 at 100.00
AA–
1,186,940
4,910
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2014,
10/24 at 100.00
AA–
5,661,230
   
5.000%, 10/01/32
     
   
California State, General Obligation Bonds, Various Purpose Series 2009:
     
2,350
 
6.000%, 11/01/39
11/19 at 100.00
AA–
2,818,661
1,300
 
5.500%, 11/01/39
11/19 at 100.00
AA–
1,504,165
6,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
3/20 at 100.00
AA–
7,277,700
   
California State, General Obligation Bonds, Various Purpose Series 2011:
     
2,000
 
5.000%, 9/01/31
No Opt. Call
AA–
2,264,900
4,090
 
5.000%, 9/01/41
9/21 at 100.00
AA–
4,555,687
2,625
 
5.000%, 10/01/41
10/21 at 100.00
AA–
2,927,505
   
California State, General Obligation Bonds, Various Purpose Series 2013:
     
3,500
 
5.000%, 4/01/37
4/23 at 100.00
AA–
3,938,760
2,000
 
5.000%, 2/01/43
No Opt. Call
AA–
2,225,840
5,520
 
5.000%, 11/01/43
11/23 at 100.00
AA–
6,196,366
   
California State, General Obligation Bonds, Various Purpose Series 2014:
     
2,460
 
5.000%, 10/01/39
10/24 at 100.00
AA–
2,783,096
9,000
 
5.000%, 12/01/43
12/23 at 100.00
AA–
10,112,400
9,000
 
5.000%, 10/01/44
10/24 at 100.00
AA–
10,135,889
8,000
 
California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 3/01/45
3/25 at 100.00
AA–
9,019,360
20,750
 
Coachella Valley Unified School District, Riverside County, California, General Obligation
No Opt. Call
AA
5,691,103
   
Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
     
12,050
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series
8/18 at 100.00
Aa1
13,242,949
   
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
AA
2,800,150
   
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
3,915,012
3,545
 
5.000%, 8/01/28 – AGC Insured
8/19 at 100.00
AA
3,961,608
3,110
 
5.000%, 8/01/29 – AGC Insured
8/19 at 100.00
AA
3,477,851
230
 
El Monte Union High School District, Los Angeles County, California, General Obligation Bonds,
8/15 at 100.00
AA
230,858
   
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
8,718,374
   
Tender Option Bond Trust 2015-XF0111, 9.734%, 2/01/16 – AGM Insured (IF)
     
6,000
 
Hartnell Community College District, California, General Obligation Bonds, Series 2006B,
6/16 at 100.00
AA
6,268,860
   
5.000%, 6/01/29 – AGM Insured (UB)
     
2,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2015A,
8/24 at 100.00
AA+
2,344,840
   
5.000%, 8/01/30
     
1,220
 
Los Angeles Community College District, Los Angeles County, California, General Obligation
No Opt. Call
AA+
1,230,016
   
Bonds, Series 2005A, 5.000%, 8/01/24 – AGM Insured
     
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,
No Opt. Call
Aa2
5,859,700
   
Refunding Series 2014C, 5.000%, 7/01/29
     
4,500
 
Mount Diablo Unified School District, Contra Costa County, California, General Obligation
8/25 at 100.00
AA
3,581,505
   
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
3,157,170
   
Bonds, Series 2007, 4.500%, 9/01/30 – AGM Insured
     
10,080
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds,
No Opt. Call
AA–
5,701,752
   
Series 2004A, 0.000%, 8/01/26 – NPFG Insured
     
2,500
 
Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series
8/15 at 100.00
AA–
2,510,050
   
2002, 5.250%, 8/01/21 – FGIC Insured
     
1,125
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds,
No Opt. Call
AA–
979,673
   
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–
6,379,829
   
Refunding Series 2012R-1, 0.000%, 7/01/31
     
1,500
 
San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option
No Opt. Call
AAA
2,275,800
   
Bond Trust 2015-XF0048, 17.678%, 8/01/17 (IF)
     
2,870
 
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election
8/24 at 100.00
AA
3,219,480
   
2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured
     
10,000
 
Southwestern Community College District, San Diego County, California, General Obligation
No Opt. Call
Aa2
3,078,900
   
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:
     
23,280
 
7.400%, 8/01/47 – AGC Insured
8/37 at 100.00
AA
17,825,729
38,845
 
0.000%, 8/01/50 – AGM Insured
8/37 at 100.00
AA
29,795,279
15,780
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,
No Opt. Call
AA
8,254,202
   
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+
4,036,130
   
Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured
     
8,345
 
Yosemite Community College District, California, General Obligation Bonds, Capital
No Opt. Call
Aa2
4,657,511
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42
     
1,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series
8/21 at 100.00
Aa2
1,100,310
   
2011C, 5.250%, 8/01/47
     
272,460
 
Total Tax Obligation/General
   
230,304,180
   
Tax Obligation/Limited – 43.5% (30.1% of Total Investments)
     
2,000
 
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,
8/17 at 100.00
A–
2,026,220
   
Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
     
655
 
Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C,
9/23 at 100.00
N/R
703,326
   
Series 2013A, 5.000%, 9/01/27
     
1,000
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,
8/15 at 100.00
AA
1,000,190
   
Series 2003, 5.625%, 10/01/33 – RAAI Insured
     
7,895
 
Brea and Olinda Unified School District, Orange County, California, Certificates of
8/15 at 100.00
AA
7,926,501
   
Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
     
2,250
 
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for
2/21 at 100.00
A+
2,730,668
   
Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
     
   
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
8/15 at 100.00
AA+
1,219,848
1,535
 
5.000%, 12/01/20 – AMBAC Insured
8/15 at 100.00
AA+
1,541,109
1,615
 
5.000%, 12/01/21 – AMBAC Insured
8/15 at 100.00
AA+
1,621,428
1,695
 
5.000%, 12/01/22 – AMBAC Insured
8/15 at 100.00
AA+
1,701,746
1,780
 
5.000%, 12/01/23 – AMBAC Insured
8/15 at 100.00
AA+
1,787,084
1,865
 
5.000%, 12/01/24 – AMBAC Insured
8/15 at 100.00
AA+
1,872,423
7,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
9/23 at 100.00
A+
8,216,530
   
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
A+
3,165,813
2,065
 
5.000%, 4/01/31
No Opt. Call
A+
2,334,916
4,000
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services,
8/15 at 100.00
A+
4,023,480
   
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
A+
3,161,969
   
Richmond Lab, Series 2005B, 5.000%, 11/01/30 – SYNCORA GTY Insured
     
5,920
 
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs,
11/15 at 100.00
A+
5,945,574
   
Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 –
     
   
AMBAC Insured
     
20,330
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New
10/24 at 100.00
A+
22,878,568
   
Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
     
1,990
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California,
No Opt. Call
A+
2,229,855
   
Various Projects Series 2013A, 5.000%, 3/01/33
     
5,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
10/19 at 100.00
A+
5,874,350
   
2009G-1, 5.750%, 10/01/30
     
2,000
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
11/19 at 100.00
A+
2,410,080
   
2009-I, 6.375%, 11/01/34
     
165
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community
9/15 at 100.00
AA–
166,708
   
Facilities District 98-2, Series 2005, 5.000%, 9/01/24 – FGIC Insured
     
3,020
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation
9/16 at 101.00
A
3,085,655
   
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
AA–
1,109,603
   
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
1,438,795
   
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
1,277,859
530
 
5.750%, 8/01/26
8/20 at 100.00
N/R
567,418
3,145
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment
8/15 at 100.00
AA–
3,148,082
   
Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
     
   
El Monte, California, Senior Lien Certificates of Participation, Department of Public Services
     
   
Facility Phase II, Series 2001:
     
8,425
 
5.000%, 1/01/21 – AMBAC Insured
7/15 at 100.00
A2
8,442,945
5,000
 
5.250%, 1/01/34 – AMBAC Insured
7/15 at 100.00
A2
5,005,600
350
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa
10/15 at 100.00
A–
353,248
   
Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
     
1,000
 
Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights,
9/22 at 100.00
A–
1,093,320
   
Refunding Series 2012, 5.000%, 9/01/32
     
1,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/23 at 100.00
A1
1,126,990
   
Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
     
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
     
   
Asset-Backed Revenue Bonds, Series 2015A:
     
8,000
 
5.000%, 6/01/40
6/25 at 100.00
A+
8,792,800
25,000
 
5.000%, 6/01/45
6/25 at 100.00
A1
27,368,749
425
 
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A,
9/15 at 100.00
BBB–
425,599
   
5.000%, 9/01/35 – SYNCORA GTY Insured
     
3,345
 
Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax
9/17 at 100.00
N/R
3,403,972
   
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–
1,790,610
   
Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 – AMBAC Insured
     
2,115
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
No Opt. Call
N/R
2,327,177
   
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:
     
1,985
 
5.000%, 5/01/24 – AMBAC Insured
5/17 at 100.00
BBB+
2,054,693
710
 
5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
BBB+
732,961
   
Irvine Unified School District, California, Special Tax Bonds, Community Facilities District
     
   
Series 2006A:
     
75
 
5.000%, 9/01/26
9/16 at 100.00
N/R
76,282
175
 
5.125%, 9/01/36
9/16 at 100.00
N/R
177,821
   
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills
     
   
Improvement Area D, Series 2014A:
     
1,140
 
5.500%, 9/01/33
9/23 at 100.00
N/R
1,216,984
2,105
 
5.750%, 9/01/44
9/23 at 100.00
N/R
2,254,623
2,000
 
Lammersville Joint Unified School District, California, Community Facilities District 2007-1,
9/23 at 100.00
N/R
2,328,660
   
Mountain 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
AA–
2,560,035
2,425
 
4.750%, 8/01/27 – NPFG Insured
8/15 at 102.00
AA–
2,463,606
3,500
 
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore
8/15 at 100.00
AA–
3,526,040
   
Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
     
6,190
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social
9/15 at 100.00
A1
6,219,836
   
Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
     
1,500
 
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,
9/15 at 100.00
AA–
1,502,460
   
Series 2002, 5.000%, 9/02/33 – NPFG Insured
     
475
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series
9/21 at 100.00
A–
596,529
   
2011A, 7.250%, 9/01/38
     
9,270
 
Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A,
8/17 at 100.00
A–
9,583,511
   
5.000%, 8/01/38 – AMBAC Insured
     
3,230
 
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 –
8/15 at 100.00
AA–
3,235,782
   
NPFG Insured
     
1,000
 
Murrieta, California, Special Tax Bonds, Community Facilities District 2003-3, Creekside
9/15 at 100.00
N/R
1,004,020
   
Village Improvement Area 1, Series 2005, 5.200%, 9/01/35
     
170
 
National City Community Development Commission, California, Tax Allocation Bonds, National
8/21 at 100.00
A–
212,973
   
City Redevelopment Project, Series 2011, 6.500%, 8/01/24
     
65
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
9/21 at 100.00
BBB+
78,406
   
Project, Series 2011, 6.750%, 9/01/40
     
2,810
 
Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration
8/18 at 100.00
AA
3,117,836
   
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–
3,399,231
   
AMBAC Insured
     
5,000
 
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1,
10/15 at 100.00
AA–
5,033,300
   
Refunding Series 2002, 5.000%, 4/01/25 – NPFG Insured
     
610
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District
9/23 at 100.00
N/R
661,929
   
2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
     
   
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District
     
   
2001-1, Senior Series 2013A:
     
3,820
 
5.250%, 9/01/30
9/23 at 100.00
N/R
4,122,009
3,435
 
5.750%, 9/01/39
9/23 at 100.00
N/R
3,753,665
2,000
 
Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities
9/23 at 100.00
N/R
2,207,880
   
District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A, 5.375%, 9/01/33
     
540
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
9/18 at 100.00
BBB–
592,542
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28
     
4,140
 
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series
7/15 at 100.00
A
4,145,216
   
2003A, 5.000%, 6/01/28 – AMBAC Insured
     
390
 
Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment
5/15 at 100.00
AA–
390,757
   
Project, Series 2000, 5.750%, 6/15/33 – NPFG Insured
     
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
     
5,000
 
0.000%, 8/01/44 – NPFG Insured
No Opt. Call
AA–
753,200
7,200
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
AA–
1,016,496
210
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
9/21 at 100.00
BBB+
237,966
   
2011A, 5.750%, 9/01/30
     
1,250
 
Rio Elementary School District, California, Special Tax Bonds, Community Facilities District
9/23 at 100.00
N/R
1,378,175
   
1, 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+
3,009,600
   
Projects, Series 2005A, 5.000%, 10/01/35 – SYNCORA GTY Insured
     
40
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
10/21 at 100.00
A–
49,357
   
Area, Series 2011B, 6.500%, 10/01/25
     
   
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott
     
   
Road, Series 2013:
     
660
 
5.000%, 9/01/32
9/22 at 100.00
N/R
711,216
1,775
 
5.000%, 9/01/42
9/22 at 100.00
N/R
1,890,712
1,000
 
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community
8/15 at 100.00
AA–
1,003,730
   
Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
     
4,475
 
Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%,
9/17 at 100.00
N/R
4,550,493
   
9/01/33 – AMBAC Insured
     
1,500
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch,
9/15 at 100.00
N/R
1,504,560
   
Series 2005, 5.050%, 9/01/30
     
1,500
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,
No Opt. Call
AA–
1,658,625
   
5.400%, 11/01/20 – NPFG Insured
     
3,000
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B,
No Opt. Call
A+
3,307,860
   
5.400%, 11/01/20
     
3,080
 
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation
9/15 at 100.00
AA–
3,080,277
   
Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
     
1,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
4/22 at 100.00
AAA
1,113,630
   
Series 2012A, 5.000%, 4/01/42
     
4,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
4/24 at 100.00
AAA
4,603,520
   
Series 2014A, 5.000%, 4/01/36
     
1,480
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue
8/15 at 100.00
AA–
1,481,643
   
Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
     
690
 
San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax
No Opt. Call
N/R
741,088
   
Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
     
   
Refunding Series 2014, 5.000%, 8/01/39
     
2,700
 
San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation
No Opt. Call
AA–
1,988,226
   
Revenue Bonds, San Francisco Redevelopment Projects, Series 1998D, 0.000%, 8/01/24 –
     
   
NPFG Insured
     
2,000
 
San Francisco City and County, California, Certificates of Participation, Multiple Capital
4/19 at 100.00
AA
2,249,320
   
Improvement Projects, Series 2009A, 5.200%, 4/01/26
     
30
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
2/21 at 100.00
A–
36,303
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41
     
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
     
   
Mission Bay South Redevelopment Project, Series 2011D:
     
30
 
7.000%, 8/01/33
2/21 at 100.00
BBB+
36,118
40
 
7.000%, 8/01/41
2/21 at 100.00
BBB+
48,157
380
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public
8/22 at 100.00
N/R
416,176
   
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
5,788,858
   
Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured
     
4,000
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center
8/15 at 100.00
AA
4,016,160
   
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
AA–
3,336,116
5,025
 
5.000%, 8/01/28 – NPFG Insured
8/15 at 100.00
AA–
5,063,743
   
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
     
   
Project, Series 2006C:
     
100
 
5.000%, 8/01/24 – NPFG Insured
8/17 at 100.00
AA–
107,746
1,110
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
AA–
1,195,981
360
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
BBB+
385,956
   
Project, Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
     
1,000
 
San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding
9/22 at 100.00
N/R
1,063,450
   
Series 2012D, 5.000%, 9/01/36
     
3,000
 
Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project,
12/15 at 100.00
A–
3,077,880
   
Series 1999A, 5.500%, 6/01/23 – AMBAC Insured
     
50
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
4/21 at 100.00
N/R
56,551
   
7.000%, 10/01/26
     
3,500
 
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%,
8/15 at 100.00
AA–
3,499,790
   
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
3,605,784
5,510
 
5.000%, 9/01/28 – AGM Insured
9/15 at 100.00
AA
5,573,034
2,980
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
9/15 at 100.00
N/R
2,976,007
   
District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
     
2,160
 
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project
8/15 at 100.00
AA–
2,177,021
   
1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
     
   
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
1,336,972
3,250
 
5.250%, 9/01/39 – AGM Insured
9/20 at 100.00
AA
3,641,723
4,500
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series
No Opt. Call
AA
5,060,340
   
2012A, 5.000%, 10/01/32 – AGM Insured
     
1,020
 
Washington Unified School District, Yolo County, California, Certificates of Participation,
8/17 at 100.00
A
1,088,524
   
Series 2007, 5.125%, 8/01/37 – AMBAC Insured
     
4,235
 
West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014,
9/22 at 102.00
N/R
4,628,389
   
5.500%, 9/01/31
     
6,000
 
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment
11/19 at 100.00
AA
7,080,000
   
Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39
     
95
 
Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,
9/21 at 100.00
A–
114,832
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
     
316,410
 
Total Tax Obligation/Limited
   
324,287,700
   
Transportation – 5.9% (4.1% of Total Investments)
     
1,115
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
AA–
1,252,836
   
2013S-4, 5.250%, 4/01/48
     
6,750
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
1/24 at 100.00
BB+
8,035,808
   
Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
     
   
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
     
   
Refunding Series 2013A:
     
14,885
 
5.750%, 1/15/46
1/24 at 100.00
BBB–
17,263,622
14,885
 
6.000%, 1/15/53
1/24 at 100.00
BBB–
17,417,236
37,635
 
Total Transportation
   
43,969,502
   
U.S. Guaranteed – 11.9% (8.3% of Total Investments) (4)
     
1,425
 
Bassett Unified School District, Los Angeles County, California, General Obligation Bonds,
8/16 at 100.00
AA– (4)
1,506,824
   
Series 2006B, 5.250%, 8/01/30 (Pre-refunded 8/01/16) – FGIC Insured
     
220
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender
4/18 at 100.00
AA (4)
313,786
   
Option Bond Trust 3211, 13.391%, 10/01/32 (Pre-refunded 4/01/18) (IF)
     
780
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/16 at 100.00
AA (4)
810,350
   
2006F, 5.000%, 4/01/31 (Pre-refunded 4/01/16) (UB)
     
45
 
California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series
11/15 at 100.00
A2 (4)
45,851
   
2006, 5.000%, 11/01/21 (Pre-refunded 11/02/15)
     
3,000
 
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San
No Opt. Call
Aaa
3,649,620
   
Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/22 – AGM Insured (ETM)
     
2,250
 
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San
1/28 at 100.00
Aaa
2,838,983
   
Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) –
     
   
AMBAC Insured
     
1,112
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents,
3/18 at 100.00
Aaa
1,359,754
   
Tender Option Bond Trust 1065, 9.211%, 3/01/33 (Pre-refunded 3/01/18) (IF)
     
1,815
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
7/17 at 100.00
AA+ (4)
1,950,000
   
System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
     
1,000
 
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,
8/16 at 100.00
AA– (4)
1,054,020
   
8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
     
805
 
Central Unified School District, Fresno County, California, General Obligation Bonds, Series
9/15 at 100.00
N/R (4)
816,254
   
1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
     
5,000
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%,
7/17 at 100.00
Aaa
5,451,400
   
7/15/37 (Pre-refunded 7/15/17) – AMBAC Insured
     
1,685
 
Healdsburg Public Financing Authority, California, Wastewater Revenue Bonds, Series 2006,
4/16 at 100.00
AA (4)
1,741,431
   
5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
     
6,000
 
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue
No Opt. Call
Aaa
7,829,280
   
Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
     
5,000
 
Indio Water Authority, California, Water Revenue Bonds, Series 2006, 5.000%, 4/01/31
4/16 at 100.00
A (4)
5,195,650
   
(Pre-refunded 4/01/16) – AMBAC Insured
     
   
Jurupa Community Services District, California, Special Tax Bonds, Community Facilities
     
   
District 39 Eastvale Area, Series 2012A:
     
1,000
 
5.000%, 9/01/37 (Pre-refunded 9/01/15)
9/15 at 103.00
N/R (4)
1,033,110
2,000
 
5.125%, 9/01/42 (Pre-refunded 9/01/15)
9/15 at 103.00
N/R (4)
2,066,600
760
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
12/17 at 100.00
BBB– (4)
897,872
   
2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
     
35
 
Los Angeles Community College District, Los Angeles County, California, General Obligation
8/15 at 100.00
AA+ (4)
35,289
   
Bonds, Series 2005A, 5.000%, 8/01/24 (Pre-refunded 8/01/15) – AGM Insured
     
12,230
 
Los Angeles County Sanitation Districts Financing Authority, California, Capital Projects
10/15 at 100.00
AA– (4)
12,393,147
   
Revenue Bonds, District 14, Subordinate Series 2005B, 5.000%, 10/01/34 (Pre-refunded
     
   
10/01/15) – FGIC Insured
     
2,450
 
Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%,
9/15 at 100.00
N/R (4)
2,480,258
   
9/01/31 (Pre-refunded 9/01/15) – SYNCORA GTY Insured
     
1,115
 
Roseville Joint Union High School District, Placer County, California, General Obligation
8/15 at 100.00
AA (4)
1,124,043
   
Bonds, Series 2006B, 5.000%, 8/01/27 (Pre-refunded 8/01/15) – FGIC Insured
     
5,500
 
Sacramento City Unified School District, Sacramento County, California, General Obligation
7/15 at 100.00
A1 (4)
5,522,935
   
Bonds, Series 2005, 5.000%, 7/01/27 (Pre-refunded 7/01/15) – NPFG Insured
     
5,000
 
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds,
8/17 at 100.00
AA (4)
5,487,200
   
Series 2007, 5.250%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured
     
   
San Jose-Evergreen Community College District, Santa Clara County, California, General
     
   
Obligation Bonds, Series 2005A:
     
1,105
 
5.000%, 9/01/25 (Pre-refunded 9/01/15) – NPFG Insured
9/15 at 100.00
Aa1 (4)
1,118,470
250
 
5.000%, 9/01/25 (Pre-refunded 9/01/15) – NPFG Insured
9/15 at 100.00
Aa1 (4)
253,033
325
 
San Mateo Union High School District, San Mateo County, California, Certificates of
12/17 at 100.00
N/R (4)
358,946
   
Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
     
   
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
     
   
Election Series 2011F:
     
7,230
 
0.000%, 8/01/42 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 21.00
AA (4)
1,357,866
10,450
 
0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 19.43
AA (4)
1,816,524
21,225
 
0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 17.98
AA (4)
3,414,041
12,550
 
0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 16.64
AA (4)
1,867,691
23,425
 
0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 15.39
AA (4)
3,224,686
9,085
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,
8/17 at 100.00
A+ (4)
10,059,639
   
Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
     
145,872
 
Total U.S. Guaranteed
   
89,074,553
   
Utilities – 4.2% (2.9% of Total Investments)
     
   
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
     
   
Series 2007A:
     
2,490
 
5.000%, 11/15/35
No Opt. Call
A
2,783,546
1,835
 
5.500%, 11/15/37
No Opt. Call
A
2,167,759
10,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/22 at 100.00
AA–
11,099,800
   
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–
5,028,315
   
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–
5,399,700
   
Option Bond Trust 3345, 18.215%, 7/01/20 (IF) (5)
     
100
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid
8/15 at 100.00
N/R
100,220
   
Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
     
1,000
 
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue
1/20 at 100.00
AA–
1,142,690
   
Bonds, Series 2010-1, 5.000%, 7/01/28
     
2,975
 
Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project
7/24 at 100.00
AA–
3,381,772
   
Series 2014A, 5.000%, 7/01/37
     
26,430
 
Total Utilities
   
31,103,802
   
Water and Sewer – 16.8% (11.7% of Total Investments)
     
13,200
 
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%,
5/19 at 100.00
AA
13,984,344
   
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–
13,174,700
   
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:
     
8,000
 
5.000%, 7/01/37
No Opt. Call
Baa3
8,289,360
12,200
 
5.000%, 11/21/45
No Opt. Call
Baa3
12,628,708
   
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water
     
   
System Revenue Bonds, Refunding Series 2015A:
     
1,000
 
5.000%, 6/01/31
6/25 at 100.00
AAA
1,187,940
5,000
 
5.000%, 6/01/36
6/25 at 100.00
AAA
5,793,200
3,000
 
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing,
3/22 at 100.00
AA–
3,283,590
   
Series 2012, 5.000%, 9/01/41
     
2,250
 
Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,
10/16 at 100.00
AA
2,295,743
   
10/01/36 – AGM Insured
     
16,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
7/22 at 100.00
AA
17,864,799
   
2012A, 5.000%, 7/01/43
     
12,890
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
7/24 at 100.00
AA
14,576,657
   
2014A, 5.000%, 7/01/44
     
9,500
 
Los Angeles, California, Wastewater System Revenue Bonds, Green Series 2015A, 5.000%,
6/25 at 100.00
AA+
10,831,900
   
6/01/44 (WI/DD, Settling 6/04/15)
     
   
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien
     
   
Series 2013A:
     
2,000
 
5.000%, 6/01/34
6/23 at 100.00
AA
2,276,700
3,500
 
5.000%, 6/01/35
6/23 at 100.00
AA
3,970,925
670
 
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option
7/19 at 100.00
AAA
1,032,095
   
Bond Trust 09-8B, 17.656%, 7/01/35 (IF) (5)
     
1,500
 
Placerville Public Financing Authority, California, Wastewater System Refinancing and
9/16 at 100.00
N/R
1,556,880
   
Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
     
2,500
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds,
6/24 at 100.00
AA
2,868,625
   
Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
     
9,000
 
San Diego County Water Authority, California, Water Revenue Certificates of Participation,
5/18 at 100.00
AA+
9,874,710
   
Series 2008A, 5.000%, 5/01/38 – AGM Insured
     
113,810
 
Total Water and Sewer
   
125,490,876
$ 1,128,582
 
Total Long-Term Investments (cost $965,570,590)
   
1,067,314,901
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
SHORT-TERM INVESTMENTS – 1.2% (0.8% of Total Investments)
     
           
   
MUNICIPAL BONDS – 1.2% (0.8% of Total Investments)
     
           
   
Health Care – 1.2% (0.8% of Total Investments)
     
$ 6,940
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
$ 6,957,142
   
Health System, Series 2014A, 6.000%, 7/10/15 (6)
     
675
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
676,667
   
Health System, Series 2014B, 6.000%, 7/10/15 (6)
     
1,030
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
1,032,544
   
Health System, Series 2014C, 6.000%, 7/10/15 (6)
     
$ 8,645
 
Total Short-Term Investments (cost $8,645,000)
   
8,666,353
   
Total Investments (cost $974,215,590) – 144.3%
   
1,075,981,254
   
Floating Rate Obligations – (0.9)%
   
(6,755,000)
   
Institutional MuniFund Term Preferred Shares, at Liquidation Value – (4.8)% (7)
   
(36,000,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (39.1)% (8)
   
(291,600,000)
   
Other Assets Less Liabilities – 0.5%
   
3,374,525
   
Net Assets Applicable to Common Shares – 100%
   
$ 745,000,779
 
 
 
 
 

 

 
Fair Value Measurements
 
Fair value is defined as the price that would be received 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 risk 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
$ —
$1,067,314,901
$           —
$1,067,314,901
Short-Term Investments:
       
   Municipal Bonds
8,666,353
8,666,353
Total
$ —
$1,067,314,901
$8,666,353
$1,075,981,254
 
 
The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:
 
 
Level 3
 
Short-Term
 
Municipal Bonds
Balance at the beginning of period
$8,718,742
Gains (losses):
 
   Net realized gains (losses)
   Change in net unrealized appreciation (depreciation)
(52,389)
Purchases at cost
Sales at proceeds
Net discounts (premiums)
Transfers into
Transfers out of
Balance at the end of period
$8,666,353
 
 
 
 
 

 

 
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the reporting period, were as follows:
 
         
 
Market
 
Unobservable
 
 
Value
Techniques
Inputs
Range
Short-Term Municipal Bonds
$8,666,353
Discounted
Municipal BBB
1% - 4%
   
Cash Flow
Benchmark
 
     
B-Rated
 
     
Hospital Sector
 
 
 
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, 2015, the cost of investments was $966,402,589.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2015, were as follows:
 
   
Gross unrealized:
 
   Appreciation
$104,334,822
   Depreciation
(1,509,118)
Net unrealized appreciation (depreciation) of investments
$102,825,704
 
 
     
(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)
 
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.
(5)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(6)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board.
   
For fair value measurement disclosure purposes, investment classified as Level 3.
(7)
 
Institutional MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 3.3%.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.1%.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
(WI/DD)
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
 
 
 
 
 

 
 
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, 2015        
 
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, 2015        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         July 30, 2015