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:            2/29          
 
Date of reporting period:         5/31/16         
 
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, 2016 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 139.6% (100.0% of Total Investments)
     
           
   
MUNICIPAL BONDS – 139.6% (100.0% of Total Investments)
     
           
   
Consumer Staples – 8.1% (5.8% of Total Investments)
     
$ 860
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
8/16 at 100.00
Baa1
$ 868,411
   
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:
     
6,350
 
5.600%, 6/01/36
12/18 at 100.00
B
6,443,726
325
 
5.650%, 6/01/41
12/18 at 100.00
B2
329,794
2,780
 
5.700%, 6/01/46
12/18 at 100.00
B2
2,821,088
80
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
8/16 at 100.00
BBB+
80,026
   
County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
     
2,040
 
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
8/16 at 100.00
BBB+
2,073,762
   
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–
8,626,219
1,950
 
5.750%, 6/01/47
6/17 at 100.00
B–
1,972,601
13,560
 
5.125%, 6/01/47
6/17 at 100.00
B–
13,560,136
16,380
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
B–
16,657,477
   
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
8/16 at 100.00
B–
8,449,493
2,000
 
5.500%, 6/01/45
8/16 at 100.00
B–
1,999,860
63,345
 
Total Consumer Staples
   
63,882,593
   
Education and Civic Organizations – 2.4% (1.7% of Total Investments)
     
1,050
 
ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson
7/22 at 100.00
A1
1,194,722
   
Laboratory, Series 2012, 5.000%, 7/01/37
     
3,000
 
California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series
9/25 at 100.00
AA
3,621,360
   
2015, 5.000%, 9/01/40
     
4,475
 
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies
8/23 at 100.00
B+
5,145,624
   
Project, Series 2013A, 7.125%, 8/01/43
     
1,780
 
California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship
6/22 at 102.00
N/R
2,089,934
   
Education 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
1,799,968
   
Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42
     
2,000
 
California State University, Systemwide Revenue Bonds, Series 2015A, 5.000%, 11/01/38
11/25 at 100.00
Aa2
2,435,600
1,725
 
California State University, Systemwide Revenue Bonds, Series 2016A, 5.000%, 11/01/41
5/26 at 100.00
A–
2,106,743
185
 
California Statewide Communities Development Authority, Charter School Revenue Bonds,
12/21 at 100.00
N/R
224,213
   
Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
     
300
 
California Statewide Communities Development Authority, School Facility Revenue Bonds,
7/21 at 100.00
BBB–
349,023
   
Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
     
16,115
 
Total Education and Civic Organizations
   
18,967,187
   
Health Care – 15.7% (11.3% of Total Investments)
     
430
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
8/25 at 100.00
AA–
508,578
   
Refunding Series 2015A, 5.000%, 8/15/43
     
5,000
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
11/25 at 100.00
AA–
5,995,500
   
Series 2016A, 5.000%, 11/15/41
     
1,630
 
California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital Los
7/20 at 100.00
AA
1,828,534
   
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+
1,424,538
   
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–
1,168,620
   
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
2,950,013
   
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–
2,331,900
   
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
1,658,434
   
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
3,275,328
   
Series 2014B, 5.000%, 10/01/44
     
335
 
California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –
8/21 at 100.00
Aa3
380,657
   
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–
10,490,933
   
5.250%, 11/15/46
     
750
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series
7/20 at 100.00
Baa2
832,193
   
2010A, 5.750%, 7/01/40
     
605
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
No Opt. Call
BB
615,243
   
of Central California, Series 2007, 5.250%, 2/01/46
     
   
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
     
   
University Medical Center, Series 2014A:
     
2,400
 
5.250%, 12/01/34
12/24 at 100.00
BB+
2,714,040
5,200
 
5.250%, 12/01/44
12/24 at 100.00
BB+
5,839,704
745
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
6/26 at 100.00
Aa2
840,792
   
University Medical Center, Series 2016A, 5.250%, 12/01/56
     
4,920
 
California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health
7/18 at 100.00
AA
6,247,568
   
System, Tender Option Bond Trust 2016-XG0041, 18.036%, 1/01/34 – AGM Insured (IF)
     
4,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic
7/17 at 100.00
AA
4,178,320
   
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–
3,108,720
6,500
 
5.000%, 8/15/47
8/17 at 100.00
BBB+
6,718,205
   
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
     
   
Health System, Series 2005A:
     
835
 
5.500%, 7/01/24 (4)
8/16 at 100.00
CCC
836,094
4,240
 
5.500%, 7/01/30 (4)
8/16 at 100.00
CCC
4,239,915
730
 
California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System,
8/16 at 100.00
AA–
735,066
   
Series 2001C, 5.250%, 8/01/31
     
6,160
 
California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health
No Opt. Call
AA–
7,019,566
   
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–
8,294,710
   
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–
10,490,400
   
2003A, 5.000%, 8/15/38 – AMBAC Insured
     
2,600
 
Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011,
1/21 at 100.00
BBB
2,899,988
   
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
10,319,763
7,500
 
6.750%, 11/01/39
11/19 at 100.00
Ba1
8,384,625
   
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
     
1,500
 
6.000%, 11/01/30
11/20 at 100.00
Ba1
1,621,560
2,595
 
6.000%, 11/01/41
11/20 at 100.00
Ba1
2,777,091
1,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical
7/17 at 100.00
Baa2
1,032,900
   
Center, Refunding 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+
1,051,110
   
7.500%, 12/01/41
     
1,000
 
The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series
5/17 at 101.00
AA–
1,040,300
   
2009E, 5.000%, 5/15/38
     
112,570
 
Total Health Care
   
123,850,908
   
Housing/Multifamily – 2.4% (1.8% of Total Investments)
     
480
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
BBB
534,562
   
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
176,350
   
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
409,416
   
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
2,272,520
8,000
 
6.000%, 11/15/48
11/23 at 100.00
BBB
9,236,560
   
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
296,774
705
 
5.250%, 8/15/49
8/24 at 100.00
BBB
801,620
3,285
 
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho
4/23 at 100.00
A–
3,585,643
   
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
759,961
185
 
5.000%, 6/15/49
6/24 at 100.00
A
208,717
950
 
Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series
8/16 at 100.00
AA–
952,518
   
2003, 5.000%, 5/01/23
     
17,040
 
Total Housing/Multifamily
   
19,234,641
   
Housing/Single Family – 0.0% (0.0% of Total Investments)
     
220
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2008L,
2/18 at 100.00
A
223,379
   
5.500%, 8/01/38
     
   
Long-Term Care – 1.2% (0.8% of Total Investments)
     
3,000
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue
5/20 at 100.00
AA–
3,500,730
   
Bonds, Channing House, Series 2010, 6.125%, 5/15/40
     
2,250
 
California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for
2/21 at 100.00
AA–
2,747,115
   
Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
     
1,300
 
California Health Facilities Financing Authority, Revenue Bonds, Northern California
7/25 at 100.00
AA–
1,533,662
   
Presbyterian Homes & Services Inc., Refunding Series 2015, 5.000%, 7/01/39
     
1,500
 
California Statewide Communities Development Authority, Revenue Bonds, Front Porch
4/17 at 100.00
BBB+
1,531,155
   
Communities and Services Project, Series 2007A, 5.125%, 4/01/37
     
8,050
 
Total Long-Term Care
   
9,312,662
   
Tax Obligation/General – 32.4% (23.2% of Total Investments)
     
3,000
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
8/22 at 100.00
Aa2
3,630,120
   
Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
     
4,000
 
Antelope Valley Community College District, Los Angeles County, California, General Obligation
2/25 at 100.00
Aa2
4,785,080
   
Bonds, Refunding Series 2015, 5.000%, 8/01/39
     
1,000
 
California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25
9/21 at 100.00
AA–
1,204,320
4,910
 
California State, General Obligation Bonds, Various Purpose Refunding Series 2014,
10/24 at 100.00
AA–
6,052,312
   
5.000%, 10/01/32
     
   
California State, General Obligation Bonds, Various Purpose Refunding Series 2015:
     
2,140
 
5.000%, 8/01/28
8/25 at 100.00
AA–
2,673,695
9,055
 
5.000%, 8/01/31
2/25 at 100.00
AA–
11,077,344
1,600
 
5.000%, 9/01/32
9/25 at 100.00
AA–
1,971,552
   
California State, General Obligation Bonds, Various Purpose Series 2009:
     
2,350
 
6.000%, 11/01/39
11/19 at 100.00
AA–
2,751,474
1,300
 
5.500%, 11/01/39
11/19 at 100.00
AA–
1,495,052
6,000
 
California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33
3/20 at 100.00
AA–
7,116,000
   
California State, General Obligation Bonds, Various Purpose Series 2011:
     
2,000
 
5.000%, 9/01/31
No Opt. Call
AA–
2,360,960
4,090
 
5.000%, 9/01/41
9/21 at 100.00
AA–
4,787,468
2,625
 
5.000%, 10/01/41
10/21 at 100.00
AA–
3,079,466
   
California State, General Obligation Bonds, Various Purpose Series 2013:
     
3,500
 
5.000%, 4/01/37
4/23 at 100.00
AA–
4,172,350
2,000
 
5.000%, 2/01/43
No Opt. Call
AA–
2,356,280
5,520
 
5.000%, 11/01/43
11/23 at 100.00
AA–
6,605,618
   
California State, General Obligation Bonds, Various Purpose Series 2014:
     
2,460
 
5.000%, 10/01/39
10/24 at 100.00
AA–
2,969,294
9,000
 
5.000%, 12/01/43
12/23 at 100.00
AA–
10,788,570
9,000
 
5.000%, 10/01/44
10/24 at 100.00
AA–
10,825,380
   
California State, General Obligation Bonds, Various Purpose Series 2015:
     
8,000
 
5.000%, 3/01/45
3/25 at 100.00
AA–
9,562,800
2,000
 
5.000%, 8/01/45
8/25 at 100.00
AA–
2,407,280
20,750
 
Coachella Valley Unified School District, Riverside County, California, General Obligation
No Opt. Call
AA
7,665,465
   
Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
     
2,500
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,
8/18 at 100.00
AA
2,739,775
   
Election 2006 Series 2009B, 5.375%, 2/01/34 – AGC Insured
     
7,100
 
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,
No Opt. Call
AA
8,494,866
   
Tender Option Bond Trust 2015-XF0111, 9.359%, 8/01/17 – AGM Insured (IF)
     
8,295
 
Los Angeles Community College District, California, General Obligation Bonds, Refunding Series
8/24 at 100.00
AA+
10,323,791
   
2015A, 5.000%, 8/01/30
     
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,
No Opt. Call
Aa2
6,194,300
   
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
4,141,215
   
Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (5)
     
10,080
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds,
No Opt. Call
AA–
5,905,771
   
Series 2004A, 0.000%, 8/01/26 – NPFG Insured
     
1,125
 
San Diego Unified School District, San Diego County, California, General Obligation Bonds,
No Opt. Call
Aa2
1,030,939
   
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
Aa2
7,515,893
   
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
2,249,340
   
Bond Trust 2015-XF0048, 16.718%, 8/01/17 (IF)
     
2,870
 
Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election
8/24 at 100.00
AA
3,364,558
   
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
4,042,000
   
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
21,054,197
38,845
 
0.000%, 8/01/50 – AGM Insured (5)
8/37 at 100.00
AA
35,325,253
15,780
 
Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,
No Opt. Call
AA
11,370,595
   
Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (5)
     
5,000
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation
8/24 at 100.00
AA–
6,028,700
   
Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39
     
3,905
 
West Kern Community College District, California, General Obligation Bonds, Election 2004,
11/17 at 100.00
A+
4,098,649
   
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
5,571,039
   
Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (5)
     
4,000
 
Yosemite Community College District, California, General Obligation Bonds, Refunding Series
No Opt. Call
A
4,940,000
   
2015, 5.000%, 8/01/32
     
1,000
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series
8/21 at 100.00
Aa2
1,172,880
   
2011C, 5.250%, 8/01/47
     
271,405
 
Total Tax Obligation/General
   
255,901,641
   
Tax Obligation/Limited – 39.1% (28.0% of Total Investments)
     
2,000
 
Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,
8/17 at 100.00
BBB
2,017,740
   
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
743,713
   
Series 2013A, 5.000%, 9/01/27
     
1,000
 
Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,
10/16 at 100.00
AA
1,000,770
   
Series 2003, 5.625%, 10/01/33 – RAAI Insured
     
7,895
 
Brea and Olinda Unified School District, Orange County, California, Certificates of
8/16 at 100.00
AA
7,926,185
   
Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM 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
8/16 at 100.00
AA
1,219,824
1,535
 
5.000%, 12/01/20 – AMBAC Insured
8/16 at 100.00
AA
1,541,079
1,615
 
5.000%, 12/01/21 – AMBAC Insured
8/16 at 100.00
AA
1,621,395
1,695
 
5.000%, 12/01/22 – AMBAC Insured
8/16 at 100.00
AA
1,701,712
1,780
 
5.000%, 12/01/23 – AMBAC Insured
8/16 at 100.00
AA
1,787,049
1,865
 
5.000%, 12/01/24 – AMBAC Insured
8/16 at 100.00
AA
1,872,385
7,000
 
California State Public Works Board, Lease Revenue Bonds, Department of Corrections &
9/23 at 100.00
A+
8,618,330
   
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+
3,293,651
2,065
 
5.000%, 4/01/31
No Opt. Call
A+
2,430,567
4,860
 
California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs,
11/16 at 100.00
A+
4,880,801
   
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+
24,300,244
   
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+
2,372,080
   
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+
5,790,450
   
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+
2,389,120
   
2009-I, 6.375%, 11/01/34
     
3,020
 
Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation
9/16 at 101.00
A
3,077,652
   
Bonds, Series 2006, 5.000%, 9/01/38 – 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
1,313,775
530
 
5.750%, 8/01/26
8/20 at 100.00
N/R
579,094
3,145
 
Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment
8/16 at 100.00
AA–
3,150,504
   
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:
     
7,185
 
5.000%, 1/01/21 – AMBAC Insured
7/16 at 100.00
A+
7,212,159
5,000
 
5.250%, 1/01/34 – AMBAC Insured
7/16 at 100.00
A+
5,016,500
350
 
Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa
10/16 at 100.00
A
355,523
   
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–
1,148,150
   
Refunding Series 2012, 5.000%, 9/01/32
     
33,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/25 at 100.00
A+
39,028,437
   
Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
     
1,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/23 at 100.00
A+
1,191,160
   
Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
     
7,500
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28
11/25 at 100.00
N/R
8,963,850
425
 
Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A,
8/16 at 100.00
BBB
425,421
   
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
3,404,006
   
Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured
     
2,115
 
Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
No Opt. Call
N/R
2,359,854
   
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+
2,032,342
710
 
5.000%, 5/01/25 – AMBAC Insured
5/17 at 100.00
BBB+
725,691
   
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
75,687
175
 
5.125%, 9/01/36
9/16 at 100.00
N/R
176,349
   
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
1,259,449
2,105
 
5.750%, 9/01/44
9/23 at 100.00
N/R
2,324,025
1,375
 
Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding
9/25 at 100.00
N/R
1,539,395
   
Series 2015, 5.000%, 9/01/40
     
2,000
 
Lammersville Joint Unified School District, California, Community Facilities District 2007-1,
9/23 at 100.00
N/R
2,428,660
   
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
8/17 at 100.00
AA–
2,559,434
2,425
 
4.750%, 8/01/27 – NPFG Insured
8/16 at 100.00
AA–
2,469,329
3,500
 
Livermore Redevelopment Agency, California, Tax Allocation Revenue Bonds, Livermore
8/16 at 100.00
AA–
3,517,955
   
Redevelopment Project Area, Series 2001A, 5.000%, 8/01/26 – NPFG Insured
     
6,190
 
Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont
8/16 at 100.00
A1
6,211,108
   
Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
     
1,500
 
Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,
9/16 at 100.00
AA–
1,505,835
   
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–
598,315
   
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–
9,671,762
   
5.000%, 8/01/38 – AMBAC Insured
     
3,230
 
Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 –
8/16 at 100.00
AA–
3,241,919
   
NPFG Insured
     
170
 
National City Community Development Commission, California, Tax Allocation Bonds, National
8/21 at 100.00
A
213,200
   
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+
78,985
   
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
3,049,019
   
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 –
1/17 at 100.00
A–
3,377,979
   
AMBAC Insured
     
5,000
 
Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1,
10/16 at 100.00
AA–
5,072,150
   
Refunding Series 2002, 5.000%, 4/01/25 – NPFG Insured
     
   
Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District
     
   
2001-1, Senior Series 2013A:
     
3,800
 
5.250%, 9/01/30
9/23 at 100.00
N/R
4,253,302
3,420
 
5.750%, 9/01/39
9/23 at 100.00
N/R
3,844,319
600
 
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1,
9/23 at 100.00
N/R
669,888
   
Subordinate Lien Series 2013B , 5.875%, 9/01/39
     
2,000
 
Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities
9/23 at 100.00
N/R
2,305,920
   
District 2001-1 May Farms Improvement Area 1,2 and 3, Refunding Series 2014A, 5.375%, 9/01/33
     
   
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–
828,450
7,200
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
AA–
1,119,240
210
 
Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series
9/21 at 100.00
A–
245,818
   
2011A, 5.750%, 9/01/30
     
1,115
 
Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1,
9/23 at 100.00
N/R
1,263,763
   
Series 2013, 5.500%, 9/01/39
     
40
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
10/21 at 100.00
A
49,524
   
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
722,469
1,775
 
5.000%, 9/01/42
9/22 at 100.00
N/R
1,912,190
1,000
 
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community
8/16 at 100.00
AA–
1,003,690
   
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
4,566,917
   
9/01/33 – AMBAC Insured
     
1,500
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch,
9/16 at 100.00
N/R
1,507,230
   
Series 2005, 5.050%, 9/01/30
     
400
 
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding
9/25 at 100.00
N/R
460,344
   
Series 2015, 5.000%, 9/01/33
     
1,280
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,
No Opt. Call
AA–
1,397,491
   
5.400%, 11/01/20 – NPFG Insured
     
2,565
 
Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B,
No Opt. Call
A+
2,793,772
   
5.400%, 11/01/20
     
2,630
 
San Bernardino Joint Powers Financing Authority, California, Certificates of Participation
9/16 at 100.00
AA–
2,631,131
   
Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
     
215
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1
9/25 at 100.00
N/R
245,270
   
Marblehead Coastal, Series 2015, 5.000%, 9/01/40
     
1,000
 
San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,
4/22 at 100.00
AAA
1,172,810
   
Refunding Series 2012A, 5.000%, 4/01/42
     
1,480
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue
8/16 at 100.00
AA–
1,485,654
   
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
762,119
   
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–
2,201,364
   
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
2,231,540
   
Improvement Projects, Series 2009A, 5.200%, 4/01/26
     
380
 
San Francisco, California, Community Facilities District 6, Mission Bay South Public
8/22 at 100.00
N/R
426,919
   
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
5,882,433
   
Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured
     
4,000
 
San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center
8/16 at 100.00
AA
4,015,960
   
Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
     
360
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
BBB+
375,113
   
Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
     
   
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
     
   
Project, Series 2005A:
     
3,310
 
5.000%, 8/01/20 – NPFG Insured
8/16 at 100.00
AA–
3,322,512
5,025
 
5.000%, 8/01/28 – NPFG Insured
8/16 at 100.00
AA–
5,043,542
   
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–
104,843
1,110
 
5.000%, 8/01/25 – NPFG Insured
8/17 at 100.00
AA–
1,162,958
1,000
 
San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding
9/22 at 100.00
N/R
1,093,280
   
Series 2012D, 5.000%, 9/01/36
     
50
 
Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,
4/21 at 100.00
N/R
59,791
   
7.000%, 10/01/26
     
3,500
 
Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%,
8/16 at 100.00
AA–
3,500,385
   
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
8/16 at 100.00
AA
3,578,155
5,510
 
5.000%, 9/01/28 – AGM Insured
8/16 at 100.00
AA
5,530,332
2,980
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
9/16 at 100.00
N/R
2,982,503
   
District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
     
2,160
 
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment
8/16 at 100.00
AA–
2,173,068
   
Project 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
1,373,531
3,250
 
5.250%, 9/01/39 – AGM Insured
9/20 at 100.00
AA
3,719,073
4,500
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series
No Opt. Call
AA
5,025,870
   
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
1,064,217
   
Series 2007, 5.125%, 8/01/37 – AMBAC Insured
     
   
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities
     
   
District 2015-1 Arambel-KDN, Refunding Series 2015:
     
350
 
5.250%, 9/01/35
9/25 at 100.00
N/R
370,262
790
 
5.250%, 9/01/45
9/25 at 100.00
N/R
827,802
4,235
 
West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014,
9/22 at 102.00
N/R
4,774,708
   
5.500%, 9/01/31
     
6,000
 
Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment
11/19 at 100.00
AA
7,004,280
   
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–
115,236
   
Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
     
293,540
 
Total Tax Obligation/Limited
   
308,062,756
   
Transportation – 6.1% (4.4% 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–
1,323,405
   
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+
8,111,678
   
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–
17,566,086
14,885
 
6.000%, 1/15/53
1/24 at 100.00
BBB–
17,650,484
   
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
     
   
Airport, Senior Lien Series 2015E:
     
150
 
5.000%, 5/15/31
5/25 at 100.00
AA
185,067
1,270
 
5.000%, 5/15/34
5/25 at 100.00
AA
1,549,527
1,345
 
5.000%, 5/15/36
5/25 at 100.00
AA
1,631,324
40,400
 
Total Transportation
   
48,017,571
   
U.S. Guaranteed – 12.3% (8.8% of Total Investments) (6)
     
3,830
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26
3/21 at 100.00
Ba3 (6)
4,538,588
   
(Pre-refunded 3/01/21)
     
220
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender
4/18 at 100.00
AA (6)
291,265
   
Option Bond Trust 3211, 12.798%, 10/01/32 (Pre-refunded 4/01/18) (IF)
     
1,425
 
Bassett Unified School District, Los Angeles County, California, General Obligation Bonds,
8/16 at 100.00
AA– (6)
1,436,286
   
Series 2006B, 5.250%, 8/01/30 (Pre-refunded 8/01/16) – FGIC Insured
     
1,575
 
California Health Facilities Financing Authority, Insured Revenue Bonds, California-Nevada
7/16 at 100.00
AA– (6)
1,580,906
   
Methodist Homes, Series 2006, 5.000%, 7/01/36 (Pre-refunded 7/01/16)
     
3,000
 
California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San
No Opt. Call
Aaa
3,669,840
   
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
2,998,350
   
Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) –
     
   
AMBAC Insured
     
80
 
California Municipal Financing Authority, Certificates of Participation, Community Hospitals
2/17 at 100.00
N/R (6)
82,503
   
of Central California, Series 2007, 5.250%, 2/01/46 (Pre-refunded 2/01/17)
     
1,815
 
California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health
7/17 at 100.00
AA+ (6)
1,906,984
   
System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
     
2,680
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
8/19 at 100.00
N/R (6)
3,168,457
   
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
     
1,112
 
California State Public Works Board, Lease Revenue Bonds, University of California Regents,
3/18 at 100.00
Aaa
1,280,268
   
Tender Option Bond Trust 2016-XG0003, 8.861%, 3/01/33 (Pre-refunded 3/01/18) (IF) (7)
     
1,000
 
Castaic Lake Water Agency, California, Certificates of Participation, Series 2006C, 5.000%,
8/16 at 100.00
AA (6)
1,007,510
   
8/01/36 (Pre-refunded 8/01/16) – NPFG Insured
     
550
 
Central Unified School District, Fresno County, California, General Obligation Bonds, Series
9/16 at 100.00
N/R (6)
557,288
   
1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
     
1,430
 
Cloverdale Community Development Agency, California, Tax Allocation Bonds, Cloverdale
8/16 at 100.00
N/R (6)
1,440,739
   
Redevelopment Project, Refunding Series 2006, 5.000%, 8/01/36 (Pre-refunded 8/01/16) –
     
   
AMBAC Insured
     
12,050
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series
8/18 at 100.00
Aa1 (6)
13,168,963
   
2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) – AGM 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 (Pre-refunded 8/01/19) – AGC Insured
8/19 at 100.00
AA (6)
3,941,711
3,545
 
5.000%, 8/01/28 (Pre-refunded 8/01/19) – AGC Insured
8/19 at 100.00
AA (6)
4,003,829
3,110
 
5.000%, 8/01/29 (Pre-refunded 8/01/19) – AGC Insured
8/19 at 100.00
AA (6)
3,512,527
5,000
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%,
7/17 at 100.00
Aaa
5,246,450
   
7/15/37 (Pre-refunded 7/15/17) – AMBAC Insured
     
1,700
 
Hesperia Unified School District, San Bernardino County, California, Certificates of
2/17 at 100.00
A (6)
1,750,609
   
Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 (Pre-refunded 2/01/17) –
     
   
AMBAC Insured
     
6,000
 
Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue
No Opt. Call
Aaa
7,461,720
   
Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
     
760
 
Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series
12/17 at 100.00
BB (6)
846,549
   
2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
     
3,000
 
Murrieta Valley Unified School District, Riverside County, California, General Obligation
9/17 at 100.00
AA (6)
3,146,310
   
Bonds, Series 2007, 4.500%, 9/01/30 (Pre-refunded 9/01/17) – AGM Insured
     
540
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
9/18 at 100.00
BBB– (6)
609,460
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
     
30
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
2/21 at 100.00
A– (6)
37,650
   
Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
     
   
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
     
   
Mission Bay South Redevelopment Project, Series 2011D:
     
30
 
7.000%, 8/01/33 (Pre-refunded 2/01/21)
2/21 at 100.00
BBB+ (6)
37,959
40
 
7.000%, 8/01/41 (Pre-refunded 2/01/21)
2/21 at 100.00
BBB+ (6)
50,612
5,000
 
San Jacinto Unified School District, Riverside County, California, General Obligation Bonds,
8/17 at 100.00
AA (6)
5,271,750
   
Series 2007, 5.250%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured
     
325
 
San Mateo Union High School District, San Mateo County, California, Certificates of
12/17 at 100.00
N/R (6)
346,853
   
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 (6)
1,397,631
10,740
 
0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 19.43
AA (6)
1,921,601
21,225
 
0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 17.98
AA (6)
3,514,011
12,550
 
0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 16.64
AA (6)
1,922,409
23,425
 
0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured
8/21 at 15.39
AA (6)
3,319,088
9,085
 
Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,
8/17 at 100.00
A+ (6)
9,631,554
   
Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
     
2,000
 
Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%,
7/17 at 100.00
N/R (6)
2,100,160
   
7/01/37 (Pre-refunded 7/01/17)
     
151,842
 
Total U.S. Guaranteed
   
97,198,390
   
Utilities – 4.3% (3.1% 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
3,081,923
1,835
 
5.500%, 11/15/37
No Opt. Call
A
2,421,851
10,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/22 at 100.00
Aa2
11,747,900
   
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
Aa2
5,250,790
   
2013B, 5.000%, 7/01/28
     
3,750
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender
No Opt. Call
Aa2
6,371,850
   
Option Bond Trust 2015-XF2047, 16.819%, 7/01/20 (IF) (7)
     
1,000
 
Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue
1/20 at 100.00
AA–
1,134,950
   
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–
3,581,394
   
Series 2014A, 5.000%, 7/01/37
     
26,330
 
Total Utilities
   
33,590,658
   
Water and Sewer – 15.6% (11.1% of Total Investments)
     
13,200
 
Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%,
5/19 at 100.00
AA
14,085,984
   
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–
13,877,544
   
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:
     
8,000
 
5.000%, 7/01/37
No Opt. Call
Baa3
8,281,120
12,200
 
5.000%, 11/21/45
No Opt. Call
Baa3
12,628,708
1,000
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water
6/25 at 100.00
AAA
1,245,970
   
System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
     
3,000
 
Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing,
3/22 at 100.00
AA–
3,513,240
   
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
2,282,310
   
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+
18,988,478
   
2012A, 5.000%, 7/01/43
     
10,515
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
7/24 at 100.00
AA+
12,615,266
   
2014A, 5.000%, 7/01/44
     
9,500
 
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A,
6/25 at 100.00
AA+
11,437,430
   
5.000%, 6/01/44
     
   
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
2,407,480
3,500
 
5.000%, 6/01/35
6/23 at 100.00
AA
4,197,865
1,500
 
Metropolitan Water District of Southern California, Water Revenue Refunding Bonds, Series
7/25 at 100.00
AAA
1,819,290
   
2015A, 5.000%, 7/01/40
     
670
 
Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option
7/19 at 100.00
AAA
1,013,469
   
Bond Trust 09-8B, 16.567%, 7/01/35 (IF) (7)
     
1,500
 
Placerville Public Financing Authority, California, Wastewater System Refinancing and
9/16 at 100.00
N/R
1,513,410
   
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
3,053,975
   
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
AAA
9,708,570
   
Series 2008A, 5.000%, 5/01/38 – AGM Insured
     
107,935
 
Total Water and Sewer
   
122,670,109
$ 1,108,792
 
Total Long-Term Investments (cost $957,578,079)
   
1,100,912,495
   
Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (4.6)% (8)
   
(36,000,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Preference – (37.0)% (9)
   
(291,600,000)
   
Other Assets Less Liabilities – 2.0%
   
15,548,311
   
Net Assets Applicable to Common Shares – 100%
   
$ 788,860,806
 


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
$ —
$1,100,912,495
$ —
$1,100,912,495
 
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, 2016, the cost of investments was $956,537,103.
Gross unrealized appreciation and gross unrealized depreciation of investments as of May 31, 2016, were as follows:
   
Gross unrealized:
 
Appreciation
$144,731,408
Depreciation
(356,016)
Net unrealized appreciation (depreciation) of investments
$144,375,392
 
     
(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)
 
The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional
   
0.25% effective May 11, 2016.
(5)
 
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)
 
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 ratings of such securities.
(7)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(8)
 
Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total
   
Investments is 3.3%.
(9)
 
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments
   
is 26.5%.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
 


 
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 29, 2016        
 
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 29, 2016        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         July 29, 2016