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 811-21213
 
Nuveen 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:            10/31          
 
Date of reporting period:         1/31/13         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 
 
 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments (Unaudited) 
      
           
   
Nuveen AMT-Free Municipal Income Fund (NEA) 
      
   
January 31, 2013 
      
 
 
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 3.3% (2.3% of Total Investments) 
      
$      1,000 
  
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
AA+ 
$     1,078,000 
   
2006C-2, 5.000%, 11/15/36 (UB) 
      
5,655 
  
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital, 
6/13 at 101.00 
Ba1 
5,646,291 
   
Series 2003, 5.750%, 6/01/27 
      
3,515 
  
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 (Pre-refunded 7/01/13) – 
7/13 at 100.00 
Aa3 (4) 
3,592,154 
   
AMBAC Insured 
      
985 
  
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured 
1/14 at 100.00 
Aa3 
988,635 
11,155 
  
Total Alabama 
    
11,305,080 
   
Alaska – 0.3% (0.2% of Total Investments) 
      
1,000 
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
6/14 at 100.00 
B+ 
919,640 
   
Series 2006A, 5.000%, 6/01/32 
      
   
Arizona – 2.7% (1.9% of Total Investments) 
      
1,320 
  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2012A, 
1/22 at 100.00 
AA– 
1,475,324 
   
5.000%, 1/01/43 
      
6,545 
  
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – 
No Opt. Call 
AA 
7,948,706 
   
FGIC Insured 
      
7,865 
  
Total Arizona 
    
9,424,030 
   
California – 16.0% (11.3% of Total Investments) 
      
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, 
      
   
Tender Option Bond Trust 3294: 
      
1,285 
  
9.273%, 2/15/20 (IF) (5) 
No Opt. Call 
AA– 
1,598,643 
525 
  
9.273%, 2/15/20 (IF) 
No Opt. Call 
AA– 
653,142 
485 
  
9.273%, 2/15/20 (IF) 
No Opt. Call 
AA– 
603,272 
5,000 
  
California State Public Works Board, Lease Revenue Bonds, Department of General Services, 
6/13 at 100.00 
A2 
5,068,250 
   
Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured 
      
250 
  
California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 – SYNCORA GTY Insured 
4/13 at 100.00 
A1 
250,928 
5
  
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 
4/14 at 100.00 
A1 
5,213 
7,495 
  
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – 
4/14 at 100.00 
AA+ (4) 
7,911,272 
   
AMBAC Insured 
      
2,910 
  
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, 
8/14 at 100.00 
A
2,951,904 
   
Series 2002D, 5.000%, 8/01/26 – NPFG Insured 
      
8,060 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
A2 
8,439,868 
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured 
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
2,850 
  
4.500%, 6/01/27 
6/17 at 100.00 
B
2,699,663 
1,455 
  
5.000%, 6/01/33 
6/17 at 100.00 
B
1,354,721 
250 
  
5.125%, 6/01/47 
6/17 at 100.00 
B
215,733 
6,000 
  
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 
7/22 at 100.00 
AA– 
6,932,640 
   
2012B, 5.000%, 7/01/43 
      
   
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A: 
      
1,130 
  
5.250%, 6/01/19 – AMBAC Insured 
6/13 at 101.00 
A
1,151,301 
1,255 
  
5.250%, 6/01/21 – AMBAC Insured 
6/13 at 101.00 
A
1,283,451 
1,210 
  
Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement 
3/13 at 100.00 
A
1,211,827 
   
Projects, Series 2003A, 5.000%, 3/01/23 – AMBAC Insured 
      
2,610 
  
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 
8/13 at 100.00 
A1 (4) 
2,677,442 
   
8/15/28 (Pre-refunded 8/15/13) 
      
1,140 
  
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 5.000%, 
8/13 at 100.00 
A+ 
1,168,876 
   
8/15/28 – NPFG Insured 
      
           
1,500 
  
San Diego Community College District, California, General Obligation Bonds, Series 2003A, 5.000%, 
5/13 at 100.00 
AA+ (4) 
1,518,135 
   
5/01/28 (Pre-refunded 5/01/13) – AGM Insured 
      
1,055 
  
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – 
7/13 at 100.00 
A+ 
1,061,847 
   
NPFG Insured 
      
6,300 
  
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 – 
5/13 at 100.00 
Aa1 
6,365,016 
   
AMBAC Insured 
      
52,770 
  
Total California 
    
55,123,144 
   
Colorado – 6.0% (4.2% of Total Investments) 
      
   
Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003: 
      
4,300 
  
5.500%, 12/01/23 – AGM Insured 
12/13 at 100.00 
AA– 
4,454,069 
3,750 
  
5.500%, 12/01/28 – AGM Insured 
12/13 at 100.00 
AA– 
3,831,263 
1,450 
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Peak-to-Peak 
8/14 at 100.00 
A
1,496,371 
   
Charter School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured 
      
4,500 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 
4/18 at 100.00 
AA– 
5,877,270 
   
2006C-1, Trust 1090, 15.455%, 10/01/41 – AGM Insured (IF) (5) 
      
3,000 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – 
No Opt. Call 
BBB 
1,363,590 
   
NPFG Insured 
      
2,900 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – 
No Opt. Call 
BBB 
1,029,790 
   
NPFG Insured 
      
2,300 
  
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
A+ 
2,568,571 
   
5.000%, 11/15/42 
      
22,200 
  
Total Colorado 
    
20,620,924 
   
District of Columbia – 2.5% (1.8% of Total Investments) 
      
7,000 
  
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 – 
4/21 at 100.00 
A– 
5,628,770 
   
AMBAC Insured 
      
7,000 
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital 
No Opt. Call 
AA– 
2,261,840 
   
Appriciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured 
      
665 
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
771,280 
   
Tender Option Bond Trust 1606, 11.761%, 10/01/30 – AMBAC Insured (IF) (5) 
      
14,665 
  
Total District of Columbia 
    
8,661,890 
   
Florida – 17.2% (12.1% of Total Investments) 
      
1,000 
  
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – 
9/15 at 100.00 
A1 
1,098,730 
   
AMBAC Insured 
      
   
Clay County, Florida, Utility System Revenue Bonds, Series 2007: 
      
1,500 
  
5.000%, 11/01/27 – AGM Insured (UB) 
11/17 at 100.00 
Aa2 
1,707,645 
3,000 
  
5.000%, 11/01/32 – AGM Insured (UB) 
11/17 at 100.00 
Aa2 
3,372,900 
400 
  
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 
10/14 at 100.00 
AA– (4) 
431,124 
   
(Pre-refunded 10/01/14) – NPFG Insured 
      
1,525 
  
Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 
9/13 at 100.00 
BBB 
1,536,910 
   
5.000%, 9/01/23 – FGIC Insured 
      
500 
  
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – 
10/15 at 100.00 
A
523,920 
   
NPFG Insured 
      
65 
  
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, 
No Opt. Call 
AA+ 
70,358 
   
Series 1987G-1, 8.595%, 11/01/17 
      
2,500 
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond, 
No Opt. Call 
AAA 
4,060,425 
   
Trust 2929, 17.386%, 12/01/16 – AGC Insured (IF) (5) 
      
2,240 
  
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic Facilities 
No Opt. Call 
A1 
2,399,219 
   
Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured 
      
105 
  
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, Series 
10/13 at 100.00 
AA– 
108,007 
   
2003A, 5.000%, 10/01/17 – AGM Insured 
      
350 
  
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – 
6/18 at 100.00 
AA– 
379,253 
   
AGM Insured 
      
1,765 
  
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health 
11/15 at 100.00 
AA– 
1,912,236 
   
System, Series 2005D, 5.000%, 11/15/35 – NPFG Insured 
      
180 
  
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health 
11/15 at 100.00 
AA– (4) 
202,286 
   
System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured 
      
3,500 
  
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health 
11/13 at 100.00 
N/R (4) 
3,646,475 
   
System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13) 
      
1,500 
  
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%, 
7/13 at 100.00 
Aa2 (4) 
1,529,805 
   
7/01/29 (Pre-refunded 7/01/13) – NPFG Insured 
      
1,730 
  
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – 
10/14 at 100.00 
A– 
1,852,017 
   
AMBAC Insured 
      
500 
  
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – 
4/17 at 100.00 
A
531,715 
   
NPFG Insured 
      
3,000 
  
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – 
10/13 at 100.00 
Aa3 
3,078,120 
   
NPFG Insured 
      
500 
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 
No Opt. Call 
Aa2 
621,540 
   
5.250%, 10/01/22 – AGM Insured 
      
2,000 
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 
4/13 at 100.00 
Aa2 
2,006,540 
   
10/01/29 – FGIC Insured 
      
3,335 
  
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 – 
10/14 at 100.00 
AA– 
3,575,087 
   
NPFG Insured 
      
1,095 
  
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured 
10/14 at 100.00 
Aa3 
1,176,884 
   
Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, 
      
   
Series 2003: 
      
2,800 
  
5.750%, 11/15/27 (Pre-refunded 5/15/13) 
5/13 at 100.00 
Aa2 (4) 
2,844,352 
3,000 
  
5.500%, 11/15/27 (Pre-refunded 5/15/13) 
5/13 at 100.00 
Aa2 (4) 
3,045,360 
1,000 
  
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
BBB 
1,050,210 
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured 
      
2,115 
  
Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 5.000%, 9/01/23 (Pre-refunded 
9/13 at 100.00 
A+ (4) 
2,173,120 
   
9/01/13) – NPFG Insured 
      
450 
  
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – 
9/18 at 100.00 
AA– 
520,758 
   
AGC Insured 
      
4,000 
  
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, 
7/14 at 100.00 
AA– 
4,231,760 
   
Series 2004A, 5.000%, 7/01/24 – AGM Insured 
      
1,730 
  
St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 
10/14 at 100.00 
A+ (4) 
1,861,601 
   
(Pre-refunded 10/01/14) – AMBAC Insured 
      
1,200 
  
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured 
10/19 at 100.00 
Aa2 
1,357,536 
4,430 
  
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 2012B, 
No Opt. Call 
A– 
4,953,405 
   
5.000%, 7/01/42 
      
1,250 
  
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, Embry-Riddle 
10/13 at 100.00 
A– 
1,260,575 
   
Aeronautical University, Series 2003, 5.200%, 10/15/33 – RAAI Insured 
      
54,265 
  
Total Florida 
    
59,119,873 
   
Georgia – 2.1% (1.5% of Total Investments) 
      
3,000 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – 
11/19 at 100.00 
AA– 
3,429,360 
   
AGM Insured 
      
1,410 
  
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 – 
10/16 at 100.00 
Aa2 
1,562,492 
   
AGM Insured 
      
530 
  
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 
12/22 at 100.00 
AA– 
535,782 
   
4.000%, 12/01/42 
      
1,450 
  
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia 
10/21 at 100.00 
Aa2 
1,623,406 
   
Medical Center Project, Series 2011B, 5.000%, 10/01/41 
      
6,390 
  
Total Georgia 
    
7,151,040 
   
Idaho – 1.0% (0.7% of Total Investments) 
      
3,075 
  
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 2012A, 
3/22 at 100.00 
A
3,357,347 
   
5.000%, 3/01/47 – AGM Insured 
      
   
Illinois – 10.2% (7.2% of Total Investments) 
      
4,000 
  
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – 
No Opt. Call 
Aa3 
1,549,760 
   
FGIC Insured 
      
5,000 
  
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Refunding 
1/20 at 100.00 
AA– 
5,736,550 
   
Series 2010C, 5.250%, 1/01/35 – AGC Insured 
      
   
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004: 
      
1,635 
  
5.125%, 12/01/20 – AGM Insured 
12/14 at 100.00 
A2 
1,765,980 
1,465 
  
5.125%, 12/01/23 – AGM Insured 
12/14 at 100.00 
A2 
1,577,893 
   
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004: 
      
1,650 
  
5.125%, 12/01/20 – AGM Insured (ETM) 
12/14 at 100.00 
A2 (4) 
1,755,996 
1,475 
  
5.125%, 12/01/23 – AGM Insured (ETM) 
12/14 at 100.00 
A2 (4) 
1,555,122 
540 
  
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 
No Opt. Call 
AA 
612,041 
   
5.000%, 6/01/42 
      
4,000 
  
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 
10/21 at 100.00 
Aa1 
4,459,280 
   
5.000%, 10/01/51 
      
2,500 
  
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 
7/13 at 100.00 
AA+ 
2,542,925 
   
5.250%, 7/01/23 
      
   
Illinois State, General Obligation Bonds, Series 2012A: 
      
2,500 
  
5.000%, 3/01/25 
3/22 at 100.00 
A2 
2,816,925 
4,500 
  
5.000%, 3/01/27 
3/22 at 100.00 
A2 
5,037,930 
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
      
   
Project, Capital Appreciation Refunding Series 2010B-1: 
      
13,300 
  
0.000%, 6/15/45 – AGM Insured 
No Opt. Call 
AAA 
2,823,590 
15,000 
  
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
AAA 
3,016,050 
57,565 
  
Total Illinois 
    
35,250,042 
   
Indiana – 8.3% (5.8% of Total Investments) 
      
2,500 
  
Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/23 – 
7/13 at 100.00 
A1 
2,542,875 
   
AMBAC Insured 
      
2,190 
  
Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 
8/13 at 100.00 
BBB (4) 
2,241,071 
   
8/01/19 (Pre-refunded 8/01/13) – NPFG Insured 
      
1,820 
  
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A
2,009,571 
   
2012A, 5.000%, 5/01/42 
      
800 
  
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric 
6/22 at 100.00 
BBB– 
852,768 
   
Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured 
      
3,075 
  
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/22 at 100.00 
AA 
3,516,847 
   
2012A, 5.000%, 10/01/37 
      
1,860 
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
2,011,330 
   
NPFG Insured 
      
1,000 
  
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 (Pre-refunded 
8/13 at 100.00 
Aaa 
1,023,990 
   
8/01/13) – FGIC Insured 
      
   
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003: 
      
11,020 
  
5.000%, 7/15/19 (Pre-refunded 7/15/13) – NPFG Insured 
7/13 at 100.00 
AA (4) 
11,261,889 
3,000 
  
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured 
7/13 at 100.00 
AA (4) 
3,065,850 
27,265 
  
Total Indiana 
    
28,526,191 
   
Iowa – 0.4% (0.3% of Total Investments) 
      
1,430 
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
6/17 at 100.00 
B+ 
1,430,415 
   
5.600%, 6/01/34 
      
   
Kansas – 1.5% (1.0% of Total Investments) 
      
630 
  
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and 
4/13 at 102.00 
AA 
647,375 
   
Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 – AMBAC Insured 
      
   
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and 
      
   
Development Facilities Projects, Series 2003C, Reg S: 
      
3,440 
  
5.000%, 10/01/22 (Pre-refunded 4/01/13) – AMBAC Insured 
4/13 at 102.00 
Aa2 (4) 
3,536,286 
930 
  
5.000%, 10/01/22 (Pre-refunded 4/01/13) – AMBAC Insured 
4/13 at 102.00 
Aa2 (4) 
956,031 
5,000 
  
Total Kansas 
    
5,139,692 
   
Kentucky – 0.3% (0.2% of Total Investments) 
      
985 
  
Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 77, Series 
8/13 at 100.00 
A+ (4) 
1,008,729 
   
2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) – NPFG Insured 
      
   
Louisiana – 1.8% (1.3% of Total Investments) 
      
3,555 
  
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
A
4,072,181 
   
5.000%, 7/01/36 
      
2,000 
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 
5/20 at 100.00 
AA 
2,265,340 
   
5.000%, 5/01/45 
      
5,555 
  
Total Louisiana 
    
6,337,521 
   
Maine – 0.2% (0.1% of Total Investments) 
      
505 
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
Baa1 
540,885 
   
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 (WI/DD, Settling 2/13/13) 
      
   
Massachusetts – 3.8% (2.7% of Total Investments) 
      
770 
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, 
11/17 at 100.00 
BB+ 
790,120 
   
Covanta Energy Project, Series 2012B, 4.875%, 11/01/42 
      
1,125 
  
Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 
9/13 at 100.00 
A1 
1,142,966 
   
5.125%, 9/01/23 
      
7,500 
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond 
No Opt. Call 
AA+ 
11,160,300 
   
Trust 14021, 9.283%, 2/15/20 (IF) 
      
9,395 
  
Total Massachusetts 
    
13,093,386 
   
Michigan – 6.3% (4.4% of Total Investments) 
      
390 
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A+ 
425,525 
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
      
6,130 
  
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
A+ (4) 
6,252,600 
   
7/01/23 (Pre-refunded 7/01/13) – NPFG Insured 
      
4,465 
  
Detroit, Michigan, Senior Lien Water Supply System Revenue Refunding Bonds, Series 2003C, 
7/13 at 100.00 
A+ 
4,514,204 
   
5.000%, 7/01/22 – NPFG Insured 
      
700 
  
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 – 
1/22 at 100.00 
A2 
750,141 
   
AGM Insured 
      
2,000 
  
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
AA 
2,211,840 
   
2009C, 5.000%, 12/01/48 
      
   
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, 
      
   
Series 2006A: 
      
180 
  
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB) 
12/16 at 100.00 
N/R (4) 
209,164 
820 
  
5.000%, 12/01/31 (UB) 
12/16 at 100.00 
AA 
907,346 
6,500 
  
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, 
6/13 at 100.00 
BBB+ 
6,501,495 
   
Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured 
      
21,185 
  
Total Michigan 
    
21,772,315 
   
Minnesota – 0.0% (0.0% of Total Investments) 
      
130 
  
Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities 
1/22 at 100.00 
A– 
150,041 
   
Transmission Project, Series 2012, 5.000%, 1/01/32 
      
   
Missouri – 0.9% (0.6% of Total Investments) 
      
240 
  
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 
3/14 at 100.00 
AA+ 
251,453 
   
5.250%, 3/01/24 – AGM Insured 
      
215 
  
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 
3/14 at 100.00 
AA+ 
225,956 
   
5.250%, 3/01/23 – AGM Insured 
      
   
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004: 
      
1,110 
  
5.250%, 3/01/23 (Pre-refunded 3/01/14) – AGM Insured 
3/14 at 100.00 
AA+ (4) 
1,170,229 
1,260 
  
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured 
3/14 at 100.00 
AA+ (4) 
1,328,368 
2,825 
  
Total Missouri 
    
2,976,006 
   
Nebraska – 2.0% (1.4% of Total Investments) 
      
1,530 
  
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
No Opt. Call 
A– 
1,664,900 
   
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
      
5,000 
  
Lincoln, Nebraska, Sanitary Sewer Revenue Bonds, Refunding Series 2003, 5.000%, 6/15/28 
6/13 at 100.00 
AA+ (4) 
5,089,800 
   
(Pre-refunded 6/15/13) – NPFG Insured 
      
6,530 
  
Total Nebraska 
    
6,754,700 
   
Nevada – 0.3% (0.2% of Total Investments) 
      
950 
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B, 
6/22 at 100.00 
AA+ 
1,081,651 
   
5.000%, 6/01/42 
      
   
New Jersey – 2.2% (1.6% of Total Investments) 
      
5,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA, 
No Opt. Call 
A+ 
5,652,250 
   
5.000%, 6/15/38 
      
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2007-1A: 
      
1,315 
  
4.500%, 6/01/23 
6/17 at 100.00 
B1 
1,315,434 
305 
  
4.625%, 6/01/26 
6/17 at 100.00 
B1 
297,131 
520 
  
4.750%, 6/01/34 
6/17 at 100.00 
B2 
467,719 
7,140 
  
Total New Jersey 
    
7,732,534 
   
New Mexico – 0.6% (0.4% of Total Investments) 
      
1,975 
  
New Mexico State University, Revenue Bonds, Series 2004, 5.000%, 4/01/19 – AMBAC Insured 
4/14 at 100.00 
AA 
2,081,018 
   
New York – 5.5% (3.9% of Total Investments) 
      
650 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
A
776,932 
   
2011A, 5.750%, 2/15/47 
      
2,020 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A
2,095,588 
   
2/15/47 – NPFG Insured 
      
4,045 
  
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water 
6/22 at 100.00 
AAA 
6,933,656 
   
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, 
      
   
Tender Option Bond Trust 2012-9W, 13.754%, 6/15/26 (IF) (5) 
      
1,850 
  
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 
3/15 at 100.00 
AAA 
2,031,430 
   
5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured (UB) 
      
3,335 
  
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, 
3/17 at 100.00 
AAA 
4,662,563 
   
Tender Option Bond Trust 09-6W, 13.636%, 3/15/37 (IF) (5) 
      
1,060 
  
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health 
7/22 at 100.00 
BB+ 
1,091,249 
   
Center Project, Series 2012, 5.000%, 7/01/42 
      
   
riborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
      
   
Subordinate Lien Bonds, Series 2013A: 
      
485 
  
5.000%, 11/15/28 
No Opt. Call 
A+ 
582,917 
590 
  
0.000%, 11/15/31 
No Opt. Call 
A+ 
299,242 
355 
  
3.125%, 11/15/32 
No Opt. Call 
A+ 
351,109 
410 
  
0.000%, 11/15/32 
No Opt. Call 
A+ 
199,555 
14,800 
  
Total New York 
    
19,024,241 
   
North Carolina – 4.4% (3.1% of Total Investments) 
      
3,300 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/22 at 100.00 
AA 
3,783,021 
   
Health System, Series 2012A, 5.000%, 6/01/42 
      
700 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, 
6/22 at 100.00 
A+ 
769,202 
   
Refunding Series 2012A, 5.000%, 6/01/36 
      
1,500 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, 
10/22 at 100.00 
AA– 
1,665,555 
   
WakeMed, Series 2012A, 5.000%, 10/01/38 
      
8,700 
  
North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 
10/13 at 100.00 
N/R (4) 
8,995,278 
   
2003, 5.375%, 10/01/33 (Pre-refunded 10/01/13) – RAAI Insured 
      
14,200 
  
Total North Carolina 
    
15,213,056 
   
North Dakota – 0.6% (0.4% of Total Investments) 
      
1,800 
  
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/21 at 100.00 
A– 
1,968,480 
   
Group, Series 2012, 5.000%, 12/01/35 
      
   
Ohio – 5.3% (3.7% of Total Investments) 
      
   
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and 
      
   
Improvement Series 2012A: 
      
650 
  
5.000%, 5/01/33 
5/22 at 100.00 
AA– 
745,531 
960 
  
4.000%, 5/01/33 
5/22 at 100.00 
AA– 
981,965 
800 
  
5.000%, 5/01/42 
5/22 at 100.00 
AA– 
897,104 
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
      
   
Bonds, Senior Lien, Series 2007A-2: 
      
205 
  
5.125%, 6/01/24 
6/17 at 100.00 
B– 
190,066 
710 
  
5.875%, 6/01/30 
6/17 at 100.00 
B
651,077 
1,015 
  
5.750%, 6/01/34 
6/17 at 100.00 
B
907,309 
1,700 
  
5.875%, 6/01/47 
6/17 at 100.00 
B
1,537,412 
1,465 
  
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
5/22 at 100.00 
Aa2 
1,642,822 
   
Improvement Series 2012A, 5.000%, 11/01/42 
      
4,920 
  
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tax Exempt 
1/23 at 100.00 
AA 
5,624,593 
   
Series 2013A, 5.000%, 1/01/38 (Mandatory put 1/01/35) (WI/DD, Settling 2/01/13) 
      
4,000 
  
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 
No Opt. Call 
A2 
5,116,800 
   
2007, 5.250%, 12/01/31 – AGM Insured 
      
16,425 
  
Total Ohio 
    
18,294,679 
   
Oklahoma – 0.3% (0.2% of Total Investments) 
      
1,000 
  
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%, 
7/15 at 100.00 
AA 
1,092,750 
   
7/01/24 – AMBAC Insured 
      
   
Oregon – 0.5% (0.3% of Total Investments) 
      
1,335 
  
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32 
No Opt. Call 
A+ 
1,553,179 
   
Pennsylvania – 7.3% (5.1% of Total Investments) 
      
3,000 
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s 
8/13 at 100.00 
AA+ (4) 
3,083,580 
   
Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13) 
      
3,500 
  
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 
6/26 at 100.00 
AA 
3,719,240 
   
6/01/33 – AGM Insured 
      
2,000 
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 
8/13 at 100.00 
AA– 
2,031,440 
   
5.000%, 8/01/32 – AGM Insured 
      
300 
  
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue 
7/22 at 100.00 
BBB– 
328,557 
   
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 
      
925 
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 
No Opt. Call 
A1 (4) 
1,169,607 
   
8/01/27 – AMBAC Insured (ETM) 
      
1,350 
  
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue 
8/20 at 100.00 
AA– 
1,526,742 
   
Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 
      
13,000 
  
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School 
6/13 at 100.00 
AA+ (4) 
13,207,090 
   
District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured 
      
24,075 
  
Total Pennsylvania 
    
25,066,256 
   
Puerto Rico – 1.1% (0.8% of Total Investments) 
      
8,480 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 
No Opt. Call 
AA– 
1,990,341 
   
0.000%, 8/01/39 
      
10,350 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
AA– 
1,935,657 
   
8/01/43 – NPFG Insured 
      
18,830 
  
Total Puerto Rico 
    
3,925,998 
   
Rhode Island – 0.2% (0.2% of Total Investments) 
      
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
      
   
Series 2002A: 
      
450 
  
6.125%, 6/01/32 
6/13 at 100.00 
BBB+ 
454,496 
365 
  
6.250%, 6/01/42 
6/13 at 100.00 
BBB– 
375,946 
815 
  
Total Rhode Island 
    
830,442 
   
South Carolina – 4.1% (2.9% of Total Investments) 
      
5,000 
  
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, Series 
11/14 at 100.00 
AA– 
5,345,650 
   
2004A, 5.250%, 11/01/23 – AGM Insured 
      
   
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003: 
      
3,000 
  
5.000%, 12/01/22 (Pre-refunded 12/01/13) (UB) 
12/13 at 100.00 
AA (4) 
3,119,520 
1,785 
  
5.000%, 12/01/23 (Pre-refunded 12/01/13) (UB) 
12/13 at 100.00 
AA (4) 
1,856,114 
   
South Carolina Jobs-Economic Development Authority, Industrial Revenue Bonds, South Carolina 
      
   
Electric and Gas Company, Series 2013: 
      
900 
  
4.000%, 2/01/28 
2/23 at 100.00 
A
965,583 
220 
  
3.625%, 2/01/33 
2/23 at 100.00 
A
217,529 
2,400 
  
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue Refunding 
4/22 at 100.00 
A1 
2,670,120 
   
Bonds, Series 2012A, 5.000%, 4/15/32 
      
13,305 
  
Total South Carolina 
    
14,174,516 
   
Tennessee – 0.4% (0.3% of Total Investments) 
      
1,200 
  
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue 
9/22 at 100.00 
AA 
1,235,244 
   
Bonds, Series 2012A, 4.000%, 9/01/40 
      
75 
  
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
8/22 at 100.00 
BBB+ 
82,364 
   
Mountain States Health Alliance, Series 2012A, 5.000%, 8/15/42 
      
1,275 
  
Total Tennessee 
    
1,317,608 
   
Texas – 7.1% (5.0% of Total Investments) 
      
1,885 
  
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – 
8/19 at 100.00 
AA– 
2,118,363 
   
AGM Insured 
      
2,000 
  
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A, 
5/14 at 100.00 
AA 
2,117,320 
   
5.250%, 5/15/25 – NPFG Insured 
      
4,550 
  
Houston, Texas, Subordinate Lien Airport System Revenue Refunding Bonds, Series Series 2012B, 
7/22 at 100.00 
A+ 
5,269,355 
   
5.000%, 7/01/31 
      
2,870 
  
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, Refunding 
8/21 at 100.00 
A
3,147,012 
   
Series 2012A, 5.000%, 8/01/46 
      
2,115 
  
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds, Children’s 
8/22 at 100.00 
AA 
2,430,495 
   
Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32 
      
2,145 
  
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
AA– 
2,403,258 
   
12/15/36 – AGM Insured 
      
395 
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A3 
428,101 
   
2012, 5.000%, 12/15/32 
      
4,000 
  
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series 
No Opt. Call 
Aaa 
4,673,520 
   
2012A, 5.000%, 4/01/42 
      
1,665 
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
No Opt. Call 
A– 
1,841,140 
   
Refunding Series 2012A, 5.000%, 8/15/41 
      
21,625 
  
Total Texas 
    
24,428,564 
   
Utah – 1.0% (0.7% of Total Investments) 
      
2,880 
  
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42 
6/22 at 100.00 
A1 
3,260,650 
   
Virginia – 1.0% (0.7% of Total Investments) 
      
430 
  
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation 
7/28 at 100.00 
BBB 
262,352 
   
Series 2012B, 0.000%, 7/15/40 
      
1,000 
  
Norfolk Economic Development Authority, Virginia, Health Care Facilities Revenue Bonds, Sentara 
11/22 at 100.00 
AA 
1,139,350 
   
Healthcare, Refunding Series 2012B, 5.000%, 11/01/43 
      
1,290 
  
Route 460 Funding Corporation, Virginia, Toll Raod Reveue Bonds, Series 2012A, 5.000%, 7/01/52 
No Opt. Call 
BBB– 
1,389,175 
   
Route 460 Funding Corporation, Virginia, Toll Raod Reveue Bonds, Series 2012B: 
      
955 
  
0.000%, 7/01/34 
No Opt. Call 
BBB– 
333,028 
520 
  
0.000%, 7/01/35 
No Opt. Call 
BBB– 
171,688 
4,195 
  
Total Virginia 
    
3,295,593 
   
Washington – 7.9% (5.6% of Total Investments) 
      
3,000 
  
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52 
1/22 at 100.00 
AA+ 
3,353,010 
5,000 
  
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.751%, 1/01/26 – 
1/17 at 100.00 
AA+ 
6,846,500 
   
AGM Insured (IF) 
      
1,360 
  
Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government 
7/13 at 100.00 
Aa3 
1,384,942 
   
Center, Series 2003, 5.000%, 7/01/23 – NPFG Insured 
      
775 
  
Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government 
7/13 at 100.00 
Aaa 
790,399 
   
Center, Series 2003, 5.000%, 7/01/23 (Pre-refunded 7/01/13) – NPFG Insured 
      
1,935 
  
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, 
6/13 at 100.00 
Aa1 (4) 
1,967,760 
   
Series 2003, 5.250%, 12/01/17 (Pre-refunded 6/01/13) – FGIC Insured 
      
750 
  
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Refunding 
10/22 at 100.00 
AA 
864,488 
   
Series 2012B, 5.000%, 10/01/30 
      
2,000 
  
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, Series 
10/22 at 100.00 
AA 
2,229,380 
   
2012A, 5.000%, 10/01/42 
      
9,670 
  
Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 (Pre-refunded 
6/13 at 100.00 
AA+ (4) 
9,825,590 
   
6/01/13) – NPFG Insured 
      
24,490 
  
Total Washington 
    
27,262,069 
   
West Virginia – 1.0% (0.7% of Total Investments) 
      
3,000 
  
West Virginia State Building Commission, Lease Revenue Refunding Bonds, Regional Jail and 
No Opt. Call 
N/R 
3,398,730 
   
Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured 
      
   
Wisconsin – 4.5% (3.2% of Total Investments) 
      
1,190 
  
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 
3/14 at 100.00 
Aa2 (4) 
1,245,073 
   
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured 
      
4,605 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/13 at 100.00 
BBB+ (4) 
4,752,222 
   
Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) 
      
2,490 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 
No Opt. Call 
A1 
2,860,835 
   
1992A, 6.000%, 12/01/22 – FGIC Insured 
      
2,650 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., 
8/22 at 100.00 
A+ 
2,957,452 
   
Refunding 2012C, 5.000%, 8/15/32 
      
3,600 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/13 at 100.00 
A– 
3,658,751 
   
Services Inc., Series 2003A, 5.125%, 8/15/33 
      
14,535 
  
Total Wisconsin 
    
15,474,333 
$      500,405 
  
Total Investments (cost $455,988,832) – 142.1% 
    
489,139,238 
   
Floating Rate Obligations – (2.4)% 
    
(8,315,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (24.1)% (6) 
    
(83,000,000) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.6)% (6) 
    
(67,600,000) 
   
Other Assets Less Liabilities – 4.0% 
    
14,013,271 
   
Net Assets Applicable to Common Shares – 100% 
    
$    344,237,509 
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period: 
 
 
Level 1 
Level 2 
Level 3 
Total 
Long-Term Investments: 
        
   Municipal Bonds 
$ — 
$489,139,238 
$ — 
$489,139,238 
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
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 January 31, 2013, the cost of investments was $449,790,103.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2013, were as follows:
       
Gross unrealized: 
      
   Appreciation 
   $ 34,233,190  
   Depreciation 
     (3,196,893 ) 
Net unrealized appreciation (depreciation) of investments 
   $ 31,036,297  

(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 of 
   
investments in inverse floating rate transactions. 
(6) 
  
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation 
   
Value as a percentage of Total Investments are 17.0% and 13.8%, respectively. 
N/R 
  
Not rated. 
WI/DD 
  
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
Reg S 
  
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United 
   
States without registering those securities with the Securities and Exchange Commission. Specifically, 
   
Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers 
   
and sales of securities by both foreign and domestic issuers that are made outside the United States. 
 
 
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 AMT-Free Municipal Income Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         April 1, 2013        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         April 1, 2013        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         April 1, 2013