Fund Description: Nuveen California AMT-Free Municipal Income Fund, formerly the Nuveen Insured California Tax-Free Advantage Municipal Fund, is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Nuveen California AMT-Free Municipal Income Fund seeks to provide current income exempt from regular federal income tax and the alternative minimum tax applicable to individuals and California income tax and to enhance portfolio value. FUND STRATEGY: The Fund invests at least 80% of its net assets in a portfolio of municipal securities that pay interest that is exempt from regular federal income tax and from the federal alternative minimum tax applicable to individuals and California income tax. As a non-fundamental policy, the Fund invests at least 80% of its net assets in municipal securities that are, at the time of purchase, investment grade quality. The Fund has leveraged itself by issuing Variable Rate Demand Preferred shares (VRDP), and may also hold derivative instruments such as inverse floaters that have the economic effect of leverage. The Fund may invest up to 20% of its net assets in uninsured municipal bonds backed by an escrow or trust account. FUND MANAGEMENT: Nuveen Fund Advisors, Inc. serves as the investment advisor to the Fund.