Unassociated Document



 
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:         1/31/12         
 
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, 2012 
      
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 6.0% (4.1% of Total Investments) 
      
$     1,000 
  
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 
11/16 at 100.00 
AA+ 
$     1,050,470 
   
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 
5,114,325 
   
Series 2003, 5.750%, 6/01/27 
      
3,100 
  
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 1998A, 5.400%, 6/01/22 
5/12 at 102.00 
A2 (4) 
3,208,376 
   
(Pre-refunded 5/14/12) – NPFG Insured 
      
6,280 
  
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D, 5.000%, 
8/12 at 100.00 
Aaa 
6,426,952 
   
2/01/32 (Pre-refunded 8/01/12) – FGIC Insured (5) 
      
4,500 
  
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured 
7/13 at 100.00 
Aa3 
4,647,510 
20,535 
  
Total Alabama 
    
20,447,633 
   
Arizona – 5.4% (3.7% of Total Investments) 
      
10,000 
  
Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service 
11/12 at 100.00 
BBB 
10,086,900 
   
Company – Palo Verde Project, Series 2002A, 5.050%, 5/01/29 – AMBAC Insured 
      
6,545 
  
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 
No Opt. Call 
AA 
6,994,052 
   
7/01/37 – FGIC Insured 
      
1,250 
  
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/20 at 100.00 
AA– 
1,350,863 
   
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 
      
17,795 
  
Total Arizona 
    
18,431,815 
   
California – 21.2% (14.4% of Total Investments) 
      
26,300 
  
California State Public Works Board, Lease Revenue Bonds, Department of General Services, 
12/12 at 100.00 
A2 
26,603,765 
   
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 
4/12 at 100.00 
A1 
251,088 
5 
  
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 
4/14 at 100.00 
A1 
5,240 
7,495 
  
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 
4/14 at 100.00 
AA+ (4) 
8,250,871 
   
4/01/14) – AMBAC Insured 
      
2,910 
  
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing 
8/12 at 102.00 
A 
2,947,888 
   
Set-Aside, 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 
8,099,978 
   
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: 
      
2,375 
  
4.500%, 6/01/27 
6/17 at 100.00 
B 
1,947,191 
500 
  
5.000%, 6/01/33 
6/17 at 100.00 
B– 
374,580 
250 
  
5.125%, 6/01/47 
6/17 at 100.00 
B– 
170,303 
2,370 
  
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, 
9/13 at 100.00 
N/R 
2,411,831 
   
Series 2003C, 5.000%, 9/02/23 – AMBAC Insured 
      
4,000 
  
Montara Sanitation District, California, General Obligation Bonds, Series 2003, 5.000%, 
8/13 at 100.00 
AA– 
4,052,200 
   
8/01/28 – FGIC Insured 
      
   
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 
1,175,279 
1,255 
  
5.250%, 6/01/21 – AMBAC Insured 
6/13 at 101.00 
A 
1,299,553 
1,210 
  
Redding Joint Powers Financing Authority, California, Lease Revenue Bonds, Capital Improvement 
3/13 at 100.00 
A 
1,211,476 
   
Projects, Series 2003A, 5.000%, 3/01/23 – AMBAC Insured 
      
3,750 
  
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2003R, 
8/13 at 100.00 
A+ 
3,897,863 
   
5.000%, 8/15/28 – NPFG Insured 
      
1,500 
  
San Diego Community College District, California, General Obligation Bonds, Series 2003A, 
5/13 at 100.00 
AA+ 
1,564,200 
   
5.000%, 5/01/28 – AGM Insured 
      
1,055 
  
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 
1/13 at 100.00 
A 
1,066,310 
   
1/01/28 – NPFG Insured 
      
6,300 
  
University of California, General Revenue Bonds, Series 2003, 5.000%, 5/15/33 – 
5/13 at 100.00 
Aa1 
6,565,482 
   
AMBAC Insured (UB) 
      
70,715 
  
Total California 
    
71,895,098 
   
Colorado – 5.0% (3.4% 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– 
4,593,776 
3,750 
  
5.500%, 12/01/28 – AGM Insured 
12/13 at 100.00 
AA– 
3,905,963 
1,450 
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/14 at 100.00 
A 
1,509,146 
   
Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured 
      
4,500 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
4/18 at 100.00 
AA 
5,305,320 
   
Series 2006C-1, Trust 1090, 15.276%, 10/01/41 – AGM Insured (IF) (6) 
      
3,000 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 
No Opt. Call 
BBB 
1,008,150 
   
9/01/30 – NPFG Insured 
      
2,900 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – 
No Opt. Call 
BBB 
712,849 
   
NPFG Insured 
      
19,900 
  
Total Colorado 
    
17,035,204 
   
District of Columbia – 2.3% (1.6% of Total Investments) 
      
7,000 
  
District of Columbia, Revenue Bonds, Georgetown University, Series 2007, 0.000%, 4/01/40 – 
4/21 at 100.00 
A– 
5,260,640 
   
AMBAC Insured 
      
7,000 
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital 
No Opt. Call 
AA– 
1,906,030 
   
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+ 
758,433 
   
Tender Option Bond Trust 1606, 11.636%, 10/01/30 – AMBAC Insured (IF) 
      
14,665 
  
Total District of Columbia 
    
7,925,103 
   
Florida – 20.5% (14.0% of Total Investments) 
      
1,000 
  
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured 
9/15 at 100.00 
A1 
1,072,300 
   
Clay County, Florida, Utility System Revenue Bonds, Series 2007: 
      
1,500 
  
5.000%, 11/01/27 – SYNCORA GTY Insured (UB) 
11/17 at 100.00 
Aa2 
1,645,500 
3,000 
  
5.000%, 11/01/32 – SYNCORA GTY Insured (UB) 
11/17 at 100.00 
Aa2 
3,234,810 
400 
  
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 
10/14 at 100.00 
AA– (4) 
447,904 
   
(Pre-refunded 10/01/14) – NPFG Insured 
      
565 
  
Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 – 
10/12 at 101.00 
A+ 
587,662 
   
AMBAC Insured 
      
435 
  
Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 
10/12 at 101.00 
A1 (4) 
454,044 
   
(Pre-refunded 10/01/12) – AMBAC Insured 
      
1,525 
  
Fernandina Beach, Florida, Utility Acquisition and Improvement Revenue Bonds, Series 2003, 
9/13 at 100.00 
BBB 
1,542,507 
   
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 
525,310 
   
NPFG Insured 
      
105 
  
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, 
No Opt. Call 
AA+ 
113,860 
   
Series 1987G-1, 8.595%, 11/01/17 
      
2,500 
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, 
No Opt. Call 
AAA 
3,511,325 
   
Trust 2929, 17.200%, 12/01/16 – AGC Insured (IF) 
      
2,240 
  
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic 
No Opt. Call 
A1 
2,474,237 
   
Facilities Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured 
      
2,000 
  
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002A, 
10/12 at 100.00 
AA– (4) 
2,065,920 
   
5.125%, 10/01/32 (Pre-refunded 10/01/12) – AGM Insured 
      
105 
  
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, 
10/13 at 100.00 
AA– 
111,572 
   
Series 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– 
373,149 
   
AGM Insured 
      
1,765 
  
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist 
11/15 at 100.00 
AA– 
1,823,563 
   
Health System, Series 2005D, 5.000%, 11/15/35 – NPFG Insured 
      
180 
  
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist 
11/15 at 100.00 
AA– (4) 
209,036 
   
Health 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 
11/13 at 100.00 
N/R (4) 
3,828,300 
   
Health 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 
1,537,170 
   
7/01/29 – NPFG Insured 
      
2,270 
  
Jacksonville, Florida, Local Government Sales Tax Revenue Refunding and Improvement Bonds, 
10/12 at 100.00 
AA+ 
2,334,899 
   
Series 2002, 5.375%, 10/01/18 – FGIC Insured 
      
2,265 
  
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/20 – AMBAC Insured 
10/12 at 100.00 
N/R 
2,294,626 
1,730 
  
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – 
10/14 at 100.00 
A– 
1,846,983 
   
AMBAC Insured 
      
500 
  
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – 
4/17 at 100.00 
A 
514,050 
   
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 
3,092,760 
   
NPFG Insured 
      
500 
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 
No Opt. Call 
Aa2 
634,085 
   
5.250%, 10/01/22 – AGM Insured 
      
2,000 
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 
4/12 at 100.00 
Aa2 
2,003,200 
   
10/01/29 – FGIC Insured 
      
2,000 
  
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 – FGIC Insured 
1/13 at 100.00 
AA 
2,081,180 
1,500 
  
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 – FGIC Insured 
1/13 at 100.00 
AA 
1,548,945 
3,335 
  
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 – 
10/14 at 100.00 
AA– 
3,678,005 
   
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 
1,212,154 
2,670 
  
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.000%, 
8/12 at 100.00 
AA– 
2,716,538 
   
8/01/28 – AGM Insured 
      
   
Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, 
      
   
Series 2003: 
      
3,000 
  
5.500%, 11/15/27 (Pre-refunded 5/15/13) 
5/13 at 100.00 
Aa3 (4) 
3,202,950 
2,800 
  
5.750%, 11/15/27 (Pre-refunded 5/15/13) 
5/13 at 100.00 
Aa3 (4) 
2,998,408 
1,000 
  
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
BBB 
1,023,280 
   
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) 
2,269,480 
   
9/01/13) – NPFG Insured 
      
450 
  
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 
9/18 at 100.00 
AA– 
494,406 
   
9/01/35 – AGC Insured 
      
4,000 
  
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, 
7/14 at 100.00 
AA– 
4,190,280 
   
Series 2004A, 5.000%, 7/01/24 – AGM Insured 
      
1,500 
  
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds, Baptist Health 
2/13 at 100.00 
Aaa 
1,574,235 
   
Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13) 
      
1,730 
  
St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – 
10/14 at 100.00 
A+ 
1,846,619 
   
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 
1,329,852 
1,250 
  
Volusia County Educational Facilities Authority, Florida, Revenue Refunding Bonds, 
10/13 at 100.00 
Baa2 
1,253,738 
   
Embry-Riddle Aeronautical University, Series 2003, 5.200%, 10/15/33 – RAAI Insured 
      
65,080 
  
Total Florida 
    
69,698,842 
   
Georgia – 2.4% (1.7% 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– 
3,342,120 
   
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 
1,492,485 
   
AGM Insured 
      
1,825 
  
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Second 
1/13 at 100.00 
AA+ (4) 
1,905,264 
   
Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) – NPFG Insured 
      
1,450 
  
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia 
10/21 at 100.00 
Aa2 
1,546,643 
   
Medical Center Project, Series 2011B, 5.000%, 10/01/41 
      
7,685 
  
Total Georgia 
    
8,286,512 
   
Illinois – 6.1% (4.1% of Total Investments) 
      
4,000 
  
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 – 
No Opt. Call 
Aa3 
1,261,560 
   
FGIC Insured 
      
5,000 
  
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien 
No Opt. Call 
AA– 
5,507,650 
   
Refunding 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 
Aa3 
1,764,214 
1,465 
  
5.125%, 12/01/23 – AGM Insured 
12/14 at 100.00 
Aa3 
1,561,763 
   
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 
Aa3 (4) 
1,807,757 
1,475 
  
5.125%, 12/01/23 – AGM Insured (ETM) 
12/14 at 100.00 
Aa3 (4) 
1,594,195 
2,500 
  
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 
7/13 at 100.00 
AA+ 
2,581,775 
   
5.250%, 7/01/23 
      
   
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 
2,185,722 
15,000 
  
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
AAA 
2,327,400 
46,025 
  
Total Illinois 
    
20,592,036 
   
Indiana – 6.8% (4.6% 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 
2,627,775 
   
AMBAC Insured 
      
2,190 
  
Indiana Bond Bank, Advance Purchase Funding Bonds, Common School Fund, Series 2003B, 5.000%, 
8/13 at 100.00 
BBB 
2,286,886 
   
8/01/19 – NPFG Insured 
      
1,860 
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
1,963,025 
   
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 
1,071,040 
   
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) 
11,781,262 
3,000 
  
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured 
7/13 at 100.00 
AA (4) 
3,207,240 
21,570 
  
Total Indiana 
    
22,937,228 
   
Kansas – 1.6% (1.1% of Total Investments) 
      
5,000 
  
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and 
4/13 at 102.00 
AA 
5,342,700 
   
Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 – AMBAC Insured 
      
   
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 
Aa3 (4) 
1,054,974 
   
2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) – NPFG Insured 
      
   
Louisiana – 2.4% (1.6% of Total Investments) 
      
2,000 
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 
5/20 at 100.00 
AA 
2,211,000 
   
5.000%, 5/01/45 
      
5,785 
  
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 – 
12/12 at 100.00 
A3 
5,946,286 
   
FGIC Insured 
      
7,785 
  
Total Louisiana 
    
8,157,286 
   
Massachusetts – 0.3% (0.2% of Total Investments) 
      
1,125 
  
Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 
9/13 at 100.00 
A1 
1,167,244 
   
5.125%, 9/01/23 
      
   
Michigan – 8.7% (5.9% of Total Investments) 
      
6,130 
  
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 
7/13 at 100.00 
A+ (4) 
6,541,017 
   
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+ 
4,552,916 
   
5.000%, 7/01/22 – NPFG Insured 
      
   
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) 
216,245 
820 
  
5.000%, 12/01/31 (UB) 
12/16 at 100.00 
AA 
862,107 
10,800 
  
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit 
12/12 at 100.00 
BBB+ 
10,914,480 
   
Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured 
      
6,500 
  
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, 
12/12 at 100.00 
BBB+ 
6,526,130 
   
Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured 
      
28,895 
  
Total Michigan 
    
29,612,895 
   
Missouri – 0.9% (0.6% of Total Investments) 
      
240 
  
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 
3/14 at 100.00 
AA+ 
260,170 
   
2004, 5.250%, 3/01/24 – AGM Insured 
      
215 
  
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 
3/14 at 100.00 
AA+ 
233,883 
   
2004, 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) 
1,223,020 
1,260 
  
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured 
3/14 at 100.00 
AA+ (4) 
1,388,293 
2,825 
  
Total Missouri 
    
3,105,366 
   
Nebraska – 1.5% (1.1% of Total Investments) 
      
5,000 
  
Lincoln, Nebraska, Sanitary Sewerage System Revenue Refunding Bonds, Series 2003, 5.000%, 
6/13 at 100.00 
AA+ 
5,234,600 
   
6/15/28 – NPFG Insured 
      
   
New Jersey – 0.3% (0.2% of Total Investments) 
      
1,030 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
B1 
967,510 
   
Series 2007-1A, 4.500%, 6/01/23 
      
   
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 
2,146,687 
   
New York – 10.2% (6.9% of Total Investments) 
      
650 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
No Opt. Call 
A 
735,826 
   
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 
2,004,103 
   
2/15/47 – NPFG Insured 
      
25,000 
  
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, 
11/12 at 100.00 
A 
25,673,250 
   
Series 2002F, 5.000%, 11/15/31 – NPFG Insured 
      
1,850 
  
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 
3/15 at 100.00 
AAA 
2,057,367 
   
5.000%, 3/15/25 – AGM Insured (UB) 
      
3,335 
  
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender 
3/17 at 100.00 
AAA 
4,142,604 
   
Option Bond Trust 09-6W, 13.716%, 3/15/37 (IF) (6) 
      
32,855 
  
Total New York 
    
34,613,150 
   
North Carolina – 2.8% (1.9% of Total Investments) 
      
8,700 
  
North Carolina Medical Care Commission, Revenue Bonds, Maria Parham Medical Center, Series 
10/13 at 100.00 
N/R (4) 
9,361,374 
   
2003, 5.375%, 10/01/33 (Pre-refunded 10/01/13) – RAAI Insured 
      
   
Ohio – 2.1% (1.5% of Total Investments) 
      
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
      
   
Bonds, Senior Lien, Series 2007A-2: 
      
65 
  
5.125%, 6/01/24 
6/17 at 100.00 
B– 
51,267 
710 
  
5.875%, 6/01/30 
6/17 at 100.00 
B– 
552,217 
685 
  
5.750%, 6/01/34 
6/17 at 100.00 
B– 
510,072 
1,570 
  
5.875%, 6/01/47 
6/17 at 100.00 
B– 
1,166,730 
4,000 
  
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding 
No Opt. Call 
Aa3 
5,011,280 
   
Series 2007, 5.250%, 12/01/31 – AGM Insured 
      
7,030 
  
Total Ohio 
    
7,291,566 
   
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 
1,117,730 
   
7/01/24 – AMBAC Insured 
      
   
Oregon – 2.5% (1.7% of Total Investments) 
      
8,350 
  
Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.000%, 7/01/32 – NPFG Insured 
1/13 at 100.00 
A1 
8,447,862 
   
Pennsylvania – 7.4% (5.0% of Total Investments) 
      
3,000 
  
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s 
8/13 at 100.00 
AA+ (4) 
3,233,130 
   
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– 
3,324,090 
   
6/01/33 – AGM Insured 
      
2,000 
  
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998, 
8/13 at 100.00 
AA– 
2,029,280 
   
5.000%, 8/01/32 – AGM Insured 
      
925 
  
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 
No Opt. Call 
A1 (4) 
1,082,417 
   
8/01/27 – AMBAC Insured (ETM) 
      
1,350 
  
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax 
8/20 at 100.00 
AA– 
1,501,443 
   
Revenue 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) 
13,825,370 
   
District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured 
      
23,775 
  
Total Pennsylvania 
    
24,995,730 
   
Puerto Rico – 1.4% (1.0% of Total Investments) 
      
1,000 
  
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 
7/12 at 101.00 
AA– (4) 
1,030,730 
   
(Pre-refunded 7/01/12) – AGM Insured 
      
8,480 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Senior Series 2011C, 
No Opt. Call 
Aa2 
1,988,051 
   
0.000%, 8/01/39 
      
10,350 
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Aa2 
1,854,824 
   
8/01/43 – NPFG Insured 
      
19,830 
  
Total Puerto Rico 
    
4,873,605 
   
South Carolina – 5.4% (3.7% of Total Investments) 
      
5,000 
  
Florence County, South Carolina, Hospital Revenue Bonds, McLeod Regional Medical Center, 
11/14 at 100.00 
AA– 
5,306,850 
   
Series 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 (UB) 
12/13 at 100.00 
AA 
3,161,190 
1,785 
  
5.000%, 12/01/23 (UB) 
12/13 at 100.00 
AA 
1,875,589 
8,000 
  
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 
10/12 at 100.00 
A1 
8,085,680 
   
10/01/33 – AMBAC Insured 
      
17,785 
  
Total South Carolina 
    
18,429,309 
   
Texas – 6.3% (4.3% 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– 
2,086,299 
   
AGM Insured 
      
   
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, 
      
   
Series 2003: 
      
1,660 
  
5.375%, 2/15/26 (Pre-refunded 2/15/13) – AGM Insured 
2/13 at 100.00 
AA+ (4) 
1,749,192 
12,500 
  
5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured 
2/13 at 100.00 
AA+ (4) 
13,139,250 
2,000 
  
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A, 5.250%, 
5/14 at 100.00 
AA 
2,182,060 
   
5/15/25 – NPFG Insured 
      
20 
  
Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 (Pre-refunded 
3/12 at 100.00 
AA (4) 
20,084 
   
3/01/12) – NPFG Insured 
      
2,145 
  
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
AA– 
2,315,721 
   
12/15/36 – AGM Insured 
      
20,210 
  
Total Texas 
    
21,492,606 
   
Virginia – 0.5% (0.3% of Total Investments) 
      
1,500 
  
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 
1/13 at 100.00 
Aa3 (4) 
1,569,255 
   
(Pre-refunded 1/15/13) – AMBAC Insured 
      
   
Washington – 9.3% (6.3% of Total Investments) 
      
4,945 
  
Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project, 
12/12 at 100.00 
AAA 
5,012,301 
   
Series 2002, 5.000%, 12/01/31 – NPFG Insured 
      
5,250 
  
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, 
7/12 at 100.00 
AA (4) 
5,358,623 
   
Series 2002C, 5.125%, 7/01/33 (Pre-refunded 7/01/12) – AMBAC Insured 
      
5,000 
  
King County, Washington, Sewer Revenue Bonds, Series 2006-2, 13.594%, 1/01/26 – 
1/17 at 100.00 
AA+ 
6,596,450 
   
AGM Insured (IF) 
      
2,135 
  
Kitsap County Consolidated Housing Authority, Washington, Revenue Bonds, Bremerton Government 
7/13 at 100.00 
Aa3 
2,202,914 
   
Center, Series 2003, 5.000%, 7/01/23 – NPFG Insured 
      
1,935 
  
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, 
6/13 at 100.00 
Aa1 (4) 
2,064,297 
   
Series 2003, 5.250%, 12/01/17 (Pre-refunded 6/01/13) – FGIC Insured 
      
9,670 
  
Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 (Pre-refunded 
6/13 at 100.00 
AA+ (4) 
10,283,948 
   
6/01/13) – NPFG Insured 
      
28,935 
  
Total Washington 
    
31,518,533 
   
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 
3,363,420 
   
Corrections Facility, Series 1998A, 5.375%, 7/01/21 – AMBAC Insured 
      
   
Wisconsin – 5.3% (3.6% of Total Investments) 
      
1,190 
  
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 
3/14 at 100.00 
Aa2 
1,288,651 
   
2004C, 5.250%, 3/01/24 – AGM Insured 
      
4,605 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/13 at 100.00 
BBB+ (4) 
4,997,208 
   
Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) 
      
2,670 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., 
No Opt. Call 
A1 
3,319,795 
   
Series 1992A, 6.000%, 12/01/22 – FGIC Insured 
      
3,600 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/13 at 100.00 
BBB+ 
3,581,313 
   
Services Inc., Series 2003A, 5.125%, 8/15/33 
      
4,750 
  
Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds, Wausau 
8/20 at 100.00 
A 
4,757,787 
   
Hospital Inc., Series 1998A, 5.125%, 8/15/20 – AMBAC Insured 
      
16,815 
  
Total Wisconsin 
    
17,944,754 
$     528,375 
  
Total Investments (cost $469,356,094) – 146.8% 
    
499,057,627 
   
Floating Rate Obligations – (3.8)% 
    
(13,040,000) 
   
MuniFund Term Preferred Shares, at Liquidation Value – (24.4)% (7) 
    
(83,000,000) 
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (19.9)% (7) 
    
(67,600,000) 
   
Other Assets Less Liabilities – 1.3% 
    
4,487,869 
   
Net Assets Applicable to Common Shares – 100% 
    
$     339,905,496 
 
 
 
 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – 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 January 31, 2012:
 
 
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments: 
                      
Municipal Bonds 
 $ —     $ 499,057,627     $ —     $ 499,057,627  
 
During the period ended January 31, 2012, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.
 
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.
 
At January 31, 2012, the cost of investments was $458,412,650.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2012, were as follows:
   
Gross unrealized: 
  
   Appreciation 
$31,827,838 
   Depreciation 
(4,220,339) 
Net unrealized appreciation (depreciation) of investments 
$27,607,499 
 
     
(1) 
  
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
   
shareholders 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) 
  
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income 
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the 
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the 
   
Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations 
   
and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. 
(6) 
  
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
   
investments in inverse floating rate transactions. 
(7) 
  
MuniFund Term Preferred Shares and Variable Rate MuniFund Term Preferred Shares, at Liquidation Value 
   
as a percentage of Total Investments are 16.6% and 13.5%, respectively. 
N/R 
  
Not rated. 
(ETM) 
  
Escrowed to maturity. 
(IF) 
  
Inverse floating rate investment. 
(UB) 
  
Underlying bond of an inverse floating rate trust refelected as a financing transaction. 
 
 
 
 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen AMT-Free Municipal Income Fund 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         March 30, 2012        
 
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         March 30, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date         March 30, 2012