Moody's affirms Prime-1 short-term rating for VRDP shares issued by Nuveen California AMT-Free Municipal Income Fund

New York, April 11, 2016 -- Moody's Investors Service, Inc. ("Moody's") has affirmed the Prime-1 short-term rating for the Series 5 Variable Rate Demand Preferred Shares (the "Series 5 VRDP Shares") issued by Nuveen California AMT-Free Municipal Income Fund (Ticker: NKX), a closed-end fund, managed by Nuveen Fund Advisors, LLC, following the announcement that the VRDP Shares' liquidity provider will change to The Toronto Dominion Bank, acting through its New York Branch (TD) (Aa1/P-1), from Morgan Stanley Bank, N.A (Morgan Stanley, A1/P-1). TD will assume the role of the liquidity provider for the Series 5 VRDP Shares at the close of business on 2 May 2016.

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