1
Portfolio
of
Investments
November
30,
2024
NCA
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
95.5% (97.9%
of
Total
Investments)  
X
298,860,838
MUNICIPAL
BONDS
-
95.5%  (97.9%
of
Total
Investments)
X
–
CONSUMER
STAPLES
-
0.6%
(0.6%
of
Total
Investments)
$
70,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
4
.000
%
06/01/49
$
66,472
4,895,000
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007A
0
.000
06/01/41
1,942,973
TOTAL
CONSUMER
STAPLES
2,009,445
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
3.1%
(3.2%
of
Total
Investments)
2,000,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Los
Angeles
County
Museum
of
Natural
History
Foundation,
Series
2020
4
.000
07/01/50
1,996,931
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/43
1,017,640
220,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A
5
.000
07/01/46
220,884
1,425,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.250
07/01/52
1,442,857
3,780,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M
5
.000
05/15/47
3,919,012
1,070,000
University
of
California,
General
Revenue
Bonds,
Series
2018AZ
5
.000
05/15/38
1,139,977
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
9,737,301
HEALTH
CARE
-
10.9%
(11.2%
of
Total
Investments)
4,105,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
5
.000
11/15/46
4,201,896
1,000,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
5
.000
11/15/36
1,054,590
2,045,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
4
.000
11/15/45
2,036,245
1,815,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/44
1,826,736
3,700,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/49
3,668,672
445,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.250
12/01/49
496,608
240,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A
5
.000
10/01/38
240,453
840,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B
5
.000
10/01/44
840,192
3,245,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A
5
.250
07/01/49
3,520,135
1,600,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A
-
AGM
Insured
4
.000
02/01/51
1,608,272
2,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
4
.000
07/01/47
1,879,820
120,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/47
121,666
100,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
101,056
1,090,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.000
11/01/47
1,091,463
400,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/47
402,341
520,000
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A
-
AGM
Insured
5
.250
11/01/52
556,860
1,000,000
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016
5
.000
10/01/46
1,014,426
Portfolio
of
Investments
November
30,
2024
(continued)
NCA
2
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
150,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
%
12/01/34
$
150,096
5,800,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
5,861,473
1,000,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.500
12/01/58
1,037,597
245,000
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A
-
AGM
Insured
5
.250
08/15/52
265,320
2,000,000
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P
5
.000
05/15/47
2,205,250
TOTAL
HEALTH
CARE
34,181,167
HOUSING/MULTIFAMILY
-
9.0%
(9.2%
of
Total
Investments)
1,445,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
02/01/56
983,158
2,190,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2
4
.000
08/01/47
1,765,187
1,650,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
1,250,581
1,285,000
(a)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5
.000
04/01/49
1,120,072
2,028,945
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2
4
.000
03/20/33
2,052,057
1,803,113
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1
3
.500
11/20/35
1,766,523
316,595
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1
4
.250
01/15/35
327,697
1,769,814
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1
4
.375
09/20/36
1,849,404
2,320,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
1,828,748
800,000
(a)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1
4
.000
08/01/58
647,050
125,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1
3
.600
05/01/47
105,453
1,130,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2
3
.250
05/01/57
798,798
1,465,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A
4
.000
10/01/56
1,305,320
2,005,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
1,651,858
2,710,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
2,424,376
2,120,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
10/01/56
1,676,437
220,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.000
07/01/43
178,257
950,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
665,122
405,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2
4
.000
09/01/56
320,861
865,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A
4
.000
08/01/56
790,413
3
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
530,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B
4
.000
%
12/01/56
$
403,795
555,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2
3
.000
12/01/56
391,792
795,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2
4
.000
07/01/56
658,353
560,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-1
3
.000
06/01/47
397,725
2,035,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Westgate
Phase
1-Pasadena
Apartments,
Senior
Lien
Series
2021A-2
3
.125
06/01/57
1,246,964
2,080,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
1,476,024
TOTAL
HOUSING/MULTIFAMILY
28,082,025
LONG-TERM
CARE
-
0.2%
(0.2%
of
Total
Investments)
545,000
California
Health
Facilities
Financing
Authority,
Insured
Revenue
Bonds,
Community
Program
for
Persons
with
Developmental
Disabilities,
Series
2011A
6
.250
02/01/26
546,490
TOTAL
LONG-TERM
CARE
546,490
TAX
OBLIGATION/GENERAL
-
23.8%
(24.4%
of
Total
Investments)
4,000,000
Anaheim
Union
High
School
District,
Orange
County,
California,
General
Obligation
Bonds,
2014
Election
Series
2019
-
BAM
Insured
3
.000
08/01/40
3,725,173
10,000,000
Berkeley
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
of
2020
Series
2024D
4
.000
08/01/54
10,079,550
375,000
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A
5
.250
08/01/46
391,578
5,000
California
State,
General
Obligation
Bonds,
Series
2013
5
.000
02/01/29
5,011
3,000,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015
5
.000
08/01/34
3,021,182
2,000,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B
5
.000
10/01/48
2,100,972
5,000,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2023
5
.000
09/01/26
5,200,975
3,000,000
Chaffey
Community
College
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Taxable
Refunding
Series
2019
4
.000
06/01/43
3,037,132
1,000,000
Chaffey
Joint
Union
High
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017C
5
.250
08/01/47
1,037,316
5,000,000
Chino
Valley
Unified
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2020B
5
.000
08/01/55
5,331,817
4,200,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2019C
4
.000
08/01/49
4,220,480
2,000,000
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
of
2016
Series
2024
4
.000
08/01/51
2,018,800
690,000
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J
4
.000
08/01/41
696,895
2,000,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A
4
.000
08/01/40
2,004,211
519,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
500,068
840,000
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017
5
.250
08/01/46
877,787
Portfolio
of
Investments
November
30,
2024
(continued)
NCA
4
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
11,875,000
(b)
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
2010
Series
2011A
0
.000
%
09/01/41
$
12,847,883
19,860,000
(b)
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D
0
.000
08/01/42
17,328,068
TOTAL
TAX
OBLIGATION/GENERAL
74,424,898
TAX
OBLIGATION/LIMITED
-
8.6%
(8.9%
of
Total
Investments)
925,000
Bell
Community
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Bell
Project
Area,
Series
2003
-
RAAI
Insured
5
.625
10/01/33
927,043
70,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
70,034
1,000,000
California
Infrastructure
and
Economic
Development
Bank,
Lease
Revenue
Bonds,
California
State
Teachers
Retirement
System
Headquarters
Expansion,
Green
Bond-Climate
Bond
Certified
Series
2019
5
.000
08/01/44
1,065,722
55,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
58,019
1,000,000
Los
Angeles
County
Facilities
Inc,
California,
Lease
Revenue
Bonds,
Vermont
Corridor
County
Administration
Building,
Series
2018A
5
.000
12/01/51
1,048,625
4,000,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A
5
.000
06/01/39
4,112,465
2,300,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A
5
.000
07/01/42
2,413,851
4,923,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
4,945,222
29,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
29,000
2,095,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
2,099,300
625,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1
-
AGM
Insured
5
.250
09/01/52
678,707
140,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Special
Tax
Bonds,
Community
Facilities
District
7,
Hunters
Point
Shipyard
Phase
One
Improvements,
Refunding
Series
2014
5
.000
08/01/39
140,224
5,000,000
San
Francisco
City
and
County
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Mission
Bay
North
Redevelopment
Project,
Refunding
Series
2016A
-
NPFG
Insured
5
.000
08/01/41
5,133,723
55,000
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011
7
.000
10/01/26
55,160
1,000,000
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A
5
.000
09/01/33
1,039,380
765,000
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A
5
.000
09/01/43
787,304
195,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
5
.750
09/01/32
206,781
2,185,000
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A
5
.000
10/01/45
2,249,629
TOTAL
TAX
OBLIGATION/LIMITED
27,060,189
5
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
TRANSPORTATION
-
16.8%
(17.2%
of
Total
Investments)
$
1,000,000
Burbank-Glendale-Pasadena
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2024B
-
AGM
Insured,
(AMT)
4
.375
%
07/01/49
$
1,013,279
225,000
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
(AMT)
4
.000
07/15/29
224,416
10,415,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT)
5
.000
05/15/44
10,658,141
2,670,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019D,
(AMT)
5
.000
05/15/33
2,817,508
1,480,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
(AMT)
5
.000
05/15/45
1,572,513
2,345,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.250
07/01/58
2,515,560
3,075,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A
4
.000
07/01/51
3,080,094
4,200,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT)
5
.500
05/01/40
4,757,004
16,295,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B
5
.000
05/01/47
16,892,600
3,740,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C
5
.000
05/01/46
3,823,605
4,160,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.000
05/01/43
4,282,009
665,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A
4
.000
01/15/50
667,730
250,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/44
250,378
TOTAL
TRANSPORTATION
52,554,837
U.S.
GUARANTEED
-
1.4%
(1.4%
of
Total
Investments)
(c)
1,500,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Series
2019S-H,
(Pre-refunded
4/01/29)
5
.000
04/01/44
1,663,364
285,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
(Pre-
refunded
8/15/25)
5
.000
08/15/43
289,273
795,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
(Pre-
refunded
11/15/26)
5
.000
11/15/46
831,585
130,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
(Pre-refunded
4/01/30)
4
.000
04/01/49
139,250
1,250,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Department
of
Corrections
&
Rehabilitation,
Various
Correctional
Facilities
Series
2014A,
(Pre-refunded
12/30/24)
5
.000
09/01/39
1,251,842
80,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
(Pre-refunded
6/01/25)
5
.000
06/01/40
80,876
100,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
(Pre-refunded
6/01/25)
5
.000
06/01/40
101,096
TOTAL
U.S.
GUARANTEED
4,357,286
Portfolio
of
Investments
November
30,
2024
(continued)
NCA
6
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
UTILITIES
-
21.1%
(21.6%
of
Total
Investments)
$
9,570,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
(Mandatory
Put
4/01/32)
5
.000
%
05/01/54
$
10,391,011
850,000
California
Infrastructure
and
Economic
Development
Bank.
Clean
Water
State
Revolving
Fund
Revenue
Bonds,
Green
Series
2018
5
.000
10/01/43
900,423
1,375,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
07/01/37
1,375,673
3,750,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
11/21/45
3,750,483
1,500,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019
5
.000
07/01/39
1,561,068
1,800,000
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A
5
.500
11/15/37
2,113,332
835,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2016B
5
.000
07/01/37
852,103
2,425,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018D
5
.000
07/01/48
2,539,145
1,890,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/40
2,088,551
3,395,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/45
3,683,159
3,795,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022A
5
.000
07/01/51
4,126,744
4,150,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022B
5
.000
07/01/47
4,560,975
1,500,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B
5
.000
07/01/38
1,604,358
2,500,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C
5
.000
07/01/36
2,799,547
6,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C
5
.000
07/01/38
6,681,385
1,400,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A
5
.000
06/01/38
1,494,516
1,000,000
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009C
6
.500
11/01/39
1,301,217
2,000,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
2,062,951
5,775,000
Riverside,
California,
Sewer
Revenue
Bonds,
Refunding
Series
2018A
5
.000
08/01/39
6,156,212
2,670,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B
5
.000
08/01/32
2,771,780
3,000,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B
5
.000
08/01/37
3,092,567
TOTAL
UTILITIES
65,907,200
TOTAL
MUNICIPAL
BONDS
(Cost
$288,144,297)
298,860,838
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$288,144,297)
298,860,838
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 2.0%
(2.1%
of
Total
Investments)  
X
6,300,000
MUNICIPAL
BONDS
-
2.0%  (2.1%
of
Total
Investments)
X
–
U.S.
GUARANTEED
-
0.8%
(0.8%
of
Total
Investments)
(c)
$
2,500,000
(c),(d)
BLACKROCK
MUN
W
7
ADJUSTABLE
VAR,
(AMT)
3
.650
09/01/54
$
2,500,000
TOTAL
U.S.
GUARANTEED
2,500,000
7
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
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
management’s
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,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
US
GUARANTEED
-
1.2%
(1.3%
of
Total
Investments)
$
3,800,000
(a),(d)
BLACKROCK
MUN
W
7
ADJUSTABLE
VAR,
(AMT)
3
.650
%
09/01/54
$
3,800,000
TOTAL
US
GUARANTEED
3,800,000
TOTAL
MUNICIPAL
BONDS
(Cost
$6,300,000)
6,300,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$6,300,000)
6,300,000
TOTAL
INVESTMENTS
-
97.5%
(Cost
$294,444,297)
305,160,838
OTHER
ASSETS
&
LIABILITIES,
NET
-
2.5%
7,728,558
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
312,889,396
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
298,860,838
$
–
$
298,860,838
Short-Term
Investments:
Municipal
Bonds
–
6,300,000
–
6,300,000
Total
$
–
$
305,160,838
$
–
$
305,160,838
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$41,538,295
or
13.6%
of
Total
Investments.
(b)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(c)
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.
(d)
Investment
has
a
maturity
of
greater
than
one
year,
but
has
variable
rate
and/or
demand
features
which
qualify
it
as
a
short-term
investment.
The
rate
disclosed,
as
well
as
the
reference
rate
and
spread,
where
applicable,
is
that
in
effect
as
of
the
end
of
the
reporting
period.
This
rate
changes
periodically
based
on
market
conditions
or
a
specified
market
index.
AMT
Alternative
Minimum
Tax
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