1

Portfolio

of

Investments

May

31,

2025

NCA

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

94.9% (95.7%

of

Total

Investments)

X

279,763,060

MUNICIPAL

BONDS

-

94.9% (95.7%

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

$

59,497

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

1,745,758

TOTAL

CONSUMER

STAPLES

1,805,255

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

3.3%

(3.3%

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

1,751,652

1,000,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

(AMT)

5

.000

12/31/43

974,739

335,000

(a)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Arts

in

Action

Charter

Schools

-

Obligated

Group,

Series

2020A

5

.000

06/01/59

267,492

125,000

(a)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Lifeline

Education

Charter

School

Project,

Series

2020A

5

.000

07/01/55

114,935

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

218,574

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

1,425,546

3,780,000

California

State

University,

Systemwide

Revenue

Bonds,

Series

2017A

5

.000

11/01/47

3,813,010

1,070,000

University

of

California,

General

Revenue

Bonds,

Series

2018AZ

5

.000

05/15/38

1,102,610

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

9,668,558

HEALTH

CARE

-

11.4%

(11.5%

of

Total

Investments)

4,105,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B

5

.000

11/15/46

4,093,027

1,000,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A

5

.000

11/15/36

1,027,431

2,045,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019

4

.000

11/15/45

1,830,810

1,815,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A

4

.000

04/01/44

1,648,979

3,700,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A

4

.000

04/01/49

3,155,155

445,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2024A

5

.000

12/01/54

446,190

240,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2014A

5

.000

10/01/38

240,056

840,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B

5

.000

10/01/44

839,961

3,245,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Adventist

Health

Energy

Projects,

Series

2024A

5

.250

07/01/49

3,250,637

1,600,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

System,

Series

2021A

-

AGM

Insured

4

.000

02/01/51

1,381,654

2,000,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

4

.000

07/01/47

1,678,524

120,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

5

.000

07/01/47

116,613

100,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

5

.250

11/01/41

94,408

1,090,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

5

.000

11/01/47

963,114

400,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

5

.250

11/01/47

368,049

2,000,000

California

Municipal

Finance

Authority,

Reveue

Bonds,

Community

Medical

Centers,

Series

2017A

5

.000

02/01/47

1,974,420

Portfolio

of

Investments

May

31,

2025

(continued)

NCA

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

520,000

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A

5

.250

%

11/01/52

$

524,784

1,000,000

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016

5

.000

10/01/46

970,714

150,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

5

.250

12/01/34

150,060

5,800,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5

.250

12/01/56

5,631,878

1,000,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A

5

.500

12/01/58

975,589

245,000

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A

-

AGM

Insured

5

.250

08/15/52

248,667

2,000,000

University

of

California

Regents,

Medical

Center

Pooled

Revenue

Bonds,

Series

2022P

5

.000

05/15/47

2,042,981

TOTAL

HEALTH

CARE

33,653,701

HOUSING/MULTIFAMILY

-

9.3%

(9.4%

of

Total

Investments)

1,445,000

(a)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A

4

.000

02/01/56

896,512

2,190,000

(a)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2

4

.000

08/01/47

1,669,920

1,650,000

(a)

California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A

5

.000

02/01/50

1,155,063

1,285,000

(a)

California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A

5

.000

04/01/49

1,040,973

2,006,737

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2

4

.000

03/20/33

1,993,795

1,787,170

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1

3

.500

11/20/35

1,660,193

313,509

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1

4

.250

01/15/35

314,978

1,759,324

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1

4

.375

09/20/36

1,744,280

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

1,675,700

800,000

(a)

CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1

4

.000

08/01/58

582,195

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

98,973

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

741,633

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

1,143,181

2,005,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2

4

.000

10/01/56

1,483,301

2,820,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A

5

.000

01/01/54

2,522,185

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

1,558,715

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

166,298

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

605,205

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

405,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2

4

.000

%

09/01/56

$

290,220

860,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A

4

.000

08/01/56

724,456

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

381,162

555,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Pasadena

Portfolio

Social

Bond,

Series

2021A-2

3

.000

12/01/56

360,926

795,000

(a)

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2

4

.000

07/01/56

601,688

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

375,720

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

1,177,503

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

1,341,852

435,000

Los

Angeles

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Clarendon

Apartments,

Senior

Series

2024A

4

.400

12/01/54

380,165

755,000

Los

Angeles

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Clarendon

Apartments,

Senior

Series

2024A

4

.500

12/01/59

677,786

TOTAL

HOUSING/MULTIFAMILY

27,364,578

LONG-TERM

CARE

-

0.1%

(0.1%

of

Total

Investments)

280,000

California

Health

Facilities

Financing

Authority,

Insured

Revenue

Bonds,

Community

Program

for

Persons

with

Developmental

Disabilities,

Series

2011A

6

.250

02/01/26

280,745

TOTAL

LONG-TERM

CARE

280,745

TAX

OBLIGATION/GENERAL

-

23.8%

(24.0%

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

3,335,346

10,000,000

Berkeley

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Election

of

2020

Series

2024D

4

.000

08/01/54

9,073,800

375,000

Butte-Glenn

Community

College

District,

Butte

and

Glenn

Counties,

California,

General

Obligation

Bonds,

Election

2016

Series

2017A

5

.250

08/01/46

382,730

5,000

California

State,

General

Obligation

Bonds,

Series

2013

5

.000

02/01/29

5,008

3,000,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2015

5

.000

08/01/34

3,007,786

2,000,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018.

Bid

Group

A/B

5

.000

10/01/48

2,034,131

5,000,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2023

5

.000

09/01/26

5,139,430

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

1,017,993

5,000,000

Chino

Valley

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

2016

Election

Series

2020B

5

.000

08/01/55

5,099,116

4,200,000

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2014,

Series

2019C

4

.000

08/01/49

3,814,871

2,000,000

Desert

Community

College

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

of

2016

Series

2024

4

.000

08/01/51

1,820,379

690,000

Los

Angeles

Community

College

District,

California,

General

Obligation

Bonds,

2008

Election

Series

2017J

4

.000

08/01/41

655,440

2,000,000

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A

4

.000

08/01/40

1,899,324

Portfolio

of

Investments

May

31,

2025

(continued)

NCA

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

519,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4

.000

%

07/01/41

$

444,998

5,000,000

San

Diego

Community

College

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Election

of

2024,

Series

2025A-1

4

.000

08/01/50

4,501,772

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

12,051,956

19,860,000

(b)

Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D

0

.000

08/01/42

15,848,463

TOTAL

TAX

OBLIGATION/GENERAL

70,132,543

TAX

OBLIGATION/LIMITED

-

9.1%

(9.2%

of

Total

Investments)

70,000

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B

5

.000

09/02/36

70,016

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

1,016,411

165,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2016B

5

.000

09/02/46

165,185

400,000

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-1

Bedford,

Series

2018A

5

.000

09/01/48

400,971

55,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1

5

.000

06/01/51

53,825

1,000,000

Los

Angeles

County

Facilities

Inc,

California,

Lease

Revenue

Bonds,

Vermont

Corridor

County

Administration

Building,

Series

2018A

5

.000

12/01/51

1,017,766

4,000,000

Los

Angeles

County

Metropolitan

Transportation

Authority,

California,

Measure

R

Sales

Tax

Revenue

Bonds,

Senior

Series

2016A

5

.000

06/01/39

4,036,674

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

2,333,528

4,923,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5

.000

07/01/58

4,625,432

29,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.329

07/01/40

27,080

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

1,878,183

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

638,480

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

140,071

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

5,020,020

55,000

Signal

Hill

Redevelopment

Agency,

California,

Project

1

Tax

Allocation

Bonds,

Series

2011

7

.000

10/01/26

55,155

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

1,031,333

765,000

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A

5

.000

09/01/43

767,588

1,335,000

Sulphur

Springs

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2018

5

.000

09/01/43

1,342,119

195,000

(a)

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017

5

.750

09/01/32

203,505

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

2,185,000

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A

5

.000

%

10/01/45

$

2,121,152

TOTAL

TAX

OBLIGATION/LIMITED

26,944,494

TRANSPORTATION

-

18.4%

(18.6%

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

907,138

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

219,154

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

10,313,822

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

2,758,500

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

1,482,144

2,345,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B,

(AMT)

5

.250

07/01/58

2,386,066

3,075,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021A

4

.000

07/01/51

2,733,853

4,200,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2023C,

(AMT)

5

.500

05/01/40

4,480,846

1,035,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2025A,

(AMT)

5

.250

05/01/55

1,047,445

2,885,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2025A,

(AMT)

5

.500

05/01/55

2,995,769

16,295,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B

5

.000

05/01/47

16,380,920

3,740,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Governmental

Purpose

Series

2016C

5

.000

05/01/46

3,750,765

4,160,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

(AMT)

5

.000

05/01/43

4,119,265

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

582,519

100,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B

5

.250

01/15/44

100,016

TOTAL

TRANSPORTATION

54,258,222

U.S.

GUARANTEED

-

1.5%

(1.5%

of

Total

Investments)

(c)

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

286,198

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

821,736

130,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A,

(Pre-refunded

4/01/30)

4

.000

04/01/49

136,787

3,000,000

Chaffey

Community

College

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Taxable

Refunding

Series

2019,

(Pre-refunded

6/01/28)

4

.000

06/01/43

3,116,792

TOTAL

U.S.

GUARANTEED

4,361,513

Portfolio

of

Investments

May

31,

2025

(continued)

NCA

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

-

17.4%

(17.5%

of

Total

Investments)

$

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

$

1,374,902

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

3,551,664

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

1,512,999

2,815,000

Central

Valley

Energy

Authority,

California,

Commodity

Supply

Revenue

Bonds,

Series

2025,

(Mandatory

Put

8/01/35)

5

.000

12/01/55

2,946,553

1,800,000

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A

5

.500

11/15/37

1,977,230

835,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2016B

5

.000

07/01/37

836,606

2,425,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2018D

5

.000

07/01/48

2,401,595

3,395,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B

5

.000

07/01/45

3,415,327

3,795,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022A

5

.000

07/01/51

3,775,217

560,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2025A

-

BAM

Insured

5

.000

07/01/53

566,766

4,150,000

Los

Angeles

Department

of

Water

and

Power,

California,

Water

System

Revenue

Bonds,

Series

2022B

5

.000

07/01/47

4,173,771

1,500,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2018B

5

.000

07/01/38

1,515,648

2,500,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C

5

.000

07/01/36

2,606,336

6,000,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C

5

.000

07/01/38

6,180,989

3,000,000

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C

6

.500

11/01/39

3,541,281

2,000,000

(a)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

5

.000

07/01/47

1,897,807

5,775,000

Riverside,

California,

Sewer

Revenue

Bonds,

Refunding

Series

2018A

5

.000

08/01/39

5,977,763

3,000,000

San

Diego

Public

Facilities

Financing

Authority,

California,

Water

Utility

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2016B

5

.000

08/01/37

3,040,997

TOTAL

UTILITIES

51,293,451

TOTAL

MUNICIPAL

BONDS

(Cost

$286,454,263)

279,763,060

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$286,454,263)

279,763,060

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

4.2%

(4.3%

of

Total

Investments)

X

12,500,000

MUNICIPAL

BONDS

-

4.2% (4.3%

of

Total

Investments)

X

–

TAX

OBLIGATION/GENERAL

-

3.4%

(3.4%

of

Total

Investments)

$

10,000,000

(d),(e)

California

State,

General

Obligation

Bonds,

Variable

Rate

Weekly

Rate

Period,

Series

2024c-2

0

.970

05/01/47

$

10,000,000

TOTAL

TAX

OBLIGATION/GENERAL

10,000,000

US

GUARANTEED

-

0.8%

(0.9%

of

Total

Investments)

2,500,000

(d),(e)

BlackRock

MuniHoldings

California

Quality

Fund

Inc,

Series

W-7,

LIQ:

Barclays

Bank

PLC,

(AMT)

3

.650

09/01/54

2,500,000

TOTAL

US

GUARANTEED

2,500,000

TOTAL

MUNICIPAL

BONDS

(Cost

$12,500,000)

12,500,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$12,500,000)

12,500,000

TOTAL

INVESTMENTS

-

99.1%

(Cost

$298,954,263)

292,263,060

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.9%

2,643,061

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

294,906,121

7

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

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:

AMT

Alternative

Minimum

Tax

LIQ

Liquidity

Agreement

(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

$36,065,494

or

12.3%

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)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(e)

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.

NCA

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

279,763,060

$

–

$

279,763,060

Short-Term

Investments:

Municipal

Bonds

–

12,500,000

–

12,500,000

Total

$

–

$

292,263,060

$

–

$

292,263,060