1
Portfolio of Investments May 31, 2026
NCA
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 96.0%   
X
290,770,994
MUNICIPAL BONDS - 95.2%  
X
–
CONSUMER STAPLES - 0.6%
$
70,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4
.000
%
06/01/49
$
62,929
4,895,000
Silicon Valley Tobacco Securitization Authority, California,
Tobacco Settlement Asset-Backed Bonds, Santa Clara County
Tobacco Securitization Corporation, Series 2007A
0
.010
06/01/41
1,872,492
TOTAL CONSUMER STAPLES
1,935,421
EDUCATION AND CIVIC ORGANIZATIONS - 3.2%
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
1,854,117
1,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5
.000
12/31/43
1,014,001
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
273,433
125,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Lifeline Education Charter School Project, Series 2020A
5
.000
07/01/55
118,199
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
219,999
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
1,424,884
3,780,000
California State University, Systemwide Revenue Bonds, Series
2017A
5
.000
11/01/47
3,817,978
1,070,000
University of California, General Revenue Bonds, Series 2018AZ
5
.000
05/15/38
1,110,269
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
9,832,880
HEALTH CARE - 11.4%
4,105,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5
.000
11/15/46
4,116,533
1,000,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Series 2018A
5
.000
11/15/36
1,025,100
2,045,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
4
.000
11/15/45
1,868,451
1,815,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4
.000
04/01/44
1,758,347
3,700,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4
.000
04/01/49
3,374,708
445,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2024A
5
.000
12/01/54
457,584
240,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2014A
5
.000
10/01/38
240,200
840,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Series 2014B
5
.000
10/01/44
840,487
3,245,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5
.250
07/01/49
3,343,532
1,600,000
California Municipal Finance Authority, Revenue Bonds,
Community Health System, Series 2021A - AGM Insured
4
.000
02/01/51
1,443,044
2,000,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
4
.000
07/01/47
1,752,976
120,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5
.000
07/01/47
120,107
100,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.250
11/01/41
100,209
1,090,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.000
11/01/47
1,055,140
400,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5
.250
11/01/47
399,962
Portfolio of Investments May 31, 2026
(continued)
NCA
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
2,000,000
California Municipal Finance Authority, Reveue Bonds,
Community Medical Centers, Series 2017A
5
.000
%
02/01/47
$
2,002,148
520,000
California Municipal Financing Authority, Certificates of
Participation, Palomar Health, Series 2022A
5
.250
11/01/52
524,089
1,000,000
California Statewide Communities Development Authority,
California, Redlands Community Hospital, Revenue Bonds, Series
2016
5
.000
10/01/46
1,003,354
150,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5
.250
12/01/34
150,124
5,800,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5
.250
12/01/56
5,800,071
1,000,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5
.500
12/01/58
1,009,506
245,000
California Statewide Community Development Authority, Health
Revenue Bonds, Enloe Medical Center, Refunding Series 2022A
- AGM Insured
5
.250
08/15/52
248,816
2,000,000
University of California Regents, Medical Center Pooled Revenue
Bonds, Series 2022P
5
.000
05/15/47
2,107,631
TOTAL HEALTH CARE
34,742,119
HOUSING/MULTIFAMILY - 9.4%
1,445,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4
.000
02/01/56
939,672
2,190,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Glendale Properties, Junior Series
2021A-2
4
.000
08/01/47
1,726,905
362,933
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments, Series
2020A
5
.000
02/01/50
6,896
1,285,000
(a)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5
.000
04/01/49
1,005,303
1,889,967
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2019-2
4
.000
03/20/33
1,931,209
1,754,224
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-1
3
.500
11/20/35
1,742,061
285,441
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series2019-1
4
.250
01/15/35
295,832
1,736,622
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Social Certificates Series 2023-1
4
.375
09/20/36
1,757,328
1,502,619
(b)
California Municipal Finance Agency, Municipal Certificates,
Series 2025-2 Class A-1
4
.327
11/20/40
1,493,070
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
1,806,226
800,000
(a)
CMFA Special Finance Agency, California, Essential Housing
Revenue Bonds, Enclave Apartments, Senior Series 2022A-1
4
.000
08/01/58
613,498
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
106,046
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
786,923
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
1,218,578
2,005,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-2
4
.000
10/01/56
1,574,697
2,820,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Center City Anaheim, Series 2020A
5
.000
01/01/54
2,496,014
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
1,641,685
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
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
$
179,709
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
626,688
405,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Oceanaire-Long Beach, Social Series
2021A-2
4
.000
09/01/56
293,670
860,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Parallel-Anaheim Series 2021A
4
.000
08/01/56
778,227
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
413,428
555,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series
2021A-2
3
.000
12/01/56
396,231
795,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Union South Bay, Series 2021A-2
4
.000
07/01/56
660,698
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
405,366
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
1,242,778
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
1,501,267
435,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4
.400
12/01/54
405,645
755,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4
.500
12/01/59
707,352
TOTAL HOUSING/MULTIFAMILY
28,753,002
TAX OBLIGATION/GENERAL - 24.4%
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
3,648,000
10,000,000
Berkeley Unified School District, Alameda County, California,
General Obligation Bonds, Election of 2020 Series 2024D
4
.000
08/01/54
9,484,980
375,000
Butte-Glenn Community College District, Butte and Glenn
Counties, California, General Obligation Bonds, Election 2016
Series 2017A
5
.250
08/01/46
381,126
5,000
California State, General Obligation Bonds, Series 2013
5
.000
02/01/29
5,009
130,000
California State, General Obligation Bonds, Various Purpose
Series 2015
5
.000
08/01/34
130,223
2,000,000
California State, General Obligation Bonds, Various Purpose
Series 2018. Bid Group A/B
5
.000
10/01/48
2,046,296
5,000,000
California State, General Obligation Bonds, Various Purpose
Series 2023
5
.000
09/01/26
5,031,199
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
1,009,006
5,000,000
Chino Valley Unified School District, San Bernardino County,
California, General Obligation Bonds, 2016 Election Series
2020B
5
.000
08/01/55
5,139,560
4,200,000
Corona-Norco Unified School District, Riverside County,
California, General Obligation Bonds, Election 2014, Series
2019C
4
.000
08/01/49
3,946,547
2,000,000
Desert Community College District, Riverside County, California,
General Obligation Bonds, Election of 2016 Series 2024
4
.000
08/01/51
1,893,735
2,000,000
Franklin-McKinley School District, Santa Clara County, California,
General Obligation Bonds, Election of 2020, Series 2023B
4
.250
08/01/49
1,962,076
Portfolio of Investments May 31, 2026
(continued)
NCA
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
690,000
Los Angeles Community College District, California, General
Obligation Bonds, 2008 Election Series 2017J
4
.000
%
08/01/41
$
691,228
2,000,000
Marin Healthcare District, Marin County, California, General
Obligation Bonds, 2013 Election, Series 2015A
4
.000
08/01/40
1,999,943
519,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
494,654
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
4,850,675
11,875,000
(c)
San Mateo Union High School District, San Mateo County,
California, General Obligation Bonds, Election 2010 Series
2011A
0
.000
09/01/41
13,054,664
19,860,000
(c)
Yosemite Community College District, California, General
Obligation Bonds, Capital Appreciation, Election 2004, Series
2010D
0
.000
08/01/42
18,729,420
TOTAL TAX OBLIGATION/GENERAL
74,498,341
TAX OBLIGATION/LIMITED - 7.7%
70,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5
.000
09/02/36
70,039
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
1,042,822
100,000
(a)
California Statewide Communities Development Authority,
Limited Obligation Improvement Bonds, Open PACE, Property
Assessment Clean Energy, GreenRock, HR Ontario Hotel Project,
Series 2026
5
.125
09/02/48
101,305
165,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2016B
5
.000
09/02/46
165,179
400,000
Corona, California, Special Tax Bonds, Community Facilities
District 2018-1 Bedford, Series 2018A
5
.000
09/01/48
401,656
1,000,000
Los Angeles County Facilities Inc, California, Lease Revenue
Bonds, Vermont Corridor County Administration Building, Series
2018A
5
.000
12/01/51
1,018,583
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
2,344,056
4,923,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
4,864,880
29,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
28,918
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
2,018,225
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
655,545
135,000
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
135,206
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
5,011,249
30,000
Signal Hill Redevelopment Agency, California, Project 1 Tax
Allocation Bonds, Series 2011
7
.000
10/01/26
30,089
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
1,030,518
765,000
Stockton Public Financing Authority, California, Revenue Bonds,
Arch Road East Community Facility District 99-02, Series 2018A
5
.000
09/01/43
775,046
1,335,000
Sulphur Springs Union School District, California, Special Tax
Bonds, Community Facilities District 2006-1, Series 2018
5
.000
09/01/43
1,347,178
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
195,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
5
.750
%
09/01/32
$
200,721
2,185,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5
.000
10/01/45
2,208,445
TOTAL TAX OBLIGATION/LIMITED
23,449,660
TRANSPORTATION - 16.9%
1,000,000
Burbank-Glendale-Pasadena Airport Authority, California, Airport
Revenue Bonds, Senior Series 2024B - AGM Insured, (AMT)
4
.375
07/01/49
977,810
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
226,952
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
10,508,506
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
2,784,485
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
1,531,609
2,345,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, International Senior Series 2023B, (AMT)
5
.250
07/01/58
2,419,760
3,075,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021A
4
.000
07/01/51
2,894,052
4,200,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT)
5
.500
05/01/40
4,673,125
1,035,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5
.250
05/01/55
1,076,779
2,885,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5
.500
05/01/55
3,062,156
16,295,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Governmental Purpose
Second Series 2017B
5
.000
05/01/47
16,455,784
4,160,000
San Francisco Airports Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (AMT)
5
.000
05/01/43
4,234,529
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
598,712
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
100,059
TOTAL TRANSPORTATION
51,544,318
U.S. GUARANTEED - 1.3% (d)
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
804,170
130,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)
4
.000
04/01/49
137,454
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
3,096,761
TOTAL U.S. GUARANTEED
4,038,385
UTILITIES - 20.3%
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
1,375,149
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
3,750,415
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
1,538,455
Portfolio of Investments May 31, 2026
(continued)
NCA
6
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
2,815,000
(b)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5
.000
%
12/01/55
$
3,027,890
1,800,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5
.500
11/15/37
2,057,468
2,425,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2018D
5
.000
07/01/48
2,457,945
3,395,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5
.000
07/01/45
3,498,513
3,795,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022A
5
.000
07/01/51
3,866,565
560,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025A - BAM Insured
5
.000
07/01/53
577,435
10,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025C
5
.000
07/01/51
10,309,538
4,150,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2022B
5
.000
07/01/47
4,271,905
1,500,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2018B
5
.000
07/01/38
1,544,103
2,500,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5
.000
07/01/36
2,656,893
6,000,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5
.000
07/01/38
6,322,600
3,000,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
6
.500
11/01/39
3,699,520
2,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
2,006,712
5,775,000
Riverside, California, Sewer Revenue Bonds, Refunding Series
2018A
5
.000
08/01/39
6,006,677
3,000,000
San Diego Public Facilities Financing Authority, California, Water
Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B
5
.000
08/01/37
3,009,085
TOTAL UTILITIES
61,976,868
TOTAL MUNICIPAL BONDS
(Cost $287,277,086)
290,770,994
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
X
2,500,000
VARIABLE RATE DEMAND PREFERRED SHARES - 0.8%  
X
–
$
2,500,000
(e)
BlackRock MuniHoldings California Quality Fund Inc, Series W-7,
LIQ: Barclays Bank PLC
2
.500
09/01/54
$
2,500,000
TOTAL VARIABLE RATE DEMAND PREFERRED SHARES
(Cost $2,500,000)
2,500,000
TOTAL LONG-TERM INVESTMENTS
(Cost $289,777,086)
293,270,994
OTHER ASSETS & LIABILITIES, NET - 4.0%
12,330,340
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
305,601,334
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 fiscal period, the aggregate value of these securities is $36,341,856 or 12.4% of Total Investments.
(b)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(c)
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 fiscal period.
(d)
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.
(e)
Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The rate shown is
the coupon as of the end of the reporting period.
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:
NCA
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
290,770,994
$
–
$
290,770,994
Variable Rate Demand Preferred Shares
–
2,500,000
–
2,500,000
$
–
$
293,270,994
$
–
$
293,270,994