1
Portfolio
of
Investments
November
30,
2024
NAC
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
165.7% (99.6%
of
Total
Investments)  
X
3,050,983,810
MUNICIPAL
BONDS
-
165.7%  (99.6%
of
Total
Investments)
X
–
CONSUMER
STAPLES
-
0.8%
(0.5%
of
Total
Investments)
$
1,000,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Golden
Gate
Tobacco
Funding
Corporation,
Turbo,
Series
2007A
5
.000
%
06/01/47
$
973,655
2,575,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
4
.000
06/01/49
2,445,225
1,285,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020B-1
5
.000
06/01/49
1,309,715
44,035,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0
.000
06/01/66
4,943,832
19,000,000
Silicon
Valley
Tobacco
Securitization
Authority,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Santa
Clara
County
Tobacco
Securitization
Corporation,
Series
2007B
0
.000
06/01/47
5,192,478
TOTAL
CONSUMER
STAPLES
14,864,905
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
7.5%
(4.5%
of
Total
Investments)
6,995,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Chapman
University,
Series
2017B
4
.000
04/01/47
6,981,085
5,725,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Stanford
University
Series
2016U-7
5
.000
06/01/46
7,128,393
4,385,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Pacific,
Series
2023
5
.000
11/01/53
4,790,613
650,000
(a)
California
Enterprise
Development
Authority,
Charter
School
Revenue
Bonds,
Academy
for
Academic
Excellence
Project,
Series
2020A
5
.000
07/01/55
653,251
1,350,000
(a)
California
Municipal
Finance
Authority
Charter
School
Revenue
Bonds,
River
Charter
Schools
Project,
Series
2018A
5
.500
06/01/53
1,353,450
800,000
(a)
California
Municipal
Finance
Authority,  Revenue
Bonds,
Creative
Center
of
Los
Altos
Project
Pinewood
&
Oakwood
Schools,
Series
2016B
4
.000
11/01/36
781,430
1,000,000
(a)
California
Municipal
Finance
Authority,  Revenue
Bonds,
Creative
Center
of
Los
Altos
Project
Pinewood
&
Oakwood
Schools,
Series
2016B
4
.500
11/01/46
954,346
1,210,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/39
1,218,795
2,980,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
John
Adams
Academies,
Inc.
-
Lincoln
Project,
Taxable
Series
2019B
5
.000
10/01/57
2,886,417
1,000,000
(a)
California
Municipal
Finance
Authority,
Charter
School
Revenue
Bonds,
Palmdale
Aerospace
Academy
Project,
Series
2016A
5
.000
07/01/46
1,000,710
3,500,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/43
3,561,741
1,650,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
4
.000
12/31/47
1,572,547
4,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/47
4,056,920
1,000,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
The
Master's
University
&
Seminary,
Series
2019
5
.000
08/01/48
1,011,262
750,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Aspire
Public
School
-
Obligated
Group,Issue
No.6,
Series
2020A
5
.000
08/01/42
769,442
1,550,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Camino
Nuevo
Charter
Academy
Sustainability
Series
2023A
5
.250
06/01/53
1,596,540
250,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Kepler
Neighborhood
School,
Series
2017A
5
.000
05/01/27
251,584
1,100,000
(a)
California
School
Finance
Authority,
Charter
School
Revenue
Bonds,
Stem
Preparatory
Schools
Obligated
Group,
Series
2023A
5
.375
05/01/63
1,140,543
Portfolio
of
Investments
November
30,
2024
(continued)
NAC
2
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
1,615,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2015A
5
.000
%
07/01/45
$
1,621,810
2,150,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A
5
.000
07/01/46
2,158,638
7,995,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.000
07/01/46
8,081,106
8,340,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.250
07/01/52
8,444,512
800,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Value
Schools,
Series
2016A
6
.000
07/01/51
818,190
3,430,000
California
State
University,
Systemwide
Revenue
Bonds,
Refunding
Series
2015A
5
.000
11/01/43
3,481,455
10,440,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2018A
5
.000
11/01/43
11,098,199
2,935,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2017M
5
.000
05/15/52
3,034,922
8,500,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O
5
.000
05/15/43
8,962,089
10,390,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O
4
.000
05/15/48
10,450,950
14,215,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2018O
5
.000
05/15/48
14,899,476
3,930,000
University
of
California,
General
Revenue
Bonds,
Series
2018AZ
5
.000
05/15/38
4,187,017
6,775,000
University
of
California,
General
Revenue
Bonds,
Series
2018AZ
5
.000
05/15/48
7,105,726
12,810,000
University
of
California,
General
Revenue
Bonds,
Series
2020BE
4
.000
05/15/47
12,932,848
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
138,986,007
FINANCIALS
-
0.0%
(0.0%
of
Total
Investments)
1,304,842
(b)
Cofina
Class
2
Trust
Tax-Exempt
Class
2054,
Puerto
Rico.
Unit
Exchanged
From
Cusip
74529JAP0
0
.000
08/01/54
278,660
TOTAL
FINANCIALS
278,660
HEALTH
CARE
-
29.0%
(17.4%
of
Total
Investments)
6,365,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
4
.000
11/15/41
6,384,728
19,795,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
5
.000
11/15/46
20,262,249
20,215,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A
4
.000
11/15/48
20,195,935
13,110,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2017A
5
.000
11/15/48
13,569,240
5,890,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
5
.000
11/15/38
6,190,292
7,960,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Refunding
Series
2016A
4
.000
03/01/39
7,939,076
7,810,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2013A
4
.000
03/01/43
7,592,474
15,000,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Cedars-Sinai
Medical
Center,
Refunding
Series
2016B
4
.000
08/15/39
15,102,736
7,400,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
Los
Angeles,
Series
2017A
5
.000
08/15/47
7,525,981
4,750,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Children's
Hospital
of
Orange
County,
Series
2024A
5
.000
11/01/49
5,282,959
16,625,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
4
.000
11/15/45
16,553,827
30,630,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
5
.000
11/15/49
31,133,747
31,810,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/44
32,015,693
10,855,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/45
10,909,305
3
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
2,720,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
%
04/01/49
$
2,696,970
4,430,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.250
12/01/49
4,943,758
24,625,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Lucile
Salter
Packard
Children's
Hospital
at
Stanford,
Refunding
Forward
Delivery
Series
2022A
4
.000
05/15/51
24,915,444
2,230,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A
5
.000
10/01/38
2,234,210
16,375,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B
5
.000
10/01/44
16,378,745
26,330,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2016A
4
.000
10/01/47
26,061,042
24,655,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A
5
.250
07/01/49
26,745,436
14,000,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A
5
.250
07/01/54
15,055,460
16,185,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A
-
AGM
Insured
4
.000
02/01/51
16,268,678
3,095,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/42
3,153,552
685,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/47
694,510
11,830,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/36
12,016,586
1,420,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
1,434,988
9,335,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.000
11/01/47
9,347,528
6,770,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/47
6,809,628
5,330,000
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A
-
AGM
Insured
5
.250
11/01/52
5,707,813
12,485,000
California
Public
Finance
Authority,
Revenue
Bonds,
Henry
Mayo
Newhall
Hospital,
Series
2017
5
.000
10/15/47
12,612,185
14,550,000
California
Public
Finance
Authority,
Revenue
Bonds,
Hoag
Memorial
Hospital
Presbyterian,
Fixed
Period
Series
2022A
4
.000
07/15/51
14,650,300
5,310,000
California
Statewide
Communities
Development
Authority,
California,
Redlands
Community
Hospital,
Revenue
Bonds,
Series
2016
5
.000
10/01/46
5,386,602
1,000,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/34
1,000,637
1,200,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/44
1,200,029
2,375,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.500
12/01/54
2,375,179
13,235,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
13,375,275
46,490,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2018A
5
.500
12/01/58
48,237,885
2,345,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A
5
.000
03/01/35
2,381,154
3,000,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Series
2015A
5
.000
03/01/45
3,030,817
6,465,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
John
Muir
Health,
Series
2016A
4
.000
08/15/51
6,303,397
2,475,000
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A
-
AGM
Insured
5
.250
08/15/52
2,680,275
Portfolio
of
Investments
November
30,
2024
(continued)
NAC
4
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
HEALTH
CARE
(continued)
$
39,224
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
%
12/31/24
$
39,224
42,792
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/30
42,792
29,956
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.750
07/01/35
29,956
40,387
(c),(d)
California
Statewide
Community
Development
Authority,
Revenue
Bonds,
Daughters
of
Charity
Health
System,
Series
2005A
5
.500
07/01/39
40,387
5,095,000
Madera
County,
California,
Certificates
of
Participation,
Valley
Children's
Hospital
Project,
Series
1995
-
NPFG
Insured
5
.750
03/15/28
5,260,183
21,355,000
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016
5
.000
11/01/36
21,381,188
4,500,000
Palomar
Pomerado
Health
System,
California,
Revenue
Bonds,
Refunding
Series
2016
4
.000
11/01/39
3,948,689
9,000,000
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P
5
.000
05/15/47
9,923,625
4,410,000
University
of
California
Regents,
Medical
Center
Pooled
Revenue
Bonds,
Series
2022P
4
.000
05/15/53
4,454,535
755,000
Washington
Township
Health
Care
District,
California,
Revenue
Bonds,
Series
2023A
5
.750
07/01/53
826,698
TOTAL
HEALTH
CARE
534,303,602
HOUSING/MULTIFAMILY
-
17.4%
(10.5%
of
Total
Investments)
11,535,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
02/01/56
7,848,256
22,070,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2
4
.000
08/01/47
17,788,890
34,360,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
26,042,396
660,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-2
4
.000
02/01/50
518,366
2,020,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
The
Arbors,
Series
2020A
5
.000
08/01/50
1,971,359
1,385,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Verdant
at
Green
Valley
Apartments,
Series
2019A
5
.000
08/01/49
1,330,290
9,320,000
(a)
California
Community
Housing
Agency,
Workforce
Housing
Revenue
Bonds,
Annadel
Apartments,
Series
2019A
5
.000
04/01/49
8,123,792
20,914,746
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2
4
.000
03/20/33
21,152,995
13,334,539
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1
3
.500
11/20/35
13,063,949
4,988,694
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-3
3
.250
08/20/36
4,723,569
3,266,895
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1
4
.250
01/15/35
3,381,455
17,633,875
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1
4
.375
09/20/36
18,426,879
1,465,000
(a)
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A
5
.500
07/01/50
1,609,625
1,000,000
(a)
California
Public
Finance
Authority,
University
Housing
Revenue
Bonds,
National
Campus
Community
Development
-
Claremont
Properties
LLC
Claremont
Colleges
Project,
Refunding
Series
2023A
6
.000
07/01/53
1,137,630
23,750,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
18,721,023
5
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
8,060,000
(a)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1
4
.000
%
08/01/58
$
6,519,025
3,265,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-1
3
.600
05/01/47
2,754,432
11,510,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2
3
.250
05/01/57
8,136,434
12,910,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A
4
.000
10/01/56
11,502,851
7,450,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-1
3
.500
10/01/46
6,291,720
20,500,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
16,889,317
25,110,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
22,463,496
4,810,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-1
2
.875
08/01/41
4,478,978
7,030,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Jefferson-Anaheim
Series
2021A-2
3
.125
08/01/56
5,377,953
3,565,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-1
3
.400
10/01/46
2,898,412
23,660,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
10/01/56
18,709,668
2,215,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.000
07/01/43
1,794,722
9,645,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
6,752,742
7,345,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2
4
.000
09/01/56
5,819,073
450,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Orange
City
Portfolio,
Mezzanine
Lien
Series
2021B
4
.000
03/01/57
341,969
11,215,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A
4
.000
08/01/56
10,247,957
4,020,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B
4
.000
12/01/56
3,062,751
8,025,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2
4
.000
07/01/56
6,645,643
2,010,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Mezzanine
Lien
Series
2021B
4
.000
09/01/46
1,716,626
5,700,000
(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
4,048,270
20,760,000
(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
12,720,869
21,185,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
15,033,446
TOTAL
HOUSING/MULTIFAMILY
320,046,828
Portfolio
of
Investments
November
30,
2024
(continued)
NAC
6
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
LONG-TERM
CARE
-
0.5%
(0.3%
of
Total
Investments)
$
6,120,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
HumanGood
California
Obligated
Group,
Refunding
Series
2019
4
.000
%
10/01/37
$
6,120,794
1,900,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Odd
Fellows
Home
of
California
Project,
Insured
Refunding
Series
2023A
4
.000
04/01/43
1,929,254
1,000,000
California
Statewide
Communities
Development
Authority,
Revenue
Bonds,
Odd
Fellows
Home
of
California
Project,
Insured
Refunding
Series
2023A
4
.125
04/01/53
1,008,707
TOTAL
LONG-TERM
CARE
9,058,755
TAX
OBLIGATION/GENERAL
-
27.8%
(16.7%
of
Total
Investments)
4,125,000
Alameda
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Series
2004A
-
AGM
Insured
0
.000
08/01/25
4,044,574
20,995,000
Berkeley
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
of
2020
Series
2024D
4
.000
08/01/54
21,162,015
4,420,000
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A
5
.250
08/01/46
4,615,394
2,500,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Bid
Group
C
Series
2016
5
.000
09/01/32
2,585,472
2,100,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016
5
.000
08/01/33
2,167,312
4,000,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2016
5
.000
09/01/35
4,132,024
3,570,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2021.
Forward
Delivery
5
.000
09/01/41
3,965,084
50,000
California
State,
General
Obligation
Bonds,
Series
2013
5
.000
02/01/29
50,106
1,000,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2016
5
.000
09/01/34
1,033,376
14,780,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2017
5
.000
11/01/47
15,416,464
5,000,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2018.
Bid
Group
A/B
5
.000
10/01/48
5,252,430
1,770,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020
4
.000
11/01/45
1,773,092
1,780,000
Centinela
Valley
Union
High
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2002A
-
NPFG
Insured
5
.250
02/01/26
1,806,529
5,400,000
Central
Unified
School
District,
Fresno
County,
California,
General
Obligation
Bonds,
2016
Election
Series
2018B.
4
.000
08/01/48
5,414,736
7,850,000
Cerritos
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2022
Series
2024A
4
.000
08/01/49
7,940,923
7,860,000
Corona-Norco
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
2014,
Series
2019C
-
BAM
Insured
3
.000
08/01/44
6,866,679
15,285,000
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
of
2016
Series
2024
4
.000
08/01/51
15,428,679
5,000,000
Elk
Grove
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2016,
Series
2017
4
.000
08/01/46
5,015,320
15,250,000
Glendale
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Taxable
Refunding
Series
2020B
4
.000
08/01/50
15,337,904
18,500,000
Grossmont
Healthcare
District,
California,
General
Obligation
Bonds,
Refunding
Series
2015D
4
.000
07/15/40
18,516,557
6,185,000
Grossmont-Cuyamaca
Community
College
District,
California,
General
Obligation
Bonds,
Refunding
Series
2018
4
.000
08/01/47
6,228,100
5,150,000
Hacienda
La
Puente
Unified
School
District
Facilities
Financing
Authority,
California,
General
Obligation
Revenue
Bonds,
Program
Series
2007
-
AGM
Insured
5
.000
08/01/26
5,352,887
3,000,000
Hacienda
La
Puente
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
2016
Election,
Series
2017A
4
.000
08/01/47
3,015,450
5,585,000
Lake
Elsinore
Unified
School
District,
Riverside
County,
California,
General
Obligation
Bonds,
2016
Election
Series
B
-
BAM
Insured
4
.000
08/01/49
5,594,725
7
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
5,630,000
(e)
Lake
Tahoe
Unified
School
District,
El
Dorado
County,
California,
General
Obligation
Bonds,
Series
2010
-
AGM
Insured
0
.000
%
08/01/45
$
4,897,958
4,140,000
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
2008
Election
Series
2017J
4
.000
08/01/41
4,181,370
1,285,000
Los
Angeles
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Measure
Q
Series
2020C
4
.000
07/01/40
1,321,599
3,100,000
Manteca
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2014
Series
2017B
4
.000
08/01/42
3,120,355
10,000,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A
4
.000
08/01/40
10,021,056
7,500,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A
4
.000
08/01/45
7,505,800
4,100,000
Monrovia
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2001B
-
FGIC
Insured
0
.000
08/01/27
3,784,750
4,650,000
Monterey
Peninsula
Community
College
District,
Monterey
County,
California,
General
Obligation
Bonds,
Election
of
2020
Series
2024B
4
.000
08/01/51
4,700,545
6,950,000
Morgan
Hill
Unified
School
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Election
2012
Series
2017B
4
.000
08/01/47
6,985,792
10,765,000
North
Orange
County
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2002
Series
2003B
-
FGIC
Insured
0
.000
08/01/27
9,960,778
5,000,000
Oakland
Unified
School
District,
Alameda
County,
California,
General
Obligation
Bonds,
Election
2020,
Series
2023A
-
AGM
Insured
5
.250
08/01/48
5,646,591
10,330,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A
0
.000
08/01/35
6,094,032
5,000,000
Paramount
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2006
Series
2011
6
.375
08/01/45
6,024,406
7,350,000
Pleasant
Valley
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Refunding
Series
B
4
.000
08/01/46
7,416,490
16,736,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
16,125,504
28,000,000
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B
0
.000
08/01/44
12,674,200
7,500,000
San
Francisco
Bay
Area
Rapid
Transit
District,
General
Obligation
Bonds,
Election
of
2016,
Green
Series
2022D-1
4
.250
08/01/52
7,672,790
9,760,000
San
Francisco
Community
College
District,
California,
General
Obligation
Bonds,
Election
2020
Series
2020A
4
.000
06/15/45
9,868,045
4,970,000
San
Rafael
City
High
School
District,
Marin
County,
California,
General
Obligation
Bonds,
Series
2004B
-
FGIC
Insured
0
.000
08/01/27
4,597,499
10,000,000
(f)
Santa
Cruz
City
High
School
District,
Santa
Cruz
County,
California,
General
Obligation
Bonds,
Election
of
2022,
Series
2024A
4
.000
08/01/54
10,063,502
4,175,000
Southwestern
Community
College
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Election
of
2002,
Series
2004
-
FGIC
Insured
0
.000
08/01/25
4,093,599
5,530,000
(e)
Stockton
Unified
School
District,
San
Joaquin
County,
California,
General
Obligation
Bonds,
Election
2008
Series
2011D
-
AGM
Insured
0
.000
08/01/50
6,353,684
26,000,000
(e)
Sylvan
Union
School
District,
Stanislaus
County,
California,
General
Obligation
Bonds,
Election
of
2006,
Series
2010
-
AGM
Insured
0
.000
08/01/49
23,755,683
4,740,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2004
Election
Series
2013B
5
.500
08/01/38
4,751,983
4,830,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2004
Election
Series
2013B
5
.500
08/01/40
4,842,217
20,510,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2004
Election
Series
2013B
5
.000
08/01/43
20,509,729
Portfolio
of
Investments
November
30,
2024
(continued)
NAC
8
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
4,355,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2013A
5
.500
%
08/01/38
$
4,366,010
3,500,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2013A
5
.500
08/01/40
3,508,852
8,410,000
Washington
Township
Health
Care
District,
Alameda
County,
California,
General
Obligation
Bonds,
2012
Election
Series
2015B
4
.000
08/01/45
8,404,685
750,000
Washington
Township
Health
Care
District,
California,
General
Obligation
Bonds,
2020
Election
Series
2023B
-
AGM
Insured
4
.250
08/01/45
775,752
2,575,000
Washington
Township
Health
Care
District,
California,
General
Obligation
Bonds,
2020
Election
Series
2023B
5
.250
08/01/48
2,879,421
140,160,000
(e)
Yosemite
Community
College
District,
California,
General
Obligation
Bonds,
Capital
Appreciation,
Election
2004,
Series
2010D
0
.000
08/01/42
122,291,142
TOTAL
TAX
OBLIGATION/GENERAL
511,911,651
TAX
OBLIGATION/LIMITED
-
15.6%
(9.4%
of
Total
Investments)
1,675,000
Beaumont
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Improvement
Area
19A,
Series
2015B
5
.000
09/01/35
1,691,757
1,655,000
Bell
Community
Housing
Authority,
California,
Lease
Revenue
Bonds,
Series
2005
-
AMBAC
Insured
5
.000
10/01/36
1,655,113
615,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
615,294
1,200,000
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
1,278,866
17,395,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Judicial
Council
of
California,
New
Stockton
Courthouse,
Series
2014B
5
.000
10/01/39
17,422,021
13,520,000
California
State
Public
Works
Board,
Lease
Revenue
Bonds,
Various
Capital
Projects,
Series
2014E
5
.000
09/01/39
13,538,985
2,550,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2017C
5
.000
09/02/47
2,602,745
2,000,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2018A
5
.000
09/02/47
2,060,223
545,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
574,915
9,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/32
9,101,288
11,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/39
11,044,394
1,955,000
Jurupa
Public
Financing
Authority,
California,
Special
Tax
Revenue
Bonds,
Series
2015A
5
.000
09/01/43
1,979,385
810,000
Lake
Elsinore
Public
Financing
Authority,
California,
Local
Agency
Revenue
Bonds,
Refunding
Series
2015
5
.000
09/01/40
815,710
1,000,000
Lathrop,
California,
Limited
Obligation
Improvement
Bonds,
Crossroads
Assessment
District,
Series
2015
5
.000
09/02/40
1,004,940
5,125,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A
5
.000
06/01/36
5,281,955
5,620,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A
5
.000
06/01/37
5,787,406
10,455,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A
5
.000
06/01/38
10,759,852
5,000,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A
5
.000
07/01/39
5,357,278
9
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
20,735,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A
5
.000
%
07/01/44
$
22,045,433
3,995,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Senior
Lien
Series
2017A
5
.000
07/01/42
4,192,754
2,000,000
Los
Angeles
County
Public
Works
Financing
Authority,
California,
Lease
Revenue
Bonds,
Series
2019E-1
5
.000
12/01/49
2,133,161
1,835,000
Modesto,
California,
Speical
Tax
Bonds,
Community
Faclities
District
2004-1
Village
One
2,
Refunding
Series
2014
5
.000
09/01/31
1,837,396
1,000,000
Norco
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
1,
Series
2009
7
.000
03/01/34
1,003,208
2,215,000
Ontario
Redevelopment
Financing
Authority,
San
Bernardino
County,
California,
Revenue
Bonds,
Redevelopment
Project
1,
Refunding
Series
1995
-
NPFG
Insured
7
.400
08/01/25
2,261,565
6,055,000
Orange
County
Local
Transportation
Authority,
California,
Measure
M2
Sales
Tax
Revenue
Bonds,
Limited
Tax
Series
2019
5
.000
02/15/41
6,478,964
14,741,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/51
3,661,365
85,962,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
86,350,024
5,500,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.329
07/01/40
5,500,047
43,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.536
07/01/53
42,430
8,185,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
8,201,797
3,500,000
Rancho
Cucamonga
Redevelopment
Agency
Successor
Agency,
California,
Tax
Allocation
Bonds,
Rancho
Redevelopment
Project,
Series
2014
5
.000
09/01/30
3,506,294
815,000
River
Islands
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
2003-1
Improvement
Area
1,
Refunding
Series
2022A-1
-
AGM
Insured
4
.250
09/01/47
831,197
5,000,000
Riverside
County
Transportation
Commission,
California,
Sales
Tax
Revenue
Bonds,
Refunding
Limited
Tax
Series
2017B
5
.000
06/01/38
5,297,288
385,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
09/01/31
389,035
575,000
Roseville,
California,
Special
Tax
Bonds,
Community
Facilities
District
1
Westpark,
Refunding
Series
2015
5
.000
09/01/37
580,149
4,250,000
Sacramento
City
Financing
Authority,
California,
Tax
Allocation
Revenue
Bonds,
Merged
Downtown
Sacramento
and
Oak
Park
Projects,
Series
2005A
-
FGIC
Insured
0
.000
12/01/31
3,317,849
730,000
San
Buenaventura
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Project
Areas,
Series
2008
7
.750
08/01/28
732,806
1,325,000
San
Buenaventura
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Merged
Project
Areas,
Series
2008
8
.000
08/01/38
1,330,333
1,680,000
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
1,682,692
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
540,000
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011
7
.000
10/01/26
541,573
2,500,000
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A
5
.000
09/01/37
2,595,515
735,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
5
.500
09/01/27
765,233
1,435,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
5
.750
09/01/32
1,521,694
5,520,000
(a)
Temecula
Public
Financing
Authority,
California,
Special
Tax
Bonds,
Community
Facilities
District
16-01,
Series
2017
6
.250
09/01/47
5,787,895
Portfolio
of
Investments
November
30,
2024
(continued)
NAC
10
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
TAX
OBLIGATION/LIMITED
(continued)
$
1,350,000
Temecula
Valley
Unified
School
District,
Riverside
County,
California,
Special
Tax
Bonds,
Community
Facilities
District
2002-
1
Improvement
Area
1,
Series
2012
5
.000
%
09/01/33
$
1,356,481
1,700,000
Tracy,
California,
Special
Tax
Bonds,
Community
Facilities
District
2016-1
Tracy
Hills,  Improvement
Area
2,
Series
2023
5
.750
09/01/48
1,837,445
4,315,000
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A
5
.000
10/01/45
4,442,632
7,285,000
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A
5
.000
10/01/49
7,453,829
1,430,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A
-
AGM
Insured
5
.000
10/01/32
1,443,806
TOTAL
TAX
OBLIGATION/LIMITED
286,827,740
TRANSPORTATION
-
28.0%
(16.8%
of
Total
Investments)
7,025,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2023F-2
4
.125
04/01/54
7,136,257
10,000,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Fixed
Rate
Series
2017S-7
4
.000
04/01/37
10,121,278
5,760,000
Burbank-Glendale-Pasadena
Airport
Authority,
California,
Airport
Revenue
Bonds,
Senior
Series
2024B
-
AGM
Insured,
(AMT)
4
.500
07/01/54
5,826,974
7,775,000
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
(AMT)
4
.000
07/15/29
7,754,821
10,979,000
Foothill/Eastern
Transportation
Corridor
Agency,
California,
Toll
Road
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A
4
.000
01/15/46
11,022,659
1,200,000
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2015D
5
.000
05/15/42
1,208,686
7,500,000
Long
Beach,
California,
Harbor
Revenue
Bonds,
Series
2019A
5
.000
05/15/49
8,009,684
3,730,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
05/15/41
3,731,189
4,160,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Private
Activity
Series
2021A,
(AMT)
5
.000
05/15/46
4,385,837
20,895,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Lien
Private
Activity
Series
2021A,
(AMT)
5
.000
05/15/51
21,866,093
2,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
(AMT)
5
.000
05/15/36
2,009,993
24,920,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Lien
Series
2015D,
(AMT)
5
.000
05/15/41
25,010,295
4,850,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Series
2022H,
(AMT)
5
.000
05/15/42
5,166,862
5,080,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Senior
Series
2022H,
(AMT)
5
.000
05/15/52
5,339,045
24,405,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2016B,
(AMT)
5
.000
05/15/46
24,664,637
3,310,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018C,
(AMT)
5
.000
05/15/44
3,387,273
5,000,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2018D,
(AMT)
5
.000
05/15/48
5,169,722
5,485,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2019E
5
.000
05/15/44
5,815,080
945,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(AMT)
5
.000
05/15/37
1,022,152
22,230,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(AMT)
5
.000
05/15/46
23,518,011
3,750,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
(AMT)
5
.000
05/15/45
3,984,408
11
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
4,780,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Second
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021C
4
.000
%
06/01/47
$
4,777,511
7,750,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1
4
.000
06/01/46
7,782,772
23,740,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.000
07/01/53
25,081,331
20,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.250
07/01/58
21,454,672
3,600,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Refunding
Subordinate
Series
2019A
5
.000
07/01/34
3,943,945
1,250,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Refunding
Subordinate
Series
2019A
5
.000
07/01/36
1,361,584
6,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021A
4
.000
07/01/51
6,009,940
16,410,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT)
5
.500
05/01/42
18,443,680
11,000,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT)
5
.500
05/01/43
12,318,712
1,845,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT)
5
.750
05/01/48
2,072,763
14,500,000
(g)
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2022A,
(AMT),
(UB)
5
.000
05/01/52
15,215,104
34,270,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B
5
.000
05/01/47
35,526,811
3,040,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/38
3,191,926
43,180,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/44
44,801,936
25,885,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2019A,
(AMT)
5
.000
05/01/49
26,737,046
22,835,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2016B,
(AMT)
5
.000
05/01/46
23,040,035
10,910,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2017A,
(AMT)
5
.000
05/01/42
11,116,233
3,775,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.000
05/01/48
3,863,165
24,820,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(AMT)
5
.250
05/01/48
25,690,561
4,900,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/40
5,115,582
7,510,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019F
5
.000
05/01/50
7,937,596
16,936,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A
4
.000
01/15/50
17,005,519
6,250,000
San
Jose,
California,
Airport
Revenue
Bonds,
Refunding
Series
2017A,
(AMT)
5
.000
03/01/47
6,332,556
TOTAL
TRANSPORTATION
514,971,936
Portfolio
of
Investments
November
30,
2024
(continued)
NAC
12
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
U.S.
GUARANTEED
-
10.4%
(6.2%
of
Total
Investments)
(h)
$
18,400,000
Antelope
Valley
Community
College
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A,
(Pre-refunded
2/15/27)
5
.250
%
08/01/42
$
19,495,884
1,285,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2015A,
(Pre-
refunded
8/15/25)
5
.000
08/15/43
1,304,267
12,880,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
(Pre-
refunded
11/15/26)
5
.000
11/15/46
13,472,723
16,250,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
(Pre-refunded
11/15/25)
5
.000
11/15/46
16,597,690
95,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
(Pre-refunded
4/01/30)
4
.000
04/01/49
101,759
18,250,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Pomona
College,
Series
2017,
(Pre-refunded
1/01/28)
5
.000
01/01/48
19,645,265
10,525,000
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
10,540,514
7,500,000
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016,
(Pre-refunded
2/01/26)
5
.000
08/01/37
7,708,592
1,460,000
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
1,475,992
1,790,000
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
1,809,607
86,320,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Enhanced
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Series
2015A,
(Pre-refunded
6/01/25)
5
.000
06/01/45
87,265,497
55,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(Pre-refunded
11/15/31),
(AMT)
5
.000
05/15/37
61,175
70,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2021D,
(Pre-refunded
11/15/31),
(AMT)
5
.000
05/15/46
77,858
5,840,000
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
1999A,
(ETM)
5
.375
08/15/29
6,346,504
905,000
Orange
County
Water
District,
California,
Revenue
Certificates
of
Participation,
Series
2003B,
(Pre-refunded
8/15/32)
-
NPFG
Insured
5
.000
08/15/34
1,047,423
2,000,000
Puerto
Rico
Public
Finance
Corporation,
Commonwealth
Appropriation
Bonds,
Series
2002E,
(ETM)
6
.000
08/01/26
2,094,778
1,460,000
Rohnert
Park
Community
Development
Commission,
California,
Tax
Allocation
Bonds,
Redevelopment
Project
Series
2007R
-
FGIC
Insured,
(ETM)
5
.000
08/01/37
1,527,296
5,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2018D,
(Pre-
refunded
5/01/28),
(AMT)
5
.000
05/01/48
5,225
TOTAL
U.S.
GUARANTEED
190,578,049
UTILITIES
-
28.7%
(17.3%
of
Total
Investments)
5,000,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023E,
(Mandatory
Put
9/01/32)
5
.000
02/01/55
5,452,854
44,950,000
(g)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023G,
(Mandatory
Put
4/01/30),
(UB)
5
.250
11/01/54
48,499,270
29,560,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
(Mandatory
Put
4/01/32)
5
.000
05/01/54
32,095,955
8,915,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024G,
(Mandatory
Put
8/01/32)
5
.000
11/01/55
9,644,128
13
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
3,925,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
%
07/01/37
$
3,926,921
69,535,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
11/21/45
69,543,963
2,200,000
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2017A
5
.000
06/01/45
2,293,989
5,000,000
East
Bay
Municipal
Utility
District,
Alameda
and
Contra
Costa
Counties,
California,
Water
System
Revenue
Bonds,
Green
Series
2019A
5
.000
06/01/49
5,327,611
2,500,000
El
Dorado
Irrigation
District,
California,
Certificates
of
Participation,
Revenue
Bonds,
Series
2024A
4
.000
03/01/50
2,518,599
14,140,000
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A
5
.000
11/15/35
15,722,970
7,610,000
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A
5
.500
11/15/37
8,934,697
47,705,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017A
5
.000
07/01/47
49,095,324
12,870,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2018A
5
.000
07/01/38
13,638,058
8,980,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2019A
5
.000
07/01/45
9,550,829
8,960,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/40
9,901,279
5,105,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/45
5,538,300
26,625,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/50
28,643,053
4,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022B
5
.000
07/01/47
4,415,052
6,500,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022B
5
.000
07/01/52
7,140,515
3,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022C
5
.000
07/01/39
3,408,852
2,325,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2022C
5
.000
07/01/41
2,612,531
3,500,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2022B
5
.000
07/01/52
3,829,423
2,875,000
Los
Angeles
Department
of
Water
and
Power,
California,
Water
System
Revenue
Bonds,
Series
2023A
5
.000
07/01/49
3,197,865
10,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2016A
5
.000
07/01/46
10,156,816
50,385,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A
5
.000
07/01/44
51,998,983
2,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C
5
.000
07/01/36
2,239,637
3,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2020C
5
.000
07/01/38
3,340,693
5,000,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Green
Subordinate
Series
2018A
5
.000
06/01/43
5,280,278
1,245,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A
5
.000
06/01/34
1,246,141
6,840,000
Los
Angeles,
California,
Wastewater
System
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2013A
5
.000
06/01/35
6,845,498
5,025,000
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2020C
5
.000
07/01/38
5,595,660
6,500,000
Metropolitan
Water
District
of
Southern
California,
Water
Revenue
Bonds,
Refunding
Series
2023A
5
.000
04/01/53
7,219,712
7,525,000
Moulton
Niguel
Water
District,
California,
Certificates
of
Participation,
Series
2019
3
.000
09/01/44
6,689,330
2,820,000
Orange
County
Sanitation
District,
California,
Wastewater
Revenue
Bonds,
Refunding
Series
2016A
5
.000
02/01/35
2,888,762
Portfolio
of
Investments
November
30,
2024
(continued)
NAC
14
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
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
4,415,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
%
07/01/47
$
4,553,963
2,950,000
Sacramento
County
Sanitation
Districts
Financing
Authority,
California,
Revenue
Bonds,
Sacramento
Regional
County
Sanitation
District,
Series
2020A
5
.000
12/01/50
3,182,088
16,670,000
Sacramento
Municipal
Utility
District,
California,
Electric
Revenue
Bonds,
Climate
Certified
Green
Series
2023K
5
.000
08/15/53
18,467,621
7,000,000
Sacramento
Municipal
Utility
District,
California,
Electric
Revenue
Bonds,
Series
2019G
5
.000
08/15/41
7,576,027
1,510,000
Sacramento
Municipal
Utility
District,
California,
Electric
Revenue
Bonds,
Series
2020H
5
.000
08/15/50
1,625,876
4,000,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Revenue
Bonds,
Senior
Series
2023A
4
.000
08/01/52
4,035,494
1,180,000
San
Diego
Public
Facilities
Financing
Authority,
California,
Water
Utility
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2016B
5
.000
08/01/37
1,216,410
4,000,000
Southern
California
Public
Power
Authority,
Natural
Gas
Project
1
Revenue
Bonds,
Series
2007A
5
.000
11/01/33
4,332,801
31,970,000
Southern
California
Public
Power
Authority,
Southern
Transmission
System
Renewal
Project
Revenue
Bonds,
Series
2023-1A
5
.000
07/01/48
35,731,849
TOTAL
UTILITIES
529,155,677
TOTAL
MUNICIPAL
BONDS
(Cost
$2,909,199,595)
3,050,983,810
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$2,909,199,595)
3,050,983,810
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 0.6%
(0.4%
of
Total
Investments)  
X
11,200,000
MUNICIPAL
BONDS
-
0.6%  (0.4%
of
Total
Investments)
X
–
US
GUARANTEED
-
0.6%
(0.4%
of
Total
Investments)
$
11,200,000
(a),(i)
BLACKROCK
MUN
W
7
ADJUSTABLE
VAR,
(AMT)
3
.650
09/01/54
$
11,200,000
TOTAL
US
GUARANTEED
11,200,000
TOTAL
MUNICIPAL
BONDS
(Cost
$11,200,000)
11,200,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$11,200,000)
11,200,000
TOTAL
INVESTMENTS
-
166.3%
(Cost
$2,920,399,595)
3,062,183,810
FLOATING
RATE
OBLIGATIONS
-
(2.4)%  
(
44,585,000
)
MFP
SHARES,
NET
-
(14.9)%
(j)
(
274,922,675
)
VRDP
SHARES,
NET
-
(49.2)%
(k)
(
905,505,156
)
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.2%
3,965,314
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
1,841,136,293
15
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:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
3,050,831,451
$
152,359
$
3,050,983,810
Short-Term
Investments:
Municipal
Bonds
–
11,200,000
–
11,200,000
Total
$
–
$
3,062,031,451
$
152,359
$
3,062,183,810
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
$436,908,128
or
14.3%
of
Total
Investments.
(b)
Effective
February
12,
2019,
the
par
value
of
the
original
bonds
was
replaced
with
taxable
and
tax
exempt
Puerto
Rico
Sales
Tax
Financing
Corporation
(commonly
known
as
COFINA)
bond
units
that
are
collateralized
by
a
bundle
of
zero
and
coupon
paying
bonds.
The
quantity
shown
represents
units
in
a
trust,
which
were
assigned
according
to
the
original
bond’s
accreted
value.
These
securities
do
not
have
a
stated
coupon
interest
rate
and
income
will
be
recognized
through
accretion
of
the
discount
associated
with
the
trust
units.
The
factor
at
which
these
units
accrete
can
also
decrease,
primarily
for
principal
payments
generated
from
coupon
payments
received
or
dispositions
of
the
underlying
bond
collateral.
The
quantity
of
units
will
not
change
as
a
result
of
these
principal
payments.
(c)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
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.
(f)
When-issued
or
delayed
delivery
security.
(g)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(h)
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.
(i)
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.
(j)
MFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
9.0%.
(k)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
29.6%.
AMT
Alternative
Minimum
Tax
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
Inverse
floating
rate
trust
is
a
Recourse
Trust
unless
otherwise
noted.
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