NPORT-EX 2 tiaa_NXC.htm
1
Portfolio
of
Investments
May
31,
2025
NXC
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
91.2%   
X
76,979,563
MUNICIPAL
BONDS
-
91.2%  
X
–
CONSUMER
STAPLES
-
0.2%
$
20,000
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A
4
.000
%
06/01/49
$
16,999
1,265,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0
.000
06/01/66
136,243
TOTAL
CONSUMER
STAPLES
153,242
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
0.5%
60,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016A
5
.000
07/01/46
59,611
385,000
(a)
California
School
Finance
Authority,
School
Facility
Revenue
Bonds,
Alliance
for
College-Ready
Public
Schools
Project,
Series
2016C
5
.000
07/01/46
382,505
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
442,116
HEALTH
CARE
-
12.5%
2,590,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B
5
.000
11/15/46
2,582,446
1,000,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Adventist
Health
System/West,
Refunding
Series
2016A
4
.000
03/01/39
907,628
1,240,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
City
of
Hope
National
Medical
Center,
Series
2019
4
.000
11/15/45
1,110,125
965,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A
4
.000
04/01/49
822,899
125,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2024A
5
.000
12/01/54
125,334
1,365,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Kaiser
Permanente
System,
Series
2017A-2
4
.000
11/01/44
1,222,563
70,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Refunding
Series
2014A
5
.000
10/01/38
70,017
255,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Health
&
Services,
Series
2014B
5
.000
10/01/44
254,988
1,040,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Adventist
Health
Energy
Projects,
Series
2024A
5
.250
07/01/54
1,028,915
450,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Community
Health
System,
Series
2021A
-
AGM
Insured
4
.000
02/01/51
388,590
35,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
5
.000
07/01/47
34,012
130,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
122,730
150,000
California
Municipal
Financing
Authority,
Certificates
of
Participation,
Palomar
Health,
Series
2022A
5
.250
11/01/52
151,380
350,000
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2014A
5
.250
12/01/34
350,139
1,365,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
1,325,433
70,000
California
Statewide
Community
Development
Authority,
Health
Revenue
Bonds,
Enloe
Medical
Center,
Refunding
Series
2022A
-
AGM
Insured
5
.250
08/15/52
71,048
TOTAL
HEALTH
CARE
10,568,247
HOUSING/MULTIFAMILY
-
8.9%
545,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Creekwood,
Series
2021A
4
.000
02/01/56
338,131
590,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Junior
Series
2021A-2
4
.000
08/01/47
449,887
870,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
609,033
Portfolio
of
Investments
May
31,
2025
(continued)
NXC
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
562,233
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2019-2
4
.000
%
03/20/33
$
558,606
505,273
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series
2021-1
3
.500
11/20/35
469,374
86,329
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Series2019-1
4
.250
01/15/35
86,733
506,174
California
Housing
Finance
Agency,
Municipal
Certificate
Revenue
Bonds,
Class
A
Social
Certificates
Series
2023-1
4
.375
09/20/36
501,846
660,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
476,708
225,000
(a)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Enclave
Apartments,
Senior
Series
2022A-1
4
.000
08/01/58
163,742
320,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
777
Place-Pomona,
Senior
Lien
Series
2021A-2
3
.250
05/01/57
210,020
425,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Acacia
on
Santa
Rosa
Creek,
Senior
Lien
Series
2021A
4
.000
10/01/56
331,639
560,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Altana
Glendale,
Series
2021A-2
4
.000
10/01/56
414,288
750,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Center
City
Anaheim,
Series
2020A
5
.000
01/01/54
670,794
540,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
10/01/56
397,031
265,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Monterrey
Station
Apartments,
Senior
Lien
Series
2021A-1
3
.125
07/01/56
168,820
115,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Oceanaire-Long
Beach,
Social
Series
2021A-2
4
.000
09/01/56
82,408
245,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Parallel-Anaheim
Series
2021A
4
.000
08/01/56
206,386
50,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Mezzanine
Senior
Series
2021B
4
.000
12/01/56
35,959
100,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Pasadena
Portfolio
Social
Bond,
Series
2021A-2
3
.000
12/01/56
65,032
185,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Union
South
Bay,
Series
2021A-2
4
.000
07/01/56
140,015
160,000
(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
107,349
585,000
(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
338,496
600,000
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Wood
Creek
Apartments,
Senior
Lien
Series
2021A-1
3
.000
12/01/49
387,073
125,000
Los
Angeles
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Clarendon
Apartments,
Senior
Series
2024A
4
.400
12/01/54
109,243
215,000
Los
Angeles
Housing
Authority,
California,
Multifamily
Housing
Revenue
Bonds,
Clarendon
Apartments,
Senior
Series
2024A
4
.500
12/01/59
193,012
TOTAL
HOUSING/MULTIFAMILY
7,511,625
TAX
OBLIGATION/GENERAL
-
27.0%
620,000
Butte-Glenn
Community
College
District,
Butte
and
Glenn
Counties,
California,
General
Obligation
Bonds,
Election
2016
Series
2017A
5
.250
08/01/46
632,781
1,000,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2015
5
.000
08/01/34
1,002,595
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
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
6,205,000
Desert
Community
College
District,
Riverside
County,
California,
General
Obligation
Bonds,
Election
of
2016
Series
2024
4
.000
%
08/01/51
$
5,647,725
1,000,000
Marin
Healthcare
District,
Marin
County,
California,
General
Obligation
Bonds,
2013
Election,
Series
2015A
4
.000
08/01/45
903,205
2,790,000
Natomas
Unified
School
District,
Sacramento
County,
California,
General
Obligation
Bonds,
Election
of
2018,
Series
2020A
-
AGM
Insured
4
.000
08/01/49
2,534,164
7,575,000
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Convertible
Capital
Appreciation,
Election
2004
Series
2010A
0
.000
08/01/34
4,453,214
65,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
55,732
1,000,000
San
Benito
High
School
District,
San
Benito
and
Santa
Clara
Counties,
California,
General
Obligation
Bonds,
2016
Election
Series
2017
5
.250
08/01/46
1,020,406
8,075,000
San
Bernardino
Community
College
District,
California,
General
Obligation
Bonds,
Election
of
2008
Series
2009B
0
.000
08/01/44
3,313,542
2,000,000
(b)
West
Hills
Community
College
District,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
3,
2008
Election
Series
2011
-
AGM
Insured
0
.000
08/01/38
2,198,040
TOTAL
TAX
OBLIGATION/GENERAL
22,779,397
TAX
OBLIGATION/LIMITED
-
10.0%
20,000
Brentwood
Infrastructure
Financing
Authority,
California,
Infrastructure
Revenue
Bonds,
Refunding
Subordinated
Series
2014B
5
.000
09/02/36
20,005
50,000
California
Statewide
Communities
Development
Authority,
Statewide
Community
Infrastructure
Program
Revenue
Bonds,
Series
2016B
5
.000
09/02/46
50,056
100,000
Corona,
California,
Special
Tax
Bonds,
Community
Facilities
District
2018-1
Bedford,
Series
2018A
5
.000
09/01/48
100,243
15,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Series
2022A-1
5
.000
06/01/51
14,680
1,000,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Measure
R
Sales
Tax
Revenue
Bonds,
Senior
Series
2016A
5
.000
06/01/39
1,009,168
3,000,000
Los
Angeles
County
Metropolitan
Transportation
Authority,
California,
Proposition
C
Sales
Tax
Revenue
Bonds,
Green
Senior
Lien
Series
2019A
5
.000
07/01/44
3,069,015
1,000,000
Norco
Redevelopment
Agency,
California,
Tax
Allocation
Bonds,
Project
Area
1,
Series
2009
7
.000
03/01/34
1,002,963
1,118,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
1,050,423
550,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
493,079
180,000
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
183,882
60,000
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
60,030
15,000
Signal
Hill
Redevelopment
Agency,
California,
Project
1
Tax
Allocation
Bonds,
Series
2011
7
.000
10/01/26
15,042
1,285,000
Stockton
Public
Financing
Authority,
California,
Revenue
Bonds,
Arch
Road
East
Community
Facility
District
99-02,
Series
2018A
5
.000
09/01/28
1,328,114
60,000
Transbay
Joint
Powers
Authority,
California,
Tax
Allocation
Bonds,
Senior
Green
Series
2020A
5
.000
10/01/45
58,247
TOTAL
TAX
OBLIGATION/LIMITED
8,454,947
Portfolio
of
Investments
May
31,
2025
(continued)
NXC
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
-
11.3%
$
60,000
California
Municipal
Finance
Authority,
Special
Facility
Revenue
Bonds,
United
Airlines,
Inc.
Los
Angeles
International
Airport
Project,
Series
2019,
(AMT)
4
.000
%
07/15/29
$
58,441
1,860,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
&
Subordinate
Series
2022C,
(AMT)
4
.000
05/15/40
1,742,905
1,525,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Subordinate
Lien
Series
2022A,
(AMT)
5
.000
05/15/45
1,527,209
3,250,000
Riverside
County
Transportation
Commission,
California,
Toll
Revenue
Senior
Lien
Bonds,
RCTC
91
Express
Lanes,
Refunding
Series
2021B-1
4
.000
06/01/39
3,088,287
305,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
International
Senior
Series
2023B,
(AMT)
5
.000
07/01/53
301,341
1,000,000
San
Diego
County
Regional
Airport
Authority,
California,
Airport
Revenue
Bonds,
Subordinate
Series
2021B,
(AMT)
5
.000
07/01/46
993,519
1,400,000
San
Francisco
Airport
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Refunding
Second
Series
2023C,
(AMT)
5
.500
05/01/40
1,493,616
90,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A
4
.000
01/15/50
78,837
240,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/44
240,037
TOTAL
TRANSPORTATION
9,524,192
U.S.
GUARANTEED
-
3.5%
(c)
410,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B,
(Pre-
refunded
11/15/26)
5
.000
11/15/46
423,788
2,500,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2016A,
(Pre-refunded
11/15/25)
5
.000
11/15/41
2,524,818
35,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2020A,
(Pre-refunded
4/01/30)
4
.000
04/01/49
36,827
TOTAL
U.S.
GUARANTEED
2,985,433
UTILITIES
-
17.3%
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
374,973
1,160,000
(a)
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
Poseidon
Resources
Channelside
LP
Desalination
Project,
Series
2012,
(AMT)
5
.000
11/21/45
1,098,648
645,000
Long
Beach
Bond
Finance
Authority,
California,
Natural
Gas
Purchase
Revenue
Bonds,
Series
2007A
5
.500
11/15/37
708,507
3,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2017C
5
.000
07/01/47
2,957,895
2,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2020B
5
.000
07/01/40
2,042,506
285,000
Los
Angeles
Department
of
Water
and
Power,
California,
Power
System
Revenue
Bonds,
Series
2025A
-
BAM
Insured
5
.000
07/01/53
288,444
2,900,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2017A
4
.000
07/01/47
2,568,089
1,000,000
Los
Angeles
Department
of
Water
and
Power,
California,
Waterworks
Revenue
Bonds,
Series
2018B
5
.000
07/01/38
1,010,432
250,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
237,226
2,050,000
Sacramento
County
Sanitation
Districts
Financing
Authority,
California,
Revenue
Bonds,
Sacramento
Regional
County
Sanitation
District,
Series
2020A
5
.000
12/01/50
2,113,530
5
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.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,070,000
San
Joaquin
Valley
Clean
Energy
Authority,
California,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2025A,
(Mandatory
Put
7/01/35)
5
.500
%
01/01/56
$
1,160,114
TOTAL
UTILITIES
14,560,364
TOTAL
MUNICIPAL
BONDS
(Cost
$79,556,577)
76,979,563
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$79,556,577)
76,979,563
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 2.5%  
X
2,100,000
MUNICIPAL
BONDS
-
2.5%  
X
–
HEALTH
CARE
-
0.7%
$
600,000
(d),(e)
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Scripps
Health,
Weekly
Mode
Series
2024C-1
0
.500
11/15/63
$
600,000
TOTAL
HEALTH
CARE
600,000
TAX
OBLIGATION/GENERAL
-
1.8%
1,500,000
(d),(e)
California
State,
General
Obligation
Bonds,
Variable
Rate
Weekly
Rate
Period,
Series
2024C-3
1
.250
05/01/48
1,500,000
TOTAL
TAX
OBLIGATION/GENERAL
1,500,000
TOTAL
MUNICIPAL
BONDS
(Cost
$2,100,000)
2,100,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$2,100,000)
2,100,000
TOTAL
INVESTMENTS
-
93.7%
(Cost
$81,656,577)
79,079,563
OTHER
ASSETS
&
LIABILITIES,
NET
-
6.3%
5,284,761
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
84,364,324
AMT
Alternative
Minimum
Tax
(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
$8,619,102
or
10.9%
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.
Portfolio
of
Investments
May
31,
2025
(continued)
NXC
6
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:
NXC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
76,979,563
$
–
$
76,979,563
Short-Term
Investments:
Municipal
Bonds
–
2,100,000
–
2,100,000
Total
$
–
$
79,079,563
$
–
$
79,079,563