NPORT-EX 2 tiaa_NXN.htm
1
Portfolio
of
Investments
May
31,
2025
NXN
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
96.3%   
X
45,782,609
MUNICIPAL
BONDS
-
96.3%  
X
–
CONSUMER
STAPLES
-
4.3%
$
435,000
Erie
County
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2005A
5
.000
%
06/01/38
$
405,796
165,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
2016A-1
5
.625
06/01/35
166,637
1,530,000
New
York
Counties
Tobacco
Trust
VI,
New
York,
Tobacco
Settlement
Pass-Through
Bonds,
Series
Series
2016A-1
5
.750
06/01/43
1,481,710
TOTAL
CONSUMER
STAPLES
2,054,143
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
11.1%
250,000
Buffalo
and
Erie
County
Industrial
Land
Development
Corporation,
New
York,
Revenue
Bonds,
Enterprise
Charter
School
Project,
Series
2011A
7
.500
12/01/40
227,487
30,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Classical
Charter
Schools
Series
2023A
4
.500
06/15/43
27,549
35,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
Classical
Charter
Schools
Series
2023A
4
.750
06/15/58
31,102
35,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
KIPP
New
York
City
Public
School
Facilities,
Canal
West
Project,
Series
2022
5
.250
07/01/52
34,805
100,000
Build
New
York
City
Resource
Corporation,
New
York,
Revenue
Bonds,
KIPP
New
York
City
Public
School
Facilities,
Canal
West
Project,
Series
2022
5
.250
07/01/62
97,863
100,000
(a)
Build
NYC
Resource
Corporation
Revenue
Bonds,
New
York,
East
Harlem
Scholars
Academy
Charter
School
Project,
Series
2022
(Social
Bonds)
5
.750
06/01/62
95,539
100,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Family
Life
Academy
Charter
School,
Series
2020C-1
5
.000
06/01/40
90,970
115,000
(a)
Build
NYC
Resource
Corporation,
New
York,
Revenue
Bonds,
Richmond
Preparatory
Charter
School
Project,
Social
Impact
Project
Series
2021A
5
.000
06/01/56
89,440
140,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
American
Musical
and
Dramatic
Academy
Inc.,
Series
2023A
7
.250
07/01/53
136,368
165,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A
5
.000
07/15/42
164,380
130,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A
5
.000
07/15/50
125,312
1,000,000
Dormitory
Authority
of
the
State
of
New
York,
Housing
Revenue
Bonds,
Fashion
Institute
of
Technology,
Series
2007
-
FGIC
Insured
5
.250
07/01/34
1,011,195
605,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Icahn
School
of
Medicine
at
Mount
Sinai,
Refunding
Series
2015A
5
.000
07/01/40
604,581
365,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
School
University,
Series
2016A
5
.000
07/01/41
363,411
290,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2015A
5
.000
07/01/35
290,204
1,185,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
New
York
University,
Series
2016A
5
.000
07/01/35
1,200,853
250,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Vaughn
College
of
Aeronautics
&
Technology,
Series
2016A
5
.500
12/01/36
224,589
215,000
Glen
Cove
Local
Economic
Assistance
Corporation,
New
York,
Revenue
Bonds,
Garvies
Point
Public
Improvement
Project,
Capital
Appreciation
Series
2016C
5
.625
01/01/55
184,698
110,000
Hempstead
Town
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Adelphi
University
Project,
Series
2013
5
.000
09/01/38
109,999
180,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Yankee
Stadium
Project,
Series
2020A
-
AGM
Insured
4
.000
03/01/45
162,041
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
5,272,386
Portfolio
of
Investments
May
31,
2025
(continued)
NXN
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
-
1.1%
$
450,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarter
Revenue
Bonds,
Series
2005
5
.250
%
10/01/35
$
502,379
TOTAL
FINANCIALS
502,379
HEALTH
CARE
-
14.0%
890,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
4
.000
05/01/45
794,906
760,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2022A
4
.250
05/01/52
668,142
670,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Northwell
Health
Obligated
Group,
Series
2024A
5
.250
05/01/54
679,396
1,100,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A
5
.000
08/01/34
1,112,821
1,000,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A
4
.000
07/01/50
845,115
300,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2015
5
.000
12/01/40
269,270
200,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/32
198,647
100,000
(a)
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Orange
Regional
Medical
Center
Obligated
Group,
Series
2017
5
.000
12/01/35
96,750
20,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.250
10/01/49
20,035
160,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
White
Plains
Hospital,
Series
2024
5
.500
10/01/54
167,204
500,000
Dutchess
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Health
Quest
Systems,
Inc.
Project,
Series
2016B
4
.000
07/01/41
452,300
195,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
General
Hospital
Project,
Series
2017
5
.000
12/01/46
192,974
420,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Rochester
Regional
Health
Project,
Series
2020A
4
.000
12/01/46
359,114
835,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016
5
.000
11/01/46
748,929
25,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Series
2023
6
.250
11/01/52
26,701
TOTAL
HEALTH
CARE
6,632,304
HOUSING/MULTIFAMILY
-
0.2%
100,000
(a)
New
York
City
Housing
Development
Corporation,
New
York,
Multi-Family
Mortgage
Revenue
Bonds,
8
Spruce
Street,
Class
F
Series
2024
5
.250
12/15/31
101,677
TOTAL
HOUSING/MULTIFAMILY
101,677
INDUSTRIALS
-
3.5%
865,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
841,352
10,000
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
7
World
Trade
Center
Project,
Refunding
Green
Series
2022A-CL2
3
.500
09/15/52
7,545
365,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
10/31/41
318,064
85,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
10/31/46
70,949
535,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
4
.000
04/30/53
421,138
TOTAL
INDUSTRIALS
1,659,048
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
CARE
-
0.2%
$
80,000
Dormitory
Authority
of
the
State
of
New
York,
Non-State
Supported
Debt,
Ozanam
Hall
of
Queens
Nursing
Home
Revenue
Bonds,
Series
2006
5
.000
%
11/01/31
$
81,021
25,000
Monroe
County
Industrial
Development
Corporation,
New
York,
Revenue
Bonds,
Saint
Ann's
Community
Project,
Series
2019
5
.000
01/01/40
23,061
TOTAL
LONG-TERM
CARE
104,082
MATERIALS
-
0.3%
160,000
(a)
Build
New
York
City
Resource
Corporation,
New
York,
Solid
Waste
Disposal
Revenue
Bonds,
Pratt
Paper
NY,
Inc.
Project,
Series
2014,
(AMT)
5
.000
01/01/35
160,042
TOTAL
MATERIALS
160,042
TAX
OBLIGATION/GENERAL
-
5.7%
1,000,000
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Bonds
Series
2019B
-
AGM
Insured
5
.000
04/01/44
1,029,774
1,000,000
Nassau
County,
New
York,
General
Obligation
Bonds,
General
Improvement
Series
2021A
-
AGM
Insured
4
.000
04/01/51
875,882
835,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2020
SeriesD-1
4
.000
03/01/50
719,960
117,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
100,318
TOTAL
TAX
OBLIGATION/GENERAL
2,725,934
TAX
OBLIGATION/LIMITED
-
27.4%
1,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Bidding
Group
1
Through
5,
Series
2020A
4
.000
03/15/44
896,964
2,975,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2017A
Group
C
5
.000
03/15/41
3,009,445
1,000,000
Dormitory
Authority
of
the
State
of
New
York,
State
Sales
Tax
Revenue
Bonds,
Series
2018A
5
.000
03/15/40
1,014,182
1,000,000
Government
of
Guam,
Business
Privilege
Tax
Bonds,
Refunding
Series
2015D
5
.000
11/15/25
1,005,555
250,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Green
Fiscal
2022
Series
A
4
.000
02/15/36
251,348
800,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/45
801,562
1,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Building
Aid
Revenue
Bonds,
Fiscal
Series
2015S-2
5
.000
07/15/40
1,000,277
1,000,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2023F-1
4
.000
02/01/51
879,403
1,060,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025D
4
.250
05/01/54
955,367
1,120,000
New
York
State
Urban
Development
Corporation,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose
Group
1,
Series
2019A
4
.000
03/15/48
983,444
1,275,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
1,197,933
65,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2021B-1
4
.000
05/15/56
54,329
315,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2022
A
4
.000
05/15/51
268,830
685,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Senior
Lien
Bonds,
Series
2022C
5
.250
05/15/52
705,546
TOTAL
TAX
OBLIGATION/LIMITED
13,024,185
TRANSPORTATION
-
20.5%
225,000
(b)
Build
NYC
Resource
Corporation,
New
York,
Airport
Facilities
Revenue
Bonds.
TrIPs
Obligated
Group,
Senior
Series
2025,
(AMT)
5
.500
07/01/50
228,821
620,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Series
2016C-1
5
.250
11/15/56
619,655
100,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/46
97,328
Portfolio
of
Investments
May
31,
2025
(continued)
NXN
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,110,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.250
%
01/01/50
$
1,081,560
620,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT)
5
.500
12/31/60
623,021
85,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/26
84,999
830,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Refunding
Series
2016,
(AMT)
5
.000
08/01/31
826,900
30,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
American
Airlines,
Inc.
John
F
Kennedy
International
Airport
Project,
Series
2020,
(AMT)
5
.375
08/01/36
30,532
105,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT)
6
.000
06/30/54
110,148
465,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023,
(AMT)
5
.375
06/30/60
462,910
130,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C
5
.000
12/01/35
136,818
265,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
(AMT)
5
.000
12/01/35
273,867
700,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/28
713,850
300,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018,
(AMT)
5
.000
01/01/31
303,532
300,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2023,
(AMT)
6
.000
04/01/35
325,873
1,500,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Fifth
Series
2017
5
.000
11/15/47
1,509,660
1,475,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-One
Series
2020,
(AMT)
4
.000
07/15/55
1,207,303
1,095,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2017A2
5
.000
11/15/42
1,099,105
TOTAL
TRANSPORTATION
9,735,882
U.S.
GUARANTEED
-
0.1%
(c)
20,000
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Series
2015A,
(Pre-
refunded
7/01/25)
5
.000
07/01/31
20,032
25,000
Dormitory
Authority
of
the
State
of
New
York,
Lease
Revenue
Bonds,
State
University
Dormitory
Facilities,
Series
2015A,
(Pre-
refunded
7/01/25)
5
.000
07/01/33
25,039
TOTAL
U.S.
GUARANTEED
45,071
UTILITIES
-
7.9%
200,000
Buffalo
Municipal
Water
Finance
Authority,
New
York,
Water
System
Revenue
Bonds,
Refunding
Series
2015A
5
.000
07/01/29
200,249
140,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Green
Series
2023E
5
.000
09/01/53
141,680
180,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2016B
5
.000
09/01/46
180,379
230,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Green
Series
2024A
4
.000
11/15/54
195,311
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.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,500,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A
4
.000
%
11/15/60
$
1,253,409
265,000
New
York
State
Power
Authority,
Green
Transmission
Project
Revenue
Bonds,
Green
Series
2023A
-
AGM
Insured
5
.000
11/15/53
268,068
150,000
(a)
Niagara
Area
Development
Corporation,
New
York,
Solid
Waste
Disposal
Facility
Revenue
Refunding
Bonds,
Covanta
Energy
Project,
Series
2018A,
(AMT)
4
.750
11/01/42
136,137
405,000
(a)
Puerto
Rico
Aqueduct
and
Sewerage
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A
5
.000
07/01/47
384,306
1,000,000
Utility
Debt
Securitization
Authority,
New
York,
Restructuring
Bonds,
Refunding
Series
2015
5
.000
12/15/33
1,005,937
TOTAL
UTILITIES
3,765,476
TOTAL
MUNICIPAL
BONDS
(Cost
$47,598,325)
45,782,609
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$47,598,325)
45,782,609
OTHER
ASSETS
&
LIABILITIES,
NET
-
3.7%
1,756,377
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
47,538,986
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
$2,825,087
or
6.2%
of
Total
Investments.
(b)
When-issued
or
delayed
delivery
security.
(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.
NXN
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
45,782,609
$
–
$
45,782,609
Total
$
–
$
45,782,609
$
–
$
45,782,609