1
Portfolio
of
Investments
April
30,
2025
NCLO
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.8%
SECURITIZED
-
97.8%
$
840,000
(a),(b)
AIMCO
CLO
22
Ltd
(
TSFR3M
+
3
.400
%
)
7
.669
%
04/19/37
$
841,796
500,000
(a),(b)
Allegany
Park
CLO
Ltd
(
TSFR3M
+
2
.050
%
)
6
.667
01/20/35
498,265
550,000
(a),(b)
Allegro
CLO
XII
Ltd
(
TSFR3M
+
3
.500
%
)
7
.769
07/21/37
543,189
2,500,000
(a),(b)
Anchorage
Capital
Clo
20
Ltd
(
TSFR3M
+
1
.950
%
)
6
.219
01/20/35
2,473,830
400,000
(a),(b)
Apidos
CLO
XV
(
TSFR3M
+
1
.812
%
)
6
.429
04/20/31
400,949
1,500,000
(a),(b)
Apidos
CLO
XXXVI
(
TSFR3M
+
3
.162
%
)
7
.431
07/20/34
1,483,893
3,000,000
(a),(b)
Ares
LXXII
CLO
Ltd
(
TSFR3M
+
1
.700
%
)
5
.956
07/15/36
2,995,158
3,000,000
(a),(b)
Ares
LXXV
CLO
Ltd
(
TSFR3M
+
1
.850
%
)
6
.090
01/15/37
2,983,542
1,000,000
(a),(b)
Benefit
Street
Partners
CLO
X
Ltd
(
TSFR3M
+
2
.412
%
)
7
.029
04/20/34
1,000,810
1,500,000
(a),(b)
Benefit
Street
Partners
CLO
XV
Ltd
(
TSFR3M
+
2
.000
%
)
6
.256
07/15/37
1,483,392
1,000,000
(a),(b)
Benefit
Street
Partners
CLO
XVII
Ltd
(
TSFR3M
+
1
.750
%
)
6
.006
10/15/37
1,000,969
2,000,000
(a),(b)
Benefit
Street
Partners
CLO
XXXVIII
Ltd
(
TSFR3M
+
1
.800
%
)
6
.113
01/25/38
1,962,850
730,000
(a),(b)
Blueberry
Park
CLO
Ltd
(
TSFR3M
+
2
.900
%
)
7
.169
10/20/37
724,328
2,650,000
(a),(b)
Boyce
Park
CLO
Ltd
(
TSFR3M
+
1
.750
%
)
6
.367
04/21/35
2,644,700
2,000,000
(a),(b)
Boyce
Park
CLO
Ltd
(
TSFR3M
+
3
.100
%
)
7
.372
04/21/35
1,974,668
250,000
(a),(b)
CIFC
Funding
2018-III
Ltd
(
TSFR3M
+
5
.762
%
)
10
.031
07/18/31
249,489
950,000
(a),(b)
CIFC
Funding
2021-IV
Ltd
(
TSFR3M
+
1
.900
%
)
6
.179
07/23/37
944,718
2,750,000
(a),(b)
CIFC
Funding
2021-V
Ltd
(
TSFR3M
+
2
.750
%
)
7
.006
01/15/38
2,706,965
1,000,000
(a),(b)
CIFC
Funding
2022-IV
Ltd
(
SOFR
+
3
.550
%
)
7
.811
07/16/35
1,002,187
3,250,000
(a),(b)
CIFC
Funding
2024-III
Ltd
(
TSFR3M
+
2
.200
%
)
6
.469
07/21/37
3,253,997
3,250,000
(a),(b)
Elmwood
CLO
VIII
Ltd
(
TSFR3M
+
2
.500
%
)
6
.769
04/20/37
3,266,201
1,500,000
(a),(b)
Elmwood
CLO
XII
Ltd
(
TSFR3M
+
2
.000
%
)
6
.256
10/15/37
1,491,302
675,000
(a),(b)
Flatiron
CLO
20
Ltd
(
TSFR3M
+
1
.920
%
)
6
.242
05/20/36
675,351
3,250,000
(a),(b)
Galaxy
XXV
CLO
Ltd
(
TSFR3M
+
2
.400
%
)
6
.682
04/25/36
3,254,930
360,000
(a),(b)
Goldentree
Loan
Management
US
CLO
5
Ltd
(
TSFR3M
+
1
.500
%
)
5
.769
10/20/32
359,007
750,000
(a),(b)
Invesco
CLO
2021-3
Ltd
(
TSFR3M
+
3
.262
%
)
7
.534
10/22/34
742,120
3,250,000
(a),(b)
Invesco
US
CLO
2024-3
Ltd
(
TSFR3M
+
2
.250
%
)
6
.519
07/20/37
3,248,409
750,000
(a),(b)
Magnetite
XIX
Ltd
(
TSFR3M
+
5
.100
%
)
9
.380
04/17/34
738,112
1,500,000
(a),(b)
Magnetite
Xli
Ltd
(
TSFR3M
+
1
.780
%
)
6
.093
01/25/38
1,482,920
520,000
(a),(b)
Magnetite
XXII
Ltd
(
TSFR3M
+
2
.900
%
)
7
.156
07/15/36
516,673
3,000,000
(a),(b)
Magnetite
XXVII
Ltd
(
TSFR3M
+
1
.812
%
)
6
.429
10/20/34
2,981,946
500,000
(a),(b)
Magnetite
XXXI
Ltd
(
TSFR3M
+
1
.912
%
)
6
.168
07/15/34
500,303
3,250,000
(a),(b)
MidOcean
Credit
CLO
XVI
(
TSFR3M
+
2
.000
%
)
6
.269
10/20/37
3,195,238
2,500,000
(a)
MidOcean
Credit
CLO
XVII
Ltd
(
TSFR3M
+
1
.950
%
)
6
.219
01/20/38
2,451,522
3,250,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd
(
TSFR3M
+
1
.750
%
)
6
.019
01/20/35
3,255,541
1,200,000
(a)
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd
(
TSFR3M
+
1
.750
%
)
6
.019
01/20/35
1,202,046
750,000
(a)
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd
(
TSFR3M
+
2
.100
%
)
6
.390
01/20/35
750,580
500,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd
(
TSFR3M
+
3
.712
%
)
7
.981
04/20/33
500,603
1,000,000
(a),(b)
Neuberger
Berman
Loan
Advisers
Clo
44
Ltd
(
TSFR3M
+
2
.650
%
)
6
.948
10/16/35
984,551
1,200,000
(a),(b)
OCP
CLO
2019-16
Ltd
(
TSFR3M
+
3
.412
%
)
7
.622
04/10/33
1,198,823
750,000
(a),(b)
OHA
Credit
Funding
2
LTD
(
TSFR3M
+
3
.700
%
)
7
.969
01/21/38
731,478
2,000,000
(a),(b)
OHA
Credit
Funding
3
LTD
(
TSFR3M
+
1
.320
%
)
5
.589
01/20/38
1,998,830
750,000
(a),(b)
OHA
Credit
Funding
8
Ltd
(
TSFR3M
+
1
.750
%
)
6
.019
01/20/38
742,963
2,000,000
(a),(b)
OHA
Loan
Funding
2013-1
Ltd
(
TSFR3M
+
3
.300
%
)
7
.579
04/23/37
2,008,708
1,000,000
(a),(b)
OHA
Loan
Funding
2015-1
Ltd
(
TSFR3M
+
3
.462
%
)
7
.731
01/19/37
1,003,030
2,000,000
(a),(b)
Palmer
Square
CLO
2023-1
Ltd
(
TSFR3M
+
3
.750
%
)
8
.019
01/20/38
1,950,702
3,000,000
(a),(b)
Park
Avenue
Institutional
Advisers
CLO
Ltd
2021-1
(
TSFR3M
+
2
.012
%
)
6
.281
01/20/34
2,997,165
1,000,000
(a),(b)
RAD
CLO
28
Ltd
(
TSFR3M
+
2
.800
%
)
7
.063
04/20/38
979,362
1,000,000
(a),(b)
Regatta
VI
Funding
Ltd
(
TSFR3M
+
3
.362
%
)
7
.631
04/20/34
1,001,162
2,250,000
(a),(b)
Regatta
XXII
Funding
Ltd
(
TSFR3M
+
1
.700
%
)
5
.969
07/20/35
2,247,615
500,000
(a),(b)
Riverbank
Park
Clo
Ltd
(
TSFR3M
+
1
.800
%
)
6
.105
01/25/38
496,250
1,000,000
(a),(b)
Rockford
Tower
CLO
2019-1
Ltd
(
TSFR3M
+
2
.212
%
)
6
.481
04/20/34
993,754
650,000
(a),(b)
Rockford
Tower
CLO
2022-2
Ltd
(
TSFR3M
+
5
.150
%
)
9
.419
10/20/35
650,922
Portfolio
of
Investments
April
30,
2025
(continued)
NCLO
2
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
SECURITIZED
(continued)
$
3,250,000
(a),(b)
TICP
CLO
XII
Ltd
(
TSFR3M
+
3
.562
%
)
7
.818
%
07/15/34
$
3,253,546
2,000,000
(a),(b)
AGL
CLO
19
Ltd
(
TSFR3M
+
2
.750
%
)
7
.022
07/21/35
2,007,758
TOTAL
SECURITIZED
(Cost
$87,829,813)
87,029,118
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$87,829,813)
87,029,118
OTHER
ASSETS
&
LIABILITIES,
NET
-
2.2%
1,959,203
NET
ASSETS
-
100%
$
88,988,321
CLO
Collateralized
Loan
Obligation
SOFR
Secured
Overnight
Financing
Rate
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
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.
(b)
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
$82,624,969
or
94.9%
of
Total
Investments.
NCLO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Securitized
$
–
$
87,029,118
$
–
$
87,029,118
Total
$
–
$
87,029,118
$
–
$
87,029,118
a
3
Portfolio
of
Investments
April
30,
2025
NCPB
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
96.4%
CORPORATE
DEBT
-
33.4%
FINANCIALS
-
12.0%
$
55,000
(a)
Acrisure
LLC
/
Acrisure
Finance
Inc
4
.250
%
02/15/29
$
51,399
75,000
Agree
LP
4
.800
10/01/32
72,414
60,000
(a)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6
.750
04/15/28
60,432
60,000
Aon
North
America
Inc
5
.450
03/01/34
61,045
200,000
(a)
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
5
.621
12/10/29
202,500
600,000
Bank
of
America
Corp
5
.162
01/24/31
611,181
185,000
Bank
of
America
Corp
5
.744
02/12/36
184,603
75,000
(b)
Bank
of
America
Corp
6
.125
N/A
74,814
50,000
(b)
Bank
of
America
Corp
6
.625
N/A
50,023
55,000
(b)
Bank
of
New
York
Mellon
Corp/The
4
.700
N/A
54,613
50,000
(b)
Bank
of
New
York
Mellon
Corp/The
6
.300
N/A
50,221
55,000
Berkshire
Hathaway
Finance
Corp
3
.850
03/15/52
42,051
95,000
Centene
Corp
3
.000
10/15/30
83,433
75,000
(b)
Charles
Schwab
Corp/The
5
.375
N/A
74,752
85,000
Citigroup
Inc
6
.020
01/24/36
85,234
70,000
(b)
Citigroup
Inc
7
.625
N/A
71,878
25,000
(b)
Citigroup
Inc
4
.000
N/A
24,448
30,000
(a)
Compass
Group
Diversified
Holdings
LLC
5
.250
04/15/29
28,300
125,000
Deutsche
Bank
AG/New
York
NY
6
.819
11/20/29
132,810
60,000
(b)
Discover
Financial
Services
6
.125
N/A
59,891
40,000
Elevance
Health
Inc
5
.125
02/15/53
35,261
55,000
(a)
FirstCash
Inc
6
.875
03/01/32
56,272
55,000
(a)
Five
Corners
Funding
Trust
II
2
.850
05/15/30
50,497
200,000
Goldman
Sachs
Group
Inc/The
5
.536
01/28/36
201,973
30,000
(b)
Goldman
Sachs
Group
Inc/The
7
.379
N/A
30,065
80,000
(b)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
82,835
50,000
Highwoods
Realty
LP
2
.600
02/01/31
42,422
200,000
(b)
HSBC
Holdings
PLC
8
.000
N/A
207,721
45,000
(a)
HUB
International
Ltd
7
.250
06/15/30
46,676
50,000
(b)
Huntington
Bancshares
Inc/OH
5
.625
N/A
49,184
60,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5
.250
05/15/27
56,895
25,000
(a)
Jane
Street
Group
/
JSG
Finance
Inc
6
.125
11/01/32
24,572
650,000
JPMorgan
Chase
&
Co
4
.851
07/25/28
657,007
225,000
JPMorgan
Chase
&
Co
5
.103
04/22/31
229,076
275,000
JPMorgan
Chase
&
Co
5
.572
04/22/36
281,277
55,000
(b)
JPMorgan
Chase
&
Co
6
.875
N/A
56,655
50,000
(b)
JPMorgan
Chase
&
Co
3
.650
N/A
48,442
40,000
Kennedy-Wilson
Inc
4
.750
03/01/29
36,019
45,000
(a)
Liberty
Mutual
Group
Inc
3
.951
10/15/50
32,163
80,000
(b)
MetLife
Inc
3
.850
N/A
79,000
25,000
(a)
Molina
Healthcare
Inc
6
.250
01/15/33
24,812
50,000
Morgan
Stanley
4
.679
07/17/26
49,987
325,000
Morgan
Stanley
5
.192
04/17/31
330,892
260,000
Morgan
Stanley
5
.664
04/17/36
265,478
215,000
Morgan
Stanley
Bank
NA
4
.968
07/14/28
217,194
40,000
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3
.500
03/15/31
26,512
50,000
Navient
Corp
5
.500
03/15/29
47,336
65,000
OneMain
Finance
Corp
5
.375
11/15/29
62,137
65,000
(a)
Panther
Escrow
Issuer
LLC
7
.125
06/01/31
66,592
40,000
(a)
PennyMac
Financial
Services
Inc
7
.875
12/15/29
41,704
150,000
Piedmont
Operating
Partnership
LP
9
.250
07/20/28
162,467
25,000
(b)
PNC
Financial
Services
Group
Inc/The
3
.400
N/A
23,512
30,000
(b)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
29,980
50,000
Prudential
Financial
Inc
5
.200
03/14/35
50,120
70,000
Prudential
Financial
Inc
5
.125
03/01/52
65,788
60,000
Reinsurance
Group
of
America
Inc
5
.750
09/15/34
60,796
55,000
(a)
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
4
.000
10/15/33
47,576
25,000
(a)
Ryan
Specialty
LLC
5
.875
08/01/32
24,693
Portfolio
of
Investments
April
30,
2025
(continued)
NCPB
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
25,000
(a)
Starwood
Property
Trust
Inc
6
.500
%
07/01/30
$
25,145
85,000
(b)
State
Street
Corp
6
.700
N/A
85,300
60,000
(b)
Truist
Financial
Corp
6
.669
N/A
58,933
40,000
UnitedHealth
Group
Inc
5
.050
04/15/53
35,357
25,000
(a)
UWM
Holdings
LLC
6
.625
02/01/30
24,722
50,000
Ventas
Realty
LP
5
.000
01/15/35
48,280
110,000
Wells
Fargo
&
Co
5
.605
04/23/36
111,698
100,000
(b)
Wells
Fargo
&
Co
7
.625
N/A
105,271
40,000
(b)
Wells
Fargo
&
Co
3
.900
N/A
39,287
TOTAL
FINANCIALS
6,511,623
INDUSTRIAL
-
19.0%
50,000
(a)
ADT
Security
Corp/The
4
.875
07/15/32
47,153
40,000
(a)
Ahead
DB
Holdings
LLC
6
.625
05/01/28
38,677
20,000
(a)
Air
Transport
Services
Group
Inc
7
.250
03/15/32
20,305
40,000
(a)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
6
.500
02/15/28
40,637
15,000
(a)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
6
.250
03/15/33
15,218
45,000
Amcor
Flexibles
North
America
Inc
4
.000
05/17/25
44,964
100,000
Amcor
Group
Finance
PLC
5
.450
05/23/29
101,909
175,000
American
Tower
Corp
5
.800
11/15/28
182,245
150,000
Amgen
Inc
5
.650
03/02/53
143,971
75,000
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4
.700
02/01/36
72,506
51,000
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4
.900
02/01/46
46,497
50,000
(a)
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
6
.625
02/01/32
50,517
30,000
(a)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6
.250
04/01/28
29,949
30,000
(a)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6
.625
09/01/32
29,831
30,000
(a)
Arsenal
AIC
Parent
LLC
8
.000
10/01/30
31,061
40,000
(a)
Asbury
Automotive
Group
Inc
5
.000
02/15/32
36,453
35,000
(a)
ASGN
Inc
4
.625
05/15/28
33,307
240,000
AT&T
Inc
3
.500
09/15/53
160,638
155,000
AT&T
Inc
3
.800
12/01/57
106,696
35,000
Ball
Corp
6
.875
03/15/28
35,848
30,000
(a)
Bath
&
Body
Works
Inc
6
.625
10/01/30
30,528
155,000
Berry
Global
Inc
1
.570
01/15/26
151,131
50,000
(a)
Block
Inc
6
.500
05/15/32
51,014
80,000
Boeing
Co/The
3
.250
02/01/28
77,059
140,000
Boeing
Co/The
5
.805
05/01/50
131,224
125,000
(a)
Brightline
East
LLC
11
.000
01/31/30
101,875
275,000
Broadcom
Inc
5
.150
11/15/31
280,328
25,000
(a)
Buckeye
Partners
LP
6
.750
02/01/30
25,438
40,000
(a)
Caesars
Entertainment
Inc
6
.500
02/15/32
40,210
120,000
Canadian
Pacific
Railway
Co
2
.050
03/05/30
107,149
35,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5
.125
05/01/27
34,521
35,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.500
08/15/30
32,500
30,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.250
02/01/31
27,106
30,000
(a)
Chart
Industries
Inc
7
.500
01/01/30
31,125
200,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6
.550
06/01/34
206,253
200,000
Cheniere
Energy
Partners
LP
4
.500
10/01/29
195,382
40,000
(a)
CHS/Community
Health
Systems
Inc
5
.250
05/15/30
34,126
50,000
(a)
Churchill
Downs
Inc
5
.750
04/01/30
48,899
50,000
(a)
Civitas
Resources
Inc
8
.625
11/01/30
48,190
25,000
(a)
Clarios
Global
LP
/
Clarios
US
Finance
Co
6
.750
02/15/30
25,432
25,000
(a)
CNX
Resources
Corp
7
.250
03/01/32
24,986
100,000
Comcast
Corp
5
.650
06/01/54
96,551
20,000
(a)
Concentra
Escrow
Issuer
Corp
6
.875
07/15/32
20,476
75,000
Constellation
Brands
Inc
4
.800
05/01/30
75,132
50,000
(a)
CSC
Holdings
LLC
5
.500
04/15/27
46,459
55,000
(a)
Cushman
&
Wakefield
US
Borrower
LLC
6
.750
05/15/28
55,257
120,000
CVS
Health
Corp
5
.050
03/25/48
101,986
40,000
(a)
DaVita
Inc
4
.625
06/01/30
37,202
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
35,000
(a)
DaVita
Inc
6
.875
%
09/01/32
$
35,339
60,000
(a)
DISH
Network
Corp
11
.750
11/15/27
63,057
35,000
(a)
DT
Midstream
Inc
4
.125
06/15/29
32,849
35,000
Enbridge
Inc
8
.500
01/15/84
37,726
30,000
Encompass
Health
Corp
4
.500
02/01/28
29,575
35,000
Energy
Transfer
LP
5
.200
04/01/30
35,341
120,000
Enterprise
Products
Operating
LLC
4
.450
02/15/43
100,831
50,000
(a)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5
.875
04/01/29
43,423
95,000
Ford
Motor
Credit
Co
LLC
6
.950
03/06/26
95,925
60,000
Ford
Motor
Credit
Co
LLC
7
.350
03/06/30
62,048
200,000
(a)
Ford
Otomotiv
Sanayi
AS
7
.125
04/25/29
197,980
55,000
(a)
Frontier
Communications
Holdings
LLC
5
.875
10/15/27
54,938
30,000
(a)
Garda
World
Security
Corp
4
.625
02/15/27
29,487
35,000
(a)
Gen
Digital
Inc
6
.750
09/30/27
35,574
150,000
General
Motors
Financial
Co
Inc
5
.350
01/07/30
150,378
20,000
(b)
General
Motors
Financial
Co
Inc
5
.750
N/A
18,615
60,000
Gilead
Sciences
Inc
5
.100
06/15/35
60,216
30,000
Goodyear
Tire
&
Rubber
Co/The
5
.000
07/15/29
28,535
55,000
Goodyear
Tire
&
Rubber
Co/The
5
.250
04/30/31
51,238
200,000
(a)
Grupo
Aeromexico
SAB
de
CV
8
.250
11/15/29
187,000
65,000
Haleon
US
Capital
LLC
3
.625
03/24/32
60,322
150,000
HCA
Inc
5
.250
03/01/30
152,543
75,000
HCA
Inc
5
.750
03/01/35
75,665
100,000
Hewlett
Packard
Enterprise
Co
5
.000
10/15/34
96,547
45,000
(a)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
8
.375
11/01/33
42,793
52,000
(a)
Hilton
Domestic
Operating
Co
Inc
5
.875
04/01/29
52,539
50,000
Honeywell
International
Inc
5
.250
03/01/54
46,880
200,000
(a)
IHS
Holding
Ltd
7
.875
05/29/30
192,803
60,000
(a)
Imola
Merger
Corp
4
.750
05/15/29
57,292
20,000
Intel
Corp
5
.700
02/10/53
17,814
55,000
(a)
Iron
Mountain
Inc
7
.000
02/15/29
56,491
50,000
(c)
Keurig
Dr
Pepper
Inc
(
SOFR
+
0
.580
%
)
4
.967
11/15/26
50,034
50,000
(a)
Kinetik
Holdings
LP
6
.625
12/15/28
50,365
20,000
(a)
Kodiak
Gas
Services
LLC
7
.250
02/15/29
20,313
40,000
Kohl's
Corp
4
.625
05/01/31
25,050
45,000
Kroger
Co/The
5
.000
09/15/34
44,105
65,000
Kroger
Co/The
5
.500
09/15/54
60,802
70,000
L3Harris
Technologies
Inc
5
.400
07/31/33
71,105
40,000
Lamar
Media
Corp
4
.875
01/15/29
38,837
30,000
(a)
LCM
Investments
Holdings
II
LLC
8
.250
08/01/31
31,377
70,000
(a)
Level
3
Financing
Inc
10
.500
05/15/30
75,675
30,000
(a)
Light
&
Wonder
International
Inc
7
.500
09/01/31
30,824
55,000
Lowe's
Cos
Inc
4
.250
04/01/52
41,938
70,000
Marathon
Petroleum
Corp
4
.750
09/15/44
56,163
30,000
(a)
Marriott
Ownership
Resorts
Inc
4
.500
06/15/29
27,367
75,000
(a)
Mars
Inc
4
.800
03/01/30
75,916
50,000
(a)
Mars
Inc
5
.200
03/01/35
50,196
50,000
(a)
Mars
Inc
5
.650
05/01/45
49,655
50,000
(a)
Mars
Inc
5
.700
05/01/55
49,283
30,000
(a)
McGraw-Hill
Education
Inc
7
.375
09/01/31
30,653
30,000
MGM
Resorts
International
6
.125
09/15/29
29,864
60,000
(a)
Michaels
Cos
Inc/The
5
.250
05/01/28
31,265
200,000
(a)
Millicom
International
Cellular
SA
7
.375
04/02/32
202,395
58,000
(a)
Mineral
Resources
Ltd
9
.250
10/01/28
54,851
100,000
MPLX
LP
1
.750
03/01/26
97,427
30,000
Newell
Brands
Inc
6
.375
09/15/27
29,244
100,000
Nutrien
Ltd
4
.900
03/27/28
101,466
25,000
Occidental
Petroleum
Corp
6
.600
03/15/46
23,574
90,000
ONEOK
Inc
5
.050
11/01/34
85,342
115,000
ONEOK
Inc
5
.700
11/01/54
102,044
50,000
(a)
Open
Text
Holdings
Inc
4
.125
02/15/30
46,204
125,000
Oracle
Corp
6
.000
08/03/55
121,589
Portfolio
of
Investments
April
30,
2025
(continued)
NCPB
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
60,000
O'Reilly
Automotive
Inc
4
.200
%
04/01/30
$
58,872
30,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
4
.125
04/30/28
28,295
55,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
46,164
30,000
Paramount
Global
6
.375
03/30/62
28,858
40,000
(a)
Parkland
Corp/Canada
4
.625
05/01/30
37,649
30,000
(a)
Permian
Resources
Operating
LLC
7
.000
01/15/32
30,201
170,000
Pfizer
Investment
Enterprises
Pte
Ltd
5
.300
05/19/53
157,423
55,000
Phillips
66
Co
5
.300
06/30/33
54,434
45,000
(a)
Post
Holdings
Inc
6
.250
02/15/32
45,349
75,000
(a)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6
.250
01/15/28
74,938
35,000
(a)
Primo
Water
Holdings
Inc
/
Triton
Water
Holdings
Inc
4
.375
04/30/29
33,208
100,000
RTX
Corp
6
.000
03/15/31
106,840
70,000
Salesforce
Inc
2
.700
07/15/41
49,346
50,000
(a)
Sealed
Air
Corp/Sealed
Air
Corp
US
7
.250
02/15/31
52,067
45,000
(a)
Sirius
XM
Radio
LLC
4
.125
07/01/30
40,264
30,000
(a)
Sirius
XM
Radio
LLC
3
.875
09/01/31
25,743
200,000
(a)
Sitios
Latinoamerica
SAB
de
CV
6
.000
11/25/29
200,670
30,000
(a)
SM
Energy
Co
6
.750
08/01/29
28,009
35,000
(a)
Standard
Industries
Inc/NY
5
.000
02/15/27
34,736
50,000
(a)
Sunoco
LP
7
.000
05/01/29
51,408
50,000
(a)
Sunrise
FinCo
I
BV
4
.875
07/15/31
45,850
60,000
Tenet
Healthcare
Corp
6
.125
10/01/28
59,856
75,000
Tenet
Healthcare
Corp
4
.375
01/15/30
71,078
150,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3
.150
10/01/26
144,936
100,000
T-Mobile
US
Inc
5
.125
05/15/32
101,107
125,000
T-Mobile
US
Inc
5
.300
05/15/35
125,501
25,000
T-Mobile
US
Inc
5
.875
11/15/55
24,635
65,000
TotalEnergies
Capital
SA
5
.488
04/05/54
61,405
25,000
Transcanada
Trust
5
.500
09/15/79
23,717
45,000
(a)
TransDigm
Inc
6
.875
12/15/30
46,366
24,000
(a)
Transocean
Inc
8
.750
02/15/30
23,460
60,000
(a)
Tronox
Inc
4
.625
03/15/29
48,568
35,000
(a)
Univision
Communications
Inc
4
.500
05/01/29
30,013
55,000
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6
.875
09/01/27
54,533
45,000
(a)
Venture
Global
Calcasieu
Pass
LLC
4
.125
08/15/31
40,426
55,000
(a)
Venture
Global
LNG
Inc
9
.875
02/01/32
55,845
25,000
Veritiv
Operating
Co
10
.500
11/30/30
26,114
230,000
(a)
Verizon
Communications
Inc
4
.780
02/15/35
223,617
25,000
(a)
Viking
Baked
Goods
Acquisition
Corp
8
.625
11/01/31
23,747
30,000
(a)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
6
.375
02/01/30
25,901
45,000
(a)
Vmed
O2
UK
Financing
I
PLC
4
.750
07/15/31
39,549
40,000
Vodafone
Group
PLC
5
.125
06/04/81
29,739
40,000
(a)
VZ
Secured
Financing
BV
5
.000
01/15/32
34,906
25,000
Walmart
Inc
4
.350
04/28/30
25,293
30,000
Walmart
Inc
2
.500
09/22/41
21,055
30,000
Walmart
Inc
4
.500
04/15/53
26,145
20,000
(a)
Wand
NewCo
3
Inc
7
.625
01/30/32
20,604
50,000
Warnermedia
Holdings
Inc
5
.141
03/15/52
34,183
35,000
Waste
Management
Inc
4
.950
03/15/35
34,848
30,000
(a)
WESCO
Distribution
Inc
7
.250
06/15/28
30,399
40,000
Williams
Cos
Inc/The
5
.650
03/15/33
40,890
50,000
(a)
Windsor
Holdings
III
LLC
8
.500
06/15/30
52,627
25,000
(a)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8
.250
10/01/31
25,593
50,000
ZF
North
America
Capital
Inc
6
.750
04/23/30
45,628
TOTAL
INDUSTRIAL
10,315,216
UTILITY
-
2.4%
130,000
AEP
Transmission
Co
LLC
5
.400
03/15/53
122,133
130,000
Ameren
Illinois
Co
4
.950
06/01/33
129,955
65,000
Atmos
Energy
Corp
5
.000
12/15/54
57,972
25,000
(a)
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6
.375
02/15/32
24,561
40,000
(a)
Clearway
Energy
Operating
LLC
4
.750
03/15/28
39,092
35,000
CMS
Energy
Corp
6
.500
06/01/55
34,123
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
40,000
Consolidated
Edison
Co
of
New
York
Inc
5
.500
%
03/15/55
$
38,044
55,000
Dominion
Energy
Inc
3
.300
04/15/41
39,565
35,000
Dominion
Energy
Inc
7
.000
06/01/54
36,339
40,000
DTE
Electric
Co
5
.400
04/01/53
38,457
60,000
Duke
Energy
Carolinas
LLC
4
.250
12/15/41
50,809
55,000
Duke
Energy
Carolinas
LLC
5
.400
01/15/54
52,418
50,000
Exelon
Corp
6
.500
03/15/55
49,710
125,000
Florida
Power
&
Light
Co
4
.800
05/15/33
124,401
150,000
Georgia
Power
Co
2
.650
09/15/29
139,963
45,000
Interstate
Power
and
Light
Co
3
.100
11/30/51
28,379
15,000
NiSource
Inc
5
.850
04/01/55
14,696
65,000
NRG
Energy
Inc
5
.750
01/15/28
65,252
30,000
(a)
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc
4
.500
08/15/28
28,506
50,000
PECO
Energy
Co
2
.800
06/15/50
30,793
50,000
Public
Service
Co
of
Colorado
4
.050
09/15/49
37,938
75,000
(a)
Talen
Energy
Supply
LLC
8
.625
06/01/30
80,097
40,000
(a)
TerraForm
Power
Operating
LLC
4
.750
01/15/30
37,701
TOTAL
UTILITY
1,300,904
TOTAL
CORPORATE
DEBT
(Cost
$18,280,299)
18,127,743
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
4.1%
GOVERNMENT
AGENCY
-
2.1%
250,000
Aeropuerto
Internacional
de
Tocumen
SA
4
.000
08/11/41
182,337
200,000
(a)
Corp
Nacional
del
Cobre
de
Chile
6
.150
10/24/36
202,238
200,000
Indian
Railway
Finance
Corp
Ltd
3
.835
12/13/27
196,230
200,000
(a)
OCP
SA
5
.125
06/23/51
146,500
200,000
(a)
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
5
.450
05/21/28
203,051
225,000
(a)
Petronas
Capital
Ltd
2
.480
01/28/32
192,256
TOTAL
GOVERNMENT
AGENCY
1,122,612
SOVEREIGN
DEBT
-
2.0%
225,000
Angolan
Government
International
Bond
8
.750
04/14/32
173,507
275,000
Colombia
Government
International
Bond
5
.000
06/15/45
178,689
250,000
(a)
Hungary
Government
International
Bond
2
.125
09/22/31
203,121
200,000
(a)
Ivory
Coast
Government
International
Bond
6
.125
06/15/33
172,404
225,000
Republic
of
South
Africa
Government
International
Bond
6
.250
03/08/41
186,772
200,000
(a)
Saudi
Government
International
Bond
5
.000
01/16/34
198,849
TOTAL
SOVEREIGN
DEBT
1,113,342
TOTAL
GOVERNMENT
RELATED
(Cost
$2,335,707)
2,235,954
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
39.0%
250,000
(a)
Avis
Budget
Rental
Car
Funding
AESOP
LLC
6
.180
10/20/27
251,142
250,000
BANK5
2024-5YR7
5
.769
06/15/57
260,068
250,000
(a),(c)
BBCMS
Trust
2015-SRCH
5
.122
08/10/35
232,810
150,000
(a),(c)
BBCMS
Trust
2018-CBM
(
TSFR1M
+
1
.297
%
)
5
.619
07/15/37
145,144
200,000
(c)
Benchmark
2018-B2
Mortgage
Trust
4
.451
02/15/51
156,221
250,000
Benchmark
2019-B14
Mortgage
Trust
3
.493
12/15/62
205,397
106,565
(a),(c)
BX
TRUST
(
TSFR1M
+
2
.451
%
)
6
.773
08/15/39
106,432
150,000
(a),(c)
BX
Trust
2023-DELC
(
TSFR1M
+
3
.339
%
)
7
.661
05/15/38
150,798
250,000
COMM
2015-CCRE26
Mortgage
Trust
3
.630
10/10/48
248,488
150,000
(c)
COMM
2018-COR3
Mortgage
Trust
4
.668
05/10/51
131,585
50,000
(a),(c)
Connecticut
Avenue
Securities
Trust
2022-R03
(
SOFR30A
+
9
.850
%
)
14
.823
03/25/42
55,837
300,000
(a),(c)
Connecticut
Avenue
Securities
Trust
2023-R04
(
SOFR30A
+
3
.550
%
)
7
.903
05/25/43
315,194
25,000
(a),(c)
Connecticut
Avenue
Securities
Trust
2023-R05
(
SOFR30A
+
3
.100
%
)
7
.453
06/25/43
26,005
Portfolio
of
Investments
April
30,
2025
(continued)
NCPB
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
185,000
(a),(c)
Connecticut
Avenue
Securities
Trust
2023-R05
(
SOFR30A
+
4
.750
%
)
9
.103
%
06/25/43
$
198,100
93,000
(a)
DB
Master
Finance
LLC
4
.030
11/20/47
91,458
198,625
DBJPM
2016-C3
Mortgage
Trust
2
.632
08/10/49
194,234
150,000
(a),(c)
DBSG
2024-ALTA
Mortgage
Trust
6
.595
06/10/37
151,463
414,829
Fannie
Mae
Pool
FN
MA4512
2
.500
01/01/52
346,261
178,217
Fannie
Mae
Pool
FN
MA4548
2
.500
02/01/52
148,669
116,908
Fannie
Mae
Pool
FN
MA4578
2
.500
04/01/52
97,465
360,451
Fannie
Mae
Pool
FN
FS1533
3
.000
04/01/52
316,029
82,114
Fannie
Mae
Pool
FN
FS7299
3
.000
05/01/52
71,921
355,766
Fannie
Mae
Pool
FN
MA4600
3
.500
05/01/52
321,619
274,246
Fannie
Mae
Pool
FN
MA4624
3
.000
06/01/52
238,174
683,545
Fannie
Mae
Pool
FN
MA4684
4
.500
06/01/52
654,880
657,799
Fannie
Mae
Pool
FN
MA4700
4
.000
08/01/52
614,188
540,068
Fannie
Mae
Pool
FN
MA4733
4
.500
09/01/52
517,438
597,277
Fannie
Mae
Pool
FN
MA4784
4
.500
10/01/52
572,271
273,059
Fannie
Mae
Pool
FN
MA4785
5
.000
10/01/52
268,176
1,160,533
Fannie
Mae
Pool
FN
MA4804
4
.000
11/01/52
1,083,182
495,888
Fannie
Mae
Pool
FN
MA4805
4
.500
11/01/52
475,163
796,967
Fannie
Mae
Pool
FN
MA4978
5
.000
04/01/53
782,051
452,279
Fannie
Mae
Pool
FN
MA5039
5
.500
06/01/53
452,067
149,131
Fannie
Mae
Pool
FN
MA5089
4
.000
07/01/53
139,120
366,706
Fannie
Mae
Pool
FN
MA5106
5
.000
08/01/53
359,766
850,036
Fannie
Mae
Pool
FN
MA5165
5
.500
10/01/53
849,199
186,971
Fannie
Mae
Pool
FN
MA5247
6
.000
01/01/54
189,843
49,344
Fannie
Mae
Pool
FN
MA5295
6
.000
03/01/54
50,071
630,589
Fannie
Mae
Pool
FN
MA5331
5
.500
04/01/54
629,481
616,453
Fannie
Mae
Pool
FN
MA5353
5
.500
05/01/54
615,370
25,990
Fannie
Mae
Pool
FN
MA5389
6
.000
06/01/54
26,373
79,369
Fannie
Mae
REMICS
2
.000
08/25/50
53,985
55,689
Fannie
Mae
REMICS
3
.500
04/25/52
42,755
425,514
Freddie
Mac
Pool
FR
RA6766
2
.500
02/01/52
357,189
62,436
Freddie
Mac
Pool
FR
SD4810
3
.000
04/01/52
54,827
459,147
Freddie
Mac
Pool
FR
SD8213
3
.000
05/01/52
398,890
216,935
Freddie
Mac
Pool
FR
SD8220
3
.000
06/01/52
188,465
723,196
Freddie
Mac
Pool
FR
SD8231
4
.500
07/01/52
692,054
383,553
Freddie
Mac
Pool
FR
SD8329
5
.000
06/01/53
376,296
27,444
Freddie
Mac
REMICS
2
.000
09/25/50
18,326
185,000
(a),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3
(
SOFR30A
+
5
.650
%
)
8
.647
04/25/42
196,794
25,000
(a),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA4
(
SOFR30A
+
3
.350
%
)
7
.704
05/25/42
25,933
200,000
(a),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA6
(
SOFR30A
+
3
.700
%
)
8
.054
09/25/42
209,557
150,000
(a)
Frontier
Issuer
LLC
6
.600
08/20/53
152,465
50,342
Ginnie
Mae
II
Pool
G2
MA7419
3
.000
06/20/51
44,606
120,871
Ginnie
Mae
II
Pool
G2
MA7768
3
.000
12/20/51
107,047
212,074
Ginnie
Mae
II
Pool
G2
MA7989
3
.500
04/20/52
193,089
273,645
Ginnie
Mae
II
Pool
G2
MA8149
3
.500
07/20/52
249,091
406,461
Ginnie
Mae
II
Pool
G2
MA8267
4
.000
09/20/52
379,932
192,488
Ginnie
Mae
II
Pool
G2
MA8489
4
.500
12/20/52
185,209
56,297
Ginnie
Mae
II
Pool
G2
MA8724
4
.500
03/20/53
54,133
150,000
(a),(c)
GS
Mortgage
Securities
Corp
Trust
2022-AGSS
(
TSFR1M
+
2
.195
%
)
7
.022
08/15/39
150,198
250,000
(c)
GS
Mortgage
Securities
Trust
2017-GS5
3
.826
03/10/50
235,818
94,362
(a),(c)
GS
Mortgage-Backed
Securities
Trust
2022-LTV2
4
.340
12/25/52
84,413
250,000
(a)
Hertz
Vehicle
Financing
III
LP
2
.520
12/27/27
237,667
150,000
(a),(c)
Houston
Galleria
Mall
Trust
2025-HGLR
5
.644
02/05/45
152,955
181,877
(a),(c)
J.P.
Morgan
Mortgage
Trust
2021-INV5
3
.187
12/25/51
151,686
184,146
(a),(c)
J.P.
Morgan
Mortgage
Trust
2021-INV8
3
.283
05/25/52
148,900
74,014
(a),(c)
JP
Morgan
Mortgage
Trust
2017-5
4
.955
10/26/48
74,094
74,740
(a),(c)
JP
Morgan
Mortgage
Trust
2021-11
2
.500
01/25/52
60,497
9
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
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
74,248
(a),(c)
JP
Morgan
Mortgage
Trust
2021-7
2
.500
%
11/25/51
$
60,224
182,606
(a),(c)
JP
Morgan
Mortgage
Trust
2021-INV4
3
.209
01/25/52
146,827
182,912
(a),(c)
JP
Morgan
Mortgage
Trust
2021-INV6
3
.343
04/25/52
148,179
77,195
(a),(c)
JP
Morgan
Mortgage
Trust
Series
2024-3
3
.000
05/25/54
65,282
100,000
(c)
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6
3
.849
07/15/50
80,409
150,000
JPMDB
Commercial
Mortgage
Securities
Trust
2017-C5
3
.694
03/15/50
145,791
250,000
(a),(c)
Magnetite
XXIII
Ltd
(
TSFR3M
+
3
.312
%
)
7
.593
01/25/35
247,585
150,000
(a)
MetroNet
Infrastructure
Issuer
LLC
7
.590
04/20/54
155,342
250,000
(a)
MetroNet
Infrastructure
Issuer
LLC
10
.860
04/20/54
264,750
86,324
(a),(c)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2023-1
4
.000
02/25/53
78,445
162,012
(a)
MVW
2021-1W
LLC
1
.940
01/22/41
153,717
175,000
(a)
One
Bryant
Park
Trust
2019-OBP
2
.516
09/15/54
156,557
212,764
(a),(c)
Sequoia
Mortgage
Trust
2020-1
3
.851
02/25/50
169,269
441,681
(a)
Sierra
Timeshare
2024-3
Receivables
Funding
LLC
4
.980
08/20/41
442,224
149,625
(a)
Subway
Funding
LLC
6
.028
07/30/54
151,648
147,375
(a)
Taco
Bell
Funding
LLC
2
.294
08/25/51
134,034
150,000
(a),(c)
TX
Trust
2024-HOU
(
TSFR1M
+
1
.591
%
)
5
.913
06/15/39
148,618
245,281
(a)
VR
Funding
LLC
2
.790
11/15/50
231,084
185,463
(a)
Wendy's
Funding
LLC
3
.884
03/15/48
181,213
TOTAL
SECURITIZED
(Cost
$21,089,540)
21,177,222
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
19.9%
514,000
United
States
Treasury
Note/Bond
3
.750
04/30/27
515,506
1,561,000
United
States
Treasury
Note/Bond
3
.875
04/30/30
1,572,098
442,000
United
States
Treasury
Note/Bond
4
.375
01/31/32
453,775
1,000,000
United
States
Treasury
Note/Bond
4
.125
02/29/32
1,011,875
1,150,000
United
States
Treasury
Note/Bond
4
.625
02/15/35
1,193,125
633,000
United
States
Treasury
Note/Bond
4
.125
08/15/44
586,712
3,150,000
United
States
Treasury
Note/Bond
4
.625
11/15/44
3,118,500
160,000
United
States
Treasury
Note/Bond
4
.750
02/15/45
161,100
1,942,000
United
States
Treasury
Note/Bond
4
.500
11/15/54
1,879,795
300,000
United
States
Treasury
Note/Bond
4
.625
02/15/55
296,859
TOTAL
U.S.
TREASURY
(Cost
$10,720,021)
10,789,345
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$52,425,567)
52,330,264
OTHER
ASSETS
&
LIABILITIES,
NET
-
3.6%
1,943,898
NET
ASSETS
-
100%
$
54,274,162
SOFR
Secured
Overnight
Financing
Rate
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(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
$13,133,496
or
25.1%
of
Total
Investments.
(b)
Perpetual
security.
Maturity
date
is
not
applicable.
(c)
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.
Portfolio
of
Investments
April
30,
2025
(continued)
NCPB
10
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:
NCPB
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
18,127,743
$
–
$
18,127,743
Government
Related
–
2,235,954
–
2,235,954
Securitized
–
21,177,222
–
21,177,222
U.S.
Treasury
–
10,789,345
–
10,789,345
Total
$
–
$
52,330,264
$
–
$
52,330,264
a
11
Portfolio
of
Investments
April
30,
2025
NUAG
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.1%
CORPORATE
BONDS
-
0.0%
HEALTH
CARE
-
0.0%
$
10,000
Centene
Corp
3
.000
%
10/15/30
$
8,783
TOTAL
HEALTH
CARE
8,783
TOTAL
CORPORATE
BONDS
(Cost
$8,733)
8,783
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CORPORATE
DEBT
-
39.2%
FINANCIALS
-
16.4%
18,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2
.450
10/29/26
17,412
5,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4
.625
10/15/27
4,991
1,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.000
10/29/28
944
200,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.150
09/30/30
210,979
38,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.300
01/30/32
33,576
10,000
Aetna
Inc
6
.750
12/15/37
10,674
4,000
Aetna
Inc
4
.500
05/15/42
3,254
10,000
Aetna
Inc
4
.750
03/15/44
8,333
10,000
Affiliated
Managers
Group
Inc
3
.300
06/15/30
9,325
11,000
Air
Lease
Corp
1
.875
08/15/26
10,614
7,000
Air
Lease
Corp
2
.200
01/15/27
6,729
8,000
Air
Lease
Corp
3
.625
04/01/27
7,845
22,000
Air
Lease
Corp
3
.250
10/01/29
20,677
10,000
Air
Lease
Corp
3
.000
02/01/30
9,215
23,000
Alexandria
Real
Estate
Equities
Inc
3
.550
03/15/52
15,155
50,000
Allstate
Corp/The
5
.250
03/30/33
50,604
28,000
Ally
Financial
Inc
2
.200
11/02/28
25,370
11,000
Ally
Financial
Inc
8
.000
11/01/31
12,181
15,000
American
Express
Co
6
.489
10/30/31
16,273
20,000
American
Express
Co
5
.442
01/30/36
20,187
10,000
American
Financial
Group
Inc/OH
4
.500
06/15/47
8,049
50,000
American
International
Group
Inc
4
.750
04/01/48
43,283
19,000
Aon
Corp
2
.800
05/15/30
17,439
1,000
Aon
Corp
/
Aon
Global
Holdings
PLC
2
.600
12/02/31
876
55,000
Aon
Corp
/
Aon
Global
Holdings
PLC
5
.350
02/28/33
55,939
100,000
Aon
North
America
Inc
5
.750
03/01/54
96,698
30,000
Ares
Capital
Corp
7
.000
01/15/27
30,826
50,000
Arthur
J
Gallagher
&
Co
5
.150
02/15/35
49,619
30,000
Arthur
J
Gallagher
&
Co
6
.750
02/15/54
32,599
100,000
Arthur
J
Gallagher
&
Co
5
.750
07/15/54
96,360
7,000
Assurant
Inc
3
.700
02/22/30
6,582
10,000
Assurant
Inc
2
.650
01/15/32
8,414
1,000
Athene
Holding
Ltd
6
.150
04/03/30
1,050
30,000
Athene
Holding
Ltd
6
.250
04/01/54
29,066
7,000
AXIS
Specialty
Finance
PLC
4
.000
12/06/27
6,897
20,000
Bain
Capital
Specialty
Finance
Inc
5
.950
03/15/30
19,594
44,000
Banco
Santander
SA
2
.749
12/03/30
38,575
100,000
Banco
Santander
SA
6
.938
11/07/33
112,382
150,000
Bank
of
America
Corp
1
.898
07/23/31
130,081
120,000
Bank
of
America
Corp
5
.015
07/22/33
119,629
200,000
Bank
of
America
Corp
5
.288
04/25/34
200,543
100,000
Bank
of
America
Corp
5
.518
10/25/35
98,083
50,000
Bank
of
America
Corp
5
.744
02/12/36
49,893
100,000
Bank
of
New
York
Mellon
Corp/The
2
.500
01/26/32
87,356
50,000
Bank
of
Nova
Scotia/The
4
.740
11/10/32
49,503
7,000
Bank
of
Nova
Scotia/The
3
.625
10/27/81
6,167
10,000
Bank
OZK
2
.750
10/01/31
8,592
21,000
BankUnited
Inc
5
.125
06/11/30
20,168
3,000
Barclays
PLC
5
.200
05/12/26
3,005
3,000
Barclays
PLC
5
.088
06/20/30
2,976
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
100,000
Barclays
PLC
2
.645
%
06/24/31
$
89,517
4,000
Barclays
PLC
2
.667
03/10/32
3,511
14,000
Barclays
PLC
2
.894
11/24/32
12,177
100,000
Barclays
PLC
7
.437
11/02/33
111,596
24,000
Barclays
PLC
3
.811
03/10/42
18,374
20,000
(a)
BlackRock
TCP
Capital
Corp
6
.950
05/30/29
20,045
14,000
Blackstone
Private
Credit
Fund
2
.625
12/15/26
13,431
20,000
Blackstone
Private
Credit
Fund
4
.000
01/15/29
18,893
10,000
Blackstone
Private
Credit
Fund
5
.950
07/16/29
10,051
50,000
Blackstone
Private
Credit
Fund
6
.250
01/25/31
50,848
16,000
Blackstone
Secured
Lending
Fund
2
.125
02/15/27
15,141
20,000
Blackstone
Secured
Lending
Fund
5
.350
04/13/28
19,944
1,000
Blue
Owl
Capital
Corp
2
.625
01/15/27
948
50,000
Blue
Owl
Capital
Corp
3
.125
04/13/27
47,538
14,000
Blue
Owl
Credit
Income
Corp
4
.700
02/08/27
13,808
100,000
(b)
Blue
Owl
Credit
Income
Corp
5
.800
03/15/30
97,920
30,000
Boston
Properties
LP
6
.500
01/15/34
31,451
14,000
(a)
Brighthouse
Financial
Inc
5
.625
05/15/30
14,363
50,000
Brighthouse
Financial
Inc
4
.700
06/22/47
37,165
100,000
Brookfield
Finance
I
UK
Plc
/
Brookfield
Finance
Inc
2
.340
01/30/32
83,289
24,000
Brown
&
Brown
Inc
2
.375
03/15/31
20,714
20,000
Canadian
Imperial
Bank
of
Commerce
5
.001
04/28/28
20,394
6,000
Capital
One
Financial
Corp
1
.878
11/02/27
5,754
44,000
Capital
One
Financial
Corp
3
.800
01/31/28
43,158
21,000
Capital
One
Financial
Corp
4
.927
05/10/28
21,085
7,000
Capital
One
Financial
Corp
3
.273
03/01/30
6,597
200,000
Capital
One
Financial
Corp
7
.624
10/30/31
222,784
46,000
Capital
One
Financial
Corp
2
.359
07/29/32
37,855
31,000
Capital
One
Financial
Corp
5
.268
05/10/33
30,468
50,000
Centene
Corp
2
.500
03/01/31
42,396
25,000
Charles
Schwab
Corp/The
5
.643
05/19/29
25,926
26,000
CI
Financial
Corp
3
.200
12/17/30
22,689
50,000
Citigroup
Inc
4
.412
03/31/31
49,089
60,000
Citigroup
Inc
4
.910
05/24/33
58,958
70,000
Citigroup
Inc
5
.827
02/13/35
69,588
30,000
Citigroup
Inc
6
.020
01/24/36
30,083
50,000
(a)
Citigroup
Inc
5
.333
03/27/36
49,595
200,000
Citigroup
Inc
6
.125
08/25/36
203,564
10,000
Citigroup
Inc
5
.300
05/06/44
9,110
12,000
Citizens
Financial
Group
Inc
2
.500
02/06/30
10,726
50,000
Citizens
Financial
Group
Inc
5
.253
03/05/31
50,071
8,000
CNA
Financial
Corp
3
.900
05/01/29
7,795
8,000
CNO
Financial
Group
Inc
5
.250
05/30/29
8,006
100,000
Comerica
Bank
5
.332
08/25/33
94,542
20,000
Cooperatieve
Rabobank
UA
3
.750
07/21/26
19,782
46,000
Corebridge
Financial
Inc
3
.850
04/05/29
44,582
50,000
Corebridge
Financial
Inc
4
.400
04/05/52
39,077
200,000
Deutsche
Bank
AG/New
York
NY
7
.146
07/13/27
205,192
4,000
Deutsche
Bank
AG/New
York
NY
2
.311
11/16/27
3,852
1,000
Deutsche
Bank
AG/New
York
NY
3
.547
09/18/31
925
80,000
Deutsche
Bank
AG/New
York
NY
7
.079
02/10/34
83,563
8,000
Discover
Financial
Services
4
.100
02/09/27
7,926
10,000
Discover
Financial
Services
7
.964
11/02/34
11,471
50,000
Elevance
Health
Inc
4
.550
03/01/48
41,401
40,000
Elevance
Health
Inc
5
.650
06/15/54
38,159
10,000
Enact
Holdings
Inc
6
.250
05/28/29
10,238
13,000
Enstar
Group
Ltd
3
.100
09/01/31
11,313
33,000
Equitable
Holdings
Inc
4
.350
04/20/28
32,832
25,000
Essex
Portfolio
LP
5
.375
04/01/35
24,887
50,000
Everest
Reinsurance
Holdings
Inc
4
.868
06/01/44
43,490
10,000
Everest
Reinsurance
Holdings
Inc
3
.500
10/15/50
6,612
24,000
Fairfax
Financial
Holdings
Ltd
4
.625
04/29/30
23,535
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
10,000
(b)
Fairfax
Financial
Holdings
Ltd
6
.100
%
03/15/55
$
9,559
21,000
Fidelity
National
Financial
Inc
3
.400
06/15/30
19,306
10,000
Fidelity
National
Financial
Inc
3
.200
09/17/51
5,894
2,000
Fifth
Third
Bancorp
1
.707
11/01/27
1,913
13,000
Fifth
Third
Bancorp
3
.950
03/14/28
12,831
40,000
Fifth
Third
Bancorp
6
.361
10/27/28
41,582
11,000
First
American
Financial
Corp
2
.400
08/15/31
9,298
30,000
First
American
Financial
Corp
5
.450
09/30/34
29,003
10,000
First
Horizon
Bank
5
.750
05/01/30
10,046
10,000
First-Citizens
Bank
&
Trust
Co
6
.125
03/09/28
10,321
11,000
FS
KKR
Capital
Corp
3
.250
07/15/27
10,445
16,000
GATX
Corp
4
.550
11/07/28
16,002
30,000
GATX
Corp
6
.050
03/15/34
31,193
50,000
GATX
Corp
4
.500
03/30/45
39,836
10,000
Globe
Life
Inc
4
.550
09/15/28
10,026
10,000
Goldman
Sachs
BDC
Inc
2
.875
01/15/26
9,858
54,000
Goldman
Sachs
Group
Inc/The
2
.615
04/22/32
47,469
66,000
Goldman
Sachs
Group
Inc/The
2
.383
07/21/32
56,851
50,000
Goldman
Sachs
Group
Inc/The
5
.016
10/23/35
48,448
100,000
Goldman
Sachs
Group
Inc/The
5
.536
01/28/36
100,987
81,000
Goldman
Sachs
Group
Inc/The
6
.450
05/01/36
85,378
50,000
Goldman
Sachs
Group
Inc/The
5
.150
05/22/45
44,346
23,000
Golub
Capital
BDC
Inc
2
.050
02/15/27
21,584
20,000
(b)
HA
Sustainable
Infrastructure
Capital
Inc
6
.375
07/01/34
19,204
12,000
Hartford
Insurance
Group
Inc/The
2
.800
08/19/29
11,130
60,000
Hartford
Insurance
Group
Inc/The
4
.300
04/15/43
50,674
20,000
Hartford
Insurance
Group
Inc/The
2
.900
09/15/51
12,335
20,000
Hercules
Capital
Inc
3
.375
01/20/27
19,195
100,000
HSBC
Bank
USA
NA/New
York
NY
5
.875
11/01/34
103,130
130,000
HSBC
Holdings
PLC
6
.547
06/20/34
135,839
100,000
HSBC
Holdings
PLC
7
.399
11/13/34
109,913
56,000
HSBC
Holdings
PLC
6
.800
06/01/38
59,883
50,000
Humana
Inc
6
.000
05/01/55
47,537
112,000
Huntington
Bancshares
Inc/OH
2
.550
02/04/30
101,068
10,000
Independent
Bank
Corp
7
.250
04/01/35
9,987
30,000
ING
Groep
NV
4
.050
04/09/29
29,374
8,000
Jackson
Financial
Inc
5
.170
06/08/27
8,066
19,000
Jefferies
Financial
Group
Inc
4
.150
01/23/30
18,295
40,000
Jefferies
Financial
Group
Inc
2
.750
10/15/32
32,753
20,000
Jefferies
Financial
Group
Inc
6
.500
01/20/43
19,644
30,000
JPMorgan
Chase
&
Co
2
.069
06/01/29
27,986
4,000
JPMorgan
Chase
&
Co
3
.702
05/06/30
3,870
100,000
JPMorgan
Chase
&
Co
4
.603
10/22/30
99,932
6,000
JPMorgan
Chase
&
Co
2
.545
11/08/32
5,232
12,000
JPMorgan
Chase
&
Co
4
.912
07/25/33
11,938
100,000
JPMorgan
Chase
&
Co
5
.717
09/14/33
103,154
200,000
JPMorgan
Chase
&
Co
5
.502
01/24/36
203,493
42,000
Kemper
Corp
3
.800
02/23/32
37,394
27,000
KeyCorp
2
.550
10/01/29
24,492
50,000
(a)
KeyCorp
5
.121
04/04/31
49,925
12,000
Kimco
Realty
OP
LLC
4
.250
04/01/45
9,496
21,000
Lazard
Group
LLC
4
.500
09/19/28
20,755
16,000
Lincoln
National
Corp
3
.625
12/12/26
15,797
10,000
Lincoln
National
Corp
6
.300
10/09/37
10,263
50,000
Lincoln
National
Corp
4
.350
03/01/48
38,696
200,000
Lloyds
Banking
Group
PLC
3
.369
12/14/46
139,166
50,000
LPL
Holdings
Inc
5
.150
06/15/30
50,166
21,000
Main
Street
Capital
Corp
3
.000
07/14/26
20,318
10,000
Manufacturers
&
Traders
Trust
Co
3
.400
08/17/27
9,703
19,000
Manulife
Financial
Corp
4
.061
02/24/32
18,697
12,000
Markel
Group
Inc
3
.350
09/17/29
11,452
20,000
Markel
Group
Inc
6
.000
05/16/54
19,812
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
20,000
Marsh
&
McLennan
Cos
Inc
5
.000
%
03/15/35
$
19,859
30,000
MetLife
Inc
5
.375
07/15/33
30,924
100,000
MetLife
Inc
6
.350
03/15/55
99,340
40,000
Mitsubishi
UFJ
Financial
Group
Inc
2
.559
02/25/30
36,366
200,000
Mitsubishi
UFJ
Financial
Group
Inc
4
.315
04/19/33
190,841
50,000
Mizuho
Financial
Group
Inc
5
.739
05/27/31
52,104
2,000
Morgan
Stanley
3
.950
04/23/27
1,984
100,000
Morgan
Stanley
5
.042
07/19/30
101,233
1,000
Morgan
Stanley
4
.889
07/20/33
986
200,000
Morgan
Stanley
5
.424
07/21/34
202,104
50,000
Morgan
Stanley
6
.627
11/01/34
54,420
50,000
Morgan
Stanley
5
.587
01/18/36
50,721
50,000
Morgan
Stanley
5
.664
04/17/36
51,053
1,000
Morgan
Stanley
2
.484
09/16/36
834
53,000
Nasdaq
Inc
5
.550
02/15/34
54,403
17,000
NatWest
Group
PLC
5
.076
01/27/30
17,133
11,000
NNN
REIT
Inc
3
.000
04/15/52
6,502
43,000
Nomura
Holdings
Inc
5
.386
07/06/27
43,636
4,000
Nomura
Holdings
Inc
2
.710
01/22/29
3,709
12,000
(a)
Nomura
Holdings
Inc
3
.103
01/16/30
11,093
1,000
Nomura
Holdings
Inc
2
.679
07/16/30
893
100,000
Nomura
Holdings
Inc
6
.181
01/18/33
104,746
10,000
Oaktree
Specialty
Lending
Corp
2
.700
01/15/27
9,450
10,000
Oaktree
Strategic
Credit
Fund
6
.500
07/23/29
10,166
7,000
Old
Republic
International
Corp
3
.875
08/26/26
6,921
10,000
Old
Republic
International
Corp
3
.850
06/11/51
6,890
10,000
ORIX
Corp
4
.000
04/13/32
9,345
30,000
PartnerRe
Finance
B
LLC
4
.500
10/01/50
27,600
50,000
PNC
Financial
Services
Group
Inc/The
6
.875
10/20/34
54,964
30,000
PNC
Financial
Services
Group
Inc/The
5
.575
01/29/36
30,366
7,000
Prudential
Financial
Inc
5
.700
09/15/48
6,984
41,000
Prudential
Financial
Inc
3
.700
10/01/50
36,602
10,000
Regions
Bank/Birmingham
AL
6
.450
06/26/37
10,123
24,000
Regions
Financial
Corp
1
.800
08/12/28
21,906
10,000
Reinsurance
Group
of
America
Inc
3
.150
06/15/30
9,252
50,000
RenaissanceRe
Holdings
Ltd
5
.800
04/01/35
51,345
10,000
Royal
Bank
of
Canada
4
.900
01/12/28
10,173
30,000
Royal
Bank
of
Canada
5
.200
08/01/28
30,801
10,000
Royal
Bank
of
Canada
6
.350
11/24/84
9,175
20,000
Sabra
Health
Care
LP
3
.200
12/01/31
17,684
7,000
Santander
Holdings
USA
Inc
3
.244
10/05/26
6,851
30,000
Santander
Holdings
USA
Inc
4
.400
07/13/27
29,787
1,000
Santander
Holdings
USA
Inc
2
.490
01/06/28
960
30,000
Santander
UK
Group
Holdings
PLC
2
.469
01/11/28
28,847
20,000
(b)
Sixth
Street
Lending
Partners
6
.125
07/15/30
20,073
30,000
State
Street
Corp
5
.159
05/18/34
30,288
60,000
Stewart
Information
Services
Corp
3
.600
11/15/31
53,842
12,000
Stifel
Financial
Corp
4
.000
05/15/30
11,439
25,000
Sumitomo
Mitsui
Financial
Group
Inc
5
.520
01/13/28
25,758
30,000
Sumitomo
Mitsui
Financial
Group
Inc
2
.222
09/17/31
25,763
100,000
Sumitomo
Mitsui
Financial
Group
Inc
5
.632
01/15/35
102,848
20,000
Synchrony
Financial
5
.935
08/02/30
20,255
10,000
Synovus
Financial
Corp
6
.168
11/01/30
10,090
10,000
Toronto-Dominion
Bank/The
5
.156
01/10/28
10,211
50,000
Toronto-Dominion
Bank/The
5
.146
09/10/34
49,541
10,000
Travelers
Property
Casualty
Corp
6
.375
03/15/33
11,077
40,000
Truist
Financial
Corp
7
.161
10/30/29
43,184
50,000
Unum
Group
4
.500
12/15/49
38,817
60,000
US
Bancorp
5
.775
06/12/29
62,067
10,000
US
Bancorp
5
.100
07/23/30
10,162
10,000
Ventas
Realty
LP
5
.000
01/15/35
9,656
20,000
Ventas
Realty
LP
4
.875
04/15/49
17,016
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
15,000
W
R
Berkley
Corp
4
.000
%
05/12/50
$
11,416
50,000
W
R
Berkley
Corp
3
.550
03/30/52
34,451
10,000
Wachovia
Corp
7
.574
08/01/26
10,375
10,000
Webster
Financial
Corp
4
.100
03/25/29
9,585
100,000
Wells
Fargo
&
Co
4
.300
07/22/27
99,899
1,000
Wells
Fargo
&
Co
3
.526
03/24/28
983
50,000
Wells
Fargo
&
Co
5
.389
04/24/34
50,204
50,000
Wells
Fargo
&
Co
5
.557
07/25/34
50,682
100,000
Wells
Fargo
&
Co
5
.950
12/15/36
100,154
200,000
Wells
Fargo
&
Co
4
.650
11/04/44
166,899
30,000
Welltower
OP
LLC
3
.850
06/15/32
28,139
10,000
Western
Alliance
Bancorp
3
.000
06/15/31
9,225
27,000
Westpac
Banking
Corp
2
.668
11/15/35
23,486
14,000
Willis
North
America
Inc
4
.500
09/15/28
13,990
70,000
Willis
North
America
Inc
5
.050
09/15/48
60,439
TOTAL
FINANCIALS
9,599,406
INDUSTRIAL
-
11.8%
50,000
Adventist
Health
System/West
5
.757
12/01/34
49,779
10,000
Adventist
Health
System/West
3
.630
03/01/49
6,746
10,000
Albemarle
Corp
5
.650
06/01/52
8,092
34,000
Altria
Group
Inc
5
.800
02/14/39
33,699
50,000
Altria
Group
Inc
4
.450
05/06/50
38,339
20,000
American
Tower
Corp
5
.400
01/31/35
20,229
25,000
Amgen
Inc
5
.250
03/02/33
25,263
48,000
Amgen
Inc
3
.150
02/21/40
36,332
6,000
Amgen
Inc
5
.150
11/15/41
5,534
1,000
Amgen
Inc
3
.000
01/15/52
624
11,000
Amgen
Inc
4
.200
02/22/52
8,465
100,000
Amgen
Inc
2
.770
09/01/53
57,599
10,000
AngloGold
Ashanti
Holdings
PLC
3
.750
10/01/30
9,314
60,000
(b)
APA
Corp
6
.000
01/15/37
57,147
50,000
(b)
APA
Corp
5
.350
07/01/49
38,507
10,000
AppLovin
Corp
5
.375
12/01/31
10,092
50,000
AppLovin
Corp
5
.500
12/01/34
49,950
10,000
Aptiv
Swiss
Holdings
Ltd
5
.400
03/15/49
8,325
13,000
Aptiv
Swiss
Holdings
Ltd
3
.100
12/01/51
7,370
57,000
AT&T
Inc
4
.850
03/01/39
52,913
100,000
AT&T
Inc
6
.000
08/15/40
100,496
80,000
AT&T
Inc
3
.500
06/01/41
61,425
10,000
AT&T
Inc
5
.700
03/01/57
9,489
40,000
AT&T
Inc
3
.500
02/01/61
25,446
11,000
Barrick
North
America
Finance
LLC
5
.700
05/30/41
10,774
15,000
BAT
Capital
Corp
6
.343
08/02/30
16,033
20,000
BAT
Capital
Corp
7
.079
08/02/43
21,448
50,000
BAT
Capital
Corp
3
.984
09/25/50
34,697
20,000
Baxter
International
Inc
3
.500
08/15/46
13,872
23,000
Becton
Dickinson
&
Co
4
.685
12/15/44
19,751
20,000
Berry
Global
Inc
5
.650
01/15/34
20,151
34,000
Biogen
Inc
5
.200
09/15/45
30,008
65,000
Boeing
Co/The
5
.705
05/01/40
63,100
20,000
Boeing
Co/The
3
.500
03/01/45
13,321
60,000
Boeing
Co/The
3
.900
05/01/49
41,986
10,000
Boeing
Co/The
3
.825
03/01/59
6,436
50,000
Booz
Allen
Hamilton
Inc
5
.950
04/15/35
49,683
8,000
BorgWarner
Inc
4
.375
03/15/45
6,369
30,000
Broadcom
Inc
4
.550
02/15/32
29,402
84,000
(b)
Broadcom
Inc
3
.187
11/15/36
68,549
5,000
Canadian
Natural
Resources
Ltd
5
.850
02/01/35
4,979
2,000
Canadian
Natural
Resources
Ltd
6
.750
02/01/39
2,107
10,000
Canadian
Pacific
Railway
Co
4
.800
09/15/35
9,692
14,000
Canadian
Pacific
Railway
Co
4
.700
05/01/48
12,076
20,000
Canadian
Pacific
Railway
Co
4
.200
11/15/69
14,468
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
10,000
Cardinal
Health
Inc
4
.500
%
11/15/44
$
8,222
6,000
Carrier
Global
Corp
3
.577
04/05/50
4,298
10,000
Carrier
Global
Corp
6
.200
03/15/54
10,491
50,000
Celulosa
Arauco
y
Constitucion
SA
5
.500
11/02/47
43,833
5,000
Cenovus
Energy
Inc
5
.250
06/15/37
4,708
10,000
CF
Industries
Inc
5
.375
03/15/44
8,977
1,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3
.500
03/01/42
671
100,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6
.484
10/23/45
93,145
54,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5
.375
05/01/47
43,812
50,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5
.125
07/01/49
38,950
21,000
(a)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5
.250
04/01/53
16,599
50,000
Cigna
Group/The
6
.125
11/15/41
51,537
33,000
Cigna
Group/The
4
.900
12/15/48
28,445
11,000
Conagra
Brands
Inc
5
.300
11/01/38
10,413
10,000
Constellation
Brands
Inc
5
.250
11/15/48
8,924
10,000
Continental
Resources
Inc/OK
4
.900
06/01/44
7,723
10,000
Corning
Inc
3
.900
11/15/49
7,333
50,000
Corning
Inc
5
.850
11/15/68
46,669
20,000
Coterra
Energy
Inc
5
.400
02/15/35
19,326
10,000
Crown
Castle
Inc
4
.750
05/15/47
8,400
49,000
CVS
Health
Corp
4
.875
07/20/35
46,072
18,000
CVS
Health
Corp
4
.780
03/25/38
16,234
100,000
CVS
Health
Corp
5
.050
03/25/48
84,989
20,000
CVS
Health
Corp
6
.000
06/01/63
18,587
10,000
Dell
International
LLC
/
EMC
Corp
8
.350
07/15/46
12,140
19,000
Devon
Energy
Corp
5
.600
07/15/41
16,695
36,000
Diamondback
Energy
Inc
4
.250
03/15/52
26,370
50,000
Discovery
Communications
LLC
5
.300
05/15/49
36,394
7,000
Dollar
General
Corp
4
.125
04/03/50
5,102
11,000
Dollar
Tree
Inc
3
.375
12/01/51
6,689
12,000
Dow
Chemical
Co/The
4
.250
10/01/34
10,720
8,000
Dow
Chemical
Co/The
5
.250
11/15/41
7,105
10,000
Dow
Chemical
Co/The
5
.550
11/30/48
8,944
10,000
Dow
Chemical
Co/The
5
.600
02/15/54
8,817
20,000
Dow
Chemical
Co/The
5
.950
03/15/55
18,633
50,000
DR
Horton
Inc
5
.500
10/15/35
50,052
5,000
DuPont
de
Nemours
Inc
5
.319
11/15/38
5,121
50,000
Eastern
Energy
Gas
Holdings
LLC
5
.800
01/15/35
51,613
6,000
Eastman
Chemical
Co
4
.800
09/01/42
5,110
10,000
Eastman
Chemical
Co
4
.650
10/15/44
8,213
20,000
Enbridge
Inc
8
.500
01/15/84
21,558
50,000
Energy
Transfer
LP
5
.600
09/01/34
49,553
22,000
Energy
Transfer
LP
5
.800
06/15/38
21,417
10,000
Energy
Transfer
LP
5
.150
02/01/43
8,537
22,000
Energy
Transfer
LP
5
.000
05/15/44
18,111
22,000
Equifax
Inc
2
.350
09/15/31
18,989
60,000
Expand
Energy
Corp
4
.750
02/01/32
56,293
20,000
FactSet
Research
Systems
Inc
3
.450
03/01/32
17,869
10,000
(b)
FedEx
Corp
4
.900
01/15/34
9,639
20,000
(b)
FedEx
Corp
3
.250
05/15/41
13,792
10,000
FedEx
Corp
4
.750
11/15/45
8,128
50,000
FedEx
Corp
4
.050
02/15/48
36,062
14,000
(b)
FedEx
Corp
4
.050
02/15/48
10,097
41,000
Fidelity
National
Information
Services
Inc
1
.650
03/01/28
37,917
50,000
Fidelity
National
Information
Services
Inc
4
.750
05/15/48
41,252
37,000
Fiserv
Inc
2
.250
06/01/27
35,409
40,000
Fiserv
Inc
5
.625
08/21/33
40,744
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
40,000
Fiserv
Inc
5
.450
%
03/15/34
$
40,145
10,000
Flowserve
Corp
3
.500
10/01/30
9,219
30,000
Ford
Motor
Co
6
.100
08/19/32
28,774
10,000
Ford
Motor
Co
5
.291
12/08/46
7,781
10,000
Freeport-McMoRan
Inc
5
.400
11/14/34
9,973
12,000
General
Mills
Inc
4
.550
04/17/38
11,029
10,000
General
Mills
Inc
5
.400
06/15/40
9,577
42,000
General
Motors
Co
6
.600
04/01/36
43,133
50,000
General
Motors
Co
6
.250
10/02/43
47,161
17,000
Gilead
Sciences
Inc
4
.000
09/01/36
15,358
6,000
Global
Payments
Inc
4
.950
08/15/27
6,025
6,000
Global
Payments
Inc
4
.450
06/01/28
5,947
15,000
Global
Payments
Inc
2
.900
05/15/30
13,509
41,000
Global
Payments
Inc
2
.900
11/15/31
35,579
10,000
GLP
Capital
LP
/
GLP
Financing
II
Inc
6
.750
12/01/33
10,543
10,000
GLP
Capital
LP
/
GLP
Financing
II
Inc
5
.625
09/15/34
9,776
9,000
Halliburton
Co
4
.500
11/15/41
7,428
18,000
Halliburton
Co
4
.750
08/01/43
15,059
30,000
Hasbro
Inc
5
.100
05/15/44
25,703
20,000
HCA
Inc
5
.450
09/15/34
19,845
60,000
HCA
Inc
4
.375
03/15/42
48,843
10,000
HCA
Inc
3
.500
07/15/51
6,463
20,000
HCA
Inc
6
.000
04/01/54
19,016
14,000
Hewlett
Packard
Enterprise
Co
6
.200
10/15/35
14,555
20,000
Hexcel
Corp
5
.875
02/26/35
19,840
50,000
HP
Inc
5
.400
04/25/30
50,456
60,000
(a)
Intel
Corp
5
.150
02/21/34
58,426
50,000
Intel
Corp
3
.250
11/15/49
30,542
50,000
International
Paper
Co
5
.000
09/15/35
48,914
18,000
International
Paper
Co
4
.800
06/15/44
15,242
10,000
International
Paper
Co
5
.150
05/15/46
8,840
7,000
International
Paper
Co
4
.400
08/15/47
5,570
16,000
J
M
Smucker
Co/The
4
.250
03/15/35
14,736
30,000
JBS
USA
Holding
Lux
Sarl/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
6
.500
12/01/52
30,885
12,000
Johnson
Controls
International
plc
4
.950
07/02/64
9,864
20,000
Keurig
Dr
Pepper
Inc
4
.420
12/15/46
16,216
13,000
Keurig
Dr
Pepper
Inc
4
.500
04/15/52
10,619
20,000
Kinder
Morgan
Energy
Partners
LP
7
.500
11/15/40
22,485
41,000
Kinder
Morgan
Energy
Partners
LP
6
.375
03/01/41
41,393
11,000
Kinder
Morgan
Inc
3
.600
02/15/51
7,304
50,000
Kraft
Heinz
Foods
Co
5
.000
06/04/42
45,261
24,000
Kraft
Heinz
Foods
Co
5
.500
06/01/50
22,488
74,000
Kroger
Co/The
5
.400
01/15/49
68,290
50,000
Kyndryl
Holdings
Inc
4
.100
10/15/41
37,691
10,000
L3Harris
Technologies
Inc
5
.054
04/27/45
9,120
20,000
Las
Vegas
Sands
Corp
6
.200
08/15/34
19,598
10,000
Lear
Corp
3
.500
05/30/30
9,293
12,000
Leggett
&
Platt
Inc
3
.500
11/15/51
7,067
100,000
Lowe's
Cos
Inc
5
.000
04/15/40
93,256
9,000
Lowe's
Cos
Inc
4
.050
05/03/47
6,846
41,000
Lowe's
Cos
Inc
4
.250
04/01/52
31,263
19,000
LYB
International
Finance
BV
5
.250
07/15/43
16,504
10,000
LYB
International
Finance
III
LLC
3
.800
10/01/60
6,229
11,000
Marathon
Petroleum
Corp
6
.500
03/01/41
11,044
5,000
Marriott
International
Inc/MD
4
.500
10/01/34
4,613
1,000
Martin
Marietta
Materials
Inc
3
.200
07/15/51
639
20,000
Masco
Corp
4
.500
05/15/47
15,856
30,000
Mastercard
Inc
4
.875
03/09/28
30,774
55,000
McDonald's
Corp
4
.700
12/09/35
53,474
30,000
MDC
Holdings
Inc
6
.000
01/15/43
27,949
23,000
MDC
Holdings
Inc
3
.966
08/06/61
17,287
8,000
Molson
Coors
Beverage
Co
4
.200
07/15/46
6,388
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
30,000
Montefiore
Obligated
Group
5
.246
%
11/01/48
$
24,864
7,000
Moody's
Corp
3
.250
01/15/28
6,842
35,000
Moody's
Corp
2
.000
08/19/31
30,004
32,000
MPLX
LP
4
.500
04/15/38
27,499
20,000
MPLX
LP
5
.200
12/01/47
16,931
20,000
Mylan
Inc
5
.200
04/15/48
14,885
50,000
National
Fuel
Gas
Co
5
.950
03/15/35
50,126
10,000
Newmont
Corp
5
.875
04/01/35
10,570
10,000
Newmont
Corp
/
Newcrest
Finance
Pty
Ltd
4
.200
05/13/50
7,972
11,000
Norfolk
Southern
Corp
4
.800
08/15/43
9,387
30,000
Norfolk
Southern
Corp
4
.450
06/15/45
25,380
18,000
Norfolk
Southern
Corp
3
.700
03/15/53
12,773
10,000
Norfolk
Southern
Corp
5
.100
08/01/18
8,515
30,000
Northrop
Grumman
Corp
5
.200
06/01/54
27,628
100,000
NOV
Inc
3
.950
12/01/42
70,024
12,000
Nutrien
Ltd
5
.625
12/01/40
11,750
10,000
Nutrien
Ltd
6
.125
01/15/41
10,153
10,000
Nutrien
Ltd
3
.950
05/13/50
7,316
21,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
3
.250
11/30/51
13,044
100,000
Occidental
Petroleum
Corp
8
.875
07/15/30
112,043
20,000
Occidental
Petroleum
Corp
7
.875
09/15/31
21,777
10,000
Occidental
Petroleum
Corp
4
.400
04/15/46
7,100
10,000
Ochsner
LSU
Health
System
of
North
Louisiana
2
.510
05/15/31
8,088
13,000
ONEOK
Inc
5
.150
10/15/43
11,255
50,000
ONEOK
Inc
7
.150
01/15/51
52,436
19,000
ONEOK
Partners
LP
6
.125
02/01/41
18,644
50,000
Oracle
Corp
4
.700
09/27/34
47,583
50,000
Oracle
Corp
3
.900
05/15/35
44,329
54,000
Oracle
Corp
3
.800
11/15/37
45,091
96,000
Oracle
Corp
3
.650
03/25/41
73,371
14,000
Orange
SA
5
.375
01/13/42
13,442
20,000
Ovintiv
Inc
8
.125
09/15/30
22,214
10,000
Owens
Corning
7
.000
12/01/36
11,171
4,000
Owens
Corning
4
.300
07/15/47
3,164
3,000
Packaging
Corp
of
America
3
.050
10/01/51
1,844
70,000
Paramount
Global
7
.875
07/30/30
76,706
24,000
Paramount
Global
4
.900
08/15/44
18,066
6,000
Phillips
66
4
.650
11/15/34
5,596
5,000
Phillips
66
5
.875
05/01/42
4,789
26,000
Phillips
66
3
.300
03/15/52
15,922
45,000
Regal
Rexnord
Corp
6
.400
04/15/33
45,855
10,000
Republic
Services
Inc
5
.200
11/15/34
10,175
100,000
Rogers
Communications
Inc
7
.500
08/15/38
114,422
33,000
Rogers
Communications
Inc
5
.000
03/15/44
28,796
50,000
Royalty
Pharma
PLC
3
.550
09/02/50
32,787
4,000
RPM
International
Inc
4
.250
01/15/48
3,239
60,000
RTX
Corp
4
.450
11/16/38
54,415
10,000
RTX
Corp
4
.625
11/16/48
8,452
40,000
RTX
Corp
6
.400
03/15/54
42,945
10,000
Sherwin-Williams
Co/The
4
.000
12/15/42
7,842
10,000
Sherwin-Williams
Co/The
3
.300
05/15/50
6,611
10,000
Sonoco
Products
Co
5
.750
11/01/40
9,901
10,000
Southern
Copper
Corp
7
.500
07/27/35
11,348
20,000
Southern
Copper
Corp
6
.750
04/16/40
21,431
7,000
Southern
Copper
Corp
5
.250
11/08/42
6,376
30,000
Spectra
Energy
Partners
LP
4
.500
03/15/45
23,502
10,000
Stanley
Black
&
Decker
Inc
4
.850
11/15/48
7,970
31,000
Starbucks
Corp
3
.350
03/12/50
20,257
30,000
Stryker
Corp
5
.200
02/10/35
30,234
16,000
Stryker
Corp
4
.100
04/01/43
13,088
24,000
Suncor
Energy
Inc
4
.000
11/15/47
17,246
50,000
Synopsys
Inc
5
.150
04/01/35
50,107
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
50,000
Sysco
Corp
6
.600
%
04/01/40
$
53,603
15,000
Sysco
Corp
3
.150
12/14/51
9,350
20,000
Takeda
Pharmaceutical
Co
Ltd
3
.175
07/09/50
12,873
50,000
Targa
Resources
Corp
5
.550
08/15/35
48,989
10,000
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
4
.875
02/01/31
9,726
30,000
Telefonica
Emisiones
SA
5
.213
03/08/47
26,312
9,000
TELUS
Corp
4
.300
06/15/49
6,823
38,000
Time
Warner
Cable
LLC
5
.500
09/01/41
32,552
50,000
Timken
Co/The
4
.125
04/01/32
45,507
30,000
T-Mobile
USA
Inc
4
.700
01/15/35
28,776
150,000
T-Mobile
USA
Inc
4
.375
04/15/40
130,969
50,000
T-Mobile
USA
Inc
3
.400
10/15/52
33,171
20,000
TR
Finance
LLC
3
.350
05/15/26
19,711
10,000
Trane
Technologies
Financing
Ltd
4
.500
03/21/49
8,189
4,000
Trane
Technologies
Global
Holding
Co
Ltd
5
.750
06/15/43
3,997
10,000
Trane
Technologies
Global
Holding
Co
Ltd
4
.300
02/21/48
8,021
19,000
TransCanada
PipeLines
Ltd
5
.100
03/15/49
16,915
36,000
Transcontinental
Gas
Pipe
Line
Co
LLC
3
.950
05/15/50
26,459
4,000
Triton
Container
International
Ltd
/
TAL
International
Container
Corp
3
.250
03/15/32
3,337
11,000
Tyson
Foods
Inc
5
.100
09/28/48
9,752
60,000
Vale
Canada
Ltd
7
.200
09/15/32
64,717
20,000
Vale
Overseas
Ltd
6
.125
06/12/33
20,625
23,000
Valero
Energy
Corp
3
.650
12/01/51
14,925
50,000
VeriSign
Inc
5
.250
06/01/32
50,409
100,000
Verisk
Analytics
Inc
5
.250
03/15/35
99,153
50,000
Verizon
Communications
Inc
4
.272
01/15/36
45,872
102,000
Verizon
Communications
Inc
3
.400
03/22/41
77,802
7,000
Verizon
Communications
Inc
2
.850
09/03/41
4,893
80,000
Verizon
Communications
Inc
4
.862
08/21/46
70,442
16,000
Verizon
Communications
Inc
4
.000
03/22/50
12,082
26,000
Verizon
Communications
Inc
3
.875
03/01/52
19,110
86,000
Viatris
Inc
3
.850
06/22/40
60,311
10,000
VICI
Properties
LP
5
.625
05/15/52
8,955
100,000
Vodafone
Group
PLC
5
.250
05/30/48
90,780
27,000
Vodafone
Group
PLC
4
.875
06/19/49
22,705
12,000
Warnermedia
Holdings
Inc
5
.050
03/15/42
9,045
60,000
Western
Digital
Corp
3
.100
02/01/32
51,227
11,000
Western
Union
Co/The
1
.350
03/15/26
10,660
23,000
Westlake
Corp
3
.125
08/15/51
13,903
10,000
Westlake
Corp
3
.375
08/15/61
5,824
20,000
Whirlpool
Corp
5
.150
03/01/43
15,734
50,000
Williams
Cos
Inc/The
5
.600
03/15/35
50,431
10,000
Williams
Cos
Inc/The
5
.800
11/15/43
9,633
2,000
Zimmer
Biomet
Holdings
Inc
4
.250
08/15/35
1,820
6,000
Zimmer
Biomet
Holdings
Inc
5
.750
11/30/39
6,035
11,000
Zoetis
Inc
4
.700
02/01/43
9,901
TOTAL
INDUSTRIAL
6,903,542
UTILITY
-
11.0%
65,000
AEP
Texas
Inc
3
.800
10/01/47
45,690
100,000
AEP
Texas
Inc
5
.250
05/15/52
87,092
50,000
AEP
Transmission
Co
LLC
5
.400
03/15/53
46,974
20,000
American
Water
Capital
Corp
4
.150
06/01/49
15,847
20,000
American
Water
Capital
Corp
3
.250
06/01/51
13,161
50,000
Arizona
Public
Service
Co
5
.700
08/15/34
50,746
50,000
Arizona
Public
Service
Co
2
.650
09/15/50
28,850
20,000
Atmos
Energy
Corp
6
.200
11/15/53
21,246
4,000
Black
Hills
Corp
3
.150
01/15/27
3,894
10,000
Black
Hills
Corp
4
.200
09/15/46
7,958
61,000
Black
Hills
Corp
3
.875
10/15/49
43,663
80,000
CenterPoint
Energy
Inc
6
.850
02/15/55
79,882
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
10,000
CenterPoint
Energy
Inc
6
.700
%
05/15/55
$
9,868
18,000
Cleco
Corporate
Holdings
LLC
4
.973
05/01/46
15,051
10,000
CMS
Energy
Corp
4
.700
03/31/43
8,553
11,000
CMS
Energy
Corp
4
.875
03/01/44
9,691
60,000
CMS
Energy
Corp
3
.750
12/01/50
51,890
100,000
Commonwealth
Edison
Co
3
.125
03/15/51
64,699
80,000
Consolidated
Edison
Co
of
New
York
Inc
5
.900
11/15/53
80,495
101,000
Constellation
Energy
Generation
LLC
5
.600
06/15/42
96,491
20,000
Consumers
Energy
Co
4
.050
05/15/48
15,781
10,000
Consumers
Energy
Co
4
.350
08/31/64
7,717
70,000
Dayton
Power
&
Light
Co/The
3
.950
06/15/49
51,396
13,000
Delmarva
Power
&
Light
Co
4
.000
06/01/42
10,240
90,000
Dominion
Energy
Inc
3
.375
04/01/30
84,496
20,000
Dominion
Energy
Inc
2
.250
08/15/31
17,117
200,000
Dominion
Energy
Inc
7
.000
06/15/38
222,359
7,000
Dominion
Energy
Inc
4
.900
08/01/41
6,152
43,000
Dominion
Energy
Inc
4
.850
08/15/52
35,843
50,000
Dominion
Energy
Inc
7
.000
06/01/54
51,913
10,000
DTE
Electric
Co
4
.000
04/01/43
8,095
90,000
DTE
Electric
Co
3
.700
03/15/45
68,925
287,000
Duke
Energy
Corp
3
.950
08/15/47
210,151
1,000
Duke
Energy
Corp
5
.000
08/15/52
855
200,000
Duke
Energy
Indiana
LLC
4
.900
07/15/43
180,780
100,000
Duke
Energy
Indiana
LLC
5
.400
04/01/53
93,295
10,000
Duke
Energy
Ohio
Inc
3
.700
06/15/46
7,351
27,000
El
Paso
Electric
Co
5
.000
12/01/44
23,185
32,000
Emera
US
Finance
LP
4
.750
06/15/46
25,780
1,000
Entergy
Corp
3
.750
06/15/50
692
110,000
Entergy
Louisiana
LLC
4
.200
09/01/48
86,589
21,000
Essential
Utilities
Inc
3
.351
04/15/50
13,753
50,000
Evergy
Kansas
Central
Inc
4
.250
12/01/45
40,303
20,000
Evergy
Kansas
Central
Inc
3
.250
09/01/49
13,225
50,000
Eversource
Energy
5
.850
04/15/31
52,378
6,000
Eversource
Energy
3
.450
01/15/50
4,066
100,000
Exelon
Corp
5
.450
03/15/34
101,434
3,000
Exelon
Corp
4
.950
06/15/35
2,868
21,000
Exelon
Corp
5
.100
06/15/45
18,755
7,000
Exelon
Corp
4
.450
04/15/46
5,655
1,000
Exelon
Corp
4
.700
04/15/50
823
40,000
FirstEnergy
Corp
2
.250
09/01/30
35,045
48,000
FirstEnergy
Pennsylvania
Electric
Co
6
.150
10/01/38
50,543
81,000
Georgia
Power
Co
3
.700
01/30/50
59,494
18,000
Iberdrola
International
BV
6
.750
07/15/36
20,318
10,000
Idaho
Power
Co
5
.800
04/01/54
9,829
100,000
Indiana
Michigan
Power
Co
3
.750
07/01/47
73,571
10,000
Interstate
Power
and
Light
Co
4
.100
09/26/28
9,896
7,000
IPALCO
Enterprises
Inc
4
.250
05/01/30
6,675
1,000
ITC
Holdings
Corp
5
.300
07/01/43
917
10,000
Louisville
Gas
and
Electric
Co
4
.375
10/01/45
8,217
50,000
MidAmerican
Energy
Co
3
.150
04/15/50
33,244
12,000
National
Grid
USA
5
.803
04/01/35
12,043
50,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.150
06/15/29
51,360
4,000
NextEra
Energy
Capital
Holdings
Inc
3
.500
04/01/29
3,846
129,000
NextEra
Energy
Capital
Holdings
Inc
5
.000
07/15/32
128,700
150,000
NextEra
Energy
Capital
Holdings
Inc
5
.550
03/15/54
140,228
50,000
NextEra
Energy
Capital
Holdings
Inc
6
.375
08/15/55
50,105
19,000
NiSource
Inc
3
.490
05/15/27
18,668
58,000
NiSource
Inc
5
.950
06/15/41
58,098
21,000
NiSource
Inc
5
.650
02/01/45
20,113
200,000
NiSource
Inc
4
.375
05/15/47
162,241
7,000
NiSource
Inc
3
.950
03/30/48
5,295
19,000
NiSource
Inc
5
.000
06/15/52
16,535
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
50,000
Northern
States
Power
Co/MN
5
.050
%
05/15/35
$
50,170
30,000
Northern
States
Power
Co/WI
5
.650
06/15/54
29,693
50,000
NSTAR
Electric
Co
4
.950
09/15/52
44,516
4,000
Oglethorpe
Power
Corp
5
.950
11/01/39
4,109
60,000
Oglethorpe
Power
Corp
5
.375
11/01/40
57,727
69,000
Oglethorpe
Power
Corp
4
.200
12/01/42
54,865
14,000
Oglethorpe
Power
Corp
4
.250
04/01/46
10,796
13,000
Oglethorpe
Power
Corp
5
.050
10/01/48
11,342
7,000
Oglethorpe
Power
Corp
5
.250
09/01/50
6,150
250,000
Ohio
Power
Co
4
.150
04/01/48
192,892
40,000
Oncor
Electric
Delivery
Co
LLC
5
.350
10/01/52
37,252
8,000
Pacific
Gas
and
Electric
Co
3
.300
12/01/27
7,714
9,000
Pacific
Gas
and
Electric
Co
3
.000
06/15/28
8,519
9,000
Pacific
Gas
and
Electric
Co
4
.200
03/01/29
8,731
40,000
Pacific
Gas
and
Electric
Co
5
.900
06/15/32
40,536
100,000
Pacific
Gas
and
Electric
Co
6
.400
06/15/33
103,398
110,000
Pacific
Gas
and
Electric
Co
6
.950
03/15/34
117,964
59,000
Pacific
Gas
and
Electric
Co
4
.200
06/01/41
45,570
6,000
Pacific
Gas
and
Electric
Co
4
.450
04/15/42
4,729
258,000
Pacific
Gas
and
Electric
Co
3
.750
08/15/42
184,376
7,000
Pacific
Gas
and
Electric
Co
4
.300
03/15/45
5,298
300,000
Pacific
Gas
and
Electric
Co
4
.250
03/15/46
225,930
7,000
Pacific
Gas
and
Electric
Co
4
.000
12/01/46
4,987
7,000
Pacific
Gas
and
Electric
Co
3
.950
12/01/47
4,905
106,000
Pacific
Gas
and
Electric
Co
4
.950
07/01/50
85,386
54,000
Pacific
Gas
and
Electric
Co
5
.250
03/01/52
44,921
110,000
PacifiCorp
5
.500
05/15/54
99,529
115,000
Piedmont
Natural
Gas
Co
Inc
3
.640
11/01/46
81,746
11,000
Piedmont
Natural
Gas
Co
Inc
3
.350
06/01/50
7,129
10,000
Potomac
Electric
Power
Co
4
.150
03/15/43
8,229
100,000
Potomac
Electric
Power
Co
5
.500
03/15/54
95,340
10,000
PPL
Capital
Funding
Inc
3
.100
05/15/26
9,859
1,000
PPL
Capital
Funding
Inc
4
.125
04/15/30
983
70,000
PPL
Electric
Utilities
Corp
4
.150
06/15/48
56,292
30,000
Public
Service
Co
of
Colorado
3
.800
06/15/47
22,139
80,000
Public
Service
Co
of
Colorado
4
.500
06/01/52
65,003
60,000
Public
Service
Co
of
Colorado
5
.250
04/01/53
54,240
10,000
Public
Service
Electric
and
Gas
Co
5
.700
12/01/36
10,393
25,000
Public
Service
Electric
and
Gas
Co
5
.450
08/01/53
24,211
50,000
Public
Service
Enterprise
Group
Inc
5
.400
03/15/35
50,218
26,000
Puget
Energy
Inc
2
.379
06/15/28
24,395
36,000
Puget
Energy
Inc
4
.100
06/15/30
34,357
10,000
Puget
Sound
Energy
Inc
2
.893
09/15/51
6,100
50,000
San
Diego
Gas
&
Electric
Co
4
.150
05/15/48
38,493
52,000
Sempra
3
.400
02/01/28
50,486
38,000
Sempra
3
.800
02/01/38
30,720
34,000
Sempra
4
.000
02/01/48
24,540
10,000
Southern
California
Edison
Co
4
.500
09/01/40
8,266
100,000
Southern
California
Edison
Co
5
.700
03/01/53
89,453
100,000
Southern
Co
Gas
Capital
Corp
4
.950
09/15/34
97,170
50,000
Southern
Co
Gas
Capital
Corp
6
.000
10/01/34
51,941
101,000
Southern
Co
Gas
Capital
Corp
4
.400
05/30/47
81,231
1,000
Southern
Co/The
5
.113
08/01/27
1,016
40,000
Southern
Co/The
4
.850
06/15/28
40,665
80,000
Southern
Co/The
5
.700
03/15/34
82,710
51,000
Southern
Power
Co
4
.950
12/15/46
43,715
50,000
Southwest
Gas
Corp
2
.200
06/15/30
44,018
45,000
Southwest
Gas
Corp
4
.150
06/01/49
33,973
8,000
Southwestern
Electric
Power
Co
1
.650
03/15/26
7,800
1,000
Southwestern
Electric
Power
Co
3
.900
04/01/45
748
109,000
Southwestern
Electric
Power
Co
3
.250
11/01/51
68,771
21,000
Southwestern
Public
Service
Co
6
.000
10/01/36
21,823
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
18,000
Spire
Inc
4
.700
%
08/15/44
$
15,073
50,000
Tampa
Electric
Co
5
.150
03/01/35
49,802
10,000
Union
Electric
Co
3
.650
04/15/45
7,494
65,000
Union
Electric
Co
5
.450
03/15/53
61,801
30,000
Virginia
Electric
and
Power
Co
5
.350
01/15/54
27,509
100,000
Wisconsin
Power
and
Light
Co
5
.375
03/30/34
100,736
60,000
Wisconsin
Power
and
Light
Co
4
.100
10/15/44
46,470
20,000
Wisconsin
Public
Service
Corp
2
.850
12/01/51
12,115
7,000
Xcel
Energy
Inc
4
.800
09/15/41
5,975
TOTAL
UTILITY
6,405,847
TOTAL
CORPORATE
DEBT
(Cost
$23,858,295)
22,908,795
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
8.0%
GOVERNMENT
AGENCY
-
0.7%
70,000
Export-Import
Bank
of
Korea
2
.500
06/29/41
49,090
25,000
Federal
Home
Loan
Banks
3
.625
09/04/26
24,977
1,000
Federal
National
Mortgage
Association
1
.875
09/24/26
975
15,000
Federal
National
Mortgage
Association
5
.625
07/15/37
16,529
20,000
Kreditanstalt
fuer
Wiederaufbau
4
.625
03/18/30
20,788
70,000
Tennessee
Valley
Authority
4
.650
06/15/35
71,643
9,000
Tennessee
Valley
Authority
5
.250
09/15/39
9,458
129,000
Tennessee
Valley
Authority
3
.500
12/15/42
105,813
5,000
Tennessee
Valley
Authority
4
.250
09/15/52
4,169
50,000
Tennessee
Valley
Authority
5
.250
02/01/55
48,754
50,000
Tennessee
Valley
Authority
4
.250
09/15/65
40,193
TOTAL
GOVERNMENT
AGENCY
392,389
MUNICIPAL
BONDS
-
1.8%
18,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2021F-3
3
.126
04/01/55
11,888
16,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Subordinate
Lien,
Build
America
Federally
Taxable
Bond
Series
2010S-1
6
.918
04/01/40
17,902
60,000
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Green
Series
2016B
3
.852
08/15/46
48,002
42,000
California
State
University,
Systemwide
Revenue
Bonds,
Taxable
Series
2021B
2
.719
11/01/52
26,789
10,000
California
State
University,
Systemwide
Revenue
Bonds,
Taxable
Series
2021B
2
.939
11/01/52
6,448
50,000
California
State,
General
Obligation
Bonds,
Taxable
Various
Purpose
Series
2018
4
.500
04/01/33
49,766
70,000
California
State,
General
Obligation
Bonds,
Taxable
Various
Purpose
Series
2018
4
.600
04/01/38
71,151
50,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Build
America
Taxable
Bond
Series
2010
7
.625
03/01/40
60,060
10,000
Chicago
Greater
Metropolitan
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2009
5
.720
12/01/38
10,335
28,000
Chicago
Transit
Authority,
Illinois,
Sales
and
Transfer
Tax
Receipts
Revenue
Bonds,
Pension
Funding
Taxable
Series
2008B
6
.899
12/01/40
31,247
27,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Taxable
Senior
Lien
Series
2018C
4
.572
01/01/54
23,531
20,000
Commonwealth
Financing
Authority,
Pennsylvania,
Revenue
Bonds
Taxable
Series
2021A
2
.991
06/01/42
15,103
6,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Plancon
Program,
Taxable
Series
2018A
3
.864
06/01/38
5,437
10,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2010D
6
.229
11/15/34
10,585
40,000
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Taxable
Refunding
Senior
Lien
Series
2021A
2
.613
12/01/48
26,515
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MUNICIPAL
BONDS
(continued)
$
20,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Taxable
Improvement
Series
2022A
4
.087
%
11/01/51
$
16,258
20,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Taxable
Improvement
Series
2022A
4
.507
11/01/51
17,158
40,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Taxable
Refunding
Series
2021C
2
.843
11/01/46
28,332
1,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2021C
2
.202
03/15/34
825
20,000
Florida
State
Board
of
Administration
Finance
Corporation,
Revenue
Bonds,
Taxable,
Series
2024A
5
.526
07/01/34
20,439
40,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Taxable
Refunding
Subordinate
Lien
Series
2020B.
Tela
Supported
3
.236
10/01/52
27,412
53,000
Illinois
State,
General
Obligation
Bonds,
Pension
Funding
Series
2003
5
.100
06/01/33
52,718
20,000
Kansas
Development
Finance
Authority,
Kansas,
Revenue
Bonds,
State
of
Kansas
KPERS
Projects,
Taxable
Series
2021K
2
.774
05/01/51
13,568
30,000
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2010
6
.750
08/01/49
33,436
11,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Trinity
Health
Credit
Group,
Taxable
Refunding
Series
2019-T
3
.384
12/01/40
9,042
21,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Washington
University,
Series
2016B
3
.086
09/15/51
13,951
36,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Taxable
Build
America
Bonds
Series
2010A
6
.637
04/01/57
39,199
45,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Build
America
Taxable
Bonds,
Series
2010A
7
.102
01/01/41
51,495
1,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Revenue
Bonds,
Second
Generation
Resolution,
Build
America
Taxable
Bonds,
Fiscal
2011
Series
AA
5
.440
06/15/43
978
50,000
New
York
City,
New
York,
General
Obligation
Bonds,
Taxable
Fiscal
2025
Series
C-2
4
.610
09/01/37
47,493
10,000
Ohio
State
University,
General
Receipts
Bonds,
Build
America
Taxable
Bond
Series
2010C
4
.910
06/01/40
9,829
100,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-Fifth
Series
2021
3
.175
07/15/60
64,437
39,000
Province
of
British
Columbia
Canada
1
.300
01/29/31
33,569
75,000
Sales
Tax
Securitization
Corporation,
Illinois,
Tax
Securitization
Bonds,
Taxable
Series
2018
3
.238
01/01/42
60,830
93,000
The
Rector
and
Visitors
of
the
University
of
Virginia,
General
Revenue
Bonds,
Taxable
Pledge
and
Refunding
Series
2020
2
.256
09/01/50
53,037
32,000
Tucson,
Arizona,
Certificates
of
Participation,
Taxable
Series
2021A
2
.856
07/01/47
23,087
30,000
University
of
Michigan,
General
Revenue
Bonds,
Series
2022A
3
.504
04/01/52
22,332
TOTAL
MUNICIPAL
BONDS
1,054,184
SOVEREIGN
DEBT
-
5.5%
200,000
Chile
Government
International
Bond
4
.340
03/07/42
171,140
1,000
Chile
Government
International
Bond
3
.625
10/30/42
771
102,000
Chile
Government
International
Bond
3
.500
01/25/50
71,145
13,000
Chile
Government
International
Bond
4
.000
01/31/52
9,768
13,000
Chile
Government
International
Bond
3
.250
09/21/71
7,724
200,000
Colombia
Government
International
Bond
8
.500
04/25/35
203,144
9,000
Colombia
Government
International
Bond
4
.125
02/22/42
5,463
200,000
Colombia
Government
International
Bond
5
.625
02/26/44
142,559
13,000
Colombia
Government
International
Bond
5
.000
06/15/45
8,447
19,000
Colombia
Government
International
Bond
5
.200
05/15/49
12,265
13,000
Colombia
Government
International
Bond
4
.125
05/15/51
7,176
13,000
Colombia
Government
International
Bond
3
.875
02/15/61
6,627
1,000
Hungary
Government
International
Bond
7
.625
03/29/41
1,104
1,000
Indonesia
Government
International
Bond
4
.350
01/11/48
821
1,000
Indonesia
Government
International
Bond
5
.350
02/11/49
958
50,000
Indonesia
Government
International
Bond
3
.700
10/30/49
36,842
143,000
Indonesia
Government
International
Bond
4
.300
03/31/52
115,010
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN
DEBT
(continued)
$
10,000
Indonesia
Government
International
Bond
4
.450
%
04/15/70
$
7,892
25,000
Indonesia
Government
International
Bond
3
.350
03/12/71
15,533
50,000
Inter-American
Development
Bank
3
.750
06/14/30
49,900
20,000
Inter-American
Development
Bank
4
.375
01/24/44
18,804
50,000
Inter-American
Development
Bank
5
.130
09/11/54
48,581
28,000
Israel
Government
International
Bond
4
.500
01/30/43
23,429
250,000
Israel
Government
International
Bond
4
.125
01/17/48
189,662
50,000
Israel
Government
International
Bond
4
.500
04/03/20
34,687
11,000
Korea
International
Bond
3
.875
09/20/48
9,045
200,000
Mexico
Government
International
Bond
6
.000
05/07/36
190,494
70,000
Mexico
Government
International
Bond
4
.280
08/14/41
51,995
200,000
Mexico
Government
International
Bond
4
.750
03/08/44
151,114
200,000
Mexico
Government
International
Bond
4
.400
02/12/52
134,374
100,000
Mexico
Government
International
Bond
6
.338
05/04/53
87,733
300,000
Mexico
Government
International
Bond
7
.375
05/13/55
296,964
60,000
Panama
Government
International
Bond
6
.875
01/31/36
57,933
48,000
Panama
Government
International
Bond
4
.500
05/15/47
31,444
100,000
Panama
Government
International
Bond
4
.300
04/29/53
60,864
200,000
Panama
Government
International
Bond
7
.875
03/01/57
193,309
80,000
Panama
Government
International
Bond
3
.870
07/23/60
43,187
93,000
Peruvian
Government
International
Bond
3
.300
03/11/41
67,541
17,000
Peruvian
Government
International
Bond
3
.550
03/10/51
11,454
5,000
Peruvian
Government
International
Bond
2
.780
12/01/60
2,652
1,000
Peruvian
Government
International
Bond
3
.600
01/15/72
608
16,000
(a)
Peruvian
Government
International
Bond
3
.230
07/28/21
8,438
20,000
Philippine
Government
International
Bond
6
.375
10/23/34
21,870
10,000
Philippine
Government
International
Bond
5
.000
01/13/37
9,834
19,000
Philippine
Government
International
Bond
3
.700
03/01/41
15,215
200,000
Philippine
Government
International
Bond
3
.200
07/06/46
139,786
60,000
Republic
of
Italy
Government
International
Bond
4
.000
10/17/49
43,642
60,000
Republic
of
Poland
Government
International
Bond
5
.125
09/18/34
59,846
30,000
Republic
of
Poland
Government
International
Bond
5
.500
04/04/53
28,093
200,000
Uruguay
Government
International
Bond
5
.442
02/14/37
203,550
17,000
Uruguay
Government
International
Bond
5
.100
06/18/50
15,576
90,000
Uruguay
Government
International
Bond
4
.975
04/20/55
79,087
TOTAL
SOVEREIGN
DEBT
3,205,100
UTILITY
-
0.0%
20,000
San
Antonio,
Texas,
Electric
and
Gas
System
Revenue
Bonds,
Build
America
Taxable
Bond
Series
2010A
5
.718
02/01/41
20,105
TOTAL
UTILITY
20,105
TOTAL
GOVERNMENT
RELATED
(Cost
$5,420,293)
4,671,778
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
18.9%
250,000
American
Express
Credit
Account
Master
Trust
3
.390
05/17/27
249,877
66,667
(b)
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2
.330
08/20/26
66,372
150,000
BANK
2024-BNK47
6
.457
06/15/57
160,292
50,000
(c)
BANK
2025-BNK49
5
.623
03/15/58
51,960
50,000
(c)
BANK5
2023-5YR3
6
.724
09/15/56
53,165
43,281
BANK5
2023-5YR4
6
.500
12/15/56
45,734
50,000
(b)
Barings
Equipment
Finance
LLC
2025-A
4
.820
08/13/32
50,762
100,000
BBCMS
Mortgage
Trust
2022-C17
4
.174
09/15/55
95,897
50,000
BBCMS
Mortgage
Trust
2025-5C34
5
.659
05/15/58
51,990
150,000
Benchmark
2021-B27
Mortgage
Trust
2
.703
07/15/54
106,626
100,000
(c)
Benchmark
2024-V7
Mortgage
Trust
6
.228
05/15/56
105,552
45,000
BMO
2023-5C2
Mortgage
Trust
6
.673
11/15/56
47,687
50,000
BMO
2025-5C10
Mortgage
Trust
5
.578
05/15/58
51,805
50,000
BMO
2025-C11
Mortgage
Trust
5
.687
02/15/58
52,197
150,000
Capital
One
Multi-Asset
Execution
Trust
3
.490
05/15/27
149,933
30,000
Capital
One
Prime
Auto
Receivables
Trust
2024-1
4
.620
07/16/29
30,320
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
38,581
Carmax
Auto
Owner
Trust
2024-3
5
.210
%
09/15/27
$
38,682
50,000
CarMax
Auto
Owner
Trust
2024-4
4
.640
04/15/30
50,460
50,000
Carmax
Auto
Owner
Trust
2025-2
4
.480
03/15/30
50,170
50,000
Carvana
Auto
Receivables
Trust
2024-P3
4
.310
09/10/30
49,965
50,000
(b)
Chase
Auto
Owner
Trust
2024-3
5
.220
07/25/29
50,682
100,000
CNH
Equipment
Trust
2023-B
5
.600
02/15/29
101,695
50,000
CNH
Equipment
Trust
2024-C
4
.120
03/15/32
49,628
13,642
COMM
2015-LC19
Mortgage
Trust
3
.527
02/10/48
13,619
8,575
(b)
Dell
Equipment
Finance
Trust
2023-3
6
.100
04/23/29
8,585
100,000
(b)
Dell
Equipment
Finance
Trust
2025-1
4
.680
07/22/27
100,117
46,952
(b)
Enterprise
Fleet
Financing
2024-3
LLC
5
.310
04/20/27
47,117
50,000
(b)
Enterprise
Fleet
Financing
2025-2
LLC
4
.510
02/22/28
50,026
50,000
Exeter
Automobile
Receivables
Trust
2024-4
5
.290
08/15/30
50,330
21,777
Fannie
Mae
Pool
FN
MA1489
3
.000
07/01/43
19,720
54,818
Fannie
Mae
Pool
FN
MA3211
4
.000
12/01/47
51,855
32,903
Fannie
Mae
Pool
FN
MA3277
4
.000
02/01/48
31,034
73,467
Fannie
Mae
Pool
FN
MA3305
3
.500
03/01/48
67,299
22,315
Fannie
Mae
Pool
FN
MA3306
4
.000
03/01/48
21,089
44,307
Fannie
Mae
Pool
FN
MA3383
3
.500
06/01/48
40,552
125,401
Fannie
Mae
Pool
FN
MA3416
4
.500
07/01/48
122,147
42,250
Fannie
Mae
Pool
FN
MA3663
3
.500
05/01/49
38,480
64,629
Fannie
Mae
Pool
FN
MA3744
3
.000
08/01/49
56,716
163,144
Fannie
Mae
Pool
FN
MA4160
3
.000
10/01/50
143,208
222,972
Fannie
Mae
Pool
FN
MA4305
2
.000
04/01/51
177,201
117,243
Fannie
Mae
Pool
FN
MA4438
2
.500
10/01/51
97,756
109,904
Fannie
Mae
Pool
FN
MA4562
2
.000
03/01/52
87,305
229,641
Fannie
Mae
Pool
FN
MA4578
2
.500
04/01/52
191,450
77,936
Fannie
Mae
Pool
FN
MA4737
5
.000
08/01/52
76,583
383,202
Fannie
Mae
Pool
FN
MA4738
5
.500
08/01/52
383,712
159,611
Fannie
Mae
Pool
FN
MA4761
5
.000
09/01/52
156,799
83,144
Fannie
Mae
Pool
FN
MA5216
6
.000
12/01/53
84,457
82,240
Fannie
Mae
Pool
FN
MA5295
6
.000
03/01/54
83,452
75,653
Fannie
Mae
Pool
FN
MA5329
6
.500
04/01/54
77,910
68,923
Fannie
Mae
Pool
FN
MA5391
7
.000
06/01/54
72,117
154,831
Fannie
Mae
Pool
FN
MA5469
5
.000
09/01/54
151,616
96,082
Fannie
Mae
Pool
FN
MA5471
6
.000
09/01/54
97,485
50,000
Ford
Credit
Auto
Lease
Trust
2024-B
4
.990
12/15/27
50,426
50,000
Ford
Credit
Auto
Owner
Trust
2024-B
5
.100
04/15/29
50,707
200,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.819
06/25/28
204,505
200,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.650
08/25/28
203,704
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.800
09/25/28
102,273
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.618
07/25/29
50,910
50,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.700
11/25/29
51,105
30,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.230
12/25/29
30,092
25,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.410
01/25/30
25,281
200,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.478
01/25/30
203,023
185,795
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.353
11/25/30
171,792
35,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.680
10/25/31
35,672
150,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5
.150
12/25/33
156,423
90,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.760
10/25/34
91,252
235,332
Freddie
Mac
Pool
FR
SD5345
2
.500
04/01/52
196,614
233,743
Ginnie
Mae
II
Pool
G2
MA6819
2
.500
08/20/50
199,638
181,511
Ginnie
Mae
II
Pool
G2
MA7192
2
.000
02/20/51
148,111
219,766
Ginnie
Mae
II
Pool
G2
MA7768
3
.000
12/20/51
194,631
207,641
Ginnie
Mae
II
Pool
G2
MA7883
3
.500
02/20/52
189,288
238,944
Ginnie
Mae
II
Pool
G2
MA8046
4
.500
05/20/52
230,180
107,294
Ginnie
Mae
II
Pool
G2
MA8150
4
.000
07/20/52
100,291
201,043
Ginnie
Mae
II
Pool
G2
MA8489
4
.500
12/20/52
193,441
192,073
Ginnie
Mae
II
Pool
G2
MA9106
5
.500
08/20/53
192,401
201,771
Ginnie
Mae
II
Pool
G2
MA9905
5
.000
09/20/54
198,054
147,150
Ginnie
Mae
II
Pool
G2
MA9906
5
.500
09/20/54
147,183
146,129
Ginnie
Mae
II
Pool
G2
MA9907
6
.000
09/20/54
147,914
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
211,904
Ginnie
Mae
II
Pool
G2
MA9962
4
.000
%
10/20/54
$
197,283
103,671
Ginnie
Mae
II
Pool
G2
MA9963
4
.500
10/20/54
99,268
103,542
Ginnie
Mae
II
Pool
G2
MA9964
5
.000
10/20/54
101,635
190,334
Ginnie
Mae
II
Pool
G2
MB0028
6
.500
11/20/54
194,936
199,619
Ginnie
Mae
II
Pool
G2
MB0259
5
.500
03/20/55
199,663
199,523
Ginnie
Mae
II
Pool
G2
MB0260
6
.000
03/20/55
202,070
169,820
Ginnie
Mae
II
Pool
MA7473
G2
MA7473
3
.000
07/20/51
150,461
111,788
Ginnie
Mae
II
Pool
MA7589
G2
MA7589
2
.500
09/20/51
95,286
156,054
Ginnie
Mae
II
Pool
MA7989
G2
MA7989
3
.500
04/20/52
142,084
100,000
GM
Financial
Automobile
Leasing
Trust
2024-1
5
.090
03/22/27
100,448
28,548
GM
Financial
Consumer
Automobile
Receivables
Trust
2022-2
3
.100
02/16/27
28,404
221,089
GS
Mortgage
Securities
Trust
2016-GS4
3
.178
11/10/49
217,306
33,333
(b)
Hertz
Vehicle
Financing
III
LLC
1
.990
06/25/26
33,228
50,000
Honda
Auto
Receivables
2024-2
Owner
Trust
5
.270
11/20/28
50,722
24,787
(b)
HPEFS
Equipment
Trust
2023-2
6
.040
01/21/31
24,833
100,000
(b)
Hyundai
Auto
Lease
Securitization
Trust
2025-B
4
.530
04/17/28
100,133
37,815
Hyundai
Auto
Receivables
Trust
2022-B
3
.720
11/16/26
37,740
100,000
John
Deere
Owner
Trust
2022
2
.490
01/16/29
99,009
100,000
(b)
Kubota
Credit
Owner
Trust
2025-1
4
.670
06/15/29
101,318
25,000
Mercedes-Benz
Auto
Receivables
Trust
2024-1
4
.790
07/15/31
25,302
250,000
Morgan
Stanley
Capital
I
Trust
2021-L5
1
.518
05/15/54
240,034
50,000
Nissan
Auto
Lease
Trust
2025-A
4
.750
03/15/28
50,551
100,000
(b)
OneMain
Financial
Issuance
Trust
2023-2
6
.170
09/15/36
103,427
100,000
Santander
Drive
Auto
Receivables
Trust
2023-4
6
.040
12/15/31
103,052
50,000
Toyota
Auto
Receivables
2024-C
Owner
Trust
4
.880
03/15/29
50,560
50,000
Toyota
Auto
Receivables
2025-A
Owner
Trust
4
.640
08/15/29
50,548
45,000
Verizon
Master
Trust
Series
2024-4
5
.210
06/20/29
45,328
200,000
Wells
Fargo
Commercial
Mortgage
Trust
2024-5C1
5
.928
07/15/57
209,111
50,000
(b)
Westlake
Automobile
Receivables
Trust
2025-1
4
.750
08/15/28
50,215
50,000
World
Omni
Auto
Receivables
Trust
2024-B
5
.270
09/17/29
50,545
TOTAL
SECURITIZED
(Cost
$11,172,841)
11,080,599
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
32.0%
600
United
States
Treasury
Note/Bond
0
.750
04/30/26
582
100,000
United
States
Treasury
Note/Bond
4
.875
05/31/26
101,031
2,800
United
States
Treasury
Note/Bond
0
.875
06/30/26
2,706
200,000
United
States
Treasury
Note/Bond
4
.625
06/30/26
201,773
250,000
United
States
Treasury
Note/Bond
3
.750
08/31/26
249,893
950,000
United
States
Treasury
Note/Bond
3
.500
09/30/26
946,846
200,000
United
States
Treasury
Note/Bond
4
.125
10/31/26
201,141
450,000
United
States
Treasury
Note/Bond
4
.250
11/30/26
453,727
3,600
United
States
Treasury
Note/Bond
1
.250
12/31/26
3,460
100,000
United
States
Treasury
Note/Bond
4
.125
01/31/27
100,777
800,000
United
States
Treasury
Note/Bond
4
.125
02/28/27
806,750
250,000
United
States
Treasury
Note/Bond
4
.250
03/15/27
252,764
1,000
United
States
Treasury
Note/Bond
2
.500
03/31/27
980
4,250,000
United
States
Treasury
Note/Bond
3
.875
03/31/27
4,269,756
30,000
United
States
Treasury
Note/Bond
2
.750
04/30/27
29,509
2,000,000
United
States
Treasury
Note/Bond
3
.750
04/30/27
2,005,859
200,000
United
States
Treasury
Note/Bond
4
.500
05/15/27
203,437
2,800
United
States
Treasury
Note/Bond
3
.250
06/30/27
2,780
400
(d)
United
States
Treasury
Note/Bond
2
.750
07/31/27
393
150,000
United
States
Treasury
Note/Bond
3
.625
05/31/28
150,100
105,000
United
States
Treasury
Note/Bond
4
.375
08/31/28
107,465
100,000
United
States
Treasury
Note/Bond
4
.875
10/31/28
104,043
150,000
United
States
Treasury
Note/Bond
3
.125
11/15/28
147,498
500,000
United
States
Treasury
Note/Bond
4
.000
01/31/29
506,094
275,000
United
States
Treasury
Note/Bond
4
.250
02/28/29
280,844
250,000
United
States
Treasury
Note/Bond
3
.500
09/30/29
248,076
27
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
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
(continued)
$
200,000
United
States
Treasury
Note/Bond
4
.125
%
10/31/29
$
203,539
450,000
United
States
Treasury
Note/Bond
4
.125
11/30/29
458,174
600,000
United
States
Treasury
Note/Bond
4
.375
12/31/29
617,063
2,950,000
United
States
Treasury
Note/Bond
4
.250
01/31/30
3,018,795
650,000
United
States
Treasury
Note/Bond
4
.000
03/31/30
658,074
200,000
United
States
Treasury
Note/Bond
3
.750
08/31/31
198,437
500,000
United
States
Treasury
Note/Bond
4
.375
01/31/32
513,320
30,000
United
States
Treasury
Note/Bond
4
.000
02/15/34
29,770
60,000
United
States
Treasury
Note/Bond
4
.250
11/15/34
60,459
600,000
United
States
Treasury
Note/Bond
4
.625
02/15/35
622,500
50,000
United
States
Treasury
Note/Bond
3
.875
02/15/43
45,254
20,000
United
States
Treasury
Note/Bond
4
.500
02/15/44
19,543
150,000
United
States
Treasury
Note/Bond
4
.750
02/15/45
151,031
25,000
United
States
Treasury
Note/Bond
4
.750
11/15/53
25,140
335,000
United
States
Treasury
Note/Bond
4
.250
08/15/54
310,555
100,000
United
States
Treasury
Note/Bond
4
.500
11/15/54
96,797
300,000
United
States
Treasury
Note/Bond
4
.625
02/15/55
296,859
TOTAL
U.S.
TREASURY
(Cost
$18,538,360)
18,703,594
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$58,998,522)
57,373,549
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.3%
166,890
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.360
(f)
$
166,890
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$166,890)
166,890
TOTAL
INVESTMENTS
-
98
.4
%
(Cost
$
59,165,412
)
57,540,439
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.6%
943,710
NET
ASSETS
-
100%
$
58,484,149
REIT
Real
Estate
Investment
Trust
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$161,245.
(b)
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
$1,131,303
or
2.0%
of
Total
Investments.
(c)
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.
(d)
Principal
Amount
(000)
rounds
to
less
than
$1,000.
(e)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
Portfolio
of
Investments
April
30,
2025
(continued)
NUAG
28
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:
NUAG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Bonds
$
–
$
8,783
$
–
$
8,783
Corporate
Debt
–
22,908,795
–
22,908,795
Government
Related
–
4,671,778
–
4,671,778
Securitized
–
11,080,599
–
11,080,599
U.S.
Treasury
–
18,703,594
–
18,703,594
Investments
Purchased
with
Collateral
from
Securities
Lending
166,890
–
–
166,890
Total
$
166,890
$
57,373,549
$
–
$
57,540,439
a
29
Portfolio
of
Investments
April
30,
2025
NUSA
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.1%
CORPORATE
DEBT
-
23.4%
FINANCIALS
-
10.7%
$
60,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.875
%
01/23/28
$
58,741
20,000
Aflac
Inc
1
.125
03/15/26
19,433
20,000
Ally
Financial
Inc
7
.100
11/15/27
20,966
70,000
American
Express
Co
5
.850
11/05/27
72,729
100,000
Banco
Santander
SA
1
.722
09/14/27
96,031
31,000
Bank
of
America
Corp
1
.734
07/22/27
29,971
180,000
Bank
of
America
Corp
4
.376
04/27/28
179,703
50,000
Bank
of
America
Corp
5
.162
01/24/31
50,932
30,000
Bank
of
Montreal
5
.717
09/25/28
31,224
50,000
(a)
Bank
of
Montreal
5
.004
01/27/29
50,778
60,000
Bank
of
Nova
Scotia/The
1
.350
06/24/26
58,030
50,000
Bank
of
Nova
Scotia/The
5
.130
02/14/31
50,779
80,000
Barclays
PLC
2
.279
11/24/27
77,073
11,000
Boston
Properties
LP
2
.750
10/01/26
10,665
20,000
Brixmor
Operating
Partnership
LP
3
.900
03/15/27
19,732
10,000
Canadian
Imperial
Bank
of
Commerce
5
.260
04/08/29
10,263
34,000
Capital
One
Financial
Corp
7
.149
10/29/27
35,182
14,000
Capital
One
Financial
Corp
3
.800
01/31/28
13,732
20,000
Centene
Corp
4
.250
12/15/27
19,544
30,000
Charles
Schwab
Corp/The
1
.150
05/13/26
29,044
27,000
Charles
Schwab
Corp/The
2
.450
03/03/27
26,186
20,000
Charles
Schwab
Corp/The
5
.643
05/19/29
20,741
150,000
Citigroup
Inc
4
.658
05/24/28
150,499
20,000
Citizens
Financial
Group
Inc
2
.850
07/27/26
19,493
50,000
Deutsche
Bank
AG/New
York
NY
5
.371
09/09/27
51,252
30,000
Digital
Realty
Trust
LP
3
.700
08/15/27
29,635
20,000
Elevance
Health
Inc
3
.650
12/01/27
19,678
20,000
Equitable
Holdings
Inc
4
.350
04/20/28
19,898
30,000
Fifth
Third
Bancorp
1
.707
11/01/27
28,701
20,000
GATX
Corp
3
.250
09/15/26
19,628
135,000
Goldman
Sachs
Group
Inc/The
4
.482
08/23/28
135,074
14,000
Goldman
Sachs
Group
Inc/The
6
.484
10/24/29
14,853
50,000
Goldman
Sachs
Group
Inc/The
5
.218
04/23/31
50,922
20,000
Healthpeak
OP
LLC
3
.250
07/15/26
19,668
102,000
HSBC
Holdings
PLC
4
.755
06/09/28
102,240
30,000
Humana
Inc
5
.750
12/01/28
31,116
30,000
ING
Groep
NV
1
.726
04/01/27
29,220
130,000
JPMorgan
Chase
&
Co
2
.947
02/24/28
126,679
38,000
JPMorgan
Chase
&
Co
4
.851
07/25/28
38,410
50,000
JPMorgan
Chase
&
Co
4
.995
07/22/30
50,723
50,000
JPMorgan
Chase
&
Co
4
.603
10/22/30
49,966
50,000
JPMorgan
Chase
&
Co
5
.140
01/24/31
51,061
40,000
Kimco
Realty
OP
LLC
3
.800
04/01/27
39,470
20,000
Lincoln
National
Corp
3
.625
12/12/26
19,747
60,000
Lloyds
Banking
Group
PLC
3
.750
03/18/28
59,062
20,000
M&T
Bank
Corp
7
.413
10/30/29
21,515
20,000
Manulife
Financial
Corp
4
.150
03/04/26
19,947
60,000
Mitsubishi
UFJ
Financial
Group
Inc
4
.080
04/19/28
59,576
40,000
Mizuho
Financial
Group
Inc
4
.018
03/05/28
39,652
83,000
Morgan
Stanley
5
.164
04/20/29
84,500
100,000
Morgan
Stanley
5
.042
07/19/30
101,233
50,000
Morgan
Stanley
5
.192
04/17/31
50,906
45,000
Nasdaq
Inc
5
.350
06/28/28
46,253
30,000
NatWest
Group
PLC
4
.800
04/05/26
30,090
5,000
ORIX
Corp
5
.000
09/13/27
5,068
50,000
PNC
Financial
Services
Group
Inc/The
6
.615
10/20/27
51,497
50,000
PNC
Financial
Services
Group
Inc/The
5
.222
01/29/31
51,122
20,000
Progressive
Corp/The
2
.500
03/15/27
19,403
80,000
Royal
Bank
of
Canada
4
.969
08/02/30
81,024
Portfolio
of
Investments
April
30,
2025
(continued)
NUSA
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
30,000
Santander
Holdings
USA
Inc
2
.490
%
01/06/28
$
28,793
30,000
Santander
UK
Group
Holdings
PLC
1
.673
06/14/27
28,955
20,000
State
Street
Corp
5
.820
11/04/28
20,747
50,000
State
Street
Corp
4
.729
02/28/30
50,594
50,000
State
Street
Corp
4
.834
04/24/30
50,717
68,000
Sumitomo
Mitsui
Financial
Group
Inc
3
.784
03/09/26
67,667
60,000
Synovus
Financial
Corp
6
.168
11/01/30
60,540
10,000
Toronto-Dominion
Bank/The
1
.200
06/03/26
9,675
50,000
Toronto-Dominion
Bank/The
1
.250
09/10/26
48,020
50,000
Toronto-Dominion
Bank/The
4
.861
01/31/28
50,697
50,000
Truist
Financial
Corp
7
.161
10/30/29
53,981
30,000
UBS
Group
AG
4
.550
04/17/26
30,024
50,000
UnitedHealth
Group
Inc
4
.600
04/15/27
50,560
50,000
US
Bancorp
3
.100
04/27/26
49,273
30,000
Ventas
Realty
LP
3
.850
04/01/27
29,682
40,000
Westpac
Banking
Corp
5
.050
04/16/29
41,230
20,000
Willis
North
America
Inc
4
.650
06/15/27
20,078
TOTAL
FINANCIALS
3,491,493
INDUSTRIAL
-
11.0%
20,000
3M
Co
2
.250
09/19/26
19,418
60,000
AbbVie
Inc
4
.800
03/15/29
61,190
10,000
Adobe
Inc
4
.850
04/04/27
10,175
50,000
Adobe
Inc
4
.950
01/17/30
51,575
50,000
Alphabet
Inc
4
.000
05/15/30
49,966
10,000
Amcor
Finance
USA
Inc
3
.625
04/28/26
9,894
60,000
American
Honda
Finance
Corp
5
.250
07/07/26
60,600
40,000
American
Tower
Corp
3
.650
03/15/27
39,393
50,000
American
Tower
Corp
4
.900
03/15/30
50,494
40,000
Amgen
Inc
3
.200
11/02/27
39,038
50,000
Amphenol
Corp
5
.050
04/05/27
50,906
20,000
Arrow
Electronics
Inc
5
.150
08/21/29
20,164
40,000
Astrazeneca
Finance
LLC
1
.200
05/28/26
38,765
20,000
AutoZone
Inc
5
.050
07/15/26
20,129
20,000
Baxter
International
Inc
2
.600
08/15/26
19,503
50,000
Bristol-Myers
Squibb
Co
3
.200
06/15/26
49,547
40,000
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3
.875
01/15/27
39,709
20,000
Canadian
Pacific
Railway
Co
1
.750
12/02/26
19,203
50,000
Caterpillar
Financial
Services
Corp
4
.800
01/08/30
51,241
30,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6
.150
11/10/26
30,579
21,000
Cigna
Group/The
1
.250
03/15/26
20,424
50,000
Cintas
Corp
No
2
4
.200
05/01/28
50,156
50,000
Cisco
Systems
Inc
4
.750
02/24/30
51,189
20,000
CNH
Industrial
Capital
LLC
1
.450
07/15/26
19,244
50,000
CNH
Industrial
Capital
LLC
4
.500
10/08/27
49,939
60,000
Coca-Cola
Co/The
1
.500
03/05/28
56,311
50,000
Colgate-Palmolive
Co
4
.200
05/01/30
50,211
70,000
Comcast
Corp
3
.300
04/01/27
68,958
20,000
Conagra
Brands
Inc
5
.300
10/01/26
20,167
40,000
Crown
Castle
Inc
2
.900
03/15/27
38,802
4,000
Dell
International
LLC
/
EMC
Corp
6
.020
06/15/26
4,046
20,000
Dell
International
LLC
/
EMC
Corp
5
.250
02/01/28
20,423
20,000
Discovery
Communications
LLC
3
.950
03/20/28
19,129
20,000
Dollar
General
Corp
4
.625
11/01/27
20,049
60,000
DXC
Technology
Co
1
.800
09/15/26
57,581
20,000
Eastman
Chemical
Co
5
.000
08/01/29
20,151
20,000
eBay
Inc
1
.400
05/10/26
19,373
50,000
Eli
Lilly
&
Co
4
.150
08/14/27
50,378
50,000
Enbridge
Inc
5
.300
04/05/29
51,199
20,000
Equinix
Inc
1
.800
07/15/27
18,919
15,000
Fidelity
National
Information
Services
Inc
1
.650
03/01/28
13,872
40,000
Fiserv
Inc
5
.450
03/02/28
40,954
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
20,000
Fortive
Corp
3
.150
%
06/15/26
$
19,656
30,000
GE
HealthCare
Technologies
Inc
4
.800
08/14/29
30,216
20,000
General
Mills
Inc
4
.200
04/17/28
19,948
20,000
Gilead
Sciences
Inc
2
.950
03/01/27
19,613
15,000
Global
Payments
Inc
4
.950
08/15/27
15,063
43,000
HCA
Inc
3
.125
03/15/27
41,907
50,000
Hershey
Co/The
4
.550
02/24/28
50,858
41,000
Home
Depot
Inc/The
2
.125
09/15/26
39,989
20,000
Home
Depot
Inc/The
4
.900
04/15/29
20,536
20,000
HP
Inc
1
.450
06/17/26
19,281
50,000
HP
Inc
5
.400
04/25/30
50,456
30,000
Illumina
Inc
5
.750
12/13/27
30,692
40,000
Intel
Corp
2
.600
05/19/26
39,140
50,000
International
Business
Machines
Corp
3
.300
05/15/26
49,442
10,000
IQVIA
Inc
6
.250
02/01/29
10,391
10,000
Jabil
Inc
4
.250
05/15/27
9,958
40,000
John
Deere
Capital
Corp
4
.950
07/14/28
41,060
30,000
Johnson
&
Johnson
4
.800
06/01/29
30,918
50,000
Johnson
&
Johnson
4
.700
03/01/30
51,388
30,000
Kellanova
3
.400
11/15/27
29,379
20,000
Keurig
Dr
Pepper
Inc
5
.050
03/15/29
20,360
20,000
Kinder
Morgan
Inc
1
.750
11/15/26
19,227
20,000
Kraft
Heinz
Foods
Co
3
.000
06/01/26
19,691
10,000
Kyndryl
Holdings
Inc
2
.050
10/15/26
9,645
20,000
Laboratory
Corp
of
America
Holdings
3
.600
09/01/27
19,678
20,000
Lennox
International
Inc
1
.700
08/01/27
18,777
50,000
Lowe's
Cos
Inc
4
.800
04/01/26
50,101
20,000
Mastercard
Inc
4
.875
03/09/28
20,516
60,000
Mastercard
Inc
4
.550
03/15/28
60,890
50,000
McDonald's
Corp
5
.000
05/17/29
51,287
10,000
McKesson
Corp
1
.300
08/15/26
9,645
30,000
Merck
&
Co
Inc
4
.050
05/17/28
30,114
50,000
Micron
Technology
Inc
6
.750
11/01/29
53,462
40,000
Microsoft
Corp
2
.400
08/08/26
39,240
10,000
Mondelez
International
Inc
2
.625
03/17/27
9,693
10,000
Motorola
Solutions
Inc
4
.600
02/23/28
10,059
20,000
MPLX
LP
4
.250
12/01/27
19,882
50,000
National
Fuel
Gas
Co
5
.500
03/15/30
51,204
10,000
Nokia
Oyj
4
.375
06/12/27
9,872
10,000
Nordson
Corp
4
.500
12/15/29
9,918
10,000
Nutrien
Ltd
5
.200
06/21/27
10,152
16,000
ONEOK
Inc
5
.550
11/01/26
16,195
50,000
Oracle
Corp
2
.800
04/01/27
48,648
50,000
Oracle
Corp
4
.200
09/27/29
49,273
15,000
PACCAR
Financial
Corp
5
.000
05/13/27
15,293
10,000
Parker-Hannifin
Corp
4
.250
09/15/27
10,011
10,000
PayPal
Holdings
Inc
3
.900
06/01/27
9,956
40,000
PepsiCo
Inc
5
.125
11/10/26
40,628
30,000
PepsiCo
Inc
4
.500
07/17/29
30,499
50,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.450
05/19/26
50,067
10,000
Phillips
66
Co
3
.750
03/01/28
9,828
30,000
Procter
&
Gamble
Co/The
1
.900
02/01/27
29,071
50,000
Procter
&
Gamble
Co/The
4
.050
05/01/30
50,127
10,000
Regal
Rexnord
Corp
6
.050
04/15/28
10,258
10,000
Republic
Services
Inc
2
.900
07/01/26
9,856
30,000
Rogers
Communications
Inc
3
.200
03/15/27
29,335
40,000
Roper
Technologies
Inc
1
.400
09/15/27
37,285
11,000
Ryder
System
Inc
2
.850
03/01/27
10,673
10,000
Ryder
System
Inc
6
.300
12/01/28
10,542
50,000
Ryder
System
Inc
4
.900
12/01/29
50,138
10,000
S&P
Global
Inc
2
.450
03/01/27
9,715
20,000
Sabine
Pass
Liquefaction
LLC
5
.000
03/15/27
20,140
Portfolio
of
Investments
April
30,
2025
(continued)
NUSA
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
30,000
Sherwin-Williams
Co/The
3
.450
%
06/01/27
$
29,485
20,000
Starbucks
Corp
3
.500
03/01/28
19,570
50,000
Stryker
Corp
4
.850
02/10/30
50,693
10,000
Sysco
Corp
3
.250
07/15/27
9,775
12,000
TransCanada
PipeLines
Ltd
4
.250
05/15/28
11,906
20,000
Tyco
Electronics
Group
SA
4
.625
02/01/30
20,146
20,000
Unilever
Capital
Corp
4
.875
09/08/28
20,544
50,000
Valero
Energy
Corp
5
.150
02/15/30
50,529
20,000
Verizon
Communications
Inc
3
.000
03/22/27
19,527
50,000
Verizon
Communications
Inc
2
.100
03/22/28
47,192
15,000
VMware
LLC
3
.900
08/21/27
14,775
20,000
Warnermedia
Holdings
Inc
3
.755
03/15/27
19,463
10,000
Waste
Management
Inc
3
.150
11/15/27
9,776
10,000
Western
Union
Co/The
1
.350
03/15/26
9,691
30,000
Weyerhaeuser
Co
4
.750
05/15/26
30,039
30,000
Williams
Cos
Inc/The
4
.800
11/15/29
30,193
20,000
Zimmer
Biomet
Holdings
Inc
5
.350
12/01/28
20,515
TOTAL
INDUSTRIAL
3,617,625
UTILITY
-
1.7%
28,000
American
Water
Capital
Corp
2
.950
09/01/27
27,218
20,000
Atmos
Energy
Corp
3
.000
06/15/27
19,555
20,000
CMS
Energy
Corp
3
.000
05/15/26
19,654
50,000
Consumers
Energy
Co
4
.500
01/15/31
50,214
50,000
DTE
Energy
Co
4
.950
07/01/27
50,515
10,000
Enel
Americas
SA
4
.000
10/25/26
9,910
10,000
Evergy
Kansas
Central
Inc
2
.550
07/01/26
9,833
49,000
Eversource
Energy
2
.900
03/01/27
47,618
27,000
Exelon
Corp
3
.400
04/15/26
26,702
50,000
FirstEnergy
Transmission
LLC
4
.550
01/15/30
49,510
20,000
Fortis
Inc/Canada
3
.055
10/04/26
19,563
50,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.100
05/06/27
50,832
25,000
OGE
Energy
Corp
5
.450
05/15/29
25,786
10,000
Public
Service
Electric
and
Gas
Co
2
.250
09/15/26
9,766
48,000
Sempra
5
.400
08/01/26
48,371
36,000
Southern
California
Edison
Co
4
.900
06/01/26
36,103
70,000
Wisconsin
Public
Service
Corp
4
.550
12/01/29
70,730
TOTAL
UTILITY
571,880
TOTAL
CORPORATE
DEBT
(Cost
$7,606,172)
7,680,998
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
6.2%
GOVERNMENT
AGENCY
-
2.7%
80,000
Export
Development
Canada
4
.375
06/29/26
80,432
50,000
Export
Development
Canada
3
.750
09/07/27
50,081
200,000
Korea
Development
Bank/The
4
.625
02/03/28
202,573
37,000
Kreditanstalt
fuer
Wiederaufbau
0
.625
01/22/26
36,104
275,000
Kreditanstalt
fuer
Wiederaufbau
3
.625
04/01/26
274,270
30,000
Kreditanstalt
fuer
Wiederaufbau
3
.500
08/27/27
29,932
80,000
Landwirtschaftliche
Rentenbank
1
.750
07/27/26
78,060
20,000
Oesterreichische
Kontrollbank
AG
0
.500
02/02/26
19,476
70,000
Oesterreichische
Kontrollbank
AG
4
.750
05/21/27
71,402
36,000
Svensk
Exportkredit
AB
4
.375
02/13/26
36,062
TOTAL
GOVERNMENT
AGENCY
878,392
MUNICIPAL
BONDS
-
0.5%
28,000
Province
of
British
Columbia
Canada
4
.800
11/15/28
28,874
60,000
Province
of
Ontario
Canada
4
.200
01/18/29
60,677
60,000
Province
of
Quebec
Canada
4
.500
04/03/29
61,357
TOTAL
MUNICIPAL
BONDS
150,908
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN
DEBT
-
3.0%
$
70,000
African
Development
Bank
0
.875
%
07/22/26
$
67,575
50,000
Asian
Development
Bank
4
.250
01/09/26
50,043
140,000
Asian
Development
Bank
1
.000
04/14/26
136,201
50,000
Canada
Government
International
Bond
3
.750
04/26/28
50,195
50,000
Council
Of
Europe
Development
Bank
3
.625
05/08/28
49,960
60,000
Council
Of
Europe
Development
Bank
4
.500
01/15/30
61,785
60,000
European
Investment
Bank
2
.375
05/24/27
58,442
40,000
European
Investment
Bank
3
.875
06/15/28
40,266
50,000
European
Investment
Bank
4
.750
06/15/29
51,945
110,000
Inter-American
Development
Bank
4
.500
05/15/26
110,686
50,000
Inter-American
Development
Bank
3
.750
06/14/30
49,900
80,000
International
Bank
for
Reconstruction
&
Development
4
.000
08/27/26
80,221
60,000
International
Bank
for
Reconstruction
&
Development
4
.625
08/01/28
61,745
50,000
International
Bank
for
Reconstruction
&
Development
3
.875
10/16/29
50,222
18,000
International
Finance
Corp
4
.500
07/13/28
18,453
60,000
Republic
of
Poland
Government
International
Bond
4
.875
02/12/30
61,173
TOTAL
SOVEREIGN
DEBT
998,812
TOTAL
GOVERNMENT
RELATED
(Cost
$2,006,029)
2,028,112
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
7.0%
50,000
BANK
2021-BNK34
1
.935
06/15/63
48,334
45,000
BANK5
2024-5YR9
5
.614
08/15/57
46,616
50,000
BBCMS
Mortgage
Trust
2025-5C33
5
.839
03/15/58
52,358
100,000
Benchmark
2021-B29
Mortgage
Trust
2
.024
09/15/54
93,963
50,000
(b)
Benchmark
2024-V7
Mortgage
Trust
6
.228
05/15/56
52,776
50,000
BMO
2025-5C10
Mortgage
Trust
5
.578
05/15/58
51,805
50,000
Capital
One
Multi-Asset
Execution
Trust
3
.920
09/15/29
49,886
100,000
CarMax
Auto
Owner
Trust
2023-4
6
.000
07/17/28
101,660
59,061
Fannie
Mae
Pool
FN
MA3798
3
.000
10/01/34
56,743
16,154
Fannie
Mae
Pool
FN
MA3828
3
.000
11/01/34
15,540
17,723
Fannie
Mae
Pool
FN
MA3897
3
.000
01/01/35
17,027
100,703
Fannie
Mae
Pool
FN
MA3985
3
.000
04/01/35
96,133
240,080
Fannie
Mae
Pool
FN
MA4206
2
.000
12/01/35
219,782
98,269
Fannie
Mae
Pool
FN
MA4417
1
.500
09/01/36
86,960
182,650
Fannie
Mae
Pool
FN
MA4469
1
.500
11/01/36
161,249
140,184
Fannie
Mae
Pool
FN
MA4567
2
.000
03/01/37
127,346
70,273
Fannie
Mae
Pool
FN
MA4583
2
.500
04/01/37
65,349
71,408
Fannie
Mae
Pool
FN
MA4990
4
.500
04/01/38
70,973
77,822
Fannie
Mae
Pool
FN
MA5023
4
.000
05/01/38
76,038
83,898
Fannie
Mae
Pool
FN
MA5061
5
.500
06/01/38
85,318
34,194
Fannie
Mae
Pool
FN
MA5093
5
.000
07/01/38
34,408
78,570
Fannie
Mae
Pool
FN
MA5145
6
.000
09/01/38
80,708
56,682
Federal
Home
Loan
Mortgage
Corporation,
Notes
FG
G18642
3
.500
04/01/32
56,069
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.819
06/25/28
102,252
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.618
07/25/29
50,910
50,000
(b)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.410
01/25/30
50,562
50,000
Honda
Auto
Receivables
2024-3
Owner
Trust
4
.570
03/21/29
50,324
47,369
John
Deere
Owner
Trust
0
.740
05/15/28
47,280
39,653
(c)
SoFi
Professional
Loan
Program
2020-C
Trust
1
.950
02/15/46
37,185
50,000
Toyota
Auto
Receivables
2025-A
Owner
Trust
4
.640
08/15/29
50,548
45,000
Verizon
Master
Trust
Series
2024-4
5
.210
06/20/29
45,328
100,000
Wells
Fargo
Commercial
Mortgage
Trust
2018-C44
3
.948
05/15/51
98,579
TOTAL
SECURITIZED
(Cost
$2,324,730)
2,280,009
Portfolio
of
Investments
April
30,
2025
(continued)
NUSA
34
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
61.5%
$
50,000
United
States
Treasury
Note/Bond
0
.875
%
06/30/26
$
48,326
300,000
United
States
Treasury
Note/Bond
4
.375
07/31/26
302,063
100,000
United
States
Treasury
Note/Bond
1
.125
10/31/26
96,254
250,000
United
States
Treasury
Note/Bond
4
.125
10/31/26
251,426
100,000
United
States
Treasury
Note/Bond
4
.250
11/30/26
100,828
100,000
United
States
Treasury
Note/Bond
1
.250
12/31/26
96,117
2,150,000
United
States
Treasury
Note/Bond
4
.250
12/31/26
2,169,484
250,000
United
States
Treasury
Note/Bond
4
.125
01/31/27
251,943
900,000
United
States
Treasury
Note/Bond
1
.875
02/28/27
872,121
300,000
United
States
Treasury
Note/Bond
2
.500
03/31/27
293,859
1,750,000
United
States
Treasury
Note/Bond
3
.875
03/31/27
1,758,135
850,000
United
States
Treasury
Note/Bond
2
.750
04/30/27
836,088
850,000
United
States
Treasury
Note/Bond
2
.625
05/31/27
833,332
150,000
United
States
Treasury
Note/Bond
3
.250
06/30/27
148,945
250,000
United
States
Treasury
Note/Bond
2
.750
07/31/27
245,410
150,000
United
States
Treasury
Note/Bond
3
.125
08/31/27
148,430
500,000
United
States
Treasury
Note/Bond
4
.125
10/31/27
506,348
500,000
United
States
Treasury
Note/Bond
3
.875
11/30/27
503,418
100,000
United
States
Treasury
Note/Bond
3
.875
12/31/27
100,773
500,000
United
States
Treasury
Note/Bond
3
.500
01/31/28
498,809
300,000
United
States
Treasury
Note/Bond
4
.000
02/29/28
303,234
700,000
United
States
Treasury
Note/Bond
3
.625
03/31/28
700,902
700,000
United
States
Treasury
Note/Bond
3
.500
04/30/28
698,086
400,000
United
States
Treasury
Note/Bond
3
.625
05/31/28
400,266
200,000
United
States
Treasury
Note/Bond
4
.000
06/30/28
202,445
75,000
United
States
Treasury
Note/Bond
4
.125
07/31/28
76,178
300,000
United
States
Treasury
Note/Bond
4
.625
09/30/28
309,645
250,000
United
States
Treasury
Note/Bond
4
.375
11/30/28
256,123
300,000
United
States
Treasury
Note/Bond
4
.000
01/31/29
303,656
500,000
United
States
Treasury
Note/Bond
4
.250
02/28/29
510,625
300,000
United
States
Treasury
Note/Bond
4
.125
03/31/29
305,039
1,150,000
United
States
Treasury
Note/Bond
4
.625
04/30/29
1,190,744
600,000
United
States
Treasury
Note/Bond
4
.500
05/31/29
618,727
100,000
United
States
Treasury
Note/Bond
4
.250
06/30/29
102,195
100,000
United
States
Treasury
Note/Bond
4
.000
07/31/29
101,254
200,000
United
States
Treasury
Note/Bond
3
.625
08/31/29
199,563
150,000
United
States
Treasury
Note/Bond
3
.500
09/30/29
148,846
350,000
United
States
Treasury
Note/Bond
4
.125
10/31/29
356,193
420,000
United
States
Treasury
Note/Bond
4
.125
11/30/29
427,629
900,000
United
States
Treasury
Note/Bond
4
.375
12/31/29
925,594
700,000
United
States
Treasury
Note/Bond
4
.250
01/31/30
716,324
1,050,000
United
States
Treasury
Note/Bond
4
.000
03/31/30
1,063,043
150,000
United
States
Treasury
Note/Bond
3
.875
04/30/30
151,066
TOTAL
U.S.
TREASURY
(Cost
$19,933,830)
20,129,486
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$31,870,761)
32,118,605
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.1%
38,966
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.360
(e)
$
38,966
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$38,966)
38,966
TOTAL
INVESTMENTS
-
98
.2
%
(Cost
$
31,909,727
)
32,157,571
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.8%
586,499
NET
ASSETS
-
100%
$
32,744,070
S&P
Standard
&
Poor's
35
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:
(a)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$37,995.
(b)
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.
(c)
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
$37,185
or
0.1%
of
Total
Investments.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
NUSA
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
7,680,998
$
–
$
7,680,998
Government
Related
–
2,028,112
–
2,028,112
Securitized
–
2,280,009
–
2,280,009
U.S.
Treasury
–
20,129,486
–
20,129,486
Investments
Purchased
with
Collateral
from
Securities
Lending
38,966
–
–
38,966
Total
$
38,966
$
32,118,605
$
–
$
32,157,571
a
36
Portfolio
of
Investments
April
30,
2025
NUHY
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.6%
CORPORATE
DEBT
-
97.6%
FINANCIALS
-
13.3%
$
250,000
(a)
Ally
Financial
Inc
6
.700
%
02/14/33
$
248,256
180,000
(a),(b)
Apollo
Commercial
Real
Estate
Finance
Inc
4
.625
06/15/29
166,245
390,000
(b)
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance
7
.125
05/15/31
396,822
110,000
(b)
Bread
Financial
Holdings
Inc
9
.750
03/15/29
115,723
150,000
(b)
Brookfield
Property
REIT
Inc
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
4
.500
04/01/27
145,534
250,000
(b)
Coinbase
Global
Inc
3
.375
10/01/28
230,098
250,000
(b)
Coinbase
Global
Inc
3
.625
10/01/31
216,959
230,000
(b)
Compass
Group
Diversified
Holdings
LLC
5
.250
04/15/29
216,969
250,000
(b)
Credit
Acceptance
Corp
9
.250
12/15/28
264,202
49,000
Diversified
Healthcare
Trust
4
.375
03/01/31
37,928
200,000
(b)
Encore
Capital
Group
Inc
8
.500
05/15/30
207,508
100,000
(b)
FTAI
Aviation
Ltd
7
.000
05/01/31
101,678
450,000
(b)
Global
Atlantic
Fin
Co
4
.700
10/15/51
427,661
100,000
(b)
Global
Atlantic
Fin
Co
7
.950
10/15/54
101,552
100,000
(b)
goeasy
Ltd
9
.250
12/01/28
104,694
200,000
(b)
goeasy
Ltd
7
.625
07/01/29
201,596
170,000
(b)
Howard
Hughes
Corp/The
5
.375
08/01/28
163,793
140,000
(b)
Howard
Hughes
Corp/The
4
.375
02/01/31
124,146
470,000
(b)
Jefferies
Finance
LLC
/
JFIN
Co-Issuer
Corp
5
.000
08/15/28
437,334
440,000
Kennedy-Wilson
Inc
4
.750
03/01/29
396,208
350,000
Kennedy-Wilson
Inc
4
.750
02/01/30
308,630
405,000
(a)
Kennedy-Wilson
Inc
5
.000
03/01/31
346,465
70,000
(b)
Liberty
Mutual
Group
Inc
4
.125
12/15/51
66,107
110,000
(b)
Molina
Healthcare
Inc
4
.375
06/15/28
105,734
110,000
(b)
Molina
Healthcare
Inc
3
.875
11/15/30
99,161
230,000
(b)
Molina
Healthcare
Inc
3
.875
05/15/32
202,680
200,000
(a)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3
.500
03/15/31
132,562
100,000
(b)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
8
.500
02/15/32
101,598
230,000
(b)
Nationstar
Mortgage
Holdings
Inc
5
.500
08/15/28
228,608
150,000
(b)
Nationstar
Mortgage
Holdings
Inc
6
.500
08/01/29
152,459
150,000
(b)
Nationstar
Mortgage
Holdings
Inc
5
.125
12/15/30
149,814
200,000
(b)
Nationstar
Mortgage
Holdings
Inc
5
.750
11/15/31
200,742
450,000
(b)
Nationstar
Mortgage
Holdings
Inc
7
.125
02/01/32
466,831
200,000
OneMain
Finance
Corp
3
.500
01/15/27
191,476
300,000
OneMain
Finance
Corp
3
.875
09/15/28
277,617
410,000
OneMain
Finance
Corp
7
.875
03/15/30
423,546
250,000
OneMain
Finance
Corp
4
.000
09/15/30
221,679
400,000
OneMain
Finance
Corp
7
.500
05/15/31
405,646
290,000
(b)
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
5
.875
10/01/28
282,999
380,000
(b)
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4
.875
05/15/29
355,744
210,000
(b)
PennyMac
Financial
Services
Inc
7
.875
12/15/29
218,946
100,000
(b)
PennyMac
Financial
Services
Inc
7
.125
11/15/30
101,693
145,000
(b)
PennyMac
Financial
Services
Inc
5
.750
09/15/31
138,115
100,000
(b)
PRA
Group
Inc
8
.875
01/31/30
102,988
310,000
(b)
PROG
Holdings
Inc
6
.000
11/15/29
285,693
100,000
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
4
.750
10/15/27
98,132
360,000
(b)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
4
.500
02/15/29
344,485
200,000
(b)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
6
.500
04/01/32
199,333
200,000
(b)
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
3
.875
03/01/31
180,783
300,000
(b)
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
4
.000
10/15/33
259,505
100,000
(b)
Ryan
Specialty
LLC
5
.875
08/01/32
98,771
251,000
SLM
Corp
3
.125
11/02/26
243,136
120,000
(b)
Starwood
Property
Trust
Inc
4
.375
01/15/27
117,715
265,000
(b)
Starwood
Property
Trust
Inc
7
.250
04/01/29
274,812
100,000
(b)
Starwood
Property
Trust
Inc
6
.500
07/01/30
100,580
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
100,000
(a)
Synchrony
Financial
7
.250
%
02/02/33
$
101,973
460,000
(b)
XHR
LP
4
.875
06/01/29
432,382
TOTAL
FINANCIALS
12,324,046
INDUSTRIAL
-
83.1%
420,000
(b)
1011778
BC
ULC
/
New
Red
Finance
Inc
3
.500
02/15/29
392,607
150,000
(b)
1011778
BC
ULC
/
New
Red
Finance
Inc
6
.125
06/15/29
152,372
930,000
(b)
1011778
BC
ULC
/
New
Red
Finance
Inc
4
.000
10/15/30
846,330
70,000
(b)
180
Medical
Inc
3
.875
10/15/29
65,553
100,000
(b)
AAR
Escrow
Issuer
LLC
6
.750
03/15/29
102,368
350,000
(b)
ACCO
Brands
Corp
4
.250
03/15/29
304,046
130,000
(a),(b)
AdaptHealth
LLC
4
.625
08/01/29
116,232
310,000
(b)
AdaptHealth
LLC
5
.125
03/01/30
277,111
200,000
Adient
Global
Holdings
Ltd
7
.000
04/15/28
201,747
150,000
(b)
Adient
Global
Holdings
Ltd
8
.250
04/15/31
148,492
160,000
(b)
Advantage
Sales
&
Marketing
Inc
6
.500
11/15/28
128,818
350,000
(b)
Air
Canada
3
.875
08/15/26
343,436
550,000
(a),(b)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
6
.500
02/15/28
558,757
310,000
(b)
Allegiant
Travel
Co
7
.250
08/15/27
286,327
110,000
(b)
Allison
Transmission
Inc
3
.750
01/30/31
98,823
100,000
(a),(b)
Alta
Equipment
Group
Inc
9
.000
06/01/29
84,157
100,000
(b)
AltaGas
Ltd
7
.200
10/15/54
97,662
210,000
(b)
Amer
Sports
Co
6
.750
02/16/31
212,403
200,000
(b)
American
Airlines
Inc
7
.250
02/15/28
197,557
200,000
(b)
American
Airlines
Inc
8
.500
05/15/29
203,839
200,000
(b)
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd
2022
1
5
.750
04/20/29
193,981
350,000
(a)
American
Axle
&
Manufacturing
Inc
5
.000
10/01/29
306,949
220,000
(b)
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5
.375
06/15/29
214,699
172,000
(a),(b)
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp
7
.000
04/15/30
152,544
20,000
(b)
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co-Issuer
Corp
5
.750
01/15/29
15,794
120,000
(b)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6
.625
09/01/32
119,325
100,000
(b)
Arcosa
Inc
6
.875
08/15/32
101,899
80,000
(a),(b)
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4
.000
09/01/29
69,633
25,000
(b)
Asbury
Automotive
Group
Inc
4
.625
11/15/29
23,509
260,000
(b)
Asbury
Automotive
Group
Inc
5
.000
02/15/32
236,946
600,000
(b)
Aston
Martin
Capital
Holdings
Ltd
10
.000
03/31/29
515,512
170,000
(b)
Avantor
Funding
Inc
4
.625
07/15/28
163,489
140,000
(b)
Avantor
Funding
Inc
3
.875
11/01/29
129,247
200,000
(b)
Avianca
Midco
2
PLC
9
.625
02/14/30
174,642
200,000
(b)
Avient
Corp
7
.125
08/01/30
203,920
150,000
(b)
Avient
Corp
6
.250
11/01/31
148,397
150,000
(a),(b)
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
4
.750
04/01/28
139,552
200,000
(b)
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
5
.375
03/01/29
184,089
150,000
(a),(b)
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
8
.000
02/15/31
149,012
110,000
(b)
Axalta
Coating
Systems
Dutch
Holding
B
BV
7
.250
02/15/31
113,902
110,000
(b)
Axalta
Coating
Systems
LLC
3
.375
02/15/29
101,885
60,000
(b)
Axalta
Coating
Systems
LLC
/
Axalta
Coating
Systems
Dutch
Holding
B
BV
4
.750
06/15/27
59,241
100,000
(b)
Axon
Enterprise
Inc
6
.125
03/15/30
101,740
150,000
(b)
Axon
Enterprise
Inc
6
.250
03/15/33
152,884
150,000
(b)
B&G
Foods
Inc
8
.000
09/15/28
148,820
290,000
Ball
Corp
2
.875
08/15/30
256,765
240,000
Ball
Corp
3
.125
09/15/31
209,631
150,000
(b)
Bath
&
Body
Works
Inc
6
.625
10/01/30
152,641
100,000
(b)
Bausch
Health
Cos
Inc
4
.875
06/01/28
81,215
720,000
(b)
Bausch
Health
Cos
Inc
11
.000
09/30/28
677,088
300,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
6
.875
09/15/55
299,649
400,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
09/15/55
396,937
200,000
(b)
Belron
UK
Finance
PLC
5
.750
10/15/29
199,745
55,000
(b)
Block
Inc
6
.500
05/15/32
56,115
150,000
(b)
Bombardier
Inc
7
.500
02/01/29
154,514
Portfolio
of
Investments
April
30,
2025
(continued)
NUHY
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
200,000
(b)
Bombardier
Inc
8
.750
%
11/15/30
$
214,302
200,000
(b)
Bombardier
Inc
7
.250
07/01/31
204,771
200,000
(a),(b)
Bombardier
Inc
7
.000
06/01/32
202,346
250,000
(b)
British
Telecommunications
PLC
4
.875
11/23/81
225,728
371,000
(b)
Builders
FirstSource
Inc
4
.250
02/01/32
334,127
160,000
(b)
Builders
FirstSource
Inc
6
.375
06/15/32
160,902
150,000
(b)
Builders
FirstSource
Inc
6
.375
03/01/34
148,880
150,000
(b)
Cable
One
Inc
4
.000
11/15/30
122,008
50,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
6
.375
09/01/29
50,448
870,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.250
02/01/31
786,065
250,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
7
.375
03/01/31
257,488
350,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.750
02/01/32
316,736
500,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.500
05/01/32
444,239
200,000
(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.500
06/01/33
174,013
620,000
(a),(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.250
01/15/34
522,281
400,000
Celanese
US
Holdings
LLC
6
.600
11/15/28
404,377
300,000
Celanese
US
Holdings
LLC
6
.580
07/15/29
302,556
150,000
Celanese
US
Holdings
LLC
6
.800
11/15/30
149,948
200,000
Celanese
US
Holdings
LLC
6
.629
07/15/32
196,629
200,000
Celanese
US
Holdings
LLC
6
.950
11/15/33
200,388
190,000
(b)
Century
Communities
Inc
3
.875
08/15/29
169,479
110,000
(b)
Charles
River
Laboratories
International
Inc
3
.750
03/15/29
100,699
200,000
(b)
Charles
River
Laboratories
International
Inc
4
.000
03/15/31
175,859
300,000
(b)
Chart
Industries
Inc
7
.500
01/01/30
311,247
240,000
(b)
Chart
Industries
Inc
9
.500
01/01/31
255,757
40,000
(b)
Chemours
Co/The
5
.750
11/15/28
36,233
240,000
(b)
Chemours
Co/The
4
.625
11/15/29
200,971
110,000
(a),(b)
CHS/Community
Health
Systems
Inc
6
.875
04/15/29
80,136
100,000
(b)
CHS/Community
Health
Systems
Inc
6
.125
04/01/30
68,190
160,000
(b)
Cimpress
PLC
7
.375
09/15/32
145,988
150,000
(b)
Cinemark
USA
Inc
5
.250
07/15/28
147,287
145,000
(b)
Cinemark
USA
Inc
7
.000
08/01/32
148,273
200,000
(b)
Clarivate
Science
Holdings
Corp
4
.875
07/01/29
181,779
250,000
(b)
Clear
Channel
Outdoor
Holdings
Inc
7
.750
04/15/28
207,500
240,000
(b)
Clear
Channel
Outdoor
Holdings
Inc
9
.000
09/15/28
248,413
150,000
(a),(b)
Clear
Channel
Outdoor
Holdings
Inc
7
.500
06/01/29
122,940
250,000
(b)
Clear
Channel
Outdoor
Holdings
Inc
7
.875
04/01/30
250,112
350,000
(a),(b)
Clue
Opco
LLC
9
.500
10/15/31
334,502
120,000
(b)
Cogent
Communications
Group
LLC
3
.500
05/01/26
117,717
320,000
(b)
Coherent
Corp
5
.000
12/15/29
306,361
150,000
(b)
CommScope
LLC
4
.750
09/01/29
132,394
150,000
(a),(b)
CommScope
LLC
9
.500
12/15/31
153,446
350,000
(b)
Concentra
Escrow
Issuer
Corp
6
.875
07/15/32
358,329
700,000
(b)
Condor
Merger
Sub
Inc
7
.375
02/15/30
604,651
500,000
(b)
Consolidated
Communications
Inc
6
.500
10/01/28
490,845
150,000
(b)
Cornerstone
Building
Brands
Inc
9
.500
08/15/29
130,502
182,000
Crowdstrike
Holdings
Inc
3
.000
02/15/29
168,765
170,000
(b)
Cushman
&
Wakefield
US
Borrower
LLC
6
.750
05/15/28
170,793
130,000
(b)
Darling
Ingredients
Inc
6
.000
06/15/30
129,633
260,000
(b)
DaVita
Inc
4
.625
06/01/30
241,816
640,000
(b)
DaVita
Inc
3
.750
02/15/31
562,665
300,000
(b)
Diebold
Nixdorf
Inc
7
.750
03/31/30
312,336
40,000
(b)
Domtar
Corp
6
.750
10/01/28
33,512
90,000
(b)
DT
Midstream
Inc
4
.125
06/15/29
84,468
311,000
(b)
DT
Midstream
Inc
4
.375
06/15/31
286,443
70,000
(b)
Dycom
Industries
Inc
4
.500
04/15/29
65,924
100,000
(b)
Dye
&
Durham
Ltd
8
.625
04/15/29
101,688
220,000
(b)
Edgewell
Personal
Care
Co
5
.500
06/01/28
216,127
100,000
(b)
Edgewell
Personal
Care
Co
4
.125
04/01/29
93,466
170,000
(b)
Elastic
NV
4
.125
07/15/29
160,443
250,000
(b)
Element
Solutions
Inc
3
.875
09/01/28
236,344
94,000
(b)
Enerflex
Ltd
9
.000
10/15/27
96,141
39
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
460,000
(b)
Energizer
Holdings
Inc
4
.750
%
06/15/28
$
443,196
430,000
(b)
Energizer
Holdings
Inc
4
.375
03/31/29
401,185
220,000
(b)
Entegris
Inc
5
.950
06/15/30
219,541
100,000
(a)
Fortrea
Holdings
Inc
7
.500
07/01/30
86,778
500,000
(b)
Frontier
Communications
Holdings
LLC
5
.875
10/15/27
499,435
600,000
(b)
Frontier
Communications
Holdings
LLC
5
.000
05/01/28
593,807
270,000
(b)
Frontier
Communications
Holdings
LLC
6
.750
05/01/29
271,133
370,000
(b)
Frontier
Communications
Holdings
LLC
6
.000
01/15/30
371,311
150,000
(b)
Frontier
Communications
Holdings
LLC
8
.750
05/15/30
157,025
270,000
(b)
Frontier
Communications
Holdings
LLC
8
.625
03/15/31
286,338
335,000
(b)
Gap
Inc/The
3
.625
10/01/29
302,886
250,000
(b)
Garrett
Motion
Holdings
Inc
/
Garrett
LX
I
Sarl
7
.750
05/31/32
249,497
150,000
(b)
Gates
Corp/DE
6
.875
07/01/29
152,194
150,000
(b)
Gen
Digital
Inc
6
.750
09/30/27
152,459
150,000
(b)
Gen
Digital
Inc
7
.125
09/30/30
154,443
350,000
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8
.875
04/15/30
357,147
175,000
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
7
.875
05/15/32
170,278
200,000
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8
.000
05/15/33
193,982
100,000
Goodyear
Tire
&
Rubber
Co/The
5
.000
07/15/29
95,116
200,000
(a)
Goodyear
Tire
&
Rubber
Co/The
5
.250
07/15/31
186,315
300,000
(b)
Gray
Escrow
Inc
5
.375
11/15/31
178,992
500,000
(b)
Gray
Media
Inc
10
.500
07/15/29
513,241
410,000
(b)
Grifols
SA
4
.750
10/15/28
381,659
100,000
(b)
Group
1
Automotive
Inc
6
.375
01/15/30
101,022
310,000
(b)
H&E
Equipment
Services
Inc
3
.875
12/15/28
308,686
400,000
(b)
HealthEquity
Inc
4
.500
10/01/29
377,987
195,000
(b)
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp
10
.500
04/30/28
205,470
100,000
(b)
Herc
Holdings
Inc
6
.625
06/15/29
98,792
250,000
(b)
Hess
Midstream
Operations
LP
6
.500
06/01/29
253,892
100,000
(b)
Hess
Midstream
Operations
LP
4
.250
02/15/30
93,870
100,000
Hillenbrand
Inc
6
.250
02/15/29
99,416
10,000
(b)
Hilton
Domestic
Operating
Co
Inc
5
.750
05/01/28
10,007
100,000
(b)
Hilton
Domestic
Operating
Co
Inc
5
.875
04/01/29
101,037
300,000
(b)
Hilton
Domestic
Operating
Co
Inc
3
.750
05/01/29
282,055
280,000
(b)
Hilton
Domestic
Operating
Co
Inc
4
.000
05/01/31
256,789
460,000
(b)
Hilton
Domestic
Operating
Co
Inc
3
.625
02/15/32
406,909
408,000
(b)
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
4
.875
07/01/31
355,044
170,000
(b)
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
6
.625
01/15/32
166,571
550,000
(b)
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
5
.000
06/01/29
508,522
200,000
(b)
HLF
Financing
Sarl
LLC
/
Herbalife
International
Inc
12
.250
04/15/29
212,215
220,000
(b)
HLF
Financing
Sarl
LLC
/
Herbalife
International
Inc
4
.875
06/01/29
168,019
170,000
(b)
Hologic
Inc
3
.250
02/15/29
158,753
130,000
(b)
Ingevity
Corp
3
.875
11/01/28
120,118
1,060,000
(b)
Intelsat
Jackson
Holdings
SA
6
.500
03/15/30
1,042,635
200,000
(b)
IQVIA
Inc
6
.500
05/15/30
203,206
100,000
(b)
Iron
Mountain
Inc
5
.000
07/15/28
97,781
100,000
(b)
Iron
Mountain
Inc
7
.000
02/15/29
102,710
361,000
(b)
Iron
Mountain
Inc
5
.250
07/15/30
349,832
100,000
(b)
Iron
Mountain
Inc
6
.250
01/15/33
99,817
290,000
(b)
Iron
Mountain
Information
Management
Services
Inc
5
.000
07/15/32
270,940
200,000
(b)
Jaguar
Land
Rover
Automotive
PLC
5
.875
01/15/28
197,369
410,000
(b)
Jazz
Securities
DAC
4
.375
01/15/29
389,099
400,000
(b)
JetBlue
Airways
Corp
/
JetBlue
Loyalty
LP
9
.875
09/20/31
368,451
340,000
(b)
Kinetik
Holdings
LP
5
.875
06/15/30
332,197
100,000
(b)
Kodiak
Gas
Services
LLC
7
.250
02/15/29
101,564
60,000
Lamar
Media
Corp
4
.000
02/15/30
56,061
150,000
(b)
Lamb
Weston
Holdings
Inc
4
.875
05/15/28
147,867
100,000
(b)
Lamb
Weston
Holdings
Inc
4
.125
01/31/30
93,812
100,000
(b)
Lamb
Weston
Holdings
Inc
4
.375
01/31/32
91,612
Portfolio
of
Investments
April
30,
2025
(continued)
NUHY
40
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
300,000
(b)
Level
3
Financing
Inc
10
.500
%
04/15/29
$
332,170
200,000
(b)
Level
3
Financing
Inc
4
.875
06/15/29
174,500
200,000
(b)
Level
3
Financing
Inc
10
.500
05/15/30
216,214
100,000
(b)
Level
3
Financing
Inc
10
.750
12/15/30
110,710
300,000
(b)
Life
Time
Inc
6
.000
11/15/31
299,059
60,000
(b)
Lithia
Motors
Inc
3
.875
06/01/29
55,710
310,000
(b)
Lithia
Motors
Inc
4
.375
01/15/31
284,770
200,000
(b)
Live
Nation
Entertainment
Inc
6
.500
05/15/27
202,141
250,000
(b)
Live
Nation
Entertainment
Inc
3
.750
01/15/28
238,985
190,000
(a),(b)
Magnera
Corp
4
.750
11/15/29
165,567
130,000
(b)
Marriott
Ownership
Resorts
Inc
4
.500
06/15/29
118,592
400,000
(b)
Masterbrand
Inc
7
.000
07/15/32
400,970
90,000
(b)
McGraw-Hill
Education
Inc
8
.000
08/01/29
89,135
290,000
Mercer
International
Inc
5
.125
02/01/29
238,538
164,000
Methanex
Corp
5
.125
10/15/27
160,981
130,000
(b)
Michaels
Cos
Inc/The
5
.250
05/01/28
67,740
50,000
(b)
Mobius
Merger
Sub
Inc
9
.000
06/01/30
43,879
100,000
(b)
Murphy
Oil
USA
Inc
3
.750
02/15/31
90,130
32,000
(b)
NCL
Corp
Ltd
5
.875
03/15/26
31,837
920,000
(b)
NCL
Corp
Ltd
5
.875
02/15/27
915,708
850,000
(b)
NCL
Corp
Ltd
8
.125
01/15/29
890,134
310,000
(b)
NCL
Corp
Ltd
7
.750
02/15/29
319,933
60,000
(b)
NCL
Corp
Ltd
6
.750
02/01/32
58,586
71,000
(b)
NCR
Voyix
Corp
5
.000
10/01/28
68,817
220,000
(b)
NESCO
Holdings
II
Inc
5
.500
04/15/29
199,411
200,000
(a)
Newell
Brands
Inc
6
.375
09/15/27
194,962
200,000
Newell
Brands
Inc
6
.625
09/15/29
187,614
438,000
(a),(b)
Nexstar
Media
Inc
4
.750
11/01/28
412,449
250,000
NuStar
Logistics
LP
6
.375
10/01/30
253,826
200,000
(b)
OCI
NV
6
.700
03/16/33
218,293
100,000
(b)
ON
Semiconductor
Corp
3
.875
09/01/28
94,529
210,000
(b)
Open
Text
Holdings
Inc
4
.125
12/01/31
187,805
120,000
(b)
Option
Care
Health
Inc
4
.375
10/31/29
113,332
720,000
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
4
.125
04/30/28
679,081
450,000
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
377,708
400,000
(b)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
6
.750
05/15/34
377,177
510,000
(a),(b)
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4
.250
01/15/29
473,667
100,000
(a),(b)
Owens
&
Minor
Inc
6
.625
04/01/30
85,120
300,000
(b)
Owens-Brockway
Glass
Container
Inc
6
.625
05/13/27
299,244
520,000
(a),(b)
Owens-Brockway
Glass
Container
Inc
7
.250
05/15/31
516,384
375,000
Paramount
Global
6
.375
03/30/62
360,722
200,000
(b)
Parkland
Corp/Canada
4
.625
05/01/30
188,245
130,000
(b)
Patrick
Industries
Inc
6
.375
11/01/32
126,208
200,000
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
6
.000
02/15/28
176,460
200,000
(b)
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
7
.875
09/15/30
164,533
955,000
(b)
Performance
Food
Group
Inc
4
.250
08/01/29
903,863
400,000
(b)
Performance
Food
Group
Inc
6
.125
09/15/32
400,119
420,000
Perrigo
Finance
Unlimited
Co
4
.900
06/15/30
399,706
200,000
(b)
Phinia
Inc
6
.750
04/15/29
202,135
590,000
(b)
Post
Holdings
Inc
4
.500
09/15/31
536,923
425,000
(b)
Post
Holdings
Inc
6
.250
02/15/32
428,293
150,000
(b)
Post
Holdings
Inc
6
.375
03/01/33
148,314
150,000
(b)
Post
Holdings
Inc
6
.250
10/15/34
148,755
150,000
(b)
Prestige
Brands
Inc
3
.750
04/01/31
135,420
100,000
(b)
Primo
Water
Holdings
Inc
/
Triton
Water
Holdings
Inc
6
.250
04/01/29
99,446
200,000
(b)
Primo
Water
Holdings
Inc
/
Triton
Water
Holdings
Inc
4
.375
04/30/29
189,763
200,000
(b)
Rakuten
Group
Inc
9
.750
04/15/29
210,962
351,000
(b),(c)
Rakuten
Group
Inc
5
.125
N/A
331,831
355,000
(b),(c)
Rakuten
Group
Inc
6
.250
N/A
310,790
100,000
(b)
RB
Global
Inc
6
.750
03/15/28
101,961
110,000
(b)
RB
Global
Inc
7
.750
03/15/31
115,333
100,000
(b)
Resideo
Funding
Inc
6
.500
07/15/32
99,199
41
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
160,000
(b)
Reworld
Holding
Corp
4
.875
%
12/01/29
$
149,501
60,000
(b)
ROBLOX
Corp
3
.875
05/01/30
55,524
100,000
Rogers
Communications
Inc
7
.000
04/15/55
100,747
350,000
Rogers
Communications
Inc
7
.125
04/15/55
348,731
240,000
(b)
Rogers
Communications
Inc
5
.250
03/15/82
233,691
100,000
(b)
Royal
Caribbean
Cruises
Ltd
4
.250
07/01/26
98,632
50,000
(b)
Royal
Caribbean
Cruises
Ltd
5
.500
08/31/26
50,024
210,000
(b)
Royal
Caribbean
Cruises
Ltd
5
.375
07/15/27
209,755
500,000
(b)
Royal
Caribbean
Cruises
Ltd
5
.500
04/01/28
499,487
600,000
(b)
Royal
Caribbean
Cruises
Ltd
6
.250
03/15/32
608,993
300,000
(b)
Royal
Caribbean
Cruises
Ltd
6
.000
02/01/33
300,826
380,000
(b)
RR
Donnelley
&
Sons
Co
9
.500
08/01/29
361,821
81,000
(a),(b)
Sabre
GLBL
Inc
8
.625
06/01/27
77,558
360,000
(b)
Sabre
GLBL
Inc
10
.750
11/15/29
342,900
390,000
SBA
Communications
Corp
3
.875
02/15/27
381,536
187,000
Seagate
HDD
Cayman
9
.625
12/01/32
211,955
120,000
(b)
Sealed
Air
Corp
6
.125
02/01/28
120,886
270,000
(a),(b)
SeaWorld
Parks
&
Entertainment
Inc
5
.250
08/15/29
256,628
300,000
(a),(b)
Select
Medical
Corp
6
.250
12/01/32
297,886
220,000
(b)
Sensata
Technologies
BV
4
.000
04/15/29
202,381
200,000
(b)
Sensata
Technologies
BV
5
.875
09/01/30
194,645
500,000
Service
Corp
International/US
4
.000
05/15/31
456,524
395,000
(b)
Sirius
XM
Radio
LLC
3
.125
09/01/26
384,371
300,000
(b)
Sirius
XM
Radio
LLC
4
.000
07/15/28
282,218
450,000
(b)
Sirius
XM
Radio
LLC
4
.125
07/01/30
402,638
540,000
(a),(b)
Sirius
XM
Radio
LLC
3
.875
09/01/31
463,368
170,000
(b)
Six
Flags
Entertainment
Corp
7
.250
05/15/31
172,334
250,000
(b)
Six
Flags
Entertainment
Corp
/
Six
Flags
Theme
Parks
Inc
6
.625
05/01/32
252,243
170,000
(b)
Somnigroup
International
Inc
4
.000
04/15/29
157,831
200,000
(b)
Somnigroup
International
Inc
3
.875
10/15/31
175,561
100,000
(b)
Sonic
Automotive
Inc
4
.625
11/15/29
93,801
200,000
(b)
Sonic
Automotive
Inc
4
.875
11/15/31
182,593
400,000
(b)
Sotera
Health
Holdings
LLC
7
.375
06/01/31
410,256
170,000
(b)
SPX
FLOW
Inc
8
.750
04/01/30
171,413
300,000
(b)
Stagwell
Global
LLC
5
.625
08/15/29
283,086
230,000
(b)
Stena
International
SA
7
.250
01/15/31
227,029
420,000
(b)
Studio
City
Finance
Ltd
5
.000
01/15/29
368,793
160,000
(b)
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp
5
.000
06/01/31
146,255
260,000
(b)
Summit
Midstream
Holdings
LLC
8
.625
10/31/29
256,136
150,000
(b)
Sunoco
LP
7
.000
05/01/29
154,224
580,000
(b)
Sunoco
LP
7
.250
05/01/32
601,469
60,000
(b)
Superior
Plus
LP
/
Superior
General
Partner
Inc
4
.500
03/15/29
56,021
150,000
(b)
Surgery
Center
Holdings
Inc
7
.250
04/15/32
149,660
161,000
(b)
Taylor
Morrison
Communities
Inc
5
.125
08/01/30
155,991
60,000
(b)
Teleflex
Inc
4
.250
06/01/28
57,448
450,000
(b)
Tenneco
Inc
8
.000
11/17/28
429,891
180,000
(b)
Terex
Corp
5
.000
05/15/29
172,166
200,000
(b)
TGS
ASA
8
.500
01/15/30
198,000
310,000
(b)
Thor
Industries
Inc
4
.000
10/15/29
278,806
70,000
(b)
TopBuild
Corp
4
.125
02/15/32
62,993
21,000
(b)
TransDigm
Inc
6
.625
03/01/32
21,511
100,000
(b)
Travel
+
Leisure
Co
6
.625
07/31/26
100,700
240,000
(b)
Travel
+
Leisure
Co
4
.500
12/01/29
224,943
140,000
TreeHouse
Foods
Inc
4
.000
09/01/28
125,606
185,000
(b)
Triumph
Group
Inc
9
.000
03/15/28
194,066
160,000
(a),(b)
Tronox
Inc
4
.625
03/15/29
129,516
250,000
(b)
TTM
Technologies
Inc
4
.000
03/01/29
232,392
160,000
Twilio
Inc
3
.875
03/15/31
145,363
150,000
(b)
United
Natural
Foods
Inc
6
.750
10/15/28
147,276
350,000
(b)
United
Rentals
North
America
Inc
6
.125
03/15/34
353,775
100,000
(b)
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
6
.000
01/15/30
89,429
604,000
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
10
.500
02/15/28
641,318
Portfolio
of
Investments
April
30,
2025
(continued)
NUHY
42
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
110,000
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
4
.750
%
04/15/28
$
105,277
150,000
(b)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
6
.500
02/15/29
137,225
34,000
(b)
Univision
Communications
Inc
4
.500
05/01/29
29,156
128,000
(b)
US
Foods
Inc
4
.750
02/15/29
124,319
250,000
(b)
US
Foods
Inc
4
.625
06/01/30
238,120
90,000
(b)
Valvoline
Inc
3
.625
06/15/31
78,824
130,000
(b)
Vertiv
Group
Corp
4
.125
11/15/28
125,548
78,000
(a),(b)
Victoria's
Secret
&
Co
4
.625
07/15/29
68,004
70,000
Vodafone
Group
PLC
3
.250
06/04/81
67,510
325,000
Vodafone
Group
PLC
4
.125
06/04/81
288,732
630,000
(b)
VZ
Secured
Financing
BV
5
.000
01/15/32
549,767
550,000
Walgreens
Boots
Alliance
Inc
8
.125
08/15/29
572,247
100,000
Walgreens
Boots
Alliance
Inc
3
.200
04/15/30
94,099
100,000
(b)
Wayfair
LLC
7
.250
10/31/29
91,340
245,000
(b)
Weatherford
International
Ltd
8
.625
04/30/30
242,846
401,000
(b)
WESCO
Distribution
Inc
7
.250
06/15/28
406,327
50,000
(b)
WESCO
Distribution
Inc
6
.375
03/15/29
50,661
50,000
(b)
WESCO
Distribution
Inc
6
.625
03/15/32
50,861
75,000
(b)
WESCO
Distribution
Inc
6
.375
03/15/33
75,871
190,000
(b)
Williams
Scotsman
Inc
4
.625
08/15/28
182,712
100,000
(b)
Williams
Scotsman
Inc
7
.375
10/01/31
103,723
1,150,000
(b)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8
.250
10/01/31
1,177,277
100,000
(b)
Wolverine
World
Wide
Inc
4
.000
08/15/29
83,195
150,000
(b)
Wyndham
Hotels
&
Resorts
Inc
4
.375
08/15/28
144,078
210,000
(b)
Xerox
Holdings
Corp
5
.500
08/15/28
134,529
180,000
(b)
XPO
Inc
7
.125
02/01/32
184,386
260,000
Yum!
Brands
Inc
3
.625
03/15/31
234,501
250,000
Yum!
Brands
Inc
4
.625
01/31/32
235,329
260,000
Yum!
Brands
Inc
5
.375
04/01/32
255,500
100,000
(b)
Zebra
Technologies
Corp
6
.500
06/01/32
100,465
230,000
(b)
ZipRecruiter
Inc
5
.000
01/15/30
191,850
200,000
(b)
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp
3
.875
02/01/29
183,777
TOTAL
INDUSTRIAL
77,076,605
UTILITY
-
1.2%
250,000
AES
Corp/The
7
.600
01/15/55
247,016
110,000
Algonquin
Power
&
Utilities
Corp
4
.750
01/18/82
103,264
110,000
(b)
Clearway
Energy
Operating
LLC
3
.750
02/15/31
97,930
160,000
(b)
NRG
Energy
Inc
5
.750
07/15/29
159,247
150,000
(b)
Vistra
Operations
Co
LLC
7
.750
10/15/31
158,607
100,000
Vistra
Operations
Co
LLC
6
.875
04/15/32
103,578
210,000
(a),(b)
XPLR
Infrastructure
Operating
Partners
LP
7
.250
01/15/29
207,834
100,000
(b)
XPLR
Infrastructure
Operating
Partners
LP
8
.625
03/15/33
99,790
TOTAL
UTILITY
1,177,266
TOTAL
CORPORATE
DEBT
(Cost
$91,455,101)
90,577,917
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$91,455,101)
90,577,917
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
5.7%
5,270,525
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.360
(e)
$
5,270,525
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$5,270,525)
5,270,525
TOTAL
INVESTMENTS
-
103
.3
%
(Cost
$
96,725,626
)
95,848,442
OTHER
ASSETS
&
LIABILITIES,
NET
-
(3.3)%
(
3,094,682
)
NET
ASSETS
-
100%
$
92,753,760
REIT
Real
Estate
Investment
Trust
43
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:
(a)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$5,058,581.
(b)
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
$76,415,944
or
79.7%
of
Total
Investments.
(c)
Perpetual
security.
Maturity
date
is
not
applicable.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
NUHY
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
90,577,917
$
–
$
90,577,917
Investments
Purchased
with
Collateral
from
Securities
Lending
5,270,525
–
–
5,270,525
Total
$
5,270,525
$
90,577,917
$
–
$
95,848,442
a
44
Portfolio
of
Investments
April
30,
2025
NUBD
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.7%
CORPORATE
DEBT
-
23.4%
FINANCIALS
-
8.2%
$
10,000
Aegon
Ltd
5
.500
%
04/11/48
$
9,923
200,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2
.450
10/29/26
193,471
30,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.650
07/21/27
29,315
20,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.875
01/23/28
19,580
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
5
.100
01/19/29
10,108
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.150
09/30/30
10,549
190,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.300
01/30/32
167,879
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.400
10/29/33
8,596
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
5
.300
01/19/34
9,872
20,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
20,083
80,000
Aflac
Inc
3
.600
04/01/30
77,014
10,000
Air
Lease
Corp
4
.625
10/01/28
9,994
30,000
Air
Lease
Corp
3
.125
12/01/30
27,281
50,000
Air
Lease
Corp
5
.200
07/15/31
50,345
30,000
Air
Lease
Corp
2
.875
01/15/32
26,048
50,000
Aircastle
Ltd
4
.250
06/15/26
49,514
50,000
Alexandria
Real
Estate
Equities
Inc
3
.375
08/15/31
45,407
100,000
Alexandria
Real
Estate
Equities
Inc
2
.950
03/15/34
82,281
50,000
Alexandria
Real
Estate
Equities
Inc
5
.625
05/15/54
45,746
30,000
Ally
Financial
Inc
8
.000
11/01/31
32,951
92,000
Ally
Financial
Inc
8
.000
11/01/31
101,881
90,000
American
Express
Co
1
.650
11/04/26
86,581
50,000
American
Express
Co
5
.085
01/30/31
50,908
150,000
American
Express
Co
5
.625
07/28/34
151,073
150,000
American
Express
Co
5
.284
07/26/35
149,557
50,000
American
Homes
4
Rent
5
.500
07/15/34
49,631
70,000
American
International
Group
Inc
3
.400
06/30/30
65,775
20,000
American
International
Group
Inc
5
.125
03/27/33
19,980
10,000
American
International
Group
Inc
4
.375
06/30/50
8,135
30,000
Ameriprise
Financial
Inc
5
.700
12/15/28
31,417
10,000
Ameriprise
Financial
Inc
4
.500
05/13/32
9,790
20,000
Ameriprise
Financial
Inc
5
.200
04/15/35
20,025
50,000
Aon
Corp
/
Aon
Global
Holdings
PLC
2
.850
05/28/27
48,619
120,000
Aon
Corp
/
Aon
Global
Holdings
PLC
5
.350
02/28/33
122,048
20,000
Aon
Global
Ltd
4
.600
06/14/44
16,904
60,000
Aon
North
America
Inc
5
.450
03/01/34
61,045
10,000
Apollo
Global
Management
Inc
6
.375
11/15/33
10,816
20,000
Apollo
Global
Management
Inc
6
.000
12/15/54
18,733
50,000
Arthur
J
Gallagher
&
Co
3
.500
05/20/51
33,833
90,000
Arthur
J
Gallagher
&
Co
3
.050
03/09/52
55,237
50,000
Arthur
J
Gallagher
&
Co
5
.550
02/15/55
47,098
42,000
Assurant
Inc
2
.650
01/15/32
35,339
120,000
AvalonBay
Communities
Inc
5
.300
12/07/33
121,425
30,000
AXIS
Specialty
Finance
LLC
3
.900
07/15/29
28,854
20,000
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
19,021
320,000
Banco
Santander
SA
4
.175
03/24/28
317,349
150,000
Banco
Santander
SA
3
.490
05/28/30
141,131
40,000
Banco
Santander
SA
6
.921
08/08/33
42,533
40,000
Bank
of
America
Corp
1
.734
07/22/27
38,672
40,000
Bank
of
America
Corp
5
.933
09/15/27
40,764
50,000
Bank
of
America
Corp
4
.979
01/24/29
50,663
320,000
Bank
of
America
Corp
2
.087
06/14/29
298,005
150,000
Bank
of
America
Corp
4
.271
07/23/29
149,028
740,000
Bank
of
America
Corp
3
.974
02/07/30
724,295
200,000
Bank
of
America
Corp
2
.592
04/29/31
180,710
250,000
Bank
of
America
Corp
2
.651
03/11/32
221,770
120,000
Bank
of
America
Corp
2
.299
07/21/32
103,118
100,000
Bank
of
America
Corp
2
.972
02/04/33
87,915
310,000
Bank
of
America
Corp
5
.872
09/15/34
322,995
45
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
272,000
Bank
of
America
Corp
3
.311
%
04/22/42
$
204,750
20,000
Bank
of
America
Corp
2
.831
10/24/51
12,198
250,000
Bank
of
America
Corp
2
.972
07/21/52
157,373
40,000
Bank
of
Montreal
2
.650
03/08/27
38,827
50,000
Bank
of
Montreal
5
.717
09/25/28
52,040
50,000
(a)
Bank
of
Montreal
5
.004
01/27/29
50,778
50,000
(a)
Bank
of
Montreal
4
.640
09/10/30
50,077
48,000
Bank
of
Montreal
3
.803
12/15/32
46,438
100,000
Bank
of
New
York
Mellon
Corp/The
2
.800
05/04/26
98,531
100,000
Bank
of
New
York
Mellon
Corp/The
2
.050
01/26/27
96,526
50,000
Bank
of
New
York
Mellon
Corp/The
3
.992
06/13/28
49,739
50,000
Bank
of
New
York
Mellon
Corp/The
4
.942
02/11/31
50,866
120,000
Bank
of
New
York
Mellon
Corp/The
5
.188
03/14/35
121,295
50,000
Bank
of
New
York
Mellon
Corp/The
5
.606
07/21/39
50,222
60,000
Bank
of
Nova
Scotia/The
1
.350
06/24/26
58,030
100,000
Bank
of
Nova
Scotia/The
5
.400
06/04/27
102,338
50,000
Bank
of
Nova
Scotia/The
5
.130
02/14/31
50,779
50,000
Bank
of
Nova
Scotia/The
4
.740
11/10/32
49,503
60,000
Barclays
PLC
4
.836
05/09/28
59,894
90,000
Barclays
PLC
5
.501
08/09/28
91,419
200,000
Barclays
PLC
5
.367
02/25/31
202,671
200,000
Barclays
PLC
6
.692
09/13/34
213,640
200,000
Barclays
PLC
5
.335
09/10/35
194,084
50,000
BlackRock
Funding
Inc
5
.350
01/08/55
48,171
40,000
Blackrock
Inc
3
.250
04/30/29
38,822
20,000
Blackrock
Inc
2
.400
04/30/30
18,304
30,000
Blackrock
Inc
1
.900
01/28/31
26,262
50,000
Blackrock
Inc
4
.750
05/25/33
50,009
162,000
Boston
Properties
LP
2
.900
03/15/30
146,670
20,000
Boston
Properties
LP
6
.500
01/15/34
20,967
50,000
Brixmor
Operating
Partnership
LP
4
.125
06/15/26
49,700
50,000
Brixmor
Operating
Partnership
LP
5
.200
04/01/32
49,970
80,000
Brookfield
Finance
I
UK
Plc
/
Brookfield
Finance
Inc
2
.340
01/30/32
66,631
20,000
Brookfield
Finance
Inc
3
.900
01/25/28
19,676
60,000
Brookfield
Finance
Inc
6
.350
01/05/34
63,300
10,000
Brookfield
Finance
Inc
5
.968
03/04/54
9,744
50,000
Brown
&
Brown
Inc
5
.650
06/11/34
50,564
50,000
Canadian
Imperial
Bank
of
Commerce
5
.260
04/08/29
51,314
100,000
Canadian
Imperial
Bank
of
Commerce
6
.092
10/03/33
106,159
90,000
Capital
One
Financial
Corp
5
.468
02/01/29
91,790
100,000
Capital
One
Financial
Corp
6
.312
06/08/29
104,200
130,000
Capital
One
Financial
Corp
7
.624
10/30/31
144,810
100,000
Capital
One
Financial
Corp
6
.051
02/01/35
102,219
10,000
Cboe
Global
Markets
Inc
3
.650
01/12/27
9,922
10,000
Cboe
Global
Markets
Inc
3
.000
03/16/32
8,967
290,000
Centene
Corp
3
.375
02/15/30
264,137
10,000
Charles
Schwab
Corp/The
3
.200
03/02/27
9,820
110,000
Charles
Schwab
Corp/The
2
.000
03/20/28
103,586
10,000
Charles
Schwab
Corp/The
4
.000
02/01/29
9,909
110,000
Charles
Schwab
Corp/The
5
.643
05/19/29
114,076
10,000
Charles
Schwab
Corp/The
3
.250
05/22/29
9,582
10,000
Charles
Schwab
Corp/The
5
.853
05/19/34
10,448
10,000
Charles
Schwab
Corp/The
6
.136
08/24/34
10,625
139,000
Chubb
Corp/The
6
.000
05/11/37
148,821
15,000
Chubb
INA
Holdings
LLC
1
.375
09/15/30
12,908
10,000
Chubb
INA
Holdings
LLC
4
.350
11/03/45
8,485
988,000
Citigroup
Inc
3
.980
03/20/30
961,569
50,000
Citigroup
Inc
4
.542
09/19/30
49,492
60,000
Citigroup
Inc
2
.666
01/29/31
54,497
190,000
Citigroup
Inc
2
.561
05/01/32
166,026
280,000
Citigroup
Inc
2
.520
11/03/32
241,319
20,000
Citigroup
Inc
3
.057
01/25/33
17,570
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
46
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
100,000
Citigroup
Inc
6
.174
%
05/25/34
$
102,357
50,000
Citigroup
Inc
5
.827
02/13/35
49,706
20,000
Citigroup
Inc
5
.449
06/11/35
20,069
50,000
Citigroup
Inc
6
.020
01/24/36
50,138
50,000
(a)
Citigroup
Inc
5
.333
03/27/36
49,595
50,000
Citigroup
Inc
5
.411
09/19/39
47,724
32,000
Citizens
Financial
Group
Inc
2
.850
07/27/26
31,188
100,000
Citizens
Financial
Group
Inc
2
.638
09/30/32
81,076
60,000
CME
Group
Inc
5
.300
09/15/43
59,686
50,000
CNO
Financial
Group
Inc
6
.450
06/15/34
51,585
50,000
Comerica
Inc
5
.982
01/30/30
50,614
150,000
Cooperatieve
Rabobank
UA
3
.750
07/21/26
148,364
50,000
Cooperatieve
Rabobank
UA
5
.750
12/01/43
48,420
40,000
COPT
Defense
Properties
LP
2
.000
01/15/29
35,799
50,000
Cousins
Properties
LP
5
.375
02/15/32
49,552
10,000
Credit
Suisse
USA
LLC
7
.125
07/15/32
11,269
180,000
Deutsche
Bank
AG/New
York
NY
2
.552
01/07/28
173,477
160,000
Deutsche
Bank
AG/New
York
NY
6
.819
11/20/29
169,997
50,000
Deutsche
Bank
AG/New
York
NY
3
.742
01/07/33
44,102
60,000
Digital
Realty
Trust
LP
5
.550
01/15/28
61,647
100,000
Discover
Financial
Services
6
.700
11/29/32
106,641
20,000
Eaton
Vance
Corp
3
.500
04/06/27
19,671
30,000
Elevance
Health
Inc
3
.650
12/01/27
29,517
100,000
Elevance
Health
Inc
2
.250
05/15/30
89,714
50,000
Elevance
Health
Inc
5
.500
10/15/32
51,653
50,000
Elevance
Health
Inc
5
.200
02/15/35
50,042
50,000
Elevance
Health
Inc
6
.375
06/15/37
53,879
100,000
Elevance
Health
Inc
4
.650
01/15/43
87,064
30,000
Elevance
Health
Inc
3
.125
05/15/50
19,249
110,000
Elevance
Health
Inc
4
.550
05/15/52
89,172
20,000
Equitable
Holdings
Inc
4
.350
04/20/28
19,898
36,000
Equitable
Holdings
Inc
5
.000
04/20/48
31,282
70,000
ERP
Operating
LP
2
.500
02/15/30
63,869
50,000
ERP
Operating
LP
4
.650
09/15/34
48,028
30,000
Everest
Reinsurance
Holdings
Inc
3
.500
10/15/50
19,837
50,000
Federal
Realty
OP
LP
3
.500
06/01/30
47,188
32,000
Fifth
Third
Bancorp
1
.707
11/01/27
30,614
100,000
Fifth
Third
Bancorp
6
.339
07/27/29
104,863
50,000
Fifth
Third
Bancorp
5
.631
01/29/32
51,209
30,000
First
American
Financial
Corp
2
.400
08/15/31
25,358
30,000
Franklin
Resources
Inc
1
.600
10/30/30
25,688
50,000
GATX
Corp
4
.700
04/01/29
50,002
10,000
GATX
Corp
4
.000
06/30/30
9,634
10,000
GATX
Corp
1
.900
06/01/31
8,409
30,000
GATX
Corp
3
.500
06/01/32
26,858
20,000
GATX
Corp
5
.450
09/15/33
20,006
20,000
GATX
Corp
6
.050
03/15/34
20,795
20,000
GATX
Corp
5
.200
03/15/44
17,782
10,000
Goldman
Sachs
Group
Inc/The
4
.387
06/15/27
9,983
60,000
Goldman
Sachs
Group
Inc/The
4
.223
05/01/29
59,425
420,000
Goldman
Sachs
Group
Inc/The
3
.800
03/15/30
404,620
50,000
Goldman
Sachs
Group
Inc/The
5
.727
04/25/30
51,827
100,000
Goldman
Sachs
Group
Inc/The
5
.218
04/23/31
101,845
652,000
Goldman
Sachs
Group
Inc/The
2
.383
07/21/32
561,619
200,000
Goldman
Sachs
Group
Inc/The
2
.650
10/21/32
173,553
140,000
Goldman
Sachs
Group
Inc/The
6
.561
10/24/34
152,530
50,000
Goldman
Sachs
Group
Inc/The
5
.330
07/23/35
49,692
50,000
Goldman
Sachs
Group
Inc/The
5
.016
10/23/35
48,448
50,000
Goldman
Sachs
Group
Inc/The
5
.536
01/28/36
50,493
50,000
Goldman
Sachs
Group
Inc/The
5
.561
11/19/45
48,087
20,000
(b)
HA
Sustainable
Infrastructure
Capital
Inc
6
.375
07/01/34
19,204
90,000
Hartford
Insurance
Group
Inc/The
2
.900
09/15/51
55,509
47
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
50,000
Healthpeak
OP
LLC
2
.125
%
12/01/28
$
45,874
60,000
Healthpeak
OP
LLC
3
.500
07/15/29
57,070
40,000
Highwoods
Realty
LP
3
.050
02/15/30
35,678
10,000
Host
Hotels
&
Resorts
LP
3
.375
12/15/29
9,221
200,000
HSBC
Holdings
PLC
2
.013
09/22/28
188,113
270,000
HSBC
Holdings
PLC
2
.206
08/17/29
249,125
450,000
HSBC
Holdings
PLC
2
.804
05/24/32
396,170
100,000
HSBC
Holdings
PLC
2
.871
11/22/32
87,512
200,000
HSBC
Holdings
PLC
6
.547
06/20/34
208,983
200,000
HSBC
Holdings
PLC
5
.450
03/03/36
198,742
10,000
HSBC
Holdings
PLC
6
.500
09/15/37
10,371
10,000
Humana
Inc
1
.350
02/03/27
9,460
10,000
Humana
Inc
5
.750
12/01/28
10,372
30,000
Humana
Inc
4
.875
04/01/30
29,973
10,000
Humana
Inc
5
.375
04/15/31
10,129
110,000
Humana
Inc
2
.150
02/03/32
90,485
20,000
Humana
Inc
4
.950
10/01/44
17,023
10,000
Humana
Inc
5
.500
03/15/53
8,877
10,000
Humana
Inc
5
.750
04/15/54
9,174
120,000
Huntington
Bancshares
Inc/OH
5
.709
02/02/35
120,217
100,000
ING
Groep
NV
3
.950
03/29/27
99,239
70,000
ING
Groep
NV
4
.050
04/09/29
68,540
40,000
ING
Groep
NV
5
.550
03/19/35
40,455
64,000
Intercontinental
Exchange
Inc
3
.750
09/21/28
62,903
10,000
Intercontinental
Exchange
Inc
4
.350
06/15/29
10,023
50,000
Intercontinental
Exchange
Inc
5
.250
06/15/31
51,796
20,000
Intercontinental
Exchange
Inc
1
.850
09/15/32
16,381
20,000
Intercontinental
Exchange
Inc
4
.600
03/15/33
19,717
90,000
Intercontinental
Exchange
Inc
4
.250
09/21/48
72,764
20,000
Intercontinental
Exchange
Inc
4
.950
06/15/52
17,814
60,000
Invitation
Homes
Operating
Partnership
LP
5
.450
08/15/30
61,570
30,000
Jackson
Financial
Inc
3
.125
11/23/31
25,822
40,000
JPMorgan
Chase
&
Co
2
.947
02/24/28
38,978
50,000
JPMorgan
Chase
&
Co
4
.979
07/22/28
50,583
100,000
JPMorgan
Chase
&
Co
3
.509
01/23/29
97,570
50,000
JPMorgan
Chase
&
Co
4
.915
01/24/29
50,708
240,000
JPMorgan
Chase
&
Co
4
.005
04/23/29
237,749
60,000
JPMorgan
Chase
&
Co
5
.581
04/22/30
62,175
570,000
JPMorgan
Chase
&
Co
3
.702
05/06/30
551,501
260,000
JPMorgan
Chase
&
Co
2
.739
10/15/30
240,540
50,000
JPMorgan
Chase
&
Co
4
.603
10/22/30
49,966
648,000
JPMorgan
Chase
&
Co
4
.493
03/24/31
643,586
180,000
JPMorgan
Chase
&
Co
2
.545
11/08/32
156,974
50,000
JPMorgan
Chase
&
Co
4
.946
10/22/35
48,834
270,000
JPMorgan
Chase
&
Co
3
.157
04/22/42
201,493
450,000
JPMorgan
Chase
&
Co
3
.328
04/22/52
309,100
20,000
KeyBank
NA/Cleveland
OH
6
.950
02/01/28
21,104
20,000
KeyBank
NA/Cleveland
OH
3
.900
04/13/29
19,001
50,000
KeyCorp
2
.250
04/06/27
47,843
60,000
KeyCorp
6
.401
03/06/35
62,852
40,000
Kilroy
Realty
LP
4
.750
12/15/28
38,979
20,000
Kilroy
Realty
LP
2
.500
11/15/32
15,476
100,000
Kimco
Realty
OP
LLC
2
.250
12/01/31
85,546
10,000
Legg
Mason
Inc
5
.625
01/15/44
9,634
30,000
Lincoln
National
Corp
3
.050
01/15/30
27,853
30,000
Lincoln
National
Corp
3
.400
03/01/32
26,724
30,000
Lincoln
National
Corp
4
.375
06/15/50
22,967
90,000
Lloyds
Banking
Group
PLC
4
.550
08/16/28
89,926
200,000
Lloyds
Banking
Group
PLC
5
.721
06/05/30
206,820
50,000
Lloyds
Banking
Group
PLC
5
.679
01/05/35
50,639
75,000
Lloyds
Banking
Group
PLC
4
.344
01/09/48
57,556
20,000
LPL
Holdings
Inc
6
.750
11/17/28
21,260
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
48
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
20,000
LPL
Holdings
Inc
5
.150
%
06/15/30
$
20,066
60,000
LXP
Industrial
Trust
6
.750
11/15/28
63,791
30,000
M&T
Bank
Corp
7
.413
10/30/29
32,272
50,000
M&T
Bank
Corp
6
.082
03/13/32
52,027
50,000
M&T
Bank
Corp
5
.385
01/16/36
48,668
40,000
Manulife
Financial
Corp
5
.375
03/04/46
38,274
20,000
Marsh
&
McLennan
Cos
Inc
4
.375
03/15/29
20,043
120,000
Marsh
&
McLennan
Cos
Inc
2
.250
11/15/30
106,703
10,000
Marsh
&
McLennan
Cos
Inc
5
.150
03/15/34
10,127
20,000
Marsh
&
McLennan
Cos
Inc
4
.750
03/15/39
18,829
40,000
Marsh
&
McLennan
Cos
Inc
4
.350
01/30/47
33,275
60,000
Marsh
&
McLennan
Cos
Inc
4
.200
03/01/48
48,384
50,000
Marsh
&
McLennan
Cos
Inc
5
.450
03/15/54
47,708
10,000
MetLife
Inc
5
.875
02/06/41
10,221
220,000
MetLife
Inc
4
.875
11/13/43
198,566
40,000
MetLife
Inc
5
.000
07/15/52
35,883
200,000
Mitsubishi
UFJ
Financial
Group
Inc
2
.757
09/13/26
195,883
150,000
Mitsubishi
UFJ
Financial
Group
Inc
1
.538
07/20/27
144,861
64,000
Mitsubishi
UFJ
Financial
Group
Inc
3
.961
03/02/28
63,405
10,000
Mitsubishi
UFJ
Financial
Group
Inc
4
.080
04/19/28
9,929
200,000
Mitsubishi
UFJ
Financial
Group
Inc
5
.441
02/22/34
203,551
10,000
Mizuho
Financial
Group
Inc
3
.663
02/28/27
9,879
60,000
(a)
Mizuho
Financial
Group
Inc
4
.254
09/11/29
59,374
100,000
Mizuho
Financial
Group
Inc
2
.869
09/13/30
92,747
10,000
Mizuho
Financial
Group
Inc
1
.979
09/08/31
8,624
200,000
Mizuho
Financial
Group
Inc
5
.594
07/10/35
203,385
50,000
Morgan
Stanley
4
.350
09/08/26
49,914
10,000
Morgan
Stanley
1
.593
05/04/27
9,709
10,000
Morgan
Stanley
1
.512
07/20/27
9,655
50,000
Morgan
Stanley
5
.652
04/13/28
51,049
50,000
Morgan
Stanley
4
.210
04/20/28
49,730
10,000
Morgan
Stanley
3
.591
07/22/28
9,788
517,000
Morgan
Stanley
3
.772
01/24/29
507,659
100,000
Morgan
Stanley
5
.123
02/01/29
101,584
70,000
Morgan
Stanley
5
.164
04/20/29
71,265
291,000
Morgan
Stanley
4
.431
01/23/30
288,807
50,000
Morgan
Stanley
5
.656
04/18/30
51,716
25,000
Morgan
Stanley
4
.654
10/18/30
24,920
120,000
Morgan
Stanley
3
.622
04/01/31
113,875
210,000
Morgan
Stanley
2
.239
07/21/32
179,062
130,000
Morgan
Stanley
5
.424
07/21/34
131,367
100,000
Morgan
Stanley
6
.627
11/01/34
108,839
50,000
Morgan
Stanley
5
.831
04/19/35
51,627
50,000
Morgan
Stanley
5
.320
07/19/35
49,774
50,000
Morgan
Stanley
5
.587
01/18/36
50,721
50,000
Morgan
Stanley
5
.664
04/17/36
51,053
100,000
Morgan
Stanley
2
.484
09/16/36
83,424
100,000
Morgan
Stanley
5
.942
02/07/39
100,676
20,000
Morgan
Stanley
4
.300
01/27/45
16,547
50,000
Morgan
Stanley
5
.516
11/19/55
47,749
20,000
Morgan
Stanley
Bank
NA
4
.952
01/14/28
20,162
85,000
Nasdaq
Inc
5
.550
02/15/34
87,249
80,000
NatWest
Group
PLC
4
.892
05/18/29
80,463
100,000
NatWest
Group
PLC
5
.808
09/13/29
103,397
100,000
NatWest
Group
PLC
5
.076
01/27/30
100,781
10,000
Nomura
Holdings
Inc
5
.594
07/02/27
10,193
120,000
Nomura
Holdings
Inc
2
.172
07/14/28
111,111
10,000
Nomura
Holdings
Inc
2
.999
01/22/32
8,675
80,000
Nomura
Holdings
Inc
6
.181
01/18/33
83,797
10,000
Nomura
Holdings
Inc
6
.087
07/12/33
10,462
20,000
Northern
Trust
Corp
3
.150
05/03/29
19,206
30,000
Old
Republic
International
Corp
5
.750
03/28/34
30,306
49
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
60,000
Omega
Healthcare
Investors
Inc
4
.750
%
01/15/28
$
60,069
40,000
ORIX
Corp
3
.700
07/18/27
39,413
40,000
ORIX
Corp
2
.250
03/09/31
34,879
20,000
ORIX
Corp
4
.000
04/13/32
18,691
10,000
ORIX
Corp
5
.200
09/13/32
10,123
20,000
Piedmont
Operating
Partnership
LP
3
.150
08/15/30
17,095
10,000
PNC
Bank
NA
3
.100
10/25/27
9,743
90,000
PNC
Bank
NA
4
.050
07/26/28
88,600
20,000
PNC
Bank
NA
2
.700
10/22/29
18,386
100,000
PNC
Financial
Services
Group
Inc/The
5
.582
06/12/29
103,104
50,000
PNC
Financial
Services
Group
Inc/The
5
.222
01/29/31
51,122
50,000
PNC
Financial
Services
Group
Inc/The
4
.812
10/21/32
49,566
140,000
PNC
Financial
Services
Group
Inc/The
6
.875
10/20/34
153,900
50,000
PNC
Financial
Services
Group
Inc/The
5
.676
01/22/35
50,962
54,000
Principal
Financial
Group
Inc
3
.700
05/15/29
52,309
10,000
Principal
Financial
Group
Inc
2
.125
06/15/30
8,831
44,000
Progressive
Corp/The
3
.200
03/26/30
41,810
40,000
Progressive
Corp/The
3
.000
03/15/32
35,963
50,000
Progressive
Corp/The
4
.200
03/15/48
40,836
31,000
Prologis
LP
3
.875
09/15/28
30,607
50,000
Prologis
LP
2
.875
11/15/29
46,893
10,000
Prologis
LP
4
.375
09/15/48
8,179
100,000
Prologis
LP
5
.250
06/15/53
92,677
50,000
Prologis
LP
5
.250
03/15/54
46,193
30,000
Prudential
Financial
Inc
2
.100
03/10/30
27,056
70,000
Prudential
Financial
Inc
3
.000
03/10/40
52,343
20,000
Prudential
Financial
Inc
4
.500
09/15/47
19,413
143,000
Prudential
Financial
Inc
3
.905
12/07/47
109,640
20,000
Prudential
Financial
Inc
3
.700
10/01/50
17,855
30,000
Prudential
Funding
Asia
PLC
3
.625
03/24/32
27,630
110,000
Public
Storage
Operating
Co
5
.125
01/15/29
113,516
40,000
Raymond
James
Financial
Inc
4
.950
07/15/46
35,379
50,000
Regency
Centers
Corp
5
.250
01/15/34
50,048
20,000
Regions
Financial
Corp
1
.800
08/12/28
18,255
40,000
Regions
Financial
Corp
7
.375
12/10/37
44,176
30,000
Reinsurance
Group
of
America
Inc
3
.950
09/15/26
29,795
29,000
Reinsurance
Group
of
America
Inc
3
.900
05/15/29
28,296
50,000
Reinsurance
Group
of
America
Inc
5
.750
09/15/34
50,663
130,000
Royal
Bank
of
Canada
1
.200
04/27/26
126,043
100,000
Royal
Bank
of
Canada
1
.150
07/14/26
96,492
110,000
Royal
Bank
of
Canada
5
.200
08/01/28
112,939
50,000
Royal
Bank
of
Canada
4
.969
08/02/30
50,640
50,000
Royal
Bank
of
Canada
4
.650
10/18/30
49,907
50,000
Royal
Bank
of
Canada
5
.153
02/04/31
50,876
100,000
Santander
Holdings
USA
Inc
2
.490
01/06/28
95,977
10,000
Santander
Holdings
USA
Inc
6
.565
06/12/29
10,378
50,000
Santander
Holdings
USA
Inc
6
.342
05/31/35
51,090
100,000
Santander
UK
Group
Holdings
PLC
4
.858
09/11/30
99,222
50,000
Selective
Insurance
Group
Inc
5
.900
04/15/35
50,225
202,000
Simon
Property
Group
LP
5
.500
03/08/33
207,306
50,000
Simon
Property
Group
LP
4
.750
09/26/34
47,805
60,000
State
Street
Corp
4
.993
03/18/27
60,912
10,000
State
Street
Corp
4
.141
12/03/29
9,921
160,000
State
Street
Corp
2
.400
01/24/30
147,253
50,000
State
Street
Corp
4
.834
04/24/30
50,717
50,000
State
Street
Corp
4
.675
10/22/32
49,794
60,000
State
Street
Corp
6
.123
11/21/34
62,775
50,000
Sumitomo
Mitsui
Financial
Group
Inc
2
.632
07/14/26
49,031
330,000
Sumitomo
Mitsui
Financial
Group
Inc
3
.364
07/12/27
323,991
90,000
Sumitomo
Mitsui
Financial
Group
Inc
3
.544
01/17/28
88,244
170,000
Sumitomo
Mitsui
Financial
Group
Inc
2
.750
01/15/30
156,378
10,000
Sumitomo
Mitsui
Financial
Group
Inc
1
.710
01/12/31
8,483
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
50
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
70,000
Sumitomo
Mitsui
Financial
Group
Inc
5
.836
%
07/09/44
$
69,820
70,000
Synchrony
Financial
5
.935
08/02/30
70,894
20,000
Synovus
Financial
Corp
6
.168
11/01/30
20,180
212,000
Toronto-Dominion
Bank/The
1
.200
06/03/26
205,116
100,000
Toronto-Dominion
Bank/The
5
.523
07/17/28
103,669
50,000
Toronto-Dominion
Bank/The
4
.783
12/17/29
50,471
50,000
Toronto-Dominion
Bank/The
3
.625
09/15/31
49,035
50,000
Toronto-Dominion
Bank/The
5
.298
01/30/32
50,951
20,000
Travelers
Cos
Inc/The
5
.350
11/01/40
19,946
62,000
Travelers
Cos
Inc/The
4
.600
08/01/43
54,681
20,000
Travelers
Cos
Inc/The
3
.750
05/15/46
15,367
20,000
Travelers
Cos
Inc/The
4
.000
05/30/47
15,976
10,000
Travelers
Cos
Inc/The
4
.050
03/07/48
7,993
10,000
Travelers
Cos
Inc/The
5
.450
05/25/53
9,800
21,000
Truist
Financial
Corp
4
.123
06/06/28
20,891
100,000
Truist
Financial
Corp
4
.873
01/26/29
100,772
100,000
Truist
Financial
Corp
1
.887
06/07/29
92,288
100,000
Truist
Financial
Corp
7
.161
10/30/29
107,961
10,000
Truist
Financial
Corp
1
.950
06/05/30
8,712
50,000
Truist
Financial
Corp
5
.153
08/05/32
50,267
200,000
UBS
AG/London
5
.650
09/11/28
207,908
10,000
UnitedHealth
Group
Inc
4
.600
04/15/27
10,112
80,000
UnitedHealth
Group
Inc
4
.000
05/15/29
79,094
160,000
UnitedHealth
Group
Inc
5
.300
02/15/30
166,091
110,000
UnitedHealth
Group
Inc
4
.200
05/15/32
105,870
100,000
UnitedHealth
Group
Inc
5
.350
02/15/33
102,477
20,000
UnitedHealth
Group
Inc
6
.500
06/15/37
21,958
60,000
UnitedHealth
Group
Inc
2
.750
05/15/40
42,730
411,000
UnitedHealth
Group
Inc
4
.750
05/15/52
346,392
10,000
UnitedHealth
Group
Inc
5
.050
04/15/53
8,839
130,000
UnitedHealth
Group
Inc
5
.375
04/15/54
120,595
50,000
UnitedHealth
Group
Inc
5
.200
04/15/63
44,089
300,000
US
Bancorp
5
.384
01/23/30
307,201
170,000
US
Bancorp
5
.678
01/23/35
173,222
21,000
Ventas
Realty
LP
3
.850
04/01/27
20,778
20,000
Ventas
Realty
LP
4
.400
01/15/29
19,833
10,000
Ventas
Realty
LP
3
.000
01/15/30
9,282
64,000
Ventas
Realty
LP
4
.750
11/15/30
63,955
50,000
Voya
Financial
Inc
5
.000
09/20/34
47,817
19,000
Voya
Financial
Inc
4
.800
06/15/46
16,146
20,000
Voya
Financial
Inc
4
.700
01/23/48
18,232
118,000
Welltower
OP
LLC
4
.125
03/15/29
116,611
10,000
Welltower
OP
LLC
2
.750
01/15/31
9,053
110,000
Westpac
Banking
Corp
1
.953
11/20/28
102,093
100,000
Westpac
Banking
Corp
2
.150
06/03/31
88,029
176,000
Westpac
Banking
Corp
4
.322
11/23/31
174,636
50,000
Westpac
Banking
Corp
5
.618
11/20/35
49,556
10,000
Willis
North
America
Inc
4
.500
09/15/28
9,993
30,000
Willis
North
America
Inc
2
.950
09/15/29
27,921
50,000
Willis
North
America
Inc
5
.900
03/05/54
48,432
40,000
WP
Carey
Inc
2
.450
02/01/32
33,507
30,000
XL
Group
Ltd
5
.250
12/15/43
28,368
20,000
Zions
Bancorp
NA
3
.250
10/29/29
17,913
TOTAL
FINANCIALS
33,013,066
INDUSTRIAL
-
13.0%
30,000
3M
Co
3
.375
03/01/29
28,917
28,000
3M
Co
2
.375
08/26/29
25,781
100,000
3M
Co
3
.050
04/15/30
93,035
10,000
3M
Co
5
.700
03/15/37
10,364
10,000
3M
Co
3
.625
10/15/47
7,312
20,000
3M
Co
3
.250
08/26/49
13,414
20,000
ABB
Finance
USA
Inc
3
.800
04/03/28
19,843
51
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
100,000
AbbVie
Inc
4
.800
%
03/15/27
$
101,292
100,000
AbbVie
Inc
4
.650
03/15/28
101,486
100,000
AbbVie
Inc
4
.800
03/15/29
101,983
150,000
AbbVie
Inc
4
.950
03/15/31
153,495
150,000
AbbVie
Inc
5
.050
03/15/34
151,263
150,000
AbbVie
Inc
5
.350
03/15/44
145,080
150,000
AbbVie
Inc
5
.400
03/15/54
143,724
150,000
AbbVie
Inc
5
.500
03/15/64
144,143
18,000
Adobe
Inc
2
.150
02/01/27
17,455
70,000
Adobe
Inc
4
.800
04/04/29
71,845
50,000
Adobe
Inc
4
.950
01/17/30
51,575
80,000
Agilent
Technologies
Inc
2
.100
06/04/30
70,909
89,000
Air
Products
and
Chemicals
Inc
1
.850
05/15/27
85,292
10,000
Air
Products
and
Chemicals
Inc
2
.050
05/15/30
8,945
10,000
Air
Products
and
Chemicals
Inc
4
.800
03/03/33
10,023
10,000
Air
Products
and
Chemicals
Inc
2
.700
05/15/40
7,217
30,000
Albemarle
Corp
4
.650
06/01/27
29,258
40,000
Allegion
US
Holding
Co
Inc
5
.411
07/01/32
40,659
70,000
Alphabet
Inc
0
.800
08/15/27
65,565
50,000
Alphabet
Inc
4
.000
05/15/30
49,967
20,000
Alphabet
Inc
1
.100
08/15/30
17,250
50,000
Alphabet
Inc
4
.500
05/15/35
49,338
60,000
Alphabet
Inc
1
.900
08/15/40
40,158
10,000
Alphabet
Inc
2
.050
08/15/50
5,596
90,000
Alphabet
Inc
2
.250
08/15/60
49,046
10,000
Amcor
Finance
USA
Inc
4
.500
05/15/28
9,972
60,000
Amcor
Flexibles
North
America
Inc
2
.630
06/19/30
53,912
150,000
America
Movil
SAB
de
CV
4
.700
07/21/32
147,258
10,000
America
Movil
SAB
de
CV
6
.125
11/15/37
10,522
12,000
American
Airlines
2016-1
Class
AA
Pass
Through
Trust
2020
A
3
.575
01/15/28
11,476
61,000
American
Airlines
2017-1
Class
AA
Pass
Through
Trust
2020
A
3
.650
02/15/29
58,609
12,000
American
Airlines
2017-2
Class
AA
Pass
Through
Trust
3
.350
10/15/29
11,640
40,000
American
Honda
Finance
Corp
2
.300
09/09/26
38,901
60,000
American
Honda
Finance
Corp
4
.900
03/13/29
60,882
80,000
American
Honda
Finance
Corp
5
.850
10/04/30
84,578
50,000
American
Honda
Finance
Corp
5
.050
07/10/31
50,771
10,000
American
Tower
Corp
1
.450
09/15/26
9,590
10,000
American
Tower
Corp
3
.375
10/15/26
9,838
10,000
American
Tower
Corp
3
.600
01/15/28
9,780
40,000
American
Tower
Corp
1
.500
01/31/28
36,937
110,000
American
Tower
Corp
5
.250
07/15/28
112,432
50,000
American
Tower
Corp
5
.800
11/15/28
52,070
60,000
American
Tower
Corp
2
.900
01/15/30
55,570
20,000
American
Tower
Corp
1
.875
10/15/30
17,211
110,000
American
Tower
Corp
4
.050
03/15/32
104,314
20,000
American
Tower
Corp
3
.700
10/15/49
14,233
30,000
American
Tower
Corp
3
.100
06/15/50
19,224
60,000
Amgen
Inc
5
.150
03/02/28
61,329
130,000
Amgen
Inc
3
.000
02/22/29
123,708
10,000
Amgen
Inc
5
.250
03/02/30
10,284
138,000
Amgen
Inc
2
.300
02/25/31
121,412
110,000
Amgen
Inc
2
.000
01/15/32
92,269
20,000
Amgen
Inc
5
.750
03/15/40
20,147
10,000
Amgen
Inc
4
.950
10/01/41
9,086
320,000
Amgen
Inc
5
.600
03/02/43
311,337
160,000
Amgen
Inc
4
.400
05/01/45
133,767
20,000
Amgen
Inc
4
.563
06/15/48
16,596
70,000
Amgen
Inc
4
.663
06/15/51
58,676
30,000
Amgen
Inc
5
.650
03/02/53
28,794
60,000
Amphenol
Corp
4
.350
06/01/29
60,206
50,000
Amphenol
Corp
5
.375
11/15/54
48,564
10,000
Analog
Devices
Inc
3
.500
12/05/26
9,908
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
52
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
50,000
Analog
Devices
Inc
1
.700
%
10/01/28
$
46,035
20,000
Analog
Devices
Inc
2
.100
10/01/31
17,290
10,000
Analog
Devices
Inc
5
.050
04/01/34
10,122
50,000
Analog
Devices
Inc
5
.300
04/01/54
46,964
32,000
Applied
Materials
Inc
5
.100
10/01/35
32,699
100,000
Applied
Materials
Inc
4
.350
04/01/47
84,303
40,000
Aptiv
Swiss
Holdings
Ltd
4
.350
03/15/29
39,150
82,000
Aptiv
Swiss
Holdings
Ltd
4
.150
05/01/52
55,882
20,000
Archer-Daniels-Midland
Co
2
.500
08/11/26
19,546
10,000
Archer-Daniels-Midland
Co
3
.250
03/27/30
9,484
120,000
Archer-Daniels-Midland
Co
2
.700
09/15/51
72,352
50,000
Arrow
Electronics
Inc
5
.150
08/21/29
50,409
20,000
Astrazeneca
Finance
LLC
1
.200
05/28/26
19,383
50,000
Astrazeneca
Finance
LLC
4
.800
02/26/27
50,668
50,000
AstraZeneca
PLC
0
.700
04/08/26
48,398
49,000
AstraZeneca
PLC
1
.375
08/06/30
42,212
205,000
AstraZeneca
PLC
6
.450
09/15/37
228,678
20,000
AstraZeneca
PLC
4
.375
11/16/45
17,215
20,000
AstraZeneca
PLC
2
.125
08/06/50
10,814
30,000
Atlassian
Corp
5
.500
05/15/34
30,180
70,000
Autodesk
Inc
2
.400
12/15/31
60,525
70,000
Automatic
Data
Processing
Inc
1
.700
05/15/28
65,478
30,000
AutoNation
Inc
1
.950
08/01/28
27,375
40,000
AutoNation
Inc
4
.750
06/01/30
39,227
10,000
AutoNation
Inc
3
.850
03/01/32
8,989
50,000
AutoZone
Inc
4
.500
02/01/28
50,342
100,000
AutoZone
Inc
5
.200
08/01/33
99,782
50,000
Avery
Dennison
Corp
2
.250
02/15/32
41,337
40,000
Avnet
Inc
4
.625
04/15/26
39,922
10,000
(a)
Baidu
Inc
3
.425
04/07/30
9,524
80,000
Baidu
Inc
2
.375
10/09/30
71,673
115,000
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor
Inc
3
.138
11/07/29
108,721
30,000
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor
Inc
4
.486
05/01/30
29,732
10,000
Baxter
International
Inc
2
.600
08/15/26
9,752
40,000
Baxter
International
Inc
1
.730
04/01/31
33,480
120,000
Baxter
International
Inc
2
.539
02/01/32
102,551
10,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
5
.100
05/11/33
9,903
10,000
(a)
Bell
Telephone
Co
of
Canada
or
Bell
Canada
5
.200
02/15/34
10,081
50,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
4
.464
04/01/48
39,959
80,000
Berry
Global
Inc
5
.500
04/15/28
81,802
20,000
Berry
Global
Inc
5
.650
01/15/34
20,151
20,000
Biogen
Inc
2
.250
05/01/30
17,786
110,000
Biogen
Inc
3
.150
05/01/50
67,002
10,000
Biogen
Inc
3
.250
02/15/51
6,239
30,000
Block
Financial
LLC
2
.500
07/15/28
27,873
50,000
Booking
Holdings
Inc
3
.600
06/01/26
49,647
20,000
Booking
Holdings
Inc
4
.625
04/13/30
20,158
20,000
Booz
Allen
Hamilton
Inc
5
.950
08/04/33
20,155
50,000
Booz
Allen
Hamilton
Inc
5
.950
04/15/35
49,683
62,000
BorgWarner
Inc
2
.650
07/01/27
59,590
30,000
Bristol-Myers
Squibb
Co
3
.200
06/15/26
29,728
10,000
Bristol-Myers
Squibb
Co
3
.250
02/27/27
9,872
20,000
Bristol-Myers
Squibb
Co
1
.125
11/13/27
18,661
60,000
Bristol-Myers
Squibb
Co
4
.900
02/22/29
61,475
90,000
Bristol-Myers
Squibb
Co
1
.450
11/13/30
77,357
40,000
Bristol-Myers
Squibb
Co
5
.900
11/15/33
42,685
560,000
Bristol-Myers
Squibb
Co
4
.125
06/15/39
491,284
50,000
Bristol-Myers
Squibb
Co
6
.250
11/15/53
52,539
10,000
British
Telecommunications
PLC
5
.125
12/04/28
10,240
60,000
British
Telecommunications
PLC
9
.625
12/15/30
73,430
20,000
Broadcom
Inc
5
.050
04/15/30
20,362
50,000
Broadcom
Inc
5
.150
11/15/31
50,969
53
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
50,000
Broadcom
Inc
4
.550
%
02/15/32
$
49,004
292,000
(b)
Broadcom
Inc
4
.150
04/15/32
277,717
485,000
Broadcom
Inc
4
.300
11/15/32
463,538
90,000
(b)
Broadcom
Inc
3
.187
11/15/36
73,445
50,000
Broadridge
Financial
Solutions
Inc
2
.600
05/01/31
43,897
50,000
Brunswick
Corp/DE
4
.400
09/15/32
44,875
40,000
Bunge
Ltd
Finance
Corp
3
.250
08/15/26
39,314
10,000
Bunge
Ltd
Finance
Corp
3
.750
09/25/27
9,871
50,000
Bunge
Ltd
Finance
Corp
2
.750
05/14/31
44,758
20,000
Cabot
Corp
5
.000
06/30/32
19,791
10,000
Canadian
National
Railway
Co
3
.850
08/05/32
9,368
10,000
Canadian
National
Railway
Co
6
.250
08/01/34
10,924
60,000
Canadian
National
Railway
Co
6
.375
11/15/37
66,411
60,000
Canadian
National
Railway
Co
3
.650
02/03/48
44,977
30,000
Canadian
National
Railway
Co
4
.450
01/20/49
25,561
10,000
Canadian
Pacific
Railway
Co
2
.875
11/15/29
9,360
10,000
Canadian
Pacific
Railway
Co
2
.050
03/05/30
8,929
70,000
Canadian
Pacific
Railway
Co
2
.450
12/02/31
60,929
10,000
Canadian
Pacific
Railway
Co
4
.800
09/15/35
9,692
50,000
Canadian
Pacific
Railway
Co
3
.000
12/02/41
35,872
70,000
Canadian
Pacific
Railway
Co
4
.300
05/15/43
58,818
70,000
Canadian
Pacific
Railway
Co
6
.125
09/15/15
69,064
120,000
Cardinal
Health
Inc
4
.500
11/15/44
98,659
10,000
Cardinal
Health
Inc
4
.900
09/15/45
8,636
50,000
Cardinal
Health
Inc
5
.750
11/15/54
47,884
10,000
Carlisle
Cos
Inc
2
.750
03/01/30
9,147
20,000
Carlisle
Cos
Inc
2
.200
03/01/32
16,565
10,000
Carrier
Global
Corp
2
.700
02/15/31
8,991
70,000
Carrier
Global
Corp
5
.900
03/15/34
73,690
112,000
Carrier
Global
Corp
3
.377
04/05/40
87,500
10,000
Caterpillar
Financial
Services
Corp
4
.450
10/16/26
10,074
50,000
Caterpillar
Financial
Services
Corp
5
.000
05/14/27
50,990
10,000
Caterpillar
Financial
Services
Corp
4
.400
10/15/27
10,071
50,000
Caterpillar
Financial
Services
Corp
4
.600
11/15/27
50,653
50,000
Caterpillar
Financial
Services
Corp
4
.400
03/03/28
50,440
50,000
Caterpillar
Inc
2
.600
09/19/29
47,009
180,000
Caterpillar
Inc
3
.803
08/15/42
147,101
70,000
Caterpillar
Inc
3
.250
09/19/49
48,554
30,000
CBRE
Services
Inc
5
.950
08/15/34
30,989
112,000
CDW
LLC
/
CDW
Finance
Corp
2
.670
12/01/26
108,288
50,000
Cencora
Inc
5
.125
02/15/34
50,104
50,000
Cencora
Inc
5
.150
02/15/35
50,087
30,000
CF
Industries
Inc
5
.150
03/15/34
29,046
10,000
CF
Industries
Inc
4
.950
06/01/43
8,528
20,000
CGI
Inc
1
.450
09/14/26
19,178
20,000
CH
Robinson
Worldwide
Inc
4
.200
04/15/28
19,825
40,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2
.250
01/15/29
36,293
200,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4
.400
04/01/33
181,451
210,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6
.650
02/01/34
217,360
10,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4
.800
03/01/50
7,449
290,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5
.500
04/01/63
227,781
62,000
Cheniere
Corpus
Christi
Holdings
LLC
5
.125
06/30/27
62,689
50,000
Cheniere
Energy
Inc
5
.650
04/15/34
49,798
150,000
Cheniere
Energy
Partners
LP
5
.950
06/30/33
153,118
30,000
Choice
Hotels
International
Inc
5
.850
08/01/34
29,441
50,000
Church
&
Dwight
Co
Inc
3
.150
08/01/27
48,801
300,000
Cigna
Group/The
3
.050
10/15/27
291,393
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
54
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
90,000
Cigna
Group/The
4
.800
%
08/15/38
$
83,593
10,000
Cigna
Group/The
6
.125
11/15/41
10,307
50,000
Cigna
Group/The
3
.875
10/15/47
36,814
20,000
Cigna
Group/The
5
.600
02/15/54
18,844
100,000
Cintas
Corp
No
2
3
.700
04/01/27
99,047
50,000
Cintas
Corp
No
2
4
.200
05/01/28
50,156
308,000
Cisco
Systems
Inc
2
.500
09/20/26
302,326
20,000
Cisco
Systems
Inc
5
.500
01/15/40
20,435
110,000
Cisco
Systems
Inc
5
.300
02/26/54
104,974
50,000
Cisco
Systems
Inc
5
.500
02/24/55
49,247
40,000
Clorox
Co/The
4
.400
05/01/29
40,081
20,000
Clorox
Co/The
1
.800
05/15/30
17,512
20,000
CNH
Industrial
Capital
LLC
1
.450
07/15/26
19,244
50,000
CNH
Industrial
Capital
LLC
4
.500
10/08/27
49,939
20,000
CNH
Industrial
NV
3
.850
11/15/27
19,643
10,000
Coca-Cola
Co/The
3
.375
03/25/27
9,910
5,000
Coca-Cola
Co/The
1
.450
06/01/27
4,760
140,000
Coca-Cola
Co/The
1
.000
03/15/28
129,599
170,000
Coca-Cola
Co/The
1
.650
06/01/30
150,093
10,000
Coca-Cola
Co/The
1
.375
03/15/31
8,517
20,000
Coca-Cola
Co/The
2
.875
05/05/41
14,826
110,000
Coca-Cola
Co/The
3
.000
03/05/51
72,628
50,000
Coca-Cola
Co/The
5
.300
05/13/54
48,300
70,000
Coca-Cola
Co/The
2
.750
06/01/60
40,883
70,000
Colgate-Palmolive
Co
3
.250
08/15/32
64,889
40,000
Comcast
Corp
3
.300
04/01/27
39,405
290,000
Comcast
Corp
3
.400
04/01/30
276,574
250,000
Comcast
Corp
1
.500
02/15/31
211,196
80,000
Comcast
Corp
5
.500
11/15/32
83,187
50,000
Comcast
Corp
4
.800
05/15/33
49,362
150,000
Comcast
Corp
6
.450
03/15/37
163,620
370,000
Comcast
Corp
3
.750
04/01/40
303,421
20,000
Comcast
Corp
4
.049
11/01/52
14,918
60,000
(a)
Comcast
Corp
5
.650
06/01/54
57,930
280,000
Comcast
Corp
2
.987
11/01/63
157,250
60,000
Conagra
Brands
Inc
8
.250
09/15/30
68,912
30,000
Conagra
Brands
Inc
5
.300
11/01/38
28,399
10,000
Conagra
Brands
Inc
5
.400
11/01/48
8,894
50,000
Concentrix
Corp
6
.850
08/02/33
50,663
70,000
Corning
Inc
5
.350
11/15/48
64,328
10,000
Corning
Inc
3
.900
11/15/49
7,333
10,000
Corning
Inc
4
.375
11/15/57
7,715
100,000
Costco
Wholesale
Corp
1
.375
06/20/27
95,110
20,000
Crown
Castle
Inc
3
.700
06/15/26
19,775
40,000
Crown
Castle
Inc
4
.300
02/15/29
39,318
114,000
Crown
Castle
Inc
3
.300
07/01/30
105,470
10,000
Crown
Castle
Inc
2
.100
04/01/31
8,499
150,000
Crown
Castle
Inc
2
.500
07/15/31
129,253
50,000
Crown
Castle
Inc
2
.900
04/01/41
35,115
20,000
Crown
Castle
Inc
3
.250
01/15/51
12,761
55,000
CSX
Corp
4
.250
03/15/29
54,878
30,000
CSX
Corp
6
.000
10/01/36
31,932
20,000
CSX
Corp
6
.150
05/01/37
21,450
120,000
CSX
Corp
4
.100
03/15/44
98,643
30,000
CSX
Corp
3
.800
11/01/46
23,133
80,000
CSX
Corp
4
.750
11/15/48
70,351
10,000
CSX
Corp
3
.800
04/15/50
7,518
62,000
CSX
Corp
4
.250
11/01/66
47,154
39,000
Cummins
Inc
1
.500
09/01/30
33,723
112,000
Cummins
Inc
2
.600
09/01/50
65,852
100,000
Danaher
Corp
2
.800
12/10/51
61,335
70,000
DCP
Midstream
Operating
LP
5
.125
05/15/29
70,565
55
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
50,000
Deere
&
Co
5
.450
%
01/16/35
$
51,702
130,000
Deere
&
Co
3
.900
06/09/42
109,757
10,000
Dell
Inc
6
.500
04/15/38
10,379
10,000
Dell
International
LLC
/
EMC
Corp
5
.250
02/01/28
10,211
50,000
Dell
International
LLC
/
EMC
Corp
4
.750
04/01/28
50,404
20,000
Dell
International
LLC
/
EMC
Corp
4
.350
02/01/30
19,646
10,000
Dell
International
LLC
/
EMC
Corp
6
.200
07/15/30
10,593
112,000
Dell
International
LLC
/
EMC
Corp
8
.100
07/15/36
131,923
20,000
Dell
International
LLC
/
EMC
Corp
3
.375
12/15/41
14,347
110,000
Dell
International
LLC
/
EMC
Corp
8
.350
07/15/46
133,536
15,000
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust
2020
A
2
.000
06/10/28
13,690
40,000
Delta
Air
Lines
Inc
4
.375
04/19/28
39,221
20,000
DH
Europe
Finance
II
Sarl
3
.400
11/15/49
14,043
252,000
Discovery
Communications
LLC
3
.625
05/15/30
223,480
270,000
Discovery
Communications
LLC
5
.000
09/20/37
218,428
61,000
Discovery
Communications
LLC
6
.350
06/01/40
53,773
130,000
Dollar
General
Corp
3
.500
04/03/30
122,052
92,000
Dollar
Tree
Inc
3
.375
12/01/51
55,941
30,000
Dover
Corp
5
.375
10/15/35
30,832
60,000
Dow
Chemical
Co/The
4
.800
11/30/28
60,649
10,000
Dow
Chemical
Co/The
2
.100
11/15/30
8,667
91,000
Dow
Chemical
Co/The
4
.250
10/01/34
81,293
10,000
Dow
Chemical
Co/The
9
.400
05/15/39
12,798
20,000
Dow
Chemical
Co/The
5
.600
02/15/54
17,635
50,000
Dow
Chemical
Co/The
5
.950
03/15/55
46,582
70,000
DR
Horton
Inc
1
.300
10/15/26
67,014
40,000
DuPont
de
Nemours
Inc
5
.319
11/15/38
40,970
10,000
DuPont
de
Nemours
Inc
5
.419
11/15/48
9,764
30,000
DXC
Technology
Co
1
.800
09/15/26
28,791
60,000
Eastman
Chemical
Co
5
.750
03/08/33
61,367
48,000
Eaton
Corp
3
.103
09/15/27
46,966
62,000
Eaton
Corp
4
.000
11/02/32
59,148
114,000
eBay
Inc
2
.700
03/11/30
104,258
10,000
eBay
Inc
3
.650
05/10/51
7,013
36,000
Ecolab
Inc
3
.250
12/01/27
35,340
10,000
Ecolab
Inc
4
.800
03/24/30
10,234
10,000
Ecolab
Inc
1
.300
01/30/31
8,396
120,000
Ecolab
Inc
2
.700
12/15/51
72,178
22,000
Electronic
Arts
Inc
1
.850
02/15/31
18,900
50,000
Eli
Lilly
&
Co
4
.550
02/12/28
50,846
25,000
Eli
Lilly
&
Co
3
.375
03/15/29
24,419
200,000
Eli
Lilly
&
Co
4
.700
02/27/33
201,022
110,000
Eli
Lilly
&
Co
3
.700
03/01/45
87,640
10,000
Eli
Lilly
&
Co
4
.875
02/27/53
9,067
110,000
Eli
Lilly
&
Co
5
.000
02/09/54
102,170
50,000
Emerson
Electric
Co
2
.000
12/21/28
46,365
22,000
Emerson
Electric
Co
1
.950
10/15/30
19,460
50,000
Emerson
Electric
Co
5
.000
03/15/35
50,732
30,000
Enbridge
Inc
3
.700
07/15/27
29,561
180,000
Enbridge
Inc
3
.125
11/15/29
168,414
140,000
Enbridge
Inc
4
.500
06/10/44
112,411
50,000
Enbridge
Inc
5
.950
04/05/54
48,024
20,000
Enterprise
Products
Operating
LLC
2
.800
01/31/30
18,643
100,000
Enterprise
Products
Operating
LLC
7
.550
04/15/38
118,656
210,000
Enterprise
Products
Operating
LLC
6
.125
10/15/39
221,252
70,000
Enterprise
Products
Operating
LLC
4
.850
03/15/44
61,884
20,000
Enterprise
Products
Operating
LLC
5
.100
02/15/45
18,170
75,000
Enterprise
Products
Operating
LLC
4
.900
05/15/46
66,146
50,000
Enterprise
Products
Operating
LLC
3
.300
02/15/53
32,419
30,000
Equifax
Inc
5
.100
12/15/27
30,376
50,000
Equifax
Inc
5
.100
06/01/28
50,811
20,000
Equinix
Inc
2
.900
11/18/26
19,528
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
56
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
120,000
Equinix
Inc
3
.900
%
04/15/32
$
112,318
90,000
Equinix
Inc
3
.000
07/15/50
55,039
30,000
Estee
Lauder
Cos
Inc/The
3
.150
03/15/27
29,345
120,000
Estee
Lauder
Cos
Inc/The
2
.600
04/15/30
109,350
10,000
Estee
Lauder
Cos
Inc/The
1
.950
03/15/31
8,548
20,000
FactSet
Research
Systems
Inc
3
.450
03/01/32
17,869
330,000
(b)
FedEx
Corp
3
.900
02/01/35
289,619
10,000
(b)
FedEx
Corp
4
.750
11/15/45
8,128
10,000
(b)
FedEx
Corp
4
.400
01/15/47
7,630
30,000
(b)
FedEx
Corp
4
.050
02/15/48
21,637
10,000
(b)
FedEx
Corp
4
.950
10/17/48
8,285
92,000
Fidelity
National
Information
Services
Inc
1
.650
03/01/28
85,082
40,000
Fiserv
Inc
2
.250
06/01/27
38,280
254,000
Fiserv
Inc
3
.500
07/01/29
242,083
40,000
Fiserv
Inc
2
.650
06/01/30
36,131
30,000
Fiserv
Inc
5
.450
03/15/34
30,109
30,000
Fiserv
Inc
4
.400
07/01/49
23,559
60,000
Flex
Ltd
4
.875
06/15/29
59,573
60,000
Flowserve
Corp
2
.800
01/15/32
51,145
10,000
FMC
Corp
5
.150
05/18/26
10,012
40,000
FMC
Corp
3
.450
10/01/29
36,791
30,000
FMC
Corp
4
.500
10/01/49
21,527
10,000
Fomento
Economico
Mexicano
SAB
de
CV
4
.375
05/10/43
8,536
59,000
Fomento
Economico
Mexicano
SAB
de
CV
3
.500
01/16/50
42,362
30,000
Fortinet
Inc
2
.200
03/15/31
26,171
40,000
Fortive
Corp
3
.150
06/15/26
39,313
40,000
Fortune
Brands
Innovations
Inc
5
.875
06/01/33
41,131
140,000
GE
HealthCare
Technologies
Inc
5
.857
03/15/30
146,764
184,000
General
Mills
Inc
2
.875
04/15/30
169,921
20,000
General
Mills
Inc
4
.950
03/29/33
19,881
20,000
Genuine
Parts
Co
6
.500
11/01/28
21,171
40,000
Genuine
Parts
Co
2
.750
02/01/32
34,305
50,000
Gilead
Sciences
Inc
5
.100
06/15/35
50,180
90,000
Gilead
Sciences
Inc
4
.600
09/01/35
86,612
176,000
Gilead
Sciences
Inc
4
.000
09/01/36
158,997
70,000
Gilead
Sciences
Inc
5
.650
12/01/41
69,957
20,000
Gilead
Sciences
Inc
4
.800
04/01/44
17,913
30,000
Gilead
Sciences
Inc
4
.150
03/01/47
24,356
60,000
GlaxoSmithKline
Capital
Inc
5
.375
04/15/34
62,273
40,000
GlaxoSmithKline
Capital
Inc
6
.375
05/15/38
44,033
70,000
GlaxoSmithKline
Capital
PLC
3
.375
06/01/29
67,722
170,000
Global
Payments
Inc
3
.200
08/15/29
158,280
20,000
Grupo
Televisa
SAB
6
.625
01/15/40
17,592
60,000
Grupo
Televisa
SAB
5
.000
05/13/45
39,986
50,000
GXO
Logistics
Inc
1
.650
07/15/26
48,120
120,000
Haleon
US
Capital
LLC
3
.375
03/24/29
115,437
20,000
Haleon
US
Capital
LLC
4
.000
03/24/52
15,252
152,000
Halliburton
Co
4
.850
11/15/35
143,058
30,000
Harley-Davidson
Inc
4
.625
07/28/45
23,398
10,000
Hasbro
Inc
3
.550
11/19/26
9,825
10,000
Hasbro
Inc
3
.500
09/15/27
9,739
60,000
Hasbro
Inc
3
.900
11/19/29
57,055
30,000
HCA
Inc
5
.250
06/15/26
30,083
40,000
HCA
Inc
4
.500
02/15/27
39,910
80,000
HCA
Inc
3
.125
03/15/27
77,966
100,000
HCA
Inc
5
.200
06/01/28
101,608
206,000
HCA
Inc
4
.125
06/15/29
200,394
70,000
HCA
Inc
5
.450
04/01/31
71,340
110,000
HCA
Inc
5
.125
06/15/39
101,444
150,000
HCA
Inc
3
.500
07/15/51
96,947
50,000
HCA
Inc
6
.200
03/01/55
48,989
70,000
Hershey
Co/The
4
.250
05/04/28
70,729
57
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
250,000
Hewlett
Packard
Enterprise
Co
6
.200
%
10/15/35
$
259,909
60,000
HF
Sinclair
Corp
5
.000
02/01/28
59,380
120,000
Home
Depot
Inc/The
4
.875
06/25/27
122,223
30,000
Home
Depot
Inc/The
2
.950
06/15/29
28,569
299,000
Home
Depot
Inc/The
5
.400
09/15/40
299,658
130,000
Home
Depot
Inc/The
5
.950
04/01/41
136,063
30,000
Home
Depot
Inc/The
4
.875
02/15/44
27,428
42,000
Home
Depot
Inc/The
4
.400
03/15/45
35,759
220,000
Home
Depot
Inc/The
4
.500
12/06/48
186,433
60,000
Home
Depot
Inc/The
3
.125
12/15/49
39,899
120,000
Honda
Motor
Co
Ltd
2
.534
03/10/27
116,298
20,000
Honda
Motor
Co
Ltd
2
.967
03/10/32
17,800
50,000
Hormel
Foods
Corp
1
.700
06/03/28
46,547
50,000
Howmet
Aerospace
Inc
4
.850
10/15/31
50,212
10,000
HP
Inc
4
.000
04/15/29
9,698
52,000
HP
Inc
3
.400
06/17/30
48,081
110,000
HP
Inc
4
.200
04/15/32
102,865
10,000
HP
Inc
5
.500
01/15/33
9,953
30,000
Huntsman
International
LLC
4
.500
05/01/29
28,278
10,000
Huntsman
International
LLC
5
.700
10/15/34
9,020
20,000
IBM
International
Capital
Pte
Ltd
4
.600
02/05/27
20,101
120,000
IBM
International
Capital
Pte
Ltd
5
.300
02/05/54
110,336
30,000
IDEX
Corp
2
.625
06/15/31
26,107
90,000
Illinois
Tool
Works
Inc
4
.875
09/15/41
84,401
50,000
Ingersoll
Rand
Inc
5
.197
06/15/27
50,740
10,000
Intel
Corp
3
.750
03/25/27
9,851
292,000
Intel
Corp
2
.450
11/15/29
262,971
110,000
Intel
Corp
5
.125
02/10/30
111,046
10,000
Intel
Corp
4
.000
12/15/32
9,101
110,000
Intel
Corp
4
.600
03/25/40
93,439
20,000
Intel
Corp
2
.800
08/12/41
12,942
20,000
Intel
Corp
4
.250
12/15/42
15,366
10,000
Intel
Corp
4
.100
05/19/46
7,248
90,000
Intel
Corp
4
.100
05/11/47
64,755
100,000
Intel
Corp
3
.734
12/08/47
68,194
10,000
Intel
Corp
3
.250
11/15/49
6,108
10,000
Intel
Corp
4
.750
03/25/50
7,845
20,000
Intel
Corp
5
.700
02/10/53
17,814
50,000
Intel
Corp
5
.600
02/21/54
44,122
210,000
International
Business
Machines
Corp
3
.300
05/15/26
207,656
10,000
International
Business
Machines
Corp
3
.300
01/27/27
9,843
100,000
International
Business
Machines
Corp
4
.650
02/10/28
101,166
100,000
International
Business
Machines
Corp
2
.720
02/09/32
87,909
72,000
International
Business
Machines
Corp
5
.600
11/30/39
72,921
10,000
International
Business
Machines
Corp
2
.850
05/15/40
7,190
80,000
International
Business
Machines
Corp
4
.000
06/20/42
65,200
10,000
International
Business
Machines
Corp
4
.700
02/19/46
8,662
40,000
International
Flavors
&
Fragrances
Inc
4
.375
06/01/47
30,146
10,000
International
Flavors
&
Fragrances
Inc
5
.000
09/26/48
8,320
45,000
International
Paper
Co
4
.800
06/15/44
38,104
52,000
International
Paper
Co
4
.350
08/15/48
40,682
60,000
Interpublic
Group
of
Cos
Inc/The
2
.400
03/01/31
52,548
10,000
Interpublic
Group
of
Cos
Inc/The
5
.375
06/15/33
9,968
80,000
Intuit
Inc
5
.250
09/15/26
81,148
18,000
Intuit
Inc
1
.350
07/15/27
17,016
20,000
Intuit
Inc
1
.650
07/15/30
17,455
10,000
Intuit
Inc
5
.500
09/15/53
9,775
50,000
IQVIA
Inc
6
.250
02/01/29
51,954
80,000
J
M
Smucker
Co/The
4
.250
03/15/35
73,681
40,000
Jabil
Inc
4
.250
05/15/27
39,834
40,000
Jacobs
Engineering
Group
Inc
6
.350
08/18/28
41,785
40,000
JD.com
Inc
3
.875
04/29/26
39,753
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
58
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
8,000
JetBlue
2019-1
Class
AA
Pass
Through
Trust
2020
A
2
.750
%
05/15/32
$
6,640
22,000
JetBlue
2020-1
Class
A
Pass
Through
Trust
4
.000
11/15/32
20,650
280,000
John
Deere
Capital
Corp
1
.300
10/13/26
269,114
110,000
John
Deere
Capital
Corp
4
.900
06/11/27
112,001
40,000
John
Deere
Capital
Corp
3
.350
04/18/29
38,823
110,000
John
Deere
Capital
Corp
4
.700
06/10/30
111,946
70,000
Johnson
&
Johnson
2
.950
03/03/27
68,983
60,000
Johnson
&
Johnson
4
.800
06/01/29
61,836
50,000
Johnson
&
Johnson
5
.000
03/01/35
51,009
350,000
Johnson
&
Johnson
3
.550
03/01/36
313,955
10,000
Johnson
&
Johnson
4
.500
09/01/40
9,439
50,000
Johnson
&
Johnson
5
.250
06/01/54
49,413
10,000
Johnson
Controls
International
plc
4
.625
07/02/44
8,453
20,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
1
.750
09/15/30
17,282
30,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2
.000
09/16/31
25,390
50,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
4
.900
12/01/32
49,330
70,000
Kellanova
3
.400
11/15/27
68,551
30,000
Kellanova
2
.100
06/01/30
26,733
30,000
Kellanova
4
.500
04/01/46
25,612
120,000
Kenvue
Inc
4
.900
03/22/33
121,455
10,000
Kenvue
Inc
5
.100
03/22/43
9,549
50,000
Keurig
Dr
Pepper
Inc
5
.100
03/15/27
50,617
50,000
Keurig
Dr
Pepper
Inc
4
.350
05/15/28
50,093
30,000
Keurig
Dr
Pepper
Inc
3
.200
05/01/30
28,102
10,000
Keurig
Dr
Pepper
Inc
3
.800
05/01/50
7,273
180,000
Keurig
Dr
Pepper
Inc
4
.500
04/15/52
147,033
50,000
Keysight
Technologies
Inc
3
.000
10/30/29
46,371
20,000
Kimberly-Clark
Corp
3
.950
11/01/28
19,929
98,000
Kimberly-Clark
Corp
6
.625
08/01/37
112,359
20,000
Kinder
Morgan
Energy
Partners
LP
6
.950
01/15/38
21,615
10,000
Kinder
Morgan
Inc
1
.750
11/15/26
9,613
50,000
Kinder
Morgan
Inc
5
.150
06/01/30
50,478
372,000
Kinder
Morgan
Inc
5
.300
12/01/34
362,418
50,000
Kinder
Morgan
Inc
5
.050
02/15/46
42,649
60,000
Kinder
Morgan
Inc
3
.250
08/01/50
37,200
50,000
Kinder
Morgan
Inc
5
.950
08/01/54
47,265
10,000
KLA
Corp
4
.650
07/15/32
9,928
110,000
KLA
Corp
4
.950
07/15/52
98,694
20,000
Koninklijke
KPN
NV
8
.375
10/01/30
23,357
40,000
Kraft
Heinz
Foods
Co
3
.000
06/01/26
39,381
30,000
Kraft
Heinz
Foods
Co
3
.875
05/15/27
29,714
60,000
Kraft
Heinz
Foods
Co
4
.250
03/01/31
58,512
50,000
Kraft
Heinz
Foods
Co
5
.200
03/15/32
50,737
10,000
Kraft
Heinz
Foods
Co
6
.500
02/09/40
10,724
10,000
Kraft
Heinz
Foods
Co
5
.000
06/04/42
9,052
130,000
Kraft
Heinz
Foods
Co
5
.500
06/01/50
121,812
30,000
Kroger
Co/The
2
.200
05/01/30
26,835
10,000
Kroger
Co/The
1
.700
01/15/31
8,495
50,000
Kroger
Co/The
5
.000
09/15/34
49,006
110,000
Kroger
Co/The
6
.900
04/15/38
121,946
9,000
Kroger
Co/The
5
.400
07/15/40
8,755
80,000
Kroger
Co/The
4
.450
02/01/47
65,155
60,000
Kyndryl
Holdings
Inc
6
.350
02/20/34
61,908
10,000
Laboratory
Corp
of
America
Holdings
3
.600
09/01/27
9,839
10,000
Laboratory
Corp
of
America
Holdings
2
.950
12/01/29
9,315
90,000
Laboratory
Corp
of
America
Holdings
2
.700
06/01/31
80,055
30,000
Lam
Research
Corp
1
.900
06/15/30
26,634
80,000
Lam
Research
Corp
3
.125
06/15/60
49,001
60,000
Lear
Corp
2
.600
01/15/32
50,709
59
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
40,000
Leggett
&
Platt
Inc
4
.400
%
03/15/29
$
38,252
30,000
Leggett
&
Platt
Inc
3
.500
11/15/51
17,667
10,000
Lennox
International
Inc
1
.700
08/01/27
9,388
30,000
Linde
Inc/CT
1
.100
08/10/30
25,716
30,000
LKQ
Corp
5
.750
06/15/28
30,633
40,000
Lowe's
Cos
Inc
3
.350
04/01/27
39,293
201,000
Lowe's
Cos
Inc
4
.500
04/15/30
200,270
300,000
Lowe's
Cos
Inc
5
.000
04/15/40
279,769
20,000
Lowe's
Cos
Inc
4
.050
05/03/47
15,214
20,000
Lowe's
Cos
Inc
5
.750
07/01/53
19,141
10,000
Lowe's
Cos
Inc
5
.850
04/01/63
9,486
150,000
LYB
International
Finance
III
LLC
3
.375
10/01/40
107,502
21,000
LYB
International
Finance
III
LLC
4
.200
05/01/50
15,009
60,000
LYB
International
Finance
III
LLC
3
.625
04/01/51
38,774
70,000
Magna
International
Inc
2
.450
06/15/30
62,367
142,000
Martin
Marietta
Materials
Inc
3
.200
07/15/51
90,740
60,000
Marvell
Technology
Inc
2
.450
04/15/28
56,520
20,000
Marvell
Technology
Inc
5
.950
09/15/33
20,697
10,000
Masco
Corp
2
.000
10/01/30
8,592
70,000
Masco
Corp
2
.000
02/15/31
59,319
30,000
Masco
Corp
4
.500
05/15/47
23,783
10,000
Mastercard
Inc
2
.950
11/21/26
9,850
50,000
Mastercard
Inc
4
.550
03/15/28
50,741
32,000
Mastercard
Inc
2
.950
06/01/29
30,623
44,000
Mastercard
Inc
3
.350
03/26/30
42,309
120,000
Mastercard
Inc
2
.000
11/18/31
103,714
20,000
Mastercard
Inc
4
.875
05/09/34
20,112
40,000
Mastercard
Inc
3
.800
11/21/46
31,694
20,000
Mastercard
Inc
3
.850
03/26/50
15,615
20,000
Mastercard
Inc
2
.950
03/15/51
13,072
80,000
McCormick
&
Co
Inc/MD
1
.850
02/15/31
68,124
200,000
McDonald's
Corp
4
.600
09/09/32
199,377
20,000
McDonald's
Corp
6
.300
10/15/37
21,758
30,000
McDonald's
Corp
4
.450
09/01/48
24,914
220,000
McDonald's
Corp
5
.150
09/09/52
200,406
50,000
McKesson
Corp
4
.900
07/15/28
51,087
10,000
McKesson
Corp
5
.100
07/15/33
10,204
50,000
(a)
MDC
Holdings
Inc
3
.966
08/06/61
37,579
40,000
Mercedes-Benz
Finance
North
America
LLC
8
.500
01/18/31
47,275
100,000
Merck
&
Co
Inc
1
.900
12/10/28
92,983
150,000
Merck
&
Co
Inc
1
.450
06/24/30
130,355
60,000
Merck
&
Co
Inc
6
.500
12/01/33
67,605
10,000
Merck
&
Co
Inc
4
.150
05/18/43
8,439
20,000
Merck
&
Co
Inc
4
.900
05/17/44
18,557
230,000
Merck
&
Co
Inc
2
.750
12/10/51
139,938
50,000
Microchip
Technology
Inc
5
.050
02/15/30
49,772
50,000
Micron
Technology
Inc
4
.185
02/15/27
50,010
110,000
Micron
Technology
Inc
5
.300
01/15/31
110,481
50,000
Micron
Technology
Inc
5
.650
11/01/32
50,646
50,000
Micron
Technology
Inc
5
.800
01/15/35
49,694
10,000
Microsoft
Corp
3
.400
09/15/26
9,947
40,000
Microsoft
Corp
3
.300
02/06/27
39,665
10,000
Microsoft
Corp
3
.500
02/12/35
9,304
211,000
Microsoft
Corp
3
.450
08/08/36
188,327
60,000
Microsoft
Corp
3
.750
02/12/45
50,235
50,000
Microsoft
Corp
3
.700
08/08/46
40,361
556,000
Microsoft
Corp
2
.921
03/17/52
369,001
70,000
Mohawk
Industries
Inc
5
.850
09/18/28
72,522
50,000
Mondelez
International
Inc
4
.750
02/20/29
50,767
50,000
(a)
Mondelez
International
Inc
4
.750
08/28/34
49,239
10,000
Mondelez
International
Inc
2
.625
09/04/50
5,892
20,000
Moody's
Corp
2
.000
08/19/31
17,145
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
60
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
20,000
Moody's
Corp
5
.250
%
07/15/44
$
18,699
110,000
Moody's
Corp
3
.750
02/25/52
80,834
10,000
Mosaic
Co/The
4
.050
11/15/27
9,882
40,000
Mosaic
Co/The
5
.375
11/15/28
40,917
120,000
Motorola
Solutions
Inc
2
.750
05/24/31
106,584
240,000
MPLX
LP
2
.650
08/15/30
214,587
180,000
MPLX
LP
4
.950
03/14/52
144,582
20,000
National
Fuel
Gas
Co
5
.500
10/01/26
20,226
50,000
National
Fuel
Gas
Co
5
.500
03/15/30
51,204
30,000
NetApp
Inc
2
.375
06/22/27
28,646
50,000
Nordson
Corp
4
.500
12/15/29
49,589
50,000
NOV
Inc
3
.950
12/01/42
35,012
120,000
Novartis
Capital
Corp
2
.200
08/14/30
108,600
120,000
Novartis
Capital
Corp
4
.400
05/06/44
105,580
20,000
Novartis
Capital
Corp
2
.750
08/14/50
12,659
100,000
Nutrien
Ltd
4
.200
04/01/29
98,679
50,000
Nutrien
Ltd
5
.250
03/12/32
50,435
10,000
NVIDIA
Corp
3
.200
09/16/26
9,910
70,000
NVIDIA
Corp
2
.000
06/15/31
61,755
122,000
NVIDIA
Corp
3
.500
04/01/40
101,190
30,000
NVR
Inc
3
.000
05/15/30
27,616
10,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
3
.150
05/01/27
9,734
92,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2
.500
05/11/31
79,251
110,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2
.650
02/15/32
92,750
10,000
Omnicom
Group
Inc
2
.450
04/30/30
8,971
20,000
Omnicom
Group
Inc
5
.300
11/01/34
19,934
50,000
Omnicom
Group
Inc
/
Omnicom
Capital
Inc
3
.600
04/15/26
49,502
223,000
ONEOK
Inc
4
.550
07/15/28
222,932
39,000
ONEOK
Inc
4
.350
03/15/29
38,370
70,000
ONEOK
Inc
5
.650
09/01/34
69,298
10,000
ONEOK
Inc
4
.500
03/15/50
7,459
170,000
ONEOK
Inc
7
.150
01/15/51
178,284
30,000
ONEOK
Inc
5
.700
11/01/54
26,620
70,000
Oracle
Corp
2
.800
04/01/27
68,107
20,000
Oracle
Corp
4
.650
05/06/30
20,047
120,000
Oracle
Corp
4
.900
02/06/33
117,967
690,000
Oracle
Corp
4
.300
07/08/34
640,245
50,000
Oracle
Corp
4
.700
09/27/34
47,583
40,000
Oracle
Corp
6
.500
04/15/38
42,754
30,000
Oracle
Corp
6
.125
07/08/39
30,933
70,000
Oracle
Corp
4
.000
11/15/47
51,911
280,000
Oracle
Corp
6
.900
11/09/52
301,217
10,000
Oracle
Corp
5
.550
02/06/53
9,159
50,000
Oracle
Corp
5
.375
09/27/54
44,316
50,000
Oracle
Corp
6
.000
08/03/55
48,635
100,000
Orange
SA
5
.375
01/13/42
96,017
100,000
O'Reilly
Automotive
Inc
3
.900
06/01/29
97,568
20,000
O'Reilly
Automotive
Inc
4
.200
04/01/30
19,624
120,000
Otis
Worldwide
Corp
3
.112
02/15/40
90,157
2,000
Owens
Corning
3
.400
08/15/26
1,971
70,000
Owens
Corning
3
.875
06/01/30
66,896
30,000
PACCAR
Financial
Corp
5
.200
11/09/26
30,526
50,000
PACCAR
Financial
Corp
5
.000
05/13/27
50,977
50,000
PACCAR
Financial
Corp
4
.450
08/06/27
50,552
50,000
PACCAR
Financial
Corp
4
.550
03/03/28
50,684
20,000
Paramount
Global
4
.200
06/01/29
19,306
140,000
Paramount
Global
4
.200
05/19/32
125,262
50,000
Paramount
Global
5
.900
10/15/40
43,426
10,000
Paramount
Global
5
.850
09/01/43
8,477
40,000
Paramount
Global
4
.600
01/15/45
29,021
10,000
Parker-Hannifin
Corp
3
.250
03/01/27
9,846
30,000
Parker-Hannifin
Corp
3
.250
06/14/29
28,742
61
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
64,000
Parker-Hannifin
Corp
4
.200
%
11/21/34
$
60,496
20,000
Parker-Hannifin
Corp
4
.450
11/21/44
17,217
30,000
Parker-Hannifin
Corp
4
.000
06/14/49
23,237
10,000
PayPal
Holdings
Inc
3
.900
06/01/27
9,956
170,000
PayPal
Holdings
Inc
2
.850
10/01/29
159,855
20,000
PayPal
Holdings
Inc
5
.100
04/01/35
19,907
40,000
PepsiCo
Inc
2
.375
10/06/26
39,151
50,000
PepsiCo
Inc
5
.125
11/10/26
50,785
50,000
PepsiCo
Inc
4
.400
02/07/27
50,444
50,000
PepsiCo
Inc
4
.500
07/17/29
50,831
100,000
PepsiCo
Inc
1
.625
05/01/30
88,161
10,000
PepsiCo
Inc
5
.500
01/15/40
10,335
20,000
PepsiCo
Inc
4
.450
04/14/46
17,397
364,000
PepsiCo
Inc
2
.875
10/15/49
236,658
50,000
Pepsico
Singapore
Financing
I
Pte
Ltd
4
.650
02/16/27
50,553
100,000
Pfizer
Inc
3
.600
09/15/28
98,887
10,000
Pfizer
Inc
4
.400
05/15/44
8,593
350,000
Pfizer
Inc
4
.200
09/15/48
282,889
110,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.450
05/19/26
110,148
100,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.450
05/19/28
100,778
150,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.650
05/19/30
151,890
190,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.750
05/19/33
187,625
100,000
(a)
Pfizer
Investment
Enterprises
Pte
Ltd
5
.110
05/19/43
93,936
40,000
Phillips
66
Co
3
.550
10/01/26
39,570
223,000
Phillips
66
Co
4
.680
02/15/45
180,358
150,000
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
5
.700
09/15/34
148,353
20,000
PPG
Industries
Inc
3
.750
03/15/28
19,696
50,000
Procter
&
Gamble
Co/The
1
.000
04/23/26
48,556
200,000
Procter
&
Gamble
Co/The
3
.000
03/25/30
190,957
70,000
Procter
&
Gamble
Co/The
1
.200
10/29/30
60,065
10,000
Procter
&
Gamble
Co/The
4
.050
01/26/33
9,807
50,000
Procter
&
Gamble
Co/The
4
.600
05/01/35
49,906
11,000
PulteGroup
Inc
5
.000
01/15/27
11,074
20,000
Qorvo
Inc
4
.375
10/15/29
19,116
220,000
QUALCOMM
Inc
1
.650
05/20/32
180,478
40,000
QUALCOMM
Inc
4
.250
05/20/32
39,118
30,000
QUALCOMM
Inc
4
.650
05/20/35
29,503
20,000
QUALCOMM
Inc
4
.800
05/20/45
17,929
20,000
Quanta
Services
Inc
2
.900
10/01/30
18,104
80,000
Quanta
Services
Inc
2
.350
01/15/32
67,316
50,000
Quanta
Services
Inc
5
.250
08/09/34
49,327
50,000
Quest
Diagnostics
Inc
3
.450
06/01/26
49,559
10,000
Quest
Diagnostics
Inc
2
.950
06/30/30
9,256
50,000
Quest
Diagnostics
Inc
5
.000
12/15/34
49,413
70,000
Regal
Rexnord
Corp
6
.300
02/15/30
72,298
30,000
Regeneron
Pharmaceuticals
Inc
1
.750
09/15/30
25,648
30,000
Regeneron
Pharmaceuticals
Inc
2
.800
09/15/50
17,183
50,000
RELX
Capital
Inc
4
.750
05/20/32
49,676
10,000
Republic
Services
Inc
3
.375
11/15/27
9,824
70,000
Republic
Services
Inc
3
.950
05/15/28
69,586
68,000
Republic
Services
Inc
2
.300
03/01/30
61,872
80,000
Republic
Services
Inc
1
.450
02/15/31
67,313
20,000
Republic
Services
Inc
5
.700
05/15/41
20,148
10,000
Revvity
Inc
3
.300
09/15/29
9,426
60,000
Revvity
Inc
2
.250
09/15/31
50,492
70,000
Rockwell
Automation
Inc
4
.200
03/01/49
56,947
10,000
Rogers
Communications
Inc
2
.900
11/15/26
9,749
50,000
Rogers
Communications
Inc
3
.200
03/15/27
48,893
40,000
Rogers
Communications
Inc
5
.000
02/15/29
40,343
10,000
Rogers
Communications
Inc
3
.800
03/15/32
9,139
150,000
Rogers
Communications
Inc
5
.450
10/01/43
138,571
20,000
Rogers
Communications
Inc
3
.700
11/15/49
14,053
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
62
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
130,000
Roper
Technologies
Inc
3
.800
%
12/15/26
$
128,802
20,000
Ross
Stores
Inc
1
.875
04/15/31
16,964
70,000
Royalty
Pharma
PLC
5
.900
09/02/54
65,891
40,000
RPM
International
Inc
2
.950
01/15/32
34,673
10,000
Ryder
System
Inc
2
.850
03/01/27
9,702
50,000
Ryder
System
Inc
6
.300
12/01/28
52,710
50,000
Ryder
System
Inc
5
.375
03/15/29
51,305
50,000
Ryder
System
Inc
4
.950
09/01/29
50,396
50,000
Ryder
System
Inc
4
.900
12/01/29
50,138
50,000
Ryder
System
Inc
4
.850
06/15/30
50,117
20,000
(a)
S&P
Global
Inc
1
.250
08/15/30
17,073
130,000
S&P
Global
Inc
2
.900
03/01/32
116,450
20,000
S&P
Global
Inc
5
.250
09/15/33
20,485
20,000
S&P
Global
Inc
3
.700
03/01/52
14,931
23,000
S&P
Global
Inc
2
.300
08/15/60
11,674
20,000
Sabine
Pass
Liquefaction
LLC
5
.875
06/30/26
20,174
120,000
Sabine
Pass
Liquefaction
LLC
4
.500
05/15/30
118,350
60,000
Salesforce
Inc
2
.700
07/15/41
42,296
152,000
Salesforce
Inc
2
.900
07/15/51
96,462
32,000
(b)
Schlumberger
Holdings
Corp
2
.650
06/26/30
29,039
101,000
Sherwin-Williams
Co/The
2
.950
08/15/29
94,509
42,000
Sherwin-Williams
Co/The
4
.500
06/01/47
34,801
20,000
Skyworks
Solutions
Inc
1
.800
06/01/26
19,270
50,000
Smith
&
Nephew
PLC
2
.032
10/14/30
43,364
10,000
Smith
&
Nephew
PLC
5
.400
03/20/34
9,980
60,000
(b)
Smurfit
Kappa
Treasury
ULC
5
.438
04/03/34
59,980
60,000
Snap-on
Inc
3
.100
05/01/50
39,127
30,000
Solventum
Corp
5
.450
03/13/31
30,632
110,000
Solventum
Corp
5
.600
03/23/34
111,217
70,000
Sonoco
Products
Co
2
.850
02/01/32
60,730
110,000
Stanley
Black
&
Decker
Inc
3
.000
05/15/32
93,601
10,000
Starbucks
Corp
2
.250
03/12/30
8,975
20,000
Starbucks
Corp
2
.550
11/15/30
17,934
110,000
Starbucks
Corp
3
.000
02/14/32
98,002
100,000
Starbucks
Corp
4
.800
02/15/33
98,630
20,000
Starbucks
Corp
4
.450
08/15/49
15,928
30,000
Starbucks
Corp
3
.500
11/15/50
20,128
90,000
Stryker
Corp
1
.950
06/15/30
79,576
50,000
Stryker
Corp
4
.625
09/11/34
48,675
50,000
Stryker
Corp
5
.200
02/10/35
50,391
10,000
Stryker
Corp
4
.100
04/01/43
8,180
10,000
Sysco
Corp
3
.300
07/15/26
9,862
70,000
Sysco
Corp
3
.250
07/15/27
68,422
70,000
Sysco
Corp
2
.400
02/15/30
63,416
50,000
Sysco
Corp
6
.000
01/17/34
53,068
20,000
Sysco
Corp
6
.600
04/01/50
21,202
10,000
Takeda
Pharmaceutical
Co
Ltd
2
.050
03/31/30
8,895
150,000
Takeda
Pharmaceutical
Co
Ltd
5
.300
07/05/34
151,214
40,000
Takeda
Pharmaceutical
Co
Ltd
3
.025
07/09/40
29,420
10,000
Takeda
Pharmaceutical
Co
Ltd
5
.650
07/05/44
9,776
60,000
Takeda
Pharmaceutical
Co
Ltd
3
.375
07/09/60
37,824
20,000
Take-Two
Interactive
Software
Inc
3
.700
04/14/27
19,748
30,000
Take-Two
Interactive
Software
Inc
5
.400
06/12/29
30,865
30,000
Tapestry
Inc
4
.125
07/15/27
29,773
40,000
Tapestry
Inc
3
.050
03/15/32
34,607
75,000
Targa
Resources
Corp
6
.150
03/01/29
78,186
100,000
Targa
Resources
Corp
6
.500
03/30/34
105,065
50,000
Targa
Resources
Corp
6
.125
05/15/55
47,393
80,000
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5
.000
01/15/28
79,963
1,000
Target
Corp
3
.375
04/15/29
971
130,000
Target
Corp
2
.350
02/15/30
119,004
63
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
50,000
Target
Corp
4
.500
%
09/15/34
$
48,040
72,000
Target
Corp
6
.500
10/15/37
79,827
19,000
Target
Corp
3
.900
11/15/47
14,638
10,000
TC
PipeLines
LP
3
.900
05/25/27
9,867
50,000
TD
SYNNEX
Corp
6
.100
04/12/34
50,285
40,000
Teledyne
Technologies
Inc
2
.250
04/01/28
37,754
50,000
TELUS
Corp
3
.700
09/15/27
49,337
10,000
TELUS
Corp
4
.600
11/16/48
8,001
10,000
Texas
Eastern
Transmission
LP
7
.000
07/15/32
10,832
70,000
Texas
Instruments
Inc
1
.750
05/04/30
61,932
100,000
Texas
Instruments
Inc
1
.900
09/15/31
86,593
50,000
Texas
Instruments
Inc
3
.875
03/15/39
43,818
40,000
Texas
Instruments
Inc
4
.150
05/15/48
32,543
120,000
The
Campbell's
Company
2
.375
04/24/30
107,849
10,000
Time
Warner
Cable
LLC
6
.550
05/01/37
9,840
30,000
Time
Warner
Cable
LLC
7
.300
07/01/38
31,312
170,000
Time
Warner
Cable
LLC
6
.750
06/15/39
169,721
10,000
Time
Warner
Cable
LLC
5
.500
09/01/41
8,566
20,000
Time
Warner
Cable
LLC
4
.500
09/15/42
14,978
30,000
Timken
Co/The
4
.125
04/01/32
27,304
60,000
TJX
Cos
Inc/The
3
.875
04/15/30
58,820
50,000
TR
Finance
LLC
3
.350
05/15/26
49,277
10,000
Trane
Technologies
Financing
Ltd
3
.800
03/21/29
9,796
70,000
Trane
Technologies
Financing
Ltd
5
.250
03/03/33
71,474
50,000
Trane
Technologies
Financing
Ltd
5
.100
06/13/34
50,151
50,000
TransCanada
PipeLines
Ltd
4
.100
04/15/30
48,263
100,000
TransCanada
PipeLines
Ltd
4
.625
03/01/34
93,885
80,000
Transcontinental
Gas
Pipe
Line
Co
LLC
3
.250
05/15/30
74,787
80,000
Transcontinental
Gas
Pipe
Line
Co
LLC
3
.950
05/15/50
58,798
30,000
Trimble
Inc
6
.100
03/15/33
31,163
30,000
Triton
Container
International
Ltd
/
TAL
International
Container
Corp
3
.250
03/15/32
25,024
160,000
TSMC
Arizona
Corp
4
.250
04/22/32
156,609
60,000
TWDC
Enterprises
18
Corp
2
.950
06/15/27
58,762
20,000
(a)
TWDC
Enterprises
18
Corp
4
.375
08/16/41
17,362
30,000
TWDC
Enterprises
18
Corp
4
.125
12/01/41
25,130
10,000
TWDC
Enterprises
18
Corp
4
.125
06/01/44
8,197
20,000
Tyco
Electronics
Group
SA
4
.625
02/01/30
20,146
50,000
Tyco
Electronics
Group
SA
4
.500
02/09/31
49,863
30,000
Tyco
Electronics
Group
SA
2
.500
02/04/32
26,106
21,000
Unilever
Capital
Corp
2
.000
07/28/26
20,522
40,000
Unilever
Capital
Corp
2
.900
05/05/27
39,200
20,000
Unilever
Capital
Corp
2
.125
09/06/29
18,436
150,000
Unilever
Capital
Corp
1
.750
08/12/31
128,817
10,000
Unilever
Capital
Corp
5
.000
12/08/33
10,232
10,000
Union
Pacific
Corp
2
.150
02/05/27
9,666
50,000
Union
Pacific
Corp
4
.500
01/20/33
49,276
20,000
Union
Pacific
Corp
3
.375
02/01/35
17,704
20,000
Union
Pacific
Corp
3
.600
09/15/37
17,186
508,000
Union
Pacific
Corp
3
.550
08/15/39
419,462
50,000
Union
Pacific
Corp
5
.600
12/01/54
49,129
30,000
Union
Pacific
Corp
3
.875
02/01/55
22,132
10,000
Union
Pacific
Corp
3
.950
08/15/59
7,268
10,000
Valero
Energy
Corp
2
.150
09/15/27
9,496
130,000
Valero
Energy
Corp
2
.800
12/01/31
114,325
40,000
Valero
Energy
Corp
6
.625
06/15/37
41,536
40,000
Valmont
Industries
Inc
5
.250
10/01/54
35,692
30,000
VeriSign
Inc
4
.750
07/15/27
30,001
50,000
Verisk
Analytics
Inc
4
.125
03/15/29
49,288
99,000
Verizon
Communications
Inc
4
.016
12/03/29
97,208
50,000
(a)
Verizon
Communications
Inc
1
.500
09/18/30
42,798
115,000
Verizon
Communications
Inc
2
.550
03/21/31
102,395
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
64
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
605,000
Verizon
Communications
Inc
2
.355
%
03/15/32
$
516,406
100,000
Verizon
Communications
Inc
5
.050
05/09/33
100,828
30,000
(b)
Verizon
Communications
Inc
4
.780
02/15/35
29,167
10,000
Verizon
Communications
Inc
4
.272
01/15/36
9,174
10,000
Verizon
Communications
Inc
4
.812
03/15/39
9,326
122,000
Verizon
Communications
Inc
2
.850
09/03/41
85,286
20,000
Verizon
Communications
Inc
3
.850
11/01/42
15,829
50,000
Verizon
Communications
Inc
5
.500
03/16/47
47,738
80,000
Verizon
Communications
Inc
4
.000
03/22/50
60,410
320,000
Verizon
Communications
Inc
3
.875
03/01/52
235,195
20,000
Verizon
Communications
Inc
2
.987
10/30/56
11,883
30,000
Verizon
Communications
Inc
3
.700
03/22/61
20,384
100,000
Viatris
Inc
2
.700
06/22/30
86,570
100,000
Viatris
Inc
3
.850
06/22/40
70,129
50,000
Visa
Inc
2
.050
04/15/30
45,319
10,000
Visa
Inc
1
.100
02/15/31
8,485
161,000
Visa
Inc
4
.150
12/14/35
153,167
50,000
Visa
Inc
2
.700
04/15/40
37,696
20,000
Visa
Inc
2
.000
08/15/50
10,841
120,000
VMware
LLC
1
.400
08/15/26
115,183
10,000
VMware
LLC
4
.700
05/15/30
9,909
20,000
VMware
LLC
2
.200
08/15/31
17,005
20,000
Vodafone
Group
PLC
6
.250
11/30/32
21,549
85,000
Vodafone
Group
PLC
6
.150
02/27/37
89,877
10,000
Vodafone
Group
PLC
5
.000
05/30/38
9,499
20,000
Vodafone
Group
PLC
4
.875
06/19/49
16,819
60,000
Vodafone
Group
PLC
4
.250
09/17/50
45,621
50,000
Vodafone
Group
PLC
5
.750
06/28/54
47,262
10,000
Vodafone
Group
PLC
5
.750
02/10/63
9,122
10,000
Vodafone
Group
PLC
5
.875
06/28/64
9,443
50,000
Vulcan
Materials
Co
3
.900
04/01/27
49,397
50,000
Vulcan
Materials
Co
5
.700
12/01/54
47,784
10,000
Walt
Disney
Co/The
3
.800
03/22/30
9,788
50,000
Walt
Disney
Co/The
2
.650
01/13/31
45,656
100,000
Walt
Disney
Co/The
6
.400
12/15/35
111,104
50,000
Walt
Disney
Co/The
6
.650
11/15/37
56,403
12,000
Walt
Disney
Co/The
4
.750
09/15/44
10,712
30,000
Walt
Disney
Co/The
4
.950
10/15/45
27,494
270,000
Walt
Disney
Co/The
2
.750
09/01/49
167,675
10,000
Walt
Disney
Co/The
3
.600
01/13/51
7,263
11,000
Warnermedia
Holdings
Inc
5
.391
03/15/62
7,483
110,000
Waste
Connections
Inc
2
.200
01/15/32
93,659
20,000
Waste
Connections
Inc
4
.200
01/15/33
19,155
50,000
Waste
Management
Inc
4
.650
03/15/30
50,778
10,000
Waste
Management
Inc
1
.500
03/15/31
8,500
120,000
Waste
Management
Inc
4
.150
04/15/32
116,371
90,000
Waste
Management
Inc
4
.875
02/15/34
90,396
110,000
Western
Midstream
Operating
LP
6
.150
04/01/33
111,107
30,000
Western
Union
Co/The
6
.200
11/17/36
30,124
60,000
Westinghouse
Air
Brake
Technologies
Corp
5
.611
03/11/34
61,633
50,000
Westlake
Corp
5
.000
08/15/46
42,591
30,000
Westlake
Corp
4
.375
11/15/47
22,982
30,000
Weyerhaeuser
Co
4
.000
04/15/30
29,028
20,000
Weyerhaeuser
Co
7
.375
03/15/32
22,440
40,000
Weyerhaeuser
Co
3
.375
03/09/33
35,322
70,000
Whirlpool
Corp
4
.700
05/14/32
59,827
200,000
Williams
Cos
Inc/The
2
.600
03/15/31
176,815
50,000
Williams
Cos
Inc/The
5
.150
03/15/34
49,029
50,000
Williams
Cos
Inc/The
5
.800
11/15/54
47,393
20,000
Williams
Cos
Inc/The
6
.000
03/15/55
19,454
70,000
Workday
Inc
3
.700
04/01/29
67,732
90,000
WRKCo
Inc
4
.000
03/15/28
88,541
65
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
10,000
WRKCo
Inc
3
.000
%
06/15/33
$
8,542
50,000
WW
Grainger
Inc
4
.450
09/15/34
48,501
10,000
WW
Grainger
Inc
4
.600
06/15/45
8,763
50,000
Xilinx
Inc
2
.375
06/01/30
45,479
31,000
(a)
Xylem
Inc/NY
2
.250
01/30/31
27,100
60,000
Zimmer
Biomet
Holdings
Inc
2
.600
11/24/31
52,572
76,000
Zoetis
Inc
3
.900
08/20/28
75,272
9,000
Zoetis
Inc
2
.000
05/15/30
7,993
20,000
Zoetis
Inc
5
.600
11/16/32
20,948
TOTAL
INDUSTRIAL
52,450,153
UTILITY
-
2.2%
$
62,000
AEP
Texas
Inc
4
.150
05/01/49
46,183
30,000
AEP
Texas
Inc
3
.450
01/15/50
20,106
50,000
AES
Corp/The
5
.800
03/15/32
49,858
50,000
Alabama
Power
Co
5
.100
04/02/35
50,199
30,000
Algonquin
Power
&
Utilities
Corp
5
.365
06/15/26
30,195
50,000
American
Electric
Power
Co
Inc
5
.750
11/01/27
51,580
80,000
American
Electric
Power
Co
Inc
5
.200
01/15/29
81,627
120,000
American
Water
Capital
Corp
2
.800
05/01/30
110,505
110,000
American
Water
Capital
Corp
2
.300
06/01/31
95,998
50,000
American
Water
Capital
Corp
5
.250
03/01/35
50,302
20,000
American
Water
Capital
Corp
3
.750
09/01/47
14,886
20,000
American
Water
Capital
Corp
4
.200
09/01/48
16,004
50,000
American
Water
Capital
Corp
5
.450
03/01/54
47,608
160,000
Appalachian
Power
Co
4
.400
05/15/44
128,706
10,000
Appalachian
Power
Co
3
.700
05/01/50
6,952
20,000
Atlantic
City
Electric
Co
2
.300
03/15/31
17,610
40,000
Atmos
Energy
Corp
2
.625
09/15/29
37,305
50,000
Atmos
Energy
Corp
5
.900
11/15/33
53,166
30,000
Atmos
Energy
Corp
4
.125
10/15/44
24,738
100,000
Atmos
Energy
Corp
2
.850
02/15/52
61,031
10,000
Avista
Corp
4
.350
06/01/48
8,080
30,000
Avista
Corp
4
.000
04/01/52
21,667
50,000
Black
Hills
Corp
5
.950
03/15/28
51,899
10,000
CenterPoint
Energy
Houston
Electric
LLC
5
.200
10/01/28
10,309
100,000
CenterPoint
Energy
Houston
Electric
LLC
3
.000
03/01/32
89,315
60,000
CenterPoint
Energy
Houston
Electric
LLC
5
.150
03/01/34
60,293
10,000
CenterPoint
Energy
Houston
Electric
LLC
3
.550
08/01/42
7,695
110,000
CenterPoint
Energy
Inc
1
.450
06/01/26
106,420
10,000
CenterPoint
Energy
Inc
2
.650
06/01/31
8,824
10,000
CenterPoint
Energy
Inc
7
.000
02/15/55
10,213
100,000
CenterPoint
Energy
Resources
Corp
4
.100
09/01/47
81,034
120,000
Cleveland
Electric
Illuminating
Co/The
5
.950
12/15/36
123,648
121,000
Commonwealth
Edison
Co
6
.450
01/15/38
132,888
110,000
Commonwealth
Edison
Co
2
.750
09/01/51
65,421
120,000
Connecticut
Light
and
Power
Co/The
2
.050
07/01/31
103,923
50,000
Consolidated
Edison
Co
of
New
York
Inc
2
.400
06/15/31
44,560
10,000
Consolidated
Edison
Co
of
New
York
Inc
5
.200
03/01/33
10,156
30,000
Consolidated
Edison
Co
of
New
York
Inc
5
.375
05/15/34
30,703
124,000
Consolidated
Edison
Co
of
New
York
Inc
5
.500
12/01/39
123,798
162,000
Consolidated
Edison
Co
of
New
York
Inc
4
.650
12/01/48
137,466
30,000
Consolidated
Edison
Co
of
New
York
Inc
3
.950
04/01/50
22,966
70,000
Consolidated
Edison
Co
of
New
York
Inc
4
.300
12/01/56
54,176
20,000
Consolidated
Edison
Co
of
New
York
Inc
4
.500
05/15/58
15,848
10,000
Consolidated
Edison
Co
of
New
York
Inc
3
.700
11/15/59
6,834
41,000
Consolidated
Edison
Co
of
New
York
Inc
3
.000
12/01/60
23,706
10,000
Consumers
Energy
Co
3
.800
11/15/28
9,885
100,000
Consumers
Energy
Co
4
.900
02/15/29
101,952
110,000
Consumers
Energy
Co
3
.500
08/01/51
77,762
136,000
DTE
Energy
Co
2
.950
03/01/30
125,328
10,000
Duke
Energy
Florida
LLC
3
.200
01/15/27
9,869
142,000
Duke
Energy
Florida
LLC
2
.400
12/15/31
124,407
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
66
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
10,000
Duke
Energy
Florida
LLC
5
.875
%
11/15/33
$
10,580
67,000
Duke
Energy
Florida
LLC
6
.350
09/15/37
73,519
170,000
Duke
Energy
Florida
LLC
5
.950
11/15/52
171,988
20,000
Duke
Energy
Indiana
LLC
3
.250
10/01/49
13,261
20,000
(a)
Edison
International
5
.750
06/15/27
20,127
10,000
Edison
International
4
.125
03/15/28
9,657
50,000
Edison
International
5
.450
06/15/29
49,660
102,000
Emera
US
Finance
LP
4
.750
06/15/46
82,174
100,000
Entergy
Texas
Inc
5
.250
04/15/35
100,102
10,000
Entergy
Texas
Inc
3
.550
09/30/49
6,950
110,000
Essential
Utilities
Inc
2
.400
05/01/31
96,347
20,000
Essential
Utilities
Inc
5
.375
01/15/34
20,072
20,000
Essential
Utilities
Inc
3
.351
04/15/50
13,098
100,000
Evergy
Kansas
Central
Inc
5
.250
03/15/35
100,755
12,000
Eversource
Energy
1
.650
08/15/30
10,252
50,000
Eversource
Energy
5
.850
04/15/31
52,378
40,000
Eversource
Energy
5
.500
01/01/34
40,004
120,000
Exelon
Corp
2
.750
03/15/27
116,619
10,000
Exelon
Corp
4
.050
04/15/30
9,736
60,000
Exelon
Corp
4
.950
06/15/35
57,367
90,000
Exelon
Corp
4
.450
04/15/46
72,713
20,000
Exelon
Corp
4
.700
04/15/50
16,469
20,000
Exelon
Corp
5
.600
03/15/53
18,750
50,000
Idaho
Power
Co
5
.800
04/01/54
49,147
48,000
Interstate
Power
and
Light
Co
3
.600
04/01/29
46,568
70,000
IPALCO
Enterprises
Inc
4
.250
05/01/30
66,751
50,000
MidAmerican
Energy
Co
5
.750
11/01/35
52,768
40,000
MidAmerican
Energy
Co
3
.150
04/15/50
26,595
70,000
National
Grid
PLC
5
.418
01/11/34
70,808
10,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.600
11/13/26
10,191
50,000
National
Rural
Utilities
Cooperative
Finance
Corp
4
.750
02/07/28
50,781
40,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.000
02/07/31
40,934
100,000
National
Rural
Utilities
Cooperative
Finance
Corp
2
.750
04/15/32
86,883
100,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.000
08/15/34
99,530
10,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.250
04/20/46
9,832
70,000
National
Rural
Utilities
Cooperative
Finance
Corp
4
.300
03/15/49
57,013
10,000
NiSource
Inc
3
.490
05/15/27
9,825
10,000
NiSource
Inc
2
.950
09/01/29
9,361
131,000
NiSource
Inc
3
.600
05/01/30
124,945
30,000
NiSource
Inc
1
.700
02/15/31
25,361
50,000
NiSource
Inc
5
.350
04/01/34
50,330
30,000
NiSource
Inc
4
.800
02/15/44
26,321
50,000
NiSource
Inc
4
.375
05/15/47
40,560
50,000
NSTAR
Electric
Co
3
.200
05/15/27
49,064
110,000
NSTAR
Electric
Co
3
.950
04/01/30
106,918
62,000
NSTAR
Electric
Co
5
.500
03/15/40
62,106
50,000
OGE
Energy
Corp
5
.450
05/15/29
51,573
40,000
Oklahoma
Gas
and
Electric
Co
4
.150
04/01/47
31,353
20,000
Oncor
Electric
Delivery
Co
LLC
2
.750
05/15/30
18,430
77,000
Oncor
Electric
Delivery
Co
LLC
7
.500
09/01/38
92,110
200,000
Oncor
Electric
Delivery
Co
LLC
4
.950
09/15/52
176,214
50,000
ONE
Gas
Inc
5
.100
04/01/29
51,280
30,000
ONE
Gas
Inc
4
.250
09/01/32
28,482
20,000
ONE
Gas
Inc
4
.500
11/01/48
16,349
40,000
PECO
Energy
Co
4
.900
06/15/33
40,165
190,000
PECO
Energy
Co
4
.600
05/15/52
159,958
76,000
Potomac
Electric
Power
Co
6
.500
11/15/37
84,241
50,000
PPL
Capital
Funding
Inc
3
.100
05/15/26
49,297
50,000
PPL
Capital
Funding
Inc
5
.250
09/01/34
49,995
20,000
PPL
Electric
Utilities
Corp
4
.850
02/15/34
19,832
110,000
PPL
Electric
Utilities
Corp
4
.150
10/01/45
91,043
50,000
Public
Service
Co
of
Colorado
5
.350
05/15/34
50,291
67
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
18,000
Public
Service
Co
of
Colorado
6
.500
%
08/01/38
$
19,516
200,000
Public
Service
Co
of
Colorado
4
.100
06/15/48
152,846
50,000
Public
Service
Co
of
New
Hampshire
2
.200
06/15/31
43,787
20,000
Public
Service
Co
of
Oklahoma
2
.200
08/15/31
17,031
10,000
Public
Service
Electric
and
Gas
Co
2
.250
09/15/26
9,766
70,000
Public
Service
Electric
and
Gas
Co
1
.900
08/15/31
60,179
140,000
Public
Service
Electric
and
Gas
Co
5
.800
05/01/37
147,847
20,000
Public
Service
Electric
and
Gas
Co
2
.050
08/01/50
10,434
50,000
Public
Service
Electric
and
Gas
Co
5
.450
03/01/54
48,201
120,000
Puget
Energy
Inc
4
.224
03/15/32
111,029
10,000
Puget
Sound
Energy
Inc
5
.330
06/15/34
10,117
30,000
Puget
Sound
Energy
Inc
5
.638
04/15/41
29,298
100,000
San
Diego
Gas
&
Electric
Co
5
.400
04/15/35
100,925
43,000
San
Diego
Gas
&
Electric
Co
4
.150
05/15/48
33,104
10,000
San
Diego
Gas
&
Electric
Co
4
.100
06/15/49
7,620
30,000
Sempra
5
.500
08/01/33
30,196
134,000
Sempra
6
.000
10/15/39
133,060
40,000
Sempra
4
.000
02/01/48
28,870
180,000
Southern
California
Edison
Co
4
.700
06/01/27
180,933
50,000
Southern
California
Edison
Co
5
.250
03/15/30
50,473
50,000
Southern
California
Edison
Co
5
.200
06/01/34
48,034
30,000
Southern
California
Edison
Co
5
.350
07/15/35
28,715
20,000
Southern
California
Edison
Co
4
.500
09/01/40
16,532
50,000
Southern
California
Edison
Co
3
.600
02/01/45
34,173
10,000
Southern
California
Edison
Co
4
.125
03/01/48
7,274
90,000
Southern
California
Edison
Co
4
.875
03/01/49
72,921
10,000
Southern
California
Edison
Co
3
.650
02/01/50
6,632
210,000
Southern
California
Edison
Co
5
.450
06/01/52
179,761
10,000
Southern
California
Gas
Co
2
.600
06/15/26
9,799
40,000
Southern
California
Gas
Co
2
.550
02/01/30
36,645
40,000
Southern
California
Gas
Co
4
.300
01/15/49
31,562
170,000
Southern
California
Gas
Co
5
.750
06/01/53
163,969
20,000
Southwest
Gas
Corp
5
.800
12/01/27
20,519
10,000
Southwest
Gas
Corp
3
.700
04/01/28
9,775
40,000
Southwest
Gas
Corp
2
.200
06/15/30
35,214
20,000
Southwest
Gas
Corp
3
.800
09/29/46
14,449
300,000
Southwestern
Electric
Power
Co
3
.250
11/01/51
189,279
50,000
Southwestern
Public
Service
Co
5
.300
05/15/35
49,775
126,000
Southwestern
Public
Service
Co
4
.500
08/15/41
105,800
23,000
Southwestern
Public
Service
Co
4
.400
11/15/48
18,286
10,000
Southwestern
Public
Service
Co
3
.150
05/01/50
6,420
30,000
Spire
Missouri
Inc
4
.800
02/15/33
29,678
10,000
Spire
Missouri
Inc
5
.150
08/15/34
10,055
50,000
Tampa
Electric
Co
5
.000
07/15/52
43,970
40,000
Tucson
Electric
Power
Co
3
.250
05/15/32
36,071
50,000
Tucson
Electric
Power
Co
3
.250
05/01/51
32,531
30,000
Washington
Gas
Light
Co
3
.796
09/15/46
22,627
42,000
WEC
Energy
Group
Inc
5
.600
09/12/26
42,571
100,000
WEC
Energy
Group
Inc
2
.200
12/15/28
92,639
20,000
Wisconsin
Power
and
Light
Co
1
.950
09/16/31
17,179
50,000
Wisconsin
Power
and
Light
Co
4
.950
04/01/33
49,594
68,000
Wisconsin
Public
Service
Corp
3
.671
12/01/42
52,228
TOTAL
UTILITY
8,881,296
TOTAL
CORPORATE
DEBT
(Cost
$100,680,109)
94,344,515
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
68
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
4.3%
GOVERNMENT
AGENCY
-
1.1%
$
20,000
Equinor
ASA
3
.000
%
04/06/27
$
19,666
10,000
Equinor
ASA
3
.625
09/10/28
9,879
157,000
Equinor
ASA
3
.125
04/06/30
148,447
30,000
Equinor
ASA
5
.100
08/17/40
28,929
20,000
Equinor
ASA
4
.250
11/23/41
17,099
62,000
Equinor
ASA
3
.950
05/15/43
50,268
30,000
Equinor
ASA
3
.250
11/18/49
20,123
30,000
Equinor
ASA
3
.700
04/06/50
22,060
180,000
Export
Development
Canada
4
.375
06/29/26
180,972
35,000
Export
Development
Canada
3
.875
02/14/28
35,175
170,000
Export
Development
Canada
4
.125
02/13/29
172,252
15,000
Federal
National
Mortgage
Association
2
.125
04/24/26
14,740
310,000
Federal
National
Mortgage
Association
1
.875
09/24/26
302,115
10,000
Federal
National
Mortgage
Association
7
.250
05/15/30
11,587
429,000
Federal
National
Mortgage
Association
5
.625
07/15/37
472,724
30,000
Industrial
&
Commercial
Bank
of
China
Ltd/New
York
NY
3
.538
11/08/27
29,589
10,000
Israel
Government
AID
Bond
5
.500
09/18/33
10,789
90,000
Japan
International
Cooperation
Agency
2
.750
04/27/27
87,853
100,000
Japan
International
Cooperation
Agency
4
.000
05/23/28
100,303
30,000
Korea
Development
Bank/The
1
.375
04/25/27
28,452
200,000
Korea
Development
Bank/The
4
.625
02/03/28
202,573
180,000
Korea
Development
Bank/The
4
.375
02/15/28
181,231
200,000
Korea
Development
Bank/The
5
.375
10/23/28
208,265
15,000
Kreditanstalt
fuer
Wiederaufbau
3
.625
04/01/26
14,960
120,000
Kreditanstalt
fuer
Wiederaufbau
4
.625
08/07/26
121,288
442,000
Kreditanstalt
fuer
Wiederaufbau
3
.000
05/20/27
436,056
60,000
Kreditanstalt
fuer
Wiederaufbau
3
.500
08/27/27
59,865
160,000
(a)
Kreditanstalt
fuer
Wiederaufbau
3
.875
05/15/28
161,266
35,000
Kreditanstalt
fuer
Wiederaufbau
4
.625
03/18/30
36,379
200,000
Kreditanstalt
fuer
Wiederaufbau
3
.750
07/15/30
199,705
100,000
Kreditanstalt
fuer
Wiederaufbau
4
.750
10/29/30
104,576
110,000
Kreditanstalt
fuer
Wiederaufbau
4
.125
07/15/33
109,629
195,000
Kreditanstalt
fuer
Wiederaufbau
4
.375
02/28/34
197,500
110,000
Landwirtschaftliche
Rentenbank
3
.875
09/28/27
110,569
100,000
Landwirtschaftliche
Rentenbank
4
.625
04/17/29
103,379
100,000
Landwirtschaftliche
Rentenbank
5
.000
10/24/33
105,410
60,000
Oesterreichische
Kontrollbank
AG
4
.750
05/21/27
61,202
90,000
Oesterreichische
Kontrollbank
AG
4
.125
01/18/29
91,189
70,000
Oesterreichische
Kontrollbank
AG
3
.750
09/05/29
69,878
100,000
Oesterreichische
Kontrollbank
AG
4
.500
01/24/30
102,930
200,000
Svensk
Exportkredit
AB
3
.750
09/13/27
200,211
TOTAL
GOVERNMENT
AGENCY
4,641,083
MUNICIPAL
BONDS
-
0.8%
230,000
Province
of
Alberta
Canada
1
.000
05/20/25
229,580
160,000
Province
of
Alberta
Canada
3
.300
03/15/28
157,886
50,000
Province
of
Alberta
Canada
4
.500
06/26/29
51,219
40,000
Province
of
Alberta
Canada
1
.300
07/22/30
34,930
50,000
Province
of
Alberta
Canada
4
.500
01/24/34
49,836
150,000
Province
of
British
Columbia
Canada
2
.250
06/02/26
147,357
110,000
Province
of
British
Columbia
Canada
0
.900
07/20/26
106,064
100,000
Province
of
British
Columbia
Canada
4
.700
01/24/28
102,311
85,000
Province
of
British
Columbia
Canada
4
.200
07/06/33
83,258
100,000
Province
of
British
Columbia
Canada
4
.750
06/12/34
101,123
100,000
Province
of
Manitoba
Canada
1
.500
10/25/28
92,466
100,000
Province
of
Manitoba
Canada
4
.300
07/27/33
98,513
70,000
Province
of
New
Brunswick
Canada
3
.625
02/24/28
69,466
300,000
Province
of
Ontario
Canada
2
.500
04/27/26
295,615
260,000
Province
of
Ontario
Canada
3
.100
05/19/27
256,456
23,000
Province
of
Ontario
Canada
1
.050
05/21/27
21,762
150,000
Province
of
Ontario
Canada
4
.200
01/18/29
151,692
100,000
Province
of
Ontario
Canada
3
.700
09/17/29
99,019
69
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MUNICIPAL
BONDS
(continued)
$
100,000
Province
of
Ontario
Canada
4
.700
%
01/15/30
$
103,048
150,000
Province
of
Ontario
Canada
1
.800
10/14/31
129,734
100,000
Province
of
Ontario
Canada
2
.125
01/21/32
87,815
120,000
Province
of
Quebec
Canada
0
.600
07/23/25
118,930
305,000
Province
of
Quebec
Canada
2
.500
04/20/26
300,582
70,000
Province
of
Quebec
Canada
2
.750
04/12/27
68,548
140,000
Province
of
Quebec
Canada
4
.500
04/03/29
143,168
100,000
Province
of
Quebec
Canada
4
.500
09/08/33
99,869
50,000
Province
of
Quebec
Canada
4
.250
09/05/34
48,744
50,000
Province
of
Saskatchewan
Canada
4
.650
01/28/30
51,426
TOTAL
MUNICIPAL
BONDS
3,300,417
SOVEREIGN
DEBT
-
2.4%
110,000
African
Development
Bank
0
.875
07/22/26
106,190
100,000
African
Development
Bank
3
.500
09/18/29
98,861
50,000
African
Development
Bank
4
.000
03/18/30
50,406
10,000
Asian
Development
Bank
2
.000
04/24/26
9,817
100,000
Asian
Development
Bank
4
.875
05/21/26
101,014
250,000
Asian
Development
Bank
1
.500
01/20/27
240,855
25,000
Asian
Development
Bank
4
.375
01/14/28
25,468
120,000
Asian
Development
Bank
4
.500
08/25/28
123,068
100,000
Asian
Development
Bank
4
.375
03/06/29
102,376
100,000
Asian
Development
Bank
1
.875
03/15/29
93,446
120,000
Asian
Development
Bank
3
.625
08/28/29
119,390
110,000
Asian
Development
Bank
3
.125
04/27/32
104,005
110,000
Asian
Development
Bank
4
.125
01/12/34
109,356
210,000
Canada
Government
International
Bond
3
.750
04/26/28
210,817
35,000
Canada
Government
International
Bond
4
.000
03/18/30
35,355
30,000
Chile
Government
International
Bond
3
.240
02/06/28
29,025
160,000
Chile
Government
International
Bond
2
.450
01/31/31
141,939
90,000
Chile
Government
International
Bond
4
.950
01/05/36
87,815
260,000
Chile
Government
International
Bond
3
.250
09/21/71
154,479
50,000
Council
Of
Europe
Development
Bank
0
.875
09/22/26
48,061
100,000
Council
Of
Europe
Development
Bank
4
.625
06/11/27
101,798
50,000
Council
Of
Europe
Development
Bank
3
.625
05/08/28
49,960
50,000
Council
Of
Europe
Development
Bank
4
.500
01/15/30
51,488
100,000
European
Bank
for
Reconstruction
&
Development
4
.375
03/09/28
101,906
70,000
European
Bank
for
Reconstruction
&
Development
4
.250
03/13/34
70,077
100,000
European
Investment
Bank
0
.750
10/26/26
95,722
312,000
European
Investment
Bank
1
.375
03/15/27
299,108
100,000
European
Investment
Bank
4
.500
10/16/28
102,685
225,000
European
Investment
Bank
4
.000
02/15/29
227,399
100,000
European
Investment
Bank
4
.750
06/15/29
103,891
30,000
European
Investment
Bank
3
.750
11/15/29
29,995
25,000
European
Investment
Bank
4
.500
03/14/30
25,807
170,000
European
Investment
Bank
3
.625
07/15/30
168,485
100,000
European
Investment
Bank
4
.375
10/10/31
102,350
85,000
European
Investment
Bank
4
.125
02/13/34
84,585
84,000
Hungary
Government
International
Bond
7
.625
03/29/41
92,745
190,000
Indonesia
Government
International
Bond
4
.550
01/11/28
190,556
70,000
Indonesia
Government
International
Bond
4
.850
01/11/33
69,157
200,000
Indonesia
Government
International
Bond
5
.600
01/15/35
206,335
280,000
(a)
Indonesia
Government
International
Bond
5
.650
01/11/53
274,800
100,000
Inter-American
Development
Bank
4
.500
05/15/26
100,624
100,000
Inter-American
Development
Bank
1
.500
01/13/27
96,361
90,000
Inter-American
Development
Bank
4
.375
02/01/27
90,985
120,000
Inter-American
Development
Bank
4
.000
01/12/28
121,059
110,000
Inter-American
Development
Bank
1
.125
07/20/28
101,570
50,000
Inter-American
Development
Bank
4
.500
02/15/30
51,553
50,000
Inter-American
Development
Bank
3
.750
06/14/30
49,900
240,000
Inter-American
Development
Bank
3
.875
10/28/41
213,747
630,000
International
Bank
for
Reconstruction
&
Development
2
.500
11/22/27
612,415
36,000
International
Bank
for
Reconstruction
&
Development
3
.625
05/05/28
35,985
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
70
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN
DEBT
(continued)
$
100,000
International
Bank
for
Reconstruction
&
Development
4
.625
%
08/01/28
$
102,908
92,000
International
Bank
for
Reconstruction
&
Development
4
.000
07/25/30
92,780
95,000
International
Bank
for
Reconstruction
&
Development
4
.000
01/10/31
95,619
100,000
International
Bank
for
Reconstruction
&
Development
4
.500
04/10/31
103,247
100,000
International
Bank
for
Reconstruction
&
Development
1
.625
11/03/31
86,491
75,000
International
Bank
for
Reconstruction
&
Development
4
.625
01/15/32
77,673
112,000
(a)
International
Bank
for
Reconstruction
&
Development
2
.500
03/29/32
101,688
50,000
International
Bank
for
Reconstruction
&
Development
4
.000
05/06/32
49,917
100,000
(a)
International
Bank
for
Reconstruction
&
Development
4
.750
11/14/33
103,988
45,000
International
Bank
for
Reconstruction
&
Development
3
.875
08/28/34
43,771
50,000
International
Finance
Corp
2
.126
04/07/26
49,179
35,000
International
Finance
Corp
4
.375
01/15/27
35,369
30,000
International
Finance
Corp
4
.500
01/21/28
30,661
180,000
Israel
Government
International
Bond
2
.750
07/03/30
159,636
280,000
Israel
Government
International
Bond
3
.875
07/03/50
193,869
30,000
Korea
International
Bond
2
.750
01/19/27
29,417
30,000
Korea
International
Bond
2
.500
06/19/29
28,230
120,000
Korea
International
Bond
1
.000
09/16/30
102,440
70,000
Korea
International
Bond
1
.750
10/15/31
60,680
200,000
Nordic
Investment
Bank
3
.750
05/09/30
199,723
40,000
Panama
Government
International
Bond
3
.160
01/23/30
34,993
80,000
Panama
Government
International
Bond
6
.875
01/31/36
77,244
200,000
Panama
Government
International
Bond
8
.000
03/01/38
207,015
250,000
Panama
Government
International
Bond
4
.500
05/15/47
163,769
90,000
Panama
Government
International
Bond
4
.500
04/16/50
57,679
220,000
Peruvian
Government
International
Bond
4
.125
08/25/27
219,204
65,000
Peruvian
Government
International
Bond
3
.000
01/15/34
54,070
85,000
Peruvian
Government
International
Bond
5
.375
02/08/35
83,688
96,000
Peruvian
Government
International
Bond
5
.625
11/18/50
89,859
20,000
Peruvian
Government
International
Bond
3
.550
03/10/51
13,475
140,000
Republic
of
Italy
Government
International
Bond
2
.875
10/17/29
131,187
200,000
Republic
of
Poland
Government
International
Bond
4
.875
10/04/33
198,348
195,000
Republic
of
Poland
Government
International
Bond
5
.125
09/18/34
194,500
50,000
Republic
of
Poland
Government
International
Bond
5
.375
02/12/35
50,522
15,000
Uruguay
Government
International
Bond
4
.375
01/23/31
14,822
114,000
Uruguay
Government
International
Bond
5
.750
10/28/34
118,458
200,000
Uruguay
Government
International
Bond
4
.125
11/20/45
168,000
TOTAL
SOVEREIGN
DEBT
9,538,910
TOTAL
GOVERNMENT
RELATED
(Cost
$18,152,405)
17,480,410
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
26.6%
150,000
American
Express
Credit
Account
Master
Trust
5
.230
09/15/28
152,152
36,184
AmeriCredit
Automobile
Receivables
Trust
2021-2
1
.010
01/19/27
35,716
50,000
BA
Credit
Card
Trust
4
.980
11/15/28
50,632
200,000
Bank
2019-BNK19
2
.926
08/15/61
186,288
100,000
BANK
2021-BNK34
1
.935
06/15/63
96,668
100,000
BANK
2021-BNK35
2
.067
06/15/64
91,925
55,000
BANK
2024-BNK48
5
.053
10/15/57
54,849
50,000
(c)
BANK
2025-BNK49
5
.623
03/15/58
51,960
43,281
BANK5
2023-5YR4
6
.500
12/15/56
45,734
50,000
(c)
BANK5
2024-5YR12
5
.902
12/15/57
52,450
45,000
BANK5
2024-5YR9
5
.614
08/15/57
46,616
50,000
BANK5
Trust
2024-5YR6
6
.225
05/15/57
52,768
357,568
BBCMS
Mortgage
Trust
2020-C6
2
.690
02/15/53
349,742
100,000
(c)
BBCMS
Mortgage
Trust
2023-C21
6
.000
09/15/56
106,866
100,000
(c)
BBCMS
Mortgage
Trust
2023-C22
6
.804
11/15/56
112,254
100,000
BBCMS
Mortgage
Trust
2024-C26
5
.829
05/15/57
105,763
50,000
BBCMS
Mortgage
Trust
2025-5C33
5
.839
03/15/58
52,358
50,000
BBCMS
Mortgage
Trust
2025-C32
5
.720
02/15/62
52,487
71
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
200,000
Benchmark
2021-B24
Mortgage
Trust
2
.264
%
03/15/54
$
176,500
100,000
Benchmark
2021-B27
Mortgage
Trust
2
.703
07/15/54
71,084
100,000
Benchmark
2021-B28
Mortgage
Trust
2
.073
08/15/54
89,839
40,000
Benchmark
2024-V10
Mortgage
Trust
5
.277
09/15/57
40,899
50,000
(c)
Benchmark
2024-V11
Mortgage
Trust
5
.909
11/15/57
52,435
35,000
Benchmark
2024-V12
Mortgage
Trust
5
.738
12/15/57
36,471
90,000
(c)
BMARK
2023-V4
6
.841
11/15/56
95,986
50,000
(c)
BMO
2024-5C7
Mortgage
Trust
5
.566
11/15/57
51,692
35,000
(c)
BMO
2024-C10
Mortgage
Trust
5
.478
11/15/57
35,941
90,000
(c)
BMO
2024-C8
Mortgage
Trust
5
.598
03/15/57
93,485
25,000
(c)
BMO
2025-5C9
Mortgage
Trust
5
.779
04/15/58
26,097
100,000
(c)
BMO
Mortgage
Trust
7
.355
08/15/56
106,287
100,000
Capital
One
Multi-Asset
Execution
Trust
3
.490
05/15/27
99,955
50,000
Capital
One
Multi-Asset
Execution
Trust
3
.920
09/15/29
49,886
30,000
Capital
One
Prime
Auto
Receivables
Trust
2024-1
4
.620
07/16/29
30,320
100,000
CarMax
Auto
Owner
Trust
1
.700
08/16/27
97,838
50,000
CarMax
Auto
Owner
Trust
2024-4
4
.640
04/15/30
50,460
23,839
(b)
Carvana
Auto
Receivables
Trust
2022-N1
4
.130
12/11/28
23,591
50,000
Carvana
Auto
Receivables
Trust
2024-P3
4
.310
09/10/30
49,965
100,000
Citibank
Credit
Card
Issuance
Trust
5
.230
12/08/27
100,426
180,000
Citigroup
Commercial
Mortgage
Trust
2016-C1
3
.209
05/10/49
176,849
100,000
CNH
Equipment
Trust
2023-B
5
.600
02/15/29
101,695
50,000
CNH
Equipment
Trust
2024-C
4
.120
03/15/32
49,628
50,000
Exeter
Automobile
Receivables
Trust
2024-4
5
.290
08/15/30
50,330
239,910
Fannie
Mae
FN
MA4547
2
.000
02/01/52
190,730
151,533
Fannie
Mae
Pool
FN
MA2941
3
.500
03/01/32
149,746
49,266
Fannie
Mae
Pool
FN
MA3392
3
.500
06/01/33
48,607
102,872
Fannie
Mae
Pool
FN
MA3490
4
.000
10/01/33
102,829
40,385
Fannie
Mae
Pool
FN
MA3828
3
.000
11/01/34
38,850
83,448
Fannie
Mae
Pool
FN
MA3865
3
.000
12/01/34
80,173
95,968
Fannie
Mae
Pool
FN
MA3957
3
.500
03/01/35
92,944
461,442
Fannie
Mae
Pool
FN
MA4074
2
.000
07/01/35
422,442
715,771
Fannie
Mae
Pool
FN
MA4123
2
.000
09/01/35
655,267
403,892
Fannie
Mae
Pool
FN
MA4180
2
.500
11/01/35
376,497
313,722
Fannie
Mae
Pool
FN
MA4228
1
.500
01/01/36
277,793
417,177
Fannie
Mae
Pool
FN
MA4278
1
.500
03/01/36
369,350
462,175
Fannie
Mae
Pool
FN
MA4298
2
.500
03/01/36
430,808
123,642
Fannie
Mae
Pool
FN
MA4302
1
.500
04/01/36
109,467
52,768
Fannie
Mae
Pool
FN
MA4316
2
.500
04/01/36
49,170
135,874
Fannie
Mae
Pool
FN
MA4330
2
.500
05/01/36
126,608
256,341
Fannie
Mae
Pool
FN
MA4359
1
.500
06/01/36
226,946
55,880
Fannie
Mae
Pool
FN
MA4361
2
.500
06/01/36
52,069
505,923
Fannie
Mae
Pool
FN
MA4383
2
.000
07/01/36
460,920
130,943
Fannie
Mae
Pool
FN
MA4402
1
.500
08/01/36
115,926
238,194
Fannie
Mae
Pool
FN
MA4516
2
.000
01/01/37
216,411
196,550
Fannie
Mae
Pool
FN
MA4535
1
.500
02/01/37
173,510
943,258
Fannie
Mae
Pool
FN
MA4536
2
.000
02/01/37
856,877
287,902
Fannie
Mae
Pool
FN
MA4566
1
.500
03/01/37
254,155
186,159
Fannie
Mae
Pool
FN
MA4602
2
.000
05/01/37
169,109
85,433
Fannie
Mae
Pool
FN
MA4604
3
.000
05/01/37
81,112
255,017
Fannie
Mae
Pool
FN
MA4629
3
.000
06/01/37
242,119
77,085
Fannie
Mae
Pool
FN
MA5042
4
.500
06/01/38
76,556
95,604
Fannie
Mae
Pool
FN
MA3890
3
.000
01/01/40
88,833
637,292
Fannie
Mae
Pool
FN
MA4268
2
.000
02/01/41
549,429
107,764
Fannie
Mae
Pool
FN
MA4310
1
.500
04/01/41
89,453
487,130
Fannie
Mae
Pool
FN
MA4334
2
.500
05/01/41
430,198
73,981
Fannie
Mae
Pool
FN
MA4364
2
.000
06/01/41
63,658
68,074
Fannie
Mae
Pool
FN
MA4366
2
.500
06/01/41
59,871
212,428
Fannie
Mae
Pool
FN
MA4387
2
.000
07/01/41
182,610
281,977
Fannie
Mae
Pool
FN
MA4423
2
.500
09/01/41
248,651
701,330
Fannie
Mae
Pool
FN
MA3143
3
.000
09/01/47
620,262
405,193
Fannie
Mae
Pool
FN
MA3120
3
.500
09/01/47
371,812
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
72
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
44,851
Fannie
Mae
Pool
FN
MA3182
3
.500
%
11/01/47
$
41,133
147,885
Fannie
Mae
Pool
FN
MA3358
4
.500
05/01/48
144,016
2,036,243
Fannie
Mae
Pool
FN
FM5665
3
.500
08/01/48
1,875,604
84,113
Fannie
Mae
Pool
FN
MA3536
4
.000
12/01/48
79,256
145,156
Fannie
Mae
Pool
FN
MA3574
3
.500
01/01/49
132,689
1,359,395
Fannie
Mae
Pool
FN
FM5488
4
.000
05/01/49
1,281,560
496,334
Fannie
Mae
Pool
FN
MA3692
3
.500
07/01/49
453,319
852,496
Fannie
Mae
Pool
FN
MA3774
3
.000
09/01/49
750,132
576,831
Fannie
Mae
Pool
FN
MA3905
3
.000
01/01/50
507,090
261,150
Fannie
Mae
Pool
FN
MA3991
3
.000
04/01/50
228,335
344,929
Fannie
Mae
Pool
FN
MA4019
2
.500
05/01/50
290,645
608,982
Fannie
Mae
Pool
FN
MA4077
2
.000
07/01/50
487,055
221,594
Fannie
Mae
Pool
FN
MA4078
2
.500
07/01/50
186,181
327,244
Fannie
Mae
Pool
FN
MA4079
3
.000
07/01/50
287,405
210,370
Fannie
Mae
Pool
FN
MA4097
3
.000
08/01/50
184,749
329,567
Fannie
Mae
Pool
FN
MA4120
2
.500
09/01/50
276,734
691,920
Fannie
Mae
Pool
FN
MA4158
2
.000
10/01/50
554,224
1,849,392
Fannie
Mae
Pool
FN
MA4182
2
.000
11/01/50
1,480,618
230,269
Fannie
Mae
Pool
FN
MA4183
2
.500
11/01/50
192,845
1,437,727
Fannie
Mae
Pool
FN
MA4208
2
.000
12/01/50
1,150,604
764,089
Fannie
Mae
Pool
FN
MA4254
1
.500
02/01/51
575,917
822,300
Fannie
Mae
Pool
FN
MA4255
2
.000
02/01/51
656,786
312,368
Fannie
Mae
Pool
FN
MA4304
1
.500
04/01/51
235,441
2,096,895
Fannie
Mae
Pool
FN
MA4305
2
.000
04/01/51
1,666,451
72,598
Fannie
Mae
Pool
FN
MA4337
4
.000
04/01/51
68,187
1,363,807
Fannie
Mae
Pool
FN
MA4325
2
.000
05/01/51
1,083,988
270,047
Fannie
Mae
Pool
FN
MA4327
3
.000
05/01/51
236,757
1,620,593
Fannie
Mae
Pool
FN
MA4355
2
.000
06/01/51
1,290,115
231,540
Fannie
Mae
Pool
FN
MA4356
2
.500
06/01/51
193,672
537,776
Fannie
Mae
Pool
FN
MA4357
3
.000
06/01/51
470,395
163,072
Fannie
Mae
Pool
FN
MA4377
1
.500
07/01/51
122,936
234,081
Fannie
Mae
Pool
FN
MA4378
2
.000
07/01/51
186,633
415,315
Fannie
Mae
Pool
FN
MA4397
1
.500
08/01/51
313,032
1,218,329
Fannie
Mae
Pool
FN
MA4398
2
.000
08/01/51
970,981
1,468,658
Fannie
Mae
Pool
FN
MA4437
2
.000
10/01/51
1,166,859
219,357
Fannie
Mae
Pool
FN
MA4438
2
.500
10/01/51
182,899
286,470
Fannie
Mae
Pool
FN
MA4439
3
.000
10/01/51
249,952
1,038,916
Fannie
Mae
Pool
FN
MA4465
2
.000
11/01/51
826,400
232,026
Fannie
Mae
Pool
FN
MA4466
2
.500
11/01/51
193,633
1,475,101
Fannie
Mae
Pool
FN
MA4492
2
.000
12/01/51
1,172,974
6,686,994
Fannie
Mae
Pool
FN
MA4493
2
.500
12/01/51
5,582,467
1,325,784
Fannie
Mae
Pool
FN
MA4511
2
.000
01/01/52
1,054,452
757,860
Fannie
Mae
Pool
FN
MA4512
2
.500
01/01/52
632,593
408,648
Fannie
Mae
Pool
FN
MA4513
3
.000
01/01/52
355,195
1,244,629
Fannie
Mae
Pool
FN
MA4549
3
.000
02/01/52
1,083,168
1,241,067
Fannie
Mae
Pool
FN
MA4562
2
.000
03/01/52
985,871
2,747,215
Fannie
Mae
Pool
FN
MA4563
2
.500
03/01/52
2,290,647
299,633
Fannie
Mae
Pool
FN
MA4564
3
.000
03/01/52
260,700
740,162
Fannie
Mae
Pool
FN
MA4565
3
.500
03/01/52
670,456
344,765
Fannie
Mae
Pool
FN
MA4577
2
.000
04/01/52
274,044
2,004,355
Fannie
Mae
Pool
FN
MA4578
2
.500
04/01/52
1,671,013
409,989
Fannie
Mae
Pool
FN
MA4579
3
.000
04/01/52
356,716
451,675
Fannie
Mae
Pool
FN
MA4600
3
.500
05/01/52
408,323
554,714
Fannie
Mae
Pool
FN
MA4644
4
.000
05/01/52
517,939
251,589
Fannie
Mae
Pool
FN
MA4625
3
.500
06/01/52
227,442
790,225
Fannie
Mae
Pool
FN
MA4684
4
.500
06/01/52
757,086
333,437
Fannie
Mae
Pool
FN
MA4686
5
.000
06/01/52
327,647
511,131
Fannie
Mae
Pool
FN
MA4653
3
.000
07/01/52
443,796
199,779
Fannie
Mae
Pool
FN
MA4654
3
.500
07/01/52
180,465
293,763
Fannie
Mae
Pool
FN
MA4655
4
.000
07/01/52
274,302
655,493
Fannie
Mae
Pool
FN
MA4656
4
.500
07/01/52
628,004
314,494
Fannie
Mae
Pool
FN
MA4709
5
.000
07/01/52
309,034
73
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
498,140
Fannie
Mae
Pool
FN
MA4699
3
.500
%
08/01/52
$
449,930
590,189
Fannie
Mae
Pool
FN
MA4700
4
.000
08/01/52
551,060
493,973
Fannie
Mae
Pool
FN
MA4701
4
.500
08/01/52
473,257
857,300
Fannie
Mae
Pool
FN
MA4737
5
.000
08/01/52
842,414
843,044
Fannie
Mae
Pool
FN
MA4738
5
.500
08/01/52
844,167
295,233
Fannie
Mae
Pool
FN
MA4731
3
.500
09/01/52
266,702
339,237
Fannie
Mae
Pool
FN
MA4732
4
.000
09/01/52
316,728
537,547
Fannie
Mae
Pool
FN
MA4781
3
.000
10/01/52
466,646
436,461
Fannie
Mae
Pool
FN
MA4782
3
.500
10/01/52
394,499
543,579
Fannie
Mae
Pool
FN
MA4783
4
.000
10/01/52
507,484
219,300
Fannie
Mae
Pool
FN
MA4804
4
.000
11/01/52
204,683
512,988
Fannie
Mae
Pool
FN
MA4805
4
.500
11/01/52
491,548
321,097
Fannie
Mae
Pool
FN
MA4807
5
.500
11/01/52
322,343
521,714
Fannie
Mae
Pool
FN
MA4847
6
.000
11/01/52
530,937
189,539
Fannie
Mae
Pool
FN
MA4852
6
.500
11/01/52
196,341
405,909
Fannie
Mae
Pool
FN
MA4842
5
.500
12/01/52
406,136
797,032
Fannie
Mae
Pool
FN
MA4894
6
.000
01/01/53
808,725
503,816
Fannie
Mae
Pool
FN
MA4895
6
.500
01/01/53
520,565
398,876
Fannie
Mae
Pool
FN
MA5027
4
.000
05/01/53
372,065
265,407
Fannie
Mae
Pool
FN
MA5008
4
.500
05/01/53
254,127
356,690
Fannie
Mae
Pool
FN
MA5009
5
.000
05/01/53
349,941
203,043
Fannie
Mae
Pool
FN
MA5012
6
.500
05/01/53
210,102
298,944
Fannie
Mae
Pool
FN
MA5038
5
.000
06/01/53
293,287
182,117
Fannie
Mae
Pool
FN
MA5071
5
.000
07/01/53
178,671
755,771
Fannie
Mae
Pool
FN
MA5106
5
.000
08/01/53
741,470
172,774
Fannie
Mae
Pool
FN
MA5108
6
.000
08/01/53
175,561
1,210,000
Fannie
Mae
Pool
FN
MA5165
5
.500
10/01/53
1,208,809
79,901
Fannie
Mae
Pool
FN
MA5166
6
.000
10/01/53
81,172
244,947
Fannie
Mae
Pool
FN
MA5190
5
.500
11/01/53
244,706
152,939
Fannie
Mae
Pool
FN
MA5192
6
.500
11/01/53
157,514
62,043
Fannie
Mae
Pool
FN
MA5193
7
.000
11/01/53
64,817
724,542
Fannie
Mae
Pool
FN
MA5216
6
.000
12/01/53
735,980
138,402
Fannie
Mae
Pool
FN
MA5217
6
.500
12/01/53
142,542
170,104
Fannie
Mae
Pool
FN
MA5218
7
.000
12/01/53
177,712
316,127
Fannie
Mae
Pool
FN
MA5263
4
.000
01/01/54
294,708
162,584
Fannie
Mae
Pool
FN
MA5247
6
.000
01/01/54
165,081
187,421
Fannie
Mae
Pool
FN
MA5271
5
.500
02/01/54
187,092
134,321
Fannie
Mae
Pool
FN
MA5273
6
.500
02/01/54
138,369
123,360
Fannie
Mae
Pool
FN
MA5295
6
.000
03/01/54
125,178
60,848
Fannie
Mae
Pool
FN
MA5298
7
.000
03/01/54
63,570
498,576
Fannie
Mae
Pool
FN
MA5326
4
.500
04/01/54
476,939
185,349
Fannie
Mae
Pool
FN
MA5329
6
.500
04/01/54
190,879
186,667
Fannie
Mae
Pool
FN
MA5342
7
.000
04/01/54
195,289
368,972
Fannie
Mae
Pool
FN
MA5353
5
.500
05/01/54
368,324
141,895
Fannie
Mae
Pool
FN
MA5388
5
.500
06/01/54
141,645
95,296
Fannie
Mae
Pool
FN
MA5389
6
.000
06/01/54
96,700
333,921
Fannie
Mae
Pool
FN
MA5390
6
.500
06/01/54
344,633
634,199
Fannie
Mae
Pool
FN
MA5419
5
.000
07/01/54
621,866
353,836
Fannie
Mae
Pool
FN
MA5421
6
.000
07/01/54
358,987
472,144
Fannie
Mae
Pool
FN
MA5444
5
.500
08/01/54
471,314
441,484
Fannie
Mae
Pool
FN
MA5445
6
.000
08/01/54
447,923
412,636
Fannie
Mae
Pool
FN
MA5446
6
.500
08/01/54
424,969
1,258,211
Fannie
Mae
Pool
FN
MA5471
6
.000
09/01/54
1,276,593
178,711
Fannie
Mae
Pool
FN
MA5499
6
.500
10/01/54
184,507
210,602
Fannie
Mae
Pool
FN
MA5529
4
.500
11/01/54
201,462
505,590
Fannie
Mae
Pool
FN
MA5530
5
.000
11/01/54
495,093
1,119,201
Fannie
Mae
Pool
FN
MA5553
5
.500
12/01/54
1,117,234
177,590
(c)
Fannie
Mae-Aces
3
.127
03/25/28
173,281
244,352
(c)
Fannie
Mae-Aces
3
.467
07/25/28
240,084
50,000
Ford
Credit
Auto
Lease
Trust
2024-B
4
.990
12/15/27
50,426
5,899
Ford
Credit
Auto
Owner
Trust
2022-A
1
.290
06/15/26
5,885
50,000
Ford
Credit
Auto
Owner
Trust
2024-A
5
.010
09/15/29
51,003
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
74
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
767,014
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2
.862
%
05/25/26
$
756,000
94,613
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
0
.861
06/25/27
92,156
62,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.760
03/25/28
58,353
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.770
05/25/28
93,677
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.819
06/25/28
102,252
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.650
08/25/28
101,852
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.800
09/25/28
102,273
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5
.355
01/25/29
104,085
35,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5
.400
01/25/29
36,478
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5
.180
03/25/29
103,585
258,445
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2
.701
04/25/29
251,774
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.618
07/25/29
50,910
90,307
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.101
08/25/30
82,590
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.400
10/25/30
100,884
92,898
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.353
11/25/30
85,896
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5
.203
02/25/31
52,264
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1
.647
05/25/31
85,854
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.963
05/25/31
103,386
200,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.456
08/25/31
201,542
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.550
01/25/32
101,238
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.800
01/25/32
103,067
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.500
08/25/33
100,092
95,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5
.150
12/25/33
99,068
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.489
09/25/34
49,713
90,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.760
10/25/34
91,252
100,000
(c)
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.660
12/25/34
100,529
96,883
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2
.007
07/25/35
81,795
643,599
Freddie
Mac
Pool
FR
SD3574
3
.000
11/01/48
572,358
92,559
Freddie
Mac
Pool
FR
SD8071
4
.500
06/01/50
89,355
224,454
Freddie
Mac
Pool
FR
SD8161
2
.500
08/01/51
187,274
232,771
Freddie
Mac
Pool
FR
SD8195
3
.000
02/01/52
202,575
338,879
Freddie
Mac
Pool
FR
SD5345
2
.500
04/01/52
283,124
206,123
Freddie
Mac
Pool
FR
SD8428
4
.000
05/01/54
192,135
389,913
Ginnie
Mae
II
Pool
G2
MA3663
3
.500
05/20/46
358,278
49,446
Ginnie
Mae
II
Pool
G2
MA5264
4
.000
06/20/48
46,524
56,804
Ginnie
Mae
II
Pool
G2
MA5398
4
.000
08/20/48
53,419
352,456
Ginnie
Mae
II
Pool
G2
MA6038
3
.000
07/20/49
314,744
164,281
Ginnie
Mae
II
Pool
G2
MA6283
3
.000
11/20/49
146,148
199,527
Ginnie
Mae
II
Pool
G2
MA6284
3
.500
11/20/49
181,710
644,653
Ginnie
Mae
II
Pool
G2
MA6338
3
.000
12/20/49
573,296
188,589
Ginnie
Mae
II
Pool
G2
MA6340
4
.000
12/20/49
177,194
199,376
Ginnie
Mae
II
Pool
G2
MA6410
3
.500
01/20/50
182,608
123,338
Ginnie
Mae
II
Pool
G2
MA6542
3
.500
03/20/50
112,972
63,950
Ginnie
Mae
II
Pool
G2
MA6600
3
.500
04/20/50
58,565
65,368
Ginnie
Mae
II
Pool
G2
MA6820
3
.000
08/20/50
58,064
644,463
Ginnie
Mae
II
Pool
G2
MA6864
2
.000
09/20/50
525,881
573,452
Ginnie
Mae
II
Pool
G2
MA6865
2
.500
09/20/50
490,168
69,103
Ginnie
Mae
II
Pool
G2
MA6931
2
.500
10/20/50
58,991
230,482
Ginnie
Mae
II
Pool
G2
MA6995
2
.500
11/20/50
196,686
409,908
Ginnie
Mae
II
Pool
G2
MA7051
2
.000
12/20/50
334,481
194,847
Ginnie
Mae
II
Pool
G2
MA7054
3
.500
12/20/50
177,830
381,134
Ginnie
Mae
II
Pool
G2
MA7136
2
.500
01/20/51
324,878
433,427
Ginnie
Mae
II
Pool
G2
MA7312
2
.500
04/20/51
369,751
479,953
Ginnie
Mae
II
Pool
G2
MA7367
2
.500
05/20/51
409,273
313,896
Ginnie
Mae
II
Pool
G2
MA7419
3
.000
06/20/51
278,131
693,573
Ginnie
Mae
II
Pool
G2
MA7472
2
.500
07/20/51
591,191
705,726
Ginnie
Mae
II
Pool
G2
MA7533
2
.000
08/20/51
575,850
212,573
Ginnie
Mae
II
Pool
G2
MA7534
2
.500
08/20/51
181,194
227,904
Ginnie
Mae
II
Pool
G2
MA7589
2
.500
09/20/51
194,261
207,742
Ginnie
Mae
II
Pool
G2
MA7650
3
.000
10/20/51
184,011
697,031
Ginnie
Mae
II
Pool
G2
MA7704
2
.000
11/20/51
568,858
224,179
Ginnie
Mae
II
Pool
G2
MA7705
2
.500
11/20/51
191,085
75
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
344,164
Ginnie
Mae
II
Pool
G2
MA7767
2
.500
%
12/20/51
$
293,357
479,661
Ginnie
Mae
II
Pool
G2
MA7826
2
.000
01/20/52
391,387
154,418
Ginnie
Mae
II
Pool
G2
MA7827
2
.500
01/20/52
131,622
1,281,528
Ginnie
Mae
II
Pool
G2
MA7882
3
.000
02/20/52
1,135,042
188,415
Ginnie
Mae
II
Pool
G2
MA7883
3
.500
02/20/52
171,761
1,361,717
Ginnie
Mae
II
Pool
G2
MA7935
2
.000
03/20/52
1,111,090
198,466
Ginnie
Mae
II
Pool
G2
MA7936
2
.500
03/20/52
169,166
384,786
Ginnie
Mae
II
Pool
G2
MA7937
3
.000
03/20/52
340,792
711,895
Ginnie
Mae
II
Pool
G2
MA7938
3
.500
03/20/52
648,313
180,973
Ginnie
Mae
II
Pool
G2
MA7939
4
.000
03/20/52
169,190
508,782
Ginnie
Mae
II
Pool
G2
MA8042
2
.500
05/20/52
433,669
188,494
Ginnie
Mae
II
Pool
G2
MA8044
3
.500
05/20/52
171,581
398,240
Ginnie
Mae
II
Pool
G2
MA8046
4
.500
05/20/52
383,634
687,911
Ginnie
Mae
II
Pool
G2
MA8100
4
.000
06/20/52
643,013
201,421
Ginnie
Mae
II
Pool
G2
MA8101
4
.500
06/20/52
193,992
385,991
Ginnie
Mae
II
Pool
G2
MA8102
5
.000
06/20/52
379,759
405,853
Ginnie
Mae
II
Pool
G2
MA8151
4
.500
07/20/52
390,632
166,177
Ginnie
Mae
II
Pool
G2
MA8200
4
.000
08/20/52
155,331
163,479
Ginnie
Mae
II
Pool
G2
MA8201
4
.500
08/20/52
157,448
159,466
Ginnie
Mae
II
Pool
G2
MA8202
5
.000
08/20/52
157,198
165,739
Ginnie
Mae
II
Pool
G2
MA8266
3
.500
09/20/52
150,599
184,374
Ginnie
Mae
II
Pool
G2
MA8267
4
.000
09/20/52
172,340
148,605
Ginnie
Mae
II
Pool
G2
MA8349
5
.500
10/20/52
149,162
361,790
Ginnie
Mae
II
Pool
G2
MA8428
5
.000
11/20/52
355,920
126,567
Ginnie
Mae
II
Pool
G2
MA8430
6
.000
11/20/52
128,985
240,978
Ginnie
Mae
II
Pool
G2
MA8487
3
.500
12/20/52
219,101
374,861
Ginnie
Mae
II
Pool
G2
MA8491
5
.500
12/20/52
376,113
124,639
Ginnie
Mae
II
Pool
G2
MA8492
6
.000
12/20/52
126,171
315,757
Ginnie
Mae
II
Pool
G2
MA8571
6
.000
01/20/53
319,641
143,390
Ginnie
Mae
II
Pool
G2
MA8572
6
.500
01/20/53
147,132
283,951
Ginnie
Mae
II
Pool
G2
MA8801
5
.500
04/20/53
284,727
176,093
Ginnie
Mae
II
Pool
G2
MA8876
4
.000
05/20/53
164,546
101,980
Ginnie
Mae
II
Pool
G2
MA8881
6
.500
05/20/53
104,395
202,681
Ginnie
Mae
II
Pool
G2
MA8946
4
.500
06/20/53
194,640
91,185
Ginnie
Mae
II
Pool
G2
MA9015
4
.500
07/20/53
87,595
250,530
Ginnie
Mae
II
Pool
G2
MA9106
5
.500
08/20/53
250,958
247,533
Ginnie
Mae
II
Pool
G2
MA9170
5
.000
09/20/53
243,131
164,407
Ginnie
Mae
II
Pool
G2
MA9171
5
.500
09/20/53
164,872
71,168
Ginnie
Mae
II
Pool
G2
MA9172
6
.000
09/20/53
72,363
46,150
Ginnie
Mae
II
Pool
G2
MA9244
7
.000
10/20/53
47,717
200,104
Ginnie
Mae
II
Pool
G2
MA9303
4
.500
11/20/53
191,854
282,390
Ginnie
Mae
II
Pool
G2
MA9361
5
.000
12/20/53
277,311
289,145
Ginnie
Mae
II
Pool
G2
MA9422
5
.000
01/20/54
283,954
205,067
Ginnie
Mae
II
Pool
G2
MA9424
6
.000
01/20/54
208,204
86,342
Ginnie
Mae
II
Pool
G2
MA9425
6
.500
01/20/54
88,401
180,048
Ginnie
Mae
II
Pool
G2
MA9490
6
.500
02/20/54
184,289
151,956
Ginnie
Mae
II
Pool
G2
MA9671
7
.000
05/20/54
156,853
208,149
Ginnie
Mae
II
Pool
G2
MA9722
4
.000
06/20/54
193,874
95,296
Ginnie
Mae
II
Pool
G2
MA9725
5
.500
06/20/54
95,342
224,534
Ginnie
Mae
II
Pool
G2
MA9726
6
.000
06/20/54
227,629
240,014
Ginnie
Mae
II
Pool
G2
MA9779
5
.500
07/20/54
240,117
295,103
Ginnie
Mae
II
Pool
G2
MA9849
4
.500
08/20/54
282,631
288,638
Ginnie
Mae
II
Pool
G2
MA9852
6
.000
08/20/54
292,146
196,849
Ginnie
Mae
II
Pool
G2
MA9905
5
.000
09/20/54
193,224
681,795
Ginnie
Mae
II
Pool
G2
MA9906
5
.500
09/20/54
681,948
194,839
Ginnie
Mae
II
Pool
G2
MA9907
6
.000
09/20/54
197,219
399,378
Ginnie
Mae
II
Pool
G2
MA9964
5
.000
10/20/54
392,022
374,612
Ginnie
Mae
II
Pool
G2
MA9967
6
.500
10/20/54
383,396
5,265
GM
Financial
Consumer
Automobile
Receivables
Trust
2022-1
1
.260
11/16/26
5,244
50,000
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-2
5
.100
03/16/29
50,542
200,000
GS
Mortgage
Securities
Trust
2019-GC38
3
.968
02/10/52
194,255
50,000
Harley-Davidson
Motorcycle
Trust
2024-B
4
.310
07/16/29
50,108
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
76
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
40,000
Honda
Auto
Receivables
2024-2
Owner
Trust
5
.210
%
07/18/30
$
40,945
50,000
Honda
Auto
Receivables
2024-3
Owner
Trust
4
.570
03/21/29
50,324
100,000
Hyundai
Auto
Receivables
Trust
2023-C
5
.540
10/16/28
101,356
47,369
John
Deere
Owner
Trust
0
.740
05/15/28
47,280
25,000
Mercedes-Benz
Auto
Receivables
Trust
2024-1
4
.790
07/15/31
25,302
100,000
Morgan
Stanley
Capital
I
Trust
2021-L5
1
.518
05/15/54
96,014
50,000
Nissan
Auto
Lease
Trust
2025-A
4
.750
03/15/28
50,551
100,000
Santander
Drive
Auto
Receivables
Trust
2024-2
5
.630
11/15/28
100,667
100,000
Synchrony
Card
Funding
LLC
5
.540
07/15/29
101,427
44,255
Toyota
Auto
Receivables
2021-B
Owner
Trust
0
.530
10/15/26
43,969
35,000
Toyota
Auto
Receivables
2024-D
Owner
Trust
4
.430
04/15/30
35,274
90,000
Verizon
Master
Trust
Series
2024-4
5
.210
06/20/29
90,656
6,936
Wells
Fargo
Commercial
Mortgage
Trust
2016-C32
3
.324
01/15/59
6,920
300,000
Wells
Fargo
Commercial
Mortgage
Trust
2019-C49
3
.760
03/15/52
292,118
50,000
Wells
Fargo
Commercial
Mortgage
Trust
2024-5C2
5
.439
11/15/57
51,493
50,000
WF
Card
Issuance
Trust
4
.290
10/15/29
50,256
50,000
World
Omni
Auto
Receivables
Trust
2024-C
4
.430
12/17/29
50,232
TOTAL
SECURITIZED
(Cost
$116,888,870)
107,466,752
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
44.4%
350,000
United
States
Treasury
Note/Bond
4
.250
01/31/26
350,541
250,000
United
States
Treasury
Note/Bond
0
.500
02/28/26
242,910
2,450,000
United
States
Treasury
Note/Bond
4
.625
02/28/26
2,462,078
400,000
United
States
Treasury
Note/Bond
4
.875
04/30/26
403,728
700,000
United
States
Treasury
Note/Bond
0
.750
05/31/26
676,977
100,000
United
States
Treasury
Note/Bond
4
.875
05/31/26
101,031
1,700,000
United
States
Treasury
Note/Bond
0
.875
06/30/26
1,643,090
1,550,000
United
States
Treasury
Note/Bond
4
.625
06/30/26
1,563,744
1,100,000
United
States
Treasury
Note/Bond
0
.625
07/31/26
1,057,719
1,100,000
United
States
Treasury
Note/Bond
4
.375
07/31/26
1,107,562
1,450,000
United
States
Treasury
Note/Bond
0
.750
08/31/26
1,393,586
2,800,000
United
States
Treasury
Note/Bond
3
.750
08/31/26
2,798,797
2,600,000
United
States
Treasury
Note/Bond
0
.875
09/30/26
2,498,234
1,350,000
United
States
Treasury
Note/Bond
3
.500
09/30/26
1,345,518
900,000
United
States
Treasury
Note/Bond
1
.125
10/31/26
866,285
1,700,000
United
States
Treasury
Note/Bond
4
.125
10/31/26
1,709,695
1,600,000
United
States
Treasury
Note/Bond
1
.250
11/30/26
1,540,437
1,100,000
United
States
Treasury
Note/Bond
1
.250
12/31/26
1,057,289
1,850,000
United
States
Treasury
Note/Bond
4
.250
12/31/26
1,866,766
1,750,000
United
States
Treasury
Note/Bond
1
.875
02/28/27
1,695,791
500,000
United
States
Treasury
Note/Bond
2
.500
03/31/27
489,766
1,250,000
United
States
Treasury
Note/Bond
2
.750
04/30/27
1,229,541
200,000
United
States
Treasury
Note/Bond
4
.500
05/15/27
203,437
2,000,000
United
States
Treasury
Note/Bond
2
.625
05/31/27
1,960,781
900,000
United
States
Treasury
Note/Bond
0
.500
06/30/27
842,344
2,500,000
United
States
Treasury
Note/Bond
3
.250
06/30/27
2,482,422
1,000,000
United
States
Treasury
Note/Bond
2
.750
07/31/27
981,641
2,186,000
United
States
Treasury
Note/Bond
2
.250
08/15/27
2,122,213
100,000
United
States
Treasury
Note/Bond
4
.125
09/30/27
101,277
1,600,000
United
States
Treasury
Note/Bond
4
.125
10/31/27
1,620,313
888,000
United
States
Treasury
Note/Bond
2
.250
11/15/27
859,279
300,000
United
States
Treasury
Note/Bond
4
.125
11/15/27
303,832
320,000
United
States
Treasury
Note/Bond
0
.625
11/30/27
296,787
1,600,000
United
States
Treasury
Note/Bond
3
.875
11/30/27
1,610,938
3,798,000
United
States
Treasury
Note/Bond
3
.875
12/31/27
3,827,375
1,500,000
United
States
Treasury
Note/Bond
3
.500
01/31/28
1,496,426
2,344,000
United
States
Treasury
Note/Bond
2
.750
02/15/28
2,292,084
1,200,000
United
States
Treasury
Note/Bond
4
.000
02/29/28
1,212,938
3,200,000
United
States
Treasury
Note/Bond
3
.625
03/31/28
3,204,125
77
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
(continued)
$
2,000,000
United
States
Treasury
Note/Bond
3
.500
%
04/30/28
$
1,994,531
1,100,000
United
States
Treasury
Note/Bond
3
.625
05/31/28
1,100,730
1,900,000
United
States
Treasury
Note/Bond
4
.000
06/30/28
1,923,230
2,450,000
United
States
Treasury
Note/Bond
4
.125
07/31/28
2,488,473
3,700,000
United
States
Treasury
Note/Bond
4
.625
09/30/28
3,818,949
650,000
United
States
Treasury
Note/Bond
1
.375
10/31/28
602,316
2,000,000
United
States
Treasury
Note/Bond
4
.875
10/31/28
2,080,859
2,550,000
United
States
Treasury
Note/Bond
4
.375
11/30/28
2,612,455
4,750,000
United
States
Treasury
Note/Bond
3
.750
12/31/28
4,767,070
300,000
United
States
Treasury
Note/Bond
1
.750
01/31/29
280,230
2,850,000
United
States
Treasury
Note/Bond
4
.000
01/31/29
2,884,734
3,850,000
United
States
Treasury
Note/Bond
4
.250
02/28/29
3,931,812
2,650,000
United
States
Treasury
Note/Bond
4
.125
03/31/29
2,694,512
800,000
United
States
Treasury
Note/Bond
4
.625
04/30/29
828,344
1,470,000
United
States
Treasury
Note/Bond
2
.375
05/15/29
1,399,658
2,200,000
United
States
Treasury
Note/Bond
4
.500
05/31/29
2,268,664
3,650,000
United
States
Treasury
Note/Bond
4
.250
06/30/29
3,730,129
2,950,000
United
States
Treasury
Note/Bond
4
.000
07/31/29
2,986,990
514,000
United
States
Treasury
Note/Bond
1
.625
08/15/29
473,302
4,600,000
United
States
Treasury
Note/Bond
3
.625
08/31/29
4,589,937
3,600,000
United
States
Treasury
Note/Bond
3
.500
09/30/29
3,572,297
5,050,000
United
States
Treasury
Note/Bond
4
.125
10/31/29
5,139,361
1,800,000
United
States
Treasury
Note/Bond
4
.125
11/30/29
1,832,695
500,000
United
States
Treasury
Note/Bond
3
.875
12/31/29
503,613
750,000
United
States
Treasury
Note/Bond
4
.375
12/31/29
771,328
3,050,000
United
States
Treasury
Note/Bond
4
.250
01/31/30
3,121,127
1,300,000
United
States
Treasury
Note/Bond
4
.000
03/31/30
1,316,148
3,000,000
United
States
Treasury
Note/Bond
3
.875
04/30/30
3,021,328
100,000
United
States
Treasury
Note/Bond
0
.625
05/15/30
85,812
150,000
United
States
Treasury
Note/Bond
4
.000
01/31/31
151,354
750,000
United
States
Treasury
Note/Bond
4
.625
05/31/31
780,850
100,000
United
States
Treasury
Note/Bond
4
.125
10/31/31
101,270
700,000
United
States
Treasury
Note/Bond
4
.125
11/30/31
708,723
250,000
United
States
Treasury
Note/Bond
4
.500
12/31/31
258,545
1,000,000
United
States
Treasury
Note/Bond
1
.875
02/15/32
878,008
500,000
United
States
Treasury
Note/Bond
4
.125
02/29/32
505,938
3,050,000
United
States
Treasury
Note/Bond
2
.875
05/15/32
2,849,963
1,150,000
United
States
Treasury
Note/Bond
2
.750
08/15/32
1,061,998
1,150,000
United
States
Treasury
Note/Bond
4
.125
11/15/32
1,161,320
700,000
United
States
Treasury
Note/Bond
3
.500
02/15/33
676,293
800,000
United
States
Treasury
Note/Bond
3
.375
05/15/33
763,938
1,300,000
United
States
Treasury
Note/Bond
3
.875
08/15/33
1,283,547
1,750,000
United
States
Treasury
Note/Bond
4
.500
11/15/33
1,803,730
1,650,000
United
States
Treasury
Note/Bond
4
.000
02/15/34
1,637,367
2,500,000
United
States
Treasury
Note/Bond
4
.375
05/15/34
2,547,852
750,000
United
States
Treasury
Note/Bond
3
.875
08/15/34
734,648
2,000,000
United
States
Treasury
Note/Bond
4
.250
11/15/34
2,015,312
2,250,000
United
States
Treasury
Note/Bond
4
.625
02/15/35
2,334,375
200,000
United
States
Treasury
Note/Bond
1
.125
08/15/40
123,875
1,300,000
United
States
Treasury
Note/Bond
1
.875
02/15/41
901,113
500,000
United
States
Treasury
Note/Bond
2
.250
05/15/41
366,133
1,050,000
United
States
Treasury
Note/Bond
1
.750
08/15/41
702,762
198,000
United
States
Treasury
Note/Bond
2
.000
11/15/41
137,355
1,400,000
United
States
Treasury
Note/Bond
2
.375
02/15/42
1,026,430
3,900,000
United
States
Treasury
Note/Bond
3
.250
05/15/42
3,255,891
1,964,000
United
States
Treasury
Note/Bond
2
.750
08/15/42
1,516,500
500,000
United
States
Treasury
Note/Bond
3
.375
08/15/42
423,730
135,000
United
States
Treasury
Note/Bond
2
.750
11/15/42
103,755
498,000
United
States
Treasury
Note/Bond
4
.000
11/15/42
459,172
600,000
United
States
Treasury
Note/Bond
3
.875
05/15/43
541,711
950,000
United
States
Treasury
Note/Bond
4
.375
08/15/43
916,008
2,340,000
United
States
Treasury
Note/Bond
4
.750
11/15/43
2,364,131
Portfolio
of
Investments
April
30,
2025
(continued)
NUBD
78
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
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
(continued)
$
1,350,000
United
States
Treasury
Note/Bond
4
.500
%
02/15/44
$
1,319,150
900,000
United
States
Treasury
Note/Bond
4
.625
05/15/44
892,934
100,000
United
States
Treasury
Note/Bond
4
.125
08/15/44
92,687
400,000
United
States
Treasury
Note/Bond
4
.625
11/15/44
396,000
900,000
United
States
Treasury
Note/Bond
4
.750
02/15/45
906,187
4,221,000
United
States
Treasury
Note/Bond
2
.750
08/15/47
3,040,274
1,850,000
United
States
Treasury
Note/Bond
1
.250
05/15/50
899,924
700,000
United
States
Treasury
Note/Bond
1
.375
08/15/50
349,098
200,000
United
States
Treasury
Note/Bond
1
.625
11/15/50
106,617
3,800,000
United
States
Treasury
Note/Bond
1
.875
02/15/51
2,158,578
1,100,000
United
States
Treasury
Note/Bond
2
.375
05/15/51
705,203
160,000
United
States
Treasury
Note/Bond
1
.875
11/15/51
90,050
1,300,000
United
States
Treasury
Note/Bond
2
.250
02/15/52
803,766
1,350,000
United
States
Treasury
Note/Bond
2
.875
05/15/52
961,770
550,000
United
States
Treasury
Note/Bond
3
.000
08/15/52
402,102
949,000
United
States
Treasury
Note/Bond
4
.000
11/15/52
841,756
550,000
United
States
Treasury
Note/Bond
3
.625
02/15/53
455,211
1,210,000
United
States
Treasury
Note/Bond
3
.625
05/15/53
1,001,417
1,590,000
United
States
Treasury
Note/Bond
4
.125
08/15/53
1,441,062
1,200,000
United
States
Treasury
Note/Bond
4
.750
11/15/53
1,206,703
1,500,000
United
States
Treasury
Note/Bond
4
.250
02/15/54
1,388,965
875,000
United
States
Treasury
Note/Bond
4
.625
05/15/54
862,593
1,350,000
United
States
Treasury
Note/Bond
4
.250
08/15/54
1,251,492
1,450,000
United
States
Treasury
Note/Bond
4
.500
11/15/54
1,403,555
850,000
United
States
Treasury
Note/Bond
4
.625
02/15/55
841,102
TOTAL
U.S.
TREASURY
(Cost
$188,195,671)
179,251,724
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$423,917,055)
398,543,401
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.2%
938,209
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.360
(e)
$
938,209
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$938,209)
938,209
TOTAL
INVESTMENTS
-
98
.9
%
(Cost
$
424,855,264
)
399,481,610
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.1%
4,598,687
NET
ASSETS
-
100%
$
404,080,297
CLO
Collateralized
Loan
Obligation
S&P
Standard
&
Poor's
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$906,214.
(b)
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
$847,444
or
0.2%
of
Total
Investments.
(c)
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.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
79
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:
NUBD
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
94,344,515
$
–
$
94,344,515
Government
Related
–
17,480,410
–
17,480,410
Securitized
–
107,466,752
–
107,466,752
U.S.
Treasury
–
179,251,724
–
179,251,724
Investments
Purchased
with
Collateral
from
Securities
Lending
938,209
–
–
938,209
Total
$
938,209
$
398,543,401
$
–
$
399,481,610
a
80
Portfolio
of
Investments
April
30,
2025
NPFI
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.1%  
31365660
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
53.2%
31365660
AUTOMOBILES
&
COMPONENTS
-
2.2%
$
1,048,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
975,424
329,000
(a)
General
Motors
Financial
Co
Inc
5
.700
N/A
309,356
TOTAL
AUTOMOBILES
&
COMPONENTS
1,284,780
BANKS
-
22.4%
350,000
(a)
Bank
of
America
Corp
6
.300
N/A
350,299
100,000
(a)
Bank
of
America
Corp
6
.125
N/A
99,751
600,000
(a)
Bank
of
America
Corp
5
.875
N/A
593,757
41,000
(a)
Bank
of
America
Corp
4
.375
N/A
39,285
400,000
Bank
of
Montreal
7
.700
05/26/84
407,164
400,000
Bank
of
Montreal
7
.300
11/26/84
393,278
200,000
Bank
of
Nova
Scotia/The
8
.000
01/27/84
204,642
200,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
192,842
135,000
(a)
Citigroup
Inc
4
.150
N/A
128,552
559,000
(a)
Citigroup
Inc
7
.375
N/A
565,954
151,000
(a)
Citigroup
Inc
6
.250
N/A
151,454
465,000
(a)
Citigroup
Inc
7
.125
N/A
458,609
600,000
(a)
Citigroup
Inc
7
.000
N/A
595,286
446,000
(a)
Citigroup
Inc
7
.625
N/A
457,967
250,000
(a)
CoBank
ACB
7
.250
N/A
250,168
435,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
427,897
868,000
(a)
JPMorgan
Chase
&
Co
6
.875
N/A
894,123
809,000
(a)
JPMorgan
Chase
&
Co
3
.650
N/A
783,788
300,000
(a)
JPMorgan
Chase
&
Co
6
.500
N/A
299,776
287,000
(a)
KeyCorp
5
.000
N/A
277,391
17,000
(a)
M&T
Bank
Corp
3
.500
N/A
15,556
222,000
(a)
M&T
Bank
Corp
5
.125
N/A
214,991
610,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
600,145
286,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
282,871
545,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
544,641
30,000
(a)
PNC
Financial
Services
Group
Inc/The
5
.000
N/A
29,557
180,000
(a)
PNC
Financial
Services
Group
Inc/The
3
.400
N/A
169,288
400,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
413,434
260,000
(a)
Truist
Financial
Corp
5
.100
N/A
248,937
828,000
(a)
Truist
Financial
Corp
6
.669
N/A
813,272
176,000
(a)
US
Bancorp
5
.300
N/A
171,110
800,000
(a)
Wells
Fargo
&
Co
6
.850
N/A
808,726
824,000
(a)
Wells
Fargo
&
Co
7
.625
N/A
867,437
358,000
(a)
Wells
Fargo
&
Co
3
.900
N/A
351,615
127,000
(a)
Wells
Fargo
&
Co
5
.875
N/A
126,414
TOTAL
BANKS
13,229,977
CAPITAL
GOODS
-
0.5%
48,000
(a)
Air
Lease
Corp
4
.650
N/A
46,487
260,000
(a)
Air
Lease
Corp
6
.000
N/A
243,357
TOTAL
CAPITAL
GOODS
289,844
ENERGY
-
4.5%
109,000
(a)
Energy
Transfer
LP
6
.500
N/A
108,247
180,000
(a)
Energy
Transfer
LP
6
.625
N/A
172,803
247,000
(a)
Energy
Transfer
LP
7
.125
N/A
243,408
400,000
Energy
Transfer
LP
8
.000
05/15/54
415,176
470,000
(b)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
461,973
294,000
Transcanada
Trust
5
.875
08/15/76
289,717
300,000
Transcanada
Trust
5
.600
03/07/82
276,806
250,000
Transcanada
Trust
5
.300
03/15/77
239,249
350,000
Transcanada
Trust
5
.500
09/15/79
332,039
125,000
(a),(b)
Venture
Global
LNG
Inc
9
.000
N/A
107,442
TOTAL
ENERGY
2,646,860
81
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL
SERVICES
-
8.6%
$
1,315,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
%
03/10/55
$
1,320,467
222,000
(a)
Ally
Financial
Inc
4
.700
N/A
187,843
176,000
(a)
American
Express
Co
3
.550
N/A
168,402
211,000
(a)
Bank
of
New
York
Mellon
Corp/The
4
.700
N/A
209,517
150,000
(a)
Capital
One
Financial
Corp
3
.950
N/A
142,473
419,000
(a)
Charles
Schwab
Corp/The
4
.000
N/A
405,755
413,000
(a)
Charles
Schwab
Corp/The
5
.375
N/A
411,632
85,000
(a)
Discover
Financial
Services
5
.500
N/A
81,233
250,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
254,941
500,000
(a)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
471,416
600,000
(a)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
591,759
282,000
(a)
Goldman
Sachs
Group
Inc/The
5
.300
N/A
279,361
179,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
185,342
177,000
(a)
State
Street
Corp
6
.700
N/A
177,625
150,000
(a)
Voya
Financial
Inc
7
.758
N/A
152,108
TOTAL
FINANCIAL
SERVICES
5,039,874
FOOD,
BEVERAGE
&
TOBACCO
-
0.6%
450,000
(a),(b)
Land
O'
Lakes
Inc
7
.250
N/A
373,500
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
373,500
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.3%
200,000
CVS
Health
Corp
6
.750
12/10/54
198,653
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
198,653
INSURANCE
-
4.2%
134,000
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
127,443
1,000,000
Corebridge
Financial
Inc
6
.375
09/15/54
963,417
266,000
Enstar
Finance
LLC
5
.500
01/15/42
255,182
50,000
(b)
Enstar
Group
Ltd
7
.500
04/01/45
50,139
104,000
(b)
MetLife
Inc
9
.250
04/08/38
120,575
46,000
(a)
MetLife
Inc
3
.850
N/A
45,425
23,000
(a)
MetLife
Inc
5
.875
N/A
23,273
84,000
PartnerRe
Finance
B
LLC
4
.500
10/01/50
77,280
174,000
Prudential
Financial
Inc
5
.375
05/15/45
173,872
125,000
Prudential
Financial
Inc
5
.125
03/01/52
117,479
107,000
Prudential
Financial
Inc
3
.700
10/01/50
95,522
225,000
Prudential
Financial
Inc
6
.500
03/15/54
225,706
250,000
(a),(b)
SBL
Holdings
Inc
6
.500
N/A
218,775
TOTAL
INSURANCE
2,494,088
MEDIA
&
ENTERTAINMENT
-
0.5%
250,000
(a),(b)
Farm
Credit
Bank
of
Texas
7
.750
N/A
259,045
38,000
Paramount
Global
6
.375
03/30/62
36,553
TOTAL
MEDIA
&
ENTERTAINMENT
295,598
TELECOMMUNICATION
SERVICES
-
0.7%
200,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
09/15/55
198,468
170,000
Vodafone
Group
PLC
4
.125
06/04/81
151,029
73,000
Vodafone
Group
PLC
7
.000
04/04/79
75,004
TOTAL
TELECOMMUNICATION
SERVICES
424,501
UTILITIES
-
8.7%
235,000
AES
Corp/The
7
.600
01/15/55
232,195
400,000
(b)
AltaGas
Ltd
7
.200
10/15/54
390,646
86,000
American
Electric
Power
Co
Inc
3
.875
02/15/62
80,786
125,000
CMS
Energy
Corp
6
.500
06/01/55
121,868
302,000
Dominion
Energy
Inc
7
.000
06/01/54
313,553
180,000
Duke
Energy
Corp
6
.450
09/01/54
180,378
329,000
(a)
Edison
International
5
.375
N/A
308,370
50,000
(a)
Edison
International
5
.000
N/A
44,232
208,000
Emera
Inc
6
.750
06/15/76
208,282
335,000
Entergy
Corp
7
.125
12/01/54
336,821
1,000,000
EUSHI
Finance
Inc
7
.625
12/15/54
1,004,457
959,000
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
968,769
400,000
PG&E
Corp
7
.375
03/15/55
388,316
84,000
Sempra
4
.125
04/01/52
76,970
102,000
Southern
Co/The
4
.000
01/15/51
100,503
Portfolio
of
Investments
April
30,
2025
(continued)
NPFI
82
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
200,000
(a),(b)
Vistra
Corp
8
.875
%
N/A
$
210,445
19,000
(a),(b)
Vistra
Corp
7
.000
N/A
19,188
100,000
(a),(b)
Vistra
Corp
8
.000
N/A
102,206
TOTAL
UTILITIES
5,087,985
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$31,776,346)
31,365,660
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
26457792
CORPORATE
BONDS
-
44.9%
26457792
BANKS
-
32.2%
656,000
(a),(c)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
706,514
400,000
(a),(c)
Banco
Bilbao
Vizcaya
Argentaria
SA
7
.750
N/A
391,457
200,000
(a),(c)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
N/A
192,226
600,000
(a),(c)
Banco
Santander
SA
4
.750
N/A
566,021
600,000
(a),(c)
Banco
Santander
SA
9
.625
N/A
677,815
600,000
(a),(c)
Banco
Santander
SA
8
.000
N/A
613,071
650,000
(a)
Bank
of
America
Corp
6
.625
N/A
650,299
800,000
(a),(c)
Barclays
PLC
9
.625
N/A
873,328
300,000
(a),(c)
Barclays
PLC
6
.125
N/A
298,248
200,000
(a),(c)
Barclays
PLC
7
.625
N/A
191,330
402,000
(a),(c)
Barclays
PLC
8
.000
N/A
410,691
600,000
(a),(b),(c)
BNP
Paribas
SA
7
.750
N/A
616,733
483,000
(a),(b),(c)
BNP
Paribas
SA
9
.250
N/A
508,184
450,000
(a),(b),(c)
BNP
Paribas
SA
8
.000
N/A
464,629
891,000
(a),(b),(c)
BNP
Paribas
SA
8
.500
N/A
928,674
723,000
(a),(b),(c)
Credit
Agricole
SA
6
.700
N/A
684,621
657,000
(a),(b),(c)
Credit
Agricole
SA
8
.125
N/A
665,109
400,000
(a),(c)
HSBC
Holdings
PLC
6
.500
N/A
397,214
222,000
(a),(c)
HSBC
Holdings
PLC
6
.000
N/A
219,144
500,000
(a),(c)
HSBC
Holdings
PLC
6
.950
N/A
487,483
718,000
(a),(c)
HSBC
Holdings
PLC
8
.000
N/A
745,719
600,000
(a),(c)
HSBC
Holdings
PLC
6
.875
N/A
595,030
600,000
(a),(c)
ING
Groep
NV
5
.750
N/A
590,193
988,000
(a),(c)
ING
Groep
NV
7
.500
N/A
1,000,350
200,000
(a),(b),(c)
Intesa
Sanpaolo
SpA
7
.700
N/A
200,622
800,000
(a),(c)
Lloyds
Banking
Group
PLC
8
.000
N/A
820,128
306,000
(a),(c)
Lloyds
Banking
Group
PLC
7
.500
N/A
305,059
200,000
(a),(c)
Lloyds
Banking
Group
PLC
6
.750
N/A
187,376
771,000
(a),(c)
NatWest
Group
PLC
8
.125
N/A
796,242
297,000
(a),(c)
NatWest
Group
PLC
6
.000
N/A
295,171
400,000
(a),(c)
NatWest
Group
PLC
8
.000
N/A
401,058
200,000
(a),(c)
NatWest
Group
PLC
4
.600
N/A
165,749
400,000
(a),(b),(c)
Nordea
Bank
Abp
6
.300
N/A
381,051
800,000
(a),(b),(c)
Societe
Generale
SA
10
.000
N/A
860,250
400,000
(a),(b),(c)
Societe
Generale
SA
8
.500
N/A
403,627
377,000
(a),(b),(c)
Societe
Generale
SA
9
.375
N/A
394,356
300,000
(a),(b),(c)
Standard
Chartered
PLC
6
.000
N/A
299,380
TOTAL
BANKS
18,984,152
ENERGY
-
3.6%
315,000
Enbridge
Inc
6
.000
01/15/77
308,676
548,000
Enbridge
Inc
5
.750
07/15/80
525,221
239,000
Enbridge
Inc
7
.625
01/15/83
243,775
955,000
Enbridge
Inc
8
.500
01/15/84
1,029,385
TOTAL
ENERGY
2,107,057
FINANCIAL
SERVICES
-
5.6%
200,000
(a),(c)
Deutsche
Bank
AG
4
.789
N/A
198,000
600,000
(a),(c)
Deutsche
Bank
AG
6
.000
N/A
587,602
400,000
(a),(b),(c)
UBS
Group
AG
7
.750
N/A
409,217
600,000
(a),(c)
UBS
Group
AG
6
.875
N/A
600,000
1,043,000
(a),(b),(c)
UBS
Group
AG
9
.250
N/A
1,165,855
300,000
(a),(b),(c)
UBS
Group
AG
9
.250
N/A
324,148
TOTAL
FINANCIAL
SERVICES
3,284,822
83
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
INSURANCE
-
2.9%
$
1,362,000
Assurant
Inc
7
.000
%
03/27/48
$
1,355,430
150,000
MetLife
Inc
6
.350
03/15/55
149,009
200,000
(a),(c)
Phoenix
Group
Holdings
PLC
8
.500
N/A
203,682
TOTAL
INSURANCE
1,708,121
TELECOMMUNICATION
SERVICES
-
0.6%
375,000
Rogers
Communications
Inc
7
.125
04/15/55
373,640
TOTAL
TELECOMMUNICATION
SERVICES
373,640
TOTAL
CORPORATE
BONDS
(Cost
$26,672,429)
26,457,792
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$58,448,775)
57,823,452
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.9%
1,096,594
NET
ASSETS
-
100%
$
58,920,046
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
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
$10,620,390
or
18.4%
of
Total
Investments.
(c)
Contingent
Capital
Securities
(“CoCos”)
are
debt
or
preferred
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer,
for
example
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
As
of
the
end
of
the
reporting
period,
the
Fund’s
total
investment
in
CoCos
was
37.7%
of
Total
Investments.
Preferred
and
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
31,365,660
$
–
$
31,365,660
Corporate
Bonds
–
26,457,792
–
26,457,792
Total
$
–
$
57,823,452
$
–
$
57,823,452
84
Portfolio
of
Investments
April
30,
2025
NSCR
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.7%
COMMON
STOCKS
-
99.7%
COMMUNICATION
SERVICES
-
7.9%
798
Alphabet
Inc,
Class
A
$
126,722
663
Alphabet
Inc,
Class
C
106,670
392
Meta
Platforms
Inc
215,208
TOTAL
COMMUNICATION
SERVICES
448,600
CONSUMER
DISCRETIONARY
-
7.3%
1,217
(a)
Amazon.com
Inc
224,439
244
Home
Depot
Inc/The
87,960
231
PulteGroup
Inc
23,696
614
TJX
Cos
Inc/The
79,009
TOTAL
CONSUMER
DISCRETIONARY
415,104
CONSUMER
STAPLES
-
4.3%
1,047
Altria
Group
Inc
61,930
1,198
Conagra
Brands
Inc
29,603
93
Costco
Wholesale
Corp
92,488
1,003
Molson
Coors
Beverage
Co,
Class
B
57,703
TOTAL
CONSUMER
STAPLES
241,724
ENERGY
-
1.7%
427
Chevron
Corp
58,098
336
Valero
Energy
Corp
39,006
TOTAL
ENERGY
97,104
FINANCIALS
-
17.8%
610
Allstate
Corp/The
121,018
108
Ameriprise
Financial
Inc
50,870
259
Aon
PLC,
Class
A
91,891
655
Arch
Capital
Group
Ltd
59,395
1,726
Bank
of
New
York
Mellon
Corp/The
138,788
1,006
Citigroup
Inc
68,790
178
(a)
Fiserv
Inc
32,853
498
KKR
&
Co
Inc
56,906
259
Mastercard
Inc,
Class
A
141,948
141
S&P
Global
Inc
70,507
270
Visa
Inc,
Class
A
93,285
1,164
Wells
Fargo
&
Co
82,656
TOTAL
FINANCIALS
1,008,907
HEALTH
CARE
-
14.9%
784
(a)
Boston
Scientific
Corp
80,650
1,029
Bristol-Myers
Squibb
Co
51,656
699
(a)
Centene
Corp
41,835
295
Cigna
Group/The
100,312
565
(a)
Edwards
Lifesciences
Corp
42,652
127
Elevance
Health
Inc
53,414
163
Eli
Lilly
&
Co
146,529
50
(a)
Intuitive
Surgical
Inc
25,790
502
Johnson
&
Johnson
78,467
924
Merck
&
Co
Inc
78,725
132
(a)
Molina
Healthcare
Inc
43,165
127
UnitedHealth
Group
Inc
52,253
198
(a)
Veeva
Systems
Inc,
Class
A
46,270
TOTAL
HEALTH
CARE
841,718
INDUSTRIALS
-
7.6%
376
Eaton
Corp
PLC
110,683
86
Parker-Hannifin
Corp
52,035
258
Trane
Technologies
PLC
98,894
989
(a)
Uber
Technologies
Inc
80,119
143
United
Rentals
Inc
90,298
TOTAL
INDUSTRIALS
432,029
85
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:
SHARES
DESCRIPTION
VALUE
INFORMATION
TECHNOLOGY
-
32.5%
1,761
Apple
Inc
$
374,213
1,036
Broadcom
Inc
199,399
1,608
Cisco
Systems
Inc
92,830
3,115
Gen
Digital
Inc
80,585
1,362
Intel
Corp
27,376
90
KLA
Corp
63,242
673
Lam
Research
Corp
48,234
1,141
Microsoft
Corp
450,992
3,269
NVIDIA
Corp
356,059
471
QUALCOMM
Inc
69,925
288
Salesforce
Inc
77,388
TOTAL
INFORMATION
TECHNOLOGY
1,840,243
MATERIALS
-
1.5%
183
(a)
Linde
PLC
82,941
TOTAL
MATERIALS
82,941
REAL
ESTATE
-
1.9%
686
Simon
Property
Group
Inc
107,963
TOTAL
REAL
ESTATE
107,963
UTILITIES
-
2.3%
1,190
American
Electric
Power
Co
Inc
128,925
TOTAL
UTILITIES
128,925
TOTAL
COMMON
STOCKS
(Cost
$5,394,100)
5,645,258
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$5,394,100)
5,645,258
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.3%
16,263
NET
ASSETS
-
100%
$
5,661,521
S&P
Standard
&
Poor's
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
Portfolio
of
Investments
April
30,
2025
(continued)
NSCR
86
NSCR
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
5,645,258
$
–
$
–
$
5,645,258
Total
$
5,645,258
$
–
$
–
$
5,645,258
a
87
Portfolio
of
Investments
April
30,
2025
NUSB
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
77.1%
CORPORATE
DEBT
-
60.5%
FINANCIALS
-
27.8%
$
750,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4
.450
%
10/01/25
$
748,586
1,000,000
Air
Lease
Corp
2
.875
01/15/26
985,862
1,000,000
Allstate
Corp/The
3
.280
12/15/26
981,423
1,520,000
(a)
American
Express
Co
(
SOFR
+
0
.750
%
)
5
.130
04/23/27
1,521,078
1,000,000
Aon
North
America
Inc
5
.125
03/01/27
1,013,816
1,500,000
Bank
of
America
Corp
3
.559
04/23/27
1,485,075
1,410,000
(a)
Bank
of
Montreal
(
SOFR
Compounded
Index
+
0
.880
%
)
5
.743
09/10/27
1,408,731
750,000
Bank
of
New
York
Mellon
Corp/The
4
.587
04/20/27
752,814
1,555,000
Bank
of
New
York
Mellon
Corp/The
4
.947
04/26/27
1,563,552
2,085,000
Charles
Schwab
Corp/The
0
.900
03/11/26
2,024,387
1,275,000
(a)
Citibank
NA
(
SOFR
Compounded
Index
+
0
.590
%
)
4
.974
04/30/26
1,272,146
875,000
Citigroup
Inc
5
.610
09/29/26
877,998
750,000
(a),(b)
Corebridge
Global
Funding
(
SOFR
+
0
.750
%
)
5
.127
01/07/28
745,513
1,000,000
ERP
Operating
LP
2
.850
11/01/26
978,731
1,320,000
Goldman
Sachs
Group
Inc/The
5
.798
08/10/26
1,323,055
1,500,000
Goldman
Sachs
Group
Inc/The
1
.431
03/09/27
1,459,856
1,000,000
(a)
Huntington
National
Bank/The
(
SOFR
+
0
.720
%
)
5
.096
04/12/28
995,645
1,668,000
JPMorgan
Chase
&
Co
6
.070
10/22/27
1,709,835
1,000,000
(a)
Marsh
&
McLennan
Cos
Inc
(
SOFR
Compounded
Index
+
0
.700
%
)
5
.062
11/08/27
998,572
1,285,000
(a),(b)
Massachusetts
Mutual
Life
Insurance
Co
(
SOFR
+
0
.740
%
)
5
.117
04/09/27
1,282,883
337,000
(a)
Mitsubishi
UFJ
Trust
&
Banking
Corp/NY
(
SOFR
+
0
.400
%
)
4
.760
07/01/25
337,160
1,320,000
Morgan
Stanley
5
.050
01/28/27
1,325,002
995,000
(a),(b)
New
York
Life
Global
Funding
(
SOFR
+
0
.670
%
)
5
.048
04/02/27
993,573
1,250,000
(a)
Nordea
Bank
Abp/New
York
NY
(
SOFR
+
0
.170
%
)
4
.530
08/19/25
1,250,095
1,400,000
Prologis
LP
3
.250
06/30/26
1,384,606
2,055,000
(a)
Royal
Bank
of
Canada
(
SOFR
Compounded
Index
+
1
.080
%
)
5
.458
07/20/26
2,069,331
1,400,000
Simon
Property
Group
LP
3
.300
01/15/26
1,388,873
1,535,000
State
Street
Corp
5
.104
05/18/26
1,535,229
1,000,000
(a)
State
Street
Corp
(
SOFR
+
0
.640
%
)
5
.020
10/22/27
996,300
1,250,000
(a)
Toronto-Dominion
Bank/NY
(
SOFR
+
0
.380
%
)
4
.740
07/31/25
1,250,717
1,000,000
(a)
Toronto-Dominion
Bank/The
(
SOFR
+
0
.620
%
)
4
.990
12/17/26
997,808
750,000
UBS
AG/Stamford
CT
4
.864
01/10/28
755,120
1,275,000
(a)
UnitedHealth
Group
Inc
(
SOFR
+
0
.500
%
)
4
.876
07/15/26
1,273,600
1,000,000
Ventas
Realty
LP
3
.850
04/01/27
989,413
1,520,000
Wells
Fargo
Bank
NA
4
.811
01/15/26
1,524,404
TOTAL
FINANCIALS
42,200,789
INDUSTRIAL
-
24.3%
810,000
(a)
American
Honda
Finance
Corp
(
SOFR
Compounded
Index
+
0
.720
%
)
5
.097
10/05/26
810,237
1,250,000
American
Tower
Corp
4
.400
02/15/26
1,248,310
1,725,000
AT&T
Inc
2
.950
07/15/26
1,696,696
395,000
(a),(b)
BMW
US
Capital
LLC
(
SOFR
Compounded
Index
+
0
.550
%
)
4
.928
04/02/26
394,362
1,000,000
Broadcom
Inc
3
.459
09/15/26
987,289
1,000,000
Carrier
Global
Corp
2
.493
02/15/27
970,864
1,410,000
(a)
Caterpillar
Financial
Services
Corp
(
SOFR
+
0
.690
%
)
5
.067
10/16/26
1,414,856
720,000
(a)
Caterpillar
Financial
Services
Corp
(
SOFR
+
0
.520
%
)
4
.882
05/14/27
718,877
1,250,000
Comcast
Corp
3
.150
03/01/26
1,236,487
1,275,000
CVS
Health
Corp
5
.000
02/20/26
1,277,813
1,250,000
Gilead
Sciences
Inc
2
.950
03/01/27
1,225,816
645,000
(a)
Home
Depot
Inc/The
(
SOFR
+
0
.330
%
)
4
.702
12/24/25
644,613
1,320,000
Intel
Corp
4
.875
02/10/26
1,320,388
1,000,000
(a)
John
Deere
Capital
Corp
(
SOFR
+
0
.500
%
)
4
.867
03/06/28
997,900
1,250,000
(a)
Keurig
Dr
Pepper
Inc
(
SOFR
+
0
.580
%
)
4
.967
11/15/26
1,250,846
1,000,000
L3Harris
Technologies
Inc
3
.850
12/15/26
990,257
1,535,000
Lowe's
Cos
Inc
4
.400
09/08/25
1,533,752
1,410,000
Magna
International
Inc
4
.150
10/01/25
1,405,636
1,000,000
(b)
Mars
Inc
4
.450
03/01/27
1,006,036
1,250,000
McDonald's
Corp
3
.500
03/01/27
1,233,895
Portfolio
of
Investments
April
30,
2025
(continued)
NUSB
88
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
1,000,000
O'Reilly
Automotive
Inc
5
.750
%
11/20/26
$
1,019,125
1,000,000
Otis
Worldwide
Corp
2
.293
04/05/27
962,945
1,250,000
Philip
Morris
International
Inc
4
.750
02/12/27
1,262,973
1,400,000
Republic
Services
Inc
2
.900
07/01/26
1,379,868
1,250,000
Roper
Technologies
Inc
3
.800
12/15/26
1,238,479
1,000,000
RTX
Corp
2
.650
11/01/26
974,726
1,000,000
Sysco
Corp
3
.300
07/15/26
986,245
750,000
T-Mobile
USA
Inc
2
.625
04/15/26
736,091
1,065,000
(a)
Toyota
Motor
Credit
Corp
(
SOFR
+
0
.450
%
)
4
.813
05/15/26
1,063,806
1,290,000
(a)
Toyota
Motor
Credit
Corp
(
SOFR
+
0
.770
%
)
5
.131
08/07/26
1,292,331
1,525,000
Trane
Technologies
Financing
Ltd
3
.500
03/21/26
1,511,827
1,000,000
(b)
Volkswagen
Group
of
America
Finance
LLC
4
.950
03/25/27
1,003,064
1,000,000
Zimmer
Biomet
Holdings
Inc
4
.700
02/19/27
1,003,975
TOTAL
INDUSTRIAL
36,800,385
UTILITY
-
8.4%
1,250,000
Duke
Energy
Progress
LLC
4
.350
03/06/27
1,259,581
2,060,000
Entergy
Corp
0
.900
09/15/25
2,030,723
1,725,000
National
Rural
Utilities
Cooperative
Finance
Corp
4
.450
03/13/26
1,724,600
1,275,000
(a)
National
Rural
Utilities
Cooperative
Finance
Corp
(
SOFR
+
0
.820
%
)
5
.189
09/16/27
1,273,642
1,320,000
NextEra
Energy
Capital
Holdings
Inc
4
.950
01/29/26
1,322,791
1,000,000
(b)
Oncor
Electric
Delivery
Co
LLC
4
.500
03/20/27
1,006,548
2,060,000
Public
Service
Enterprise
Group
Inc
0
.800
08/15/25
2,036,745
2,060,000
WEC
Energy
Group
Inc
4
.750
01/09/26
2,062,052
TOTAL
UTILITY
12,716,682
TOTAL
CORPORATE
DEBT
(Cost
$91,714,071)
91,717,856
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
0.2%
GOVERNMENT
AGENCY
-
0.2%
75,000
Federal
Farm
Credit
Banks
Funding
Corp
1
.170
06/23/25
74,633
50,000
Federal
Home
Loan
Banks
0
.700
08/26/25
49,439
75,000
Federal
Home
Loan
Banks
1
.375
09/30/25
74,089
25,000
Federal
Home
Loan
Banks
1
.250
12/15/25
24,546
TOTAL
GOVERNMENT
AGENCY
222,707
TOTAL
GOVERNMENT
RELATED
(Cost
$222,008)
222,707
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
13.5%
100,000
American
Express
Credit
Account
Master
Trust
3
.390
05/17/27
99,951
250,000
BA
Credit
Card
Trust
3
.530
11/15/27
249,678
165,591
BANK
2017-BNK6
3
.289
07/15/60
163,819
570,969
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
2016-UBS10
2
.903
07/15/49
564,303
446,970
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
2017-BNK3
3
.366
02/15/50
442,367
245,158
Benchmark
2021-B30
Mortgage
Trust
1
.190
11/15/54
238,657
683,725
(a)
BMW
Vehicle
Lease
Trust
(
SOFR30A
+
0
.420
%
)
5
.154
01/25/27
683,527
279,907
Carmax
Auto
Owner
Trust
2022-4
5
.340
08/16/27
280,867
82,396
(a)
CarMax
Auto
Owner
Trust
2024-2
(
SOFR30A
+
0
.580
%
)
4
.927
05/17/27
82,427
1,145,112
(a)
CarMax
Auto
Owner
Trust
2024-4
(
SOFR30A
+
0
.450
%
)
4
.795
12/15/27
1,144,807
199,092
CFCRE
Commercial
Mortgage
Trust
2016-C4
3
.014
05/10/58
196,893
177,503
CFCRE
Commercial
Mortgage
Trust
2016-C6
3
.060
11/10/49
176,382
131,266
(b)
Chase
Auto
Owner
Trust
2024-4
5
.250
09/27/27
131,558
500,000
(a)
Citibank
Credit
Card
Issuance
Trust
(
SOFR
+
0
.630
%
)
4
.978
12/08/27
500,611
77,996
Citigroup
Commercial
Mortgage
Trust
2016-C1
3
.003
05/10/49
77,569
29,227
(a),(b)
Citizens
Auto
Receivables
Trust
2024-1
(
SOFR30A
+
0
.600
%
)
4
.945
10/15/26
29,235
83,043
(a)
CNH
Equipment
Trust
2024-B
(
SOFR30A
+
0
.400
%
)
4
.745
10/15/27
83,058
89
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
750,000
(a)
CNH
Equipment
Trust
2024-C
(
SOFR30A
+
0
.420
%
)
4
.765
%
02/18/28
$
749,864
12,358
COMM
2015-CCRE25
Mortgage
Trust
3
.505
08/10/48
12,340
150,000
COMM
2015-CCRE25
Mortgage
Trust
3
.759
08/10/48
149,457
100,000
COMM
2015-CCRE26
Mortgage
Trust
3
.630
10/10/48
99,395
134,754
COMM
2015-CCRE27
Mortgage
Trust
3
.349
10/10/48
134,172
85,402
COMM
2015-LC23
Mortgage
Trust
3
.521
10/10/48
85,041
19,914
CSAIL
2016-C5
Commercial
Mortgage
Trust
3
.533
11/15/48
19,853
300,000
CSAIL
2016-C5
Commercial
Mortgage
Trust
3
.757
11/15/48
297,453
120,594
DBJPM
2016-C3
Mortgage
Trust
2
.632
08/10/49
117,928
100,000
Discover
Card
Execution
Note
Trust
3
.320
05/15/27
99,955
250,000
(b)
DLLMT
2024-1
LLC
5
.080
02/22/27
250,503
180,593
(a)
Ford
Credit
Auto
Lease
Trust
2024-B
(
SOFR30A
+
0
.400
%
)
4
.745
02/15/27
180,564
48,436
(a)
Ford
Credit
Auto
Owner
Trust
2024-A
(
SOFR30A
+
0
.360
%
)
4
.705
01/15/27
48,425
500,000
(a)
Ford
Credit
Auto
Owner
Trust
2024-C
(
SOFR30A
+
0
.400
%
)
4
.745
08/15/27
499,850
250,472
GM
Financial
Automobile
Leasing
Trust
2024-2
5
.430
09/21/26
251,217
710,043
(a)
GM
Financial
Automobile
Leasing
Trust
2024-3
(
SOFR30A
+
0
.470
%
)
4
.820
01/20/27
709,376
68,452
(a)
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-2
(
SOFR30A
+
0
.390
%
)
4
.737
03/16/27
68,425
703,740
(a)
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-4
(
SOFR30A
+
0
.400
%
)
4
.747
10/18/27
703,604
195,909
(a)
GS
Mortgage
Securities
Trust
2016-GS4
3
.278
11/10/49
194,341
50,873
(a)
Hyundai
Auto
Receivables
Trust
2024-A
(
SOFR30A
+
0
.420
%
)
4
.765
04/15/27
50,858
750,000
(a)
Hyundai
Auto
Receivables
Trust
2024-C
(
SOFR30A
+
0
.400
%
)
4
.745
09/15/27
749,887
1,000,000
Hyundai
Auto
Receivables
Trust
2025-A
4
.330
12/15/27
1,000,035
54,004
(a)
John
Deere
Owner
Trust
2024
(
SOFR30A
+
0
.370
%
)
4
.715
02/16/27
54,030
67,871
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C33
3
.504
12/15/48
67,452
141,902
(a),(b)
MHC
Commercial
Mortgage
Trust
2021-MHC
(
TSFR1M
+
0
.915
%
)
5
.237
04/15/38
141,762
109,655
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C26
3
.252
10/15/48
109,378
745,000
(a)
Morgan
Stanley
Capital
I
Trust
2015-MS1
3
.779
05/15/48
743,268
54,154
Morgan
Stanley
Capital
I
Trust
2016-UB11
2
.606
08/15/49
53,572
104,432
Morgan
Stanley
Capital
I
Trust
2016-UBS12
3
.436
12/15/49
103,210
199,889
Morgan
Stanley
Capital
I
Trust
2021-L5
0
.785
05/15/54
195,675
373,036
Morgan
Stanley
Capital
I
Trust
2021-L7
0
.881
10/15/54
362,695
290,456
(a),(b)
Porsche
Innovative
Lease
Owner
Trust
2024-1
(
SOFR30A
+
0
.520
%
)
4
.870
01/20/27
290,422
649,853
(a),(b)
Porsche
Innovative
Lease
Owner
Trust
2024-2
(
SOFR30A
+
0
.440
%
)
0
.000
12/21/26
649,681
26,981
(a),(b)
Tesla
Auto
Lease
Trust
2024-A
(
SOFR30A
+
0
.500
%
)
4
.850
06/22/26
26,980
976,853
(a),(b)
Tesla
Auto
Lease
Trust
2024-B
(
SOFR30A
+
0
.590
%
)
4
.940
01/20/27
977,161
147,527
(a)
Toyota
Auto
Receivables
2024-C
Owner
Trust
(
SOFR30A
+
0
.370
%
)
4
.715
05/17/27
147,527
912,385
Toyota
Auto
Receivables
2024-D
Owner
Trust
4
.550
08/16/27
912,508
386,717
(a),(b)
Toyota
Lease
Owner
Trust
2024-B
(
SOFR30A
+
0
.440
%
)
4
.790
02/22/27
386,449
35,663
UBS
Commercial
Mortgage
Trust
2017-C1
3
.256
06/15/50
35,266
44,927
UBS
Commercial
Mortgage
Trust
2017-C4
3
.366
10/15/50
44,360
100,000
(a)
Verizon
Master
Trust
(
SOFR30A
+
0
.650
%
)
5
.000
12/20/28
100,112
423,539
(a)
Volkswagen
Auto
Lease
Trust
2024-A
(
SOFR30A
+
0
.470
%
)
4
.820
12/21/26
422,993
500,000
(b)
Volvo
Financial
Equipment
LLC
Series
2024-1
4
.560
05/17/27
500,247
23,353
(a)
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS2
3
.767
07/15/58
23,196
3,854
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS3
3
.371
09/15/57
3,847
1,275,000
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS3
3
.617
09/15/57
1,266,774
229,643
Wells
Fargo
Commercial
Mortgage
Trust
2015-P2
3
.541
12/15/48
228,105
125,659
Wells
Fargo
Commercial
Mortgage
Trust
2015-P2
3
.656
12/15/48
125,282
365,000
Wells
Fargo
Commercial
Mortgage
Trust
2016-C33
3
.426
03/15/59
359,969
132,141
Wells
Fargo
Commercial
Mortgage
Trust
2016-C35
2
.788
07/15/48
131,320
23,173
World
Omni
Auto
Receivables
Trust
2023-D
5
.910
02/16/27
23,221
228,179
(a)
World
Omni
Auto
Receivables
Trust
2024-C
(
SOFR30A
+
0
.470
%
)
4
.815
01/18/28
228,194
Portfolio
of
Investments
April
30,
2025
(continued)
NUSB
90
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
94,118
(a)
World
Omni
Automobile
Lease
Securitization
Trust
2024-A
(
SOFR30A
+
0
.430
%
)
4
.775
%
02/16/27
$
94,146
TOTAL
SECURITIZED
(Cost
$20,366,877)
20,427,054
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
2.9%
4,445,000
United
States
Treasury
Note/Bond
4
.625
02/28/26
4,466,912
TOTAL
U.S.
TREASURY
(Cost
$4,459,883)
4,466,912
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$116,762,839)
116,834,529
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
25.0%
COMMERCIAL
PAPER
-
15.9%
1,000,000
(b)
American
Electric
Power
Co
Inc
0
.000
05/20/25
997,425
373,000
(b)
American
Electric
Power
Co
Inc
0
.000
05/09/25
372,571
350,000
(b)
American
Electric
Power
Co
Inc
0
.000
05/06/25
349,733
1,000,000
Aon
Corp
0
.000
06/05/25
995,390
530,000
Bank
of
Montreal
0
.000
05/12/25
529,234
1,500,000
(b)
BP
Capital
Markets
PLC
0
.000
06/30/25
1,488,665
1,000,000
CABOT
TRAIL
FUNDING
LLC
0
.000
06/06/25
995,468
519,000
Dow
Chemical
Co/The
0
.000
06/16/25
515,816
1,000,000
Dow
Chemical
Co/The
0
.000
05/05/25
999,360
1,250,000
(b)
Emerson
Electric
Co
0
.000
06/03/25
1,244,885
1,500,000
(b)
Honeywell
International
Inc
0
.000
08/06/25
1,482,368
700,000
(b)
Honeywell
International
Inc
0
.000
06/02/25
697,220
2,000,000
ING
US
Funding
LLC
4
.610
05/22/25
2,000,205
250,000
L3Harris
Technologies
Inc
0
.000
05/13/25
249,584
2,150,000
Northrop
Grumman
Corp
0
.000
06/03/25
2,140,558
1,000,000
Republic
Services
Inc
0
.000
05/01/25
999,873
1,000,000
(b)
RTX
Corp
0
.000
05/28/25
996,357
1,000,000
(b)
Sheffield
Receivables
Co
LLC
0
.000
05/12/25
998,543
1,250,000
(b)
Sheffield
Receivables
Co
LLC
0
.000
06/05/25
1,244,508
1,000,000
(b)
Swedbank
AB
4
.640
07/21/25
1,000,483
1,000,000
(b)
Victory
Receivables
Corp
0
.000
05/15/25
998,172
1,000,000
(b)
Victory
Receivables
Corp
0
.000
05/07/25
999,152
366,000
VW
Credit
Inc
0
.000
05/12/25
365,429
1,450,000
Waste
Management
Inc
0
.000
05/05/25
1,449,077
TOTAL
COMMERCIAL
PAPER
(Cost
$24,112,103)
24,110,076
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CORPORATE
DEBT
-
7.3%
FINANCIALS
-
1.2%
455,000
(a),(b)
Pacific
Life
Global
Funding
II
(
SOFR
Compounded
Index
+
0
.860
%
)
5
.229
06/16/25
455,260
1,320,000
Welltower
OP
LLC
4
.000
06/01/25
1,319,268
TOTAL
FINANCIALS
1,774,528
INDUSTRIAL
-
6.1%
1,320,000
AbbVie
Inc
3
.600
05/14/25
1,319,472
355,000
Chevron
Corp
1
.554
05/11/25
354,650
1,705,000
Fiserv
Inc
3
.850
06/01/25
1,703,105
1,320,000
Marathon
Petroleum
Corp
4
.700
05/01/25
1,320,000
1,530,000
Oracle
Corp
2
.950
05/15/25
1,528,912
505,000
Pfizer
Inc
0
.800
05/28/25
503,541
1,135,000
Philip
Morris
International
Inc
1
.500
05/01/25
1,135,000
91
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
INDUSTRIAL
(continued)
$
1,560,000
Reynolds
American
Inc
4
.450
%
06/12/25
$
1,559,147
TOTAL
INDUSTRIAL
9,423,827
TOTAL
CORPORATE
DEBT
(Cost
$11,198,403)
11,198,355
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
REPURCHASE
AGREEMENTS
-
1.8%
2,754,000
(c)
Fixed
Income
Clearing
Corp
(FICC)
4
.370
05/01/25
$
2,754,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$2,754,000)
2,754,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$38,064,506)
38,062,431
TOTAL
INVESTMENTS
-
102
.1
%
(Cost
$
154,827,345
)
154,896,960
OTHER
ASSETS
&
LIABILITIES,
NET
-
(2.1)%
(
3,140,174
)
NET
ASSETS
-
100%
$
151,756,786
SOFR
Secured
Overnight
Financing
Rate
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
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.
(b)
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
$23,141,320
or
14.9%
of
Total
Investments.
(c)
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.370%
dated
4/30/25
to
be
repurchased
at
$2,805,581
on
5/1/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.125%
and
maturity
date
11/15/27,
valued
at
$2,809,159.
NUSB
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
91,717,856
$
–
$
91,717,856
Government
Related
–
222,707
–
222,707
Securitized
–
20,427,054
–
20,427,054
U.S.
Treasury
–
4,466,912
–
4,466,912
Portfolio
of
Investments
April
30,
2025
(continued)
NUSB
92
NUSB
Level
1
Level
2
Level
3
Total
Short-Term
Investments:
Commercial
Paper
–
24,110,076
–
24,110,076
Corporate
Debt
–
11,198,355
–
11,198,355
Repurchase
Agreements
–
2,754,000
–
2,754,000
Total
$
–
$
154,896,960
$
–
$
154,896,960
a