Nushares ETF Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N‑CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number    811-23161
Nushares ETF Trust
 
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
 
(Address of principal executive offices) (Zip code)
Diana R. Gonzalez
Vice President and Secretary
8500 Andrew Carnegie Boulevard
Charlotte, North Carolina 28262
 
(Name and address of agent for service)
 
Registrant’s telephone number, including area code:    (312) 917-7700
 
Date of fiscal year end:    July 31
 
Date of reporting period:    January 31, 2025
ITEM 1.
REPORTS TO STOCKHOLDERS.
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen AA‑BBB CLO ETF
NCLO/NYSE Arca
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen AA‑BBB CLO ETF for the period of December 10, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
   Costs paid as a percentage of
$10,000 investment*
     
Nuveen AA‑BBB CLO ETF
   $13    0.26%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 73,705,794  
Total number of portfolio holdings
      40  
Portfolio turnover (%)
      10%  
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
LOGO
 
 
LOGO
 
 
 
 
  (1)
The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
  
 
 
 
   1    continued>>
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •   financial statements and other information   •   fund holdings   •   proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P730_SAR_0125
4212127-0326
   LOGO
 
 
   2   
 
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen Core Plus Bond ETF
NCPB/NASDAQ Stock Market LLC
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Core Plus Bond ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
   Costs paid as a percentage of
$10,000 investment*
     
Nuveen Core Plus Bond ETF
   $16    0.31%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 52,806,525  
Total number of portfolio holdings
      384  
Portfolio turnover (%)
      71%  
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
LOGO
 
 
LOGO
 
  (1)
The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
  
 
 
 
   1    continued>>
 
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
67092P763_SAR_0125
4212083-0326
   LOGO
 
 
   2   
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen Enhanced Yield U.S. Aggregate Bond ETF
NUAG/NYSE Arca
 
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Enhanced Yield U.S. Aggregate Bond ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
      
Cost of a 
$10,000 investment 
      Costs paid as a percentage of
$10,000 investment*
     
Nuveen Enhanced Yield U.S. Aggregate Bond ETF
      $10       0.20%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 37,296,765  
Total number of portfolio holdings
      728  
Portfolio turnover (%)
      24%  
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
LOGO
 
 
LOGO
 
 
 
  (1)
The Fund uses credit quality ratings for its portfolio securities provided by Moody’s, S&P and Fitch. If all three of Moody’s, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
  
 
 
 
   1    continued>>
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings    •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P102_SAR_0125
4212024-0326
   LOGO
 
 
   2   
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF
NUSA/NYSE Arca
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
   Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF
   $8    0.15%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 29,978,784  
Total number of portfolio holdings
      308  
Portfolio turnover (%)
      17%  
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
LOGO
 
 
LOGO
 
  (1)
The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
 
 
 
   1    continued>>
 
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P110_SAR_0125
4212035-0326
   LOGO
 
 
   2   
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen ESG High Yield Corporate Bond ETF
NUHY/NYSE Arca
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG High Yield Corporate Bond ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
   Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG High Yield Corporate Bond ETF
   $15    0.30%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 98,420,406  
Total number of portfolio holdings
      392  
Portfolio turnover (%)
      29%  
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
LOGO
  
 
LOGO
 
 
  (1)
The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
  
 
 
 
   1    continued>>
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
67092P854_SAR_0125
4212047-0326
   LOGO
 
 
   2   
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen ESG U.S. Aggregate Bond ETF
NUBD/NYSE Arca
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen ESG U.S. Aggregate Bond ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  
Costs paid as a percentage of
$10,000 investment*
     
Nuveen ESG U.S. Aggregate Bond ETF
   $8    0.16%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 404,475,431  
Total number of portfolio holdings
      2,094  
Portfolio turnover (%)
      4%  
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
LOGO
 
 
LOGO
 
  (1)
The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
  
 
 
 
   1    continued>>
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
67092P870_SAR_0125
4212064-0326
   LOGO
 
 
   2   
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen Preferred and Income ETF
NPFI/NASDAQ Stock Market LLC
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Preferred and Income ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  
Costs paid as a percentage of
$10,000 investment*
     
Nuveen Preferred and Income ETF
   $28    0.56%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 59,861,173  
Total number of portfolio holdings
      148  
Portfolio turnover (%)
      15%  
 
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
LOGO
 
LOGO
 
 
LOGO
 
  (1)
The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
 
 
 
   1    continued>>
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
67092P771_SAR_0125
4212094-0326
   LOGO
 
 
   2   
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen Sustainable Core ETF
NSCR/NASDAQ Stock Market LLC
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Sustainable Core ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
  
Costs paid as a percentage of
$10,000 investment*
     
Nuveen Sustainable Core ETF
   $23    0.46%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 6,085,893  
Total number of portfolio holdings
      50  
Portfolio turnover (%)
      41%  
 
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
 
LOGO
 
 
 
 
 
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
   1    continued>>
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P748_SAR_0125
4212105-0326
   LOGO
 
 
   2   
 
    
LOGO 		  

Semi-Annual Shareholder Report  
 
January 31, 2025  
 
Nuveen Ultra Short Income ETF
NUSB/NASDAQ Stock Market LLC
 
 
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Nuveen Ultra Short Income ETF for the period of August 1, 2024 to January 31, 2025. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.
 
 
 
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
 
   
   
Cost of a 
$10,000 investment 
   Costs paid as a percentage of
$10,000 investment*
     
Nuveen Ultra Short Income ETF
   $9    0.18%
* Annualized for period less than one year.
 
 
 
Fund Statistics (as of January 31, 2025)
 
Fund net assets
    $ 151,768,528  
Total number of portfolio holdings
      178  
Portfolio turnover (%)
      6%  
 
 
 
What did the Fund invest in? (as of January 31, 2025)
 
 
LOGO
 
 
LOGO
 
 
  (1)
The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc.(“Fitch”). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody’s, S&P or Fitch.
  
 
 
 
   1    continued>>
 
Changes in independent registered public accounting firm
On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.
 
 
 
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses, including its:
 
  •  
prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information
You can also request this information at (800) 257‑8787.
 
 
 
 
67092P755_SAR_0125
4212113-0326
   LOGO
 
 
   2   

Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6.

Investments.

 

(a)

Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

 

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Item
7.
Financial
Statements
and
Financial
Highlights
for
Open-End
Management
Investment
Companies
1
2
Portfolio
of
Investments
January
31,
2025
NCLO
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
99.0%
SECURITIZED
-
99.0%
$
840,000
(a),(b)
AIMCO
CLO
22
Ltd
(
TSFR3M
+
3
.400
%
)
7
.693
%
04/19/37
$
855,792
500,000
(a),(b)
Allegany
Park
CLO
Ltd
(
TSFR3M
+
2
.050
%
)
6
.667
01/20/35
501,080
2,500,000
(a),(b)
Anchorage
Capital
Clo
20
Ltd
(
TSFR3M
+
1
.950
%
)
6
.243
01/20/35
2,503,752
400,000
(a),(b)
Apidos
CLO
XV
(
TSFR3M
+
1
.812
%
)
6
.429
04/20/31
401,400
3,000,000
(a),(b)
Ares
LXXII
CLO
Ltd
(
TSFR3M
+
1
.700
%
)
6
.002
07/15/36
3,020,097
1,000,000
(a),(b)
Benefit
Street
Partners
CLO
X
Ltd
(
TSFR3M
+
2
.412
%
)
7
.029
04/20/34
1,002,699
730,000
(a),(b)
Blueberry
Park
CLO
Ltd
(
TSFR3M
+
2
.900
%
)
7
.193
10/20/37
746,278
3,250,000
(a),(b)
Boyce
Park
Clo
Ltd
(
TSFR3M
+
1
.750
%
)
6
.367
04/21/35
3,265,512
2,000,000
(a),(b)
Boyce
Park
Clo
Ltd
(
TSFR3M
+
3
.100
%
)
7
.393
04/21/35
2,013,472
975,000
(a),(b)
Buttermilk
Park
CLO
Ltd
(
TSFR3M
+
1
.370
%
)
5
.672
10/15/31
976,401
1,500,000
(a),(b)
Carlyle
US
CLO
2021-7
LTD
(
TSFR3M
+
1
.912
%
)
6
.568
10/15/35
1,504,354
250,000
(a),(b)
CIFC
Funding
2018-III
Ltd
(
TSFR3M
+
5
.762
%
)
10
.055
07/18/31
251,881
2,750,000
(a),(b)
CIFC
Funding
2021-V
Ltd
(
TSFR3M
+
2
.750
%
)
7
.059
01/15/38
2,809,400
1,000,000
(a),(b)
CIFC
Funding
2022-IV
Ltd
(
SOFR
+
3
.550
%
)
7
.858
07/16/35
1,008,998
3,250,000
(a),(b)
CIFC
Funding
2024-III
Ltd
(
TSFR3M
+
2
.200
%
)
6
.493
07/21/37
3,297,307
3,250,000
(a),(b)
Elmwood
CLO
VIII
Ltd
(
TSFR3M
+
2
.500
%
)
6
.793
04/20/37
3,297,388
1,500,000
(a),(b)
Elmwood
CLO
XII
Ltd
(
TSFR3M
+
2
.000
%
)
6
.302
10/15/37
1,516,074
3,250,000
(a),(b)
Galaxy
XXV
CLO
Ltd
(
TSFR3M
+
2
.400
%
)
6
.700
04/25/36
3,265,554
360,000
(a),(b)
Goldentree
Loan
Management
US
CLO
5
Ltd
(
TSFR3M
+
1
.500
%
)
5
.793
10/20/32
360,474
750,000
(a),(b)
Invesco
CLO
2021-3
Ltd
(
TSFR3M
+
3
.262
%
)
7
.552
10/22/34
754,236
3,250,000
(a),(b)
Invesco
US
CLO
2024-3
Ltd
(
TSFR3M
+
2
.250
%
)
6
.543
07/20/37
3,295,913
750,000
(a),(b)
Magnetite
XIX
Ltd
(
TSFR3M
+
5
.100
%
)
9
.403
04/17/34
752,080
520,000
(a),(b)
Magnetite
XXII
Ltd
(
TSFR3M
+
2
.900
%
)
7
.202
07/15/36
525,908
3,000,000
(a),(b)
Magnetite
XXVII
Ltd
(
TSFR3M
+
1
.812
%
)
6
.429
10/20/34
3,007,779
3,250,000
(a),(b)
MidOcean
Credit
CLO
XVI
(
TSFR3M
+
2
.000
%
)
6
.411
10/20/37
3,276,078
2,500,000
(a)
MidOcean
Credit
CLO
XVII
Ltd
(
TSFR3M
+
1
.950
%
)
6
.444
01/20/38
2,504,077
3,250,000
(a),(b)
Neuberger
Berman
Loan
Advisers
CLO
34
Ltd
(
TSFR3M
+
1
.750
%
)
6
.040
01/20/35
3,263,231
1,200,000
(a),(b)
OCP
CLO
2019-16
Ltd
(
TSFR3M
+
3
.412
%
)
7
.701
04/10/33
1,208,878
750,000
(a),(b)
OHA
Credit
Funding
2
LTD
(
TSFR3M
+
3
.700
%
)
7
.980
01/21/38
751,174
750,000
(a),(b)
OHA
Credit
Funding
8
Ltd
(
TSFR3M
+
1
.750
%
)
6
.030
01/20/38
756,094
2,000,000
(a),(b)
Palmer
Square
CLO
2023-1
Ltd
(
TSFR3M
+
3
.750
%
)
8
.043
01/20/38
2,003,146
3,000,000
(a),(b)
Park
Avenue
Institutional
Advisers
CLO
Ltd
2021-1
(
TSFR3M
+
2
.012
%
)
6
.305
01/20/34
3,008,676
1,000,000
(a),(b)
Regatta
30
Funding
Ltd
(
TSFR3M
+
1
.650
%
)
5
.963
01/25/38
1,006,506
1,000,000
(a),(b)
Regatta
VI
Funding
Ltd
(
TSFR3M
+
3
.362
%
)
7
.655
04/20/34
1,006,053
3,250,000
(a),(b)
Regatta
XXII
Funding
Ltd
(
TSFR3M
+
1
.700
%
)
5
.993
07/20/35
3,262,961
1,000,000
(a),(b)
Rockford
Tower
CLO
2019-1
Ltd
(
TSFR3M
+
2
.212
%
)
6
.505
04/20/34
1,003,324
650,000
(a),(b)
Rockford
Tower
CLO
2022-2
Ltd
(
TSFR3M
+
5
.150
%
)
9
.443
10/20/35
661,118
3,000,000
(a),(b)
TCW
CLO
2022-1
Ltd
(
TSFR3M
+
2
.500
%
)
6
.790
04/22/33
3,011,298
3,250,000
(a),(b)
TICP
CLO
XII
Ltd
(
TSFR3M
+
3
.562
%
)
7
.864
07/15/34
3,274,258
2,000,000
(a),(b)
AGL
CLO
19
Ltd
(
TSFR3M
+
2
.750
%
)
7
.043
07/21/35
2,013,242
TOTAL
SECURITIZED
(Cost
$72,777,975)
72,943,943
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$72,777,975)
72,943,943
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.0%
761,851
NET
ASSETS
-
100%
$
73,705,794
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
$70,439,866
or
96.6%
of
Total
Investments.
3
Portfolio
of
Investments
January
31,
2025
NCPB
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.5%
CORPORATE
DEBT
-
40.6%
FINANCIALS
-
14.1%
$
55,000
(a)
Acrisure
LLC
/
Acrisure
Finance
Inc
4.250
%
02/15/29
$
52,037
200,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
205,028
75,000
Agree
LP
4.800
10/01/32
72,205
90,000
(a)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
6.750
04/15/28
90,950
60,000
Aon
North
America
Inc
5.450
03/01/34
60,244
200,000
(a)
Banco
Santander
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
Santand
5.621
12/10/29
200,176
450,000
Bank
of
America
Corp
5.162
01/24/31
451,395
175,000
Bank
of
America
Corp
5.518
10/25/35
171,170
75,000
(b)
Bank
of
America
Corp
6.125
N/A
75,835
55,000
(b)
Bank
of
New
York
Mellon
Corp/The
4.700
N/A
54,750
55,000
Berkshire
Hathaway
Finance
Corp
3.850
03/15/52
41,457
50,000
Blackstone
Private
Credit
Fund
6.000
01/29/32
49,504
200,000
(a),(b)
BNP
Paribas
SA
8.500
N/A
210,257
95,000
Brixmor
Operating
Partnership
LP
2.250
04/01/28
87,246
40,000
(b)
Capital
One
Financial
Corp
3.950
N/A
38,583
95,000
Centene
Corp
3.000
10/15/30
82,257
75,000
(b)
Charles
Schwab
Corp/The
5.375
N/A
74,683
190,000
Citibank
NA
5.570
04/30/34
193,219
100,000
Citigroup
Inc
6.020
01/24/36
100,395
75,000
(b)
Citigroup
Inc
7.000
N/A
78,150
70,000
(b)
Citigroup
Inc
7.625
N/A
73,329
25,000
(b)
Citigroup
Inc
4.000
N/A
24,641
30,000
(a)
Compass
Group
Diversified
Holdings
LLC
5.250
04/15/29
29,036
100,000
Deutsche
Bank
AG/New
York
NY
6.819
11/20/29
105,327
60,000
(b)
Discover
Financial
Services
6.125
N/A
60,007
50,000
Elevance
Health
Inc
5.125
02/15/53
44,346
50,000
(b)
Equitable
Holdings
Inc
4.950
N/A
49,715
145,000
Federal
Realty
OP
LP
1.250
02/15/26
139,935
55,000
(a)
FirstCash
Inc
6.875
03/01/32
55,762
55,000
(a)
Five
Corners
Funding
Trust
II
2.850
05/15/30
49,193
225,000
Goldman
Sachs
Group
Inc/The
5.536
01/28/36
224,822
30,000
(b)
Goldman
Sachs
Group
Inc/The
7.379
N/A
30,184
80,000
(b)
Goldman
Sachs
Group
Inc/The
7.500
N/A
84,398
115,000
Hartford
Financial
Services
Group
Inc/The
2.800
08/19/29
105,300
45,000
(a)
HAT
Holdings
I
LLC
/
HAT
Holdings
II
LLC
8.000
06/15/27
46,781
50,000
Highwoods
Realty
LP
2.600
02/01/31
41,950
200,000
(b)
HSBC
Holdings
PLC
8.000
N/A
210,487
45,000
(a)
HUB
International
Ltd
7.250
06/15/30
46,529
70,000
(b)
Huntington
Bancshares
Inc/OH
5.625
N/A
68,562
70,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
5.250
05/15/27
67,847
25,000
(a)
Jane
Street
Group
/
JSG
Finance
Inc
6.125
11/01/32
24,879
700,000
JPMorgan
Chase
&
Co
4.851
07/25/28
701,035
350,000
JPMorgan
Chase
&
Co
5.502
01/24/36
352,078
55,000
(b)
JPMorgan
Chase
&
Co
6.875
N/A
57,413
50,000
(b)
JPMorgan
Chase
&
Co
3.650
N/A
48,726
40,000
Kennedy-Wilson
Inc
4.750
03/01/29
36,979
45,000
(a)
Liberty
Mutual
Group
Inc
3.951
10/15/50
32,426
55,000
(b)
M&T
Bank
Corp
3.500
N/A
51,834
80,000
(b)
MetLife
Inc
3.850
N/A
79,237
25,000
(a)
Molina
Healthcare
Inc
6
.250
01/15/33
24,821
225,000
Morgan
Stanley
5.230
01/15/31
226,050
100,000
Morgan
Stanley
5.587
01/18/36
100,871
250,000
Morgan
Stanley
Bank
NA
4.968
07/14/28
250,734
40,000
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.500
03/15/31
26,821
50,000
Navient
Corp
5.500
03/15/29
47,930
35,000
(b)
Northern
Trust
Corp
4.600
N/A
34,749
65,000
OneMain
Finance
Corp
5.375
11/15/29
63,092
65,000
(a)
Panther
Escrow
Issuer
LLC
7.125
06/01/31
66,565
Portfolio
of
Investments
January
31,
2025
(continued)
NCPB
4
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
70,000
(a)
PennyMac
Financial
Services
Inc
7.875
%
12/15/29
$
73,292
125,000
Piedmont
Operating
Partnership
LP
9.250
07/20/28
137,443
40,000
(b)
PNC
Financial
Services
Group
Inc/The
3.400
N/A
37,981
30,000
(b)
PNC
Financial
Services
Group
Inc/The
6.200
N/A
30,259
70,000
Prudential
Financial
Inc
5.125
03/01/52
65,996
50,000
Reinsurance
Group
of
America
Inc
5.750
09/15/34
50,377
55,000
(a)
Rocket
Mortgage
LLC
/
Rocket
Mortgage
Co-Issuer
Inc
4.000
10/15/33
46,503
25,000
(a)
Ryan
Specialty
LLC
5.875
08/01/32
24,772
25,000
(a)
Starwood
Property
Trust
Inc
6.500
07/01/30
25,239
85,000
(b)
State
Street
Corp
6.700
N/A
86,666
60,000
(b)
Truist
Financial
Corp
6.669
N/A
59,692
30,000
(b)
Truist
Financial
Corp
4.950
N/A
29,870
130,000
(a)
UBS
Group
AG
6.442
08/11/28
134,331
40,000
UnitedHealth
Group
Inc
5.050
04/15/53
35,858
25,000
(a)
UWM
Holdings
LLC
6.625
02/01/30
25,051
50,000
Ventas
Realty
LP
5.000
01/15/35
47,843
150,000
Wells
Fargo
&
Co
2.188
04/30/26
149,047
75,000
Wells
Fargo
&
Co
5.211
12/03/35
73,372
40,000
(b)
Wells
Fargo
&
Co
3.900
N/A
39,300
100,000
(b)
Wells
Fargo
&
Co
7.625
N/A
106,375
TOTAL
FINANCIALS
7,453,199
INDUSTRIAL
-
23.8%
45,000
AbbVie
Inc
5.400
03/15/54
43,413
40,000
(a)
Academy
Ltd
6.000
11/15/27
39,941
30,000
(a)
Adient
Global
Holdings
Ltd
4.875
08/15/26
29,963
50,000
(a)
ADT
Security
Corp/The
4.875
07/15/32
46,522
40,000
(a)
Ahead
DB
Holdings
LLC
6.625
05/01/28
39,571
40,000
(a)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
6.500
02/15/28
40,743
45,000
Amcor
Flexibles
North
America
Inc
4.000
05/17/25
44,865
100,000
Amcor
Group
Finance
PLC
5.450
05/23/29
101,120
175,000
American
Tower
Corp
5.800
11/15/28
180,021
145,000
Amgen
Inc
5.250
03/02/25
145,095
50,000
Amgen
Inc
5.250
03/02/33
49,829
150,000
Amgen
Inc
5.650
03/02/53
144,963
51,000
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.900
02/01/46
46,090
85,000
Anheuser-Busch
InBev
Worldwide
Inc
5.000
06/15/34
83,813
50,000
(a)
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
6.625
02/01/32
51,071
30,000
(a)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.250
04/01/28
30,148
30,000
(a)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.625
09/01/32
30,411
30,000
(a)
Arsenal
AIC
Parent
LLC
8.000
10/01/30
31,190
40,000
(a)
Asbury
Automotive
Group
Inc
5.000
02/15/32
37,426
35,000
(a)
ASGN
Inc
4.625
05/15/28
33,656
260,000
AT&T
Inc
3.500
09/15/53
175,583
155,000
AT&T
Inc
3.800
12/01/57
107,477
65,000
Ball
Corp
6.875
03/15/28
66,705
30,000
(a)
Bath
&
Body
Works
Inc
6.625
10/01/30
30,544
35,000
(a)
Beacon
Roofing
Supply
Inc
6.500
08/01/30
36,094
155,000
Berry
Global
Inc
1.570
01/15/26
150,179
80,000
(a)
Block
Inc
6.500
05/15/32
81,769
80,000
Boeing
Co/The
3.250
02/01/28
75,918
190,000
Boeing
Co/The
5.805
05/01/50
178,828
50,000
(a)
Boost
Newco
Borrower
LLC
7.500
01/15/31
52,344
200,000
(a)
Brightline
East
LLC
11
.000
01/31/30
193,808
275,000
Broadcom
Inc
5.150
11/15/31
275,710
25,000
(a)
Buckeye
Partners
LP
6.750
02/01/30
25,432
40,000
(a)
Caesars
Entertainment
Inc
6.500
02/15/32
40,498
120,000
Canadian
Pacific
Railway
Co
2.050
03/05/30
104,643
30,000
(a)
Cargo
Aircraft
Management
Inc
4.750
02/01/28
29,930
35,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
5.125
05/01/27
34,354
35,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500
08/15/30
31,843
30,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.250
02/01/31
26,614
5
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
25,000
Cenovus
Energy
Inc
5.400
%
06/15/47
$
22,327
30,000
(a)
Chart
Industries
Inc
7.500
01/01/30
31,342
140,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.250
04/01/53
112,952
200,000
Cheniere
Energy
Partners
LP
4.500
10/01/29
193,907
75,000
(a)
CHS/Community
Health
Systems
Inc
5.250
05/15/30
63,943
80,000
(a)
Churchill
Downs
Inc
5.750
04/01/30
79,028
75,000
(a)
Civitas
Resources
Inc
8.625
11/01/30
79,497
25,000
(a)
Clarios
Global
LP
/
Clarios
US
Finance
Co
6.750
02/15/30
25,392
25,000
(a)
CNX
Resources
Corp
7.250
03/01/32
25,493
145,000
Comcast
Corp
2.650
02/01/30
130,557
180,000
Comcast
Corp
2.887
11/01/51
108,362
20,000
(a)
Concentra
Escrow
Issuer
Corp
6.875
07/15/32
20,681
125,000
Constellation
Brands
Inc
2.875
05/01/30
111,786
65,000
(a)
Coty
Inc/HFC
Prestige
Products
Inc/HFC
Prestige
International
US
LLC
6.625
07/15/30
66,387
75,000
(a)
CSC
Holdings
LLC
5.500
04/15/27
69,448
55,000
(a)
Cushman
&
Wakefield
US
Borrower
LLC
6.750
05/15/28
55,455
115,000
CVS
Health
Corp
5.050
03/25/48
96,121
40,000
(a)
DaVita
Inc
4.625
06/01/30
37,218
35,000
(a)
DaVita
Inc
6.875
09/01/32
35,491
25,000
(a)
Dcli
Bidco
LLC
7.750
11/15/29
25,709
60,000
(a)
DISH
Network
Corp
11.750
11/15/27
63,354
65,000
(a)
DT
Midstream
Inc
4.125
06/15/29
61,452
35,000
Enbridge
Inc
8.500
01/15/84
38,757
60,000
Encompass
Health
Corp
4.500
02/01/28
58,570
65,000
(b)
Energy
Transfer
LP
6.500
N/A
64,965
120,000
Enterprise
Products
Operating
LLC
4.450
02/15/43
102,487
57,000
(a)
EQM
Midstream
Partners
LP
4.500
01/15/29
54,949
50,000
(a)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5.875
04/01/29
47,201
50,000
(a)
Flutter
Treasury
DAC
6.375
04/29/29
50,824
95,000
Ford
Motor
Credit
Co
LLC
6.950
03/06/26
96,715
85,000
Ford
Motor
Credit
Co
LLC
7.350
03/06/30
90,212
200,000
(a)
Ford
Otomotiv
Sanayi
AS
7.125
04/25/29
198,480
55,000
(a)
Frontier
Communications
Holdings
LLC
5.875
10/15/27
55,016
30,000
(a)
Garda
World
Security
Corp
4.625
02/15/27
29,406
35,000
(a)
Gen
Digital
Inc
6.750
09/30/27
35,580
135,000
General
Motors
Financial
Co
Inc
5.350
01/07/30
134,892
80,000
(b)
General
Motors
Financial
Co
Inc
5.700
N/A
77,857
20,000
(b)
General
Motors
Financial
Co
Inc
5.750
N/A
19,473
30,000
Goodyear
Tire
&
Rubber
Co/The
5.000
07/15/29
27,987
55,000
Goodyear
Tire
&
Rubber
Co/The
5.250
04/30/31
50,220
35,000
(a)
Group
1
Automotive
Inc
4.000
08/15/28
33,210
200,000
(a)
Grupo
Aeromexico
SAB
de
CV
8.250
11/15/29
199,750
40,000
(a)
H&E
Equipment
Services
Inc
3.875
12/15/28
39,928
65,000
Haleon
US
Capital
LLC
3.625
03/24/32
59,072
130,000
HCA
Inc
3.500
09/01/30
118,787
15,000
HCA
Inc
5.900
06/01/53
14,284
75,000
(a)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
8.375
11/01/33
78,279
120,000
(a)
Hilton
Domestic
Operating
Co
Inc
5.875
04/01/29
120,833
55,000
(a)
Hologic
Inc
3.250
02/15/29
50,559
55,000
Honeywell
International
Inc
5.250
03/01/54
51,593
200,000
(a)
IHS
Holding
Ltd
7.875
05/29/30
196,700
60,000
(a)
Imola
Merger
Corp
4.750
05/15/29
57,225
30,000
(a)
IQVIA
Inc
6.500
05/15/30
30,609
55,000
(a)
Iron
Mountain
Inc
7.000
02/15/29
56,569
100,000
Kellanova
3.400
11/15/27
96,667
25,000
(a)
Kimmeridge
Texas
Gas
LLC
8.500
02/15/30
25,097
50,000
(a)
Kinetik
Holdings
LP
6.625
12/15/28
51,128
50,000
(a)
Kodiak
Gas
Services
LLC
7.250
02/15/29
51,465
40,000
Kohl's
Corp
4.625
05/01/31
32,017
50,000
Kroger
Co/The
5.000
09/15/34
48,516
Portfolio
of
Investments
January
31,
2025
(continued)
NCPB
6
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
65,000
Kroger
Co/The
5.500
%
09/15/54
$
60,905
70,000
L3Harris
Technologies
Inc
5.400
07/31/33
70,081
80,000
Lamar
Media
Corp
4.875
01/15/29
77,682
30,000
(a)
LCM
Investments
Holdings
II
LLC
8.250
08/01/31
31,498
80,000
(a)
Level
3
Financing
Inc
10.500
05/15/30
87,177
30,000
(a)
Light
&
Wonder
International
Inc
7.500
09/01/31
31,254
30,000
(a)
Live
Nation
Entertainment
Inc
6.500
05/15/27
30,498
55,000
Lowe's
Cos
Inc
4.250
04/01/52
42,958
80,000
Marathon
Petroleum
Corp
4.750
09/15/44
66,634
30,000
(a)
Marriott
Ownership
Resorts
Inc
4.500
06/15/29
28,247
60,000
(a)
McGraw-Hill
Education
Inc
7.375
09/01/31
62,425
60,000
MGM
Resorts
International
6.125
09/15/29
60,047
60,000
(a)
Michaels
Cos
Inc/The
5.250
05/01/28
46,659
200,000
(a)
Millicom
International
Cellular
SA
7.375
04/02/32
202,876
58,000
(a)
Mineral
Resources
Ltd
9.250
10/01/28
61,343
100,000
MPLX
LP
1.750
03/01/26
96,859
75,000
MPLX
LP
2.650
08/15/30
66,019
30,000
Newell
Brands
Inc
6.375
09/15/27
30,537
25,000
(a)
Novelis
Inc
6.875
01/30/30
25,594
100,000
Nutrien
Ltd
4.900
03/27/28
100,293
25,000
Occidental
Petroleum
Corp
6.600
03/15/46
25,195
100,000
ONEOK
Inc
5.050
11/01/34
95,542
125,000
ONEOK
Inc
5.700
11/01/54
116,121
50,000
(a)
Open
Text
Holdings
Inc
4.125
02/15/30
45,848
125,000
Oracle
Corp
6.000
08/03/55
124,602
60,000
O'Reilly
Automotive
Inc
4.200
04/01/30
57,983
30,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
4.125
04/30/28
28,454
55,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.125
04/30/31
49,788
30,000
Paramount
Global
6.375
03/30/62
29,243
40,000
(a)
Parkland
Corp/Canada
4.625
05/01/30
37,231
60,000
(a)
Permian
Resources
Operating
LLC
7.000
01/15/32
61,588
170,000
Pfizer
Investment
Enterprises
Pte
Ltd
5.300
05/19/53
159,177
60,000
Philip
Morris
International
Inc
4.750
11/01/31
59,014
55,000
Phillips
66
Co
5.300
06/30/33
54,529
45,000
(a)
Post
Holdings
Inc
6.250
02/15/32
45,034
175,000
(a)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6.250
01/15/28
174,801
35,000
(a)
Primo
Water
Holdings
Inc
4.375
04/30/29
33,061
100,000
Roper
Technologies
Inc
2.000
06/30/30
85,815
100,000
RTX
Corp
6.000
03/15/31
105,023
95,000
Salesforce
Inc
2.700
07/15/41
67,188
50,000
(a)
Sealed
Air
Corp/Sealed
Air
Corp
US
7.250
02/15/31
51,972
75,000
(a)
Sirius
XM
Radio
LLC
4.125
07/01/30
67,038
30,000
(a)
Sirius
XM
Radio
LLC
3.875
09/01/31
25,835
200,000
(a)
Sitios
Latinoamerica
SAB
de
CV
6.000
11/25/29
199,740
30,000
(a)
SM
Energy
Co
6.750
08/01/29
30,012
75,000
(a)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7.500
03/01/55
77,264
35,000
(a)
Standard
Industries
Inc/NY
5.000
02/15/27
34,515
50,000
(a)
Sunoco
LP
7.000
05/01/29
51,680
50,000
(a)
Sunrise
FinCo
I
BV
4.875
07/15/31
46,403
55,000
Sysco
Corp
6.600
04/01/50
59,833
50,000
Tapestry
Inc
5.100
03/11/30
49,664
60,000
Tenet
Healthcare
Corp
6.125
10/01/28
60,032
155,000
Tenet
Healthcare
Corp
4.375
01/15/30
145,009
150,000
Teva
Pharmaceutical
Finance
Netherlands
III
BV
3.150
10/01/26
145,347
330,000
T-Mobile
USA
Inc
2.250
11/15/31
275,479
65,000
TotalEnergies
Capital
SA
5.488
04/05/54
61,826
25,000
Transcanada
Trust
5.500
09/15/79
23,955
45,000
(a)
TransDigm
Inc
6.875
12/15/30
46,094
26,000
(a)
Transocean
Inc
8.750
02/15/30
26,596
60,000
(a)
Tronox
Inc
4.625
03/15/29
54,339
40,000
United
Rentals
North
America
Inc
4.000
07/15/30
37,031
65,000
(a)
Univision
Communications
Inc
4.500
05/01/29
59,191
7
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
25,000
(a)
US
LIQUIDSCO0
6.176
%
10/01/54
$
23,771
85,000
USA
Compression
Partners
LP
/
USA
Compression
Finance
Corp
6.875
09/01/27
85,526
70,000
(a)
Venture
Global
Calcasieu
Pass
LLC
4.125
08/15/31
63,284
80,000
(a)
Venture
Global
LNG
Inc
9.875
02/01/32
88,066
25,000
(a)
Veritiv
Operating
Co
10.500
11/30/30
27,170
235,000
Verizon
Communications
Inc
1.750
01/20/31
194,804
25,000
(a)
Viking
Baked
Goods
Acquisition
Corp
8.625
11/01/31
24,440
30,000
(a)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
6.375
02/01/30
27,493
45,000
(a)
Vmed
O2
UK
Financing
I
PLC
4.750
07/15/31
39,537
40,000
Vodafone
Group
PLC
4.125
06/04/81
35,928
40,000
(a)
VZ
Secured
Financing
BV
5.000
01/15/32
35,740
30,000
Walmart
Inc
2.500
09/22/41
20,768
30,000
Walmart
Inc
4.500
04/15/53
26,167
50,000
(a)
Wand
NewCo
3
Inc
7.625
01/30/32
51,757
125,000
Warnermedia
Holdings
Inc
5.141
03/15/52
93,235
35,000
Waste
Management
Inc
4.950
03/15/35
34,235
30,000
(a)
WESCO
Distribution
Inc
7.250
06/15/28
30,569
40,000
Williams
Cos
Inc/The
5.650
03/15/33
40,381
50,000
(a)
Windsor
Holdings
III
LLC
8.500
06/15/30
52,887
25,000
(a)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8.250
10/01/31
25,876
50,000
(a)
ZF
North
America
Capital
Inc
6.750
04/23/30
49,131
TOTAL
INDUSTRIAL
12,564,348
UTILITY
-
2.7%
130,000
AEP
Transmission
Co
LLC
5.400
03/15/53
123,590
130,000
Ameren
Illinois
Co
4.950
06/01/33
127,963
70,000
Atmos
Energy
Corp
5.000
12/15/54
62,546
25,000
(a)
California
Buyer
Ltd
/
Atlantica
Sustainable
Infrastructure
PLC
6.375
02/15/32
24,638
40,000
(a)
Clearway
Energy
Operating
LLC
4.750
03/15/28
38,699
75,000
CMS
Energy
Corp
4
.750
06/01/50
71,123
50,000
Consolidated
Edison
Co
of
New
York
Inc
5.500
03/15/55
47,790
55,000
Dominion
Energy
Inc
3.300
04/15/41
40,449
35,000
Dominion
Energy
Inc
7.000
06/01/54
37,020
35,000
DTE
Electric
Co
5
.400
04/01/53
33,984
60,000
Duke
Energy
Carolinas
LLC
4.250
12/15/41
50,858
65,000
Duke
Energy
Carolinas
LLC
5.400
01/15/54
61,907
125,000
Florida
Power
&
Light
Co
4.800
05/15/33
121,772
205,000
Georgia
Power
Co
2.650
09/15/29
186,407
45,000
Interstate
Power
and
Light
Co
3.100
11/30/51
28,580
55,000
NextEra
Energy
Capital
Holdings
Inc
6.750
06/15/54
56,262
65,000
NRG
Energy
Inc
5.750
01/15/28
65,100
30,000
(a)
Pattern
Energy
Operations
LP
/
Pattern
Energy
Operations
Inc
4.500
08/15/28
28,354
50,000
PECO
Energy
Co
2.800
06/15/50
31,136
50,000
Public
Service
Co
of
Colorado
4.050
09/15/49
38,398
45,000
(b)
Sempra
4.875
N/A
44,531
75,000
(a)
Talen
Energy
Supply
LLC
8.625
06/01/30
80,003
40,000
(a)
TerraForm
Power
Operating
LLC
4.750
01/15/30
36,946
TOTAL
UTILITY
1,438,056
TOTAL
CORPORATE
DEBT
(Cost
$21,518,953)
21,455,603
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
4.3%
GOVERNMENT
AGENCY
-
2.1%
250,000
Aeropuerto
Internacional
de
Tocumen
SA
4.000
08/11/41
183,250
200,000
(a)
Corp
Nacional
del
Cobre
de
Chile
6.150
10/24/36
199,118
200,000
Indian
Railway
Finance
Corp
Ltd
3.835
12/13/27
194,624
25,000
(a)
NOVA
Chemicals
Corp
5.250
06/01/27
24,567
200,000
(a)
OCP
SA
5.125
06/23/51
151,500
200,000
(a)
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
5.450
05/21/28
201,749
225,000
(a)
Petronas
Capital
Ltd
2.480
01/28/32
188,783
TOTAL
GOVERNMENT
AGENCY
1,143,591
Portfolio
of
Investments
January
31,
2025
(continued)
NCPB
8
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN
DEBT
-
2.2%
$
225,000
Angolan
Government
International
Bond
8.750
%
04/14/32
$
199,801
275,000
Colombia
Government
International
Bond
5.000
06/15/45
186,160
250,000
(a)
Hungary
Government
International
Bond
2.125
09/22/31
200,368
200,000
(a)
Ivory
Coast
Government
International
Bond
6.125
06/15/33
179,125
225,000
Republic
of
South
Africa
Government
International
Bond
6.250
03/08/41
194,282
200,000
(a)
Saudi
Government
International
Bond
5.000
01/16/34
194,847
TOTAL
SOVEREIGN
DEBT
1,154,583
TOTAL
GOVERNMENT
RELATED
(Cost
$2,354,385)
2,298,174
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
38.1%
250,000
(a)
Avis
Budget
Rental
Car
Funding
AESOP
LLC
6.180
10/20/27
252,120
250,000
BANK5
2024-5YR7
5.769
06/15/57
257,127
250,000
(a)
BBCMS
Trust
2015-SRCH
4.957
08/10/35
227,295
150,000
(a),(c)
BBCMS
Trust
2018-CBM
(
TSFR1M
+
1.297%
)
5.604
07/15/37
148,304
200,000
Benchmark
2018-B2
Mortgage
Trust
4.305
02/15/51
174,378
250,000
Benchmark
2019-B14
Mortgage
Trust
3.493
12/15/62
203,175
119,267
(a),(c)
BX
TRUST
(
TSFR1M
+
2.451%
)
6.757
08/15/39
120,012
150,000
(a),(c)
BX
Trust
2023-DELC
(
TSFR1M
+
3.339%
)
7.645
05/15/38
151,642
250,000
COMM
2015-CCRE26
Mortgage
Trust
3.630
10/10/48
247,520
150,000
COMM
2018-COR3
Mortgage
Trust
4.516
05/10/51
125,898
300,000
(a),(c)
Connecticut
Avenue
Securities
Trust
2023-R04
(
SOFR30A
+
3.550%
)
7.899
05/25/43
321,152
25,000
(a),(c)
Connecticut
Avenue
Securities
Trust
2023-R05
(
SOFR30A
+
3.100%
)
7.449
06/25/43
26,356
185,000
(a),(c)
Connecticut
Avenue
Securities
Trust
2023-R05
(
SOFR30A
+
4.750%
)
9.099
06/25/43
202,573
93,250
(a)
DB
Master
Finance
LLC
4.030
11/20/47
90,811
198,625
DBJPM
2016-C3
Mortgage
Trust
2.632
08/10/49
193,222
150,000
(a)
DBSG
2024-ALTA
Mortgage
Trust
6.595
06/10/37
152,006
368,385
Fannie
Mae
Pool
FN
FS1533
3.000
04/01/52
316,658
85,249
Fannie
Mae
Pool
FN
FS7299
3.000
05/01/52
73,201
362,569
Fannie
Mae
Pool
FN
MA4600
3.500
05/01/52
321,429
348,410
Fannie
Mae
Pool
FN
MA4624
3.000
06/01/52
296,500
700,249
Fannie
Mae
Pool
FN
MA4684
4.500
06/01/52
660,060
728,018
Fannie
Mae
Pool
FN
MA4700
4.000
07/01/52
666,957
551,318
Fannie
Mae
Pool
FN
MA4733
4
.500
09/01/52
519,859
609,688
Fannie
Mae
Pool
FN
MA4784
4.500
10/01/52
574,919
280,706
Fannie
Mae
Pool
FN
MA4785
5.000
10/01/52
271,921
1,178,244
Fannie
Mae
Pool
FN
MA4804
4.000
11/01/52
1,079,006
726,858
Fannie
Mae
Pool
FN
MA4805
4.500
11/01/52
685,244
812,823
Fannie
Mae
Pool
FN
MA4978
5.000
04/01/53
785,205
462,166
Fannie
Mae
Pool
FN
MA5039
5.500
06/01/53
457,657
151,253
Fannie
Mae
Pool
FN
MA5089
4.000
07/01/53
138,463
373,123
Fannie
Mae
Pool
FN
MA5106
5.000
08/01/53
360,973
869,162
Fannie
Mae
Pool
FN
MA5165
5.500
10/01/53
859,529
192,334
Fannie
Mae
Pool
FN
MA5247
6.000
01/01/54
193,903
51,096
Fannie
Mae
Pool
FN
MA5295
6.000
03/01/54
51,505
275,671
Fannie
Mae
Pool
FN
MA5353
5.500
05/01/54
272,348
256,223
Fannie
Mae
Pool
FN
MA5530
5.000
11/01/54
247,517
78,973
Fannie
Mae
REMICS
2.000
08/25/50
51,766
55,205
Fannie
Mae
REMICS
3.500
04/25/52
40,890
434,140
Freddie
Mac
Pool
FR
RA6766
2.500
02/01/52
358,366
63,572
Freddie
Mac
Pool
FR
SD4810
3.000
04/01/52
54,723
466,348
Freddie
Mac
Pool
FR
SD8213
3.000
05/01/52
397,129
220,635
Freddie
Mac
Pool
FR
SD8220
3.000
06/01/52
187,749
736,606
Freddie
Mac
Pool
FR
SD8231
4.500
07/01/52
693,746
27,307
Freddie
Mac
REMICS
2.000
09/25/50
17,569
185,000
(a),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3
(
SOFR30A
+
5.650%
)
8.647
04/25/42
200,572
9
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
25,000
(a),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA4
(
SOFR30A
+
3.350%
)
7.701
%
05/25/42
$
26,188
200,000
(a),(c)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA6
(
SOFR30A
+
3.700%
)
8.051
09/25/42
212,401
150,000
(a)
Frontier
Issuer
LLC
6.600
08/20/53
152,931
51,512
Ginnie
Mae
II
Pool
G2
MA7419
3.000
06/20/51
44,897
124,118
Ginnie
Mae
II
Pool
G2
MA7768
3.000
12/20/51
108,107
217,516
Ginnie
Mae
II
Pool
G2
MA7989
3.500
04/20/52
194,720
280,380
Ginnie
Mae
II
Pool
G2
MA8149
3.500
07/20/52
250,995
416,243
Ginnie
Mae
II
Pool
G2
MA8267
4.000
09/20/52
383,701
197,858
Ginnie
Mae
II
Pool
G2
MA8489
4.500
12/20/52
187,420
150,000
(a),(c)
GS
Mortgage
Securities
Corp
Trust
2022-AGSS
(
TSFR1M
+
2.195%
)
7.022
08/15/39
150,394
250,000
GS
Mortgage
Securities
Trust
2017-GS5
3.826
03/10/50
233,916
95,018
(a)
GS
Mortgage-Backed
Securities
Trust
2022-LTV2
4.352
12/25/52
82,692
250,000
(a)
Hertz
Vehicle
Financing
III
LP
2.520
12/27/27
236,753
150,000
(a),(d)
Houston
Galleria
Mall
Trust
2025-HGLR
5.462
02/05/45
150,778
182,977
(a)
J.P.
Morgan
Mortgage
Trust
2021-INV5
3.188
12/25/51
148,200
185,414
(a)
J.P.
Morgan
Mortgage
Trust
2021-INV8
3.284
05/25/52
146,063
76,281
(a)
JP
Morgan
Mortgage
Trust
2017-5
5.107
10/26/48
76,581
75,910
(a)
JP
Morgan
Mortgage
Trust
2021-11
2.500
01/25/52
60,537
183,879
(a)
JP
Morgan
Mortgage
Trust
2021-INV4
3.212
01/25/52
144,175
184,210
(a)
JP
Morgan
Mortgage
Trust
2021-INV6
3.344
04/25/52
145,592
78,285
(a)
JP
Morgan
Mortgage
Trust
Series
2024-3
3.000
05/25/54
65,105
100,000
JPMCC
Commercial
Mortgage
Securities
Trust
2017-JP6
3.701
07/15/50
80,167
150,000
JPMDB
Commercial
Mortgage
Securities
Trust
2017-C5
3.694
03/15/50
144,820
250,000
(a),(c)
Magnetite
XXIII
Ltd
(
TSFR3M
+
3.312%
)
7.612
01/25/35
252,344
150,000
(a)
MetroNet
Infrastructure
Issuer
LLC
7.590
04/20/54
154,983
250,000
(a)
MetroNet
Infrastructure
Issuer
LLC
10.860
04/20/54
270,020
87,058
(a)
Morgan
Stanley
Residential
Mortgage
Loan
Trust
2023-1
4.000
02/25/53
78,064
180,691
(a)
MVW
2021-1W
LLC
1.940
01/22/41
169,354
175,000
(a)
One
Bryant
Park
Trust
2019-OBP
2.516
09/15/54
155,014
431,135
(a)
RCKT
Mortgage
Trust
2021-2
2.500
06/25/51
343,820
216,407
(a)
Sequoia
Mortgage
Trust
2020-1
3.850
02/25/50
169,775
515,446
(a)
Sierra
Timeshare
2024-3
Receivables
Funding
LLC
4.980
08/20/41
512,662
149,625
(a)
Subway
Funding
LLC
6.028
07/30/54
151,485
147,375
(a)
Taco
Bell
Funding
LLC
2.294
08/25/51
131,321
150,000
(a),(c)
TX
Trust
2024-HOU
(
TSFR1M
+
1.591%
)
5.898
06/15/39
150,524
250,287
(a)
VR
Funding
LLC
2.790
11/15/50
230,839
185,969
(a)
Wendy's
Funding
LLC
3.884
03/15/48
179,433
TOTAL
SECURITIZED
(Cost
$20,226,472)
20,105,726
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
14.5%
567,000
United
States
Treasury
Note/Bond
4.500
12/31/31
568,860
1,368,000
United
States
Treasury
Note/Bond
4
.250
11/15/34
1,336,151
1,033,000
United
States
Treasury
Note/Bond
4.125
08/15/44
937,125
600,000
United
States
Treasury
Note/Bond
4.625
11/15/44
582,469
1,992,000
United
States
Treasury
Note/Bond
4.625
05/15/54
1,932,863
2,505,000
United
States
Treasury
Note/Bond
4.375
08/15/54
2,283,855
TOTAL
U.S.
TREASURY
(Cost
$8,045,652)
7,641,323
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$52,145,462)
51,500,826
OTHER
ASSETS
&
LIABILITIES,
NET
-
2.5%
1,305,699
NET
ASSETS
-
100%
$
52,806,525
SOFR
Secured
Overnight
Financing
Rate
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
Portfolio
of
Investments
January
31,
2025
(continued)
NCPB
10
See
Notes
to
Financial
Statements
(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
$15,038,514
or
29.2%
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.
(d)
When-issued
or
delayed
delivery
security.
11
Portfolio
of
Investments
January
31,
2025
NUAG
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.3%
CORPORATE
DEBT
-
38.9%
FINANCIALS
-
15.5%
$
18,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
1.750
%
01/30/26
$
17,484
18,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.450
10/29/26
17,282
5,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4.625
10/15/27
4,973
1,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.000
10/29/28
932
50,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.150
09/30/30
52,264
38,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300
01/30/32
33,332
4,000
Aetna
Inc
4.500
05/15/42
3,251
10,000
Aetna
Inc
4.750
03/15/44
8,357
10,000
Affiliated
Managers
Group
Inc
3.300
06/15/30
9,154
11,000
Air
Lease
Corp
1.875
08/15/26
10,518
7,000
Air
Lease
Corp
2.200
01/15/27
6,665
8,000
Air
Lease
Corp
3.625
04/01/27
7,753
22,000
Air
Lease
Corp
3.250
10/01/29
20,387
10,000
Air
Lease
Corp
3.000
02/01/30
9,046
23,000
Alexandria
Real
Estate
Equities
Inc
3.550
03/15/52
15,703
50,000
Allstate
Corp/The
5.250
03/30/33
49,758
28,000
Ally
Financial
Inc
2.200
11/02/28
25,205
11,000
Ally
Financial
Inc
8.000
11/01/31
12,342
40,000
American
Express
Co
6.489
10/30/31
42,820
50,000
American
Express
Co
5.442
01/30/36
49,994
50,000
American
International
Group
Inc
4.750
04/01/48
43,912
19,000
Aon
Corp
2.800
05/15/30
17,043
1,000
Aon
Corp
/
Aon
Global
Holdings
PLC
2.600
12/02/31
853
90,000
Aon
Corp
/
Aon
Global
Holdings
PLC
5.350
02/28/33
89,997
5,000
Ares
Capital
Corp
3.875
01/15/26
4,947
30,000
Ares
Capital
Corp
7.000
01/15/27
31,035
50,000
Arthur
J
Gallagher
&
Co
5.150
02/15/35
48,659
30,000
Arthur
J
Gallagher
&
Co
6.750
02/15/54
33,078
7,000
Assurant
Inc
3.700
02/22/30
6,509
10,000
Assurant
Inc
2.650
01/15/32
8,338
1,000
Athene
Holding
Ltd
6.150
04/03/30
1,040
30,000
Athene
Holding
Ltd
6.250
04/01/54
30,087
7,000
AXIS
Specialty
Finance
PLC
4.000
12/06/27
6,805
50,000
Bain
Capital
Specialty
Finance
Inc
5.950
03/15/30
49,587
40,000
Banco
Santander
SA
3.800
02/23/28
38,610
64,000
Banco
Santander
SA
2.749
12/03/30
54,893
120,000
Bank
of
America
Corp
5.015
07/22/33
118,065
100,000
Bank
of
America
Corp
5.518
10/25/35
97,811
30,000
Bank
of
Montreal
4.567
09/10/27
29,936
60,000
Bank
of
New
York
Mellon
Corp/The
4.947
04/26/27
60,290
50,000
(a)
Bank
of
Nova
Scotia/The
4.740
11/10/32
48,643
7,000
Bank
of
Nova
Scotia/The
3.625
10/27/81
6,557
21,000
BankUnited
Inc
5.125
06/11/30
20,304
3,000
Barclays
PLC
5.200
05/12/26
3,007
70,000
Barclays
PLC
5.501
08/09/28
70,786
3,000
Barclays
PLC
5.088
06/20/30
2,937
4,000
Barclays
PLC
2.667
03/10/32
3,424
14,000
Barclays
PLC
2.894
11/24/32
11,917
24,000
Barclays
PLC
3.811
03/10/42
18,635
14,000
Blackstone
Private
Credit
Fund
2.625
12/15/26
13,340
20,000
(a)
Blackstone
Private
Credit
Fund
4.000
01/15/29
18,876
16,000
Blackstone
Secured
Lending
Fund
2.125
02/15/27
15,050
50,000
Blackstone
Secured
Lending
Fund
5.350
04/13/28
49,806
18,000
Blue
Owl
Capital
Corp
4.250
01/15/26
17,870
1,000
Blue
Owl
Capital
Corp
2.625
01/15/27
947
14,000
Blue
Owl
Credit
Income
Corp
4.700
02/08/27
13,843
50,000
Boston
Properties
LP
6.500
01/15/34
52,291
14,000
(a)
Brighthouse
Financial
Inc
5.625
05/15/30
14,389
24,000
Brown
&
Brown
Inc
2.375
03/15/31
20,255
Portfolio
of
Investments
January
31,
2025
(continued)
NUAG
12
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
20,000
Canadian
Imperial
Bank
of
Commerce
5.001
%
04/28/28
$
20,087
6,000
Capital
One
Financial
Corp
1.878
11/02/27
5,694
44,000
Capital
One
Financial
Corp
3.800
01/31/28
42,679
21,000
Capital
One
Financial
Corp
4.927
05/10/28
20,988
7,000
Capital
One
Financial
Corp
3.273
03/01/30
6,501
46,000
Capital
One
Financial
Corp
2.359
07/29/32
37,646
31,000
Capital
One
Financial
Corp
5.268
05/10/33
30,329
55,000
Charles
Schwab
Corp/The
5.643
05/19/29
56,349
36,000
CI
Financial
Corp
3.200
12/17/30
30,782
50,000
Citigroup
Inc
4.412
03/31/31
48,258
60,000
Citigroup
Inc
4.910
05/24/33
58,083
170,000
Citigroup
Inc
5.827
02/13/35
169,067
50,000
Citigroup
Inc
6.020
01/24/36
50,197
42,000
Citizens
Financial
Group
Inc
2.500
02/06/30
36,908
8,000
CNA
Financial
Corp
3.900
05/01/29
7,664
8,000
CNO
Financial
Group
Inc
5.250
05/30/29
7,950
20,000
Cooperatieve
Rabobank
UA
3.750
07/21/26
19,649
46,000
Corebridge
Financial
Inc
3.850
04/05/29
43,875
10,000
Deutsche
Bank
AG/New
York
NY
4.100
01/13/26
9,942
4,000
Deutsche
Bank
AG/New
York
NY
2.311
11/16/27
3,814
1,000
Deutsche
Bank
AG/New
York
NY
3.547
09/18/31
907
80,000
(a)
Deutsche
Bank
AG/New
York
NY
7.079
02/10/34
83,320
7,000
Discover
Financial
Services
4.500
01/30/26
6,983
8,000
Discover
Financial
Services
4.100
02/09/27
7,886
10,000
Discover
Financial
Services
7.964
11/02/34
11,445
40,000
Elevance
Health
Inc
5.650
06/15/54
38,229
10,000
Enact
Holdings
Inc
6.250
05/28/29
10,206
13,000
Enstar
Group
Ltd
3.100
09/01/31
11,101
33,000
Equitable
Holdings
Inc
4.350
04/20/28
32,481
24,000
Fairfax
Financial
Holdings
Ltd
4.625
04/29/30
23,301
10,000
(b)
Fairfax
Financial
Holdings
Ltd
6.100
03/15/55
9,864
21,000
Fidelity
National
Financial
Inc
3.400
06/15/30
19,117
2,000
Fifth
Third
Bancorp
1.707
11/01/27
1,895
13,000
Fifth
Third
Bancorp
3.950
03/14/28
12,637
40,000
Fifth
Third
Bancorp
6.361
10/27/28
41,396
11,000
First
American
Financial
Corp
2.400
08/15/31
9,109
50,000
First
American
Financial
Corp
5.450
09/30/34
48,039
10,000
First-Citizens
Bank
&
Trust
Co
6.125
03/09/28
10,275
11,000
FS
KKR
Capital
Corp
3.250
07/15/27
10,464
16,000
GATX
Corp
4.550
11/07/28
15,805
30,000
GATX
Corp
6.050
03/15/34
31,263
10,000
Globe
Life
Inc
4.550
09/15/28
9,908
10,000
Goldman
Sachs
BDC
Inc
2.875
01/15/26
9,812
54,000
Goldman
Sachs
Group
Inc
/The
2.615
04/22/32
46,362
66,000
Goldman
Sachs
Group
Inc
/The
2.383
07/21/32
55,637
50,000
Goldman
Sachs
Group
Inc
/The
5.016
10/23/35
48,037
81,000
Goldman
Sachs
Group
Inc
/The
6.450
05/01/36
85,427
23,000
Golub
Capital
BDC
Inc
2.050
02/15/27
21,481
50,000
(b)
HA
Sustainable
Infrastructure
Capital
Inc
6.375
07/01/34
48,671
12,000
Hartford
Financial
Services
Group
Inc
/The
2.800
08/19/29
10,988
20,000
Hartford
Financial
Services
Group
Inc
/The
2.900
09/15/51
12,427
20,000
Hercules
Capital
Inc
3.375
01/20/27
19,194
130,000
HSBC
Holdings
PLC
6.547
06/20/34
135,063
96,000
HSBC
Holdings
PLC
6.800
06/01/38
101,350
12,000
Huntington
Bancshares
Inc
/OH
2.550
02/04/30
10,610
30,000
ING
Groep
NV
4.050
04/09/29
28,911
8,000
Jackson
Financial
Inc
5.170
06/08/27
8,039
19,000
Jefferies
Financial
Group
Inc
4.150
01/23/30
18,151
40,000
(a)
Jefferies
Financial
Group
Inc
2.750
10/15/32
32,870
30,000
JPMorgan
Chase
&
Co
2.069
06/01/29
27,432
4,000
JPMorgan
Chase
&
Co
3.702
05/06/30
3,800
100,000
JPMorgan
Chase
&
Co
4.603
10/22/30
98,239
13
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
6,000
JPMorgan
Chase
&
Co
2.545
%
11/08/32
$
5,104
12,000
JPMorgan
Chase
&
Co
4.912
07/25/33
11,764
100,000
JPMorgan
Chase
&
Co
5.717
09/14/33
101,893
12,000
Kemper
Corp
3.800
02/23/32
10,606
57,000
KeyCorp
2.550
10/01/29
50,964
12,000
Kimco
Realty
OP
LLC
4.250
04/01/45
9,717
21,000
Lazard
Group
LLC
4.500
09/19/28
20,602
16,000
Lincoln
National
Corp
3.625
12/12/26
15,707
21,000
Main
Street
Capital
Corp
3.000
07/14/26
20,269
20,000
Manufacturers
&
Traders
Trust
Co
4.650
01/27/26
19,993
10,000
Manufacturers
&
Traders
Trust
Co
3.400
08/17/27
9,634
19,000
(a)
Manulife
Financial
Corp
4.061
02/24/32
18,566
12,000
Markel
Group
Inc
3.350
09/17/29
11,184
20,000
Markel
Group
Inc
6.000
05/16/54
19,873
50,000
Marsh
&
McLennan
Cos
Inc
5.000
03/15/35
48,665
30,000
MetLife
Inc
5.375
07/15/33
30,342
110,000
Mitsubishi
UFJ
Financial
Group
Inc
2.559
02/25/30
98,096
50,000
Mizuho
Financial
Group
Inc
5.739
05/27/31
51,369
2,000
Morgan
Stanley
3.950
04/23/27
1,966
100,000
Morgan
Stanley
5.042
07/19/30
99,841
1,000
Morgan
Stanley
4.889
07/20/33
971
50,000
Morgan
Stanley
6.627
11/01/34
53,943
50,000
Morgan
Stanley
5.587
01/18/36
50,435
1,000
Morgan
Stanley
2.484
09/16/36
822
60,000
Nasdaq
Inc
5.550
02/15/34
60,707
47,000
NatWest
Group
PLC
5.076
01/27/30
46,750
11,000
NNN
REIT
Inc
3.000
04/15/52
6,667
63,000
Nomura
Holdings
Inc
5.386
07/06/27
63,591
4,000
Nomura
Holdings
Inc
2.710
01/22/29
3,655
12,000
Nomura
Holdings
Inc
3.103
01/16/30
10,868
1,000
Nomura
Holdings
Inc
2.679
07/16/30
876
10,000
Oaktree
Specialty
Lending
Corp
2.700
01/15/27
9,449
10,000
Oaktree
Strategic
Credit
Fund
6.500
07/23/29
10,180
7,000
Old
Republic
International
Corp
3.875
08/26/26
6,901
10,000
ORIX
Corp
4.000
04/13/32
9,235
50,000
(a)
PartnerRe
Finance
B
LLC
4.500
10/01/50
46,120
70,000
PNC
Financial
Services
Group
Inc
/The
6.875
10/20/34
76,699
50,000
PNC
Financial
Services
Group
Inc
/The
5.575
01/29/36
50,248
7,000
Prudential
Financial
Inc
5.700
09/15/48
6,957
41,000
Prudential
Financial
Inc
3.700
10/01/50
36,537
7,000
Regency
Centers
LP
4.400
02/01/47
5,766
10,000
Regions
Bank/Birmingham
AL
6.450
06/26/37
10,311
24,000
Regions
Financial
Corp
1.800
08/12/28
21,579
10,000
Reinsurance
Group
of
America
Inc
3.150
06/15/30
9,067
10,000
Royal
Bank
of
Canada
4.900
01/12/28
10,069
30,000
Royal
Bank
of
Canada
5.200
08/01/28
30,371
7,000
Santander
Holdings
USA
Inc
3.244
10/05/26
6,810
30,000
Santander
Holdings
USA
Inc
4.400
07/13/27
29,690
1,000
Santander
Holdings
USA
Inc
2.490
01/06/28
953
30,000
Santander
UK
Group
Holdings
PLC
2.469
01/11/28
28,501
50,000
(b)
Sixth
Street
Lending
Partners
6.125
07/15/30
50,287
30,000
State
Street
Corp
5.159
05/18/34
29,802
12,000
Stifel
Financial
Corp
4.000
05/15/30
11,332
60,000
Sumitomo
Mitsui
Financial
Group
Inc
5.520
01/13/28
61,123
30,000
Sumitomo
Mitsui
Financial
Group
Inc
2.222
09/17/31
25,098
20,000
(a)
Synchrony
Financial
5.935
08/02/30
20,262
50,000
Synovus
Financial
Corp
6.168
11/01/30
50,555
10,000
Toronto-Dominion
Bank/The
5.156
01/10/28
10,100
50,000
Toronto-Dominion
Bank/The
5.146
09/10/34
48,909
70,000
Truist
Financial
Corp
7.161
10/30/29
74,945
60,000
US
Bancorp
5.775
06/12/29
61,548
10,000
US
Bancorp
5.100
07/23/30
9,995
Portfolio
of
Investments
January
31,
2025
(continued)
NUAG
14
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
10,000
Ventas
Realty
LP
5.000
%
01/15/35
$
9,569
50,000
W
R
Berkley
Corp
4.000
05/12/50
37,811
10,000
Wachovia
Corp
7.574
08/01/26
10,381
1,000
Wells
Fargo
&
Co
3.526
03/24/28
972
20,000
Wells
Fargo
&
Co
4.808
07/25/28
19,954
50,000
Wells
Fargo
&
Co
5.389
04/24/34
49,604
50,000
Wells
Fargo
&
Co
5.557
07/25/34
50,158
100,000
Wells
Fargo
&
Co
5.950
12/15/36
100,769
50,000
Welltower
OP
LLC
3.850
06/15/32
45,819
27,000
Westpac
Banking
Corp
2.668
11/15/35
23,090
14,000
Willis
North
America
Inc
4.500
09/15/28
13,788
50,000
Willis
North
America
Inc
5.050
09/15/48
44,365
TOTAL
FINANCIALS
5,767,305
INDUSTRIAL
-
11.1%
34,000
Altria
Group
Inc
5.800
02/14/39
33,776
50,000
American
Tower
Corp
5.400
01/31/35
49,595
50,000
Amgen
Inc
5.250
03/02/33
49,829
88,000
Amgen
Inc
3.150
02/21/40
65,825
6,000
Amgen
Inc
5.150
11/15/41
5,600
1,000
Amgen
Inc
3.000
01/15/52
633
11,000
Amgen
Inc
4.200
02/22/52
8,541
50,000
Amphenol
Corp
5.000
01/15/35
48,901
10,000
AngloGold
Ashanti
Holdings
PLC
3.750
10/01/30
9,036
50,000
Apache
Corp
5.350
07/01/49
41,506
13,000
Aptiv
Swiss
Holdings
Ltd
3.100
12/01/51
7,662
57,000
AT&T
Inc
4.850
03/01/39
52,832
80,000
AT&T
Inc
3.500
06/01/41
61,368
40,000
AT&T
Inc
3.500
02/01/61
25,797
21,000
Barrick
North
America
Finance
LLC
5.700
05/30/41
20,649
50,000
BAT
Capital
Corp
6.343
08/02/30
52,810
30,000
BAT
Capital
Corp
7.079
08/02/43
32,585
23,000
Becton
Dickinson
&
Co
4.685
12/15/44
20,053
22,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
3.650
08/15/52
15,033
34,000
Biogen
Inc
5.200
09/15/45
30,851
65,000
Boeing
Co/The
5.705
05/01/40
62,337
10,000
Boeing
Co/The
3.900
05/01/49
7,037
10,000
Boeing
Co/The
3.825
03/01/59
6,513
8,000
(a)
BorgWarner
Inc
4.375
03/15/45
6,491
7,000
Boston
Scientific
Corp
4.550
03/01/39
6,441
50,000
Broadcom
Inc
4.550
02/15/32
48,171
54,000
(b)
Broadcom
Inc
3.187
11/15/36
43,312
5,000
Canadian
Natural
Resources
Ltd
5.850
02/01/35
4,984
2,000
Canadian
Natural
Resources
Ltd
6.750
02/01/39
2,116
10,000
Canadian
Pacific
Railway
Co
4.800
09/15/35
9,618
24,000
Canadian
Pacific
Railway
Co
4.700
05/01/48
20,905
10,000
Cardinal
Health
Inc
4.500
11/15/44
8,284
6,000
Carrier
Global
Corp
3.577
04/05/50
4,318
10,000
Carrier
Global
Corp
6.200
03/15/54
10,598
5,000
Cenovus
Energy
Inc
5.250
06/15/37
4,699
10,000
CF
Industries
Inc
5.375
03/15/44
9,332
1,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.500
03/01/42
683
64,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.375
05/01/47
52,591
21,000
(a)
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.250
04/01/53
16,943
33,000
Cigna
Group/The
4.900
12/15/48
28,279
11,000
Conagra
Brands
Inc
5.300
11/01/38
10,358
10,000
Constellation
Brands
Inc
5.250
11/15/48
9,091
10,000
Corning
Inc
3.900
11/15/49
7,454
50,000
Coterra
Energy
Inc
5.400
02/15/35
48,606
10,000
Crown
Castle
Inc
4.750
05/15/47
8,477
15
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
49,000
CVS
Health
Corp
4.875
%
07/20/35
$
45,005
18,000
CVS
Health
Corp
4.780
03/25/38
15,810
20,000
CVS
Health
Corp
6.000
06/01/63
18,598
10,000
Dell
International
LLC
/
EMC
Corp
8.350
07/15/46
12,660
19,000
Devon
Energy
Corp
5.600
07/15/41
17,498
36,000
Diamondback
Energy
Inc
4.250
03/15/52
27,118
50,000
Discovery
Communications
LLC
5.300
05/15/49
37,931
7,000
Dollar
General
Corp
4.125
04/03/50
5,171
11,000
Dollar
Tree
Inc
3.375
12/01/51
6,999
22,000
Dow
Chemical
Co/The
4.250
10/01/34
19,955
8,000
Dow
Chemical
Co/The
5.250
11/15/41
7,411
10,000
Dow
Chemical
Co/The
5.550
11/30/48
9,374
5,000
DuPont
de
Nemours
Inc
5.319
11/15/38
5,047
50,000
Eastern
Energy
Gas
Holdings
LLC
5.800
01/15/35
50,840
6,000
Eastman
Chemical
Co
4.800
09/01/42
5,233
10,000
Eastman
Chemical
Co
4.650
10/15/44
8,457
10,000
Enbridge
Inc
8.500
01/15/84
11,073
50,000
Energy
Transfer
LP
5.600
09/01/34
49,701
22,000
Energy
Transfer
LP
5.800
06/15/38
21,790
22,000
Energy
Transfer
LP
5.000
05/15/44
18,970
17,000
Equifax
Inc
2.600
12/15/25
16,700
22,000
Equifax
Inc
2.350
09/15/31
18,498
20,000
FactSet
Research
Systems
Inc
3.450
03/01/32
17,722
20,000
FedEx
Corp
3.250
05/15/41
14,367
14,000
FedEx
Corp
4.050
02/15/48
10,538
41,000
Fidelity
National
Information
Services
Inc
1.650
03/01/28
37,282
37,000
Fiserv
Inc
2.250
06/01/27
35,035
50,000
Fiserv
Inc
5.625
08/21/33
50,864
50,000
Fiserv
Inc
5.450
03/15/34
49,962
50,000
(a)
Ford
Motor
Co
6.100
08/19/32
49,825
10,000
Freeport-McMoRan
Inc
5.400
11/14/34
9,855
11,000
General
Electric
Co
4.350
05/01/50
9,176
12,000
General
Mills
Inc
4.550
04/17/38
10,807
42,000
General
Motors
Co
6.600
04/01/36
43,964
17,000
Gilead
Sciences
Inc
4.000
09/01/36
15,039
9,000
Gilead
Sciences
Inc
4.750
03/01/46
7,967
20,000
Gilead
Sciences
Inc
5.550
10/15/53
19,670
6,000
Global
Payments
Inc
4.950
08/15/27
6,015
6,000
Global
Payments
Inc
4.450
06/01/28
5,902
15,000
Global
Payments
Inc
2.900
05/15/30
13,387
41,000
Global
Payments
Inc
2.900
11/15/31
35,331
9,000
Halliburton
Co
4.500
11/15/41
7,733
18,000
Halliburton
Co
4.750
08/01/43
15,678
50,000
Hasbro
Inc
5.100
05/15/44
43,345
50,000
HCA
Inc
5.450
09/15/34
48,979
10,000
HCA
Inc
4.375
03/15/42
8,205
10,000
HCA
Inc
3.500
07/15/51
6,558
20,000
HCA
Inc
6.000
04/01/54
19,303
14,000
Hewlett
Packard
Enterprise
Co
6.200
10/15/35
14,648
100,000
Intel
Corp
5.150
02/21/34
96,512
18,000
International
Paper
Co
4.800
06/15/44
15,791
10,000
International
Paper
Co
5.150
05/15/46
9,050
7,000
International
Paper
Co
4.400
08/15/47
5,698
16,000
J
M
Smucker
Co/The
4.250
03/15/35
14,508
30,000
JBS
USA
Holding
Lux
Sarl
/
JBS
USA
Food
Co/
JBS
Lux
Co
Sarl
6.500
12/01/52
30,586
10,000
Johnson
Controls
International
plc
5.125
09/14/45
8,932
12,000
Johnson
Controls
International
plc
4.950
07/02/64
10,126
13,000
Keurig
Dr
Pepper
Inc
4.500
04/15/52
10,687
41,000
Kinder
Morgan
Energy
Partners
LP
6.375
03/01/41
42,119
11,000
Kinder
Morgan
Inc
3.600
02/15/51
7,438
24,000
Kraft
Heinz
Foods
Co
5.500
06/01/50
22,548
24,000
Kroger
Co/The
5.400
01/15/49
22,608
Portfolio
of
Investments
January
31,
2025
(continued)
NUAG
16
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
10,000
L3Harris
Technologies
Inc
5.054
%
04/27/45
$
9,176
2,000
Leggett
&
Platt
Inc
3.500
11/15/51
1,238
9,000
Lowe's
Cos
Inc
4.050
05/03/47
7,043
41,000
Lowe's
Cos
Inc
4.250
04/01/52
32,023
19,000
LYB
International
Finance
BV
5.250
07/15/43
17,250
11,000
Marathon
Petroleum
Corp
6.500
03/01/41
11,447
5,000
Marriott
International
Inc
/MD
4.500
10/01/34
4,624
1,000
Martin
Marietta
Materials
Inc
3.200
07/15/51
651
30,000
Mastercard
Inc
4.875
03/09/28
30,316
55,000
McDonald's
Corp
4.700
12/09/35
52,690
10,000
MDC
Holdings
Inc
6.000
01/15/43
9,878
13,000
(a)
MDC
Holdings
Inc
3.966
08/06/61
9,752
8,000
Molson
Coors
Beverage
Co
4.200
07/15/46
6,356
50,000
Montefiore
Obligated
Group
5.246
11/01/48
40,962
7,000
Moody's
Corp
3.250
01/15/28
6,732
35,000
Moody's
Corp
2.000
08/19/31
29,181
32,000
MPLX
LP
4.500
04/15/38
27,897
21,000
National
Fuel
Gas
Co
5.500
01/15/26
21,104
10,000
Newmont
Corp
5.875
04/01/35
10,320
10,000
Newmont
Corp
/
Newcrest
Finance
Pty
Ltd
4.200
05/13/50
8,047
50,000
Nordson
Corp
4.500
12/15/29
48,754
11,000
Norfolk
Southern
Corp
4.800
08/15/43
9,723
28,000
Norfolk
Southern
Corp
3.700
03/15/53
20,213
10,000
Norfolk
Southern
Corp
5.100
08/01/18
8,645
30,000
Northrop
Grumman
Corp
5.200
06/01/54
27,745
12,000
Nutrien
Ltd
5.625
12/01/40
11,752
21,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
3.250
11/30/51
13,612
50,000
Occidental
Petroleum
Corp
7.875
09/15/31
55,545
20,000
Occidental
Petroleum
Corp
4.400
04/15/46
15,106
13,000
ONEOK
Inc
5.150
10/15/43
11,582
19,000
ONEOK
Partners
LP
6.125
02/01/41
18,969
50,000
Oracle
Corp
4.700
09/27/34
47,184
57,000
Oracle
Corp
3.800
11/15/37
47,530
96,000
Oracle
Corp
3.650
03/25/41
74,222
14,000
Orange
SA
5.375
01/13/42
13,362
10,000
Owens
Corning
7.000
12/01/36
11,224
4,000
Owens
Corning
4.300
07/15/47
3,216
3,000
Packaging
Corp
of
America
3.050
10/01/51
1,912
10,000
Paramount
Global
7.875
07/30/30
10,911
24,000
Paramount
Global
4.900
08/15/44
18,521
14,000
Parker-Hannifin
Corp
4.450
11/21/44
12,032
6,000
Phillips
66
4.650
11/15/34
5,603
5,000
Phillips
66
5.875
05/01/42
4,989
26,000
Phillips
66
3.300
03/15/52
16,612
50,000
Regal
Rexnord
Corp
6.400
04/15/33
51,740
10,000
Republic
Services
Inc
5.200
11/15/34
9,966
33,000
Rogers
Communications
Inc
5.000
03/15/44
28,901
4,000
RPM
International
Inc
4.250
01/15/48
3,298
10,000
RTX
Corp
4.450
11/16/38
8,937
10,000
RTX
Corp
4.625
11/16/48
8,548
40,000
RTX
Corp
6.400
03/15/54
43,415
10,000
Sherwin-Williams
Co/The
4.000
12/15/42
7,936
10,000
Sherwin-Williams
Co/The
3.300
05/15/50
6,678
10,000
Southern
Copper
Corp
7.500
07/27/35
11,340
7,000
Southern
Copper
Corp
5.250
11/08/42
6,354
30,000
Spectra
Energy
Partners
LP
4.500
03/15/45
24,588
10,000
Stanley
Black
&
Decker
Inc
4.850
11/15/48
8,530
31,000
Starbucks
Corp
3.350
03/12/50
20,784
50,000
(c)
Stryker
Corp
5.200
02/10/35
49,663
16,000
Stryker
Corp
4.100
04/01/43
13,142
24,000
Suncor
Energy
Inc
4.000
11/15/47
17,783
15,000
Sysco
Corp
3.150
12/14/51
9,619
17
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
20,000
Takeda
Pharmaceutical
Co
Ltd
3.175
%
07/09/50
$
13,007
30,000
Telefonica
Emisiones
SA
5.213
03/08/47
26,630
9,000
TELUS
Corp
4.300
06/15/49
6,952
20,000
Thomson
Reuters
Corp
3.350
05/15/26
19,682
38,000
Time
Warner
Cable
LLC
5.500
09/01/41
32,989
50,000
T-Mobile
USA
Inc
4.700
01/15/35
47,316
65,000
T-Mobile
USA
Inc
3.400
10/15/52
43,252
10,000
T-Mobile
USA
Inc
6.000
06/15/54
10,125
4,000
Trane
Technologies
Global
Holding
Co
Ltd
5.750
06/15/43
4,041
19,000
TransCanada
PipeLines
Ltd
5.100
03/15/49
17,287
36,000
Transcontinental
Gas
Pipe
Line
Co
LLC
3.950
05/15/50
26,640
4,000
Triton
Container
International
Ltd
/
TAL
International
Container
Corp
3.250
03/15/32
3,417
11,000
Tyson
Foods
Inc
5.100
09/28/48
9,757
50,000
Vale
Overseas
Ltd
6.125
06/12/33
51,115
23,000
Valero
Energy
Corp
3.650
12/01/51
15,588
2,000
Verizon
Communications
Inc
3.400
03/22/41
1,518
7,000
Verizon
Communications
Inc
2.850
09/03/41
4,873
80,000
Verizon
Communications
Inc
4.862
08/21/46
71,261
16,000
Verizon
Communications
Inc
4.000
03/22/50
12,158
26,000
Verizon
Communications
Inc
3.875
03/01/52
19,223
36,000
Viatris
Inc
3.850
06/22/40
26,987
27,000
Vodafone
Group
PLC
4.875
06/19/49
23,137
22,000
Warnermedia
Holdings
Inc
5.050
03/15/42
17,706
11,000
Western
Union
Co/The
1.350
03/15/26
10,568
23,000
Westlake
Corp
3.125
08/15/51
14,283
20,000
Whirlpool
Corp
5.150
03/01/43
16,783
2,000
Zimmer
Biomet
Holdings
Inc
4.250
08/15/35
1,799
6,000
Zimmer
Biomet
Holdings
Inc
5.750
11/30/39
6,072
11,000
Zoetis
Inc
4.700
02/01/43
9,840
TOTAL
INDUSTRIAL
4,144,998
UTILITY
-
12.3%
65,000
AEP
Texas
Inc
3.800
10/01/47
46,783
100,000
AEP
Texas
Inc
5.250
05/15/52
89,506
50,000
AEP
Transmission
Co
LLC
5.400
03/15/53
47,535
70,000
American
Water
Capital
Corp
4.150
06/01/49
55,375
10,000
American
Water
Capital
Corp
3.250
06/01/51
6,663
50,000
Arizona
Public
Service
Co
5.700
08/15/34
50,469
50,000
Arizona
Public
Service
Co
2.650
09/15/50
28,990
40,000
Atmos
Energy
Corp
6.200
11/15/53
42,579
4,000
Black
Hills
Corp
3.150
01/15/27
3,873
10,000
Black
Hills
Corp
4.200
09/15/46
7,849
61,000
Black
Hills
Corp
3.875
10/15/49
44,224
18,000
Cleco
Corporate
Holdings
LLC
4.973
05/01/46
15,119
11,000
CMS
Energy
Corp
4.875
03/01/44
9,705
60,000
CMS
Energy
Corp
3.750
12/01/50
52,524
80,000
Consolidated
Edison
Co
of
New
York
Inc
5.900
11/15/53
80,747
101,000
Constellation
Energy
Generation
LLC
5.600
06/15/42
96,887
10,000
Consumers
Energy
Co
4.350
08/31/64
7,791
70,000
Dayton
Power
&
Light
Co/The
3.950
06/15/49
51,879
13,000
Delmarva
Power
&
Light
Co
4.000
06/01/42
10,340
90,000
Dominion
Energy
Inc
3.375
04/01/30
82,874
20,000
Dominion
Energy
Inc
2.250
08/15/31
16,718
7,000
Dominion
Energy
Inc
4.900
08/01/41
6,235
43,000
(a)
Dominion
Energy
Inc
4.850
08/15/52
36,487
50,000
Dominion
Energy
Inc
7.000
06/01/54
52,885
287,000
Duke
Energy
Corp
3.950
08/15/47
214,832
1,000
Duke
Energy
Corp
5.000
08/15/52
866
100,000
Duke
Energy
Indiana
LLC
5.400
04/01/53
94,061
27,000
El
Paso
Electric
Co
5.000
12/01/44
22,883
32,000
Emera
US
Finance
LP
4.750
06/15/46
26,631
1,000
Entergy
Corp
3.750
06/15/50
709
Portfolio
of
Investments
January
31,
2025
(continued)
NUAG
18
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
50,000
Entergy
Louisiana
LLC
4.200
%
09/01/48
$
39,479
21,000
Essential
Utilities
Inc
3.351
04/15/50
13,713
50,000
Evergy
Kansas
Central
Inc
4.250
12/01/45
40,456
50,000
Eversource
Energy
5.850
04/15/31
51,357
6,000
Eversource
Energy
3.450
01/15/50
4,129
100,000
Exelon
Corp
5.450
03/15/34
100,048
3,000
Exelon
Corp
4.950
06/15/35
2,831
21,000
Exelon
Corp
5.100
06/15/45
19,011
7,000
Exelon
Corp
4.450
04/15/46
5,814
1,000
Exelon
Corp
4.700
04/15/50
842
40,000
FirstEnergy
Corp
2.250
09/01/30
34,405
48,000
FirstEnergy
Pennsylvania
Electric
Co
6.150
10/01/38
50,025
81,000
Georgia
Power
Co
3.700
01/30/50
59,300
18,000
Iberdrola
International
BV
6.750
07/15/36
19,919
10,000
Idaho
Power
Co
5.800
04/01/54
10,021
10,000
Interstate
Power
and
Light
Co
4.100
09/26/28
9,743
7,000
IPALCO
Enterprises
Inc
4.250
05/01/30
6,641
1,000
ITC
Holdings
Corp
5.300
07/01/43
923
10,000
Louisville
Gas
and
Electric
Co
4.375
10/01/45
8,243
12,000
National
Grid
USA
5.803
04/01/35
12,048
50,000
National
Rural
Utilities
Cooperative
Finance
Corp
5.150
06/15/29
50,592
4,000
NextEra
Energy
Capital
Holdings
Inc
3.500
04/01/29
3,782
129,000
NextEra
Energy
Capital
Holdings
Inc
5.000
07/15/32
127,123
19,000
NiSource
Inc
3.490
05/15/27
18,491
98,000
NiSource
Inc
5.950
06/15/41
99,730
56,000
NiSource
Inc
5.650
02/01/45
54,792
7,000
NiSource
Inc
3.950
03/30/48
5,351
19,000
NiSource
Inc
5.000
06/15/52
16,754
50,000
Northern
States
Power
Co/WI
5.650
06/15/54
49,807
100,000
NSTAR
Electric
Co
4.950
09/15/52
89,087
4,000
Oglethorpe
Power
Corp
5.950
11/01/39
4,082
69,000
Oglethorpe
Power
Corp
4.200
12/01/42
54,787
14,000
Oglethorpe
Power
Corp
4.250
04/01/46
10,928
13,000
Oglethorpe
Power
Corp
5.050
10/01/48
11,475
7,000
Oglethorpe
Power
Corp
5.250
09/01/50
6,352
40,000
Oncor
Electric
Delivery
Co
LLC
5.350
10/01/52
37,394
8,000
Pacific
Gas
and
Electric
Co
3.300
12/01/27
7,563
9,000
Pacific
Gas
and
Electric
Co
3.000
06/15/28
8,328
9,000
Pacific
Gas
and
Electric
Co
4.200
03/01/29
8,571
40,000
Pacific
Gas
and
Electric
Co
5.900
06/15/32
40,106
210,000
Pacific
Gas
and
Electric
Co
6.950
03/15/34
223,255
109,000
Pacific
Gas
and
Electric
Co
4.200
06/01/41
85,733
6,000
Pacific
Gas
and
Electric
Co
4.450
04/15/42
4,854
8,000
Pacific
Gas
and
Electric
Co
3.750
08/15/42
5,865
7,000
Pacific
Gas
and
Electric
Co
4.300
03/15/45
5,365
7,000
Pacific
Gas
and
Electric
Co
4.000
12/01/46
5,075
7,000
Pacific
Gas
and
Electric
Co
3.950
12/01/47
4,994
106,000
Pacific
Gas
and
Electric
Co
4.950
07/01/50
87,260
104,000
Pacific
Gas
and
Electric
Co
5.250
03/01/52
88,607
160,000
PacifiCorp
5.500
05/15/54
147,472
65,000
Piedmont
Natural
Gas
Co
Inc
3.640
11/01/46
46,620
11,000
Piedmont
Natural
Gas
Co
Inc
3.350
06/01/50
7,263
10,000
Potomac
Electric
Power
Co
4.150
03/15/43
8,252
100,000
Potomac
Electric
Power
Co
5.500
03/15/54
96,881
10,000
PPL
Capital
Funding
Inc
3.100
05/15/26
9,793
1,000
PPL
Capital
Funding
Inc
4.125
04/15/30
956
70,000
PPL
Electric
Utilities
Corp
4.150
06/15/48
56,415
110,000
Public
Service
Co
of
Colorado
5.250
04/01/53
101,135
10,000
Public
Service
Electric
and
Gas
Co
5.700
12/01/36
10,224
100,000
Public
Service
Electric
and
Gas
Co
5.450
08/01/53
97,140
26,000
Puget
Energy
Inc
2.379
06/15/28
23,860
36,000
Puget
Energy
Inc
4.100
06/15/30
33,871
19
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
50,000
San
Diego
Gas
&
Electric
Co
4.150
%
05/15/48
$
39,279
4,000
Sempra
3.250
06/15/27
3,857
52,000
Sempra
3.400
02/01/28
49,783
38,000
Sempra
3.800
02/01/38
30,890
59,000
Sempra
4.000
02/01/48
43,571
14,000
Sempra
4.125
04/01/52
13,270
100,000
Southern
California
Edison
Co
5.700
03/01/53
91,495
50,000
Southern
Co
Gas
Capital
Corp
6.000
10/01/34
50,642
1,000
Southern
Co
Gas
Capital
Corp
4.400
05/30/47
823
1,000
Southern
Co/The
5.113
08/01/27
1,006
40,000
Southern
Co/The
4.850
06/15/28
40,088
80,000
Southern
Co/The
5.700
03/15/34
81,461
51,000
Southern
Power
Co
4.950
12/15/46
44,683
45,000
Southwest
Gas
Corp
4.150
06/01/49
34,190
8,000
Southwestern
Electric
Power
Co
1.650
03/15/26
7,728
104,000
Southwestern
Electric
Power
Co
4.100
09/15/28
101,310
1,000
Southwestern
Electric
Power
Co
3.900
04/01/45
751
109,000
Southwestern
Electric
Power
Co
3.250
11/01/51
69,444
21,000
Southwestern
Public
Service
Co
6.000
10/01/36
21,340
48,000
Spire
Inc
4.700
08/15/44
40,273
35,000
Union
Electric
Co
5.450
03/15/53
33,381
100,000
Virginia
Electric
and
Power
Co
5.350
01/15/54
93,200
60,000
Wisconsin
Power
and
Light
Co
4.100
10/15/44
47,122
7,000
Xcel
Energy
Inc
4.800
09/15/41
6,121
TOTAL
UTILITY
4,594,660
TOTAL
CORPORATE
DEBT
(Cost
$15,486,673)
14,506,963
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
9.2%
GOVERNMENT
AGENCY
-
0.6%
20,000
Export-Import
Bank
of
Korea
2.500
06/29/41
13,970
50,000
(a)
Federal
Home
Loan
Banks
3.625
09/04/26
49,655
1,000
Federal
National
Mortgage
Association
1.875
09/24/26
964
26,000
Federal
National
Mortgage
Association
5.625
07/15/37
27,869
20,000
Kreditanstalt
fuer
Wiederaufbau
4.625
03/18/30
20,189
9,000
Tennessee
Valley
Authority
5.250
09/15/39
9,226
129,000
Tennessee
Valley
Authority
3.500
12/15/42
104,369
5,000
Tennessee
Valley
Authority
4.250
09/15/52
4,274
TOTAL
GOVERNMENT
AGENCY
230,516
MUNICIPAL
BONDS
-
3.2%
18,000
Bay
Area
Toll
Authority,
California,
Revenue
Bonds,
San
Francisco
Bay
Area
Toll
Bridge,
Series
2021F-3
3.126
04/01/55
11,800
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
17,800
60,000
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Green
Series
2016B
3.852
08/15/46
48,915
42,000
California
State
University,
Systemwide
Revenue
Bonds,
Taxable
Series
2021B
2.719
11/01/52
27,675
10,000
California
State
University,
Systemwide
Revenue
Bonds,
Taxable
Series
2021B
2.939
11/01/52
6,626
50,000
California
State,
General
Obligation
Bonds,
Taxable
Various
Purpose
Series
2018
4.500
04/01/33
48,374
70,000
California
State,
General
Obligation
Bonds,
Taxable
Various
Purpose
Series
2018
4.600
04/01/38
65,644
50,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Build
America
Taxable
Bond
Series
2010
7.625
03/01/40
58,544
10,000
Chicago
Greater
Metropolitan
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2009
5.720
12/01/38
10,100
Portfolio
of
Investments
January
31,
2025
(continued)
NUAG
20
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MUNICIPAL
BONDS
(continued)
$
28,000
Chicago
Transit
Authority,
Illinois,
Sales
and
Transfer
Tax
Receipts
Revenue
Bonds,
Pension
Funding
Taxable
Series
2008B
6.899
%
12/01/40
$
30,851
47,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Taxable
Senior
Lien
Series
2018C
4.572
01/01/54
41,163
40,000
Commonwealth
Financing
Authority,
Pennsylvania,
Revenue
Bonds
Taxable
Series
2021A
2.991
06/01/42
29,574
6,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Plancon
Program,
Taxable
Series
2018A
3.864
06/01/38
5,351
10,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2010D
6.229
11/15/34
10,367
40,000
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Taxable
Refunding
Senior
Lien
Series
2021A
2.613
12/01/48
26,647
20,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Taxable
Improvement
Series
2022A
4.087
11/01/51
16,502
20,000
Dallas
Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds
Taxable
Improvement
Series
2022A
4.507
11/01/51
17,293
40,000
Dallas-Fort
Worth
International
Airport,
Texas,
Joint
Revenue
Bonds,
Taxable
Refunding
Series
2021C
2.843
11/01/46
28,368
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
798
20,000
Florida
State
Board
of
Administration
Finance
Corporation,
Revenue
Bonds,
Taxable,
Series
2024A
5.526
07/01/34
20,207
30,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Taxable
Senior
Series
2021A-1
4.214
06/01/50
21,219
40,000
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Taxable
Refunding
Subordinate
Lien
Series
2020B.
Tela
Supported
3.236
10/01/52
27,549
119,000
Illinois
State,
General
Obligation
Bonds,
Pension
Funding
Series
2003
5.100
06/01/33
117,193
40,000
Kansas
Development
Finance
Authority,
Kansas,
Revenue
Bonds,
State
of
Kansas
KPERS
Projects,
Taxable
Series
2021K
2.774
05/01/51
27,088
30,000
Los
Angeles
Community
College
District,
California,
General
Obligation
Bonds,
Build
America
Taxable
Bonds,
Series
2010
6.750
08/01/49
33,120
11,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Trinity
Health
Credit
Group,
Taxable
Refunding
Series
2019-T
3.384
12/01/40
8,846
21,000
Missouri
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Washington
University,
Series
2016B
3.086
09/15/51
14,081
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
38,509
45,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Build
America
Taxable
Bonds,
Series
2010A
7.102
01/01/41
50,705
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
982
15,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Build
America
Taxable
Bonds,
Series
2010B-1
5.572
11/01/38
14,963
50,000
New
York
City,
New
York,
General
Obligation
Bonds,
Taxable
Fiscal
2025
Series
C-2
4.610
09/01/37
47,669
10,000
Ohio
State
University,
General
Receipts
Bonds,
Build
America
Taxable
Bond
Series
2010C
4.910
06/01/40
9,452
100,000
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
Two
Hundred
Twenty-Fifth
Series
2021
3.175
07/15/60
63,976
39,000
Province
of
British
Columbia
Canada
1.300
01/29/31
32,152
75,000
Sales
Tax
Securitization
Corporation,
Illinois,
Tax
Securitization
Bonds,
Taxable
Series
2018
3.238
01/01/42
59,278
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
52,706
32,000
Tucson,
Arizona,
Certificates
of
Participation,
Taxable
Series
2021A
2.856
07/01/47
22,851
30,000
University
of
Michigan,
General
Revenue
Bonds,
Series
2022A
3.504
04/01/52
21,898
TOTAL
MUNICIPAL
BONDS
1,186,836
21
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN
DEBT
-
5.3%
$
1,000
Chile
Government
International
Bond
3.625
%
10/30/42
$
755
102,000
Chile
Government
International
Bond
3.500
01/25/50
70,404
13,000
Chile
Government
International
Bond
4.000
01/31/52
9,702
13,000
(a)
Chile
Government
International
Bond
3.250
09/21/71
7,684
9,000
Colombia
Government
International
Bond
4.125
02/22/42
5,701
200,000
Colombia
Government
International
Bond
5.625
02/26/44
149,221
13,000
Colombia
Government
International
Bond
5.000
06/15/45
8,800
19,000
Colombia
Government
International
Bond
5.200
05/15/49
12,830
13,000
Colombia
Government
International
Bond
4.125
05/15/51
7,480
13,000
Colombia
Government
International
Bond
3.875
02/15/61
6,839
1,000
Hungary
Government
International
Bond
7.625
03/29/41
1,120
1,000
Indonesia
Government
International
Bond
4.350
01/11/48
839
1,000
Indonesia
Government
International
Bond
5.350
02/11/49
973
143,000
(a)
Indonesia
Government
International
Bond
4.300
03/31/52
115,852
10,000
Indonesia
Government
International
Bond
4.450
04/15/70
7,964
25,000
Indonesia
Government
International
Bond
3.350
03/12/71
15,726
20,000
Inter-American
Development
Bank
4.375
01/24/44
18,380
28,000
Israel
Government
International
Bond
4.500
01/30/43
23,661
100,000
Israel
Government
International
Bond
4.125
01/17/48
76,339
11,000
Korea
International
Bond
3.875
09/20/48
8,972
200,000
Mexico
Government
International
Bond
6.000
05/07/36
188,985
70,000
Mexico
Government
International
Bond
4.280
08/14/41
51,684
200,000
Mexico
Government
International
Bond
4.750
03/08/44
151,927
200,000
Mexico
Government
International
Bond
6.338
05/04/53
178,367
200,000
(a)
Panama
Government
International
Bond
6.875
01/31/36
189,629
98,000
Panama
Government
International
Bond
4.500
05/15/47
64,261
130,000
Panama
Government
International
Bond
3.870
07/23/60
69,833
93,000
Peruvian
Government
International
Bond
3.300
03/11/41
67,339
17,000
Peruvian
Government
International
Bond
3.550
03/10/51
11,491
5,000
Peruvian
Government
International
Bond
2.780
12/01/60
2,665
1,000
Peruvian
Government
International
Bond
3.600
01/15/72
612
16,000
Peruvian
Government
International
Bond
3.230
07/28/21
8,528
20,000
Philippine
Government
International
Bond
6.375
10/23/34
21,419
10,000
Philippine
Government
International
Bond
5.000
01/13/37
9,536
19,000
Philippine
Government
International
Bond
3.700
03/01/41
15,030
200,000
Philippine
Government
International
Bond
3.200
07/06/46
137,426
60,000
Republic
of
Italy
Government
International
Bond
4.000
10/17/49
42,567
110,000
Republic
of
Poland
Government
International
Bond
5.125
09/18/34
107,360
30,000
Republic
of
Poland
Government
International
Bond
5.500
04/04/53
27,883
17,000
Uruguay
Government
International
Bond
5.100
06/18/50
15,452
90,000
Uruguay
Government
International
Bond
4.975
04/20/55
78,819
TOTAL
SOVEREIGN
DEBT
1,990,055
UTILITY
-
0.1%
20,000
San
Antonio,
Texas,
Electric
and
Gas
System
Revenue
Bonds,
Build
America
Taxable
Bond
Series
2010A
5.718
02/01/41
19,951
TOTAL
UTILITY
19,951
TOTAL
GOVERNMENT
RELATED
(Cost
$4,290,331)
3,427,358
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
23.1%
250,000
American
Express
Credit
Account
Master
Trust
3.390
05/17/27
249,202
100,000
(b)
Avis
Budget
Rental
Car
Funding
AESOP
LLC
2.330
08/20/26
99,202
150,000
BANK
2024-BNK47
6.457
06/15/57
157,430
50,000
BANK5
2023-5YR3
6.724
09/15/56
52,687
43,281
BANK5
2023-5YR4
6.500
12/15/56
45,318
50,000
(b)
Barings
Equipment
Finance
LLC
2025-A
4.820
08/13/32
50,119
100,000
BBCMS
Mortgage
Trust
2022-C17
4.174
09/15/55
94,327
150,000
Benchmark
2021-B27
Mortgage
Trust
2.703
07/15/54
105,147
100,000
Benchmark
2024-V7
Mortgage
Trust
6.228
06/15/29
104,244
45,000
BMO
2023-5C2
Mortgage
Trust
6.673
11/15/56
47,323
Portfolio
of
Investments
January
31,
2025
(continued)
NUAG
22
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
150,000
Capital
One
Multi-Asset
Execution
Trust
3.490
%
05/15/27
$
149,560
30,000
Capital
One
Prime
Auto
Receivables
Trust
2024-1
4.620
07/16/29
30,059
50,000
Carmax
Auto
Owner
Trust
2024-3
5.210
09/15/27
50,199
50,000
CarMax
Auto
Owner
Trust
2024-4
4.640
04/15/30
49,957
50,000
Carvana
Auto
Receivables
Trust
2024-P3
4.310
09/10/30
49,168
50,000
(b)
Chase
Auto
Owner
Trust
2024-3
5.220
07/25/29
50,604
100,000
CNH
Equipment
Trust
2023-B
5.600
02/15/29
101,709
50,000
CNH
Equipment
Trust
2024-C
4.120
03/15/32
49,169
85,317
COMM
2015-LC19
Mortgage
Trust
3.527
02/10/48
85,160
31,221
(b)
Dell
Equipment
Finance
Trust
2023-3
6.100
04/23/29
31,313
50,000
(b)
Enterprise
Fleet
Financing
2024-3
LLC
5.310
04/20/27
50,283
50,000
Exeter
Automobile
Receivables
Trust
2024-4
5.290
08/15/30
50,364
22,454
Fannie
Mae
Pool
FN
MA1489
3.000
07/01/43
19,790
55,899
Fannie
Mae
Pool
FN
MA3211
4.000
12/01/47
51,974
33,730
Fannie
Mae
Pool
FN
MA3277
4.000
02/01/48
31,279
75,139
Fannie
Mae
Pool
FN
MA3305
3.500
03/01/48
67,321
22,809
Fannie
Mae
Pool
FN
MA3306
4.000
03/01/48
21,194
45,519
Fannie
Mae
Pool
FN
MA3383
3.500
06/01/48
40,868
129,272
Fannie
Mae
Pool
FN
MA3416
4.500
07/01/48
123,459
43,166
Fannie
Mae
Pool
FN
MA3663
3.500
05/01/49
38,510
66,024
Fannie
Mae
Pool
FN
MA3744
3.000
08/01/49
56,948
166,379
Fannie
Mae
Pool
FN
MA4160
3.000
10/01/50
142,860
226,271
Fannie
Mae
Pool
FN
MA4305
2.000
04/01/51
177,011
119,402
Fannie
Mae
Pool
FN
MA4438
2.500
10/01/51
97,704
111,470
Fannie
Mae
Pool
FN
MA4562
2.000
03/01/52
86,963
233,608
Fannie
Mae
Pool
FN
MA4578
2.500
04/01/52
191,124
79,828
Fannie
Mae
Pool
FN
MA4737
5.000
08/01/52
77,343
393,207
Fannie
Mae
Pool
FN
MA4738
5.500
08/01/52
390,079
162,745
Fannie
Mae
Pool
FN
MA4761
5.000
09/01/52
157,665
86,091
Fannie
Mae
Pool
FN
MA5216
6.000
12/01/53
86,719
85,161
Fannie
Mae
Pool
FN
MA5295
6.000
03/01/54
85,842
80,805
Fannie
Mae
Pool
FN
MA5329
6.500
04/01/54
82,901
74,392
Fannie
Mae
Pool
FN
MA5391
7.000
06/01/54
77,907
50,000
Ford
Credit
Auto
Lease
Trust
2024-B
4.990
12/15/27
50,352
50,000
Ford
Credit
Auto
Owner
Trust
2024-B
5.100
04/15/29
50,549
200,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.819
06/25/28
201,119
200,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.650
08/25/28
200,100
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.800
09/25/28
100,492
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.618
07/25/29
49,884
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.700
11/25/29
50,029
187,706
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.353
11/25/30
169,627
35,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.680
10/25/31
34,824
150,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5.150
12/25/33
152,989
90,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.760
10/25/34
89,166
238,396
Freddie
Mac
Pool
FR
SD5345
2.500
04/01/52
195,441
225,668
Ginnie
Mae
II
Pool
G2
MA7768
3.000
12/20/51
196,558
213,777
Ginnie
Mae
II
Pool
G2
MA7883
3.500
02/20/52
191,372
206,652
Ginnie
Mae
II
Pool
G2
MA8489
4.500
12/20/52
195,750
196,754
Ginnie
Mae
II
Pool
G2
MA9106
5.500
08/20/53
195,775
148,450
Ginnie
Mae
II
Pool
G2
MA9906
5.500
09/20/54
147,517
148,326
Ginnie
Mae
II
Pool
G2
MA9907
6.000
09/20/54
149,733
104,417
Ginnie
Mae
II
Pool
G2
MA9963
4.500
10/20/54
98,789
104,332
Ginnie
Mae
II
Pool
G2
MA9964
5.000
10/20/54
101,458
193,920
Ginnie
Mae
II
Pool
G2
MB0028
6.500
11/20/54
198,042
114,225
Ginnie
Mae
II
Pool
MA7589
G2
MA7589
2.500
09/20/51
95,572
160,059
Ginnie
Mae
II
Pool
MA7989
G2
MA7989
3.500
04/20/52
143,285
100,000
GM
Financial
Automobile
Leasing
Trust
2024-1
5.090
03/22/27
100,607
41,515
GM
Financial
Consumer
Automobile
Receivables
Trust
2022-2
3.100
02/16/27
41,270
221,089
GS
Mortgage
Securities
Trust
2016-GS4
3.178
11/10/49
216,356
83,333
(b)
Hertz
Vehicle
Financing
III
LLC
1.990
06/25/26
82,832
50,000
Honda
Auto
Receivables
2024-2
Owner
Trust
5.270
11/20/28
50,616
48,060
(b)
HPEFS
Equipment
Trust
2023-2
6.040
01/21/31
48,244
23
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
59,751
Hyundai
Auto
Receivables
Trust
2022-B
3.720
%
11/16/26
$
59,578
100,000
John
Deere
Owner
Trust
2022
2.490
01/16/29
98,690
25,000
Mercedes-Benz
Auto
Receivables
Trust
2024-1
4.790
07/15/31
25,142
250,000
Morgan
Stanley
Capital
I
Trust
2021-L5
1.518
05/15/54
237,348
50,000
Nissan
Auto
Lease
Trust
2025-A
4.750
03/15/28
50,161
100,000
(b)
OneMain
Financial
Issuance
Trust
2023-2
6.170
09/15/36
102,666
100,000
Santander
Drive
Auto
Receivables
Trust
2023-4
6.040
12/15/31
102,562
50,000
Toyota
Auto
Receivables
2024-C
Owner
Trust
4.880
03/15/29
50,337
50,000
Toyota
Auto
Receivables
2025-A
Owner
Trust
4.640
08/15/29
50,180
30,000
UNITED
STATES
4.230
12/25/29
29,430
45,000
Verizon
Master
Trust
Series
2024-4
5.210
06/20/29
45,470
200,000
Wells
Fargo
Commercial
Mortgage
Trust
2024-5C1
5.928
07/15/57
206,436
50,000
(b)
Westlake
Automobile
Receivables
Trust
2025-1
4.750
08/15/28
50,077
50,000
World
Omni
Auto
Receivables
Trust
2024-B
5.270
09/17/29
50,596
TOTAL
SECURITIZED
(Cost
$8,817,925)
8,615,026
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
27.1%
100,000
United
States
Treasury
Note/Bond
4.500
03/31/26
100,281
600
United
States
Treasury
Note/Bond
0.750
04/30/26
575
100,000
United
States
Treasury
Note/Bond
4.875
05/31/26
100,812
2,800
United
States
Treasury
Note/Bond
0.875
06/30/26
2,673
200,000
United
States
Treasury
Note/Bond
4.625
06/30/26
201,094
450,000
United
States
Treasury
Note/Bond
4.375
07/31/26
451,002
250,000
United
States
Treasury
Note/Bond
3.750
08/31/26
248,242
950,000
United
States
Treasury
Note/Bond
3.500
09/30/26
939,312
200,000
United
States
Treasury
Note/Bond
4.125
10/31/26
199,695
450,000
United
States
Treasury
Note/Bond
4.250
11/30/26
450,264
3,600
United
States
Treasury
Note/Bond
1.250
12/31/26
3,407
1,200,000
United
States
Treasury
Note/Bond
4.000
01/15/27
1,195,219
100,000
United
States
Treasury
Note/Bond
4.125
01/31/27
99,852
250,000
United
States
Treasury
Note/Bond
4.250
03/15/27
250,146
1,000
United
States
Treasury
Note/Bond
2.500
03/31/27
965
30,000
United
States
Treasury
Note/Bond
2.750
04/30/27
29,072
200,000
United
States
Treasury
Note/Bond
4.500
05/15/27
201,180
2,800
United
States
Treasury
Note/Bond
3.250
06/30/27
2,740
400
(d)
United
States
Treasury
Note/Bond
2.750
07/31/27
386
150,000
United
States
Treasury
Note/Bond
3.625
05/31/28
147,023
105,000
United
States
Treasury
Note/Bond
4.375
08/31/28
105,295
100,000
United
States
Treasury
Note/Bond
4.875
10/31/28
101,977
150,000
United
States
Treasury
Note/Bond
3.125
11/15/28
143,894
500,000
United
States
Treasury
Note/Bond
4.000
01/31/29
494,395
275,000
United
States
Treasury
Note/Bond
4.250
02/28/29
274,334
600,000
United
States
Treasury
Note/Bond
4.625
04/30/29
607,008
550,000
United
States
Treasury
Note/Bond
4.500
05/31/29
553,824
400,000
United
States
Treasury
Note/Bond
4.000
07/31/29
394,750
250,000
United
States
Treasury
Note/Bond
3.500
09/30/29
241,299
200,000
United
States
Treasury
Note/Bond
4.125
10/31/29
198,227
450,000
United
States
Treasury
Note/Bond
4.125
11/30/29
446,062
600,000
United
States
Treasury
Note/Bond
4.375
12/31/29
601,078
100,000
United
States
Treasury
Note/Bond
4.250
02/28/31
99,137
200,000
United
States
Treasury
Note/Bond
3.750
08/31/31
192,203
30,000
United
States
Treasury
Note/Bond
4.000
02/15/34
28,823
150,000
United
States
Treasury
Note/Bond
4.375
05/15/34
148,172
50,000
United
States
Treasury
Note/Bond
3.875
08/15/34
47,430
460,000
United
States
Treasury
Note/Bond
4.250
11/15/34
449,291
100,000
United
States
Treasury
Note/Bond
3.375
08/15/42
82,879
50,000
United
States
Treasury
Note/Bond
3.875
02/15/43
44,258
120,000
United
States
Treasury
Note/Bond
4.500
02/15/44
114,802
25,000
United
States
Treasury
Note/Bond
4.750
11/15/53
24,707
Portfolio
of
Investments
January
31,
2025
(continued)
NUAG
24
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
(continued)
$
110,000
United
States
Treasury
Note/Bond
4.375
%
08/15/54
$
100,289
TOTAL
U.S.
TREASURY
(Cost
$10,195,558)
10,118,074
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$38,790,487)
36,667,421
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
1.6%
573,983
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4.390
(f)
$
573,983
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$573,983)
573,983
TOTAL
INVESTMENTS
-
99.9%
(Cost
$39,364,470
)
37,241,404
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.1%
55,361
NET
ASSETS
-
100%
$
37,296,765
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
$546,759.
(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
$717,474
or
1.9%
of
Total
Investments.
(c)
When-issued
or
delayed
delivery
security.
(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.
25
Portfolio
of
Investments
January
31,
2025
NUSA
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.6%
CORPORATE
DEBT
-
23.2%
FINANCIALS
-
10.8%
$
60,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.875
%
01/23/28
$
58,369
20,000
Aflac
Inc
1
.125
03/15/26
19,247
20,000
Air
Lease
Corp
2
.875
01/15/26
19,659
10,000
Ally
Financial
Inc
7
.100
11/15/27
10,537
70,000
American
Express
Co
5
.850
11/05/27
72,236
100,000
Banco
Santander
SA
1
.722
09/14/27
94,969
31,000
Bank
of
America
Corp
1
.734
07/22/27
29,665
180,000
Bank
of
America
Corp
4
.376
04/27/28
178,254
50,000
Bank
of
America
Corp
5
.162
01/24/31
50,155
30,000
Bank
of
Montreal
5
.717
09/25/28
30,845
50,000
(a)
Bank
of
Montreal
5
.004
01/27/29
50,167
50,000
Bank
of
New
York
Mellon
Corp/The
0
.750
01/28/26
48,242
60,000
Bank
of
Nova
Scotia/The
1
.350
06/24/26
57,397
50,000
Bank
of
Nova
Scotia/The
5
.130
02/14/31
49,970
80,000
Barclays
PLC
2
.279
11/24/27
76,381
11,000
Boston
Properties
LP
2
.750
10/01/26
10,619
20,000
Brixmor
Operating
Partnership
LP
3
.900
03/15/27
19,587
10,000
Canadian
Imperial
Bank
of
Commerce
5
.260
04/08/29
10,109
34,000
Capital
One
Financial
Corp
7
.149
10/29/27
35,257
14,000
Capital
One
Financial
Corp
3
.800
01/31/28
13,580
20,000
Centene
Corp
4
.250
12/15/27
19,382
30,000
Charles
Schwab
Corp/The
1
.150
05/13/26
28,729
17,000
Charles
Schwab
Corp/The
2
.450
03/03/27
16,270
20,000
Charles
Schwab
Corp/The
5
.643
05/19/29
20,490
150,000
Citigroup
Inc
4
.658
05/24/28
149,413
10,000
Citizens
Financial
Group
Inc
2
.850
07/27/26
9,711
50,000
Deutsche
Bank
AG/New
York
NY
5
.371
09/09/27
50,771
30,000
Digital
Realty
Trust
LP
3
.700
08/15/27
29,225
20,000
Elevance
Health
Inc
3
.650
12/01/27
19,478
20,000
Equitable
Holdings
Inc
4
.350
04/20/28
19,686
20,000
Fifth
Third
Bancorp
1
.707
11/01/27
18,947
20,000
GATX
Corp
3
.250
09/15/26
19,504
135,000
Goldman
Sachs
Group
Inc/The
4
.482
08/23/28
133,804
14,000
Goldman
Sachs
Group
Inc/The
6
.484
10/24/29
14,700
20,000
Healthpeak
OP
LLC
3
.250
07/15/26
19,589
102,000
HSBC
Holdings
PLC
4
.755
06/09/28
101,533
20,000
Humana
Inc
5
.750
12/01/28
20,457
30,000
ING
Groep
NV
1
.726
04/01/27
28,954
130,000
JPMorgan
Chase
&
Co
2
.947
02/24/28
125,367
38,000
JPMorgan
Chase
&
Co
4
.851
07/25/28
38,056
50,000
JPMorgan
Chase
&
Co
4
.995
07/22/30
49,951
50,000
JPMorgan
Chase
&
Co
4
.603
10/22/30
49,120
50,000
JPMorgan
Chase
&
Co
5
.140
01/24/31
50,199
40,000
Kimco
Realty
OP
LLC
3
.800
04/01/27
39,280
20,000
Lincoln
National
Corp
3
.625
12/12/26
19,634
50,000
Lloyds
Banking
Group
PLC
3
.750
03/18/28
48,785
20,000
M&T
Bank
Corp
7
.413
10/30/29
21,489
20,000
Manulife
Financial
Corp
4
.150
03/04/26
19,908
60,000
Mitsubishi
UFJ
Financial
Group
Inc
4
.080
04/19/28
59,051
40,000
Mizuho
Financial
Group
Inc
4
.018
03/05/28
39,101
83,000
Morgan
Stanley
5
.164
04/20/29
83,479
100,000
Morgan
Stanley
5
.042
07/19/30
99,841
50,000
Nasdaq
Inc
5
.350
06/28/28
50,815
30,000
NatWest
Group
PLC
4
.800
04/05/26
30,017
5,000
ORIX
Corp
5
.000
09/13/27
5,035
50,000
PNC
Financial
Services
Group
Inc/The
6
.615
10/20/27
51,539
50,000
PNC
Financial
Services
Group
Inc/The
5
.222
01/29/31
50,328
10,000
Progressive
Corp/The
2
.500
03/15/27
9,589
70,000
Royal
Bank
of
Canada
4
.969
08/02/30
69,810
Portfolio
of
Investments
January
31,
2025
(continued)
NUSA
26
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
20,000
Santander
Holdings
USA
Inc
2
.490
%
01/06/28
$
19,059
30,000
Santander
UK
Group
Holdings
PLC
1
.673
06/14/27
28,651
20,000
State
Street
Corp
5
.820
11/04/28
20,589
68,000
Sumitomo
Mitsui
Financial
Group
Inc
3
.784
03/09/26
67,416
60,000
Synovus
Financial
Corp
6
.168
11/01/30
60,666
10,000
Toronto-Dominion
Bank/The
1
.200
06/03/26
9,564
50,000
Toronto-Dominion
Bank/The
1
.250
09/10/26
47,449
50,000
Toronto-Dominion
Bank/The
4
.861
01/31/28
50,022
50,000
Truist
Financial
Corp
7
.161
10/30/29
53,532
30,000
UBS
Group
AG
4
.550
04/17/26
29,937
50,000
UnitedHealth
Group
Inc
4
.600
04/15/27
50,093
50,000
US
Bancorp
3
.100
04/27/26
49,041
30,000
Ventas
Realty
LP
3
.850
04/01/27
29,380
40,000
Westpac
Banking
Corp
5
.050
04/16/29
40,526
20,000
Willis
North
America
Inc
4
.650
06/15/27
19,899
TOTAL
FINANCIALS
3,242,106
INDUSTRIAL
-
10.7%
20,000
3M
Co
2
.250
09/19/26
19,279
60,000
AbbVie
Inc
4
.800
03/15/29
60,101
10,000
Adobe
Inc
4
.850
04/04/27
10,090
50,000
Adobe
Inc
4
.950
01/17/30
50,614
10,000
Amcor
Finance
USA
Inc
3
.625
04/28/26
9,849
50,000
American
Honda
Finance
Corp
5
.250
07/07/26
50,447
40,000
American
Tower
Corp
3
.650
03/15/27
39,083
40,000
Amgen
Inc
3
.200
11/02/27
38,513
50,000
Amphenol
Corp
5
.050
04/05/27
50,422
10,000
Arrow
Electronics
Inc
5
.150
08/21/29
9,981
40,000
Astrazeneca
Finance
LLC
1
.200
05/28/26
38,383
60,000
AT&T
Inc
1
.700
03/25/26
58,044
20,000
AutoZone
Inc
5
.050
07/15/26
20,111
20,000
Baxter
International
Inc
2
.600
08/15/26
19,386
50,000
Bristol-Myers
Squibb
Co
3
.200
06/15/26
49,206
40,000
Broadcom
Corp
/
Broadcom
Cayman
Finance
Ltd
3
.875
01/15/27
39,398
20,000
Canadian
Pacific
Railway
Co
1
.750
12/02/26
18,983
50,000
Caterpillar
Financial
Services
Corp
4
.800
01/08/30
50,197
20,000
Celanese
US
Holdings
LLC
6
.415
07/15/27
20,378
30,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6
.150
11/10/26
30,583
21,000
Cigna
Group/The
1
.250
03/15/26
20,226
30,000
Cisco
Systems
Inc
4
.900
02/26/26
30,184
20,000
CNH
Industrial
Capital
LLC
1
.450
07/15/26
19,085
50,000
CNH
Industrial
Capital
LLC
4
.500
10/08/27
49,612
60,000
Coca-Cola
Co/The
1
.500
03/05/28
54,929
70,000
Comcast
Corp
3
.300
04/01/27
68,152
20,000
Conagra
Brands
Inc
5
.300
10/01/26
20,178
30,000
Crown
Castle
Inc
2
.900
03/15/27
28,866
50,000
CVS
Health
Corp
3
.625
04/01/27
48,722
4,000
Dell
International
LLC
/
EMC
Corp
6
.020
06/15/26
4,055
20,000
Dell
International
LLC
/
EMC
Corp
5
.250
02/01/28
20,266
20,000
Discovery
Communications
LLC
3
.950
03/20/28
19,073
20,000
Dollar
General
Corp
4
.625
11/01/27
19,905
60,000
DXC
Technology
Co
1
.800
09/15/26
57,004
10,000
Eastman
Chemical
Co
5
.000
08/01/29
9,983
20,000
eBay
Inc
1
.400
05/10/26
19,212
50,000
Eli
Lilly
&
Co
4
.150
08/14/27
49,759
50,000
Enbridge
Inc
5
.300
04/05/29
50,417
20,000
Equinix
Inc
1
.800
07/15/27
18,652
15,000
Fidelity
National
Information
Services
Inc
1
.650
03/01/28
13,640
40,000
Fiserv
Inc
5
.450
03/02/28
40,691
20,000
Fortive
Corp
3
.150
06/15/26
19,587
30,000
GE
HealthCare
Technologies
Inc
4
.800
08/14/29
29,842
20,000
General
Mills
Inc
4
.200
04/17/28
19,671
27
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
50,000
General
Motors
Financial
Co
Inc
5
.400
%
04/06/26
$
50,321
60,000
General
Motors
Financial
Co
Inc
5
.800
01/07/29
61,111
20,000
Gilead
Sciences
Inc
2
.950
03/01/27
19,360
15,000
Global
Payments
Inc
4
.950
08/15/27
15,037
43,000
HCA
Inc
3
.125
03/15/27
41,492
41,000
Home
Depot
Inc/The
2
.125
09/15/26
39,570
20,000
Home
Depot
Inc/The
4
.900
04/15/29
20,186
20,000
HP
Inc
1
.450
06/17/26
19,142
20,000
Illumina
Inc
5
.750
12/13/27
20,454
40,000
Intel
Corp
2
.600
05/19/26
38,897
50,000
International
Business
Machines
Corp
3
.300
05/15/26
49,205
10,000
IQVIA
Inc
6
.250
02/01/29
10,349
10,000
Jabil
Inc
4
.250
05/15/27
9,876
30,000
John
Deere
Capital
Corp
0
.700
01/15/26
28,997
40,000
John
Deere
Capital
Corp
4
.950
07/14/28
40,511
30,000
Johnson
&
Johnson
4
.800
06/01/29
30,355
30,000
Kellanova
3
.400
11/15/27
29,000
20,000
Keurig
Dr
Pepper
Inc
5
.050
03/15/29
20,086
20,000
Kinder
Morgan
Inc
1
.750
11/15/26
19,007
20,000
Kraft
Heinz
Foods
Co
3
.000
06/01/26
19,557
10,000
Kyndryl
Holdings
Inc
2
.050
10/15/26
9,538
20,000
Laboratory
Corp
of
America
Holdings
3
.600
09/01/27
19,475
20,000
Lennox
International
Inc
1
.700
08/01/27
18,552
50,000
Lowe's
Cos
Inc
4
.800
04/01/26
50,102
20,000
Mastercard
Inc
4
.875
03/09/28
20,211
50,000
McDonald's
Corp
5
.000
05/17/29
50,505
10,000
McKesson
Corp
1
.300
08/15/26
9,521
20,000
Merck
&
Co
Inc
4
.050
05/17/28
19,786
50,000
Micron
Technology
Inc
6
.750
11/01/29
53,271
40,000
Microsoft
Corp
2
.400
08/08/26
38,881
10,000
Mondelez
International
Inc
2
.625
03/17/27
9,588
10,000
Motorola
Solutions
Inc
4
.600
02/23/28
9,942
20,000
MPLX
LP
4
.250
12/01/27
19,718
10,000
Nokia
Oyj
4
.375
06/12/27
9,815
10,000
Nordson
Corp
4
.500
12/15/29
9,751
10,000
Nutrien
Ltd
5
.200
06/21/27
10,111
16,000
ONEOK
Inc
5
.550
11/01/26
16,184
50,000
Oracle
Corp
2
.800
04/01/27
48,014
50,000
Oracle
Corp
4
.200
09/27/29
48,446
15,000
PACCAR
Financial
Corp
5
.000
05/13/27
15,187
10,000
Parker-Hannifin
Corp
4
.250
09/15/27
9,906
10,000
PayPal
Holdings
Inc
3
.900
06/01/27
9,861
30,000
PepsiCo
Inc
5
.125
11/10/26
30,376
30,000
PepsiCo
Inc
4
.500
07/17/29
29,926
50,000
Pfizer
Investment
Enterprises
Pte
Ltd
4
.450
05/19/26
49,991
10,000
Phillips
66
Co
3
.750
03/01/28
9,712
30,000
Procter
&
Gamble
Co/The
1
.900
02/01/27
28,627
10,000
Regal
Rexnord
Corp
6
.050
04/15/28
10,198
10,000
Republic
Services
Inc
2
.900
07/01/26
9,789
30,000
Rogers
Communications
Inc
3
.200
03/15/27
29,027
40,000
Roper
Technologies
Inc
1
.400
09/15/27
36,747
11,000
Ryder
System
Inc
2
.850
03/01/27
10,574
10,000
Ryder
System
Inc
6
.300
12/01/28
10,483
50,000
Ryder
System
Inc
4
.900
12/01/29
49,684
10,000
S&P
Global
Inc
2
.450
03/01/27
9,582
20,000
Sabine
Pass
Liquefaction
LLC
5
.000
03/15/27
20,062
30,000
Sherwin-Williams
Co/The
3
.450
06/01/27
29,235
20,000
Starbucks
Corp
3
.500
03/01/28
19,337
50,000
(b)
Stryker
Corp
4
.850
02/10/30
49,905
10,000
Sysco
Corp
3
.250
07/15/27
9,665
12,000
TransCanada
PipeLines
Ltd
4
.250
05/15/28
11,770
10,000
Tyco
Electronics
Group
SA
4
.625
02/01/30
9,900
Portfolio
of
Investments
January
31,
2025
(continued)
NUSA
28
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
20,000
Unilever
Capital
Corp
4
.875
%
09/08/28
$
20,216
20,000
Verizon
Communications
Inc
3
.000
03/22/27
19,344
50,000
Verizon
Communications
Inc
2
.100
03/22/28
46,159
15,000
VMware
LLC
3
.900
08/21/27
14,668
30,000
Walt
Disney
Co/The
1
.750
01/13/26
29,262
20,000
Warnermedia
Holdings
Inc
3
.755
03/15/27
19,371
10,000
Waste
Management
Inc
3
.150
11/15/27
9,633
10,000
Western
Union
Co/The
1
.350
03/15/26
9,607
30,000
Weyerhaeuser
Co
4
.750
05/15/26
30,008
30,000
Williams
Cos
Inc/The
4
.800
11/15/29
29,719
20,000
Zimmer
Biomet
Holdings
Inc
5
.350
12/01/28
20,325
TOTAL
INDUSTRIAL
3,216,539
UTILITY
-
1.7%
18,000
American
Water
Capital
Corp
2
.950
09/01/27
17,245
10,000
Atmos
Energy
Corp
3
.000
06/15/27
9,654
20,000
CMS
Energy
Corp
3
.000
05/15/26
19,569
50,000
DTE
Energy
Co
4
.950
07/01/27
50,202
10,000
Enel
Americas
SA
4
.000
10/25/26
9,859
10,000
Evergy
Kansas
Central
Inc
2
.550
07/01/26
9,730
49,000
Eversource
Energy
2
.900
03/01/27
47,163
27,000
Exelon
Corp
3
.400
04/15/26
26,593
50,000
FirstEnergy
Transmission
LLC
4
.550
01/15/30
48,910
20,000
Fortis
Inc/Canada
3
.055
10/04/26
19,425
50,000
National
Rural
Utilities
Cooperative
Finance
Corp
5
.100
05/06/27
50,536
25,000
OGE
Energy
Corp
5
.450
05/15/29
25,448
10,000
Public
Service
Electric
and
Gas
Co
2
.250
09/15/26
9,656
48,000
Sempra
5
.400
08/01/26
48,274
36,000
Southern
California
Edison
Co
4
.900
06/01/26
35,862
70,000
Wisconsin
Public
Service
Corp
4
.550
12/01/29
69,101
TOTAL
UTILITY
497,227
TOTAL
CORPORATE
DEBT
(Cost
$6,949,393)
6,955,872
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
6.1%
GOVERNMENT
AGENCY
-
3.2%
70,000
Export
Development
Canada
4
.375
06/29/26
70,003
50,000
Export
Development
Canada
3
.750
09/07/27
49,299
100,000
Federal
National
Mortgage
Association
0
.625
04/22/25
99,207
200,000
(b)
Korea
Development
Bank/The
4
.625
02/03/28
200,063
37,000
Kreditanstalt
fuer
Wiederaufbau
0
.625
01/22/26
35,719
275,000
Kreditanstalt
fuer
Wiederaufbau
3
.625
04/01/26
272,923
30,000
Kreditanstalt
fuer
Wiederaufbau
3
.500
08/27/27
29,431
70,000
Landwirtschaftliche
Rentenbank
1
.750
07/27/26
67,420
20,000
Oesterreichische
Kontrollbank
AG
0
.500
02/02/26
19,244
70,000
Oesterreichische
Kontrollbank
AG
4
.750
05/21/27
70,598
36,000
Svensk
Exportkredit
AB
4
.375
02/13/26
35,960
TOTAL
GOVERNMENT
AGENCY
949,867
MUNICIPAL
BONDS
-
0.5%
28,000
Province
of
British
Columbia
Canada
4
.800
11/15/28
28,310
60,000
Province
of
Ontario
Canada
4
.200
01/18/29
59,249
60,000
Province
of
Quebec
Canada
4
.500
04/03/29
59,888
TOTAL
MUNICIPAL
BONDS
147,447
SOVEREIGN
DEBT
-
2.4%
60,000
African
Development
Bank
0
.875
07/22/26
57,084
50,000
Asian
Development
Bank
4
.250
01/09/26
49,956
140,000
Asian
Development
Bank
1
.000
04/14/26
134,645
50,000
Canada
Government
International
Bond
3
.750
04/26/28
49,231
50,000
Council
Of
Europe
Development
Bank
4
.500
01/15/30
50,172
60,000
European
Investment
Bank
2
.375
05/24/27
57,495
50,000
European
Investment
Bank
4
.750
06/15/29
50,697
29
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN
DEBT
(continued)
$
110,000
Inter-American
Development
Bank
4
.500
%
05/15/26
$
110,248
40,000
International
Bank
for
Reconstruction
&
Development
4
.000
08/27/26
39,838
60,000
International
Bank
for
Reconstruction
&
Development
4
.625
08/01/28
60,534
50,000
International
Bank
for
Reconstruction
&
Development
3
.875
10/16/29
48,875
18,000
International
Finance
Corp
4
.500
07/13/28
18,102
TOTAL
SOVEREIGN
DEBT
726,877
TOTAL
GOVERNMENT
RELATED
(Cost
$1,822,702)
1,824,191
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
7.7%
50,000
BANK
2021-BNK34
1
.935
06/15/63
47,886
45,000
BANK5
2024-5YR9
5
.614
08/15/57
45,945
100,000
Benchmark
2021-B29
Mortgage
Trust
2
.024
09/15/54
92,595
50,000
Benchmark
2024-V7
Mortgage
Trust
6
.228
06/15/29
52,122
50,000
Capital
One
Multi-Asset
Execution
Trust
3
.920
09/15/29
49,298
100,000
CarMax
Auto
Owner
Trust
2023-4
6
.000
07/17/28
101,771
61,927
Fannie
Mae
Pool
FN
MA3798
3
.000
10/01/34
58,455
16,810
Fannie
Mae
Pool
FN
MA3828
3
.000
11/01/34
15,888
18,557
Fannie
Mae
Pool
FN
MA3897
3
.000
01/01/35
17,517
104,647
Fannie
Mae
Pool
FN
MA3985
3
.000
04/01/35
98,127
248,343
Fannie
Mae
Pool
FN
MA4206
2
.000
12/01/35
222,409
101,085
Fannie
Mae
Pool
FN
MA4417
1
.500
09/01/36
87,410
187,812
Fannie
Mae
Pool
FN
MA4469
1
.500
11/01/36
163,313
144,676
Fannie
Mae
Pool
FN
MA4567
2
.000
03/01/37
128,746
72,550
Fannie
Mae
Pool
FN
MA4583
2
.500
04/01/37
66,078
75,115
Fannie
Mae
Pool
FN
MA4990
4
.500
04/01/38
73,659
81,199
Fannie
Mae
Pool
FN
MA5023
4
.000
05/01/38
78,049
88,664
Fannie
Mae
Pool
FN
MA5061
5
.500
06/01/38
89,551
36,022
Fannie
Mae
Pool
FN
MA5093
5
.000
07/01/38
35,961
83,010
Fannie
Mae
Pool
FN
MA5145
6
.000
09/01/38
84,739
60,344
Freddie
Mac
Gold
Pool
FG
G18642
3
.500
04/01/32
58,630
159,711
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
3
.205
03/25/25
159,104
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.819
06/25/28
100,560
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4
.618
07/25/29
49,884
50,000
Honda
Auto
Receivables
2024-3
Owner
Trust
4
.570
03/21/29
50,079
50,000
John
Deere
Owner
Trust
0
.740
05/15/28
49,727
42,208
(c)
SoFi
Professional
Loan
Program
2020-C
Trust
1
.950
02/15/46
39,148
50,000
Toyota
Auto
Receivables
2025-A
Owner
Trust
4
.640
08/15/29
50,180
45,000
Verizon
Master
Trust
Series
2024-4
5
.210
06/20/29
45,470
100,000
Wells
Fargo
Commercial
Mortgage
Trust
2018-C44
3
.948
05/15/51
97,576
TOTAL
SECURITIZED
(Cost
$2,388,862)
2,309,877
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
61.6%
300,000
United
States
Treasury
Note/Bond
0
.750
04/30/26
287,520
450,000
United
States
Treasury
Note/Bond
4
.875
04/30/26
453,410
700,000
United
States
Treasury
Note/Bond
4
.875
05/31/26
705,688
50,000
United
States
Treasury
Note/Bond
0
.875
06/30/26
47,736
300,000
United
States
Treasury
Note/Bond
4
.625
06/30/26
301,641
300,000
United
States
Treasury
Note/Bond
4
.375
07/31/26
300,668
100,000
United
States
Treasury
Note/Bond
1
.125
10/31/26
94,879
250,000
United
States
Treasury
Note/Bond
4
.125
10/31/26
249,619
100,000
United
States
Treasury
Note/Bond
4
.250
11/30/26
100,059
100,000
United
States
Treasury
Note/Bond
1
.250
12/31/26
94,633
2,150,000
United
States
Treasury
Note/Bond
4
.250
12/31/26
2,151,428
250,000
United
States
Treasury
Note/Bond
4
.125
01/31/27
249,629
900,000
United
States
Treasury
Note/Bond
1
.875
02/28/27
858,516
300,000
United
States
Treasury
Note/Bond
2
.500
03/31/27
289,582
850,000
United
States
Treasury
Note/Bond
2
.750
04/30/27
823,703
Portfolio
of
Investments
January
31,
2025
(continued)
NUSA
30
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
(continued)
$
850,000
United
States
Treasury
Note/Bond
2
.625
%
05/31/27
$
820,250
150,000
United
States
Treasury
Note/Bond
3
.250
06/30/27
146,771
250,000
United
States
Treasury
Note/Bond
2
.750
07/31/27
241,348
150,000
United
States
Treasury
Note/Bond
3
.125
08/31/27
145,992
500,000
United
States
Treasury
Note/Bond
4
.125
10/31/27
498,750
500,000
United
States
Treasury
Note/Bond
3
.875
11/30/27
495,215
100,000
United
States
Treasury
Note/Bond
3
.875
12/31/27
99,039
500,000
United
States
Treasury
Note/Bond
3
.500
01/31/28
489,746
300,000
United
States
Treasury
Note/Bond
4
.000
02/29/28
297,867
700,000
United
States
Treasury
Note/Bond
3
.625
03/31/28
687,148
700,000
United
States
Treasury
Note/Bond
3
.500
04/30/28
683,949
400,000
United
States
Treasury
Note/Bond
3
.625
05/31/28
392,063
200,000
United
States
Treasury
Note/Bond
4
.000
06/30/28
198,328
75,000
United
States
Treasury
Note/Bond
4
.125
07/31/28
74,640
300,000
United
States
Treasury
Note/Bond
4
.625
09/30/28
303,352
250,000
United
States
Treasury
Note/Bond
4
.375
11/30/28
250,625
300,000
United
States
Treasury
Note/Bond
4
.000
01/31/29
296,637
500,000
United
States
Treasury
Note/Bond
4
.250
02/28/29
498,789
300,000
United
States
Treasury
Note/Bond
4
.125
03/31/29
297,773
1,150,000
United
States
Treasury
Note/Bond
4
.625
04/30/29
1,163,432
600,000
United
States
Treasury
Note/Bond
4
.500
05/31/29
604,172
100,000
United
States
Treasury
Note/Bond
4
.250
06/30/29
99,691
100,000
United
States
Treasury
Note/Bond
4
.000
07/31/29
98,687
200,000
United
States
Treasury
Note/Bond
3
.625
08/31/29
194,234
150,000
United
States
Treasury
Note/Bond
3
.500
09/30/29
144,779
350,000
United
States
Treasury
Note/Bond
4
.125
10/31/29
346,896
420,000
United
States
Treasury
Note/Bond
4
.125
11/30/29
416,325
1,200,000
United
States
Treasury
Note/Bond
4
.375
12/31/29
1,202,156
250,000
United
States
Treasury
Note/Bond
4
.250
01/31/30
249,102
TOTAL
U.S.
TREASURY
(Cost
$18,571,950)
18,446,467
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$29,732,907)
29,536,407
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.1%
38,030
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4
.390
(e)
$
38,030
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$38,030)
38,030
TOTAL
INVESTMENTS
-
98
.7
%
(Cost
$
29,770,937
)
29,574,437
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.3%
404,347
NET
ASSETS
-
100%
$
29,978,784
S&P
Standard
&
Poor's
(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
$37,099.
(b)
When-issued
or
delayed
delivery
security.
(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
$39,148
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.
31
Portfolio
of
Investments
January
31,
2025
NUHY
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
97.5%
CORPORATE
DEBT
-
97.5%
FINANCIALS
-
12.2%
$
250,000
Ally
Financial
Inc
6.700
%
02/14/33
$
257,051
130,000
(a)
Apollo
Commercial
Real
Estate
Finance
Inc
4.625
06/15/29
116,696
390,000
(a)
Baldwin
Insurance
Group
Holdings
LLC
/
Baldwin
Insurance
Group
Holdings
Finance
7.125
05/15/31
398,924
110,000
(a)
Bread
Financial
Holdings
Inc
9.750
03/15/29
118,615
150,000
(a)
Brookfield
Property
REIT
Inc
/
BPR
Cumulus
LLC
/
BPR
Nimbus
LLC
/
GGSI
Sellco
LL
4.500
04/01/27
144,209
250,000
(a)
Coinbase
Global
Inc
3.375
10/01/28
226,117
250,000
(a)
Coinbase
Global
Inc
3.625
10/01/31
216,258
230,000
(a)
Compass
Group
Diversified
Holdings
LLC
5.250
04/15/29
222,613
250,000
(a)
Credit
Acceptance
Corp
9.250
12/15/28
266,390
49,000
Diversified
Healthcare
Trust
4.375
03/01/31
37,752
200,000
(a)
Encore
Capital
Group
Inc
8.500
05/15/30
211,550
100,000
(a)
FTAI
Aviation
Ltd
7.000
05/01/31
101,347
450,000
(a)
Global
Atlantic
Fin
Co
4.700
10/15/51
434,273
100,000
(a)
Global
Atlantic
Fin
Co
7.950
10/15/54
104,588
100,000
(a)
goeasy
Ltd
9.250
12/01/28
106,791
200,000
(a)
goeasy
Ltd
7.625
07/01/29
206,725
70,000
(a)
Howard
Hughes
Corp/The
5.375
08/01/28
67,995
140,000
(a)
Howard
Hughes
Corp/The
4.375
02/01/31
124,880
100,000
(a)
Intesa
Sanpaolo
SpA
4.198
06/01/32
88,746
470,000
(a)
Jefferies
Finance
LLC
/
JFIN
Co-Issuer
Corp
5.000
08/15/28
445,058
440,000
Kennedy-Wilson
Inc
4.750
03/01/29
406,769
350,000
Kennedy-Wilson
Inc
4.750
02/01/30
315,006
405,000
(b)
Kennedy-Wilson
Inc
5.000
03/01/31
358,630
70,000
(a)
Liberty
Mutual
Group
Inc
4.125
12/15/51
66,963
30,000
(a)
Molina
Healthcare
Inc
4.375
06/15/28
28,837
110,000
(a)
Molina
Healthcare
Inc
3.875
11/15/30
99,705
230,000
(a)
Molina
Healthcare
Inc
3.875
05/15/32
202,255
200,000
(b)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
3.500
03/15/31
134,105
230,000
(a)
Nationstar
Mortgage
Holdings
Inc
5.500
08/15/28
225,803
150,000
(a)
Nationstar
Mortgage
Holdings
Inc
6.500
08/01/29
150,344
150,000
(a)
Nationstar
Mortgage
Holdings
Inc
5.125
12/15/30
141,699
200,000
(a)
Nationstar
Mortgage
Holdings
Inc
5.750
11/15/31
193,572
450,000
(a)
Nationstar
Mortgage
Holdings
Inc
7.125
02/01/32
463,873
200,000
OneMain
Finance
Corp
3.500
01/15/27
192,421
300,000
OneMain
Finance
Corp
3.875
09/15/28
280,236
410,000
OneMain
Finance
Corp
7.875
03/15/30
431,308
250,000
OneMain
Finance
Corp
4.000
09/15/30
223,997
400,000
OneMain
Finance
Corp
7.500
05/15/31
416,013
290,000
(a)
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
5.875
10/01/28
286,679
380,000
(a)
Park
Intermediate
Holdings
LLC
/
PK
Domestic
Property
LLC
/
PK
Finance
Co-Issuer
4.875
05/15/29
363,030
210,000
(a)
PennyMac
Financial
Services
Inc
7.875
12/15/29
219,877
100,000
(a)
PennyMac
Financial
Services
Inc
7.125
11/15/30
102,316
145,000
(a)
PennyMac
Financial
Services
Inc
5.750
09/15/31
138,712
100,000
(a)
PRA
Group
Inc
8.875
01/31/30
104,619
310,000
(a)
PROG
Holdings
Inc
6.000
11/15/29
299,706
100,000
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
4.750
10/15/27
97,934
360,000
(a)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
4.500
02/15/29
343,281
200,000
(a)
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp
6.500
04/01/32
201,521
100,000
(a)
Ryan
Specialty
LLC
5.875
08/01/32
99,088
251,000
SLM
Corp
3.125
11/02/26
241,310
70,000
(a)
Starwood
Property
Trust
Inc
4.375
01/15/27
67,986
165,000
(a)
Starwood
Property
Trust
Inc
7.250
04/01/29
170,443
100,000
(b)
Synchrony
Financial
7.250
02/02/33
104,642
270,000
(a)
UniCredit
SpA
5.459
06/30/35
263,130
300,000
Western
Alliance
Bancorp
3.000
06/15/31
285,399
Portfolio
of
Investments
January
31,
2025
(continued)
NUHY
32
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
460,000
(a)
XHR
LP
4.875
%
06/01/29
$
437,086
TOTAL
FINANCIALS
12,054,873
INDUSTRIAL
-
84.2%
420,000
(a)
1011778
BC
ULC
/
New
Red
Finance
Inc
3.500
02/15/29
387,901
150,000
(a)
1011778
BC
ULC
/
New
Red
Finance
Inc
6.125
06/15/29
152,043
930,000
(a)
1011778
BC
ULC
/
New
Red
Finance
Inc
4.000
10/15/30
842,156
70,000
(a)
180
Medical
Inc
3.875
10/15/29
64,766
150,000
(a)
ACCO
Brands
Corp
4.250
03/15/29
138,611
130,000
(a),(b)
AdaptHealth
LLC
4.625
08/01/29
119,493
310,000
(a),(b)
AdaptHealth
LLC
5.125
03/01/30
286,730
200,000
Adient
Global
Holdings
Ltd
7.000
04/15/28
202,645
150,000
(a)
Adient
Global
Holdings
Ltd
8.250
04/15/31
155,566
160,000
(a)
Advantage
Sales
&
Marketing
Inc
6.500
11/15/28
151,551
300,000
(a)
Air
Canada
3.875
08/15/26
292,420
550,000
(a),(b)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
6.500
02/15/28
560,215
420,000
(a)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
4.875
02/15/30
403,637
310,000
(a),(b)
Allegiant
Travel
Co
7.250
08/15/27
312,812
110,000
(a)
Allison
Transmission
Inc
3.750
01/30/31
98,158
100,000
(a)
Alta
Equipment
Group
Inc
9.000
06/01/29
96,902
210,000
(a)
Amer
Sports
Co
6.750
02/16/31
215,554
410,000
(a),(b)
American
Airlines
Inc
7.250
02/15/28
419,548
450,000
(a)
American
Airlines
Inc
8.500
05/15/29
474,099
550,000
(a)
American
Airlines
Inc/AAdvantage
Loyalty
IP
Ltd2022
1
5.750
04/20/29
548,655
350,000
(b)
American
Axle
&
Manufacturing
Inc
5.000
10/01/29
321,088
220,000
(a)
Antero
Midstream
Partners
LP
/
Antero
Midstream
Finance
Corp
5.375
06/15/29
215,086
172,000
(a),(b)
Anywhere
Real
Estate
Group
LLC
/
Anywhere
Co-Issuer
Corp
7.000
04/15/30
157,807
20,000
(a)
Anywhere
Real
Estate
Group
LLC
/
Realogy
Co-Issuer
Corp
5.750
01/15/29
16,232
200,000
(a)
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp
6.625
09/01/32
202,740
100,000
(a)
Arcosa
Inc
6.875
08/15/32
102,501
80,000
(a),(b)
Ardagh
Metal
Packaging
Finance
USA
LLC
/
Ardagh
Metal
Packaging
Finance
PLC
4.000
09/01/29
69,823
125,000
(a)
Asbury
Automotive
Group
Inc
4.625
11/15/29
118,787
260,000
(a)
Asbury
Automotive
Group
Inc
5.000
02/15/32
243,270
600,000
(a)
Aston
Martin
Capital
Holdings
Ltd
10.000
03/31/29
595,485
170,000
(a)
Avantor
Funding
Inc
4.625
07/15/28
164,354
140,000
(a)
Avantor
Funding
Inc
3.875
11/01/29
129,585
200,000
(a)
Avient
Corp
7.125
08/01/30
205,301
150,000
(a)
Avient
Corp
6.250
11/01/31
149,704
150,000
(a)
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
4.750
04/01/28
142,075
200,000
(a),(b)
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
5.375
03/01/29
190,720
150,000
(a),(b)
Avis
Budget
Car
Rental
LLC
/
Avis
Budget
Finance
Inc
8.000
02/15/31
155,100
60,000
(a)
Axalta
Coating
Systems
Dutch
Holding
B
BV
7.250
02/15/31
62,486
110,000
(a)
Axalta
Coating
Systems
LLC
3.375
02/15/29
101,106
60,000
(a)
Axalta
Coating
Systems
LLC
/
Axalta
Coating
Systems
Dutch
Holding
B
BV
4.750
06/15/27
58,853
150,000
(a)
B&G
Foods
Inc
8.000
09/15/28
155,441
290,000
Ball
Corp
2.875
08/15/30
251,183
240,000
Ball
Corp
3.125
09/15/31
206,255
150,000
(a)
Bath
&
Body
Works
Inc
6.625
10/01/30
152,722
100,000
(a)
Bausch
Health
Cos
Inc
4.875
06/01/28
81,013
720,000
(a)
Bausch
Health
Cos
Inc
11.000
09/30/28
671,504
150,000
(a)
Beacon
Roofing
Supply
Inc
6
.500
08/01/30
154,687
200,000
(a)
Belron
UK
Finance
PLC
5.750
10/15/29
198,205
55,000
(a)
Block
Inc
6.500
05/15/32
56,216
160,000
(a)
Bombardier
Inc
6.000
02/15/28
159,674
150,000
(a),(b)
Bombardier
Inc
7.500
02/01/29
156,122
200,000
Bombardier
Inc
8.750
11/15/30
215,350
200,000
(a)
Bombardier
Inc
7.250
07/01/31
206,516
200,000
(a),(b)
Bombardier
Inc
7.000
06/01/32
203,942
200,000
(a),(b)
British
Telecommunications
PLC
4
.875
11/23/81
183,216
33
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
240,000
(a)
Brookfield
Residential
Properties
Inc
/
Brookfield
Residential
US
LLC
4.875
%
02/15/30
$
219,552
110,000
(a)
Builders
FirstSource
Inc
5.000
03/01/30
105,334
371,000
(a)
Builders
FirstSource
Inc
4
.250
02/01/32
334,547
160,000
(a)
Builders
FirstSource
Inc
6.375
06/15/32
162,044
150,000
(a)
Builders
FirstSource
Inc
6.375
03/01/34
150,869
150,000
(a)
Cable
One
Inc
4.000
11/15/30
122,629
110,000
(a)
Camelot
Return
Merger
Sub
Inc
8.750
08/01/28
108,043
350,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
6.375
09/01/29
350,205
410,000
(a),(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500
08/15/30
373,016
570,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.250
02/01/31
505,665
250,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
7.375
03/03/31
255,951
350,000
(a),(b)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.750
02/01/32
311,447
500,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500
05/01/32
433,703
200,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500
06/01/33
169,692
620,000
(a)
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.250
01/15/34
506,521
290,000
(a)
Century
Communities
Inc
3.875
08/15/29
264,124
110,000
(a)
Charles
River
Laboratories
International
Inc
3.750
03/15/29
101,575
200,000
(a),(b)
Charles
River
Laboratories
International
Inc
4.000
03/15/31
179,791
300,000
(a)
Chart
Industries
Inc
7.500
01/01/30
313,420
240,000
(a)
Chart
Industries
Inc
9.500
01/01/31
258,763
110,000
(a)
Chemours
Co/The
5.750
11/15/28
104,361
240,000
(a),(b)
Chemours
Co/The
4.625
11/15/29
213,093
110,000
(a),(b)
CHS/Community
Health
Systems
Inc
6.875
04/15/29
75,487
100,000
(a),(b)
CHS/Community
Health
Systems
Inc
6.125
04/01/30
65,576
160,000
(a)
Cimpress
PLC
7.375
09/15/32
158,896
550,000
(a)
Cinemark
USA
Inc
5.250
07/15/28
539,119
245,000
(a)
Cinemark
USA
Inc
7.000
08/01/32
251,730
118,000
(a)
Clarivate
Science
Holdings
Corp
3.875
07/01/28
111,179
200,000
(a)
Clarivate
Science
Holdings
Corp
4.875
07/01/29
187,476
250,000
(a),(b)
Clear
Channel
Outdoor
Holdings
Inc
7.750
04/15/28
231,743
240,000
(a)
Clear
Channel
Outdoor
Holdings
Inc
9.000
09/15/28
252,314
300,000
(a),(b)
Clear
Channel
Outdoor
Holdings
Inc
7.500
06/01/29
267,100
250,000
(a)
Clear
Channel
Outdoor
Holdings
Inc
7.875
04/01/30
258,711
350,000
(a)
Clue
Opco
LLC
9.500
10/15/31
369,411
120,000
(a)
Cogent
Communications
Group
LLC
3.500
05/01/26
117,194
460,000
(a)
Coherent
Corp
5.000
12/15/29
442,687
350,000
(a)
Concentra
Escrow
Issuer
Corp
6.875
07/15/32
361,918
700,000
(a)
Condor
Merger
Sub
Inc
7.375
02/15/30
689,632
500,000
(a)
Consolidated
Communications
Inc
6.500
10/01/28
487,721
150,000
(a)
Cornerstone
Building
Brands
Inc
9.500
08/15/29
149,714
182,000
Crowdstrike
Holdings
Inc
3.000
02/15/29
167,135
170,000
(a)
Cushman
&
Wakefield
US
Borrower
LLC
6.750
05/15/28
171,406
150,000
CVS
Health
Corp
6.750
12/10/54
148,303
300,000
CVS
Health
Corp
7.000
03/10/55
303,019
130,000
(a)
Darling
Ingredients
Inc
6.000
06/15/30
129,370
260,000
(a)
DaVita
Inc
4.625
06/01/30
241,915
640,000
(a)
DaVita
Inc
3.750
02/15/31
563,207
200,000
(a)
Diebold
Nixdorf
Inc
7.750
03/31/30
207,037
200,000
(a)
Directv
Financing
LLC
8.875
02/01/30
197,832
970,000
(a)
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor
Inc
5.875
08/15/27
960,578
270,000
(a)
Domtar
Corp
6.750
10/01/28
249,185
240,000
(a)
DT
Midstream
Inc
4.125
06/15/29
226,900
311,000
(a)
DT
Midstream
Inc
4.375
06/15/31
287,663
70,000
(a)
Dycom
Industries
Inc
4.500
04/15/29
65,924
360,000
(a)
Dye
&
Durham
Ltd
8.625
04/15/29
376,257
220,000
(a)
Edgewell
Personal
Care
Co
5.500
06/01/28
216,908
100,000
(a)
Edgewell
Personal
Care
Co
4.125
04/01/29
93,603
170,000
(a)
Elastic
NV
4.125
07/15/29
158,984
300,000
(a)
Element
Solutions
Inc
3.875
09/01/28
286,342
154,000
(a)
Enerflex
Ltd
9.000
10/15/27
159,860
460,000
(a),(b)
Energizer
Holdings
Inc
4.750
06/15/28
441,835
Portfolio
of
Investments
January
31,
2025
(continued)
NUHY
34
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
430,000
(a)
Energizer
Holdings
Inc
4.375
%
03/31/29
$
402,017
220,000
(a)
Entegris
Inc
5.950
06/15/30
219,296
430,000
(a)
EQM
Midstream
Partners
LP
6.500
07/01/27
438,842
112,000
(a)
EQM
Midstream
Partners
LP
7.500
06/01/30
120,641
100,000
(b)
Fortrea
Holdings
Inc
7.500
07/01/30
100,393
500,000
(a)
Frontier
Communications
Holdings
LLC
5.875
10/15/27
500,143
600,000
(a)
Frontier
Communications
Holdings
LLC
5.000
05/01/28
593,861
270,000
(a)
Frontier
Communications
Holdings
LLC
6.750
05/01/29
271,827
370,000
(a)
Frontier
Communications
Holdings
LLC
6.000
01/15/30
370,744
350,000
(a)
Frontier
Communications
Holdings
LLC
8.750
05/15/30
369,843
270,000
(a)
Frontier
Communications
Holdings
LLC
8.625
03/15/31
288,461
335,000
(a)
Gap
Inc/The
3.625
10/01/29
304,738
250,000
(a)
Garrett
Motion
Holdings
Inc
/
Garrett
LX
I
Sarl
7.750
05/31/32
254,704
150,000
(a)
Gates
Corp/DE
6.875
07/01/29
153,413
150,000
(a)
Gen
Digital
Inc
6.750
09/30/27
152,487
150,000
(a),(b)
Gen
Digital
Inc
7.125
09/30/30
154,324
400,000
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.875
04/15/30
414,654
175,000
(b)
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
7.875
05/15/32
175,294
200,000
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp
8.000
05/15/33
200,042
100,000
Goodyear
Tire
&
Rubber
Co/The
5.000
07/15/29
93,291
200,000
(b)
Goodyear
Tire
&
Rubber
Co/The
5.250
07/15/31
183,309
300,000
(a)
Gray
Escrow
Inc
5.375
11/15/31
178,874
350,000
(a),(b)
Gray
Media
Inc
10.500
07/15/29
366,390
180,000
Griffon
Corp
5.750
03/01/28
178,434
410,000
(a),(b)
Grifols
SA
4.750
10/15/28
379,295
100,000
(a)
Group
1
Automotive
Inc
6.375
01/15/30
101,641
310,000
(a)
H&E
Equipment
Services
Inc
3.875
12/15/28
309,439
400,000
(a)
HealthEquity
Inc
4.500
10/01/29
377,477
195,000
(a)
Heartland
Dental
LLC
/
Heartland
Dental
Finance
Corp
10.500
04/30/28
207,894
250,000
(a)
Hess
Midstream
Operations
LP
6.500
06/01/29
255,056
100,000
Hillenbrand
Inc
6.250
02/15/29
100,885
210,000
(a)
Hilton
Domestic
Operating
Co
Inc
5.750
05/01/28
210,158
100,000
(a)
Hilton
Domestic
Operating
Co
Inc
5.875
04/01/29
100,694
300,000
(a)
Hilton
Domestic
Operating
Co
Inc
3.750
05/01/29
280,062
280,000
(a)
Hilton
Domestic
Operating
Co
Inc
4.000
05/01/31
255,239
460,000
(a)
Hilton
Domestic
Operating
Co
Inc
3.625
02/15/32
404,472
408,000
(a),(b)
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
4.875
07/01/31
370,264
170,000
(a)
Hilton
Grand
Vacations
Borrower
Escrow
LLC
/
Hilton
Grand
Vacations
Borrower
Esc
6.625
01/15/32
172,218
550,000
(a)
Hilton
Grand
Vacations
Borrower
LLC
/
Hilton
Grand
Vacations
Borrower
Inc
5.000
06/01/29
523,964
200,000
HLF
Financing
Sarl
LLC
/
Herbalife
International
Inc
12.250
04/15/29
210,012
220,000
(a)
HLF
Financing
Sarl
LLC
/
Herbalife
International
Inc
4.875
06/01/29
148,749
170,000
(a)
Hologic
Inc
3.250
02/15/29
156,274
130,000
(a)
Ingevity
Corp
3.875
11/01/28
120,545
1,160,000
(a)
Intelsat
Jackson
Holdings
SA
6.500
03/15/30
1,047,986
100,000
(a)
Iron
Mountain
Inc
5.000
07/15/28
97,424
100,000
(a)
Iron
Mountain
Inc
7.000
02/15/29
102,853
361,000
(a)
Iron
Mountain
Inc
5.250
07/15/30
347,187
290,000
(a)
Iron
Mountain
Information
Management
Services
Inc
5.000
07/15/32
270,112
200,000
(a)
Jaguar
Land
Rover
Automotive
PLC
5.875
01/15/28
199,706
410,000
(a),(b)
Jazz
Securities
DAC
4.375
01/15/29
390,548
400,000
(a)
JetBlue
Airways
Corp
/
JetBlue
Loyalty
LP
9.875
09/20/31
422,863
240,000
(a)
Kinetik
Holdings
LP
5.875
06/15/30
238,125
100,000
(a)
Kodiak
Gas
Services
LLC
7.250
02/15/29
102,930
10,000
Lamar
Media
Corp
4.000
02/15/30
9,225
150,000
(a)
Lamb
Weston
Holdings
Inc
4.875
05/15/28
146,923
300,000
(a)
Level
3
Financing
Inc
10.500
04/15/29
336,041
200,000
(a)
Level
3
Financing
Inc
4.875
06/15/29
172,237
400,000
(a)
Level
3
Financing
Inc
10.500
05/15/30
435,884
100,000
(a)
Level
3
Financing
Inc
10.750
12/15/30
112,551
35
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
300,000
(a)
Life
Time
Inc
6.000
%
11/15/31
$
300,053
60,000
(a)
Lithia
Motors
Inc
3.875
06/01/29
55,669
310,000
(a)
Lithia
Motors
Inc
4.375
01/15/31
285,486
200,000
(a)
Live
Nation
Entertainment
Inc
6.500
05/15/27
203,322
250,000
(a)
Live
Nation
Entertainment
Inc
3.750
01/15/28
238,613
260,000
(a)
Magnera
Corp
4.750
11/15/29
234,926
280,000
(a)
Marriott
Ownership
Resorts
Inc
4.500
06/15/29
263,636
400,000
(a)
Masterbrand
Inc
7.000
07/15/32
408,931
90,000
(a)
McGraw-Hill
Education
Inc
8.000
08/01/29
91,592
350,000
Mercer
International
Inc
5.125
02/01/29
310,470
164,000
Methanex
Corp
5.125
10/15/27
161,430
130,000
(a)
Michaels
Cos
Inc/The
5.250
05/01/28
101,094
50,000
(a)
Mobius
Merger
Sub
Inc
9.000
06/01/30
48,827
33,000
(a)
MPH
Acquisition
Holdings
LLC
5.500
09/01/28
25,442
100,000
(a)
Murphy
Oil
USA
Inc
3.750
02/15/31
89,032
32,000
(a)
NCL
Corp
Ltd
5.875
03/15/26
32,117
920,000
(a)
NCL
Corp
Ltd
5.875
02/15/27
924,221
850,000
(a)
NCL
Corp
Ltd
8.125
01/15/29
902,580
310,000
(a)
NCL
Corp
Ltd
7.750
02/15/29
329,318
421,000
(a),(b)
NCR
Voyix
Corp
5.000
10/01/28
405,738
220,000
(a)
NESCO
Holdings
II
Inc
5.500
04/15/29
207,936
200,000
(b)
Newell
Brands
Inc
6.375
09/15/27
203,583
200,000
(b)
Newell
Brands
Inc
6.625
09/15/29
205,162
438,000
(a)
Nexstar
Media
Inc
4.750
11/01/28
413,006
450,000
NuStar
Logistics
LP
6.375
10/01/30
458,285
260,000
(a)
ON
Semiconductor
Corp
3.875
09/01/28
245,193
110,000
(a)
Open
Text
Corp
3.875
02/15/28
104,457
210,000
(a)
Open
Text
Holdings
Inc
4.125
12/01/31
188,220
120,000
(a)
Option
Care
Health
Inc
4.375
10/31/29
112,204
520,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
4.125
04/30/28
493,209
250,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.125
04/30/31
226,309
510,000
(a)
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
4.250
01/15/29
477,456
100,000
(a),(b)
Owens
&
Minor
Inc
6.625
04/01/30
96,291
300,000
(a)
Owens-Brockway
Glass
Container
Inc
6.625
05/13/27
300,986
520,000
(a),(b)
Owens-Brockway
Glass
Container
Inc
7.250
05/15/31
506,870
20,000
(a)
Pactiv
Evergreen
Group
Issuer
Inc/Pactiv
Evergreen
Group
Issuer
LLC
4.375
09/30/28
20,059
375,000
Paramount
Global
6.375
03/30/62
365,543
200,000
(a)
Parkland
Corp/Canada
4.625
05/01/30
186,154
130,000
(a)
Patrick
Industries
Inc
6.375
11/01/32
128,177
200,000
(b)
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
6.000
02/15/28
197,110
200,000
(a)
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
7.875
09/15/30
200,046
955,000
(a)
Performance
Food
Group
Inc
4.250
08/01/29
897,874
400,000
(a)
Performance
Food
Group
Inc
6.125
09/15/32
400,840
310,000
Perrigo
Finance
Unlimited
Co
4.900
06/15/30
292,305
200,000
(a)
Phinia
Inc
6.750
04/15/29
205,461
690,000
(a)
Post
Holdings
Inc
4.625
04/15/30
641,835
590,000
(a)
Post
Holdings
Inc
4.500
09/15/31
533,481
425,000
(a)
Post
Holdings
Inc
6.250
02/15/32
425,320
150,000
(a)
Prestige
Brands
Inc
3.750
04/01/31
133,368
100,000
(a)
Primo
Water
Holdings
Inc
4.375
04/30/29
94,459
60,000
(a)
PTC
Inc
4.000
02/15/28
57,574
200,000
(a)
Rakuten
Group
Inc
9.750
04/15/29
218,439
351,000
(a),(b),(c)
Rakuten
Group
Inc
5.125
N/A
338,162
355,000
(a),(b),(c)
Rakuten
Group
Inc
6.250
N/A
316,585
100,000
(a)
RB
Global
Inc
6.750
03/15/28
102,482
110,000
(a)
RB
Global
Inc
7.750
03/15/31
115,827
160,000
(a)
Reworld
Holding
Corp
4.875
12/01/29
149,002
60,000
(a)
ROBLOX
Corp
3.875
05/01/30
55,002
240,000
(a),(b)
Rogers
Communications
Inc
5.250
03/15/82
235,108
100,000
(a)
Royal
Caribbean
Cruises
Ltd
4.250
07/01/26
98,626
50,000
(a)
Royal
Caribbean
Cruises
Ltd
5.500
08/31/26
50,061
Portfolio
of
Investments
January
31,
2025
(continued)
NUHY
36
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
410,000
(a)
Royal
Caribbean
Cruises
Ltd
5.375
%
07/15/27
$
410,112
500,000
(a)
Royal
Caribbean
Cruises
Ltd
5.500
04/01/28
501,481
600,000
(a)
Royal
Caribbean
Cruises
Ltd
6.250
03/15/32
610,481
300,000
(a)
Royal
Caribbean
Cruises
Ltd
6.000
02/01/33
302,376
370,000
(a)
RR
Donnelley
&
Sons
Co
9.500
08/01/29
381,038
81,000
(a),(b)
Sabre
GLBL
Inc
8.625
06/01/27
81,444
360,000
(a)
Sabre
GLBL
Inc
10.750
11/15/29
371,401
390,000
SBA
Communications
Corp
3.875
02/15/27
377,362
188,000
Seagate
HDD
Cayman
9.625
12/01/32
213,483
120,000
(a)
Sealed
Air
Corp
6.125
02/01/28
121,088
270,000
(a),(b)
SeaWorld
Parks
&
Entertainment
Inc
5.250
08/15/29
260,931
300,000
(a)
Select
Medical
Corp
6.250
12/01/32
294,725
220,000
(a)
Sensata
Technologies
BV
4.000
04/15/29
203,617
200,000
(a)
Sensata
Technologies
BV
5.875
09/01/30
196,798
100,000
(a)
Sensata
Technologies
Inc
3.750
02/15/31
88,249
600,000
Service
Corp
International/US
4.000
05/15/31
542,068
225,000
(a)
Sinclair
Television
Group
Inc
4.125
12/01/30
157,905
295,000
(a)
Sirius
XM
Radio
LLC
3.125
09/01/26
285,222
200,000
(a)
Sirius
XM
Radio
LLC
4.000
07/15/28
187,021
450,000
(a)
Sirius
XM
Radio
LLC
4.125
07/01/30
402,225
440,000
(a),(b)
Sirius
XM
Radio
LLC
3.875
09/01/31
378,911
250,000
(a)
Six
Flags
Entertainment
Corp
/
Six
Flags
Theme
Parks
Inc
6.625
05/01/32
255,406
170,000
(b)
Six
Flags
Entertainment
Corp/DE
7.250
05/15/31
175,123
300,000
(a),(b)
Sonic
Automotive
Inc
4.625
11/15/29
282,553
200,000
(a),(b)
Sonic
Automotive
Inc
4.875
11/15/31
184,452
400,000
(a)
Sotera
Health
Holdings
LLC
7.375
06/01/31
407,286
170,000
(a)
SPX
FLOW
Inc
8.750
04/01/30
176,636
300,000
(a)
Stagwell
Global
LLC
5.625
08/15/29
289,495
230,000
(a)
Stena
International
SA
7.250
01/15/31
235,007
420,000
(a)
Studio
City
Finance
Ltd
5.000
01/15/29
382,710
310,000
(a)
Suburban
Propane
Partners
LP/Suburban
Energy
Finance
Corp
5.000
06/01/31
281,855
140,000
(a)
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp
5.250
01/15/29
141,645
55,000
(a)
Summit
Materials
LLC
/
Summit
Materials
Finance
Corp
7.250
01/15/31
59,331
310,000
(a)
Summit
Midstream
Holdings
LLC
8.625
10/31/29
326,480
350,000
(a)
Sunoco
LP
7.000
05/01/29
361,762
580,000
(a)
Sunoco
LP
7.250
05/01/32
605,164
60,000
(a)
Superior
Plus
LP
/
Superior
General
Partner
Inc
4.500
03/15/29
55,250
150,000
(a),(b)
Surgery
Center
Holdings
Inc
7.250
04/15/32
149,626
261,000
(a)
Taylor
Morrison
Communities
Inc
5.125
08/01/30
252,305
190,000
(a)
TEGNA
Inc
4.750
03/15/26
188,882
60,000
(a)
Teleflex
Inc
4.250
06/01/28
57,717
170,000
(a)
Tempur
Sealy
International
Inc
4.000
04/15/29
158,209
200,000
(a)
Tempur
Sealy
International
Inc
3.875
10/15/31
175,648
450,000
(a)
Tenneco
Inc
8.000
11/17/28
429,546
180,000
(a)
Terex
Corp
5.000
05/15/29
173,168
310,000
(a)
Thor
Industries
Inc
4.000
10/15/29
283,184
70,000
(a)
TopBuild
Corp
4.125
02/15/32
62,619
21,000
(a)
TransDigm
Inc
6.625
03/01/32
21,358
100,000
(a)
Travel
+
Leisure
Co
6.625
07/31/26
101,606
240,000
(a)
Travel
+
Leisure
Co
4.500
12/01/29
227,375
140,000
TreeHouse
Foods
Inc
4.000
09/01/28
127,973
185,000
(a)
Triumph
Group
Inc
9.000
03/15/28
193,896
230,000
(a),(b)
Tronox
Inc
4.625
03/15/29
208,300
250,000
(a)
TTM
Technologies
Inc
4.000
03/01/29
234,461
160,000
Twilio
Inc
3.875
03/15/31
145,348
410,000
(a)
United
Airlines
Inc
4.375
04/15/26
404,071
500,000
(a)
United
Airlines
Inc
4.625
04/15/29
480,010
150,000
(a),(b)
United
Natural
Foods
Inc
6.750
10/15/28
148,874
99,000
(b)
United
Rentals
North
America
Inc
4.000
07/15/30
91,651
350,000
(a)
United
Rentals
North
America
Inc
6.125
03/15/34
350,570
100,000
(a)
Uniti
Group
LP
/
Uniti
Fiber
Holdings
Inc
/
CSL
Capital
LLC
6.000
01/15/30
87,827
630,000
(a)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
10.500
02/15/28
673,585
37
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDUSTRIAL
(continued)
$
110,000
(a)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
4.750
%
04/15/28
$
104,476
150,000
(a)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
6.500
02/15/29
136,843
34,000
(a)
Univision
Communications
Inc
4.500
05/01/29
30,962
128,000
(a)
US
Foods
Inc
4.750
02/15/29
123,792
250,000
(a)
US
Foods
Inc
4
.625
06/01/30
236,557
90,000
(a)
Valvoline
Inc
3.625
06/15/31
78,061
130,000
(a)
Vertiv
Group
Corp
4.125
11/15/28
123,448
328,000
(a)
Victoria's
Secret
&
Co
4.625
07/15/29
301,326
120,000
(a),(b)
Viridien
8.750
04/01/27
121,294
170,000
(b)
Vodafone
Group
PLC
3.250
06/04/81
164,704
325,000
Vodafone
Group
PLC
4.125
06/04/81
291,914
630,000
(a)
VZ
Secured
Financing
BV
5.000
01/15/32
562,899
550,000
(b)
Walgreens
Boots
Alliance
Inc
8.125
08/15/29
556,017
100,000
(a)
Wayfair
LLC
7.250
10/31/29
102,040
245,000
(a)
Weatherford
International
Ltd
8.625
04/30/30
254,092
401,000
(a)
WESCO
Distribution
Inc
7.250
06/15/28
408,605
190,000
(a)
Williams
Scotsman
Inc
4.625
08/15/28
186,676
100,000
(a)
Williams
Scotsman
Inc
7.375
10/01/31
104,564
800,000
(a)
Windstream
Escrow
LLC
/
Windstream
Escrow
Finance
Corp
8.250
10/01/31
828,017
200,000
(a)
Wolverine
World
Wide
Inc
4.000
08/15/29
177,613
150,000
(a)
Wyndham
Hotels
&
Resorts
Inc
4.375
08/15/28
144,117
210,000
(a)
Xerox
Holdings
Corp
5.500
08/15/28
179,039
180,000
(a)
XPO
Inc
7.125
02/01/32
185,751
160,000
Yum!
Brands
Inc
3.625
03/15/31
143,177
250,000
Yum!
Brands
Inc
4.625
01/31/32
232,770
260,000
Yum!
Brands
Inc
5.375
04/01/32
254,275
100,000
(a)
Zebra
Technologies
Corp
6.500
06/01/32
102,273
230,000
(a)
ZipRecruiter
Inc
5.000
01/15/30
209,670
200,000
(a)
ZoomInfo
Technologies
LLC/ZoomInfo
Finance
Corp
3.875
02/01/29
184,282
TOTAL
INDUSTRIAL
82,851,502
UTILITY
-
1.1%
100,000
AES
Corp/The
7.600
01/15/55
101,806
110,000
Algonquin
Power
&
Utilities
Corp
4.750
01/18/82
104,977
110,000
(a)
Clearway
Energy
Operating
LLC
3.750
02/15/31
97,400
100,000
(a)
EUSHI
Finance
Inc
7.625
12/15/54
104,271
210,000
(a),(b)
NextEra
Energy
Operating
Partners
LP
7.250
01/15/29
211,284
160,000
(a),(b)
NRG
Energy
Inc
5.750
07/15/29
157,210
150,000
(a)
Vistra
Operations
Co
LLC
7.750
10/15/31
158,350
100,000
(a)
Vistra
Operations
Co
LLC
6.875
04/15/32
102,890
TOTAL
UTILITY
1,038,188
TOTAL
CORPORATE
DEBT
(Cost
$95,480,629)
95,944,563
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$95,480,629)
95,944,563
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
9.2%
9,084,390
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4.390
(e)
$
9,084,390
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$9,084,390)
9,084,390
TOTAL
INVESTMENTS
-
106.7%
(Cost
$104,565,019
)
105,028,953
OTHER
ASSETS
&
LIABILITIES,
NET
-
(6.7)%
(6,608,547)
NET
ASSETS
-
100%
$
98,420,406
REIT
Real
Estate
Investment
Trust
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
Portfolio
of
Investments
January
31,
2025
(continued)
NUHY
38
See
Notes
to
Financial
Statements
(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
$82,531,234
or
78.6%
of
Total
Investments.
(b)
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
$8,720,759.
(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.
39
Portfolio
of
Investments
January
31,
2025
NUBD
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.6%
CORPORATE
DEBT
-
24.5%
FINANCIALS
-
8.2%
$
10,000
Aegon
Ltd
5.500
%
04/11/48
$
9,903
200,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
2.450
10/29/26
192,027
30,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.650
07/21/27
29,131
20,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3
.875
01/23/28
19,456
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
5.100
01/19/29
10,013
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.150
09/30/30
10,453
190,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.300
01/30/32
166,659
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
3.400
10/29/33
8,535
10,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
5
.300
01/19/34
9,854
20,000
(a)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
20,503
80,000
Aflac
Inc
3.600
04/01/30
75,387
10,000
Air
Lease
Corp
4.625
10/01/28
9,881
30,000
Air
Lease
Corp
3.125
12/01/30
26,802
50,000
Air
Lease
Corp
5.200
07/15/31
49,655
30,000
Air
Lease
Corp
2.875
01/15/32
25,674
50,000
Aircastle
Ltd
4.250
06/15/26
49,535
50,000
Alexandria
Real
Estate
Equities
Inc
3
.375
08/15/31
44,981
100,000
Alexandria
Real
Estate
Equities
Inc
2.950
03/15/34
82,228
50,000
Alexandria
Real
Estate
Equities
Inc
5.625
05/15/54
47,642
30,000
Ally
Financial
Inc
8.000
11/01/31
33,371
92,000
Ally
Financial
Inc
8.000
11/01/31
103,221
90,000
American
Express
Co
1.650
11/04/26
85,579
50,000
American
Express
Co
5.085
01/30/31
50,176
150,000
American
Express
Co
5.625
07/28/34
151,735
210,000
American
Express
Co
5.284
07/26/35
207,624
50,000
American
Homes
4
Rent
5.500
07/15/34
49,490
70,000
American
International
Group
Inc
3.400
06/30/30
64,660
20,000
American
International
Group
Inc
5.125
03/27/33
19,817
10,000
American
International
Group
Inc
4.375
06/30/50
8,244
30,000
Ameriprise
Financial
Inc
5.700
12/15/28
31,036
10,000
Ameriprise
Financial
Inc
4.500
05/13/32
9,649
50,000
Aon
Corp
/
Aon
Global
Holdings
PLC
2.850
05/28/27
47,941
120,000
Aon
Corp
/
Aon
Global
Holdings
PLC
5.350
02/28/33
119,996
20,000
Aon
Global
Ltd
4.600
06/14/44
17,113
60,000
Aon
North
America
Inc
5.450
03/01/34
60,244
10,000
Apollo
Global
Management
Inc
6.375
11/15/33
10,770
50,000
Apollo
Global
Management
Inc
6.000
12/15/54
48,797
50,000
Arthur
J
Gallagher
&
Co
3.500
05/20/51
34,504
90,000
Arthur
J
Gallagher
&
Co
3.050
03/09/52
55,840
50,000
Arthur
J
Gallagher
&
Co
5.550
02/15/55
47,657
42,000
Assurant
Inc
2.650
01/15/32
35,020
120,000
AvalonBay
Communities
Inc
5.300
12/07/33
120,545
20,000
AXIS
Specialty
Finance
LLC
3.900
07/15/29
19,020
20,000
AXIS
Specialty
Finance
LLC
4.900
01/15/40
18,681
320,000
Banco
Santander
SA
4.175
03/24/28
314,435
150,000
Banco
Santander
SA
3.490
05/28/30
137,410
40,000
Banco
Santander
SA
6.921
08/08/33
42,469
40,000
Bank
of
America
Corp
1.734
07/22/27
38,277
40,000
Bank
of
America
Corp
5.933
09/15/27
40,724
50,000
Bank
of
America
Corp
4.979
01/24/29
50,114
320,000
Bank
of
America
Corp
2.087
06/14/29
291,943
150,000
Bank
of
America
Corp
4.271
07/23/29
146,700
740,000
Bank
of
America
Corp
3.974
02/07/30
712,074
200,000
Bank
of
America
Corp
2.592
04/29/31
177,257
250,000
Bank
of
America
Corp
2.651
03/11/32
216,917
120,000
Bank
of
America
Corp
2.299
07/21/32
100,971
100,000
Bank
of
America
Corp
2.972
02/04/33
86,482
310,000
Bank
of
America
Corp
5.872
09/15/34
319,558
272,000
Bank
of
America
Corp
3.311
04/22/42
205,026
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
40
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
20,000
Bank
of
America
Corp
2.831
%
10/24/51
$
12,394
250,000
Bank
of
America
Corp
2.972
07/21/52
159,516
100,000
Bank
of
Montreal
2.650
03/08/27
96,188
50,000
Bank
of
Montreal
5.717
09/25/28
51,408
50,000
(a)
Bank
of
Montreal
5.004
01/27/29
50,167
50,000
Bank
of
Montreal
4.640
09/10/30
49,186
48,000
Bank
of
Montreal
3.803
12/15/32
46,110
100,000
Bank
of
New
York
Mellon
Corp/The
2.800
05/04/26
98,059
100,000
Bank
of
New
York
Mellon
Corp/The
2.050
01/26/27
95,480
50,000
Bank
of
New
York
Mellon
Corp/The
3.992
06/13/28
49,186
120,000
Bank
of
New
York
Mellon
Corp/The
5.188
03/14/35
118,876
50,000
Bank
of
New
York
Mellon
Corp/The
5
.606
07/21/39
50,058
130,000
Bank
of
Nova
Scotia/The
1.350
06/24/26
124,360
100,000
Bank
of
Nova
Scotia/The
5.400
06/04/27
101,575
50,000
Bank
of
Nova
Scotia/The
5.130
02/14/31
49,970
50,000
(a)
Bank
of
Nova
Scotia/The
4.740
11/10/32
48,643
60,000
Barclays
PLC
4.836
05/09/28
59,331
90,000
Barclays
PLC
5.501
08/09/28
91,010
200,000
Barclays
PLC
7.385
11/02/28
211,858
200,000
Barclays
PLC
6.692
09/13/34
213,000
200,000
Barclays
PLC
5.335
09/10/35
193,939
50,000
BlackRock
Funding
Inc
5.350
01/08/55
48,108
40,000
Blackrock
Inc
3.250
04/30/29
37,910
30,000
Blackrock
Inc
2.400
04/30/30
26,746
30,000
Blackrock
Inc
1.900
01/28/31
25,485
50,000
Blackrock
Inc
4.750
05/25/33
49,097
162,000
Boston
Properties
LP
2.900
03/15/30
143,837
20,000
(a)
Boston
Properties
LP
6.500
01/15/34
20,916
50,000
Brixmor
Operating
Partnership
LP
4.125
06/15/26
49,547
80,000
Brookfield
Finance
I
UK
Plc
/
Brookfield
Finance
Inc
2.340
01/30/32
66,519
20,000
Brookfield
Finance
Inc
3.900
01/25/28
19,530
60,000
Brookfield
Finance
Inc
6
.350
01/05/34
63,383
10,000
Brookfield
Finance
Inc
5.968
03/04/54
10,180
50,000
Brown
&
Brown
Inc
5.650
06/11/34
49,965
50,000
Canadian
Imperial
Bank
of
Commerce
5.260
04/08/29
50,543
100,000
Canadian
Imperial
Bank
of
Commerce
6.092
10/03/33
104,821
90,000
Capital
One
Financial
Corp
5.468
02/01/29
91,050
100,000
Capital
One
Financial
Corp
6.312
06/08/29
103,632
100,000
Capital
One
Financial
Corp
7.624
10/30/31
110,669
100,000
Capital
One
Financial
Corp
6.051
02/01/35
102,217
10,000
Cboe
Global
Markets
Inc
3.650
01/12/27
9,833
30,000
Cboe
Global
Markets
Inc
3.000
03/16/32
26,062
290,000
Centene
Corp
3.375
02/15/30
259,856
10,000
Charles
Schwab
Corp/The
3.200
03/02/27
9,733
160,000
Charles
Schwab
Corp/The
2.000
03/20/28
147,495
10,000
Charles
Schwab
Corp/The
4.000
02/01/29
9,728
110,000
Charles
Schwab
Corp/The
5.643
05/19/29
112,698
10,000
Charles
Schwab
Corp/The
3.250
05/22/29
9,400
10,000
Charles
Schwab
Corp/The
5.853
05/19/34
10,312
10,000
Charles
Schwab
Corp/The
6.136
08/24/34
10,510
139,000
Chubb
Corp/The
6.000
05/11/37
147,342
15,000
Chubb
INA
Holdings
LLC
1.375
09/15/30
12,494
10,000
Chubb
INA
Holdings
LLC
4.350
11/03/45
8,424
988,000
Citigroup
Inc
3.980
03/20/30
946,882
50,000
Citigroup
Inc
4.542
09/19/30
48,764
60,000
Citigroup
Inc
2.666
01/29/31
53,357
190,000
Citigroup
Inc
2.561
05/01/32
162,188
280,000
Citigroup
Inc
2.520
11/03/32
235,469
20,000
Citigroup
Inc
3.057
01/25/33
17,284
100,000
Citigroup
Inc
6.174
05/25/34
101,915
50,000
Citigroup
Inc
5.827
02/13/35
49,726
100,000
Citigroup
Inc
5.449
06/11/35
99,532
41
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
50,000
Citigroup
Inc
6.020
%
01/24/36
$
50,197
50,000
Citigroup
Inc
5.411
09/19/39
47,679
20,000
Citizens
Financial
Group
Inc
2.850
07/27/26
19,422
100,000
Citizens
Financial
Group
Inc
2.638
09/30/32
81,791
60,000
CME
Group
Inc
5.300
09/15/43
59,866
50,000
CNO
Financial
Group
Inc
6.450
06/15/34
51,723
50,000
Comerica
Inc
5.982
01/30/30
50,490
140,000
Cooperatieve
Rabobank
UA
3.750
07/21/26
137,541
50,000
Cooperatieve
Rabobank
UA
5.750
12/01/43
50,000
40,000
COPT
Defense
Properties
LP
2.000
01/15/29
35,532
50,000
Cousins
Properties
LP
5.375
02/15/32
49,280
10,000
Credit
Suisse
USA
LLC
7.125
07/15/32
11,141
180,000
Deutsche
Bank
AG/New
York
NY
2.552
01/07/28
171,802
160,000
Deutsche
Bank
AG/New
York
NY
6.819
11/20/29
168,522
50,000
Deutsche
Bank
AG/New
York
NY
3.742
01/07/33
43,105
60,000
Digital
Realty
Trust
LP
5.550
01/15/28
61,057
100,000
Discover
Financial
Services
6.700
11/29/32
106,927
20,000
Eaton
Vance
Corp
3.500
04/06/27
19,508
30,000
Elevance
Health
Inc
3.650
12/01/27
29,217
100,000
Elevance
Health
Inc
2.250
05/15/30
87,378
50,000
Elevance
Health
Inc
5.500
10/15/32
50,759
50,000
Elevance
Health
Inc
5.200
02/15/35
48,978
50,000
Elevance
Health
Inc
6.375
06/15/37
53,237
100,000
Elevance
Health
Inc
4.650
01/15/43
87,006
30,000
Elevance
Health
Inc
3.125
05/15/50
19,233
110,000
Elevance
Health
Inc
4.550
05/15/52
89,071
20,000
Equitable
Holdings
Inc
4.350
04/20/28
19,686
36,000
Equitable
Holdings
Inc
5.000
04/20/48
32,227
70,000
ERP
Operating
LP
2.500
02/15/30
62,381
50,000
ERP
Operating
LP
4.650
09/15/34
47,392
30,000
Everest
Reinsurance
Holdings
Inc
3.500
10/15/50
20,136
50,000
Federal
Realty
OP
LP
3.500
06/01/30
46,207
32,000
Fifth
Third
Bancorp
1.707
11/01/27
30,315
100,000
Fifth
Third
Bancorp
6.339
07/27/29
104,049
50,000
Fifth
Third
Bancorp
5.631
01/29/32
50,742
30,000
First
American
Financial
Corp
2.400
08/15/31
24,842
30,000
Franklin
Resources
Inc
1.600
10/30/30
25,016
50,000
GATX
Corp
4.700
04/01/29
49,384
10,000
GATX
Corp
4
.000
06/30/30
9,485
10,000
GATX
Corp
1.900
06/01/31
8,227
30,000
GATX
Corp
3.500
06/01/32
26,709
20,000
GATX
Corp
5.450
09/15/33
20,105
20,000
GATX
Corp
6.050
03/15/34
20,842
20,000
GATX
Corp
5.200
03/15/44
18,302
80,000
Goldman
Sachs
Bank
USA/New
York
NY
5.283
03/18/27
80,505
10,000
Goldman
Sachs
Group
Inc/The
4.387
06/15/27
9,958
200,000
Goldman
Sachs
Group
Inc/The
1.948
10/21/27
190,464
60,000
Goldman
Sachs
Group
Inc/The
4.223
05/01/29
58,685
390,000
Goldman
Sachs
Group
Inc/The
3.800
03/15/30
368,040
50,000
Goldman
Sachs
Group
Inc/The
5.727
04/25/30
51,090
652,000
Goldman
Sachs
Group
Inc/The
2.383
07/21/32
549,624
200,000
Goldman
Sachs
Group
Inc/The
2.650
10/21/32
170,180
140,000
Goldman
Sachs
Group
Inc/The
6.561
10/24/34
150,898
50,000
Goldman
Sachs
Group
Inc/The
5.330
07/23/35
49,194
50,000
Goldman
Sachs
Group
Inc/The
5.016
10/23/35
48,037
50,000
Goldman
Sachs
Group
Inc/The
5.536
01/28/36
49,960
50,000
Goldman
Sachs
Group
Inc/The
5.561
11/19/45
48,639
20,000
(b)
HA
Sustainable
Infrastructure
Capital
Inc
6.375
07/01/34
19,468
90,000
Hartford
Financial
Services
Group
Inc/The
2.900
09/15/51
55,923
50,000
Healthpeak
OP
LLC
2.125
12/01/28
45,220
60,000
Healthpeak
OP
LLC
3.500
07/15/29
56,256
40,000
Highwoods
Realty
LP
3.050
02/15/30
35,308
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
42
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
70,000
Host
Hotels
&
Resorts
LP
4.500
%
02/01/26
$
69,655
10,000
Host
Hotels
&
Resorts
LP
3.375
12/15/29
9,221
200,000
HSBC
Holdings
PLC
2.013
09/22/28
185,165
270,000
HSBC
Holdings
PLC
2.206
08/17/29
244,477
450,000
HSBC
Holdings
PLC
2.804
05/24/32
386,469
100,000
HSBC
Holdings
PLC
2.871
11/22/32
85,182
200,000
HSBC
Holdings
PLC
6.547
06/20/34
207,790
10,000
HSBC
Holdings
PLC
6.500
09/15/37
10,351
10,000
Humana
Inc
1.350
02/03/27
9,340
10,000
Humana
Inc
5.750
12/01/28
10,228
30,000
Humana
Inc
4.875
04/01/30
29,556
10,000
Humana
Inc
5.375
04/15/31
9,986
110,000
Humana
Inc
2.150
02/03/32
88,784
20,000
Humana
Inc
4
.950
10/01/44
17,130
10,000
Humana
Inc
5.500
03/15/53
9,001
10,000
Humana
Inc
5.750
04/15/54
9,327
120,000
Huntington
Bancshares
Inc/OH
5.709
02/02/35
120,096
100,000
ING
Groep
NV
3.950
03/29/27
98,380
70,000
ING
Groep
NV
4.050
04/09/29
67,458
40,000
ING
Groep
NV
5.550
03/19/35
39,959
64,000
Intercontinental
Exchange
Inc
3.750
09/21/28
61,894
10,000
Intercontinental
Exchange
Inc
4.350
06/15/29
9,830
50,000
Intercontinental
Exchange
Inc
5.250
06/15/31
50,714
20,000
Intercontinental
Exchange
Inc
1.850
09/15/32
15,912
20,000
Intercontinental
Exchange
Inc
4.600
03/15/33
19,238
90,000
Intercontinental
Exchange
Inc
4.250
09/21/48
73,849
20,000
Intercontinental
Exchange
Inc
4.950
06/15/52
17,963
60,000
Invitation
Homes
Operating
Partnership
LP
5.450
08/15/30
60,947
30,000
Jackson
Financial
Inc
3.125
11/23/31
25,698
130,000
JPMorgan
Chase
&
Co
1.470
09/22/27
123,371
40,000
JPMorgan
Chase
&
Co
2.947
02/24/28
38,574
50,000
JPMorgan
Chase
&
Co
4.979
07/22/28
50,204
100,000
JPMorgan
Chase
&
Co
3.509
01/23/29
96,388
50,000
JPMorgan
Chase
&
Co
4.915
01/24/29
50,055
240,000
JPMorgan
Chase
&
Co
4.005
04/23/29
233,943
50,000
JPMorgan
Chase
&
Co
5.581
04/22/30
51,058
570,000
JPMorgan
Chase
&
Co
3.702
05/06/30
541,502
260,000
JPMorgan
Chase
&
Co
2.739
10/15/30
235,352
50,000
JPMorgan
Chase
&
Co
4.603
10/22/30
49,120
648,000
JPMorgan
Chase
&
Co
4.493
03/24/31
633,396
180,000
JPMorgan
Chase
&
Co
2.545
11/08/32
153,109
50,000
JPMorgan
Chase
&
Co
4.946
10/22/35
48,242
270,000
JPMorgan
Chase
&
Co
3.157
04/22/42
199,890
450,000
JPMorgan
Chase
&
Co
3.328
04/22/52
311,030
20,000
KeyBank
NA/Cleveland
OH
6.950
02/01/28
20,924
20,000
KeyBank
NA/Cleveland
OH
3.900
04/13/29
18,935
50,000
KeyCorp
2.250
04/06/27
47,295
60,000
KeyCorp
6.401
03/06/35
62,796
40,000
Kilroy
Realty
LP
4.750
12/15/28
39,068
20,000
Kilroy
Realty
LP
2.500
11/15/32
15,446
100,000
Kimco
Realty
OP
LLC
2.250
12/01/31
83,559
30,000
Legg
Mason
Inc
4.750
03/15/26
30,030
40,000
Legg
Mason
Inc
5.625
01/15/44
38,896
30,000
Lincoln
National
Corp
3.050
01/15/30
27,183
30,000
Lincoln
National
Corp
3.400
03/01/32
26,482
30,000
Lincoln
National
Corp
4.375
06/15/50
23,374
90,000
Lloyds
Banking
Group
PLC
4.550
08/16/28
88,785
200,000
Lloyds
Banking
Group
PLC
5.721
06/05/30
204,000
50,000
Lloyds
Banking
Group
PLC
5.679
01/05/35
50,153
75,000
Lloyds
Banking
Group
PLC
4.344
01/09/48
58,940
20,000
LPL
Holdings
Inc
6.750
11/17/28
21,094
60,000
LXP
Industrial
Trust
6.750
11/15/28
63,055
43
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
30,000
M&T
Bank
Corp
7.413
%
10/30/29
$
32,233
50,000
M&T
Bank
Corp
6.082
03/13/32
51,473
50,000
M&T
Bank
Corp
5.385
01/16/36
48,750
20,000
Manulife
Financial
Corp
4.150
03/04/26
19,908
40,000
Manulife
Financial
Corp
5.375
03/04/46
38,727
20,000
Marsh
&
McLennan
Cos
Inc
4.375
03/15/29
19,677
120,000
Marsh
&
McLennan
Cos
Inc
2.250
11/15/30
103,871
10,000
Marsh
&
McLennan
Cos
Inc
5.150
03/15/34
9,928
20,000
Marsh
&
McLennan
Cos
Inc
4
.750
03/15/39
18,447
40,000
Marsh
&
McLennan
Cos
Inc
4.350
01/30/47
33,415
60,000
Marsh
&
McLennan
Cos
Inc
4.200
03/01/48
48,642
50,000
Marsh
&
McLennan
Cos
Inc
5.450
03/15/54
47,930
10,000
MetLife
Inc
5.875
02/06/41
10,273
220,000
MetLife
Inc
4.875
11/13/43
199,600
40,000
MetLife
Inc
5.000
07/15/52
36,053
200,000
Mitsubishi
UFJ
Financial
Group
Inc
2.757
09/13/26
194,112
150,000
Mitsubishi
UFJ
Financial
Group
Inc
1
.538
07/20/27
143,229
64,000
Mitsubishi
UFJ
Financial
Group
Inc
3.961
03/02/28
62,607
10,000
Mitsubishi
UFJ
Financial
Group
Inc
4.080
04/19/28
9,842
200,000
Mitsubishi
UFJ
Financial
Group
Inc
5.441
02/22/34
202,215
10,000
Mizuho
Financial
Group
Inc
3.663
02/28/27
9,805
60,000
Mizuho
Financial
Group
Inc
4.254
09/11/29
58,570
100,000
Mizuho
Financial
Group
Inc
2.869
09/13/30
90,819
10,000
Mizuho
Financial
Group
Inc
1.979
09/08/31
8,437
200,000
Mizuho
Financial
Group
Inc
5.594
07/10/35
201,784
50,000
Morgan
Stanley
4.350
09/08/26
49,667
10,000
Morgan
Stanley
1.593
05/04/27
9,617
10,000
Morgan
Stanley
1.512
07/20/27
9,540
50,000
Morgan
Stanley
5.652
04/13/28
50,850
50,000
Morgan
Stanley
4.210
04/20/28
49,346
10,000
Morgan
Stanley
3.591
07/22/28
9,681
517,000
Morgan
Stanley
3.772
01/24/29
500,900
100,000
Morgan
Stanley
5.123
02/01/29
100,579
70,000
Morgan
Stanley
5.164
04/20/29
70,404
291,000
Morgan
Stanley
4.431
01/23/30
284,667
50,000
Morgan
Stanley
5.656
04/18/30
51,052
25,000
Morgan
Stanley
4.654
10/18/30
24,551
120,000
Morgan
Stanley
3.622
04/01/31
112,023
210,000
Morgan
Stanley
2.239
07/21/32
175,641
130,000
Morgan
Stanley
5.424
07/21/34
130,004
100,000
Morgan
Stanley
6.627
11/01/34
107,886
100,000
Morgan
Stanley
5.466
01/18/35
99,780
50,000
Morgan
Stanley
5.831
04/19/35
51,144
50,000
(a)
Morgan
Stanley
5.320
07/19/35
49,404
50,000
Morgan
Stanley
5.587
01/18/36
50,435
100,000
Morgan
Stanley
2.484
09/16/36
82,195
100,000
Morgan
Stanley
5.942
02/07/39
100,712
20,000
Morgan
Stanley
4.300
01/27/45
16,773
50,000
Morgan
Stanley
5.516
11/19/55
48,403
10,000
Morgan
Stanley
Bank
NA
4.952
01/14/28
10,033
120,000
Nasdaq
Inc
5.550
02/15/34
121,413
80,000
NatWest
Group
PLC
4.892
05/18/29
79,487
100,000
NatWest
Group
PLC
5.808
09/13/29
102,139
100,000
NatWest
Group
PLC
5.076
01/27/30
99,469
10,000
Nomura
Holdings
Inc
5.594
07/02/27
10,148
150,000
Nomura
Holdings
Inc
2.172
07/14/28
136,298
10,000
Nomura
Holdings
Inc
2.999
01/22/32
8,562
80,000
Nomura
Holdings
Inc
6.181
01/18/33
83,371
10,000
Nomura
Holdings
Inc
6.087
07/12/33
10,390
20,000
Northern
Trust
Corp
3.150
05/03/29
18,855
30,000
Old
Republic
International
Corp
5.750
03/28/34
30,124
60,000
Omega
Healthcare
Investors
Inc
4.750
01/15/28
59,586
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
44
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
40,000
ORIX
Corp
3.700
%
07/18/27
$
39,005
40,000
ORIX
Corp
2.250
03/09/31
33,937
20,000
ORIX
Corp
4.000
04/13/32
18,470
10,000
(a)
ORIX
Corp
5.200
09/13/32
10,010
20,000
Piedmont
Operating
Partnership
LP
3.150
08/15/30
17,193
10,000
PNC
Bank
NA
3.100
10/25/27
9,611
90,000
PNC
Bank
NA
4.050
07/26/28
87,399
20,000
PNC
Bank
NA
2.700
10/22/29
18,047
170,000
PNC
Financial
Services
Group
Inc/The
5.582
06/12/29
173,613
50,000
PNC
Financial
Services
Group
Inc/The
5
.222
01/29/31
50,327
50,000
PNC
Financial
Services
Group
Inc/The
4.812
10/21/32
48,819
140,000
PNC
Financial
Services
Group
Inc/The
6.875
10/20/34
153,398
50,000
PNC
Financial
Services
Group
Inc/The
5.676
01/22/35
50,790
54,000
Principal
Financial
Group
Inc
3.700
05/15/29
51,505
10,000
Principal
Financial
Group
Inc
2.125
06/15/30
8,651
44,000
Progressive
Corp/The
3.200
03/26/30
40,725
40,000
Progressive
Corp/The
3.000
03/15/32
35,099
50,000
Progressive
Corp/The
4.200
03/15/48
40,687
31,000
Prologis
LP
3.875
09/15/28
30,104
50,000
Prologis
LP
2.875
11/15/29
45,959
10,000
Prologis
LP
4.375
09/15/48
8,295
100,000
Prologis
LP
5
.250
06/15/53
93,851
50,000
Prologis
LP
5.250
03/15/54
46,900
21,000
Prudential
Financial
Inc
1.500
03/10/26
20,350
30,000
Prudential
Financial
Inc
2.100
03/10/30
26,443
70,000
Prudential
Financial
Inc
3.000
03/10/40
51,605
20,000
Prudential
Financial
Inc
4.500
09/15/47
19,334
143,000
Prudential
Financial
Inc
3.905
12/07/47
109,523
20,000
Prudential
Financial
Inc
3.700
10/01/50
17,823
30,000
Prudential
Funding
Asia
PLC
3.625
03/24/32
27,233
110,000
Public
Storage
Operating
Co
5.125
01/15/29
111,669
40,000
Raymond
James
Financial
Inc
4.950
07/15/46
35,926
50,000
Regency
Centers
Corp
5.250
01/15/34
49,426
20,000
Regions
Financial
Corp
1.800
08/12/28
17,983
30,000
Regions
Financial
Corp
7.375
12/10/37
33,488
30,000
Reinsurance
Group
of
America
Inc
3.950
09/15/26
29,612
29,000
Reinsurance
Group
of
America
Inc
3.900
05/15/29
27,738
50,000
Reinsurance
Group
of
America
Inc
5.750
09/15/34
50,377
200,000
Royal
Bank
of
Canada
1.200
04/27/26
192,138
100,000
Royal
Bank
of
Canada
1.150
07/14/26
95,452
110,000
Royal
Bank
of
Canada
5
.200
08/01/28
111,359
50,000
Royal
Bank
of
Canada
4.969
08/02/30
49,865
50,000
Royal
Bank
of
Canada
4.650
10/18/30
49,144
50,000
Royal
Bank
of
Canada
5.153
02/04/31
50,208
100,000
Santander
Holdings
USA
Inc
2.490
01/06/28
95,294
10,000
Santander
Holdings
USA
Inc
6.565
06/12/29
10,379
50,000
Santander
Holdings
USA
Inc
6.342
05/31/35
51,173
100,000
Santander
UK
Group
Holdings
PLC
4.858
09/11/30
97,595
202,000
Simon
Property
Group
LP
5.500
03/08/33
204,638
50,000
Simon
Property
Group
LP
4.750
09/26/34
47,344
50,000
State
Street
Corp
4.993
03/18/27
50,451
10,000
State
Street
Corp
4.141
12/03/29
9,768
160,000
State
Street
Corp
2.400
01/24/30
143,586
50,000
State
Street
Corp
4.675
10/22/32
48,716
60,000
State
Street
Corp
6.123
11/21/34
62,600
50,000
Sumitomo
Mitsui
Financial
Group
Inc
2.632
07/14/26
48,600
330,000
Sumitomo
Mitsui
Financial
Group
Inc
3.364
07/12/27
320,464
90,000
Sumitomo
Mitsui
Financial
Group
Inc
3.544
01/17/28
87,137
170,000
Sumitomo
Mitsui
Financial
Group
Inc
2.750
01/15/30
152,783
10,000
Sumitomo
Mitsui
Financial
Group
Inc
1.710
01/12/31
8,243
70,000
Sumitomo
Mitsui
Financial
Group
Inc
5.836
07/09/44
70,260
70,000
(a)
Synchrony
Financial
5.935
08/02/30
70,915
45
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
FINANCIALS
(continued)
20,000
Synovus
Financial
Corp
6.168
%
11/01/30
$
20,222
212,000
Toronto-Dominion
Bank/The
1.200
06/03/26
202,755
100,000
Toronto-Dominion
Bank/The
5.523
07/17/28
102,078
50,000
(a)
Toronto-Dominion
Bank/The
4.783
12/17/29
49,481
50,000
Toronto-Dominion
Bank/The
3
.625
09/15/31
48,700
50,000
Toronto-Dominion
Bank/The
5.298
01/30/32
50,021
10,000
Travelers
Cos
Inc/The
5.350
11/01/40
9,807
62,000
Travelers
Cos
Inc/The
4.600
08/01/43
54,745
20,000
Travelers
Cos
Inc/The
3.750
05/15/46
15,320
20,000
Travelers
Cos
Inc/The
4.000
05/30/47
15,885
10,000
Travelers
Cos
Inc/The
4.050
03/07/48
7,894
10,000
Travelers
Cos
Inc/The
5.450
05/25/53
9,661
21,000
Truist
Financial
Corp
4.123
06/06/28
20,686
100,000
Truist
Financial
Corp
4.873
01/26/29
99,797
100,000
Truist
Financial
Corp
1.887
06/07/29
90,432
100,000
Truist
Financial
Corp
7.161
10/30/29
107,065
10,000
Truist
Financial
Corp
1.950
06/05/30
8,572
50,000
Truist
Financial
Corp
5.153
08/05/32
49,602
200,000
UBS
AG/London
5.650
09/11/28
205,334
10,000
UnitedHealth
Group
Inc
4.600
04/15/27
10,019
80,000
UnitedHealth
Group
Inc
4.000
05/15/29
77,591
210,000
UnitedHealth
Group
Inc
5.300
02/15/30
214,098
110,000
UnitedHealth
Group
Inc
4.200
05/15/32
103,989
100,000
UnitedHealth
Group
Inc
5.350
02/15/33
100,888
20,000
UnitedHealth
Group
Inc
6.500
06/15/37
21,769
60,000
UnitedHealth
Group
Inc
2.750
05/15/40
42,410
411,000
UnitedHealth
Group
Inc
4.750
05/15/52
352,617
10,000
UnitedHealth
Group
Inc
5.050
04/15/53
8,964
130,000
UnitedHealth
Group
Inc
5.375
04/15/54
121,671
50,000
UnitedHealth
Group
Inc
5.200
04/15/63
44,632
300,000
US
Bancorp
5.384
01/23/30
303,883
170,000
US
Bancorp
5.678
01/23/35
171,667
21,000
Ventas
Realty
LP
3.850
04/01/27
20,566
20,000
Ventas
Realty
LP
4
.400
01/15/29
19,521
10,000
Ventas
Realty
LP
3.000
01/15/30
9,073
54,000
Ventas
Realty
LP
4.750
11/15/30
52,947
50,000
Voya
Financial
Inc
5.000
09/20/34
47,607
19,000
Voya
Financial
Inc
4.800
06/15/46
16,070
50,000
Voya
Financial
Inc
4.700
01/23/48
47,324
118,000
Welltower
OP
LLC
4.125
03/15/29
114,500
10,000
Welltower
OP
LLC
2.750
01/15/31
8,800
110,000
Westpac
Banking
Corp
1.953
11/20/28
99,685
100,000
Westpac
Banking
Corp
2.150
06/03/31
85,560
176,000
Westpac
Banking
Corp
4.322
11/23/31
173,529
50,000
Westpac
Banking
Corp
5.618
11/20/35
49,174
10,000
Willis
North
America
Inc
4.500
09/15/28
9,848
30,000
Willis
North
America
Inc
2.950
09/15/29
27,370
50,000
Willis
North
America
Inc
5.900
03/05/54
49,048
40,000
WP
Carey
Inc
2.450
02/01/32
33,213
30,000
XL
Group
Ltd
5.250
12/15/43
27,936
20,000
Zions
Bancorp
NA
3
.250
10/29/29
17,887
TOTAL
FINANCIALS
33,192,112
INDUSTRIAL
-
14.1%
30,000
3M
Co
3.375
03/01/29
28,416
28,000
3M
Co
2.375
08/26/29
25,251
100,000
(a)
3M
Co
3.050
04/15/30
92,210
10,000
3M
Co
5.700
03/15/37
10,356
10,000
3M
Co
3.625
10/15/47
7,423
20,000
3M
Co
3.250
08/26/49
13,680
20,000
ABB
Finance
USA
Inc
3.800
04/03/28
19,600
100,000
AbbVie
Inc
4.800
03/15/27
100,566
100,000
AbbVie
Inc
4.800
03/15/29
100,168
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
46
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
150,000
AbbVie
Inc
4.950
%
03/15/31
$
150,472
150,000
AbbVie
Inc
5.050
03/15/34
148,802
150,000
AbbVie
Inc
5.350
03/15/44
146,861
150,000
AbbVie
Inc
5.400
03/15/54
144,710
150,000
AbbVie
Inc
5.500
03/15/64
144,139
18,000
Adobe
Inc
2.150
02/01/27
17,244
70,000
Adobe
Inc
4.800
04/04/29
70,436
50,000
Adobe
Inc
4.950
01/17/30
50,614
60,000
Agilent
Technologies
Inc
2.100
06/04/30
51,867
119,000
Air
Products
and
Chemicals
Inc
1.850
05/15/27
112,307
10,000
Air
Products
and
Chemicals
Inc
2.050
05/15/30
8,712
10,000
Air
Products
and
Chemicals
Inc
4.800
03/03/33
9,824
10,000
Air
Products
and
Chemicals
Inc
2
.700
05/15/40
7,184
30,000
Albemarle
Corp
4.650
06/01/27
29,749
40,000
(a)
Allegion
US
Holding
Co
Inc
5.411
07/01/32
40,361
70,000
Alphabet
Inc
0.800
08/15/27
64,192
20,000
Alphabet
Inc
1.100
08/15/30
16,696
60,000
Alphabet
Inc
1.900
08/15/40
39,268
10,000
Alphabet
Inc
2.050
08/15/50
5,561
90,000
(a)
Alphabet
Inc
2.250
08/15/60
48,643
10,000
Amcor
Finance
USA
Inc
4.500
05/15/28
9,861
60,000
Amcor
Flexibles
North
America
Inc
2.630
06/19/30
52,761
170,000
America
Movil
SAB
de
CV
4.700
07/21/32
163,302
10,000
America
Movil
SAB
de
CV
6.125
11/15/37
10,288
12,000
American
Airlines
2016-1
Class
AA
Pass
Through
Trust
2020
A
3.575
01/15/28
11,463
64,000
American
Airlines
2017-1
Class
AA
Pass
Through
Trust2020
A
3.650
02/15/29
60,997
13,000
American
Airlines
2017-2
Class
AA
Pass
Through
Trust
3.350
10/15/29
12,151
40,000
American
Honda
Finance
Corp
2.300
09/09/26
38,596
60,000
American
Honda
Finance
Corp
4.900
03/13/29
60,037
110,000
American
Honda
Finance
Corp
5.850
10/04/30
114,735
50,000
American
Honda
Finance
Corp
5.050
07/10/31
49,847
10,000
American
Tower
Corp
1.450
09/15/26
9,489
10,000
American
Tower
Corp
3.375
10/15/26
9,783
10,000
American
Tower
Corp
3.600
01/15/28
9,660
40,000
American
Tower
Corp
1.500
01/31/28
36,327
110,000
American
Tower
Corp
5.250
07/15/28
111,098
50,000
American
Tower
Corp
5.800
11/15/28
51,435
80,000
American
Tower
Corp
2.900
01/15/30
72,296
20,000
American
Tower
Corp
1.875
10/15/30
16,818
110,000
American
Tower
Corp
4.050
03/15/32
102,192
20,000
American
Tower
Corp
3.700
10/15/49
14,500
30,000
American
Tower
Corp
3.100
06/15/50
19,211
60,000
Amgen
Inc
5.150
03/02/28
60,678
130,000
Amgen
Inc
3.000
02/22/29
121,331
10,000
Amgen
Inc
5.250
03/02/30
10,129
138,000
Amgen
Inc
2.300
02/25/31
118,393
110,000
Amgen
Inc
2.000
01/15/32
89,902
20,000
Amgen
Inc
5.750
03/15/40
19,868
10,000
Amgen
Inc
4.950
10/01/41
9,067
320,000
Amgen
Inc
5.600
03/02/43
313,738
210,000
Amgen
Inc
4.400
05/01/45
174,906
20,000
Amgen
Inc
4.563
06/15/48
16,823
70,000
Amgen
Inc
4.663
06/15/51
59,084
30,000
Amgen
Inc
5.650
03/02/53
28,993
60,000
Amphenol
Corp
4.350
06/01/29
58,836
50,000
Amphenol
Corp
5.375
11/15/54
47,480
10,000
Analog
Devices
Inc
3.500
12/05/26
9,832
50,000
Analog
Devices
Inc
1.700
10/01/28
45,118
20,000
Analog
Devices
Inc
2.100
10/01/31
16,877
10,000
Analog
Devices
Inc
5.050
04/01/34
9,981
50,000
Analog
Devices
Inc
5.300
04/01/54
47,864
32,000
Applied
Materials
Inc
5.100
10/01/35
32,077
47
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
100,000
Applied
Materials
Inc
4.350
%
04/01/47
$
85,185
40,000
Aptiv
Swiss
Holdings
Ltd
4.350
03/15/29
38,847
82,000
Aptiv
Swiss
Holdings
Ltd
4.150
05/01/52
58,742
20,000
Archer-Daniels-Midland
Co
2.500
08/11/26
19,399
10,000
Archer-Daniels-Midland
Co
3.250
03/27/30
9,257
120,000
Archer-Daniels-Midland
Co
2.700
09/15/51
71,775
50,000
Arrow
Electronics
Inc
5.150
08/21/29
49,904
20,000
Astrazeneca
Finance
LLC
1.200
05/28/26
19,191
50,000
Astrazeneca
Finance
LLC
4.800
02/26/27
50,346
50,000
AstraZeneca
PLC
0.700
04/08/26
47,895
49,000
AstraZeneca
PLC
1.375
08/06/30
40,970
205,000
AstraZeneca
PLC
6.450
09/15/37
225,244
20,000
AstraZeneca
PLC
4.375
11/16/45
17,183
20,000
AstraZeneca
PLC
2.125
08/06/50
10,830
40,000
AT&T
Inc
2.550
12/01/33
32,289
130,000
AT&T
Inc
5.400
02/15/34
130,682
760,000
AT&T
Inc
4.850
03/01/39
704,425
280,000
AT&T
Inc
6.375
03/01/41
294,351
20,000
AT&T
Inc
3.100
02/01/43
14,420
45,000
AT&T
Inc
4.750
05/15/46
39,114
280,000
AT&T
Inc
3.650
06/01/51
197,532
10,000
AT&T
Inc
3.550
09/15/55
6,712
100,000
AT&T
Inc
3.650
09/15/59
66,698
30,000
Atlassian
Corp
5.500
05/15/34
30,150
70,000
Autodesk
Inc
2.400
12/15/31
59,279
70,000
Automatic
Data
Processing
Inc
1.700
05/15/28
64,121
30,000
AutoNation
Inc
1.950
08/01/28
27,029
40,000
AutoNation
Inc
4.750
06/01/30
38,962
10,000
AutoNation
Inc
3.850
03/01/32
8,982
50,000
AutoZone
Inc
4.500
02/01/28
49,646
100,000
AutoZone
Inc
5.200
08/01/33
98,899
50,000
Avery
Dennison
Corp
2.250
02/15/32
41,013
30,000
Avnet
Inc
4.625
04/15/26
29,891
10,000
(a)
Baidu
Inc
3.425
04/07/30
9,286
80,000
(a)
Baidu
Inc
2.375
10/09/30
69,681
115,000
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor
Inc
3.138
11/07/29
106,666
30,000
Baker
Hughes
Holdings
LLC
/
Baker
Hughes
Co-Obligor
Inc
4.486
05/01/30
29,433
10,000
Baxter
International
Inc
2.600
08/15/26
9,693
40,000
Baxter
International
Inc
1.730
04/01/31
32,843
120,000
(a)
Baxter
International
Inc
2.539
02/01/32
100,998
2,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
2.150
02/15/32
1,627
10,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
5.100
05/11/33
9,724
10,000
(a)
Bell
Telephone
Co
of
Canada
or
Bell
Canada
5.200
02/15/34
9,727
50,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
4.464
04/01/48
40,302
90,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
3.650
03/17/51
62,192
80,000
Berry
Global
Inc
5.500
04/15/28
80,831
20,000
(b)
Berry
Global
Inc
5.650
01/15/34
20,248
20,000
Biogen
Inc
2.250
05/01/30
17,417
110,000
Biogen
Inc
3.150
05/01/50
69,336
10,000
Biogen
Inc
3.250
02/15/51
6,396
30,000
Block
Financial
LLC
2.500
07/15/28
27,482
50,000
Booking
Holdings
Inc
3.600
06/01/26
49,411
20,000
Booking
Holdings
Inc
4.625
04/13/30
19,814
20,000
Booz
Allen
Hamilton
Inc
5.950
08/04/33
20,314
62,000
BorgWarner
Inc
2.650
07/01/27
59,036
30,000
Bristol-Myers
Squibb
Co
3.200
06/15/26
29,524
10,000
Bristol-Myers
Squibb
Co
3.250
02/27/27
9,765
20,000
Bristol-Myers
Squibb
Co
1.125
11/13/27
18,300
60,000
Bristol-Myers
Squibb
Co
4.900
02/22/29
60,413
90,000
Bristol-Myers
Squibb
Co
1.450
11/13/30
74,964
40,000
Bristol-Myers
Squibb
Co
5.900
11/15/33
42,054
660,000
Bristol-Myers
Squibb
Co
4.125
06/15/39
572,225
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
48
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
50,000
Bristol-Myers
Squibb
Co
6.250
%
11/15/53
$
53,082
10,000
British
Telecommunications
PLC
5.125
12/04/28
10,051
60,000
British
Telecommunications
PLC
9
.625
12/15/30
72,813
20,000
Broadcom
Inc
5.050
04/15/30
20,056
50,000
Broadcom
Inc
5.150
11/15/31
50,129
50,000
Broadcom
Inc
4.550
02/15/32
48,171
292,000
(b)
Broadcom
Inc
4.150
04/15/32
273,143
485,000
Broadcom
Inc
4.300
11/15/32
456,320
90,000
(b)
Broadcom
Inc
3.187
11/15/36
72,187
50,000
Broadridge
Financial
Solutions
Inc
2.600
05/01/31
43,045
40,000
(a)
Brunswick
Corp/DE
4.400
09/15/32
36,495
40,000
Bunge
Ltd
Finance
Corp
3.250
08/15/26
39,163
10,000
Bunge
Ltd
Finance
Corp
3.750
09/25/27
9,751
50,000
Bunge
Ltd
Finance
Corp
2.750
05/14/31
43,772
20,000
Cabot
Corp
5.000
06/30/32
19,495
10,000
Canadian
National
Railway
Co
2.750
03/01/26
9,822
10,000
Canadian
National
Railway
Co
3.850
08/05/32
9,230
10,000
Canadian
National
Railway
Co
6.250
08/01/34
10,830
60,000
Canadian
National
Railway
Co
6.375
11/15/37
65,413
50,000
Canadian
National
Railway
Co
3.650
02/03/48
37,754
30,000
Canadian
National
Railway
Co
4.450
01/20/49
25,628
10,000
Canadian
Pacific
Railway
Co
2.875
11/15/29
9,182
10,000
Canadian
Pacific
Railway
Co
2
.050
03/05/30
8,720
70,000
Canadian
Pacific
Railway
Co
2.450
12/02/31
60,274
10,000
Canadian
Pacific
Railway
Co
4.800
09/15/35
9,618
50,000
Canadian
Pacific
Railway
Co
3.000
12/02/41
36,646
70,000
Canadian
Pacific
Railway
Co
4.300
05/15/43
59,139
70,000
Canadian
Pacific
Railway
Co
6.125
09/15/15
71,395
120,000
Cardinal
Health
Inc
4.500
11/15/44
99,414
10,000
Cardinal
Health
Inc
4.900
09/15/45
8,743
50,000
Cardinal
Health
Inc
5.750
11/15/54
48,472
10,000
Carlisle
Cos
Inc
2.750
03/01/30
9,008
20,000
Carlisle
Cos
Inc
2.200
03/01/32
16,426
10,000
Carrier
Global
Corp
2.700
02/15/31
8,749
70,000
Carrier
Global
Corp
5
.900
03/15/34
72,476
112,000
Carrier
Global
Corp
3.377
04/05/40
86,885
10,000
Caterpillar
Financial
Services
Corp
4.450
10/16/26
10,005
50,000
Caterpillar
Financial
Services
Corp
5.000
05/14/27
50,574
10,000
Caterpillar
Financial
Services
Corp
4.400
10/15/27
9,968
50,000
Caterpillar
Financial
Services
Corp
4.600
11/15/27
50,131
50,000
Caterpillar
Inc
2.600
09/19/29
45,788
180,000
Caterpillar
Inc
3.803
08/15/42
146,426
70,000
Caterpillar
Inc
3.250
09/19/49
49,021
30,000
CBRE
Services
Inc
4.875
03/01/26
30,019
30,000
CBRE
Services
Inc
5.950
08/15/34
30,862
112,000
CDW
LLC
/
CDW
Finance
Corp
2.670
12/01/26
107,653
153,000
Celanese
US
Holdings
LLC
1.400
08/05/26
144,460
50,000
Cencora
Inc
5.125
02/15/34
49,098
50,000
Cencora
Inc
5.150
02/15/35
48,836
80,000
CF
Industries
Inc
5.150
03/15/34
77,615
10,000
CF
Industries
Inc
4.950
06/01/43
8,847
20,000
CGI
Inc
1.450
09/14/26
18,987
20,000
CH
Robinson
Worldwide
Inc
4.200
04/15/28
19,508
40,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
2.250
01/15/29
35,467
200,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.400
04/01/33
179,359
260,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
6.650
02/01/34
267,619
10,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
4.800
03/01/50
7,529
49
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
290,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
5.500
%
04/01/63
$
232,108
62,000
Cheniere
Corpus
Christi
Holdings
LLC
5.125
06/30/27
62,346
50,000
Cheniere
Energy
Inc
5.650
04/15/34
49,984
150,000
Cheniere
Energy
Partners
LP
5.950
06/30/33
153,272
30,000
(a)
Choice
Hotels
International
Inc
5.850
08/01/34
29,902
50,000
Church
&
Dwight
Co
Inc
3.150
08/01/27
48,441
76,000
Cigna
Group/The
4.500
02/25/26
75,894
10,000
Cigna
Group/The
1.250
03/15/26
9,631
300,000
Cigna
Group/The
3.050
10/15/27
287,885
90,000
Cigna
Group/The
4.800
08/15/38
81,794
10,000
Cigna
Group/The
6.125
11/15/41
10,197
50,000
Cigna
Group/The
3.875
10/15/47
36,797
20,000
Cigna
Group/The
5.600
02/15/54
18,753
100,000
Cintas
Corp
No
2
3.700
04/01/27
98,153
308,000
Cisco
Systems
Inc
2.500
09/20/26
299,316
20,000
Cisco
Systems
Inc
5.500
01/15/40
20,230
110,000
Cisco
Systems
Inc
5.300
02/26/54
106,521
40,000
Clorox
Co/The
4.400
05/01/29
39,414
10,000
Clorox
Co/The
1.800
05/15/30
8,553
20,000
CNH
Industrial
Capital
LLC
1.450
07/15/26
19,085
50,000
CNH
Industrial
Capital
LLC
4.500
10/08/27
49,612
80,000
CNH
Industrial
NV
3.850
11/15/27
78,019
10,000
Coca-Cola
Co/The
3.375
03/25/27
9,803
5,000
Coca-Cola
Co/The
1.450
06/01/27
4,685
140,000
Coca-Cola
Co/The
1.000
03/15/28
126,169
170,000
Coca-Cola
Co/The
1.650
06/01/30
145,427
10,000
Coca-Cola
Co/The
1.375
03/15/31
8,216
20,000
Coca-Cola
Co/The
2.875
05/05/41
14,673
110,000
Coca-Cola
Co/The
3.000
03/05/51
72,541
50,000
Coca-Cola
Co/The
5.300
05/13/54
48,186
70,000
Coca-Cola
Co/The
2.750
06/01/60
40,984
100,000
Colgate-Palmolive
Co
3.250
08/15/32
90,156
40,000
Comcast
Corp
3.300
04/01/27
38,944
290,000
Comcast
Corp
3.400
04/01/30
269,792
250,000
Comcast
Corp
1.500
02/15/31
204,631
100,000
Comcast
Corp
5.500
11/15/32
101,986
50,000
Comcast
Corp
4.800
05/15/33
48,462
150,000
Comcast
Corp
6.450
03/15/37
160,732
370,000
Comcast
Corp
3.750
04/01/40
298,613
20,000
Comcast
Corp
4.049
11/01/52
14,934
60,000
Comcast
Corp
5.650
06/01/54
57,644
390,000
Comcast
Corp
2.987
11/01/63
218,403
60,000
Conagra
Brands
Inc
8.250
09/15/30
68,582
30,000
Conagra
Brands
Inc
5.300
11/01/38
28,249
10,000
Conagra
Brands
Inc
5.400
11/01/48
9,063
50,000
(a)
Concentrix
Corp
6.850
08/02/33
51,201
70,000
Corning
Inc
5.350
11/15/48
64,964
10,000
Corning
Inc
3.900
11/15/49
7,454
10,000
Corning
Inc
4.375
11/15/57
7,789
100,000
Costco
Wholesale
Corp
1.375
06/20/27
93,243
20,000
Crown
Castle
Inc
3.700
06/15/26
19,719
40,000
Crown
Castle
Inc
4.300
02/15/29
38,860
154,000
Crown
Castle
Inc
3.300
07/01/30
140,269
10,000
Crown
Castle
Inc
2
.100
04/01/31
8,348
150,000
Crown
Castle
Inc
2.500
07/15/31
127,011
50,000
Crown
Castle
Inc
2.900
04/01/41
35,133
20,000
Crown
Castle
Inc
3.250
01/15/51
13,046
55,000
CSX
Corp
4.250
03/15/29
54,003
30,000
CSX
Corp
6.000
10/01/36
31,639
20,000
CSX
Corp
6.150
05/01/37
21,332
120,000
CSX
Corp
4.100
03/15/44
99,204
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
50
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
30,000
CSX
Corp
3.800
%
11/01/46
$
23,281
80,000
CSX
Corp
4.750
11/15/48
70,773
10,000
CSX
Corp
3.800
04/15/50
7,562
62,000
CSX
Corp
4.250
11/01/66
47,426
39,000
Cummins
Inc
1.500
09/01/30
32,815
102,000
Cummins
Inc
2.600
09/01/50
60,643
10,000
CVS
Health
Corp
5.000
02/20/26
10,018
100,000
CVS
Health
Corp
5.400
06/01/29
100,682
140,000
CVS
Health
Corp
5.550
06/01/31
140,585
310,000
CVS
Health
Corp
2.125
09/15/31
251,910
50,000
(a)
CVS
Health
Corp
5.700
06/01/34
49,853
60,000
CVS
Health
Corp
4.780
03/25/38
52,701
32,000
CVS
Health
Corp
4.125
04/01/40
25,484
75,000
CVS
Health
Corp
5.300
12/05/43
66,493
50,000
CVS
Health
Corp
6.000
06/01/44
47,979
250,000
CVS
Health
Corp
6.050
06/01/54
238,092
100,000
Danaher
Corp
2.800
12/10/51
61,221
70,000
DCP
Midstream
Operating
LP
5.125
05/15/29
69,962
50,000
Deere
&
Co
5.450
01/16/35
50,991
130,000
Deere
&
Co
3.900
06/09/42
108,237
10,000
Dell
Inc
6.500
04/15/38
10,417
10,000
Dell
International
LLC
/
EMC
Corp
5.250
02/01/28
10,133
20,000
Dell
International
LLC
/
EMC
Corp
4.350
02/01/30
19,367
10,000
Dell
International
LLC
/
EMC
Corp
6.200
07/15/30
10,499
112,000
Dell
International
LLC
/
EMC
Corp
8.100
07/15/36
132,673
20,000
Dell
International
LLC
/
EMC
Corp
3.375
12/15/41
14,628
110,000
Dell
International
LLC
/
EMC
Corp
8.350
07/15/46
139,257
14,000
Delta
Air
Lines
2020-1
Class
AA
Pass
Through
Trust2020
A
2.000
06/10/28
13,665
40,000
Delta
Air
Lines
Inc
4.375
04/19/28
39,249
20,000
DH
Europe
Finance
II
Sarl
3.400
11/15/49
14,088
252,000
Discovery
Communications
LLC
3
.625
05/15/30
225,297
350,000
Discovery
Communications
LLC
5.000
09/20/37
294,365
61,000
Discovery
Communications
LLC
6.350
06/01/40
56,562
130,000
Dollar
General
Corp
3.500
04/03/30
119,587
92,000
Dollar
Tree
Inc
3.375
12/01/51
58,536
30,000
Dover
Corp
5.375
10/15/35
30,308
60,000
Dow
Chemical
Co/The
4.800
11/30/28
59,942
10,000
Dow
Chemical
Co/The
2.100
11/15/30
8,543
101,000
Dow
Chemical
Co/The
4.250
10/01/34
91,610
10,000
Dow
Chemical
Co/The
9.400
05/15/39
13,351
70,000
Dow
Chemical
Co/The
5.600
02/15/54
66,160
70,000
DR
Horton
Inc
1.300
10/15/26
66,127
50,000
DuPont
de
Nemours
Inc
5.319
11/15/38
50,473
10,000
DuPont
de
Nemours
Inc
5.419
11/15/48
9,972
30,000
DXC
Technology
Co
1.800
09/15/26
28,502
71,000
Eastern
Gas
Transmission
&
Storage
Inc
4.800
11/01/43
62,338
60,000
Eastman
Chemical
Co
5.750
03/08/33
61,137
48,000
Eaton
Corp
3.103
09/15/27
46,349
62,000
Eaton
Corp
4.000
11/02/32
57,950
154,000
eBay
Inc
2.700
03/11/30
138,590
10,000
eBay
Inc
3.650
05/10/51
7,126
36,000
Ecolab
Inc
3.250
12/01/27
34,780
10,000
Ecolab
Inc
4.800
03/24/30
10,009
10,000
Ecolab
Inc
1.300
01/30/31
8,169
120,000
Ecolab
Inc
2.700
12/15/51
72,946
52,000
Electronic
Arts
Inc
1.850
02/15/31
43,413
25,000
Eli
Lilly
&
Co
3.375
03/15/29
23,960
200,000
Eli
Lilly
&
Co
4.700
02/27/33
196,697
110,000
Eli
Lilly
&
Co
3.700
03/01/45
86,728
10,000
Eli
Lilly
&
Co
4.875
02/27/53
9,030
110,000
Eli
Lilly
&
Co
5.000
02/09/54
101,095
50,000
Emerson
Electric
Co
2.000
12/21/28
45,381
51
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
72,000
Emerson
Electric
Co
1.950
%
10/15/30
$
62,219
30,000
Enbridge
Inc
3.700
07/15/27
29,313
180,000
Enbridge
Inc
3.125
11/15/29
165,344
140,000
Enbridge
Inc
4.500
06/10/44
115,221
50,000
Enbridge
Inc
5.950
04/05/54
49,195
70,000
EnLink
Midstream
LLC
5.650
09/01/34
69,708
20,000
Enterprise
Products
Operating
LLC
2.800
01/31/30
18,187
100,000
Enterprise
Products
Operating
LLC
7.550
04/15/38
116,982
200,000
Enterprise
Products
Operating
LLC
6.125
10/15/39
208,815
120,000
Enterprise
Products
Operating
LLC
4.850
03/15/44
107,723
20,000
Enterprise
Products
Operating
LLC
5.100
02/15/45
18,427
75,000
Enterprise
Products
Operating
LLC
4.900
05/15/46
66,762
50,000
Enterprise
Products
Operating
LLC
3.300
02/15/53
32,866
30,000
Equifax
Inc
5.100
12/15/27
30,206
50,000
Equifax
Inc
5.100
06/01/28
50,320
20,000
Equinix
Inc
2.900
11/18/26
19,359
120,000
Equinix
Inc
3.900
04/15/32
110,773
80,000
Equinix
Inc
3.000
07/15/50
50,065
30,000
Estee
Lauder
Cos
Inc/The
3.150
03/15/27
29,183
120,000
Estee
Lauder
Cos
Inc/The
2.600
04/15/30
107,043
10,000
Estee
Lauder
Cos
Inc/The
1.950
03/15/31
8,382
20,000
FactSet
Research
Systems
Inc
3.450
03/01/32
17,722
330,000
FedEx
Corp
3.900
02/01/35
286,860
10,000
FedEx
Corp
4.750
11/15/45
8,439
10,000
FedEx
Corp
4.400
01/15/47
8,011
30,000
FedEx
Corp
4.050
02/15/48
22,581
10,000
FedEx
Corp
4.950
10/17/48
8,607
10,000
Fidelity
National
Information
Services
Inc
1.150
03/01/26
9,631
92,000
Fidelity
National
Information
Services
Inc
1.650
03/01/28
83,657
20,000
Fidelity
National
Information
Services
Inc
3.100
03/01/41
14,524
40,000
Fiserv
Inc
2.250
06/01/27
37,876
254,000
Fiserv
Inc
3.500
07/01/29
238,968
40,000
Fiserv
Inc
2.650
06/01/30
35,504
30,000
Fiserv
Inc
5.450
03/15/34
29,977
30,000
Fiserv
Inc
4.400
07/01/49
24,417
60,000
Flex
Ltd
4.875
06/15/29
59,142
60,000
Flowserve
Corp
2.800
01/15/32
51,094
10,000
FMC
Corp
5.150
05/18/26
10,037
40,000
FMC
Corp
3.450
10/01/29
36,988
30,000
FMC
Corp
4.500
10/01/49
22,871
10,000
Fomento
Economico
Mexicano
SAB
de
CV
4.375
05/10/43
8,481
49,000
Fomento
Economico
Mexicano
SAB
de
CV
3.500
01/16/50
34,971
20,000
Fortinet
Inc
2.200
03/15/31
17,001
40,000
Fortive
Corp
3.150
06/15/26
39,174
40,000
Fortune
Brands
Innovations
Inc
5.875
06/01/33
41,146
20,000
Fox
Corp
4.709
01/25/29
19,820
100,000
Fox
Corp
6.500
10/13/33
105,552
10,000
Fox
Corp
5.476
01/25/39
9,527
10,000
Fox
Corp
5.576
01/25/49
9,281
140,000
GE
HealthCare
Technologies
Inc
5.857
03/15/30
145,288
184,000
General
Mills
Inc
2.875
04/15/30
166,359
20,000
General
Mills
Inc
4.950
03/29/33
19,560
12,000
General
Motors
Co
6.125
10/01/25
12,085
100,000
(a)
General
Motors
Co
5.600
10/15/32
100,119
40,000
General
Motors
Co
5.400
04/01/48
35,066
190,000
General
Motors
Financial
Co
Inc
5.000
04/09/27
190,388
284,000
General
Motors
Financial
Co
Inc
5.650
01/17/29
288,877
210,000
General
Motors
Financial
Co
Inc
4.300
04/06/29
202,766
160,000
General
Motors
Financial
Co
Inc
6.100
01/07/34
162,104
20,000
Genuine
Parts
Co
6.500
11/01/28
20,976
40,000
Genuine
Parts
Co
2.750
02/01/32
33,889
50,000
Gilead
Sciences
Inc
5.100
06/15/35
49,263
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
52
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
140,000
Gilead
Sciences
Inc
4.600
%
09/01/35
$
132,549
176,000
Gilead
Sciences
Inc
4.000
09/01/36
155,693
70,000
Gilead
Sciences
Inc
5.650
12/01/41
70,385
20,000
Gilead
Sciences
Inc
4.800
04/01/44
18,011
30,000
Gilead
Sciences
Inc
4.150
03/01/47
24,191
60,000
GlaxoSmithKline
Capital
Inc
5.375
04/15/34
61,645
40,000
GlaxoSmithKline
Capital
Inc
6.375
05/15/38
43,596
70,000
GlaxoSmithKline
Capital
PLC
3.375
06/01/29
66,406
200,000
Global
Payments
Inc
3.200
08/15/29
184,391
20,000
Grupo
Televisa
SAB
6.625
01/15/40
18,289
60,000
Grupo
Televisa
SAB
5.000
05/13/45
42,763
50,000
GXO
Logistics
Inc
1.650
07/15/26
47,741
120,000
Haleon
US
Capital
LLC
3.375
03/24/29
113,192
20,000
Haleon
US
Capital
LLC
4.000
03/24/52
15,313
152,000
Halliburton
Co
4.850
11/15/35
143,919
30,000
Harley-Davidson
Inc
4.625
07/28/45
24,310
10,000
Hasbro
Inc
3.550
11/19/26
9,787
10,000
Hasbro
Inc
3.500
09/15/27
9,658
60,000
Hasbro
Inc
3.900
11/19/29
56,563
30,000
HCA
Inc
5.250
06/15/26
30,079
40,000
HCA
Inc
4.500
02/15/27
39,681
80,000
HCA
Inc
3
.125
03/15/27
77,194
100,000
HCA
Inc
5.200
06/01/28
100,550
206,000
HCA
Inc
4.125
06/15/29
197,545
70,000
HCA
Inc
5.450
04/01/31
70,343
110,000
HCA
Inc
5.125
06/15/39
101,139
150,000
HCA
Inc
3.500
07/15/51
98,368
70,000
Hershey
Co/The
4.250
05/04/28
69,617
250,000
Hewlett
Packard
Enterprise
Co
6.200
10/15/35
261,572
60,000
(a)
HF
Sinclair
Corp
5.000
02/01/28
59,705
120,000
Home
Depot
Inc/The
4.875
06/25/27
121,134
30,000
Home
Depot
Inc/The
2.950
06/15/29
27,961
299,000
Home
Depot
Inc/The
5.400
09/15/40
297,596
130,000
Home
Depot
Inc/The
5.950
04/01/41
136,198
30,000
Home
Depot
Inc/The
4.875
02/15/44
27,555
42,000
Home
Depot
Inc/The
4.400
03/15/45
35,967
220,000
Home
Depot
Inc/The
4.500
12/06/48
188,094
60,000
Home
Depot
Inc/The
3.125
12/15/49
40,330
120,000
Honda
Motor
Co
Ltd
2.534
03/10/27
114,988
20,000
Honda
Motor
Co
Ltd
2.967
03/10/32
17,401
50,000
Hormel
Foods
Corp
1.700
06/03/28
45,516
50,000
Howmet
Aerospace
Inc
4.850
10/15/31
49,351
10,000
HP
Inc
4.000
04/15/29
9,611
52,000
(a)
HP
Inc
3.400
06/17/30
47,806
110,000
HP
Inc
4.200
04/15/32
102,436
10,000
HP
Inc
5.500
01/15/33
10,081
30,000
Huntsman
International
LLC
4.500
05/01/29
28,683
50,000
Huntsman
International
LLC
5.700
10/15/34
47,338
50,000
Hyatt
Hotels
Corp
5.750
01/30/27
50,810
20,000
IBM
International
Capital
Pte
Ltd
4.600
02/05/27
20,038
120,000
(a)
IBM
International
Capital
Pte
Ltd
5.300
02/05/54
110,386
30,000
IDEX
Corp
2.625
06/15/31
25,890
90,000
Illinois
Tool
Works
Inc
4.875
09/15/41
84,294
50,000
Ingersoll
Rand
Inc
5.197
06/15/27
50,578
10,000
Intel
Corp
3.750
03/25/27
9,764
292,000
Intel
Corp
2.450
11/15/29
258,441
110,000
Intel
Corp
5.125
02/10/30
109,715
10,000
Intel
Corp
4.000
12/15/32
9,034
110,000
Intel
Corp
4.600
03/25/40
91,850
20,000
Intel
Corp
2.800
08/12/41
12,742
70,000
Intel
Corp
4.250
12/15/42
53,973
10,000
Intel
Corp
4.100
05/19/46
7,181
53
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
90,000
Intel
Corp
4.100
%
05/11/47
$
64,110
160,000
Intel
Corp
3.734
12/08/47
107,102
10,000
Intel
Corp
3.250
11/15/49
6,041
10,000
Intel
Corp
4.750
03/25/50
7,803
20,000
Intel
Corp
5.700
02/10/53
17,808
50,000
Intel
Corp
5.600
02/21/54
43,886
210,000
International
Business
Machines
Corp
3.300
05/15/26
206,662
10,000
International
Business
Machines
Corp
3.300
01/27/27
9,768
100,000
International
Business
Machines
Corp
2.720
02/09/32
86,705
72,000
International
Business
Machines
Corp
5.600
11/30/39
72,105
10,000
International
Business
Machines
Corp
2.850
05/15/40
7,166
80,000
International
Business
Machines
Corp
4.000
06/20/42
65,574
90,000
International
Business
Machines
Corp
4.700
02/19/46
78,825
40,000
International
Flavors
&
Fragrances
Inc
4.375
06/01/47
31,234
10,000
International
Flavors
&
Fragrances
Inc
5.000
09/26/48
8,544
45,000
International
Paper
Co
4.800
06/15/44
39,477
52,000
International
Paper
Co
4.350
08/15/48
41,894
60,000
Interpublic
Group
of
Cos
Inc/The
2.400
03/01/31
51,319
10,000
Interpublic
Group
of
Cos
Inc/The
5.375
06/15/33
9,935
80,000
Intuit
Inc
5.250
09/15/26
80,867
18,000
Intuit
Inc
1.350
07/15/27
16,716
20,000
Intuit
Inc
1.650
07/15/30
16,950
10,000
(a)
Intuit
Inc
5.500
09/15/53
9,802
50,000
IQVIA
Inc
6.250
02/01/29
51,744
80,000
J
M
Smucker
Co/The
4.250
03/15/35
72,540
40,000
Jabil
Inc
4.250
05/15/27
39,504
40,000
Jacobs
Engineering
Group
Inc
6.350
08/18/28
41,708
30,000
JB
Hunt
Transport
Services
Inc
3.875
03/01/26
29,775
40,000
JD.com
Inc
3.875
04/29/26
39,554
8,000
JetBlue
2019-1
Class
AA
Pass
Through
Trust2020
A
2.750
05/15/32
6,685
22,000
JetBlue
2020-1
Class
A
Pass
Through
Trust
4.000
11/15/32
20,648
280,000
John
Deere
Capital
Corp
1.300
10/13/26
266,179
110,000
John
Deere
Capital
Corp
4.900
06/11/27
111,017
40,000
John
Deere
Capital
Corp
3.350
04/18/29
38,068
110,000
John
Deere
Capital
Corp
4.700
06/10/30
109,901
70,000
Johnson
&
Johnson
2.950
03/03/27
68,110
60,000
Johnson
&
Johnson
4.800
06/01/29
60,709
390,000
Johnson
&
Johnson
3.550
03/01/36
341,261
10,000
Johnson
&
Johnson
4.500
09/01/40
9,345
50,000
Johnson
&
Johnson
5.250
06/01/54
49,044
10,000
Johnson
Controls
International
plc
4.625
07/02/44
8,619
20,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
1.750
09/15/30
16,842
30,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
2.000
09/16/31
24,869
50,000
Johnson
Controls
International
plc
/
Tyco
Fire
&
Security
Finance
SCA
4.900
12/01/32
48,928
70,000
Kellanova
3.400
11/15/27
67,667
20,000
Kellanova
2.100
06/01/30
17,484
30,000
Kellanova
4.500
04/01/46
25,271
160,000
Kenvue
Inc
4.900
03/22/33
157,719
10,000
Kenvue
Inc
5.100
03/22/43
9,590
50,000
Keurig
Dr
Pepper
Inc
5.100
03/15/27
50,429
30,000
Keurig
Dr
Pepper
Inc
3.200
05/01/30
27,485
10,000
Keurig
Dr
Pepper
Inc
3
.800
05/01/50
7,341
180,000
Keurig
Dr
Pepper
Inc
4.500
04/15/52
147,976
50,000
Keysight
Technologies
Inc
3.000
10/30/29
45,769
20,000
Kimberly-Clark
Corp
3.950
11/01/28
19,588
98,000
Kimberly-Clark
Corp
6.625
08/01/37
110,951
20,000
Kinder
Morgan
Energy
Partners
LP
6.950
01/15/38
21,712
10,000
Kinder
Morgan
Inc
1.750
11/15/26
9,503
372,000
Kinder
Morgan
Inc
5.300
12/01/34
361,789
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
54
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
50,000
Kinder
Morgan
Inc
5.050
%
02/15/46
$
43,515
60,000
Kinder
Morgan
Inc
3.250
08/01/50
38,011
50,000
Kinder
Morgan
Inc
5.950
08/01/54
48,613
10,000
KLA
Corp
4.650
07/15/32
9,808
110,000
KLA
Corp
4.950
07/15/52
99,549
20,000
Koninklijke
KPN
NV
8.375
10/01/30
23,052
40,000
Kraft
Heinz
Foods
Co
3.000
06/01/26
39,114
30,000
Kraft
Heinz
Foods
Co
3.875
05/15/27
29,467
110,000
Kraft
Heinz
Foods
Co
4.250
03/01/31
105,780
10,000
Kraft
Heinz
Foods
Co
6.500
02/09/40
10,632
10,000
Kraft
Heinz
Foods
Co
5.000
06/04/42
9,030
130,000
Kraft
Heinz
Foods
Co
5.500
06/01/50
122,136
30,000
Kroger
Co/The
2.200
05/01/30
26,178
10,000
Kroger
Co/The
1
.700
01/15/31
8,278
50,000
Kroger
Co/The
5.000
09/15/34
48,516
110,000
Kroger
Co/The
6.900
04/15/38
121,656
9,000
Kroger
Co/The
5.400
07/15/40
8,683
80,000
Kroger
Co/The
4.450
02/01/47
65,953
60,000
Kyndryl
Holdings
Inc
6.350
02/20/34
62,426
10,000
Laboratory
Corp
of
America
Holdings
3.600
09/01/27
9,738
10,000
Laboratory
Corp
of
America
Holdings
2.950
12/01/29
9,114
90,000
Laboratory
Corp
of
America
Holdings
2.700
06/01/31
77,998
10,000
Lam
Research
Corp
3.750
03/15/26
9,922
30,000
Lam
Research
Corp
1.900
06/15/30
25,894
100,000
Lam
Research
Corp
3.125
06/15/60
61,426
60,000
Lear
Corp
2.600
01/15/32
50,137
40,000
Leggett
&
Platt
Inc
4.400
03/15/29
37,916
30,000
Leggett
&
Platt
Inc
3.500
11/15/51
18,563
10,000
Lennox
International
Inc
1.700
08/01/27
9,276
30,000
Linde
Inc/CT
1.100
08/10/30
24,924
30,000
LKQ
Corp
5.750
06/15/28
30,550
40,000
Lowe's
Cos
Inc
3.350
04/01/27
38,950
201,000
Lowe's
Cos
Inc
4.500
04/15/30
197,780
300,000
Lowe's
Cos
Inc
5.000
04/15/40
280,545
20,000
Lowe's
Cos
Inc
4.050
05/03/47
15,652
20,000
Lowe's
Cos
Inc
5.750
07/01/53
19,539
30,000
Lowe's
Cos
Inc
4.450
04/01/62
23,307
10,000
Lowe's
Cos
Inc
5.850
04/01/63
9,792
200,000
LYB
International
Finance
III
LLC
3.375
10/01/40
146,849
21,000
LYB
International
Finance
III
LLC
4.200
05/01/50
15,731
60,000
LYB
International
Finance
III
LLC
3.625
04/01/51
40,478
70,000
(a)
Magna
International
Inc
2.450
06/15/30
61,799
142,000
Martin
Marietta
Materials
Inc
3.200
07/15/51
92,397
60,000
Marvell
Technology
Inc
2.450
04/15/28
55,647
20,000
Marvell
Technology
Inc
5.950
09/15/33
20,640
10,000
Masco
Corp
2.000
10/01/30
8,483
70,000
Masco
Corp
2.000
02/15/31
58,948
30,000
Masco
Corp
4.500
05/15/47
24,633
10,000
Mastercard
Inc
2.950
11/21/26
9,756
32,000
Mastercard
Inc
2.950
06/01/29
29,915
44,000
Mastercard
Inc
3.350
03/26/30
41,247
120,000
Mastercard
Inc
2.000
11/18/31
100,356
70,000
Mastercard
Inc
4.875
05/09/34
69,069
40,000
Mastercard
Inc
3.800
11/21/46
31,344
20,000
Mastercard
Inc
3.850
03/26/50
15,511
20,000
Mastercard
Inc
2.950
03/15/51
12,984
80,000
McCormick
&
Co
Inc/MD
1.850
02/15/31
66,772
200,000
McDonald's
Corp
4.600
09/09/32
195,173
20,000
McDonald's
Corp
6.300
10/15/37
21,621
30,000
McDonald's
Corp
4.450
09/01/48
25,128
220,000
McDonald's
Corp
5.150
09/09/52
202,423
50,000
McKesson
Corp
4.900
07/15/28
50,300
55
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
10,000
McKesson
Corp
5.100
%
07/15/33
$
9,957
50,000
(a)
MDC
Holdings
Inc
3.966
08/06/61
37,506
40,000
Mercedes-Benz
Finance
North
America
LLC
8.500
01/18/31
46,892
100,000
Merck
&
Co
Inc
1.900
12/10/28
90,628
200,000
Merck
&
Co
Inc
1.450
06/24/30
168,535
60,000
Merck
&
Co
Inc
6.500
12/01/33
66,301
10,000
Merck
&
Co
Inc
4.150
05/18/43
8,418
20,000
Merck
&
Co
Inc
4.900
05/17/44
18,549
250,000
Merck
&
Co
Inc
2.750
12/10/51
151,734
50,000
Microchip
Technology
Inc
5.050
02/15/30
49,688
20,000
Micron
Technology
Inc
4.975
02/06/26
20,011
50,000
Micron
Technology
Inc
4.185
02/15/27
49,396
110,000
Micron
Technology
Inc
5.300
01/15/31
110,057
50,000
Micron
Technology
Inc
5.800
01/15/35
50,386
10,000
Microsoft
Corp
3.400
09/15/26
9,862
40,000
Microsoft
Corp
3.300
02/06/27
39,228
10,000
Microsoft
Corp
3.500
02/12/35
9,061
211,000
Microsoft
Corp
3.450
08/08/36
184,531
60,000
Microsoft
Corp
3.750
02/12/45
50,137
50,000
Microsoft
Corp
3.700
08/08/46
39,939
586,000
Microsoft
Corp
2.921
03/17/52
385,964
70,000
Mohawk
Industries
Inc
5.850
09/18/28
72,169
50,000
Mondelez
International
Inc
4.750
02/20/29
49,908
50,000
(a)
Mondelez
International
Inc
4.750
08/28/34
47,958
10,000
Mondelez
International
Inc
2.625
09/04/50
5,845
20,000
Moody's
Corp
2.000
08/19/31
16,675
10,000
Moody's
Corp
5.250
07/15/44
9,479
110,000
Moody's
Corp
3.750
02/25/52
80,613
10,000
Mosaic
Co/The
4.050
11/15/27
9,810
50,000
Mosaic
Co/The
5.375
11/15/28
50,750
120,000
Motorola
Solutions
Inc
2.750
05/24/31
104,438
240,000
MPLX
LP
2.650
08/15/30
211,262
180,000
MPLX
LP
4.950
03/14/52
151,124
20,000
National
Fuel
Gas
Co
5.500
10/01/26
20,172
30,000
NetApp
Inc
2.375
06/22/27
28,402
50,000
Nordson
Corp
4.500
12/15/29
48,754
50,000
NOV
Inc
3.950
12/01/42
37,239
120,000
Novartis
Capital
Corp
2.200
08/14/30
105,386
120,000
Novartis
Capital
Corp
4.400
05/06/44
105,823
20,000
Novartis
Capital
Corp
2.750
08/14/50
12,757
100,000
Nutrien
Ltd
4.200
04/01/29
97,324
10,000
NVIDIA
Corp
3.200
09/16/26
9,822
70,000
NVIDIA
Corp
2.000
06/15/31
59,742
122,000
NVIDIA
Corp
3.500
04/01/40
100,391
60,000
NVR
Inc
3.000
05/15/30
54,133
10,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
3.150
05/01/27
9,657
92,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.500
05/11/31
78,854
110,000
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA
Inc
2.650
02/15/32
92,978
10,000
Omnicom
Group
Inc
2.450
04/30/30
8,831
30,000
Omnicom
Group
Inc
5.300
11/01/34
29,565
50,000
Omnicom
Group
Inc
/
Omnicom
Capital
Inc
3.600
04/15/26
49,388
273,000
ONEOK
Inc
4.550
07/15/28
269,805
39,000
ONEOK
Inc
4.350
03/15/29
37,977
10,000
ONEOK
Inc
4.500
03/15/50
7,847
170,000
ONEOK
Inc
7.150
01/15/51
183,864
50,000
ONEOK
Inc
5.700
11/01/54
46,448
70,000
Oracle
Corp
2.800
04/01/27
67,219
20,000
Oracle
Corp
4.650
05/06/30
19,718
120,000
Oracle
Corp
4.900
02/06/33
116,605
690,000
Oracle
Corp
4.300
07/08/34
632,872
50,000
Oracle
Corp
4.700
09/27/34
47,184
40,000
Oracle
Corp
6.500
04/15/38
42,771
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
56
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
30,000
Oracle
Corp
6.125
%
07/08/39
$
31,084
70,000
Oracle
Corp
4.000
11/15/47
53,217
280,000
Oracle
Corp
6.900
11/09/52
310,598
10,000
Oracle
Corp
5.550
02/06/53
9,380
50,000
Oracle
Corp
5.375
09/27/54
45,700
50,000
Oracle
Corp
6.000
08/03/55
49,841
100,000
Orange
SA
5.375
01/13/42
95,444
100,000
O'Reilly
Automotive
Inc
3.900
06/01/29
96,132
20,000
O'Reilly
Automotive
Inc
4.200
04/01/30
19,328
120,000
Otis
Worldwide
Corp
3.112
02/15/40
90,418
2,000
Owens
Corning
3.400
08/15/26
1,955
70,000
Owens
Corning
3.875
06/01/30
65,970
20,000
PACCAR
Financial
Corp
5.200
11/09/26
20,269
50,000
PACCAR
Financial
Corp
5.000
05/13/27
50,622
50,000
PACCAR
Financial
Corp
4.450
08/06/27
49,964
20,000
Paramount
Global
4.200
06/01/29
19,001
170,000
Paramount
Global
4.200
05/19/32
151,513
50,000
Paramount
Global
5.900
10/15/40
43,973
10,000
Paramount
Global
5.850
09/01/43
8,803
40,000
Paramount
Global
4.600
01/15/45
29,978
10,000
Parker-Hannifin
Corp
3.250
03/01/27
9,745
30,000
Parker-Hannifin
Corp
3.250
06/14/29
28,156
64,000
Parker-Hannifin
Corp
4.200
11/21/34
59,225
20,000
Parker-Hannifin
Corp
4.450
11/21/44
17,188
30,000
Parker-Hannifin
Corp
4.000
06/14/49
23,529
10,000
PayPal
Holdings
Inc
3.900
06/01/27
9,861
170,000
PayPal
Holdings
Inc
2.850
10/01/29
156,496
10,000
PepsiCo
Inc
2.850
02/24/26
9,843
40,000
PepsiCo
Inc
2.375
10/06/26
38,714
50,000
PepsiCo
Inc
5.125
11/10/26
50,627
50,000
PepsiCo
Inc
4.500
07/17/29
49,877
100,000
PepsiCo
Inc
1.625
05/01/30
85,599
10,000
PepsiCo
Inc
5.500
01/15/40
10,120
20,000
PepsiCo
Inc
4.450
04/14/46
17,348
364,000
PepsiCo
Inc
2.875
10/15/49
236,410
50,000
Pepsico
Singapore
Financing
I
Pte
Ltd
4.650
02/16/27
50,205
100,000
Pfizer
Inc
3.600
09/15/28
97,145
10,000
Pfizer
Inc
4
.400
05/15/44
8,694
350,000
Pfizer
Inc
4.200
09/15/48
285,052
110,000
Pfizer
Investment
Enterprises
Pte
Ltd
4.450
05/19/26
109,981
100,000
Pfizer
Investment
Enterprises
Pte
Ltd
4.450
05/19/28
99,510
150,000
Pfizer
Investment
Enterprises
Pte
Ltd
4.650
05/19/30
148,931
190,000
Pfizer
Investment
Enterprises
Pte
Ltd
4.750
05/19/33
184,693
150,000
Pfizer
Investment
Enterprises
Pte
Ltd
5.110
05/19/43
141,758
40,000
Phillips
66
Co
3
.550
10/01/26
39,309
223,000
Phillips
66
Co
4.680
02/15/45
187,515
150,000
Plains
All
American
Pipeline
LP
/
PAA
Finance
Corp
5.700
09/15/34
150,139
50,000
PPG
Industries
Inc
3.750
03/15/28
48,656
50,000
Procter
&
Gamble
Co/The
1.000
04/23/26
48,081
250,000
Procter
&
Gamble
Co/The
3.000
03/25/30
231,932
70,000
Procter
&
Gamble
Co/The
1.200
10/29/30
58,251
10,000
Procter
&
Gamble
Co/The
4.050
01/26/33
9,581
11,000
PulteGroup
Inc
5.000
01/15/27
11,038
20,000
Qorvo
Inc
4.375
10/15/29
18,907
220,000
QUALCOMM
Inc
1.650
05/20/32
175,844
40,000
(a)
QUALCOMM
Inc
4.250
05/20/32
38,450
30,000
QUALCOMM
Inc
4.650
05/20/35
29,044
20,000
QUALCOMM
Inc
4.800
05/20/45
18,103
20,000
Quanta
Services
Inc
2.900
10/01/30
17,807
80,000
Quanta
Services
Inc
2.350
01/15/32
66,321
50,000
Quanta
Services
Inc
5.250
08/09/34
48,824
50,000
Quest
Diagnostics
Inc
3.450
06/01/26
49,240
57
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
10,000
Quest
Diagnostics
Inc
2.950
%
06/30/30
$
9,044
50,000
Quest
Diagnostics
Inc
5.000
12/15/34
48,421
140,000
Regal
Rexnord
Corp
6.300
02/15/30
144,379
30,000
Regeneron
Pharmaceuticals
Inc
1.750
09/15/30
25,078
30,000
Regeneron
Pharmaceuticals
Inc
2.800
09/15/50
17,610
50,000
RELX
Capital
Inc
4.750
05/20/32
48,987
10,000
Republic
Services
Inc
3.375
11/15/27
9,682
70,000
Republic
Services
Inc
3.950
05/15/28
68,362
58,000
Republic
Services
Inc
2.300
03/01/30
51,287
80,000
Republic
Services
Inc
1.450
02/15/31
65,375
20,000
Republic
Services
Inc
5.700
05/15/41
20,016
10,000
Revvity
Inc
3.300
09/15/29
9,260
60,000
Revvity
Inc
2.250
09/15/31
49,723
70,000
Rockwell
Automation
Inc
4.200
03/01/49
57,638
10,000
Rogers
Communications
Inc
2.900
11/15/26
9,674
50,000
Rogers
Communications
Inc
3.200
03/15/27
48,378
40,000
Rogers
Communications
Inc
5.000
02/15/29
39,791
10,000
Rogers
Communications
Inc
3.800
03/15/32
8,969
150,000
Rogers
Communications
Inc
5.450
10/01/43
139,758
20,000
Rogers
Communications
Inc
3.700
11/15/49
13,877
130,000
Roper
Technologies
Inc
3.800
12/15/26
127,872
20,000
Ross
Stores
Inc
1.875
04/15/31
16,626
70,000
Royalty
Pharma
PLC
5.900
09/02/54
66,718
40,000
RPM
International
Inc
2.950
01/15/32
34,658
10,000
Ryder
System
Inc
2.850
03/01/27
9,613
50,000
Ryder
System
Inc
6.300
12/01/28
52,414
50,000
Ryder
System
Inc
5.375
03/15/29
50,736
50,000
Ryder
System
Inc
4.950
09/01/29
49,908
50,000
Ryder
System
Inc
4.900
12/01/29
49,684
20,000
(a)
S&P
Global
Inc
1.250
08/15/30
16,603
130,000
S&P
Global
Inc
2.900
03/01/32
113,540
60,000
S&P
Global
Inc
5.250
09/15/33
60,466
20,000
S&P
Global
Inc
3.700
03/01/52
14,846
23,000
S&P
Global
Inc
2.300
08/15/60
11,490
20,000
Sabine
Pass
Liquefaction
LLC
5.875
06/30/26
20,186
160,000
Sabine
Pass
Liquefaction
LLC
4.500
05/15/30
155,244
60,000
Salesforce
Inc
2.700
07/15/41
42,434
152,000
Salesforce
Inc
2.900
07/15/51
97,189
82,000
Schlumberger
Investment
SA
2.650
06/26/30
73,262
101,000
Sherwin-Williams
Co/The
2.950
08/15/29
92,977
42,000
Sherwin-Williams
Co/The
4.500
06/01/47
35,364
20,000
Skyworks
Solutions
Inc
1.800
06/01/26
19,160
50,000
Smith
&
Nephew
PLC
2.032
10/14/30
42,254
10,000
Smith
&
Nephew
PLC
5.400
03/20/34
9,971
60,000
(b)
Smurfit
Kappa
Treasury
ULC
5.438
04/03/34
59,867
60,000
Snap-on
Inc
3.100
05/01/50
39,798
30,000
Solventum
Corp
5.450
03/13/31
30,236
150,000
(b)
Solventum
Corp
5.600
03/23/34
150,078
70,000
Sonoco
Products
Co
2
.850
02/01/32
59,665
110,000
Stanley
Black
&
Decker
Inc
3.000
05/15/32
94,440
10,000
Starbucks
Corp
2.250
03/12/30
8,797
20,000
Starbucks
Corp
2.550
11/15/30
17,612
110,000
Starbucks
Corp
3.000
02/14/32
96,578
100,000
Starbucks
Corp
4.800
02/15/33
98,046
20,000
Starbucks
Corp
4.450
08/15/49
16,442
60,000
Starbucks
Corp
3.500
11/15/50
41,858
90,000
Stryker
Corp
1.950
06/15/30
77,681
50,000
Stryker
Corp
4
.625
09/11/34
47,764
50,000
(c)
Stryker
Corp
5.200
02/10/35
49,663
10,000
Stryker
Corp
4.100
04/01/43
8,214
10,000
Sysco
Corp
3.300
07/15/26
9,807
70,000
Sysco
Corp
3.250
07/15/27
67,657
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
58
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
70,000
Sysco
Corp
2.400
%
02/15/30
$
62,088
50,000
Sysco
Corp
6.000
01/17/34
52,443
20,000
Sysco
Corp
6.600
04/01/50
21,758
10,000
Takeda
Pharmaceutical
Co
Ltd
2.050
03/31/30
8,687
190,000
Takeda
Pharmaceutical
Co
Ltd
5.300
07/05/34
189,342
40,000
Takeda
Pharmaceutical
Co
Ltd
3.025
07/09/40
29,330
10,000
Takeda
Pharmaceutical
Co
Ltd
5.650
07/05/44
9,876
60,000
(a)
Takeda
Pharmaceutical
Co
Ltd
3.375
07/09/60
37,919
40,000
Take-Two
Interactive
Software
Inc
3.700
04/14/27
39,092
30,000
Take-Two
Interactive
Software
Inc
5.400
06/12/29
30,417
30,000
Tapestry
Inc
4.125
07/15/27
29,477
40,000
Tapestry
Inc
3.050
03/15/32
34,320
75,000
Targa
Resources
Corp
6.150
03/01/29
77,950
100,000
Targa
Resources
Corp
6.500
03/30/34
105,819
80,000
Targa
Resources
Partners
LP
/
Targa
Resources
Partners
Finance
Corp
5.000
01/15/28
79,677
1,000
Target
Corp
3.375
04/15/29
953
130,000
Target
Corp
2.350
02/15/30
116,040
50,000
Target
Corp
4.500
09/15/34
47,499
72,000
Target
Corp
6.500
10/15/37
79,361
19,000
Target
Corp
3.900
11/15/47
14,850
50,000
TC
PipeLines
LP
3.900
05/25/27
48,944
50,000
TD
SYNNEX
Corp
6.100
04/12/34
51,388
40,000
Teledyne
Technologies
Inc
2.250
04/01/28
36,955
60,000
TELUS
Corp
3.700
09/15/27
58,457
10,000
TELUS
Corp
4.600
11/16/48
8,150
10,000
Texas
Eastern
Transmission
LP
7.000
07/15/32
10,949
70,000
Texas
Instruments
Inc
1.750
05/04/30
60,268
100,000
Texas
Instruments
Inc
1.900
09/15/31
83,914
100,000
Texas
Instruments
Inc
3.875
03/15/39
86,084
40,000
Texas
Instruments
Inc
4.150
05/15/48
32,463
120,000
The
Campbell's
Company
2.375
04/24/30
105,465
50,000
Thomson
Reuters
Corp
3.350
05/15/26
49,206
10,000
Time
Warner
Cable
LLC
6.550
05/01/37
9,838
30,000
Time
Warner
Cable
LLC
7.300
07/01/38
31,287
170,000
Time
Warner
Cable
LLC
6.750
06/15/39
170,040
10,000
Time
Warner
Cable
LLC
5.500
09/01/41
8,681
20,000
Time
Warner
Cable
LLC
4.500
09/15/42
15,331
30,000
Timken
Co/The
4.125
04/01/32
27,584
60,000
TJX
Cos
Inc/The
3.875
04/15/30
57,371
10,000
Trane
Technologies
Financing
Ltd
3.800
03/21/29
9,613
70,000
Trane
Technologies
Financing
Ltd
5.250
03/03/33
70,424
50,000
Trane
Technologies
Financing
Ltd
5.100
06/13/34
49,614
50,000
TransCanada
PipeLines
Ltd
4.100
04/15/30
47,705
100,000
TransCanada
PipeLines
Ltd
4.625
03/01/34
93,416
10,000
Transcontinental
Gas
Pipe
Line
Co
LLC
7.850
02/01/26
10,226
80,000
Transcontinental
Gas
Pipe
Line
Co
LLC
3.250
05/15/30
73,088
80,000
Transcontinental
Gas
Pipe
Line
Co
LLC
3.950
05/15/50
59,200
30,000
Trimble
Inc
6.100
03/15/33
31,245
30,000
Triton
Container
International
Ltd
/
TAL
International
Container
Corp
3.250
03/15/32
25,630
160,000
TSMC
Arizona
Corp
4.250
04/22/32
154,137
60,000
TWDC
Enterprises
18
Corp
2.950
06/15/27
58,039
20,000
TWDC
Enterprises
18
Corp
4.375
08/16/41
17,383
30,000
TWDC
Enterprises
18
Corp
4.125
12/01/41
25,192
10,000
TWDC
Enterprises
18
Corp
4.125
06/01/44
8,245
10,000
Tyco
Electronics
Group
SA
4.625
02/01/30
9,900
70,000
Tyco
Electronics
Group
SA
2.500
02/04/32
59,636
21,000
Unilever
Capital
Corp
2.000
07/28/26
20,287
40,000
Unilever
Capital
Corp
2.900
05/05/27
38,693
20,000
Unilever
Capital
Corp
2.125
09/06/29
17,895
150,000
Unilever
Capital
Corp
1.750
08/12/31
124,682
59
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
10,000
Unilever
Capital
Corp
5.000
%
12/08/33
$
9,998
10,000
Union
Pacific
Corp
2.150
02/05/27
9,555
50,000
Union
Pacific
Corp
4.500
01/20/33
48,260
20,000
Union
Pacific
Corp
3.375
02/01/35
17,422
20,000
Union
Pacific
Corp
3.600
09/15/37
16,815
508,000
Union
Pacific
Corp
3.550
08/15/39
414,561
30,000
Union
Pacific
Corp
3.875
02/01/55
22,406
10,000
Union
Pacific
Corp
3.950
08/15/59
7,340
10,000
Valero
Energy
Corp
2.150
09/15/27
9,368
130,000
Valero
Energy
Corp
2.800
12/01/31
111,818
40,000
Valero
Energy
Corp
6.625
06/15/37
42,532
40,000
Valmont
Industries
Inc
5.250
10/01/54
36,638
30,000
VeriSign
Inc
4.750
07/15/27
29,902
50,000
Verisk
Analytics
Inc
4.125
03/15/29
48,529
99,000
Verizon
Communications
Inc
4.016
12/03/29
95,268
90,000
Verizon
Communications
Inc
1.500
09/18/30
75,102
115,000
Verizon
Communications
Inc
2.550
03/21/31
99,710
605,000
Verizon
Communications
Inc
2.355
03/15/32
503,289
100,000
Verizon
Communications
Inc
5.050
05/09/33
98,854
30,000
(b)
Verizon
Communications
Inc
4
.780
02/15/35
28,605
10,000
Verizon
Communications
Inc
4.272
01/15/36
9,016
10,000
Verizon
Communications
Inc
4.812
03/15/39
9,218
122,000
Verizon
Communications
Inc
2.850
09/03/41
84,936
20,000
Verizon
Communications
Inc
3.850
11/01/42
15,816
50,000
Verizon
Communications
Inc
5.500
03/16/47
48,418
80,000
Verizon
Communications
Inc
4.000
03/22/50
60,792
320,000
Verizon
Communications
Inc
3.875
03/01/52
236,594
20,000
Verizon
Communications
Inc
2.987
10/30/56
11,880
30,000
Verizon
Communications
Inc
3.700
03/22/61
20,387
100,000
Viatris
Inc
2.700
06/22/30
87,108
100,000
Viatris
Inc
3.850
06/22/40
74,965
50,000
Visa
Inc
2.050
04/15/30
43,986
10,000
Visa
Inc
1.100
02/15/31
8,164
161,000
Visa
Inc
4.150
12/14/35
149,343
50,000
Visa
Inc
2.700
04/15/40
36,486
20,000
Visa
Inc
2.000
08/15/50
10,774
120,000
VMware
LLC
1.400
08/15/26
114,089
10,000
VMware
LLC
4.700
05/15/30
9,805
20,000
VMware
LLC
2.200
08/15/31
16,682
20,000
Vodafone
Group
PLC
6.250
11/30/32
21,516
95,000
Vodafone
Group
PLC
6.150
02/27/37
99,824
10,000
Vodafone
Group
PLC
5.000
05/30/38
9,533
20,000
Vodafone
Group
PLC
4.875
06/19/49
17,138
60,000
Vodafone
Group
PLC
4.250
09/17/50
46,422
50,000
Vodafone
Group
PLC
5.750
06/28/54
47,937
10,000
Vodafone
Group
PLC
5.750
02/10/63
9,419
10,000
Vodafone
Group
PLC
5.875
06/28/64
9,612
50,000
Vulcan
Materials
Co
3.900
04/01/27
49,260
50,000
Vulcan
Materials
Co
5.700
12/01/54
48,839
10,000
Walt
Disney
Co/The
3
.800
03/22/30
9,594
50,000
Walt
Disney
Co/The
2.650
01/13/31
44,439
100,000
Walt
Disney
Co/The
6.400
12/15/35
109,640
50,000
Walt
Disney
Co/The
6.650
11/15/37
55,790
12,000
Walt
Disney
Co/The
4.750
09/15/44
10,779
60,000
Walt
Disney
Co/The
4.950
10/15/45
55,068
310,000
Walt
Disney
Co/The
2.750
09/01/49
193,505
10,000
Walt
Disney
Co/The
3.600
01/13/51
7,336
11,000
Warnermedia
Holdings
Inc
5.391
03/15/62
8,100
110,000
Waste
Connections
Inc
2.200
01/15/32
91,236
20,000
Waste
Connections
Inc
4.200
01/15/33
18,699
50,000
Waste
Management
Inc
4.650
03/15/30
49,571
10,000
Waste
Management
Inc
1.500
03/15/31
8,214
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
60
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
120,000
Waste
Management
Inc
4.150
%
04/15/32
$
113,821
90,000
Waste
Management
Inc
4.875
02/15/34
88,520
110,000
Western
Midstream
Operating
LP
6.150
04/01/33
112,158
30,000
Western
Union
Co/The
6.200
11/17/36
30,134
60,000
Westinghouse
Air
Brake
Technologies
Corp
5.611
03/11/34
60,658
50,000
Westlake
Corp
5.000
08/15/46
43,621
30,000
Westlake
Corp
4.375
11/15/47
23,692
30,000
Weyerhaeuser
Co
4.000
04/15/30
28,508
20,000
Weyerhaeuser
Co
7.375
03/15/32
22,372
40,000
Weyerhaeuser
Co
3.375
03/09/33
34,884
70,000
Whirlpool
Corp
4.700
05/14/32
65,106
200,000
Williams
Cos
Inc/The
2.600
03/15/31
172,678
50,000
Williams
Cos
Inc/The
5.150
03/15/34
48,669
50,000
Williams
Cos
Inc/The
5.800
11/15/54
48,755
50,000
Williams
Cos
Inc/The
6.000
03/15/55
49,858
70,000
Workday
Inc
3.700
04/01/29
66,758
90,000
WRKCo
Inc
4.000
03/15/28
87,639
10,000
WRKCo
Inc
3.000
06/15/33
8,447
50,000
WW
Grainger
Inc
4.450
09/15/34
47,423
10,000
WW
Grainger
Inc
4.600
06/15/45
8,907
50,000
Xilinx
Inc
2.375
06/01/30
44,240
31,000
(a)
Xylem
Inc/NY
2.250
01/30/31
26,633
60,000
Zimmer
Biomet
Holdings
Inc
2.600
11/24/31
51,492
76,000
Zoetis
Inc
3.900
08/20/28
73,893
9,000
Zoetis
Inc
2.000
05/15/30
7,792
20,000
Zoetis
Inc
5.600
11/16/32
20,629
TOTAL
INDUSTRIAL
56,819,371
UTILITY
-
2.2%
$
62,000
AEP
Texas
Inc
4.150
05/01/49
46,904
20,000
AEP
Texas
Inc
3.450
01/15/50
13,441
30,000
Algonquin
Power
&
Utilities
Corp
5.365
06/15/26
30,150
50,000
American
Electric
Power
Co
Inc
5
.750
11/01/27
51,247
80,000
American
Electric
Power
Co
Inc
5.200
01/15/29
80,451
120,000
American
Water
Capital
Corp
2.800
05/01/30
107,907
110,000
American
Water
Capital
Corp
2.300
06/01/31
93,342
20,000
American
Water
Capital
Corp
3.750
09/01/47
14,908
20,000
American
Water
Capital
Corp
4.200
09/01/48
15,953
50,000
American
Water
Capital
Corp
5.450
03/01/54
47,358
160,000
Appalachian
Power
Co
4.400
05/15/44
130,376
10,000
Appalachian
Power
Co
3.700
05/01/50
6,905
20,000
Atlantic
City
Electric
Co
2.300
03/15/31
17,111
40,000
Atmos
Energy
Corp
2.625
09/15/29
36,515
100,000
Atmos
Energy
Corp
5.900
11/15/33
104,439
30,000
Atmos
Energy
Corp
4.125
10/15/44
24,520
100,000
Atmos
Energy
Corp
2.850
02/15/52
61,014
10,000
Avista
Corp
4.350
06/01/48
8,193
30,000
Avista
Corp
4.000
04/01/52
22,505
120,000
Berkshire
Hathaway
Energy
Co
3.700
07/15/30
113,174
40,000
Berkshire
Hathaway
Energy
Co
5.150
11/15/43
37,750
170,000
Berkshire
Hathaway
Energy
Co
3.800
07/15/48
126,415
110,000
Berkshire
Hathaway
Energy
Co
4.600
05/01/53
90,861
50,000
Black
Hills
Corp
5.950
03/15/28
51,535
10,000
CenterPoint
Energy
Houston
Electric
LLC
5.200
10/01/28
10,144
100,000
CenterPoint
Energy
Houston
Electric
LLC
3.000
03/01/32
87,425
60,000
CenterPoint
Energy
Houston
Electric
LLC
5.150
03/01/34
59,242
10,000
CenterPoint
Energy
Houston
Electric
LLC
3.550
08/01/42
7,740
110,000
CenterPoint
Energy
Inc
1.450
06/01/26
105,435
10,000
CenterPoint
Energy
Inc
2.650
06/01/31
8,633
10,000
CenterPoint
Energy
Inc
7.000
02/15/55
10,200
100,000
CenterPoint
Energy
Resources
Corp
4.100
09/01/47
78,500
120,000
Cleveland
Electric
Illuminating
Co/The
5.950
12/15/36
121,752
121,000
Commonwealth
Edison
Co
6.450
01/15/38
130,619
61
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
110,000
Commonwealth
Edison
Co
2.750
%
09/01/51
$
65,470
120,000
Connecticut
Light
and
Power
Co/The
2.050
07/01/31
100,605
50,000
Consolidated
Edison
Co
of
New
York
Inc
2.400
06/15/31
43,050
10,000
Consolidated
Edison
Co
of
New
York
Inc
5.200
03/01/33
10,012
30,000
Consolidated
Edison
Co
of
New
York
Inc
5.375
05/15/34
30,339
124,000
Consolidated
Edison
Co
of
New
York
Inc
5.500
12/01/39
122,386
162,000
Consolidated
Edison
Co
of
New
York
Inc
4.650
12/01/48
137,904
30,000
Consolidated
Edison
Co
of
New
York
Inc
3.950
04/01/50
23,141
70,000
Consolidated
Edison
Co
of
New
York
Inc
4.300
12/01/56
54,595
20,000
Consolidated
Edison
Co
of
New
York
Inc
4.500
05/15/58
15,990
10,000
Consolidated
Edison
Co
of
New
York
Inc
3.700
11/15/59
6,877
41,000
Consolidated
Edison
Co
of
New
York
Inc
3.000
12/01/60
24,048
10,000
Consumers
Energy
Co
3.800
11/15/28
9,691
100,000
Consumers
Energy
Co
4.900
02/15/29
100,399
100,000
Consumers
Energy
Co
3.500
08/01/51
72,248
136,000
DTE
Energy
Co
2.950
03/01/30
122,567
10,000
Duke
Energy
Florida
LLC
3.200
01/15/27
9,755
142,000
Duke
Energy
Florida
LLC
2.400
12/15/31
120,478
10,000
Duke
Energy
Florida
LLC
5.875
11/15/33
10,402
67,000
Duke
Energy
Florida
LLC
6.350
09/15/37
71,435
170,000
Duke
Energy
Florida
LLC
5.950
11/15/52
172,448
20,000
Duke
Energy
Indiana
LLC
3.250
10/01/49
13,362
20,000
(a)
Edison
International
5.750
06/15/27
19,496
10,000
(a)
Edison
International
4.125
03/15/28
9,288
50,000
(a)
Edison
International
5.450
06/15/29
47,272
102,000
Emera
US
Finance
LP
4.750
06/15/46
84,887
10,000
Entergy
Texas
Inc
3.550
09/30/49
7,016
110,000
Essential
Utilities
Inc
2.400
05/01/31
93,969
20,000
Essential
Utilities
Inc
5.375
01/15/34
19,826
20,000
Essential
Utilities
Inc
3.351
04/15/50
13,060
12,000
Eversource
Energy
1.650
08/15/30
10,018
50,000
Eversource
Energy
5.850
04/15/31
51,357
40,000
Eversource
Energy
5.500
01/01/34
39,765
120,000
Exelon
Corp
2.750
03/15/27
115,259
10,000
Exelon
Corp
4.050
04/15/30
9,552
60,000
Exelon
Corp
4.950
06/15/35
56,618
90,000
Exelon
Corp
4.450
04/15/46
74,752
20,000
Exelon
Corp
4.700
04/15/50
16,847
20,000
Exelon
Corp
5.600
03/15/53
19,076
50,000
Idaho
Power
Co
5.800
04/01/54
50,106
48,000
Interstate
Power
and
Light
Co
3.600
04/01/29
45,642
70,000
IPALCO
Enterprises
Inc
4.250
05/01/30
66,414
50,000
MidAmerican
Energy
Co
5.750
11/01/35
52,190
40,000
MidAmerican
Energy
Co
3.150
04/15/50
26,752
70,000
National
Grid
PLC
5.418
01/11/34
69,613
10,000
National
Rural
Utilities
Cooperative
Finance
Corp
5.600
11/13/26
10,171
40,000
National
Rural
Utilities
Cooperative
Finance
Corp
5.000
02/07/31
40,242
100,000
National
Rural
Utilities
Cooperative
Finance
Corp
2.750
04/15/32
85,612
100,000
National
Rural
Utilities
Cooperative
Finance
Corp
5.000
08/15/34
97,380
10,000
National
Rural
Utilities
Cooperative
Finance
Corp
5.250
04/20/46
9,885
70,000
National
Rural
Utilities
Cooperative
Finance
Corp
4.300
03/15/49
56,424
10,000
NiSource
Inc
3.490
05/15/27
9,732
10,000
NiSource
Inc
2.950
09/01/29
9,184
161,000
NiSource
Inc
3.600
05/01/30
150,778
30,000
NiSource
Inc
1.700
02/15/31
24,731
50,000
NiSource
Inc
5.350
04/01/34
49,652
30,000
NiSource
Inc
4.800
02/15/44
26,459
50,000
NiSource
Inc
4.375
05/15/47
40,813
50,000
NSTAR
Electric
Co
3.200
05/15/27
48,399
110,000
NSTAR
Electric
Co
3.950
04/01/30
105,219
62,000
NSTAR
Electric
Co
5.500
03/15/40
60,896
50,000
OGE
Energy
Corp
5.450
05/15/29
50,896
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
62
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
40,000
Oklahoma
Gas
and
Electric
Co
4.150
%
04/01/47
$
31,472
20,000
Oncor
Electric
Delivery
Co
LLC
2.750
05/15/30
18,037
77,000
Oncor
Electric
Delivery
Co
LLC
7.500
09/01/38
90,697
200,000
Oncor
Electric
Delivery
Co
LLC
4.950
09/15/52
177,269
50,000
ONE
Gas
Inc
5.100
04/01/29
50,507
30,000
ONE
Gas
Inc
4.250
09/01/32
28,346
40,000
ONE
Gas
Inc
4.500
11/01/48
33,210
90,000
PacifiCorp
2.700
09/15/30
79,121
50,000
PacifiCorp
5.450
02/15/34
49,492
10,000
PacifiCorp
5.250
06/15/35
9,840
10,000
PacifiCorp
6.000
01/15/39
10,172
20,000
PacifiCorp
3.300
03/15/51
12,897
110,000
PacifiCorp
5.800
01/15/55
105,366
40,000
PECO
Energy
Co
4.900
06/15/33
39,266
180,000
PECO
Energy
Co
4.600
05/15/52
153,803
76,000
Potomac
Electric
Power
Co
6
.500
11/15/37
83,443
50,000
PPL
Capital
Funding
Inc
3.100
05/15/26
48,964
50,000
PPL
Capital
Funding
Inc
5.250
09/01/34
49,118
20,000
PPL
Electric
Utilities
Corp
4.850
02/15/34
19,527
110,000
PPL
Electric
Utilities
Corp
4.150
10/01/45
90,121
18,000
Public
Service
Co
of
Colorado
6.500
08/01/38
19,435
200,000
Public
Service
Co
of
Colorado
4.100
06/15/48
154,811
50,000
Public
Service
Co
of
New
Hampshire
2.200
06/15/31
42,387
20,000
Public
Service
Co
of
Oklahoma
2.200
08/15/31
16,689
10,000
Public
Service
Electric
and
Gas
Co
2.250
09/15/26
9,656
70,000
Public
Service
Electric
and
Gas
Co
1.900
08/15/31
58,054
140,000
Public
Service
Electric
and
Gas
Co
5.800
05/01/37
144,940
20,000
Public
Service
Electric
and
Gas
Co
2.050
08/01/50
10,354
50,000
Public
Service
Electric
and
Gas
Co
5.450
03/01/54
48,308
120,000
Puget
Energy
Inc
4.224
03/15/32
109,641
10,000
Puget
Sound
Energy
Inc
5.330
06/15/34
9,944
30,000
Puget
Sound
Energy
Inc
5.638
04/15/41
29,396
43,000
San
Diego
Gas
&
Electric
Co
4.150
05/15/48
33,780
10,000
San
Diego
Gas
&
Electric
Co
4
.100
06/15/49
7,768
30,000
Sempra
5.500
08/01/33
29,862
134,000
Sempra
6.000
10/15/39
134,708
40,000
Sempra
4.000
02/01/48
29,539
180,000
Southern
California
Edison
Co
4.700
06/01/27
177,360
50,000
Southern
California
Edison
Co
5.200
06/01/34
47,736
20,000
Southern
California
Edison
Co
5.350
07/15/35
19,310
20,000
Southern
California
Edison
Co
4.500
09/01/40
16,792
50,000
Southern
California
Edison
Co
3.600
02/01/45
35,177
10,000
Southern
California
Edison
Co
4.125
03/01/48
7,426
90,000
Southern
California
Edison
Co
4.875
03/01/49
74,010
10,000
Southern
California
Edison
Co
3.650
02/01/50
6,851
210,000
Southern
California
Edison
Co
5.450
06/01/52
186,772
10,000
Southern
California
Gas
Co
2.600
06/15/26
9,730
40,000
Southern
California
Gas
Co
2.550
02/01/30
35,717
90,000
Southern
California
Gas
Co
4.300
01/15/49
71,854
170,000
Southern
California
Gas
Co
5.750
06/01/53
166,826
20,000
Southwest
Gas
Corp
5.800
12/01/27
20,476
10,000
Southwest
Gas
Corp
3.700
04/01/28
9,612
40,000
Southwest
Gas
Corp
2.200
06/15/30
34,496
20,000
Southwest
Gas
Corp
3.800
09/29/46
14,695
60,000
Southwestern
Electric
Power
Co
1.650
03/15/26
57,963
300,000
Southwestern
Electric
Power
Co
3.250
11/01/51
191,130
126,000
Southwestern
Public
Service
Co
4.500
08/15/41
107,925
23,000
Southwestern
Public
Service
Co
4.400
11/15/48
18,496
10,000
Southwestern
Public
Service
Co
3.150
05/01/50
6,405
30,000
Spire
Missouri
Inc
4.800
02/15/33
29,409
10,000
Spire
Missouri
Inc
5
.150
08/15/34
9,936
50,000
Tampa
Electric
Co
5.000
07/15/52
44,399
63
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
40,000
Tucson
Electric
Power
Co
3.250
%
05/15/32
$
35,213
50,000
Tucson
Electric
Power
Co
3.250
05/01/51
32,600
30,000
Washington
Gas
Light
Co
3.796
09/15/46
22,444
42,000
WEC
Energy
Group
Inc
5.600
09/12/26
42,544
100,000
WEC
Energy
Group
Inc
2.200
12/15/28
90,800
20,000
Wisconsin
Power
and
Light
Co
1.950
09/16/31
16,431
50,000
Wisconsin
Power
and
Light
Co
4
.950
04/01/33
48,661
68,000
Wisconsin
Public
Service
Corp
3.671
12/01/42
52,779
TOTAL
UTILITY
8,977,029
TOTAL
CORPORATE
DEBT
(Cost
$106,357,119)
98,988,512
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
4.2%
GOVERNMENT
AGENCY
-
1.1%
20,000
Equinor
ASA
3.000
04/06/27
19,442
10,000
Equinor
ASA
3.625
09/10/28
9,675
157,000
Equinor
ASA
3.125
04/06/30
145,166
30,000
Equinor
ASA
5.100
08/17/40
29,097
20,000
Equinor
ASA
4.250
11/23/41
17,233
62,000
Equinor
ASA
3.950
05/15/43
51,050
30,000
Equinor
ASA
3.250
11/18/49
20,502
30,000
Equinor
ASA
3.700
04/06/50
22,226
180,000
Export
Development
Canada
4.375
06/29/26
180,007
35,000
Export
Development
Canada
3.875
02/14/28
34,541
170,000
Export
Development
Canada
4.125
02/13/29
168,257
15,000
Federal
National
Mortgage
Association
2.125
04/24/26
14,637
310,000
Federal
National
Mortgage
Association
1.875
09/24/26
298,931
10,000
Federal
National
Mortgage
Association
7.250
05/15/30
11,341
429,000
Federal
National
Mortgage
Association
5.625
07/15/37
459,843
30,000
(a)
Industrial
&
Commercial
Bank
of
China
Ltd/New
York
NY
3.538
11/08/27
29,238
10,000
Israel
Government
AID
Bond
5.500
09/18/33
10,495
99,000
Japan
Bank
for
International
Cooperation
2.500
05/28/25
98,352
90,000
Japan
International
Cooperation
Agency
2.750
04/27/27
86,581
100,000
Japan
International
Cooperation
Agency
4.000
05/23/28
98,283
40,000
Korea
Development
Bank/The
1.375
04/25/27
37,401
200,000
(c)
Korea
Development
Bank/The
4.625
02/03/28
200,063
180,000
Korea
Development
Bank/The
4.375
02/15/28
178,682
200,000
Korea
Development
Bank/The
5.375
10/23/28
204,926
130,000
Kreditanstalt
fuer
Wiederaufbau
5.000
03/16/26
131,047
15,000
Kreditanstalt
fuer
Wiederaufbau
3.625
04/01/26
14,887
100,000
Kreditanstalt
fuer
Wiederaufbau
4.625
08/07/26
100,582
442,000
Kreditanstalt
fuer
Wiederaufbau
3.000
05/20/27
429,663
60,000
Kreditanstalt
fuer
Wiederaufbau
3
.500
08/27/27
58,861
35,000
Kreditanstalt
fuer
Wiederaufbau
4.625
03/18/30
35,331
100,000
Kreditanstalt
fuer
Wiederaufbau
4.750
10/29/30
101,685
110,000
Kreditanstalt
fuer
Wiederaufbau
4.125
07/15/33
106,361
195,000
Kreditanstalt
fuer
Wiederaufbau
4.375
02/28/34
191,521
20,000
Landwirtschaftliche
Rentenbank
0.875
03/30/26
19,214
110,000
Landwirtschaftliche
Rentenbank
3.875
09/28/27
108,786
100,000
Landwirtschaftliche
Rentenbank
4.625
04/17/29
100,905
100,000
Landwirtschaftliche
Rentenbank
5.000
10/24/33
102,478
60,000
Oesterreichische
Kontrollbank
AG
4.750
05/21/27
60,512
90,000
Oesterreichische
Kontrollbank
AG
4.125
01/18/29
89,003
60,000
Oesterreichische
Kontrollbank
AG
3.750
09/05/29
58,298
100,000
Oesterreichische
Kontrollbank
AG
4.500
01/24/30
100,184
200,000
Svensk
Exportkredit
AB
3.750
09/13/27
196,931
TOTAL
GOVERNMENT
AGENCY
4,432,218
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
64
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MUNICIPAL
BONDS
-
0.9%
$
250,000
Province
of
Alberta
Canada
1.000
%
05/20/25
$
247,464
160,000
Province
of
Alberta
Canada
3.300
03/15/28
154,616
50,000
Province
of
Alberta
Canada
4.500
06/26/29
49,869
40,000
Province
of
Alberta
Canada
1.300
07/22/30
33,584
50,000
Province
of
Alberta
Canada
4.500
01/24/34
48,417
150,000
Province
of
British
Columbia
Canada
2.250
06/02/26
145,853
110,000
Province
of
British
Columbia
Canada
0.900
07/20/26
104,566
100,000
Province
of
British
Columbia
Canada
4.700
01/24/28
100,662
85,000
Province
of
British
Columbia
Canada
4.200
07/06/33
80,993
100,000
Province
of
British
Columbia
Canada
4.750
06/12/34
98,526
100,000
Province
of
Manitoba
Canada
1.500
10/25/28
89,976
100,000
Province
of
Manitoba
Canada
4.300
07/27/33
95,789
80,000
Province
of
New
Brunswick
Canada
3.625
02/24/28
77,795
300,000
Province
of
Ontario
Canada
2.500
04/27/26
293,194
260,000
Province
of
Ontario
Canada
3.100
05/19/27
252,610
23,000
Province
of
Ontario
Canada
1.050
05/21/27
21,323
150,000
Province
of
Ontario
Canada
4.200
01/18/29
148,123
100,000
Province
of
Ontario
Canada
3.700
09/17/29
96,436
100,000
Province
of
Ontario
Canada
4.700
01/15/30
101,107
150,000
Province
of
Ontario
Canada
1.800
10/14/31
124,860
100,000
Province
of
Ontario
Canada
2.125
01/21/32
84,529
180,000
Province
of
Quebec
Canada
1.500
02/11/25
179,881
120,000
Province
of
Quebec
Canada
0.600
07/23/25
117,844
305,000
Province
of
Quebec
Canada
2
.500
04/20/26
298,202
70,000
Province
of
Quebec
Canada
2.750
04/12/27
67,572
140,000
Province
of
Quebec
Canada
4.500
04/03/29
139,738
100,000
Province
of
Quebec
Canada
4.500
09/08/33
97,384
50,000
Province
of
Quebec
Canada
4.250
09/05/34
47,375
50,000
Province
of
Saskatchewan
Canada
4.650
01/28/30
50,125
TOTAL
MUNICIPAL
BONDS
3,448,413
SOVEREIGN
DEBT
-
2.2%
15,000
African
Development
Bank
0.875
03/23/26
14,430
110,000
African
Development
Bank
0.875
07/22/26
104,654
100,000
African
Development
Bank
3.500
09/18/29
96,198
60,000
Asian
Development
Bank
2.000
04/24/26
58,352
100,000
Asian
Development
Bank
4.875
05/21/26
100,715
250,000
Asian
Development
Bank
1.500
01/20/27
237,021
25,000
(a)
Asian
Development
Bank
4.375
01/14/28
25,040
120,000
Asian
Development
Bank
4.500
08/25/28
120,603
100,000
Asian
Development
Bank
4.375
03/06/29
99,948
100,000
Asian
Development
Bank
1.875
03/15/29
90,616
100,000
Asian
Development
Bank
3.625
08/28/29
96,828
110,000
Asian
Development
Bank
3.125
04/27/32
100,239
110,000
Asian
Development
Bank
4.125
01/12/34
106,153
210,000
Canada
Government
International
Bond
3.750
04/26/28
206,769
30,000
Chile
Government
International
Bond
3.240
02/06/28
28,502
160,000
Chile
Government
International
Bond
2.450
01/31/31
137,504
90,000
Chile
Government
International
Bond
4.950
01/05/36
85,497
260,000
(a)
Chile
Government
International
Bond
3.250
09/21/71
153,688
50,000
Council
Of
Europe
Development
Bank
0.875
09/22/26
47,330
100,000
Council
Of
Europe
Development
Bank
4.625
06/11/27
100,696
50,000
Council
Of
Europe
Development
Bank
4.500
01/15/30
50,172
100,000
European
Bank
for
Reconstruction
&
Development
4.375
03/09/28
100,140
70,000
European
Bank
for
Reconstruction
&
Development
4.250
03/13/34
67,915
100,000
European
Investment
Bank
0.750
10/26/26
94,181
312,000
European
Investment
Bank
1.375
03/15/27
293,866
100,000
European
Investment
Bank
4.500
10/16/28
100,498
225,000
European
Investment
Bank
4.000
02/15/29
221,876
100,000
European
Investment
Bank
4.750
06/15/29
101,393
30,000
European
Investment
Bank
3.750
11/15/29
29,158
25,000
(a)
European
Investment
Bank
4.500
03/14/30
25,125
170,000
European
Investment
Bank
3.625
07/15/30
163,573
65
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN
DEBT
(continued)
$
100,000
European
Investment
Bank
4.375
%
10/10/31
$
99,499
85,000
European
Investment
Bank
4.125
02/13/34
81,734
84,000
Hungary
Government
International
Bond
7.625
03/29/41
94,091
190,000
Indonesia
Government
International
Bond
4.550
01/11/28
188,650
70,000
Indonesia
Government
International
Bond
4.850
01/11/33
67,850
200,000
Indonesia
Government
International
Bond
5.600
01/15/35
202,102
280,000
Indonesia
Government
International
Bond
5.650
01/11/53
276,263
100,000
Inter-American
Development
Bank
4.500
05/15/26
100,225
100,000
Inter-American
Development
Bank
1.500
01/13/27
94,849
90,000
Inter-American
Development
Bank
4.375
02/01/27
90,143
120,000
Inter-American
Development
Bank
4.000
01/12/28
118,946
110,000
Inter-American
Development
Bank
1.125
07/20/28
98,762
50,000
Inter-American
Development
Bank
4.500
02/15/30
50,204
240,000
Inter-American
Development
Bank
3.875
10/28/41
209,265
630,000
International
Bank
for
Reconstruction
&
Development
2.500
11/22/27
600,146
100,000
International
Bank
for
Reconstruction
&
Development
4.625
08/01/28
100,890
92,000
International
Bank
for
Reconstruction
&
Development
4.000
07/25/30
90,072
95,000
International
Bank
for
Reconstruction
&
Development
4.000
01/10/31
92,515
100,000
International
Bank
for
Reconstruction
&
Development
4.500
04/10/31
99,909
100,000
International
Bank
for
Reconstruction
&
Development
1.625
11/03/31
83,187
75,000
International
Bank
for
Reconstruction
&
Development
4.625
01/15/32
75,311
112,000
International
Bank
for
Reconstruction
&
Development
2.500
03/29/32
98,066
100,000
International
Bank
for
Reconstruction
&
Development
4.750
11/14/33
100,931
45,000
International
Bank
for
Reconstruction
&
Development
3.875
08/28/34
42,329
50,000
International
Finance
Corp
2.126
04/07/26
48,733
35,000
(a)
International
Finance
Corp
4.375
01/15/27
35,046
30,000
International
Finance
Corp
4.500
01/21/28
30,155
180,000
(a)
Israel
Government
International
Bond
2.750
07/03/30
157,885
280,000
Israel
Government
International
Bond
3
.875
07/03/50
200,901
30,000
Korea
International
Bond
2.750
01/19/27
29,058
30,000
Korea
International
Bond
2.500
06/19/29
27,566
120,000
Korea
International
Bond
1.000
09/16/30
98,918
70,000
Korea
International
Bond
1.750
10/15/31
58,500
40,000
Panama
Government
International
Bond
3.160
01/23/30
34,058
80,000
(a)
Panama
Government
International
Bond
6.875
01/31/36
75,852
200,000
Panama
Government
International
Bond
8.000
03/01/38
203,013
250,000
Panama
Government
International
Bond
4.500
05/15/47
163,931
90,000
Panama
Government
International
Bond
4.500
04/16/50
56,874
220,000
Peruvian
Government
International
Bond
4.125
08/25/27
216,183
65,000
Peruvian
Government
International
Bond
3.000
01/15/34
52,654
85,000
Peruvian
Government
International
Bond
5.375
02/08/35
82,116
96,000
Peruvian
Government
International
Bond
5.625
11/18/50
89,749
20,000
Peruvian
Government
International
Bond
3.550
03/10/51
13,519
120,000
Republic
of
Italy
Government
International
Bond
1.250
02/17/26
115,823
140,000
Republic
of
Italy
Government
International
Bond
2.875
10/17/29
127,354
200,000
Republic
of
Poland
Government
International
Bond
4.875
10/04/33
193,244
195,000
Republic
of
Poland
Government
International
Bond
5.125
09/18/34
190,320
15,000
Uruguay
Government
International
Bond
4.375
01/23/31
14,605
113,000
Uruguay
Government
International
Bond
5.750
10/28/34
116,309
200,000
Uruguay
Government
International
Bond
4.125
11/20/45
166,759
TOTAL
SOVEREIGN
DEBT
9,013,744
TOTAL
GOVERNMENT
RELATED
(Cost
$17,872,708)
16,894,375
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
26.6%
150,000
American
Express
Credit
Account
Master
Trust
5.230
09/15/28
151,954
49,663
AmeriCredit
Automobile
Receivables
Trust
2021-2
1.010
01/19/27
48,799
50,000
BA
Credit
Card
Trust
4.980
11/15/28
50,490
200,000
Bank
2019-BNK19
2.926
08/15/61
180,827
100,000
BANK
2021-BNK34
1.935
06/15/63
95,772
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
66
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
100,000
BANK
2021-BNK35
2.067
%
06/15/64
$
89,909
55,000
BANK
2024-BNK48
5.053
10/15/57
54,491
43,281
BANK5
2023-5YR4
6.500
12/15/56
45,318
50,000
BANK5
2024-5YR12
5.902
12/15/57
51,713
45,000
BANK5
2024-5YR9
5.614
08/15/57
45,945
50,000
BANK5
Trust
2024-5YR6
6.225
05/15/57
52,079
357,570
BBCMS
Mortgage
Trust
2020-C6
2.690
02/15/53
345,627
100,000
BBCMS
Mortgage
Trust
2023-C21
6.000
09/15/56
105,264
100,000
BBCMS
Mortgage
Trust
2023-C22
6.804
11/15/56
111,255
100,000
BBCMS
Mortgage
Trust
2024-C26
5.829
05/15/57
104,929
50,000
(c)
BBCMS
Trust
5.720
02/15/63
51,982
200,000
Benchmark
2021-B24
Mortgage
Trust
2.264
03/15/54
173,321
100,000
Benchmark
2021-B27
Mortgage
Trust
2.703
07/15/54
70,098
100,000
Benchmark
2021-B28
Mortgage
Trust
2.073
08/15/54
87,884
40,000
Benchmark
2024-V10
Mortgage
Trust
5.277
09/15/57
40,335
50,000
Benchmark
2024-V11
Mortgage
Trust
5.909
11/15/57
51,749
35,000
Benchmark
2024-V12
Mortgage
Trust
5.738
12/15/57
36,003
90,000
BMARK
2023-V4
6.841
11/15/56
95,100
50,000
BMO
2024-5C7
Mortgage
Trust
5.566
11/15/57
51,017
35,000
BMO
2024-C10
Mortgage
Trust
5.478
11/15/57
35,661
90,000
BMO
2024-C8
Mortgage
Trust
5.598
03/15/57
92,703
100,000
BMO
Mortgage
Trust
7.118
08/15/56
105,572
100,000
Capital
One
Multi-Asset
Execution
Trust
3.490
05/15/27
99,707
50,000
Capital
One
Multi-Asset
Execution
Trust
3.920
09/15/29
49,298
30,000
Capital
One
Prime
Auto
Receivables
Trust
2024-1
4.620
07/16/29
30,059
100,000
CarMax
Auto
Owner
Trust
1.700
08/16/27
96,947
50,000
CarMax
Auto
Owner
Trust
2024-4
4.640
04/15/30
49,957
32,342
(b)
Carvana
Auto
Receivables
Trust
2022-N1
4.130
12/11/28
31,989
50,000
Carvana
Auto
Receivables
Trust
2024-P3
4.310
09/10/30
49,168
100,000
Citibank
Credit
Card
Issuance
Trust
5.230
12/08/27
100,633
180,000
Citigroup
Commercial
Mortgage
Trust
2016-C1
3.209
05/10/49
176,142
100,000
CNH
Equipment
Trust
2023-B
5.600
02/15/29
101,709
50,000
CNH
Equipment
Trust
2024-C
4.120
03/15/32
49,169
50,000
Exeter
Automobile
Receivables
Trust
2024-4
5.290
08/15/30
50,364
243,190
Fannie
Mae
FN
MA4547
2.000
02/01/52
189,939
162,060
Fannie
Mae
Pool
FN
MA2941
3.500
03/01/32
157,313
51,817
Fannie
Mae
Pool
FN
MA3392
3.500
06/01/33
50,079
107,817
Fannie
Mae
Pool
FN
MA3490
4.000
10/01/33
105,606
42,025
Fannie
Mae
Pool
FN
MA3828
3.000
11/01/34
39,720
86,639
Fannie
Mae
Pool
FN
MA3865
3.000
12/01/34
81,781
101,005
Fannie
Mae
Pool
FN
MA3957
3.500
03/01/35
96,166
477,860
Fannie
Mae
Pool
FN
MA4074
2.000
07/01/35
428,164
740,520
Fannie
Mae
Pool
FN
MA4123
2.000
09/01/35
663,497
417,284
Fannie
Mae
Pool
FN
MA4180
2.500
11/01/35
380,335
323,762
Fannie
Mae
Pool
FN
MA4228
1.500
01/01/36
281,561
429,617
Fannie
Mae
Pool
FN
MA4278
1.500
03/01/36
373,601
481,563
Fannie
Mae
Pool
FN
MA4298
2.500
03/01/36
440,246
127,413
Fannie
Mae
Pool
FN
MA4302
1.500
04/01/36
110,799
54,645
Fannie
Mae
Pool
FN
MA4316
2.500
04/01/36
49,886
140,624
Fannie
Mae
Pool
FN
MA4330
2.500
05/01/36
128,293
263,994
Fannie
Mae
Pool
FN
MA4359
1.500
06/01/36
229,174
58,097
Fannie
Mae
Pool
FN
MA4361
2.500
06/01/36
53,036
521,662
Fannie
Mae
Pool
FN
MA4383
2.000
07/01/36
465,436
134,849
Fannie
Mae
Pool
FN
MA4402
1.500
08/01/36
117,008
245,319
Fannie
Mae
Pool
FN
MA4516
2.000
01/01/37
218,415
202,067
Fannie
Mae
Pool
FN
MA4535
1.500
02/01/37
174,731
971,031
Fannie
Mae
Pool
FN
MA4536
2.000
02/01/37
864,455
295,673
Fannie
Mae
Pool
FN
MA4566
1.500
03/01/37
255,790
192,384
Fannie
Mae
Pool
FN
MA4602
2.000
05/01/37
171,200
88,387
Fannie
Mae
Pool
FN
MA4604
3.000
05/01/37
82,479
264,573
Fannie
Mae
Pool
FN
MA4629
3.000
06/01/37
246,889
80,080
Fannie
Mae
Pool
FN
MA5042
4.500
06/01/38
78,460
67
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
98,728
Fannie
Mae
Pool
FN
MA3890
3.000
%
01/01/40
$
89,320
650,819
Fannie
Mae
Pool
FN
MA4268
2.000
02/01/41
543,842
109,729
Fannie
Mae
Pool
FN
MA4310
1.500
04/01/41
89,324
497,242
Fannie
Mae
Pool
FN
MA4334
2.500
05/01/41
423,910
75,586
Fannie
Mae
Pool
FN
MA4364
2.000
06/01/41
63,141
69,722
Fannie
Mae
Pool
FN
MA4366
2.500
06/01/41
59,463
217,122
Fannie
Mae
Pool
FN
MA4387
2.000
07/01/41
181,360
286,963
Fannie
Mae
Pool
FN
MA4423
2.500
09/01/41
245,521
710,547
Fannie
Mae
Pool
FN
MA3143
3.000
09/01/47
617,002
413,988
Fannie
Mae
Pool
FN
MA3120
3.500
09/01/47
371,705
45,778
Fannie
Mae
Pool
FN
MA3182
3.500
11/01/47
41,102
150,336
Fannie
Mae
Pool
FN
MA3358
4.500
05/01/48
143,576
2,076,172
Fannie
Mae
Pool
FN
FM5665
3.500
08/01/48
1,871,027
86,104
Fannie
Mae
Pool
FN
MA3536
4.000
12/01/48
79,740
149,027
Fannie
Mae
Pool
FN
MA3574
3.500
01/01/49
133,566
1,392,093
Fannie
Mae
Pool
FN
FM5488
4.000
05/01/49
1,290,850
506,704
Fannie
Mae
Pool
FN
MA3692
3.500
07/01/49
452,876
869,495
Fannie
Mae
Pool
FN
MA3774
3.000
09/01/49
751,842
587,185
Fannie
Mae
Pool
FN
MA3905
3.000
01/01/50
506,820
266,217
Fannie
Mae
Pool
FN
MA3991
3.000
04/01/50
228,491
350,874
Fannie
Mae
Pool
FN
MA4019
2.500
05/01/50
289,527
618,059
Fannie
Mae
Pool
FN
MA4077
2
.000
07/01/50
486,205
225,292
Fannie
Mae
Pool
FN
MA4078
2.500
07/01/50
185,566
332,710
Fannie
Mae
Pool
FN
MA4079
3.000
07/01/50
286,744
214,467
Fannie
Mae
Pool
FN
MA4097
3.000
08/01/50
184,837
335,156
Fannie
Mae
Pool
FN
MA4120
2.500
09/01/50
276,058
701,985
Fannie
Mae
Pool
FN
MA4158
2.000
10/01/50
551,790
1,877,267
Fannie
Mae
Pool
FN
MA4182
2.000
11/01/50
1,475,613
234,336
Fannie
Mae
Pool
FN
MA4183
2.500
11/01/50
192,619
1,459,220
Fannie
Mae
Pool
FN
MA4208
2.000
12/01/50
1,146,781
774,772
Fannie
Mae
Pool
FN
MA4254
1.500
02/01/51
573,525
834,472
Fannie
Mae
Pool
FN
MA4255
2.000
02/01/51
654,479
316,853
Fannie
Mae
Pool
FN
MA4304
1.500
04/01/51
234,852
2,127,912
Fannie
Mae
Pool
FN
MA4305
2.000
04/01/51
1,664,663
73,094
Fannie
Mae
Pool
FN
MA4337
4.000
04/01/51
67,406
1,384,542
Fannie
Mae
Pool
FN
MA4325
2.000
05/01/51
1,085,919
278,313
Fannie
Mae
Pool
FN
MA4327
3.000
05/01/51
239,243
1,644,561
Fannie
Mae
Pool
FN
MA4355
2.000
06/01/51
1,289,333
235,398
Fannie
Mae
Pool
FN
MA4356
2.500
06/01/51
193,518
549,091
Fannie
Mae
Pool
FN
MA4357
3.000
06/01/51
470,901
165,110
Fannie
Mae
Pool
FN
MA4377
1.500
07/01/51
122,124
237,557
Fannie
Mae
Pool
FN
MA4378
2.000
07/01/51
185,994
419,821
Fannie
Mae
Pool
FN
MA4397
1.500
08/01/51
311,041
1,235,788
Fannie
Mae
Pool
FN
MA4398
2
.000
08/01/51
968,463
1,489,982
Fannie
Mae
Pool
FN
MA4437
2.000
10/01/51
1,166,531
223,397
Fannie
Mae
Pool
FN
MA4438
2.500
10/01/51
182,801
293,503
Fannie
Mae
Pool
FN
MA4439
3.000
10/01/51
251,069
1,055,315
Fannie
Mae
Pool
FN
MA4465
2.000
11/01/51
825,549
235,716
Fannie
Mae
Pool
FN
MA4466
2.500
11/01/51
193,349
1,343,450
Fannie
Mae
Pool
FN
MA4511
2.000
12/01/51
1,048,866
1,496,252
Fannie
Mae
Pool
FN
MA4492
2.000
12/01/51
1,169,633
6,801,600
Fannie
Mae
Pool
FN
MA4493
2.500
12/01/51
5,569,440
771,085
Fannie
Mae
Pool
FN
MA4512
2.500
01/01/52
631,155
418,423
Fannie
Mae
Pool
FN
MA4513
3.000
01/01/52
358,569
1,271,857
Fannie
Mae
Pool
FN
MA4549
3.000
02/01/52
1,085,119
1,258,753
Fannie
Mae
Pool
FN
MA4562
2.000
03/01/52
982,016
2,795,288
Fannie
Mae
Pool
FN
MA4563
2.500
03/01/52
2,287,774
305,833
Fannie
Mae
Pool
FN
MA4564
3.000
03/01/52
260,805
761,545
Fannie
Mae
Pool
FN
MA4565
3.500
03/01/52
676,549
349,115
Fannie
Mae
Pool
FN
MA4577
2.000
04/01/52
272,367
2,038,977
Fannie
Mae
Pool
FN
MA4578
2.500
04/01/52
1,668,165
417,395
Fannie
Mae
Pool
FN
MA4579
3.000
04/01/52
355,688
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
68
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
460,311
Fannie
Mae
Pool
FN
MA4600
3.500
%
05/01/52
$
408,082
568,134
Fannie
Mae
Pool
FN
MA4644
4.000
05/01/52
520,627
256,334
Fannie
Mae
Pool
FN
MA4625
3.500
06/01/52
227,250
809,537
Fannie
Mae
Pool
FN
MA4684
4.500
06/01/52
763,075
342,659
Fannie
Mae
Pool
FN
MA4686
5.000
06/01/52
331,989
519,486
Fannie
Mae
Pool
FN
MA4653
3.000
07/01/52
442,428
507,859
Fannie
Mae
Pool
FN
MA4699
3.500
07/01/52
449,856
203,039
Fannie
Mae
Pool
FN
MA4654
3.500
07/01/52
180,001
299,410
Fannie
Mae
Pool
FN
MA4655
4.000
07/01/52
274,106
601,704
Fannie
Mae
Pool
FN
MA4700
4.000
07/01/52
551,237
669,429
Fannie
Mae
Pool
FN
MA4656
4.500
07/01/52
631,207
503,271
Fannie
Mae
Pool
FN
MA4701
4.500
07/01/52
474,554
321,637
Fannie
Mae
Pool
FN
MA4709
5.000
07/01/52
311,622
878,112
Fannie
Mae
Pool
FN
MA4737
5.000
08/01/52
850,769
865,054
Fannie
Mae
Pool
FN
MA4738
5
.500
08/01/52
858,174
299,628
Fannie
Mae
Pool
FN
MA4731
3.500
09/01/52
265,598
345,398
Fannie
Mae
Pool
FN
MA4732
4.000
09/01/52
316,428
542,062
Fannie
Mae
Pool
FN
MA4781
3.000
10/01/52
461,300
444,912
Fannie
Mae
Pool
FN
MA4782
3.500
10/01/52
394,382
553,544
Fannie
Mae
Pool
FN
MA4783
4.000
10/01/52
506,949
222,646
Fannie
Mae
Pool
FN
MA4804
4.000
11/01/52
203,894
522,293
Fannie
Mae
Pool
FN
MA4805
4.500
11/01/52
492,391
328,548
Fannie
Mae
Pool
FN
MA4807
5.500
11/01/52
326,688
538,771
Fannie
Mae
Pool
FN
MA4847
6.000
11/01/52
544,652
205,711
Fannie
Mae
Pool
FN
MA4852
6.500
11/01/52
211,660
415,863
Fannie
Mae
Pool
FN
MA4842
5
.500
12/01/52
412,341
825,388
Fannie
Mae
Pool
FN
MA4894
6.000
01/01/53
832,669
535,016
Fannie
Mae
Pool
FN
MA4895
6.500
01/01/53
549,083
405,936
Fannie
Mae
Pool
FN
MA5027
4.000
05/01/53
371,365
270,598
Fannie
Mae
Pool
FN
MA5008
4.500
05/01/53
254,958
363,297
Fannie
Mae
Pool
FN
MA5009
5.000
05/01/53
351,369
214,035
Fannie
Mae
Pool
FN
MA5012
6.500
05/01/53
219,961
304,129
Fannie
Mae
Pool
FN
MA5038
5.000
06/01/53
294,171
185,396
Fannie
Mae
Pool
FN
MA5071
5.000
07/01/53
179,269
768,997
Fannie
Mae
Pool
FN
MA5106
5.000
08/01/53
743,958
177,774
Fannie
Mae
Pool
FN
MA5108
6.000
08/01/53
179,416
1,237,225
Fannie
Mae
Pool
FN
MA5165
5
.500
10/01/53
1,223,514
82,442
Fannie
Mae
Pool
FN
MA5166
6.000
10/01/53
83,159
249,009
Fannie
Mae
Pool
FN
MA5190
5.500
11/01/53
246,323
160,512
Fannie
Mae
Pool
FN
MA5192
6.500
11/01/53
164,676
66,533
Fannie
Mae
Pool
FN
MA5193
7.000
11/01/53
69,677
750,221
Fannie
Mae
Pool
FN
MA5216
6.000
12/01/53
755,694
147,035
Fannie
Mae
Pool
FN
MA5217
6.500
12/01/53
150,849
185,271
Fannie
Mae
Pool
FN
MA5218
7.000
12/01/53
194,026
319,905
Fannie
Mae
Pool
FN
MA5263
4.000
01/01/54
292,661
167,247
Fannie
Mae
Pool
FN
MA5247
6.000
01/01/54
168,611
191,249
Fannie
Mae
Pool
FN
MA5271
5.500
02/01/54
188,943
143,807
Fannie
Mae
Pool
FN
MA5273
6.500
02/01/54
147,537
127,741
Fannie
Mae
Pool
FN
MA5295
6.000
03/01/54
128,762
65,832
Fannie
Mae
Pool
FN
MA5298
7.000
03/01/54
68,942
504,734
Fannie
Mae
Pool
FN
MA5326
4.500
04/01/54
475,178
197,971
Fannie
Mae
Pool
FN
MA5329
6.500
04/01/54
203,106
207,734
Fannie
Mae
Pool
FN
MA5342
7.000
04/01/54
217,550
376,751
Fannie
Mae
Pool
FN
MA5353
5.500
05/01/54
372,208
144,718
Fannie
Mae
Pool
FN
MA5388
5.500
06/01/54
142,973
98,497
Fannie
Mae
Pool
FN
MA5389
6.000
06/01/54
99,216
354,162
Fannie
Mae
Pool
FN
MA5390
6.500
06/01/54
363,348
639,450
Fannie
Mae
Pool
FN
MA5419
5.000
07/01/54
617,723
366,611
Fannie
Mae
Pool
FN
MA5421
6.000
07/01/54
369,286
480,677
Fannie
Mae
Pool
FN
MA5444
5.500
08/01/54
474,881
457,233
Fannie
Mae
Pool
FN
MA5445
6.000
08/01/54
460,569
437,512
Fannie
Mae
Pool
FN
MA5446
6.500
08/01/54
448,860
69
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
1,297,843
Fannie
Mae
Pool
FN
MA5471
6.000
%
09/01/54
$
1,307,311
189,259
Fannie
Mae
Pool
FN
MA5499
6.500
10/01/54
194,168
212,503
Fannie
Mae
Pool
FN
MA5529
4.500
11/01/54
200,058
514,476
Fannie
Mae
Pool
FN
MA5530
5.000
11/01/54
496,995
1,142,964
Fannie
Mae
Pool
FN
MA5553
5.500
12/01/54
1,129,184
179,201
Fannie
Mae-Aces
3.032
03/25/28
171,795
245,100
Fannie
Mae-Aces
3.355
07/25/28
236,471
50,000
Ford
Credit
Auto
Lease
Trust
2024-B
4.990
12/15/27
50,352
16,275
Ford
Credit
Auto
Owner
Trust
2022-A
1.290
06/15/26
16,178
50,000
Ford
Credit
Auto
Owner
Trust
2024-A
5.010
09/15/29
50,522
770,319
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.862
05/25/26
755,712
95,389
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
0.861
06/25/27
92,105
62,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.760
03/25/28
57,141
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.770
05/25/28
91,561
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.819
06/25/28
100,560
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.650
08/25/28
100,050
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.800
09/25/28
100,492
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5.355
01/25/29
102,302
35,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5.400
01/25/29
35,909
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5.180
03/25/29
101,867
270,853
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.701
04/25/29
260,534
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.618
07/25/29
49,884
91,443
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.101
08/25/30
81,791
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.400
10/25/30
98,391
93,853
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.353
11/25/30
84,814
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5.203
02/25/31
51,166
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
1.647
05/25/31
83,429
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.963
05/25/31
101,086
200,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.456
08/25/31
196,567
100,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.500
08/25/33
97,736
95,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
5.150
12/25/33
96,893
50,000
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
4.489
09/25/34
48,540
97,260
Freddie
Mac
Multifamily
Structured
Pass
Through
Certificates
2.007
07/25/35
80,294
656,635
Freddie
Mac
Pool
FR
SD3574
3.000
11/01/48
570,138
95,718
Freddie
Mac
Pool
FR
SD8071
4.500
06/01/50
90,954
228,486
Freddie
Mac
Pool
FR
SD8161
2.500
08/01/51
187,425
237,651
Freddie
Mac
Pool
FR
SD8195
3.000
02/01/52
202,705
343,291
Freddie
Mac
Pool
FR
SD5345
2
.500
04/01/52
281,435
208,654
Freddie
Mac
Pool
FR
SD8428
4.000
05/01/54
190,884
399,142
Ginnie
Mae
II
Pool
G2
MA3663
3.500
05/20/46
361,700
50,649
Ginnie
Mae
II
Pool
G2
MA5264
4.000
06/20/48
47,239
58,044
Ginnie
Mae
II
Pool
G2
MA5398
4.000
08/20/48
54,101
360,069
Ginnie
Mae
II
Pool
G2
MA6038
3.000
07/20/49
316,199
167,699
Ginnie
Mae
II
Pool
G2
MA6283
3.000
11/20/49
146,830
204,223
Ginnie
Mae
II
Pool
G2
MA6284
3.500
11/20/49
183,825
657,463
Ginnie
Mae
II
Pool
G2
MA6338
3.000
12/20/49
575,645
194,236
Ginnie
Mae
II
Pool
G2
MA6340
4.000
12/20/49
180,896
204,219
Ginnie
Mae
II
Pool
G2
MA6410
3.500
01/20/50
184,149
126,505
Ginnie
Mae
II
Pool
G2
MA6542
3.500
03/20/50
114,066
65,584
Ginnie
Mae
II
Pool
G2
MA6600
3.500
04/20/50
59,158
66,873
Ginnie
Mae
II
Pool
G2
MA6820
3.000
08/20/50
58,464
656,065
Ginnie
Mae
II
Pool
G2
MA6864
2.000
09/20/50
525,697
584,806
Ginnie
Mae
II
Pool
G2
MA6865
2.500
09/20/50
490,594
70,562
Ginnie
Mae
II
Pool
G2
MA6931
2.500
10/20/50
59,145
235,146
Ginnie
Mae
II
Pool
G2
MA6995
2.500
11/20/50
197,259
417,847
Ginnie
Mae
II
Pool
G2
MA7051
2.000
12/20/50
335,201
200,872
Ginnie
Mae
II
Pool
G2
MA7054
3.500
12/20/50
180,998
389,402
Ginnie
Mae
II
Pool
G2
MA7136
2.500
01/20/51
325,955
442,916
Ginnie
Mae
II
Pool
G2
MA7312
2.500
04/20/51
370,587
490,314
Ginnie
Mae
II
Pool
G2
MA7367
2.500
05/20/51
410,650
321,192
Ginnie
Mae
II
Pool
G2
MA7419
3.000
06/20/51
279,944
709,063
Ginnie
Mae
II
Pool
G2
MA7472
2.500
07/20/51
593,271
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
70
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
720,269
Ginnie
Mae
II
Pool
G2
MA7533
2.000
%
08/20/51
$
577,234
217,386
Ginnie
Mae
II
Pool
G2
MA7534
2.500
08/20/51
181,887
232,872
Ginnie
Mae
II
Pool
G2
MA7589
2.500
09/20/51
194,843
213,128
Ginnie
Mae
II
Pool
G2
MA7650
3.000
10/20/51
185,646
711,111
Ginnie
Mae
II
Pool
G2
MA7704
2.000
11/20/51
569,888
229,113
Ginnie
Mae
II
Pool
G2
MA7705
2.500
11/20/51
191,698
353,424
Ginnie
Mae
II
Pool
G2
MA7767
2.500
12/20/51
295,709
489,330
Ginnie
Mae
II
Pool
G2
MA7826
2.000
01/20/52
392,079
157,982
Ginnie
Mae
II
Pool
G2
MA7827
2.500
01/20/52
132,183
1,315,269
Ginnie
Mae
II
Pool
G2
MA7882
3.000
02/20/52
1,145,603
193,983
Ginnie
Mae
II
Pool
G2
MA7883
3.500
02/20/52
173,653
1,390,313
Ginnie
Mae
II
Pool
G2
MA7935
2.000
03/20/52
1,113,989
203,317
Ginnie
Mae
II
Pool
G2
MA7936
2.500
03/20/52
170,115
394,352
Ginnie
Mae
II
Pool
G2
MA7937
3.000
03/20/52
343,482
730,811
Ginnie
Mae
II
Pool
G2
MA7938
3.500
03/20/52
654,221
185,456
Ginnie
Mae
II
Pool
G2
MA7939
4.000
03/20/52
170,843
520,151
Ginnie
Mae
II
Pool
G2
MA8042
2.500
05/20/52
435,209
193,157
Ginnie
Mae
II
Pool
G2
MA8044
3.500
05/20/52
173,385
408,768
Ginnie
Mae
II
Pool
G2
MA8046
4.500
05/20/52
387,499
705,984
Ginnie
Mae
II
Pool
G2
MA8100
4.000
06/20/52
650,786
206,529
Ginnie
Mae
II
Pool
G2
MA8101
4.500
06/20/52
195,751
398,047
Ginnie
Mae
II
Pool
G2
MA8102
5.000
06/20/52
387,802
416,346
Ginnie
Mae
II
Pool
G2
MA8151
4.500
07/20/52
394,619
170,000
Ginnie
Mae
II
Pool
G2
MA8200
4.000
08/20/52
156,604
167,864
Ginnie
Mae
II
Pool
G2
MA8201
4.500
08/20/52
159,078
163,951
Ginnie
Mae
II
Pool
G2
MA8202
5.000
08/20/52
159,836
170,178
Ginnie
Mae
II
Pool
G2
MA8266
3.500
09/20/52
152,343
188,811
Ginnie
Mae
II
Pool
G2
MA8267
4.000
09/20/52
174,050
154,455
Ginnie
Mae
II
Pool
G2
MA8349
5.500
10/20/52
153,971
168,945
Ginnie
Mae
II
Pool
G2
MA8428
5.000
11/20/52
164,661
133,748
Ginnie
Mae
II
Pool
G2
MA8430
6.000
11/20/52
135,734
245,412
Ginnie
Mae
II
Pool
G2
MA8487
3.500
12/20/52
219,692
388,799
Ginnie
Mae
II
Pool
G2
MA8491
5.500
12/20/52
386,939
131,834
Ginnie
Mae
II
Pool
G2
MA8492
6.000
12/20/52
133,826
334,732
Ginnie
Mae
II
Pool
G2
MA8571
6.000
01/20/53
339,964
155,842
Ginnie
Mae
II
Pool
G2
MA8572
6.500
01/20/53
159,306
293,739
Ginnie
Mae
II
Pool
G2
MA8801
5.500
04/20/53
292,518
180,085
Ginnie
Mae
II
Pool
G2
MA8876
4.000
05/20/53
165,894
111,297
Ginnie
Mae
II
Pool
G2
MA8881
6.500
05/20/53
113,572
208,644
Ginnie
Mae
II
Pool
G2
MA8946
4.500
06/20/53
197,507
93,057
Ginnie
Mae
II
Pool
G2
MA9015
4.500
07/20/53
88,070
256,636
Ginnie
Mae
II
Pool
G2
MA9106
5.500
08/20/53
255,359
252,599
Ginnie
Mae
II
Pool
G2
MA9170
5.000
09/20/53
245,798
169,386
Ginnie
Mae
II
Pool
G2
MA9171
5.500
09/20/53
168,509
74,363
Ginnie
Mae
II
Pool
G2
MA9172
6.000
09/20/53
75,316
52,114
Ginnie
Mae
II
Pool
G2
MA9244
7.000
10/20/53
53,622
202,481
Ginnie
Mae
II
Pool
G2
MA9303
4.500
11/20/53
191,569
286,632
Ginnie
Mae
II
Pool
G2
MA9361
5.000
12/20/53
278,856
293,636
Ginnie
Mae
II
Pool
G2
MA9422
5.000
01/20/54
285,685
216,981
Ginnie
Mae
II
Pool
G2
MA9424
6.000
01/20/54
219,579
96,185
Ginnie
Mae
II
Pool
G2
MA9425
6.500
01/20/54
98,135
197,009
Ginnie
Mae
II
Pool
G2
MA9490
6.500
02/20/54
201,002
214,499
Ginnie
Mae
II
Pool
G2
MA9671
7.000
05/20/54
220,199
210,771
Ginnie
Mae
II
Pool
G2
MA9722
4.000
06/20/54
194,161
98,232
Ginnie
Mae
II
Pool
G2
MA9725
5.500
06/20/54
97,615
244,360
Ginnie
Mae
II
Pool
G2
MA9726
6.000
06/20/54
246,679
246,635
Ginnie
Mae
II
Pool
G2
MA9779
5.500
07/20/54
245,085
297,240
Ginnie
Mae
II
Pool
G2
MA9849
4.500
08/20/54
281,219
296,123
Ginnie
Mae
II
Pool
G2
MA9852
6.000
08/20/54
298,932
198,338
Ginnie
Mae
II
Pool
G2
MA9905
5.000
09/20/54
192,875
687,818
Ginnie
Mae
II
Pool
G2
MA9906
5.500
09/20/54
683,498
197,767
Ginnie
Mae
II
Pool
G2
MA9907
6.000
09/20/54
199,644
71
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
402,422
Ginnie
Mae
II
Pool
G2
MA9964
5.000
%
10/20/54
$
391,339
385,828
Ginnie
Mae
II
Pool
G2
MA9967
6.500
10/20/54
393,482
11,330
GM
Financial
Consumer
Automobile
Receivables
Trust
2022-1
1.260
11/16/26
11,243
50,000
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-2
5.100
03/16/29
50,440
200,000
GS
Mortgage
Securities
Trust
2019-GC38
3.968
02/10/52
190,709
50,000
Harley-Davidson
Motorcycle
Trust
2024-B
4.310
07/16/29
49,827
40,000
Honda
Auto
Receivables
2024-2
Owner
Trust
5.210
07/18/30
40,584
50,000
Honda
Auto
Receivables
2024-3
Owner
Trust
4.570
03/21/29
50,078
100,000
Hyundai
Auto
Receivables
Trust
2023-C
5.540
10/16/28
101,425
50,000
John
Deere
Owner
Trust
0.740
05/15/28
49,727
25,000
Mercedes-Benz
Auto
Receivables
Trust
2024-1
4.790
07/15/31
25,142
100,000
Morgan
Stanley
Capital
I
Trust
2021-L5
1.518
05/15/54
94,939
50,000
Nissan
Auto
Lease
Trust
2025-A
4.750
03/15/28
50,161
100,000
Santander
Drive
Auto
Receivables
Trust
2024-2
5.630
11/15/28
100,892
100,000
Synchrony
Card
Funding
LLC
5.540
07/15/29
101,429
75,510
Toyota
Auto
Receivables
2021-B
Owner
Trust
0.530
10/15/26
74,551
35,000
Toyota
Auto
Receivables
2024-D
Owner
Trust
4.430
04/15/30
34,779
90,000
Verizon
Master
Trust
Series
2024-4
5.210
06/20/29
90,940
27,576
Wells
Fargo
Commercial
Mortgage
Trust
2016-C32
3.324
01/15/59
27,461
300,000
Wells
Fargo
Commercial
Mortgage
Trust
2019-C49
3.760
03/15/52
287,203
50,000
Wells
Fargo
Commercial
Mortgage
Trust
2024-5C2
5.439
11/15/57
50,745
50,000
WF
Card
Issuance
Trust
4.290
10/15/29
49,780
2,447
World
Omni
Auto
Receivables
Trust
2021-B
0.420
06/15/26
2,443
50,000
World
Omni
Auto
Receivables
Trust
2024-C
4.430
12/17/29
49,920
TOTAL
SECURITIZED
(Cost
$118,818,056)
107,539,110
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
43.3%
3,500,000
United
States
Treasury
Note/Bond
0.375
01/31/26
3,368,969
350,000
United
States
Treasury
Note/Bond
4.250
01/31/26
349,959
500,000
United
States
Treasury
Note/Bond
0.500
02/28/26
480,527
2,450,000
United
States
Treasury
Note/Bond
4.625
02/28/26
2,459,149
1,900,000
United
States
Treasury
Note/Bond
0.750
03/31/26
1,826,078
1,300,000
United
States
Treasury
Note/Bond
4.500
03/31/26
1,303,656
3,200,000
United
States
Treasury
Note/Bond
0.750
04/30/26
3,066,875
400,000
United
States
Treasury
Note/Bond
4.875
04/30/26
403,031
700,000
United
States
Treasury
Note/Bond
0.750
05/31/26
668,992
100,000
United
States
Treasury
Note/Bond
4.875
05/31/26
100,812
1,700,000
United
States
Treasury
Note/Bond
0.875
06/30/26
1,623,035
1,550,000
United
States
Treasury
Note/Bond
4.625
06/30/26
1,558,477
1,100,000
United
States
Treasury
Note/Bond
0.625
07/31/26
1,043,582
1,100,000
United
States
Treasury
Note/Bond
4.375
07/31/26
1,102,449
1,450,000
United
States
Treasury
Note/Bond
0.750
08/31/26
1,374,215
2,800,000
United
States
Treasury
Note/Bond
3.750
08/31/26
2,780,312
2,600,000
United
States
Treasury
Note/Bond
0.875
09/30/26
2,462,484
1,350,000
United
States
Treasury
Note/Bond
3.500
09/30/26
1,334,813
900,000
United
States
Treasury
Note/Bond
1.125
10/31/26
853,910
1,700,000
United
States
Treasury
Note/Bond
4.125
10/31/26
1,697,410
1,600,000
United
States
Treasury
Note/Bond
1.250
11/30/26
1,517,750
1,100,000
United
States
Treasury
Note/Bond
1.250
12/31/26
1,040,961
1,850,000
United
States
Treasury
Note/Bond
4.250
12/31/26
1,851,229
1,750,000
United
States
Treasury
Note/Bond
1.875
02/28/27
1,669,336
500,000
United
States
Treasury
Note/Bond
2.500
03/31/27
482,637
1,250,000
United
States
Treasury
Note/Bond
2.750
04/30/27
1,211,328
200,000
United
States
Treasury
Note/Bond
4.500
05/15/27
201,180
2,000,000
United
States
Treasury
Note/Bond
2.625
05/31/27
1,930,000
900,000
United
States
Treasury
Note/Bond
0.500
06/30/27
824,238
2,500,000
United
States
Treasury
Note/Bond
3.250
06/30/27
2,446,191
1,000,000
United
States
Treasury
Note/Bond
2.750
07/31/27
965,391
2,186,000
United
States
Treasury
Note/Bond
2.250
08/15/27
2,083,617
Portfolio
of
Investments
January
31,
2025
(continued)
NUBD
72
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
(continued)
$
100,000
United
States
Treasury
Note/Bond
4.125
%
09/30/27
$
99,770
1,600,000
United
States
Treasury
Note/Bond
4.125
10/31/27
1,596,000
888,000
United
States
Treasury
Note/Bond
2.250
11/15/27
842,143
300,000
United
States
Treasury
Note/Bond
4.125
11/15/27
299,133
320,000
United
States
Treasury
Note/Bond
0.625
11/30/27
289,537
1,600,000
United
States
Treasury
Note/Bond
3.875
11/30/27
1,584,687
3,798,000
United
States
Treasury
Note/Bond
3.875
12/31/27
3,761,504
1,500,000
United
States
Treasury
Note/Bond
3.500
01/31/28
1,469,238
2,344,000
United
States
Treasury
Note/Bond
2.750
02/15/28
2,244,472
1,200,000
United
States
Treasury
Note/Bond
4.000
02/29/28
1,191,469
3,200,000
United
States
Treasury
Note/Bond
3.625
03/31/28
3,141,250
2,000,000
United
States
Treasury
Note/Bond
3.500
04/30/28
1,954,141
1,100,000
United
States
Treasury
Note/Bond
3.625
05/31/28
1,078,172
1,900,000
United
States
Treasury
Note/Bond
4.000
06/30/28
1,884,117
2,450,000
United
States
Treasury
Note/Bond
4.125
07/31/28
2,438,229
3,700,000
United
States
Treasury
Note/Bond
4.625
09/30/28
3,741,336
650,000
United
States
Treasury
Note/Bond
1.375
10/31/28
585,000
2,000,000
United
States
Treasury
Note/Bond
4.875
10/31/28
2,039,531
2,550,000
United
States
Treasury
Note/Bond
4.375
11/30/28
2,556,375
4,750,000
United
States
Treasury
Note/Bond
3.750
12/31/28
4,655,371
300,000
United
States
Treasury
Note/Bond
1.750
01/31/29
272,086
2,850,000
United
States
Treasury
Note/Bond
4.000
01/31/29
2,818,049
3,850,000
United
States
Treasury
Note/Bond
4.250
02/28/29
3,840,676
2,650,000
United
States
Treasury
Note/Bond
4.125
03/31/29
2,630,332
800,000
United
States
Treasury
Note/Bond
4.625
04/30/29
809,344
1,470,000
United
States
Treasury
Note/Bond
2.375
05/15/29
1,359,463
2,200,000
United
States
Treasury
Note/Bond
4.500
05/31/29
2,215,297
3,650,000
United
States
Treasury
Note/Bond
4.250
06/30/29
3,638,736
2,950,000
United
States
Treasury
Note/Bond
4.000
07/31/29
2,911,281
514,000
United
States
Treasury
Note/Bond
1.625
08/15/29
458,183
4,600,000
United
States
Treasury
Note/Bond
3.625
08/31/29
4,467,391
3,600,000
United
States
Treasury
Note/Bond
3.500
09/30/29
3,474,703
5,050,000
United
States
Treasury
Note/Bond
4.125
10/31/29
5,005,221
1,800,000
United
States
Treasury
Note/Bond
4.125
11/30/29
1,784,250
500,000
United
States
Treasury
Note/Bond
3.875
12/31/29
489,687
750,000
United
States
Treasury
Note/Bond
4.375
12/31/29
751,348
1,200,000
United
States
Treasury
Note/Bond
4.250
01/31/30
1,195,688
100,000
United
States
Treasury
Note/Bond
0.625
05/15/30
82,523
150,000
United
States
Treasury
Note/Bond
4.000
01/31/31
146,795
750,000
United
States
Treasury
Note/Bond
4.625
05/31/31
758,057
100,000
United
States
Treasury
Note/Bond
4.125
10/31/31
98,160
700,000
United
States
Treasury
Note/Bond
4.125
11/30/31
686,875
250,000
United
States
Treasury
Note/Bond
4.500
12/31/31
250,820
1,000,000
United
States
Treasury
Note/Bond
1.875
02/15/32
845,508
3,050,000
United
States
Treasury
Note/Bond
2.875
05/15/32
2,751,434
1,150,000
United
States
Treasury
Note/Bond
2.750
08/15/32
1,024,488
1,150,000
United
States
Treasury
Note/Bond
4.125
11/15/32
1,124,619
700,000
United
States
Treasury
Note/Bond
3.500
02/15/33
653,406
800,000
United
States
Treasury
Note/Bond
3.375
05/15/33
737,875
1,300,000
United
States
Treasury
Note/Bond
3.875
08/15/33
1,241,754
1,750,000
United
States
Treasury
Note/Bond
4.500
11/15/33
1,747,607
1,650,000
United
States
Treasury
Note/Bond
4.000
02/15/34
1,585,289
2,500,000
United
States
Treasury
Note/Bond
4.375
05/15/34
2,469,531
750,000
United
States
Treasury
Note/Bond
3.875
08/15/34
711,445
1,650,000
United
States
Treasury
Note/Bond
4.250
11/15/34
1,611,586
200,000
United
States
Treasury
Note/Bond
1.125
08/15/40
120,023
1,300,000
United
States
Treasury
Note/Bond
1.875
02/15/41
875,926
500,000
United
States
Treasury
Note/Bond
2.250
05/15/41
356,387
1,050,000
United
States
Treasury
Note/Bond
1.750
08/15/41
683,730
198,000
United
States
Treasury
Note/Bond
2.000
11/15/41
133,689
1,400,000
United
States
Treasury
Note/Bond
2.375
02/15/42
1,001,273
3,900,000
United
States
Treasury
Note/Bond
3.250
05/15/42
3,183,375
73
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
(continued)
$
1,964,000
United
States
Treasury
Note/Bond
2.750
%
08/15/42
$
1,480,749
500,000
United
States
Treasury
Note/Bond
3.375
08/15/42
414,395
135,000
United
States
Treasury
Note/Bond
2.750
11/15/42
101,266
498,000
United
States
Treasury
Note/Bond
4.000
11/15/42
449,348
600,000
United
States
Treasury
Note/Bond
3.875
05/15/43
529,852
950,000
United
States
Treasury
Note/Bond
4.375
08/15/43
896,637
2,340,000
United
States
Treasury
Note/Bond
4.750
11/15/43
2,316,874
1,350,000
United
States
Treasury
Note/Bond
4.500
02/15/44
1,291,518
900,000
United
States
Treasury
Note/Bond
4.625
05/15/44
874,547
850,000
United
States
Treasury
Note/Bond
4.125
08/15/44
771,109
400,000
United
States
Treasury
Note/Bond
4.625
11/15/44
388,312
4,221,000
United
States
Treasury
Note/Bond
2.750
08/15/47
2,978,938
1,850,000
United
States
Treasury
Note/Bond
1.250
05/15/50
878,316
700,000
United
States
Treasury
Note/Bond
1.375
08/15/50
341,633
200,000
United
States
Treasury
Note/Bond
1.625
11/15/50
104,406
3,800,000
United
States
Treasury
Note/Bond
1.875
02/15/51
2,117,016
1,100,000
United
States
Treasury
Note/Bond
2.375
05/15/51
692,184
160,000
United
States
Treasury
Note/Bond
1.875
11/15/51
88,331
1,300,000
United
States
Treasury
Note/Bond
2.250
02/15/52
788,582
1,350,000
United
States
Treasury
Note/Bond
2.875
05/15/52
943,998
550,000
United
States
Treasury
Note/Bond
3.000
08/15/52
394,625
949,000
United
States
Treasury
Note/Bond
4.000
11/15/52
826,149
550,000
United
States
Treasury
Note/Bond
3.625
02/15/53
447,283
1,210,000
United
States
Treasury
Note/Bond
3.625
05/15/53
984,259
1,590,000
United
States
Treasury
Note/Bond
4.125
08/15/53
1,416,094
1,200,000
United
States
Treasury
Note/Bond
4.750
11/15/53
1,185,937
1,500,000
United
States
Treasury
Note/Bond
4.250
02/15/54
1,366,172
875,000
United
States
Treasury
Note/Bond
4.625
05/15/54
849,023
1,350,000
United
States
Treasury
Note/Bond
4.375
08/15/54
1,230,820
1,450,000
United
States
Treasury
Note/Bond
4.500
11/15/54
1,381,125
TOTAL
U.S.
TREASURY
(Cost
$187,947,590)
175,067,476
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$430,995,473)
398,489,473
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.3%
1,435,667
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
4.390
(e)
$
1,435,667
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(Cost
$1,435,667)
1,435,667
TOTAL
INVESTMENTS
-
98.9%
(Cost
$432,431,140
)
399,925,140
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.1%
4,550,291
NET
ASSETS
-
100%
$
404,475,431
S&P
Standard
&
Poor's
TSFR3M
CME
Term
Secured
Ov
ernight
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
$1,374,759.
(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
$655,585
or
0.2%
of
Total
Investments.
(c)
When-issued
or
delayed
delivery
security.
(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.
74
Portfolio
of
Investments
January
31,
2025
NPFI
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
98.2%  
32168708
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
53.7%
32168708
AUTOMOBILES
&
COMPONENTS
-
2.2%
$
1,048,000
(a)
General
Motors
Financial
Co
Inc
5.750
%
N/A
$
1,020,372
329,000
(a)
General
Motors
Financial
Co
Inc
5.700
N/A
320,187
TOTAL
AUTOMOBILES
&
COMPONENTS
1,340,559
BANKS
-
22.9%
600,000
(a)
Bank
of
America
Corp
5.875
N/A
601,699
118,000
(a)
Bank
of
America
Corp
6.100
N/A
117,847
41,000
(a)
Bank
of
America
Corp
4.375
N/A
39,780
350,000
(a)
Bank
of
America
Corp
6.300
N/A
354,214
100,000
(a)
Bank
of
America
Corp
6.125
N/A
101,113
200,000
Bank
of
Montreal
7.700
05/26/84
207,038
200,000
Bank
of
Nova
Scotia/The
8.000
01/27/84
208,598
600,000
(a)
Citigroup
Inc
7.000
N/A
625,204
465,000
(a)
Citigroup
Inc
7.125
N/A
477,172
135,000
(a)
Citigroup
Inc
4.150
N/A
131,122
151,000
(a)
Citigroup
Inc
6.250
N/A
152,520
137,000
(a)
Citigroup
Inc
5.950
N/A
136,893
446,000
(a)
Citigroup
Inc
7.625
N/A
467,209
559,000
(a)
Citigroup
Inc
7.375
N/A
580,159
250,000
(a)
CoBank
ACB
7.250
N/A
255,134
435,000
(a)
Huntington
Bancshares
Inc/OH
5.625
N/A
426,065
868,000
(a)
JPMorgan
Chase
&
Co
6.875
N/A
906,077
809,000
(a)
JPMorgan
Chase
&
Co
3.650
N/A
788,378
300,000
(a)
JPMorgan
Chase
&
Co
6.500
N/A
303,327
287,000
(a)
KeyCorp
5.000
N/A
280,145
222,000
(a)
M&T
Bank
Corp
5.125
N/A
219,917
17,000
(a)
M&T
Bank
Corp
3.500
N/A
16,021
180,000
(a)
PNC
Financial
Services
Group
Inc/The
3.400
N/A
170,913
695,000
(a)
PNC
Financial
Services
Group
Inc/The
6.200
N/A
701,008
286,000
(a)
PNC
Financial
Services
Group
Inc/The
6.000
N/A
286,228
30,000
(a)
PNC
Financial
Services
Group
Inc/The
5.000
N/A
29,775
610,000
(a)
PNC
Financial
Services
Group
Inc/The
6.250
N/A
612,714
400,000
Toronto-Dominion
Bank/The
8.125
10/31/82
417,946
460,000
(a)
Truist
Financial
Corp
5.100
N/A
442,290
828,000
(a)
Truist
Financial
Corp
6.669
N/A
823,752
176,000
(a)
US
Bancorp
5.300
N/A
174,519
800,000
(a)
Wells
Fargo
&
Co
6.850
N/A
821,475
824,000
(a)
Wells
Fargo
&
Co
7.625
N/A
876,526
758,000
(a)
Wells
Fargo
&
Co
3.900
N/A
744,742
202,000
(a)
Wells
Fargo
&
Co
5.875
N/A
201,420
TOTAL
BANKS
13,698,940
CAPITAL
GOODS
-
0.5%
48,000
(a)
Air
Lease
Corp
4.650
N/A
46,838
260,000
(a)
Air
Lease
Corp
6.000
N/A
254,414
TOTAL
CAPITAL
GOODS
301,252
ENERGY
-
4.3%
180,000
(a)
Energy
Transfer
LP
6.625
N/A
176,971
247,000
(a)
Energy
Transfer
LP
7.125
N/A
250,495
400,000
Energy
Transfer
LP
8.000
05/15/54
422,162
109,000
(a)
Energy
Transfer
LP
6.500
N/A
108,942
470,000
(b)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7.500
03/01/55
484,189
250,000
Transcanada
Trust
5.300
03/15/77
243,724
350,000
Transcanada
Trust
5.500
09/15/79
335,363
294,000
Transcanada
Trust
5.875
08/15/76
289,707
300,000
Transcanada
Trust
5.600
03/07/82
285,012
TOTAL
ENERGY
2,596,565
FINANCIAL
SERVICES
-
9.3%
1,315,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
1,348,058
222,000
(a)
Ally
Financial
Inc
4.700
N/A
201,699
176,000
(a)
American
Express
Co
3.550
N/A
169,680
75
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL
SERVICES
(continued)
$
211,000
(a)
Bank
of
New
York
Mellon
Corp/The
4.700
%
N/A
$
210,042
150,000
(a)
Capital
One
Financial
Corp
3.950
N/A
144,686
488,000
(a)
Charles
Schwab
Corp/The
5.375
N/A
485,936
804,000
(a)
Charles
Schwab
Corp/The
4.000
N/A
784,612
85,000
(a)
Discover
Financial
Services
5.500
N/A
82,839
600,000
(a)
Goldman
Sachs
Group
Inc/The
6.850
N/A
605,484
282,000
(a)
Goldman
Sachs
Group
Inc/The
5.300
N/A
280,913
179,000
(a)
Goldman
Sachs
Group
Inc/The
7.500
N/A
188,840
250,000
(a)
Goldman
Sachs
Group
Inc/The
7.500
N/A
261,769
500,000
(a)
Goldman
Sachs
Group
Inc/The
6.125
N/A
488,380
177,000
(a)
State
Street
Corp
6.700
N/A
180,469
150,000
(a)
Voya
Financial
Inc
7.758
N/A
158,609
TOTAL
FINANCIAL
SERVICES
5,592,016
FOOD,
BEVERAGE
&
TOBACCO
-
0.6%
450,000
(a),(b)
Land
O'
Lakes
Inc
7.250
N/A
374,857
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
374,857
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.3%
200,000
CVS
Health
Corp
6.750
12/10/54
197,738
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
197,738
INSURANCE
-
4.3%
69,000
American
International
Group
Inc
5.750
04/01/48
68,400
134,000
AXIS
Specialty
Finance
LLC
4.900
01/15/40
125,162
1,000,000
Corebridge
Financial
Inc
6.375
09/15/54
988,755
266,000
Enstar
Finance
LLC
5.500
01/15/42
256,420
46,000
(a)
MetLife
Inc
3.850
N/A
45,561
23,000
(a)
MetLife
Inc
5.875
N/A
22,937
104,000
(b)
MetLife
Inc
9.250
04/08/38
122,548
84,000
PartnerRe
Finance
B
LLC
4.500
10/01/50
77,481
174,000
Prudential
Financial
Inc
5.375
05/15/45
173,706
107,000
Prudential
Financial
Inc
3.700
10/01/50
95,352
125,000
Prudential
Financial
Inc
5.125
03/01/52
117,851
225,000
Prudential
Financial
Inc
6.500
03/15/54
228,616
250,000
(a),(b)
SBL
Holdings
Inc
6.500
N/A
231,760
TOTAL
INSURANCE
2,554,549
MEDIA
&
ENTERTAINMENT
-
0.5%
250,000
(a),(b)
Farm
Credit
Bank
of
Texas
7.750
N/A
259,075
38,000
Paramount
Global
6.375
03/30/62
37,042
TOTAL
MEDIA
&
ENTERTAINMENT
296,117
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.1%
600,000
(b)
EUSHI
Finance
Inc
7.625
12/15/54
625,628
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
625,628
TELECOMMUNICATION
SERVICES
-
0.4%
73,000
Vodafone
Group
PLC
7.000
04/04/79
75,967
170,000
Vodafone
Group
PLC
4.125
06/04/81
152,694
TOTAL
TELECOMMUNICATION
SERVICES
228,661
UTILITIES
-
7.3%
235,000
AES
Corp/The
7.600
01/15/55
239,244
400,000
(b)
AltaGas
Ltd
7.200
10/15/54
401,921
86,000
American
Electric
Power
Co
Inc
3.875
02/15/62
81,602
302,000
Dominion
Energy
Inc
7.000
06/01/54
319,427
180,000
Duke
Energy
Corp
6.450
09/01/54
180,553
50,000
(a)
Edison
International
5.000
N/A
44,851
329,000
(a)
Edison
International
5.375
N/A
302,995
358,000
Emera
Inc
6.750
06/15/76
361,303
335,000
Entergy
Corp
7.125
12/01/54
341,531
400,000
EUSHI
Finance
Inc
7.625
12/15/54
417,085
959,000
NextEra
Energy
Capital
Holdings
Inc
6.750
06/15/54
981,008
400,000
PG&E
Corp
7.375
03/15/55
388,640
84,000
Sempra
4.125
04/01/52
79,619
102,000
Southern
Co/The
4.000
01/15/51
100,457
100,000
(a),(b)
Vistra
Corp
8.000
N/A
102,527
Portfolio
of
Investments
January
31,
2025
(continued)
NPFI
76
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
19,000
(a),(b)
Vistra
Corp
7.000
%
N/A
$
19,063
TOTAL
UTILITIES
4,361,826
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$32,055,923)
32,168,708
PRINCIPAL
DESCRIPTION(c)
RATE
MATURITY
VALUE
23073477
CONTINGENT
CAPITAL
SECURITIES
-
38.6%
23073477
BANKS
-
32.3%
200,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125
N/A
192,411
400,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
7.750
N/A
399,984
656,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375
N/A
715,441
600,000
(a)
Banco
Santander
SA
4.750
N/A
574,623
600,000
(a)
Banco
Santander
SA
8.000
N/A
627,682
600,000
(a)
Banco
Santander
SA
9.625
N/A
690,368
602,000
(a)
Barclays
PLC
8.000
N/A
627,355
800,000
(a)
Barclays
PLC
6.125
N/A
801,888
800,000
(a)
Barclays
PLC
9.625
N/A
890,646
483,000
(a),(b)
BNP
Paribas
SA
9.250
N/A
517,206
600,000
(a),(b)
BNP
Paribas
SA
7.750
N/A
620,579
891,000
(a),(b)
BNP
Paribas
SA
8.500
N/A
936,696
450,000
(a),(b)
BNP
Paribas
SA
8.000
N/A
471,065
723,000
(a),(b)
Credit
Agricole
SA
6.700
N/A
697,087
657,000
(a),(b)
Credit
Agricole
SA
8.125
N/A
671,782
400,000
(a)
HSBC
Holdings
PLC
6.500
N/A
399,256
718,000
(a)
HSBC
Holdings
PLC
8.000
N/A
755,647
222,000
(a)
HSBC
Holdings
PLC
6.000
N/A
220,703
500,000
(a)
HSBC
Holdings
PLC
6.950
N/A
500,839
200,000
(a)
HSBC
Holdings
PLC
6.375
N/A
199,916
600,000
(a)
HSBC
Holdings
PLC
6.875
N/A
602,505
600,000
(a)
ING
Groep
NV
5.750
N/A
597,451
988,000
(a)
ING
Groep
NV
7.500
N/A
1,014,603
200,000
(a),(b)
Intesa
Sanpaolo
SpA
7.700
N/A
199,738
800,000
(a)
Lloyds
Banking
Group
PLC
8.000
N/A
838,530
200,000
(a)
Lloyds
Banking
Group
PLC
6.750
N/A
192,512
306,000
(a)
Lloyds
Banking
Group
PLC
7.500
N/A
309,015
297,000
(a)
NatWest
Group
PLC
6.000
N/A
296,628
200,000
(a)
NatWest
Group
PLC
4.600
N/A
172,396
771,000
(a)
NatWest
Group
PLC
8.125
N/A
819,473
400,000
(a)
NatWest
Group
PLC
8.000
N/A
404,678
400,000
(a),(b)
Nordea
Bank
Abp
6.300
N/A
384,798
377,000
(a),(b)
Societe
Generale
SA
9.375
N/A
395,870
800,000
(a),(b)
Societe
Generale
SA
10.000
N/A
871,314
400,000
(a),(b)
Societe
Generale
SA
8.500
N/A
406,662
300,000
(a),(b)
Standard
Chartered
PLC
6.000
N/A
300,508
TOTAL
BANKS
19,317,855
FINANCIAL
SERVICES
-
5.9%
200,000
(a)
Deutsche
Bank
AG
4.789
N/A
198,254
200,000
(a)
Deutsche
Bank
AG
7.500
N/A
200,565
600,000
(a)
Deutsche
Bank
AG
6.000
N/A
595,816
300,000
(a),(b)
UBS
Group
AG
9.250
N/A
327,122
1,043,000
(a),(b)
UBS
Group
AG
9.250
N/A
1,204,678
400,000
(a),(b)
UBS
Group
AG
7.750
N/A
419,205
600,000
(a)
UBS
Group
AG
6.875
N/A
603,750
TOTAL
FINANCIAL
SERVICES
3,549,390
INSURANCE
-
0.4%
200,000
(a)
Phoenix
Group
Holdings
PLC
8.500
N/A
206,232
TOTAL
INSURANCE
206,232
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$22,910,754)
23,073,477
77
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3540042
CORPORATE
BONDS
-
5.9%
3540042
ENERGY
-
3.6%
$
548,000
Enbridge
Inc
5.750
%
07/15/80
$
533,515
315,000
Enbridge
Inc
6.000
01/15/77
312,687
239,000
Enbridge
Inc
7.625
01/15/83
250,486
955,000
Enbridge
Inc
8.500
01/15/84
1,057,518
TOTAL
ENERGY
2,154,206
INSURANCE
-
2.3%
1,362,000
Assurant
Inc
7.000
03/27/48
1,385,836
TOTAL
INSURANCE
1,385,836
TOTAL
CORPORATE
BONDS
(Cost
$3,537,652)
3,540,042
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$58,504,329)
58,782,227
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.8%
1,078,946
NET
ASSETS
-
100%
$
59,861,173
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(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
$11,045,878
or
18.8%
of
Total
Investments.
(c)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
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.
78
Portfolio
of
Investments
January
31,
2025
NSCR
See
Notes
to
Financial
Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.5%
COMMON
STOCKS
-
99.5%
COMMUNICATION
SERVICES
-
9.4%
797
Alphabet
Inc,
Class
A
$
162,604
655
Alphabet
Inc,
Class
C
134,668
398
Meta
Platforms
Inc
274,294
TOTAL
COMMUNICATION
SERVICES
571,566
CONSUMER
DISCRETIONARY
-
13.0%
1,315
(a)
Amazon.com
Inc
312,549
420
DR
Horton
Inc
59,598
1,804
General
Motors
Co
89,226
433
Home
Depot
Inc/The
178,387
645
PulteGroup
Inc
73,388
199
(a)
Tesla
Inc
80,516
TOTAL
CONSUMER
DISCRETIONARY
793,664
CONSUMER
STAPLES
-
1.8%
114
Costco
Wholesale
Corp
111,706
TOTAL
CONSUMER
STAPLES
111,706
ENERGY
-
4.0%
636
Chevron
Corp
94,885
522
EOG
Resources
Inc
65,662
602
Valero
Energy
Corp
80,066
TOTAL
ENERGY
240,613
FINANCIALS
-
22.1%
373
Allstate
Corp/The
71,739
353
American
Express
Co
112,060
220
Ameriprise
Financial
Inc
119,539
209
Aon
PLC,
Class
A
77,502
414
Apollo
Global
Management
Inc
70,786
1,100
Arch
Capital
Group
Ltd
102,377
2,326
Bank
of
New
York
Mellon
Corp/The
199,873
356
Blackstone
Inc
63,051
1,484
Citigroup
Inc
120,842
424
(a)
Fiserv
Inc
91,601
409
KKR
&
Co
Inc
68,332
212
Mastercard
Inc,
Class
A
117,751
384
Visa
Inc,
Class
A
131,251
TOTAL
FINANCIALS
1,346,704
HEALTH
CARE
-
10.4%
1,589
(a)
Boston
Scientific
Corp
162,650
247
Cigna
Group/The
72,670
142
Elevance
Health
Inc
56,189
118
Eli
Lilly
&
Co
95,707
1,347
Merck
&
Co
Inc
133,111
210
UnitedHealth
Group
Inc
113,923
TOTAL
HEALTH
CARE
634,250
INDUSTRIALS
-
6.1%
294
(a)
Builders
FirstSource
Inc
49,181
471
Dover
Corp
95,933
486
Honeywell
International
Inc
108,728
151
United
Rentals
Inc
114,467
TOTAL
INDUSTRIALS
368,309
INFORMATION
TECHNOLOGY
-
26.6%
1,608
Apple
Inc
379,488
982
(a)
Arista
Networks
Inc
113,156
408
Dell
Technologies
Inc,
Class
C
42,269
1,783
Gen
Digital
Inc
47,981
356
(a)
GoDaddy
Inc,
Class
A
75,703
1,005
Microsoft
Corp
417,135
2,406
NVIDIA
Corp
288,888
79
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
VALUE
INFORMATION
TECHNOLOGY
(continued)
542
Oracle
Corp
$
92,173
236
Salesforce
Inc
80,641
77
(a)
ServiceNow
Inc
78,415
TOTAL
INFORMATION
TECHNOLOGY
1,615,849
MATERIALS
-
1.3%
176
(a)
Linde
PLC
78,517
TOTAL
MATERIALS
78,517
REAL
ESTATE
-
1.2%
416
Simon
Property
Group
Inc
72,326
TOTAL
REAL
ESTATE
72,326
UTILITIES
-
3.6%
699
American
Electric
Power
Co
Inc
68,753
2,123
NextEra
Energy
Inc
151,922
TOTAL
UTILITIES
220,675
TOTAL
COMMON
STOCKS
(Cost
$5,294,152)
6,054,179
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$5,294,152)
6,054,179
OTHER
ASSETS
&
LIABILITIES,
NET
-
0.5%
31,714
NET
ASSETS
-
100%
$
6,085,893
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
80
Portfolio
of
Investments
January
31,
2025
NUSB
See
Notes
to
Financial
Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
56.4%
CORPORATE
DEBT
-
42.4%
FINANCIALS
-
24.5%
$
750,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
4
.450
%
10/01/25
$
749,030
1,000,000
Air
Lease
Corp
2
.875
01/15/26
982,969
1,520,000
(a)
American
Express
Co
(
SOFR
+
0
.750
%
)
5
.122
04/23/27
1,523,573
2,240,000
Bank
of
America
Corp
3
.384
04/02/26
2,234,979
1,410,000
(a)
Bank
of
Montreal
(
SOFR
Compounded
Index
+
0
.880
%
)
5
.743
09/10/27
1,414,536
1,555,000
Bank
of
New
York
Mellon
Corp/The
4
.947
04/26/27
1,562,526
2,085,000
Charles
Schwab
Corp/The
0
.900
03/11/26
2,003,278
1,275,000
(a)
Citibank
NA
(
SOFR
Compounded
Index
+
0
.590
%
)
4
.963
04/30/26
1,277,490
875,000
Citigroup
Inc
5
.610
09/29/26
879,480
500,000
(a)
Cooperatieve
Rabobank
UA/NY
(
SOFR
+
0
.310
%
)
4
.640
03/04/25
500,098
750,000
(a),(b)
Corebridge
Global
Funding
(
SOFR
+
0
.750
%
)
5
.118
01/07/28
750,226
1,320,000
Goldman
Sachs
Group
Inc/The
5
.798
08/10/26
1,326,650
1,668,000
JPMorgan
Chase
&
Co
6
.070
10/22/27
1,706,036
1,000,000
(a)
Marsh
&
McLennan
Cos
Inc
(
SOFR
Compounded
Index
+
0
.700
%
)
5
.189
11/08/27
1,007,637
1,285,000
(a),(b)
Massachusetts
Mutual
Life
Insurance
Co
(
SOFR
+
0
.740
%
)
5
.102
04/09/27
1,289,844
1,720,000
Morgan
Stanley
2
.188
04/28/26
1,709,385
1,320,000
Morgan
Stanley
5
.050
01/28/27
1,323,984
995,000
(a),(b)
New
York
Life
Global
Funding
(
SOFR
+
0
.670
%
)
5
.034
04/02/27
998,403
1,400,000
Prologis
LP
3
.250
06/30/26
1,375,533
2,055,000
(a)
Royal
Bank
of
Canada
(
SOFR
Compounded
Index
+
1
.080
%
)
5
.448
07/20/26
2,072,308
1,400,000
Simon
Property
Group
LP
3
.300
01/15/26
1,383,174
1,535,000
State
Street
Corp
5
.104
05/18/26
1,537,280
1,000,000
(a)
State
Street
Corp
(
SOFR
+
0
.640
%
)
5
.017
10/22/27
1,002,804
1,000,000
(a)
Sumitomo
Mitsui
Trust
Bank
Ltd/
New
York
(
SOFR
+
0
.220
%
)
4
.580
02/07/25
1,000,024
1,000,000
(a)
Toronto-Dominion
Bank/The
(
SOFR
+
0
.620
%
)
5
.010
12/17/26
1,002,305
750,000
UBS
AG/Stamford
CT
4
.864
01/10/28
752,439
1,275,000
(a)
UnitedHealth
Group
Inc
(
SOFR
+
0
.500
%
)
4
.865
07/15/26
1,279,959
1,000,000
Wells
Fargo
&
Co
2
.188
04/30/26
993,643
1,520,000
Wells
Fargo
Bank
NA
4
.811
01/15/26
1,525,272
TOTAL
FINANCIALS
37,164,865
INDUSTRIAL
-
11.0%
810,000
(a)
American
Honda
Finance
Corp
(
SOFR
Compounded
Index
+
0
.720
%
)
5
.088
10/05/26
812,049
1,725,000
AT&T
Inc
2
.950
07/15/26
1,685,780
395,000
(a),(b)
BMW
US
Capital
LLC
(
SOFR
Compounded
Index
+
0
.550
%
)
4
.914
04/02/26
395,637
1,410,000
(a)
Caterpillar
Financial
Services
Corp
(
SOFR
+
0
.690
%
)
5
.065
10/16/26
1,417,961
720,000
(a)
Caterpillar
Financial
Services
Corp
(
SOFR
+
0
.520
%
)
4
.987
05/14/27
721,739
180,000
Cigna
Group/The
5
.685
03/15/26
180,020
1,275,000
CVS
Health
Corp
5
.000
02/20/26
1,277,251
645,000
(a)
Home
Depot
Inc/The
(
SOFR
+
0
.330
%
)
4
.703
12/24/25
646,081
1,320,000
Intel
Corp
4
.875
02/10/26
1,321,466
1,535,000
Lowe's
Cos
Inc
4
.400
09/08/25
1,533,510
1,410,000
Magna
International
Inc
4
.150
10/01/25
1,406,263
1,400,000
Republic
Services
Inc
2
.900
07/01/26
1,370,471
1,065,000
(a)
Toyota
Motor
Credit
Corp
(
SOFR
+
0
.450
%
)
4
.915
05/15/26
1,067,018
1,290,000
(a)
Toyota
Motor
Credit
Corp
(
SOFR
+
0
.770
%
)
5
.264
08/07/26
1,296,779
1,525,000
Trane
Technologies
Financing
Ltd
3
.500
03/21/26
1,508,140
TOTAL
INDUSTRIAL
16,640,165
UTILITY
-
6.9%
2,060,000
Entergy
Corp
0
.900
09/15/25
2,012,727
1,725,000
National
Rural
Utilities
Cooperative
Finance
Corp
4
.450
03/13/26
1,722,627
1,275,000
(a)
National
Rural
Utilities
Cooperative
Finance
Corp
(
SOFR
+
0
.820
%
)
5
.213
09/16/27
1,282,920
1,320,000
NextEra
Energy
Capital
Holdings
Inc
4
.950
01/29/26
1,324,585
2,060,000
Public
Service
Enterprise
Group
Inc
0
.800
08/15/25
2,018,057
81
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITY
(continued)
$
2,060,000
WEC
Energy
Group
Inc
4
.750
%
01/09/26
$
2,062,353
TOTAL
UTILITY
10,423,269
TOTAL
CORPORATE
DEBT
(Cost
$64,231,207)
64,228,299
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT
RELATED
-
0.1%
GOVERNMENT
AGENCY
-
0.1%
75,000
Federal
Farm
Credit
Banks
Funding
Corp
1
.170
06/23/25
74,062
50,000
Federal
Home
Loan
Banks
0
.700
08/26/25
49,014
75,000
Federal
Home
Loan
Banks
1
.375
09/30/25
73,611
25,000
Federal
Home
Loan
Banks
1
.250
12/15/25
24,365
TOTAL
GOVERNMENT
AGENCY
221,052
TOTAL
GOVERNMENT
RELATED
(Cost
$219,833)
221,052
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
-
13.9%
100,000
American
Express
Credit
Account
Master
Trust
3
.390
05/17/27
99,681
250,000
BA
Credit
Card
Trust
3
.530
11/15/27
249,098
195,114
BANK
2017-BNK6
3
.289
07/15/60
192,787
570,969
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
2016-UBS10
2
.903
07/15/49
561,169
539,817
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
2017-BNK3
3
.366
02/15/50
533,547
285,770
Benchmark
2021-B30
Mortgage
Trust
1
.190
11/15/54
276,900
750,000
(a)
BMW
Vehicle
Lease
Trust
(
SOFR30A
+
0
.420
%
)
5
.154
01/25/27
750,856
100,000
Capital
One
Multi-Asset
Execution
Trust
2
.800
03/15/27
99,800
355,480
Carmax
Auto
Owner
Trust
2022-4
5
.340
08/16/27
357,150
117,958
(a)
CarMax
Auto
Owner
Trust
2024-2
(
SOFR30A
+
0
.580
%
)
4
.976
05/17/27
118,125
1,250,000
(a)
CarMax
Auto
Owner
Trust
2024-4
(
SOFR30A
+
0
.450
%
)
4
.857
12/15/27
1,251,550
199,092
CFCRE
Commercial
Mortgage
Trust
2016-C4
3
.014
05/10/58
195,900
247,889
CFCRE
Commercial
Mortgage
Trust
2016-C6
3
.060
11/10/49
246,008
179,793
(b)
Chase
Auto
Owner
Trust
2024-4
5
.250
09/27/27
180,395
500,000
(a)
Citibank
Credit
Card
Issuance
Trust
(
SOFR
+
0
.630
%
)
4
.997
12/08/27
500,942
117,520
Citigroup
Commercial
Mortgage
Trust
2016-C1
3
.003
05/10/49
116,659
50,171
(a),(b)
Citizens
Auto
Receivables
Trust
2024-1
(
SOFR30A
+
0
.600
%
)
5
.007
10/15/26
50,220
147,641
(a)
CNH
Equipment
Trust
2024-B
(
SOFR30A
+
0
.400
%
)
4
.807
10/15/27
147,743
750,000
(a)
CNH
Equipment
Trust
2024-C
(
SOFR30A
+
0
.420
%
)
4
.827
02/18/28
750,955
128,908
COMM
2015-CCRE25
Mortgage
Trust
3
.505
08/10/48
128,485
54,867
COMM
2015-CCRE25
Mortgage
Trust
3
.537
08/10/48
54,727
100,000
COMM
2015-CCRE26
Mortgage
Trust
3
.630
10/10/48
99,008
134,754
COMM
2015-CCRE27
Mortgage
Trust
3
.349
10/10/48
133,865
85,403
COMM
2015-LC23
Mortgage
Trust
3
.521
10/10/48
84,550
46,135
CSAIL
2016-C5
Commercial
Mortgage
Trust
3
.533
11/15/48
45,930
300,000
CSAIL
2016-C5
Commercial
Mortgage
Trust
3
.757
11/15/48
296,730
100,000
Discover
Card
Execution
Note
Trust
3
.320
05/15/27
99,665
250,000
(b)
DLLMT
2024-1
LLC
5
.080
02/22/27
250,899
226,261
(a)
Ford
Credit
Auto
Lease
Trust
2024-B
(
SOFR30A
+
0
.400
%
)
4
.807
02/15/27
226,367
70,846
(a)
Ford
Credit
Auto
Owner
Trust
2024-A
(
SOFR30A
+
0
.360
%
)
4
.756
01/15/27
70,879
500,000
(a)
Ford
Credit
Auto
Owner
Trust
2024-C
(
SOFR30A
+
0
.400
%
)
4
.807
08/15/27
500,570
329,715
GM
Financial
Automobile
Leasing
Trust
2024-2
5
.430
09/21/26
331,263
750,000
(a)
GM
Financial
Automobile
Leasing
Trust
2024-3
(
SOFR30A
+
0
.470
%
)
4
.843
01/20/27
751,178
103,130
(a)
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-2
(
SOFR30A
+
0
.390
%
)
4
.786
03/16/27
103,210
750,000
(a)
GM
Financial
Consumer
Automobile
Receivables
Trust
2024-4
(
SOFR30A
+
0
.400
%
)
4
.796
10/18/27
750,743
71,818
GS
Mortgage
Securities
Trust
2015-GC32
3
.498
07/10/48
71,600
71,402
(a)
Hyundai
Auto
Receivables
Trust
2024-A
(
SOFR30A
+
0
.420
%
)
4
.827
04/15/27
71,442
750,000
(a)
Hyundai
Auto
Receivables
Trust
2024-C
(
SOFR30A
+
0
.400
%
)
4
.807
09/15/27
750,627
Portfolio
of
Investments
January
31,
2025
(continued)
NUSB
82
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SECURITIZED
(continued)
$
75,659
(a)
John
Deere
Owner
Trust
2024
(
SOFR30A
+
0
.370
%
)
4
.777
%
02/16/27
$
75,717
59,010
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C28
3
.227
10/15/48
58,852
88,085
JPMBB
Commercial
Mortgage
Securities
Trust
2015-C33
3
.504
12/15/48
87,440
30,471
(a),(b)
MHC
Commercial
Mortgage
Trust
2021-MHC
(
TSFR1M
+
0
.915
%
)
5
.221
04/15/38
30,451
159,952
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
2015-C26
3
.252
10/15/48
159,077
745,000
Morgan
Stanley
Capital
I
Trust
2015-MS1
3
.779
05/15/48
740,920
69,465
Morgan
Stanley
Capital
I
Trust
2016-UB11
2
.606
08/15/49
68,554
250,980
Morgan
Stanley
Capital
I
Trust
2021-L5
0
.785
05/15/54
244,575
440,458
Morgan
Stanley
Capital
I
Trust
2021-L7
0
.881
10/15/54
426,267
10,633
(a),(b)
Porsche
Financial
Auto
Securitization
Trust
2023-2
(
SOFR30A
+
0
.580
%
)
5
.185
11/23/26
10,637
300,000
(a),(b)
Porsche
Innovative
Lease
Owner
Trust
2024-1
(
SOFR30A
+
0
.520
%
)
4
.893
01/20/27
300,463
750,000
(a),(b)
Porsche
Innovative
Lease
Owner
Trust
2024-2
(
SOFR30A
+
0
.440
%
)
0
.000
12/21/26
750,832
52,723
(a),(b)
Tesla
Auto
Lease
Trust
2024-A
(
SOFR30A
+
0
.500
%
)
4
.862
06/22/26
52,744
1,250,000
(a),(b)
Tesla
Auto
Lease
Trust
2024-B
(
SOFR30A
+
0
.590
%
)
4
.952
01/20/27
1,251,747
196,661
(a)
Toyota
Auto
Receivables
2024-C
Owner
Trust
(
SOFR30A
+
0
.370
%
)
4
.777
05/17/27
196,853
1,000,000
Toyota
Auto
Receivables
2024-D
Owner
Trust
4
.550
08/16/27
1,000,277
500,000
(a),(b)
Toyota
Lease
Owner
Trust
2024-B
(
SOFR30A
+
0
.440
%
)
4
.813
02/22/27
500,671
50,703
UBS
Commercial
Mortgage
Trust
2017-C4
3
.366
10/15/50
49,852
100,000
(a)
Verizon
Master
Trust
(
SOFR30A
+
0
.650
%
)
5
.057
12/20/28
100,304
544,203
(a)
Volkswagen
Auto
Lease
Trust
2024-A
(
SOFR30A
+
0
.470
%
)
4
.832
12/21/26
544,594
500,000
(b)
Volvo
Financial
Equipment
LLC
Series
2024-1
4
.560
05/17/27
500,240
117,122
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS1
3
.148
05/15/48
116,761
147,982
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS2
3
.498
07/15/58
146,988
34,112
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS3
3
.371
09/15/57
33,976
1,275,000
Wells
Fargo
Commercial
Mortgage
Trust
2015-NXS3
3
.617
09/15/57
1,263,406
164,031
Wells
Fargo
Commercial
Mortgage
Trust
2015-P2
3
.541
12/15/48
162,618
206,264
Wells
Fargo
Commercial
Mortgage
Trust
2016-C35
2
.788
07/15/48
204,505
42,098
World
Omni
Auto
Receivables
Trust
2023-D
5
.910
02/16/27
42,259
295,422
(a)
World
Omni
Auto
Receivables
Trust
2024-C
(
SOFR30A
+
0
.470
%
)
4
.877
01/18/28
295,765
118,971
(a)
World
Omni
Automobile
Lease
Securitization
Trust
2024-A
(
SOFR30A
+
0
.430
%
)
4
.837
02/16/27
119,100
TOTAL
SECURITIZED
(Cost
$20,969,594)
21,037,668
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$85,420,634)
85,487,019
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
42.0%
CERTIFICATE
OF
DEPOSIT
-
0.7%
1,000,000
Commonwealth
Bank
of
Australia/New
York
NY
5
.150
02/12/25
1,000,206
TOTAL
CERTIFICATE
OF
DEPOSIT
(Cost
$1,000,105)
1,000,206
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL
PAPER
-
15.9%
1,000,000
(b)
Archer-Daniels-Midland
Co
0
.000
02/10/25
998,791
1,000,000
(b)
Archer-Daniels-Midland
Co
0
.000
03/03/25
996,250
550,000
(b)
Atlantic
Asset
Securitization
LLC
0
.000
03/18/25
546,891
1,020,000
(b)
Atlantic
Asset
Securitization
LLC
0
.000
02/20/25
1,017,527
1,000,000
Boston
Scientific
Corp
0
.000
02/06/25
999,254
1,000,000
Consolidated
Edison
Co
of
New
York
Inc
0
.000
02/25/25
996,862
1,000,000
Duke
Energy
Corporation
<
DUK
>
0
.000
03/19/25
994,123
1,000,000
(b)
Gotham
Funding
Corp
0
.000
03/03/25
996,238
1,000,000
(b)
Gotham
Funding
Corp
0
.000
02/06/25
999,274
500,000
John
Deere
Financial
Inc
0
.000
02/10/25
499,400
83
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL
PAPER
(continued)
$
1,000,000
L3Harris
Technologies
Inc
0
.000
%
02/03/25
$
999,627
1,000,000
L3Harris
Technologies
Inc
0
.000
02/18/25
997,748
750,000
Magna
International
Inc
0
.000
02/20/25
748,122
1,000,000
(b)
Manhattan
Asset
Funding
Co
LLC
0
.000
03/11/25
995,264
1,000,000
(b)
Old
Line
Funding
LLC
4
.480
03/07/25
1,000,016
300,000
PURE
GROVE
FUNDING
0
.000
03/20/25
298,250
1,000,000
Rockwell
Automation
Inc
0
.000
02/06/25
999,289
1,250,000
Salisbury
Receivables
Co
LLC
0
.000
04/29/25
1,236,352
1,000,000
(b)
Sheffield
Receivables
Co
LLC
0
.000
03/11/25
995,253
500,000
(b)
Sheffield
Receivables
Co
LLC
0
.000
02/13/25
499,211
273,000
(b)
Sheffield
Receivables
Co
LLC
0
.000
02/26/25
272,137
300,000
(b)
Sheffield
Receivables
Co
LLC
0
.000
03/14/25
298,466
573,000
(b)
Sheffield
Receivables
Co
LLC
0
.000
02/03/25
572,792
1,000,000
Sumitomo
Mitsui
Trust
Bank
Ltd/Singapore
0
.000
04/24/25
989,872
250,000
Swedbank
AB
0
.000
03/03/25
249,069
1,000,000
TotalEnergies
Capital
SA
0
.000
03/18/25
994,435
1,000,000
TotalEnergies
Capital
SA
0
.000
02/28/25
996,617
1,000,000
VW
Credit
Inc
0
.000
02/12/25
998,502
979,000
WALT
DISNEY
COMPANY
0
.000
02/06/25
978,295
TOTAL
COMMERCIAL
PAPER
(Cost
$24,171,729)
24,163,927
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CORPORATE
DEBT
-
19.0%
FINANCIALS
-
5.2%
1,720,000
Canadian
Imperial
Bank
of
Commerce
5
.144
04/28/25
1,722,595
1,410,000
Corebridge
Financial
Inc
3
.500
04/04/25
1,407,114
1,720,000
Goldman
Sachs
Group
Inc/The
3
.500
04/01/25
1,716,965
455,000
(a),(b)
Pacific
Life
Global
Funding
II
(
SOFR
Compounded
Index
+
0
.860
%
)
5
.248
06/16/25
455,928
1,320,000
Truist
Bank
1
.500
03/10/25
1,315,874
1,320,000
Welltower
OP
LLC
4
.000
06/01/25
1,316,717
TOTAL
FINANCIALS
7,935,193
INDUSTRIAL
-
12.9%
1,320,000
AbbVie
Inc
3
.600
05/14/25
1,316,759
970,000
(a)
American
Honda
Finance
Corp
(
SOFR
+
0
.550
%
)
5
.031
02/12/25
970,090
1,705,000
American
Tower
Corp
2
.400
03/15/25
1,700,125
1,535,000
Amgen
Inc
5
.250
03/02/25
1,536,008
130,000
Carrier
Global
Corp
2
.242
02/15/25
129,838
355,000
Chevron
Corp
1
.554
05/11/25
352,288
1,320,000
Enterprise
Products
Operating
LLC
3
.750
02/15/25
1,319,046
1,705,000
Fiserv
Inc
3
.850
06/01/25
1,699,847
1,410,000
General
Motors
Financial
Co
Inc
3
.800
04/07/25
1,407,779
1,320,000
Marathon
Petroleum
Corp
4
.700
05/01/25
1,319,958
1,095,000
Oracle
Corp
2
.500
04/01/25
1,091,254
1,530,000
Oracle
Corp
2
.950
05/15/25
1,522,653
2,080,000
Otis
Worldwide
Corp
2
.056
04/05/25
2,072,034
505,000
Pfizer
Inc
0
.800
05/28/25
499,217
1,135,000
Philip
Morris
International
Inc
1
.500
05/01/25
1,126,760
1,560,000
Reynolds
American
Inc
4
.450
06/12/25
1,558,619
1,000
Verizon
Communications
Inc
3
.376
02/15/25
999
TOTAL
INDUSTRIAL
19,623,274
UTILITY
-
0.9%
1,320,000
NextEra
Energy
Capital
Holdings
Inc
6
.051
03/01/25
1,321,267
TOTAL
UTILITY
1,321,267
TOTAL
CORPORATE
DEBT
(Cost
$28,866,688)
28,879,734
Portfolio
of
Investments
January
31,
2025
(continued)
NUSB
84
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
REPURCHASE
AGREEMENTS
-
3.0%
$
4,592,000
(c)
Fixed
Income
Clearing
Corp
(FICC)
4
.340
%
02/03/25
$
4,592,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$4,592,000)
4,592,000
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S.
TREASURY
-
3.4%
5,345,000
United
States
Treasury
Bill
0
.000
11/28/25
5,167,026
TOTAL
U.S.
TREASURY
(Cost
$5,165,300)
5,167,026
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$63,795,822)
63,802,893
TOTAL
INVESTMENTS
-
98
.4
%
(Cost
$
149,216,456
)
149,289,912
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.6%
2,478,616
NET
ASSETS
-
100%
$
151,768,528
SOFR
Secured
Overnight
Financing
Rate
(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
$17,957,447
or
12.0%
of
Total
Investments.
(c)
Agreement
with
Fixed
Income
Clearing
Corp
(FICC),
4.340%
dated
1/31/25
to
be
repurchased
at
$4,609,026
on
2/3/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.250%
and
maturity
date
6/30/29,
valued
at
$4,683,905.
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
85
January
31,
2025
(Unaudited)
NCLO
NCPB
NUAG
NUSA
NUHY
ASSETS
Long-term
investments,
at
value
†‡
$
72,943,943‌
$
51,500,826‌
$
36,667,421‌
$
29,536,407‌
$
95,944,563‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
—‌
—‌
573,983‌
38,030‌
9,084,390‌
Cash
524,381‌
858,677‌
142,864‌
409,130‌
930,366‌
Receivables:
Interest
266,042‌
516,953‌
377,958‌
237,210‌
1,710,547‌
Investments
sold
—‌
220,000‌
920,358‌
598,359‌
1,108,436‌
Shares
sold
2,519,795‌
—‌
—‌
—‌
—‌
Other
—‌
118‌
2,604‌
455‌
1,328‌
Total
assets
76,254,161‌
53,096,574‌
38,685,188‌
30,819,591‌
108,779,630‌
LIABILITIES
Payables:
Management
fees
15,951‌
14,062‌
6,705‌
3,728‌
25,205‌
Collateral
from
securities
lending
—‌
—‌
573,983‌
38,030‌
9,084,390‌
Interest
10,786‌
273‌
3,754‌
174‌
21,643‌
Investments
purchased
-
regular
settlement
2,520,800‌
124,756‌
750,922‌
548,573‌
1,225,220‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
—‌
150,000‌
49,861‌
249,442‌
—‌
Accrued
expenses:
Professional
fees
43‌
248‌
172‌
118‌
409‌
Trustees
fees
787‌
591‌
421‌
287‌
1,030‌
Other
—‌
119‌
2,605‌
455‌
1,327‌
Total
liabilities
2,548,367‌
290,049‌
1,388,423‌
840,807‌
10,359,224‌
Net
assets
$
73,705,794‌
$
52,806,525‌
$
37,296,765‌
$
29,978,784‌
$
98,420,406‌
Shares
outstanding
2,925,000‌
2,125,000‌
1,800,000‌
1,300,000‌
4,600,000‌
Net
asset
value
("NAV")
per
share
$
25
.19‌
$
24
.85‌
$
20
.72‌
$
23
.06‌
$
21
.40‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
73,146,190‌
53,436,954‌
65,918,933‌
32,223,070‌
111,003,121‌
Total
distributable
earnings
(loss)
559,604‌
(
630,429‌
)
(
28,622,168‌
)
(
2,244,286‌
)
(
12,582,715‌
)
Net
assets
$
73,705,794‌
$
52,806,525‌
$
37,296,765‌
$
29,978,784‌
$
98,420,406‌
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0
.01‌
$
0
.01‌
$
0
.01‌
$
0
.01‌
$
0
.01‌
†
Long-term
investments,
cost
$
72,777,975‌
$
52,145,462‌
$
38,790,487‌
$
29,732,907‌
$
95,480,629‌
‡  
Includes
securities
loaned
of
$
—‌
$
—‌
$
546,759‌
$
37,099‌
$
8,720,759‌
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
86
January
31,
2025
(Unaudited)
NUBD
NPFI
NSCR
NUSB
ASSETS
Long-term
investments,
at
value
†‡
$
398,489,473‌
$
58,782,227‌
$
6,054,179‌
$
85,487,019‌
Short-term
investments,
at
value
◊
—‌
—‌
—‌
63,802,893‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
1,435,667‌
—‌
—‌
—‌
Cash
2,093,188‌
434,081‌
31,898‌
29,580‌
Receivables:
Dividends
—‌
—‌
2,182‌
—‌
Interest
3,376,279‌
971,632‌
—‌
939,701‌
Investments
sold
3,600,000‌
—‌
—‌
1,535,000‌
Reclaims
—‌
—‌
203‌
—‌
Other
3,945‌
78‌
17‌
189‌
Total
assets
408,998,552‌
60,188,018‌
6,088,479‌
151,794,382‌
LIABILITIES
Payables:
Management
fees
55,624‌
23,972‌
2,439‌
23,274‌
Collateral
from
securities
lending
1,435,667‌
—‌
—‌
—‌
Interest
14,433‌
—‌
—‌
—‌
Investments
purchased
-
regular
settlement
2,906,627‌
301,950‌
—‌
—‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
100,297‌
—‌
—‌
—‌
Accrued
expenses:
Professional
fees
1,861‌
248‌
46‌
684‌
Trustees
fees
4,666‌
597‌
84‌
1,707‌
Other
3,946‌
78‌
17‌
189‌
Total
liabilities
4,523,121‌
326,845‌
2,586‌
25,854‌
Net
assets
$
404,475,431‌
$
59,861,173‌
$
6,085,893‌
$
151,768,528‌
Shares
outstanding
18,500,000‌
2,325,000‌
210,000‌
6,000,000‌
Net
asset
value
("NAV")
per
share
$
21
.86‌
$
25
.75‌
$
28
.98‌
$
25
.29‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
446,070,667‌
59,646,828‌
5,271,227‌
151,149,997‌
Total
distributable
earnings
(loss)
(
41,595,236‌
)
214,345‌
814,666‌
618,531‌
Net
assets
$
404,475,431‌
$
59,861,173‌
$
6,085,893‌
$
151,768,528‌
Authorized
shares
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0
.01‌
$
0
.01‌
$
0
.01‌
$
0
.01‌
†
Long-term
investments,
cost
$
430,995,473‌
$
58,504,329‌
$
5,294,152‌
$
85,420,634‌
◊
Short-term
investments,
cost
$
–‌
$
–‌
$
–‌
$
63,795,822‌
‡  
Includes
securities
loaned
of
$
1,374,759‌
$
—‌
$
—‌
$
—‌
Statement
of
Operations
See
Notes
to
Financial
Statements
87
Six
Months
Ended
January
31,
2025
(Unaudited)
NCLO
1
NCPB
NUAG
NUSA
NUHY
INVESTMENT
INCOME
Interest
668,074‌
1,352,374‌
1,006,558‌
596,616‌
3,291,830‌
Securities
lending
income,
net
—‌
—‌
966‌
196‌
37,458‌
Tax
withheld
on
income
—‌
(
24‌
)
—‌
—‌
—‌
Total
investment
income
668,074‌
1,352,350‌
1,007,524‌
596,812‌
3,329,288‌
EXPENSES
Management
fees
26,016‌
76,883‌
37,142‌
20,708‌
138,306‌
Professional
fees
43‌
855‌
226‌
117‌
336‌
Trustees
fees
787‌
1,023‌
652‌
458‌
1,587‌
Total
expenses
26,846‌
78,761‌
38,020‌
21,283‌
140,229‌
Net
investment
income
(loss)
641,228‌
1,273,589‌
969,504‌
575,529‌
3,189,059‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
208‌
200,337‌
(
86,588‌
)
16,345‌
(
106,563‌
)
In-kind
redemptions
—‌
—‌
94,102‌
131,691‌
—‌
Net
realized
gain
(loss)
208‌
200,337‌
7,514‌
148,036‌
(
106,563‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
165,968‌
(
1,211,912‌
)
(
679,066‌
)
(
203,777‌
)
562,209‌
Net
change
in
unrealized
appreciation
(depreciation)
165,968‌
(
1,211,912‌
)
(
679,066‌
)
(
203,777‌
)
562,209‌
Net
realized
and
unrealized
gain
(loss)
166,176‌
(
1,011,575‌
)
(
671,552‌
)
(
55,741‌
)
455,646‌
Net
increase
(decrease)
in
net
assets
from
operations
$
807,404‌
$
262,014‌
$
297,952‌
$
519,788‌
$
3,644,705‌
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
88
Six
Months
Ended
January
31,
2025
(Unaudited)
NUBD
NPFI
NSCR
NUSB
INVESTMENT
INCOME
Dividends
$
—‌
$
—‌
$
38,985‌
$
—‌
Interest
8,723,330‌
1,259,533‌
—‌
2,934,457‌
Securities
lending
income,
net
10,700‌
—‌
—‌
—‌
Total
investment
income
8,734,030‌
1,259,533‌
38,985‌
2,934,457‌
EXPENSES
Management
fees
307,110‌
111,462‌
13,621‌
104,030‌
Professional
fees
3,399‌
686‌
46‌
1,803‌
Trustees
fees
7,377‌
894‌
119‌
2,565‌
Other
—‌
16‌
—‌
—‌
Total
expenses
317,886‌
113,058‌
13,786‌
108,398‌
Net
investment
income
(loss)
8,416,144‌
1,146,475‌
25,199‌
2,826,059‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss):
Investments
(
347,842‌
)
(
6,744‌
)
104,010‌
4,725‌
In-kind
redemptions
(
666,920‌
)
—‌
—‌
—‌
Net
realized
gain
(loss)
(
1,014,762‌
)
(
6,744‌
)
104,010‌
4,725‌
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
7,559,172‌
)
15,198‌
359,865‌
48,355‌
Net
change
in
unrealized
appreciation
(depreciation)
(
7,559,172‌
)
15,198‌
359,865‌
48,355‌
Net
realized
and
unrealized
gain
(loss)
(
8,573,934‌
)
8,454‌
463,875‌
53,080‌
Net
increase
(decrease)
in
net
assets
from
operations
$
(
157,790‌
)
$
1,154,929‌
$
489,074‌
$
2,879,139‌
1
For
the
period
December
10,
2024
(commencement
of
operations)
through
January
31,
2025.
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
89
NCLO
NCPB
Unaudited
For
the
period
12/10/24
(commencement
of
operations)
through
1/31/25
Unaudited
Six
Months
Ended
1/31/25
For
the
period
3/5/24
(commencement
of
operations)
through
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
641,228‌
$
1,273,589‌
$
692,557‌
Net
realized
gain
(loss)
208‌
200,337‌
(
234,737‌
)
Net
change
in
unrealized
appreciation
(depreciation)
165,968‌
(
1,211,912‌
)
567,276‌
Net
increase
(decrease)
in
net
assets
from
operations
807,404‌
262,014‌
1,025,096‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
247,800‌
)
(
1,402,543‌
)
(
497,480‌
)
Total
distributions
(
247,800‌
)
(
1,402,543‌
)
(
497,480‌
)
FUND
SHARE
TRANSACTIONS
Subscriptions
73,146,190‌
13,388,649‌
40,030,789‌
Net
increase
(decrease)
from
Fund
share
transactions
73,146,190‌
13,388,649‌
40,030,789‌
Net
increase
(decrease)
in
net
assets
73,705,794‌
12,248,120‌
40,558,405‌
Net
assets
at
the
beginning
of
period
–‌
40,558,405‌
–‌
Net
assets
at
the
end
of
period
$
73,705,794‌
$
52,806,525‌
$
40,558,405‌
See
Notes
to
Financial
Statements
90
Statement
of
Changes
in
Net
Assets
(continued)
NUAG
NUSA
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
969,504‌
$
1,242,529‌
$
575,529‌
$
1,199,681‌
Net
realized
gain
(loss)
7,514‌
(
961,100‌
)
148,036‌
(
441,373‌
)
Net
change
in
unrealized
appreciation
(depreciation)
(
679,066‌
)
1,942,257‌
(
203,777‌
)
970,403‌
Net
increase
(decrease)
in
net
assets
from
operations
297,952‌
2,223,686‌
519,788‌
1,728,711‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
864,680‌
)
(
1,385,020‌
)
(
563,490‌
)
(
1,275,430‌
)
Total
distributions
(
864,680‌
)
(
1,385,020‌
)
(
563,490‌
)
(
1,275,430‌
)
FUND
SHARE
TRANSACTIONS
Subscriptions
4,211,546‌
12,312,988‌
4,592,475‌
11,382,469‌
Redemptions
(
2,164,854‌
)
(
10,351,166‌
)
(
7,002,999‌
)
(
20,491,350‌
)
Net
increase
(decrease)
from
Fund
share
transactions
2,046,692‌
1,961,822‌
(
2,410,524‌
)
(
9,108,881‌
)
Net
increase
(decrease)
in
net
assets
1,479,964‌
2,800,488‌
(
2,454,226‌
)
(
8,655,600‌
)
Net
assets
at
the
beginning
of
period
35,816,801‌
33,016,313‌
32,433,010‌
41,088,610‌
Net
assets
at
the
end
of
period
$
37,296,765‌
$
35,816,801‌
$
29,978,784‌
$
32,433,010‌
See
Notes
to
Financial
Statements
91
NUHY
NUBD
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Unaudited
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
3,189,059‌
$
6,515,824‌
$
8,416,144‌
$
8,847,444‌
Net
realized
gain
(loss)
(
106,563‌
)
(
3,582,177‌
)
(
1,014,762‌
)
(
1,621,489‌
)
Net
change
in
unrealized
appreciation
(depreciation)
562,209‌
6,476,442‌
(
7,559,172‌
)
9,442,435‌
Net
increase
(decrease)
in
net
assets
from
operations
3,644,705‌
9,410,089‌
(
157,790‌
)
16,668,390‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
2,988,970‌
)
(
6,599,640‌
)
(
6,955,940‌
)
(
10,481,530‌
)
Total
distributions
(
2,988,970‌
)
(
6,599,640‌
)
(
6,955,940‌
)
(
10,481,530‌
)
FUND
SHARE
TRANSACTIONS
Subscriptions
8,543,090‌
16,620,534‌
62,449,480‌
102,065,429‌
Redemptions
–‌
(
33,252,640‌
)
(
19,582,147‌
)
(
12,943,120‌
)
Net
increase
(decrease)
from
Fund
share
transactions
8,543,090‌
(
16,632,106‌
)
42,867,333‌
89,122,309‌
Net
increase
(decrease)
in
net
assets
9,198,825‌
(
13,821,657‌
)
35,753,603‌
95,309,169‌
Net
assets
at
the
beginning
of
period
89,221,581‌
103,043,238‌
368,721,828‌
273,412,659‌
Net
assets
at
the
end
of
period
$
98,420,406‌
$
89,221,581‌
$
404,475,431‌
$
368,721,828‌
See
Notes
to
Financial
Statements
92
Statement
of
Changes
in
Net
Assets
(continued)
NPFI
NSCR
Unaudited
Six
Months
Ended
1/31/25
For
the
period
3/5/24
(commencement
of
operations)
through
7/31/24
Unaudited
Six
Months
Ended
1/31/25
For
the
period
3/5/24
(commencement
of
operations)
through
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
1,146,475‌
$
373,905‌
$
25,199‌
$
17,511‌
Net
realized
gain
(loss)
(
6,744‌
)
128‌
104,010‌
4,869‌
Net
change
in
unrealized
appreciation
(depreciation)
15,198‌
262,700‌
359,865‌
400,162‌
Net
increase
(decrease)
in
net
assets
from
operations
1,154,929‌
636,733‌
489,074‌
422,542‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
1,188,213‌
)
(
180,000‌
)
(
92,379‌
)
–‌
Return
of
capital
–‌
(
106,028‌
)
–‌
–‌
Total
distributions
(
1,188,213‌
)
(
286,028‌
)
(
92,379‌
)
–‌
FUND
SHARE
TRANSACTIONS
Subscriptions
47,759,925‌
16,890,171‌
–‌
5,520,319‌
Redemptions
(
5,106,344‌
)
–‌
–‌
(
253,663‌
)
Net
increase
(decrease)
from
Fund
share
transactions
42,653,581‌
16,890,171‌
–‌
5,266,656‌
Net
increase
(decrease)
in
net
assets
42,620,297‌
17,240,876‌
396,695‌
5,689,198‌
Net
assets
at
the
beginning
of
period
17,240,876‌
–‌
5,689,198‌
–‌
Net
assets
at
the
end
of
period
$
59,861,173‌
$
17,240,876‌
$
6,085,893‌
$
5,689,198‌
See
Notes
to
Financial
Statements
93
NUSB
Unaudited
Six
Months
Ended
1/31/25
For
the
period
3/5/24
(commencement
of
operations)
through
7/31/24
OPERATIONS
Net
investment
income
(loss)
$
2,826,059‌
$
337,614‌
Net
realized
gain
(loss)
4,725‌
(
3,996‌
)
Net
change
in
unrealized
appreciation
(depreciation)
48,355‌
25,101‌
Net
increase
(decrease)
in
net
assets
from
operations
2,879,139‌
358,719‌
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
2,373,048‌
)
(
247,498‌
)
Total
distributions
(
2,373,048‌
)
(
247,498‌
)
FUND
SHARE
TRANSACTIONS
Subscriptions
139,990,999‌
26,933,619‌
Redemptions
(
14,521,266‌
)
(
1,252,136‌
)
Net
increase
(decrease)
from
Fund
share
transactions
125,469,733‌
25,681,483‌
Net
increase
(decrease)
in
net
assets
125,975,824‌
25,792,704‌
Net
assets
at
the
beginning
of
period
25,792,704‌
–‌
Net
assets
at
the
end
of
period
$
151,768,528‌
$
25,792,704‌
Financial
Highlights
94
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Market
Price,
End
of
Period
NCLO
1/31/25
(d),(e)
$
25.00
$
0.23
$
0.05
$
0.28
$
(
0.09
)
$
—
$
—
$
(
0.09
)
$
25.19
$
25.23
NCPB
1/31/25
(d)
25.35
0.64
(
0.43
)
0.21
(
0.64
)
(
0.07
)
—
(
0.71
)
24.85
24.89
7/31/24
(g)
25.00
0.53
0.21
0.74
(
0.39
)
—
—
(
0.39
)
25.35
25.35
NUAG
1/31/25
(d)
21.07
0.56
(
0.41
)
0.15
(
0.50
)
—
—
(
0.50
)
20.72
20.73
7/31/24
20.64
0.77
0.52
1.29
(
0.86
)
—
—
(
0.86
)
21.07
21.09
7/31/23
22.02
0.75
(
1.30
)
(
0.55
)
(
0.83
)
—
—
(
0.83
)
20.64
20.68
7/31/22
25.17
0.39
(
3.01
)
(
2.62
)
(
0.53
)
—
—
(
0.53
)
22.02
22.09
7/31/21
26.08
0.33
(
0.55
)
(
0.22
)
(
0.69
)
—
—
(
0.69
)
25.17
25.18
7/31/20
24.49
0.55
1.88
2.43
(
0.84
)
—
—
(
0.84
)
26.08
26.05
NUSA
1/31/25
(d)
23.17
0.49
(
0.12
)
0.37
(
0.48
)
—
—
(
0.48
)
23.06
23.08
7/31/24
22.83
0.87
0.39
1.26
(
0.92
)
—
—
(
0.92
)
23.17
23.21
7/31/23
23.48
0.56
(
0.58
)
(
0.02
)
(
0.63
)
—
—
(
0.63
)
22.83
22.83
7/31/22
25.29
0.31
(
1.62
)
(
1.31
)
(
0.50
)
—
—
(
0.50
)
23.48
23.52
7/31/21
25.61
0.34
(
0.08
)
0.26
(
0.58
)
—
—
(
0.58
)
25.29
25.31
7/31/20
24.86
0.55
0.90
1.45
(
0.70
)
—
—
(
0.70
)
25.61
25.69
NUHY
1/31/25
(d)
21.24
0.75
0.12
0.87
(
0.71
)
—
—
(
0.71
)
21.40
21.42
7/31/24
20.61
1.42
0.63
2.05
(
1.42
)
—
—
(
1.42
)
21.24
21.28
7/31/23
21.48
1.13
(
0.65
)
0.48
(
1.35
)
—
—
(
1.35
)
20.61
20.68
7/31/22
24.71
1.02
(
3.04
)
(
2.02
)
(
1.21
)
—
—
(
1.21
)
21.48
21.63
7/31/21
24.43
1.04
0.47
1.51
(
1.23
)
—
—
(
1.23
)
24.71
24.78
7/31/20
(h)
25.00
0.93
(
0.53
)
0.40
(
0.97
)
—
—
(
0.97
)
24.43
24.74
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
For
the
period
December
10,
2024
(commencement
of
operations)
through
January
31,
2025.
(f)
Annualized.
(g)
For
the
period
March
5,
2024
(commencement
of
operations)
through
July
31,
2024.
(h)
For
the
period
September
25,
2019
(commencement
of
operations)
through
July
31,
2020.
See
Notes
to
Financial
Statements
95
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value
(b)
Based
on
Market
Price
(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
(c)
1
.15
%
1
.28
%
$
73,706
0
.26‌
%
(f)
6
.16‌
%
(f)
10
%
0
.85
1
.00
52,807
0
.31‌
(f)
4
.97‌
(f)
71
2
.99
2
.99
40,558
0
.30‌
(f)
5
.32‌
(f)
34
0
.74
0
.64
37,297
0
.20‌
(f)
5
.22‌
(f)
24
6
.44
6
.38
35,817
0
.21‌
3
.76‌
48
(
2
.51
)
(
2
.62
)
33,016
0
.21‌
3
.58‌
54
(
10
.50
)
(
10
.27
)
165,182
0
.20‌
1
.65‌
81
(
0
.81
)
(
0
.64
)
173,676
0
.20‌
1
.32‌
235
10
.11
10
.19
80,845
0
.20‌
2
.21‌
208
1
.64
1
.53
29,979
0
.15‌
(f)
4
.17‌
(f)
17
5
.65
5
.81
32,433
0
.16‌
3
.81‌
37
(
0
.08
)
(
0
.20
)
41,089
0
.20‌
2
.43‌
78
(
5
.20
)
(
5
.13
)
37,566
0
.20‌
1
.27‌
77
1
.03
0
.80
40,456
0
.20‌
1
.33‌
46
5
.93
6
.15
35,854
0
.20‌
2
.20‌
51
4
.12
4
.06
98,420
0
.30‌
(f)
6
.92‌
(f)
29
10
.43
10
.25
89,222
0
.31‌
6
.87‌
43
2
.47
2
.07
103,043
0
.31‌
5
.50‌
44
(
8
.44
)
(
8
.07
)
96,652
0
.31‌
4
.42‌
56
6
.32
5
.25
96,378
0
.35‌
4
.14‌
65
1
.79
3
.02
56,195
0
.35‌
(f)
4
.55‌
(f)
47
96
Financial
Highlights
The
following
data
is
for
a
share
outstanding
for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(Loss)
(a)
Net
Realized
/Unrealized
Gain
(Loss)
Total
From
Net
Investment
Income
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Market
Price,
End
of
Period
NUBD
1/31/25
(d)
$
22.21
$
0.46
$
(0.42)
$
0.04
$
(0.39)
$
—
$
—
$
(0.39)
$
21.86
$
21.86
7/31/24
21.87
0.61
0.46
1.07
(0.73)
—
—
(0.73)
22.21
22.21
7/31/23
23.36
0.54
(1.36)
(0.82)
(0.67)
—
—
(0.67)
21.87
21.90
7/31/22
26.29
0.41
(2.81)
(2.40)
(0.53)
—
—
(0.53)
23.36
23.40
7/31/21
27.31
0.45
(0.92)
(0.47)
(0.55)
—
—
(0.55)
26.29
26.30
7/31/20
25.36
0.55
2.04
2.59
(0.64)
—
—
(0.64)
27.31
27.37
NPFI
1/31/25
(d)
25.54
0.73
0.24
0.97
(0.68)
(0.08)
—
(0.76)
25.75
25.78
7/31/24
(f)
25.00
0.59
0.41
1.00
(0.29)
—
(0.17)
(0.46)
25.54
25.63
NSCR
1/31/25
(d)
27.09
0.12
2.21
2.33
(0.21)
(0.23)
—
(0.44)
28.98
28.99
7/31/24
(f)
25.00
0.08
2.01
2.09
—
—
—
—
27.09
27.09
NUSB
1/31/25
(d)
25.16
0.59
0.06
0.65
(0.52)
—
—
(0.52)
25.29
25.30
7/31/24
(f)
25.00
0.52
0.03
0.55
(0.39)
—
—
(0.39)
25.16
25.16
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Does
not
include
in-kind
transactions.
(d)
Unaudited
(e)
Annualized.
(f)
For
the
period
March
5,
2024
(commencement
of
operations)
through
July
31,
2024.
See
accompanying
notes
to
financial
statements.
97
Ratios
and
Supplemental
Data
Total
Return
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value
(b)
Based
on
Market
Price
(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
(c)
0.17
%
0.16
%
$
404,475
0.16‌
%
(e)
4.11‌
%
(e)
4
%
5.03
4.88
368,722
0.16‌
2.80‌
13
(3.47)
(3.53)
273,413
0.16‌
2.47‌
14
(9.24)
(9.09)
256,945
0.16‌
1.64‌
45
(1.72)
(1.90)
262,884
0.20‌
1.69‌
33
10.38
10.51
147,489
0.20‌
2.07‌
18
3.84
3.60
59,861
0.56‌
(e)
5.69‌
(e)
15
4.05
4.41
17,241
0.55‌
(e)
5.84‌
(e)
6
8.70
8.70
6,086
0.46‌
(e)
0.83‌
(e)
41
8.33
8.36
5,689
0.46‌
(e)
0.78‌
(e)
4
2.62
2.66
151,769
0.18‌
(e)
4.63‌
(e)
6
2.22
2.21
25,793
0.17‌
(e)
5.18‌
(e)
7
98
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information 
Trust
and
Fund
Information:
Nushares
ETF
Trust
(the
“Trust”)
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Trust
is
comprised
of
Nuveen
AA-BBB
CLO
ETF
(NCLO),
Nuveen
Core
Plus
Bond
ETF
(NCPB),
Nuveen
Enhanced
Yield
U.S.
Aggregate
Bond
ETF
(NUAG),
Nuveen
ESG
1-5
Year
U.S.
Aggregate
Bond
ETF
(NUSA),
Nuveen
ESG
High
Yield
Corporate
Bond
ETF
(NUHY),
Nuveen
ESG
U.S.
Aggregate
Bond
ETF
(NUBD),
Nuveen
Preferred
and
Income
ETF
(NPFI),
Nuveen
Sustainable
Core
ETF
(NSCR),
Nuveen
Ultra
Short
Income
ETF
(NUSB)
(each
a
“Fund”
and
collectively,
the
“Funds”),
among
others.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
February
20,
2015.
Shares
of
NCLO,
NUAG,
NUSA,
NUHY
and
NUBD
are
listed
and
traded
on
the
NYSE
Arca,
while
shares
of
NCPB,
NPFI,
NSCR
and
NUSB
are
listed
and
traded
on
the
NASDAQ
Stock
Market
LLC.
The
NYSE
Arca
and
the
NASDAQ
Stock
Market
LLC
are
each
an
“Exchange”.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
January
31,
2025,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
January
31,
2025
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services.
For
NUAG,
NUSA,
NUHY
and
NUBD,
the
Adviser
has
entered
into
a
sub-advisory
agreement
with
Teachers
Advisors,
LLC
(“TAL”),
an
affiliate
of
the
Adviser,
under
which
TAL
manages
the
investment
portfolios
of
the
Funds.
For
NCLO,
NCPB,
NPFI,
NSCR
and
NUSB,
the
Adviser
has
entered
into
a
sub-advisory
agreement
with
Nuveen
Asset
Management
,
LLC
(“NAM”),
an
affiliate
of
the
Adviser,
under
which
NAM
manages
the
investment
portfolio
of
the
Fund.
NAM
and
TAL
are
each
a
“Sub-Adviser”.
2.
Significant
Accounting
Policies 
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
Net
Asset
Value
("NAV")
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
creation
unit
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and creation
unit transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and creation
unit transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The Trust
pays
no
compensation
directly
to
those
of
its officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of Trustees
(the
"Board") has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Shareholders:
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Foreign
Currency
Transactions
and
Translation:
The
books
and
records
of
the
Fund
are
maintained
in
U.S.
dollars.
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
end
of
each
day.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
dates
of
the
transactions.
Net
realized
foreign
currency
gains
and
losses
resulting
from
changes
in
exchange
rates
associated
with
(i)
foreign
currency,
(ii)
investments
and
(iii)
derivatives
include
foreign
currency
gains
and
losses
between
trade
date
and
settlement
date
of
the
transactions,
foreign
currency
transactions,
and
the
difference
between
the
amounts
of
interest
and
dividends
recorded
on
the
books
of
the
Fund
and
the
amounts
actually
received
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
foreign
currency
transactions”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
“Change
in
unrealized
appreciation
(depreciation)
of foreign
currency
translations”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative’s
related
“Change
net
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
99
Indemnifications:
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income:
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date.
Foreign
dividend
income
is
recorded
on
the
ex-dividend
date
or
as
soon
as
possible
after
the
Fund
determines
the
existence
of
a
dividend
declaration.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income,
which
is
recorded
on
an
accrual
basis
and
includes
accretion
of
discounts
and
amortization
of
premiums
for
financial
reporting
purposes.
Interest
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
Segment
Reporting:
In
November
2023,
the
FASB
issued
Accounting
Standard
Update
(“ASU”)
No.
2023-07,
Segment
Reporting
(Topic
280)
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”).
The
amendments
in
ASU
2023-07
improve
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
significant
segment
expenses.
ASU
2023-07
also
requires
a
public
entity
that
has
a
single
reportable
segment
to
provide
all
the
disclosures
required
by
the
amendments
in
ASU
2023-07
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
in
ASU
2023-07
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
fiscal
years
beginning
after
December
15,
2024.
The
Funds
adopted
ASU
2023-07
during
the
current
reporting
period.
Adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Funds’
financial
positions
or
the
results
of
their
operations.
The
officers
of
the
Funds
act
as
the
chief
operating
decision
maker
(“CODM”).
Each
Fund
represents
a
single
operating
segment.
The
CODM
monitors
the
operating
results
of
each
Fund
as
a
whole
and
is
responsible
for
each
Fund’s
long-term
strategic
asset
allocation
in
accordance
with
the
terms
of
its
prospectus,
based
on
a
defined
investment
strategy
which
is
executed
by
the
Fund’s
portfolio
managers
as
a
team.
The
financial
information
in
the
form
of
the
Fund’s
portfolio
composition,
total
returns,
expense
ratios
and
changes
in
net
assets
(i.e.,
changes
in
net
assets
resulting
from
operations,
subscriptions
and
redemptions),
which
are
used
by
the
CODM
to
assess
the
segment’s
performance
versus
the
Fund’s
comparative
benchmarks
and
to
make
resource
allocation
decisions
for
the
Fund’s
single
segment,
is
consistent
with
that
presented
within
the
Fund’s
financial
statements.
Segment
assets
are
reflected
on
the
Statement
of
Assets
and
Liabilities
as
“total
assets”
and
significant
segment
revenues
and
expenses
are
listed
on
the
Statement
of
Operations.  
3.
Investment
Valuation
and
Fair
Value
Measurements 
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
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).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Prices
of
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported
sales
price
or
official
closing
price
of
such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported
sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the
valuation
date.
To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1.
When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price,
these
securities
are
generally
classified
as
Level
2.
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
pricing
services and
are
generally
classified
as
Level
1
or
2.
100
Notes
to
Financial
Statements
(continued)
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1. 
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
NCLO
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Securitized
$
–
$
72,943,943
$
–
$
72,943,943
Total
$
–
$
72,943,943
$
–
$
72,943,943
a
NCPB
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
21,455,603
$
–
$
21,455,603
Government
Related
–
2,298,174
–
2,298,174
Securitized
–
20,105,726
–
20,105,726
U.S.
Treasury
–
7,641,323
–
7,641,323
Total
$
–
$
51,500,826
$
–
$
51,500,826
a
NUAG
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
14,506,963
$
–
$
14,506,963
Government
Related
–
3,427,358
–
3,427,358
Securitized
–
8,615,026
–
8,615,026
U.S.
Treasury
–
10,118,074
–
10,118,074
Investments
Purchased
with
Collateral
from
Securities
Lending
573,983
–
–
573,983
Total
$
573,983
$
36,667,421
$
–
$
37,241,404
a
NUSA
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
6,955,872
$
–
$
6,955,872
Government
Related
–
1,824,191
–
1,824,191
Securitized
–
2,309,877
–
2,309,877
U.S.
Treasury
–
18,446,467
–
18,446,467
Investments
Purchased
with
Collateral
from
Securities
Lending
38,030
–
–
38,030
Total
$
38,030
$
29,536,407
$
–
$
29,574,437
a
NUHY
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
95,944,563
$
–
$
95,944,563
Investments
Purchased
with
Collateral
from
Securities
Lending
9,084,390
–
–
9,084,390
Total
$
9,084,390
$
95,944,563
$
–
$
105,028,953
a
101
4.
Portfolio
Securities
Securities
Lending:
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
NUBD
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
98,988,512
$
–
$
98,988,512
Government
Related
–
16,894,375
–
16,894,375
Securitized
–
107,539,110
–
107,539,110
U.S.
Treasury
–
175,067,476
–
175,067,476
Investments
Purchased
with
Collateral
from
Securities
Lending
1,435,667
–
–
1,435,667
Total
$
1,435,667
$
398,489,473
$
–
$
399,925,140
a
NPFI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
32,168,708
$
–
$
32,168,708
Contingent
Capital
Securities
–
23,073,477
–
23,073,477
Corporate
Bonds
–
3,540,042
–
3,540,042
Total
$
–
$
58,782,227
$
–
$
58,782,227
a
NSCR
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
6,054,179
$
–
$
–
$
6,054,179
Total
$
6,054,179
$
–
$
–
$
6,054,179
a
NUSB
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Corporate
Debt
$
–
$
64,228,299
$
–
$
64,228,299
Government
Related
–
221,052
–
221,052
Securitized
–
21,037,668
–
21,037,668
Short-Term
Investments:
Certificate
of
Deposit
–
1,000,206
–
1,000,206
Commercial
Paper
–
24,163,927
–
24,163,927
Corporate
Debt
–
28,879,734
–
28,879,734
Repurchase
Agreements
–
4,592,000
–
4,592,000
U.S.
Treasury
–
5,167,026
–
5,167,026
Total
$
–
$
149,289,912
$
–
$
149,289,912
a
102
Notes
to
Financial
Statements
(continued)
As
of
the
end
of
the
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Purchases
and
Sales:
Long-term
purchases
and
sales
(excluding in-kind
transactions)
during
the
current fiscal
period
were
as
follows:
In-kind
transactions during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
NUAG
Corporate
Debt
$282,738
$
297,453
Government
Related
264,021
276,530
Total
$546,759
$573,983
NUSA
Corporate
Debt
$37,099
$38,030
NUHY
Corporate
Debt
$8,720,759
$9,084,390
NUBD
Corporate
Debt
$1,000,512
$1,048,497
Government
Related
374,247
387,170
Total
$1,374,759
$1,435,667
Purchases
Sales
Fund
Non-U.S.
Government
Purchases
U.S.
Government
and
Agency
Obligations
Non-U.S.
Government
Sales
U.S.
Government
and
Agency
Obligations
NCLO
$
80,257,415
$
—
$
6,976,125
$
—
NCPB
18,649,053
30,200,502
11,483,506
22,988,769
NUAG
3,258,309
6,901,326
2,920,069
5,732,443
NUSA
2,198,760
2,845,002
685,341
3,842,330
NUHY
26,195,690
—
27,309,056
—
NUBD
9,233,310
30,112,030
3,048,157
13,497,081
NPFI
47,263,908
—
5,973,136
—
NSCR
2,687,830
—
2,370,387
—
NUSB
75,744,207
—
4,363,087
—
Fund
In-Kind
Purchases
In-Kind
Sales
NCLO
$
—
$
—
NCPB
399,663
—
NUAG
3,224,396
2,140,970
NUSA
4,133,702
6,773,771
NUHY
8,579,640
—
NUBD
48,168,902
18,330,959
NPFI
631,857
—
NSCR
—
—
NUSB
—
—
103
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Each Fund
issues
and
redeems its
shares
on
a
continuous
basis
at
NAV
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”).
Only
certain
institutional
investors
(referred
to
as
“Authorized
Participants”)
who
have
entered
into
agreements
with
Nuveen
Securities,
LLC,
the
Funds'
distributor,
may
purchase
and
redeem
Creation
Units.
Once
created,
shares
of
the
Funds
trade
on
the
Exchange
at
market
prices
and
are
only
available
to
individual
investors
through
their
brokers.
Creation
Units
are
purchased
and
redeemed
in-kind
for
a
designated
portfolio
of
securities
included
in each
Fund’s
respective Index
and/or
a
specified
amount
of
cash.
Authorized
Participants
are
charged
fixed
transaction
fees
in
connection
with
purchasing
and
redeeming
Creation
Units.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant Fund
for
certain
transaction
costs
(i.e.,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
it
incurs
in
purchasing
or
selling
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
“Proceeds
from
shares
sold”
on
the
Statements
of
Changes
in
Net
Assets.
Transactions
in
Fund
shares
during
the
current
and
prior
period
were
as
follows:
NCLO
For
the
period
12/10/24
(commencement
of
operations)
through
1/31/25
Shares
Amount
Subscriptions
2,925,000
$73,146,190
Redemptions
–
–
Net
increase
(decrease)
2,925,000
$73,146,190
NCPB
NUAG
Six
Months
Ended
1/31/25
For
the
period
3/05/24
(commencement
of
operations)
through
7/31/24
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
525,000
$13,388,649
1,600,000
$40,030,789
200,000
$4,211,546
600,000
$12,312,988
Redemptions
–
–
–
–
(100,000)
(2,164,854)
(500,000)
(10,351,166)
Net
increase
(decrease)
525,000
$13,388,649
1,600,000
$40,030,789
100,000
$2,046,692
100,000
$1,961,822
NUSA
NUHY
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
200,000
$4,592,475
500,000
$11,382,469
400,000
$8,543,090
800,000
$16,620,534
Redemptions
(300,000)
(7,002,999)
(900,000)
(20,491,350)
–
–
(1,600,000)
(33,252,640)
Net
increase
(decrease)
(100,000)
$(2,410,524)
(400,000)
$(9,108,881)
400,000
$8,543,090
(800,000)
$(16,632,106)
104
Notes
to
Financial
Statements
(continued)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
NUBD
NPFI
Six
Months
Ended
1/31/25
Year
Ended
7/31/24
Six
Months
Ended
1/31/25
For
the
period
3/05/24
(commencement
of
operations)
through
7/31/24
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
2,800,000
$62,449,480
4,700,000
$102,065,429
1,850,000
$47,759,925
675,000
$16,890,171
Redemptions
(900,000)
(19,582,147)
(600,000)
(12,943,120)
(200,000)
(5,106,344)
–
–
Net
increase
(decrease)
1,900,000
$42,867,333
4,100,000
$89,122,309
1,650,000
$42,653,581
675,000
$16,890,171
NSCR
NUSB
Six
Months
Ended
1/31/25
For
the
period
3/05/24
(commencement
of
operations)
through
7/31/24
Six
Months
Ended
1/31/25
For
the
period
3/05/24
(commencement
of
operations)
through
7/31/24
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Subscriptions
–
$–
220,000
$5,520,319
5,550,000
$139,990,999
1,075,000
$26,933,619
Redemptions
–
–
(10,000)
(253,663)
(575,000)
(14,521,266)
(50,000)
(1,252,136)
Net
increase
(decrease)
–
$–
210,000
$5,266,656
4,975,000
$125,469,733
1,025,000
$25,681,483
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NCLO
$
72,777,975
$
2,695,467
$
(2,529,499)
$
165,968
NCPB
52,148,035
316,958
(964,167)
(647,209)
NUAG
39,352,030
156,685
(2,267,311)
(2,110,626)
NUSA
29,762,683
88,358
(276,604)
(188,246)
NUHY
104,640,486
1,667,977
(1,279,510)
388,467
NUBD
433,380,795
845,818
(34,301,473)
(33,455,655)
NPFI
58,519,400
510,716
(247,889)
262,827
NSCR
5,294,152
896,791
(136,764)
760,027
NUSB
149,217,479
156,892
(84,459)
72,433
105
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for its
investment
advisory services
to
the
Funds.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.  
The
Adviser
is
responsible
for
substantially
all
other
expenses
of
the
Funds,
except
any
future
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities,
fees
and
expenses
of
the
independent
trustees
(including
any
trustees’
counsel
fees),
certain
compensation
expenses
of
the
Funds’
chief
compliance
officer,
litigation
expenses
and
extraordinary
expenses.
The
annual management
fee,
payable
monthly,
for
each
Fund
is
based
on
a
percentage
of
average
daily
net
assets
according
to
the
following
rates: 
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NCLO
$
—
$
—
$
—
$
—
$
—
$
—
$
—
NCPB
185,912
—
559,345
(240,515)
—
—
504,742
NUAG
165,652
—
(1,757,417)
(26,789,532)
—
—
(28,381,297)
NUSA
125,722
—
(68,919)
(2,341,837)
—
—
(2,285,034)
NUHY
548,200
—
(765,699)
(13,612,908)
—
—
(13,830,407)
NUBD
900,612
—
(28,029,615)
(9,485,635)
—
—
(36,614,638)
NPFI
—
—
236,647
—
—
—
236,647
NSCR
17,682
9
400,280
—
—
—
417,971
NUSB
92,679
—
22,860
(4,318)
—
—
111,221
Fund
Short-Term
Long-Term
Total
NCLO
$
—
$
—
$
—
NCPB
240,515
—
240,515
NUAG
20,598,073
6,191,459
26,789,532
NUSA
554,944
1,786,893
2,341,837
NUHY
5,037,819
8,575,089
13,612,908
NUBD
4,135,619
5,350,016
9,485,635
NPFI
—
—
—
NSCR
—
—
—
NUSB
4,318
—
4,318
Fund
Management
Fee
NCLO
0.25%
NCPB
0.30
NUAG
0.20
NUSA
0.15
NUHY
0.30
NUBD
0.15
NPFI
0.55
NSCR
0.45
NUSB
0.17
106
Notes
to
Financial
Statements
(continued)
As
of
the
end
of
the
reporting
period,
the
percentage
of
Fund
shares
owned
by
affiliates was
as
follows: 
Underlying
Fund
TIAA
Nuveen
Nuveen
Fixed
Income
Funds
Total
NCLO
34
%
–
%
–
%
34
%
NCPB
69
–
–
69
NUAG
–
*
–
*
–
–
NUSA
–
–
–
–
NUHY
–
–
–
–
NUBD
–
–
–
–
NPFI
66
–
–
66
NSCR
95
–
–
95
NUSB
–
–
99
99
*
Value
rounded
to
zero.

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in Independent Registered Public Accounting Firm

(a) Previous independent registered public accounting firm: On October 24, 2024, the Funds’ Board of Trustees (the “Board”), upon recommendation from the Audit Committee, notified KPMG LLP (“KPMG”) that it would be dismissed as the independent registered public accounting firm for the Funds.

Regarding the four funds that commenced operations on March 5, 2024 (NCPB, NPFI, NSCR and NUSB and collectively referred to as the “Stub Period Funds”), KPMG’s audit reports on the Stub Period Funds’ financial statements as of and for the fiscal period March 5, 2024 (commencement of operations) through July 31, 2024 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Stub Period Funds’ fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Stub Period Funds’ fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

Regarding the four funds that commenced operations prior to March 5, 2024 (NUAG, NUSA, NUBD and NUHY and collectively referred to as the “Other Funds”; with the Stub Period Funds, referred to as the “Funds”), KPMG’s audit reports on the Other Funds’ financial statements as of and for the fiscal years ended July 31, 2024 and July 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Other Funds’ fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Other Funds’ fiscal years ended July 31, 2024 and July 31, 2023 and for the subsequent interim period through October 24, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

The Funds provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.

(b) New independent registered public accounting firm: On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as the new independent registered public accounting firm for the Funds for the fiscal year ended July 31, 2025 audits. During the Stub Period Funds’ fiscal period March 5, 2024 (commencement of operations) through July 31, 2024 and the Other Funds’ fiscal years ended July 31, 2024 and July 31, 2023 and for the subsequent interim period through October 24, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 (“S-K 304”), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as “Trustees fees” on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is reported as “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

Nuveen AA-BBB CLO ETF (NCLO)

The Approval Process

At the meeting held on November 19-20, 2024 (the “Meeting”), the Board of Trustees (the “Board” and each Trustee, a “Board Member”) of Nushares ETF Trust (the “Trust”), which is comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)), considered and approved for Nuveen AA-BBB CLO ETF (the “Fund”), a series of the Trust, the investment management agreement (the “Investment Management Agreement”) pursuant to which Nuveen Fund Advisors, LLC (the “Adviser”) would serve as investment adviser to the Fund and the investment sub-advisory agreement (the “Sub-Advisory Agreement”) pursuant to which Nuveen Asset Management, LLC (the “Sub-Adviser”) would serve as investment sub-adviser to the Fund. The Adviser and the Sub-Adviser are each hereafter a “Fund Adviser.” The Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an “Advisory Agreement” and collectively, the “Advisory Agreements.” The references to the Board and the Board Members are interchangeable. The Board Members oversee both a group of funds advised by the Adviser (the “Nuveen funds”) and a group of funds advised by Teachers Advisors, LLC (“TAL” and such funds, the “TC funds”), an affiliate of the Adviser, as the result of a consolidation of the boards of the Nuveen funds and the TC funds that became effective in January 2024.

To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Board Members had received, in adequate time in advance of the Meeting and/or at prior meetings, materials which outlined, among other things:

 

  •  

the nature, extent and quality of the services expected to be provided by the Fund Adviser;

 

  •  

the organization of the Fund Adviser, including the responsibilities of various departments and key personnel;

 

  •  

the expertise and background of the Fund Adviser;

 

  •  

certain performance-related information (as described below);

 

  •  

certain profitability-related information (as described below);

 

  •  

the proposed unified fee structure for the Fund, including comparisons of the Fund’s proposed unified fee with the net expense ratios of comparable funds; and

 

  •  

the soft dollar practices of the Fund Adviser, if any.

At the Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/or at prior meetings, the Board Members also met privately with their legal counsel to, among other things, review the Board’s duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser’s fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Board Members considered the Advisory Agreements. As outlined in more detail below, the Board Members considered various factors they believed relevant with respect to the Fund. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the Fund’s Advisory Agreements. As applicable, the Board Members also considered information they had received in their capacity as trustees or directors of other registered investment companies advised by the Fund Advisers.

A. Nature, Extent and Quality of Services

The Board Members considered the nature, extent and quality of the respective Fund Adviser’s services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Adviser already serve as adviser and sub-adviser, respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser’s organization, operations, personnel and services. As the Board meets regularly throughout the year to oversee the funds in the fund complex, including funds currently advised by the Fund Advisers, Board Members may have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.

The Board Members considered information about the structure, investment objective, investment strategy and other characteristics of the Fund and considered that in contrast to certain other exchange-traded funds (“ETFs”) advised by the Adviser, which seek to track the investment results of a specified underlying index (referred to as “Index ETFs”), the Fund would be actively managed.

At the Meeting and/or at prior meetings, the Board Members reviewed materials outlining, among other things, the respective Fund Adviser’s organization and business; the types of services that such Fund Adviser or its affiliates provide to the applicable funds and are expected to provide to the Fund; and the experience of the respective Fund Adviser. Further, at the Meeting and/or at prior meetings, the Board Members evaluated the background and experience of the relevant investment personnel.

The Board has considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board has considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as continual program of improvement and innovation aimed at enhancing the funds and fund complex for investors and meeting the needs of an increasingly complex regulatory environment. In particular, over the past several years, the Board has considered the significant resources, both financial and personnel, the Adviser and its affiliates have committed in working to consolidate the Nuveen fund family and TC fund family under one centralized umbrella. The Board has considered that the organizational changes in bringing together Nuveen, its affiliates and TIAA’s (as defined below) asset

 

1

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

 

management businesses, consolidating the Nuveen and TC fund families and other initiatives were anticipated to provide various benefits for the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. As part of these efforts, as noted above, the boards of the TC funds and Nuveen funds were consolidated effective in January 2024.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board has considered that the Adviser provides investment advisory services. With respect to the Nuveen funds, such funds utilize sub-advisers to manage the portfolios of the funds subject to the supervision of the Adviser. In addition to investment advisory services, the Board has considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds. Given the highly regulated industry in which the funds operate, the Board has considered the breadth of the Adviser’s compliance program and related policies and procedures. The Board has reviewed various initiatives the Adviser’s compliance team undertook or continued in 2023, in part, to address new regulatory requirements, support international business growth and product development, enhance international trading capabilities, enhance monitoring capabilities in light of the new regulatory requirements and guidance and maintain a comprehensive training program. The Board has further considered, among other things, that other non-advisory services provided have included, among other things, board support and reporting; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant and transfer agent); risk management, including reviews of the liquidity risk management and derivatives risk management programs; legal support services; regulatory advocacy; and cybersecurity, business continuity and disaster recovery planning and testing.

The Board Members considered that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Fund. In addition, the Board Members considered the experience and expertise of the investment team expected to manage the Fund.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services expected to be provided to the Fund under each Advisory Agreement.

B. Investment Performance

The Fund was new and, therefore, did not have its own performance history. The Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and sub-advised by the Sub-Adviser. In addition, the Board Members were aware that the portfolio management team expected to manage the Fund had experience with a strategy that, based on information provided by the Adviser, was generally comparable in certain respects to that anticipated for the Fund (the “CLO Strategy”). The Board Members reviewed certain historical performance-related data pertaining to the CLO Strategy. Further, the Board Members reviewed certain historical performance-related data pertaining to various unaffiliated actively managed ETFs that, based on information provided by the Adviser, were generally comparable in certain respects to the Fund (the “Comparable ETFs”).

C. Fees, Expenses and Profitability

 

  1.

Fees and Expenses

In evaluating the management fees and expenses that the Fund was expected to bear, the Board Members considered that the Fund would pay the Adviser a single, all-inclusive (or unified) management fee for providing or paying for all services necessary for the management and operation of the Fund, subject to certain exceptions. Unlike the typical fee arrangements of other funds in which the funds pay a variety of fees and expenses such as investment advisory fees, transfer agency fees, audit fees, custodian fees, administration fees, compliance expenses, recordkeeping expenses, marketing and shareholder service fees, distribution charges and other expenses, the Nuveen ETFs pay the Adviser a unified fee, and the Adviser is responsible for providing such services or arranging and supervising third parties to provide such services (subject to the certain exceptions). In this regard, the Board Members were provided with an estimate of the Fund’s anticipated operating expenses as well as a description of the expenses excluded from the unified fee. In considering the proposed unified fee structure, the Board Members considered that the Adviser would generally bear the risks of the Fund’s operating costs rising (and would benefit if such costs decrease) and would therefore have an incentive to be administratively efficient.

In their review, the Board Members considered, among other things, the Fund’s proposed unified fee compared to expense and management fee data relating to the Comparable ETFs. Because the Fund will pay a unified fee, the Board Members considered, among other things, the net expense ratios of the ETFs comprising the Comparable ETFs and certain related data provided by the Adviser. Based on information provided by the Adviser, the Board Members also considered that differences among the fees borne by the Comparable ETFs could be attributed to differences in their investment strategies. Further, the Board Members considered the proposed sub-advisory fee for the Fund, which will be paid by the Adviser out of its unified fee.

Based on their review of the fee and expense information provided, the Board Members determined that the Fund’s proposed management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services expected to be provided to the Fund.

 

2

 

 

  2.

Comparisons with the Fees of Other Clients

At the Meeting and/or at prior meetings, the Board has considered that the Adviser, affiliated sub-advisers and/or their affiliate(s) provide investment management services to, in addition to the Nuveen funds and the TC funds, various other types of clients which may include: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board has previously reviewed the equal weighted average fee or other fee data for the other types of clients managed in a similar manner to certain of the Nuveen funds and TC funds. The Board has considered the Adviser’s rationale for the differences in the management fee rates of the funds compared to the management fee rates charged to these other types of clients. In this regard, the Board has considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the funds compared to that provided to other clients as well as differences in investment policies; regulatory, disclosure and governance requirements; servicing relationships with vendors; the manner of managing such assets; product structure; investor profiles; and account sizes all may contribute to variations in relative fee rates. Further, differences in the client base, governing bodies, distribution, jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. In addition, differences in the level of advisory services required for passively managed funds, including the Index ETFs, also contribute to differences in the management fee levels of such funds compared to actively managed funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board has considered the wide range of services in addition to investment management that the Adviser has provided to the funds compared to other types of clients as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. In addition, the Board has considered that under the unified fee structure of a Nuveen ETF, the Adviser pays certain expenses of the ETF, which may not be similar to the management fee arrangements for other Nuveen funds and clients. The Board has further considered that a sub-adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board has considered that the varying levels of fees are reasonable given, among other things, the more extensive services, regulatory requirements and legal liabilities, and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company compared to that required in advising other types of clients.

 

  3.

Profitability of Fund Advisers

In conjunction with their review of fees, at the Meeting and/or at prior meetings, the Board Members have considered various profitability data relating to the Fund Advisers’ services to the Nuveen funds. In this regard, the Board Members have reviewed the estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds overall as well as profitability data of certain other asset management firms. Such profitability information has included, among other things, gross and net revenue margins (excluding distribution) of Nuveen Investments, Inc. (“Nuveen Investments”) for services to the Nuveen funds on a pre-tax and after-tax basis for the 2023 and 2022 calendar years as well as the revenues earned (less any expense reimbursements/fee waivers) and expenses incurred by Nuveen Investments for its advisory activities to the Nuveen funds (excluding distribution) for the 2023 and 2022 calendar years. The Board Members have also considered the rationale for the change in Nuveen’s profitability from 2022 to 2023. In addition, the Board has reviewed the revenues, expenses and operating margin (pre- and after-tax) that the Adviser derived from its ETF product line for the 2023 and 2022 calendar years.

In developing the profitability data, the Board Members have considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. Given there is no single universally recognized expense allocation methodology and that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results, the Board has reviewed, among other things, a description of the cost allocation methodologies employed to develop the financial information, a summary of the refinements Nuveen had made to the methodology that had occurred over the years from 2010 through 2021 to provide Nuveen’s profitability analysis, and a historical expense analysis of Nuveen Investments’ revenues, expenses and pre-tax net revenue margins derived from its advisory services to the Nuveen funds (excluding distribution) for the calendar years from 2017 through 2023. The Board of the Nuveen funds had also appointed two Board Members to serve as the Board’s liaisons to meet with representatives of the Adviser and review the development of the profitability data and to report to the full Board.

In addition, the Board has considered certain comparative operating margin data. In this regard, the Board has reviewed the operating margins of Nuveen Investments compared to the adjusted operating margins of a peer group of asset management firms with publicly available data and the most comparable assets under management (based on asset size and asset composition) to Nuveen. The Board has considered that the operating margins of the peers were adjusted generally to address that certain services provided by the peers were not provided by Nuveen. The Board has also reviewed, among other things, the net revenue margins (pre-tax) of Nuveen Investments on a company-wide basis and the net revenue margins (pre-tax) of Nuveen Investments derived from its services to the Nuveen funds only (including and excluding distribution) compared to the adjusted operating margins of the peer group for each calendar year from 2014 to 2023. In their review of the comparative data, the Board Members have considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.

 

3

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

 

Aside from the profitability data, the Board has considered that the Adviser and TAL are affiliates of Teachers Insurance and Annuity Association of America (“TIAA”). The Adviser is a subsidiary of Nuveen, LLC, the investment management arm of TIAA, and TAL is an indirect wholly owned subsidiary of TIAA. Accordingly, the Board has also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2023 and 2022 calendar years to consider the financial strength of TIAA. The Board has considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board has also considered the reinvestments the Adviser, its parent and/or other affiliates made into their business through, among other things, the investment of seed capital in certain funds, initiatives in international expansion, investments in infrastructure and continued investments in enhancements to technological capabilities.

The Board Members have considered the profitability of the Sub-Adviser from its relationships with the respective Nuveen funds. In this regard, the Board Members have reviewed, among other things, the Sub-Adviser’s revenues, expenses and net revenue margins (pre- and after-tax) for its advisory activities to the respective Nuveen funds for the calendar years ended December 31, 2023 and December 31, 2022. The Board Members have also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and after-tax) grouped by similar types of funds (such as municipal, taxable fixed income, equity, real assets and index/asset allocation) for the Sub-Adviser for the calendar years ending December 31, 2023 and December 31, 2022.

In evaluating the reasonableness of compensation, the Board Members have also considered the indirect benefits the respective Fund Adviser may receive as a result of its relationship with the funds in the fund complex, as discussed in further detail below.

The Board considered certain information regarding the expected profitability of the Fund for its first year of operations. In considering the information provided, the Board considered that the Fund was new and that, based on projected average assets under management for its first year of operations, the Fund was not anticipated to be profitable for such time period.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether the Fund could be expected to benefit from any economies of scale. Although the Board has considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board has also considered that there are various methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the applicable funds for the fees paid. In this regard, the Board has considered that, with respect to the Nuveen funds generally, although the management fee of the Adviser typically is comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule, the Nuveen ETFs do not have breakpoint schedules and do not participate in the complex-level fee program. The Board Members considered that the Fund will not have breakpoint schedules, participate in the complex-level fee program or have a fee waiver or expense limitation agreement. As described above, the Adviser will generally pay the operating expenses of the Fund (subject to certain exceptions) under the unified fee structure. The Board has considered that the Nuveen ETFs pay a unified fee and as a result, any reduction in fixed costs associated with the management of these funds would benefit the Adviser. However, the Board Members have considered that the unified fee schedule provides shareholders with a level of certainty of the expenses of the Nuveen ETFs. The Board Members have considered that the unified fees generally provide inherent economies of scale because the Nuveen ETF would maintain a relatively fixed fee over a given time period even if the particular fund’s assets declined and/or operating costs rose. The Board Members also considered that the Fund was being priced using an at-scale approach.

In addition, the Board Members have considered the continued reinvestment in Nuveen/TIAA’s business to enhance its capabilities and services to the benefit of its various clients. The Board has understood that many of these investments were not specific to individual funds, but rather incurred across a variety of products and services pursuant to which the family of funds as a whole may benefit. The Board has further considered that the Adviser and its affiliates have provided certain additional services, including, but not limited to, services required by new regulations and regulatory interpretations, without raising advisory fees to the funds, and this has also been a means of sharing economies of scale with the funds and their shareholders.

Based on its review, the Board was satisfied that the proposed fee arrangements for the Fund were expected to appropriately share any economies of scale with the Fund’s shareholders.

E. Indirect Benefits

At the Meeting and/or prior meetings, the Board Members have received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex. These benefits have included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. In addition, the Board Members have considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients. However, the Board Members have also considered that any benefits for the Adviser and/or Sub-Adviser attributable to soft dollar arrangements may be more limited with respect to transactions in fixed income securities as such securities generally trade on a principal basis and, therefore, do not generate brokerage commissions.

Based on its review, the Board concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable in light of the services expected to be provided.

 

4

 

 

F. Approval

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of the Investment Management Agreement and Sub-Advisory Agreement were reasonable, that the Fund Advisers’ fees were reasonable in light of the services expected to be provided to the Fund, and that the Investment Management Agreement and Sub-Advisory Agreement should be and were approved on behalf of the Fund.

 

5

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16.

Controls and Procedures.

 

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

(a)

Not applicable to open-end investment companies.

 

(b)

Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation.

 

(a)

Not applicable.

 

(b)

Not applicable.

Item 19.

Exhibits.

 

(a)(1)   Not applicable to this filing.
(a)(2)   Not applicable to this filing.
(a)(3)   Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(4)   Not applicable.
(a)(5)   Change in the registrant’s independent public accountant. Filed herewith.
(b)   Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nushares ETF Trust

 

Date: April 4, 2025     By:  

/s/ Briton Ryan

     
      Briton Ryan  
      Chief Administrative Officer  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Date: April 4, 2025     By:  

/s/ Briton Ryan

  
      Briton Ryan  
      Chief Administrative Officer  
      (principal executive officer)  
Date: April 4, 2025     By:  

/s/ Marc Cardella

     
      Marc Cardella  
      Vice President and Controller  
      (principal financial officer)