1

Portfolio

of

Investments

April

30,

2025

Municipal

Total

Return

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

97.4%

1443984679

MUNICIPAL

BONDS

-

97

.4

%

1443984679

ALABAMA

-

0.5%

$

1,000,000

Florence

Public

Educational

Building

Authority,

Alabama,

Revenue

Bonds,

University

of

North

Alabama

Athletic

Facilities

1830

Foundation

Series

2024

5

.250

%

11/01/49

$

1,041,213

240,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.000

10/01/32

260,149

50,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.000

10/01/34

54,056

250,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.000

10/01/35

268,549

400,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.000

10/01/39

416,033

250,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.250

10/01/41

260,625

75,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.250

10/01/45

76,958

90,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.250

10/01/49

90,808

255,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

5

.500

10/01/53

261,171

1,415,000

Madison

Water

and

Wastewater

Board,

Alabama,

Water

and

Sewer

Revenue

Bonds,

Series

2023

5

.250

12/01/48

1,501,748

1,205,000

The

Public

Educational

Building

Authority

of

Jacksonville,

Alabama,

Jacksonville

State

University

Foundation,

Higher

Educational

Facilities

Revenue

Bonds,

Jackson

State

University

Project

Series

2023A

-

AGM

Insured

5

.000

08/01/54

1,213,608

1,250,000

Walker

County

Board

of

Education,

Alabama,

Special

School

Tax

Warrants,

Series

2025

5

.000

03/01/47

1,278,954

TOTAL

ALABAMA

6,723,872

ALASKA

-

0.4%

1,400,000

Alaska

Industrial

Development

and

Export

Authority,

Power

Revenue

Bonds,

Snettisham

Hydroelectric

Project,

Refunding

Series

2015,

(AMT)

5

.000

01/01/30

1,401,057

1,030,000

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

Three

Series

2023,

(AMT)

5

.250

12/01/38

1,085,197

1,145,000

Alaska

Municipal

Bond

Bank,

General

Obligation

Bonds,

Three

Series

2023,

(AMT)

5

.250

12/01/40

1,202,296

2,310,000

Anchorage,

Alaska,

Solid

Waste

Services

Revenue

Bonds,

Refunding

Series

2022A

5

.500

11/01/41

2,517,396

TOTAL

ALASKA

6,205,946

ARIZONA

-

2.3%

2,200,000

(a)

Arizona

Industrial

Development

Authority

Education

Revenue

Bonds,

Pinecrest

Academy

of

Northern

Nevada

Project,

Series

2022A

4

.500

07/15/29

2,098,229

100,000

(a)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017D

5

.000

07/01/37

100,268

1,000,000

(a)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Basis

Schools,

Inc.

Projects,

Series

2017G

5

.000

07/01/51

935,180

40,000

(a)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,  Arizona

Agribusiness

and

Equine

Center,

Inc.

Project,

Series

2017B

4

.000

03/01/27

39,437

615,000

(a)

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Pinecrest

Academy

of

Nevada

Horizon,

Inspirada

and

St.

Rose

Campus

Projects,

Series

2018A

5

.000

07/15/28

619,739

1,050,000

Maricopa

County

and

Phoenix

City

Industrial

Development

Authority,

Arizona,

Single

Family

Mortgage

Revenue

Bonds,

Series

2024C

4

.750

09/01/49

1,047,725

2,000,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

Projects,

Series

2024

4

.000

07/01/34

1,910,886

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ARIZONA

(continued)

$

1,605,000

(a)

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Sun

Valley

Academy,

Series

2024A

6

.250

%

07/01/44

$

1,633,766

7,000,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Educational

Facilities

Revenue

Bonds,

Creighton

University

Projects,

Series

2020

5

.000

07/01/47

7,055,689

3,785,000

Phoenix

Civic

Improvement

Corporation,

Arizona,

Wastewater

System

Revenue

Bonds,

Junior

Lien

Series

2023

5

.250

07/01/47

4,012,528

5,025,000

Phoenix

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Great

Hearts

Academies

Project,

Series

2014A

5

.000

07/01/44

4,845,006

410,000

(a)

Pima

County

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

San

Tan

Montessori

School

Project,

Series

2017

6

.750

02/01/50

416,351

3,300,000

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2023A

5

.000

01/01/50

3,420,434

250,000

(a)

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

American

Leadership

Academy

Project,

Series

2024

5

.000

06/15/44

240,017

1,575,000

(a)

Sierra

Vista

Industrial

Development

Authority,

Arizona,

Education

Facility

Revenue

Bonds,

Desert

Heights

Charter

School

Project,

Refunding

Series

2024

5

.875

06/01/44

1,519,239

1,500,000

(a)

Yavapai

County

Industrial

Development

Authority,  Arizona,

Education

Revenue

Bonds,

Arizona

Agribusiness

and

Equine

Center

Inc

Project,

Refunding

Series

2015A

5

.000

09/01/34

1,486,173

2,250,000

Yuma

Industrial

Development

Authority,

Arizona,

Hospital

Revenue

Bonds,

Yuma

Regional

Medical

Center,

Series

2024A

5

.250

08/01/43

2,376,553

TOTAL

ARIZONA

33,757,220

ARKANSAS

-

0.5%

1,400,000

(a)

Arkansas

Development

Finance

Authority,

Charter

School

Revenue

Bonds,

Academy

of

Math

and

Science

-

Little

Rock

Project

Series

2024A

7

.000

07/01/59

1,279,476

1,800,000

Arkansas

Development

Finance

Authority,

Revenue

Bonds,

Baptist

Memorial

Health

Care,

Refunding

Series

2020B-1

5

.000

09/01/36

1,836,465

2,015,000

Arkansas

Tech

University,

Revenue

Bonds,

Refunding

Student

Fee

Series

2022A

-

BAM

Insured

5

.000

12/01/42

2,039,403

850,000

(b)

Hope,

Arkansas,

Sales

and

Use

Tax

Revenue

Bonds,

Series

2025

-

BAM

Insured

4

.500

06/01/46

821,972

1,000,000

Pulaski

County,

Arkansas,

Hospital

Revenue

Bonds,

Arkansas

Children's

Hospital,

Series

2023

5

.000

03/01/41

1,046,484

TOTAL

ARKANSAS

7,023,800

CALIFORNIA

-

3.5%

2,250,000

Burbank-Glendale-Pasadena

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2024B,

(AMT)

5

.250

07/01/40

2,377,143

250,000

Burbank-Glendale-Pasadena

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2024B,

(AMT)

5

.250

07/01/42

260,621

2,500,000

Burbank-Glendale-Pasadena

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2024B

-

AGM

Insured,

(AMT)

4

.250

07/01/43

2,328,102

655,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Stanford

University,

Series

2013-U3

5

.000

06/01/43

726,013

450,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Stanford

Health

Care,

Series

2020A

4

.000

08/15/50

409,825

100,000

(a)

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A

5

.500

06/01/38

100,108

1,180,000

(a)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A

5

.000

07/01/36

1,181,469

1,500,000

(a)

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2018A

5

.000

07/01/38

1,500,434

600,000

(a)

California

Municipal

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Westside

Neighborhood

School

Project,

Series

2024

5

.500

06/15/39

624,235

315,000

(a)

California

Municipal

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Westside

Neighborhood

School

Project,

Series

2024

5

.900

06/15/44

331,028

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

1,750,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

4

.000

%

07/01/42

$

1,580,977

3,500,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A

-

AGM

Insured,

(AMT)

3

.250

12/31/32

3,244,836

6,000,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

(AMT)

5

.000

12/31/38

6,034,091

325,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Improvement

Area

A

Hesperia

Silverwood,

Series

2024

5

.000

09/01/44

329,841

335,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Improvement

Area

A

Hesperia

Silverwood,

Series

2024

5

.000

09/01/49

337,289

4,000,000

(a)

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

Poseidon

Resources

Channelside

LP

Desalination

Project,

Series

2012,

(AMT)

5

.000

11/21/45

3,853,080

2,000,000

California

Public

Finance

Authority,

Senior

Living

Revenue

Bonds,

The

James,

Senior

Series

2024A

5

.875

06/01/39

1,920,244

1,305,000

California

Public

Finance

Authority,

Senior

Living

Revenue

Bonds,

The

James,

Senior

Series

2024A

6

.375

06/01/59

1,192,170

1,000,000

(a)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A

5

.000

08/01/35

1,000,310

325,000

(a)

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016

5

.000

08/01/25

325,222

1,485,000

(a)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Classical

Academies

Project,

Series

2017A

5

.000

10/01/37

1,496,108

1,000,000

(a)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Envision

Education,

Series

2024A

5

.000

06/01/44

954,594

700,000

(a)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A

5

.000

06/01/31

700,184

325,000

(a)

California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G

5

.000

06/01/37

319,042

3,900,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5

.000

12/01/36

3,926,849

280,000

(a)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

5

.000

12/01/46

272,842

750,000

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A

-

AGM

Insured

5

.125

08/15/47

767,926

1,250,000

El

Rancho

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2016

Series

2023D

-

BAM

Insured

5

.750

08/01/48

1,402,313

5,000,000

Glendale

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

2011

Election

Series

2016C

3

.000

09/01/39

4,307,645

750,000

Irvine,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1

Central

Park,

Series

2015A

4

.000

09/01/35

737,348

50,000

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A

5

.000

11/15/35

52,800

1,145,000

Long

Beach,

California,

Airport

Revenue

Bonds,

Senior

Refunding

Series

2022C

-

AGM

Insured,

(AMT)

5

.250

06/01/47

1,174,735

1,000,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Green

Series

2023A,

(AMT)

5

.250

05/15/40

1,061,159

1,000,000

North

Lake

Tahoe

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Health

&

Human

Services

Center

Series

2022

5

.500

12/01/47

1,079,222

1,200,000

Rancho

Mirage,

California,

Special

Tax

Bonds,

Community

Facilities

District

5

Section

31,

Improvement

Area

1

Series

2024A

5

.000

09/01/44

1,210,680

3,000,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2023C,

(AMT)

5

.500

05/01/38

3,257,600

TOTAL

CALIFORNIA

52,378,085

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

-

7.7%

$

4,000,000

Adams

12

Five

Star

Schools,

Adams

County,

Colorado,

General

Obligation

Bonds,

Series

2025

5

.250

%

12/15/44

$

4,332,986

1,000,000

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2021

4

.250

12/01/41

867,958

500,000

(a)

Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2024

5

.500

12/01/44

493,692

1,630,000

Arista

Metropolitan

District,

Broomfield

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

Convertible

to

Unlimited

Tax

Series

2023A

-

BAM

Insured

5

.000

12/01/48

1,660,947

530,000

Baseline

Metropolitan

District

1,

In

the

City

and

County

of

Broomfield,

Colorado,

Special

Revenue

Bonds,

Refunding

and

Improvement

Series

2024A

5

.000

12/01/49

544,893

500,000

Bromley

Park

Metropolitan

District

No.

2,

In

the

City

of

Brighton,

Adams

and

Weld

Counties,

Colorado,

Senior

General

Obligation

Limited

Tax

Refunding

Bonds,

Series

2023

-

BAM

Insured

5

.500

12/01/43

530,966

1,250,000

Canyons

Metropolitan

District

5,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

and

Improvement

Series

2024A

-

BAM

Insured

5

.000

12/01/49

1,252,735

500,000

Canyons

Metropolitan

District

5,

Douglas

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Subordinate

Refunding

Series

2024B

-

BAM

Insured

6

.500

12/01/54

494,385

700,000

CCP

Metropolitan

District

3,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2024

5

.000

12/01/53

654,309

5,785,000

Centennial

Water

and

Sanitation

District,

Douglas

County,

Colorado,

Water

and

Wastewater

Revenue

Bonds,

Series

2024

5

.250

12/01/53

6,119,153

520,000

Chambers

Highpoint

Metropolitan

District

No.

2,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2021

5

.000

12/01/41

440,994

1,000,000

(b)

Colorado

Bridge

and

Tunnel

Enterprise,

Colorado,

Senior

Infrastructure

Revenue

Bonds,

Series

2025A

5

.250

12/01/44

1,055,301

1,500,000

(b)

Colorado

Bridge

and

Tunnel

Enterprise,

Colorado,

Senior

Infrastructure

Revenue

Bonds,

Series

2025A

5

.250

12/01/45

1,577,013

500,000

(a)

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Aspen

Ridge

School

Project,

Series

2015A

5

.000

07/01/36

500,021

385,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013

5

.000

12/01/33

385,066

845,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,

Littleton

Preparatory

Charter

School,

Series

2013

5

.000

12/01/42

810,233

1,555,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Adventist

Health

System/Sunbelt

Obligated

Group,

Series

2016A

5

.000

11/15/41

1,555,737

1,155,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A

5

.250

11/01/36

1,238,744

5,300,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2022A

5

.250

11/01/52

5,436,168

4,050,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Intermountain

Healthcare,

Series

2022A

4

.000

05/15/52

3,660,187

4,000,000

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Improvement

Series

2023A

5

.250

11/15/48

4,246,550

480,000

Crowfoot

Valley

Ranch

Metropolitan

District

No.

2,  Douglas

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2024A

-

BAM

Insured

5

.000

12/01/44

488,572

2,905,000

Dawson

Trails

Metropolitan

District

1,

Colorado,

In

The

Town

of

Castle

Rock,

Limited

Tax

General

Obligation

Capital

Appreciation

Turbo

Bonds,

Series

2024

0

.000

12/01/31

1,660,286

795,000

Del

Norte,

Colorado,

Healthcare

Facilities

Revenue

Bonds,

Rio

Grande

Hospital

Refunding

Project,

Refunding

Series

2024

4

.875

12/01/34

759,035

550,000

Del

Norte,

Colorado,

Healthcare

Facilities

Revenue

Bonds,

Rio

Grande

Hospital

Refunding

Project,

Refunding

Series

2024

5

.200

12/01/39

512,533

1,665,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022A,

(AMT)

5

.500

11/15/35

1,844,140

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

1,725,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5

.750

%

11/15/34

$

1,949,466

805,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5

.750

11/15/35

904,675

3,500,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5

.750

11/15/40

3,837,842

2,500,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022D,

(AMT)

5

.750

11/15/41

2,724,469

700,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2023B,

(AMT)

5

.500

11/15/40

752,225

1,100,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

5

.000

12/01/25

1,100,585

1,205,000

Denver

Health

and

Hospitals

Authority,

Colorado,

Healthcare

Revenue

Bonds,

Series

2019A

4

.000

12/01/40

1,087,683

3,000,000

(a)

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A

6

.750

12/01/34

2,894,305

300,000

Fiddler's

Business

Improvement

District,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Greenwood

Village

Project,

Series

2022

5

.550

12/01/47

297,870

500,000

(a)

Granary

Metropolitan

District

9,

Weld

County,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2024

5

.450

12/01/44

459,561

500,000

Grandview

Reserve

Metropolitan

District,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Senior

Bonds,

Series

2022A

and

Limited

Tax

General

Obligation

Subordinate

Bonds,

Series

2022B(3)

6

.250

12/01/52

454,797

2,000,000

Gypsum,

Colorado,

Sewer

Enterprise

Revenue

Bonds,

Series

2024

5

.000

12/01/54

2,061,845

1,065,000

(a)

Hess

Ranch

Metropolitan

District

5,

Parker,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

2,

Series

2024

5

.500

12/01/44

996,343

500,000

(a)

Hogback

Metropolitan

District,

Jefferson

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Convertible

to

Unlimited

Tax

Series

2021A

5

.000

12/01/51

446,541

675,000

Hunters

Overlook

Metropolitan

District

5,

Severance,

Weld

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2024

5

.000

12/01/49

695,869

2,000,000

Lakes

at

Centerra

Metropolitan

District

2,

Loveland,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2024A

-

AGM

Insured

5

.000

12/01/49

2,016,181

1,500,000

Lambertson

Farms

Metropolitan

District

1,

Colorado,

Revenue

Bonds,

Refunding

Series

2024A

4

.125

12/15/44

1,387,056

1,200,000

Lambertson

Farms

Metropolitan

District

1,

Colorado,

Revenue

Bonds,

Refunding

Series

2024A

4

.250

12/15/49

1,105,396

2,550,000

(a)

Ledge

Rock

Center

Commercial

Metropolitan

District

(In

the

Town

of

Johnstown,

Weld

County,

Colorado),

Limited

Tax

General

Obligation

Bonds,

Series

2022

7

.125

11/01/42

2,515,410

500,000

Meridian

Ranch

Metropolitan

District

2018,

Subdistrict,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

6

.250

12/01/37

502,549

4,000,000

Mesa

County

Valley

School

District

51,

Grand

Junction,

Colorado,

General

Obligation

Bonds,

Series

2025

5

.250

12/01/49

4,270,800

500,000

(a)

Mineral

Business

Improvement

District,

Arapahoe

County,

Colorado,

General

Obligation

and

Special

Revenue

Bonds,

Limited

Tax

Series

2024A

5

.750

12/01/54

481,896

1,300,000

Northern

Colorado

Water

Conservancy

District,

Certificates

of

Participation,

Series

2022

5

.250

07/01/52

1,350,676

750,000

(a)

Orchard

Park

Place

South

Metropolitan

District,

Adams

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2024

6

.000

12/01/54

691,487

1,330,000

Peak

Metropolitan

District

3,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A-1

7

.500

12/01/52

1,312,593

1,035,000

(a)

Plaza

Metropolitan

District

1,

Lakewood,

Colorado,

Tax

Increment

Revenue

Bonds,

Refunding

Series

2013

5

.000

12/01/40

1,008,643

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

5,130,000

Rampart

Range

Metropolitan

District

1,

Lone

Tree,

Colorado,

Limited

Tax

Supported

and

Special

Revenue

Bonds,

Refunding

&

Improvement

Series

2017

5

.000

%

12/01/42

$

5,190,469

1,400,000

Ravenna

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Refunding

Limited

Tax

Series

2023

-

AGM

Insured

5

.000

12/01/38

1,465,559

690,000

Ravenna

Metropolitan

District,

Douglas

County,

Colorado,

General

Obligation

Bonds,

Refunding

Limited

Tax

Series

2023

-

AGM

Insured

5

.000

12/01/43

706,058

1,450,000

(a)

Reagan

Ranch

Metropolitan

District

1,

Colorado

Springs,

Colorado,

General

Obligation

Bonds,

Limited

Tax

&

Special

Revenue,

Series

2025

6

.125

12/01/54

1,325,369

1,000,000

Redtail

Ridge

Metropolitan

District,

City

of

Louisville,

Boulder

County,

Colorado,

General

Obligation

Limited

Tax

Capital

Appreciation

Turbo

Bonds,

Series

2025

0

.000

12/01/32

575,120

1,345,000

(a)

Ridge

at

Johnstown

Metropolitan

District

8,

Larimer

County,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2024

5

.875

12/01/44

1,223,972

1,345,000

Silverstone

Metropolitan

District

3,

Weld

County,

Colorado,

General

Obligation

and

Special

Revenue

Bonds,

Limited

Tax

Series

2023

7

.750

12/01/45

1,348,531

500,000

(a),(c)

St.

Vrain

Lakes

Metropolitan

District

4,

Weld

County,

Colorado,

General

Obligation

Bonds,

Firestone

Convertible

Capital

Appreciation

Limited

Tax

Series

2024A

0

.000

09/20/54

332,698

2,060,000

State

of

Colorado,

Rural

Colorado,

Certificates

of

Participation,

Series

2022

6

.000

12/15/39

2,363,975

7,870,000

State

of

Colorado,

Rural

Colorado,

Certificates

of

Participation,

Series

2022

6

.000

12/15/40

9,011,502

1,000,000

(b)

STC

Metropolitan

District

2,

Superior,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

First

Lien

Series

2025A-1

5

.250

12/01/45

1,019,960

1,000,000

(b)

STC

Metropolitan

District

2,

Superior,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

First

Lien

Series

2025A-1

5

.000

12/01/55

1,001,464

600,000

(a),(b)

STC

Metropolitan

District

2,

Superior,

Boulder

County,

Colorado,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Refunding

Second

Lien

Series

2025A-2

6

.250

12/01/55

604,982

900,000

Thompson

Crossing

Metropolitan

District

4,

Johnstown,

Larimer

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

&

Improvement

Series

2019

5

.000

12/01/39

874,288

500,000

(c)

Verve

Metropolitan

District

1,

Jefferson

County

and

the

City

and

County

of

Broomfield,

Colorado,

General

Obligation

Bonds,

Convertible

Capital

Appreciation

Improvement

Series

2024A

0

.000

12/01/54

354,209

1,000,000

Verve

Metropolitan

District

1,

Jefferson

County

and

the

City

and

County

of

Broomfield,

Colorado,

General

Obligation

Bonds,

Refunding

and

Improvement

Limited

Tax

Series

2021

5

.000

12/01/41

845,368

1,250,000

Village

Metropolitan

District

In

the

Town

of

Avon,

Eagle

County,

Colorado,

Special

Revenue

and

Limited

Property

Tax

Bonds,

Refunding

&

Improvement

Series

2020

5

.000

12/01/40

1,220,768

1,000,000

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022

6

.750

12/01/52

906,251

2,870,000

(a)

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2024A-2

8

.000

12/01/54

1,632,164

1,000,000

(a)

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2024

5

.750

12/01/44

929,372

750,000

Wildwing

Metropolitan

District

5,

Larimer

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

and

Improvement

Series

2024

-

AGM

Insured

4

.500

12/01/53

679,204

TOTAL

COLORADO

114,040,650

7

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONNECTICUT

-

0.8%

$

5,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A

4

.000

%

07/01/51

$

4,375,906

6,465,000

(a)

Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017

5

.000

04/01/39

6,472,995

775,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2023A

5

.000

08/15/41

833,826

TOTAL

CONNECTICUT

11,682,727

DELAWARE

-

0.2%

375,000

(a)

Bridgeville,

Delaware,

Special

Obligation

Bonds,

Heritage

Shores

Special

Development

District,

Series

2024

5

.250

07/01/44

375,978

715,000

Delaware

State

Housing

Authority,

Senior

Single

Family

Mortgage

Revenue

Bonds,

Series

2024A

4

.625

07/01/49

703,456

1,030,000

Kent

County,

Delaware,

Student

Housing

&

Dining

Facility

Revenue

Bonds,

Collegiate

Housing

Foundation

-

Dover

LLC

Delaware

State

University

Project,

Series

2018A

5

.000

07/01/30

1,039,768

750,000

Kent

County,

Delaware,

Student

Housing

&

Dining

Facility

Revenue

Bonds,

Collegiate

Housing

Foundation

-

Dover

LLC

Delaware

State

University

Project,

Series

2018A

5

.000

07/01/31

757,161

TOTAL

DELAWARE

2,876,363

DISTRICT

OF

COLUMBIA

-

0.2%

1,240,000

District

of

Columbia,

Washington,

D.C.,

Revenue

Bonds,

KIPP

DC

Issue,

Series

2019

4

.000

07/01/44

1,092,473

1,540,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B

5

.000

10/01/47

1,554,977

TOTAL

DISTRICT

OF

COLUMBIA

2,647,450

FLORIDA

-

12.9%

530,000

Babcock

Ranch

Community

Independent

Special

District,

Charlotte

County,

Florida,

Special

Assessment

Bonds,

2022

Project

Series

2022

4

.250

05/01/32

526,225

1,000,000

Babcock

Ranch

Community

Independent

Special

District,

Charlotte

County,

Florida,

Special

Assessment

Bonds,

2022

Project

Series

2022

5

.000

05/01/42

988,257

1,495,000

Bay

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2022A

5

.500

07/01/42

1,589,651

690,000

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A

5

.000

09/01/33

690,286

2,000,000

Brevard

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Health

First

Obligated

Group,

Series

2022A

5

.000

04/01/52

1,995,059

4,100,000

Broward

County

School

District,

Florida,

General

Obligation

Bonds,

School

Series

2022

5

.000

07/01/47

4,263,349

1,000,000

Broward

County,

Florida,

Port

Facilities

Revenue

Bonds,

Series

2022,

(AMT)

5

.250

09/01/47

1,022,731

4,000,000

(a)

Cabot

Citrus

Farms

Community

Development

District,

Florida,

Special

Revenue

Bond,

Anticipated

Note

Series

2024

5

.250

03/01/29

4,011,294

4,890,000

Canaveral

Port

Authority,

Florida,

Port

Improvement

Revenue

Refunding

Bonds,

Series

2018B

5

.000

06/01/48

4,895,792

1,000,000

Cape

Coral,

Florida,

Water

and

Sewer

Revenue

Bonds,

Series

2023

-

BAM

Insured

5

.250

10/01/48

1,062,536

2,095,000

(a)

Capital

Trust

Agency,

Florida,

Revenue

Bonds,

Odyssey

Charter

School

Project,

Series

2019

5

.000

07/01/54

1,915,582

2,010,000

(a)

Capital

Trust

Authority,

Florida,

Charter

School

Revenue

Bonds,

Mason

Classical

Academy

Project

Series

2024A

5

.000

06/01/39

1,951,425

1,525,000

(a)

Capital

Trust

Authority,

Florida,

Charter

School

Revenue

Bonds,

Mason

Classical

Academy

Project

Series

2024A

5

.000

06/01/44

1,431,533

1,270,000

(a)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

Babcock

Neighborhood

School

Inc

Project,

Series

2024

5

.750

08/15/49

1,193,504

2,235,000

Collier

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Ave

Maria

University,

Refunding

Series

2023

5

.500

06/01/30

2,311,022

2,490,000

Collier

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Ave

Maria

University,

Refunding

Series

2023

5

.500

06/01/32

2,579,070

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

8

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

435,000

Collier

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Ave

Maria

University,

Refunding

Series

2023

5

.000

%

06/01/43

$

394,867

500,000

Corkscrew

Crossing

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2023

4

.300

05/01/33

500,115

1,000,000

Corkscrew

Crossing

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2023

5

.100

05/01/43

975,605

2,375,000

Escambia

County

Health

Facilities

Authority

Health

Care

Facilities

Revenue

Bonds,

Florida,

Series

2020A

(Baptist

Health

Care

Corporation

Obligated

Group)

5

.000

08/15/32

2,479,412

2,950,000

Escambia

County

Health

Facilities

Authority,

Florida,

Health

Care

Facilities

Revenue

Bonds,

Baptist

Health

Care

Corporation

Obligated,

Series

2020A

5

.000

08/15/33

3,066,049

925,000

(a)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Cornerstone

Charter

Schools

Project,

Series

2022

5

.000

10/01/32

936,099

1,230,000

(a)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Cornerstone

Classical

Academy

Series

2024A

5

.250

06/01/44

1,193,423

175,000

(a)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Downtown

Doral

Charter

Upper

School

Project,

Series

2017C

5

.150

07/01/27

175,910

385,000

(a)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Downtown

Doral

Charter

Upper

School

Project,

Series

2017C

5

.750

07/01/47

382,767

170,000

(a)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School

Income

Projects,

Series

2015A

6

.000

06/15/35

170,106

1,210,000

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Saint

Andrews

School

of

Boca

Raton

Inc

Project

Series

2024A

5

.250

06/01/44

1,220,448

1,215,000

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Saint

Andrews

School

of

Boca

Raton

Inc

Project

Series

2024A

5

.250

06/01/49

1,210,503

700,000

(a)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Refunding

Bonds,

Central

Charter

School,

Series

2022

5

.250

08/15/37

658,345

3,000,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024

-

AGM

Insured,

(AMT)

5

.000

07/01/44

2,999,929

3,600,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024

-

AGM

Insured,

(AMT)

5

.250

07/01/47

3,629,177

500,000

(a)

Florida

Development

Finance

Corporation,

Student

Housing

Revenue

Bonds,

SPP

-

Tampa

I

-

LLC

The

Henry

Project,

Series

2024A-1

5

.000

06/01/44

481,336

1,000,000

Florida

Gulf

Coast

University

Financing

Corporation,

Capital

Improvement

Revenue

Bonds,

Refunding

Housing

Project,

Series

2022A

5

.000

02/01/40

1,040,171

12,000,000

Florida

Mid-Bay

Bridge

Authority,

Revenue

Bonds,

1st

Senior

Lien

Series

2015A

5

.000

10/01/35

12,012,254

8,000,000

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Series

2015A,

(AMT)

5

.000

10/01/40

8,002,261

500,000

Hammock

Oaks

Community

Development

District,

Lady

Lake,

Florida,

Special

Assessment

Revenue

Bonds,

Area

2,

Series

2024

6

.150

05/01/54

500,447

4,000,000

Hernando

County,

Florida,

Non-Ad

Valorem

Revenue

Bonds,

Series

2022

5

.250

06/01/47

4,156,920

1,905,000

Hialeah

Utility

Systems,

Florida,

Systems

Revenue

Bonds,

Refunding

Series

2022

5

.000

10/01/33

2,039,101

300,000

Hobe-Saint

Lucie

Conservancy

District,

Florida,

Special

Assessment

Revenue

Bonds,

Improvement

Unit

1A,

Series

2024

5

.600

05/01/44

300,854

2,860,000

Hollywood

Beach

Community

Development

District

1,

Florida,

Revenue

Bonds,

Public

Parking

Facilitiy

Project,

Refunding

Series

2020

5

.000

10/01/35

2,972,479

1,110,000

(a)

Jacksonville,

Florida,

Educational

Facilities

Revenue

Bonds,

Jacksonville

University

Project,

Series

2018B

5

.000

06/01/53

925,032

9

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

1,875,000

Julington

Creek

Plantation

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023

-

AGM

Insured

5

.500

%

05/01/43

$

1,994,371

1,665,000

Lakeland,

Florida,

Energy

System

Revenue

Bonds,

Refunding

Series

2023

5

.000

10/01/42

1,743,325

10,000,000

Lakeland,

Florida,

Energy

System

Revenue

Bonds,

Series

2021

5

.000

10/01/48

10,577,280

760,000

Lakewood

Ranch

Stewardship

District,

Florida,

Special

Assessment

Revenue

Bonds,

Palm

Grove

Project,

Series

2024

5

.500

05/01/55

731,186

885,000

Lauderhill,

Florida,

Water

and

Sewer

Revenue

Bonds,

Series

2023

-

AGM

Insured

5

.000

10/01/48

915,433

640,000

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2007A

5

.250

06/15/27

640,074

985,000

(a)

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2024A

6

.000

06/15/38

978,370

1,000,000

(a)

Lee

County

Industrial

Development

Authority,

Florida,

Charter

School

Revenue

Bonds,

Lee

County

Community

Charter

Schools,

Series

2024A

6

.250

06/15/42

994,314

2,000,000

Lee

County

Industrial

Development

Authority,

Florida,

Healthcare

Facilities

Revenue

Bonds,

Shell

Point/Alliance

Obligated

Group,

Shell

Point

Project,

Refunding

Series

2024C

5

.000

11/15/44

1,988,963

1,065,000

Lee

County

Industrial

Development

Authority,

Florida,

Healthcare

Facilities

Revenue

Bonds,

Shell

Point/Alliance

Obligated

Group,

Shell

Point

Project,

Series

2024A

5

.250

11/15/54

1,058,249

4,410,000

Lee

County,

Florida,

Airport

Revenue

Bonds,

Series

2024,

(AMT)

5

.250

10/01/43

4,588,594

2,895,000

Manatee

County,

Florida,

Public

Utilities

Revenue

Bonds,

Improvement

and

Refunding

Series

2023

4

.000

10/01/48

2,718,714

9,250,000

Miami

Beach

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Mount

Sinai

Medical

Center

of

Florida

Project,

Refunding

2014

5

.000

11/15/39

9,251,730

6,550,000

Miami

Beach

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Mount

Sinai

Medical

Center

of

Florida

Project,

Refunding

2014

5

.000

11/15/44

6,549,655

325,000

Miami-Dade

County

Expressway

Authority,

Florida,

Toll

System

Revenue

Bonds,

Series

2010A

5

.000

07/01/40

325,507

2,000,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2017B,

(AMT)

5

.000

10/01/40

2,009,381

670,000

(a)

Miromar

Lakes

Community

Development

District,

Lee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2025

5

.000

05/01/35

699,455

1,430,000

Monroe

County,

Florida,

Airport

Revenue

Bonds,

Key

West

International

Airport,

Series

2022,

(AMT)

5

.000

10/01/39

1,460,543

1,575,000

Monroe

County,

Florida,

Airport

Revenue

Bonds,

Key

West

International

Airport,

Series

2022,

(AMT)

5

.000

10/01/41

1,588,487

2,960,000

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health,

Inc.,

Refunding

Series

2016A

5

.000

10/01/39

2,964,061

745,000

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1

5

.000

10/01/29

780,945

620,000

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Jupiter

Medical

Center,

Series

2022

5

.000

11/01/34

647,632

750,000

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Jupiter

Medical

Center,

Series

2022

5

.000

11/01/36

775,988

1,520,000

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Jupiter

Medical

Center,

Series

2022

5

.000

11/01/47

1,491,365

2,175,000

Palm

Beach

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Jupiter

Medical

Center,

Series

2022

5

.000

11/01/52

2,087,954

240,000

(a)

Parrish

Lakes

Community

Development

District,

Manatee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

3,

Series

2024

5

.800

05/01/54

230,675

1,000,000

Pasco

County,

Florida,

Cigarette

Tax

Allocation

Bonds,

H.

Lee

Moffitt

Cancer

Center

and

Research

Institute

Capital

Improvement

Series

2023A

-

AGM

Insured

5

.500

09/01/41

1,069,978

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

10

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

1,000,000

Poitras

East

Community

Development

District,

Osceola

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023

4

.200

%

05/01/33

$

996,970

410,000

Pompano

Beach,

Florida,

Revenue

Bonds,

John

Knox

Village

Project,

Series

2015

5

.000

09/01/35

410,067

5,000,000

Sarasota

County

Public

Hospital

District,

Florida,

Hospital

Revenue

Bonds,

Sarasota

Memorial

Hospital

Project,

Series

2018

5

.000

07/01/38

5,095,229

2,120,000

Sarasota

County,

Florida,

Utility

System

Revenue

Bonds,

Series

2022

5

.250

10/01/52

2,214,149

4,440,000

Sarasota

County,

Florida,

Utility

System

Revenue

Bonds,

Series

2023

5

.000

10/01/48

4,621,112

2,200,000

St.

Johns

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2024A

-

AGM

Insured

5

.250

07/01/46

2,336,984

3,000,000

St.

Johns

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2024A

-

AGM

Insured

5

.500

07/01/49

3,181,706

1,350,000

Sumter

County

School

Board,

Florida,

Certificates

of

Participation,

Series

2024

-

AGM

Insured

5

.250

01/01/49

1,423,228

1,425,000

Tampa

Bay,

Florida,

Regional

Water

Supply

Authority,

Utility

System

Revenue

Bonds,

Sustainability

Series

2022

5

.250

10/01/47

1,503,502

11,195,000

Tampa,

Florida,

Hospital

Revenue

Bonds,

H.

Lee

Moffitt

Cancer

Center

Project,

Series

2020B

4

.000

07/01/45

10,012,589

4,090,000

Tampa,

Florida,

Water

and

Wastewater

Systems

Revenue

Bonds,

Green

Series

2022A

5

.250

10/01/57

4,290,086

1,095,000

Village

Community

Development

District

10,

Sumter

County,

Florida,

Special

Assessment

Revenue

Bonds,

Refunding

Series

2023

-

AGM

Insured

5

.000

05/01/39

1,150,498

975,000

Village

Community

Development

District

10,

Sumter

County,

Florida,

Special

Assessment

Revenue

Bonds,

Refunding

Series

2023

-

AGM

Insured

5

.000

05/01/40

1,018,081

2,850,000

(a)

Village

Community

Development

District

14,

Leesburg,

Florida,

Special

Assessment

Bonds,

Series

2022

4

.750

05/01/32

2,908,537

3,750,000

(a)

Village

Community

Development

District

15,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2023

5

.250

05/01/54

3,754,407

500,000

Volusia

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Stetson

University

Inc.

Project,

Refunding

Series

2025

5

.000

06/01/34

523,635

500,000

Volusia

County

Educational

Facilities

Authority,

Florida,

Revenue

Bonds,

Stetson

University

Inc.

Project,

Refunding

Series

2025

5

.000

06/01/36

517,045

TOTAL

FLORIDA

191,670,980

GEORGIA

-

1.6%

750,000

(a)

Atlanta

Development

Authority,

Georgia,

Revenue

Bonds,

Westside

Gulch

Area

Project,

Senior

Series

2024A-1

5

.000

04/01/34

737,373

2,000,000

(a)

Atlanta

Development

Authority,

Georgia,

Revenue

Bonds,

Westside

Gulch

Area

Project,

Senior

Series

2024A-2

5

.500

04/01/39

2,007,761

1,000,000

Columbia

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

WellStar

Health

System,

Inc.

Project,

Series

2023B

5

.750

04/01/53

1,077,090

8,425,000

Coweta

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2019A

5

.000

07/01/44

8,558,236

7,260,000

Fulton

County

Development

Authority,

Georgia,

Revenue

Bonds,

Piedmont

Healthcare,

Inc.

Project,

Series

2019A

4

.000

07/01/49

6,433,340

2,310,000

(a)

Geo.

L.

Smith

II

Georgia

World

Congress

Center

Authority,

Georgia,

Convention

Center

Hotel

Revenue

Bonds,  Second

Tier

Series

2021B

5

.000

01/01/36

2,294,580

950,000

Henry

County

Hospital

Authority,

Georgia,

Revenue

Certificates,

Piedmont

Henry

Hospital

Project,

Series

2014A

5

.000

07/01/34

950,026

1,935,000

(a)

Marietta

Development

Authority,

Georgia,

University

Facilities

Revenue

Bonds,

Life

University,

Inc.

Project,

Refunding

Series

2017A

5

.000

11/01/27

1,939,051

TOTAL

GEORGIA

23,997,457

GUAM

-

0.2%

1,000,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D

5

.000

11/15/33

1,004,098

1,535,000

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2017A

5

.000

10/01/37

1,560,363

TOTAL

GUAM

2,564,461

11

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HAWAII

-

0.2%

$

750,000

(a)

Hawaii

Department

of

Budget

and

Finance,

Special

Purpose

Revenue

Bonds,

Hawaii

Pacific

University

Project,

Refunding

Series

2024

5

.000

%

07/01/34

$

742,858

440,000

Kauai

County,

Hawaii,

Special

Tax

Bonds,

Community

Facilities

District

2008-1

Kukuiula

Development

Project,

Series

2022

4

.000

05/15/29

433,730

470,000

Kauai

County,

Hawaii,

Special

Tax

Bonds,

Community

Facilities

District

2008-1

Kukuiula

Development

Project,

Series

2022

4

.000

05/15/30

458,915

375,000

Kauai

County,

Hawaii,

Special

Tax

Bonds,

Community

Facilities

District

2008-1

Kukuiula

Development

Project,

Series

2022

5

.000

05/15/31

385,725

250,000

Kauai

County,

Hawaii,

Special

Tax

Bonds,

Community

Facilities

District

2008-1

Kukuiula

Development

Project,

Series

2022

5

.000

05/15/32

257,272

TOTAL

HAWAII

2,278,500

IDAHO

-

0.5%

610,000

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Madison

Memorial

Hospital

Project,

Refunding

Series

2016

5

.000

09/01/29

611,840

4,000,000

Idaho

Health

Facilities

Authority,

Revenue

Bonds,

Saint

Luke's

Health

System

Project,

Series

2018A

4

.000

03/01/38

3,950,566

1,100,000

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Alturas

Preparatory

Academy

Project

Series

2024A

4

.250

05/01/49

978,813

750,000

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Alturas

Preparatory

Academy

Project

Series

2024A

4

.375

05/01/54

666,379

1,135,000

(a)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

Future

Public

School

Project,

Series

2022A

4

.000

05/01/32

1,047,183

750,000

Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Series

2024

6

.250

09/01/53

769,142

TOTAL

IDAHO

8,023,923

ILLINOIS

-

5.3%

525,428

Chicago,

Illinois,

Certificates

of

Participation,

Tax

Increment

Allocation

Revenue

Bonds,

Pullman

Park/Chicago

Redevelopement

Project,

Series

2013A

7

.125

03/15/33

525,541

3,850,000

Chicago,

Illinois,

General

Obligation

Bonds,

Chicago

Works

Series

2023A

5

.000

01/01/35

3,979,180

1,685,000

Chicago,

Illinois,

General

Obligation

Bonds,

Chicago

Works

Series

2023A

5

.500

01/01/39

1,761,394

1,000,000

Chicago,

Illinois,

Midway

Airport

Revenue

Bonds,

Refunding

Senior

Lien

Series

2023C

5

.000

01/01/39

1,031,001

1,125,000

(b)

DuPage

County

High

School

District

87,

Glenbard

Township,

Illinois,

General

Obligation

Bonds,

Series

2025

5

.250

01/01/46

1,180,428

4,650,000

DuPage

County

School

District

58

Downers

Grove,

Illinois,

General

Obligation

Bonds,  School

Series

2022

5

.250

12/15/40

5,005,308

2,000,000

Illinois

Finance

Authority,

Revenue

Bonds,

Advocate

Health

Care

Network,

Refunding

Series

2014

4

.000

08/01/38

1,846,771

1,220,000

(a)

Illinois

Finance

Authority,

Revenue

Bonds,

DePaul

College

Prep

Foundation,

Series

2023A

4

.300

08/01/28

1,221,285

1,275,000

(a)

Illinois

Finance

Authority,

Revenue

Bonds,

DePaul

College

Prep

Foundation,

Series

2023A

4

.500

08/01/33

1,287,158

1,000,000

(a)

Illinois

Finance

Authority,

Revenue

Bonds,

DePaul

College

Prep

Foundation,

Series

2023A

5

.250

08/01/38

1,043,121

1,750,000

Illinois

Finance

Authority,

Revenue

Bonds,

Northshore

University

HealthSystem,

Series

2020A

4

.000

08/15/40

1,633,003

2,000,000

Illinois

Finance

Authority,

Revenue

Bonds,

Northshore

University

HealthSystem,

Series

2020A

4

.000

08/15/41

1,856,441

2,750,000

Illinois

Finance

Authority,

Revenue

Bonds,

Rush

University

Medical

Center

Obligated

Group,

Series

2015A

5

.000

11/15/38

2,749,973

12,000,000

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C

5

.000

08/15/44

11,672,237

725,000

Illinois

Finance

Authority,

Revenue

Bonds,

Smith

Crossing,

Refunding

Series

2022

4

.000

10/15/30

685,718

7,500,000

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Series

2014A

4

.000

10/01/38

7,174,315

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

12

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ILLINOIS

(continued)

$

830,000

Illinois

Finance

Authority,

Student

Housing

&

Academic

Facility

Revenue

Bonds,

CHF-Collegiate

Housing

Foundation

-

Chicago

LLC

University

of

Illinois

at

Chicago

Project,

Series

2017A

5

.000

%

02/15/26

$

833,009

400,000

Illinois

Finance

Authority,

Student

Housing

&

Academic

Facility

Revenue

Bonds,

CHF-Collegiate

Housing

Foundation

-

Chicago

LLC

University

of

Illinois

at

Chicago

Project,

Series

2017A

5

.000

02/15/29

403,358

1,240,000

Illinois

Finance

Authority,

Student

Housing

&

Academic

Facility

Revenue

Bonds,

CHF-Collegiate

Housing

Foundation

-

Chicago

LLC

University

of

Illinois

at

Chicago

Project,

Series

2017A

5

.000

02/15/50

1,154,115

2,255,000

(a)

Illinois

Finance

Authority,

Surface

Freight

Transfer

Facilities

Revenue

Bonds,

CenterPointJoliet

Terminal

Railroad

Project,

Series

2020,

(AMT),

(Mandatory

Put

12/31/34)

4

.125

12/01/50

2,197,821

1,240,000

Illinois

Housing

Development

Authority,

Revenue

Bonds,

Social

Series

2022G

6

.250

10/01/52

1,325,561

1,500,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2024B

5

.250

05/01/45

1,535,451

5,000,000

Illinois

State,

General

Obligation

Bonds,

October

Series

2024C

4

.000

10/01/40

4,515,991

5,330,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2015B

5

.000

01/01/40

5,341,916

1,100,000

Lake

County

Consolidated

High

School

District

120

Mundelein,

Illinois,

General

Obligation

Bonds,

School

Series

2022A

5

.500

12/01/40

1,166,415

2,730,000

Lemont

Fire

Protection

District,

Cook,

DuPage

and

Will

Counties,

Illinois,

General

Obligation

Bonds,

Series

2025

4

.000

12/30/41

2,551,151

2,935,000

Lemont

Fire

Protection

District,

Cook,

DuPage

and

Will

Counties,

Illinois,

General

Obligation

Bonds,

Series

2025

4

.000

12/30/42

2,717,524

3,210,000

Lemont

Fire

Protection

District,

Cook,

DuPage

and

Will

Counties,

Illinois,

General

Obligation

Bonds,

Series

2025

4

.000

12/30/43

2,952,177

1,000,000

Romeoville,

Will

County,

Illinois,

Revenue

Bonds,

Lewis

University

Project,

Refunding

Series

2018B

5

.000

10/01/39

956,813

1,000,000

Sangamon

County

School

District

186

Springfield,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2023

-

AGM

Insured

5

.500

06/01/48

1,056,922

2,000,000

Will

County

School

District

114,

Manhattan,

Illinois,

General

Obligation

Bonds,

Series

2022

-

BAM

Insured

5

.500

01/01/43

2,158,439

4,000,000

Will

County,

Illinois,

General

Obligation

Bonds,

Alternate

Revenue

Source

Series

2019

4

.000

11/15/47

3,571,207

TOTAL

ILLINOIS

79,090,744

INDIANA

-

4.4%

1,000,000

Avon

Community

School

Building

Corporation,

Hendricks

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2023

5

.500

07/15/41

1,093,704

1,625,000

Avon

Community

School

Building

Corporation,

Hendricks

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2023

5

.500

01/15/43

1,757,121

3,500,000

Brownsburg

1999

School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2023

5

.500

07/15/40

3,749,744

750,000

Carmel,

Indiana,

Waterworks

Revenue

Bonds,

Refunding,

Series

2024C

-

BAM

Insured

5

.250

05/01/51

771,381

2,500,000

Evansville,

Indiana,

Waterworks

District

Revenue

Bonds,

Series

2022A

-

BAM

Insured

5

.000

07/01/47

2,540,042

1,000,000

(a)

Gary

Local

Public

Improvement

Bond

Bank,

Indiana,

Economic

Development

Revenue

Bonds,

Drexel

Foundation

for

Educational

Excellence

Project,

Refunding

Series

2020A

5

.875

06/01/55

895,267

850,000

IIndiana

Finance

Authority,

Hospital

Revenue

Bonds,

Parkview

Health,

Series

2018A

4

.000

11/01/48

761,337

4,000,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

DePauw

University

Project,

Series

2022A

5

.000

07/01/42

3,957,063

520,000

Indiana

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Seven

Oaks

Classical

School

Project,

Series

2021A

5

.000

06/01/51

440,554

5,260,000

Indiana

Finance

Authority,

Health

Facilities

Revenue

Bonds,

Hendricks

Regional

Health,

Series

2024

5

.250

03/01/54

5,290,261

500,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

5

.000

11/01/30

514,517

13

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDIANA

(continued)

$

1,020,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

5

.000

%

11/01/31

$

1,043,900

435,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

5

.000

11/01/32

443,325

1,110,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

5

.000

11/01/33

1,127,034

760,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

5

.000

11/01/34

770,202

665,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

5

.000

11/01/35

673,810

235,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

4

.000

11/01/36

222,587

1,125,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Goshen

Health,

Series

2019A

4

.000

11/01/43

1,000,761

1,785,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Reid

Health

Series

2022

-

AGM

Insured

5

.000

01/01/42

1,819,013

1,700,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Reid

Health

Series

2022

-

AGM

Insured

5

.000

01/01/52

1,678,413

1,635,000

Indiana

Finance

Authority,

Indiana,

Health

Facilities

Project

Revenue

Bonds,

Margaret

Mary

Health

Project,

Series

2024A

5

.000

03/01/32

1,716,908

1,805,000

Indiana

Finance

Authority,

Indiana,

Health

Facilities

Project

Revenue

Bonds,

Margaret

Mary

Health

Project,

Series

2024A

5

.000

03/01/34

1,897,671

2,485,000

Indiana

Finance

Authority,

Indiana,

Health

Facilities

Project

Revenue

Bonds,

Margaret

Mary

Health

Project,

Series

2024A

5

.500

03/01/44

2,576,394

3,845,000

Indiana

Finance

Authority,

Indiana,

Health

Facilities

Project

Revenue

Bonds,

Margaret

Mary

Health

Project,

Series

2024A

5

.750

03/01/54

3,988,292

785,000

Indiana

Housing

and

Community

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2024A-1

4

.650

07/01/49

774,944

500,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Airport

Authority

Project

Revenue

Bonds,

Series

2023I-2,

(AMT)

5

.250

01/01/42

518,022

500,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Airport

Authority

Project

Revenue

Bonds,

Series

2023I-2,

(AMT)

5

.250

01/01/43

515,486

1,030,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Airport

Authority

Project

Revenue

Bonds,

Series

2023I-2,

(AMT)

5

.250

01/01/48

1,047,163

2,235,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Circle

City

Forward

Phase

II

Project

Revenue

Bonds,

Series

2023B

5

.250

02/01/48

2,373,880

5,850,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Ad

Valorem

Property

Tax

Funded

Project

Series

2023D

6

.000

02/01/48

6,501,303

630,000

IPS

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Revenue

Bonds,

Social

Series

2022

5

.500

07/15/37

700,910

500,000

IPS

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Revenue

Bonds,

Social

Series

2022

5

.500

07/15/39

548,956

2,960,000

Lake

Ridge

Multi-School

Building

Corporation,

Lake

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2022

5

.500

07/15/36

3,275,813

3,500,000

Lake

Ridge

Multi-School

Building

Corporation,

Lake

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2022

5

.500

07/15/38

3,830,949

1,280,000

Lake

Ridge

Multi-School

Building

Corporation,

Lake

County,

Indiana,

First

Mortgage

Bonds,

Ad

Valorem

Property

Tax

Series

2022

5

.500

07/15/40

1,388,135

1,150,000

Mount

Vernon

of

Hancock

County

Multi-School

Building

Corporation,

Indiana,

First

Mortgage

Bonds,

Series

2022

5

.500

01/15/42

1,233,002

465,000

Tippecanoe

County

NSE08

School

Building

Corporation,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2023B

6

.000

07/15/41

528,416

1,325,000

Tippecanoe

County

NSE08

School

Building

Corporation,

Indiana,

Ad

Valorem

Property

Tax

First

Mortgage

Bonds,

Series

2023B

6

.000

01/15/43

1,488,811

TOTAL

INDIANA

65,455,091

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

14

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

IOWA

-

0.3%

$

2,030,000

Iowa

Finance

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2025A

4

.550

%

07/01/45

$

2,015,421

3,000,000

PEFA

Inc.,

Public

Energy

Facilities

Authority,

Inc.,

Iowa,

Gas

Project

Revenue

Bonds,

Series

2019,

(Mandatory

Put

9/01/26)

5

.000

09/01/49

3,040,870

TOTAL

IOWA

5,056,291

KANSAS

-

0.6%

1,075,000

Hutchinson,

Kansas,

Hospital

Facilities

Revenue

Bonds,

Hutchinson

Regional

Medical

Center,

Inc.,

Series

2016

5

.000

12/01/36

969,531

725,000

Kansas

Independent

College

Finance

Authority,

Revenue

Anticipation

Notes,

Private

Education

Short-Term

Loan

Program,

Series

2024A,

B,

and

C

8

.150

05/01/25

725,000

1,200,000

Kansas

Independent

College

Finance

Authority,

Revenue

Anticipation

Notes,

Private

Education

Short-Term

Loan

Program,

Series

2024A,

B,

and

C

8

.500

05/01/25

1,200,000

1,500,000

Marion

County

Unified

School

District

410

Marion-Durham-

Hillsboro-Lehigh,

Kansas,

General

Obligation

Bonds

Series

2024

-

AGM

Insured

4

.000

09/01/44

1,340,189

2,700,000

Unified

School

District

No.

491,

Douglas

County.

Kansas,

General

Obligation

Bonds,

Refunding

and

School

Building,

Eudora

Series

2023A

-

AGM

Insured

5

.000

09/01/42

2,786,744

2,350,000

University

of

Kansas

Hospital

Authority,

Health

Facilities

Revenue

Bonds,

KU

Health

System,

Refunding

&

Improvement

Series

2015

5

.000

09/01/33

2,356,777

TOTAL

KANSAS

9,378,241

KENTUCKY

-

0.1%

1,250,000

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

127,

Series

2022A

5

.250

06/01/39

1,336,442

TOTAL

KENTUCKY

1,336,442

LOUISIANA

-

2.1%

3,255,000

Lafayette,

Louisiana,

Utilities

Revenue

Bonds,

Electric

Projects

Series

2024

5

.000

11/01/49

3,344,968

500,000

Lake

Charles

Harbor

and

Terminal

District,

Louisiana,

Revenue

Bonds,

Refunding

Series

2024B,

(AMT)

5

.000

01/01/36

515,058

200,000

(a)

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Lincoln

Preparatory

School

Project,

Series

2021A

5

.000

06/01/31

192,211

2,640,000

Louisiana

Publc

Facilities

Authority,

Lousiana,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Refunding

Series

2017

5

.000

05/15/35

2,677,449

2,000,000

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Loyola

University

of

New

Orleans

Project,

Refunding

Series

2023A

5

.000

10/01/43

2,004,846

12,500,000

Louisiana

Publics

Facilities

Authority,

Louisiana,

Revenue

Bonds,

I-10

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT)

5

.500

09/01/59

12,785,441

500,000

(a)

Plaquemines

Port,

Louisiana,

Harbor

and

Terminal

District

Facilities

Revenue

Bonds

NOLA

Terminal

LLC

Project

Dock

and

Wharf

Series

2024A

9

.000

12/01/44

427,332

1,000,000

Port

New

Orleans

Board

of

Commissioners,

Louisiana,

Revenue

Bonds,

Port

Facilities,

AMT

Series

2025B,

(AMT)

5

.500

04/01/51

1,042,946

3,000,000

Port

New

Orleans

Board

of

Commissioners,

Louisiana,

Revenue

Bonds,

Port

Facilities,

Refunding

Series

2018B

-

AGM

Insured,

(AMT)

5

.000

04/01/37

3,040,519

4,900,000

Saint

John

the

Baptist

Parish

School

District

1,

Louisiana,

General

Obligation

Bonds,

Series

2023

5

.250

03/01/37

5,130,135

TOTAL

LOUISIANA

31,160,905

MAINE

-

0.2%

1,500,000

Bath,

Maine,

General

Obligation

Bonds,

Series

2024

4

.000

05/01/44

1,401,283

1,000,000

Bath,

Maine,

General

Obligation

Bonds,

Series

2024

4

.000

05/01/49

935,866

500,000

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Series

2022C

-

AGM

Insured

5

.500

07/01/38

544,864

700,000

Maine

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Series

2023A

-

AGM

Insured

5

.000

07/01/42

731,582

TOTAL

MAINE

3,613,595

15

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MARYLAND

-

0.1%

$

1,385,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Lifebridge

Health

Issue

Series

2023

5

.250

%

07/01/54

$

1,441,430

TOTAL

MARYLAND

1,441,430

MASSACHUSETTS

-

0.8%

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N

5

.000

07/01/44

500,033

7,980,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2021G

5

.000

07/01/50

7,934,243

3,280,000

Massachusetts

State,

General

Obligation

Bonds,

Refunding

Series

2023B

5

.000

05/01/43

3,458,568

TOTAL

MASSACHUSETTS

11,892,844

MICHIGAN

-

2.3%

1,090,000

Belding

School

District,

Ionia,

Kent

and

Montcalm

Counties,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2022

5

.250

05/01/48

1,133,665

580,000

(d)

Detroit

Downtown

Development

Authority,

Michigan,

Tax

Increment

Bonds,

Development  Area

1

Projects,

Series

1996C,

(ETM)

0

.000

07/01/25

576,433

5,000,000

Flat

Rock

Community

School

District,

Wayne

County,

Michigan,

General

Obligation

Bonds,

Refunding

School

Building

and

Site

Series

2023

5

.250

05/01/52

5,196,445

5,000

(d)

Kalamazoo

Hospital

Finance

Authority,

Michigan,

Hospital

Revenue

Bonds,

Bronson

Healthcare

Group,

Inc.,

Refunding

Series

2016,

(ETM)

5

.000

05/15/26

5,095

4,000,000

Lansing,

Ingham

and

Eaton

Counties,

Michigan,

General

Obligation

Bonds,

Refunding

&

Capital

Improvement

Series

2023B

-

AGM

Insured

5

.000

06/01/42

4,191,942

825,000

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

McLaren

Health

Care,

Refunding

Series

2015B

5

.000

05/15/34

825,530

3,975,000

(d)

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Sparrow

Obligated

Group,

Refunding

Series

2022A,

(Pre-refunded

11/15/32)

5

.000

11/15/35

4,409,520

375,000

(a)

Michigan

Finance

AuthorIty,

Public

School

Academy

Limited

Obligation

Revenue

Bonds,

Voyageur

Academy

Project,

Refunding

Series

2017.

Private

Placement

of

2017

5

.900

07/15/46

278,991

1,000,000

Michigan

Mathematics

&

Science

Initiative,

Michigan,

Public

School

Academy

Revenue

Bonds,

Series

2021

4

.000

01/01/51

775,057

3,075,000

Michigan

State

University,

General

Revenue

Bonds,

Series

2024A

5

.250

08/15/43

3,313,180

5,000,000

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A

4

.000

11/15/44

4,653,131

6,000,000

Michigan

Strategic

Fund,

Limited

Obligation

Revenue

Bonds,

I-75

Improvement

Project,

Series

2018,

(AMT)

5

.000

12/31/43

6,005,165

3,000,000

Wyoming

Public

Schools,

Kent

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023

-

AGM

Insured

5

.000

05/01/43

3,103,475

TOTAL

MICHIGAN

34,467,629

MINNESOTA

-

1.9%

585,000

Bethel,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Spectrum

High

School

Project,

Series

2024

5

.000

07/01/59

538,659

4,675,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

4

.250

02/15/48

4,233,981

4,580,000

Forest

Lake,

Minnesota

Charter

School

Lease

Revenue

Bonds,

North

Lakes

Academy,

Refunding

Series

2021A

5

.000

07/01/41

4,110,704

305,000

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A

4

.500

08/01/26

304,600

1,750,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B,

(AMT)

5

.000

01/01/37

1,815,462

980,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2022M

5

.100

07/01/42

1,022,245

1,000,000

Ramsey,

Anoka

County,

Minnesota,

Lease

Revenue

Bonds,

PACT

Charter

School

Project,  Series

2022A

5

.000

06/01/32

953,661

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

16

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

(continued)

$

8,965,000

(e)

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2025A,

(UB)

4

.375

%

11/15/53

$

8,691,590

5,630,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Facility

Revenue

Bonds,

HealthPartners

Obligated

Group,

Refunding

Series

2015A

4

.000

07/01/35

5,491,889

750,000

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Charter

School

Revenue

Bonds,

Higher

Ground

Academy

Charter

School,

Series

2023

5

.500

12/01/38

767,325

TOTAL

MINNESOTA

27,930,116

MISSISSIPPI

-

1.4%

3,180,000

Medical

Center

Educational

Building

Corporation,

Mississippi,

Revenue

Bonds,

University

of

Mississippi

Medical

Center,

Colony

Park

Teaching

Campus,

Series

2023A

5

.000

06/01/42

3,277,790

5,000,000

Mississippi

Home

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2023C

4

.550

12/01/43

5,019,198

4,000,000

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A

5

.000

09/01/41

3,977,469

8,500,000

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A

5

.000

09/01/46

8,402,633

TOTAL

MISSISSIPPI

20,677,090

MISSOURI

-

2.9%

3,425,000

Hannibal

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Hannibal

Regional

Healthcare

System,

Series

2017

5

.000

10/01/42

3,225,740

1,900,000

Jefferson

City

School

District,

Missouri,

General

Obligation

Bonds,

Series

2025

5

.500

03/01/45

2,026,966

2,500,000

(a)

Lee's

Summit,

Missouri,

Special

Obligation

Tax

Increment

and

Special

District

Improvement

Bonds,

Summit

Fair

Project,

Refunding

Series

2017

4

.875

11/01/37

2,242,837

1,960,000

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

Improvement

Series

2022B

5

.250

05/01/52

2,052,531

4,000,000

Missouri

Development

Finance

Board,

Revenue

Bonds,

Zoo

Projects,

Series

2022

5

.500

05/01/42

4,222,159

10,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2012

4

.000

11/15/42

8,877,010

650,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016B

5

.000

02/01/28

652,617

500,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016B

5

.000

02/01/46

472,489

2,330,000

Orchard

Farm

R-V

School

District,

Saint

Charles

County,

Missouri,

Certificates

of

Participation,

Series

2022A

5

.250

04/01/39

2,400,515

2,200,000

Ozark

Reorganized

School

District

6,

Christian

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2022

-

AGM

Insured

6

.000

03/01/42

2,444,063

10,000,000

Saint

Louis,

Missouri,

Airport

Revenue

Bonds,

Lambert-St.

Louis

International

Airport,

Series

2024A

-

AGM

Insured

5

.250

07/01/54

10,407,475

253,000

Saint

Louis,

Missouri,

Tax

Increment

Financing

Revenue

Notes,

Marquette

Building

Redevelopment

Project,

Series

2008-A

6

.500

01/23/28

88,550

510,000

(a)

Taney

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Improvement

Bonds,

Big

Cedar

Infrastructure

Project

Series

2023

6

.000

10/01/49

483,937

2,255,000

Universal

City

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Tax

Increment

and

Special

District

Markets

at

Olive

Project

Series

2023A

4

.875

06/15/36

2,210,562

600,000

Wright

City

School

District

R-II,

Warren

County,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2022

-

AGM

Insured

6

.000

03/01/42

671,377

TOTAL

MISSOURI

42,478,828

17

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MONTANA

-

1.2%

$

3,000,000

Montana

Board

of

Housing,

Single

Family

Mortgage

Bonds,

Series

2023A

4

.450

%

12/01/43

$

3,019,963

5,000,000

Montana

Facility

Finance

Authority,

Revenue

Bonds,

Billings

Clinic

Obligated

Group,

Series

2018A

5

.000

08/15/48

4,951,279

8,720,000

Montana

State

Board

of

Regents

of

Higher

Education,

General

Revenue

Bonds,

Series

2022

-

AGM

Insured

5

.250

11/15/52

9,118,455

TOTAL

MONTANA

17,089,697

NEBRASKA

-

0.9%

2,000,000

Douglas

County

Nebraska,

Sanitary

and

Improvement,

District

Number

608,

General

Obligation

Bonds,

North

Streams,

Series

2022

6

.000

12/15/37

1,836,539

1,750,000

Douglas

County

Sanitary

and

Improvement

District

608

North

Streams,

Nebraska,

General

Obligation

Bonds,

Series

2022

5

.750

12/15/37

1,570,671

1,045,000

Douglas

County

Sanitary

and

Improvement

District

608

North

Streams,

Nebraska,

General

Obligation

Bonds,

Series

2023

7

.000

10/15/38

1,018,237

2,500,000

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2023G

5

.150

09/01/43

2,574,477

3,000,000

Nebraska

Investment

Finance

Authority,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2024A

4

.500

09/01/44

2,952,293

3,000,000

Omaha

Airport

Authority,

Nebraska,

Airport

Facilities

Revenue

Bonds,

Series

2024,

(AMT)

5

.250

12/15/49

3,078,002

TOTAL

NEBRASKA

13,030,219

NEVADA

-

1.5%

3,000,000

Carson

City,

Nevada,

Hospital

Revenue

Bonds,

Carson

Tahoe

Regional

Healthcare

Project,

Series

2017A

5

.000

09/01/42

2,941,811

12,335,000

Clark

County

Water

Reclamation

District,

Nevada,

General

Obligation

Water

Bonds,

Limited

Tax

Series

2023

5

.000

07/01/47

12,815,047

770,000

Henderson,

Nevada,

Local

Improvement

Bonds,

Local

Improvement

District

T-22

Rainbow

Canyon

Phase

II,

Series

2023

5

.000

03/01/38

759,469

600,000

Las

Vegas

Special

Improvement

District

613,

Nevada,

Local

Improvement

Bonds,

Sunstone

Phases

III

and

IV

Series

2024

5

.500

12/01/53

584,540

1,000,000

Las

Vegas,

Nevada,

Local

Improvement

Revenue

Bonds,

Special

Improvement

District

818

Summerlin

Village

27,

Series

2024

5

.000

12/01/39

1,003,512

935,000

Las

Vegas,

Nevada,

Local

Improvement

Revenue

Bonds,

Special

Improvement

District

818

Summerlin

Village

27,

Series

2024

5

.000

12/01/44

901,420

2,570,000

Reno-Tahoe

Airport

Authority,

Nevada,

Airport

Revenue

Bonds,

Series

2024B

5

.000

07/01/49

2,619,628

TOTAL

NEVADA

21,625,427

NEW

HAMPSHIRE

-

1.1%

670,000

(d)

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Catholic

Medical

Center,

Series

2017,

(Pre-

refunded

7/01/27)

5

.000

07/01/44

696,700

4,055,000

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

Concord

Hospital,

Series

2017

5

.000

10/01/42

4,070,834

9,455,000

New

Hampshire

Health

and

Education

Facilities

Authority,

Revenue

Bonds,

University

System

of

New

Hampshire,

Series

2015

5

.000

07/01/40

9,466,761

1,350,000

New

Hampshire

Housing

Finance

Authority,

Single

Family

Mortgage

Acquisition

Bonds,

Social

Series

2023B

4

.450

07/01/43

1,359,680

TOTAL

NEW

HAMPSHIRE

15,593,975

NEW

JERSEY

-

2.2%

100,000

Jersey

City

Municipal

Utilities

Authority,

Hudson

County,

New

Jersey,

Sewer

Revenue

Bonds,

Series

2025E

-

BAM

Insured

5

.750

10/15/48

111,528

3,920,000

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023A

5

.000

08/15/49

4,119,511

2,715,000

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

H-1

Project

Series

2023A

5

.000

08/15/53

2,838,975

5,300,000

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A

5

.000

11/01/37

5,610,954

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

18

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

JERSEY

(continued)

$

1,500,000

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013

-

AGM

Insured,

(AMT)

5

.125

%

01/01/39

$

1,502,720

3,500,000

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017,

(AMT)

5

.000

10/01/37

3,533,012

2,235,000

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017,

(AMT)

5

.000

10/01/47

2,169,899

2,000,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018B,

(AMT)

3

.800

10/01/32

1,909,987

1,700,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC

5

.250

06/15/36

1,852,518

200,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA

5

.250

06/15/32

200,300

7,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2024A

5

.250

06/15/39

7,611,831

1,300,000

South

Jersey

Port

Corporation,

New

Jersey,

Marine

Terminal

Revenue

Bonds,

Subordinate

Series

2017B,

(AMT)

5

.000

01/01/35

1,327,556

TOTAL

NEW

JERSEY

32,788,791

NEW

MEXICO

-

0.1%

1,970,000

New

Mexico

Mortgage

Finance

Authority,

Single

Family

Mortgage

Program

Bonds,

Class

1

Series

2023D

5

.150

09/01/43

2,028,688

TOTAL

NEW

MEXICO

2,028,688

NEW

YORK

-

6.3%

400,000

Buffalo

and

Erie

County

Industrial

Land

Development

Corporation,

New

York,

Revenue

Bonds,

Catholic

Health

System,

Inc.

Project,

Series

2015

5

.000

07/01/27

399,952

400,000

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Global

Community

Charter

School

Project,

Series

2022A

4

.000

06/15/32

367,677

1,250,000

(a)

Build

NYC

Resource

Corporation

Revenue

Bonds,

New

York,

East

Harlem

Scholars

Academy

Charter

School

Project

Series

2022

5

.750

06/01/42

1,263,592

1,335,000

Dormitory

Authority

of

the

State

of

New

York,

Columbia

University

Revenue

Bonds,

Series

2020A

5

.000

10/01/50

1,435,423

785,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Barnard

College,

Series

2022A

5

.000

07/01/37

810,731

725,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Catholic

Health

System

Obligated

Group

Series

2019A

5

.000

07/01/32

725,760

525,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Catholic

Health

System

Obligated

Group

Series

2019A

5

.000

07/01/34

520,778

925,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Catholic

Health

System

Obligated

Group

Series

2019A

4

.000

07/01/38

810,401

800,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Catholic

Health

System

Obligated

Group

Series

2019A

5

.000

07/01/41

774,098

9,000,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Icahn

School

of

Medicine

at

Mount

Sinai,

Refunding

Series

2015A

5

.000

07/01/32

9,002,666

5,000,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Memorial

Sloan

Kettering

Cancer

Center

Series

2022-1A

4

.000

07/01/51

4,492,256

2,535,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A

5

.000

08/01/25

2,541,054

800,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A

4

.000

09/01/36

768,437

450,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A

4

.000

09/01/37

428,070

750,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A

4

.000

09/01/38

704,913

7,800,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

School

University,

Series

2016A

5

.000

07/01/37

7,905,926

1,575,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005

5

.250

10/01/35

1,759,778

580,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007

5

.500

10/01/37

659,144

19

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

(continued)

$

1,975,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2017

5

.000

%

12/01/46

$

1,976,161

2,011,369

Nassau

County

Tobacco

Settlement

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Series

2006A-2

5

.250

06/01/26

1,975,532

5,000,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2023D-1

5

.500

11/01/45

5,387,145

4,035,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2024A-1

5

.000

05/01/44

4,208,049

7,090,000

(a)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014

5

.000

11/15/44

7,059,449

500,000

(d)

New

York

State

Environmental

Facilities

Corporation,

State

Clean

Water

and

Drinking

Water

Revolving

Funds

Revenue

Bonds,

Pooled

Loan

Issue,

Series

2005B,

(ETM)

5

.500

10/15/27

527,349

1,785,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

1

Project,

Green

Series

2024,

(AMT)

5

.250

06/30/43

1,805,900

2,600,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

1

Project,

Green

Series

2024,

(AMT)

5

.500

06/30/54

2,639,591

1,980,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

1

John

F

Kennedy

International

Airport

Project,

Green

Series

2023

-

AGM

Insured,

(AMT)

5

.500

06/30/44

2,049,935

5,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022,

(AMT)

5

.000

12/01/34

5,212,597

1,660,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022,

(AMT)

5

.000

12/01/42

1,657,247

4,000,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eighteen

Series

2019,

(AMT)

5

.000

11/01/44

4,031,612

750,000

Schenectady

County

Capital

Resource

Corporation,

New

York,

Revenue

Bonds,

Union

College

Project,

Series

2022

5

.250

07/01/52

787,955

7,165,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-

City

Sales

Tax

Series

2023A

5

.500

05/15/63

7,590,565

7,625,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-

City

Sales

Tax,

Series

2022A

5

.250

05/15/52

7,948,706

1,360,000

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Series

2023

-

AGM

Insured

5

.750

11/01/48

1,472,523

915,000

Yonkers

Industrial

Development

Agency,

New

York,

School

Facility

Revenue

Bonds,

New

Community

School

Project

Series

2022

5

.250

05/01/51

952,127

1,155,000

Yonkers,

New

York,

General

Obligation

Bonds,

Serial

Series

2022F

-

BAM

Insured

5

.000

11/15/38

1,246,074

TOTAL

NEW

YORK

93,899,173

NORTH

CAROLINA

-

0.8%

6,370,000

Charlotte,

North

Carolina,

Airport

Revenue

Bonds,

Charlotte

Douglas

International,

Series

2022A

4

.000

07/01/47

5,831,822

1,300,000

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds

Series

2022A

-

AGM

Insured,

(AMT)

5

.250

07/01/39

1,382,662

430,000

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds

Series

2023

-

AGM

Insured,

(AMT)

5

.250

07/01/41

455,111

1,090,000

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds

Series

2023

-

AGM

Insured,

(AMT)

5

.250

07/01/42

1,146,507

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

20

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH

CAROLINA

(continued)

$

620,000

Greater

Asheville

Regional

Airport

Authority,

North

Carolina,

Airport

System

Revenue

Bonds

Series

2023

-

AGM

Insured,

(AMT)

5

.250

%

07/01/43

$

646,625

1,095,000

North

Carolina

Medical

Care

Commission,

Retirement

Facility

First

Mortgage

Revenue

Bonds,

Everyage,

Series

2024B

5

.000

09/01/49

1,048,175

1,500,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019

5

.000

01/01/44

1,511,111

500,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019

5

.000

01/01/49

496,742

TOTAL

NORTH

CAROLINA

12,518,755

NORTH

DAKOTA

-

0.7%

2,580,000

North

Dakota

Board

of

Higher

Education,

Housing

and

Auxiliary

Facilities

Revenue

Bonds,

Bismarck

State

College,

Series

2024

-

AGM

Insured

5

.000

05/01/49

2,635,080

1,000,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2023D

4

.500

07/01/43

1,002,883

5,000,000

North

Dakota

Housing

Finance

Agency,

Home

Mortgage

Finance

Program

Bonds,

Social

Series

2024C

4

.650

07/01/44

4,984,782

1,485,000

Ward

County

Health

Care,

North

Dakota,

Revenue

Bonds,

Trinity

Obligated

Group,

Series

2017C

5

.000

06/01/34

1,462,217

TOTAL

NORTH

DAKOTA

10,084,962

OHIO

-

2.2%

925,000

Beachwood

City

School

District,

Cuyahoga

County,

Ohio,

General

Obligation

Bonds,  School

Improvement

Series

2023

4

.125

12/01/60

851,848

1,315,000

Brunswick

City

School

District,

Medina

County,

Ohio,

General

Obligation

Bonds,

Classroom

Facilities

School

Improvement

Series

2023

-

BAM

Insured

5

.250

12/01/53

1,364,294

2,000,000

Columbus

Regional

Airport

Authority,

Ohio,

Revenue

Bonds,

John

Glenn

Columbus

International

Airport,

Series

2025A,

(AMT)

5

.250

01/01/42

2,093,412

3,700,000

(a)

Columbus-Franklin

County

Finance

Authority,

Ohio,

Revenue

Bonds,

Bridge

Park

G

Block

Project,

Public

Infrastructure

Series

2022

5

.000

12/01/53

3,438,305

1,000,000

County

of

Warren,

Ohio

Hospital

FaciliaWarren

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Community

First

Solutions

Obligated

Group

Refunding

Series

2024A.ties

Refunding

Revenue

Bonds

Series

2024

5

.000

05/15/44

991,342

1,415,000

County

of

Warren,

Ohio

Hospital

FaciliaWarren

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Community

First

Solutions

Obligated

Group

Refunding

Series

2024A.ties

Refunding

Revenue

Bonds

Series

2024

5

.000

05/15/49

1,371,111

1,910,000

County

of

Warren,

Ohio

Hospital

FaciliaWarren

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Community

First

Solutions

Obligated

Group

Refunding

Series

2024A.ties

Refunding

Revenue

Bonds

Series

2024

5

.000

05/15/52

1,823,407

1,000,000

Dayton,

Ohio,

Water

System

Revenue

Bonds,

Series

2022

5

.500

12/01/42

1,064,083

400,000

Montgomery

County,

Ohio,

Health

Care

Facilities

Revenue

Bonds,

Solvita

Project

Refunding

and

Improvement

Series

2024

5

.250

09/01/54

402,113

285,000

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013

5

.000

02/15/27

286,446

2,000,000

Muskingum

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Genesis

HealthCare

System

Obligated

Group

Project,

Series

2013

5

.000

02/15/44

1,913,123

5,000,000

New

Albany

Plain

Local

Joint

Park

District,

Franklin

and

Licking

Counties,

Ohio,

General

Obligation

Bonds,

Park

Facilities

Series

2023

-

BAM

Insured

5

.500

12/01/48

5,332,012

1,150,000

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Refunding

Series

2009D,

(Mandatory

Put

9/15/21)

3

.375

08/01/29

1,100,171

250,000

(a)

Ohio

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Silver

Birch

of

Mansfield

Project,

Series

2024

6

.000

01/01/45

239,673

1,730,000

Ohio

State,

Hospital

Revenue

Bonds,

Children's

Hospital

Medical

Center

of

Akron,

Series

2024A

5

.250

08/15/48

1,825,527

21

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

(continued)

$

1,700,000

Summit

County

Development

Finance

Authority,

Ohio,

Parking

System

Revenue

Bonds,

University

of

Akron

Parking

Project

Series

2023

5

.500

%

12/01/43

$

1,772,947

5,000,000

Washington

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Memorial

Health

System

Obligated

Group,

Series

2022

6

.375

12/01/37

5,333,879

635,000

West

Holmes

Local

School

District,

Ohio,

Certificates

of

Participation,

Series

2023

-

BAM

Insured

5

.250

12/01/44

663,451

TOTAL

OHIO

31,867,144

OKLAHOMA

-

0.3%

2,145,000

Clinton

Public

Works

Authority,  Oklahoma,

Educational

Facilities,

Lease

Revenue

Bonds,

Series

2022

5

.000

10/01/33

2,246,708

1,925,000

Clinton

Public

Works

Authority,  Oklahoma,

Educational

Facilities,

Lease

Revenue

Bonds,

Series

2022

5

.000

10/01/35

2,002,243

750,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2022

5

.500

08/15/37

768,237

TOTAL

OKLAHOMA

5,017,188

OREGON

-

0.9%

1,625,000

Astoria

Hospital

Facilities

Authority,

Oregon,

Hospital

Revenue

Bonds,

Columbia

Memorial

Hospital

Project,

Series

2024

5

.250

08/01/41

1,707,381

1,635,000

Astoria

Hospital

Facilities

Authority,

Oregon,

Hospital

Revenue

Bonds,

Columbia

Memorial

Hospital

Project,

Series

2024

5

.250

08/01/42

1,709,056

1,375,000

Astoria

Hospital

Facilities

Authority,

Oregon,

Hospital

Revenue

Bonds,

Columbia

Memorial

Hospital

Project,

Series

2024

5

.250

08/01/43

1,431,447

525,000

(c)

Oregon

Coast

Community

College

District,

Lincoln

County,

Oregon,

General

Obligation

Bonds,

Convertible

Deferred

Interest

Series

2024

0

.000

06/15/43

546,799

1,600,000

(a)

Oregon

Facilities

Authority

Charter

School

Revenue

Bonds,

Oregon,

Portland

Village

School

Project,

Series

2024

6

.500

12/15/44

1,526,905

1,300,000

(a)

Oregon

Facilities

Authority

Charter

School

Revenue

Bonds,

Oregon,

Portland

Village

School

Project,

Series

2024

6

.750

12/15/54

1,223,574

2,000,000

Oregon

State,

General

Obligation

Bonds,

Article

XI-Q

State

Projects,

Refunding

&

New

Money

Series

2025A

5

.250

05/01/44

2,173,578

500,000

(a)

Port

of

Morrow,

Morrow

County

Oregon,

Full

Faith

and

Credit

Obligations,

Series

2024A

5

.150

10/01/26

500,729

1,530,000

West

Linn,

Oregon,

General

Obligation

Bonds,

Series

2023

4

.000

06/01/41

1,482,807

1,465,000

West

Linn,

Oregon,

General

Obligation

Bonds,

Series

2023

4

.000

06/01/43

1,383,400

TOTAL

OREGON

13,685,676

PENNSYLVANIA

-

2.9%

100,000

(a)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2018

5

.000

05/01/33

100,983

2,000,000

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

Refunding

Forward

Delivery

Series

2022

5

.000

05/01/42

2,015,957

11,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-2

6

.000

06/30/34

11,500

147,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-3

5

.000

06/30/39

136,055

73,000

(c)

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024B-1

0

.000

06/30/44

52,593

23,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Taxable

Series

2024A-1

8

.000

06/30/34

23,029

1,000,000

Cumberland

Valley

School

District,

Cumberland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A

-

AGM

Insured

5

.000

11/15/44

1,036,529

1,420,000

Cumberland

Valley

School

District,

Cumberland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A

-

AGM

Insured

5

.000

11/15/47

1,457,226

1,000,000

Hatboro-Horsham

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023A

5

.250

09/15/47

1,066,713

6,000,000

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022,

(AMT)

5

.000

06/30/33

6,353,080

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

22

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

4,500,000

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022,

(AMT)

5

.250

%

06/30/35

$

4,789,592

1,000,000

Pennsylvania

Economic

Development

Financing

Authority,

Private

Activity

Revenue

Bonds,

Pennsylvania

Rapid

Bridge

Replacement

Project,

Series

2015,

(AMT)

4

.125

12/31/38

930,767

8,670,000

Pennsylvania

Economic

Development

Financing

Authority,

Private

Activity

Revenue

Bonds,

Pennsylvania

Rapid

Bridge

Replacement

Project,

Series

2015,

(AMT)

5

.000

12/31/38

8,696,426

3,275,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2024B-1

5

.250

11/01/48

3,379,849

1,000,000

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2023-143A

4

.800

04/01/35

1,031,516

3,000,000

Pennsylvania

State,

General

Obligation

Bonds,

First

Series

2023

4

.000

09/01/42

2,875,280

2,500,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2022B

5

.250

12/01/47

2,631,482

1,215,000

South

Western

School

District

of

York

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2023

5

.250

02/15/50

1,246,251

5,625,000

Westmoreland

County

Municipal

Authority,

Pennsylvania,

Municipal

Service

Revenue

Bonds,

Series

2025

5

.000

08/15/47

5,782,588

TOTAL

PENNSYLVANIA

43,617,416

RHODE

ISLAND

-

0.3%

4,000,000

Rhode

Island

Health

and

Educational

Building

Corporation,

Hospital

Financing

Revenue

Bonds,

Lifespan

Obligated

Group,

Refunding

Series

2016

5

.000

05/15/39

4,003,117

TOTAL

RHODE

ISLAND

4,003,117

SOUTH

CAROLINA

-

1.5%

1,150,000

Aiken

Water

&

Sewer

System,

South

Carolina,

Revenue

Bonds,

Series

2024A

4

.000

08/01/49

1,026,980

750,000

Horry

County,

South

Carolina,

Limited

Obligation

Bonds,

Hospitality

Fee

&

Local

Accommodations

Fee

Pledge,

Series

2022

5

.000

09/01/39

805,721

3,000,000

South

Carolina

Housing

Finance

and

Development

Authority,

Multifamily

Housing

Revenue

Bonds,

Edgewood

Place

Apartments

Series

2023A

4

.800

07/01/45

2,930,247

5,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

5

.500

11/01/45

5,390,853

4,000,000

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

5

.500

11/01/46

4,299,406

3,265,000

South

Carolina

Jobs-Economic

Development

Authority,

Health

Care

Facilities

Revenue

Bonds,

Novant

Health

Group,

Series

2024A

5

.500

11/01/50

3,487,456

250,000

South

Carolina

Jobs-Economic

Development

Authority,

Healthcare

Revenue

Bonds,

Beaufort

Memorial

Hospital

&

South

of

Broad

Healthcare

Project,

Series

2024

5

.250

11/15/39

258,964

3,500,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022B

4

.000

12/01/49

3,081,296

870,000

South

Island

Public

Service

District,

South

Carolina,

Waterworks

and

Sewer

System

Revenue

Bonds,

Improvement

Series

2022

5

.250

04/01/42

930,563

TOTAL

SOUTH

CAROLINA

22,211,486

SOUTH

DAKOTA

-

0.7%

1,555,000

Baltic

School

District

No.

49-1,

South

Dakota,

General

Obligation

Bonds,

Series

2022

-

AGM

Insured

5

.500

12/01/51

1,629,429

1,960,000

Brandon,

Minnehaha

County,

South

Dakota,

Water

Surcharge

Revenue

Bonds,

Series

2022

-

BAM

Insured

5

.500

08/01/47

2,095,219

8,000,000

South

Dakota

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Avera

Health,

Refunding

Series

2017

4

.000

07/01/42

7,323,786

TOTAL

SOUTH

DAKOTA

11,048,434

23

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TENNESSEE

-

0.7%

$

2,050,000

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

5

.000

%

08/01/49

$

2,006,051

3,000,000

Knox

County

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Hospital

Revenue

Bonds,

East

Tennessee

Children's

Hospital,

Series

2019

4

.000

11/15/43

2,699,565

665,000

Knox

County

Health,

Educational,

and

Housing

Facilities

Board,

Revenue

Bonds,

Provident

Group

-

UTK

Properties

LLC

-

University

of

Tennessee

Project,

Student

Housing

Series

2024A-1

-

BAM

Insured

5

.000

07/01/44

681,566

1,100,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022A,

(AMT)

5

.250

07/01/34

1,194,117

1,300,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022A,

(AMT)

5

.500

07/01/37

1,413,379

2,160,000

Tennessee

State

School

Bond

Authority,

Higher

Educational

Facilities

Second

Program

Bonds,

Series

2022A

5

.000

11/01/47

2,235,956

TOTAL

TENNESSEE

10,230,634

TEXAS

-

6.5%

500,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Great

Hearts

America

-

Texas,

Series

2024A

5

.000

08/15/49

466,865

685,000

(a)

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Legacy

Traditional

Schools

-

Texas

Project,

Refunding

Series

2022A

6

.000

02/15/42

666,375

645,000

Arlington

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Uplift

Education,

Series

2016A

5

.000

12/01/51

610,848

500,000

Austin

Independent

School

District,

Travis

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

4

.000

08/01/48

466,210

4,300,000

Austin

Independent

School

District,

Travis

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2024

5

.250

08/01/49

4,542,523

4,300,000

Austin,

Texas,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Forward

Delivery

Series

2023

5

.000

11/15/42

4,525,391

560,000

(a)

Austin,

Travis,

Williamson

and

Hays

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Whisper

Valley

Public

Improvement

District

Improvement

Area

3,

Series

2024

5

.000

11/01/44

522,159

550,000

(a)

City

of

Midlothian,

Texas,

Westside

Preserve

Public

Improvement

District

Improvement

Area

#1

Project

Special

Assessment

Revenue

Bonds

Series

2022

5

.250

09/15/42

532,111

3,740,000

Dallas

Area

Rapid

Transit,

Texas,

Sales

Tax

Revenue

Bonds,

Refunding

&

Improvement

Senior

Lien

Series

2021B

4

.000

12/01/51

3,383,052

276,000

(d)

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2021C,

(Pre-refunded

9/01/31)

4

.000

09/01/44

286,619

750,000

(a)

Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Tabor

Ranch

Public

Improvement

District

Improvement

Area

1

Project,

Senior

Lien

Series

2024A

5

.250

12/31/44

701,054

1,500,000

Galveston,

Texas,

Wharves

and

Terminal

First

Lien

Revenue

Bonds,

Series

2024A,

(AMT)

5

.000

08/01/32

1,575,373

1,000,000

Galveston,

Texas,

Wharves

and

Terminal

First

Lien

Revenue

Bonds,

Series

2024A,

(AMT)

5

.000

08/01/33

1,050,751

1,000,000

Galveston,

Texas,

Wharves

and

Terminal

First

Lien

Revenue

Bonds,

Series

2024A,

(AMT)

5

.000

08/01/34

1,042,647

650,000

Galveston,

Texas,

Wharves

and

Terminal

First

Lien

Revenue

Bonds,

Series

2024A,

(AMT)

5

.500

08/01/40

688,347

600,000

Galveston,

Texas,

Wharves

and

Terminal

First

Lien

Revenue

Bonds,

Series

2024A,

(AMT)

5

.500

08/01/41

631,191

2,500,000

Georgetown

Independent

School

District,

Williamson

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2024

4

.500

02/15/49

2,469,447

6,220,000

Greater

Texoma

Utility

Authority,

Texas,

Contract

Revenue

Bonds,

City

of

Sherman

Project

Series

2024

-

BAM

Insured

5

.000

10/01/49

6,375,937

1,230,000

Hackberry,

Texas,

Combination

Special

Assessment

and

Contract

Revenue

Road

and

Utility

Bonds,

Hidden

Cove

Improvement

District

2,

Series

2017

4

.500

09/01/32

1,201,069

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

24

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

5,000,000

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Memorial

Hermann

Health

System,

Series

2022A

5

.000

%

07/01/52

$

5,069,563

2,255,000

Highland

Park

Independent

School

District,

Potter

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

5

.250

02/15/41

2,430,930

5,000,000

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2023A

-

AGM

Insured,

(AMT)

5

.250

07/01/41

5,284,953

2,475,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Terminal

Improvements

Project,

Series

2024B,

(AMT)

5

.500

07/15/35

2,528,036

1,500,000

Love

Field

Airport

Modernization

Corporation,

Texas,

General

Airport

Revenue

Bonds,

Refunding

Series

2021,

(AMT)

5

.000

11/01/29

1,570,300

1,500,000

(a)

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

(AMT)

4

.625

10/01/31

1,488,882

750,000

(f)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5

.000

07/01/30

736,066

1,304,880

(f)

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

NCCD

-

College

Station

Properties

LLC

-

Texas

A&M

University

Project,  Series

2015A

5

.000

07/01/33

1,304,880

2,000,000

North

East

Regional

Mobility

Authority,

Texas,

Revenue

Bonds,

Senior

Lien

Series

2016A

5

.000

01/01/41

2,005,323

1,040,000

Reagan

Hospital

District

of

Reagan

County,

Texas,

Limited

Tax

Revenue

Bonds,

Series

2014A

5

.000

02/01/29

1,032,494

5,455,000

San

Antonio,

Texas,

Electric

and

Gas

System

Revenue

Bonds,

Refunding

Series

2017

5

.000

02/01/42

5,505,907

2,185,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Scott

&

White

Healthcare

Project,

Series

2022D

5

.500

11/15/47

2,295,623

3,850,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Buckner

Senior

Living

Ventana

Project,

Series

2017A

6

.625

11/15/37

3,959,606

6,000,000

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Texas

Health

Resources

System,

Series

2016A

5

.000

02/15/47

5,924,780

2,250,000

Tarrant

County

Hospital

District,

Texas,

General

Obligation

Bonds,

Limited

Tax

Series

2023

5

.250

08/15/40

2,373,790

5,000,000

Texas

Department

of

Housing

and

Community

Affairs,

Single

Family

Mortgage

Revenue

Bonds,

Series

2022B

5

.250

09/01/52

5,120,408

5,415,000

Texas

Department

of

Housing

and

Community

Affairs,

Single

Family

Mortgage

Revenue

Bonds,

Series

2022B

6

.000

03/01/53

5,817,279

2,700,000

Texas

Private

Activity

Bond

Surface

Transpiration

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Refunding

Series

2023,

(AMT)

5

.250

12/31/36

2,812,705

2,450,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding  Series

2020A

4

.000

12/31/32

2,456,088

500,000

Texas

Public

Finance

Authority,

Revenue

Bonds,

Texas

Southern

University

Financing

System

Series

2023

-

BAM

Insured

5

.250

05/01/38

527,921

2,000,000

Texas

State

Technical

College

System,

Financing

System

Revenue

Bonds,

Improvement

Series

2022A

-

AGM

Insured

6

.000

08/01/54

2,181,491

400,000

(a)

Town

of

Lakewood

Village,

Texas,

Lakewood

Village

Public

Improvement

District

Improvement

District

No.

1

Project

Special

Assessment

Revenue

Bonds

Series

2022

5

.250

09/15/42

375,531

1,240,000

Viridian

Municipal

Management

District,

Texas,

Revenue

Bonds,

Road

Improvement

Series

2023

-

AGM

Insured

5

.000

12/01/38

1,273,846

TOTAL

TEXAS

95,814,371

25

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTAH

-

2.8%

$

265,000

(a)

Black

Desert

Public

Infrastructure

District,

Washington

County,

Utah,

Special

Assessment

Bonds,

Black

Desert

Assessment

Area

1,

Series

2024

5

.625

%

12/01/53

$

258,080

351,000

(a)

Firefly

Public

Infrastructure

District

1,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2024A-1

5

.625

12/01/43

342,049

5,995,000

Herber

Light

and

Power

Company,

Utah,

Electric

Revenue

Bonds,

Series

2023

-

BAM

Insured

5

.000

12/15/47

6,117,909

5,925,000

Jordan

Valley

Water

Conservancy

District,

Utah,

Water

Revenue

Bonds,

Series

2024A

5

.000

10/01/54

6,095,945

1,275,000

(a)

Jordanelle

Ridge

Public

Infrastructure

District

2,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2023A

7

.750

03/01/54

1,310,245

4,490,000

Lehi

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Series

2022

5

.250

06/15/47

4,628,133

4,060,000

Lehi

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Series

2022

5

.500

06/15/49

4,241,965

1,955,000

(a)

MIDA

Military

Installation

Development

Authority

Golf

and

Equestrian

Center

Public

Infrastructure

District,

Utah,

Limited

Tax

and

Tax

Allocation

Revenue

Bonds,

Series

2021

4

.500

06/01/51

1,459,451

1,375,000

Ogden

City

Municipal

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Series

2023A

5

.000

01/15/48

1,411,053

1,450,000

Peaks

Public

Infrastructure

District,

Morgan

County,

Utah,

Special

Assessment

Revenue

Bonds,

Series

2024

5

.250

12/01/53

1,310,706

1,715,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

(AMT)

5

.250

07/01/43

1,765,121

850,000

(a)

Soleil

Hills

Public

Infrastructure

District

No.

1,

Utah,

Limited

Tax

General

Obligation

and

Special

Revenue

Bonds,

Series

2025A

5

.875

03/01/55

806,548

1,190,000

Utah

Telecommunication

Open

Infrastructure

Agency,

Utah,

Revenue

Bonds,

Refunding

Sales

Tax

and

Telecommunication

Series

2022

5

.500

06/01/40

1,301,500

1,000,000

(a)

Ventana

Resort

Village

Public

Infrastructure

District,

Utah,

General

Obligation

Bonds,

Limited

Tax

Series

2024

5

.500

03/01/54

921,099

8,820,000

Wasatch

County

School

District

Local

Building

Authority,

Utah,

Lease

Revenue

Bonds,

Board

of

Education

Series

2022

5

.500

06/01/47

9,298,033

TOTAL

UTAH

41,267,837

VERMONT

-

0.9%

12,000,000

University

of

Vermont

and

State

Agricultural

College,

General

Obligation

Bonds,

Series

2015

5

.000

10/01/40

12,051,890

1,270,000

Vermont

Educational

and

Health

Buildings

Financing

Agency,

Revenue

Bonds,

University

of

Vermont

Medical

Center

Project,

Green

Series

2016B

5

.000

12/01/37

1,275,534

TOTAL

VERMONT

13,327,424

VIRGINIA

-

3.1%

13,200,000

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016

5

.000

07/01/46

13,199,377

3,000,000

Front

Royal

and

Warren

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2018

4

.000

01/01/50

2,676,687

2,030,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Refunding

Series

2021A

4

.000

12/01/35

1,892,849

415,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

6

.750

12/01/53

443,271

350,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

6

.875

12/01/58

374,472

2,200,000

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A

6

.500

09/01/43

2,410,475

5,875,000

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

21st

Century

College

&

Equipment

Programs,

Series

2024A

4

.000

02/01/40

5,751,583

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

26

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGINIA

(continued)

$

310,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023E-5

4

.500

%

07/01/45

$

305,820

1,320,000

Virginia

Small

Business

Financing

Authority,

Environmental

Facilities

Revenue

Bonds

(Pure

Salmon

Virginia

LLC

Project),

Escrow

Refinancing

Series

2022,

(AMT),

(Mandatory

Put

11/20/25)

4

.000

11/01/52

1,319,871

13,440,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

(AMT)

5

.000

12/31/49

13,073,337

500,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5

.000

01/01/38

507,564

300,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5

.000

06/30/38

309,893

1,365,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

4

.000

01/01/31

1,341,640

1,300,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

4

.000

01/01/32

1,270,912

650,000

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A

-

AGM

Insured

5

.250

07/01/53

679,916

TOTAL

VIRGINIA

45,557,667

WASHINGTON

-

2.9%

2,500,000

Grant

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

Quincy

Valley

Medical

Center,

Series

2023

5

.000

12/01/38

2,512,131

5,000,000

Jefferson

County

Public

Hospital

District

2,

Washington,

Hospital

Revenue

Bonds,

Refunding

Series

2023A

6

.875

12/01/53

5,086,176

1,930,000

King

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

EvergreenHealth,

Limited

Tax

Series

2024

5

.000

12/01/42

1,987,540

2,765,000

King

County

Public

Hospital

District

2,

Washington,

General

Obligation

Bonds,

EvergreenHealth,

Limited

Tax

Series

2024

5

.250

12/01/45

2,883,077

4,000,000

Kitsap

County

School

District

100C

Bremerton,

Washington,

General

Obligation

Bonds,

Series

2024

5

.250

12/01/47

4,248,395

700,000

Skagit

County

Public

Hospital

District

1,

Washington,

Revenue

Bonds,

Skagit

Regional

Health,

Series

2024

5

.500

12/01/41

730,584

3,855,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Central

Washington

Health

Services

Association,

Refunding

Series

2015

5

.000

07/01/39

3,854,975

5,030,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2012A

5

.000

10/01/42

5,039,081

9,885,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Children's

Hospital,

Series

2015B

5

.000

10/01/38

9,893,367

675,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017

5

.000

08/15/25

676,157

2,000,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017

5

.000

08/15/32

2,018,733

700,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017

4

.000

08/15/42

646,002

2,550,000

(a),(d)

Washington

State

Housing

Finance

Commission,

Non-Profit

Housing

Revenue

Bonds,

Herons

Key

Senior

Living,

Series

2015A,

(Pre-refunded

7/01/25)

7

.000

07/01/50

2,561,954

1,250,000

Whatcom

County

Public

Utility

District

1,

Washington,

General

Obligation

Bonds,

Limited

Tax

Series

2025A

-

BAM

Insured,

(AMT)

5

.500

12/01/44

1,308,777

TOTAL

WASHINGTON

43,446,949

27

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WEST

VIRGINIA

-

0.5%

$

3,250,000

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Cabell

Huntington

Hospital,

Inc.

Project,

Refunding

&

Improvement

Series

2018A

5

.000

%

01/01/43

$

3,233,947

3,780,000

West

Virginia

Hospital

Finance

Authority,

Revenue

Bonds,

West

Virginia

University

Health

System

Obligated

Group,

Improvement

Series

2017A

5

.000

06/01/47

3,780,267

TOTAL

WEST

VIRGINIA

7,014,214

WISCONSIN

-

2.5%

1,750,000

Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Mountain

Island

Charter

School,

North

Carolina,

Series

2017B

5

.000

07/01/47

1,629,609

3,500,000

Public

Finance

Authority

of

Wisconsin,

Hospital

Revenue

Bonds,

Renown

Regional

Medical

Center

Project,

Refunding

Series

2016A

5

.000

06/01/40

3,504,971

1,000,000

Public

Finance

Authority

of

Wisconsin,

Project

Revenue

Bonds,

CFP3

-

Eastern

Michigan

University

Student

Housing

Project,

Series

2022A-1

-

BAM

Insured

5

.250

07/01/36

1,077,082

1,775,000

(a)

Public

Finance

Authority,

Wisconsin,

Educational

Revenue

Bonds,

Lake

Norman

Charter

School,

Series

2018A

5

.000

06/15/38

1,778,680

1,100,000

Public

Finance

Authority,

Wisconsin,

Educational

Revenue

Bonds,

Lake

Norman

Charter

School,

Series

2024A

5

.000

06/15/64

1,044,467

7,315,000

(a)

Public

Finance

Authority,

Wisconsin,

Tax

Increment

Revenue

Senior

Bonds,

World

Center

Project

Series

2024A

5

.000

06/01/41

7,323,155

1,875,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Bellin

Memorial

Hospital

Incorporated

Series

2022A

5

.500

12/01/52

1,966,332

1,935,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Bellin

Memorial

Hospital

Incorporated

Series

2022B

5

.250

12/01/48

1,998,694

1,500,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic

Health

System,

Inc.,

Series

2017C

5

.000

02/15/47

1,483,740

2,410,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Marshfield

Clinic,

Series

2016B

5

.000

02/15/34

2,426,486

8,000,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Aspirus

Inc.,

Series

2025

5

.250

08/15/50

8,348,499

3,600,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Children's

Hospital

of

Wisconsin,

Inc.,

Series

2017

4

.000

08/15/42

3,315,443

1,415,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Three

Pillars

Senior

Living

Communities,

Series

2024A

5

.250

08/15/39

1,467,597

TOTAL

WISCONSIN

37,364,755

TOTAL

MUNICIPAL

BONDS

(Cost

$1,468,165,822)

1,443,984,679

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,468,165,822)

1,443,984,679

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 0.5%

7650000

MUNICIPAL

BONDS

-

0

.5

%

7650000

COLORADO

-

0.1%

1,325,000

(g)

Colorado

Springs,

Colorado,

Utilities

System

Revenue

Bonds,

Variable

Rate

Demand

Subordinate

Lien

Improvement

Series

2006B

3

.600

11/01/36

1,325,000

TOTAL

COLORADO

1,325,000

INDIANA

-

0.3%

5,000,000

(g)

Purdue

University,

Indiana,

University

Revenue

Bonds,

Student

Facility

System

Series

2004A

2

.700

07/01/33

5,000,000

TOTAL

INDIANA

5,000,000

Portfolio

of

Investments

April

30,

2025

(continued)

Municipal

Total

Return

28

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

-

0.1%

$

1,325,000

(g)

Battery

Park

City

Authority,

New

York,

Revenue

Bonds,

Adjustable

Rate

Junior

Series

2019D-2

2

.500

%

11/01/38

$

1,325,000

TOTAL

NEW

YORK

1,325,000

TOTAL

MUNICIPAL

BONDS

(Cost

$7,650,000)

7,650,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$7,650,000)

7,650,000

TOTAL

INVESTMENTS

-

97

.9

%

(Cost

$

1,475,815,822

)

1,451,634,679

FLOATING

RATE

OBLIGATIONS

-

(0.5)%

(

7,170,000

)

OTHER

ASSETS

&

LIABILITIES,

NET

-  2.6%

38,017,834

NET

ASSETS

-

100%

$

1,482,482,513

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

Inverse

floating

rate

trust

is

a

Recourse

Trust

unless

otherwise

noted.

(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

$130,770,272

or

9.0%

of

Total

Investments.

(b)

When-issued

or

delayed

delivery

security.

(c)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(e)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(f)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(g)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

29

Municipal

Total

Return

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,443,984,679

$

–

$

1,443,984,679

Short-Term

Investments:

Municipal

Bonds

–

7,650,000

–

7,650,000

Total

$

–

$

1,451,634,679

$

–

$

1,451,634,679

30

Portfolio

of

Investments

April

30,

2025

Core

Impact

Bond

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

99.3%

292142

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

1

.5

%

292142

BANKS

-

1.0%

$

200,000

(a)

African

Development

Bank

5

.750

%

N/A

$

191,152

TOTAL

BANKS

191,152

UTILITIES

-

0.5%

100,000

(a),(b)

Vistra

Corp

7

.000

N/A

100,990

TOTAL

UTILITIES

100,990

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$282,010)

292,142

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

-

4.5%

–

66,236

(b)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-3,

Series

2021

3CS

2

.100

05/20/48

50,682

114,563

(b)

GoodLeap

Sustainable

Home

Solutions

Trust

2021-4,

Series

2021

4GS

2

.360

07/20/48

82,097

123,936

(b)

Loanpal

Solar

Loan

2021-2

Ltd,

Series

2021

2GS

2

.220

03/20/48

93,468

101,388

(b)

Mosaic

Solar

Loan

Trust

2020-2,

Series

2020

2A

1

.440

08/20/46

86,026

121,301

(b)

Mosaic

Solar

Loan

Trust

2021-3,

Series

2021

3A

1

.920

06/20/52

93,094

250,000

(b)

Tesla

Auto

Lease

Trust

2024-B,

Series

2024

B

4

.820

10/20/27

251,336

31,467

(b)

Vivint

Solar

Financing

V

LLC,

Series

2018

1A

7

.370

04/30/48

29,893

198,378

(b)

Vivint

Solar

Financing

VII

LLC,

Series

2020

1A

2

.210

07/31/51

176,434

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$1,004,824)

863,030

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

8615179

CORPORATE

BONDS

-

45

.2

%

8615179

AUTOMOBILES

&

COMPONENTS

-

0.4%

100,000

Ford

Motor

Co

3

.250

02/12/32

81,713

TOTAL

AUTOMOBILES

&

COMPONENTS

81,713

BANKS

-

7.5%

250,000

Asian

Infrastructure

Investment

Bank/The

4

.500

01/16/30

257,356

250,000

Citibank

NA

4

.876

11/19/27

251,711

250,000

International

Development

Association,

Reg

S

0

.375

09/23/25

246,073

175,000

(b)

International

Development

Association

4

.500

02/12/35

177,712

500,000

M&T

Bank

Corp

4

.833

01/16/29

501,078

TOTAL

BANKS

1,433,930

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.8%

200,000

(b)

Amazon

Conservation

DAC

6

.034

01/16/42

199,363

250,000

Rockefeller

Foundation/The

2

.492

10/01/50

147,923

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

347,286

CONSUMER

SERVICES

-

2.1%

250,000

Bush

Foundation

2

.754

10/01/50

157,778

100,000

Massachusetts

Higher

Education

Assistance

Corp

2

.673

07/01/31

86,923

200,000

Starbucks

Corp

4

.450

08/15/49

159,280

TOTAL

CONSUMER

SERVICES

403,981

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

2.0%

225,000

(b)

Alimentation

Couche-Tard

Inc

3

.625

05/13/51

149,257

250,000

Sysco

Corp

2

.400

02/15/30

226,487

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

375,744

ENERGY

-

2.6%

250,000

Arab

Energy

Fund

/The,

Reg

S

5

.428

05/02/29

257,489

250,000

(b)

Raizen

Fuels

Finance

SA

6

.950

03/05/54

236,361

TOTAL

ENERGY

493,850

FINANCIAL

SERVICES

-

8.2%

300,000

European

Investment

Bank

3

.750

02/14/33

294,482

450,000

(b)

HA

Sustainable

Infrastructure

Capital

Inc

6

.375

07/01/34

432,099

125,000

(b)

HAT

Holdings

I

LLC

/

HAT

Holdings

II

LLC

3

.750

09/15/30

109,836

31

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL

SERVICES

(continued)

$

100,000

Kreditanstalt

fuer

Wiederaufbau

4

.375

%

02/28/34

$

101,282

45,000

Low

Income

Investment

Fund

3

.386

07/01/26

44,151

50,000

NHP

Foundation/The

6

.000

12/01/33

53,086

263,000

(b)

Starwood

Property

Trust

Inc

6

.500

10/15/30

265,362

250,000

(b)

WLB

Asset

VI

Pte

Ltd

7

.250

12/21/27

259,992

TOTAL

FINANCIAL

SERVICES

1,560,290

FOOD,

BEVERAGE

&

TOBACCO

-

0.8%

250,000

PepsiCo

Inc

2

.875

10/15/49

162,540

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

162,540

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.8%

250,000

Seattle

Children's

Hospital

2

.719

10/01/50

151,988

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

151,988

MATERIALS

-

3.2%

350,000

Air

Products

and

Chemicals

Inc

4

.800

03/03/33

350,790

250,000

(b)

Smurfit

Westrock

Financing

DAC

5

.418

01/15/35

250,295

TOTAL

MATERIALS

601,085

MEDIA

&

ENTERTAINMENT

-

2.6%

500,000

Comcast

Corp

4

.650

02/15/33

491,167

TOTAL

MEDIA

&

ENTERTAINMENT

491,167

TELECOMMUNICATION

SERVICES

-

0.9%

250,000

Verizon

Communications

Inc

2

.850

09/03/41

174,766

TOTAL

TELECOMMUNICATION

SERVICES

174,766

UTILITIES

-

12.3%

250,000

(b)

ContourGlobal

Power

Holdings

SA

6

.750

02/28/30

252,978

200,000

Duke

Energy

Progress

LLC

4

.000

04/01/52

150,821

250,000

MidAmerican

Energy

Co

3

.150

04/15/50

166,220

250,000

Pacific

Gas

and

Electric

Co

6

.700

04/01/53

252,782

250,000

PG&E

Recovery

Funding

LLC

5

.231

06/01/42

247,844

100,000

Public

Service

Co

of

Oklahoma

2

.200

08/15/31

85,153

100,000

Public

Service

Electric

and

Gas

Co

5

.125

03/15/53

92,441

150,000

(b)

RWE

Finance

US

LLC

5

.875

04/16/34

152,680

174,526

(b)

Solar

Star

Funding

LLC

5

.375

06/30/35

176,791

200,000

Southern

California

Edison

Co

3

.650

06/01/51

134,048

200,000

Southwestern

Electric

Power

Co

3

.250

11/01/51

126,186

150,000

Southwestern

Public

Service

Co

3

.150

05/01/50

96,298

184,448

(b)

Sweihan

PV

Power

Co

PJSC2022

1

3

.625

01/31/49

151,252

114,445

(b)

Topaz

Solar

Farms

LLC

5

.750

09/30/39

106,968

162,222

(b)

UEP

Penonome

II

SA2020

1

6

.500

10/01/38

144,377

TOTAL

UTILITIES

2,336,839

TOTAL

CORPORATE

BONDS

(Cost

$9,346,820)

8,615,179

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

900431

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

-

4

.7

%

900431

CANADA

-

1.2%

250,000

(b)

OMERS

Finance

Trust

3

.500

04/19/32

236,235

TOTAL

CANADA

236,235

NETHERLANDS

-

2.4%

200,000

(b)

Nederlandse

Waterschapsbank

NV

4

.000

06/01/28

201,508

250,000

(b)

Nederlandse

Waterschapsbank

NV

4

.500

01/16/30

256,582

TOTAL

NETHERLANDS

458,090

SWEDEN

-

1.1%

200,000

(b)

Kommuninvest

I

Sverige

AB

4

.625

09/29/28

206,106

TOTAL

SWEDEN

206,106

TOTAL

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

(Cost

$882,551)

900,431

Portfolio

of

Investments

April

30,

2025

(continued)

Core

Impact

Bond

32

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

23.0%

–

$

1,013

(c)

Banc

of

America

Mortgage

2004-K

Trust,

Series

2004

K

5

.577

%

12/25/34

$

993

125,000

(b),(c)

BFLD

Trust

2020-EYP,

Series

2020

EYP,

(TSFR1M

+

2.214%)

6

.536

10/15/35

5,591

200,000

(b),(c)

Century

Plaza

Towers

2019-CPT,

Series

2019

CPT

3

.097

11/13/39

161,915

8,200

Fannie

Mae

Pool,

FN

MA4579

3

.000

04/01/52

7,134

4,337

Fannie

Mae

Pool,

FN

MA5165

5

.500

10/01/53

4,333

855

Fannie

Mae

Pool,

FN

MA4805,

Series

2022

1

4

.500

11/01/52

819

19,787

Fannie

Mae

Pool,

FN

MA4785

5

.000

10/01/52

19,433

798

Fannie

Mae

Pool,

FN

MA4761

5

.000

09/01/52

784

20,772

Fannie

Mae

Pool,

FN

MA4733

4

.500

09/01/52

19,901

43,253

Fannie

Mae

Pool,

FN

MA4732

4

.000

09/01/52

40,383

5,504

Fannie

Mae

Pool,

FN

MA4709

5

.000

07/01/52

5,408

8,729

Fannie

Mae

Pool,

FN

FS0522

2

.500

02/01/52

7,344

1,589

Fannie

Mae

Pool,

FN

FS1535

3

.000

04/01/52

1,392

3,605

Fannie

Mae

Pool,

FN

CA6414

3

.000

07/01/50

3,187

2,179

Fannie

Mae

Pool,

FN

BU8837

5

.000

05/01/52

2,140

2,173

Fannie

Mae

Pool,

FN

BT0267

3

.000

09/01/51

1,914

5,971

Freddie

Mac

Gold

Pool,

FG

G08760

3

.000

04/01/47

5,290

250,000

Freddie

Mac

Multiclass

Certificates

Series

2020-P003,

Series

2020

P003

1

.956

09/25/46

190,800

127,263

Freddie

Mac

Multifamily

Structured

Pass

Through

Certificates,

Series

2020

Q014

1

.555

01/25/36

105,190

4,254

Freddie

Mac

Pool,

FR

SD8220

3

.000

06/01/52

3,695

894

Ginnie

Mae

II

Pool,

G2

BY0331

3

.000

10/20/50

792

73,065

Ginnie

Mae

II

Pool,

G2

MA9907

6

.000

09/20/54

73,957

46,449

Ginnie

Mae

II

Pool,

G2

MA9488

5

.500

02/20/54

46,495

25,441

Ginnie

Mae

II

Pool,

G2

MA9101

3

.000

08/20/53

22,538

616,367

Ginnie

Mae

II

Pool,

G2

MA8647

5

.000

02/20/53

606,167

2,346

Ginnie

Mae

II

Pool,

G2

BY0338

3

.500

08/20/50

2,161

391

Ginnie

Mae

II

Pool,

G2

BY0330

3

.000

10/20/50

347

4,289

Ginnie

Mae

II

Pool,

G2

MA8646

4

.500

02/20/53

4,124

2,453

Ginnie

Mae

II

Pool,

G2

BY0339

3

.500

08/20/50

2,253

4,048

Ginnie

Mae

II

Pool,

G2

BX3679

3

.000

08/20/50

3,581

4,824

Ginnie

Mae

II

Pool,

G2

BX3680

3

.000

08/20/50

4,261

1,646

Ginnie

Mae

II

Pool,

G2

BY0340

3

.500

08/20/50

1,510

106,220

Ginnie

Mae

II

Pool,

G2

MA7768,

Series

2021

1

3

.000

12/20/51

94,071

47,377

Ginnie

Mae

II

Pool,

G2

MA8149

3

.500

07/20/52

43,126

24,010

Ginnie

Mae

II

Pool,

G2

MA8269

5

.000

09/20/52

23,661

52,126

Ginnie

Mae

II

Pool,

G2

MA8488

4

.000

12/20/52

48,659

3,808

Ginnie

Mae

II

Pool,

G2

MA8648

5

.500

02/20/53

3,820

17,060

Ginnie

Mae

II

Pool,

G2

BY0325

2

.500

10/20/50

14,399

455,184

Ginnie

Mae

II

Pool,

G2

MA9906

5

.500

09/20/54

455,286

2,471

Ginnie

Mae

II

Pool,

G2

BX3681

3

.000

08/20/50

2,181

456,159

Ginnie

Mae

II

Pool,

G2

MA7989

3

.500

04/20/52

415,323

56,087

Ginnie

Mae

II

Pool,

G2

MA8043

3

.000

05/20/52

49,662

49,044

Ginnie

Mae

II

Pool,

G2

MA8201

4

.500

08/20/52

47,234

410,651

Ginnie

Mae

II

Pool,

G2

MA8267,

Series

2022

A

4

.000

09/20/52

383,849

317,985

Ginnie

Mae

II

Pool,

G2

MA8347

4

.500

10/20/52

306,255

98,670

Ginnie

Mae

II

Pool,

G2

MA8428

5

.000

11/20/52

97,069

55,941

Ginnie

Mae

II

Pool,

G2

MA8487

3

.500

12/20/52

50,863

376,420

Ginnie

Mae

II

Pool,

G2

MA8489

4

.500

12/20/52

362,187

235,000

(b)

Hudson

Yards

2019-30HY

Mortgage

Trust,

Series

2019

30HY

3

.228

07/10/39

219,199

212,214

(b),(c)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

Series

2019

MILE,

(TSFR1M

+

1.579%)

5

.915

07/15/36

200,730

200,000

(b),(c)

VNDO

Trust

2016-350P,

Series

2016

350P

4

.033

01/10/35

196,640

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$4,614,879)

4,370,046

33

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

2978725

MUNICIPAL

BONDS

-

15

.6

%

2978725

ALASKA

-

0.8%

$

150,000

Port

Lions,

Alaska,

Revenue

Bonds,

Kodiak

Area

Native

Association

Project,

Taxable

Series

2022

7

.500

%

10/01/52

$

156,768

TOTAL

ALASKA

156,768

CALIFORNIA

-

4.7%

200,000

City

And

County

Of

San

Francisco,

California,

Taxable

General

Obligation

Bonds

(Social

Bonds-Affordable

Housing,

2019)

Series

2021A

2

.684

06/15/40

147,461

250,000

San

Francisco

City

&

County

Public

Utilities

Commission

Wastewater

Revenue,

California,

4

.655

10/01/27

254,273

250,000

San

Francisco

City

and

County,

California,

Affordable

Housing

Social

Bonds,

General

Obligation

Tax

Bonds,

Series

2025D

5

.770

06/15/45

254,978

250,000

San

Jose

Financing

Authority,

California,

Lease

Revenue

Bonds,

Convention

Center

Refunding

Project,

Taxable,

Series

2022A

4

.662

05/01/37

240,029

TOTAL

CALIFORNIA

896,741

ILLINOIS

-

0.3%

50,000

Village

of

Deerfield,

Illinois,

General

Obligation

Bonds,

Series

2011

4

.000

12/01/28

49,925

TOTAL

ILLINOIS

49,925

IOWA

-

1.3%

250,000

(b)

Iowa

Finance

Authority

7

.000

11/01/27

254,251

TOTAL

IOWA

254,251

MASSACHUSETTS

-

0.8%

170,000

Massachusetts

Clean

Energy

Cooperative

Corp

2

.020

07/01/28

159,399

TOTAL

MASSACHUSETTS

159,399

NEW

HAMPSHIRE

-

2.5%

500,000

National

Finance

Authority,

New

Hampshire,

Revenue

Bonds,

Abilene

Christian

University

Taxable

Series

2024B

5

.775

11/01/54

472,730

TOTAL

NEW

HAMPSHIRE

472,730

NEW

YORK

-

2.1%

250,000

New

York

City,

New

York,

General

Obligation

Bonds,

Taxable

Fiscal

2025

Series

D-1

5

.094

10/01/49

235,931

150,000

United

Nations

Development

Corporation,

New

York,

Revenue

Bonds,

Taxable

Series

2025A

6

.536

08/01/55

155,775

TOTAL

NEW

YORK

391,706

OHIO

-

0.5%

95,000

American

Municipal

Power

Inc.,

Ohio,

Meldahl

Hydroelectric

Projects

Revenue

Bonds,

Build

America

Bond

Series

2010E

6

.270

02/15/50

96,661

TOTAL

OHIO

96,661

PENNSYLVANIA

-

1.3%

250,000

Philadelphia

Redevelopment

Authority,

Pennsylvania,

City

Service

Agreement

Revenue

Bonds,

City

of

Philadelphia

Neighborhood

Preservation

Initiative,

Taxable

Social

Series

2024A

5

.226

09/01/40

245,682

TOTAL

PENNSYLVANIA

245,682

WISCONSIN

-

1.3%

250,000

Public

Finance

Authority,

Wisconsin,

Revenue

Bonds,

Bluehub

Loan

Fund

Issue,

Series

2024A

5

.292

07/01/29

254,862

TOTAL

WISCONSIN

254,862

TOTAL

MUNICIPAL

BONDS

(Cost

$2,971,440)

2,978,725

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

665461

SOVEREIGN

DEBT

-

3

.5

%

665461

CANADA

-

2.7%

500,000

Export

Development

Canada

4

.750

06/05/34

518,326

TOTAL

CANADA

518,326

Portfolio

of

Investments

April

30,

2025

(continued)

Core

Impact

Bond

34

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

DOMINICAN

REPUBLIC

-

0.8%

$

150,000

(b)

Dominican

Republic

International

Bond

6

.600

%

06/01/36

$

147,135

TOTAL

DOMINICAN

REPUBLIC

147,135

TOTAL

SOVEREIGN

DEBT

(Cost

$656,720)

665,461

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

241,992

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

1

.3

%

241,992

250,000

United

States

Treasury

Note/Bond

4

.500

11/15/54

241,992

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(Cost

$243,158)

241,992

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$20,002,402)

18,927,006

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 0.2%

34,996

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

0

.2

%

34,996

35,000

Freddie

Mac

Discount

Notes

0

.000

05/01/25

34,996

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(Cost

$35,000)

34,996

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$35,000)

34,996

TOTAL

INVESTMENTS

-

99

.5

%

(Cost

$

20,037,402

)

18,962,002

OTHER

ASSETS

&

LIABILITIES,

NET

-  0.5%

89,532

NET

ASSETS

-

100%

$

19,051,534

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

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

$6,115,235

or

32.2%

of

Total

Investments.

(c)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

35

them:

Core

Impact

Bond

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

292,142

$

–

$

292,142

Asset-Backed

Securities

–

863,030

–

863,030

Corporate

Bonds

–

8,615,179

–

8,615,179

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

–

900,431

–

900,431

Mortgage-Backed

Securities

–

4,370,046

–

4,370,046

Municipal

Bonds

–

2,978,725

–

2,978,725

Sovereign

Debt

–

665,461

–

665,461

U.S.

Government

and

Agency

Obligations

–

241,992

–

241,992

Short-Term

Investments:

U.S.

Government

and

Agency

Obligations

–

34,996

–

34,996

Total

$

–

$

18,962,002

$

–

$

18,962,002

36

Portfolio

of

Investments

April

30,

2025

Emerging

Markets

Debt

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

96.9%   

187,982

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

0.7%

MEXICO

-

0.7%

$

200,000

(a)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2

.720

%

08/11/31

$

187,982

TOTAL

MEXICO

187,982

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$176,355)

187,982

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

12546067

CORPORATE

BONDS

-

46.2%

AUSTRALIA

-

0.7%

200,000

AngloGold

Ashanti

Holdings

PLC

3

.375

11/01/28

190,380

TOTAL

AUSTRALIA

190,380

BRAZIL

-

1.5%

200,000

(a),(b)

LD

Celulose

International

GmbH

7

.950

01/26/32

205,475

200,000

Vale

Overseas

Ltd

6

.400

06/28/54

193,167

TOTAL

BRAZIL

398,642

CHILE

-

6.2%

200,000

(a)

Antofagasta

PLC

5

.625

05/13/32

201,156

200,000

(a),(c)

Banco

de

Credito

e

Inversiones

SA

7

.500

N/A

194,582

200,000

(a),(c)

Banco

del

Estado

de

Chile

7

.950

N/A

206,823

200,000

(a)

Celulosa

Arauco

y

Constitucion

SA

6

.180

05/05/32

200,000

200,000

(a)

Cia

Cervecerias

Unidas

SA

3

.350

01/19/32

176,338

200,000

(a)

Corp

Nacional

del

Cobre

de

Chile

3

.000

09/30/29

183,687

200,000

(a)

Corp

Nacional

del

Cobre

de

Chile

3

.700

01/30/50

135,328

200,000

(a)

Empresa

Nacional

del

Petroleo

6

.150

05/10/33

204,054

200,000

(a)

Inversiones

CMPC

SA

3

.000

04/06/31

174,289

TOTAL

CHILE

1,676,257

CHINA

-

1.4%

200,000

(a)

Lenovo

Group

Ltd

3

.421

11/02/30

183,843

225,000

(a)

Prosus

NV

4

.193

01/19/32

204,963

TOTAL

CHINA

388,806

DOMINICAN

REPUBLIC

-

0.7%

200,000

(a)

AES

Espana

BV

5

.700

05/04/28

189,500

TOTAL

DOMINICAN

REPUBLIC

189,500

INDIA

-

3.0%

225,000

(a)

Bharti

Airtel

Ltd

3

.250

06/03/31

205,416

250,000

(a)

Indian

Railway

Finance

Corp

Ltd

3

.249

02/13/30

232,228

200,000

REC

Ltd,

Reg

S

4

.625

03/22/28

198,256

200,000

(a)

UltraTech

Cement

Ltd

2

.800

02/16/31

177,691

TOTAL

INDIA

813,591

INDONESIA

-

3.7%

200,000

(a)

Freeport

Indonesia

PT

4

.763

04/14/27

198,733

200,000

(a)

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

6

.530

11/15/28

209,763

200,000

(a)

Indonesia

Asahan

Aluminium

PT

/

Mineral

Industri

Indonesia

Persero

PT

5

.450

05/15/30

201,285

200,000

(a),(b)

Pertamina

Persero

PT

6

.500

05/27/41

203,564

200,000

(a)

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

5

.450

05/21/28

203,051

TOTAL

INDONESIA

1,016,396

ISRAEL

-

2.9%

200,000

(a)

Bank

Hapoalim

BM,

Reg

S

3

.255

01/21/32

190,840

225,000

(a)

Energean

Israel

Finance

Ltd,

Reg

S

5

.375

03/30/28

211,950

200,000

(a)

Israel

Electric

Corp

Ltd,

Reg

S

3

.750

02/22/32

178,640

200,000

(a)

Mizrahi

Tefahot

Bank

Ltd,

Reg

S

3

.077

04/07/31

193,268

TOTAL

ISRAEL

774,698

KAZAKHSTAN

-

0.9%

300,000

(a)

KazMunayGas

National

Co

JSC

5

.750

04/19/47

251,201

TOTAL

KAZAKHSTAN

251,201

37

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MALAYSIA

-

1.5%

$

240,000

(a)

Petronas

Capital

Ltd

5

.340

%

04/03/35

$

243,820

200,000

(a)

Petronas

Capital

Ltd

2

.480

01/28/32

170,894

TOTAL

MALAYSIA

414,714

MEXICO

-

8.9%

200,000

(a)

Alpek

SAB

de

CV

3

.250

02/25/31

170,501

200,000

(a)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

5

.875

05/07/30

199,104

200,000

(a)

Banco

Santander

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

Santand

5

.621

12/10/29

202,500

200,000

(a)

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

8

.450

06/29/38

207,679

200,000

(a)

Comision

Federal

de

Electricidad

4

.688

05/15/29

192,931

198,850

(a)

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7

.250

01/31/41

197,259

200,000

(a)

Gruma

SAB

de

CV

5

.761

12/09/54

186,000

200,000

(a),(b)

Grupo

Aeromexico

SAB

de

CV

8

.625

11/15/31

185,050

200,000

Grupo

Televisa

SAB

6

.625

01/15/40

175,922

300,000

(a)

Mexico

City

Airport

Trust

5

.500

10/31/46

237,190

200,000

(a)

Orbia

Advance

Corp

SAB

de

CV

6

.800

05/13/30

199,866

200,000

Petroleos

Mexicanos

5

.950

01/28/31

165,473

100,000

Petroleos

Mexicanos

5

.350

02/12/28

92,431

TOTAL

MEXICO

2,411,906

NIGERIA

-

0.7%

200,000

(a)

IHS

Holding

Ltd

7

.875

05/29/30

192,803

TOTAL

NIGERIA

192,803

PANAMA

-

0.7%

200,000

(a)

Sable

International

Finance

Ltd

7

.125

10/15/32

196,520

TOTAL

PANAMA

196,520

PERU

-

1.2%

200,000

(a)

Niagara

Energy

SAC

5

.746

10/03/34

197,675

200,000

(a)

Petroleos

del

Peru

SA

5

.625

06/19/47

122,622

TOTAL

PERU

320,297

POLAND

-

0.8%

200,000

(a)

ORLEN

SA

6

.000

01/30/35

202,104

TOTAL

POLAND

202,104

QATAR

-

0.6%

250,000

(a)

QatarEnergy

3

.300

07/12/51

168,577

TOTAL

QATAR

168,577

SAUDI

ARABIA

-

0.8%

250,000

(a)

Saudi

Arabian

Oil

Co

2

.250

11/24/30

219,675

TOTAL

SAUDI

ARABIA

219,675

SOUTH

AFRICA

-

1.3%

200,000

Sasol

Financing

USA

LLC

5

.500

03/18/31

154,819

200,000

(a)

Transnet

SOC

Ltd

8

.250

02/06/28

201,275

TOTAL

SOUTH

AFRICA

356,094

SUPRANATIONAL

-

1.3%

400,000

(a)

Banque

Ouest

Africaine

de

Developpement

4

.700

10/22/31

361,600

TOTAL

SUPRANATIONAL

361,600

THAILAND

-

1.6%

200,000

(a),(b)

Bangkok

Bank

PCL/Hong

Kong

5

.650

07/05/34

204,460

250,000

(a)

PTTEP

Treasury

Center

Co

Ltd

2

.993

01/15/30

231,948

TOTAL

THAILAND

436,408

TURKEY

-

2.2%

200,000

(a),(b)

Sisecam

UK

PLC

8

.625

05/02/32

197,794

200,000

(a)

Turkcell

Iletisim

Hizmetleri

AS

7

.650

01/24/32

200,073

200,000

(a)

Ulker

Biskuvi

Sanayi

AS

7

.875

07/08/31

199,952

TOTAL

TURKEY

597,819

Portfolio

of

Investments

April

30,

2025

(continued)

Emerging

Markets

Debt

38

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UNITED

ARAB

EMIRATES

-

2.8%

$

250,000

(a)

Abu

Dhabi

Crude

Oil

Pipeline

LLC

4

.600

%

11/02/47

$

221,353

200,000

(a)

DP

World

Ltd/United

Arab

Emirates

5

.625

09/25/48

184,678

147,430

(a)

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.160

03/31/34

129,814

240,000

(a)

MDGH

GMTN

RSC

Ltd

4

.375

11/22/33

229,109

TOTAL

UNITED

ARAB

EMIRATES

764,954

UNITED

KINGDOM

-

0.8%

200,000

(a)

Standard

Chartered

PLC

5

.905

05/14/35

203,125

TOTAL

UNITED

KINGDOM

203,125

TOTAL

CORPORATE

BONDS

(Cost

$12,265,852)

12,546,067

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

13605234

SOVEREIGN

DEBT

-

50.0%

ANGOLA

-

0.9%

300,000

(a)

Angolan

Government

International

Bond

8

.750

04/14/32

235,320

TOTAL

ANGOLA

235,320

BENIN

-

0.7%

200,000

(a)

Benin

Government

International

Bond

8

.375

01/23/41

182,800

TOTAL

BENIN

182,800

BERMUDA

-

1.0%

300,000

(a)

Bermuda

Government

International

Bond

2

.375

08/20/30

260,334

TOTAL

BERMUDA

260,334

BRAZIL

-

0.7%

200,000

Brazilian

Government

International

Bond

7

.125

05/13/54

189,454

TOTAL

BRAZIL

189,454

CHILE

-

1.7%

550,000

Chile

Government

International

Bond

2

.550

07/27/33

459,827

TOTAL

CHILE

459,827

COLOMBIA

-

1.4%

200,000

Colombia

Government

International

Bond

8

.000

04/20/33

203,096

200,000

Colombia

Government

International

Bond

8

.750

11/14/53

191,159

TOTAL

COLOMBIA

394,255

COTE

D'IVOIRE

-

1.6%

200,000

(a)

Ivory

Coast

Government

International

Bond

8

.250

01/30/37

183,644

275,000

(a)

Ivory

Coast

Government

International

Bond

8

.450

04/01/36

254,195

TOTAL

COTE

D'IVOIRE

437,839

DOMINICAN

REPUBLIC

-

1.7%

300,000

(a)

Dominican

Republic

International

Bond

5

.500

02/22/29

295,425

150,000

(a)

Dominican

Republic

International

Bond

7

.050

02/03/31

154,372

TOTAL

DOMINICAN

REPUBLIC

449,797

EGYPT

-

1.5%

200,000

(a)

Egypt

Government

International

Bond

8

.625

02/04/30

190,784

250,000

(a)

Egypt

Government

International

Bond

7

.053

01/15/32

208,750

TOTAL

EGYPT

399,534

HONDURAS

-

0.5%

150,000

(a)

Honduras

Government

International

Bond

8

.625

11/27/34

148,725

TOTAL

HONDURAS

148,725

HUNGARY

-

2.9%

200,000

(a)

Hungary

Government

International

Bond

6

.250

09/22/32

206,154

200,000

(a)

Hungary

Government

International

Bond

5

.250

06/16/29

199,800

200,000

(a)

Hungary

Government

International

Bond

5

.500

03/26/36

188,958

200,000

(a)

Magyar

Export-Import

Bank

Zrt

6

.125

12/04/27

203,573

TOTAL

HUNGARY

798,485

INDIA

-

0.7%

200,000

(a)

Export-Import

Bank

of

India

3

.250

01/15/30

185,987

TOTAL

INDIA

185,987

39

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDONESIA

-

1.3%

$

350,000

Indonesia

Government

International

Bond

4

.650

%

09/20/32

$

342,076

TOTAL

INDONESIA

342,076

ISRAEL

-

0.7%

200,000

Israel

Government

International

Bond

5

.750

03/12/54

180,000

TOTAL

ISRAEL

180,000

KAZAKHSTAN

-

0.7%

200,000

(a)

Development

Bank

of

Kazakhstan

JSC

5

.500

04/15/27

200,938

TOTAL

KAZAKHSTAN

200,938

MEXICO

-

3.6%

250,000

Mexico

Government

International

Bond

4

.280

08/14/41

185,695

200,000

Mexico

Government

International

Bond

6

.338

05/04/53

175,466

250,000

Mexico

Government

International

Bond

6

.400

05/07/54

221,117

500,000

Mexico

Government

International

Bond

3

.500

02/12/34

408,484

TOTAL

MEXICO

990,762

NIGERIA

-

1.6%

200,000

(a)

Nigeria

Government

International

Bond

9

.625

06/09/31

188,260

300,000

(a)

Nigeria

Government

International

Bond

7

.375

09/28/33

245,355

TOTAL

NIGERIA

433,615

OMAN

-

0.7%

200,000

(a)

Oman

Government

International

Bond

6

.500

03/08/47

198,431

TOTAL

OMAN

198,431

PANAMA

-

2.5%

200,000

Panama

Government

International

Bond

6

.853

03/28/54

172,228

700,000

Panama

Government

International

Bond

2

.252

09/29/32

510,966

TOTAL

PANAMA

683,194

PARAGUAY

-

0.7%

200,000

(a)

Paraguay

Government

International

Bond

6

.650

03/04/55

197,750

TOTAL

PARAGUAY

197,750

PERU

-

2.4%

250,000

(a)

Fondo

MIVIVIENDA

SA

4

.625

04/12/27

248,649

450,000

Peruvian

Government

International

Bond

2

.783

01/23/31

397,947

TOTAL

PERU

646,596

PHILIPPINES

-

2.8%

675,000

(b)

Philippine

Government

International

Bond

1

.950

01/06/32

567,471

200,000

Philippine

Government

International

Bond

5

.900

02/04/50

203,509

TOTAL

PHILIPPINES

770,980

POLAND

-

3.2%

400,000

(a)

Bank

Gospodarstwa

Krajowego

5

.375

05/22/33

402,614

140,000

Republic

of

Poland

Government

International

Bond

5

.500

04/04/53

131,101

75,000

Republic

of

Poland

Government

International

Bond

5

.125

09/18/34

74,808

75,000

Republic

of

Poland

Government

International

Bond

5

.500

03/18/54

69,710

200,000

Republic

of

Poland

Government

International

Bond

4

.875

02/12/30

203,912

TOTAL

POLAND

882,145

QATAR

-

1.1%

310,000

(a)

Qatar

Government

International

Bond

5

.103

04/23/48

293,260

TOTAL

QATAR

293,260

ROMANIA

-

2.5%

50,000

(a)

Romanian

Government

International

Bond

7

.125

01/17/33

50,484

270,000

(a)

Romanian

Government

International

Bond

4

.000

02/14/51

160,958

102,000

(a)

Romanian

Government

International

Bond

5

.875

01/30/29

101,050

250,000

(a)

Romanian

Government

International

Bond

6

.375

01/30/34

236,810

150,000

(a)

Romanian

Government

International

Bond

5

.750

03/24/35

132,933

TOTAL

ROMANIA

682,235

SAUDI

ARABIA

-

4.2%

250,000

(a)

Saudi

Government

International

Bond

4

.500

10/26/46

202,100

500,000

(a)

Saudi

Government

International

Bond

3

.625

03/04/28

487,515

325,000

(a)

Saudi

Government

International

Bond

2

.250

02/02/33

268,928

200,000

(a)

Saudi

Government

International

Bond

5

.750

01/16/54

189,026

TOTAL

SAUDI

ARABIA

1,147,569

Portfolio

of

Investments

April

30,

2025

(continued)

Emerging

Markets

Debt

40

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOUTH

AFRICA

-

2.6%

$

550,000

(a)

Republic

of

South

Africa

Government

International

Bond

7

.100

%

11/19/36

$

524,240

200,000

(a)

Republic

of

South

Africa

Government

International

Bond

7

.950

11/19/54

182,726

TOTAL

SOUTH

AFRICA

706,966

SOUTH

KOREA

-

0.8%

300,000

Export-Import

Bank

of

Korea

2

.500

06/29/41

210,388

TOTAL

SOUTH

KOREA

210,388

TURKEY

-

1.4%

200,000

Turkiye

Government

International

Bond

7

.625

05/15/34

199,199

200,000

Turkiye

Government

International

Bond

7

.125

07/17/32

194,669

TOTAL

TURKEY

393,868

UNITED

ARAB

EMIRATES

-

1.1%

425,000

(a)

Abu

Dhabi

Government

International

Bond

3

.125

09/30/49

287,404

TOTAL

UNITED

ARAB

EMIRATES

287,404

UZBEKISTAN

-

0.8%

250,000

(a)

Republic

of

Uzbekistan

International

Bond

3

.700

11/25/30

214,700

TOTAL

UZBEKISTAN

214,700

TOTAL

SOVEREIGN

DEBT

(Cost

$13,738,249)

13,605,234

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$26,180,456)

26,339,283

SHARES

DESCRIPTION

Coupon

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  4.0%

1,092,309

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.360

(e)

1,092,309

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$1,092,309)

1,092,309

TOTAL

INVESTMENTS

(Cost

$

27,272,765

)

-

100

.9

%

27,431,592

OTHER

ASSETS

&

LIABILITIES,

NET

-  (0.9)%

(

246,460

)

NET

ASSETS

-

100%

$

27,185,132

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

(a)

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

$19,676,553

or

71.7%

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

$1,059,913.

(c)

Perpetual

security.

Maturity

date

is

not

applicable.

(d)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

41

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Emerging

Markets

Debt

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

187,982

$

–

$

187,982

Corporate

Bonds

–

12,546,067

–

12,546,067

Sovereign

Debt

–

13,605,234

–

13,605,234

Investments

Purchased

with

Collateral

from

Securities

Lending

1,092,309

–

–

1,092,309

Total

$

1,092,309

$

26,339,283

$

–

$

27,431,592

42

Portfolio

of

Investments

April

30,

2025

High

Yield

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

97.2%

64,935

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

0

.4

%

64,935

ENERGY

-

0.4%

$

65,000

(a)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.625

%

03/01/55

$

64,935

TOTAL

ENERGY

64,935

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$65,000)

64,935

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

16681110

CORPORATE

BONDS

-

95

.8

%

16681110

AUTOMOBILES

&

COMPONENTS

-

4.2%

35,000

(a)

Clarios

Global

LP

/

Clarios

US

Finance

Co

6

.750

02/15/30

35,605

125,000

(b)

Goodyear

Tire

&

Rubber

Co/The

5

.000

07/15/29

118,895

10,000

(a)

IHO

Verwaltungs

GmbH,

(cash

6.375%,

PIK

7.125%)

6

.375

05/15/29

9,684

200,000

(a)

IHO

Verwaltungs

GmbH

8

.000

11/15/32

191,524

105,000

(a)

Phinia

Inc

6

.750

04/15/29

106,121

135,000

(a)

Phinia

Inc

6

.625

10/15/32

132,467

150,000

ZF

North

America

Capital

Inc

6

.750

04/23/30

136,885

TOTAL

AUTOMOBILES

&

COMPONENTS

731,181

CAPITAL

GOODS

-

5.3%

100,000

(a),(b)

Alta

Equipment

Group

Inc

9

.000

06/01/29

84,157

65,000

(a)

Chart

Industries

Inc

7

.500

01/01/30

67,437

200,000

(a)

Efesto

Bidco

S.p.A

Efesto

US

LLC

7

.500

02/15/32

198,422

25,000

(a)

Gates

Corp/DE

6

.875

07/01/29

25,366

45,000

(a)

Goat

Holdco

LLC

6

.750

02/01/32

43,987

65,000

(a)

Herc

Holdings

Inc

6

.625

06/15/29

64,215

60,000

(a)

Masterbrand

Inc

7

.000

07/15/32

60,145

35,000

(a)

Standard

Industries

Inc/NY

5

.000

02/15/27

34,736

80,000

(a)

TransDigm

Inc

6

.875

12/15/30

82,428

100,000

(a)

TransDigm

Inc

6

.375

03/01/29

101,871

100,000

(a)

Trinity

Industries

Inc

7

.750

07/15/28

103,110

50,000

(a)

WESCO

Distribution

Inc

6

.375

03/15/33

50,581

TOTAL

CAPITAL

GOODS

916,455

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.4%

80,000

(a)

ASGN

Inc

4

.625

05/15/28

76,132

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

76,132

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

4.6%

80,000

(a)

Academy

Ltd

6

.000

11/15/27

79,856

35,000

(a)

Asbury

Automotive

Group

Inc

4

.625

11/15/29

32,913

75,000

(a)

Bath

&

Body

Works

Inc

6

.625

10/01/30

76,320

25,000

(a)

Group

1

Automotive

Inc

6

.375

01/15/30

25,255

70,000

Kohl's

Corp

4

.625

05/01/31

43,837

50,000

(a)

LCM

Investments

Holdings

II

LLC

4

.875

05/01/29

47,269

100,000

(a)

Macy's

Retail

Holdings

LLC

5

.875

04/01/29

94,831

10,000

(a)

Macy's

Retail

Holdings

LLC

6

.125

03/15/32

9,004

175,000

(a)

Michaels

Cos

Inc/The

5

.250

05/01/28

91,189

100,000

(a)

Michaels

Cos

Inc/The

7

.875

05/01/29

34,367

110,000

(a)

Queen

MergerCo

Inc

6

.750

04/30/32

110,285

100,000

(a)

Staples

Inc

10

.750

09/01/29

86,641

15,000

Veritiv

Operating

Co

10

.500

11/30/30

15,668

50,000

(a)

Wayfair

LLC

7

.250

10/31/29

45,670

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

793,105

CONSUMER

DURABLES

&

APPAREL

-

2.4%

100,000

(a)

CD&R

Smokey

Buyer

Inc

9

.500

10/15/29

85,818

20,000

(a)

Champ

Acquisition

Corp

8

.375

12/01/31

21,069

20,000

(a)

Hanesbrands

Inc

9

.000

02/15/31

20,720

80,000

Newell

Brands

Inc

6

.625

09/15/29

75,046

120,000

(a)

S&S

Holdings

LLC

8

.375

10/01/31

112,770

115,000

(a)

Wolverine

World

Wide

Inc

4

.000

08/15/29

95,674

TOTAL

CONSUMER

DURABLES

&

APPAREL

411,097

43

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER

SERVICES

-

5.2%

$

75,000

(a)

Caesars

Entertainment

Inc

6

.000

%

10/15/32

$

70,706

20,000

(a)

Caesars

Entertainment

Inc

6

.500

02/15/32

20,105

80,000

(a)

Churchill

Downs

Inc

5

.750

04/01/30

78,238

95,000

(a),(b)

Cinemark

USA

Inc

7

.000

08/01/32

97,144

115,000

(a)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

4

.625

01/15/29

106,534

40,000

(a)

Life

Time

Inc

6

.000

11/15/31

39,875

10,000

(a)

Merlin

Entertainments

Group

US

Holdings

Inc

7

.375

02/15/31

9,314

145,000

MGM

Resorts

International

6

.125

09/15/29

144,344

200,000

(a)

Motion

Finco

Sarl

8

.375

02/15/32

189,318

50,000

Service

Corp

International/US

5

.750

10/15/32

49,362

50,000

(a)

Six

Flags

Entertainment

Corp

/

Six

Flags

Theme

Parks

Inc

6

.625

05/01/32

50,448

50,000

(a)

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

6

.250

03/15/33

48,331

TOTAL

CONSUMER

SERVICES

903,719

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.6%

50,000

(a)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

6

.250

03/15/33

50,727

50,000

(a),(b)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

6

.500

02/15/28

50,796

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

101,523

ENERGY

-

15.6%

65,000

(a)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6

.250

04/01/28

64,889

50,000

(a)

Archrock

Partners

LP

/

Archrock

Partners

Finance

Corp

6

.625

09/01/32

49,719

50,000

(a)

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

6

.625

10/15/32

49,475

115,000

(a)

Baytex

Energy

Corp

7

.375

03/15/32

99,149

15,000

(a)

Blue

Racer

Midstream

LLC

/

Blue

Racer

Finance

Corp

7

.000

07/15/29

15,259

9,268

(a)

Borr

IHC

Ltd

/

Borr

Finance

LLC

10

.000

11/15/28

7,883

80,000

(a)

Buckeye

Partners

LP

6

.750

02/01/30

81,400

200,000

(a)

Chord

Energy

Corp

6

.750

03/15/33

194,677

15,000

(a)

Civitas

Resources

Inc

8

.625

11/01/30

14,457

55,000

(a)

Civitas

Resources

Inc

8

.375

07/01/28

54,034

135,000

(a)

Civitas

Resources

Inc

8

.750

07/01/31

128,321

60,000

(a)

CNX

Resources

Corp

7

.250

03/01/32

59,966

45,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

8

.000

05/15/33

43,646

35,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7

.875

05/15/32

34,055

150,000

(a)

Harvest

Midstream

I

LP

7

.500

05/15/32

152,658

10,000

(a)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

8

.375

11/01/33

9,510

165,000

(a)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

5

.750

02/01/29

154,490

65,000

(a)

Kinetik

Holdings

LP

5

.875

06/15/30

63,508

100,000

(a)

Kinetik

Holdings

LP

6

.625

12/15/28

100,731

50,000

(a)

Kodiak

Gas

Services

LLC

7

.250

02/15/29

50,782

40,000

(a)

Matador

Resources

Co

6

.250

04/15/33

37,756

95,000

(a)

Noble

Finance

II

LLC

8

.000

04/15/30

90,513

110,000

(a)

Parkland

Corp

4

.500

10/01/29

103,705

100,000

(a)

PBF

Holding

Co

LLC

/

PBF

Finance

Corp

7

.875

09/15/30

82,267

50,000

(a)

Rockies

Express

Pipeline

LLC

6

.750

03/15/33

50,802

90,000

(a)

Sunoco

LP

7

.000

05/01/29

92,535

100,000

(a)

Sunoco

LP

6

.250

07/01/33

99,865

100,000

(a)

Talos

Production

Inc

9

.000

02/01/29

95,864

55,000

(a)

TransMontaigne

Partners

LLC

8

.500

06/15/30

55,357

20,385

(a)

Transocean

Aquila

Ltd

8

.000

09/30/28

20,096

36,000

(a)

Transocean

Inc

8

.750

02/15/30

35,190

31,667

(a)

Transocean

Titan

Financing

Ltd

8

.375

02/01/28

31,371

100,000

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

6

.875

09/01/27

99,151

130,000

(a)

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

7

.125

03/15/29

131,260

90,000

(a)

Venture

Global

LNG

Inc

8

.125

06/01/28

89,377

180,000

(a)

Venture

Global

LNG

Inc

7

.000

01/15/30

169,560

TOTAL

ENERGY

2,713,278

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.2%

35,000

(a)

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

8

.500

02/15/32

35,560

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

35,560

Portfolio

of

Investments

April

30,

2025

(continued)

High

Yield

44

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIAL

SERVICES

-

11.9%

$

10,000

(a)

Azorra

Finance

Ltd

7

.750

%

04/15/30

$

9,923

50,000

(a)

Block

Inc

6

.500

05/15/32

51,014

55,000

(a)

Compass

Group

Diversified

Holdings

LLC

5

.250

04/15/29

51,884

25,000

(a)

Compass

Group

Diversified

Holdings

LLC

5

.000

01/15/32

22,378

310,000

(a)

Encore

Capital

Group

Inc

8

.500

05/15/30

321,638

95,000

(a)

FirstCash

Inc

6

.875

03/01/32

97,197

110,000

(a)

Freedom

Mortgage

Holdings

LLC

8

.375

04/01/32

107,583

165,000

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

5

.250

05/15/27

156,461

60,000

(a)

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

10

.000

11/15/29

58,669

30,000

(a)

Jane

Street

Group

/

JSG

Finance

Inc

6

.750

05/01/33

30,141

100,000

(a)

Jane

Street

Group

/

JSG

Finance

Inc

6

.125

11/01/32

98,288

90,000

Navient

Corp

4

.875

03/15/28

86,570

230,000

OneMain

Finance

Corp

6

.625

05/15/29

230,670

100,000

(a)

PennyMac

Financial

Services

Inc

7

.125

11/15/30

101,693

110,000

(a)

PennyMac

Financial

Services

Inc

7

.875

12/15/29

114,686

60,000

(a)

Rocket

Mortgage

LLC

/

Rocket

Mortgage

Co-Issuer

Inc

3

.875

03/01/31

54,235

20,000

(a)

Starwood

Property

Trust

Inc

6

.500

07/01/30

20,116

125,000

(a)

Starwood

Property

Trust

Inc

6

.000

04/15/30

123,559

80,000

(a)

UWM

Holdings

LLC

6

.625

02/01/30

79,109

150,000

(a),(b)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

6

.375

02/01/30

129,505

55,000

(a)

Walker

&

Dunlop

Inc

6

.625

04/01/33

55,944

80,000

(a)

WEX

Inc

6

.500

03/15/33

77,791

TOTAL

FINANCIAL

SERVICES

2,079,054

FOOD,

BEVERAGE

&

TOBACCO

-

1.9%

115,000

(a)

Darling

Ingredients

Inc

6

.000

06/15/30

114,676

100,000

(a)

Post

Holdings

Inc

6

.375

03/01/33

98,876

130,000

(a)

Viking

Baked

Goods

Acquisition

Corp

8

.625

11/01/31

123,486

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

337,038

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

3.4%

105,000

(a)

CHS/Community

Health

Systems

Inc

10

.875

01/15/32

108,413

95,000

(a)

DaVita

Inc

4

.625

06/01/30

88,356

100,000

(a)

DaVita

Inc

6

.875

09/01/32

100,969

10,000

(a)

Insulet

Corp

6

.500

04/01/33

10,202

100,000

(a)

LifePoint

Health

Inc

9

.875

08/15/30

106,372

150,000

(a)

Prime

Healthcare

Services

Inc

9

.375

09/01/29

143,007

20,000

(a)

Radiology

Partners

Inc,

(cash

4.275%,

PIK

3.500%)

7

.775

01/31/29

19,569

10,000

(a)

Star

Parent

Inc

9

.000

10/01/30

10,118

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

587,006

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.3%

60,000

(a)

Coty

Inc/HFC

Prestige

Products

Inc/HFC

Prestige

International

US

LLC

6

.625

07/15/30

60,146

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

60,146

INSURANCE

-

4.7%

50,000

(a)

Acrisure

LLC

/

Acrisure

Finance

Inc

4

.250

02/15/29

46,726

85,000

(a)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6

.750

04/15/28

85,612

200,000

(a)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6

.500

10/01/31

199,590

10,000

(a)

APH

Somerset

Investor

2

LLC

/

APH2

Somerset

Investor

2

LLC

/

APH3

Somerset

Inves

7

.875

11/01/29

9,760

200,000

(a)

Ardonagh

Finco

Ltd

7

.750

02/15/31

203,561

110,000

(a)

HUB

International

Ltd

7

.250

06/15/30

114,097

110,000

(a)

Panther

Escrow

Issuer

LLC

7

.125

06/01/31

112,694

50,000

(a)

Ryan

Specialty

LLC

5

.875

08/01/32

49,385

TOTAL

INSURANCE

821,425

MATERIALS

-

3.8%

120,000

(a)

Arsenal

AIC

Parent

LLC

8

.000

10/01/30

124,244

130,000

(a)

Avient

Corp

7

.125

08/01/30

132,548

40,000

(a)

Avient

Corp

6

.250

11/01/31

39,572

120,000

(a)

Mineral

Resources

Ltd

9

.250

10/01/28

113,486

110,000

(a)

Mineral

Resources

Ltd

8

.000

11/01/27

104,469

85,000

(a)

Olin

Corp

6

.625

04/01/33

80,652

20,000

(a)

Owens-Brockway

Glass

Container

Inc

7

.250

05/15/31

19,861

45

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS

(continued)

$

50,000

(a),(b)

Sealed

Air

Corp

6

.500

%

07/15/32

$

50,857

TOTAL

MATERIALS

665,689

MEDIA

&

ENTERTAINMENT

-

10.9%

285,000

(a)

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4

.250

02/01/31

257,504

125,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

4

.400

12/01/61

81,168

200,000

(a)

CSC

Holdings

LLC

5

.500

04/15/27

185,836

120,000

(a)

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc

5

.875

08/15/27

115,977

150,000

(a)

DISH

Network

Corp

11

.750

11/15/27

157,642

75,000

(a)

Getty

Images

Inc

9

.750

03/01/27

74,082

65,000

(a),(b)

Gray

Media

Inc

4

.750

10/15/30

38,512

210,000

(a)

LCPR

Senior

Secured

Financing

DAC

6

.750

10/15/27

172,603

75,000

(a)

McGraw-Hill

Education

Inc

7

.375

09/01/31

76,632

50,000

(a),(b)

Sirius

XM

Radio

LLC

3

.875

09/01/31

42,904

30,000

(a)

Sirius

XM

Radio

LLC

4

.125

07/01/30

26,843

95,000

(a)

Sirius

XM

Radio

LLC

4

.000

07/15/28

89,369

200,000

(a)

Sunrise

FinCo

I

BV

4

.875

07/15/31

183,400

75,000

(a)

Univision

Communications

Inc

4

.500

05/01/29

64,314

100,000

(a)

Univision

Communications

Inc

8

.500

07/31/31

94,428

200,000

(a)

Virgin

Media

Secured

Finance

PLC

5

.500

05/15/29

192,563

40,000

(a)

Ziff

Davis

Inc

4

.625

10/15/30

35,343

TOTAL

MEDIA

&

ENTERTAINMENT

1,889,120

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.2%

35,000

(a),(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

7

.875

05/15/34

32,236

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

32,236

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

1.0%

110,000

(a),(b)

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp

7

.000

04/15/30

97,557

75,000

(a)

Cushman

&

Wakefield

US

Borrower

LLC

6

.750

05/15/28

75,350

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

172,907

SOFTWARE

&

SERVICES

-

2.2%

150,000

(a)

Ahead

DB

Holdings

LLC

6

.625

05/01/28

145,040

20,000

(a)

Cloud

Software

Group

Inc

8

.250

06/30/32

20,862

15,000

(a)

Gen

Digital

Inc

6

.250

04/01/33

14,960

75,000

(a)

Open

Text

Corp

3

.875

12/01/29

69,105

130,000

(a)

Rocket

Software

Inc

9

.000

11/28/28

133,944

TOTAL

SOFTWARE

&

SERVICES

383,911

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.5%

100,000

(a)

Imola

Merger

Corp

4

.750

05/15/29

95,488

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

95,488

TELECOMMUNICATION

SERVICES

-

7.5%

200,000

(a)

Altice

France

SA

8

.125

02/01/27

183,062

200,000

(a)

Iliad

Holding

SASU

8

.500

04/15/31

210,966

75,000

(a)

Level

3

Financing

Inc

10

.500

05/15/30

81,080

130,000

(a)

Level

3

Financing

Inc

10

.500

04/15/29

143,941

50,000

(a)

Level

3

Financing

Inc

10

.750

12/15/30

55,355

275,000

(a)

Level

3

Financing

Inc

4

.875

06/15/29

239,938

220,000

(a)

Sable

International

Finance

Ltd

7

.125

10/15/32

216,172

70,000

(a)

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp

8

.250

10/01/31

71,660

110,000

(a)

Zayo

Group

Holdings

Inc

4

.000

03/01/27

101,309

TOTAL

TELECOMMUNICATION

SERVICES

1,303,483

TRANSPORTATION

-

2.1%

60,000

(a)

Air

Transport

Services

Group

Inc

7

.250

03/15/32

60,915

300,000

(a),(b)

Brightline

East

LLC

11

.000

01/31/30

244,500

10,000

(a)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

9

.500

06/01/28

9,768

55,000

(a)

XPO

Inc

7

.125

06/01/31

56,309

TOTAL

TRANSPORTATION

371,492

UTILITIES

-

6.9%

150,000

(a)

California

Buyer

Ltd

/

Atlantica

Sustainable

Infrastructure

PLC

6

.375

02/15/32

147,367

80,000

(a)

Clearway

Energy

Operating

LLC

4

.750

03/15/28

78,184

200,000

(a)

ContourGlobal

Power

Holdings

SA

6

.750

02/28/30

202,382

Portfolio

of

Investments

April

30,

2025

(continued)

High

Yield

46

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

115,000

(a)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5

.875

%

04/01/29

$

99,872

75,000

(a)

NRG

Energy

Inc

6

.000

02/01/33

74,213

60,000

(a)

NRG

Energy

Inc

6

.250

11/01/34

59,908

245,000

(a)

Talen

Energy

Supply

LLC

8

.625

06/01/30

261,652

130,000

(a)

TerraForm

Power

Operating

LLC

5

.000

01/31/28

126,620

85,000

(a)

Vistra

Operations

Co

LLC

7

.750

10/15/31

89,878

40,000

(a),(b)

XPLR

Infrastructure

Operating

Partners

LP

8

.625

03/15/33

39,916

20,000

(a)

XPLR

Infrastructure

Operating

Partners

LP

8

.375

01/15/31

20,073

TOTAL

UTILITIES

1,200,065

TOTAL

CORPORATE

BONDS

(Cost

$16,834,007)

16,681,110

SHARES

DESCRIPTION

VALUE

176,120

EXCHANGE-TRADED

FUNDS

-

1

.0

%

176,120

8,500

(b)

Invesco

Senior

Loan

ETF

176,120

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$179,478)

176,120

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$17,078,485)

16,922,165

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

6.1%

1,055,746

(c)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.360

(d)

1,055,746

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$1,055,746)

1,055,746

TOTAL

INVESTMENTS

-

103

.3

%

(Cost

$

18,134,231

)

17,977,911

OTHER

ASSETS

&

LIABILITIES,

NET

-  (3.3)%

(

571,786

)

NET

ASSETS

-

100%

$

17,406,125

ETF

Exchange-Traded

Fund

PIK

Payment-in-kind

(“PIK”)

security.  Depending

on

the

terms

of

the

security,

income

may

be

received

in

the

form

of

cash,

securities,

or

a

combination

of

both.  The

PIK

rate

shown,

where

applicable,

represents

the

annualized

rate

of

the

last

PIK

payment

made

by

the

issuer

as

of

the

end

of

the

reporting

period.

(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

$15,430,287

or

85.8%

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

$1,008,008.

(c)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(d)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

47

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

High

Yield

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

64,935

$

–

$

64,935

Corporate

Bonds

–

16,681,110

–

16,681,110

Exchange-Traded

Funds

176,120

–

–

176,120

Investments

Purchased

with

Collateral

from

Securities

Lending

1,055,746

–

–

1,055,746

Total

$

1,231,866

$

16,746,045

$

–

$

17,977,911

48

Portfolio

of

Investments

April

30,

2025

Preferred

Securities

and

Income

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

98.5%

9712534

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

55

.5

%

9712534

AUTOMOBILES

&

COMPONENTS

-

1.6%

$

300,000

(a)

General

Motors

Financial

Co

Inc

5

.750

%

N/A

$

279,224

TOTAL

AUTOMOBILES

&

COMPONENTS

279,224

BANKS

-

12.4%

300,000

(a)

Citigroup

Inc

7

.625

N/A

308,049

175,000

(a)

Citigroup

Inc

7

.125

N/A

172,595

540,000

(a)

CoBank

ACB

6

.450

N/A

537,169

100,000

(a),(b)

First

Citizens

BancShares

Inc/NC

(TSFR3M

+

4.234%)

8

.533

N/A

101,506

125,000

(a)

JPMorgan

Chase

&

Co

6

.500

N/A

124,907

150,000

(a)

M&T

Bank

Corp

5

.125

N/A

145,265

280,000

(a)

PNC

Financial

Services

Group

Inc/The

6

.200

N/A

279,815

225,000

(a)

PNC

Financial

Services

Group

Inc/The

6

.250

N/A

221,365

160,000

(a)

Truist

Financial

Corp

5

.100

N/A

153,192

135,000

(a)

US

Bancorp

5

.300

N/A

131,249

TOTAL

BANKS

2,175,112

CAPITAL

GOODS

-

0.6%

119,000

(a)

Air

Lease

Corp

6

.000

N/A

111,383

TOTAL

CAPITAL

GOODS

111,383

ENERGY

-

9.1%

300,000

Enbridge

Inc

7

.625

01/15/83

305,994

300,000

Enbridge

Inc

8

.500

01/15/84

323,367

24,000

(a)

Energy

Transfer

LP

6

.625

N/A

23,040

275,000

(a)

Energy

Transfer

LP

6

.500

N/A

273,101

75,000

Energy

Transfer

LP

8

.000

05/15/54

77,846

109,000

(c)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.500

03/01/55

107,138

180,000

Transcanada

Trust

5

.600

03/07/82

166,083

300,000

Transcanada

Trust

5

.500

09/15/79

284,605

43,000

(a),(c)

Venture

Global

LNG

Inc

9

.000

N/A

36,960

TOTAL

ENERGY

1,598,134

FINANCIAL

SERVICES

-

11.2%

287,000

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6

.950

03/10/55

288,193

400,000

(a)

Ally

Financial

Inc

4

.700

N/A

367,478

450,000

(a)

Charles

Schwab

Corp/The

5

.375

N/A

448,509

210,000

(a)

Discover

Financial

Services

6

.125

N/A

209,620

125,000

(a)

Goldman

Sachs

Group

Inc/The

7

.500

N/A

127,471

125,000

(a)

Goldman

Sachs

Group

Inc/The

7

.500

N/A

129,429

333,000

(a),(d)

Goldman

Sachs

Group

Inc/The

6

.125

N/A

313,963

85,000

(a)

State

Street

Corp

6

.700

N/A

85,300

TOTAL

FINANCIAL

SERVICES

1,969,963

INSURANCE

-

8.1%

300,000

Assurant

Inc

7

.000

03/27/48

298,553

185,000

AXIS

Specialty

Finance

LLC

4

.900

01/15/40

175,948

270,000

Enstar

Finance

LLC

5

.500

01/15/42

259,019

50,000

(c)

Enstar

Group

Ltd

7

.500

04/01/45

50,138

325,000

(c)

MetLife

Inc

9

.250

04/08/38

376,797

130,000

Prudential

Financial

Inc

6

.500

03/15/54

130,408

140,000

(a),(c)

SBL

Holdings

Inc

6

.500

N/A

122,514

TOTAL

INSURANCE

1,413,377

MEDIA

&

ENTERTAINMENT

-

3.4%

293,000

(a),(c)

Farm

Credit

Bank

of

Texas

7

.750

N/A

303,601

300,000

Paramount

Global

6

.375

03/30/62

288,578

TOTAL

MEDIA

&

ENTERTAINMENT

592,179

TELECOMMUNICATION

SERVICES

-

2.1%

158,000

Bell

Telephone

Co

of

Canada

or

Bell

Canada

7

.000

09/15/55

156,790

200,000

Vodafone

Group

PLC

7

.000

04/04/79

205,490

TOTAL

TELECOMMUNICATION

SERVICES

362,280

49

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

-

7.0%

$

85,000

AES

Corp/The

7

.600

%

01/15/55

$

83,985

50,000

CMS

Energy

Corp

6

.500

06/01/55

48,747

52,000

Dominion

Energy

Inc

7

.000

06/01/54

53,989

70,000

Emera

Inc

6

.750

06/15/76

70,095

115,000

Entergy

Corp

7

.125

12/01/54

115,625

72,000

NextEra

Energy

Capital

Holdings

Inc

6

.750

06/15/54

72,733

64,000

PG&E

Corp

7

.375

03/15/55

62,131

230,000

(a)

Sempra

4

.875

N/A

226,937

163,000

Sempra

6

.550

04/01/55

148,424

325,000

(a),(c)

Vistra

Corp

7

.000

N/A

328,216

TOTAL

UTILITIES

1,210,882

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$9,345,938)

9,712,534

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

7509498

CORPORATE

BONDS

-

43

.0

%

7509498

BANKS

-

32.0%

200,000

(a),(e)

Banco

Bilbao

Vizcaya

Argentaria

SA

9

.375

N/A

215,401

200,000

(a),(d),(e)

Banco

Bilbao

Vizcaya

Argentaria

SA

7

.750

N/A

195,728

200,000

(a),(e)

Banco

Santander

SA

9

.625

N/A

225,938

200,000

(a),(e)

Banco

Santander

SA

8

.000

N/A

204,357

200,000

(a),(e)

Banco

Santander

SA

4

.750

N/A

188,674

200,000

(a)

Bank

of

America

Corp

6

.625

N/A

200,092

315,000

(a),(e)

Barclays

PLC

9

.625

N/A

343,873

200,000

(a),(e)

Barclays

PLC

7

.625

N/A

191,329

275,000

BNP

Paribas

SA

7

.750

N/A

282,669

200,000

(a),(c),(e)

BNP

Paribas

SA

8

.500

N/A

208,457

235,000

(a),(c),(e)

BNP

Paribas

SA

9

.250

N/A

247,253

312,000

Credit

Agricole

SA

6

.700

N/A

295,438

200,000

(a),(c),(e)

Credit

Agricole

SA

8

.125

N/A

202,468

271,000

(a),(e)

HSBC

Holdings

PLC

6

.950

N/A

264,216

370,000

(a),(e)

HSBC

Holdings

PLC

6

.000

N/A

365,240

250,000

(a),(e)

ING

Groep

NV

5

.750

N/A

245,914

200,000

(a),(e)

ING

Groep

NV,

Reg

S

7

.500

N/A

202,500

200,000

(a),(e)

Lloyds

Banking

Group

PLC

7

.500

N/A

199,385

200,000

(a),(d),(e)

NatWest

Group

PLC

8

.125

N/A

206,548

330,000

(a),(e)

NatWest

Group

PLC

6

.000

N/A

327,967

200,000

Nordea

Bank

Abp

6

.300

N/A

190,526

150,000

(a),(c),(e)

Societe

Generale

SA

10

.000

N/A

161,297

220,000

(a),(c),(e)

Societe

Generale

SA

9

.375

N/A

230,128

200,000

(a),(c),(e)

Standard

Chartered

PLC

7

.750

N/A

203,476

TOTAL

BANKS

5,598,874

FINANCIAL

SERVICES

-

5.3%

400,000

(f)

Credit

Suisse

Group

AG

7

.500

06/11/72

45,000

310,000

(f)

Credit

Suisse

Group

AG

7

.500

01/17/72

34,875

200,000

(a),(e)

Deutsche

Bank

AG

6

.000

N/A

195,867

200,000

(a),(c),(e)

UBS

Group

AG

9

.250

N/A

223,558

400,000

(a),(c),(e)

UBS

Group

AG

9

.250

N/A

432,197

TOTAL

FINANCIAL

SERVICES

931,497

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.9%

52,000

CVS

Health

Corp

6

.750

12/10/54

51,650

100,000

CVS

Health

Corp

7

.000

03/10/55

101,155

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

152,805

INSURANCE

-

2.6%

197,000

Corebridge

Financial

Inc

6

.375

09/15/54

189,793

66,000

MetLife

Inc

6

.350

03/15/55

65,564

200,000

(a),(e)

Phoenix

Group

Holdings

PLC,

Reg

S

8

.500

N/A

203,682

TOTAL

INSURANCE

459,039

Portfolio

of

Investments

April

30,

2025

(continued)

Preferred

Securities

and

Income

50

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION

SERVICES

-

0.7%

$

110,000

Rogers

Communications

Inc

7

.125

%

04/15/55

$

109,601

TOTAL

TELECOMMUNICATION

SERVICES

109,601

UTILITIES

-

1.5%

49,000

Duke

Energy

Corp

6

.450

09/01/54

49,103

65,000

(a)

Edison

International

5

.375

N/A

60,924

147,000

EUSHI

Finance

Inc

7

.625

12/15/54

147,655

TOTAL

UTILITIES

257,682

TOTAL

CORPORATE

BONDS

(Cost

$7,737,547)

7,509,498

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$17,083,485)

17,222,032

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

8.7%

1,531,258

(g)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

4

.360

(h)

1,531,258

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$1,531,258)

1,531,258

TOTAL

INVESTMENTS

-

107

.2

%

(Cost

$

18,614,743

)

18,753,290

OTHER

ASSETS

&

LIABILITIES,

NET

-  (7.2)%

(

1,263,148

)

NET

ASSETS

-

100%

$

17,490,142

Reg

S

Regulation

S

allows

U.S.

companies

to

sell

securities

to

persons

or

entities

located

outside

of

the

United

States

without

registering

those

securities

with

the

Securities

and

Exchange

Commission.

Specifically,

Regulation

S

provides

a

safe

harbor

from

the

registration

requirements

of

the

Securities

Act

for

the

offers

and

sales

of

securities

by

both

foreign

and

domestic

issuers

that

are

made

outside

the

United

States.

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

(a)

Perpetual

security.

Maturity

date

is

not

applicable.

(b)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$4,002,831

or

21.3%

of

Total

Investments.

(d)

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

$1,473,946.

(e)

Contingent

Capital

Securities

(“CoCos”)

are

debt

or

preferred

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer,

for

example

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

As

of

the

end

of

the

reporting

period,

the

Fund’s

total

investment

in

CoCos

was

34.4%

of

Total

Investments.

(f)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(g)

Investments

made

with

cash

collateral

received

from

securities

on

loan.

(h)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

51

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Preferred

Securities

and

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

9,712,534

$

–

$

9,712,534

Corporate

Bonds

–

7,429,623

79,875

7,509,498

Investments

Purchased

with

Collateral

from

Securities

Lending

1,531,258

–

–

1,531,258

Total

$

1,531,258

$

17,142,157

$

79,875

$

18,753,290

52

Portfolio

of

Investments

April

30,

2025

Securitized

Credit

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

99.6%

ASSET-BACKED

SECURITIES

-

19.4%

–

$

250,000

(a),(b)

AGL

CLO

Ltd,

Series

2023

25A,

(TSFR3M

+

2.600%)

6

.872

%

07/21/36

$

250,414

83,903

(b)

Alterna

Funding

III

LLC,

Series

2024

1A

7

.136

05/16/39

84,486

81,597

(b)

Alterna

Funding

III

LLC,

Series

2024

1A

6

.260

05/16/39

82,301

100,000

(b)

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2024

1A

5

.850

06/20/30

101,744

350,000

(a),(b)

Boyce

Park

CLO

Ltd,

Series

2022

1A,

(TSFR3M

+

1.750%)

6

.367

04/21/35

349,300

150,000

(b)

Brex

Commercial

Charge

Card

Master

Trust,

Series

2024

1

6

.680

07/15/27

150,887

97,833

(b)

Cars

Net

Lease

Mortgage

Notes

Series

2020-1,

Series

2020

1A

3

.100

12/15/50

92,020

328,854

(b)

CARS-DB7

LP,

Series

2023

1A

5

.750

09/15/53

331,941

350,000

Carvana

Auto

Receivables

Trust

2024-P4,

Series

2024

P4

5

.000

02/10/31

353,727

100,000

(b)

Frontier

Issuer

LLC,

Series

2023

1

6

.600

08/20/53

101,576

16,331

(a),(b)

Gracie

Point

International

Funding,

Series

2023

2A,

(SOFR90A

+

2.250%)

6

.674

03/01/27

16,297

238,341

(a),(b)

Gracie

Point

International

Funding,

Series

2023

1A,

(SOFR90A

+

1.950%)

6

.374

09/01/26

237,975

100,000

(b)

Hertz

Vehicle

Financing

III

LP,

Series

2021

2A

2

.120

12/27/27

95,154

200,000

(b)

HI-FI

Music

IP

Issuer

LP,

Series

2022

1A

3

.939

02/01/62

194,043

104,652

(b)

Hilton

Grand

Vacations

Trust

2019-A,

Series

2019

AA

2

.340

07/25/33

102,474

71,103

(b)

Hilton

Grand

Vacations

Trust

2024-2,

Series

2024

2A

5

.500

03/25/38

72,587

299,007

(b)

Horizon

Aircraft

Finance

IV

Ltd,

Series

2024

1

5

.375

09/15/49

293,792

200,000

(b)

Hotwire

Funding

LLC,

Series

2023

1A

5

.687

05/20/53

200,912

100,000

(b)

Hotwire

Funding

LLC,

Series

2024

1A

5

.893

06/20/54

101,326

200,000

(b)

LAD

Auto

Receivables

Trust

2024-3,

Series

2024

3A

4

.740

01/15/30

200,877

199,713

(b)

Lyra

Music

Assets

Delaware

LP,

Series

2024

2A

5

.760

12/22/64

196,610

300,000

(a),(b)

Magnetite

XXXVII

Ltd,

Series

2023

37A,

(TSFR3M

+

2.300%)

6

.569

10/20/36

300,546

100,000

(b)

Mercury

Financial

Credit

Card

Master

Trust,

Series

2024

2A

6

.560

07/20/29

101,215

100,000

(b)

MetroNet

Infrastructure

Issuer

LLC,

Series

2024

1A

6

.230

04/20/54

102,749

100,000

(b)

MetroNet

Infrastructure

Issuer

LLC,

Series

2023

1A

6

.560

04/20/53

102,699

139,355

(b)

MVW

2020-1

LLC,

Series

2020

1A

1

.740

10/20/37

134,805

220,000

(a),(b)

Myers

Park

CLO

Ltd,

Series

2018

1A,

(TSFR3M

+

1.862%)

6

.131

10/20/30

220,210

250,000

(a),(b)

OHA

Credit

Funding

3

LTD,

Series

2019

3A

5

.564

01/20/38

252,223

500,000

(a),(b)

OHA

Credit

Funding

3

LTD,

Series

2019

3A,

(TSFR3M

+

1.600%)

5

.869

01/20/38

497,163

150,000

(b)

Oscar

US

Funding

XVII

LLC,

Series

2024

2A

4

.470

03/12/29

150,007

250,000

(b)

PenFed

Auto

Receivables

Owner

Trust

2022-A,

Series

2022

A

4

.830

12/15/28

250,104

250,000

(b)

Regional

Management

Issuance

Trust

2024-2,

Series

2024

2

5

.490

12/15/33

252,232

297,125

(b)

Store

Master

Funding

I-VII

XIV

XIX

XX

XXIV,

Series

2023

1A

6

.190

06/20/53

300,164

140,625

(b)

Taco

Bell

Funding

LLC,

Series

2016

1A

4

.970

05/25/46

140,591

142,463

(b)

Taco

Bell

Funding

LLC,

Series

2021

1A

1

.946

08/25/51

135,061

260,000

(b)

Tesla

Auto

Lease

Trust

2023-B,

Series

2023

B

6

.570

08/20/27

262,980

250,000

(a),(b)

Texas

Debt

Capital

CLO

2024-I

Ltd,

Series

2024

1A,

(TSFR3M

+

1.950%)

6

.222

04/22/37

250,329

350,000

(b)

VB-S1

Issuer

LLC

-

VBTEL,

Series

2024

1A

5

.590

05/15/54

352,129

425,153

(b)

VR

Funding

LLC,

Series

2020

1A

2

.790

11/15/50

400,075

250,000

(b)

Zayo

Issuer

LLC,

Series

2025

1A

5

.648

03/20/55

251,137

350,000

(b)

Ziply

Fiber

Issuer

LLC,

Series

2024

1A

6

.640

04/20/54

358,642

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$8,342,038)

8,425,504

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

255,783

CORPORATE

BONDS

-

0

.6

%

255,783

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.6%

250,000

(b)

SBA

Tower

Trust

6

.599

01/15/28

255,783

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

255,783

TOTAL

CORPORATE

BONDS

(Cost

$254,205)

255,783

53

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

79.6%

–

$

100,000

(a)

Bank

2019-BNK19,

Series

2019

BN20

3

.243

%

09/15/62

$

89,622

50,000

BANK

2019-BNK21,

Series

2019

BN21

2

.851

10/17/52

45,962

350,000

BANK

2019-BNK22,

Series

2019

BN22

3

.210

11/15/62

321,211

300,000

(a)

BANK

2019-BNK24,

Series

2019

BN24

3

.283

11/15/62

276,179

200,000

(a)

BANK

2024-BNK48,

Series

2024

BNK48

5

.355

10/15/57

197,355

250,000

Benchmark

2018-B6

Mortgage

Trust,

Series

2018

B6

4

.261

10/10/51

246,242

55,000

Benchmark

2018-B8

Mortgage

Trust,

Series

2018

B8

4

.232

01/15/52

53,717

500,000

Benchmark

2019-B11

Mortgage

Trust,

Series

2019

B11

3

.784

05/15/52

462,915

350,000

Benchmark

2019-B12

Mortgage

Trust,

Series

B12

3

.419

08/15/52

326,293

300,000

Benchmark

2019-B14

Mortgage

Trust,

Series

2019

B14

3

.352

12/15/62

267,965

199,000

(a)

Benchmark

2019-B15

Mortgage

Trust,

Series

2019

B15

3

.831

12/15/72

157,285

200,000

Benchmark

2019-B9

Mortgage

Trust,

Series

B9

4

.016

03/15/52

194,292

105,000

(a),(b)

Benchmark

2020-IG3

Mortgage

Trust,

Series

2020

IG3

3

.199

09/15/48

85,867

300,000

Benchmark

2021-B24

Mortgage

Trust,

Series

2021

B24

2

.584

03/15/54

261,923

100,000

Benchmark

2021-B28

Mortgage

Trust,

Series

2021

B28

2

.429

08/15/54

84,221

530,000

Benchmark

Mortgage

Trust,

Series

2021

B27

2

.390

07/15/54

455,949

229,035

(a),(b)

BX

Commercial

Mortgage

Trust

2021-CIP,

Series

2021

CIP,

(TSFR1M

+

1.385%)

5

.707

12/15/38

228,040

250,000

(a),(b)

BX

Trust

2021-VIEW,

Series

2021

VIEW,

(TSFR1M

+

1.394%)

5

.716

06/15/36

248,544

569,943

(b)

CAMB

Commercial

Mortgage

Trust

2021-CX2,

Series

2021

CX2

2

.700

11/10/46

484,881

200,000

(a)

CD

2017-CD4

Mortgage

Trust,

Series

2017

CD4

3

.514

05/10/50

195,135

15,250

Citigroup

Commercial

Mortgage

Trust

2015-GC29,

Series

2015

GC29

3

.457

04/10/48

15,028

200,000

(a)

Citigroup

Commercial

Mortgage

Trust

2016-C3,

Series

2016

C3

3

.366

11/15/49

191,610

200,000

(a)

COMM

2015-LC21

Mortgage

Trust,

Series

2015

LC21

4

.043

07/10/48

199,674

295,000

(a)

COMM

2018-COR3

Mortgage

Trust,

Series

2018

COR3

4

.668

05/10/51

258,784

300,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R05,

Series

2022

R05,

(SOFR30A

+

3.000%)

7

.354

04/25/42

307,003

300,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R07,

Series

2022

R07,

(SOFR30A

+

4.650%)

9

.003

06/25/42

318,211

240,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R09,

Series

2022

R09,

(SOFR30A

+

4.750%)

9

.103

09/25/42

256,195

315,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2023-R01,

Series

2023

R01,

(SOFR30A

+

3.750%)

8

.103

12/25/42

330,595

45,000

(a)

CSAIL

2017-CX10

Commercial

Mortgage

Trust,

Series

2017

CX10

3

.458

11/15/50

43,275

200,000

CSAIL

2020-C19

Commercial

Mortgage

Trust,

Series

2020

C19

2

.971

03/15/53

172,041

250,000

DBJPM

20-C9

Mortgage

Trust,

Series

2020

C9

1

.926

08/15/53

218,520

47,698

(b)

DBWF

Mortgage

Trust,

Series

2015

LCM

2

.998

06/10/34

46,525

200,000

(a),(b)

DTP

Commercial

Mortgage

Trust

2023-STE2,

Series

2023

STE2

6

.038

01/15/41

204,930

500,000

(a),(b)

EQT

Trust

2024-EXTR,

Series

2024

EXTR

5

.331

07/05/41

511,223

602,760

Fannie

Mae

Pool,

FN

MA4805,

Series

2022

1

4

.500

11/01/52

577,569

781,022

Fannie

Mae

Pool,

FN

MA4733

4

.500

09/01/52

748,295

212,940

Fannie

Mae

Pool,

FN

MA4578

2

.500

04/01/52

177,526

104,331

Fannie

Mae

Pool,

FN

CB1301

2

.500

08/01/51

87,782

2,095,043

Fannie

Mae

Pool,

FN

MA4579

3

.000

04/01/52

1,822,818

457,998

Fannie

Mae

Pool,

FN

MA4600,

Series

2022

2

3

.500

05/01/52

414,038

90,758

Fannie

Mae

Pool,

FN

FS7299

3

.000

05/01/52

79,491

327,077

Fannie

Mae

Pool,

FN

MA4512

2

.500

01/01/52

273,014

299,728

Fannie

Mae

Pool,

FN

MA4548

2

.500

02/01/52

250,035

73,241

Fannie

Mae

Pool,

FN

FS5179

5

.000

06/01/53

72,405

492,625

Fannie

Mae

Pool,

FN

FS1535

3

.000

04/01/52

431,440

216,186

Fannie

Mae

Pool,

FN

CB2804

2

.500

02/01/52

181,813

129,891

Fannie

Mae

Pool,

FN

MA4842,

Series

2022

1

5

.500

12/01/52

129,963

238,934

Fannie

Mae

Pool,

FN

CB3905

3

.500

06/01/52

216,359

282,461

Fannie

Mae

Pool,

FN

MA4918

5

.000

02/01/53

277,189

330,504

Fannie

Mae

Pool,

FN

MA4919

5

.500

02/01/53

330,690

852,970

Fannie

Mae

Pool,

FN

MA4978

5

.000

04/01/53

837,006

634,900

Fannie

Mae

Pool,

FN

MA5070

4

.500

07/01/53

607,954

2,224,839

Fannie

Mae

Pool,

FN

MA5165

5

.500

10/01/53

2,222,650

160,622

Fannie

Mae

Pool,

FN

MA5039

5

.500

06/01/53

160,547

1,445,078

Fannie

Mae

Pool,

FN

MA4626

4

.000

06/01/52

1,349,274

Portfolio

of

Investments

April

30,

2025

(continued)

Securitized

Credit

54

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

804,651

Fannie

Mae

Pool,

FN

MA5353

5

.500

%

05/01/54

$

803,237

419,661

Fannie

Mae

Pool,

FN

MA4655

4

.000

07/01/52

391,860

254,945

Fannie

Mae

Pool,

FN

MA5295

6

.000

03/01/54

258,701

107,892

Fannie

Mae

Pool,

FN

MA4920

6

.000

02/01/53

109,747

164,887

Fannie

Mae

Pool,

FN

310210,

Series

2022

1

4

.000

05/01/44

158,217

352,415

Fannie

Mae

Pool,

FN

MA4700,

Series

2022

1

4

.000

08/01/52

329,050

395,178

Fannie

Mae

Pool,

FN

MA4701,

Series

2022

1

4

.500

08/01/52

378,606

185,732

Fannie

Mae

Pool,

FN

MA4732

4

.000

09/01/52

173,408

444,237

Fannie

Mae

Pool,

FN

MA4737,

Series

2022

1

5

.000

08/01/52

436,524

85,157

Fannie

Mae

Pool,

FN

MA4761

5

.000

09/01/52

83,656

192,607

Fannie

Mae

Pool,

FN

MA4783

4

.000

10/01/52

179,817

808,812

Fannie

Mae

Pool,

FN

MA4784

4

.500

10/01/52

774,951

118,422

Fannie

Mae

Pool,

FN

MA4804

4

.000

11/01/52

110,529

79,369

Fannie

Mae

REMICS,

Series

2022

40

2

.000

08/25/50

53,985

77,965

Fannie

Mae

REMICS,

Series

2022

18

3

.500

04/25/52

59,856

91,976

(a),(b)

Flagstar

Mortgage

Trust

2021-5INV,

Series

2021

5INV

3

.343

07/25/51

74,958

279,500

(a),(b)

Flagstar

Mortgage

Trust

2021-8INV,

Series

2021

8INV

3

.510

09/25/51

231,873

186,949

Freddie

Mac

Pool,

FR

RA9629

5

.500

08/01/53

186,832

38,572

Freddie

Mac

Pool,

FR

RA7211,

Series

2022

1

4

.000

04/01/52

36,075

1,269,694

Freddie

Mac

Pool,

FR

SD8329

5

.000

06/01/53

1,245,668

576,378

Freddie

Mac

Pool,

FR

RA6766

2

.500

02/01/52

483,829

71,355

Freddie

Mac

Pool,

FR

SD4810

3

.000

04/01/52

62,660

281,013

Freddie

Mac

Pool,

FR

SD8231

4

.500

07/01/52

268,912

46,442

Freddie

Mac

REMICS,

Series

2018

4776

4

.000

03/15/48

43,998

27,444

Freddie

Mac

REMICS,

Series

2020

5017

2

.000

09/25/50

18,326

36,664

Freddie

Mac

REMICS,

Series

2018

4783

4

.000

04/15/48

34,616

157,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5,

Series

2022

DNA5,

(SOFR30A

+

4.500%)

8

.854

06/25/42

166,253

300,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-HQA2,

Series

2022

HQA2,

(SOFR30A

+

4.000%)

8

.354

07/25/42

316,075

300,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-HQA3,

Series

2022

HQA3,

(SOFR30A

+

3.550%)

7

.904

08/25/42

313,318

56,264

Ginnie

Mae

II

Pool,

G2

MA7419,

Series

2021

MTGE

3

.000

06/20/51

49,854

246,839

Ginnie

Mae

II

Pool,

G2

MA8724

4

.500

03/20/53

237,352

61,669

Ginnie

Mae

II

Pool,

G2

MA8428

5

.000

11/20/52

60,668

106,261

Ginnie

Mae

II

Pool,

G2

MA8201

4

.500

08/20/52

102,341

228,493

Ginnie

Mae

II

Pool,

G2

MA8200

4

.000

08/20/52

213,580

73,255

Ginnie

Mae

II

Pool,

G2

MA7768,

Series

2021

1

3

.000

12/20/51

64,877

318,572

Ginnie

Mae

II

Pool,

G2

MA8149

3

.500

07/20/52

289,987

105,121

Government

National

Mortgage

Association,

Series

2023

111

3

.000

02/20/52

71,938

575,000

GS

Mortgage

Securities

Trust

2017-GS6,

Series

2017

GS6

3

.638

05/10/50

540,895

45,000

GS

Mortgage

Securities

Trust

2019-GSA1,

Series

2019

GSA1

3

.340

11/10/52

42,068

229,581

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2021-PJ6,

Series

2021

PJ6

2

.500

11/25/51

185,419

86,987

(a),(b)

GS

Mortgage-Backed

Securities

Trust

2023-PJ1,

Series

2023

PJ1

3

.500

02/25/53

75,934

77,958

(a),(b)

J.P.

Morgan

Mortgage

Trust

2021-15,

Series

2021

15

2

.500

06/25/52

62,940

181,877

(a),(b)

J.P.

Morgan

Mortgage

Trust

2021-INV5,

Series

2021

INV5

3

.187

12/25/51

151,686

250,333

(a),(b)

J.P.

Morgan

Mortgage

Trust

2022-6,

Series

2022

6

3

.000

11/25/52

211,142

220,423

(a),(b)

JP

Morgan

Mortgage

Trust

2017-2,

Series

2

3

.500

05/25/47

200,123

222,042

(a),(b)

JP

Morgan

Mortgage

Trust

2017-5,

Series

2017

5

4

.955

10/26/48

222,281

81,170

(a),(b)

JP

Morgan

Mortgage

Trust

2018-4,

Series

2018

4

3

.500

10/25/48

72,539

241,593

(a),(b)

JP

MORGAN

MORTGAGE

TRUST

2018-5,

Series

2018

5

3

.500

10/25/48

218,132

241,536

(a),(b)

JP

Morgan

Mortgage

Trust

2020-1,

Series

2020

1

3

.815

06/25/50

216,846

379,724

(a),(b)

JP

Morgan

Mortgage

Trust

2020-7,

Series

2020

7

3

.000

01/25/51

328,969

298,960

(a),(b)

JP

Morgan

Mortgage

Trust

2021-11,

Series

2021

11

2

.500

01/25/52

241,989

22,541

(a),(b)

JP

Morgan

Mortgage

Trust

2021-4,

Series

2021

4

2

.880

08/25/51

18,193

111,875

(a),(b)

JP

Morgan

Mortgage

Trust

2021-7,

Series

2021

7

2

.500

11/25/51

90,744

91,303

(a),(b)

JP

Morgan

Mortgage

Trust

2021-INV4,

Series

2021

INV4

3

.209

01/25/52

73,414

91,456

(a),(b)

JP

Morgan

Mortgage

Trust

2021-INV6,

Series

2021

INV6

3

.343

04/25/52

74,089

250,000

(a)

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C23,

Series

2014

C23

4

.700

09/15/47

241,772

345,000

JPMDB

Commercial

Mortgage

Securities

Trust

2016-C2,

Series

2016

C2

3

.144

06/15/49

335,811

55

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

300,000

JPMDB

Commercial

Mortgage

Securities

Trust

2017-C7,

Series

C7

3

.409

%

10/15/50

$

287,281

74,316

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2021-5,

Series

2021

5

2

.500

08/25/51

60,132

258,972

(a),(b)

Morgan

Stanley

Residential

Mortgage

Loan

Trust

2023-1,

Series

2023

1

4

.000

02/25/53

235,335

250,000

(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-LVL,

Series

2019

LVL

3

.885

08/15/38

241,080

261,494

(a),(b)

OBX

2022-INV5

Trust,

Series

2022

INV5

4

.000

10/25/52

235,515

82,839

(a),(b)

Oceanview

Mortgage

Trust

2022-1,

Series

2022

1

4

.500

11/25/52

77,638

400,000

(b)

One

Bryant

Park

Trust

2019-OBP,

Series

2019

OBP

2

.516

09/15/54

357,844

200,000

(a),(b)

ONNI

Commerical

Mortgage

Trust

2024-APT,

Series

2024

APT

5

.753

07/15/39

205,019

261,216

(a),(b)

RCKT

Mortgage

Trust

2022-4,

Series

2022

4

4

.000

06/25/52

235,349

212,764

(a),(b)

Sequoia

Mortgage

Trust

2020-1,

Series

2020

1

3

.851

02/25/50

169,269

73,218

(a),(b)

Sequoia

Mortgage

Trust

2021-4,

Series

2021

4

2

.500

06/25/51

59,383

45,000

UBS

Commercial

Mortgage

Trust

2017-C5,

Series

2017

C5

3

.474

11/15/50

43,275

250,000

(a)

UBS

Commercial

Mortgage

Trust

2018-C11,

Series

2018

C11

4

.492

06/15/51

242,891

100,000

(a),(b)

Verus

Securitization

Trust

2023-INV1,

Series

2023

INV1

7

.504

02/25/68

100,758

100,000

Wells

Fargo

Commercial

Mortgage

Trust

2016-BNK1,

Series

2016

BNK1

2

.652

08/15/49

96,981

165,000

(a)

Wells

Fargo

Commercial

Mortgage

Trust

2017-C38,

Series

2017

C38

3

.917

07/15/50

156,927

90,000

Wells

Fargo

Commercial

Mortgage

Trust

2017-C42,

Series

2017

C42

3

.589

12/15/50

87,218

259,000

Wells

Fargo

Commercial

Mortgage

Trust

2021-C59,

Series

2021

C59

2

.626

04/15/54

226,667

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$33,848,066)

34,604,752

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$42,444,309)

43,286,039

OTHER

ASSETS

&

LIABILITIES,

NET

-  0.4%

169,999

NET

ASSETS

-

100%

$

43,456,038

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

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

$16,873,813

or

39.0%

of

Total

Investments.

Portfolio

of

Investments

April

30,

2025

(continued)

Securitized

Credit

56

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Securitized

Credit

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Asset-Backed

Securities

$

–

$

8,425,504

$

–

$

8,425,504

Corporate

Bonds

–

255,783

–

255,783

Mortgage-Backed

Securities

–

34,604,752

–

34,604,752

Total

$

–

$

43,286,039

$

–

$

43,286,039

57

Portfolio

of

Investments

April

30,

2025

Ultra

Short

Municipal

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 99.2%

9920000

MUNICIPAL

BONDS

-

99

.2

%

9920000

ARIZONA

-

1.0%

$

100,000

(a)

Arizona

Health

Facilities

Authority,

Hospital

Revenue

Bonds,

Banner

Health

Systems,

Varibale

Rate

Demand

Obligations,

Series

2015C

2

.450

%

01/01/46

$

100,000

TOTAL

ARIZONA

100,000

CALIFORNIA

-

17.7%

335,000

(a)

Bay

Area

Toll

Authority,

California,

Revenue

Bonds,

San

Francisco

Bay

Area

Toll

Bridge,

Series

2024D

1

.600

04/01/59

335,000

145,000

(a)

California

State,

General

Obligation

Bonds,

Kindergarten

University,

Series

2004A-2

1

.550

05/01/34

145,000

330,000

(a)

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Rady

Children's

Hospital

of

San

Diego,

Variable

Rate

Revenue

Bonds,

Series

2008B

2

.000

08/15/47

330,000

315,000

(a)

Irvine

Ranch

Water

District,

California,

Certificates

of

Participation,

Series

2009S

2

.300

10/01/41

315,000

335,000

(a)

Metropolitan

Water

District

of

Southern

California,

Water

Revenue

Bonds,

Refunding

Variable

Rate

Demand

Series

2016B-2

1

.600

07/01/37

335,000

315,000

(a)

San

Mateo

County

Transportation

Authority,

California,

Sales

Tax

Revenue

Bonds,

Limited

Tax

Variable

Rate

Demand

Subordinate

Series

2020B

1

.550

06/01/49

315,000

TOTAL

CALIFORNIA

1,775,000

COLORADO

-

2.2%

220,000

(a)

Colorado

Health

Facilities

Authority,

Revenue

Bonds,

Boulder

Community

Hospital

Project,

Variable

Rate

Demand

Obligations

Series

2000

2

.880

10/01/30

220,000

TOTAL

COLORADO

220,000

CONNECTICUT

-

6.7%

335,000

(a)

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale

University,

Series

2013A

2

.100

07/01/42

335,000

335,000

(a)

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2016A-3

3

.600

11/15/45

335,000

TOTAL

CONNECTICUT

670,000

DISTRICT

OF

COLUMBIA

-

6.3%

300,000

(a)

District

of

Columbia,

Multimodal

Revenue

Bonds,

Carnegie

Endowment

for

International

Peace,

Series

2010

3

.600

11/01/45

300,000

335,000

(a)

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Series

2010D

3

.670

10/01/40

335,000

TOTAL

DISTRICT

OF

COLUMBIA

635,000

FLORIDA

-

2.0%

200,000

(a)

JEA,

Florida,

Water

and

Sewerage

System

Revenue

Bonds,

Variable

Rate

Demand

Obligations

Series

2008A-1

&

2008A-2

2

.850

10/01/42

200,000

TOTAL

FLORIDA

200,000

INDIANA

-

3.4%

335,000

(a)

Indiana

Housing

and

Community

Development

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017C-3

2

.500

07/01/47

335,000

TOTAL

INDIANA

335,000

LOUISIANA

-

3.4%

335,000

(a)

Louisiana

State,

Gasoline

and

Fuels

Tax

Second

Lien

Revenue

Bonds,

Refunding

Series

2023A-2

2

.500

05/01/43

335,000

TOTAL

LOUISIANA

335,000

MASSACHUSETTS

-

6.4%

300,000

(a)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Series

2008U-6E

2

.400

10/01/42

300,000

335,000

(a)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2024E-2

1

.750

07/01/52

335,000

TOTAL

MASSACHUSETTS

635,000

Portfolio

of

Investments

April

30,

2025

(continued)

Ultra

Short

Municipal

58

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MISSOURI

-

3.0%

$

300,000

(a)

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Washington

University,

Variable

Rate

Demand

Obligations,

Series

2000B

2

.300

%

03/01/40

$

300,000

TOTAL

MISSOURI

300,000

NEW

YORK

-

16.7%

335,000

(a)

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2014

Adjustable

Rate

Series

AA-6

2

.500

06/15/48

335,000

335,000

(a)

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2013

Series

A-4

2

.500

08/01/39

335,000

335,000

(a)

New

York

City

Trust

for

Cultural

Resources,

New

York,

Revenue

Bonds,

Pierpont

Morgan

Library,

Series

2004

3

.550

02/01/34

335,000

335,000

(a)

New

York

City,

New

York,

General

Obligation

Bonds,

Subseries

G-6

Fiscal

Series

2012

2

.550

04/01/42

335,000

335,000

(a)

New

York

State

Housing

Finance

Agency,

316

Eleventh

Avenue

Housing

Revenue

Bonds,

Variable

Rate

Demand

Obligation

Series

2009A

2

.750

05/15/41

335,000

TOTAL

NEW

YORK

1,675,000

NORTH

CAROLINA

-

6.6%

330,000

(a)

Charlotte-Mecklenburg

Hospital

Authority,

North

Carolina,

Health

Care

Revenue

Bonds,

DBA

Carolinas

HealthCare

System,

Variable

Rate

Demand

Series

2007E

-

AGM

Insured

2

.500

01/15/44

330,000

335,000

(a)

North

Carolina

Educational

Facilities

Finance

Agency,

Revenue

Bonds,

Duke

University,

Variable

Rate

Series

1992A

3

.450

06/01/27

335,000

TOTAL

NORTH

CAROLINA

665,000

OHIO

-

3.4%

335,000

(a)

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Revenue

Bonds,

Series

2024C

2

.500

12/01/54

335,000

TOTAL

OHIO

335,000

OREGON

-

2.9%

290,000

(a)

Oregon

State,

General

Obligation

Bonds,

Veteran's

Welfare

Series

110

Series

2022E

2

.450

06/01/45

290,000

TOTAL

OREGON

290,000

PENNSYLVANIA

-

6.1%

335,000

(a)

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Variable

Rate

Series

2020

3

.620

12/01/39

335,000

275,000

(a)

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Eighth

Series,

Variable

Rate

Demand

Obligations,

Series

2009C

3

.620

08/01/31

275,000

TOTAL

PENNSYLVANIA

610,000

TENNESSEE

-

3.4%

335,000

(a)

Metropolitan

Government

of

Nashville

and

Davidson

County

Industrial

Development

Board,

Tennessee,

Multifamily

Housing

Revenue

Bonds,

Summit

Apartments

Project,

Refunding

Series

2006

3

.650

07/15/36

335,000

TOTAL

TENNESSEE

335,000

TEXAS

-

2.0%

200,000

(a)

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Hospital

Revenue

Bonds,

Texas

Children's

Hospital,

Series

2015-3

2

.800

10/01/45

200,000

TOTAL

TEXAS

200,000

59

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGINIA

-

6.0%

$

355,000

(a)

Fairfax

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Smithsonian

Institution,

Series

2003B

3

.600

%

12/01/33

$

355,000

250,000

(a)

Loudoun

County

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Howard

Hughes

Medical

Institute,

Variable

Rate

Demand

Obligations,

Series

2003D

3

.280

02/15/38

250,000

TOTAL

VIRGINIA

605,000

TOTAL

MUNICIPAL

BONDS

(Cost

$9,920,000)

9,920,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$9,920,000)

9,920,000

TOTAL

INVESTMENTS

-

99

.2

%

(Cost

$

9,920,000

)

9,920,000

OTHER

ASSETS

&

LIABILITIES,

NET

-  0.8%

80,000

NET

ASSETS

-

100%

$

10,000,000

(a)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

Ultra

Short

Municipal

Level

1

Level

2

Level

3

Total

Short-Term

Investments:

Municipal

Bonds

–

9,920,000

–

9,920,000

Total

$

–

$

9,920,000

$

–

$

9,920,000