NPORT-EX 2 tiaa_NMAIF.htm
1
Portfolio of Investments September 30, 2025
NMAI
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 140.5% (98.0% of Total Investments)
ASSET-BACKED SECURITIES - 0.5% (0.3% of Total Investments)
–
$
300,000
(a)
Avis Budget Rental Car Funding AESOP LLC, Series 2021 2A
1
.660
%
02/20/28
$
291,328
284,250
(a)
Domino's Pizza Master Issuer LLC, Series 2018 1A
4
.328
07/25/48
283,503
306,000
Ford Credit Auto Owner Trust 2024-D, Series 2024 D
4
.610
08/15/29
309,578
250,000
(a)
Hertz Vehicle Financing III LLC, Series 2023 3A
5
.940
02/25/28
254,671
244,536
(a),(b)
Industrial DPR Funding Ltd, Series 2022 1A
5
.380
04/15/34
219,938
118,690
(a)
MVW 2020-1 LLC, Series 2020 1A
1
.740
10/20/37
116,080
81,661
(a)
OneMain Financial Issuance Trust 2022-2, Series 2022 2A
4
.890
10/14/34
81,743
125,000
(a)
PenFed Auto Receivables Owner Trust 2022-A, Series 2022 A
4
.600
12/15/28
125,051
300,000
(a)
PFS Financing Corp, Series 2025 B
4
.850
02/15/30
304,904
279,504
(a)
Sierra Timeshare 2024-3 Receivables Funding LLC, Series 2024
3A
4
.830
08/20/41
281,056
TOTAL ASSET-BACKED SECURITIES
(Cost $2,269,918)
2,267,852
SHARES
DESCRIPTION
VALUE
323255964
COMMON STOCKS - 68.0% (47.4% of Total Investments)
323255964
AUTOMOBILES & COMPONENTS - 0.3%
2,474
(c),(d)
Tesla Inc
1,100,237
23,400
(d)
Toyota Motor Corp
449,431
TOTAL AUTOMOBILES & COMPONENTS
1,549,668
BANKS - 7.7%
156,948
Banco Bilbao Vizcaya Argentaria SA
3,024,332
309,244
Banco Santander SA
3,245,305
22,321
Bank of America Corp
1,151,540
502,000
Bank Rakyat Indonesia Persero Tbk PT
117,660
453,393
Barclays PLC
2,332,852
5,200
Citigroup Inc
527,800
9,044
Commonwealth Bank of Australia
998,761
7,490
Fifth Third Bancorp
333,680
68,000
Grupo Financiero Banorte SAB de CV
684,994
18,530
HDFC Bank Ltd, ADR
632,985
81,581
ING Groep NV
2,138,708
190,820
Itau Unibanco Holding SA
1,400,787
24,907
JPMorgan Chase & Co
7,856,414
3,150
M&T Bank Corp
622,503
199,200
Mitsubishi UFJ Financial Group Inc
3,213,369
43,288
Nordea Bank Abp
712,684
2,906
(c)
PNC Financial Services Group Inc/The
583,903
95,800
Sumitomo Mitsui Financial Group Inc
2,695,128
3,557
(d)
UniCredit SpA
270,670
52,918
(c),(e)
Wells Fargo & Co
4,435,587
TOTAL BANKS
36,979,662
CAPITAL GOODS - 7.8%
22,403
ABB Ltd
1,621,156
16,247
Airbus SE
3,794,094
3,646
(c),(d)
Boeing Co/The
786,916
3,715
(c)
Caterpillar Inc
1,772,612
10,485
Cie de Saint-Gobain SA
1,136,067
788
Deere & Co
360,321
3,084
Dover Corp
514,504
8,918
(c)
Eaton Corp PLC
3,337,562
8,799
Emerson Electric Co
1,154,253
1,470
Ferrovial SE
84,437
131,400
(d)
Hitachi Ltd
3,481,189
10,374
(c)
Honeywell International Inc
2,183,727
3,550
Howmet Aerospace Inc
696,617
4,524
Masco Corp
318,444
88,100
Mitsubishi Electric Corp
2,262,737
1,735
Northrop Grumman Corp
1,057,170
Portfolio of Investments September 30, 2025
(continued)
NMAI
2
SHARES
DESCRIPTION
CAPITAL GOODS
(continued)
1,731
Parker-Hannifin Corp
$
1,312,358
1,689
(d)
Rheinmetall AG
3,950,860
9,579
RTX Corp
1,602,854
9,241
Siemens AG
2,494,867
3,290
Trane Technologies PLC
1,388,248
883
United Rentals Inc
842,965
4,817
Vinci SA
669,428
2,700
Westinghouse Air Brake Technologies Corp
541,269
TOTAL CAPITAL GOODS
37,364,655
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
1,434
(d)
Casella Waste Systems Inc, Class A
136,058
22,727
Cleanaway Waste Management Ltd
41,613
1,867
(c)
GFL Environmental Inc
88,458
3,452
Republic Services Inc
792,165
5,400
Veralto Corp
575,694
1,067
Waste Connections Inc
187,579
2,917
Waste Management Inc
644,161
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
2,465,728
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.1%
6,142
(c)
Alibaba Group Holding Ltd, Sponsored ADR
1,097,760
31,148
(c),(d),(e)
Amazon.com Inc
6,839,167
1
(b),(d)
Belk Inc
8
5,923
Home Depot Inc/The
2,399,940
2,415
Lowe's Cos Inc
606,914
21,866
(d)
O'Reilly Automotive Inc
2,357,373
8,839
TJX Cos Inc/The
1,277,589
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
14,578,751
CONSUMER DURABLES & APPAREL - 2.0%
8,376
Cie Financiere Richemont SA
1,607,910
2,432
Kering SA
814,957
2,731
LVMH Moet Hennessy Louis Vuitton SE
1,680,607
8,038
Moncler SpA
473,063
11,348
NIKE Inc, Class B
791,296
78
(d)
NVR Inc
626,703
116,500
Sony Group Corp
3,348,991
TOTAL CONSUMER DURABLES & APPAREL
9,343,527
CONSUMER SERVICES - 0.8%
364,675
(d)
24 Hour Fitness Worldwide Inc
3,647
95
Booking Holdings Inc
512,931
17,332
(d)
Crown Finance US Inc
373,002
3,535
Hilton Worldwide Holdings Inc
917,120
2,481
McDonald's Corp
753,951
15,198
Starbucks Corp
1,285,751
TOTAL CONSUMER SERVICES
3,846,402
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.5%
825
Casey's General Stores Inc
466,389
3,175
(c)
Costco Wholesale Corp
2,938,875
37,927
(c)
Walmart Inc
3,908,757
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
7,314,021
ENERGY - 3.7%
39,573
BP PLC
227,214
4,273
Cheniere Energy Inc
1,004,070
7,292
Chevron Corp
1,132,375
17,569
ConocoPhillips
1,661,852
1,149
DT Midstream Inc
129,906
10,263
Enbridge Inc
517,871
14,477
Energy Transfer LP
248,425
4,408
(c)
EOG Resources Inc
494,225
34,486
Exxon Mobil Corp
3,888,296
10,303
(c),(e)
Kinder Morgan Inc
291,678
4,634
ONEOK Inc
338,143
3
SHARES
DESCRIPTION
ENERGY
(continued)
6,105
Pembina Pipeline Corp
$
246,841
8,158
(a)
Reliance Insurance PLC, Sponsored GDR
497,638
3,430
(a)
Reliance Insurance PLC, Sponsored GDR
209,519
78,048
Shell PLC
2,781,708
1,042
Targa Resources Corp
174,577
3,744
TC Energy Corp
203,570
9,468
TotalEnergies SE
576,683
7,368
(d)
Transocean Ltd
22,988
10,235
(c)
Valero Energy Corp
1,742,611
17,501
Williams Cos Inc/The
1,108,688
TOTAL ENERGY
17,498,878
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%
3,076
American Tower Corp
591,576
2,855
Crown Castle Inc
275,479
629
Digital Realty Trust Inc
108,742
147,079
(d)
NTT DC REIT
147,079
14,812
Prologis Inc
1,696,270
1,930
Simon Property Group Inc
362,203
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
3,181,349
FINANCIAL SERVICES - 3.0%
7,326
American Express Co
2,433,403
800
Ameriprise Financial Inc
393,000
3,383
(d)
Ares Management Corp, Class A
540,908
2,350
(c),(d)
Berkshire Hathaway Inc, Class B
1,181,439
627
Blackrock Inc
731,000
5,574
Charles Schwab Corp/The
532,150
950
(d)
Corpay Inc
273,657
1,157
Goldman Sachs Group Inc/The
921,377
14,185
Infratil Ltd
101,667
3,868
Intercontinental Exchange Inc
651,681
5,210
KKR & Co Inc
677,040
3,823
Mastercard Inc, Class A
2,174,560
6,300
Nasdaq Inc
557,235
13,500
ORIX Corp
354,321
2,146
S&P Global Inc
1,044,480
3,700
SBI Holdings Inc
161,089
4,347
Visa Inc, Class A
1,483,978
TOTAL FINANCIAL SERVICES
14,212,985
FOOD, BEVERAGE & TOBACCO - 2.2%
36,717
(d)
British American Tobacco PLC
1,952,877
26,044
Coca-Cola Co/The
1,727,238
7,005
Fomento Economico Mexicano SAB de CV, Sponsored ADR
690,903
6,362
Heineken NV
498,202
13,403
Mondelez International Inc, Class A
837,285
14,435
(d)
Monster Beverage Corp
971,620
3,132
Nestle SA
287,628
2,521
PepsiCo Inc
354,049
19,410
Philip Morris International Inc
3,148,303
TOTAL FOOD, BEVERAGE & TOBACCO
10,468,105
HEALTH CARE EQUIPMENT & SERVICES - 2.1%
12,281
Abbott Laboratories
1,644,917
21,938
(c),(d)
Boston Scientific Corp
2,141,808
2,552
Cigna Group/The
735,614
2,799
Elevance Health Inc
904,413
2,367
EssilorLuxottica SA
771,059
1,231
HCA Healthcare Inc
524,652
12,280
(b),(d)
Millennium Health LLC
1,117
11,534
(b),(d)
Millennium Health LLC
115
4,421
(e)
Stryker Corp
1,634,311
2,232
UnitedHealth Group Inc
770,710
Portfolio of Investments September 30, 2025
(continued)
NMAI
4
SHARES
DESCRIPTION
HEALTH CARE EQUIPMENT & SERVICES
(continued)
2,125
(d)
Veeva Systems Inc, Class A
$
633,059
TOTAL HEALTH CARE EQUIPMENT & SERVICES
9,761,775
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
11,000
Kenvue Inc
178,530
11,349
(c)
Procter & Gamble Co/The
1,743,774
1,908
Reckitt Benckiser Group PLC
146,920
14,487
Unilever PLC
856,306
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
2,925,530
INSURANCE - 0.8%
7,708
American International Group Inc
605,386
1,851
Chubb Ltd
522,445
5,950
Marsh & McLennan Cos Inc
1,199,104
6,117
(c)
MetLife Inc
503,857
116,500
(d)
Sony Financial Group Inc
129,195
1,222
Zurich Insurance Group AG
873,465
TOTAL INSURANCE
3,833,452
MATERIALS - 4.0%
3,230
(d)
Air Liquide SA
672,992
25,189
BHP Group Ltd
703,660
22,964
CRH PLC
2,753,384
12,903
DuPont de Nemours Inc
1,005,144
36,143
Freeport-McMoRan Inc
1,417,528
300,202
Glencore PLC
1,382,618
10,694
Heidelberg Materials AG
2,417,334
10,256
(c),(d)
Linde PLC
4,871,599
1,050
Reliance Inc
294,872
73,660
(c)
Smurfit WestRock PLC
3,135,706
32,300
Vale SA, Sponsored ADR
350,778
TOTAL MATERIALS
19,005,615
MEDIA & ENTERTAINMENT - 3.8%
13,810
(e)
Alphabet Inc, Class A
3,357,211
12,440
Alphabet Inc, Class C
3,029,762
18,604
Comcast Corp, Class A
584,538
96
(d)
Crown Finance US Inc
2,066
8,599
Meta Platforms Inc
6,314,934
725
(d)
Netflix Inc
869,217
26,010
Nintendo Co Ltd
2,250,365
12,326
(c)
Walt Disney Co/The
1,411,327
TOTAL MEDIA & ENTERTAINMENT
17,819,420
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.5%
5,868
AbbVie Inc
1,358,677
14,030
AstraZeneca PLC
2,149,409
48,200
Daiichi Sankyo Co Ltd
1,084,509
5,433
Danaher Corp
1,077,147
3,205
Eli Lilly & Co
2,445,414
404,270
Haleon PLC
1,819,287
6,256
Johnson & Johnson
1,159,988
2,145
Lonza Group AG
1,434,229
2,247
Novartis AG
288,916
14,542
Novo Nordisk A/S, Class B
809,722
1,288
(d)
Regeneron Pharmaceuticals Inc
724,204
2,741
Roche Holding AG
912,708
6,658
Sanofi SA, ADR
314,258
1,700
(d)
United Therapeutics Corp
712,657
3,445
Zoetis Inc
504,072
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
16,795,197
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%
23,200
Advantest Corp
2,295,471
1,991
Analog Devices Inc
489,189
2,739
Applied Materials Inc
560,783
1,407
ASML Holding NV
1,372,088
5
SHARES
DESCRIPTION
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
(continued)
4,217
(d)
Bright Bidco BV
$
987
3,087
(d)
Bright Bidco BV
722
24,049
Broadcom Inc
7,934,006
14,000
Intel Corp
469,700
9,849
Lam Research Corp
1,318,781
2,456
Micron Technology Inc
410,938
53,962
(c)
NVIDIA Corp
10,068,229
1,665
NXP Semiconductors NV
379,170
17,819
Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR
4,976,669
1,408
Texas Instruments Inc
258,692
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
30,535,425
SOFTWARE & SERVICES - 4.4%
4,502
Accenture PLC, Class A
1,110,193
12,787
(d)
Avaya Holdings Corp
133,202
2,498
(d)
Avaya Inc
26,022
21,300
(d)
Fujitsu Ltd
499,662
26,562
(c)
Microsoft Corp
13,757,787
3,795
(d)
NEXTDC Ltd
42,575
350
Oracle Corp
98,434
3,450
(d)
Palo Alto Networks Inc
702,489
4,631
Salesforce Inc
1,097,547
2,310
SAP SE
618,543
2,295
(c),(d)
ServiceNow Inc
2,112,043
1,000
(d)
Synopsys Inc
493,390
TOTAL SOFTWARE & SERVICES
20,691,887
TECHNOLOGY HARDWARE & EQUIPMENT - 3.5%
8,528
Amphenol Corp, Class A
1,055,340
38,468
(c),(e)
Apple Inc
9,795,107
16,664
Cisco Systems Inc
1,140,151
312
(d)
EJF SIDECAR FUND, SERIES LLC
3
1,984
Motorola Solutions Inc
907,263
4,136
(d)
Riverbed Technology LLC/US
4
48,420
Samsung Electronics Co Ltd
2,902,794
2,930
TE Connectivity PLC
643,223
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
16,443,885
TELECOMMUNICATION SERVICES - 0.2%
5,003
(a)
Cellnex Telecom SA
173,291
5,115
Infrastrutture Wireless Italiane SpA
60,109
125,119
Koninklijke KPN NV
600,513
1,387
T-Mobile US Inc
332,020
TOTAL TELECOMMUNICATION SERVICES
1,165,933
TRANSPORTATION - 1.5%
28,522
(a),(d)
Aena SME SA
779,773
1,879
Aeroports de Paris SA
248,929
35,129
Atlas Arteria Ltd
114,078
54,789
Auckland International Airport Ltd
250,441
487
Canadian National Railway Co
45,925
4,520
CSX Corp
160,505
4,022
DSV A/S
803,478
899
FedEx Corp
211,993
470
Flughafen Zurich AG
143,909
2,959
(d)
Fraport AG Frankfurt Airport Services Worldwide
256,078
12,510
Getlink SE
230,677
1,427
(c)
Grupo Aeroportuario del Centro Norte SAB de CV, ADR
148,222
1,465
Grupo Aeroportuario del Pacifico SAB de CV, ADR
347,483
1,485
Grupo Aeroportuario del Sureste SAB de CV, ADR
480,145
14,243
International Container Terminal Services Inc
115,509
873
Norfolk Southern Corp
262,258
106,481
Qube Holdings Ltd
289,206
25,184
Rumo SA
75,567
13,137
(d)
Tokyo Metro Co Ltd
150,567
Portfolio of Investments September 30, 2025
(continued)
NMAI
6
SHARES
DESCRIPTION
VALUE
TRANSPORTATION
(continued)
57,442
Transurban Group
$
524,092
5,777
Union Pacific Corp
1,365,510
TOTAL TRANSPORTATION
7,004,345
UTILITIES - 3.9%
10,154
(c)
Alliant Energy Corp
684,481
5,218
(d)
AltaGas Ltd
160,773
7,768
Ameren Corp
810,824
9,023
American Electric Power Co Inc
1,015,088
14,266
CenterPoint Energy Inc
553,521
864
CMS Energy Corp
63,297
458
Constellation Energy Corp
150,714
1,950
Dominion Energy Inc
119,282
6,028
Duke Energy Corp
745,965
36,550
E.ON SE
688,437
51,910
Enel SpA
491,927
5,305
Engie SA
114,039
9,882
Entergy Corp
920,904
5,705
Evergy Inc
433,694
481
Eversource Energy
34,218
105,398
Iberdrola SA
1,995,113
413
IDACORP Inc
54,578
58,446
National Grid PLC
839,791
1,051
National Grid PLC, Sponsored ADR
76,376
30,097
(c)
NextEra Energy Inc
2,272,022
10,330
(e)
NiSource Inc
447,289
1,337
NRG Energy Inc
216,527
11,308
PG&E Corp
170,525
8,410
(d)
PPL Corp
312,516
3,666
Redeia Corp SA
70,782
29,959
RWE AG
1,332,537
26,976
Sembcorp Industries Ltd
126,037
6,849
Sempra
616,273
3,547
Severn Trent PLC
123,672
6,089
SSE PLC
142,822
5,283
Veolia Environnement SA
180,161
2,889
Vistra Corp
566,013
9,344
WEC Energy Group Inc
1,070,729
10,773
Xcel Energy Inc
868,842
TOTAL UTILITIES
18,469,769
TOTAL COMMON STOCKS
(Cost $246,469,130)
323,255,964
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
91654477
CORPORATE BONDS - 19.3% (13.5% of Total Investments) (f)
91654477
AUTOMOBILES & COMPONENTS - 0.3%
105,000
(a)
Clarios Global LP / Clarios US Finance Co
6
.750
%
02/15/30
108,466
295,000
(g),(h)
General Motors Financial Co Inc
5
.750
N/A
292,304
177,000
(g),(h)
General Motors Financial Co Inc
5
.700
N/A
176,218
375,000
Goodyear Tire & Rubber Co/The
5
.000
07/15/29
362,129
165,000
(a)
Phinia Inc
6
.750
04/15/29
169,981
255,000
(a)
Phinia Inc
6
.625
10/15/32
262,811
TOTAL AUTOMOBILES & COMPONENTS
1,371,909
BANKS - 2.7%
294,000
(g),(h)
Bank of America Corp
6
.250
N/A
297,756
266,000
(g),(h)
Bank of America Corp
6
.125
N/A
269,015
170,000
Bank of America Corp
5
.162
01/24/31
175,455
92,000
(g),(h)
Bank of America Corp
4
.375
N/A
90,490
1,163,000
(g),(h)
Bank of America Corp
6
.625
N/A
1,210,088
400,000
Citibank NA
4
.576
05/29/27
403,539
169,000
(g),(h)
Citigroup Inc
6
.875
N/A
174,164
147,000
(g),(h)
Citigroup Inc
6
.250
N/A
147,927
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
100,000
Citigroup Inc
4
.503
%
09/11/31
$
100,054
314,000
(g),(h)
Citigroup Inc
7
.000
N/A
333,515
260,000
(g),(h)
Citigroup Inc
7
.375
N/A
270,904
794,000
(c),(g),(h)
Citigroup Inc
7
.625
N/A
833,586
378,000
(g),(h)
Citigroup Inc
7
.125
N/A
390,520
85,000
Citigroup Inc
5
.174
09/11/36
85,863
125,000
(g),(h),(i)
Citizens Financial Group Inc (TSFR3M + 3.419%)
7
.704
N/A
124,705
335,000
(g),(h)
Citizens Financial Group Inc
4
.000
N/A
328,288
229,000
(g),(h),(i)
Fifth Third Bancorp (TSFR3M + 3.295%)
7
.296
N/A
228,310
242,000
(g),(h),(i)
First Citizens BancShares Inc/NC (TSFR3M + 4.234%)
8
.271
N/A
249,204
431,000
(g),(h)
Huntington Bancshares Inc/OH
5
.625
N/A
435,709
268,000
(g),(h)
Huntington Bancshares Inc/OH
6
.250
N/A
267,294
351,000
(g),(h)
JPMorgan Chase & Co
6
.500
N/A
363,332
1,103,000
(c),(g),(h)
JPMorgan Chase & Co
6
.875
N/A
1,161,741
270,000
(g),(h)
M&T Bank Corp
5
.125
N/A
268,819
180,000
Morgan Stanley Bank NA
4
.952
01/14/28
181,774
850,000
Morgan Stanley Private Bank NA
4
.734
07/18/31
862,693
253,000
(g),(h)
PNC Financial Services Group Inc/The
3
.400
N/A
245,215
529,000
(g),(h)
PNC Financial Services Group Inc/The
6
.250
N/A
542,807
325,000
(g),(h)
PNC Financial Services Group Inc/The
6
.000
N/A
327,407
715,000
(g),(h)
Truist Financial Corp
6
.669
N/A
718,248
152,000
(g),(h)
Truist Financial Corp
5
.100
N/A
151,743
65,000
(h)
Webster Financial Corp
5
.784
09/11/35
65,008
308,000
(g),(h)
Wells Fargo & Co
3
.900
N/A
305,009
125,000
Wells Fargo & Co
5
.150
04/23/31
128,913
950,000
(c),(g),(h)
Wells Fargo & Co
7
.625
N/A
1,016,899
497,000
(g),(h)
Wells Fargo & Co
6
.850
N/A
522,292
TOTAL BANKS
13,278,286
CAPITAL GOODS - 0.9%
220,000
(a)
AECOM
6
.000
08/01/33
224,926
93,000
(g),(h)
Air Lease Corp
4
.125
N/A
89,886
241,000
(g),(h)
Air Lease Corp
6
.000
N/A
233,816
300,000
(a)
Alta Equipment Group Inc
9
.000
06/01/29
280,003
215,000
Boeing Co/The
5
.805
05/01/50
214,799
150,000
(a)
Camelot Return Merger Sub Inc
8
.750
08/01/28
145,126
75,000
(a)
Gates Corp/DE
6
.875
07/01/29
77,824
135,000
(a)
Goat Holdco LLC
6
.750
02/01/32
138,375
315,000
(a)
Herc Holdings Inc
7
.000
06/15/30
327,199
195,000
(a)
Herc Holdings Inc
6
.625
06/15/29
200,363
50,000
Honeywell International Inc
5
.250
03/01/54
48,126
115,000
L3Harris Technologies Inc
5
.400
07/31/33
119,869
180,000
(a)
Masterbrand Inc
7
.000
07/15/32
186,017
250,000
(a)
Quikrete Holdings Inc
6
.375
03/01/32
258,961
275,000
Regal Rexnord Corp
6
.050
04/15/28
284,469
120,000
(a)
Standard Building Solutions Inc
6
.250
08/01/33
121,606
375,000
(a)
TransDigm Inc
6
.875
12/15/30
388,550
450,000
(a)
TransDigm Inc
6
.375
03/01/29
460,079
300,000
(a)
TransDigm Inc
6
.375
05/31/33
303,373
200,000
(a)
Windsor Holdings III LLC
8
.500
06/15/30
211,422
TOTAL CAPITAL GOODS
4,314,789
COMMERCIAL & PROFESSIONAL SERVICES - 0.4%
230,000
(a),(j)
AMN Healthcare Inc
6
.500
01/15/31
230,711
240,000
(a)
ASGN Inc
4
.625
05/15/28
235,588
75,000
(a)
Boost Newco Borrower LLC
7
.500
01/15/31
79,567
105,000
(a),(j)
Clean Harbors Inc
5
.750
10/15/33
105,917
200,000
(a)
Neptune Bidco US Inc
9
.290
04/15/29
196,338
215,000
(a)
Prime Security Services Borrower LLC / Prime Finance Inc
5
.750
04/15/26
215,880
200,000
(a)
Prime Security Services Borrower LLC / Prime Finance Inc
3
.375
08/31/27
194,414
400,000
(a)
RR Donnelley & Sons Co
9
.500
08/01/29
409,947
60,000
(a)
Science Applications International Corp
5
.875
11/01/33
60,019
110,000
Verisk Analytics Inc
5
.250
03/15/35
112,138
Portfolio of Investments September 30, 2025
(continued)
NMAI
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL & PROFESSIONAL SERVICES
(continued)
120,000
Waste Management Inc
4
.950
%
03/15/35
$
121,798
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
1,962,317
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.6%
240,000
(a)
Academy Ltd
6
.000
11/15/27
239,863
225,000
(a)
Bath & Body Works Inc
6
.625
10/01/30
230,017
310,000
Kohl's Corp
4
.625
05/01/31
244,729
240,000
(a)
LCM Investments Holdings II LLC
4
.875
05/01/29
235,141
50,000
(a)
Macy's Retail Holdings LLC
6
.125
03/15/32
50,048
525,000
(a)
Michaels Cos Inc/The
5
.250
05/01/28
483,215
300,000
(a)
Michaels Cos Inc/The
7
.875
05/01/29
250,500
80,000
O'Reilly Automotive Inc
4
.200
04/01/30
79,717
50,000
(a)
Park River Holdings Inc
8
.000
03/15/31
50,634
270,000
(a)
Queen MergerCo Inc
6
.750
04/30/32
279,557
300,000
(a)
Staples Inc
10
.750
09/01/29
296,631
50,000
(a)
Veritiv Operating Co
10
.500
11/30/30
53,661
150,000
(a)
Wayfair LLC
7
.250
10/31/29
154,656
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
2,648,369
CONSUMER DURABLES & APPAREL - 0.3%
300,000
(a)
CD&R Smokey Buyer Inc
9
.500
10/15/29
234,623
60,000
(a)
Champ Acquisition Corp
8
.375
12/01/31
63,788
240,000
Newell Brands Inc
6
.625
09/15/29
241,370
360,000
(a)
S&S Holdings LLC
8
.375
10/01/31
352,930
60,000
(a)
TopBuild Corp
5
.625
01/31/34
59,782
345,000
(a)
Wolverine World Wide Inc
4
.000
08/15/29
315,633
TOTAL CONSUMER DURABLES & APPAREL
1,268,126
CONSUMER SERVICES - 0.8%
225,000
(a)
Caesars Entertainment Inc
6
.000
10/15/32
221,616
360,000
(a)
Carnival Corp
5
.875
06/15/31
368,907
155,000
(a)
Carnival Corp
5
.750
08/01/32
157,740
460,000
(a)
Churchill Downs Inc
5
.750
04/01/30
459,584
285,000
(a)
Cinemark USA Inc
7
.000
08/01/32
296,216
345,000
(a)
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co
Inc
4
.625
01/15/29
328,350
120,000
(a)
Life Time Inc
6
.000
11/15/31
121,916
150,000
(a)
Light & Wonder International Inc
6
.250
10/01/33
150,255
240,000
(a)
Marriott Ownership Resorts Inc
6
.500
10/01/33
238,902
185,000
MGM Resorts International
6
.125
09/15/29
188,293
100,000
(a)
Muvico LLC
15
.000
02/19/29
108,446
60,000
(a)
NCL Corp Ltd
5
.875
01/15/31
59,998
95,000
(a)
NCL Corp Ltd
6
.250
09/15/33
95,492
450,000
Piedmont Operating Partnership LP
9
.250
07/20/28
499,677
150,000
(a)
Six Flags Entertainment Corp / Six Flags Theme Parks Inc
6
.625
05/01/32
152,822
150,000
(a)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6
.250
03/15/33
152,322
TOTAL CONSUMER SERVICES
3,600,536
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.1%
250,000
(a)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
6
.250
03/15/33
255,675
200,000
(a)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
5
.875
02/15/28
199,956
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
455,631
ENERGY - 2.1%
225,000
(a)
Antero Midstream Partners LP / Antero Midstream Finance
Corp
5
.750
10/15/33
224,002
250,000
(a)
Archrock Partners LP / Archrock Partners Finance Corp
6
.625
09/01/32
256,446
195,000
(a)
Archrock Partners LP / Archrock Partners Finance Corp
6
.250
04/01/28
195,270
325,000
(a)
Ascent Resources Utica Holdings LLC / ARU Finance Corp
6
.625
10/15/32
331,652
240,000
(a)
Buckeye Partners LP
6
.750
02/01/30
249,276
400,000
(a)
Chord Energy Corp
6
.750
03/15/33
405,275
85,000
(a)
Chord Energy Corp
6
.000
10/01/30
84,408
295,000
(a)
Civitas Resources Inc
8
.750
07/01/31
302,231
165,000
(a)
Civitas Resources Inc
8
.375
07/01/28
171,031
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
280,000
(a)
CNX Resources Corp
7
.250
%
03/01/32
$
290,480
95,000
(a)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7
.375
06/30/33
96,605
358,000
(g),(h)
Energy Transfer LP
7
.125
N/A
369,920
49,000
(g),(h)
Energy Transfer LP
6
.625
N/A
48,906
91,000
(g),(h)
Energy Transfer LP
6
.500
N/A
91,339
95,000
(h)
Energy Transfer LP
8
.000
05/15/54
101,519
273,000
(h)
Energy Transfer LP
6
.750
02/15/56
272,508
150,000
Genesis Energy LP / Genesis Energy Finance Corp
7
.875
05/15/32
156,443
160,000
(a)
Global Partners LP / GLP Finance Corp
8
.250
01/15/32
168,746
400,000
(a)
Harvest Midstream I LP
7
.500
05/15/32
408,602
100,000
(a)
Hilcorp Energy I LP / Hilcorp Finance Co
6
.250
04/15/32
95,935
130,000
(a)
Hilcorp Energy I LP / Hilcorp Finance Co
8
.375
11/01/33
136,536
495,000
(a)
Hilcorp Energy I LP / Hilcorp Finance Co
5
.750
02/01/29
487,623
90,000
(a)
Howard Midstream Energy Partners LLC
6
.625
01/15/34
91,762
345,000
(a)
Kinetik Holdings LP
5
.875
06/15/30
347,007
150,000
(a)
Kodiak Gas Services LLC
7
.250
02/15/29
155,650
75,000
(a)
Kodiak Gas Services LLC
6
.750
10/01/35
77,007
50,000
(a)
Kodiak Gas Services LLC
6
.500
10/01/33
50,909
220,000
(a)
Matador Resources Co
6
.250
04/15/33
221,034
225,000
(a)
Noble Finance II LLC
8
.000
04/15/30
232,888
120,000
ONEOK Inc
5
.050
11/01/34
118,342
400,000
(a)
PBF Holding Co LLC / PBF Finance Corp
7
.875
09/15/30
394,928
150,000
(a)
Rockies Express Pipeline LLC
6
.750
03/15/33
156,572
300,000
(a)
Sunoco LP
6
.250
07/01/33
305,353
225,000
(a),(g),(h)
Sunoco LP
7
.875
N/A
228,535
150,000
(a)
Sunoco LP
5
.625
03/31/31
148,893
150,000
(a)
Sunoco LP
5
.875
03/15/34
148,701
150,000
(a)
Talos Production Inc
9
.000
02/01/29
155,104
110,000
Targa Resources Corp
5
.550
08/15/35
112,191
126,538
(a)
Transocean Aquila Ltd
8
.000
09/30/28
130,161
85,000
(a),(j)
Transocean International Ltd
7
.875
10/15/32
85,000
101,250
(a)
Transocean International Ltd
8
.750
02/15/30
106,532
85,000
(a)
Transocean Titan Financing Ltd
8
.375
02/01/28
87,091
60,000
(a)
USA Compression Partners LP / USA Compression Finance
Corp
6
.250
10/01/33
60,230
400,000
(a)
USA Compression Partners LP / USA Compression Finance
Corp
7
.125
03/15/29
412,530
750,000
(a),(c)
Venture Global LNG Inc
7
.000
01/15/30
776,073
254,000
(a),(g),(h)
Venture Global LNG Inc
9
.000
N/A
251,734
235,000
(a)
Venture Global LNG Inc
8
.125
06/01/28
243,241
65,000
(a)
Venture Global Plaquemines LNG LLC
6
.500
01/15/34
68,423
185,000
(a),(j)
Weatherford International Ltd
6
.750
10/15/33
185,129
TOTAL ENERGY
10,295,773
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5%
220,000
GLP Capital LP / GLP Financing II Inc
5
.750
06/01/28
226,101
140,000
GLP Capital LP / GLP Financing II Inc
4
.000
01/15/30
135,580
250,000
Healthcare Realty Holdings LP
2
.400
03/15/30
225,978
400,000
(a)
Iron Mountain Inc
7
.000
02/15/29
412,212
175,000
(a)
Millrose Properties Inc
6
.375
08/01/30
177,973
120,000
(a)
Millrose Properties Inc
6
.250
09/15/32
120,314
195,000
MPT Operating Partnership LP / MPT Finance Corp
5
.000
10/15/27
188,902
105,000
(a)
MPT Operating Partnership LP / MPT Finance Corp
8
.500
02/15/32
111,569
250,000
(a)
RLJ Lodging Trust LP
3
.750
07/01/26
247,478
350,000
(a)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
4
.750
04/15/28
342,741
165,000
Ventas Realty LP
5
.000
01/15/35
165,076
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
2,353,924
FINANCIAL SERVICES - 2.6%
203,000
(g),(h)
Ally Financial Inc
4
.700
N/A
187,087
144,600
(g),(h)
Ally Financial Inc
4
.700
N/A
140,830
305,000
(a),(g),(h)
American AgCredit Corp
5
.250
N/A
298,900
150,000
(a)
Azorra Finance Ltd
7
.250
01/15/31
156,194
Portfolio of Investments September 30, 2025
(continued)
NMAI
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
50,000
(a)
Azorra Finance Ltd
7
.750
%
04/15/30
$
52,619
250,000
Block Inc
6
.500
05/15/32
258,752
200,000
(a)
Burford Capital Global Finance LLC
7
.500
07/15/33
203,520
130,000
(g),(h)
Capital One Financial Corp
5
.500
N/A
130,209
200,000
(g),(h)
Capital One Financial Corp
3
.950
N/A
196,335
$
307,000
(g),(h)
Charles Schwab Corp/The
4
.000
N/A
303,547
407,000
(a)
Compass Group Diversified Holdings LLC
5
.250
04/15/29
375,999
70,000
(a)
CrossCountry Intermediate HoldCo LLC
6
.500
10/01/30
70,258
250,000
(a)
Encore Capital Group Inc
6
.625
04/15/31
249,272
450,000
(a)
Encore Capital Group Inc
8
.500
05/15/30
477,876
285,000
(a)
FirstCash Inc
6
.875
03/01/32
294,578
150,000
(a)
Freedom Mortgage Holdings LLC
7
.875
04/01/33
154,527
330,000
(a)
Freedom Mortgage Holdings LLC
8
.375
04/01/32
345,890
179,000
(g),(h)
Goldman Sachs Group Inc/The
5
.300
N/A
178,853
505,000
(g),(h)
Goldman Sachs Group Inc/The
6
.850
N/A
524,557
305,000
(g),(h)
Goldman Sachs Group Inc/The
6
.125
N/A
309,548
543,000
(g),(h)
Goldman Sachs Group Inc/The
7
.500
N/A
573,266
338,000
(g),(h)
Goldman Sachs Group Inc/The
7
.500
N/A
358,723
90,000
Goldman Sachs Group Inc/The
5
.536
01/28/36
93,946
294,000
(g),(h)
Goldman Sachs Group Inc/The
7
.379
N/A
296,872
300,000
(a)
Hunt Cos Inc
5
.250
04/15/29
292,484
500,000
Icahn Enterprises LP / Icahn Enterprises Finance Corp
5
.250
05/15/27
491,472
300,000
(a)
Icahn Enterprises LP / Icahn Enterprises Finance Corp
10
.000
11/15/29
301,325
400,000
(a)
Jane Street Group / JSG Finance Inc
6
.125
11/01/32
405,424
415,000
JPMorgan Chase & Co
5
.572
04/22/36
437,420
435,000
JPMorgan Chase & Co
5
.103
04/22/31
449,407
370,000
Morgan Stanley
5
.664
04/17/36
390,372
600,000
Navient Corp
5
.500
03/15/29
588,185
115,000
OneMain Finance Corp
6
.125
05/15/30
116,459
690,000
(c)
OneMain Finance Corp
6
.625
05/15/29
709,230
140,000
(a)
Osaic Holdings Inc
6
.750
08/01/32
144,597
180,000
(a)
PennyMac Financial Services Inc
7
.875
12/15/29
191,033
300,000
(a)
PennyMac Financial Services Inc
7
.125
11/15/30
312,379
175,000
(a)
Rocket Cos Inc
6
.125
08/01/30
179,606
60,000
(a)
Starwood Property Trust Inc
6
.500
07/01/30
62,061
375,000
(a)
Starwood Property Trust Inc
6
.000
04/15/30
380,700
177,000
(g),(h)
State Street Corp
6
.700
N/A
184,095
240,000
(a)
UWM Holdings LLC
6
.625
02/01/30
244,148
229,000
(g),(h)
Voya Financial Inc
7
.758
N/A
243,265
165,000
(a)
Walker & Dunlop Inc
6
.625
04/01/33
168,737
240,000
(a)
WEX Inc
6
.500
03/15/33
245,108
185,000
(a)
Wynnton Funding Trust II
5
.991
08/15/55
189,894
TOTAL FINANCIAL SERVICES
12,959,559
FOOD, BEVERAGE & TOBACCO - 0.7%
180,000
Constellation Brands Inc
4
.800
05/01/30
182,554
345,000
(a)
Darling Ingredients Inc
6
.000
06/15/30
348,299
50,000
Kraft Heinz Foods Co
5
.200
07/15/45
46,200
150,000
Kraft Heinz Foods Co
3
.875
05/15/27
149,331
80,000
Kraft Heinz Foods Co
5
.500
06/01/50
75,563
1,000,000
(a),(g),(h)
Land O' Lakes Inc
8
.000
N/A
980,000
125,000
(a)
Mars Inc
4
.600
03/01/28
126,529
110,000
(a)
Mars Inc
5
.200
03/01/35
112,435
40,000
(a)
Mars Inc
5
.650
05/01/45
40,577
195,000
(a)
Mars Inc
5
.700
05/01/55
197,525
300,000
(a)
Post Holdings Inc
6
.375
03/01/33
302,793
300,000
(a)
Primo Water Holdings Inc / Triton Water Holdings Inc
6
.250
04/01/29
299,752
390,000
(a)
Viking Baked Goods Acquisition Corp
8
.625
11/01/31
390,084
TOTAL FOOD, BEVERAGE & TOBACCO
3,251,642
HEALTH CARE EQUIPMENT & SERVICES - 1.0%
150,000
(a)
CHS/Community Health Systems Inc
5
.250
05/15/30
135,697
200,000
(a)
CHS/Community Health Systems Inc
10
.875
01/15/32
211,819
150,000
(a)
CHS/Community Health Systems Inc
9
.750
01/15/34
153,675
11
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES
(continued)
$
120,000
CVS Health Corp
5
.050
%
03/25/48
$
106,769
142,000
(h)
CVS Health Corp
6
.750
12/10/54
146,577
80,000
(h)
CVS Health Corp
7
.000
03/10/55
83,979
75,000
CVS Health Corp
5
.450
09/15/35
76,320
285,000
(a)
DaVita Inc
4
.625
06/01/30
273,141
300,000
(a)
DaVita Inc
6
.875
09/01/32
309,911
270,000
(a)
DaVita Inc
6
.750
07/15/33
278,423
85,000
(a)
Global Medical Response Inc
7
.375
10/01/32
87,491
42,000
(a)
Heartland Dental LLC / Heartland Dental Finance Corp
10
.500
04/30/28
44,255
180,000
(a)
IQVIA Inc
6
.250
06/01/32
185,065
150,000
(a)
LifePoint Health Inc
9
.875
08/15/30
162,441
80,000
(a)
Molina Healthcare Inc
6
.250
01/15/33
80,889
250,000
(a)
Mozart Debt Merger Sub Inc
3
.875
04/01/29
241,111
300,000
(a)
Prime Healthcare Services Inc
9
.375
09/01/29
312,000
375,000
(a)
Radiology Partners Inc
8
.500
07/15/32
388,064
50,000
(a)
Star Parent Inc
9
.000
10/01/30
52,860
456,632
(a)
Team Health Holdings Inc, (cash 9.000%, PIK 4.500%)
9
.000
06/30/28
493,162
195,000
(a)
Team Health Holdings Inc
8
.375
06/30/28
199,193
250,000
Tenet Healthcare Corp
6
.125
10/01/28
250,145
150,000
UnitedHealth Group Inc
5
.050
04/15/53
137,443
130,000
UnitedHealth Group Inc
5
.500
07/15/44
130,245
TOTAL HEALTH CARE EQUIPMENT & SERVICES
4,540,675
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
50,000
Haleon US Capital LLC
3
.625
03/24/32
47,382
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
47,382
INSURANCE - 1.5%
400,000
(a)
Acrisure LLC / Acrisure Finance Inc
6
.750
07/01/32
411,874
500,000
(a)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6
.500
10/01/31
511,216
475,000
(a)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
4
.250
10/15/27
467,114
214,000
(h)
American National Group Inc
7
.000
12/01/55
220,544
50,000
(a)
APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /
APH3 Somerset Inves
7
.875
11/01/29
52,181
393,000
(h)
Assurant Inc
7
.000
03/27/48
402,846
244,000
(h)
Corebridge Financial Inc
6
.375
09/15/54
250,441
235,000
(h)
Enstar Finance LLC
5
.500
01/15/42
233,303
184,000
(a),(h)
Enstar Group Ltd
7
.500
04/01/45
191,896
375,000
(a)
HUB International Ltd
7
.250
06/15/30
391,089
207,000
(h)
MetLife Inc
6
.350
03/15/55
219,930
354,000
(a),(h)
MetLife Inc
9
.250
04/08/38
424,861
459,000
(a)
Omnis Funding Trust
6
.722
05/15/55
495,099
600,000
(a)
Panther Escrow Issuer LLC
7
.125
06/01/31
624,071
125,000
(a)
Pine Street Trust III
6
.223
05/15/54
128,772
360,000
(h)
Provident Financing Trust I
7
.405
03/15/38
391,483
150,000
(h)
Prudential Financial Inc
6
.500
03/15/54
160,515
210,000
(h)
Prudential Financial Inc
5
.125
03/01/52
210,761
150,000
Reinsurance Group of America Inc
5
.750
09/15/34
156,822
150,000
(a)
Ryan Specialty LLC
5
.875
08/01/32
151,678
600,000
(a),(c),(g),(h)
SBL Holdings Inc
9
.508
N/A
623,986
575,000
(a),(g),(h)
SBL Holdings Inc
6
.500
N/A
559,241
TOTAL INSURANCE
7,279,723
MATERIALS - 0.5%
125,000
Amcor Group Finance PLC
5
.450
05/23/29
129,148
250,000
(a)
Arsenal AIC Parent LLC
8
.000
10/01/30
264,699
350,000
(a)
Avient Corp
6
.250
11/01/31
355,434
75,000
Ball Corp
6
.000
06/15/29
76,773
200,000
(a)
Compass Minerals International Inc
8
.000
07/01/30
209,035
300,000
(a)
EverArc Escrow Sarl
5
.000
10/30/29
293,627
50,000
International Flavors & Fragrances Inc
5
.000
09/26/48
43,949
80,000
(a)
Methanex US Operations Inc
6
.250
03/15/32
81,397
350,000
(a)
Olin Corp
6
.625
04/01/33
351,806
60,000
(a)
Owens-Brockway Glass Container Inc
7
.250
05/15/31
61,079
Portfolio of Investments September 30, 2025
(continued)
NMAI
12
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
MATERIALS
(continued)
$
170,000
(a)
Qnity Electronics Inc
5
.750
%
08/15/32
$
171,297
55,000
(a)
Qnity Electronics Inc
6
.250
08/15/33
56,165
150,000
(a)
Sealed Air Corp
6
.500
07/15/32
155,356
50,000
(a)
Solstice Advanced Materials Inc
5
.625
09/30/33
50,165
100,000
(a)
WR Grace Holdings LLC
6
.625
08/15/32
98,878
TOTAL MATERIALS
2,398,808
MEDIA & ENTERTAINMENT - 1.2%
195,000
(a)
Arches Buyer Inc
4
.250
06/01/28
191,089
200,000
CCO Holdings LLC / CCO Holdings Capital Corp
4
.500
05/01/32
182,013
575,000
(a)
CCO Holdings LLC / CCO Holdings Capital Corp
4
.500
08/15/30
543,038
855,000
(a),(c)
CCO Holdings LLC / CCO Holdings Capital Corp
4
.250
02/01/31
787,652
90,000
Charter Communications Operating LLC / Charter
Communications Operating Capital
6
.550
06/01/34
95,915
80,000
Comcast Corp
5
.350
05/15/53
75,015
87,000
(a)
CSC Holdings LLC
5
.500
04/15/27
82,574
105,000
(a)
Directv Financing LLC
8
.875
02/01/30
103,711
360,000
(a)
Directv Financing LLC / Directv Financing Co-Obligor Inc
5
.875
08/15/27
359,596
225,000
(a)
DISH Network Corp
11
.750
11/15/27
238,108
152,000
(a),(g),(h)
Farm Credit Bank of Texas
7
.750
N/A
158,977
260,000
(a)
Gray Media Inc
7
.250
08/15/33
257,648
200,000
(a)
Gray Media Inc
4
.750
10/15/30
153,250
200,000
(a)
Gray Media Inc
10
.500
07/15/29
216,250
69,000
(a)
McGraw-Hill Education Inc
5
.750
08/01/28
68,959
225,000
(a)
McGraw-Hill Education Inc
7
.375
09/01/31
233,764
250,000
(a)
Outfront Media Capital LLC / Outfront Media Capital Corp
5
.000
08/15/27
248,744
165,000
(a)
Scripps Escrow II Inc
3
.875
01/15/29
145,362
150,000
(a)
Sirius XM Radio LLC
3
.875
09/01/31
135,942
40,000
(a)
Univision Communications Inc
9
.375
08/01/32
42,627
225,000
(a)
Univision Communications Inc
4
.500
05/01/29
212,226
300,000
(a)
Univision Communications Inc
8
.500
07/31/31
309,793
150,000
Warnermedia Holdings Inc
5
.141
03/15/52
111,750
225,000
Warnermedia Holdings Inc
5
.050
03/15/42
179,622
150,000
Warnermedia Holdings Inc
4
.279
03/15/32
137,438
240,000
(a)
Ziff Davis Inc
4
.625
10/15/30
226,197
TOTAL MEDIA & ENTERTAINMENT
5,497,260
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
200,000
(a)
1261229 BC Ltd
10
.000
04/15/32
205,010
65,000
AbbVie Inc
4
.950
03/15/31
67,186
70,000
Amgen Inc
5
.650
03/02/53
69,821
300,000
(a)
Bausch Health Cos Inc
4
.875
06/01/28
268,500
410,000
(a)
Organon & Co / Organon Foreign Debt Co-Issuer BV
7
.875
05/15/34
379,825
250,000
(a)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5
.125
04/30/31
219,012
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
1,209,354
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
330,000
(a)
Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp
7
.000
04/15/30
333,961
295,000
Kennedy-Wilson Inc
5
.000
03/01/31
274,413
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
608,374
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
295,000
Broadcom Corp
4
.200
10/15/30
294,497
100,000
Broadcom Inc
5
.200
07/15/35
103,060
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
397,557
SOFTWARE & SERVICES - 0.2%
450,000
(a)
Ahead DB Holdings LLC
6
.625
05/01/28
450,099
25,000
(a)
Amentum Escrow Corp
7
.250
08/01/32
25,959
165,000
(a)
Fair Isaac Corp
6
.000
05/15/33
167,053
110,000
Oracle Corp
5
.200
09/26/35
110,606
135,000
Oracle Corp
5
.875
09/26/45
135,367
TOTAL SOFTWARE & SERVICES
889,084
13
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
$
40,000
Apple Inc
2
.650
%
05/11/50
$
25,629
300,000
(a)
Imola Merger Corp
4
.750
05/15/29
291,787
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
317,416
TELECOMMUNICATION SERVICES - 0.5%
60,000
AT&T Inc
3
.650
06/01/51
43,388
120,000
AT&T Inc
3
.500
09/15/53
83,004
270,000
AT&T Inc
3
.800
12/01/57
192,523
90,000
EchoStar Corp, (cash 6.750%, PIK 6.750%)
6
.750
11/30/30
92,786
104,000
EchoStar Corp
10
.750
11/30/29
114,418
375,000
(a)
Frontier Communications Holdings LLC
5
.875
10/15/27
374,773
275,000
(a)
Level 3 Financing Inc
4
.875
06/15/29
258,528
300,000
(a)
Level 3 Financing Inc
6
.875
06/30/33
305,754
75,000
T-Mobile US Inc
5
.125
05/15/32
77,187
80,000
T-Mobile US Inc
5
.300
05/15/35
81,935
410,000
(a)
Windstream Escrow LLC / Windstream Escrow Finance Corp
8
.250
10/01/31
424,708
95,000
(a),(j)
Windstream Services LLC
7
.500
10/15/33
94,974
197,620
(a)
Zayo Group Holdings Inc
9
.250
03/09/30
189,221
TOTAL TELECOMMUNICATION SERVICES
2,333,199
TRANSPORTATION - 0.2%
180,000
(a)
Air Transport Services Group Inc
7
.250
03/15/32
189,546
295,000
(a)
American Airlines Inc
7
.250
02/15/28
302,214
195,000
(a)
Genesee & Wyoming Inc
6
.250
04/15/32
198,148
250,000
(a)
United Airlines Inc
4
.375
04/15/26
249,616
TOTAL TRANSPORTATION
939,524
UTILITIES - 1.6%
100,000
AEP Transmission Co LLC
5
.400
03/15/53
99,173
143,000
(h)
AES Corp/The
7
.600
01/15/55
148,127
192,000
(h)
AES Corp/The
6
.950
07/15/55
188,424
105,000
Atmos Energy Corp
5
.200
08/15/35
107,493
192,000
(h)
CMS Energy Corp
6
.500
06/01/55
198,787
115,000
(h)
Dominion Energy Inc
7
.000
06/01/54
124,693
85,000
DTE Electric Co
5
.200
03/01/34
87,972
145,000
Duke Energy Carolinas LLC
5
.350
01/15/53
142,216
125,000
Duke Energy Carolinas LLC
4
.250
12/15/41
110,410
300,000
Duke Energy Carolinas Nc Storm Funding II LLC
0
.000
07/01/35
298,983
101,000
(h)
Duke Energy Corp
6
.450
09/01/54
106,684
150,000
(g),(h)
Edison International
5
.375
N/A
145,630
103,000
(g),(h)
Edison International
5
.000
N/A
97,591
139,000
(h)
Edison International
8
.125
06/15/53
142,059
314,000
(h)
Entergy Corp
7
.125
12/01/54
328,098
193,000
(h)
EUSHI Finance Inc
7
.625
12/15/54
202,343
550,000
(a)
Ferrellgas LP / Ferrellgas Finance Corp
5
.875
04/01/29
511,853
70,000
Florida Power & Light Co
5
.700
03/15/55
72,559
165,000
Interstate Power and Light Co
5
.600
06/29/35
171,425
262,000
(h)
NextEra Energy Capital Holdings Inc
6
.750
06/15/54
281,580
155,000
Northern States Power Co/MN
5
.050
05/15/35
158,086
150,000
(a)
NRG Energy Inc
5
.750
01/15/34
149,847
225,000
(a)
NRG Energy Inc
6
.000
02/01/33
228,503
180,000
(a)
NRG Energy Inc
6
.250
11/01/34
184,516
484,000
PG&E Corp
5
.000
07/01/28
479,520
128,000
(h)
PG&E Corp
7
.375
03/15/55
131,501
50,000
PG&E Corp
5
.250
07/01/30
49,307
269,000
(h)
Sempra
6
.550
04/01/55
274,881
121,000
(h)
Sempra
6
.375
04/01/56
124,176
195,000
Suburban Propane Partners LP/Suburban Energy Finance Corp
5
.875
03/01/27
194,440
585,000
(a)
Talen Energy Supply LLC
8
.625
06/01/30
621,001
390,000
(a)
TerraForm Power Operating LLC
5
.000
01/31/28
387,185
217,000
(a),(g),(h)
Vistra Corp
8
.875
N/A
238,406
185,000
(a),(g),(h)
Vistra Corp
8
.000
N/A
189,229
255,000
(a)
Vistra Operations Co LLC
7
.750
10/15/31
269,839
60,000
(a)
XPLR Infrastructure Operating Partners LP
8
.375
01/15/31
62,880
Portfolio of Investments September 30, 2025
(continued)
NMAI
14
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
UTILITIES
(continued)
$
120,000
(a)
XPLR Infrastructure Operating Partners LP
8
.625
%
03/15/33
$
125,843
TOTAL UTILITIES
7,435,260
TOTAL CORPORATE BONDS
(Cost $90,258,583)
91,654,477
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
69333176
EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS - 14.6% (10.2% of
Total Investments)
69333176
ANGOLA - 0.0%
200,000
(a)
Angolan Government International Bond
8
.750
04/14/32
190,745
TOTAL ANGOLA
190,745
ARGENTINA - 0.2%
140,000
(a)
Arcor SAIC
7
.600
07/31/33
138,250
100,000
Argentine Republic Government International Bond
0
.750
07/09/30
67,150
475,000
Argentine Republic Government International Bond
4
.125
07/09/35
246,762
200,000
Argentine Republic Government International Bond
5
.000
01/09/38
112,300
298,480
(a)
Provincia de Buenos Aires/Government Bonds
6
.625
09/01/37
173,865
250,000
(a)
YPF SA
8
.250
01/17/34
240,719
TOTAL ARGENTINA
979,046
AUSTRALIA - 0.2%
200,000
AngloGold Ashanti Holdings PLC
3
.750
10/01/30
190,807
255,000
(a)
Mineral Resources Ltd
8
.000
11/01/27
259,920
285,000
(a)
Mineral Resources Ltd
9
.250
10/01/28
298,625
35,000
(a),(j)
Mineral Resources Ltd
7
.000
04/01/31
35,453
TOTAL AUSTRALIA
784,805
BARBADOS - 0.0%
150,000
(a)
Barbados Government International Bond
8
.000
06/26/35
155,973
TOTAL BARBADOS
155,973
BELGIUM - 0.0%
64,000
Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide
Inc
4
.900
02/01/46
59,957
TOTAL BELGIUM
59,957
BENIN - 0.0%
EUR
190,000
(a)
Benin Government International Bond
4
.950
01/22/35
204,523
TOTAL BENIN
204,523
BRAZIL - 0.6%
150,000
(a)
Banco Bradesco SA/Cayman Islands
6
.500
01/22/30
158,250
BRL
285,000
Brazil Notas do Tesouro Nacional Serie F
10
.000
01/01/27
51,281
BRL
1,575,000
Brazil Notas do Tesouro Nacional Serie F
10
.000
01/01/31
259,124
340,000
Brazilian Government International Bond
6
.000
10/20/33
348,160
200,000
Brazilian Government International Bond
7
.250
01/12/56
202,270
200,000
(a)
Caixa Economica Federal
5
.625
05/13/30
202,730
200,000
(a)
Klabin Austria GmbH
5
.750
04/03/29
203,367
200,000
(a)
LD Celulose International GmbH
7
.950
01/26/32
211,452
200,000
(a)
Minerva Luxembourg SA
8
.875
09/13/33
219,624
145,000
Petrobras Global Finance BV
6
.750
06/03/50
137,272
115,000
Petrobras Global Finance BV
5
.500
06/10/51
94,662
200,000
(a)
Raizen Fuels Finance SA
5
.700
01/17/35
184,220
200,000
(a)
Rede D'or Finance Sarl
6
.450
09/09/35
205,500
TOTAL BRAZIL
2,477,912
CANADA - 1.5%
75,000
(a)
1011778 BC ULC / New Red Finance Inc
4
.000
10/15/30
70,682
150,000
(a)
Air Canada
3
.875
08/15/26
148,639
120,000
(a)
AltaGas Ltd
7
.200
10/15/54
124,130
200,000
Bank of Montreal
7
.700
05/26/84
211,942
314,000
Bank of Montreal
7
.300
11/26/84
333,209
274,000
Bank of Montreal
6
.875
11/26/85
278,859
200,000
Bank of Nova Scotia/The
8
.000
01/27/84
214,637
200,000
(j)
Bank of Nova Scotia/The
6
.875
10/27/85
199,404
345,000
(a)
Baytex Energy Corp
7
.375
03/15/32
337,792
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CANADA
$
278,000
Bell Telephone Co of Canada or Bell Canada
7
.000
%
09/15/55
$
290,539
285,000
Canadian Imperial Bank of Commerce
6
.950
01/28/85
289,014
200,000
Canadian Imperial Bank of Commerce
7
.000
10/28/85
205,379
293,000
Emera Inc
6
.750
06/15/76
294,502
688,000
Enbridge Inc
8
.500
01/15/84
786,875
175,000
Enbridge Inc
5
.500
07/15/77
174,103
305,000
Enbridge Inc
7
.625
01/15/83
330,533
270,000
(a)
New Flyer Holdings Inc
9
.250
07/01/30
288,999
150,000
(a)
Open Text Corp
3
.875
12/01/29
141,788
75,000
(a)
Open Text Holdings Inc
4
.125
12/01/31
69,360
177,000
Rogers Communications Inc
7
.125
04/15/55
187,649
242,000
Royal Bank of Canada
6
.750
08/24/85
249,622
144,000
South Bow Corp
7
.500
03/01/55
152,908
250,000
(a)
Superior Plus LP / Superior General Partner Inc
4
.500
03/15/29
241,204
152,000
TELUS Corp
7
.000
10/15/55
160,271
425,000
Toronto-Dominion Bank/The
6
.350
10/31/85
426,063
200,000
Toronto-Dominion Bank/The
8
.125
10/31/82
211,386
75,000
Transcanada Trust
5
.875
08/15/76
75,045
219,000
Transcanada Trust
5
.600
03/07/82
217,007
TOTAL CANADA
6,711,541
CHILE - 0.4%
400,000
(a)
AES Andes SA
8
.150
06/10/55
422,951
196,897
(a)
Alfa Desarrollo SpA 2021 1
4
.550
09/27/51
157,599
200,000
(a),(k)
Banco de Credito e Inversiones SA
8
.750
08/08/74
216,500
200,000
(a),(k)
Banco del Estado de Chile
7
.950
11/02/73
213,362
CLP
140,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos, Reg S
5
.000
10/01/28
145,462
CLP
45,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos, Reg S
6
.000
04/01/33
48,091
200,000
(a)
Celulosa Arauco y Constitucion SA
6
.180
05/05/32
208,700
EUR
50,000
Chile Government International Bond
3
.800
07/01/35
58,690
175,000
(a)
Cia Cervecerias Unidas SA
3
.350
01/19/32
157,649
200,000
(a)
Corp Nacional del Cobre de Chile
6
.440
01/26/36
216,173
200,000
(a)
Empresa Nacional del Petroleo
6
.150
05/10/33
212,028
TOTAL CHILE
2,057,205
CHINA - 0.0%
200,000
(a)
Lenovo Group Ltd
3
.421
11/02/30
189,882
TOTAL CHINA
189,882
COLOMBIA - 0.4%
200,000
(a),(k)
Banco Davivienda SA
8
.125
07/02/35
207,308
200,000
(k)
Bancolombia SA
8
.625
12/24/34
215,972
EUR
100,000
Colombia Government International Bond
5
.000
09/19/32
115,939
350,000
Colombia Government International Bond
3
.125
04/15/31
303,608
200,000
Colombia Government International Bond
8
.000
11/14/35
214,600
COP
725,000,000
Colombian TES
7
.750
09/18/30
163,492
200,000
Ecopetrol SA
4
.625
11/02/31
179,385
200,000
Ecopetrol SA
5
.875
11/02/51
148,153
200,000
(a)
Grupo Aval Ltd
4
.375
02/04/30
189,885
TOTAL COLOMBIA
1,738,342
COTE D'IVOIRE - 0.1%
395,000
Ivory Coast Government International Bond, Reg S
6
.125
06/15/33
378,699
TOTAL COTE D'IVOIRE
378,699
CZECH REPUBLIC - 0.0%
CZK
2,150,000
Czech Republic Government Bond
1
.750
06/23/32
88,565
CZK
1,200,000
Czech Republic Government Bond, Reg S
0
.950
05/15/30
50,488
TOTAL CZECH REPUBLIC
139,053
DOMINICAN REPUBLIC - 0.1%
200,000
(a)
Aeropuertos Dominicanos Siglo XXI SA
7
.000
06/30/34
210,000
125,000
Dominican Republic International Bond, Reg S
7
.450
04/30/44
137,031
150,000
(a)
Dominican Republic International Bond
7
.050
02/03/31
161,633
DOP
3,100,000
(a)
Dominican Republic International Bond
13
.000
06/10/34
58,649
TOTAL DOMINICAN REPUBLIC
567,313
Portfolio of Investments September 30, 2025
(continued)
NMAI
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ECUADOR - 0.0%
$
260,000
(a)
Ecuador Government International Bond
1
.000
%
07/31/35
$
193,700
TOTAL ECUADOR
193,700
EGYPT - 0.2%
220,000
(a)
Egypt Government International Bond
7
.300
09/30/33
207,936
200,000
(a)
Egypt Government International Bond
7
.600
03/01/29
206,587
205,000
(a)
Egypt Government International Bond
8
.875
05/29/50
184,654
225,000
(a)
Egypt Government International Bond
8
.500
01/31/47
198,214
TOTAL EGYPT
797,391
EL SALVADOR - 0.1%
200,000
(a)
Comision Ejecutiva Hidroelectrica del Rio Lempa
8
.650
01/24/33
209,080
150,000
(a)
El Salvador Government International Bond
0
.250
04/17/30
3,579
150,000
(a)
El Salvador Government International Bond
9
.650
11/21/54
162,000
TOTAL EL SALVADOR
374,659
FINLAND - 0.1%
400,000
(a),(k)
Nordea Bank Abp
6
.750
11/10/73
405,798
TOTAL FINLAND
405,798
FRANCE - 1.2%
502,000
(a),(k)
BNP Paribas SA
7
.750
02/16/71
531,564
200,000
(a),(k)
BNP Paribas SA
9
.250
05/17/74
214,868
610,000
(a),(k)
BNP Paribas SA
8
.500
02/14/74
651,695
625,000
(a),(k)
BNP Paribas SA
8
.000
08/22/74
673,126
409,000
(a),(k)
BNP Paribas SA
7
.375
03/10/74
427,735
200,000
(a),(k)
BNP Paribas SA
7
.450
12/27/73
208,749
507,000
(a),(k)
Credit Agricole SA
6
.700
12/23/73
508,982
403,000
(a),(k)
Credit Agricole SA
7
.125
12/23/73
411,542
525,000
(a)
Maya SAS/Paris France
8
.500
04/15/31
563,059
454,000
(a),(k)
Societe Generale SA
9
.375
05/22/74
486,810
205,000
(a),(k)
Societe Generale SA
8
.500
09/25/74
221,647
495,000
(a),(k)
Societe Generale SA
10
.000
05/14/74
548,312
TOTAL FRANCE
5,448,089
GERMANY - 0.4%
600,000
(k)
Deutsche Bank AG, Reg S
8
.130
04/30/73
635,992
480,000
(a)
IHO Verwaltungs GmbH
8
.000
11/15/32
503,733
100,000
(a)
Merck KGaA
4
.125
08/15/28
100,035
450,000
ZF North America Capital Inc
6
.750
04/23/30
439,146
150,000
(a)
ZF North America Capital Inc
7
.500
03/24/31
148,979
TOTAL GERMANY
1,827,885
GHANA - 0.1%
118,280
(a)
Ghana Government International Bond
5
.000
07/03/29
115,005
367,320
(a)
Ghana Government International Bond
5
.000
07/03/35
309,130
200,000
(a)
Kosmos Energy Ltd
7
.500
03/01/28
174,768
TOTAL GHANA
598,903
GUATEMALA - 0.2%
200,000
(a)
CT Trust
5
.125
02/03/32
190,470
200,000
(a)
Guatemala Government Bond
3
.700
10/07/33
177,300
200,000
(a)
Guatemala Government Bond
6
.250
08/15/36
206,436
180,000
(a)
Millicom International Cellular SA 2029 2029
6
.250
03/25/29
181,634
TOTAL GUATEMALA
755,840
HUNGARY - 0.2%
HUF
50,000,000
Hungary Government Bond
4
.500
03/23/28
144,132
210,000
(a)
Hungary Government International Bond
5
.500
03/26/36
211,553
200,000
(a)
Hungary Government International Bond
5
.375
09/26/30
205,743
200,000
(a)
Magyar Export-Import Bank Zrt
6
.125
12/04/27
206,805
TOTAL HUNGARY
768,233
INDIA - 0.2%
200,000
(a)
Adani Ports & Special Economic Zone Ltd
3
.100
02/02/31
178,034
200,000
(a)
Indian Railway Finance Corp Ltd
3
.570
01/21/32
189,863
200,000
(a)
IRB Infrastructure Developers Ltd
7
.110
03/11/32
207,688
200,000
(a)
Muthoot Finance Ltd
6
.375
04/23/29
202,660
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INDIA
$
200,000
(a)
ReNew Wind Energy AP2 / ReNew Power Pvt Ltd other 9
Subsidiaries
4
.500
%
07/14/28
$
193,152
TOTAL INDIA
971,397
INDONESIA - 0.2%
200,000
(a)
Indika Energy Tbk PT
8
.750
05/07/29
200,444
IDR
2,702,000,000
Indonesia Treasury Bond
7
.000
09/15/30
171,039
IDR
1,110,000,000
Indonesia Treasury Bond
6
.625
02/15/34
67,748
200,000
(a)
Medco Maple Tree Pte Ltd
8
.960
04/27/29
208,534
200,000
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
Reg S
5
.250
05/15/47
183,362
335,000
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,
Reg S
3
.875
07/17/29
327,662
TOTAL INDONESIA
1,158,789
IRAQ - 0.0%
125,000
(a)
Iraq International Bond
5
.800
01/15/28
124,229
TOTAL IRAQ
124,229
IRELAND - 0.2%
636,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6
.950
03/10/55
665,699
450,000
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6
.500
01/31/56
464,238
TOTAL IRELAND
1,129,937
ISRAEL - 0.1%
200,000
(a),(k)
Bank Hapoalim BM, Reg S
3
.255
01/21/32
195,016
200,000
(a)
Israel Electric Corp Ltd, Reg S
4
.250
08/14/28
197,058
TOTAL ISRAEL
392,074
ITALY - 0.0%
200,000
(a)
Efesto Bidco SpA Efesto US LLC
7
.500
02/15/32
203,520
TOTAL ITALY
203,520
JAMAICA - 0.1%
150,000
(a)
Digicel International Finance Ltd / Difl US LLC
8
.625
08/01/32
154,227
225,000
(a)
Montego Bay Airport Revenue Finance Ltd
6
.600
06/15/35
230,063
TOTAL JAMAICA
384,290
JAPAN - 0.0%
200,000
(k)
Nomura Holdings Inc
7
.000
01/15/74
207,019
TOTAL JAPAN
207,019
JORDAN - 0.0%
200,000
(a)
Jordan Government International Bond
5
.850
07/07/30
199,184
TOTAL JORDAN
199,184
KAZAKHSTAN - 0.1%
200,000
(a)
Baiterek National Managing Holding JSC
5
.450
05/08/28
203,838
200,000
(a)
Development Bank of Kazakhstan JSC
5
.500
04/15/27
202,704
200,000
(a)
KazMunayGas National Co JSC
3
.500
04/14/33
180,262
TOTAL KAZAKHSTAN
586,804
KENYA - 0.0%
200,000
(a)
Republic of Kenya Government International Bond
7
.250
02/28/28
205,201
TOTAL KENYA
205,201
LUXEMBOURG - 0.1%
300,000
(a)
Albion Financing 1 SARL / Aggreko Holdings Inc
7
.000
05/21/30
310,290
TOTAL LUXEMBOURG
310,290
MACAU - 0.0%
200,000
(a)
MGM China Holdings Ltd
7
.125
06/26/31
210,997
TOTAL MACAU
210,997
MALAYSIA - 0.1%
MYR
200,000
Malaysia Government Bond
4
.762
04/07/37
52,593
MYR
400,000
Malaysia Government Bond
4
.254
05/31/35
100,834
240,000
(a)
Petronas Capital Ltd
5
.340
04/03/35
250,329
205,000
(a)
Petronas Capital Ltd
3
.404
04/28/61
141,373
TOTAL MALAYSIA
545,129
Portfolio of Investments September 30, 2025
(continued)
NMAI
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEXICO - 1.1%
$
300,000
(a),(k)
Banco Mercantil del Norte SA/Grand Cayman
7
.625
%
10/06/73
$
307,782
509,800
(a),(k)
Banco Mercantil del Norte SA/Grand Cayman
8
.750
02/20/73
544,815
200,000
(a),(k)
Banco Mercantil del Norte SA/Grand Cayman
8
.375
02/20/74
210,590
200,000
(a)
Banco Nacional de Comercio Exterior SNC/Cayman Islands
2
.720
08/11/31
194,910
200,000
(a)
Banco Nacional de Comercio Exterior SNC/Cayman Islands
5
.875
05/07/30
207,142
178,049
(a)
Borr IHC Ltd / Borr Finance LLC
10
.000
11/15/28
176,439
298,000
(a)
Cemex SAB de CV
7
.200
09/10/74
311,559
200,000
(a)
Comision Federal de Electricidad
6
.125
06/16/45
189,415
200,000
(a)
Corp Inmobiliaria Vesta SAB de CV
5
.500
01/30/33
202,100
198,101
(a)
FIEMEX Energia - Banco Actinver SA Institucion de Banca
Multiple
7
.250
01/31/41
211,503
200,000
(a)
Gruma SAB de CV
5
.761
12/09/54
198,783
200,000
(a)
Grupo Aeromexico SAB de CV
8
.625
11/15/31
199,730
MXN
5,610,000
Mexican Bonos
8
.500
11/18/38
294,228
MXN
1,000,000
Mexican Bonos
7
.750
05/29/31
53,206
200,000
Mexico Government International Bond
4
.280
08/14/41
161,950
250,000
Mexico Government International Bond
6
.400
05/07/54
244,003
250,000
Mexico Government International Bond
5
.625
09/22/35
248,765
200,000
(a)
Nemak SAB de CV
3
.625
06/28/31
174,844
200,000
Petroleos Mexicanos
6
.750
09/21/47
165,061
275,000
Petroleos Mexicanos
6
.840
01/23/30
279,718
245,000
Petroleos Mexicanos
5
.950
01/28/31
237,309
200,000
Petroleos Mexicanos
6
.950
01/28/60
164,502
TOTAL MEXICO
4,978,354
MOROCCO - 0.1%
200,000
(a)
Morocco Government International Bond
5
.500
12/11/42
191,387
200,000
(a)
OCP SA
5
.125
06/23/51
167,000
TOTAL MOROCCO
358,387
NETHERLANDS - 0.4%
234,000
(k)
ING Groep NV
5
.750
11/16/73
234,379
565,000
(k)
ING Groep NV
7
.000
11/16/73
582,557
526,000
(k)
ING Groep NV, Reg S
7
.500
05/16/72
546,588
450,000
(a)
Sunrise FinCo I BV
4
.875
07/15/31
428,693
310,000
(a)
VZ Secured Financing BV
5
.000
01/15/32
280,463
TOTAL NETHERLANDS
2,072,680
NIGERIA - 0.1%
200,000
(a)
IHS Holding Ltd
7
.875
05/29/30
206,664
275,000
(a)
Nigeria Government International Bond
10
.375
12/09/34
305,362
TOTAL NIGERIA
512,026
PANAMA - 0.2%
200,000
(a)
Aeropuerto Internacional de Tocumen SA
5
.125
08/11/61
158,800
200,000
(a)
Empresa de Transmision Electrica SA
5
.125
05/02/49
152,282
300,000
Panama Government International Bond
4
.500
04/01/56
219,015
200,000
Panama Government International Bond
8
.000
03/01/38
227,620
162,222
(a)
UEP Penonome II SA 2020 1
6
.500
10/01/38
144,804
TOTAL PANAMA
902,521
PARAGUAY - 0.0%
200,000
(a)
Paraguay Government International Bond
6
.000
02/09/36
211,880
TOTAL PARAGUAY
211,880
PERU - 0.1%
200,000
(a)
Banco Internacional del Peru SAA Interbank
6
.397
04/30/35
206,400
200,000
(a)
Niagara Energy SAC
5
.746
10/03/34
205,937
PEN
250,000
(a)
Peruvian Government International Bond
5
.400
08/12/34
69,686
150,000
Peruvian Government International Bond
3
.000
01/15/34
130,125
TOTAL PERU
612,148
PHILIPPINES - 0.0%
200,000
Philippine Government International Bond
4
.200
03/29/47
170,661
TOTAL PHILIPPINES
170,661
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
POLAND - 0.2%
$
200,000
(a)
Bank Gospodarstwa Krajowego
5
.375
%
05/22/33
$
206,412
PLN
525,000
Republic of Poland Government Bond
2
.750
10/25/29
134,407
PLN
375,000
Republic of Poland Government Bond
6
.000
10/25/33
108,091
PLN
550,000
Republic of Poland Government Bond
5
.000
10/25/34
147,289
90,000
Republic of Poland Government International Bond
5
.500
04/04/53
87,152
100,000
Republic of Poland Government International Bond
5
.375
02/12/35
103,757
TOTAL POLAND
787,108
REPUBLIC OF SERBIA - 0.0%
200,000
(a)
Serbia International Bond
6
.500
09/26/33
216,964
TOTAL REPUBLIC OF SERBIA
216,964
ROMANIA - 0.1%
RON
320,000
Romania Government Bond
4
.150
01/26/28
69,154
EUR
185,000
(a)
Romanian Government International Bond
5
.250
05/30/32
217,094
102,000
(a)
Romanian Government International Bond
5
.875
01/30/29
104,803
110,000
(a)
Romanian Government International Bond
5
.750
03/24/35
105,922
TOTAL ROMANIA
496,973
RWANDA - 0.1%
300,000
(a)
Rwanda International Government Bond
5
.500
08/09/31
269,041
TOTAL RWANDA
269,041
SAUDI ARABIA - 0.2%
200,000
(a)
EIG Pearl Holdings Sarl
4
.387
11/30/46
165,005
200,000
Saudi Arabian Oil Co, Reg S
4
.250
04/16/39
181,587
385,000
Saudi Government International Bond, Reg S
3
.750
01/21/55
277,591
200,000
(a)
Saudi Government International Bond
5
.625
01/13/35
213,069
TOTAL SAUDI ARABIA
837,252
SENEGAL - 0.1%
215,000
Senegal Government International Bond, Reg S
6
.750
03/13/48
133,546
200,000
(a)
Senegal Government International Bond
6
.750
03/13/48
124,228
TOTAL SENEGAL
257,774
SOUTH AFRICA - 0.4%
200,000
(a)
Bidvest Group UK PLC/The
6
.200
09/17/32
201,284
500,000
(a)
Eskom Holdings SOC Ltd
8
.450
08/10/28
534,186
ZAR
3,025,000
Republic of South Africa Government Bond
8
.875
02/28/35
171,706
ZAR
2,100,000
Republic of South Africa Government Bond
8
.750
02/28/48
104,872
200,000
Republic of South Africa Government International Bond
5
.375
07/24/44
162,495
200,000
(a)
Republic of South Africa Government International Bond
7
.100
11/19/36
208,503
250,000
(a)
Transnet/South Africa
8
.250
02/06/28
263,707
200,000
(a)
Windfall Mining Group Inc / Groupe Minier Windfall Inc
5
.854
05/13/32
208,034
TOTAL SOUTH AFRICA
1,854,787
SPAIN - 0.7%
440,000
(k)
Banco Bilbao Vizcaya Argentaria SA
6
.125
02/16/74
439,695
473,000
(k)
Banco Bilbao Vizcaya Argentaria SA
9
.375
12/19/73
527,761
200,000
(k)
Banco Bilbao Vizcaya Argentaria SA
7
.750
04/14/74
212,097
600,000
(k)
Banco Santander SA
8
.000
11/01/73
659,806
200,000
(k)
Banco Santander SA
4
.750
08/12/74
196,506
600,000
(k)
Banco Santander SA
9
.625
02/21/74
723,614
TOTAL SPAIN
2,759,479
SRI LANKA - 0.0%
129,323
(a)
Sri Lanka Government International Bond
3
.350
03/15/33
110,672
79,065
(a)
Sri Lanka Government International Bond
3
.600
02/15/38
70,352
56,938
(a)
Sri Lanka Government International Bond
3
.600
06/15/35
41,623
TOTAL SRI LANKA
222,647
SUPRANATIONAL - 0.0%
INR
12,500,000
European Bank for Reconstruction & Development
6
.300
10/26/27
139,899
TOTAL SUPRANATIONAL
139,899
SWITZERLAND - 0.7%
1,000,000
(b)
Credit Suisse Group AG
0
.000
12/31/49
125,000
1,645,000
(b)
Credit Suisse Group AG
7
.250
12/31/49
205,625
300,000
(b)
Credit Suisse Group AG
6
.380
12/31/49
37,500
575,000
(b)
Credit Suisse Group AG
7
.500
12/31/49
71,875
Portfolio of Investments September 30, 2025
(continued)
NMAI
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SWITZERLAND
$
735,000
(b)
Credit Suisse Group AG
7
.500
%
12/31/49
$
91,875
521,000
(a),(k)
UBS Group AG
9
.250
05/13/74
620,442
499,000
(a),(k)
UBS Group AG
9
.250
05/13/74
549,655
484,000
(a),(k)
UBS Group AG
7
.750
04/12/74
522,338
480,000
(a)
VistaJet Malta Finance PLC / Vista Management Holding Inc
6
.375
02/01/30
467,846
TOTAL SWITZERLAND
2,692,156
THAILAND - 0.0%
200,000
(a)
Bangkok Bank PCL/Hong Kong
3
.466
09/23/36
181,800
TOTAL THAILAND
181,800
TOGO - 0.0%
200,000
(a)
Ecobank Transnational Inc
10
.125
10/15/29
212,430
TOTAL TOGO
212,430
TRINIDAD AND TOBAGO - 0.0%
200,000
(a)
Trinidad Generation UnLtd
7
.750
06/16/33
210,168
TOTAL TRINIDAD AND
TOBAGO
210,168
TURKEY - 0.4%
200,000
(a)
Limak Cimento Sanayi ve Ticaret AS
9
.750
07/25/29
205,373
450,000
(a)
Turk Telekomunikasyon AS
6
.950
10/07/32
447,346
200,000
(a)
Turkcell Iletisim Hizmetleri AS
7
.650
01/24/32
209,075
TRY
1,800,000
Turkiye Government Bond
37
.000
02/18/26
43,271
EUR
225,000
Turkiye Government International Bond
5
.200
08/17/31
267,570
250,000
Turkiye Government International Bond
6
.000
01/14/41
217,925
200,000
Turkiye Government International Bond
7
.125
07/17/32
206,131
200,000
(a)
Ulker Biskuvi Sanayi AS
7
.875
07/08/31
208,456
200,000
(a)
Yapi ve Kredi Bankasi AS
9
.250
01/17/34
212,593
TOTAL TURKEY
2,017,740
UGANDA - 0.0%
UGX
353,000,000
Republic of Uganda Government Bonds
14
.250
06/22/34
89,686
TOTAL UGANDA
89,686
UKRAINE - 0.1%
243,699
(a)
Ukraine Government International Bond
1
.750
02/01/29
165,716
311,275
(a)
Ukraine Government International Bond
0
.000
02/01/35
150,190
67,730
(a)
Ukraine Government International Bond
0
.000
02/01/36
32,612
TOTAL UKRAINE
348,518
UNITED ARAB EMIRATES - 0.2%
400,000
Emirate of Dubai Government International Bonds, Reg S
3
.900
09/09/50
302,323
435,000
(a)
Galaxy Pipeline Assets Bidco Ltd
2
.625
03/31/36
383,160
207,931
(a)
Galaxy Pipeline Assets Bidco Ltd 2022 2022
2
.940
09/30/40
176,568
183,220
(a)
Sweihan PV Power Co PJSC 2022 1
3
.625
01/31/49
155,371
TOTAL UNITED ARAB EMIRATES
1,017,422
UNITED KINGDOM - 2.2%
450,000
(a)
Ardonagh Finco Ltd
7
.750
02/15/31
470,875
388,000
(k)
Barclays PLC
8
.000
12/15/73
410,716
1,092,000
(k)
Barclays PLC
9
.625
03/15/73
1,239,705
200,000
(k)
Barclays PLC
7
.625
06/15/74
211,937
300,000
(a)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6
.375
02/15/32
307,479
300,000
(a)
ContourGlobal Power Holdings SA
6
.750
02/28/30
311,622
695,000
(k)
HSBC Holdings PLC
6
.950
03/11/74
730,389
394,000
(k)
HSBC Holdings PLC
6
.875
03/11/74
408,318
275,000
(k)
HSBC Holdings PLC
6
.950
08/27/74
287,537
200,000
(k)
HSBC Holdings PLC
6
.500
09/23/73
204,295
453,000
(k)
HSBC Holdings PLC
8
.000
09/07/74
479,875
771,000
(k)
Lloyds Banking Group PLC
8
.000
06/27/74
833,035
221,000
(k)
Lloyds Banking Group PLC
6
.750
12/27/73
226,195
300,000
(a)
Merlin Entertainments Group US Holdings Inc
7
.375
02/15/31
258,511
300,000
(a)
Motion Finco Sarl
8
.375
02/15/32
259,405
882,000
(c),(k)
NatWest Group PLC
8
.125
06/30/74
992,916
442,000
(k)
NatWest Group PLC
7
.300
12/31/73
465,994
200,000
(k)
Phoenix Group Holdings PLC, Reg S
8
.500
12/12/72
214,500
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UNITED KINGDOM
$
343,000
(a),(k)
Standard Chartered PLC
7
.750
%
02/15/74
$
355,685
550,000
(a)
Virgin Media Secured Finance PLC
5
.500
05/15/29
543,782
365,000
Vodafone Group PLC
7
.000
04/04/79
385,639
233,000
(a)
Zegona Finance PLC
8
.625
07/15/29
248,029
TOTAL UNITED KINGDOM
9,846,439
URUGUAY - 0.0%
UYU
6,200,000
Uruguay Government International Bond
8
.250
05/21/31
156,925
TOTAL URUGUAY
156,925
UZBEKISTAN - 0.0%
200,000
(a)
Republic of Uzbekistan International Bond
6
.900
02/28/32
214,881
TOTAL UZBEKISTAN
214,881
ZAMBIA - 0.1%
122,524
(a)
Zambia Government International Bond
5
.750
06/30/33
117,112
197,169
(a)
Zambia Government International Bond
0
.500
12/31/53
132,964
TOTAL ZAMBIA
250,076
TOTAL EMERGING MARKET DEBT AND FOREIGN CORPORATE BONDS
(Cost $72,038,593)
69,333,176
SHARES
DESCRIPTION
VALUE
35986405
EXCHANGE-TRADED FUNDS - 7.6% (5.3% of Total Investments)
35986405
13,156
3i Infrastructure PLC
64,006
253,147
(d)
Alerian MLP ETF
11,880,189
364,718
(c)
iShares Core MSCI Emerging Markets ETF
24,042,210
TOTAL EXCHANGE-TRADED FUNDS
(Cost $28,967,268)
35,986,405
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 12.8% (8.9% of Total Investments)
–
100,000
(a),(i)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 1.750%)
5
.900
06/15/35
100,161
420,000
(i)
BANK 2019-BNK24, Series 2019 BN24
3
.283
11/15/62
392,686
72,529
(a),(i)
Bayview MSR Opportunity Master Fund Trust 2021-INV4, Series
2021 4
2
.500
10/25/51
59,825
307,876
(a),(i)
BX Commercial Mortgage Trust 2021-CIP, Series 2021 CIP,
(TSFR1M + 1.035%)
5
.185
12/15/38
307,781
130,000
CD 2017-CD5 Mortgage Trust, Series 2017 CD5
3
.431
08/15/50
127,746
55,223
(i)
Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015
GC29
3
.758
04/10/48
53,214
250,000
(i)
Citigroup Commercial Mortgage Trust 2018-B2, Series 2018 B2
4
.179
03/10/51
245,759
475,000
(a),(i)
Connecticut Avenue Securities Trust 2022-R05, Series 2022
R05, (SOFR30A + 7.000%)
11
.356
04/25/42
510,480
105,000
(a),(i)
Connecticut Avenue Securities Trust 2022-R09, Series 2022
R09, (SOFR30A + 4.750%)
9
.106
09/25/42
111,967
500,000
(a),(i)
Connecticut Avenue Securities Trust 2023-R01, Series 2023
R01, (SOFR30A + 3.750%)
8
.106
12/25/42
525,572
935,000
(a),(i)
Connecticut Avenue Securities Trust 2023-R05, Series 2023
R05, (SOFR30A + 3.100%)
7
.456
06/25/43
972,402
695,000
(a),(i)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 2.700%)
7
.056
07/25/43
718,851
210,000
(a),(i)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 3.900%)
9
.188
07/25/43
221,292
148,760
(a),(i)
ELP Commercial Mortgage Trust 2021-ELP, Series 2021 ELP,
(TSFR1M + 1.434%)
5
.585
11/15/38
148,637
353,921
Fannie Mae Pool, FN MA4805, Series 2022 1
4
.500
11/01/52
344,809
815,950
Fannie Mae Pool, FN MA4732
4
.000
09/01/52
771,795
2,084,668
(l)
Fannie Mae Pool, FN MA4733
4
.500
09/01/52
2,031,636
1,589,561
(l)
Fannie Mae Pool, FN MA4737, Series 2022 1
5
.000
08/01/52
1,584,260
1,646,891
(l)
Fannie Mae Pool, FN MA4783
4
.000
10/01/52
1,556,650
601,449
(l)
Fannie Mae Pool, FN MA4785
5
.000
10/01/52
599,381
1,045,038
(l)
Fannie Mae Pool, FN MA4918
5
.000
02/01/53
1,041,337
113,874
Fannie Mae Pool, FN MA5107
5
.500
08/01/53
114,996
Portfolio of Investments September 30, 2025
(continued)
NMAI
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
717,675
Fannie Mae Pool, FN MA4942
6
.000
%
03/01/53
$
736,572
916,702
(l)
Fannie Mae Pool, FN MA4978
5
.000
04/01/53
913,362
775,355
(l)
Fannie Mae Pool, FN MA5039
5
.500
06/01/53
784,586
428,512
(l)
Fannie Mae Pool, FN MA5106
5
.000
08/01/53
426,619
1,768,346
(l)
Fannie Mae Pool, FN MA4700, Series 2022 1
4
.000
08/01/52
1,671,295
2,556,163
(l)
Fannie Mae Pool, FN MA5165
5
.500
10/01/53
2,585,069
1,250,997
(l)
Fannie Mae Pool, FN MA5497
5
.500
10/01/54
1,262,247
378,028
Fannie Mae Pool, FN MA4919
5
.500
02/01/53
382,880
2,419,029
(l)
Fannie Mae Pool, FN MA4655
4
.000
07/01/52
2,286,265
1,895,863
(l)
Fannie Mae Pool, FN MA5353
5
.500
05/01/54
1,914,442
1,263,217
(l)
Fannie Mae Pool, FN MA4626
4
.000
06/01/52
1,196,563
802,507
(l)
Fannie Mae Pool, FN MA4644, Series 2022 1
4
.000
05/01/52
758,341
4,316,589
(l)
Fannie Mae Pool, FN BW3382
4
.500
07/01/52
4,209,012
429,738
(l)
Fannie Mae Pool, FN BW3383
4
.500
07/01/52
418,673
1,336,419
(l)
Fannie Mae Pool, FN CB1301
2
.500
08/01/51
1,140,326
397,612
Fannie Mae Pool, FN CB2795
3
.000
02/01/52
350,185
1,215,614
(l)
Fannie Mae Pool, FN CB3905
3
.500
06/01/52
1,114,486
225,121
Fannie Mae Pool, FN MA5247
6
.000
01/01/54
230,351
1,133,963
(l)
Fannie Mae Pool, FN FS1533
3
.000
04/01/52
1,008,478
1,511,231
(l)
Fannie Mae Pool, FN FS1535
3
.000
04/01/52
1,342,542
450,218
(l)
Fannie Mae Pool, FN FS7299
3
.000
05/01/52
400,194
242,057
Fannie Mae Pool, FN MA4578
2
.500
04/01/52
204,596
785,350
Fannie Mae Pool, FN MA4600, Series 2022 2
3
.500
05/01/52
718,799
765,515
Fannie Mae Pool, FN FS0522
2
.500
02/01/52
654,032
91,932
(a),(i)
Flagstar Mortgage Trust 2021-10INV, Series 2021 10IN
3
.500
10/25/51
75,927
29,108
Freddie Mac Gold Pool, FG U99084
4
.500
02/01/44
28,998
1,298,940
(l)
Freddie Mac Pool, FR RA6766
2
.500
02/01/52
1,111,580
736,126
(l)
Freddie Mac Pool, FR SD8288
5
.000
01/01/53
733,557
1,521,406
(l)
Freddie Mac Pool, FR RA9629
5
.500
08/01/53
1,539,096
842,230
(l)
Freddie Mac Pool, FR QE5382
4
.500
07/01/52
821,154
1,249,054
Freddie Mac REMICS, Series 2021 5160
3
.000
09/25/50
922,939
145,000
(a),(i)
Freddie Mac STACR REMIC Trust 2022-DNA4, Series 2022
DNA4, (SOFR30A + 3.350%)
7
.706
05/25/42
150,573
170,000
(a),(i)
Freddie Mac STACR REMIC Trust 2022-HQA2, Series 2022
HQA2, (SOFR30A + 4.000%)
8
.356
07/25/42
179,086
285,000
(a),(i)
Freddie Mac STACR REMIC Trust 2023-DNA1, Series 2023
DNA1, (SOFR30A + 3.100%)
8
.444
03/25/43
296,526
605,295
(l)
Ginnie Mae II Pool, G2 MA8428
5
.000
11/20/52
605,699
268,473
Ginnie Mae II Pool, G2 MA8724
4
.500
03/20/53
262,017
789,648
(l)
Ginnie Mae II Pool, G2 MA8200
4
.000
08/20/52
749,950
352,400
(l)
Ginnie Mae II Pool, G2 MA7768, Series 2021 1
3
.000
12/20/51
315,167
432,710
(l)
Ginnie Mae II Pool, G2 MA7871, Series 2022 1
2
.500
02/20/52
365,746
277,010
(l)
Ginnie Mae II Pool, G2 MA7419, Series 2021 MTGE
3
.000
06/20/51
247,529
1,250,950
(l)
Ginnie Mae II Pool, G2 MA8149
3
.500
07/20/52
1,142,611
247,951
Government National Mortgage Association, Series 2021 209
3
.000
11/20/51
181,031
425,765
Government National Mortgage Association, Series 2023 111
3
.000
02/20/52
292,281
478,789
Government National Mortgage Association, Series 2022 174
4
.500
09/20/52
446,146
728,569
Government National Mortgage Association, Series 2013 188
2
.500
12/20/43
656,173
266,678
Government National Mortgage Association, Series 2022 124
4
.000
07/20/52
226,805
250,000
GS Mortgage Securities Trust 2019-GC42, Series 2019 GC42
3
.001
09/10/52
234,915
762,696
(a),(i)
GS Mortgage-Backed Securities Corp Trust 2022-PJ2, Series
2022 PJ2
3
.000
06/25/52
655,664
270,341
(a),(i)
GS Mortgage-Backed Securities Trust 2021-PJ10, Series 2021
PJ10
2
.500
03/25/52
222,991
398,286
(a),(i)
GS Mortgage-Backed Securities Trust 2022-GR2, Series 2022
GR2
3
.000
08/26/52
342,661
283,033
(a),(i)
GS Mortgage-Backed Securities Trust 2022-HP1, Series 2022
HP1
3
.000
09/25/52
243,505
452,543
(a),(i)
GS Mortgage-Backed Securities Trust 2022-INV1, Series 2022
INV1
3
.000
07/25/52
390,047
233,280
(a),(i)
GS Mortgage-Backed Securities Trust 2022-PJ5, Series 2022
PJ5
3
.000
10/25/52
200,543
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
234,277
(a),(i)
GS Mortgage-Backed Securities Trust 2023-PJ1, Series 2023
PJ1
3
.500
%
02/25/53
$
208,148
250,000
(a),(i)
Houston Galleria Mall Trust 2025-HGLR, Series 2025 HGLR
5
.644
02/05/45
258,978
250,000
(a)
ICNQ 2024-MF Mortgage Trust, Series 2024 MF
5
.778
12/10/34
258,140
250,000
(a),(i)
IP 2025-IP Mortgage Trust, Series 2025 IP
5
.425
06/10/42
254,741
378,929
(a),(i)
J.P. Morgan Mortgage Trust 2021-15, Series 2021 15
2
.500
06/25/52
311,166
314,361
(a),(i)
J.P. Morgan Mortgage Trust 2022-4, Series 2022 4
3
.000
10/25/52
270,246
643,008
(a),(i)
J.P. Morgan Mortgage Trust 2022-6, Series 2022 6
3
.000
11/25/52
553,206
489,991
(a),(i)
J.P. Morgan Mortgage Trust 2022-INV3, Series 2022 INV3
3
.000
09/25/52
421,712
117,960
(a),(i)
J.P. Morgan Mortgage Trust 2022-LTV2, Series 2022 LTV2
3
.500
09/25/52
104,655
250,000
(a)
JP Morgan Chase Commercial Mortgage Securities Trust 2025-
NSLB, Series 2025 NSLB
6
.234
06/05/42
261,837
1,086,253
(a),(i)
JP Morgan Mortgage Trust 2022-2, Series 2022 2
3
.000
08/25/52
934,548
688,795
(a),(i)
JP Morgan Mortgage Trust 2022-3, Series 2022 3
3
.000
08/25/52
592,134
1,421,496
(a),(i)
JP Morgan Mortgage Trust 2022-LTV1, Series 2022 LTV1
3
.250
07/25/52
1,269,715
551,894
(a),(i)
JP Morgan Mortgage Trust Series 2024-3, Series 2024 3
3
.000
05/25/54
474,445
80,707
JPMDB Commercial Mortgage Securities Trust 2018-C8, Series
2018 C8
3
.944
06/15/51
80,273
272,312
(a),(i)
OBX 2022-INV5 Trust, Series 2022 INV5
4
.000
10/25/52
249,849
614,900
(a),(i)
RCKT Mortgage Trust 2022-2, Series 2022 2
2
.500
02/25/52
507,202
79,130
(a),(i)
RCKT Mortgage Trust 2022-3, Series 2022 3
3
.000
05/25/52
68,078
164,198
(a),(i)
RCKT Mortgage Trust 2022-4, Series 2022 4
3
.500
06/25/52
145,883
105,908
(a),(i)
Wells Fargo Mortgage Backed Securities 2021-2 Trust, Series
2021 2
2
.500
06/25/51
87,490
163,899
(a),(i)
Wells Fargo Mortgage Backed Securities 2022-2 Trust, Series
2022 2
2
.500
12/25/51
135,192
193,907
(a),(i)
Wells Fargo Mortgage Backed Securities 2022-INV1 Trust,
Series 2022 INV1
3
.500
03/25/52
172,384
116,344
(a),(i)
Wells Fargo Mortgage Backed Securities 2022-INV1 Trust,
Series 2022 INV1
3
.000
03/25/52
100,168
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $61,551,860)
60,612,259
SHARES
DESCRIPTION
RATE
VALUE
5177836
PREFERRED STOCK - 1.1% (0.8% of Total Investments)
5177836
BANKS - 0.1%
6,772
Fifth Third Bancorp
8
.267
172,077
8,825
KeyCorp
6
.125
222,125
18,675
KeyCorp
6
.200
471,357
2,425
KeyCorp
5
.625
55,702
2,238
KeyCorp
5
.650
51,541
350
Synovus Financial Corp
8
.397
9,223
TOTAL BANKS
982,025
FINANCIAL SERVICES - 0.5%
12,675
Bank of New York Mellon Corp/The
6
.150
326,635
7,550
Equitable Holdings Inc
5
.250
163,458
4,206
Morgan Stanley
7
.125
106,874
11,750
Morgan Stanley
6
.625
304,443
11,775
Morgan Stanley
6
.500
300,263
16,725
Morgan Stanley
6
.875
420,634
4,923
Synchrony Financial
5
.625
100,183
10,218
Voya Financial Inc
5
.350
244,721
TOTAL FINANCIAL SERVICES
1,967,211
FOOD, BEVERAGE & TOBACCO - 0.2%
10,571
CHS Inc
7
.100
263,429
12,518
CHS Inc
6
.750
310,071
TOTAL FOOD, BEVERAGE & TOBACCO
573,500
INSURANCE - 0.3%
6,075
American National Group Inc
7
.375
152,543
8,200
Aspen Insurance Holdings Ltd
5
.625
174,496
4,550
Aspen Insurance Holdings Ltd
7
.125
114,706
Portfolio of Investments September 30, 2025
(continued)
NMAI
24
SHARES
DESCRIPTION
RATE
VALUE
INSURANCE
(continued)
2,875
Assurant Inc
5
.250
%
$
57,701
19,836
Athene Holding Ltd
6
.350
504,825
10,532
Enstar Group Ltd
7
.000
252,241
9,837
Reinsurance Group of America Inc
5
.750
244,548
5,959
Reinsurance Group of America Inc
7
.125
154,040
TOTAL INSURANCE
1,655,100
TOTAL PREFERRED STOCK
(Cost $5,261,823)
5,177,836
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
24845379
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 5.2% (3.7% of Total Investments)
24845379
325,000
(g)
CoBank ACB
6
.250
N/A
325,878
445,000
(g)
CoBank ACB
6
.450
N/A
448,095
93,000
(g)
CoBank ACB
7
.250
N/A
95,278
152,000
(a),(g)
Farm Credit Bank of Texas
6
.200
N/A
150,670
136,000
(g)
Farm Credit Bank of Texas
7
.000
N/A
142,566
403,856
(m)
United States Treasury Inflation Indexed Bonds
1
.250
04/15/28
405,398
404,179
(m)
United States Treasury Inflation Indexed Bonds
1
.375
07/15/33
397,930
703,626
(m)
United States Treasury Inflation Indexed Bonds
0
.875
01/15/29
698,233
659,156
(m)
United States Treasury Inflation Indexed Bonds
2
.375
10/15/28
686,565
267,974
(m)
United States Treasury Inflation Indexed Bonds
1
.750
01/15/34
269,222
391,639
(m)
United States Treasury Inflation Indexed Bonds
2
.125
04/15/29
404,243
396,346
(m)
United States Treasury Inflation Indexed Bonds
1
.875
07/15/34
402,098
395,249
(m)
United States Treasury Inflation Indexed Bonds
1
.625
10/15/29
403,067
634,231
(l),(m)
United States Treasury Inflation Indexed Bonds
1
.625
04/15/30
643,945
650,670
(m)
United States Treasury Inflation Indexed Bonds
1
.125
01/15/33
630,598
226,355
(m)
United States Treasury Inflation Indexed Bonds
1
.875
07/15/35
228,187
401,184
(m)
United States Treasury Inflation Indexed Bonds
0
.375
01/15/27
398,047
405,370
(m)
United States Treasury Inflation Indexed Bonds
0
.750
07/15/28
403,496
453,571
(m)
United States Treasury Inflation Indexed Bonds
0
.125
07/15/30
431,220
313,888
(m)
United States Treasury Inflation Indexed Bonds
0
.125
01/15/30
299,640
425,617
(m)
United States Treasury Inflation Indexed Bonds
0
.500
01/15/28
420,669
532,267
(m)
United States Treasury Inflation Indexed Bonds
2
.125
01/15/35
547,940
708,812
(l),(m)
United States Treasury Inflation Indexed Bonds
1
.625
10/15/27
720,172
284,144
(l),(m)
United States Treasury Inflation Indexed Bonds
0
.250
07/15/29
275,615
400,435
(m)
United States Treasury Inflation Indexed Bonds
0
.125
04/15/27
394,887
413,753
(m)
United States Treasury Inflation Indexed Bonds
0
.125
10/15/26
411,462
499,308
(m)
United States Treasury Inflation Indexed Bonds
3
.625
04/15/28
531,115
723,150
(m)
United States Treasury Inflation Indexed Bonds
0
.125
07/15/31
675,262
294,749
(l),(m)
United States Treasury Inflation Indexed Bonds
3
.875
04/15/29
322,211
363,980
(m)
United States Treasury Inflation Indexed Bonds
3
.375
04/15/32
407,296
123,177
(m)
United States Treasury Inflation Indexed Bonds
0
.125
04/15/26
122,526
744,552
(m)
United States Treasury Inflation Indexed Bonds
0
.125
01/15/31
699,082
192,743
(m)
United States Treasury Inflation Indexed Bonds
1
.750
01/15/28
195,890
757,465
(m)
United States Treasury Inflation Indexed Bonds - When Issued
0
.125
01/15/32
697,399
555,900
(m)
United States Treasury Inflation Indexed Bonds - When Issued
0
.625
07/15/32
526,094
285,000
United States Treasury Note/Bond
4
.250
05/15/35
287,627
924,999
United States Treasury Note/Bond
4
.125
05/31/32
936,707
740,000
United States Treasury Note/Bond
3
.875
06/15/28
744,856
280,000
United States Treasury Note/Bond
4
.125
06/30/32
281,444
200,000
United States Treasury Note/Bond
4
.375
11/15/39
198,375
370,000
United States Treasury Note/Bond
3
.875
07/31/30
372,226
445,700
United States Treasury Note/Bond
2
.875
05/15/49
325,152
280,000
United States Treasury Note/Bond
4
.250
08/15/35
282,275
475,100
United States Treasury Note/Bond
3
.625
05/15/53
392,403
1,504,999
United States Treasury Note/Bond
3
.750
06/30/27
1,507,703
160,000
United States Treasury Note/Bond
3
.875
04/30/30
161,013
240,000
United States Treasury Note/Bond
4
.625
02/15/35
249,413
105,000
United States Treasury Note/Bond
4
.125
03/31/32
106,395
105,000
United States Treasury Note/Bond
3
.750
06/30/30
105,045
313,500
United States Treasury Note/Bond
4
.125
07/31/28
317,664
212,700
United States Treasury Note/Bond
3
.875
08/15/33
210,939
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
106,200
United States Treasury Note/Bond
4
.000
%
02/15/34
$
105,922
545,000
United States Treasury Note/Bond
5
.000
05/15/45
565,948
105,000
United States Treasury Note/Bond
4
.000
03/31/30
106,202
50,000
United States Treasury Note/Bond
4
.625
05/31/31
52,047
215,000
United States Treasury Note/Bond
3
.875
08/15/34
211,708
80,000
United States Treasury Note/Bond
3
.750
08/31/31
79,638
60,000
United States Treasury Note/Bond
4
.625
05/15/54
58,950
55,000
United States Treasury Note/Bond
4
.000
12/15/27
55,451
449,400
United States Treasury Note/Bond
3
.875
05/15/43
407,076
375,000
United States Treasury Note/Bond
4
.750
05/15/55
376,172
235,000
United States Treasury Note/Bond
4
.875
10/31/30
247,016
295,000
United States Treasury Note/Bond - When Issued
4
.750
08/15/45
301,591
974,999
United States Treasury Note/Bond - When Issued
4
.125
05/31/30
986,425
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $24,478,083)
24,845,379
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
53967520
VARIABLE RATE SENIOR LOAN INTERESTS - 11.4% (7.9% of Total Investments)
53967520
AUTOMOBILES & COMPONENTS - 0.2%
34,579
(i)
Adient US LLC, Term Loan B2, (TSFR1M + 2.250%)
6
.413
01/29/31
34,631
386,108
(i)
Clarios Global LP, Term Loan B, (TSFR1M + 2.500%)
6
.663
05/06/30
386,771
272,000
(i)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6
.913
01/28/32
272,510
68,644
(i)
DexKo Global Inc., Term Loan B, (TSFR1M + 3.750%)
8
.028
10/04/28
67,794
TOTAL AUTOMOBILES & COMPONENTS
761,706
CAPITAL GOODS - 1.0%
183,248
(i),(n)
ACProducts, Inc., Term Loan B, (TSFR3M + 4.250%)
8
.513
05/17/28
153,991
3,686
(i),(o)
Air Comm Corporation, LLC, Delayed Draw Term Loan, (N/A +
TSFR3M + 1.875%)
3
.870
12/11/31
3,697
58,589
(i)
Air Comm Corporation, LLC, Term Loan, (TSFR1M + 2.750%)
6
.913
12/11/31
58,772
89,207
(i)
Archkey Solutions LLC, Term Loan B, (TSFR3M + 4.250%)
8
.252
11/03/31
90,016
101,973
(i)
Barentz International B.V., Term Loan B, (TSFR3M + 3.250%)
7
.352
03/28/31
102,215
231,835
(i)
Barnes Group Inc, Term Loan B, (TSFR1M + 2.750%)
6
.913
01/27/32
232,374
43,560
(i)
Bleriot US Bidco Inc., Term Loan B, (TSFR3M + 2.500%)
6
.502
10/17/30
43,630
46,000
(i),(j)
Brand Industrial Services Inc, (TBD)
TBD
TBD
41,814
70,000
(i)
Centuri Group, Inc, Term Loan B, (TSFR1M + 2.250%)
6
.416
07/09/32
70,298
336,521
(i)
Chamberlain Group Inc, Term Loan B, (TSFR1M + 3.000%)
7
.163
09/08/32
337,258
87,381
(i)
Chart Industries, Inc., Term Loan B, (TSFR3M + 2.500%)
6
.792
03/18/30
87,981
50,605
(i)
Conair Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
8
.028
05/17/28
32,197
22,311
(i)
Core & Main LP, Term Loan B, (TSFR1M + 2.000%)
6
.166
07/27/28
22,351
26,000
(i),(j)
Cornerstone Building Brands Inc, (TBD)
TBD
TBD
25,068
138,829
(i),(n)
Cornerstone Building Brands, Inc., Term Loan B, (TSFR1M +
3.250%)
7
.500
04/12/28
132,202
121,000
(i),(n)
CP Atlas Buyer, Inc., Term Loan, (TSFR1M + 5.250%)
9
.413
07/08/30
118,883
42,000
(i)
DG Investment Intermediate Holdings 2, Inc., Term Loan,
(TSFR1M + 3.750%)
7
.913
07/12/32
42,193
114,736
(i)
Filtration Group Corporation, Term Loan, (TSFR1M + 2.750%)
6
.913
10/23/28
115,394
32,448
(i)
Foundation Building Materials Holding Company LLC, Term
Loan, (TSFR3M + 3.250%)
7
.820
01/31/28
32,525
118,178
(i)
Gates Global LLC, Term Loan B5, (TSFR1M + 1.750%)
5
.913
06/04/31
118,169
38,000
(i)
Green Infrastructure Partners Inc, Term Loan B, (TSFR3M +
2.750%)
6
.748
09/24/32
38,083
53,745
(i),(o)
Kaman Corporation, Delayed Draw Term Loan, (N/A + TSFR3M
+ 1.250%)
3
.414
02/26/32
53,634
571,122
(i)
Kaman Corporation, Term Loan B, (TSFR3M + TSFR6M +
2.500%)
6
.621
02/26/32
569,946
44,700
(b)
KP Germany Erste GmbH
14
.157
10/27/25
39,855
124,352
(i)
Madison IAQ LLC, Term Loan, (TSFR6M + 2.500%)
6
.702
06/21/28
124,600
57,866
(i)
Madison Safety & Flow LLC, Term Loan B, (TSFR1M + 2.750%)
6
.913
09/26/31
58,005
51,233
(i)
MI Windows and Doors, LLC, Term Loan B2, (TSFR1M +
2.750%)
6
.913
03/28/31
51,486
93,812
(i)
Oregon Tool, Inc., 2nd Lien Term Loan, (TSFR3M + 4.000%)
8
.447
10/15/29
73,197
48,000
(i),(n)
Oregon Tool, Inc., First Lien Term Loan, (TSFR3M + 5.350%)
9
.545
10/15/29
48,960
54,000
(i),(j)
Oscar Acquisitionco LLC, (TBD)
TBD
TBD
50,564
Portfolio of Investments September 30, 2025
(continued)
NMAI
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS
(continued)
54,516
(i),(j)
PINNACLE BUYER LLC, (TBD)
TBD
TBD
$
54,652
10,484
(i),(j),(o)
PINNACLE BUYER LLC, (TBD)
TBD
TBD
10,510
161,190
(i)
Quikrete Holdings, Inc., Term Loan B, (TSFR1M + 2.250%)
6
.413
%
01/31/32
161,272
37,585
(i)
Quikrete Holdings, Inc., Term Loan B1, (TSFR1M + 2.250%)
6
.413
04/14/31
37,616
68,000
(i)
QXO Inc, Term Loan B, (TSFR1M + 3.000%)
7
.163
04/30/32
68,647
105,000
(i)
Resideo Funding Inc., Incremental Term Loan, (TSFR3M +
2.000%)
6
.038
08/13/32
105,164
565,560
(i)
TK Elevator Midco GmbH, Term Loan B, (TSFR6M + 3.000%)
7
.197
04/30/30
567,605
154,440
(i)
TransDigm, Inc., Term Loan, (TSFR3M + 2.500%)
6
.502
01/20/32
154,539
335,685
(i)
TransDigm, Inc., Term Loan J, (TSFR3M + 2.500%)
6
.502
02/28/31
335,898
175,000
(i)
TransDigm, Inc., Term Loan M, (TSFR1M + 2.500%)
6
.663
08/13/32
175,009
314,562
(i)
Victory Buyer LLC, Term Loan, (TSFR1M + 3.750%)
8
.028
11/20/28
315,995
TOTAL CAPITAL GOODS
4,956,265
COMMERCIAL & PROFESSIONAL SERVICES - 0.6%
250,000
(i)
Allied Universal Holdco LLC, Term Loan B, (TSFR1M + 3.250%)
7
.513
08/20/32
251,223
68,549
(i)
Amentum Government Services Holdings LLC, Term Loan B,
(TSFR1M + 2.250%)
6
.413
09/29/31
68,624
32,835
(i)
American Auto Auction Group, LLC, Term Loan, (TSFR3M +
4.500%)
8
.502
05/28/32
33,166
220,000
(i)
Anticimex International AB, Term Loan B1, (SOFR90A +
3.400%)
7
.760
11/16/28
220,825
110,165
(i)
Anticimex International AB, Term Loan B6, (SOFR90A +
3.400%)
7
.760
11/16/28
110,661
10,345
(i),(o)
Archkey Solutions LLC, Delayed Draw Term Loan B
4
.750
11/03/31
10,439
197,018
(i)
CoreLogic, Inc., Term Loan, (TSFR1M + 3.500%)
7
.778
06/02/28
197,387
153,541
(i)
Creative Artists Agency, LLC , First Lien Term Loan B, (TSFR1M
+ 2.500%)
6
.663
10/01/31
153,946
156,327
(i)
Ensemble RCM, LLC, Term Loan B, (TSFR3M + 3.000%)
7
.308
08/01/29
156,940
73,262
(i)
First Advantage Holdings, LLC, Repriced Term Loan B, (TSFR1M
+ 2.750%)
6
.913
10/31/31
71,682
342,825
(i)
Garda World Security Corporation, Term Loan B, (TSFR1M +
3.000%)
7
.174
02/01/29
343,682
95,000
(i)
GFL Environmental Inc., Term Loan B, (TSFR3M + 2.500%)
6
.671
03/03/32
95,095
67,994
(i)
OMNIA Partners LLC, Term Loan B, (TSFR3M + 2.500%)
6
.814
07/25/30
68,105
54,451
(i)
Prime Security Services Borrower, LLC, First Lien Term Loan B,
(TSFR6M + 2.000%)
6
.129
10/15/30
54,379
101,123
(i)
Reworld Holding Corp, Term Loan B, (TSFR1M + 2.250%)
6
.386
11/30/28
101,275
7,828
(i)
Reworld Holding Corp, Term Loan C, (TSFR1M + 2.250%)
6
.386
11/30/28
7,839
142,547
(i)
West Corporation, Term Loan B3, (TSFR3M + 4.000%)
8
.558
04/12/27
66,124
69,825
(i)
WIN Waste Innovations Holdings, Inc., Incremental Term Loan,
(TSFR1M + 3.750%)
8
.028
03/27/28
70,480
587,693
(i)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
7
.028
03/27/28
588,064
118,800
(i)
XPLOR T1 LLC, Term Loan B, (TSFR3M + 3.500%)
7
.502
06/24/31
118,949
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
2,788,885
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.4%
118,802
(i)
Belron Finance LLC, Repriced Term Loan B, (TSFR3M + 2.500%)
6
.742
10/16/31
119,545
300,619
(i)
CNT Holdings I Corp, Term Loan, (TSFR3M + 2.250%)
6
.558
11/08/32
300,779
46,296
(i)
Gulfside Supply Inc, Term Loan B, (TSFR3M + 3.000%)
7
.002
06/17/31
46,412
243,161
(i)
Johnstone Supply LLC, Term Loan B, (TSFR1M + 2.500%)
6
.635
06/09/31
243,009
54,881
(i),(n)
LBM Acquisition LLC, Incremental Term Loan B, (TSFR1M +
3.750%)
7
.986
06/06/31
53,662
151,499
(i)
Les Schwab Tire Centers, Term Loan B, (TSFR1M + TSFR3M +
2.500%)
6
.681
04/23/31
151,357
175,699
(i)
Michaels Companies, Inc., Term Loan B, (TSFR3M + 4.250%)
8
.513
04/17/28
166,384
58,400
(i)
Mister Car Wash Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6
.663
03/27/31
58,588
81,000
(i)
Petco Health and Wellness Company, Inc., Term Loan B,
(TSFR3M + 3.250%)
7
.513
03/06/28
79,080
100,000
(i)
PetSmart, Inc., Term Loan B, (TSFR1M + 4.000%)
8
.136
08/18/32
98,626
135,870
(i)
Restoration Hardware, Inc., Term Loan B, (TSFR1M + 2.500%)
6
.778
10/20/28
132,568
27
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
(continued)
406,055
(i)
Wand NewCo 3, Inc., Repriced Term Loan B, (TSFR1M +
2.500%)
6
.663
%
01/30/31
$
405,148
125,782
(i)
White Cap Buyer LLC, Term Loan B, (TSFR1M + 3.250%)
7
.416
10/29/29
125,950
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
1,981,108
CONSUMER DURABLES & APPAREL - 0.3%
133,587
(i)
ABG Intermediate Holdings 2 LLC, First Lien Term Loan B,
(TSFR1M + 2.250%)
6
.413
12/21/28
133,493
343,645
(i)
AI Aqua Merger Sub, Inc., First Lien Term Loan B, (TSFR1M +
3.000%)
7
.280
07/31/28
344,711
121,793
(i)
Hayward Industries, Inc., Term Loan, (TSFR1M + 2.500%)
6
.778
05/30/28
122,064
2,919
(i)
Serta Simmons Bedding, LLC, New Term Loan, (TSFR3M +
7.500%)
11
.616
06/29/28
2,749
108,478
(i)
Somnigroup International Inc, Term Loan B, (SOFR30A +
2.250%)
6
.370
10/24/31
109,269
60,775
(i)
Topgolf Callaway Brands Corp., Term Loan B, (TSFR1M +
3.000%)
7
.163
03/18/30
60,201
248,750
(i)
Varsity Brands, Inc., First Lien Term Loan, (TSFR3M + 3.000%)
7
.026
08/26/31
249,092
180,000
(i),(j)
Weber-Stephen Products LLC, (TBD)
TBD
TBD
178,369
232,468
(i)
Weber-Stephen Products LLC, Term Loan B, (TSFR1M +
3.250%)
7
.528
10/29/27
230,725
105,000
(i)
WH Borrower, LLC, Term Loan B, (TSFR3M + 4.500%)
8
.704
02/20/32
105,246
TOTAL CONSUMER DURABLES & APPAREL
1,535,919
CONSUMER SERVICES - 0.7%
54,313
(i)
101B.C. Unlimited Liability Company, Term Loan B6, (TSFR1M
+ 1.750%)
5
.913
09/23/30
54,199
49,378
(i)
Allwyn Entertainment Financing US LLC, Term Loan B, (TSFR3M
+ 2.000%)
6
.329
06/11/31
49,363
408,127
(i)
Alterra Mountain Company, Term Loan B8, (TSFR1M + 2.500%)
6
.663
05/31/30
409,406
191,717
(i)
Alterra Mountain Company, Term Loan B9, (TSFR1M + 2.500%)
6
.663
08/17/28
192,276
46,912
(i)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
6
.413
02/06/30
46,900
243,763
(i)
Caesars Entertainment Inc., Term Loan B1, (TSFR1M + 2.250%)
6
.413
02/06/31
243,509
70,000
(i)
Catawba Nation Gaming Authority, Term Loan B, (TSFR1M +
4.750%)
8
.913
03/29/32
71,641
89,843
(i)
Churchill Downs Incorporated, Incremental Term Loan B1,
(TSFR1M + 1.750%)
5
.913
03/17/28
89,900
122,833
(i)
Delta 2 (LUX) S.a.r.l., Term Loan B1, (TSFR3M + 2.000%)
6
.002
09/19/31
123,083
61,417
(i)
Delta 2 (LUX) S.a.r.l., Term Loan B2, (TSFR3M + 2.000%)
6
.002
09/19/31
61,542
56,041
(i)
Element Materials Technology Group US Holdings Inc., Term
Loan, (TSFR3M + 3.675%)
7
.677
06/25/29
56,487
173,870
(i)
Fertitta Entertainment, LLC, Term Loan B, (TSFR1M + 3.250%)
7
.413
01/29/29
173,816
64,838
(i)
Flutter Financing B.V., Term Loan B, (TSFR3M + 2.000%)
6
.002
06/04/32
64,869
293,494
(i)
Flutter Financing B.V., Term Loan B, (TSFR3M + 1.750%)
5
.752
11/29/30
293,054
94,418
(i)
GBT US III LLC, Term Loan B, (TSFR3M + 2.500%)
6
.814
07/28/31
94,734
131,980
(i)
GVC Holdings (Gibraltar) Limited, Term Loan B6 (2029),
(SOFR90A + 2.250%)
6
.370
10/31/29
132,112
64,838
(i)
Herschend Entertainment Company, LLC, Term Loan B,
(TSFR1M + 3.250%)
7
.413
05/27/32
65,162
91,697
(i)
Hilton Grand Vacations Borrower LLC, Term Loan B, (TSFR1M +
2.000%)
6
.163
08/02/28
91,681
118,620
(i)
IRB Holding Corp, First Lien Term Loan B, (TSFR1M + 2.500%)
6
.663
12/15/27
118,778
236,646
(i)
Light and Wonder International, Inc., Term Loan B2, (TSFR1M +
2.250%)
6
.393
04/16/29
237,608
84,575
(i)
PG Investment Company 59 S.a r.l., Term Loan B, (TSFR1M +
2.750%)
6
.913
03/24/31
84,966
162,238
(i)
Scientific Games Holdings LP, Term Loan B, (TSFR3M + 3.000%)
7
.286
04/04/29
161,087
79,225
(i)
SeaWorld Parks & Entertainment, Inc., Term Loan B3, (TSFR1M
+ 2.000%)
6
.163
12/04/31
79,258
292,464
(i),(n)
Spin Holdco Inc., Term Loan, (TSFR3M + 4.000%)
8
.393
03/06/28
246,297
159,350
(i)
TKO Worldwide Holdings, LLC, Term Loan, (TSFR3M + 2.000%)
6
.038
11/21/31
159,770
TOTAL CONSUMER SERVICES
3,401,498
Portfolio of Investments September 30, 2025
(continued)
NMAI
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.0%
25,000
(i)
Boots Group Bidco Ltd, Term Loan, (TSFR3M + 3.500%)
7
.705
%
08/30/32
$
25,099
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
25,099
ENERGY - 0.2%
151,017
(i)
EG America LLC, Repriced Term Loan, (TSFR3M + 3.500%)
7
.699
02/07/28
152,081
116,354
(i)
Epic Crude Services, LP, Term Loan B, (TSFR3M + 2.500%)
6
.828
10/15/31
116,633
568,196
(i)
Freeport LNG Investments, LLLP, Term Loan A, (TSFR3M +
3.000%)
7
.587
11/16/26
569,856
102,098
(i)
TransMontaigne Operating Company L.P., Term Loan B,
(TSFR1M + 2.500%)
6
.663
11/17/28
102,325
TOTAL ENERGY
940,895
FINANCIAL SERVICES - 0.2%
29,925
(i)
AAL Delaware Holdco, Inc., Term Loan, (TSFR1M + 2.750%)
6
.913
07/30/31
30,029
44,643
(i)
AqGen Island Holdings, Inc., Term Loan B, (TSFR1M + 3.000%)
7
.163
08/02/28
44,662
69,136
(i)
Aragorn Parent Corporation, Repriced Term Loan B, (TSFR1M
+ 3.500%)
7
.663
12/15/28
69,617
105,000
(i)
Beach Acquisition Bidco LLC, Term Loan B, (TSFR3M + 3.250%)
7
.308
09/13/32
105,634
40,000
(i)
Colossus Acquireco LLC, Term Loan B, (SOFR90A + 1.750%)
5
.870
07/30/32
39,800
61,690
(i)
Dechra Pharmaceuticals Holdings Ltd, Term Loan B, (TSFR6M
+ 3.250%)
7
.447
01/27/32
61,896
167,885
(b),(i),(p)
Ditech Holding Corporation, Term Loan
0
.000
06/30/27
17
121,813
(i)
Kestra Advisor Services Holdings A, Inc., Repriced Term Loan,
(TSFR1M + 3.000%)
7
.163
03/24/31
121,983
32,000
(i)
NCR Atleos LLC, Term Loan B, (TSFR3M + 3.000%)
7
.026
09/20/32
32,107
56,000
(i),(j)
Orion US Finco Inc, (TBD)
TBD
TBD
56,350
63,000
(i)
Priority Holdings, LLC, Term Loan B, (TSFR1M + 3.750%)
7
.913
07/30/32
63,276
40,000
(i)
Shift4 Payments, LLC, Term Loan, (TSFR3M + 2.750%)
6
.502
07/06/32
40,350
71,371
(i)
Trans Union, LLC, Term Loan B8, (TSFR1M + 1.750%)
5
.913
06/24/31
71,394
91,541
(i)
WEX Inc., Term Loan B2, (TSFR1M + 1.750%)
5
.913
04/03/28
91,512
TOTAL FINANCIAL SERVICES
828,627
FOOD, BEVERAGE & TOBACCO - 0.3%
44,662
(i)
Aspire Bakeries Holdings LLC, Term Loan B, (TSFR1M +
3.500%)
7
.663
12/23/30
44,983
23,000
(i),(j)
B&G Foods Inc, (TBD)
TBD
TBD
22,149
121,645
(i)
CHG PPC Parent LLC, Term Loan, (TSFR1M + 3.000%)
7
.278
12/08/28
121,949
36,008
(i)
City Brewing Company, LLC, PIK First Out Term Loan, (TSFR3M
+ 7.000%), (cash 11.198%, PIK 6.000%)
11
.198
09/30/30
27,006
8,231
(i)
City Brewing Company, LLC, PIK Super Priority Term Loan,
(TSFR3M + 7.000%), (cash 11.198%, PIK 3.500%)
11
.198
09/30/30
7,002
122,512
(i)
Fiesta Purchaser, Inc., Repriced Term Loan, (TSFR1M + 2.750%)
6
.913
02/12/31
122,416
129,000
(i),(j)
Froneri US Inc, (TBD)
TBD
TBD
128,882
99,000
(i)
Naked Juice LLC, FLFO Term Loan, (TSFR3M + 5.500%)
9
.502
01/24/29
99,949
243,496
(i)
Pegasus BidCo BV, Term Loan B, (TSFR3M + 2.750%)
6
.762
07/12/29
244,774
8,621
(i),(o)
Sauer Brands Inc, Delayed Draw Term Loan
3
.000
02/19/32
8,682
91,379
(i)
Sauer Brands Inc, Term Loan B, (TSFR1M + 3.000%)
7
.163
02/19/32
92,029
98,566
(i)
Sycamore Buyer LLC, Term Loan B, (TSFR1M + 2.250%)
6
.408
05/21/32
99,264
289,530
(i)
Triton Water Holdings, Inc, Term Loan B, (TSFR3M + 2.250%)
6
.252
03/31/28
289,809
TOTAL FOOD, BEVERAGE & TOBACCO
1,308,894
HEALTH CARE EQUIPMENT & SERVICES - 1.1%
91,318
(i)
ADMI Corp., Term Loan B5, (TSFR1M + 5.750%)
9
.913
12/23/27
88,750
188,785
(i)
AHP Health Partners, Inc., Term Loan B, (TSFR1M + 2.250%)
6
.413
09/20/32
189,375
39,701
(i)
Concentra Health Services Inc, Repriced Term Loan B, (TSFR1M
+ 2.000%)
6
.163
07/28/31
39,899
228,840
(i)
Gainwell Acquisition Corp., Term Loan B, (TSFR3M + 4.000%)
8
.102
10/01/27
225,636
355,879
(i)
Global Medical Response, Inc., Term Loan B, (TSFR1M +
3.500%)
7
.634
09/20/32
356,388
153,817
(i)
MedAssets Software Intermediate Holdings, Inc., First Out Term
Loan, (TSFR3M + 4.000%)
8
.003
12/18/28
149,636
133,871
(i),(n)
Medical Solutions Holdings, Inc., First Lien Term Loan, (TSFR3M
+ 3.500%)
7
.908
11/01/28
103,081
874,069
(i)
Medline Borrower, LP, Term Loan B, (TSFR1M + 2.000%)
6
.163
10/23/28
874,939
146,589
(i)
National Mentor Holdings, Inc., Term Loan, (TSFR1M + TSFR3M
+ 3.750%)
7
.932
03/02/28
146,241
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE EQUIPMENT & SERVICES
(continued)
4,872
(i)
National Mentor Holdings, Inc., Term Loan C, (TSFR3M +
3.750%)
7
.852
%
03/02/28
$
4,861
71,000
(i)
Onex TSG Intermediate Corp., Term Loan B, (TSFR3M +
3.750%)
7
.976
08/06/32
71,469
171,825
(i)
Pacific Dental Services, LLC, Term Loan B, (TSFR1M + 2.500%)
6
.643
09/17/32
171,896
498,541
(i)
Parexel International Corporation, Term Loan B, (TSFR1M +
2.500%)
6
.663
11/15/28
499,528
361,326
(i)
Phoenix Guarantor Inc, Term Loan B, (TSFR1M + 2.500%)
6
.663
02/21/31
361,955
110,000
(i)
Radiology Partners Inc, Term Loan, (TSFR3M + 4.500%)
8
.502
06/30/32
109,943
69,301
(i)
Resonetics, LLC, Repriced Term Loan B, (TSFR3M + 2.750%)
7
.064
06/18/31
69,317
93,503
(i)
Select Medical Corporation, Term Loan B, (TSFR1M + 2.000%)
6
.163
12/03/31
93,796
16,001
(i)
Sound Inpatient Physicians, Tranche A Term Loan (First Out),
(TSFR3M + 3.250%), (cash 10.057%, PIK 1.000%)
5
.382
06/28/28
16,696
145,017
(i)
Sound Inpatient Physicians, Tranche B Term Loan (Second Out),
(TSFR3M + 2.500%), (cash 8.057%, PIK 1.500%)
4
.632
06/28/28
141,437
115,414
(i)
Star Parent Inc., Term Loan B, (TSFR3M + 4.000%)
8
.002
09/30/30
115,558
654,769
(i)
Surgery Center Holdings, Inc., Term Loan B, (TSFR1M +
2.500%)
6
.663
12/19/30
655,996
498,751
(i)
Team Health Holdings, Inc., Term Loan B, (TSFR3M + 4.500%)
8
.796
06/30/28
498,438
68,767
(i)
Viant Medical Holdings, Inc., Term Loan B, (TSFR1M + 4.000%)
8
.163
10/29/31
68,918
248,750
(i)
Zelis Payments Buyer, Inc., 5th Amendment Term Loan,
(TSFR1M + 3.250%)
7
.413
11/26/31
249,061
TOTAL HEALTH CARE EQUIPMENT & SERVICES
5,302,814
HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
133
(i)
Kronos Acquisition Holdings Inc., Term Loan, (TSFR3M +
4.000%)
8
.002
07/08/31
98
73,617
(i)
VC GB Holdings I Corp., First Lien Term Loan, (TSFR3M +
3.500%)
7
.763
05/16/28
73,618
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
73,716
INSURANCE - 0.9%
106,821
(i)
Acrisure, LLC, First Lien Term Loan B6, (TSFR1M + 3.000%)
7
.163
11/06/30
106,772
210,000
(i)
Alera Group, Inc., Term Loan, (TSFR1M + 3.250%)
7
.413
05/28/32
211,020
666,039
(i)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6
.666
09/19/31
664,924
275,723
(i)
AmWINS Group, Inc., Term Loan B, (TSFR3M + 2.250%)
6
.252
01/30/32
275,901
176,000
(i)
Asurion LLC, 2nd Lien Term Loan B3, (TSFR1M + 5.250%)
9
.528
02/03/28
171,820
90,710
(i)
Asurion LLC, Term Loan B11, (TSFR1M + 4.250%)
8
.513
08/21/28
91,100
184,844
(i)
Asurion LLC, Term Loan B13, (TSFR1M + 4.250%)
8
.413
09/19/30
183,901
248,091
(i)
Asurion LLC, Term Loan B9, (TSFR1M + 3.250%)
7
.528
07/30/27
248,199
669,898
(i)
Broadstreet Partners, Inc., Term Loan B4, (TSFR1M + 2.750%)
6
.913
06/16/31
671,277
76,500
(i)
Evertec Group, LLC, Term Loan B, (TSFR1M + 2.250%)
6
.413
10/15/30
76,787
390,860
(i)
HUB International Limited, Term Loan B, (TSFR3M + 2.250%)
6
.575
06/20/30
391,872
316,878
(i)
Ryan Specialty Group, LLC, Term Loan B, (TSFR1M + 2.000%)
6
.163
09/15/31
317,374
360,488
(i)
Sedgwick Claims Management Services, Inc., Term Loan B,
(TSFR1M + 2.500%)
6
.663
07/31/31
360,432
170,000
(i)
Trucordia Insurance Holdings LLC, Term Loan B, (TSFR1M +
3.250%)
7
.413
06/17/32
170,638
324,960
(i)
Truist Insurance Holdings LLC, Term Loan B, (TSFR3M +
2.750%)
6
.752
05/06/31
325,468
28,290
(i)
USI, Inc., Term Loan C, (TSFR3M + 2.250%)
6
.252
09/27/30
28,284
196,198
(i)
USI, Inc., Term Loan D, (TSFR3M + 2.250%)
6
.252
11/23/29
196,168
TOTAL INSURANCE
4,491,937
MATERIALS - 0.4%
24,504
(i)
Arsenal AIC Parent LLC, Term Loan B, (TSFR1M + 2.750%)
6
.913
08/19/30
24,534
2,045
(i),(o)
Clydesdale Acquisition Holdings Inc, Delayed Draw Term Loan,
(N/A + TSFR1M + 3.250%)
5
.332
03/29/32
2,044
366,166
(i)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.175%)
7
.338
04/13/29
366,084
116,663
(i)
Clydesdale Acquisition Holdings Inc, Term Loan B, (TSFR1M +
3.250%)
7
.413
03/29/32
116,615
56,410
(i)
Discovery Purchaser Corporation, Term Loan, (TSFR3M +
3.750%)
8
.082
10/04/29
56,222
Portfolio of Investments September 30, 2025
(continued)
NMAI
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MATERIALS
(continued)
109,725
(i)
Fortis 333, Inc., Term Loan B, (TSFR3M + 3.500%)
7
.502
%
04/02/32
$
109,314
447,565
(i)
Klockner-Pentaplast of America, Inc., Term Loan B, (TSFR6M +
4.725%)
9
.019
02/09/26
223,643
68,854
(i)
Lonza Group AG, Term Loan B, (TSFR3M + 3.925%)
8
.027
07/03/28
62,365
116,973
(i)
Nouryon Finance B.V., Term Loan B1, (TSFR1M + 3.250%)
7
.500
04/03/28
117,315
14,739
(i)
Nouryon Finance B.V., Term Loan B2, (TSFR1M + 3.250%)
7
.424
04/03/28
14,769
25,000
(i),(n)
Olympus Water US Holding Corp, (CME Term SOFR 1 Month +
3.250%)
7
.593
07/26/32
24,857
27,781
(i)
Plaze, Inc., Incremental Term Loan, (TSFR1M + 3.750%)
7
.913
08/03/26
26,071
47,873
(i)
Plaze, Inc., Term Loan B, (TSFR1M + 3.500%)
7
.778
08/03/26
44,926
93,341
(i)
Proampac PG Borrower LLC, Term Loan, (TSFR1M + TSFR3M +
4.000%)
8
.256
09/15/28
93,808
163,000
(i),(j)
Qnity Electronics Inc, (TBD)
TBD
TBD
163,204
54,178
(i)
SupplyOne, Inc, Term Loan B, (TSFR1M + 3.500%)
7
.663
04/21/31
54,491
139,993
(i)
TricorBraun Holdings, Inc., Term Loan, (TSFR1M + 3.250%)
7
.413
03/03/31
139,489
16,346
(i),(o)
USALCO, LLC, Delayed Draw Term Loan
1
.000
09/30/31
16,344
157,466
(i)
USALCO, LLC, Term Loan, (TSFR1M + 3.500%)
7
.663
09/30/31
157,442
TOTAL MATERIALS
1,813,537
MEDIA & ENTERTAINMENT - 0.8%
111,052
(i),(n)
Advantage Sales & Marketing, Inc., Term Loan, (TSFR3M +
4.250%)
8
.797
10/28/27
99,860
694,681
(i),(n)
AMC Entertainment Holdings, Inc. , Term Loan, (TSFR1M +
7.000%)
11
.134
01/04/29
697,906
337,909
(i)
Cengage Learning, Inc., First Lien Term Loan B, (TSFR1M +
TSFR3M + 3.500%)
7
.682
03/24/31
337,451
123,753
(i)
Century De Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
7
.301
10/30/30
124,004
121,878
(i)
Cinemark USA, Inc., Term Loan B, (TSFR1M + TSFR3M +
2.250%)
6
.332
05/24/30
122,119
287,605
(i)
Clear Channel Outdoor Holdings, Inc., Term Loan, (TSFR1M +
4.000%)
8
.278
08/23/28
288,468
85,183
(i)
CMG Media Corporation, Term Loan, (TSFR3M + 3.500%)
7
.602
06/18/29
81,610
613,373
(i)
Crown Finance US, Inc., Term Loan B, (TSFR1M + 4.500%)
8
.780
12/02/31
612,877
137,055
(i)
CSC Holdings, LLC, Term Loan B5, (Prime + 1.500%)
8
.750
04/15/27
132,943
661,649
(i),(n)
CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)
8
.650
01/18/28
659,040
14,953
(i)
E.W. Scripps Company (The), Term Loan B2, (TSFR1M +
5.750%)
10
.015
06/30/28
15,143
25,935
(i)
E.W. Scripps Company (The), Term Loan B3, (TSFR1M +
3.350%)
7
.615
11/30/29
24,910
92,291
(i)
McGraw-Hill Global Education Holdings, LLC, First Lien Term
Loan B, (TSFR1M + 2.750%)
6
.913
08/06/31
92,428
137,240
(i)
Planet US Buyer LLC, Term Loan B, (TSFR3M + 3.000%)
7
.198
02/10/31
138,146
51,870
(i)
Sinclair Television Group Inc., Term Loan B6, (TSFR3M +
3.300%)
7
.870
12/31/29
47,137
82,134
(i)
Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +
2.500%)
6
.691
02/17/32
82,016
100,000
(i)
Virgin Media Bristol LLC, Term Loan Y, (TSFR6M + 3.175%)
7
.373
03/31/31
98,750
165,000
(i),(n)
WideOpenWest Finance LLC, (LIBOR 1 M + 3.000%)
7
.582
12/11/28
152,831
TOTAL MEDIA & ENTERTAINMENT
3,807,639
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.2%
125,000
(i)
Amneal Pharmaceuticals LLC, Term Loan B, (TSFR1M + 3.500%)
7
.663
08/02/32
125,104
212,281
(i)
Jazz Financing Lux S.a.r.l., First Lien Term Loan B, (TSFR1M +
2.250%)
6
.413
05/05/28
212,764
220,000
(i)
Opal Bidco SAS, Term Loan B, (TSFR3M + 3.250%)
7
.252
04/23/32
220,852
318,451
(i)
Organon & Co, Term Loan, (TSFR1M + 2.250%)
6
.408
05/19/31
311,684
108,335
(i)
Perrigo Investments, LLC, Term Loan B, (TSFR1M + 2.000%)
6
.163
04/20/29
108,425
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
978,829
31
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
343,517
(i)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B1,
(TSFR1M + 2.750%)
6
.913
%
01/31/30
$
344,950
45,366
(i)
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B3,
(TSFR1M + 2.750%)
6
.913
01/31/30
45,536
251,000
(i)
Forest City Enterprises, L.P., Term Loan B, (TSFR1M + 3.500%)
7
.778
12/08/25
250,598
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
641,084
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1%
341,145
(i)
Instructure Holdings, Inc., Repriced Term Loan, (TSFR3M +
2.750%)
6
.753
11/13/31
341,051
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
341,051
SOFTWARE & SERVICES - 2.0%
124,000
(i)
Asurion LLC, Second Lien Term Loan B4, (TSFR1M + 5.250%)
9
.528
01/22/29
118,980
149,625
(i)
Avalara, Inc, Term Loan B, (TSFR3M + 3.250%)
7
.252
03/29/32
149,853
219,864
(i)
Avaya, Inc., Exit Term Loan, (TSFR1M + 3.750%), (cash 11.856%,
PIK 7.500%)
5
.832
08/01/28
194,225
44,296
(i)
Axalta Coating Systems U.S. Holdings, Inc., Term Loan B,
(TSFR3M + 1.750%)
5
.752
12/20/29
44,524
109,725
(i)
BCPE Pequod Buyer Inc, Term Loan B, (TSFR1M + 3.000%)
7
.163
11/25/31
110,048
586,886
(i)
Boost Newco Borrower, LLC, Term Loan B, (TSFR3M + 2.000%)
6
.002
01/31/31
588,414
684,962
(i)
Boxer Parent Company Inc., Term Loan B, (TSFR3M + 3.000%)
7
.199
07/30/31
684,639
140,125
(i)
Camelot U.S. Acquisition LLC, Term Loan B, (TSFR1M + 2.750%)
6
.913
01/31/31
139,424
113,000
(i)
Clearwater Analytics, LLC, Term Loan B, (TSFR6M + 2.250%)
6
.460
04/21/32
113,424
39,900
(i)
Cloud Software Group, Inc., Term Loan B (2031), (TSFR3M +
3.250%)
7
.252
03/24/31
40,096
124,688
(i)
Cotiviti Corporation, 2nd Amendment Term Loan, (TSFR1M +
2.750%)
7
.030
03/29/32
122,661
367,841
(i)
Cotiviti Corporation, Term Loan, (TSFR1M + 2.750%)
7
.030
05/01/31
362,017
323,375
(i)
Darktrace PLC, First Lien Term Loan, (TSFR3M + 3.250%)
7
.570
10/09/31
323,795
20,000
(i)
Disco Parent, Inc., Term Loan B, (TSFR3M + 3.250%)
7
.484
08/06/32
20,100
127,079
(i)
Ellucian Holdings, Inc., First Lien Term Loan B, (TSFR1M +
2.750%)
6
.913
10/09/29
127,227
475,934
(i)
Epicor Software Corporation, Term Loan E, (TSFR1M + 2.500%)
6
.663
05/30/31
477,079
98,258
(i)
Fortress Intermediate 3, Inc, Term Loan B, (TSFR1M + 3.000%)
7
.255
06/27/31
98,872
15,892
(i)
Gen Digital Inc., Term Loan B, (TSFR1M + 1.750%)
5
.913
09/12/29
15,866
846,061
(i)
Genesys Cloud Services Holdings II LLC, Term Loan B, (TSFR1M
+ 2.500%)
6
.663
01/30/32
841,740
138,582
(i)
Informatica LLC, Term Loan B, (TSFR1M + 2.250%)
6
.413
10/30/28
139,016
116,708
(i)
Javelin Buyer, Inc., Term Loan, (TSFR3M + 2.750%)
7
.058
12/08/31
116,708
83,580
(i)
Kaseya Inc., First Lien Term Loan B, (TSFR1M + 3.250%)
7
.413
03/22/32
83,799
39,701
(i)
Marcel LUX IV SARL, Repriced Term Loan, (SOFR30A + 3.000%)
7
.370
11/13/30
39,800
444,531
(i)
McAfee, LLC, First Lien Term Loan B, (TSFR1M + 3.000%)
7
.223
03/01/29
425,917
374,276
(i)
Mitchell International, Inc., First Lien Term Loan, (TSFR1M +
3.250%)
7
.413
06/17/31
374,357
270,248
(i)
Open Text Corporation, Term Loan B, (TSFR1M + 1.750%)
5
.913
01/31/30
270,315
63,689
(i)
Perforce Software, Inc., Add-on Term Loan, (TSFR1M + 4.750%)
8
.913
03/24/31
56,948
114,425
(i)
PointClickCare Technologies, Inc., Term Loan B, (TSFR3M +
2.750%)
6
.752
11/03/31
114,689
247,813
(i)
Press Ganey Holdings, Inc., Repriced Term Loan B, (TSFR1M +
3.000%)
7
.163
04/30/31
247,427
132,166
(i)
Project Alpha Intermediate Holding, Inc., First Lien Term Loan
B, (TSFR3M + 3.250%)
7
.252
10/28/30
132,684
137,355
(i)
Proofpoint, Inc., Term Loan, (TSFR1M + 3.000%)
7
.163
08/31/28
138,065
53,613
(i)
Rackspace Finance, LLC, First Lien First Out Term Loan,
(TSFR1M + 6.250%)
10
.540
05/15/28
54,351
242,890
(i)
Rackspace Finance, LLC, First Lien Second Out Term Loan,
(TSFR1M + 2.750%)
7
.040
05/15/28
109,604
161,720
(i)
Rocket Software, Inc., Term Loan B, (TSFR1M + 3.750%)
7
.913
11/28/28
162,259
60,380
(i)
SS&C Technologies Inc., Term Loan B8, (TSFR1M + 2.000%)
6
.163
05/09/31
60,599
87,309
(i)
Surf Holdings, LLC, Incremental Term Loan, (TSFR1M + 3.500%)
7
.778
03/05/27
87,533
124,688
(i)
Synechron Inc, Term Loan B, (TSFR3M + 3.750%)
8
.058
10/03/31
124,376
82,825
(i)
Tempo Acquisition LLC, Repriced Term Loan B, (TSFR1M +
1.750%)
5
.913
08/31/28
81,191
Portfolio of Investments September 30, 2025
(continued)
NMAI
32
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE & SERVICES
(continued)
395,544
(i),(n)
Twitter, Inc., Term Loan, (TSFR3M + 6.500%)
10
.958
%
10/29/29
$
388,567
580,567
(i)
UKG Inc., Term Loan B, (TSFR3M + 2.500%)
6
.810
02/10/31
580,646
48,855
(i)
Vision Solutions, Inc., Incremental Term Loan, (TSFR3M +
4.000%)
8
.570
04/24/28
47,340
208,427
(i)
VS Buyer, LLC, Term Loan B, (TSFR3M + 2.250%)
6
.560
04/14/31
208,557
248,000
X Corp
9
.500
10/29/29
249,120
171,750
(i)
Zelis Payments Buyer, Inc., Term Loan B, (TSFR1M + 2.750%)
6
.913
09/28/29
171,554
TOTAL SOFTWARE & SERVICES
9,038,406
TECHNOLOGY HARDWARE & EQUIPMENT - 0.4%
855,573
(i)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
8
.913
12/17/29
867,144
495,003
(i)
Delta TopCo, Inc., Term Loan B, (TSFR3M + 2.750%)
6
.881
11/30/29
490,271
74,925
(i)
Ingram Micro Inc., Term Loan, (TSFR3M + 2.250%)
6
.248
09/22/31
75,299
33,850
(i)
Riverbed Technology, Inc., PIK Term Loan, (TSFR3M + 2.250%),
(cash 6.795%, PIK 2.000%)
4
.251
07/03/28
16,978
208,243
(i)
Verifone Systems, Inc., Term Loan, (TSFR3M + 5.250%)
9
.820
08/21/28
202,024
20,892
(i)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8
.778
03/05/29
20,664
197,497
(i)
ViaSat, Inc., Term Loan, (TSFR1M + 4.500%)
8
.750
05/30/30
194,817
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
1,867,197
TELECOMMUNICATION SERVICES - 0.9%
128,234
(i),(p)
Altice France S.A., Term Loan B12, (Prime + 2.688%)
9
.938
02/02/26
119,151
184,789
(i),(p)
Altice France S.A., Term Loan B13, (Prime + 3.000%)
10
.250
08/14/26
173,702
208,870
(i),(p)
Altice France S.A., Term Loan B14, (TSFR3M + 5.500%)
9
.818
08/31/28
202,604
243,793
(i)
Cincinnati Bell, Inc., Term Loan B4, (TSFR1M + 2.250%)
6
.413
11/24/28
244,420
124,369
(i)
Connect Finco Sarl, Extended Term Loan B, (TSFR1M + 4.500%)
8
.663
09/13/29
123,039
135,000
(i),(j)
Connect Holding II LLC, (TBD)
TBD
TBD
124,031
201,761
(b),(i)
Cyxtera DC Holdings, Inc., Term Loan B
0
.000
05/01/26
1,110
178,000
(i)
Digicel International Finance Limited, Term Loan B, (Prime +
4.250%)
11
.500
08/09/32
178,260
756,516
(i)
Frontier Communications Corp., Term Loan B, (TSFR1M +
2.500%)
6
.650
07/01/31
758,248
52,588
(i)
Iridium Satellite LLC, Term Loan B, (TSFR1M + 2.250%)
6
.413
09/20/30
49,944
535,174
(i)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6
.628
04/15/30
532,501
261,692
(i)
Lumen Technologies, Inc., Term Loan A, (TSFR1M + 6.000%)
10
.163
06/01/28
266,953
155,000
(i),(n)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
7
.210
12/07/26
124,000
83,000
(i)
Windstream Services LLC, (CME Term SOFR 1 Month + 4.000%)
8
.136
09/27/32
82,326
21,225
(i)
Zayo Group Holdings Inc, (CME Term SOFR 1 Month + 4.250%)
8
.338
03/09/27
21,295
1,058,534
(i),(n)
Zayo Group Holdings, Inc., Term Loan, (CME Term SOFR 1
Month + 3.000%)
7
.278
03/09/27
1,046,381
212,060
(i)
Ziggo Financing Partnership, Term Loan I, (TSFR1M + 2.500%)
6
.765
04/28/28
211,758
TOTAL TELECOMMUNICATION SERVICES
4,259,723
TRANSPORTATION - 0.3%
162,638
(i)
Air Canada, Term Loan B, (TSFR1M + 2.000%)
6
.166
03/21/31
162,893
105,286
(i)
American Airlines, Inc., Term Loan, (TSFR3M + 2.250%)
6
.575
04/20/28
105,250
121,403
(i)
Brown Group Holding, LLC, Incremental Term Loan B2,
(TSFR1M + TSFR3M + 2.750%)
6
.931
07/01/31
121,758
185,514
(i)
Brown Group Holding, LLC, Term Loan B, (TSFR1M + 2.500%)
6
.663
07/01/31
185,838
98,315
(i)
First Student Bidco Inc, Term Loan B, (TSFR3M + 2.500%)
6
.711
08/15/30
98,512
17,989
(i)
First Student Bidco Inc, Term Loan C, (TSFR3M + 2.500%)
6
.711
08/15/30
18,030
339,883
(i)
KKR Apple Bidco, LLC, Term Loan, (TSFR1M + 2.500%)
6
.663
09/23/31
340,231
131,658
(i)
PODS, LLC, Term Loan B, (TSFR1M + 3.000%)
7
.278
03/31/28
129,203
156,000
(i)
Stonepeak Nile Parent LLC, Term Loan B, (TSFR3M + 2.750%)
7
.079
04/12/32
156,137
97,627
(i)
United Airlines, Inc., First Lien Term Loan B, (TSFR3M + 2.000%)
6
.196
02/24/31
98,054
83,011
(i)
WestJet Loyalty LP, Term Loan B, (TSFR3M + 3.250%)
7
.252
02/14/31
83,211
TOTAL TRANSPORTATION
1,499,117
UTILITIES - 0.3%
117,000
(i)
Cornerstone Generation LLC, Term Loan B, (TSFR3M + 3.250%)
7
.476
10/28/31
117,965
65,567
(i)
Invenergy Thermal Operating I LLC, Term Loan B, (TSFR3M +
3.500%)
7
.667
05/06/32
66,195
4,688
(i)
Invenergy Thermal Operating I LLC, Term Loan C, (TSFR3M +
3.500%)
7
.502
05/06/32
4,732
33
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
98,159
(i)
Kestrel Acquisition, LLC, Term Loan B, (Prime + TSFR3M +
3.000%)
8
.626
%
11/06/31
$
98,609
62,342
(i)
NRG Energy, Inc., Term Loan, (TSFR3M + 1.750%)
6
.064
04/16/31
62,418
699,713
(i)
Talen Energy Supply, LLC, Incremental Term Loan B, (TSFR3M
+ 2.500%)
6
.733
12/15/31
701,536
268,565
(i)
Talen Energy Supply, LLC, Term Loan B, (TSFR3M + 2.500%)
6
.733
05/17/30
269,285
2,826
(i)
Vistra Operations Company LLC, First Lien Term Loan B3,
(TSFR1M + 1.750%)
5
.913
12/20/30
2,834
TOTAL UTILITIES
1,323,574
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $53,969,016)
53,967,520
TOTAL LONG-TERM INVESTMENTS
(Cost $585,264,274)
667,100,868
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  2.8%(2.0% of Total Investments)
13428484
REPURCHASE AGREEMENTS - 2.8% (2.0% of Total Investments)
13428484
8,825,000
(q)
Fixed Income Clearing Corporation
4
.150
10/01/25
8,825,000
4,603,484
(r)
Fixed Income Clearing Corporation
1
.260
10/01/25
4,603,484
TOTAL REPURCHASE AGREEMENTS
(Cost $13,428,484)
13,428,484
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,428,484)
13,428,484
TOTAL INVESTMENTS - 143.3%
(Cost $598,692,758)
680,529,352
BORROWINGS - (35.3)% (s),(t)
(
167,786,000
)
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (7.4)%(u)
(
35,005,880
)
OTHER ASSETS & LIABILITIES, NET -  (0.6)%
(
2,712,457
)
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
475,025,015
ADR
American Depositary Receipt
BRL
Brazilian Real
CLP
Chilean Peso
COP
Colombian Peso
CZK
Czech Koruna
DOP
Dominican Peso
ETF
Exchange-Traded Fund
EUR
Euro
GDR
Global Depositary Receipt
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
LIBOR
London Inter-Bank Offered Rate
M
Month
MSCI
Morgan Stanley Capital International
MXN
Mexican Peso
MYR
Malaysian Ringgit
PEN
Peruvian Sol
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.
PLN
Polish Zloty
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.
REIT
Real Estate Investment Trust
RON
Romanian Leu
S&P
Standard & Poor's
Portfolio of Investments September 30, 2025
(continued)
NMAI
34
Principal denominated in U.S. Dollars, unless otherwise noted. 
SOFR30A
30 Day Average Secured Overnight Financing Rate
SOFR90A
90 Day Average Secured Overnight Financing Rate
TBD
Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are not known prior
to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon
rate is not available prior to settlement. At settlement, if still unknown, the borrower or counterparty will provide the Fund with the
final coupon rate and maturity date.
TRY
Turkish Lira
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
UGX
Ugandan Shilling
UYU
Uruguayan Peso
ZAR
South African Rand
(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 fiscal period, the aggregate value of these securities is $111,905,366 or 16.4% of Total Investments.
(b)
For fair value measurement disclosure purposes, investment classified as Level 3.
(c)
Investment, or portion of investment, is hypothecated. The total value of investments hypothecated as of the end of the fiscal period
was $91,445,231.
(d)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(e)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.
(f)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(g)
Perpetual security. Maturity date is not applicable.
(h)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
3.8% of Total Investments.
(i)
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.
(j)
When-issued or delayed delivery security.
(k)
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 3.1% of Total Investments.
(l)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse
repurchase agreements. As of the end of the fiscal period, investments with a value of $37,853,134 have been pledged as collateral
for reverse repurchase agreements.
(m)
Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
(n)
Portion of investment purchased on a delayed delivery basis.
(o)
Investment, or portion of investment, represents an outstanding unfunded senior loan commitment.
(p)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(q)
Agreement with Fixed Income Clearing Corporation, 4.150% dated 9/30/25 to be repurchased at $8,826,017 on 10/1/25,
collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 5/31/29, valued at $9,001,518.
(r)
Agreement with Fixed Income Clearing Corporation, 1.260% dated 9/30/25 to be repurchased at $4,603,645 on 10/1/25,
collateralized by Government Agency Securities, with coupon rates 1.375%–1.875% and maturity dates 2/28/27–7/15/33, valued at
$4,695,618.
(s)
Borrowings as a percentage of Total Investments is 24.7%.
(t)
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for
specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the
reporting period, investments with a value of $277,265,826 have been pledged as collateral for borrowings.
(u)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 5.1%.
35
Investments in Derivatives
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:
Forward Foreign Currency Contracts
Currency Purchased
Notional Amount
(Local Currency)
Currency Sold
Notional Amount
(Local Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR
166,978
$
196,434
Bank of America, N.A.
10/10/25
$
(
297
)
$
264,441
EUR
224,973
Bank of America, N.A.
10/10/25
$
182
$
909,608
EUR
770,578
Bank of America, N.A.
10/10/25
4,467
EUR
211,711
$
248,884
Morgan Stanley Capital Services
LLC
10/10/25
(
203
)
Total
        $4,149
Total unrealized appreciation on forward foreign currency contracts
        $4,649
Total unrealized depreciation on forward foreign currency contracts
        $(500)
EUR
Euro
NMAI
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
–
$
2,047,914
$
219,938
$
2,267,852
Common Stocks
231,752,685
91,502,039
1,240
323,255,964
Corporate Bonds
–
91,654,477
–
91,654,477
Emerging Market Debt and Foreign Corporate Bonds
–
68,801,301
531,875
69,333,176
Exchange-Traded Funds
35,922,399
64,006
–
35,986,405
Mortgage-Backed Securities
–
60,612,259
–
60,612,259
Preferred Stock
5,177,836
–
–
5,177,836
U.S. Government and Agency Obligations
–
24,845,379
–
24,845,379
Variable Rate Senior Loan Interests
–
53,926,538
40,982
53,967,520
Short-Term Investments:
Repurchase Agreements
–
13,428,484
–
13,428,484
Investments in Derivatives:
Forward Foreign Currency Contracts*
–
4,149
–
4,149
Total
$
272,852,920
$
406,886,546
$
794,035
$
680,533,501
*
Represents net unrealized appreciation (depreciation).