NPORT-EX 2 tiaa_NMAIF.htm
1
Portfolio
of
Investments
September
30,
2024
NMAI
(Unaudited)
SHARES
DESCRIPTION  
VALUE
LONG-TERM
INVESTMENTS
-
133.7%   
(96.0%
of
Total
Investments)
219446271
COMMON
STOCKS
-
46.4%
(33.2%
of
Total
Investments)
219446271
AUTOMOBILES
&
COMPONENTS
-
0.6%
14,899
BYD
Co
Ltd,
Class
A
$
642,889
11,545
(a)
Li
Auto
Inc,
ADR
296,129
345
(a)
Tesla
Inc
90,262
100,700
(a)
Toyota
Motor
Corp
1,809,984
TOTAL
AUTOMOBILES
&
COMPONENTS
2,839,264
BANKS
-
4.1%
141,059
Banco
Bilbao
Vizcaya
Argentaria
SA
1,523,756
228,786
Banco
Santander
SA
1,172,267
12,610
Bank
of
America
Corp
500,365
2,578,600
Bank
Rakyat
Indonesia
Persero
Tbk
PT
843,363
9,669
BNP
Paribas
SA
663,503
1,997
Capitec
Bank
Holdings
Ltd
351,896
69,308
China
Merchants
Bank
Co
Ltd,
Class
A
366,226
12,138
Commonwealth
Bank
of
Australia
1,132,182
1,051
Credicorp
Ltd
190,199
2,746
Fifth
Third
Bancorp
117,639
47,400
Grupo
Financiero
Banorte
SAB
de
CV
335,820
30,023
(b)
HDFC
Bank
Ltd,
ADR
1,878,239
79,131
ING
Groep
NV
1,435,674
10,494
JPMorgan
Chase
&
Co
2,212,765
3,002
KB
Financial
Group
Inc
185,230
179,900
Mitsubishi
UFJ
Financial
Group
Inc
1,847,320
58,098
Nordea
Bank
Abp
685,860
1,385
PNC
Financial
Services
Group
Inc/The
256,017
104,400
Sumitomo
Mitsui
Financial
Group
Inc
2,230,673
22,124
(b)
Wells
Fargo
&
Co
1,249,785
TOTAL
BANKS
19,178,779
CAPITAL
GOODS
-
3.7%
13,475
Airbus
SE
1,972,149
747
Allegion
plc
108,868
11,930
Ashtead
Group
PLC
924,346
970,200
Astra
International
Tbk
PT
323,139
1,443
(a)
Boeing
Co/The
219,394
1,653
Caterpillar
Inc
646,521
6,125
Cie
de
Saint-Gobain
SA
558,615
9,750
Contemporary
Amperex
Technology
Co
Ltd,
Class
A
342,654
375
Deere
&
Co
156,499
1,432
Dover
Corp
274,572
1,829
Eaton
Corp
PLC
606,204
20,300
(a)
Embraer
SA
178,753
2,105
Emerson
Electric
Co
230,224
23,349
Ferrovial
SE
1,003,470
119,500
(a)
Hitachi
Ltd
3,168,819
4,624
Honeywell
International
Inc
955,827
36,629
Infratil
Ltd
285,481
2,099
Masco
Corp
176,190
253
Northrop
Grumman
Corp
133,602
585
Parker-Hannifin
Corp
369,615
3,320
RTX
Corp
402,251
8,312
Siemens
AG
1,681,583
1,027
Trane
Technologies
PLC
399,226
730
United
Rentals
Inc
591,103
9,924
Vinci
SA
1,160,081
TOTAL
CAPITAL
GOODS
16,869,186
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.1%
3,633
(a)
Casella
Waste
Systems
Inc,
Class
A
361,447
165,466
Cleanaway
Waste
Management
Ltd
335,190
3,864
GFL
Environmental
Inc
154,096
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
2
SHARES
DESCRIPTION  
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES
(continued)
24,000
Infomart
Corp
$
55,132
26,100
Recruit
Holdings
Co
Ltd
1,585,638
4,941
Republic
Services
Inc
992,350
2,947
Waste
Connections
Inc
526,983
5,561
Waste
Management
Inc
1,154,464
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
5,165,300
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.4%
130,100
Alibaba
Group
Holding
Ltd
1,728,870
2,732
(b)
Alibaba
Group
Holding
Ltd,
Sponsored
ADR
289,920
8,321
(a),(b)
Amazon.com
Inc
1,550,452
15,692
(a)
Baozun
Inc
56,177
1
(a),(c)
Belk
Inc
8
1,953
Home
Depot
Inc/The
791,356
10,690
JD.com
Inc,
ADR
427,600
31,700
JD.com
Inc,
Class
A
635,834
1,061
(a)
Jo-Ann
Stores
LLC
1,061
932
Lowe's
Cos
Inc
252,432
2,113
Naspers
Ltd
512,429
147
(a)
O'Reilly
Automotive
Inc
169,285
1,284
(a)
PDD
Holdings
Inc
173,096
2,040
TJX
Cos
Inc/The
239,782
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
6,828,302
CONSUMER
DURABLES
&
APPAREL
-
1.0%
2,022
Kering
SA
582,037
896
LVMH
Moet
Hennessy
Louis
Vuitton
SE
687,120
10,786
Moncler
SpA
685,738
5,044
NIKE
Inc,
Class
B
445,890
34
(a)
NVR
Inc
333,601
93,500
Sony
Group
Corp
1,816,478
TOTAL
CONSUMER
DURABLES
&
APPAREL
4,550,864
CONSUMER
SERVICES
-
0.8%
83,128
(a)
24
Hour
Fitness
Worldwide
Inc
4,156
174,789
(a)
24
Hour
Fitness
Worldwide
Inc
1,748
116,034
Arcos
Dorados
Holdings
Inc,
Class
A
1,011,817
55
Booking
Holdings
Inc
231,667
96
(a)
Crown
Finance
US
Inc
1,902
1,139
Hilton
Worldwide
Holdings
Inc
262,540
2,284
McDonald's
Corp
695,501
32,851
(a)
Melco
Resorts
&
Entertainment
Ltd
255,909
13,900
Oriental
Land
Co
Ltd/Japan
359,556
4,604
Starbucks
Corp
448,844
438,000
Wynn
Macau
Ltd
376,710
TOTAL
CONSUMER
SERVICES
3,650,350
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.7%
124,900
Almacenes
Exito
SA
251,740
1,301,835
(a)
Cia
Brasileira
de
Distribuicao
673,894
1,090
(d)
Costco
Wholesale
Corp
966,307
125,683
Sendas
Distribuidora
S/A
172,339
16,801
(b),(d)
Walmart
Inc
1,356,681
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,420,961
ENERGY
-
4.4%
140,376
BP
PLC
732,136
5,296
Cameco
Corp
252,937
9,177
(d)
Cheniere
Energy
Inc
1,650,392
2,471
Chevron
Corp
363,904
3,114
ConocoPhillips
327,842
2,545
Diamondback
Energy
Inc
438,758
53,532
(d)
Enbridge
Inc
2,173,934
24,886
(b)
Energy
Transfer
LP
399,420
2,045
EOG
Resources
Inc
251,392
3,062
Equinor
ASA
77,465
3
SHARES
DESCRIPTION  
VALUE
ENERGY
(continued)
17,183
(d)
Exxon
Mobil
Corp
$
2,014,191
9,986
Gibson
Energy
Inc
163,991
23,952
(b)
Kinder
Morgan
Inc
529,100
6,643
(b)
MPLX
LP
295,348
19,293
(b)
ONEOK
Inc
1,758,171
13,982
Pembina
Pipeline
Corp
576,359
23,235
(e)
Reliance
Industries
Ltd,
Sponsored
GDR
1,619,352
8,158
(e)
Reliance
Industries
Ltd,
Sponsored
GDR
567,797
65,462
Shell
PLC
2,123,700
5,436
(d)
Targa
Resources
Corp
804,582
12,149
TC
Energy
Corp
577,514
12,704
TotalEnergies
SE
824,938
7,368
(a)
Transocean
Ltd
31,314
5,178
(d)
Valero
Energy
Corp
699,185
28,165
(d)
Williams
Cos
Inc/The
1,285,732
TOTAL
ENERGY
20,539,454
FINANCIAL
SERVICES
-
1.2%
2,501
American
Express
Co
678,271
1,191
(a)
Berkshire
Hathaway
Inc,
Class
B
548,170
301
BlackRock
Inc
285,803
7,122
Charles
Schwab
Corp/The
461,577
1,780
(a),(d)
Fiserv
Inc
319,777
742
Goldman
Sachs
Group
Inc/The
367,372
2,085
Intercontinental
Exchange
Inc
334,934
1,113
Mastercard
Inc,
Class
A
549,599
4,802
Morgan
Stanley
500,560
25,400
ORIX
Corp
594,331
473
S&P
Global
Inc
244,361
19,400
SBI
Holdings
Inc
448,965
1,934
Visa
Inc,
Class
A
531,753
TOTAL
FINANCIAL
SERVICES
5,865,473
FOOD,
BEVERAGE
&
TOBACCO
-
1.0%
8,021
Coca-Cola
Co/The
576,389
9,850
Fomento
Economico
Mexicano
SAB
de
CV,
Sponsored
ADR
972,293
8,536
Heineken
NV
757,742
5,685
Keurig
Dr
Pepper
Inc
213,074
5,109
Mondelez
International
Inc,
Class
A
376,380
6,416
(a)
Monster
Beverage
Corp
334,723
4,201
Nestle
SA
422,169
972
PepsiCo
Inc
165,289
8,316
(b)
Philip
Morris
International
Inc
1,009,561
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
4,827,620
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.2%
4,989
Abbott
Laboratories
568,796
7,085
(a)
Boston
Scientific
Corp
593,723
734
Cigna
Group/The
254,287
1,029
Elevance
Health
Inc
535,080
4,753
EssilorLuxottica
SA
1,126,101
703
HCA
Healthcare
Inc
285,720
482
Humana
Inc
152,669
2,590
Medtronic
PLC
233,178
12,280
(a),(c)
Millennium
Health
LLC
1,228
11,534
(a),(c)
Millennium
Health
LLC
115
1,444
(b)
Stryker
Corp
521,659
2,692
(d)
UnitedHealth
Group
Inc
1,573,958
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,846,514
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.7%
244,695
Haleon
PLC
1,280,367
5,591
(d)
Procter
&
Gamble
Co/The
968,361
19,444
Unilever
PLC
1,260,618
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
3,509,346
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
4
SHARES
DESCRIPTION  
VALUE
INSURANCE
-
0.6%
4,348
American
International
Group
Inc
$
318,404
1,254
Chubb
Ltd
361,641
2,528
Marsh
&
McLennan
Cos
Inc
563,972
2,837
MetLife
Inc
233,996
49,288
Ping
An
Insurance
Group
Co
of
China
Ltd,
Class
A
396,674
1,488
Zurich
Insurance
Group
AG
898,989
TOTAL
INSURANCE
2,773,676
MATERIALS
-
2.7%
33,806
BHP
Group
Ltd
1,049,546
1,581
Celanese
Corp
214,953
7,211
Corteva
Inc
423,935
20,695
CRH
PLC
1,919,254
1,300
Crown
Holdings
Inc
124,644
3,062
DuPont
de
Nemours
Inc
272,855
16,067
Freeport-McMoRan
Inc
802,065
246,086
Glencore
PLC
1,409,248
8,298
Heidelberg
Materials
AG
903,982
5,877
Linde
PLC
2,802,506
6,018
Newmont
Corp
321,662
789
Packaging
Corp
of
America
169,951
315
Reliance
Inc
91,101
38,106
(d)
Smurfit
WestRock
PLC
1,883,199
38,000
Vale
SA
443,009
14,356
Vale
SA,
Sponsored
ADR
167,678
TOTAL
MATERIALS
12,999,588
MEDIA
&
ENTERTAINMENT
-
1.4%
2,917
Alphabet
Inc,
Class
A
483,784
1,070
Alphabet
Inc,
Class
C
178,893
27,550
(a)
Baidu
Inc,
Class
A
362,216
10,663
Comcast
Corp,
Class
A
445,394
58,224
Grupo
Televisa
SAB,
Sponsored
ADR
149,053
53,397
HUYA
Inc,
ADR
272,325
2,376
(d)
Meta
Platforms
Inc
1,360,117
1,787
NAVER
Corp
230,175
1,560
NetEase
Inc,
ADR
145,876
32,110
Nintendo
Co
Ltd
1,716,324
17,700
Tencent
Holdings
Ltd
984,206
3,192
Walt
Disney
Co/The
307,038
TOTAL
MEDIA
&
ENTERTAINMENT
6,635,401
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
3.0%
3,499
AbbVie
Inc
690,983
10,638
Aspen
Pharmacare
Holdings
Ltd
120,064
14,479
AstraZeneca
PLC
2,255,631
922
(a)
BeiGene
Ltd,
ADR
206,998
47,200
Daiichi
Sankyo
Co
Ltd
1,559,126
1,112
Danaher
Corp
309,158
20,913
Dong-E-E-Jiao
Co
Ltd,
Class
A
183,104
1,036
Eli
Lilly
&
Co
917,834
25,500
(a),(e)
Innovent
Biologics
Inc
152,934
3,169
Johnson
&
Johnson
513,568
1,349
Lonza
Group
AG
856,053
4,208
Merck
&
Co
Inc
477,860
12,494
Novartis
AG
1,438,588
32,061
Novo
Nordisk
A/S,
Class
B
3,802,803
3,793
Sanofi
SA,
ADR
218,591
34,037
Sichuan
Kelun
Pharmaceutical
Co
Ltd,
Class
A
153,860
114,500
(a),(e)
Wuxi
Biologics
Cayman
Inc
253,142
1,329
Zoetis
Inc
259,660
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
14,369,957
5
SHARES
DESCRIPTION  
VALUE
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
3.5%
25,200
Advantest
Corp
$
1,185,187
922
Analog
Devices
Inc
212,217
1,042
Applied
Materials
Inc
210,536
2,095
ASML
Holding
NV
1,742,746
3,087
(a)
Bright
Bidco
BV
1,578
4,217
(a)
Bright
Bidco
BV
2,155
11,934
Broadcom
Inc
2,058,615
22,753
Infineon
Technologies
AG
798,810
3,610
Intel
Corp
84,691
163
Lam
Research
Corp
133,021
1,981
Micron
Technology
Inc
205,450
26,511
(d)
NVIDIA
Corp
3,219,495
888
NXP
Semiconductors
NV
213,129
61,500
SUMCO
Corp
665,180
111,000
Taiwan
Semiconductor
Manufacturing
Co
Ltd
3,347,107
15,092
(b),(d)
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
2,621,028
543
Texas
Instruments
Inc
112,168
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
16,813,113
SOFTWARE
&
SERVICES
-
1.4%
1,979
Accenture
PLC,
Class
A
699,537
21,660
(a)
Avaya
Inc
140,790
4,662
(a)
Avaya
Inc
30,303
24,155
Infosys
Ltd,
Sponsored
ADR
537,932
239,200
(a),(e)
LWSA
SA
183,537
8,058
(d)
Microsoft
Corp
3,467,357
1,410
Oracle
Corp
240,264
2,060
Salesforce
Inc
563,843
733
(a)
ServiceNow
Inc
655,588
TOTAL
SOFTWARE
&
SERVICES
6,519,151
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
1.7%
2,782
Amphenol
Corp,
Class
A
181,275
15,248
(b),(d)
Apple
Inc
3,552,784
3,405
Cisco
Systems
Inc
181,214
33,166
E
Ink
Holdings
Inc
307,443
25,000
Hon
Hai
Precision
Industry
Co
Ltd
147,197
764
Motorola
Solutions
Inc
343,517
3,293
Samsung
Electro-Mechanics
Co
Ltd
332,902
57,280
Samsung
Electronics
Co
Ltd
2,677,197
1,002
Samsung
SDI
Co
Ltd
289,313
1,798
(a)
TE
Connectivity
PLC
271,480
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
8,284,322
TELECOMMUNICATION
SERVICES
-
0.4%
13,261
(e)
Cellnex
Telecom
SA
537,637
23,859
Infrastrutture
Wireless
Italiane
SpA
293,452
167,935
Koninklijke
KPN
NV
685,893
1,241,900
Telkom
Indonesia
Persero
Tbk
PT
245,914
1,585
T-Mobile
US
Inc
327,081
TOTAL
TELECOMMUNICATION
SERVICES
2,089,977
TRANSPORTATION
-
3.6%
11,979
Aena
SME
SA
2,631,492
4,185
Aeroports
de
Paris
SA
537,468
133,162
Atlas
Arteria
Ltd
448,741
249,947
Auckland
International
Airport
Ltd
1,186,172
1,349
Canadian
National
Railway
Co
158,035
1,102
Canadian
Pacific
Railway
Ltd
94,265
800
Central
Japan
Railway
Co
18,472
74,000
China
Merchants
Port
Holdings
Co
Ltd
117,255
8,306
CSX
Corp
286,806
10,765
Deutsche
Post
AG
480,191
4,304
DSV
A/S
885,806
25,400
East
Japan
Railway
Co
504,088
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
6
SHARES
DESCRIPTION  
VALUE
TRANSPORTATION
(continued)
3,243
Flughafen
Zurich
AG
$
780,170
6,630
(a)
Fraport
AG
Frankfurt
Airport
Services
Worldwide
369,916
49,013
Getlink
SE
874,228
86,390
(a)
Grab
Holdings
Ltd
328,282
7,883
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV,
ADR
534,625
3,186
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
ADR
554,428
4,422
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
ADR
1,250,365
38,100
International
Container
Terminal
Services
Inc
276,106
17,800
Japan
Airport
Terminal
Co
Ltd
642,341
11,400
Kamigumi
Co
Ltd
260,740
729
Norfolk
Southern
Corp
181,157
21,135
Port
of
Tauranga
Ltd
79,891
59,469
Qube
Holdings
Ltd
161,399
219,077
Transurban
Group
1,979,378
4,860
(d)
Union
Pacific
Corp
1,197,893
TOTAL
TRANSPORTATION
16,819,710
UTILITIES
-
6.2%
10,638
Alliant
Energy
Corp
645,620
5,182
Ameren
Corp
453,218
1,971
American
Electric
Power
Co
Inc
202,225
237
American
Water
Works
Co
Inc
34,659
20,587
APA
Group
110,176
2,689
Brookfield
Renewable
Corp,
Class
A
87,823
26,736
(d)
CenterPoint
Energy
Inc
786,573
3,301
Clearway
Energy
Inc,
Class
C
101,275
21,000
CLP
Holdings
Ltd
183,591
10,928
(d)
CMS
Energy
Corp
771,845
1,178
DTE
Energy
Co
151,267
8,215
Duke
Energy
Corp
947,190
43,153
E.ON
SE
642,632
1,651
Elia
Group
SA/NV
188,693
16,429
Endesa
SA
358,921
206,630
Enel
SpA
1,650,518
23,310
Engie
SA
403,081
40,000
ENN
Energy
Holdings
Ltd
300,487
7,014
Entergy
Corp
923,113
16,727
Evergy
Inc
1,037,241
2,716
Eversource
Energy
184,824
77,740
Iberdrola
SA
1,201,792
21,567
National
Grid
PLC
298,121
8,929
(b)
National
Grid
PLC,
Sponsored
ADR
622,083
51,242
(d)
NextEra
Energy
Inc
4,331,485
37,440
(b)
NiSource
Inc
1,297,296
34,099
(b)
PG&E
Corp
674,137
11,486
PPL
Corp
379,957
7,725
Public
Service
Enterprise
Group
Inc
689,147
21,669
Redeia
Corp
SA
421,268
25,961
RWE
AG
945,832
115,900
Sembcorp
Industries
Ltd
498,223
13,389
Sempra
1,119,722
13,107
Severn
Trent
PLC
464,034
83,160
Snam
SpA
423,596
20,775
(b)
Southern
Co/The
1,873,489
24,305
SSE
PLC
612,593
92,027
Terna
-
Rete
Elettrica
Nazionale
828,872
10,985
Veolia
Environnement
SA
361,662
2,217
WEC
Energy
Group
Inc
213,231
24,938
(b)
Xcel
Energy
Inc
1,628,451
TOTAL
UTILITIES
29,049,963
TOTAL
COMMON
STOCKS
(Cost
$164,785,024)
219,446,271
7
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
-
16.9%
(12.1%
of
Total
Investments)
–
$
420,000
BANK
2019-BNK24,
2019
BN24
3.283
%
11/15/62
$
385,163
347,324
(e),(f)
BX
Commercial
Mortgage
Trust
2021-CIP,
(TSFR1M
+
1.035%),
2021
CIP
6.132
12/15/38
344,757
820,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R03,
(SOFR30A
+
3.500%),
2022
R03
8.780
03/25/42
862,793
410,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R04,
(SOFR30A
+
3.100%),
2022
R04
8.380
03/25/42
427,572
475,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R05,
(SOFR30A
+
7.000%),
2022
R05
12.280
04/25/42
518,492
60,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R05,
(SOFR30A
+
3.000%),
2022
R05
8.280
04/25/42
62,002
970,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R06,
(SOFR30A
+
3.850%),
2022
R06
9.130
05/25/42
1,031,701
900,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R07,
(SOFR30A
+
4.650%),
2022
R07
9.913
06/25/42
974,068
35,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R08,
(SOFR
+
3.600%),
2022
R08
8.880
07/25/42
37,013
105,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2022-R09,
(SOFR30A
+
4.750%),
2022
R09
10.013
09/25/42
114,720
500,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2023-R01,
(SOFR30A
+
3.750%),
2023
R01
9.013
12/25/42
536,703
355,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2023-R05,
(SOFR30A
+
3.100%),
2023
R05
8.363
06/25/43
372,809
210,000
(e),(f)
Connecticut
Avenue
Securities
Trust
2023-R06,
(SOFR30A
+
3.900%),
2023
R06
9.188
07/25/43
222,677
1,375,517
(g)
Fannie
Mae
Pool,
FN
MA4626
4.000
06/01/52
1,320,882
2,628,827
(g)
Fannie
Mae
Pool,
FN
MA4655
4.000
07/01/52
2,526,395
1,660,489
(g)
Fannie
Mae
Pool,
FN
FS1535
3.000
04/01/52
1,500,361
1,557,415
(g)
Fannie
Mae
Pool,
FN
FS1533
3.000
04/01/52
1,412,628
142,222
Fannie
Mae
Pool,
FN
MA4920
6.000
02/01/53
145,626
1,436,469
Fannie
Mae
Pool,
FN
CB1301
2.500
08/01/51
1,253,408
1,630,833
(g)
Fannie
Mae
Pool,
FN
MA5165
5.500
10/01/53
1,649,700
2,680,017
(g)
Fannie
Mae
Pool,
FN
MA4783
4.000
10/01/52
2,575,174
675,049
(g)
Fannie
Mae
Pool,
FN
MA4785
5.000
10/01/52
675,484
502,417
(g)
Fannie
Mae
Pool,
FN
FS7299
3.000
05/01/52
456,161
1,339,471
(g)
Fannie
Mae
Pool,
FN
CB3905
3.500
06/01/52
1,249,096
2,372,633
(g)
Fannie
Mae
Pool,
FN
MA4919
5.500
02/01/53
2,400,936
3,067,289
(g)
Fannie
Mae
Pool,
FN
MA4805,
2022
1
4.500
11/01/52
3,016,569
3,419,146
(g)
Fannie
Mae
Pool,
FN
MA4733
4.500
09/01/52
3,362,945
3,825,868
(g)
Fannie
Mae
Pool,
FN
MA4737,
2022
1
5.000
08/01/52
3,832,393
1,915,404
(g)
Fannie
Mae
Pool,
FN
MA4700,
2022
1
4.000
07/01/52
1,840,861
1,981,603
(g)
Fannie
Mae
Pool,
FN
FS0522
2.500
02/01/52
1,731,311
4,590,733
(g)
Fannie
Mae
Pool,
FN
BW3382
4.500
07/01/52
4,518,460
702,508
(g)
Fannie
Mae
Pool,
FN
MA5247
6.000
01/01/54
717,990
3,338,320
(g)
Fannie
Mae
Pool,
FN
MA4600,
2022
2
3.500
05/01/52
3,108,769
790,196
(g)
Fannie
Mae
Pool,
FN
CB2795
3.000
02/01/52
712,648
768,206
(g)
Fannie
Mae
Pool,
FN
MA5039
5.500
06/01/53
777,152
884,327
(g)
Fannie
Mae
Pool,
FN
MA4644,
2022
1
4.000
05/01/52
850,526
1,148,771
(g)
Fannie
Mae
Pool,
FN
MA4918
5.000
02/01/53
1,149,014
1,150,487
(g)
Fannie
Mae
Pool,
FN
MA4942
6.000
03/01/53
1,177,370
901,919
(g)
Fannie
Mae
Pool,
FN
MA4978
5.000
04/01/53
902,040
503,714
(g)
Fannie
Mae
Pool,
FN
BW3383
4.500
07/01/52
495,783
3,189,589
(g)
Fannie
Mae
Pool,
FN
MA4732
4.000
09/01/52
3,064,343
1,232,555
(g)
Fannie
Mae
Pool,
FN
CB3599
3.500
05/01/52
1,154,865
466,182
(g)
Fannie
Mae
Pool,
FN
MA5106
5.000
08/01/53
465,885
1,633,511
(g)
Freddie
Mac
Pool,
FR
RA9629
5.500
08/01/53
1,654,172
1,432,573
Freddie
Mac
Pool,
FR
RA6766
2.500
02/01/52
1,251,964
386,649
(g)
Freddie
Mac
Pool,
FR
SD4810
3.000
04/01/52
351,893
822,675
(g)
Freddie
Mac
Pool,
FR
SD8220
3.000
06/01/52
739,530
893,115
(g)
Freddie
Mac
Pool,
FR
QE5382
4.500
07/01/52
879,045
1,212,184
Freddie
Mac
REMICS,
2021
5160
3.000
09/25/50
927,910
500,000
(e),(f)
Freddie
Mac
STACR
REMIC
Trust
2020-DNA5,
(SOFR30A
+
4.800%),
2020
DNA5
10.080
10/25/50
571,003
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
8
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
695,000
(e),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA3,
(SOFR30A
+
2.900%),
2022
DNA3
8.180
%
04/25/42
$
719,682
275,000
(e),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA4,
(SOFR30A
+
3.350%),
2022
DNA4
8.630
05/25/42
288,581
1,000,000
(e),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA5,
(SOFR30A
+
4.500%),
2022
DNA5
9.780
06/25/42
1,073,681
165,000
(e),(f)
Freddie
Mac
STACR
REMIC
Trust
2022-HQA2,
(SOFR30A
+
4.000%),
2022
HQA2
9.280
07/25/42
175,728
285,000
(e),(f)
Freddie
Mac
STACR
REMIC
Trust
2023-DNA1,
(SOFR30A
+
3.100%),
2023
DNA1
8.444
03/25/43
298,845
1,383,795
(g)
Ginnie
Mae
II
Pool,
G2
MA8149
3.500
07/20/52
1,299,832
306,216
(g)
Ginnie
Mae
II
Pool,
G2
MA7419,
2021
MTGE
3.000
06/20/51
279,591
474,798
(g)
Ginnie
Mae
II
Pool,
G2
MA7871,
2022
1
2.500
02/20/52
406,870
682,738
(g)
Ginnie
Mae
II
Pool,
G2
MA8428
5.000
11/20/52
684,885
393,947
(g)
Ginnie
Mae
II
Pool,
G2
MA8043
3.000
05/20/52
359,152
878,439
(g)
Ginnie
Mae
II
Pool,
G2
MA8200
4.000
08/20/52
849,146
413,197
Government
National
Mortgage
Association,
2023
111
3.000
02/20/52
298,001
457,759
Government
National
Mortgage
Association,
2022
174
4.500
09/20/52
437,863
801,824
Government
National
Mortgage
Association,
2013
188
2.500
12/20/43
720,722
256,238
Government
National
Mortgage
Association,
2022
124
4.000
07/20/52
218,462
240,632
Government
National
Mortgage
Association,
2021
209
3.000
11/20/51
183,602
100,000
(e),(f)
GS
Mortgage
Securities
Corp
Trust
2021-ARDN,
(TSFR1M
+
1.364%),
2021
ARDN
6.461
11/15/36
99,104
823,783
(e)
GS
Mortgage-Backed
Securities
Corp
Trust
2022-PJ2,
2022
PJ2
3.000
06/25/52
713,199
292,366
(e)
GS
Mortgage-Backed
Securities
Trust
2021-PJ10,
2021
PJ10
2.500
03/25/52
243,884
429,142
(e)
GS
Mortgage-Backed
Securities
Trust
2022-GR2,
2022
GR2
3.000
08/26/52
371,513
302,182
(e)
GS
Mortgage-Backed
Securities
Trust
2022-HP1,
2022
HP1
3.000
09/25/52
261,602
494,928
(e)
GS
Mortgage-Backed
Securities
Trust
2022-INV1,
2022
INV1
3.000
07/25/52
428,464
249,022
(e)
GS
Mortgage-Backed
Securities
Trust
2022-PJ5,
2022
PJ5
3.000
10/25/52
215,594
257,803
(e)
GS
Mortgage-Backed
Securities
Trust
2023-PJ1,
2023
PJ1
3.500
02/25/53
231,279
404,995
(e)
J.P.
Morgan
Mortgage
Trust
2021-15,
2021
15
2.500
06/25/52
336,826
341,722
(e)
J.P.
Morgan
Mortgage
Trust
2022-4,
2022
4
3.000
10/25/52
295,849
215,737
(e)
J.P.
Morgan
Mortgage
Trust
2022-6,
2022
6
3.000
11/25/52
187,046
522,149
(e)
J.P.
Morgan
Mortgage
Trust
2022-INV3,
2022
INV3
3.000
09/25/52
452,030
127,811
(e)
J.P.
Morgan
Mortgage
Trust
2022-LTV2,
2022
LTV2
3.500
09/25/52
115,139
1,187,936
(e)
JP
Morgan
Mortgage
Trust
2022-2,
2022
2
3.000
08/25/52
1,028,468
729,940
(e)
JP
Morgan
Mortgage
Trust
2022-3,
2022
3
3.000
08/25/52
631,917
1,631,161
(d),(e)
JP
Morgan
Mortgage
Trust
2022-LTV1,
2022
LTV1
3.250
07/25/52
1,423,996
600,929
(e)
JP
Morgan
Mortgage
Trust
Series
2024-3,
2024
3
3.000
05/25/54
520,230
290,591
(e)
OBX
2022-INV5
Trust,
2022
INV5
4.000
10/25/52
269,925
665,505
(e)
RCKT
Mortgage
Trust
2022-2,
2022
2
2.500
02/25/52
553,485
86,596
(e)
RCKT
Mortgage
Trust
2022-3,
2022
3
3.000
05/25/52
74,971
179,950
(e)
RCKT
Mortgage
Trust
2022-4,
2022
4
3.500
06/25/52
161,876
112,469
(e)
Wells
Fargo
Mortgage
Backed
Securities
2021-2
Trust,
2021
2
2.500
06/25/51
93,678
172,843
(e)
Wells
Fargo
Mortgage
Backed
Securities
2022-2
Trust,
2022
2
2.500
12/25/51
143,749
211,677
(e)
Wells
Fargo
Mortgage
Backed
Securities
2022-INV1
Trust,
2022
INV1
3.500
03/25/52
190,416
127,006
(e)
Wells
Fargo
Mortgage
Backed
Securities
2022-INV1
Trust,
2022
INV1
3.000
03/25/52
109,950
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$79,913,623)
79,759,595
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
61757497
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
13.0%
(9.4%
of
Total
Investments)
(h)
61757497
AUTOMOBILES
&
COMPONENTS
-
0.1%
235,941
Adient
US
LLC,
Term
Loan
B2,
(TSFR1M
+
2.750%)
7.595
01/29/31
236,482
389,025
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.345
05/06/30
389,675
66,340
DexKo
Global
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
8.615
10/04/28
64,285
TOTAL
AUTOMOBILES
&
COMPONENTS
690,442
9
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
CAPITAL
GOODS
-
0.8%
$
110,374
(j)
ACProducts,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.250%)
9.115
%
05/17/28
$
92,793
164,297
Ali
Group
North
America
Corporation,
Term
Loan
B,
(TSFR1M
+
2.000%)
6.960
10/13/28
165,042
63,876
Centuri
Group,
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.355
08/28/28
63,821
148,291
Chamberlain
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.195
10/22/28
147,679
69,650
Chamberlain
Group
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.345
11/03/28
69,569
223,586
Chart
Industries,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.825
03/18/30
223,447
172,364
Core
&
Main
LP,
Term
Loan
B,
(TSFR1M
+
2.000%)
6.855
07/27/28
172,508
20,477
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.447
04/12/28
20,090
150,000
(k)
Emrld
Borrower
LP,
Term
Loan
B,
(TBD)
TBD
TBD
149,889
240,654
Filtration
Group
Corporation,
Term
Loan,
(TSFR1M
+
3.500%)
8.460
10/23/28
241,004
304,398
Fly
Funding
II
S.a.r.l.,
Term
Loan
B,
(TSFR3M
+
1.750%)
7.120
08/11/25
297,754
55,858
Fortna
Group
Inc,
(TSFR3M
+
5.500%)
10.914
06/01/29
51,250
244,388
Gates
Global
LLC,
Term
Loan
B5,
(TSFR1M
+
2.250%)
7.095
05/23/31
245,140
70,000
(k)
Madison
Safety
&
Flow
LLC,
Term
Loan,
(TBD)
TBD
TBD
70,066
84,788
MI
Windows
and
Doors,
LLC,
Term
Loan
B2,
(TSFR1M
+
3.500%)
8.345
03/28/31
85,041
163,593
Quikrete
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.345
04/14/31
163,835
135,712
Standard
Industries
Inc.,
Term
Loan
B,
(TSFR1M
+
2.000%)
6.920
09/22/28
136,157
445,771
TK
Elevator
US
Newco
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.588
04/15/30
447,164
105,000
(k)
TransDigm
Inc,
(TBD)
TBD
TBD
104,704
87,825
TransDigm,
Inc.,
Term
Loan
J,
(TSFR3M
+
2.500%)
7.104
02/28/31
87,581
431,842
Victory
Buyer
LLC,
Term
Loan,
(TSFR3M
+
3.750%)
8.719
11/20/28
417,539
357,304
Windsor
Holdings
III,
LLC,
Term
Loan
B,
(TSFR1M
+
4.000%)
8.461
08/01/30
359,443
TOTAL
CAPITAL
GOODS
3,811,516
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.7%
457,287
Allied
Universal
Holdco
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.695
05/15/28
453,344
222,286
Anticimex
International
AB,
Term
Loan
B1,
(TSFR3M
+
3.500%)
8.532
11/16/28
222,355
78,550
CHG
Healthcare
Services
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
8.460
09/29/28
78,653
248,718
CoreLogic,
Inc.,
Term
Loan,
(TSFR1M
+
3.500%)
8.460
06/02/28
246,875
171,699
Covanta
Holding
Corporation,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.350
11/30/28
172,034
13,191
Covanta
Holding
Corporation,
Term
Loan
C,
(TSFR6M
+
2.500%)
7.588
11/30/28
13,217
29,626
Creative
Artists
Agency,
LLC
,
Term
Loan
B,
(TSFR3M
+
3.250%)
11.000
11/27/28
29,644
115,842
Dun
&
Bradstreet
Corporation
(The),
Term
Loan
B,
(TSFR1M
+
2.750%)
7.605
02/09/26
115,874
116,707
Ensemble
RCM,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
8.252
08/01/29
117,014
76,500
Evertec
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.095
10/15/30
76,787
165,000
(k)
First
Advantage
Holdings
LLC,
(TBD)
TBD
TBD
164,484
248,731
Garda
World
Security
Corp,
(TSFR1M
+
3.500%)
8.597
02/01/29
249,011
255,000
GFL
Environmental
Inc.,
Term
Loan
B,
(TSFR3M
+
2.000%)
7.321
06/27/31
255,046
100,511
LABL,
Inc.,
Term
Loan,
First
Lien,
(TSFR1M
+
5.000%)
9.945
10/29/28
98,443
194,625
OMNIA
Partners
LLC,
Term
Loan,
(TSFR3M
+
3.750%)
8.533
07/25/30
195,424
55,000
(k)
Prime
Security
Services
Borrower,
LLC,
Term
Loan,
(TBD)
TBD
TBD
55,000
54,863
Prime
Security
Services
Borrower,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.445
10/15/30
54,863
112,000
(k)
Signal
Parent
Inc,
Term
Loan,
(TBD)
TBD
TBD
101,185
592,903
(j)
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.710
03/27/28
566,223
120,000
XPLOR
T1
LLC,
Term
Loan
B,
(TSFR3M
+
4.250%)
8.854
06/13/31
120,600
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
3,386,076
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.7%
38,422
Avis
Budget
Car
Rental,
LLC,
Term
Loan
B,
(TSFR1M
+
1.750%)
6.710
08/06/27
38,306
64,993
Avis
Budget
Car
Rental,
LLC,
Term
Loan
C,
(TSFR1M
+
3.000%)
7.945
03/16/29
65,115
102,743
Barentz
International
B.V.,
Term
Loan
B2,
(TSFR3M
+
4.000%)
8.704
03/28/31
103,299
65,000
(k)
CNT
Holdings
I
Corp
,Term
Loan,
(TBD)
TBD
TBD
65,225
302,133
CNT
Holdings
I
Corp,
Term
Loan,
(TSFR3M
+
3.500%)
8.752
11/08/27
303,180
193,393
Driven
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.960
12/18/28
192,748
116,121
EOS
Finco
Sarl,
Term
Loan,
(TSFR1M
+
6.000%)
10.334
08/03/29
94,811
48,981
Fastlane
Parent
Company,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.500%)
9.345
09/29/28
46,440
634,999
Frontier
Communications
Corp.,
Term
Loan
B,
(TSFR3M
+
3.500%)
8.832
06/21/31
640,557
50,000
Gulfside
Supply
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
8.286
05/29/31
50,042
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
10
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
(continued)
$
120,000
Johnstone
Supply
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
8.174
%
05/16/31
$
119,850
133,590
(j)
Kodiak
Building
Partners
Inc.,
Term
Loan
B2,
(TSFR3M
+
3.750%)
8.595
03/13/28
134,112
248,714
LBM
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.695
12/20/27
247,563
152,643
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.845
04/16/31
152,882
64,838
Mister
Car
Wash
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.845
03/27/31
64,982
540,235
PetSmart,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.695
02/14/28
536,425
175,384
Restoration
Hardware,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.460
10/15/28
169,026
139,650
Wand
NewCo
3,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
8.007
01/30/31
139,650
60,000
White
Cap
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.095
10/19/29
59,636
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,223,849
CONSUMER
DURABLES
&
APPAREL
-
0.3%
135,270
ABG
Intermediate
Holdings
2
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.595
12/21/28
135,561
721,307
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
B,
First
Lien,
(TSFR1M
+
3.500%)
8.701
07/31/28
721,272
248,715
Hayward
Industries,
Inc.,
Term
Loan,
(TSFR1M
+
2.750%)
7.460
05/30/28
248,715
5,678
Serta
Simmons
Bedding,
LLC,
Term
Loan,
(1-Month
LIBOR
+
7.500%)
12.168
08/10/23
4,714
54,225
SRAM,
LLC
,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.710
05/18/28
54,292
61,588
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.845
03/18/30
60,805
343,147
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.210
10/29/27
324,609
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,549,968
CONSUMER
SERVICES
-
1.5%
54,863
1011778
B.C.
Unlimited
Liability
Company,
Term
Loan
B6,
(TSFR1M
+
1.750%)
6.595
09/23/30
54,402
401,761
24
Hour
Fitness
Worldwide,
Inc.,
Term
Loan,
(TSFR3M
+
5.000%),
(cash
9.865%,
PIK
5.000%)
9.865
12/29/25
177,444
50,000
Allwyn
Entertainment
Financing
US
LLC
,Term
Loan,
(TSFR3M
+
2.250%)
7.554
06/30/31
50,016
242,503
Alterra
Mountain
Company,
Term
Loan,
(TSFR1M
+
3.500%)
8.497
08/17/28
243,110
498,750
Alterra
Mountain
Company,
Term
Loan
B4,
(TSFR1M
+
3.250%)
8.095
08/17/28
500,516
249,375
Alterra
Mountain
Company,
Term
Loan
B5,
(TSFR1M
+
3.500%)
8.345
05/31/30
250,517
184,546
AVSC
Holding
Corp.,
Term
Loan
B3,
(TSFR3M
+
7.500%),
(cash
5.000%,
PIK
10.000%)
5.000
12/04/26
189,351
198,394
Caesars
Entertainment
Corp,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.595
02/06/30
198,781
497,500
Caesars
Entertainment
Inc.,
Term
Loan
B1,
(TSFR3M
+
2.750%)
7.595
02/06/31
498,239
92,441
Carnival
Corporation,
Term
Loan
B2,
(TSFR1M
+
2.750%)
7.595
08/09/27
92,816
89,775
Cedar
Fair,
L.P.,
Term
Loan
B,
(TSFR1M
+
2.000%)
6.845
04/18/31
89,753
216,435
Churchill
Downs
Incorporated,
Term
Loan
B1,
(TSFR1M
+
2.000%)
6.945
03/17/28
216,435
590,337
ClubCorp
Holdings,
Inc.,
Term
Loan
B2,
(TSFR3M
+
5.000%)
9.865
09/18/26
591,974
416,909
Fertitta
Entertainment,
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.847
01/29/29
416,230
497,494
Flutter
Entertainment
PLC,
Term
Loan
B,
(TSFR3M
+
2.250%)
6.604
11/29/30
498,648
138,000
GBT
US
III
LLC,
Term
loan
B,
(TSFR3M
+
3.000%)
8.279
07/28/31
137,885
132,980
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B,
(TSFR6M
+
2.750%)
8.014
10/31/29
133,174
54,725
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.095
01/17/31
54,417
216,036
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.345
08/02/28
215,046
119,817
IRB
Holding
Corp,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.695
12/15/27
119,800
440,042
Light
and
Wonder
International,
Inc.,
Term
Loan
B2,
(TSFR1M
+
2.250%)
7.333
04/16/29
440,473
248,752
Motion
Finco
Sarl,
Term
Loan
B,
(TSFR3M
+
3.500%)
8.104
11/30/29
239,703
55,835
PCI
Gaming
Authority,
Term
Loan,
(TSFR1M
+
2.000%)
6.845
06/06/31
55,581
165,375
Penn
National
Gaming,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.705
04/20/29
165,944
163,876
Scientific
Games
Holdings
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
8.318
04/04/29
163,095
264,950
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.345
08/25/28
264,728
452,970
Spin
Holdco
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
9.256
03/06/28
398,520
74
Twin
River
Worldwide
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
8.794
10/02/28
70
11
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
CONSUMER
SERVICES
(continued)
$
261,902
William
Morris
Endeavor
Entertainment,
LLC,
Term
Loan,
First
Lien,
(TSFR1M
+
2.750%)
7.346
%
05/16/25
$
262,393
TOTAL
CONSUMER
SERVICES
6,719,061
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.1%
69,136
Cardenas
Markets,
Inc.,
Term
Loan,
(TSFR3M
+
6.750%)
11.454
08/01/29
68,387
125,000
(k)
Heritage
Grocers
Group
LLC,
Term
Loan,
(TBD)
TBD
TBD
123,646
300,041
(j)
US
Foods,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.000%)
6.845
11/22/28
300,923
52,889
US
Foods,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.000%)
6.960
09/14/26
52,969
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
545,925
ENERGY
-
0.1%
173,940
(j)
EG
Group
Limited,
Term
Loan
B,
(TSFR3M
+
5.500%)
10.592
02/07/28
174,085
254,702
Freeport
LNG
Investments,
LLLP,
Term
Loan
A,
(TSFR3M
+
3.000%)
8.544
11/16/26
254,035
228,538
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.460
11/05/28
229,129
TOTAL
ENERGY
657,249
FINANCIAL
SERVICES
-
0.2%
44,775
Aragorn
Parent
Corporation,
Term
Loan,
(TSFR1M
+
4.250%)
9.170
12/15/28
44,999
80,166
Avolon
TLB
Borrower
1
(US)
LLC,
Term
Loan
B6,
(TSFR1M
+
2.000%)
6.961
06/22/28
80,425
465,999
Boost
Newco
Borrower,
LLC,
Term
loan
B,
(TSFR3M
+
2.500%)
7.104
01/31/31
466,776
167,886
(c),(l)
Ditech
Holding
Corporation,
Term
Loan
0.000
06/30/24
17
7,759
Focus
Financial
Partners
LLC,
(TSFR1M
+
3.250%)
0.000
09/10/31
7,745
72,241
Focus
Financial
Partners
LLC,
(TSFR1M
+
3.250%)
8.095
09/10/31
72,108
55,000
GTCR
Everest
Borrower
LLC,
(TSFR1M
+
3.000%)
7.604
06/03/31
54,424
122,693
Kestra
Advisor
Services
Holdings
A,
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
9.057
03/24/31
123,191
74,213
NCR
Atleos
LLC,
Term
Loan
B,
(TSFR3M
+
4.750%)
10.102
03/27/29
75,171
197,723
Trans
Union,
LLC,
Term
Loan
B8,
(TSFR1M
+
1.750%)
6.595
06/24/31
197,555
TOTAL
FINANCIAL
SERVICES
1,122,411
FOOD,
BEVERAGE
&
TOBACCO
-
0.4%
18,806
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
9.710
10/01/25
18,305
254,088
8th
Avenue
Food
&
Provisions,
Inc.,
Term
Loan,
First
Lien,
(TSFR1M
+
3.750%)
8.710
10/01/25
247,100
248,575
CHG
PPC
Parent
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
7.710
12/08/28
248,266
21,077
City
Brewing
Company,
LLC,
First
Lien,
(TSFR3M
+
3.500%)
10.563
04/14/28
11,118
30,600
(j)
City
Brewing
Company,
LLC,
Term
Loan,
(TSFR3M
+
6.250%)
11.551
04/05/28
27,081
76,875
City
Brewing
Company,
LLC,
Term
Loan,
(TSFR3M
+
3.500%)
9.063
04/14/28
63,037
249,375
Fiesta
Purchaser,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
8.845
02/12/31
249,843
34,000
(k)
Naked
Juice
LLC,
Term
Loan,
(TBD)
TBD
TBD
27,944
32,727
(j)
Naked
Juice
LLC,
Term
Loan,
(TSFR3M
+
3.250%)
7.550
01/20/29
26,898
245,954
Pegasus
BidCo
BV,
Term
Loan,
(TSFR3M
+
3.750%)
8.868
07/12/29
246,646
229,797
Sycamore
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.220
07/23/29
229,942
268,037
Triton
Water
Holdings,
Inc,
Term
Loan,
(TSFR3M
+
3.250%)
7.918
03/31/28
267,876
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,664,056
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.5%
203,433
24
Hour
Fitness
Worldwide,
Inc.,
Exit
Term
Loan,
(3-Month
LIBOR
+
14.000%)
19.104
09/30/26
111,888
99,250
ADMI
Corp.,
Term
Loan
B5,
(TSFR1M
+
5.750%)
10.595
12/23/27
99,529
213,785
AHP
Health
Partners,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.379
08/24/28
213,919
598,400
Bausch
&
Lomb,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
8.270
05/05/27
596,987
40,000
Concentra
Health
Services
Inc,
Term
loan
B,
(TSFR1M
+
2.250%)
7.095
06/26/31
39,975
182,256
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
4.250%)
8.354
04/12/29
182,941
224,029
(j)
Gainwell
Acquisition
Corp.,
Term
Loan
B,
(TSFR3M
+
4.000%)
8.704
10/01/27
213,808
537,029
Global
Medical
Response,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
10.461
10/02/28
534,806
1,175,022
Medline
Borrower,
LP,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.595
10/23/28
1,176,825
188,028
(j)
National
Mentor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.750%)
8.695
03/02/28
181,297
6,024
(j)
National
Mentor
Holdings,
Inc.,
Term
Loan
C,
(TSFR3M
+
3.750%)
8.454
03/02/28
5,808
153,588
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR3M
+
4.750%)
9.710
02/28/28
153,635
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
12
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
$
173,565
Pacific
Dental
Services,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
7.847
%
03/17/31
$
173,673
615,578
Packaging
Coordinators
Midco,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
8.095
11/30/27
616,107
689,705
Parexel
International
Corporation,
Term
loan
B,
(TSFR1M
+
3.000%)
7.845
11/15/28
690,618
190,041
Phoenix
Guarantor
Inc,
Term
Loan,
(TSFR1M
+
3.250%)
8.095
02/21/31
189,744
115,000
(k)
Radiology
Partners
Inc,
Term
Loan,
(TBD)
TBD
TBD
112,988
70,000
Resonetics,
LLC,
Term
Loan,
(TSFR1M
+
3.750%)
8.715
06/06/31
70,175
63,210
Select
Medical
Corporation,
Term
Loan
B1,
(TSFR1M
+
3.000%)
7.845
03/05/27
63,539
82,321
(k)
Sound
Inpatient
Physicians
Inc,
Term
Loan,
(TBD)
TBD
TBD
74,089
206,690
Star
Parent,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.000%)
8.409
09/30/30
201,407
912,974
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.670
12/19/30
914,617
247,999
Team
Health
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
5.250%)
10.502
03/02/27
237,886
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
6,856,261
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.0%
179,000
(c)
Kronos
Acquisition
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
9.314
06/27/31
170,945
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
170,945
INSURANCE
-
0.8%
233,840
Acrisure,
LLC,
Term
Loan
B1,
(TSFR1M
+
3.000%)
8.211
02/16/27
233,597
265,938
(j)
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B6,
(TSFR1M
+
3.000%)
7.965
09/12/31
264,749
199,000
AssuredPartners,
Inc.,
Term
Loan
B5,
(TSFR1M
+
3.500%)
8.345
02/14/31
199,035
91,640
Asurion
LLC,
Term
Loan
B11,
(TSFR1M
+
4.250%)
9.195
08/21/28
90,429
127,000
(k)
Asurion
LLC,
Term
Loan
B7,
Term
Loan,
(TBD)
TBD
TBD
125,322
202,969
Asurion
LLC,
Term
Loan
B8,
(TSFR1M
+
3.250%)
8.210
12/23/26
203,036
126,394
Asurion
LLC,
Term
Loan
B9,
(TSFR1M
+
3.250%)
8.210
07/30/27
124,832
647,299
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
3.250%)
8.095
05/12/31
645,464
461,883
HUB
International
Limited,
Term
loan
B,
(TSFR3M
+
3.000%)
8.225
06/20/30
461,730
319,273
Ryan
Specialty
LLC,
(TSFR1M
+
2.250%)
7.095
09/11/31
319,672
84,148
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
8.252
06/27/31
84,087
435,000
Truist
Insurance
Holdings
LLC,
First
Lien,
Term
Loan,
(TSFR1M
+
3.250%)
7.854
03/22/31
435,046
323,808
USI,
Inc.,
Term
Loan,
(TSFR1M
+
2.750%)
7.354
11/23/29
323,224
103,953
USI,
Inc.,
Term
Loan,
(TSFR3M
+
2.750%)
7.354
09/27/30
103,758
TOTAL
INSURANCE
3,613,981
MATERIALS
-
0.5%
30,000
A-AP
Buyer
Inc,
(TSFR3M
+
3.250%)
0.000
08/01/31
30,188
24,751
Arsenal
AIC
Parent
LLC,
(TSFR1M
+
3.250%)
8.095
08/19/30
24,763
71,273
Ascend
Performance
Materials
Operations
LLC,
Term
Loan
B,
(TSFR3M
+
4.750%)
9.095
08/27/26
66,353
109,337
ASP
Unifrax
Holdings
Inc,
Term
Loan
B,
(TSFR3M
+
3.750%)
9.235
12/12/25
108,256
170,210
Axalta
Coating
Systems
US
Holdings
Inc,
(TSFR1M
+
2.500%)
6.604
12/20/29
170,910
241,166
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.020
04/13/29
240,201
210,000
(j)
CPC
Acquisition
Corp,
Term
Loan,
(TSFR3M
+
3.750%)
8.615
12/29/27
183,751
186,388
Discovery
Purchaser
Corporation,
Term
Loan,
(TSFR3M
+
4.375%)
9.693
08/03/29
185,844
34,563
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan,
(TSFR1M
+
3.750%)
8.695
03/03/30
34,627
132,436
INEOS
Quattro
Holdings
UK
Ltd,
Term
Loan
B,
First
Lien,
(TSFR1M
+
4.250%)
9.195
03/29/29
132,644
200,469
(j)
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan
B,
(TSFR6M
+
4.725%)
9.723
02/09/26
189,332
112,742
Lonza
Group
AG,
Term
Loan
B,
(TSFR3M
+
3.925%)
8.529
07/03/28
105,735
249,374
Nouryon
Finance
B.V.,
Term
Loan
B,
(TSFR3M
+
3.500%)
8.628
04/03/28
250,077
14,850
Nouryon
Finance
B.V.,
Term
Loan
B,
(TSFR3M
+
3.500%)
8.821
04/03/28
14,903
249,999
(k)
Nouryon
USA
LLC,
Term
Loan,
(TBD)
TBD
TBD
250,704
94,289
Proampac
PG
Borrower
LLC,
Term
Loan,
(TSFR3M
+
4.000%)
9.229
09/15/28
94,548
166,533
Reynolds
Group
Holdings
Inc.
,
Term
Loan
B3,
(TSFR1M
+
2.500%)
7.747
09/25/28
166,689
54,725
SupplyOne,
Inc,
Term
Loan
B,
(TSFR1M
+
4.250%)
9.095
04/21/31
54,953
44,201
TricorBraun
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
8.210
03/03/28
43,413
94,763
Tronox
Finance
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7.354
04/04/29
94,957
13
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
MATERIALS
(continued)
$
1,219
W.R.
Grace
&
Co.-Conn.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7.854
%
09/22/28
$
1,223
TOTAL
MATERIALS
2,444,071
MEDIA
&
ENTERTAINMENT
-
1.0%
144,346
Advantage
Sales
&
Marketing,
Inc.,
Term
Loan,
(TSFR3M
+
4.250%)
9.833
10/28/27
140,490
1,312,063
(j)
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
(TSFR1M
+
7.000%)
11.920
01/04/29
1,311,244
118,207
Cable
One,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.000%)
6.960
05/03/28
115,281
215,460
Cengage
Learning,
Inc.,
Term
Loan
B,
(TSFR6M
+
4.250%)
9.538
03/24/31
216,187
248,750
Cinemark
USA,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
8.024
05/24/30
249,424
356,605
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
4.000%)
8.960
08/23/28
356,288
437,754
Crown
Finance
US,
Inc.,
Term
Loan,
(TSFR1M
+
8.500%),
(cash
6.455%,
PIK
7.000%)
6.455
07/31/28
444,173
322,287
CSC
Holdings,
LLC,
Term
Loan
B6,
(TSFR1M
+
4.500%)
9.597
01/18/28
313,885
112,972
DirecTV
Financing,
LLC,
Term
Loan,
(TSFR1M
+
5.000%)
9.960
08/02/27
113,179
173,011
Dotdash
Meredith
Inc,
Term
Loan
B,
(TSFR1M
+
4.000%)
9.301
12/01/28
173,335
77,000
iHeartCommunications,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
8.210
05/01/26
66,557
81,000
iHeartCommunications,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7.960
05/01/26
70,415
158,237
McGraw-Hill
Global
Education
Holdings,
LLC,
Term
loan
B,
(TSFR3M
+
4.000%)
8.604
08/06/31
159,029
82,450
Mission
Broadcasting,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.815
06/02/28
81,986
140,000
(k)
NEP
Group
Inc,
Term
Loan,
(TBD)
TBD
TBD
133,000
321,976
NEP
Group,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%),
(cash
8.115%,
PIK
1.500%)
8.115
08/19/26
309,700
124,688
Simon
&
Schuster
Inc,
Term
Loan
B,
(TSFR3M
+
4.000%)
9.255
10/30/30
124,635
135,000
UPC
Financing
Partnership,
Term
Loan
AX,
(TSFR1M
+
3.000%)
8.136
01/31/29
134,513
100,000
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
(TSFR1M
+
3.250%)
8.656
03/06/31
95,639
249,375
Wood
Mackenzie
Limited,
Term
Loan
B,
(TSFR3M
+
3.500%)
8.604
02/10/31
250,123
TOTAL
MEDIA
&
ENTERTAINMENT
4,859,083
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.4%
1,345,607
Jazz
Financing
Lux
S.a.r.l.,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.095
05/05/28
1,345,727
1,504
Mallinckrodt
International
Finance
S.A.,
Term
Loan,
(TSFR1M
+
9.500%)
14.420
11/14/28
1,626
221,000
Maravai
Intermediate
Holdings,
LLC,
Term
Loan
B,
(TSFR3M
+
4.250%)
8.280
10/19/27
220,241
318,452
Organon
&
Co,
Term
Loan
B,
(TSFR1M
+
2.500%)
7.465
05/14/31
318,452
109,429
Perrigo
Investments,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.195
04/05/29
109,521
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,995,567
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
144,688
(j)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan,
(TSFR1M
+
3.750%)
8.595
01/31/30
144,959
378,805
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.845
01/31/30
379,280
3,153
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.710
08/21/25
3,159
166,000
(j)
Forest
City
Enterprises
LP,
(TSFR1M
+
3.500%)
8.941
12/08/25
160,951
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
688,349
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
3,436
Bright
Bidco
B.V.,
Term
Loan,
(TSFR3M
+
4.500%),
(cash
6.252%,
PIK
8.000%)
6.689
10/31/27
1,677
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
1,677
SOFTWARE
&
SERVICES
-
2.2%
119,730
AppLovin
Corporation,
Term
Loan,
(TSFR1M
+
2.500%)
7.345
10/25/28
119,869
65,407
Apttus
Corporation,
Term
loan
B,
(TSFR3M
+
3.500%)
8.557
05/08/28
65,726
575,888
Avaya,
Inc.,
Term
Loan,
(TSFR3M
+
–%)
12.168
08/01/28
510,896
313,404
Banff
Merger
Sub
Inc,
Term
loan
B,
(TSFR3M
+
3.750%)
9.005
07/30/31
313,155
363,942
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
7.595
10/30/26
363,851
497,500
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
8.451
04/30/31
497,811
125,000
Drake
Software,
LLC,
Term
Loan
B,
(TSFR1M
+
4.250%)
9.095
06/05/31
120,625
111,037
DTI
Holdco,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
9.595
04/21/29
111,612
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
14
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
SOFTWARE
&
SERVICES
(continued)
$
110,000
(k)
Envestnet
Inc,
Term
Loan,
(TBD)
TBD
TBD
$
109,645
592,450
Epicor
Software
Corporation,
Term
Loan,
(TSFR1M
+
3.250%)
8.095
%
05/23/31
593,590
125,000
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.595
05/08/31
124,922
142,048
Gen
Digital
Inc.,
Term
Loan
B,
(TSFR1M
+
1.750%)
6.595
09/12/29
141,749
736,665
Genesys
Cloud
Services
Holdings
II
LLC,
First
Lien,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.345
12/01/27
738,997
117,824
IGT
Holding
IV
AB,
Term
Loan
B2,
(TSFR3M
+
3.400%)
8.972
03/29/28
117,824
265,663
Informatica
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.095
10/30/28
265,717
243,750
Instructure
Holdings,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
8.074
10/30/28
244,207
200,000
(k)
Leia
Finco
US
LLC
,Term
Loan,
(TBD)
TBD
TBD
197,166
39,900
Marcel
LUX
IV
SARL,
Term
Loan
B5,
(TSFR1M
+
4.000%)
9.340
10/07/30
40,199
476,462
McAfee,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.451
03/01/29
475,383
254,000
Mitchell
International,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
8.095
06/06/31
250,582
400,721
Open
Text
Corporation,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.095
01/31/30
402,656
87,340
Peraton
Corp.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.695
02/01/28
84,238
114,713
Perforce
Software,
Inc.,
Term
Loan,
(TSFR1M
+
4.750%)
9.595
03/24/31
114,713
248,695
Perforce
Software,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
8.695
07/01/26
248,108
63,561
Proofpoint,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7.845
08/31/28
63,602
94,050
Quartz
Acquireco
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
7.354
06/28/30
94,227
221,789
Rackspace
Technology
Global,
Inc.,
Term
Loan,
First
Lien,
(TSFR1M
+
6.250%)
11.483
05/15/28
225,647
447,840
Rackspace
Technology
Global,
Inc.,
Term
Loan,
First
Lien,
(TSFR1M
+
2.750%)
7.983
05/15/28
249,953
163,350
Rocket
Software,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.750%)
9.595
11/28/28
163,713
311,061
Sophia,
L.P.,
Term
Loan
B,
(TSFR1M
+
3.500%)
8.445
10/29/29
312,202
210,991
SS&C
Technologies
Inc.,
Term
Loan
B8,
(TSFR1M
+
2.000%)
6.845
05/09/31
211,224
125,000
(k)
Synechron
Inc,
Term
Loan,
(TBD)
TBD
TBD
124,063
573,509
Syniverse
Holdings,
Inc.,
Term
Loan,
(TSFR3M
+
7.000%)
11.604
05/10/29
567,846
209,404
Tempo
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.095
08/31/28
209,746
65,000
(k)
Thunder
Generation
Funding
LLC,
(TBD)
TBD
TBD
65,000
787,543
Ultimate
Software
Group
Inc
(The),
Term
Loan
B,
(TSFR3M
+
3.500%)
8.555
02/10/31
788,527
49,491
Vision
Solutions,
Inc.,
Term
Loan,
(TSFR3M
+
4.000%)
9.514
04/24/28
48,316
254,788
(j)
VS
Buyer,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.347
04/14/31
255,530
165,655
West
Corporation,
Term
Loan
B3,
(TSFR3M
+
4.000%)
9.502
04/12/27
147,392
92,685
WEX
Inc.,
Term
Loan,
(TSFR1M
+
2.250%)
6.845
04/03/28
92,966
248,750
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.595
09/28/29
248,893
TOTAL
SOFTWARE
&
SERVICES
10,122,088
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.2%
558,395
(j)
CommScope,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.250%)
8.210
04/06/26
542,225
108,383
Ingram
Micro
Inc,
(TSFR3M
+
–%)
7.564
09/22/31
108,519
151,479
MLN
US
HoldCo
LLC,
Term
Loan,
(TSFR3M
+
6.700%)
12.079
10/18/27
16,663
260,655
MLN
US
HoldCo
LLC,
Term
Loan,
First
Lien,
(TSFR3M
+
4.500%)
9.414
12/01/25
15,639
158,277
(j)
Riverbed
Technology,
Inc.,
Term
Loan,
(TSFR3M
+
2.500%)
7.104
07/03/28
98,610
60,000
(k)
Viasat
Inc,
Term
Loan,
(TBD)
TBD
TBD
55,125
60,000
(k)
Viasat
Inc,
Term
Loan,
(TBD)
TBD
TBD
54,881
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
891,662
TELECOMMUNICATION
SERVICES
-
0.7%
129,218
(j)
Altice
France
S.A.,
Term
Loan
B12,
(TSFR3M
+
3.688%)
9.250
02/02/26
110,845
204,247
Altice
France
S.A.,
Term
Loan
B13,
(TSFR1M
+
4.000%)
9.380
08/14/26
168,505
120,331
Cincinnati
Bell,
Inc.,
Term
Loan
B2,
(TSFR1M
+
3.250%)
8.195
11/24/28
120,226
201,761
(l)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.000%)
0.000
05/01/25
1,110
15,000
(k)
Dawn
Acquisitions
LLC,
Term
Loan,
(TBD)
TBD
TBD
14,775
287,434
(j)
Digicel
International
Finance
Limited,
Term
Loan,
(TSFR3M
+
6.750%),
(cash
12.002%,
PIK
1.500%)
12.002
05/27/27
284,999
248,747
Iridium
Satellite
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
7.095
09/20/30
244,782
272,630
(j)
Level
3
Financing
Inc.,
Term
Loan
B1,
(TSFR1M
+
6.560%)
11.414
04/16/29
278,798
331,370
(j)
Level
3
Financing
Inc.,
Term
Loan
B2,
(TSFR1M
+
6.560%)
11.414
04/15/30
338,027
148,000
(k)
Lumen
Technologies
Inc,
Term
Loan,
(TBD)
TBD
TBD
142,968
249,000
(k)
Lumen
Technologies,
Inc.,
Term
Loan
B2,
(TBD)
TBD
TBD
216,476
300,000
(k)
Virgin
Media
Bristol
LLC,
Term
Loan
N,
(TBD)
TBD
TBD
287,499
759,001
(j)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
7.970
03/09/27
695,514
15
PRINCIPAL
DESCRIPTION  
RATE(h)
MATURITY(i)
VALUE
TELECOMMUNICATION
SERVICES
(continued)
$
480,992
Ziggo
Financing
Partnership,
Term
Loan
I,
(TSFR1M
+
2.500%)
7.711
%
04/28/28
$
470,336
TOTAL
TELECOMMUNICATION
SERVICES
3,374,860
TRANSPORTATION
-
0.4%
121,789
AAdvantage
Loyalty
IP
Ltd.,
Term
Loan,
(TSFR3M
+
4.750%)
10.294
04/20/28
125,391
193,538
Air
Canada,
Term
Loan
B,
(TSFR3M
+
2.500%)
7.253
03/21/31
194,263
186,916
Brown
Group
Holding,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.595
07/01/31
186,773
147,755
Brown
Group
Holding,
LLC,
Term
Loan
B2,
(TSFR3M
+
2.750%)
7.837
07/01/31
147,611
134,866
First
Student
Bidco
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
7.668
07/21/28
135,193
56,588
First
Student
Bidco
Inc,
Term
Loan
C,
(TSFR3M
+
3.000%)
7.668
07/21/28
56,726
225,418
KKR
Apple
Bidco,
LLC,
Term
Loan,
(TSFR1M
+
2.750%)
7.710
09/25/28
225,349
117,909
KKR
Apple
Bidco,
LLC,
Term
Loan,
(TSFR1M
+
4.000%)
8.345
09/23/28
118,310
114,790
(j)
PODS,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
8.514
03/31/28
108,821
129,549
SkyMiles
IP
Ltd.,
Term
Loan
B,
(TSFR3M
+
3.750%)
9.032
10/20/27
132,108
498,749
United
Airlines,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.750%)
8.033
02/24/31
500,309
124,991
WestJet
Loyalty
LP,
Term
Loan
B,
(TSFR3M
+
3.750%)
8.354
02/14/31
123,871
TOTAL
TRANSPORTATION
2,054,725
UTILITIES
-
0.3%
25,000
(k)
EFS
Cogen
Holdings
I
LLC,
Term
Loan,
(TBD)
TBD
TBD
25,078
648,541
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
8.596
05/17/30
651,338
532,193
Talen
Energy
Supply,
LLC,
Term
Loan
C,
(TSFR3M
+
3.500%)
8.596
05/17/30
534,490
2,855
Vistra
Operations
Company
LLC,
Term
Loan
B3,
First
Lien,
(TSFR1M
+
2.000%)
6.845
12/20/30
2,859
99,500
Vistra
Zero
Operating
Company,
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
7.595
04/30/31
99,910
TOTAL
UTILITIES
1,313,675
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$62,392,947)
61,757,497
SHARES  
DESCRIPTION  
VALUE
61000831
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
-
12.9%
(9.2%
of
Total
Investments)
61000831
DATA
CENTER
REITS
-
1.6%
22,925
(d)
Digital
Realty
Trust
Inc
3,709,953
4,409
(d)
Equinix
Inc
3,913,560
TOTAL
DATA
CENTER
REITS
7,623,513
HEALTH
CARE
REITS
-
1.3%
5,000
American
Healthcare
REIT
Inc
130,500
30,000
(d)
Healthpeak
Properties
Inc
686,100
33,100
Parkway
Life
Real
Estate
Investment
Trust
108,058
15,000
Sabra
Health
Care
REIT
Inc
279,150
23,300
Ventas
Inc
1,494,229
26,600
Welltower
Inc
3,405,598
TOTAL
HEALTH
CARE
REITS
6,103,635
HOTEL
&
RESORT
REITS
-
0.2%
41,000
Host
Hotels
&
Resorts
Inc
721,600
TOTAL
HOTEL
&
RESORT
REITS
721,600
INDUSTRIAL
REITS
-
2.3%
3,800
EastGroup
Properties
Inc
709,916
14,100
Lineage
Inc
1,105,158
52,912
(d)
Prologis
Inc
6,681,728
19,500
Rexford
Industrial
Realty
Inc
981,045
18,700
Terreno
Realty
Corp
1,249,721
TOTAL
INDUSTRIAL
REITS
10,727,568
MULTI-FAMILY
RESIDENTIAL
REITS
-
1.1%
10,300
AvalonBay
Communities
Inc
2,320,075
4,200
Camden
Property
Trust
518,826
11,700
(d)
Equity
Residential
871,182
3,700
Essex
Property
Trust
Inc
1,093,054
3,700
Mid-America
Apartment
Communities
Inc
587,930
TOTAL
MULTI-FAMILY
RESIDENTIAL
REITS
5,391,067
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
16
SHARES  
DESCRIPTION  
VALUE
OFFICE
REITS
-
0.5%
6,800
BXP
Inc
$
547,128
17,200
SL
Green
Realty
Corp
1,197,292
12,600
Vornado
Realty
Trust
496,440
TOTAL
OFFICE
REITS
2,240,860
OTHER
SPECIALIZED
REITS
-
0.9%
18,400
(d)
Gaming
and
Leisure
Properties
Inc
946,680
9,400
Iron
Mountain
Inc
1,117,002
67,900
(d)
VICI
Properties
Inc
2,261,749
TOTAL
OTHER
SPECIALIZED
REITS
4,325,431
RETAIL
REITS
-
1.8%
32,600
Brixmor
Property
Group
Inc
908,236
61,300
Kimco
Realty
Corp
1,423,386
27,800
Kite
Realty
Group
Trust
738,368
19,000
Realty
Income
Corp
1,204,980
13,000
(d)
Regency
Centers
Corp
938,990
20,900
(d)
Simon
Property
Group
Inc
3,532,518
TOTAL
RETAIL
REITS
8,746,478
SELF-STORAGE
REITS
-
0.7%
9,300
Extra
Space
Storage
Inc
1,675,767
4,400
(d)
Public
Storage
1,601,028
TOTAL
SELF-STORAGE
REITS
3,276,795
SINGLE-FAMILY
RESIDENTIAL
REITS
-
0.9%
31,500
(d)
American
Homes
4
Rent,
Class
A
1,209,285
18,600
Equity
LifeStyle
Properties
Inc
1,326,924
13,200
Invitation
Homes
Inc
465,432
8,900
Sun
Communities
Inc
1,202,835
TOTAL
SINGLE-FAMILY
RESIDENTIAL
REITS
4,204,476
TELECOM
TOWER
REITS
-
1.6%
23,000
American
Tower
Corp
5,348,880
10,200
(d)
Crown
Castle
Inc
1,210,026
4,489
(d)
SBA
Communications
Corp
1,080,502
TOTAL
TELECOM
TOWER
REITS
7,639,408
TOTAL
REAL
ESTATE
INVESTMENT
TRUST
COMMON
STOCKS
(Cost
$43,577,676)
61,000,831
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
42871082
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
-
9.0%
(6.5%
of
Total
Investments)
42871082
ANGOLA
-
0.1%
$
270,000
(e)
Angolan
Government
International
Bond
9.375
%
05/08/48
228,150
200,000
(e)
Angolan
Government
International
Bond
8.750
04/14/32
179,342
TOTAL
ANGOLA
407,492
ARGENTINA
-
0.1%
475,000
Argentine
Republic
Government
International
Bond
4.125
07/09/35
227,999
200,000
Argentine
Republic
Government
International
Bond
5.000
01/09/38
104,284
457,615
(e)
Provincia
de
Buenos
Aires/Government
Bonds
6.375
09/01/37
217,367
139,000
(e)
YPF
SA
6.950
07/21/27
135,246
TOTAL
ARGENTINA
684,896
AUSTRALIA
-
0.3%
200,000
AngloGold
Ashanti
Holdings
PLC
3.375
11/01/28
188,415
200,000
AngloGold
Ashanti
Holdings
PLC
3.750
10/01/30
184,910
840,000
QBE
Insurance
Group
Ltd,
Reg
S
6.750
12/02/44
839,405
TOTAL
AUSTRALIA
1,212,730
BARBADOS
-
0.0%
200,000
(e)
Barbados
Government
International
Bond
6.500
10/01/29
191,500
TOTAL
BARBADOS
191,500
17
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
BELGIUM
-
0.0%
$
25,000
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4.900
%
02/01/46
$
24,621
10,000
Anheuser-Busch
InBev
Worldwide
Inc
5.000
06/15/34
10,422
TOTAL
BELGIUM
35,043
BENIN
-
0.1%
EUR
190,000
(e)
Benin
Government
International
Bond
4.950
01/22/35
177,147
EUR
100,000
(e)
Benin
Government
International
Bond
6.875
01/19/52
92,988
TOTAL
BENIN
270,135
BRAZIL
-
0.6%
200,000
(e)
B3
SA
-
Brasil
Bolsa
Balcao
4.125
09/20/31
184,379
200,000
(e)
Banco
do
Brasil
SA/Cayman
4.875
01/11/29
198,363
BRL
1,150,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.000
01/01/31
190,120
BRL
900,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10.000
01/01/27
158,179
340,000
Brazilian
Government
International
Bond
6.000
10/20/33
344,643
210,000
Brazilian
Government
International
Bond
5.000
01/27/45
172,995
200,000
Brazilian
Government
International
Bond
4.750
01/14/50
152,809
200,000
(e)
Klabin
Austria
GmbH
3.200
01/12/31
177,442
200,000
(e)
LD
Celulose
International
GmbH
7.950
01/26/32
205,250
200,000
(e)
Minerva
Luxembourg
SA
8.875
09/13/33
218,073
145,000
Petrobras
Global
Finance
BV
6.750
06/03/50
143,228
115,000
Petrobras
Global
Finance
BV
5.500
06/10/51
97,468
200,000
(e)
Raizen
Fuels
Finance
SA
5.700
01/17/35
200,200
TOTAL
BRAZIL
2,443,149
CAMEROON
-
0.0%
EUR
100,000
(e)
Republic
of
Cameroon
International
Bond
5.950
07/07/32
90,101
TOTAL
CAMEROON
90,101
CANADA
-
0.2%
75,000
(e)
1011778
BC
ULC
/
New
Red
Finance
Inc
4.000
10/15/30
69,161
150,000
(e)
Air
Canada
3.875
08/15/26
146,068
45,000
Canadian
Pacific
Railway
Co
2.050
03/05/30
40,276
5,000
Cenovus
Energy
Inc
5.400
06/15/47
4,841
330,000
Enbridge
Inc
5.750
07/15/80
324,007
175,000
Enbridge
Inc
5.500
07/15/77
170,192
25,000
Enbridge
Inc
2.500
08/01/33
20,994
25,000
Nutrien
Ltd
4.900
03/27/28
25,494
75,000
(e)
Open
Text
Holdings
Inc
4.125
12/01/31
68,923
TOTAL
CANADA
869,956
CHILE
-
0.3%
198,208
(e)
Alfa
Desarrollo
SpA
2021
1
4.550
09/27/51
156,607
175,000
(e)
Cia
Cervecerias
Unidas
SA
3.350
01/19/32
155,142
200,000
(e)
Corp
Nacional
del
Cobre
de
Chile
6.440
01/26/36
217,750
200,000
(e)
Corp
Nacional
del
Cobre
de
Chile
3.000
09/30/29
184,379
150,000
(e)
Empresa
Nacional
de
Telecomunicaciones
SA
3.050
09/14/32
128,361
200,000
(e)
Empresa
Nacional
del
Petroleo
6.150
05/10/33
212,489
200,000
(e)
Inversiones
CMPC
SA
6.125
06/23/33
211,912
TOTAL
CHILE
1,266,640
CHINA
-
0.1%
200,000
(e)
ENN
Clean
Energy
International
Investment
Ltd
3.375
05/12/26
194,217
200,000
(e)
Lenovo
Group
Ltd
3.421
11/02/30
186,104
TOTAL
CHINA
380,321
COLOMBIA
-
0.3%
200,000
Colombia
Government
International
Bond
8.000
11/14/35
213,165
350,000
Colombia
Government
International
Bond
3.125
04/15/31
288,749
200,000
Colombia
Government
International
Bond
7.500
02/02/34
207,407
COP
415,000,000
Colombian
TES
6.000
04/28/28
89,786
COP
688,000,000
Colombian
TES
7.000
06/30/32
139,652
200,000
Ecopetrol
SA
4.625
11/02/31
171,702
200,000
Ecopetrol
SA
5.875
11/02/51
145,383
200,000
(e)
Empresas
Publicas
de
Medellin
ESP
4.250
07/18/29
182,545
200,000
(e)
Grupo
Aval
Ltd
4.375
02/04/30
178,096
TOTAL
COLOMBIA
1,616,485
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
18
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
COSTA
RICA
-
0.1%
$
200,000
(e)
Costa
Rica
Government
International
Bond
6.550
%
04/03/34
$
212,554
200,000
(e)
Instituto
Costarricense
de
Electricidad
6.750
10/07/31
207,310
200,000
(e)
Liberty
Costa
Rica
Senior
Secured
Finance
10.875
01/15/31
219,060
TOTAL
COSTA
RICA
638,924
COTE
D'IVOIRE
-
0.1%
395,000
Ivory
Coast
Government
International
Bond,
Reg
S
6.125
06/15/33
371,791
EUR
170,000
Ivory
Coast
Government
International
Bond,
Reg
S
6.875
10/17/40
167,028
TOTAL
COTE
D'IVOIRE
538,819
CZECH
REPUBLIC
-
0.0%
CZK
4,300,000
Czech
Republic
Government
Bond
1.750
06/23/32
166,819
TOTAL
CZECH
REPUBLIC
166,819
DOMINICAN
REPUBLIC
-
0.2%
200,000
(e)
Aeropuertos
Dominicanos
Siglo
XXI
SA
7.000
06/30/34
209,480
150,000
(e)
Dominican
Republic
International
Bond
7.050
02/03/31
161,381
125,000
Dominican
Republic
International
Bond,
Reg
S
7.450
04/30/44
141,613
150,000
(e)
Dominican
Republic
International
Bond
4.875
09/23/32
142,612
DOP
6,700,000
(e)
Dominican
Republic
International
Bond
13.000
06/10/34
130,529
TOTAL
DOMINICAN
REPUBLIC
785,615
ECUADOR
-
0.1%
372,513
(e)
Ecuador
Government
International
Bond
1.000
07/31/35
211,182
137,000
Ecuador
Government
International
Bond,
Reg
S
5.500
07/31/35
77,667
TOTAL
ECUADOR
288,849
EGYPT
-
0.2%
200,000
(e)
Egypt
Government
International
Bond
7.600
03/01/29
192,753
300,000
Egypt
Government
International
Bond,
Reg
S
7.903
02/21/48
231,687
220,000
(e)
Egypt
Government
International
Bond
7.300
09/30/33
186,771
225,000
(e)
Egypt
Government
International
Bond
8.500
01/31/47
181,373
205,000
(e)
Egypt
Government
International
Bond
8.875
05/29/50
169,335
TOTAL
EGYPT
961,919
EL
SALVADOR
-
0.1%
190,000
(e)
El
Salvador
Government
International
Bond
7.125
01/20/50
143,867
135,000
El
Salvador
Government
International
Bond,
Reg
S
6.375
01/18/27
129,251
150,000
(e)
El
Salvador
Government
International
Bond
0.250
04/17/30
2,995
TOTAL
EL
SALVADOR
276,113
FRANCE
-
0.0%
10,000
TotalEnergies
Capital
SA
5.488
04/05/54
10,334
TOTAL
FRANCE
10,334
GERMANY
-
0.0%
30,000
Deutsche
Bank
AG/New
York
NY
6.819
11/20/29
32,294
TOTAL
GERMANY
32,294
GHANA
-
0.1%
250,000
(e)
Ghana
Government
International
Bond
8.750
03/11/61
133,568
235,000
(e)
Ghana
Government
International
Bond
7.750
04/07/29
123,375
355,000
(e)
Ghana
Government
International
Bond
7.625
05/16/29
185,044
200,000
(e)
Kosmos
Energy
Ltd
7.500
03/01/28
193,557
TOTAL
GHANA
635,544
GUATEMALA
-
0.1%
200,000
(e)
CT
Trust
5.125
02/03/32
183,370
200,000
(e)
Guatemala
Government
Bond
3.700
10/07/33
171,388
180,000
(e)
Millicom
International
Cellular
SA
2029
2029
6.250
03/25/29
179,065
TOTAL
GUATEMALA
533,823
HONDURAS
-
0.0%
175,000
(e)
Honduras
Government
International
Bond
5.625
06/24/30
154,788
TOTAL
HONDURAS
154,788
HUNGARY
-
0.1%
HUF
16,000,000
Hungary
Government
Bond
2.000
05/23/29
38,198
HUF
11,500,000
Hungary
Government
Bond
2.750
12/22/26
30,352
200,000
(e)
Hungary
Government
International
Bond
5.250
06/16/29
202,846
19
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
HUNGARY
$
200,000
(e)
Magyar
Export-Import
Bank
Zrt
6.125
%
12/04/27
$
205,512
TOTAL
HUNGARY
476,908
INDIA
-
0.3%
200,000
(e)
Adani
Ports
&
Special
Economic
Zone
Ltd
3.100
02/02/31
170,208
200,000
(e)
Indian
Railway
Finance
Corp
Ltd
3.570
01/21/32
185,656
200,000
(e)
IRB
Infrastructure
Developers
Ltd
7.110
03/11/32
207,801
200,000
(e)
JSW
Steel
Ltd
5.050
04/05/32
183,608
200,000
(e)
Network
i2i
Ltd
3.975
06/03/73
193,998
200,000
(e)
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd
other
9
Subsidiaries
4.500
07/14/28
187,195
200,000
(e)
Shriram
Finance
Ltd
6.150
04/03/28
200,068
TOTAL
INDIA
1,328,534
INDONESIA
-
0.3%
200,000
(e)
Indika
Energy
Tbk
PT
8.750
05/07/29
204,536
IDR
1,500,000,000
Indonesia
Treasury
Bond
7.125
06/15/38
102,901
IDR
2,089,999,999
Indonesia
Treasury
Bond
7.000
09/15/30
142,562
200,000
(e)
Medco
Maple
Tree
Pte
Ltd
8.960
04/27/29
210,999
200,000
(e)
Pertamina
Persero
PT
2.300
02/09/31
174,000
335,000
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
Reg
S
3.875
07/17/29
323,785
200,000
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
Reg
S
5.250
05/15/47
189,405
TOTAL
INDONESIA
1,348,188
IRAQ
-
0.0%
175,000
(e)
Iraq
International
Bond
5.800
01/15/28
169,582
TOTAL
IRAQ
169,582
IRELAND
-
0.0%
60,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.100
01/15/27
62,128
TOTAL
IRELAND
62,128
ISRAEL
-
0.2%
180,000
(e)
Energean
Israel
Finance
Ltd,
Reg
S
4.875
03/30/26
171,506
200,000
(e)
Israel
Electric
Corp
Ltd,
Reg
S
4.250
08/14/28
191,804
200,000
Israel
Government
International
Bond
5.375
03/12/29
203,225
32,000
(e)
Leviathan
Bond
Ltd,
Reg
S
6.125
06/30/25
31,457
75,000
(e)
Leviathan
Bond
Ltd,
Reg
S
6.750
06/30/30
68,250
127,000
(e)
Leviathan
Bond
Ltd,
Reg
S
6.500
06/30/27
120,216
TOTAL
ISRAEL
786,458
JAMAICA
-
0.1%
215,000
Jamaica
Government
International
Bond
7.875
07/28/45
265,660
200,000
(e)
Kingston
Airport
Revenue
Finance
Ltd
6.750
12/15/36
207,300
TOTAL
JAMAICA
472,960
JORDAN
-
0.0%
200,000
(e)
Jordan
Government
International
Bond
5.850
07/07/30
188,501
TOTAL
JORDAN
188,501
KAZAKHSTAN
-
0.1%
200,000
(e)
Development
Bank
of
Kazakhstan
JSC
5.500
04/15/27
201,995
200,000
(e)
KazMunayGas
National
Co
JSC
3.500
04/14/33
174,211
200,000
(e)
Tengizchevroil
Finance
Co
International
Ltd
4.000
08/15/26
195,230
TOTAL
KAZAKHSTAN
571,436
KENYA
-
0.1%
200,000
(e)
Republic
of
Kenya
Government
International
Bond
7.250
02/28/28
192,067
200,000
(e)
Republic
of
Kenya
Government
International
Bond
6.300
01/23/34
163,567
TOTAL
KENYA
355,634
MACAU
-
0.1%
200,000
(e)
MGM
China
Holdings
Ltd
7.125
06/26/31
205,822
200,000
Sands
China
Ltd
5.125
08/08/25
199,567
TOTAL
MACAU
405,389
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
20
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
MALAYSIA
-
0.1%
MYR
600,000
Malaysia
Government
Bond
3.900
%
11/30/26
$
147,446
$
215,000
(e)
MISC
Capital
Two
Labuan
Ltd
3.750
04/06/27
211,322
200,000
(e)
Petronas
Capital
Ltd
3.500
04/21/30
191,875
205,000
(e)
Petronas
Capital
Ltd
3.404
04/28/61
149,261
TOTAL
MALAYSIA
699,904
MEXICO
-
0.9%
200,000
(e)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
2.720
08/11/31
182,474
200,000
(e)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
4.375
10/14/25
198,879
192,683
(e)
Borr
IHC
Ltd
/
Borr
Finance
LLC
10.000
11/15/28
199,909
200,000
(e)
Braskem
Idesa
SAPI
6.990
02/20/32
157,651
200,000
(e)
Comision
Federal
de
Electricidad
6.125
06/16/45
192,011
200,000
(e)
Electricidad
Firme
de
Mexico
Holdings
SA
de
CV
4.900
11/20/26
193,854
200,000
(e)
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7.250
01/31/41
208,540
200,000
(e)
Grupo
Aeromexico
SAB
de
CV
8.500
03/17/27
202,103
MXN
2,350,000
Mexican
Bonos
7.500
06/03/27
114,680
MXN
875,000
Mexican
Bonos
7.750
05/29/31
41,240
MXN
3,600,000
Mexican
Bonos
8.500
11/18/38
168,222
300,000
Mexico
Government
International
Bond
4.400
02/12/52
230,257
250,000
Mexico
Government
International
Bond
6.400
05/07/54
250,092
200,000
Mexico
Government
International
Bond
4.280
08/14/41
163,189
200,000
(e)
Nemak
SAB
de
CV
3.625
06/28/31
162,392
140,000
Petroleos
Mexicanos
6.375
01/23/45
97,585
245,000
Petroleos
Mexicanos
5.950
01/28/31
212,045
445,000
Petroleos
Mexicanos
6.840
01/23/30
412,090
412,000
Petroleos
Mexicanos
6.750
09/21/47
295,201
EUR
100,000
Petroleos
Mexicanos,
Reg
S
3.625
11/24/25
108,804
25,000
Petroleos
Mexicanos
6.500
01/23/29
23,624
TOTAL
MEXICO
3,814,842
MONGOLIA
-
0.1%
300,000
(e)
Mongolia
Government
International
Bond
5.125
04/07/26
295,646
TOTAL
MONGOLIA
295,646
MOROCCO
-
0.1%
200,000
(e)
Morocco
Government
International
Bond
5.500
12/11/42
189,737
200,000
(e)
OCP
SA
5.125
06/23/51
162,500
TOTAL
MOROCCO
352,237
NETHERLANDS
-
0.2%
185,000
Aegon
Ltd
5.500
04/11/48
184,392
200,000
VEON
Holdings
BV,
Reg
S
4.000
04/09/25
194,220
375,000
(e)
Ziggo
Bond
Co
BV
6.000
01/15/27
374,815
TOTAL
NETHERLANDS
753,427
NIGERIA
-
0.1%
200,000
(e)
Nigeria
Government
International
Bond
8.375
03/24/29
193,641
200,000
Nigeria
Government
International
Bond,
Reg
S
7.625
11/28/47
153,075
200,000
(e)
Nigeria
Government
International
Bond
7.375
09/28/33
169,968
TOTAL
NIGERIA
516,684
OMAN
-
0.1%
385,000
Oman
Government
International
Bond,
Reg
S
5.625
01/17/28
393,983
200,000
Oman
Government
International
Bond,
Reg
S
6.750
01/17/48
216,450
TOTAL
OMAN
610,433
PAKISTAN
-
0.0%
260,000
(e)
Pakistan
Government
International
Bond
8.875
04/08/51
208,130
TOTAL
PAKISTAN
208,130
PANAMA
-
0.3%
200,000
(e)
Aeropuerto
Internacional
de
Tocumen
SA
5.125
08/11/61
157,998
200,000
(e)
C&W
Senior
Finance
Ltd
6.875
09/15/27
199,305
200,000
(e)
Empresa
de
Transmision
Electrica
SA
5.125
05/02/49
157,086
190,000
Panama
Bonos
del
Tesoro
3.362
06/30/31
155,156
200,000
Panama
Government
International
Bond
8.000
03/01/38
225,859
300,000
Panama
Government
International
Bond
4.500
04/01/56
215,502
21
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
PANAMA
$
155,000
Panama
Government
International
Bond
6.700
%
01/26/36
$
161,332
172,354
(e)
UEP
Penonome
II
SA
2020
1
6.500
10/01/38
149,343
TOTAL
PANAMA
1,421,581
PARAGUAY
-
0.0%
200,000
(e)
Paraguay
Government
International
Bond
6.000
02/09/36
210,839
TOTAL
PARAGUAY
210,839
PERU
-
0.2%
120,000
(e)
Banco
de
Credito
del
Peru
S.A
3.125
07/01/30
117,062
65,000
(e)
Banco
de
Credito
del
Peru
S.A
3.250
09/30/31
61,646
200,000
(e)
Niagara
Energy
SAC
5.746
10/03/34
200,974
PEN
300,000
Peru
Government
Bond
5.400
08/12/34
75,974
200,000
Peruvian
Government
International
Bond
3.000
01/15/34
171,333
PEN
250,000
(e)
Peruvian
Government
International
Bond
5.400
08/12/34
63,311
85,000
Peruvian
Government
International
Bond
5.375
02/08/35
87,041
TOTAL
PERU
777,341
PHILIPPINES
-
0.0%
200,000
Philippine
Government
International
Bond
4.200
03/29/47
178,740
TOTAL
PHILIPPINES
178,740
POLAND
-
0.2%
200,000
(e)
Bank
Gospodarstwa
Krajowego
5.375
05/22/33
205,318
200,000
(e)
Bank
Gospodarstwa
Krajowego
5.750
07/09/34
209,731
PLN
370,000
Republic
of
Poland
Government
Bond
0.250
10/25/26
87,855
PLN
525,000
Republic
of
Poland
Government
Bond
2.750
10/25/29
123,492
PLN
375,000
Republic
of
Poland
Government
Bond
6.000
10/25/33
103,033
142,000
Republic
of
Poland
Government
International
Bond
5.500
04/04/53
145,276
TOTAL
POLAND
874,705
QATAR
-
0.1%
310,000
(e)
QatarEnergy
3.300
07/12/51
232,328
200,000
QNB
Finance
Ltd,
Reg
S
2.625
05/12/25
196,910
TOTAL
QATAR
429,238
REPUBLIC
OF
SERBIA
-
0.0%
200,000
(e)
Serbia
International
Bond
6.500
09/26/33
214,008
TOTAL
REPUBLIC
OF
SERBIA
214,008
ROMANIA
-
0.1%
RON
550,000
Romania
Government
Bond
3.650
09/24/31
104,590
RON
200,000
Romania
Government
Bond
4.150
01/26/28
41,831
EUR
185,000
(e)
Romanian
Government
International
Bond
5.250
05/30/32
206,676
102,000
(e)
Romanian
Government
International
Bond
5.875
01/30/29
104,467
100,000
(e)
Romanian
Government
International
Bond
5.750
03/24/35
99,350
TOTAL
ROMANIA
556,914
RWANDA
-
0.1%
300,000
(e)
Rwanda
International
Government
Bond
5.500
08/09/31
248,061
TOTAL
RWANDA
248,061
SAUDI
ARABIA
-
0.2%
200,000
(e)
EIG
Pearl
Holdings
Sarl
4.387
11/30/46
164,712
200,000
Saudi
Arabian
Oil
Co,
Reg
S
4.250
04/16/39
182,094
385,000
Saudi
Government
International
Bond,
Reg
S
3.750
01/21/55
284,510
325,000
(e)
Saudi
Government
International
Bond
2.250
02/02/33
271,187
TOTAL
SAUDI
ARABIA
902,503
SENEGAL
-
0.1%
215,000
Senegal
Government
International
Bond,
Reg
S
6.750
03/13/48
158,976
200,000
(e)
Senegal
Government
International
Bond
6.750
03/13/48
147,885
TOTAL
SENEGAL
306,861
SOUTH
AFRICA
-
0.5%
500,000
(e)
Eskom
Holdings
SOC
Ltd
8.450
08/10/28
529,446
200,000
(e)
Eskom
Holdings
SOC
Ltd
6.350
08/10/28
203,420
200,000
(e)
MTN
Mauritius
Investments
Ltd
6.500
10/13/26
202,997
ZAR
4,000,000
Republic
of
South
Africa
Government
Bond
8.875
02/28/35
214,264
ZAR
975,000
Republic
of
South
Africa
Government
Bond
7.000
02/28/31
50,524
225,000
Republic
of
South
Africa
Government
International
Bond
5.875
04/20/32
224,184
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
22
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
SOUTH
AFRICA
$
200,000
Republic
of
South
Africa
Government
International
Bond
5.375
%
07/24/44
$
166,325
200,000
Republic
of
South
Africa
Government
International
Bond
5.650
09/27/47
166,520
200,000
(e)
Sasol
Financing
USA
LLC
8.750
05/03/29
211,520
250,000
(e)
Transnet
SOC
Ltd
8.250
02/06/28
259,146
TOTAL
SOUTH
AFRICA
2,228,346
SRI
LANKA
-
0.0%
415,000
(e)
Sri
Lanka
Government
International
Bond
6.850
11/03/25
233,142
TOTAL
SRI
LANKA
233,142
SUPRANATIONAL
-
0.1%
INR
5,000,000
Asian
Development
Bank
6.150
02/25/30
58,341
200,000
(e)
Banque
Ouest
Africaine
de
Developpement
4.700
10/22/31
180,480
INR
12,500,000
European
Bank
for
Reconstruction
&
Development
6.300
10/26/27
147,744
TOTAL
SUPRANATIONAL
386,565
SWITZERLAND
-
0.1%
1,645,000
(c)
Credit
Suisse
Group
AG
7.250
03/12/72
193,287
300,000
(c)
Credit
Suisse
Group
AG
6.380
02/21/72
35,250
575,000
(c)
Credit
Suisse
Group
AG
7.500
06/11/72
67,563
735,000
(c)
Credit
Suisse
Group
AG
7.500
01/17/72
86,363
1,000,000
(c)
Credit
Suisse
Group
AG
0.000
01/17/72
117,500
25,000
(e)
UBS
Group
AG
5.617
09/13/30
26,122
TOTAL
SWITZERLAND
526,085
THAILAND
-
0.1%
200,000
(e)
Bangkok
Bank
PCL/Hong
Kong
5.650
07/05/34
210,131
200,000
(e)
Bangkok
Bank
PCL/Hong
Kong
3.466
09/23/36
176,348
THB
3,600,000
Thailand
Government
Bond
1.585
12/17/35
101,638
TOTAL
THAILAND
488,117
TURKEY
-
0.4%
200,000
(e)
Akbank
TAS
7.498
01/20/30
206,300
200,000
(e)
Ford
Otomotiv
Sanayi
AS
7.125
04/25/29
206,768
200,000
(e)
Limak
Cimento
Sanayi
ve
Ticaret
AS
9.750
07/25/29
195,930
TRY
4,400,000
Turkiye
Government
Bond
12.600
10/01/25
101,710
EUR
200,000
Turkiye
Government
International
Bond
5.875
05/21/30
232,319
250,000
Turkiye
Government
International
Bond
6.000
01/14/41
220,000
250,000
Turkiye
Government
International
Bond
7.625
05/15/34
265,316
200,000
Turkiye
Government
International
Bond
7.125
07/17/32
206,368
200,000
(e)
Turkiye
Ihracat
Kredi
Bankasi
AS
7.500
02/06/28
207,279
200,000
(e)
Ulker
Biskuvi
Sanayi
AS
7.875
07/08/31
207,678
TOTAL
TURKEY
2,049,668
UGANDA
-
0.0%
UGX
669,000,000
Republic
of
Uganda
Government
Bonds
14.250
08/23/29
172,698
TOTAL
UGANDA
172,698
UKRAINE
-
0.1%
159,009
(e)
Ukraine
Government
International
Bond
1.750
02/01/36
67,769
67,730
(e)
Ukraine
Government
International
Bond
0.000
02/01/36
29,175
81,275
(e)
Ukraine
Government
International
Bond
0.000
02/01/35
35,395
38,699
(e)
Ukraine
Government
International
Bond
1.750
02/01/29
22,674
145,559
(e)
Ukraine
Government
International
Bond
1.750
02/01/35
62,736
25,736
(e)
Ukraine
Government
International
Bond
0.000
02/01/30
11,195
127,902
(e)
Ukraine
Government
International
Bond
1.750
02/01/34
56,661
96,177
(e)
Ukraine
Government
International
Bond
0.000
02/01/34
32,556
TOTAL
UKRAINE
318,161
UNITED
ARAB
EMIRATES
-
0.2%
400,000
Emirate
of
Dubai
Government
International
Bonds,
Reg
S
3.900
09/09/50
310,089
435,000
(e)
Galaxy
Pipeline
Assets
Bidco
Ltd
2.625
03/31/36
371,253
215,938
(e)
Galaxy
Pipeline
Assets
Bidco
Ltd
2022
2022
2.940
09/30/40
181,526
188,782
(e)
Sweihan
PV
Power
Co
PJSC
2022
1
3.625
01/31/49
160,465
TOTAL
UNITED
ARAB
EMIRATES
1,023,333
23
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
UNITED
KINGDOM
-
0.1%
$
300,000
(e)
Merlin
Entertainments
Group
US
Holdings
Inc
7.375
%
02/15/31
$
301,168
200,000
(e)
Standard
Chartered
PLC
5.905
05/14/35
211,637
190,000
Vodafone
Group
PLC
4.125
06/04/81
172,230
TOTAL
UNITED
KINGDOM
685,035
URUGUAY
-
0.0%
100,000
Oriental
Republic
of
Uruguay
5.250
09/10/60
100,025
UYU
6,200,000
Uruguay
Government
International
Bond
8.250
05/21/31
136,468
TOTAL
URUGUAY
236,493
UZBEKISTAN
-
0.0%
200,000
(e)
Republic
of
Uzbekistan
International
Bond
7.850
10/12/28
211,375
TOTAL
UZBEKISTAN
211,375
ZAMBIA
-
0.1%
210,021
(e)
Zambia
Government
International
Bond
5.750
06/30/33
185,081
197,169
(e)
Zambia
Government
International
Bond
0.500
12/31/53
96,882
TOTAL
ZAMBIA
281,963
TOTAL
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
(Cost
$49,345,646)
42,871,082
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
40368236
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
8.5%
(6.1%
of
Total
Investments)
40368236
AUTOMOBILES
&
COMPONENTS
-
0.3%
462,000
(m)
General
Motors
Financial
Co
Inc
5.700
N/A
452,128
755,000
(m)
General
Motors
Financial
Co
Inc
5.750
N/A
738,349
TOTAL
AUTOMOBILES
&
COMPONENTS
1,190,477
BANKS
-
3.5%
200,000
(e)
Banco
BBVA
Peru
SA
6.200
06/07/34
206,760
200,000
(e),(m)
Banco
del
Estado
de
Chile
7.950
N/A
214,804
200,000
Bancolombia
SA
8.625
12/24/34
214,710
295,000
(m)
Bank
of
America
Corp
4.375
N/A
285,568
75,000
(d),(m)
Bank
of
America
Corp
6.100
N/A
75,104
200,000
Bank
of
Montreal
7.700
05/26/84
211,056
200,000
Bank
of
Nova
Scotia/The
8.000
01/27/84
214,272
1,190,000
(d),(m)
Citigroup
Inc
6.250
N/A
1,208,122
1,000,000
(d),(m)
Citigroup
Inc
5.950
N/A
1,001,274
655,000
(d),(m)
Citigroup
Inc
7.625
N/A
699,785
314,000
(m)
Citigroup
Inc
7.000
N/A
336,014
260,000
(m)
Citigroup
Inc
7.375
N/A
272,938
378,000
(m)
Citigroup
Inc
7.125
N/A
393,476
125,000
(f),(m)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
8.733
N/A
124,057
335,000
(m)
Citizens
Financial
Group
Inc
4.000
N/A
316,622
229,000
(f),(m)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7.898
N/A
227,738
520,000
(f),(m)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
9.180
N/A
531,393
555,000
(m)
Huntington
Bancshares
Inc/OH
5.625
N/A
554,644
1,072,000
(d),(m)
JPMorgan
Chase
&
Co
6.875
N/A
1,149,495
205,000
(m)
JPMorgan
Chase
&
Co
3.650
N/A
198,326
90,000
(m)
M&T
Bank
Corp
5.125
N/A
88,967
448,000
(m)
PNC
Financial
Services
Group
Inc/The
5.000
N/A
444,174
710,000
(f),(m)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
+
3.302%)
8.317
N/A
715,138
325,000
(m)
PNC
Financial
Services
Group
Inc/The
6.000
N/A
329,129
415,000
(m)
PNC
Financial
Services
Group
Inc/The
3.400
N/A
379,024
375,000
(m)
PNC
Financial
Services
Group
Inc/The
6.250
N/A
380,810
370,000
(m)
Regions
Financial
Corp
5.750
N/A
368,398
200,000
Toronto-Dominion
Bank/The
8.125
10/31/82
214,562
1,194,000
(d),(m)
Truist
Financial
Corp
6.669
N/A
1,187,285
535,000
(f),(m)
Truist
Financial
Corp
(TSFR3M
+
3.364%)
8.310
N/A
534,782
295,000
(m)
Truist
Financial
Corp
5.100
N/A
289,770
200,000
(e)
Turkiye
Garanti
Bankasi
AS
8.375
02/28/34
205,209
161,000
(m)
US
Bancorp
5.300
N/A
159,756
708,000
(d),(m)
Wells
Fargo
&
Co
6.850
N/A
738,942
495,000
(m)
Wells
Fargo
&
Co
7.625
N/A
539,072
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
24
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
BANKS
(continued)
$
663,000
(m)
Wells
Fargo
&
Co
3.900
%
N/A
$
644,374
200,000
(e)
Yapi
ve
Kredi
Bankasi
AS
9.250
01/17/34
213,076
450,000
(f),(m)
Zions
Bancorp
NA
(3-Month
LIBOR
+
4.440%)
9.648
N/A
447,637
TOTAL
BANKS
16,316,263
CAPITAL
GOODS
-
0.3%
610,000
(e)
AerCap
Global
Aviation
Trust
6.500
06/15/45
609,049
395,000
(m)
Air
Lease
Corp
4.650
N/A
385,041
93,000
(m)
Air
Lease
Corp
4.125
N/A
87,279
185,000
(m)
Air
Lease
Corp
6.000
N/A
183,090
TOTAL
CAPITAL
GOODS
1,264,459
ENERGY
-
0.5%
305,000
Enbridge
Inc
7.625
01/15/83
325,790
656,000
Enbridge
Inc
8.500
01/15/84
733,734
351,000
(m)
Energy
Transfer
LP
7.125
N/A
358,555
250,000
(m)
Energy
Transfer
LP
6.500
N/A
249,402
49,000
(m)
Energy
Transfer
LP
6.625
N/A
48,298
95,000
Energy
Transfer
LP
8.000
05/15/54
102,217
144,000
(e)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7.500
03/01/55
151,289
440,000
Transcanada
Trust
5.600
03/07/82
427,195
75,000
Transcanada
Trust
5.875
08/15/76
74,463
TOTAL
ENERGY
2,470,943
FINANCIAL
SERVICES
-
1.3%
330,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6.950
03/10/55
342,140
400,000
(m)
Ally
Financial
Inc
4.700
N/A
326,779
159,600
(m)
Ally
Financial
Inc
4.700
N/A
139,082
555,000
(e),(m)
American
AgCredit
Corp
5.250
N/A
538,350
180,000
(m)
American
Express
Co
3.550
N/A
170,582
150,000
(m)
Bank
of
New
York
Mellon
Corp/The
4.700
N/A
148,830
200,000
(m)
Capital
One
Financial
Corp
3.950
N/A
188,429
375,000
(m)
Charles
Schwab
Corp/The
5.375
N/A
374,371
130,000
(m)
Discover
Financial
Services
5.500
N/A
124,287
150,000
(m)
Discover
Financial
Services
6.125
N/A
149,932
390,000
(m)
Equitable
Holdings
Inc
4.950
N/A
386,297
720,000
(d),(m)
Goldman
Sachs
Group
Inc/The
7.379
N/A
722,065
371,000
(m)
Goldman
Sachs
Group
Inc/The
6.125
N/A
372,608
543,000
(m)
Goldman
Sachs
Group
Inc/The
7.500
N/A
575,564
430,000
(m)
Goldman
Sachs
Group
Inc/The
7.500
N/A
462,224
475,000
(m)
Goldman
Sachs
Group
Inc/The
5.300
N/A
475,037
320,000
(m)
State
Street
Corp
6.700
N/A
331,516
420,000
(m)
Voya
Financial
Inc
7.758
N/A
455,653
TOTAL
FINANCIAL
SERVICES
6,283,746
FOOD,
BEVERAGE
&
TOBACCO
-
0.4%
2,250,000
(d),(e),(m)
Land
O'
Lakes
Inc
8.000
N/A
2,077,178
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
2,077,178
INSURANCE
-
1.1%
118,000
American
International
Group
Inc
5.750
04/01/48
118,373
450,000
AXIS
Specialty
Finance
LLC
4.900
01/15/40
430,627
381,000
Corebridge
Financial
Inc
6.375
09/15/54
384,920
325,000
Enstar
Finance
LLC
5.750
09/01/40
321,160
235,000
Enstar
Finance
LLC
5.500
01/15/42
219,204
541,000
(d),(m)
Markel
Group
Inc
6.000
N/A
540,416
580,000
(e)
MetLife
Inc
9.250
04/08/38
692,343
360,000
Provident
Financing
Trust
I
7.405
03/15/38
386,986
81,000
Prudential
Financial
Inc
5.375
05/15/45
80,649
210,000
Prudential
Financial
Inc
5.125
03/01/52
208,389
150,000
Prudential
Financial
Inc
6.500
03/15/54
160,313
420,000
(e),(m)
QBE
Insurance
Group
Ltd
5.875
N/A
417,658
600,000
(d),(e),(m)
SBL
Holdings
Inc
7.000
N/A
539,055
575,000
(e),(m)
SBL
Holdings
Inc
6.500
N/A
494,650
TOTAL
INSURANCE
4,994,743
25
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
MATERIALS
-
0.0%
$
200,000
(e),(m)
Cemex
SAB
de
CV
9.125
%
N/A
$
218,159
TOTAL
MATERIALS
218,159
MEDIA
&
ENTERTAINMENT
-
0.0%
190,000
Paramount
Global
6.375
03/30/62
175,747
TOTAL
MEDIA
&
ENTERTAINMENT
175,747
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.0%
193,000
(e)
EUSHI
Finance
Inc
7.625
12/15/54
203,639
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
203,639
TELECOMMUNICATION
SERVICES
-
0.1%
365,000
Vodafone
Group
PLC
7.000
04/04/79
385,046
TOTAL
TELECOMMUNICATION
SERVICES
385,046
UTILITIES
-
1.0%
300,000
(e)
AES
Andes
SA
6.350
10/07/79
297,847
400,000
(e)
AES
Andes
SA
8.150
06/10/55
412,917
113,000
AES
Corp/The
7.600
01/15/55
118,881
120,000
(e)
AltaGas
Ltd
7.200
10/15/54
122,566
310,000
American
Electric
Power
Co
Inc
3.875
02/15/62
292,361
165,000
CMS
Energy
Corp
4.750
06/01/50
159,221
115,000
Dominion
Energy
Inc
7.000
06/01/54
125,560
144,000
Duke
Energy
Corp
6.450
09/01/54
149,515
150,000
(m)
Edison
International
5.375
N/A
148,514
200,000
(m)
Edison
International
5.000
N/A
195,418
695,000
(d)
Emera
Inc
6.750
06/15/76
699,010
314,000
Entergy
Corp
7.125
12/01/54
325,567
262,000
NextEra
Energy
Capital
Holdings
Inc
6.750
06/15/54
282,722
91,000
PG&E
Corp
7.375
03/15/55
95,447
510,000
(d),(m)
Sempra
4.875
N/A
504,526
340,000
Southern
Co/The
4.000
01/15/51
335,197
175,000
(e),(m)
Vistra
Vision
LLC
7.000
N/A
178,641
140,000
(e),(m)
Vistra
Vision
LLC
8.875
N/A
150,131
185,000
(d),(e),(m)
Vistra
Vision
LLC
8.000
N/A
193,795
TOTAL
UTILITIES
4,787,836
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$40,614,050)
40,368,236
SHARES
DESCRIPTION  
VALUE
INVESTMENT
COMPANIES
-
8.2%
(5.9%
of
Total
Investments)
–
45,217
3i
Infrastructure
PLC
206,443
642,894
iShares
Core
MSCI
Emerging
Markets
ETF
36,908,544
18,839
iShares
MSCI
India
ETF
1,102,647
17,939
iShares
MSCI
Saudi
Arabia
ETF
765,995
TOTAL
INVESTMENT
COMPANIES
(Cost
$31,546,217)
38,983,629
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
35517191
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
7.5%
(5.4%
of
Total
Investments)
35517191
765,000
CoBank
ACB
6.450
12/30/49
766,753
93,000
CoBank
ACB
7.250
07/01/73
97,204
325,000
CoBank
ACB
6.250
10/01/73
327,807
525,000
(e)
Farm
Credit
Bank
of
Texas
6.200
09/15/73
513,712
152,000
(e)
Farm
Credit
Bank
of
Texas
7.750
12/30/49
156,966
909,143
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
10/15/25
891,479
15,403
(n)
United
States
Treasury
Inflation
Indexed
Bonds
2.375
10/15/28
15,997
231,359
(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
04/15/25
227,237
875,093
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
3.625
04/15/28
937,720
1,688,077
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
1.375
07/15/33
1,663,873
1,962,799
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
07/15/30
1,825,051
2,097,199
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
1.250
04/15/28
2,077,300
1,061,056
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.375
07/15/25
1,045,861
661,564
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
1.875
07/15/34
677,723
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
26
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
$
559,284
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
2.125
%
04/15/29
$
574,788
922,215
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.250
07/15/29
874,895
554,645
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
2.000
01/15/26
553,596
286,989
(n)
United
States
Treasury
Inflation
Indexed
Bonds
3.875
04/15/29
316,718
487,939
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
1.750
01/15/28
491,872
820,728
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.750
07/15/28
802,491
354,398
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
3.375
04/15/32
400,299
1,392,475
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
04/15/27
1,340,472
1,208,250
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
01/15/31
1,110,128
959,472
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
04/15/26
932,766
1,173,520
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
07/15/31
1,073,487
1,283,999
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.625
01/15/26
1,259,299
1,130,658
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
1.750
01/15/34
1,143,197
1,302,070
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.375
01/15/27
1,265,008
1,528,113
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
01/15/30
1,425,640
1,055,900
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
1.125
01/15/33
1,018,721
1,432,486
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.875
01/15/29
1,398,413
1,438,788
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.125
10/15/26
1,399,010
1,530,144
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
0.500
01/15/28
1,481,503
1,082,530
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
-
When
Issued
0.625
07/15/32
1,013,520
1,701,975
(g),(n)
United
States
Treasury
Inflation
Indexed
Bonds
-
When
Issued
0.125
01/15/32
1,538,092
235,000
United
States
Treasury
Note/Bond
4.875
10/31/30
250,826
160,000
United
States
Treasury
Note/Bond
3.750
08/31/26
160,231
50,000
United
States
Treasury
Note/Bond
4.625
05/31/31
52,836
106,200
United
States
Treasury
Note/Bond
4.000
02/15/34
108,025
212,700
United
States
Treasury
Note/Bond
3.875
08/15/33
214,412
200,000
United
States
Treasury
Note/Bond
4.375
11/15/39
209,211
80,000
United
States
Treasury
Note/Bond
3.750
08/31/31
80,425
200,000
United
States
Treasury
Note/Bond
4.750
07/31/25
201,070
445,700
(g)
United
States
Treasury
Note/Bond
2.875
05/15/49
351,842
449,400
(g)
United
States
Treasury
Note/Bond
3.875
05/15/43
432,688
313,500
(g)
United
States
Treasury
Note/Bond
4.125
07/31/28
319,586
60,000
United
States
Treasury
Note/Bond
4.625
05/15/54
65,081
475,100
(g)
United
States
Treasury
Note/Bond
3.625
05/15/53
432,360
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$34,600,209)
35,517,191
PRINCIPAL
DESCRIPTION  
(o)
RATE
MATURITY
VALUE
28028379
CONTINGENT
CAPITAL
SECURITIES
-
5.9%
(4.2%
of
Total
Investments)
28028379
BANKS
-
5.0%
640,000
(m)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.125
N/A
622,804
600,000
(m)
Banco
Bilbao
Vizcaya
Argentaria
SA
6.500
N/A
600,353
200,000
(m)
Banco
Bilbao
Vizcaya
Argentaria
SA
9.375
N/A
220,808
200,000
(e),(m)
Banco
de
Credito
e
Inversiones
SA
8.750
N/A
215,351
500,000
(e),(m)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7.625
N/A
503,753
600,000
(m)
Banco
Santander
SA
8.000
N/A
637,413
400,000
(m)
Banco
Santander
SA
4.750
N/A
380,792
600,000
(m)
Banco
Santander
SA
9.625
N/A
705,386
200,000
(e)
Bank
Hapoalim
BM,
Reg
S
3.255
01/21/32
185,388
230,000
(m)
Barclays
PLC
6.125
N/A
229,225
1,375,000
(d),(m)
Barclays
PLC
9.625
N/A
1,548,133
300,000
(m)
Barclays
PLC
8.000
N/A
315,927
200,000
(e)
BBVA
Bancomer
SA/Texas
8.450
06/29/38
218,099
484,000
(e),(m)
BNP
Paribas
SA
9.250
N/A
528,801
625,000
(e),(m)
BNP
Paribas
SA
8.000
N/A
666,918
410,000
(e),(m)
BNP
Paribas
SA
8.500
N/A
439,866
209,000
(e),(m)
BNP
Paribas
SA
7.375
N/A
217,490
161,000
(e),(m)
BNP
Paribas
SA
7.375
N/A
162,446
992,000
(e),(m)
BNP
Paribas
SA
7.750
N/A
1,045,013
200,000
(e),(m)
BNP
Paribas
SA
7.000
N/A
204,307
661,000
(e),(k),(m)
Credit
Agricole
SA
6.700
N/A
659,870
515,000
(e),(m)
Credit
Agricole
SA
8.125
N/A
529,806
1,123,000
(m)
HSBC
Holdings
PLC
6.950
N/A
1,156,708
27
PRINCIPAL  
DESCRIPTION  
(o)
RATE
MATURITY
VALUE
BANKS
(continued)
$
910,000
(d),(m)
HSBC
Holdings
PLC
6.000
%
N/A
$
914,039
479,000
(m)
HSBC
Holdings
PLC
6.375
N/A
479,578
200,000
(m)
HSBC
Holdings
PLC
6.500
N/A
202,953
394,000
(m)
HSBC
Holdings
PLC
6.875
N/A
405,862
715,000
(d),(m)
HSBC
Holdings
PLC
8.000
N/A
766,210
845,000
(d),(m)
ING
Groep
NV
5.750
N/A
838,242
380,000
(m)
ING
Groep
NV
6.500
N/A
380,318
400,000
(m)
ING
Groep
NV,
Reg
S
7.500
N/A
416,349
620,000
(e),(m)
Intesa
Sanpaolo
SpA
7.700
N/A
619,244
971,000
(m)
Lloyds
Banking
Group
PLC
8.000
N/A
1,040,297
630,000
(m)
Lloyds
Banking
Group
PLC
7.500
N/A
635,760
500,000
(e),(m)
Macquarie
Bank
Ltd/London
6.125
N/A
508,222
770,000
(m)
NatWest
Group
PLC
6.000
N/A
769,601
680,000
(m)
NatWest
Group
PLC
8.000
N/A
690,596
200,000
(m)
NatWest
Group
PLC
8.125
N/A
218,186
246,000
(e),(m)
Nordea
Bank
Abp
6.300
N/A
243,808
765,000
(e),(m)
Societe
Generale
SA
10.000
N/A
822,250
205,000
(e),(m)
Societe
Generale
SA
8.500
N/A
208,668
45,000
(e),(m)
Societe
Generale
SA
8.000
N/A
45,454
725,000
(e),(m)
Societe
Generale
SA
9.375
N/A
761,643
600,000
(e),(m)
Standard
Chartered
PLC
7.750
N/A
625,491
TOTAL
BANKS
23,587,428
FINANCIAL
SERVICES
-
0.9%
800,000
(d),(m)
Deutsche
Bank
AG
6.000
N/A
782,176
200,000
(m)
Deutsche
Bank
AG,
Reg
S
4.789
N/A
193,900
200,000
(m)
Deutsche
Bank
AG
7.500
N/A
199,069
630,000
(m)
UBS
Group
AG,
Reg
S
7.000
N/A
631,499
420,000
(e),(m)
UBS
Group
AG
9.250
N/A
464,352
250,000
(e),(m)
UBS
Group
AG
7.750
N/A
267,301
932,000
(m)
UBS
Group
AG,
Reg
S
6.875
N/A
935,179
643,000
(e),(m)
UBS
Group
AG
9.250
N/A
758,312
TOTAL
FINANCIAL
SERVICES
4,231,788
INSURANCE
-
0.0%
200,000
(m)
Phoenix
Group
Holdings
PLC,
Reg
S
8.500
N/A
209,163
TOTAL
INSURANCE
209,163
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$27,810,604)
28,028,379
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
13275743
CORPORATE
BONDS
-
2.8%
(2.0%
of
Total
Investments)
13275743
AUTOMOBILES
&
COMPONENTS
-
0.0%
15,000
Ford
Motor
Co
6.100
08/19/32
15,375
50,000
General
Motors
Financial
Co
Inc
4.900
10/06/29
50,056
TOTAL
AUTOMOBILES
&
COMPONENTS
65,431
BANKS
-
0.1%
70,000
Bank
of
America
Corp
5.468
01/23/35
73,612
85,000
Bank
of
America
Corp
5.819
09/15/29
89,453
65,000
Citibank
NA
5.570
04/30/34
69,342
115,000
JPMorgan
Chase
&
Co
5.294
07/22/35
119,937
40,000
JPMorgan
Chase
&
Co
4.851
07/25/28
40,698
35,000
Morgan
Stanley
Bank
NA
4.952
01/14/28
35,528
35,000
Wells
Fargo
&
Co
5.574
07/25/29
36,414
TOTAL
BANKS
464,984
CAPITAL
GOODS
-
0.1%
30,000
Boeing
Co/The
5.805
05/01/50
28,984
15,000
Boeing
Co/The
3.250
02/01/28
14,213
15,000
Honeywell
International
Inc
5.250
03/01/54
15,644
15,000
L3Harris
Technologies
Inc
5.400
07/31/33
15,668
25,000
RTX
Corp
2.250
07/01/30
22,448
30,000
Trane
Technologies
Financing
Ltd
3.550
11/01/24
29,955
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
28
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
CAPITAL
GOODS
(continued)
$
375,000
(e)
TransDigm
Inc
6.875
%
12/15/30
$
392,691
TOTAL
CAPITAL
GOODS
519,603
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.4%
75,000
(e)
Boost
Newco
Borrower
LLC
7.500
01/15/31
80,479
625,000
(d),(e)
GFL
Environmental
Inc
5.125
12/15/26
623,532
325,000
(e)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
6.250
01/15/28
325,087
973,000
(d),(e)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
5.750
04/15/26
977,442
200,000
(e)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3.375
08/31/27
190,035
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
2,196,575
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.0%
10,000
Home
Depot
Inc/The
4.950
06/25/34
10,396
15,000
Lowe's
Cos
Inc
4.250
04/01/52
12,700
20,000
O'Reilly
Automotive
Inc
4.200
04/01/30
19,839
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
42,935
CONSUMER
SERVICES
-
0.1%
250,000
(e)
Life
Time
Inc
5.750
01/15/26
250,237
TOTAL
CONSUMER
SERVICES
250,237
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
0.1%
200,000
(e)
Albertsons
Cos
Inc
/
Safeway
Inc
/
New
Albertsons
LP
/
Albertsons
LLC
5.875
02/15/28
200,894
25,000
Kroger
Co/The
5.000
09/15/34
25,209
5,000
Sysco
Corp
6.600
04/01/50
5,861
5,000
Target
Corp
4.500
09/15/34
5,000
15,000
Walmart
Inc
2.500
09/22/41
11,241
10,000
Walmart
Inc
4.500
04/15/53
9,645
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
257,850
ENERGY
-
0.2%
40,000
Cheniere
Energy
Partners
LP
4.500
10/01/29
39,453
300,000
(e)
Citgo
Petroleum
Corp
7.000
06/15/25
299,811
20,000
Diamondback
Energy
Inc
3.250
12/01/26
19,574
5,000
Diamondback
Energy
Inc
4.400
03/24/51
4,149
30,000
Enterprise
Products
Operating
LLC
4.200
01/31/50
25,594
100,000
(e)
EQM
Midstream
Partners
LP
6.500
07/01/27
103,010
100,000
(e)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6.250
04/15/32
97,332
5,000
Marathon
Oil
Corp
5.300
04/01/29
5,185
15,000
Marathon
Petroleum
Corp
6.500
03/01/41
16,335
50,000
MPLX
LP
4.875
06/01/25
49,955
15,000
MPLX
LP
2.650
08/15/30
13,501
20,000
ONEOK
Inc
5.050
11/01/34
19,909
40,000
ONEOK
Inc
5.700
11/01/54
39,772
20,000
Phillips
66
Co
5.300
06/30/33
20,617
TOTAL
ENERGY
754,197
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.1%
70,000
American
Tower
Corp
2.750
01/15/27
67,645
20,000
Brixmor
Operating
Partnership
LP
2.250
04/01/28
18,441
20,000
Brixmor
Operating
Partnership
LP
3.850
02/01/25
19,886
15,000
COPT
Defense
Properties
LP
2.750
04/15/31
13,125
15,000
Essential
Properties
LP
2.950
07/15/31
13,057
35,000
Essex
Portfolio
LP
2.650
03/15/32
30,475
15,000
Federal
Realty
OP
LP
1.250
02/15/26
14,346
30,000
Kite
Realty
Group
LP
4.950
12/15/31
30,038
25,000
Regency
Centers
LP
2.950
09/15/29
23,383
250,000
(e)
RLJ
Lodging
Trust
LP
3.750
07/01/26
244,473
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
474,869
FINANCIAL
SERVICES
-
0.0%
30,000
Goldman
Sachs
Group
Inc/The
5.851
04/25/35
32,235
35,000
Morgan
Stanley
5.320
07/19/35
36,344
20,000
Morgan
Stanley
5.042
07/19/30
20,553
TOTAL
FINANCIAL
SERVICES
89,132
29
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
FOOD,
BEVERAGE
&
TOBACCO
-
0.0%
$
10,000
Campbell
Soup
Co
5.250
%
10/13/54
$
9,933
65,000
Constellation
Brands
Inc
2.875
05/01/30
59,923
10,000
Philip
Morris
International
Inc
5.250
02/13/34
10,385
40,000
Philip
Morris
International
Inc
4.875
02/13/29
41,011
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
121,252
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
625,000
(e)
CHS/Community
Health
Systems
Inc
8.000
12/15/27
627,001
20,000
CVS
Health
Corp
5.050
03/25/48
18,255
10,000
Elevance
Health
Inc
4.625
05/15/42
9,370
30,000
HCA
Inc
3.500
09/01/30
28,271
20,000
Humana
Inc
4.875
04/01/30
20,354
150,000
(e)
Radiology
Partners
Inc,
(cash
4.275%,
PIK
3.500%)
7.775
01/31/29
148,875
200,000
(e)
Select
Medical
Corp
6.250
08/15/26
201,217
338,958
(e)
Team
Health
Holdings
Inc,
(cash
9.000%,
PIK
4.500%)
13.500
06/30/28
377,091
625,000
(d)
Tenet
Healthcare
Corp
4.625
06/15/28
613,407
250,000
Tenet
Healthcare
Corp
6.125
10/01/28
251,996
15,000
UnitedHealth
Group
Inc
5.050
04/15/53
14,890
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
2,310,727
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.0%
15,000
Haleon
US
Capital
LLC
3.625
03/24/32
14,109
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
14,109
INSURANCE
-
0.4%
475,000
(d),(e)
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4.250
10/15/27
454,724
907,000
Assurant
Inc
7.000
03/27/48
918,702
20,000
Berkshire
Hathaway
Finance
Corp
2.850
10/15/50
14,056
35,000
Hartford
Financial
Services
Group
Inc/The
2.800
08/19/29
32,636
375,000
(e)
HUB
International
Ltd
7.250
06/15/30
390,705
15,000
(e)
Principal
Life
Global
Funding
II
0.875
01/12/26
14,350
20,000
Reinsurance
Group
of
America
Inc
5.750
09/15/34
21,068
TOTAL
INSURANCE
1,846,241
MATERIALS
-
0.1%
15,000
Amcor
Flexibles
North
America
Inc
4.000
05/17/25
14,911
15,000
Amcor
Group
Finance
PLC
5.450
05/23/29
15,543
250,000
(e)
Arsenal
AIC
Parent
LLC
8.000
10/01/30
268,271
75,000
Ball
Corp
6.000
06/15/29
77,618
25,000
Berry
Global
Inc
1.570
01/15/26
24,057
TOTAL
MATERIALS
400,400
MEDIA
&
ENTERTAINMENT
-
0.2%
200,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4.500
05/01/32
172,931
35,000
Charter
Communications
Operating
LLC
/
Charter
Communications
Operating
Capital
3.500
03/01/42
24,321
25,000
Comcast
Corp
2.800
01/15/51
16,588
20,000
Comcast
Corp
1.500
02/15/31
16,875
10,000
Comcast
Corp
5.350
05/15/53
10,228
175,000
(e)
CSC
Holdings
LLC
5.500
04/15/27
153,904
69,000
(e)
McGraw-Hill
Education
Inc
5.750
08/01/28
68,188
250,000
(e)
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp
5.000
08/15/27
248,574
25,000
Warnermedia
Holdings
Inc
5.141
03/15/52
19,282
TOTAL
MEDIA
&
ENTERTAINMENT
730,891
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.1%
10,000
AbbVie
Inc
5.050
03/15/34
10,445
10,000
AbbVie
Inc
5.400
03/15/54
10,604
15,000
Amgen
Inc
5.250
03/02/33
15,616
10,000
Amgen
Inc
5.250
03/02/25
10,014
35,000
Amgen
Inc
5.650
03/02/53
36,818
250,000
(e)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5.125
04/30/31
235,529
35,000
Pfizer
Investment
Enterprises
Pte
Ltd
5.300
05/19/53
36,206
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
355,232
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.0%
35,000
(e)
Broadcom
Inc
4.926
05/15/37
34,970
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
34,970
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
30
PRINCIPAL  
DESCRIPTION  
RATE
MATURITY
VALUE
SOFTWARE
&
SERVICES
-
0.0%
$
25,000
(e)
Amentum
Escrow
Corp
7.250
%
08/01/32
$
26,091
15,000
Oracle
Corp
4.900
02/06/33
15,278
15,000
Oracle
Corp
5.375
09/27/54
14,991
25,000
Roper
Technologies
Inc
2.000
06/30/30
21,962
TOTAL
SOFTWARE
&
SERVICES
78,322
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.0%
35,000
Apple
Inc
2.450
08/04/26
34,154
10,000
Apple
Inc
2.650
05/11/50
6,902
50,000
(e)
CommScope
LLC
6.000
03/01/26
48,625
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
89,681
TELECOMMUNICATION
SERVICES
-
0.2%
30,000
AT&T
Inc
3.500
09/15/53
22,040
40,000
AT&T
Inc
3.800
12/01/57
30,285
25,000
AT&T
Inc
3.650
06/01/51
19,171
375,000
(d),(e)
Frontier
Communications
Holdings
LLC
5.875
10/15/27
376,525
375,000
(e)
Level
3
Financing
Inc
10.500
05/15/30
403,594
80,000
(e)
Level
3
Financing
Inc
10.500
04/15/29
87,204
15,000
T-Mobile
USA
Inc
5.150
04/15/34
15,453
50,000
T-Mobile
USA
Inc
2.250
11/15/31
43,140
100,000
(e)
Zayo
Group
Holdings
Inc
4.000
03/01/27
89,444
TOTAL
TELECOMMUNICATION
SERVICES
1,086,856
TRANSPORTATION
-
0.1%
250,000
(e)
United
Airlines
Inc
4.375
04/15/26
245,987
TOTAL
TRANSPORTATION
245,987
UTILITIES
-
0.2%
40,000
AEP
Transmission
Co
LLC
5.400
03/15/53
41,441
30,000
Ameren
Illinois
Co
4.950
06/01/33
30,863
15,000
(k)
Atmos
Energy
Corp
5.000
12/15/54
14,651
10,000
Consolidated
Edison
Co
of
New
York
Inc
5.700
05/15/54
10,830
20,000
DTE
Electric
Co
5.200
03/01/34
20,938
30,000
Duke
Energy
Carolinas
LLC
4.250
12/15/41
27,201
25,000
Duke
Energy
Carolinas
LLC
5.350
01/15/53
25,796
15,000
Florida
Power
&
Light
Co
5.050
04/01/28
15,481
35,000
Florida
Power
&
Light
Co
4.800
05/15/33
35,827
55,000
Georgia
Power
Co
2.650
09/15/29
51,341
15,000
Interstate
Power
and
Light
Co
3.100
11/30/51
10,449
484,000
PG&E
Corp
5.000
07/01/28
479,770
50,000
PG&E
Corp
5.250
07/01/30
49,660
25,000
Public
Service
Co
of
Colorado
1.875
06/15/31
21,282
15,000
Public
Service
Co
of
Colorado
2.700
01/15/51
9,732
TOTAL
UTILITIES
845,262
TOTAL
CORPORATE
BONDS
(Cost
$13,276,066)
13,275,743
SHARES  
DESCRIPTION  
RATE
VALUE
11048203
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
2.3%
(1.7%
of
Total
Investments)
11048203
BANKS
-
0.5%
15,622
Fifth
Third
Bancorp
9.296
396,643
183,200
Itau
Unibanco
Holding
SA
0.000
1,214,338
27,025
KeyCorp
6.200
662,113
8,825
KeyCorp
6.125
217,889
TOTAL
BANKS
2,490,983
CAPITAL
GOODS
-
0.0%
6,800
WESCO
International
Inc
10.625
175,780
TOTAL
CAPITAL
GOODS
175,780
ENERGY
-
0.1%
39,200
Petroleo
Brasileiro
SA
0.000
259,117
541,133
Raizen
SA
0.000
307,930
TOTAL
ENERGY
567,047
31
SHARES  
DESCRIPTION  
RATE
VALUE
FINANCIAL
SERVICES
-
0.5%
11,100
Equitable
Holdings
Inc
5.250
%
$
257,187
15,000
Morgan
Stanley
6.625
402,600
25,000
Morgan
Stanley
6.875
633,999
6,900
Morgan
Stanley
6.500
183,471
4,206
Morgan
Stanley
7.125
106,412
8,848
Synchrony
Financial
5.625
188,905
17,343
Voya
Financial
Inc
5.350
437,044
TOTAL
FINANCIAL
SERVICES
2,209,618
FOOD,
BEVERAGE
&
TOBACCO
-
0.3%
17,393
CHS
Inc
6.750
452,392
34,746
CHS
Inc
7.100
897,142
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,349,534
INSURANCE
-
0.9%
22,866
American
National
Group
Inc
5.950
565,476
24,200
American
National
Group
Inc
6.625
608,630
21,148
Aspen
Insurance
Holdings
Ltd
8.915
554,289
15,200
Aspen
Insurance
Holdings
Ltd
5.625
322,392
9,600
Assurant
Inc
5.250
215,712
16,890
Athene
Holding
Ltd
6.375
421,237
19,836
Athene
Holding
Ltd
6.350
492,726
10,532
Enstar
Group
Ltd
7.000
205,585
9,609
Reinsurance
Group
of
America
Inc
7.125
254,735
14,737
Reinsurance
Group
of
America
Inc
5.750
370,488
8,200
Selective
Insurance
Group
Inc
4.600
162,032
TOTAL
INSURANCE
4,173,302
TELECOMMUNICATION
SERVICES
-
0.0%
3,900
AT&T
Inc
4.750
81,939
TOTAL
TELECOMMUNICATION
SERVICES
81,939
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$11,381,323)
11,048,203
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
ASSET-BACKED
SECURITIES
-
0.2%
(0.2%
of
Total
Investments)
–
$
250,000
(e)
Hertz
Vehicle
Financing
III
LLC,
2023
3A
5.940
02/25/28
256,240
250,000
(c),(e)
Industrial
DPR
Funding
Ltd,
2022
1A
5.380
04/15/34
221,930
173,518
(e)
MVW
2020-1
LLC,
2020
1A
1.740
10/20/37
166,648
300,000
(e)
OneMain
Financial
Issuance
Trust
2022-2,
2022
2A
4.890
10/14/34
299,956
125,000
(e)
PenFed
Auto
Receivables
Owner
Trust
2022-A,
2022
A
4.600
12/15/28
124,846
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$1,075,773)
1,069,620
SHARES  
DESCRIPTION  
VALUE
354,494
WARRANTS
-
0.1%
(0.1%
of
Total
Investments)
354,494
MEDIA
&
ENTERTAINMENT
-
0.1%
17,892
(a)
Cineworld
Group
PLC
354,494
TOTAL
MEDIA
&
ENTERTAINMENT
354,494
TOTAL
WARRANTS
(Cost
$285,429)
354,494
TYPE
DESCRIPTION(p)
NUMBER
OF
CONTRACTS
NOTIONAL
AMOUNT(q)
EXERCISE
PRICE
EXPIRATION
DATE
VALUE
OPTIONS
PURCHASED
-
0.0%
(0.0%
of
Total
Investments)
Call
Chicago
Board
Options
Exchange
SPX
Volatility
Index
25
$
100,000
$
40
12/18/24
1,863
Put
Chicago
Board
Options
Exchange
SPX
Volatility
Index
50
70,000
14
10/16/24
100
TOTAL
OPTIONS
PURCHASED
(Cost
$2,656)
75
$
170,000
1,963
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$560,607,243)
633,482,734
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
32
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:
PRINCIPAL
DESCRIPTION  
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 5.6%  (4.0%
of
Total
Investments)
26650079
REPURCHASE
AGREEMENTS
-
5.6%
(4.0%
of
Total
Investments)
26650079
$
17,250,079
(r)
Fixed
Income
Clearing
Corporation
1.520
%
10/01/24
$
17,250,079
9,400,000
(s)
Fixed
Income
Clearing
Corporation
4.820
10/01/24
9,400,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$26,650,079)
26,650,079
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$26,650,079)
26,650,079
TOTAL
INVESTMENTS
-
139.3%
(Cost
$587,257,322
)
660,132,813
BORROWINGS
-
(21.9)%
(t),(u)
(103,636,000)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(14.4)%(v)
(68,095,906)
OTHER
ASSETS
&
LIABILITIES,
NET
-  (3.0)%
(14,427,517)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
473,973,390
Options
Written
Type
Description(p)
Number
of
Contracts
Notional
Amount
(q)
Exercise
Price
Expiration
Date
Value
Call
S&P
500
Index
(5)
$
(2,825,000)
$
5,650
10/18/24
$
(74,225)
Call
S&P
500
Index
(30)
(17,100,000)
5,700
10/18/24
(328,500)
Call
S&P
500
Index
(20)
(11,600,000)
5,800
10/18/24
(93,600)
Call
S&P
500
Index
(5)
(2,950,000)
5,900
10/31/24
(13,575)
Total
Options
Written
(premiums
received
$190,748)
(60)
$(34,475,000)
$(509,900)
Forward
Foreign
Currency
Contracts
Currency
Purchased
Notional
Amount
(Local
Currency)
Currency
Sold
Notional
Amount
(Local
Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
Euro
94,443
U.S.
Dollar
105,441
Bank
of
America,
N.A.
10/15/24
$
(257)
Euro
172,178
U.S.
Dollar
188,510
Morgan
Stanley
Capital
Services
LLC
10/15/24
$
3,250
U.S.
Dollar
1,314,704
Euro
1,204,522
Morgan
Stanley
Capital
Services
LLC
10/15/24
$
(26,814)
Total
$(23,821)
33
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
118,215,018
$
101,229,902
$
1,351
$
219,446,271
Mortgage-Backed
Securities
–
79,759,595
–
79,759,595
Variable
Rate
Senior
Loan
Interests
–
61,586,535
170,962
61,757,497
Real
Estate
Investment
Trust
Common
Stocks
60,892,773
108,058
–
61,000,831
Emerging
Market
Debt
and
Foreign
Corporate
Bonds
–
42,371,119
499,963
42,871,082
$1,000
Par
(or
similar)
Institutional
Preferred
–
40,368,236
–
40,368,236
Investment
Companies
38,777,186
206,443
–
38,983,629
U.S.
Government
and
Agency
Obligations
–
35,517,191
–
35,517,191
Contingent
Capital
Securities
–
28,028,379
–
28,028,379
Corporate
Bonds
–
13,275,743
–
13,275,743
$25
Par
(or
similar)
Retail
Preferred
11,048,203
–
–
11,048,203
Asset-Backed
Securities
–
847,690
221,930
1,069,620
Warrants
–
354,494
–
354,494
Options
Purchased
1,963
–
–
1,963
Short-Term
Investments:
Repurchase
Agreements
–
26,650,079
–
26,650,079
Investments
in
Derivatives:
Forward
Foreign
Currency
Contracts*
–
(23,821)
–
(23,821)
Options
Written
(509,900)
–
–
(509,900)
Total
$
228,425,243
$
430,279,643
$
894,206
$
659,599,092
*
Represents
net
unrealized
appreciation
(depreciation).
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(a)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(c)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(d)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$75,001,772.
(e)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$75,817,419
or
11.5%
of
Total
Investments.
(f)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(g)
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
reporting
period,
investments
with
a
value
of
$78,501,720
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(h)
Senior
loans
generally
pay
interest
at
rates
which
are
periodically
adjusted
by
reference
to
a
base
short-term,
floating
lending
rate
(Reference
Rate)
plus
an
assigned
fixed
rate
(Spread).
These
floating
lending
rates
are
generally
(i)
the
lending
rate
referenced
by
the
Secured
Overnight
Financing
Rate
(“SOFR”),
or
(ii)
the
prime
rate
offered
by
one
or
more
major
United
States
banks.
Senior
loans
may
be
considered
restricted
in
that
the
Fund
ordinarily
is
contractually
obligated
to
receive
approval
from
the
agent
bank
and/or
borrower
prior
to
the
disposition
of
a
senior
loan.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(i)
Senior
loans
generally
are
subject
to
mandatory
and/or
optional
prepayment.
Because
of
these
mandatory
prepayment
conditions
and
because
there
may
be
significant
economic
incentives
for
a
borrower
to
prepay,
prepayments
of
senior
loans
may
occur.
As
a
result,
the
actual
remaining
maturity
of
senior
loans
held
may
be
substantially
less
than
the
stated
maturities
shown.
(j)
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
(k)
When-issued
or
delayed
delivery
security.
(l)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(m)
Perpetual
security.
Maturity
date
is
not
applicable.
(n)
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
(o)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
(p)
Exchange-traded,
unless
otherwise
noted.
(q)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
(r)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.520%
dated
9/30/24
to
be
repurchased
at
$17,250,808
on
10/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
3.500%
and
maturity
date
9/30/26,
valued
at
$17,595,210.
(s)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.820%
dated
9/30/24
to
be
repurchased
at
$9,401,259
on
10/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.625%
and
maturity
dates
9/30/28–4/30/31,
valued
at
$9,588,224.
Portfolio
of
Investments
September
30,
2024
(continued)
NMAI
34
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted. 
(t)
Borrowings
as
a
percentage
of
Total
Investments
is
15.7%.
(u)
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
$187,794,910
have
been
pledged
as
collateral
for
borrowings.
(v)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
10.3%.
ADR
American
Depositary
Receipt
BRL
Brazilian
Real
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
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
SOFR
30A
30
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.
THB
Thai
Baht
TRY
Turkish
Lira
TSFR
1M
CME
Term
SOFR
1
Month
TSFR
3M
CME
Term
SOFR
3
Month
TSFR
6M
CME
Term
SOFR
6
Month
UGX
Ugandan
Shilling
UYU
Uruguayan
Peso
ZAR
South
African
Rand