1

Portfolio

of

Investments

March

31,

2025

NMAI

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

139.9%

(96.1%

of

Total

Investments)

45995754

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

10

.5

%

(

7

.2

%

of

Total

Investments)

45995754

AUTOMOBILES

&

COMPONENTS

-

0.3%

$

462,000

(a)

General

Motors

Financial

Co

Inc

5

.700

%

N/A

$

440,683

755,000

(a)

General

Motors

Financial

Co

Inc

5

.750

N/A

714,146

TOTAL

AUTOMOBILES

&

COMPONENTS

1,154,829

BANKS

-

4.1%

200,000

(b)

Banco

Internacional

del

Peru

SAA

Interbank

6

.397

04/30/35

203,726

436,000

(a)

Bank

of

America

Corp

6

.125

N/A

441,427

877,000

(a)

Bank

of

America

Corp

5

.875

N/A

883,844

295,000

(a)

Bank

of

America

Corp

4

.375

N/A

287,513

200,000

Bank

of

Montreal

7

.700

05/26/84

203,227

200,000

Bank

of

Montreal

7

.300

11/26/84

199,358

200,000

Bank

of

Nova

Scotia/The

8

.000

01/27/84

206,566

200,000

(b)

Banque

Ouest

Africaine

de

Developpement

8

.200

02/13/55

202,252

1,190,000

(a),(c)

Citigroup

Inc

6

.250

N/A

1,197,076

260,000

(a)

Citigroup

Inc

7

.375

N/A

266,949

314,000

(a)

Citigroup

Inc

7

.000

N/A

325,544

378,000

(a)

Citigroup

Inc

7

.125

N/A

386,576

655,000

(a)

Citigroup

Inc

7

.625

N/A

681,438

1,000,000

(a),(c)

Citigroup

Inc

5

.950

N/A

998,065

125,000

(a),(d)

Citizens

Financial

Group

Inc

(TSFR3M

+

3.419%)

7

.715

N/A

124,509

335,000

(a)

Citizens

Financial

Group

Inc

4

.000

N/A

320,939

229,000

(a),(d)

Fifth

Third

Bancorp

(TSFR3M

+

3.295%)

7

.594

N/A

228,487

520,000

(a),(d)

First

Citizens

BancShares

Inc/NC

(TSFR3M

+

4.234%)

8

.533

N/A

534,736

555,000

(a)

Huntington

Bancshares

Inc/OH

5

.625

N/A

551,801

1,072,000

(a),(c)

JPMorgan

Chase

&

Co

6

.875

N/A

1,125,921

205,000

(a)

JPMorgan

Chase

&

Co

3

.650

N/A

200,418

629,000

(a)

JPMorgan

Chase

&

Co

6

.500

N/A

643,746

270,000

(a)

M&T

Bank

Corp

5

.125

N/A

267,212

325,000

(a)

PNC

Financial

Services

Group

Inc/The

6

.000

N/A

326,234

529,000

(a)

PNC

Financial

Services

Group

Inc/The

6

.250

N/A

531,708

448,000

(a)

PNC

Financial

Services

Group

Inc/The

5

.000

N/A

444,295

415,000

(a)

PNC

Financial

Services

Group

Inc/The

3

.400

N/A

394,797

370,000

(a)

Regions

Financial

Corp

5

.750

N/A

367,958

200,000

Toronto-Dominion

Bank/The

8

.125

10/31/82

206,881

1,194,000

(a)

Truist

Financial

Corp

6

.669

N/A

1,189,043

295,000

(a)

Truist

Financial

Corp

5

.100

N/A

286,090

161,000

(a)

US

Bancorp

5

.300

N/A

159,214

875,000

(a),(c)

Wells

Fargo

&

Co

5

.875

N/A

873,303

637,000

(a)

Wells

Fargo

&

Co

3

.900

N/A

624,308

1,030,000

(a)

Wells

Fargo

&

Co

7

.625

N/A

1,100,280

758,000

(a)

Wells

Fargo

&

Co

6

.850

N/A

786,585

200,000

(b)

Yapi

ve

Kredi

Bankasi

AS

9

.250

01/17/34

205,548

TOTAL

BANKS

17,977,574

CAPITAL

GOODS

-

0.3%

610,000

(b),(c)

AerCap

Global

Aviation

Trust

6

.500

06/15/45

609,757

93,000

(a)

Air

Lease

Corp

4

.125

N/A

88,278

395,000

(a)

Air

Lease

Corp

4

.650

N/A

384,236

185,000

(a)

Air

Lease

Corp

6

.000

N/A

180,562

TOTAL

CAPITAL

GOODS

1,262,833

ENERGY

-

0.7%

305,000

Enbridge

Inc

7

.625

01/15/83

319,461

968,000

(c)

Enbridge

Inc

8

.500

01/15/84

1,066,157

49,000

(a)

Energy

Transfer

LP

6

.625

N/A

48,340

351,000

(a)

Energy

Transfer

LP

7

.125

N/A

355,167

250,000

(a)

Energy

Transfer

LP

6

.500

N/A

249,705

95,000

Energy

Transfer

LP

8

.000

05/15/54

99,973

144,000

(b)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7

.500

03/01/55

145,688

75,000

Transcanada

Trust

5

.875

08/15/76

74,479

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ENERGY

(continued)

$

440,000

Transcanada

Trust

5

.600

%

03/07/82

$

411,151

216,000

(a),(b)

Venture

Global

LNG

Inc

9

.000

N/A

204,982

TOTAL

ENERGY

2,975,103

FINANCIAL

SERVICES

-

1.9%

600,000

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6

.500

01/31/56

594,444

1,030,000

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6

.950

03/10/55

1,054,242

159,600

(a)

Ally

Financial

Inc

4

.700

N/A

148,531

400,000

(a)

Ally

Financial

Inc

4

.700

N/A

343,998

555,000

(a),(b)

American

AgCredit

Corp

5

.250

N/A

527,250

180,000

(a)

American

Express

Co

3

.550

N/A

173,832

150,000

(a)

Bank

of

New

York

Mellon

Corp/The

4

.700

N/A

149,092

200,000

(a)

Capital

One

Financial

Corp

3

.950

N/A

191,306

375,000

(a)

Charles

Schwab

Corp/The

5

.375

N/A

373,670

800,000

(a)

Charles

Schwab

Corp/The

4

.000

N/A

779,789

150,000

(a)

Discover

Financial

Services

6

.125

N/A

149,706

130,000

(a)

Discover

Financial

Services

5

.500

N/A

125,365

505,000

(a)

Goldman

Sachs

Group

Inc/The

6

.850

N/A

511,311

371,000

(a)

Goldman

Sachs

Group

Inc/The

6

.125

N/A

362,883

543,000

(a),(c)

Goldman

Sachs

Group

Inc/The

7

.500

N/A

569,540

720,000

(a)

Goldman

Sachs

Group

Inc/The

7

.379

N/A

723,402

430,000

(a)

Goldman

Sachs

Group

Inc/The

7

.500

N/A

450,943

179,000

(a)

Goldman

Sachs

Group

Inc/The

5

.300

N/A

178,583

320,000

(a)

State

Street

Corp

6

.700

N/A

328,085

420,000

(a)

Voya

Financial

Inc

7

.758

N/A

435,640

TOTAL

FINANCIAL

SERVICES

8,171,612

FOOD,

BEVERAGE

&

TOBACCO

-

0.5%

2,250,000

(a),(b)

Land

O'

Lakes

Inc

8

.000

N/A

2,109,424

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,109,424

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.1%

142,000

CVS

Health

Corp

6

.750

12/10/54

141,375

80,000

CVS

Health

Corp

7

.000

03/10/55

80,631

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

222,006

INSURANCE

-

1.2%

118,000

American

International

Group

Inc

5

.750

04/01/48

117,292

450,000

AXIS

Specialty

Finance

LLC

4

.900

01/15/40

423,740

381,000

Corebridge

Financial

Inc

6

.375

09/15/54

378,519

235,000

Enstar

Finance

LLC

5

.500

01/15/42

229,108

325,000

Enstar

Finance

LLC

5

.750

09/01/40

323,698

184,000

(b)

Enstar

Group

Ltd

7

.500

04/01/45

186,294

541,000

(a),(c)

Markel

Group

Inc

6

.000

N/A

538,034

580,000

(b),(c)

MetLife

Inc

9

.250

04/08/38

685,034

207,000

MetLife

Inc

6

.350

03/15/55

207,406

360,000

Provident

Financing

Trust

I

7

.405

03/15/38

379,830

81,000

Prudential

Financial

Inc

5

.375

05/15/45

80,768

210,000

Prudential

Financial

Inc

5

.125

03/01/52

199,890

150,000

Prudential

Financial

Inc

6

.500

03/15/54

152,765

420,000

(a),(b)

QBE

Insurance

Group

Ltd

5

.875

N/A

419,274

575,000

(a),(b),(c)

SBL

Holdings

Inc

6

.500

N/A

531,875

600,000

(a),(b),(c)

SBL

Holdings

Inc

7

.000

N/A

589,549

TOTAL

INSURANCE

5,443,076

MATERIALS

-

0.0%

200,000

(a),(b)

Cemex

SAB

de

CV

9

.125

N/A

203,048

TOTAL

MATERIALS

203,048

MEDIA

&

ENTERTAINMENT

-

0.0%

190,000

Paramount

Global

6

.375

03/30/62

185,378

TOTAL

MEDIA

&

ENTERTAINMENT

185,378

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION

SERVICES

-

0.2%

$

278,000

Bell

Telephone

Co

of

Canada

or

Bell

Canada

7

.000

%

09/15/55

$

277,774

333,000

Rogers

Communications

Inc

7

.125

04/15/55

331,870

365,000

Vodafone

Group

PLC

7

.000

04/04/79

375,925

TOTAL

TELECOMMUNICATION

SERVICES

985,569

UTILITIES

-

1.2%

400,000

(b)

AES

Andes

SA

8

.150

06/10/55

413,144

113,000

AES

Corp/The

7

.600

01/15/55

114,029

120,000

(b)

AltaGas

Ltd

7

.200

10/15/54

118,378

252,000

American

Electric

Power

Co

Inc

3

.875

02/15/62

238,543

192,000

CMS

Energy

Corp

6

.500

06/01/55

187,100

115,000

Dominion

Energy

Inc

7

.000

06/01/54

120,871

153,000

Duke

Energy

Corp

6

.450

09/01/54

152,742

89,000

Edison

International

7

.875

06/15/54

85,657

139,000

Edison

International

8

.125

06/15/53

135,553

200,000

(a)

Edison

International

5

.000

N/A

180,688

150,000

(a)

Edison

International

5

.375

N/A

143,558

695,000

(c)

Emera

Inc

6

.750

06/15/76

697,219

314,000

Entergy

Corp

7

.125

12/01/54

317,844

193,000

EUSHI

Finance

Inc

7

.625

12/15/54

200,820

262,000

NextEra

Energy

Capital

Holdings

Inc

6

.750

06/15/54

267,436

128,000

PG&E

Corp

7

.375

03/15/55

125,805

269,000

Sempra

6

.550

04/01/55

255,907

510,000

(a)

Sempra

4

.875

N/A

505,121

340,000

Southern

Co/The

4

.000

01/15/51

335,679

320,000

(a),(b)

Vistra

Corp

8

.875

N/A

342,160

185,000

(a),(b)

Vistra

Corp

8

.000

N/A

189,843

175,000

(a),(b)

Vistra

Corp

7

.000

N/A

177,205

TOTAL

UTILITIES

5,305,302

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$46,507,699)

45,995,754

SHARES

DESCRIPTION

RATE

VALUE

10063849

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

2

.3

%

(

1

.6

%

of

Total

Investments)

10063849

BANKS

-

0.4%

15,622

Fifth

Third

Bancorp

8

.296

393,050

125,620

Itau

Unibanco

Holding

SA

0

.000

691,449

8,825

KeyCorp

6

.125

212,506

27,025

KeyCorp

6

.200

642,925

TOTAL

BANKS

1,939,930

CAPITAL

GOODS

-

0.0%

6,800

WESCO

International

Inc

10

.625

171,768

TOTAL

CAPITAL

GOODS

171,768

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

403,733

Raizen

SA

0

.000

130,888

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

130,888

ENERGY

-

0.0%

29,500

Petroleo

Brasileiro

SA

0

.000

192,102

TOTAL

ENERGY

192,102

FINANCIAL

SERVICES

-

0.7%

12,675

Bank

of

New

York

Mellon

Corp/The

6

.150

323,213

11,100

Equitable

Holdings

Inc

5

.250

228,771

4,206

Morgan

Stanley

7

.125

105,655

25,000

Morgan

Stanley

6

.875

628,000

21,600

Morgan

Stanley

6

.625

550,800

17,175

Morgan

Stanley

6

.500

433,669

8,848

Synchrony

Financial

5

.625

155,990

17,343

Voya

Financial

Inc

5

.350

411,549

TOTAL

FINANCIAL

SERVICES

2,837,647

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

4

SHARES

DESCRIPTION

RATE

VALUE

FOOD,

BEVERAGE

&

TOBACCO

-

0.3%

34,746

CHS

Inc

7

.100

%

$

868,650

17,393

CHS

Inc

6

.750

426,650

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,295,300

INSURANCE

-

0.9%

9,425

American

National

Group

Inc

7

.375

242,411

24,200

American

National

Group

Inc

6

.625

606,451

6,775

Aspen

Insurance

Holdings

Ltd

7

.125

169,714

15,200

Aspen

Insurance

Holdings

Ltd

5

.625

294,576

9,600

Assurant

Inc

5

.250

184,416

16,890

Athene

Holding

Ltd

6

.375

421,237

19,836

Athene

Holding

Ltd

6

.350

482,610

10,532

Enstar

Group

Ltd

7

.000

219,487

16,462

Reinsurance

Group

of

America

Inc

5

.750

405,130

9,609

Reinsurance

Group

of

America

Inc

7

.125

247,143

8,200

Selective

Insurance

Group

Inc

4

.600

148,666

TOTAL

INSURANCE

3,421,841

TELECOMMUNICATION

SERVICES

-

0.0%

3,900

AT&T

Inc

4

.750

74,373

TOTAL

TELECOMMUNICATION

SERVICES

74,373

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$10,820,020)

10,063,849

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

-

0.2%

(0.1%

of

Total

Investments)

–

$

250,000

(b)

Hertz

Vehicle

Financing

III

LLC,

Series

2023

3A

5

.940

02/25/28

254,242

250,000

(b),(e)

Industrial

DPR

Funding

Ltd,

Series

2022

1A

5

.380

04/15/34

219,800

144,497

(b)

MVW

2020-1

LLC,

Series

2020

1A

1

.740

10/20/37

139,690

187,489

(b)

OneMain

Financial

Issuance

Trust

2022-2,

Series

2022

2A

4

.890

10/14/34

187,466

125,000

(b)

PenFed

Auto

Receivables

Owner

Trust

2022-A,

Series

2022

A

4

.600

12/15/28

124,877

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$939,678)

926,075

SHARES

DESCRIPTION

MATURITY

VALUE

7,240

COMMON

STOCK

RIGHTS

-

0

.0

%

(

0

.0

%

of

Total

Investments)

7,240

UTILITIES

-

0.0%

1,484

Elia

Group

SA/NV

4/15/25

7,240

TOTAL

UTILITIES

7,240

TOTAL

COMMON

STOCK

RIGHTS

(Cost

$0)

7,240

SHARES

DESCRIPTION

VALUE

271943990

COMMON

STOCKS

-

61

.8

%

(

42

.5

%

of

Total

Investments)

271943990

AUTOMOBILES

&

COMPONENTS

-

0.5%

7,300

BYD

Co

Ltd,

Class

A

379,401

2,494

Hyundai

Motor

Co

336,864

346

(c),(f)

Tesla

Inc

89,669

71,300

Toyota

Motor

Corp

1,260,392

TOTAL

AUTOMOBILES

&

COMPONENTS

2,066,326

BANKS

-

4.7%

490,090

Agricultural

Bank

of

China

Ltd,

Class

A

350,322

115,429

Banco

Bilbao

Vizcaya

Argentaria

SA

1,575,325

206,439

Banco

Santander

SA

1,390,761

19,015

Bank

of

America

Corp

793,496

424,000

Bank

of

China

Ltd

256,076

1,937,200

Bank

Rakyat

Indonesia

Persero

Tbk

PT

468,283

279,596

Barclays

PLC

1,051,290

1,269

Capitec

Bank

Holdings

Ltd

215,832

38,769

China

Merchants

Bank

Co

Ltd,

Class

A

231,567

9,204

Commonwealth

Bank

of

Australia

875,244

5

SHARES

DESCRIPTION

VALUE

BANKS

(continued)

5,633

Fifth

Third

Bancorp

$

220,814

41,200

Grupo

Financiero

Banorte

SAB

de

CV

285,740

20,602

HDFC

Bank

Ltd,

ADR

1,368,797

58,472

ING

Groep

NV

1,145,542

14,068

JPMorgan

Chase

&

Co

3,450,881

147,200

Mitsubishi

UFJ

Financial

Group

Inc

2,006,897

44,053

Nordea

Bank

Abp

563,457

2,187

(c)

PNC

Financial

Services

Group

Inc/The

384,409

16,068

Standard

Bank

Group

Ltd

209,950

78,200

Sumitomo

Mitsui

Financial

Group

Inc

2,010,883

3,619

UniCredit

SpA

203,142

24,890

(c),(g)

Wells

Fargo

&

Co

1,786,853

TOTAL

BANKS

20,845,561

CAPITAL

GOODS

-

4.0%

11,232

Airbus

SE

1,977,793

9,046

Ashtead

Group

PLC

489,088

731,500

Astra

International

Tbk

PT

216,487

3,061

(c),(f)

Boeing

Co/The

522,054

1,659

(c)

Caterpillar

Inc

547,138

7,287

Cie

de

Saint-Gobain

SA

725,907

4,583

Contemporary

Amperex

Technology

Co

Ltd,

Class

A

160,406

614

Deere

&

Co

288,181

2,322

(c)

Dover

Corp

407,929

3,561

(c)

Eaton

Corp

PLC

967,987

3,838

Emerson

Electric

Co

420,798

9,419

Ferrovial

SE

421,290

444

Hanwha

Aerospace

Co

Ltd

190,780

100,000

(f)

Hitachi

Ltd

2,347,941

6,172

(c)

Honeywell

International

Inc

1,306,921

33,163

Infratil

Ltd

195,438

3,403

(c)

Masco

Corp

236,645

629

Northrop

Grumman

Corp

322,054

884

(c)

Parker-Hannifin

Corp

537,339

942

Rheinmetall

AG

1,347,929

5,246

(c)

RTX

Corp

694,885

6,801

Siemens

AG

1,570,665

1,796

(c)

Trane

Technologies

PLC

605,108

732

(c)

United

Rentals

Inc

458,744

4,289

Vinci

SA

540,672

TOTAL

CAPITAL

GOODS

17,500,179

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.1%

3,667

(f)

Casella

Waste

Systems

Inc,

Class

A

408,907

153,642

Cleanaway

Waste

Management

Ltd

252,035

6,374

GFL

Environmental

Inc

307,928

14,500

Recruit

Holdings

Co

Ltd

751,263

5,018

Republic

Services

Inc

1,215,159

8,129

(c)

Waste

Connections

Inc

1,586,699

762

Waste

Management

Inc

176,411

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,698,402

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1.3%

69,200

Alibaba

Group

Holding

Ltd

1,144,981

2,742

Alibaba

Group

Holding

Ltd,

Sponsored

ADR

362,575

8,354

(f),(g)

Amazon.com

Inc

1,589,431

1

(e),(f)

Belk

Inc

8

2,414

Home

Depot

Inc/The

884,707

17,800

JD.com

Inc,

Class

A

366,173

1,061

(f)

JOANN

Inc

11

1,922

Lowe's

Cos

Inc

448,268

70

(f)

MercadoLibre

Inc

136,561

243

(f)

O'Reilly

Automotive

Inc

348,117

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

6

SHARES

DESCRIPTION

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

4,210

(c)

TJX

Cos

Inc/The

$

512,778

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

5,793,610

CONSUMER

DURABLES

&

APPAREL

-

1.3%

5,496

Cie

Financiere

Richemont

SA

959,414

1,684

Kering

SA

350,340

3,954

LG

Electronics

Inc

208,566

1,904

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,179,105

8,180

Moncler

SpA

503,864

5,064

(c)

NIKE

Inc,

Class

B

321,463

56

(f)

NVR

Inc

405,686

78,500

Sony

Group

Corp

1,986,284

TOTAL

CONSUMER

DURABLES

&

APPAREL

5,914,722

CONSUMER

SERVICES

-

1.0%

83,128

(f)

24

Hour

Fitness

Worldwide

Inc

2,494

174,789

(f)

24

Hour

Fitness

Worldwide

Inc

1,748

36,900

Arcos

Dorados

Holdings

Inc,

Class

A

297,414

68

Booking

Holdings

Inc

313,270

96

(f)

Crown

Finance

US

Inc

2,018

4,622

H

World

Group

Ltd,

ADR

171,060

1,679

(c)

Hilton

Worldwide

Holdings

Inc

382,056

2,400

Hyatt

Hotels

Corp

294,000

1,300

Marriott

International

Inc/MD,

Class

A

309,660

3,306

McDonald's

Corp

1,032,696

4,600

(b),(f)

Meituan,

Class

B

92,563

24,827

(c),(f)

Melco

Resorts

&

Entertainment

Ltd

130,838

7,533

Starbucks

Corp

738,912

4,800

Trip.com

Group

Ltd

305,121

328,000

Wynn

Macau

Ltd

235,029

TOTAL

CONSUMER

SERVICES

4,308,879

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.8%

977,935

(f)

Cia

Brasileira

de

Distribuicao

529,544

1,094

(c)

Costco

Wholesale

Corp

1,034,683

94,683

Sendas

Distribuidora

S/A

125,106

22,380

(c)

Walmart

Inc

1,964,741

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

3,654,074

ENERGY

-

5.1%

40,273

BP

PLC

225,990

8,212

(c)

Cheniere

Energy

Inc

1,900,257

4,410

(c)

Chevron

Corp

737,749

5,058

(c)

ConocoPhillips

531,191

2,555

(c)

Diamondback

Energy

Inc

408,493

3,170

DT

Midstream

Inc

305,842

45,365

(c)

Enbridge

Inc

2,010,122

49,784

(c),(g)

Energy

Transfer

LP

925,485

9,477

(c)

Enterprise

Products

Partners

LP

323,545

3,316

EOG

Resources

Inc

425,244

22,798

(c)

Exxon

Mobil

Corp

2,711,365

22,375

(g)

Kinder

Morgan

Inc

638,359

21,918

(g)

ONEOK

Inc

2,174,703

26,800

Pembina

Pipeline

Corp

1,071,963

5,071

Plains

All

American

Pipeline

LP

101,420

8,158

(b)

Reliance

Industries

Ltd,

Sponsored

GDR

478,875

16,958

(b)

Reliance

Industries

Ltd,

Sponsored

GDR

991,966

54,419

Shell

PLC

1,980,867

4,155

(c)

Targa

Resources

Corp

832,953

9,466

TC

Energy

Corp

447,038

9,634

TotalEnergies

SE

620,747

7,368

(f)

Transocean

Ltd

23,357

6,252

(c)

Valero

Energy

Corp

825,702

27,755

(c)

Williams

Cos

Inc/The

1,658,639

TOTAL

ENERGY

22,351,872

7

SHARES

DESCRIPTION

VALUE

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

11.6%

10,300

Agree

Realty

Corp

$

795,057

22,100

American

Healthcare

REIT

Inc

669,630

6,800

American

Homes

4

Rent,

Class

A

257,108

18,764

American

Tower

Corp

4,083,046

7,600

AvalonBay

Communities

Inc

1,631,112

8,000

BXP

Inc

537,520

15,600

(c)

Crown

Castle

Inc

1,625,988

24,200

Curbline

Properties

Corp

585,398

15,812

(c)

Digital

Realty

Trust

Inc

2,265,701

3,600

EastGroup

Properties

Inc

634,140

4,148

(c)

Equinix

Inc

3,382,072

11,200

Equity

LifeStyle

Properties

Inc

747,040

11,200

Equity

Residential

801,696

1,800

Essex

Property

Trust

Inc

551,826

9,300

Extra

Space

Storage

Inc

1,380,957

17,400

(c)

Gaming

and

Leisure

Properties

Inc

885,660

13,700

Healthpeak

Properties

Inc

277,014

16,000

Host

Hotels

&

Resorts

Inc

227,360

31,800

Hudson

Pacific

Properties

Inc

93,810

19,000

Invitation

Homes

Inc

662,150

8,400

(c)

Iron

Mountain

Inc

722,736

48,000

(c)

Kimco

Realty

Corp

1,019,520

25,900

Kite

Realty

Group

Trust

579,383

17,800

Macerich

Co/The

305,626

9,400

Mid-America

Apartment

Communities

Inc

1,575,252

28,700

Parkway

Life

Real

Estate

Investment

Trust

88,461

48,054

Prologis

Inc

5,371,958

4,200

(c)

Public

Storage

1,257,018

13,000

Realty

Income

Corp

754,130

13,400

(c)

Regency

Centers

Corp

988,384

23,100

Rexford

Industrial

Realty

Inc

904,365

27,400

Sabra

Health

Care

REIT

Inc

478,678

4,988

SBA

Communications

Corp

1,097,410

19,500

(c)

Simon

Property

Group

Inc

3,238,560

15,100

SL

Green

Realty

Corp

871,270

6,300

Sun

Communities

Inc

810,432

10,600

(c)

Tanger

Inc

358,174

14,300

Terreno

Realty

Corp

904,046

27,700

Ventas

Inc

1,904,652

37,600

(c)

VICI

Properties

Inc

1,226,512

11,800

(c)

Vornado

Realty

Trust

436,482

24,800

Welltower

Inc

3,799,608

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

50,786,942

FINANCIAL

SERVICES

-

2.0%

4,353

American

Express

Co

1,171,175

1,992

Ares

Management

Corp,

Class

A

292,047

81,000

B3

SA

-

Brasil

Bolsa

Balcao

172,321

1,929

(c),(f)

Berkshire

Hathaway

Inc,

Class

B

1,027,347

470

Blackrock

Inc

444,846

4,194

(c)

Charles

Schwab

Corp/The

328,306

2,354

(c),(f)

Fiserv

Inc

519,834

1,029

(c)

Goldman

Sachs

Group

Inc/The

562,132

3,156

(c)

Intercontinental

Exchange

Inc

544,410

1,468

KKR

&

Co

Inc

169,715

1,861

Mastercard

Inc,

Class

A

1,020,051

4,821

(c)

Morgan

Stanley

562,466

19,200

ORIX

Corp

400,875

972

S&P

Global

Inc

493,873

14,700

SBI

Holdings

Inc

396,943

1,941

(c)

Visa

Inc,

Class

A

680,243

TOTAL

FINANCIAL

SERVICES

8,786,584

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

8

SHARES

DESCRIPTION

VALUE

FOOD,

BEVERAGE

&

TOBACCO

-

1.2%

8,053

(c)

Coca-Cola

Co/The

$

576,756

9,149

Fomento

Economico

Mexicano

SAB

de

CV,

Sponsored

ADR

892,759

6,474

Heineken

NV

527,892

9,787

Mondelez

International

Inc,

Class

A

664,048

6,442

(f)

Monster

Beverage

Corp

376,986

3,186

Nestle

SA

321,966

2,006

PepsiCo

Inc

300,780

11,154

(g)

Philip

Morris

International

Inc

1,770,474

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

5,431,661

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.7%

9,704

Abbott

Laboratories

1,287,236

7,113

(c),(f)

Boston

Scientific

Corp

717,559

1,264

(c)

Cigna

Group/The

415,856

1,862

(c)

Elevance

Health

Inc

809,896

3,604

EssilorLuxottica

SA

1,038,559

1,144

HCA

Healthcare

Inc

395,309

784

Humana

Inc

207,446

11,534

(e),(f)

Millennium

Health

LLC

115

12,280

(e),(f)

Millennium

Health

LLC

1,228

1,449

(g)

Stryker

Corp

539,390

4,214

(c)

UnitedHealth

Group

Inc

2,207,083

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

7,619,677

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.5%

195

Amorepacific

Corp

13,509

6,992

(c)

Procter

&

Gamble

Co/The

1,191,577

1,941

Reckitt

Benckiser

Group

PLC

131,251

14,743

Unilever

PLC

879,671

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

2,216,008

INSURANCE

-

0.9%

24,000

AIA

Group

Ltd

181,677

6,383

American

International

Group

Inc

554,938

1,902

Chubb

Ltd

574,385

4,608

Marsh

&

McLennan

Cos

Inc

1,124,489

4,602

(c)

MetLife

Inc

369,495

41,856

Ping

An

Insurance

Group

Co

of

China

Ltd,

Class

A

298,213

1,128

Zurich

Insurance

Group

AG

787,353

TOTAL

INSURANCE

3,890,550

MATERIALS

-

2.6%

25,635

BHP

Group

Ltd

621,986

7,239

(c)

Corteva

Inc

455,550

16,262

CRH

PLC

1,430,568

4,968

(c)

DuPont

de

Nemours

Inc

371,010

16,132

Freeport-McMoRan

Inc

610,758

205,683

Glencore

PLC

752,826

7,029

Heidelberg

Materials

AG

1,211,642

6,019

(f)

Linde

PLC

2,802,686

725

Reliance

Inc

209,344

47,352

(c)

Smurfit

WestRock

PLC

2,133,681

4,323

Sociedad

Quimica

y

Minera

de

Chile

SA,

Sponsored

ADR

171,753

40,200

Vale

SA

399,432

14,415

Vale

SA,

Sponsored

ADR

143,862

TOTAL

MATERIALS

11,315,098

MEDIA

&

ENTERTAINMENT

-

1.4%

2,928

(c)

Alphabet

Inc,

Class

A

452,786

1,737

(c)

Alphabet

Inc,

Class

C

271,372

15,500

Comcast

Corp,

Class

A

571,950

43,700

(b),(f)

Kuaishou

Technology

306,449

2,385

(c)

Meta

Platforms

Inc

1,374,619

19,310

Nintendo

Co

Ltd

1,312,649

1,108

(f)

Sea

Ltd,

ADR

144,583

15,800

Tencent

Holdings

Ltd

1,009,555

9

SHARES

DESCRIPTION

VALUE

MEDIA

&

ENTERTAINMENT

(continued)

5,853

(c)

Walt

Disney

Co/The

$

577,691

TOTAL

MEDIA

&

ENTERTAINMENT

6,021,654

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

2.9%

6,054

AbbVie

Inc

1,268,434

10,638

Aspen

Pharmacare

Holdings

Ltd

94,996

11,939

AstraZeneca

PLC

1,753,178

541

(f)

BeiGene

Ltd,

ADR

147,244

2,303

Celltrion

Inc

266,032

37,900

Daiichi

Sankyo

Co

Ltd

902,546

1,916

Danaher

Corp

392,780

1,040

Eli

Lilly

&

Co

858,946

241,003

Haleon

PLC

1,217,114

4,915

Johnson

&

Johnson

815,104

1,149

Lonza

Group

AG

709,817

2,286

Novartis

AG

253,906

26,678

Novo

Nordisk

A/S,

Class

B

1,824,196

3,372

Novo

Nordisk

A/S,

Sponsored

ADR

234,152

2,789

Roche

Holding

AG

917,937

5,631

Sanofi

SA,

ADR

312,295

39,500

(b),(f)

Wuxi

Biologics

Cayman

Inc

138,149

2,742

Zoetis

Inc

451,470

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

12,558,296

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.0%

9,516

KE

Holdings

Inc,

ADR

191,176

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

191,176

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

2.9%

15,500

Advantest

Corp

690,935

1,498

(c)

Analog

Devices

Inc

302,102

1,757

(c)

Applied

Materials

Inc

254,976

1,776

ASML

Holding

NV

1,175,309

3,087

(f)

Bright

Bidco

BV

982

4,217

(f)

Bright

Bidco

BV

1,341

14,873

Broadcom

Inc

2,490,185

17,254

Infineon

Technologies

AG

575,160

3,073

Intel

Corp

69,788

2,643

Lam

Research

Corp

192,146

5,000

MediaTek

Inc

215,502

2,771

Micron

Technology

Inc

240,772

13,711

(c)

NVIDIA

Corp

1,485,998

1,442

NXP

Semiconductors

NV

274,067

1,369

SK

Hynix

Inc

182,496

6,200

SUMCO

Corp

42,013

83,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

2,337,528

10,461

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

1,736,526

1,120

Texas

Instruments

Inc

201,264

153,000

United

Microelectronics

Corp

213,928

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

12,683,018

SOFTWARE

&

SERVICES

-

1.8%

3,611

(c)

Accenture

PLC,

Class

A

1,126,776

12,787

(f)

Avaya

Inc

74,587

2,752

(f)

Avaya

Inc

16,052

1,631

(f)

Globant

SA

192,001

238,500

(b)

LWSA

SA

111,592

11,250

(c)

Microsoft

Corp

4,223,139

24,090

(f)

NEXTDC

Ltd

172,544

1,161

Oracle

Corp

162,319

2,068

Salesforce

Inc

554,968

2,350

SAP

SE

629,682

735

(c),(f)

ServiceNow

Inc

585,163

TOTAL

SOFTWARE

&

SERVICES

7,848,823

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

10

SHARES

DESCRIPTION

VALUE

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

1.9%

6,788

Amphenol

Corp,

Class

A

$

445,225

18,934

(c),(g)

Apple

Inc

4,205,810

6,065

Cisco

Systems

Inc

374,271

19,413

E

Ink

Holdings

Inc

158,037

49,000

Hon

Hai

Precision

Industry

Co

Ltd

221,029

1,580

Motorola

Solutions

Inc

691,740

3,294

(f)

Riverbed

Technology

LLC/US

33

44,449

Samsung

Electronics

Co

Ltd

1,762,201

2,917

TE

Connectivity

PLC

412,230

18,800

(b),(f)

Xiaomi

Corp,

Class

B

118,961

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

8,389,537

TELECOMMUNICATION

SERVICES

-

0.4%

12,511

(b)

Cellnex

Telecom

SA

444,750

15,829

Infrastrutture

Wireless

Italiane

SpA

167,565

127,335

Koninklijke

KPN

NV

539,347

1,844,100

Telkom

Indonesia

Persero

Tbk

PT

267,818

1,988

(c)

T-Mobile

US

Inc

530,219

TOTAL

TELECOMMUNICATION

SERVICES

1,949,699

TRANSPORTATION

-

3.5%

9,547

Aena

SME

SA

2,239,765

8,405

Aeroports

de

Paris

SA

855,656

103,292

Atlas

Arteria

Ltd

314,294

261,733

Auckland

International

Airport

Ltd

1,214,053

2,757

Canadian

Pacific

Kansas

City

Ltd

193,569

5,505

CSX

Corp

162,012

8,163

Deutsche

Post

AG

350,464

38,684

(f)

DiDi

Global

Inc

186,844

3,759

DSV

A/S

726,919

676

FedEx

Corp

164,795

2,147

Flughafen

Zurich

AG

509,331

9,430

(f)

Fraport

AG

Frankfurt

Airport

Services

Worldwide

591,778

17,842

Full

Truck

Alliance

Co

Ltd

227,842

61,203

Getlink

SE

1,057,029

32,477

(c),(f)

Grab

Holdings

Ltd

147,121

5,384

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV,

ADR

423,344

3,887

(c)

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

ADR

721,077

4,181

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

ADR

1,144,841

34,290

International

Container

Terminal

Services

Inc

212,721

6,400

Kamigumi

Co

Ltd

149,782

1,667

Norfolk

Southern

Corp

394,829

109,184

Qube

Holdings

Ltd

270,336

38,500

Tokyo

Metro

Co

Ltd

467,856

177,506

Transurban

Group

1,495,078

5,420

(c)

Union

Pacific

Corp

1,280,421

TOTAL

TRANSPORTATION

15,501,757

UTILITIES

-

6.7%

9,536

(c)

Alliant

Energy

Corp

613,642

12,184

AltaGas

Ltd

334,181

14,161

(c)

Ameren

Corp

1,421,764

5,146

(c)

American

Electric

Power

Co

Inc

562,303

39,595

(c),(g)

CenterPoint

Energy

Inc

1,434,527

25,500

CLP

Holdings

Ltd

207,590

6,852

(c)

CMS

Energy

Corp

514,654

4,342

Consolidated

Edison

Inc

480,182

1,097

Constellation

Energy

Corp

221,188

2,194

DTE

Energy

Co

303,364

8,091

(c)

Duke

Energy

Corp

986,859

28,998

E.ON

SE

437,717

1,484

Elia

Group

SA/NV

128,713

14,785

Endesa

SA

391,682

188,153

Enel

SpA

1,525,263

11

SHARES

DESCRIPTION

VALUE

UTILITIES

(continued)

22,278

Engie

SA

$

434,105

23,900

ENN

Energy

Holdings

Ltd

197,540

19,680

(c)

Entergy

Corp

1,682,443

8,499

(c)

Evergy

Inc

586,006

15,599

(c)

Exelon

Corp

718,802

106,852

Iberdrola

SA

1,725,454

19,534

National

Grid

PLC

254,806

5,223

National

Grid

PLC,

Sponsored

ADR

342,681

39,662

(c)

NextEra

Energy

Inc

2,811,639

29,135

(g)

NiSource

Inc

1,168,022

2,669

NRG

Energy

Inc

254,783

82,895

Pennon

Group

PLC

480,197

29,791

(g)

PG&E

Corp

511,809

4,156

Pinnacle

West

Capital

Corp

395,859

3,266

PPL

Corp

117,935

2,924

Public

Service

Enterprise

Group

Inc

240,645

24,471

Redeia

Corp

SA

491,164

25,994

RWE

AG

928,103

82,600

Sembcorp

Industries

Ltd

386,561

3,938

(g)

Sempra

281,016

11,796

Severn

Trent

PLC

386,175

84,880

Snam

SpA

440,089

9,716

(g)

Southern

Co/The

893,386

31,751

SSE

PLC

654,018

55,342

Terna

-

Rete

Elettrica

Nazionale

500,141

16,358

Veolia

Environnement

SA

562,581

2,977

Vistra

Corp

349,619

4,571

(c)

WEC

Energy

Group

Inc

498,148

24,898

(g)

Xcel

Energy

Inc

1,762,529

TOTAL

UTILITIES

29,619,885

TOTAL

COMMON

STOCKS

(Cost

$210,580,008)

271,943,990

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

12336985

CORPORATE

BONDS

-

2

.8

%

(

1

.9

%

of

Total

Investments)

12336985

AUTOMOBILES

&

COMPONENTS

-

0.0%

$

20,000

Ford

Motor

Credit

Co

LLC

7

.350

%

03/06/30

20,928

TOTAL

AUTOMOBILES

&

COMPONENTS

20,928

BANKS

-

0.2%

150,000

(b)

Banco

Bradesco

SA/Cayman

Islands

6

.500

01/22/30

154,635

100,000

Bank

of

America

Corp

5

.162

01/24/31

101,378

50,000

Bank

of

America

Corp

5

.744

02/12/36

49,904

55,000

Citibank

NA

5

.570

04/30/34

56,521

90,000

JPMorgan

Chase

&

Co

4

.851

07/25/28

90,575

85,000

JPMorgan

Chase

&

Co

5

.502

01/24/36

86,831

50,000

JPMorgan

Chase

&

Co

5

.140

01/24/31

50,780

35,000

Morgan

Stanley

Bank

NA

4

.952

01/14/28

35,219

35,000

Wells

Fargo

&

Co

5

.574

07/25/29

35,952

TOTAL

BANKS

661,795

CAPITAL

GOODS

-

0.1%

35,000

Boeing

Co/The

5

.805

05/01/50

33,319

15,000

Boeing

Co/The

3

.250

02/01/28

14,384

10,000

Honeywell

International

Inc

5

.250

03/01/54

9,518

25,000

L3Harris

Technologies

Inc

5

.400

07/31/33

25,317

15,000

Regal

Rexnord

Corp

6

.400

04/15/33

15,571

25,000

RTX

Corp

2

.250

07/01/30

22,207

375,000

(b)

TransDigm

Inc

6

.875

12/15/30

383,173

TOTAL

CAPITAL

GOODS

503,489

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

12

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.4%

$

75,000

(b)

Boost

Newco

Borrower

LLC

7

.500

%

01/15/31

$

78,070

325,000

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6

.250

01/15/28

325,255

973,000

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

5

.750

04/15/26

971,576

200,000

(b)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

3

.375

08/31/27

189,525

15,000

Waste

Management

Inc

4

.950

03/15/35

14,925

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

1,579,351

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.0%

15,000

Lowe's

Cos

Inc

4

.250

04/01/52

11,733

20,000

O'Reilly

Automotive

Inc

4

.200

04/01/30

19,514

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

31,247

CONSUMER

DURABLES

&

APPAREL

-

0.0%

10,000

Tapestry

Inc

5

.100

03/11/30

9,995

TOTAL

CONSUMER

DURABLES

&

APPAREL

9,995

CONSUMER

SERVICES

-

0.0%

30,000

Piedmont

Operating

Partnership

LP

9

.250

07/20/28

33,057

TOTAL

CONSUMER

SERVICES

33,057

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.1%

200,000

(b)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

5

.875

02/15/28

199,903

20,000

Kroger

Co/The

5

.500

09/15/54

18,865

25,000

Kroger

Co/The

5

.000

09/15/34

24,432

15,000

Walmart

Inc

2

.500

09/22/41

10,523

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

253,723

ENERGY

-

0.1%

40,000

Cheniere

Energy

Partners

LP

4

.500

10/01/29

38,905

35,000

Enterprise

Products

Operating

LLC

4

.200

01/31/50

27,788

100,000

(b)

EQM

Midstream

Partners

LP

6

.500

07/01/27

102,665

100,000

(b)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

6

.250

04/15/32

93,428

25,000

ONEOK

Inc

5

.050

11/01/34

24,134

40,000

ONEOK

Inc

5

.700

11/01/54

37,439

20,000

Targa

Resources

Corp

5

.550

08/15/35

19,972

TOTAL

ENERGY

344,331

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.1%

40,000

American

Tower

Corp

2

.750

01/15/27

38,723

15,000

Essential

Properties

LP

2

.950

07/15/31

13,007

25,000

Essex

Portfolio

LP

5

.500

04/01/34

25,236

45,000

GLP

Capital

LP

/

GLP

Financing

II

Inc

5

.750

06/01/28

45,790

15,000

GLP

Capital

LP

/

GLP

Financing

II

Inc

4

.000

01/15/30

14,179

10,000

Healthcare

Realty

Holdings

LP

2

.400

03/15/30

8,797

250,000

(b)

RLJ

Lodging

Trust

LP

3

.750

07/01/26

244,423

25,000

Ventas

Realty

LP

5

.000

01/15/35

24,178

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

414,333

FINANCIAL

SERVICES

-

0.0%

20,000

Goldman

Sachs

Group

Inc/The

5

.536

01/28/36

20,279

15,000

Morgan

Stanley

2

.188

04/28/26

14,970

45,000

Morgan

Stanley

5

.587

01/18/36

45,957

95,000

Morgan

Stanley

5

.230

01/15/31

96,546

TOTAL

FINANCIAL

SERVICES

177,752

FOOD,

BEVERAGE

&

TOBACCO

-

0.0%

65,000

Constellation

Brands

Inc

2

.875

05/01/30

58,964

25,000

(b)

Mars

Inc

4

.600

03/01/28

25,101

25,000

(b)

Mars

Inc

5

.200

03/01/35

25,125

15,000

(b)

Mars

Inc

5

.700

05/01/55

14,987

10,000

(b)

Mars

Inc

5

.650

05/01/45

10,022

20,000

Philip

Morris

International

Inc

4

.750

11/01/31

19,941

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

154,140

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.4%

625,000

(b),(c)

CHS/Community

Health

Systems

Inc

8

.000

12/15/27

618,345

30,000

CVS

Health

Corp

5

.050

03/25/48

25,600

10,000

Elevance

Health

Inc

4

.625

05/15/42

8,821

13

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

$

30,000

HCA

Inc

5

.250

%

03/01/30

$

30,356

20,000

HCA

Inc

5

.750

03/01/35

20,180

152,624

(b)

Radiology

Partners

Inc,

(cash

4.275%,

PIK

3.500%)

7

.775

01/31/29

151,098

446,584

(b)

Team

Health

Holdings

Inc,

(cash

9.000%,

PIK

4.500%)

9

.000

06/30/28

481,194

625,000

(c)

Tenet

Healthcare

Corp

4

.625

06/15/28

603,230

250,000

Tenet

Healthcare

Corp

6

.125

10/01/28

248,856

15,000

UnitedHealth

Group

Inc

5

.050

04/15/53

13,584

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

2,201,264

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.0%

15,000

Haleon

US

Capital

LLC

3

.625

03/24/32

13,811

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

13,811

INSURANCE

-

0.4%

475,000

(b),(c)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

4

.250

10/15/27

458,424

15,000

Arthur

J

Gallagher

&

Co

5

.150

02/15/35

14,864

907,000

Assurant

Inc

7

.000

03/27/48

925,899

25,000

Berkshire

Hathaway

Finance

Corp

2

.850

10/15/50

16,040

375,000

(b)

HUB

International

Ltd

7

.250

06/15/30

386,252

20,000

Reinsurance

Group

of

America

Inc

5

.750

09/15/34

20,343

TOTAL

INSURANCE

1,821,822

MATERIALS

-

0.1%

15,000

Amcor

Flexibles

North

America

Inc

4

.000

05/17/25

14,979

30,000

Amcor

Group

Finance

PLC

5

.450

05/23/29

30,680

250,000

(b)

Arsenal

AIC

Parent

LLC

8

.000

10/01/30

254,903

75,000

Ball

Corp

6

.000

06/15/29

75,889

25,000

Berry

Global

Inc

1

.570

01/15/26

24,368

TOTAL

MATERIALS

400,819

MEDIA

&

ENTERTAINMENT

-

0.2%

200,000

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp

4

.500

05/01/32

173,612

45,000

Charter

Communications

Operating

LLC

/

Charter

Communications

Operating

Capital

6

.550

06/01/34

46,290

25,000

Comcast

Corp

5

.350

05/15/53

23,320

175,000

(b)

CSC

Holdings

LLC

5

.500

04/15/27

162,018

69,000

(b)

McGraw-Hill

Education

Inc

5

.750

08/01/28

67,374

250,000

(b)

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp

5

.000

08/15/27

245,712

25,000

Warnermedia

Holdings

Inc

4

.279

03/15/32

22,026

TOTAL

MEDIA

&

ENTERTAINMENT

740,352

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.1%

25,000

Amgen

Inc

5

.650

03/02/53

24,523

20,000

Gilead

Sciences

Inc

5

.500

11/15/54

19,792

250,000

(b)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5

.125

04/30/31

217,976

45,000

Pfizer

Investment

Enterprises

Pte

Ltd

5

.300

05/19/53

42,726

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

305,017

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.0%

55,000

Broadcom

Inc

5

.150

11/15/31

55,777

5,000

Intel

Corp

5

.700

02/10/53

4,596

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

60,373

SOFTWARE

&

SERVICES

-

0.0%

25,000

(b)

Amentum

Escrow

Corp

7

.250

08/01/32

24,591

25,000

Oracle

Corp

6

.000

08/03/55

24,969

TOTAL

SOFTWARE

&

SERVICES

49,560

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.0%

10,000

Apple

Inc

2

.650

05/11/50

6,298

75,000

(b)

CommScope

Technologies

LLC

5

.000

03/15/27

67,257

25,000

Hewlett

Packard

Enterprise

Co

5

.000

10/15/34

24,356

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

97,911

TELECOMMUNICATION

SERVICES

-

0.3%

25,000

AT&T

Inc

3

.650

06/01/51

17,706

30,000

AT&T

Inc

3

.500

09/15/53

20,457

50,000

AT&T

Inc

3

.800

12/01/57

35,101

375,000

(b)

Frontier

Communications

Holdings

LLC

5

.875

10/15/27

374,577

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

14

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION

SERVICES

(continued)

$

375,000

(b)

Level

3

Financing

Inc

10

.500

%

05/15/30

$

401,810

80,000

(b)

Level

3

Financing

Inc

10

.500

04/15/29

88,000

20,000

T-Mobile

US

Inc

5

.300

05/15/35

20,107

35,000

T-Mobile

US

Inc

5

.125

05/15/32

35,220

10,000

T-Mobile

US

Inc

5

.875

11/15/55

10,067

200,000

(b)

Turkcell

Iletisim

Hizmetleri

AS

7

.650

01/24/32

202,086

268,000

(b)

Zayo

Group

Holdings

Inc

4

.000

03/01/27

244,105

TOTAL

TELECOMMUNICATION

SERVICES

1,449,236

TRANSPORTATION

-

0.1%

250,000

(b)

United

Airlines

Inc

4

.375

04/15/26

246,025

TOTAL

TRANSPORTATION

246,025

UTILITIES

-

0.2%

45,000

AEP

Transmission

Co

LLC

5

.400

03/15/53

43,072

30,000

Ameren

Illinois

Co

4

.950

06/01/33

29,846

10,000

Consolidated

Edison

Co

of

New

York

Inc

5

.500

03/15/55

9,709

20,000

DTE

Electric

Co

5

.200

03/01/34

20,133

30,000

Duke

Energy

Carolinas

LLC

4

.250

12/15/41

25,639

30,000

Duke

Energy

Carolinas

LLC

5

.350

01/15/53

28,653

35,000

Florida

Power

&

Light

Co

4

.800

05/15/33

34,734

15,000

Florida

Power

&

Light

Co

5

.050

04/01/28

15,289

15,000

Interstate

Power

and

Light

Co

3

.100

11/30/51

9,690

10,000

NiSource

Inc

5

.850

04/01/55

9,940

484,000

(c)

PG&E

Corp

5

.000

07/01/28

470,841

50,000

PG&E

Corp

5

.250

07/01/30

48,000

25,000

Public

Service

Co

of

Colorado

1

.875

06/15/31

21,108

TOTAL

UTILITIES

766,654

TOTAL

CORPORATE

BONDS

(Cost

$12,504,155)

12,336,985

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

60596668

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

-

13

.8

%

(

9

.5

%

of

Total

Investments)

60596668

ANGOLA

-

0.0%

200,000

(b)

Angolan

Government

International

Bond

8

.750

04/14/32

172,011

TOTAL

ANGOLA

172,011

ARGENTINA

-

0.2%

475,000

Argentine

Republic

Government

International

Bond

4

.125

07/09/35

296,792

200,000

Argentine

Republic

Government

International

Bond

5

.000

01/09/38

131,517

110,000

Argentine

Republic

Government

International

Bond

0

.750

07/09/30

80,300

305,793

(b)

Provincia

de

Buenos

Aires/Government

Bonds

6

.375

09/01/37

196,472

250,000

(b)

YPF

SA

8

.250

01/17/34

247,075

TOTAL

ARGENTINA

952,156

AUSTRALIA

-

0.2%

200,000

AngloGold

Ashanti

Holdings

PLC

3

.750

10/01/30

184,581

500,000

(b),(h)

Macquarie

Bank

Ltd/London

6

.125

09/08/73

502,648

TOTAL

AUSTRALIA

687,229

BELGIUM

-

0.0%

29,000

Anheuser-Busch

Cos

LLC

/

Anheuser-Busch

InBev

Worldwide

Inc

4

.900

02/01/46

26,740

10,000

Anheuser-Busch

InBev

Worldwide

Inc

5

.000

06/15/34

10,064

TOTAL

BELGIUM

36,804

BENIN

-

0.0%

EUR

190,000

(b)

Benin

Government

International

Bond

4

.950

01/22/35

168,782

TOTAL

BENIN

168,782

BRAZIL

-

0.5%

BRL

600,000

Brazil

Notas

do

Tesouro

Nacional

Serie

F

10

.000

01/01/31

86,388

200,000

Brazilian

Government

International

Bond

4

.750

01/14/50

140,752

340,000

Brazilian

Government

International

Bond

6

.000

10/20/33

330,811

200,000

(b)

Klabin

Austria

GmbH

5

.750

04/03/29

200,011

200,000

(b)

LD

Celulose

International

GmbH

7

.950

01/26/32

206,215

200,000

(b)

Minerva

Luxembourg

SA

8

.875

09/13/33

212,757

15

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BRAZIL

$

145,000

Petrobras

Global

Finance

BV

6

.750

%

06/03/50

$

135,165

115,000

Petrobras

Global

Finance

BV

5

.500

06/10/51

89,361

200,000

(b)

Raizen

Fuels

Finance

SA

5

.700

01/17/35

190,030

TOTAL

BRAZIL

1,591,490

CANADA

-

0.2%

75,000

(b)

1011778

BC

ULC

/

New

Red

Finance

Inc

4

.000

10/15/30

67,876

150,000

(b)

Air

Canada

3

.875

08/15/26

146,682

45,000

Canadian

Pacific

Railway

Co

2

.050

03/05/30

39,813

330,000

Enbridge

Inc

5

.750

07/15/80

319,099

175,000

Enbridge

Inc

5

.500

07/15/77

169,959

25,000

Nutrien

Ltd

4

.900

03/27/28

25,226

75,000

(b)

Open

Text

Holdings

Inc

4

.125

12/01/31

66,233

TOTAL

CANADA

834,888

CHILE

-

0.3%

197,609

(b)

Alfa

Desarrollo

SpA

2021

1

4

.550

09/27/51

151,630

200,000

(b),(h)

Banco

de

Credito

e

Inversiones

SA

8

.750

08/08/73

212,416

200,000

(b),(h)

Banco

del

Estado

de

Chile

7

.950

11/02/73

209,578

CLP

140,000,000

(b)

Bonos

de

la

Tesoreria

de

la

Republica

en

pesos,

Reg

S

5

.000

10/01/28

144,895

175,000

(b)

Cia

Cervecerias

Unidas

SA

3

.350

01/19/32

153,233

200,000

(b)

Corp

Nacional

del

Cobre

de

Chile

6

.440

01/26/36

207,769

200,000

(b)

Empresa

Nacional

del

Petroleo

6

.150

05/10/33

204,346

TOTAL

CHILE

1,283,867

CHINA

-

0.0%

200,000

(b)

Lenovo

Group

Ltd

3

.421

11/02/30

184,067

TOTAL

CHINA

184,067

COLOMBIA

-

0.4%

200,000

(h)

Bancolombia

SA

8

.625

12/24/34

211,394

350,000

Colombia

Government

International

Bond

3

.125

04/15/31

282,660

200,000

Colombia

Government

International

Bond

8

.000

11/14/35

200,900

COP

725,000,000

Colombian

TES

7

.750

09/18/30

148,623

200,000

Ecopetrol

SA

4

.625

11/02/31

166,614

200,000

Ecopetrol

SA

5

.875

11/02/51

135,103

200,000

(b)

Grupo

Aval

Ltd

4

.375

02/04/30

179,024

TOTAL

COLOMBIA

1,324,318

COSTA

RICA

-

0.0%

200,000

(b)

Instituto

Costarricense

de

Electricidad

6

.750

10/07/31

202,480

TOTAL

COSTA

RICA

202,480

COTE

D'IVOIRE

-

0.1%

395,000

Ivory

Coast

Government

International

Bond,

Reg

S

6

.125

06/15/33

351,353

EUR

170,000

Ivory

Coast

Government

International

Bond,

Reg

S

6

.875

10/17/40

154,649

TOTAL

COTE

D'IVOIRE

506,002

CZECH

REPUBLIC

-

0.0%

CZK

2,150,000

Czech

Republic

Government

Bond

1

.750

06/23/32

79,934

TOTAL

CZECH

REPUBLIC

79,934

DOMINICAN

REPUBLIC

-

0.1%

200,000

(b)

Aeropuertos

Dominicanos

Siglo

XXI

SA

7

.000

06/30/34

200,777

150,000

(b)

Dominican

Republic

International

Bond

7

.050

02/03/31

155,138

DOP

3,100,000

(b)

Dominican

Republic

International

Bond

13

.000

06/10/34

57,716

125,000

Dominican

Republic

International

Bond,

Reg

S

7

.450

04/30/44

130,788

TOTAL

DOMINICAN

REPUBLIC

544,419

ECUADOR

-

0.0%

260,000

(b)

Ecuador

Government

International

Bond

1

.000

07/31/35

126,443

TOTAL

ECUADOR

126,443

EGYPT

-

0.2%

220,000

(b)

Egypt

Government

International

Bond

7

.300

09/30/33

181,273

200,000

(b)

Egypt

Government

International

Bond

7

.600

03/01/29

190,572

205,000

(b)

Egypt

Government

International

Bond

8

.875

05/29/50

158,872

225,000

(b)

Egypt

Government

International

Bond

8

.500

01/31/47

170,589

TOTAL

EGYPT

701,306

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

16

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EL

SALVADOR

-

0.0%

$

190,000

(b)

El

Salvador

Government

International

Bond

7

.125

%

01/20/50

$

151,105

150,000

(b)

El

Salvador

Government

International

Bond

0

.250

04/17/30

3,258

TOTAL

EL

SALVADOR

154,363

FINLAND

-

0.1%

446,000

(b),(h)

Nordea

Bank

Abp

6

.300

03/25/74

429,928

TOTAL

FINLAND

429,928

FRANCE

-

1.9%

484,000

(b),(h)

BNP

Paribas

SA

9

.250

05/17/73

517,288

610,000

(b),(h)

BNP

Paribas

SA

8

.500

02/14/74

637,953

409,000

(b),(h)

BNP

Paribas

SA

7

.375

03/10/74

408,945

625,000

(b),(h)

BNP

Paribas

SA

8

.000

08/22/73

649,358

1,252,000

(b),(h)

BNP

Paribas

SA

7

.750

02/16/71

1,289,568

200,000

(b),(h)

BNP

Paribas

SA

7

.000

02/16/74

202,039

515,000

(b),(h)

Credit

Agricole

SA

8

.125

03/23/74

523,755

1,359,000

(b),(h)

Credit

Agricole

SA

6

.700

12/23/73

1,308,376

420,000

(b),(h)

Societe

Generale

SA

8

.000

03/29/74

422,402

725,000

(b),(h)

Societe

Generale

SA

9

.375

05/22/73

764,372

205,000

(b),(h)

Societe

Generale

SA

8

.500

09/25/73

211,251

765,000

(b),(h)

Societe

Generale

SA

10

.000

05/14/73

827,250

10,000

TotalEnergies

Capital

SA

5

.488

04/05/54

9,675

TOTAL

FRANCE

7,772,232

GERMANY

-

0.3%

1,000,000

(h)

Deutsche

Bank

AG

6

.000

04/30/73

988,786

200,000

(h)

Deutsche

Bank

AG,

Reg

S

4

.789

04/30/73

199,798

30,000

Deutsche

Bank

AG/New

York

NY

6

.819

11/20/29

31,813

TOTAL

GERMANY

1,220,397

GHANA

-

0.1%

367,320

(b)

Ghana

Government

International

Bond

5

.000

07/03/35

261,826

118,280

(b)

Ghana

Government

International

Bond

5

.000

07/03/29

103,412

200,000

(b)

Kosmos

Energy

Ltd

7

.500

03/01/28

187,948

TOTAL

GHANA

553,186

GUATEMALA

-

0.1%

200,000

(b)

CT

Trust

5

.125

02/03/32

182,880

200,000

(b)

Guatemala

Government

Bond

3

.700

10/07/33

166,200

180,000

(b)

Millicom

International

Cellular

SA

2029

2029

6

.250

03/25/29

179,237

TOTAL

GUATEMALA

528,317

HONDURAS

-

0.1%

150,000

(b)

Honduras

Government

International

Bond

8

.625

11/27/34

148,725

175,000

(b)

Honduras

Government

International

Bond

5

.625

06/24/30

157,150

TOTAL

HONDURAS

305,875

HUNGARY

-

0.1%

HUF

13,000,000

Hungary

Government

Bond

4

.500

03/23/28

32,875

210,000

(b)

Hungary

Government

International

Bond

5

.500

03/26/36

200,836

200,000

(b)

Hungary

Government

International

Bond

5

.250

06/16/29

199,119

200,000

(b)

Magyar

Export-Import

Bank

Zrt

6

.125

12/04/27

203,633

TOTAL

HUNGARY

636,463

INDIA

-

0.3%

200,000

(b)

Adani

Ports

&

Special

Economic

Zone

Ltd

3

.100

02/02/31

160,568

200,000

(b)

Indian

Railway

Finance

Corp

Ltd

3

.570

01/21/32

181,587

200,000

(b)

IRB

Infrastructure

Developers

Ltd

7

.110

03/11/32

201,607

200,000

(b)

Muthoot

Finance

Ltd

6

.375

04/23/29

196,814

200,000

(b)

ReNew

Wind

Energy

AP2

/

ReNew

Power

Pvt

Ltd

other

9

Subsidiaries

4

.500

07/14/28

185,843

200,000

UPL

Corp

Ltd,

Reg

S

5

.250

11/27/72

194,985

TOTAL

INDIA

1,121,404

INDONESIA

-

0.3%

200,000

(b)

Indika

Energy

Tbk

PT

8

.750

05/07/29

197,092

IDR

2,219,999,999

Indonesia

Treasury

Bond

7

.125

06/15/38

132,629

200,000

(b)

Medco

Maple

Tree

Pte

Ltd

8

.960

04/27/29

206,330

200,000

(b)

Pertamina

Persero

PT

2

.300

02/09/31

170,520

17

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDONESIA

$

335,000

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

Reg

S

3

.875

%

07/17/29

$

317,727

200,000

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara,

Reg

S

5

.250

05/15/47

171,273

TOTAL

INDONESIA

1,195,571

IRAQ

-

0.0%

150,000

(b)

Iraq

International

Bond

5

.800

01/15/28

147,045

TOTAL

IRAQ

147,045

ISRAEL

-

0.1%

200,000

(b),(h)

Bank

Hapoalim

BM,

Reg

S

3

.255

01/21/32

191,392

180,000

(b)

Energean

Israel

Finance

Ltd,

Reg

S

4

.875

03/30/26

177,768

200,000

(b)

Israel

Electric

Corp

Ltd,

Reg

S

4

.250

08/14/28

193,916

75,000

(b)

Leviathan

Bond

Ltd,

Reg

S

6

.750

06/30/30

72,750

TOTAL

ISRAEL

635,826

ITALY

-

0.1%

620,000

(b),(h)

Intesa

Sanpaolo

SpA

7

.700

03/17/74

619,260

TOTAL

ITALY

619,260

JAMAICA

-

0.0%

200,000

(b)

Kingston

Airport

Revenue

Finance

Ltd

6

.750

12/15/36

201,560

TOTAL

JAMAICA

201,560

JORDAN

-

0.0%

200,000

(b)

Jordan

Government

International

Bond

5

.850

07/07/30

184,372

TOTAL

JORDAN

184,372

KAZAKHSTAN

-

0.1%

200,000

(b)

Development

Bank

of

Kazakhstan

JSC

5

.500

04/15/27

200,808

200,000

(b)

KazMunayGas

National

Co

JSC

3

.500

04/14/33

169,135

TOTAL

KAZAKHSTAN

369,943

KENYA

-

0.1%

200,000

(b)

Republic

of

Kenya

Government

International

Bond

7

.250

02/28/28

192,465

200,000

(b)

Republic

of

Kenya

Government

International

Bond

6

.300

01/23/34

156,115

TOTAL

KENYA

348,580

MACAU

-

0.0%

200,000

(b)

MGM

China

Holdings

Ltd

7

.125

06/26/31

204,113

TOTAL

MACAU

204,113

MALAYSIA

-

0.1%

240,000

(b),(i)

Petronas

Capital

Ltd

5

.340

04/03/35

241,624

205,000

(b)

Petronas

Capital

Ltd

3

.404

04/28/61

133,806

TOTAL

MALAYSIA

375,430

MEXICO

-

1.0%

509,800

(b),(h)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8

.750

02/20/73

506,340

500,000

(b),(h)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

7

.625

10/06/73

498,125

200,000

(b),(h)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8

.375

02/20/74

198,257

200,000

(b)

Banco

Nacional

de

Comercio

Exterior

SNC/Cayman

Islands

2

.720

08/11/31

187,595

185,366

(b)

Borr

IHC

Ltd

/

Borr

Finance

LLC

10

.000

11/15/28

176,293

200,000

(b)

Comision

Federal

de

Electricidad

6

.125

06/16/45

177,440

198,850

(b)

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

7

.250

01/31/41

196,663

200,000

(b)

Gruma

SAB

de

CV

5

.761

12/09/54

191,631

200,000

(b)

Grupo

Aeromexico

SAB

de

CV

8

.625

11/15/31

192,476

MXN

3,600,000

Mexican

Bonos

8

.500

11/18/38

160,828

250,000

Mexico

Government

International

Bond

6

.400

05/07/54

228,178

200,000

Mexico

Government

International

Bond

4

.280

08/14/41

151,542

200,000

(b)

Nemak

SAB

de

CV

3

.625

06/28/31

153,429

445,000

Petroleos

Mexicanos

6

.840

01/23/30

407,875

200,000

Petroleos

Mexicanos

6

.950

01/28/60

136,501

262,000

Petroleos

Mexicanos

6

.750

09/21/47

179,148

245,000

Petroleos

Mexicanos

5

.950

01/28/31

207,437

TOTAL

MEXICO

3,949,758

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

18

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MOROCCO

-

0.1%

$

200,000

(b)

Morocco

Government

International

Bond

5

.500

%

12/11/42

$

177,973

200,000

(b)

OCP

SA

5

.125

06/23/51

153,279

TOTAL

MOROCCO

331,252

NETHERLANDS

-

0.5%

185,000

Aegon

Ltd

5

.500

04/11/48

183,919

845,000

(h)

ING

Groep

NV

5

.750

11/16/73

838,352

633,000

(h)

ING

Groep

NV,

Reg

S

7

.500

05/16/72

648,825

TOTAL

NETHERLANDS

1,671,096

NIGERIA

-

0.1%

200,000

(b)

IHS

Holding

Ltd

7

.875

05/29/30

198,604

200,000

Nigeria

Government

International

Bond,

Reg

S

7

.625

11/28/47

151,030

275,000

(b)

Nigeria

Government

International

Bond

10

.375

12/09/34

275,981

TOTAL

NIGERIA

625,615

OMAN

-

0.0%

200,000

Oman

Government

International

Bond,

Reg

S

6

.750

01/17/48

206,537

TOTAL

OMAN

206,537

PAKISTAN

-

0.0%

260,000

(b)

Pakistan

Government

International

Bond

8

.875

04/08/51

204,134

TOTAL

PAKISTAN

204,134

PANAMA

-

0.2%

200,000

(b)

Aeropuerto

Internacional

de

Tocumen

SA

5

.125

08/11/61

141,000

200,000

(b)

Empresa

de

Transmision

Electrica

SA

5

.125

05/02/49

145,750

200,000

Panama

Government

International

Bond

8

.000

03/01/38

206,000

300,000

Panama

Government

International

Bond

4

.500

04/01/56

182,520

166,301

(b)

UEP

Penonome

II

SA

2020

1

6

.500

10/01/38

148,007

TOTAL

PANAMA

823,277

PARAGUAY

-

0.0%

200,000

(b)

Paraguay

Government

International

Bond

6

.000

02/09/36

199,800

TOTAL

PARAGUAY

199,800

PERU

-

0.1%

200,000

(b)

Niagara

Energy

SAC

5

.746

10/03/34

197,743

150,000

Peruvian

Government

International

Bond

3

.000

01/15/34

124,308

PEN

250,000

(b)

Peruvian

Government

International

Bond

5

.400

08/12/34

61,922

TOTAL

PERU

383,973

PHILIPPINES

-

0.0%

200,000

Philippine

Government

International

Bond

4

.200

03/29/47

166,309

TOTAL

PHILIPPINES

166,309

POLAND

-

0.1%

200,000

(b)

Bank

Gospodarstwa

Krajowego

5

.375

05/22/33

199,682

PLN

525,000

Republic

of

Poland

Government

Bond

2

.750

10/25/29

122,057

PLN

375,000

Republic

of

Poland

Government

Bond

6

.000

10/25/33

98,971

100,000

Republic

of

Poland

Government

International

Bond

5

.375

02/12/35

100,525

90,000

Republic

of

Poland

Government

International

Bond

5

.500

04/04/53

84,693

TOTAL

POLAND

605,928

QATAR

-

0.0%

310,000

(b)

QatarEnergy

3

.300

07/12/51

213,769

TOTAL

QATAR

213,769

REPUBLIC

OF

SERBIA

-

0.0%

200,000

(b)

Serbia

International

Bond

6

.500

09/26/33

205,921

TOTAL

REPUBLIC

OF

SERBIA

205,921

ROMANIA

-

0.1%

EUR

185,000

(b)

Romanian

Government

International

Bond

5

.250

05/30/32

192,661

110,000

(b)

Romanian

Government

International

Bond

5

.750

03/24/35

99,412

102,000

(b)

Romanian

Government

International

Bond

5

.875

01/30/29

101,569

TOTAL

ROMANIA

393,642

RWANDA

-

0.1%

300,000

(b)

Rwanda

International

Government

Bond

5

.500

08/09/31

242,558

TOTAL

RWANDA

242,558

19

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SAUDI

ARABIA

-

0.2%

$

200,000

(b)

EIG

Pearl

Holdings

Sarl

4

.387

%

11/30/46

$

158,579

200,000

Saudi

Arabian

Oil

Co,

Reg

S

4

.250

04/16/39

174,049

385,000

Saudi

Government

International

Bond,

Reg

S

3

.750

01/21/55

261,800

200,000

(b)

Saudi

Government

International

Bond

5

.625

01/13/35

205,640

TOTAL

SAUDI

ARABIA

800,068

SENEGAL

-

0.1%

215,000

Senegal

Government

International

Bond,

Reg

S

6

.750

03/13/48

140,288

200,000

(b)

Senegal

Government

International

Bond

6

.750

03/13/48

130,500

TOTAL

SENEGAL

270,788

SOUTH

AFRICA

-

0.3%

500,000

(b)

Eskom

Holdings

SOC

Ltd

8

.450

08/10/28

516,620

ZAR

4,000,000

Republic

of

South

Africa

Government

Bond

8

.875

02/28/35

195,592

200,000

Republic

of

South

Africa

Government

International

Bond

5

.375

07/24/44

149,275

200,000

(b)

Republic

of

South

Africa

Government

International

Bond

7

.100

11/19/36

193,840

250,000

(b)

Transnet

SOC

Ltd

8

.250

02/06/28

254,351

TOTAL

SOUTH

AFRICA

1,309,678

SPAIN

-

0.9%

440,000

(h)

Banco

Bilbao

Vizcaya

Argentaria

SA

6

.125

02/16/74

422,843

673,000

(h)

Banco

Bilbao

Vizcaya

Argentaria

SA

9

.375

12/19/73

730,726

200,000

(h)

Banco

Bilbao

Vizcaya

Argentaria

SA

7

.750

04/14/73

195,770

600,000

(h)

Banco

Santander

SA

8

.000

11/01/73

623,931

1,000,000

(h)

Banco

Santander

SA

9

.625

02/21/74

1,148,682

400,000

(h)

Banco

Santander

SA

4

.750

08/12/73

383,438

TOTAL

SPAIN

3,505,390

SRI

LANKA

-

0.0%

79,065

(b)

Sri

Lanka

Government

International

Bond

3

.600

02/15/38

61,967

129,323

(b)

Sri

Lanka

Government

International

Bond

3

.350

03/15/33

101,196

56,938

(b)

Sri

Lanka

Government

International

Bond

3

.600

06/15/35

38,433

TOTAL

SRI

LANKA

201,596

SUPRANATIONAL

-

0.0%

INR

12,500,000

European

Bank

for

Reconstruction

&

Development

6

.300

10/26/27

145,130

TOTAL

SUPRANATIONAL

145,130

SWITZERLAND

-

0.8%

1,000,000

(e)

Credit

Suisse

Group

AG

0

.000

01/17/72

112,500

1,645,000

(e)

Credit

Suisse

Group

AG

7

.250

03/12/72

185,063

300,000

(e)

Credit

Suisse

Group

AG

6

.380

02/21/72

33,750

575,000

(e)

Credit

Suisse

Group

AG

7

.500

06/11/72

64,688

735,000

(e)

Credit

Suisse

Group

AG

7

.500

01/17/72

82,688

250,000

(b),(h)

UBS

Group

AG

7

.750

04/12/73

260,113

993,000

(b),(h)

UBS

Group

AG

9

.250

05/13/73

1,133,213

420,000

(b),(h)

UBS

Group

AG

9

.250

05/13/73

456,136

932,000

(h)

UBS

Group

AG,

Reg

S

6

.875

08/07/73

933,397

TOTAL

SWITZERLAND

3,261,548

THAILAND

-

0.0%

200,000

(b)

Bangkok

Bank

PCL/Hong

Kong

3

.466

09/23/36

176,378

TOTAL

THAILAND

176,378

TOGO

-

0.0%

200,000

(b)

Ecobank

Transnational

Inc

10

.125

10/15/29

208,724

TOTAL

TOGO

208,724

TURKEY

-

0.2%

200,000

(b)

Limak

Cimento

Sanayi

ve

Ticaret

AS

9

.750

07/25/29

198,175

EUR

200,000

Turkiye

Government

International

Bond

5

.875

05/21/30

221,158

200,000

Turkiye

Government

International

Bond

7

.125

07/17/32

196,280

250,000

Turkiye

Government

International

Bond

6

.000

01/14/41

204,412

200,000

(b)

Ulker

Biskuvi

Sanayi

AS

7

.875

07/08/31

201,228

TOTAL

TURKEY

1,021,253

UGANDA

-

0.0%

UGX

353,000,000

Republic

of

Uganda

Government

Bonds

14

.250

06/22/34

84,369

TOTAL

UGANDA

84,369

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

20

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UKRAINE

-

0.1%

$

243,699

(b)

Ukraine

Government

International

Bond

1

.750

%

02/01/29

$

157,186

311,275

(b)

Ukraine

Government

International

Bond

0

.000

02/01/35

171,201

67,730

(b)

Ukraine

Government

International

Bond

0

.000

02/01/36

37,082

TOTAL

UKRAINE

365,469

UNITED

ARAB

EMIRATES

-

0.2%

400,000

Emirate

of

Dubai

Government

International

Bonds,

Reg

S

3

.900

09/09/50

289,952

211,978

(b)

Galaxy

Pipeline

Assets

Bidco

Ltd

2022

2022

2

.940

09/30/40

173,275

435,000

(b)

Galaxy

Pipeline

Assets

Bidco

Ltd

2

.625

03/31/36

367,467

184,448

(b)

Sweihan

PV

Power

Co

PJSC

2022

1

3

.625

01/31/49

152,075

TOTAL

UNITED

ARAB

EMIRATES

982,769

UNITED

KINGDOM

-

2.6%

200,000

(h)

Barclays

PLC

7

.625

06/15/73

195,589

230,000

(h)

Barclays

PLC

6

.125

12/15/73

229,822

597,000

(h)

Barclays

PLC

8

.000

12/15/73

615,485

1,625,000

(h)

Barclays

PLC

9

.625

03/15/73

1,782,383

1,123,000

(h)

HSBC

Holdings

PLC

6

.950

03/11/74

1,118,876

394,000

(h)

HSBC

Holdings

PLC

6

.875

03/11/74

394,191

710,000

(h)

HSBC

Holdings

PLC

6

.000

11/22/73

705,317

275,000

(h)

HSBC

Holdings

PLC

6

.950

08/27/73

273,820

715,000

(h)

HSBC

Holdings

PLC

8

.000

09/07/73

752,493

200,000

(h)

HSBC

Holdings

PLC

6

.500

09/23/73

200,371

10,000

HSBC

Holdings

PLC

5

.450

03/03/36

9,963

630,000

(h)

Lloyds

Banking

Group

PLC

7

.500

12/27/73

632,137

221,000

(h)

Lloyds

Banking

Group

PLC

6

.750

12/27/73

210,073

771,000

(h)

Lloyds

Banking

Group

PLC

8

.000

06/27/73

800,124

300,000

(b)

Merlin

Entertainments

Group

US

Holdings

Inc

7

.375

02/15/31

283,364

682,000

(h)

NatWest

Group

PLC

8

.125

06/30/73

716,017

242,000

(h)

NatWest

Group

PLC

7

.300

12/31/73

238,961

222,000

(h)

NatWest

Group

PLC

6

.000

09/30/73

221,644

680,000

(h)

NatWest

Group

PLC

8

.000

09/30/73

683,620

200,000

(h)

Phoenix

Group

Holdings

PLC,

Reg

S

8

.500

12/12/72

207,725

600,000

(b),(h)

Standard

Chartered

PLC

7

.750

02/15/74

621,405

190,000

Vodafone

Group

PLC

4

.125

06/04/81

168,668

TOTAL

UNITED

KINGDOM

11,062,048

URUGUAY

-

0.0%

UYU

6,200,000

Uruguay

Government

International

Bond

8

.250

05/21/31

137,946

TOTAL

URUGUAY

137,946

UZBEKISTAN

-

0.0%

200,000

(b)

Republic

of

Uzbekistan

International

Bond

6

.900

02/28/32

198,000

TOTAL

UZBEKISTAN

198,000

ZAMBIA

-

0.1%

138,527

(b)

Zambia

Government

International

Bond

5

.750

06/30/33

121,246

197,169

(b)

Zambia

Government

International

Bond

0

.500

12/31/53

120,638

TOTAL

ZAMBIA

241,884

TOTAL

EMERGING

MARKET

DEBT

AND

FOREIGN

CORPORATE

BONDS

(Cost

$66,773,622)

60,596,668

SHARES

DESCRIPTION

VALUE

35935581

EXCHANGE-TRADED

FUNDS

-

8

.2

%

(

5

.6

%

of

Total

Investments)

35935581

40,697

3i

Infrastructure

PLC

167,668

642,894

iShares

Core

MSCI

Emerging

Markets

ETF

34,696,989

8,081

iShares

MSCI

India

ETF

416,010

9,813

iShares

MSCI

Saudi

Arabia

ETF

405,964

2,600

iShares

U.S.

Real

Estate

ETF

248,950

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$31,003,467)

35,935,581

21

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

18.2%

(12.5%

of

Total

Investments)

–

$

420,000

(d)

BANK

2019-BNK24,

Series

2019

BN24

3

.283

%

11/15/62

$

384,533

320,649

(b),(d)

BX

Commercial

Mortgage

Trust

2021-CIP,

Series

2021

CIP,

(TSFR1M

+

1.035%)

5

.354

12/15/38

320,001

770,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R03,

Series

2022

R03,

(SOFR30A

+

3.500%)

7

.840

03/25/42

799,096

410,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R04,

Series

2022

R04,

(SOFR30A

+

3.100%)

7

.440

03/25/42

423,145

475,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R05,

Series

2022

R05,

(SOFR30A

+

7.000%)

11

.340

04/25/42

513,719

60,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R05,

Series

2022

R05,

(SOFR30A

+

3.000%)

7

.340

04/25/42

61,576

970,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R06,

Series

2022

R06,

(SOFR30A

+

3.850%)

8

.190

05/25/42

1,014,872

900,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R07,

Series

2022

R07,

(SOFR30A

+

4.650%)

8

.986

06/25/42

958,538

35,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R08,

Series

2022

R08,

(SOFR

+

3.600%)

7

.940

07/25/42

36,527

105,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2022-R09,

Series

2022

R09,

(SOFR30A

+

4.750%)

9

.086

09/25/42

112,540

500,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2023-R01,

Series

2023

R01,

(SOFR30A

+

3.750%)

8

.086

12/25/42

526,838

935,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2023-R05,

Series

2023

R05,

(SOFR30A

+

3.100%)

7

.436

06/25/43

974,686

695,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2023-R06,

Series

2023

R06,

(SOFR30A

+

2.700%)

7

.040

07/25/43

714,647

210,000

(b),(d)

Connecticut

Avenue

Securities

Trust

2023-R06,

Series

2023

R06,

(SOFR30A

+

3.900%)

9

.188

07/25/43

221,763

826,485

(j)

Fannie

Mae

Pool,

FN

MA5039

5

.500

06/01/53

826,679

3,073,942

(j)

Fannie

Mae

Pool,

FN

MA4732

4

.000

09/01/52

2,868,635

1,486,869

(j)

Fannie

Mae

Pool,

FN

FS1533

3

.000

04/01/52

1,301,796

475,538

(j)

Fannie

Mae

Pool,

FN

FS7299

3

.000

05/01/52

415,918

784,303

(j)

Fannie

Mae

Pool,

FN

MA4579

3

.000

04/01/52

680,406

1,324,028

(j)

Fannie

Mae

Pool,

FN

MA4626

4

.000

06/01/52

1,235,932

2,537,094

(j)

Fannie

Mae

Pool,

FN

MA4655

4

.000

07/01/52

2,368,282

3,865,163

(j)

Fannie

Mae

Pool,

FN

MA4733

4

.500

09/01/52

3,703,611

3,621,944

(j)

Fannie

Mae

Pool,

FN

MA4737,

Series

2022

1

5

.000

08/01/52

3,562,131

2,585,930

(j)

Fannie

Mae

Pool,

FN

MA4783

4

.000

10/01/52

2,413,054

2,953,988

(j)

Fannie

Mae

Pool,

FN

MA4805,

Series

2022

1

4

.500

11/01/52

2,830,838

1,101,203

(j)

Fannie

Mae

Pool,

FN

MA4918

5

.000

02/01/53

1,081,871

967,802

(j)

Fannie

Mae

Pool,

FN

MA4978

5

.000

04/01/53

950,762

449,973

(j)

Fannie

Mae

Pool,

FN

MA5106

5

.000

08/01/53

441,957

1,913,119

(j)

Fannie

Mae

Pool,

FN

FS0522

2

.500

02/01/52

1,609,652

1,280,441

(j)

Fannie

Mae

Pool,

FN

CB3905

3

.500

06/01/52

1,156,732

1,189,392

(j)

Fannie

Mae

Pool,

FN

CB3599

3

.500

05/01/52

1,075,310

1,848,373

(j)

Fannie

Mae

Pool,

FN

MA4700,

Series

2022

1

4

.000

08/01/52

1,725,387

773,193

(j)

Fannie

Mae

Pool,

FN

CB2795

3

.000

02/01/52

673,864

1,392,098

(j)

Fannie

Mae

Pool,

FN

CB1301

2

.500

08/01/51

1,171,404

499,655

(j)

Fannie

Mae

Pool,

FN

BW3383

4

.500

07/01/52

478,806

4,371,020

(j)

Fannie

Mae

Pool,

FN

BW3382

4

.500

07/01/52

4,187,400

639,734

(j)

Fannie

Mae

Pool,

FN

MA4785

5

.000

10/01/52

628,840

3,190,972

(j)

Fannie

Mae

Pool,

FN

MA4919

5

.500

02/01/53

3,193,777

1,049,301

(j)

Fannie

Mae

Pool,

FN

MA4942

6

.000

03/01/53

1,066,096

127,700

Fannie

Mae

Pool,

FN

MA4920

6

.000

02/01/53

130,084

847,195

(j)

Fannie

Mae

Pool,

FN

MA4644,

Series

2022

1

4

.000

05/01/52

790,828

3,212,031

(j)

Fannie

Mae

Pool,

FN

MA4600,

Series

2022

2

3

.500

05/01/52

2,901,527

74,733

Fannie

Mae

Pool,

FN

MA5389

6

.000

06/01/54

75,919

618,162

(j)

Fannie

Mae

Pool,

FN

MA5247

6

.000

01/01/54

627,990

1,594,664

(j)

Fannie

Mae

Pool,

FN

FS1535

3

.000

04/01/52

1,394,636

2,702,279

(j)

Fannie

Mae

Pool,

FN

MA5165

5

.500

10/01/53

2,700,722

1,004,116

Fannie

Mae

Pool,

FN

MA5107

5

.500

08/01/53

1,004,200

31,291

Freddie

Mac

Gold

Pool,

FG

U99084

4

.500

02/01/44

30,684

1,364,038

(j)

Freddie

Mac

Pool,

FR

RA6766

2

.500

02/01/52

1,151,587

875,088

(j)

Freddie

Mac

Pool,

FR

QE5382

4

.500

07/01/52

838,383

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

22

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

775,063

(j)

Freddie

Mac

Pool,

FR

SD8288

5

.000

%

01/01/53

$

761,664

81,343

Freddie

Mac

Pool,

FR

SD8220

3

.000

06/01/52

70,567

1,605,100

(j)

Freddie

Mac

Pool,

FR

RA9629

5

.500

08/01/53

1,605,229

371,352

(j)

Freddie

Mac

Pool,

FR

SD4810

3

.000

04/01/52

325,640

1,230,481

Freddie

Mac

REMICS,

Series

2021

5160

3

.000

09/25/50

906,815

255,000

(b),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4,

Series

2022

DNA4,

(SOFR30A

+

3.350%)

7

.690

05/25/42

265,067

1,000,000

(b),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA5,

Series

2022

DNA5,

(SOFR30A

+

4.500%)

8

.840

06/25/42

1,063,051

165,000

(b),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-HQA2,

Series

2022

HQA2,

(SOFR30A

+

4.000%)

8

.340

07/25/42

174,137

285,000

(b),(d)

Freddie

Mac

STACR

REMIC

Trust

2023-DNA1,

Series

2023

DNA1,

(SOFR30A

+

3.100%)

8

.444

03/25/43

296,994

373,608

(j)

Ginnie

Mae

II

Pool,

G2

MA7768,

Series

2021

1

3

.000

12/20/51

331,094

292,711

(j)

Ginnie

Mae

II

Pool,

G2

MA7419,

Series

2021

MTGE

3

.000

06/20/51

259,402

457,191

(j)

Ginnie

Mae

II

Pool,

G2

MA7871,

Series

2022

1

2

.500

02/20/52

380,105

1,320,687

(j)

Ginnie

Mae

II

Pool,

G2

MA8149

3

.500

07/20/52

1,210,956

838,022

(j)

Ginnie

Mae

II

Pool,

G2

MA8200

4

.000

08/20/52

786,297

643,412

(j)

Ginnie

Mae

II

Pool,

G2

MA8428

5

.000

11/20/52

633,881

261,406

Government

National

Mortgage

Association,

Series

2022

124

4

.000

07/20/52

215,822

764,787

Government

National

Mortgage

Association,

Series

2013

188

2

.500

12/20/43

680,186

468,156

Government

National

Mortgage

Association,

Series

2022

174

4

.500

09/20/52

436,603

244,264

Government

National

Mortgage

Association,

Series

2021

209

3

.000

11/20/51

179,928

419,434

Government

National

Mortgage

Association,

Series

2023

111

3

.000

02/20/52

291,262

100,000

(b),(d)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

Series

2021

ARDN,

(TSFR1M

+

1.364%)

5

.684

11/15/36

99,440

804,105

(b),(d)

GS

Mortgage-Backed

Securities

Corp

Trust

2022-PJ2,

Series

2022

PJ2

3

.000

06/25/52

680,734

283,021

(b),(d)

GS

Mortgage-Backed

Securities

Trust

2021-PJ10,

Series

2021

PJ10

2

.500

03/25/52

230,205

413,391

(b),(d)

GS

Mortgage-Backed

Securities

Trust

2022-GR2,

Series

2022

GR2

3

.000

08/26/52

349,966

293,177

(b),(d)

GS

Mortgage-Backed

Securities

Trust

2022-HP1,

Series

2022

HP1

3

.000

09/25/52

248,196

473,209

(b),(d)

GS

Mortgage-Backed

Securities

Trust

2022-INV1,

Series

2022

INV1

3

.000

07/25/52

400,607

241,622

(b),(d)

GS

Mortgage-Backed

Securities

Trust

2022-PJ5,

Series

2022

PJ5

3

.000

10/25/52

204,551

245,330

(b),(d)

GS

Mortgage-Backed

Securities

Trust

2023-PJ1,

Series

2023

PJ1

3

.500

02/25/53

214,521

389,215

(b),(d)

J.P.

Morgan

Mortgage

Trust

2021-15,

Series

2021

15

2

.500

06/25/52

316,582

328,129

(b),(d)

J.P.

Morgan

Mortgage

Trust

2022-4,

Series

2022

4

3

.000

10/25/52

277,785

209,075

(b),(d)

J.P.

Morgan

Mortgage

Trust

2022-6,

Series

2022

6

3

.000

11/25/52

176,997

506,754

(b),(d)

J.P.

Morgan

Mortgage

Trust

2022-INV3,

Series

2022

INV3

3

.000

09/25/52

429,953

122,627

(b),(d)

J.P.

Morgan

Mortgage

Trust

2022-LTV2,

Series

2022

LTV2

3

.500

09/25/52

107,533

1,140,333

(b),(d)

JP

Morgan

Mortgage

Trust

2022-2,

Series

2022

2

3

.000

08/25/52

967,510

707,609

(b),(d)

JP

Morgan

Mortgage

Trust

2022-3,

Series

2022

3

3

.000

08/25/52

599,043

1,493,674

(b),(d)

JP

Morgan

Mortgage

Trust

2022-LTV1,

Series

2022

LTV1

3

.250

07/25/52

1,320,548

576,642

(b),(d)

JP

Morgan

Mortgage

Trust

Series

2024-3,

Series

2024

3

3

.000

05/25/54

488,170

279,905

(b),(d)

OBX

2022-INV5

Trust,

Series

2022

INV5

4

.000

10/25/52

252,871

642,246

(b),(d)

RCKT

Mortgage

Trust

2022-2,

Series

2022

2

2

.500

02/25/52

522,394

83,118

(b),(d)

RCKT

Mortgage

Trust

2022-3,

Series

2022

3

3

.000

05/25/52

70,366

171,377

(b),(d)

RCKT

Mortgage

Trust

2022-4,

Series

2022

4

3

.500

06/25/52

150,282

109,061

(b),(d)

Wells

Fargo

Mortgage

Backed

Securities

2021-2

Trust,

Series

2021

2

2

.500

06/25/51

88,709

169,048

(b),(d)

Wells

Fargo

Mortgage

Backed

Securities

2022-2

Trust,

Series

2022

2

2

.500

12/25/51

137,501

202,380

(b),(d)

Wells

Fargo

Mortgage

Backed

Securities

2022-INV1

Trust,

Series

2022

INV1

3

.500

03/25/52

177,597

121,428

(b),(d)

Wells

Fargo

Mortgage

Backed

Securities

2022-INV1

Trust,

Series

2022

INV1

3

.000

03/25/52

103,025

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$81,798,285)

79,847,967

23

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

18288035

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

-

4

.2

%

(

2

.9

%

of

Total

Investments)

18288035

$

93,000

CoBank

ACB

7

.250

%

07/01/73

$

93,832

325,000

CoBank

ACB

6

.250

10/01/73

324,734

764,999

CoBank

ACB

6

.450

01/01/74

763,968

525,000

(b)

Farm

Credit

Bank

of

Texas

6

.200

09/15/73

514,500

152,000

(b)

Farm

Credit

Bank

of

Texas

7

.750

09/15/73

158,460

691,807

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.875

01/15/29

680,975

397,389

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.375

07/15/33

387,611

279,369

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.250

07/15/29

267,580

398,560

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.750

07/15/28

393,860

397,073

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.250

04/15/28

397,169

696,904

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.625

10/15/27

708,327

393,705

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/27

386,482

639,738

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.125

01/15/33

612,832

385,058

(k)

United

States

Treasury

Inflation

Indexed

Bonds

2

.125

04/15/29

396,446

388,607

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.625

10/15/29

394,083

418,467

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.500

01/15/28

410,995

263,474

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/34

263,018

648,081

(k)

United

States

Treasury

Inflation

Indexed

Bonds

2

.375

10/15/28

675,156

490,918

(k)

United

States

Treasury

Inflation

Indexed

Bonds

3

.625

04/15/28

526,099

289,797

(k)

United

States

Treasury

Inflation

Indexed

Bonds

3

.875

04/15/29

318,434

357,864

(k)

United

States

Treasury

Inflation

Indexed

Bonds

3

.375

04/15/32

399,878

492,713

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.750

01/15/28

500,802

389,689

(k)

United

States

Treasury

Inflation

Indexed

Bonds

1

.875

07/15/34

393,311

308,613

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/30

290,332

281,789

(k)

United

States

Treasury

Inflation

Indexed

Bonds

2

.125

01/15/35

289,239

433,563

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/30

406,087

847,748

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

04/15/26

841,821

711,000

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

07/15/31

652,814

406,802

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

10/15/26

403,546

732,041

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.125

01/15/31

676,058

394,443

(k)

United

States

Treasury

Inflation

Indexed

Bonds

0

.375

01/15/27

390,353

744,737

(k)

United

States

Treasury

Inflation

Indexed

Bonds

-

When

Issued

0

.125

01/15/32

673,974

546,560

(k)

United

States

Treasury

Inflation

Indexed

Bonds

-

When

Issued

0

.625

07/15/32

510,179

50,000

United

States

Treasury

Note/Bond

4

.625

05/31/31

51,564

215,000

United

States

Treasury

Note/Bond

3

.875

08/15/34

209,558

160,000

United

States

Treasury

Note/Bond

4

.125

10/31/26

160,400

200,000

United

States

Treasury

Note/Bond

4

.375

11/15/39

198,992

55,000

United

States

Treasury

Note/Bond

4

.000

12/15/27

55,161

235,000

United

States

Treasury

Note/Bond

4

.875

10/31/30

245,134

212,700

United

States

Treasury

Note/Bond

3

.875

08/15/33

208,463

313,500

United

States

Treasury

Note/Bond

4

.125

07/31/28

315,717

106,200

United

States

Treasury

Note/Bond

4

.000

02/15/34

104,756

110,000

United

States

Treasury

Note/Bond

3

.750

08/31/26

109,665

60,000

United

States

Treasury

Note/Bond

4

.625

05/15/54

60,195

449,400

United

States

Treasury

Note/Bond

3

.875

05/15/43

410,218

475,100

United

States

Treasury

Note/Bond

3

.625

05/15/53

400,198

445,700

United

States

Treasury

Note/Bond

2

.875

05/15/49

328,512

240,000

United

States

Treasury

Note/Bond

4

.625

02/15/35

247,950

80,000

United

States

Treasury

Note/Bond

3

.750

08/31/31

78,597

TOTAL

U.S.

GOVERNMENT

AND

AGENCY

OBLIGATIONS

(Cost

$17,982,294)

18,288,035

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

78262623

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

17

.8

%

(

12

.2

%

of

Total

Investments)

78262623

AUTOMOBILES

&

COMPONENTS

-

0.3%

234,755

(d)

Adient

US

LLC,

Term

Loan

B2,

(TSFR1M

+

2.250%)

6

.575

01/29/31

232,173

625,000

(d)

Clarios

Global

LP,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

01/28/32

616,665

388,052

(d)

Clarios

Global

LP,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

05/06/30

383,396

TOTAL

AUTOMOBILES

&

COMPONENTS

1,232,234

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

24

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CAPITAL

GOODS

-

1.3%

$

68,746

(d)

ACProducts,

Inc.,

Term

Loan

B,

(TSFR3M

+

4.250%)

8

.811

%

05/17/28

$

45,573

4,808

(d),(l)

Air

Comm

Corporation,

LLC,

Delayed

Draw

Term

Loan

4

.000

12/11/31

4,790

57,692

(d)

Air

Comm

Corporation,

LLC,

Term

Loan,

(TSFR1M

+

3.000%)

7

.322

12/11/31

57,476

159,210

(d)

Ali

Group

North

America

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.439

07/23/29

159,563

89,655

(d)

Archkey

Solutions

LLC,

Term

Loan

B,

(TSFR1M

+

4.750%)

9

.073

11/03/31

89,711

124,375

(d)

Azorra

Soar

TLB

Finance

Ltd,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.799

10/18/29

124,998

102,485

(d)

Barentz

International

B.V.,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.649

03/28/31

102,037

392,000

(d)

Barnes

Group

Inc,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.322

01/27/32

389,877

43,780

(d)

Bleriot

US

Bidco

Inc.,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.049

10/17/30

43,510

61,692

(d)

Centuri

Group,

Inc,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.942

08/28/28

61,741

422,290

(d)

Chamberlain

Group

Inc,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.675

11/03/28

418,869

216,732

(d)

Chart

Industries,

Inc.,

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.805

03/18/30

217,093

51,000

(d)

Conair

Holdings,

LLC,

Term

Loan

B,

(CME

Term

SOFR

1

Month

+

3.750%)

9

.191

05/17/28

44,297

147,809

(d)

Core

&

Main

LP,

Term

Loan

B,

(TSFR6M

+

2.000%)

6

.270

07/27/28

147,809

39,310

(d)

Cornerstone

Building

Brands,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.669

04/12/28

33,266

240,033

(d)

Filtration

Group

Corporation,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.325

10/24/28

240,128

243,775

(d)

Gates

Global

LLC,

Term

Loan

B5,

(TSFR1M

+

1.750%)

6

.075

06/04/31

241,676

75,431

(d),(i)

Kaman

Corporation,

Delayed

Draw

Term

Loan,

(TBD)

TBD

TBD

74,519

799,568

(d),(i)

Kaman

Corporation,

Term

Loan

B,

(TBD)

TBD

TBD

789,906

250,000

(d)

Madison

IAQ

LLC,

Term

Loan,

(TSFR6M

+

2.500%)

6

.762

06/21/28

247,546

69,650

(d)

Madison

Safety

&

Flow

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

09/26/31

69,617

84,363

(d)

MI

Windows

and

Doors,

LLC,

Term

Loan

B2,

(TSFR1M

+

3.000%)

7

.325

03/28/31

83,050

72,000

(d),(i)

Minimax

Viking

GmbH,

Term

Loan

B,

(TBD)

TBD

TBD

71,865

537,000

(d)

Quikrete

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

01/31/32

531,646

162,774

(d)

Quikrete

Holdings,

Inc.,

Term

Loan

B1,

(TSFR1M

+

2.250%)

6

.575

04/14/31

161,192

125,000

(d),(i)

TK

Elevator

US

Newco

Inc,

(TBD)

TBD

TBD

124,821

443,399

(d)

TK

Elevator

US

Newco

Inc,

Term

Loan

B,

(TSFR6M

+

3.500%)

7

.737

04/15/30

442,762

155,220

(d)

TransDigm,

Inc.,

Term

Loan,

(TSFR3M

+

2.500%)

6

.799

01/20/32

154,594

87,384

(d)

TransDigm,

Inc.,

Term

Loan

J,

(TSFR3M

+

2.500%)

6

.799

02/28/31

87,002

599,192

(d)

Victory

Buyer

LLC,

Term

Loan,

(TSFR1M

+

3.750%)

8

.189

11/20/28

583,035

TOTAL

CAPITAL

GOODS

5,843,969

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.1%

704,284

(d)

Allied

Universal

Holdco

LLC,

Incremental

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.175

05/15/28

704,341

210,473

(d)

Amentum

Government

Services

Holdings

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

09/29/31

203,962

221,143

(d)

Anticimex

International

AB,

Term

Loan

B1,

(SOFR90A

+

3.150%)

7

.490

11/16/28

220,894

110,441

(d)

Anticimex

International

AB,

Term

Loan

B6,

(SOFR90A

+

3.400%)

7

.740

11/16/28

110,386

10,345

(d)

Archkey

Solutions

LLC,

Delayed

Draw

Term

Loan

B,

(TSFR1M

+

4.750%)

0

.000

11/03/31

10,351

78,242

(d)

CHG

Healthcare

Services

Inc.,

Term

Loan

B1,

(TSFR3M

+

3.000%)

7

.306

09/29/28

78,227

323,044

(d)

CoreLogic,

Inc.,

Term

Loan,

(TSFR1M

+

3.500%)

7

.939

06/02/28

317,661

278,927

(d)

Creative

Artists

Agency,

LLC

,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

10/01/31

278,469

115,260

(d)

Dun

&

Bradstreet

Corporation

(The),

Term

Loan,

(TSFR1M

+

2.250%)

6

.572

01/18/29

115,116

116,120

(d)

Ensemble

RCM,

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.291

08/01/29

116,145

200,498

(d)

First

Advantage

Holdings,

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.575

10/31/31

199,589

622,487

(d)

Garda

World

Security

Corporation,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.322

02/01/29

621,062

150,000

(d)

GFL

Environmental

Inc.,

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.819

03/03/32

148,875

193,652

(d)

OMNIA

Partners

LLC,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.050

07/25/30

192,565

54,863

(d)

Prime

Security

Services

Borrower,

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.325

10/15/30

54,694

171,270

(d)

Reworld

Holding

Corp,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

11/30/28

171,071

13,191

(d)

Reworld

Holding

Corp,

Term

Loan

C,

(TSFR1M

+

2.250%)

6

.575

11/30/28

13,176

180,709

(d)

West

Corporation,

Term

Loan

B3,

(TSFR3M

+

4.000%)

8

.541

04/12/27

140,953

70,000

(d),(i)

WIN

Waste

Innovations

Holdings,

Inc.,

Incremental

Term

Loan,

(TBD)

TBD

TBD

69,650

25

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL

&

PROFESSIONAL

SERVICES

(continued)

$

839,170

(d)

WIN

Waste

Innovations

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.189

%

03/27/28

$

823,629

119,400

(d)

XPLOR

T1

LLC,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.799

06/24/31

119,549

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,710,365

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

0.6%

119,400

(d)

Belron

Finance

LLC,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.052

10/16/31

119,344

301,372

(d)

CNT

Holdings

I

Corp,

Term

Loan,

(TSFR3M

+

2.500%)

6

.802

11/08/32

299,888

162,301

(d)

Driven

Holdings,

LLC,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.439

12/18/28

162,200

3

(d)

Fastlane

Parent

Company,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.500%)

8

.825

09/29/28

2

46,593

(d)

Gulfside

Supply

Inc,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.299

06/17/31

46,253

368,773

(d)

Johnstone

Supply

LLC,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.822

06/09/31

366,268

215,070

(d)

LBM

Acquisition

LLC,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.175

12/20/27

210,892

152,260

(d)

Les

Schwab

Tire

Centers,

Term

Loan

B,

(TSFR1M

+

TSFR3M

+

2.500%)

6

.819

04/23/31

151,405

60,459

(d)

Mister

Car

Wash

Holdings,

Inc.,

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.791

03/27/31

60,308

595,301

(d)

PetSmart,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.175

02/14/28

587,237

136,565

(d)

Restoration

Hardware,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.939

10/20/28

130,612

247,012

(d)

Wand

NewCo

3,

Inc.,

Repriced

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

01/30/31

243,709

136,731

(d)

Wand

NewCo

3,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

01/30/31

134,903

78,803

(d)

White

Cap

Buyer

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.575

10/31/29

76,593

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

2,589,614

CONSUMER

DURABLES

&

APPAREL

-

0.5%

134,262

(d)

ABG

Intermediate

Holdings

2

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

12/21/28

133,027

844,504

(d)

AI

Aqua

Merger

Sub,

Inc.,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.323

07/31/28

837,813

247,429

(d)

Hayward

Industries,

Inc.,

Term

Loan,

(TSFR1M

+

2.500%)

6

.939

05/30/28

247,137

2,934

(d)

Serta

Simmons

Bedding,

LLC,

New

Term

Loan,

(TSFR3M

+

7.500%)

11

.914

06/29/28

2,750

54,089

(d)

SRAM,

LLC

,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.572

02/27/32

53,717

124,688

(d)

Tempur

Sealy

International

Inc.,

Term

Loan

B,

(SOFR30A

+

SOFR90A

+

2.500%)

6

.810

10/24/31

124,752

61,263

(d)

Topgolf

Callaway

Brands

Corp.,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.325

03/18/30

58,097

500,000

(d)

Varsity

Brands,

Inc.,

Term

Loan,

(TSFR3M

+

3.500%)

7

.819

08/26/31

491,095

340,965

(d)

Weber-Stephen

Products

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.689

10/29/27

331,020

105,000

(d)

WH

Borrower,

LLC,

Term

Loan

B,

(TSFR3M

+

4.750%)

9

.072

02/20/32

104,623

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,384,031

CONSUMER

SERVICES

-

1.7%

54,588

(d)

101B.C.

Unlimited

Liability

Company,

Term

Loan

B6,

(TSFR1M

+

1.750%)

6

.075

09/23/30

54,164

409,927

(d)

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan,

(TSFR3M

+

5.000%),

(cash

9.590%,

PIK

5.000%)

9

.561

12/29/25

154,405

49,750

(d)

Allwyn

Entertainment

Financing

US

LLC,

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.307

06/11/31

49,315

738,795

(d)

Alterra

Mountain

Company,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

08/17/28

738,795

248,752

(d)

Alterra

Mountain

Company,

Term

Loan

B7,

(TSFR1M

+

3.000%)

7

.325

05/31/30

249,373

74

(d)

Bally's

Corporation,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.802

10/02/28

66

172,725

(d)

Caesars

Entertainment

Inc.,

Term

Loan

B,

(TSFR3M

+

2.250%)

6

.563

02/06/30

172,006

495,000

(d)

Caesars

Entertainment

Inc.,

Term

Loan

B1,

(TSFR3M

+

2.250%)

6

.563

02/06/31

492,525

92,441

(d)

Carnival

Corporation,

Term

Loan

(2027),

(TSFR1M

+

2.000%)

6

.325

08/09/27

92,418

70,000

(d),(i)

Catawba

Nation

Gaming

Authority,

Term

Loan

B,

(TBD)

TBD

TBD

70,321

50,000

(d),(i)

CE

Intermediate

I

LLC,

(TBD)

TBD

TBD

49,828

215,314

(d)

Churchill

Downs

Incorporated,

Incremental

Term

Loan

B1,

(TSFR1M

+

1.750%)

6

.075

03/17/28

215,314

247,506

(d)

Cinemark

USA,

Inc.,

Term

Loan

B,

(TSFR1M

+

TSFR3M

+

2.750%)

7

.062

05/24/30

248,527

715,337

(d)

ClubCorp

Holdings,

Inc.,

Term

Loan

B2,

(TSFR3M

+

5.000%)

9

.561

09/18/26

717,499

616,455

(d)

Crown

Finance

US,

Inc.,

Term

Loan

B,

(TSFR1M

+

5.250%)

9

.573

12/02/31

613,977

122,522

(d)

Delta

2

(LUX)

S.a.r.l.,

Term

Loan

B1,

(TSFR3M

+

2.000%)

6

.299

09/19/31

122,484

61,417

(d),(i)

Delta

2

Lux

Sarl,

(TBD)

TBD

TBD

61,398

414,771

(d)

Fertitta

Entertainment,

LLC,

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.825

01/29/29

408,985

494,987

(d)

Flutter

Financing

B.V.,

Term

Loan

B,

(TSFR3M

+

1.750%)

6

.049

11/29/30

493,661

137,655

(d)

GBT

US

III

LLC,

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.802

07/28/31

137,170

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

26

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER

SERVICES

(continued)

$

132,314

(d)

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B3,

(TSFR3M

+

2.750%)

7

.053

%

10/31/29

$

132,600

91,809

(d)

Hilton

Grand

Vacations

Borrower

LLC,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.325

08/02/28

91,475

119,218

(d)

IRB

Holding

Corp,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

12/15/27

118,607

437,842

(d)

Light

and

Wonder

International,

Inc.,

Term

Loan

B2,

(TSFR1M

+

2.250%)

6

.566

04/16/29

437,327

210,602

(d)

Motion

Finco

Sarl,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.799

11/30/29

202,836

55,555

(d)

PCI

Gaming

Authority,

Term

Loan,

(TSFR1M

+

2.000%)

6

.325

07/21/31

55,096

164,109

(d)

PENN

Entertainment,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

05/03/29

164,202

85,000

(d)

PG

Investment

Company

59

S.a

r.l.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.299

03/24/31

85,106

163,057

(d)

Scientific

Games

Holdings

LP,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.296

04/04/29

162,309

263,625

(d)

SeaWorld

Parks

&

Entertainment,

Inc.,

Term

Loan

B3,

(TSFR1M

+

2.000%)

6

.325

12/04/31

262,087

89,325

(d)

Six

Flags

Entertainment

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.325

05/01/31

89,135

380,737

(d)

Spin

Holdco

Inc.,

Term

Loan,

(TSFR3M

+

4.000%)

8

.562

03/06/28

323,390

99,750

(d)

UFC

Holdings,

LLC,

Term

Loan

B,

(TSFR3M

+

2.250%)

6

.580

11/21/31

99,611

TOTAL

CONSUMER

SERVICES

7,366,012

ENERGY

-

0.4%

3,518

(i)

Ascend

Performance

Materials

Bridge

Loan,

(TBD)

TBD

TBD

3,148

151,776

(d)

EG

Group

Limited,

Term

Loan

B,

(TSFR3M

+

4.250%)

8

.563

02/07/28

152,034

125,000

(d)

Epic

Crude

Services,

LP,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.302

10/15/31

125,111

988,583

(d)

Freeport

LNG

Investments,

LLLP,

Term

Loan

A,

(TSFR3M

+

3.000%)

7

.555

11/16/26

988,994

71,000

(d)

New

Fortress

Energy

Inc,

Incremental

Term

Loan

B,

(TSFR3M

+

5.500%)

9

.795

10/30/28

61,060

227,363

(d)

TransMontaigne

Operating

Company

L.P.,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.575

11/17/28

227,489

TOTAL

ENERGY

1,557,836

FINANCIAL

SERVICES

-

0.1%

44,881

(d)

AqGen

Island

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.325

08/02/28

44,671

69,312

(d)

Aragorn

Parent

Corporation,

Term

Loan,

(TSFR1M

+

4.000%)

8

.322

12/15/28

69,608

62,000

(d)

Dechra

Pharmaceuticals

Holdings

Ltd,

Term

Loan

B,

(TSFR6M

+

3.250%)

7

.542

12/03/31

61,952

167,886

(d),(e),(m)

Ditech

Holding

Corporation,

Term

Loan

0

.000

06/30/25

17

122,386

(d)

Kestra

Advisor

Services

Holdings

A,

Inc.,

Repriced

Term

Loan,

(TSFR3M

+

3.000%)

7

.291

03/24/31

121,438

32,000

(d)

NCR

Atleos

LLC,

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.053

04/16/29

32,172

196,732

(d)

Trans

Union,

LLC,

Term

Loan

B8,

(TSFR1M

+

1.750%)

6

.075

06/24/31

196,363

TOTAL

FINANCIAL

SERVICES

526,221

FOOD,

BEVERAGE

&

TOBACCO

-

0.4%

252,740

(d)

8th

Avenue

Food

&

Provisions,

Inc.,

First

Lien

Term

Loan,

(TSFR1M

+

3.750%)

8

.189

10/01/25

248,523

18,709

(d)

8th

Avenue

Food

&

Provisions,

Inc.,

Incremental

Term

Loan,

(TSFR1M

+

4.750%)

9

.189

10/01/25

18,413

44,774

(d)

Aspire

Bakeries

Holdings

LLC,

Term

Loan,

(TSFR1M

+

4.250%)

8

.575

12/23/30

44,942

247,283

(d)

CHG

PPC

Parent

LLC,

Term

Loan,

(TSFR1M

+

3.000%)

7

.439

12/08/28

247,283

55

(d)

City

Brewing

Company,

LLC,

First

Lien

Second

Out

PIK

TL,

(TSFR3M

+

6.500%)

10

.789

04/14/28

1

29,304

(d)

City

Brewing

Company,

LLC,

First

Out

New

Money

Term

Loan,

(TSFR3M

+

6.250%)

10

.814

04/05/28

12,002

76,682

(d)

City

Brewing

Company,

LLC,

FLFO

Roll

Up

Term

Loan,

(TSFR3M

+

3.500%)

8

.064

04/05/28

28,756

7,618

(d)

City

Brewing

Company,

LLC,

PIK

Super

Priority

Term

Loan,

(TSFR3M

+

9.000%)

13

.580

01/03/26

7,047

248,128

(d)

Fiesta

Purchaser,

Inc.,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.575

02/12/31

246,672

244,723

(d)

Pegasus

BidCo

BV,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.573

07/12/29

244,723

8,621

(d)

Sauer

Brands

Inc,

Delayed

Draw

Term

Loan

0

.000

02/19/32

8,623

91,379

(d)

Sauer

Brands

Inc,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.575

02/19/32

91,402

223,813

(d)

Sycamore

Buyer

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.692

07/23/29

223,907

27

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FOOD,

BEVERAGE

&

TOBACCO

(continued)

$

265,989

(d)

Triton

Water

Holdings,

Inc,

Term

Loan

B,

(TSFR3M

+

2.250%)

6

.549

%

03/31/28

$

265,221

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

1,687,515

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

1.8%

215,962

(d)

24

Hour

Fitness

Worldwide,

Inc.,

Exit

Term

Loan,

(LIBOR

3

M

+

14.000%)

18

.568

09/30/26

90,704

98,750

(d)

ADMI

Corp.,

Term

Loan

B5,

(TSFR1M

+

5.750%)

10

.075

12/23/27

99,305

213,785

(d)

AHP

Health

Partners,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

08/24/28

213,812

595,339

(d)

Bausch

&

Lomb

Corporation,

Term

Loan,

(TSFR1M

+

3.250%)

7

.672

05/10/27

593,993

39,900

(d)

Concentra

Health

Services

Inc,

Repriced

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.325

07/28/31

39,900

181,329

(d)

Element

Materials

Technology

Group

US

Holdings

Inc.,

Term

Loan,

(TSFR3M

+

3.750%)

8

.049

06/25/29

181,272

100,935

(d)

EyeCare

Partners,

LLC,

Second

Out

Term

Loan

B,

(TSFR3M

+

1.000%)

5

.393

11/30/28

79,524

353,895

(d)

Gainwell

Acquisition

Corp.,

Term

Loan

B,

(TSFR3M

+

4.000%)

8

.399

10/01/27

332,887

604,652

(d)

Global

Medical

Response,

Inc.,

PIK

Term

Loan,

(TSFR3M

+

5.500%)

9

.790

10/02/28

605,323

128,678

(d)

MedAssets

Software

Intermediate

Holdings,

Inc.,

First

Out

Term

Loan,

(TSFR1M

+

4.000%)

8

.322

12/17/28

125,166

1,588,977

(d)

Medline

Borrower,

LP,

Add-on

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

10/23/28

1,587,763

147,357

(d)

National

Mentor

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

TSFR3M

+

3.750%)

8

.162

03/02/28

143,134

4,872

(d)

National

Mentor

Holdings,

Inc.,

Term

Loan

C,

(TSFR3M

+

3.750%)

8

.149

03/02/28

4,733

151,636

(d)

Onex

TSG

Intermediate

Corp.,

Term

Loan

B,

(TSFR3M

+

4.750%)

9

.302

02/28/28

152,900

172,695

(d)

Pacific

Dental

Services,

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.071

03/17/31

172,021

776,053

(d)

Parexel

International

Corporation,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

11/15/28

775,230

563,151

(d)

Phoenix

Guarantor

Inc,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

02/21/31

561,583

115,077

(d)

Radiology

Partners

Inc,

Extended

Term

Loan

B,

(TSFR3M

+

2.500%),

(cash

8.090%,

PIK

1.500%)

4

.795

01/31/29

111,211

69,650

(d)

Resonetics,

LLC,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.545

06/18/31

69,336

93,974

(d)

Select

Medical

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.325

12/03/31

93,974

15,986

(d)

Sound

Inpatient

Physicians,

Tranche

A

Term

Loan

(First

Out),

(TSFR3M

+

3.250%)

5

.530

06/28/28

16,638

121,310

(d)

Sound

Inpatient

Physicians,

Tranche

B

Term

Loan

(Second

Out),

(TSFR3M

+

2.500%),

(cash

8.090%,

PIK

1.500%)

4

.780

06/28/28

111,363

1,033,070

(d)

Surgery

Center

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.072

12/19/30

1,033,071

247,284

(d)

Team

Health

Holdings,

Inc.,

Term

Loan

B,

(TSFR3M

+

5.250%)

9

.541

03/02/27

241,355

194,114

(d)

Viant

Medical

Holdings,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.000%)

8

.325

10/29/31

194,477

249,375

(d)

Zelis

Payments

Buyer,

Inc.,

5th

Amendment

Term

Loan,

(TSFR1M

+

3.250%)

7

.575

11/26/31

249,063

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

7,879,738

INSURANCE

-

1.4%

357,359

(d)

Acrisure,

LLC,

First

Lien

Term

Loan

B6,

(TSFR1M

+

3.000%)

7

.325

11/06/30

355,764

917,795

(d)

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B6,

(TSFR1M

+

2.750%)

7

.069

09/19/31

913,206

354,113

(d)

AmWINS

Group,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

01/21/32

351,706

198,000

(d)

AssuredPartners,

Inc.,

Incremental

Term

Loan

B5,

(TSFR1M

+

3.500%)

7

.825

02/14/31

198,455

91,175

(d)

Asurion

LLC,

Term

Loan

B11,

(TSFR1M

+

4.250%)

8

.675

08/21/28

90,475

184,844

(d)

Asurion

LLC,

Term

Loan

B8,

(TSFR1M

+

3.250%)

7

.689

12/23/26

184,693

125,739

(d)

Asurion

LLC,

Term

Loan

B9,

(TSFR1M

+

3.250%)

7

.689

07/30/27

124,914

1,423,170

(d)

Broadstreet

Partners,

Inc.,

Term

Loan

B4,

(TSFR1M

+

3.000%)

7

.325

06/16/31

1,412,625

76,500

(d)

Evertec

Group,

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

10/15/30

76,883

584,261

(d),(i)

HUB

International

Limited,

Term

Loan

B,

(TBD)

TBD

TBD

582,479

318,475

(d)

Ryan

Specialty

Group,

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

09/15/31

318,117

614,938

(d)

Sedgwick

Claims

Management

Services,

Inc.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.313

07/31/31

613,640

449,960

(d)

Truist

Insurance

Holdings

LLC,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.049

05/06/31

447,710

103,433

(d)

USI,

Inc.,

Term

Loan

C,

(TSFR3M

+

2.250%)

6

.549

09/27/30

102,571

322,189

(d)

USI,

Inc.,

Term

Loan

D,

(TSFR3M

+

2.250%)

6

.549

11/23/29

319,521

TOTAL

INSURANCE

6,092,759

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

28

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MATERIALS

-

0.7%

$

24,627

(d)

Arsenal

AIC

Parent

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

%

08/19/30

$

24,492

0

(d)

Ascend

Performance

Materials

Operations

LLC,

Term

Loan

B,

(TSFR6M

+

4.750%)

9

.067

08/27/26

0

169,784

(d)

Axalta

Coating

Systems

U.S.

Holdings,

Inc.,

Term

Loan

B4,

(TSFR3M

+

1.750%)

6

.049

12/20/29

169,799

8,058

(d),(i)

Clydesdale

Acquisition

Holdings

Inc,

(TBD)

TBD

TBD

8,023

460,942

(d),(i)

Clydesdale

Acquisition

Holdings

Inc,

(TBD)

TBD

TBD

458,926

366,166

(d)

Clydesdale

Acquisition

Holdings

Inc,

Term

Loan

B,

(TSFR1M

+

3.175%)

7

.500

04/13/29

365,001

140,000

(d)

CPC

Acquisition

Corp,

Term

Loan,

(TSFR3M

+

3.750%)

8

.311

12/29/27

116,550

189,885

(d)

Discovery

Purchaser

Corporation,

Term

Loan,

(TSFR3M

+

3.750%)

8

.040

10/04/29

188,342

110,000

(d),(i)

Fortis

333

Inc,

(TBD)

TBD

TBD

109,450

131,771

(d)

INEOS

Quattro

Holdings

UK

Ltd,

First

Lien

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.675

03/29/29

126,829

18,428

(d)

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan,

(TSFR1M

+

3.750%)

8

.175

03/01/30

17,368

41,000

(d)

INEOS

Quattro

Holdings

UK

Ltd,

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.575

10/07/31

38,540

448,735

(d)

Klockner-Pentaplast

of

America,

Inc.,

Term

Loan

B,

(TSFR6M

+

4.725%)

9

.227

02/09/26

410,217

52,000

(d)

Knife

River

HoldCo,

Term

Loan,

(TSFR3M

+

2.000%)

6

.292

03/08/32

51,935

93,433

(d)

Lonza

Group

AG,

Term

Loan

B,

(TSFR3M

+

3.925%)

8

.324

07/03/28

86,309

242,568

(d)

Nouryon

Finance

B.V.,

Term

Loan

B1,

(TSFR3M

+

3.250%)

7

.553

04/03/28

242,366

14,813

(d)

Nouryon

Finance

B.V.,

Term

Loan

B2,

(TSFR3M

+

3.250%)

7

.554

04/03/28

14,841

166,533

(d)

Pactiv

Evergreen

Group

Holdings

Inc.,

Term

Loan

B4,

(TSFR1M

+

2.500%)

6

.825

09/25/28

166,469

28,000

(d)

Plaze,

Inc.,

Incremental

Term

Loan,

(TSFR1M

+

3.750%)

8

.189

08/03/26

26,520

93,815

(d)

Proampac

PG

Borrower

LLC,

Term

Loan,

(TSFR3M

+

4.000%)

8

.312

09/15/28

93,424

54,450

(d)

SupplyOne,

Inc,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.075

04/21/31

54,603

140,722

(d)

TricorBraun

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

3.250%)

7

.689

03/03/28

139,654

68,763

(d)

Tronox

Finance

LLC,

Term

Loan

B1,

(TSFR3M

+

2.250%)

6

.549

04/04/29

67,112

16,346

(d),(l)

USALCO,

LLC,

Delayed

Draw

Term

Loan

1

.000

09/30/31

16,370

158,257

(d)

USALCO,

LLC,

Term

Loan

B,

(TSFR3M

+

4.000%)

8

.299

09/30/31

158,492

1,212

(d)

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.549

09/22/28

1,203

TOTAL

MATERIALS

3,152,835

MEDIA

&

ENTERTAINMENT

-

0.9%

143,907

(d)

Advantage

Sales

&

Marketing,

Inc.,

Term

Loan,

(TSFR3M

+

4.250%)

8

.805

10/28/27

139,210

598,728

(d),(i)

AMC

Entertainment

Holdings,

Inc.

,

Term

Loan,

(TBD)

TBD

TBD

598,579

117,596

(d)

Cable

One,

Inc.,

Term

Loan

B4,

(TSFR1M

+

2.000%)

6

.439

05/03/28

114,626

463,758

(d),(i)

Cengage

Learning,

Inc.,

First

Lien

Term

Loan

B,

(TBD)

TBD

TBD

460,637

124,064

(d)

Century

De

Buyer

LLC,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.787

10/30/30

124,297

537,605

(d)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

4.000%)

8

.439

08/23/28

534,985

85,614

(d)

CMG

Media

Corporation,

Term

Loan,

(TSFR3M

+

3.500%)

7

.899

06/18/29

80,617

120,682

(d)

CSC

Holdings,

LLC,

Term

Loan

B5,

(Prime

+

1.500%)

9

.000

04/15/27

113,721

746,315

(d)

CSC

Holdings,

LLC,

Term

Loan

B6,

(TSFR1M

+

4.500%)

8

.819

01/18/28

722,993

35,260

(d)

DirecTV

Financing,

LLC,

Term

Loan,

(TSFR3M

+

5.000%)

9

.552

08/02/27

35,353

168,296

(d)

Dotdash

Meredith

Inc,

Term

Loan,

(TSFR1M

+

3.500%)

7

.823

12/01/28

168,823

139,424

(d)

McGraw-Hill

Global

Education

Holdings,

LLC,

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.575

08/06/31

139,374

82,025

(d)

Mission

Broadcasting,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.937

06/02/28

81,653

495

(d)

NEP

Group,

Inc.,

Term

Loan

B,

(TSFR1M

+

TSFR3M

+

2.375%),

(cash

7.825%,

PIK

1.500%)

4

.662

08/19/26

462

285,935

(d)

Planet

US

Buyer

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.319

02/10/31

285,547

82,134

(d)

Sunrise

Financing

Partnership,

Term

Loan

AAA,

(TSFR3M

+

2.500%)

6

.793

02/17/32

81,452

100,000

(d)

Virgin

Media

Bristol

LLC,

Term

Loan

Y,

(TSFR6M

+

3.175%)

7

.724

03/31/31

96,427

TOTAL

MEDIA

&

ENTERTAINMENT

3,778,756

29

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.3%

$

963,996

(d)

Jazz

Financing

Lux

S.a.r.l.,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

%

05/05/28

$

964,719

318,452

(d)

Organon

&

Co,

Term

Loan,

(TSFR1M

+

2.250%)

6

.572

05/19/31

314,471

108,882

(d)

Perrigo

Investments,

LLC,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.325

04/20/29

108,882

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

1,388,072

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.2%

404,858

(d)

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Term

Loan

B1,

(TSFR1M

+

2.750%)

7

.075

01/31/30

404,352

121,563

(d)

Cushman

&

Wakefield

U.S.

Borrower,

LLC,

Tranche

2

Incremental

Term

Loan,

(TSFR1M

+

3.250%)

7

.575

01/31/30

121,613

353,000

(d)

Forest

City

Enterprises,

L.P.,

Term

Loan

B,

(TSFR1M

+

3.500%)

7

.939

12/08/25

345,499

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

871,464

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.1%

525,000

(d)

Instructure

Holdings,

Inc.,

Term

Loan,

(TSFR3M

+

3.000%)

7

.315

11/13/31

521,677

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

521,677

SOFTWARE

&

SERVICES

-

3.1%

65,080

(d)

Apttus

Corporation,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.791

05/08/28

65,235

205,000

(d),(i)

Avalara

Inc,

(TBD)

TBD

TBD

204,456

571,882

(d)

Avaya,

Inc.,

Exit

Term

Loan,

(TSFR1M

+

3.750%)

5

.912

08/01/28

456,076

110,000

(d)

BCPE

Pequod

Buyer

Inc,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.791

11/25/31

109,794

714,835

(d)

Boost

Newco

Borrower,

LLC,

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.299

01/31/31

711,039

1,063,404

(d),(i)

Boxer

Parent

Company

Inc.,

Term

Loan

B,

(TBD)

TBD

TBD

1,046,399

340,125

(d)

Camelot

U.S.

Acquisition

LLC,

Incremental

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

10/30/26

335,943

188,000

(d),(i)

CLEARWATER

ANALYTICS

LLC,

(TBD)

TBD

TBD

187,530

619,699

(d)

Cotiviti

Corporation,

Term

Loan,

(TSFR1M

+

2.750%)

7

.073

04/30/31

607,305

125,000

(d),(i)

Cotiviti

Inc,

(TBD)

TBD

TBD

122,344

450,000

(d)

Darktrace

PLC,

First

Lien

Term

Loan,

(TSFR3M

+

3.250%)

7

.535

10/09/31

446,132

69,754

(d)

DTI

Holdco,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.000%)

8

.325

04/26/29

69,283

783,338

(d)

Epicor

Software

Corporation,

Term

Loan

E,

(TSFR1M

+

2.750%)

7

.075

05/30/31

782,183

111,000

(d)

FNZ

Group

Services

Ltd,

Term

Loan

B,

(TSFR3M

+

5.000%)

9

.291

11/05/31

102,675

98,505

(d)

Fortress

Intermediate

3,

Inc,

Term

Loan

B,

(TSFR1M

+

3.750%)

8

.075

06/27/31

98,444

140,954

(d)

Gen

Digital

Inc.,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.075

09/12/29

140,404

1,056,000

(d),(i)

Genesys

Cloud

Services

Holdings

II

LLC,

Term

Loan

B,

(TBD)

TBD

TBD

1,046,195

116,911

(d)

IGT

Holding

IV

AB,

Term

Loan

B2,

(SOFR90A

+

3.400%)

7

.972

03/29/28

117,203

264,300

(d)

Informatica

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

10/30/28

264,549

197,000

(d),(i)

Javelin

Buyer,

Inc.,

First

Lien

Term

Loan,

(TBD)

TBD

TBD

196,311

175,000

(d),(i)

Kaseya

Inc.,

First

Lien

Term

Loan

B,

(TBD)

TBD

TBD

174,673

39,800

(d)

Marcel

LUX

IV

SARL,

Term

Loan

B7,

(SOFR30A

+

3.500%)

7

.840

11/13/30

39,950

674,771

(d)

McAfee,

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.323

03/01/29

645,756

626,167

(d)

Mitchell

International,

Inc.,

First

Lien

Term

Loan,

(TSFR1M

+

3.250%)

7

.575

06/17/31

619,604

397,474

(d)

Open

Text

Corporation,

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.075

01/31/30

396,999

114,138

(d)

Perforce

Software,

Inc.,

Add-on

Term

Loan,

(TSFR1M

+

4.750%)

9

.075

03/24/31

107,218

114,713

(d)

PointClickCare

Technologies,

Inc.,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.549

11/03/31

114,570

374,060

(d)

Press

Ganey

Holdings,

Inc.,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.250%)

7

.575

04/30/31

372,463

58,000

(d),(i)

Project

Alpha

Intermediate

Holding

Inc,

(TBD)

TBD

TBD

57,939

199,499

(d)

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.549

10/28/30

199,290

138,052

(d)

Proofpoint,

Inc.,

Term

Loan,

(TSFR1M

+

3.000%)

7

.325

08/31/28

137,772

178,886

(d)

Rackspace

Finance,

LLC,

First

Lien

First

Out

Term

Loan,

(TSFR1M

+

6.250%)

10

.687

05/15/28

183,996

445,524

(d)

Rackspace

Finance,

LLC,

First

Lien

Second

Out

Term

Loan,

(TSFR1M

+

2.750%)

7

.187

05/15/28

208,059

162,533

(d)

Rocket

Software,

Inc.,

Term

Loan

B,

(TSFR1M

+

4.250%)

8

.575

11/28/28

162,331

252,717

(d)

Sophia,

L.P.,

First

Lien

Term

Loan

B,

(TSFR1M

+

3.000%)

7

.325

10/29/29

252,605

191,550

(d)

SS&C

Technologies

Inc.,

Term

Loan

B8,

(TSFR1M

+

2.000%)

6

.325

05/09/31

191,598

87,770

(d)

Surf

Holdings,

LLC,

Incremental

Term

Loan,

(TSFR1M

+

3.500%)

7

.936

03/05/27

87,887

125,000

(d)

Synechron

Inc,

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.041

10/03/31

124,844

291,299

(d)

Syniverse

Holdings,

Inc.,

Term

Loan,

(TSFR3M

+

7.000%)

11

.299

05/13/27

286,696

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

30

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOFTWARE

&

SERVICES

(continued)

$

208,242

(d)

Tempo

Acquisition

LLC,

Repriced

Term

Loan

B,

(TSFR1M

+

1.750%)

6

.075

%

08/31/28

$

206,876

198,000

(d)

Twitter,

Inc.,

Term

Loan,

(TSFR3M

+

6.500%)

10

.949

10/29/29

197,010

1,082,033

(d)

UKG

Inc.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7

.300

02/10/31

1,080,956

49,237

(d)

Vision

Solutions,

Inc.,

Incremental

Term

Loan,

(TSFR3M

+

4.000%)

8

.552

04/24/28

47,614

333,951

(d)

VS

Buyer,

LLC,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.072

04/14/31

334,368

92,001

(d)

WEX

Inc.,

Term

Loan,

(TSFR1M

+

1.750%)

6

.075

04/03/28

91,610

144,000

X

Corp

9

.500

10/29/29

147,909

372,185

(d)

Zelis

Payments

Buyer,

Inc.,

Term

Loan

B,

(TSFR1M

+

2.750%)

7

.075

09/28/29

370,324

TOTAL

SOFTWARE

&

SERVICES

13,950,417

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.8%

2,180,573

(d),(i)

CommScope,

Inc.,

Term

Loan,

(TBD)

TBD

TBD

2,174,664

748,125

(d)

Delta

TopCo,

Inc.,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.069

12/03/29

740,692

113,105

(d)

EOS

Finco

Sarl,

Term

Loan,

(TSFR3M

+

6.000%)

10

.285

10/09/29

48,508

74,925

(d)

Ingram

Micro

Inc.,

Term

Loan

B,

(TSFR3M

+

2.750%)

7

.053

09/22/31

75,252

260,655

(d),(m)

MLN

US

HoldCo

LLC,

First

Lien

Term

Loan,

(TSFR3M

+

4.500%)

4

.405

12/01/25

1,961

151,479

(d),(m)

MLN

US

HoldCo

LLC,

Second

Out

Term

Loan,

(Prime

+

6.800%)

7

.500

10/18/27

765

159,881

(d)

Riverbed

Technology,

Inc.,

PIK

Term

Loan,

(TSFR3M

+

2.250%)

4

.400

07/03/28

93,890

376,005

(d)

Verifone

Systems,

Inc.,

First

Lien

Term

Loan,

(TSFR3M

+

4.000%)

8

.583

08/20/25

340,546

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

3,476,278

TELECOMMUNICATION

SERVICES

-

1.2%

128,562

(d)

Altice

France

S.A.,

Term

Loan

B12,

(LIBOR

6

M

+

3.688%)

8

.370

02/02/26

112,814

203,211

(d)

Altice

France

S.A.,

Term

Loan

B13,

(LIBOR

3

M

+

4.000%)

8

.682

08/14/26

178,487

51,000

(d),(i)

Altice

France

S.A.,

Term

Loan

B14,

(TBD)

TBD

TBD

45,843

369,406

(d)

Cincinnati

Bell,

Inc.,

Term

Loan

B2,

(TSFR1M

+

2.750%)

7

.075

11/24/28

369,498

201,761

(d),(e)

Cyxtera

DC

Holdings,

Inc.,

Term

Loan

B

0

.000

05/01/25

1,110

289,654

(d)

Digicel

International

Finance

Limited,

Term

Loan,

(TSFR3M

+

7.500%),

(cash

11.791%,

PIK

1.500%)

11

.791

05/27/27

285,628

883,413

(d)

Frontier

Communications

Corp.,

Term

Loan

B,

(TSFR6M

+

2.500%)

6

.792

07/01/31

883,690

247,494

(d)

Iridium

Satellite

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6

.575

09/20/30

243,820

245,000

(d),(i)

Level

3

Financing

Inc,

(TBD)

TBD

TBD

242,435

688,283

(d)

Lumen

Technologies,

Inc.,

Extended

Term

Loan

B2,

(TSFR1M

+

2.350%)

6

.789

04/15/30

662,362

268,893

(d)

Lumen

Technologies,

Inc.,

Term

Loan

A,

(TSFR1M

+

6.000%)

10

.325

06/01/28

269,342

98,720

(d)

Numericable

Group

SA,

Term

Loan

B11,

(LIBOR

3

M

+

2.750%)

7

.432

07/31/25

85,866

1,449,000

(d),(i)

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(TBD)

TBD

TBD

1,352,235

605,992

(d)

Ziggo

Financing

Partnership,

Term

Loan

I,

(TSFR1M

+

2.500%)

6

.934

04/28/28

591,806

TOTAL

TELECOMMUNICATION

SERVICES

5,324,936

TRANSPORTATION

-

0.4%

193,050

(d)

Air

Canada,

Term

Loan

B,

(TSFR1M

+

2.000%)

6

.319

03/21/31

191,179

105,550

(d)

American

Airlines,

Inc.,

Term

Loan,

(TSFR1M

+

2.250%)

6

.543

04/20/28

104,470

147,016

(d)

Brown

Group

Holding,

LLC,

Incremental

Term

Loan

B2,

(TSFR1M

+

TSFR3M

+

2.500%)

6

.813

07/01/31

146,304

185,982

(d)

Brown

Group

Holding,

LLC,

Term

Loan

B,

(TSFR1M

+

2.500%)

6

.825

07/01/31

185,161

184,866

(d)

First

Student

Bidco

Inc,

First

Lien

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.799

07/21/28

184,773

56,588

(d)

First

Student

Bidco

Inc,

Term

Loan

C,

(TSFR3M

+

2.500%)

6

.799

07/21/28

56,560

341,594

(d)

KKR

Apple

Bidco,

LLC,

Term

Loan,

(TSFR1M

+

2.500%)

6

.825

09/23/31

339,513

109,619

(d)

SkyMiles

IP

Ltd.,

Skymiles

Term

Loan

B,

(TSFR3M

+

3.750%)

8

.043

10/20/27

110,873

156,000

(d),(i)

Stonepeak

Nile

Parent

LLC,

(TBD)

TBD

TBD

155,586

223,372

(d)

United

Airlines,

Inc.,

First

Lien

Term

Loan

B,

(TSFR3M

+

2.000%)

6

.297

02/24/31

223,172

124,432

(d)

WestJet

Loyalty

LP,

Term

Loan

B,

(TSFR3M

+

3.250%)

7

.549

02/14/31

120,108

TOTAL

TRANSPORTATION

1,817,699

UTILITIES

-

0.5%

242,000

(d),(i)

Cornerstone

Generation

LLC,

(TBD)

TBD

TBD

242,303

64,675

(d)

EFS

Cogen

Holdings

I

LLC,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.799

10/03/31

64,685

99,500

(d)

Kestrel

Acquisition,

LLC,

Term

Loan

B,

(TSFR3M

+

3.500%)

7

.799

11/06/31

99,998

125,000

(d)

Long

Ridge

Energy

LLC,

Term

Loan

B,

(TSFR1M

+

4.500%)

8

.825

02/19/32

120,625

703,238

(d)

Talen

Energy

Supply,

LLC,

Incremental

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.818

12/15/31

703,048

31

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

769,938

(d)

Talen

Energy

Supply,

LLC,

Term

Loan

B,

(TSFR3M

+

2.500%)

6

.818

%

05/17/30

$

770,119

106,465

(d)

Thunder

Generation

Funding

LLC,

Term

Loan

B,

(Prime

+

TSFR3M

+

2.500%)

8

.400

10/03/31

106,582

2,841

(d)

Vistra

Operations

Company

LLC,

First

Lien

Term

Loan

B3,

(TSFR1M

+

1.750%)

6

.075

12/20/30

2,835

TOTAL

UTILITIES

2,110,195

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$79,787,185)

78,262,623

SHARES

DESCRIPTION

VALUE

376,179

WARRANTS

-

0

.1

%

(

0

.1

%

of

Total

Investments)

376,179

MEDIA

&

ENTERTAINMENT

-

0.1%

17,892

(f)

Cineworld

Group

PLC

376,179

TOTAL

MEDIA

&

ENTERTAINMENT

376,179

TOTAL

WARRANTS

(Cost

$285,429)

376,179

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$558,981,842)

614,580,946

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 5.7%(3.9%

of

Total

Investments)

25082235

REPURCHASE

AGREEMENTS

-

5

.7

%

(

3

.9

%

of

Total

Investments)

25082235

11,550,000

(n)

Fixed

Income

Clearing

Corporation

4

.350

04/01/25

11,550,000

13,532,235

(o)

Fixed

Income

Clearing

Corporation

1

.360

04/01/25

13,532,235

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$25,082,235)

25,082,235

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$25,082,235)

25,082,235

TOTAL

INVESTMENTS

-

145

.6

%

(Cost

$

584,064,077

)

639,663,181

BORROWINGS

-

(31.0)%

(p),(q)

(

136,336,000

)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(11.3)%(r)

(

49,765,641

)

OTHER

ASSETS

&

LIABILITIES,

NET

-  (3.3)%

(

14,215,275

)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

439,346,265

ADR

American

Depositary

Receipt

BRL

Brazilian

Real

COP

Colombian

Peso

CZK

Czech

Koruna

DOP

Dominican

Peso

ETF

Exchange-Traded

Fund

EUR

Euro

GBP

Pound

Sterling

GDR

Global

Depositary

Receipt

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

INR

Indian

Rupee

LIBOR

London

Inter-Bank

Offered

Rate

M

Month

MSCI

Morgan

Stanley

Capital

International

MXN

Mexican

Peso

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

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

32

Principal

denominated

in

U.S.

Dollars,

unless

otherwise

noted. 

Investments

in

Derivatives

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

S&P

Standard

&

Poor's

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR90A

90

Day

Average

Secured

Overnight

Financing

Rate

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

TSFR6M

CME

Term

Secured

Overnight

Financing

Rate

6

Month

UGX

Ugandan

Shilling

UYU

Uruguayan

Peso

ZAR

South

African

Rand

(a)

Perpetual

security.

Maturity

date

is

not

applicable.

(b)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$69,676,649

or

10.9%

of

Total

Investments.

(c)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$82,709,140.

(d)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(g)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(h)

Contingent

Capital

Securities

(“CoCos”)

are

debt

or

preferred

securities

with

loss

absorption

characteristics

built

into

the

terms

of

the

security

for

the

benefit

of

the

issuer,

for

example

an

automatic

write-down

of

principal

or

a

mandatory

conversion

into

the

issuer’s

common

stock

under

certain

adverse

circumstances,

such

as

the

issuer’s

capital

ratio

falling

below

a

specified

level.

As

of

the

end

of

the

reporting

period,

the

Fund’s

total

investment

in

CoCos

was

4.8%

of

Total

Investments.

(i)

When-issued

or

delayed

delivery

security.

(j)

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

$53,596,705

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(k)

Principal

amount

for

interest

accrual

purposes

is

periodically

adjusted

based

on

changes

in

the

Consumer

Price

Index.

(l)

Investment,

or

portion

of

investment,

represents

an

outstanding

unfunded

senior

loan

commitment.

(m)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(n)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.350%

dated

3/31/25

to

be

repurchased

at

$11,551,396

on

4/1/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

2.125%–4.250%

and

maturity

dates

11/15/34–1/15/35,

valued

at

$11,781,121.

(o)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.360%

dated

3/31/25

to

be

repurchased

at

$13,532,746

on

4/1/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rates

3.500%–3.875%

and

maturity

dates

2/15/33–5/15/43,

valued

at

$13,802,937.

(p)

Borrowings

as

a

percentage

of

Total

Investments

is

21.3%.

(q)

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

$858,320,212

have

been

pledged

as

collateral

for

borrowings.

(r)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

7.8%.

33

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:

Options

Written

Type

Description

(a)

Number

of

Contracts

Notional

Amount

(b)

Exercise

Price

Expiration

Date

Value

Call

S&P

500

Index

(5)

$

(

2,950,000

)

$

5,900

4/17/25

$

(

2,525

)

Call

S&P

500

Index

(35)

(

20,825,000

)

5,950

4/17/25

(

8,050

)

Call

S&P

500

Index

(15)

(

9,150,000

)

6,100

4/30/25

(

2,025

)

Call

S&P

500

Index

(10)

(

5,950,000

)

5,950

5/16/25

(

19,150

)

Call

S&P

500

Index

(10)

(

6,100,000

)

6,100

5/16/25

(

4,900

)

Total

Options

Written

(premiums

received

$103,905)

(75)

$(44,975,000)

$(36,650)

(a)

Exchange-traded,

unless

otherwise

noted.

(b)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

Forward

Foreign

Currency

Contracts

Currency

Purchased

Notional

Amount

(Local

Currency)

Currency

Sold

Notional

Amount

(Local

Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

EUR

170,448

USD

175,544

Morgan

Stanley

Capital

Services

LLC

4/11/25

$

8,849

USD

930,663

EUR

899,878

Morgan

Stanley

Capital

Services

LLC

4/11/25

$

(

42,836

)

Total

        $(33,987)

Total

unrealized

appreciation

on

forward

foreign

currency

contracts

        $8,849

Total

unrealized

depreciation

on

forward

foreign

currency

contracts

        $(42,836)

EUR

Euro

Portfolio

of

Investments

March

31,

2025

(continued)

NMAI

34

NMAI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

45,995,754

$

–

$

45,995,754

$25

Par

(or

similar)

Retail

Preferred

10,063,849

–

–

10,063,849

Asset-Backed

Securities

–

706,275

219,800

926,075

Common

Stock

Rights

7,240

–

–

7,240

Common

Stocks

191,095,393

80,847,246

1,351

271,943,990

Corporate

Bonds

–

12,336,985

–

12,336,985

Emerging

Market

Debt

and

Foreign

Corporate

Bonds

–

60,117,979

478,689

60,596,668

Exchange-Traded

Funds

35,767,913

167,668

–

35,935,581

Mortgage-Backed

Securities

–

79,847,967

–

79,847,967

U.S.

Government

and

Agency

Obligations

–

18,288,035

–

18,288,035

Variable

Rate

Senior

Loan

Interests

–

78,261,496

1,127

78,262,623

Warrants

–

376,179

–

376,179

Short-Term

Investments:

Repurchase

Agreements

–

25,082,235

–

25,082,235

Investments

in

Derivatives:

Forward

Foreign

Currency

Contracts*

–

–

–

–

Options

Written

(

36,650

)

–

–

(

36,650

)

Total

$

236,897,745

$

402,027,819

$

700,967

$

639,626,531

*

Represents

net

unrealized

appreciation

(depreciation).