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1
Portfolio
of
Investments
March
31,
2026
NMAI
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
145.1%
(98.9%
of
Total
Investments)
ASSET-BACKED
SECURITIES
-
0.9%
(0.6%
of
Total
Investments)
–
$
300,000
(a)
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2021
2A
1
.660
%
02/20/28
$
294,527
500,000
Carmax
Auto
Owner
Trust
2025-4,
Series
2025
4
3
.970
12/16/30
496,743
500,000
CNH
Equipment
Trust
2025-B,
Series
2025
B
4
.300
10/15/30
500,989
284,250
(a)
Domino's
Pizza
Master
Issuer
LLC,
Series
2018
1A
4
.328
07/25/48
282,198
306,000
Ford
Credit
Auto
Owner
Trust
2024-D,
Series
2024
D
4
.610
08/15/29
307,880
250,000
(a)
Hertz
Vehicle
Financing
III
LLC,
Series
2023
3A
5
.940
02/25/28
252,583
233,389
(a),(b)
Industrial
DPR
Funding
Ltd,
Series
2022
1A
5
.380
04/15/34
209,457
97,624
(a)
MVW
2020-1
LLC,
Series
2020
1A
1
.740
10/20/37
96,653
4,584
(a)
OneMain
Financial
Issuance
Trust
2022-2,
Series
2022
2A
4
.890
10/14/34
4,585
500,000
(a)
PenFed
Auto
Receivables
Owner,
Series
2025
A
4
.030
07/15/30
498,780
300,000
(a)
PFS
Financing
Corp,
Series
2025
B
4
.850
02/15/30
302,667
215,260
(a)
Sierra
Timeshare
2024-3
Receivables
Funding
LLC,
Series
2024
3A
4
.830
08/20/41
215,472
500,000
(a)
Toyota
Auto
Loan
Extended
Note
Trust
2023-1,
Series
2023
1A
4
.930
06/25/36
507,552
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$3,998,896)
3,970,086
SHARES
DESCRIPTION
VALUE
359432793
COMMON
STOCKS
-
78
.4
%
(
53
.5
%
of
Total
Investments)
359432793
AUTOMOBILES
&
COMPONENTS
-
1.1%
2,125
(c),(d)
Tesla,
Inc
789,969
203,800
Toyota
Motor
Corp
4,236,458
TOTAL
AUTOMOBILES
&
COMPONENTS
5,026,427
BANKS
-
10.4%
212,943
Banco
Bilbao
Vizcaya
Argentaria
S.A.
4,599,475
520,528
Banco
Santander
S.A.
5,835,494
874,078
Barclays
plc
4,574,474
134,600
Grupo
Financiero
Banorte
SAB
de
C.V.
1,492,819
35,655
(c)
HDFC
Bank
Ltd
(ADR),
ADR
887,096
81,808
ING
Groep
NV
2,123,463
339,469
Itau
Unibanco
Holding
S.A.
2,849,525
30,083
JPMorgan
Chase
&
Co
8,849,215
267,000
Mitsubishi
UFJ
Financial
Group,
Inc
4,521,357
159,600
Sumitomo
Mitsui
Financial
Group,
Inc
5,247,697
85,655
(c),(e)
Wells
Fargo
&
Co
6,818,995
TOTAL
BANKS
47,799,610
CAPITAL
GOODS
-
9.0%
31,035
ABB
Ltd
2,523,392
25,486
Airbus
SE
4,818,711
9,301
(c)
Caterpillar,
Inc
6,589,386
16,262
Cie
de
Saint-Gobain
S.A.
1,346,403
9,308
(c)
Eaton
Corp
plc
3,329,192
146,900
Hitachi
Ltd
4,309,383
14,552
(c)
Honeywell
International,
Inc
3,289,189
150,500
Mitsubishi
Electric
Corp
4,922,416
3,065
Rheinmetall
AG.
5,169,999
12,514
Siemens
AG.
3,048,837
2,424
United
Rentals,
Inc
1,766,029
TOTAL
CAPITAL
GOODS
41,112,937
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
3.9%
16,871
Alibaba
Group
Holding
Ltd
(ADR),
Sponsored
ADR
2,116,636
51,404
(c),(d),(e)
Amazon.com,
Inc
10,705,910
1
(b),(d)
Belk,
Inc
8
7,539
Home
Depot,
Inc
2,479,502
30,119
(c),(d)
O'Reilly
Automotive,
Inc
2,780,285
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
18,082,341
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
2
SHARES
DESCRIPTION
VALUE
CONSUMER
DURABLES
&
APPAREL
-
2.5%
14,554
Cie
Financiere
Richemont
S.A.
2,569,742
3,798
Kering
S.A.
1,153,314
4,213
LVMH
Moet
Hennessy
Louis
Vuitton
SE
2,303,034
31,171
NIKE,
Inc,
Class
B
1,646,452
192,200
Sony
Group
Corp
4,005,969
TOTAL
CONSUMER
DURABLES
&
APPAREL
11,678,511
CONSUMER
SERVICES
-
0.6%
29,503
Starbucks
Corp
2,643,174
TOTAL
CONSUMER
SERVICES
2,643,174
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.6%
6,728
(c)
Costco
Wholesale
Corp
6,703,981
41,988
Walmart,
Inc
5,218,269
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
11,922,250
ENERGY
-
5.2%
29,785
(c)
ConocoPhillips
3,931,620
47,276
(c)
Exxon
Mobil
Corp
8,020,846
15,907
(a)
Reliance
Industries
Ltd
(GDR),
Sponsored
GDR
935,196
8,158
(a)
Reliance
Industries
Ltd
(GDR),
Sponsored
GDR
473,980
120,225
Shell
plc
5,568,228
19,363
Valero
Energy
Corp
4,784,210
TOTAL
ENERGY
23,714,080
FINANCIAL
SERVICES
-
1.1%
3,196
Mastercard,
Inc,
Class
A
1,596,913
11,939
Visa,
Inc,
Class
A
3,608,444
TOTAL
FINANCIAL
SERVICES
5,205,357
FOOD,
BEVERAGE
&
TOBACCO
-
3.4%
59,180
British
American
Tobacco
plc
3,435,920
49,562
Coca-Cola
Co
3,769,190
13,932
Fomento
Economico
Mexicano
SAB
de
C.V.
(ADR),
Sponsored
ADR
1,547,288
39,649
(d)
Monster
Beverage
Corp
2,872,967
24,387
Philip
Morris
International,
Inc
4,032,146
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
15,657,511
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.2%
43,778
(d)
Boston
Scientific
Corp
2,747,070
8,914
Stryker
Corp
2,929,051
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,676,121
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.7%
20,750
Procter
&
Gamble
Co
2,997,130
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
2,997,130
MATERIALS
-
6.4%
58,867
Anglo
American
plc
2,527,490
34,167
CRH
plc
3,591,635
99,273
(c)
Freeport-McMoRan,
Inc
5,835,268
479,920
Glencore
plc
3,634,853
18,525
Heidelberg
Materials
AG.
3,909,451
3,706
(d)
Kleopatra
Finco
Sarl
5,080
3,706
(d)
Kleopatra
Finco
Sarl
5,080
3,706
(d)
Kleopatra
Finco
Sarl
5,080
3,706
(d)
Kleopatra
Finco
Sarl
5,080
3,706
(d)
Kleopatra
Finco
Sarl
5,080
3,706
(d)
Kleopatra
Finco
Sarl
5,080
3,706
(d)
Kleopatra
Finco
Sarl,
Class
A
5,080
3,706
(d)
Kleopatra
Finco
Sarl,
Class
B
5,080
3,706
(d)
Kleopatra
Finco
Sarl,
Class
C
5,080
11,015
(c)
Linde
plc
5,460,797
105,452
Smurfit
Westrock
plc
4,202,263
TOTAL
MATERIALS
29,207,477
3
SHARES
DESCRIPTION
VALUE
MEDIA
&
ENTERTAINMENT
-
3.4%
18,017
(e)
Alphabet,
Inc,
Class
A
5,180,969
24,358
Alphabet,
Inc,
Class
C
6,987,335
5,952
Meta
Platforms,
Inc
3,405,318
TOTAL
MEDIA
&
ENTERTAINMENT
15,573,622
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
4.9%
20,414
AstraZeneca
plc
3,991,752
53,400
Daiichi
Sankyo
Co
Ltd
955,361
6,399
(c)
Eli
Lilly
&
Co
5,885,608
609,659
Haleon
plc
3,017,199
25,484
Johnson
&
Johnson
6,229,310
3,568
Lonza
Group
AG.
2,288,937
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
22,368,167
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
11.5%
35,800
Advantest
Corp
4,940,637
1,530
ASML
Holding
NV
2,034,527
4,217
(d)
Bright
Bidco
BV
1,476
3,087
(d)
Bright
Bidco
BV
1,081
36,642
Broadcom,
Inc
11,341,065
97,913
(c),(d)
Intel
Corp
4,320,901
109,161
(c)
NVIDIA
Corp
19,037,678
32,839
Taiwan
Semiconductor
Manufacturing
Co
Ltd
(ADR),
Sponsored
ADR
11,097,940
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
52,775,305
SOFTWARE
&
SERVICES
-
3.1%
37,941
Microsoft
Corp
14,044,620
TOTAL
SOFTWARE
&
SERVICES
14,044,620
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
6.1%
66,610
(c),(e)
Apple,
Inc
16,904,952
312
(d)
MLN
US
Holdco
LLC
16
4,136
(d)
Riverbed
Technology
LLC
41
94,773
Samsung
Electronics
Co
Ltd
11,084,773
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
27,989,782
TELECOMMUNICATION
SERVICES
-
0.0%
2,856
(d)
Altice
France
Lux
3
47,536
TOTAL
TELECOMMUNICATION
SERVICES
47,536
TRANSPORTATION
-
0.1%
1,604
DSV
A.S.
387,379
TOTAL
TRANSPORTATION
387,379
UTILITIES
-
1.2%
109,572
Iberdrola
S.A.
2,508,558
44,812
RWE
AG.
3,014,898
TOTAL
UTILITIES
5,523,456
TOTAL
COMMON
STOCKS
(Cost
$304,543,838)
359,432,793
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
92238611
CORPORATE
BONDS
-
20
.1
%
(
13
.7
%
of
Total
Investments)
(f)
92238611
AUTOMOBILES
&
COMPONENTS
-
0.3%
$
1,140,000
(a)
Dealer
Tire
LLC
/
DT
Issuer
LLC
8
.000
02/01/28
$
1,108,591
295,000
(g),(h)
General
Motors
Financial
Co
Inc
5
.750
N/A
287,218
177,000
(g),(h)
General
Motors
Financial
Co
Inc
5
.700
N/A
173,597
TOTAL
AUTOMOBILES
&
COMPONENTS
1,569,406
BANKS
-
3.0%
92,000
(g),(h)
Bank
of
America
Corp
4
.375
N/A
90,883
266,000
(g),(h)
Bank
of
America
Corp
6
.125
N/A
266,489
1,163,000
(g),(h)
Bank
of
America
Corp
6
.625
N/A
1,192,359
294,000
(g),(h)
Bank
of
America
Corp
6
.250
N/A
295,771
169,000
(g),(h)
Citigroup
Inc
6
.875
N/A
170,193
314,000
(g),(h)
Citigroup
Inc
7
.000
N/A
323,163
378,000
(g),(h)
Citigroup
Inc
7
.125
N/A
381,717
224,000
(g),(h)
Citigroup
Inc
6
.625
N/A
224,168
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
260,000
(g),(h)
Citigroup
Inc
7
.375
N/A
$
268,635
147,000
(g),(h)
Citigroup
Inc
6
.250
N/A
147,083
794,000
(g),(h)
Citigroup
Inc
7
.625
N/A
821,122
125,000
(g),(h),(i)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7
.068
N/A
124,394
335,000
(g),(h)
Citizens
Financial
Group
Inc
4
.000
N/A
329,855
229,000
(g),(h),(i)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
6
.994
N/A
228,043
242,000
(g),(h),(i)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
7
.908
N/A
243,287
163,000
(g),(h)
First
Citizens
BancShares
Inc/NC
7
.000
N/A
163,156
431,000
(g),(h)
Huntington
Bancshares
Inc/OH
5
.625
N/A
434,924
268,000
(g),(h)
Huntington
Bancshares
Inc/OH
6
.250
N/A
264,061
1,103,000
(c),(g),(h)
JPMorgan
Chase
&
Co
6
.875
N/A
1,144,363
351,000
(g),(h)
JPMorgan
Chase
&
Co
6
.500
N/A
360,173
180,000
JPMorgan
Chase
&
Co
5
.572
04/22/36
185,487
405,000
JPMorgan
Chase
&
Co
4
.347
01/22/32
399,284
270,000
(g),(h)
M&T
Bank
Corp
5
.125
N/A
267,798
180,000
Morgan
Stanley
Private
Bank
NA
4
.204
11/17/28
179,377
1,205,000
Morgan
Stanley
Private
Bank
NA
4
.465
11/19/31
1,186,300
191,000
(g),(h)
PNC
Financial
Services
Group
Inc/The
3
.400
N/A
187,981
325,000
(g),(h)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
324,828
529,000
(g),(h)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
533,641
190,000
Texas
Capital
Bancshares
Inc
5
.301
02/27/32
187,331
715,000
(g),(h)
Truist
Financial
Corp
6
.669
N/A
713,741
152,000
(g),(h)
Truist
Financial
Corp
5
.100
N/A
151,724
497,000
(g),(h)
Wells
Fargo
&
Co
6
.850
N/A
515,193
75,000
Wells
Fargo
&
Co
4
.611
04/25/53
62,184
40,000
Wells
Fargo
&
Co
5
.605
04/23/36
40,933
215,000
Wells
Fargo
&
Co
5
.150
04/23/31
218,673
950,000
(g),(h)
Wells
Fargo
&
Co
7
.625
N/A
997,959
479,000
(g),(h)
Wells
Fargo
&
Co
6
.125
N/A
480,803
TOTAL
BANKS
14,107,076
CAPITAL
GOODS
-
0.7%
93,000
(g),(h)
Air
Lease
Corp
4
.125
N/A
90,364
241,000
(g),(h)
Air
Lease
Corp
6
.000
N/A
232,118
495,000
(a)
Alta
Equipment
Group
Inc
9
.000
06/01/29
438,673
285,000
Boeing
Co/The
5
.805
05/01/50
275,517
230,000
Boeing
Co/The
6
.528
05/01/34
250,549
950,000
(a)
Camelot
Return
Merger
Sub
Inc
8
.750
08/01/28
555,220
760,000
(a)
Columbus
McKinnon
Corp/NY
7
.125
01/31/33
759,651
230,000
(a)
Cornerstone
Building
Brands
Inc
9
.500
08/15/29
136,023
140,000
(a)
CP
Atlas
Buyer
Inc,
(cash
7.000%,
PIK
5.750%)
12
.750
01/15/31
108,061
110,000
(a)
Honeywell
Aerospace
Inc
4
.950
03/16/36
109,142
100,000
(a)
Honeywell
Aerospace
Inc
5
.732
03/16/56
98,845
TOTAL
CAPITAL
GOODS
3,054,163
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.3%
635,000
(a)
Neptune
Bidco
US
Inc
9
.290
04/15/29
636,764
200,000
(a)
Prime
Security
Services
Borrower
LLC
/
Prime
Finance
Inc
3
.375
08/31/27
194,652
665,000
(a)
RR
Donnelley
&
Sons
Co
9
.500
08/01/29
673,116
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,504,532
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.9%
165,000
Amazon.com
Inc
4
.875
03/13/36
163,496
130,000
Amazon.com
Inc
5
.800
03/13/56
129,896
210,000
(a)
Gee
Automotive
Holdings
LLC
7
.250
03/01/31
210,643
380,000
Kohl's
Corp
5
.125
05/01/31
286,003
760,000
(a)
Kohl's
Corp
10
.000
06/01/30
803,641
380,000
(a)
LBM
Acquisition
LLC
9
.500
06/15/31
330,770
400,000
(a)
Michaels
Cos
Inc/The
11
.000
03/15/34
372,481
610,000
(a)
Michaels
Cos
Inc/The
8
.500
03/15/33
593,831
380,000
(a)
Park
River
Holdings
Inc
8
.000
03/15/31
378,245
380,000
(a)
PetSmart
Inc
/
PetSmart
Finance
Corp
10
.000
09/15/33
379,127
380,000
(a)
Staples
Inc
10
.750
09/01/29
351,431
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
3,999,564
5
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
CONSUMER
DURABLES
&
APPAREL
-
0.7%
$
1,680,000
(a)
Beach
Acquisition
Bidco
LLC,
(cash
10.00%,
PIK
10.750%)
10
.000
%
07/15/33
$
1,789,229
570,000
(a)
CD&R
Smokey
Buyer
Inc
/
Radio
Systems
Corp
9
.500
10/15/29
484,851
570,000
Newell
Brands
Inc
7
.000
04/01/46
457,372
455,000
(a)
S&S
Holdings
LLC
8
.375
10/01/31
401,330
TOTAL
CONSUMER
DURABLES
&
APPAREL
3,132,782
CONSUMER
SERVICES
-
0.1%
720,000
(a)
Fertitta
Entertainment
LLC
/
Fertitta
Entertainment
Finance
Co
Inc
6
.750
01/15/30
672,518
TOTAL
CONSUMER
SERVICES
672,518
ENERGY
-
1.4%
620,000
(a)
CVR
Energy
Inc
7
.500
02/15/31
624,631
380,000
(a)
Delek
Logistics
Partners
LP
/
Delek
Logistics
Finance
Corp
7
.375
06/30/33
383,141
49,000
(g),(h)
Energy
Transfer
LP
6
.625
N/A
48,835
527,000
(g),(h)
Energy
Transfer
LP
7
.125
N/A
536,394
91,000
(g),(h)
Energy
Transfer
LP
6
.500
N/A
90,817
95,000
(h)
Energy
Transfer
LP
8
.000
05/15/54
99,502
273,000
(h)
Energy
Transfer
LP
6
.750
02/15/56
271,511
100,000
(a)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
6
.250
04/15/32
96,783
475,000
(a)
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co
7
.250
02/15/35
473,534
235,000
(a)
Infinity
Natural
Resources
LLC
7
.625
04/01/31
236,241
565,000
(a)
ITT
Holdings
LLC
6
.500
08/01/29
549,371
145,000
ONEOK
Inc
5
.050
11/01/34
141,041
760,000
(a)
PBF
Holding
Co
LLC
/
PBF
Finance
Corp
7
.875
09/15/30
780,454
225,000
(a),(g),(h)
Sunoco
LP
7
.875
N/A
229,731
135,000
Targa
Resources
Corp
5
.550
08/15/35
136,154
570,000
(a)
TransMontaigne
Partners
LLC
8
.500
06/15/30
576,236
380,000
(a)
Transocean
International
Ltd
7
.875
10/15/32
406,030
380,000
(a)
Venture
Global
LNG
Inc
9
.875
02/01/32
408,115
254,000
(a),(g),(h)
Venture
Global
LNG
Inc
9
.000
N/A
252,996
TOTAL
ENERGY
6,341,517
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.0%
380,000
(a)
Diversified
Healthcare
Trust
7
.250
10/15/30
383,265
50,000
Healthcare
Realty
Holdings
LP
3
.500
08/01/26
49,832
425,000
Healthcare
Realty
Holdings
LP
3
.750
07/01/27
420,902
400,000
Healthcare
Realty
Holdings
LP
2
.400
03/15/30
365,065
250,000
Healthcare
Realty
Holdings
LP
2
.050
03/15/31
216,986
760,000
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
5
.000
10/15/27
707,435
575,000
(a)
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp
8
.500
02/15/32
582,942
380,000
(a)
Office
Properties
Income
Trust
9
.000
03/31/29
381,900
430,000
Piedmont
Operating
Partnership
LP
9
.250
07/20/28
469,548
760,000
(a)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
6
.500
02/15/29
738,142
215,000
Ventas
Realty
LP
5
.000
01/15/35
210,965
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,526,982
FINANCIAL
SERVICES
-
1.8%
144,600
(g),(h)
Ally
Financial
Inc
4
.700
N/A
143,250
203,000
(g),(h)
Ally
Financial
Inc
4
.700
N/A
188,446
305,000
(a),(g),(h)
American
AgCredit
Corp
5
.250
N/A
300,425
185,000
(a)
Burford
Capital
Global
Finance
LLC
8
.500
01/15/34
158,863
200,000
(g),(h)
Capital
One
Financial
Corp
3
.950
N/A
197,112
130,000
(g),(h)
Capital
One
Financial
Corp
5
.500
N/A
128,889
307,000
(g),(h)
Charles
Schwab
Corp/The
4
.000
N/A
304,911
271,748
(a)
Compass
Group
Diversified
Holdings
LLC
5
.250
04/15/29
252,721
250,000
(a),(g),(h)
Compeer
Financial
ACA
7
.875
N/A
255,000
162,000
(g),(h)
Corebridge
Financial
Inc
6
.875
N/A
165,074
790,000
(a)
Encore
Capital
Group
Inc
6
.625
04/15/31
786,050
125,000
Fidelity
National
Information
Services
Inc
4
.800
03/10/31
124,019
850,000
(a)
Freedom
Mortgage
Holdings
LLC
8
.375
04/01/32
836,139
179,000
(g),(h)
Goldman
Sachs
Group
Inc/The
5
.300
N/A
179,080
505,000
(g),(h)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
514,753
338,000
(g),(h)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
352,862
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
6
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
FINANCIAL
SERVICES
(continued)
$
543,000
(g),(h)
Goldman
Sachs
Group
Inc/The
7
.500
%
N/A
$
568,869
305,000
(g),(h)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
303,413
375,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
9
.750
01/15/29
368,682
665,000
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
9
.000
06/15/30
623,641
465,000
(a)
Icahn
Enterprises
LP
/
Icahn
Enterprises
Finance
Corp
10
.000
11/15/29
458,094
250,000
JPMorgan
Chase
&
Co
5
.103
04/22/31
254,539
490,000
Morgan
Stanley
5
.664
04/17/36
501,889
177,000
(g),(h)
State
Street
Corp
6
.700
N/A
179,850
229,000
(g),(h)
Voya
Financial
Inc
7
.758
N/A
237,471
TOTAL
FINANCIAL
SERVICES
8,384,042
FOOD,
BEVERAGE
&
TOBACCO
-
0.8%
550,000
(a)
Fiesta
Purchaser
Inc
9
.625
09/15/32
560,159
190,000
Kraft
Heinz
Foods
Co
3
.875
05/15/27
188,716
1,000,000
(a),(g),(h)
Land
O'
Lakes
Inc
8
.000
N/A
984,647
70,000
(a)
Maple
Parent
Holdings
Corp
4
.750
03/26/29
69,989
95,000
(a)
Maple
Parent
Holdings
Corp
6
.625
03/26/56
94,072
245,000
(a)
Mars
Inc
5
.200
03/01/35
247,333
300,000
(a)
Mars
Inc
5
.700
05/01/55
292,522
1,110,000
(a)
Viking
Baked
Goods
Acquisition
Corp
8
.625
11/01/31
1,098,360
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
3,535,798
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.6%
160,000
Abbott
Laboratories
4
.000
03/15/31
157,465
165,000
Abbott
Laboratories
5
.500
03/15/56
161,787
130,000
Baxter
International
Inc
4
.450
02/15/29
128,367
731,000
(a)
CHS/Community
Health
Systems
Inc
10
.875
01/15/32
784,261
250,000
CVS
Health
Corp
5
.050
03/25/48
214,501
142,000
(h)
CVS
Health
Corp
6
.750
12/10/54
143,781
80,000
(h)
CVS
Health
Corp
7
.000
03/10/55
82,447
195,000
CVS
Health
Corp
5
.450
09/15/35
195,758
645,000
(a)
National
Mentor
Holdings
Inc
10
.500
12/15/30
665,754
955,000
(a)
Prime
Healthcare
Services
Inc
9
.375
09/01/29
990,335
940,000
(a)
Radiology
Partners
Inc,
(cash
9.781%,
PIK
9.781%)
9
.781
02/15/30
858,474
1,000,000
(a)
Radiology
Partners
Inc
8
.500
07/15/32
1,013,869
550,000
(a)
Star
Parent
Inc
9
.000
10/01/30
569,801
466,906
(a)
Team
Health
Holdings
Inc,
(cash
9.000%,
PIK
4.500%)
9
.000
06/30/28
483,248
195,000
UnitedHealth
Group
Inc
5
.050
04/15/53
171,541
155,000
UnitedHealth
Group
Inc
5
.500
07/15/44
149,574
570,000
(a)
US
Acute
Care
Solutions
LLC
9
.750
05/15/29
550,648
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
7,321,611
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.0%
60,000
Haleon
US
Capital
LLC
3
.625
03/24/32
56,379
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
56,379
INSURANCE
-
1.4%
214,000
(h)
American
National
Group
Inc
7
.000
12/01/55
202,941
1,370,000
(a)
APH
Somerset
Investor
2
LLC
/
APH2
Somerset
Investor
2
LLC
/
APH3
Somerset
Inves
7
.875
11/01/29
1,238,850
70,000
Arthur
J
Gallagher
&
Co
5
.150
02/15/35
69,433
393,000
(h)
Assurant
Inc
7
.000
03/27/48
395,424
380,000
(a)
Asurion
LLC/
Asurion
Co-Issuer
Inc
8
.000
12/31/32
394,230
760,000
(a)
Asurion
LLC/
Asurion
Co-Issuer
Inc
8
.375
02/01/34
737,855
244,000
(h)
Corebridge
Financial
Inc
6
.375
09/15/54
239,811
235,000
(h)
Enstar
Finance
LLC
5
.500
01/15/42
231,056
184,000
(a),(h)
Enstar
Group
Ltd
7
.500
04/01/45
189,087
354,000
(a),(h)
MetLife
Inc
9
.250
04/08/38
415,039
207,000
(h)
MetLife
Inc
6
.350
03/15/55
210,053
100,000
(h)
MetLife
Inc
5
.850
03/15/56
98,149
329,000
(a)
Omnis
Funding
Trust
6
.722
05/15/55
332,594
360,000
(h)
Provident
Financing
Trust
I
7
.405
03/15/38
384,329
210,000
(h)
Prudential
Financial
Inc
5
.125
03/01/52
200,944
150,000
(h)
Prudential
Financial
Inc
6
.500
03/15/54
153,652
600,000
(a),(c),(g),(h)
SBL
Holdings
Inc
9
.508
N/A
585,062
7
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
INSURANCE
(continued)
$
575,000
(a),(g),(h)
SBL
Holdings
Inc
6
.500
%
N/A
$
474,893
TOTAL
INSURANCE
6,553,402
MATERIALS
-
0.5%
875,000
(a)
Clydesdale
Acquisition
Holdings
Inc
8
.750
04/15/30
816,440
630,000
(a)
Compass
Minerals
International
Inc
8
.000
07/01/30
651,934
760,000
(a)
WR
Grace
Holdings
LLC
5
.625
08/15/29
698,987
TOTAL
MATERIALS
2,167,361
MEDIA
&
ENTERTAINMENT
-
1.4%
719,545
(a)
Advantage
Sales
&
Marketing
Inc
9
.000
11/15/30
534,262
270,000
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp
4
.500
05/01/32
241,183
650,000
(a)
Directv
Financing
LLC
8
.875
02/01/30
648,554
665,000
(a)
Directv
Financing
LLC
/
Directv
Financing
Co-Obligor
Inc
10
.000
02/15/31
678,851
475,000
(a)
EW
Scripps
Co/The
9
.875
08/15/30
461,117
152,000
(a),(g),(h)
Farm
Credit
Bank
of
Texas
7
.750
N/A
158,080
570,000
(a)
Gray
Media
Inc
7
.250
08/15/33
574,372
130,000
Meta
Platforms
Inc
5
.625
11/15/55
121,861
315,000
(a)
Neptune
Bidco
US
Inc
10
.375
05/15/31
317,838
190,000
(a)
Neptune
Bidco
US
Inc
9
.500
02/15/33
184,345
545,000
(a)
OAK-Eagle
Acquireco
Inc
7
.250
07/01/33
564,671
135,000
(a)
OAK-Eagle
Acquireco
Inc
8
.750
07/01/34
141,330
1,340,000
(a)
Univision
Communications
Inc
7
.375
06/30/30
1,313,094
245,000
(a)
Univision
Communications
Inc
9
.375
08/01/32
252,501
TOTAL
MEDIA
&
ENTERTAINMENT
6,192,059
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.6%
965,000
(a)
1261229
BC
Ltd
10
.000
04/15/32
988,010
135,000
Amgen
Inc
5
.650
03/02/53
130,753
60,000
Augusta
SpinCo
Corp
4
.656
03/23/31
59,725
105,000
Augusta
SpinCo
Corp
5
.245
03/23/36
105,025
500,000
(a)
Bausch
Health
Americas
Inc
8
.500
01/31/27
495,250
445,000
(a)
Emergent
BioSolutions
Inc
3
.875
08/15/28
375,478
300,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
7
.875
05/15/34
246,991
380,000
(a)
Organon
&
Co
/
Organon
Foreign
Debt
Co-Issuer
BV
5
.125
04/30/31
309,696
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,710,928
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
95,000
Broadcom
Inc
4
.300
01/15/31
94,184
75,000
Broadcom
Inc
4
.950
01/15/36
73,969
75,000
Broadcom
Inc
5
.700
01/15/56
74,611
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
242,764
SOFTWARE
&
SERVICES
-
0.5%
570,000
(a)
Cloud
Software
Group
Inc
8
.250
06/30/32
540,608
750,000
(a)
CoreWeave
Inc
9
.250
06/01/30
728,745
950,000
(a)
McAfee
Corp
7
.375
02/15/30
784,881
80,000
Oracle
Corp
5
.200
09/26/35
75,040
35,000
Oracle
Corp
5
.950
09/26/55
29,444
135,000
Oracle
Corp
5
.700
02/04/36
129,801
400,000
(a)
Rackspace
Finance
LLC
3
.500
05/15/28
198,000
TOTAL
SOFTWARE
&
SERVICES
2,486,519
TELECOMMUNICATION
SERVICES
-
1.4%
70,000
AT&T
Inc
3
.650
06/01/51
48,057
140,000
AT&T
Inc
3
.500
09/15/53
91,803
355,000
AT&T
Inc
3
.800
12/01/57
239,721
1,300,000
(a)
Connect
Holding
II
LLC
10
.500
04/03/31
1,292,093
14,000
EchoStar
Corp
10
.750
11/30/29
15,124
885,000
(a)
Level
3
Financing
Inc
8
.500
01/15/36
923,419
100,000
T-Mobile
USA
Inc
5
.300
05/15/35
100,827
605,000
(a)
Uniti
Group
LP
/
Uniti
Group
Finance
2019
Inc
/
CSL
Capital
LLC
8
.625
06/15/32
616,184
365,000
(a)
Windstream
Services
LLC
7
.500
10/15/33
379,473
380,000
(a)
Windstream
Services
LLC
/
Windstream
Escrow
Finance
Corp
8
.250
10/01/31
397,160
1,109,744
(a)
Zayo
Group
Holdings
Inc
9
.250
03/09/30
1,103,241
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
8
PRINCIPAL
DESCRIPTION
VALUE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
(continued)
$
1,068,000
(a)
Zayo
Group
Holdings
Inc
13
.750
%
09/09/30
$
997,491
TOTAL
TELECOMMUNICATION
SERVICES
6,204,593
UTILITIES
-
1.6%
143,000
(h)
AES
Corp/The
7
.600
01/15/55
141,844
192,000
(h)
AES
Corp/The
6
.950
07/15/55
179,132
192,000
(h)
CMS
Energy
Corp
6
.500
06/01/55
195,463
145,000
Consumers
Energy
Co
4
.500
01/15/31
145,178
115,000
(h)
Dominion
Energy
Inc
7
.000
06/01/54
121,634
320,000
DTE
Electric
Co
5
.200
03/01/34
326,994
25,000
DTE
Electric
Co
5
.850
05/15/55
25,164
150,000
Duke
Energy
Carolinas
LLC
4
.250
12/15/41
128,669
175,000
Duke
Energy
Carolinas
LLC
5
.350
01/15/53
163,960
300,000
Duke
Energy
Carolinas
Nc
Storm
Funding
II
LLC
4
.226
07/01/35
295,936
101,000
(h)
Duke
Energy
Corp
6
.450
09/01/54
104,297
30,000
Duke
Energy
Progress
LLC
5
.350
03/15/53
27,998
139,000
(h)
Edison
International
8
.125
06/15/53
141,517
37,000
(h)
Emera
US
Finance
LLC
6
.850
10/01/56
37,045
314,000
(h)
Entergy
Corp
7
.125
12/01/54
321,749
60,000
Entergy
Louisiana
LLC
4
.900
04/15/36
58,532
193,000
(h)
EUSHI
Finance
Inc
7
.625
12/15/54
199,209
870,000
(a)
Ferrellgas
LP
/
Ferrellgas
Finance
Corp
5
.875
04/01/29
831,718
85,000
Florida
Power
&
Light
Co
5
.700
03/15/55
84,657
190,000
Idaho
Power
Co
4
.850
03/01/36
185,970
475,000
(a)
Long
Ridge
Energy
LLC
8
.750
02/15/32
498,329
262,000
(h)
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
271,048
128,000
(h)
PG&E
Corp
7
.375
03/15/55
128,821
269,000
(h)
Sempra
6
.550
04/01/55
267,798
121,000
(h)
Sempra
6
.375
04/01/56
121,545
185,000
(a),(g),(h)
Vistra
Corp
8
.000
N/A
186,961
217,000
(a),(g),(h)
Vistra
Corp
8
.875
N/A
233,929
95,000
(a)
Vistra
Operations
Co
LLC
5
.350
01/31/36
92,928
760,000
(a)
VoltaGrid
LLC
7
.375
11/01/30
784,935
170,000
Wisconsin
Public
Service
Corp
4
.250
01/15/31
168,058
950,000
(a)
XPLR
Infrastructure
Operating
Partners
LP
8
.625
03/15/33
1,003,597
TOTAL
UTILITIES
7,474,615
TOTAL
CORPORATE
BONDS
(Cost
$93,587,789)
92,238,611
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
72786295
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
-
15
.9
%
(
10
.8
%
of
Total
Investments)
72786295
ANGOLA
-
0.0%
200,000
(a)
Azule
Energy
Finance
Plc
8
.625
01/22/33
201,157
TOTAL
ANGOLA
201,157
ARGENTINA
-
0.4%
140,000
(a)
Arcor
SAIC
7
.600
07/31/33
142,727
90,000
Argentine
Republic
Government
International
Bond
0
.750
07/09/30
75,240
475,000
Argentine
Republic
Government
International
Bond
4
.125
07/09/35
342,000
200,000
Argentine
Republic
Government
International
Bond
5
.000
01/09/38
150,300
150,000
Argentine
Republic
Government
International
Bond
2
.500
07/09/41
99,825
200,000
(a)
Pan
American
Energy
LLC/Argentina
7
.750
01/15/37
199,500
289,055
(a)
Provincia
de
Buenos
Aires/Government
Bonds
6
.625
09/01/37
217,514
150,000
(a)
Transportadora
de
Gas
del
Sur
SA
7
.750
11/20/35
152,133
450,000
(a)
YPF
SA
8
.250
01/17/34
458,388
TOTAL
ARGENTINA
1,837,627
AZERBAIJAN
-
0.0%
150,000
(a)
Republic
of
Azerbaijan
International
Bond
3
.500
09/01/32
138,140
TOTAL
AZERBAIJAN
138,140
9
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BARBADOS
-
0.0%
$
150,000
(a)
Barbados
Government
International
Bond
8
.000
%
06/26/35
$
151,887
TOTAL
BARBADOS
151,887
BELGIUM
-
0.0%
124,000
Anheuser-Busch
Cos
LLC
/
Anheuser-Busch
InBev
Worldwide
Inc
4
.900
02/01/46
111,745
TOTAL
BELGIUM
111,745
BENIN
-
0.0%
EUR
190,000
(a)
Benin
Government
International
Bond
4
.950
01/22/35
192,713
TOTAL
BENIN
192,713
BERMUDA
-
0.1%
261,000
RLGH
Finance
Bermuda
Ltd,
Reg
S
6
.875
05/19/74
254,216
TOTAL
BERMUDA
254,216
BRAZIL
-
0.5%
200,000
(a)
Banco
BTG
Pactual
SA/Cayman
Islands
5
.500
01/27/31
193,200
BRL
285,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10
.000
01/01/27
53,661
BRL
1,625,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10
.000
01/01/33
263,214
BRL
600,000
Brazil
Notas
do
Tesouro
Nacional
Serie
F
10
.000
01/01/37
91,962
340,000
Brazilian
Government
International
Bond
6
.000
10/20/33
340,952
200,000
Brazilian
Government
International
Bond
7
.250
01/12/56
195,860
200,000
(a)
Caixa
Economica
Federal
5
.625
05/13/30
201,420
200,000
(a)
LD
Celulose
International
GmbH
7
.950
01/26/32
205,534
145,000
Petrobras
Global
Finance
BV
6
.750
06/03/50
136,889
115,000
Petrobras
Global
Finance
BV
5
.500
06/10/51
91,904
200,000
(a)
Raizen
Fuels
Finance
SA
5
.700
01/17/35
109,500
200,000
(a)
Rede
D'or
Finance
Sarl
6
.450
09/09/35
200,215
TOTAL
BRAZIL
2,084,311
CANADA
-
1.8%
120,000
(a)
AltaGas
Ltd
7
.200
10/15/54
121,677
200,000
Bank
of
Montreal
7
.700
05/26/84
205,391
314,000
Bank
of
Montreal
7
.300
11/26/84
321,379
274,000
Bank
of
Montreal
6
.875
11/26/85
276,510
200,000
Bank
of
Nova
Scotia/The
8
.000
01/27/84
209,397
200,000
Bank
of
Nova
Scotia/The
6
.875
10/27/85
196,472
195,000
(a)
Bausch
Health
Cos
Inc
11
.000
09/30/28
198,908
278,000
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
09/15/55
284,538
285,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
284,350
200,000
Canadian
Imperial
Bank
of
Commerce
7
.000
10/28/85
202,120
200,000
Canadian
Imperial
Bank
of
Commerce
6
.500
07/28/86
195,495
293,000
Emera
Inc
6
.750
06/15/76
293,419
688,000
Enbridge
Inc
8
.500
01/15/84
774,053
175,000
Enbridge
Inc
5
.500
07/15/77
173,494
305,000
Enbridge
Inc
7
.625
01/15/83
328,801
1,365,000
(a)
Garda
World
Security
Corp
8
.375
11/15/32
1,365,926
240,000
(a)
New
Flyer
Holdings
Inc
9
.250
07/01/30
256,522
177,000
Rogers
Communications
Inc
7
.125
04/15/55
181,122
242,000
Royal
Bank
of
Canada
6
.750
08/24/85
242,886
272,000
Royal
Bank
of
Canada
6
.500
05/24/86
265,142
144,000
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
149,931
570,000
(a)
Telesat
Canada
/
Telesat
LLC
5
.625
12/06/26
453,150
152,000
TELUS
Corp
7
.000
10/15/55
155,169
200,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
206,333
425,000
Toronto-Dominion
Bank/The
6
.350
10/31/85
418,150
219,000
Transcanada
Trust
5
.600
03/07/82
214,707
TOTAL
CANADA
7,975,042
CHILE
-
0.4%
400,000
(a)
AES
Andes
SA
8
.150
06/10/55
419,877
196,173
(a)
Alfa
Desarrollo
SpA
2021
1
4
.550
09/27/51
149,136
200,000
(a),(j)
Banco
de
Credito
e
Inversiones
SA
8
.750
08/08/74
210,226
200,000
(a),(j)
Banco
del
Estado
de
Chile
7
.950
11/02/74
210,522
CLP
70,000,000
(a)
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
Reg
S
5
.000
10/01/28
75,160
CLP
110,000,000
(a)
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
Reg
S
6
.000
04/01/33
122,114
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
10
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CHILE
$
200,000
(a)
Celulosa
Arauco
y
Constitucion
SA
6
.180
%
05/05/32
$
198,326
EUR
50,000
Chile
Government
International
Bond
3
.800
07/01/35
56,403
175,000
(a)
Cia
Cervecerias
Unidas
SA
3
.350
01/19/32
156,921
200,000
(a)
Corp
Nacional
del
Cobre
de
Chile
6
.440
01/26/36
210,766
200,000
(a)
Empresa
Nacional
del
Petroleo
6
.150
05/10/33
205,691
TOTAL
CHILE
2,015,142
CHINA
-
0.0%
200,000
Fortune
Star
BVI
Ltd,
Reg
S
6
.800
09/09/29
188,910
TOTAL
CHINA
188,910
COLOMBIA
-
0.4%
200,000
(a),(j)
Banco
Davivienda
SA
8
.125
07/02/35
202,400
EUR
100,000
Colombia
Government
International
Bond
5
.000
09/19/32
108,995
350,000
Colombia
Government
International
Bond
3
.125
04/15/31
298,222
200,000
Colombia
Government
International
Bond
8
.000
11/14/35
209,308
COP
725,000,000
Colombian
TES
7
.750
09/18/30
158,694
COP
959,000,000
Colombian
TES
9
.250
05/28/42
196,598
200,000
Ecopetrol
SA
4
.625
11/02/31
177,746
200,000
Ecopetrol
SA
5
.875
11/02/51
140,741
200,000
(a)
Grupo
Aval
Ltd
4
.375
02/04/30
186,889
TOTAL
COLOMBIA
1,679,593
COSTA
RICA
-
0.0%
200,000
(a)
Costa
Rica
Government
International
Bond
7
.000
04/04/44
210,542
TOTAL
COSTA
RICA
210,542
COTE
D'IVOIRE
-
0.1%
395,000
Ivory
Coast
Government
International
Bond,
Reg
S
6
.125
06/15/33
371,612
TOTAL
COTE
D'IVOIRE
371,612
CZECH
REPUBLIC
-
0.0%
CZK
2,150,000
Czech
Republic
Government
Bond
1
.750
06/23/32
85,885
CZK
1,200,000
Czech
Republic
Government
Bond,
Reg
S
0
.950
05/15/30
49,338
TOTAL
CZECH
REPUBLIC
135,223
DOMINICAN
REPUBLIC
-
0.2%
200,000
(a)
Aeropuertos
Dominicanos
Siglo
XXI
SA
7
.000
06/30/34
203,778
375,000
(a)
Dominican
Republic
International
Bond
5
.875
01/30/60
313,012
150,000
(a)
Dominican
Republic
International
Bond
7
.050
02/03/31
155,130
150,000
(a)
Dominican
Republic
International
Bond
6
.150
05/17/38
141,833
TOTAL
DOMINICAN
REPUBLIC
813,753
ECUADOR
-
0.1%
200,000
(a)
Corp
Quiport
SA
9
.000
12/15/37
214,800
260,000
(a)
Ecuador
Government
International
Bond
6
.900
07/31/35
228,847
200,000
(a)
Ecuador
Government
International
Bond
9
.250
01/29/39
196,000
TOTAL
ECUADOR
639,647
EGYPT
-
0.1%
220,000
(a)
Egypt
Government
International
Bond
7
.300
09/30/33
204,665
205,000
(a)
Egypt
Government
International
Bond
8
.875
05/29/50
180,788
225,000
(a)
Egypt
Government
International
Bond
8
.500
01/31/47
194,055
TOTAL
EGYPT
579,508
EL
SALVADOR
-
0.1%
200,000
(a)
Comision
Ejecutiva
Hidroelectrica
del
Rio
Lempa
8
.650
01/24/33
205,000
150,000
(a)
El
Salvador
Government
International
Bond
0
.250
04/17/30
5,250
150,000
(a)
El
Salvador
Government
International
Bond
9
.650
11/21/54
158,730
TOTAL
EL
SALVADOR
368,980
FINLAND
-
0.1%
400,000
(a),(j)
Nordea
Bank
Abp
6
.750
11/10/74
398,862
TOTAL
FINLAND
398,862
FRANCE
-
1.7%
1,605,000
(a)
Altice
France
SA
6
.500
04/15/32
1,520,713
502,000
(a),(j)
BNP
Paribas
SA
7
.750
02/16/71
517,807
200,000
(a),(j)
BNP
Paribas
SA
9
.250
05/17/74
208,546
610,000
(a),(j)
BNP
Paribas
SA
8
.500
02/14/75
635,408
625,000
(a),(j)
BNP
Paribas
SA
8
.000
08/22/74
651,151
11
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FRANCE
$
409,000
(a),(j)
BNP
Paribas
SA
7
.375
%
03/10/75
$
410,107
200,000
(a),(j)
BNP
Paribas
SA
7
.450
12/27/74
200,757
507,000
(a),(j)
Credit
Agricole
SA
6
.700
12/23/73
499,302
403,000
(a),(j)
Credit
Agricole
SA
7
.125
12/23/74
406,814
570,000
(a)
Iliad
Holding
SAS
8
.500
04/15/31
596,398
454,000
(a),(j)
Societe
Generale
SA
9
.375
05/22/74
474,691
205,000
(a),(j)
Societe
Generale
SA
8
.500
09/25/74
219,154
410,000
(a),(j)
Societe
Generale
SA
7
.125
07/15/74
394,132
495,000
(a),(j)
Societe
Generale
SA
10
.000
05/14/74
534,650
TOTAL
FRANCE
7,269,630
GERMANY
-
0.6%
600,000
(j)
Deutsche
Bank
AG,
Reg
S
8
.130
04/30/73
617,669
1,070,000
(a)
IHO
Verwaltungs
GmbH
8
.000
11/15/32
1,096,139
475,000
(a)
ZF
North
America
Capital
Inc
7
.500
03/24/31
466,600
TOTAL
GERMANY
2,180,408
GHANA
-
0.2%
103,495
(a)
Ghana
Government
International
Bond
5
.000
07/03/29
98,548
367,320
(a)
Ghana
Government
International
Bond
5
.000
07/03/35
312,838
200,000
(a)
Kosmos
Energy
Ltd
7
.500
03/01/28
192,381
GHS
2,600,000
Republic
of
Ghana
Government
Bonds
,
(cash
4.700%,
PIK
5.000%)
9
.700
02/05/36
194,141
TOTAL
GHANA
797,908
GUATEMALA
-
0.2%
200,000
(a)
CT
Trust
5
.125
02/03/32
186,478
200,000
(a)
Guatemala
Government
Bond
3
.700
10/07/33
174,400
200,000
(a)
Guatemala
Government
Bond
6
.250
08/15/36
203,300
200,000
(a)
Industrial
Subordinated
Trust
2
0
6
.550
04/15/36
200,000
TOTAL
GUATEMALA
764,178
HUNGARY
-
0.1%
HUF
50,000,000
Hungary
Government
Bond
4
.500
03/23/28
143,243
HUF
35,000,000
Hungary
Government
Bond
4
.750
11/24/32
91,958
210,000
(a)
Hungary
Government
International
Bond
5
.500
03/26/36
204,726
200,000
(a)
Hungary
Government
International
Bond
5
.375
09/26/30
201,122
TOTAL
HUNGARY
641,049
INDIA
-
0.2%
200,000
(a)
Adani
Ports
&
Special
Economic
Zone
Ltd
3
.100
02/02/31
175,483
200,000
(a)
Indian
Railway
Finance
Corp
Ltd
3
.570
01/21/32
187,358
200,000
(a)
IRB
Infrastructure
Developers
Ltd
7
.110
03/11/32
200,726
200,000
(a)
Muthoot
Finance
Ltd
6
.375
04/23/29
198,754
200,000
(a)
ReNew
Wind
Energy
AP2
/
ReNew
Power
Pvt
Ltd
other
9
Subsidiaries
4
.500
07/14/28
188,618
200,000
(a)
Sammaan
Capital
Ltd
7
.500
10/16/30
193,492
TOTAL
INDIA
1,144,431
INDONESIA
-
0.2%
200,000
(a)
Indika
Energy
Tbk
PT
8
.750
05/07/29
197,569
IDR
2,702,000,001
Indonesia
Treasury
Bond
7
.000
09/15/30
160,901
IDR
1,110,000,000
Indonesia
Treasury
Bond
6
.625
02/15/34
64,270
200,000
(a)
Medco
Maple
Tree
Pte
Ltd
8
.960
04/27/29
205,459
200,000
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
Reg
S
5
.250
05/15/47
172,569
335,000
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
Reg
S
3
.875
07/17/29
321,513
TOTAL
INDONESIA
1,122,281
IRELAND
-
0.2%
636,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
650,931
450,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.500
01/31/56
450,464
TOTAL
IRELAND
1,101,395
ISRAEL
-
0.0%
200,000
(a),(j)
Bank
Hapoalim
BM,
Reg
S
3
.255
01/21/32
197,224
TOTAL
ISRAEL
197,224
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
12
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
JAMAICA
-
0.0%
$
225,000
(a)
Montego
Bay
Airport
Revenue
Finance
Ltd
6
.600
%
06/15/35
$
216,038
TOTAL
JAMAICA
216,038
JAPAN
-
0.0%
200,000
(j)
Nomura
Holdings
Inc
7
.000
01/15/75
201,353
TOTAL
JAPAN
201,353
JORDAN
-
0.0%
200,000
(a)
Jordan
Government
International
Bond
5
.850
07/07/30
196,644
TOTAL
JORDAN
196,644
KAZAKHSTAN
-
0.1%
200,000
(a)
Baiterek
National
Investment
Holding
JSC
5
.450
05/08/28
200,884
200,000
(a)
KazMunayGas
National
Co
JSC
3
.500
04/14/33
179,357
TOTAL
KAZAKHSTAN
380,241
LUXEMBOURG
-
0.1%
100,000
(a)
Altice
France
Lux
3
/
Altice
Holdings
1
9
.500
11/01/29
101,044
285,000
(a)
Altice
France
Lux
3
/
Altice
Holdings
1
10
.000
01/15/33
259,016
TOTAL
LUXEMBOURG
360,060
MACAU
-
0.0%
200,000
(a)
MGM
China
Holdings
Ltd
7
.125
06/26/31
203,969
TOTAL
MACAU
203,969
MALAYSIA
-
0.1%
MYR
200,000
Malaysia
Government
Bond
4
.762
04/07/37
53,469
MYR
400,000
Malaysia
Government
Bond
4
.254
05/31/35
103,028
240,000
(a)
Petronas
Capital
Ltd
5
.340
04/03/35
246,362
205,000
(a)
Petronas
Capital
Ltd
3
.404
04/28/61
134,732
TOTAL
MALAYSIA
537,591
MEXICO
-
1.1%
300,000
(a),(j)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.625
10/06/74
300,602
509,800
(a),(j)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.750
02/20/73
530,930
200,000
(a),(j)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.375
02/20/75
205,500
200,000
(a)
Banco
Nacional
de
Comercio
Exterior
SNC/Cayman
Islands
2
.720
08/11/31
196,082
298,000
(a)
Cemex
SAB
de
CV
7
.200
09/10/74
301,725
200,000
(a)
Comision
Federal
de
Electricidad
6
.125
06/16/45
181,420
200,000
(a)
Comision
Federal
de
Electricidad
0
.000
01/28/34
193,820
198,101
(a)
FIEMEX
Energia
-
Banco
Actinver
SA
Institucion
de
Banca
Multiple
7
.250
01/31/41
198,300
200,000
(a)
Grupo
Aeromexico
SAB
de
CV
8
.625
11/15/31
192,000
MXN
6,580,000
Mexican
Bonos
7
.750
05/29/31
349,834
MXN
1,760,000
Mexican
Bonos
7
.750
11/23/34
89,794
200,000
Mexico
Government
International
Bond
4
.280
08/14/41
156,350
250,000
Mexico
Government
International
Bond
6
.400
05/07/54
233,838
250,000
Mexico
Government
International
Bond
5
.625
09/22/35
241,875
200,000
(a)
Nemak
SAB
de
CV
3
.625
06/28/31
170,274
200,000
(a)
Orbia
Advance
Corp
SAB
de
CV
2
.875
05/11/31
162,531
200,000
Petroleos
Mexicanos
6
.750
09/21/47
159,583
275,000
Petroleos
Mexicanos
6
.840
01/23/30
275,607
200,000
Petroleos
Mexicanos
6
.950
01/28/60
157,580
200,000
(a)
Trust
2401
4
.869
01/15/30
192,576
TOTAL
MEXICO
4,490,221
MOROCCO
-
0.1%
200,000
(a)
Morocco
Government
International
Bond
5
.500
12/11/42
183,389
200,000
(a)
OCP
SA
5
.125
06/23/51
155,760
TOTAL
MOROCCO
339,149
NETHERLANDS
-
0.3%
526,000
(j)
ING
Groep
NV,
Reg
S
7
.500
05/16/72
537,688
765,000
(j)
ING
Groep
NV
7
.000
11/16/74
763,885
TOTAL
NETHERLANDS
1,301,573
NIGERIA
-
0.1%
275,000
(a)
Nigeria
Government
International
Bond
10
.375
12/09/34
315,035
200,000
(a)
Nigeria
Government
International
Bond
8
.631
01/13/36
208,376
TOTAL
NIGERIA
523,411
13
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PANAMA
-
0.1%
$
200,000
(a)
Aeropuerto
Internacional
de
Tocumen
SA
5
.125
%
08/11/61
$
160,056
200,000
(a)
Empresa
de
Transmision
Electrica
SA
5
.125
05/02/49
156,068
155,644
(a)
UEP
Penonome
II
SA
2020
1
6
.500
10/01/38
138,150
TOTAL
PANAMA
454,274
PARAGUAY
-
0.0%
200,000
(a)
Paraguay
Government
International
Bond
6
.000
02/09/36
207,120
TOTAL
PARAGUAY
207,120
PERU
-
0.2%
200,000
(a)
Auna
SA
/
Oncosalud
SAC
8
.750
11/06/32
201,000
200,000
(a)
Banco
Internacional
del
Peru
SAA
Interbank
6
.397
04/30/35
202,539
PEN
250,000
(a)
Peruvian
Government
International
Bond
5
.400
08/12/34
68,133
150,000
Peruvian
Government
International
Bond
3
.000
01/15/34
128,003
200,000
(a)
Petroleos
del
Peru
SA
4
.750
06/19/32
158,500
165,000
(a)
Volcan
Cia
Minera
SAA
8
.500
10/28/32
167,294
TOTAL
PERU
925,469
POLAND
-
0.1%
PLN
525,000
Republic
of
Poland
Government
Bond
2
.750
10/25/29
131,475
PLN
375,000
Republic
of
Poland
Government
Bond
6
.000
10/25/33
103,278
PLN
550,000
Republic
of
Poland
Government
Bond
5
.000
10/25/34
141,079
90,000
Republic
of
Poland
Government
International
Bond
5
.500
04/04/53
83,308
100,000
Republic
of
Poland
Government
International
Bond
5
.375
02/12/35
101,811
TOTAL
POLAND
560,951
REPUBLIC
OF
SERBIA
-
0.0%
200,000
(a)
Serbia
International
Bond
6
.500
09/26/33
208,694
TOTAL
REPUBLIC
OF
SERBIA
208,694
ROMANIA
-
0.2%
RON
800,000
Romania
Government
Bond
7
.100
07/31/34
179,244
EUR
185,000
(a)
Romanian
Government
International
Bond
5
.250
05/30/32
211,501
102,000
(a)
Romanian
Government
International
Bond
5
.875
01/30/29
102,704
310,000
(a)
Romanian
Government
International
Bond
5
.750
03/24/35
293,095
250,000
(a)
Romanian
Government
International
Bond
5
.750
07/04/36
231,811
TOTAL
ROMANIA
1,018,355
RWANDA
-
0.1%
300,000
(a)
Rwanda
International
Government
Bond
5
.500
08/09/31
268,183
TOTAL
RWANDA
268,183
SAUDI
ARABIA
-
0.3%
200,000
Arabian
Centres
Sukuk
IV
Ltd,
Reg
S
8
.875
12/04/30
199,113
200,000
Saudi
Arabian
Oil
Co,
Reg
S
4
.250
04/16/39
171,729
200,000
Saudi
Awwal
Bank,
Reg
S
5
.947
09/04/35
195,789
385,000
Saudi
Government
International
Bond,
Reg
S
3
.750
01/21/55
260,830
200,000
(a)
Saudi
Government
International
Bond
5
.625
01/13/35
206,858
200,000
SNB
Funding
Ltd,
Reg
S
6
.000
06/24/35
197,683
TOTAL
SAUDI
ARABIA
1,232,002
SENEGAL
-
0.0%
215,000
Senegal
Government
International
Bond,
Reg
S
6
.750
03/13/48
108,786
200,000
(a)
Senegal
Government
International
Bond
6
.750
03/13/48
101,196
TOTAL
SENEGAL
209,982
SOUTH
AFRICA
-
0.3%
200,000
(a)
Bidvest
Group
UK
PLC/The
6
.200
09/17/32
199,148
250,000
(a)
Eskom
Holdings
8
.450
08/10/28
261,675
ZAR
1,050,000
Republic
of
South
Africa
Government
Bond
8
.500
01/31/37
57,895
ZAR
3,875,000
Republic
of
South
Africa
Government
Bond
8
.875
02/28/35
224,872
200,000
Republic
of
South
Africa
Government
International
Bond
5
.375
07/24/44
155,934
200,000
(a)
Republic
of
South
Africa
Government
International
Bond
7
.100
11/19/36
204,283
200,000
(a)
Sasol
Financing
USA
LLC
8
.750
04/10/33
198,820
TOTAL
SOUTH
AFRICA
1,302,627
SPAIN
-
0.7%
440,000
(j)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
02/16/75
438,931
473,000
(j)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
12/19/74
511,020
200,000
(j)
Banco
Bilbao
Vizcaya
Argentaria
SA
7
.750
04/14/74
204,845
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
14
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SPAIN
$
800,000
(j)
Banco
Santander
SA
8
.000
%
11/01/73
$
843,630
600,000
(j)
Banco
Santander
SA
9
.625
02/21/75
692,804
TOTAL
SPAIN
2,691,230
SRI
LANKA
-
0.0%
129,323
(a)
Sri
Lanka
Government
International
Bond
3
.350
03/15/33
107,985
79,065
(a)
Sri
Lanka
Government
International
Bond
3
.600
02/15/38
69,774
56,938
(a)
Sri
Lanka
Government
International
Bond
3
.600
06/15/35
42,981
TOTAL
SRI
LANKA
220,740
SUPRANATIONAL
-
0.0%
INR
12,500,000
European
Bank
for
Reconstruction
&
Development
6
.300
10/26/27
128,143
KZT
30,000,000
International
Bank
for
Reconstruction
&
Development
13
.750
06/11/26
62,257
TOTAL
SUPRANATIONAL
190,400
SWITZERLAND
-
1.1%
1,000,000
(b)
Credit
Suisse
Group
AG
0
.000
01/17/72
340,000
1,645,000
(b)
Credit
Suisse
Group
AG
7
.250
03/12/72
559,300
300,000
(b)
Credit
Suisse
Group
AG
6
.380
02/21/72
102,000
575,000
(b)
Credit
Suisse
Group
AG
7
.500
06/11/72
195,500
735,000
(b)
Credit
Suisse
Group
AG
7
.500
01/17/72
249,900
521,000
(a),(j)
UBS
Group
AG
9
.250
05/13/74
586,771
499,000
(a),(j)
UBS
Group
AG
9
.250
05/13/74
531,847
484,000
(a),(j)
UBS
Group
AG
7
.750
04/12/74
498,724
1,140,000
(a)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
6
.375
02/01/30
984,513
560,000
(a)
VistaJet
Malta
Finance
PLC
/
Vista
Management
Holding
Inc
9
.500
06/01/28
547,090
TOTAL
SWITZERLAND
4,595,645
THAILAND
-
0.0%
200,000
(a),(j)
Bangkok
Bank
PCL/Hong
Kong
3
.466
09/23/36
179,817
TOTAL
THAILAND
179,817
TRINIDAD
AND
TOBAGO
-
0.0%
200,000
(a)
Trinidad
Generation
UnLtd
7
.750
06/16/33
208,812
TOTAL
TRINIDAD
AND
TOBAGO
208,812
TURKEY
-
0.6%
200,000
(a),(j)
Akbank
TAS
0
.000
08/19/74
190,218
200,000
(a)
Limak
Cimento
Sanayi
ve
Ticaret
AS
9
.750
07/25/29
196,816
200,000
(a)
Sisecam
UK
PLC
8
.375
01/23/33
198,481
225,000
(a)
Turk
Telekomunikasyon
AS
6
.950
10/07/32
219,106
TRY
4,000,000
Turkiye
Government
Bond
37
.840
07/14/27
87,926
EUR
225,000
Turkiye
Government
International
Bond
5
.200
08/17/31
259,583
250,000
Turkiye
Government
International
Bond
6
.000
01/14/41
207,289
200,000
Turkiye
Government
International
Bond
7
.125
07/17/32
198,821
200,000
(a)
Turkiye
Ihracat
Kredi
Bankasi
AS
6
.375
01/15/31
192,240
200,000
(a)
Turkiye
Is
Bankasi
AS
7
.575
02/05/37
192,369
200,000
(a)
Ulker
Biskuvi
Sanayi
AS
7
.875
07/08/31
201,788
200,000
(a)
Yapi
ve
Kredi
Bankasi
AS
9
.250
01/17/34
204,097
TOTAL
TURKEY
2,348,734
UGANDA
-
0.0%
UGX
353,000,000
Republic
of
Uganda
Government
Bonds
14
.250
06/22/34
87,695
TOTAL
UGANDA
87,695
UKRAINE
-
0.1%
118,699
(a)
Ukraine
Government
International
Bond
4
.500
02/01/29
83,089
150,000
(a)
Ukraine
Government
International
Bond
4
.500
02/01/36
76,650
311,275
(a)
Ukraine
Government
International
Bond
0
.000
02/01/35
142,564
67,730
(a)
Ukraine
Government
International
Bond
0
.000
02/01/36
30,953
TOTAL
UKRAINE
333,256
UNITED
ARAB
EMIRATES
-
0.2%
400,000
Emirate
of
Dubai
Government
International
Bonds,
Reg
S
3
.900
09/09/50
273,862
203,738
(a)
Galaxy
Pipeline
Assets
Bidco
Ltd
2022
2022
2
.940
09/30/40
164,728
200,000
(a)
Ittihad
International
II
Ltd
7
.375
11/13/30
201,502
178,826
(a)
Sweihan
PV
Power
Co
PJSC
2022
1
3
.625
01/31/49
142,525
TOTAL
UNITED
ARAB
EMIRATES
782,617
15
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UNITED
KINGDOM
-
2.2%
$
1,255,000
(a)
Ardonagh
Group
Finance
Ltd
8
.875
%
02/15/32
$
1,229,603
388,000
(j)
Barclays
PLC
8
.000
12/15/74
401,486
1,092,000
(j)
Barclays
PLC
9
.625
03/15/73
1,191,105
200,000
(j)
Barclays
PLC
7
.625
06/15/74
201,940
453,000
(j)
HSBC
Holdings
PLC
8
.000
09/07/74
467,670
394,000
(j)
HSBC
Holdings
PLC
6
.875
03/11/75
396,688
695,000
(j)
HSBC
Holdings
PLC
6
.950
03/11/75
696,777
275,000
(j)
HSBC
Holdings
PLC
6
.950
08/27/74
274,400
249,000
(j)
HSBC
Holdings
PLC
6
.750
09/24/74
246,343
221,000
(j)
Lloyds
Banking
Group
PLC
6
.750
12/27/73
219,815
771,000
(j)
Lloyds
Banking
Group
PLC
8
.000
06/27/74
809,211
760,000
(a)
Merlin
Entertainments
Group
US
Holdings
Inc
7
.375
02/15/31
634,274
190,000
(a)
Motion
Bondco
DAC
6
.625
11/15/27
181,871
540,000
(a)
Motion
Finco
Sarl
8
.375
02/15/32
446,116
882,000
(j)
NatWest
Group
PLC
8
.125
06/30/74
954,790
442,000
(j)
NatWest
Group
PLC
7
.300
12/31/73
448,969
343,000
(a),(j)
Standard
Chartered
PLC
7
.750
02/15/75
350,857
200,000
(j)
Standard
Life
PLC,
Reg
S
8
.500
12/12/72
208,275
365,000
Vodafone
Group
PLC
7
.000
04/04/79
375,423
TOTAL
UNITED
KINGDOM
9,735,613
URUGUAY
-
0.1%
175,000
Uruguay
Government
International
Bond
5
.442
02/14/37
178,526
UYU
6,200,000
Uruguay
Government
International
Bond
8
.250
05/21/31
157,546
TOTAL
URUGUAY
336,072
UZBEKISTAN
-
0.0%
200,000
(a)
Republic
of
Uzbekistan
International
Bond
6
.900
02/28/32
208,400
TOTAL
UZBEKISTAN
208,400
ZAMBIA
-
0.0%
122,524
(a)
Zambia
Government
International
Bond
5
.750
06/30/33
114,854
72,169
(a)
Zambia
Government
International
Bond
0
.500
12/31/53
47,389
TOTAL
ZAMBIA
162,243
TOTAL
EMERGING
MARKET
DEBT
AND
FOREIGN
CORPORATE
BONDS
(Cost
$76,662,492)
72,786,295
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
-
11.0%
(7.5%
of
Total
Investments)
–
100,000
(a),(i)
ARDN
2025-ARCP
Mortgage
Trust,
Series
2025
ARCP,
(TSFR1M
+
1.750%)
5
.423
06/15/35
99,766
400,000
(a),(i)
ARES
Commercial
Mortgage
Trust
2024-IND,
Series
2024
IND,
(TSFR1M
+
1.692%)
7
.012
07/15/41
400,628
420,000
(i)
BANK
2019-BNK24,
Series
2019
BN24
3
.283
11/15/62
390,101
70,163
(a),(i)
Bayview
MSR
Opportunity
Master
Fund
Trust
2021-INV4,
Series
2021
4
2
.500
10/25/51
58,023
296,386
(a),(i)
BX
Commercial
Mortgage
Trust
2021-CIP,
Series
2021
CIP,
(TSFR1M
+
1.035%)
4
.708
12/15/38
296,258
407,271
(a),(i)
BX
Commercial
Mortgage
Trust
2025-BCAT,
Series
2025
BCAT,
(TSFR1M
+
1.380%)
5
.730
08/15/42
407,818
130,000
CD
2017-CD5
Mortgage
Trust,
Series
2017
CD5
3
.431
08/15/50
128,060
49,939
(i)
Citigroup
Commercial
Mortgage
Trust
2015-GC29,
Series
2015
GC29
3
.758
04/10/48
48,238
250,000
(i)
Citigroup
Commercial
Mortgage
Trust
2018-B2,
Series
2018
B2
4
.179
03/10/51
245,189
475,000
(a),(i)
Connecticut
Avenue
Securities
Trust
2022-R05,
Series
2022
R05,
(SOFR30A
+
7.000%)
10
.662
04/25/42
500,930
105,000
(a),(i)
Connecticut
Avenue
Securities
Trust
2022-R09,
Series
2022
R09,
(SOFR30A
+
4.750%)
8
.412
09/25/42
110,188
500,000
(a),(i)
Connecticut
Avenue
Securities
Trust
2023-R01,
Series
2023
R01,
(SOFR30A
+
3.750%)
7
.412
12/25/42
520,205
935,000
(a),(i)
Connecticut
Avenue
Securities
Trust
2023-R05,
Series
2023
R05,
(SOFR30A
+
3.100%)
6
.762
06/25/43
970,267
695,000
(a),(i)
Connecticut
Avenue
Securities
Trust
2023-R06,
Series
2023
R06,
(SOFR30A
+
2.700%)
6
.362
07/25/43
710,940
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
16
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
210,000
(a),(i)
Connecticut
Avenue
Securities
Trust
2023-R06,
Series
2023
R06,
(SOFR30A
+
3.900%)
9
.188
%
07/25/43
$
218,843
285,000
(a),(i)
ELP
Commercial
Mortgage
Trust,
Series
2025
ELP
4
.297
11/13/42
281,909
395,808
(a)
EQT
Trust
2024-EXTR,
Series
2024
EXTR
5
.331
07/05/41
400,630
955,405
Fannie
Mae
Pool,
FN
MA5497
5
.500
10/01/54
960,371
1,372,220
Fannie
Mae
Pool,
FN
MA4783
4
.000
10/01/52
1,300,062
569,687
(k)
Fannie
Mae
Pool,
FN
MA4785
5
.000
10/01/52
564,876
235,962
Fannie
Mae
Pool,
FN
MA4805,
Series
2022
1
4
.500
11/01/52
228,659
884,069
(k)
Fannie
Mae
Pool,
FN
MA4918
5
.000
02/01/53
876,195
339,938
Fannie
Mae
Pool,
FN
MA4919
5
.500
02/01/53
342,864
593,836
Fannie
Mae
Pool,
FN
MA4942
6
.000
03/01/53
609,579
1,500,734
(k)
Fannie
Mae
Pool,
FN
MA4737,
Series
2022
1
5
.000
08/01/52
1,487,676
881,647
(k)
Fannie
Mae
Pool,
FN
MA4978
5
.000
04/01/53
873,703
700,911
(k)
Fannie
Mae
Pool,
FN
MA5039
5
.500
06/01/53
706,731
155,108
Fannie
Mae
Pool,
FN
MA5105
4
.500
08/01/53
150,123
258,763
Fannie
Mae
Pool,
FN
MA5106
5
.000
08/01/53
256,099
103,169
Fannie
Mae
Pool,
FN
MA5107
5
.500
08/01/53
103,979
2,504,842
(k)
Fannie
Mae
Pool,
FN
MA5165
5
.500
10/01/53
2,523,347
1,680,032
(k)
Fannie
Mae
Pool,
FN
MA5353
5
.500
05/01/54
1,689,363
338,843
Fannie
Mae
Pool,
FN
MA5009
5
.000
05/01/53
335,772
953,284
Fannie
Mae
Pool,
FN
MA4733
4
.500
09/01/52
924,075
180,227
Fannie
Mae
Pool,
FN
MA5247
6
.000
01/01/54
183,806
426,815
(k)
Fannie
Mae
Pool,
FN
FS7299
3
.000
05/01/52
379,275
1,450,246
(k)
Fannie
Mae
Pool,
FN
FS1535
3
.000
04/01/52
1,288,902
1,085,930
(k)
Fannie
Mae
Pool,
FN
FS1533
3
.000
04/01/52
965,994
739,030
Fannie
Mae
Pool,
FN
FS0522
2
.500
02/01/52
632,731
1,168,085
(k)
Fannie
Mae
Pool,
FN
CB3905
3
.500
06/01/52
1,072,261
160,308
Fannie
Mae
Pool,
FN
CB2795
3
.000
02/01/52
141,147
1,286,272
(k)
Fannie
Mae
Pool,
FN
CB1301
2
.500
08/01/51
1,103,652
425,918
(k)
Fannie
Mae
Pool,
FN
BW3383
4
.500
07/01/52
412,691
4,082,148
(k)
Fannie
Mae
Pool,
FN
BW3382
4
.500
07/01/52
3,959,178
588,463
Fannie
Mae
Pool,
FN
MA4578
2
.500
04/01/52
497,070
90,798
(a),(i)
Flagstar
Mortgage
Trust
2021-10INV,
Series
2021
10IN
3
.496
10/25/51
75,332
27,701
Freddie
Mac
Gold
Pool,
FG
U99084
4
.500
02/01/44
27,397
1,251,536
(k)
Freddie
Mac
Pool,
FR
RA6766
2
.500
02/01/52
1,072,635
796,334
(k)
Freddie
Mac
Pool,
FR
QE5382
4
.500
07/01/52
772,263
172,794
Freddie
Mac
Pool,
FR
SD8329
5
.000
06/01/53
171,228
702,797
(k)
Freddie
Mac
Pool,
FR
SD8288
5
.000
01/01/53
696,573
49,213
Freddie
Mac
Pool,
FR
SD4999
5
.000
08/01/53
48,728
1,450,106
(k)
Freddie
Mac
Pool,
FR
RA9629
5
.500
08/01/53
1,460,597
1,267,907
Freddie
Mac
REMICS,
Series
2021
5160
3
.000
09/25/50
933,438
80,000
(a),(i)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA4,
Series
2022
DNA4,
(SOFR30A
+
3.350%)
7
.012
05/25/42
81,749
500,000
(a),(i)
Freddie
Mac
STACR
REMIC
Trust
2022-DNA6,
Series
2022
DNA6,
(SOFR30A
+
5.750%)
9
.412
09/25/42
532,124
285,000
(a),(i)
Freddie
Mac
STACR
REMIC
Trust
2023-DNA1,
Series
2023
DNA1,
(SOFR30A
+
3.100%)
6
.761
03/25/43
294,844
253,933
Ginnie
Mae
II
Pool,
G2
MA8724
4
.500
03/20/53
246,951
220,671
Ginnie
Mae
II
Pool,
G2
MA8428
5
.000
11/20/52
220,122
263,434
Ginnie
Mae
II
Pool,
G2
MA8200
4
.000
08/20/52
248,986
337,034
Ginnie
Mae
II
Pool,
G2
MA7768,
Series
2021
1
3
.000
12/20/51
301,185
422,902
(k)
Ginnie
Mae
II
Pool,
G2
MA7871,
Series
2022
1
2
.500
02/20/52
355,707
264,661
Ginnie
Mae
II
Pool,
G2
MA7419,
Series
2021
MTGE
3
.000
06/20/51
236,491
63,535
Ginnie
Mae
II
Pool,
G2
MA8149
3
.500
07/20/52
58,752
251,693
Government
National
Mortgage
Association,
Series
2021
209
3
.000
11/20/51
183,441
489,663
Government
National
Mortgage
Association,
Series
2022
174
4
.500
09/20/52
451,426
272,056
Government
National
Mortgage
Association,
Series
2022
124
4
.000
07/20/52
229,243
432,191
Government
National
Mortgage
Association,
Series
2023
111
3
.000
02/20/52
299,645
691,414
Government
National
Mortgage
Association,
Series
2013
188
2
.500
12/20/43
618,996
250,000
GS
Mortgage
Securities
Trust
2019-GC42,
Series
2019
GC42
3
.001
09/10/52
236,127
741,589
(a),(i)
GS
Mortgage-Backed
Securities
Corp
Trust
2022-PJ2,
Series
2022
PJ2
3
.000
06/25/52
638,011
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED
SECURITIES
(continued)
$
262,084
(a),(i)
GS
Mortgage-Backed
Securities
Trust
2021-PJ10,
Series
2021
PJ10
2
.500
%
03/25/52
$
216,579
386,009
(a),(i)
GS
Mortgage-Backed
Securities
Trust
2022-GR2,
Series
2022
GR2
3
.000
08/26/52
332,114
272,816
(a),(i)
GS
Mortgage-Backed
Securities
Trust
2022-HP1,
Series
2022
HP1
3
.000
09/25/52
234,725
436,713
(a),(i)
GS
Mortgage-Backed
Securities
Trust
2022-INV1,
Series
2022
INV1
3
.000
07/25/52
376,420
227,656
(a),(i)
GS
Mortgage-Backed
Securities
Trust
2022-PJ5,
Series
2022
PJ5
3
.000
10/25/52
196,285
225,963
(a),(i)
GS
Mortgage-Backed
Securities
Trust
2023-PJ1,
Series
2023
PJ1
3
.500
02/25/53
201,625
250,000
(a),(i)
Houston
Galleria
Mall
Trust
2025-HGLR,
Series
2025
HGLR
5
.462
02/05/45
255,944
510,000
(a)
Hudson
Yards
2019-30HY
Mortgage
Trust,
Series
2019
30HY
3
.228
07/10/39
485,100
250,000
(a)
ICNQ
2024-MF
Mortgage
Trust,
Series
2024
MF
5
.778
12/10/34
256,696
250,000
(a),(i)
IP
2025-IP
Mortgage
Trust,
Series
2025
IP
5
.425
06/10/42
252,237
368,107
(a),(i)
J.P.
Morgan
Mortgage
Trust
2021-15,
Series
2021
15
2
.500
06/25/52
304,193
302,417
(a),(i)
J.P.
Morgan
Mortgage
Trust
2022-4,
Series
2022
4
3
.000
10/25/52
260,178
618,432
(a),(i)
J.P.
Morgan
Mortgage
Trust
2022-6,
Series
2022
6
3
.000
11/25/52
530,898
468,077
(a),(i)
J.P.
Morgan
Mortgage
Trust
2022-INV3,
Series
2022
INV3
3
.000
09/25/52
402,870
113,336
(a),(i)
J.P.
Morgan
Mortgage
Trust
2022-LTV2,
Series
2022
LTV2
3
.500
09/25/52
100,986
250,000
(a)
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
2025-
NSLB,
Series
2025
NSLB
6
.234
06/05/42
258,541
526,505
(a),(i)
JP
Morgan
Mortgage
Trust,
Series
2024
3
3
.000
05/25/54
452,968
1,051,594
(a),(i)
JP
Morgan
Mortgage
Trust
2022-2,
Series
2022
2
3
.000
08/25/52
904,770
659,135
(a),(i)
JP
Morgan
Mortgage
Trust
2022-3,
Series
2022
3
3
.000
08/25/52
567,074
1,364,138
(a),(i)
JP
Morgan
Mortgage
Trust
2022-LTV1,
Series
2022
LTV1
3
.250
07/25/52
1,217,601
80,707
JPMDB
Commercial
Mortgage
Securities
Trust
2018-C8,
Series
2018
C8
3
.944
06/15/51
79,781
262,450
(a),(i)
OBX
2022-INV5
Trust,
Series
2022
INV5
4
.000
10/25/52
241,169
595,466
(a),(i)
RCKT
Mortgage
Trust
2022-2,
Series
2022
2
2
.500
02/25/52
492,434
77,249
(a),(i)
RCKT
Mortgage
Trust
2022-3,
Series
2022
3
3
.000
05/25/52
66,464
161,053
(a),(i)
RCKT
Mortgage
Trust
2022-4,
Series
2022
4
3
.500
06/25/52
143,758
106,472
(a),(i)
Sequoia
Mortgage
Trust
2025-S2,
Series
2025
S2
4
.000
11/25/55
98,905
150,000
(a),(i)
Verus
Securitization
Trust
2025-12,
Series
2025
12
5
.760
12/25/70
148,650
103,229
(a),(i)
Wells
Fargo
Mortgage
Backed
Securities
2021-2
Trust,
Series
2021
2
2
.500
06/25/51
85,305
159,232
(a),(i)
Wells
Fargo
Mortgage
Backed
Securities
2022-2
Trust,
Series
2022
2
2
.500
12/25/51
131,585
186,626
(a),(i)
Wells
Fargo
Mortgage
Backed
Securities
2022-INV1
Trust,
Series
2022
INV1
3
.500
03/25/52
166,624
111,976
(a),(i)
Wells
Fargo
Mortgage
Backed
Securities
2022-INV1
Trust,
Series
2022
INV1
3
.000
03/25/52
96,411
TOTAL
MORTGAGE-BACKED
SECURITIES
(Cost
$51,317,478)
50,409,055
SHARES
DESCRIPTION
RATE
VALUE
5013135
PREFERRED
STOCK
-
1
.1
%
(
0
.7
%
of
Total
Investments)
5013135
BANKS
-
0.1%
6,772
Fifth
Third
Bancorp
7
.973
170,451
7,350
(d)
First
Horizon
Corp
6
.750
181,913
8,825
KeyCorp
6
.125
217,978
18,675
KeyCorp
6
.200
443,157
2,425
KeyCorp
5
.625
50,828
2,238
KeyCorp
5
.650
46,550
350
Pinnacle
Financial
Partners,
Inc
8
.397
8,950
TOTAL
BANKS
1,119,827
FINANCIAL
SERVICES
-
0.5%
12,675
Bank
of
New
York
Mellon
Corp
6
.150
316,875
7,550
Equitable
Holdings,
Inc
5
.250
146,546
4,206
Morgan
Stanley
7
.125
105,865
11,750
Morgan
Stanley
6
.625
296,570
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
18
SHARES
DESCRIPTION
RATE
VALUE
FINANCIAL
SERVICES
(continued)
11,775
Morgan
Stanley
6
.500
%
$
292,844
16,725
Morgan
Stanley
6
.875
418,961
4,923
Synchrony
Financial
5
.625
91,420
10,218
Voya
Financial,
Inc
5
.350
234,503
TOTAL
FINANCIAL
SERVICES
1,903,584
FOOD,
BEVERAGE
&
TOBACCO
-
0.2%
10,571
CHS,
Inc
7
.100
259,941
12,518
CHS,
Inc
6
.750
303,061
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
563,002
INSURANCE
-
0.3%
6,075
American
National
Group,
Inc
7
.375
143,370
8,200
Aspen
Insurance
Holdings
Ltd
5
.625
169,330
4,550
Aspen
Insurance
Holdings
Ltd
7
.125
106,015
2,875
Assurant,
Inc
5
.250
57,213
19,836
Athene
Holding
Ltd
6
.350
468,724
15,057
Enstar
Group
Ltd
7
.000
330,652
5,959
Reinsurance
Group
of
America,
Inc
7
.125
151,418
TOTAL
INSURANCE
1,426,722
TOTAL
PREFERRED
STOCK
(Cost
$5,306,074)
5,013,135
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
33281819
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
7
.3
%
(
5
.0
%
of
Total
Investments)
33281819
105,000
(g)
CoBank
ACB
6
.250
N/A
104,422
445,000
(g)
CoBank
ACB
6
.450
N/A
446,921
93,000
(g)
CoBank
ACB
7
.250
N/A
94,611
152,000
(a),(g)
Farm
Credit
Bank
of
Texas
6
.200
N/A
150,100
136,000
(g)
Farm
Credit
Bank
of
Texas
7
.000
N/A
139,350
406,908
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.375
07/15/33
397,734
769,783
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
2
.375
10/15/28
796,867
269,785
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.750
01/15/34
268,632
708,378
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.875
01/15/29
703,130
394,283
(l)
United
States
Treasury
Inflation
Indexed
Bonds
2
.125
04/15/29
404,746
606,312
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.875
07/15/34
609,262
397,917
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.625
10/15/29
404,165
927,450
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
2
.125
01/15/35
943,086
945,008
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.625
04/15/30
954,406
281,512
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.125
10/15/30
278,985
406,586
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.250
04/15/28
408,111
355,305
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.875
01/15/36
351,015
53,852
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
01/15/27
53,958
408,111
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.750
07/15/28
406,856
837,164
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/30
796,815
316,008
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/30
302,418
398,841
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.375
07/15/27
398,665
428,493
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.500
01/15/28
425,103
805,192
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.875
07/15/35
801,234
873,416
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.125
01/15/33
841,173
286,063
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.250
07/15/29
278,190
559,655
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.625
07/15/32
528,000
172,773
(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
04/15/27
171,793
502,680
(l)
United
States
Treasury
Inflation
Indexed
Bonds
3
.625
04/15/28
528,468
296,739
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
3
.875
04/15/29
320,055
762,580
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/32
701,747
970,712
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
07/15/31
906,878
999,440
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
0
.125
01/15/31
939,568
366,438
(l)
United
States
Treasury
Inflation
Indexed
Bonds
3
.375
04/15/32
404,240
194,045
(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.750
01/15/28
196,806
454,422
(l)
United
States
Treasury
Inflation
Indexed
Bonds
2
.500
01/15/29
471,341
713,603
(k),(l)
United
States
Treasury
Inflation
Indexed
Bonds
1
.625
10/15/27
724,599
210,100
United
States
Treasury
Note/Bond
3
.625
05/15/53
168,466
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1,015,000
United
States
Treasury
Note/Bond
4
.000
%
11/15/35
$
990,101
175,000
United
States
Treasury
Note/Bond
3
.750
11/30/32
171,274
1,379,999
United
States
Treasury
Note/Bond
3
.625
12/31/30
1,361,241
620,000
United
States
Treasury
Note/Bond
4
.375
11/15/39
604,694
445,700
United
States
Treasury
Note/Bond
2
.875
05/15/49
316,865
720,000
United
States
Treasury
Note/Bond
4
.125
02/15/36
708,750
2,414,999
United
States
Treasury
Note/Bond
3
.500
02/28/31
2,368,208
385,000
United
States
Treasury
Note/Bond
3
.750
10/31/32
376,984
915,000
United
States
Treasury
Note/Bond
3
.500
01/15/29
907,208
280,000
United
States
Treasury
Note/Bond
4
.250
08/15/35
278,950
690,000
United
States
Treasury
Note/Bond
3
.750
06/30/27
689,461
370,000
United
States
Treasury
Note/Bond
3
.875
07/31/30
369,379
212,700
United
States
Treasury
Note/Bond
3
.875
08/15/33
208,803
235,000
United
States
Treasury
Note/Bond
4
.875
10/31/30
244,152
1,180,000
United
States
Treasury
Note/Bond
4
.625
11/15/55
1,127,453
50,000
United
States
Treasury
Note/Bond
4
.625
05/31/31
51,482
555,000
United
States
Treasury
Note/Bond
4
.875
08/15/45
553,179
215,000
United
States
Treasury
Note/Bond
3
.875
08/15/34
209,533
449,400
United
States
Treasury
Note/Bond
3
.875
05/15/43
398,298
80,000
United
States
Treasury
Note/Bond
3
.750
08/31/31
79,006
465,000
United
States
Treasury
Note/Bond
4
.750
05/15/55
452,776
60,000
United
States
Treasury
Note/Bond
4
.625
05/15/54
57,209
285,000
United
States
Treasury
Note/Bond
4
.250
05/15/35
284,243
925,000
United
States
Treasury
Note/Bond
4
.125
05/31/32
927,421
785,000
United
States
Treasury
Note/Bond
4
.000
05/31/30
787,668
280,000
United
States
Treasury
Note/Bond
4
.125
06/30/32
278,720
545,000
United
States
Treasury
Note/Bond
5
.000
05/15/45
552,089
106,200
United
States
Treasury
Note/Bond
4
.000
02/15/34
104,756
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$33,238,717)
33,281,819
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
47737226
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
-
10
.4
%
(
7
.1
%
of
Total
Investments)
47737226
AUTOMOBILES
&
COMPONENTS
-
0.2%
34,404
(i)
Adient
US
LLC,
Term
Loan
B2,
(TSFR1M
+
2.000%)
5
.668
01/29/31
34,396
334,414
(i)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
05/06/30
333,786
284,730
(i)
Clarios
Global
LP,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
01/28/32
284,374
86,242
(i),(m)
DexKo
Global
Inc.,
Term
Loan
B,
(TSFR3M
+
3.750%)
7
.678
10/04/28
84,701
TOTAL
AUTOMOBILES
&
COMPONENTS
737,257
CAPITAL
GOODS
-
1.2%
148,152
(i)
ACProducts,
Inc.,
Term
Loan
B,
(TSFR3M
+
4.250%)
8
.211
05/17/28
119,031
2,885
(i),(n)
Air
Comm
Corporation,
LLC,
Delayed
Draw
Term
Loan
1
.000
12/11/31
2,895
59,174
(i)
Air
Comm
Corporation,
LLC,
Term
Loan,
(TSFR3M
+
2.750%)
6
.436
12/11/31
59,396
49,874
(i)
Albion
Financing
3
SARL,
Term
Loan,
(TSFR3M
+
3.000%)
6
.664
05/21/31
49,984
117,000
(i)
Allison
Transmission,
Inc.,
Incremental
Term
Loan
B,
(TSFR1M
+
1.750%)
5
.422
01/03/33
117,556
62,043
(i),(m)
American
Trailer
World
Corp.,
Term
Loan
B,
(TSFR1M
+
3.750%)
7
.518
03/03/28
52,840
37,835
(i)
Artera
Services,
LLC,
Term
Loan,
(TSFR1M
+
4.500%)
8
.168
02/10/31
32,459
258,756
(i),(m)
Barnes
Group
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
01/27/32
258,756
112,000
(i)
BCPE
Empire
Holdings,
Inc.,
10th
Amendment
Term
Loan,
(TSFR1M
+
3.500%)
7
.173
12/29/32
110,461
73,813
(i),(m)
BCPE
Empire
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.250%)
6
.918
12/26/30
72,829
43,340
(i)
Bleriot
US
Bidco
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.200
10/17/30
43,456
72,443
(i)
Brand
Industrial
Services
Inc,
Term
Loan
B,
(TSFR3M
+
4.500%)
8
.164
08/01/30
62,542
126,900
(i),(m)
Centuri
Group,
Inc,
Refinance
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
07/09/32
127,265
284,248
(i)
Chamberlain
Group
Inc,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
09/08/32
281,988
81,578
(i)
Chart
Industries,
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.161
03/18/30
81,629
107,827
(i)
Columbus
McKinnon
Corporation,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.200
02/03/33
107,558
75,000
(i)
CompoSecure
Holdings
LLC,
Term
Loan,
(TSFR1M
+
2.250%)
5
.928
01/14/33
74,954
139,070
(i)
Conair
Holdings,
LLC,
Term
Loan
B,
(TSFR1M
+
3.750%)
7
.532
05/17/28
98,392
22,180
(i)
Core
&
Main
LP,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.676
07/27/28
22,222
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
20
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL
GOODS
(continued)
66,163
(i)
Cornerstone
Building
Brands,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.250%)
7
.024
%
04/12/28
$
37,831
140,295
(i)
CP
Atlas
Buyer,
Inc.,
Term
Loan,
(TSFR1M
+
5.250%)
8
.918
07/08/30
129,773
108,000
(i),(m)
Dycom
Investments
Inc,
Term
Loan
B,
(TSFR1M
+
1.750%)
5
.423
01/27/33
108,563
107,721
(i)
Filtration
Group
Corporation,
Term
Loan,
(TSFR1M
+
2.500%)
6
.168
10/23/28
107,889
96,687
(i)
Gates
Global
LLC,
Term
Loan
B5,
(TSFR1M
+
1.750%)
5
.418
06/04/31
96,694
63,692
(i)
Gibraltar
Industries
Inc,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.922
02/02/33
63,453
38,000
(i)
Green
Infrastructure
Partners
Inc,
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.450
09/24/32
38,000
53,678
(i),(m),(n)
Kaman
Corporation,
Delayed
Draw
Term
Loan,
(N/A
+
TSFR3M
+
1.750%)
3
.600
02/26/32
53,760
566,469
(i),(m)
Kaman
Corporation,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.200
02/26/32
567,335
76,000
(i)
LSF12
Helix
Parent
LLC,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.168
02/10/33
75,088
171,579
(i),(m)
Madison
IAQ
LLC,
Term
Loan,
(TSFR6M
+
2.500%)
6
.128
06/21/28
171,735
57,866
(i)
Madison
Safety
&
Flow
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.176
09/26/31
57,963
65,759
(i)
MI
Windows
and
Doors,
LLC,
Term
Loan
B2,
(TSFR1M
+
2.750%)
6
.418
03/28/31
60,799
48,000
(i)
Oregon
Tool,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
5.350%)
9
.002
10/15/29
48,840
10,484
(i),(n)
Pinnacle
Buyer
LLC,
Delayed
Draw
Term
Loan
2
.500
10/01/32
10,508
54,380
(i)
Pinnacle
Buyer
LLC,
Term
Loan,
(TSFR1M
+
2.500%)
6
.161
10/01/32
54,507
252,148
(i),(m)
Quikrete
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
01/31/32
251,991
37,396
(i)
Quikrete
Holdings,
Inc.,
Term
Loan
B1,
(TSFR1M
+
2.250%)
5
.918
04/14/31
37,385
68,000
(i)
QXO
Inc,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
04/30/32
67,953
104,475
(i)
Resideo
Funding
Inc.,
Incremental
Term
Loan,
(TSFR3M
+
2.000%)
5
.674
08/13/32
104,344
201,000
(i),(m)
Resilience
Parent
LLC,
First
Lien
Term
Loan,
(TSFR6M
+
2.500%)
6
.100
02/28/33
200,215
564,312
(i),(m)
TK
Elevator
Midco
GmbH,
Term
Loan
B,
(TSFR6M
+
2.750%)
6
.377
04/30/30
566,154
125,000
(i),(o)
TK
Elevator
US
Newco
Inc,
(TBD)
TBD
TBD
125,339
164,632
(i)
TransDigm,
Inc.,
Term
Loan,
(TSFR1M
+
2.500%)
6
.168
01/20/32
164,807
301,195
(i)
TransDigm,
Inc.,
Term
Loan
J,
(TSFR1M
+
2.500%)
6
.168
02/28/31
301,575
241,955
(i),(m)
TransDigm,
Inc.,
Term
Loan
M,
(TSFR1M
+
2.500%)
6
.168
08/19/32
242,222
78,000
(i),(m)
TransDigm,
Inc.,
Term
Loan
N,
(TSFR1M
+
2.500%)
6
.168
02/10/33
78,127
87,000
(i)
Victory
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
6
.668
02/09/33
87,209
70,000
(i),(o)
VSE
Corp,
(TBD)
TBD
TBD
70,015
TOTAL
CAPITAL
GOODS
5,756,287
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.9%
326,480
(i),(m)
Allied
Universal
Holdco
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
6
.918
08/20/32
326,888
76,096
(i)
Amentum
Government
Services
Holdings
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
09/29/31
76,207
282,943
(i),(m)
Anticimex
International
AB,
Term
Loan,
(SOFR90A
+
2.900%)
6
.560
11/17/31
283,740
88,760
(i)
Archkey
Solutions
LLC,
Term
Loan
B,
(TSFR3M
+
4.000%)
7
.700
11/03/31
88,927
25,000
(i),(o)
Arcwood
Environmental
Inc,
(TBD)
TBD
TBD
25,063
83,000
(i)
CACI
International,
Inc.,
Incremental
Term
Loan
B2,
(TSFR1M
+
1.750%)
5
.418
03/09/33
83,078
217,934
(i)
CoreLogic,
Inc.,
Term
Loan,
(TSFR1M
+
3.500%)
7
.282
06/02/28
208,946
121,928
(i)
Creative
Artists
Agency,
LLC
,
Repriced
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
10/01/31
121,995
356,500
(i),(m)
Dayforce,
Inc.,
Term
Loan,
(TSFR3M
+
3.000%)
6
.663
02/04/33
338,178
116,000
(i)
Ensemble
RCM,
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.660
02/09/33
114,888
291,228
(i)
Garda
World
Security
Corporation,
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.421
02/01/29
289,772
130,435
(i),(m)
GFL
Environmental
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.166
03/03/32
130,598
67,654
(i)
OMNIA
Partners
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.433
07/25/30
67,682
60,848
(i)
Openlane
Inc,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.140
10/08/32
60,924
84,152
(i)
PG
Investment
Company
59
S.a
r.l.,
Repriced
Term
Loan
B,
(TSFR3M
+
2.250%)
5
.950
03/26/31
84,280
48,646
(i)
Prime
Security
Services
Borrower,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.664
10/15/30
48,494
323,367
(i)
Prime
Security
Services
Borrower,
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
1.750%)
5
.414
03/08/32
319,425
26,390
(i),(m),(n)
Pye-Barker
Fire
&
Safety,
LLC,
Delayed
Draw
Term
Loan
1
.250
12/16/32
26,461
21
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COMMERCIAL
&
PROFESSIONAL
SERVICES
(continued)
185,610
(i),(m)
Pye-Barker
Fire
&
Safety,
LLC,
Term
Loan,
(TSFR1M
+
2.500%)
6
.168
%
12/16/32
$
186,107
133,656
(i)
Reverb
Buyer,
Inc.,
Steerco
Term
Loan,
(TSFR3M
+
3.500%)
7
.267
11/01/28
96,232
26,280
(i),(m)
Reworld
Holding
Corp,
First
Lien
Term
Loan
C,
(TSFR1M
+
2.250%)
5
.925
01/15/31
26,263
81,047
(i)
Reworld
Holding
Corp,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.925
11/30/28
81,064
161,720
(i),(m)
Reworld
Holding
Corp,
Term
Loan
B1,
(TSFR1M
+
2.250%)
5
.925
01/15/31
161,619
29,956
(i)
Signal
Parent,
Inc,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.267
04/03/28
19,796
53,157
(i)
Spin
Holdco
Inc.,
First
Lien
First
Out
Term
Loan,
(TSFR3M
+
5.430%)
9
.101
09/04/30
54,364
321,654
(i)
Spin
Holdco
Inc.,
First
Lien
Second
Out
Term
Loan,
(TSFR3M
+
4.000%)
7
.933
09/04/30
254,107
120,065
(i)
West
Corporation,
Term
Loan
B3,
(TSFR3M
+
4.000%)
7
.792
04/12/27
25,472
618,693
(i),(m)
WIN
Waste
Innovations
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.532
03/27/28
619,903
20,452
(i)
XPLOR
T1
LLC,
Term
Loan,
(TSFR3M
+
3.500%)
7
.167
12/01/32
19,071
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
4,239,544
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.4%
182,048
(i)
Belron
Finance
LLC,
Repriced
Term
Loan
B,
(TSFR3M
+
2.000%)
5
.660
10/16/31
182,208
248,610
(i)
CNT
Holdings
I
Corp,
Term
Loan,
(TSFR3M
+
2.500%)
6
.167
11/08/32
248,784
241,323
(i)
Johnstone
Supply
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
06/09/31
240,079
14,594
(i)
LBM
Acquisition
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.750%)
7
.525
06/06/31
11,777
150,738
(i)
Les
Schwab
Tire
Centers,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.173
04/23/31
150,549
116,000
(i),(o)
Mister
Car
Wash
Holdings
Inc,
(TBD)
TBD
TBD
114,913
55,730
(i)
Mister
Car
Wash
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
03/27/31
55,146
32,000
(i),(m)
Park
River
Holdings
Inc,
Term
Loan,
(TSFR3M
+
4.500%)
8
.161
03/17/31
31,352
80,000
(i)
PetSmart,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
7
.675
08/18/32
79,620
135,163
(i)
Restoration
Hardware,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.282
10/20/28
131,784
378,192
(i)
Wand
NewCo
3,
Inc.,
Repriced
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
01/30/31
375,613
125,000
(i)
White
Cap
Buyer
LLC,
Incremental
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.168
02/10/33
119,297
211,148
(i),(m)
White
Cap
Buyer
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
6
.918
10/29/29
203,574
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,944,696
CONSUMER
DURABLES
&
APPAREL
-
0.3%
132,913
(i)
ABG
Intermediate
Holdings
2
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
12/21/28
132,792
292,046
(i)
AI
Aqua
Merger
Sub,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.162
07/31/28
291,727
169,032
(i),(m)
Hayward
Industries,
Inc.,
Term
Loan,
(TSFR1M
+
2.500%)
6
.282
05/30/28
169,612
31,875
(i)
MajorDrive
Holdings
IV
LLC,
Term
Loan
B,
(TSFR3M
+
4.000%)
7
.961
06/01/28
29,057
2,904
(i)
Serta
Simmons
Bedding,
LLC,
New
Term
Loan,
(TSFR3M
+
7.500%)
11
.314
06/29/28
2,733
96,467
(i)
Somnigroup
International
Inc,
Term
Loan
B,
(SOFR30A
+
2.250%)
5
.880
10/24/31
96,950
5,581
(i)
Topgolf
Callaway
Brands
Corp.,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
03/18/30
5,606
248,128
(i)
Varsity
Brands,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
2.750%)
6
.450
08/26/31
247,392
215,000
(i)
Weber-Stephen
Products
LLC,
Term
Loan
B,
(TSFR3M
+
3.750%)
7
.411
10/01/32
210,754
149,362
(i),(m)
WH
Borrower,
LLC,
Term
Loan
B,
(TSFR3M
+
4.500%)
8
.156
02/20/32
149,654
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,336,277
CONSUMER
SERVICES
-
0.7%
51,722
(i)
101B.C.
Unlimited
Liability
Company,
Term
Loan
B6,
(TSFR1M
+
1.750%)
5
.418
09/23/30
51,670
356,336
(i)
Alterra
Mountain
Company,
Term
Loan
B8,
(TSFR1M
+
2.500%)
6
.168
05/31/30
356,783
226,668
(i)
Alterra
Mountain
Company,
Term
Loan
B9,
(TSFR1M
+
2.500%)
6
.168
08/17/28
226,881
67,560
(i)
Caesars
Entertainment
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
02/06/30
65,786
273,446
(i)
Caesars
Entertainment
Inc.,
Term
Loan
B1,
(TSFR1M
+
2.250%)
5
.918
02/06/31
266,268
140,125
(i)
Camelot
U.S.
Acquisition
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
01/31/31
121,763
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER
SERVICES
(continued)
70,000
(i)
Catawba
Nation
Gaming
Authority,
Term
Loan
B,
(TSFR3M
+
4.750%)
8
.417
%
03/29/32
$
71,269
89,373
(i)
Churchill
Downs
Incorporated,
Incremental
Term
Loan
B1,
(TSFR1M
+
1.750%)
5
.418
03/17/28
89,541
184,250
(i)
Delta
2
(LUX)
S.a.r.l.,
Term
Loan
B1,
(TSFR3M
+
1.750%)
5
.450
09/19/31
184,135
55,757
(i)
Element
Materials
Technology
Group
US
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
3.500%)
7
.200
06/25/29
56,001
172,969
(i)
Fertitta
Entertainment,
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
6
.918
01/29/29
169,942
64,513
(i)
Flutter
Financing
B.V.,
Term
Loan
B,
(TSFR3M
+
2.000%)
5
.700
06/04/32
63,948
242,255
(i)
Flutter
Financing
B.V.,
Term
Loan
B,
(TSFR3M
+
1.750%)
5
.450
11/29/30
240,196
93,943
(i)
GBT
US
III
LLC,
Term
Loan
B,
(TSFR3M
+
2.000%)
5
.668
07/28/31
92,205
131,321
(i)
GVC
Holdings
(Gibraltar)
Limited,
Term
Loan
B6
(2029),
(TSFR3M
+
2.250%)
5
.951
10/31/29
131,434
64,513
(i)
Herschend
Entertainment
Company,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
05/27/32
64,674
91,237
(i)
Hilton
Grand
Vacations
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
08/02/28
91,285
117,061
(i)
IRB
Holding
Corp,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.176
12/16/30
116,915
236,049
(i)
Light
and
Wonder
International,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.675
04/16/29
236,344
137,539
(i)
Scientific
Games
Holdings
LP,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.652
04/04/29
135,687
78,825
(i)
SeaWorld
Parks
&
Entertainment,
Inc.,
Term
Loan
B3,
(TSFR1M
+
2.000%)
5
.668
12/04/31
77,938
158,154
(i)
TKO
Worldwide
Holdings,
LLC,
Term
Loan,
(TSFR3M
+
2.000%)
5
.664
11/21/31
158,253
TOTAL
CONSUMER
SERVICES
3,068,918
ENERGY
-
0.2%
100,000
(i)
EG
America
LLC,
Term
Loan
B,
(TSFR1M
+
3.250%)
6
.918
02/10/31
100,200
520,000
(i)
Freeport
LNG
Investments,
LLLP,
Term
Loan
B,
(TSFR3M
+
3.250%)
6
.893
01/31/33
520,868
214,801
(i),(m)
New
Fortress
Energy
Inc,
Incremental
Term
Loan
B,
(Prime
+
6.500%)
13
.250
10/30/28
122,222
86,046
(i)
TransMontaigne
Operating
Company
L.P.,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
11/17/28
86,068
TOTAL
ENERGY
829,358
FINANCIAL
SERVICES
-
0.2%
29,774
(i)
AAL
Delaware
Holdco,
Inc.,
Term
Loan,
(TSFR1M
+
2.750%)
6
.418
07/30/31
29,784
68,790
(i)
Aragorn
Parent
Corporation,
Repriced
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.168
12/15/28
68,919
140,648
(i)
Beach
Acquisition
Bidco
LLC,
Term
Loan
B,
(TSFR3M
+
3.250%)
6
.950
09/13/32
141,174
87,680
(i),(m)
Colossus
Acquireco
LLC,
Term
Loan
B,
(SOFR90A
+
1.750%)
5
.380
07/30/32
87,495
167,885
(b),(i),(p)
Ditech
Holding
Corporation,
Term
Loan
0
.000
06/30/27
17
60,000
(i),(o)
Jupiter
Borrower
Inc,
(TBD)
TBD
TBD
60,000
121,159
(i)
Kestra
Advisor
Services
Holdings
A,
Inc.,
Repriced
Term
Loan,
(TSFR1M
+
3.000%)
6
.668
03/24/31
120,461
31,204
(i)
NCR
Atleos
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.686
04/16/29
31,224
56,000
(i)
Orion
US
Finco
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
3.500%)
7
.150
10/12/32
55,545
71,010
(i)
Trans
Union,
LLC,
Term
Loan
B8,
(TSFR3M
+
1.750%)
5
.450
06/24/31
70,763
91,078
(i)
WEX
Inc.,
Term
Loan
B2,
(TSFR1M
+
1.750%)
5
.418
04/03/28
90,794
TOTAL
FINANCIAL
SERVICES
756,176
FOOD,
BEVERAGE
&
TOBACCO
-
0.3%
121,006
(i)
CHG
PPC
Parent
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
6
.782
12/08/28
121,309
37,029
(i)
City
Brewing
Company,
LLC,
PIK
First
Out
Term
Loan,
(TSFR3M
+
7.000%),
(cash
10.672%,
PIK
7.000%)
10
.673
09/30/30
5,554
8,338
(i)
City
Brewing
Company,
LLC,
PIK
Super
Priority
Term
Loan,
(TSFR3M
+
7.000%),
(cash
10.672%,
PIK
7.000%)
10
.673
09/30/30
3,752
62,131
(i)
Fiesta
Purchaser,
Inc.,
Repriced
Term
Loan,
(TSFR1M
+
2.750%)
6
.418
02/12/31
60,721
229,000
(i)
Froneri
Lux
Finco
Sarl,
Term
Loan,
(TSFR6M
+
2.250%)
5
.877
09/30/32
225,009
99,000
(i)
Naked
Juice
LLC,
FLFO
Term
Loan,
(TSFR3M
+
5.500%)
9
.200
01/24/29
98,730
202,865
(i)
Pegasus
BidCo
BV,
Repriced
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.403
07/12/29
202,612
228,000
(i),(o)
Primo
Brands
Corp,
(TBD)
TBD
TBD
228,641
238,928
(i)
Primo
Brands
Corp,
(TSFR1M
+
2.250%)
5
.950
03/31/28
239,445
8,621
(i),(n)
Sauer
Brands
Inc,
Delayed
Draw
Term
Loan
3
.000
02/19/32
8,642
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FOOD,
BEVERAGE
&
TOBACCO
(continued)
90,922
(i)
Sauer
Brands
Inc,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.667
%
02/19/32
$
91,150
42,514
(i)
Wayne
Sanderson
Farms
LLC,
Repriced
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.676
05/21/32
42,585
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,328,150
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.9%
84,917
(i),(m)
ADMI
Corp.,
Term
Loan
B5,
(TSFR1M
+
5.750%)
9
.418
12/23/27
81,414
187,841
(i)
AHP
Health
Partners,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
09/20/32
188,334
227,639
(i)
Gainwell
Acquisition
Corp.,
Term
Loan
B,
(TSFR3M
+
4.000%)
7
.800
10/01/27
221,474
305,879
(i)
Global
Medical
Response,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.170
09/20/32
305,306
47,879
(i),(m)
LifePoint
Health,
Inc.,
First
Lien
Term
Loan
B,
(TSFR3M
+
3.750%)
7
.422
05/19/31
47,948
101,745
(i)
Lumexa
Imaging,
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.700
12/17/32
102,143
8,610
(i)
Medical
Solutions
Holdings,
Inc.,
First
Lien
Term
Loan,
(TSFR3M
+
3.500%)
7
.267
11/01/28
1,858
135,658
(i),(m)
Medline
Borrower,
LP,
Incremental
Term
Loan
B,
(TSFR1M
+
1.750%)
5
.418
10/23/30
135,976
150,495
(i)
Medline
Borrower,
LP,
Term
Loan
B,
(TSFR1M
+
1.750%)
5
.418
10/23/28
150,890
33,900
(i),(n)
National
Mentor
Holdings,
Inc.,
Delayed
Draw
Term
Loan,
(TSFR1M
+
6.000%)
9
.668
12/12/30
33,797
79,100
(i)
National
Mentor
Holdings,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
6.000%)
9
.668
12/12/30
78,860
71,000
(i)
Onex
TSG
Intermediate
Corp.,
Term
Loan
B,
(TSFR3M
+
3.250%)
6
.950
08/06/32
71,479
266,780
(i),(m)
Opal
Bidco
SAS,
First
Lien
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.700
04/23/32
266,946
170,536
(i)
Pacific
Dental
Services,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.175
03/17/31
170,856
309,754
(i)
Phoenix
Guarantor
Inc,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
02/21/31
310,239
109,450
(i)
Radiology
Partners
Inc,
Term
Loan,
(TSFR3M
+
4.500%)
8
.200
06/30/32
108,023
68,954
(i)
Resonetics,
LLC,
Repriced
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.421
06/18/31
68,771
124,000
(i),(o)
Select
Medical
Corp,
(TBD)
TBD
TBD
123,845
16,042
(i)
Sound
Inpatient
Physicians,
Tranche
A
Term
Loan
(First
Out),
(TSFR3M
+
3.250%),
(cash
9.461%,
PIK
1.000%)
5
.231
06/28/28
16,470
195,741
(i),(m)
Sound
Inpatient
Physicians,
Tranche
B
Term
Loan
(Second
Out),
(TSFR3M
+
2.500%),
(cash
7.461%,
PIK
1.500%)
4
.481
06/28/28
190,463
180,660
(i)
Star
Parent
Inc.,
Term
Loan
B,
(TSFR3M
+
4.000%)
7
.700
09/30/30
178,870
649,616
(i),(m)
Surgery
Center
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
12/19/30
650,633
446,506
(i)
Team
Health
Holdings,
Inc.,
Repriced
Term
Loan
B,
(TSFR3M
+
4.000%)
7
.661
06/30/28
445,564
78,107
(i)
Upstream
Newco,
Inc.,
Term
Loan,
(TSFR3M
+
4.250%),
(cash
8.179%,
PIK
1.500%)
8
.179
11/20/29
72,520
68,421
(i)
Viant
Medical
Holdings,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.000%)
7
.668
10/29/31
68,427
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
4,091,106
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.0%
73,235
(i)
VC
GB
Holdings
I
Corp.,
First
Lien
Term
Loan,
(TSFR3M
+
3.500%)
7
.461
05/16/28
73,169
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
73,169
INSURANCE
-
0.7%
82,344
(i)
Acrisure,
LLC,
First
Lien
Term
Loan
B6,
(TSFR1M
+
3.000%)
6
.668
11/06/30
79,935
208,951
(i)
Alera
Group,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
05/28/32
203,098
647,114
(i)
Alliant
Holdings
Intermediate,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
09/19/31
642,886
274,334
(i)
AmWINS
Group,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
01/30/32
272,828
183,920
(i)
Asurion
LLC,
Term
Loan
B13,
(TSFR1M
+
4.250%)
7
.918
09/19/30
182,081
236,173
(i)
Asurion
LLC,
Term
Loan
B14,
(TSFR1M
+
3.750%)
7
.418
02/23/33
228,646
633,083
(i)
Broadstreet
Partners,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.500%)
6
.168
06/16/31
618,563
76,500
(i)
Evertec
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
10/15/30
76,428
90,325
(i)
HUB
International
Limited,
Term
Loan
B,
(TSFR3M
+
2.250%)
5
.920
06/20/30
90,225
265,534
(i)
Ryan
Specialty
Group,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
09/15/31
265,534
274,121
(i),(m)
Sedgwick
Claims
Management
Services,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
07/31/31
269,520
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE
(continued)
274,960
(i)
Truist
Insurance
Holdings
LLC,
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.450
%
05/06/31
$
271,781
28,094
(i)
USI,
Inc.,
Term
Loan
C,
(TSFR3M
+
2.250%)
5
.950
09/27/30
28,052
195,418
(i)
USI,
Inc.,
Term
Loan
D,
(TSFR3M
+
2.250%)
5
.950
11/23/29
195,215
TOTAL
INSURANCE
3,424,792
MATERIALS
-
0.3%
50,358
(i),(m)
Arsenal
AIC
Parent
LLC,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
08/19/30
50,547
113,784
(i)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.250%)
6
.918
04/01/32
106,573
262,166
(i)
Clydesdale
Acquisition
Holdings
Inc,
Term
Loan
B,
(TSFR1M
+
3.175%)
6
.843
04/13/29
250,754
104,300
(i)
Fortis
333,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.168
04/02/32
101,649
50,000
(i)
Graham
Packaging
Company
Inc.,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
01/26/33
49,573
73,000
(i),(o)
INEOS
US
Finance
LLC,
(TBD)
TBD
TBD
64,012
79,000
(i),(o)
INEOS
US
Finance
LLC,
(TBD)
TBD
TBD
75,248
169,021
(i)
Klockner-Pentaplast
of
America,
Inc.,
Term
Loan,
(TSFR3M
+
3.500%)
5
.333
01/30/31
138,122
116,378
(i)
Nouryon
Finance
B.V.,
Term
Loan
B1,
(TSFR6M
+
3.250%)
7
.036
04/03/28
114,342
14,665
(i)
Nouryon
Finance
B.V.,
Term
Loan
B2,
(TSFR3M
+
3.250%)
6
.917
04/03/28
14,414
104,000
(i)
Proampac
PG
Borrower
LLC,
Term
Loan
B,
(TSFR1M
+
4.000%)
7
.782
02/22/33
100,698
185,535
(i)
Qnity
Electronics
Inc,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
11/01/32
185,534
56,000
(i),(m)
SCIH
Salt
Holdings
Inc.,
Repriced
Term
Loan
B,
(TSFR6M
+
2.750%)
6
.350
01/31/29
55,930
53,905
(i)
SupplyOne,
Inc,
Term
Loan
B,
(TSFR1M
+
3.500%)
7
.168
04/21/31
54,125
139,264
(i)
TricorBraun
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
3.250%)
6
.918
03/03/31
132,721
4,903
(i),(n)
USALCO,
LLC,
Delayed
Draw
Term
Loan,
(TSFR1M
+
3.500%)
7
.176
09/30/31
4,900
49,600
(i)
USALCO,
LLC,
Term
Loan,
(TSFR1M
+
3.500%)
7
.168
09/30/31
49,563
TOTAL
MATERIALS
1,548,705
MEDIA
&
ENTERTAINMENT
-
0.8%
133,239
(i)
Advantage
Sales
&
Marketing,
Inc.,
First
Out
Term
Loan,
(TSFR3M
+
6.000%)
9
.784
04/18/30
101,179
83,158
(i)
Altice
France
S.A.,
Term
Loan
B11,
(TSFR3M
+
4.125%)
7
.797
04/28/28
82,847
97,414
(i)
Altice
France
S.A.,
Term
Loan
B12,
(TSFR3M
+
5.063%)
8
.735
10/31/28
97,141
140,377
(i)
Altice
France
S.A.,
Term
Loan
B13,
(TSFR3M
+
5.375%)
9
.047
05/14/29
139,762
332,666
(i),(m)
Altice
France
S.A.,
Term
Loan
B14,
(TSFR3M
+
6.875%)
10
.547
05/15/31
333,982
99,911
(i)
AMC
Entertainment
Holdings,
Inc.
,
Term
Loan,
(TSFR1M
+
7.000%)
10
.675
01/04/29
98,712
152,337
(i)
Cengage
Learning,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
3.000%)
6
.673
03/24/31
149,544
94,207
(i)
Century
De
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.667
10/30/30
91,872
121,281
(i)
Cinemark
USA,
Inc.,
Term
Loan
B,
(TSFR1M
+
TSFR3M
+
2.250%)
5
.934
05/24/30
121,779
287,605
(i)
Clear
Channel
Outdoor
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
4.000%)
7
.782
08/23/28
288,756
100,711
(i),(m)
CMG
Media
Corporation,
Term
Loan,
(TSFR3M
+
3.500%)
7
.300
06/18/29
94,769
611,834
(i)
Crown
Finance
US,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.500%)
8
.171
12/02/31
606,765
92,680
(i)
CSC
Holdings,
LLC,
Term
Loan
B5,
(Prime
+
1.500%)
8
.250
04/15/27
81,906
52,000
(i),(o)
Directv
Financing
LLC,
(TBD)
TBD
TBD
52,213
10,301
(i)
E.W.
Scripps
Company
(The),
Term
Loan
B2,
(TSFR1M
+
5.750%)
9
.540
06/30/28
10,394
24,304
(i)
E.W.
Scripps
Company
(The),
Term
Loan
B3,
(TSFR1M
+
3.350%)
7
.140
11/30/29
23,969
118,438
(i),(m)
iHeartCommunications,
Inc.,
Term
Loan,
(TSFR1M
+
5.775%)
9
.557
05/01/29
104,170
48,983
(i)
McGraw-Hill
Global
Education
Holdings,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
08/06/31
48,983
74,000
(i),(m)
NEP
Group,
Inc.,
Term
Loan
B,
(TSFR1M
+
4.500%)
8
.168
10/17/31
67,230
128,000
(i),(m)
Neptune
Bidco
US
Inc,
Term
Loan
B,
(TSFR3M
+
5.000%)
8
.760
02/03/33
122,368
182,000
(i),(o)
Nexstar
Media
Inc,
(TBD)
TBD
TBD
180,180
178,000
(i),(o)
OAK-Eagle
Acquireco
Inc,
(TBD)
TBD
TBD
177,110
136,545
(i)
Planet
US
Buyer
LLC,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.673
02/10/31
136,758
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MEDIA
&
ENTERTAINMENT
(continued)
148,050
(i),(m)
Radiate
Holdco,
LLC,
FLFO
Term
Loan,
(TSFR1M
+
2.500%),
(cash
7.287%,
PIK
1.500%)
4
.391
%
09/25/29
$
132,196
82,531
(i),(m)
Sinclair
Television
Group
Inc.,
Term
Loan
B6,
(TSFR1M
+
3.300%)
7
.082
12/31/29
74,381
82,134
(i)
Sunrise
Financing
Partnership,
Term
Loan
AAA,
(TSFR6M
+
2.470%)
6
.099
02/17/32
81,740
11,000
(i)
Virgin
Media
Bristol
LLC,
Term
Loan
Y,
(TSFR6M
+
3.175%)
7
.052
03/31/31
10,071
174,725
(i)
WideOpenWest
Finance
LLC,
Super
Senior
2nd
Out
Term
Loan,
(TSFR3M
+
3.000%)
6
.929
12/11/28
162,518
TOTAL
MEDIA
&
ENTERTAINMENT
3,673,295
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
0.6%
124,375
(i)
Amneal
Pharmaceuticals
LLC,
Term
Loan,
(TSFR1M
+
3.000%)
6
.668
08/02/32
124,945
285,561
(i)
Bausch
Health
Companies
Inc.,
Term
Loan
B,
(TSFR1M
+
6.250%)
9
.918
10/08/30
276,359
177,000
(i),(o)
BioMarin
Pharmaceutical
Inc,
(TBD)
TBD
TBD
176,780
61,535
(i)
Dechra
Pharmaceuticals
Holdings
Ltd,
Term
Loan
B,
(TSFR6M
+
2.750%)
6
.387
01/27/32
61,573
149,250
(i),(m)
Genmab
AS,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.700
12/13/32
149,984
820,999
(i),(o)
HOPPER
MERGER
SUB
INC,
(TBD)
TBD
TBD
812,229
258,371
(i),(m)
Jazz
Financing
Lux
S.a.r.l.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
05/05/28
259,663
253,302
(i)
Organon
&
Co,
Term
Loan,
(TSFR1M
+
2.250%)
5
.918
05/19/31
241,966
577,095
(i)
Parexel
International
Corporation,
Repriced
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
12/12/31
575,891
107,788
(i)
Perrigo
Investments,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
04/20/29
107,294
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
2,786,684
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
293,517
(i)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan,
(TSFR1M
+
2.500%)
6
.168
01/31/30
295,352
40,578
(i)
Cushman
&
Wakefield
U.S.
Borrower,
LLC,
Term
Loan
B3,
(TSFR1M
+
2.750%)
6
.418
01/31/30
40,780
9,975
(i)
Learning
Care
Group
(US)
No.
2
Inc.,
Term
Loan
B,
(TSFR3M
+
4.000%)
7
.668
08/11/28
7,346
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
343,478
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.1%
270,186
(i),(m)
Instructure
Holdings,
Inc.,
Repriced
Term
Loan,
(TSFR3M
+
2.750%)
6
.437
11/13/31
259,885
28,000
(i),(o)
MKS
Inc,
(TBD)
TBD
TBD
28,079
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
287,964
SOFTWARE
&
SERVICES
-
0.9%
97,673
(i),(m)
Asurion
LLC,
Second
Lien
Term
Loan
B4,
(TSFR1M
+
5.250%)
9
.032
01/22/29
97,193
130,423
(i),(m)
Avalara,
Inc,
Term
Loan,
(TSFR3M
+
2.750%)
6
.450
03/29/32
127,652
60,408
(i)
Avaya,
Inc.,
Exit
Term
Loan,
(TSFR1M
+
3.750%),
(cash
11.167%,
PIK
7.500%)
5
.584
08/01/28
53,998
109,451
(i)
BCPE
Pequod
Buyer
Inc,
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.417
11/25/31
106,418
378,910
(i),(m)
Boxer
Parent
Company
Inc.,
Term
Loan
B,
(TSFR3M
+
3.000%)
6
.673
07/30/31
352,346
112,435
(i)
Clearwater
Analytics,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.675
04/21/32
112,470
92,635
(i),(m)
Cloud
Software
Group,
Inc.,
Term
Loan
B
(2031),
(TSFR3M
+
3.250%)
6
.950
03/24/31
85,132
66,425
(i),(m)
Cloud
Software
Group,
Inc.,
Term
Loan
B
(2032),
(TSFR3M
+
3.250%)
6
.950
08/13/32
60,968
50,326
(i)
Cotiviti
Corporation,
2nd
Amendment
Term
Loan,
(TSFR1M
+
2.750%)
6
.418
03/29/32
46,451
19,949
(i)
Cotiviti
Corporation,
Term
Loan,
(TSFR1M
+
2.750%)
6
.418
05/01/31
18,428
268,510
(i),(m)
Darktrace
PLC,
First
Lien
Term
Loan,
(TSFR3M
+
3.250%)
6
.898
10/09/31
257,805
11,000
(i),(o)
DS
Admiral
Bidco
LLC,
(TBD)
TBD
TBD
10,361
113,866
(i),(m)
Ellucian
Holdings,
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
10/09/29
110,924
14,000
(i),(o)
EP
Purchaser
LLC,
(TBD)
TBD
TBD
8,916
23,170
(i),(m)
EP
Purchaser,
LLC,
Term
Loan
B,
(TSFR3M
+
3.500%)
7
.287
11/06/28
14,717
312,592
(i),(m)
Epicor
Software
Corporation,
Term
Loan
E,
(TSFR1M
+
2.500%)
6
.168
05/30/31
307,064
115,721
(i)
Fortress
Intermediate
3,
Inc,
Term
Loan
B,
(TSFR1M
+
3.000%)
6
.669
06/27/31
114,998
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
26
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOFTWARE
&
SERVICES
(continued)
375,060
(i)
Genesys
Cloud
Services
Holdings
II
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
%
01/30/32
$
359,589
74,935
(i)
Javelin
Buyer,
Inc.,
Term
Loan,
(TSFR3M
+
2.750%)
6
.417
12/08/31
71,610
72,870
(i),(m)
Kaseya
Inc.,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.250%)
6
.918
03/22/32
68,262
39,502
(i)
Marcel
LUX
IV
SARL,
Repriced
Term
Loan,
(SOFR30A
+
2.750%)
6
.410
11/13/30
39,157
246,837
(i)
McAfee,
LLC,
First
Lien
Term
Loan
B,
(TSFR1M
+
3.000%)
6
.668
03/01/29
221,228
302,200
(i),(m)
Mitchell
International,
Inc.,
Term
Loan,
(TSFR1M
+
3.000%)
6
.668
06/17/31
289,183
381,117
(i)
Peraton
Corp.,
Term
Loan
B,
(TSFR3M
+
3.750%)
7
.517
02/01/28
326,172
45,457
(i)
Perforce
Software,
Inc.,
Add-on
Term
Loan,
(TSFR1M
+
4.750%)
8
.418
03/24/31
31,546
113,853
(i)
PointClickCare
Technologies,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
11/03/31
113,391
71,013
(i)
Press
Ganey
Holdings,
Inc.,
Repriced
Term
Loan
B,
(TSFR1M
+
3.000%)
6
.668
04/30/31
70,987
106,235
(i),(m)
Proofpoint,
Inc.,
Repriced
Term
Loan,
(TSFR3M
+
3.000%)
6
.700
08/31/28
103,004
53,341
(i)
Rackspace
Finance,
LLC,
First
Lien
First
Out
Term
Loan,
(TSFR1M
+
6.250%)
10
.044
05/15/28
53,141
276,897
(i),(m)
Rackspace
Finance,
LLC,
First
Lien
Second
Out
Term
Loan,
(TSFR1M
+
2.750%)
6
.544
05/15/28
130,834
91,506
(i),(m)
Rocket
Software,
Inc.,
Term
Loan
B,
(TSFR1M
+
3.750%)
7
.418
11/28/28
87,979
56,299
(i)
SS&C
Technologies
Inc.,
Term
Loan
B8,
(TSFR1M
+
2.000%)
5
.668
05/09/31
56,182
91,876
(i)
Synechron
Inc,
Term
Loan
B,
(TSFR3M
+
3.750%)
7
.450
10/03/31
84,641
391,059
(i),(m)
UKG
Inc.,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.167
02/10/31
374,219
100,653
(i)
VS
Buyer,
LLC,
Term
Loan
B,
(TSFR3M
+
2.250%)
5
.917
04/14/31
98,556
48,987
(i)
Zelis
Payments
Buyer,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.418
09/28/29
47,557
TOTAL
SOFTWARE
&
SERVICES
4,513,079
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.2%
412,135
(i),(m)
Delta
TopCo,
Inc.,
Term
Loan
B,
(TSFR1M
+
2.750%)
6
.421
11/30/29
399,611
56,238
(i)
Ingram
Micro
Inc.,
Term
Loan,
(TSFR3M
+
2.250%)
5
.935
09/22/31
56,449
33,555
(i)
Riverbed
Technology,
Inc.,
PIK
Term
Loan,
(TSFR3M
+
1.250%),
(cash
6.199%,
PIK
2.000%)
3
.100
07/03/28
15,184
15,966
(i),(m)
SonicWall
US
Holdings
Inc.,
Term
Loan,
(TSFR3M
+
5.000%)
8
.700
05/16/28
5,229
25,000
(i)
Spectris
Plc,
Term
Loan,
(TSFR3M
+
2.750%)
6
.450
12/06/32
25,078
20,784
(i)
ViaSat,
Inc.,
Term
Loan,
(TSFR1M
+
4.500%)
8
.282
03/05/29
20,876
195,990
(i)
ViaSat,
Inc.,
Term
Loan,
(TSFR1M
+
4.500%)
8
.289
05/30/30
196,448
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
718,875
TELECOMMUNICATION
SERVICES
-
0.7%
259,532
(i)
Cincinnati
Bell,
Inc.,
Term
Loan
B4,
(TSFR1M
+
2.250%)
5
.918
11/24/28
259,393
123,737
(i)
Connect
Finco
Sarl,
Extended
Term
Loan
B,
(TSFR1M
+
4.500%)
8
.168
09/28/29
124,182
342,000
(i),(m)
Connect
Holding
II
LLC,
Delayed
Draw
Term
Loan,
(TSFR1M
+
4.250%)
7
.926
04/03/31
319,214
201,761
(b),(i)
Cyxtera
DC
Holdings,
Inc.,
Term
Loan
B
0
.000
07/16/26
1,110
177,555
(i)
Digicel
International
Finance
Limited,
Term
Loan
B,
(TSFR1M
+
5.250%)
8
.917
08/09/32
177,777
76,588
(i)
Iridium
Satellite
LLC,
Term
Loan
B,
(TSFR1M
+
2.250%)
5
.918
09/20/30
75,088
363,000
(i),(m)
Level
3
Financing
Inc.,
Repriced
Term
Loan
B4,
(TSFR1M
+
3.250%)
6
.918
03/29/32
363,492
238,000
(i)
Telesat
Canada,
Term
Loan
B5,
(TSFR3M
+
2.750%)
6
.684
12/07/26
190,825
145,635
(i)
Windstream
Services
LLC,
Term
Loan
B,
(TSFR1M
+
4.000%)
7
.668
10/06/32
146,091
1,380,724
(i),(m)
Zayo
Group
Holdings,
Inc.,
Term
Loan,
(TSFR1M
+
1.750%)
3
.641
03/11/30
1,358,211
TOTAL
TELECOMMUNICATION
SERVICES
3,015,383
TRANSPORTATION
-
0.4%
161,404
(i)
Air
Canada,
Term
Loan
B,
(TSFR3M
+
1.750%)
5
.417
03/21/31
160,395
151,758
(i),(m)
American
Airlines,
Inc.,
Term
Loan,
(TSFR3M
+
2.250%)
5
.918
04/20/28
150,620
121,096
(i)
Brown
Group
Holding,
LLC,
Incremental
Term
Loan
B2,
(TSFR1M
+
TSFR3M
+
2.500%)
6
.169
07/01/31
121,437
184,580
(i)
Brown
Group
Holding,
LLC,
Term
Loan
B,
(TSFR1M
+
2.500%)
6
.168
07/01/31
185,053
98,315
(i)
First
Student
Bidco
Inc,
(TSFR1M
+
2.500%)
6
.200
08/15/30
98,120
23,669
(i),(o)
First
Student
Bidco
Inc,
Term
Loan
B,
(TBD)
TBD
TBD
23,622
22,320
(i),(m)
First
Student
Bidco
Inc,
Term
Loan
C,
(TSFR3M
+
2.250%)
5
.950
08/15/30
22,276
115,000
(i),(m)
Genesee
&
Wyoming
Inc.
(New),
Term
Loan
B,
(TSFR3M
+
1.750%)
5
.450
04/10/31
114,581
22,550
(i),(m)
Hertz
Corp/The,
(TSFR3M
+
3.500%)
8
.861
06/30/28
16,772
27
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
TRANSPORTATION
(continued)
4,450
(i),(m)
Hertz
Corp/The,
(TSFR3M
+
3.500%)
8
.300
%
06/30/28
$
3,310
288,422
(i)
KKR
Apple
Bidco,
LLC,
Term
Loan,
(TSFR1M
+
2.500%)
6
.168
09/23/31
288,919
125,000
(i),(o)
LSF12
Phoenix
Holdco
LLC,
(TBD)
TBD
TBD
123,906
87,856
(i)
PODS,
LLC,
Term
Loan
B,
(TSFR1M
+
3.000%)
6
.782
03/31/28
87,519
172,604
(i)
Stonepeak
Nile
Parent
LLC,
Term
Loan
B,
(TSFR3M
+
2.250%)
5
.917
04/09/32
172,541
97,378
(i)
United
Airlines,
Inc.,
Term
Loan
B,
(TSFR1M
+
1.750%)
5
.431
02/24/31
97,348
154,800
(i),(m)
WestJet
Loyalty
LP,
Term
Loan
B,
(TSFR3M
+
2.750%)
6
.450
02/14/31
150,792
TOTAL
TRANSPORTATION
1,817,211
UTILITIES
-
0.3%
112,751
(i)
Cornerstone
Generation
LLC,
Term
Loan
B,
(TSFR3M
+
2.250%)
5
.917
08/11/32
112,993
74,078
(i)
Invenergy
Thermal
Operating
I
LLC,
Term
Loan
B,
(SOFR90A
+
2.750%)
6
.380
05/06/32
74,355
4,688
(i)
Invenergy
Thermal
Operating
I
LLC,
Term
Loan
C,
(SOFR90A
+
2.750%)
6
.380
05/06/32
4,705
141,822
(i),(m)
NRG
Energy,
Inc.,
Term
Loan,
(TSFR3M
+
1.750%)
5
.521
04/16/31
142,276
646,438
(i)
Talen
Energy
Supply,
LLC,
Incremental
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.153
12/15/31
648,391
217,447
(i)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR3M
+
2.500%)
6
.153
05/17/30
218,114
242,692
(i),(m)
Talen
Energy
Supply,
LLC,
Term
Loan
B,
(TSFR1M
+
2.000%)
5
.668
11/26/32
243,169
2,812
(i)
Vistra
Operations
Company
LLC,
First
Lien
Term
Loan
B3,
(TSFR1M
+
1.750%)
5
.418
12/20/30
2,819
TOTAL
UTILITIES
1,446,822
TOTAL
VARIABLE
RATE
SENIOR
LOAN
INTERESTS
(Cost
$48,371,485)
47,737,226
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$617,026,769)
664,869,020
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.6%(1.1%
of
Total
Investments)
7300000
REPURCHASE
AGREEMENTS
-
1
.6
%
(
1
.1
%
of
Total
Investments)
7300000
7,300,000
(q)
Fixed
Income
Clearing
Corporation
3
.600
04/01/26
7,300,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$7,300,000)
7,300,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$7,300,000)
7,300,000
TOTAL
INVESTMENTS
-
146
.7
%
(Cost
$
624,326,769
)
672,169,020
BORROWINGS
-
(40.1)%
(r),(s)
(
183,836,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(5.7)%(t)
(
26,025,079
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  (0.9)%
(
4,115,207
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
458,192,734
ADR
American
Depositary
Receipt
BRL
Brazilian
Real
CLP
Chilean
Peso
COP
Colombian
Peso
CZK
Czech
Koruna
EUR
Euro
GDR
Global
Depositary
Receipt
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KZT
Kazakhstani
Tenge
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
PEN
Peruvian
Sol
PIK
Payment-in-kind
(“PIK”)
security.  Depending
on
the
terms
of
the
security,
income
may
be
received
in
the
form
of
cash,
securities,
or
a
combination
of
both.  The
PIK
rate
shown,
where
applicable,
represents
the
annualized
rate
of
the
last
PIK
payment
made
by
the
issuer
as
of
the
end
of
the
reporting
period.
Portfolio
of
Investments
March
31,
2026
(continued)
NMAI
28
Principal
denominated
in
U.S.
Dollars,
unless
otherwise
noted. 
PLN
Polish
Zloty
Reg
S
Regulation
S
allows
U.S.
companies
to
sell
securities
to
persons
or
entities
located
outside
of
the
United
States
without
registering
those
securities
with
the
Securities
and
Exchange
Commission.
Specifically,
Regulation
S
provides
a
safe
harbor
from
the
registration
requirements
of
the
Securities
Act
for
the
offers
and
sales
of
securities
by
both
foreign
and
domestic
issuers
that
are
made
outside
the
United
States.
RON
Romanian
Leu
SOFR30A
30
Day
Average
Secured
Overnight
Financing
Rate
SOFR90A
90
Day
Average
Secured
Overnight
Financing
Rate
TBD
Senior
loan
purchased
on
a
when-issued
or
delayed-delivery
basis.
Certain
details
associated
with
this
purchase
are
not
known
prior
to
the
settlement
date
of
the
transaction.
In
addition,
senior
loans
typically
trade
without
accrued
interest
and
therefore
a
coupon
rate
is
not
available
prior
to
settlement.
At
settlement,
if
still
unknown,
the
borrower
or
counterparty
will
provide
the
Fund
with
the
final
coupon
rate
and
maturity
date.
TRY
Turkish
Lira
TSFR1M
CME
Term
Secured
Overnight
Financing
Rate
1
Month
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
TSFR6M
CME
Term
Secured
Overnight
Financing
Rate
6
Month
UGX
Ugandan
Shilling
UYU
Uruguayan
Peso
ZAR
South
African
Rand
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
fiscal
period,
the
aggregate
value
of
these
securities
is
$119,327,912
or
17.8%
of
Total
Investments.
(b)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(c)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
fiscal
period
was
$104,430,992.
(d)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(e)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(f)
Contains
$1,000
Par
Preferred
and/or
Contingent
Capital
Securities.
(g)
Perpetual
security.
Maturity
date
is
not
applicable.
(h)
$1,000
Par
Institutional
Preferred
security.
As
of
the
end
of
the
period,
the
percent
of
$1,000
Par
Institutional
Preferred
securities
was
3.8%
of
Total
Investments.
(i)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
when
applicable.  For
mortgage-backed
or
asset-backed
securities
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(j)
Contingent
Capital
Securities
(“CoCos”)
are
debt
or
preferred
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer,
for
example
an
automatic
write-down
of
principal
or
a
mandatory
conversion
into
the
issuer’s
common
stock
under
certain
adverse
circumstances,
such
as
the
issuer’s
capital
ratio
falling
below
a
specified
level.
As
of
the
end
of
the
reporting
period,
the
Fund’s
total
investment
in
CoCos
was
3.1%
of
Total
Investments.
(k)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
fiscal
period,
investments
with
a
value
of
$27,713,945
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(l)
Principal
amount
for
interest
accrual
purposes
is
periodically
adjusted
based
on
changes
in
the
Consumer
Price
Index.
(m)
Portion
of
investment
purchased
on
a
delayed
delivery
basis.
(n)
Investment,
or
portion
of
investment,
represents
an
outstanding
unfunded
senior
loan
commitment.
(o)
When-issued
or
delayed
delivery
security.
(p)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(q)
Agreement
with
Fixed
Income
Clearing
Corporation,
3.600%
dated
3/31/26
to
be
repurchased
at
$7,300,730
on
4/1/26,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.750%
and
maturity
date
2/15/56,
valued
at
$7,446,224.
(r)
Borrowings
as
a
percentage
of
Total
Investments
is
27.3%.
(s)
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
$325,902,211
have
been
pledged
as
collateral
for
borrowings.
(t)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
3.9%.
29
Investments
in
Derivatives
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Forward
Foreign
Currency
Contracts
Currency
Purchased
Notional
Amount
(Local
Currency)
Currency
Sold
Notional
Amount
(Local
Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
$
901,448
EUR
766,535
Morgan
Stanley
Capital
Services
LLC
4/08/26
$
15,200
Total
        $15,200
Total
unrealized
appreciation
on
forward
foreign
currency
contracts
        $15,200
Total
unrealized
depreciation
on
forward
foreign
currency
contracts
        $–
EUR
Euro
NMAI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Asset-Backed
Securities
$
–
$
3,760,629
$
209,457
$
3,970,086
Common
Stocks
237,792,138
121,640,647
8
359,432,793
Corporate
Bonds
–
92,238,611
–
92,238,611
Emerging
Market
Debt
and
Foreign
Corporate
Bonds
–
71,339,595
1,446,700
72,786,295
Mortgage-Backed
Securities
–
50,409,055
–
50,409,055
Preferred
Stock
5,013,135
–
–
5,013,135
U.S.
Government
and
Agency
Obligations
–
33,281,819
–
33,281,819
Variable
Rate
Senior
Loan
Interests
–
47,736,099
1,127
47,737,226
Short-Term
Investments:
Repurchase
Agreements
–
7,300,000
–
7,300,000
Investments
in
Derivatives:
Forward
Foreign
Currency
Contracts*
–
15,200
–
15,200
Total
$
242,805,273
$
427,721,655
$
1,657,292
$
672,184,220
*
Represents
net
unrealized
appreciation
(depreciation).