1

Portfolio

of

Investments

March

31,

2025

JRS

(Unaudited)

SHARES

DESCRIPTION

RATE

VALUE

LONG-TERM

INVESTMENTS

-

143.3%

(98.0%

of

Total

Investments)

95673929

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

38.0%

(26.0%

of

Total

Investments)

95673929

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

37.1%

123,025

Agree

Realty

Corp

4.250

%

$

2,117,260

102,970

American

Homes

4

Rent

6.250

2,432,151

63,105

American

Homes

4

Rent

5.875

1,400,931

34,560

Armada

Hoffler

Properties

Inc

6.750

761,702

90,130

Chatham

Lodging

Trust

6.625

1,774,660

10,000

CTO

Realty

Growth

Inc

6.375

204,900

134,915

DiamondRock

Hospitality

Co

8.250

3,341,845

194,920

Digital

Realty

Trust

Inc

5.200

3,921,791

105,960

Digital

Realty

Trust

Inc

5.250

2,218,802

96,245

Digital

Realty

Trust

Inc

5.850

2,245,396

12,465

EPR

Properties

5.750

257,402

144,110

Federal

Realty

Investment

Trust

5.000

2,942,726

12,713

Highwoods

Properties

Inc

8.625

13,306,457

126,039

Kimco

Realty

Corp

5.125

2,597,664

156,704

Kimco

Realty

Corp

5.250

3,279,815

34,353

Mid-America

Apartment

Communities

Inc

8.500

1,910,542

74,661

National

Storage

Affiliates

Trust

6.000

1,634,329

151,610

Pebblebrook

Hotel

Trust

6.375

2,685,013

88,100

Pebblebrook

Hotel

Trust

5.700

1,436,911

21,740

Pebblebrook

Hotel

Trust

6.300

380,667

56,719

Prologis

Inc

8.540

3,105,365

72,365

Public

Storage

4.000

1,176,655

88,555

Public

Storage

4.625

1,673,690

227,370

Public

Storage

5.600

5,213,594

112,599

Public

Storage

5.050

2,355,571

79,910

Public

Storage

4.875

1,606,990

60,045

Regency

Centers

Corp

6.250

1,401,450

51,590

Regency

Centers

Corp

5.875

1,130,853

23,316

Rexford

Industrial

Realty

Inc

5.875

533,936

158,030

Rexford

Industrial

Realty

Inc

5.625

3,437,153

19,725

Saul

Centers

Inc

6.125

412,055

130,415

Saul

Centers

Inc

6.000

2,687,853

3,184

Simon

Property

Group

Inc

8.375

191,040

144,320

SL

Green

Realty

Corp

6.500

3,238,541

41,335

Sunstone

Hotel

Investors

Inc

6.125

818,020

64,310

Sunstone

Hotel

Investors

Inc

5.700

1,191,021

12,175

UMH

Properties

Inc

6.375

272,477

176,330

Vornado

Realty

Trust

4.450

2,579,708

226,090

Vornado

Realty

Trust

5.250

3,732,746

222,827

Vornado

Realty

Trust

5.250

3,640,993

126,524

Vornado

Realty

Trust

5.400

2,134,460

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

93,385,135

FINANCIAL

SERVICES

-

0.9%

44,840

DigitalBridge

Group

Inc

7.125

1,052,395

52,815

DigitalBridge

Group

Inc

7.150

1,236,399

TOTAL

FINANCIAL

SERVICES

2,288,794

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$113,142,198)

95,673,929

SHARES

DESCRIPTION

VALUE

262492132

COMMON

STOCKS

-

104.2%

(71.2%

of

Total

Investments)

262492132

DATA

CENTER

REITS

-

11.5%

114,299

Digital

Realty

Trust

Inc

16,377,904

15,360

Equinix

Inc

12,523,776

TOTAL

DATA

CENTER

REITS

28,901,680

Portfolio

of

Investments

March

31,

2025

(continued)

JRS

2

SHARES

DESCRIPTION

VALUE

HEALTH

CARE

REITS

-

16.3%

55,159

Alexandria

Real

Estate

Equities

Inc

$

5,102,759

369,453

Healthpeak

Properties

Inc

7,470,340

266,170

Ventas

Inc

18,301,849

65,071

Welltower

Inc

9,969,528

TOTAL

HEALTH

CARE

REITS

40,844,476

HOTEL

&

RESORT

REITS

-

2.5%

293,261

Host

Hotels

&

Resorts

Inc

4,167,239

91,395

Sunstone

Hotel

Investors

Inc

860,027

107,027

Xenia

Hotels

&

Resorts

Inc

1,258,637

TOTAL

HOTEL

&

RESORT

REITS

6,285,903

INDUSTRIAL

REITS

-

12.2%

154,285

First

Industrial

Realty

Trust

Inc

8,325,218

184,406

Prologis

Inc

20,614,747

42,445

Rexford

Industrial

Realty

Inc

1,661,722

TOTAL

INDUSTRIAL

REITS

30,601,687

MULTI-FAMILY

RESIDENTIAL

REITS

-

15.4%

34,207

AvalonBay

Communities

Inc

7,341,506

94,659

Camden

Property

Trust

11,576,796

100,769

Equity

Residential

7,213,045

17,175

Essex

Property

Trust

Inc

5,265,340

21,495

Mid-America

Apartment

Communities

Inc

3,602,132

82,145

UDR

Inc

3,710,490

TOTAL

MULTI-FAMILY

RESIDENTIAL

REITS

38,709,309

OFFICE

REITS

-

6.7%

70,455

BXP

Inc

4,733,871

96,055

Cousins

Properties

Inc

2,833,622

102,190

Douglas

Emmett

Inc

1,635,040

25,110

JBG

SMITH

Properties

404,522

145,200

Kilroy

Realty

Corp

4,756,752

44,120

SL

Green

Realty

Corp

2,545,724

TOTAL

OFFICE

REITS

16,909,531

OTHER

SPECIALIZED

REITS

-

2.5%

196,290

VICI

Properties

Inc

6,402,980

TOTAL

OTHER

SPECIALIZED

REITS

6,402,980

RETAIL

REITS

-

19.3%

107,320

Acadia

Realty

Trust

2,248,354

28,020

Agree

Realty

Corp

2,162,864

86,285

Federal

Realty

Investment

Trust

8,440,399

183,245

Kimco

Realty

Corp

3,892,124

354,706

Kite

Realty

Group

Trust

7,934,773

176,604

Macerich

Co/The

3,032,291

33,410

NNN

REIT

Inc

1,424,936

145,295

Realty

Income

Corp

8,428,563

68,429

Simon

Property

Group

Inc

11,364,688

TOTAL

RETAIL

REITS

48,928,992

SELF-STORAGE

REITS

-

8.9%

209,197

CubeSmart

8,934,804

36,060

Extra

Space

Storage

Inc

5,354,549

28,130

Public

Storage

8,419,028

TOTAL

SELF-STORAGE

REITS

22,708,381

SINGLE-FAMILY

RESIDENTIAL

REITS

-

6.9%

179,127

American

Homes

4

Rent,

Class

A

6,772,792

127,110

Invitation

Homes

Inc

4,429,783

46,515

Sun

Communities

Inc

5,983,690

TOTAL

SINGLE-FAMILY

RESIDENTIAL

REITS

17,186,265

TELECOM

TOWER

REITS

-

2.0%

22,785

SBA

Communications

Corp

5,012,928

TOTAL

TELECOM

TOWER

REITS

5,012,928

TOTAL

COMMON

STOCKS

(Cost

$198,491,216)

262,492,132

3

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

Investments

in

Derivatives

SHARES

DESCRIPTION

RATE

VALUE

1,813,823

CONVERTIBLE

PREFERRED

SECURITIES

-

0.7%

(0.5%

of

Total

Investments)

1,813,823

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.7%

30,155

Kimco

Realty

Corp

7.250

%

$

1,813,823

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,813,823

TOTAL

CONVERTIBLE

PREFERRED

SECURITIES

(Cost

$1,495,537)

1,813,823

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

948,728

CORPORATE

BONDS

-

0.4%

(0.3%

of

Total

Investments)

948,728

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

0.4%

$

1,000,000

Healthpeak

OP

LLC

3.500

07/15/29

948,728

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

948,728

TOTAL

CORPORATE

BONDS

(Cost

$947,174)

948,728

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$314,076,125)

360,928,612

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 3.0%(2.0%

of

Total

Investments)

7472316

REPURCHASE

AGREEMENTS

-

3.0%

(2.0%

of

Total

Investments)

7472316

7,225,000

(a)

Fixed

Income

Clearing

Corporation

4.350

04/01/25

7,225,000

247,316

(b)

Fixed

Income

Clearing

Corporation

1.360

04/01/25

247,316

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$7,472,316)

7,472,316

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$7,472,316)

7,472,316

TOTAL

INVESTMENTS

-

146.3%

(Cost

$321,548,441

)

368,400,928

BORROWINGS

-

(44.6)%

(c),(d)

(112,400,000)

OTHER

ASSETS

&

LIABILITIES,

NET

-  (1.7)%

(4,195,321)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

251,805,607

REIT

Real

Estate

Investment

Trust

(a)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.350%

dated

3/31/25

to

be

repurchased

at

$7,225,873

on

4/1/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.250%

and

maturity

date

11/15/34,

valued

at

$7,369,574.

(b)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.360%

dated

3/31/25

to

be

repurchased

at

$247,325

on

4/1/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.375%

and

maturity

date

5/15/34,

valued

at

$252,295.

(c)

Borrowings

as

a

percentage

of

Total

Investments

is

30.5%.

(d)

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

$205,933,795

have

been

pledged

as

collateral

for

borrowings.

Interest

Rate

Swaps

-

OTC

Uncleared

Counterparty

Fund

Pay/Receive

Floating

Rate

Floating

Rate

Index

Fixed

Rate

(Annualized)

Fixed

Rate

Payment

Frequency

Effective

Date

(a)

Optional

Termination

Date

Maturity

Date

Notional

Amount(b)

Value

Unrealized

Appreciation

(Depreciation)

Morgan

Stanley

Receive

SOFR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

72,400,000

$

600,590

$

600,590

SOFR

Secured

Overnight

Financing

Rate

(a)

Effective

date

represents

the

date

on

which

both

the

Fund

and

counterparty

commence

interest

payment

accruals

on

each

contract.

(b)

The

maximum

potential

amount

the

Fund

could

be

required

to

pay

as

a

seller

of

credit

protection

or

receive

as

a

buyer

of

credit

protection

if

a

credit

event

occurs

is

defined

under

the

terms

of

that

particular

swap

agreement.

This

amount

may

be

reduced

by

any

recoverable

assets,

if

applicable.

Portfolio

of

Investments

March

31,

2025

(continued)

JRS

4

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:

JRS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$25

Par

(or

similar)

Retail

Preferred

$

95,673,929

$

–

$

–

$

95,673,929

Common

Stocks

262,492,132

–

–

262,492,132

Convertible

Preferred

Securities

1,813,823

–

–

1,813,823

Corporate

Bonds

–

948,728

–

948,728

Short-Term

Investments:

Repurchase

Agreements

–

7,472,316

–

7,472,316

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

600,590

–

600,590

Total

$

359,979,884

$

9,021,634

$

–

$

369,001,518

*

Represents

net

unrealized

appreciation

(depreciation).