1

Portfolio

of

Investments

March

31,

2025

JLS

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

128.4%

(99.3%

of

Total

Investments)

ASSET-BACKED

SECURITIES

-

38.0%

(29.4%

of

Total

Investments)

–

$

1,273,704

(a)

AASET

2020-1

Trust,

Series

2020

1A

6.413

%

01/16/40

$

722,707

1,500,000

(a),(b)

ACRE

Commercial

Mortgage

2021-FL4

Ltd,

Series

2021

FL4,

(TSFR1M

+

2.714%)

7.031

12/18/37

1,452,568

515,000

(a)

Affirm

Asset

Securitization

Trust

2023-B,

Series

2023

B

11.320

09/15/28

524,018

394,956

(a)

Air

Canada

2020-2

Class

B

Pass

Through

Trust,

Series

2020

A

9.000

10/01/25

398,577

750,000

(a),(b)

Apidos

CLO

XLII

Ltd,

Series

2022

42A,

(TSFR3M

+

3.650%)

7.971

04/20/38

743,500

375,000

(a),(b)

Armor

RE

II

Ltd,

(3-Month

U.S.

Treasury

Bill

+

8.500%)

0.000

01/07/28

379,950

550,000

(a)

Avis

Budget

Rental

Car

Funding

AESOP

LLC,

Series

2021

2A

4.080

02/20/28

520,681

750,000

(a),(b)

Bonanza

RE

Ltd,

(3-Month

U.S.

Treasury

Bill

+

8.450%)

12.787

01/08/26

765,900

307,860

(a),(c)

British

Airways

2020-1

Class

B

Pass

Through

Trust,

Series

2020

A

8.375

11/15/28

323,096

2,000,000

(a),(c)

Cars

Net

Lease

Mortgage

Notes

Series

2020-1,

Series

2020

1A

4.690

12/15/50

1,841,963

775,000

(a)

CARS-DB4

LP,

Series

2020

1A

4.520

02/15/50

746,937

2,300

(a),(d)

Carvana

Auto

Receivables

Trust

2021-N1,

Series

2021

N1

0.000

01/10/28

122,130

2,500

(a),(d)

Carvana

Auto

Receivables

Trust

2021-P2,

Series

2021

P2

0.000

05/10/28

366,250

250,000

(a),(b)

Cayuga

Park

CLO

Ltd,

Series

2020

1A,

(TSFR3M

+

6.262%)

1.000

07/17/34

245,706

1,000,000

(a)

Centersquare

Issuer

LLC,

Series

2024

1A

5.600

10/26/54

960,580

385,000

(a),(b)

CIFC

Funding

2020-II

Ltd,

Series

2020

2A,

(LIBOR

3

M

+

6.762%)

11.055

10/20/34

385,963

700,000

(a),(b)

CIFC

Funding

2022-II

Ltd,

Series

2022

2A,

(TSFR3M

+

4.750%)

9.066

04/19/35

701,566

750,000

(a),(b)

CIFC

Funding

2022-IV

Ltd,

Series

2022

4A,

(SOFR

+

3.550%)

7.858

07/16/35

751,826

250,000

(a),(b)

Citrus

Re

Ltd,

(3-Month

U.S.

Treasury

Bill

+

5.060%)

5.100

06/07/25

251,375

250,000

(a)

Cologix

Data

Centers

US

Issuer

LLC,

Series

2021

1A

5.990

12/26/51

236,664

1,000,000

(a),(b)

Elmwood

CLO

26

Ltd,

Series

2024

1A,

(TSFR3M

+

6.450%)

10.743

04/18/37

1,009,923

904,425

(a)

EWC

Master

Issuer

LLC,

Series

2022

1A

5.500

03/15/52

888,014

500,000

(a)

ExteNet

Issuer

LLC,

Series

2024

1A

9.050

07/25/54

522,995

1,500,000

(a),(e)

Frontier

Issuer

LLC,

Series

2023

1

8.300

08/20/53

1,550,080

1,500,000

(a)

Frontier

Issuer

LLC,

Series

2023

1

11.500

08/20/53

1,587,493

500,000

(a),(b)

GoldentTree

Loan

Management

US

CLO

1

Ltd,

Series

2021

11A,

(LIBOR

3

M

+

7.762%)

12.379

10/20/34

487,718

1,000,000

(a),(b)

GRACIE

POINT

INTERNATIONAL

FUNDING

2023-2,

Series

2023

2A,

(SOFR90A

+

5.400%)

9.824

03/01/27

1,010,098

173,000

(a),(b)

Gracie

Point

International

Funding

2024-1

LLC,

Series

2024

1A,

(SOFR90A

+

7.150%)

11.572

03/01/28

173,121

478,750

(a)

Hardee's

Funding

LLC,

Series

2020

1A

3.981

12/20/50

455,703

250,000

(a)

Hertz

Vehicle

Financing

III

LLC,

Series

2022

1A

4.850

06/25/26

249,288

250,000

(a),(b)

Hestia

Re

Ltd,

(1-Month

U.S.

Treasury

Bill

+

10.080%)

14.372

04/22/25

233,750

164,970

(a)

HIN

Timeshare

Trust

2020-A,

Series

2020

A

5.500

10/09/39

160,547

117,836

(a)

HIN

Timeshare

Trust

2020-A,

Series

2020

A

6.500

10/09/39

112,936

750,000

(a)

Hotwire

Funding

LLC,

Series

2024

1A

9.188

06/20/54

786,599

229,016

(a)

LUNAR

AIRCRAFT

2020-1

LTD,

Series

2020

1A

3.376

02/15/45

221,144

1,125,000

(a),(b)

Magnetite

XXIII

Ltd,

Series

2019

23A,

(TSFR3M

+

6.562%)

7.484

01/25/35

1,129,426

1,000,000

(a)

MetroNet

Infrastructure

Issuer

LLC,

Series

2024

1A

10.860

04/20/54

1,075,523

125,000

(a)

MetroNet

Infrastructure

Issuer

LLC,

Series

2023

1A

8.010

04/20/53

130,040

125,000

(a)

MetroNet

Infrastructure

Issuer

LLC,

Series

2023

1A

10.850

04/20/53

133,997

1,000,000

(a)

Mexico

Remittances

Funding

Fiduciary

Estate

Management

Sarl

12.500

10/15/31

990,000

1,525,000

(a),(d)

Mosaic

Solar

Loan

Trust

2019-2,

Series

2019

2A

0.000

09/20/40

552,050

539,794

(a)

Mosaic

Solar

Loan

Trust

2020-2,

Series

2020

2A

5.420

08/20/46

500,995

1,000,000

(a)

Mosaic

Solar

Loan

Trust

2024-1,

Series

2024

1A

10.000

09/20/49

837,265

128,709

(a)

MVW

2020-1

LLC,

Series

2020

1A

7.140

10/20/37

128,015

178,262

(a)

Oportun

Funding

2022-1

LLC,

Series

2022

1

6.000

06/15/29

178,341

479,021

(a)

Oportun

Issuance

Trust

2021-B,

Series

2021

B

5.410

05/08/31

470,399

253,816

(a)

Oportun

Issuance

Trust

2021-C,

Series

2021

C

5.570

10/08/31

248,573

2,000,000

(a)

Oportun

Issuance

Trust

2024-1,

Series

2024

1A

12.072

04/08/31

2,065,810

625,000

(a),(b)

Palmer

Square

CLO

Ltd,

Series

2022

1A,

(TSFR3M

+

6.350%)

10.643

04/20/35

627,094

500,000

(a),(b)

Rad

CLO

6

Ltd,

Series

2019

6A,

(TSFR3M

+

6.750%)

11.043

10/20/37

500,894

750,000

(a),(b)

Rad

CLO

7

Ltd,

Series

2020

7A,

(TSFR3M

+

4.150%)

8.453

04/17/36

752,269

500,000

(a),(b)

Residential

Reinsurance

2022

Ltd,

(3-Month

U.S.

Treasury

Bill

+

7.690%)

11.982

12/06/26

521,500

137,847

(a)

Sierra

Timeshare

2020-2

Receivables

Funding

LLC,

Series

2020

2A

6.590

07/20/37

137,704

1,000,000

(a),(b)

Sixth

Street

CLO

XIX

Ltd,

Series

2021

19A,

(LIBOR

3

M

+

6.162%)

6.035

07/20/34

1,003,973

Portfolio

of

Investments

March

31,

2025

(continued)

JLS

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

(continued)

$

474,591

(a)

Start

II

LTD,

Series

2019

1

5.095

%

03/15/44

$

472,486

447,640

(a),(b)

Sunnova

Helios

XII

Issuer

LLC,

Series

2023

B

6.000

08/22/50

360,413

1,000,000

(a),(b)

TCW

CLO

2021-2

Ltd,

Series

2021

2A,

(LIBOR

3

M

+

7.122%)

11.747

07/25/34

975,000

1,000,000

(a)

Uniti

Fiber

Abs

Issuer

Llc,

Series

2025

1A

9.120

04/20/55

1,018,667

500,000

(a),(b)

Ursa

Re

II

Ltd,

(3-Month

U.S.

Treasury

Bill

+

7.000%)

11.292

12/06/25

512,500

733,051

(a)

Vivint

Solar

Financing

V

LLC,

Series

2018

1A

7.370

04/30/48

693,921

289,332

(a)

VR

Funding

LLC,

Series

2020

1A

6.420

11/15/50

283,920

500,000

(a)

Zayo

Issuer

LLC,

Series

2025

1A

8.659

03/20/55

505,164

1,000,000

(a)

Ziply

Fiber

Issuer

LLC,

Series

2024

1A

11.170

04/20/54

1,073,017

500,000

(a)

Ziply

Fiber

Issuer

LLC,

Series

2024

1A

7.810

04/20/54

518,382

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$41,981,215)

40,288,704

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

90.4%

(69.9%

of

Total

Investments)

–

500,000

(a),(b)

Alen

2021-ACEN

Mortgage

Trust,

Series

2021

ACEN,

(TSFR1M

+

4.114%)

8.434

04/15/34

308,750

1,000,000

(b),(c)

BANK

2017-BNK6,

Series

2017

BNK6

3.851

07/15/60

915,925

1,000,000

(a),(c)

BANK

2019-BNK21,

Series

2019

BN21

2.500

10/17/52

715,624

1,000,000

(a),(b)

BBCMS

Mortgage

Trust

2020-C6,

Series

2020

C6

3.688

02/15/53

816,273

1,750,000

(a),(b)

BBCMS

Trust

2015-SRCH,

Series

2015

SRCH

4.957

08/10/35

1,610,166

500,000

(b)

Benchmark

2018-B2

Mortgage

Trust,

Series

2018

B2

4.305

02/15/51

392,564

1,100,000

(b)

Benchmark

2019-B14

Mortgage

Trust,

Series

2019

B14

3.754

12/15/62

861,427

1,500,000

(a)

Benchmark

2020-B18

Mortgage

Trust,

Series

2020

B18

4.139

07/15/53

1,453,429

1,000,000

(b)

Cantor

Commercial

Real

Estate

Lending

2019-CF1,

Series

2019

CF1

4.352

05/15/52

807,055

845,000

(b)

CD

2016-CD1

Mortgage

Trust,

Series

2016

CD1

3.631

08/10/49

599,989

1,500,000

(b)

CD

2016-CD2

Mortgage

Trust,

Series

2016

CD2

3.952

11/10/49

896,214

1,978,000

(b)

CD

2017-CD3

Mortgage

Trust,

Series

2017

CD3

4.539

02/10/50

841,101

24,041

(a),(b)

CF

2020-P1

Mortgage

Trust,

Series

2020

P1

2.840

04/15/25

23,969

672,000

(a),(b)

CFK

Trust

2019-FAX,

Series

2019

FAX

4.637

01/15/39

621,616

352,524

(b)

CHL

Mortgage

Pass-Through

Trust

2006-HYB1,

Series

2006

HYB1

4.974

03/20/36

328,525

1,499,645

(a),(b)

COMM

2013-LC13

Mortgage

Trust,

Series

2013

LC13

5.372

08/10/46

1,288,082

925,000

(b)

COMM

2014-CCRE15

Mortgage

Trust,

Series

2014

CR15

3.970

02/10/47

877,858

755,772

(c)

COMM

2014-CCRE17

Mortgage

Trust,

Series

2014

CR17

4.377

05/10/47

739,100

647,344

(b),(c)

COMM

2014-CR14

Mortgage

Trust,

Series

2014

CR14

3.572

02/10/47

621,450

1,500,000

(a),(b)

COMM

2014-UBS3

Mortgage

Trust,

Series

2014

UBS3

4.767

06/10/47

713,910

1,400,000

(a)

COMM

2015-CCRE22

Mortgage

Trust,

Series

2015

CR22

3.000

03/10/48

972,281

2,000,000

(b),(c)

COMM

2015-CCRE23

Mortgage

Trust,

Series

2015

CR23

4.492

05/10/48

1,629,101

1,800,000

(b)

COMM

2015-CCRE24

Mortgage

Trust,

Series

2015

CR24

3.463

08/10/48

1,493,478

892,000

(b),(c)

COMM

2015-CCRE25

Mortgage

Trust,

Series

2015

CR25

4.517

08/10/48

869,946

1,245,000

(b),(c)

COMM

2015-CCRE25

Mortgage

Trust,

Series

2015

CR25

3.768

08/10/48

1,165,663

625,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2021-R03,

Series

2021

R03,

(SOFR30A

+

5.500%)

9.840

12/25/41

650,686

2,100,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R01,

Series

2022

R01,

(SOFR30A

+

6.000%)

10.340

12/25/41

2,199,238

1,000,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R03,

Series

2022

R03,

(SOFR30A

+

9.850%)

14.823

03/25/42

1,124,806

2,840,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R05,

Series

2022

R05,

(SOFR30A

+

7.000%)

11.340

04/25/42

3,071,497

960,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2022-R07,

Series

2022

R07,

(SOFR30A

+

6.800%)

11.136

06/25/42

1,065,057

1,900,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2022-R07,

Series

2022

R07,

(SOFR30A

+

12.000%)

16.336

06/25/42

2,250,926

4,000,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R02,

Series

2023

R02,

(SOFR30A

+

5.550%)

9.890

01/25/43

4,373,124

2,000,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R04,

Series

2023

R04,

(SOFR30A

+

5.350%)

9.686

05/25/43

2,185,658

2,250,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R05,

Series

2023

R05,

(SOFR30A

+

4.750%)

9.086

06/25/43

2,430,847

2,280,000

(a),(b),(c)

Connecticut

Avenue

Securities

Trust

2023-R06,

Series

2023

R06,

(SOFR30A

+

3.900%)

9.188

07/25/43

2,407,711

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

3,110,000

(a),(b)

Connecticut

Avenue

Securities

Trust

2023-R06,

Series

2023

R06,

(SOFR30A

+

5.900%)

10.240

%

07/25/43

$

3,377,576

33,000,000

(a),(b)

DOLP

Trust

2021-NYC,

Series

2021

NYC,

(I/O)

0.665

05/10/41

1,019,905

78,302

(a),(b)

Flagstar

Mortgage

Trust

2017-2,

Series

2017

2

3.980

10/25/47

71,369

7,495,482

(b)

Freddie

Mac

Multifamily

ML

Certificates,

Series

2021

ML12,

(I/O)

1.226

07/25/41

678,116

2,280,000

(a),(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2021-DNA6,

Series

2021

DNA6,

(SOFR30A

+

7.500%)

11.840

10/25/41

2,428,108

2,270,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA1,

Series

2022

DNA1,

(SOFR30A

+

7.100%)

11.440

01/25/42

2,417,803

2,270,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

Series

2022

DNA2,

(SOFR30A

+

8.500%)

13.788

02/25/42

2,455,909

4,900,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

Series

2022

DNA2,

(SOFR30A

+

4.750%)

9.090

02/25/42

5,124,124

2,945,000

(a),(b)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

Series

2022

DNA3,

(SOFR30A

+

9.750%)

15.087

04/25/42

3,312,862

3,750,000

(a),(b),(c)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

Series

2022

DNA3,

(SOFR30A

+

5.650%)

10.218

04/25/42

3,999,331

1,100,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

Series

2018

TWR,

(TSFR1M

+

1.897%)

6.217

07/15/31

155,925

700,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

Series

2018

TWR,

(TSFR1M

+

2.397%)

6.717

07/15/31

73,500

892,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

Series

2018

TWR,

(TSFR1M

+

4.222%)

8.542

07/15/31

75,078

700,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

Series

2018

TWR,

(TSFR1M

+

3.097%)

7.417

07/15/31

66,150

1,000,000

(a),(b)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

Series

2018

TWR,

(TSFR1M

+

1.747%)

6.067

07/15/31

211,050

1,400,000

(a),(b),(c)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

Series

2021

ARDN,

(TSFR1M

+

3.464%)

7.784

11/15/36

1,385,774

1,000,000

(a),(b),(c)

GS

Mortgage

Securities

Corp

Trust

2021-ARDN,

Series

2021

ARDN,

(TSFR1M

+

2.864%)

7.184

11/15/36

992,504

2,000,000

(b),(c)

GS

Mortgage

Securities

Trust

2016-GS4,

Series

2016

GS4

3.949

11/10/49

1,748,000

441,000

(a),(b)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-

ICON

UES,

Series

2019

UES

4.457

05/05/32

422,408

377,000

(a),(b)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-

ICON

UES,

Series

2019

UES

4.457

05/05/32

361,833

366,000

(a)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2020-

NNN,

Series

2020

NNN

3.972

01/16/37

148,018

2,000,000

(b)

JPMBB

Commercial

Mortgage

Securities

Trust

2014-C22,

Series

2014

C22

4.510

09/15/47

1,829,539

1,000,000

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C27,

Series

2015

C27

3.898

02/15/48

859,884

760,000

(b),(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2015-C29,

Series

2015

C29

4.118

05/15/48

747,349

1,189,000

(b),(c)

JPMBB

Commercial

Mortgage

Securities

Trust

2016-C1,

Series

2016

C1

4.700

03/17/49

1,114,547

2,000,000

(b),(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP5,

Series

2017

JP5

3.904

03/15/50

1,712,532

1,500,000

(a),(b)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6,

Series

2017

JP6

4.451

07/15/50

1,115,244

1,930,000

(b),(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP6,

Series

2017

JP6

3.701

07/15/50

1,533,279

1,849,000

(a),(b),(c)

JPMCC

Commercial

Mortgage

Securities

Trust

2017-JP7,

Series

2017

JP7

4.425

09/15/50

1,093,838

549,549

(c)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2014

C19,

Series

2014

C19

4.000

12/15/47

532,181

226,295

(b)

Morgan

Stanley

Capital

I

Trust

2015-MS1,

Series

2015

MS1

4.018

05/15/48

216,450

173,373

(b)

Morgan

Stanley

Mortgage

Loan

Trust

2007-15AR,

Series

2007

15AR

3.455

11/25/37

121,315

1,000,000

(a)

MRCD

2019-MARK

Mortgage

Trust,

Series

2019

PARK

2.718

12/15/36

709,510

750,000

(a),(b),(c)

MSCG

Trust

2015-ALDR,

Series

2015

ALDR

3.462

06/07/35

727,750

250,000

(a),(b)

MSCG

Trust

2015-ALDR,

Series

2015

ALDR

3.462

06/07/35

239,368

Portfolio

of

Investments

March

31,

2025

(continued)

JLS

4

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

MORTGAGE-BACKED

SECURITIES

(continued)

$

600,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

Series

2019

MILE,

(TSFR1M

+

2.279%)

6.599

%

07/15/36

$

502,600

1,050,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

Series

2019

MILE,

(TSFR1M

+

4.329%)

8.649

07/15/36

695,695

1,000,000

(a),(b)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

Series

2019

MILE,

(TSFR1M

+

2.829%)

7.149

07/15/36

780,749

400,000

(a),(b),(c)

OPEN

Trust

2023-AIR,

Series

2023

AIR,

(TSFR1M

+

5.236%)

9.555

11/15/40

402,506

1,000,000

(a),(b)

PKHL

Commercial

Mortgage

Trust

2021-MF,

Series

2021

MF,

(TSFR1M

+

2.114%)

6.434

07/15/38

733,868

1,000,000

(a),(b),(c)

PKHL

Commercial

Mortgage

Trust

2021-MF,

Series

2021

MF,

(TSFR1M

+

0.994%)

5.314

07/15/38

959,784

1,602,435

(a),(b),(c)

SMR

2022-IND

Mortgage

Trust,

Series

2022

IND,

(TSFR1M

+

3.950%)

8.269

02/15/39

1,562,728

127,100,000

(a),(b)

SUMIT

2022-BVUE

Mortgage

Trust,

Series

2022

BVUE,

(I/O)

0.082

02/12/41

484,187

1,000,000

(a),(b),(c)

TX

Trust

2024-HOU,

Series

2024

1,

(TSFR1M

+

3.239%)

7.558

06/15/39

1,004,604

1,250,000

(a),(b)

VNDO

Trust

2016-350P,

Series

2016

350P

3.903

01/10/35

1,175,938

1,300,000

(b),(c)

Wells

Fargo

Commercial

Mortgage

Trust

2015-NXS1,

Series

2015

NXS1

4.007

05/15/48

1,256,165

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$106,728,029)

95,959,999

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$148,709,244)

136,248,703

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 0.9%(0.7%

of

Total

Investments)

991,644

REPURCHASE

AGREEMENTS

-

0.9%

(0.7%

of

Total

Investments)

991,644

991,644

(f)

Fixed

Income

Clearing

Corporation

1.360

04/01/25

991,644

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$991,644)

991,644

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$991,644)

991,644

TOTAL

INVESTMENTS

-

129.3%

(Cost

$149,700,888

)

137,240,347

BORROWINGS

-

(2.4)%

(g),(h)

(2,520,000)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(26.7)%(i)

(28,302,804)

OTHER

ASSETS

&

LIABILITIES,

NET

-  (0.2)%

(312,629)

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

106,104,914

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

M

Month

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

SOFR90A

90

Day

Average

Secured

Overnight

Financing

Rate

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

(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

reporting

period,

the

aggregate

value

of

these

securities

is

$110,859,950

or

80.8%

of

Total

Investments.

(b)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(c)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

reverse

repurchase

agreements.

As

of

the

end

of

the

reporting

period,

investments

with

a

value

of

$40,225,270

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Investment,

or

portion

of

investment,

is

hypothecated.

The

total

value

of

investments

hypothecated

as

of

the

end

of

the

reporting

period

was

$1,549,977.

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.360%

dated

3/31/25

to

be

repurchased

at

$991,681

on

4/1/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.375%

and

maturity

date

5/15/34,

valued

at

$1,011,681.

(g)

Borrowings

as

a

percentage

of

Total

Investments

is

1.8%.

5

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:

(h)

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

$23,282,762

have

been

pledged

as

collateral

for

borrowings.

(i)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

20.6%.

JLS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Asset-Backed

Securities

$

–

$

39,248,274

$

1,040,430

$

40,288,704

Mortgage-Backed

Securities

–

95,959,999

–

95,959,999

Short-Term

Investments:

Repurchase

Agreements

–

991,644

–

991,644

Total

$

–

$

136,199,917

$

1,040,430

$

137,240,347