1

Portfolio

of

Investments

March

31,

2025

JMM

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

139.6%

(99.3%

of

Total

Investments)

515975

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

0.8%

(0.6%

of

Total

Investments)

515975

BANKS

-

0.4%

$

250,000

(a)

Citigroup

Inc

7.625

%

N/A

$

260,091

TOTAL

BANKS

260,091

FINANCIAL

SERVICES

-

0.4%

250,000

(b)

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

6.950

03/10/55

255,884

TOTAL

FINANCIAL

SERVICES

255,884

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$509,125)

515,975

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

-

31.9%

(22.7%

of

Total

Investments)

–

63,085

(c)

321

Henderson

Receivables

VI

LLC,

Series

2010

1A

9.310

07/15/61

63,925

500,000

(c),(d)

ACRE

Commercial

Mortgage

2021-FL4

Ltd,

Series

2021

FL4,

(TSFR1M

+

2.714%)

7.031

12/18/37

484,190

500,000

(c)

Adams

Outdoor

Advertising

LP,

Series

2023

1

6.967

07/15/53

514,429

500,000

(c),(d)

AGL

CLO

19

Ltd,

Series

2022

19A,

(TSFR3M

+

2.750%)

7.043

07/21/35

500,253

1,572,367

(c)

American

Homes

4

Rent

2015-SFR2

Trust,

Series

2015

SFR2,

(I/O)

0.000

10/17/52

16

9,130

Bayview

Financial

Mortgage

Pass-Through

Trust

2006-C,

Series

2006

C

6.352

11/28/36

7,834

386,667

(c)

Capital

Automotive

REIT,

Series

2024

1

4.900

05/15/54

384,806

500,000

(c)

CARS-DB4

LP,

Series

2020

1A

4.520

02/15/50

481,895

500,000

Carvana

Auto

Receivables

Trust

2022-P3,

Series

2022

P3

5.540

11/10/28

506,334

899,452

(c)

CF

Hippolyta

Issuer

LLC,

Series

2020

1

2.600

07/15/60

799,102

400,000

(c),(d)

CIFC

Funding

2020-II

Ltd,

Series

2020

2A,

(LIBOR

3

M

+

1.862%)

6.155

10/20/34

400,319

35,255

(c)

Commonbond

Student

Loan

Trust

2017-B-GS,

Series

2017

BGS

4.440

09/25/42

29,925

1,116,000

(c)

DB

Master

Finance

LLC,

Series

2017

1A

4.030

11/20/47

1,090,770

290,250

(c)

DB

Master

Finance

LLC,

Series

2021

1A

2.493

11/20/51

266,349

1,113,000

(c)

Domino's

Pizza

Master

Issuer

LLC,

Series

2015

1A

4.474

10/25/45

1,109,434

145,700

(c)

Domino's

Pizza

Master

Issuer

LLC,

Series

2017

1A

4.118

07/25/47

143,055

1,352,950

(c)

Driven

Brands

Funding

LLC,

Series

2019

1A

4.641

04/20/49

1,345,695

400,000

(c),(d)

Dryden

49

Senior

Loan

Fund,

Series

2017

49A,

(TSFR3M

+

1.862%)

6.155

07/18/30

400,414

500,000

(c)

Frontier

Issuer

LLC,

Series

2023

1

6.600

08/20/53

509,213

478,750

(c)

Hardee's

Funding

LLC,

Series

2020

1A

3.981

12/20/50

455,703

324,073

(c)

J.G.

Wentworth

XXXVII

LLC,

Series

2016

1A

5.190

06/17/69

300,666

538,291

(c)

JGWPT

XXV

LLC,

Series

2012

1A

7.140

02/15/67

553,049

229,306

(c)

JGWPT

XXVI

LLC,

Series

2012

2A

6.770

10/17/61

232,006

250,000

(c)

MetroNet

Infrastructure

Issuer

LLC,

Series

2024

1A

6.230

04/20/54

255,756

127,989

Mid-State

Capital

Corp

2005-1

Trust,

Series

2005

1

5.745

01/15/40

127,739

48,313

Mid-State

Trust

XI,

Series

2003

11

5.598

07/15/38

48,384

400,000

(c),(d)

Neuberger

Berman

CLO

Ltd,

Series

2024

56A,

(TSFR3M

+

1.750%)

6.772

07/24/37

400,667

500,000

(c),(d)

Neuberger

Berman

Loan

Advisers

CLO

48

Ltd,

Series

2022

48A,

(TSFR3M

+

1.800%)

6.100

04/25/36

500,260

400,000

(c),(d)

OHA

Credit

Funding

19

Ltd,

Series

2024

19A,

(TSFR3M

+

1.700%)

5.993

07/20/37

401,264

232,800

(c)

Planet

Fitness

Master

Issuer

LLC,

Series

2022

1A

3.251

12/05/51

224,963

481,250

(c)

SERVPRO

Master

Issuer

LLC,

Series

2021

1A

2.394

04/25/51

443,414

264,600

(c)

Sesac

Finance

LLC,

Series

2019

1

5.216

07/25/49

261,903

82,708

(c)

Sierra

Timeshare

2020-2

Receivables

Funding

LLC,

Series

2020

2A

3.510

07/20/37

82,314

367,354

(c)

Sonic

Capital

LLC,

Series

2020

1A

3.845

01/20/50

357,584

350,000

(c)

Stack

Infrastructure

Issuer

LLC,

Series

2020

1A

1.893

08/25/45

345,517

189,836

(c)

Start

II

LTD,

Series

2019

1

5.095

03/15/44

188,994

9,536

(c)

Structured

Receivables

Finance

2010-A

LLC,

Series

2010

A

5.218

01/16/46

9,534

997,500

(c)

Subway

Funding

LLC,

Series

2024

1A

6.028

07/30/54

1,004,670

585,938

(c)

Taco

Bell

Funding

LLC,

Series

2016

1A

4.970

05/25/46

585,163

294,750

(c)

Taco

Bell

Funding

LLC,

Series

2021

1A

1.946

08/25/51

279,101

Portfolio

of

Investments

March

31,

2025

(continued)

JMM

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

(continued)

$

648,450

(c)

Taco

Bell

Funding

LLC,

Series

2021

1A

2.294

%

08/25/51

$

581,637

250,000

(c)

VB-S1

Issuer

LLC

-

VBTEL,

Series

2022

1A

4.288

02/15/52

242,192

384,837

(c)

Wendy's

Funding

LLC,

Series

2018

1A

3.884

03/15/48

372,486

443,701

(c)

Wendy's

Funding

LLC,

Series

2019

1A

3.783

06/15/49

436,504

557,933

(c)

Wendy's

Funding

LLC,

Series

2021

1A

2.370

06/15/51

506,673

985,000

(c)

Wingstop

Funding

LLC,

Series

2020

1A

2.841

12/05/50

929,521

173,700

(c)

Zaxbys

Funding

LLC,

Series

2021

1A

3.238

07/30/51

158,789

350,000

(c)

Ziply

Fiber

Issuer

LLC,

Series

2024

1A

6.640

04/20/54

360,400

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$20,197,795)

19,684,811

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

24611133

CORPORATE

BONDS

-

39.8%

(28.3%

of

Total

Investments)

24611133

AUTOMOBILES

&

COMPONENTS

-

1.3%

175,000

(b)

Ford

Motor

Co

3.250

02/12/32

144,225

200,000

(b)

Ford

Motor

Credit

Co

LLC

6.950

03/06/26

202,178

150,000

(b)

Goodyear

Tire

&

Rubber

Co/The

5.250

04/30/31

135,308

135,000

(b),(c)

Phinia

Inc

6.625

10/15/32

132,400

185,000

(b)

ZF

North

America

Capital

Inc

6.750

04/23/30

175,793

TOTAL

AUTOMOBILES

&

COMPONENTS

789,904

BANKS

-

7.2%

200,000

(a),(e)

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375

N/A

217,155

400,000

Banco

Santander

SA

2.749

12/03/30

347,595

200,000

(a),(e)

Banco

Santander

SA

9.625

N/A

229,736

575,000

(b)

Bank

of

America

Corp

5.744

02/12/36

573,901

200,000

(a),(c),(e)

BNP

Paribas

SA

9.250

N/A

213,755

250,000

(a),(c),(e)

Intesa

Sanpaolo

SpA

7.700

N/A

249,702

200,000

(c)

Intesa

Sanpaolo

SpA

6.625

06/20/33

214,118

475,000

JPMorgan

Chase

&

Co

5.502

01/24/36

485,232

300,000

(a)

JPMorgan

Chase

&

Co

3.650

N/A

293,295

200,000

(a),(e)

Lloyds

Banking

Group

PLC

8.000

N/A

207,555

200,000

(a),(e)

Lloyds

Banking

Group

PLC

7.500

N/A

200,678

295,000

(a)

M&T

Bank

Corp

3.500

N/A

279,813

250,000

(a),(e)

NatWest

Group

PLC

8.125

N/A

262,470

300,000

(a)

Truist

Financial

Corp

6.669

N/A

298,755

400,000

(a)

Wells

Fargo

&

Co

3.900

N/A

392,030

TOTAL

BANKS

4,465,790

CAPITAL

GOODS

-

2.1%

600,000

(b)

Boeing

Co/The

3.250

02/01/28

575,370

200,000

Boeing

Co/The

3.625

02/01/31

185,432

60,000

(c)

Chart

Industries

Inc

7.500

01/01/30

62,229

75,000

(c)

Efesto

Bidco

S.p.A

Efesto

US

LLC

7.500

02/15/32

73,132

30,000

(c)

Gates

Corp/DE

6.875

07/01/29

30,520

65,000

(c)

Herc

Holdings

Inc

6.625

06/15/29

65,209

100,000

(c)

Quikrete

Holdings

Inc

6.375

03/01/32

100,635

50,000

(c)

WESCO

Distribution

Inc

6.375

03/15/33

50,252

135,000

(b),(c)

Windsor

Holdings

III

LLC

8.500

06/15/30

139,304

TOTAL

CAPITAL

GOODS

1,282,083

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

0.3%

200,000

(b),(c)

Prime

Security

Services

Borrower

LLC

/

Prime

Finance

Inc

6.250

01/15/28

200,157

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

200,157

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1.4%

365,000

(b),(c)

Asbury

Automotive

Group

Inc

4.625

11/15/29

342,044

100,000

(b),(c)

Bath

&

Body

Works

Inc

6.625

10/01/30

101,394

75,000

(c)

LCM

Investments

Holdings

II

LLC

4.875

05/01/29

70,380

50,000

(c)

Michaels

Cos

Inc/The

5.250

05/01/28

34,325

500,000

(b),(c)

Michaels

Cos

Inc/The

7.875

05/01/29

265,243

35,000

Veritiv

Operating

Co

10.500

11/30/30

37,059

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

850,445

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER

DURABLES

&

APPAREL

-

0.2%

$

125,000

(c)

CD&R

Smokey

Buyer

Inc

9.500

%

10/15/29

$

114,062

TOTAL

CONSUMER

DURABLES

&

APPAREL

114,062

CONSUMER

SERVICES

-

1.6%

180,000

(b),(c)

Caesars

Entertainment

Inc

6.000

10/15/32

168,097

200,000

(c)

Flutter

Treasury

DAC

6.375

04/29/29

203,775

215,000

(c)

Motion

Finco

Sarl

8.375

02/15/32

209,001

150,000

(b)

Service

Corp

International/US

5.750

10/15/32

147,410

100,000

(b),(c)

Six

Flags

Entertainment

Corp

/

Six

Flags

Theme

Parks

Inc

6.625

05/01/32

100,827

140,000

(b),(c)

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp

6.250

03/15/33

136,351

TOTAL

CONSUMER

SERVICES

965,461

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

-

0.1%

50,000

(c)

Albertsons

Cos

Inc

/

Safeway

Inc

/

New

Albertsons

LP

/

Albertsons

LLC

6.250

03/15/33

50,487

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

&

RETAIL

50,487

ENERGY

-

3.9%

250,000

(b),(c)

Antero

Midstream

Partners

LP

/

Antero

Midstream

Finance

Corp

6.625

02/01/32

254,172

50,000

(c)

Ascent

Resources

Utica

Holdings

LLC

/

ARU

Finance

Corp

6.625

10/15/32

49,767

80,000

(c)

Buckeye

Partners

LP

6.750

02/01/30

81,032

200,000

(c)

Chord

Energy

Corp

6.750

03/15/33

198,951

90,000

(b),(c)

Civitas

Resources

Inc

8.375

07/01/28

92,879

55,000

(c)

Civitas

Resources

Inc

8.750

07/01/31

56,482

25,000

(c)

CNX

Resources

Corp

7.250

03/01/32

25,422

65,000

(c)

Coronado

Finance

Pty

Ltd

9.250

10/01/29

60,181

50,000

Genesis

Energy

LP

/

Genesis

Energy

Finance

Corp

7.875

05/15/32

50,355

200,000

(b),(c)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

8.375

11/01/33

204,955

200,000

(b),(c)

MEG

Energy

Corp

5.875

02/01/29

196,670

125,000

(b),(c)

Parkland

Corp

4.500

10/01/29

117,878

315,000

(b),(c)

Parkland

Corp/Canada

4.625

05/01/30

295,623

55,000

(c)

TransMontaigne

Partners

LLC

8.500

06/15/30

55,405

140,000

(b),(c)

USA

Compression

Partners

LP

/

USA

Compression

Finance

Corp

7.125

03/15/29

142,390

110,000

(b),(c)

Venture

Global

LNG

Inc

8.125

06/01/28

112,401

400,000

Williams

Cos

Inc/The

4.900

03/15/29

402,606

TOTAL

ENERGY

2,397,169

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

2.9%

650,000

(b)

Brixmor

Operating

Partnership

LP

4.050

07/01/30

622,648

200,000

Essential

Properties

LP

2.950

07/15/31

173,431

500,000

GLP

Capital

LP

/

GLP

Financing

II

Inc

4.000

01/15/30

472,649

75,000

(c)

Iron

Mountain

Inc

4.500

02/15/31

68,752

35,000

(c)

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

8.500

02/15/32

35,654

175,000

(b)

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

3.500

03/15/31

116,653

300,000

(c)

Prologis

Targeted

US

Logistics

Fund

LP

5.500

04/01/34

303,855

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

1,793,642

FINANCIAL

SERVICES

-

3.8%

300,000

(a)

American

Express

Co

3.550

N/A

289,720

300,000

(a)

Bank

of

New

York

Mellon

Corp/The

4.700

N/A

298,183

270,000

Blackstone

Private

Credit

Fund

6.000

01/29/32

267,687

200,000

(b),(c)

Block

Inc

6.500

05/15/32

202,016

250,000

(b),(c)

Compass

Group

Diversified

Holdings

LLC

5.250

04/15/29

235,840

300,000

(b),(c)

Encore

Capital

Group

Inc

8.500

05/15/30

309,198

215,000

(b),(c)

FirstCash

Inc

6.875

03/01/32

217,677

75,000

(c)

Freedom

Mortgage

Holdings

LLC

8.375

04/01/32

73,283

100,000

(b),(c)

Starwood

Property

Trust

Inc

6.500

07/01/30

100,051

200,000

(a),(c),(e)

UBS

Group

AG

9.250

N/A

217,208

65,000

(c)

Walker

&

Dunlop

Inc

6.625

04/01/33

64,838

80,000

(c)

WEX

Inc

6.500

03/15/33

79,123

TOTAL

FINANCIAL

SERVICES

2,354,824

FOOD,

BEVERAGE

&

TOBACCO

-

0.7%

400,000

BAT

Capital

Corp

2.726

03/25/31

354,228

75,000

(b),(c)

Primo

Water

Holdings

Inc

/

Triton

Water

Holdings

Inc

4.375

04/30/29

71,774

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

426,002

Portfolio

of

Investments

March

31,

2025

(continued)

JMM

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

0.8%

$

29,000

(c)

CHS/Community

Health

Systems

Inc

6.125

%

04/01/30

$

17,309

140,000

(b),(c)

CHS/Community

Health

Systems

Inc

10.875

01/15/32

137,924

100,000

(b),(c)

DaVita

Inc

4.625

06/01/30

92,057

50,000

(c)

DaVita

Inc

6.875

09/01/32

50,281

190,000

(b),(c)

Prime

Healthcare

Services

Inc

9.375

09/01/29

179,256

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

476,827

INSURANCE

-

1.5%

250,000

(b),(c)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

6.500

10/01/31

245,421

200,000

(c)

Ardonagh

Finco

Ltd

7.750

02/15/31

203,731

165,000

(b),(c)

Panther

Escrow

Issuer

LLC

7.125

06/01/31

168,124

30,000

(c)

Ryan

Specialty

LLC

5.875

08/01/32

29,630

300,000

(c),(d)

Vitality

Re

XIV

Ltd

(3-Month

U.S.

Treasury

Bill

+

3.500%)

7.792

01/05/27

308,220

TOTAL

INSURANCE

955,126

MATERIALS

-

1.4%

240,000

(b),(c)

EverArc

Escrow

Sarl

5.000

10/30/29

225,101

375,000

(b),(c)

NOVA

Chemicals

Corp

5.000

05/01/25

374,314

85,000

(c)

Olin

Corp

6.625

04/01/33

82,587

60,000

(c)

Sealed

Air

Corp/Sealed

Air

Corp

US

7.250

02/15/31

62,109

120,000

(c)

Tronox

Inc

4.625

03/15/29

102,628

TOTAL

MATERIALS

846,739

MEDIA

&

ENTERTAINMENT

-

2.3%

200,000

(b),(c)

CSC

Holdings

LLC

11.250

05/15/28

193,352

50,000

(c)

Directv

Financing

LLC

/

Directv

Financing

Co-Obligor

Inc

5.875

08/15/27

48,452

250,000

(b),(c)

DISH

Network

Corp

11.750

11/15/27

263,269

325,000

(b),(c)

Gray

Media

Inc

4.750

10/15/30

204,832

200,000

(b),(c)

LCPR

Senior

Secured

Financing

DAC

5.125

07/15/29

146,619

135,000

(b),(c)

Sirius

XM

Radio

LLC

4.000

07/15/28

125,956

75,000

(b),(c)

Univision

Communications

Inc

4.500

05/01/29

66,265

200,000

(c)

VZ

Secured

Financing

BV

5.000

01/15/32

173,785

235,000

Warnermedia

Holdings

Inc

4.279

03/15/32

207,044

TOTAL

MEDIA

&

ENTERTAINMENT

1,429,574

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

0.3%

200,000

(b),(c)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

5.125

04/30/31

174,381

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

174,381

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.6%

75,000

Kennedy-Wilson

Inc

4.750

03/01/29

68,670

325,000

(b)

Kennedy-Wilson

Inc

5.000

03/01/31

285,993

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

354,663

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

-

0.4%

300,000

(c)

Broadcom

Inc

2.450

02/15/31

263,948

TOTAL

SEMICONDUCTORS

&

SEMICONDUCTOR

EQUIPMENT

263,948

SOFTWARE

&

SERVICES

-

1.7%

500,000

(b),(c)

Ahead

DB

Holdings

LLC

6.625

05/01/28

487,982

250,000

(c)

CA

Magnum

Holdings

5.375

10/31/26

245,363

15,000

(c)

Gen

Digital

Inc

6.250

04/01/33

14,932

185,000

(b),(c)

Open

Text

Corp

3.875

12/01/29

168,287

150,000

(b),(c)

Rocket

Software

Inc

9.000

11/28/28

154,683

TOTAL

SOFTWARE

&

SERVICES

1,071,247

TELECOMMUNICATION

SERVICES

-

2.5%

550,000

(b)

AT&T

Inc

2.750

06/01/31

488,852

200,000

(c)

Iliad

Holding

SASU

7.000

04/15/32

200,264

200,000

(c)

Level

3

Financing

Inc

10.500

04/15/29

220,000

350,000

T-Mobile

US

Inc

5.125

05/15/32

352,201

105,000

(b),(c)

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp

8.250

10/01/31

106,901

200,000

(c)

Zegona

Finance

PLC

8.625

07/15/29

211,825

TOTAL

TELECOMMUNICATION

SERVICES

1,580,043

TRANSPORTATION

-

0.4%

60,000

(c)

Air

Transport

Services

Group

Inc

7.250

03/15/32

61,157

250,000

(b),(c)

Brightline

East

LLC

11.000

01/31/30

220,214

TOTAL

TRANSPORTATION

281,371

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

-

2.4%

$

200,000

(c)

ContourGlobal

Power

Holdings

SA

6.750

%

02/28/30

$

200,880

60,000

(c)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.375

04/01/26

59,394

100,000

(b),(c)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.875

04/01/29

90,528

200,000

(b)

Suburban

Propane

Partners

LP/Suburban

Energy

Finance

Corp

5.875

03/01/27

198,924

475,000

(c)

Superior

Plus

LP

/

Superior

General

Partner

Inc

4.500

03/15/29

438,619

190,000

(b),(c)

Talen

Energy

Supply

LLC

8.625

06/01/30

201,533

300,000

Virginia

Electric

and

Power

Co

5.000

04/01/33

297,310

TOTAL

UTILITIES

1,487,188

TOTAL

CORPORATE

BONDS

(Cost

$26,064,576)

24,611,133

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

-

64.7%

(46.1%

of

Total

Investments)

–

400,000

(d)

Benchmark

2018-B2

Mortgage

Trust,

Series

2018

B2

4.084

02/15/51

381,074

1,136,862

(b)

Benchmark

2019-B9

Mortgage

Trust,

Series

2019

B9

3.751

03/15/52

1,102,276

375,000

(c),(d)

BX

Trust

2023-DELC,

Series

2023

DELC,

(TSFR1M

+

3.339%)

7.658

05/15/38

376,549

250,000

(c),(d)

Century

Plaza

Towers

2019-CPT,

Series

2019

CPT

2.997

11/13/39

202,374

425,000

(d)

Citigroup

Commercial

Mortgage

Trust

2015-GC29,

Series

2015

GC29

4.200

04/10/48

389,809

600,000

(c)

Citigroup

Commercial

Mortgage

Trust

2016-P5,

Series

2016

P5

3.000

10/10/49

347,199

241,000

Citigroup

Commercial

Mortgage

Trust

2019-GC41,

Series

2019

GC41

3.502

08/10/56

203,309

33,879

(c)

Citigroup

Global

Markets

Mortgage

Securities

VII

Inc,

Series

2003

1

6.000

09/25/33

16,615

499,882

(c),(d)

COMM

2013-LC13

Mortgage

Trust,

Series

2013

LC13

5.372

08/10/46

429,361

775,000

(d)

COMM

2015-CCRE22

Mortgage

Trust,

Series

2015

CR22

4.044

03/10/48

688,414

450,000

(d)

COMM

2015-CCRE25

Mortgage

Trust,

Series

2015

CR25

4.517

08/10/48

438,874

540,000

(d)

COMM

2015-CCRE26

Mortgage

Trust,

Series

2015

CR26

4.463

10/10/48

502,343

108,000

(d)

COMM

2015-LC23

Mortgage

Trust,

Series

2015

LC23

4.544

10/10/48

103,075

400,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R04,

Series

2022

R04,

(SOFR30A

+

3.100%)

7.440

03/25/42

412,825

1,000,000

(b),(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R07,

Series

2022

R07,

(SOFR30A

+

4.650%)

8.986

06/25/42

1,065,043

485,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2022-R08,

Series

2022

R08,

(SOFR

+

3.600%)

7.940

07/25/42

506,164

200,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R01,

Series

2023

R01,

(SOFR30A

+

3.750%)

8.086

12/25/42

210,735

1,500,000

(b),(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R02,

Series

2023

R02,

(SOFR30A

+

3.350%)

7.690

01/25/43

1,574,480

710,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R06,

Series

2023

R06,

(SOFR30A

+

3.900%)

9.188

07/25/43

749,770

1,410,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R06,

Series

2023

R06,

(SOFR30A

+

2.700%)

7.040

07/25/43

1,449,859

500,000

(c),(d)

Connecticut

Avenue

Securities

Trust

2023-R08,

Series

2023

R08,

(SOFR30A

+

3.550%)

7.890

10/25/43

528,249

250,000

(c)

CSMC

2014-USA

OA

LLC,

Series

2014

USA

4.373

09/15/37

141,797

86,717

CSMC

Mortgage-Backed

Trust

2006-7,

Series

2006

7

6.000

08/25/36

30,716

200,000

(c),(d)

DBSG

2024-ALTA

Mortgage

Trust,

Series

2024

ALTA

6.595

06/10/37

202,723

874,524

Fannie

Mae

Pool,

FN

MA5165

5.500

10/01/53

874,020

1,206,663

(b)

Fannie

Mae

Pool,

FN

MA5107

5.500

08/01/53

1,206,763

157,628

Fannie

Mae

Pool,

FN

MA5039

5.500

06/01/53

157,666

489,950

(b)

Fannie

Mae

Pool,

FN

MA4733

4.500

09/01/52

469,472

407,613

(b)

Fannie

Mae

Pool,

FN

MA4644,

Series

2022

1

4.000

05/01/52

380,493

275,905

(b)

Fannie

Mae

Pool,

FN

MA4600,

Series

2022

2

3.500

05/01/52

249,234

2,633,606

(b)

Fannie

Mae

Pool,

FN

MA4579

3.000

04/01/52

2,284,730

1,285,478

(b)

Fannie

Mae

Pool,

FN

MA5164

5.000

10/01/53

1,262,579

1,801,232

(b)

Fannie

Mae

Pool,

FN

MA4438,

Series

2021

1

2.500

10/01/51

1,504,595

177,113

(b)

Fannie

Mae

Pool,

FN

BM5839

3.500

11/01/47

164,929

899,946

(b)

Fannie

Mae

Pool,

FN

MA5106

5.000

08/01/53

883,914

5,133

(b)

Fannie

Mae

Pool,

FN

709700

5.500

06/01/33

5,171

17,913

(b)

Fannie

Mae

Pool,

FN

766070

5.500

02/01/34

17,904

18,777

Fannie

Mae

Pool,

FN

995018

5.500

06/01/38

19,149

Portfolio

of

Investments

March

31,

2025

(continued)

JMM

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

453,605

(b)

Fannie

Mae

Pool,

FN

MA3305

3.500

%

03/01/48

$

414,206

621,192

(b)

Fannie

Mae

Pool,

FN

BM5126

3.500

01/01/48

571,569

9,821

Fannie

Mae

Pool,

FN

828346

5.000

07/01/35

9,883

6,590

Fannie

Mae

Pool,

FN

878059

5.500

03/01/36

6,729

547,355

(b)

Fannie

Mae

Pool,

FN

MA4783

4.000

10/01/52

510,763

10,233

(b)

Fannie

Mae

Pool,

FN

882685

6.000

06/01/36

10,461

341,603

(b)

Fannie

Mae

Pool,

FN

MA4919

5.500

02/01/53

341,903

38,042

(d)

Fannie

Mae

REMIC

Trust

2002-W1,

Series

2002

W1

4.587

02/25/42

38,013

218,501

(d)

Fannie

Mae

REMIC

Trust

2003-W1,

Series

2003

W1

2.422

12/25/42

117,916

242,613

(b)

Freddie

Mac

Gold

Pool,

FG

G18497

3.000

01/01/29

237,389

860,895

(b)

Freddie

Mac

Gold

Pool,

FG

G08528

3.000

04/01/43

775,276

353,158

(b)

Freddie

Mac

Gold

Pool,

FG

Q40718

3.500

05/01/46

324,921

533,651

(b)

Freddie

Mac

Gold

Pool,

FG

Q40841

3.000

06/01/46

474,101

572,369

(b)

Freddie

Mac

Gold

Pool,

FG

G60138

3.500

08/01/45

531,909

3,767

(b)

Freddie

Mac

Gold

Pool,

FG

C00676

6.500

11/01/28

3,888

241,299

(b)

Freddie

Mac

Gold

Pool,

FG

G08566

3.500

01/01/44

224,901

362,039

(b)

Freddie

Mac

Pool,

FR

RA7402

3.500

05/01/52

328,608

1,558,900

(b)

Freddie

Mac

Pool,

FR

RA6766

2.500

02/01/52

1,316,099

150,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA2,

Series

2022

DNA2,

(SOFR30A

+

4.750%)

9.090

02/25/42

156,861

420,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA3,

Series

2022

DNA3,

(SOFR30A

+

5.650%)

8.647

04/25/42

447,925

750,000

(b),(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-DNA4,

Series

2022

DNA4,

(SOFR30A

+

3.350%)

7.690

05/25/42

779,610

320,000

(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2022-HQA2,

Series

2022

HQA2,

(SOFR30A

+

4.000%)

8.340

07/25/42

337,721

675,000

(b),(c),(d)

Freddie

Mac

STACR

REMIC

Trust

2023-HQA1,

Series

2023

HQA1,

(SOFR30A

+

3.500%)

7.840

05/25/43

716,790

55,730

(b)

Ginnie

Mae

I

Pool,

GN

604567

5.500

08/15/33

56,273

33,290

(b)

Ginnie

Mae

I

Pool,

GN

631574

6.000

07/15/34

34,956

642,000

(c),(d)

GS

Mortgage

Securities

Corp

Trust

2018-TWR,

Series

2018

TWR,

(TSFR1M

+

1.197%)

5.517

07/15/31

500,808

34,712

(c),(d)

GSMPS

Mortgage

Loan

Trust

2001-2,

Series

2001

2

7.500

06/19/32

33,635

295,698

(c)

GSMPS

Mortgage

Loan

Trust

2003-3,

Series

2003

3

7.000

06/25/43

308,836

208,882

(c)

GSMPS

Mortgage

Loan

Trust

2005-RP1,

Series

2005

RP1

8.500

01/25/35

215,210

288,688

(c)

GSMPS

Mortgage

Loan

Trust

2005-RP2,

Series

2005

RP2

7.500

03/25/35

285,589

252,622

(c)

GSMPS

Mortgage

Loan

Trust

2005-RP3,

Series

2005

RP3

7.500

09/25/35

253,366

156,444

(c)

GSMPS

Mortgage

Loan

Trust

2005-RP3,

Series

2005

RP3

8.000

09/25/35

154,172

500,000

(c),(d)

Hudson

Yards

2019-55HY

Mortgage

Trust,

Series

2019

55HY

2.943

12/10/41

443,296

250,000

(c)

ICNQ

2024-MF

Mortgage

Trust,

Series

2024

MF

6.074

12/10/34

254,576

85,822

(d)

Impac

Secured

Assets

CMN

Owner

Trust,

Series

2000

3

8.000

10/25/30

79,220

430,000

(c),(d)

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2018-

AON,

Series

2018

AON

4.613

07/05/31

217,150

181,670

JP

Morgan

Alternative

Loan

Trust

2006-S1,

Series

2006

S1

6.500

03/25/36

99,046

500,000

(c),(d)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2016-

JP4,

Series

2016

JP4

3.369

12/15/49

363,047

368,000

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2019-

ICON

UES,

Series

2019

UES

4.343

05/05/32

355,518

500,000

(c)

JP

Morgan

Chase

Commercial

Mortgage

Securities

Trust

2020-

NNN,

Series

2020

NNN

3.620

01/16/37

282,110

697,000

(d)

JPMDB

Commercial

Mortgage

Securities

Trust

2016-C4,

Series

2016

C4

3.038

12/15/49

583,047

500,000

(c)

JPMDB

Commercial

Mortgage

Securities

Trust

2017-C7,

Series

2017

C7

3.000

10/15/50

400,881

500,000

(c)

Legends

Outlets

Kansas

City

KS

Mortgage

Secured

Pass-Through

Trust,

Series

2024

LGND

6.021

11/05/39

507,164

400,000

(c),(d)

Manhattan

West

2020-1MW

Mortgage

Trust,

Series

2020

1MW

2.335

09/10/39

366,333

206,433

MASTR

Alternative

Loan

Trust

2004-1,

Series

2004

1

7.000

01/25/34

212,234

69,150

MASTR

Alternative

Loan

Trust

2004-5,

Series

2004

5

7.000

06/25/34

70,691

78,940

MASTR

Asset

Securitization

Trust

2003-11,

Series

2003

11

5.250

12/25/33

78,944

500,000

(d)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

2016-C28,

Series

2016

C28

4.589

01/15/49

446,636

22,299

Morgan

Stanley

Mortgage

Loan

Trust

2006-2,

Series

2006

2

5.750

02/25/36

20,754

7

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MORTGAGE-BACKED

SECURITIES

(continued)

$

500,000

(c),(d)

MSCG

Trust

2015-ALDR,

Series

2015

ALDR

3.462

%

06/07/35

$

478,735

325,000

(c),(d)

MTN

Commercial

Mortgage

Trust

2022-LPFL,

Series

2022

LPFL,

(TSFR1M

+

1.896%)

6.216

03/15/39

324,391

1,000,000

(c),(d)

Natixis

Commercial

Mortgage

Securities

Trust

2019-MILE,

Series

2019

MILE,

(TSFR1M

+

2.829%)

7.149

07/15/36

780,749

213,815

(c),(d)

New

Residential

Mortgage

Loan

Trust

2014-1,

Series

2014

1A

5.926

01/25/54

208,515

365,115

(c),(d)

New

Residential

Mortgage

Loan

Trust

2015-2,

Series

2015

2A

5.312

08/25/55

362,269

135,000

(c)

SLG

Office

Trust

2021-OVA,

Series

2021

OVA

2.851

07/15/41

113,788

250,000

(c),(d)

VNDO

Trust

2016-350P,

Series

2016

350P

3.903

01/10/35

243,954

5,434

(d)

Washington

Mutual

MSC

Mortgage

Pass-Through

Certificates

Series

2004-RA3

Trust,

Series

2004

RA3

5.576

08/25/38

5,385

195,000

Wells

Fargo

Commercial

Mortgage

Trust

2016-C33,

Series

2016

C33

3.896

03/15/59

187,276

500,000

(d)

Wells

Fargo

Commercial

Mortgage

Trust

2017-C38,

Series

2017

C38

3.903

07/15/50

457,925

TOTAL

MORTGAGE-BACKED

SECURITIES

(Cost

$43,013,527)

39,998,173

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

890117

SOVEREIGN

DEBT

-

1.5%

(1.0%

of

Total

Investments)

890117

BAHRAIN

-

0.4%

250,000

(c)

Bahrain

Government

International

Bond

7.000

10/12/28

257,611

TOTAL

BAHRAIN

257,611

EGYPT

-

0.7%

400,000

(c)

Egypt

Government

International

Bond

5.875

06/11/25

398,065

TOTAL

EGYPT

398,065

TURKEY

-

0.4%

250,000

Turkiye

Government

International

Bond

5.950

01/15/31

234,441

TOTAL

TURKEY

234,441

TOTAL

SOVEREIGN

DEBT

(Cost

$911,658)

890,117

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

551928

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

0.9%

(0.6%

of

Total

Investments)

551928

CAPITAL

GOODS

-

0.3%

207,431

(d)

Core

&

Main

LP,

Term

Loan

B,

(TSFR6M

+

2.000%)

6.270

07/27/28

207,431

TOTAL

CAPITAL

GOODS

207,431

INSURANCE

-

0.3%

159,005

(d)

Alliant

Holdings

Intermediate,

LLC,

Term

Loan

B6,

(TSFR1M

+

2.750%)

7.069

09/19/31

158,210

TOTAL

INSURANCE

158,210

MATERIALS

-

0.3%

193,545

(d)

INEOS

Quattro

Holdings

UK

Ltd,

First

Lien

Term

Loan

B,

(TSFR1M

+

4.250%)

8.675

03/29/29

186,287

TOTAL

MATERIALS

186,287

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$559,199)

551,928

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$91,255,880)

86,252,137

Portfolio

of

Investments

March

31,

2025

(continued)

JMM

8

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

Investments

in

Derivatives

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 0.9%(0.7%

of

Total

Investments)

575,000

REPURCHASE

AGREEMENTS

-

0.9%

(0.7%

of

Total

Investments)

575,000

$

575,000

(f)

Fixed

Income

Clearing

Corporation

4.350

%

04/01/25

$

575,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$575,000)

575,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$575,000)

575,000

TOTAL

INVESTMENTS

-

140.5%

(Cost

$91,830,880

)

86,827,137

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(42.0)%(g)

(25,933,983)

OTHER

ASSETS

&

LIABILITIES,

NET

-  1.5%

919,830

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

61,812,984

I/O

Interest

only

security

LIBOR

London

Inter-Bank

Offered

Rate

M

Month

SOFR30A

30

Day

Average

Secured

Overnight

Financing

Rate

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

(a)

Perpetual

security.

Maturity

date

is

not

applicable.

(b)

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

$29,437,933

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(c)

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

$52,029,927

or

59.9%

of

Total

Investments.

(d)

Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

unless

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(e)

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

2.1%

of

Total

Investments.

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.350%

dated

3/31/25

to

be

repurchased

at

$575,069

on

4/1/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.250%

and

maturity

date

11/15/34,

valued

at

$586,648.

(g)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

29.9%.

Futures

Contracts

-

Long

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

5-Year

Note

13

6/25

$

1,395,246

$

1,406,031

$

10,785

U.S.

Treasury

Ultra

10-Year

Note

16

6/25

1,818,533

1,826,000

7,467

U.S.

Treasury

Ultra

Bond

38

6/25

4,683,477

4,645,500

(37,977)

Total

$7,897,256

$7,877,531

$(19,725)

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

Capital

Services

LLC.

Receive

1-Month

LIBOR

1.994%

Monthly

6/01/18

7/01/25

7/01/27

$

17,000,000

$

141,022

$

141,022

(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.

9

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:

JMM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

515,975

$

–

$

515,975

Asset-Backed

Securities

–

19,684,811

–

19,684,811

Corporate

Bonds

–

24,611,133

–

24,611,133

Mortgage-Backed

Securities

–

39,998,173

–

39,998,173

Sovereign

Debt

–

890,117

–

890,117

Variable

Rate

Senior

Loan

Interests

–

551,928

–

551,928

Short-Term

Investments:

Repurchase

Agreements

–

575,000

–

575,000

Investments

in

Derivatives:

Futures

Contracts*

(19,725)

–

–

(19,725)

Interest

Rate

Swaps*

–

141,022

–

141,022

Total

$

(19,725)

$

86,968,159

$

–

$

86,948,434

*

Represents

net

unrealized

appreciation

(depreciation).