NPORT-EX 2 tiaa_JGH.htm

1

Portfolio

of

Investments

March

31,

2025

JGH

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

138.5%

(99.5%

of

Total

Investments)

49146645

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

-

15.7%

(11.3%

of

Total

Investments)

49146645

BANKS

-

2.0%

$

1,000,000

(a)

Banque

Ouest

Africaine

de

Developpement

8.200

%

02/13/55

$

1,011,260

2,000,000

(b),(c)

Fifth

Third

Bancorp

(TSFR3M

+

3.295%)

7.594

N/A

1,995,518

1,500,000

(b),(c)

First

Citizens

BancShares

Inc/NC

(TSFR3M

+

4.234%)

8.533

N/A

1,542,508

1,000,000

(a),(c)

NBK

Tier

1

Ltd

3.625

N/A

967,500

1,000,000

(a)

Yapi

ve

Kredi

Bankasi

AS

9.250

01/17/34

1,027,740

TOTAL

BANKS

6,544,526

CAPITAL

GOODS

-

0.9%

1,000,000

(a)

AerCap

Global

Aviation

Trust

6.500

06/15/45

999,602

2,400,000

(a)

ILFC

E-Capital

Trust

I

6.117

12/21/65

1,998,738

TOTAL

CAPITAL

GOODS

2,998,340

ENERGY

-

4.4%

2,000,000

Enbridge

Inc

8.500

01/15/84

2,202,804

1,000,000

(c)

Energy

Transfer

LP

7.125

N/A

1,011,872

3,000,000

(b),(c)

Plains

All

American

Pipeline

LP

(TSFR3M

+

4.372%)

8.695

N/A

2,993,440

575,000

(a)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7.500

03/01/55

581,741

1,105,000

(a)

South

Bow

Canadian

Infrastructure

Holdings

Ltd

7.625

03/01/55

1,120,973

6,000,000

(a),(c)

Venture

Global

LNG

Inc

9.000

N/A

5,693,933

TOTAL

ENERGY

13,604,763

FINANCIAL

SERVICES

-

0.9%

1,500,000

(c)

Ally

Financial

Inc

4.700

N/A

1,395,966

1,500,000

(c)

Ally

Financial

Inc

4.700

N/A

1,289,992

TOTAL

FINANCIAL

SERVICES

2,685,958

FOOD,

BEVERAGE

&

TOBACCO

-

0.8%

1,500,000

(a),(c)

Land

O'

Lakes

Inc

8.000

N/A

1,406,283

1,000,000

(a),(c)

Land

O'

Lakes

Inc

7.000

N/A

820,801

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

2,227,084

INSURANCE

-

0.9%

1,939,000

(a)

Enstar

Group

Ltd

7.500

04/01/45

1,963,175

1,000,000

(a),(c)

SBL

Holdings

Inc

6.500

N/A

925,000

TOTAL

INSURANCE

2,888,175

MEDIA

&

ENTERTAINMENT

-

0.5%

1,750,000

Paramount

Global

6.375

03/30/62

1,707,425

TOTAL

MEDIA

&

ENTERTAINMENT

1,707,425

TELECOMMUNICATION

SERVICES

-

0.6%

2,026,000

Rogers

Communications

Inc

7.125

04/15/55

2,019,125

TOTAL

TELECOMMUNICATION

SERVICES

2,019,125

UTILITIES

-

4.7%

600,000

(a)

AES

Andes

SA

8.150

06/10/55

619,716

2,047,000

(a)

AltaGas

Ltd

7.200

10/15/54

2,019,339

2,500,000

EUSHI

Finance

Inc

7.625

12/15/54

2,601,290

1,500,000

(a),(c)

NRG

Energy

Inc

10.250

N/A

1,651,521

3,360,000

PG&E

Corp

7.375

03/15/55

3,302,383

4,000,000

(a),(c)

Vistra

Corp

8.875

N/A

4,277,000

TOTAL

UTILITIES

14,471,249

TOTAL

$1,000

PAR

(OR

SIMILAR)

INSTITUTIONAL

PREFERRED

(Cost

$49,104,531)

49,146,645

SHARES

DESCRIPTION

RATE

VALUE

841,297

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

-

0.3%

(0.2%

of

Total

Investments)

841,297

FINANCIAL

SERVICES

-

0.3%

33,625

Synchrony

Financial

8.250

841,297

TOTAL

FINANCIAL

SERVICES

841,297

TOTAL

$25

PAR

(OR

SIMILAR)

RETAIL

PREFERRED

(Cost

$840,625)

841,297

Portfolio

of

Investments

March

31,

2025

(continued)

JGH

2

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

ASSET-BACKED

SECURITIES

-

0.2%

(0.1%

of

Total

Investments)

–

$

750,000

(a),(d)

Industrial

DPR

Funding

Ltd,

Series

2022

1A

5.380

%

04/15/34

$

659,400

TOTAL

ASSET-BACKED

SECURITIES

(Cost

$750,000)

659,400

SHARES

DESCRIPTION

VALUE

882,764

COMMON

STOCKS

-

0.3%

(0.2%

of

Total

Investments)

882,764

TRANSPORTATION

-

0.3%

47,127

(e)

Grupo

Aeromexico

SAB

de

CV

882,764

TOTAL

TRANSPORTATION

882,764

TOTAL

COMMON

STOCKS

(Cost

$885,858)

882,764

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

245362515

CORPORATE

BONDS

-

78.3%

(56.3%

of

Total

Investments)

245362515

AUTOMOBILES

&

COMPONENTS

-

1.1%

570,000

(a)

Dornoch

Debt

Merger

Sub

Inc

6.625

10/15/29

433,436

2,815,000

(a)

IHO

Verwaltungs

GmbH

8.000

11/15/32

2,743,255

476,000

(a)

Nemak

SAB

de

CV

3.625

06/28/31

365,161

TOTAL

AUTOMOBILES

&

COMPONENTS

3,541,852

BANKS

-

10.4%

875,000

(a)

Access

Bank

PLC

6.125

09/21/26

855,470

1,800,000

(c),(f)

Banco

Bilbao

Vizcaya

Argentaria

SA

9.375

N/A

1,954,393

400,000

(a),(c),(f)

Banco

de

Credito

e

Inversiones

SA

8.750

N/A

424,833

1,000,000

(a),(c),(f)

Banco

del

Estado

de

Chile

7.950

N/A

1,047,891

1,125,000

(a),(c),(f)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8.750

N/A

1,117,366

1,975,000

(a),(c),(f)

Banco

Mercantil

del

Norte

SA/Grand

Cayman

8.375

N/A

1,998,601

4,200,000

(c),(f)

Banco

Santander

SA

9.625

N/A

4,824,465

800,000

(f)

Bancolombia

SA

8.625

12/24/34

845,575

1,475,000

(c),(f)

Barclays

PLC

8.000

N/A

1,520,671

1,000,000

(a),(f)

BBVA

Mexico

SA

Institucion

De

Banca

Multiple

Grupo

Financiero

BBVA

Mexico/TX

8.450

06/29/38

1,044,818

3,500,000

(a),(c),(f)

BNP

Paribas

SA

8.000

N/A

3,636,406

2,000,000

(a),(c)

BW

Real

Estate

Inc

9.500

N/A

2,016,886

500,000

(a)

Ecobank

Transnational

Inc

10.125

10/15/29

521,810

1,050,000

(a)

Grupo

Aval

Ltd

4.375

02/04/30

939,876

3,000,000

(c),(f)

ING

Groep

NV,

Reg

S

7.500

N/A

3,075,000

2,000,000

(a),(c),(f)

Intesa

Sanpaolo

SpA

7.700

N/A

1,997,613

2,000,000

(c),(f)

Lloyds

Banking

Group

PLC

8.000

N/A

2,075,548

1,400,000

(c),(f)

NatWest

Group

PLC

8.125

N/A

1,469,829

1,000,000

(a),(c),(f)

Societe

Generale

SA

10.000

N/A

1,081,373

750,000

(a)

Turkiye

Vakiflar

Bankasi

TAO

8.994

10/05/34

765,175

TOTAL

BANKS

33,213,599

CAPITAL

GOODS

-

2.1%

1,500,000

(a)

Alta

Equipment

Group

Inc

9.000

06/01/29

1,312,279

1,100,000

(a)

Cornerstone

Building

Brands

Inc

9.500

08/15/29

915,079

1,745,000

(a)

Efesto

Bidco

S.p.A

Efesto

US

LLC

7.500

02/15/32

1,701,532

500,000

(a)

IHS

Holding

Ltd

6.250

11/29/28

482,145

1,250,000

(a)

IHS

Holding

Ltd

8.250

11/29/31

1,241,630

925,000

(a)

Sisecam

UK

PLC

8.625

05/02/32

925,991

TOTAL

CAPITAL

GOODS

6,578,656

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.3%

638,000

(a)

Ambipar

Lux

Sarl

9.875

02/06/31

631,219

1,625,000

(a),(g)

RR

Donnelley

&

Sons

Co

9.500

08/01/29

1,609,564

2,000,000

(a)

RR

Donnelley

&

Sons

Co

10.875

08/01/29

1,947,749

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,188,532

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1.4%

750,000

(a)

Michaels

Cos

Inc/The

5.250

05/01/28

514,873

3,979,000

(a)

Michaels

Cos

Inc/The

7.875

05/01/29

2,110,805

1,000,000

(a)

Staples

Inc

10.750

09/01/29

903,440

3

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

(continued)

$

665,000

Veritiv

Operating

Co

10.500

%

11/30/30

$

704,119

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

4,233,237

CONSUMER

DURABLES

&

APPAREL

-

1.5%

2,000,000

(a)

CD&R

Smokey

Buyer

Inc

9.500

10/15/29

1,825,000

600,000

(a)

Champ

Acquisition

Corp

8.375

12/01/31

619,822

2,400,000

(a)

S&S

Holdings

LLC

8.375

10/01/31

2,267,329

TOTAL

CONSUMER

DURABLES

&

APPAREL

4,712,151

CONSUMER

SERVICES

-

2.1%

1,900,000

(a)

Fertitta

Entertainment

LLC

/

Fertitta

Entertainment

Finance

Co

Inc

6.750

01/15/30

1,642,735

2,000,000

(a)

Merlin

Entertainments

Group

US

Holdings

Inc

7.375

02/15/31

1,889,092

2,000,000

(a)

Motion

Bondco

DAC

6.625

11/15/27

1,910,520

1,420,000

(a)

Motion

Finco

Sarl

8.375

02/15/32

1,380,376

TOTAL

CONSUMER

SERVICES

6,822,723

ENERGY

-

9.3%

4,000,000

(a)

Baytex

Energy

Corp

7.375

03/15/32

3,847,370

1,000,000

Ecopetrol

SA

5.875

11/02/51

675,516

500,000

Ecopetrol

SA

7.750

02/01/32

490,837

625,000

Ecopetrol

SA

6.875

04/29/30

621,254

1,500,000

Ecopetrol

SA

8.875

01/13/33

1,548,147

80,000

Ecopetrol

SA

8.375

01/19/36

77,947

485,000

(a),(h)

Energean

Israel

Finance

Ltd,

(WI/DD),

Reg

S

8.500

09/30/33

498,860

2,351,000

(a)

Energean

Israel

Finance

Ltd,

Reg

S

5.875

03/30/31

2,158,487

550,000

(a)

Gran

Tierra

Energy

Inc

9.500

10/15/29

486,518

2,000,000

(a)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

8.375

11/01/33

2,049,550

1,000,000

(a)

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co

7.250

02/15/35

954,997

1,000,000

(a)

Indika

Energy

Tbk

PT

8.750

05/07/29

985,462

725,000

(a)

Kosmos

Energy

Ltd

8.750

10/01/31

671,341

1,500,000

(a)

Leviathan

Bond

Ltd,

Reg

S

6.500

06/30/27

1,478,062

500,000

(a)

Medco

Laurel

Tree

Pte

Ltd

6.950

11/12/28

492,425

1,500,000

(a)

Medco

Maple

Tree

Pte

Ltd

8.960

04/27/29

1,547,474

980,000

Petrobras

Global

Finance

BV

6.900

03/19/49

932,102

5,871,000

Petroleos

Mexicanos

6.700

02/16/32

5,158,723

950,000

Petroleos

MexicanosA1

6.625

06/15/35

759,107

1,390,000

(a)

TransMontaigne

Partners

LLC

8.500

06/15/30

1,400,231

356,000

(a)

Transocean

Inc

8.750

02/15/30

369,739

1,033,000

(a)

Tullow

Oil

PLC

10.250

05/15/26

945,841

1,000,000

(a)

YPF

SA

8.250

01/17/34

988,300

TOTAL

ENERGY

29,138,290

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

-

1.7%

2,000,000

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

5.000

10/15/27

1,807,017

515,000

(a)

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp

8.500

02/15/32

524,627

1,000,000

(a)

Trust

Fibra

Uno

8.250

01/23/37

1,022,930

2,000,000

(a)

Uniti

Group

LP

/

Uniti

Group

Finance

2019

Inc

/

CSL

Capital

LLC

6.500

02/15/29

1,796,394

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

5,150,968

FINANCIAL

SERVICES

-

6.8%

2,000,000

(a)

Azorra

Finance

Ltd

7.750

04/15/30

1,993,555

1,500,000

(d)

Credit

Suisse

Group

AG

7.500

01/17/72

168,750

1,650,000

(c),(f)

Deutsche

Bank

AG

6.000

N/A

1,631,498

4,500,000

(a),(g)

Encore

Capital

Group

Inc

8.500

05/15/30

4,637,976

2,240,000

(a)

Freedom

Mortgage

Holdings

LLC

8.375

04/01/32

2,188,704

3,500,000

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

9.000

06/15/30

3,308,398

1,230,000

(a)

Icahn

Enterprises

LP

/

Icahn

Enterprises

Finance

Corp

10.000

11/15/29

1,221,386

3,030,000

(a),(c),(f)

UBS

Group

AG

9.250

N/A

3,457,842

3,000,000

(a)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

6.375

02/01/30

2,628,094

TOTAL

FINANCIAL

SERVICES

21,236,203

FOOD,

BEVERAGE

&

TOBACCO

-

1.9%

1,600,000

(a)

Fiesta

Purchaser

Inc

9.625

09/15/32

1,644,214

500,000

(a)

Minerva

Luxembourg

SA

8.875

09/13/33

531,892

900,000

(a)

Ulker

Biskuvi

Sanayi

AS

7.875

07/08/31

905,528

2,930,000

(a)

Viking

Baked

Goods

Acquisition

Corp

8.625

11/01/31

2,715,165

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

5,796,799

Portfolio

of

Investments

March

31,

2025

(continued)

JGH

4

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.9%

$

1,750,000

(a)

CHS/Community

Health

Systems

Inc

4.750

%

02/15/31

$

1,383,334

242,000

(a)

CHS/Community

Health

Systems

Inc

6.125

04/01/30

144,443

2,405,000

(a)

CHS/Community

Health

Systems

Inc

10.875

01/15/32

2,369,336

2,031,425

(a)

Global

Medical

Response

Inc,

(cash

10.000%,

PIK

10.000%)

10.000

10/31/28

2,030,714

1,295,000

(a)

LifePoint

Health

Inc

11.000

10/15/30

1,407,806

2,500,000

(a)

LifePoint

Health

Inc

10.000

06/01/32

2,384,775

2,520,000

(a)

Prime

Healthcare

Services

Inc

9.375

09/01/29

2,377,502

2,500,000

(a)

Team

Health

Holdings

Inc,

(cash

9.000%,

PIK

4.500%)

9.000

06/30/28

2,693,750

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

14,791,660

INSURANCE

-

2.8%

1,000,000

(a)

Acrisure

LLC

/

Acrisure

Finance

Inc

8.500

06/15/29

1,041,700

1,620,000

(a)

Alliant

Holdings

Intermediate

LLC

/

Alliant

Holdings

Co-Issuer

7.375

10/01/32

1,627,115

2,880,000

(a)

APH

Somerset

Investor

2

LLC

/

APH2

Somerset

Investor

2

LLC

/

APH3

Somerset

Inves

7.875

11/01/29

2,838,442

1,045,000

(a)

Ardonagh

Finco

Ltd

7.750

02/15/31

1,064,495

1,575,000

(a)

Ardonagh

Group

Finance

Ltd

8.875

02/15/32

1,603,379

1,000,000

(a)

Fidelis

Insurance

Holdings

Ltd

6.625

04/01/41

995,000

TOTAL

INSURANCE

9,170,131

MATERIALS

-

4.2%

300,000

(a)

First

Quantum

Minerals

Ltd

8.625

06/01/31

307,115

300,000

(a)

LD

Celulose

International

GmbH

7.950

01/26/32

309,322

1,000,000

(a)

Limak

Cimento

Sanayi

ve

Ticaret

AS

9.750

07/25/29

990,875

1,580,000

(a)

Mineral

Resources

Ltd

8.000

11/01/27

1,560,993

2,070,000

(a)

Mineral

Resources

Ltd

8.500

05/01/30

2,002,104

4,520,000

(a)

Owens-Brockway

Glass

Container

Inc

7.250

05/15/31

4,412,650

1,500,000

Sasol

Financing

USA

LLC

5.500

03/18/31

1,260,489

2,000,000

(a)

Tronox

Inc

4.625

03/15/29

1,710,460

1,000,000

(c)

UPL

Corp

Ltd,

Reg

S

5.250

N/A

974,924

TOTAL

MATERIALS

13,528,932

MEDIA

&

ENTERTAINMENT

-

6.4%

2,000,000

(a)

Advantage

Sales

&

Marketing

Inc

6.500

11/15/28

1,751,206

1,700,000

(a)

CSC

Holdings

LLC

11.250

05/15/28

1,643,493

2,905,000

(a)

CSC

Holdings

LLC

11.750

01/31/29

2,817,392

4,750,000

(a)

DISH

Network

Corp

11.750

11/15/27

5,002,114

1,000,000

(a)

Getty

Images

Inc

9.750

03/01/27

998,796

1,545,000

(a)

Gray

Escrow

Inc

5.375

11/15/31

964,475

1,325,000

(a)

Gray

Media

Inc

4.750

10/15/30

835,085

715,000

(a)

Gray

Media

Inc

10.500

07/15/29

744,923

2,275,000

(a)

LCPR

Senior

Secured

Financing

DAC

6.750

10/15/27

1,901,988

3,530,000

(a),(g)

Univision

Communications

Inc

7.375

06/30/30

3,372,445

TOTAL

MEDIA

&

ENTERTAINMENT

20,031,917

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

2.4%

2,740,000

(a)

Bausch

Health

Cos

Inc

4.875

06/01/28

2,212,550

4,000,000

(a)

Grifols

SA

4.750

10/15/28

3,693,252

1,760,000

(a),(g)

Organon

&

Co

/

Organon

Foreign

Debt

Co-Issuer

BV

7.875

05/15/34

1,708,393

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

7,614,195

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

-

0.9%

3,258,400

(a),(g)

Anywhere

Real

Estate

Group

LLC

/

Anywhere

Co-Issuer

Corp

7.000

04/15/30

2,897,454

TOTAL

REAL

ESTATE

MANAGEMENT

&

DEVELOPMENT

2,897,454

SOFTWARE

&

SERVICES

-

1.5%

5,000,000

(a)

Condor

Merger

Sub

Inc

7.375

02/15/30

4,425,382

1,022,875

(a)

Rackspace

Finance

LLC

3.500

05/15/28

420,457

TOTAL

SOFTWARE

&

SERVICES

4,845,839

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.4%

1,225,000

(a)

CommScope

LLC

9.500

12/15/31

1,261,750

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,261,750

TELECOMMUNICATION

SERVICES

-

7.2%

355,000

(a)

Altice

France

SA

8.125

02/01/27

317,426

665,000

(a)

C&W

Senior

Finance

Ltd

9.000

01/15/33

654,315

2,025,000

EchoStar

Corp

10.750

11/30/29

2,127,795

5

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TELECOMMUNICATION

SERVICES

(continued)

$

1,900,000

Hughes

Satellite

Systems

Corp

5.250

%

08/01/26

$

1,773,277

2,295,000

(a),(g)

Iliad

Holding

SASU

8.500

04/15/31

2,406,909

1,475,000

(a)

Iliad

Holding

SASU

7.000

04/15/32

1,476,950

3,000,000

(a)

Level

3

Financing

Inc

3.625

01/15/29

2,227,500

1,585,000

(a)

Level

3

Financing

Inc

10.500

04/15/29

1,743,500

1,500,000

(a)

Liberty

Costa

Rica

Senior

Secured

Finance

10.875

01/15/31

1,603,500

525,000

(a)

Millicom

International

Cellular

SA

7.375

04/02/32

530,906

200,000

(a)

Sable

International

Finance

Ltd

7.125

10/15/32

191,729

1,000,000

(a)

Vmed

O2

UK

Financing

I

PLC

7.750

04/15/32

1,002,409

760,000

(a)

Windstream

Escrow

LLC

/

Windstream

Escrow

Finance

Corp

8.250

10/01/31

773,761

1,500,000

(a)

Zayo

Group

Holdings

Inc

6.125

03/01/28

1,247,621

3,690,000

(a)

Zegona

Finance

PLC

8.625

07/15/29

3,908,171

TOTAL

TELECOMMUNICATION

SERVICES

21,985,769

TRANSPORTATION

-

4.8%

1,280,000

(a)

Air

Transport

Services

Group

Inc

7.250

03/15/32

1,304,691

5,500,000

(a),(g)

Brightline

East

LLC

11.000

01/31/30

4,844,703

3,580,000

(a),(g)

Clue

Opco

LLC

9.500

10/15/31

3,581,056

1,000,000

(a)

Grupo

Aeromexico

SAB

de

CV

8.625

11/15/31

962,380

750,000

(a)

Latam

Airlines

Group

SA

7.875

04/15/30

743,531

1,750,000

(a)

Transnet

SOC

Ltd

8.250

02/06/28

1,780,454

1,475,000

(a)

VistaJet

Malta

Finance

PLC

/

Vista

Management

Holding

Inc

9.500

06/01/28

1,459,810

TOTAL

TRANSPORTATION

14,676,625

UTILITIES

-

3.2%

488,625

(a)

Continuum

Green

Energy

India

Pvt

/

Co-Issuers

7.500

06/26/33

504,147

400,000

(a)

Empresa

de

Transmision

Electrica

SA

5.125

05/02/49

291,500

1,400,000

(a)

Eskom

Holdings

SOC

Ltd

6.350

08/10/28

1,390,200

500,000

(a)

Eskom

Holdings

SOC

Ltd

8.450

08/10/28

516,620

4,425,000

(a),(g)

Ferrellgas

LP

/

Ferrellgas

Finance

Corp

5.875

04/01/29

4,005,870

1,500,000

(a)

Saavi

Energia

Sarl

8.875

02/10/35

1,517,550

565,425

(a)

UEP

Penonome

II

SA2020

1

6.500

10/01/38

503,224

1,250,000

(a)

XPLR

Infrastructure

Operating

Partners

LP

8.625

03/15/33

1,216,122

TOTAL

UTILITIES

9,945,233

TOTAL

CORPORATE

BONDS

(Cost

$253,156,953)

245,362,515

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

57251558

SOVEREIGN

DEBT

-

18.3%

(13.1%

of

Total

Investments)

57251558

ANGOLA

-

1.0%

1,500,000

(a)

Angolan

Government

International

Bond

8.250

05/09/28

1,396,387

900,000

(a)

Angolan

Government

International

Bond

8.000

11/26/29

797,553

1,050,000

(a)

Angolan

Government

International

Bond

8.750

04/14/32

903,057

TOTAL

ANGOLA

3,096,997

ARGENTINA

-

1.6%

1,166,000

Argentine

Republic

Government

International

Bond

0.750

07/09/30

851,180

4,500,000

Argentine

Republic

Government

International

Bond

4.125

07/09/35

2,811,717

2,100,000

Argentine

Republic

Government

International

Bond

5.000

01/09/38

1,380,928

TOTAL

ARGENTINA

5,043,825

BENIN

-

0.6%

1,025,000

(a)

Benin

Government

International

Bond

7.960

02/13/38

957,606

1,000,000

(a)

Benin

Government

International

Bond

8.375

01/23/41

949,625

TOTAL

BENIN

1,907,231

BRAZIL

-

0.3%

1,000,000

Brazilian

Government

International

Bond

7.125

05/13/54

956,000

TOTAL

BRAZIL

956,000

COLOMBIA

-

1.3%

1,400,000

Colombia

Government

International

Bond

5.625

02/26/44

1,042,930

1,320,000

Colombia

Government

International

Bond

7.500

02/02/34

1,305,084

700,000

Colombia

Government

International

Bond

8.750

11/14/53

694,323

1,000,000

Colombia

Government

International

Bond

7.750

11/07/36

970,820

TOTAL

COLOMBIA

4,013,157

Portfolio

of

Investments

March

31,

2025

(continued)

JGH

6

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COTE

D'IVOIRE

-

1.4%

$

750,000

(a)

Ivory

Coast

Government

International

Bond

6.125

%

06/15/33

$

667,125

1,700,000

(a)

Ivory

Coast

Government

International

Bond

8.250

01/30/37

1,632,051

1,000,000

(a)

Ivory

Coast

Government

International

Bond

8.450

04/01/36

958,531

1,240,057

(a)

Ivory

Coast

Government

International

Bond

2032

144A

5.750

12/31/32

1,174,954

TOTAL

COTE

D'IVOIRE

4,432,661

ECUADOR

-

0.4%

1,767,500

(a)

Ecuador

Government

International

Bond

5.000

07/31/30

1,045,120

88,000

(a)

Ecuador

Government

International

Bond

5.000

07/31/40

38,632

371,475

(a)

Ecuador

Government

International

Bond

1.000

07/31/35

180,655

TOTAL

ECUADOR

1,264,407

EGYPT

-

1.8%

1,225,000

(a)

Egypt

Government

International

Bond

8.625

02/04/30

1,184,656

1,700,000

(a)

Egypt

Government

International

Bond

7.600

03/01/29

1,619,865

2,300,000

(a)

Egypt

Government

International

Bond

7.053

01/15/32

1,937,274

975,000

(a)

Egypt

Government

International

Bond

8.500

01/31/47

739,218

TOTAL

EGYPT

5,481,013

EL

SALVADOR

-

0.5%

1,000,000

(a)

El

Salvador

Government

International

Bond

0.250

04/17/30

21,722

1,575,000

(a)

El

Salvador

Government

International

Bond

9.250

04/17/30

1,638,362

TOTAL

EL

SALVADOR

1,660,084

HONDURAS

-

0.6%

750,000

(a)

Honduras

Government

International

Bond

5.625

06/24/30

673,500

1,300,000

(a)

Honduras

Government

International

Bond

8.625

11/27/34

1,288,950

TOTAL

HONDURAS

1,962,450

IRAQ

-

0.4%

1,162,500

(a)

Iraq

International

Bond

5.800

01/15/28

1,139,599

TOTAL

IRAQ

1,139,599

KENYA

-

0.7%

1,000,000

(a)

Republic

of

Kenya

Government

International

Bond

9.500

03/05/36

917,727

825,000

(a)

Republic

of

Kenya

Government

International

Bond

6.300

01/23/34

643,974

750,000

(a)

Republic

of

Kenya

Government

International

Bond

9.750

02/16/31

734,063

TOTAL

KENYA

2,295,764

NIGERIA

-

0.9%

1,425,000

(a)

Nigeria

Government

International

Bond

10.375

12/09/34

1,430,084

1,425,000

(a)

Nigeria

Government

International

Bond

7.875

02/16/32

1,268,102

TOTAL

NIGERIA

2,698,186

PANAMA

-

0.3%

1,000,000

Panama

Government

International

Bond

8.000

03/01/38

1,030,000

TOTAL

PANAMA

1,030,000

ROMANIA

-

0.3%

1,000,000

(a)

Romanian

Government

International

Bond

7.500

02/10/37

1,016,911

TOTAL

ROMANIA

1,016,911

RWANDA

-

0.6%

2,450,000

(a)

Rwanda

International

Government

Bond

5.500

08/09/31

1,980,886

TOTAL

RWANDA

1,980,886

SENEGAL

-

0.8%

1,325,000

(a)

Senegal

Government

International

Bond

6.750

03/13/48

864,563

2,100,000

(a)

Senegal

Government

International

Bond

6.250

05/23/33

1,568,030

TOTAL

SENEGAL

2,432,593

SOUTH

AFRICA

-

1.2%

1,400,000

Republic

of

South

Africa

Government

International

Bond

5.000

10/12/46

963,270

1,500,000

(a)

Republic

of

South

Africa

Government

International

Bond

7.100

11/19/36

1,453,798

1,475,000

Republic

of

South

Africa

Government

International

Bond

7.300

04/20/52

1,303,347

TOTAL

SOUTH

AFRICA

3,720,415

TURKEY

-

2.1%

1,375,000

Turkiye

Government

International

Bond

4.875

04/16/43

957,388

1,500,000

Turkiye

Government

International

Bond

6.500

09/20/33

1,403,010

2,225,000

Turkiye

Government

International

Bond

7.625

05/15/34

2,240,192

1,225,000

Turkiye

Government

International

Bond

6.000

01/14/41

1,001,619

7

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TURKEY

$

1,050,000

Turkiye

Government

International

Bond

6.500

%

01/03/35

$

975,875

TOTAL

TURKEY

6,578,084

UKRAINE

-

0.2%

479,899

(a)

Ukraine

Government

International

Bond

1.750

02/01/29

309,535

617,307

(a)

Ukraine

Government

International

Bond

0.000

02/01/35

339,519

131,089

(a)

Ukraine

Government

International

Bond

0.000

02/01/36

71,771

TOTAL

UKRAINE

720,825

UZBEKISTAN

-

0.9%

1,075,000

(a)

Republic

of

Uzbekistan

International

Bond

5.375

02/20/29

1,025,057

1,900,000

(a)

Republic

of

Uzbekistan

International

Bond

3.900

10/19/31

1,588,459

TOTAL

UZBEKISTAN

2,613,516

ZAMBIA

-

0.4%

1,378,982

(a)

Zambia

Government

International

Bond

5.750

06/30/33

1,206,954

TOTAL

ZAMBIA

1,206,954

TOTAL

SOVEREIGN

DEBT

(Cost

$59,487,179)

57,251,558

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

79581678

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

-

25.4%

(18.3%

of

Total

Investments)

79581678

AUTOMOBILES

&

COMPONENTS

-

0.6%

2,000,000

(b)

Clarios

Global

LP,

Term

Loan

B,

(TSFR1M

+

2.750%)

7.075

01/28/32

1,973,330

TOTAL

AUTOMOBILES

&

COMPONENTS

1,973,330

CAPITAL

GOODS

-

1.2%

891,017

(b)

TransDigm,

Inc.,

Term

Loan

J,

(TSFR3M

+

2.500%)

6.799

02/28/31

887,119

2,979,870

(b)

Windsor

Holdings

III,

LLC,

Term

Loan

B,

(TSFR1M

+

2.750%)

7.069

08/01/30

2,954,422

TOTAL

CAPITAL

GOODS

3,841,541

COMMERCIAL

&

PROFESSIONAL

SERVICES

-

1.4%

3,326,662

(b)

Amentum

Government

Services

Holdings

LLC,

Term

Loan

B,

(TSFR1M

+

2.250%)

6.575

09/29/31

3,223,752

1,285,000

(b)

WIN

Waste

Innovations

Holdings,

Inc.,

Incremental

Term

Loan,

(TSFR1M

+

3.750%)

8.189

03/27/28

1,278,575

TOTAL

COMMERCIAL

&

PROFESSIONAL

SERVICES

4,502,327

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

-

1.1%

1,890,500

(b)

Johnstone

Supply

LLC,

Term

Loan

B,

(TSFR1M

+

2.500%)

6.822

06/09/31

1,877,654

1,453,702

(b)

PetSmart,

Inc.,

Term

Loan

B,

(TSFR1M

+

3.750%)

8.175

02/14/28

1,434,011

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

&

RETAIL

3,311,665

CONSUMER

DURABLES

&

APPAREL

-

0.7%

2,385,000

(b)

Varsity

Brands,

Inc.,

Term

Loan,

(TSFR3M

+

3.500%)

7.819

08/26/31

2,342,523

TOTAL

CONSUMER

DURABLES

&

APPAREL

2,342,523

CONSUMER

SERVICES

-

0.7%

694,643

(b)

Carnival

Corporation,

Term

Loan

(2027),

(TSFR1M

+

2.000%)

6.325

08/09/27

694,469

1,197,000

(b)

GBT

US

III

LLC,

Term

Loan

B,

(TSFR3M

+

2.500%)

6.802

07/28/31

1,192,781

344,760

(b)

GVC

Holdings

(Gibraltar)

Limited,

Term

Loan

B3,

(TSFR3M

+

2.750%)

7.053

10/31/29

345,506

TOTAL

CONSUMER

SERVICES

2,232,756

FINANCIAL

SERVICES

-

0.2%

497,503

(b)

AAL

Delaware

Holdco,

Inc.,

Term

Loan,

(TSFR1M

+

2.750%)

7.075

07/30/31

494,550

TOTAL

FINANCIAL

SERVICES

494,550

FOOD,

BEVERAGE

&

TOBACCO

-

1.7%

857,604

(b)

Pegasus

BidCo

BV,

Term

Loan

B,

(TSFR3M

+

3.250%)

7.573

07/12/29

857,604

4,417,122

(b)

Triton

Water

Holdings,

Inc,

Term

Loan,

(TSFR3M

+

2.250%)

6.826

03/31/28

4,404,378

TOTAL

FOOD,

BEVERAGE

&

TOBACCO

5,261,982

HEALTH

CARE

EQUIPMENT

&

SERVICES

-

4.9%

163,374

(b)

ICON

Luxembourg

S.A.R.L.,

LUX

Term

Loan

B,

(TSFR3M

+

2.000%)

6.299

07/03/28

164,061

4,331,250

(b)

Insulet

Corporation,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.500%)

6.825

08/04/31

4,344,785

2,678,057

(b)

Medline

Borrower,

LP,

Add-on

Term

Loan

B,

(TSFR1M

+

2.250%)

6.575

10/23/28

2,676,009

2,767,187

(b)

Onex

TSG

Intermediate

Corp.,

Term

Loan

B,

(TSFR3M

+

4.750%)

9.302

02/28/28

2,790,252

Portfolio

of

Investments

March

31,

2025

(continued)

JGH

8

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

EQUIPMENT

&

SERVICES

(continued)

$

1,898,257

(b)

Parexel

International

Corporation,

Term

Loan

B,

(TSFR1M

+

2.500%)

6.825

%

11/15/28

$

1,896,245

206,989

(b)

Select

Medical

Corporation,

Term

Loan

B,

(TSFR1M

+

2.000%)

6.325

12/03/31

206,989

2,992,500

(b)

Zelis

Payments

Buyer,

Inc.,

5th

Amendment

Term

Loan,

(TSFR1M

+

3.250%)

7.575

11/26/31

2,988,759

TOTAL

HEALTH

CARE

EQUIPMENT

&

SERVICES

15,067,100

HOUSEHOLD

&

PERSONAL

PRODUCTS

-

0.6%

1,979,540

(b)

VC

GB

Holdings

I

Corp.,

First

Lien

Term

Loan,

(TSFR3M

+

3.500%)

8.061

05/16/28

1,921,401

TOTAL

HOUSEHOLD

&

PERSONAL

PRODUCTS

1,921,401

INSURANCE

-

1.5%

4,228,697

(b)

Broadstreet

Partners,

Inc.,

Term

Loan

B4,

(TSFR1M

+

3.000%)

7.325

06/16/31

4,197,362

615,672

(b)

USI,

Inc.,

Term

Loan

C,

(TSFR3M

+

2.250%)

6.549

09/27/30

610,540

TOTAL

INSURANCE

4,807,902

MATERIALS

-

1.0%

950,231

(b)

Berlin

Packaging

LLC,

Term

Loan

B7,

(TSFR1M

+

TSFR3M

+

3.500%)

7.811

06/09/31

948,093

2,055,997

(b)

Nouryon

Finance

B.V.,

Term

Loan

B1,

(TSFR3M

+

3.250%)

7.553

04/03/28

2,054,280

275,738

(b)

W.R.

Grace

&

Co.-Conn.,

Term

Loan

B,

(TSFR3M

+

3.250%)

7.549

09/22/28

273,497

TOTAL

MATERIALS

3,275,870

MEDIA

&

ENTERTAINMENT

-

0.4%

1,233,409

(b)

Planet

US

Buyer

LLC,

Term

Loan

B,

(TSFR3M

+

3.000%)

7.319

02/10/31

1,231,738

TOTAL

MEDIA

&

ENTERTAINMENT

1,231,738

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

-

1.4%

1,418,188

(b)

Jazz

Financing

Lux

S.a.r.l.,

First

Lien

Term

Loan

B,

(TSFR1M

+

2.250%)

6.575

05/05/28

1,419,252

3,154,661

(b)

Organon

&

Co,

Term

Loan,

(TSFR1M

+

2.250%)

6.572

05/19/31

3,115,228

40,705

(b)

PRA

Health

Sciences,

Inc.,

US

Term

Loan

B,

(TSFR3M

+

2.000%)

6.299

07/03/28

40,876

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

&

LIFE

SCIENCES

4,575,356

SOFTWARE

&

SERVICES

-

4.2%

1,361,588

(b)

Boost

Newco

Borrower,

LLC,

Term

Loan

B,

(TSFR3M

+

2.000%)

6.299

01/31/31

1,354,358

2,200,000

(b)

Boxer

Parent

Company

Inc.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7.291

07/30/31

2,164,822

2,487,500

(b)

Fortress

Intermediate

3,

Inc,

Term

Loan

B,

(TSFR1M

+

3.750%)

8.075

06/27/31

2,485,958

2,775,000

(b)

Javelin

Buyer,

Inc.,

First

Lien

Term

Loan,

(TSFR3M

+

3.250%)

7.563

12/08/31

2,765,288

982,000

(b),(h)

Project

Alpha

Intermediate

Holding

Inc,

(TBD)

TBD

TBD

980,974

219,996

(b)

Rackspace

Finance,

LLC,

First

Lien

First

Out

Term

Loan,

(TSFR1M

+

6.250%)

10.687

05/15/28

226,281

794,000

(b)

UKG

Inc.,

Term

Loan

B,

(TSFR3M

+

3.000%)

7.300

02/10/31

793,210

2,307,000

X

Corp

9.500

10/29/29

2,369,624

TOTAL

SOFTWARE

&

SERVICES

13,140,515

TECHNOLOGY

HARDWARE

&

EQUIPMENT

-

0.5%

1,465,752

(b)

CommScope,

Inc.,

Term

Loan,

(TSFR1M

+

5.250%)

9.575

12/17/29

1,461,780

TOTAL

TECHNOLOGY

HARDWARE

&

EQUIPMENT

1,461,780

TELECOMMUNICATION

SERVICES

-

1.5%

3,000,000

(b)

Lumen

Technologies,

Inc.,

Extended

Term

Loan

B2,

(TSFR1M

+

2.350%)

6.789

04/15/30

2,887,020

2,000,000

(b)

Zayo

Group

Holdings,

Inc.,

Term

Loan,

(TSFR1M

+

3.000%)

7.439

03/09/27

1,866,440

TOTAL

TELECOMMUNICATION

SERVICES

4,753,460

TRANSPORTATION

-

0.4%

487,500

(b)

American

Airlines,

Inc.,

Term

Loan,

(TSFR1M

+

2.250%)

6.543

04/20/28

482,510

588,064

(b)

Brown

Group

Holding,

LLC,

Incremental

Term

Loan

B2,

(TSFR1M

+

TSFR3M

+

2.500%)

6.813

07/01/31

585,217

4,174

(b)

SkyMiles

IP

Ltd.,

Skymiles

Term

Loan

B,

(TSFR3M

+

3.750%)

8.043

10/20/27

4,222

TOTAL

TRANSPORTATION

1,071,949

9

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

-

1.4%

$

3,700,725

(b)

Talen

Energy

Supply,

LLC,

Incremental

Term

Loan

B,

(TSFR3M

+

2.500%)

6.818

%

12/15/31

$

3,699,726

614,062

(b)

Talen

Energy

Supply,

LLC,

Term

Loan

B,

(TSFR3M

+

2.500%)

6.818

05/17/30

614,207

TOTAL

UTILITIES

4,313,933

TOTAL

VARIABLE

RATE

SENIOR

LOAN

INTERESTS

(Cost

$79,597,264)

79,581,678

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$443,822,410)

433,725,857

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

 0.7%(0.5%

of

Total

Investments)

2,275,000

REPURCHASE

AGREEMENTS

-

0.7%

(0.5%

of

Total

Investments)

2,275,000

2,275,000

(i)

Fixed

Income

Clearing

Corporation

4.350

04/01/25

2,275,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$2,275,000)

2,275,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$2,275,000)

2,275,000

TOTAL

INVESTMENTS

-

139.2%

(Cost

$446,097,410

)

436,000,857

BORROWINGS

-

(34.0)%

(j),(k)

(106,500,000)

REVERSE

REPURCHASE

AGREEMENTS,

INCLUDING

ACCRUED

INTEREST

-

(6.5)%(l)

(20,213,750)

OTHER

ASSETS

&

LIABILITIES,

NET

-  1.3%

3,827,848

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

313,114,955

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.

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.

TBD

Senior

loan

purchased

on

a

when-issued

or

delayed-delivery

basis.

Certain

details

associated

with

this

purchase

are

not

known

prior

to

the

settlement

date

of

the

transaction.

In

addition,

senior

loans

typically

trade

without

accrued

interest

and

therefore

a

coupon

rate

is

not

available

prior

to

settlement.

At

settlement,

if

still

unknown,

the

borrower

or

counterparty

will

provide

the

Fund

with

the

final

coupon

rate

and

maturity

date.

TSFR1M

CME

Term

Secured

Overnight

Financing

Rate

1

Month

TSFR3M

CME

Term

Secured

Overnight

Financing

Rate

3

Month

(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

$270,684,731

or

62.1%

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)

Perpetual

security.

Maturity

date

is

not

applicable.

(d)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(e)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(f)

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

7.6%

of

Total

Investments.

(g)

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

$25,661,574

have

been

pledged

as

collateral

for

reverse

repurchase

agreements.

(h)

When-issued

or

delayed

delivery

security.

(i)

Agreement

with

Fixed

Income

Clearing

Corporation,

4.350%

dated

3/31/25

to

be

repurchased

at

$2,275,275

on

4/1/25,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

4.250%

and

maturity

date

11/15/34,

valued

at

$2,320,522.

(j)

Borrowings

as

a

percentage

of

Total

Investments

is

24.4%.

(k)

The

Fund

may

pledge

up

to

100%

of

its

eligible

investment

(excluding

any

investments

pledged

as

collateral

to

specific

investments

in

derivatives,

when

applicable)

in

the

Portfolio

of

Investments

as

collateral

for

borrowings.

(l)

Reverse

Repurchase

Agreements,

including

accrued

interest

as

a

percentage

of

Total

investments

is

4.6%.

Portfolio

of

Investments

March

31,

2025

(continued)

JGH

10

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:

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

$

87,400,000

$

725,022

$

725,022

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.

JGH

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

$1,000

Par

(or

similar)

Institutional

Preferred

$

–

$

49,146,645

$

–

$

49,146,645

$25

Par

(or

similar)

Retail

Preferred

841,297

–

–

841,297

Asset-Backed

Securities

–

–

659,400

659,400

Common

Stocks

–

882,764

–

882,764

Corporate

Bonds

–

245,193,765

168,750

245,362,515

Sovereign

Debt

–

57,251,558

–

57,251,558

Variable

Rate

Senior

Loan

Interests

–

79,581,678

–

79,581,678

Short-Term

Investments:

Repurchase

Agreements

–

2,275,000

–

2,275,000

Investments

in

Derivatives:

Interest

Rate

Swaps*

–

725,022

–

725,022

Total

$

841,297

$

435,056,432

$

828,150

$

436,725,879

*

Represents

net

unrealized

appreciation

(depreciation).