NPORT-EX 2 tiaa_JMM.htm
1
Portfolio of Investments September 30, 2025
JMM
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 134.8% (97.3% of Total Investments)
ASSET-BACKED SECURITIES - 26.4% (19.1% of Total Investments)
–
$
50,790
(a)
321 Henderson Receivables VI LLC, Series 2010 1A
9
.310
%
07/15/61
$
51,432
500,000
(a),(b)
ACRE Commercial Mortgage 2021-FL4 Ltd, Series 2021 FL4,
(TSFR1M + 3.214%)
7
.350
12/18/37
476,931
500,000
(a)
Adams Outdoor Advertising LP, Series 2023 1
6
.967
07/15/53
509,967
500,000
(a),(b)
AGL CLO 19 Ltd, Series 2022 19A, (TSFR3M + 1.650%)
5
.970
07/21/38
501,730
1,560,995
(a)
American Homes 4 Rent 2015-SFR2 Trust, Series 2015 SFR2,
(I/O)
0
.000
10/17/52
16
8,007
Bayview Financial Mortgage Pass-Through Trust 2006-C, Series
2006 C
6
.352
11/28/36
6,848
378,667
(a)
Capital Automotive REIT, Series 2024 1
4
.900
05/15/54
378,268
500,000
(a)
CARS-DB4 LP, Series 2020 1A
4
.520
02/15/50
486,671
500,000
Carvana Auto Receivables Trust 2022-P3, Series 2022 P3
5
.540
11/10/28
509,179
899,452
(a)
CF Hippolyta Issuer LLC, Series 2020 1
2
.600
07/15/60
617,603
400,000
(a),(b)
CIFC Funding 2020-II Ltd, Series 2020 2A, (TSFR3M + 1.862%)
6
.187
10/20/34
400,874
35,256
(a)
Commonbond Student Loan Trust 2017-B-GS, Series 2017 BGS
4
.440
09/25/42
30,082
288,750
(a)
DB Master Finance LLC, Series 2021 1A
2
.493
11/20/51
272,135
1,110,000
(a)
DB Master Finance LLC, Series 2017 1A
4
.030
11/20/47
1,097,301
145,700
(a)
Domino's Pizza Master Issuer LLC, Series 2017 1A
4
.118
07/25/47
144,732
675,000
(a),(c)
Driven Brands Funding LLC, Series 2025 1A
5
.296
10/20/55
673,394
400,000
(a),(b)
Dryden 49 Senior Loan Fund, Series 2017 49A, (TSFR3M +
1.862%)
6
.191
07/18/30
400,579
500,000
(a)
Frontier Issuer LLC, Series 2023 1
6
.600
08/20/53
507,794
476,250
(a)
Hardee's Funding LLC, Series 2020 1A
3
.981
12/20/50
459,252
306,192
(a)
J.G. Wentworth XXXVII LLC, Series 2016 1A
5
.190
06/17/69
284,451
513,398
(a)
JGWPT XXV LLC, Series 2012 1A
7
.140
02/15/67
526,779
220,182
(a)
JGWPT XXVI LLC, Series 2012 2A
6
.770
10/17/61
222,121
82,447
Mid-State Capital Corp 2005-1 Trust, Series 2005 1
5
.745
01/15/40
82,376
34,803
Mid-State Trust XI, Series 2003 11
5
.598
07/15/38
34,885
400,000
(a),(b)
Neuberger Berman CLO Ltd, Series 2024 56A, (TSFR3M +
1.750%)
6
.772
07/24/37
401,610
500,000
(a),(b)
Neuberger Berman Loan Advisers CLO 48 Ltd, Series 2022
48A, (TSFR3M + 1.550%)
5
.868
04/25/36
500,470
400,000
(a),(b)
OHA Credit Funding 19 Ltd, Series 2024 19A, (TSFR3M +
1.700%)
5
.969
07/20/37
401,468
231,600
(a)
Planet Fitness Master Issuer LLC, Series 2022 1A
3
.251
12/05/51
227,583
478,750
(a)
SERVPRO Master Issuer LLC, Series 2021 1A
2
.394
04/25/51
451,074
189,833
(a)
Sonic Capital LLC, Series 2020 1A
3
.845
01/20/50
187,086
164,308
(a)
Start II LTD, Series 2019 1
5
.095
03/15/44
163,382
992,500
(a)
Subway Funding LLC, Series 2024 1A
6
.028
07/30/54
1,006,202
500,000
(a)
Taco Bell Funding LLC, Series 2025 1A
4
.821
08/25/55
501,044
648,450
(a)
Taco Bell Funding LLC, Series 2021 1A
2
.294
08/25/51
599,318
294,750
(a)
Taco Bell Funding LLC, Series 2021 1A
1
.946
08/25/51
284,643
500,000
(a),(b)
TruPS Financials Note Securitization 2025-2, Series 2025 2A,
(TSFR3M + 1.900%)
5
.872
07/15/39
500,250
250,000
(a)
VB-S1 Issuer LLC - VBTEL, Series 2022 1A
4
.288
02/15/52
245,883
554,927
(a)
Wendy's Funding LLC, Series 2021 1A
2
.370
06/15/51
515,356
441,185
(a)
Wendy's Funding LLC, Series 2019 1A
3
.783
06/15/49
438,547
382,736
(a)
Wendy's Funding LLC, Series 2018 1A
3
.884
03/15/48
377,104
985,000
(a)
Wingstop Funding LLC, Series 2020 1A
2
.841
12/05/50
950,920
172,800
(a)
Zaxbys Funding LLC, Series 2021 1A
3
.238
07/30/51
162,981
TOTAL ASSET-BACKED SECURITIES
(Cost $17,063,816)
16,590,321
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
25154345
CORPORATE BONDS - 40.1% (28.9% of Total Investments) (d)
25154345
AUTOMOBILES & COMPONENTS - 1.5%
200,000
(a)
Clarios Global LP / Clarios US Finance Co
6
.750
02/15/30
206,602
200,000
(e)
Ford Motor Credit Co LLC
6
.950
03/06/26
201,592
150,000
(e)
Goodyear Tire & Rubber Co/The
5
.250
04/30/31
141,750
135,000
(a),(e)
Phinia Inc
6
.625
10/15/32
139,135
Portfolio of Investments September 30, 2025
(continued)
JMM
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
AUTOMOBILES & COMPONENTS
(continued)
$
185,000
(e)
ZF North America Capital Inc
6
.750
%
04/23/30
$
180,538
50,000
(a)
ZF North America Capital Inc
7
.500
03/24/31
49,660
TOTAL AUTOMOBILES & COMPONENTS
919,277
BANKS - 6.9%
200,000
(f),(g)
Banco Bilbao Vizcaya Argentaria SA
9
.375
N/A
223,155
400,000
(e),(h)
Banco Santander SA
2
.749
12/03/30
362,987
200,000
(f),(g)
Banco Santander SA
9
.625
N/A
241,205
625,000
(e),(h)
Bank of America Corp
5
.744
02/12/36
649,355
300,000
(f),(h)
Bank of America Corp
6
.625
N/A
312,147
200,000
(a),(f),(g)
BNP Paribas SA
9
.250
N/A
214,868
250,000
(f),(h)
Citigroup Inc
7
.625
N/A
262,464
240,000
(h)
JPMorgan Chase & Co
5
.576
07/23/36
248,804
300,000
(f),(h)
JPMorgan Chase & Co
6
.875
N/A
315,977
200,000
(f),(g)
Lloyds Banking Group PLC
8
.000
N/A
216,092
295,000
(f),(h)
M&T Bank Corp
3
.500
N/A
284,250
250,000
(f),(g)
NatWest Group PLC
8
.125
N/A
281,439
300,000
(f),(h)
Truist Financial Corp
6
.669
N/A
301,363
400,000
(f),(h)
Wells Fargo & Co
7
.625
N/A
428,168
TOTAL BANKS
4,342,274
CAPITAL GOODS - 4.6%
150,000
(a)
AECOM
6
.000
08/01/33
153,358
200,000
(a)
Albion Financing 1 SARL / Aggreko Holdings Inc
7
.000
05/21/30
206,860
600,000
(e)
Boeing Co/The
3
.250
02/01/28
586,031
550,000
(e)
Boeing Co/The
3
.625
02/01/31
526,788
75,000
(a)
Efesto Bidco SpA Efesto US LLC
7
.500
02/15/32
76,320
30,000
(a)
Gates Corp/DE
6
.875
07/01/29
31,129
65,000
(a)
Herc Holdings Inc
6
.625
06/15/29
66,788
85,000
(a)
Herc Holdings Inc
7
.000
06/15/30
88,292
200,000
(a)
Quikrete Holdings Inc
6
.375
03/01/32
207,169
400,000
(e)
Regal Rexnord Corp
6
.400
04/15/33
429,418
80,000
(a)
Standard Building Solutions Inc
6
.250
08/01/33
81,071
200,000
(a)
TransDigm Inc
6
.375
05/31/33
202,249
100,000
(a)
WESCO Distribution Inc
6
.375
03/15/29
102,958
135,000
(a),(e)
Windsor Holdings III LLC
8
.500
06/15/30
142,710
TOTAL CAPITAL GOODS
2,901,141
COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
10,000
(a)
CACI International Inc
6
.375
06/15/33
10,316
35,000
(a),(c)
Clean Harbors Inc
5
.750
10/15/33
35,306
50,000
(a)
RR Donnelley & Sons Co
9
.500
08/01/29
51,243
20,000
(a)
Science Applications International Corp
5
.875
11/01/33
20,006
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
116,871
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.7%
250,000
(a),(e)
Asbury Automotive Group Inc
4
.625
11/15/29
242,619
100,000
(a),(e)
Bath & Body Works Inc
6
.625
10/01/30
102,230
75,000
(a)
LCM Investments Holdings II LLC
4
.875
05/01/29
73,481
50,000
(a)
Michaels Cos Inc/The
5
.250
05/01/28
46,020
500,000
(a)
Michaels Cos Inc/The
7
.875
05/01/29
417,500
35,000
(a)
Park River Holdings Inc
8
.000
03/15/31
35,444
125,000
(a)
Queen MergerCo Inc
6
.750
04/30/32
129,425
35,000
(a)
Veritiv Operating Co
10
.500
11/30/30
37,563
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
1,084,282
CONSUMER DURABLES & APPAREL - 0.2%
125,000
(a)
CD&R Smokey Buyer Inc
9
.500
10/15/29
97,760
20,000
(a)
TopBuild Corp
5
.625
01/31/34
19,927
TOTAL CONSUMER DURABLES & APPAREL
117,687
CONSUMER SERVICES - 1.8%
180,000
(a),(e)
Caesars Entertainment Inc
6
.000
10/15/32
177,293
200,000
(a)
Flutter Treasury DAC
6
.375
04/29/29
206,524
50,000
(a)
Light & Wonder International Inc
6
.250
10/01/33
50,085
215,000
(a)
Motion Finco Sarl
8
.375
02/15/32
185,907
50,000
(a)
Muvico LLC
15
.000
02/19/29
54,223
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CONSUMER SERVICES
(continued)
$
40,000
(a)
NCL Corp Ltd
5
.875
%
01/15/31
$
39,998
150,000
(e)
Service Corp International/US
5
.750
10/15/32
151,962
100,000
(a),(e)
Six Flags Entertainment Corp / Six Flags Theme Parks Inc
6
.625
05/01/32
101,881
140,000
(a),(e)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6
.250
03/15/33
142,167
TOTAL CONSUMER SERVICES
1,110,040
CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.3%
200,000
(a),(e)
Albertsons Cos Inc / Safeway Inc / New Albertsons LP /
Albertsons LLC
6
.250
03/15/33
204,540
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
204,540
ENERGY - 3.2%
250,000
(a),(e)
Antero Midstream Partners LP / Antero Midstream Finance
Corp
6
.625
02/01/32
257,483
50,000
(a)
Ascent Resources Utica Holdings LLC / ARU Finance Corp
6
.625
10/15/32
51,023
80,000
(a)
Buckeye Partners LP
6
.750
02/01/30
83,092
30,000
(a)
Chord Energy Corp
6
.000
10/01/30
29,791
150,000
(a)
Chord Energy Corp
6
.750
03/15/33
151,978
90,000
(a),(e)
Civitas Resources Inc
8
.375
07/01/28
93,290
30,000
(a)
Civitas Resources Inc
8
.750
07/01/31
30,735
25,000
(a)
CNX Resources Corp
7
.250
03/01/32
25,936
50,000
Genesis Energy LP / Genesis Energy Finance Corp
7
.875
05/15/32
52,148
200,000
(a),(e)
Hilcorp Energy I LP / Hilcorp Finance Co
8
.375
11/01/33
210,056
200,000
(a)
Kinetik Holdings LP
6
.625
12/15/28
205,284
215,000
(a)
Parkland Corp/Canada
4
.625
05/01/30
209,037
150,000
(a)
Rockies Express Pipeline LLC
4
.800
05/15/30
146,448
100,000
(a)
Sunoco LP
5
.875
03/15/34
99,134
100,000
(a)
Sunoco LP
5
.625
03/31/31
99,262
20,000
(a)
USA Compression Partners LP / USA Compression Finance
Corp
6
.250
10/01/33
20,077
140,000
(a),(e)
USA Compression Partners LP / USA Compression Finance
Corp
7
.125
03/15/29
144,385
70,000
(a)
Venture Global LNG Inc
8
.125
06/01/28
72,455
40,000
(a)
Venture Global Plaquemines LNG LLC
6
.500
01/15/34
42,106
TOTAL ENERGY
2,023,720
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.8%
550,000
(e)
GLP Capital LP / GLP Financing II Inc
4
.000
01/15/30
532,636
75,000
(a)
Iron Mountain Inc
4
.500
02/15/31
71,589
40,000
(a)
Millrose Properties Inc
6
.250
09/15/32
40,105
175,000
(e)
MPT Operating Partnership LP / MPT Finance Corp
3
.500
03/15/31
128,714
35,000
(a)
MPT Operating Partnership LP / MPT Finance Corp
8
.500
02/15/32
37,190
300,000
(a),(e)
Prologis Targeted US Logistics Fund LP
5
.500
04/01/34
311,520
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
1,121,754
FINANCIAL SERVICES - 5.8%
250,000
(e),(h)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6
.950
03/10/55
261,674
300,000
(f),(h)
American Express Co
3
.550
N/A
294,266
45,000
(a)
Azorra Finance Ltd
7
.250
01/15/31
46,858
200,000
(e)
Block Inc
6
.500
05/15/32
207,001
250,035
(a),(e)
Compass Group Diversified Holdings LLC
5
.250
04/15/29
230,990
25,000
(a)
CrossCountry Intermediate HoldCo LLC
6
.500
10/01/30
25,092
85,000
(a)
Encore Capital Group Inc
6
.625
04/15/31
84,753
300,000
(a),(e)
Encore Capital Group Inc
8
.500
05/15/30
318,584
215,000
(a),(e)
FirstCash Inc
6
.875
03/01/32
222,226
75,000
(a)
Freedom Mortgage Holdings LLC
8
.375
04/01/32
78,611
200,000
(a)
Icahn Enterprises LP / Icahn Enterprises Finance Corp
10
.000
11/15/29
200,883
200,000
(a)
Jane Street Group / JSG Finance Inc
6
.125
11/01/32
202,712
475,000
(e)
JPMorgan Chase & Co
5
.572
04/22/36
500,662
115,000
OneMain Finance Corp
6
.125
05/15/30
116,459
150,000
(a)
PennyMac Financial Services Inc
4
.250
02/15/29
145,175
55,000
(a)
Rocket Cos Inc
6
.375
08/01/33
56,766
100,000
(a),(e)
Starwood Property Trust Inc
6
.500
07/01/30
103,434
200,000
(a),(f),(g)
UBS Group AG
9
.250
N/A
220,303
165,000
(a)
Walker & Dunlop Inc
6
.625
04/01/33
168,737
Portfolio of Investments September 30, 2025
(continued)
JMM
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
180,000
(a)
WEX Inc
6
.500
%
03/15/33
$
183,831
TOTAL FINANCIAL SERVICES
3,669,017
FOOD, BEVERAGE & TOBACCO - 0.3%
100,000
(a)
Darling Ingredients Inc
6
.000
06/15/30
100,956
75,000
(a),(e)
Primo Water Holdings Inc / Triton Water Holdings Inc
4
.375
04/30/29
72,743
TOTAL FOOD, BEVERAGE & TOBACCO
173,699
HEALTH CARE EQUIPMENT & SERVICES - 1.4%
140,000
(a),(e)
CHS/Community Health Systems Inc
10
.875
01/15/32
148,273
100,000
(a),(e)
DaVita Inc
4
.625
06/01/30
95,839
50,000
(a)
DaVita Inc
6
.875
09/01/32
51,652
90,000
(a)
DaVita Inc
6
.750
07/15/33
92,808
30,000
(a)
Global Medical Response Inc
7
.375
10/01/32
30,879
130,000
(a)
IQVIA Inc
6
.250
06/01/32
133,658
190,000
(a),(e)
Prime Healthcare Services Inc
9
.375
09/01/29
197,600
100,000
(a)
Radiology Partners Inc
8
.500
07/15/32
103,484
TOTAL HEALTH CARE EQUIPMENT & SERVICES
854,193
INSURANCE - 1.8%
100,000
(a)
Acrisure LLC / Acrisure Finance Inc
7
.500
11/06/30
104,175
35,000
(a)
Acrisure LLC / Acrisure Finance Inc
6
.750
07/01/32
36,039
250,000
(a),(e)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer
6
.500
10/01/31
255,608
200,000
(a)
Ardonagh Finco Ltd
7
.750
02/15/31
209,278
165,000
(a),(e)
Panther Escrow Issuer LLC
7
.125
06/01/31
171,619
30,000
(a)
Ryan Specialty LLC
5
.875
08/01/32
30,336
300,000
(a),(b)
Vitality Re XIV Ltd (3-Month U.S. Treasury Bill + 3.500%)
7
.812
01/05/27
307,290
TOTAL INSURANCE
1,114,345
MATERIALS - 1.0%
240,000
(a),(e)
EverArc Escrow Sarl
5
.000
10/30/29
234,902
10,000
(a),(c)
Mineral Resources Ltd
7
.000
04/01/31
10,129
185,000
(a)
Olin Corp
6
.625
04/01/33
185,954
85,000
(a)
Qnity Electronics Inc
5
.750
08/15/32
85,648
25,000
(a)
Qnity Electronics Inc
6
.250
08/15/33
25,530
60,000
(a)
Sealed Air Corp/Sealed Air Corp US
7
.250
02/15/31
62,959
15,000
(a)
Solstice Advanced Materials Inc
5
.625
09/30/33
15,050
TOTAL MATERIALS
620,172
MEDIA & ENTERTAINMENT - 0.9%
50,000
(a)
Directv Financing LLC / Directv Financing Co-Obligor Inc
5
.875
08/15/27
49,944
175,000
(a)
Gray Media Inc
4
.750
10/15/30
134,094
80,000
(a)
Gray Media Inc
7
.250
08/15/33
79,276
60,000
(a)
Sirius XM Radio LLC
4
.000
07/15/28
57,976
75,000
(a),(e)
Univision Communications Inc
4
.500
05/01/29
70,742
200,000
(a)
VZ Secured Financing BV
5
.000
01/15/32
180,944
TOTAL MEDIA & ENTERTAINMENT
572,976
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.3%
200,000
(a),(e)
Organon & Co / Organon Foreign Debt Co-Issuer BV
5
.125
04/30/31
175,210
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
175,210
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%
75,000
Kennedy-Wilson Inc
4
.750
03/01/29
71,660
325,000
(e)
Kennedy-Wilson Inc
5
.000
03/01/31
302,319
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
373,979
SOFTWARE & SERVICES - 1.8%
500,000
(a),(e)
Ahead DB Holdings LLC
6
.625
05/01/28
500,111
250,000
(a)
CA Magnum Holdings
5
.375
10/31/26
248,905
30,000
(a)
Fair Isaac Corp
6
.000
05/15/33
30,373
100,000
(a)
Gen Digital Inc
6
.250
04/01/33
102,088
100,000
(a)
Open Text Corp
3
.875
12/01/29
94,525
150,000
(a),(e)
Rocket Software Inc
9
.000
11/28/28
154,623
TOTAL SOFTWARE & SERVICES
1,130,625
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION SERVICES - 1.2%
$
80,000
(a)
Level 3 Financing Inc
6
.875
%
06/30/33
$
81,534
130,000
(a)
Level 3 Financing Inc
7
.000
03/31/34
132,250
200,000
(a)
Maya SAS/Paris France
7
.000
04/15/32
203,961
105,000
(a),(e)
Windstream Escrow LLC / Windstream Escrow Finance Corp
8
.250
10/01/31
108,767
30,000
(a),(c)
Windstream Services LLC
7
.500
10/15/33
29,992
200,000
(a)
Zegona Finance PLC
8
.625
07/15/29
212,900
TOTAL TELECOMMUNICATION SERVICES
769,404
TRANSPORTATION - 0.3%
160,000
(a)
Air Transport Services Group Inc
7
.250
03/15/32
168,485
TOTAL TRANSPORTATION
168,485
UTILITIES - 2.5%
200,000
(a)
ContourGlobal Power Holdings SA
6
.750
02/28/30
207,748
60,000
(a)
Ferrellgas LP / Ferrellgas Finance Corp
5
.375
04/01/26
59,395
100,000
(a),(e)
Ferrellgas LP / Ferrellgas Finance Corp
5
.875
04/01/29
93,064
450,000
(e)
Interstate Power and Light Co
5
.600
06/29/35
467,522
200,000
(e)
Suburban Propane Partners LP/Suburban Energy Finance Corp
5
.875
03/01/27
199,426
375,000
(a),(e)
Superior Plus LP / Superior General Partner Inc
4
.500
03/15/29
361,807
190,000
(a),(e)
Talen Energy Supply LLC
8
.625
06/01/30
201,692
TOTAL UTILITIES
1,590,654
TOTAL CORPORATE BONDS
(Cost $25,218,422)
25,154,345
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 65.0% (46.9% of Total Investments)
–
500,000
(a),(b)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 1.750%)
5
.900
06/15/35
500,805
400,000
(b)
Benchmark 2018-B2 Mortgage Trust, Series 2018 B2
4
.084
02/15/51
387,274
1,045,329
(e)
Benchmark 2019-B9 Mortgage Trust, Series 2019 B9
3
.751
03/15/52
1,027,101
375,000
(a),(b)
BX Trust 2023-DELC, Series 2023 DELC, (TSFR1M + 3.339%)
7
.489
05/15/38
378,742
250,000
(a),(b)
Century Plaza Towers 2019-CPT, Series 2019 CPT
3
.097
11/13/39
206,803
425,000
(b)
Citigroup Commercial Mortgage Trust 2015-GC29, Series 2015
GC29
4
.109
04/10/48
387,165
600,000
(a)
Citigroup Commercial Mortgage Trust 2016-P5, Series 2016 P5
3
.000
10/10/49
413,244
241,000
Citigroup Commercial Mortgage Trust 2019-GC41, Series 2019
GC41
3
.502
08/10/56
206,718
33,879
(a)
Citigroup Global Markets Mortgage Securities VII Inc, Series
2003 1
6
.000
09/25/33
15,578
486,023
(a),(b)
COMM 2013-LC13 Mortgage Trust, Series 2013 LC13
5
.549
08/10/46
452,546
775,000
(b)
COMM 2015-CCRE22 Mortgage Trust, Series 2015 CR22
3
.824
03/10/48
728,200
126,040
(b)
COMM 2015-CCRE25 Mortgage Trust, Series 2015 CR25
4
.490
08/10/48
124,826
540,000
(b)
COMM 2015-CCRE26 Mortgage Trust, Series 2015 CR26
4
.647
10/10/48
511,453
108,000
(b)
COMM 2015-LC23 Mortgage Trust, Series 2015 LC23
4
.679
10/10/48
104,178
400,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R04, Series 2022
R04, (SOFR30A + 3.100%)
7
.456
03/25/42
411,202
1,000,000
(a),(b),(e)
Connecticut Avenue Securities Trust 2022-R07, Series 2022
R07, (SOFR30A + 4.650%)
9
.006
06/25/42
1,058,520
485,000
(a),(b)
Connecticut Avenue Securities Trust 2022-R08, Series 2022
R08, (SOFR 30A + 3.600%)
7
.956
07/25/42
504,829
200,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R01, Series 2023
R01, (SOFR30A + 3.750%)
8
.106
12/25/42
210,229
1,500,000
(a),(b),(e)
Connecticut Avenue Securities Trust 2023-R02, Series 2023
R02, (SOFR30A + 3.350%)
7
.706
01/25/43
1,567,340
1,000,000
(a),(b),(e)
Connecticut Avenue Securities Trust 2023-R04, Series 2023
R04, (SOFR30A + 3.550%)
7
.906
05/25/43
1,055,658
1,410,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 2.700%)
7
.056
07/25/43
1,458,388
710,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R06, Series 2023
R06, (SOFR30A + 3.900%)
9
.188
07/25/43
748,178
500,000
(a),(b)
Connecticut Avenue Securities Trust 2023-R08, Series 2023
R08, (SOFR30A + 3.550%)
7
.906
10/25/43
522,936
250,000
(a)
CSMC 2014-USA OA LLC, Series 2014 USA
4
.373
09/15/37
171,187
86,717
CSMC Mortgage-Backed Trust 2006-7, Series 2006 7
6
.000
08/25/36
29,891
Portfolio of Investments September 30, 2025
(continued)
JMM
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
200,000
(a),(b)
DBSG 2024-ALTA Mortgage Trust, Series 2024 ALTA
6
.595
%
06/10/37
$
203,565
263,092
(e)
Fannie Mae Pool, FN MA4600, Series 2022 2
3
.500
05/01/52
240,798
1,727,041
(e)
Fannie Mae Pool, FN MA4438, Series 2021 1
2
.500
10/01/51
1,462,832
1,232,899
(e)
Fannie Mae Pool, FN MA5164
5
.000
10/01/53
1,226,817
17,482
Fannie Mae Pool, FN 995018
5
.500
06/01/38
18,190
9,916
(e)
Fannie Mae Pool, FN 882685
6
.000
06/01/36
10,241
6,371
Fannie Mae Pool, FN 878059
5
.500
03/01/36
6,629
386,112
(e)
Fannie Mae Pool, FN MA4644, Series 2022 1
4
.000
05/01/52
364,862
466,360
(e)
Fannie Mae Pool, FN MA4733
4
.500
09/01/52
454,496
1,138,743
(e)
Fannie Mae Pool, FN MA5107
5
.500
08/01/53
1,149,960
321,323
(e)
Fannie Mae Pool, FN MA4919
5
.500
02/01/53
325,448
147,877
Fannie Mae Pool, FN MA5039
5
.500
06/01/53
149,637
857,024
(e)
Fannie Mae Pool, FN MA5106
5
.000
08/01/53
853,238
9,281
Fannie Mae Pool, FN 828346
5
.000
07/01/35
9,493
396,408
Fannie Mae Pool, FN MA5353
5
.500
05/01/54
400,293
827,237
(e)
Fannie Mae Pool, FN MA5165
5
.500
10/01/53
836,592
522,888
(e)
Fannie Mae Pool, FN MA4783
4
.000
10/01/52
494,236
16,958
(e)
Fannie Mae Pool, FN 766070
5
.500
02/01/34
17,102
2,524,759
(e)
Fannie Mae Pool, FN MA4579
3
.000
04/01/52
2,224,157
584,619
(e)
Fannie Mae Pool, FN BM5126
3
.500
01/01/48
546,908
167,514
(e)
Fannie Mae Pool, FN BM5839
3
.500
11/01/47
157,837
4,052
(e)
Fannie Mae Pool, FN 709700
5
.500
06/01/33
4,089
35,648
(b)
Fannie Mae REMIC Trust 2002-W1, Series 2002 W1
4
.409
02/25/42
35,767
205,276
(b)
Fannie Mae REMIC Trust 2003-W1, Series 2003 W1
2
.331
12/25/42
79,236
817,854
(e)
Freddie Mac Gold Pool, FG G08528
3
.000
04/01/43
752,786
226,153
(e)
Freddie Mac Gold Pool, FG G08566
3
.500
01/01/44
213,291
196,389
(e)
Freddie Mac Gold Pool, FG G18497
3
.000
01/01/29
193,493
3,023
(e)
Freddie Mac Gold Pool, FG C00676
6
.500
11/01/28
3,123
337,235
(e)
Freddie Mac Gold Pool, FG Q40718
3
.500
05/01/46
315,893
503,143
(e)
Freddie Mac Gold Pool, FG Q40841
3
.000
06/01/46
455,983
539,422
(e)
Freddie Mac Gold Pool, FG G60138
3
.500
08/01/45
508,672
1,484,503
(e)
Freddie Mac Pool, FR RA6766
2
.500
02/01/52
1,270,377
342,757
(e)
Freddie Mac Pool, FR RA7402
3
.500
05/01/52
314,921
150,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA2, Series 2022
DNA2, (SOFR30A + 4.750%)
9
.106
02/25/42
156,365
420,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-DNA3, Series 2022
DNA3, (SOFR30A + 5.650%)
8
.647
04/25/42
445,990
320,000
(a),(b)
Freddie Mac STACR REMIC Trust 2022-HQA2, Series 2022
HQA2, (SOFR30A + 4.000%)
8
.356
07/25/42
337,102
1,400,000
(a),(b),(e)
Freddie Mac STACR REMIC Trust 2023-HQA1, Series 2023
HQA1, (SOFR30A + 3.500%)
7
.856
05/25/43
1,477,309
31,687
(e)
Ginnie Mae I Pool, GN 631574
6
.000
07/15/34
33,517
51,862
(e)
Ginnie Mae I Pool, GN 604567
5
.500
08/15/33
52,612
642,000
(a),(b)
GS Mortgage Securities Corp Trust 2018-TWR, Series 2018
TWR, (TSFR1M + 1.197%)
5
.348
07/15/31
498,674
30,857
(a),(b)
GSMPS Mortgage Loan Trust 2001-2, Series 2001 2
7
.500
06/19/32
30,272
266,969
(a)
GSMPS Mortgage Loan Trust 2003-3, Series 2003 3
7
.000
06/25/43
282,142
199,200
(a)
GSMPS Mortgage Loan Trust 2005-RP1, Series 2005 RP1
8
.500
01/25/35
207,263
274,621
(a)
GSMPS Mortgage Loan Trust 2005-RP2, Series 2005 RP2
7
.500
03/25/35
274,401
229,893
(a)
GSMPS Mortgage Loan Trust 2005-RP3, Series 2005 RP3
7
.500
09/25/35
232,211
147,491
(a)
GSMPS Mortgage Loan Trust 2005-RP3, Series 2005 RP3
8
.000
09/25/35
146,009
500,000
(a),(b)
Hudson Yards 2019-55HY Mortgage Trust, Series 2019 55HY
3
.041
12/10/41
457,423
250,000
(a)
ICNQ 2024-MF Mortgage Trust, Series 2024 MF
6
.074
12/10/34
256,906
81,426
(b)
Impac Secured Assets CMN Owner Trust, Series 2000 3
8
.000
10/25/30
76,059
430,000
(a),(b)
J.P. Morgan Chase Commercial Mortgage Securities Trust
2018-AON, Series 2018 AON
4
.767
07/05/31
195,880
176,189
JP Morgan Alternative Loan Trust 2006-S1, Series 2006 S1
6
.500
03/25/36
88,611
500,000
(a),(b)
JP Morgan Chase Commercial Mortgage Securities Trust 2016-
JP4, Series 2016 JP4
3
.509
12/15/49
389,167
368,000
(a)
JP Morgan Chase Commercial Mortgage Securities Trust 2019-
ICON UES, Series 2019 UES
4
.343
05/05/32
360,999
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
500,000
(a)
JP Morgan Chase Commercial Mortgage Securities Trust 2020-
NNN, Series 2020 NNN
3
.620
%
01/16/37
$
210,000
697,000
(b)
JPMDB Commercial Mortgage Securities Trust 2016-C4, Series
2016 C4
3
.145
12/15/49
597,749
500,000
(a)
JPMDB Commercial Mortgage Securities Trust 2017-C7, Series
2017 C7
3
.000
10/15/50
395,547
500,000
(a)
Legends Outlets Kansas City KS Mortgage Secured Pass-
Through Trust, Series 2024 LGND
6
.021
11/05/39
502,690
400,000
(a),(b)
Manhattan West 2020-1MW Mortgage Trust, Series 2020 1MW
2
.413
09/10/39
374,680
206,433
MASTR Alternative Loan Trust 2004-1, Series 2004 1
7
.000
01/25/34
212,171
66,527
MASTR Alternative Loan Trust 2004-5, Series 2004 5
7
.000
06/25/34
68,441
76,683
MASTR Asset Securitization Trust 2003-11, Series 2003 11
5
.250
12/25/33
77,749
250,000
(a),(b)
MHP Commercial Mortgage Trust 2025-MHIL2, Series 2025 A,
(TSFR1M + 1.500%)
5
.650
09/15/40
250,355
500,000
(b)
Morgan Stanley Bank of America Merrill Lynch Trust 2016-C28,
Series 2016 C28
4
.751
01/15/49
454,887
17,942
Morgan Stanley Mortgage Loan Trust 2006-2, Series 2006 2
5
.750
02/25/36
16,906
325,000
(a),(b)
MTN Commercial Mortgage Trust 2022-LPFL, Series 2022 LPFL,
(TSFR1M + 1.896%)
6
.056
03/15/39
325,034
1,000,000
(a),(b)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 2.829%)
6
.980
07/15/36
796,371
196,278
(a),(b)
New Residential Mortgage Loan Trust 2014-1, Series 2014 1A
5
.897
01/25/54
188,624
313,721
(a),(b)
New Residential Mortgage Loan Trust 2015-2, Series 2015 2A
5
.279
08/25/55
312,264
500,000
(a),(b)
NYCT Trust 2024-3ELV, Series 2024 3ELV, (TSFR1M + 1.991%)
6
.141
08/15/29
503,043
135,000
(a)
SLG Office Trust 2021-OVA, Series 2021 OVA
2
.851
07/15/41
117,116
250,000
(a),(b)
VNDO Trust 2016-350P, Series 2016 350P
4
.033
01/10/35
247,504
4,981
(b)
Washington Mutual MSC Mortgage Pass-Through Certificates
Series 2004-RA3 Trust, Series 2004 RA3
5
.499
08/25/38
4,966
195,000
Wells Fargo Commercial Mortgage Trust 2016-C33, Series
2016 C33
3
.896
03/15/59
188,356
500,000
(b)
Wells Fargo Commercial Mortgage Trust 2017-C38, Series
2017 C38
3
.903
07/15/50
456,482
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $43,371,965)
40,783,800
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1538831
SOVEREIGN DEBT - 2.4% (1.8% of Total Investments)
1538831
BAHRAIN - 0.4%
250,000
(a)
Bahrain Government International Bond
7
.000
10/12/28
261,643
TOTAL BAHRAIN
261,643
BRAZIL - 0.4%
250,000
Brazilian Government International Bond
6
.000
10/20/33
256,000
TOTAL BRAZIL
256,000
KAZAKHSTAN - 0.4%
250,000
(a)
Kazakhstan Government International Bond
5
.000
07/01/32
255,494
TOTAL KAZAKHSTAN
255,494
MEXICO - 0.4%
250,000
Mexico Government International Bond
5
.850
07/02/32
258,100
TOTAL MEXICO
258,100
TURKEY - 0.8%
250,000
Turkiye Government International Bond
5
.950
01/15/31
247,486
250,000
Turkiye Government International Bond
7
.250
05/29/32
260,108
TOTAL TURKEY
507,594
TOTAL SOVEREIGN DEBT
(Cost $1,515,171)
1,538,831
Portfolio of Investments September 30, 2025
(continued)
JMM
8
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
539838
VARIABLE RATE SENIOR LOAN INTERESTS - 0.9% (0.6% of Total Investments)
539838
CAPITAL GOODS - 0.3%
$
206,218
(b)
Core & Main LP, Term Loan B, (TSFR1M + 2.000%)
6
.166
%
07/27/28
$
206,583
TOTAL CAPITAL GOODS
206,583
INSURANCE - 0.3%
158,605
(b)
Alliant Holdings Intermediate, LLC, Term Loan B, (TSFR1M +
2.500%)
6
.666
09/19/31
158,340
TOTAL INSURANCE
158,340
MATERIALS - 0.3%
192,568
(b)
INEOS Quattro Holdings UK Ltd, First Lien Term Loan B,
(TSFR1M + 4.250%)
8
.513
03/29/29
174,915
TOTAL MATERIALS
174,915
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $556,675)
539,838
TOTAL LONG-TERM INVESTMENTS
(Cost $87,726,049)
84,607,135
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  3.7%(2.7% of Total Investments)
2,350,000
REPURCHASE AGREEMENTS - 3.7% (2.7% of Total Investments)
2,350,000
2,350,000
(i)
Fixed Income Clearing Corp
4
.150
10/01/25
2,350,000
TOTAL REPURCHASE AGREEMENTS
(Cost $2,350,000)
2,350,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,350,000)
2,350,000
TOTAL INVESTMENTS - 138.5%
(Cost $90,076,049)
86,957,135
REVERSE REPURCHASE AGREEMENTS, INCLUDING ACCRUED INTEREST - (41.1)%(j)
(
25,811,137
)
OTHER ASSETS & LIABILITIES, NET -  2.6%
1,632,747
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
62,778,745
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
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $51,999,634 or 59.8% 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)
When-issued or delayed delivery security.
(d)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(e)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in reverse
repurchase agreements. As of the end of the fiscal period, investments with a value of $30,190,838 have been pledged as collateral
for reverse repurchase agreements.
(f)
Perpetual security. Maturity date is not applicable.
(g)
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 1.6% of Total Investments.
(h)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
4.3% of Total Investments.
(i)
Agreement with Fixed Income Clearing Corporation, 4.150% dated 9/30/25 to be repurchased at $2,350,271 on 10/1/25,
collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 5/31/29, valued at $2,397,076.
(j)
Reverse Repurchase Agreements, including accrued interest as a percentage of Total investments is 29.7%.
9
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:
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury 5-Year Note
38
12/25
$
4,135,707
$
4,149,422
$
13,715
U.S. Treasury Ultra 10-Year Note
65
12/25
7,406,758
7,480,078
73,320
U.S. Treasury Ultra Bond
45
12/25
5,261,579
5,402,813
141,234
Total
$16,804,044
$17,032,313
$228,269
JMM
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Asset-Backed Securities
$
–
$
16,590,321
$
–
$
16,590,321
Corporate Bonds
–
25,154,345
–
25,154,345
Mortgage-Backed Securities
–
40,783,800
–
40,783,800
Sovereign Debt
–
1,538,831
–
1,538,831
Variable Rate Senior Loan Interests
–
539,838
–
539,838
Short-Term Investments:
Repurchase Agreements
–
2,350,000
–
2,350,000
Investments in Derivatives:
Futures Contracts*
228,269
–
–
228,269
Total
$
228,269
$
86,957,135
$
–
$
87,185,404
*
Represents net unrealized appreciation (depreciation).