Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Asset-Backed
Securities
....................................
$
—
$
47,312,778
$
368,779
$
47,681,557
Non-Agency
Mortgage-Backed
Securities
........................
—
109,882,752
2,603,593
112,486,345
U.S.
Government
Sponsored
Agency
Securities
....................
—
204,901,662
181,395
205,083,057
Short-Term
Securities
Money
Market
Funds
......................................
1,827,462
—
—
1,827,462
U.S.
Treasury
Obligations
...................................
—
109,512,126
—
109,512,126
$
1,827,462
$
471,609,318
$
3,153,767
$
476,590,547
Derivative
Financial
Instruments
(a)
Assets
Credit
contracts
...........................................
$
—
$
251,366
$
—
$
251,366
Interest
rate
contracts
.......................................
1,300,430
237,004
—
1,537,434
Liabilities
Credit
contracts
...........................................
—
(306,976)
—
(306,976)
Interest
rate
contracts
.......................................
(859,538)
(354,368)
—
(1,213,906)
$
440,892
$
(172,974)
$
—
$
267,918
(a)
Derivative
financial
instruments
are
swaps,
futures
contracts
and
options
written.
Swaps
and
futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument
and
options
written
are
shown
at
value.
A
reconciliation
of
Level
3
financial
instruments
is
presented
when
the
Fund
had
a
significant
amount
of
Level
3
investments
and
derivative
financial
instruments
at
the
beginning
and/or
end
of
the
period
in
relation
to
net
assets.
The
following
table
is
a
reconciliation
of
Level
3
investments
for
which
significant
unobservable
inputs
were
used
in
determining
fair
value:
Asset-
Backed
Securities
Non-Agency
Mortgage-
Backed
Securities
U.S.
Government
Sponsored
Agency
Securities
Total
Investments
Assets
Opening
balance,
as
of
April
30,
2022
.....................................................................
$
2,132,033
$
3,113,100
$
1,508,483
$
6,753,616
Transfers
into
Level
3
(a)
..............................................................................
348,399
802,561
231,313
1,382,273
Transfers
out
of
Level
3
(b)
.............................................................................
(2,113,804)
—
(1,312,384)
(3,426,188)
Accrued
discounts/premiums
...........................................................................
946
2,106
(237)
2,815
Net
realized
gain
(loss)
..............................................................................
234
(150,050)
(14,960)
(164,776)
Net
change
in
unrealized
appreciation
(depreciation)
(c)
..........................................................
20,262
(548,385)
(26,494)
(554,617)
Purchases
.......................................................................................
—
101,015
4,652
105,667
Sales
..........................................................................................
(19,291)
(716,754)
(208,978)
(945,023)
Closing
balance,
as
of
January
31,
2023
...................................................................
$
368,779
$
2,603,593
$
181,395
$
3,153,767
Net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
31,
2023
(c)
.............................
$
19,819
$
(590,606)
$
(28,957)
$
(599,744)
(a)
As
of
April
30,
2022,
the
Fund
used
observable
inputs
in
determining
the
value
of
certain
investments.
As
of
January
31,
2023,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
2
to
Level
3
in
the
fair
value
hierarchy.
(b)
As
of
April
30,
2022,
the
Fund
used
significant
unobservable
inputs
in
determining
the
value
of
certain
investments.
As
of
January
31,
2023,
the
Fund
used
observable
inputs
in
determining
the
value
of
the
same
investments.
As
a
result,
investments
at
beginning
of
period
value
were
transferred
from
Level
3
to
Level
2
in
the
fair
value
hierarchy.
(c)
Any
difference
between
net
change
in
unrealized
appreciation
(depreciation)
and
net
change
in
unrealized
appreciation
(depreciation)
on
investments
still
held
at
January
31,
2023
is
generally
due
to
investments
no
longer
held
or
categorized
as
Level
3
at
period
end.
The
Fund’s
financial
instruments
that
are
categorized
as
Level
3
were
valued
utilizing
third
party
pricing
information
without
adjustment.
Such
valuations
are
based
on
unobservable
inputs.
A
significant
change
in
third
party
information
could
result
in
a
significantly
lower
or
higher
value
of
such
Level
3
financial
instruments.
Currency
Abbreviation
USD
United
States
Dollar
