1
Portfolio
of
Investments
October
31,
2024
JPI
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
156.0%
(99.4%
of
Total
Investments)
225396268
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
79
.2
%
(
50
.4
%
of
Total
Investments)
225396268
AUTOMOBILES
&
COMPONENTS
-
0.8%
(0.5%
of
Total
Investments)
$
900,000
(a)
General
Motors
Financial
Co
Inc
5
.700
%
N/A
$
868,589
1,483,000
(a)
General
Motors
Financial
Co
Inc
5
.750
N/A
1,436,977
TOTAL
AUTOMOBILES
&
COMPONENTS
2,305,566
BANKS
-
32.3%
(20.6%
of
Total
Investments)
2,000,000
(a)
Bank
of
America
Corp
6
.125
N/A
2,031,528
570,000
(a)
Bank
of
America
Corp
4
.375
N/A
549,025
600,000
(a)
Bank
of
America
Corp
5
.875
N/A
605,542
2,350,000
(a)
Bank
of
America
Corp
6
.300
N/A
2,381,751
1,210,000
(a)
Bank
of
America
Corp
6
.100
N/A
1,208,426
800,000
Bank
of
Montreal
7
.700
05/26/84
836,674
975,000
(b)
Bank
of
Nova
Scotia/The
8
.000
01/27/84
1,030,093
6,308,000
(a)
Citigroup
Inc
5
.950
N/A
6,285,331
1,695,000
(a)
Citigroup
Inc
4
.150
N/A
1,621,154
1,170,000
(a)
Citigroup
Inc
6
.250
N/A
1,184,030
4,555,000
(a)
Citigroup
Inc
7
.125
N/A
4,679,752
1,853,000
(a)
Citigroup
Inc
7
.000
N/A
1,961,065
2,315,000
(a)
Citigroup
Inc
7
.375
N/A
2,420,650
1,785,000
(a)
Citigroup
Inc
7
.625
N/A
1,899,270
1,070,000
(a)
Citizens
Financial
Group
Inc
4
.000
N/A
1,014,203
880,000
(a),(c)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
8
.008
N/A
874,614
1,065,000
(a)
Fifth
Third
Bancorp
4
.500
N/A
1,049,044
275,000
(a),(c)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7
.898
N/A
273,887
1,835,000
(a),(c)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
9
.180
N/A
1,871,673
850,000
(a)
Goldman
Sachs
Group
Inc/The
4
.400
N/A
839,504
3,240,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
3,226,737
985,000
(a)
JPMorgan
Chase
&
Co
3
.650
N/A
953,308
8,147,000
(a),(d)
JPMorgan
Chase
&
Co
6
.875
N/A
8,608,780
655,000
(a),(c),(d)
PNC
Financial
Services
Group
Inc/The
(TSFR3M
+
3.302%)
8
.317
N/A
656,592
945,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
952,897
660,000
(a),(d)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
660,721
930,000
(a)
PNC
Financial
Services
Group
Inc/The
3
.400
N/A
857,225
5,315,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
5,320,825
1,407,000
(a)
PNC
Financial
Services
Group
Inc/The
5
.000
N/A
1,389,714
1,625,000
(a)
Regions
Financial
Corp
5
.750
N/A
1,619,845
1,990,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
2,096,773
2,270,000
(a),(d)
Truist
Financial
Corp
5
.100
N/A
2,203,355
5,609,000
(a),(d)
Truist
Financial
Corp
6
.669
N/A
5,579,050
1,805,000
(a),(b),(c)
Truist
Financial
Corp
(TSFR3M
+
3.364%)
8
.310
N/A
1,805,989
3,195,000
(a)
US
Bancorp
5
.300
N/A
3,154,810
1,230,000
(b)
Wells
Fargo
&
Co
7
.950
11/15/29
1,385,207
3,799,000
(a),(d)
Wells
Fargo
&
Co
5
.875
N/A
3,790,111
4,812,000
(a),(d)
Wells
Fargo
&
Co
3
.900
N/A
4,660,339
3,684,000
(a)
Wells
Fargo
&
Co
6
.850
N/A
3,798,252
4,305,000
(a)
Wells
Fargo
&
Co
7
.625
N/A
4,626,988
TOTAL
BANKS
91,964,734
CAPITAL
GOODS
-
4.5%
(2.9%
of
Total
Investments)
4,045,000
(b),(d),(e)
AerCap
Global
Aviation
Trust
6
.500
06/15/45
4,040,811
2,045,000
(a)
Air
Lease
Corp
4
.650
N/A
1,983,297
963,000
(a)
Air
Lease
Corp
6
.000
N/A
948,517
488,000
(a)
Air
Lease
Corp
4
.125
N/A
458,279
6,657,000
(e)
ILFC
E-Capital
Trust
I
6
.815
12/21/65
5,349,599
TOTAL
CAPITAL
GOODS
12,780,503
ENERGY
-
5.5%
(3.5%
of
Total
Investments)
3,541,000
(d)
Enbridge
Inc
8
.500
01/15/84
3,934,196
1,245,000
(d)
Enbridge
Inc
5
.500
07/15/77
1,207,712
1,920,000
(d)
Enbridge
Inc
5
.750
07/15/80
1,866,059
1,905,000
(d)
Enbridge
Inc
7
.625
01/15/83
2,019,214
Portfolio
of
Investments
October
31,
2024
(continued)
JPI
2
PRINCIPAL/
SHARES  
DESCRIPTION  
RATE
MATURITY
VALUE
ENERGY
(continued)
$
436,000
(a)
Energy
Transfer
LP
6
.625
%
N/A
$
426,791
1,925,000
(a)
Energy
Transfer
LP
7
.125
N/A
1,956,782
590,000
(a)
Energy
Transfer
LP
6
.500
N/A
588,140
495,000
(b)
Energy
Transfer
LP
8
.000
05/15/54
524,499
901,000
(b),(e)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
935,723
655,000
(b)
Transcanada
Trust
5
.875
08/15/76
652,646
1,650,000
Transcanada
Trust
5
.600
03/07/82
1,575,028
TOTAL
ENERGY
15,686,790
FINANCIAL
SERVICES
-
12.7%
(8.1%
of
Total
Investments)
1,266,000
(b)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
1,304,995
1,970,000
(a)
Ally
Financial
Inc
4
.700
N/A
1,598,340
980,000
(a)
Ally
Financial
Inc
4
.700
N/A
881,624
2,010,000
(a),(e)
American
AgCredit
Corp
5
.250
N/A
1,959,750
1,350,000
(a)
American
Express
Co
3
.550
N/A
1,277,838
820,000
(a)
Bank
of
New
York
Mellon
Corp/The
4
.700
N/A
813,096
2,425,000
(a),(e)
Capital
Farm
Credit
ACA
5
.000
N/A
2,340,128
1,755,000
(a)
Capital
One
Financial
Corp
3
.950
N/A
1,651,566
1,065,000
(a)
Charles
Schwab
Corp/The
5
.375
N/A
1,059,496
2,135,000
(a),(d)
Charles
Schwab
Corp/The
4
.000
N/A
2,048,954
1,050,000
(a),(e)
Compeer
Financial
ACA
4
.875
N/A
1,008,000
820,000
(a)
Discover
Financial
Services
6
.125
N/A
817,743
800,000
(a)
Discover
Financial
Services
5
.500
N/A
763,429
930,000
(a),(d)
Equitable
Holdings
Inc
4
.950
N/A
919,814
860,000
(a)
Goldman
Sachs
Group
Inc/The
3
.800
N/A
823,476
2,930,000
(a),(b)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
2,906,137
2,660,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
2,789,139
2,455,000
(a)
Goldman
Sachs
Group
Inc/The
7
.379
N/A
2,464,759
3,195,000
(a),(d)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
3,415,886
827,000
(a)
Goldman
Sachs
Group
Inc/The
5
.300
N/A
823,618
950,000
(a)
Goldman
Sachs
Group
Inc/The
4
.125
N/A
909,678
1,650,000
(a)
State
Street
Corp
6
.700
N/A
1,698,698
1,671,000
(a)
Voya
Financial
Inc
7
.758
N/A
1,763,122
TOTAL
FINANCIAL
SERVICES
36,039,286
FOOD,
BEVERAGE
&
TOBACCO
-
2.3%
(1.5%
of
Total
Investments)
1,750,000
(a),(e)
Dairy
Farmers
of
America
Inc
7
.125
N/A
1,662,500
6,023,000
(a),(d),(e)
Land
O'
Lakes
Inc
7
.000
N/A
4,893,429
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
6,555,929
INSURANCE
-
11.4%
(7.2%
of
Total
Investments)
1,505,000
Aegon
Ltd
5
.500
04/11/48
1,488,601
817,000
(b)
American
International
Group
Inc
5
.750
04/01/48
815,069
3,080,000
(b)
Assurant
Inc
7
.000
03/27/48
3,132,051
4,600,000
(b),(e)
Assured
Guaranty
Municipal
Holdings
Inc
6
.400
12/15/66
4,204,315
670,000
(b)
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
636,869
1,981,000
(b)
Corebridge
Financial
Inc
6
.375
09/15/54
1,972,410
1,505,000
(b)
Enstar
Finance
LLC
5
.500
01/15/42
1,410,933
540,000
(d)
Enstar
Finance
LLC
5
.750
09/01/40
530,801
2,740,000
(e)
MetLife
Inc
9
.250
04/08/38
3,247,602
1,525,000
(a),(d)
MetLife
Inc
3
.850
N/A
1,492,313
395,000
(a)
MetLife
Inc
5
.875
N/A
397,299
1,335,000
(b)
PartnerRe
Finance
B
LLC
4
.500
10/01/50
1,220,846
711,000
(d)
Prudential
Financial
Inc
5
.375
05/15/45
706,607
692,000
Prudential
Financial
Inc
6
.500
03/15/54
721,823
1,405,000
(d)
Prudential
Financial
Inc
5
.125
03/01/52
1,357,740
2,565,000
QBE
Insurance
Group
Ltd,
Reg
S
6
.750
12/02/44
2,568,755
1,770,000
(a),(b),(e)
QBE
Insurance
Group
Ltd
5
.875
N/A
1,763,583
600,000
(a),(e)
SBL
Holdings
Inc
6
.500
N/A
515,742
4,695,000
(a),(e)
SBL
Holdings
Inc
7
.000
N/A
4,247,158
TOTAL
INSURANCE
32,430,517
3
PRINCIPAL/
SHARES  
DESCRIPTION  
RATE
MATURITY
VALUE
MEDIA
&
ENTERTAINMENT
-
0.5%
(0.3%
of
Total
Investments)
$
1,660,000
Paramount
Global
6
.375
%
03/30/62
$
1,536,841
TOTAL
MEDIA
&
ENTERTAINMENT
1,536,841
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.4%
(0.2%
of
Total
Investments)
991,000
(e)
EUSHI
Finance
Inc
7
.625
12/15/54
1,026,128
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1,026,128
TELECOMMUNICATION
SERVICES
-
1.0%
(0.6%
of
Total
Investments)
1,680,000
Vodafone
Group
PLC
7
.000
04/04/79
1,759,652
1,290,000
Vodafone
Group
PLC
4
.125
06/04/81
1,160,056
TOTAL
TELECOMMUNICATION
SERVICES
2,919,708
UTILITIES
-
7.8%
(5.0%
of
Total
Investments)
1,000,000
(b),(e)
AES
Andes
SA
8
.150
06/10/55
1,021,336
499,000
AES
Corp/The
7
.600
01/15/55
517,144
623,000
(e)
AltaGas
Ltd
7
.200
10/15/54
624,550
1,070,000
(d)
American
Electric
Power
Co
Inc
3
.875
02/15/62
1,009,419
1,570,000
CMS
Energy
Corp
4
.750
06/01/50
1,510,080
1,029,000
(d)
Dominion
Energy
Inc
7
.000
06/01/54
1,094,857
764,000
(b)
Duke
Energy
Corp
6
.450
09/01/54
776,508
810,000
(a)
Edison
International
5
.000
N/A
788,367
430,000
(a)
Edison
International
5
.375
N/A
425,719
5,100,000
(b)
Emera
Inc
6
.750
06/15/76
5,106,288
1,557,000
Entergy
Corp
7
.125
12/01/54
1,591,844
1,425,000
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
1,492,166
474,000
PG&E
Corp
7
.375
03/15/55
489,603
1,665,000
(a)
Sempra
4
.875
N/A
1,651,003
785,000
Sempra
4
.125
04/01/52
744,583
1,435,000
Southern
Co/The
4
.000
01/15/51
1,404,743
1,135,000
(a),(e)
Vistra
Corp
8
.000
N/A
1,165,826
600,000
(a),(e)
Vistra
Corp
8
.875
N/A
640,428
95,000
(a),(e)
Vistra
Corp
7
.000
N/A
95,802
TOTAL
UTILITIES
22,150,266
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$224,275,620)
225,396,268
SHARES
DESCRIPTION
RATE
VALUE
50964890
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
17
.9
%
(
11
.4
%
of
Total
Investments)
50964890
BANKS
-
3.2%
(2.0%
of
Total
Investments)
17,128
CoBank
ACB
6
.200
1,699,952
52,676
Fifth
Third
Bancorp
9
.296
1,352,720
45,900
KeyCorp
6
.125
1,168,155
135,223
KeyCorp
6
.200
3,373,814
57,838
Regions
Financial
Corp
5
.700
1,454,047
TOTAL
BANKS
9,048,688
CAPITAL
GOODS
-
0.4%
(0.2%
of
Total
Investments)
41,600
WESCO
International
Inc
10
.625
1,081,600
TOTAL
CAPITAL
GOODS
1,081,600
FINANCIAL
SERVICES
-
4.6%
(3.0%
of
Total
Investments)
15,000
Capital
One
Financial
Corp
5
.000
310,650
37,250
Equitable
Holdings
Inc
5
.250
856,377
53,300
Morgan
Stanley
6
.375
1,354,353
67,475
Morgan
Stanley
5
.850
1,698,346
51,372
Morgan
Stanley
7
.125
1,300,739
82,600
Morgan
Stanley
6
.625
2,180,640
16,000
Morgan
Stanley
6
.500
417,600
75,976
Morgan
Stanley
6
.875
1,922,193
20,750
Synchrony
Financial
5
.625
428,695
100,083
Voya
Financial
Inc
5
.350
2,561,124
TOTAL
FINANCIAL
SERVICES
13,030,717
Portfolio
of
Investments
October
31,
2024
(continued)
JPI
4
SHARES  
DESCRIPTION  
RATE
VALUE
FOOD,
BEVERAGE
&
TOBACCO
-
2.5%
(1.6%
of
Total
Investments)
61,800
CHS
Inc
7
.875
%
$
1,645,734
76,428
CHS
Inc
7
.100
1,977,957
59,605
CHS
Inc
6
.750
1,510,391
20,500
(e)
Dairy
Farmers
of
America
Inc
7
.875
1,944,617
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
7,078,699
INSURANCE
-
6.9%
(4.4%
of
Total
Investments)
62,174
American
National
Group
Inc
5
.950
1,561,811
79,578
American
National
Group
Inc
6
.625
2,020,485
127,598
Aspen
Insurance
Holdings
Ltd
8
.915
3,380,071
62,000
Aspen
Insurance
Holdings
Ltd
5
.625
1,277,200
45,000
Assurant
Inc
5
.250
1,011,150
89,300
Athene
Holding
Ltd
6
.350
2,238,751
70,100
Athene
Holding
Ltd
6
.375
1,762,314
98,400
Enstar
Group
Ltd
7
.000
2,104,776
71,800
Reinsurance
Group
of
America
Inc
5
.750
1,789,256
64,300
Reinsurance
Group
of
America
Inc
7
.125
1,712,952
43,200
Selective
Insurance
Group
Inc
4
.600
846,720
TOTAL
INSURANCE
19,705,486
TELECOMMUNICATION
SERVICES
-
0.3%
(0.2%
of
Total
Investments)
49,500
AT&T
Inc
4
.750
1,019,700
TOTAL
TELECOMMUNICATION
SERVICES
1,019,700
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$51,792,685)
50,964,890
PRINCIPAL
DESCRIPTION
(f)
RATE
MATURITY
VALUE
160523194
CONTINGENT
CAPITAL
SECURITIES
-
56
.4
%
(
35
.9
%
of
Total
Investments)
160523194
BANKS
-
47.7%
(30.3%
of
Total
Investments)
$
620,000
(a),(e)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6
.750
N/A
628,252
2,810,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
N/A
2,712,019
1,620,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.500
N/A
1,620,350
3,642,000
(a)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
3,943,441
1,000,000
(a),(e)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.500
N/A
983,502
5,000,000
(a)
Banco
Santander
SA
9
.625
N/A
5,758,290
2,060,000
(a),(d)
Banco
Santander
SA
4
.750
N/A
1,951,667
3,600,000
(a)
Banco
Santander
SA
8
.000
N/A
3,750,444
8,114,000
(a),(d)
Barclays
PLC
9
.625
N/A
8,928,475
3,840,000
(a)
Barclays
PLC
8
.000
N/A
3,969,055
1,445,000
(a)
Barclays
PLC
6
.125
N/A
1,437,094
2,093,000
(a),(b),(e)
BNP
Paribas
SA
7
.375
N/A
2,111,875
810,000
(a),(d),(e)
BNP
Paribas
SA
7
.000
N/A
806,379
3,890,000
(a),(e)
BNP
Paribas
SA
8
.500
N/A
4,061,640
1,360,000
(a),(d),(e)
BNP
Paribas
SA
9
.250
N/A
1,466,778
3,632,000
(a),(d),(e)
BNP
Paribas
SA
8
.000
N/A
3,776,902
6,141,000
(a),(d),(e)
BNP
Paribas
SA
7
.750
N/A
6,359,835
4,644,000
(a),(d),(e)
Credit
Agricole
SA
8
.125
N/A
4,764,047
4,486,000
(a),(b),(e)
Credit
Agricole
SA
6
.700
N/A
4,360,309
2,495,000
(a)
HSBC
Holdings
PLC
6
.375
N/A
2,495,160
3,565,000
(a),(d)
HSBC
Holdings
PLC
6
.000
N/A
3,524,640
7,365,000
(a),(d)
HSBC
Holdings
PLC
8
.000
N/A
7,727,785
1,650,000
(a)
HSBC
Holdings
PLC
6
.500
N/A
1,643,587
2,059,000
(a),(b)
HSBC
Holdings
PLC
6
.875
N/A
2,067,726
3,363,000
(a),(b)
HSBC
Holdings
PLC
6
.950
N/A
3,348,922
3,640,000
(a)
ING
Groep
NV
6
.500
N/A
3,642,108
3,035,000
(a)
ING
Groep
NV
5
.750
N/A
3,000,625
2,685,000
(a)
ING
Groep
NV,
Reg
S
7
.500
N/A
2,749,171
4,529,000
(a),(e)
Intesa
Sanpaolo
SpA
7
.700
N/A
4,522,646
4,188,000
(a)
Lloyds
Banking
Group
PLC
8
.000
N/A
4,364,562
2,985,000
(a)
Lloyds
Banking
Group
PLC
7
.500
N/A
3,010,399
894,000
(a)
Lloyds
Banking
Group
PLC
6
.750
N/A
857,273
1,550,000
(a),(e)
Macquarie
Bank
Ltd/London
6
.125
N/A
1,559,283
2,395,000
(a)
NatWest
Group
PLC
8
.000
N/A
2,425,285
5
PRINCIPAL  
DESCRIPTION  
(f)
RATE
MATURITY
VALUE
BANKS
(continued)
$
2,256,000
(a)
NatWest
Group
PLC
6
.000
%
N/A
$
2,251,496
6,762,000
(a)
NatWest
Group
PLC
8
.125
N/A
7,245,916
1,285,000
(a),(e)
Nordea
Bank
Abp
6
.625
N/A
1,291,438
1,748,000
(a),(e)
Nordea
Bank
Abp
6
.300
N/A
1,671,274
1,420,000
(a),(e)
Societe
Generale
SA
8
.500
N/A
1,420,214
3,981,000
(a),(e)
Societe
Generale
SA
10
.000
N/A
4,241,891
100,000
(a),(e)
Societe
Generale
SA
8
.000
N/A
101,331
3,480,000
(a),(d),(e)
Societe
Generale
SA
9
.375
N/A
3,639,593
3,140,000
(a),(e)
Standard
Chartered
PLC
7
.750
N/A
3,229,587
140,000
(a),(e)
Standard
Chartered
PLC
6
.000
N/A
139,726
TOTAL
BANKS
135,561,992
FINANCIAL
SERVICES
-
8.3%
(5.3%
of
Total
Investments)
1,800,000
(a)
Deutsche
Bank
AG
7
.500
N/A
1,797,609
5,165,000
(a),(d)
Deutsche
Bank
AG
6
.000
N/A
5,048,933
5,195,000
(a),(e)
UBS
Group
AG
9
.250
N/A
6,014,735
3,965,000
(a),(e)
UBS
Group
AG
9
.250
N/A
4,320,617
1,955,000
(a),(e)
UBS
Group
AG
7
.750
N/A
2,049,581
4,584,000
(a)
UBS
Group
AG,
Reg
S
6
.875
N/A
4,591,976
TOTAL
FINANCIAL
SERVICES
23,823,451
INSURANCE
-
0.4%
(0.3%
of
Total
Investments)
1,101,000
(a)
Phoenix
Group
Holdings
PLC,
Reg
S
8
.500
N/A
1,137,751
TOTAL
INSURANCE
1,137,751
TOTAL
CONTINGENT
CAPITAL
SECURITIES
(Cost
$154,928,887)
160,523,194
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3531815
CORPORATE
BONDS
-
1
.2
%
(
0
.8
%
of
Total
Investments)
3531815
FINANCIAL
SERVICES
-
1.2%
(0.8%
of
Total
Investments)
8,520,000
(g)
Credit
Suisse
Group
AG
0
.000
01/17/72
1,001,100
9,496,000
(g)
Credit
Suisse
Group
AG
7
.250
03/12/72
1,115,780
1,955,000
(g)
Credit
Suisse
Group
AG
6
.380
02/21/72
229,712
5,802,000
(g)
Credit
Suisse
Group
AG
7
.500
06/11/72
681,735
4,285,000
(g)
Credit
Suisse
Group
AG
7
.500
01/17/72
503,488
TOTAL
FINANCIAL
SERVICES
3,531,815
TOTAL
CORPORATE
BONDS
(Cost
$29,502,144)
3,531,815
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
3,758,870
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
1
.3
%
(
0
.9
%
of
Total
Investments)
3,758,870
3,617,000
(b)
CoBank
ACB
7
.250
07/01/73
3,758,870
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$3,752,000)
3,758,870
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$464,251,336)
444,175,037
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.0%(0.6%
of
Total
Investments)
2,800,000
REPURCHASE
AGREEMENTS
-
1
.0
%
(
0
.6
%
of
Total
Investments)
2,800,000
2,800,000
(h)
Fixed
Income
Clearing
Corporation
4
.800
11/01/24
2,800,000
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$2,800,000)
2,800,000
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$2,800,000)
2,800,000
TOTAL
INVESTMENTS
-
157
.0
%
(Cost
$
467,051,336
)
446,975,037
BORROWINGS
-
(43.6)%
(i),(j)
(
124,000,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(14.5)%(k)
(
41,188,449
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  1.1%
2,929,369
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
284,715,957
Portfolio
of
Investments
October
31,
2024
(continued)
JPI
6
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:
The
following
is
a
reconciliation
of
the
Fund’s
Level
3
investments
held
at
the
beginning
and
end
of
the
measurement
period:
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
reporting
period,
were
as
follows:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
225,396,268
$
–
$
225,396,268
$25
Par
(or
similar)
Retail
Preferred
50,964,890
–
–
50,964,890
Contingent
Capital
Securities
–
160,523,194
–
160,523,194
Corporate
Bonds
–
–
3,531,815
3,531,815
U.S.
Government
and
Agency
Obligations
–
3,758,870
–
3,758,870
Short-Term
Investments:
Repurchase
Agreements
–
2,800,000
–
2,800,000
Total
$
50,964,890
$
392,478,332
$
3,531,815
$
446,975,037
Corporate
Bonds
Balance
at
the
beginning
of
period
$-
Gains
(losses):
Net
realized
gains
(losses)
-
Change
in
net
unrealized
appreciation
(depreciation)
-
Purchases
at
cost
-
Sales
at
proceeds
-
Net
discounts
(premiums)
-
Transfers
into
3,531,815
Transfers
(out
of)
-
Balance
at
the
end
of
period
$3,531,815
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$225,435
7
The
table
below
presents
the
transfers
in
and
out
of
the
three
valuation
levels
for
the
Fund
as
of
the
end
of
the
reporting
period
when
compared
to
the
valuation
levels
at
the
end
of
the
previous
fiscal
year.
Changes
in
valuation
inputs
or
methodologies
may
result
in
transfers
into
or
out
of
an
assigned
level
within
the
fair
value
hierarchy.
Transfers
in
or
out
of
levels
are
generally
due
to
the
availability
of
publicly
available
information
and
to
the
significance
or
extent
the
Adviser
determines
that
the
valuation
inputs
or
methodologies
may
impact
the
valuation
of
those
securities.
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JPI
Corporate
Bonds
$3,531,815
Indicative
Trade
Broker
Quote
$11.75
N/A
Level
1
Level
2
Level
3
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Corporate
Bonds
$-
$-
$-
$(3,531,815)
$3,531,815
$-
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(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
$45,030,373
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(c)
Variable
rate
security.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$83,242,122.
(e)
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
$106,208,462
or
23.8%
of
Total
Investments.
(f)
Contingent
Capital
Securities
(“CoCos”)
are
hybrid
securities
with
loss
absorption
characteristics
built
into
the
terms
of
the
security
for
the
benefit
of
the
issuer.
For
example,
the
terms
may
specify
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.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.800%
dated
10/31/24
to
be
repurchased
at
$2,800,373
on
11/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.875%
and
maturity
date
5/15/49,
valued
at
$2,856,077.
(i)
Borrowings
as
a
percentage
of
Total
Investments
is
27.7%.
(j)
The
Fund
may
pledge
up
to
100%
of
its
eligible
investments
(excluding
any
investments
separately
pledged
as
collateral
for
specific
investments
in
derivatives,
when
applicable)
in
the
Portfolio
of
Investments
as
collateral
for
borrowings.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$269,719,128
have
been
pledged
as
collateral
for
borrowings.
(k)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
9.2%.
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.
TSFR
3M
CME
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Secured
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Financing
Rate
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