NPORT-EX 2 tiaa_JPC.htm
1
Portfolio
of
Investments
April
30,
2025
JPC
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
157.3%
(99.4%
of
Total
Investments)
2149702608
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
86
.0
%
(
54
.4
%
of
Total
Investments)
2149702608
AUTOMOBILES
&
COMPONENTS
-
0.9%
(0.5%
of
Total
Investments)
$
14,869,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
13,839,288
8,014,000
(a)
General
Motors
Financial
Co
Inc
5
.700
N/A
7,535,499
TOTAL
AUTOMOBILES
&
COMPONENTS
21,374,787
BANKS
-
34.6%
(21.9%
of
Total
Investments)
4,450,000
(a)
Bank
of
America
Corp
6
.300
N/A
4,453,805
45,134,000
(a)
Bank
of
America
Corp
6
.125
N/A
45,021,850
10,850,000
(a)
Bank
of
America
Corp
4
.375
N/A
10,396,215
39,863,000
(a)
Bank
of
America
Corp
6
.625
N/A
39,881,358
15,148,000
Bank
of
Montreal
7
.300
11/26/84
14,893,455
8,080,000
Bank
of
Montreal
7
.700
05/26/84
8,224,705
10,550,000
(b)
Bank
of
Nova
Scotia/The
8
.625
10/27/82
10,907,005
9,650,000
(b)
Bank
of
Nova
Scotia/The
8
.000
01/27/84
9,873,957
11,545,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
11,131,792
33,702,000
(a),(c)
Citigroup
Inc
7
.125
N/A
33,238,786
19,799,000
(a)
Citigroup
Inc
4
.000
N/A
19,361,524
9,291,000
(a)
Citigroup
Inc
7
.375
N/A
9,406,580
32,448,000
(a),(c)
Citigroup
Inc
7
.625
N/A
33,318,612
16,219,000
(a),(b)
Citigroup
Inc
7
.000
N/A
16,091,576
22,389,000
(a)
Citigroup
Inc
6
.250
N/A
22,456,246
10,740,000
(a)
Citigroup
Inc
4
.150
N/A
10,227,022
5,529,000
(a),(d)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7
.703
N/A
5,438,098
3,976,000
(a)
Citizens
Financial
Group
Inc
5
.650
N/A
3,946,087
9,515,000
(a)
Citizens
Financial
Group
Inc
4
.000
N/A
8,939,147
7,000,000
(a),(d)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.265%)
7
.549
N/A
6,831,386
6,450,000
(a),(b),(e)
Farm
Credit
Bank
of
Texas
6
.200
N/A
6,304,875
3,060,000
(a),(e)
Farm
Credit
Bank
of
Texas
5
.700
N/A
3,031,952
1,225,000
(a)
Fifth
Third
Bancorp
4
.500
N/A
1,209,650
16,256,000
(a),(d)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7
.594
N/A
15,916,074
18,714,000
(a),(b),(d)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8
.533
N/A
18,995,833
25,000,000
(a)
Huntington
Bancshares
Inc/OH
4
.450
N/A
23,802,740
20,300,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
19,968,516
3,600,000
(b)
JPMorgan
Chase
&
Co
8
.750
09/01/30
4,241,001
59,179,000
(a),(c)
JPMorgan
Chase
&
Co
6
.875
N/A
60,959,999
13,830,000
(a)
JPMorgan
Chase
&
Co
3
.650
N/A
13,398,993
29,237,000
(a),(c)
JPMorgan
Chase
&
Co
6
.500
N/A
29,215,182
2,800,000
(a)
KeyCorp
5
.000
N/A
2,706,250
8,000,000
(b)
KeyCorp
Capital
III
7
.750
07/15/29
8,384,143
5,960,000
(a)
M&T
Bank
Corp
3
.500
N/A
5,453,622
2,395,000
(a)
M&T
Bank
Corp
5
.125
N/A
2,319,391
6,605,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
6,532,729
2,923,000
(a)
PNC
Financial
Services
Group
Inc/The
5
.000
N/A
2,879,831
9,520,000
(a)
PNC
Financial
Services
Group
Inc/The
3
.400
N/A
8,953,476
18,235,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
18,222,985
34,335,000
(a),(c)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
33,780,321
5,855,000
(a)
Regions
Financial
Corp
5
.750
N/A
5,832,831
32,700,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
33,798,229
67,724,000
(a),(c)
Truist
Financial
Corp
6
.669
N/A
66,519,344
6,687,000
(a),(c)
Truist
Financial
Corp
5
.100
N/A
6,402,472
4,465,000
(a)
US
Bancorp
5
.300
N/A
4,340,948
52,985,000
(a),(b),(c)
Wells
Fargo
&
Co
6
.850
N/A
53,562,962
7,295,000
(a)
Wells
Fargo
&
Co
7
.625
N/A
7,679,556
31,027,000
(a),(b)
Wells
Fargo
&
Co
3
.900
N/A
30,473,609
24,770,000
(b)
Wells
Fargo
&
Co
7
.950
11/15/29
27,778,210
20,133,000
(a)
Wells
Fargo
&
Co
5
.875
N/A
20,040,100
TOTAL
BANKS
866,745,030
Portfolio
of
Investments
April
30,
2025
(continued)
JPC
2
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL
GOODS
-
1.4%
(0.9%
of
Total
Investments)
$
9,254,000
(a)
Air
Lease
Corp
6
.000
%
N/A
$
8,661,636
13,660,000
(a)
Air
Lease
Corp
4
.650
N/A
13,229,364
4,837,000
(a)
Air
Lease
Corp
4
.125
N/A
4,459,723
1,960,000
(e)
ILFC
E-Capital
Trust
I
6
.117
12/21/65
1,580,815
8,474,000
(e)
ILFC
E-Capital
Trust
I
6
.367
12/21/65
7,007,634
TOTAL
CAPITAL
GOODS
34,939,172
ENERGY
-
6.1%
(3.8%
of
Total
Investments)
22,395,000
(c)
Enbridge
Inc
5
.750
07/15/80
21,464,094
17,110,000
Enbridge
Inc
7
.625
01/15/83
17,451,858
2,798,000
Enbridge
Inc
5
.500
07/15/77
2,676,694
38,512,000
(c)
Enbridge
Inc
8
.500
01/15/84
41,511,700
2,550,000
(a)
Energy
Transfer
LP
6
.625
N/A
2,448,044
18,259,000
(a)
Energy
Transfer
LP
7
.125
N/A
17,993,485
6,615,000
(a)
Energy
Transfer
LP
6
.500
N/A
6,569,313
4,990,000
(b)
Energy
Transfer
LP
8
.000
05/15/54
5,179,321
7,362,000
(b),(e)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
7,236,263
3,490,000
(b)
Transcanada
Trust
5
.875
08/15/76
3,439,159
2,468,000
Transcanada
Trust
5
.500
09/15/79
2,341,351
16,135,000
Transcanada
Trust
5
.600
03/07/82
14,887,509
9,892,000
(a),(e)
Venture
Global
LNG
Inc
9
.000
N/A
8,502,519
TOTAL
ENERGY
151,701,310
FINANCIAL
SERVICES
-
16.3%
(10.2%
of
Total
Investments)
22,551,000
(b)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
22,644,744
18,100,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.500
01/31/56
17,576,787
12,644,000
(a)
Ally
Financial
Inc
4
.700
N/A
11,615,983
14,240,000
(a),(b)
Ally
Financial
Inc
4
.700
N/A
12,049,038
8,050,000
(a),(e)
American
AgCredit
Corp
5
.250
N/A
7,526,750
24,688,000
(a),(c)
American
Express
Co
3
.550
N/A
23,622,291
22,600,000
(a),(c)
Bank
of
New
York
Mellon
Corp/The
3
.750
N/A
21,361,882
4,778,000
(a)
Bank
of
New
York
Mellon
Corp/The
4
.700
N/A
4,744,425
3,015,000
(a),(e)
Capital
Farm
Credit
ACA
5
.000
N/A
2,924,551
17,115,000
(a),(b)
Capital
One
Financial
Corp
3
.950
N/A
16,256,164
41,640,000
(a),(c)
Charles
Schwab
Corp/The
4
.000
N/A
40,323,697
20,020,000
(a),(b)
Charles
Schwab
Corp/The
5
.375
N/A
19,953,674
1,350,000
(a),(e)
Compeer
Financial
ACA
4
.875
N/A
1,282,500
3,989,000
(b)
Corebridge
Financial
Inc
6
.875
12/15/52
4,033,246
6,446,000
(a)
Discover
Financial
Services
6
.125
N/A
6,434,324
1,610,000
(a)
Discover
Financial
Services
5
.500
N/A
1,538,641
27,937,000
(a)
Goldman
Sachs
Group
Inc/The
7
.379
N/A
27,997,232
8,120,000
(a)
Goldman
Sachs
Group
Inc/The
5
.300
N/A
8,044,011
23,482,000
(a),(b)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
23,159,469
25,062,000
(a)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
23,629,261
30,394,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
30,994,677
32,355,000
(a)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
33,501,402
16,795,000
(a)
State
Street
Corp
6
.700
N/A
16,854,286
27,956,000
(a),(c)
Voya
Financial
Inc
7
.758
N/A
28,348,922
TOTAL
FINANCIAL
SERVICES
406,417,957
FOOD,
BEVERAGE
&
TOBACCO
-
2.4%
(1.5%
of
Total
Investments)
10,855,000
(a),(e)
Dairy
Farmers
of
America
Inc
7
.125
N/A
10,203,700
30,110,000
(a),(c),(e)
Land
O'
Lakes
Inc
8
.000
N/A
27,701,086
16,840,000
(a),(e)
Land
O'
Lakes
Inc
7
.250
N/A
13,977,200
9,260,000
(a),(e)
Land
O'
Lakes
Inc
7
.000
N/A
7,570,050
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
59,452,036
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
(0.3%
of
Total
Investments)
6,678,000
(b)
CVS
Health
Corp
6
.750
12/10/54
6,633,033
3,792,000
(b)
CVS
Health
Corp
7
.000
03/10/55
3,835,792
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
10,468,825
3
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
INSURANCE
-
11.8%
(7.5%
of
Total
Investments)
$
1,895,000
Aegon
Ltd
5
.500
%
04/11/48
$
1,880,433
9,010,000
(b)
American
International
Group
Inc
5
.750
04/01/48
8,879,668
17,894,000
(b)
Assurant
Inc
7
.000
03/27/48
17,807,684
14,909,000
(e)
Assured
Guaranty
Municipal
Holdings
Inc
6
.400
12/15/66
13,720,959
3,725,000
(b)
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
3,542,736
19,473,000
(b)
Corebridge
Financial
Inc
6
.375
09/15/54
18,760,625
14,208,000
(b)
Enstar
Finance
LLC
5
.500
01/15/42
13,630,149
8,444,000
(e)
Enstar
Group
Ltd
7
.500
04/01/45
8,467,390
2,670,000
(e)
Fidelis
Insurance
Holdings
Ltd
6
.625
04/01/41
2,657,544
19,860,000
(b),(e)
Liberty
Mutual
Group
Inc
7
.800
03/15/37
22,235,826
2,215,000
(a)
MetLife
Inc
5
.875
N/A
2,241,257
43,519,000
(b),(e)
MetLife
Inc
9
.250
04/08/38
50,454,841
3,000,000
MetLife
Inc
10
.750
08/01/39
3,908,232
20,900,000
(b),(e)
MetLife
Inc
7
.875
12/15/37
22,533,439
9,417,000
(b)
MetLife
Inc
6
.350
03/15/55
9,354,800
10,160,000
(a)
MetLife
Inc
3
.850
N/A
10,032,967
31,538,000
(b)
Nationwide
Financial
Services
Inc
6
.750
05/15/37
30,420,527
13,185,000
PartnerRe
Finance
B
LLC
4
.500
10/01/50
12,130,207
8,238,000
Provident
Financing
Trust
I
7
.405
03/15/38
8,694,024
7,770,000
(b)
Prudential
Financial
Inc
6
.500
03/15/54
7,794,391
2,890,000
Prudential
Financial
Inc
5
.125
03/01/52
2,716,117
3,000,000
Prudential
Financial
Inc
6
.000
09/01/52
2,982,459
11,975,000
(a),(e)
SBL
Holdings
Inc
7
.000
N/A
11,311,462
11,535,000
(a),(e)
SBL
Holdings
Inc
6
.500
N/A
10,094,287
TOTAL
INSURANCE
296,252,024
MEDIA
&
ENTERTAINMENT
-
0.5%
(0.3%
of
Total
Investments)
7,694,000
(a),(b),(e)
Farm
Credit
Bank
of
Texas
7
.750
N/A
7,972,384
4,065,000
Paramount
Global
6
.375
03/30/62
3,910,227
TOTAL
MEDIA
&
ENTERTAINMENT
11,882,611
TELECOMMUNICATION
SERVICES
-
2.2%
(1.4%
of
Total
Investments)
12,777,000
(b)
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
09/15/55
12,679,143
15,291,000
(b)
Rogers
Communications
Inc
7
.125
04/15/55
15,235,561
24,020,000
Vodafone
Group
PLC
7
.000
04/04/79
24,679,319
2,315,000
Vodafone
Group
PLC
4
.125
06/04/81
2,056,663
TOTAL
TELECOMMUNICATION
SERVICES
54,650,686
UTILITIES
-
9.4%
(6.1%
of
Total
Investments)
4,975,000
(b),(e)
AES
Andes
SA
8
.150
06/10/55
5,069,520
5,916,000
(b)
AES
Corp/The
7
.600
01/15/55
5,845,379
6,156,000
(b),(e)
AltaGas
Ltd
7
.200
10/15/54
6,012,051
8,859,000
American
Electric
Power
Co
Inc
3
.875
02/15/62
8,321,870
8,809,000
(b)
CMS
Energy
Corp
6
.500
06/01/55
8,588,255
11,200,000
(b)
CMS
Energy
Corp
3
.750
12/01/50
9,686,072
6,029,000
(b)
Dominion
Energy
Inc
7
.000
06/01/54
6,259,633
7,773,000
(b)
Duke
Energy
Corp
6
.450
09/01/54
7,789,339
6,470,000
(b)
Edison
International
8
.125
06/15/53
6,160,367
4,117,000
Edison
International
7
.875
06/15/54
3,854,766
5,684,000
(a)
Edison
International
5
.375
N/A
5,327,577
4,680,000
(a)
Edison
International
5
.000
N/A
4,140,140
41,756,000
(b)
Emera
Inc
6
.750
06/15/76
41,812,517
16,384,000
(b)
Entergy
Corp
7
.125
12/01/54
16,473,047
10,092,000
(b)
EUSHI
Finance
Inc
7
.625
12/15/54
10,136,980
13,706,000
(b)
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
13,845,621
6,412,000
(b)
PG&E
Corp
7
.375
03/15/55
6,224,707
8,976,000
Sempra
4
.125
04/01/52
8,224,852
12,480,000
(b)
Sempra
6
.550
04/01/55
11,364,029
13,190,000
(a)
Sempra
4
.875
N/A
13,014,351
6,440,000
Southern
Co/The
4
.000
01/15/51
6,345,511
15,732,000
(a),(e)
Vistra
Corp
8
.875
N/A
16,553,630
1,745,000
(a),(e)
Vistra
Corp
7
.000
N/A
1,762,268
Portfolio
of
Investments
April
30,
2025
(continued)
JPC
4
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
12,725,000
(a),(e)
Vistra
Corp
8
.000
%
N/A
$
13,005,688
TOTAL
UTILITIES
235,818,170
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$2,157,493,653)
2,149,702,608
SHARES
DESCRIPTION
RATE
VALUE
345345070
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
13
.8
%
(
8
.7
%
of
Total
Investments)
345345070
BANKS
-
2.3%
(1.4%
of
Total
Investments)
304,913
Fifth
Third
Bancorp
8
.296
7,787,478
825,668
KeyCorp
6
.125
20,856,374
659,461
KeyCorp
6
.200
16,176,578
517,064
Regions
Financial
Corp
5
.700
11,902,813
TOTAL
BANKS
56,723,243
CAPITAL
GOODS
-
0.2%
(0.2%
of
Total
Investments)
218,500
WESCO
International
Inc
10
.625
5,556,455
TOTAL
CAPITAL
GOODS
5,556,455
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.2%
(0.1%
of
Total
Investments)
85,181
Prologis
Inc
8
.540
4,602,329
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,602,329
FINANCIAL
SERVICES
-
4.8%
(3.0%
of
Total
Investments)
582,225
Bank
of
New
York
Mellon
Corp/The
6
.150
14,625,492
146,670
Capital
One
Financial
Corp
5
.000
2,741,262
102,771
Equitable
Holdings
Inc
4
.300
1,689,555
381,058
Equitable
Holdings
Inc
5
.250
7,621,160
116,785
Morgan
Stanley
6
.375
2,835,540
631,349
Morgan
Stanley
7
.125
15,909,995
842,201
Morgan
Stanley
5
.850
19,117,963
774,375
Morgan
Stanley
6
.625
19,467,787
79,400
Morgan
Stanley
6
.500
1,992,146
746,004
Morgan
Stanley
6
.875
18,724,700
144,314
Synchrony
Financial
5
.625
2,625,072
494,554
Voya
Financial
Inc
5
.350
12,002,826
TOTAL
FINANCIAL
SERVICES
119,353,498
FOOD,
BEVERAGE
&
TOBACCO
-
1.6%
(1.0%
of
Total
Investments)
117,770
CHS
Inc
7
.875
3,097,351
577,198
CHS
Inc
7
.100
14,574,250
711,041
CHS
Inc
6
.750
17,399,173
56,400
(e)
Dairy
Farmers
of
America
Inc
7
.875
5,372,100
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
40,442,874
INSURANCE
-
4.1%
(2.6%
of
Total
Investments)
437,400
American
National
Group
Inc
7
.375
10,900,008
434,249
American
National
Group
Inc
6
.625
10,925,705
124,080
Aspen
Insurance
Holdings
Ltd
5
.625
2,294,239
319,325
Aspen
Insurance
Holdings
Ltd
7
.125
7,529,684
96,786
Assurant
Inc
5
.250
1,887,327
621,947
Athene
Holding
Ltd
6
.375
15,579,772
206,658
Athene
Holding
Ltd
7
.750
5,189,182
876,205
Athene
Holding
Ltd
6
.350
20,538,245
80,000
Axis
Capital
Holdings
Ltd
5
.500
1,628,800
63,400
Delphi
Financial
Group
Inc
7
.775
1,529,525
342,645
Enstar
Group
Ltd
7
.000
7,305,192
90,695
Maiden
Holdings
North
America
Ltd
7
.750
1,578,093
335,932
Reinsurance
Group
of
America
Inc
5
.750
8,314,317
207,319
Reinsurance
Group
of
America
Inc
7
.125
5,323,952
88,536
Selective
Insurance
Group
Inc
4
.600
1,517,507
TOTAL
INSURANCE
102,041,548
TELECOMMUNICATION
SERVICES
-
0.5%
(0.3%
of
Total
Investments)
686,314
(b)
AT&T
Inc
4
.750
13,081,145
TOTAL
TELECOMMUNICATION
SERVICES
13,081,145
5
SHARES
DESCRIPTION
RATE
VALUE
UTILITIES
-
0.1%
(0.1%
of
Total
Investments)
154,489
NextEra
Energy
Capital
Holdings
Inc
5
.650
%
$
3,543,978
TOTAL
UTILITIES
3,543,978
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$363,048,854)
345,345,070
SHARES
DESCRIPTION
VALUE
3,492
COMMON
STOCKS
-
0
.0
%
(
0
.0
%
of
Total
Investments)
3,492
MATERIALS
-
0.0%
(0.0%
of
Total
Investments)
60
LyondellBasell
Industries
NV,
Class
A
3,492
TOTAL
MATERIALS
3,492
TOTAL
COMMON
STOCKS
(Cost
$0)
3,492
SHARES
DESCRIPTION
RATE
VALUE
20728536
CONVERTIBLE
PREFERRED
SECURITIES
-
0
.8
%
(
0
.5
%
of
Total
Investments)
20728536
BANKS
-
0.8%
(0.5%
of
Total
Investments)
5,849
Bank
of
America
Corp
7
.250
6,843,798
11,949
Wells
Fargo
&
Co
7
.500
13,884,738
TOTAL
BANKS
20,728,536
TOTAL
CONVERTIBLE
PREFERRED
SECURITIES
(Cost
$24,885,225)
20,728,536
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
1363866192
CORPORATE
BONDS
-
54
.6
%
(
34
.5
%
of
Total
Investments)
1363866192
BANKS
-
45.2%
(28.5%
of
Total
Investments)
$
4,825,000
(a),(c),(e),(f)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6
.750
N/A
4,878,519
12,400,000
(a),(b),(f)
Banco
Bilbao
Vizcaya
Argentaria
SA
7
.750
N/A
12,135,155
34,227,000
(a),(f)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
36,862,582
17,520,000
(a),(b),(f)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
N/A
16,838,992
23,940,300
(a),(e),(f)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.750
N/A
23,871,888
5,440,000
(a),(e),(f)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.500
N/A
5,316,503
3,120,000
(a),(e),(f)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.625
N/A
3,087,327
33,600,000
(a),(f)
Banco
Santander
SA
8
.000
N/A
34,331,951
44,600,000
(a),(f)
Banco
Santander
SA
9
.625
N/A
50,384,219
9,505,000
(a),(f)
Banco
Santander
SA
4
.750
N/A
8,966,718
10,405,000
(a),(b),(f)
Barclays
PLC
7
.625
N/A
9,953,919
74,337,000
(a),(b),(f)
Barclays
PLC
9
.625
N/A
81,150,729
27,554,000
(a),(f)
Barclays
PLC
8
.000
N/A
28,149,688
10,317,000
(a),(f)
Barclays
PLC
6
.125
N/A
10,256,747
47,851,000
(a),(e),(f)
BNP
Paribas
SA
7
.750
N/A
49,185,517
7,595,000
(a),(e),(f)
BNP
Paribas
SA
7
.000
N/A
7,596,344
33,437,000
(a),(e),(f)
BNP
Paribas
SA
8
.500
N/A
34,850,817
10,656,000
(a),(e),(f)
BNP
Paribas
SA
7
.375
N/A
10,531,842
28,795,000
(a),(b),(e),(f)
BNP
Paribas
SA
9
.250
N/A
30,296,400
38,609,000
(a),(e),(f)
BNP
Paribas
SA
8
.000
N/A
39,864,140
4,466,000
(a),(f)
Credit
Agricole
SA,
Reg
S
8
.125
N/A
4,521,119
37,831,000
(a),(e),(f)
Credit
Agricole
SA
6
.700
N/A
35,822,840
45,870,000
(a),(b),(e),(f)
Credit
Agricole
SA
8
.125
N/A
46,436,127
33,320,000
(a),(b),(f)
HSBC
Holdings
PLC
6
.000
N/A
32,891,378
10,713,000
(a),(f)
HSBC
Holdings
PLC
6
.500
N/A
10,638,397
12,590,000
(a),(f)
HSBC
Holdings
PLC
6
.950
N/A
12,326,944
20,269,000
(a),(f)
HSBC
Holdings
PLC
6
.875
N/A
20,101,108
42,501,000
(a),(b),(f)
HSBC
Holdings
PLC
6
.950
N/A
41,437,021
33,211,000
(a),(f)
HSBC
Holdings
PLC
8
.000
N/A
34,493,144
37,748,000
(a),(f)
ING
Groep
NV,
Reg
S
7
.500
N/A
38,219,850
30,760,000
(a),(f)
ING
Groep
NV
5
.750
N/A
30,257,209
32,590,000
(a),(e),(f)
Intesa
Sanpaolo
SpA
7
.700
N/A
32,691,428
21,165,000
(a),(f)
Lloyds
Banking
Group
PLC
7
.500
N/A
21,099,899
44,473,000
(a),(f)
Lloyds
Banking
Group
PLC
8
.000
N/A
45,591,941
8,293,000
(a),(f)
Lloyds
Banking
Group
PLC
6
.750
N/A
7,769,539
Portfolio
of
Investments
April
30,
2025
(continued)
JPC
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
BANKS
(continued)
$
9,005,000
(a),(e),(f)
Macquarie
Bank
Ltd/London
6
.125
%
N/A
$
8,961,064
34,286,000
(a),(b),(f)
NatWest
Group
PLC
8
.125
N/A
35,408,489
14,570,000
(a),(f)
NatWest
Group
PLC
7
.300
N/A
14,008,785
23,805,000
(a),(c),(f)
NatWest
Group
PLC
8
.000
N/A
23,867,988
10,450,000
(a),(f)
NatWest
Group
PLC
6
.000
N/A
10,385,630
12,501,000
(a),(e),(f)
Nordea
Bank
Abp
6
.625
N/A
12,504,225
17,000,000
(a),(e),(f)
Nordea
Bank
Abp
6
.300
N/A
16,194,674
8,430,000
(a),(e),(f)
Societe
Generale
SA
8
.500
N/A
8,506,443
33,667,000
(a),(e),(f)
Societe
Generale
SA
10
.000
N/A
36,202,563
14,545,000
(a),(e),(f)
Societe
Generale
SA
9
.375
N/A
15,214,590
7,585,000
(a),(e),(f)
Standard
Chartered
PLC
7
.750
N/A
7,716,812
3,046,000
(a),(e),(f)
Standard
Chartered
PLC
6
.000
N/A
3,039,702
24,100,000
(a),(c),(e)
Standard
Chartered
PLC
7
.014
N/A
24,358,834
TOTAL
BANKS
1,129,177,740
ENERGY
-
0.1%
(0.1%
of
Total
Investments)
1,900,000
Enbridge
Inc
8
.250
01/15/84
1,971,206
TOTAL
ENERGY
1,971,206
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.6%
(0.4%
of
Total
Investments)
16,100,000
(b),(e)
Scentre
Group
Trust
2
5
.125
09/24/80
15,722,123
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
15,722,123
FINANCIAL
SERVICES
-
7.8%
(4.9%
of
Total
Investments)
18,750,000
(g)
Credit
Suisse
Group
AG
0
.000
01/17/72
2,109,375
9,090,000
(g)
Credit
Suisse
Group
AG
6
.380
02/21/72
1,022,625
10,229,000
(g)
Credit
Suisse
Group
AG
7
.250
03/12/72
1,150,763
13,505,000
(g)
Credit
Suisse
Group
AG
7
.500
06/11/72
1,519,313
8,455,000
(g)
Credit
Suisse
Group
AG
7
.500
01/17/72
951,188
30,215,000
(a),(f)
Deutsche
Bank
AG
6
.000
N/A
29,590,670
9,400,000
(a),(f)
Deutsche
Bank
AG,
Reg
S
4
.789
N/A
9,306,000
18,000,000
(a),(b),(e),(f)
UBS
Group
AG
4
.875
N/A
17,209,564
46,572,000
(a),(e),(f)
UBS
Group
AG
9
.250
N/A
52,057,716
23,385,000
(a),(e),(f)
UBS
Group
AG
9
.250
N/A
25,267,305
13,310,000
(a),(e),(f)
UBS
Group
AG
7
.750
N/A
13,616,689
41,023,000
(a),(f)
UBS
Group
AG,
Reg
S
6
.875
N/A
41,023,000
TOTAL
FINANCIAL
SERVICES
194,824,208
INSURANCE
-
0.9%
(0.6%
of
Total
Investments)
6,150,000
(b),(e)
Liberty
Mutual
Insurance
Co
7
.697
10/15/97
6,855,561
10,126,000
(a),(f)
Phoenix
Group
Holdings
PLC,
Reg
S
8
.500
N/A
10,312,410
5,000,000
QBE
Insurance
Group
Ltd,
Reg
S
5
.875
06/17/46
5,002,944
TOTAL
INSURANCE
22,170,915
TOTAL
CORPORATE
BONDS
(Cost
$1,402,590,738)
1,363,866,192
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
50771552
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
2
.1
%
(
1
.3
%
of
Total
Investments)
50771552
15,425,000
(b)
CoBank
ACB
7
.125
01/01/74
15,725,217
14,700,000
(b)
CoBank
ACB
6
.450
01/01/74
14,622,900
4,883,000
CoBank
ACB
7
.250
07/01/73
4,886,291
15,688,000
CoBank
ACB
6
.250
10/01/73
15,537,144
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$50,855,597)
50,771,552
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$3,998,874,067)
3,930,417,450
7
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
Investments
in
Derivatives
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
 1.0%(0.6%
of
Total
Investments)
25342638
REPURCHASE
AGREEMENTS
-
1
.0
%
(
0
.6
%
of
Total
Investments)
25342638
$
24,575,000
(h)
Fixed
Income
Clearing
Corporation
4
.320
%
05/01/25
$
24,575,000
767,638
(i)
Fixed
Income
Clearing
Corporation
1
.360
05/01/25
767,638
TOTAL
REPURCHASE
AGREEMENTS
(Cost
$25,342,638)
25,342,638
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$25,342,638)
25,342,638
TOTAL
INVESTMENTS
-
158
.3
%
(Cost
$
4,024,216,705
)
3,955,760,088
BORROWINGS
-
(24.0)%
(j),(k)
(
599,000,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(24.9)%(l)
(
622,695,765
)
TFP
SHARES,
NET
-
(16.7)%(m)
(
418,589,422
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  7.3%
183,569,376
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
2,499,044,277
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.
TSFR3M
CME
Term
Secured
Overnight
Financing
Rate
3
Month
(a)
Perpetual
security.
Maturity
date
is
not
applicable.
(b)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
reverse
repurchase
agreements.
As
of
the
end
of
the
reporting
period,
investments
with
a
value
of
$920,313,880
have
been
pledged
as
collateral
for
reverse
repurchase
agreements.
(c)
Investment,
or
portion
of
investment,
is
hypothecated.
The
total
value
of
investments
hypothecated
as
of
the
end
of
the
reporting
period
was
$512,869,563.
(d)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
unless
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(e)
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
$889,930,841
or
22.5%
of
Total
Investments.
(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
32.9%
of
Total
Investments.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
4.320%
dated
4/30/25
to
be
repurchased
at
$24,577,949
on
5/1/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.500%
and
maturity
date
8/15/39,
valued
at
$25,066,509.
(i)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.360%
dated
4/30/25
to
be
repurchased
at
$767,667
on
5/1/25,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
2.125%
and
maturity
date
1/15/35,
valued
at
$783,067.
(j)
Borrowings
as
a
percentage
of
Total
Investments
is
15.1%.
(k)
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
$1,407,706,671
have
been
pledged
as
collateral
for
borrowings.
(l)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
15.7%.
(m)
TFP
Shares,
Net
as
a
percentage
of
Total
Investments
is
10.6%.
Futures
Contracts
-
Long
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
1,617
6/25
$
175,936,414
$
181,457,719
$
5,521,305
U.S.
Treasury
Ultra
Bond
139
6/25
16,567,355
16,823,344
255,989
Total
$192,503,769
$198,281,063
$5,777,294
Interest
Rate
Swaps
-
OTC
Uncleared
Portfolio
of
Investments
April
30,
2025
(continued)
JPC
8
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:
Counterparty
Fund
Pay/Receive
Floating
Rate
Floating
Rate
Index
Fixed
Rate
(Annualized)
Fixed
Rate
Payment
Frequency
Effective
Date
(a)
Optional
Termination
Date
Maturity
Date
Notional
Amount
(b)
Value
Unrealized
Appreciation
(Depreciation)
Morgan
Stanley
Capital
Services,
LLC
Receive
1-Month
LIBOR
1.994%
Monthly
6/01/18
7/01/25
7/01/27
$
798,500,000
$
4,917,971
$
4,917,971
Morgan
Stanley
Capital
Services,
LLC
Receive
1-Month
LIBOR
2.364%
Monthly
7/01/19
7/01/26
7/01/28
138,000,000
1,896,248
1,896,248
Total
$
6,814,219
(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.
JPC
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
2,149,702,608
$
–
$
2,149,702,608
$25
Par
(or
similar)
Retail
Preferred
345,345,070
–
–
345,345,070
Common
Stocks
3,492
–
–
3,492
Convertible
Preferred
Securities
20,728,536
–
–
20,728,536
Corporate
Bonds
–
1,357,112,928
6,753,264
1,363,866,192
U.S.
Government
and
Agency
Obligations
–
50,771,552
–
50,771,552
Short-Term
Investments:
Repurchase
Agreements
–
25,342,638
–
25,342,638
Investments
in
Derivatives:
Futures
Contracts*
5,777,294
–
–
5,777,294
Interest
Rate
Swaps*
–
6,814,219
–
6,814,219
Total
$
371,854,392
$
3,589,743,945
$
6,753,264
$
3,968,351,601
*
Represents
net
unrealized
appreciation
(depreciation).