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

Term

Secured

Overnight

Financing

Rate

3

Month