1
Portfolio
of
Investments
April
30,
2025
JPI
(Unaudited)
PRINCIPAL
/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
156.5%
(100.0%
of
Total
Investments)
218343517
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
-
79
.9
%
(
51
.1
%
of
Total
Investments)
218343517
AUTOMOBILES
&
COMPONENTS
-
0.8%
(0.5%
of
Total
Investments)
$
1,483,000
(a)
General
Motors
Financial
Co
Inc
5
.750
%
N/A
$
1,380,299
900,000
(a)
General
Motors
Financial
Co
Inc
5
.700
N/A
846,262
TOTAL
AUTOMOBILES
&
COMPONENTS
2,226,561
BANKS
-
31.6%
(20.2%
of
Total
Investments)
4,262,000
(a)
Bank
of
America
Corp
6
.625
N/A
4,263,963
2,000,000
(a)
Bank
of
America
Corp
6
.125
N/A
1,995,030
570,000
(a)
Bank
of
America
Corp
4
.375
N/A
546,161
600,000
(a)
Bank
of
America
Corp
5
.875
N/A
593,757
2,350,000
(a)
Bank
of
America
Corp
6
.300
N/A
2,352,009
1,619,000
Bank
of
Montreal
7
.300
11/26/84
1,591,795
800,000
Bank
of
Montreal
7
.700
05/26/84
814,327
975,000
(b)
Bank
of
Nova
Scotia/The
8
.000
01/27/84
997,628
1,259,000
Canadian
Imperial
Bank
of
Commerce
6
.950
01/28/85
1,213,939
4,555,000
(a),(c)
Citigroup
Inc
7
.125
N/A
4,492,394
1,695,000
(a)
Citigroup
Inc
4
.150
N/A
1,614,041
1,170,000
(a),(b)
Citigroup
Inc
6
.250
N/A
1,173,514
2,315,000
(a),(b)
Citigroup
Inc
7
.375
N/A
2,343,799
1,785,000
(a)
Citigroup
Inc
7
.625
N/A
1,832,893
1,853,000
(a)
Citigroup
Inc
7
.000
N/A
1,838,442
1,070,000
(a)
Citizens
Financial
Group
Inc
4
.000
N/A
1,005,243
880,000
(a),(d)
Citizens
Financial
Group
Inc
(TSFR3M
+
3.419%)
7
.703
N/A
865,532
1,065,000
(a)
Fifth
Third
Bancorp
4
.500
N/A
1,051,655
275,000
(a),(d)
Fifth
Third
Bancorp
(TSFR3M
+
3.295%)
7
.594
N/A
269,250
1,835,000
(a),(d)
First
Citizens
BancShares
Inc/NC
(TSFR3M
+
4.234%)
8
.533
N/A
1,862,635
3,240,000
(a)
Huntington
Bancshares
Inc/OH
5
.625
N/A
3,187,093
8,147,000
(a),(c)
JPMorgan
Chase
&
Co
6
.875
N/A
8,392,185
985,000
(a)
JPMorgan
Chase
&
Co
3
.650
N/A
954,303
3,138,000
(a)
JPMorgan
Chase
&
Co
6
.500
N/A
3,135,658
1,407,000
(a)
PNC
Financial
Services
Group
Inc/The
5
.000
N/A
1,386,221
5,315,000
(a),(b)
PNC
Financial
Services
Group
Inc/The
6
.250
N/A
5,229,137
945,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.200
N/A
944,377
660,000
(a)
PNC
Financial
Services
Group
Inc/The
6
.000
N/A
652,778
1,625,000
(a)
Regions
Financial
Corp
5
.750
N/A
1,618,847
1,990,000
Toronto-Dominion
Bank/The
8
.125
10/31/82
2,056,834
5,609,000
(a),(c)
Truist
Financial
Corp
6
.669
N/A
5,509,229
2,270,000
(a)
Truist
Financial
Corp
5
.100
N/A
2,173,413
2,195,000
(a)
US
Bancorp
5
.300
N/A
2,134,016
3,799,000
(a),(c)
Wells
Fargo
&
Co
5
.875
N/A
3,781,470
1,230,000
(b)
Wells
Fargo
&
Co
7
.950
11/15/29
1,379,378
4,305,000
(a),(c)
Wells
Fargo
&
Co
7
.625
N/A
4,531,938
3,684,000
(a),(b)
Wells
Fargo
&
Co
6
.850
N/A
3,724,185
2,812,000
(a),(c)
Wells
Fargo
&
Co
3
.900
N/A
2,761,846
TOTAL
BANKS
86,270,915
CAPITAL
GOODS
-
3.2%
(2.1%
of
Total
Investments)
2,045,000
(a)
Air
Lease
Corp
4
.650
N/A
1,980,531
488,000
(a)
Air
Lease
Corp
4
.125
N/A
449,937
963,000
(a)
Air
Lease
Corp
6
.000
N/A
901,357
6,657,000
(c),(e)
ILFC
E-Capital
Trust
I
6
.367
12/21/65
5,505,053
TOTAL
CAPITAL
GOODS
8,836,878
ENERGY
-
6.1%
(3.9%
of
Total
Investments)
1,245,000
Enbridge
Inc
5
.500
07/15/77
1,191,024
1,920,000
Enbridge
Inc
5
.750
07/15/80
1,840,190
1,905,000
Enbridge
Inc
7
.625
01/15/83
1,943,062
4,046,000
(c)
Enbridge
Inc
8
.500
01/15/84
4,361,143
1,925,000
(a)
Energy
Transfer
LP
7
.125
N/A
1,897,007
490,000
(a)
Energy
Transfer
LP
6
.500
N/A
486,616
495,000
(b)
Energy
Transfer
LP
8
.000
05/15/54
513,780
Portfolio
of
Investments
April
30,
2025
(continued)
JPI
2
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
$
436,000
(a)
Energy
Transfer
LP
6
.625
%
N/A
$
418,568
901,000
(b),(e)
South
Bow
Canadian
Infrastructure
Holdings
Ltd
7
.500
03/01/55
885,612
1,650,000
Transcanada
Trust
5
.600
03/07/82
1,522,429
655,000
(b)
Transcanada
Trust
5
.875
08/15/76
645,458
1,060,000
(a),(e)
Venture
Global
LNG
Inc
9
.000
N/A
911,107
TOTAL
ENERGY
16,615,996
FINANCIAL
SERVICES
-
13.2%
(8.4%
of
Total
Investments)
2,800,000
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.500
01/31/56
2,719,061
1,266,000
(b)
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
6
.950
03/10/55
1,271,263
980,000
(a)
Ally
Financial
Inc
4
.700
N/A
900,321
1,970,000
(a)
Ally
Financial
Inc
4
.700
N/A
1,666,897
2,010,000
(a),(e)
American
AgCredit
Corp
5
.250
N/A
1,879,350
2,425,000
(a),(e)
Capital
Farm
Credit
ACA
5
.000
N/A
2,352,251
1,755,000
(a)
Capital
One
Financial
Corp
3
.950
N/A
1,666,934
1,065,000
(a)
Charles
Schwab
Corp/The
5
.375
N/A
1,061,472
2,135,000
(a)
Charles
Schwab
Corp/The
4
.000
N/A
2,067,509
1,050,000
(a),(e)
Compeer
Financial
ACA
4
.875
N/A
997,500
690,000
(a)
Discover
Financial
Services
6
.125
N/A
688,750
800,000
(a)
Discover
Financial
Services
5
.500
N/A
764,542
2,455,000
(a),(b)
Goldman
Sachs
Group
Inc/The
7
.379
N/A
2,460,293
3,195,000
(a),(c)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
3,308,205
2,660,000
(a),(c)
Goldman
Sachs
Group
Inc/The
7
.500
N/A
2,712,570
2,521,000
(a),(b)
Goldman
Sachs
Group
Inc/The
6
.850
N/A
2,486,373
2,930,000
(a),(b)
Goldman
Sachs
Group
Inc/The
6
.125
N/A
2,762,498
827,000
(a),(b)
Goldman
Sachs
Group
Inc/The
5
.300
N/A
819,261
1,650,000
(a)
State
Street
Corp
6
.700
N/A
1,655,825
1,671,000
(a),(b)
Voya
Financial
Inc
7
.758
N/A
1,694,486
TOTAL
FINANCIAL
SERVICES
35,935,361
FOOD,
BEVERAGE
&
TOBACCO
-
2.4%
(1.5%
of
Total
Investments)
1,750,000
(a),(e)
Dairy
Farmers
of
America
Inc
7
.125
N/A
1,645,000
6,023,000
(a),(c),(e)
Land
O'
Lakes
Inc
7
.000
N/A
4,923,802
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
6,568,802
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
0.4%
(0.3%
of
Total
Investments)
719,000
CVS
Health
Corp
6
.750
12/10/54
714,158
408,000
CVS
Health
Corp
7
.000
03/10/55
412,712
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,126,870
INSURANCE
-
10.2%
(6.5%
of
Total
Investments)
1,505,000
(b)
Aegon
Ltd
5
.500
04/11/48
1,493,431
817,000
(b)
American
International
Group
Inc
5
.750
04/01/48
805,182
3,080,000
(b)
Assurant
Inc
7
.000
03/27/48
3,065,143
4,600,000
(c),(e)
Assured
Guaranty
Municipal
Holdings
Inc
6
.400
12/15/66
4,233,444
670,000
(b)
AXIS
Specialty
Finance
LLC
4
.900
01/15/40
637,217
1,981,000
(b)
Corebridge
Financial
Inc
6
.375
09/15/54
1,908,530
540,000
Enstar
Finance
LLC
5
.750
09/01/40
536,025
1,505,000
(b)
Enstar
Finance
LLC
5
.500
01/15/42
1,443,790
904,000
(b),(e)
Enstar
Group
Ltd
7
.500
04/01/45
906,504
395,000
(a),(b)
MetLife
Inc
5
.875
N/A
399,682
2,740,000
(b),(e)
MetLife
Inc
9
.250
04/08/38
3,176,688
1,008,000
(b)
MetLife
Inc
6
.350
03/15/55
1,001,342
1,335,000
PartnerRe
Finance
B
LLC
4
.500
10/01/50
1,228,201
692,000
(b)
Prudential
Financial
Inc
6
.500
03/15/54
694,172
1,405,000
(b)
Prudential
Financial
Inc
5
.125
03/01/52
1,320,465
600,000
(a),(e)
SBL
Holdings
Inc
6
.500
N/A
525,060
4,695,000
(a),(e)
SBL
Holdings
Inc
7
.000
N/A
4,434,849
TOTAL
INSURANCE
27,809,725
MEDIA
&
ENTERTAINMENT
-
0.6%
(0.4%
of
Total
Investments)
1,660,000
Paramount
Global
6
.375
03/30/62
1,596,796
TOTAL
MEDIA
&
ENTERTAINMENT
1,596,796
3
PRINCIPAL/
SHARES
DESCRIPTION
RATE
MATURITY
VALUE
TELECOMMUNICATION
SERVICES
-
2.1%
(1.4%
of
Total
Investments)
$
1,369,000
(b)
Bell
Telephone
Co
of
Canada
or
Bell
Canada
7
.000
%
09/15/55
$
1,358,515
1,640,000
(b)
Rogers
Communications
Inc
7
.125
04/15/55
1,634,054
1,680,000
Vodafone
Group
PLC
7
.000
04/04/79
1,726,114
1,290,000
Vodafone
Group
PLC
4
.125
06/04/81
1,146,045
TOTAL
TELECOMMUNICATION
SERVICES
5,864,728
UTILITIES
-
9.3%
(5.9%
of
Total
Investments)
1,000,000
(b),(e)
AES
Andes
SA
8
.150
06/10/55
1,018,999
499,000
AES
Corp/The
7
.600
01/15/55
493,043
623,000
(b),(e)
AltaGas
Ltd
7
.200
10/15/54
608,432
868,000
American
Electric
Power
Co
Inc
3
.875
02/15/62
815,372
945,000
(b)
CMS
Energy
Corp
6
.500
06/01/55
921,319
1,029,000
(c)
Dominion
Energy
Inc
7
.000
06/01/54
1,068,363
811,000
(b)
Duke
Energy
Corp
6
.450
09/01/54
812,705
695,000
(b)
Edison
International
8
.125
06/15/53
661,740
611,000
(a)
Edison
International
5
.375
N/A
572,687
810,000
(a)
Edison
International
5
.000
N/A
716,563
443,000
Edison
International
7
.875
06/15/54
414,783
5,100,000
(b)
Emera
Inc
6
.750
06/15/76
5,106,903
1,557,000
(b)
Entergy
Corp
7
.125
12/01/54
1,565,462
991,000
(b)
EUSHI
Finance
Inc
7
.625
12/15/54
995,417
1,425,000
(b)
NextEra
Energy
Capital
Holdings
Inc
6
.750
06/15/54
1,439,516
662,000
PG&E
Corp
7
.375
03/15/55
642,663
1,365,000
(a)
Sempra
4
.875
N/A
1,346,823
785,000
Sempra
4
.125
04/01/52
719,308
1,338,000
(b)
Sempra
6
.550
04/01/55
1,218,355
1,435,000
Southern
Co/The
4
.000
01/15/51
1,413,945
1,135,000
(a),(e)
Vistra
Corp
8
.000
N/A
1,160,036
95,000
(a),(e)
Vistra
Corp
7
.000
N/A
95,940
1,599,000
(a),(e)
Vistra
Corp
8
.875
N/A
1,682,511
TOTAL
UTILITIES
25,490,885
TOTAL
$1,000
PAR
(OR
SIMILAR)
INSTITUTIONAL
PREFERRED
(Cost
$220,284,637)
218,343,517
SHARES
DESCRIPTION
RATE
VALUE
46358041
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
-
17
.0
%
(
10
.8
%
of
Total
Investments)
46358041
BANKS
-
2.6%
(1.7%
of
Total
Investments)
52,676
Fifth
Third
Bancorp
8
.296
1,345,345
45,900
KeyCorp
6
.125
1,159,434
135,223
KeyCorp
6
.200
3,317,020
57,838
Regions
Financial
Corp
5
.700
1,331,431
TOTAL
BANKS
7,153,230
CAPITAL
GOODS
-
0.4%
(0.2%
of
Total
Investments)
41,600
(b)
WESCO
International
Inc
10
.625
1,057,888
TOTAL
CAPITAL
GOODS
1,057,888
FINANCIAL
SERVICES
-
5.1%
(3.3%
of
Total
Investments)
62,325
Bank
of
New
York
Mellon
Corp/The
6
.150
1,565,604
15,000
Capital
One
Financial
Corp
5
.000
280,350
37,250
(b)
Equitable
Holdings
Inc
5
.250
745,000
75,976
Morgan
Stanley
6
.875
1,906,998
16,000
(b)
Morgan
Stanley
6
.500
401,440
53,300
Morgan
Stanley
6
.375
1,294,124
51,372
Morgan
Stanley
7
.125
1,294,574
67,475
Morgan
Stanley
5
.850
1,531,683
82,600
Morgan
Stanley
6
.625
2,076,564
20,750
Synchrony
Financial
5
.625
377,443
100,083
Voya
Financial
Inc
5
.350
2,429,014
TOTAL
FINANCIAL
SERVICES
13,902,794
Portfolio
of
Investments
April
30,
2025
(continued)
JPI
4
SHARES
DESCRIPTION
RATE
VALUE
FOOD,
BEVERAGE
&
TOBACCO
-
2.6%
(1.6%
of
Total
Investments)
76,428
CHS
Inc
7
.100
%
$
1,929,807
59,605
CHS
Inc
6
.750
1,458,534
61,800
CHS
Inc
7
.875
1,625,340
20,500
(e)
Dairy
Farmers
of
America
Inc
7
.875
1,952,625
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
6,966,306
INSURANCE
-
6.0%
(3.8%
of
Total
Investments)
47,025
American
National
Group
Inc
7
.375
1,171,863
79,578
American
National
Group
Inc
6
.625
2,002,183
62,000
Aspen
Insurance
Holdings
Ltd
5
.625
1,146,380
34,350
Aspen
Insurance
Holdings
Ltd
7
.125
809,973
45,000
(b)
Assurant
Inc
5
.250
877,500
70,100
Athene
Holding
Ltd
6
.375
1,756,005
89,300
(b)
Athene
Holding
Ltd
6
.350
2,093,192
98,400
(b)
Enstar
Group
Ltd
7
.000
2,097,888
64,300
(b)
Reinsurance
Group
of
America
Inc
7
.125
1,651,224
80,311
(b)
Reinsurance
Group
of
America
Inc
5
.750
1,987,697
43,200
(b)
Selective
Insurance
Group
Inc
4
.600
740,448
TOTAL
INSURANCE
16,334,353
TELECOMMUNICATION
SERVICES
-
0.3%
(0.2%
of
Total
Investments)
49,500
(b)
AT&T
Inc
4
.750
943,470
TOTAL
TELECOMMUNICATION
SERVICES
943,470
TOTAL
$25
PAR
(OR
SIMILAR)
RETAIL
PREFERRED
(Cost
$49,138,361)
46,358,041
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
157577374
CORPORATE
BONDS
-
57
.7
%
(
36
.9
%
of
Total
Investments)
157577374
BANKS
-
47.7%
(30.5%
of
Total
Investments)
$
620,000
(a),(e),(f)
Australia
&
New
Zealand
Banking
Group
Ltd/United
Kingdom
6
.750
N/A
626,877
2,810,000
(a),(f)
Banco
Bilbao
Vizcaya
Argentaria
SA
6
.125
N/A
2,700,774
1,400,000
(a),(b),(f)
Banco
Bilbao
Vizcaya
Argentaria
SA
7
.750
N/A
1,370,098
3,642,000
(a),(f)
Banco
Bilbao
Vizcaya
Argentaria
SA
9
.375
N/A
3,922,445
2,579,500
(a),(e),(f)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
8
.750
N/A
2,572,129
1,000,000
(a),(e),(f)
Banco
Mercantil
del
Norte
SA/Grand
Cayman
7
.500
N/A
977,298
2,060,000
(a),(f)
Banco
Santander
SA
4
.750
N/A
1,943,339
3,600,000
(a),(f)
Banco
Santander
SA
8
.000
N/A
3,678,423
5,000,000
(a),(b),(f)
Banco
Santander
SA
9
.625
N/A
5,648,455
1,106,000
(a),(f)
Barclays
PLC
6
.125
N/A
1,099,541
1,117,000
(a),(b),(f)
Barclays
PLC
7
.625
N/A
1,068,576
7,914,000
(a),(c),(f)
Barclays
PLC
9
.625
N/A
8,639,397
2,954,000
(a),(b),(f)
Barclays
PLC
8
.000
N/A
3,017,862
1,360,000
(a),(e),(f)
BNP
Paribas
SA
9
.250
N/A
1,430,912
6,141,000
(a),(e),(f)
BNP
Paribas
SA
7
.750
N/A
6,312,266
810,000
(a),(e),(f)
BNP
Paribas
SA
7
.000
N/A
810,143
3,890,000
(a),(b),(e),(f)
BNP
Paribas
SA
8
.500
N/A
4,054,481
3,632,000
(a),(e),(f)
BNP
Paribas
SA
8
.000
N/A
3,750,073
2,093,000
(a),(e),(f)
BNP
Paribas
SA
7
.375
N/A
2,068,613
4,486,000
(a),(c),(e),(f)
Credit
Agricole
SA
6
.700
N/A
4,247,872
4,644,000
(a),(c),(e),(f)
Credit
Agricole
SA
8
.125
N/A
4,701,316
1,352,000
(a),(b),(f)
HSBC
Holdings
PLC
6
.950
N/A
1,323,751
3,363,000
(a),(f)
HSBC
Holdings
PLC
6
.950
N/A
3,278,810
2,059,000
(a),(f)
HSBC
Holdings
PLC
6
.875
N/A
2,041,945
4,559,000
(a),(b),(c),(f)
HSBC
Holdings
PLC
8
.000
N/A
4,735,005
1,650,000
(a),(f)
HSBC
Holdings
PLC
6
.500
N/A
1,638,510
3,565,000
(a),(c),(f)
HSBC
Holdings
PLC
6
.000
N/A
3,519,141
4,287,000
(a),(f)
ING
Groep
NV,
Reg
S
7
.500
N/A
4,340,588
3,035,000
(a),(f)
ING
Groep
NV
5
.750
N/A
2,985,391
4,529,000
(a),(b),(c),(e),(f)
Intesa
Sanpaolo
SpA
7
.700
N/A
4,543,095
4,188,000
(a),(b),(f)
Lloyds
Banking
Group
PLC
8
.000
N/A
4,293,370
2,985,000
(a),(f)
Lloyds
Banking
Group
PLC
7
.500
N/A
2,975,818
894,000
(a),(f)
Lloyds
Banking
Group
PLC
6
.750
N/A
837,570
1,550,000
(a),(e),(f)
Macquarie
Bank
Ltd/London
6
.125
N/A
1,542,437
5
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
BANKS
(continued)
$
2,395,000
(a),(f)
NatWest
Group
PLC
8
.000
%
N/A
$
2,401,337
1,574,000
(a),(f)
NatWest
Group
PLC
7
.300
N/A
1,513,372
1,125,000
(a),(f)
NatWest
Group
PLC
6
.000
N/A
1,118,070
6,762,000
(a),(c),(f)
NatWest
Group
PLC
8
.125
N/A
6,983,381
1,285,000
(a),(e),(f)
Nordea
Bank
Abp
6
.625
N/A
1,285,332
1,748,000
(a),(e),(f)
Nordea
Bank
Abp
6
.300
N/A
1,665,194
3,480,000
(a),(c),(e),(f)
Societe
Generale
SA
9
.375
N/A
3,640,205
1,420,000
(a),(e),(f)
Societe
Generale
SA
8
.500
N/A
1,432,877
3,981,000
(a),(b),(e),(f)
Societe
Generale
SA
10
.000
N/A
4,280,821
140,000
(a),(e),(f)
Standard
Chartered
PLC
6
.000
N/A
139,711
3,140,000
(a),(c),(e),(f)
Standard
Chartered
PLC
7
.750
N/A
3,194,567
TOTAL
BANKS
130,351,188
FINANCIAL
SERVICES
-
9.6%
(6.1%
of
Total
Investments)
5,802,000
(g)
Credit
Suisse
Group
AG
7
.500
06/11/72
652,725
8,520,000
(g)
Credit
Suisse
Group
AG
0
.000
01/17/72
958,500
9,496,000
(g)
Credit
Suisse
Group
AG
7
.250
03/12/72
1,068,300
1,955,000
(g)
Credit
Suisse
Group
AG
6
.380
02/21/72
219,937
4,285,000
(g)
Credit
Suisse
Group
AG
7
.500
01/17/72
482,063
5,165,000
(a),(f)
Deutsche
Bank
AG
6
.000
N/A
5,058,276
1,000,000
(a),(f)
Deutsche
Bank
AG,
Reg
S
4
.789
N/A
990,000
5,195,000
(a),(b),(e),(f)
UBS
Group
AG
9
.250
N/A
5,806,919
3,965,000
(a),(b),(e),(f)
UBS
Group
AG
9
.250
N/A
4,284,151
1,955,000
(a),(e),(f)
UBS
Group
AG
7
.750
N/A
2,000,047
4,584,000
(a),(f)
UBS
Group
AG,
Reg
S
6
.875
N/A
4,584,000
TOTAL
FINANCIAL
SERVICES
26,104,918
INSURANCE
-
0.4%
(0.3%
of
Total
Investments)
1,101,000
(a),(f)
Phoenix
Group
Holdings
PLC,
Reg
S
8
.500
N/A
1,121,268
TOTAL
INSURANCE
1,121,268
TOTAL
CORPORATE
BONDS
(Cost
$180,260,314)
157,577,374
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
5304610
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
-
1
.9
%
(
1
.2
%
of
Total
Investments)
5304610
3,617,000
(b)
CoBank
ACB
7
.250
07/01/73
3,619,438
1,653,000
(b)
CoBank
ACB
7
.125
01/01/74
1,685,172
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
OBLIGATIONS
(Cost
$5,422,078)
5,304,610
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$455,105,390)
427,583,542
BORROWINGS
-
(41.7)%
(h),(i)
(
114,000,000
)
REVERSE
REPURCHASE
AGREEMENTS,
INCLUDING
ACCRUED
INTEREST
-
(15.2)%(j)
(
41,486,173
)
OTHER
ASSETS
&
LIABILITIES,
NET
-  0.4%
1,120,592
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
273,217,961
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
$97,298,926
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
$90,890,234.
(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.
Portfolio
of
Investments
April
30,
2025
(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:
(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
$104,262,099
or
24.4%
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
36.1%
of
Total
Investments.
(g)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(h)
Borrowings
as
a
percentage
of
Total
Investments
is
26.7%.
(i)
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
$279,365,898
have
been
pledged
as
collateral
for
borrowings.
(j)
Reverse
Repurchase
Agreements,
including
accrued
interest
as
a
percentage
of
Total
investments
is
9.7%.
JPI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
$1,000
Par
(or
similar)
Institutional
Preferred
$
–
$
218,343,517
$
–
$
218,343,517
$25
Par
(or
similar)
Retail
Preferred
46,358,041
–
–
46,358,041
Corporate
Bonds
–
154,195,849
3,381,525
157,577,374
U.S.
Government
and
Agency
Obligations
–
5,304,610
–
5,304,610
Total
$
46,358,041
$
377,843,976
$
3,381,525
$
427,583,542
Level
3
JPI
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
3,381,525
Transfers
(out
of)
-
Balance
at
the
end
of
period
$
3,381,525
Change
in
net
unrealized
appreciation
(depreciation)
during
the
period
of
Level
3
securities
held
as
of
period
end
$
75,145
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.
The
valuation
techniques
and
significant
unobservable
inputs
used
in
recurring
Level
3
fair
value
measurements
of
assets
as
of
the
end
of
the
report-
ing
period,
were
as
follows:
Level
1
Level
2
Level
3
JPI
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Transfers
In
(Transfers
Out)
Corporate
Bonds
$-
$-
$-
$(3,381,525)
$3,381,525
$-
Fund
Asset
Class
Market
Value
Techniques
Unobservable
Inputs
Range
Weighted
Average
JPI
Corporate
Bonds
$3,381,525
Indicative
Trade
Broker
Quote
$11.25
N/A