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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_InvestmentRiskMember_lbl" xml:lang="en-US">Investment Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_CorporateDebtSecuritiesRiskMember_lbl" xml:lang="en-US">Corporate Debt Securities Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_CreditDefaultSwapsRiskMember_lbl" xml:lang="en-US">Credit Default Swaps Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_BankLoanRiskMember_lbl" xml:lang="en-US">Bank Loan Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_InflationRiskMember_lbl" xml:lang="en-US">Inflation Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_RisksAssociatedWithCATBondsMember_lbl" xml:lang="en-US">Risks Associated with CAT Bonds [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_DerivativesRiskMember" xlink:to="jcof_DerivativesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_DerivativesRiskMember_lbl" xml:lang="en-US">Derivatives Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ForwardAndFuturesContractRiskMember" xlink:to="jcof_ForwardAndFuturesContractRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ForwardAndFuturesContractRiskMember_lbl" xml:lang="en-US">Forward and futures contract risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SwapsRiskMember" xlink:to="jcof_SwapsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_SwapsRiskMember_lbl" xml:lang="en-US">Swaps risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_LiquidityAndValuationRiskMember" xlink:label="jcof_LiquidityAndValuationRiskMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_MezzanineSecuritiesRiskMember_lbl" xml:lang="en-US">Mezzanine Securities Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_CovenantLiteLoansRiskRiskMember_lbl" xml:lang="en-US">Covenant-Lite Loans Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ReinvestmentRiskMember_lbl" xml:lang="en-US">Reinvestment Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CallRiskMember" xlink:to="jcof_CallRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_CallRiskMember_lbl" xml:lang="en-US">Call Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_StructuredFinanceSecuritiesRiskMember" xlink:label="jcof_StructuredFinanceSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_StructuredFinanceSecuritiesRiskMember" xlink:to="jcof_StructuredFinanceSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_StructuredFinanceSecuritiesRiskMember_lbl" xml:lang="en-US">Structured Finance Securities Risk [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CounterpartyRiskMember" xlink:to="jcof_CounterpartyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_CounterpartyRiskMember_lbl" xml:lang="en-US">Counterparty Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember" xlink:label="jcof_MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_lbl" xml:lang="en-US">Mortgage-Related and Other Asset-Backed Securities Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_DistressedDebtRiskMember_lbl" xml:lang="en-US">Distressed Debt Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ConvertibleSecuritiesRiskMember_lbl" xml:lang="en-US">Convertible Securities Risk [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_SubprimeRiskMember_lbl" xml:lang="en-US">Subprime Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" xlink:label="jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" xlink:to="jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember_lbl" xml:lang="en-US">Loans and Other Indebtedness; Loan Participations and Assignments Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember" xlink:label="jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember" xlink:to="jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember_lbl" xml:lang="en-US">Temporary Defensive Positions and Large Cash Positions Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember" xlink:label="jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember" xlink:to="jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember_lbl" xml:lang="en-US">Repurchase Agreements, Purchase and Sale Contracts Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_OperationalRiskMember" xlink:label="jcof_OperationalRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_OperationalRiskMember" xlink:to="jcof_OperationalRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_OperationalRiskMember_lbl" xml:lang="en-US">Operational Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember" xlink:label="jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember" xlink:to="jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember_lbl" xml:lang="en-US">Tax Risk; Failure to Qualify as a RIC or Satisfy Distribution Requirement [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_AccessToInvestmentsRiskMember" xlink:label="jcof_AccessToInvestmentsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_AccessToInvestmentsRiskMember" xlink:to="jcof_AccessToInvestmentsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_AccessToInvestmentsRiskMember_lbl" xml:lang="en-US">Access to Investments Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_NonDiversificationRiskMember" xlink:label="jcof_NonDiversificationRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_NonDiversificationRiskMember" xlink:to="jcof_NonDiversificationRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_NonDiversificationRiskMember_lbl" xml:lang="en-US">Non-Diversification Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_PrivateFundsRiskMember" xlink:label="jcof_PrivateFundsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_PrivateFundsRiskMember" xlink:to="jcof_PrivateFundsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_PrivateFundsRiskMember_lbl" xml:lang="en-US">Private Funds Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_RiskOfRegulatoryChangesMember" xlink:label="jcof_RiskOfRegulatoryChangesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RiskOfRegulatoryChangesMember" xlink:to="jcof_RiskOfRegulatoryChangesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_RiskOfRegulatoryChangesMember_lbl" xml:lang="en-US">Risk of Regulatory Changes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_ForeignSecuritiesRiskMember" xlink:label="jcof_ForeignSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ForeignSecuritiesRiskMember" xlink:to="jcof_ForeignSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ForeignSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember" xlink:label="jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember" xlink:to="jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember_lbl" xml:lang="en-US">Emerging Markets and Less Developed Countries Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_ExchangeTradedFundsInvestingRiskMember" xlink:label="jcof_ExchangeTradedFundsInvestingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ExchangeTradedFundsInvestingRiskMember" xlink:to="jcof_ExchangeTradedFundsInvestingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ExchangeTradedFundsInvestingRiskMember_lbl" xml:lang="en-US">Exchange-Traded Funds Investing Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_InvestmentInOtherInvestmentCompaniesRiskMember" xlink:label="jcof_InvestmentInOtherInvestmentCompaniesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_InvestmentInOtherInvestmentCompaniesRiskMember" xlink:to="jcof_InvestmentInOtherInvestmentCompaniesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_InvestmentInOtherInvestmentCompaniesRiskMember_lbl" xml:lang="en-US">Investment in Other Investment Companies Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_ReportingRequirementsMember" xlink:label="jcof_ReportingRequirementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ReportingRequirementsMember" xlink:to="jcof_ReportingRequirementsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ReportingRequirementsMember_lbl" xml:lang="en-US">Reporting Requirements [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_FluctuationsInPerformanceMember" xlink:label="jcof_FluctuationsInPerformanceMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_FluctuationsInPerformanceMember" xlink:to="jcof_FluctuationsInPerformanceMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_FluctuationsInPerformanceMember_lbl" xml:lang="en-US">Fluctuations in Performance [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_CybersecurityRiskMember" xlink:label="jcof_CybersecurityRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CybersecurityRiskMember" xlink:to="jcof_CybersecurityRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_CybersecurityRiskMember_lbl" xml:lang="en-US">Cybersecurity Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_ShortSalesRiskMember" xlink:label="jcof_ShortSalesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ShortSalesRiskMember" xlink:to="jcof_ShortSalesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ShortSalesRiskMember_lbl" xml:lang="en-US">Short Sales Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_TechnologyDisruptionsMember" xlink:label="jcof_TechnologyDisruptionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_TechnologyDisruptionsMember" xlink:to="jcof_TechnologyDisruptionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_TechnologyDisruptionsMember_lbl" xml:lang="en-US">Technology Disruptions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_RestrictionsOnBorrowingRiskMember" xlink:label="jcof_RestrictionsOnBorrowingRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RestrictionsOnBorrowingRiskMember" xlink:to="jcof_RestrictionsOnBorrowingRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_RestrictionsOnBorrowingRiskMember_lbl" xml:lang="en-US">Restrictions on Borrowing [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_LeverageRiskMember" xlink:label="jcof_LeverageRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LeverageRiskMember" xlink:to="jcof_LeverageRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_LeverageRiskMember_lbl" xml:lang="en-US">Leverage Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_CurrencyRiskMember" xlink:label="jcof_CurrencyRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CurrencyRiskMember" xlink:to="jcof_CurrencyRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_CurrencyRiskMember_lbl" xml:lang="en-US">Currency Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_RealEstateInvestmentRiskMember" xlink:label="jcof_RealEstateInvestmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RealEstateInvestmentRiskMember" xlink:to="jcof_RealEstateInvestmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_RealEstateInvestmentRiskMember_lbl" xml:lang="en-US">Real Estate Investment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_SovereignDebtRiskMember" xlink:label="jcof_SovereignDebtRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SovereignDebtRiskMember" xlink:to="jcof_SovereignDebtRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_SovereignDebtRiskMember_lbl" xml:lang="en-US">Sovereign Debt Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_ForeignNonUSGovernmentSecuritiesRiskMember" xlink:label="jcof_ForeignNonUSGovernmentSecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ForeignNonUSGovernmentSecuritiesRiskMember" xlink:to="jcof_ForeignNonUSGovernmentSecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_ForeignNonUSGovernmentSecuritiesRiskMember_lbl" xml:lang="en-US">Foreign (non-U.S.) Government Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_HedgingTransactionsRiskMember" xlink:label="jcof_HedgingTransactionsRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_HedgingTransactionsRiskMember" xlink:to="jcof_HedgingTransactionsRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_HedgingTransactionsRiskMember_lbl" xml:lang="en-US">Hedging Transactions Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_SubsidiaryRiskMember" xlink:label="jcof_SubsidiaryRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SubsidiaryRiskMember" xlink:to="jcof_SubsidiaryRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_SubsidiaryRiskMember_lbl" xml:lang="en-US">Subsidiary Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember" xlink:label="jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember" xlink:to="jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember_lbl" xml:lang="en-US">Risks Relating to Accounting, Auditing and Financial Reporting, etc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_IncomeAndDistributionRiskMember" xlink:label="jcof_IncomeAndDistributionRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_IncomeAndDistributionRiskMember" xlink:to="jcof_IncomeAndDistributionRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_IncomeAndDistributionRiskMember_lbl" xml:lang="en-US">Income and Distribution Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_RussiaInvestmentRiskMember" xlink:label="jcof_RussiaInvestmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RussiaInvestmentRiskMember" xlink:to="jcof_RussiaInvestmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_RussiaInvestmentRiskMember_lbl" xml:lang="en-US">Russia Investment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_EuropeanInvestmentRiskMember" xlink:label="jcof_EuropeanInvestmentRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_EuropeanInvestmentRiskMember" xlink:to="jcof_EuropeanInvestmentRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_EuropeanInvestmentRiskMember_lbl" xml:lang="en-US">European Investment Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_Rule144ASecuritiesRiskMember" xlink:label="jcof_Rule144ASecuritiesRiskMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_Rule144ASecuritiesRiskMember" xlink:to="jcof_Rule144ASecuritiesRiskMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_Rule144ASecuritiesRiskMember_lbl" xml:lang="en-US">Rule 144A Securities Risk [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="jcof-20260716.xsd#jcof_LimitsOfRiskDisclosureMember" xlink:label="jcof_LimitsOfRiskDisclosureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LimitsOfRiskDisclosureMember" xlink:to="jcof_LimitsOfRiskDisclosureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="jcof_LimitsOfRiskDisclosureMember_lbl" xml:lang="en-US">Limits of Risk Disclosure [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_PrivatePlacementsandOtherRestrictedSecuritiesRiskMember" xlink:to="jcof_PrivatePlacementsandOtherRestrictedSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_PrivatePlacementsandOtherRestrictedSecuritiesRiskMember_doc" xml:lang="en-US">Private Placements and Other Restricted Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_Rule144ASecuritiesRiskMember" xlink:to="jcof_Rule144ASecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_Rule144ASecuritiesRiskMember_doc" xml:lang="en-US">Rule 144A Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_InvestorSuitabilityMember" xlink:to="jcof_InvestorSuitabilityMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_InvestorSuitabilityMember_doc" xml:lang="en-US">Investor Suitability.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_MarketRiskMember" xlink:to="jcof_MarketRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_MarketRiskMember_doc" xml:lang="en-US">Market Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CorporateDebtSecuritiesRiskMember" xlink:to="jcof_CorporateDebtSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_CorporateDebtSecuritiesRiskMember_doc" xml:lang="en-US">Corporate Debt Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CreditDefaultSwapsRiskMember" xlink:to="jcof_CreditDefaultSwapsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_CreditDefaultSwapsRiskMember_doc" xml:lang="en-US">Credit Default Swaps Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember" xlink:to="jcof_HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_doc" xml:lang="en-US">High-Yield Bonds, Lower-Rated Bonds, and Unrated Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SeniorLoansRiskMember" xlink:to="jcof_SeniorLoansRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_SeniorLoansRiskMember_doc" xml:lang="en-US">Senior Loans Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_BankLoanRiskMember" xlink:to="jcof_BankLoanRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_BankLoanRiskMember_doc" xml:lang="en-US">Bank Loan Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_AllocationRiskMember" xlink:to="jcof_AllocationRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_AllocationRiskMember_doc" xml:lang="en-US">Allocation risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_InflationRiskMember" xlink:to="jcof_InflationRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_InflationRiskMember_doc" xml:lang="en-US">Inflation Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RisksAssociatedWithCATBondsMember" xlink:to="jcof_RisksAssociatedWithCATBondsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RisksAssociatedWithCATBondsMember_doc" xml:lang="en-US">Risks Associated with CAT Bonds.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_DerivativesRiskMember" xlink:to="jcof_DerivativesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_DerivativesRiskMember_doc" xml:lang="en-US">Derivatives Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ForwardAndFuturesContractRiskMember" xlink:to="jcof_ForwardAndFuturesContractRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ForwardAndFuturesContractRiskMember_doc" xml:lang="en-US">Forward and futures contract risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SwapsRiskMember" xlink:to="jcof_SwapsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_SwapsRiskMember_doc" xml:lang="en-US">Swaps risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LiquidityAndValuationRiskMember" xlink:to="jcof_LiquidityAndValuationRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_LiquidityAndValuationRiskMember_doc" xml:lang="en-US">Liquidity and Valuation Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_MezzanineSecuritiesRiskMember" xlink:to="jcof_MezzanineSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_MezzanineSecuritiesRiskMember_doc" xml:lang="en-US">Mezzanine Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CovenantLiteLoansRiskRiskMember" xlink:to="jcof_CovenantLiteLoansRiskRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_CovenantLiteLoansRiskRiskMember_doc" xml:lang="en-US">Covenant-Lite Loans Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ReinvestmentRiskMember" xlink:to="jcof_ReinvestmentRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ReinvestmentRiskMember_doc" xml:lang="en-US">Reinvestment Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LimitsOfRiskDisclosureMember" xlink:to="jcof_LimitsOfRiskDisclosureMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_LimitsOfRiskDisclosureMember_doc" xml:lang="en-US">Limits of Risk Disclosure.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_EuropeanInvestmentRiskMember" xlink:to="jcof_EuropeanInvestmentRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_EuropeanInvestmentRiskMember_doc" xml:lang="en-US">European Investment Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RussiaInvestmentRiskMember" xlink:to="jcof_RussiaInvestmentRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RussiaInvestmentRiskMember_doc" xml:lang="en-US">Russia Investment Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_IncomeAndDistributionRiskMember" xlink:to="jcof_IncomeAndDistributionRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_IncomeAndDistributionRiskMember_doc" xml:lang="en-US">Income and Distribution Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember" xlink:to="jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RisksRelatingToAccountingAuditingAndFinancialReportingEtcMember_doc" xml:lang="en-US">Risks Relating to Accounting, Auditing and Financial Reporting, etc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SubsidiaryRiskMember" xlink:to="jcof_SubsidiaryRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_SubsidiaryRiskMember_doc" xml:lang="en-US">Subsidiary Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_HedgingTransactionsRiskMember" xlink:to="jcof_HedgingTransactionsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_HedgingTransactionsRiskMember_doc" xml:lang="en-US">Hedging Transactions Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ForeignNonUSGovernmentSecuritiesRiskMember" xlink:to="jcof_ForeignNonUSGovernmentSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ForeignNonUSGovernmentSecuritiesRiskMember_doc" xml:lang="en-US">Foreign (non-U.S.) Government Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SovereignDebtRiskMember" xlink:to="jcof_SovereignDebtRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_SovereignDebtRiskMember_doc" xml:lang="en-US">Sovereign Debt Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RealEstateInvestmentRiskMember" xlink:to="jcof_RealEstateInvestmentRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RealEstateInvestmentRiskMember_doc" xml:lang="en-US">Real Estate Investment Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CurrencyRiskMember" xlink:to="jcof_CurrencyRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_CurrencyRiskMember_doc" xml:lang="en-US">Currency Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LeverageRiskMember" xlink:to="jcof_LeverageRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_LeverageRiskMember_doc" xml:lang="en-US">Leverage Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RestrictionsOnBorrowingRiskMember" xlink:to="jcof_RestrictionsOnBorrowingRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RestrictionsOnBorrowingRiskMember_doc" xml:lang="en-US">Restrictions on Borrowing.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_TechnologyDisruptionsMember" xlink:to="jcof_TechnologyDisruptionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_TechnologyDisruptionsMember_doc" xml:lang="en-US">Technology Disruptions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ShortSalesRiskMember" xlink:to="jcof_ShortSalesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ShortSalesRiskMember_doc" xml:lang="en-US">Short Sales Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CybersecurityRiskMember" xlink:to="jcof_CybersecurityRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_CybersecurityRiskMember_doc" xml:lang="en-US">Cybersecurity Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_FluctuationsInPerformanceMember" xlink:to="jcof_FluctuationsInPerformanceMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_FluctuationsInPerformanceMember_doc" xml:lang="en-US">Fluctuations in Performance.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ReportingRequirementsMember" xlink:to="jcof_ReportingRequirementsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ReportingRequirementsMember_doc" xml:lang="en-US">Reporting Requirements.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_InvestmentInOtherInvestmentCompaniesRiskMember" xlink:to="jcof_InvestmentInOtherInvestmentCompaniesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_InvestmentInOtherInvestmentCompaniesRiskMember_doc" xml:lang="en-US">Investment in Other Investment Companies Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ExchangeTradedFundsInvestingRiskMember" xlink:to="jcof_ExchangeTradedFundsInvestingRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ExchangeTradedFundsInvestingRiskMember_doc" xml:lang="en-US">Exchange-Traded Funds Investing Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember" xlink:to="jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_EmergingMarketsAndLessDevelopedCountriesRiskMember_doc" xml:lang="en-US">Emerging Markets and Less Developed Countries Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ForeignSecuritiesRiskMember" xlink:to="jcof_ForeignSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ForeignSecuritiesRiskMember_doc" xml:lang="en-US">Foreign Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RiskOfRegulatoryChangesMember" xlink:to="jcof_RiskOfRegulatoryChangesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RiskOfRegulatoryChangesMember_doc" xml:lang="en-US">Risk of Regulatory Changes.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_PrivateFundsRiskMember" xlink:to="jcof_PrivateFundsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_PrivateFundsRiskMember_doc" xml:lang="en-US">Private Funds Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_NonDiversificationRiskMember" xlink:to="jcof_NonDiversificationRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_NonDiversificationRiskMember_doc" xml:lang="en-US">Non-Diversification Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_AccessToInvestmentsRiskMember" xlink:to="jcof_AccessToInvestmentsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_AccessToInvestmentsRiskMember_doc" xml:lang="en-US">Access to Investments Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember" xlink:to="jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_TaxRiskFailureToQualifyAsRICOrSatisfyDistributionRequirementMember_doc" xml:lang="en-US">Tax Risk; Failure to Qualify as a RIC or Satisfy Distribution Requirement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_OperationalRiskMember" xlink:to="jcof_OperationalRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_OperationalRiskMember_doc" xml:lang="en-US">Operational Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember" xlink:to="jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RepurchaseAgreementsPurchaseAndSaleContractsRiskMember_doc" xml:lang="en-US">Repurchase Agreements, Purchase and Sale Contracts Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember" xlink:to="jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_TemporaryDefensivePositionsAndLargeCashPositionsRiskMember_doc" xml:lang="en-US">Temporary Defensive Positions and Large Cash Positions Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember" xlink:to="jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_LoansAndOtherIndebtednessLoanParticipationsAndAssignmentsRiskMember_doc" xml:lang="en-US">Loans and Other Indebtedness; Loan Participations and Assignments Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_SubprimeRiskMember" xlink:to="jcof_SubprimeRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_SubprimeRiskMember_doc" xml:lang="en-US">Subprime Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ConvertibleSecuritiesRiskMember" xlink:to="jcof_ConvertibleSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ConvertibleSecuritiesRiskMember_doc" xml:lang="en-US">Convertible Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_DistressedDebtRiskMember" xlink:to="jcof_DistressedDebtRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_DistressedDebtRiskMember_doc" xml:lang="en-US">Distressed Debt Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember" xlink:to="jcof_MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_doc" xml:lang="en-US">Mortgage-Related and Other Asset-Backed Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CounterpartyRiskMember" xlink:to="jcof_CounterpartyRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_CounterpartyRiskMember_doc" xml:lang="en-US">Counterparty Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_StructuredFinanceSecuritiesRiskMember" xlink:to="jcof_StructuredFinanceSecuritiesRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_StructuredFinanceSecuritiesRiskMember_doc" xml:lang="en-US">Structured Finance Securities Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_CallRiskMember" xlink:to="jcof_CallRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_CallRiskMember_doc" xml:lang="en-US">Call Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ClassASharesMember" xlink:to="jcof_ClassASharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ClassASharesMember_doc" xml:lang="en-US">Class A Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_ClassISharesMember" xlink:to="jcof_ClassISharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_ClassISharesMember_doc" xml:lang="en-US">Class I Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_UnlistedClosedEndStructureLiquidityLimitedToQuarterlyRepurchasesOfSharesMember" xlink:to="jcof_UnlistedClosedEndStructureLiquidityLimitedToQuarterlyRepurchasesOfSharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_UnlistedClosedEndStructureLiquidityLimitedToQuarterlyRepurchasesOfSharesMember_doc" xml:lang="en-US">Unlisted Closed-End Structure; Liquidity Limited to Quarterly Repurchases of Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_UnspecifiedInvestmentsDependenceOnTheSubAdvisersMember" xlink:to="jcof_UnspecifiedInvestmentsDependenceOnTheSubAdvisersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_UnspecifiedInvestmentsDependenceOnTheSubAdvisersMember_doc" xml:lang="en-US">Unspecified Investments; Dependence on the Sub-Adviser.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_LimitedOperatingHistoryRiskMember" xlink:to="jcof_LimitedOperatingHistoryRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_LimitedOperatingHistoryRiskMember_doc" xml:lang="en-US">Limited Operating History Risk.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="jcof_RepurchaseOffersRiskMember" xlink:to="jcof_RepurchaseOffersRiskMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="jcof_RepurchaseOffersRiskMember_doc" xml:lang="en-US">Repurchase Offers Risk.</link:label>
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