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:
(a)
Agreement with Fixed Income Clearing Corporation, 1.260% dated 9/30/25 to be repurchased at $160,550 on 10/1/25,
collateralized by Government Agency Securities, with coupon rate 1.375% and maturity date 7/15/33, valued at $163,919.
(b)
Agreement with Fixed Income Clearing Corporation, 4.150% dated 9/30/25 to be repurchased at $4,600,530 on 10/1/25,
collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 5/31/29, valued at $4,692,192.
(c)
Borrowings as a percentage of Total Investments is 28.7%.
(d)
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 $215,226,677 have been pledged as collateral for borrowings.
JRS
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
252,966,810
$
–
$
–
$
252,966,810
Convertible Preferred Securities
1,795,127
–
–
1,795,127
Preferred Stock
97,316,584
–
–
97,316,584
Short-Term Investments:
Repurchase Agreements
–
4,760,544
–
4,760,544
Total
$
352,078,521
$
4,760,544
$
–
$
356,839,065