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Portfolio of Investments September 30, 2025
JRI
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 143.1% (98.4% of Total Investments)
268971149
COMMON STOCKS - 71.6% (49.2% of Total Investments)
268971149
CAPITAL GOODS - 0.5%
14,850
Vinci SA
$
2,063,734
TOTAL CAPITAL GOODS
2,063,734
ENERGY - 10.2%
115,981
Enbridge Inc
5,852,401
487,884
Energy Transfer LP
8,372,089
70,080
Enterprise Products Partners LP
2,191,402
27,679
Gibson Energy Inc
514,519
148,642
Kinder Morgan Inc
4,208,055
68,878
MPLX LP
3,440,456
54,936
ONEOK Inc
4,008,680
92,782
Pembina Pipeline Corp
3,751,414
133,141
Plains All American Pipeline LP
2,271,385
37,493
TC Energy Corp
2,038,583
24,276
Williams Cos Inc/The
1,537,885
TOTAL ENERGY
38,186,869
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 34.2%
74,742
Acadia Realty Trust
1,506,051
7,904
Aedifica SA
586,808
2,404
Agree Realty Corp
170,780
113,959
Apple Hospitality REIT Inc
1,368,648
109,540
Armada Hoffler Properties Inc
767,875
118,869
British Land Co PLC/The
558,915
13,571
Brixmor Property Group Inc
375,645
334,764
Broadstone Net Lease Inc
5,982,233
514,334
CapitaLand Ascendas REIT
1,113,015
740,467
CapitaLand Integrated Commercial Trust
1,315,028
65,913
(a)
Carmila SA
1,362,837
20,937
Centerspace
1,233,189
93,588
Charter Hall Long Wale REIT
272,131
265,484
Charter Hall Retail REIT
723,667
77,719
Community Healthcare Trust Inc
1,189,101
24,275
COPT Defense Properties
705,432
16,033
Cousins Properties Inc
463,995
85,983
Crombie Real Estate Investment Trust
931,066
57,113
Crown Castle Inc
5,510,833
115,731
CT Real Estate Investment Trust
1,348,823
30,329
CubeSmart
1,233,177
490
Daiwa Securities Living Investments Corp
355,859
36,137
(a)
Derwent London PLC
849,861
240,500
Dexus
1,141,851
253,041
(a)
Dream Industrial Real Estate Investment Trust
2,260,041
38,773
Equity Residential
2,509,776
17,286
Extra Space Storage Inc
2,436,289
7,524
Federal Realty Investment Trust
762,256
589,079
(a),(b)
FIBRA Macquarie Mexico
1,009,381
132,415
Four Corners Property Trust Inc
3,230,926
1,905,752
Frasers Centrepoint Trust
3,428,408
127,768
Gaming and Leisure Properties Inc
5,955,267
17,213
Gecina SA
1,729,212
538
GLP J-Reit
496,582
86,873
(a)
GO Residential Real Estate Investment Trust
1,098,943
97,312
Hammerson PLC
381,215
96,342
Highwoods Properties Inc
3,065,602
2,397
Invincible Investment Corp
1,093,029
688
Japan Metropolitan Fund Invest
529,182
1,941
KDX Realty Investment Corp
2,211,248
94,407
Kimco Realty Corp
2,062,793
20,100
Lamar Advertising Co, Class A
2,460,642
1,699
LaSalle Logiport REIT
1,648,337
Portfolio of Investments September 30, 2025
(continued)
JRI
2
SHARES
DESCRIPTION
VALUE
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
4,155
Lineage Inc
$
160,549
68,901
Link REIT
354,012
1,626,446
LondonMetric Property PLC
3,984,849
266,533
LXP Industrial Trust
2,388,136
959,430
Mapletree Industrial Trust
1,585,239
417,760
Mapletree Logistics Trust
405,636
18,121
Mid-America Apartment Communities Inc
2,532,047
126
Mitsui Fudosan Accommodations Fund Inc
112,519
29,561
Montea NV
2,386,018
85,370
NETSTREIT Corp
1,541,782
110,526
Nexus Industrial REIT
612,313
26,568
NNN REIT Inc
1,131,000
2,889,477
(a)
NTT DC REIT
2,889,477
135,807
Omega Healthcare Investors Inc
5,733,772
1,736
Orix JREIT Inc
1,177,073
51,862
Postal Realty Trust Inc, Class A
813,715
145,136
Primaris Real Estate Investment Trust
1,598,717
38,116
Realty Income Corp
2,317,072
3,875
Ryman Hospitality Properties Inc
347,161
251,772
Sabra Health Care REIT Inc
4,693,030
422,724
Scentre Group
1,140,246
32,265
(a)
Segro PLC
285,095
36,406
Simon Property Group Inc
6,832,314
210,753
SITE Centers Corp
1,898,885
19,228
SL Green Realty Corp
1,150,027
7,608
(a)
Smartstop Self Storage REIT Inc
286,365
12,815
STAG Industrial Inc
452,241
4,265
Star Asia Investment Corp
1,739,426
623,966
Tritax Big Box REIT PLC
1,216,225
72,544
UDR Inc
2,702,989
3,431
Unibail-Rodamco-Westfield
361,335
219,339
UNITE Group PLC/The
2,124,300
47,037
Warehouses De Pauw CVA
1,179,196
506,191
Waypoint REIT Ltd
903,583
8,419
Wereldhave NV
188,305
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
128,660,598
FINANCIAL SERVICES - 1.1%
48,465
Apollo Commercial Real Estate Finance Inc
490,951
31,176
Blackstone Mortgage Trust Inc, Class A
573,950
35,045
KKR Real Estate Finance Trust Inc
315,405
134,290
Starwood Property Trust Inc
2,601,197
TOTAL FINANCIAL SERVICES
3,981,503
HEALTH CARE EQUIPMENT & SERVICES - 1.4%
383,706
Sienna Senior Living Inc
5,141,997
TOTAL HEALTH CARE EQUIPMENT & SERVICES
5,141,997
MATERIALS - 0.5%
5,006,572
Keppel Infrastructure Trust
1,804,764
TOTAL MATERIALS
1,804,764
REAL ESTATE MANAGEMENT & DEVELOPMENT - 2.4%
367,813
Capitaland India Trust
342,165
158,839
Cibus Nordic Real Estate AB publ
2,860,634
420,367
Hongkong Land Holdings Ltd
2,660,923
1,509,255
Sirius Real Estate Ltd
1,984,126
434,042
Swire Properties Ltd
1,235,336
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
9,083,184
TELECOMMUNICATION SERVICES - 0.6%
366,693
HKT Trust & HKT Ltd
542,162
144,667
Infrastrutture Wireless Italiane SpA
1,700,045
TOTAL TELECOMMUNICATION SERVICES
2,242,207
3
SHARES
DESCRIPTION
VALUE
TRANSPORTATION - 3.7%
88,092
(a),(b)
Aena SME SA
$
2,408,375
419,294
Atlas Arteria Ltd
1,361,618
602,378
Dalrymple Bay Infrastructure Ltd
1,742,412
172,450
Enav SpA
876,499
9,341
Grupo Aeroportuario del Pacifico SAB de CV, ADR
2,215,592
12,156
Grupo Aeroportuario del Sureste SAB de CV, ADR
3,930,399
135,621
Transurban Group
1,237,386
TOTAL TRANSPORTATION
13,772,281
UTILITIES - 17.0%
66,965
Capital Power Corp
3,144,473
118,810
CK Infrastructure Holdings Ltd
779,495
110,543
Clearway Energy Inc, Class A
2,976,923
104,024
Dominion Energy Inc
6,363,148
6,360
Duke Energy Corp
787,050
717,573
Enel SpA
6,800,109
88,432
Engie SA
1,900,981
8,394
Entergy Corp
782,237
122,040
Evergy Inc
9,277,481
6,167
Eversource Energy
438,720
56,949
Exelon Corp
2,563,275
127,496
Iberdrola SA
2,413,415
90,665
Italgas SpA
835,188
415,574
National Grid PLC
5,971,241
63,243
National Grid PLC, Sponsored ADR
4,595,869
41,193
NextEra Energy Inc
3,109,660
38,266
(a)
Northwestern Energy Group Inc
2,242,770
22,130
OGE Energy Corp
1,023,955
143,646
Pennon Group PLC
906,159
8,358
Pinnacle West Capital Corp
749,378
36,774
Redeia Corp SA
710,021
292,116
Snam SpA
1,753,932
17,467
SSE PLC
409,701
36,218
Veolia Environnement SA
1,235,106
19,755
WEC Energy Group Inc
2,263,725
TOTAL UTILITIES
64,034,012
TOTAL COMMON STOCKS
(Cost $235,728,696)
268,971,149
SHARES
DESCRIPTION
RATE
VALUE
4959896
CONVERTIBLE PREFERRED SECURITIES - 1.3% (0.9% of Total Investments)
4959896
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2%
13,313
Kimco Realty Corp
7
.250
%
792,523
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
792,523
UTILITIES - 1.1%
8,550
NextEra Energy Inc
4
.635
402,106
45,100
NextEra Energy Inc
7
.299
2,249,137
38,500
PG&E Corp
6
.000
1,516,130
TOTAL UTILITIES
4,167,373
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $5,034,851)
4,959,896
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
173250802
CORPORATE BONDS - 46.1% (31.7% of Total Investments) (c)
173250802
AUTOMOBILES & COMPONENTS - 0.2%
$
605,000
(b)
Clarios Global LP / Clarios US Finance Co
6
.750
02/15/30
624,971
TOTAL AUTOMOBILES & COMPONENTS
624,971
CAPITAL GOODS - 1.5%
1,600,000
(b)
Advanced Drainage Systems Inc
6
.375
06/15/30
1,628,338
990,000
(b)
Albion Financing 1 SARL / Aggreko Holdings Inc
7
.000
05/21/30
1,023,957
305,000
(b)
AmeriTex HoldCo Intermediate LLC
7
.625
08/15/33
317,440
Portfolio of Investments September 30, 2025
(continued)
JRI
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CAPITAL GOODS
(continued)
$
1,080,000
(b)
Chart Industries Inc
7
.500
%
01/01/30
$
1,123,994
575,000
(b)
Dcli Bidco LLC
7
.750
11/15/29
597,869
450,000
(b)
Herc Holdings Inc
7
.250
06/15/33
469,756
250,000
(b)
Quikrete Holdings Inc
6
.750
03/01/33
259,923
300,000
(b)
Terex Corp
6
.250
10/15/32
305,609
TOTAL CAPITAL GOODS
5,726,886
COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
410,000
(b),(d)
Clean Harbors Inc
5
.750
10/15/33
413,582
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
413,582
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 0.7%
250,000
(b)
Asbury Automotive Group Inc
5
.000
02/15/32
240,058
715,000
(b)
Cougar JV Subsidiary LLC
8
.000
05/15/32
760,186
1,000,000
(b)
Kohl's Corp
10
.000
06/01/30
1,087,336
705,000
(b)
LCM Investments Holdings II LLC
4
.875
05/01/29
690,726
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
2,778,306
CONSUMER SERVICES - 2.8%
EUR
300,000
(e),(f)
Accor SA, Reg S
7
.250
N/A
387,220
360,000
Choice Hotels International Inc
5
.850
08/01/34
368,187
1,500,000
(b)
Churchill Downs Inc
5
.750
04/01/30
1,498,648
725,000
(b)
Hilton Domestic Operating Co Inc
5
.875
03/15/33
740,077
600,000
(b)
Light & Wonder International Inc
6
.250
10/01/33
601,020
955,000
(b)
Marriott Ownership Resorts Inc
6
.500
10/01/33
950,630
400,000
(b)
Merlin Entertainments Group US Holdings Inc
7
.375
02/15/31
344,681
995,000
MGM Resorts International
6
.500
04/15/32
1,013,700
250,000
(b)
Motion Bondco DAC
6
.625
11/15/27
244,754
480,000
(b)
NCL Corp Ltd
5
.875
01/15/31
479,982
1,215,000
Piedmont Operating Partnership LP
9
.250
07/20/28
1,349,130
695,000
(b)
Six Flags Entertainment Corp / Six Flags Theme Parks Inc
6
.625
05/01/32
708,075
295,000
(b)
Vail Resorts Inc
5
.625
07/15/30
296,844
700,000
(b)
Viking Ocean Cruises Ship VII Ltd
5
.625
02/15/29
699,398
690,000
(b)
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp
6
.250
03/15/33
700,681
TOTAL CONSUMER SERVICES
10,383,027
ENERGY - 13.1%
705,000
(b)
Antero Midstream Partners LP / Antero Midstream Finance
Corp
5
.750
10/15/33
701,874
1,190,000
(b)
Archrock Partners LP / Archrock Partners Finance Corp
6
.625
09/01/32
1,220,681
935,000
(b)
Archrock Partners LP / Archrock Partners Finance Corp
6
.250
04/01/28
936,293
1,250,000
(b)
Buckeye Partners LP
6
.875
07/01/29
1,295,465
500,000
(b)
CITGO Petroleum Corp
8
.375
01/15/29
519,596
510,000
(b)
CNX Midstream Partners LP
4
.750
04/15/30
489,057
325,000
(b)
CQP Holdco LP / BIP-V Chinook Holdco LLC
5
.500
06/15/31
321,979
300,000
(b)
CQP Holdco LP / BIP-V Chinook Holdco LLC
7
.500
12/15/33
325,560
900,000
(b)
Delek Logistics Partners LP / Delek Logistics Finance Corp
7
.375
06/30/33
915,207
2,122,000
(f)
Enbridge Inc
6
.000
01/15/77
2,127,946
1,500,000
(f)
Enbridge Inc
6
.250
03/01/78
1,515,263
930,000
(f)
Enbridge Inc
8
.500
01/15/84
1,063,655
1,228,000
(f)
Enbridge Inc
7
.625
01/15/83
1,330,802
1,488,000
(f)
Enbridge Inc
5
.500
07/15/77
1,480,374
650,000
(f)
Enbridge Inc
5
.750
07/15/80
656,248
1,905,000
(e),(f)
Energy Transfer LP
7
.125
N/A
1,968,431
1,117,000
(f),(g)
Energy Transfer LP (TSFR3M + 3.279%)
7
.575
11/01/66
1,113,343
493,000
(f)
Energy Transfer LP
8
.000
05/15/54
526,831
648,000
(f)
Energy Transfer LP
7
.125
10/01/54
670,723
683,000
(e),(f)
Energy Transfer LP
6
.500
N/A
685,548
1,002,000
(f)
Energy Transfer LP
6
.750
02/15/56
1,000,194
2,294,000
(f)
Enterprise Products Operating LLC
5
.375
02/15/78
2,278,321
1,583,000
(f)
Enterprise Products Operating LLC
5
.250
08/16/77
1,581,298
CAD
515,000
(f)
Gibson Energy Inc
5
.250
12/22/80
369,540
1,245,000
(b)
Global Partners LP / GLP Finance Corp
8
.250
01/15/32
1,313,057
375,000
(b)
Harvest Midstream I LP
7
.500
05/15/32
383,064
CAD
780,000
(f)
Inter Pipeline Ltd/AB
6
.625
11/19/79
582,705
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
ENERGY
(continued)
CAD
1,110,000
(f)
Keyera Corp
5
.950
%
03/10/81
$
821,019
CAD
670,000
(f)
Keyera Corp
6
.875
06/13/79
511,616
$
1,055,000
ONEOK Inc
5
.050
11/01/34
1,040,419
390,000
PBF Holding Co LLC / PBF Finance Corp
6
.000
02/15/28
387,603
665,000
(e),(f),(g)
Plains All American Pipeline LP (TSFR3M + 4.372%)
8
.583
N/A
665,997
150,000
(b)
Rockies Express Pipeline LLC
6
.750
03/15/33
156,572
350,000
(b)
Rockies Express Pipeline LLC
4
.800
05/15/30
341,713
725,000
(f)
South Bow Canadian Infrastructure Holdings Ltd
7
.625
03/01/55
757,469
378,000
(f)
South Bow Corp
7
.500
03/01/55
401,384
840,000
South Bow USA Infrastructure Holdings LLC
5
.584
10/01/34
844,515
1,325,000
(b)
Sunoco LP
6
.250
07/01/33
1,348,641
675,000
(b)
Sunoco LP
7
.250
05/01/32
708,400
950,000
(b),(e),(f)
Sunoco LP
7
.875
N/A
964,925
300,000
(b)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp
6
.000
09/01/31
293,527
330,000
Targa Resources Corp
6
.150
03/01/29
347,659
720,000
Targa Resources Corp
6
.125
03/15/33
765,691
1,386,000
(f)
TransCanada PipeLines Ltd
7
.590
05/15/67
1,257,781
286,000
(f)
Transcanada Trust
5
.300
03/15/77
284,334
1,151,000
(f)
Transcanada Trust
5
.600
03/07/82
1,140,524
1,138,000
(f)
Transcanada Trust
5
.500
09/15/79
1,127,432
1,130,000
(f)
Transcanada Trust
5
.875
08/15/76
1,130,681
555,000
(b)
TransMontaigne Partners LLC
8
.500
06/15/30
578,321
625,000
(b)
Transocean International Ltd
8
.000
02/01/27
624,131
260,000
(b),(d)
Transocean International Ltd
7
.875
10/15/32
260,000
323,809
(b)
Transocean Titan Financing Ltd
8
.375
02/01/28
331,776
720,000
(b)
USA Compression Partners LP / USA Compression Finance
Corp
7
.125
03/15/29
742,553
3,723,000
(b),(e),(f)
Venture Global LNG Inc
9
.000
N/A
3,689,789
425,000
(b)
Venture Global Plaquemines LNG LLC
6
.500
01/15/34
447,379
TOTAL ENERGY
49,344,906
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.2%
1,170,000
Agree LP
4
.800
10/01/32
1,177,955
565,000
Alexandria Real Estate Equities Inc
5
.250
05/15/36
568,067
735,000
American Assets Trust LP
6
.150
10/01/34
747,996
860,000
American Homes 4 Rent LP
5
.500
02/01/34
887,449
760,000
(b)
Diversified Healthcare Trust
7
.250
10/15/30
772,410
1,080,000
Essex Portfolio LP
5
.500
04/01/34
1,121,652
880,000
Extra Space Storage LP
5
.700
04/01/28
908,875
820,000
Federal Realty OP LP
5
.375
05/01/28
841,689
515,000
GLP Capital LP / GLP Financing II Inc
5
.750
06/01/28
529,281
480,000
GLP Capital LP / GLP Financing II Inc
6
.750
12/01/33
520,108
1,635,000
(b)
Iron Mountain Inc
6
.250
01/15/33
1,667,725
470,000
Kilroy Realty LP
6
.250
01/15/36
486,084
823,000
Kite Realty Group LP
4
.000
10/01/26
820,779
750,000
Kite Realty Group LP
5
.500
03/01/34
771,175
585,000
(b)
Lineage OP LP
5
.250
07/15/30
592,980
575,000
Mid-America Apartments LP
5
.300
02/15/32
598,316
750,000
(b)
Millrose Properties Inc
6
.375
08/01/30
762,743
280,000
(b)
Millrose Properties Inc
6
.250
09/15/32
280,732
1,255,000
(b)
MPT Operating Partnership LP / MPT Finance Corp
8
.500
02/15/32
1,333,515
420,000
National Health Investors Inc
5
.350
02/01/33
416,604
2,115,000
(b)
RHP Hotel Properties LP / RHP Finance Corp
6
.500
04/01/32
2,174,411
385,000
(b)
RHP Hotel Properties LP / RHP Finance Corp
6
.500
06/15/33
396,508
380,000
(b)
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital
LLC
6
.500
02/15/29
356,871
920,000
Ventas Realty LP
5
.000
01/15/35
920,425
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
19,654,350
FINANCIAL SERVICES - 1.4%
500,000
(b)
Azorra Finance Ltd
7
.750
04/15/30
526,194
215,000
(b)
Azorra Finance Ltd
7
.250
01/15/31
223,878
250,000
(b)
Freedom Mortgage Holdings LLC
8
.375
04/01/32
262,038
250,000
(b)
Freedom Mortgage Holdings LLC
7
.875
04/01/33
257,544
Portfolio of Investments September 30, 2025
(continued)
JRI
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIAL SERVICES
(continued)
$
1,150,000
(b)
Hunt Cos Inc
5
.250
%
04/15/29
$
1,121,187
580,000
(f)
National Rural Utilities Cooperative Finance Corp
7
.125
09/15/53
609,878
585,000
(b)
Starwood Property Trust Inc
7
.250
04/01/29
614,276
1,445,000
(b)
Starwood Property Trust Inc
6
.000
04/15/30
1,466,963
TOTAL FINANCIAL SERVICES
5,081,958
HEALTH CARE EQUIPMENT & SERVICES - 0.5%
500,000
(b)
CHS/Community Health Systems Inc
5
.250
05/15/30
452,322
285,000
(b)
Global Medical Response Inc
7
.375
10/01/32
293,354
275,000
(b)
LifePoint Health Inc
11
.000
10/15/30
303,093
625,000
(b)
Prime Healthcare Services Inc
9
.375
09/01/29
650,000
TOTAL HEALTH CARE EQUIPMENT & SERVICES
1,698,769
MEDIA & ENTERTAINMENT - 0.9%
750,000
(b)
Cablevision Lightpath LLC
5
.625
09/15/28
737,756
1,575,000
(b)
CCO Holdings LLC / CCO Holdings Capital Corp
4
.250
01/15/34
1,361,687
350,000
(b)
CSC Holdings LLC
5
.500
04/15/27
332,195
615,000
(b)
Directv Financing LLC
8
.875
02/01/30
607,448
296,000
(b)
Directv Financing LLC / Directv Financing Co-Obligor Inc
5
.875
08/15/27
295,668
TOTAL MEDIA & ENTERTAINMENT
3,334,754
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.5%
425,000
(b)
Corp Inmobiliaria Vesta SAB de CV
5
.500
01/30/33
429,462
425,000
(b)
Cushman & Wakefield US Borrower LLC
6
.750
05/15/28
428,868
675,000
Kennedy-Wilson Inc
5
.000
03/01/31
627,894
500,000
Tenet Healthcare Corp
6
.750
05/15/31
517,639
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
2,003,863
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
500,000
(b)
Viasat Inc
6
.500
07/15/28
488,698
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
488,698
TELECOMMUNICATION SERVICES - 1.9%
330,000
(b)
Digicel International Finance Ltd / Difl US LLC
8
.625
08/01/32
339,301
300,000
EchoStar Corp
10
.750
11/30/29
330,051
450,000
(b)
Level 3 Financing Inc
7
.000
03/31/34
457,789
275,000
(b)
Lumen Technologies Inc
4
.500
01/15/29
250,795
865,000
(b)
Maya SAS/Paris France
8
.500
04/15/31
927,706
645,000
(b)
Maya SAS/Paris France
7
.000
04/15/32
657,774
1,000,000
(b)
Sable International Finance Ltd
7
.125
10/15/32
1,015,388
470,000
(b)
Windstream Escrow LLC / Windstream Escrow Finance Corp
8
.250
10/01/31
486,862
385,000
(b),(d)
Windstream Services LLC
7
.500
10/15/33
384,896
1,193,770
(b)
Zayo Group Holdings Inc
9
.250
03/09/30
1,143,035
217,515
(b)
Zayo Group Holdings Inc
13
.750
09/09/30
206,095
818,000
(b)
Zegona Finance PLC
8
.625
07/15/29
870,761
TOTAL TELECOMMUNICATION SERVICES
7,070,453
TRANSPORTATION - 0.7%
700,000
(b)
Air Transport Services Group Inc
7
.250
03/15/32
737,122
550,000
(b)
VistaJet Malta Finance PLC / Vista Management Holding Inc
9
.500
06/01/28
572,564
1,200,000
(b)
XPO Inc
7
.125
06/01/31
1,255,538
TOTAL TRANSPORTATION
2,565,224
UTILITIES - 16.5%
575,000
AEP Transmission Co LLC
5
.150
04/01/34
586,542
950,000
(b),(f)
AES Andes SA
8
.150
06/10/55
1,004,508
1,685,000
(f)
AES Corp/The
7
.600
01/15/55
1,745,417
1,422,000
(f)
AES Corp/The
6
.950
07/15/55
1,395,515
1,658,000
(f)
Alliant Energy Corp
5
.750
04/01/56
1,660,074
CAD
1,425,000
(f)
AltaGas Ltd
7
.350
08/17/82
1,075,882
CAD
625,000
(f)
AltaGas Ltd
8
.900
11/10/83
501,994
1,957,000
(b),(f)
AltaGas Ltd
7
.200
10/15/54
2,024,346
1,295,000
(b)
California Buyer Ltd / Atlantica Sustainable Infrastructure PLC
6
.375
02/15/32
1,327,286
CAD
675,000
(f)
Capital Power Corp
7
.950
09/09/82
536,954
1,350,000
(b)
Clearway Energy Operating LLC
3
.750
01/15/32
1,211,812
2,286,000
(f)
CMS Energy Corp
6
.500
06/01/55
2,366,808
545,000
(b)
ContourGlobal Power Holdings SA
6
.750
02/28/30
566,113
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,608,000
(f)
Dominion Energy Inc
7
.000
%
06/01/54
$
1,743,533
4,145,000
(f)
Dominion Energy Inc
6
.625
05/15/55
4,289,776
2,408,000
(f)
Duke Energy Corp
6
.450
09/01/54
2,543,517
390,000
Duke Energy Progress LLC
5
.100
03/15/34
401,294
411,000
(f)
Edison International
8
.125
06/15/53
420,044
261,000
(f)
Edison International
7
.875
06/15/54
265,928
656,000
(e),(f)
Edison International
5
.000
N/A
621,552
426,000
(e),(f)
Edison International
5
.375
N/A
413,591
1,013,000
(b),(e),(f)
Electricite de France SA
9
.125
N/A
1,173,786
GBP
800,000
(e),(f)
Electricite de France SA, Reg S
5
.875
N/A
1,067,232
816,000
(f)
Emera Inc
6
.750
06/15/76
820,182
1,547,000
(f)
Entergy Corp
7
.125
12/01/54
1,616,459
733,000
(f)
EUSHI Finance Inc
7
.625
12/15/54
768,483
1,630,000
(f)
Evergy Inc
6
.650
06/01/55
1,669,283
2,319,000
(f)
Exelon Corp
6
.500
03/15/55
2,423,814
1,125,000
(b)
Ferrellgas LP / Ferrellgas Finance Corp
5
.875
04/01/29
1,046,972
649,000
(b)
Ferrellgas LP / Ferrellgas Finance Corp
5
.375
04/01/26
642,461
825,000
Interstate Power and Light Co
5
.600
06/29/35
857,123
581,000
(f)
NextEra Energy Capital Holdings Inc
6
.750
06/15/54
624,419
943,000
(f)
NextEra Energy Capital Holdings Inc
5
.650
05/01/79
947,976
1,892,000
(f)
NextEra Energy Capital Holdings Inc
6
.375
08/15/55
1,964,579
2,429,000
(f)
NiSource Inc
6
.950
11/30/54
2,527,700
385,000
OGE Energy Corp
5
.450
05/15/29
399,901
955,000
(b)
Pattern Energy Operations LP / Pattern Energy Operations Inc
4
.500
08/15/28
930,770
1,458,000
(f)
PG&E Corp
7
.375
03/15/55
1,497,876
808,000
(f)
PPL Capital Funding Inc
6
.928
03/30/67
801,754
1,560,000
(f)
Sempra
6
.550
04/01/55
1,594,108
608,000
(f)
Sempra
6
.375
04/01/56
623,959
2,119,000
(f)
Sempra
6
.400
10/01/54
2,165,173
1,276,000
(f)
Sempra
6
.875
10/01/54
1,322,153
1,679,000
(f)
Southern Co/The
6
.375
03/15/55
1,789,146
275,000
(b)
Superior Plus LP / Superior General Partner Inc
4
.500
03/15/29
265,325
1,435,000
(b)
TerraForm Power Operating LLC
4
.750
01/15/30
1,386,943
2,468,000
(b),(e),(f)
Vistra Corp
8
.875
N/A
2,711,451
333,000
(b),(e),(f)
Vistra Corp
7
.000
N/A
338,085
537,000
(b),(e),(f)
Vistra Corp
8
.000
N/A
549,275
830,000
(b)
XPLR Infrastructure Operating Partners LP
7
.250
01/15/29
852,181
TOTAL UTILITIES
62,081,055
TOTAL CORPORATE BONDS
(Cost $169,067,229)
173,250,802
SHARES
DESCRIPTION
VALUE
INVESTMENT COMPANIES - 0.8% (0.6% of Total Investments)
–
1,257,610
Foresight Environmental Infrastructure Ltd
1,183,951
461,495
Greencoat UK Wind PLC/Funds
693,282
736,023
Sdcl Efficiency Income Trust PLC
560,270
597,570
Sequoia Economic Infrastructure Income Fund Ltd
626,366
59,663
Starwood European Real Estate Finance Ltd
69,810
TOTAL INVESTMENT COMPANIES
(Cost $3,858,419)
3,133,679
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES - 2.9% (2.0% of Total Investments)
–
500,000
(b),(g)
ARDN 2025-ARCP Mortgage Trust, Series 2025 ARCP, (TSFR1M
+ 4.500%)
8
.650
06/15/35
501,210
100,000
(g)
BANK 2017-BNK6, Series 2017 BNK6
3
.964
07/15/60
94,769
650,000
(b),(g)
BMP 2024-MF23, Series 2024 MF23, (TSFR1M + 2.390%)
7
.194
06/15/41
652,662
490,000
(b),(g)
BX Commercial Mortgage Trust 2021-21M, Series 2021 21M,
(TSFR1M + 2.285%)
6
.607
10/15/36
489,678
526,043
(b),(g)
BX Commercial Mortgage Trust 2021-SOAR, Series 2021
SOAR, (LIBOR 1 M + 1.914%)
1
.910
06/15/38
525,894
Portfolio of Investments September 30, 2025
(continued)
JRI
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MORTGAGE-BACKED SECURITIES
(continued)
$
600,000
(b),(g)
BX TRUST, Series 2022 AHP, (TSFR1M + 2.090%)
6
.240
%
01/17/39
$
599,652
556,786
(b),(g)
BX Trust 2021-SDMF, Series 2021 SDMF, (LIBOR 1 M + 1.701%)
2
.911
09/15/34
554,625
500,000
(b),(g)
BX Trust 2021-VIEW, Series 2021 VIEW, (TSFR1M + 3.714%)
8
.036
06/15/36
500,005
250,000
(b),(g)
BX Trust 2022-LBA6, Series 2022 LBA6, (TSFR1M + 2.000%)
4
.845
01/15/39
249,961
477,792
(b),(g)
BX Trust 2025-LUNR, Series 2025 LUNR, (TSFR1M + 2.000%)
6
.150
06/15/40
479,925
500,000
(b),(g)
DBGS 2024-SBL, Series 2024 SBL, (TSFR1M + 2.740%)
7
.062
08/15/34
502,065
595,042
(b),(g)
ELP Commercial Mortgage Trust 2021-ELP, Series 2021 ELP,
(TSFR1M + 2.233%)
6
.384
11/15/38
595,033
500,000
(b),(g)
GSAT Trust 2025-BMF, Series 2025 BMF, (TSFR1M + 2.500%)
6
.650
07/15/40
501,649
500,000
(b),(g)
ILPT Commercial Mortgage Trust 2025-LPF2, Series 2025 LPF2
6
.725
07/13/42
510,169
500,000
(b),(g)
IP 2025-IP Mortgage Trust, Series 2025 IP
6
.025
06/10/42
509,632
371,112
(b),(g)
LBA Trust 2024-7IND, Series 2024 7IND, (TSFR1M + 2.641%)
6
.791
10/15/41
372,876
350,000
(b),(g)
MHP Commercial Mortgage Trust 2025-MHIL2, Series 2025
MHIL2, (TSFR1M + 2.650%)
6
.800
09/15/40
350,667
500,000
(b),(g)
MILE Trust 2025-STNE, Series 2025 STNE, (TSFR1M + 1.700%)
5
.850
07/15/42
501,050
310,000
(b),(g)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 2.829%)
6
.980
07/15/36
246,875
525,000
(b),(g)
Natixis Commercial Mortgage Securities Trust 2019-MILE,
Series 2019 MILE, (TSFR1M + 4.329%)
8
.480
07/15/36
356,508
500,000
(b),(g)
SCG Commercial Mortgage Trust 2025-FLWR, Series 2025
FLWR, (TSFR1M + 1.750%)
5
.900
08/15/42
501,222
525,000
(b),(g)
WCORE Commercial Mortgage Trust 2024-CORE, Series 2024
CORE, (TSFR1M + 2.241%)
6
.391
11/15/41
527,512
500,000
(b),(g)
Wells Fargo Commercial Mortgage Trust 2025-AGLN, Series
2025 AGLN, (TSFR1M + 2.292%)
6
.442
07/15/37
502,252
390,000
(b),(g)
Wells Fargo Commercial Mortgage Trust 2025-B33RP, Series
2025 B33RP, (TSFR1M + 2.500%)
6
.850
08/15/42
390,679
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $11,199,873)
11,016,570
SHARES
DESCRIPTION
RATE
VALUE
61181648
PREFERRED STOCK - 16.3% (11.2% of Total Investments)
61181648
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 11.6%
154,740
Agree Realty Corp
4
.250
2,808,531
43,676
American Homes 4 Rent
6
.250
1,052,591
77,847
American Homes 4 Rent
5
.875
1,860,543
62,746
Armada Hoffler Properties Inc
6
.750
1,382,294
40,643
DiamondRock Hospitality Co
8
.250
1,019,326
81,282
Digital Realty Trust Inc
5
.200
1,776,012
72,413
Digital Realty Trust Inc
5
.850
1,714,016
79,544
Digital Realty Trust Inc
5
.250
1,781,786
78,287
Federal Realty Investment Trust
5
.000
1,675,342
61,308
Kimco Realty Corp
5
.125
1,311,378
85,043
Kimco Realty Corp
5
.250
1,881,151
8,595
LXP Industrial Trust
6
.500
412,646
2,301
Mid-America Apartment Communities Inc
8
.500
128,159
76,540
National Storage Affiliates Trust
6
.000
1,780,320
64,700
Pebblebrook Hotel Trust
6
.300
1,306,940
40,817
Pebblebrook Hotel Trust
6
.375
812,258
50,920
Pebblebrook Hotel Trust
5
.700
918,088
11,879
Public Storage
4
.700
236,867
13,419
Public Storage
5
.050
295,218
35,168
Public Storage
4
.875
735,011
35,300
Public Storage
4
.750
721,532
26,493
Public Storage
4
.000
457,799
34,150
Public Storage
4
.125
598,650
31,013
Public Storage
4
.625
608,785
26,845
Public Storage
4
.000
458,244
22,989
Public Storage
4
.100
405,756
67,878
Regency Centers Corp
5
.875
1,621,605
69,315
Regency Centers Corp
6
.250
1,686,434
38,399
Rexford Industrial Realty Inc
5
.875
894,697
9
SHARES
DESCRIPTION
RATE
VALUE
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
(continued)
90,103
Rexford Industrial Realty Inc
5
.625
%
$
2,052,546
10,819
RLJ Lodging Trust
1
.950
272,963
38,516
Summit Hotel Properties Inc
6
.250
747,596
20,251
Summit Hotel Properties Inc
5
.875
389,629
39,669
Sunstone Hotel Investors Inc
6
.125
844,950
50,174
Sunstone Hotel Investors Inc
5
.700
1,059,173
18,724
UMH Properties Inc
6
.375
424,099
84,166
Vornado Realty Trust
5
.250
1,526,771
76,383
Vornado Realty Trust
4
.450
1,141,926
74,302
Vornado Realty Trust
5
.250
1,319,604
84,525
Vornado Realty Trust
5
.400
1,505,390
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
43,626,626
FINANCIAL SERVICES - 0.1%
25,426
Brookfield Finance Inc
4
.625
405,545
TOTAL FINANCIAL SERVICES
405,545
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
25,270
Brookfield Property Partners LP
6
.500
376,523
10,309
Brookfield Property Partners LP
6
.375
155,357
33,228
Brookfield Property Partners LP
5
.750
445,255
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
977,135
UTILITIES - 4.4%
25,854
BIP Bermuda Holdings I Ltd
5
.125
443,396
41,127
Brookfield BRP Holdings Canada Inc
4
.625
637,469
13,470
Brookfield Infrastructure Finance ULC
5
.000
227,778
63,126
Brookfield Infrastructure Partners LP
5
.125
1,113,543
20,719
Brookfield Infrastructure Partners LP
5
.000
360,510
73,684
Brookfield Renewable Partners LP
5
.250
1,393,364
18,823
CMS Energy Corp
5
.875
454,387
20,157
CMS Energy Corp
5
.875
479,334
11,638
CMS Energy Corp
5
.625
285,713
30,188
DTE Energy Co
5
.250
672,589
16,133
DTE Energy Co
4
.375
298,622
49,662
DTE Energy Co
6
.250
1,260,918
19,133
DTE Energy Co
4
.375
346,499
37,004
Duke Energy Corp
5
.625
924,730
43,220
Duke Energy Corp
5
.750
1,080,932
34,128
Georgia Power Co
5
.000
802,349
22,463
SCE Trust VII
7
.500
523,388
20,225
SCE Trust VIII
6
.950
440,096
50,099
Southern Co/The
4
.200
928,835
16,742
Southern Co/The
5
.250
380,378
23,176
Southern Co/The
4
.950
486,233
37,975
Southern Co/The
6
.500
979,375
66,475
(d)
Xcel Energy Inc
6
.250
1,651,904
TOTAL UTILITIES
16,172,342
TOTAL PREFERRED STOCK
(Cost $67,323,975)
61,181,648
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
15541877
VARIABLE RATE SENIOR LOAN INTERESTS - 4.1% (2.8% of Total Investments)
15541877
AUTOMOBILES & COMPONENTS - 0.2%
$
600,000
(g)
Clarios Global LP, Term Loan B, (TSFR1M + 2.750%)
6
.913
01/28/32
601,125
TOTAL AUTOMOBILES & COMPONENTS
601,125
COMMERCIAL & PROFESSIONAL SERVICES - 0.5%
1,065,000
(g)
Wash Multifamily Parent Inc, Term Loan B, (TSFR1M + 3.250%)
7
.442
09/10/32
1,070,543
981,779
(g),(h)
WIN Waste Innovations Holdings, Inc., Term Loan B, (TSFR1M
+ 2.750%)
7
.028
03/27/28
982,397
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
2,052,940
Portfolio of Investments September 30, 2025
(continued)
JRI
10
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
CONSUMER SERVICES - 0.3%
$
952,897
(g)
Caesars Entertainment Inc., Term Loan B, (TSFR1M + 2.250%)
6
.413
%
02/06/30
$
952,644
TOTAL CONSUMER SERVICES
952,644
FOOD, BEVERAGE & TOBACCO - 0.1%
435,000
(g)
Sazerac Company, Inc., Term Loan B, (TSFR1M + 2.500%)
6
.700
07/09/32
438,143
TOTAL FOOD, BEVERAGE & TOBACCO
438,143
MEDIA & ENTERTAINMENT - 0.8%
1,488,750
(g)
Charter Communications Operating, LLC, Term Loan B5,
(TSFR3M + 2.250%)
6
.541
12/15/31
1,489,822
646,183
(g),(h)
CSC Holdings, LLC, Term Loan B6, (TSFR1M + 4.500%)
8
.650
01/18/28
643,634
1,000,000
(g)
Sunrise Financing Partnership, Term Loan AAA, (TSFR6M +
2.500%)
6
.691
02/17/32
998,570
TOTAL MEDIA & ENTERTAINMENT
3,132,026
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2%
658,350
(g)
Hill Top Energy Center LLC, Term Loan B, (TSFR3M + 3.250%)
7
.413
06/28/32
660,509
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
660,509
TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
435,000
(g)
CommScope, Inc., Term Loan, (TSFR1M + 4.750%)
8
.913
12/17/29
440,883
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
440,883
TELECOMMUNICATION SERVICES - 0.4%
500,000
(g)
GOGO Intermediate Holdings LLC, Term Loan B, (TSFR1M +
3.750%)
8
.028
04/28/28
497,148
544,929
(g)
Lumen Technologies, Inc., Extended Term Loan B2, (TSFR1M +
2.350%)
6
.628
04/15/30
542,207
250,000
(g)
Telesat Canada, Term Loan B5, (TSFR3M + 2.750%)
7
.210
12/07/26
200,000
430,281
(g)
Virgin Media Bristol LLC, Term Loan N, (TSFR1M + 2.500%)
6
.765
01/31/28
430,348
TOTAL TELECOMMUNICATION SERVICES
1,669,703
TRANSPORTATION - 0.6%
607,145
(g)
Genesee & Wyoming Inc. (New), Term Loan B, (TSFR3M +
1.750%)
5
.752
04/10/31
605,457
1,500,000
(g)
NA Rail HoldCo. LLC, Term Loan B, (TSFR3M + 3.000%)
7
.123
03/08/32
1,507,500
TOTAL TRANSPORTATION
2,112,957
UTILITIES - 0.9%
1,000,000
(g)
Calpine Corporation, Term Loan B10, (TSFR1M + 1.750%)
5
.913
01/31/31
1,000,110
497,500
(g)
Long Ridge Energy LLC, Term Loan B, (TSFR3M + 4.500%)
8
.502
02/19/32
487,938
987,450
(g)
NRG Energy, Inc., Term Loan, (TSFR3M + 1.750%)
6
.064
04/16/31
988,655
1,001,704
(g)
Vistra Operations Company LLC, First Lien Term Loan B3,
(TSFR1M + 1.750%)
5
.913
12/20/30
1,004,244
TOTAL UTILITIES
3,480,947
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $15,491,904)
15,541,877
TOTAL LONG-TERM INVESTMENTS
(Cost $507,704,947)
538,055,621
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  2.4%(1.6% of Total Investments)
8,800,000
REPURCHASE AGREEMENTS - 2.4% (1.6% of Total Investments)
8,800,000
8,800,000
(i)
Fixed Income Clearing Corporation
4
.150
10/01/25
8,800,000
TOTAL REPURCHASE AGREEMENTS
(Cost $8,800,000)
8,800,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,800,000)
8,800,000
TOTAL INVESTMENTS - 145.5%
(Cost $516,504,947)
546,855,621
BORROWINGS - (45.5)% (j),(k)
(
170,945,000
)
OTHER ASSETS & LIABILITIES, NET -  0.0%
59,504
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
375,970,125
11
Principal denominated in U.S. Dollars, unless otherwise noted. 
Investments in Derivatives
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.
ADR
American Depositary Receipt
CAD
Canadian Dollar
EUR
Euro
GBP
Pound Sterling
LIBOR
London Inter-Bank Offered Rate
M
Month
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.
REIT
Real Estate Investment Trust
TSFR1M
CME Term Secured Overnight Financing Rate 1 Month
TSFR3M
CME Term Secured Overnight Financing Rate 3 Month
TSFR6M
CME Term Secured Overnight Financing Rate 6 Month
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
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 fiscal period, the aggregate value of these securities is $94,585,118 or 17.3% of Total Investments.
(c)
Contains $1,000 Par Preferred and/or Contingent Capital Securities.
(d)
When-issued or delayed delivery security.
(e)
Perpetual security. Maturity date is not applicable.
(f)
$1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was
15.4% of Total Investments.
(g)
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.
(h)
Portion of investment purchased on a delayed delivery basis.
(i)
Agreement with Fixed Income Clearing Corporation, 4.150% dated 9/30/25 to be repurchased at $8,801,014 on 10/1/25,
collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 5/31/29, valued at $8,976,132.
(j)
Borrowings as a percentage of Total Investments is 31.3%.
(k)
The Fund may pledge up to 100% of its eligible investments (excluding any investments separately pledged as collateral for
specific investments in derivatives, when applicable) in the Portfolio of Investments as collateral for borrowings. As of the end of the
reporting period, investments with a value of $297,202,014 have been pledged as collateral for borrowings.
Futures Contracts - Short
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S. Treasury Ultra 10-Year Note
(54)
12/25
$
(
6,160,725
)
$
(
6,214,219
)
$
(
53,494
)
Portfolio of Investments September 30, 2025
(continued)
JRI
12
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:
JRI
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
193,644,574
$
75,326,575
$
–
$
268,971,149
Convertible Preferred Securities
4,959,896
–
–
4,959,896
Corporate Bonds
–
173,250,802
–
173,250,802
Investment Companies
2,507,313
626,366
–
3,133,679
Mortgage-Backed Securities
–
11,016,570
–
11,016,570
Preferred Stock
59,529,744
1,651,904
–
61,181,648
Variable Rate Senior Loan Interests
–
15,541,877
–
15,541,877
Short-Term Investments:
Repurchase Agreements
–
8,800,000
–
8,800,000
Investments in Derivatives:
Futures Contracts*
(
53,494
)
–
–
(
53,494
)
Total
$
260,588,033
$
286,214,094
$
–
$
546,802,127
*
Represents net unrealized appreciation (depreciation).