Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
1
Shares/Principal/
Contract
Amounts
Value
Corporate
Bonds
-
80.8%
Basic
Materials
-
1.0%
Georgia-Pacific
LLC,
0.6250%, 5/15/24
(144A)
$
24,000,000
$
22,758,454
Communications
-
2.1%
AT&T,
Inc.,
0.9000%, 3/25/24
26,430,000
25,284,041
Optus
Finance
Pty.
Ltd.,
3.2500%, 9/6/23
AUD
750,000
525,781
Optus
Finance
Pty.
Ltd.,
1.6000%, 7/1/25
1,000,000
659,142
Spark
Finance
Ltd.,
2.6000%, 3/18/30
1,200,000
712,930
Verizon
Communications,
Inc.,
3.5000%, 2/17/23
2,170,000
1,528,939
Verizon
Communications,
Inc.,
90
Day
Australian
Bank
Bill
Rate
+
1.2200%,
4.2633%, 2/17/23
‡
7,640,000
5,384,049
Verizon
Communications,
Inc.,
0.7500%, 3/22/24
$
4,700,000
4,487,073
Verizon
Communications,
Inc.,
0.8500%, 11/20/25
6,770,000
6,123,079
Verizon
Communications,
Inc.,
1.4500%, 3/20/26
5,100,000
4,644,596
49,349,630
Consumer,
Cyclical
-
6.7%
7-Eleven,
Inc.,
0.6250%, 2/10/23
(144A)
3,350,000
3,346,483
BMW
US
Capital
LLC,
0.7500%, 8/12/24
(144A)
4,500,000
4,241,484
BMW
US
Capital
LLC,
SOFRINDX
+
0.8400%,
5.1546%, 4/1/25
(144A)
‡
7,025,000
7,008,051
BMW
US
Capital
LLC,
1.2500%, 8/12/26
(144A)
300,000
267,428
General
Motors
Financial
Co.,
Inc.,
1.0500%, 3/8/24
10,895,000
10,422,694
General
Motors
Financial
Co.,
Inc.,
1.2000%, 10/15/24
8,650,000
8,083,350
General
Motors
Financial
Co.,
Inc.,
6.0500%, 10/10/25
1,250,000
1,273,491
General
Motors
Financial
of
Canada
Ltd.,
3.2500%, 11/7/23
CAD
17,000,000
12,524,338
Hyundai
Capital
America,
1.2500%, 9/18/23
(144A)
$
4,270,000
4,163,290
Hyundai
Capital
America,
0.8000%, 1/8/24
(144A)
9,700,000
9,307,531
Hyundai
Capital
America,
0.8750%, 6/14/24
(144A)
6,910,000
6,516,161
Hyundai
Capital
America,
1.0000%, 9/17/24
(144A)
8,400,000
7,845,889
Lowe's
Cos.,
Inc.,
4.4000%, 9/8/25
4,920,000
4,898,393
McDonald's
Corp.,
3.0000%, 3/8/24
AUD
6,750,000
4,694,430
McDonald's
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.1300%,
4.2522%, 3/8/24
‡
1,910,000
1,348,432
McDonald's
Corp.,
3.1250%, 3/4/25
CAD
17,080,000
12,451,945
Mercedes-Benz
Australia,
0.7500%, 1/22/24
AUD
810,000
552,565
Mercedes-Benz
Finance
North
America
LLC,
0.7500%, 3/1/24
(144A)
$
13,060,000
12,480,645
Mercedes-Benz
Finance
North
America
LLC,
5.5000%, 11/27/24
(144A)
11,800,000
11,961,528
Volkswagen
Financial
Services
Australia
Pty.
Ltd.,
3.1000%, 4/17/23
AUD
6,300,000
4,430,862
Volkswagen
Financial
Services
Australia
Pty.
Ltd.,
1.4000%, 8/25/25
13,370,000
8,660,455
Volkswagen
Group
of
America
Finance
LLC,
0.8750%, 11/22/23
(144A)
$
13,000,000
12,544,790
Warnermedia
Holdings,
Inc.,
3.4280%, 3/15/24
(144A)
6,575,000
6,435,189
155,459,424
Consumer,
Non-cyclical
-
10.4%
Avery
Dennison
Corp.,
0.8500%, 8/15/24
6,650,000
6,252,328
Cardinal
Health,
Inc.,
3.0790%, 6/15/24
21,500,000
20,961,557
Cargill,
Inc.,
3.5000%, 4/22/25
(144A)
4,675,000
4,550,535
Cargill,
Inc.,
4.8750%, 10/10/25
(144A)
7,375,000
7,421,579
Conagra
Brands,
Inc.,
0.5000%, 8/11/23
4,500,000
4,393,703
Constellation
Brands,
Inc.,
5.0000%, 2/2/26
6,600,000
6,606,484
Elevance
Health,
Inc.,
4.9000%, 2/8/26
13,500,000
13,512,373
GE
HealthCare
Technologies,
Inc.,
5.5500%, 11/15/24
(144A)
24,975,000
25,188,428
General
Mills,
Inc.,
5.2410%, 11/18/25
5,000,000
5,026,191
Global
Payments,
Inc.,
3.7500%, 6/1/23
5,000,000
4,973,770
HCA,
Inc.,
5.8750%, 2/15/26
12,350,000
12,571,250
Humana,
Inc.,
0.6500%, 8/3/23
10,205,000
9,979,013
Humana,
Inc.,
1.3500%, 2/3/27
4,550,000
4,006,282
Illumina,
Inc.,
5.8000%, 12/12/25
22,875,000
23,324,087
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
2
Shares/Principal/
Contract
Amounts
Value
Corporate
Bonds
-
(continued)
Consumer,
Non-cyclical
-
(continued)
Lonsdale
Finance
Pty.
Ltd.,
2.4500%, 11/20/26
AUD
5,310,000
$
3,421,637
Lonsdale
Finance
Pty.
Ltd.,
2.1000%, 10/15/27
3,800,000
2,347,814
Mondelez
International
Holdings
Netherlands
BV,
0.7500%, 9/24/24
(144A)
$
5,775,000
5,395,511
Mondelez
International
Holdings
Netherlands
BV,
4.2500%, 9/15/25
(144A)
7,400,000
7,318,528
Mondelez
International,
Inc.,
2.1250%, 3/17/24
3,275,000
3,180,705
Mondelez
International,
Inc.,
3.2500%, 3/7/25
CAD
4,650,000
3,388,661
PerkinElmer,
Inc.,
0.5500%, 9/15/23
$
4,825,000
4,678,509
PerkinElmer,
Inc.,
0.8500%, 9/15/24
10,050,000
9,405,493
Roche
Holdings,
Inc.,
1.8820%, 3/8/24
(144A)
17,700,000
17,160,803
Thermo
Fisher
Scientific,
Inc.,
0.7970%, 10/18/23
14,900,000
14,477,357
Thermo
Fisher
Scientific,
Inc.,
1.2150%, 10/18/24
14,250,000
13,458,364
Unilever
Capital
Corp.,
0.6260%, 8/12/24
6,775,000
6,383,100
239,384,062
Energy
-
3.0%
DCP
Midstream
Operating
LP,
3.8750%, 3/15/23
14,500,000
14,442,145
Enbridge,
Inc.,
4.0000%, 10/1/23
13,066,000
12,973,941
Enbridge,
Inc.,
2.1500%, 2/16/24
6,550,000
6,355,720
Enbridge,
Inc.,
SOFRINDX
+
0.6300%,
4.9674%, 2/16/24
‡
6,800,000
6,776,232
Energy
Transfer
LP,
4.2000%, 9/15/23
14,297,000
14,188,619
Harvest
Operations
Corp.,
4.2000%, 6/1/23
(144A)
2,900,000
2,891,643
Harvest
Operations
Corp.,
4.2000%, 6/1/23
200,000
199,424
Harvest
Operations
Corp.,
1.0000%, 4/26/24
(144A)
6,150,000
5,839,302
SA
Global
Sukuk
Ltd.,
0.9460%, 6/17/24
(144A)
6,550,000
6,197,610
69,864,636
Financial
-
45.1%
AerCap
Ireland
Capital
DAC,
1.1500%, 10/29/23
15,200,000
14,751,598
AerCap
Ireland
Capital
DAC,
1.6500%, 10/29/24
14,925,000
13,962,942
AerCap
Ireland
Capital
DAC,
1.7500%, 10/29/24
16,000,000
14,921,440
AerCap
Ireland
Capital
DAC,
3.6500%, 7/21/27
3,095,000
2,875,697
Air
Lease
Corp.,
0.8000%, 8/18/24
16,350,000
15,233,346
Air
Lease
Corp.,
1.8750%, 8/15/26
6,235,000
5,556,533
American
Express
Co.,
SOFRINDX
+
0.7200%,
5.0631%, 5/3/24
‡
6,875,000
6,891,114
American
Express
Co.,
SOFR
+
0.9300%,
5.2585%, 3/4/25
‡
12,900,000
12,940,091
ANZ
New
Zealand
Int'l
Ltd.,
3.4000%, 3/19/24
(144A)
1,000,000
982,860
ANZ
New
Zealand
Int'l
Ltd.,
1.2500%, 6/22/26
(144A)
13,900,000
12,350,483
Athene
Global
Funding,
2.5140%, 3/8/24
(144A)
2,500,000
2,411,291
Athene
Global
Funding,
0.9140%, 8/19/24
(144A)
16,350,000
15,181,004
Athene
Global
Funding,
1.7160%, 1/7/25
(144A)
15,460,000
14,347,498
Athene
Global
Funding,
1.6080%, 6/29/26
(144A)
23,235,000
20,347,403
Athene
Global
Funding,
4.7600%, 4/21/27
AUD
1,000,000
670,108
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.0000%,
5.3821%, 7/26/29
‡
8,830,000
6,238,920
Australia
&
New
Zealand
Banking
Group
Ltd.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.2880%,
2.9500%, 7/22/30
(144A)
‡
$
9,781,000
8,985,999
Australia
&
New
Zealand
Banking
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.8500%,
4.9598%, 2/26/31
‡
AUD
150,000
104,536
Australian
Central
Credit
Union
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4000%,
5.5884%, 9/16/31
‡
1,000,000
681,718
Aviation
Capital
Group
LLC,
1.9500%, 1/30/26
(144A)
$
12,940,000
11,510,324
Aviation
Capital
Group
LLC,
1.9500%, 9/20/26
(144A)
15,250,000
13,241,214
Banco
Santander
SA,
3.4960%, 3/24/25
28,400,000
27,523,969
Bank
of
America
Corp.,
SOFR
+
1.4600%,
1.4860%, 5/19/24
‡
3,000,000
2,967,023
Bank
of
America
Corp.,
ICE
LIBOR
USD
3
Month
+
0.9700%,
3.4580%, 3/15/25
‡
2,950,000
2,892,871
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
3
Shares/Principal/
Contract
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
Bank
of
America
Corp.,
SOFR
+
1.3300%,
3.3840%, 4/2/26
‡
$
3,000,000
$
2,901,938
Bank
of
America
Corp.,
SOFR
+
1.1500%,
1.3190%, 6/19/26
‡
37,300,000
34,163,678
Bank
of
America
Corp.,
SOFR
+
1.2900%,
5.0800%, 1/20/27
‡
4,000,000
4,014,701
Bank
of
Queensland
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.8500%,
4.9833%, 5/1/28
‡
AUD
19,500,000
13,718,731
Bank
of
Queensland
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.6000%,
4.9812%, 7/29/31
‡
3,500,000
2,366,371
Bendigo
&
Adelaide
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4500%,
5.5385%, 11/30/28
‡
26,900,000
19,007,700
Bendigo
&
Adelaide
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.4800%,
4.8257%, 10/14/31
‡
800,000
536,205
Charles
Schwab
Corp.
(The),
0.7500%, 3/18/24
$
14,200,000
13,573,890
Charter
Hall
LWR
Pty.
Ltd.,
2.0860%, 3/3/28
AUD
3,270,000
1,919,506
Citigroup,
Inc.,
SOFR
+
1.3720%,
5.7052%, 5/24/25
‡
$
5,000,000
5,015,090
Citigroup,
Inc.,
SOFR
+
2.8420%,
3.1060%, 4/8/26
‡
100,000
95,894
Citigroup,
Inc.,
SOFR
+
1.5460%,
5.6100%, 9/29/26
‡
35,000,000
35,561,924
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.1300%,
4.4691%, 1/11/24
‡
AUD
200,000
141,771
Commonwealth
Bank
of
Australia,
3.3500%, 6/4/24
$
7,409,000
7,277,134
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.8000%,
4.9422%, 9/10/30
‡
AUD
12,500,000
8,766,923
Commonwealth
Bank
of
Australia,
90
Day
Australian
Bank
Bill
Rate
+
1.3200%,
4.3901%, 8/20/31
‡
16,600,000
11,320,657
Computershare
US,
Inc.,
3.1470%, 11/30/27
1,070,000
684,928
Cooperatieve
Rabobank
UA,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.0000%,
1.3390%, 6/24/26
(144A)
‡
$
5,650,000
5,141,973
Cooperatieve
Rabobank
UA,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.7300%,
1.9800%, 12/15/27
(144A)
‡
3,500,000
3,110,451
Corebridge
Financial,
Inc.,
3.5000%, 4/4/25
(144A)
10,475,000
10,123,523
Danske
Bank
A/S,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.1000%,
6.4660%, 1/9/26
(144A)
‡
13,525,000
13,732,181
DBS
Group
Holdings
Ltd.,
1.1690%, 11/22/24
(144A)
15,000,000
14,061,750
DBS
Group
Holdings
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.5800%,
4.7684%, 3/16/28
‡
AUD
27,220,000
19,163,793
DBS
Group
Holdings
Ltd.,
USD
ICE
Swap
Rate
5
Year
+
1.5900%,
4.5200%, 12/11/28
‡
$
3,470,000
3,440,297
DBS
Group
Holdings
Ltd.,
USD
ICE
Swap
Rate
5
Year
+
1.5900%,
4.5200%, 12/11/28
(144A)
‡
3,600,000
3,569,184
General
Property
Trust,
3.5910%, 11/7/23
AUD
1,500,000
1,052,221
General
Property
Trust,
3.6725%, 9/19/24
2,200,000
1,532,379
Goldman
Sachs
Group,
Inc.
(The),
SOFR
+
0.5050%,
0.6570%, 9/10/24
‡
$
19,575,000
18,994,696
Goldman
Sachs
Group,
Inc.
(The),
5.7000%, 11/1/24
6,200,000
6,290,873
Goldman
Sachs
Group,
Inc.
(The),
SOFR
+
0.7300%,
1.7570%, 1/24/25
‡
5,200,000
5,006,300
Goldman
Sachs
Group,
Inc.
(The),
3.5000%, 4/1/25
6,680,000
6,484,432
GPT
Wholesale
Shopping
Centre
Fund
No.
1,
3.9930%, 9/11/24
AUD
5,780,000
4,034,104
Insurance
Australia
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4500%,
5.6169%, 12/15/36
‡
8,550,000
5,903,847
Insurance
Australia
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.1000%,
5.2669%, 6/15/44
‡
17,350,000
12,133,621
Insurance
Australia
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.3500%,
5.5169%, 6/15/45
‡
6,730,000
4,690,036
Intercontinental
Exchange,
Inc.,
3.6500%, 5/23/25
$
17,425,000
17,165,040
JPMorgan
Chase
&
Co.,
SOFR
+
0.9150%,
2.5950%, 2/24/26
‡
23,200,000
22,072,490
JPMorgan
Chase
&
Co.,
SOFR
+
1.5600%,
4.3230%, 4/26/28
‡
19,900,000
19,504,133
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
4
Shares/Principal/
Contract
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.6000%,
5.6686%, 3/6/23
‡
AUD
2,600,000
$
1,831,929
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.3500%,
5.4598%, 2/26/24
‡
9,440,000
6,588,553
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.4500%,
5.6514%, 3/17/25
‡
3,280,000
2,258,579
Liberty
Financial
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.5500%,
5.6461%, 5/25/26
‡
11,620,000
7,789,518
Lloyds
Banking
Group
plc,
3.6500%, 3/20/23
1,500,000
1,056,158
Lloyds
Banking
Group
plc,
90
Day
Australian
Bank
Bill
Rate
+
1.3000%,
4.5072%, 3/20/23
‡
3,710,000
2,614,042
Lloyds
Banking
Group
plc,
3.9000%, 11/23/23
3,850,000
2,690,021
Lloyds
Banking
Group
plc,
3.9000%, 3/12/24
$
4,880,000
4,822,869
Lloyds
Banking
Group
plc,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.5500%,
0.6950%, 5/11/24
‡
6,200,000
6,111,742
Macquarie
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.9000%,
6.0098%, 5/28/30
‡
AUD
19,800,000
14,163,259
Macquarie
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.5500%,
4.7514%, 6/17/31
‡
11,700,000
7,990,718
Macquarie
Group
Ltd.,
6.2070%, 11/22/24
(144A)
$
28,900,000
29,464,018
Macquarie
Group
Ltd.,
SOFR
+
0.6940%,
1.2010%, 10/14/25
(144A)
‡
6,725,000
6,229,176
Macquarie
Group
Ltd.,
SOFR
+
0.9100%,
1.6290%, 9/23/27
(144A)
‡
2,100,000
1,824,942
Morgan
Stanley,
SOFR
+
0.4660%,
4.8057%, 11/10/23
‡
3,490,000
3,488,290
Morgan
Stanley,
SOFR
+
0.5090%,
0.7910%, 1/22/25
‡
17,600,000
16,790,027
Morgan
Stanley,
SOFR
+
0.5600%,
1.1640%, 10/21/25
‡
11,700,000
10,902,997
Morgan
Stanley,
SOFR
+
1.7700%,
6.1380%, 10/16/26
‡
16,250,000
16,740,152
National
Australia
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.1500%,
5.1933%, 5/17/29
‡
AUD
14,920,000
10,579,417
National
Australia
Bank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.7000%,
4.7450%, 11/18/30
‡
24,275,000
16,908,323
Nordea
Bank
Abp,
1.0000%, 6/9/23
(144A)
$
6,700,000
6,608,960
Nordea
Bank
Abp,
SOFR
+
0.9600%,
5.2881%, 6/6/25
(144A)
‡
6,925,000
6,918,796
Nordea
Bank
Abp,
0.7500%, 8/28/25
(144A)
9,550,000
8,643,679
QIC
Finance
Shopping
Center
Fund
Pty.
Ltd.,
3.7500%, 12/6/23
AUD
1,000,000
702,020
Royal
Bank
of
Canada,
2.5500%, 7/16/24
$
190,000
183,958
Royal
Bank
of
Canada,
5.6600%, 10/25/24
25,900,000
26,334,114
Royal
Bank
of
Canada,
1.1500%, 6/10/25
220,000
202,928
Santander
UK
Group
Holdings
plc,
SOFR
+
2.7490%,
6.8330%, 11/21/26
‡
14,190,000
14,687,510
Shopping
Centres
Australasia
Property
Retail
Trust,
3.9000%, 6/7/24
AUD
4,600,000
3,208,358
Suncorp
Group
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
2.1500%,
5.2160%, 12/5/28
‡
18,590,000
13,100,440
Suncorp-Metway
Ltd.,
3.3000%, 4/15/24
(144A)
$
9,990,000
9,780,710
SVB
Financial
Group,
2.1000%, 5/15/28
11,920,000
10,195,350
Swedbank
AB,
SOFRINDX
+
0.9100%,
5.2238%, 4/4/25
(144A)
‡
12,250,000
12,207,248
Toronto-Dominion
Bank
(The),
0.7000%, 9/10/24
4,750,000
4,450,284
Toronto-Dominion
Bank
(The),
4.2850%, 9/13/24
2,800,000
2,777,074
Toronto-Dominion
Bank
(The),
1.1500%, 6/12/25
7,200,000
6,623,750
Toronto-Dominion
Bank
(The),
2.6670%, 9/9/25
CAD
18,500,000
13,226,526
UBS
Group
AG,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.6000%,
4.4900%, 8/5/25
(144A)
‡
$
12,500,000
12,378,514
UBS
Group
AG,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.5500%,
5.7110%, 1/12/27
(144A)
‡
14,300,000
14,483,742
United
Overseas
Bank
Ltd.,
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.5000%,
3.7500%, 4/15/29
(144A)
‡
4,230,000
4,148,460
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
5
Shares/Principal/
Contract
Amounts
Value
Corporate
Bonds
-
(continued)
Financial
-
(continued)
VER
Finco
Pty.
Ltd.,
2.4000%, 9/21/28
AUD
2,230,000
$
1,293,199
Vicinity
Centres
Trust,
3.5000%, 4/26/24
5,700,000
3,979,227
Vicinity
Centres
Trust,
90
Day
Australian
Bank
Bill
Rate
+
1.4200%,
4.6656%, 6/27/25
‡
610,000
431,520
Vicinity
Centres
Trust,
4.0000%, 4/26/27
150,000
102,294
Wells
Fargo
&
Co.,
2.5090%, 10/27/23
CAD
15,000,000
11,024,019
Wells
Fargo
&
Co.,
SOFR
+
1.6000%,
1.6540%, 6/2/24
‡
$
8,940,000
8,834,868
Wells
Fargo
&
Co.,
SOFR
+
0.5100%,
0.8050%, 5/19/25
‡
6,880,000
6,512,105
Wells
Fargo
&
Co.,
ICE
LIBOR
USD
3
Month
+
0.7500%,
2.1640%, 2/11/26
‡
9,590,000
9,049,142
Wells
Fargo
&
Co.,
SOFR
+
1.3200%,
5.6231%, 4/25/26
‡
3,500,000
3,514,693
Wells
Fargo
&
Co.,
SOFR
+
2.0000%,
2.1880%, 4/30/26
‡
13,000,000
12,229,785
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
0.9500%,
3.9997%, 11/16/23
‡
AUD
14,600,000
10,327,812
Westpac
Banking
Corp.,
5.3500%, 10/18/24
$
8,000,000
8,101,490
Westpac
Banking
Corp.,
1.0190%, 11/18/24
6,000,000
5,630,033
Westpac
Banking
Corp.,
2.3500%, 2/19/25
1,800,000
1,723,191
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.4000%,
4.4497%, 2/16/28
‡
AUD
5,300,000
3,733,963
Westpac
Banking
Corp.,
5-year
AUD
Swap
Offer
Rate
+
2.6500%,
4.8000%, 6/14/28
‡
1,240,000
871,796
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.8000%,
5.0100%, 6/22/28
‡
15,800,000
11,116,718
Westpac
Banking
Corp.,
5-year
AUD
Swap
Offer
Rate
+
1.8300%,
4.3340%, 8/16/29
‡
14,022,000
9,693,890
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.9800%,
5.0898%, 8/27/29
‡
6,700,000
4,738,437
Westpac
Banking
Corp.,
90
Day
Australian
Bank
Bill
Rate
+
1.5500%,
4.9312%, 1/29/31
‡
1,800,000
1,249,796
1,041,709,476
Industrial
-
4.6%
Canadian
Pacific
Railway
Co.,
1.3500%, 12/2/24
$
10,175,000
9,561,783
Caterpillar
Financial
Services
Corp.,
0.4500%, 5/17/24
8,820,000
8,354,169
Caterpillar
Financial
Services
Corp.,
0.6000%, 9/13/24
2,650,000
2,489,562
Caterpillar
Financial
Services
Corp.,
2.1500%, 11/8/24
2,200,000
2,114,547
Caterpillar
Financial
Services
Corp.,
4.9000%, 1/17/25
8,000,000
8,084,359
Caterpillar
Financial
Services
Corp.,
1.4500%, 5/15/25
4,600,000
4,301,383
DAE
Funding
LLC,
1.5500%, 8/1/24
(144A)
13,450,000
12,701,610
John
Deere
Capital
Corp.,
0.4500%, 1/17/24
3,590,000
3,443,348
John
Deere
Capital
Corp.,
0.4500%, 6/7/24
12,750,000
12,050,858
John
Deere
Capital
Corp.,
0.6250%, 9/10/24
6,300,000
5,930,900
John
Deere
Capital
Corp.,
0.7000%, 1/15/26
6,080,000
5,472,405
Martin
Marietta
Materials,
Inc.,
0.6500%, 7/15/23
6,525,000
6,392,109
New
Terminal
Financing
Co.
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.4500%,
4.7785%, 7/12/24
‡
AUD
8,980,000
6,285,846
Stanley
Black
&
Decker,
Inc.,
2.3000%, 2/24/25
$
16,675,000
15,876,981
Sydney
Airport
Finance
Co.
Pty.
Ltd.,
3.9000%, 3/22/23
(144A)
1,000,000
998,730
Sydney
Airport
Finance
Co.
Pty.
Ltd.,
3.9000%, 3/22/23
1,230,000
1,228,438
105,287,028
Technology
-
3.3%
Fidelity
National
Information
Services,
Inc.,
4.5000%, 7/15/25
6,860,000
6,789,682
Fiserv,
Inc.,
3.8000%, 10/1/23
22,245,000
22,065,378
Intuit,
Inc.,
0.6500%, 7/15/23
14,710,000
14,426,889
NVIDIA
Corp.,
0.5840%, 6/14/24
16,725,000
15,846,359
VMware,
Inc.,
1.0000%, 8/15/24
11,867,000
11,157,690
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
6
Shares/Principal/
Contract
Amounts
Value
Corporate
Bonds
-
(continued)
Technology
-
(continued)
VMware,
Inc.,
1.4000%, 8/15/26
$
6,550,000
$
5,800,113
76,086,111
Utilities
-
4.6%
Ausgrid
Finance
Pty.
Ltd.,
3.8500%, 5/1/23
(144A)
7,940,000
7,913,639
Ausgrid
Finance
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.1000%,
4.1623%, 2/5/24
‡
AUD
1,570,000
1,105,744
Ausgrid
Finance
Pty.
Ltd.,
3.7500%, 10/30/24
17,320,000
12,060,889
Ausgrid
Finance
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.2200%,
4.6012%, 10/30/24
‡
22,900,000
16,116,256
AusNet
Services
Holdings
Pty.
Ltd.,
5.3750%, 7/2/24
4,400,000
3,136,342
Australian
Gas
Networks
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.4200%,
3.6957%, 7/1/26
‡
2,500,000
1,707,476
DTE
Energy
Co.,
4.2200%, 11/1/24
Ç
$
10,570,000
10,446,768
Duke
Energy
Corp.,
5.0000%, 12/8/25
10,325,000
10,399,269
ElectraNet
Pty.
Ltd.,
2.4737%, 12/15/28
AUD
1,930,000
1,159,726
ETSA
Utilities
Finance
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.0400%,
4.1845%, 12/13/23
‡
1,630,000
1,150,152
ETSA
Utilities
Finance
Pty.
Ltd.,
3.5000%, 8/29/24
5,480,000
3,791,712
Korea
East-West
Power
Co.
Ltd.,
3.8750%, 7/19/23
$
200,000
198,929
Korea
East-West
Power
Co.
Ltd.,
3.8750%, 7/19/23
(144A)
4,000,000
3,978,571
Korea
East-West
Power
Co.
Ltd.,
1.7500%, 5/6/25
6,454,000
5,989,635
Korea
Southern
Power
Co.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.9700%,
4.3512%, 10/30/24
‡
AUD
2,090,000
1,467,705
Network
Finance
Co.
Pty.
Ltd.,
3.5000%, 12/6/24
1,300,000
901,499
Network
Finance
Co.
Pty.
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
1.2300%,
4.5057%, 12/6/24
‡
14,620,000
10,307,982
Network
Finance
Co.
Pty.
Ltd.,
2.2500%, 11/11/26
570,000
365,166
SGSP
Australia
Assets
Pty.
Ltd.,
3.3000%, 4/9/23
Ç
$
14,970,000
14,912,502
SGSP
Australia
Assets
Pty.
Ltd.,
3.7500%, 6/28/23
AUD
300,000
211,141
SGSP
Australia
Assets
Pty.
Ltd.,
3.2500%, 7/29/26
$
200,000
186,458
107,507,561
Total
Corporate
Bonds
(cost
$1,924,494,602)
1,867,406,382
Foreign
Government
Bonds
-
9.1%
Kiwibank
Ltd.,
90
Day
Australian
Bank
Bill
Rate
+
0.7000%,
3.9217%, 9/23/25
‡
AUD
17,230,000
12,077,106
Korea
Hydro
&
Nuclear
Power
Co.
Ltd.,
3.7500%, 7/25/23
(144A)
$
8,050,000
8,000,975
Korea
National
Oil
Corp.,
0.8750%, 10/5/25
(144A)
7,100,000
6,351,091
New
South
Wales
Treasury
Corp.,
5.0000%, 8/20/24
AUD
23,000,000
16,551,663
New
Zealand
Government
Bond,
0.5000%, 5/15/24
NZD
204,355,000
125,037,271
Queensland
Treasury
Corp.,
4.2500%, 7/21/23
(144A)
AUD
10,000,000
7,072,063
Queensland
Treasury
Corp.,
4.7500%, 7/21/25
(144A)
20,000,000
14,473,801
South
Australian
Government
Financing
Authority,
2.7500%, 4/16/25
13,000,000
8,999,727
Treasury
Corp.
of
Victoria,
5.5000%, 12/17/24
6,825,000
4,973,908
Western
Australian
Treasury
Corp.,
5.0000%, 7/23/25
8,000,000
5,822,399
Total
Foreign
Government
Bonds
(cost
$207,129,517)
209,360,004
Mortgage-Backed
Securities
-
1.2%
Connecticut
Avenue
Securities
Trust
SOFR30A
+
2.5500%,
6.8601%, 7/25/42
(144A)
‡
$
3,155,828
3,178,112
SOFR30A
+
2.5000%,
6.8101%, 9/25/42
(144A)
‡
6,254,849
6,277,514
SOFR30A
+
2.4000%,
6.7101%, 12/25/42
(144A)
‡
6,350,000
6,373,962
FHLMC
STACR
REMIC
Trust
SOFR30A
+
2.3000%,
6.6101%, 8/25/42
(144A)
‡
5,216,493
5,207,128
SOFR30A
+
2.1500%,
6.4601%, 9/25/42
(144A)
‡
2,201,124
2,216,638
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
7
Shares/Principal/
Contract
Amounts
Value
Mortgage-Backed
Securities
-
(continued)
Firstmac
Mortgage
Funding
Trust
No.
4
,
30
Day
Australian
Bank
Bill
Rate
+
1.3000%
,
4.3300
%
,
3/8/49
‡
AUD
3,500,000
$
2,466,110
La
Trobe
Financial
Capital
Markets
Trust
30
Day
Australian
Bank
Bill
Rate
+
1.3500%,
4.4119%, 2/11/51
‡
266,481
187,741
30
Day
Australian
Bank
Bill
Rate
+
1.8500%,
4.9119%, 2/11/51
‡
1,170,721
824,409
Pepper
Residential
Securities
Trust
No.
22
,
ICE
LIBOR
USD
1
Month
+
1.0000%
,
5.4857
%
,
6/20/60
(144A)
‡
$
281,698
283,001
Pepper
Residential
Securities
Trust
No.
23
,
30
Day
Australian
Bank
Bill
Rate
+
2.2500%
,
5.3450
%
,
8/18/60
‡
AUD
738,341
519,170
Pepper
Residential
Securities
Trust
No.
24
,
ICE
LIBOR
USD
1
Month
+
0.9000%
,
5.3649
%
,
11/18/60
(144A)
‡
$
142,800
143,500
TORRENS
Trust
,
30
Day
Australian
Bank
Bill
Rate
+
1.6000%
,
4.6450
%
,
1/12/46
‡
AUD
782,708
551,208
Total
Mortgage-Backed
Securities
(cost
$28,334,591)
28,228,493
Exchange
Traded
Fund
-
1.2%
Janus
Henderson
AAA
CLO
ETF
£
(cost
$27,667,778)
550,000
27,445,000
Investment
Companies
-
0.3%
Money
Market
Funds
-
0.3%
Federated
Hermes
Government
Obligations
Tax-Managed
Fund,
4.1900%
∞
(cost
$6,063,475)
6,063,475
6,063,475
Commercial
Paper
-
12.0%
Centennial
Energy
Holdings,
Inc.,
5.3508%, 2/1/23
(Section
4(2))
$
18,000,000
17,997,731
Enbridge,
Inc.,
5.4685%, 2/21/23
(Section
4(2))
CAD
11,250,000
8,404,682
Energy
Transfer
LP,
5.0007%, 2/1/23
(Section
4(2))
$
6,000,000
5,999,194
Jabil,
Inc.,
5.1207%, 2/1/23
(Section
4(2))
104,750,000
104,735,343
Jabil,
Inc.,
5.1207%, 2/2/23
(Section
4(2))
85,500,000
85,475,946
Targa
Resources
Corp.,
5.0507%, 2/1/23
(Section
4(2))
25,000,000
24,997,056
Targa
Resources
Corp.,
5.0507%, 2/2/23
(Section
4(2))
30,000,000
29,992,888
Total
Commercial
Paper
(cost
$277,548,978)
277,602,840
Exchange-Traded
Purchased
Options
-
0%
Put
-
0%
3
Months
SOFR
USD
Currency,
Notional
amount
1,525,000,000,
premiums
paid
$114,375,
unrealized
depreciation
$(76,250),
exercise
price
$95,
expires
2/10/23*
6,100
38,125
Total
Exchange-Traded
Purchased
Options
(premiums
paid
$114,375)
38,125
OTC
Purchased
Options
-
Puts
-
0%
Counterparty/Reference
Asset
Morgan
Stanley
&
Co.
USD/JPY
Currency,
Notional
amount
13,050,000,
premiums
paid
$131,805,
unrealized
appreciation
$176,936,
exercise
price
$125,
expires
6/29/23*
13,050,000
308,741
Total
OTC
Purchased
Options
(premiums
paid
$131,805)
308,741
Total
Investments
(total
cost
$2,471,485,121
)
-
104.6%
2,416,453,060
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(4.6%)
(106,798,681)
Net
Assets
-
100.0%
$2,309,654,379
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
8
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
1,381,907,171
57.2%
Australia
472,832,359
19.6
New
Zealand
137,827,307
5.7
Canada
119,325,699
4.9
Ireland
46,511,677
1.9
United
Kingdom
45,315,685
1.9
Singapore
44,383,484
1.8
Spain
27,523,969
1.1
Switzerland
26,862,256
1.1
South
Korea
25,986,906
1.1
Finland
22,171,435
0.9
Netherlands
20,966,463
0.9
Denmark
13,732,181
0.6
United
Arab
Emirates
12,701,610
0.5
Sweden
12,207,248
0.5
Cayman
Islands
6,197,610
0.3
Total
$
2,416,453,060
100.0
%
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
1/31/23
Investment
Company
-
1.2%
Exchange
Traded
Fund
-
1.2%
Janus
Henderson
AAA
CLO
ETF
∞
$
334,857
$
–
$
(222,777)
$
27,445,000
Market
Value
at
10/31/22
Purchases
Sales
Market
Value
at
1/31/23
Investment
Company
-
1.2%
Exchange
Traded
Fund
-
1.2%
Janus
Henderson
AAA
CLO
ETF
∞
$
26,862,000
$
–
$
–
$
27,445,000
Schedule
of
Forward
Foreign
Currency
Exchange
Contracts
,
Open
Counterparty/
Foreign
Currency
Settlement
Date
Foreign
Currency
Amount
Sold/
(Purchased)
USD
Currency
Amount
Sold/
(Purchased)
Market
Value
and
Unrealized
Appreciation
(Depreciation)
Bank
of
America
N.A.
Canadian
Dollar
4/28/23
71,500,000
$
(53,345,072)
$
(274,848)
–
Citibank
N.A.
Canadian
Dollar
2/21/23
11,250,000
(8,353,490)
(78,511)
New
Zealand
Dollar
4/28/23
193,500,000
(125,249,648)
155,090
76,579
Morgan
Stanley
&
Co.
Australian
Dollar
4/28/23
626,200,000
(446,225,737)
3,556,608
–
Total
$3,358,339
Janus
Henderson
Short
Duration
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
9
Schedule
of
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
and
Unrealized
Depreciation
Futures
Short:
U.S.
Treasury
2
Year
Notes
3,916
3/31/23
$
(805,319,283)
$
(1,586,294)
U.S.
Treasury
5
Year
Notes
1,579
3/31/23
(172,493,415)
(1,618,061)
Total
$(3,204,355)
Schedule
of
Centrally
Cleared
Credit
Default
Swaps
-
Buy
Protection
Referenced
Asset
Maturity
Date
Notional
Amount
Value
Premiums
Paid/
(Received)
Unrealized
Appreciation
(Depreciation)
CDX.NA.IG.38-V1,
Fixed
Rate
of
1.00%
Paid
Quarterly
6/20/27
$
51,500,000
$
(802,999)
$
428,713
$
(374,286)
CDX.NA.IG.38-V1,
Fixed
Rate
of
1.00%
Paid
Quarterly
6/20/27
130,000,000
(2,026,987)
1,414,439
(612,548)
CDX.NA.IG.38-V1,
Fixed
Rate
of
1.00%
Paid
Quarterly
6/20/27
58,250,000
(908,246)
250,987
(657,259)
Total
(3,738,232)
2,094,139
$(1,644,093)
Schedule
of
OTC
Written
Options
Counterparty/
Reference
Asset
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Premiums
Received
Unrealized
Appreciation/
(Depreciation)
Option
Written,
at
Value
Written
Put
Options:
Morgan
Stanley
&
Co.
USD/JPY
Currency
13,050,000
120.00
USD
06/29/2023
$
13,050,000
$
78,300
$
(81,850)
$
(160,150)
Average
ending
Monthly
Value
of
Derivative
Instruments
During
the
Period
Ended
January
31,
2023
Futures
contracts:
Average
notional
amount
of
contracts
-
short
$933,793,561
Forward
foreign
currency
exchange
contracts:
Average
amounts
purchased
-
in
USD
2,990,969
Average
amounts
sold
-
in
USD
595,135,294
Credit
default
swaps:
Average
notional
amount
-
buy
protection
239,750,000
Options:
Average
value
of
option
contracts
purchased
503,311
Average
value
of
option
contracts
written
266,224
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2023
10
ETF
Exchange
Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
ICE
Intercontinental
Exchange
LIBOR
LIBOR
(London
Interbank
Offered
Rate)
is
a
short-term
interest
rate
that
banks
offer
one
another
and
generally
represents
current
cash
rates.
LLC
Limited
Liability
Company
LP
Limited
Partnership
plc
Public
Limited
Company
SOFR
Secured
Overnight
Financing
Rate
SOFR30A
Secured
Overnight
Financing
Rate
30
Day
Average
SOFRINDX
Secured
Overnight
Financing
Rate
Compounded
Index
*
Non-income
producing
security.
∞
Rate
shown
is
the
7-day
yield
as
of
January
31,
2023.
£
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
Ç
Step
bond.
The
coupon
rate
will
increase
or
decrease
periodically
based
upon
a
predetermined
schedule.
The
rate
shown
reflects
the
current
rate.
Section
4(2)
Securities
subject
to
legal
and/or
contractual
restrictions
on
resale
and
may
not
be
publicly
sold
without
registration
under
the
Securities
Act
of
1933,
as
amended.
The
total
value
of
Section
4(2)
securities
as
of
the
period
ended
January
31,
2023
is
$277,602,840
which
represents
12.0%
of
net
assets.
144A
Securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended,
are
subject
to
legal
and/or
contractual
restrictions
on
resale
and
may
not
be
publicly
sold
without
registration
under
the
1993
Act.
Unless
otherwise
noted,
these
securities
have
been
determined
to
be
liquid
in
accordance
with
the
requirements
of
Rule
22e-4,
under
the
1940
Act.
The
total
value
of
144A
securities
as
of
the
period
ended
January
31,
2023
is
$537,796,580
which
represents
23.3%
of
net
assets.
‡
Variable
or
floating
rate
security.
Rate
shown
is
the
current
rate
as
of
January
31,
2023.
Certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread;
they
are
determined
by
the
issuer
or
agent
and
current
market
conditions.
Reference
rate
is
as
of
reset
date
and
may
vary
by
security,
which
may
not
indicate
a
reference
rate
and/or
spread
in
their
description.
Janus
Henderson
Short
Duration
Income
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2023
11
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
January
31,
2023
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Assets
Investments
in
Securities:
Corporate
Bonds
$
—
$
1,867,406,382
$
—
Foreign
Government
Bonds
—
209,360,004
—
Mortgage-Backed
Securities
—
28,228,493
—
Exchange
Traded
Fund
27,445,000
—
—
Investment
Companies
6,063,475
—
—
Commercial
Paper
—
277,602,840
—
OTC
Purchased
Options
-
Puts
38,125
308,741
—
Total
Investments
in
Securities
$
33,546,600
$
2,382,906,460
$
—
Other
Financial
Instruments
(a)
:
Forward
Foreign
Currency
Exchange
Contracts
$
—
$
3,711,698
$
—
Total
Assets
$
33,546,600
$
2,386,618,158
$
—
Liabilities
Other
Financial
Instruments
(a)
:
Centrally
Cleared
Swaps
$
—
$
1,644,093
$
—
Forward
Foreign
Currency
Exchange
Contracts
—
353,359
—
Futures
Contracts
3,204,355
—
—
Options
Written,
at
Value
—
160,150
—
Total
Liabilities
$
3,204,355
$
2,157,602
$
—
(a)
Other
financial
instruments
include
forward
foreign
currency
exchange,
futures,
written
options
and
swap
contracts.
Forward
foreign
currency
exchange
contracts,
futures
contracts
and
swap
contracts
are
reported
at
their
unrealized
appreciation/(depreciation)
at
measurement
date,
which
represents
the
change
in
the
contract’s
value
from
trade
date.
Written
options
are
reported
at
their
market
value
at
measurement
date.
12
Investment
Valuation
Fund holdings
are
valued
in
accordance
with
policies
and
procedures
established
by
the
Adviser
pursuant
to
Rule
2a-5
under
the
1940
Act
and
approved
by
and
subject
to
the
oversight
of
the
Trustees
(the
“Valuation
Procedures”).
Equity
securities,
including
shares
of
exchange-traded
funds,
traded
on
a
domestic
securities
exchange
are
generally
valued
at
readily
available
market
quotations,
which
are
(i)
the
official
close
prices
or
(ii)
last
sale
prices
on
the
primary
market
or
exchange
in
which
the
securities
trade.
If
such
price
is
lacking
for
the
trading
period
immediately
preceding
the
time
of
determination,
such
securities
are
generally
valued
at
their
current
bid
price.
Equity
securities
that
are
traded
on
a
foreign
exchange
are
generally
valued
at
the
closing
prices
on
such
markets.
In
the
event
that
there
is
no
current
trading
volume
on
a
particular
security
in
such
foreign
exchange,
the
bid
price
from
the
primary
exchange
is
generally
used
to
value
the
security.
Foreign
securities
and
currencies
are
converted
to
U.S.
dollars
using
the
current
spot
USD
dollar
exchange
rate
in
effect
at
the
close
of
the
London
Stock
Exchange.
The Fund will
determine
the
market
value
of
individual
securities
held
by
it
by
using
prices
provided
by
one
or
more
approved
professional
pricing
services
or,
as
needed,
by
obtaining
market
quotations
from
independent
broker-dealers.
Most
debt
securities
are
valued
in
accordance
with
the
evaluated
bid
price
supplied
by
the
Adviser-approved
pricing
service
that
is
intended
to
reflect
market
value.
The
evaluated
bid
price
supplied
by
the
pricing
service
is
an
evaluation
that
may
consider
factors
such
as
security
prices,
yields,
maturities
and
ratings.
Certain
short-term
securities
maturing
within
60
days
or
less
may
be
evaluated
and
valued
on
an
amortized
cost
basis
provided
that
the
amortized
cost
determined
approximates
market
value.
Securities
for
which
market
quotations
or
evaluated
prices
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
determined
in
good
faith
by
the
Adviser
pursuant
to
the
Valuation
Procedures.
Circumstances
in
which
fair
valuation
may
be
utilized
include,
but
are
not
limited
to:
(i)
a
significant
event
that
may
affect
the
securities
of
a
single
issuer,
such
as
a
merger,
bankruptcy,
or
significant
issuer-specific
development;
(ii)
an
event
that
may
affect
an
entire
market,
such
as
a
natural
disaster
or
significant
governmental
action;
(iii)
a
nonsignificant
event
such
as
a
market
closing
early
or
not
opening,
or
a
security
trading
halt;
and
(iv)
pricing
of
a
non-valued
security
and
a
restricted
or
nonpublic
security.
Special
valuation
considerations
may
apply
with
respect
to
“odd-lot”
fixed-income
transactions
which,
due
to
their
small
size,
may
receive
evaluated
prices
by
pricing
services
which
reflect
a
large
block
trade
and
not
what
actually
could
be
obtained
for
the
odd-
lot
position.
The
value
of
the
securities
of
other
mutual
funds
held
by
a
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds.
Valuation
Inputs
Summary
FASB
ASC
820,
Fair
Value
Measurements
and
Disclosures
(“ASC
820”),
defines
fair
value,
establishes
a
framework
for
measuring
fair
value,
and
expands
disclosure
requirements
regarding
fair
value
measurements.
This
standard
emphasizes
that
fair
value
is
a
market-based
measurement
that
should
be
determined
based
on
the
assumptions
that
market
participants
would
use
in
pricing
an
asset
or
liability
and
establishes
a
hierarchy
that
prioritizes
inputs
to
valuation
techniques
used
to
measure
fair
value.
These
inputs
are
summarized
into
three
broad
levels:
Level
1
–
Unadjusted
quoted
prices
in
active
markets
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities.
Level
2
–
Observable
inputs
other
than
unadjusted
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Assets
or
liabilities
categorized
as
Level
2
in
the
hierarchy
generally
include:
debt
securities
fair
valued
in
accordance
with
the
evaluated
bid
or
ask
prices
supplied
by
a
pricing
service;
securities
traded
on
OTC
markets
and
listed
securities
for
which
no
sales
are
reported
that
are
fair
valued
at
the
latest
bid
price
(or
yield
equivalent
thereof)
obtained
from
one
or
more
dealers
transacting
in
a
market
for
such
securities
or
by
a
pricing
service
approved
by
the
Fund’s
Trustees;
and
certain
short-term
debt
securities
with
maturities
of
60
days
or
less
that
are
fair
valued
at
amortized
cost.
Other
securities
that
may
be
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
preferred
stocks,
bank
loans,
swaps,
investments
in
unregistered
investment
companies,
options,
and
forward
contracts.
Level
3
–
Unobservable
inputs
for
the
asset
or
liability
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Fund’s
own
assumptions
about
the
assumptions
that
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
that
would
be
based
on
the
best
information
available.
13
The
inputs
or
methodology
used
for
fair
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
summary
of
inputs
used
as
of
January
31,
2023 to
fair
value
the
Fund’s
investments
in
securities
and
other
financial
instruments
is
included
in
the
“Valuation
Inputs
Summary”
in
the
Notes
to
Schedule
of
Investments
and
Other
Information.
For
additional
information
on
the
Fund,
please
refer
to
the
Fund's
most
recent
semiannual
or
annual
shareholder
report.
125-25-70332
03-23