Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
1
Shares/
Principal
Amounts
Value
Common
Stocks
-
100.0%
Aerospace
&
Defense
-
0.0%
AerSale
Corp.*
17,025
$
158,332
Air
Freight
&
Logistics
-
1.5%
CH
Robinson
Worldwide,
Inc.*
38,739
3,257,563
Forward
Air
Corp.
8,519
377,647
Hub
Group,
Inc.
-
Class
A*
20,714
937,930
4,573,140
Automobile
Components
-
0.3%
Fox
Factory
Holding
Corp.*
3,738
235,643
LCI
Industries
2,232
248,377
Patrick
Industries,
Inc.
1,951
195,861
Phinia
,
Inc.
4,112
124,347
XPEL,
Inc.*
2,435
130,151
934,379
Banks
-
3.5%
Amalgamated
Financial
Corp.
8,302
220,501
Bancorp,
Inc.
(The)*
14,666
640,024
Bridgewater
Bancshares,
Inc.*
7,635
95,514
Business
First
Bancshares,
Inc.
6,921
156,069
Byline
Bancorp,
Inc.
11,943
260,835
Capstar
Financial
Holdings,
Inc.
5,649
102,755
Coastal
Financial
Corp.*
3,633
144,957
CrossFirst
Bankshares
,
Inc.*
13,461
190,069
Customers
Bancorp,
Inc.*
8,586
458,836
Dime
Community
Bancshares,
Inc.
10,608
241,968
Enterprise
Financial
Services
Corp.
10,217
425,334
Esquire
Financial
Holdings,
Inc.
2,237
111,537
Fidelity
D&D
Bancorp,
Inc.
1,553
77,246
First
Bank
6,885
94,600
First
Foundation,
Inc.
15,406
146,665
First
Western
Financial,
Inc.*
2,601
44,347
Five
Star
Bancorp
#
4,709
112,215
FNCB
Bancorp,
Inc.
5,377
34,951
HomeTrust
Bancshares,
Inc.
4,743
128,772
Independent
Bank
Corp.
5,689
144,728
Investar
Holding
Corp.
2,653
47,489
John
Marshall
Bancorp,
Inc.
#
3,852
73,188
MainStreet
Bancshares,
Inc.
2,047
37,910
Metropolitan
Bank
Holding
Corp.*
3,021
146,488
Midland
States
Bancorp,
Inc.
5,879
154,383
Northeast
Bank
2,277
124,848
Northeast
Community
Bancorp,
Inc.
3,866
66,611
Norwood
Financial
Corp.
#
2,197
60,176
Old
Second
Bancorp,
Inc.
12,205
166,232
OP
Bancorp
4,076
44,469
Orange
County
Bancorp,
Inc.
#
1,540
74,752
Origin
Bancorp,
Inc.
8,443
257,512
Pathward
Financial,
Inc.
7,100
367,638
Plumas
Bancorp
1,598
56,377
Preferred
Bank
4,071
292,461
ServisFirst
Bancshares,
Inc.
14,884
999,312
SmartFinancial
,
Inc.
4,636
107,833
Southern
States
Bancshares,
Inc.
2,406
61,497
Stock
Yards
Bancorp,
Inc.
8,059
400,693
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
2
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Banks
-
(continued)
Summit
Financial
Group,
Inc.
4,019
$
113,698
Triumph
Financial,
Inc.*
6,366
449,758
UMB
Financial
Corp.
13,268
1,094,610
Unity
Bancorp,
Inc.
2,744
75,158
Western
Alliance
Bancorp
29,933
1,914,515
11,019,531
Beverages
-
1.2%
Coca-Cola
Consolidated,
Inc.
3,371
2,903,745
MGP
Ingredients,
Inc.
8,864
752,997
3,656,742
Biotechnology
-
0.5%
Catalyst
Pharmaceuticals,
Inc.*
117,879
1,697,458
Building
Products
-
3.6%
Advanced
Drainage
Systems,
Inc.
25,874
3,374,487
CSW
Industrials,
Inc.
5,163
1,092,336
PGT
Innovations,
Inc.*
18,939
780,666
Quanex
Building
Products
Corp.
10,973
342,577
Simpson
Manufacturing
Co.,
Inc.
14,171
2,564,809
Tecnoglass
,
Inc.
15,665
720,747
UFP
Industries,
Inc.
20,525
2,328,561
11,204,183
Capital
Markets
-
2.4%
Bridge
Investment
Group
Holdings,
Inc.
-
Class
A
9,330
91,247
Hamilton
Lane,
Inc.
-
Class
A
10,554
1,223,631
Interactive
Brokers
Group,
Inc.
-
Class
A
29,263
2,597,091
Open
Lending
Corp.
-
Class
A*
32,715
240,128
PJT
Partners,
Inc.
-
Class
A
6,626
637,223
Silvercrest
Asset
Management
Group,
Inc.
-
Class
A
2,537
42,317
Stifel
Financial
Corp.
27,889
2,034,503
Victory
Capital
Holdings,
Inc.
-
Class
A
18,037
608,388
7,474,528
Chemicals
-
3.1%
Hawkins,
Inc.
10,441
695,057
Origin
Materials,
Inc.
#
,*
71,614
42,252
Westlake
Corp.
#
63,893
8,839,597
9,576,906
Commercial
Services
&
Supplies
-
3.3%
Driven
Brands
Holdings,
Inc.*
54,432
713,603
Rollins,
Inc.
160,748
6,961,996
Tetra
Tech,
Inc.
17,683
2,797,097
10,472,696
Communications
Equipment
-
0.1%
Clearfield,
Inc.
#
,*
13,057
328,906
Construction
&
Engineering
-
2.4%
Ameresco,
Inc.
-
Class
A*
11,361
232,105
Comfort
Systems
USA,
Inc.
11,861
2,579,412
MYR
Group,
Inc.*
5,546
797,792
Sterling
Infrastructure,
Inc.*
10,237
768,799
WillScot
Mobile
Mini
Holdings
Corp.*
63,635
3,009,935
7,388,043
Construction
Materials
-
1.3%
Eagle
Materials,
Inc.
17,395
3,936,141
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
3
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Consumer
Staples
Distribution
&
Retail
-
2.1%
BJ's
Wholesale
Club
Holdings,
Inc.*
53,723
$
3,456,538
Ingles
Markets,
Inc.
-
Class
A
5,849
492,778
Maplebear
,
Inc.
#
,*
112,861
2,761,709
6,711,025
Diversified
REITs
-
0.1%
Essential
Properties
Realty
Trust,
Inc.
13,711
341,541
Electric
Utilities
-
0.3%
NRG
Energy,
Inc.
14,229
754,706
Otter
Tail
Corp.
2,625
237,353
992,059
Electrical
Equipment
-
1.3%
Atkore,
Inc.*
12,393
1,890,304
Encore
Wire
Corp.
5,239
1,181,395
Preformed
Line
Products
Co.
1,622
198,290
Shoals
Technologies
Group,
Inc.
-
Class
A*
56,420
743,051
4,013,040
Electronic
Equipment,
Instruments
&
Components
-
6.9%
Badger
Meter,
Inc.
25,136
3,619,333
Fabrinet*
31,118
6,644,004
Insight
Enterprises,
Inc.*
27,903
5,154,800
Littelfuse
,
Inc.
21,329
5,159,485
Napco
Security
Technologies,
Inc.
31,486
1,094,139
21,671,761
Energy
Equipment
&
Services
-
0.2%
Atlas
Energy
Solutions,
Inc.
21,803
378,718
ProFrac
Holding
Corp.
-
Class
A
#
,*
34,733
274,738
653,456
Entertainment
-
0.7%
Madison
Square
Garden
Entertainment
Corp.*
9,784
326,199
TKO
Group
Holdings,
Inc.
19,864
1,662,418
Vivid
Seats,
Inc.
-
Class
A*
26,680
153,143
2,141,760
Financial
Services
-
0.5%
International
Money
Express,
Inc.*
9,523
196,174
Merchants
Bancorp
11,819
516,963
NMI
Holdings,
Inc.
-
Class
A*
22,164
707,475
1,420,612
Food
Products
-
1.1%
Darling
Ingredients,
Inc.*
64,255
2,782,241
Mama's
Creations,
Inc.*
15,021
64,741
WK
Kellogg
Co.
34,471
447,778
3,294,760
Ground
Transportation
-
2.6%
ArcBest
Corp.
7,856
935,885
Landstar
System,
Inc.
11,938
2,288,754
Marten
Transport
Ltd.
26,989
499,297
PAM
Transportation
Services,
Inc.*
7,299
151,162
Saia,
Inc.*
8,816
3,972,313
Universal
Logistics
Holdings,
Inc.
8,719
266,104
8,113,515
Health
Care
Equipment
&
Supplies
-
5.9%
iRadimed
Corp.
14,129
585,082
QuidelOrtho
Corp.*
73,887
5,061,998
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
4
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Health
Care
Equipment
&
Supplies
-
(continued)
Semler
Scientific,
Inc.*
7,594
$
336,338
Shockwave
Medical,
Inc.*
40,800
9,231,000
STAAR
Surgical
Co.*
53,975
1,511,840
UFP
Technologies,
Inc.*
8,445
1,423,067
Zynex
,
Inc.*
37,464
443,574
18,592,899
Health
Care
Providers
&
Services
-
5.6%
AdaptHealth
Corp.
-
Class
A*
150,788
1,088,689
AMN
Healthcare
Services,
Inc.*
41,785
3,092,508
Cross
Country
Healthcare,
Inc.*
38,859
825,754
DocGo
,
Inc.*
114,841
424,912
Ensign
Group,
Inc.
(The)
62,458
7,071,495
Fulgent
Genetics,
Inc.
#
,*
32,760
805,568
Joint
Corp.
(The)*
16,287
158,961
Progyny,
Inc.*
105,971
4,036,435
17,504,322
Health
Care
Technology
-
1.1%
Doximity
,
Inc.
-
Class
A*
130,657
3,521,206
Hotels,
Restaurants
&
Leisure
-
0.3%
Bowlero
Corp.
-
Class
A
#
,*
8,171
88,329
ONE
Group
Hospitality,
Inc.
(The)*
2,743
12,069
Wingstop
,
Inc.
2,595
729,480
Xponential
Fitness,
Inc.
-
Class
A*
2,710
29,973
859,851
Household
Durables
-
1.9%
Cavco
Industries,
Inc.*
735
243,961
Century
Communities,
Inc.
2,802
242,933
Dream
Finders
Homes,
Inc.
-
Class
A*
2,896
95,191
Green
Brick
Partners,
Inc.*
4,003
208,836
Installed
Building
Products,
Inc.
2,508
488,684
KB
Home
6,999
417,070
Landsea
Homes
Corp.*
3,315
41,736
Legacy
Housing
Corp.*
2,141
50,592
Lovesac
Co.
(The)*
1,356
31,405
M/I
Homes,
Inc.*
2,457
313,071
MDC
Holdings,
Inc.
6,588
412,277
Meritage
Homes
Corp.
3,215
532,436
Skyline
Champion
Corp.*
5,081
347,947
Taylor
Morrison
Home
Corp.
-
Class
A*
9,483
494,444
Toll
Brothers,
Inc.
9,488
942,633
TopBuild
Corp.*
2,804
1,035,041
5,898,257
Independent
Power
and
Renewable
Electricity
Producers
-
0.0%
Montauk
Renewables,
Inc.*
9,025
62,363
Industrial
REITs
-
0.6%
Innovative
Industrial
Properties,
Inc.
2,481
231,304
Plymouth
Industrial
REIT,
Inc.
3,960
87,674
Rexford
Industrial
Realty,
Inc.
18,481
971,916
Terreno
Realty
Corp.
7,434
444,033
1,734,927
Insurance
-
2.0%
F&G
Annuities
&
Life,
Inc.
34,315
1,538,684
Hagerty,
Inc.
-
Class
A*
23,097
185,931
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
5
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Insurance
-
(continued)
Kinsale
Capital
Group,
Inc.
6,335
$
2,518,606
Palomar
Holdings,
Inc.*
6,759
404,661
RLI
Corp.
12,475
1,701,216
6,349,098
Interactive
Media
&
Services
-
0.8%
Cargurus
,
Inc.
-
Class
A*
22,930
532,893
Shutterstock,
Inc.
8,504
399,433
ZipRecruiter,
Inc.
-
Class
A*
17,491
243,475
ZoomInfo
Technologies,
Inc.
-
Class
A*
92,867
1,489,586
2,665,387
IT
Services
-
1.4%
DigitalOcean
Holdings,
Inc.
#
,*
73,666
2,484,018
Perficient,
Inc.*
29,780
2,028,911
4,512,929
Leisure
Products
-
0.2%
Brunswick
Corp.
6,073
489,970
Life
Sciences
Tools
&
Services
-
9.6%
Charles
River
Laboratories
International,
Inc.*
43,949
9,505,290
Maravai
LifeSciences
Holdings,
Inc.
-
Class
A*
146,135
847,583
Medpace
Holdings,
Inc.*
31,994
9,328,810
Repligen
Corp.*
55,080
10,432,152
30,113,835
Machinery
-
2.0%
Kadant
,
Inc.
3,887
1,111,682
Mueller
Industries,
Inc.
37,694
1,809,312
Toro
Co.
(The)
34,610
3,200,733
Velo3D,
Inc.
#
,*
66,957
20,991
6,142,718
Marine
Transportation
-
0.4%
Matson,
Inc.
11,598
1,299,324
Media
-
0.5%
Nexstar
Media
Group,
Inc.
-
Class
A
8,082
1,436,252
PubMatic,
Inc.
-
Class
A*
9,896
150,221
1,586,473
Metals
&
Mining
-
1.6%
Alpha
Metallurgical
Resources,
Inc.
6,623
2,644,166
MP
Materials
Corp.*
88,650
1,401,556
Ramaco
Resources,
Inc.
-
Class
A
#
25,843
487,916
Ryerson
Holding
Corp.
17,030
584,470
5,118,108
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.1%
AFC
Gamma,
Inc.
5,785
67,453
Chicago
Atlantic
Real
Estate
Finance,
Inc.
5,183
82,254
Sachem
Capital
Corp.
12,695
45,575
195,282
Oil,
Gas
&
Consumable
Fuels
-
1.3%
Callon
Petroleum
Co.*
14,776
474,605
Civitas
Resources,
Inc.
20,802
1,348,178
Crescent
Energy
Co.
-
Class
A
#
19,307
213,342
Granite
Ridge
Resources,
Inc.
#
28,967
158,739
HighPeak
Energy,
Inc.
#
27,995
382,132
Matador
Resources
Co.
25,981
1,426,097
VAALCO
Energy,
Inc.
22,877
97,456
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
6
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Oil,
Gas
&
Consumable
Fuels
-
(continued)
Vitesse
Energy,
Inc.
6,373
$
133,897
4,234,446
Personal
Care
Products
-
1.2%
Beauty
Health
Co.
(The)*
52,777
154,637
BellRing
Brands,
Inc.*
52,798
2,918,146
Medifast
,
Inc.
4,382
239,476
Olaplex
Holdings,
Inc.*
263,613
593,129
3,905,388
Pharmaceuticals
-
0.9%
Amphastar
Pharmaceuticals,
Inc.*
52,975
2,826,746
Professional
Services
-
4.9%
CBIZ,
Inc.*
16,549
1,053,509
Concentrix
Corp.
22,116
1,965,449
CRA
International,
Inc.
2,325
249,333
DLH
Holdings
Corp.*
4,599
72,204
ExlService
Holdings,
Inc.*
54,765
1,713,049
Exponent,
Inc.
16,809
1,482,386
FTI
Consulting,
Inc.*
11,791
2,259,273
Heidrick
&
Struggles
International,
Inc.
6,673
199,990
Insperity,
Inc.
12,378
1,419,633
Paylocity
Holding
Corp.*
18,656
2,955,297
TriNet
Group,
Inc.*
16,771
1,906,863
15,276,986
Semiconductors
&
Semiconductor
Equipment
-
7.3%
ACM
Research,
Inc.
-
Class
A*
47,600
819,672
Amkor
Technology,
Inc.
210,507
6,664,652
Diodes,
Inc.*
39,346
2,648,773
Navitas
Semiconductor
Corp.
-
Class
A*
152,851
875,836
Onto
Innovation,
Inc.*
42,038
6,789,137
Photronics
,
Inc.*
53,568
1,565,257
Power
Integrations,
Inc.
48,699
3,650,477
23,013,804
Software
-
3.9%
CoreCard
Corp.
#
,*
7,210
87,241
Digital
Turbine,
Inc.*
86,735
467,502
Qualys,
Inc.*
31,506
5,959,990
SPS
Commerce,
Inc.*
31,432
5,777,201
12,291,934
Specialized
REITs
-
0.1%
National
Storage
Affiliates
Trust
7,269
271,497
Specialty
Retail
-
2.5%
Academy
Sports
&
Outdoors,
Inc.
6,579
412,701
Arhaus
,
Inc.
-
Class
A*
4,671
54,604
Asbury
Automotive
Group,
Inc.*
1,816
379,653
AutoNation,
Inc.*
3,753
524,144
Boot
Barn
Holdings,
Inc.*
2,672
191,689
Dick's
Sporting
Goods,
Inc.
5,135
765,475
Five
Below,
Inc.*
4,916
882,225
Floor
&
Decor
Holdings,
Inc.
-
Class
A*
9,408
946,069
Group
1
Automotive,
Inc.
1,220
317,273
Hibbett,
Inc.
1,090
72,649
Lazydays
Holdings,
Inc.
#
,*
1,229
6,034
Lithia
Motors,
Inc.
-
Class
A
2,428
715,896
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
7
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Specialty
Retail
-
(continued)
MarineMax
,
Inc.*
1,950
$
54,600
OneWater
Marine,
Inc.
-
Class
A*
1,258
31,739
Penske
Automotive
Group,
Inc.
5,932
880,131
Revolve
Group,
Inc.
-
Class
A*
3,476
50,089
RH*
1,623
411,398
Williams-Sonoma,
Inc.
5,662
1,094,974
7,791,343
Textiles,
Apparel
&
Luxury
Goods
-
0.2%
Crocs,
Inc.*
5,345
542,410
Figs,
Inc.
-
Class
A
#
,*
14,189
81,729
624,139
Trading
Companies
&
Distributors
-
4.5%
Applied
Industrial
Technologies,
Inc.
12,871
2,271,217
BlueLinx
Holdings,
Inc.*
2,910
335,639
Boise
Cascade
Co.
13,146
1,780,757
Core
&
Main,
Inc.
-
Class
A*
57,424
2,372,185
Custom
Truck
One
Source,
Inc.*
80,618
527,242
GMS,
Inc.*
13,478
1,134,309
Hudson
Technologies,
Inc.*
15,090
191,341
Karat
Packaging,
Inc.
6,619
159,650
SiteOne
Landscape
Supply,
Inc.*
14,985
2,315,932
WESCO
International,
Inc.
16,961
2,943,073
14,031,345
Water
Utilities
-
0.2%
Essential
Utilities,
Inc.
17,216
617,366
Pure
Cycle
Corp.*
1,510
14,783
632,149
Total
Common
Stocks
(cost
$289,307,886)
313,321,240
Investment
Companies
-
0.0%
Money
Market
Funds
-
0.0%
Invesco
Liquid
Assets
Portfolio,
Institutional
Class,
5.4393%
∞
(cost
$57,023)
56,985
57,019
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1.9%
Investment
Companies
-
1.5%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.2576%
£,∞
4,692,080
4,692,080
Time
Deposits
-
0.4%
Royal
Bank
of
Canada,
5.3100%,
2/1/24
$
1,141,300
1,141,300
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$5,833,380)
5,833,380
Total
Investments
(total
cost
$295,198,289
)
-
101.9%
319,211,639
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(1.9%)
(5,830,981)
Net
Assets
-
100.0%
$313,380,658
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
8
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
312,567,635
97.9
%
Thailand
6,644,004
2.1
Total
$
319,211,639
100.0
%
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Affiliated
Investments,
at
Value
at
10/31/23
Purchases
Sales
Proceeds
Realized
Gain/
(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Affiliated
Investments,
at
Value
at
1/31/24
Dividend
Income
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1.9%
Investment
Companies
-
1.5%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.2576%
∞
$
668,992
$
12,903,690
$
(8,880,602)
$
–
$
–
$
4,692,080
$
10,004
Δ
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2024
9
LLC
Limited
Liability
Company
REIT
Real
Estate
Investment
Trust
*
Non-income
producing
security.
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
January
31,
2024.
∞
Rate
shown
is
the
7-day
yield
as
of
January
31,
2024.
£
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.
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
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,
2024
.
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:
Common
Stocks
$
313,321,240
$
—
$
—
Investment
Companies
57,019
—
—
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
—
5,833,380
—
Total
Assets
$
313,378,259
$
5,833,380
$
—
10
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
mutual
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds,
and
the
prospectuses
for
such
mutual
funds
explain
the
circumstances
under
which
they
use
fair
valuation
and
the
effects
of
using
fair
valuation.
The
value
of
the
securities
of
any
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
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.
11
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,
2024 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.
125-25-70328
03-24