Janus Henderson Venture Fund Class T (JAVTX) NPORT-P Janus Henderson High-Yield Fund (Sep 2023 report)

Janus Henderson High-Yield Fund

Schedule of Investments (unaudited)

September 30, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 3.3%
	Amercian Airlines Inc / AAdvantage Loyalty IP Ltd, 5.5000%, 4/20/26 (144A)	$2,752,600	$2,688,361
	Amercian Airlines Inc / AAdvantage Loyalty IP Ltd, 5.7500%, 4/20/29 (144A)	2,712,200	2,522,482
	BX Commercial Mortgage Trust 2021-ARIA F,
	CME Term SOFR 1 Month + 2.7080%, 8.0400%, 10/15/36 (144A)‡	6,000,000	5,647,051
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE C,
	3.8173%, 1/10/37 (144A)‡	5,000,000	4,588,803
	MED Trust 2021-MDLN F,
	CME Term SOFR 1 Month + 4.1145%, 9.4465%, 11/15/38 (144A)‡	5,476,379	5,197,620
	New Economy Assets Phase 1 Issuer LLC 2021-1 B1, 2.4100%, 10/20/61 (144A)	5,000,000	4,157,456
	VASA Trust 2021-VASA F,
	CME Term SOFR 1 Month + 4.0145%, 9.3475%, 7/15/39 (144A)‡	3,083,000	1,606,725
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $27,042,903)			26,408,498
Bank Loans and Mezzanine Loans– 0.7%
Consumer Cyclical – 0.7%
	Mic Glen LLC, CME Term SOFR 1 Month + 6.7500%, 12.1661%, 7/20/29‡	2,303,342	2,170,900
	Tacala Investment Corp, CME Term SOFR 1 Month + 8.0000%, 12.9455%, 2/4/28‡	3,481,080	3,347,058
Total Bank Loans and Mezzanine Loans (cost $5,667,403)			5,517,958
Corporate Bonds– 89.6%
Basic Industry – 4.8%
	Compass Minerals International Inc, 6.7500%, 12/1/27 (144A)	5,053,000	4,787,313
	First Quantum Minerals Ltd, 6.8750%, 10/15/27 (144A)	4,353,000	4,176,169
	First Quantum Minerals Ltd, 8.6250%, 6/1/31 (144A)	8,138,000	8,098,789
	FMG Resources (August 2006) Pty Ltd, 4.3750%, 4/1/31 (144A)	5,908,000	4,861,046
	Hudbay Minerals Inc, 4.5000%, 4/1/26 (144A)	5,548,000	5,190,578
	Hudbay Minerals Inc, 6.1250%, 4/1/29 (144A)	9,594,000	8,876,884
	Mineral Resources Ltd, 9.2500%, 10/1/28 (144A)	2,505,000	2,523,788
			38,514,567
Capital Goods – 11.3%
	ARD Finance SA, 6.5000% (6.50% Cash or 7.25% PIK), 6/30/27 (144A)Ø	13,018,678	9,821,823
	Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc,
	5.2500%, 8/15/27 (144A)	6,942,000	5,793,064
	Bombardier Inc, 7.5000%, 2/1/29 (144A)	4,109,000	3,899,303
	Builders FirstSource Inc, 4.2500%, 2/1/32 (144A)	2,770,000	2,271,582
	Builders FirstSource Inc, 6.3750%, 6/15/32 (144A)	4,413,000	4,153,993
	Cemex SAB de CV,
	US Treasury Yield Curve Rate 5 Year + 5.1570%, 9.1250% (144A)‡,µ	2,593,000	2,699,326
	Chart Industries Inc, 7.5000%, 1/1/30 (144A)	4,162,000	4,184,808
	JELD-WEN Inc, 4.8750%, 12/15/27 (144A)	4,114,000	3,630,111
	LABL Escrow Issuer LLC, 10.5000%, 7/15/27 (144A)#	4,323,000	4,063,114
	LABL Inc, 5.8750%, 11/1/28 (144A)	3,041,000	2,729,964
	LABL Inc, 8.2500%, 11/1/29 (144A)	9,788,000	7,989,455
	Standard Industries Inc/NJ, 3.3750%, 1/15/31 (144A)	13,599,000	10,511,769
	Summit Materials LLC / Summit Materials Finance Corp,
	5.2500%, 1/15/29 (144A)	4,754,000	4,316,602
	TransDigm Inc, 4.8750%, 5/1/29	10,596,000	9,309,565
	Trinity Industries Inc, 7.7500%, 7/15/28 (144A)	2,901,000	2,919,131
	Trivium Packaging Finance BV, 8.5000%, 8/15/27 (144A)	9,995,000	9,134,278
	Vertical US Newco Inc, 5.2500%, 7/15/27 (144A)	3,245,000	2,974,135
			90,402,023
Communications – 4.1%
	CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A)	2,788,000	2,219,355
	Connect Finco Sarl / Connect US Finco LLC, 6.7500%, 10/1/26 (144A)	4,770,000	4,448,968
	Gray Escrow II Inc, 5.3750%, 11/15/31 (144A)	2,392,000	1,565,414
	Gray Television Inc, 4.7500%, 10/15/30 (144A)	10,118,000	6,702,881
	Scripps Escrow II Inc, 3.8750%, 1/15/29 (144A)	619,000	465,511
	Scripps Escrow II Inc, 5.3750%, 1/15/31 (144A)	8,579,000	5,271,367
	Scripps Escrow Inc, 5.8750%, 7/15/27 (144A)	2,465,000	1,822,670
	Univision Communications Inc, 8.0000%, 8/15/28 (144A)	4,150,000	4,023,425
	Univision Communications Inc, 4.5000%, 5/1/29 (144A)	3,380,000	2,752,143
	Univision Communications Inc, 7.3750%, 6/30/30 (144A)	3,398,000	3,105,421
			32,377,155
Consumer Cyclical – 22.0%
	Allied Universal Holdco LLC / Allied Universal Finance Corp,
	6.0000%, 6/1/29 (144A)	4,822,000	3,594,741
	American Axle & Manufacturing Inc, 6.8750%, 7/1/28	3,417,000	3,101,167
	Arches Buyer Inc, 4.2500%, 6/1/28 (144A)	10,153,000	8,656,373
	Caesars Entertainment Inc, 7.0000%, 2/15/30 (144A)	4,333,000	4,216,276
	Carnival Corp, 6.0000%, 5/1/29 (144A)	19,863,000	16,991,060

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Consumer Cyclical– (continued)
	Century Communities Inc, 3.8750%, 8/15/29 (144A)	$2,794,000	$2,311,787
	Colt Merger Sub Inc, 8.1250%, 7/1/27 (144A)	6,370,000	6,400,366
	Foot Locker Inc, 4.0000%, 10/1/29 (144A)#	5,870,000	4,233,737
	Ford Motor Co, 3.2500%, 2/12/32	8,275,000	6,377,240
	Ford Motor Credit Co LLC, 3.3750%, 11/13/25	2,404,000	2,230,470
	Ford Motor Credit Co LLC, 7.2000%, 6/10/30	3,973,000	3,992,865
	Ford Motor Credit Co LLC, 3.6250%, 6/17/31	7,239,000	5,849,492
	Full House Resorts Inc, 8.2500%, 2/15/28 (144A)#	9,200,000	8,050,000
	Garda World Security Corp, 7.7500%, 2/15/28 (144A)	2,193,000	2,150,022
	Kohl's Corp, 4.6250%, 5/1/31Ç	7,171,000	4,819,199
	LGI Homes Inc, 4.0000%, 7/15/29 (144A)	4,398,000	3,508,942
	Life Time Inc, 8.0000%, 4/15/26 (144A)	4,440,000	4,362,300
	Lithia Motors Inc, 4.3750%, 1/15/31 (144A)	4,762,000	3,939,684
	LSF9 Atlantis Holdings LLC / Victra Finance Corp, 7.7500%, 2/15/26 (144A)	9,208,000	8,360,790
	Macy's Retail Holdings LLC, 5.8750%, 4/1/29 (144A)#	9,284,000	8,128,978
	Michaels Cos Inc/The, 5.2500%, 5/1/28 (144A)#	6,749,000	5,386,377
	Midwest Gaming Borrower LLC, 4.8750%, 5/1/29 (144A)	3,782,000	3,219,881
	Penn Entertainment Inc, 4.1250%, 7/1/29 (144A)#	6,264,000	5,118,847
	Sands China Ltd, 4.8750%, 6/18/30	2,072,000	1,788,679
	Service Corp International/US, 3.3750%, 8/15/30	9,221,000	7,432,126
	Shea Homes LP / Shea Homes Funding Corp, 4.7500%, 4/1/29	5,825,000	5,052,896
	Six Flags Entertainment Corp, 7.2500%, 5/15/31 (144A)#	4,065,000	3,816,547
	Station Casinos LLC, 4.6250%, 12/1/31 (144A)	1,989,000	1,590,968
	Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp,
	5.8750%, 5/15/25 (144A)	5,182,000	5,000,626
	Travel + Leisure Co, 4.6250%, 3/1/30 (144A)	5,448,000	4,584,602
	Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28 (144A)	5,869,000	5,093,412
	Wyndham Destinations Inc, 6.6250%, 7/31/26 (144A)	3,425,000	3,332,525
	Wynn Macau Ltd, 5.6250%, 8/26/28 (144A)	8,629,000	7,480,933
	Wynn Macau Ltd, 5.1250%, 12/15/29 (144A)	2,947,000	2,431,156
	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp,
	7.1250%, 2/15/31 (144A)	3,070,000	2,914,117
			175,519,181
Consumer Non-Cyclical – 13.9%
	AdaptHealth LLC, 5.1250%, 3/1/30 (144A)	4,167,000	3,226,831
	AMN Healthcare Inc, 4.0000%, 4/15/29 (144A)	6,253,000	5,306,055
	B&G Foods Inc, 5.2500%, 4/1/25	3,774,000	3,703,512
	B&G Foods Inc, 5.2500%, 9/15/27	1,633,000	1,367,590
	BellRing Brands Inc, 7.0000%, 3/15/30 (144A)	5,250,000	5,169,461
	Catalent Pharma Solutions Inc, 3.5000%, 4/1/30 (144A)#	5,885,000	4,845,238
	Chobani LLC / Chobani Finance Corp Inc, 7.5000%, 4/15/25 (144A)	7,625,000	7,553,172
	Chobani LLC / Chobani Finance Corp Inc, 4.6250%, 11/15/28 (144A)	1,761,000	1,553,167
	Hadrian Merger Sub Inc, 8.5000%, 5/1/26 (144A)	8,398,000	7,915,955
	Heartland Dental LLC / Heartland Dental Finance Corp,
	10.5000%, 4/30/28 (144A)	6,370,000	6,409,812
	HLF Financing Sarl LLC / Herbalife International Inc,
	4.8750%, 6/1/29 (144A)	4,307,000	3,057,970
	LifePoint Health Inc, 9.8750%, 8/15/30 (144A)#	3,589,000	3,474,619
	Mozart Debt Merger Sub Inc, 5.2500%, 10/1/29 (144A)	15,202,000	13,139,031
	Organon Finance 1 LLC, 5.1250%, 4/30/31 (144A)	12,955,000	10,381,524
	Owens & Minor Inc, 4.5000%, 3/31/29 (144A)	2,554,000	2,101,891
	Pediatrix Medical Group Inc, 5.3750%, 2/15/30 (144A)	2,538,000	2,235,242
	Post Holdings Inc, 4.5000%, 9/15/31 (144A)	2,706,000	2,252,186
	Star Parent Inc, 9.0000%, 10/1/30 (144A)	5,574,000	5,632,542
	Surgery Center Holdings Inc, 10.0000%, 4/15/27 (144A)	3,084,000	3,118,695
	Tenet Healthcare Corp, 4.2500%, 6/1/29	4,659,000	4,010,224
	Tenet Healthcare Corp, 6.1250%, 6/15/30	7,237,000	6,785,044
	Thor Industries Inc, 4.0000%, 10/15/29 (144A)	9,578,000	7,889,877
			111,129,638
Electric – 1.9%
	NRG Energy Inc, 3.6250%, 2/15/31 (144A)	611,000	463,538
	NRG Energy Inc, 3.8750%, 2/15/32 (144A)	10,909,000	8,189,279
	TerraForm Power Operating LLC, 4.7500%, 1/15/30 (144A)	7,280,000	6,220,032
			14,872,849
Energy – 8.7%
	Archrock Partners LP / Archrock Partners Finance Corp,
	6.8750%, 4/1/27 (144A)	2,282,000	2,207,474
	Civitas Resources Inc, 8.3750%, 7/1/28 (144A)	4,444,000	4,521,770
	DT Midstream Inc, 4.1250%, 6/15/29 (144A)	8,337,000	7,211,851
	DT Midstream Inc, 4.3750%, 6/15/31 (144A)	3,488,000	2,933,108
	Enerflex Ltd, 9.0000%, 10/15/27 (144A)	3,078,000	3,039,525
	FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27 (144A)	11,150,000	11,094,250
	Howard Midstream Energy Partners LLC, 6.7500%, 1/15/27 (144A)	4,233,000	4,021,350

2

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Energy– (continued)
	Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp,
	6.0000%, 8/1/26 (144A)	$5,522,000	$5,329,427
	NGL Energy Partners LP / NGL Energy Finance Corp, 7.5000%, 2/1/26 (144A)	1,729,000	1,710,046
	Southwestern Energy Co, 5.3750%, 3/15/30	2,895,000	2,637,497
	Sunoco LP / Sunoco Finance Corp, 4.5000%, 4/30/30	9,538,000	8,259,649
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	5.5000%, 1/15/28 (144A)	6,723,000	6,117,928
	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp,
	6.0000%, 9/1/31 (144A)	5,238,000	4,565,841
	Venture Global LNG Inc, 8.1250%, 6/1/28 (144A)	6,025,000	5,965,611
			69,615,327
Finance Companies – 6.1%
	Blue Owl Credit Income Corp, 7.7500%, 9/16/27	4,518,000	4,481,670
	Fortress Transportation and Infrastructure Investors LLC,
	9.7500%, 8/1/27 (144A)	4,281,000	4,428,010
	Macquarie Airfinance Holdings Ltd, 8.1250%, 3/30/29 (144A)	5,300,000	5,307,155
	Navient Corp, 9.3750%, 7/25/30	4,148,000	4,090,965
	Navient Corp, 5.6250%, 8/1/33	3,496,000	2,536,872
	OneMain Finance Corp, 6.6250%, 1/15/28	957,000	882,995
	OneMain Finance Corp, 4.0000%, 9/15/30	4,302,000	3,228,027
	OWL Rock Core Income Corp, 7.9500%, 6/13/28 (144A)	3,114,000	3,086,751
	PennyMac Financial Services Inc, 5.7500%, 9/15/31 (144A)	11,884,000	9,720,628
	Quicken Loans LLC, 3.8750%, 3/1/31 (144A)	5,248,000	4,184,598
	SLM Corp, 3.1250%, 11/2/26	2,762,000	2,395,741
	Springleaf Finance Corp, 5.3750%, 11/15/29	5,244,000	4,391,850
			48,735,262
Financial Institutions – 1.7%
	Burford Capital Global Finance LLC, 6.2500%, 4/15/28 (144A)	1,955,000	1,807,789
	Burford Capital Global Finance LLC, 6.8750%, 4/15/30 (144A)	4,210,000	3,866,569
	GGAM Finance Ltd, 8.0000%, 6/15/28 (144A)	8,140,000	8,123,944
			13,798,302
Industrial – 0.9%
	KBR Inc, 4.7500%, 9/30/28 (144A)	3,564,000	3,136,321
	TopBuild Corp, 4.1250%, 2/15/32 (144A)	5,284,000	4,289,798
			7,426,119
Insurance – 1.3%
	Broadstreet Partners Inc, 5.8750%, 4/15/29 (144A)	8,759,000	7,728,225
	HUB International Ltd, 5.6250%, 12/1/29 (144A)	2,498,000	2,175,152
			9,903,377
Real Estate Investment Trusts (REITs) – 0.4%
	Global Net Lease Inc / Global Net Lease Operating Partnership LP,
	3.7500%, 12/15/27 (144A)	3,759,000	2,910,387
Specialty Retail – 0.3%
	Burlington Stores Inc, 2.2500%, 4/15/25	1,989,000	1,928,137
Technology – 9.1%
	Austin BidCo Inc, 7.1250%, 12/15/28 (144A)	3,065,000	2,474,988
	CA Magnum Holdings, 5.3750%, 10/31/26 (144A)	1,551,000	1,372,806
	Ciena Corp, 4.0000%, 1/31/30 (144A)	3,818,000	3,230,982
	Entegris Escrow Corp, 5.9500%, 6/15/30 (144A)	2,434,000	2,257,187
	Entegris Inc, 3.6250%, 5/1/29 (144A)#	8,936,000	7,588,630
	II-VI Inc, 5.0000%, 12/15/29 (144A)	8,553,000	7,415,793
	ION Trading Technologies Sarl, 5.7500%, 5/15/28 (144A)	3,550,000	3,095,316
	Iron Mountain Inc, 5.2500%, 7/15/30 (144A)	13,361,000	11,672,775
	McAfee Corp, 7.3750%, 2/15/30 (144A)	3,307,000	2,768,597
	NortonLifeLock Inc, 6.7500%, 9/30/27 (144A)	7,181,000	7,039,999
	RingCentral Inc, 8.5000%, 8/15/30 (144A)	6,467,000	6,247,122
	Seagate HDD Cayman, 8.2500%, 12/15/29 (144A)	1,804,000	1,852,704
	Seagate HDD Cayman, 4.1250%, 1/15/31	4,990,000	3,962,506
	Seagate HDD Cayman, 9.6250%, 12/1/32 (144A)	10,557,840	11,376,516
			72,355,921
Transportation – 3.1%
	Cargo Aircraft Management Inc, 4.7500%, 2/1/28 (144A)	12,476,000	11,138,256
	Rand Parent LLC, 8.5000%, 2/15/30 (144A)#	7,823,000	7,237,064
	Watco Cos LLC / Watco Finance Corp, 6.5000%, 6/15/27 (144A)	6,904,000	6,556,729
			24,932,049
Total Corporate Bonds (cost $763,740,535)			714,420,294
Convertible Corporate Bonds– 0.8%
Media – 0.8%
	DISH Network Corp, 2.3750%, 3/15/24((cost $6,279,294)	6,446,000	6,188,160
Common Stocks– 2.7%
Containers & Packaging – 0.1%
	Ardagh Metal Packaging SA	239,777	750,502

3

Shares or Principal Amounts			Value
Common Stocks– (continued)
Health Care Equipment & Supplies – 1.3%
	Globus Medical Inc*	51,792	$2,571,473
	Hologic Inc*	30,602	2,123,779
	Lantheus Holdings Inc*	58,677	4,076,878
	Teleflex Inc	8,756	1,719,766
			10,491,896
Hotels, Restaurants & Leisure – 0.6%
	Caesars Entertainment Inc*	39,653	1,837,917
	Churchill Downs Inc	13,149	1,525,810
	Wynn Resorts Ltd	17,127	1,582,706
			4,946,433
Metals & Mining – 0.3%
	Freeport-McMoRan Inc	41,851	1,560,624
	Hudbay Minerals Inc	159,538	776,950
			2,337,574
Personal Products – 0.1%
	BellRing Brands Inc*	29,384	1,211,502
Semiconductor & Semiconductor Equipment – 0.3%
	Advanced Micro Devices Inc*	11,554	1,187,982
	Entegris Inc	8,820	828,286
			2,016,268
Total Common Stocks (cost $23,882,172)			21,754,175
Preferred Stocks– 0.3%
Consumer Cyclical – 0.3%
	Quiksilver Inc¢((cost $2,633,063)	3,097,721	2,633,063
Investment Companies– 1.6%
Money Markets – 1.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3601%ºº,£((cost $12,998,306)	12,996,541	13,000,440
Investments Purchased with Cash Collateral from Securities Lending– 3.5%
Investment Companies – 2.5%
	Janus Henderson Cash Collateral Fund LLC, 5.2832%ºº,£	19,896,453	19,896,453
Time Deposits – 1.0%
	Royal Bank of Canada, 5.3100%, 10/2/23	$7,489,143	7,489,143
Total Investments Purchased with Cash Collateral from Securities Lending (cost $27,385,596)			27,385,596
Total Investments (total cost $869,629,272) – 102.5%			817,308,184
Liabilities, net of Cash, Receivables and Other Assets – (2.5)%			(20,011,117)
Net Assets – 100%			$797,297,067

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$714,286,109	87.4	%
Peru	14,067,462	1.7
Luxembourg	12,917,139	1.6
Zambia	12,274,958	1.5
Macao	11,700,768	1.4
Canada	9,865,800	1.2
United Kingdom	9,756,123	1.2
Netherlands	9,134,278	1.1
Ireland	8,874,446	1.1
Australia	7,384,834	0.9
Germany	2,974,135	0.4
Mexico	2,699,326	0.3
India	1,372,806	0.2

Total $817,308,184 100.0 %

4

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/23
Investment Companies - 1.6%
Money Markets - 1.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3601%ºº	$	308,112	$	40	$	1,121	$	13,000,440
Investments Purchased with Cash Collateral from Securities Lending - 2.5%
Investment Companies - 2.5%
	Janus Henderson Cash Collateral Fund LLC, 5.2832%ºº		86,050∆		-		-		19,896,453
Total Affiliated Investments - 4.1%		$	394,162	$	40	$	1,121	$	32,896,893

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 9/30/23
Investment Companies - 1.6%
Money Markets - 1.6%
	Janus Henderson Cash Liquidity Fund LLC, 5.3601%ºº		23,555,617		80,613,366		(91,169,704)		13,000,440
Investments Purchased with Cash Collateral from Securities Lending - 2.5%
Investment Companies - 2.5%
	Janus Henderson Cash Collateral Fund LLC, 5.2832%ºº		26,971,853		31,474,956		(38,550,356)		19,896,453

5

Notes to Schedule of Investments (unaudited)

LLC	Limited Liability Company
LP	Limited Partnership
PIK	Pay-in-kind (PIK) bonds give the issuer an option to make the interest payment in cash or additional securities.
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate

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 1933 Act. Unless otherwise noted, these securities have been determined to be liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended September 30, 2023 is $636,212,814, which represents 79.8% of net assets.

* Non-income producing security.

‡ Variable or floating rate security. Rate shown is the current rate as of September 30, 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.

ºº Rate shown is the 7-day yield as of September 30, 2023.

# Loaned security; a portion of the security is on loan at September 30, 2023.

µ Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if any, represents the next call date.

Ç Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate.

Ø Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

¢ Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended September 30, 2023 is $2,633,063, which represents 0.3% of net assets.

£ 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.

∆ Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.

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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 September 30, 2023.
Valuation Inputs Summary
				Level 2 -		Level 3 -
		Level 1 -		Other Significant		Significant
		Quoted Prices		Observable Inputs		Unobservable Inputs
Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities	$	-	$	26,408,498	$	-
Bank Loans and Mezzanine Loans		-		5,517,958		-
Corporate Bonds		-		714,420,294		-
Convertible Corporate Bonds		-		6,188,160		-
Common Stocks		21,754,175		-		-
Preferred Stocks		-		-		2,633,063
Investment Companies		-		13,000,440		-
Investments Purchased with Cash Collateral from Securities Lending		-		27,385,596		-
Total Assets	$	21,754,175	$	792,920,946	$	2,633,063

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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 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 New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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 nonvalued 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 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; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. 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.

There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.

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 September 30, 2023 to fair value the Fund’s

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investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments.

The Fund did not hold a significant amount of Level 3 securities as of September 30, 2023.

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For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual shareholder report.

125-25-70278 11-23