Janus Henderson Growth And Income Fund (JADGX) NPORT-P Janus Henderson Short Duration Flexible Bond Fund (Sep 2023 report)

Janus Henderson Short Duration Flexible Bond Fund

Schedule of Investments (unaudited)

September 30, 2023

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– 40.9%
	208 Park Avenue Mortgage Trust 2017-280P,
	CME Term SOFR 1 Month + 0.9300%, 6.5100%, 9/15/34 (144A)‡	$2,890,000	$2,804,608
	A&D Mortgage Trust 2023-NQM2 A1, 6.1320%, 5/25/68 (144A)Ç	1,986,236	1,957,358
	ACC Auto Trust 2022-A A, 4.5800%, 7/15/26 (144A)	764,073	756,579
	ACHV ABS Trust 2023-2PL A, 6.4200%, 5/20/30 (144A)	502,192	501,863
	ACHV ABS Trust 2023-3PL A, 6.6000%, 8/19/30 (144A)	556,949	556,586
	ACHV Trust 2023-1PL A, 6.4200%, 3/18/30 (144A)	124,409	124,376
	ACM Auto Trust 2023-1A A, 6.6100%, 1/22/30 (144A)	1,246,693	1,244,705
	Angel Oak Mortgage Trust I LLC 2019-5, 2.5930%, 10/25/49 (144A)‡	135,178	127,988
	Angel Oak Mortgage Trust I LLC 2019-6,
	Refinitiv USD IBOR Consumer Cash Fallbacks 1 Year + 0.9500%, 2.6200%, 11/25/59 (144A)‡	119,410	113,924
	Aqua Finance Trust 2021-A A, 1.5400%, 7/17/46 (144A)	546,366	477,581
	ARES CLO Ltd 2021-60A A,
	CME Term SOFR 3 Month + 1.3816%, 6.6915%, 7/18/34 (144A)‡	491,000	486,334
	Arivo Acceptance Auto Loan Receivables 2022-1A A, 3.9300%, 5/15/28 (144A)	1,460,713	1,428,752
	Atalaya Equipment Leasing Fund I LP 2021-1A A2, 1.2300%, 5/15/26 (144A)	335,528	330,437
	BPR Trust 2022-OANA A,
	CME Term SOFR 1 Month + 1.8980%, 7.2302%, 4/15/37 (144A)‡	3,717,000	3,649,570
	BPR Trust 2023-BRK2 A, 0%, 11/5/28 (144A)‡	1,788,000	1,787,910
	BX Commercial Mortgage Trust 2019-XL,
	CME Term SOFR 1 Month + 1.0345%, 6.3667%, 10/15/36 (144A)‡	3,078,999	3,070,745
	BX Commercial Mortgage Trust 2019-XL,
	CME Term SOFR 1 Month + 1.1945%, 6.5267%, 10/15/36 (144A)‡	850,000	844,663
	BX Commercial Mortgage Trust 2021-21M A,
	CME Term SOFR 1 Month + 0.8445%, 6.1765%, 10/15/36 (144A)‡	1,868,489	1,827,990
	BX Commercial Mortgage Trust 2021-LBA AJV,
	CME Term SOFR 1 Month + 0.9145%, 6.2475%, 2/15/36 (144A)‡	1,598,000	1,568,370
	BX Commercial Mortgage Trust 2021-LBA AV,
	CME Term SOFR 1 Month + 0.9145%, 6.2475%, 2/15/36 (144A)‡	1,436,901	1,411,545
	BX Commercial Mortgage Trust 2021-VOLT F,
	CME Term SOFR 1 Month + 2.5145%, 7.8467%, 9/15/36 (144A)‡	3,235,000	3,062,463
	BX Commercial Mortgage Trust 2022-FOX2 A2,
	CME Term SOFR 1 Month + 0.7492%, 6.0814%, 4/15/39 (144A)‡	1,816,429	1,756,975
	CBAM CLO Management 2019-11RA A2,
	CME Term SOFR 3 Month + 1.7616%, 7.0878%, 1/20/35 (144A)‡	4,325,000	4,200,077
	CENT Trust 2023-CITY A,
	CME Term SOFR 1 Month + 2.6200%, 7.9522%, 9/15/28 (144A)‡	1,845,000	1,849,159
	CF Hippolyta Issuer LLC 2021-1A A1, 1.5300%, 3/15/61 (144A)	2,170,457	1,901,520
	CF Hippolyta Issuer LLC 2021-1A B1, 1.9800%, 3/15/61 (144A)	796,368	633,125
	CF Hippolyta Issuer LLC 2022-1A A1, 5.9700%, 8/15/62 (144A)	12,308,912	11,905,344
	Chase Auto Credit Linked Notes 2020-2 B, 0.8400%, 2/25/28 (144A)	116,307	115,137
	Chase Auto Credit Linked Notes 2021-1 B, 0.8750%, 9/25/28 (144A)	489,484	477,302
	Chase Auto Credit Linked Notes 2021-2 B, 0.8890%, 12/26/28 (144A)	406,493	394,809
	Chase Mortgage Finance Corp 2020-CL1 M1,
	CME Term SOFR 1 Month + 2.3645%, 7.6842%, 10/25/57 (144A)‡	2,965,340	3,004,684
	CIFC Funding Ltd 2016-1A BRR,
	CME Term SOFR 3 Month + 1.9616%, 7.2951%, 10/21/31 (144A)‡	1,278,000	1,266,409
	CIFC Funding Ltd 2021-7A B,
	CME Term SOFR 3 Month + 1.8616%, 7.2072%, 1/23/35 (144A)‡	1,432,000	1,399,230
	CIM Trust 2021-NR1 A1, 2.5690%, 7/25/55 (144A)Ç	810,276	786,386
	Cold Storage Trust 2020-ICE5 A,
	CME Term SOFR 1 Month + 1.0145%, 6.3467%, 11/15/37 (144A)‡	3,282,205	3,251,429
	Cold Storage Trust 2020-ICE5 B,
	CME Term SOFR 1 Month + 1.4145%, 6.7467%, 11/15/37 (144A)‡	1,683,863	1,666,043
	Cold Storage Trust 2020-ICE5 C,
	CME Term SOFR 1 Month + 1.7645%, 7.0967%, 11/15/37 (144A)‡	1,690,744	1,671,756
	COLEM Mortgage Trust 2022-HLNE A, 2.5430%, 4/12/42 (144A)‡	4,914,000	3,840,630
	Connecticut Avenue Securities Trust 2018-R07,
	US 30 Day Average SOFR + 2.5145%, 7.8294%, 4/25/31 (144A)‡	19,581	19,598
	Connecticut Avenue Securities Trust 2019-R03,
	US 30 Day Average SOFR + 2.2645%, 7.5794%, 9/25/31 (144A)‡	16,603	16,603
	Connecticut Avenue Securities Trust 2019-R07,
	US 30 Day Average SOFR + 2.2145%, 7.5294%, 10/25/39 (144A)‡	1,148	1,150
	Connecticut Avenue Securities Trust 2021-R02 2M1,
	US 30 Day Average SOFR + 0.9000%, 6.2150%, 11/25/41 (144A)‡	1,419,890	1,409,986
	Connecticut Avenue Securities Trust 2021-R02 2M2,
	US 30 Day Average SOFR + 2.0000%, 7.3150%, 11/25/41 (144A)‡	2,548,000	2,489,700

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Connecticut Avenue Securities Trust 2021-R03 1M2,
	US 30 Day Average SOFR + 1.6500%, 6.9650%, 12/25/41 (144A)‡	$951,000	$929,254
	Connecticut Avenue Securities Trust 2022-R01 1B1,
	US 30 Day Average SOFR + 3.1500%, 8.4650%, 12/25/41 (144A)‡	1,759,000	1,753,480
	Connecticut Avenue Securities Trust 2022-R01 1M2,
	US 30 Day Average SOFR + 1.9000%, 7.2150%, 12/25/41 (144A)‡	1,997,000	1,962,933
	Connecticut Avenue Securities Trust 2022-R03 1M1,
	US 30 Day Average SOFR + 2.1000%, 7.4150%, 3/25/42 (144A)‡	1,643,495	1,657,790
	Connecticut Avenue Securities Trust 2022-R04 1M1,
	US 30 Day Average SOFR + 2.0000%, 7.3150%, 3/25/42 (144A)‡	736,351	741,346
	Connecticut Avenue Securities Trust 2022-R05 2M1,
	US 30 Day Average SOFR + 1.9000%, 7.2150%, 4/25/42 (144A)‡	144,284	144,588
	Connecticut Avenue Securities Trust 2022-R06 1M1,
	US 30 Day Average SOFR + 2.7500%, 8.0650%, 5/25/42 (144A)‡	654,389	670,775
	Connecticut Avenue Securities Trust 2022-R08 1M1,
	US 30 Day Average SOFR + 2.5500%, 7.8650%, 7/25/42 (144A)‡	832,567	847,282
	Connecticut Avenue Securities Trust 2023-R01 1M1,
	US 30 Day Average SOFR + 2.4000%, 7.7150%, 12/25/42 (144A)‡	845,795	859,918
	Connecticut Avenue Securities Trust 2023-R03 2M1,
	US 30 Day Average SOFR + 2.5000%, 7.8150%, 4/25/43 (144A)‡	1,928,501	1,951,336
	Connecticut Avenue Securities Trust 2023-R06 1M1,
	US 30 Day Average SOFR + 1.7000%, 7.0150%, 7/25/43 (144A)‡	1,180,488	1,179,315
	CP EF Asset Securitization I LLC 2002-1A A, 5.9600%, 4/15/30 (144A)	1,877,007	1,848,078
	Credit Suisse Commercial Mortgage Trust 2019-ICE4,
	CME Term SOFR 1 Month + 1.0270%, 6.3600%, 5/15/36 (144A)‡	3,693,810	3,684,638
	Credit Suisse Commercial Mortgage Trust 2019-ICE4 C,
	CME Term SOFR 1 Month + 1.4770%, 6.8100%, 5/15/36 (144A)‡	4,095,810	4,070,309
	Credit Suisse Commercial Mortgage Trust 2020-TMIC A,
	CME Term SOFR 1 Month + 3.6145%, 8.9475%, 12/15/35 (144A)‡	2,743,000	2,738,490
	Credit Suisse Commercial Mortgage Trust 2021-WEHO A,
	CME Term SOFR 1 Month + 4.0838%, 9.4168%, 4/15/26 (144A)‡	1,391,565	1,374,456
	DB Master Finance LLC 2017-1A A2II, 4.0300%, 11/20/47 (144A)	4,842,180	4,407,466
	DBCCRE Mortgage Trust 2014-ARCP E, 5.0990%, 1/10/34 (144A)‡	4,240,000	4,110,172
	DC Commercial Mortgage Trust 2023-DC A, 6.3143%, 9/12/40 (144A)	1,548,000	1,541,256
	DC Commercial Mortgage Trust 2023-DC B, 6.8043%, 9/12/40 (144A)	1,459,617	1,453,213
	Diamond Infrastructure Funding LLC 2021-1A A, 1.7600%, 4/15/49 (144A)	2,114,000	1,806,777
	Diamond Resorts Owner Trust 2021-1A A, 1.5100%, 11/21/33 (144A)	505,543	464,540
	Donlen Fleet Lease Funding 2021-2 B, 0.9800%, 12/11/34 (144A)	1,572,000	1,510,553
	Donlen Fleet Lease Funding 2021-2 C, 1.2000%, 12/11/34 (144A)	1,471,000	1,407,472
	Drive Auto Receivables Trust 2020-1, 2.7000%, 5/17/27	1,547,009	1,525,889
	DROP Mortgage Trust 2021-FILE A,
	CME Term SOFR 1 Month + 1.2645%, 6.5965%, 10/15/43 (144A)‡	3,929,000	3,649,254
	Elmwood CLO VIII Ltd 2019-2A AR,
	CME Term SOFR 3 Month + 1.4116%, 6.7378%, 4/20/34 (144A)‡	740,000	736,639
	Exeter Automobile Receivables Trust 2020-2A E, 7.1900%, 9/15/27 (144A)	2,687,000	2,700,967
	Exeter Automobile Receivables Trust 2021-1A D, 1.0800%, 11/16/26	1,081,000	1,028,963
	Extended Stay America Trust 2021-ESH E,
	CME Term SOFR 1 Month + 2.9645%, 8.2965%, 7/15/38 (144A)‡	3,219,302	3,171,197
	First Investors Auto Owner Trust 2022-1A A, 2.0300%, 1/15/27 (144A)	1,492,137	1,456,182
	Flagstar Mortgage Trust 2021-13IN A2, 3.0000%, 12/30/51 (144A)‡	5,329,145	4,193,313
	Foursight Capital Auto Receivables Trust 2021-1 B, 0.8700%, 1/15/26 (144A)	139,411	139,167
	Freddie Mac Structured Agency Credit Risk Debt Notes 2019-DNA4 M2,
	US 30 Day Average SOFR + 2.0645%, 7.3794%, 10/25/49 (144A)‡	59,678	59,751
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-DNA6 M2,
	US 30 Day Average SOFR + 2.0000%, 7.3150%, 12/25/50 (144A)‡	958,579	965,148
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA2 M2,
	US 30 Day Average SOFR + 3.2145%, 8.5294%, 3/25/50 (144A)‡	1,613,946	1,665,227
	Freddie Mac Structured Agency Credit Risk Debt Notes 2020-HQA5 M2,
	US 30 Day Average SOFR + 2.6000%, 7.9150%, 11/25/50 (144A)‡	1,023,985	1,036,768
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA2 M2,
	US 30 Day Average SOFR + 2.3000%, 7.6150%, 8/25/33 (144A)‡	1,507,866	1,520,062
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA1 M2,
	US 30 Day Average SOFR + 2.2500%, 7.5650%, 8/25/33 (144A)‡	625,263	621,298
	Freddie Mac Structured Agency Credit Risk Debt Notes 2021-HQA2 M2,
	US 30 Day Average SOFR + 2.0500%, 7.3650%, 12/25/33 (144A)‡	2,592,000	2,526,506
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA5 M1A,
	US 30 Day Average SOFR + 2.9500%, 8.2650%, 6/25/42 (144A)‡	1,070,997	1,096,796
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA1 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4150%, 3/25/42 (144A)‡	720,752	726,832
	Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA3 M1A,
	US 30 Day Average SOFR + 2.3000%, 7.6150%, 8/25/42 (144A)‡	704,716	713,965
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A,
	US 30 Day Average SOFR + 2.1000%, 7.4150%, 4/25/43 (144A)‡	1,552,201	1,566,740
	Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A,
	US 30 Day Average SOFR + 2.0000%, 7.3150%, 6/25/43 (144A)‡	1,754,871	1,763,266

2

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	FREED ABS Trust 2022-2CP B, 4.4900%, 5/18/29 (144A)	$4,268,679	$4,244,688
	GCAT 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	4,645,794	3,680,563
	Great Wolf Trust,
	CME Term SOFR 1 Month + 1.1485%, 6.4805%, 12/15/36 (144A)‡	5,929,000	5,900,661
	Hilton Grand Vacations Trust 2020-AA, 2.7400%, 2/25/39 (144A)	1,402,818	1,309,961
	Hudson Bay Simon JV Trust 2015-HB7 A7, 3.9141%, 8/5/34 (144A)	593,000	527,040
	Imerial Fund LLC 2023-NQM1 A1, 5.9410%, 2/25/68 (144A)Ç	1,001,698	980,627
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE A,
	3.2865%, 1/10/37 (144A)	991,000	931,492
	JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE B,
	3.6401%, 1/10/37 (144A)	2,560,000	2,372,379
	JP Morgan Mortgage Trust 2019-LTV2, 3.5000%, 12/25/49 (144A)‡	4,123	4,093
	KNDL Mortgage Trust 2019-KNSQ A,
	CME Term SOFR 1 Month + 0.9960%, 6.3280%, 5/15/36 (144A)‡	3,838,000	3,819,221
	LAD Auto Receivables Trust 2021-1A A, 1.3000%, 8/17/26 (144A)	321,106	314,845
	LAD Auto Receivables Trust 2022-1A A, 5.2100%, 6/15/27 (144A)	2,181,388	2,164,456
	Lendbuzz Securitization Trust 2021-1A A, 1.4600%, 6/15/26 (144A)	1,641,819	1,577,937
	Lendbuzz Securitization Trust 2021-1A A, 4.2200%, 5/17/27 (144A)‡	1,633,069	1,583,491
	Lendbuzz Securitization Trust 2023-1A A2, 6.9200%, 8/15/28 (144A)	2,954,144	2,945,140
	Life Financial Services Trust 2021-BMR A,
	CME Term SOFR 1 Month + 0.8145%, 6.1465%, 3/15/38 (144A)‡	3,554,420	3,481,326
	Life Financial Services Trust 2021-BMR C,
	CME Term SOFR 1 Month + 1.2145%, 6.5465%, 3/15/38 (144A)‡	1,980,685	1,920,412
	Life Financial Services Trust 2022-BMR2 A1,
	CME Term SOFR 1 Month + 1.2952%, 6.6274%, 5/15/39 (144A)‡	2,823,000	2,772,867
	Life Financial Services Trust 2022-BMR2 B,
	CME Term SOFR 1 Month + 1.7939%, 7.1261%, 5/15/39 (144A)‡	1,059,000	1,036,995
	M&T Equipment Notes 2023-1A A2, 6.0900%, 7/15/30 (144A)	2,070,000	2,060,585
	Marlette Funding Trust 2023-1A A, 6.0700%, 4/15/33 (144A)	1,862,112	1,859,490
	Marlette Funding Trust 2023-2A B, 6.5400%, 6/15/33 (144A)	1,275,000	1,271,329
	MED Trust 2021-MDLN E,
	CME Term SOFR 1 Month + 3.2645%, 8.5965%, 11/15/38 (144A)‡	2,634,357	2,507,693
	Mello Mortgage Capital Acceptance Trust 2021-INV3 A11,
	US 30 Day Average SOFR + 0.9500%, 5.0000%, 10/25/51 (144A)‡	1,681,173	1,540,683
	Mello Mortgage Capital Acceptance Trust 2021-INV4 A3,
	2.5000%, 12/25/51 (144A)‡	1,787,422	1,349,142
	Mello Mortgage Capital Acceptance Trust 2022-INV1 A2,
	3.0000%, 3/25/52 (144A)‡	3,219,135	2,532,906
	Mercury Financial Credit Card Master Trust 2023-1A A,
	8.0400%, 9/20/27 (144A)	2,674,000	2,690,367
	MHC Commercial Mortgage Trust 2021-MHC A,
	CME Term SOFR 1 Month + 0.9154%, 6.2474%, 4/15/38 (144A)‡	2,936,248	2,897,083
	MHC Commercial Mortgage Trust 2021-MHC C,
	CME Term SOFR 1 Month + 1.4654%, 6.7974%, 4/15/38 (144A)‡	1,657,779	1,627,003
	Mission Lane Credit Card Master Trust 2023-A A, 7.2300%, 7/17/28 (144A)	2,136,000	2,113,841
	NCMF Trust 2022-MFP A,
	CME Term SOFR 1 Month + 1.7420%, 7.0742%, 3/15/39 (144A)‡	855,000	845,701
	Neuberger Berman CLO Ltd 2019-33A BR,
	CME Term SOFR 3 Month + 1.8616%, 7.1696%, 10/16/33 (144A)‡	3,800,000	3,766,404
	NMEF Funding LLC 2022-A A2, 2.5800%, 10/16/28 (144A)	1,897,739	1,860,331
	NRZ Excess Spread Collateralized Notes 2020-PLS1 A,
	3.8440%, 12/25/25 (144A)	312,566	291,383
	NRZ Excess Spread Collateralized Notes 2021-FHT1 A, 3.1040%, 7/25/26 (144A)	660,297	590,507
	Oak Street Investment Grade Net Lease Fund 2020-1A A1,
	1.8500%, 11/20/50 (144A)	1,053,253	946,972
	Oasis Securitization 2021-2A A, 2.1430%, 10/15/33 (144A)	560,024	558,085
	Oasis Securitization 2022-1A A, 4.7500%, 5/15/34 (144A)	830,121	822,041
	Oasis Securitization 2022-2A A, 6.8500%, 10/15/34 (144A)	1,406,292	1,404,259
	Oasis Securitization 2023-1A A, 7.0000%, 2/15/35 (144A)	3,040,423	3,025,149
	OCCU Auto Receivables Trust 2023-1A A3, 6.2300%, 6/15/28 (144A)	1,784,000	1,785,219
	Oceanview Mortgage Trust 2021-4 A11,
	US 30 Day Average SOFR + 0.8500%, 5.0000%, 10/25/51 (144A)‡	1,845,395	1,686,078
	Oceanview Mortgage Trust 2021-5 AF,
	US 30 Day Average SOFR + 0.8500%, 5.0000%, 11/25/51 (144A)‡	1,802,143	1,647,268
	Oceanview Mortgage Trust 2022-1 A1, 3.0000%, 12/25/51 (144A)‡	1,875,995	1,476,714
	Oceanview Mortgage Trust 2022-2 A1, 3.0000%, 12/25/51 (144A)‡	3,716,779	2,930,195
	OCP CLO Ltd 2015-10A BR2,
	CME Term SOFR 3 Month + 1.9116%, 7.2623%, 1/26/34 (144A)‡	2,686,000	2,608,614
	Octagon Investment Partners 48 Ltd 2020-3A BR,
	CME Term SOFR 3 Month + 1.8616%, 7.1878%, 10/20/34 (144A)‡	527,000	518,148
	Ondeck Asset Securitization Trust LLC 2021-1A A, 1.5900%, 5/17/27 (144A)	1,807,000	1,737,559
	Onslow Bay Financial LLC 2021-INV3 A3, 2.5000%, 10/25/51 (144A)‡	2,748,834	2,086,298
	Onslow Bay Financial LLC 2022-INV1 A1, 3.0000%, 12/25/51 (144A)‡	3,732,835	2,940,872
	Onslow Bay Financial LLC 2022-INV1 A18, 3.0000%, 12/25/51 (144A)‡	1,583,173	1,212,503
	Oscar US Funding Trust 2021-1A A3, 0.7000%, 4/10/25 (144A)	863,450	853,411

3

Shares or Principal Amounts			Value
Asset-Backed/Commercial Mortgage-Backed Securities– (continued)
	Pagaya AI Debt Selection Trust 2022-1 A, 2.0300%, 10/15/29 (144A)	$459,321	$449,775
	Pawnee Equipment Receivables 2021-1 A2, 1.1000%, 7/15/27 (144A)	1,622,698	1,574,750
	Pear LLC 2022-1 A1, 6.5000%, 10/15/34 (144A)	253,866	253,780
	Preston Ridge Partners Mortgage Trust 2021-10 A1, 2.4870%, 10/25/26 (144A)Ç	1,679,448	1,565,481
	Preston Ridge Partners Mortgage Trust 2021-9 A1, 2.3630%, 10/25/26 (144A)Ç	1,668,307	1,560,780
	Preston Ridge Partners Mortgage Trust 2022-2 A1, 5.0000%, 3/25/27 (144A)Ç	2,309,894	2,239,651
	Provident Funding Mortgage Trust 2021-INV1 A1, 2.5000%, 8/25/51 (144A)‡	1,578,063	1,199,982
	Reach Financial LLC 2021-1A B, 2.1700%, 5/15/29 (144A)	2,110,000	1,999,396
	Reach Financial LLC 2022-2A A, 6.6300%, 5/15/30 (144A)	729,145	728,317
	Saluda Grade Alternative Mortgage Trust 2023-SEQ3 A1,
	Prime Rate by Country United States + 2.3000%, 7.1620%, 6/1/53 (144A)‡	1,938,931	1,932,940
	Santander Bank Auto Credit-Linked Notes 2021-1A C, 3.2680%, 12/15/31 (144A)	422,658	409,219
	Santander Bank Auto Credit-Linked Notes 2022-A B, 5.2810%, 5/15/32 (144A)	1,125,088	1,114,001
	Santander Drive Auto Receivables Trust 2021-1 D, 1.1300%, 11/16/26	4,581,000	4,423,377
	Sierra Receivables Funding Co LLC 2021-1A A, 0.9900%, 11/20/37 (144A)	784,235	731,296
	Signal Peak CLO LLC 2022-12A A1, 7.1207%, 7/10/28‡	2,616,000	2,595,814
	SMRT 2022-MINI A, CME Term SOFR 1 Month + 1.0000%, 6.3330%, 1/15/39 (144A)‡	2,805,000	2,734,587
	SoFi Consumer Loan Program Trust 2022-1S A, 6.2100%, 4/15/31 (144A)	1,217,472	1,216,729
	SoFi Professional Loan Program 2020-C Trust, 1.9500%, 2/15/46 (144A)	1,470,545	1,322,556
	Sound Point CLO Ltd 2019-1A AR,
	CME Term SOFR 3 Month + 1.3416%, 6.6678%, 1/20/32 (144A)‡	2,136,000	2,117,011
	SREIT Trust 2021-MFP A,
	CME Term SOFR 1 Month + 0.8453%, 6.1775%, 11/15/38 (144A)‡	3,236,000	3,174,132
	Tesla Auto Lease Trust 2021-B A3, 0.6000%, 9/22/25 (144A)	1,050,000	1,023,693
	Tesla Auto Lease Trust 2021-B B, 0.9100%, 9/22/25 (144A)	538,000	515,339
	Theorem Funding Trust 2022-3A A, 7.6000%, 4/15/29 (144A)	2,006,862	2,006,623
	THL Credit Wind River CLO Ltd 2014-1A ARR,
	CME Term SOFR 3 Month + 1.3116%, 6.6215%, 7/18/31 (144A)‡	5,118,934	5,079,288
	Towd Point Mortgage Trust 2023-CES1 A1A, 6.7500%, 7/25/63 (144A)‡	598,055	597,556
	Tricolor Auto Securitization Trust 2022-1A A, 3.3000%, 2/18/25 (144A)	256,794	256,260
	Tricolor Auto Securitization Trust 2023-1A A, 6.4800%, 8/17/26 (144A)	1,583,671	1,580,425
	TTAN 2021-MHC A, CME Term SOFR 1 Month + 0.9645%, 6.2755%, 3/15/38 (144A)‡	1,444,188	1,424,317
	UNIFY Auto Receivables Trust 2021-1A A4, 0.9800%, 7/15/26 (144A)	2,782,422	2,723,971
	United Wholesale Mortgage LLC 2021-INV4 A3, 2.5000%, 12/25/51 (144A)‡	1,370,985	1,033,455
	Upstart Securitization Trust 2021-3 A, 0.8300%, 7/20/31 (144A)	41,030	40,909
	Upstart Securitization Trust 2021-4 A, 0.8400%, 9/20/31 (144A)	346,437	343,218
	Upstart Securitization Trust 2021-5 A, 1.3100%, 11/20/31 (144A)	161,724	159,408
	Upstart Securitization Trust 2022-1 A, 3.1200%, 3/20/32 (144A)	1,715,582	1,686,611
	Upstart Securitization Trust 2022-2 A, 4.3700%, 5/20/32 (144A)	1,137,398	1,128,712
	USASF Receivables LLC 2021-1A C, 2.2000%, 5/15/26 (144A)	3,000,000	2,912,832
	Vantage Data Centers LLC 2020-1A A2, 1.6450%, 9/15/45 (144A)	2,652,000	2,394,628
	VASA Trust 2021-VASA A,
	CME Term SOFR 1 Month + 1.0145%, 6.3475%, 7/15/39 (144A)‡	1,260,000	1,098,087
	Verus Securitization Trust 2020-1, 2.6420%, 1/25/60 (144A)Ç	2,465,899	2,315,504
	VMC Finance LLC 2021-HT1 A,
	CME Term SOFR 1 Month + 1.7645%, 7.0951%, 1/18/37 (144A)‡	1,233,677	1,204,324
	Westgate Resorts 2022-1A A, 1.7880%, 8/20/36 (144A)	482,066	453,382
	Westlake Automobile Receivable Trust 2023-3A A2A, 5.9600%, 10/15/26 (144A)	2,481,000	2,477,859
	Woodward Capital Management 2021-3 A21,
	US 30 Day Average SOFR + 0.8000%, 5.0000%, 7/25/51 (144A)‡	1,185,973	1,078,269
	Woodward Capital Management 2023-CES1 A1A, 6.5150%, 6/25/43 (144A)‡	1,148,030	1,138,696
	Woodward Capital Management 2023-CES2 A1A, 6.8080%, 9/25/43 (144A)‡	2,100,125	2,097,180
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $332,261,371)			317,896,913
Corporate Bonds– 24.7%
Banking – 9.0%
	Bank of America Corp, SOFR + 1.9900%, 6.2040%, 11/10/28‡	2,851,000	2,863,876
	Bank of America NA, 5.5260%, 8/18/26	6,452,000	6,420,689
	Bank of Montreal, 5.7170%, 9/25/28	4,034,000	3,991,136
	Barclays PLC, SOFR + 1.8800%, 6.4960%, 9/13/27‡	4,465,000	4,453,155
	BNP Paribas SA, CME Term SOFR 3 Month + 2.4966%, 4.7050%, 1/10/25 (144A)‡	3,253,000	3,236,832
	BNP Paribas SA, USD SWAP SEMI 30/360 5YR + 5.1500%, 7.3750% (144A)‡,µ	5,148,000	5,034,665
	Capital One Financial Corp, SOFR + 2.6400%, 6.3120%, 6/8/29‡	2,533,000	2,475,493
	Danske Bank A/S,
	US Treasury Yield Curve Rate 1 Year + 2.1000%, 6.4660%, 1/9/26 (144A)‡	6,589,000	6,576,942
	Fifth Third Bancorp, SOFR + 2.3400%, 6.3390%, 7/27/29‡	1,256,000	1,240,760
	ING Groep NV, SOFR + 1.5600%, 6.0830%, 9/11/27‡	2,448,000	2,437,121
	JPMorgan Chase & Co, SOFR + 1.3200%, 4.0800%, 4/26/26‡,#	6,763,000	6,563,258
	JPMorgan Chase & Co, SOFR + 1.4500%, 5.2990%, 7/24/29‡	4,909,000	4,776,372
	Morgan Stanley, SOFR + 1.5900%, 5.1640%, 4/20/29‡	1,918,000	1,845,221
	Morgan Stanley, SOFR + 1.6300%, 5.4490%, 7/20/29‡	2,175,000	2,119,469
	Morgan Stanley Bank N.A., 4.7540%, 4/21/26	2,138,000	2,089,795
	PNC Financial Services Group Inc/The, SOFR + 1.8410%, 5.5820%, 6/12/29‡	2,638,000	2,559,160

4

Shares or Principal Amounts			Value
Corporate Bonds– (continued)
Banking– (continued)
	Toronto-Dominion Bank/The, 5.5230%, 7/17/28	$3,777,000	$3,728,046
	Truist Financial Corp, SOFR + 2.0500%, 6.0470%, 6/8/27‡	2,484,000	2,456,980
	US Bancorp, SOFR + 2.0200%, 5.7750%, 6/12/29‡	2,260,000	2,199,839
	Wells Fargo & Co, SOFR + 1.5100%, 3.5260%, 3/24/28‡	3,116,000	2,861,652
			69,930,461
Basic Industry – 0.8%
	Celanese US Holdings LLC, 6.3500%, 11/15/28	6,012,000	5,936,440
Brokerage – 1.6%
	Charles Schwab Corp, 5.8750%, 8/24/26	6,336,000	6,315,132
	Nasdaq Inc, 5.3500%, 6/28/28	5,925,000	5,816,753
			12,131,885
Capital Goods – 1.4%
	L3Harris Technologies Inc, 5.4000%, 1/15/27	4,423,000	4,384,503
	Nordson Corp, 5.6000%, 9/15/28	3,080,000	3,050,430
	Regal Rexnord Corp, 6.0500%, 2/15/26 (144A)	1,890,000	1,868,930
	Regal Rexnord Corp, 6.0500%, 4/15/28 (144A)	1,518,000	1,476,508
			10,780,371
Consumer Cyclical – 0.9%
	LKQ Corp, 5.7500%, 6/15/28 (144A)	4,169,000	4,072,762
	Lowe's Cos Inc, 3.3500%, 4/1/27	916,000	852,793
	Wyndham Destinations Inc, 5.6500%, 4/1/24	1,763,000	1,751,558
			6,677,113
Consumer Non-Cyclical – 2.6%
	Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC,
	6.5000%, 2/15/28 (144A)	1,938,000	1,915,474
	GE HealthCare Technologies Inc, 5.6000%, 11/15/25	3,053,000	3,035,378
	HCA Inc, 5.3750%, 2/1/25	1,308,000	1,294,157
	HCA Inc, 5.8750%, 2/15/26	684,000	680,209
	HCA Inc, 5.2000%, 6/1/28	1,262,000	1,219,683
	Illumina Inc, 5.8000%, 12/12/25	2,951,000	2,931,944
	JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 2.5000%, 1/15/27	4,222,000	3,729,377
	Pfizer Investment Enterprises Pte Ltd, 4.4500%, 5/19/28	4,280,000	4,126,414
	Providence Service Corp, 5.8750%, 11/15/25 (144A)	1,734,000	1,648,271
			20,580,907
Electric – 1.5%
	Georgia Power Co, 4.6500%, 5/16/28	2,005,000	1,934,293
	National Grid PLC, 5.6020%, 6/12/28	1,558,000	1,541,030
	NextEra Energy Operating Partners LP, 4.2500%, 7/15/24 (144A)	1,229,000	1,202,802
	Southern California Edison Co, 5.8500%, 11/1/27	2,077,000	2,088,143
	Xcel Energy Inc, 4.0000%, 6/15/28	5,589,000	5,228,710
			11,994,978
Energy – 0.4%
	Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26 (144A)	1,572,000	1,576,931
	Targa Resources Partners LP / Targa Resources Partners Finance Corp,
	6.5000%, 7/15/27	1,643,000	1,655,733
			3,232,664
Finance Companies – 2.4%
	Air Lease Corp, 0.8000%, 8/18/24	3,072,000	2,929,042
	Ares Capital Corp, 7.0000%, 1/15/27#	3,793,000	3,792,954
	Avolon Holdings Funding Ltd, 4.2500%, 4/15/26 (144A)	2,351,000	2,209,696
	Avolon Holdings Funding Ltd, 2.1250%, 2/21/26 (144A)	3,354,000	3,004,461
	Castlelake Aviation Finance DAC, 5.0000%, 4/15/27 (144A)	2,999,000	2,739,159
	Owl Rock Capital Corp, 3.1250%, 4/13/27	4,908,000	4,191,053
			18,866,365
Government Sponsored – 0.6%
	DAE Funding LLC, 1.5500%, 8/1/24 (144A)	1,642,000	1,572,436
	Electricite de France SA, 5.7000%, 5/23/28 (144A)	1,520,000	1,505,245
	NOVA Chemicals Corp, 4.8750%, 6/1/24 (144A)	1,707,000	1,677,109
			4,754,790
Insurance – 2.0%
	Centene Corp, 4.2500%, 12/15/27	13,752,000	12,678,106
	Corebridge Financial Inc, 3.5000%, 4/4/25	2,625,000	2,518,480
			15,196,586
Professional Services – 0.6%
	Jacobs Engineering Group Inc, 6.3500%, 8/18/28	5,024,000	5,009,371
Real Estate Investment Trusts (REITs) – 0.5%
	American Tower Trust I, 5.4900%, 3/15/28 (144A)	4,241,000	4,154,903
Technology – 0.4%
	Marvell Technology Inc, 5.7500%, 2/15/29	3,170,000	3,140,935
Total Corporate Bonds (cost $198,996,095)			192,387,769
Mortgage-Backed Securities– 5.1%
Fannie Mae:
	4.0000%, TBA, 30 Year Maturity	862,629	767,927

5

Shares or Principal Amounts			Value
Mortgage-Backed Securities– (continued)
Fannie Mae Pool:
	4.0000%, 10/1/47	$390,520	$353,644
	4.0000%, 1/1/48	244,576	221,481
	4.5000%, 6/1/48	369,919	345,621
	4.0000%, 7/1/48	477,836	432,047
	4.0000%, 8/1/48	164,418	148,663
	4.0000%, 9/1/48	391,506	354,536
	4.0000%, 11/1/48	560,375	506,677
	4.0000%, 12/1/48	89,118	80,578
	4.0000%, 6/1/49	70,412	63,609
	4.5000%, 6/1/49	32,369	30,144
	4.5000%, 8/1/49	45,908	42,752
	4.0000%, 11/1/49	1,155,182	1,044,486
	4.5000%, 1/1/50	917,563	857,292
	4.5000%, 1/1/50	62,210	57,934
	4.0000%, 9/1/50	1,772,434	1,601,193
	4.5000%, 12/1/50	805,495	750,130
	3.5000%, 2/1/51	589,932	513,831
	4.0000%, 3/1/51	4,730,234	4,273,228
	4.0000%, 3/1/51	91,114	82,311
	4.0000%, 3/1/51	45,920	41,520
	4.0000%, 8/1/51	751,954	679,898
	4.0000%, 10/1/51	677,883	612,390
	3.0000%, 3/1/52	999,856	835,318
	3.0000%, 4/1/52	831,987	696,874
	3.0000%, 4/1/52	726,237	606,580
	3.5000%, 4/1/52	746,328	645,586
	3.5000%, 4/1/52	398,385	344,575
	3.5000%, 4/1/52	233,592	202,061
	3.5000%, 4/1/52	137,580	119,014
	3.5000%, 4/1/52	112,887	97,640
	4.0000%, 4/1/52	534,102	478,425
	4.5000%, 4/1/52	132,609	121,758
	4.5000%, 4/1/52	112,169	102,990
	4.5000%, 4/1/52	64,310	59,047
	4.5000%, 4/1/52	58,396	53,618
	4.5000%, 4/1/52	51,056	46,878
	4.5000%, 4/1/52	32,876	30,178
	4.5000%, 5/1/52	177,967	163,403
	3.5000%, 7/1/52	2,787,061	2,419,346
	4.5000%, 8/1/52	1,870,173	1,719,882
	5.0000%, 10/1/52	565,802	535,452
	5.0000%, 10/1/52	248,788	235,443
	5.5000%, 10/1/52	4,699,772	4,572,363
	4.5000%, 11/1/52	1,872,951	1,733,643
	5.0000%, 1/1/53	898,450	848,920
	4.5000%, 7/1/53	610,156	566,342
	4.5000%, 8/1/53	439,367	407,818
			30,737,119
Freddie Mac Pool:
	4.0000%, 4/1/48	31,302	28,303
	4.0000%, 11/1/48	50,402	45,572
	4.5000%, 6/1/49	35,947	33,468
	4.5000%, 7/1/49	305,032	283,995
	4.5000%, 7/1/49	45,616	42,481
	4.5000%, 8/1/49	272,764	253,953
	4.5000%, 1/1/50	182,653	170,056
	4.5000%, 1/1/50	50,432	46,966
	4.0000%, 3/1/50	601,330	543,708
	4.5000%, 9/1/50	1,745,610	1,630,948
	4.0000%, 10/1/50	167,676	151,476
	4.5000%, 3/1/52	27,640	25,378
	3.5000%, 4/1/52	97,384	84,242
	3.5000%, 4/1/52	90,761	78,502
	3.5000%, 7/1/52	1,083,915	940,907
	4.5000%, 10/1/52	1,102,569	1,020,561
	5.0000%, 10/1/52	1,711,004	1,619,226
	5.0000%, 10/1/52	1,125,663	1,064,341
	5.0000%, 10/1/52	34,230	32,394
			8,096,477
Total Mortgage-Backed Securities (cost $42,559,617)			39,601,523
United States Treasury Notes/Bonds– 28.3%
	0.3750%, 10/31/23	22,465,000	22,376,820
	0.5000%, 11/30/23	20,644,000	20,480,347

6

Shares or Principal Amounts			Value
United States Treasury Notes/Bonds– (continued)
	0.8750%, 1/31/24	$12,392,000	$12,207,572
	3.0000%, 7/31/24	31,561,000	30,918,684
	4.2500%, 9/30/24	19,165,900	18,942,048
	4.2500%, 12/31/24	24,496,000	24,165,878
	1.5000%, 2/15/25	361,000	342,922
	4.6250%, 2/28/25	1,583,000	1,568,654
	4.6250%, 6/30/25	60,346,000	59,825,574
	3.1250%, 8/15/25	12,236,000	11,804,394
	4.6250%, 9/15/26	4,830,000	4,806,227
	4.3750%, 8/31/28	13,320,600	13,188,435
Total United States Treasury Notes/Bonds (cost $222,984,972)			220,627,555
Investment Companies– 0.5%
Money Markets – 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 5.3601%ºº,£((cost $3,704,362)	3,703,308	3,704,419
Investments Purchased with Cash Collateral from Securities Lending– 0%
Investment Companies – 0%
	Janus Henderson Cash Collateral Fund LLC, 5.2832%ºº,£	98,340	98,340
Time Deposits – 0%
	Royal Bank of Canada, 5.3100%, 10/2/23	$24,585	24,585
Total Investments Purchased with Cash Collateral from Securities Lending (cost $122,925)			122,925
Total Investments (total cost $800,629,342) – 99.5%			774,341,104
Cash, Receivables and Other Assets, net of Liabilities – 0.5%			3,650,200
Net Assets – 100%			$777,991,304

Summary of Investments by Country - (Long Positions) (unaudited)
		% of
		Investment
Country	Value	Securities
United States	$732,519,819	94.6	%
France	9,776,742	1.3
Canada	9,396,291	1.2
Denmark	6,576,942	0.8
United Kingdom	5,994,185	0.8
Ireland	5,214,157	0.7
Netherlands	2,437,121	0.3
United Arab Emirates	1,572,436	0.2
Japan	853,411	0.1

Total $774,341,104 100.0 %

7

Schedules of Affiliated Investments – (% of Net Assets)

		Dividend Income		Realized Gain/(Loss)		Change in Unrealized Appreciation/ Depreciation		Value at 9/30/23
Investment Companies - 0.5%
Money Markets - 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 5.3601%ºº	$	237,155	$	663	$	(606)	$	3,704,419
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2832%ºº		2,869∆		-		-		98,340
Total Affiliated Investments - 0.5%		$	240,024	$	663	$	(606)	$	3,802,759

		Value at 6/30/23		Purchases		Sales Proceeds		Value at 9/30/23
Investment Companies - 0.5%
Money Markets - 0.5%
	Janus Henderson Cash Liquidity Fund LLC, 5.3601%ºº		27,396,668		99,101,442		(122,793,748)		3,704,419
Investments Purchased with Cash Collateral from Securities Lending - 0.0%
Investment Companies - 0.0%
	Janus Henderson Cash Collateral Fund LLC, 5.2832%ºº		-		10,507,475		(10,409,135)		98,340

Schedule of Futures

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation/(Depreciation)
Futures Long:
2 Year US Treasury Note		2,689	1/4/24	$	545,089,712	$	(1,146,162)
Futures Short:
10 Year US Treasury Note		102	12/29/23		(11,022,375)		210,426
5 Year US Treasury Note		407	1/4/24		(42,881,266)		330,698
Ultra 10-Year Treasury Note		7	12/29/23		(780,938)		31,719
US Treasury Long Bond		150	12/29/23		(17,067,188)		924,608
Total - Futures Short							1,497,451
Total						$	351,289

Average Ending Monthly Value of Derivative Instruments During the Period Ended September 30, 2023
Futures contracts:
Average notional amount of contracts - long	$525,037,331
Average notional amount of contracts - short	82,217,715

8

Notes to Schedule of Investments (unaudited)

IBOR	Interbank Offered Rate
LLC	Limited Liability Company
LP	Limited Partnership
PLC	Public Limited Company
SOFR	Secured Overnight Financing Rate
TBA	(To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when specific mortgage pools are assigned.

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 $353,795,996, which represents 45.5% of net assets.

‡ 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.

£ 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.

9

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		$	-	$	317,896,913	$	-
Corporate Bonds			-		192,387,769		-
Mortgage-Backed Securities			-		39,601,523		-
United States Treasury Notes/Bonds			-		220,627,555		-
Investment Companies			-		3,704,419		-
Investments Purchased with Cash Collateral from Securities Lending			-		122,925		-
Total Investments in Securities		$	-	$	774,341,104	$	-
Other Financial Instruments(a):
Futures Contracts			1,497,451		-		-
Total Assets		$	1,497,451	$	774,341,104	$	-
Liabilities
Other Financial Instruments(a):
Futures Contracts		$	1,146,162	$	-	$	-
(a)	Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, 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 and written swaptions are reported at their market value at measurement date.

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 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.

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

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