Janus Henderson High-Yield Fund
Schedule of Investments (unaudited)
March 31, 2024
Shares or | Value | ||||||
Asset-Backed/Commercial Mortgage-Backed Securities– 3.2% | |||||||
Amercian Airlines Inc / AAdvantage Loyalty IP Ltd, 5.7500%, 4/20/29 (144A) | $2,677,010 | $2,631,381 | |||||
BX Commercial Mortgage Trust 2021-ARIA F, | |||||||
CME Term SOFR 1 Month + 2.7080%, 8.0330%, 10/15/36 (144A)‡ | 6,000,000 | 5,864,727 | |||||
JP Morgan Chase Commercial Mortgage Sec Trust 2020-ACE C, | |||||||
3.6942%, 1/10/37 (144A)‡ | 5,000,000 | 4,751,252 | |||||
MED Trust 2021-MDLN F, | |||||||
CME Term SOFR 1 Month + 4.1145%, 9.4395%, 11/15/38 (144A)‡ | 5,476,379 | 5,482,408 | |||||
New Economy Assets Phase 1 Issuer LLC 2021-1 B1, 2.4100%, 10/20/61 (144A) | 5,000,000 | 4,184,864 | |||||
VASA Trust 2021-VASA F, | |||||||
CME Term SOFR 1 Month + 4.0145%, 9.3405%, 7/15/39 (144A)‡ | 3,083,000 | 1,572,505 | |||||
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $24,338,607) | 24,487,137 | ||||||
Bank Loans and Mezzanine Loans– 3.5% | |||||||
Communications – 1.2% | |||||||
Clear Channel International BV, 7.5000%, 8/12/27 | 3,126,734 | 3,111,100 | |||||
Directv Financing LLC, CME Term SOFR 1 Month + 5.0000%, 10.4446%, 8/2/27ƒ,‡ | 3,792,000 | 3,793,593 | |||||
Directv Financing LLC, CME Term SOFR 1 Month + 5.2500%, 10.6498%, 8/2/29ƒ,‡ | 1,888,000 | 1,884,998 | |||||
8,789,691 | |||||||
Consumer Cyclical – 0.9% | |||||||
Caesars Entertainment Inc, | |||||||
CME Term SOFR 3 Month + 2.7500%, 8.0405%, 2/6/31‡ | 3,789,000 | 3,789,000 | |||||
Dealer Tire Financial LLC, | |||||||
CME Term SOFR 1 Month + 3.7500%, 9.0802%, 12/14/27‡ | 900,000 | 905,625 | |||||
Wyndham Worldwide Corp, | |||||||
CME Term SOFR 1 Month + 3.2500%, 8.6788%, 12/14/29ƒ,‡ | 2,494,000 | 2,497,741 | |||||
7,192,366 | |||||||
Consumer Non-Cyclical – 0.5% | |||||||
LifePoint Health Inc, | |||||||
CME Term SOFR 1 Month + 4.7500%, 10.0687%, 11/16/28ƒ,‡ | 808,989 | 810,866 | |||||
Topgolf Callaway Brands Corp, | |||||||
CME Term SOFR 1 Month + 3.0000%, 8.3207%, 3/15/30ƒ,‡ | 2,780,000 | 2,780,584 | |||||
3,591,450 | |||||||
Diversified Financial – 0.2% | |||||||
Osaic Holdings Inc, CME Term SOFR 1 Month + 4.0000%, 9.3209%, 8/17/28ƒ,‡ | 1,894,000 | 1,900,269 | |||||
Technology – 0.1% | |||||||
Cloud Software Group Inc, | |||||||
CME Term SOFR 3 Month + 4.5000%, 9.9285%, 3/21/31‡ | 868,000 | 862,037 | |||||
Transportation – 0.6% | |||||||
AAdvantage Loyalty IP Ltd, | |||||||
CME Term SOFR 3 Month + 4.7500%, 10.3378%, 4/20/28ƒ,‡ | 2,215,000 | 2,297,752 | |||||
First Student Bidco Inc, | |||||||
CME Term SOFR 3 Month + 4.0000%, 9.4481%, 7/21/28ƒ,‡ | 1,973,901 | 1,973,407 | |||||
4,271,159 | |||||||
Total Bank Loans and Mezzanine Loans (cost $26,587,064) | 26,606,972 | ||||||
Corporate Bonds– 86.7% | |||||||
Basic Industry – 6.5% | |||||||
Algoma Steel Inc, 9.1250%, 4/15/29 (144A) | 2,870,000 | 2,898,700 | |||||
Compass Minerals International Inc, 6.7500%, 12/1/27 (144A) | 6,278,000 | 6,069,227 | |||||
First Quantum Minerals Ltd, 9.3750%, 3/1/29 (144A) | 3,620,000 | 3,750,012 | |||||
FMG Resources (August 2006) Pty Ltd, 4.3750%, 4/1/31 (144A) | 8,153,000 | 7,284,427 | |||||
FMG Resources (August 2006) Pty Ltd, 6.1250%, 4/15/32 (144A) | 2,872,000 | 2,839,631 | |||||
Hudbay Minerals Inc, 6.1250%, 4/1/29 (144A) | 8,473,000 | 8,375,616 | |||||
Mineral Resources Ltd, 9.2500%, 10/1/28 (144A) | 6,929,000 | 7,297,620 | |||||
Tronox Inc, 4.6250%, 3/15/29 (144A) | 6,209,000 | 5,569,076 | |||||
Verde Purchaser LLC, 10.5000%, 11/30/30 (144A) | 5,293,000 | 5,572,936 | |||||
49,657,245 | |||||||
Brokerage – 1.3% | |||||||
Artec Group Inc, 10.0000%, 8/15/30 (144A) | 3,439,000 | 3,756,327 | |||||
StoneX Group Inc, 7.8750%, 3/1/31 (144A) | 6,339,000 | 6,431,207 | |||||
10,187,534 | |||||||
Capital Goods – 8.4% | |||||||
Ardagh Metal Packaging SA, 4.0000%, 9/1/29 (144A) | 4,634,000 | 3,735,242 | |||||
Beacon Roofing Supply Inc, 4.1250%, 5/15/29 (144A) | 2,139,000 | 1,940,094 | |||||
Bombardier Inc, 7.5000%, 2/1/29 (144A)# | 4,053,000 | 4,173,512 | |||||
Bombardier Inc, 8.7500%, 11/15/30 (144A) | 3,912,000 | 4,177,140 | |||||
Builders FirstSource Inc, 6.3750%, 6/15/32 (144A) | 4,352,000 | 4,416,349 | |||||
Husky Injection Molding Systems Ltd / Titan Co-Borrower LLC, | |||||||
9.0000%, 2/15/29 (144A) | 4,800,000 | 4,963,766 | |||||
LABL Inc, 5.8750%, 11/1/28 (144A) | 6,149,000 | 5,654,641 | |||||
Shares or | Value | ||||||
Corporate Bonds– (continued) | |||||||
Capital Goods– (continued) | |||||||
Mauser Packaging Solutions Holding Co, 9.2500%, 4/15/27 (144A) | $3,668,000 | $3,638,784 | |||||
Standard Industries Inc/NJ, 3.3750%, 1/15/31 (144A) | 13,419,000 | 11,251,343 | |||||
TransDigm Inc, 4.8750%, 5/1/29 | 10,455,000 | 9,725,354 | |||||
Trinity Industries Inc, 7.7500%, 7/15/28 (144A) | 2,860,000 | 2,936,971 | |||||
Trivium Packaging Finance BV, 8.5000%, 8/15/27 (144A) | 7,550,000 | 7,455,823 | |||||
64,069,019 | |||||||
Communications – 6.3% | |||||||
Cable One Inc, 4.0000%, 11/15/30 (144A) | 2,388,000 | 1,863,659 | |||||
CCO Holdings LLC / CCO Holdings Capital Corp, 4.2500%, 2/1/31 (144A) | 10,931,000 | 8,926,799 | |||||
Clear Channel Outdoor Holdings Inc, 7.8750%, 4/1/30 (144A) | 7,596,000 | 7,551,607 | |||||
Connect Finco Sarl / Connect US Finco LLC, 6.7500%, 10/1/26 (144A) | 4,770,000 | 4,675,912 | |||||
CSC Holdings LLC, 5.3750%, 2/1/28 (144A) | 4,354,000 | 3,744,974 | |||||
Frontier Communications Holdings LLC, 8.6250%, 3/15/31 (144A) | 3,710,000 | 3,789,131 | |||||
Paramount Global, 4.2000%, 5/19/32# | 5,437,000 | 4,516,805 | |||||
Univision Communications Inc, 8.0000%, 8/15/28 (144A) | 6,692,000 | 6,817,549 | |||||
Univision Communications Inc, 4.5000%, 5/1/29 (144A) | 3,332,000 | 2,977,656 | |||||
Univision Communications Inc, 7.3750%, 6/30/30 (144A) | 3,350,000 | 3,312,618 | |||||
48,176,710 | |||||||
Consumer Cyclical – 20.2% | |||||||
Allied Universal Holdco LLC, 7.8750%, 2/15/31 (144A) | 3,796,000 | 3,844,577 | |||||
Allied Universal Holdco LLC / Allied Universal Finance Corp, | |||||||
6.0000%, 6/1/29 (144A) | 4,822,000 | 4,148,966 | |||||
Arches Buyer Inc, 4.2500%, 6/1/28 (144A) | 4,060,000 | 3,573,142 | |||||
Aston Martin Capital Holdings Ltd, 10.0000%, 3/31/29 (144A) | 5,593,000 | 5,694,625 | |||||
Beazer Homes USA Inc, 7.5000%, 3/15/31 (144A) | 2,467,000 | 2,491,443 | |||||
Carnival Corp, 6.0000%, 5/1/29 (144A) | 17,063,000 | 16,883,509 | |||||
EG Global Finance PLC, 12.0000%, 11/30/28 (144A) | 3,401,000 | 3,615,049 | |||||
Foot Locker Inc, 4.0000%, 10/1/29 (144A) | 3,810,000 | 3,207,828 | |||||
Full House Resorts Inc, 8.2500%, 2/15/28 (144A) | 6,653,000 | 6,357,869 | |||||
Garda World Security Corp, 7.7500%, 2/15/28 (144A) | 2,162,000 | 2,217,109 | |||||
Garda World Security Corp, 6.0000%, 6/1/29 (144A) | 5,511,000 | 4,932,587 | |||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, | |||||||
6.6250%, 1/15/32 (144A) | 3,089,000 | 3,101,470 | |||||
JB Poindexter & Co Inc, 8.7500%, 12/15/31 (144A) | 7,331,000 | 7,577,549 | |||||
Kohl's Corp, 4.6250%, 5/1/31Ç | 7,943,000 | 6,684,233 | |||||
LGI Homes Inc, 4.0000%, 7/15/29 (144A) | 8,399,000 | 7,337,481 | |||||
Life Time Inc, 8.0000%, 4/15/26 (144A) | 3,466,000 | 3,507,862 | |||||
LSF9 Atlantis Holdings LLC / Victra Finance Corp, 7.7500%, 2/15/26 (144A) | 9,085,000 | 9,003,113 | |||||
Macy's Retail Holdings LLC, 5.8750%, 4/1/29 (144A)# | 4,493,000 | 4,407,713 | |||||
Macy's Retail Holdings LLC, 6.7000%, 7/15/34 (144A) | 2,222,000 | 1,874,472 | |||||
Mavis Tire Express Services Corp, 6.5000%, 5/15/29 (144A) | 5,984,000 | 5,691,332 | |||||
Midwest Gaming Borrower LLC, 4.8750%, 5/1/29 (144A) | 3,729,000 | 3,452,891 | |||||
NCL Corporation Ltd, 7.7500%, 2/15/29 (144A) | 4,852,000 | 5,037,715 | |||||
Penn Entertainment Inc, 4.1250%, 7/1/29 (144A)# | 8,957,000 | 7,702,576 | |||||
Station Casinos LLC, 4.6250%, 12/1/31 (144A) | 7,958,000 | 7,152,611 | |||||
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp, | |||||||
5.8750%, 5/15/25 (144A) | 5,111,000 | 5,098,009 | |||||
Travel + Leisure Co, 4.6250%, 3/1/30 (144A) | 2,701,000 | 2,466,171 | |||||
Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28 (144A) | 5,789,000 | 5,351,921 | |||||
Wynn Macau Ltd, 5.6250%, 8/26/28 (144A) | 8,426,000 | 7,986,380 | |||||
Wynn Macau Ltd, 5.1250%, 12/15/29 (144A) | 2,947,000 | 2,691,206 | |||||
153,091,409 | |||||||
Consumer Non-Cyclical – 11.0% | |||||||
Amer Sports Co, 6.7500%, 2/16/31 (144A) | 3,823,000 | 3,813,272 | |||||
Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp, | |||||||
4.6250%, 6/1/28 (144A) | 491,000 | 446,303 | |||||
BellRing Brands Inc, 7.0000%, 3/15/30 (144A) | 5,179,000 | 5,334,846 | |||||
Chobani LLC / Chobani Finance Corp Inc, 7.6250%, 7/1/29 (144A) | 3,378,000 | 3,424,448 | |||||
Hadrian Merger Sub Inc, 8.5000%, 5/1/26 (144A) | 10,106,000 | 9,972,329 | |||||
Heartland Dental LLC / Heartland Dental Finance Corp, | |||||||
10.5000%, 4/30/28 (144A) | 6,284,000 | 6,676,750 | |||||
HLF Financing Sarl LLC / Herbalife International Inc, | |||||||
4.8750%, 6/1/29 (144A) | 8,704,000 | 6,049,280 | |||||
LifePoint Health Inc, 9.8750%, 8/15/30 (144A) | 6,791,000 | 7,103,671 | |||||
Mozart Debt Merger Sub Inc, 5.2500%, 10/1/29 (144A) | 15,001,000 | 14,178,473 | |||||
Organon Finance 1 LLC, 5.1250%, 4/30/31 (144A) | 12,751,000 | 11,337,008 | |||||
Post Holdings Inc, 4.5000%, 9/15/31 (144A) | 2,667,000 | 2,398,945 | |||||
Star Parent Inc, 9.0000%, 10/1/30 (144A) | 5,499,000 | 5,819,625 | |||||
Surgery Center Holdings Inc, 7.2500%, 4/15/32 (144A) | 2,314,000 | 2,331,970 | |||||
Thor Industries Inc, 4.0000%, 10/15/29 (144A) | 4,975,000 | 4,450,401 | |||||
83,337,321 | |||||||
Electric – 1.9% | |||||||
NextEra Energy Operating Partners LP, 7.2500%, 1/15/29 (144A) | 2,336,000 | 2,390,109 | |||||
2
Shares or | Value | ||||||
Corporate Bonds– (continued) | |||||||
Electric– (continued) | |||||||
TerraForm Power Operating LLC, 4.7500%, 1/15/30 (144A) | $7,182,000 | $6,583,308 | |||||
Vistra Operations Co LLC, 7.7500%, 10/15/31 (144A) | 5,097,000 | 5,337,986 | |||||
14,311,403 | |||||||
Energy – 7.7% | |||||||
Archrock Partners LP / Archrock Partners Finance Corp, | |||||||
6.8750%, 4/1/27 (144A) | 2,249,000 | 2,255,826 | |||||
Civitas Resources Inc, 8.3750%, 7/1/28 (144A) | 4,383,000 | 4,614,037 | |||||
FTAI Infra Escrow Holdings LLC, 10.5000%, 6/1/27 (144A) | 14,371,000 | 14,973,432 | |||||
Howard Midstream Energy Partners LLC, 6.7500%, 1/15/27 (144A) | 2,863,000 | 2,856,490 | |||||
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp, | |||||||
6.0000%, 8/1/26 (144A) | 5,446,000 | 5,357,178 | |||||
Sunoco LP / Sunoco Finance Corp, 4.5000%, 4/30/30 | 9,410,000 | 8,616,934 | |||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, | |||||||
5.5000%, 1/15/28 (144A) | 6,632,000 | 6,389,814 | |||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, | |||||||
6.0000%, 9/1/31 (144A) | 5,166,000 | 4,821,173 | |||||
Venture Global LNG Inc, 8.1250%, 6/1/28 (144A) | 8,664,000 | 8,838,891 | |||||
58,723,775 | |||||||
Finance Companies – 5.3% | |||||||
Fortress Transportation and Infrastructure Investors LLC, | |||||||
9.7500%, 8/1/27 (144A) | 4,223,000 | 4,372,655 | |||||
goeasy Ltd, 7.6250%, 7/1/29 (144A) | 3,487,000 | 3,492,039 | |||||
Nationstar Mortgage Holdings Inc, 7.1250%, 2/1/32 (144A) | 3,775,000 | 3,749,148 | |||||
Navient Corp, 9.3750%, 7/25/30 | 4,091,000 | 4,376,470 | |||||
Navient Corp, 5.6250%, 8/1/33 | 3,447,000 | 2,853,615 | |||||
OneMain Finance Corp, 4.0000%, 9/15/30 | 4,242,000 | 3,630,499 | |||||
PennyMac Financial Services Inc, 5.7500%, 9/15/31 (144A) | 11,726,000 | 10,876,702 | |||||
Quicken Loans LLC, 3.8750%, 3/1/31 (144A) | 5,176,000 | 4,509,327 | |||||
Springleaf Finance Corp, 5.3750%, 11/15/29 | 2,917,000 | 2,742,600 | |||||
40,603,055 | |||||||
Financial Institutions – 2.6% | |||||||
Burford Capital Global Finance LLC, 6.2500%, 4/15/28 (144A) | 1,955,000 | 1,904,124 | |||||
Burford Capital Global Finance LLC, 6.8750%, 4/15/30 (144A) | 4,210,000 | 4,133,927 | |||||
GGAM Finance Ltd, 8.0000%, 6/15/28 (144A) | 8,031,000 | 8,387,006 | |||||
Jefferson Capital Holdings LLC, 9.5000%, 2/15/29 (144A) | 5,219,000 | 5,342,361 | |||||
19,767,418 | |||||||
Industrial – 0.4% | |||||||
KBR Inc, 4.7500%, 9/30/28 (144A) | 3,514,000 | 3,231,317 | |||||
Insurance – 2.1% | |||||||
Broadstreet Partners Inc, 5.8750%, 4/15/29 (144A)# | 9,766,000 | 9,039,062 | |||||
HUB International Ltd, 5.6250%, 12/1/29 (144A) | 2,462,000 | 2,308,436 | |||||
Panther Escrow Issuer LLC, 7.1250%, 6/1/31 (144A) | 1,739,000 | 1,768,059 | |||||
USI Inc/NY, 7.5000%, 1/15/32 (144A) | 2,627,000 | 2,631,839 | |||||
15,747,396 | |||||||
Real Estate Investment Trusts (REITs) – 0.9% | |||||||
Rithm Capital Corp, 8.0000%, 4/1/29 (144A) | 6,236,000 | 6,053,649 | |||||
Starwood Property Trust Inc, 7.2500%, 4/1/29 (144A) | 796,000 | 802,335 | |||||
6,855,984 | |||||||
Specialty Retail – 0.2% | |||||||
Wayfair Inc, 3.2500%, 9/15/27 | 867,000 | 1,140,105 | |||||
Technology – 7.0% | |||||||
Cloud Software Group Inc, 6.5000%, 3/31/29 (144A) | 9,444,000 | 8,961,992 | |||||
Iron Mountain Inc, 5.2500%, 7/15/30 (144A) | 4,764,000 | 4,506,638 | |||||
McAfee Corp, 7.3750%, 2/15/30 (144A) | 6,667,000 | 6,113,949 | |||||
RingCentral Inc, 8.5000%, 8/15/30 (144A) | 8,761,000 | 9,109,110 | |||||
Seagate HDD Cayman, 4.1250%, 1/15/31 | 4,921,000 | 4,356,905 | |||||
Seagate HDD Cayman, 9.6250%, 12/1/32 | 10,421,001 | 11,872,626 | |||||
UKG Inc, 6.8750%, 2/1/31 (144A) | 4,675,000 | 4,762,549 | |||||
Western Digital Corp, 3.1000%, 2/1/32 | 3,827,000 | 3,081,467 | |||||
52,765,236 | |||||||
Transportation – 4.9% | |||||||
American Airlines Inc, 7.2500%, 2/15/28 (144A) | 6,414,000 | 6,513,635 | |||||
American Airlines Inc, 8.5000%, 5/15/29 (144A) | 2,494,000 | 2,634,804 | |||||
Cargo Aircraft Management Inc, 4.7500%, 2/1/28 (144A) | 13,539,000 | 12,243,820 | |||||
Rand Parent LLC, 8.5000%, 2/15/30 (144A)# | 8,985,000 | 8,897,486 | |||||
Watco Cos LLC / Watco Finance Corp, 6.5000%, 6/15/27 (144A) | 6,811,000 | 6,732,080 | |||||
37,021,825 | |||||||
Total Corporate Bonds (cost $647,854,394) | 658,686,752 | ||||||
Common Stocks– 2.9% | |||||||
Capital Markets – 0.3% | |||||||
StoneX Group Inc* | 27,679 | 1,944,727 | |||||
Health Care Equipment & Supplies – 0.5% | |||||||
Hologic Inc* | 45,760 | 3,567,450 | |||||
3
Shares or | Value | ||||||
Common Stocks– (continued) | |||||||
Health Care Providers & Services – 0.6% | |||||||
Surgery Partners Inc* | 150,528 | $4,490,250 | |||||
Hotels, Restaurants & Leisure – 0.9% | |||||||
Carnival Corp* | 66,478 | 1,086,251 | |||||
Churchill Downs Inc | 26,065 | 3,225,544 | |||||
Wynn Resorts Ltd | 27,897 | 2,851,910 | |||||
7,163,705 | |||||||
Metals & Mining – 0.5% | |||||||
Freeport-McMoRan Inc | 82,301 | 3,869,793 | |||||
Semiconductor & Semiconductor Equipment – 0.1% | |||||||
Marvell Technology Inc | 16,669 | 1,181,499 | |||||
Total Common Stocks (cost $21,512,911) | 22,217,424 | ||||||
Preferred Stocks– 0.4% | |||||||
Consumer Cyclical – 0.4% | |||||||
Quiksilver Inc¢((cost $2,633,063) | 3,097,721 | 2,633,063 | |||||
Convertible Preferred Stocks– 0.3% | |||||||
Chemicals – 0.3% | |||||||
Albemarle Corp, 7.2500%, 3/1/27((cost $2,130,342) | 40,302 | 2,377,818 | |||||
Investment Companies– 4.5% | |||||||
Money Markets – 4.5% | |||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº,£((cost $33,692,477) | 33,685,740 | 33,692,477 | |||||
Investments Purchased with Cash Collateral from Securities Lending– 1.2% | |||||||
Investment Companies – 1.0% | |||||||
Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº,£ | 7,147,667 | 7,147,667 | |||||
Time Deposits – 0.2% | |||||||
Royal Bank of Canada, 5.3100%, 4/1/24 | $1,786,917 | 1,786,917 | |||||
Total Investments Purchased with Cash Collateral from Securities Lending (cost $8,934,584) | 8,934,584 | ||||||
Total Investments (total cost $767,683,442) – 102.7% | 779,636,227 | ||||||
Liabilities, net of Cash, Receivables and Other Assets – (2.7)% | (20,174,337) | ||||||
Net Assets – 100% | $759,461,890 | ||||||
Summary of Investments by Country - (Long Positions) (unaudited) | |||||
% of | |||||
Investment | |||||
Country | Value | Securities | |||
United States | $678,914,795 | 87.1 | % | ||
Canada | 26,854,853 | 3.4 | |||
Australia | 17,421,678 | 2.2 | |||
Macao | 10,677,586 | 1.4 | |||
Ireland | 8,387,006 | 1.1 | |||
Peru | 8,375,616 | 1.1 | |||
United Kingdom | 8,290,961 | 1.1 | |||
Netherlands | 7,455,823 | 0.9 | |||
Jersey | 5,694,625 | 0.7 | |||
Finland | 3,813,272 | 0.5 | |||
Zambia | 3,750,012 | 0.5 | |||
Total | $779,636,227 | 100.0 | % |
4
Schedules of Affiliated Investments – (% of Net Assets)
Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 3/31/24 | |||||||
Investment Companies - 4.5% | ||||||||||
Money Markets - 4.5% | ||||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | $ | 872,826 | $ | 875 | $ | (1,013) | $ | 33,692,477 | ||
Investments Purchased with Cash Collateral from Securities Lending – 1.0% | ||||||||||
Investment Companies – 1.0% | ||||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | 206,851∆ | - | - | 7,147,667 | ||||||
Total Affiliated Investments - 5.5% | $ | 1,079,677 | $ | 875 | $ | (1,013) | $ | 40,840,144 | ||
Value at 6/30/23 | Purchases | Sales Proceeds | Value at 3/31/24 | |||||||
Investment Companies - 4.5% | ||||||||||
Money Markets - 4.5% | ||||||||||
Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº | 23,555,617 | 277,798,374 | (267,661,376) | 33,692,477 | ||||||
Investments Purchased with Cash Collateral from Securities Lending – 1.0% | ||||||||||
Investment Companies – 1.0% | ||||||||||
Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº | 26,971,853 | 113,276,933 | (133,101,119) | 7,147,667 | ||||||
Schedule of Futures
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation/(Depreciation) | ||||||||||
Futures Long: | ||||||||||||||
2 Year US Treasury Note | 411 | 7/3/24 | $ | 84,043,079 | $ | (96,344) | ||||||||
Ultra Long Term US Treasury Bond | 15 | 6/28/24 | 1,935,000 | 31,875 | ||||||||||
US Treasury Long Bond | 76 | 6/28/24 | 9,153,250 | 140,125 | ||||||||||
Total - Futures Long | 75,656 | |||||||||||||
Futures Short: | ||||||||||||||
5 Year US Treasury Note | 281 | 7/3/24 | (30,071,391) | (87,813) | ||||||||||
Ultra 10-Year Treasury Note | 77 | 6/28/24 | (8,824,922) | (65,964) | ||||||||||
Total - Futures Short | (153,777) | |||||||||||||
Total | $ | (78,121) | ||||||||||||
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2024 | |
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Futures contracts: |
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Average notional amount of contracts - long | $18,125,570 |
Average notional amount of contracts - short | 9,867,561 |
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Notes to Schedule of Investments (unaudited)
LLC | Limited Liability Company |
LP | Limited Partnership |
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 March 31, 2024 is $619,576,276, which represents 81.6% of net assets. |
* | Non-income producing security. |
ƒ | All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates will be determined and interest will begin to accrue at a future date. |
‡ | Variable or floating rate security. Rate shown is the current rate as of March 31, 2024. 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 March 31, 2024. |
# | Loaned security; a portion of the security is on loan at March 31, 2024. |
Ç | Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the current rate. |
¢ | Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2024 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 March 31, 2024. | |||||||||||||
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 | $ | - | $ | 24,487,137 | $ | - | |||||||
Bank Loans and Mezzanine Loans | - | 26,606,972 | - | ||||||||||
Corporate Bonds | - | 658,686,752 | - | ||||||||||
Common Stocks | 22,217,424 | - | - | ||||||||||
Preferred Stocks | - | - | 2,633,063 | ||||||||||
Convertible Preferred Stocks | 2,377,818 | - | - | ||||||||||
Investment Companies | - | 33,692,477 | - | ||||||||||
Investments Purchased with Cash Collateral from Securities Lending | - | 8,934,584 | - | ||||||||||
Total Investments in Securities | $ | 24,595,242 | $ | 752,407,922 | $ | 2,633,063 | |||||||
Other Financial Instruments(a): | |||||||||||||
Futures Contracts | 172,000 | - | - | ||||||||||
Total Assets | $ | 24,767,242 | $ | 752,407,922 | $ | 2,633,063 | |||||||
Liabilities | |||||||||||||
Other Financial Instruments(a): | |||||||||||||
Futures Contracts | $ | 250,121 | $ | - | $ | - | |||||||
(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. | ||||||||||||
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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 March 31, 2024 to fair value the Fund’s investments in
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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 March 31, 2024.
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For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual shareholder report.
125-35-70279 05-24 | |||||