Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

1

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

0.3%

Aerojet

Rocketdyne

Holdings,

Inc.*

11,487

$

501,867

Air

Freight

&

Logistics

-

0.2%

Atlas

Air

Worldwide

Holdings,

Inc.*

4,026

304,809

Auto

Components

-

0.7%

Fox

Factory

Holding

Corp.*

5,026

475,761

LCI

Industries

3,030

409,323

Patrick

Industries,

Inc.

2,747

166,798

XPEL,

Inc.*

3,296

202,012

1,253,894

Automobiles

-

0.1%

Winnebago

Industries,

Inc.

3,915

236,349

Banks

-

2.1%

Ameris

Bancorp

6,247

295,421

Bancorp,

Inc.

(The)*

5,093

125,288

Bank

First

Corp.

#

674

51,844

Business

First

Bancshares,

Inc.

2,025

47,547

Capstar

Financial

Holdings,

Inc.

1,984

41,684

Coastal

Financial

Corp.*

1,164

47,992

Customers

Bancorp,

Inc.*

2,971

113,462

FB

Financial

Corp.

4,242

181,770

First

Foundation,

Inc.

5,088

105,932

Five

Star

Bancorp

#

1,553

40,953

Guaranty

Bancshares,

Inc.

1,077

40,247

Live

Oak

Bancshares,

Inc.

3,940

148,302

Metrocity

Bankshares,

Inc.

2,286

47,343

Metropolitan

Bank

Holding

Corp.*

980

67,992

Origin

Bancorp,

Inc.

2,134

91,911

Pacific

Premier

Bancorp,

Inc.

8,532

287,016

Pathward

Financial,

Inc.

2,640

89,021

Premier

Financial

Corp.

3,193

90,937

Professional

Holding

Corp.

-

Class

A*

1,225

27,501

Sandy

Spring

Bancorp,

Inc.

4,070

168,091

Seacoast

Banking

Corp.

of

Florida

5,547

198,472

ServisFirst

Bancshares,

Inc.

4,879

416,911

Silvergate

Capital

Corp.

-

Class

A*

2,849

265,783

Triumph

Bancorp,

Inc.*

2,262

164,334

Western

Alliance

Bancorp

9,732

743,330

3,899,084

Beverages

-

0.6%

Coca-Cola

Consolidated,

Inc.

1,449

743,337

MGP

Ingredients,

Inc.

3,809

400,631

1,143,968

Biotechnology

-

7.1%

Catalyst

Pharmaceuticals,

Inc.*

45,896

469,975

Emergent

BioSolutions,

Inc.*

22,435

777,148

Exelixis,

Inc.*

143,230

2,996,372

Halozyme

Therapeutics,

Inc.*

61,602

3,012,338

Incyte

Corp.*

71,872

5,583,017

iTeos

Therapeutics,

Inc.*

15,870

388,180

13,227,030

Building

Products

-

3.9%

Advanced

Drainage

Systems,

Inc.

12,039

1,427,825

Builders

FirstSource,

Inc.*

24,656

1,676,608

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

2

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Building

Products

-

(continued)

Fortune

Brands

Home

&

Security,

Inc.

18,667

$

1,300,717

Hayward

Holdings,

Inc.*

32,327

377,256

Simpson

Manufacturing

Co.,

Inc.

6,160

636,205

Trex

Co.,

Inc.*

16,152

1,042,127

UFP

Industries,

Inc.

8,864

817,349

7,278,087

Capital

Markets

-

3.0%

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

6,057

240,826

B

Riley

Financial,

Inc.

2,511

129,417

Cboe

Global

Markets,

Inc.

9,547

1,177,909

Cowen,

Inc.

-

Class

A

2,475

86,798

Evercore,

Inc.

-

Class

A

3,652

365,091

Hamilton

Lane,

Inc.

-

Class

A

3,368

254,520

Houlihan

Lokey,

Inc.

4,556

385,255

Interactive

Brokers

Group,

Inc.

-

Class

A

8,829

518,174

MarketAxess

Holdings,

Inc.

3,394

919,027

Moelis

&

Co.

-

Class

A

5,827

271,422

Open

Lending

Corp.

-

Class

A*

11,362

117,710

Piper

Sandler

Cos.

1,600

201,920

PJT

Partners,

Inc.

-

Class

A

2,218

158,543

StepStone

Group,

Inc.

-

Class

A

5,511

146,813

Stifel

Financial

Corp.

9,579

572,920

Victory

Capital

Holdings,

Inc.

-

Class

A

6,166

170,613

5,716,958

Chemicals

-

2.3%

Origin

Materials,

Inc.

#

,*

32,800

192,864

Scotts

Miracle-Gro

Co.

(The)

12,846

1,142,652

Westlake

Corp.

29,762

2,897,033

4,232,549

Commercial

Services

&

Supplies

-

1.9%

Aris

Water

Solution,

Inc.

-

Class

A

3,142

66,516

IAA,

Inc.*

19,127

721,662

Rollins,

Inc.

70,285

2,710,892

3,499,070

Communications

Equipment

-

5.3%

Ciena

Corp.*

59,565

3,073,554

Clearfield,

Inc.*

5,390

531,184

Ubiquiti,

Inc.

20,852

6,289,589

9,894,327

Construction

&

Engineering

-

1.3%

Comfort

Systems

USA,

Inc.

5,134

542,459

IES

Holdings,

Inc.*

2,972

98,076

MYR

Group,

Inc.*

2,431

231,504

NV5

Global,

Inc.*

2,213

300,083

Sterling

Infrastructure,

Inc.*

4,323

111,144

WillScot

Mobile

Mini

Holdings

Corp.*

31,756

1,226,099

2,509,365

Construction

Materials

-

0.6%

Eagle

Materials,

Inc.

8,862

1,120,600

Consumer

Finance

-

0.5%

Credit

Acceptance

Corp.*

1,181

680,150

Upstart

Holdings,

Inc.*

7,619

185,370

865,520

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

3

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Diversified

Consumer

Services

-

0.8%

Service

Corp.

International

19,003

$

1,414,963

Diversified

Financial

Services

-

0.1%

Alerus

Financial

Corp.

1,556

38,340

Jackson

Financial,

Inc.

-

Class

A

7,754

213,312

251,652

Electric

Utilities

-

0.2%

NRG

Energy,

Inc.

7,060

266,515

Otter

Tail

Corp.

1,235

86,783

353,298

Electrical

Equipment

-

0.6%

Atkore,

Inc.*

6,404

635,725

Encore

Wire

Corp.

2,812

389,378

Fluence

Energy,

Inc.

#

,*

7,879

108,257

1,133,360

Electronic

Equipment,

Instruments

&

Components

-

4.4%

II-VI,

Inc.*

41,685

2,194,298

Insight

Enterprises,

Inc.*

13,735

1,282,986

Littelfuse,

Inc.

9,687

2,701,414

Napco

Security

Technologies,

Inc.*

14,386

369,145

Vontier

Corp.

63,044

1,626,535

8,174,378

Entertainment

-

0.4%

Sciplay

Corp.

-

Class

A*

6,002

81,867

World

Wrestling

Entertainment,

Inc.

-

Class

A

10,527

729,627

811,494

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.6%

Essential

Properties

Realty

Trust,

Inc.

5,826

140,523

Innovative

Industrial

Properties,

Inc.

1,244

119,934

PotlatchDeltic

Corp.

3,074

150,718

Rexford

Industrial

Realty,

Inc.

7,319

478,736

STAG

Industrial,

Inc.

7,950

260,601

1,150,512

Food

&

Staples

Retailing

-

1.0%

BJ's

Wholesale

Club

Holdings,

Inc.*

23,437

1,586,685

Ingles

Markets,

Inc.

-

Class

A

2,486

237,314

1,823,999

Food

Products

-

1.0%

Darling

Ingredients,

Inc.*

27,976

1,938,177

Gas

Utilities

-

0.1%

UGI

Corp.

6,303

272,038

Health

Care

Equipment

&

Supplies

-

1.4%

Cue

Health,

Inc.

#

,*

65,477

221,312

LeMaitre

Vascular,

Inc.

9,805

493,682

QuidelOrtho

Corp.*

18,692

1,907,332

Semler

Scientific,

Inc.*

3,028

93,959

2,716,285

Health

Care

Providers

&

Services

-

6.7%

AdaptHealth

Corp.*

59,966

1,325,848

Addus

HomeCare

Corp.*

7,178

666,190

Amedisys,

Inc.*

14,546

1,743,338

AMN

Healthcare

Services,

Inc.*

19,966

2,244,977

Chemed

Corp.

6,682

3,214,643

Cross

Country

Healthcare,

Inc.*

17,063

449,781

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

4

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Health

Care

Providers

&

Services

-

(continued)

DocGo,

Inc.

#

,*

44,892

$

347,015

Fulgent

Genetics,

Inc.*

13,540

809,015

Joint

Corp.

(The)*

6,460

110,466

National

Research

Corp.

11,252

426,451

Progyny,

Inc.*

41,060

1,253,562

12,591,286

Health

Care

Technology

-

1.1%

Doximity,

Inc.

-

Class

A

#

,*

47,026

1,990,140

Hotels,

Restaurants

&

Leisure

-

0.3%

ONE

Group

Hospitality,

Inc.

(The)*

3,879

32,545

Wingstop,

Inc.

3,563

449,579

482,124

Household

Durables

-

3.0%

Cavco

Industries,

Inc.*

1,089

280,733

Century

Communities,

Inc.

3,931

201,149

Cricut,

Inc.

-

Class

A

#

,*

5,197

35,028

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

3,861

50,193

Green

Brick

Partners,

Inc.*

5,782

154,958

Installed

Building

Products,

Inc.

3,511

356,086

KB

Home

10,575

345,168

LGI

Homes,

Inc.*

2,828

318,998

Lovesac

Co.

(The)*

1,808

56,337

M/I

Homes,

Inc.*

3,381

155,560

MDC

Holdings,

Inc.

8,491

307,799

Meritage

Homes

Corp.*

4,373

386,136

PulteGroup,

Inc.

28,346

1,236,452

Sonos,

Inc.*

15,256

337,310

Taylor

Morrison

Home

Corp.

-

Class

A*

14,274

409,664

TopBuild

Corp.*

3,912

828,249

Tri

Pointe

Homes,

Inc.*

12,339

228,518

5,688,338

Independent

Power

and

Renewable

Electricity

Producers

-

0.0%

Sunnova

Energy

International,

Inc.*

3,414

88,832

Insurance

-

1.7%

BRP

Group,

Inc.

-

Class

A*

5,322

146,728

Fidelity

National

Financial,

Inc.

25,261

1,009,430

First

American

Financial

Corp.

9,659

560,222

Kinsale

Capital

Group,

Inc.

2,063

501,742

Old

Republic

International

Corp.

27,715

644,928

Palomar

Holdings,

Inc.*

2,263

141,143

Selectquote,

Inc.*

14,793

27,219

Stewart

Information

Services

Corp.

2,453

134,056

3,165,468

Interactive

Media

&

Services

-

1.1%

Bumble,

Inc.

-

Class

A*

31,482

1,193,797

Cargurus,

Inc.*

24,888

604,530

Shutterstock,

Inc.

4,323

244,250

2,042,577

Internet

&

Direct

Marketing

Retail

-

0.1%

1-800-Flowers.com,

Inc.

-

Class

A*

4,453

44,396

Revolve

Group,

Inc.*

4,861

137,664

182,060

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

5

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

IT

Services

-

3.4%

GoDaddy,

Inc.

-

Class

A*

63,338

$

4,698,413

International

Money

Express,

Inc.*

15,041

361,586

TTEC

Holdings,

Inc.

18,401

1,346,401

6,406,400

Leisure

Products

-

0.4%

Johnson

Outdoors,

Inc.

-

Class

A

1,068

71,887

Malibu

Boats,

Inc.

-

Class

A*

2,451

153,065

YETI

Holdings,

Inc.*

10,273

521,560

746,512

Life

Sciences

Tools

&

Services

-

7.9%

Bio-Rad

Laboratories,

Inc.

-

Class

A*

10,136

5,709,203

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

58,742

1,532,579

Medpace

Holdings,

Inc.*

15,028

2,547,697

QIAGEN

NV*

101,400

5,033,496

14,822,975

Machinery

-

2.0%

Graco,

Inc.

24,157

1,622,384

Kadant,

Inc.

1,667

339,818

Mueller

Industries,

Inc.

8,120

546,720

Toro

Co.

(The)

14,978

1,287,958

3,796,880

Marine

-

0.3%

Matson,

Inc.

5,785

530,311

Media

-

1.1%

AdTheorent

Holding

Co.,

Inc.

#

,*

20,842

58,566

Nexstar

Media

Group,

Inc.

-

Class

A

9,822

1,850,170

PubMatic,

Inc.

-

Class

A*

10,249

170,031

2,078,767

Metals

&

Mining

-

1.9%

Cleveland-Cliffs,

Inc.*

121,701

2,155,325

MP

Materials

Corp.*

41,172

1,382,144

3,537,469

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.1%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

7,816

282,079

Paper

&

Forest

Products

-

0.6%

Louisiana-Pacific

Corp.

19,043

1,211,706

Personal

Products

-

1.5%

BellRing

Brands,

Inc.*

23,618

570,138

Medifast,

Inc.

1,991

334,866

Olaplex

Holdings,

Inc.*

112,403

1,933,332

2,838,336

Pharmaceuticals

-

1.3%

Corcept

Therapeutics,

Inc.*

47,447

1,359,831

Innoviva,

Inc.*

31,123

446,304

SIGA

Technologies,

Inc.

#

32,337

555,873

2,362,008

Professional

Services

-

0.8%

CRA

International,

Inc.

1,052

104,159

Insperity,

Inc.

5,469

600,168

TriNet

Group,

Inc.*

8,887

733,177

1,437,504

Real

Estate

Management

&

Development

-

0.1%

Douglas

Elliman,

Inc.

3,609

21,654

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

6

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Real

Estate

Management

&

Development

-

(continued)

eXp

World

Holdings,

Inc.

#

6,677

$

99,220

120,874

Road

&

Rail

-

1.9%

ArcBest

Corp.

3,498

309,923

Knight-Swift

Transportation

Holdings,

Inc.

23,391

1,285,335

Landstar

System,

Inc.

5,295

829,091

Marten

Transport

Ltd.

11,701

252,274

Saia,

Inc.*

3,772

897,170

3,573,793

Semiconductors

&

Semiconductor

Equipment

-

6.5%

Amkor

Technology,

Inc.

95,847

1,933,234

Axcelis

Technologies,

Inc.*

12,933

909,578

Diodes,

Inc.*

17,715

1,441,470

FormFactor,

Inc.*

30,564

1,086,856

MKS

Instruments,

Inc.

21,792

2,575,814

Onto

Innovation,

Inc.*

19,404

1,615,383

Power

Integrations,

Inc.

22,830

1,940,778

Ultra

Clean

Holdings,

Inc.*

17,661

593,410

12,096,523

Software

-

7.6%

Alarm.com

Holdings,

Inc.*

19,616

1,388,224

Fair

Isaac

Corp.*

10,150

4,689,604

Paylocity

Holding

Corp.*

21,589

4,445,823

Qualys,

Inc.*

15,205

1,859,876

SPS

Commerce,

Inc.*

14,135

1,692,808

WM

Technology,

Inc.*

33,742

114,723

14,191,058

Specialty

Retail

-

4.4%

Academy

Sports

&

Outdoors,

Inc.

10,295

442,994

America's

Car-Mart,

Inc.*

769

79,645

Asbury

Automotive

Group,

Inc.*

2,639

452,958

AutoNation,

Inc.*

6,955

825,837

Boot

Barn

Holdings,

Inc.*

3,548

221,041

Citi

Trends,

Inc.*

1,035

25,440

Dick's

Sporting

Goods,

Inc.

#

6,705

627,521

Five

Below,

Inc.*

6,626

841,966

Floor

&

Decor

Holdings,

Inc.

-

Class

A*

12,625

1,017,196

Hibbett,

Inc.

1,550

72,726

Leslie's,

Inc.*

21,813

330,685

Lithia

Motors,

Inc.

-

Class

A

3,449

914,951

MarineMax,

Inc.*

2,574

105,122

OneWater

Marine,

Inc.

-

Class

A*

1,689

61,209

RH*

2,938

820,965

Shoe

Carnival,

Inc.

3,323

72,475

Sleep

Number

Corp.*

2,652

119,499

Sportsman's

Warehouse

Holdings,

Inc.*

5,241

51,676

Williams-Sonoma,

Inc.

8,357

1,206,918

8,290,824

Technology

Hardware,

Storage

&

Peripherals

-

0.3%

Corsair

Gaming,

Inc.

#

,*

37,356

526,720

Textiles,

Apparel

&

Luxury

Goods

-

0.8%

Crocs,

Inc.*

7,345

526,196

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

7

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Textiles,

Apparel

&

Luxury

Goods

-

(continued)

Deckers

Outdoor

Corp.*

3,252

$

1,018,559

1,544,755

Thrifts

&

Mortgage

Finance

-

0.7%

Bridgewater

Bancshares,

Inc.*

2,515

43,962

Essent

Group

Ltd.

9,675

404,028

Hingham

Institution

For

Savings

The

187

54,232

Merchants

Bancorp

3,907

103,379

NMI

Holdings,

Inc.

-

Class

A*

7,744

146,671

PennyMac

Financial

Services,

Inc.

4,892

268,033

Southern

Missouri

Bancorp,

Inc.

832

44,878

Walker

&

Dunlop,

Inc.

2,981

335,780

1,400,963

Trading

Companies

&

Distributors

-

1.7%

BlueLinx

Holdings,

Inc.*

1,384

110,720

Boise

Cascade

Co.

5,630

398,098

Custom

Truck

One

Source,

Inc.*

35,312

218,581

SiteOne

Landscape

Supply,

Inc.*

6,414

893,663

Watsco,

Inc.

5,574

1,526,997

3,148,059

Water

Utilities

-

0.2%

Essential

Utilities,

Inc.

7,794

404,820

Total

Common

Stocks

(cost

$181,119,716)

187,303,794

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

1.8260%

∞

(cost

$38,333)

38,336

38,336

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.6%

Investment

Companies

-

1.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

1.8180%

£,∞

2,393,396

2,393,396

Time

Deposits

-

0.3%

Royal

Bank

of

Canada,

2.2900%,

8/1/22

$

598,349

598,349

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$2,991,745)

2,991,745

Total

Investments

(total

cost

$184,149,794

)

-

101.6%

190,333,875

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(1.6%)

(3,013,578)

Net

Assets

-

100.0%

$187,320,297

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

185,300,379

97.4

%

Netherlands

5,033,496

2.6

Total

$

190,333,875

100.0

%

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

July

31,

2022

8

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

7/31/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.6%

Investment

Companies

-

1.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

1.8180%

∞

$

18,557

Δ

$

–

$

–

$

2,393,396

Market

Value

at

10/31/21

Purchases

Sales

Market

Value

at

7/31/22

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

1.6%

Investment

Companies

-

1.3%

Janus

Henderson

Cash

Collateral

Fund

LLC,

1.8180%

∞

$

4,908,724

$

49,257,334

$

(51,772,662)

$

2,393,396

Janus

Henderson

Small/Mid

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2022

9

LLC

Limited

Liability

Company

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

July

31,

2022.

∞

Rate

shown

is

the

7-day

yield

as

of

July

31,

2022.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

July

31,

2022

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

187,303,794

$

—

$

—

Investment

Companies

38,336

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

2,991,745

—

Total

Assets

$

187,342,130

$

2,991,745

$

—

10

Investment

Valuation 

Securities

held

by

the

Fund

are

valued

in

accordance

with

policies

and

procedures

established

by

and

under

the

supervision

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

the

closing

prices

on

the

primary

market

or

exchange

on

which

they

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.

Securities

that

are

traded

on

the

over-the-counter

(“OTC”)

markets

are

generally

valued

at

their

closing

or

latest

bid

prices

as

available.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

applicable

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The

Fund

will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

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

are

deemed

unreliable,

are

valued

at

fair

value

determined

in

good

faith

under

the

Valuation

Procedures.

Circumstances

in

which

fair

value

pricing

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. 

Valuation

Inputs

Summary 

FASB

ASC

820,

Fair

Value

Measurements

and

Disclosures

(“ASC

820”),

defines

fair

value,

establishes

a

framework

for

measuring

fair

value,

and

expands

disclosure

requirements

regarding

fair

value

measurements.

This

standard

emphasizes

that

fair

value

is

a

market-based

measurement

that

should

be

determined

based

on

the

assumptions

that

market

participants

would

use

in

pricing

an

asset

or

liability

and

establishes

a

hierarchy

that

prioritizes

inputs

to

valuation

techniques

used

to

measure

fair

value.

These

inputs

are

summarized

into

three

broad

levels: 

Level

1

–

Unadjusted

quoted

prices

in

active

markets

the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities.

Level

2

–

Observable

inputs

other

than

unadjusted

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Assets

or

liabilities

categorized

as

Level

2

in

the

hierarchy

generally

include:

debt

securities

fair

valued

in

accordance

with

the

evaluated

bid

or

ask

prices

supplied

by

a

pricing

service;

securities

traded

on

OTC

markets

and

listed

securities

for

which

no

sales

are

reported

that

are

fair

valued

at

the

latest

bid

price

(or

yield

equivalent

thereof)

obtained

from

one

or

more

dealers

transacting

in

a

market

for

such

securities

or

by

a

pricing

service

approved

by

the

Fund’s

Trustees;

and

certain

short-term

debt

securities

with

maturities

of

60

days

or

less

that

are

fair

valued

at

amortized

cost.

Other

securities

that

may

be

categorized

as

Level

2

in

the

hierarchy

include,

but

are

not

limited

to,

preferred

stocks,

bank

loans,

swaps,

investments

in

unregistered

investment

companies,

options,

and

forward

contracts.

Level

3

–

Unobservable

inputs

for

the

asset

or

liability

to

the

extent

that

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

that

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

that

would

be

based

on

the

best

information

available.

11

The

inputs

or

methodology

used

for

fair

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

summary

of

inputs

used

as

of

July

31,

2022 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

For

additional

information

on

the

Fund,

please

refer

to

the

Fund's

most

recent

semiannual

or

annual

shareholder

report.

125-35-70329

09-22