NPORT-EX 2 JHSmallMidCapGroAlpha.htm
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
1
Shares/
Principal
Amounts
Value
Common
Stocks
-
100.0%
Aerospace
&
Defense
-
0.3%
Aerojet
Rocketdyne
Holdings,
Inc.*
10,481
$
586,097
Air
Freight
&
Logistics
-
0.2%
Atlas
Air
Worldwide
Holdings,
Inc.*
3,691
377,257
Radiant
Logistics,
Inc.*
6,436
36,106
413,363
Auto
Components
-
0.6%
Fox
Factory
Holding
Corp.*
4,453
525,855
LCI
Industries
2,679
300,637
Patrick
Industries,
Inc.
2,388
169,476
XPEL,
Inc.*
2,910
221,364
1,217,332
Automobiles
-
0.4%
Thor
Industries,
Inc.
5,656
539,186
Winnebago
Industries,
Inc.
3,214
204,668
743,854
Banks
-
1.7%
Amalgamated
Financial
Corp.
2,804
64,352
Ameris
Bancorp
6,339
298,947
Bancorp,
Inc.
(The)*
5,117
173,620
Business
First
Bancshares,
Inc.
2,294
47,577
Capstar
Financial
Holdings,
Inc.
2,003
34,872
Coastal
Financial
Corp.*
1,185
54,119
ConnectOne
Bancorp,
Inc.
3,587
85,263
Customers
Bancorp,
Inc.*
2,972
90,260
Esquire
Financial
Holdings,
Inc.
745
34,672
FB
Financial
Corp.
4,290
161,132
First
Bank
1,794
24,273
First
Foundation,
Inc.
5,154
80,042
Five
Star
Bancorp
1,576
42,489
Guaranty
Bancshares,
Inc.
1,091
35,981
John
Marshall
Bancorp,
Inc.
1,287
31,840
Live
Oak
Bancshares,
Inc.
4,020
137,605
Metrocity
Bankshares,
Inc.
2,313
46,769
Metropolitan
Bank
Holding
Corp.*
998
59,261
Northeast
Bank
763
36,014
Orrstown
Financial
Services,
Inc.
975
24,131
Pacific
Premier
Bancorp,
Inc.
8,685
280,873
Pathward
Financial,
Inc.
2,601
129,062
Premier
Financial
Corp.
3,251
81,340
QCR
Holdings,
Inc.
1,546
81,258
Sandy
Spring
Bancorp,
Inc.
4,080
137,904
Seacoast
Banking
Corp.
of
Florida
5,620
180,458
Silvergate
Capital
Corp.
-
Class
A*
2,894
41,210
Triumph
Financial,
Inc.*
2,237
124,668
Western
Alliance
Bancorp
9,956
750,384
3,370,376
Beverages
-
1.5%
Coca-Cola
Consolidated,
Inc.
3,320
1,682,509
MGP
Ingredients,
Inc.
8,726
851,134
Vita
Coco
Co.,
Inc.
(The)
#
,*
22,189
301,105
2,834,748
Biotechnology
-
3.3%
Emergent
BioSolutions,
Inc.*
22,773
300,376
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
2
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Biotechnology
-
(continued)
Exelixis,
Inc.*
147,243
$
2,594,422
Halozyme
Therapeutics,
Inc.*
61,721
3,195,296
iTeos
Therapeutics,
Inc.*
16,239
339,395
6,429,489
Building
Products
-
3.3%
Advanced
Drainage
Systems,
Inc.
10,783
1,087,358
Builders
FirstSource,
Inc.*
19,154
1,526,574
Fortune
Brands
Innovations,
Inc.
16,690
1,076,672
Hayward
Holdings,
Inc.*
27,497
370,934
Insteel
Industries,
Inc.
2,535
76,024
Masterbrand,
Inc.*
16,599
152,711
Simpson
Manufacturing
Co.,
Inc.
5,543
593,711
Trex
Co.,
Inc.*
14,281
752,894
UFP
Industries,
Inc.
8,022
750,458
6,387,336
Capital
Markets
-
3.5%
Artisan
Partners
Asset
Management,
Inc.
-
Class
A
6,208
228,579
B
Riley
Financial,
Inc.
2,612
111,611
Coinbase
Global,
Inc.
-
Class
A
#
,*
16,349
956,090
Cowen,
Inc.
-
Class
A
2,561
99,572
Evercore,
Inc.
-
Class
A
3,549
460,696
Hamilton
Lane,
Inc.
-
Class
A
3,461
269,473
Houlihan
Lokey,
Inc.
-
Class
A
4,557
451,462
Interactive
Brokers
Group,
Inc.
-
Class
A
9,401
751,516
MarketAxess
Holdings,
Inc.
3,441
1,252,008
Moelis
&
Co.
-
Class
A
5,847
273,347
Open
Lending
Corp.
-
Class
A*
11,546
101,258
Piper
Sandler
Cos.
1,630
231,623
PJT
Partners,
Inc.
-
Class
A
2,232
178,627
StepStone
Group,
Inc.
-
Class
A
5,673
165,595
Stifel
Financial
Corp.
9,715
654,888
TPG,
Inc.
6,488
208,978
Victory
Capital
Holdings,
Inc.
-
Class
A
6,263
185,635
Virtus
Investment
Partners,
Inc.
661
142,036
6,722,994
Chemicals
-
2.3%
Origin
Materials,
Inc.
#
,*
38,785
234,649
Westlake
Corp.
34,663
4,254,883
4,489,532
Commercial
Services
&
Supplies
-
1.6%
Aris
Water
Solution,
Inc.
-
Class
A
3,450
53,440
IAA,
Inc.*
17,409
726,478
Rollins,
Inc.
64,094
2,333,022
3,112,940
Communications
Equipment
-
1.8%
Ciena
Corp.*
60,370
3,140,448
Clearfield,
Inc.*
5,631
402,391
3,542,839
Construction
&
Engineering
-
1.3%
Ameresco,
Inc.
-
Class
A*
4,414
284,571
Comfort
Systems
USA,
Inc.
4,654
563,320
IES
Holdings,
Inc.*
2,671
106,332
MYR
Group,
Inc.*
2,160
213,970
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
3
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Construction
&
Engineering
-
(continued)
WillScot
Mobile
Mini
Holdings
Corp.*
27,186
$
1,317,433
2,485,626
Construction
Materials
-
0.8%
Eagle
Materials,
Inc.
10,032
1,465,475
Consumer
Finance
-
0.3%
Credit
Acceptance
Corp.*
1,181
546,378
Upstart
Holdings,
Inc.*
7,485
139,820
686,198
Diversified
Consumer
Services
-
0.6%
Service
Corp.
International
16,208
1,201,823
Diversified
Financial
Services
-
0.9%
Alerus
Financial
Corp.
1,827
37,600
Corebridge
Financial,
Inc.
59,093
1,285,864
Jackson
Financial,
Inc.
-
Class
A
7,591
334,307
1,657,771
Electric
Utilities
-
0.2%
NRG
Energy,
Inc.
10,547
360,918
Otter
Tail
Corp.
1,905
122,206
483,124
Electrical
Equipment
-
1.3%
Atkore,
Inc.*
5,377
700,354
Encore
Wire
Corp.
2,387
385,333
Fluence
Energy,
Inc.
-
Class
A
#
,*
14,876
359,107
Generac
Holdings,
Inc.*
8,245
994,347
2,439,141
Electronic
Equipment,
Instruments
&
Components
-
4.0%
Insight
Enterprises,
Inc.*
14,194
1,599,948
Jabil,
Inc.
54,867
4,314,192
Napco
Security
Technologies,
Inc.*
14,974
433,797
Vontier
Corp.
64,385
1,482,786
7,830,723
Entertainment
-
0.5%
Sciplay
Corp.
-
Class
A*
5,054
85,867
World
Wrestling
Entertainment,
Inc.
-
Class
A
9,642
815,906
901,773
Equity
Real
Estate
Investment
Trusts
(REITs)
-
0.6%
Essential
Properties
Realty
Trust,
Inc.
8,016
204,248
Innovative
Industrial
Properties,
Inc.
1,575
141,403
PotlatchDeltic
Corp.
4,548
222,625
Rexford
Industrial
Realty,
Inc.
10,331
655,708
1,223,984
Food
&
Staples
Retailing
-
2.3%
BJ's
Wholesale
Club
Holdings,
Inc.*
53,341
3,865,622
Ingles
Markets,
Inc.
-
Class
A
5,706
542,070
4,407,692
Gas
Utilities
-
0.1%
National
Fuel
Gas
Co.
4,188
243,155
Health
Care
Equipment
&
Supplies
-
1.7%
Cue
Health,
Inc.
#
,*
68,213
178,718
LeMaitre
Vascular,
Inc.
10,043
473,829
QuidelOrtho
Corp.*
30,148
2,580,970
Semler
Scientific,
Inc.*
3,122
122,414
3,355,931
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
4
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Health
Care
Providers
&
Services
-
7.2%
AdaptHealth
Corp.
-
Class
A*
61,502
$
1,317,988
Amedisys,
Inc.*
14,832
1,433,661
AMN
Healthcare
Services,
Inc.*
19,780
1,895,715
Chemed
Corp.
6,787
3,428,385
Cross
Country
Healthcare,
Inc.*
17,024
472,416
DocGo,
Inc.
#
,*
46,938
469,380
Ensign
Group,
Inc.
(The)
25,327
2,361,743
Fulgent
Genetics,
Inc.*
13,437
453,902
Joint
Corp.
(The)*
6,632
120,503
National
Research
Corp.
11,271
523,200
Progyny,
Inc.*
42,399
1,458,102
13,934,995
Health
Care
Technology
-
0.9%
Doximity,
Inc.
-
Class
A*
50,428
1,778,596
Hotels,
Restaurants
&
Leisure
-
0.3%
Wingstop,
Inc.
3,152
499,497
Household
Durables
-
3.3%
Cavco
Industries,
Inc.*
938
249,602
Century
Communities,
Inc.
3,348
204,898
Cricut,
Inc.
-
Class
A
#
4,597
45,005
Dream
Finders
Homes,
Inc.
-
Class
A
#
,*
3,411
43,115
Green
Brick
Partners,
Inc.*
4,851
151,351
Installed
Building
Products,
Inc.
3,013
331,701
KB
Home
9,018
346,742
LGI
Homes,
Inc.*
2,453
279,274
Lovesac
Co.
(The)*
1,600
41,184
M/I
Homes,
Inc.*
2,890
172,822
MDC
Holdings,
Inc.
7,509
283,540
Meritage
Homes
Corp.*
3,854
415,037
PulteGroup,
Inc.
24,007
1,365,758
Skyline
Champion
Corp.*
5,998
353,582
Sonos,
Inc.*
13,350
246,174
Taylor
Morrison
Home
Corp.
-
Class
A*
11,417
408,729
Toll
Brothers,
Inc.
11,942
710,429
TopBuild
Corp.*
3,369
674,002
6,322,945
Independent
Power
and
Renewable
Electricity
Producers
-
0.0%
Sunnova
Energy
International,
Inc.*
5,260
102,465
Insurance
-
1.8%
BRP
Group,
Inc.
-
Class
A*
5,615
160,870
F&G
Annuities
&
Life,
Inc.
1,692
36,310
Fidelity
National
Financial,
Inc.
24,932
1,097,756
First
American
Financial
Corp.
9,466
585,661
Kinsale
Capital
Group,
Inc.
2,110
587,508
Old
Republic
International
Corp.
27,818
734,117
Palomar
Holdings,
Inc.*
2,306
117,860
Stewart
Information
Services
Corp.
2,479
118,422
3,438,504
Interactive
Media
&
Services
-
0.9%
Bumble,
Inc.
-
Class
A*
28,878
743,609
Cargurus,
Inc.
-
Class
A*
22,923
404,591
Shutterstock,
Inc.
7,975
600,278
1,748,478
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
5
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Internet
&
Direct
Marketing
Retail
-
0.1%
Revolve
Group,
Inc.
-
Class
A*
4,292
$
122,494
IT
Services
-
0.7%
International
Money
Express,
Inc.*
15,103
343,744
TTEC
Holdings,
Inc.
19,242
978,264
1,322,008
Leisure
Products
-
0.3%
AMMO,
Inc.
#
,*
12,376
30,693
Johnson
Outdoors,
Inc.
-
Class
A
944
64,626
Malibu
Boats,
Inc.
-
Class
A*
2,143
129,844
YETI
Holdings,
Inc.*
9,089
406,824
631,987
Life
Sciences
Tools
&
Services
-
7.9%
Bio-Rad
Laboratories,
Inc.
-
Class
A*
13,414
6,270,508
Maravai
LifeSciences
Holdings,
Inc.
-
Class
A*
60,045
880,260
Medpace
Holdings,
Inc.*
14,196
3,138,310
QIAGEN
NV*
103,654
5,079,046
15,368,124
Machinery
-
1.8%
Graco,
Inc.
21,934
1,498,531
Mueller
Industries,
Inc.
7,400
485,070
Toro
Co.
(The)
13,561
1,512,323
3,495,924
Marine
-
0.2%
Matson,
Inc.
4,917
325,112
Media
-
1.0%
Nexstar
Media
Group,
Inc.
-
Class
A
8,397
1,719,454
PubMatic,
Inc.
-
Class
A*
9,614
147,382
1,866,836
Metals
&
Mining
-
3.2%
Cleveland-Cliffs,
Inc.*
140,054
2,990,153
Commercial
Metals
Co.
31,892
1,730,779
MP
Materials
Corp.*
48,255
1,568,770
6,289,702
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.2%
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
8,134
300,226
Oil,
Gas
&
Consumable
Fuels
-
1.8%
Evolution
Petroleum
Corp.
7,730
48,235
Hess
Midstream
LP
-
Class
A
10,087
311,487
HighPeak
Energy,
Inc.
#
25,942
725,338
Matador
Resources
Co.
27,088
1,792,142
Viper
Energy
Partners
LP
17,242
547,434
3,424,636
Paper
&
Forest
Products
-
0.7%
Louisiana-Pacific
Corp.
19,485
1,326,734
Personal
Products
-
1.1%
Medifast,
Inc.
4,344
484,139
Olaplex
Holdings,
Inc.*
257,582
1,625,342
2,109,481
Pharmaceuticals
-
0.9%
Corcept
Therapeutics,
Inc.*
49,139
1,123,318
Innoviva,
Inc.*
31,853
402,940
SIGA
Technologies,
Inc.
33,334
244,338
1,770,596
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
6
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Professional
Services
-
0.6%
Korn
Ferry
6,947
$
375,069
NV5
Global,
Inc.*
2,025
269,912
TriNet
Group,
Inc.*
8,098
610,994
1,255,975
Real
Estate
Management
&
Development
-
0.1%
Douglas
Elliman,
Inc.
4,574
21,315
eXp
World
Holdings,
Inc.
#
8,597
134,027
155,342
Road
&
Rail
-
3.5%
ArcBest
Corp.
3,178
265,204
Knight-Swift
Transportation
Holdings,
Inc.
-
Class
A
20,914
1,236,018
Landstar
System,
Inc.
4,675
807,980
RXO,
Inc.*
14,982
274,470
Saia,
Inc.*
3,444
939,455
U-Haul
Holding
Co.
(Non-Voting)
25,542
1,578,240
U-Haul
Holding
Co.
(Voting)
#
25,472
1,707,388
6,808,755
Semiconductors
&
Semiconductor
Equipment
-
9.7%
Alpha
&
Omega
Semiconductor
Ltd.*
11,169
368,130
Amkor
Technology,
Inc.
99,831
2,921,055
Axcelis
Technologies,
Inc.*
13,386
1,471,791
Diodes,
Inc.*
18,529
1,652,601
FormFactor,
Inc.*
31,389
883,286
MKS
Instruments,
Inc.
27,102
2,773,077
Onto
Innovation,
Inc.*
20,178
1,587,000
Power
Integrations,
Inc.
23,309
2,006,672
Qorvo,
Inc.*
41,318
4,489,614
Ultra
Clean
Holdings,
Inc.*
18,540
623,871
18,777,097
Software
-
8.0%
Alarm.com
Holdings,
Inc.*
20,339
1,090,170
Fair
Isaac
Corp.*
8,976
5,977,567
Paylocity
Holding
Corp.*
22,688
4,725,684
Qualys,
Inc.*
15,480
1,785,773
SPS
Commerce,
Inc.*
14,688
1,998,743
15,577,937
Specialty
Retail
-
3.9%
Academy
Sports
&
Outdoors,
Inc.
8,414
491,546
America's
Car-Mart,
Inc.*
670
57,714
Asbury
Automotive
Group,
Inc.*
2,332
513,040
Boot
Barn
Holdings,
Inc.*
3,140
262,158
Dick's
Sporting
Goods,
Inc.
6,305
824,442
Five
Below,
Inc.*
5,849
1,153,013
Floor
&
Decor
Holdings,
Inc.
-
Class
A*
11,182
1,014,990
Hibbett,
Inc.
1,349
89,520
Leslie's,
Inc.*
19,287
298,756
Lithia
Motors,
Inc.
-
Class
A
2,880
758,016
MarineMax,
Inc.*
2,288
71,500
OneWater
Marine,
Inc.
-
Class
A*
1,489
48,750
RH*
2,500
779,975
Shoe
Carnival,
Inc.
2,910
79,472
Sleep
Number
Corp.*
2,318
79,693
Sportsman's
Warehouse
Holdings,
Inc.*
4,096
38,625
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
7
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Specialty
Retail
-
(continued)
Williams-Sonoma,
Inc.
7,031
$
948,763
7,509,973
Technology
Hardware,
Storage
&
Peripherals
-
1.1%
Corsair
Gaming,
Inc.*
39,117
615,310
Super
Micro
Computer,
Inc.*
21,567
1,559,941
2,175,251
Textiles,
Apparel
&
Luxury
Goods
-
1.0%
Crocs,
Inc.*
6,507
792,357
Deckers
Outdoor
Corp.*
2,789
1,192,242
1,984,599
Thrifts
&
Mortgage
Finance
-
0.7%
Bridgewater
Bancshares,
Inc.*
2,522
39,242
Essent
Group
Ltd.
9,845
433,476
Hingham
Institution
For
Savings
The
195
57,006
Home
Bancorp,
Inc.
757
29,069
Merchants
Bancorp
3,940
113,354
NMI
Holdings,
Inc.
-
Class
A*
7,640
177,477
PennyMac
Financial
Services,
Inc.
4,578
308,649
Walker
&
Dunlop,
Inc.
3,016
287,666
1,445,939
Trading
Companies
&
Distributors
-
1.7%
BlueLinx
Holdings,
Inc.*
1,176
102,100
Boise
Cascade
Co.
5,133
384,821
Custom
Truck
One
Source,
Inc.*
32,093
227,219
GMS,
Inc.*
5,518
327,328
SiteOne
Landscape
Supply,
Inc.*
5,870
889,364
Watsco,
Inc.
5,066
1,455,816
3,386,648
Water
Utilities
-
0.3%
Essential
Utilities,
Inc.
12,008
561,134
Total
Common
Stocks
(cost
$182,752,111)
194,051,306
Investment
Companies
-
0.0%
Money
Market
Funds
-
0.0%
Invesco
Liquid
Assets
Portfolio,
4.4792%
∞
(cost
$49,598)
49,582
49,597
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1.4%
Investment
Companies
-
1.1%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.0105%
£,∞
2,190,701
2,190,701
Time
Deposits
-
0.3%
Royal
Bank
of
Canada,
4.2251%,
2/1/23
$
547,675
547,675
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$2,738,376)
2,738,376
Total
Investments
(total
cost
$185,540,085
)
-
101.4%
196,839,279
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(1.4%)
(2,733,573)
Net
Assets
-
100.0%
$194,105,706
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
8
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
191,760,233
97.4%
Netherlands
5,079,046
2.6 
Total
$
196,839,279
100.0
%
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
1/31/23
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1.4%
Investment
Companies
-
1.1%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.0105%
∞
$
17,544
Δ
$
–
$
–
$
2,190,701
Market
Value
at
10/31/22
Purchases
Sales
Market
Value
at
1/31/23
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
1.4%
Investment
Companies
-
1.1%
Janus
Henderson
Cash
Collateral
Fund
LLC,
3.0105%
∞
$
1,722,783
$
8,450,138
$
(7,982,220)
$
2,190,701
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2023
9
LLC
Limited
Liability
Company
LP
Limited
Partnership
*
Non-income
producing
security.
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
January
31,
2023.
∞
Rate
shown
is
the
7-day
yield
as
of
January
31,
2023.
£
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
January
31,
2023
.
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
$
194,051,306
$
—
$
—
Investment
Companies
49,597
—
—
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
—
2,738,376
—
Total
Assets
$
194,100,903
$
2,738,376
$
—
10
Investment
Valuation 
Fund holdings
are
valued
in
accordance
with
policies
and
procedures
established
by
the
Adviser
pursuant
to
Rule
2a-5
under
the
1940
Act
and
approved
by
and
subject
to
the
oversight
of
the
Trustees
(the
“Valuation
Procedures”).
Equity
securities,
including
shares
of
exchange-traded
funds,
traded
on
a
domestic
securities
exchange
are
generally
valued
at
readily
available
market
quotations,
which
are
(i)
the
official
close
prices
or
(ii)
last
sale
prices
on
the
primary
market
or
exchange
in
which
the
securities
trade.
If
such
price
is
lacking
for
the
trading
period
immediately
preceding
the
time
of
determination,
such
securities
are
generally
valued
at
their
current
bid
price.
Equity
securities
that
are
traded
on
a
foreign
exchange
are
generally
valued
at
the
closing
prices
on
such
markets.
In
the
event
that
there
is
no
current
trading
volume
on
a
particular
security
in
such
foreign
exchange,
the
bid
price
from
the
primary
exchange
is
generally
used
to
value
the
security.
Foreign
securities
and
currencies
are
converted
to
U.S.
dollars
using
the
current
spot
USD
dollar
exchange
rate
in
effect
at
the
close
of
the
London
Stock
Exchange.
The Fund will
determine
the
market
value
of
individual
securities
held
by
it
by
using
prices
provided
by
one
or
more
approved
professional
pricing
services
or,
as
needed,
by
obtaining
market
quotations
from
independent
broker-dealers.
Most
debt
securities
are
valued
in
accordance
with
the
evaluated
bid
price
supplied
by
the
Adviser-approved
pricing
service
that
is
intended
to
reflect
market
value.
The
evaluated
bid
price
supplied
by
the
pricing
service
is
an
evaluation
that
may
consider
factors
such
as
security
prices,
yields,
maturities
and
ratings.
Certain
short-term
securities
maturing
within
60
days
or
less
may
be
evaluated
and
valued
on
an
amortized
cost
basis
provided
that
the
amortized
cost
determined
approximates
market
value.
Securities
for
which
market
quotations
or
evaluated
prices
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
determined
in
good
faith
by
the
Adviser
pursuant
to
the
Valuation
Procedures.
Circumstances
in
which
fair
valuation
may
be
utilized
include,
but
are
not
limited
to:
(i)
a
significant
event
that
may
affect
the
securities
of
a
single
issuer,
such
as
a
merger,
bankruptcy,
or
significant
issuer-specific
development;
(ii)
an
event
that
may
affect
an
entire
market,
such
as
a
natural
disaster
or
significant
governmental
action;
(iii)
a
nonsignificant
event
such
as
a
market
closing
early
or
not
opening,
or
a
security
trading
halt;
and
(iv)
pricing
of
a
non-valued
security
and
a
restricted
or
nonpublic
security.
Special
valuation
considerations
may
apply
with
respect
to
“odd-lot”
fixed-income
transactions
which,
due
to
their
small
size,
may
receive
evaluated
prices
by
pricing
services
which
reflect
a
large
block
trade
and
not
what
actually
could
be
obtained
for
the
odd-
lot
position.
The
value
of
the
securities
of
other
mutual
funds
held
by
a
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds.  
Valuation
Inputs
Summary 
FASB
ASC
820,
Fair
Value
Measurements
and
Disclosures
(“ASC
820”),
defines
fair
value,
establishes
a
framework
for
measuring
fair
value,
and
expands
disclosure
requirements
regarding
fair
value
measurements.
This
standard
emphasizes
that
fair
value
is
a
market-based
measurement
that
should
be
determined
based
on
the
assumptions
that
market
participants
would
use
in
pricing
an
asset
or
liability
and
establishes
a
hierarchy
that
prioritizes
inputs
to
valuation
techniques
used
to
measure
fair
value.
These
inputs
are
summarized
into
three
broad
levels: 
Level
1
–
Unadjusted
quoted
prices
in
active
markets
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities.
Level
2
–
Observable
inputs
other
than
unadjusted
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Assets
or
liabilities
categorized
as
Level
2
in
the
hierarchy
generally
include:
debt
securities
fair
valued
in
accordance
with
the
evaluated
bid
or
ask
prices
supplied
by
a
pricing
service;
securities
traded
on
OTC
markets
and
listed
securities
for
which
no
sales
are
reported
that
are
fair
valued
at
the
latest
bid
price
(or
yield
equivalent
thereof)
obtained
from
one
or
more
dealers
transacting
in
a
market
for
such
securities
or
by
a
pricing
service
approved
by
the
Fund’s
Trustees;
and
certain
short-term
debt
securities
with
maturities
of
60
days
or
less
that
are
fair
valued
at
amortized
cost.
Other
securities
that
may
be
categorized
as
Level
2
in
the
hierarchy
include,
but
are
not
limited
to,
preferred
stocks,
bank
loans,
swaps,
investments
in
unregistered
investment
companies,
options,
and
forward
contracts.
Level
3
–
Unobservable
inputs
for
the
asset
or
liability
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Fund’s
own
assumptions
about
the
assumptions
that
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
that
would
be
based
on
the
best
information
available.
11
The
inputs
or
methodology
used
for
fair
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
summary
of
inputs
used
as
of
January
31,
2023 to
fair
value
the
Fund’s
investments
in
securities
and
other
financial
instruments
is
included
in
the
“Valuation
Inputs
Summary”
in
the
Notes
to
Schedule
of
Investments
and
Other
Information.
For
additional
information
on
the
Fund,
please
refer
to
the
Fund's
most
recent
semiannual
or
annual
shareholder
report.
125-25-70328
03-23