Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

1

Shares/Principal/

Contract

Amounts

Value

Corporate

Bonds

-

80.8%

Basic

Materials

-

1.0%

Georgia-Pacific

LLC,

0.6250%, 5/15/24

(144A)

$

24,000,000

$

22,758,454

Communications

-

2.1%

AT&T,

Inc.,

0.9000%, 3/25/24

26,430,000

25,284,041

Optus

Finance

Pty.

Ltd.,

3.2500%, 9/6/23

AUD

750,000

525,781

Optus

Finance

Pty.

Ltd.,

1.6000%, 7/1/25

1,000,000

659,142

Spark

Finance

Ltd.,

2.6000%, 3/18/30

1,200,000

712,930

Verizon

Communications,

Inc.,

3.5000%, 2/17/23

2,170,000

1,528,939

Verizon

Communications,

Inc.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

4.2633%, 2/17/23

‡

7,640,000

5,384,049

Verizon

Communications,

Inc.,

0.7500%, 3/22/24

$

4,700,000

4,487,073

Verizon

Communications,

Inc.,

0.8500%, 11/20/25

6,770,000

6,123,079

Verizon

Communications,

Inc.,

1.4500%, 3/20/26

5,100,000

4,644,596

49,349,630

Consumer,

Cyclical

-

6.7%

7-Eleven,

Inc.,

0.6250%, 2/10/23

(144A)

3,350,000

3,346,483

BMW

US

Capital

LLC,

0.7500%, 8/12/24

(144A)

4,500,000

4,241,484

BMW

US

Capital

LLC,

SOFRINDX

+

0.8400%,

5.1546%, 4/1/25

(144A)

‡

7,025,000

7,008,051

BMW

US

Capital

LLC,

1.2500%, 8/12/26

(144A)

300,000

267,428

General

Motors

Financial

Co.,

Inc.,

1.0500%, 3/8/24

10,895,000

10,422,694

General

Motors

Financial

Co.,

Inc.,

1.2000%, 10/15/24

8,650,000

8,083,350

General

Motors

Financial

Co.,

Inc.,

6.0500%, 10/10/25

1,250,000

1,273,491

General

Motors

Financial

of

Canada

Ltd.,

3.2500%, 11/7/23

CAD

17,000,000

12,524,338

Hyundai

Capital

America,

1.2500%, 9/18/23

(144A)

$

4,270,000

4,163,290

Hyundai

Capital

America,

0.8000%, 1/8/24

(144A)

9,700,000

9,307,531

Hyundai

Capital

America,

0.8750%, 6/14/24

(144A)

6,910,000

6,516,161

Hyundai

Capital

America,

1.0000%, 9/17/24

(144A)

8,400,000

7,845,889

Lowe's

Cos.,

Inc.,

4.4000%, 9/8/25

4,920,000

4,898,393

McDonald's

Corp.,

3.0000%, 3/8/24

AUD

6,750,000

4,694,430

McDonald's

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

4.2522%, 3/8/24

‡

1,910,000

1,348,432

McDonald's

Corp.,

3.1250%, 3/4/25

CAD

17,080,000

12,451,945

Mercedes-Benz

Australia,

0.7500%, 1/22/24

AUD

810,000

552,565

Mercedes-Benz

Finance

North

America

LLC,

0.7500%, 3/1/24

(144A)

$

13,060,000

12,480,645

Mercedes-Benz

Finance

North

America

LLC,

5.5000%, 11/27/24

(144A)

11,800,000

11,961,528

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

3.1000%, 4/17/23

AUD

6,300,000

4,430,862

Volkswagen

Financial

Services

Australia

Pty.

Ltd.,

1.4000%, 8/25/25

13,370,000

8,660,455

Volkswagen

Group

of

America

Finance

LLC,

0.8750%, 11/22/23

(144A)

$

13,000,000

12,544,790

Warnermedia

Holdings,

Inc.,

3.4280%, 3/15/24

(144A)

6,575,000

6,435,189

155,459,424

Consumer,

Non-cyclical

-

10.4%

Avery

Dennison

Corp.,

0.8500%, 8/15/24

6,650,000

6,252,328

Cardinal

Health,

Inc.,

3.0790%, 6/15/24

21,500,000

20,961,557

Cargill,

Inc.,

3.5000%, 4/22/25

(144A)

4,675,000

4,550,535

Cargill,

Inc.,

4.8750%, 10/10/25

(144A)

7,375,000

7,421,579

Conagra

Brands,

Inc.,

0.5000%, 8/11/23

4,500,000

4,393,703

Constellation

Brands,

Inc.,

5.0000%, 2/2/26

6,600,000

6,606,484

Elevance

Health,

Inc.,

4.9000%, 2/8/26

13,500,000

13,512,373

GE

HealthCare

Technologies,

Inc.,

5.5500%, 11/15/24

(144A)

24,975,000

25,188,428

General

Mills,

Inc.,

5.2410%, 11/18/25

5,000,000

5,026,191

Global

Payments,

Inc.,

3.7500%, 6/1/23

5,000,000

4,973,770

HCA,

Inc.,

5.8750%, 2/15/26

12,350,000

12,571,250

Humana,

Inc.,

0.6500%, 8/3/23

10,205,000

9,979,013

Humana,

Inc.,

1.3500%, 2/3/27

4,550,000

4,006,282

Illumina,

Inc.,

5.8000%, 12/12/25

22,875,000

23,324,087

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

2

Shares/Principal/

Contract

Amounts

Value

Corporate

Bonds

-

(continued)

Consumer,

Non-cyclical

-

(continued)

Lonsdale

Finance

Pty.

Ltd.,

2.4500%, 11/20/26

AUD

5,310,000

$

3,421,637

Lonsdale

Finance

Pty.

Ltd.,

2.1000%, 10/15/27

3,800,000

2,347,814

Mondelez

International

Holdings

Netherlands

BV,

0.7500%, 9/24/24

(144A)

$

5,775,000

5,395,511

Mondelez

International

Holdings

Netherlands

BV,

4.2500%, 9/15/25

(144A)

7,400,000

7,318,528

Mondelez

International,

Inc.,

2.1250%, 3/17/24

3,275,000

3,180,705

Mondelez

International,

Inc.,

3.2500%, 3/7/25

CAD

4,650,000

3,388,661

PerkinElmer,

Inc.,

0.5500%, 9/15/23

$

4,825,000

4,678,509

PerkinElmer,

Inc.,

0.8500%, 9/15/24

10,050,000

9,405,493

Roche

Holdings,

Inc.,

1.8820%, 3/8/24

(144A)

17,700,000

17,160,803

Thermo

Fisher

Scientific,

Inc.,

0.7970%, 10/18/23

14,900,000

14,477,357

Thermo

Fisher

Scientific,

Inc.,

1.2150%, 10/18/24

14,250,000

13,458,364

Unilever

Capital

Corp.,

0.6260%, 8/12/24

6,775,000

6,383,100

239,384,062

Energy

-

3.0%

DCP

Midstream

Operating

LP,

3.8750%, 3/15/23

14,500,000

14,442,145

Enbridge,

Inc.,

4.0000%, 10/1/23

13,066,000

12,973,941

Enbridge,

Inc.,

2.1500%, 2/16/24

6,550,000

6,355,720

Enbridge,

Inc.,

SOFRINDX

+

0.6300%,

4.9674%, 2/16/24

‡

6,800,000

6,776,232

Energy

Transfer

LP,

4.2000%, 9/15/23

14,297,000

14,188,619

Harvest

Operations

Corp.,

4.2000%, 6/1/23

(144A)

2,900,000

2,891,643

Harvest

Operations

Corp.,

4.2000%, 6/1/23

200,000

199,424

Harvest

Operations

Corp.,

1.0000%, 4/26/24

(144A)

6,150,000

5,839,302

SA

Global

Sukuk

Ltd.,

0.9460%, 6/17/24

(144A)

6,550,000

6,197,610

69,864,636

Financial

-

45.1%

AerCap

Ireland

Capital

DAC,

1.1500%, 10/29/23

15,200,000

14,751,598

AerCap

Ireland

Capital

DAC,

1.6500%, 10/29/24

14,925,000

13,962,942

AerCap

Ireland

Capital

DAC,

1.7500%, 10/29/24

16,000,000

14,921,440

AerCap

Ireland

Capital

DAC,

3.6500%, 7/21/27

3,095,000

2,875,697

Air

Lease

Corp.,

0.8000%, 8/18/24

16,350,000

15,233,346

Air

Lease

Corp.,

1.8750%, 8/15/26

6,235,000

5,556,533

American

Express

Co.,

SOFRINDX

+

0.7200%,

5.0631%, 5/3/24

‡

6,875,000

6,891,114

American

Express

Co.,

SOFR

+

0.9300%,

5.2585%, 3/4/25

‡

12,900,000

12,940,091

ANZ

New

Zealand

Int'l

Ltd.,

3.4000%, 3/19/24

(144A)

1,000,000

982,860

ANZ

New

Zealand

Int'l

Ltd.,

1.2500%, 6/22/26

(144A)

13,900,000

12,350,483

Athene

Global

Funding,

2.5140%, 3/8/24

(144A)

2,500,000

2,411,291

Athene

Global

Funding,

0.9140%, 8/19/24

(144A)

16,350,000

15,181,004

Athene

Global

Funding,

1.7160%, 1/7/25

(144A)

15,460,000

14,347,498

Athene

Global

Funding,

1.6080%, 6/29/26

(144A)

23,235,000

20,347,403

Athene

Global

Funding,

4.7600%, 4/21/27

AUD

1,000,000

670,108

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.0000%,

5.3821%, 7/26/29

‡

8,830,000

6,238,920

Australia

&

New

Zealand

Banking

Group

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.2880%,

2.9500%, 7/22/30

(144A)

‡

$

9,781,000

8,985,999

Australia

&

New

Zealand

Banking

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

4.9598%, 2/26/31

‡

AUD

150,000

104,536

Australian

Central

Credit

Union

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4000%,

5.5884%, 9/16/31

‡

1,000,000

681,718

Aviation

Capital

Group

LLC,

1.9500%, 1/30/26

(144A)

$

12,940,000

11,510,324

Aviation

Capital

Group

LLC,

1.9500%, 9/20/26

(144A)

15,250,000

13,241,214

Banco

Santander

SA,

3.4960%, 3/24/25

28,400,000

27,523,969

Bank

of

America

Corp.,

SOFR

+

1.4600%,

1.4860%, 5/19/24

‡

3,000,000

2,967,023

Bank

of

America

Corp.,

ICE

LIBOR

USD

3

Month

+

0.9700%,

3.4580%, 3/15/25

‡

2,950,000

2,892,871

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

3

Shares/Principal/

Contract

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Bank

of

America

Corp.,

SOFR

+

1.3300%,

3.3840%, 4/2/26

‡

$

3,000,000

$

2,901,938

Bank

of

America

Corp.,

SOFR

+

1.1500%,

1.3190%, 6/19/26

‡

37,300,000

34,163,678

Bank

of

America

Corp.,

SOFR

+

1.2900%,

5.0800%, 1/20/27

‡

4,000,000

4,014,701

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.8500%,

4.9833%, 5/1/28

‡

AUD

19,500,000

13,718,731

Bank

of

Queensland

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.6000%,

4.9812%, 7/29/31

‡

3,500,000

2,366,371

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

5.5385%, 11/30/28

‡

26,900,000

19,007,700

Bendigo

&

Adelaide

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4800%,

4.8257%, 10/14/31

‡

800,000

536,205

Charles

Schwab

Corp.

(The),

0.7500%, 3/18/24

$

14,200,000

13,573,890

Charter

Hall

LWR

Pty.

Ltd.,

2.0860%, 3/3/28

AUD

3,270,000

1,919,506

Citigroup,

Inc.,

SOFR

+

1.3720%,

5.7052%, 5/24/25

‡

$

5,000,000

5,015,090

Citigroup,

Inc.,

SOFR

+

2.8420%,

3.1060%, 4/8/26

‡

100,000

95,894

Citigroup,

Inc.,

SOFR

+

1.5460%,

5.6100%, 9/29/26

‡

35,000,000

35,561,924

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.1300%,

4.4691%, 1/11/24

‡

AUD

200,000

141,771

Commonwealth

Bank

of

Australia,

3.3500%, 6/4/24

$

7,409,000

7,277,134

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

4.9422%, 9/10/30

‡

AUD

12,500,000

8,766,923

Commonwealth

Bank

of

Australia,

90

Day

Australian

Bank

Bill

Rate

+

1.3200%,

4.3901%, 8/20/31

‡

16,600,000

11,320,657

Computershare

US,

Inc.,

3.1470%, 11/30/27

1,070,000

684,928

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.0000%,

1.3390%, 6/24/26

(144A)

‡

$

5,650,000

5,141,973

Cooperatieve

Rabobank

UA,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.7300%,

1.9800%, 12/15/27

(144A)

‡

3,500,000

3,110,451

Corebridge

Financial,

Inc.,

3.5000%, 4/4/25

(144A)

10,475,000

10,123,523

Danske

Bank

A/S,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.1000%,

6.4660%, 1/9/26

(144A)

‡

13,525,000

13,732,181

DBS

Group

Holdings

Ltd.,

1.1690%, 11/22/24

(144A)

15,000,000

14,061,750

DBS

Group

Holdings

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5800%,

4.7684%, 3/16/28

‡

AUD

27,220,000

19,163,793

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

‡

$

3,470,000

3,440,297

DBS

Group

Holdings

Ltd.,

USD

ICE

Swap

Rate

5

Year

+

1.5900%,

4.5200%, 12/11/28

(144A)

‡

3,600,000

3,569,184

General

Property

Trust,

3.5910%, 11/7/23

AUD

1,500,000

1,052,221

General

Property

Trust,

3.6725%, 9/19/24

2,200,000

1,532,379

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.5050%,

0.6570%, 9/10/24

‡

$

19,575,000

18,994,696

Goldman

Sachs

Group,

Inc.

(The),

5.7000%, 11/1/24

6,200,000

6,290,873

Goldman

Sachs

Group,

Inc.

(The),

SOFR

+

0.7300%,

1.7570%, 1/24/25

‡

5,200,000

5,006,300

Goldman

Sachs

Group,

Inc.

(The),

3.5000%, 4/1/25

6,680,000

6,484,432

GPT

Wholesale

Shopping

Centre

Fund

No.

1,

3.9930%, 9/11/24

AUD

5,780,000

4,034,104

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

5.6169%, 12/15/36

‡

8,550,000

5,903,847

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1000%,

5.2669%, 6/15/44

‡

17,350,000

12,133,621

Insurance

Australia

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

5.5169%, 6/15/45

‡

6,730,000

4,690,036

Intercontinental

Exchange,

Inc.,

3.6500%, 5/23/25

$

17,425,000

17,165,040

JPMorgan

Chase

&

Co.,

SOFR

+

0.9150%,

2.5950%, 2/24/26

‡

23,200,000

22,072,490

JPMorgan

Chase

&

Co.,

SOFR

+

1.5600%,

4.3230%, 4/26/28

‡

19,900,000

19,504,133

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

4

Shares/Principal/

Contract

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.6000%,

5.6686%, 3/6/23

‡

AUD

2,600,000

$

1,831,929

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.3500%,

5.4598%, 2/26/24

‡

9,440,000

6,588,553

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.4500%,

5.6514%, 3/17/25

‡

3,280,000

2,258,579

Liberty

Financial

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.5500%,

5.6461%, 5/25/26

‡

11,620,000

7,789,518

Lloyds

Banking

Group

plc,

3.6500%, 3/20/23

1,500,000

1,056,158

Lloyds

Banking

Group

plc,

90

Day

Australian

Bank

Bill

Rate

+

1.3000%,

4.5072%, 3/20/23

‡

3,710,000

2,614,042

Lloyds

Banking

Group

plc,

3.9000%, 11/23/23

3,850,000

2,690,021

Lloyds

Banking

Group

plc,

3.9000%, 3/12/24

$

4,880,000

4,822,869

Lloyds

Banking

Group

plc,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

0.5500%,

0.6950%, 5/11/24

‡

6,200,000

6,111,742

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.9000%,

6.0098%, 5/28/30

‡

AUD

19,800,000

14,163,259

Macquarie

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

4.7514%, 6/17/31

‡

11,700,000

7,990,718

Macquarie

Group

Ltd.,

6.2070%, 11/22/24

(144A)

$

28,900,000

29,464,018

Macquarie

Group

Ltd.,

SOFR

+

0.6940%,

1.2010%, 10/14/25

(144A)

‡

6,725,000

6,229,176

Macquarie

Group

Ltd.,

SOFR

+

0.9100%,

1.6290%, 9/23/27

(144A)

‡

2,100,000

1,824,942

Morgan

Stanley,

SOFR

+

0.4660%,

4.8057%, 11/10/23

‡

3,490,000

3,488,290

Morgan

Stanley,

SOFR

+

0.5090%,

0.7910%, 1/22/25

‡

17,600,000

16,790,027

Morgan

Stanley,

SOFR

+

0.5600%,

1.1640%, 10/21/25

‡

11,700,000

10,902,997

Morgan

Stanley,

SOFR

+

1.7700%,

6.1380%, 10/16/26

‡

16,250,000

16,740,152

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

5.1933%, 5/17/29

‡

AUD

14,920,000

10,579,417

National

Australia

Bank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.7000%,

4.7450%, 11/18/30

‡

24,275,000

16,908,323

Nordea

Bank

Abp,

1.0000%, 6/9/23

(144A)

$

6,700,000

6,608,960

Nordea

Bank

Abp,

SOFR

+

0.9600%,

5.2881%, 6/6/25

(144A)

‡

6,925,000

6,918,796

Nordea

Bank

Abp,

0.7500%, 8/28/25

(144A)

9,550,000

8,643,679

QIC

Finance

Shopping

Center

Fund

Pty.

Ltd.,

3.7500%, 12/6/23

AUD

1,000,000

702,020

Royal

Bank

of

Canada,

2.5500%, 7/16/24

$

190,000

183,958

Royal

Bank

of

Canada,

5.6600%, 10/25/24

25,900,000

26,334,114

Royal

Bank

of

Canada,

1.1500%, 6/10/25

220,000

202,928

Santander

UK

Group

Holdings

plc,

SOFR

+

2.7490%,

6.8330%, 11/21/26

‡

14,190,000

14,687,510

Shopping

Centres

Australasia

Property

Retail

Trust,

3.9000%, 6/7/24

AUD

4,600,000

3,208,358

Suncorp

Group

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

2.1500%,

5.2160%, 12/5/28

‡

18,590,000

13,100,440

Suncorp-Metway

Ltd.,

3.3000%, 4/15/24

(144A)

$

9,990,000

9,780,710

SVB

Financial

Group,

2.1000%, 5/15/28

11,920,000

10,195,350

Swedbank

AB,

SOFRINDX

+

0.9100%,

5.2238%, 4/4/25

(144A)

‡

12,250,000

12,207,248

Toronto-Dominion

Bank

(The),

0.7000%, 9/10/24

4,750,000

4,450,284

Toronto-Dominion

Bank

(The),

4.2850%, 9/13/24

2,800,000

2,777,074

Toronto-Dominion

Bank

(The),

1.1500%, 6/12/25

7,200,000

6,623,750

Toronto-Dominion

Bank

(The),

2.6670%, 9/9/25

CAD

18,500,000

13,226,526

UBS

Group

AG,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.6000%,

4.4900%, 8/5/25

(144A)

‡

$

12,500,000

12,378,514

UBS

Group

AG,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.5500%,

5.7110%, 1/12/27

(144A)

‡

14,300,000

14,483,742

United

Overseas

Bank

Ltd.,

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

5

Year

+

1.5000%,

3.7500%, 4/15/29

(144A)

‡

4,230,000

4,148,460

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

5

Shares/Principal/

Contract

Amounts

Value

Corporate

Bonds

-

(continued)

Financial

-

(continued)

VER

Finco

Pty.

Ltd.,

2.4000%, 9/21/28

AUD

2,230,000

$

1,293,199

Vicinity

Centres

Trust,

3.5000%, 4/26/24

5,700,000

3,979,227

Vicinity

Centres

Trust,

90

Day

Australian

Bank

Bill

Rate

+

1.4200%,

4.6656%, 6/27/25

‡

610,000

431,520

Vicinity

Centres

Trust,

4.0000%, 4/26/27

150,000

102,294

Wells

Fargo

&

Co.,

2.5090%, 10/27/23

CAD

15,000,000

11,024,019

Wells

Fargo

&

Co.,

SOFR

+

1.6000%,

1.6540%, 6/2/24

‡

$

8,940,000

8,834,868

Wells

Fargo

&

Co.,

SOFR

+

0.5100%,

0.8050%, 5/19/25

‡

6,880,000

6,512,105

Wells

Fargo

&

Co.,

ICE

LIBOR

USD

3

Month

+

0.7500%,

2.1640%, 2/11/26

‡

9,590,000

9,049,142

Wells

Fargo

&

Co.,

SOFR

+

1.3200%,

5.6231%, 4/25/26

‡

3,500,000

3,514,693

Wells

Fargo

&

Co.,

SOFR

+

2.0000%,

2.1880%, 4/30/26

‡

13,000,000

12,229,785

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

0.9500%,

3.9997%, 11/16/23

‡

AUD

14,600,000

10,327,812

Westpac

Banking

Corp.,

5.3500%, 10/18/24

$

8,000,000

8,101,490

Westpac

Banking

Corp.,

1.0190%, 11/18/24

6,000,000

5,630,033

Westpac

Banking

Corp.,

2.3500%, 2/19/25

1,800,000

1,723,191

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.4000%,

4.4497%, 2/16/28

‡

AUD

5,300,000

3,733,963

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

2.6500%,

4.8000%, 6/14/28

‡

1,240,000

871,796

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.8000%,

5.0100%, 6/22/28

‡

15,800,000

11,116,718

Westpac

Banking

Corp.,

5-year

AUD

Swap

Offer

Rate

+

1.8300%,

4.3340%, 8/16/29

‡

14,022,000

9,693,890

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.9800%,

5.0898%, 8/27/29

‡

6,700,000

4,738,437

Westpac

Banking

Corp.,

90

Day

Australian

Bank

Bill

Rate

+

1.5500%,

4.9312%, 1/29/31

‡

1,800,000

1,249,796

1,041,709,476

Industrial

-

4.6%

Canadian

Pacific

Railway

Co.,

1.3500%, 12/2/24

$

10,175,000

9,561,783

Caterpillar

Financial

Services

Corp.,

0.4500%, 5/17/24

8,820,000

8,354,169

Caterpillar

Financial

Services

Corp.,

0.6000%, 9/13/24

2,650,000

2,489,562

Caterpillar

Financial

Services

Corp.,

2.1500%, 11/8/24

2,200,000

2,114,547

Caterpillar

Financial

Services

Corp.,

4.9000%, 1/17/25

8,000,000

8,084,359

Caterpillar

Financial

Services

Corp.,

1.4500%, 5/15/25

4,600,000

4,301,383

DAE

Funding

LLC,

1.5500%, 8/1/24

(144A)

13,450,000

12,701,610

John

Deere

Capital

Corp.,

0.4500%, 1/17/24

3,590,000

3,443,348

John

Deere

Capital

Corp.,

0.4500%, 6/7/24

12,750,000

12,050,858

John

Deere

Capital

Corp.,

0.6250%, 9/10/24

6,300,000

5,930,900

John

Deere

Capital

Corp.,

0.7000%, 1/15/26

6,080,000

5,472,405

Martin

Marietta

Materials,

Inc.,

0.6500%, 7/15/23

6,525,000

6,392,109

New

Terminal

Financing

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.4500%,

4.7785%, 7/12/24

‡

AUD

8,980,000

6,285,846

Stanley

Black

&

Decker,

Inc.,

2.3000%, 2/24/25

$

16,675,000

15,876,981

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

(144A)

1,000,000

998,730

Sydney

Airport

Finance

Co.

Pty.

Ltd.,

3.9000%, 3/22/23

1,230,000

1,228,438

105,287,028

Technology

-

3.3%

Fidelity

National

Information

Services,

Inc.,

4.5000%, 7/15/25

6,860,000

6,789,682

Fiserv,

Inc.,

3.8000%, 10/1/23

22,245,000

22,065,378

Intuit,

Inc.,

0.6500%, 7/15/23

14,710,000

14,426,889

NVIDIA

Corp.,

0.5840%, 6/14/24

16,725,000

15,846,359

VMware,

Inc.,

1.0000%, 8/15/24

11,867,000

11,157,690

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

6

Shares/Principal/

Contract

Amounts

Value

Corporate

Bonds

-

(continued)

Technology

-

(continued)

VMware,

Inc.,

1.4000%, 8/15/26

$

6,550,000

$

5,800,113

76,086,111

Utilities

-

4.6%

Ausgrid

Finance

Pty.

Ltd.,

3.8500%, 5/1/23

(144A)

7,940,000

7,913,639

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.1000%,

4.1623%, 2/5/24

‡

AUD

1,570,000

1,105,744

Ausgrid

Finance

Pty.

Ltd.,

3.7500%, 10/30/24

17,320,000

12,060,889

Ausgrid

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2200%,

4.6012%, 10/30/24

‡

22,900,000

16,116,256

AusNet

Services

Holdings

Pty.

Ltd.,

5.3750%, 7/2/24

4,400,000

3,136,342

Australian

Gas

Networks

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.4200%,

3.6957%, 7/1/26

‡

2,500,000

1,707,476

DTE

Energy

Co.,

4.2200%, 11/1/24

Ç

$

10,570,000

10,446,768

Duke

Energy

Corp.,

5.0000%, 12/8/25

10,325,000

10,399,269

ElectraNet

Pty.

Ltd.,

2.4737%, 12/15/28

AUD

1,930,000

1,159,726

ETSA

Utilities

Finance

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.0400%,

4.1845%, 12/13/23

‡

1,630,000

1,150,152

ETSA

Utilities

Finance

Pty.

Ltd.,

3.5000%, 8/29/24

5,480,000

3,791,712

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

$

200,000

198,929

Korea

East-West

Power

Co.

Ltd.,

3.8750%, 7/19/23

(144A)

4,000,000

3,978,571

Korea

East-West

Power

Co.

Ltd.,

1.7500%, 5/6/25

6,454,000

5,989,635

Korea

Southern

Power

Co.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.9700%,

4.3512%, 10/30/24

‡

AUD

2,090,000

1,467,705

Network

Finance

Co.

Pty.

Ltd.,

3.5000%, 12/6/24

1,300,000

901,499

Network

Finance

Co.

Pty.

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

1.2300%,

4.5057%, 12/6/24

‡

14,620,000

10,307,982

Network

Finance

Co.

Pty.

Ltd.,

2.2500%, 11/11/26

570,000

365,166

SGSP

Australia

Assets

Pty.

Ltd.,

3.3000%, 4/9/23

Ç

$

14,970,000

14,912,502

SGSP

Australia

Assets

Pty.

Ltd.,

3.7500%, 6/28/23

AUD

300,000

211,141

SGSP

Australia

Assets

Pty.

Ltd.,

3.2500%, 7/29/26

$

200,000

186,458

107,507,561

Total

Corporate

Bonds

(cost

$1,924,494,602)

1,867,406,382

Foreign

Government

Bonds

-

9.1%

Kiwibank

Ltd.,

90

Day

Australian

Bank

Bill

Rate

+

0.7000%,

3.9217%, 9/23/25

‡

AUD

17,230,000

12,077,106

Korea

Hydro

&

Nuclear

Power

Co.

Ltd.,

3.7500%, 7/25/23

(144A)

$

8,050,000

8,000,975

Korea

National

Oil

Corp.,

0.8750%, 10/5/25

(144A)

7,100,000

6,351,091

New

South

Wales

Treasury

Corp.,

5.0000%, 8/20/24

AUD

23,000,000

16,551,663

New

Zealand

Government

Bond,

0.5000%, 5/15/24

NZD

204,355,000

125,037,271

Queensland

Treasury

Corp.,

4.2500%, 7/21/23

(144A)

AUD

10,000,000

7,072,063

Queensland

Treasury

Corp.,

4.7500%, 7/21/25

(144A)

20,000,000

14,473,801

South

Australian

Government

Financing

Authority,

2.7500%, 4/16/25

13,000,000

8,999,727

Treasury

Corp.

of

Victoria,

5.5000%, 12/17/24

6,825,000

4,973,908

Western

Australian

Treasury

Corp.,

5.0000%, 7/23/25

8,000,000

5,822,399

Total

Foreign

Government

Bonds

(cost

$207,129,517)

209,360,004

Mortgage-Backed

Securities

-

1.2%

Connecticut

Avenue

Securities

Trust

SOFR30A

+

2.5500%,

6.8601%, 7/25/42

(144A)

‡

$

3,155,828

3,178,112

SOFR30A

+

2.5000%,

6.8101%, 9/25/42

(144A)

‡

6,254,849

6,277,514

SOFR30A

+

2.4000%,

6.7101%, 12/25/42

(144A)

‡

6,350,000

6,373,962

FHLMC

STACR

REMIC

Trust

SOFR30A

+

2.3000%,

6.6101%, 8/25/42

(144A)

‡

5,216,493

5,207,128

SOFR30A

+

2.1500%,

6.4601%, 9/25/42

(144A)

‡

2,201,124

2,216,638

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

7

Shares/Principal/

Contract

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Firstmac

Mortgage

Funding

Trust

No.

4

,

30

Day

Australian

Bank

Bill

Rate

+

1.3000%

,

4.3300

%

,

3/8/49

‡

AUD

3,500,000

$

2,466,110

La

Trobe

Financial

Capital

Markets

Trust

30

Day

Australian

Bank

Bill

Rate

+

1.3500%,

4.4119%, 2/11/51

‡

266,481

187,741

30

Day

Australian

Bank

Bill

Rate

+

1.8500%,

4.9119%, 2/11/51

‡

1,170,721

824,409

Pepper

Residential

Securities

Trust

No.

22

,

ICE

LIBOR

USD

1

Month

+

1.0000%

,

5.4857

%

,

6/20/60

(144A)

‡

$

281,698

283,001

Pepper

Residential

Securities

Trust

No.

23

,

30

Day

Australian

Bank

Bill

Rate

+

2.2500%

,

5.3450

%

,

8/18/60

‡

AUD

738,341

519,170

Pepper

Residential

Securities

Trust

No.

24

,

ICE

LIBOR

USD

1

Month

+

0.9000%

,

5.3649

%

,

11/18/60

(144A)

‡

$

142,800

143,500

TORRENS

Trust

,

30

Day

Australian

Bank

Bill

Rate

+

1.6000%

,

4.6450

%

,

1/12/46

‡

AUD

782,708

551,208

Total

Mortgage-Backed

Securities

(cost

$28,334,591)

28,228,493

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

£

(cost

$27,667,778)

550,000

27,445,000

Investment

Companies

-

0.3%

Money

Market

Funds

-

0.3%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

4.1900%

∞

(cost

$6,063,475)

6,063,475

6,063,475

Commercial

Paper

-

12.0%

Centennial

Energy

Holdings,

Inc.,

5.3508%, 2/1/23

(Section

4(2))

$

18,000,000

17,997,731

Enbridge,

Inc.,

5.4685%, 2/21/23

(Section

4(2))

CAD

11,250,000

8,404,682

Energy

Transfer

LP,

5.0007%, 2/1/23

(Section

4(2))

$

6,000,000

5,999,194

Jabil,

Inc.,

5.1207%, 2/1/23

(Section

4(2))

104,750,000

104,735,343

Jabil,

Inc.,

5.1207%, 2/2/23

(Section

4(2))

85,500,000

85,475,946

Targa

Resources

Corp.,

5.0507%, 2/1/23

(Section

4(2))

25,000,000

24,997,056

Targa

Resources

Corp.,

5.0507%, 2/2/23

(Section

4(2))

30,000,000

29,992,888

Total

Commercial

Paper

(cost

$277,548,978)

277,602,840

Exchange-Traded

Purchased

Options

-

0%

Put

-

0%

3

Months

SOFR

USD

Currency,

Notional

amount

1,525,000,000,

premiums

paid

$114,375,

unrealized

depreciation

$(76,250),

exercise

price

$95,

expires

2/10/23*

6,100

38,125

Total

Exchange-Traded

Purchased

Options

(premiums

paid

$114,375)

38,125

OTC

Purchased

Options

-

Puts

-

0%

Counterparty/Reference

Asset

Morgan

Stanley

&

Co.

USD/JPY

Currency,

Notional

amount

13,050,000,

premiums

paid

$131,805,

unrealized

appreciation

$176,936,

exercise

price

$125,

expires

6/29/23*

13,050,000

308,741

Total

OTC

Purchased

Options

(premiums

paid

$131,805)

308,741

Total

Investments

(total

cost

$2,471,485,121

)

-

104.6%

2,416,453,060

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(4.6%)

(106,798,681)

Net

Assets

-

100.0%

$2,309,654,379

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

8

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

1,381,907,171

57.2%

Australia

472,832,359

19.6 

New

Zealand

137,827,307

5.7 

Canada

119,325,699

4.9 

Ireland

46,511,677

1.9 

United

Kingdom

45,315,685

1.9 

Singapore

44,383,484

1.8 

Spain

27,523,969

1.1 

Switzerland

26,862,256

1.1 

South

Korea

25,986,906

1.1 

Finland

22,171,435

0.9 

Netherlands

20,966,463

0.9 

Denmark

13,732,181

0.6 

United

Arab

Emirates

12,701,610

0.5 

Sweden

12,207,248

0.5 

Cayman

Islands

6,197,610

0.3 

Total

$

2,416,453,060

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

Investment

Company

-

1.2%

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

∞

$

334,857

$

–

$

(222,777)

$

27,445,000

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

1/31/23

Investment

Company

-

1.2%

Exchange

Traded

Fund

-

1.2%

Janus

Henderson

AAA

CLO

ETF

∞

$

26,862,000

$

–

$

–

$

27,445,000

Schedule

of

Forward

Foreign

Currency

Exchange

Contracts

,

Open

Counterparty/

Foreign

Currency

Settlement

Date

Foreign

Currency

Amount

Sold/

(Purchased)

USD

Currency

Amount

Sold/

(Purchased)

Market

Value

and

Unrealized

Appreciation

(Depreciation)

Bank

of

America

N.A.

Canadian

Dollar

4/28/23

71,500,000

$

(53,345,072)

$

(274,848)

–

Citibank

N.A.

Canadian

Dollar

2/21/23

11,250,000

(8,353,490)

(78,511)

New

Zealand

Dollar

4/28/23

193,500,000

(125,249,648)

155,090

76,579

Morgan

Stanley

&

Co.

Australian

Dollar

4/28/23

626,200,000

(446,225,737)

3,556,608

–

Total

$3,358,339

Janus

Henderson

Short

Duration

Income

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

9

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Depreciation

Futures

Short:

U.S.

Treasury

2

Year

Notes

3,916

3/31/23

$

(805,319,283)

$

(1,586,294)

U.S.

Treasury

5

Year

Notes

1,579

3/31/23

(172,493,415)

(1,618,061)

Total

$(3,204,355)

Schedule

of

Centrally

Cleared

Credit

Default

Swaps

-

Buy

Protection

Referenced

Asset

Maturity

Date

Notional

Amount

Value

Premiums

Paid/

(Received)

Unrealized

Appreciation

(Depreciation)

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

$

51,500,000

$

(802,999)

$

428,713

$

(374,286)

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

130,000,000

(2,026,987)

1,414,439

(612,548)

CDX.NA.IG.38-V1,

Fixed

Rate

of

1.00%

Paid

Quarterly

6/20/27

58,250,000

(908,246)

250,987

(657,259)

Total

(3,738,232)

2,094,139

$(1,644,093)

Schedule

of

OTC

Written

Options

Counterparty/

Reference

Asset

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

Option

Written,

at

Value

Written

Put

Options:

Morgan

Stanley

&

Co.

USD/JPY

Currency

13,050,000

120.00

USD

06/29/2023

$

13,050,000

$

78,300

$

(81,850)

$

(160,150)

Average

ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

January

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

short

$933,793,561

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

-

in

USD

2,990,969

Average

amounts

sold

-

in

USD

595,135,294

Credit

default

swaps:

Average

notional

amount

-

buy

protection

239,750,000

Options:

Average

value

of

option

contracts

purchased

503,311

Average

value

of

option

contracts

written

266,224

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2023

10

ETF

Exchange

Traded

Fund

FHLMC

Federal

Home

Loan

Mortgage

Corp.

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

LP

Limited

Partnership

plc

Public

Limited

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SOFRINDX

Secured

Overnight

Financing

Rate

Compounded

Index

*

Non-income

producing

security.

∞

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.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

Section

4(2)

Securities

subject

to

legal

and/or

contractual

restrictions

on

resale

and

may

not

be

publicly

sold

without

registration

under

the

Securities

Act

of

1933,

as

amended.

The

total

value

of

Section

4(2)

securities

as

of

the

period

ended

January

31,

2023

is

$277,602,840

which

represents

12.0%

of

net

assets.

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

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

January

31,

2023

is

$537,796,580

which

represents

23.3%

of

net

assets.

‡

Variable

or

floating

rate

security.

Rate

shown

is

the

current

rate

as

of

January

31,

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.

Janus

Henderson

Short

Duration

Income

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2023

11

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:

Corporate

Bonds

$

—

$

1,867,406,382

$

—

Foreign

Government

Bonds

—

209,360,004

—

Mortgage-Backed

Securities

—

28,228,493

—

Exchange

Traded

Fund

27,445,000

—

—

Investment

Companies

6,063,475

—

—

Commercial

Paper

—

277,602,840

—

OTC

Purchased

Options

-

Puts

38,125

308,741

—

Total

Investments

in

Securities

$

33,546,600

$

2,382,906,460

$

—

Other

Financial

Instruments

(a)

:

Forward

Foreign

Currency

Exchange

Contracts

$

—

$

3,711,698

$

—

Total

Assets

$

33,546,600

$

2,386,618,158

$

—

Liabilities

Other

Financial

Instruments

(a)

:

Centrally

Cleared

Swaps

$

—

$

1,644,093

$

—

Forward

Foreign

Currency

Exchange

Contracts

—

353,359

—

Futures

Contracts

3,204,355

—

—

Options

Written,

at

Value

—

160,150

—

Total

Liabilities

$

3,204,355

$

2,157,602

$

—

(a)

Other

financial

instruments

include

forward

foreign

currency

exchange,

futures,

written

options

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

are

reported

at

their

market

value

at

measurement

date.

12

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.

13

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.

125-25-70332

03-23