Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2022

1

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

98.7%

AB

BSL

CLO

1

Ltd.

2020-1A

A1R,

CME

Term

SOFR

3

Month

+

1.3700%,

1.5353%,

1/15/35

(144A)

‡

$

10,000,000

$

10,000,000

AGL

Core

CLO

4

Ltd.

2020-4A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

1.3240%,

4/20/33

(144A)

‡

5,500,000

5,500,951

Allegro

CLO

VIII

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

7/15/31

(144A)

‡

6,000,000

6,000,606

Anchorage

Capital

CLO

Ltd.

2014-4RA

A,

ICE

LIBOR

USD

3

Month

+

1.0500%,

1.3276%,

1/28/31

(144A)

‡

6,500,000

6,509,873

Apex

Credit

CLO

2021

Ltd.

2021-1A

AN,

ICE

LIBOR

USD

3

Month

+

1.2100%,

1.4513%,

7/18/34

(144A)

‡

1,476,000

1,477,070

Apidos

CLO

XX

Ltd.

2015-20A

A1RA,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

7/16/31

(144A)

‡

4,205,000

4,205,980

Apidos

CLO

XXIX

Ltd.

2018-29A

A1B,

ICE

LIBOR

USD

3

Month

+

1.3000%,

1.5577%,

7/25/30

(144A)

‡

2,000,000

2,000,602

Assurant

CLO

Ltd.

2018-2A

A,

ICE

LIBOR

USD

3

Month

+

1.0400%,

1.2940%,

4/20/31

(144A)

‡

5,800,000

5,801,641

Atrium

XIV

LLC

14A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

1.6913%,

8/23/30

(144A)

‡

2,000,000

2,000,806

Ballyrock

CLO

Ltd.

2019-1A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0300%,

1.2713%,

7/15/32

(144A)

‡

9,000,000

8,993,277

Benefit

Street

Partners

CLO

VIII

Ltd.

2015-8A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3540%,

1/20/31

(144A)

‡

3,000,000

3,000,717

Benefit

Street

Partners

CLO

XXII

Ltd.

2020-22A

B,

ICE

LIBOR

USD

3

Month

+

1.5500%,

1.8040%,

1/20/32

(144A)

‡

1,250,000

1,250,187

BlueMountain

Fuji

US

CLO

III

Ltd.

2017-3A

A2,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.3913%,

1/15/30

(144A)

‡

3,500,000

3,487,358

Canyon

Capital

CLO

Ltd.

2014-1A

A1BR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.4690%,

1/30/31

(144A)

‡

3,010,000

3,005,021

Carlyle

US

CLO

Ltd.

2016-4A

BR,

ICE

LIBOR

USD

3

Month

+

2.1000%,

2.3540%,

10/20/27

(144A)

‡

1,000,000

1,000,192

Carlyle

US

CLO

Ltd.

2017-5A

A1B,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.5040%,

1/20/30

(144A)

‡

4,074,000

4,053,011

CBAM

Ltd.

2018-8A

A1,

ICE

LIBOR

USD

3

Month

+

1.1200%,

1.3740%,

10/20/29

(144A)

‡

6,613,309

6,616,629

CBAM

Ltd.

2018-5A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.2613%,

4/17/31

(144A)

‡

5,900,000

5,900,496

CBAM

Ltd.

2020-13A

B1,

ICE

LIBOR

USD

3

Month

+

1.8000%,

2.0540%,

1/20/34

(144A)

‡

7,500,000

7,521,810

CBAM

Ltd.

2019-11RA

A2,

ICE

LIBOR

USD

3

Month

+

1.5000%,

1.6249%,

1/20/35

(144A)

‡

13,639,000

13,661,327

CIFC

Funding

Ltd.

2017-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0100%,

1.2651%,

4/23/29

(144A)

‡

9,559,769

9,566,796

CIFC

Funding

Ltd.

2017-3A

A1,

ICE

LIBOR

USD

3

Month

+

1.2200%,

1.4740%,

7/20/30

(144A)

‡

10,000,000

10,006,110

CIFC

Funding

Ltd.

2013-2A

A3LR,

ICE

LIBOR

USD

3

Month

+

1.9500%,

2.1891%,

10/18/30

(144A)

‡

1,000,000

1,001,790

CIFC

Funding

Ltd.

2015-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1100%,

1.3689%,

1/22/31

(144A)

‡

2,000,000

2,001,524

CIFC

Funding

Ltd.

2018-2A

A1,

ICE

LIBOR

USD

3

Month

+

1.0400%,

1.2940%,

4/20/31

(144A)

‡

1,250,000

1,250,135

CIFC

Funding

Ltd.

2013-3RA

A1,

ICE

LIBOR

USD

3

Month

+

0.9800%,

1.2389%,

4/24/31

(144A)

‡

1,800,000

1,800,374

CIFC

Funding

Ltd.

2018-3A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

7/18/31

(144A)

‡

2,500,000

2,500,635

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2022

2

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

CIFC

Funding

Ltd.

2019-6A

C,

ICE

LIBOR

USD

3

Month

+

2.7000%,

2.9413%,

1/16/33

(144A)

‡

$

1,500,000

$

1,501,427

Deer

Creek

CLO

Ltd.

2017-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.4340%,

10/20/30

(144A)

‡

3,000,000

3,002,295

Dryden

37

Senior

Loan

Fund

2015-37A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

1/15/31

(144A)

‡

3,000,000

3,000,708

Dryden

41

Senior

Loan

Fund

2015-41A

AR,

ICE

LIBOR

USD

3

Month

+

0.9700%,

1.2091%,

4/15/31

(144A)

‡

7,050,000

7,057,515

Dryden

53

CLO

Ltd.

2017-53A

A,

ICE

LIBOR

USD

3

Month

+

1.1200%,

1.3613%,

1/15/31

(144A)

‡

12,252,000

12,267,070

Dryden

57

CLO

Ltd.

2018-57A

A,

ICE

LIBOR

USD

3

Month

+

1.0100%,

1.1660%,

5/15/31

(144A)

‡

1,000,000

1,000,007

Dryden

64

CLO

Ltd.

2018-64A

A,

ICE

LIBOR

USD

3

Month

+

0.9700%,

1.2113%,

4/18/31

(144A)

‡

5,000,000

5,000,310

Dryden

85

CLO

Ltd.

2020-85A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.3913%,

10/15/35

(144A)

‡

3,000,000

3,002,028

Elmwood

CLO

X

Ltd.

2021-3A

A,

ICE

LIBOR

USD

3

Month

+

1.0400%,

1.2940%,

10/20/34

(144A)

‡

4,000,000

4,003,752

Elmwood

CLO

X

Ltd.

2021-3A

B,

ICE

LIBOR

USD

3

Month

+

1.6000%,

1.8540%,

10/20/34

(144A)

‡

5,000,000

5,003,950

Fillmore

Park

CLO

Ltd.

2018-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.3400%,

1.5813%,

7/15/30

(144A)

‡

3,000,000

3,000,546

Galaxy

XVIII

CLO

Ltd.

2018-28A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

7/15/31

(144A)

‡

1,000,000

1,001,539

Galaxy

XX

CLO

Ltd.

2015-20A

AR,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.2540%,

4/20/31

(144A)

‡

4,000,000

3,999,992

Galaxy

XXVII

CLO

Ltd.

2018-27A

A,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.1750%,

5/16/31

(144A)

‡

1,500,000

1,500,057

Generate

CLO

2

Ltd.

2A

AR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.4089%,

1/22/31

(144A)

‡

2,000,000

2,001,794

GoldenTree

Loan

Management

US

CLO

1

Ltd.

2017-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.2740%,

4/20/34

(144A)

‡

2,000,000

1,991,348

GoldenTree

Loan

Management

US

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3540%,

7/20/34

(144A)

‡

4,500,000

4,499,991

GoldentTree

Loan

Management

US

CLO

1

Ltd.

2021-11A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

1.3840%,

10/20/34

(144A)

‡

10,000,000

10,013,610

Greywolf

CLO

VII

Ltd.

2018-2A

A1,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.4340%,

10/20/31

(144A)

‡

2,000,000

2,001,310

Highbridge

Loan

Management

Ltd.

7A-2015

A2R,

ICE

LIBOR

USD

3

Month

+

0.9000%,

1.0560%,

3/15/27

(144A)

‡

3,000,000

3,000,084

HPS

Loan

Management

Ltd.

14A-19

A1R,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.2777%,

1/25/34

(144A)

‡

3,950,000

3,935,899

KKR

CLO

12

Ltd.

12

BR2,

ICE

LIBOR

USD

3

Month

+

1.7000%,

1.9413%,

10/15/30

(144A)

‡

5,000,000

5,001,725

KKR

CLO

23

Ltd.

23

A1,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.4040%,

10/20/31

(144A)

‡

1,000,000

1,001,028

KKR

CLO

24

Ltd.

24

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

1.3340%,

4/20/32

(144A)

‡

6,670,000

6,676,577

KKR

CLO

25

Ltd.

25

CR,

ICE

LIBOR

USD

3

Month

+

2.3000%,

2.5413%,

7/15/34

(144A)

‡

1,300,000

1,301,864

KKR

CLO

Ltd.

22A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.4040%,

7/20/31

(144A)

‡

3,000,000

3,000,717

LCM

XVIII

LP

19A

AR,

ICE

LIBOR

USD

3

Month

+

1.2400%,

1.4813%,

7/15/27

(144A)

‡

762,787

763,991

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2022

3

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Madison

Park

Funding

XX

Ltd.

2016-20A

A2R,

ICE

LIBOR

USD

3

Month

+

1.3000%,

1.5676%,

7/27/30

(144A)

‡

$

4,750,000

$

4,751,126

Madison

Park

Funding

XXVI

Ltd.

2017-26A

AR,

ICE

LIBOR

USD

3

Month

+

1.2000%,

1.4990%,

7/29/30

(144A)

‡

3,000,000

3,002,961

Magnetite

XV

Ltd.

2015-15A

CR,

ICE

LIBOR

USD

3

Month

+

1.8000%,

2.0577%,

7/25/31

(144A)

‡

2,700,000

2,702,757

Magnetite

XVII

Ltd.

2016-17A

AR,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3540%,

7/20/31

(144A)

‡

1,650,000

1,652,855

Magnetite

Xxix

Ltd.

2021-29A

A,

ICE

LIBOR

USD

3

Month

+

0.9900%,

1.2313%,

1/15/34

(144A)

‡

18,306,000

18,319,363

Magnetite

XXVI

Ltd.

2020-26A

A1R,

ICE

LIBOR

USD

3

Month

+

1.1200%,

1.3777%,

7/25/34

(144A)

‡

6,000,000

6,001,764

Marble

Point

CLO

XI

Ltd.

2017-2A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.4213%,

12/18/30

(144A)

‡

3,000,000

2,999,994

MP

CLO

III

Ltd.

2013-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.5040%,

10/20/30

(144A)

‡

2,250,000

2,250,587

Nassau

Ltd.

2018-IIA

A,

ICE

LIBOR

USD

3

Month

+

1.2800%,

1.5213%,

10/15/31

(144A)

‡

1,000,000

1,000,182

Neuberger

Berman

Loan

Advisers

CLO

33

Ltd.

2019-33A

BR,

ICE

LIBOR

USD

3

Month

+

1.6000%,

1.8413%,

10/16/33

(144A)

‡

4,475,000

4,477,220

Neuberger

Berman

Loan

Advisers

CLO

40

Ltd.

2021-40A

A,

ICE

LIBOR

USD

3

Month

+

1.0600%,

1.3013%,

4/16/33

(144A)

‡

4,500,000

4,500,392

Neuberger

Berman

Loan

Advisers

CLO

42

Ltd.

2021-42A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

7/16/35

(144A)

‡

6,000,000

5,996,706

Neuberger

Berman

Loan

Advisers

CLO

43

Ltd.

2021-43A

A,

ICE

LIBOR

USD

3

Month

+

1.1300%,

1.3713%,

7/17/35

(144A)

‡

7,060,000

7,071,134

Oaktree

CLO

Ltd.

2019-2A

A1AR,

ICE

LIBOR

USD

3

Month

+

1.1200%,

1.3613%,

4/15/31

(144A)

‡

3,000,000

3,000,795

OCP

CLO

Ltd.

2014-5A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0800%,

1.3471%,

4/26/31

(144A)

‡

1,250,000

1,250,882

OCP

CLO

Ltd.

2015-10A

BR2,

ICE

LIBOR

USD

3

Month

+

1.6500%,

1.7831%,

1/26/34

(144A)

‡

3,250,000

3,242,297

Octagon

56

Ltd.

2021-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1600%,

1.2821%,

10/15/34

(144A)

‡

4,000,000

3,999,960

Octagon

Investment

Partners

24

Ltd.

2015-1A

BS,

ICE

LIBOR

USD

3

Month

+

1.9000%,

2.1551%,

4/21/31

(144A)

‡

5,000,000

5,000,035

Octagon

Investment

Partners

34

Ltd.

2017-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.5040%,

1/20/30

(144A)

‡

2,000,000

1,997,600

Octagon

Investment

Partners

XVII

Ltd.

2013-1A

A1R2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.2577%,

1/25/31

(144A)

‡

5,900,000

5,904,667

Octagon

Loan

Funding

Ltd.

2014-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.3400%,

11/18/31

(144A)

‡

6,000,000

6,000,408

OHA

Credit

Funding

5

Ltd.

2020-5A

A2A,

ICE

LIBOR

USD

3

Month

+

1.4500%,

1.6913%,

4/18/33

(144A)

‡

1,350,000

1,351,091

OHA

Credit

Funding

8

Ltd.

2021-8A

A,

ICE

LIBOR

USD

3

Month

+

1.1900%,

1.4313%,

1/18/34

(144A)

‡

13,000,000

13,020,787

OHA

Credit

Partners

XIV

Ltd.

2017-14A

C,

ICE

LIBOR

USD

3

Month

+

1.8000%,

2.0551%,

1/21/30

(144A)

‡

1,000,000

1,000,063

Palmer

Square

CLO

Ltd.

2018-2A

A1A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

7/16/31

(144A)

‡

5,000,000

5,007,900

Pikes

Peak

CLO

1

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1800%,

1.4389%,

7/24/31

(144A)

‡

1,500,000

1,500,767

PPM

CLO

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.3913%,

7/15/31

(144A)

‡

6,000,000

6,003,684

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2022

4

Shares/

Principal

Amounts

Value

Collateralized

Loan

Obligations

-

(continued)

Rad

CLO

10

Ltd.

2021-10A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.4289%,

4/23/34

(144A)

‡

$

5,000,000

$

5,004,905

Rad

CLO

14

Ltd.

2021-14A

A,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.3996%,

1/15/35

(144A)

‡

10,000,000

10,025,140

Recette

CLO

Ltd.

2015-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0800%,

1.3340%,

4/20/34

(144A)

‡

4,000,000

3,982,740

Rockford

Tower

CLO

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.2596%,

5/20/31

(144A)

‡

2,000,000

2,001,282

Shackleton

CLO

Ltd.

2019-14A

A1R,

ICE

LIBOR

USD

3

Month

+

1.2000%,

1.4540%,

7/20/34

(144A)

‡

3,825,000

3,827,226

Signal

Peak

CLO

8

Ltd.

2020-8A

C,

ICE

LIBOR

USD

3

Month

+

2.0000%,

2.2540%,

4/20/33

(144A)

‡

2,000,000

1,999,992

Sound

Point

CLO

VI-R

Ltd.

2014-2RA

A,

ICE

LIBOR

USD

3

Month

+

1.2500%,

1.5040%,

10/20/31

(144A)

‡

4,000,000

4,002,884

Sound

Point

CLO

XIX

Ltd.

2018-1A

A,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.2413%,

4/15/31

(144A)

‡

11,500,000

11,500,690

Sounds

Point

CLO

IV-R

Ltd.

2013-3RA

A,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.3913%,

4/18/31

(144A)

‡

5,000,000

5,000,845

Symphony

CLO

XXII

Ltd.

2020-22A

A1A,

ICE

LIBOR

USD

3

Month

+

1.2900%,

1.5313%,

4/18/33

(144A)

‡

2,650,000

2,651,635

THL

Credit

Wind

River

CLO

Ltd.

2013-2A

AR2,

ICE

LIBOR

USD

3

Month

+

1.0000%,

1.2413%,

10/18/30

(144A)

‡

3,750,000

3,750,075

THL

Credit

Wind

River

CLO

Ltd.

2017-1A

ARR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

1.3013%,

4/18/36

(144A)

‡

2,500,000

2,486,535

TICP

CLO

XII

Ltd.

2018-12A

AR,

ICE

LIBOR

USD

3

Month

+

1.1700%,

1.4113%,

7/15/34

(144A)

‡

8,580,000

8,589,961

Tikehau

US

CLO

I

Ltd.

2021-1A

A2,

ICE

LIBOR

USD

3

Month

+

1.4500%,

1.6660%,

1/18/35

(144A)

‡

8,000,000

8,002,992

Venture

31

CLO

Ltd.

2018-31A

A2,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.4040%,

4/20/31

(144A)

‡

2,800,000

2,796,301

Venture

32

CLO

Ltd.

2018-32A

A1,

ICE

LIBOR

USD

3

Month

+

1.1000%,

1.3413%,

7/18/31

(144A)

‡

3,766,000

3,766,395

Venture

XVIII

CLO

Ltd.

2014-18A

AR,

ICE

LIBOR

USD

3

Month

+

1.2200%,

1.4613%,

10/15/29

(144A)

‡

1,950,000

1,951,277

Voya

CLO

Ltd.

2014-2A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.0200%,

1.2613%,

4/17/30

(144A)

‡

4,376,418

4,378,467

Voya

CLO

Ltd.

2016-1A

A1R,

ICE

LIBOR

USD

3

Month

+

1.0700%,

1.3240%,

1/20/31

(144A)

‡

10,450,000

10,455,215

Voya

CLO

Ltd.

2019-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0600%,

1.3013%,

4/15/31

(144A)

‡

1,000,000

1,000,758

Voya

CLO

Ltd.

2014-1A

AAR2,

ICE

LIBOR

USD

3

Month

+

0.9900%,

1.2313%,

4/18/31

(144A)

‡

12,992,763

13,001,338

Voya

CLO

Ltd.

2018-1A

A1,

ICE

LIBOR

USD

3

Month

+

0.9500%,

1.1980%,

4/19/31

(144A)

‡

5,566,000

5,563,017

Voya

CLO

Ltd.

2013-3A

A1RR,

ICE

LIBOR

USD

3

Month

+

1.1500%,

1.3913%,

10/18/31

(144A)

‡

1,993,114

1,993,578

Wind

River

CLO

Ltd.

2016-1A

AR,

ICE

LIBOR

USD

3

Month

+

1.0500%,

1.2891%,

7/15/28

(144A)

‡

319,702

319,800

Wind

River

CLO

Ltd.

2021-2A

C,

ICE

LIBOR

USD

3

Month

+

1.9500%,

2.2040%,

7/20/34

(144A)

‡

2,000,000

1,983,598

Total

Collateralized

Loan

Obligations

(cost

$472,029,989)

472,690,675

Janus

Henderson

AAA

CLO

ETF

Schedule

of

Investments

(unaudited)

January

31,

2022

5

Shares/

Principal

Amounts

Value

Investment

Companies

-

4.1%

Money

Market

Funds

-

4.1%

Federated

Hermes

Government

Obligations

Tax-Managed

Fund,

0.0100%

∞

(cost

$19,838,644)

19,838,644

$

19,838,644

Total

Investments

(total

cost

$491,868,633

)

-

102.8%

492,529,319

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(2.8%)

(13,299,258)

Net

Assets

-

100.0%

$479,230,061

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

492,529,319

100.0

%

–

–

Janus

Henderson

AAA

CLO

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2022

6

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

SOFR

Secured

Overnight

Financing

Rate

∞

Rate

shown

is

the

7-day

yield

as

of

January

31,

2022.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

January

31,

2022

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,

2022

is

$472,690,675

which

represents

98.7%

of

net

assets.

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,

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:

Collateralized

Loan

Obligations

$

—

$

472,690,675

$

—

Investment

Companies

19,838,644

—

—

Total

Assets

$

19,838,644

$

472,690,675

$

—

7

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

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.

8

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,

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.

125-25-70351

03-22