NPORT-EX 2 JHI_Sml_Mid_Cap_Gr_Alp_ETF.htm 7.31 PART F
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
1
Shares/
Principal
Amounts
Value
Common
Stocks
-
100.0%
Aerospace
&
Defense
-
0.1%
AerSale
Corp.*
14,588
$
218,966
Air
Freight
&
Logistics
-
0.4%
Hub
Group,
Inc.
-
Class
A*
9,324
840,372
Radiant
Logistics,
Inc.*
13,559
104,404
944,776
Automobile
Components
-
0.4%
Fox
Factory
Holding
Corp.*
3,450
386,055
LCI
Industries
2,047
278,945
Patrick
Industries,
Inc.
1,817
157,261
XPEL,
Inc.*
2,261
183,661
1,005,922
Automobiles
-
0.3%
Thor
Industries,
Inc.
4,348
502,150
Winnebago
Industries,
Inc.
2,487
171,106
673,256
Banks
-
4.5%
Amalgamated
Financial
Corp.
6,143
122,614
Bancorp,
Inc.
(The)*
10,972
415,839
Bridgewater
Bancshares,
Inc.*
5,612
60,105
Business
First
Bancshares,
Inc.
5,092
104,131
Byline
Bancorp,
Inc.
7,580
166,381
Capstar
Financial
Holdings,
Inc.
4,209
62,630
Coastal
Financial
Corp.*
2,663
120,288
CrossFirst
Bankshares,
Inc.*
9,760
113,899
Customers
Bancorp,
Inc.*
6,278
263,550
Dime
Community
Bancshares,
Inc.
7,790
174,496
Enterprise
Financial
Services
Corp.
7,483
306,803
Esquire
Financial
Holdings,
Inc.
1,646
82,210
Fidelity
D&D
Bancorp,
Inc.
#
1,141
57,894
First
Bank
3,946
49,325
First
Citizens
BancShares,
Inc.
-
Class
A
2,878
4,119,281
First
Foundation,
Inc.
11,317
82,727
Five
Star
Bancorp
3,467
85,566
Guaranty
Bancshares,
Inc.
2,360
75,024
Independent
Bank
Corp.
4,255
87,908
John
Marshall
Bancorp,
Inc.
2,831
53,789
Metropolitan
Bank
Holding
Corp.*
2,263
102,491
Midland
States
Bancorp,
Inc.
4,430
103,795
Northeast
Bank
1,671
79,607
Northeast
Community
Bancorp,
Inc.
#
3,020
48,894
Norwood
Financial
Corp.
1,633
52,011
Old
Second
Bancorp,
Inc.
8,963
143,318
Orange
County
Bancorp,
Inc.
#
1,137
51,211
Origin
Bancorp,
Inc.
6,170
201,142
Pathward
Financial,
Inc.
5,414
281,311
Plumas
Bancorp
1,174
42,475
Preferred
Bank
2,989
197,513
ServisFirst
Bancshares,
Inc.
10,905
650,810
SmartFinancial,
Inc.
3,425
86,036
Southern
Missouri
Bancorp,
Inc.
2,282
109,696
Southern
States
Bancshares,
Inc.
1,765
44,390
Stock
Yards
Bancorp,
Inc.
5,901
282,127
Summit
Financial
Group,
Inc.
2,950
66,552
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
2
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Banks
-
(continued)
Triumph
Financial,
Inc.*
4,682
$
332,001
UMB
Financial
Corp.
9,745
691,895
United
Community
Banks,
Inc.
23,099
671,488
Unity
Bancorp,
Inc.
2,015
53,438
Western
Alliance
Bancorp
21,964
1,141,030
12,037,691
Beverages
-
1.1%
Coca-Cola
Consolidated,
Inc.
3,221
2,040,214
MGP
Ingredients,
Inc.
8,501
969,199
3,009,413
Biotechnology
-
0.9%
Catalyst
Pharmaceuticals,
Inc.*
104,285
1,442,261
Point
Biopharma
Global,
Inc.*
103,890
928,777
2,371,038
Building
Products
-
2.8%
Advanced
Drainage
Systems,
Inc.
22,468
2,740,871
CSW
Industrials,
Inc.
4,428
799,475
Insteel
Industries,
Inc.
5,524
178,149
Simpson
Manufacturing
Co.,
Inc.
12,144
1,918,752
UFP
Industries,
Inc.
17,669
1,815,667
7,452,914
Capital
Markets
-
1.6%
Bridge
Investment
Group
Holdings,
Inc.
-
Class
A
6,547
81,903
Focus
Financial
Partners,
Inc.
-
Class
A*
13,253
693,529
Hamilton
Lane,
Inc.
-
Class
A
7,753
685,598
Interactive
Brokers
Group,
Inc.
-
Class
A
20,657
1,803,976
Open
Lending
Corp.
-
Class
A*
24,217
273,410
PJT
Partners,
Inc.
-
Class
A
4,977
394,726
Victory
Capital
Holdings,
Inc.
-
Class
A
13,428
445,272
4,378,414
Chemicals
-
0.5%
Hawkins,
Inc.
16,633
777,593
Origin
Materials,
Inc.
#
,*
113,491
508,439
1,286,032
Commercial
Services
&
Supplies
-
2.7%
Driven
Brands
Holdings,
Inc.*
47,699
1,233,973
Heritage-Crystal
Clean,
Inc.*
6,939
319,680
Rollins,
Inc.
140,262
5,726,897
7,280,550
Communications
Equipment
-
0.1%
Clearfield,
Inc.
#
,*
7,504
350,737
Construction
&
Engineering
-
2.1%
Ameresco,
Inc.
-
Class
A
#
,*
9,702
564,753
Comfort
Systems
USA,
Inc.
10,174
1,769,971
MYR
Group,
Inc.*
4,767
679,584
WillScot
Mobile
Mini
Holdings
Corp.*
57,597
2,761,776
5,776,084
Construction
Materials
-
1.9%
Eagle
Materials,
Inc.
28,039
5,169,550
Consumer
Staples
Distribution
&
Retail
-
1.5%
BJ's
Wholesale
Club
Holdings,
Inc.*
51,945
3,444,473
Ingles
Markets,
Inc.
-
Class
A
5,582
473,354
3,917,827
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
3
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Diversified
REITs
-
0.1%
Essential
Properties
Realty
Trust,
Inc.
11,685
$
286,867
Electric
Utilities
-
0.4%
NRG
Energy,
Inc.
18,579
705,816
Otter
Tail
Corp.
3,354
271,708
977,524
Electrical
Equipment
-
2.5%
Atkore,
Inc.*
10,976
1,741,562
Encore
Wire
Corp.
4,999
853,279
Generac
Holdings,
Inc.*
17,718
2,723,257
Preformed
Line
Products
Co.
1,394
241,873
Shoals
Technologies
Group,
Inc.
-
Class
A*
48,345
1,255,036
6,815,007
Electronic
Equipment,
Instruments
&
Components
-
6.0%
Fabrinet*
17,885
2,211,301
Insight
Enterprises,
Inc.*
16,391
2,404,396
Jabil,
Inc.
65,331
7,230,182
Littelfuse,
Inc.
12,240
3,728,304
Napco
Security
Technologies,
Inc.
18,107
678,650
16,252,833
Energy
Equipment
&
Services
-
0.1%
Atlas
Energy
Solutions,
Inc.
-
Class
A
10,960
216,460
ProFrac
Holding
Corp.
-
Class
A
#
,*
10,492
135,032
351,492
Entertainment
-
0.4%
Sciplay
Corp.
-
Class
A*
4,130
80,948
Vivid
Seats,
Inc.
-
Class
A*
15,097
125,758
World
Wrestling
Entertainment,
Inc.
-
Class
A
8,439
886,095
1,092,801
Financial
Services
-
0.3%
International
Money
Express,
Inc.*
7,307
177,049
Merchants
Bancorp
8,666
273,932
NMI
Holdings,
Inc.
-
Class
A*
16,722
446,645
897,626
Food
Products
-
1.6%
Darling
Ingredients,
Inc.*
61,667
4,270,440
Gas
Utilities
-
0.2%
National
Fuel
Gas
Co.
7,413
393,704
Ground
Transportation
-
2.3%
ArcBest
Corp.
6,817
792,954
Landstar
System,
Inc.
10,242
2,085,169
Saia,
Inc.*
7,543
3,191,745
Universal
Logistics
Holdings,
Inc.
7,482
232,615
6,302,483
Health
Care
Equipment
&
Supplies
-
6.2%
QuidelOrtho
Corp.*
65,486
5,720,857
Shockwave
Medical,
Inc.*
25,576
6,665,105
STAAR
Surgical
Co.*
47,504
2,601,794
UFP
Technologies,
Inc.*
7,484
1,456,873
Zynex,
Inc.*
36,035
351,702
16,796,331
Health
Care
Providers
&
Services
-
6.8%
AdaptHealth
Corp.
-
Class
A*
131,899
1,812,292
AMN
Healthcare
Services,
Inc.*
38,978
4,176,493
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
4
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Health
Care
Providers
&
Services
-
(continued)
Cross
Country
Healthcare,
Inc.*
35,334
$
911,617
DocGo,
Inc.*
101,711
853,355
Ensign
Group,
Inc.
(The)
55,020
5,329,787
Fulgent
Genetics,
Inc.*
29,203
1,133,953
Joint
Corp.
(The)*
14,433
194,846
Progyny,
Inc.*
92,800
3,875,328
18,287,671
Health
Care
Technology
-
1.6%
Doximity,
Inc.
-
Class
A*
119,358
4,264,661
Hotels,
Restaurants
&
Leisure
-
0.2%
ONE
Group
Hospitality,
Inc.
(The)*
2,604
19,192
Wingstop,
Inc.
2,449
412,852
Xponential
Fitness,
Inc.
-
Class
A*
2,675
56,496
488,540
Household
Durables
-
1.9%
Cavco
Industries,
Inc.*
698
206,364
Century
Communities,
Inc.
2,614
201,853
Dream
Finders
Homes,
Inc.
-
Class
A
#
,*
2,673
68,162
Green
Brick
Partners,
Inc.*
3,694
208,785
Installed
Building
Products,
Inc.
2,313
342,370
KB
Home
6,699
361,545
Legacy
Housing
Corp.*
1,985
47,084
Lovesac
Co.
(The)*
1,223
35,809
M/I
Homes,
Inc.*
2,275
227,500
MDC
Holdings,
Inc.
5,954
305,321
Meritage
Homes
Corp.
2,991
445,510
Skyline
Champion
Corp.*
4,649
323,849
Taylor
Morrison
Home
Corp.
-
Class
A*
8,867
429,340
Tempur
Sealy
International,
Inc.
13,992
624,463
Toll
Brothers,
Inc.
8,909
715,660
TopBuild
Corp.*
2,597
711,396
5,255,011
Independent
Power
and
Renewable
Electricity
Producers
-
0.0%
Montauk
Renewables,
Inc.*
11,587
101,386
Industrial
REITs
-
0.5%
Innovative
Industrial
Properties,
Inc.
2,217
175,653
Rexford
Industrial
Realty,
Inc.
15,768
868,659
Terreno
Realty
Corp.
6,543
388,262
1,432,574
Insurance
-
1.5%
F&G
Annuities
&
Life,
Inc.
#
25,398
665,427
Hagerty,
Inc.
-
Class
A*
16,933
149,518
Kinsale
Capital
Group,
Inc.
4,647
1,731,612
Palomar
Holdings,
Inc.*
4,987
302,013
RLI
Corp.
9,139
1,219,234
4,067,804
Interactive
Media
&
Services
-
1.1%
Cargurus,
Inc.
-
Class
A*
18,915
428,614
Shutterstock,
Inc.
6,999
360,099
ZipRecruiter,
Inc.
-
Class
A*
14,467
267,929
ZoomInfo
Technologies,
Inc.
-
Class
A*
78,164
1,998,653
3,055,295
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
5
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
IT
Services
-
0.4%
Perficient,
Inc.*
17,149
$
1,093,935
Leisure
Products
-
0.2%
AMMO,
Inc.
#
,*
9,577
19,920
Brunswick
Corp.
5,764
497,491
Malibu
Boats,
Inc.
-
Class
A*
1,675
100,416
MasterCraft
Boat
Holdings,
Inc.*
1,435
43,983
661,810
Life
Sciences
Tools
&
Services
-
6.0%
Maravai
LifeSciences
Holdings,
Inc.
-
Class
A*
129,619
1,465,991
Medpace
Holdings,
Inc.*
29,966
7,586,492
Repligen
Corp.*
41,894
7,187,335
16,239,818
Machinery
-
2.4%
Franklin
Electric
Co.,
Inc.
13,145
1,298,989
Kadant,
Inc.
3,330
742,091
Mueller
Industries,
Inc.
16,235
1,316,009
Toro
Co.
(The)
29,694
3,018,395
Velo3D,
Inc.
#
,*
54,808
125,510
6,500,994
Marine
Transportation
-
0.4%
Matson,
Inc.
10,197
953,012
Media
-
0.5%
Nexstar
Media
Group,
Inc.
-
Class
A
6,955
1,298,638
PubMatic,
Inc.
-
Class
A*
8,296
165,837
1,464,475
Metals
&
Mining
-
4.5%
Alpha
Metallurgical
Resources,
Inc.
11,463
1,985,621
Commercial
Metals
Co.
92,804
5,310,245
MP
Materials
Corp.*
140,687
3,355,385
Ramaco
Resources,
Inc.
-
Class
A
35,217
323,996
Ramaco
Resources,
Inc.
-
Class
B
#
,*
6,984
99,382
Ryerson
Holding
Corp.
28,347
1,204,464
12,279,093
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.0%
AFC
Gamma,
Inc.
4,139
57,201
Chicago
Atlantic
Real
Estate
Finance,
Inc.
3,660
55,778
112,979
Oil,
Gas
&
Consumable
Fuels
-
2.1%
Callon
Petroleum
Co.*
11,859
445,424
Civitas
Resources,
Inc.
15,427
1,154,865
Crescent
Energy
Co.
-
Class
A
#
9,279
110,142
Earthstone
Energy,
Inc.
-
Class
A*
20,378
325,641
Evolution
Petroleum
Corp.
6,366
59,458
HighPeak
Energy,
Inc.
#
21,715
328,982
Matador
Resources
Co.
22,869
1,272,203
PDC
Energy,
Inc.
16,671
1,265,162
VAALCO
Energy,
Inc.
20,468
91,083
Viper
Energy
Partners
LP
13,807
374,446
Vitesse
Energy,
Inc.
5,512
138,847
5,566,253
Personal
Care
Products
-
0.7%
Beauty
Health
Co.
(The)*
51,289
425,186
Medifast,
Inc.
4,225
430,485
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
6
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Personal
Care
Products
-
(continued)
Olaplex
Holdings,
Inc.*
252,919
$
910,509
1,766,180
Professional
Services
-
4.6%
CBIZ,
Inc.*
14,272
754,846
Concentrix
Corp.
14,815
1,233,201
CRA
International,
Inc.
1,998
199,980
ExlService
Holdings,
Inc.*
9,466
1,334,233
Exponent,
Inc.
14,468
1,296,043
Heidrick
&
Struggles
International,
Inc.
5,691
155,194
Insperity,
Inc.
10,867
1,278,502
Korn
Ferry
14,926
786,302
Paylocity
Holding
Corp.*
15,898
3,606,461
TriNet
Group,
Inc.*
16,919
1,780,386
12,425,148
Semiconductors
&
Semiconductor
Equipment
-
6.9%
ACM
Research,
Inc.
-
Class
A*
27,026
354,041
Allegro
MicroSystems,
Inc.*
94,420
4,873,016
Alpha
&
Omega
Semiconductor
Ltd.*
13,526
444,735
Amkor
Technology,
Inc.
120,959
3,518,697
Diodes,
Inc.*
22,531
2,128,954
Navitas
Semiconductor
Corp.
-
Class
A
#
,*
79,262
838,592
Onto
Innovation,
Inc.*
24,098
2,995,863
Photronics,
Inc.*
30,762
813,655
Power
Integrations,
Inc.
28,240
2,743,234
18,710,787
Software
-
2.2%
CoreCard
Corp.*
4,180
100,445
Qualys,
Inc.*
18,162
2,520,886
SPS
Commerce,
Inc.*
17,981
3,243,593
5,864,924
Specialized
REITs
-
0.1%
National
Storage
Affiliates
Trust
6,929
234,131
Specialty
Retail
-
2.9%
Academy
Sports
&
Outdoors,
Inc.
6,269
374,823
Arhaus,
Inc.
-
Class
A
#
,*
4,308
49,370
Asbury
Automotive
Group,
Inc.*
1,766
398,410
AutoNation,
Inc.*
3,701
595,787
Boot
Barn
Holdings,
Inc.*
2,444
229,492
Dick's
Sporting
Goods,
Inc.
5,108
720,228
Five
Below,
Inc.*
4,521
941,905
Floor
&
Decor
Holdings,
Inc.
-
Class
A*
8,645
992,878
Group
1
Automotive,
Inc.
1,153
298,085
Hibbett,
Inc.
1,029
47,746
Leslie's,
Inc.*
14,964
95,321
Lithia
Motors,
Inc.
-
Class
A
2,226
691,240
MarineMax,
Inc.*
1,786
72,029
OneWater
Marine,
Inc.
-
Class
A*
1,164
43,824
Penske
Automotive
Group,
Inc.
5,621
907,342
Revolve
Group,
Inc.
-
Class
A*
3,318
65,431
RH*
1,800
698,706
Williams-Sonoma,
Inc.
5,225
724,394
7,947,011
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
7
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Technology
Hardware,
Storage
&
Peripherals
-
5.6%
Dell
Technologies,
Inc.
-
Class
C
126,814
$
6,710,997
Super
Micro
Computer,
Inc.*
25,859
8,540,452
15,251,449
Textiles,
Apparel
&
Luxury
Goods
-
0.6%
Crocs,
Inc.*
5,035
545,542
Figs,
Inc.
-
Class
A*
156,894
1,154,740
1,700,282
Trading
Companies
&
Distributors
-
5.3%
BlueLinx
Holdings,
Inc.*
2,599
244,930
Boise
Cascade
Co.
11,275
1,166,850
Core
&
Main,
Inc.
-
Class
A*
47,200
1,491,992
Custom
Truck
One
Source,
Inc.
#
,*
70,067
484,864
GMS,
Inc.*
11,765
866,963
Hudson
Technologies,
Inc.*
12,913
117,379
Rush
Enterprises,
Inc.
-
Class
A
15,840
1,024,531
SiteOne
Landscape
Supply,
Inc.*
12,804
2,176,680
Watsco,
Inc.
11,134
4,210,767
WESCO
International,
Inc.
14,599
2,563,146
14,348,102
Water
Utilities
-
0.0%
Pure
Cycle
Corp.*
1,948
23,999
Total
Common
Stocks
(cost
$238,111,049)
270,407,602
Investment
Companies
-
0.0%
Money
Market
Funds
-
0.0%
Invesco
Liquid
Assets
Portfolio,
Institutional
Class,
5.2769%
∞
(cost
$75,288)
75,281
75,288
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.3%
Investment
Companies
-
0.2%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.1925%
£,∞
694,825
694,825
Time
Deposits
-
0.1%
Royal
Bank
of
Canada,
5.3100%,
8/1/23
$
173,706
173,706
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$868,531)
868,531
Total
Investments
(total
cost
$239,054,868
)
-
100.3%
271,351,421
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(0.3%)
(847,540)
Net
Assets
-
100.0%
$270,503,881
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
8
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
269,140,120
99.2
%
Thailand
2,211,301
0.8
Total
$
271,351,421
100.0
%
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Dividend
Income
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Value
at
7/31/23
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.3%
Investment
Companies
-
0.2%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.1925%
∞
$
28,098
Δ
$
–
$
–
$
694,825
Market
Value
at
10/31/22
Purchases
Sales
Market
Value
at
7/31/23
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
0.3%
Investment
Companies
-
0.2
%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.1925%
∞
$
1,722,783
$
37,092,566
$
(38,120,524)
$
694,825
Janus
Henderson
Small/Mid
Cap
Growth
Alpha
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2023
9
LLC
Limited
Liability
Company
LP
Limited
Partnership
REIT
Real
Estate
Investment
Trust
*
Non-income
producing
security.
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
July
31,
2023.
∞
Rate
shown
is
the
7-day
yield
as
of
July
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
July
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
$
270,407,602
$
—
$
—
Investment
Companies
75,288
—
—
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
—
868,531
—
Total
Assets
$
270,482,890
$
868,531
$
—
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
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
mutual
funds,
and
the
prospectuses
for
such
mutual
funds
explain
the
circumstances
under
which
they
use
fair
valuation
and
the
effects
of
using
fair
valuation.
The
value
of
the
securities
of
any
cash
management
pooled
investment
vehicles
that
operate
as
money
market
funds
held
by
the
Fund,
if
any,
will
be
calculated
using
the
NAV
of
such
funds.
Valuation
Inputs
Summary 
FASB
ASC
820,
Fair
Value
Measurements
and
Disclosures
(“ASC
820”),
defines
fair
value,
establishes
a
framework
for
measuring
fair
value,
and
expands
disclosure
requirements
regarding
fair
value
measurements.
This
standard
emphasizes
that
fair
value
is
a
market-based
measurement
that
should
be
determined
based
on
the
assumptions
that
market
participants
would
use
in
pricing
an
asset
or
liability
and
establishes
a
hierarchy
that
prioritizes
inputs
to
valuation
techniques
used
to
measure
fair
value.
These
inputs
are
summarized
into
three
broad
levels: 
Level
1
–
Unadjusted
quoted
prices
in
active
markets
the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities.
Level
2
–
Observable
inputs
other
than
unadjusted
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Assets
or
liabilities
categorized
as
Level
2
in
the
hierarchy
generally
include:
debt
securities
fair
valued
in
accordance
with
the
evaluated
bid
or
ask
prices
supplied
by
a
pricing
service;
securities
traded
on
OTC
markets
and
listed
securities
for
which
no
sales
are
reported
that
are
fair
valued
at
the
latest
bid
price
(or
yield
equivalent
thereof)
obtained
from
one
or
more
dealers
transacting
in
a
market
for
such
securities
or
by
a
pricing
service
approved
by
the
Fund’s
Trustees;
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.
11
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.
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,
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.
125-35-70329
09-23