NPORT-EX 2 JHI_Small_Cap_Grow_Alp_ETF.htm 7.31 PART F
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
1
Shares/
Principal
Amounts
Value
Common
Stocks
-
100.0%
Aerospace
&
Defense
-
0.3%
AerSale
Corp.*
28,508
$
427,905
Air
Freight
&
Logistics
-
1.2%
Hub
Group,
Inc.
-
Class
A*
18,236
1,643,611
Radiant
Logistics,
Inc.*
26,483
203,919
1,847,530
Automobile
Components
-
0.7%
LCI
Industries
3,381
460,729
Patrick
Industries,
Inc.
2,982
258,092
XPEL,
Inc.*
3,690
299,739
1,018,560
Automobiles
-
0.2%
Winnebago
Industries,
Inc.
4,083
280,910
Banks
-
6.0%
Amalgamated
Financial
Corp.
10,057
200,738
Bancorp,
Inc.
(The)*
17,944
680,078
Bridgewater
Bancshares,
Inc.*
9,169
98,200
Business
First
Bancshares,
Inc.
8,313
170,001
Capstar
Financial
Holdings,
Inc.
6,906
102,761
Coastal
Financial
Corp.*
4,356
196,760
CrossFirst
Bankshares,
Inc.*
15,953
186,171
Customers
Bancorp,
Inc.*
10,253
430,421
Dime
Community
Bancshares,
Inc.
12,741
285,398
Enterprise
Financial
Services
Corp.
12,244
502,004
Esquire
Financial
Holdings,
Inc.
2,686
134,152
Fidelity
D&D
Bancorp,
Inc.
#
1,858
94,275
First
Bank
6,442
80,525
First
Foundation,
Inc.
18,522
135,396
Five
Star
Bancorp
5,664
139,788
Independent
Bank
Corp.
6,938
143,339
John
Marshall
Bancorp,
Inc.
4,635
88,065
Metropolitan
Bank
Holding
Corp.*
3,679
166,622
Midland
States
Bancorp,
Inc.
7,227
169,329
Northeast
Bank
2,743
130,676
Northeast
Community
Bancorp,
Inc.
4,952
80,173
Norwood
Financial
Corp.
#
2,664
84,848
Old
Second
Bancorp,
Inc.
14,659
234,397
Orange
County
Bancorp,
Inc.
#
1,852
83,414
Origin
Bancorp,
Inc.
10,102
329,325
Parke
Bancorp,
Inc.
3,920
77,773
Pathward
Financial,
Inc.
8,835
459,067
Plumas
Bancorp
1,927
69,719
ServisFirst
Bancshares,
Inc.
17,823
1,063,677
SmartFinancial,
Inc.
5,579
140,144
Southern
States
Bancshares,
Inc.
#
2,866
72,080
Stock
Yards
Bancorp,
Inc.
9,629
460,362
Summit
Financial
Group,
Inc.
4,814
108,604
Triumph
Financial,
Inc.*
7,659
543,100
UMB
Financial
Corp.
15,922
1,130,462
Unity
Bancorp,
Inc.
3,303
87,596
9,159,440
Beverages
-
0.6%
Coca-Cola
Consolidated,
Inc.
1,026
649,878
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
2
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Beverages
-
(continued)
MGP
Ingredients,
Inc.
2,693
$
307,029
956,907
Biotechnology
-
2.4%
Catalyst
Pharmaceuticals,
Inc.*
163,277
2,258,121
Point
Biopharma
Global,
Inc.*
162,684
1,454,395
3,712,516
Building
Products
-
1.6%
CSW
Industrials,
Inc.
8,634
1,558,869
Insteel
Industries,
Inc.
10,819
348,913
Quanex
Building
Products
Corp.
18,494
520,421
2,428,203
Capital
Markets
-
2.8%
Bridge
Investment
Group
Holdings,
Inc.
-
Class
A
10,740
134,357
Focus
Financial
Partners,
Inc.
-
Class
A*
21,659
1,133,416
Hamilton
Lane,
Inc.
-
Class
A
12,663
1,119,789
Open
Lending
Corp.
-
Class
A*
39,624
447,355
PJT
Partners,
Inc.
-
Class
A
8,139
645,504
Silvercrest
Asset
Management
Group,
Inc.
-
Class
A
3,107
64,750
Victory
Capital
Holdings,
Inc.
-
Class
A
21,949
727,829
4,273,000
Chemicals
-
1.2%
Hawkins,
Inc.
23,433
1,095,493
Origin
Materials,
Inc.
#
,*
159,807
715,935
1,811,428
Commercial
Services
&
Supplies
-
2.0%
Driven
Brands
Holdings,
Inc.*
93,234
2,411,963
Heritage-Crystal
Clean,
Inc.*
13,552
624,341
3,036,304
Communications
Equipment
-
0.3%
Clearfield,
Inc.
#
,*
10,916
510,214
Construction
&
Engineering
-
1.6%
Ameresco,
Inc.
-
Class
A*
18,989
1,105,349
MYR
Group,
Inc.*
9,296
1,325,238
2,430,587
Consumer
Staples
Distribution
&
Retail
-
1.1%
Albertsons
Cos.,
Inc.
-
Class
A
70,256
1,526,663
Ingles
Markets,
Inc.
-
Class
A
1,763
149,502
1,676,165
Diversified
REITs
-
0.2%
Alpine
Income
Property
Trust,
Inc.
1,157
19,657
Essential
Properties
Realty
Trust,
Inc.
12,282
301,523
321,180
Electrical
Equipment
-
3.0%
Encore
Wire
Corp.
9,776
1,668,666
Preformed
Line
Products
Co.
2,757
478,367
Shoals
Technologies
Group,
Inc.
-
Class
A*
94,494
2,453,064
4,600,097
Electronic
Equipment,
Instruments
&
Components
-
5.7%
Badger
Meter,
Inc.
20,976
3,453,489
ePlus,
Inc.*
19,202
1,082,033
Fabrinet*
25,977
3,211,796
Napco
Security
Technologies,
Inc.
26,319
986,436
8,733,754
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
3
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Energy
Equipment
&
Services
-
0.4%
Atlas
Energy
Solutions,
Inc.
-
Class
A
#
17,330
$
342,267
ProFrac
Holding
Corp.
-
Class
A
#
,*
16,600
213,642
555,909
Entertainment
-
0.5%
Sciplay
Corp.
-
Class
A*
14,495
284,102
Vivid
Seats,
Inc.
-
Class
A*
53,018
441,640
725,742
Financial
Services
-
1.0%
International
Money
Express,
Inc.*
11,950
289,548
Merchants
Bancorp
14,188
448,483
NMI
Holdings,
Inc.
-
Class
A*
27,328
729,931
1,467,962
Ground
Transportation
-
1.3%
ArcBest
Corp.
13,325
1,549,964
Universal
Logistics
Holdings,
Inc.
14,632
454,909
2,004,873
Health
Care
Equipment
&
Supplies
-
4.9%
iRadimed
Corp.
19,391
851,847
STAAR
Surgical
Co.*
68,619
3,758,263
UFP
Technologies,
Inc.*
11,718
2,281,084
Zynex,
Inc.*
56,437
550,825
7,442,019
Health
Care
Providers
&
Services
-
7.9%
AdaptHealth
Corp.
-
Class
A*
206,391
2,835,812
Cross
Country
Healthcare,
Inc.*
55,306
1,426,895
DocGo,
Inc.*
159,269
1,336,267
Fulgent
Genetics,
Inc.*
45,714
1,775,074
Joint
Corp.
(The)*
22,598
305,073
Progyny,
Inc.*
106,842
4,461,722
12,140,843
Hotels,
Restaurants
&
Leisure
-
0.1%
ONE
Group
Hospitality,
Inc.
(The)*
4,254
31,352
Xponential
Fitness,
Inc.
-
Class
A*
4,401
92,949
124,301
Household
Durables
-
2.2%
Cavco
Industries,
Inc.*
1,156
341,771
Century
Communities,
Inc.
4,276
330,193
Dream
Finders
Homes,
Inc.
-
Class
A
#
,*
4,397
112,123
Green
Brick
Partners,
Inc.*
6,076
343,416
Installed
Building
Products,
Inc.
3,794
561,588
KB
Home
11,013
594,372
Legacy
Housing
Corp.*
3,258
77,280
Lovesac
Co.
(The)*
2,030
59,438
M/I
Homes,
Inc.*
3,715
371,500
MDC
Holdings,
Inc.
9,764
500,698
3,292,379
Industrial
REITs
-
0.2%
Innovative
Industrial
Properties,
Inc.
2,311
183,100
Plymouth
Industrial
REIT,
Inc.
3,552
80,879
263,979
Insurance
-
1.2%
F&G
Annuities
&
Life,
Inc.
41,508
1,087,510
Hagerty,
Inc.
-
Class
A
#
,*
27,700
244,591
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
4
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Insurance
-
(continued)
Palomar
Holdings,
Inc.*
8,159
$
494,109
1,826,210
Interactive
Media
&
Services
-
2.4%
Cargurus,
Inc.
-
Class
A*
66,276
1,501,814
Shutterstock,
Inc.
24,599
1,265,619
ZipRecruiter,
Inc.
-
Class
A*
50,812
941,038
3,708,471
IT
Services
-
3.1%
DigitalOcean
Holdings,
Inc.
#
,*
63,563
3,147,640
Perficient,
Inc.*
24,933
1,590,476
4,738,116
Leisure
Products
-
0.2%
AMMO,
Inc.
#
,*
15,740
32,739
Malibu
Boats,
Inc.
-
Class
A*
2,756
165,222
MasterCraft
Boat
Holdings,
Inc.*
2,338
71,660
269,621
Life
Sciences
Tools
&
Services
-
1.5%
Maravai
LifeSciences
Holdings,
Inc.
-
Class
A*
203,006
2,295,998
Machinery
-
4.5%
Franklin
Electric
Co.,
Inc.
25,701
2,539,773
Kadant,
Inc.
6,512
1,451,199
Mueller
Industries,
Inc.
31,715
2,570,818
Velo3D,
Inc.
#
,*
107,023
245,083
6,806,873
Marine
Transportation
-
1.4%
Eagle
Bulk
Shipping,
Inc.
#
7,630
352,430
Matson,
Inc.
19,953
1,864,807
2,217,237
Media
-
0.4%
PubMatic,
Inc.
-
Class
A*
29,128
582,269
Metals
&
Mining
-
6.3%
Alpha
Metallurgical
Resources,
Inc.
16,146
2,796,810
MP
Materials
Corp.*
192,144
4,582,634
Ramaco
Resources,
Inc.
-
Class
A
#
49,603
456,348
Ramaco
Resources,
Inc.
-
Class
B
#
,*
9,909
141,005
Ryerson
Holding
Corp.
39,897
1,695,224
9,672,021
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.1%
AFC
Gamma,
Inc.
6,733
93,050
Chicago
Atlantic
Real
Estate
Finance,
Inc.
5,946
90,617
183,667
Oil,
Gas
&
Consumable
Fuels
-
2.1%
Ardmore
Shipping
Corp.
13,101
184,462
Callon
Petroleum
Co.*
18,754
704,400
Crescent
Energy
Co.
-
Class
A
#
14,664
174,062
Earthstone
Energy,
Inc.
-
Class
A*
32,206
514,652
Evolution
Petroleum
Corp.
10,086
94,203
HighPeak
Energy,
Inc.
#
34,322
519,978
VAALCO
Energy,
Inc.
32,380
144,091
Viper
Energy
Partners
LP
21,841
592,328
Vitesse
Energy,
Inc.
8,729
219,884
3,148,060
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
5
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Personal
Care
Products
-
0.4%
Beauty
Health
Co.
(The)*
16,246
$
134,679
Medifast,
Inc.
1,331
135,616
Olaplex
Holdings,
Inc.*
80,120
288,432
558,727
Pharmaceuticals
-
2.9%
Amphastar
Pharmaceuticals,
Inc.*
74,284
4,508,296
Professional
Services
-
2.4%
CBIZ,
Inc.*
27,894
1,475,313
CRA
International,
Inc.
3,911
391,452
Heidrick
&
Struggles
International,
Inc.
11,147
303,979
Korn
Ferry
29,166
1,536,465
3,707,209
Semiconductors
&
Semiconductor
Equipment
-
10.8%
ACM
Research,
Inc.
-
Class
A*
39,271
514,450
Allegro
MicroSystems,
Inc.*
101,227
5,224,326
Alpha
&
Omega
Semiconductor
Ltd.*
19,673
646,848
Amkor
Technology,
Inc.
160,668
4,673,832
Diodes,
Inc.*
32,719
3,091,618
Navitas
Semiconductor
Corp.
-
Class
A*
115,149
1,218,277
Photronics,
Inc.*
44,727
1,183,029
16,552,380
Software
-
0.6%
CoreCard
Corp.*
6,085
146,223
Digital
Turbine,
Inc.*
71,581
775,938
922,161
Specialized
REITs
-
0.2%
PotlatchDeltic
Corp.
6,589
353,368
Specialty
Retail
-
2.0%
Arhaus,
Inc.
-
Class
A
#
,*
7,070
81,022
Arko
Corp.
16,068
134,007
Boot
Barn
Holdings,
Inc.*
3,994
375,037
Group
1
Automotive,
Inc.
1,886
487,588
Hibbett,
Inc.
1,706
79,158
Leslie's,
Inc.*
24,505
156,097
MarineMax,
Inc.*
2,915
117,562
OneWater
Marine,
Inc.
-
Class
A*
1,915
72,100
Penske
Automotive
Group,
Inc.
#
9,210
1,486,678
Revolve
Group,
Inc.
-
Class
A*
5,449
107,454
3,096,703
Textiles,
Apparel
&
Luxury
Goods
-
1.2%
Figs,
Inc.
-
Class
A*
245,483
1,806,755
Trading
Companies
&
Distributors
-
6.9%
BlueLinx
Holdings,
Inc.*
5,051
476,006
Boise
Cascade
Co.
22,030
2,279,885
Core
&
Main,
Inc.
-
Class
A*
92,263
2,916,434
Custom
Truck
One
Source,
Inc.
#
,*
136,972
947,846
GMS,
Inc.*
22,983
1,693,617
Hudson
Technologies,
Inc.*
25,232
229,359
Rush
Enterprises,
Inc.
-
Class
A
30,977
2,003,592
10,546,739
Total
Common
Stocks
(cost
$141,480,758)
152,743,588
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
July
31,
2023
6
Shares/
Principal
Amounts
Value
Investment
Companies
-
0.0%
Money
Market
Funds
-
0.0%
Invesco
Liquid
Assets
Portfolio,
Institutional
Class,
5.2769%
∞
(cost
$37,155)
37,151
$
37,155
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
2.4%
Investment
Companies
-
1.9%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.1925%
£,∞
2,965,525
2,965,525
Time
Deposits
-
0.5%
Royal
Bank
of
Canada,
5.3100%,
8/1/23
$
741,381
741,381
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$3,706,906)
3,706,906
Total
Investments
(total
cost
$145,224,819
)
-
102.4%
156,487,649
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(2.4%)
(3,722,063)
Net
Assets
-
100.0%
$152,765,586
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
153,091,391
97.8
%
Thailand
3,211,796
2.1
Ireland
184,462
0.1
Total
$
156,487,649
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
-
2.4%
Investment
Companies
-
1.9%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.1925%
∞
$
52,586
Δ
$
–
$
–
$
2,965,525
Market
Value
at
10/31/22
Purchases
Sales
Market
Value
at
7/31/23
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
2.4%
Investment
Companies
-
1.9%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.1925%
∞
$
1,753,591
$
50,610,730
$
(49,398,796)
$
2,965,525
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
July
31,
2023
7
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
$
152,743,588
$
—
$
—
Investment
Companies
37,155
—
—
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
—
3,706,906
—
Total
Assets
$
152,780,743
$
3,706,906
$
—
8
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.
9
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.
125-35-70327
09-23