NPORT-EX 2 JanusHendersonSmallCapGAETF.htm
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
1
Shares/
Principal
Amounts
Value
Common
Stocks
-
100.0%
Aerospace
&
Defense
-
0.2%
AerSale
Corp.*
42,726
$
397,352
Air
Freight
&
Logistics
-
1.7%
Forward
Air
Corp.
21,369
947,288
Hub
Group,
Inc.
-
Class
A*
51,942
2,351,934
3,299,222
Automobile
Components
-
0.8%
LCI
Industries
5,150
573,092
Patrick
Industries,
Inc.
4,510
452,759
Phinia,
Inc.
9,503
287,371
XPEL,
Inc.*
5,627
300,763
1,613,985
Banks
-
6.7%
Amalgamated
Financial
Corp.
10,369
275,401
Bancorp,
Inc.
(The)*
18,316
799,310
Bridgewater
Bancshares,
Inc.*
9,549
119,458
Business
First
Bancshares,
Inc.
8,652
195,103
Byline
Bancorp,
Inc.
14,917
325,787
California
Bancorp*
2,865
72,570
Capstar
Financial
Holdings,
Inc.
7,064
128,494
Coastal
Financial
Corp.*
4,539
181,106
CrossFirst
Bankshares,
Inc.*
16,822
237,527
Customers
Bancorp,
Inc.*
10,724
573,091
Dime
Community
Bancshares,
Inc.
13,256
302,369
Enterprise
Financial
Services
Corp.
12,753
530,907
Esquire
Financial
Holdings,
Inc.
2,795
139,359
Fidelity
D&D
Bancorp,
Inc.
1,941
96,545
First
Bank
8,608
118,274
First
Foundation,
Inc.
19,250
183,260
First
Western
Financial,
Inc.*
3,264
55,651
Five
Star
Bancorp
5,891
140,383
FNCB
Bancorp,
Inc.
6,744
43,836
Guaranty
Bancshares,
Inc.
3,939
120,100
HomeTrust
Bancshares,
Inc.
5,930
161,000
Independent
Bank
Corp.
7,110
180,878
Investar
Holding
Corp.
3,326
59,535
John
Marshall
Bancorp,
Inc.
4,820
91,580
MainStreet
Bancshares,
Inc.
2,571
47,615
Metropolitan
Bank
Holding
Corp.*
3,770
182,807
Mid
Penn
Bancorp,
Inc.
5,685
121,545
Midland
States
Bancorp,
Inc.
7,346
192,906
Northeast
Bank
2,853
156,430
Northeast
Community
Bancorp,
Inc.
4,842
83,428
Norwood
Financial
Corp.
#
2,754
75,432
Oak
Valley
Bancorp
2,825
73,591
Old
Second
Bancorp,
Inc.
15,250
207,705
OP
Bancorp
5,113
55,783
Orange
County
Bancorp,
Inc.
#
1,929
93,634
Origin
Bancorp,
Inc.
10,542
321,531
Parke
Bancorp,
Inc.
4,081
75,539
Pathward
Financial,
Inc.
8,866
459,082
Plumas
Bancorp
2,008
70,842
Preferred
Bank
5,089
365,594
ServisFirst
Bancshares,
Inc.
18,585
1,247,797
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
2
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Banks
-
(continued)
SmartFinancial,
Inc.
5,798
$
134,862
Southern
States
Bancshares,
Inc.
3,017
77,115
Stock
Yards
Bancorp,
Inc.
10,033
498,841
Summit
Financial
Group,
Inc.
5,003
141,535
Triumph
Financial,
Inc.*
7,956
562,091
UMB
Financial
Corp.
16,564
1,366,530
United
Community
Banks,
Inc.
40,606
1,110,168
Unity
Bancorp,
Inc.
3,432
94,002
12,947,929
Beverages
-
1.2%
Coca-Cola
Consolidated,
Inc.
2,215
1,907,979
MGP
Ingredients,
Inc.
5,829
495,173
2,403,152
Biotechnology
-
1.6%
Catalyst
Pharmaceuticals,
Inc.*
214,354
3,086,698
Building
Products
-
3.8%
CSW
Industrials,
Inc.
12,951
2,740,043
PGT
Innovations,
Inc.*
47,503
1,958,074
Quanex
Building
Products
Corp.
27,468
857,551
Tecnoglass,
Inc.
39,223
1,804,650
7,360,318
Capital
Markets
-
1.9%
Bridge
Investment
Group
Holdings,
Inc.
-
Class
A
11,677
114,201
Hamilton
Lane,
Inc.
-
Class
A
13,168
1,526,698
Open
Lending
Corp.
-
Class
A*
40,865
299,949
P10,
Inc.
-
Class
A
18,121
166,713
PJT
Partners,
Inc.
-
Class
A
8,274
795,711
Silvercrest
Asset
Management
Group,
Inc.
-
Class
A
3,185
53,126
Victory
Capital
Holdings,
Inc.
-
Class
A
22,519
759,566
3,715,964
Chemicals
-
0.6%
Hawkins,
Inc.
16,991
1,131,091
Origin
Materials,
Inc.
#
,*
117,004
69,032
1,200,123
Commercial
Services
&
Supplies
-
0.9%
Driven
Brands
Holdings,
Inc.*
136,514
1,789,699
Communications
Equipment
-
0.2%
Clearfield,
Inc.
#
,*
15,169
382,107
Construction
&
Engineering
-
3.0%
Ameresco,
Inc.
-
Class
A*
28,498
582,214
IES
Holdings,
Inc.*
16,817
1,378,321
MYR
Group,
Inc.*
13,916
2,001,817
Sterling
Infrastructure,
Inc.*
25,679
1,928,493
5,890,845
Consumer
Finance
-
0.1%
Atlanticus
Holdings
Corp.*
4,976
172,617
Consumer
Staples
Distribution
&
Retail
-
1.1%
Ingles
Markets,
Inc.
-
Class
A
3,852
324,531
Maplebear,
Inc.
#
,*
74,238
1,816,604
2,141,135
Diversified
REITs
-
0.3%
Alpine
Income
Property
Trust,
Inc.
#
1,667
25,905
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
3
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Diversified
REITs
-
(continued)
Essential
Properties
Realty
Trust,
Inc.
19,058
$
474,735
500,640
Electrical
Equipment
-
3.9%
Encore
Wire
Corp.
13,133
2,961,492
NEXTracker,
Inc.
-
Class
A*
51,699
2,340,414
Preformed
Line
Products
Co.
4,081
498,902
Shoals
Technologies
Group,
Inc.
-
Class
A*
141,496
1,863,502
7,664,310
Electronic
Equipment,
Instruments
&
Components
-
5.1%
ePlus,
Inc.*
26,781
2,023,037
Kimball
Electronics,
Inc.*
24,708
587,556
Napco
Security
Technologies,
Inc.
36,567
1,270,703
Plexus
Corp.*
27,316
2,587,372
Sanmina
Corp.*
56,520
3,381,026
9,849,694
Energy
Equipment
&
Services
-
0.3%
Atlas
Energy
Solutions,
Inc.
#
21,091
366,351
ProFrac
Holding
Corp.
-
Class
A
#
,*
33,596
265,744
632,095
Entertainment
-
0.8%
Madison
Square
Garden
Entertainment
Corp.*
31,211
1,040,575
Vivid
Seats,
Inc.
-
Class
A*
85,171
488,881
1,529,456
Financial
Services
-
0.9%
International
Money
Express,
Inc.*
11,895
245,037
Merchants
Bancorp
14,759
645,558
NMI
Holdings,
Inc.
-
Class
A*
27,666
883,099
1,773,694
Food
Products
-
0.2%
Mama's
Creations,
Inc.*
9,908
42,704
WK
Kellogg
Co.
22,678
294,587
337,291
Ground
Transportation
-
1.8%
ArcBest
Corp.
19,706
2,347,576
PAM
Transportation
Services,
Inc.*
18,337
379,759
Universal
Logistics
Holdings,
Inc.
21,877
667,686
3,395,021
Health
Care
Equipment
&
Supplies
-
4.0%
iRadimed
Corp.
25,383
1,051,110
Semler
Scientific,
Inc.*
13,818
611,999
STAAR
Surgical
Co.*
98,158
2,749,406
UFP
Technologies,
Inc.*
15,357
2,587,808
Zynex,
Inc.*
68,168
807,109
7,807,432
Health
Care
Providers
&
Services
-
9.1%
AdaptHealth
Corp.
-
Class
A*
274,226
1,979,912
AMN
Healthcare
Services,
Inc.*
75,978
5,623,132
Cross
Country
Healthcare,
Inc.*
70,676
1,501,865
DocGo,
Inc.*
208,887
772,882
Fulgent
Genetics,
Inc.
#
,*
59,574
1,464,925
Joint
Corp.
(The)*
29,661
289,491
Progyny,
Inc.*
159,282
6,067,051
17,699,258
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
4
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Health
Care
Technology
-
3.3%
Doximity,
Inc.
-
Class
A*
235,400
$
6,344,030
Hotels,
Restaurants
&
Leisure
-
0.1%
ONE
Group
Hospitality,
Inc.
(The)*
6,355
27,962
Xponential
Fitness,
Inc.
-
Class
A*
6,289
69,556
97,518
Household
Durables
-
3.4%
Cavco
Industries,
Inc.*
1,690
560,945
Century
Communities,
Inc.
6,468
560,776
Dream
Finders
Homes,
Inc.
-
Class
A*
6,684
219,703
Green
Brick
Partners,
Inc.*
9,236
481,842
Installed
Building
Products,
Inc.
5,785
1,127,207
KB
Home
16,144
962,021
Landsea
Homes
Corp.*
7,692
96,842
Legacy
Housing
Corp.*
4,962
117,252
Lovesac
Co.
(The)*
3,153
73,023
M/I
Homes,
Inc.*
5,668
722,217
MDC
Holdings,
Inc.
15,195
950,903
Tri
Pointe
Homes,
Inc.*
19,752
682,037
6,554,768
Household
Products
-
0.0%
Oil-Dri
Corp.
of
America
#
1,356
88,086
Industrial
REITs
-
0.2%
Innovative
Industrial
Properties,
Inc.
3,425
319,313
Plymouth
Industrial
REIT,
Inc.
5,521
122,235
441,548
Insurance
-
1.4%
F&G
Annuities
&
Life,
Inc.
42,828
1,920,408
Hagerty,
Inc.
-
Class
A
#
,*
28,860
232,323
Palomar
Holdings,
Inc.*
8,439
505,243
2,657,974
Interactive
Media
&
Services
-
1.9%
Cargurus,
Inc.
-
Class
A*
73,099
1,698,821
Shutterstock,
Inc.
27,115
1,273,591
ZipRecruiter,
Inc.
-
Class
A*
55,800
776,736
3,749,148
IT
Services
-
2.7%
DigitalOcean
Holdings,
Inc.
#
,*
85,525
2,883,903
Perficient,
Inc.*
34,573
2,355,459
5,239,362
Leisure
Products
-
0.1%
Malibu
Boats,
Inc.
-
Class
A*
4,151
173,304
Life
Sciences
Tools
&
Services
-
0.8%
Maravai
LifeSciences
Holdings,
Inc.
-
Class
A*
265,778
1,541,512
Machinery
-
3.3%
Franklin
Electric
Co.,
Inc.
38,406
3,620,149
Kadant,
Inc.
9,754
2,789,644
Velo3D,
Inc.
#
,*
168,943
52,964
6,462,757
Marine
Transportation
-
1.9%
Eagle
Bulk
Shipping,
Inc.
#
8,270
455,925
Matson,
Inc.
29,094
3,259,401
3,715,326
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
5
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Media
-
0.3%
PubMatic,
Inc.
-
Class
A*
31,593
$
479,582
Metals
&
Mining
-
4.6%
Alpha
Metallurgical
Resources,
Inc.
10,777
4,302,610
MP
Materials
Corp.*
144,283
2,281,114
Olympic
Steel,
Inc.
9,028
610,112
Ramaco
Resources,
Inc.
-
Class
A
#
42,081
794,489
Ryerson
Holding
Corp.
27,728
951,625
8,939,950
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.1%
AFC
Gamma,
Inc.
#
6,997
81,585
Chicago
Atlantic
Real
Estate
Finance,
Inc.
6,231
98,886
Sachem
Capital
Corp.
15,509
55,677
236,148
Oil,
Gas
&
Consumable
Fuels
-
1.1%
Ardmore
Shipping
Corp.
8,702
144,192
Callon
Petroleum
Co.*
14,282
458,738
Crescent
Energy
Co.
-
Class
A
#
18,675
206,359
Empire
Petroleum
Corp.
#
,*
4,821
32,204
Granite
Ridge
Resources,
Inc.
#
28,034
153,626
HighPeak
Energy,
Inc.
#
27,073
369,547
VAALCO
Energy,
Inc.
22,167
94,431
Viper
Energy,
Inc.
18,373
573,605
Vitesse
Energy,
Inc.
6,068
127,489
2,160,191
Personal
Care
Products
-
0.3%
Beauty
Health
Co.
(The)
#
,*
34,759
101,844
Medifast,
Inc.
2,888
157,829
Olaplex
Holdings,
Inc.*
173,436
390,231
649,904
Pharmaceuticals
-
2.7%
Amphastar
Pharmaceuticals,
Inc.*
96,320
5,139,635
Professional
Services
-
2.1%
CBIZ,
Inc.*
41,498
2,641,763
CRA
International,
Inc.
5,826
624,780
DLH
Holdings
Corp.*
11,572
181,680
Heidrick
&
Struggles
International,
Inc.
16,748
501,938
RCM
Technologies,
Inc.*
6,517
179,543
4,129,704
Semiconductors
&
Semiconductor
Equipment
-
9.3%
ACM
Research,
Inc.
-
Class
A*
55,268
951,715
Allegro
MicroSystems,
Inc.*
191,405
4,965,046
Amkor
Technology,
Inc.
194,290
6,151,221
Diodes,
Inc.*
45,685
3,075,514
Navitas
Semiconductor
Corp.
-
Class
A*
177,488
1,017,006
Photronics,
Inc.*
62,195
1,817,338
17,977,840
Software
-
0.3%
CoreCard
Corp.*
8,391
101,531
Digital
Turbine,
Inc.*
100,733
542,951
644,482
Specialized
REITs
-
0.2%
National
Storage
Affiliates
Trust
10,134
378,505
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
6
Shares/
Principal
Amounts
Value
Common
Stocks
-
(continued)
Specialty
Retail
-
1.9%
Arhaus,
Inc.
-
Class
A*
10,809
$
126,357
Boot
Barn
Holdings,
Inc.*
6,167
442,421
Group
1
Automotive,
Inc.
2,808
730,249
Hibbett,
Inc.
2,519
167,891
Lazydays
Holdings,
Inc.
#
,*
2,853
14,008
MarineMax,
Inc.*
4,515
126,420
Penske
Automotive
Group,
Inc.
13,680
2,029,702
Revolve
Group,
Inc.
-
Class
A*
8,045
115,928
3,752,976
Textiles,
Apparel
&
Luxury
Goods
-
0.1%
Figs,
Inc.
-
Class
A
#
,*
32,778
188,801
Trading
Companies
&
Distributors
-
7.7%
BlueLinx
Holdings,
Inc.*
7,300
841,982
Core
&
Main,
Inc.
-
Class
A*
143,986
5,948,062
Custom
Truck
One
Source,
Inc.*
202,221
1,322,525
GMS,
Inc.*
33,803
2,844,860
Hudson
Technologies,
Inc.*
37,878
480,293
Karat
Packaging,
Inc.
16,616
400,778
Rush
Enterprises,
Inc.
-
Class
A
67,667
3,038,925
14,877,425
Total
Common
Stocks
(cost
$189,374,299)
194,210,513
Investment
Companies
-
0.0%
Money
Market
Funds
-
0.0%
Invesco
Liquid
Assets
Portfolio,
Institutional
Class,
5.4393%
∞
(cost
$45,631)
45,598
45,625
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
2.8%
Investment
Companies
-
2.2%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.2576%
£,∞
4,325,159
4,325,159
Time
Deposits
-
0.6%
Royal
Bank
of
Canada,
5.3100%,
2/1/24
$
1,081,290
1,081,290
Total
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
(cost
$5,406,449)
5,406,449
Total
Investments
(total
cost
$194,826,379
)
-
102.8%
199,662,587
Liabilities,
net
of
Cash,
Receivables
and
Other
Assets
-
(2.8%)
(5,392,636)
Net
Assets
-
100.0%
$194,269,951
Summary
of
Investments
by
Country
-
(Long
Positions)
(unaudited)
Country
Value
%
of
Investment
Securities
United
States
$
199,518,395
99.9
%
Ireland
144,192
0.1
Total
$
199,662,587
100.0
%
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Schedule
of
Investments
(unaudited)
January
31,
2024
7
Schedule
of
Affiliated
Investments
-
(%
of
Net
Assets)
Affiliated
Investments,
at
Value
at
10/31/23
Purchases
Sales
Proceeds
Realized
Gain/
(Loss)
Change
in
Unrealized
Appreciatio
n/
(Depreciation)
Affiliated
Investments,
at
Value
at
1/31/24
Dividend
Income
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
-
2.8%
Investment
Companies
-
2.2%
Janus
Henderson
Cash
Collateral
Fund
LLC,
5.2576%
∞
$
1,240,127
$
15,729,527
$
(12,644,495)
$
–
$
–
$
4,325,159
$
6,175
Δ
Janus
Henderson
Small
Cap
Growth
Alpha
ETF
Notes
to
Schedule
of
Investments
and
Other
Information
(unaudited)
January
31,
2024
8
LLC
Limited
Liability
Company
REIT
Real
Estate
Investment
Trust
*
Non-income
producing
security.
#
Loaned
security;
a
portion
of
the
security
is
on
loan
at
January
31,
2024.
∞
Rate
shown
is
the
7-day
yield
as
of
January
31,
2024.
£
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
Δ
Net
of
income
paid
to
the
securities
lending
agent
and
rebates
paid
to
the
borrowing
counterparties.
The
following
is
a
summary
of
the
inputs
that
were
used
to
value
the
Fund's
investments
in
securities
and
other
financial
instruments
as
of
January
31,
2024
.
See
Notes
to
Financial
Statements
for
more
information.
Valuation
Inputs
Summary
Level
1
-
Quoted
Prices
Level
2
-
Other
Significant
Observable
Inputs
Level
3
-
Significant
Unobservable
Inputs
Assets
Investments
in
Securities:
Common
Stocks
$
194,210,513
$
—
$
—
Investment
Companies
45,625
—
—
Investments
Purchased
with
Cash
Collateral
from
Securities
Lending
—
5,406,449
—
Total
Assets
$
194,256,138
$
5,406,449
$
—
9
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
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.
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.
10
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,
2024 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.
125-25-70326
03-24