NPORT-EX 2 highyield_57.htm 57-JH HIGH-YIELD FUND EDGAR HTML
Janus Henderson High-Yield Fund
Schedule of Investments (unaudited)
March 31, 2026
 
 
Shares or
Principal Amounts
 
Value
Asset-Backed/Commercial Mortgage-Backed Securities – 0.8%
 
 
 
SV RNO Property Owner 1 LLC, 5.8750%, 3/1/31ž (cost $4,841,964)
$4,834,000
 
$4,778,373
Bank Loans and Mezzanine Loans – 6.5%
 
 
 
Capital Goods – 0.7%
 
 
 
White Cap Supply Holdings LLC, CME Term SOFR 1 Month + 3.5000%,
7.1677%, 2/10/33ƒ,‡
4,943,519
 
4,692,240
Communications – 0.3%
 
 
 
Windstream Services LLC, CME Term SOFR 1 Month + 4.0000%, 7.6677%,
10/6/32‡
2,004,625
 
2,003,382
Consumer Cyclical – 3.1%
 
 
 
Ensemble RCM LLC, CME Term SOFR 3 Month + 3.0000%, 6.6599%, 2/9/33‡
1,961,702
 
1,936,769
Garda World Security Corp, CME Term SOFR 3 Month + 2.7500%, 6.4219%,
2/1/29‡
4,352,050
 
4,319,410
Gloves Buyer Inc, CME Term SOFR 1 Month + 4.0000%, 7.6677%, 5/21/32‡
2,663,948
 
2,651,960
Inspired Education US Holdings Inc, CME Term SOFR 3 Month + 2.7500%,
6.4182%, 2/28/31‡
2,430,769
 
2,423,185
Men's Wearhouse LLC/The, CME Term SOFR 3 Month + 5.7500%, 9.4213%,
1/28/31‡
777,344
 
776,131
Ovg Business Services LLC, CME Term SOFR 1 Month + 3.0000%, 6.6677%,
6/25/31‡
2,238,977
 
2,233,379
River Rock Entertainment Authority, CME Term SOFR 1 Month + 9.0000%,
12.6648%, 6/25/31‡
5,050,000
 
4,923,750
 
 
 
19,264,584
Consumer Non-Cyclical – 0.8%
 
 
 
Dermatology Intermediate Holdings III Inc, CME Term SOFR 3 Month + 4.2500%,
7.9168%, 3/30/29‡
2,520,199
 
2,371,079
Hopper Merger Sub Inc, EURIBOR 3 Month + 2.7500%, 4.7840%, 1/14/33ƒ,‡
2,120,000
EUR
2,421,996
 
 
 
4,793,075
Electric – 0.8%
 
 
 
Long Ridge Energy LLC, CME Term SOFR 3 Month + 4.5000%, 8.1996%,
2/19/32ƒ,‡
5,356,470
 
5,289,514
Materials – 0.8%
 
 
 
Proampac PG Borrower LLC, CME Term SOFR 1 Month + 4.0000%, 7.7822%,
3/7/33ƒ,‡
4,953,437
 
4,771,399
Total Bank Loans and Mezzanine Loans (cost $41,262,309)
 
 
40,814,194
Corporate Bonds – 86.4%
 
 
 
Basic Industry – 9.1%
 
 
 
Capstone Copper Corp, 6.7500%, 3/31/33ž
6,763,000
 
6,718,459
Compass Minerals International Inc, 8.0000%, 7/1/30ž
6,818,000
 
7,055,376
First Quantum Minerals Ltd, 8.0000%, 3/1/33ž
9,172,000
 
9,560,462
First Quantum Minerals Ltd, 7.2500%, 2/15/34ž
2,817,000
 
2,867,810
Maxam Prill Sarl, 7.7500%, 7/15/30ž
6,468,000
 
6,573,836
Olympus Water US Holding Corp, 7.2500%, 6/15/31ž
2,668,000
 
2,605,843
SCIH Salt Holdings Inc, 6.6250%, 5/1/29ž
6,484,000
 
6,451,580
Taseko Mines Ltd, 8.2500%, 5/1/30ž
6,022,000
 
6,278,296
Verde Purchaser LLC, 10.5000%, 11/30/30ž
9,276,000
 
9,640,064
 
 
 
57,751,726
Biotechnology – 1.1%
 
 
 
Bridgebio Pharma Inc, 0.7500%, 2/1/33ž
4,207,000
 
4,167,875
Cogent Biosciences Inc, 1.6250%, 11/15/31
827,000
 
1,012,248
Travere Therapeutics Inc, 2.2500%, 3/1/29
1,190,000
 
1,500,352
 
 
 
6,680,475
Brokerage – 4.1%
 
 
 
Artec Group Inc, 10.0000%, 8/15/30ž
2,697,000
 
2,864,658
Jane Street  Group / JSG Finance Inc, 6.1250%, 11/1/32ž
10,324,000
 
10,209,287
Osaic Holdings Inc, 6.7500%, 8/1/32ž
2,149,000
 
2,149,269
Stonex Escrow Issuer LLC, 6.8750%, 7/15/32ž
4,069,000
 
4,112,241
StoneX Group Inc, 7.8750%, 3/1/31ž
6,402,000
 
6,649,290
 
 
 
25,984,745
Capital Goods – 4.0%
 
 
 
Ardagh Metal Packaging SA, 4.0000%, 9/1/29ž
4,755,000
 
4,354,160
CP Atlas Buyer Inc, 9.7500%, 7/15/30ž
2,171,000
 
2,035,916
Park River Holdings Inc, 8.0000%, 3/15/31ž
3,129,000
 
3,114,551
Standard Building Solutions Inc, 5.8750%, 3/15/34ž
5,493,000
 
5,296,291
Synergy Infrastructure Holdings LLC, 7.8750%, 12/1/30ž
2,847,000
 
2,902,013
 
Shares or
Principal Amounts
 
Value
Corporate Bonds – (continued)
 
 
 
Capital Goods – (continued)
 
 
 
United Rentals (North America) Inc, 5.3750%, 11/15/33ž
$3,758,000
 
$3,654,203
Wilsonart LLC, 11.0000%, 8/15/32ž,#
5,788,000
 
4,195,616
 
 
 
25,552,750
Communications – 4.4%
 
 
 
AMC Networks Inc, 10.5000%, 7/15/32ž
5,001,000
 
4,935,607
Level 3 Financing Inc, 3.7500%, 7/15/29ž
2,399,000
 
2,225,073
Level 3 Financing Inc, 3.8750%, 11/15/29ž
2,100,000
 
1,898,385
Level 3 Financing Inc, 7.0000%, 3/31/34ž
5,394,775
 
5,522,016
Level 3 Financing Inc, 8.5000%, 1/15/36ž
3,864,000
 
4,031,743
Lions Gate Capital Holdings 1 Inc, 6.0000%, 4/15/30ž
3,079,000
 
2,824,982
Midcontinent Communications, 8.0000%, 8/15/32ž,#
1,356,000
 
1,262,910
Univision Communications Inc, 8.5000%, 7/31/31ž
1,271,000
 
1,277,202
Univision Communications Inc, 9.3750%, 8/1/32ž
3,571,000
 
3,680,327
 
 
 
27,658,245
Consumer Cyclical – 25.1%
 
 
 
Atlas LuxCo 4 Sarl / Allied Universal Holdco LLC / Allied Universal Finance Corp,
4.6250%, 6/1/28ž
4,826,000
 
4,712,215
Bath & Body Works Inc, 6.9500%, 3/1/33
4,359,000
 
4,206,166
Bath & Body Works Inc, 7.6000%, 7/15/37
546,000
 
531,517
Beazer Homes USA Inc, 7.5000%, 3/15/31ž,#
4,692,000
 
4,609,147
Caesars Entertainment Inc, 6.0000%, 10/15/32ž,#
10,323,000
 
9,497,251
Carvana Co, 5.8750%, 10/1/28ž
95,000
 
91,200
Carvana Co, 4.8750%, 9/1/29ž
3,951,000
 
3,595,410
Carvana Co, 10.2500%, 5/1/30ž
961,000
 
1,028,270
Carvana Co, 9.0000%, 6/1/30ž
4,516,088
 
4,697,874
Carvana Co, 9.0000%, 6/1/31ž,‡,Ç
849,226
 
918,271
Century Communities Inc, 6.6250%, 9/15/33ž
2,492,000
 
2,441,277
Crocs Inc, 4.1250%, 8/15/31ž
3,476,000
 
3,127,820
Cyprium Corp / Cyprium Holdings Luxembourg Sarl, 6.3750%, 4/15/34ž
2,514,000
 
2,440,194
Garda World Security Corp, 8.3750%, 11/15/32ž
4,570,000
 
4,573,103
Garda World Security Corp, 8.2500%, 8/1/32ž
2,920,000
 
2,889,439
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower
Esc, 4.8750%, 7/1/31ž
3,096,000
 
2,793,691
JB Poindexter & Co Inc, 8.7500%, 12/15/31ž
1,090,000
 
1,104,791
Kohl's Corp, 10.0000%, 6/1/30ž
3,204,000
 
3,387,980
LGI Homes Inc, 4.0000%, 7/15/29ž,#
6,822,000
 
6,076,236
LGI Homes Inc, 7.0000%, 11/15/32ž
2,550,000
 
2,364,430
Michaels Cos Inc/The, 8.5000%, 3/15/33ž
3,251,000
 
3,164,829
Millrose Properties Inc, 6.3750%, 8/1/30ž
4,582,000
 
4,580,575
Millrose Properties Inc, 6.2500%, 9/15/32ž
1,605,000
 
1,575,481
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC,
8.2500%, 4/15/30ž
9,006,000
 
9,219,712
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC,
11.8750%, 4/15/31ž
2,399,000
 
2,499,199
NCL Corporation Ltd, 6.7500%, 2/1/32ž
3,179,000
 
3,154,880
NCL Corporation Ltd, 6.2500%, 9/15/33ž
2,010,000
 
1,950,380
New Flyer Holdings Inc, 9.2500%, 7/1/30ž
4,041,000
 
4,319,186
New Home Company Inc/The, 9.2500%, 10/1/29ž
3,223,000
 
3,255,704
New Home Company Inc/The, 8.5000%, 11/1/30ž
5,743,000
 
5,615,628
Penn Entertainment Inc, 6.7500%, 4/1/31ž
8,034,000
 
7,802,774
Rakuten Group Inc, US Treasury Yield Curve Rate 5 Year + 4.5780%,
5.1250%ž,‡,μ
1,384,000
 
1,380,679
Rivers Enterprise Lender LLC / Rivers Enterprise Lender Corp, 6.2500%,
10/15/30ž
4,308,000
 
4,297,127
Six Flags Entertainment Corp, 7.2500%, 5/15/31ž,#
5,171,000
 
4,978,717
Six Flags Entertainment Corp / Canada's Wonderland Co / Millennium
Operations LLC, 8.6250%, 1/15/32ž
4,218,000
 
4,224,805
Station Casinos LLC, 4.6250%, 12/1/31ž,#
6,557,000
 
6,122,205
Victra Holdings LLC / Victra Finance Corp, 8.7500%, 9/15/29ž,#
6,422,000
 
6,665,124
Voyager Parent LLC, 9.2500%, 7/1/32ž
6,144,000
 
6,378,787
Weekley Homes LLC / Weekly Finance Corp, 4.8750%, 9/15/28ž
4,607,000
 
4,461,093
Wyndham Hotels & Resorts Inc, 5.6250%, 3/1/33ž
1,357,000
 
1,335,257
Wynn Macau Ltd, 6.7500%, 2/15/34ž
6,396,000
 
6,242,007
 
 
 
158,310,431
Consumer Non-Cyclical – 3.7%
 
 
 
BioMarin Pharmaceutical Inc, 5.5000%, 2/15/34ž
2,464,000
 
2,425,947
HLF Financing Sarl LLC / Herbalife International Inc, 12.2500%, 4/15/29ž
7,292,000
 
7,776,291
2
 
Shares or
Principal Amounts
 
Value
Corporate Bonds – (continued)
 
 
 
Consumer Non-Cyclical – (continued)
 
 
 
LifePoint Health Inc, 5.3750%, 1/15/29ž
$3,112,000
 
$3,001,067
LifePoint Health Inc, 10.0000%, 6/1/32ž
9,748,000
 
9,954,953
 
 
 
23,158,258
Electric – 3.0%
 
 
 
Algonquin Power & Utilities Corp, US Treasury Yield Curve Rate 5 Year +
3.2490%, 4.7500%, 1/18/82‡
2,501,000
 
2,432,427
Alpha Generation LLC, 6.2500%, 1/15/34ž
5,787,000
 
5,684,822
Long Ridge Energy LLC, 8.7500%, 2/15/32ž
3,684,000
 
3,864,932
Talen Energy Supply LLC, 6.2500%, 2/1/34ž
1,194,000
 
1,180,697
Talen Energy Supply LLC, 6.5000%, 2/1/36ž
1,908,000
 
1,921,224
TerraForm Power Operating LLC, 4.7500%, 1/15/30ž
4,362,000
 
4,177,833
 
 
 
19,261,935
Energy – 13.3%
 
 
 
Breakwater Energy Holdings Sarl, 9.2500%, 11/15/30ž
1,823,000
 
1,914,485
Granite Ridge Resources Inc, 8.8750%, 11/5/29ž
3,633,000
 
3,478,598
Howard Midstream Energy Partners LLC, 6.6250%, 1/15/34ž
9,874,000
 
9,911,541
ITT Holdings LLC, 6.5000%, 8/1/29ž
7,868,000
 
7,650,357
Kodiak Gas Services LLC, 5.8750%, 4/1/31ž
3,738,000
 
3,756,512
Matador Resources Co, 6.0000%, 4/15/34ž
2,906,000
 
2,887,626
SM Energy Co, 7.0000%, 8/1/32ž
4,664,000
 
4,762,382
Sunoco LP, 5.6250%, 3/15/31ž
3,124,000
 
3,109,671
Sunoco LP, 5.6250%, 7/15/34ž
9,623,000
 
9,475,824
Sunoco LP, US Treasury Yield Curve Rate 5 Year + 4.2300%, 7.8750%ž,‡,μ
14,275,000
 
14,575,146
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 6.7500%,
3/15/34ž
16,214,000
 
16,295,184
USA Compression Partners LP / USA Compression Finance Corp, 6.2500%,
10/1/33ž
4,376,000
 
4,362,237
WBI Operating LLC, 6.2500%, 10/15/30ž
1,856,000
 
1,867,062
 
 
 
84,046,625
Finance Companies – 3.1%
 
 
 
Bread Financial Holdings Inc, 6.7500%, 5/15/31ž
4,704,000
 
4,667,530
OneMain Finance Corp, 4.0000%, 9/15/30
1,716,000
 
1,549,691
OneMain Finance Corp, 6.5000%, 3/15/33
6,386,000
 
6,104,543
PennyMac Financial Services Inc, 6.8750%, 2/15/33ž
1,692,000
 
1,618,799
PennyMac Financial Services Inc, 6.7500%, 2/15/34ž
5,750,000
 
5,381,071
 
 
 
19,321,634
Financial Institutions – 1.4%
 
 
 
Burford Capital Global Finance LLC, 6.8750%, 4/15/30ž
1,709,000
 
1,508,483
Burford Capital Global Finance LLC, 7.5000%, 7/15/33ž
5,980,000
 
4,978,350
Burford Capital Global Finance LLC, 8.5000%, 1/15/34ž
2,911,000
 
2,499,734
 
 
 
8,986,567
Government Sponsored – 0.2%
 
 
 
Uzbek Industrial and Construction Bank, US Treasury Yield Curve Rate 5 Year +
5.7920%, 9.4500%ž,‡,μ
1,287,000
 
1,290,106
Insurance – 1.0%
 
 
 
Asurion LLC / Asurion Co-Issuer Inc, 8.3750%, 2/1/34ž
6,474,000
 
6,285,363
Pharmaceuticals – 0.5%
 
 
 
Zoetis Inc, 0.2500%, 6/15/29ž
3,485,000
 
3,458,863
Real Estate Investment Trusts (REITs) – 1.5%
 
 
 
EF Holdco / EF Cayman Holdco / Ellington Finance REIT Cayman, 7.3750%,
9/30/30ž
3,029,000
 
2,916,858
Rithm Capital Corp, 8.0000%, 4/1/29ž
5,147,000
 
5,056,570
Rithm Capital Corp, 8.0000%, 7/15/30ž
1,722,000
 
1,662,041
 
 
 
9,635,469
Technology – 7.9%
 
 
 
APLD ComputeCo 2 LLC, 6.7500%, 3/15/31ž
5,504,000
 
5,463,926
APLD ComputeCo LLC, 9.2500%, 12/15/30ž
3,159,000
 
3,254,787
Black Pearl Compute LLC, 6.1250%, 2/15/31ž
5,685,000
 
5,786,176
Ciena Corp, 4.0000%, 1/31/30ž
5,004,000
 
4,759,150
Cipher Compute LLC, 7.1250%, 11/15/30ž
4,250,000
 
4,403,123
Cloud Software Group Inc, 9.0000%, 9/30/29ž
4,267,000
 
4,116,262
CoreWeave Inc, 9.2500%, 6/1/30ž
4,226,000
 
4,106,233
Flash Compute LLC, 7.2500%, 12/31/30ž
1,854,000
 
1,866,591
Kioxia Holdings Corp, 6.6250%, 7/24/33ž
13,023,000
 
13,385,363
Seagate Data Storage Technology Pte Ltd, 3.1250%, 7/15/29ž
3,404,000
 
3,042,768
 
 
 
50,184,379
Transportation – 3.0%
 
 
 
LATAM Airlines Group SA, 7.8750%, 4/15/30ž,#
7,650,000
 
7,726,500
3
 
Shares or
Principal Amounts
 
Value
Corporate Bonds – (continued)
 
 
 
Transportation – (continued)
 
 
 
Rand Parent LLC, 8.5000%, 2/15/30ž
$6,550,000
 
$6,723,739
Watco Cos LLC / Watco Finance Corp, 7.1250%, 8/1/32ž
4,174,000
 
4,286,760
 
 
 
18,736,999
Total Corporate Bonds (cost $549,398,658)
 
 
546,304,570
Foreign Government Bonds – 0.3%
 
 
 
Republic of Cote d'Ivoire Government Bond, 8.0750%, 4/1/36ž (cost $1,747,570)
1,789,000
 
1,814,865
Common Stocks – 3.4%
 
 
 
Advertising – 0.4%
 
 
 
Authentic Brands Group Inc - Class A*,¢
14,628
 
2,277,528
Biotechnology – 0.7%
 
 
 
BioMarin Pharmaceutical Inc*
78,893
 
4,456,666
Diversified Financial Services – 0.2%
 
 
 
PennyMac Financial Services Inc
11,428
 
998,807
Electrical Equipment – 0.3%
 
 
 
Forgent Power Solutions Inc*
71,154
 
2,082,678
Hotels, Restaurants & Leisure – 0.2%
 
 
 
Caesars Entertainment Inc*
59,593
 
1,575,043
Information Technology Services – 0.1%
 
 
 
Applied Digital Corp*
27,662
 
656,696
Metals & Mining – 0.3%
 
 
 
Hudbay Minerals Inc
86,279
 
1,803,231
Oil, Gas & Consumable Fuels – 0.5%
 
 
 
Sunococorp LLC
46,444
 
2,863,273
Semiconductor & Semiconductor Equipment – 0.4%
 
 
 
Broadcom Inc
6,430
 
1,990,149
Entegris Inc
6,180
 
724,543
 
 
 
2,714,692
Software – 0.3%
 
 
 
Cipher Mining Inc*
149,006
 
1,917,707
Total Common Stocks (cost $22,651,540)
 
 
21,346,321
Convertible Preferred Stocks – 1.0%
 
 
 
Software – 1.0%
 
 
 
Oracle Corp, 6.5000%, 1/15/29 (cost $7,250,000)
145,000
 
6,526,450
Investment Companies – 1.5%
 
 
 
Money Markets – 1.5%
 
 
 
Janus Henderson Cash Liquidity Fund LLC, 3.6408%ºº,£ (cost $9,741,039)
9,741,039
 
9,741,039
Investments Purchased with Cash Collateral from Securities Lending – 2.3%
 
 
 
Investment Companies – 1.9%
 
 
 
Janus Henderson Cash Collateral Fund LLC, 3.5801%ºº,£
11,832,744
 
11,832,744
Time Deposits – 0.4%
 
 
 
Royal Bank of Canada, 3.6500%, 4/1/26
$2,958,186
 
2,958,186
Total Investments Purchased with Cash Collateral from Securities Lending (cost $14,790,930)
 
14,790,930
Total Investments (total cost $651,684,010) – 102.2%
 
 
646,116,742
Liabilities, net of Cash, Receivables and Other Assets – (2.2)%
 
 
(14,184,133)
Net Assets – 100%
 
 
$631,932,609
 
Summary of Investments by Country - (Long Positions) (unaudited)
 
 
Country
Value
% of
Investment
Securities
United States
$560,027,078
86.7
%
Canada
33,333,551
5.1
Japan
14,766,042
2.3
Zambia
12,428,272
1.9
Luxembourg
8,488,321
1.3
Chile
7,726,500
1.2
Macao
6,242,007
1.0
Cote D'Ivoire
1,814,865
0.3
Uzbekistan
1,290,106
0.2
Total
$646,116,742
100.0
%
4
 
Schedule of Affiliated Investments - (% of Net Assets)
Affiliate
Affiliated
Investments,
at Value at
6/30/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change in
Unrealized
Appreciation/
Depreciation
Affiliated
Investments,
at Value at
3/31/26
Ending
Shares
Dividend
Income
Investment Companies - 1.5%
Money Markets - 1.5%
Janus Henderson Cash Liquidity Fund LLC, 3.6408%ºº
 
$33,964,455
$330,979,713
$(355,201,786)
$(1,343)
$-
$9,741,039
9,741,039
$803,330
Investments Purchased with Cash Collateral from Securities Lending - 1.9%
Investment Companies - 1.9%
Janus Henderson Cash Collateral Fund LLC, 3.5801%ºº
 
16,583,658
140,606,246
(145,357,160)
-
-
11,832,744
11,832,744
179,824
∆
Total Affiliated Investments - 3.4%
 
$50,548,113
$471,585,959
$(500,558,946)
$(1,343)
$-
$21,573,783
21,573,783
$983,154
 
Schedule of Forward Foreign Currency Exchange Contracts
Counterparty/
Foreign Currency
Settlement
Date
Foreign Currency
Amount (Sold)/
Purchased
USD Currency
Amount (Sold)/
Purchased
Market Value and
Unrealized
Appreciation/
(Depreciation)
BNP Paribas:
Euro
5/22/26
2,007,993
$(2,318,803)
$7,425
Euro
5/22/26
(540,615)
639,935
13,640
Euro
5/22/26
1,681
(1,964)
(17)
Total
$21,048
 
Schedule of Futures
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value and
Unrealized
Appreciation/(Depreciation)
Futures Long:
10 Year US Treasury Note
90
6/30/26
$9,994,219
$(163,114)
2 Year US Treasury Note
524
7/6/26
108,701,343
(656,687)
US Treasury Long Bond
53
6/30/26
6,035,375
(174,781)
Total - Futures Long
(994,582)
Futures Short:
5 Year US Treasury Note
390
7/6/26
(42,190,078)
524,062
Ultra 10-Year Treasury Note
113
6/30/26
(12,827,266)
154,570
Ultra Long Term US Treasury Bond
9
6/30/26
(1,049,063)
36,688
Total - Futures Short
715,320
Total
$(279,262)
 
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026
Credit default swaps:
Average notional amount - buy protection
$13,025,100
Forward foreign currency exchange contracts:
Average amounts purchased - in USD
3,356,213
Average amounts sold - in USD
5,612,410
Futures contracts:
Average notional amount of contracts - long
79,925,312
Average notional amount of contracts - short
61,489,662
5
Notes to Schedule of Investments (unaudited) 
EURIBOR
Euro Interbank Offered Rate
LLC
Limited Liability Company
LP
Limited Partnership
SOFR
Secured Overnight Financing Rate
 
ž
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 1933 Act. Unless otherwise noted, these securities have been determined to be
liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended March 31, 2026 is
$535,560,864, which represents 84.7% of net assets.
*
Non-income producing security.
ƒ
All or a portion of this position is not funded, or has been purchased on a delayed delivery or when-issued basis. If applicable, interest rates
will be determined and interest will begin to accrue at a future date.
‡
Variable or floating rate security. Rate shown is the current rate as of March 31, 2026. 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.
ºº
Rate shown is the 7-day yield as of March 31, 2026.
#
Loaned security; a portion of the security is on loan at March 31, 2026.
μ
Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date indicated, if
any, represents the next call date.
Ç
Step bond. The coupon rate will increase or decrease periodically based upon a predetermined schedule. The rate shown reflects the
current rate.
¢
Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended March 31, 2026 is
$2,277,528, which represents 0.4% of net assets.
£
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.
∆
Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.
6
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 March 31, 2026. 
Valuation Inputs Summary
 
Level 1 -
Quoted Prices
Level 2 -
Other Significant
Observable Inputs
Level 3 -
Significant
Unobservable Inputs
Assets
Investments In Securities:
Asset-Backed/Commercial Mortgage-Backed Securities
$-
$4,778,373
$-
Bank Loans and Mezzanine Loans
-
40,814,194
-
Corporate Bonds
-
546,304,570
-
Foreign Government Bonds
-
1,814,865
-
Common Stocks
Advertising
-
-
2,277,528
All Other
19,068,793
-
-
Convertible Preferred Stocks
6,526,450
-
-
Investment Companies
-
9,741,039
-
Investments Purchased with Cash Collateral from Securities Lending
-
14,790,930
-
Total Investments in Securities
$25,595,243
$618,243,971
$2,277,528
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts
-
21,065
-
Futures Contracts
715,320
-
-
Total Assets
$26,310,563
$618,265,036
$2,277,528
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts
$-
$17
$-
Futures Contracts
994,582
-
-
Total Liabilities
$994,582
$17
$-
 
(a)
Other financial instruments may include forward foreign currency exchange contracts, futures, written options, written swaptions, and swap
contracts. Forward foreign currency exchange contracts, futures contracts, and centrally cleared 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, written
swaptions, and OTC swaps are reported at their market value at measurement date.
7
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 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 New York Stock Exchange (“NYSE”). The Adviser will determine the market value of individual securities held by it by using prices provided by one or more Adviser-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 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; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. 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.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
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 March 31, 2026 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.
The Fund's management has determined the Fund did not hold a significant amount of Level 3 securities as of March 31, 2026.
9
For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual financial
statements.
125-35-70279 05-26