NPORT-EX 2 lowdurationmultisector_148.htm 148-JH LOW DURATION MULTI-SECTOR INCOME FUND EDGAR HTML
Janus Henderson Low Duration Multi-Sector Income Fund (Formerly Janus Henderson Absolute Return Income Opportunities Fund)
Schedule of Investments (unaudited)
March 31, 2026
 
 
Shares or
Principal Amounts
 
Value
Asset-Backed/Commercial Mortgage-Backed Securities – 35.2%
 
 
 
AB Bsl CLO 1 Ltd 2025-7A A1, CME Term SOFR 3 Month + 1.2300%, 4.9000%,
1/17/39ž,‡
$250,000
 
$249,827
Allegany Park CLO Ltd 2019-1A ARR, CME Term SOFR 3 Month + 1.1000%,
4.7676%, 1/22/35ž,‡
484,000
 
483,302
Ally Bank Auto Credit-Linked Notes 2024-A B, 5.8270%, 5/17/32ž
103,517
 
104,869
Ally Bank Auto Credit-Linked Notes 2024-B C, 5.2150%, 9/15/32ž
127,559
 
128,253
Bayview Opportunity Master Fund VII 2024-CAR1 C, US 30 Day Average SOFR +
1.5000%, 5.1619%, 12/26/31ž,‡
197,724
 
198,333
BFLD Trust 2025-5MW D, 6.3710%, 10/10/42ž,‡
150,000
 
152,016
BPR Trust 2024-PMDW D, 5.8500%, 11/5/41ž,‡
457,000
 
454,295
BX Commercial Mortgage Trust 2024-AIRC C, CME Term SOFR 1 Month +
2.5900%, 6.2625%, 8/15/41ž,‡
455,307
 
455,292
BX Commercial Mortgage Trust 2025-ARIA C, 5.5173%, 12/13/42ž,‡
250,000
 
248,963
BX Commercial Mortgage Trust 2025-ROIC D, CME Term SOFR 1 Month +
1.9926%, 5.6652%, 3/15/30ž,‡
488,008
 
484,542
BX Commercial Mortgage Trust 2026-CART D, CME Term SOFR 1 Month +
1.9000%, 5.5725%, 2/15/36ž,‡
100,000
 
99,936
BX Commercial Mortgage Trust 2026-CSMO C, CME Term SOFR 1 Month +
2.0000%, 5.6725%, 2/15/43ž,‡
100,000
 
99,891
BX Commercial Mortgage Trust 2026-CSMO D, CME Term SOFR 1 Month +
2.4500%, 6.1225%, 2/15/43ž,‡
100,000
 
99,898
BX Commercial Mortgage Trust 2026-XL6 D, CME Term SOFR 1 Month +
2.1000%, 5.7725%, 3/15/43ž,‡
200,000
 
199,000
Canyon Capital CLO Ltd 2019-2A BR2, CME Term SOFR 3 Month + 1.5000%,
5.1722%, 10/16/34ž,‡
500,000
 
499,281
Compass Datacenters Issuer II LLC 2025-1A A1, 5.3160%, 5/25/50ž
250,000
 
249,969
Connecticut Avenue Securities Trust 2021-R01 1M2, US 30 Day Average SOFR
+ 1.5500%, 5.2119%, 10/25/41ž,‡
70,289
 
70,395
Connecticut Avenue Securities Trust 2022-R03 1B2, US 30 Day Average SOFR +
9.8500%, 13.5119%, 3/25/42ž,‡
14,000
 
15,001
Connecticut Avenue Securities Trust 2022-R04 1B2, US 30 Day Average SOFR +
9.5000%, 13.1619%, 3/25/42ž,‡
10,000
 
10,737
Connecticut Avenue Securities Trust 2022-R05 2M1, US 30 Day Average SOFR
+ 1.9000%, 5.5619%, 4/25/42ž,‡
4,907
 
4,913
Connecticut Avenue Securities Trust 2022-R07 1B2, US 30 Day Average SOFR +
12.0000%, 15.6619%, 6/25/42ž,‡
50,000
 
56,072
Connecticut Avenue Securities Trust 2023-R06 1M1, US 30 Day Average SOFR
+ 1.7000%, 5.3619%, 7/27/43ž,‡
59,741
 
59,874
Connecticut Avenue Securities Trust 2024-R02 1M1, US 30 Day Average SOFR
+ 1.1000%, 4.7619%, 2/25/44ž,‡
14,056
 
14,047
Connecticut Avenue Securities Trust 2024-R03 2M2, US 30 Day Average SOFR
+ 1.9500%, 5.6119%, 3/25/44ž,‡
804,000
 
805,256
Connecticut Avenue Securities Trust 2024-R04 1M2, US 30 Day Average SOFR
+ 1.6500%, 5.3119%, 5/25/44ž,‡
203,137
 
202,883
Connecticut Avenue Securities Trust 2025-R01 1B1, US 30 Day Average SOFR +
1.7000%, 5.3619%, 1/25/45ž,‡
172,795
 
172,448
Connecticut Avenue Securities Trust 2025-R01 1M2, US 30 Day Average SOFR
+ 1.5000%, 5.1619%, 1/25/45ž,‡
500,000
 
497,813
Connecticut Avenue Securities Trust 2025-R02 1M2, US 30 Day Average SOFR
+ 1.6000%, 5.2619%, 2/27/45ž,‡
59,000
 
58,889
Connecticut Avenue Securities Trust 2025-R03 2M2, US 30 Day Average SOFR
+ 2.2500%, 5.9119%, 3/27/45ž,‡
57,000
 
57,480
Connecticut Avenue Securities Trust 2025-R04 1M2, US 30 Day Average SOFR
+ 1.5000%, 5.1619%, 5/25/45ž,‡
112,200
 
112,045
CPT Mortgage Trust 2019-CPT A, 2.8650%, 11/13/39ž
250,000
 
230,910
Credabl Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.4500%, 5.3791%,
5/11/45‡
284,783
AUD
197,238
Credabl Trust 2024-1 C, 30 Day Australian Bank Bill Rate + 2.2000%, 6.1291%,
5/11/45‡
490,235
AUD
339,786
DB Master Finance LLC 2021-1A A2I, 2.0450%, 11/20/51ž
119,687
 
117,765
DB Master Finance LLC 2021-1A A2II, 2.4930%, 11/20/51ž
47,875
 
44,892
DBGS Mortgage Trust 2021-W52 C, CME Term SOFR 1 Month + 2.5640%,
6.2370%, 10/15/39ž,‡
100,000
 
98,395
 
Shares or
Principal Amounts
 
Value
Asset-Backed/Commercial Mortgage-Backed Securities – (continued)
 
 
 
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 B2, US
30 Day Average SOFR + 7.8000%, 11.4619%, 11/25/41ž,‡
$50,000
 
$52,086
Freddie Mac Structured Agency Credit Risk Debt Notes 2021-DNA7 M1, US
30 Day Average SOFR + 0.8500%, 4.5119%, 11/25/41ž,‡
2,648
 
2,645
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA3 M1B, US
30 Day Average SOFR + 2.9000%, 6.5619%, 4/25/42ž,‡
114,360
 
116,345
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-DNA6 M1A, US
30 Day Average SOFR + 2.1500%, 5.8119%, 9/25/42ž,‡
16,224
 
16,272
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A, US
30 Day Average SOFR + 2.1000%, 5.7619%, 4/27/43ž,‡
30,718
 
31,002
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA1 M1A, US
30 Day Average SOFR + 2.0000%, 5.6619%, 5/25/43ž,‡
50,592
 
50,836
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA2 M1A, US
30 Day Average SOFR + 2.0000%, 5.6619%, 6/25/43ž,‡
54,134
 
54,201
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-HQA3 M1, US
30 Day Average SOFR + 1.8500%, 5.5119%, 11/25/43ž,‡
38,375
 
38,552
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA1 M1, US
30 Day Average SOFR + 1.3500%, 5.0119%, 2/25/44ž,‡
47,897
 
47,889
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-DNA3 M2, US
30 Day Average SOFR + 1.4500%, 5.1119%, 10/25/44ž,‡
199,443
 
199,403
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA1 M1, US
30 Day Average SOFR + 1.2500%, 4.9119%, 3/25/44ž,‡
17,652
 
17,641
Freddie Mac Structured Agency Credit Risk Debt Notes 2024-HQA2 M2, US
30 Day Average SOFR + 1.8000%, 5.4619%, 8/25/44ž,‡
155,000
 
155,269
Freddie Mac Structured Agency Credit Risk Debt Notes 2025-DNA2 M2, US
30 Day Average SOFR + 1.5000%, 5.1619%, 5/25/45ž,‡
175,912
 
176,077
Freddie Mac Structured Agency Credit Risk Debt Notes 2025-HQA1 M2, US
30 Day Average SOFR + 1.6500%, 5.3119%, 2/27/45ž,‡
93,136
 
92,788
FREMF Mortgage Trust 2023-K511 C, 5.6344%, 11/25/28ž,‡
125,000
 
117,441
Great Wolf Trust 2024-WOLF D, CME Term SOFR 1 Month + 2.8900%,
6.5625%, 3/15/39ž,‡
250,000
 
249,733
Hertz Vehicle Financing LLC 2025-5A B, 4.8700%, 5/25/30ž
750,000
 
737,666
Homeward Opportunities Fund I Trust 2025-RRTL2 A1, 5.2370%, 9/25/40ž,Ç
107,000
 
107,101
Lex Commercial Loan Master Trust 2024-BBG A, 4.8736%, 10/13/33ž,‡
250,000
 
249,212
Liberty Funding Pty Ltd 2024-1A A, 30 Day Australian Bank Bill Rate + 1.2000%,
5.2500%, 5/25/32‡
191,748
AUD
132,540
Luxury Lease Partners Auto Lease Trust 2025-A A, 5.5100%, 3/15/32ž
212,858
 
212,208
Madison Park Funding Ltd 2020-45A BRR, CME Term SOFR 3 Month +
1.6500%, 5.3222%, 7/17/34ž,‡
250,000
 
249,850
METRO Finance Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.2500%,
5.2025%, 9/17/30‡
270,328
AUD
187,067
MKT Mortgage Trust 2020-525M A, 2.6940%, 2/12/40ž
250,000
 
225,485
Neuberger Berman CLO Ltd 2021-44A BR, CME Term SOFR 3 Month +
1.5000%, 5.1711%, 10/16/35ž,‡
500,000
 
499,894
Now Trust 2024-1 A, 30 Day Australian Bank Bill Rate + 1.4000%, 5.3500%,
6/14/32‡
176,224
AUD
122,017
Now Trust 2025-1 A, 30 Day Australian Bank Bill Rate + 1.1500%, 5.1000%,
2/14/34‡
310,960
AUD
214,526
NRTH PARK Mortgage Trust 2025-PARK B, CME Term SOFR 1 Month +
1.6429%, 5.3154%, 10/15/40ž,‡
500,000
 
498,755
Oasis Securitization 2025-1A A, 6.3550%, 8/15/39ž
750,000
 
750,534
Plenti PL-Green ABS Trust 2025-1 D, 30 Day Australian Bank Bill Rate +
1.8000%, 5.7291%, 11/11/36‡
500,000
AUD
344,159
Post CLO Ltd 2023-1A A1R, CME Term SOFR 3 Month + 1.3000%, 4.9676%,
10/20/38ž,‡
250,000
 
250,066
QTS Issuer ABS II 2026-1A B, 6.7290%, 1/5/56ž
133,365
 
132,636
QTS Issuer ABS II LLC 2025-1A A2, 5.0440%, 10/5/55ž
263,000
 
256,944
RCKT Trust 2025-1A D, 5.4200%, 7/25/34ž
250,000
 
246,244
Regatta 35 Funding Ltd 2025-5A A1, CME Term SOFR 3 Month + 1.2900%,
4.9622%, 10/15/38ž,‡
250,000
 
250,029
Saluda Grade Alternative Mortgage Trust 2024-RTL4 A2, 7.5000%, 2/25/30ž,Ç
100,000
 
99,530
SEB Funding LLC 2026-1A A2, 6.6650%, 1/30/56ž
106,000
 
105,348
Subway Funding LLC 2024-1A A2I, 6.0280%, 7/30/54ž
266,625
 
267,616
Subway Funding LLC 2024-3A A2I, 5.2460%, 7/30/54ž
226,137
 
221,493
SWCH Commercial Mortgage Trust 2025-DATA A, CME Term SOFR 1 Month +
1.4429%, 5.1154%, 3/17/42ž,‡
250,000
 
246,682
Switch ABS Issuer LLC 2026-1A A21, 5.6090%, 3/27/56ž
200,000
 
200,363
Taco Bell Funding LLC 2018-1A A2II, 4.9400%, 11/25/48ž
793,039
 
789,571
Taco Bell Funding LLC 2021-1A A2II, 2.2940%, 8/25/51ž
67,793
 
62,696
The Huntington National Bank 2024-1 B1, 6.1530%, 5/20/32ž
94,344
 
95,497
2
 
Shares or
Principal Amounts
 
Value
Asset-Backed/Commercial Mortgage-Backed Securities – (continued)
 
 
 
The Huntington National Bank 2024-2 C, US 30 Day Average SOFR + 2.6000%,
6.2729%, 10/20/32ž,‡
$300,084
 
$300,921
The Huntington National Bank 2025-1 C, US 30 Day Average SOFR + 2.2500%,
5.9229%, 3/21/33ž,‡
162,679
 
162,135
TVC Mortgage Trust 2026-RRTL1 A2, 5.3150%, 2/25/41ž,Ç
200,000
 
199,225
UK Logistics 2024-1A B, SONIA Interest Rate Benchmark + 2.5500%, 6.4060%,
5/17/34ž,‡
201,264
GBP
265,658
VB-S1 Issuer LLC 2025-1A B, 5.6020%, 8/16/55ž
250,000
 
248,739
Wendy's Funding LLC 2022-1A A2I, 4.2360%, 3/15/52ž
250,250
 
244,431
Westgate Resorts 2026-1A C, 6.0800%, 10/20/39ž
250,000
 
250,259
Wingspire Equipment Finance LLC 2024-1A D, 6.3100%, 9/20/32ž
400,000
 
405,128
Total Asset-Backed/Commercial Mortgage-Backed Securities (cost $18,545,480)
 
 
18,624,911
Bank Loans and Mezzanine Loans – 1.9%
 
 
 
Capital Goods – 0.5%
 
 
 
Chariot Buyer LLC, CME Term SOFR 1 Month + 2.7500%, 6.4177%, 9/8/32‡
30,637
 
30,320
White Cap Supply Holdings LLC, CME Term SOFR 1 Month + 3.5000%,
7.1677%, 2/10/33‡
258,237
 
245,110
 
 
 
275,430
Commercial Services – 0.2%
 
 
 
Aggreko Holdings Inc, CME Term SOFR 3 Month + 3.0000%, 6.6640%,
5/21/31‡
91,000
 
90,858
Consumer Cyclical – 0.5%
 
 
 
Gloves Buyer Inc, CME Term SOFR 1 Month + 4.0000%, 7.6677%, 5/21/32ƒ,‡
130,000
 
129,415
Inspired Education US Holdings Inc, CME Term SOFR 3 Month + 2.7500%,
6.4182%, 2/28/31‡
120,192
 
119,817
 
 
 
249,232
Industrial – 0.4%
 
 
 
Azuria Water Solutions Inc, CME Term SOFR 1 Month + 2.7500%, 6.4254%,
1/27/33ƒ,‡
114,706
 
113,415
Azuria Water Solutions Inc, CME Term SOFR 1 Month + 2.7500%, 6.4254%,
1/27/33ƒ,‡
15,294
 
15,122
Salas O'Brien Inc, CME Term SOFR 1 Month + 2.7500%, 6.4177%, 1/31/33‡
89,065
 
88,842
Salas O'Brien Inc, CME Term SOFR 1 Month + 2.7500%, 6.4243%, 1/31/33‡
11,875
 
11,846
 
 
 
229,225
Materials – 0.2%
 
 
 
Proampac PG Borrower LLC, CME Term SOFR 1 Month + 4.0000%, 7.7822%,
3/7/33ƒ,‡
130,000
 
125,223
Technology – 0.1%
 
 
 
Leia Finco US LLC, CME Term SOFR 3 Month + 3.2500%, 6.8981%, 10/9/31ƒ,‡
47,988
 
45,835
Total Bank Loans and Mezzanine Loans (cost $1,033,575)
 
 
1,015,803
Corporate Bonds – 60.7%
 
 
 
Banking – 5.5%
 
 
 
Australia & New Zealand Banking Group Ltd, 90 Day Australian Bank Bill Rate +
1.5200%, 5.5450%, 1/15/35‡
1,500,000
AUD
1,018,349
Bank of New York Mellon Corp/The, US Treasury Yield Curve Rate 5 Year +
2.0340%, 5.6250%‡,μ
261,000
 
255,600
Lloyds Banking Group PLC, 90 Day Australian Bank Bill Rate + 1.6800%,
5.7500%, 3/6/30‡
130,000
AUD
90,903
Macquarie Bank Ltd, 90 Day Australian Bank Bill Rate + 1.9500%, 5.6193%,
3/1/34‡
290,000
AUD
203,156
Newcastle Greater Mutual Group Ltd, 90 Day Australian Bank Bill Rate +
1.2500%, 4.9792%, 1/21/30‡
240,000
AUD
166,028
Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.8800%, 5.6207%,
4/3/34‡
1,200,000
AUD
843,592
Westpac Banking Corp, 90 Day Australian Bank Bill Rate + 1.5200%, 5.3510%,
2/12/35‡
500,000
AUD
337,718
 
 
 
2,915,346
Basic Industry – 1.2%
 
 
 
Compass Minerals International Inc, 8.0000%, 7/1/30ž
120,000
 
124,178
Maxam Prill Sarl, 7.7500%, 7/15/30ž
200,000
 
203,273
SCIH Salt Holdings Inc, 6.6250%, 5/1/29ž
132,000
 
131,340
Verde Purchaser LLC, 10.5000%, 11/30/30ž
170,000
 
176,672
 
 
 
635,463
Brokerage – 2.8%
 
 
 
Citadel Securities Global Holdings LLC, 5.5000%, 6/18/30ž
500,000
 
507,963
Jane Street  Group / JSG Finance Inc, 4.5000%, 11/15/29ž
361,000
 
349,884
Jane Street  Group / JSG Finance Inc, 7.1250%, 4/30/31ž
85,000
 
87,376
LPL Holdings Inc, 5.7000%, 5/20/27
250,000
 
252,309
3
 
Shares or
Principal Amounts
 
Value
Corporate Bonds – (continued)
 
 
 
Brokerage – (continued)
 
 
 
LPL Holdings Inc, 4.9000%, 4/3/28
$45,000
 
$45,134
Osaic Holdings Inc, 6.7500%, 8/1/32ž
258,000
 
258,032
 
 
 
1,500,698
Capital Goods – 3.8%
 
 
 
Boeing Co/The, 6.2590%, 5/1/27
250,000
 
254,316
CNH Industrial Capital Australia Pty Ltd, 5.4000%, 5/17/27
800,000
AUD
550,403
CNH Industrial Capital Australia Pty Ltd, 4.7000%, 6/20/28
400,000
AUD
269,430
ESAB Corp, 6.2500%, 4/15/29ž
250,000
 
253,725
ESAB Corp, 5.6250%, 4/1/31ž
83,000
 
83,582
Trinity Industries Inc, 7.7500%, 7/15/28ž
477,000
 
488,941
Vertiv Group Corp, 4.1250%, 11/15/28ž
95,000
 
93,554
 
 
 
1,993,951
Communications – 0.2%
 
 
 
Level 3 Financing Inc, 3.7500%, 7/15/29ž
140,000
 
129,850
Consumer Cyclical – 14.9%
 
 
 
Allison Transmission Inc, 4.7500%, 10/1/27ž
187,000
 
185,841
Amazon.com Inc, 4.2500%, 3/13/31
756,000
 
750,428
Carnival Corp, 5.1250%, 5/1/29ž
386,000
 
383,214
Carvana Co, 9.0000%, 6/1/31ž,‡,Ç
475,000
 
513,619
Century Communities Inc, 3.8750%, 8/15/29ž
170,000
 
159,537
Ford Motor Credit Co LLC, 5.9180%, 3/20/28
200,000
 
202,535
Ford Motor Credit Co LLC, 5.8000%, 3/5/27
375,000
 
377,068
Ford Motor Credit Co LLC, 7.3500%, 11/4/27
500,000
 
516,024
Garda World Security Corp, 6.0000%, 6/1/29ž
130,000
 
123,737
General Motors Financial Co Inc, 5.1500%, 8/15/26
110,000
GBP
145,760
General Motors Financial Co Inc, 4.2000%, 10/27/28
500,000
 
494,850
GLP Capital LP / GLP Financing II Inc, 5.3000%, 1/15/29
150,000
 
151,301
KB Home, 6.8750%, 6/15/27
123,000
 
124,127
Kohl's Corp, 10.0000%, 6/1/30ž
250,000
 
264,355
LGI Homes Inc, 8.7500%, 12/15/28ž
115,000
 
117,660
LGI Homes Inc, 4.0000%, 7/15/29ž
140,000
 
124,696
Live Nation Entertainment Inc, 6.5000%, 5/15/27ž
188,000
 
188,239
Millrose Properties Inc, 6.3750%, 8/1/30ž
233,000
 
232,927
Mohegan Tribal Gaming Authority / MS Digital Entertainment Holdings LLC,
11.8750%, 4/15/31ž
120,000
 
125,012
New Home Company Inc/The, 9.2500%, 10/1/29ž
120,000
 
121,218
Penn Entertainment Inc, 6.7500%, 4/1/31ž
55,000
 
53,417
Six Flags Entertainment Corp, 7.2500%, 5/15/31ž
130,000
 
125,166
Stellantis Financial Services US Corp, 4.9500%, 9/15/28ž
294,000
 
292,383
Taylor Morrison Communities Inc, 5.7500%, 1/15/28ž
126,000
 
126,325
VICI Properties LP, 4.7500%, 4/1/28
350,000
 
350,356
VICI Properties LP / Vici Note Co Inc, 4.5000%, 9/1/26ž
150,000
 
149,825
Victra Holdings LLC / Victra Finance Corp, 8.7500%, 9/15/29ž
120,000
 
124,543
Volkswagen Financial Services NV, 6.5000%, 9/18/27
1,000,000
GBP
1,342,272
 
 
 
7,866,435
Consumer Non-Cyclical – 4.7%
 
 
 
Mattel Inc, 3.7500%, 4/1/29ž
360,000
 
348,160
Mattel Inc, 5.0000%, 11/17/30
163,000
 
161,996
Solventum Corp, 5.4000%, 3/1/29
396,000
 
405,101
Teva Pharmaceutical Finance Netherlands III BV, 3.1500%, 10/1/26
275,000
 
272,266
Teva Pharmaceutical Finance Netherlands III BV, 6.7500%, 3/1/28
490,000
 
502,206
Universal Health Services Inc, 1.6500%, 9/1/26
825,000
 
815,142
 
 
 
2,504,871
Electric – 2.4%
 
 
 
Liberty Utilities Co, 5.5770%, 1/31/29ž
605,000
 
616,754
Long Ridge Energy LLC, 8.7500%, 2/15/32ž
120,000
 
125,893
NRG Energy Inc, 2.4500%, 12/2/27ž
553,000
 
532,686
 
 
 
1,275,333
Energy – 4.9%
 
 
 
Cheniere Energy Inc, 4.6250%, 10/15/28
375,000
 
374,052
Civitas Resources Inc, 9.6250%, 6/15/33ž
118,000
 
130,357
Columbia Pipelines Holding Company LLC, 6.0550%, 8/15/26ž
125,000
 
125,568
DT Midstream Inc, 4.1250%, 6/15/29ž
130,000
 
127,265
Hess Midstream Operations LP, 5.8750%, 3/1/28ž
344,000
 
346,207
Hess Midstream Operations LP, 5.1250%, 6/15/28ž
383,000
 
381,874
Hess Midstream Operations LP, 6.5000%, 6/1/29ž
89,000
 
90,916
ITT Holdings LLC, 6.5000%, 8/1/29ž
380,000
 
369,488
Repsol E&P Capital Markets US LLC, 4.8050%, 9/16/28ž
200,000
 
200,834
4
 
Shares or
Principal Amounts
 
Value
Corporate Bonds – (continued)
 
 
 
Energy – (continued)
 
 
 
Sunoco LP, 5.6250%, 3/15/31ž
$193,000
 
$192,115
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 7.3750%,
2/15/29ž
226,000
 
232,495
 
 
 
2,571,171
Finance Companies – 5.4%
 
 
 
Avanti Finance Ltd, 90 Day Australian Bank Bill Rate + 4.8500%, 9.0239%,
9/14/28‡
400,000
AUD
278,714
Aviation Capital Group LLC, 1.9500%, 9/20/26ž
200,000
 
197,621
Bread Financial Holdings Inc, 6.7500%, 5/15/31ž
175,000
 
173,643
GGAM Finance Ltd, 5.8750%, 3/15/30ž
16,000
 
15,942
Judo Bank Pty Ltd, 90 Day Australian Bank Bill Rate + 3.3500%, 7.1585%,
10/23/34‡
240,000
AUD
171,793
Macquarie Airfinance Holdings Ltd, 5.2000%, 3/27/28ž
250,000
 
250,901
OneMain Finance Corp, 6.1250%, 5/15/30
145,000
 
141,787
OneMain Finance Corp, 7.1250%, 11/15/31
321,000
 
318,046
PennyMac Financial Services Inc, 7.8750%, 12/15/29ž
250,000
 
255,741
Rocket Cos Inc, 6.1250%, 8/1/30ž
242,000
 
244,233
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc, 2.8750%, 10/15/26ž
815,000
 
806,184
 
 
 
2,854,605
Financial Institutions – 3.9%
 
 
 
Atlas Warehouse Lending Co LP, 6.0500%, 1/15/28ž
500,000
 
506,716
Atlas Warehouse Lending Co LP, 4.6250%, 11/15/28ž
270,000
 
265,914
Atlas Warehouse Lending Co LP, 6.2500%, 1/15/30ž
250,000
 
257,111
Burford Capital Global Finance LLC, 6.8750%, 4/15/30ž
200,000
 
176,534
GGAM Finance Ltd, 8.0000%, 6/15/28ž
260,000
 
269,843
Liberty Financial Pty Ltd, 90 Day Australian Bank Bill Rate + 3.8000%, 7.9739%,
3/16/28‡
800,000
AUD
577,212
 
 
 
2,053,330
Government Sponsored – 0.5%
 
 
 
Permanent TSB Group Holdings PLC, EURIBOR ICE SWAP Rate + 3.5000%,
6.6250%, 7/2/29‡
230,000
EUR
282,330
Insurance – 2.3%
 
 
 
Asurion LLC / Asurion Co-Issuer Inc, 8.0000%, 12/31/32ž
250,000
 
259,362
Athene Global Funding, 2.5000%, 3/24/28ž
252,000
 
239,974
F&G Global Funding, 4.6500%, 9/8/28ž
93,000
 
91,831
HUB International Ltd, 7.3750%, 1/31/32ž
250,000
 
254,991
Suncorp Group Ltd, 90 Day Australian Bank Bill Rate + 2.6500%, 6.6167%,
12/1/38‡
500,000
AUD
356,050
 
 
 
1,202,208
Professional Services – 1.0%
 
 
 
Booz Allen Hamilton Inc, 3.8750%, 9/1/28ž
526,000
 
512,310
Real Estate Investment Trusts (REITs) – 0.3%
 
 
 
Rithm Capital Corp, 8.0000%, 7/15/30ž
180,000
 
173,732
Technology – 5.6%
 
 
 
APLD ComputeCo 2 LLC, 6.7500%, 3/15/31ž
187,000
 
185,638
Black Pearl Compute LLC, 6.1250%, 2/15/31ž
121,000
 
123,153
Ciena Corp, 4.0000%, 1/31/30ž
260,000
 
247,278
Cipher Compute LLC, 7.1250%, 11/15/30ž
170,000
 
176,125
CoreWeave Inc, 9.2500%, 6/1/30ž
130,000
 
126,316
CrowdStrike Holdings Inc, 3.0000%, 2/15/29
182,000
 
173,123
Gartner Inc, 4.5000%, 7/1/28ž
280,000
 
275,278
MSCI Inc, 4.0000%, 11/15/29ž
615,000
 
597,355
Oracle Corp, 4.8000%, 8/3/28
325,000
 
325,138
Oracle Corp, 4.9500%, 2/4/31
381,000
 
372,786
Seagate Data Storage Technology Pte Ltd, 9.6250%, 12/1/32ž
230,000
 
255,624
Western Union Co/The, 4.7500%, 6/15/29
130,000
 
128,842
 
 
 
2,986,656
Transportation – 1.3%
 
 
 
American Airlines Inc / AAdvantage Loyalty IP Ltd, 5.5000%, 4/20/26ž
33,333
 
33,346
American Airlines Inc / AAdvantage Loyalty IP Ltd, 5.7500%, 4/20/29ž
250,000
 
248,633
Delta Air Lines Inc / SkyMiles IP Ltd, 4.7500%, 10/20/28ž
297,000
 
296,571
United Airlines Inc, 4.6250%, 4/15/29ž
100,000
 
98,112
 
 
 
676,662
Total Corporate Bonds (cost $31,791,247)
 
 
32,134,951
5
 
Shares or
Principal Amounts
 
Value
Mortgage-Backed Securities – 0.6%
 
 
 
Fannie Mae:
 
 
 
6.0000%, TBA, 30 Year Maturity
$239,686
 
$244,223
6.0000%, TBA, 30 Year Maturity
60,314
 
61,383
 
 
 
305,606
Total Mortgage-Backed Securities (cost $305,486)
 
 
305,606
Convertible Preferred Stocks – 0.2%
 
 
 
Software – 0.2%
 
 
 
Oracle Corp, 6.5000%, 1/15/29 (cost $140,000)
2,800
 
126,028
Commercial Paper – 2.3%
 
 
 
AutoNation Inc, 0%, 4/1/26±,◊
250,000
 
249,971
Humana Inc, 0%, 4/1/26±,◊
950,000
 
949,896
Total Commercial Paper (cost $1,199,865)
 
 
1,199,867
Total Investments (total cost $53,015,653) – 100.9%
 
 
53,407,166
Liabilities, net of Cash, Receivables and Other Assets – (0.9)%
 
 
(477,940)
Net Assets – 100%
 
 
$52,929,226
 
Summary of Investments by Country - (Long Positions) (unaudited)
 
 
Country
Value
% of
Investment
Securities
United States
$41,703,253
78.1
%
Australia
6,031,064
11.3
Cayman Islands
1,483,112
2.8
Germany
1,342,272
2.5
Israel
774,472
1.4
United Kingdom
698,320
1.3
Ireland
568,115
1.1
New Zealand
278,714
0.5
Luxembourg
203,273
0.4
Spain
200,834
0.4
Canada
123,737
0.2
Total
$53,407,166
100.0
%
 
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)
Bank of America, National Association:
British Pound
4/17/26
(1,410,000)
$1,894,906
$28,966
Citibank, National Association:
Euro
4/17/26
(280,000)
327,726
3,866
Goldman Sachs & Co. LLC:
New Zealand Dollar
4/17/26
(110,000)
63,361
142
HSBC Securities (USA), Inc.:
Australian Dollar
4/17/26
843,450
(587,583)
(5,893)
Australian Dollar
4/17/26
50,000
(33,666)
817
 
(5,076)
JPMorgan Chase Bank, National Association:
Australian Dollar
4/17/26
60,000
(42,749)
(1,370)
State Street  Bank and Trust Company:
Australian Dollar
4/17/26
(18,550,000)
12,389,823
(403,280)
UBS:
Australian Dollar
4/17/26
8,245,000
(5,768,737)
(82,530)
New Zealand Dollar
4/17/26
(15,000)
8,820
199
 
(82,331)
Total
$(459,083)
6
 
Schedule of Futures
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value and
Unrealized
Appreciation/(Depreciation)
Futures Long:
2 Year US Treasury Note
65
7/6/26
$13,483,945
$(49,461)
2-Year Canadian Bond
28
6/30/26
2,117,564
6,043
3-Month CORRA
14
3/17/27
2,447,282
6,097
3-Month SOFR
10
3/17/27
2,409,125
4,312
Total - Futures Long
(33,009)
Futures Short:
3-Year Australian Bond
32
6/15/26
(2,288,030)
11,990
5 Year US Treasury Note
13
7/6/26
(1,406,336)
14,188
Euro-Schatz
3
6/10/26
(366,644)
3,801
Total - Futures Short
29,979
Total
$(3,030)
 
Schedule of Centrally Cleared Credit Default Swaps - Buy Protection
 
Reference
Asset
Maturity
Date
Notional
Amount
 
Premiums
Paid/(Received)
Unrealized
Appreciation/
(Depreciation)
Value
CDX.NA.HY.45, Fixed Rate
of 5.00%, Paid Quarterly
12/20/30
(792,000)
USD
$(39,625)
$(3,403)
$(43,028)
 
Schedule of Centrally Cleared Interest Rate Swaps
Payments made
by Fund
Payments received
by Fund
Payment
Frequency
Maturity
Date
Notional
Amount
 
Premiums
Paid/
(Received)
Unrealized
Appreciation/
(Depreciation)
Value
SONIA 1D
3.624% Fixed Rate
Annually
10/21/27
1,000,000
GBP
$-
$(14,288)
$(14,288)
SONIA 1D
3.5513% Fixed Rate
Annually
11/6/27
1,000,000
GBP
-
(16,269)
(16,269)
3.365% Fixed
Rate
USD SOFR
Annually
11/22/27
(2,700,000)
USD
-
16,911
16,911
SONIA 1D
3.5001% Fixed Rate
Annually
12/3/27
100,000
GBP
-
(1,763)
(1,763)
SONIA 1D
3.4005% Fixed Rate
Annually
2/27/28
1,000,000
GBP
-
(21,037)
(21,037)
SONIA 1D
3.3542% Fixed Rate
Annually
2/27/28
1,000,000
GBP
-
(22,196)
(22,196)
3.8198% Fixed
Rate
SONIA 1D
Annually
3/6/28
(2,100,000)
GBP
-
22,321
22,321
Total
 
 
$-
$(36,321)
$(36,321)
 
Average Ending Monthly Value of Derivative Instruments During the Period Ended March 31, 2026
Credit default swaps:
Average notional amount - buy protection
$158,400
Average notional amount - sell protection
40,000
Forward foreign currency exchange contracts:
Average amounts purchased - in USD
1,184,108
Average amounts sold - in USD
15,884,001
Futures contracts:
Average notional amount of contracts - long
5,128,223
Average notional amount of contracts - short
7,784,574
Interest rate swaps:
Average notional amount - pay fixed rate/receive floating rate
3,300,000
Average notional amount - receive fixed rate/pay floating rate
8,355,180
Swaptions:
Average value of swaption contracts purchased
8,495
Average value of swaption contracts written
2,863
7
Notes to Schedule of Investments (unaudited) 
EURIBOR
Euro Interbank Offered Rate
ICE
Intercontinental Exchange
LLC
Limited Liability Company
LP
Limited Partnership
PLC
Public Limited Company
SOFR
Secured Overnight Financing Rate
SONIA
Sterling Overnight Interbank Average Rate
TBA
(To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate
principal amount and no defined maturity date. The actual principal and maturity date will be determined upon
settlement when specific mortgage pools are assigned.
 
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
$34,824,286, which represents 65.8% of net assets.
±
Securities sold under Section 4(2) 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 4(2) securities as of the period ended March 31, 2026 is
$1,199,867, which represents 2.3% of net assets.
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.
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.
◊
Zero coupon bond.
8
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
$-
$18,624,911
$-
Bank Loans and Mezzanine Loans
-
1,015,803
-
Corporate Bonds
-
32,134,951
-
Mortgage-Backed Securities
-
305,606
-
Convertible Preferred Stocks
126,028
-
-
Commercial Paper
-
1,199,867
-
Total Investments in Securities
$126,028
$53,281,138
$-
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts
-
33,990
-
Futures Contracts
46,431
-
-
Centrally Cleared Swaps
-
39,232
-
Total Assets
$172,459
$53,354,360
$-
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts
$-
$493,073
$-
Futures Contracts
49,461
-
-
Centrally Cleared Swaps
-
78,956
-
Total Liabilities
$49,461
$572,029
$-
 
(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.
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 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.
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 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.
11
For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual financial
statements.
125-35-70255 05-26