NPORT-EX 2 venture_3.htm 03 JH VENTURE FUND EDGAR HTML
Janus Henderson Venture Fund
Schedule of Investments (unaudited)
December 31, 2025
 
 
Shares/Principal/
Contract Amounts
 
Value
Common Stocks – 97.4%
 
 
 
Aerospace & Defense – 1.5%
 
 
 
Loar Holdings Inc*
239,022
 
$16,253,496
Standardaero Inc*
855,915
 
24,547,642
Voyager Technologies Inc - Class A*,#
299,251
 
7,822,421
 
 
 
48,623,559
Banks – 1.4%
 
 
 
Bancorp Inc/The*
679,266
 
45,864,040
Biotechnology – 16.0%
 
 
 
Arcellx Inc*
138,027
 
8,999,360
Ascendis Pharma A/S (ADR)*
145,924
 
31,116,834
Avidity Biosciences Inc*
873,864
 
63,031,810
Bridgebio Pharma Inc*
622,642
 
47,625,887
Centessa Pharmacuticals PLC (ADR)*
469,266
 
11,736,343
Crinetics Pharmaceuticals Inc*
307,336
 
14,306,491
Halozyme Therapeutics Inc*
324,650
 
21,848,945
IDEAYA Biosciences Inc*
524,915
 
18,146,312
Insmed Inc*
116,306
 
20,241,896
Janux Therapeutics Inc*
273,793
 
3,778,343
Madrigal Pharmaceuticals Inc*
55,005
 
32,031,612
Mirum Pharmaceuticals Inc*
458,611
 
36,225,683
Nuvalent Inc - Class A*
144,675
 
14,552,858
Olema Pharmaceuticals Inc*
300,630
 
7,515,750
Praxis Precision Medicines Inc*
142,618
 
42,035,229
Protagonist Therapeutics Inc*
226,933
 
19,820,328
PTC Therapeutics Inc*
303,188
 
23,030,160
Revolution Medicines Inc*
441,735
 
35,184,193
Soleno Therapeutics Inc*
324,432
 
15,021,202
Travere Therapeutics Inc*
435,537
 
16,641,869
Vaxcyte Inc*
465,900
 
21,496,626
Xenon Pharmaceuticals Inc*
249,698
 
11,191,464
 
 
 
515,579,195
Building Products – 2.1%
 
 
 
CSW Industrials Inc
76,387
 
22,421,876
Zurn Water Solutions Corp
981,513
 
45,630,539
 
 
 
68,052,415
Capital Markets – 2.9%
 
 
 
Bullish*,#
186,672
 
7,069,268
Hamilton Lane Inc
149,126
 
20,029,113
LPL Financial Holdings Inc
151,176
 
53,995,532
Wealthfront Corp*
946,210
 
12,858,994
 
 
 
93,952,907
Chemicals – 3.4%
 
 
 
Perimeter Solutions Inc*
2,170,689
 
59,759,068
Sensient Technologies Corp
535,581
 
50,317,835
 
 
 
110,076,903
Commercial Services & Supplies – 4.5%
 
 
 
CECO Environmental Corp*
861,153
 
51,540,007
Cimpress PLC*
384,979
 
25,635,752
Montrose Environmental Group Inc*
709,064
 
17,606,059
Rentokil Initial PLC (ADR)
1,650,380
 
48,620,195
 
 
 
143,402,013
Construction & Engineering – 2.2%
 
 
 
Legence Corp - Class A*
822,597
 
35,404,575
Sterling Construction Co Inc*
119,264
 
36,522,215
 
 
 
71,926,790
Diversified Consumer Services – 1.6%
 
 
 
Bright Horizons Family Solutions Inc*
187,682
 
19,030,955
Stride Inc*
489,370
 
31,774,794
 
 
 
50,805,749
Diversified Financial Services – 2.9%
 
 
 
Euronet Worldwide Inc*
338,055
 
25,729,366
Shift4 Payments Inc - Class A*,#
484,090
 
30,483,147
Walker & Dunlop Inc
252,809
 
15,206,462
WEX Inc*
144,699
 
21,557,257
 
 
 
92,976,232
 
Shares/Principal/
Contract Amounts
 
Value
Common Stocks – (continued)
 
 
 
Diversified Telecommunication Services – 1.5%
 
 
 
AST SpaceMobile Inc*,#
662,917
 
$48,147,662
Electronic Equipment, Instruments & Components – 5.1%
 
 
 
Arlo Technologies Inc*
854,728
 
11,957,645
Bel Fuse Inc - Class B
256,737
 
43,550,297
Napco Security Technologies Inc
614,619
 
25,629,612
Novanta Inc*
216,646
 
25,778,707
OSI Systems Inc*
224,927
 
57,369,881
 
 
 
164,286,142
Entertainment – 1.1%
 
 
 
Atlanta Braves Holdings Inc - Class C*
672,161
 
26,516,752
Manchester United PLC*
535,197
 
8,520,336
 
 
 
35,037,088
Food & Staples Retailing – 1.4%
 
 
 
Casey's General Stores Inc
82,286
 
45,480,295
Food Products – 0.5%
 
 
 
Mama's Creations Inc*
1,293,683
 
17,451,784
Health Care Equipment & Supplies – 6.9%
 
 
 
Carlsmed Inc*,#
594,582
 
7,343,088
Glaukos Corp*
655,821
 
74,048,749
Globus Medical Inc*
592,370
 
51,719,825
ICU Medical Inc*
215,741
 
30,779,768
Lantheus Holdings Inc*
461,154
 
30,689,799
PROCEPT BioRobotics Corp*
298,327
 
9,385,367
STERIS PLC
71,888
 
18,225,046
 
 
 
222,191,642
Health Care Providers & Services – 0.9%
 
 
 
HealthEquity Inc*
210,792
 
19,310,655
Lumexa Imaging Holdings Inc*,#
598,213
 
11,066,941
 
 
 
30,377,596
Health Care Technology – 1.3%
 
 
 
HeartFlow Inc*
630,000
 
18,364,500
Waystar Holding Corp*
700,918
 
22,955,064
 
 
 
41,319,564
Hotels, Restaurants & Leisure – 1.4%
 
 
 
Aramark
881,027
 
32,474,655
Inspired Entertainment Inc*
1,200,061
 
11,232,571
 
 
 
43,707,226
Household Durables – 0.3%
 
 
 
Dream Finders Homes Inc - Class A*
549,549
 
9,397,288
Insurance – 1.8%
 
 
 
BRP Group Inc - Class A*
592,019
 
14,226,216
Exzeo Group Inc*
585,072
 
14,187,996
Palomar Holdings Inc*
115,939
 
15,623,940
RLI Corp
232,652
 
14,885,075
 
 
 
58,923,227
Interactive Media & Services – 0.5%
 
 
 
Ziff Davis Inc*
479,373
 
16,849,961
Life Sciences Tools & Services – 0%
 
 
 
OmniAb Inc - 12.5 Earnout*
104,942
 
60,425
OmniAb Inc - 15 Earnout*
104,942
 
50,110
 
 
 
110,535
Machinery – 6.5%
 
 
 
Alamo Group Inc
139,633
 
23,440,192
ATS Corp*
818,694
 
22,555,246
EnPro Industries Inc
138,591
 
29,676,491
Gates Industrial Corp PLC*
1,307,144
 
28,064,382
ITT Inc
196,099
 
34,025,137
Kornit Digital Ltd*
657,994
 
9,461,954
SPX Technologies Inc*
313,056
 
62,629,983
 
 
 
209,853,385
Multiline Retail – 0.8%
 
 
 
Global-E Online Ltd*
634,812
 
24,954,460
Oil, Gas & Consumable Fuels – 1.2%
 
 
 
California Resources Corp
290,777
 
13,000,640
Magnolia Oil & Gas Corp
1,214,364
 
26,582,428
 
 
 
39,583,068
2
 
Shares/Principal/
Contract Amounts
 
Value
Common Stocks – (continued)
 
 
 
Personal Products – 1.1%
 
 
 
BellRing Brands Inc*
362,128
 
$9,679,681
Oddity Tech Ltd - Class A*
637,338
 
25,608,241
 
 
 
35,287,922
Pharmaceuticals – 2.7%
 
 
 
Edgewise Therapeutics Inc*
179,368
 
4,451,017
Ligand Pharmaceuticals Inc*
269,027
 
50,864,935
Structure Therapeutics Inc (ADR)*
246,719
 
17,159,306
Tarsus Pharmaceuticals Inc*
165,844
 
13,579,307
 
 
 
86,054,565
Professional Services – 7.9%
 
 
 
Asure Software Inc*,£
1,516,460
 
14,285,053
Broadridge Financial Solutions Inc
160,593
 
35,839,540
CACI International Inc - Class A*
54,325
 
28,944,903
CBIZ Inc*
269,782
 
13,610,502
CRA International Inc
112,842
 
22,646,825
Innodata Inc*
436,628
 
22,246,197
Paylocity Holding Corp*
199,294
 
30,392,335
SS&C Technologies Holdings Inc
786,557
 
68,760,813
UL Solutions Inc - Class A
230,441
 
18,172,577
 
 
 
254,898,745
Real Estate Management & Development – 1.0%
 
 
 
Colliers International Group Inc - Subordinate Voting Shares
126,243
 
18,558,983
FirstService Corp
96,445
 
15,000,091
 
 
 
33,559,074
Semiconductor & Semiconductor Equipment – 5.2%
 
 
 
Credo Technology Group Holding Ltd*
303,875
 
43,724,574
MACOM Technology Solutions Holdings Inc*
195,152
 
33,425,635
Nova Ltd*
44,213
 
14,519,107
ON Semiconductor Corp*
357,733
 
19,371,242
PDF Solutions Inc*
849,580
 
24,238,517
Tower Semiconductor Ltd*
285,232
 
33,491,941
 
 
 
168,771,016
Software – 6.3%
 
 
 
Alkami Technology Inc*
936,091
 
21,595,619
Blackbaud Inc*
424,949
 
26,907,771
Clearwater Analytics Holdings Inc - Class A*
1,016,228
 
24,511,419
Consensus Cloud Solutions Inc*
700,212
 
15,278,626
Descartes Systems Group Inc/The*
550,845
 
48,329,384
Kinaxis Inc*
124,360
 
15,683,641
Procore Technologies Inc*
195,116
 
14,192,738
Tyler Technologies Inc*
51,902
 
23,560,913
Vertex Inc - Class A*
705,903
 
14,096,883
 
 
 
204,156,994
Specialty Retail – 0.8%
 
 
 
Valvoline Inc*
838,462
 
24,365,706
Textiles, Apparel & Luxury Goods – 1.2%
 
 
 
Gildan Activewear Inc
634,811
 
39,650,295
Trading Companies & Distributors – 1.5%
 
 
 
Core & Main Inc - Class A*
689,742
 
35,845,892
SiteOne Landscape Supply Inc*
92,680
 
11,544,221
 
 
 
47,390,113
Total Common Stocks (cost $1,844,824,908)
 
 
3,143,065,156
Private Placements – 1.2%
 
 
 
Biotechnology – 0.3%
 
 
 
Claris Biotherapeutics Inc - Series A-3*,¢,£,§
5,023,916
 
3,053,034
Claris Biotherapeutics Inc - Series B-1*,¢,£,§
670,416
 
293,307
Claris Biotherapeutics Inc - Series B-2*,¢,£,§
5,994,888
 
2,622,764
Galvanize Therapeutics Inc - Series C*,¢,§
8,246,395
 
4,368,940
 
 
 
10,338,045
Health Care Technology – 0.3%
 
 
 
Kardium Inc - Series 8 Class D Preferred shares*,¢,§
8,991,217
 
8,313,549
Professional Services – 0.4%
 
 
 
Apartment List Inc*,¢,§
2,431,401
 
10,527,966
IntelyCare Inc*,¢,§
384,276
 
503,402
 
 
 
11,031,368
3
 
Shares/Principal/
Contract Amounts
 
Value
Private Placements – (continued)
 
 
 
Software – 0.2%
 
 
 
Loadsmart Inc - Series A*,¢,§
140,312
 
$1,932,096
Loadsmart Inc - Series D*,¢,§
399,891
 
5,506,499
 
 
 
7,438,595
Total Private Placements (cost $46,815,998)
 
 
37,121,557
Rights – 0.1%
 
 
 
Biotechnology – 0.1%
 
 
 
89bio Inc (CVR)*,¢
1,117,836
 
380,064
Akero Therapeutics Inc (CVR)*,¢
190,961
 
124,125
Metsera Inc (CVR)*,#,¢
301,216
 
1,475,958
Total Rights (cost $124,124)
 
 
1,980,147
Investment Companies – 1.5%
 
 
 
Money Markets – 1.5%
 
 
 
Janus Henderson Cash Liquidity Fund LLC, 3.7222%ºº,£ (cost $49,796,441)
49,783,291
 
49,798,226
Investments Purchased with Cash Collateral from Securities Lending – 1.2%
 
 
 
Investment Companies – 1.0%
 
 
 
Janus Henderson Cash Collateral Fund LLC, 3.6894%ºº,£
32,184,609
 
32,184,609
Time Deposits – 0.2%
 
 
 
Royal Bank of Canada, 3.7000%, 1/2/26
$8,046,152
 
8,046,152
Total Investments Purchased with Cash Collateral from Securities Lending (cost $40,230,761)
 
40,230,761
OTC Purchased Options – Calls – 0.1%
Counterparty/Reference Asset
 
 
 
Morgan Stanley & Co International PLC:
 
 
 
Travere Therapeutics Inc,
Notional amount $6,560,657, premiums paid $717,706, unrealized appreciation
$2,168,430, exercise price $22.50, expires 3/20/26*
1,717
 
2,886,136
Total Investments (total cost $1,982,509,938) – 101.5%
 
 
3,275,081,983
Liabilities, net of Cash, Receivables and Other Assets – (1.5)%
 
 
(49,625,664)
Net Assets – 100%
 
 
$3,225,456,319
 
Summary of Investments by Country - (Long Positions) (unaudited)
 
 
Country
Value
% of
Investment
Securities
United States
$2,903,248,394
88.7
%
Canada
168,091,189
5.1
Israel
108,035,703
3.3
United Kingdom
57,140,531
1.7
Denmark
31,116,834
1.0
Cayman Islands
7,069,268
0.2
Switzerland
380,064
0.0
Total
$3,275,081,983
100.0
%
 
Schedule of Affiliated Investments - (% of Net Assets)
Affiliate
Affiliated
Investments,
at Value at
9/30/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change in
Unrealized
Appreciation/
Depreciation
Affiliated
Investments,
at Value at
12/31/25
Ending
Shares/
Principal
Dividend/
Interest
Income
Convertible Corporate Bonds - N/A
Biotechnology - N/A
Claris Biotherapeutics Inc, 8.0000%, 7/31/26
 
$221,444
$-
$(234,646)
Ð
$13,202
$-
$-
$-
$-
Claris Biotherapeutics Inc - Series B, 8.0000%, 7/31/26
 
154,340
-
(156,843)
Ð
2,503
-
-
-
-
Total Convertible Corporate Bonds - N/A
 
$375,784
$-
$(391,489)
$15,705
$-
$-
$-
$-
Common Stocks - 0.5%
Professional Services - 0.5%
Asure Software Inc*
 
12,869,818
-
(436,912)
(199,448)
2,051,595
14,285,053
1,516,460
-
4
 
Affiliate
Affiliated
Investments,
at Value at
9/30/25
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change in
Unrealized
Appreciation/
Depreciation
Affiliated
Investments,
at Value at
12/31/25
Ending
Shares/
Principal
Dividend/
Interest
Income
Private Placements - 0.2%
Biotechnology - 0.2%
Claris Biotherapeutics Inc - Series A-3*,¢,§
 
$2,197,963
$-
$-
$-
$855,071
$3,053,034
5,023,916
$-
Claris Biotherapeutics Inc - Series B-1*,¢,§
 
-
234,646
Ð
-
-
58,661
293,307
670,416
-
Claris Biotherapeutics Inc - Series B-2*,¢,§
 
-
2,622,764
Ð
-
-
-
2,622,764
5,994,888
-
Total Private Placements - 0.2%
 
$2,197,963
$2,857,410
$-
$-
$913,732
$5,969,105
11,689,220
$-
Investment Companies - 1.5%
Money Markets - 1.5%
Janus Henderson Cash Liquidity Fund LLC, 3.7222%ºº
 
37,026,630
248,765,424
(235,996,310)
697
1,785
49,798,226
49,783,291
369,122
Investments Purchased with Cash Collateral from Securities Lending - 1.0%
Investment Companies - 1.0%
Janus Henderson Cash Collateral Fund LLC, 3.6894%ºº
 
33,281,722
193,479,530
(194,576,643)
-
-
32,184,609
32,184,609
62,125
∆
Total Affiliated Investments - 3.2%
 
$85,751,917
$445,102,364
$(431,401,354)
$(183,046)
$2,967,112
$102,236,993
95,173,580
$431,247
 
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
3/5/26
23,173,000
$(30,838,860)
$386,157
Canadian Dollar
3/5/26
(5,057,000)
3,666,167
(28,724)
 
357,433
Barclays Capital, Inc.:
British Pound
3/5/26
1,059,100
(1,410,006)
17,104
Canadian Dollar
3/5/26
(1,118,900)
811,218
(6,305)
 
10,799
Citibank, National Association:
British Pound
3/5/26
(10,740,800)
14,294,849
(178,100)
Canadian Dollar
3/5/26
(12,859,900)
9,322,924
(73,146)
 
(251,246)
Goldman Sachs & Co. LLC:
British Pound
3/5/26
(17,680,000)
23,539,241
(284,101)
Canadian Dollar
3/5/26
(2,501,000)
1,812,936
(14,416)
 
(298,517)
HSBC Securities (USA), Inc.:
British Pound
3/5/26
(13,354,400)
17,787,746
(206,962)
Canadian Dollar
3/5/26
(66,035,700)
47,894,434
(354,470)
 
(561,432)
JPMorgan Chase Bank, National Association:
British Pound
3/5/26
(15,549,800)
20,706,101
(246,851)
Canadian Dollar
3/5/26
(57,100,500)
41,414,261
(306,150)
 
(553,001)
Morgan Stanley & Co. International PLC:
British Pound
3/5/26
8,592,000
(11,446,782)
130,715
British Pound
3/5/26
(879,000)
1,176,654
(7,775)
Canadian Dollar
3/5/26
21,768,000
(15,813,076)
91,686
 
214,626
5
 
Counterparty/
Foreign Currency
Settlement
Date
Foreign Currency
Amount (Sold)/
Purchased
USD Currency
Amount (Sold)/
Purchased
Market Value and
Unrealized
Appreciation/
(Depreciation)
State Street  Bank and Trust Company:
British Pound
3/5/26
(15,669,832)
$20,876,321
$(238,371)
Canadian Dollar
3/5/26
(794,500)
576,189
(4,311)
 
(242,682)
Total
$(1,324,020)
 
Schedule of OTC Written Options
Counterparty/
Reference Asset
Number of
Contracts
Exercise
Price
 
Expiration
Date
Notional
Amount
Premiums
Received
Unrealized
Appreciation/
(Depreciation)
Options
Written,
at Value
Written Call Options:
Morgan Stanley & Co International PLC:
Ast Spacemobile Inc
2,000
55.00
USD
1/16/26
$(14,526,000)
$1,129,600
$(2,511,234)
$(3,640,834)
Innodata Inc
2,527
90.00
USD
2/20/26
(12,875,065)
5,349,726
5,094,183
(255,544)
 
6,479,326
2,582,949
(3,896,378)
Goldman Sachs & Co LLC:
Ast Spacemobile Inc
1,524
60.00
USD
6/18/26
(11,068,812)
1,170,610
(2,707,881)
(3,878,491)
Total OTC Written Options
$7,649,936
$(124,932)
$(7,774,869)
 
Average Ending Monthly Value of Derivative Instruments During the Period Ended December 31, 2025
Forward foreign currency exchange contracts:
Average amounts purchased - in USD
$87,301,793
Average amounts sold - in USD
241,834,524
Options:
Average value of option contracts purchased
2,223,718
Average value of option contracts written
7,678,356
6
Notes to Schedule of Investments (unaudited) 
ADR
American Depositary Receipt
CVR
Contingent Value Right
LLC
Limited Liability Company
OTC
Over-the-Counter
PLC
Public Limited Company
 
*
Non-income producing security.
ºº
Rate shown is the 7-day yield as of December 31, 2025.
#
Loaned security; a portion of the security is on loan at December 31, 2025.
¢
Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended December 31, 2025 is
$39,101,704, which represents 1.3% 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.
Ð
All or a portion is the result of a corporate action.
§
Schedule of Restricted Securities (as of December 31, 2025)
 
 
Acquisition
Date
Cost
Value
Value as a
% of Net
Assets
Apartment List Inc
11/2/20
$8,881,908
$10,527,966
0.4
%
Claris Biotherapeutics Inc - Series A-3
12/28/23
4,811,555
3,053,034
0.1
Claris Biotherapeutics Inc - Series B-1
11/25/25
234,646
293,307
0.0
Claris Biotherapeutics Inc - Series B-2
11/25/25
2,622,764
2,622,764
0.1
Galvanize Therapeutics Inc - Series C
7/7/25
4,369,023
4,368,940
0.1
IntelyCare Inc
3/29/22
9,412,879
503,402
0.0
Kardium Inc - Series 8 Class D Preferred shares
6/6/25
5,819,475
8,313,549
0.3
Loadsmart Inc - Series A
1/4/22
2,665,928
1,932,096
0.0
Loadsmart Inc - Series D
1/4/22
7,997,820
5,506,499
0.2
Total
$46,815,998
$37,121,557
1.2%
The Fund has registration rights for certain restricted securities held as of December 31, 2025. The issuer incurs all registration costs.
7
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 December 31, 2025. 
Valuation Inputs Summary
 
Level 1 -
Quoted Prices
Level 2 -
Other Significant
Observable Inputs
Level 3 -
Significant
Unobservable Inputs
Assets
Investments In Securities:
Common Stocks
Life Sciences Tools & Services
$-
$110,535
$-
Machinery
187,298,139
22,555,246
-
Software
140,143,969
64,013,025
-
All Other
2,728,944,242
-
-
Private Placements
-
-
37,121,557
Rights
-
-
1,980,147
Investment Companies
-
49,798,226
-
Investments Purchased with Cash Collateral from Securities Lending
-
40,230,761
-
OTC Purchased Options – Calls
-
2,886,136
-
Total Investments in Securities
$3,056,386,350
$179,593,929
$39,101,704
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts
-
625,662
-
Total Assets
$3,056,386,350
$180,219,591
$39,101,704
Liabilities
Other Financial Instruments(a):
Forward Foreign Currency Exchange Contracts
$-
$1,949,682
$-
OTC Options Written, at Value
-
7,774,869
-
Total Liabilities
$-
$9,724,551
$-
 
(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.
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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. For private placements where observable inputs are limited, assumptions about market activity and risk are used in employing valuation techniques such as the market approach, the income approach, or the cost approach, as defined under ASC 820. These are categorized as Level 3 in the hierarchy.
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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.
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 December 31, 2025 to fair value the Fund’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” "Level 3 Valuation Reconciliation of Assets" in the Notes to Schedule of Investments.
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For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual financial
statements.
125-25-70252 02-26