Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

1

Shares/

Principal

Amounts

Value

Common

Stocks

-

100.0%

Aerospace

&

Defense

-

1.2%

Aerojet

Rocketdyne

Holdings,

Inc.*

16,192

$

905,457

Air

Freight

&

Logistics

-

1.3%

Air

Transport

Services

Group,

Inc.*

14,621

413,921

Atlas

Air

Worldwide

Holdings,

Inc.*

5,702

582,801

Radiant

Logistics,

Inc.*

9,942

55,775

1,052,497

Auto

Components

-

0.8%

LCI

Industries

2,281

255,974

Patrick

Industries,

Inc.

2,035

144,424

XPEL,

Inc.*

2,478

188,501

588,899

Automobiles

-

0.2%

Winnebago

Industries,

Inc.

2,738

174,356

Banks

-

2.1%

Amalgamated

Financial

Corp.

1,621

37,202

Ameris

Bancorp

3,670

173,077

Bancorp,

Inc.

(The)*

2,960

100,433

Bank

First

Corp.

476

38,013

Business

First

Bancshares,

Inc.

1,327

27,522

Cambridge

Bancorp

411

32,880

Coastal

Financial

Corp.*

686

31,330

Customers

Bancorp,

Inc.*

1,720

52,236

Esquire

Financial

Holdings,

Inc.

431

20,059

FB

Financial

Corp.

2,481

93,186

First

Foundation,

Inc.

2,982

46,310

Guaranty

Bancshares,

Inc.

632

20,843

Live

Oak

Bancshares,

Inc.

2,326

79,619

Metropolitan

Bank

Holding

Corp.*

576

34,203

Northeast

Bank

441

20,815

Origin

Bancorp,

Inc.

1,621

60,788

Pacific

Premier

Bancorp,

Inc.

5,024

162,476

Pathward

Financial,

Inc.

1,505

74,678

Premier

Financial

Corp.

1,880

47,038

Professional

Holding

Corp.

-

Class

A*

730

20,915

Sandy

Spring

Bancorp,

Inc.

2,361

79,802

Seacoast

Banking

Corp.

of

Florida

3,249

104,325

ServisFirst

Bancshares,

Inc.

2,874

195,949

Silvergate

Capital

Corp.

-

Class

A*

1,673

23,824

Triumph

Financial,

Inc.*

1,295

72,170

1,649,693

Beverages

-

0.9%

Coca-Cola

Consolidated,

Inc.

801

405,931

MGP

Ingredients,

Inc.

2,106

205,419

Vita

Coco

Co.,

Inc.

(The)

#

,*

5,357

72,694

684,044

Biotechnology

-

1.3%

Emergent

BioSolutions,

Inc.*

30,219

398,589

iTeos

Therapeutics,

Inc.*

21,547

450,332

Organogenesis

Holdings,

Inc.

-

Class

A*

79,298

203,003

1,051,924

Building

Products

-

1.4%

CSW

Industrials,

Inc.

3,111

420,638

Hayward

Holdings,

Inc.*

42,478

573,028

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

2

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Building

Products

-

(continued)

Insteel

Industries,

Inc.

3,917

$

117,471

1,111,137

Capital

Markets

-

2.1%

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

3,592

132,257

B

Riley

Financial,

Inc.

1,511

64,565

Cohen

&

Steers,

Inc.

2,576

189,259

Cowen,

Inc.

-

Class

A

1,482

57,620

Evercore,

Inc.

-

Class

A

2,053

266,500

Hamilton

Lane,

Inc.

-

Class

A

2,003

155,954

Moelis

&

Co.

-

Class

A

3,382

158,108

Open

Lending

Corp.

-

Class

A*

6,680

58,584

Piper

Sandler

Cos.

942

133,858

PJT

Partners,

Inc.

-

Class

A

1,292

103,399

StepStone

Group,

Inc.

-

Class

A

3,282

95,802

TPG,

Inc.

3,754

120,916

Victory

Capital

Holdings,

Inc.

-

Class

A

3,622

107,356

1,644,178

Chemicals

-

3.6%

Origin

Materials,

Inc.*

40,185

243,119

Westlake

Corp.

21,207

2,603,159

2,846,278

Commercial

Services

&

Supplies

-

0.3%

Aris

Water

Solution,

Inc.

-

Class

A

5,330

82,562

Heritage-Crystal

Clean,

Inc.*

4,860

180,792

263,354

Communications

Equipment

-

0.7%

Clearfield,

Inc.*

7,280

520,229

Construction

&

Engineering

-

0.9%

IES

Holdings,

Inc.*

4,126

164,256

MYR

Group,

Inc.*

3,337

330,563

Sterling

Infrastructure,

Inc.*

6,098

221,906

716,725

Consumer

Finance

-

0.5%

Credit

Acceptance

Corp.*

684

316,446

Upstart

Holdings,

Inc.*

4,331

80,903

397,349

Diversified

Consumer

Services

-

0.2%

Stride,

Inc.*

3,861

165,753

Diversified

Financial

Services

-

1.2%

Corebridge

Financial,

Inc.

34,282

745,976

Jackson

Financial,

Inc.

-

Class

A

4,392

193,424

939,400

Electrical

Equipment

-

2.0%

Encore

Wire

Corp.

3,687

595,192

Fluence

Energy,

Inc.

-

Class

A

#

,*

22,982

554,786

Vicor

Corp.*

6,495

450,948

1,600,926

Electronic

Equipment,

Instruments

&

Components

-

5.8%

Insight

Enterprises,

Inc.*

18,359

2,069,427

Napco

Security

Technologies,

Inc.*

19,360

560,859

Vontier

Corp.

83,247

1,917,178

4,547,464

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

3

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Entertainment

-

0.9%

Sciplay

Corp.

-

Class

A*

4,092

$

69,523

World

Wrestling

Entertainment,

Inc.

-

Class

A

7,807

660,628

730,151

Equity

Real

Estate

Investment

Trusts

(REITs)

-

0.9%

Essential

Properties

Realty

Trust,

Inc.

10,170

259,131

Innovative

Industrial

Properties,

Inc.

1,997

179,291

PotlatchDeltic

Corp.

5,764

282,148

720,570

Food

&

Staples

Retailing

-

0.2%

Ingles

Markets,

Inc.

-

Class

A

1,376

130,720

Health

Care

Equipment

&

Supplies

-

4.0%

Cue

Health,

Inc.

#

,*

90,516

237,152

LeMaitre

Vascular,

Inc.

13,327

628,768

Semler

Scientific,

Inc.*

4,143

162,447

STAAR

Surgical

Co.*

29,211

2,060,836

3,089,203

Health

Care

Providers

&

Services

-

9.5%

AdaptHealth

Corp.

-

Class

A*

81,611

1,748,924

Addus

HomeCare

Corp.*

9,757

1,049,073

Cross

Country

Healthcare,

Inc.*

22,590

626,872

DocGo,

Inc.*

62,284

622,840

Fulgent

Genetics,

Inc.*

17,832

602,365

Joint

Corp.

(The)*

8,800

159,896

National

Research

Corp.

14,957

694,304

Progyny,

Inc.*

56,282

1,935,538

7,439,812

Health

Care

Technology

-

3.0%

Doximity,

Inc.

-

Class

A

#

,*

66,940

2,360,974

Household

Durables

-

4.2%

Cavco

Industries,

Inc.*

799

212,614

Century

Communities,

Inc.

2,851

174,481

Cricut,

Inc.

-

Class

A

#

3,916

38,338

Dream

Finders

Homes,

Inc.

-

Class

A

#

,*

2,905

36,719

Green

Brick

Partners,

Inc.*

4,132

128,918

Installed

Building

Products,

Inc.

2,567

282,601

KB

Home

7,682

295,373

LGI

Homes,

Inc.*

2,091

238,060

Lovesac

Co.

(The)*

1,363

35,084

M/I

Homes,

Inc.*

2,460

147,108

MDC

Holdings,

Inc.

6,397

241,551

Meritage

Homes

Corp.*

3,282

353,439

Skyline

Champion

Corp.*

5,109

301,175

Sonos,

Inc.*

11,370

209,663

Taylor

Morrison

Home

Corp.

-

Class

A*

9,725

348,155

Tri

Pointe

Homes,

Inc.*

9,057

200,069

3,243,348

Insurance

-

0.3%

BRP

Group,

Inc.

-

Class

A*

3,250

93,113

Palomar

Holdings,

Inc.*

1,334

68,181

Stewart

Information

Services

Corp.

1,433

68,454

229,748

Interactive

Media

&

Services

-

1.8%

Bumble,

Inc.

-

Class

A*

23,377

601,958

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

4

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Interactive

Media

&

Services

-

(continued)

Cargurus,

Inc.

-

Class

A*

18,557

$

327,531

Shutterstock,

Inc.

6,456

485,943

1,415,432

Internet

&

Direct

Marketing

Retail

-

0.1%

Revolve

Group,

Inc.

-

Class

A*

3,657

104,371

IT

Services

-

2.2%

International

Money

Express,

Inc.*

19,529

444,480

TTEC

Holdings,

Inc.

24,881

1,264,950

1,709,430

Leisure

Products

-

1.1%

Acushnet

Holdings

Corp.

6,301

295,832

AMMO,

Inc.

#

,*

10,542

26,144

Johnson

Outdoors,

Inc.

-

Class

A

805

55,110

Malibu

Boats,

Inc.

-

Class

A*

1,826

110,637

MasterCraft

Boat

Holdings,

Inc.*

1,598

45,959

YETI

Holdings,

Inc.*

7,742

346,532

880,214

Life

Sciences

Tools

&

Services

-

1.5%

Maravai

LifeSciences

Holdings,

Inc.

-

Class

A*

79,677

1,168,065

Machinery

-

1.9%

Kadant,

Inc.

2,344

477,637

Mueller

Industries,

Inc.

11,433

749,433

Shyft

Group,

Inc.

(The)

7,051

234,728

1,461,798

Marine

-

0.6%

Matson,

Inc.

7,595

502,181

Media

-

0.2%

PubMatic,

Inc.

-

Class

A*

7,783

119,313

Metals

&

Mining

-

3.2%

Alpha

Metallurgical

Resources,

Inc.

4,489

722,415

MP

Materials

Corp.*

49,993

1,625,272

Olympic

Steel,

Inc.

3,133

138,604

2,486,291

Mortgage

Real

Estate

Investment

Trusts

(REITs)

-

0.2%

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

4,704

173,625

Multiline

Retail

-

0.4%

Ollie's

Bargain

Outlet

Holdings,

Inc.*

5,618

307,642

Oil,

Gas

&

Consumable

Fuels

-

1.7%

Callon

Petroleum

Co.*

10,118

430,521

Evolution

Petroleum

Corp.

5,537

34,551

Hess

Midstream

LP

-

Class

A

7,226

223,139

HighPeak

Energy,

Inc.

#

18,583

519,580

VAALCO

Energy,

Inc.

17,797

82,756

1,290,547

Personal

Products

-

0.7%

Medifast,

Inc.

1,053

117,357

Olaplex

Holdings,

Inc.*

62,180

392,356

509,713

Pharmaceuticals

-

3.0%

Corcept

Therapeutics,

Inc.*

65,207

1,490,632

Innoviva,

Inc.*

42,271

534,728

SIGA

Technologies,

Inc.

44,232

324,221

2,349,581

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

5

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Professional

Services

-

2.9%

CRA

International,

Inc.

1,433

$

170,298

Heidrick

&

Struggles

International,

Inc.

3,992

122,794

Korn

Ferry

10,731

579,367

NV5

Global,

Inc.*

3,129

417,064

TriNet

Group,

Inc.*

12,511

943,955

2,233,478

Real

Estate

Management

&

Development

-

0.3%

Douglas

Elliman,

Inc.

5,802

27,037

eXp

World

Holdings,

Inc.

#

10,905

170,009

197,046

Road

&

Rail

-

1.7%

ArcBest

Corp.

4,909

409,656

Marten

Transport

Ltd.

16,305

360,177

Werner

Enterprises,

Inc.

12,708

596,895

1,366,728

Semiconductors

&

Semiconductor

Equipment

-

15.6%

ACM

Research,

Inc.

-

Class

A*

28,548

356,564

Alpha

&

Omega

Semiconductor

Ltd.*

14,440

475,942

Amkor

Technology,

Inc.

81,475

2,383,958

Axcelis

Technologies,

Inc.*

17,308

1,903,015

Cohu,

Inc.*

25,096

905,464

Diodes,

Inc.*

23,967

2,137,617

FormFactor,

Inc.*

40,585

1,142,062

Onto

Innovation,

Inc.*

26,101

2,052,844

Ultra

Clean

Holdings,

Inc.*

23,974

806,725

12,164,191

Software

-

1.8%

Alarm.com

Holdings,

Inc.*

26,298

1,409,573

Specialty

Retail

-

3.3%

America's

Car-Mart,

Inc.*

571

49,186

Asbury

Automotive

Group,

Inc.*

1,986

436,920

Boot

Barn

Holdings,

Inc.*

2,675

223,336

Camping

World

Holdings,

Inc.

-

Class

A

#

3,756

95,440

Group

1

Automotive,

Inc.

1,309

279,930

Hibbett,

Inc.

1,149

76,248

Leslie's,

Inc.*

16,428

254,470

MarineMax,

Inc.*

1,949

60,906

OneWater

Marine,

Inc.

-

Class

A*

1,267

41,481

Penske

Automotive

Group,

Inc.

6,400

818,048

Shoe

Carnival,

Inc.

2,477

67,647

Sleep

Number

Corp.*

1,975

67,900

Sportsman's

Warehouse

Holdings,

Inc.*

3,489

32,901

Zumiez,

Inc.*

1,747

45,125

2,549,538

Technology

Hardware,

Storage

&

Peripherals

-

3.4%

Corsair

Gaming,

Inc.*

50,577

795,576

Super

Micro

Computer,

Inc.*

25,293

1,829,443

2,625,019

Thrifts

&

Mortgage

Finance

-

0.8%

Bridgewater

Bancshares,

Inc.*

1,459

22,702

Hingham

Institution

For

Savings

The

112

32,742

Merchants

Bancorp

2,279

65,567

NMI

Holdings,

Inc.

-

Class

A*

4,420

102,677

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Schedule

of

Investments

(unaudited)

January

31,

2023

6

Shares/

Principal

Amounts

Value

Common

Stocks

-

(continued)

Thrifts

&

Mortgage

Finance

-

(continued)

PennyMac

Financial

Services,

Inc.

2,648

$

178,528

Southern

Missouri

Bancorp,

Inc.

487

23,580

Walker

&

Dunlop,

Inc.

1,745

166,438

592,234

Trading

Companies

&

Distributors

-

2.1%

BlueLinx

Holdings,

Inc.*

1,816

157,665

Boise

Cascade

Co.

7,932

594,662

Custom

Truck

One

Source,

Inc.*

49,578

351,012

GMS,

Inc.*

8,526

505,763

1,609,102

Total

Common

Stocks

(cost

$82,742,855)

78,029,301

Investment

Companies

-

0.0%

Money

Market

Funds

-

0.0%

Invesco

Liquid

Assets

Portfolio,

4.4792%

∞

(cost

$30,818)

30,809

30,818

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.9%

Investment

Companies

-

3.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2251%

£,∞

2,410,374

2,410,374

Time

Deposits

-

0.8%

Royal

Bank

of

Canada,

4.3000%,

2/1/23

$

602,593

602,593

Total

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

(cost

$3,012,967)

3,012,967

Total

Investments

(total

cost

$85,786,640

)

-

103.9%

81,073,086

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(3.9%)

(3,010,818)

Net

Assets

-

100.0%

$78,062,268

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

81,073,086

100.0%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

1/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.9%

Investment

Companies

-

3.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2251%

∞

$

24,538

Δ

$

–

$

–

$

2,410,374

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

1/31/23

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

3.9%

Investment

Companies

-

3.1%

Janus

Henderson

Cash

Collateral

Fund

LLC,

4.2251%

∞

$

1,753,591

$

8,299,910

$

(7,643,127)

$

2,410,374

Janus

Henderson

Small

Cap

Growth

Alpha

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

January

31,

2023

7

LLC

Limited

Liability

Company

LP

Limited

Partnership

*

Non-income

producing

security.

#

Loaned

security;

a

portion

of

the

security

is

on

loan

at

January

31,

2023.

∞

Rate

shown

is

the

7-day

yield

as

of

January

31,

2023.

£

The

Fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

Investment

Company

Act

of

1940,

as

amended,

an

affiliated

company

is

one

in

which

the

Fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

which

is

under

common

ownership

or

control.

Δ

Net

of

income

paid

to

the

securities

lending

agent

and

rebates

paid

to

the

borrowing

counterparties.

The

following

is

a

summary

of

the

inputs

that

were

used

to

value

the

Fund's

investments

in

securities

and

other

financial

instruments

as

of

January

31,

2023

.

See

Notes

to

Financial

Statements

for

more

information.

Valuation

Inputs

Summary

Level

1

-

Quoted

Prices

Level

2

-

Other

Significant

Observable

Inputs

Level

3

-

Significant

Unobservable

Inputs

Assets

Investments

in

Securities:

Common

Stocks

$

78,029,301

$

—

$

—

Investment

Companies

30,818

—

—

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

—

3,012,967

—

Total

Assets

$

78,060,119

$

3,012,967

$

—

8

Investment

Valuation 

Fund holdings

are

valued

in

accordance

with

policies

and

procedures

established

by

the

Adviser

pursuant

to

Rule

2a-5

under

the

1940

Act

and

approved

by

and

subject

to

the

oversight

of

the

Trustees

(the

“Valuation

Procedures”).

Equity

securities,

including

shares

of

exchange-traded

funds,

traded

on

a

domestic

securities

exchange

are

generally

valued

at

readily

available

market

quotations,

which

are

(i)

the

official

close

prices

or

(ii)

last

sale

prices

on

the

primary

market

or

exchange

in

which

the

securities

trade.

If

such

price

is

lacking

for

the

trading

period

immediately

preceding

the

time

of

determination,

such

securities

are

generally

valued

at

their

current

bid

price.

Equity

securities

that

are

traded

on

a

foreign

exchange

are

generally

valued

at

the

closing

prices

on

such

markets.

In

the

event

that

there

is

no

current

trading

volume

on

a

particular

security

in

such

foreign

exchange,

the

bid

price

from

the

primary

exchange

is

generally

used

to

value

the

security.

Foreign

securities

and

currencies

are

converted

to

U.S.

dollars

using

the

current

spot

USD

dollar

exchange

rate

in

effect

at

the

close

of

the

London

Stock

Exchange.

The Fund will

determine

the

market

value

of

individual

securities

held

by

it

by

using

prices

provided

by

one

or

more

approved

professional

pricing

services

or,

as

needed,

by

obtaining

market

quotations

from

independent

broker-dealers.

Most

debt

securities

are

valued

in

accordance

with

the

evaluated

bid

price

supplied

by

the

Adviser-approved

pricing

service

that

is

intended

to

reflect

market

value.

The

evaluated

bid

price

supplied

by

the

pricing

service

is

an

evaluation

that

may

consider

factors

such

as

security

prices,

yields,

maturities

and

ratings.

Certain

short-term

securities

maturing

within

60

days

or

less

may

be

evaluated

and

valued

on

an

amortized

cost

basis

provided

that

the

amortized

cost

determined

approximates

market

value.

Securities

for

which

market

quotations

or

evaluated

prices

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

determined

in

good

faith

by

the

Adviser

pursuant

to

the

Valuation

Procedures.

Circumstances

in

which

fair

valuation

may

be

utilized

include,

but

are

not

limited

to:

(i)

a

significant

event

that

may

affect

the

securities

of

a

single

issuer,

such

as

a

merger,

bankruptcy,

or

significant

issuer-specific

development;

(ii)

an

event

that

may

affect

an

entire

market,

such

as

a

natural

disaster

or

significant

governmental

action;

(iii)

a

nonsignificant

event

such

as

a

market

closing

early

or

not

opening,

or

a

security

trading

halt;

and

(iv)

pricing

of

a

non-valued

security

and

a

restricted

or

nonpublic

security.

Special

valuation

considerations

may

apply

with

respect

to

“odd-lot”

fixed-income

transactions

which,

due

to

their

small

size,

may

receive

evaluated

prices

by

pricing

services

which

reflect

a

large

block

trade

and

not

what

actually

could

be

obtained

for

the

odd-

lot

position.

The

value

of

the

securities

of

other

mutual

funds

held

by

a

Fund,

if

any,

will

be

calculated

using

the

NAV

of

such

mutual

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.

9

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,

2023 to

fair

value

the

Fund’s

investments

in

securities

and

other

financial

instruments

is

included

in

the

“Valuation

Inputs

Summary”

in

the

Notes

to

Schedule

of

Investments

and

Other

Information.

For

additional

information

on

the

Fund,

please

refer

to

the

Fund's

most

recent

semiannual

or

annual

shareholder

report.

125-25-70326

03-23