NPORT-EX 2 JHSmallCapGrAlpha.htm
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