Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

1

Shares/

Principal

Amounts

Value

Asset-Backed

Securities

-

6.7%

ACHV

ABS

TRUST,

6.4200%,

5/20/30

(144A)

$

1,069,576

$

1,069,534

ACHV

ABS

TRUST,

6.6000%,

8/19/30

(144A)

5,000,000

5,003,203

ACHV

ABS

TRUST,

7.1700%,

8/19/30

(144A)

1,000,000

1,000,217

American

Credit

Acceptance

Receivables

Trust,

4.1200%,

2/13/26

(144A)

782,065

779,713

Arm

Master

Trust

LLC,

6.5620%,

2/17/25

(144A)

3,500,000

3,490,044

BHG

Securitization

Trust,

0.9000%,

10/17/34

(144A)

1,558,509

1,493,197

Consumer

Loan

Underlying

Bond

Club

Certificate

Issuer

Trust

I,

4.7000%,

12/15/26

(144A)

197,911

197,769

Consumer

Loan

Underlying

Bond

CLUB

Credit

Trust,

4.4100%,

10/15/26

(144A)

308,796

308,540

Exeter

Automobile

Receivables

Trust,

5.6100%,

6/16/25

4,208,867

4,206,682

Exeter

Automobile

Receivables

Trust,

6.1100%,

9/15/25

3,500,000

3,500,808

Exeter

Automobile

Receivables

Trust,

5.5800%,

4/15/26

5,910,000

5,886,841

Freed

ABS

Trust,

2.8300%,

3/20/28

(144A)

1,532,329

1,514,400

FREED

ABS

Trust,

6.9600%,

9/20/27

(144A)

529,476

529,540

LAD

Auto

Receivables

Trust,

5.4400%,

5/15/24

(144A)

3,129,085

3,127,818

LAD

Auto

Receivables

Trust,

5.9300%,

6/15/27

(144A)

5,000,000

4,985,953

Lendbuzz

Securitization

Trust,

5.3830%,

3/15/24

(144A)

160,132

160,096

Lendbuzz

Securitization

Trust,

5.8350%,

5/15/24

(144A)

2,232,255

2,232,028

Lendbuzz

Securitization

Trust,

4.2200%,

5/17/27

(144A)

1,372,381

1,330,712

Lendbuzz

Securitization

Trust,

7.0900%,

10/16/28

(144A)

3,000,000

3,002,117

Marlette

Funding

Trust,

3.5400%,

3/15/30

(144A)

4,755,743

4,683,691

Marlette

Funding

Trust,

6.0700%,

4/15/33

(144A)

4,703,353

4,692,656

Mission

Lane

Credit

Card

Master

Trust,

7.2300%,

7/17/28

(144A)

7,565,000

7,518,841

NRZ

Excess

Spread-Collateralized

Notes,

3.8440%,

12/25/25

(144A)

1,340,087

1,239,972

NRZ

Excess

Spread-Collateralized

Notes,

3.1040%,

7/25/26

(144A)

3,770,506

3,372,598

Pagaya

AI

Debt

Trust,

2.0300%,

10/15/29

(144A)

5,392,599

5,251,263

Point

Securitization

Trust,

3.2282%,

2/25/52

(144A)

‡

1,925,096

1,811,872

Reach

ABS

Trust,

7.0500%,

2/18/31

(144A)

4,000,000

4,002,470

Santander

Bank

Auto

Credit-Linked

Notes,

5.2810%,

5/15/32

(144A)

4,647,235

4,579,356

Santander

Bank

Auto

Credit-Linked

Notes,

5.7210%,

8/16/32

(144A)

7,396,518

7,319,733

Santander

Drive

Auto

Receivables

Trust,

6.0800%,

8/17/26

4,500,000

4,500,504

Santander

Drive

Auto

Receivables

Trust,

1.1300%,

11/16/26

6,245,000

5,977,846

Santander

Drive

Auto

Receivables

Trust,

1.2600%,

2/16/27

7,000,000

6,754,240

SoFi

Consumer

Loan

Program

Trust,

6.2100%,

4/15/31

(144A)

4,529,575

4,523,122

Upstart

Securitization

Trust,

1.3100%,

11/20/31

(144A)

1,479,396

1,453,025

US

Auto

Funding,

2.2000%,

5/15/26

(144A)

7,000,000

6,821,463

Total

Asset-Backed

Securities

(cost

$118,976,771)

118,321,864

Mortgage-Backed

Securities

-

157.7%

A&D

Mortgage

Trust

,

6.1320

%

,

5/25/68

(144A)

Ç

2,808,264

2,771,742

Chase

Mortgage

Finance

Corp.

SOFR30A

+

1.2000%,

6.2690%, 2/25/50

(144A)

‡

3,573,961

3,309,725

SOFR30A

+

1.3500%,

6.4190%, 2/25/50

(144A)

‡

1,965,678

1,808,154

SOFR30A

+

1.5500%,

6.6190%, 2/25/50

(144A)

‡

2,330,818

2,071,107

CIM

Trust

,

2.5690

%

,

7/25/55

(144A)

Ç

1,021,558

964,592

Connecticut

Avenue

Securities

Trust

SOFR30A

+

2.5145%,

7.5835%, 4/25/31

(144A)

‡

75,004

75,231

SOFR30A

+

2.5645%,

7.6335%, 7/25/31

(144A)

‡

59,959

60,197

SOFR30A

+

2.2645%,

7.3335%, 9/25/31

(144A)

‡

364,510

364,509

SOFR30A

+

2.1145%,

7.1835%, 1/25/40

(144A)

‡

1,773,690

1,773,103

SOFR30A

+

1.5500%,

6.6190%, 10/25/41

(144A)

‡

4,507,308

4,449,555

SOFR30A

+

0.8500%,

5.9190%, 12/25/41

(144A)

‡

1,477,577

1,470,270

SOFR30A

+

1.0000%,

6.0690%, 12/25/41

(144A)

‡

1,164,014

1,153,958

SOFR30A

+

1.6500%,

6.7190%, 12/25/41

(144A)

‡

2,885,000

2,821,756

SOFR30A

+

1.2000%,

6.2690%, 1/25/42

(144A)

‡

8,157,699

8,150,838

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

2

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

Connecticut

Avenue

Securities

Trust

-

(continued)

SOFR30A

+

3.0000%,

8.0690%, 1/25/42

(144A)

‡

$

5,000,000

$

5,027,040

SOFR30A

+

2.0000%,

7.0690%, 3/25/42

(144A)

‡

1,243,180

1,249,092

SOFR30A

+

2.1000%,

7.1690%, 3/25/42

(144A)

‡

4,776,768

4,804,036

SOFR30A

+

2.5000%,

7.5690%, 4/25/43

(144A)

‡

2,740,883

2,781,901

SOFR30A

+

2.7000%,

7.7690%, 7/25/43

(144A)

‡

4,104,000

4,134,115

SOFR30A

+

3.9000%,

8.9690%, 7/25/43

(144A)

‡

5,400,000

5,484,375

DBCCRE

Mortgage

Trust

,

4.5895

%

,

1/10/34

(144A)

1,750,000

1,703,270

Extended

Stay

America

Trust

,

CME

Term

SOFR

1

Month

+

2.3645%

,

7.5865

%

,

7/15/38

(144A)

‡

2,882,470

2,812,582

FHLMC

Gold

Pool,

30

Year

4.0000%, 8/1/48

3,434,137

3,255,938

4.0000%, 9/1/48

1,940,808

1,840,098

FHLMC

Gold

Pools,

Other

3.5000%, 8/1/42

57,902

53,869

3.5000%, 8/1/42

54,498

50,703

3.0000%, 3/1/43

3,098

2,785

3.0000%, 6/1/43

65,203

57,968

3.0000%, 11/1/43

1,032,454

928,444

FHLMC

STACR

Debt

Notes

SOFR30A

+

2.3000%,

7.3690%, 8/25/33

(144A)

‡

18,773,583

18,813,033

SOFR30A

+

2.6500%,

7.7190%, 7/25/42

(144A)

‡

305,759

310,546

FHLMC

STACR

REMIC

Trust

SOFR30A

+

0.7500%,

5.8190%, 10/25/33

(144A)

‡

1,641,483

1,633,860

SOFR30A

+

2.1000%,

7.1690%, 10/25/33

(144A)

‡

4,200,000

4,164,284

SOFR30A

+

1.6500%,

6.7190%, 1/25/34

(144A)

‡

2,271,140

2,261,244

SOFR30A

+

2.1000%,

7.1690%, 9/25/41

(144A)

‡

8,235,000

8,063,831

SOFR30A

+

0.8000%,

5.8690%, 10/25/41

(144A)

‡

4,684,541

4,667,083

SOFR30A

+

0.8500%,

5.9190%, 11/25/41

(144A)

‡

3,962,844

3,910,603

SOFR30A

+

1.8000%,

6.8690%, 11/25/41

(144A)

‡

14,000,000

13,739,403

SOFR30A

+

1.3000%,

6.3690%, 2/25/42

(144A)

‡

1,857,536

1,847,118

SOFR30A

+

2.1500%,

7.2190%, 9/25/42

(144A)

‡

1,998,491

2,009,622

SOFR30A

+

5.2145%,

10.2835%, 6/25/50

(144A)

‡

1,644,354

1,767,135

SOFR30A

+

2.0000%,

7.0690%, 12/25/50

(144A)

‡

1,552,300

1,562,879

SOFR30A

+

1.8000%,

6.8690%, 1/25/51

(144A)

‡

7,682,728

7,692,736

FHLMC

STACR

Trust

,

SOFR30A

+

2.0645%

,

7.1335

%

,

10/25/49

(144A)

‡

927,629

928,778

FHLMC

UMBS

3.0000%, 5/1/31

91,484

86,272

2.5000%, 12/1/31

11,871

11,008

3.0000%, 9/1/32

87,695

82,464

3.0000%, 1/1/33

49,042

46,117

2.5000%, 12/1/33

398,935

369,939

2.5000%, 11/1/34

812,491

741,598

3.0000%, 3/1/43

2,611,341

2,347,708

3.5000%, 12/1/44

521,332

484,558

3.0000%, 12/1/46

15,969

14,252

4.0000%, 3/1/47

150,527

143,578

3.0000%, 4/1/47

1,303,211

1,163,098

4.0000%, 11/1/47

393,314

374,580

3.0000%, 12/1/47

22,166

19,783

4.5000%, 8/1/48

118,312

115,123

4.0000%, 9/1/48

1,154,736

1,093,508

5.0000%, 9/1/48

81,985

81,419

4.0000%, 11/1/48

202,960

192,198

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

3

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

4.0000%, 12/1/48

$

2,463,810

$

2,333,170

4.5000%, 12/1/48

4,512,912

4,391,278

4.5000%, 12/1/48

339,086

330,650

4.5000%, 12/1/48

28,776

28,128

4.0000%, 5/1/49

443,085

418,537

4.0000%, 6/1/49

1,510,815

1,429,164

4.5000%, 6/1/49

170,210

165,285

4.0000%, 7/1/49

1,586,803

1,501,045

4.0000%, 7/1/49

5,994,591

5,670,617

4.5000%, 7/1/49

215,805

209,561

4.5000%, 7/1/49

1,444,753

1,402,946

3.0000%, 8/1/49

2,217,348

1,975,194

3.0000%, 8/1/49

122,971

108,016

3.5000%, 8/1/49

310,629

284,943

4.5000%, 8/1/49

1,292,414

1,255,016

4.5000%, 12/1/49

348,401

338,319

4.5000%, 1/1/50

864,589

839,570

4.5000%, 1/1/50

241,380

234,395

4.5000%, 2/1/50

781,772

759,150

3.5000%, 3/1/50

408,472

373,709

4.0000%, 3/1/50

2,404,378

2,276,889

4.0000%, 6/1/50

3,990,292

3,790,004

4.5000%, 9/1/50

14,439,228

14,050,056

4.0000%, 10/1/50

693,237

655,772

4.5000%, 2/1/51

13,715,317

13,263,388

4.5000%, 9/1/51

7,336,631

7,094,884

3.0000%, 2/1/52

994,592

881,072

3.0000%, 3/1/52

1,807,046

1,600,374

4.5000%, 3/1/52

112,695

107,939

3.5000%, 4/1/52

865,954

788,868

3.5000%, 4/1/52

2,348,005

2,159,761

3.5000%, 4/1/52

2,778,382

2,533,329

3.5000%, 4/1/52

2,950,282

2,690,067

3.5000%, 4/1/52

947,031

862,844

3.5000%, 6/1/52

12,948,424

11,850,664

3.5000%, 7/1/52

4,809,104

4,398,409

4.0000%, 7/1/52

4,424,150

4,141,719

5.5000%, 7/1/52

4,192,472

4,198,545

4.0000%, 8/1/52

5,021,561

4,697,986

4.5000%, 8/1/52

5,325,894

5,110,194

5.0000%, 8/1/52

8,058,501

7,937,990

5.0000%, 8/1/52

41,775,250

41,431,724

5.5000%, 8/1/52

3,913,245

3,918,913

4.0000%, 9/1/52

6,172,970

5,778,897

5.5000%, 9/1/52

3,406,840

3,411,775

5.0000%, 10/1/52

147,126

144,712

5.0000%, 10/1/52

7,359,410

7,238,633

5.0000%, 10/1/52

4,842,203

4,754,739

5.5000%, 11/1/52

16,235,595

16,285,651

5.5000%, 11/1/52

1,438,132

1,439,038

5.0000%, 12/1/52

19,760,590

19,391,902

5.5000%, 1/1/53

4,649,653

4,663,988

5.5000%, 1/1/53

3,703,145

3,714,563

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

4

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

5.0000%, 3/1/53

$

5,978,028

$

5,841,642

5.0000%, 3/1/53

5,820,223

5,687,438

5.0000%, 3/1/53

6,343,023

6,198,311

5.0000%, 3/1/53

2,956,925

2,889,465

5.0000%, 3/1/53

549,399

536,865

5.5000%, 3/1/53

2,208,907

2,194,416

5.5000%, 3/1/53

4,963,396

4,966,520

5.5000%, 3/1/53

2,650,694

2,658,866

5.5000%, 3/1/53

2,655,172

2,637,753

5.0000%, 4/1/53

2,134,859

2,086,153

5.0000%, 4/1/53

3,061,114

2,991,276

5.0000%, 4/1/53

1,336,482

1,305,742

5.5000%, 4/1/53

1,940,297

1,927,568

5.5000%, 4/1/53

3,163,803

3,143,046

5.5000%, 4/1/53

1,865,876

1,853,634

5.5000%, 4/1/53

3,171,953

3,151,143

5.5000%, 4/1/53

2,972,871

2,953,367

5.5000%, 4/1/53

2,255,487

2,240,690

5.0000%, 5/1/53

2,469,304

2,412,968

5.0000%, 5/1/53

2,434,252

2,378,262

5.0000%, 5/1/53

2,074,909

2,027,572

5.0000%, 5/1/53

2,981,132

2,912,563

5.0000%, 5/1/53

11,008,396

10,791,316

5.0000%, 5/1/53

4,479,546

4,391,211

5.0000%, 5/1/53

5,556,892

5,430,114

5.0000%, 5/1/53

2,529,105

2,479,233

5.0000%, 5/1/53

3,929,410

3,839,762

5.0000%, 5/1/53

2,848,258

2,782,745

5.0000%, 5/1/53

2,460,042

2,404,057

5.0000%, 5/1/53

4,333,144

4,234,530

5.0000%, 5/1/53

6,230,656

6,088,507

5.5000%, 5/1/53

1,821,791

1,809,839

5.5000%, 5/1/53

2,311,367

2,296,203

5.5000%, 5/1/53

1,334,682

1,325,925

5.5000%, 5/1/53

1,520,841

1,510,864

5.5000%, 5/1/53

3,313,502

3,307,457

5.5000%, 5/1/53

4,095,421

4,101,354

5.5000%, 5/1/53

3,616,381

3,592,159

5.5000%, 5/1/53

1,663,898

1,652,754

6.0000%, 5/1/53

2,023,303

2,036,802

6.0000%, 5/1/53

1,153,340

1,161,034

6.0000%, 5/1/53

1,688,829

1,700,097

6.5000%, 5/1/53

2,623,927

2,681,366

6.5000%, 5/1/53

4,008,261

4,097,761

6.5000%, 5/1/53

1,637,008

1,670,138

5.0000%, 6/1/53

2,379,543

2,330,705

5.0000%, 6/1/53

6,633,662

6,502,849

5.0000%, 6/1/53

2,659,032

2,598,368

5.0000%, 6/1/53

1,208,900

1,181,737

5.0000%, 6/1/53

7,619,481

7,446,077

5.0000%, 6/1/53

1,770,265

1,730,249

5.0000%, 6/1/53

4,062,486

3,969,802

5.0000%, 6/1/53

1,347,311

1,319,659

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

5

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FHLMC

UMBS

-

(continued)

5.0000%, 6/1/53

$

6,494,249

$

6,346,087

5.0000%, 6/1/53

7,920,854

7,740,144

5.5000%, 6/1/53

6,868,443

6,823,381

5.5000%, 6/1/53

2,023,045

2,009,772

5.5000%, 6/1/53

7,335,441

7,322,061

5.5000%, 6/1/53

2,024,866

2,011,581

5.5000%, 6/1/53

2,779,880

2,761,642

5.5000%, 6/1/53

13,003,865

13,043,958

5.5000%, 6/1/53

30,486,222

30,580,217

5.5000%, 6/1/53

3,037,306

3,016,963

6.0000%, 6/1/53

2,423,200

2,439,367

6.5000%, 6/1/53

2,257,120

2,307,519

6.5000%, 6/1/53

1,583,844

1,619,209

6.5000%, 6/1/53

1,613,065

1,645,711

5.5000%, 7/1/53

1,623,479

1,628,484

5.5000%, 7/1/53

1,513,000

1,517,665

FHLMC,

REMIC

SOFR30A

+

0.4645%,

5.5324%, 2/15/32

‡

20,065

19,991

SOFR30A

+

0.7645%,

5.8324%, 3/15/32

‡

30,830

30,951

SOFR30A

+

0.6145%,

5.6824%, 7/15/32

‡

13,300

13,386

SOFR30A

+

0.5145%,

5.5824%, 1/15/33

‡

20,303

20,224

SOFR30A

+

0.3645%,

5.4324%, 9/15/35

‡

16,821

16,777

SOFR30A

+

0.7045%,

5.7724%, 10/15/37

‡

59,135

58,539

SOFR30A

+

0.4145%,

5.4824%, 8/15/40

‡

22,861

22,961

SOFR30A

+

0.6145%,

5.6824%, 9/15/40

‡

61,323

60,887

SOFR30A

+

0.6645%,

5.7324%, 4/15/41

‡

203,724

202,277

FHLMC,

STRIPS

,

2.5000

%

,

1/25/51

(a)

26,429,771

3,932,467

FNMA

,

SOFR30A

+

0.9000%

,

5.9690

%

,

11/25/41

(144A)

‡

6,053,750

6,008,347

FNMA

Connecticut

Avenue

Securities

,

SOFR30A

+

2.0000%

,

7.0690

%

,

11/25/41

(144A)

‡

5,562,016

5,450,886

FNMA

UMBS

2.5000%, 8/1/31

13,643

12,652

2.5000%, 10/1/31

15,607

14,473

2.5000%, 2/1/32

14,192

13,161

3.0000%, 11/1/34

63,267

59,195

3.0000%, 12/1/34

67,666

63,312

3.0000%, 1/1/43

196,384

176,602

3.0000%, 5/1/43

1,439,442

1,294,163

3.0000%, 5/1/43

1,120,438

1,007,356

3.0000%, 10/1/44

895,071

804,910

4.0000%, 5/1/45

740,720

706,905

4.0000%, 7/1/45

632,097

602,923

3.5000%, 12/1/45

498,236

459,928

3.0000%, 1/1/46

17,704

15,804

3.5000%, 1/1/46

44,380

40,968

3.0000%, 3/1/46

1,796,501

1,603,368

4.0000%, 7/1/46

1,214,962

1,153,263

3.0000%, 1/1/47

84,679

75,576

3.0000%, 1/1/47

374,534

334,270

3.5000%, 3/1/47

436,423

402,867

4.0000%, 5/1/47

311,415

296,925

3.5000%, 7/1/47

386,058

356,375

3.5000%, 8/1/47

139,420

129,028

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

6

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

4.0000%, 10/1/47

$

1,574,161

$

1,491,883

4.0000%, 11/1/47

7,016,899

6,650,141

3.5000%, 12/1/47

152,338

140,983

3.0000%, 2/1/48

491,825

439,140

5.0000%, 5/1/48

1,563,479

1,552,698

4.5000%, 6/1/48

1,749,486

1,702,358

3.5000%, 7/1/48

9,825,004

9,037,632

4.0000%, 7/1/48

1,926,683

1,824,517

4.0000%, 10/1/48

739,141

701,263

4.0000%, 11/1/48

2,253,091

2,133,617

4.0000%, 12/1/48

357,429

338,475

4.0000%, 2/1/49

1,152,619

1,091,499

4.0000%, 2/1/49

1,289,622

1,221,237

4.0000%, 6/1/49

295,548

279,590

4.5000%, 6/1/49

152,993

148,562

4.5000%, 7/1/49

5,997

5,824

3.0000%, 8/1/49

117,229

102,976

3.0000%, 8/1/49

110,107

96,721

4.5000%, 8/1/49

222,003

215,573

4.5000%, 8/1/49

61,438

59,659

3.0000%, 9/1/49

225,974

201,354

4.0000%, 9/1/49

4,765,310

4,508,019

4.5000%, 9/1/49

231,710

224,999

4.0000%, 11/1/49

428,452

406,327

4.0000%, 11/1/49

4,839,107

4,582,504

4.5000%, 12/1/49

292,699

284,222

4.5000%, 1/1/50

298,574

289,926

4.5000%, 1/1/50

7,679,840

7,472,958

4.0000%, 3/1/50

7,084,422

6,721,380

4.0000%, 3/1/50

3,837,900

3,634,387

4.0000%, 3/1/50

1,457,170

1,379,900

4.0000%, 4/1/50

1,889,473

1,784,054

3.0000%, 5/1/50

2,648,963

2,355,532

4.5000%, 7/1/50

1,116,098

1,079,239

4.0000%, 8/1/50

2,307,759

2,179,003

3.0000%, 9/1/50

4,617,708

4,074,319

4.0000%, 9/1/50

8,135,965

7,696,684

4.0000%, 10/1/50

7,755,795

7,355,296

4.5000%, 10/1/50

2,528,089

2,454,870

4.5000%, 10/1/50

4,682,844

4,556,696

4.5000%, 12/1/50

1,586,734

1,534,332

4.0000%, 3/1/51

191,456

181,304

4.0000%, 3/1/51

382,873

362,200

4.0000%, 3/1/51

25,452,591

24,078,343

4.0000%, 10/1/51

2,750,412

2,601,911

4.0000%, 10/1/51

84,164,125

79,619,896

3.0000%, 12/1/51

47,046,884

41,527,009

3.5000%, 1/1/52

2,275,212

2,092,920

3.5000%, 2/1/52

5,708,629

5,249,486

3.5000%, 3/1/52

5,455,186

4,994,315

3.0000%, 4/1/52

4,338,873

3,841,719

3.5000%, 4/1/52

4,068,105

3,705,911

3.5000%, 4/1/52

3,661,213

3,338,242

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

7

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

3.5000%, 4/1/52

$

1,185,885

$

1,080,302

3.5000%, 4/1/52

1,381,007

1,258,222

3.5000%, 4/1/52

1,194,647

1,089,262

3.5000%, 4/1/52

5,258,745

4,827,850

4.0000%, 4/1/52

2,763,530

2,599,835

4.5000%, 4/1/52

457,230

437,940

4.5000%, 4/1/52

134,017

128,340

4.5000%, 4/1/52

262,159

251,099

4.5000%, 4/1/52

540,608

517,802

4.5000%, 4/1/52

238,029

227,987

4.5000%, 4/1/52

208,129

199,349

3.5000%, 5/1/52

3,916,415

3,570,326

3.5000%, 5/1/52

23,858,971

21,896,603

3.5000%, 5/1/52

3,146,364

2,878,598

4.5000%, 5/1/52

725,405

694,802

3.5000%, 6/1/52

2,307,184

2,110,120

3.5000%, 6/1/52

13,023,610

11,955,384

3.5000%, 6/1/52

22,318,524

20,469,015

4.0000%, 6/1/52

1,235,506

1,155,305

4.0000%, 6/1/52

4,265,873

3,988,447

3.5000%, 7/1/52

11,333,932

10,365,864

3.5000%, 7/1/52

3,265,597

2,994,981

3.5000%, 7/1/52

576,871

529,376

4.0000%, 7/1/52

1,857,352

1,736,784

4.5000%, 7/1/52

2,338,031

2,243,382

3.5000%, 8/1/52

2,830,554

2,587,909

3.5000%, 8/1/52

1,037,581

951,277

4.5000%, 8/1/52

21,648,561

20,772,174

5.0000%, 8/1/52

18,495,444

18,218,891

5.5000%, 8/1/52

6,817,723

6,827,618

5.0000%, 9/1/52

16,787,949

16,406,043

5.5000%, 9/1/52

14,085,446

14,010,631

5.0000%, 10/1/52

2,432,921

2,393,000

5.0000%, 10/1/52

1,069,806

1,052,252

5.5000%, 10/1/52

22,786,371

22,640,733

5.5000%, 10/1/52

21,737,567

21,804,672

4.5000%, 11/1/52

7,596,329

7,353,149

5.0000%, 11/1/52

12,084,805

11,834,039

5.0000%, 11/1/52

6,085,005

5,985,156

5.5000%, 11/1/52

6,258,776

6,233,363

5.5000%, 11/1/52

1,200,804

1,201,563

5.5000%, 11/1/52

5,405,048

5,421,733

5.5000%, 11/1/52

15,099,455

15,121,371

4.5000%, 12/1/52

3,797,176

3,648,132

5.0000%, 1/1/53

11,748,150

11,504,370

5.5000%, 1/1/53

1,454,380

1,458,870

5.5000%, 2/1/53

32,288,461

32,388,138

5.5000%, 2/1/53

3,905,806

3,879,636

5.0000%, 3/1/53

1,869,222

1,826,558

5.0000%, 3/1/53

3,777,440

3,691,222

5.0000%, 3/1/53

2,097,437

2,049,564

5.0000%, 3/1/53

4,513,922

4,410,051

5.5000%, 3/1/53

1,604,174

1,601,251

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

8

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA

UMBS

-

(continued)

5.5000%, 3/1/53

$

4,787,882

$

4,768,442

5.5000%, 3/1/53

4,847,956

4,851,025

5.5000%, 3/1/53

5,196,108

5,161,293

5.5000%, 3/1/53

8,245,040

8,190,927

5.5000%, 3/1/53

4,242,175

4,244,861

5.5000%, 3/1/53

2,718,910

2,720,631

5.5000%, 3/1/53

5,162,703

5,178,650

6.5000%, 3/1/53

1,632,547

1,665,518

5.0000%, 4/1/53

2,555,583

2,497,254

5.0000%, 4/1/53

510,834

499,174

5.0000%, 4/1/53

2,261,136

2,209,527

5.0000%, 4/1/53

608,733

594,839

5.5000%, 4/1/53

764,243

762,850

5.5000%, 4/1/53

2,787,876

2,769,579

5.5000%, 4/1/53

3,585,418

3,561,886

6.0000%, 4/1/53

2,034,472

2,048,048

6.0000%, 4/1/53

2,462,436

2,478,867

6.0000%, 4/1/53

1,757,519

1,769,247

5.0000%, 5/1/53

1,556,989

1,521,161

5.0000%, 5/1/53

2,495,165

2,438,214

5.0000%, 5/1/53

2,833,818

2,768,608

5.0000%, 5/1/53

1,914,940

1,871,232

5.0000%, 5/1/53

7,572,920

7,400,072

5.5000%, 5/1/53

4,379,890

4,351,145

5.5000%, 5/1/53

1,432,258

1,429,648

5.5000%, 5/1/53

741,685

740,333

5.5000%, 5/1/53

2,171,970

2,157,417

5.5000%, 5/1/53

2,468,247

2,452,047

6.0000%, 5/1/53

4,391,588

4,417,353

6.0000%, 5/1/53

5,426,256

5,462,465

6.0000%, 5/1/53

13,303,549

13,420,462

6.5000%, 5/1/53

8,308,794

8,493,939

6.5000%, 5/1/53

3,139,690

3,208,277

6.5000%, 5/1/53

4,128,203

4,211,577

6.5000%, 5/1/53

2,023,610

2,063,123

5.0000%, 6/1/53

4,524,080

4,420,820

5.0000%, 6/1/53

7,717,952

7,541,794

5.0000%, 6/1/53

6,106,856

5,967,815

5.0000%, 6/1/53

883,559

866,129

5.5000%, 6/1/53

2,404,195

2,388,086

5.5000%, 6/1/53

4,655,382

4,624,828

6.0000%, 6/1/53

4,289,127

4,317,748

6.0000%, 6/1/53

3,646,432

3,670,764

6.0000%, 6/1/53

2,744,952

2,763,269

6.5000%, 6/1/53

1,889,392

1,926,283

FNMA,

Other

3.0000%, 4/1/38

159,196

143,129

3.0000%, 9/1/42

249,801

224,639

3.0000%, 10/1/42

191,741

172,427

3.0000%, 1/1/43

323,884

291,259

3.0000%, 3/1/43

413,854

372,085

3.0000%, 5/1/43

96,248

86,534

3.0000%, 6/1/46

364,099

326,505

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

9

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

FNMA,

Other

-

(continued)

3.0000%, 11/1/46

$

77,073

$

68,939

3.0000%, 2/1/57

1,647,544

1,435,790

2.5000%, 6/1/62

47,006,047

39,094,410

FNMA,

REMIC

3.0000%, 7/25/28

473,712

448,837

SOFR30A

+

0.5145%,

5.5835%, 4/25/32

‡

28,126

28,003

SOFR30A

+

0.6645%,

5.7335%, 4/25/32

‡

17,005

17,033

SOFR30A

+

0.6145%,

5.6835%, 9/25/33

‡

24,440

24,436

SOFR30A

+

0.4145%,

5.4835%, 10/25/35

‡

22,674

22,471

SOFR30A

+

0.4645%,

5.5335%, 4/25/36

‡

77,895

77,068

SOFR30A

+

0.6345%,

5.7035%, 9/25/37

‡

23,035

22,978

SOFR30A

+

0.5145%,

5.5835%, 9/25/40

‡

12,625

12,637

ICE

LIBOR

USD

1

Month

+

55.0000%,

0.0000%, 10/25/40

‡

41,248

61,957

SOFR30A

+

0.5445%,

5.6135%, 11/25/40

‡

14,827

14,736

SOFR30A

+

0.5145%,

5.5835%, 9/25/42

‡

10,036

9,796

SOFR30A

+

0.4645%,

5.5335%, 10/25/42

‡

129,862

127,298

SOFR30A

+

3.8855%,

0.0000%, 11/25/42

‡

473,554

276,714

SOFR30A

+

0.6145%,

5.6835%, 2/25/43

‡

37,735

37,443

3.5000%, 1/25/61

(a)

23,053,607

4,376,488

FNMA/FHLMC

UMBS,

15

Year,

Single

Family

3.0000%,

TBA, 15

Year

Maturity

(b)

22,190,036

20,662,540

3.5000%,

TBA, 15

Year

Maturity

(b)

52,931,419

50,236,786

4.0000%,

TBA, 15

Year

Maturity

(b)

48,169,370

46,477,517

FNMA/FHLMC

UMBS,

30

Year,

Single

Family

2.0000%,

TBA, 30

Year

Maturity

(b)

193,124,255

156,284,451

2.5000%,

TBA, 30

Year

Maturity

(b)

579,971,096

488,762,522

3.0000%,

TBA, 30

Year

Maturity

(b)

134,390,776

117,638,697

3.5000%,

TBA, 30

Year

Maturity

(b)

17,853,666

16,180,153

5.0000%,

TBA, 30

Year

Maturity

(b)

21,640,000

21,144,228

6.0000%,

TBA, 30

Year

Maturity

(b)

24,990,000

25,136,441

FREMF

Mortgage

Trust

,

ICE

LIBOR

USD

1

Month

+

6.0000%

,

11.2177

%

,

9/25/29

(144A)

‡

922,226

894,612

GNMA

CME

Term

SOFR

1

Month

+

0.5145%,

5.7361%, 8/16/29

‡

14,162

14,254

CME

Term

SOFR

1

Month

+

0.5145%,

5.7691%, 7/20/34

‡

38,950

38,616

CME

Term

SOFR

1

Month

+

0.4145%,

5.6361%, 8/16/34

‡

29,415

29,125

CME

Term

SOFR

1

Month

+

0.3145%,

5.5690%, 6/20/35

‡

22,707

22,305

CME

Term

SOFR

1

Month

+

0.2645%,

5.5190%, 8/20/35

‡

28,183

27,604

CME

Term

SOFR

1

Month

+

0.4145%,

5.6690%, 4/20/37

‡

9,738

9,567

CME

Term

SOFR

1

Month

+

0.4245%,

5.6791%, 6/20/37

‡

26,640

26,173

CME

Term

SOFR

1

Month

+

0.4345%,

5.6891%, 7/20/37

‡

42,338

41,472

CME

Term

SOFR

1

Month

+

0.6145%,

5.8691%, 10/20/37

‡

13,654

13,465

CME

Term

SOFR

1

Month

+

0.6145%,

5.8691%, 10/20/37

‡

32,279

31,422

CME

Term

SOFR

1

Month

+

0.6145%,

5.8691%, 2/20/38

‡

53,605

53,075

CME

Term

SOFR

1

Month

+

0.6145%,

5.8691%, 2/20/38

‡

26,681

26,437

CME

Term

SOFR

1

Month

+

0.7145%,

5.9361%, 1/16/40

‡

8,831

8,768

CME

Term

SOFR

1

Month

+

0.4645%,

5.7191%, 6/20/40

‡

585

582

CME

Term

SOFR

1

Month

+

0.5445%,

5.7661%, 10/16/40

‡

39,198

39,059

0.0000%, 5/16/41

¤

4,251,145

3,196,478

CME

Term

SOFR

1

Month

+

0.4145%,

5.6690%, 7/20/41

‡

18,455

18,378

GNMA

II,

30

Year

4.5000%, 2/20/48

1,219,875

1,190,356

4.0000%, 5/20/48

276,311

263,761

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

10

Shares/

Principal

Amounts

Value

Mortgage-Backed

Securities

-

(continued)

GNMA

II,

30

Year

-

(continued)

4.0000%, 6/20/48

$

929,191

$

886,988

4.5000%, 7/20/48

135,110

130,499

4.5000%, 11/20/48

170,592

166,330

5.0000%, 1/20/49

10,020

9,893

GNMA

II,

30

Year,

Single

Family

2.5000%,

TBA, 30

Year

Maturity

(b)

21,077,414

18,182,347

3.0000%,

TBA, 30

Year

Maturity

(b)

63,594,962

56,587,688

3.5000%,

TBA, 30

Year

Maturity

(b)

32,813,377

30,157,528

4.0000%,

TBA, 30

Year

Maturity

(b)

71,568,688

67,411,263

4.5000%,

TBA, 30

Year

Maturity

(b)

72,120,488

69,379,044

5.0000%,

TBA, 30

Year

Maturity

(b)

31,369,194

30,742,532

5.5000%,

TBA, 30

Year

Maturity

(b)

20,289,288

20,168,404

GNMA

II,

Other

4.0000%, 2/20/49

177,712

167,304

4.0000%, 4/20/49

155,516

146,408

JPMorgan

Chase

Bank

NA

CME

Term

SOFR

1

Month

+

2.3645%,

7.6625%, 10/25/57

(144A)

‡

9,687,709

9,605,441

CME

Term

SOFR

1

Month

+

2.6145%,

7.9125%, 10/25/57

(144A)

‡

2,642,806

2,620,555

JPMorgan

Mortgage

Trust

,

3.0000

%

,

6/25/45

(144A)

‡

582,300

500,507

PRPM

LLC

2.2370%, 10/25/51

(144A)

‡

2,000,000

1,557,387

2.4850%, 10/25/51

(144A)

‡

2,600,000

1,969,120

RCKT

Mortgage

Trust

,

6.5150

%

,

6/25/43

(144A)

‡

9,912,118

9,867,293

Sequoia

Mortgage

Trust

2.5000%, 5/25/43

(144A)

‡

801,713

680,076

4.0000%, 9/25/49

(144A)

‡

103,782

90,213

Towd

Point

Mortgage

Trust

,

6.7500

%

,

7/25/63

(144A)

‡

3,725,000

3,719,310

TPI

RE-REMIC

Trust

0.0000%, 7/25/46

(144A)

¤

736,302

732,731

0.0000%, 8/25/46

(144A)

¤

3,230,000

3,214,136

Total

Mortgage-Backed

Securities

(cost

$2,802,589,689)

2,763,106,331

Investment

Companies

-

13.4%

Money

Market

Funds

-

13.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.2625%

£,∞

(cost

$234,024,646)

233,978,587

234,025,383

Total

Investments

(total

cost

$3,155,591,106

)

-

177.8%

3,115,453,578

Liabilities,

net

of

Cash,

Receivables

and

Other

Assets

-

(77.8%)

(1,362,790,912)

Net

Assets

-

100.0%

$1,752,662,666

Summary

of

Investments

by

Country

-

(Long

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

3,115,453,578

100.0

%

$

–

–

%

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(37.9)%

Mortgage-Backed

Securities

-

(37.9)%

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

3.5000%,

TBA,

30

Year

Maturity

(b)

$

(17,118,000)

$

(15,513,444)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.0000%,

TBA,

30

Year

Maturity

(b)

(152,556,656)

(142,475,560)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

4.5000%,

TBA,

30

Year

Maturity

(b)

(30,661,439)

(29,365,717)

Janus

Henderson

Mortgage-Backed

Securities

ETF

Schedule

of

Investments

(unaudited)

July

31,

2023

11

Principal

Amounts

Value

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.0000%,

TBA,

30

Year

Maturity

(b)

$

(240,910,513)

$

(235,391,253)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

5.5000%,

TBA,

30

Year

Maturity

(b)

(211,613,552)

(210,202,513)

FNMA/FHLMC

UMBS,

30

Year,

Single

Family,

6.0000%,

TBA,

30

Year

Maturity

(b)

(30,704,446)

(30,884,374)

Total

Securities

Sold

Short

(proceeds

$668,331,865)

$

(663,832,861)

Summary

of

Investments

by

Country

-

(Short

Positions)

(unaudited)

Country

Value

%

of

Investment

Securities

United

States

$

(663,832,861)

100.0%

$–

–

%

Schedule

of

Affiliated

Investments

-

(%

of

Net

Assets)

Dividend

Income

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciatio

n/

(Depreciation)

Value

at

7/31/23

Investment

Company

-

13.4%

Money

Market

Funds

-

13.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.2625%

∞

$

1,767,116

$

4,027

$

681

$

234,025,383

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.1925%

∞

59

Δ

–

–

–

Total

Affiliated

Investments

-

13.4%

$

1,767,175

$

4,027

$

681

$

234,025,383

Market

Value

at

10/31/22

Purchases

Sales

Market

Value

at

7/31/23

Investment

Company

-

13.4%

Money

Market

Funds

-

13.4%

Janus

Henderson

Cash

Liquidity

Fund

LLC,

5.2625%

∞

$

7,789,100

$

1,228,068,075

$

(1,001,836,500)

$

234,025,383

Investments

Purchased

with

Cash

Collateral

from

Securities

Lending

-

N/A

Investment

Companies

-

N/A

Janus

Henderson

Cash

Collateral

Fund

LLC,

5.1925%

∞

–

72,508

(72,508)

–

Total

Affiliated

Investments

-

13.4%

$

7,789,100

$

1,228,140,583

$

(1,001,909,008)

$

234,025,383

Schedule

of

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation

Futures

Short:

U.S.

Treasury

10

Year

Notes

109

9/20/23

$

(12,143,281)

$

90,977

U.S.

Treasury

10

Year

Ultra

Bonds

591

9/20/23

(69,137,766)

993,045

U.S.

Treasury

5

Year

Notes

348

9/29/23

(37,173,469)

161,572

Total

$1,245,594

Average

Ending

Monthly

Value

of

Derivative

Instruments

During

the

Period

Ended

July

31,

2023

Futures

contracts:

Average

notional

amount

of

contracts

-

long

$50,116,800

Average

notional

amount

of

contracts

-

short

99,175,063

Credit

default

swaps:

Average

notional

amount

-

buy

protection

37,088,889

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2023

12

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

ICE

Intercontinental

Exchange

LIBOR

LIBOR

(London

Interbank

Offered

Rate)

is

a

short-term

interest

rate

that

banks

offer

one

another

and

generally

represents

current

cash

rates.

LLC

Limited

Liability

Company

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

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.

UMBS

Uniform

Mortgage-Backed

Securities

∞

Rate

shown

is

the

7-day

yield

as

of

July

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.

Ç

Step

bond.

The

coupon

rate

will

increase

or

decrease

periodically

based

upon

a

predetermined

schedule.

The

rate

shown

reflects

the

current

rate.

‡

The

interest

rate

on

floating

rate

notes

is

based

on

an

index

or

market

interest

rates

and

is

subject

to

change.

Rate

in

the

security

description

is

as

of

July

31,

2023.

¤

Zero

coupon

bond.

144A

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

1993

Act.

Unless

otherwise

noted,

these

securities

have

been

determined

to

be

liquid

in

accordance

with

the

requirements

of

Rule

22e-4,

under

the

1940

Act.

The

total

value

of

144A

securities

as

of

the

period

ended

July

31,

2023

is

$267,018,860

which

represents

15.2%

of

net

assets.

(a)

IO

–

Interest

Only

(b)

Settlement

is

on

a

delayed

delivery

or

when-issued

basis

with

final

maturity

TBA

in

the

future.

Janus

Henderson

Mortgage-Backed

Securities

ETF

Notes

to

Schedule

of

Investments

and

Other

Information

(unaudited)

July

31,

2023

13

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

July

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:

Asset-Backed

Securities

$

—

$

118,321,864

$

—

Mortgage-Backed

Securities

—

2,763,106,331

—

Investment

Companies

—

234,025,383

—

Total

Investments

in

Securities

$

—

$

3,115,453,578

$

—

Other

Financial

Instruments

(a)

:

Futures

Contracts

$

1,245,594

$

—

$

—

Total

Assets

$

1,245,594

$

3,115,453,578

$

—

Liabilities

TBA

sales

commitments:

Mortgage-Backed

Securities

$

—

$

663,832,861

$

—

Total

Liabilities

$

—

$

663,832,861

$

—

(a)

Other

financial

instruments

include

futures

contracts.

Futures

contracts

are

reported

at

their

unrealized

appreciation/(depreciation)

at

measurement

date,

which

represents

the

change

in

the

contract’s

value

from

trade

date.

14

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

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;

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.

15

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.

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

July

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.

125-35-70335

09-23