0001145549-24-055356.txt : 20240829 0001145549-24-055356.hdr.sgml : 20240829 20240829121821 ACCESSION NUMBER: 0001145549-24-055356 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240829 DATE AS OF CHANGE: 20240829 PERIOD START: 20240930 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JANUS INVESTMENT FUND CENTRAL INDEX KEY: 0000277751 ORGANIZATION NAME: IRS NUMBER: 840592523 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-01879 FILM NUMBER: 241261130 BUSINESS ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 BUSINESS PHONE: 303-333-3863 MAIL ADDRESS: STREET 1: 151 DETROIT STREET CITY: DENVER STATE: CO ZIP: 80206 FORMER COMPANY: FORMER CONFORMED NAME: JANUS FUND /MD/ DATE OF NAME CHANGE: 19870701 0000277751 S000010474 Janus Henderson Global Select Fund C000028933 Class T JORNX C000077678 Class A JORAX C000077679 Class C JORCX C000077680 Class I JORFX C000077681 Class R JORRX C000077682 Class S JORIX C000083520 Class D JANRX C000114874 Class N JSLNX NPORT-P 1 primary_doc.xml NPORT-P false 0000277751 XXXXXXXX S000010474 C000077680 C000083520 C000114874 C000077678 C000077679 C000077681 C000028933 C000077682 JANUS INVESTMENT FUND 811-01879 0000277751 W6UYDZFUOFJ4HQQ32382 151 Detroit Street Denver 80206 303-333-3863 Janus Henderson Global Select Fund S000010474 YTNSNBKH822ME5K53798 2024-09-30 2024-06-30 N 2869450997.140000000000 10598162.870000000000 2858852834.270000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 N MSCI AC WORLD INDEX MSCI.MC.MXWD LVMH Moet Hennessy Vuitton SE IOG4E947OATN0KJYSD45 LVMH Moet Hennessy Vuitton SE EUR0.30 F58485115 28495 NS 21879725.87 0.7653323602 Long EC CORP FR N 2 N N N Lam Research Corporation 549300I4GMO6D34U1T02 Lam Research Corporation COM USD0.001 512807108 55099 NS USD 58672170.15 2.0522976715 Long EC CORP US N 1 N N N Liberty Media Corp Del 549300ZKUTPIBZLWLL89 Liberty Media Corp Del COM LBTY ONE S C 531229755 1340842 NS USD 96326089.28 3.3693965679 Long EC CORP US N 1 N N N JANUS CAPITAL GROUP INC N/A Janus Henderson Cash Liquidity Fund LLC N/A 74545176.7706 NS USD 74560085.81 2.6080421110 Long EC PF US N 2 N N N HDFC Bank Ltd. 335800ZQ6I4E2JXENC50 HDFC Bank Ltd. INR1 Y3119P190 1990041 NS 40202337.04 1.4062401729 Long EC CORP IN N 2 N N N Hexagon AB 549300WJFW6ILNI4TA80 Hexagon AB SER'B'NPV W4R431112 4456194 NS 50042693.59 1.7504466473 Long EC CORP SE N 2 N N N Icon PLC 6354008SRQGEMC4XFI67 Icon PLC ORD EUR0.06 G4705A100 123690 NS USD 38773104.3 1.3562469476 Long EC CORP US N 1 N N N Linde PLC 5299003QR1WT0EF88V51 Linde PLC COM EUR0.001 G54950103 131309 NS USD 57619702.29 2.0154833295 Long EC CORP US N 1 N N N BAE Systems PLC 8SVCSVKSGDWMW2QHOH83 BAE Systems PLC ORD GBP0.025 G06940103 7015060 NS 117115469.14 4.0965896438 Long EC CORP GB N 2 N N N Ascendis Pharma A/S 549300B66JN3W3J8GH73 Ascendis Pharma A/S SPON ADR EACH REP 1 ORD SHS 04351P101 131927 NS USD 17992204.26 0.6293504879 Long CORP US N 1 N N N Booking Holdings Inc FXM8FAOHMYDIPD38UZ17 Booking Holdings Inc COM USD0.008 09857L108 7533 NS USD 29841979.5 1.0438445499 Long EC CORP US N 1 N N N AstraZeneca PLC PY6ZZQWO2IZFZC3IOL08 AstraZeneca PLC ORD USD0.25 G0593M107 261786 NS 40805042.49 1.4273222462 Long EC CORP GB N 2 N N N Canadian Natural Resources Limited 549300T15RIMIKZC5Q38 Canadian Natural Resources Limited COM NPV 136385101 2059938 NS USD 73333792.8 2.5651475277 Long EC CORP US N 1 N N N Chipotle Mexican Grill Inc N/A Chipotle Mexican Grill Inc COM USD0.01 169656105 793500 NS USD 49712775 1.7389064034 Long EC CORP US N 1 N N N Deere & Company PWFTNG3EI0Y73OXWDH08 Deere & Company COM USD1 244199105 69577 NS USD 25996054.51 0.9093176885 Long EC CORP US N 1 N N N Edwards Lifesciences Corporation YA13X31F3V31L8TMPR58 Edwards Lifesciences Corporation COM USD1 28176E108 162793 NS USD 15037189.41 0.5259868304 Long EC CORP US N 1 N N N Full Truck Alliance Co Ltd 984500884LB1DP8DAC57 Full Truck Alliance Co Ltd SPONSORED ADS 35969L108 2352617 NS USD 18915040.68 0.6616304433 Long CORP US N 1 N N N Erste Group Bank AG PQOH26KWDF7CG10L6792 Erste Group Bank AG NPV A19494102 914334 NS 43297819.16 1.5145172442 Long EC CORP AT N 2 N N N Deutsche Telekom AG 549300V9QSIG4WX4GJ96 Deutsche Telekom AG NPV(REGD) D2035M136 1794519 NS 45136411.21 1.5788294755 Long EC CORP DE N 2 N N N BNP Paribas SA R0MUWSFPU8MPRO8K5P83 BNP Paribas SA EUR2 F1058Q238 778295 NS 49866179.83 1.7442723610 Long EC CORP FR N 2 N N N Entain PLC 213800GNI3K45LQR8L28 Entain PLC ORD EUR0.01 G3167C109 3964808 NS 31385133.49 1.0978226341 Long EC CORP GB N 2 N N N Dai-ichi Life Holdings Inc. 549300ZUFXI7JXZVTZ25 Dai-ichi Life Holdings Inc. NPV J09748112 3264500 NS 87656828.1 3.0661539149 Long EC CORP JP N 2 N N N Dr Ing H C F Porsche AG 529900EWEX125AULXI58 Dr Ing H C F Porsche AG NON-VTG PRF NPV D2R3HA114 296585 NS 22046775.56 0.7711756022 Long EP CORP DE Y 2 N N N Biohaven Ltd N/A Biohaven Ltd COM NPV G1110E107 379631 NS USD 13176992.01 0.4609188641 Long EC CORP US N 1 N N N Ferguson PLC 213800DU1LGY3R2S2X42 Ferguson PLC ORD GBP0.10 G3421J106 367529 NS USD 71171990.85 2.4895297161 Long EC CORP US N 1 N N N Magic Leap Inc N/A Magic Leap Inc - Class A private equity common shares N/A 19041 NS USD 0.02 0.0000000007 Long EP CORP US Y 3 N N N Meta Platforms Inc BQ4BKCS1HXDV9HN80Z93 Meta Platforms Inc COM USD0.000006 CL 'A' 30303M102 90114 NS USD 45437281.08 1.5893536224 Long EC CORP US N 1 N N N Madrigal Pharmaceuticals Inc 549300CHIMT2EUSNJB60 Madrigal Pharmaceuticals Inc USD0.0001 558868105 32409 NS USD 9079705.44 0.3175996096 Long EC CORP US N 1 N N N Marathon Petroleum Company 3BNYRYQHD39K4LCKQF12 Marathon Petroleum Company COM USD0.01 56585A102 574508 NS USD 99665647.84 3.4862112049 Long EC CORP US N 1 N N N MasterCard Incorporated AR5L2ODV9HN37376R084 MasterCard Incorporated COM USD0.0001 CLASS A 57636Q104 74815 NS USD 33005385.4 1.1544975315 Long EC CORP US N 1 N N N Merck & Co., Inc 4YV9Y5M8S0BRK1RP0397 Merck & Co., Inc COM USD0.50 58933Y105 335691 NS USD 41558545.8 1.4536790877 Long EC CORP US N 1 N N N Microsoft Corp. INR2EJN1ERAN0W5ZP974 Microsoft Corp. COM USD0.00000625 594918104 400660 NS USD 179074987 6.2638756656 Long EC CORP US N 1 N N N Monster Beverage Corp 52990090AP0E7HCB6F33 Monster Beverage Corp COM USD0.005 61174X109 534928 NS USD 26719653.6 0.9346285083 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley COM USD0.01 617446448 559032 NS USD 54332320.08 1.9004937725 Long EC CORP US N 1 N N N NVIDIA Corp. 549300S4KLFTLO7GSQ80 NVIDIA Corp. COM USD0.001 67066G104 417920 NS USD 51629836.8 1.8059634333 Long EC CORP US N 1 N N N N/A N/A Receive Performance on Equity.RYANAIR HOLDINGS_IE_ N/A 11192778.87 OU Notional -1413636.77 -0.0494476929 N/A DE US N 2 UBS AG 254900R882POXXVAK772 RYANAIR HOLDINGS PLC RYANAIR HOLDINGS PLC Y Total Return of RYANAIR HOLDINGS PLC 2025-01-15 0.000000000000 USD 0.000000000000 USD 11192778.87 EUR -1413636.77 N N N N/A N/A Receive Performance on Equity.RYANAIR HOLDINGS_IE_ N/A 4717509.51 OU Notional -625639.48 -0.0218842842 N/A DE US N 2 UBS AG 254900R882POXXVAK772 RYANAIR HOLDINGS PLC RYANAIR HOLDINGS PLC Y Total Return of RYANAIR HOLDINGS PLC 2025-01-15 0.000000000000 USD 0.000000000000 USD 4717509.51 EUR -625639.48 N N N Advanced Micro Devices, Inc. R2I72C950HOYXII45366 Advanced Micro Devices, Inc. COM USD0.01 007903107 75767 NS USD 12290165.07 0.4298984866 Long EC CORP US N 1 N N N Akero Therapeutics Inc 549300SI3KG74LBE2955 Akero Therapeutics Inc COM USD0.0001 00973Y108 191879 NS USD 4501481.34 0.1574576098 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. COM USD0.01 023135106 419460 NS USD 81060645 2.8354255955 Long EC CORP US N 1 N N N Argenx SE 7245009C5FZE6G9ODQ71 Argenx SE SPON ADR EACH REP 1 ORD SHS 04016X101 28883 NS USD 12420845.32 0.4344695596 Long CORP US N 1 N N N Gallagher Aj &Co 54930049QLLMPART6V29 Gallagher Aj &Co COM USD1.00 363576109 262816 NS USD 68150816.96 2.3838518773 Long EC CORP US N 1 N N N AIA Group Ltd, Hong Kong ZP5ILWVSYE4LJGMMVD57 AIA Group Ltd, Hong Kong NPV Y002A1105 4361600 NS 29576738.06 1.0345666522 Long EC CORP HK N 2 N N N ASML Holding N.V. 724500Y6DUVHQD6OXN27 ASML Holding N.V. EUR0.09 N07059202 73830 NS 76159631.63 2.6639927287 Long EC CORP NL N 2 N N N Teck Resources Limited T8KI5SQ2JRWHL7XY0E11 Teck Resources Limited CLASS'B'SUB-VTG COM NPV 878742204 1965787 NS 94215217.28 3.2955602384 Long EC CORP CA N 1 N N N Novo Nordisk A/S 549300DAQ1CVT6CXN342 Novo Nordisk A/S ADR-REP 1 CLASS'B'DKK1 670100205 247428 NS USD 35317872.72 1.2353861765 Long CORP US N 1 N N N Softbank Group Corp. 5493003BZYYYCDIO0R13 Softbank Group Corp. NPV J7596P109 463600 NS 30228192.3 1.0573539126 Long EC CORP JP N 2 N N N Taiwan Semiconductor Manufacturing Co., Ltd. 549300KB6NK5SBD14S87 Taiwan Semiconductor Manufacturing Co., Ltd. TWD10 Y84629107 6113000 NS 181846277.43 6.3608128145 Long EC CORP TW N 2 N N N Toyota Motor Corp. 5493006W3QUS5LMH6R84 Toyota Motor Corp. NPV J92676113 1776700 NS 36583773.36 1.2796661976 Long EC CORP JP N 2 N N N Synopsys Inc QG7T915N9S0NY5UKNE63 Synopsys Inc COM USD0.01 871607107 50940 NS USD 30312356.4 1.0602978942 Long EC CORP US N 1 N N N TFI International Inc 5493007R9W7KO7SJN678 TFI International Inc COM 87241L109 246223 NS USD 35741730.68 1.2502123317 Long EC CORP US N 1 N N N The TJX Companies Inc. V167QI9I69W364E2DY52 The TJX Companies Inc. COM USD1 872540109 530775 NS USD 58438327.5 2.0441180742 Long EC CORP US N 1 N N N Vaxcyte Inc 254900M7NMHTGASX8D95 Vaxcyte Inc COM 92243G108 509516 NS USD 38473553.16 1.3457689287 Long EC CORP US N 1 N N N Vistra Energy Corporation 549300KP43CPCUJOOG15 Vistra Energy Corporation COM USD0.01 92840M102 1117726 NS USD 96102081.48 3.3615609845 Long EC CORP US N 1 N N N Workday Inc 549300J0DYC0N31V7G13 Workday Inc COM USD0.001 CL A 98138H101 137999 NS USD 30851056.44 1.0791411181 Long EC CORP US N 1 N N N Rentokil Initial PLC 549300VN4WV7Z6T14K68 Rentokil Initial PLC ORD GBP0.01 G7494G105 5506915 NS 32104707.41 1.1229926572 Long EC CORP GB N 2 N N N Unilever PLC 549300MKFYEKVRWML317 Unilever PLC ORD GBP0.031111 G92087165 1042356 NS 57380755.64 2.0071251990 Long EC CORP GB N 2 N N N Samsonite International SA 549300UULS5HYFJSEL12 Samsonite International SA USD0.01 L80308106 22023600 NS 65704581.22 2.2982848376 Long EC CORP HK Y 2 N N N SEGRO PLC 213800XC35KGM9NFC641 SEGRO PLC ORD GBP0.10 G80277141 2114801 NS 24028615.28 0.8404985032 Long EC CORP GB N 2 N N N N/A N/A Receive Performance on Equity.RYANAIR HOLDINGS_IE_ N/A 6702771.9 OU Notional -968377.26 -0.0338729314 N/A DE US N 2 UBS AG 254900R882POXXVAK772 RYANAIR HOLDINGS PLC RYANAIR HOLDINGS PLC Y Total Return of RYANAIR HOLDINGS PLC 2025-01-13 0.000000000000 USD 0.000000000000 USD 6702771.9 EUR -968377.26 N N N 2024-08-14 JANUS INVESTMENT FUND JESPER NERGAARD JESPER NERGAARD VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER XXXX NPORT-EX 2 globalselectfund_77.htm 6.30 72 GLOBAL SELECT FUND EDGAR HTML
Janus Henderson Global Select Fund
Schedule of Investments(unaudited)
June 30, 2024
 
Shares
 
Value
Common Stocks – 96.8%
 
 
 
Aerospace & Defense – 4.1%
 
 
 
BAE Systems PLC
7,015,060
 
$117,115,469
Automobiles – 1.3%
 
 
 
Toyota Motor Corp
1,776,700
 
36,583,773
Banks – 4.7%
 
 
 
BNP Paribas SA
778,295
 
49,866,180
Erste Group Bank AG
914,334
 
43,297,819
HDFC Bank Ltd
1,990,041
 
40,202,337
 
 
 
133,366,336
Beverages – 0.9%
 
 
 
Monster Beverage Corp*
534,928
 
26,719,654
Biotechnology – 3.3%
 
 
 
Akero Therapeutics Inc*
191,879
 
4,501,482
Argenx SE(ADR)*
28,883
 
12,420,845
Ascendis Pharma A/S (ADR)*
131,927
 
17,992,204
Biohaven Ltd*
379,631
 
13,176,992
Madrigal Pharmaceuticals Inc*
32,409
 
9,079,706
Vaxcyte Inc*
509,516
 
38,473,553
 
 
 
95,644,782
Capital Markets – 1.9%
 
 
 
Morgan Stanley
559,032
 
54,332,320
Chemicals – 2.0%
 
 
 
Linde PLC
131,309
 
57,619,702
Commercial Services & Supplies – 1.2%
 
 
 
Rentokil Initial PLC
6,072,874
 
35,404,186
Diversified Financial Services – 1.2%
 
 
 
Mastercard Inc - Class A
74,815
 
33,005,385
Diversified Telecommunication Services – 1.6%
 
 
 
Deutsche Telekom AG
1,794,519
 
45,136,411
Electronic Equipment, Instruments & Components – 1.7%
 
 
 
Hexagon AB - Class B
4,456,194
 
50,042,694
Entertainment – 3.4%
 
 
 
Liberty Media Corp-Liberty Formula One - Series C*
1,340,842
 
96,326,089
Health Care Equipment & Supplies – 0.5%
 
 
 
Edwards Lifesciences Corp*
162,793
 
15,037,189
Hotels, Restaurants & Leisure – 3.9%
 
 
 
Booking Holdings Inc
7,533
 
29,841,980
Chipotle Mexican Grill Inc*
793,500
 
49,712,775
Entain PLC
3,964,808
 
31,385,133
 
 
 
110,939,888
Independent Power and Renewable Electricity Producers – 3.4%
 
 
 
Vistra Corp
1,117,726
 
96,102,082
Industrial Real Estate Investment Trusts (REITs) – 0.8%
 
 
 
Segro PLC
2,114,801
 
24,028,615
Insurance – 6.5%
 
 
 
AIA Group Ltd
4,361,600
 
29,576,738
Arthur J Gallagher & Co
262,816
 
68,150,817
Dai-ichi Life Holdings Inc
3,264,500
 
87,656,828
 
 
 
185,384,383
Interactive Media & Services – 1.6%
 
 
 
Meta Platforms Inc - Class A
90,114
 
45,437,281
Life Sciences Tools & Services – 1.4%
 
 
 
ICON PLC*
123,690
 
38,773,104
Machinery – 0.9%
 
 
 
Deere & Co
69,577
 
25,996,055
Metals & Mining – 3.3%
 
 
 
Teck Resources Ltd
1,965,787
 
94,215,217
Multiline Retail – 2.8%
 
 
 
Amazon.com Inc*
419,460
 
81,060,645
Oil, Gas & Consumable Fuels – 6.0%
 
 
 
Canadian Natural Resources Ltd
2,059,938
 
73,333,793
Marathon Petroleum Corp
574,508
 
99,665,648
 
 
 
172,999,441
Personal Products – 2.0%
 
 
 
Unilever PLC
1,042,356
 
57,380,756

 
Shares
 
Value
Common Stocks – (continued)
 
 
 
Pharmaceuticals – 4.1%
 
 
 
AstraZeneca PLC
261,786
 
$40,805,042
Merck & Co Inc
335,691
 
41,558,546
Novo Nordisk A/S (ADR)
247,428
 
35,317,873
 
 
 
117,681,461
Road & Rail – 1.9%
 
 
 
Full Truck Alliance Co (ADR)
2,352,617
 
18,915,041
TFI International Inc
246,223
 
35,741,730
 
 
 
54,656,771
Semiconductor & Semiconductor Equipment – 13.3%
 
 
 
Advanced Micro Devices Inc*
75,767
 
12,290,165
ASML Holding NV
73,830
 
76,159,632
Lam Research Corp
55,099
 
58,672,170
NVIDIA Corp
417,920
 
51,629,837
Taiwan Semiconductor Manufacturing Co Ltd
6,113,000
 
181,846,277
 
 
 
380,598,081
Software – 8.4%
 
 
 
Microsoft Corp
400,660
 
179,074,987
Synopsys Inc*
50,940
 
30,312,356
Workday Inc - Class A*
137,999
 
30,851,057
 
 
 
240,238,400
Specialty Retail – 2.0%
 
 
 
TJX Cos Inc
530,775
 
58,438,328
Textiles, Apparel & Luxury Goods – 3.1%
 
 
 
LVMH Moet Hennessy Louis Vuitton SE
28,495
 
21,879,726
Samsonite International SAž
22,023,600
 
65,704,581
 
 
 
87,584,307
Trading Companies & Distributors – 2.5%
 
 
 
Ferguson PLC
367,529
 
71,171,991
Wireless Telecommunication Services – 1.1%
 
 
 
SoftBank Group Corp
463,600
 
30,228,192
Total Common Stocks (cost $1,807,022,592)
 
 
2,769,248,988
Preferred Stocks – 0.8%
 
 
 
Automobiles – 0.8%
 
 
 
Dr Ing hc F Porsche AGž (cost $29,160,153)
296,585
 
22,046,776
Private Placements – 0%
 
 
 
Software – 0%
 
 
 
Magic Leap Inc - Class A private equity common shares*,¢,§ (cost $9,254,547)
19,041
 
0
Investment Companies – 2.6%
 
 
 
Money Markets – 2.6%
 
 
 
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº,£ (cost $74,558,553)
74,545,177
 
74,560,086
Total Investments (total cost $1,919,995,845) – 100.2%
 
 
2,865,855,850
Liabilities, net of Cash, Receivables and Other Assets – (0.2)%
 
 
(7,003,004)
Net Assets – 100%
 
 
$2,858,852,846
2

Summary of Investments by Country - (Long Positions) (unaudited)
 
 
Country
Value
% of
Investment
Securities
United States
$1,452,798,878
50.7
%
United Kingdom
306,119,201
10.7
Canada
203,290,740
7.1
Taiwan
181,846,277
6.3
Japan
154,468,793
5.4
Hong Kong
95,281,319
3.3
Netherlands
76,159,632
2.7
France
71,745,906
2.5
Germany
67,183,187
2.3
Denmark
53,310,077
1.9
Sweden
50,042,694
1.7
Austria
43,297,819
1.5
India
40,202,337
1.4
Ireland
38,773,104
1.4
China
18,915,041
0.7
Belgium
12,420,845
0.4
Total
$2,865,855,850
100.0
%
Schedule of Affiliated Investments - (% of Net Assets)
Affiliate
Affiliated
Investments,
at Value at
9/30/23
Purchases
Sales
Proceeds
Realized
Gain/(Loss)
Change in
Unrealized
Appreciation/
Depreciation
Affiliated
Investments,
at Value at
6/30/24
Ending
Shares
Dividend
Income
Investment Companies - 2.6%
Money Markets - 2.6%
Janus Henderson Cash Liquidity Fund LLC, 5.3419%ºº
$53,372,825
$374,830,420
$(353,637,823)
$(809)
$(4,527)
$74,560,086
74,545,177
$2,470,178
Investments Purchased with Cash Collateral from Securities Lending - N/A
Investment Companies - N/A
Janus Henderson Cash Collateral Fund LLC, 5.2795%ºº
12,781,962
119,740,576
(132,522,538)
-
-
-
-
23,958
Total Affiliated Investments - 2.6%
 
$66,154,787
$494,570,996
$(486,160,361)
$(809)
$(4,527)
$74,560,086
74,545,177
$2,494,136
Schedule of Total Return Swaps
 
Counterparty/
Return Paid
by the Fund
Return Received
by the Fund
Payment
Frequency
Termination
Date
Notional
Amount
 
Swap
Contracts, at
Value and
Unrealized
Appreciation/
(Depreciation)
UBS AG, London Branch:
 
 
Euro short-term rate + 0.55%
Ryanair Holdings PLC
At Maturity
1/15/25
22,613,060
EUR
$(3,007,653)
Average Ending Monthly Value of Derivative Instruments During the Period Ended June 30, 2024
Options:
Average value of option contracts written
$1,097,690
Total return swaps:
Average notional amount
15,829,142
3

Notes to Schedule of Investments(unaudited)
ADR
American Depositary Receipt
LLC
Limited Liability Company
PLC
Public Limited Company
ž
Securities sold under Rule 144A of the Securities Act of 1933, as amended, are subject to legal and/or contractual restrictions on resale
and may not be publicly sold without registration under the 1933 Act. Unless otherwise noted, these securities have been determined to be
liquid under guidelines established by the Board of Trustees. The total value of 144A securities as of the period ended June 30, 2024 is
$87,751,357, which represents 3.1% of net assets.
*
Non-income producing security.
ºº
Rate shown is the 7-day yield as of June 30, 2024.
¢
Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended June 30, 2024 is $0,
which represents 0.0% 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.
§
Schedule of Restricted Securities (as of June 30, 2024)
Acquisition
Date
Cost
Value
Value as a
% of Net
Assets
Magic Leap Inc - Class A private equity common shares
10/5/17
$9,254,547
$0
0.0
%
The Fund has registration rights for certain restricted securities held as of June 30, 2024. The issuer incurs all registration costs.
4

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 June 30, 2024.
Valuation Inputs Summary
Level 1 -
Quoted Prices
Level 2 -
Other Significant
Observable Inputs
Level 3 -
Significant
Unobservable Inputs
Assets
Investments In Securities:
Common Stocks
Aerospace & Defense
$-
$117,115,469
$-
Automobiles
-
36,583,773
-
Banks
-
133,366,336
-
Commercial Services & Supplies
-
35,404,186
-
Diversified Telecommunication Services
-
45,136,411
-
Electronic Equipment, Instruments & Components
-
50,042,694
-
Hotels, Restaurants & Leisure
79,554,755
31,385,133
-
Industrial Real Estate Investment Trusts (REITs)
-
24,028,615
-
Insurance
68,150,817
117,233,566
-
Personal Products
-
57,380,756
-
Pharmaceuticals
76,876,419
40,805,042
-
Semiconductor & Semiconductor Equipment
122,592,172
258,005,909
-
Textiles, Apparel & Luxury Goods
-
87,584,307
-
Wireless Telecommunication Services
-
30,228,192
-
All Other
1,357,774,436
-
-
Preferred Stocks
-
22,046,776
-
Private Placements
-
-
0
Investment Companies
-
74,560,086
-
Total Assets
$1,704,948,599
$1,160,907,251
$0
Liabilities
Other Financial Instruments(a):
OTC Swaps
$-
$3,007,653
$-
(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 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 and
written swaptions are reported at their market value at measurement date.
5

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 nonvalued security and a restricted or nonpublic security. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. The value of the securities of other mutual funds held by the Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation. The value of the securities of any cash management pooled investment vehicles that operate as money market funds held by the Fund, if any, will be calculated using the NAV of such funds.
Valuation Inputs Summary
FASB ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and expands disclosure requirements regarding fair value measurements. This standard emphasizes that fair value is a market-based measurement that should be determined based on the assumptions that market participants would use in pricing an asset or liability and establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. These inputs are summarized into three broad levels:
Level 1 – Unadjusted quoted prices in active markets the Fund has the ability to access for identical assets or liabilities.
Level 2 – Observable inputs other than unadjusted quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Assets or liabilities categorized as Level 2 in the hierarchy generally include:debt securities fair valued in accordance with the evaluated bid or ask prices supplied by a pricing service; securities traded on OTC markets and listed securities for which no sales are reported that are fair valued at the latest bid price (or yield equivalent thereof) obtained from one or more dealers transacting in a market for such securities or by a pricing service approved by the Fund’s Trustees; certain short-term debt securities with maturities of 60 days or less that are fair valued at amortized cost; and equity securities of foreign issuers whose fair value is determined by using systematic fair valuation models provided by independent third parties in order to adjust for stale pricing which may occur between the close of certain foreign exchanges and the close of the NYSE. Other securities that may be categorized as Level 2 in the hierarchy include, but are not limited to, preferred stocks, bank loans, swaps, investments in unregistered investment companies, options, and forward contracts.
Level 3 – Unobservable inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information available.
There have been no significant changes in valuation techniques used in valuing any such positions held by the Fund since the beginning of the fiscal period.
6

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 June 30, 2024 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.
The Fund did not hold a significant amount of Level 3 securities as of June 30, 2024.
7

For additional information on the Fund, please refer to the Fund’s most recent semiannual or annual financial statements.
125-35-70233 08-24