NPORT-EX 2 nportex-60.htm

Janus Henderson VIT Research Portfolio

Schedule of Investments (unaudited)

September 30, 2020

        


Shares

  

Value

 

Common Stocks– 99.6%

   

Aerospace & Defense – 0.8%

   
 

L3Harris Technologies Inc

 

30,007

  

$5,096,389

 

Air Freight & Logistics – 1.1%

   
 

United Parcel Service Inc

 

38,957

  

6,491,405

 

Auto Components – 0.3%

   
 

Aptiv PLC

 

18,541

  

1,699,839

 

Beverages – 1.1%

   
 

Constellation Brands Inc

 

36,431

  

6,904,039

 

Biotechnology – 4.2%

   
 

AbbVie Inc

 

103,777

  

9,089,827

 
 

BioMarin Pharmaceutical Inc*

 

35,064

  

2,667,669

 
 

Global Blood Therapeutics Inc*

 

49,526

  

2,730,864

 
 

Mirati Therapeutics Inc*

 

10,796

  

1,792,676

 
 

Neurocrine Biosciences Inc*

 

29,284

  

2,815,949

 
 

Sarepta Therapeutics Inc*

 

21,189

  

2,975,571

 
 

Vertex Pharmaceuticals Inc*

 

12,805

  

3,484,497

 
  

25,557,053

 

Capital Markets – 0.4%

   
 

Blackstone Group Inc

 

42,253

  

2,205,607

 

Chemicals – 1.3%

   
 

Air Products & Chemicals Inc

 

11,457

  

3,412,582

 
 

Sherwin-Williams Co

 

6,088

  

4,241,753

 
  

7,654,335

 

Containers & Packaging – 0.5%

   
 

Ball Corp

 

39,684

  

3,298,534

 

Diversified Consumer Services – 0.6%

   
 

ServiceMaster Global Holdings Inc*

 

94,453

  

3,766,786

 

Electronic Equipment, Instruments & Components – 0.4%

   
 

Cognex Corp

 

35,683

  

2,322,963

 

Entertainment – 2.5%

   
 

Liberty Media Corp-Liberty Formula One*

 

141,458

  

5,130,682

 
 

Netflix Inc*

 

20,196

  

10,098,606

 
  

15,229,288

 

Equity Real Estate Investment Trusts (REITs) – 2.9%

   
 

American Tower Corp

 

18,529

  

4,479,015

 
 

Crown Castle International Corp

 

22,885

  

3,810,352

 
 

Equinix Inc

 

4,462

  

3,391,700

 
 

VICI Properties Inc

 

241,355

  

5,640,466

 
  

17,321,533

 

Health Care Equipment & Supplies – 2.4%

   
 

Abbott Laboratories

 

43,083

  

4,688,723

 
 

Boston Scientific Corp*

 

155,746

  

5,951,055

 
 

Dentsply Sirona Inc

 

48,944

  

2,140,321

 
 

ICU Medical Inc*

 

9,744

  

1,780,813

 
  

14,560,912

 

Health Care Providers & Services – 1.7%

   
 

Centene Corp*

 

44,843

  

2,615,692

 
 

Humana Inc

 

19,206

  

7,949,171

 
  

10,564,863

 

Hotels, Restaurants & Leisure – 1.2%

   
 

Aramark

 

111,152

  

2,939,970

 
 

McDonald's Corp

 

20,248

  

4,444,234

 
  

7,384,204

 

Household Products – 1.7%

   
 

Procter & Gamble Co

 

73,135

  

10,165,034

 

Independent Power and Renewable Electricity Producers – 0.1%

   
 

NRG Energy Inc

 

10,727

  

329,748

 

Industrial Conglomerates – 0.6%

   
 

Honeywell International Inc

 

20,744

  

3,414,670

 

Information Technology Services – 6.4%

   
 

Fidelity National Information Services Inc

 

23,869

  

3,513,755

 
 

Mastercard Inc

 

51,973

  

17,575,709

 
 

Visa Inc

 

89,171

  

17,831,525

 
  

38,920,989

 

Insurance – 1.7%

   
 

Aon PLC

 

29,344

  

6,053,667

 
 

Progressive Corp

 

46,360

  

4,388,901

 
  

10,442,568

 


        


Shares

  

Value

 

Common Stocks– (continued)

   

Interactive Media & Services – 8.5%

   
 

Alphabet Inc - Class C*

 

17,995

  

$26,445,452

 
 

Facebook Inc*

 

94,824

  

24,834,406

 
  

51,279,858

 

Internet & Direct Marketing Retail – 10.7%

   
 

Amazon.com Inc*

 

16,161

  

50,886,626

 
 

Booking Holdings Inc*

 

3,951

  

6,758,897

 
 

Etsy Inc*

 

25,766

  

3,133,919

 
 

Wayfair Inc*

 

12,223

  

3,557,015

 
  

64,336,457

 

Life Sciences Tools & Services – 1.7%

   
 

IQVIA Holdings Inc*

 

23,096

  

3,640,622

 
 

Thermo Fisher Scientific Inc

 

14,678

  

6,480,631

 
  

10,121,253

 

Machinery – 1.1%

   
 

Deere & Co

 

7,700

  

1,706,551

 
 

Ingersoll Rand Inc*

 

69,152

  

2,461,811

 
 

Parker-Hannifin Corp

 

12,025

  

2,433,138

 
  

6,601,500

 

Multi-Utilities – 0%

   
 

Sempra Energy

 

2,282

  

270,098

 

Oil, Gas & Consumable Fuels – 0%

   
 

Enterprise Products Partners LP

 

16,064

  

253,651

 

Pharmaceuticals – 4.0%

   
 

Bristol-Myers Squibb Co

 

110,571

  

6,666,326

 
 

Elanco Animal Health Inc*

 

129,314

  

3,611,740

 
 

Horizon Therapeutics PLC*

 

62,082

  

4,822,530

 
 

Merck & Co Inc

 

112,213

  

9,308,068

 
  

24,408,664

 

Professional Services – 1.8%

   
 

CoStar Group Inc*

 

9,500

  

8,060,845

 
 

Verisk Analytics Inc

 

14,109

  

2,614,539

 
  

10,675,384

 

Road & Rail – 0.6%

   
 

Uber Technologies Inc*

 

97,884

  

3,570,808

 

Semiconductor & Semiconductor Equipment – 7.6%

   
 

Lam Research Corp

 

22,394

  

7,429,209

 
 

Microchip Technology Inc

 

43,379

  

4,457,626

 
 

Micron Technology Inc*

 

16,218

  

761,597

 
 

NVIDIA Corp

 

37,222

  

20,145,291

 
 

Texas Instruments Inc

 

75,127

  

10,727,384

 
 

Xilinx Inc

 

23,794

  

2,480,287

 
  

46,001,394

 

Software – 19.9%

   
 

Adobe Inc*

 

40,598

  

19,910,477

 
 

Atlassian Corp PLC*

 

23,370

  

4,248,432

 
 

Autodesk Inc*

 

26,751

  

6,179,748

 
 

Avalara Inc*

 

25,117

  

3,198,399

 
 

Microsoft Corp

 

232,718

  

48,947,577

 
 

RingCentral Inc*

 

16,077

  

4,414,905

 
 

salesforce.com Inc*

 

54,563

  

13,712,773

 
 

SS&C Technologies Holdings Inc

 

32,567

  

1,970,955

 
 

Tyler Technologies Inc*

 

13,603

  

4,741,462

 
 

Workday Inc*

 

22,897

  

4,925,832

 
 

Zendesk Inc*

 

74,395

  

7,656,733

 
  

119,907,293

 

Specialty Retail – 0.5%

   
 

Burlington Stores Inc*

 

14,843

  

3,058,994

 

Technology Hardware, Storage & Peripherals – 9.5%

   
 

Apple Inc

 

494,894

  

57,313,674

 

Textiles, Apparel & Luxury Goods – 1.5%

   
 

NIKE Inc

 

72,229

  

9,067,629

 

Wireless Telecommunication Services – 0.3%

   
 

T-Mobile US Inc*

 

13,711

  

1,567,990

 

Total Common Stocks (cost $333,933,616)

 

601,765,406

 

Investment Companies– 0.1%

   

Money Markets – 0.1%

   
 

Janus Henderson Cash Liquidity Fund LLC, 0.1028%ºº,£((cost $236,144)

 

236,120

  

236,144

 

Total Investments (total cost $334,169,760) – 99.7%

 

602,001,550

 

Cash, Receivables and Other Assets, net of Liabilities – 0.3%

 

1,956,482

 

Net Assets – 100%

 

$603,958,032

 


      

Summary of Investments by Country - (Long Positions) (unaudited)

 
    

% of

 
    

Investment

 

Country

 

Value

 

Securities

 

United States

 

$597,753,118

 

99.3

%

Australia

 

4,248,432

 

0.7

 
      
      

Total

 

$602,001,550

 

100.0

%

 

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 9/30/20

Investment Companies - 0.1%

Money Markets - 0.1%

 

Janus Henderson Cash Liquidity Fund LLC, 0.1028%ºº

$

7,227

$

305

$

-

$

236,144

Investments Purchased with Cash Collateral from Securities Lending - N/A

Investment Companies - N/A

 

Janus Henderson Cash Collateral Fund LLC, 0.0289%ºº

 

2,433

 

-

 

-

 

-

Total Affiliated Investments - 0.1%

$

9,660

$

305

$

-

$

236,144

           
 

Value

at 12/31/19

Purchases

Sales Proceeds

Value

at 9/30/20

Investment Companies - 0.1%

Money Markets - 0.1%

 

Janus Henderson Cash Liquidity Fund LLC, 0.1028%ºº

 

3,520,724

 

39,225,966

 

(42,510,851)

 

236,144

Investments Purchased with Cash Collateral from Securities Lending - N/A

Investment Companies - N/A

 

Janus Henderson Cash Collateral Fund LLC, 0.0289%ºº

 

-

 

35,543,547

 

(35,543,547)

 

-

Notes to Schedule of Investments (unaudited)

  

LLC

Limited Liability Company

LP

Limited Partnership

PLC

Public Limited Company

  

*

Non-income producing security.

  

ºº

Rate shown is the 7-day yield as of September 30, 2020.

  

£

The Portfolio 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 Portfolio 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.

       

The following is a summary of the inputs that were used to value the Portfolio’s investments in securities and other financial instruments as of September 30, 2020.

 

Valuation Inputs Summary

       


             
    

Level 2 -

 

Level 3 -

  

Level 1 -

 

Other Significant

 

Significant

  

Quoted Prices

 

Observable Inputs

 

Unobservable Inputs

       

Assets

      

Investments In Securities:

      

Common Stocks

$

601,765,406

$

-

$

-

Investment Companies

 

-

 

236,144

 

-

Total Assets

$

601,765,406

$

236,144

$

-

       

Investment Valuation

Securities held by the Portfolio are valued in accordance with policies and procedures established by and under the supervision of the Trustees (the “Valuation Procedures”). Equity securities traded on a domestic securities exchange are generally valued at the closing prices on the primary market or exchange on which they trade. If such price is lacking for the trading period immediately preceding the time of determination, such securities are 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. Securities that are traded on the over-the-counter (“OTC”) markets are generally valued at their closing or latest bid prices as available. Foreign securities and currencies are converted to U.S. dollars using the applicable exchange rate in effect at the close of the New York Stock Exchange (“NYSE”). The Portfolio 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 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 under the Valuation Procedures. Circumstances in which fair value pricing 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 Portfolio uses systematic fair valuation models provided by independent third parties to value international equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE.

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 Portfolio 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 Portfolio’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 Portfolio’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 Portfolio since the beginning of the fiscal year.

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 September 30, 2020 to fair value the Portfolio’s investments in securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments.

For additional information on the Portfolio, please refer to the Portfolio’s most recent semiannual or annual shareholder report.