NPORT-EX 2 nportex-62.htm

Janus Henderson VIT Global Research Portfolio

Schedule of Investments (unaudited)

September 30, 2022

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– 99.0%

   

Aerospace & Defense – 1.8%

   
 

Airbus SE

 

77,625

  

$6,705,189

 
 

General Dynamics Corp

 

21,028

  

4,461,511

 
  

11,166,700

 

Air Freight & Logistics – 1.8%

   
 

United Parcel Service Inc

 

69,629

  

11,247,869

 

Airlines – 0.4%

   
 

Ryanair Holdings PLC (ADR)*

 

38,588

  

2,254,311

 

Automobiles – 0.9%

   
 

Tesla Inc*

 

21,616

  

5,733,644

 

Banks – 4.9%

   
 

Bank of America Corp

 

214,375

  

6,474,125

 
 

BNP Paribas SA

 

101,019

  

4,264,111

 
 

HDFC Bank Ltd

 

122,526

  

2,123,253

 
 

JPMorgan Chase & Co

 

119,300

  

12,466,850

 
 

Toronto-Dominion Bank/The

 

91,240

  

5,596,476

 
  

30,924,815

 

Beverages – 4.3%

   
 

Constellation Brands Inc

 

65,481

  

15,039,676

 
 

Pernod Ricard SA

 

66,049

  

12,070,812

 
  

27,110,488

 

Biotechnology – 2.9%

   
 

AbbVie Inc

 

62,192

  

8,346,788

 
 

Ascendis Pharma A/S (ADR)*

 

15,530

  

1,603,628

 
 

Sarepta Therapeutics Inc*

 

24,178

  

2,672,636

 
 

Vertex Pharmaceuticals Inc*

 

20,042

  

5,802,961

 
  

18,426,013

 

Capital Markets – 4.3%

   
 

Blackstone Group Inc

 

53,451

  

4,473,849

 
 

Charles Schwab Corp

 

92,674

  

6,660,480

 
 

London Stock Exchange Group PLC

 

25,931

  

2,186,095

 
 

LPL Financial Holdings Inc

 

21,801

  

4,763,082

 
 

Morgan Stanley

 

82,593

  

6,525,673

 
 

State Street Corp

 

39,418

  

2,397,009

 
  

27,006,188

 

Chemicals – 1.3%

   
 

Linde PLC

 

31,292

  

8,436,010

 

Consumer Finance – 0.9%

   
 

Capital One Financial Corp

 

40,954

  

3,774,730

 
 

OneMain Holdings Inc

 

59,115

  

1,745,075

 
  

5,519,805

 

Diversified Financial Services – 0.6%

   
 

Apollo Global Management Inc

 

82,622

  

3,841,923

 

Electric Utilities – 0.3%

   
 

NextEra Energy Inc

 

23,093

  

1,810,722

 

Electronic Equipment, Instruments & Components – 1.1%

   
 

Hexagon AB - Class B

 

754,844

  

7,001,991

 

Entertainment – 2.0%

   
 

Liberty Media Corp-Liberty Formula One*

 

129,438

  

7,572,123

 
 

Nintendo Co Ltd

 

129,000

  

5,224,276

 
  

12,796,399

 

Equity Real Estate Investment Trusts (REITs) – 1.1%

   
 

American Tower Corp

 

32,154

  

6,903,464

 

Health Care Equipment & Supplies – 2.0%

   
 

Abbott Laboratories

 

25,212

  

2,439,513

 
 

Boston Scientific Corp*

 

92,751

  

3,592,246

 
 

Danaher Corp

 

12,389

  

3,199,955

 
 

Dentsply Sirona Inc

 

49,888

  

1,414,325

 
 

Edwards Lifesciences Corp*

 

26,116

  

2,157,965

 
  

12,804,004

 

Health Care Providers & Services – 1.9%

   
 

Centene Corp*

 

53,860

  

4,190,847

 
 

Humana Inc

 

10,232

  

4,964,464

 
 

UnitedHealth Group Inc

 

4,873

  

2,461,060

 
  

11,616,371

 

Hotels, Restaurants & Leisure – 2.2%

   
 

Entain PLC

 

324,435

  

3,895,158

 
 

McDonald's Corp

 

43,154

  

9,957,354

 
  

13,852,512

 

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– (continued)

   

Independent Power and Renewable Electricity Producers – 1.7%

   
 

NRG Energy Inc

 

150,928

  

$5,776,015

 
 

Vistra Energy Corp

 

217,566

  

4,568,886

 
  

10,344,901

 

Information Technology Services – 4.4%

   
 

Fidelity National Information Services Inc

 

46,658

  

3,525,945

 
 

Global Payments Inc

 

32,740

  

3,537,557

 
 

Mastercard Inc

 

36,968

  

10,511,481

 
 

Visa Inc

 

55,989

  

9,946,446

 
  

27,521,429

 

Insurance – 2.9%

   
 

AIA Group Ltd

 

471,000

  

3,910,629

 
 

Aon PLC - Class A

 

15,711

  

4,208,506

 
 

Beazley PLC

 

251,032

  

1,556,952

 
 

Intact Financial Corp

 

15,297

  

2,165,081

 
 

Progressive Corp/The

 

55,167

  

6,410,957

 
  

18,252,125

 

Interactive Media & Services – 3.5%

   
 

Alphabet Inc - Class C*

 

203,413

  

19,558,160

 
 

Tencent Holdings Ltd

 

62,600

  

2,114,194

 
  

21,672,354

 

Internet & Direct Marketing Retail – 5.0%

   
 

Amazon.com Inc*

 

169,402

  

19,142,426

 
 

Booking Holdings Inc*

 

3,398

  

5,583,628

 
 

JD.Com Inc - Class A

 

185,759

  

4,690,807

 
 

MercadoLibre Inc*

 

2,461

  

2,037,167

 
  

31,454,028

 

Life Sciences Tools & Services – 0.8%

   
 

Thermo Fisher Scientific Inc

 

10,424

  

5,286,949

 

Machinery – 4.0%

   
 

Alstom SA

 

256,383

  

4,122,070

 
 

Atlas Copco AB - Class A

 

728,520

  

6,749,731

 
 

Deere & Co

 

23,188

  

7,742,241

 
 

Parker-Hannifin Corp

 

25,744

  

6,238,029

 
  

24,852,071

 

Metals & Mining – 2.3%

   
 

Freeport-McMoRan Inc

 

146,944

  

4,015,979

 
 

Rio Tinto PLC

 

75,582

  

4,092,855

 
 

Teck Resources Ltd

 

214,171

  

6,514,135

 
  

14,622,969

 

Multi-Utilities – 0.3%

   
 

RWE AG

 

46,137

  

1,697,344

 

Oil, Gas & Consumable Fuels – 6.5%

   
 

Canadian Natural Resources Ltd

 

170,574

  

7,940,854

 
 

Cheniere Energy Inc

 

19,534

  

3,240,886

 
 

ConocoPhillips

 

82,435

  

8,436,398

 
 

EOG Resources Inc

 

47,074

  

5,259,578

 
 

Marathon Petroleum Corp

 

94,043

  

9,341,291

 
 

Suncor Energy Inc

 

201,014

  

5,661,341

 
 

Total SE

 

23,078

  

1,086,116

 
  

40,966,464

 

Personal Products – 1.5%

   
 

Unilever PLC

 

214,307

  

9,450,291

 

Pharmaceuticals – 6.3%

   
 

AstraZeneca PLC

 

83,899

  

9,224,277

 
 

Catalent Inc*

 

30,777

  

2,227,024

 
 

Eli Lilly & Co

 

8,965

  

2,898,833

 
 

Horizon Therapeutics PLC*

 

35,423

  

2,192,329

 
 

Merck & Co Inc

 

76,174

  

6,560,105

 
 

Novartis AG

 

74,783

  

5,702,107

 
 

Organon & Co

 

60,668

  

1,419,631

 
 

Roche Holding AG

 

17,702

  

5,773,067

 
 

Sanofi

 

46,991

  

3,585,825

 
  

39,583,198

 

Road & Rail – 1.1%

   
 

Full Truck Alliance Co (ADR)*,#

 

402,929

  

2,639,185

 
 

Uber Technologies Inc*

 

158,006

  

4,187,159

 
  

6,826,344

 

Semiconductor & Semiconductor Equipment – 5.5%

   
 

Advanced Micro Devices Inc*

 

50,710

  

3,212,986

 
 

ASML Holding NV

 

30,610

  

12,694,846

 
 

Lam Research Corp

 

6,973

  

2,552,118

 
 

Marvell Technology Inc

 

72,620

  

3,116,124

 
 

NVIDIA Corp

 

45,512

  

5,524,702

 

2

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– (continued)

   

Semiconductor & Semiconductor Equipment– (continued)

   
 

Taiwan Semiconductor Manufacturing Co Ltd

 

422,000

  

$5,547,238

 
 

Texas Instruments Inc

 

11,841

  

1,832,750

 
  

34,480,764

 

Software – 7.4%

   
 

Atlassian Corp PLC - Class A*

 

7,155

  

1,506,771

 
 

Autodesk Inc*

 

11,200

  

2,092,160

 
 

Constellation Software Inc/Canada

 

735

  

1,022,832

 
 

Microsoft Corp

 

130,749

  

30,451,442

 
 

ServiceNow Inc*

 

3,907

  

1,475,322

 
 

Synopsys Inc*

 

17,406

  

5,317,707

 
 

Workday Inc - Class A*

 

29,872

  

4,547,116

 
  

46,413,350

 

Specialty Retail – 1.1%

   
 

O'Reilly Automotive Inc*

 

9,904

  

6,965,978

 

Technology Hardware, Storage & Peripherals – 4.6%

   
 

Apple Inc

 

207,532

  

28,680,922

 

Textiles, Apparel & Luxury Goods – 1.7%

   
 

LVMH Moet Hennessy Louis Vuitton SE

 

5,428

  

3,190,287

 
 

Moncler SpA

 

49,764

  

2,042,989

 
 

NIKE Inc - Class B

 

62,640

  

5,206,637

 
  

10,439,913

 

Trading Companies & Distributors – 2.1%

   
 

Ferguson PLC

 

127,587

  

13,282,315

 

Wireless Telecommunication Services – 1.6%

   
 

T-Mobile US Inc*

 

75,703

  

10,157,071

 

Total Common Stocks (cost $515,182,811)

 

621,404,009

 

Preferred Stocks– 0.8%

   

Automobiles – 0.8%

   
 

Dr Ing hc F Porsche AG((cost $4,632,041)

 

57,646

  

4,660,214

 

Private Placements– 0.2%

   

Health Care Providers & Services – 0.2%

   
 

API Holdings Private Ltd*,¢,§((cost $2,347,416)

 

3,231,470

  

1,205,373

 

Investment Companies– 0.4%

   

Money Markets – 0.4%

   
 

Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $2,451,466)

 

2,451,221

  

2,451,466

 

Investments Purchased with Cash Collateral from Securities Lending– 0.1%

   

Investment Companies – 0.1%

   
 

Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº,£

 

658,244

  

658,244

 

Time Deposits – 0%

   
 

Royal Bank of Canada, 3.0600%, 10/3/22

 

$164,561

  

164,561

 

Total Investments Purchased with Cash Collateral from Securities Lending (cost $822,805)

 

822,805

 

Total Investments (total cost $525,436,539) – 100.5%

 

630,543,867

 

Liabilities, net of Cash, Receivables and Other Assets – (0.5)%

 

(3,053,970)

 

Net Assets – 100%

 

$627,489,897

 

3

      

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

 
    

% of

 
    

Investment

 

Country

 

Value

 

Securities

 

United States

 

$446,597,979

 

70.8

%

France

 

35,024,410

 

5.6

 

United Kingdom

 

29,391,347

 

4.7

 

Canada

 

28,900,719

 

4.6

 

Netherlands

 

22,145,137

 

3.5

 

Sweden

 

13,751,722

 

2.2

 

Switzerland

 

11,475,174

 

1.8

 

China

 

9,444,186

 

1.5

 

Germany

 

6,357,558

 

1.0

 

Taiwan

 

5,547,238

 

0.9

 

Japan

 

5,224,276

 

0.8

 

Hong Kong

 

3,910,629

 

0.6

 

India

 

3,328,626

 

0.5

 

Ireland

 

2,254,311

 

0.4

 

Italy

 

2,042,989

 

0.3

 

Argentina

 

2,037,167

 

0.3

 

Denmark

 

1,603,628

 

0.3

 

Australia

 

1,506,771

 

0.2

 
      
      

Total

 

$630,543,867

 

100.0

%

 

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 9/30/22

Investment Companies - 0.4%

Money Markets - 0.4%

 
 

Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº

$

5,333

$

54

$

-

$

2,451,466

Investments Purchased with Cash Collateral from Securities Lending - 0.1%

Investment Companies - 0.1%

 
 

Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº

 

3,724∆

 

-

 

-

 

658,244

Total Affiliated Investments - 0.5%

$

9,057

$

54

$

-

$

3,109,710

           
 

Value

at 12/31/21

Purchases

Sales Proceeds

Value

at 9/30/22

Investment Companies - 0.4%

Money Markets - 0.4%

 
 

Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº

 

963,925

 

49,433,142

 

(47,945,655)

 

2,451,466

Investments Purchased with Cash Collateral from Securities Lending - 0.1%

Investment Companies - 0.1%

 
 

Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº

 

-

 

41,672,460

 

(41,014,216)

 

658,244

4

Notes to Schedule of Investments (unaudited)

  

ADR

American Depositary Receipt

LLC

Limited Liability Company

PLC

Public Limited Company

  

*

Non-income producing security.

  

ºº

Rate shown is the 7-day yield as of September 30, 2022.

  

#

Loaned security; a portion of the security is on loan at September 30, 2022.

  

¢

Security is valued using significant unobservable inputs. The total value of Level 3 securities as of the period ended September 30, 2022 is $1,205,373, which represents 0.2% of net assets.

  

£

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.

           

§

Schedule of Restricted Securities (as of September 30, 2022)

       

Value as a

 
 

Acquisition

     

% of Net

 
 

Date

 

Cost

 

Value

 

Assets

 

API Holdings Private Ltd

9/27/21

$

2,347,416

$

1,205,373

 

0.2

%

         
         

The Portfolio has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs.

 

5

             

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, 2022.

 

Valuation Inputs Summary

       
    

Level 2 -

 

Level 3 -

  

Level 1 -

 

Other Significant

 

Significant

  

Quoted Prices

 

Observable Inputs

 

Unobservable Inputs

       

Assets

      

Investments In Securities:

      

Common Stocks

      

Aerospace & Defense

$

4,461,511

$

6,705,189

$

-

Banks

 

24,537,451

 

6,387,364

 

-

Beverages

 

15,039,676

 

12,070,812

 

-

Capital Markets

 

24,820,093

 

2,186,095

 

-

Electronic Equipment, Instruments & Components

 

-

 

7,001,991

 

-

Entertainment

 

7,572,123

 

5,224,276

 

-

Hotels, Restaurants & Leisure

 

9,957,354

 

3,895,158

 

-

Insurance

 

12,784,544

 

5,467,581

 

-

Interactive Media & Services

 

19,558,160

 

2,114,194

 

-

Internet & Direct Marketing Retail

 

26,763,221

 

4,690,807

 

-

Machinery

 

13,980,270

 

10,871,801

 

-

Metals & Mining

 

10,530,114

 

4,092,855

 

-

Multi-Utilities

 

-

 

1,697,344

 

-

Oil, Gas & Consumable Fuels

 

39,880,348

 

1,086,116

 

-

Personal Products

 

-

 

9,450,291

 

-

Pharmaceuticals

 

15,297,922

 

24,285,276

 

-

Semiconductor & Semiconductor Equipment

 

16,238,680

 

18,242,084

 

-

Textiles, Apparel & Luxury Goods

 

5,206,637

 

5,233,276

 

-

Trading Companies & Distributors

 

-

 

13,282,315

 

-

All Other

 

230,791,080

 

-

 

-

Preferred Stocks

 

4,660,214

 

-

 

-

Private Placements

 

-

 

-

 

1,205,373

Investment Companies

 

-

 

2,451,466

 

-

Investments Purchased with Cash Collateral from Securities Lending

 

-

 

822,805

 

-

Total Assets

$

482,079,398

$

147,259,096

$

1,205,373

       

6

Investment Valuation

Portfolio 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 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 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 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 valuation policies provide for the use of systematic fair valuation models provided by independent pricing services to value foreign 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, 2022 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.

7

The Portfolio did not hold a significant amount of Level 3 securities as of September 30, 2022.

8

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

      
      
      
   

109-35-70309 11-22