NPORT-EX 2 nportex-127.htm

Janus Henderson Global Real Estate Fund

Schedule of Investments (unaudited)

June 30, 2023

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– 99.0%

   

Diversified Telecommunication Services – 1.1%

   
 

Cellnex Telecom SA (144A)*

 

137,937

  

$5,567,086

 

Equity Real Estate Investment Trusts (REITs) – 3.5%

   
 

Land Securities Group PLC

 

513,526

  

3,744,196

 
 

Merlin Properties Socimi SA

 

640,369

  

5,477,838

 
 

Stockland

 

1,944,028

  

5,217,737

 
 

United Urban Investment Corp

 

4,114

  

4,145,936

 
  

18,585,707

 

Health Care Providers & Services – 1.7%

   
 

Chartwell Retirement Residences

 

1,248,258

  

8,924,206

 

Health Care Real Estate Investment Trusts (REITs) – 7.5%

   
 

Aedifica SA

 

32,192

  

2,061,811

 
 

Healthpeak Properties Inc

 

647,751

  

13,019,795

 
 

Welltower Inc

 

300,758

  

24,328,315

 
  

39,409,921

 

Hotel & Resort Real Estate Investment Trusts (REITs) – 0.8%

   
 

Japan Hotel Investment Corp

 

8,450

  

4,304,651

 

Household Durables – 1.4%

   
 

NVR Inc*

 

1,188

  

7,544,537

 

Industrial Real Estate Investment Trusts (REITs) – 23.8%

   
 

Americold Realty Trust

 

465,656

  

15,040,689

 
 

Ascendas

 

3,730,200

  

7,503,989

 
 

Frasers Logistics & Industrial Trust

 

5,330,300

  

4,927,797

 
 

Goodman Group

 

572,410

  

7,651,195

 
 

Industrial & Infrastructure Fund Investment Corp

 

5,005

  

5,258,927

 
 

LaSalle Logiport

 

2,498

  

2,616,078

 
 

Prologis Inc

 

391,247

  

47,913,138

 
 

Rexford Industrial Realty Inc

 

277,570

  

14,494,705

 
 

Segro PLC

 

869,220

  

7,911,532

 
 

STAG Industrial Inc

 

348,571

  

12,506,727

 
  

125,824,777

 

Office Real Estate Investment Trusts (REITs) – 3.3%

   
 

Gecina SA

 

24,912

  

2,651,543

 
 

Kenedix Office Investment Corp

 

1,815

  

4,358,868

 
 

Orix JREIT Inc

 

5,597

  

6,881,812

 
 

Workspace Group PLC

 

594,000

  

3,566,127

 
  

17,458,350

 

Real Estate Management & Development – 20.1%

   
 

Ayala Land Inc

 

10,516,500

  

4,631,140

 
 

Capitaland Investment Ltd/Singapore

 

2,466,600

  

6,038,345

 
 

CBRE Group Inc*

 

176,722

  

14,263,233

 
 

China Resources Land Ltd

 

3,310,000

  

14,024,529

 
 

CK Asset Holdings Ltd

 

454,000

  

2,514,593

 
 

CTP NV (144A)

 

247,372

  

3,211,887

 
 

Fastighets AB Balder - Class B*

 

800,000

  

2,920,558

 
 

Helical PLC

 

821,515

  

2,712,200

 
 

LEG Immobilien AG*

 

46,024

  

2,643,401

 
 

Mitsui Fudosan Co Ltd

 

839,800

  

16,649,902

 
 

Sun Hung Kai Properties Ltd

 

598,500

  

7,538,822

 
 

Swire Properties Ltd

 

2,212,800

  

5,439,020

 
 

Tricon Residential Inc#

 

1,510,328

  

13,317,704

 
 

VGP NV

 

55,000

  

5,370,918

 
 

Vonovia SE

 

258,661

  

5,050,396

 
  

106,326,648

 

Residential Real Estate Investment Trusts (REITs) – 7.3%

   
 

Camden Property Trust

 

174,619

  

19,010,771

 
 

UDR Inc

 

353,775

  

15,198,174

 
 

UNITE Group PLC

 

379,894

  

4,196,764

 
  

38,405,709

 

Retail Real Estate Investment Trusts (REITs) – 19.2%

   
 

Agree Realty Corp

 

240,339

  

15,715,767

 
 

Brixmor Property Group Inc

 

713,957

  

15,707,054

 
 

Japan Retail Fund Investment Corp

 

9,526

  

6,358,149

 
 

Link

 

1,736,300

  

9,639,094

 
 

National Retail Properties Inc

 

388,357

  

16,617,796

 
 

SITE Centers Corp

 

1,147,535

  

15,170,413

 
 

Spirit Realty Capital Inc

 

388,831

  

15,312,165

 
 

Vicinity Centres

 

5,490,684

  

6,746,795

 
  

101,267,233

 

        

Shares or
Principal Amounts

  

Value

 

Common Stocks– (continued)

   

Specialized Real Estate Investment Trusts (REITs) – 9.3%

   
 

CubeSmart

 

223,504

  

$9,981,689

 
 

Safestore Holdings PLC

 

420,758

  

4,535,999

 
 

SBA Communications Corp

 

37,713

  

8,740,365

 
 

VICI Properties Inc

 

818,070

  

25,711,940

 
  

48,969,993

 

Total Common Stocks (cost $530,372,467)

 

522,588,818

 

Investment Companies– 1.0%

   

Money Markets – 1.0%

   
 

Janus Henderson Cash Liquidity Fund LLC, 5.1900%ºº,£((cost $5,468,121)

 

5,467,028

  

5,468,121

 

Investments Purchased with Cash Collateral from Securities Lending– 2.0%

   

Investment Companies – 1.6%

   
 

Janus Henderson Cash Collateral Fund LLC, 4.9971%ºº,£

 

8,235,000

  

8,235,000

 

Time Deposits – 0.4%

   
 

Royal Bank of Canada, 5.0600%, 7/3/23

 

$2,058,750

  

2,058,750

 

Total Investments Purchased with Cash Collateral from Securities Lending (cost $10,293,750)

 

10,293,750

 

Total Investments (total cost $546,134,338) – 102.0%

 

538,350,689

 

Liabilities, net of Cash, Receivables and Other Assets – (2.0)%

 

(10,313,107)

 

Net Assets – 100%

 

$528,037,582

 
      

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

 
    

% of

 
    

Investment

 

Country

 

Value

 

Securities

 

United States

 

$322,039,144

 

59.8

%

Japan

 

50,574,323

 

9.4

 

United Kingdom

 

26,666,818

 

5.0

 

Hong Kong

 

25,131,529

 

4.7

 

Canada

 

22,241,910

 

4.1

 

Australia

 

19,615,727

 

3.6

 

Singapore

 

18,470,131

 

3.4

 

China

 

14,024,529

 

2.6

 

Spain

 

11,044,924

 

2.1

 

Germany

 

7,693,797

 

1.4

 

Belgium

 

7,432,729

 

1.4

 

Philippines

 

4,631,140

 

0.9

 

Netherlands

 

3,211,887

 

0.6

 

Sweden

 

2,920,558

 

0.5

 

France

 

2,651,543

 

0.5

 
      
      

Total

 

$538,350,689

 

100.0

%

2

 

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 6/30/23

Investment Companies - 1.0%

Money Markets - 1.0%

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.1900%ºº

$

152,941

$

(321)

$

-

$

5,468,121

Investments Purchased with Cash Collateral from Securities Lending - 1.6%

Investment Companies - 1.6%

 
 

Janus Henderson Cash Collateral Fund LLC, 4.9971%ºº

 

7,770∆

 

-

 

-

 

8,235,000

Total Affiliated Investments - 2.6%

$

160,711

$

(321)

$

-

$

13,703,121

           
 

Value

at 9/30/22

Purchases

Sales Proceeds

Value

at 6/30/23

Investment Companies - 1.0%

Money Markets - 1.0%

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.1900%ºº

 

8,309,444

 

114,875,889

 

(117,716,891)

 

5,468,121

Investments Purchased with Cash Collateral from Securities Lending - 1.6%

Investment Companies - 1.6%

 
 

Janus Henderson Cash Collateral Fund LLC, 4.9971%ºº

 

55,187

 

26,144,964

 

(17,965,151)

 

8,235,000

3

Notes to Schedule of Investments (unaudited)

  

LLC

Limited Liability Company

PLC

Public Limited Company

  

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 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, 2023 is $8,778,973, which represents 1.7% of net assets.

  

*

Non-income producing security.

  

ºº

Rate shown is the 7-day yield as of June 30, 2023.

  

#

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

  

∆

Net of income paid to the securities lending agent and rebates paid to the borrowing counterparties.

             

The following is a summary of the inputs that were used to value the Fund’s investments in securities and other financial instruments as of June 30, 2023.

 

Valuation Inputs Summary

       
    

Level 2 -

 

Level 3 -

  

Level 1 -

 

Other Significant

 

Significant

  

Quoted Prices

 

Observable Inputs

 

Unobservable Inputs

       

Assets

      

Investments In Securities:

      

Common Stocks

$

522,588,818

$

-

$

-

Investment Companies

 

-

 

5,468,121

 

-

Investments Purchased with Cash Collateral from Securities Lending

 

-

 

10,293,750

 

-

Total Assets

$

522,588,818

$

15,761,871

$

-

       

4

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.

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, 2023 to fair value the Fund’s investments in

5

securities and other financial instruments is included in the “Valuation Inputs Summary” in the Notes to Schedule of Investments.

6

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

      
      
      
   

125-35-70229 08-23