NPORT-EX 2 nportex-171.htm

Janus Henderson U.S. Dividend Income Fund

Schedule of Investments (unaudited)

December 31, 2023

        


Shares

  

Value

 

Common Stocks– 100.0%

   

Aerospace & Defense – 2.0%

   
 

General Dynamics Corp

 

1,761

  

$457,279

 

Air Freight & Logistics – 2.3%

   
 

United Parcel Service Inc

 

3,274

  

514,771

 

Banks – 7.5%

   
 

Bank of America Corp

 

15,928

  

536,296

 
 

JPMorgan Chase & Co

 

5,416

  

921,262

 
 

US Bancorp

 

5,302

  

229,470

 
  

1,687,028

 

Beverages – 3.4%

   
 

Coca-Cola Co

 

4,469

  

263,358

 
 

PepsiCo Inc

 

2,965

  

503,576

 
  

766,934

 

Biotechnology – 4.9%

   
 

AbbVie Inc

 

2,642

  

409,431

 
 

Gilead Sciences Inc

 

8,469

  

686,074

 
  

1,095,505

 

Capital Markets – 8.5%

   
 

Charles Schwab Corp

 

4,161

  

286,277

 
 

CME Group Inc

 

3,927

  

827,026

 
 

Goldman Sachs Group Inc

 

890

  

343,335

 
 

Morgan Stanley

 

4,980

  

464,385

 
  

1,921,023

 

Chemicals – 1.7%

   
 

Air Products & Chemicals Inc

 

1,365

  

373,737

 

Commercial Services & Supplies – 1.5%

   
 

Waste Management Inc

 

1,831

  

327,932

 

Communications Equipment – 2.0%

   
 

Cisco Systems Inc

 

9,042

  

456,802

 

Consumer Finance – 1.9%

   
 

American Express Co

 

2,273

  

425,824

 

Electrical Equipment – 0.8%

   
 

Rockwell Automation Inc

 

575

  

178,526

 

Energy Equipment & Services – 1.3%

   
 

Schlumberger Ltd

 

5,766

  

300,063

 

Food & Staples Retailing – 4.1%

   
 

Sysco Corp

 

8,836

  

646,177

 
 

Target Corp

 

1,926

  

274,301

 
  

920,478

 

Food Products – 1.7%

   
 

Hershey Co

 

2,027

  

377,914

 

Health Care Equipment & Supplies – 5.3%

   
 

Abbott Laboratories

 

4,537

  

499,387

 
 

Medtronic PLC

 

8,441

  

695,369

 
  

1,194,756

 

Health Care Providers & Services – 2.1%

   
 

UnitedHealth Group Inc

 

910

  

479,088

 

Hotels, Restaurants & Leisure – 4.2%

   
 

McDonald's Corp

 

1,589

  

471,154

 
 

Starbucks Corp

 

4,919

  

472,273

 
  

943,427

 

Household Products – 4.1%

   
 

Colgate-Palmolive Co

 

4,478

  

356,941

 
 

Procter & Gamble Co

 

3,803

  

557,292

 
  

914,233

 

Industrial Conglomerates – 1.3%

   
 

Honeywell International Inc

 

1,383

  

290,029

 

Information Technology Services – 5.7%

   
 

Accenture PLC

 

1,136

  

398,634

 
 

International Business Machines Corp

 

5,452

  

891,675

 
  

1,290,309

 

Insurance – 3.3%

   
 

Marsh & McLennan Cos Inc

 

1,663

  

315,089

 
 

Travelers Cos Inc

 

2,240

  

426,698

 
  

741,787

 

Machinery – 2.5%

   
 

Cummins Inc

 

1,247

  

298,744

 
 

Illinois Tool Works Inc

 

1,032

  

270,322

 
  

569,066

 

        


Shares

  

Value

 

Common Stocks– (continued)

   

Media – 3.0%

   
 

Comcast Corp - Class A

 

15,365

  

$673,755

 

Oil, Gas & Consumable Fuels – 5.9%

   
 

Chevron Corp

 

4,696

  

700,455

 
 

ConocoPhillips

 

5,362

  

622,367

 
  

1,322,822

 

Pharmaceuticals – 2.0%

   
 

Merck & Co Inc

 

4,082

  

445,020

 

Professional Services – 2.6%

   
 

Paychex Inc

 

4,898

  

583,401

 

Semiconductor & Semiconductor Equipment – 9.0%

   
 

Broadcom Inc

 

388

  

433,105

 
 

Lam Research Corp

 

528

  

413,561

 
 

NXP Semiconductors NV

 

2,367

  

543,652

 
 

Texas Instruments Inc

 

3,808

  

649,112

 
  

2,039,430

 

Software – 1.9%

   
 

Oracle Corp

 

4,106

  

432,895

 

Specialty Retail – 2.0%

   
 

Home Depot Inc

 

1,329

  

460,565

 

Textiles, Apparel & Luxury Goods – 1.5%

   
 

NIKE Inc - Class B

 

3,153

  

342,321

 

Total Common Stocks (cost $21,087,232)

 

22,526,720

 

Investment Companies– 0%

   

Money Markets – 0%

   
 

Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº,£((cost $251)

 

251

  

251

 

Total Investments (total cost $21,087,483) – 100.0%

 

22,526,971

 

Liabilities, net of Cash, Receivables and Other Assets – (0)%

 

(1,664)

 

Net Assets – 100%

 

$22,525,307

 

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 12/31/23

Investment Companies - 0.0%

Money Markets - 0.0%

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº

$

1,511

$

(5)

$

(12)

$

251

 
           
 

Value

at 9/30/23

Purchases

Sales Proceeds

Value

at 12/31/23

Investment Companies - 0.0%

Money Markets - 0.0%

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.3879%ºº

 

165,317

 

1,297,837

 

(1,462,886)

 

251

2

Notes to Schedule of Investments (unaudited)

  

LLC

Limited Liability Company

PLC

Public Limited Company

  

ºº

Rate shown is the 7-day yield as of December 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.

             

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 December 31, 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

$

22,526,720

$

-

$

-

Investment Companies

 

-

 

251

 

-

Total Assets

$

22,526,720

$

251

$

-

       

3

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 December 31, 2023 to fair value the Fund’s investments

4

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

5

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

      
      
      
   

125-25-70544 02-24