NPORT-EX 2 nportex-60.htm

Janus Henderson VIT Research Portfolio

Schedule of Investments (unaudited)

March 31, 2024

        


Shares

  

Value

 

Common Stocks– 100.0%

   

Aerospace & Defense – 1.3%

   
 

General Dynamics Corp

 

12,458

  

$3,519,260

 
 

Howmet Aerospace Inc

 

80,489

  

5,507,862

 
  

9,027,122

 

Beverages – 1.9%

   
 

Constellation Brands Inc - Class A

 

21,876

  

5,945,022

 
 

Monster Beverage Corp*

 

118,143

  

7,003,517

 
  

12,948,539

 

Biotechnology – 2.9%

   
 

AbbVie Inc

 

35,107

  

6,392,985

 
 

Amgen Inc

 

16,414

  

4,666,828

 
 

Argenx SE (ADR)*

 

3,929

  

1,546,926

 
 

Madrigal Pharmaceuticals Inc*

 

2,966

  

792,041

 
 

Sarepta Therapeutics Inc*

 

14,188

  

1,836,778

 
 

Vertex Pharmaceuticals Inc*

 

10,229

  

4,275,824

 
  

19,511,382

 

Capital Markets – 1.5%

   
 

Ares Management Corp - Class A

 

16,541

  

2,199,622

 
 

Blackstone Group Inc

 

29,800

  

3,914,826

 
 

Charles Schwab Corp

 

24,066

  

1,740,934

 
 

LPL Financial Holdings Inc

 

9,176

  

2,424,299

 
  

10,279,681

 

Chemicals – 1.1%

   
 

Sherwin-Williams Co

 

20,434

  

7,097,341

 

Diversified Financial Services – 4.7%

   
 

Apollo Global Management Inc

 

27,775

  

3,123,299

 
 

Global Payments Inc

 

9,294

  

1,242,236

 
 

Mastercard Inc - Class A

 

28,079

  

13,522,004

 
 

Visa Inc

 

48,303

  

13,480,401

 
  

31,367,940

 

Electronic Equipment, Instruments & Components – 0.2%

   
 

Keysight Technologies Inc*

 

9,530

  

1,490,301

 

Energy Equipment & Services – 0.2%

   
 

Atlas Energy Solutions Inc

 

69,630

  

1,575,031

 

Entertainment – 2.5%

   
 

Liberty Media Corp-Liberty Formula One - Series C*

 

106,939

  

7,015,198

 
 

Netflix Inc*

 

16,442

  

9,985,720

 
  

17,000,918

 

Health Care Equipment & Supplies – 1.9%

   
 

Abbott Laboratories

 

8,411

  

955,994

 
 

Boston Scientific Corp*

 

36,708

  

2,514,131

 
 

Edwards Lifesciences Corp*

 

38,378

  

3,667,402

 
 

Intuitive Surgical Inc*

 

7,920

  

3,160,793

 
 

Stryker Corp

 

6,738

  

2,411,328

 
  

12,709,648

 

Health Care Providers & Services – 2.0%

   
 

HCA Healthcare Inc

 

5,354

  

1,785,720

 
 

Humana Inc

 

4,262

  

1,477,721

 
 

UnitedHealth Group Inc

 

20,787

  

10,283,329

 
  

13,546,770

 

Hotels, Restaurants & Leisure – 3.7%

   
 

Booking Holdings Inc

 

2,903

  

10,531,736

 
 

Chipotle Mexican Grill Inc*

 

2,849

  

8,281,388

 
 

Las Vegas Sands Corp

 

122,826

  

6,350,104

 
  

25,163,228

 

Household Products – 1.7%

   
 

Procter & Gamble Co

 

71,174

  

11,547,982

 

Industrial Conglomerates – 0.3%

   
 

3M Co

 

19,134

  

2,029,543

 

Information Technology Services – 0.1%

   
 

Snowflake Inc - Class A*

 

3,460

  

559,136

 

Insurance – 1.2%

   
 

Arthur J Gallagher & Co

 

9,103

  

2,276,114

 
 

Progressive Corp/The

 

27,522

  

5,692,100

 
  

7,968,214

 

Interactive Media & Services – 11.4%

   
 

Alphabet Inc - Class C*

 

240,402

  

36,603,609

 
 

Meta Platforms Inc - Class A

 

83,046

  

40,325,477

 
  

76,929,086

 

        


Shares

  

Value

 

Common Stocks– (continued)

   

Life Sciences Tools & Services – 0.5%

   
 

Thermo Fisher Scientific Inc

 

5,187

  

$3,014,736

 

Machinery – 2.7%

   
 

Deere & Co

 

22,916

  

9,412,518

 
 

Fortive Corp

 

47,307

  

4,069,348

 
 

Ingersoll Rand Inc

 

50,543

  

4,799,058

 
  

18,280,924

 

Multiline Retail – 6.1%

   
 

Amazon.com Inc*

 

227,916

  

41,111,488

 

Oil, Gas & Consumable Fuels – 0.3%

   
 

EOG Resources Inc

 

17,658

  

2,257,399

 

Pharmaceuticals – 3.5%

   
 

AstraZeneca PLC (ADR)

 

33,223

  

2,250,858

 
 

Eli Lilly & Co

 

19,942

  

15,514,078

 
 

Merck & Co Inc

 

23,010

  

3,036,170

 
 

Novo Nordisk A/S (ADR)

 

18,578

  

2,385,415

 
  

23,186,521

 

Real Estate Management & Development – 1.2%

   
 

CoStar Group Inc*

 

79,785

  

7,707,231

 

Road & Rail – 2.0%

   
 

JB Hunt Transport Services Inc

 

15,414

  

3,071,240

 
 

TFI International Inc

 

32,271

  

5,145,934

 
 

Uber Technologies Inc*

 

66,501

  

5,119,912

 
  

13,337,086

 

Semiconductor & Semiconductor Equipment – 16.9%

   
 

Advanced Micro Devices Inc*

 

43,084

  

7,776,231

 
 

Applied Materials Inc

 

19,004

  

3,919,195

 
 

ASML Holding NV

 

7,003

  

6,796,201

 
 

Broadcom Inc

 

6,503

  

8,619,141

 
 

KLA Corp

 

6,764

  

4,725,127

 
 

Lam Research Corp

 

8,600

  

8,355,502

 
 

Lattice Semiconductor Corp*

 

10,551

  

825,405

 
 

Marvell Technology Inc

 

20,994

  

1,488,055

 
 

NVIDIA Corp

 

74,388

  

67,214,021

 
 

ON Semiconductor Corp*

 

31,767

  

2,336,463

 
 

Texas Instruments Inc

 

7,180

  

1,250,828

 
  

113,306,169

 

Software – 18.5%

   
 

Adobe Inc*

 

14,394

  

7,263,212

 
 

Cadence Design Systems Inc*

 

26,209

  

8,158,338

 
 

Dynatrace Inc*

 

34,120

  

1,584,533

 
 

Microsoft Corp

 

195,882

  

82,411,475

 
 

Oracle Corp

 

45,476

  

5,712,240

 
 

Palo Alto Networks Inc*

 

4,257

  

1,209,541

 
 

ServiceNow Inc*

 

5,511

  

4,201,586

 
 

Synopsys Inc*

 

13,418

  

7,668,387

 
 

Tyler Technologies Inc*

 

6,788

  

2,884,968

 
 

Workday Inc - Class A*

 

12,950

  

3,532,113

 
  

124,626,393

 

Specialty Retail – 2.6%

   
 

O'Reilly Automotive Inc*

 

6,604

  

7,455,124

 
 

TJX Cos Inc

 

96,252

  

9,761,878

 
  

17,217,002

 

Technology Hardware, Storage & Peripherals – 5.6%

   
 

Apple Inc

 

219,130

  

37,576,412

 

Trading Companies & Distributors – 0.9%

   
 

Ferguson PLC

 

26,659

  

5,823,125

 

Wireless Telecommunication Services – 0.6%

   
 

T-Mobile US Inc

 

26,532

  

4,330,553

 

Total Investments (total cost $296,933,234) – 100.0%

 

672,526,901

 

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

 

(265,368)

 

Net Assets – 100%

 

$672,261,533

 

2

      

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

 
    

% of

 
    

Investment

 

Country

 

Value

 

Securities

 

United States

 

$654,401,567

 

97.3

%

Netherlands

 

6,796,201

 

1.0

 

Canada

 

5,145,934

 

0.8

 

Denmark

 

2,385,415

 

0.4

 

United Kingdom

 

2,250,858

 

0.3

 

Belgium

 

1,546,926

 

0.2

 
      
      

Total

 

$672,526,901

 

100.0

%

 

Schedules of Affiliated Investments – (% of Net Assets)

           
 

Dividend

Income

Realized

Gain/(Loss)

Change in

Unrealized

Appreciation/

Depreciation

Value

at 3/31/24

Investment Companies - N/A

Money Markets - N/A

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº

$

11,249

$

-

$

-

$

-

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

Investment Companies - N/A

 
 

Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº

 

717∆

 

-

 

-

 

-

Total Affiliated Investments - 0.0%

$

11,966

$

-

$

-

$

-

           
 

Value

at 12/31/23

Purchases

Sales Proceeds

Value

at 3/31/24

Investment Companies - N/A

Money Markets - N/A

 
 

Janus Henderson Cash Liquidity Fund LLC, 5.3830%ºº

 

371,226

 

17,830,850

 

(18,202,076)

 

-

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

Investment Companies - N/A

 
 

Janus Henderson Cash Collateral Fund LLC, 5.2800%ºº

 

495,940

 

6,695,500

 

(7,191,440)

 

-

3

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 March 31, 2024.

  

∆

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 March 31, 2024.

 

Valuation Inputs Summary

       
    

Level 2 -

 

Level 3 -

  

Level 1 -

 

Other Significant

 

Significant

  

Quoted Prices

 

Observable Inputs

 

Unobservable Inputs

       

Assets

      

Investments In Securities:

      

Common Stocks

$

672,526,901

$

-

$

-

       

4

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 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 Portfolio, 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 Portfolio, 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 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 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 March 31, 2024 to fair value the Portfolio’s investments

5

in 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 Portfolio, please refer to the Portfolio’s most recent semiannual or annual shareholder report.

      
      
      
   

109-25-70316 05-24