Janus Henderson VIT Global Technology and Innovation Portfolio
Schedule of Investments (unaudited)
September 30, 2022
| Value | ||||||
Common Stocks– 91.2% | |||||||
Aerospace & Defense – 0.8% | |||||||
Axon Enterprise Inc* | 39,737 | $4,599,558 | |||||
Entertainment – 0.5% | |||||||
Sea Ltd (ADR)* | 49,098 | 2,751,943 | |||||
Equity Real Estate Investment Trusts (REITs) – 0.3% | |||||||
Equinix Inc | 3,335 | 1,897,081 | |||||
Information Technology Services – 9.0% | |||||||
Adyen NV (144A)* | 2,417 | 3,006,411 | |||||
Marqeta Inc - Class A* | 330,238 | 2,351,295 | |||||
Mastercard Inc | 93,339 | 26,540,011 | |||||
MongoDB Inc* | 9,499 | 1,886,121 | |||||
Okta Inc* | 48,283 | 2,745,854 | |||||
Snowflake Inc - Class A* | 39,599 | 6,730,246 | |||||
Square Inc* | 36,859 | 2,026,876 | |||||
Wix.com Ltd* | 52,373 | 4,097,140 | |||||
49,383,954 | |||||||
Interactive Media & Services – 4.1% | |||||||
Alphabet Inc - Class C* | 211,940 | 20,378,031 | |||||
Match Group Inc* | 50,980 | 2,434,295 | |||||
22,812,326 | |||||||
Internet & Direct Marketing Retail – 6.6% | |||||||
Amazon.com Inc* | 235,559 | 26,618,167 | |||||
Farfetch Ltd - Class A* | 187,681 | 1,398,223 | |||||
MercadoLibre Inc* | 9,695 | 8,025,327 | |||||
36,041,717 | |||||||
Professional Services – 3.3% | |||||||
CoStar Group Inc* | 258,141 | 17,979,521 | |||||
Road & Rail – 0.1% | |||||||
Uber Technologies Inc* | 22,352 | 592,328 | |||||
Semiconductor & Semiconductor Equipment – 24.8% | |||||||
Advanced Micro Devices Inc* | 160,029 | 10,139,437 | |||||
Analog Devices Inc | 85,464 | 11,908,554 | |||||
Applied Materials Inc | 68,354 | 5,600,243 | |||||
ASML Holding NV | 75,755 | 31,417,773 | |||||
KLA Corp | 46,304 | 14,012,980 | |||||
Lam Research Corp | 38,675 | 14,155,050 | |||||
Marvell Technology Inc | 202,765 | 8,700,646 | |||||
NVIDIA Corp | 52,423 | 6,363,628 | |||||
NXP Semiconductors NV | 26,891 | 3,966,691 | |||||
Taiwan Semiconductor Manufacturing Co Ltd | 1,517,000 | 19,941,137 | |||||
Texas Instruments Inc | 64,670 | 10,009,623 | |||||
136,215,762 | |||||||
Software – 34.3% | |||||||
Atlassian Corp PLC - Class A* | 85,585 | 18,023,345 | |||||
Autodesk Inc* | 4,782 | 893,278 | |||||
Cadence Design Systems Inc* | 81,060 | 13,247,636 | |||||
CCC Intelligent Solutions Holdings Inc* | 582,828 | 5,303,735 | |||||
Ceridian HCM Holding Inc* | 83,556 | 4,669,109 | |||||
Constellation Software Inc/Canada | 5,032 | 7,002,575 | |||||
Coupa Software Inc* | 34,019 | 2,000,317 | |||||
Dynatrace Inc* | 148,645 | 5,174,332 | |||||
Microsoft Corp | 292,261 | 68,067,587 | |||||
Nice Ltd (ADR)* | 32,350 | 6,089,564 | |||||
Olo Inc - Class A* | 192,533 | 1,521,011 | |||||
Pagerduty Inc* | 79,759 | 1,840,040 | |||||
Paylocity Holding Corp* | 15,230 | 3,679,263 | |||||
Procore Technologies Inc* | 105,214 | 5,205,989 | |||||
ServiceNow Inc* | 22,341 | 8,436,185 | |||||
Synopsys Inc* | 21,668 | 6,619,791 | |||||
Tyler Technologies Inc* | 28,233 | 9,810,968 | |||||
Workday Inc - Class A* | 137,112 | 20,871,189 | |||||
188,455,914 | |||||||
Technology Hardware, Storage & Peripherals – 6.0% | |||||||
Apple Inc | 236,854 | 32,733,223 | |||||
Wireless Telecommunication Services – 1.4% | |||||||
T-Mobile US Inc* | 59,622 | 7,999,484 | |||||
Total Common Stocks (cost $423,176,550) | 501,462,811 |
| Value | ||||||
Private Investment in Public Equity (PIPES)– 0.4% | |||||||
Diversified Financial Services – 0.4% | |||||||
Altimeter Growth Corp*,§ | 421,689 | $1,109,042 | |||||
CCC Intelligent Solutions Holdings Inc*,§ | 112,363 | 1,022,503 | |||||
Total Private Investment in Public Equity (PIPES) (cost $5,340,520) | 2,131,545 | ||||||
Private Placements– 0.9% | |||||||
Professional Services – 0.3% | |||||||
Apartment List Inc*,¢,§ | 485,075 | 1,377,613 | |||||
Software – 0.6% | |||||||
Magic Leap Inc - Class A private equity common shares*,¢,§ | 3,260 | 0 | |||||
Via Transportation Inc - Preferred shares*,¢,§ | 86,990 | 3,019,423 | |||||
Via Transportation Inc - private equity common shares*,¢,§ | 10,455 | 362,893 | |||||
3,382,316 | |||||||
Total Private Placements (cost $7,734,745) | 4,759,929 | ||||||
Warrants– 0% | |||||||
Internet & Direct Marketing Retail – 0% | |||||||
Grab Holdings Ltd, expires 12/1/26*((cost $140,430) | 43,562 | 21,781 | |||||
Investment Companies– 7.1% | |||||||
Money Markets – 7.1% | |||||||
Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº,£((cost $39,098,896) | 39,095,023 | 39,098,933 | |||||
Total Investments (total cost $475,491,141) – 99.6% | 547,474,999 | ||||||
Cash, Receivables and Other Assets, net of Liabilities – 0.4% | 1,987,574 | ||||||
Net Assets – 100% | $549,462,573 |
Summary of Investments by Country - (Long Positions) (unaudited) | |||||
% of | |||||
Investment | |||||
Country | Value | Securities | |||
United States | $445,699,780 | 81.4 | % | ||
Netherlands | 34,424,184 | 6.3 | |||
Taiwan | 22,693,080 | 4.1 | |||
Australia | 18,023,345 | 3.3 | |||
Israel | 10,186,704 | 1.9 | |||
Argentina | 8,025,327 | 1.5 | |||
Canada | 7,002,575 | 1.3 | |||
United Kingdom | 1,398,223 | 0.2 | |||
Singapore | 21,781 | 0.0 |
Total | $547,474,999 | 100.0 | % |
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Schedules of Affiliated Investments – (% of Net Assets)
Dividend Income | Realized Gain/(Loss) | Change in Unrealized Appreciation/ Depreciation | Value at 9/30/22 | |||||||
Investment Companies - 7.1% | ||||||||||
Money Markets - 7.1% | ||||||||||
Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº | $ | 161,919 | $ | (770) | $ | 37 | $ | 39,098,933 | ||
Investments Purchased with Cash Collateral from Securities Lending - N/A | ||||||||||
Investment Companies - N/A | ||||||||||
Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº | 19,588∆ | - | - | - | ||||||
Total Affiliated Investments - 7.1% | $ | 181,507 | $ | (770) | $ | 37 | $ | 39,098,933 |
Value at 12/31/21 | Purchases | Sales Proceeds | Value at 9/30/22 | |||||||
Investment Companies - 7.1% | ||||||||||
Money Markets - 7.1% | ||||||||||
Janus Henderson Cash Liquidity Fund LLC, 2.8879%ºº | 16,336,249 | 123,201,495 | (100,438,078) | 39,098,933 | ||||||
Investments Purchased with Cash Collateral from Securities Lending - N/A | ||||||||||
Investment Companies - N/A | ||||||||||
Janus Henderson Cash Collateral Fund LLC, 2.8581%ºº | 7,875,534 | 31,601,582 | (39,477,116) | - |
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Notes to Schedule of Investments (unaudited)
ADR | American Depositary Receipt |
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 September 30, 2022 is $3,006,411, which represents 0.5% of net assets. |
* | Non-income producing security. |
ºº | Rate shown is the 7-day yield as of 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 $4,759,929, which represents 0.9% 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 | |||||||
Altimeter Growth Corp | 4/14/21 | $ | 4,216,890 | $ | 1,109,042 | 0.2 | % | |||
Apartment List Inc | 11/2/20 | 1,771,979 | 1,377,613 | 0.3 | ||||||
CCC Intelligent Solutions Holdings Inc | 2/3/21 | 1,123,630 | 1,022,503 | 0.2 | ||||||
Magic Leap Inc - Class A private equity common shares | 10/5/17 | 1,585,170 | 0 | 0.0 | ||||||
Via Transportation Inc - Preferred shares | 11/4/21 | 3,925,258 | 3,019,423 | 0.5 | ||||||
Via Transportation Inc - private equity common shares | 12/2/21 | 452,338 | 362,893 | 0.1 | ||||||
Total | $ | 13,075,265 | $ | 6,891,474 | 1.3 | % | ||||
The Portfolio has registration rights for certain restricted securities held as of September 30, 2022. The issuer incurs all registration costs. |
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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 | ||||||||||||
Information Technology Services | $ | 46,377,543 | $ | 3,006,411 | $ | - | ||||||
Semiconductor & Semiconductor Equipment | 84,856,852 | 51,358,910 | - | |||||||||
All Other | 315,863,095 | - | - | |||||||||
Private Investment in Public Equity (PIPES) | 2,131,545 | - | - | |||||||||
Private Placements | - | - | 4,759,929 | |||||||||
Warrants | 21,781 | - | - | |||||||||
Investment Companies | - | 39,098,933 | - | |||||||||
Total Assets | $ | 449,250,816 | $ | 93,464,254 | $ | 4,759,929 | ||||||
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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.
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The Portfolio did not hold a significant amount of Level 3 securities as of September 30, 2022.
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For additional information on the Portfolio, please refer to the Portfolio’s most recent semiannual or annual shareholder report.
109-35-70311 11-22 |
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