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JMUAX

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Multi-Sector Income Fund

NAV As of 04/23/19 $9.71

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Fund Facts

Details Yields Morningstar (As of 03/31/19)
02/28/14 Inception Date
$819.78M Total Net Assets (As of 03/31/19)
GROSS 1.11%
NET 0.95%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 03/31/19)
Fee Level Group
Multisector Bond Front Load
(out of 63 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
4.46% Distribution Yield at NAV
(As of 03/31/19)
30 Day SEC Yield (As of 03/31/19)
With Waivers 3.81%
Without Waivers 3.77%
Monthly Distribution Frequency
Performance (As of 04/23/19)
0.01% 1 Day Return %
4.30% YTD Return @NAV
-0.65% YTD Return @MOP
Category
Multisector Bond
ic_star ic_star ic_star ic_star ic_star
291 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

In Your Portfolio
InYourPortfolio-Diversified-Fixed-Income
With its exposure to higher yielding opportunities, the Fund may serve to complement and diversify a core fixed income allocation. It may be suitable for investors looking for a consistent monthly income stream.
Our Approach
IDENTIFY BEST RISK-ADJUSTED OPPORTUNITIES
Leverages a bottom-up, fundamental, actively managed approach across U.S. fixed income
RISK MANAGEMENT
Risk management is fully integrated into the process, with deep, real-time insight gleaned from our proprietary portfolio and risk management system, Quantum Global.
What We Have Achieved
HIGH, CONSISTENT INCOME WITH
Less interest rate sensitivity than a core bond strategy
Less credit sensitivity than a dedicated high yield bond strategy

Essentials: Multi-Sector Income Fund | Janus Henderson Investors

Essentials: Multi-Sector Income Fund

Learn how we target high, consistent monthly income for investors.

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Featured Insights

Performance

RETURNS

(As of 03/31/2019)
(As of 03/31/2019)
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 3.88% 3.88% 4.20% 5.64% 4.38% - 4.31%
Class A Shares @MOP -1.04% -1.04% -0.79% 3.92% 3.36% - 3.32%
Bloomberg Barclays U.S. Aggregate Bond Index 2.94% 2.94% 4.48% 2.03% 2.74% 3.77% 2.66%
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 3.88% 3.88% 4.20% 5.64% 4.38% - 4.31%
Class A Shares @MOP -1.04% -1.04% -0.79% 3.92% 3.36% - 3.32%
Bloomberg Barclays U.S. Aggregate Bond Index 2.94% 2.94% 4.48% 2.03% 2.74% 3.77% 2.66%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 03/31/2019)
(As of 03/31/2019)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 19 20 9 - 10
Multisector Bond Category
Rank/Count
52/339 74/315 31/269 -/- 30/265
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 19 20 9 - 10
Multisector Bond Category
Rank/Count
52/339 74/315 31/269 -/- 30/265

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 03/31/19 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Information Ratio 1.51 0.70
Alpha 5.16 3.56
Tracking Error 2.56 2.71
Beta 0.35 0.40
R-Squared (%) 27.69 22.59

UP AND DOWN MARKET CAPTURE (%)
VS. BLOOMBERG BARCLAYS U.S. AGGREGATE BOND INDEX

3 YEAR 5 YEAR
Up Capture Ratio 103.09 86.39
Down Capture Ratio -25.80 1.17

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 1.99 2.38
Bloomberg Barclays U.S. Aggregate Bond Index 2.97 2.86

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.37 1.65
Bloomberg Barclays U.S. Aggregate Bond Index 0.29 0.71

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/18)

CLASS A SHARES
Management Fees 0.60%
12b-1 Fees 0.25%
Other Expenses 0.26%
Total Gross Expenses 1.11%
Waivers -0.16%
Total Net Expenses 0.95%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

A Record of Regular Distributions

Monthly Distribution Yield – Class I Shares (4/30/14 – 3/31/19)

Characteristics

Index represents the Bloomberg Barclays U.S. Aggregate Bond Index.

TOP HOLDINGS

(As of 03/31/2019)

% of Fund
United States Treasury Note/Bond, 2.25%, 03/31/21 2.08
Ginnie Mae II Pool, 5.00%, 12/20/48 1.41
Bank of America Corp, 2.15%, 11/09/20 1.28
Applebee's Funding LLC / IHOP Funding LLC, 4.28%, 09/05/44 0.98
Aleris International Inc, 10.75%, 07/15/23 0.83
Fannie Mae Pool, 3.00%, 02/01/57 0.81
Wabtec Corp, 4.95%, 09/15/28 0.73
Fannie Mae Pool, 4.00%, 01/01/49 0.72
Fannie Mae Pool, 4.50%, 02/01/49 0.67
Dryden 71 CLO Ltd, 3.84%, 01/15/29 0.66
TOTAL 10.17

PORTFOLIO CHARACTERISTICS

(As of 03/31/19)

FUND INDEX
Number of Holdings
Debt Issues
416
10318
Portfolio Turnover Rate
(1-year trailing)
104.87%
-
Weighted Average Maturity
(years)
6.14
12.91
Effective Duration
(years)
4.23
5.77

DEVELOPED VS. EMERGING MARKET

(As of 03/31/19)

% OF FUND % OF INDEX
U.S. 85.46 91.62
Non-U.S. Developed 13.29 5.31
Non-U.S. Emerging 0.80 1.62
Cash & Equivalents 0.45 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 03/31/19)

% OF FUND % OF INDEX
Aaa 13.42 72.62
Aa 0.20 3.51
A 3.91 10.38
Baa 20.39 13.49
Ba 14.87 -
B 13.52 -
Caa 5.12 -
NOT RATED 26.84 -
Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

SECTOR ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
US Preferred Stock 0.77 -
US Common Stock 0.51 -
Futures 28.00 -
Credit-High Yield 19.65 -
ABS 17.71 0.51
Credit-Investment Grade 14.35 24.50
Bank Loans 9.74 -
MBS 8.99 27.73
Treasuries 2.07 39.24
CMO 1.77 -
CMBS 1.01 1.94
Non-US Collateralized 0.55 0.03
Short Futures -5.57 -
Cash & Equivalents 0.45 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 03/31/19)

% OF FUND % OF INDEX
< 1 yr 3.09 0.92
1 - 3 yrs 18.94 21.18
3 - 5 yrs 37.83 14.89
5 - 7 yrs 19.53 10.07
7 - 10 yrs 10.66 10.21
10 - 20 yrs 3.64 7.45
> 20 yrs 4.58 35.28

REGIONAL ALLOCATION

(As of 03/31/19)

% OF FUND % OF INDEX
North America 92.60 92.79
Europe 5.03 3.35
Asia/Pacific Ex Japan 0.79 0.76
Africa/Mideast 0.58 0.05
Latin America 0.55 1.06
Cash & Equivalents 0.45 -

Commentary & Literature

1Q19 Portfolio Commentary Highlights

  • The Fed’s pivot to a more dovish stance spurred a strong rally in risk assets over the quarter.
  • The Fund outperformed its benchmark; our out-of-index exposure to high yield was among the leading contributors to relative results.
  • We believe more accommodative monetary policy from the Fed and China’s recent fiscal stimulus have provided the U.S. and global economies, as well as high-yield corporate credit, with more room to run.

Read The Full Commentary