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JMUCX

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Multi-Sector Income Fund

NAV As of 12/14/18 $9.50

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Fund Facts

Details Yields Morningstar (As of 11/30/18)
02/28/14 Inception Date
$552.32M Total Net Assets (As of 11/30/18)
GROSS 1.90%
NET 1.73%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Large Cap Level Load
(out of 531 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
4.10% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18)
With Waivers 3.40%
Without Waivers 3.36%
Monthly Distribution Frequency
Performance (As of 12/14/18)
0.01% 1 Day Return %
-0.05% YTD Return @NAV
-1.01% YTD Return @CDSC
Category
Large Blend
ic_star ic_star ic_star ic_star
1218 Funds Rated
Overall Rating
(Based on risk-adjusted returns)
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 09/30/2018)
(As of 11/30/2018)
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV 0.82% 0.81% 1.53% 4.20% - - 3.42%
Class C Shares @CDSC -0.18% -0.17% 0.56% 4.20% - - 3.42%
Bloomberg Barclays U.S. Aggregate Bond Index 0.02% -1.60% -1.22% 1.31% 2.16% 3.77% 1.94%
Inception: Feb 28, 2014 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class C Shares @NAV -0.74% 0.02% 0.50% 3.84% - - 3.13%
Class C Shares @CDSC -1.72% -0.95% -0.47% 3.84% - - 3.13%
Bloomberg Barclays U.S. Aggregate Bond Index -0.84% -1.79% -1.34% 1.33% 2.03% 3.67% 1.83%
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.
CDSC returns include a 1% contingent deferred sales charge (CDSC) on Shares redeemed within 12 months of purchase. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 26 45 - - 20
Multisector Bond Category
Rank/Count
84/327 145/298 -/- -/- 57/266
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 23 38 - - 17
Multisector Bond Category
Rank/Count
59/331 127/308 -/- -/- 48/267

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 11/30/18 CLASS I SHARES)

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

3 YEAR 5 YEAR
Information Ratio 1.44 -
Alpha 4.39 -
Tracking Error 2.48 -
Beta 0.37 -
R-Squared (%) 23.96 -

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

3 YEAR 5 YEAR
Up Capture Ratio 106.55 -
Down Capture Ratio -8.41 -

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.07 -
Bloomberg Barclays U.S. Aggregate Bond Index 2.72 2.71

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 1.92 -
Bloomberg Barclays U.S. Aggregate Bond Index 0.15 0.54

ANNUAL FEES & EXPENSES

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

CLASS C SHARES
Management Fees 0.60%
12b-1 Fees 1.00%
Other Expenses 0.30%
Total Gross Expenses 1.90%
Waivers -0.17%
Total Net Expenses 1.73%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Fannie Mae Pool, 4.00%, 12/13/18 10.38
Ginnie Mae II Pool, 5.00%, 07/20/48 2.06
Applebee's Funding LLC / IHOP Funding LLC, 4.28%, 09/05/44 1.70
Freddie Mac Gold Pool, 4.50%, 08/01/48 1.39
Sequoia Mortgage Trust 2018-8, 0.35%, 11/25/48 1.01
UBM PLC, 5.75%, 11/03/20 0.99
MDC Holdings Inc, 5.50%, 01/15/24 0.94
Banco La Hipotecaria SA, 5.50%, 09/15/23 0.94
Fannie Mae Pool, 3.50%, 02/01/57 0.93
Trinity Industries Inc, 4.55%, 10/01/24 0.90
TOTAL 21.24

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Debt Issues
306
10194
Portfolio Turnover Rate
(1-year trailing)
105.54%
-
Weighted Average Maturity
(years)
6.67
8.22
Effective Duration
(years)
3.45
5.88

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 82.86 91.65
Non-U.S. Developed 16.17 5.22
Other 12.03 1.52
Non-U.S. Emerging 0.44 1.61
Restricted Cash 0.01 -
Cash & Equivalents -11.51 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 11/30/18)

% OF FUND % OF INDEX
Aaa 19.83 72.64
Aa 0.35 3.68
A 2.20 10.40
Baa 25.34 13.28
Ba 22.32 -
B 19.01 -
Caa 3.87 -
NOT RATED 17.95 -
Restricted Cash 0.01 -
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 11/30/18)

% OF FUND % OF INDEX
US Preferred Stock 0.50 -
Non-US Common Stock 0.13 -
Credit-High Yield 24.71 -
ABS 22.11 0.55
MBS 16.69 28.36
Futures 16.21 -
Credit-Investment Grade 16.00 24.43
Bank Loans 15.25 -
CMBS 3.96 1.92
CMO 2.92 -
Credit Default Swap 0.84 -
Treasuries 0.38 38.47
Convertibles 0.20 -
Short Futures -8.40 -
Cash & Equivalents -11.51 -
Restricted Cash 0.01 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 11/30/18)

% OF FUND % OF INDEX
< 1 yr 1.74 0.96
1 - 3 yrs 26.97 21.90
3 - 5 yrs 16.01 17.97
5 - 7 yrs 26.50 14.03
7 - 10 yrs 24.20 29.60
10 - 20 yrs 11.78 3.77
> 20 yrs 3.47 11.77
Restricted Cash 0.01 -
N/A 0.20 -

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 93.10 92.82
Other 12.03 -
Europe 4.59 3.28
Latin America 0.94 1.04
Africa/Mideast 0.69 0.05
Asia/Pacific Ex Japan 0.15 0.77
Cash & Equivalents -11.51 -
Restricted Cash 0.01 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • The Fund outperformed its benchmark during the quarter.
  • Our plus sector positioning, particularly exposure to high-yield corporate credit, aided the Fund’s outperformance.
  • Given high-yield corporate credit spreads near the tightest levels of this credit cycle and a number of potential risk-off catalysts on the horizon, we believe a more defensive stance is prudent.

Read The Full Commentary