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JMUDX

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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
$520.70M Total Net Assets (As of 10/31/18)
GROSS 0.98%
NET 0.79%
Annual Expense Ratio
(As of fiscal year end 06/30/18)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Multisector Bond No Load
(out of 54 funds)
Morningstar Fee Level Below Average
View Morningstar Fee Level
5.11% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18)
With Waivers 4.24%
Without Waivers 4.20%
Monthly Distribution Frequency
Performance (As of 12/14/18)
0.01% 1 Day Return %
0.86% YTD Return
Category
Multisector Bond
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283 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

Who Should Consider this Fund?

Investors looking for a bond fund that is focused on high current income and capital appreciation.

Risk Tolerance Spectrum

Funds are placed on the risk tolerance spectrum to demonstrate the wide spectrum of risk levels among asset classes in which they are expected to typically invest. The spectrum is for informational purposes only, is not intended to be forward looking and is subject to change.

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
Multi-Sector Income Fund – D Shares 1.06% 1.53% 2.49% 5.15% - - 4.33%
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
Multi-Sector Income Fund – D Shares -0.50% 0.89% 1.46% 4.80% - - 4.04%
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.
View Fees and Expenses
Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

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 10/31/18 CLASS I SHARES)

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

3 YEAR 5 YEAR
Information Ratio 1.50 -
Alpha 4.30 -
Tracking Error 2.45 -
Beta 0.39 -
R-Squared (%) 25.56 -

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

3 YEAR 5 YEAR
Up Capture Ratio 110.85 -
Down Capture Ratio -3.58 -

STANDARD DEVIATION

3 YEAR 5 YEAR
Multi-Sector Income Fund 2.12 -
Bloomberg Barclays U.S. Aggregate Bond Index 2.71 2.72

SHARPE RATIO

3 YEAR 5 YEAR
Multi-Sector Income Fund 1.82 -
Bloomberg Barclays U.S. Aggregate Bond Index 0.06 0.48

ANNUAL FEES & EXPENSES

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

CLASS D SHARES
Management Fees 0.60%
12b-1 Fees -
Other Expenses 0.38%
Total Gross Expenses 0.98%
Waivers -0.19%
Total Net Expenses 0.79%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/19.

Characteristics

TOP HOLDINGS

(As of 10/31/2018)

% of Fund
Fannie Mae Pool, 4.00%, 11/13/18 24.26
Ginnie Mae II Pool, 5.00%, 07/20/48 2.42
Applebee's Funding LLC / IHOP Funding LLC, 4.28%, 09/05/44 1.98
Freddie Mac Gold Pool, 4.50%, 08/01/48 1.64
Sequoia Mortgage Trust 2018-8, 0.35%, 11/25/48 1.19
UBM PLC, 5.75%, 11/03/20 1.18
Fannie Mae Pool, 3.50%, 02/01/57 1.10
Golden Nugget Inc, 8.75%, 10/01/25 1.01
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc, 7.25%, 05/15/24 0.95
Prima Capital CRE Securitization 2015-IV Ltd, 4.00%, 08/24/49 0.95
TOTAL 36.68

PORTFOLIO CHARACTERISTICS

(As of 10/31/18)

FUND INDEX
Number of Holdings
Debt Issues
302
10133
Portfolio Turnover Rate
(1-year trailing)
119.28%
-
Weighted Average Maturity
(years)
7.09
8.33
Effective Duration
(years)
3.68
5.94

DEVELOPED VS. EMERGING MARKET

(As of 10/31/18)

% OF FUND % OF INDEX
U.S. 91.33 91.42
Non-U.S. Developed 17.17 5.41
Other 14.09 1.55
Non-U.S. Emerging 1.30 1.62
Restricted Cash 0.01 -
Cash & Equivalents -23.90 -

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
Aaa 35.36 72.29
Aa 0.42 3.73
A 2.00 10.76
Baa 30.15 13.21
Ba 22.77 0.01
B 22.44 -
Caa 4.85 -
NOT RATED 5.18 -
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 10/31/18)

% OF FUND % OF INDEX
US Preferred Stock 0.60 -
Non-US Common Stock 0.12 -
MBS 31.68 28.20
Credit-High Yield 26.32 0.01
ABS 22.90 0.52
Futures 21.22 -
Bank Loans 18.02 -
Credit-Investment Grade 17.43 24.76
CMBS 4.81 1.91
CMO 2.42 -
Credit Default Swap 0.86 -
Treasuries 0.45 38.27
Convertibles 0.23 -
Short Futures -23.17 -
Cash & Equivalents -23.90 -
Restricted Cash 0.01 -

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 10/31/18)

% OF FUND % OF INDEX
< 1 yr 2.05 0.84
1 - 3 yrs 25.95 21.68
3 - 5 yrs 24.05 17.63
5 - 7 yrs 10.64 13.88
7 - 10 yrs 43.75 29.34
10 - 20 yrs 12.51 4.79
> 20 yrs 3.99 11.84
Restricted Cash 0.01 -
N/A 0.23 -

REGIONAL ALLOCATION

(As of 10/31/18)

% OF FUND % OF INDEX
North America 102.48 92.59
Other 14.09 -
Europe 5.45 3.48
Africa/Mideast 0.91 0.05
Asia/Pacific Ex Japan 0.55 0.78
Latin America 0.41 1.05
Cash & Equivalents -23.90 -
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