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For Individual Investors in the US

JMUDX Multi-Sector Income Fund

For investors seeking a steady stream of high income with lower risk than a dedicated high-yield strategy.

Buy/Trade

NAV
$8.71
As of 06/30/2025

1-Day Change
$0.02 (0.25%)
 As of 06/30/2025

YTD Return
5.00%
As of 06/30/2025

Morningstar Rating

As of 05/31/2025

Overview

ABOUT THIS FUND

The Fund seeks high, current income with lower volatility than a dedicated high-yield strategy. Our approach leverages dynamic allocation and a bottom-up, fundamentally driven process that focuses on identifying the best risk-adjusted opportunities across fixed income sectors.

WHY INVEST IN THIS FUND

Our Team: Same portfolio management team since inception of the strategy with more than 75 years of combined investment industry experience and complementary expertise in high yield credit, investment grade credit and securitized assets.

Disciplined Risk Budgeting: We dynamically allocate risk across market cycles and build a structural foundation of more optimal allocations designed to serve as a better starting point than traditional benchmarks.

High Conviction: Best ideas portfolio, with bottom-up research expected to drive excess returns and enhance our ability to invest in smaller, hard-to-access issuers not widely covered across industry analysts.

Portfolio Management

Seth Meyer, CFA: Global Head of Client Portfolio Management | Portfolio Manager
Seth Meyer, CFA

Global Head of Client Portfolio Management | Portfolio Manager

Industry since 1998. Joined Firm in 2004.

John Kerschner, CFA: Global Head of Securitised Products
John Kerschner, CFA

Global Head of Securitised Products

Industry since 1990. Joined Firm in 2010.

John Lloyd: Global Head of Multi-Sector Credit
John Lloyd

Global Head of Multi-Sector Credit

Industry since 1998. Joined Firm in 2005.

Performance

RETURNS (%) (As of 03/31/2025)
Multi-Sector Income Fund - D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - D Shares 2.09 2.09 7.54 3.57 5.37 3.85 3.97
Bloomberg U.S. Aggregate Bond Index 2.78 2.78 4.88 0.52 -0.40 1.46 1.81
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 05/31/2025)
Multi-Sector Income Fund - D Shares Bloomberg U.S. Aggregate Bond Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(02/28/2014)
Multi-Sector Income Fund - D Shares 0.84 3.25 8.47 5.17 4.18 3.93 4.01
Bloomberg U.S. Aggregate Bond Index -0.29 2.45 5.46 1.49 -0.90 1.49 1.76
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)
Multi-Sector Income Fund - D Shares Bloomberg U.S. Aggregate Bond Index
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Multi-Sector Income Fund - D Shares 6.92 10.28 -11.98 3.09 5.50 11.13 0.45 6.69 7.84 1.58
Bloomberg U.S. Aggregate Bond Index 1.25 5.53 -13.01 -1.54 7.51 8.72 0.01 3.54 2.65 0.55
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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Growth of a Hypothetical Investment

Multi-Sector Income Fund - D Shares Bloomberg U.S. Aggregate Bond Index Multisector Bond
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 04/30/2025 Class D Shares)

RISK / REWARD
VS. Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Information Ratio 0.92 1.77
Alpha 1.94 4.78
Tracking Error 2.73 3.16
Beta 0.80 0.80
R-squared (%) 86.54 75.44
UP/DOWN MARKET CAPTURE (%)
Bloomberg U.S. Aggregate Bond TR Index		 3YR 5YR
Up Capture Ratio 86.12 110.21
Down Capture Ratio 60.55 49.03
STANDARD DEVIATION 3YR 5YR
Multi-Sector Income Fund 6.34 5.82
Bloomberg U.S. Aggregate Bond TR Index 7.32 6.34
SHARPE RATIO 3YR 5YR
Multi-Sector Income Fund -0.01 0.36
Bloomberg U.S. Aggregate Bond TR Index -0.34 -0.52
Annual Fees & Expenses (As of the most recent prospectus)
CLASS D SHARES
Management Fees 0.53%
Other Expenses 0.21%
Total Gross Expenses 0.74%
Waivers -0.02%
Total Net Expenses 0.72%
Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.
Management fee restated to reflect a contractual reduction in the management fee breakpoint schedule for the Fund, effective October 28, 2024.

Portfolio

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

Top Holdings (As of 05/31/2025)
% of Fund
Fannie Mae or Freddie Mac, 5.50%, 06/12/2025 4.68
Janus Henderson Emerging Markets Debt Hard Currency ETF, 5.42%, 04/30/2036 4.39
Fannie Mae or Freddie Mac, 3.50%, 06/12/2025 3.57
Fannie Mae or Freddie Mac, 6.00%, 06/12/2025 2.32
Fannie Mae or Freddie Mac, 4.50%, 06/12/2025 2.02
Fannie Mae or Freddie Mac, 3.00%, 06/12/2025 2.02
Ginnie Mae, 3.50%, 06/23/2025 1.64
Fannie Mae or Freddie Mac, 4.00%, 06/12/2025 1.14
CBAM 2021-14 Ltd, 5.63%, 04/20/2034 1.13
Fannie Mae or Freddie Mac, 5.00%, 06/12/2025 0.98
TOTAL 23.89
View full holdings
Portfolio Characteristics (As of 05/31/2025)
  FUND INDEX
Number of Holdings
Debt Issues		 958 13754
Portfolio Turnover Rate
(1-year trailing)		 49.93% -
Weighted Average Maturity
(years)		 6.22 8.30
Effective Duration
(years)		 3.83 5.99
Yield to Worst
 7.36% 4.69%
Sector Allocation % of Fund % of Index % of Fund % of Index As of 05/31/2025
Regional Allocation % of Fund % of Index % of Fund % of Index As of 05/31/2025
Developed vs Emerging Markets % of Fund % of Index % of Fund % of Index As of 05/31/2025
Credit Quality of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 05/31/2025

The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the middle rating of the three is shown. If only two of these agencies provide ratings, the more conservative (lower) rating is displayed. Should only one of these agencies offer a rating, that rating alone is used. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, ratings from secondary agencies KBRA or DBRS are considered. If both secondary agencies provide ratings, the more conservative of the two is shown. If only one secondary agency provides a rating, that rating is displayed.

Underlying ETFs are assigned a split rating. The rating displayed is the lower rating. For example, for a split rating of Aaa/Baa, Baa is shown.
Maturity Breakdown of Fixed Income Holdings % of Fund % of Index % of Fund % of Index As of 05/31/2025

Documents

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