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Strategic Income Opportunities Fund - C (JSOCX)

Strategic Income Opportunities Fund - C (JSOCX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 10/31/2015)
1. 385 First Avenue LLC, 5.68%, 10/1/2017 1.1%
2. 787 11th Funding LLC, 5.19%, 1/9/2017 1.0%
3. U.S. Treasury Notes, 2.00%, 8/15/2025 0.9%
4. Apple, Inc., 0.60%, 5/6/2019 0.6%
5. DoubleTree, 6.18%, 6/1/2017 0.3%
6. Hyatt Centric Funding, LLC, 6.17%, 10/1/2017 0.3%
7. Sprint Corp., 7.88%, 9/15/2023 0.3%
8. FCA U.S. LLC/CG Co-Issuer, Inc., 8.25%, 6/15/2021 0.3%
9. CIT Group, Inc., 5.25%, 3/15/2018 0.3%
10. HCA, Inc., 7.50%, 2/15/2022 0.3%
Total of top ten 5.4%
Average life* (as of 10/31/2015)
Less than 1 year 47.9%
Years 1-3 13.6%
Years 3-5 18.9%
Years 5-7 11.5%
Years 7-10 6.8%
Years 10-20 0.9%
Years 20+ 0.5%
Average Maturity 5.14 years
Average Life 2.45 years

* Due to rounding, values may not total 100%.

Sector allocation (%) (as of 10/31/2015)
Agency MBS 2.0
Bank Loans 5.4
Cash 32.5
Commercial RE 4.7
Credit RV 7.7
EMD/Sovereign 0.7
High Yield 31.3
Invest Grade Corp 1.0
Non-Agency MBS 8.5
Other 5.0

The sector allocation of the Fund's assets is calculated by adding the market value of the Fund's investments in securities and a risk-adjusted exposure of its derivative positions. The risk-adjusted exposure is calculated using the adviser's internal methodology and is based on certain assumptions concerning the type of derivative, whether the derivative creates a long or short position, and certain market and loss scenarios. There is not one standard method for calculating sector allocation and the Fund's calculation may not be consistent with other measures of sector allocation.

Risk analysis (as of 10/31/2015)
Risk analysis Annualized volatility Correlation to Fund (JSOSX)
The Fund (JSOSX - net) 2.74 1.00
Barclays Emerging Markets Index (U.S. Dollar) 5.28 0.38
Barclays U.S. Aggregate Index 3.70 -0.09
Barclays U.S. Credit Index 5.16 -0.02
Barclays U.S. High Yield Corporate Loan Index 4.04 0.38
Barclays U.S. High Yield Index 5.42 0.67
Barclays U.S. MBS Index 2.85 -0.06
Barclays U.S. Treasury Index 4.56 -0.24
Barclays U.S. Universal Index 3.41 -0.02
S&P 500 Index 21.30 0.32

The Annualized Volatility is calculated since inception.

Quality* (as of 10/31/2015)
Quality* Fund Index†
AAA 36.1% 61.8%
AA 0.9% 4.4%
A 5.2% 12.0%
BBB 1.3% 13.7%
BB 15.0% 3.9%
B 23.0% 3.0%
CCC & Lower/Other 18.5% 1.1%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the lowest rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.

†Barclays U.S. Universal Index

Long/shorts (%) (as of 10/31/2015)
Oct '15 Sep '15 Change
Agency MBS Long 1.9 1.9 0.0
Agency MBS Short -3.5 -3.4 -0.1
Bank Loans 5.4 5.4 0.0
Cash 32.5 35.1 -2.6
CMBS/ABS Long 1.3 1.1 0.2
CMBS/ABS Short -0.5 -0.5 0.0
Commercial RE 4.7 4.7 0.0
Credit RV Long 7.7 7.9 -0.2
Credit RV Short -8.9 -10.0 1.1
High Yield Bonds 31.3 30.1 1.2
Investment Grade Corp 1.0 1.0 0.0
Non-Agency MBS 8.5 8.2 0.3
Other 5.0 3.5 1.5

The credit long/shorts percentages are calculated for each category based on the market value of the fund's investments in securities and the notional value of its derivative positions as a percentage of total assets.

Portfolio stats (as of 10/31/2015)
Portfolio Assets $18.38
(in billions)
Turnover Ratio 255.39%
(Trailing 12 month) (2/28/2015)
  Fund Index
Average life 2.45 7.21
Effective duration 1.32 5.28
Average maturity 5.14 11.98
Number of Holdings 1,611 14,830

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund's investment in equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. When the value of a fund's securities goes down, an investment in a fund decreases in value.

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

Ordinarily the Fund will invest no more than 75% of its total assets in credit securities.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest 100% of its total assets in high yield securities.

International investing involves special risks, including economic, political, and currency instability - especially in emerging markets. The Fund's investments in emerging markets could lead to more volatility in the value of the Fund's shares. The small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Emerging markets may not provide adequate legal protection for private or foreign investment or private property.

The Fund may engage in short sales. There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

The Fund will invest no more than 50% of its total assets in foreign and emerging markets securities.

The Fund has an absolute-return orientation, which means that it is not managed relative to an index.

Total return assumes reinvestment of income.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.