JPMorgan Strategic Income Opportunities Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, JPMorgan Strategic Income Opportunities Fund held 544 positions with $9.30B in net assets. Its ten largest holdings made up 75.0% of the fund. The JSOSX share class costs 0.75% a year. Over the 12 months to May 2026, JSOSX returned 3.8%, with dividends reinvested. In 2026 Q2 it added 69 new positions and exited 88.
The Fund seeks to provide high total return.
The fund pursues absolute return through flexible allocation across fixed income securities, derivatives, and cash, with no benchmark constraint. The adviser adjusts exposures among six strategy areas—cash, rates management, credit securities, relative value strategies, foreign and emerging markets, and non-traditional income—using security selection and derivatives to exploit pricing opportunities and manage duration and interest rate risk. Because the fund concentrates its allocation in a single strategy or only a few strategies at any given time, risk exposure tied to individual strategies may become pronounced. The fund may invest up to 100% in below-investment-grade debt securities.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
JIMXXJPMorgan Prime Money Market Fund | 46.49% | $4.33B | — |
FNMA/FHLMC 6.00% · due 2056-06-25 | 22.21% | $2.07B | — |
Charles Schwab Corp. (The) 4.00% floating · due 2026-06-01 | 1.67% | $155.01M | — |
Emera, Inc. 6.75% floating · due 2076-06-15 | 0.97% | $90.21M | — |
Australia & New Zealand Banking Group Ltd. 6.75% floating · due 2026-06-15 | 0.84% | $78.30M | — |
BofA Securities, Inc. | 0.70% | $65.00M | — |
Keurig Dr Pepper, Inc. 4.24% floating · due 2026-11-15 | 0.60% | $55.41M | — |
Goldman Sachs Group, Inc. (The) 5.68% floating · due 2027-10-28 | 0.55% | $50.93M | — |
Public Storage Operating Co. 4.35% floating · due 2027-04-16 | 0.52% | $48.16M | — |
Oracle Corp. 4.43% floating · due 2028-08-03 | 0.47% | $44.21M | — |
The 200 largest of 544 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Cash & short-term | 47.32% |
| Bonds | 47.03% |
| Securitized | 6.96% |
| Loans | 0.37% |
| Stocks | 0.11% |
| Derivatives | -0.19% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Cash
- 38.2%
- Securitized
- 22.3%
- Financials
- 11.7%
- Other
- 10.7%
- 11 other sectors
- 17.1%
- Cash
- 38.2%
- Securitized
- 22.3%
- Financials
- 11.7%
- Other
- 10.7%
- International
- 9.7%
- Health Care
- 2.1%
- Consumer Staples
- 1.5%
- Utilities
- 1.2%
- Information Technology
- 1.1%
- Communication Services
- 0.7%
- Consumer Discretionary
- 0.6%
- Real Estate
- 0.0%
- Industrials
- 0.0%
- Energy
- 0.0%
- Materials
- 0.0%
How it has done
JSOSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.37%. Past returns are a record, not a forecast.
The 5 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.75% | +3.78% | +15.12% | +17.86% | 0.00% | |
| 1.00% | +3.44% | +14.20% | +16.39% | 0.00% | |
| 1.50% | +3.04% | +12.51% | +13.55% | 0.00% | |
| 0.60% | +3.93% | +15.61% | +18.72% | 0.00% | |
| 0.50% | +4.03% | +15.95% | +19.30% | 0.00% |
These classes hold the same portfolio, so the 5.76pp spread over 5 years is the cost difference between them — roughly 1.15pp a year — not a difference in what they own.
Fees & fund details
JPMorgan Strategic Income Opportunities Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.50% – 1.50%· JSOSX 0.75%
- Portfolio turnover
- 536.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
69 new· the largest 6
88 exited· the largest 2
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 64.1% |
| Fixed rate | 33.8% |
| Zero-coupon or unclassified | 2.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 26.9% |
| 1-3y | 32.3% |
| 3-5y | 2.4% |
| 5-10y | 1.0% |
| 10y+ | 37.4% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 50% |
| Credit spreads | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +0.63 yr |
| High yield | -0.21 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.18 yr | 31% |
| 5 yr | 0.37 yr | 61% |
| 10 yr | 0.05 yr | 8% |
3 mo and 30 yr are NEGATIVE (-0.00 yr, -0.18 yr) — a deliberate hedge at that point on the curve, so they are not part of the band above.
| 1 yr | 0.44 yr | 63% |
| 5 yr | 0.25 yr | 36% |
| 10 yr | 0.01 yr | 1% |
3 mo is NEGATIVE (-0.29 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | -0.00 | +0.00 | -0.29 | $3.1k | -$271.0k |
| 1 yr | +0.18 | +0.41 | +0.03 | $384.2k | $28.4k |
| 5 yr | +0.37 | +0.21 | +0.04 | $194.9k | $40.1k |
| 10 yr | +0.05 | +0.01 | +0.00 | $4.9k | $3.4k |
| 30 yr | -0.18 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 0.42 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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