# Product Facts - JPMorgan Strategic Income Opportunities Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-10-02T11:50:02.397939579Z.

## Identity

- **Fund Name**: JPMorgan Strategic Income Opportunities Fund
- **Share Class Name**: JPMorgan Strategic Income Opportunities Fund-I
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-strategic-income-opportunities-fund-i-4812a4351)
- **Ticker**: JSOSX
- **CUSIP**: 4812A4351
- **Fund Type**: MUTUAL FUND
- **Asset Class**: Fixed Income Taxable
- **Fund Inception Date**: 10/10/2008
- **Share Class Inception Date**: 10/10/2008
- **Investment Objective**: The Fund seeks to provide high total return.

## Fund Facts

- **Ticker**: JSOSX
- **CUSIP**: 4812A4351
- **Share Class Number**: 3844
- **Asset Class**: Fixed Income Taxable
- **Fund Inception Date**: 10/10/2008
- **Share Class Inception Date**: 10/10/2008
- **ESG Approach**: Integrated [Disclosure 1]

## Fund Stats

- **NAV  As of 10/01/2026**: $11.39
- **NAV Change ($) As of 10/01/2026**: $0.00
- **NAV Change (%) As of 10/01/2026**: 0.00%
- **30 Day SEC Yield  As of 08/31/2026**: 3.37%
- **30 Day SEC Yield Unsubsidized As of 08/31/2026**: 3.33%
- **12-Month Rolling Dividend Yield As of 08/31/2026**: 3.75%
- **Yield to Maturity Gross  As of 08/31/2026**: 4.08% [Disclosure 2]
- **Yield to Maturity Net  As of 08/31/2026**: 3.33% [Disclosure 2]
- **Fund Assets As of 10/01/2026**: $9.27bn
- **Number of Holdings As of 08/31/2026**: 515
- **YTD  As of 10/01/2026**: 2.36%

## Portfolio Managers

### William Eigen

- **In the industry**: 36 years
- **With J.P. Morgan**: 18 years
- **Managing this fund**: 18 years

### Jarred Sherman

- **In the industry**: 27 years
- **With J.P. Morgan**: 27 years
- **Managing this fund**: 17 years

### Jeffrey Wheeler

- **In the industry**: 28 years
- **With J.P. Morgan**: 13 years
- **Managing this fund**: 11 years

### Robert Cook

- **In the industry**: 35 years
- **With J.P. Morgan**: 22 years
- **Managing this fund**: 1 year

## Commentary

**As of **: 08/31/2026

### Topline

Markets: Geopolitical uncertainty and mixed macro signals kept markets volatile, with shifting Federal Reserve (“Fed”) expectations, a briefly supportive but questioned Treasury buyback, higher global yields and foreign exchange intervention, and data that balanced weaker payrolls against still-sticky inflation.

Helped: Investment Grade (IG) Floaters, Hedges, Convertibles.

Hurt: There were no detractors this month.

Outlook: While markets have demonstrated notable resilience in the face of ongoing geopolitical risks and inflationary pressures, the outlook remains uncertain. The effects of a less forward-guided Fed, elevated geopolitical risk with energy and long-end rates that appear more sensitive to credibility, fiscal, and term premium suggests continued volatility across asset classes and present both risks and opportunities.

### Month in Review

Markets remained in limbo heading into the end of the third quarter, with the war in Iran continuing to inject volatility in markets. The U.S. Treasury curve maintained a steepening bias, driven by market participants demanding more risk premium further down the curve. Rates traded in a narrow range throughout August before the curve ultimately ended flatter at month end, as front-end yields rose meaningfully following Fed Chair Warsh’s speech at the Jackson Hole Symposium. Warsh’s remarks were interpreted as generally hawkish despite his desire to remove forward guidance. He did so while keeping the door open to additional tightening should inflation fail to convincingly return toward target. Two-year U.S. Treasuries were up 11 basis points (bps) on the day and 5-year U.S. Treasuries were up 8 bps. Looking at futures, investors’ expectations continued to imply a full 25 bps hike by year-end, with odds favoring a hike by the September meeting.

Treasury Secretary Bessent’s surprise buyback announcement—doubling the size of repurchases from $2bn to $4bn—was framed as an attempt to support weak technicals and liquidity at the long end. The buyback contributed to a broad rally that quickly reversed, calling into question the credibility of the program and appearing at odds with the Federal Reserve’s desire to reduce its balance sheet and step away from markets as an artificial buyer of rates. In parallel, global rates marched higher, with a notable move in Japanese government bonds (“JGB”). Rates across the curve were up 19 bps on average through August with the 2-year JGB up 23 bps. This triggered a rare, coordinated U.S.-Japan intervention to support the yen, as a traders unwound their carry trade positions in anticipation of an interest rate hike by the Bank of Japan, leading to an appreciation of the yen.

On the data front, U.S. payrolls surprised to the downside (July nonfarm payrolls fell by 23,000 versus expectations for an increase), pushing investors to dial back near-term odds of a hike. However, inflationary data remained “sticky enough” to keep the tightening debate alive—July CPI was modestly firmer month-over-month (“MoM”) while the Fed’s preferred PCE gauge remained elevated, leaving markets oscillating between growth slowdown and persistent inflation.

### Looking Ahead

As we look ahead, we continue to exercise caution in the short to medium term given markets that can remain technically driven even as fundamentals evolve. The bear steepening in July highlighted the risk that markets can simultaneously price in less near-term tightening while demanding more compensation at the long end.

Credit spreads in the lower-rated cohort are trading at razor-thin tights, suggesting a benign environment for credit that, in our view, does not offer adequate compensation given the slew of macro risks. Furthermore, while AI remains a fundamental long-term growth theme, uncertainties around capital expenditure intensity, adoption curves, and disruptive impacts may continue to drive episodic volatility in markets.

From an absolute return perspective, we continue to emphasize resilience and risk management while focusing on exposure where carry and spread offer better compensation for risk. We remain mindful that tight spreads and elevated rates volatility can amplify market sensitivity to macro surprises and stand ready to deploy liquidity on our terms—when prices overshoot fundamentals and margins of safety improve.

## Documents

- [Factsheet: JPMorgan Strategic Income Opportunities Fund (I)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/taxable-fixed-income/FS-SIOPP-I.PDF)
- [Fund Story: Strategic Income Opportunities Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fund-story/STO-SIOPP.pdf)
- [Commentary: Strategic Income Opportunities Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-SIOPP.PDF)
- [Supplemental Data Sheet - Strategic Income Opportunities Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-SIOPP-1.PDF)
- [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812A4351/NPX?site=JPMorganv3)

## Disclosures

1. This Fund considers financially material environmental, social and governance ("ESG") factors as part of the Fund's investment process. In actively managed assets deemed by J.P. Morgan Asset Management to be ESG integrated under our governance process, we systematically assess financially material ESG factors amongst other factors in our investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not change a strategy's investment objective, exclude specific types of companies or constrain a strategy's investable universe.

2. Yield to maturity (YTM): is the estimated total return anticipated on a bond or other obligation if the obligation is held until maturity and if all payments are made as scheduled. Gross YTM is calculated by averaging the YTM of each obligation held in the portfolio (including, if any, convertible bonds, preferred securities and derivatives) on a market weighted basis without the deduction of fees and expenses. Unlike SEC Yield, Gross YTM is a representation of the estimated total return of the bonds and other obligations held in the portfolio as of the month-end shown, whereas SEC Yield approximates the current income generated by the obligations held in the portfolio over a historical 30-day period after the deduction of fees and expenses. Unlike SEC Yield, Gross YTM takes into account derivatives. Gross YTM and SEC Yield are not a guarantee nor necessarily indicative of future performance or income generation. Net YTM is calculated in the same way as Gross YTM except that Net YTM reflects the deduction of fund-level fees, expenses and, if applicable, hedging costs. Net YTM is not a guarantee nor necessarily indicative of future performance or income generation. Certain other funds may calculate YTM differently (e.g., certain other funds may include only certain types of derivatives in the calculation of YTM, whereas the YTM calculation for this fund includes all types of derivatives), and such differences could significantly impact the calculation of YTM, and therefore decrease comparability between YTM for this fund and YTM for other funds.