# Product Snapshot - JPMorgan Strategic Income Opportunities Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-24T12:32:20.611426821Z. ## Identity - **Fund Name**: JPMorgan Strategic Income Opportunities Fund - **Share Class Name**: JPMorgan Strategic Income Opportunities Fund-R6 - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-strategic-income-opportunities-fund-r6-48121l114) - **Ticker Symbol**: JSOZX - **CUSIP**: 48121L114 - **Fund Type**: MUTUAL FUND - **Asset Class**: Fixed Income Taxable ## Media ### Complement your core. Using an absolute-return-oriented approach, the Strategic Income Opportunities Fund invests flexibly across traditional and alternative fixed income markets and seeks to provide uncorrelated, low volatility returns regardless of market environment. Expertise - Lead portfolio manager Bill Eigen maximizes the insights of his proven team of absolute return investors with niche market expertise. Portfolio - With its ability to provide uncorrelated, low volatility returns, this benchmark-agnostic portfolio may complement traditional fixed income by providing diversification. Results - Provided stronger risk-adjusted returns and a higher percentage of rolling periods with positive absolute performance since inception.1 - Acts as a strong portfolio diversifier, with uncorrelated returns to traditional bond markets over 10 years.2 Competitive absolute and risk-adjusted returns - **Image**: [This bar chart depicts the fund's outperformance on both an absolute and risk adjusted return basis versus its Morningstar peers over the latest 5 years](https://cdn.jpmorganfunds.com/content/dam/jpm-am-aem/americas/us/en/images/npe-featured-images/sto-siopp-2q26.svg) [Disclosure 1] ## Fund Facts - **Ticker**: JSOZX - **CUSIP**: 48121L114 - **Share Class Number**: 2742 - **Asset Class**: Fixed Income Taxable - **Fund Inception Date**: 10/10/2008 - **Share Class Inception Date**: 11/01/2017 - **ESG Approach**: Integrated [Disclosure 2] ## Fund Stats - **NAV As of 10/23/2026**: $11.45 - **NAV Change ($) As of 10/23/2026**: $0.01 - **NAV Change (%) As of 10/23/2026**: 0.09% - **30 Day SEC Yield As of 09/30/2026**: 3.60% - **30 Day SEC Yield Unsubsidized As of 09/30/2026**: 3.50% - **12-Month Rolling Dividend Yield As of 09/30/2026**: 3.90% [Disclosure 3] - **Yield to Maturity Gross As of 09/30/2026**: 4.17% [Disclosure 4] - **Yield to Maturity Net As of 09/30/2026**: 3.67% [Disclosure 4] - **Fund Assets As of 10/23/2026**: $9.27bn - **Number of Holdings As of 09/30/2026**: 497 - **YTD As of 10/23/2026**: 2.82% ## Fees & Charges ### Fees - **Gross Expenses**: 0.60% - **Net Expenses**: 0.50% [Disclosure 5] ## Investment Terms ### Minimum Investments #### IRA - **Minimum Investment**: $15 Mn - **Subsequent Investment**: No Minimum #### Regular - **Minimum Investment**: $15 Mn - **Subsequent Investment**: No Minimum ## Portfolio Managers ### William Eigen - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/william-eigen/) - **In the industry**: 36 years - **With J.P. Morgan**: 18 years - **Managing this fund**: 18 years ### Jarred Sherman - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/jarred-sherman/) - **In the industry**: 27 years - **With J.P. Morgan**: 27 years - **Managing this fund**: 17 years ### Jeffrey Wheeler - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/jeffrey-wheeler/) - **In the industry**: 28 years - **With J.P. Morgan**: 13 years - **Managing this fund**: 11 years ### Robert Cook - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/robert-cook/) - **In the industry**: 35 years - **With J.P. Morgan**: 22 years - **Managing this fund**: 1 year ## Ratings ### Morningstar Overview Ratings - **Category: **: Nontraditional Bond - **As of **: 09/30/2026 - **Overall**: 4 of 5 stars - **Funds in Category**: 194 Funds in Category - **3 Year**: 3 of 5 stars - **Funds in Category**: 194 Funds in Category - **5 Year**: 4 of 5 stars - **Funds in Category**: 183 Funds in Category - **10 Year**: - - **Funds in Category**: - [Disclosure 6] ### Morningstar Overview Ranking - **Category: **: Nontraditional Bond - **As of **: 09/30/2026 - **1 Year**: Rank 47 - **Funds in Category**: 208 Funds in Category - **Group Percentile**: 21% - **3 Year**: Rank 136 - **Funds in Category**: 194 Funds in Category - **Group Percentile**: 67% - **5 Year**: Rank 32 - **Funds in Category**: 183 Funds in Category - **Group Percentile**: 17% - **10 Year**: - - **Funds in Category**: - - **Group Percentile**: - [Disclosure 7] ### Morningstar Summary Rating - **Category: **: Nontraditional Bond - **As of **: 09/30/2026 - **Overall**: 4 of 5 stars - **Funds in Category**: 194 Funds in Category [Disclosure 8] ### Morningstar Medalist Rating - **Morningstar Medalist Rating™**: Silver - **As of **: 08/31/2026 - **Category: **: Nontraditional Bond - **Analyst-Driven %: **: 10 - **Data Coverage %: **: 100 [Disclosure 9] ### Lipper Rankings: Absolute Return Bond Funds - **As of**: 09/30/2026 - **1 Year**: Rank 12 - **Funds in Category**: 69 Funds in Category - **Group Percentile**: 18% - **3 Year**: Rank 52 - **Funds in Category**: 64 Funds in Category - **Group Percentile**: 80% - **5 Year**: Rank 5 - **Funds in Category**: 64 Funds in Category - **Group Percentile**: 8% - **10 Year**: - - **Funds in Category**: - - **Group Percentile**: - [Disclosure 10] ## Portfolio ### Portfolio Stats - **Number of Holdings** (As of 09/30/2026): 497 - **Fund Assets** (As of 09/30/2026): $9.26bn - **Turnover Ratio (Trailing 12 month) (2/28/2026)**: 536.00% - **Yield to Maturity Gross** (As of 09/30/2026): 4.17% - **Yield to Maturity Net** (As of 09/30/2026): 3.67% - **Yield to Worst Gross** (As of 09/30/2026): 4.0% - **Yield to Worst Net** (As of 09/30/2026): 3.50% - **Average Life** (As of 09/30/2026): Fund: 0.92 years; Index: 7.92 years - **Effective Duration** (As of 09/30/2026): Fund: 0.40 years; Index: 5.59 years - **Average Maturity** (As of 09/30/2026): Fund: 3.10 years; Index: 11.43 years [Disclosure 11] ### Top 10 Holdings _As of 09/30/2026_ | Holding | Weight | | --- | ---: | | FNMA/FHLMC UMBS, Single Family, 30 Year, 6.00%, 10/25/2056 | 6.4% | | ING Groep NV, 5.75%, 11/16/2026 | 1.3% | | AT&T, Inc., 4.57%, 08/10/2028 | 0.7% | | BofA Securities, Inc., 4.36%, 01/29/2027 | 0.7% | | Keurig Dr Pepper, Inc., 4.50%, 11/15/2026 | 0.6% | | American Express Co., 4.92%, 02/16/2028 | 0.5% | | Goldman Sachs Group, Inc. (The), 5.85%, 10/28/2027 | 0.5% | | Morgan Stanley Bank NA, 4.62%, 10/15/2027 | 0.5% | | Public Storage Operating Co., 4.63%, 04/16/2027 | 0.5% | | Wells Fargo & Co., 4.71%, 01/24/2028 | 0.5% | | Total of top 10 | 12.2% | [Disclosure 12] ### Quality _As of 09/30/2026_ | Quality | Fund | Index | | --- | ---: | ---: | | AAA | 51.5% | 63.6% | | AA | 19.3% | 7.4% | | A | 20.1% | 11.9% | | BBB | 5.1% | 11.3% | | BB | 0.7% | 3.7% | | B | 0.2% | 1.7% | | CCC and Lower | 0.4% | 0.4% | | Not Rated | 2.8% | 0.1% | [Disclosure 13] ### Average Life _As of 09/30/2026_ | Average Life | Average Life | | --- | ---: | | Less than 1 year | 72.1% | | Years 1-3 | 22.5% | | Years 3-5 | 3.0% | | Years 5-7 | 1.9% | | Years 7-10 | 0.3% | | Years 10-20 | 0.1% | | Years 20+ | 0.1% | | Average Maturity | 3.10 years | | Average Life | 0.92 years | [Disclosure 14] ### Sector Allocation _As of 09/30/2026_ | Sector | Sector Allocation | | --- | ---: | | Bank Loans | 0.30% | | Cash | 47.80% | | Convertibles | 3.80% | | Credit RV | 0.30% | | High Yield | 0.40% | | Invest Grade Corp | 42.00% | | Non-Agency MBS | 5.00% | | Other | 0.30% | [Disclosure 15] ## Commentary **As of **: 09/30/2026 ### Topline Markets: Markets were volatile in September as the Federal Reserve delivered a 25-basis point (bp) rate hike; global yields moved sharply higher; oil prices remained elevated amid Middle East supply disruptions; and investors reassessed the path for policy rates. Helped: Hedges, investment-grade (IG) floaters Hurt: Macro RV, convertibles Outlook: While markets continue to display resilience, the outlook remains uncertain. September’s repricing suggests investors are demanding greater compensation for fiscal risk, energy-related inflation shocks and less predictable central bank reaction functions. Tight credit spreads, rising real rates and elevated geopolitical risk argue for caution, but volatility may also create attractive entry points where prices overshoot fundamentals. ### Month in Review Rates sold off meaningfully in September as markets moved to price a higher-for-longer policy path. The Federal Reserve raised rates by 25 bps in a unanimous decision, marking its first hike in more than three years. Policymakers indicated that at least one additional hike remained likely before year-end, with the median dot projection in their Summary of Economic Projections pointing to a fed fund rate in a range of 4.00%–4.25%. Following the Fed meeting and its commitment to containing inflation, markets took a dramatic turn lower and repriced toward a more restrictive policy outlook. Rates across the curve, from 2 years to 30 years, sold off meaningfully, rising by nearly 50 bps on average from August to the end of September, with the 5-year seeing the largest increase at 59 bps. The rate sell-off intensified even without a clear negative macro catalyst and broadened into equities, particularly rate-sensitive, long-duration growth sectors. The curve steepened, as rising oil prices added to inflation concerns and investors demanded more term premium. By the end of the month, global borrowing costs were moving toward multi-decade highs, and bond volatility was rising sharply, with the MOVE Index posting its largest monthly increase since March. France was another key focus this month, with French sovereign risk premia widening materially and its credit default swap (CDS) yield curve shifting upward across all tenors. French 10-year yields reached 4.85%, posting their largest monthly increase in nearly four years and their largest level since 2002. The widening across the CDS curve reflected investor concerns over France's fiscal trajectory, higher borrowing costs and political uncertainty. Overall, September's defining feature was a meaningful rise in rates despite limited evidence of near-term inflation reaccelerating. Inflation expectations appeared relatively contained, implying that the repricing was driven more by real yields, fiscal risk premia and confidence that growth could remain resilient despite restrictive policy. That resilience may be partly linked to continued AI-related capital expenditure and adjacent sectors, but it also leaves markets vulnerable if higher rates begin to bite more forcefully into demand. ### Looking Ahead Credit spreads, although wider than recent tights, remain historically tight in many areas, particularly lower-rated cohorts, and may not offer adequate compensation for the slew of macro risks. That concern has become more relevant after September’s rise in yields and the widening in European sovereign risk premia. We are also mindful that energy remains a key swing factor. If oil prices remain elevated, the pass-through to headline inflation, consumer spending and corporate margins could become more visible. At the same time, the growth impact of supply disruptions and higher gasoline prices may take time to appear in the data, creating a difficult backdrop for central banks that are still focused on bringing inflation back toward target. As we look ahead, we continue to exercise caution in the short to medium term, given technically driven markets. Concerning trends in private credit with regard to valuations and flows are likely to persist longer than anticipated, and the spillover effects to public markets are currently, in our opinion, being heavily discounted by markets. AI remains an important long-term growth theme, but the market’s confidence in AI-related capital expenditure and adjacent industries may be tested by a higher cost of capital. As rates rise, valuation becomes more important, particularly for assets whose expected cash flows are further in the future. We remain focused on preserving liquidity and flexibility. In our view, this is an environment where patience is valuable: Elevated volatility can create opportunities, but only when prices move far enough to improve margins of safety and adequately compensate investors for macro, fiscal and geopolitical risks. ## Documents - [Factsheet: JPMorgan Strategic Income Opportunities Fund (R6)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/taxable-fixed-income/FS-SIOPP-R6.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/48121L114/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/48121L114/NPX?site=JPMorganv3) ## Disclosures 1. Chart source: J.P. Morgan Asset Management; data as of 6/30/26. I shares inception date 10/10/08. Minimum eligibility requirements for the I share class apply; please see prospectus for further details. Past performance does not guarantee future results. 1 Ranked: 1-yr. (138/203), 3-yrs. (148/197), 5-yrs. (60/184), 10-yrs. (92/143). Risk is measured by standard deviation — a gauge of the variance of a manager’s return over its average or mean: 1-yr. (1/203), 3-yrs. (2/197), 5-yrs. (1/184), 10-yrs. (2/143). Sharpe ratio measures a fund’s returns relative to its risks. Higher numbers for risk-adjusted returns are better. Ranked: 1-yr. (159/203), 3-yrs. (139/197), 5-yrs. (92/184), 10-yrs. (28/143). 2 Bloomberg Barclays U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar-denominated securities covering the U.S. investment grade fixed-rate bond market, with index components for government and corporate securities, mortgage pass-throughs and asset-backed securities. Performance: 1-yr. (3.79), 3-yrs. (4.16), 5-yrs. (0.08), 10-yrs. (1.54), since inception (3.19). 2. 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. 3. The 12-Month Rolling Dividend Yield represents the sum of the dividend yield (non-annualized) for the 12 most recent regularly declared income dividends as well as any special income distributions in the intervening period. Dividend yield (non-annualized) is calculated by dividing the dividend per share by the net asset value per share as of the relevant ex-dividend date. 4. 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. 5. The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 0.500% of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such money market funds. These waivers are in effect through 6/30/2027, at which time the adviser will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements. Net expenses may include short dividend expense. See prospectus for details. 6. Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. 7. The ranking information is provided by Morningstar. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Morningstar category. Different share classes may have different rankings. 8. Morningstar overall rating 4 stars, Class R6; Nontraditional Bond Category; 194 funds. Three-year rating 3 stars; 194 funds. Five-year rating 4 stars; 183 funds. Ten-year period not yet rated. Ratings reflect risk-adjusted performance. Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. 9. The Morningstar Medalist RatingTM is a summary expression of Morningstar's forward-looking analysis of investment strategies using a rating scale of Gold, Silver, Bronze, Neutral and Negative. Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with fees, forms the basis for Morningstar's conviction in those products' investment merits and determines the Medalist Rating assigned. Products are sorted by expected performance into rating groups defined by their Morningstar Category and their active or passive status. Analyst-covered products are assigned the three pillar ratings based on the analyst's qualitative assessment, subject to the Analyst Rating Committee's oversight, monitored and reevaluated at least every 14 months. Ratings are assigned monthly for vehicles covered either indirectly by analysts or by algorithm. For more detailed information including methodology, please go to global.morningstar.com/managerdisclosures.Ratings and rankings should not be used as the sole basis in evaluating an investment product and should not be considered an offer or solicitation to buy or sell the investment product.©2026Morningstar Inc. All rights reserved. Morningstar information is proprietary to Morningstar and/or its content providers, may not be copied or distributed and is not warranted to be accurate, complete or timely. 10. The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings. 11. Yield to worst (YTW) is the lower of a bond or other obligation's yield to maturity (YTM) and yield to call (YTC). Gross YTW is calculated by averaging the YTW of each obligation held in the portfolio on a market weighted basis without the deduction of fees and expenses. YTM is calculated as described next to the YTM figures. YTC is calculated the same way as YTM, but assumes that a bond or other obligation will be called or repurchased by the issuer before its maturity date (generally the next call date), and that the portfolio will be paid a call price (generally a percentage of the then-current face value of the obligation) on the call date. Gross YTW, YTM and YTC are not a guarantee nor necessarily indicative of future performance or income generation. Net YTW is calculated in the same way as Gross YTW except that Net YTW reflects the deduction of fund-level fees, expenses and, if applicable, hedging costs. Net YTW is not a guarantee nor necessarily indicative of future performance or income generation. 12. The top 10 holdings listed exclude cash and money markets. 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. 13. Due to rounding, values may not total 100%. The manager uses credit quality ratings on underlying securities of the portfolio from five major ratings agencies - S&P, Moody's, Fitch, Kroll and DBRS Morningstar. When calculating the credit quality breakdown, the manager selects the highest rating of the agencies that have provided a securities rating. Securities that are not rated by any of the five agencies are reflected as not rated. Certain holdings may not be included due to de minimis values and rounding. Values may not total 100%. 14. Due to rounding, values may not total 100%. Average Maturity: The average length of maturity for all fixed-rate debt instruments held in a portfolio. A bond fund or mutual fund with a long average maturity is more sensitive to interest rate fluctuations than one with shorter average maturity. Average Life: The length of time the principal of a debt issue is expected to be outstanding. 15. The Credit RV book is a long/short credit book which combines both traditional and derivative credit positions. This book may contain traditional IG, HY and EM cash bonds, in addition to Credit Default Swaps (both CDS and CDX), total return swaps, and other synthetic exposure. The quality breakdown will show overall exposure to various credit qualities across the fund. 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.