26 Dec 2016

Change to the expected level of leverage for certain Sub-Funds of JPMorgan Funds and JPMorgan Investments Funds (the “Sub-Funds”)

The expected level of leverage, expressed as a percentage of the net asset value, stated in the prospectus for each of the following Sub-Funds has changed as follows:

• JPMorgan Funds - Global Bond Opportunities Fund: from 100% to 250%;
• JPMorgan Funds - Global Government Bond Fund: from 150% to 400%;
• JPMorgan Funds - Global Government Short Duration Bond Fund: from 150% to 300%;
• JPMorgan Funds - US Equity Plus Fund: from 50% to 60%;
• JPMorgan Funds - Global Multi Asset Portfolios Fund: from 100% to 200%;
• JPMorgan Funds - Systematic Alpha Fund: from 250% to 350% and
• JPMorgan Investment Funds – Global Balanced Fund: from 125% to 200%.

The Sub-Funds have the ability to use financial derivative instruments to achieve their investment objectives and for the purposes of hedging. Recently the investment manager has, as allowed by the Sub-Funds’ investment policy, increased the use of these instruments and as a result the expected level of leverage has changed. The expected leverage is a measure of the gross aggregate notional1 amount of derivatives held within the Sub-Fund and as such will vary depending on the use of financial derivative instruments. There is no change to the risk profile or the way the Sub-Funds are managed.

Should you have any questions about the change being made or any other aspect of JPMorgan Funds or JPMorgan Investment Funds, please contact the Registered Office of the Sub-Fund or your usual local representative.

1 The aggregate notional amount of a derivative means the total value of the derivatives underlying assets. This value within the portfolio is calculated as a sum and does not account for any netting arrangements such as long and short positions of the same contract. For further information please refer to "Appendix II - Investment Restrictions and Powers - I Financial Derivative Instruments" of the prospectus.