Interim Report & Financial Statements (Unaudited) JPMorgan Fund III ICVC

31 October 2020 ii Contents

Authorised Corporate Director’s (ACD) Report 2–6 Investment Adviser’s Report for the six months ended 31 October 2020 7 JPM Diversified Growth Fund 8–17 JPM Multi-Asset Cautious Fund 18–22 JPM Multi-Asset Growth Fund 23–27 JPM Multi-Asset Moderate Fund 28–32 Accounting policies 33

This material should not be relied on as including sufficient information to support an investment decision. The opinions and views expressed in this document are those held by J.P. Morgan Asset Management as at 17 December 2020, which are subject to change and are not to be taken as or construed as investment advice. For up-to-date performance information please contact J.P. Morgan Asset Management using the numbers shown on the back of this document. You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. The level of tax benefits and liabilities will depend on individual circumstances and may change in the future. The investment objective of a Fund may allow some flexibility in terms of portfolio composition. Funds that invest predominantly in a single market, asset class or sector may be subject to greater volatility than those Funds with a more diversified portfolio. The information in this booklet is based on our understanding of law, regulation and HM Revenue & Customs practice as at 17 December 2020. 1 Authorised Corporate Director’s (ACD) Report Board of Directors of JPMorgan Funds Limited (“JPMFL”), the Authorised Corporate Director (“ACD”) of JPMorgan Fund III ICVC as at 31 October 2020.

Chairperson Directors Nick Bloxham Kate Jones O’Brien Bennett Executive Director. A member of the ACD Independent Non-Executive Director. A Executive Director. A member of the ACD since 1 June 2020. member of the ACD since 14 June 2019. since 22 May 2020. Mr Bloxham is the UK Financial controller of Ms Jones’ career spans senior investment Mr. Bennett, Managing Director, is a Project J.P. Morgan Asset Management. leadership and Board roles in the Executive for J.P. Morgan Asset Management Mr Bloxham joined J.P. Morgan Asset financial services industry including the and has over 24 years of experience in the Management in 2008. For 3 years he was Pension Protection Fund, BlackRock, implementation of global strategic and the financial controller for J.P. Morgan Asset Schroders and M&G. regulatory programmes. Management (UK) Ltd, latterly also having Ms Jones began her career as a portfolio Mr. Bennett has managed strategic responsibility for the financial sections of manager at Prudential M&G before playing an reengineering projects across the US, the JPMAM International ICAAP. He covered instrumental role in the growth of BlackRock’s Transfer Agency platform implementations in financial MIS for all European-based product Solutions business where she built and led the UK and Luxembourg, business platform teams for 2 years, before becoming Global the portfolio management function with builds in Brazil, re-structuring of AML/KYC CFO for AM Global Equities 2014. He moved responsibility for over £300bn of assets. processing globally, MiFID II, PRIIPs, GDPR to his current role as UK Financial Controller and now leads the LIBOR transition. He was in November 2019. Ms Jones then moved to Schroders where previously head of Luxembourg Operations she sponsored their largest ever change He leads a group of 14, which provides and Head of EMEA Product Development and programme to allow the organisation to financial regulatory reporting and control for Product Delivery Services. grow assets under management whilst 4 regulated entities, as well as the regulated managing costs. Mr. Bennett started his career in group; corporate financial reporting; legal stockbroking in 1977 and joined J.P. Morgan entity board reporting and financial statement Ms Jones is a Non-Executive Director at the Asset Management in 1985. He moved to preparation. His group has oversight and Pension Protection Fund and Chair of the Luxembourg in 2004. control of the JPMAM International Group and Investment Committee and Chair of the individual entities’ balance sheet activities, Investment Committee and Chair of Trustees including capital, seed, Mandatory investor for RedSTART, a financial education charity Plan (‘MIP’) and FX hedging; regulatory which aims to give all young people in the UK capital management; liquidity management access to quality financial education. and seed/MIP investments. The role includes With a focus on senior leaders in the financial liaison with external auditors; external sector, Ms Jones is also an executive coach. professional firms and bodies; J.P. Morgan boards and external regulators. Ms Jones has a degree in Mathematical Economics from the University of Birmingham Mr Bloxham additionally provides support and has been a CFA charter holder since 2003. to the European Senior Financial Officer. He is deputy chair of the EMEA Capital and Liquidity Committee and the EMEA Corporate Tax meeting, and is a member of the ICAAP steering group and EMEA Seed Capital Committee. Mr Bloxham is director on a number of companies within AM EMEA, and is the chair of the board of J.P. Morgan Trustee and Administration Services Limited. As part of the latter role, he attends the EMEA Audit Risk and Compliance Committee. Mr Bloxham has an MA (Cantab) from Cambridge University and an MSc from Imperial College, London. He is a qualified Chartered Accountant (CA).

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Andrew Lewis Stephen Pond Ruston Smith Executive Director. A member of the ACD Executive Director. A member of the ACD Independent Non-Executive Director. A since 5 November 2018. since 27 June 2018. member of the ACD since 28 December 2016. Mr Lewis is Chief Operating Officer for UK Mr Pond is the AM EMEA CFO and is also Ruston has over 35 years’ experience in the Funds, J.P. Morgan Asset Management. the lead Finance and Business Manager for pension fund and investment industry. the International Institutional business. He Mr Lewis joined J.P. Morgan Asset He was the former Group Pensions, Insurable is a director on our main European holding Management in 2011. For two years he ran Risk and People Director at Tesco and CEO of company, JPMorgan International Limited, the Client Reporting Group, covering both Tesco Pension Investment Ltd – FCA approved and on several regulated J.P. Morgan UK funds and institutional clients. He became in house investment manager. legal entities. He was previously Head of the UK Funds COO in 2013 additionally taking the Europe Performance Analysis Group. Ruston is now the Chair of the Tesco Pension responsibility for talent, promotions and He joined Investment Management in Fund (DB and DC) and Tesco Pension Investment ratings across Client Service and Platform New York in 2004 and moved to London in Ltd, Non-Executive Chair of JP Morgan Asset in Europe. He covered Funds Client Service 2007 and held several positions within the Management (EMEA), Non-Executive Chair of in Europe for two years before taking up Finance department. Smart Pension Ltd, Non-Executive Chair of his current role. He runs the UK Funds PTL Ltd, Independent Trustee and Chair of the entities, the Life Assurance Company and Prior to joining Investment Management, Funding and Investment Committee for the the UK Direct business. His group provides he was an analyst on a JPMC corporate BAE Pension Fund, Governor of the PPI and Client Service, Transfer Agency and Fund management training programme. He joined Chair of GroceryAid. Administration for UK Funds, supports Funds the company in 2002. He has been a CFA distribution channels in UK and provides charter holder since 2009. Mr Pond obtained Ruston was Co Chair of the DWP’s 2017 Auto Board Management services to Fund boards. a BA in Economics from the College of William Enrolment Review Board, led the Simpler He is CEO of JPMorgan Funds Limited, the and Mary in Williamsburg, VA, USA. Annual Statement initiative launched in 2018, ACD and UK AIFM, is a Director of several UK chaired the cross regulator and industry legal entities and fills a number of regional ‘Standardised Assumptions Group’ and was roles including COI and TCF. on the Treasury’s Patient Capital DC Steering Group. He’s also a former Chair of the Mr Lewis joined the British Army aged 18, Pensions and Lifetime Savings Association. leaving as a Colonel in 2011. He has a BA from Cranfield University and holds the Investment Management Certificate.

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Patrick Thomson Background Role and Responsibility of the Executive Director. A member of the ACD JPMorgan Funds Limited (“JPMF”) is the Board since 30 May 2018. Authorised Corporate Director (“ACD”) of JPMF is authorised and regulated by the Mr Thomson, Managing Director, is the Chief JPMorgan Fund III ICVC (the “Company”) and Financial Conduct Authority (“FCA”) and its Executive Officer for EMEA, and international is the sole Director of JPMorgan Fund III ICVC principle activity is investment management. head of institutional clients for J.P. Morgan (the “Board”). The Board is pleased to present The ACD is incorporated under and governed Asset Management, based in London. the Interim Report and Financial Statements by the Companies Act 2006. With respect to for the period ended 31 October 2020. the annual report and financial statements As CEO, Mr Thomson partners with the global of the Company, it is also required to comply investment, business and function heads Authorised Status with the Collective Investment Schemes to develop the business priorities in EMEA. JPMorgan Fund III ICVC is an Open-Ended Sourcebook issued by the FCA, applicable A key area of his responsibility is ensuring Investment Company with variable capital, accounting standards and also with the latest the firm remains in line with the regulatory authorised under Regulation 12 of the OEIC Statement of Recommended Practice issued by requirements and within a framework of Regulations by the Financial Conduct Authority. The Investment Association. appropriate risk management. Mr Thomson The Company was launched as a non-UCITS The matters reserved for the Board include is also a Director of J.P.Morgan’s principal Retail Scheme and acts as an umbrella determination of each sub-fund’s investment legal and regulated entities and funds company comprising of 4 sub-funds. Its objective and policies, investment restrictions boards in Europe. registration number is IC000174 and its and powers, amendments to the Prospectus, Mr Thomson joined J.P. Morgan Asset registered address is 60 Victoria Embankment, reviewing and approving key investment and Management in 1995. He is a member London EC4Y 0JP. financial data, including the annual and interim of J.P. Morgan Asset Management Structure & Liabilities report and financial statements, as well as the Operating Committee and J.P.Morgan The assets of the sub-fund are treated as appointment of and review of the services Asset Management’s Global Client separate from those of any other sub-fund and provided by the depositary and auditors. Operating Committee. are invested in accordance with the investment Prior to each meeting the Board receives Mr Thomson is on the Investment Association objective and investment policies applicable detailed and timely information allowing them Board of Directors as well as the HM Treasury to that sub-fund. Details of the investment to prepare for the items under discussion Asset Management Taskforce. objective, the policies for achieving these during the meeting. For each quarterly objectives, the performance record and a Previously he spent five years at Ivy Asset meeting the Board requests, and receives, review of the investment activities for the sub- Management, part of BNY Mellon, where he reports from, amongst others, the investment fund can be found in this report. was global head of Client Development and managers, risk management, compliance, as chief executive of the London office. After The ACD report includes for each sub-fund the: well as proposals for changes to the existing graduating from Edinburgh University with an sub-fund or proposals to launch new ones as • Investment objective and policy MA (Hons), Mr Thomson served as an officer appropriate. Senior representatives of each in the British Army for five years. He qualified • Risk profile of these functions attend Board meetings by as a member of the UK Society of Investment invitation to enable the Board to question • Fund review Professionals in 2000. the reports presented to them. In addition, • Fund outlook the Board reviews on an annual basis all service providers. • Portfolio movements The Board takes decisions in the interests of the • Portfolio statement Company and its shareholders as a whole and Shareholders are not liable for the debts of has procedures in place to manage any conflict the Company. Shareholders are not liable to of interest between personal interests of the make any further payment to the Company Directors of JPMFL and those of the Company after the purchase of their shares is paid for. and its shareholders. JPMFL and its affiliates provide a variety of different services to the Company and receives compensation for these services. JPMFL and its affiliates therefore need to balance the desire to be compensated for these services with the requirement to act in the best interest of the Company. JPMFL and its affiliates also face conflicts of interest where these services are provided to other funds or clients, and, from time to time, make decisions that differ from and/or negatively impact those made on behalf of the Company.

4 Authorised Corporate Director’s (ACD) Report – continued

Board Composition Remuneration Disclosure The Board reviews and adopts the JPMFL is chaired by Ms Jones, and consists of JPMorgan Funds Limited (the “Management Remuneration Policy on an annual basis, five Executive Directors and two Independent Company”) is the authorised manager of and oversees its implementation, including Non-Executive Directors. All Board meetings JPMorgan Fund III ICVC (the “Company”) and the classification of AIFMD Identified Staff. require a quorum of two Directors to be is part of the J.P. Morgan Chase & Co. group The Board last reviewed and adopted the in attendance. of companies. In this section, the terms “J.P. Remuneration Policy that applied for the Morgan” or “Firm” refer to that group, and 2019 Performance Year in June 2019 with no Induction and Training each of the entities in that group globally, material changes and was satisfied with its All new Directors of JPMFL will receive a full unless otherwise specified. implementation. induction incorporating relevant information regarding the Company and its duties and This section of the annual report has been Quantitative Disclosures responsibilities as the ACD of the Company. prepared in accordance with the Alternative The table below provides an overview of the In addition, JPMFL takes active steps to Investment Fund Managers’ Directive (the aggregate total remuneration paid to staff keep up to date with developments relevant “AIFMD”), the European Commission Delegated of the Management Company in respect of to the Company. Regulation supplementing the AIFMD, and the the 2019 Performance Year and the number ‘Guidelines on sound remuneration policies’ of beneficiaries. These figures include the Board Evaluation issued by the European Securities and Markets remuneration of all staff of JP Morgan Asset The Board carries out a biennial review of Authority under the AIFMD. The information in Management (UK) Ltd (the relevant employing its performance. this section is in respect of the most recent entity) and the number of beneficiaries, both Board Meetings and Committees complete remuneration period (“Performance apportioned to the Management Company on The Board meets quarterly but if necessary Year”) as at the reporting date. an AUM weighted basis. additional meetings will be arranged. This section has also been prepared in Due to the Firm’s operational structure, the There were six JPMorgan Fund III ICVC accordance with the relevant provisions information needed to provide a further board meetings held during the period. Two of the Financial Conduct Authority breakdown of remuneration attributable to of these were quarterly Board meetings Handbook (FUND 3.3.5). the Company is not readily available and where, amongst other matters, the would not be relevant or reliable. However, Remuneration Policy agenda included those items highlighted for context, the Management Company A summary of the Remuneration Policy under the section above called ‘Role and manages 30 Alternative Investment Funds applying to the Management Company (the Responsibility of the Board’. (with 4 sub-funds)and 2 UCITS (with 38 “Remuneration Policy Statement”) can be sub-funds) as at 31 December 2019, with a Corporate Governance found at https://am.jpmorgan.com/gb/en/ combined AUM as at that date of £13,830m The Board is responsible for ensuring that a asset-management/gim/per/legal/emea- and £17,051m respectively. high level of corporate governance is met and remuneration-policy. This Remuneration considers that the Company has complied with Policy Statement includes details of how All staff ($’000s) the best practices in the UK Funds industry. remuneration and benefits are calculated, Fixed remuneration 15,972 including the financial and non-financial Proxy Voting Policy Variable remuneration 9,139 criteria used to evaluate performance, the JPMFL delegates responsibility for proxy Total remuneration 25,111 responsibilities and composition of the Firm’s voting to the Investment Adviser. The Number of beneficiaries 119 Compensation and Management Development Investment Adviser manages the voting Committee, and the measures adopted to The aggregate 2019 total remuneration paid rights of the shares entrusted in a prudent avoid or manage conflicts of interest. A copy to UCITS Identified Staff was USD 73,636k, and diligent manner, based exclusively on the of this policy can be requested free of charge of which USD 4,425k relates to Senior reasonable judgement of what will best serve from the Management Company. Management and USD 69,211k relates to other the financial interests of clients. Identified Staff1. So far as is practicable, the Investment The Remuneration Policy applies to all 1 Since 2017, the UCITS Identified Staff disclosures includes employees Adviser will vote at all of the meetings called employees of the Management Company, of companies to which portfolio management has been formally by companies in which they are invested. including individuals whose professional delegated, in line with the latest ESMA guidance. A copy of the proxy voting policy is available activities may have a material impact on the from the Company’s registered office upon risk profile of the Management Company or request or on the website: the Alternative Investment Funds it manages https://am.jpmorgan.com/uk/institutional/ (“AIFMD Identified Staff”). The AIFMD corporate-governance Identified Staff include members of the Board of the Management Company (the “Board”), senior management, the heads of relevant Control Functions, and holders of other key functions. Individuals are notified of their identification and the implications of this status on at least an annual basis.

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Directors and Officers Indemnity Insurance Change to the composition of the Management and Administration The Company’s Articles of Incorporation Board of JPMFL Authorised Corporate Director indemnify the Directors against expenses JPMorgan Funds Limited reasonably incurred in connection with any O’Brien Bennett was appointed as an 3 Lochside View, Edinburgh Park, claim against them arising in the course of Executive Director following approval by the Edinburgh, EH12 9DH their duties or responsibilities as long as they FCA on 21 May 2020. (Authorised and regulated by the Financial Conduct Authority) have not acted fraudulently or dishonestly. To Nick Bloxham was appointed as an Executive protect shareholders against any such claim, Director following approval by the FCA Custodian and Bankers: the Board has taken out Directors and Officers on 1 June 2020. JPMorgan Chase Bank, N.A. London Branch Indemnity Insurance which indemnifies the 25 Bank Street, Canary Wharf, London, E14 5JP ACD against certain liabilities arising in the Changes to the Prospectus (Authorised and regulated by the Prudential Regulation Authority and by the Financial Conduct Authority) course of their duties and responsibilities Published on 15 May 2020 but does not cover against any fraudulent or • Update to Settlement Risk. Depositary dishonest actions on their part. Published on 1 July 2020 NatWest Trustee and Depositary Services Auditor • JPM Diversified Growth Fund: update of Limited, 250 Bishopsgate, London, EC2M 4AA PricewaterhouseCoopers LLP, has been risk that will not meet volatility level/ (Authorised and regulated by the Prudential Regulation the Company’s Auditor since January 2010. concentration in asset classes. Authority and by the Financial Conduct Authority) The Board reviewed the services of PwC in • JPM Multi-Asset Cautious Fund: investor Independent Auditors 2016 and decided that, subject to any other profile update. PricewaterhouseCoopers LLP influencing factor, they should continue to be • Update to LIBOR risk. Atria One, 144 Morrison Street, appointed as Auditor for a further 8 years. • Update to Government Debt Risk. Edinburgh, EH3 8EX Statement of Cross Holdings • Update to Market Risk. Investment Adviser There are no holdings of the sub-funds of JPMorgan Asset Management (UK) Limited JPMorgan Fund III ICVC by other sub-funds Published on 5 October 2020 25 Bank Street, Canary Wharf, of the Company. • Inclusion of new appendix “ESG Integration and Sustainable Investing Approaches” London, E14 5JP Privacy Policy and indication in the fund description in (Authorised and regulated by the Financial Conduct Authority) The ACD complies with a privacy policy Appendix A, for each relevant fund, of the Registrar that has been issued by J.P. Morgan Asset fund’s ESG approach. Management which can be accessed at SS&C Financial Services Europe Limited • Inclusion of X Share Classes for the JPM www.jpmorgan.com/emea-privacy-policy. SS&C House, Diversified Growth Fund and JPM Multi- Saint Nicholas Lane Basildon, Asset Growth Fund. Basildon, Essex, SS15 5FS • Inclusion of G Share Classes for the JPM (Authorised and regulated by the Financial Conduct Authority) Multi-Asset Cautious Fund, JPM Multi-Asset By order of the Authorised Corporate Director, Moderate Fund and Multi-Asset Growth fund.

Andrew Lewis Director JPMorgan Funds Limited 17 December 2020

Stephen Pond Director JPMorgan Funds Limited 17 December 2020

6 Authorised Corporate Director’s (ACD) Report Investment Adviser’s Report for the six months ended 31 October 2020

Market review The final two months of the period were marked by downward pressure on financial Financials markets generally provided mixed markets as a resurgence of Covid-19 led to results for the six month reporting period record rates of infection across Europe and as a resurgence in the Covid-19 pandemic the U.S., which forced local and national spread across Europe and uncertainty about governments to halt or reverse the reopening the outcome of U.S. elections fed increased of businesses and schools. In the U.S., market volatility. Overall, U.S. and emerging volatility in equity prices was also driven by markets equity outperformed European and the inability of the leading political parties U.K. equity and bond markets. The MSCI to agree to further economic stimulus and All Cap World Index returned 11.70%; the uncertainty ahead of national elections. FTSE All-Share Index returned -1.95%; the Emerging markets equity ended October with FTSE All World Developed Europe ex-UK Index moderate gains, supported by improving returned 8.42%. Among bond indexes for the economic data from China. While there six month period, the Bloomberg Barclays was an increase in demand for European Global Aggregate Index – GBP Hedged returned sovereign debt, bond markets generally were 1.39% and the Bloomberg Barclays Sterling little moved in the final month of the period. Aggregate Index returned -0.80%. (All performance in GBP terms, 31 October 2020, source: J.P. Morgan Asset Management). Market outlook At the start of the period, financial markets The emergence in November of two potentially largely continued to rebound from a sharp sell- effective vaccines against Covid-19 has off in the first quarter of 2020. Unprecedented provided investors with a degree of optimism support from central banks around the globe, but the fourth quarter of 2020 contains an which including lower interest rates, asset unusually high number of unpredictable purchasing programs and a range of other events for markets to negotiate. Negotiations initiatives designed maintain liquidity and for an orderly Brexit are up against an end- functioning in capital markets, served to of-December deadline, which leaves little bolster both equity and bond markets. At the space for ratification of any final agreement. same time, national governments responded However, the potential consequences of a to the Covid-19 pandemic with various forms no-deal Brexit have put enormous pressure on of economic stimulus, ranging from pay check all parties to reach a deal. Across Europe more protections and enhanced jobless benefits broadly, the effectiveness of governmental to fiscal support for local governments and measures to halt the spread of the pandemic agencies. As nations in Asia and Europe is likely to determine the pace of broader showed significant progress in controlling economic activity. While the outcome of the the spread of Covid-19 and their economies U.S. elections in early November reduced began to reopen in the second quarter of some immediate investor uncertainty, early 2020, prices for both equity and fixed income indications of a contentious transition to the assets continued to rise. incoming presidential administration have raised questions about the government’s By the end of July 2020, there was notable potential response to record high Covid-19 investor demand for European assets after the infections rates across the nation. EU agreed to a massive pandemic recovery fund, backed by common bond issuance from Amid near-term uncertainty in financial the European Commission. However, investor markets, we believe investors face binary appetite for U.K. assets remained weak amid potential outcomes that call for balance uncertainty over Covid-19 infection rates and in portfolios across asset classes, factors Brexit negotiations. Overall, equity prices and regions. However, as uncertainty rose globally through the summer months, recedes investor may turn their attention supported by investor optimism over falling to differences in valuations among equity Covid-19 infection rates and progress toward markets and other asset classes. several potential vaccines. In bond markets, JPMorgan Asset Management (UK) Limited investor favour for developed market November 2020 sovereign bonds generally gave way to demand for higher yielding debt.

Authorised Corporate Director’s (ACD) Report 7 ­JPM Diversified Growth Fund

Investment objective and policy The Fund’s asset allocation is actively managed and may be concentrated in asset classes from time to time. There is a risk that the performance The Fund aims to provide long term capital growth by investing in a of the Fund will suffer if the allocation to any particular asset class is diversified mix of asset classes. As a result of its diversified portfolio the low when that asset class is outperforming or high when that asset class Fund is expected to have a lower level of volatility than equity markets as is underperforming. represented by the MSCI World Index. Under exceptional market conditions the Fund may be unable to meet The Fund may invest either directly or via collective investment schemes, the volatility level stated above and the realised volatility may be greater which may be managed by the Investment Adviser or any other member of than intended. JPMorgan Chase & co., in a broad range of assets including, but not limited to, global equities, fixed income (including high yield and emerging market Please refer to Part 11 of the Prospectus for details of the general risk debt), alternatives (including private equity and property) and cash and factors affecting this Fund in addition to the specific risk factors above. cash equivalents. The Fund may have exposure to Emerging Markets and smaller companies. Market review The Fund may use Financial Derivative Instruments (derivatives) for Between 1 May 2020 and 31 October 2020, global financial markets investment purposes or Efficient Portfolio Management including recovered dramatically from their sharp fall in the first quarter of the hedging, where appropriate (see Section 11.6 of the Prospectus for Risk calendar year. While the Covid-19 pandemic brought the global economy to Warnings on derivatives). a halt in March, the recession that followed was the shortest and sharpest The Fund may invest in assets denominated in any currency and in memory after unprecedented intervention from global central banks non‑Sterling currency exposure (excluding Emerging Markets local and governments. currency) will normally be hedged back to Sterling. In response to the economic collapse brought on by the novel coronavirus pandemic, governments around the globe acted quickly to implement Risk profile major unemployment insurance programmes, provided direct support to households, and legislated several lending programmes to bolster The value of your investment may fall as well as rise and you may get back the corporate sector – particularly in developed market economies. less than you originally invested. Additionally, developed market central banks slashed their policy rates to The value of Equity and Equity-Linked Securities held in the underlying their lower bounds and quantitative easing (QE) measures were announced, funds may fluctuate in response to the performance of individual even by central banks implementing such policies for the first time (such as companies and general market conditions. the Reserve Bank of Australia). The Fund may use Financial Derivative Instruments (derivatives) and/or With this monetary and fiscal policy backdrop in mind, by May, equity forward transactions for investment purposes. The value of derivatives markets began recovering quickly from depressed levels. As lockdowns can be volatile. This is because a small movement in the value of the began lifting in some economies, business activity and other economic underlying asset can cause a large movement in the value of the derivative indicators picked up rapidly. Substantial fiscal relief packages continued to and therefore, investment in derivatives may result in losses in excess of be announced as well (such as the European Commission’s EUR 750 billion the amount invested by the Fund. Recovery Fund), and central bank QE programmes supported markets The value of Bonds and other Debt Securities may change significantly higher. As the virus outlook continued to improve, pent-up consumer depending on market, economic and interest rate conditions as well as the demand translated into a significant pick-up in consumer spending. creditworthiness of the issuer. Issuers of Bonds and other Debt Securities Furthermore, corporate earnings largely beat expectations, particularly in may fail to meet payment obligations (default) or the credit rating of Bonds the US, and by August, the S&P 500 was testing new highs. In September and other Debt Securities may be downgraded. These risks are typically and October, risk assets faced higher levels of volatility as Covid-19 cases increased for Below Investment Grade and certain Unrated securities, began re-surging across the globe and US election uncertainty muddied which may also be subject to higher volatility and be more difficult to sell the geopolitical outlook. However, in summary, this six-month period was than Investment Grade securities. ultimately defined by a rapid economic recovery and the start of a new The value of securities in which the Fund invests may be influenced by global business cycle. movements in commodity prices which can be very volatile. Emerging Markets may be subject to increased political, regulatory and Fund performance economic instability, less developed custody and settlement practices, In the six month period ending 31 October 2020, global equities rallied as a poor transparency and greater financial risks. Emerging Market currencies new global business cycle took hold. With that backdrop in mind, the fund may be subject to volatile price movements. Emerging Market securities has generated a positive total return and outperformed its benchmark. may also be subject to higher volatility and be more difficult to sell than Security selection has contributed to performance while active asset non-Emerging Market securities. allocation has detracted during the period. In terms of security selection, Investments in companies engaged in the business of real estate may be the largest contributors have been the global equity, emerging market subject to increased liquidity risk and price volatility due to changes in equity and private equity managers. The largest detractors were the economic conditions and interest rates. systematic alpha, high yield, and corporate bond managers. In terms of asset allocation, the largest detractor to performance was the decision to be underweight equities in a period where risk assets rallied. However, our overweight to emerging market equities and long 10-year US Treasury position were additive to performance.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. 8 JM Dvriid Got Fun Fund positioning 12 month performance^ to 31 October At the beginning of the review period, the fund was positioned cautiously 2020 2019 2018 2017 2016 and held an underweight positions to stocks relative to bonds. Over time, JPM Diversified Growth Fund however, as the economic outlook improved, we gradually added to A-Class Acc -1.87% 8.50% -3.75% 15.12% 15.12% equities and are now overweight vs. bonds. JPM Diversified Growth Fund B-Class Acc -1.65% 8.60% -3.46% 15.72% 15.67% Now, with a base case view of above-trend global growth over a 12-month horizon, we have substantially added to our equity allocation and look to JPM Diversified Growth Fund C-Class Acc -1.70% 8.73% -3.42% 15.96% 15.96% spread our risk across regions. Specifically, our most favoured markets are Benchmark Index1 the US and emerging market equities. We also have become more positive 0.32% 0.73% 1.55% 13.30% 20.94% on cyclically geared markets, such as Europe or . Our least preferred market is UK equities. In terms of fixed income, we are underweight duration and prefer credit Fund statistics to government bonds. We expect government bond yields to be capped by Risk and Reward Profile 5† (5 at 30 April 2020) central bank guidance that short-term rates will remain stable as well as Fund size £63.5m quantitative easing. Benchmark Index ICE 1 month GBP Libor Outlook Fund charges and expenses A-Class B-Class C-Class Initial charge (max.) Nil Nil Nil Concerns on the rise in infection rates have prompted reversals in efforts to reopen economies. However, we continue to believe we have likely Exit charge Nil Nil Nil passed the low point in economic demand, and confidence should continue Fund expenses (comprises) to recover. We now see the economic recovery gaining pace and expect a Annual management fee 0.70% 0.45% 0.35% robust expansion into 2021. This view is justified by the trajectory of macro Operating expenses (max.) 0.15% 0.15% 0.15% data and our expectations that support from policymakers through both Synthetic fee adjustment from fiscal and monetary stimulus will remain in place. Given we are at the underlying fund holdings net beginning of a new economic cycle, this should continue to be a supportive of any rebates 0.02% 0.02% 0.02% environment for risk assets.

Asset breakdown % Six month performance to 31 October 2020 Equities 52.48 Net asset Net asset Collective Investment Schemes 43.84 value per value per Futures 0.28 share share Options 0.20 31.10.20 30.04.20 % Return Forward Currency Contracts 0.15 JPM Diversified Growth Fund Net other assets 3.05 A-Class Acc 272.9p 253.3p 7.73% JPM Diversified Growth Fund B-Class Acc 280.4p 260.0p 7.85% Portfolio movements JPM Diversified Growth Fund C-Class Acc 283.0p 262.4p 7.85% For the 6 month period to 31 October 2020 £’000 Total Purchases 7,190 1 Benchmark Index 0.04% Total Sales 11,270

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. ^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the fund performance that are due to timing differences. Performance returns are in Sterling. Source: J.P. Morgan. 1 The benchmark was changed from 50% FTSE All-share Index (Net)/50% FTSE World ex-UK Index (Net) to ICE 1 month GBP Libor effective 13 April 2018. The benchmark returns, which are based on close of business prices, may reflect variances to the Fund performance that are due to timing differences. Performance returns are in Sterling. All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise. All equity indices stated as ‘Net’ are calculated net of tax as per the standard published approach by the index vendor unless stated otherwise. Source: FTSE International Limited (“FTSE”) © FTSE 2012. “FTSE®” is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. † For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices JM Dvriid Got Fun 9 Highest/lowest share price and distribution record

Distribution Highest Lowest per share Financial year to 30 April share price share price (net) A-Class Accumulation Shares 2018 278.9p 249.7p 2.34p 2019 271.3p 247.9p 3.68p 2020 291.3p 229.6p 4.19p 2021A 282.3p 249.5p 0.00p B-Class Accumulation Shares 2018 284.6p 254.1p 3.60p 2019 277.7p 253.6p 4.25p 2020 298.8p 235.5p 4.99p 2021A 290.0p 256.0p 0.00p C-Class Accumulation Shares 2018 287.6p 256.6p 3.94p 2109 280.7p 256.4p 4.25p 2020 301.6p 237.8p 4.65p 2021A 292.6p 258.4p 0.00p

A To 31 October 2020.

Net asset values and Ongoing charges

Net asset value per Net asset share class Number value per Ongoing Date £’000 of shares share charges* A-Class Accumulation Shares 30.04.18 52,940 20,241,018 261.6p 0.86% 30.04.19 50,331 18,557,485 271.2p 0.86%# 30.04.20 12,034 4,750,140 253.3p 0.87%# 31.10.20 12,275 4,497,347 272.9p 0.87%# B-Class Accumulation Shares 30.04.18 211 78,792 267.3p 0.61% 30.04.19 165 59,335 277.6p 0.62%# 30.04.20 30,954 11,907,493 260.0p 0.62%# 31.10.20 32,816 11,702,685 280.4p 0.62%# C-Class Accumulation Shares 30.04.18 30,432 11,264,844 270.2p 0.51% 30.04.19 28,372 10,111,806 280.6p 0.52%# 30.04.20 19,297 7,354,778 262.4p 0.52%# 31.10.20 18,448 6,518,946 283.0p 0.52%#

* The Ongoing charges takes into account the ACD fee and the operating expenses, expressed as a percentage of the average daily net asset values over the period. It also includes a synthetic adjustment of 0.02% (30.04.20: 0.02%#) for the period in respect of indirect expenses charged within investments in underlying funds. # Comparative figures have been restated for a recalculation of the synthetic adjustment to account for rebates received from the underlying holdings.

10 JM Dvriid Got Fun Portfolio statement As at 31 October 2020

Market Market value Total net value Total net Investment Holding £’000 assets % Investment Holding £’000 assets %

Collective Investment Schemes 43.84% (46.52%) Brazil 0.02% (0.00%) JPM Emerging Markets Fund X – Net Income† 886,632 1,253 1.97 Wheaton Precious Metals Corp. 453 15 0.02 JPM Emerging Markets Opportunities 15 0.02 Fund X (dist) – GBP† 7,335 1,269 2.00 JPM Global Convertibles (EUR) Fund X (dist) – Canada 1.30% (1.33%) GBP (hedged)† 42,870 5,356 8.43 Agnico Eagle Mines Ltd. 231 14 0.02 JPM Global Corporate Bond Fund X (dist) – Alimentation Couche-Tard, Inc. ‘B’ 856 21 0.03 GBP (hedged)† 49,555 3,245 5.11 Bank of Montreal 531 25 0.04 JPM Global Government Bond Fund X (dist) – Bank of Nova Scotia (The) 1,011 32 0.05 GBP (hedged)† 526 59 0.09 Barrick Gold Corp. 1,776 36 0.06 JPM Global High Yield Bond Fund X – BCE, Inc. 150 5 0.01 Gross Accumulation† 6,710,403 10,998 17.31 Brookfield Asset Management, Inc. ‘A’ 1,299 30 0.05 JPM Global Real Estate Securities (USD) Cameco Corp. 348 3 0.01 Fund I (dist) – EUR (hedged)† 33,425 2,736 4.31 Canadian Imperial Bank of Commerce 369 21 0.03 JPM Systematic Alpha Fund X (dist) – GBP (hedged)† 41,652 2,939 4.62 Canadian National Railway Co. 672 52 0.08 Canadian Natural Resources Ltd. 1,173 14 0.02 Collective Investment Schemes total 27,855 43.84 Canadian Pacific Railway Ltd. 130 30 0.05 Cenovus Energy, Inc. 1,023 3 – Equities 52.48% (49.43%) CGI, Inc. ‘A’ 240 11 0.02 CI Financial Corp. 226 2 – Argentina 0.05% (0.03%) Constellation Software, Inc. 20 16 0.03 MercadoLibre, Inc. 33 33 0.05 Dollarama, Inc. 289 8 0.01 33 0.05 Emera, Inc. 237 8 0.01 Australia 0.82% (0.79%) Enbridge, Inc. 1,791 38 0.06 Fairfax Financial Holdings Ltd. 28 6 0.01 AGL Energy Ltd. 390 3 – Fortis, Inc. 423 13 0.02 Ampol Ltd. 279 4 0.01 Franco-Nevada Corp. 186 19 0.03 APA Group 1,061 6 0.01 Great-West Lifeco, Inc. 270 4 0.01 Aristocrat Leisure Ltd. 252 4 0.01 IGM Financial, Inc. 83 1 – Aurizon Holdings Ltd. 2,412 5 0.01 Imperial Oil Ltd. 269 3 – Australia & New Zealand Banking Group Ltd. 2,718 28 0.04 Intact Financial Corp. 134 11 0.02 BHP Group Ltd. 2,473 45 0.07 Inter Pipeline Ltd. 344 2 – BHP Group plc 3,105 45 0.07 Keyera Corp. 186 2 – Brambles Ltd. 1,148 6 0.01 Kirkland Lake Gold Ltd. 200 7 0.01 Cochlear Ltd. 67 8 0.01 Loblaw Cos. Ltd. 183 7 0.01 Coles Group Ltd. 807 8 0.01 Magna International, Inc. (CAD) 294 11 0.02 Commonwealth Bank of Australia 1,146 43 0.07 Magna International, Inc. (USD) 527 21 0.03 Computershare Ltd. 636 4 0.01 Manulife Financial Corp. 1,912 20 0.03 CSL Ltd. 348 54 0.09 Metro, Inc. 245 9 0.01 Fortescue Metals Group Ltd. 561 5 0.01 National Bank of Canada 278 10 0.02 Goodman Group, REIT 1,515 15 0.02 Nutrien Ltd. 586 18 0.03 GPT Group (The), REIT 4,767 10 0.02 Open Text Corp. 264 8 0.01 Insurance Australia Group Ltd. 1,344 4 0.01 Pembina Pipeline Corp. 449 7 0.01 Lendlease Corp. Ltd. 412 3 – Power Corp. of Canada 294 4 0.01 Macquarie Group Ltd. 258 18 0.03 Restaurant Brands International, Inc. 243 10 0.02 Mirvac Group, REIT 9,960 11 0.02 Rogers Communications, Inc. ‘B’ 352 11 0.02 National Australia Bank Ltd. 1,672 17 0.03 Royal Bank of Canada 1,185 64 0.10 Newcrest Mining Ltd. 534 8 0.01 Shaw Communications, Inc. ‘B’ 455 6 0.01 Oil Search Ltd. 1,215 2 – Shopify, Inc. ‘A’ 77 58 0.09 Orica Ltd. 443 4 0.01 Sun Life Financial, Inc. 577 18 0.03 Origin Energy Ltd. 1,135 2 – Suncor Energy, Inc. 1,540 13 0.02 QBE Insurance Group Ltd. 1,853 8 0.01 TC Energy Corp. 817 25 0.04 Ramsay Health Care Ltd. 135 5 0.01 Teck Resources Ltd. ‘B’ 507 5 0.01 REA Group Ltd. 79 5 0.01 Thomson Reuters Corp. 197 12 0.02 Rio Tinto Ltd. 378 19 0.03 Toronto-Dominion Bank (The) 1,506 51 0.08 Santos Ltd. 1,021 3 – Sonic Healthcare Ltd. 183 3 – 825 1.30 South32 Ltd. 4,847 5 0.01 China 0.11% (0.07%) Stockland, REIT 1,850 4 0.01 BOC Hong Kong Holdings Ltd. 5,000 11 0.02 Suncorp Group Ltd. 1,677 7 0.01 Prosus NV 599 47 0.07 Sydney Airport 1,293 4 0.01 Sands China Ltd. 2,400 6 0.01 Tabcorp Holdings Ltd. 1,772 3 – Wilmar International Ltd. 2,300 5 0.01 Telstra Corp. Ltd. 1,090 2 – Yangzijiang Shipbuilding Holdings Ltd. 1,500 1 – TPG Telecom Ltd. 596 2 – Transurban Group 1,887 14 0.02 70 0.11 Treasury Wine Estates Ltd. 399 2 – Denmark 0.36% (0.34%) Wesfarmers Ltd. 807 20 0.03 Carlsberg A/S ‘B’ 458 45 0.07 Westpac Banking Corp. 2,863 28 0.04 Novo Nordisk A/S ‘B’ 2,275 115 0.18 Woodside Petroleum Ltd. 546 5 0.01 Novozymes A/S ‘B’ 206 10 0.02 Woolworths Group Ltd. 1,125 23 0.04 Orsted A/S 460 56 0.09 524 0.82 226 0.36 Austria 0.03% (0.04%) Finland 0.08% (0.11%) Erste Group Bank AG 1,389 22 0.03 Elisa OYJ 291 11 0.02 22 0.03 UPM-Kymmene OYJ 1,816 39 0.06 Belgium 0.07% (0.05%) 50 0.08 Anheuser-Busch InBev SA/NV 319 13 0.02 France 1.41% (1.45%) KBC Group NV 888 34 0.05 Accor SA 958 19 0.03 47 0.07 Air Liquide SA 462 52 0.08 Airbus SE 724 41 0.07 Bermuda 0.03% (0.01%) Alstom SA 794 28 0.04 RenaissanceRe Holdings Ltd. 138 18 0.03 Arkema SA 377 28 0.04 18 0.03 AXA SA 2,406 30 0.05

JM Dvriid Got Fun 11 Portfolio statement – continued As at 31 October 2020

Market Market value Total net value Total net Investment Holding £’000 assets % Investment Holding £’000 assets %

BioMerieux 183 21 0.03 Italy 0.20% (0.27%) BNP Paribas SA 1,682 45 0.07 Davide Campari-Milano NV 2,035 17 0.03 Capgemini SE 547 48 0.08 Enel SpA 4,950 31 0.05 Dassault Systemes SE 287 38 0.06 FinecoBank Banca Fineco SpA 2,512 26 0.04 Eiffage SA 199 11 0.02 Snam SpA 10,051 38 0.06 EssilorLuxottica SA 124 12 0.02 UniCredit SpA 2,624 15 0.02 Kering SA 112 52 0.08 127 0.20 L’Oreal SA 167 42 0.07 LVMH Moet Hennessy Louis Vuitton SE 288 104 0.16 Japan 3.55% (3.74%) Orange SA 2,980 26 0.04 Advantest Corp. 100 4 0.01 Peugeot SA 1,296 18 0.03 Aeon Co. Ltd. 200 4 0.01 Safran SA 608 50 0.08 Amada Co. Ltd. 1,000 7 0.01 Sanofi 650 45 0.07 Asahi Group Holdings Ltd. 500 12 0.02 Schneider Electric SE 815 76 0.12 Asahi Intecc Co. Ltd. 100 2 – Thales SA 375 19 0.03 Corp. 2,200 15 0.02 TOTAL SE 2,174 50 0.08 , Inc. 1,400 15 0.02 Vinci SA 666 40 0.06 , Inc. 100 6 0.01 895 1.41 Corp. 300 7 0.01 Canon, Inc. 500 7 0.01 Germany 1.20% (1.15%) Casio Computer Co. Ltd. 400 5 0.01 adidas AG 254 59 0.09 Central Japan Railway Co. 200 19 0.03 Allianz SE 562 76 0.12 Co., Inc. 900 8 0.01 BASF SE 337 14 0.02 Chugai Pharmaceutical Co. Ltd. 400 12 0.02 Bayer AG 699 25 0.04 Concordia Financial Group Ltd. 2,600 7 0.01 Daimler AG 621 25 0.04 CyberAgent, Inc. 100 5 0.01 Deutsche Boerse AG 119 14 0.02 Dai Nippon Printing Co. Ltd. 200 3 0.01 Deutsche Post AG 1,866 64 0.10 Daicel Corp. 800 4 0.01 Deutsche Telekom AG 5,425 64 0.10 Dai-ichi Life Holdings, Inc. 800 9 0.01 Infineon Technologies AG 2,378 52 0.08 Co. Ltd. 1,500 30 0.05 Merck KGaA 324 38 0.06 Industries Ltd. 300 43 0.07 Muenchener Rueckversicherungs-Gesellschaft AG 224 41 0.07 Co. Ltd. 100 7 0.01 RWE AG 1,299 37 0.06 Industry Co. Ltd. 800 16 0.03 SAP SE 1,038 87 0.14 Daiwa House REIT Investment Corp. 2 4 0.01 Siemens AG 751 68 0.11 Corp. 600 21 0.03 Siemens Energy AG 375 6 0.01 Dentsu Group, Inc. 300 7 0.01 Volkswagen AG Preference 469 53 0.08 East Japan Railway Co. 300 12 0.02 Vonovia SE 776 38 0.06 Co. Ltd. 200 12 0.02 761 1.20 Electric Power Development Co. Ltd. 400 4 0.01 , Inc. 4,600 12 0.02 Guernsey 2.91% (2.58%) FANUC Corp. 100 16 0.03 HarbourVest Global Private Equity Ltd. 108,085 1,848 2.91 Co. Ltd. 100 54 0.09 1,848 2.91 FUJIFILM Holdings Corp. 400 16 0.03 Ltd. 200 18 0.03 Hong Kong 0.37% (0.41%) Fukuoka Financial Group, Inc. 700 9 0.01 AIA Group Ltd. 9,000 65 0.10 GLP J-Reit, REIT 2 2 – ASM Pacific Technology Ltd. 300 2 – Hankyu Hanshin Holdings, Inc. 200 5 0.01 CK Asset Holdings Ltd. 1,500 5 0.01 Ltd. 1,200 31 0.05 CK Infrastructure Holdings Ltd. 1,500 5 0.01 Motor Co. Ltd. 1,500 27 0.04 CLP Holdings Ltd. 1,500 11 0.02 Hoya Corp. 400 35 0.06 Hang Seng Bank Ltd. 700 8 0.01 Motors Ltd. 1,000 6 0.01 Henderson Land Development Co. Ltd. 2,420 7 0.01 Corp. 1,500 28 0.04 HKT Trust & HKT Ltd. 3,000 3 0.01 Co. Ltd. 200 3 0.01 Hong Kong & China Gas Co. Ltd. 6,426 7 0.01 Japan Exchange Group, Inc. 500 9 0.01 Hong Kong Exchanges & Clearing Ltd. 1,200 44 0.07 Japan Post Holdings Co. Ltd. 400 2 – Hongkong Land Holdings Ltd. 900 3 – Japan Prime Realty Investment Corp., REIT 1 2 – Jardine Matheson Holdings Ltd. 100 3 – Japan Real Estate Investment Corp., REIT 1 4 0.01 Kerry Properties Ltd. 1,500 3 – Japan Retail Fund Investment Corp., REIT 3 3 – Link REIT 1,500 9 0.01 , Inc. 900 13 0.02 MTR Corp. Ltd. 1,500 6 0.01 Kajima Corp. 1,100 9 0.01 New World Development Co. Ltd. 750 3 0.01 Kansai Electric Power Co., Inc. (The) 500 3 0.01 Power Assets Holdings Ltd. 1,500 6 0.01 Kansai Paint Co. Ltd. 100 2 – Sino Land Co. Ltd. 6,000 5 0.01 Kao Corp. 600 33 0.05 Sun Hung Kai Properties Ltd. 1,500 15 0.02 KDDI Corp. 1,400 29 0.05 Swire Pacific Ltd. ‘A’ 1,000 4 0.01 Keikyu Corp. 200 2 – Techtronic Industries Co. Ltd. 1,000 10 0.02 Corp. 200 70 0.11 WH Group Ltd. 4,000 2 – Kikkoman Corp. 200 8 0.01 Wharf Real Estate Investment Co. Ltd. 4,000 12 0.02 Kintetsu Group Holdings Co. Ltd. 100 3 – 238 0.37 Kirin Holdings Co. Ltd. 700 10 0.02 Komatsu Ltd. 500 9 0.01 Ireland 0.17% (0.20%) Konami Holdings Corp. 300 9 0.01 CRH plc 1,183 32 0.05 Corp. 1,400 19 0.03 Kerry Group plc ‘A’ 275 25 0.04 Kuraray Co. Ltd. 900 6 0.01 Kingspan Group plc 379 26 0.04 Kurita Water Industries Ltd. 100 2 – Ryanair Holdings plc 2,279 24 0.04 Corp. 300 13 0.02 107 0.17 Kyowa Kirin Co. Ltd. 600 11 0.02 Lawson, Inc. 100 3 0.01 Israel 0.01% (0.02%) Lion Corp. 400 6 0.01 Teva Pharmaceutical Industries Ltd., ADR 1,319 9 0.01 M3, Inc. 500 26 0.04 9 0.01 Makita Corp. 100 3 –

12 JM Dvriid Got Fun Portfolio statement – continued As at 31 October 2020

Market Market value Total net value Total net Investment Holding £’000 assets % Investment Holding £’000 assets %

Marui Group Co. Ltd. 500 7 0.01 Suntory Beverage & Food Ltd. 100 3 0.01 MEIJI Holdings Co. Ltd. 100 6 0.01 Motor Corp. 500 16 0.03 MINEBEA MITSUMI, Inc. 500 7 0.01 Sysmex Corp. 300 22 0.03 MISUMI Group, Inc. 400 9 0.01 T&D Holdings, Inc. 1,100 8 0.01 Mitsubishi Corp. 1,500 26 0.04 Taiheiyo Cement Corp. 500 9 0.01 Corp. 1,300 13 0.02 Taisei Corp. 400 9 0.01 Co. Ltd. 700 8 0.01 Takeda Pharmaceutical Co. Ltd. 1,200 29 0.05 Mitsubishi Heavy Industries Ltd. 200 3 – TDK Corp. 100 9 0.01 Mitsubishi UFJ Financial Group, Inc. 11,100 34 0.05 Terumo Corp. 500 14 0.02 Mitsui & Co. Ltd. 1,100 13 0.02 Tohoku Electric Power Co., Inc. 400 3 0.01 Mitsui Chemicals, Inc. 600 12 0.02 Holdings, Inc. 800 27 0.04 Co. Ltd. 1,100 14 0.02 Tokyo Electric Power Co. Holdings, Inc. 500 1 – , Inc. 1,090 10 0.02 Ltd. 200 41 0.06 MS&AD Insurance Group Holdings, Inc. 100 2 – Co. Ltd. 600 10 0.02 Co. Ltd. 600 32 0.05 Tokyu Corp. 1,100 10 0.02 Nabtesco Corp. 400 11 0.02 Toppan Printing Co. Ltd. 200 2 – NEC Corp. 100 4 0.01 Corp. 300 6 0.01 Nexon Co. Ltd. 300 6 0.01 Industries Corp. 100 5 0.01 NGK Spark Plug Co. Ltd. 200 3 – Toyota Motor Corp. 1,800 90 0.14 NH Foods Ltd. 300 9 0.01 Toyota Tsusho Corp. 100 2 – Corp. 500 39 0.06 Trend Micro, Inc. 100 4 0.01 Nihon M&A Center, Inc. 100 4 0.01 Unicharm Corp. 200 7 0.01 Nikon Corp. 500 2 – United Urban Investment Corp., REIT 3 2 – Co. Ltd. 100 42 0.07 Yakult Honsha Co. Ltd. 100 4 0.01 Nippon Building Fund, Inc., REIT 1 4 0.01 Yamaha Corp. 100 4 0.01 Nippon Express Co. Ltd. 300 13 0.02 Yamaha Motor Co. Ltd. 300 3 0.01 Nippon Prologis REIT, Inc. 2 5 0.01 Yamato Holdings Co. Ltd. 500 10 0.02 Corp. 1,000 7 0.01 Yaskawa Electric Corp. 100 3 0.01 Nippon Telegraph & Telephone Corp. 1,400 23 0.04 Z Holdings Corp. 1,900 10 0.02 Nippon Yusen KK 300 4 0.01 2,254 3.55 Motor Co. Ltd. 1,900 5 0.01 Nissin Foods Holdings Co. Ltd. 100 7 0.01 Macau 0.03% (0.03%) Nitori Holdings Co. Ltd. 100 16 0.03 Galaxy Entertainment Group Ltd. 3,000 15 0.03 , Inc. 1,300 4 0.01 Wynn Macau Ltd. 1,200 2 – Nomura Real Estate Master Fund, Inc., REIT 3 3 0.01 17 0.03 Nomura Research Institute Ltd. 600 14 0.02 NTT Data Corp. 200 2 – Netherlands 0.94% (0.87%) NTT DOCOMO, Inc. 800 23 0.04 Akzo Nobel NV 667 50 0.08 Odakyu Electric Railway Co. Ltd. 200 4 0.01 ASML Holding NV 452 127 0.20 Olympus Corp. 600 9 0.01 Heineken NV 298 20 0.03 Omron Corp. 100 5 0.01 ING Groep NV 7,668 40 0.06 Co. Ltd. 600 13 0.02 Koninklijke Ahold Delhaize NV 2,104 45 0.07 Oriental Land Co. Ltd. 100 11 0.02 Koninklijke KPN NV 15,863 33 0.05 Corp. 1,700 15 0.02 Koninklijke Philips NV 777 28 0.04 Orix JREIT, Inc., REIT 1 1 – NN Group NV 1,261 34 0.05 Otsuka Corp. 300 11 0.02 NXP Semiconductors NV 638 67 0.11 Otsuka Holdings Co. Ltd. 300 8 0.01 Randstad NV 500 19 0.03 Pan Pacific International Holdings Corp. 400 7 0.01 Royal Dutch Shell plc ‘A’ 3,726 36 0.06 Corp. 1,200 8 0.01 Royal Dutch Shell plc ‘B’ 1,860 17 0.03 , Inc. 1,100 8 0.01 Unilever NV 1,057 46 0.07 Recruit Holdings Co. Ltd. 1,100 32 0.05 Wolters Kluwer NV 562 35 0.06 , Inc. 3,300 8 0.01 597 0.94 Rinnai Corp. 100 8 0.01 Rohm Co. Ltd. 200 12 0.02 New Zealand 0.02% (0.02%) Ryohin Keikaku Co. Ltd. 500 8 0.01 Auckland International Airport Ltd. 1,177 4 0.01 Santen Pharmaceutical Co. Ltd. 200 3 – Ryman Healthcare Ltd. 435 3 – SBI Holdings, Inc. 400 7 0.01 Spark New Zealand Ltd. 2,253 5 0.01 Co. Ltd. 100 6 0.01 12 0.02 Sega Sammy Holdings, Inc. 300 3 0.01 Seibu Holdings, Inc. 500 4 0.01 Norway 0.05% (0.06%) Ltd. 600 8 0.01 Telenor ASA 2,424 29 0.05 Seven & i Holdings Co. Ltd. 800 19 0.03 29 0.05 Shimadzu Corp. 400 9 0.01 Shimano, Inc. 100 17 0.03 Papua New Guinea 0.00% (0.00%) Shin-Etsu Chemical Co. Ltd. 400 41 0.06 Portugal 0.00% (0.00%) & Co. Ltd. 300 11 0.02 Galp Energia SGPS SA 552 3 – Co. Ltd. 300 14 0.02 3 – SMC Corp. 100 41 0.06 SoftBank Corp. 1,200 11 0.02 Singapore 0.11% (0.14%) SoftBank Group Corp. 1,200 60 0.09 Ascendas Real Estate Investment Trust 2,000 3 – Sompo Holdings, Inc. 200 6 0.01 CapitaLand Ltd. 3,200 5 0.01 Corp. 1,100 70 0.11 CapitaLand Mall Trust, REIT 1,500 1 – Square Enix Holdings Co. Ltd. 200 9 0.01 DBS Group Holdings Ltd. 1,900 22 0.03 Stanley Electric Co. Ltd. 100 2 – Genting Singapore Ltd. 2,800 1 – Subaru Corp. 200 3 0.01 Jardine Cycle & Carriage Ltd. 100 1 – Sumitomo Electric Industries Ltd. 600 5 0.01 Keppel Corp. Ltd. 1,600 4 0.01 Sumitomo Metal Mining Co. Ltd. 400 9 0.01 Oversea-Chinese Banking Corp. Ltd. 4,000 19 0.03 Sumitomo Mitsui Financial Group, Inc. 1,300 28 0.04 Singapore Telecommunications Ltd. 9,300 11 0.02 Sumitomo Realty & Development Co. Ltd. 200 4 0.01 United Overseas Bank Ltd. 300 3 0.01 Sundrug Co. Ltd. 300 9 0.01 70 0.11

JM Dvriid Got Fun 13 Portfolio statement – continued As at 31 October 2020

Market Market value Total net value Total net Investment Holding £’000 assets % Investment Holding £’000 assets %

Spain 0.29% (0.22%) Alphabet, Inc. ‘A’ 284 340 0.54 Banco Bilbao Vizcaya Argentaria SA 4,749 10 0.02 Alphabet, Inc. ‘C’ 290 348 0.55 Banco Santander SA 13,458 21 0.03 Altice USA, Inc. ‘A’ 422 9 0.01 Endesa SA 902 19 0.03 Altria Group, Inc. 2,997 85 0.13 Grifols SA 733 15 0.02 Amazon.com, Inc. 392 969 1.52 Iberdrola SA 8,837 81 0.13 Ameren Corp. 982 62 0.10 Industria de Diseno Textil SA 1,928 37 0.06 American Express Co. 564 40 0.06 American International Group, Inc. 711 17 0.03 183 0.29 American Tower Corp., REIT 159 28 0.04 Sweden 0.34% (0.22%) Ameriprise Financial, Inc. 36 4 0.01 Alfa Laval AB 1,333 21 0.03 Amgen, Inc. 206 35 0.06 Atlas Copco AB ‘A’ 256 9 0.01 Analog Devices, Inc. 1,147 105 0.17 Boliden AB 1,052 22 0.03 Anthem, Inc. 409 86 0.14 Essity AB ‘B’ 482 11 0.02 Aon plc ‘A’ 83 12 0.02 Lundin Energy AB 1,142 17 0.03 Apple, Inc. 15,215 1,342 2.11 Sandvik AB 2,208 30 0.05 Applied Materials, Inc. 1,206 55 0.09 SKF AB ‘B’ 2,056 33 0.05 Aramark 216 5 0.01 Svenska Handelsbanken AB ‘A’ 2,794 17 0.03 Arch Capital Group Ltd. 899 21 0.03 Volvo AB ‘B’ 3,613 54 0.09 Arrow Electronics, Inc. 76 5 0.01 214 0.34 AT&T, Inc. 1,262 26 0.04 Autodesk, Inc. 60 11 0.02 Switzerland 1.31% (1.26%) Automatic Data Processing, Inc. 468 57 0.09 ABB Ltd. 1,252 23 0.04 AutoZone, Inc. 64 56 0.09 Adecco Group AG 431 16 0.03 Avery Dennison Corp. 488 53 0.08 Credit Suisse Group AG 5,028 36 0.06 Bank of America Corp. 6,554 119 0.19 Givaudan SA 3 9 0.01 Bausch Health Cos., Inc. 297 4 0.01 LafargeHolcim Ltd. 1,359 45 0.07 Baxter International, Inc. 1,227 74 0.12 Lonza Group AG 147 69 0.11 Becton Dickinson and Co. 246 44 0.07 Nestle SA 2,685 231 0.36 Berkshire Hathaway, Inc. ‘B’ 1,351 209 0.33 Novartis AG 2,382 142 0.22 Best Buy Co., Inc. 1,278 110 0.17 Roche Holding AG 739 182 0.29 Biogen, Inc. 193 36 0.06 STMicroelectronics NV 529 13 0.02 Bio-Rad Laboratories, Inc. ‘A’ 23 10 0.02 UBS Group AG 3,149 28 0.04 BlackRock, Inc. 222 103 0.16 Zurich Insurance Group AG 152 39 0.06 Boeing Co. (The) 55 6 0.01 833 1.31 Booking Holdings, Inc. 52 65 0.10 Booz Allen Hamilton Holding Corp. 444 26 0.04 United Kingdom 6.92% (6.50%) BorgWarner, Inc. 266 7 0.01 3i Group plc 3,998 38 0.06 Boston Scientific Corp. 1,997 52 0.08 AstraZeneca plc 1,108 87 0.14 Bristol-Myers Squibb Co. 3,566 159 0.25 BP plc 23,136 45 0.07 Broadcom, Inc. 48 13 0.02 British American Tobacco plc 2,524 62 0.10 Cabot Oil & Gas Corp. 311 4 0.01 CK Hutchison Holdings Ltd. 3,000 14 0.02 Cadence Design Systems, Inc. 242 21 0.03 DCC plc 329 17 0.03 Camden Property Trust, REIT 842 57 0.09 Diageo plc 2,249 56 0.09 Capital One Financial Corp. 1,229 69 0.11 GlaxoSmithKline plc 3,916 51 0.08 Cardinal Health, Inc. 239 8 0.01 HgCapital Trust plc 674,980 1,957 3.08 Carrier Global Corp. 1,555 41 0.06 HSBC Holdings plc 10,626 34 0.05 Carter’s, Inc. 304 20 0.03 ICG Enterprise Trust plc 168,855 1,378 2.17 CBRE Group, Inc. ‘A’ 290 11 0.02 InterContinental Hotels Group plc 574 22 0.03 CDW Corp. 125 12 0.02 Intertek Group plc 513 29 0.04 Celanese Corp. 518 45 0.07 Liberty Global plc ‘C’ 280 4 0.01 Centene Corp. 393 18 0.03 Linde plc 361 61 0.10 CenterPoint Energy, Inc. 376 6 0.01 Lloyds Banking Group plc 104,840 29 0.04 Cerner Corp. 267 14 0.02 London Stock Exchange Group plc 433 36 0.06 Charles Schwab Corp. (The) 1,305 41 0.06 M&G plc 11,711 17 0.03 Charter Communications, Inc. ‘A’ 323 143 0.22 Next plc 153 9 0.01 Cheniere Energy, Inc. 439 16 0.03 Persimmon plc 843 20 0.03 Chevron Corp. 1,660 88 0.14 Prudential plc 2,464 23 0.04 Chubb Ltd. 67 7 0.01 Reckitt Benckiser Group plc 995 68 0.11 Cigna Corp. 360 45 0.07 RELX plc 3,681 56 0.09 Cincinnati Financial Corp. 138 8 0.01 Rio Tinto plc 1,639 71 0.11 Cintas Corp. 40 10 0.02 Severn Trent plc 512 12 0.02 Cisco Systems, Inc. 2,105 58 0.09 Standard Chartered plc 8,575 31 0.05 Citigroup, Inc. 3,806 122 0.19 Taylor Wimpey plc 25,644 27 0.04 Citizens Financial Group, Inc. 1,557 32 0.05 Tesco plc 23,181 47 0.07 CMS Energy Corp. 820 40 0.06 Unilever plc 1,969 87 0.14 Coca-Cola Co. (The) 3,843 142 0.22 Vodafone Group plc 6,189 6 0.01 Cognizant Technology Solutions Corp. ‘A’ 282 15 0.02 4,394 6.92 Colgate-Palmolive Co. 164 10 0.02 Comcast Corp. ‘A’ 4,648 154 0.24 United States of America 29.78% (27.52%) Conagra Brands, Inc. 437 12 0.02 Abbott Laboratories 696 56 0.09 Concho Resources, Inc. 573 19 0.03 AbbVie, Inc. 2,568 160 0.25 ConocoPhillips 834 19 0.03 ABIOMED, Inc. 41 8 0.01 Constellation Brands, Inc. ‘A’ 438 56 0.09 Accenture plc ‘A’ 797 133 0.21 Cooper Cos., Inc. (The) 34 8 0.01 Adobe, Inc. 270 96 0.15 Corteva, Inc. 395 10 0.02 Advance Auto Parts, Inc. 60 7 0.01 Costco Wholesale Corp. 396 111 0.17 Advanced Micro Devices, Inc. 1,050 63 0.10 Coupa Software, Inc. 51 11 0.02 Air Products and Chemicals, Inc. 207 44 0.07 Crowdstrike Holdings, Inc. ‘A’ 74 7 0.01 Akamai Technologies, Inc. 86 6 0.01 Crown Holdings, Inc. 760 51 0.08 Alexion Pharmaceuticals, Inc. 563 51 0.08 CSX Corp. 1,233 74 0.12 Align Technology, Inc. 38 13 0.02 Cummins, Inc. 686 115 0.18 Allegion plc 74 6 0.01 CVS Health Corp. 340 15 0.02 Allstate Corp. (The) 1,113 76 0.12 Danaher Corp. 21 4 0.01 Ally Financial, Inc. 270 6 0.01 DaVita, Inc. 227 15 0.02

14 JM Dvriid Got Fun Portfolio statement – continued As at 31 October 2020

Market Market value Total net value Total net Investment Holding £’000 assets % Investment Holding £’000 assets %

Deere & Co. 292 51 0.08 Mastercard, Inc. ‘A’ 1,123 254 0.40 Delta Air Lines, Inc. 1,053 25 0.04 McDonald’s Corp. 213 35 0.06 DexCom, Inc. 75 19 0.03 McKesson Corp. 626 69 0.11 Diamondback Energy, Inc. 597 12 0.02 Medtronic plc 1,734 135 0.21 Discovery, Inc. ‘A’ 1,361 21 0.03 Merck & Co., Inc. 3,349 196 0.31 Discovery, Inc. ‘C’ 1,627 22 0.03 MetLife, Inc. 1,264 36 0.06 DocuSign, Inc. 139 23 0.04 Microchip Technology, Inc. 326 27 0.04 Dollar Tree, Inc. 212 15 0.02 Micron Technology, Inc. 1,259 49 0.08 Dow, Inc. 1,003 36 0.06 Microsoft Corp. 6,631 1,044 1.64 DR Horton, Inc. 290 15 0.02 Mid-America Apartment Communities, Inc., REIT 280 24 0.04 Dropbox, Inc. ‘A’ 205 3 – Moderna, Inc. 160 9 0.01 DTE Energy Co. 227 22 0.03 Mohawk Industries, Inc. 44 3 – Duke Energy Corp. 139 10 0.02 Mondelez International, Inc. ‘A’ 2,572 105 0.17 DuPont de Nemours, Inc. 830 37 0.06 Morgan Stanley 2,761 102 0.16 Eastman Chemical Co. 841 53 0.08 Motorola Solutions, Inc. 100 13 0.02 Eaton Corp. plc 1,279 103 0.16 MSCI, Inc. 107 28 0.04 Edwards Lifesciences Corp. 510 29 0.05 National Retail Properties, Inc., REIT 115 3 – Electronic Arts, Inc. 334 32 0.05 Netflix, Inc. 513 199 0.31 Eli Lilly and Co. 1,274 130 0.20 Newmont Corp. (USD) 684 32 0.05 Emerson Electric Co. 1,188 59 0.09 NextEra Energy, Inc. 3,080 175 0.28 Entergy Corp. 643 50 0.08 NIKE, Inc. ‘B’ 1,369 130 0.20 EOG Resources, Inc. 1,660 43 0.07 Norfolk Southern Corp. 770 122 0.19 Equinix, Inc., REIT 136 77 0.12 Nucor Corp. 273 10 0.02 Equity LifeStyle Properties, Inc., REIT 155 7 0.01 NVIDIA Corp. 471 189 0.30 Estee Lauder Cos., Inc. (The) ‘A’ 263 45 0.07 Old Dominion Freight Line, Inc. 78 11 0.02 Exelon Corp. 1,102 34 0.05 ON Semiconductor Corp. 2,048 40 0.06 Exxon Mobil Corp. 1,471 37 0.06 Oracle Corp. 928 40 0.06 F5 Networks, Inc. 46 5 0.01 O’Reilly Automotive, Inc. 64 22 0.03 Facebook, Inc. ‘A’ 2,006 432 0.68 Otis Worldwide Corp. 118 6 0.01 Fair Isaac Corp. 24 7 0.01 Owens Corning 89 5 0.01 FedEx Corp. 270 56 0.09 PACCAR, Inc. 90 6 0.01 Ferguson plc 421 33 0.05 Packaging Corp. of America 339 30 0.05 Fidelity National Financial, Inc. 98 2 – Palo Alto Networks, Inc. 65 11 0.02 FirstEnergy Corp. 422 10 0.02 Parker-Hannifin Corp. 461 74 0.12 Fiserv, Inc. 91 7 0.01 PayPal Holdings, Inc. 1,443 217 0.34 FleetCor Technologies, Inc. 140 24 0.04 Peloton Interactive, Inc. ‘A’ 115 10 0.02 Flex Ltd. 222 2 – PepsiCo, Inc. 688 71 0.11 Fortinet, Inc. 223 20 0.03 Pfizer, Inc. 2,230 61 0.10 General Mills, Inc. 348 16 0.03 Philip Morris International, Inc. 2,081 113 0.18 General Motors Co. 1,481 40 0.06 Phillips 66 539 19 0.03 Gilead Sciences, Inc. 555 25 0.04 Pinnacle West Capital Corp. 107 7 0.01 Goldman Sachs Group, Inc. (The) 353 52 0.08 Pioneer Natural Resources Co. 763 48 0.08 H&R Block, Inc. 166 2 – PPG Industries, Inc. 105 10 0.02 Hartford Financial Services Group, Inc. (The) 920 27 0.04 Principal Financial Group, Inc. 121 4 0.01 Healthpeak Properties, Inc., REIT 174 4 0.01 Procter & Gamble Co. (The) 2,511 266 0.42 Hilton Worldwide Holdings, Inc. 539 36 0.06 Progressive Corp. (The) 918 64 0.10 Hologic, Inc. 241 13 0.02 Prologis, Inc., REIT 1,148 89 0.14 Home Depot, Inc. (The) 917 190 0.30 Public Service Enterprise Group, Inc. 1,343 62 0.10 Honeywell International, Inc. 1,219 154 0.24 Public Storage, REIT 57 10 0.02 HP, Inc. 2,203 30 0.05 PulteGroup, Inc. 199 6 0.01 Humana, Inc. 61 19 0.03 Qorvo, Inc. 225 22 0.03 Huntington Ingalls Industries, Inc. 82 9 0.01 QUALCOMM, Inc. 514 50 0.08 IDEXX Laboratories, Inc. 76 26 0.04 Ralph Lauren Corp. 183 10 0.02 IHS Markit Ltd. 63 4 0.01 Raytheon Technologies Corp. 1,688 69 0.11 Illumina, Inc. 160 39 0.06 Realty Income Corp., REIT 277 12 0.02 Insulet Corp. 85 15 0.02 Regeneron Pharmaceuticals, Inc. 135 58 0.09 Intel Corp. 2,293 78 0.12 Regions Financial Corp. 4,555 46 0.07 Intercontinental Exchange, Inc. 858 63 0.10 Roku, Inc. 79 13 0.02 International Business Machines Corp. 996 84 0.13 Rollins, Inc. 147 7 0.01 Intuit, Inc. 507 127 0.20 Royal Caribbean Cruises Ltd. 154 6 0.01 Intuitive Surgical, Inc. 93 49 0.08 S&P Global, Inc. 397 100 0.16 Invitation Homes, Inc., REIT 1,096 23 0.04 Sabre Corp. 216 1 – James Hardie Industries plc, CDI 480 9 0.01 salesforce.com, Inc. 1,160 212 0.33 Johnson & Johnson 1,768 187 0.29 SBA Communications Corp., REIT 94 21 0.03 Kansas City Southern 222 30 0.05 Seagate Technology plc 1,018 37 0.06 KeyCorp 4,126 40 0.06 SEI Investments Co. 187 7 0.01 Kimberly-Clark Corp. 506 52 0.08 Sempra Energy 322 32 0.05 Kinder Morgan, Inc. 1,769 16 0.03 ServiceNow, Inc. 147 58 0.09 KLA Corp. 131 20 0.03 Slack Technologies, Inc. ‘A’ 273 6 0.01 Kroger Co. (The) 990 25 0.04 Snap, Inc. ‘A’ 644 21 0.03 Lam Research Corp. 268 73 0.11 Snap-on, Inc. 345 41 0.06 Las Vegas Sands Corp. 281 10 0.02 Southern Co. (The) 126 6 0.01 Lear Corp. 40 4 0.01 Square, Inc. ‘A’ 310 41 0.06 Leidos Holdings, Inc. 991 62 0.10 Stanley Black & Decker, Inc. 890 113 0.18 Lennar Corp. ‘A’ 1,242 68 0.11 State Street Corp. 1,070 48 0.08 Lowe’s Cos., Inc. 1,221 151 0.24 Steel Dynamics, Inc. 91 2 – Lyft, Inc. ‘A’ 361 6 0.01 Sun Communities, Inc., REIT 148 16 0.03 LyondellBasell Industries NV ‘A’ 242 13 0.02 T Rowe Price Group, Inc. 91 9 0.01 ManpowerGroup, Inc. 59 3 – Target Corp. 788 94 0.15 Marathon Petroleum Corp. 858 19 0.03 TE Connectivity Ltd. 300 22 0.03 MarketAxess Holdings, Inc. 55 24 0.04 Teladoc Health, Inc. 63 11 0.02 Marsh & McLennan Cos., Inc. 418 33 0.05 Teradyne, Inc. 359 24 0.04 Masco Corp. 1,572 65 0.10 Tesla, Inc. 625 198 0.31 Masimo Corp. 45 8 0.01 Texas Instruments, Inc. 1,641 185 0.29

JM Dvriid Got Fun 15 Portfolio statement – continued As at 31 October 2020

Market value Total net Investment Holding £’000 assets %

Thermo Fisher Scientific, Inc. 560 204 0.32 TJX Cos., Inc. (The) 1,611 64 0.10 T-Mobile US, Inc. 1,043 88 0.14 Tractor Supply Co. 99 10 0.02 Trane Technologies plc 791 80 0.13 Travelers Cos., Inc. (The) 125 12 0.02 Truist Financial Corp. 1,243 40 0.06 Uber Technologies, Inc. 997 26 0.04 UDR, Inc., REIT 850 20 0.03 Union Pacific Corp. 432 59 0.09 United Parcel Service, Inc. ‘B’ 386 48 0.08 UnitedHealth Group, Inc. 1,049 245 0.39 US Bancorp 1,808 53 0.08 Ventas, Inc., REIT 713 22 0.03 VEREIT, Inc., REIT 967 5 0.01 Verisk Analytics, Inc. 131 18 0.03 Verizon Communications, Inc. 4,523 198 0.31 Vertex Pharmaceuticals, Inc. 421 67 0.11 VICI Properties, Inc., REIT 1,073 19 0.03 Visa, Inc. ‘A’ 1,468 209 0.33 Voya Financial, Inc. 1,232 46 0.07 Walmart, Inc. 447 48 0.08 Walt Disney Co. (The) 709 66 0.10 Waters Corp. 48 8 0.01 Wayfair, Inc. ‘A’ 51 10 0.02 Wells Fargo & Co. 3,719 61 0.10 Westrock Co. 139 4 0.01 Weyerhaeuser Co., REIT 374 8 0.01 Williams Cos., Inc. (The) 1,001 15 0.02 Workday, Inc. ‘A’ 229 38 0.06 Xcel Energy, Inc. 1,327 72 0.11 Yum! Brands, Inc. 933 68 0.11 Zimmer Biomet Holdings, Inc. 808 83 0.13 Zoom Video Communications, Inc. ‘A’ 136 51 0.08 18,922 29.78 Equities total 33,343 52.48

Options 0.20% (0.00%) S&P 500 Index Put, 3,125, 15/01/2021 13 129 0.20 Options total 129 0.20

Forward Currency Contracts 0.15% ((0.05)%) Buy EUR 466,703 sell GBP 422,571 dated 24/11/2020 (3) (0.01) Buy GBP 508,481 sell AUD 916,667 dated 24/11/2020 11 0.02 Buy GBP 713,895 sell CAD 1,216,263 dated 24/11/2020 10 0.02 Buy GBP 800,891 sell CHF 948,611 dated 24/11/2020 4 0.01 Buy GBP 5,974,755 sell EUR 6,589,612 dated 24/11/2020 49 0.08 Buy GBP 708,304 sell HKD 7,119,357 dated 24/11/2020 1 – Buy GBP 339,590 sell HKD 3,431,841 dated 24/11/2020 (1) – Buy GBP 2,519,211 sell JPY 344,199,509 dated 24/11/2020 (19) (0.03) Buy GBP 20,250,477 sell USD 26,237,729 dated 24/11/2020 46 0.07 Buy GBP 487,424 sell USD 635,555 dated 24/11/2020 (2) – Buy USD 1,422,347 sell GBP 1,099,153 dated 24/11/2020 (4) (0.01) Forward Currency Contracts total 92 0.15

Futures 0.28% ((3.86)%) EURO STOXX 50 Index 18/12/2020 4 (111) (0.18) FTSE 100 Index 18/12/2020 1 75 0.12 MSCI Emerging Markets Index 18/12/2020 59 32 0.05 Russell 2000 Emini Index 18/12/2020 31 55 0.09 S&P 500 Emini Index 18/12/2020 (70) 158 0.25 TOPIX Index 10/12/2020 (6) 24 0.04 US 2 Year Note 31/12/2020 (43) (1) – US 10 Year Note 21/12/2020 93 (54) (0.09) Futures total 178 0.28

Liquidity Funds 0.00% (0.18%) JPM GBP Liquidity LVNAV Fund X (dist.)†§ 1,159 1 – Liquidity Funds total 1 – Investment assets* 61,598 96.95 Net other assets 1,941 3.05 Net assets 63,539 100.00

The comparative percentage figures in brackets are as at 30 April 2020. † A related party to the fund. § Cash equivalent. * Including derivative liabilities and cash equivalents.

16 JM Dvriid Got Fun Financial statements

Statement of total return Balance sheet (Unaudited) As at For the six months ended 31 October 31 October 2020 30 April 2020 (Unaudited) (Audited) 2020 2019 £’000 £’000 £’000 £’000 £’000 £’000 Assets: Income Investments 61,792 60,254 Net capital gains 4,335 1,214 Current assets: Revenue 715 1,087 Debtors 132 234 Expenses (204) (258) Cash and bank balances 1,993 4,805 Net revenue before taxation 511 829 Cash equivalents 1 111 Taxation (30) (36) Total assets 63,918 65,404 Net revenue after taxation 481 793 Liabilities: Total return before distributions 4,816 2,007 Investment liabilities (195) (2,923) Distributions (7) 10 Creditors: Change in net assets attributable to shareholders from investment Other creditors (184) (196) activities 4,809 2,017 Total liabilities (379) (3,119)

Net assets attributable to shareholders 63,539 62,285

Statement of change in net assets attributable to shareholders (Unaudited) For the six months ended 31 October 2020 2019 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 62,285 78,868 Amounts receivable on issue of shares 464 36,508 Amounts payable on cancellation of shares (4,019) (39,248) (3,555) (2,740) Change in net assets attributable to shareholders from investment activities (see above) 4,809 2,017 Closing net assets attributable to shareholders 63,539 78,145

As the comparatives in the above table are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period.

JM Dvriid Got Fun 17 ­JPM Multi-Asset Cautious Fund

Investment objective and policy Market review To provide capital growth in the long term by investing in a combination of Between 1 May 2020 and 31 October 2020, global financial markets asset classes including equities, fixed income and cash with the potential recovered dramatically from their sharp fall in the first quarter of the for low to moderate levels of price fluctuations. calendar year. While the Covid-19 pandemic brought the global economy to The Fund may invest either directly or via collective investment schemes, a halt in March, the recession that followed was the shortest and sharpest which may be managed by the Investment Adviser or any other member in memory after unprecedented intervention from global central banks of JPMorgan Chase & Co., in a broad range of assets globally, including and governments. emerging markets. Such assets may include equities (including smaller In response to the economic collapse brought on by the novel coronavirus companies), fixed income (including investment grade and non-investment pandemic, governments around the globe acted quickly to implement grade, high yield and emerging market debt) and cash and cash equivalents. major unemployment insurance programmes, provided direct support The Fund may invest up to 40% of its assets in equities, from 15% to 65% to households, and legislated several lending programmes to bolster in government bonds, from 15% to 45% in corporate bonds and may hold the corporate sector – particularly in developed market economies. up to 40% in cash and cash equivalents. Additionally, developed market central banks slashed their policy rates to their lower bounds and quantitative easing (QE) measures were announced, The Fund may use Financial Derivative Instruments (derivatives) for even by central banks implementing such policies for the first time (such as investment purposes or Efficient Portfolio Management including hedging, the Reserve Bank of Australia). where appropriate (see Section 11.6 of the Prospectus for Risk Warnings on derivatives). With this monetary and fiscal policy backdrop in mind, by May, equity markets began recovering quickly from depressed levels. As lockdowns The Fund may invest in assets denominated in any currency and non- began lifting in some economies, business activity and other economic Sterling currency exposure (excluding Emerging Markets local currency) indicators picked up rapidly. Substantial fiscal relief packages continued to will normally be hedged back to Sterling. be announced as well (such as the European Commission’s EUR 750 billion Recovery Fund), and central bank QE programmes helped push markets Risk profile higher. As the virus outlook continued to improve, pent up consumer The value of your investment may fall as well as rise and you may get back demand translated into a significant pick-up in consumer spending. less than you originally invested. Furthermore, corporate earnings largely beat expectations, particularly in the US, and by August, the S&P 500 was testing new highs. In September The value of Equity and Equity-Linked Securities held in the underlying and October, risk assets faced higher levels of volatility as Covid-19 cases funds may fluctuate in response to the performance of individual began re-surging across the globe and US election uncertainty muddied companies and general market conditions. the geopolitical outlook. However, in summary, this six-month period was The Fund may use Financial Derivative Instruments (derivatives) and/or ultimately defined by a rapid economic recovery and the start of a new forward transactions for investment purposes. The value of derivatives global business cycle. can be volatile. This is because a small movement in the value of the underlying asset can cause a large movement in the value of the derivative and therefore, investment in derivatives may result in losses in excess of Fund performance the amount invested by the Fund. In the six-month period ending 31 October 2020, global equities rallied as a The value of Bonds and other Debt Securities may change significantly new global business cycle took hold. With that backdrop in mind, the fund depending on market, economic and interest rate conditions as well as the has generated a positive total return and outperformed its benchmark. creditworthiness of the issuer. Issuers of Bonds and other Debt Securities Security selection has contributed to performance while active asset may fail to meet payment obligations (default) or the credit rating of Bonds allocation has detracted during the period. In terms of security selection, and other Debt Securities may be downgraded. These risks are typically the largest contributors have been the US and emerging market equity increased for Below Investment Grade and certain Unrated securities, managers. In terms of asset allocation, the largest detractor has been the which may also be subject to higher volatility and be more difficult to sell significant underweight to stocks vs. bonds for most of the period. than Investment Grade securities. Emerging Markets may be subject to increased political, regulatory and economic instability, less developed custody and settlement practices, poor transparency and greater financial risks. Emerging Market currencies may be subject to volatile price movements. Emerging Market securities may also be subject to higher volatility and be more difficult to sell than non-Emerging Market securities. The Fund’s asset allocation is actively managed. There is a risk that the performance of the Fund will suffer if the allocation to any particular asset class is low when that asset class is outperforming or high when that asset class is underperforming. Please refer to Part 11 of the Prospectus for details of the general risk factors affecting this Fund in addition to the specific risk factors above.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. 18 JM Multi-Asst Cuiu Fun Fund positioning 12 month performance^ to 31 October At the beginning of the review period, the fund was positioned cautiously 2020 2019 and held an underweight positions to stocks relative to bonds. Over time, JPM Multi-Asset Cautious Fund however, as the economic outlook improved, we gradually added to C-Class Acc -2.15% 0.20% equities and are now overweight vs. bonds. JPM Multi-Asset Cautious Fund G-Class Acc -1.31% – With a base case view of above-trend global growth over a 12-month horizon, we remain overweight to equities and look to spread our risk JPM Multi-Asset Cautious Fund X2-Class Acc -1.75% 0.00% across regions. Specifically, our most favoured markets are the US and Benchmark Index emerging market equities. We also have become more positive on cyclically 0.26% -0.02% geared markets, such as Europe or Japan. Notably, our only significant underweight position today is in UK equities. In terms of fixed income, we are underweight duration and prefer credit Fund statistics to government bonds. We expect government bond yields to be capped by Risk and Reward Profile 3† (3 at 30 April 2020) central bank guidance that short-term rates will remain stable as well as Fund size £1.0m by quantitative easing. Benchmark Index 15% MSCI All Country World Net Total Return Index (GBP hedged), Outlook 15% FTSE All Share Net Index, 30% Bloomberg Barclays Global Aggregate Bond Index (GBP hedged), Concerns on the rise in infection rates have prompted reversals in efforts 30% Bloomberg Barclays Sterling Aggregate Bond Index, to reopen economies. However, we continue to believe we have likely 10% Cash (1 week GBP LIBID) passed the low point in economic demand, and confidence should continue Fund charges and expenses C-Class G-Class X2-Class to recover. We now see the economic recovery gaining pace and expect a robust expansion into 2021. This view is justified by the trajectory of macro Initial charge (max.) Nil Nil Nil data and our expectations that support from policymakers through both Exit charge Nil Nil Nil fiscal and monetary stimulus will remain in place. Given we are at the Fund expenses (comprises) beginning of a new economic cycle, this should continue to be a supportive Annual management fee 0.35% 0.30% – environment for risk assets. Operating expenses (max.) 0.15% 0.15% 0.04%

Six month performance to 31 October 2020 Asset breakdown % Net asset Net asset Collective Investment Schemes 91.13 value per value per Liquidity Funds 7.63 share share 31.10.20 30.04.20 % Return Futures (0.04) JPM Multi-Asset Cautious Fund Forward Currency Contracts (0.06) C-Class Acc1 98.05p 96.29p 1.83% Net other assets 1.34 JPM Multi-Asset Cautious Fund G-Class Acc2 98.69p – – JPM Multi-Asset Cautious Fund Portfolio movements X2-Class Acc3 98.25p 96.37p 1.95% For the 6 month period to 31 October 2020 £’000 Benchmark Index 1.59% Total Purchases 846,017 Total Sales 38,114

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. ^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the fund performance that are due to timing differences. Performance returns are in Sterling. Source: J.P. Morgan. 1 C-Class Accumulation shares were launched on 24 October 2019. 2 G-Class Accumulation shares were launched on 8 October 2020. 3 X2-Class Accumulation shares were launched on 20 September 2019. † For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices JM Multi-Asst Cuiu Fun 19 Highest/lowest share price and distribution record

Distribution Highest Lowest per share Financial year to 30 April share price share price (net) C-Class Accumulation SharesA 2020 103.6p 89.22p 0.00p 2021B 100.4p 95.64p 0.00p G-Class Accumulation SharesC 2021B 101.1p 98.69p 0.00p G-Class Income SharesC 2021B 101.1p 98.69p 0.00p X2-Class Accumulation SharesD 2020 103.6p 89.26p 0.11p 2021B 100.6p 95.73p 0.00p

A C-Class Accumulation shares were launched on 24 October 2019. B To 31 October 2020. C G-Class Accumulation shares and G-Class Income shares were launched on 8 October 2020. D X2-Class Accumulation shares were launched on 20 September 2019.

Net asset values and Ongoing charges

Net asset value per Net asset share class Number value per Ongoing Date £’000 of shares share charges* C-Class Accumulation Shares 30.04.20 1 1,000 96.29p 0.50%# 31.10.20 1 1,000 98.05p 0.50% G-Class Accumulation Shares 31.10.20 1 1,000 98.69p 0.45% G-Class Income Shares 31.10.20 1 1,000 98.69p 0.45% X2-Class Accumulation Shares 30.04.20 189,492 196,630,044 96.37p 0.04%# 31.10.20 988,347 1,005,977,313 98.25p 0.04%

* The Ongoing charges takes into account the ACD fee and the operating expenses, expressed as a percentage of the average daily net asset values over the period. # Comparative figures have been restated for a recalculation of the synthetic adjustment to account for rebates received from the underlying holdings.

20 JM Multi-Asst Cuiu Fun Portfolio statement As at 31 October 2020

Market value Total net Investment Holding £’000 assets %

Collective Investment Schemes 91.13% (81.65%) JPM Asia Pacific Equity Fund X2 – Net Accumulation† 2,404,225 2,862 0.29 JPM Emerging Markets Fund X2 – Net Accumulation† 5,876,860 18,236 1.84 JPM Europe (ex-UK) Research Enhanced Index Equity Fund X2 – Net Accumulation† 7,109,085 6,686 0.68 JPM Global (ex-UK) Bond Fund X2 – Gross Accumulation† 97,974,810 103,069 10.43 JPM Global Corporate Bond Fund X2 – Gross Accumulation† 216,964,335 231,436 23.42 JPM Global Research Enhanced Index Equity Fund X2 – Net Accumulation† 83,788,165 86,570 8.76 JPM Sterling Corporate Bond Fund X2 – Gross Accumulation† 129,528,165 144,294 14.60 JPM UK Equity Core Fund X2 – Net Accumulation† 126,825,210 103,312 10.45 JPM UK Government Bond Fund X2 – Gross Accumulation† 139,808,420 149,287 15.10 JPM US Research Enhanced Index Equity Fund X2 – Net Accumulation† 50,032,725 54,956 5.56 Collective Investment Schemes total 900,708 91.13

Forward Currency Contracts (0.06)% (0.16%) Buy CAD 312,323 sell GBP 182,732 dated 01/12/2020 (2) – Buy GBP 1,402,558 sell CAD 2,414,981 dated 01/12/2020 5 – Buy GBP 42,524 sell CAD 73,507 dated 01/12/2020 – – Buy GBP 3,201,389 sell CHF 3,790,672 dated 01/12/2020 14 – Buy GBP 13,655,092 sell EUR 15,088,429 dated 01/12/2020 85 0.01 Buy GBP 6,156,818 sell HKD 62,334,904 dated 01/12/2020 (34) – Buy GBP 5,268,274 sell JPY 721,295,189 dated 01/12/2020 (51) (0.01) Buy GBP 114,631,803 sell USD 149,681,251 dated 01/12/2020 (627) (0.06) Buy USD 182,721 sell GBP 140,862 dated 01/12/2020 – – Forward Currency Contracts total (610) (0.06)

Futures (0.04)% ((1.84)%) EURO STOXX 50 Index 18/12/2020 82 (159) (0.02) FTSE 100 Index 18/12/2020 256 (795) (0.08) Long Gilt 29/12/2020 (53) 6 – MSCI Emerging Markets Index 18/12/2020 285 (10) – Russell 2000 Emini Index 18/12/2020 298 275 0.03 S&P 500 Emini Index 18/12/2020 (99) 395 0.04 S&P/TSX 60 Index 17/12/2020 9 (36) – TOPIX Index 10/12/2020 34 (129) (0.01) US 10 Year Note 21/12/2020 (25) 10 – Futures total (443) (0.04)

Liquidity Funds 7.63% (8.65%) JPM GBP Liquidity LVNAV Fund X (dist.)†§ 75,425,502 75,426 7.63 Liquidity Funds total 75,426 7.63 Investment assets* 975,081 98.66 Net other assets 13,269 1.34 Net assets 988,350 100.00

The comparative percentage figures in brackets are as at 30 April 2020. † A related party to the Fund. § Cash equivalent. * Including derivative liabilities and cash equivalents.

JM Multi-Asst Cuiu Fun 21 Financial statements

Statement of total return Balance sheet (Unaudited) As at For the six months ended 31 October 31 October 2020 30 April 2020 (Unaudited) (Audited) 20.09.19 £’000 £’000 to 2020 31.10.19 Assets: £’000 £’000 £’000 £’000 Investments 901,498 155,366 Income Current assets: Net capital (losses)/gains (4,577) 1 Debtors 151 4,475 Revenue 204 – Cash and bank balances 57,255 19,157 Expenses (107) – Cash equivalents 75,426 16,391 Net revenue before taxation 97 – Total assets 1,034,330 195,389 Taxation (19) – Liabilities: Net revenue after taxation 78 – Investment liabilities (1,843) (3,836) Total (expense)/return before distributions (4,499) 1 Creditors Distributions 154 – Other creditors (44,137) (2,060) Change in net assets attributable Total liabilities (45,980) (5,896) to shareholders from investment activities (4,345) 1 Net assets attributable to shareholders 988,350 189,493

Statement of change in net assets attributable to shareholders (Unaudited) For the six months ended 31 October 20.09.19 to 2020 31.10.19 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 189,493 – Amounts receivable on issue of shares 834,783 4,006 Amounts payable on cancellation of shares (31,684) (1) 803,099 4,005 Dilution adjustment 103 – Change in net assets attributable to shareholders from investment activities (see above) (4,345) 1 Closing net assets attributable to shareholders 988,350 4,006

As the comparatives in the above table are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period.

22 JM Multi-Asst Cuiu Fun ­JPM Multi-Asset Growth Fund

Investment objective and policy The Fund’s asset allocation is actively managed. There is a risk that the performance of the Fund will suffer if the allocation to any particular asset To provide capital growth in the long term by investing in a combination of class is low when that asset class is outperforming or high when that asset asset classes including equities, fixed income, property and cash with the class is underperforming. potential for moderate to high levels of price fluctuations. Please refer to Part 11 of the Prospectus for details of the general risk The Fund may invest either directly or via collective investment schemes, factors affecting this Fund in addition to the specific risk factors above. which may be managed by the Investment Adviser or any other member of JPMorgan Chase & Co., in a broad range of assets globally, including emerging markets. Such assets may include equities (including smaller Market review companies), fixed income (including investment grade and non-investment Between 1 May 2020 and 31 October 2020, global financial markets grade, high yield and emerging market debt), property and cash and recovered dramatically from their sharp fall in the first quarter of the cash equivalents. calendar year. While the Covid-19 pandemic brought the global economy to The Fund may invest from 20% to 70% of its assets in equities, 5% to 60% a halt in March, the recession that followed was the shortest and sharpest in government bonds, up to 30% in corporate bonds, up to 20% in property in memory after unprecedented intervention from global central banks and may hold up to 40% in cash and cash equivalents. and governments. The Fund may use Financial Derivative Instruments (derivatives) for In response to the economic collapse brought on by the novel coronavirus investment purposes or Efficient Portfolio Management including hedging, pandemic, governments around the globe acted quickly to implement where appropriate (see Section 11.6 of the Prospectus for Risk Warnings major unemployment insurance programmes, provided direct support on derivatives). to households, and legislated several lending programmes to bolster the corporate sector – particularly in developed market economies. The Fund may invest in assets denominated in any currency and non- Additionally, developed market central banks slashed their policy rates to Sterling currency exposure (excluding Emerging Markets local currency) their lower bounds and quantitative easing (QE) measures were announced, will normally be hedged back to Sterling. even by central banks implementing such policies for the first time (such as the Reserve Bank of Australia). Risk profile With this monetary and fiscal policy backdrop in mind, by May, equity The value of your investment may fall as well as rise and you may get back markets began recovering quickly from depressed levels. As lockdowns less than you originally invested. began lifting in some economies, business activity and other economic The value of Equity and Equity-Linked Securities held in the underlying indicators picked up rapidly. Substantial fiscal relief packages continued to funds may fluctuate in response to the performance of individual be announced as well (such as the European Commission’s EUR 750 billion companies and general market conditions. Recovery Fund), and central bank QE programmes supported markets The Fund may use Financial Derivative Instruments (derivatives) and/or higher. As the virus outlook continued to improve, pent-up consumer forward transactions for investment purposes. The value of derivatives demand translated into a significant pick-up in consumer spending. can be volatile. This is because a small movement in the value of the Furthermore, corporate earnings largely beat expectations, particularly in underlying asset can cause a large movement in the value of the derivative the US, and by August, the S&P 500 was testing new highs. In September and therefore, investment in derivatives may result in losses in excess of and October, risk assets faced higher levels of volatility as Covid-19 cases the amount invested by the Fund. began re-surging across the globe and US election uncertainty muddied the geopolitical outlook. However, in summary, this six-month period was The value of Bonds and other Debt Securities may change significantly ultimately defined by a rapid economic recovery and the start of a new depending on market, economic and interest rate conditions as well as the global business cycle. creditworthiness of the issuer. Issuers of Bonds and other Debt Securities may fail to meet payment obligations (default) or the credit rating of Bonds and other Debt Securities may be downgraded. These risks are typically Fund performance increased for Below Investment Grade and certain Unrated securities, In the six-month period ending 31 October 2020, global equities rallied as a which may also be subject to higher volatility and be more difficult to sell new global business cycle took hold. With that backdrop in mind, the fund than Investment Grade securities. has generated a positive total return and underperformed its benchmark. Emerging Markets may be subject to increased political, regulatory and Security selection has contributed to performance while active asset economic instability, less developed custody and settlement practices, allocation has detracted during the period. In terms of security selection, poor transparency and greater financial risks. Emerging Market currencies the largest contributors have been the US and emerging market equity may be subject to volatile price movements. Emerging Market securities managers. In terms of asset allocation, the largest detractor has been the may also be subject to higher volatility and be more difficult to sell than significant underweight to stocks vs. bonds for most of the period. non-Emerging Market securities. Investments in companies engaged in the business of real estate may be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. JM Multi-Asst Got Fun 23 Fund positioning 12 month performance^ to 31 October At the beginning of the review period, the fund was positioned cautiously 2020 2019 and held an underweight positions to stocks relative to bonds. Over time, JPM Multi-Asset Growth Fund however, as the economic outlook improved, we gradually added to C-Class Acc -9.92% 0.20% equities and are now overweight vs. bonds. JPM Multi-Asset Growth Fund G-Class Acc -3.76% – With a base case view of above-trend global growth over a 12-month horizon, we remain overweight to equities and look to spread our risk JPM Multi-Asset Growth Fund X2-Class Acc -9.69% 0.30% across regions. Specifically, our most favoured markets are the US and Benchmark Index emerging market equities. We also have become more positive on cyclically -5.10% -0.97% geared markets, such as Europe or Japan. Notably, our only significant underweight position today is in UK equities. In terms of fixed income, we are underweight duration and prefer credit Fund statistics to government bonds. We expect government bond yields to be capped by Risk and Reward Profile 4† (4 at 30 April 2020) central bank guidance that short-term rates will remain stable as well as Fund size £0.06m by quantitative easing. Benchmark Index 37.5% MSCI All Country World Net Total Return Index (GBP hedged), 37.5% FTSE All Share Net Index, Outlook 12.5% Bloomberg Barclays Global Aggregate Bond Index (GBP hedged), 12.5% Bloomberg Barclays Sterling Aggregate Bond Index Concerns on the rise in infection rates have prompted reversals in efforts to reopen economies. However, we continue to believe we have likely Fund charges and expenses C-Class G-Class X2-Class passed the low point in economic demand, and confidence should continue Initial charge (max.) Nil Nil Nil to recover. We now see the economic recovery gaining pace and expect a Exit charge Nil Nil Nil robust expansion into 2021. This view is justified by the trajectory of macro Fund expenses (comprises) data and our expectations that support from policymakers through both Annual management fee 0.35% 0.30% – fiscal and monetary stimulus will remain in place. Given we are at the beginning of a new economic cycle, this should continue to be a supportive Operating expenses (max.) 0.15% 0.15% 0.04% environment for risk assets. Asset breakdown % Six month performance to 31 October 2020 Collective Investment Schemes 93.67 Liquidity Funds 3.64 Net asset Net asset Forward Currency Contracts (0.14) value per value per Futures (0.45) share share 31.10.20 30.04.20 % Return Net other assets 3.28 JPM Multi-Asset Growth Fund C-Class Acc1 90.26p 88.21p 2.32% JPM Multi-Asset Growth Fund Portfolio movements G-Class Acc2 96.24p – – For the 6 month period to 31 October 2020 £’000 JPM Multi-Asset Growth Fund Total Purchases 15,906 X2-Class Acc3 90.58p 88.40p 2.47% Total Sales 5,670 Benchmark Index 3.53%

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. ^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the fund performance that are due to timing differences. Performance returns are in Sterling. Source: J.P. Morgan. 1 C-Class Accumulation shares were launched on 24 October 2019. 2 G-Class Accumulation shares were launched on 8 October 2020. 3 X2-Class Accumulation shares were launched on 20 September 2019. † For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices 24 JM Multi-Asst Got Fun Highest/lowest share price and distribution record

Distribution Highest Lowest per share Financial year to 30 April share price share price (net) C-Class Accumulation SharesA 2020 106.6p 80.31p 0.05p 2021B 94.98p 86.92p 0.00p G-Class Accumulation SharesC 2021B 101.3p 95.99p 0.00p G-Class Income SharesC 2021B 101.3p 95.99p 0.00p X2-Class Accumulation SharesD 2020 106.9p 80.52p 0.14p 2021B 95.31p 87.12p 0.00p

A C-Class Accumulation shares were launched on 24 October 2019. B To 31 October 2020. C G-Class Accumulation shares and G-Class Income shares were launched on 8 October 2020. D X2-Class Accumulation shares were launched on 20 September 2019.

Net asset values and Ongoing charges

Net asset value per Net asset share class Number value per Ongoing Date £’000 of shares share charges* C-Class Accumulation Shares 30.04.20 1 1,000 88.21p 0.50%# 31.10.20 1 1,000 90.26p 0.50% G-Class Accumulation Shares 31.10.20 1 1,000 96.24p 0.45% G-Class Income Shares 31.10.20 1 1,000 96.24p 0.45% X2-Class Accumulation Shares 30.04.20 46,387 52,476,038 88.40p 0.04%# 31.10.20 56,967 62,888,607 90.58p 0.04%

* The Ongoing charges takes into account the ACD fee and the operating expenses, expressed as a percentage of the average daily net asset values over the period. # Comparative figures have been restated for a recalculation of the synthetic adjustment to account for rebates received from the underlying holdings.

JM Multi-Asst Got Fun 25 Portfolio statement As at 31 October 2020

Market value Total net Investment Holding £’000 assets %

Collective Investment Schemes 93.67% (92.15%) JPM Asia Pacific Equity Fund X2 – Net Accumulation† 838,067 998 1.75 JPM Emerging Markets Fund X2 – Net Accumulation† 572,414 1,776 3.12 JPM Europe (ex-UK) Research Enhanced Index Equity Fund X2 – Net Accumulation† 984,970 926 1.63 JPM Global (ex-UK) Bond Fund X2 – Gross Accumulation† 1,302,125 1,370 2.40 JPM Global Corporate Bond Fund X2 – Gross Accumulation† 6,436,080 6,865 12.05 JPM Global Research Enhanced Index Equity Fund X2 – Net Accumulation† 13,253,810 13,694 24.04 JPM Sterling Corporate Bond Fund X2 – Gross Accumulation† 2,937,303 3,272 5.74 JPM UK Equity Core Fund X2 – Net Accumulation† 19,048,515 15,517 27.24 JPM UK Government Bond Fund X2 – Gross Accumulation† 3,816,409 4,075 7.15 JPM US Research Enhanced Index Equity Fund X2 – Net Accumulation† 4,433,975 4,870 8.55 Collective Investment Schemes total 53,363 93.67

Forward Currency Contracts (0.14)% (0.40%) Buy GBP 347,807 sell AUD 636,837 dated 01/12/2020 2 – Buy GBP 466,411 sell CAD 803,085 dated 01/12/2020 2 0.01 Buy GBP 617,628 sell CHF 731,315 dated 01/12/2020 3 0.01 Buy GBP 159,151 sell DKK 1,308,593 dated 01/12/2020 1 – Buy GBP 2,167,920 sell EUR 2,395,489 dated 01/12/2020 13 0.02 Buy GBP 791,152 sell HKD 8,010,049 dated 01/12/2020 (4) (0.01) Buy GBP 1,074,668 sell JPY 147,135,964 dated 01/12/2020 (10) (0.02) Buy GBP 15,955,850 sell USD 20,831,247 dated 01/12/2020 (85) (0.15) Buy USD 673,109 sell GBP 514,399 dated 01/12/2020 4 0.01 Buy USD 1,356,387 sell GBP 1,051,148 dated 01/12/2020 (7) (0.01) Buy USD 374,557 sell HKD 2,903,296 dated 01/12/2020 – – Forward Currency Contracts total (81) (0.14)

Futures (0.45)% ((5.55)%) EURO STOXX 50 Index 18/12/2020 7 (22) (0.04) FTSE 100 Index 18/12/2020 58 (243) (0.43) Long Gilt 29/12/2020 (21) 3 0.01 MSCI Emerging Markets Index 18/12/2020 21 14 0.02 Russell 2000 Emini Index 18/12/2020 18 32 0.06 S&P 500 Emini Index 18/12/2020 8 (26) (0.05) S&P/TSX 60 Index 17/12/2020 3 (12) (0.02) TOPIX Index 10/12/2020 5 (10) (0.02) US 2 Year Note 31/12/2020 4 – – US 10 Year Note 21/12/2020 (18) 11 0.02 Futures total (253) (0.45)

Liquidity Funds 3.64% (1.98%) JPM GBP Liquidity LVNAV Fund X (dist.)†§ 2,072,785 2,073 3.64 Liquidity Funds total 2,073 3.64 Investment assets* 55,102 96.72 Net other assets 1,868 3.28 Net assets 56,970 100.00

The comparative percentage figures in brackets are as at 30 April 2020. † A related party to the fund. § Cash equivalent. * Including derivative liabilities and cash equivalents.

26 JM Multi-Asst Got Fun Financial statements

Statement of total return Balance sheet (Unaudited) As at For the six months ended 31 October 31 October 2020 30 April 2020 (Unaudited) (Audited) 20.09.19 £’000 £’000 to 2020 31.10.19 Assets: £’000 £’000 £’000 £’000 Investments 53,448 43,098 Income Current assets: Net capital gains 1,131 13 Debtors 70 580 Revenue 25 – Cash and bank balances 2,071 5,004 Expenses (11) – Cash equivalents 2,073 920 Interest payable and similar charges (4) – Total assets 57,662 49,602 Net revenue before taxation 10 – Liabilities: Taxation (2) – Investment liabilities (419) (2,742) Net revenue after taxation 8 – Creditors: Total return before distributions 1,139 13 Other creditors (273) (472) Distributions 1 – Total liabilities (692) (3,214) Change in net assets attributable to shareholders from investment Net assets attributable to activities 1,140 13 shareholders 56,970 46,388

Statement of change in net assets attributable to shareholders (Unaudited) For the six months ended 31 October 20.09.19 to 2020 31.10.19 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 46,388 – Amounts receivable on issue of shares 12,759 4,006 Amounts payable on cancellation of shares (3,317) (1) 9,442 4,005 Change in net assets attributable to shareholders from investment activities (see above) 1,140 13 Closing net assets attributable to shareholders 56,970 4,018

As the comparatives in the above table are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period.

JM Multi-Asst Got Fun 27 ­JPM Multi-Asset Moderate Fund

Investment objective and policy The Fund’s asset allocation is actively managed. There is a risk that the performance of the Fund will suffer if the allocation to any particular asset To provide capital growth in the long term by investing in a combination of class is low when that asset class is outperforming or high when that asset asset classes including equities, fixed income, property and cash with the class is underperforming. potential for moderate to high levels of price fluctuations. Please refer to Part 11 of the Prospectus for details of the general risk The Fund may invest either directly or via collective investment schemes, factors affecting this Fund in addition to the specific risk factors above. which may be managed by the Investment Adviser or any other member of JPMorgan Chase & Co., in a broad range of assets globally, including emerging markets. Such assets may include equities (including smaller Market review companies), fixed income (including investment grade and non-investment Between 1 May 2020 and 31 October 2020, global financial markets grade, high yield and emerging market debt), property and cash and recovered dramatically from their sharp fall in the first quarter of the cash equivalents. calendar year. While the Covid-19 pandemic brought the global economy to The Fund may invest from 20% to 70% of its assets in equities, 5% to a halt in March, the recession that followed was the shortest and sharpest 60% in government bonds, up to 30% in corporate bonds, up to 20% in in memory after unprecedented intervention from global central banks property and may hold up to 40% in cash and cash equivalents. and governments. The Fund may use Financial Derivative Instruments (derivatives) for In response to the economic collapse brought on by the novel coronavirus investment purposes or Efficient Portfolio Management including hedging, pandemic, governments around the globe acted quickly to implement where appropriate (see Section 11.6 of the Prospectus for Risk Warnings major unemployment insurance programmes, provided direct support on derivatives). to households, and legislated several lending programmes to bolster the corporate sector – particularly in developed market economies. The Fund may invest in assets denominated in any currency and non- Additionally, developed market central banks slashed their policy rates to Sterling currency exposure (excluding Emerging Markets local currency) their lower bounds and quantitative easing (QE) measures were announced, will normally be hedged back to Sterling. even by central banks implementing such policies for the first time (such as the Reserve Bank of Australia). Risk profile With this monetary and fiscal policy backdrop in mind, by May, equity The value of your investment may fall as well as rise and you may get back markets began recovering quickly from depressed levels. As lockdowns less than you originally invested. began lifting in some economies, business activity and other economic The value of Equity and Equity-Linked Securities held in the underlying indicators picked up rapidly. Substantial fiscal relief packages continued to funds may fluctuate in response to the performance of individual be announced as well (such as the European Commission’s EUR 750 billion companies and general market conditions. Recovery Fund), and central bank QE programmes supported markets The Fund may use Financial Derivative Instruments (derivatives) and/or higher. As the virus outlook continued to improve, pent-up consumer forward transactions for investment purposes. The value of derivatives demand translated into a significant pick-up in consumer spending. can be volatile. This is because a small movement in the value of the Furthermore, corporate earnings largely beat expectations, particularly in underlying asset can cause a large movement in the value of the derivative the US, and by August, the S&P 500 was testing new highs. In September and therefore, investment in derivatives may result in losses in excess of and October, risk assets faced higher levels of volatility as Covid-19 cases the amount invested by the Fund. began re-surging across the globe and US election uncertainty muddied the geopolitical outlook. However, in summary, this six-month period was The value of Bonds and other Debt Securities may change significantly ultimately defined by a rapid economic recovery and the start of a new depending on market, economic and interest rate conditions as well as the global business cycle. creditworthiness of the issuer. Issuers of Bonds and other Debt Securities may fail to meet payment obligations (default) or the credit rating of Bonds and other Debt Securities may be downgraded. These risks are typically Fund performance increased for Below Investment Grade and certain Unrated securities, In the six month period ending 31 October 2020, global equities rallied as a which may also be subject to higher volatility and be more difficult to sell new global business cycle took hold. With that backdrop in mind, the fund than Investment Grade securities. has generated a positive total return and underperformed its benchmark. Emerging Markets may be subject to increased political, regulatory and Security selection has contributed to performance while active asset economic instability, less developed custody and settlement practices, allocation has detracted during the period. In terms of security selection, poor transparency and greater financial risks. Emerging Market currencies the largest contributors have been the US and emerging market equity may be subject to volatile price movements. Emerging Market securities managers. In terms of asset allocation, the largest detractor has been the may also be subject to higher volatility and be more difficult to sell than significant underweight to stocks vs. bonds for most of the period. non-Emerging Market securities. Investments in companies engaged in the business of real estate may be subject to increased liquidity risk and price volatility due to changes in economic conditions and interest rates.

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. 28 JM Multi-Asst Mdrt Fun Fund positioning 12 month performance^ to 31 October In the beginning of the six-month period ending 31 October 2020, the fund 2020 2019 was positioned cautiously and held an underweight positions to stocks JPM Multi-Asset Moderate Fund relative to bonds. Over time, however, as the economic outlook improved, C-Class Acc -7.35% 0.20% we gradually added to equities and are now overweight vs. bonds. JPM Multi-Asset Moderate Fund G-Class Acc -3.00% – With a base case view of above-trend global growth over a 12-month horizon, we remain overweight to equities and look to spread our risk JPM Multi-Asset Moderate Fund X2-Class Acc -7.15% 0.20% across regions. Specifically, our most favoured markets are the US and Benchmark Index emerging market equities. We also have become more positive on cyclically -3.31% -0.12% geared markets, such as Europe or Japan. Notably, our only significant underweight position today is in UK equities. In terms of fixed income, we are underweight duration and prefer credit Fund statistics to government bonds. We expect government bond yields to be capped by Risk and Reward Profile 4† (4 at 30 April 2020) central bank guidance that short-term rates will remain stable as well as Fund size £1.7m quantitative easing. Benchmark Index 30% MSCI All Country World Net Total Return Index (GBP hedged), Outlook 30% FTSE All Share Net Index, 17.5% Bloomberg Barclays Global Aggregate Bond Index (GBP hedged), Concerns on the rise in infection rates have prompted reversals in efforts 17.5% Bloomberg Barclays Sterling Aggregate to reopen economies. However, we continue to believe we have likely Bond Index, 5% Cash (1 week GBP LIBID) passed the low point in economic demand, and confidence should continue Fund charges and expenses C-Class G-Class X2-Class to recover. We now see the economic recovery gaining pace and expect a robust expansion into 2021. This view is justified by the trajectory of macro Initial charge (max.) Nil Nil Nil data and our expectations that support from policymakers through both Exit charge Nil Nil Nil fiscal and monetary stimulus will remain in place. Given we are at the Fund expenses (comprises) beginning of a new economic cycle, this should continue to be a supportive Annual management fee 0.35% 0.30% – environment for risk assets. Operating expenses (max.) 0.15% 0.15% 0.04%

Six month performance to 31 October 2020 Asset breakdown % Net asset Net asset Collective Investment Schemes 96.23 value per value per Liquidity Funds 2.27 share share Forward Currency Contracts (0.11) 31.10.20 30.04.20 % Return Futures (0.12) JPM Multi-Asset Moderate Fund Net other assets 1.73 C-Class Acc1 92.84p 90.73p 2.33% JPM Multi-Asset Moderate Fund G2-Class Acc2 96.99p – – JPM Multi-Asset Moderate Fund Portfolio movements 3 X2-Class Acc 93.04p 90.79p 2.48% For the 6 month period to 31 October 2020 £’000 Benchmark Index 2.89% Total Purchases 1,081,296 Total Sales 187,735

You should remember that past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. ^ Performance returns are calculated using the dealing prices of the accumulation shares which are calculated using market prices and foreign exchange rates available at 12 noon. The benchmark returns, which are based on close of business prices, may reflect variances to the fund performance that are due to timing differences. Performance returns are in Sterling. Source: J.P. Morgan. 1 C-Class Accumulation shares were launched on 24 October 2019. 2 G-Class Accumulation shares were launched on 8 October 2020. 2 X2-Class Accumulation shares were launched on 20 September 2019. † For specific risks, including the risk and reward profile, please refer to the Key Investor information Document (KIID) available on the following website http://am.jpmorgan.co.uk/investor/prices-and-factsheets/?list=all&tab=Prices JM Multi-Asst Mdrt Fun 29 Highest/lowest share price and distribution record

Distribution Highest Lowest per share Financial year to 30 April share price share price (net) C-Class Accumulation SharesA 2020 105.7p 83.22p 0.07p 2021B 96.87p 89.65p 0.00p G-Class Accumulation SharesC 2021B 101.2p 96.84p 0.00p G-Class Income SharesC 2021B 101.2p 96.84p 0.00p X2-Class Accumulation SharesD 2020 105.8p 83.27p 0.17p 2021B 97.07p 89.73p 0.00p

A C-Class Accumulation shares were launched on 24 October 2019. B To 31 October 2020. C G-Class Accumulation shares and G-Class Income shares were launched on 8 October 2020. D X2-Class Accumulation shares were launched on 20 September 2019.

Net asset values and Ongoing charges

Net asset value per Net asset share class Number value per Ongoing Date £’000 of shares share charges* C-Class Accumulation Shares 30.04.20 33,957 37,427,667 90.73p 0.42%# 31.10.20 34,270 36,912,414 92.84p 0.41% G-Class Accumulation Shares 31.10.20 1 1,000 96.99p 0.45% G-Class Income Shares 31.10.20 1 1,000 96.99p 0.45% X2-Class Accumulation Shares 30.04.20 749,852 825,898,313 90.79p 0.04%# 31.10.20 1,628,428 1,750,193,908 93.04p 0.04%

* The Ongoing charges takes into account the ACD fee and the operating expenses, expressed as a percentage of the average daily net asset values over the period. # Comparative figures have been restated for a recalculation of the synthetic adjustment to account for rebates received from the underlying holdings.

30 JM Multi-Asst Mdrt Fun Portfolio statement As at 31 October 2020

Market value Total net Investment Holding £’000 assets %

Collective Investment Schemes 96.23% (93.16%) JPM Asia Pacific Equity Fund X2 – Net Accumulation† 19,559,920 23,280 1.40 JPM Emerging Markets Fund X2 – Net Accumulation† 11,484,935 35,638 2.14 JPM Europe (ex-UK) Research Enhanced Index Equity Fund X2 – Net Accumulation† 33,959,185 31,939 1.92 JPM Global (ex-UK) Bond Fund X2 – Gross Accumulation† 97,747,075 102,830 6.19 JPM Global Corporate Bond Fund X2 – Gross Accumulation† 249,374,430 266,008 16.00 JPM Global Research Enhanced Index Equity Fund X2 – Net Accumulation† 289,494,795 299,106 17.99 JPM Sterling Corporate Bond Fund X2 – Gross Accumulation† 135,695,150 151,164 9.09 JPM UK Equity Core Fund X2 – Net Accumulation† 476,680,825 388,304 23.35 JPM UK Government Bond Fund X2 – Gross Accumulation† 147,575,165 157,581 9.48 JPM US Research Enhanced Index Equity Fund X2 – Net Accumulation† 131,245,900 144,160 8.67 Collective Investment Schemes total 1,600,010 96.23

Forward Currency Contracts (0.11)% (0.34%) Buy GBP 7,143,659 sell AUD 13,080,080 dated 01/12/2020 49 – Buy GBP 6,324,702 sell CAD 10,890,126 dated 01/12/2020 21 – Buy GBP 11,869,292 sell CHF 14,054,082 dated 01/12/2020 52 – Buy GBP 52,535,745 sell EUR 58,050,544 dated 01/12/2020 327 0.02 Buy GBP 4,934,560 sell HKD 49,484,440 dated 01/12/2020 20 – Buy GBP 14,435,356 sell HKD 146,151,238 dated 01/12/2020 (78) – Buy GBP 18,944,336 sell JPY 2,593,725,685 dated 01/12/2020 (184) (0.01) Buy GBP 359,072,655 sell USD 468,847,801 dated 01/12/2020 (1,952) (0.12) Buy USD 6,640,823 sell GBP 5,080,317 dated 01/12/2020 33 – Buy USD 14,812,029 sell GBP 11,478,767 dated 01/12/2020 (73) – Forward Currency Contracts total (1,785) (0.11)

Futures (0.12)% ((5.38)%) EURO STOXX 50 Index 18/12/2020 15 (18) – FTSE 100 Index 18/12/2020 661 (2,107) (0.13) Long Gilt 29/12/2020 (271) (11) – MSCI Emerging Markets Index 18/12/2020 683 182 0.01 Russell 2000 Emini Index 18/12/2020 555 690 0.04 S&P 500 Emini Index 18/12/2020 51 (260) (0.01) S&P/TSX 60 Index 17/12/2020 68 (274) (0.02) TOPIX Index 10/12/2020 174 (513) (0.03) US 10 Year Note 21/12/2020 (643) 333 0.02 Futures total (1,978) (0.12)

Liquidity Funds 2.27% (1.10%) JPM GBP Liquidity LVNAV Fund X (dist.)†§ 37,710,681 37,711 2.27 Liquidity Funds total 37,711 2.27 Investment assets* 1,633,958 98.27 Net other assets 28,742 1.73 Net assets 1,662,700 100.00

The comparative percentage figures in brackets are as at 30 April 2020. † A related party to the Fund. § Cash equivalent. * Including derivative liabilities and cash equivalents.

JM Multi-Asst Mdrt Fun 31 Financial statements

Statement of total return Balance sheet (Unaudited) As at For the six months ended 31 October 31 October 2020 30 April 2020 (Unaudited) (Audited) 20.09.19 £’000 £’000 to 2020 31.10.19 Assets: £’000 £’000 £’000 £’000 Investments 1,601,717 734,949 Income Current assets: Net capital gains 515 10 Debtors 58 4,608 Revenue 621 – Cash and bank balances 78,964 81,257 Expenses (287) – Cash equivalents 37,711 8,582 Interest payable and similar charges (168) – Total assets 1,718,450 829,396 Net revenue before taxation 166 – Liabilities: Taxation (33) – Investment liabilities (5,470) (44,225) Net revenue after taxation 133 – Creditors: Total return before distributions 648 10 Other creditors (50,280) (1,362) Distributions 131 – Total liabilities (55,750) (45,587) Change in net assets attributable to shareholders from investment Net assets attributable to activities 779 10 shareholders 1,662,700 783,809

Statement of change in net assets attributable to shareholders (Unaudited) For the six months ended 31 October 20.09.19 to 2020 31.10.19 £’000 £’000 £’000 £’000 Opening net assets attributable to shareholders 783,809 – Amounts receivable on issue of shares 920,490 4,006 Amounts payable on cancellation of shares (42,378) (1) 878,112 4,005 Change in net assets attributable to shareholders from investment activities (see above) 779 10 Closing net assets attributable to shareholders 1,662,700 4,015

As the comparatives in the above table are for the previous interim period, the net assets at the end of that period will not agree to the net assets at the start of the current period.

32 JM Multi-Asst Mdrt Fun Accounting policies

The interim financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for UK Authorised Funds (SORP) issued by the Investment Management Association (IMA (now the Investment Association)) in May 2014 and in accordance with United Kingdom Generally Accepted Accounting Practice as defined within FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Accounting policies applied are consistent with those of the annual financial statements for the period ended 30 April 2020 and are described in those financial statements. The financial statements (and comparative financial statements) of all of the funds have been prepared on a going concern basis. This report has been prepared in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook and was approved by the Authorised Corporate Director on 17 December 2020.

Andrew Lewis Director For and on behalf of JPMorgan Funds Limited 17 December 2020

Stephen Pond Director For and on behalf of JPMorgan Funds Limited 17 December 2020

JM Multi-Asst Mdrt Fun 33 Who to contact

Intermediaries 0800 727 770

If you are an investor with us please call 0800 20 40 20

Lines are open 9.00am to 5.30pm Monday to Friday. Telephone lines are recorded to ensure compliance with our legal and regulatory obligations and internal policies. www.jpmorganassetmanagement.co.uk

Issued by JPMorgan Funds Limited which is authorised and regulated by the Financial Conduct Authority. Registered in Scotland No: SC019438. Registered address: 3 Lochside View, Edinburgh Park, Edinburgh EH12 9DH. GB 12/20