IMPORTANT: This letter requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Dear Investor, Mergers of JPMorgan Funds (SICAV Range) share classes 18 March 2016 We are writing on behalf of the Management Company of JPMorgan Funds (the Fund ) to inform you that a share class in which you are invested will be merged with another share class of the same sub-fund. This merger was identified to eliminate duplicate share classes and will be carried out in accordance with applicable Luxembourg law(s) and Article 21 of the consolidated Articles of Incorporation of the Fund dated 16 February 2011. In order to rationalise duplicate share classes within the J.P. Morgan Asset Management fund range, your investment in the JPMorgan prefixed share class (the Merging Share Class(es) ) will be merged into an equivalent share class prefixed JPM within the same sub-fund (the Receiving Share Class(es) ). To accommodate the current system, the merger of share classes will be performed in two phases, on 20 May 2016 and 27 May 2016 for Phase 1 and Phase 2, respectively. Please refer to Appendix I for the list of share classes impacted and their latest sizes, the respective merger dates and details of the merger timeline. There are no unamortised preliminary expenses in relation to the Merging Share Class(es) and the costs of the mergers, estimated to approximately HK$ 70,000, will be borne by the Management Company. On the respective merger dates, your shares in the Merging Share Class(es) will be exchanged automatically for shares in the Receiving Share Class(es) of the same sub-fund(s). Charges of the Receiving Share Class(es) will be the same as the Merging Share Class(es). The value of your shares following the merger will remain the same; however you may receive a different number of shares in the Receiving Share Class(es) based on the net asset value per share for both share classes on the date of merger. A contract note will be issued to you after the respective merger date informing you of the number of shares you hold in the Receiving Share Class(es). From the date of this letter, the Merging Share Class(es) are no longer allowed to be marketed to the public in Hong Kong and shall not accept subscription from investors, except for investment (excluding top-up) through existing regular investment plan 1 and escheduler 2 which is still permissible until 6:00 p.m. Hong Kong time, 17 May 2016 (for Phase 1) and 6:00 p.m. Hong Kong time, 24 May 2016 (for Phase 2). 3 Please refer to the Appendix I for the details of the arrangement for existing regular investment plan and escheduler, including the arrangement that regular investments will automatically be directed to the Receiving Share Class(es) on the respective merger dates unless other instruction is received. The mergers do not alter the way in which the sub-funds and share classes are currently being managed and their investment objectives, risk profiles and fees will remain the same. There will be no changes to the share classes distribution policies. 1 If you invest with bank, distributor or financial adviser, please note that the arrangement of your regular investment plan is subject to the discretion of bank, distributor or financial adviser. 2 The escheduler is only applicable to clients dealing via our e-trading platform with JPMorgan in Hong Kong. 3 After the aforesaid cut-off times, you will not be able to subscribe shares through existing regular investment plan and escheduler in the Merging Share Class(es). Subscription will be rejected and the money in respect of such subscription will be handled in accordance with the terms of the offering document of the Fund.
You do not need to take any action. However, if you do not want your shares to be exchanged, as a shareholder of the Fund, you are entitled to redeem your shares in the Merging Share Class(es) at any time and will receive the redemption proceeds in accordance with the terms of the offering document of the Fund from the date of this letter until 6:00 p.m. Hong Kong time, 19 May 2016 (for Phase 1) and 6:00 p.m. Hong Kong time, 26 May 2016 (for Phase 2). Any charges for such redemption will be waived. Alternatively, if you prefer, you may switch your holding in the Merging Share Class(es) into any other funds which are managed by JPMorgan Funds (Asia) Limited or for which it acts as Hong Kong representative and which are authorised by the Securities and Futures Commission (the SFC ) for sale to the public in Hong Kong in accordance with the offering document of the Fund from the date of this letter until 6:00 p.m. Hong Kong time, 19 May 2016 (for Phase 1) and 6:00 p.m. Hong Kong time, 26 May 2016 (for Phase 2). Any charges for such switching will be waived #. Details of such funds (including the relevant offering documents) can be found at our website www.jpmorganam.com.hk 4. SFC authorisation is not a recommendation or endorsement of a fund nor does it guarantee the commercial merits of a fund or its performance. It does not mean the fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. There may be potential tax consequences to any redemption, switching or exchange of shares. We recommend that you read this document carefully and that you seek tax and investment advice as appropriate before making a final decision. Please be advised that the latest version of the Hong Kong Offering Document and Articles of Incorporation as well as copies of the latest annual and semi annual reports are available free of charge upon request at the registered office of JPMorgan Funds (Asia) Limited. The Management Company of the Fund accepts responsibility for the accuracy of the contents of this letter. If you have any questions with regard to the contents of this letter or any other aspect of the Fund, please do not hesitate to contact: your bank or financial adviser; our Intermediary Hotline on (852) 2978 7788; our Intermediary Clients Hotline on (852) 2265 1000; if you normally deal directly with us, our J.P. Morgan Funds InvestorLine on (852) 2265 1188; or your designated client advisor or your pension scheme trustee/administrator. Yours faithfully, For and on behalf of JPMorgan Funds (Asia) Limited As Hong Kong Representative of the Fund Eddy Wong Head of Funds Business, Hong Kong & China Retail Encl. 4 The website has not been reviewed by the SFC. # Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions.
APPeNdIx I - details ANd TIMelINe OF ShARe ClASSeS MeRgeRS Phase 1 - Merge on 20 May 2016 Sub-Fund Merging Share Class latest size of share class as at 31 January 2016 (in US$ million) JPMorgan Funds - America Equity Fund JPMorgan Funds - Europe Dynamic Fund JPMorgan Funds - Global Dynamic Fund JPMorgan Funds - Global Unconstrained Equity Fund JPMorgan Funds - US Dollar Money Market Fund JPMorgan America Equity A (dist) - USD JPMorgan Europe Dynamic A (dist) - EUR JPMorgan Global Dynamic A (dist) - USD JPMorgan Global Unconstrained Equity A (dist) - USD JPMorgan US Dollar Money Market A (acc) - USD Receiving Share Class 216 JPM America Equity A (dist) - USD 106 JPM Europe Dynamic A (dist) - EUR 17 JPM Global Dynamic A (dist) - USD 48 JPM Global Unconstrained Equity A (dist) - USD 535 JPM US Dollar Money Market A (acc) - USD latest size of share class as at 31 January 2016 (in US$ million) 302 99 65 2 23 Phase 1 - Timeline 6:00 p.m. hong Kong time, 17 May 2016 6:00 p.m. hong Kong time, 19 May 2016 20 May 2016, after close of business After this cut-off time, you will not be able to subscribe shares through existing regular investment plan and escheduler in the Merging Share Class(es). You may switch out or redeem shares in the Merging Share Class(es) free of charge # before this cut-off time. After this cut-off time, you will not be able to switch or redeem shares in the Merging Share Class(es). The merger transaction occurs. All the assets, liabilities and any accrued income in the Merging Share Class(es) will be transferred to the Receiving Share Class(es), and the Merging Share Class(es) will cease to exist. Your shares in the Merging Share Class(es) are exchanged free of charge for shares in the equivalent Receiving Share Class(es) of the same sub-fund, based on the net asset value per share in effect that day for both share classes. The value of the shares you own in the Merging Share Class(es) and the new shares you receive in the Receiving Share Class(es) will be the same but you may receive a different number of shares. The regular investments by investors of regular investment plan 1 and escheduler 2 into the Merging Share Class(es) will automatically be directed to the Receiving Share Class(es) of the same sub-fund unless other instruction is received. 23 May 2016 As an investor in the Receiving Share Class(es), you can switch and redeem your new shares and subscribe for additional shares in the Receiving Share Class(es). # Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions. 1 If you invest with bank, distributor or financial adviser, please note that the arrangement of your regular investment plan is subject to the discretion of bank, distributor or financial adviser. 2 The escheduler is only applicable to clients dealing via our e-trading platform with JPMorgan in Hong Kong. 1
Phase 2 - Merge on 27 May 2016 Sub-Fund Merging Share Class latest size of share class as at 31 January 2016 (in US$ million) JPMorgan Funds - Emerging Europe Equity Fund JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - Europe Technology Fund JPMorgan Funds - Latin America Equity Fund JPMorgan Funds - US Technology Fund JPMorgan Funds - US Value Fund JPMorgan Emerging Europe Equity A (dist) - EUR JPMorgan Europe Small Cap A (dist) - EUR JPMorgan Europe Technology A (dist) - EUR JPMorgan Latin America Equity A (dist) - USD JPMorgan US Technology A (dist) - USD JPMorgan US Value A (dist) - USD Receiving Share Class 70 JPM Emerging Europe Equity A (dist) - EUR 54 JPM Europe Small Cap A (dist) - EUR 13 JPM Europe Technology A (dist) - EUR 106 JPM Latin America Equity A (dist) - USD 89 JPM US Technology A (dist) - USD 121 JPM US Value A (dist) - USD latest size of share class as at 31 January 2016 (in US$ million) 141 211 94 73 48 296 Phase 2 - Timeline 6:00 p.m. hong Kong time, 24 May 2016 6:00 p.m. hong Kong time, 26 May 2016 27 May 2016, after close of business After this cut-off time, you will not be able to subscribe shares through existing regular investment plan and escheduler in the Merging Share Class(es). You may switch out or redeem shares in the Merging Share Class(es) free of charge # before this cut-off time. After this cut-off time, you will not be able to switch or redeem shares in the Merging Share Class(es). The merger transaction occurs. All the assets, liabilities and any accrued income in the Merging Share Class(es) will be transferred to the Receiving Share Class(es), and the Merging Share Class(es) will cease to exist. Your shares in the Merging Share Class(es) are exchanged free of charge for shares in the equivalent Receiving Share Class(es) of the same sub-fund, based on the net asset value per share in effect that day for both share classes. The value of the shares you own in the Merging Share Class(es) and the new shares you receive in the Receiving Share Class(es) will be the same but you may receive a different number of shares. The regular investments by investors of regular investment plan 1 and escheduler 2 into the Merging Share Class(es) will automatically be directed to the Receiving Share Class(es) of the same sub-fund unless other instruction is received. 30 May 2016 As an investor in the Receiving Share Class(es), you can switch and redeem your new shares and subscribe for additional shares in the Receiving Share Class(es). # Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions. 1 If you invest with bank, distributor or financial adviser, please note that the arrangement of your regular investment plan is subject to the discretion of bank, distributor or financial adviser. 2 The escheduler is only applicable to clients dealing via our e-trading platform with JPMorgan in Hong Kong. 2
IMPORTANT: This letter requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Dear Investor, 18 March 2016 Rename of Sub-Funds and Share Classes of JPMorgan Funds (SICAV Range) and JPMorgan Investment Funds (SICAV Range) We are writing on behalf of the Management Company of JPMorgan Funds and JPMorgan Investment Funds (the Funds ) to inform you that a sub-fund/share class in which you are invested will be renamed. In order to rationalise share class naming conventions within the J.P. Morgan Asset Management fund range, share classes prefixed JPMorgan will be renamed by replacing the prefix with JPM on 31 May 2016, as detailed in Appendix A. In addition, the Chinese names of certain sub-funds and share classes of the Funds offered in Hong Kong will also be renamed to better reflect their English names. Please refer to Appendix B for details. These changes will not alter your investment in the relevant sub-fund nor the way in which the sub-funds are currently being managed and the fees relating to your investment will remain unchanged. You do not need to take any action. However, we recommend that you read this document carefully and that you seek tax and investment advice as appropriate. The Management Company of the Funds accepts responsibility for the accuracy of the contents of this letter. If you have any questions with regard to the contents of this letter or any other aspect of the Funds, please do not hesitate to contact: your bank or financial adviser; our Intermediary Hotline on (852) 2978 7788; our Intermediary Clients Hotline on (852) 2265 1000; if you normally deal directly with us, our J.P. Morgan Funds InvestorLine on (852) 2265 1188; or your designated client advisor or your pension scheme trustee/administrator. Yours faithfully, For and on behalf of JPMorgan Funds (Asia) Limited As Hong Kong Representative of the Funds Eddy Wong Head of Funds Business, Hong Kong & China Retail Encl.
APPeNdIx A ReNAMe OF ShARe ClASSeS Sub-fund existing share class name New share class name ISIN JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (acc) - HKD JPM Asia Pacific Income A (acc) - HKD LU0863149919 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (acc) - USD JPM Asia Pacific Income A (acc) - USD LU0210527791 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (dist) - USD JPM Asia Pacific Income A (dist) - USD LU0117844026 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - AUD (hedged) JPM Asia Pacific Income A (irc) - AUD (hedged) LU0969268043 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - CAD (hedged) JPM Asia Pacific Income A (irc) - CAD (hedged) LU0969353316 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - EUR (hedged) JPM Asia Pacific Income A (irc) - EUR (hedged) LU0987225561 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - GBP (hedged) JPM Asia Pacific Income A (irc) - GBP (hedged) LU0987225645 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (irc) - NZD (hedged) JPM Asia Pacific Income A (irc) - NZD (hedged) LU0987225728 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (mth) - HKD JPM Asia Pacific Income A (mth) - HKD LU0784638990 JPMorgan Funds - Asia Pacific Income Fund JPMorgan Asia Pacific Income A (mth) - USD JPM Asia Pacific Income A (mth) - USD LU0784639295 JPMorgan Funds - China Fund JPMorgan China A (acc) - USD JPM China A (acc) - USD LU0210526637 JPMorgan Funds - China Fund JPMorgan China A (dist) - HKD JPM China A (dist) - HKD LU0538203018 JPMorgan Funds - China Fund JPMorgan China A (dist) - USD JPM China A (dist) - USD LU0051755006 JPMorgan Funds - Euroland Equity Fund JPMorgan Funds - Europe Equity Fund JPMorgan Euroland Equity A (dist) - USD JPM Euroland Equity A (dist) - USD LU0117904457 JPMorgan Europe Equity A (dist) - USD JPM Europe Equity A (dist) - USD LU0117904960 JPMorgan Funds - Greater China Fund JPMorgan Greater China A (acc) - USD JPM Greater China A (acc) - USD LU0210526801 JPMorgan Funds - Greater China Fund JPMorgan Greater China A (dist) - HKD JPM Greater China A (dist) - HKD LU0538203281 JPMorgan Funds - Greater China Fund JPMorgan Greater China A (dist) - USD JPM Greater China A (dist) - USD LU0117841782 JPMorgan Funds - Hong Kong Fund JPMorgan Hong Kong A (dist) - HKD JPM Hong Kong A (dist) - HKD LU0538203521 JPMorgan Funds - Hong Kong Fund JPMorgan Hong Kong A (dist) - USD JPM Hong Kong A (dist) - USD LU0117842087 JPMorgan Funds - India Fund JPMorgan India A (acc) - USD JPM India A (acc) - USD LU0210527015 JPMorgan Funds - Indonesia Equity Fund JPMorgan Indonesia Equity A (acc) - USD JPM Indonesia Equity A (acc) - USD LU0752402288 JPMorgan Funds - Japan Equity Fund JPMorgan Japan Equity A (acc) - USD (hedged) JPM Japan Equity A (acc) - USD (hedged) LU0927678507 JPMorgan Funds - Japan Equity Fund JPMorgan Japan Equity J (dist) - USD JPM Japan Equity J (dist) - USD LU0129465034 JPMorgan Funds - Korea Equity Fund JPMorgan Korea Equity A (acc) - USD JPM Korea Equity A (acc) - USD LU0301634860 JPMorgan Funds - Singapore Fund JPMorgan Singapore A (acc) - USD JPM Singapore A (acc) - USD LU0210528336 JPMorgan Funds - Singapore Fund JPMorgan Singapore A (dist) - USD JPM Singapore A (dist) - USD LU0117842756 JPMorgan Funds - Taiwan Fund JPMorgan Taiwan A (acc) - USD JPM Taiwan A (acc) - USD LU0210528419 JPMorgan Funds - Taiwan Fund JPMorgan Taiwan A (dist) - HKD JPM Taiwan A (dist) - HKD LU0538203950 JPMorgan Funds - Taiwan Fund JPMorgan Taiwan A (dist) - USD JPM Taiwan A (dist) - USD LU0117843481 1
APPeNdIx B ReNAMe OF ChINeSe NAMeS OF SuB-FuNdS ANd ShARe ClASSeS JPMorgan Funds existing sub-fund name (in Chinese) existing share class name (in Chinese) New sub-fund name (in Chinese) New share class name (in Chinese) ISIN 摩根美國基金摩根美國 ( 澳元對沖 ) - A 股 ( 累計 ) 摩根基金 - 美國基金 JPM 美國 ( 澳元對沖 ) - A 股 ( 累計 ) LU0972533318 摩根美國基金 摩根美國 ( 港元 )- A 股 ( 累計 ) 摩根基金 - 美國基金 JPM 美國 ( 港元 )- A 股 ( 累計 ) LU0863150172 摩根美國基金 摩根美國 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 美國基金 JPM 美國 ( 美元 )- A 股 ( 累計 ) LU0210528500 摩根亞洲本地貨幣債券基金 摩根亞洲本地貨幣債券 ( 港元 )- A 股 ( 每月派息 ) 摩根基金 - 亞洲本地貨幣債券基金 JPM 亞洲本地貨幣債券 ( 港元 )- A 股 ( 每月派息 ) LU0538204255 摩根亞洲本地貨幣債券基金 摩根亞洲本地貨幣債券 ( 美元 )- A 股 ( 每月派息 ) 摩根基金 - 亞洲本地貨幣債券基金 JPM 亞洲本地貨幣債券 ( 美元 )- A 股 ( 每月派息 ) LU0732489579 摩根亞太入息基金摩根亞太入息 ( 港元 ) - A 股 ( 累計 ) 摩根亞太入息基金摩根亞太入息 ( 美元 ) - A 股 ( 累計 ) 摩根亞太入息基金摩根亞太入息 ( 美元 ) - A 股 ( 分派 ) 摩根亞太入息基金摩根亞太入息 ( 澳元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 加元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 歐元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 英鎊對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 紐元對沖 ) - A 股 ( 利率入息 ) 摩根亞太入息基金摩根亞太入息 ( 港元 ) - A 股 ( 每月派息 ) 摩根亞太入息基金摩根亞太入息 ( 美元 ) - A 股 ( 每月派息 ) 摩根亞太股票基金摩根亞太股票 ( 港元 ) - A 股 ( 累計 ) 摩根亞太股票基金摩根亞太股票 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 港元 ) - A 股 ( 累計 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 美元 ) - A 股 ( 累計 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 美元 ) - A 股 ( 分派 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 澳元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 加元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 歐元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 英鎊對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 紐元對沖 ) - A 股 ( 利率入息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 港元 ) - A 股 ( 每月派息 ) 摩根基金 - 亞太入息基金 JPM 亞太入息 ( 美元 ) - A 股 ( 每月派息 ) 摩根基金 - 亞太股票基金 JPM 亞太股票 ( 港元 ) - A 股 ( 累計 ) 摩根基金 - 亞太股票基金 JPM 亞太股票 ( 美元 ) - A 股 ( 累計 ) LU0863149919 LU0210527791 LU0117844026 LU0969268043 LU0969353316 LU0987225561 LU0987225645 LU0987225728 LU0784638990 LU0784639295 LU1143078159 LU0441854154 摩根巴西基金 摩根巴西 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 巴西基金 JPM 巴西 ( 美元 )- A 股 ( 累計 ) LU0318934451 摩根中國基金 摩根中國 ( 美元 )- A 股 ( 累計 ) 摩根基金 - 中國基金 JPM 中國 ( 美元 )- A 股 ( 累計 ) LU0210526637 摩根中國基金 摩根中國 ( 港元 )- A 股 ( 分派 ) 摩根基金 - 中國基金 JPM 中國 ( 港元 )- A 股 ( 分派 ) LU0538203018 摩根中國基金 摩根中國 ( 美元 )- A 股 ( 分派 ) 摩根基金 - 中國基金 JPM 中國 ( 美元 )- A 股 ( 分派 ) LU0051755006 2
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IMPORTANT: This letter requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. Dear Investor, 2 March 2016 Liquidation of JPMorgan Funds Asia Local Currency Debt Fund (the Sub-Fund ) We are writing to inform you that the Board of Directors (the Board ) of JPMorgan Funds (the Fund ) has decided to liquidate the Sub-Fund. The Board has taken this decision because the size of the Sub-Fund is relatively small and the Board does not see strong prospects for future growth. The Board therefore believes it is not in the best interest of shareholders to continue with the Sub-Fund to operate in an economically efficient manner, according to article 21 of the consolidated articles of incorporation of the Fund dated 16 February 2011. As at 31 January 2016, the size of the Sub-Fund was approximately USD22.0 million and the total expense ratio was approximately 1.0%. The total expense ratio represents the annual management and advisory fee plus operating and administrative expenses as a percentage of the Sub-Fund s average net asset value. The liquidation date is 8 April 2016. From the date of this letter, the Sub-Fund is no longer allowed to be marketed to the public in Hong Kong and further subscriptions and switching into the Sub- Fund, including through the Regular Investment Plan and escheduler will not be accepted. Given this decision, we would like to offer you the opportunity to switch your current holding in the Sub-Fund, free of charge 1, into any other funds which are managed by JPMorgan Funds (Asia) Limited or for which it acts as Hong Kong representative and which are authorised by the Securities and Futures Commission (the SFC ) from 2 March 2016 to 8 April 2016. Details of such funds (including the relevant offering documents) can be found at our website www.jpmorganam.com.hk 2. SFC authorisation is not a recommendation or endorsement of a fund nor does it guarantee the commercial merits of a fund or its performance. It does not mean the fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. We do hope you will take advantage of this opportunity to switch your investment. If, however, you would prefer to redeem your holding in the Sub-Fund, you may do so up to and including 8 April 2016, on or before 6:00 p.m. (Hong Kong time). No redemption charge is applied. Your investment remaining in the Sub-Fund after such date will be liquidated automatically and proceeds would 1 2 Please note that although we will not impose any charges in respect of your switching instructions, your bank, distributor or financial adviser may charge you switching and/or transaction fees. You are advised to contact your bank, distributor or financial adviser should you have any questions. The website has not been reviewed by the SFC.
normally be paid within one month after the liquidation date using the methods described under the Redemptions section in the latest Hong Kong Offering Document. Costs of the liquidation, estimated to be approximately USD11,500, will be borne by the Management Company (JPMorgan Asset Management (Europe) S.à r.l.). There are no unamortised preliminary expenses in relation to the Sub-Fund. As there may be potential tax consequences to any redemption, switching or realisation, we recommend that you obtain independent tax advice before making your decision to redeem, switch or realise your holding in the Sub-Fund. The Management Company accepts responsibility for the accuracy of the content of this letter. Copies of the Hong Kong Offering Document, Product Key Fact Statement and other documents of the Sub-Fund are available for inspection free of charge during normal working hours at our office. If you have any questions regarding the contents of this letter, please do not hesitate to contact: your bank or financial adviser; our Intermediary Hotline on (852) 2978 7788; our Intermediary Clients Hotline on (852) 2265 1000; or if you normally deal directly with us, our J.P. Morgan Funds InvestorLine on (852) 2265 1188. Yours faithfully, For and on behalf of JPMorgan Funds (Asia) Limited As Hong Kong Representative of the Fund Eddy Wong Head of Funds Business, Hong Kong & China Retail
This addendum is not valid unless accompanied by the Hong Kong Offering Document dated May 2014 and addenda dated June 2014, October 2014, December 2014, March 2015 and August 2015, as amended from time to time Addendum dated February 2016 to the Hong Kong Offering Document of JPMorgan Funds dated May 2014 This document is an addendum dated February 2016 to the Hong Kong Offering Document of JPMorgan Funds (the Fund ) dated May 2014, as amended from time to time (the Offering Document ), and may not be distributed without such Offering Document. The following changes to the Offering Document shall apply with immediate effect: (1) All references to JPMorgan Funds - Asia Pacific Strategic Equity Fund shall be deleted in their entirety and replaced by JPMorgan Funds - Asia Pacific Equity Fund. (2) The definition of Asset backed securities (ABS) in the section DEFINITIONS of the Offering Document shall be deleted in its entirety and replaced by the following: Asset-backed securities (ABS) Asset-Backed Securities (ABS) are securities that entitle the holder to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets. The underlying assets may include, but are not limited to, mortgages, auto loans, credit cards, student loans, equipment lease, collateralized repo loans and EETCs (Enhanced Equipment Trust Certificates). (3) The remarks * inserted at the end of the first paragraph of the Investment Policy of JPMorgan Funds - China Fund and JPMorgan Funds - Greater China Fund in section 3 of the Offering Document entitled INVESTMENT OBJECTIVES AND POLICIES shall be deleted in their entirety and replaced by the following: * The Sub-Fund s aggregate exposure (direct and indirect) to China A-Shares and B-Shares will be less than 30% of its net assets and should this investment policy change in the future, the SFC s approval will be sought (if applicable) and the offering document will be updated accordingly. (4) The Benchmark of JPMorgan Funds - Europe Small Cap Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be amended by inserting the following: Benchmark for Hedged Share Class Euromoney Smaller Europe (Inc. UK) Index (Total Return Net) Hedged to USD for the USD Hedged Share Class (5) The Additional Information of JPMorgan Funds - Europe Small Cap Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be amended by inserting the following: Currency hedged Share Classes seek to minimise the effect of currency fluctuations between the currency of certain (but not necessarily all) assets of the Sub-Fund and the Reference Currency of the relevant Share Class. (6) The Benchmark of JPMorgan Funds - Global Natural Resources Fund in subsection 3.1 of the Offering Document entitled Equity Sub-Funds shall be deleted in its entirety and replaced by the following: Benchmark Euromoney Global Mining & Energy Index (Total Return Net) (7) The Investment Policy of JPMorgan Funds - Asia Pacific Income Fund and JPMorgan Funds - Total Emerging Markets Income Fund in subsection 3.2 of the Offering Document entitled Mixed Asset Sub-Funds shall be amended by inserting the following: The Sub-Fund may hold up to a maximum of 5% of its assets in Contingent Convertible Securities. (8) The Risk Profile of JPMorgan Funds - Asia Pacific Income Fund and JPMorgan Funds - Total Emerging Markets Income Fund in subsection 3.2 of the Offering Document entitled Mixed Asset Sub-Funds shall be amended by inserting the following: Contingent Convertible Securities are likely to be adversely impacted should specific trigger events occur (as specified in the contract terms of the issuing company). This may be as a result of the security converting to
equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred. (9) The Benchmark for Hedged Share Classes of JPMorgan Funds - Total Emerging Markets Income Fund in subsection 3.2 of the Offering Document entitled Mixed Asset Sub-Funds shall be deleted in its entirety and replaced with the following: Benchmark for Hedged Share Class 50% MSCI Emerging Markets Index (Net) USD Cross Hedged to AUD 1 / 25% J.P. Morgan Government Bond Index Emerging Markets Global Diversified (Total Return Gross) USD Hedged to AUD / 15% J.P. Morgan Emerging Market Bond Index Global Diversified (Total Return Gross) Hedged to AUD / 10% J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified (Total Return Gross) Hedged to AUD for the AUD Hedged Share Class (10) The Investment Policy of JPMorgan Funds - Emerging Markets Debt Fund, JPMorgan Funds - Emerging Markets Investment Grade Bond Fund and JPMorgan Funds - Emerging Markets Local Currency Debt Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be amended by inserting the following: The Sub-Fund may hold up to a maximum of 5% of its assets in Contingent Convertible Securities. (11) The Risk Profile of of JPMorgan Funds - Emerging Markets Debt Fund, JPMorgan Funds - Emerging Markets Investment Grade Bond Fund and JPMorgan Funds - Emerging Markets Local Currency Debt Fund in subsection 3.3 of the Offering Document entitled Bond Sub-Funds shall be amended by inserting the following: Contingent Convertible Securities are likely to be adversely impacted should specific trigger events occur (as specified in the contract terms of the issuing company). This may be as a result of the security converting to equities at a discounted share price, the value of the security being written down, temporarily or permanently, and/or coupon payments ceasing or being deferred. (12) The following paragraph shall be inserted after the subsection 4.2 of the Offering Document entitled Political and/ or Regulatory and the existing subsections under section 4 RISK FACTORS of the Offering Document shall be renumbered accordingly: 4.3 Volcker Rule Recent legislative changes in the United States are relevant to JPMorgan Chase & Co. and may be relevant to the Fund and its investors. On 21 July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act ) was signed into law. The Dodd-Frank Act includes certain provisions (known as the Volcker Rule ) that restrict the ability of a banking entity, such as JPMorgan Chase & Co. and its affiliates, from acquiring or retaining any equity, partnership or other ownership interest in, or sponsoring, a covered fund and prohibit certain transactions between such funds and JPMorgan Chase & Co. Under the Volcker Rule, if JPMorgan Chase & Co., together with its employees and directors, owns 15% or more of the ownership interests of a Sub-Fund outside of the permitted seeding time period, the Sub-Fund could be treated as a covered fund. Generally, the permitted seeding time period is one year from the implementation of the Sub-Fund s investment strategy although the period may be extended an additional two years as permitted by the Federal Reserve in its discretion. Because JPMorgan Chase & Co. does not intend to operate the Sub-Fund as a covered fund, it may be required to reduce its ownership interests in a Sub-Fund at a time that is sooner than would otherwise be desirable. This may require the sale of portfolio securities, which may result in losses, increased transaction costs and adverse tax consequences. In addition, in cases where JPMorgan Chase & Co. continues to hold a seed position representing a significant portion of the Sub-Fund s assets at the end of the permitted seeding period, the anticipated or actual redemption of shares owned by JPMorgan Chase & Co. could adversely impact the Sub-Fund and could result in the Sub-Fund s liquidation. Impacted banking entities are generally required to be in conformance with the Volcker Rule by 21 July 2015. The full impact of the Volcker Rule on the Fund is not fully known at this time. (13) The disclosures under the heading Liquidity risk associated with financial derivative instruments which trade at low volumes in subsection 4.8 (renumbered as 4.9) of the Offering Document entitled Derivative Risks shall be deleted in their entirety. (14) Subsection 4.9 (renumbered as 4.10) of the Offering Document entitled Sub-Funds Investing in Commodity Index instruments shall be deleted in its entirety and replaced by the following: 4.10 Commodity Related Instruments Investments which grant an exposure to commodities involve additional risks than those resulting from traditional investments and may subject a Sub-Fund to greater volatility. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity. More specifically, political, military and natural events may influence the production and trading of commodities and, as a consequence, influence financial instruments which grant exposure to commodities; terrorism and other criminal activities may have an influence on the availability of commodities and therefore also negatively impact financial instruments which grant exposure to commodities.
(15) The heading Sub-Funds Investing in Technology Related Companies of subsection 4.11 (renumbered as 4.12) of the Offering Document shall be deleted and replaced by Technology Related Companies. (16) The heading Sub-Funds Investing in Global Natural Resources and Mining Companies Stocks of subsection 4.13 (renumbered as 4.14) of the Offering Document shall be deleted and replaced by Global Natural Resources and Mining Companies Stocks. (17) Subsection 4.14 (renumbered as 4.15) of the Offering Document entitled Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) shall be deleted in its entirety and replaced by the following: 4.15 Asset-Backed Securities (ABS) and Mortgage-Backed Securities (MBS) Certain Sub-Funds may have exposure to a wide range of asset-backed securities (including so-called sub-prime securities) (including asset pools in credit card loans, auto loans, residential and commercial mortgage loans, collateralised mortgage obligations, collateralised debt obligations and collateralized loan obligations), agency mortgage pass-through securities and covered bonds. The obligations associated with these securities may be subject to greater credit, liquidity and interest rate risk compared to other debt securities such as government issued bonds. ABS and MBS are securities that entitle the holders thereof to receive payments that are primarily dependent upon the cash flow arising from a specified pool of financial assets such as residential or commercial mortgages, motor vehicle loans or credit cards. ABS and MBS are often exposed to extension and prepayment risks that may have a substantial impact on the timing and size of the cash flows paid by the securities and may negatively impact the returns of the securities. The average life of each individual security may be affected by a large number of factors such as the existence and frequency of exercise of any optional redemption and mandatory prepayment, the prevailing level of interest rates, the actual default rate of the underlying assets, the timing of recoveries and the level of rotation in the underlying assets. (18) The heading Sub-Funds Investing in Participation Notes of subsection 4.17 (renumbered as 4.18) of the Offering Document shall be deleted and replaced by Participation Notes. (19) Subsection 4.18 (renumbered as 4.19) of the Offering Document entitled Depository Receipts shall be deleted in its entirety and replaced by the following: 4.19 Depository Receipts Investment into a given country may be made via direct investments into that market or by depository receipts traded on other international exchanges, including unsponsored depositary receipts, in order to benefit from increased liquidity in a particular security and other advantages. A depository receipt admitted to the official listing on a stock exchange in an Eligible State or traded on a Regulated Market may be deemed an eligible transferable security regardless of the eligibility of the market in which the security to which it relates normally trades. Unsponsored depositary receipts may not provide as much information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. (20) Subsection 4.22 (renumbered as 4.23) of the Offering Document entitled Investment in Real Estate shall be deleted in its entirety and replaced by the following: 4.23 Investment in Real Estate Investments in equity securities issued by companies which are principally engaged in the business of real estate, and REITs in particular, will subject the strategy to risks associated with the direct ownership of real estate. These risks include, among others, possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition; property taxes and transaction, operating and foreclosure expenses; changes in zoning laws; costs resulting from the clean up of, and liability to third parties for damages resulting from, environmental problems; casualty or condemnation losses; uninsured damages from floods, earthquakes or other natural disasters and acts of terrorism; limitations on and variations in rents; and changes in interest rates. The underlying mortgage loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called sub-prime mortgages. The value of REITs will also rise and fall in response to the management skill and creditworthiness of the issuer. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of securities. A Sub-Fund and its shareholders will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the Sub-Fund.
The strategy may invest in securities of small to mid-size companies which may trade in lower volumes and be less liquid than the securities of larger, more established companies, there are therefore risks of fluctuations in value due to the greater potential volatility in share prices of smaller companies (see Sub-Funds Investing in Smaller Companies, subsection 4.11 of this Offering Document). (21) Subsection 4.36 (renumbered as 4.37) of the Offering Document entitled Investments in Government Debt Securities shall be deleted in its entirety and replaced by the following: 4.37 Government Debt Securities Certain Sub-Funds may invest in debt securities ( Sovereign Debt ) issued or guaranteed by governments or their agencies, US municipalities, quasi-government entities and state sponsored enterprises ( governmental entities ). This would include any bank, financial institution or corporate entity whose capital is guaranteed to maturity by a government, its agencies or government sponsored enterprises. Government securities (including sovereign debt and municipal securities) are subject to market risk, interest rate risk and credit risk. Governmental entities may default on their Sovereign Debt. Holders of Sovereign Debt, including a Sub-Fund, may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which Sovereign Debt on which a governmental entity has defaulted may be collected in whole or in part. The price of certain government securities may be affected by changing interest rates. Government securities may include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. In periods of low inflation, the positive growth of a government bond may be limited. Changes in a US municipality s financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems, and these and other municipalities could, potentially, continue to experience significant financial problems resulting from lower tax revenues and/or decreased aid from state and local governments in the event of an economic downturn. This could decrease a Sub-Fund s income or affect the ability to preserve capital and liquidity. Under certain circumstances, municipal securities might not pay interest unless the state legislature or municipality authorises money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue. Since some municipal securities may be secured or guaranteed by banks and other institutions, the risk to a Sub- Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organisation. If such events were to occur, the value of the security could decrease or the value could be lost entirely, and it may be difficult or impossible for the Sub-Fund to sell the security at the time and the price that normally prevails in the market. (22) Subsection 4.37 (renumbered as 4.38) of the Offering Document entitled Risks related to the Sovereign Debt crisis shall be deleted in its entirety and replaced by the following: 4.38 Risks related to the Sovereign Debt crisis Certain Sub-Funds may invest substantially in sovereign debt. There are increasing concerns regarding the ability of certain sovereign states to continue to meet their debt obligations. This has led to the downgrading of the credit rating of certain European governments and the US government. Global economies are highly dependent on each other and the consequences of the default of any sovereign state may be severe and far-reaching and could result in substantial losses to the Sub-Fund and the investor. (23) The heading Investments in Debt Securities of Financial Institutions of subsection 4.38 (renumbered as 4.39) of the Offering Document shall be deleted and replaced by Debt Securities of Financial Institutions. (24) Subsection 4.40 (renumbered as 4.41) of the Offering Document entitled Investments in UCITS and UCIs shall be deleted in its entirety and replaced by the following: 4.41 UCITS and UCIs As any Sub-Fund may invest some or all of its assets in UCITS and UCIs, (the Underlying Funds ), the risks identified in this Appendix will apply whether a Sub-Fund invests directly or indirectly through the Underlying Funds. Investment decisions in respect of the Underlying Funds will be made independently of the Sub-Fund and it is possible that certain Underlying Funds may invest in the same security or in issues of the same asset class, industry, currency, country or commodity at the same time. Accordingly, there can be no assurance that effective diversification of the Sub-Fund s portfolio will always be achieved. Underlying Funds will be subject to certain fees and other expenses, which will be reflected in the Net Asset Value of the Sub-Fund. However where a Sub-Fund invests in Underlying Funds managed by the Management Company,