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Jpm investment trust profiles as of 19 08 11 Jpm investment trust profiles as of 19 08 11 Document Transcript

  • Investment Trust ProfilesFacts and figures ofJ.P. Morgan Investment Trusts
  • On the following pages are profiles for each of our investment trusts. Further information is provided in the individual trusts’ annual report and accounts, which are available on our website www.jpmorganinvestmenttrusts.co.uk or on request from our Investor Services team on 0800 20 40 20. Up-to-date share prices can also be found on our website or daily in the Financial Times, The Times, The Daily Telegraph, The Independent, The Scotsman and on Trustnet. You should particularly consider the information relating to investment risks.Investment Trust ProfilesIntroduction less than other types of funds and this is taken from the trust’s assets, not directly from your investment.J.P. Morgan Investment Trusts offer investors a number ofimportant benefits, including low charges, flexibility and a diverse Shareholder benefitsspread of investment opportunities. Whatever your investment Investment trusts offer all the features of being a shareholder in agoals – whether you are looking for capital growth, income or a public company. You can follow the share price in the nationalcombination of both – with our extensive range of investment trusts press, receive annual and interim reports and accounts, detailingcovering the world’s leading equity markets you should be able to the trust’s financial performance, and attend and vote at the Annualfind a trust, or a combination of trusts, to match your investment General Meeting.needs. Every investment trust is governed by an independent board whichYou can invest in any of our 21 investment trusts, subject to the aims to ensure that the trust is run in the best interests ofinvestment minimums outlined in the Key Features and Terms and shareholders.Conditions document, through the following J.P. Morgan products: Features of Investment Trusts• J.P. Morgan Investment Account Discounts/premiums• J.P. Morgan ISA As investment trust shares are traded on the stock market, their share price is driven by market demand. This means the shares can• J.P. Morgan SIPP be worth more or less than the value of the trust’s underlyingThis booklet contains a detailed profile of each of our 21 portfolio of assets. When the shares are priced below the value ofinvestment trusts to help you identify the trust or trusts that best the assets, they are said to be trading at a ‘discount’. When they aresuit your investment objectives and attitude to risk. trading above the value of the net assets, they are at a ‘premium’.If you need further information, visit our website Gearingwww.jpmorganinvestmenttrusts.co.uk which provides daily prices, Like other companies, investment trusts can borrow money to buyinteractive charting tools, as well as monthly factsheets and copies more assets. This is known as ‘gearing’ and can potentially increaseof each trust’s report and accounts, or call our Investor Services the returns made on behalf of shareholders. However, gearing canteam on 0800 20 40 20. also increase the potential for losses within the investment portfolio when markets fall. It is always important to check that anWhy Investment Trusts investment trust has a level of gearing that is appropriate for your personal risk profile.SimplicityInvestment trusts are companies listed on the stock market, which Conventional or split capitalmake their returns by investing in other companies’ shares. So you Most of our investment trusts have a conventional structureeffectively invest in a wide range of companies by investing into just offering just one type of share. However some are split capitalone company and therefore diversify the risk, unlike when you trusts which offer a number of share classes and different capitalinvest in a single share. structure, represented by different types of share, which can meet different needs.Investment trusts give you the potential to benefit from capitalgrowth if the trust’s share price rises and you can also receive These trusts are more complex than conventional investment trustsincome from your investment. owing to the different classes of share that they issue. In addition, a typical split capital trust will have a limited life with aCost efficiency predetermined wind up date.High investment charges often deter people from putting theirmoney into investment products, but our investment trusts aim tokeep the cost of investing as low as possible. Most of ourinvestment trusts have annual management fees of 0.7% or less – Investment Trust Profiles 1
  • Risk Factors and Investment Features Premiums and Discounts With investment trusts, the underlying investment product that you are All investments carry an element of risk. The value of your buying is a share in a company listed on the London Stock Exchange. investments and the income from it is not guaranteed and can fall The price of its shares is determined by supply and demand. The price, as well as rise. Past performance is not a guide to future returns. therefore, is not necessarily the same as the underlying value of the When you sell your investment, you may get back less than you assets per share. Where the price of an investment trust is lower than originally invested. the Net Asset Value per share, the trust is said to be trading at a discount. Where the price is higher than the Net Asset Value per share, The risk factors below apply generally to investment trust shares, it is said to be trading at a premium. The discount or premium varies or to particular investment trusts depending on the structure of the depending on demand for an Investment Trust’s shares and represents underlying portfolio. Please refer to the specific risk factors of each an additional element of potential risk and reward. trust in their profiles on the following pages. Real Estate and Property Derivatives Investments in equity securities issued by companies which are Investments in derivatives may lead to losses that are exaggerated. The principally engaged in the business of real estate and property are potential for losses could be greater than what the investment subject to risks associated with the direct ownership of real estate originally invested in, which may lead to increased volatility of the price and property. of an investment. In addition, there is market counterparty risk. When Smaller Companies investing in derivatives a counterparty in a derivatives transaction may Investments in smaller companies may involve a higher degree of default and an Investment may sustain losses as a result. risk as these types of companies are usually more sensitive to price Emerging Markets movements, because their infrastructures, product lines and Investing in emerging markets may involve a higher element of risk financial resources may be less developed than larger companies. due to political and economic instability and underdeveloped Split Capital Investment Trusts markets and systems. There could also be a lack of liquidity in These investment trusts are more complex than conventional certain emerging market stocks and currencies which may result in investment trusts because of the different classes of shares that a more volatile price. they issue. A typical split-capital investment trust will also have a limited life with a predetermined wind-up date. Exchange Rate and Currency Risks Exchange rate changes may cause the value of underlying overseas Stock Market Linked Investment investments and any income from them to go down as well as up. All investments have varying levels of risk. In this context you should note that an investor’s capital in a bank or building society is Gearing secure whereas in a stock market linked investment it is exposed to The investments in which you invest may utilise gearing; that is elements of risk. increasing the funds available for investment through borrowing, to seek to enhance returns to shareholders. Gearing is expected to Tax Benefits and Liabilities exaggerate market movements both down and up which could The level of tax benefits and liabilities arising from investment will mean sudden and large falls in value. depend on individual circumstances and may change in the future. Subscription Shares Investment Trust Portfolio Composition Some investment trusts may have subscription shares in issue, The investment objective of an investment trust may allow some which, if exercised, may have an effect on the Net Asset Value. flexibility in terms of portfolio composition which increases the Subscription shares are derivatives; please refer to the specific potential risk of the investment trust. Where permitted, an Derivatives risk factor. investment trust may invest in another investment trust or company that utilises gearing (leverage) which will exaggerate market movements both up and down. Other Information Total Expense Ratio Liquidity This takes into account the annual management fee paid to the Shares in smaller companies and emerging markets are generally manager and all other operating expenses such as audit fees and traded less frequently than those in larger companies and irrecoverable VAT. Where appropriate, tax relief allowable on established markets. This means that there may be difficulty in expenses has been included. It represents the total net deductions both buying and selling shares and individual share prices may be (excluding interest payments) as a percentage of the trust’s average subject to short-term price fluctuations. net assets over a year. Market Risks Rolling 12 Month Performance External factors may cause an entire asset class to decline in value. Figures use diluted NAVs to calculate the total return with net Prices and values of all shares or all bonds could decline at the dividend (if any) reinvested, in sterling, unless otherwise stated. same time. Source: J.P. Morgan/Fundamental Data. Yield Dividend yields are based on mid-prices, net and allow for the value of declared distributions and rights. Source: Financial Times. The views expressed in this document are not to be taken as advice or a recommendation to buy or sell any investment.2 Investment Trust Profiles
  • AmericanAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth from North American investments. Invests in US Share Price 24.1% 24.2% -1.3% -9.3% 11.4% Net asset value 24.6% 21.5% -6.1% -11.0% 11.6%companies including, when appropriate, exposure to small Benchmark 21.4% 25.6% -11.2% -12.7% 10.7%capitalisation sector. Investment trust informationBenchmark index Total assets GBP 450.3mS&P 500 Index (£) Yield 1.2% Dividends paid MayManagers Subscription Shares NoGarrett Fish and Eytan Shapiro Specific risk factorsA Exchange rates GearingWebsite Smaller companieswww.jpmamerican.co.uk Gearing range 95-120% Annual management fee 0.50%BTen largest investments (% of total assets) Total expense ratio 0.70% Launch 1881 Exxon Mobil 4.2 Available via ISA • Investment Account • SIPP IBM 2.8 A Microsoft 2.5 Full details of the risk factors are outlined on pages 1-2. B An additional performance fee may be payable. For details see the Companys latest Annual Report Apple 2.3 and Accounts. Chevron 2.1 United Technologies 2.1 Merck & Co 2.0 Pfizer 2.0 Procter & Gamble 1.8 Oracle 1.7AsianAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth, primarily from investing in equities quoted on the Share price 24.4% 21.9% -3.2% -5.1% 40.3% Net asset value 21.5% 24.9% -6.2% -7.1% 43.8%stockmarkets of Asia, excluding Japan. To have a diversified Benchmark 17.1% 34.4% -0.9% -4.9% 33.9%portfolio of Asian stocks and use borrowings from time to time togear the portfolio. Investment trust information Total assets GBP 465.0mBenchmark index Yield 0.7%MSCI AC Asia ex Japan Index (£) Total Return Dividend paid February Subscription Shares YesAManagers Specific risk factorsB Exchange ratesJoshua Tay, Pauline Ng and Jenny Tan Emerging markets GearingWebsite Gearing range 90-120%www.jpmasian.co.uk Annual management fee 0.75%CD Total expense ratio 0.85%Ten largest investments (% of total assets) Launch 1997 Available via ISA • Investment Account • SIPP Samsung Electronics 3.9 Agricultural Bank of China H 3.5 A Issued on 4 February 2009. Please see the Companys website for further information. B Hyundai Heavy Industries 3.0 Full details of the risk factors are outlined on pages 1-2. C An additional performance fee may be payable. For details see the Companys latest Annual Report Samsung Engineering 2.8 and Accounts. Siam Cement 2.6 D On value of the equity not value of total assets (so it includes the discount). Astra International 2.5 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, China Construction Bank H 2.4 computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby Keppel 2.4 expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for United Tractors 2.4 a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no Amorepacific 2.2 event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 3
  • Brazil All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Share price* 2.2% – – – – Long term total returns, predominantly comprising capital growth Net asset value* 15.3% – – – – but with the potential for income by investing primarily in Brazilian Benchmark* 17.2% – – – – focused companies. *The presentation of this trusts performance is restricted by regulation because the trust is less than 12 months old. Benchmark index MSCI Brazil 10/40 Index (£) Investment trust information Total assets GBP 68.2m Managers Yield N/A* Luis Carrillo, Sebastian Luparia Dividends paid N/A* Subscription Shares Yes Specific risk factorsA Exchange rates Website Gearing www.jpmbrazil.co.uk Emerging markets Gearing range Maximum 115% Ten largest investments (% of total assets) Annual management fee 1.00%B Total expense ratio 1.49% OGX Petroleo e Gas Participacoes 5.5 Launch 2010 Companhia De Bebidas das Americas ADR 4.6 Available via ISA • Investment Account • SIPP BRF Brasil Foods ADR 3.9 Aes Tiete 3.5 A Full details of the risk factors are outlined on pages 1-2. B Souza Cruz 3.4 An additional performance fee may be payable. Please see the Company website for further information. Companhia Siderurgica Nacional ADR 3.4 * The presentation of this trusts performance is restricted by regulation because the trust is less BR Malls Participacoes 3.2 than 12 months old. EcoRodovias Infraestrutura e Logistica 2.9 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express of implied warranties or representations with Wilson Sons 2.8 respect to such data (or the results to be obtained by the use thereof), and all such parties hereby Mills Estruturas e Servicos 2.6 expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. Chinese All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Long term capital growth by investment in ‘Greater China’ Ordinary share price 18.3% 17.3% 17.5% -5.8% 36.4% Net asset value 17.9% 24.2% 5.7% -4.4% 52.0% companies. Invests in companies which are quoted on the stock Benchmark 13.5% 24.4% 3.1% -1.3% 32.7% exchanges of Hong Kong, China and Taiwan or which derive a substantial part of their revenues or profits from these territories. Investment trust information Total assets GBP 142.5m Benchmark index Yield 0.9% MSCI Golden Dragon Index (£) Total Return Dividends paid December Subscription Shares YesA Managers Specific risk factorsB Exchange rates Howard Wang, Emerson Yip, Shumin Huang and William Tong Emerging markets Gearing Website Gearing range Maximum 115% www.jpmchinese.co.uk Annual management fee 1.00%C Total expense ratio 1.41% Ten largest investments (% of total assets) Launch 1993 Available via ISA • Investment Account • SIPP JF China New Generation Fund 4.0 China Construction Bank H China H 3.9 A Issued on 16 April 2008. Please see the Companys website for further information. B Taiwan Semiconductor Taiwan 3.9 Full details of the risk factors are outlined on pages 1-2. C An additional performance fee may be payable. For details see the Companys latest Annual Report CNOOC 3.5 and Accounts. JF China Pioneer A Share Fund 2.8 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, Cheung Kong 2.7 computing or creating the MSCI data makes any express of implied warranties or representations with Tencent 2.6 respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for Bank of China H 2.3 a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no China Petroleum & Chemical 2.0 event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing China National Building Material 2.0 or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors may not get back the full amount invested.4 Investment Trust Profiles
  • ClaverhouseAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital and income growth from a portfolio of UK investments Share price 26.1% 21.0% -23.9% -15.3% 15.8% Net asset value 28.6% 20.6% -25.2% -14.5% 17.3%consisting mostly of leading companies. Benchmark 25.6% 21.1% -20.5% -13.0% 18.4%Benchmark index Investment trust informationFTSE All-Share Index (£) Total assets GBP 320.5mManagers Yield 3.7% Dividends paid Quarterly - March, June, September, DecemberJames Illsley and Sarah Emly Subscription Shares No Specific risk factorsA GearingWebsite Gearing range 95-120%www.jpmclaverhouse.co.uk Annual management fee 0.55%BC Total expense ratio 0.72%Ten largest investments (% of total assets) Launch 1963 Royal Dutch Shell 9.0 Available via ISA • Investment Account • SIPP HSBC Holdings 6.7 A Full details of the risk factors are outlined on pages 1-2. BP 5.5 B An additional performance fee may be payable. For details see the Companys latest Annual Report Vodafone 5.4 and Accounts. C Rio Tinto 4.6 On value of the equity not value of total assets (so it includes the discount). Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London Stock GlaxoSmithKline 3.7 Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under AstraZeneca 3.6 licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither BHP Billiton 3.4 FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE Anglo American 2.5 ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. BG Group 2.5You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 5
  • JPM Elect JPM Elect offers three investment choices: • Managed Growth • Managed Income • Managed Cash JPM Elect offers quarterly conversion dates which allow you to convert between each share class without incurring dealing charges or a liability to capital gains tax. The Managed Cash shareholders may also elect to have their shares repurchased by the Company on the quarterly conversion dates. The designated conversion dates are 28 February (29 February in a leap year), 31 May, 31 August and 30 November. Conversion instructions must be received on the Elect Conversion Form no earlier than 45 days and no later than 14 days before a chosen conversion date. Conversion dates may change subject to agreement between the Board of JPMorgan Elect and the Manager. Conversion Forms can be found at www.jpmelect.co.uk. If you request a switch outside the designated dates, it will not be treated as a conversion and will not be exempt from capital gains tax and will be subject to normal dealing charges. Elect - Managed Growth All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 To provide long-term capital growth from investing in a range of Share price 24.4% 21.8% -16.5% -13.5% 20.3% Net asset value 24.7% 22.1% -15.4% -14.4% 20.0% closed and open-ended funds managed principally by JPMorgan. Benchmark 23.7% 22.0% -16.7% -10.9% 17.3% Benchmark index Investment trust information 50% FTSE All-Share Index/50% FTSE World Index (ex UK) (£) Total assets GBP 179.2m Manager Yield 1.2%C Dividends paid June, December Katy Thorneycroft and Jonathan Lowe Subscription Shares No Specific risk factorsA Exchange rates Website Emerging markets www.jpmelect.co.uk Gearing Gearing range Nil Ten largest investments (% of total assets) Annual management fee 0.3% on JPM funds JPMorgan Claverhouse Inv Trust 11.0 0.6% on non-JPM funds JPMorgan American Inv Trust 8.1 Total expense ratio 0.49% JPMorgan UK Dynamic A 7.4 Launch 1999B JPMorgan Asian Inv Trust 5.6 Available via ISA • Investment Account • SIPP JPMorgan US Select Equity A 5.5 A Full details of the risk factors are outlined on pages 1-2. The Mercantile Inv Trust 4.9 B Launch date of JPMorgan Managed Growth plc. The record of the trust prior to 15/01/04 is that of JPMorgan US Growth A 4.1 the predecessor company JP Morgan Managed Growth plc. C Dividends yields are based on midmarket prices and the net declared dividends over the preceding JPMorgan European Inv Trust (Growth) 4.1 12 month period. JPMorgan Smaller Companies Inv Trust 4.0 .Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London Stock JPMorgan Emerging Markets Inv Trust 4.0 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. JPM Elect invests in other investment trusts, which may utilise gearing (leverage) which will exaggerate market movements both down and up. You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors may not get back the full amount invested.6 Investment Trust Profiles
  • Elect - Managed IncomeAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006To provide growth of income with the potential for long-term Share price 23.5% 21.3% -24.9% -27.0% 23.7% Net asset value 26.7% 19.9% -24.7% -24.5% 18.4%capital growth from investing in equities, investment trusts and Benchmark 22.4% 20.6% -15.5% -17.1% 14.0%fixed interest securities. Investment trust informationBenchmark index Total assets GBP 41.0m85% FTSE All-Share Index/15% Barclays Capital Global Corporate Yield 4.7%CBond Index hedged (£) Dividends paid Quarterly - March, June, September, December Subscription Shares NoManager Specific risk factorsA GearingSarah Emly and John Baker Gearing range Nil Annual management fee 0.0% on JPM fundsWebsite 0.6% non-JPM fundswww.jpmelect.co.uk Total expense ratio 0.66% Launch 2000BTen largest investments (% of total assets) Available via ISA • Investment Account • SIPP Royal Dutch Shell 7.3 A Full details of the risk factors are outlined on pages 1-2. B JPMorgan Income & Growth Inv Trust (Income 2016) 6.8 An additional performance fee may be payable. For details see the Companys latest Annual Report and Accounts. JPM Global Corporate Bond Fund 5.8 C Dividends yields are based on midmarket prices and the net declared dividends over the preceding HSBC Holdings 5.1 12 month period. Vodafone 4.3 Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London Stock Rio Tinto 3.5 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 GlaxoSmithKline 3.4 FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE BHP Billiton 2.7 ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express AstraZeneca 2.6 written consent. British American Tobacco 2.5Elect - Managed CashAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006To preserve capital and deliver a yield based on short term interest Share price 0.1% 0.0% 2.4% 4.7% 4.5% Net asset value 0.6% -0.1% 3.1% 3.5% 4.7%rates by investing in five or more sterling liquidity funds. Investment trust informationBenchmark indexNot applicable Total assets GBP 16.6m Yield 0.2%DManager Dividends paid Quarterly - March, June, September, December Subscription Shares NoKaty Thorneycroft and Jonathan Lowe Specific risk factors Not applicable Gearing range NilWebsite Annual management fee NilAwww.jpmelect.co.uk Total expense ratio 0.20%B Launch 2004Largest investments (% of total assets) Available viaC Deutsche Global Liquidity Series Managed Sterling 19.2 A Management fees are paid to managers of the underlying funds. Insight Sterling Liquidity Fund 18.6 B Total expense ratio based on expenses charged to, and taxes arising within, the Managed Cash Pool. SWIP Global Sterling Liquidity Fund 17.5 C Based on its return characteristics and the costs incurred in transacting in its shares, an investment JPMorgan Sterling Liquidity Fund 16.5 in Managed Cash should only be considered by existing holders of Managed Growth and/or Managed Income who wish to switch into Managed Cash on the designated quarterly conversion Institutional Cash Series Heritage Fund 15.0 dates. Accordingly Elect Managed Cash shares are not available for purchase through the Fidelity Institutional Sterling Cash Fund 13.2 J.P. Morgan Investment Account, J.P. Morgan ISA or J.P. Morgan SIPP or on J.P. Morgan WealthManager+. D Dividends yields are based on midmarket prices and the net declared dividends over the preceding 12 month period.Based on its return characteristics and the costs incurred in transacting in its shares, an investment in Managed Cash should only considered by existing holders of Managed Growth and/or Managed Income whowish to switch into Managed Cash on the designated quarterly conversion dates. Accordingly Elect Managed Cash shares are not available for purchase through the J.P. Morgan Investment Account, J.P. MorganISA or J.P. Morgan SIPP or on J.P. Morgan WealthManager+.You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 7
  • Emerging Markets All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Capital growth from emerging markets worldwide. Invests in a Share price 20.1% 34.7% -13.1% 4.5% 39.9% Net asset value 20.7% 35.3% -13.2% 2.5% 41.4% diversified portfolio with no more than 50% of the Company’s Benchmark 19.1% 35.6% -13.1% 5.5% 33.7% assets invested in any one region. Investment trust information Benchmark index Total assets GBP 786.9m MSCI Emerging Markets Free Index (£) Yield 0.5% Dividends paid November Managers Subscription Shares YesA Austin Forey and Richard Titherington Specific risk factorsB Exchange rates Emerging markets Website Gearing www.jpmemergingmarkets.co.uk Gearing range 90-120% Annual management fee 1.00%C Ten largest investments (% of total assets) Total expense ratio 1.26% Launch 1991 Housing Development Finance 3.9 Available via ISA • Investment Account • SIPP Companhia Vale do Rio Doce ADR 3.7 Petroleo Brasileiro ADR 2.9 A Issued on 11 June 2009. Please see the Companys website for further information. Hyundai Mobis 2.9 B Full details of the risk factors are outlined on pages 1-2. C Magnit 2.6 An additional performance fee may be payable. For details see the Companys latest Annual Report and Accounts. International Personal Finance 2.6 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, Infosys Technologies ADR 2.5 computing or creating the MSCI data makes any express of implied warranties or representations with China Merchants Bank H 2.4 respect to such data (or the results to be obtained by the use thereof), and all such parties hereby Bharti Airtel 2.3 expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no Turkiye Garanti Bankasi 2.2 event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. European Smaller CompaniesA All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Capital growth from a diversified portfolio of smaller European Share price 48.1% 20.2% -20.2% -18.9% 40.4% Net asset value 41.6% 25.9% -21.4% -16.0% 39.3% companies, excluding the United Kingdom. Benchmark 33.6% 22.0% -19.7% -18.9% 32.3% Benchmark index Investment trust information HSBC Smaller European Companies (ex UK) Index (£) Total assets GBP 483.1m Managers Yield – Dividends paid N/A Jim Campbell and Francesco Conte Subscription Shares No Specific risk factorsB Exchange rates Website Emerging markets www.jpmeuropeansmallercompanies.co.uk Gearing Smaller companies Ten largest investments (% of total assets) Gearing range 80-120% Nokian Renkaa 2.6 Annual management fee On market capitalisation 1.3%C Software 2.5 Total expense ratio 1.21% Rheinmetall 2.5 Launch 1990 Elekta B 2.5 Available via ISA • Investment Account • SIPP Salvatore Ferragamo 2.5 A On 8 July 2010 JPMorgan European Fledgeling Investment Trust plc change its name to JPMorgan Unit 4 Agresso 2.3 European Smaller Companies Trust plc. Hugo Boss 2.2 B Full details of the risk factors are outlined on pages 1-2. C TGS Nopec Geophysical 2.2 On value of the equity not value of total assets (so it includes the discount). Topdanmark 2.1 Andritz 2.1 You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors may not get back the full amount invested.8 Investment Trust Profiles
  • JPM EuropeanJPM European offers two investment choices: • European Growth • European IncomeJPM European offers semi-annual conversion dates which allow you to convert between each share class without incurring dealing chargesor a liability to capital gains tax. The designated conversion dates are 15 March and 15 September. Conversion instructions must be receivedusing the Conversion Form on a business day in February in respect of 15 March conversion date or on a business day in August in respectof 15 September conversion date. Conversion dates may change subject to agreement between the Board of JPMorgan European and theManager. Conversion Forms can be found at www.jpmeuropean.co.uk. If you request a switch outside the dates, it will not be treated as aconversion and will not be exempt from capital gains tax and will be subject to normal dealing charges.European - Growth SharesAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth from Continental European investments by Share price 32.7% 14.3% -30.4% -12.6% 28.5% Net asset value 32.2% 19.3% -27.6% -13.6% 31.5%outperformance of the Companys benchmark over the long term. Benchmark 28.4% 15.2% -20.3% -9.3% 25.4%Benchmark index Investment trust informationFTSE ALL World Developed Europe (ex UK) Index (£) Total assets GBP 266.8mManagers Yield 2.5%D Dividends paid April, OctoberStephen Macklow-Smith and Alexander Fitzalan Howard Subscription Shares No Specific risk factorsA Exchange ratesWebsite Emerging marketswww.jpmeuropean.co.uk Gearing Gearing range 90-120%Ten largest investments (% of total assets) Annual management fee 0.45%B BASF 3.0 Total expense ratio 1.08% Total 2.9 Launch 1929C BNP Paribas 2.8 Available via ISA • Investment Account • SIPP Novartis 2.7 A Full details of the risk factors are outlined on pages 1-2. SanofiAventis 2.6 B An additional performance fee may be payable. For details see the Companys latest Annual Report and JPM European Smaller Companies Inv Trust 2.6 Accounts. C Telefonica 2.4 Launch date of JPMorgan European Growth Shares. The record of the trust prior to 01/08/06 is that of the predecessor company JP Morgan Fleming Continental European Investment Nestle 2.3 Trust plc. Enel 2.2 D Dividends yields are based on midmarket prices and the net declared dividends over the preceding 12 Allianz 1.8 month period. Source: FTSE International Limited ("FTSE") © FTSE 2011. "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.You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 9
  • European - Income Shares All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Growing income together with the potential for long-term capital Share price 22.8% 19.5% -17.4% -17.0% Net asset value 27.8% 20.5% -16.5% -16.4% growth from a diversified portfolio of investments in pan-European Benchmark 26.8% 16.3% -20.9% -10.6% stock markets. Investment trust information Benchmark index Total assets GBP 72.1m MSCI Europe Index (£) Yield 4.1% Dividends paid Half-yearly – April, October Managers Subscription Shares No Stephen Macklow-Smith and Alexander Fitzalan Howard Specific risk factorsA Exchange rates Gearing Website Gearing range 90-120% www.jpmeuropean.co.uk Annual management fee 0.75%B Total expense ratio 1.26% Ten largest investments (% of total assets) Launch 2006C Available via ISA • Investment Account • SIPP Royal Dutch Shell 3.1 Nestle 2.8 A Full details of the risk factors are outlined on pages 1-2. Vodafone 2.0 B An additional performance fee may be payable. For details see the Companys latest Annual Report and BP 2.0 Accounts. C Launch date of JPMorgan European Growth Shares. The record of the Company prior to HSBC Holdings 1.8 01/08/06 is that of the predecessor company JP Morgan Fleming Continental European Investment Trust plc Novartis 1.8 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, Total 1.8 computing or creating the MSCI data makes any express of implied warranties or representations with GlaxoSmithKline 1.6 respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a SanofiAventis 1.4 particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event BASF 1.3 shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. Global Emerging Markets Income All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Dividend income combined with the potential for long term capital Share price* – – – – – Net asset value* – – – – – growth from investing in a diversified portfolio of emerging markets Benchmark* – – – – – investments. *The presentation of this trusts performance is restricted by regulation because the trust is less than 12 months old. Benchmark index MSCI Emerging Markets Free Index, with net dividends reinvested, Investment trust information in sterling terms Total assets GBP 175.9m Yield 3.5% Manager Dividends paid to date 3.25p Richard Titherington Subscription Shares No Specific risk factorsA Exchange rates Website Gearing www.jpmglobalemergingmarketsincome.co.uk Emerging markets Gearing range Maximum 120% Ten largest investments (% of total assets) Annual management fee 1.00%B Total expense ratio 0.00% Kumba Iron Ore 2.7 Launch 2010 SAFCO 2.7 Available via ISA • Investment Account • SIPP Cielo S/A 2.3 Quanta Computer 2.2 A Full details of the risk factors are outlined on pages 1-2. B Berjaya Sports 2.2 An additional performance fee may be payable. Please see the Company website for further information. African Bank Investments 2.2 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, Petrochina H 2.2 computing or creating the MSCI data makes any express of implied warranties or representations with Advanced Information Services (Alien Market) 2.0 respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for Perusahaan Gas Negara 2.0 a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no Telekomunikacja Polska 2.0 event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors may not get back the full amount invested.10 Investment Trust Profiles
  • IndianAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth from investments in India. Invests in both Indian and Share price 6.1% 27.6% 15.9% -16.1% 36.2% Net asset value 3.5% 39.7% 13.1% -20.7% 50.4%non-Indian companies which derive a material part of their revenues Benchmark 0.6% 45.3% 14.8% -12.4% 47.9%from India. Will also invest in Indian equity-related securities, butnot in any other countries of the Indian sub-continent nor Sri Lanka. Investment trust information Total assets GBP 560.9mBenchmark index Yield –MSCI India Index (£) Dividends paid N/A Subscription Shares YesAManagers Specific risk factorsB Exchange ratesEdward Pulling, Rukhshad Shroff and Rajendra Nair Emerging markets GearingWebsite Gearing range Maximum 115%www.jpmindian.co.uk Annual management fee 1.20% Total expense ratio 1.50%Ten largest investments (% of total assets) Launch 1994 Available via ISA • Investment Account • SIPP Infosys Technologies 11.4 Reliance Industries 8.3 A Issued on 4 November 2008. Please see the Companys website for further information. B HDFC Bank 7.0 Full details of the risk factors are outlined on pages 1-2. Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, Housing Development Finance 6.0 computing or creating the MSCI data makes any express of implied warranties or representations with ICICI Bank 5.7 respect to such data (or the results to be obtained by the use thereof), and all such parties hereby ITC 5.0 expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for Tata Consultancy Services 4.2 a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing Larsen & Toubro 3.0 or creating the data have any liability for any direct, indirect, special, punitive, consequential or any Bharat Heavy Electricals 3.0 other damages (including lost profits) even if notified of the possibility of such damages. No further Tata Motors 2.4 distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.JapaneseAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth from Japanese investments. To maintain a portfolio Share price 14.8% 13.0% -16.2% -22.4% -16.6% Net asset value 9.6% 14.0% -11.4% -22.8% -13.4%almost wholly invested in Japan. Benchmark 5.1% 10.4% -4.7% -11.3% -3.5%Benchmark index Investment trust informationTokyo Stock Exchange 1st Section Index (£) (TOPIX) expressed in Total assets GBP 366.9msterling terms Yield 1.6% Dividends paid DecemberManager Subscription Shares NoNicholas Weindling Specific risk factorsA Exchange rates GearingWebsite Gearing range 95-115%www.jpmjapanese.co.uk Annual management fee Assets up to £465m 0.65% Assets between £465m and £930m 0.485%Ten largest investments (% of total assets) Assets above £930m 0.4% Total expense ratio 0.81% Nippon Telegraph & Telephone 5.0 Launch 1927 Honda Motor 4.2 Available via ISA • Investment Account • SIPP Mitsubishi UFJ Financial 3.9 Canon 3.2 A Full details of the risk factors are outlined on pages 1-2. Sumitomo Mitsui Financial 3.1 Sumitomo Electric Industries 2.6 Omron 2.5 Mitsubishi 2.5 Mitsui & Co 2.4 Orix 2.3You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 11
  • Japan Smaller Companies All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Long-term capital growth through investment in small and medium- Share price 5.4% 6.0% -16.6% -28.6% -24.6% Net asset value 0.4% 11.4% -13.8% -29.6% -22.8% sized Japanese companies. Benchmark 7.8% 12.5% 9.0% -15.7% -10.9% Benchmark index Investment trust information S&P Japan Small Cap Index (Total Return Net) ( £) Total assets GBP 80.3m Managers Yield – Dividends paid N/A David Mitchinson and Nicholas Weindling Subscription Shares YesA Specific risk factorsB Exchange rates Website Smaller Companies www.jpmjapansmallercompanies.co.uk Gearing Gearing range 90-120% Ten largest investments (% of total assets) Annual management fee Gross assets up to £115m 1.25% Press Kogyo 3.7 Gross assets over £115m 1.0% Don Quijote 3.1 Total expense ratio 1.96% Osaka Securities Exchange 3.1 Launch 2000 Konami 2.9 Available via ISA • Investment Account • SIPP Trancom 2.8 A Issued on 5 March 2009. Please see the Companys website for further information. Cyber Agent 2.6 B Full details of the risk factors are outlined on pages 1-2. F.C.C. 2.5 Asahi Diamond Industrial 2.5 Ship Healthcare Holdings 2.4 Skymark Airlines 2.4 Mercantile All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Capital growth from a portfolio of medium-sized and smaller UK Share price 27.1% 17.2% -6.8% -29.9% 31.4% Net asset value 24.8% 26.4% -13.7% -27.6% 28.8% companies. To maintain long-term dividend growth at least in line Benchmark 31.2% 29.4% -15.3% -22.1% 24.9% with inflation. Investment trust information Benchmark index Total assets GBP 1411.0m FTSE All-Share (ex 100, ex Inv Companies) (£) Yield 3.3% Dividends paid Quarterly - February, May, August, November Managers Subscription Shares No Martin Hudson and Jane Lennard Specific risk factorsA Smaller Companies Gearing Website Gearing range 90-120% www.mercantileit.co.uk Annual management fee On market capitalisation 0.50%B Total expense ratio 0.49% Ten largest investments (% of total assets) Launch 1884 Available via ISA • Investment Account • SIPP Cable & Wireless 2.4 Jardine Lloyd Thompson 2.4 A Full details of the risk factors are outlined on pages 1-2. Cove Energy 2.2 B On the value of the share price, not the Net Asset Value. Pennon 2.2 Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under Persimmon 2.1 licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither Logica 2.0 FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE Northumbrian Water 1.9 ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express Meggitt 1.8 written consent. Hiscox 1.8 GoAhead 1.7 You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors may not get back the full amount invested.12 Investment Trust Profiles
  • Mid CapAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth from medium-sized UK companies. Specialises in Share price 30.0% 18.5% -29.7% -28.0% 27.3% Net asset value 28.3% 24.1% -32.9% -26.1% 25.9%FTSE 250 companies, using long and short-term borrowings to Benchmark 32.1% 30.4% -14.8% -20.0% 25.9%increase returns to shareholders. Investment trust informationBenchmark index Total assets GBP 145.2mFTSE 250 Index (ex Inv Companies) (£) Yield 3.9% Dividends paid April, DecemberManagers Subscription Shares NoJane Lennard and William Meadon Specific risk factorsA Gearing Gearing range 97.5-112.5%Website Annual management fee 0.40%Bwww.jpmmidcap.co.uk Total expense ratio 0.74% Launch 1972Ten largest investments (% of total assets) Available via ISA • Investment Account • SIPP GoAhead 2.9 A Full details of the risk factors are outlined on pages 1-2. Pennon 2.6 B An additional performance fee may be payable. For details see the Companys latest Annual Report Hiscox 2.5 and Accounts. Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London Stock FirstGroup 2.5 Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under Logica 2.4 licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither Jardine Lloyd Thompson 2.4 FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE Meggitt 2.1 ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Derwent Valley 2.1 Babcock International 1.9 Travis Perkins 1.9OverseasAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth from investing in world stockmarkets. Share price 16.1% 49.0% -6.6% -9.3% 12.5% Net asset value 24.6% 33.3% -7.6% -8.7% 10.5%Benchmark index Benchmark 21.3% 23.0% -14.6% -9.9% 13.9%MSCI AC World Index (£) Investment trust informationManagers Total assets GBP 253.2mJeroen Huysinga Yield 1.5% Dividends paid November Subscription Shares NoWebsite Specific risk factorsA Emerging Marketswww.jpmoverseas.co.uk Exchange rates GearingTen largest investments (% of total assets) Gearing range 95-120% Intercontinental Hotels 2.3 Annual management fee 0.40%B Royal Dutch Shell A 2.1 Total expense ratio 0.65% Nippon Sheet Glass 2.0 Launch 1887 First Quantum Minerals 2.0 Available via ISA • Investment Account • SIPP Nokian Renkaat 1.9 A Full details of the risk factors are outlined on pages 1-2. Associated British Foods 1.9 B An additional performance fee may be payable. For details see the Companys latest Annual Report Amazon 1.9 and Accounts. InterOil 1.9 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, KBC 1.8 computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby Sodexo 1.8 expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 13
  • Russian Securities All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 To achieve capital growth from investment in Russian securities. Share price 29.5% 71.2% -60.8% 46.6% 28.6% Net asset value 28.6% 75.4% -61.2% 41.4% 39.9% Benchmark index Benchmark 36.0% 53.8% -45.5% 32.1% 23.9% MSCI Russian 10/40 Equity Indices Index (£) Investment trust information Managers Total assets GBP 405.8m Oleg Biryulyov and Vitaly Kazakov Yield – Dividends paid N/A Subscription Shares No Website Specific risk factorsA Emerging Markets www.jpmrussiansecurities.co.uk Exchange rates Gearing Ten largest investments (% of total assets) Gearing range 90-115% Sberbank of Russia 13.6 Annual management fee 1.50% Magnit GDR 11.4 Total expense ratio 1.71% JSC MMC Norilsk Nickel ADR 7.2 Launch 2002 Mobile Telesystems ADR 5.8 Available via ISA • Investment Account • SIPP Tatneft ADS 4.9 A Full details of the risk factors are outlined on pages 1-2. Novolipetsk Iron & Steel GDS 4.7 Sistema GDR 3.9 The record of the Company prior to 20/12/02 is that of the predecessor company Fleming Russia Mostotrest 3.7 Securities Limited. The shares of this company were denominated in US dollars. The rates of exchange used to convert this into GBP were those prevailing at the time JPMorgan Fleming Russian CTC Media 3.6 Securities plc was launched on 20/12/02. Bank Saint Petersburg 3.5 Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. Smaller Companies All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 Capital growth from a diversified portfolio of smaller UK Share price 52.9% 26.5% -27.7% -29.5% 34.6% Net asset value 52.2% 30.9% -29.7% -26.6% 34.7% companies. Benchmark 24.6% 20.3% -21.0% -33.6% 20.3% Benchmark index Investment trust information FTSE Small Cap Index (ex Inv Companies) (£) Total assets GBP 131.4m Managers Yield 1.7%B Dividends paid December Georgina Brittain Subscription Shares No Specific risk factorsA Gearing Website Smaller Companies www.jpmsmallercompanies.co.uk Gearing range 90-115% Annual management fee 0.80% Ten largest investments (% of total assets) Total expense ratio 1.26% Oxford Instruments 3.3 Launch 1990 Brammer 3.0 Available via ISA • Investment Account • SIPP Diploma 2.5 A Full details of the risk factors are outlined on pages 1-2. Hyder Consulting 2.3 B Dividends yields are based on mid-market prices and the net declared dividends over the preceding TT Electronics 2.1 12 month period. Senior 2.1 Source: FTSE International Limited ("FTSE") © FTSE 2011. "FTSE®" is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited under Elementis 2.1 licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither KCOM 2.1 FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE RPC 2.0 ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express Fenner 2.0 written consent. You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors may not get back the full amount invested.14 Investment Trust Profiles
  • US Smaller CompaniesAAll information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 JuneTrust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006Capital growth from investing in US smaller companies. Share price 24.1% 36.0% -11.1% -27.6% 8.2% Net asset value 32.3% 27.4% -8.9% -27.5% 3.4%Benchmark index Benchmark 27.7% 33.3% -9.7% -15.7% 7.0%Russell 2000 Index (£) Investment trust informationManagers Total assets GBP 62.4mGlenn Gawronski and Don San Jose Yield – Dividends paid N/A Subscription Shares NoWebsite Specific risk factorsB Exchange rateswww.jpmussmallercompanies.co.uk Gearing Smaller CompaniesTen largest investments (% of total assets) Gearing range Maximum 115% (+/-2.5%) Coventry Health Care 2.7 Annual management fee 1.00%c Jarden 2.4 Total expense ratio 1.66% ProAssurance 2.4 Launch 1998 Penn National Gaming 2.3 Available via ISA • Investment Account • SIPP Papa Johns 2.2 A On 22/04/10 JPMorgan US Discovery Investment Trust plc changed its name to JPMorgan US Smaller Calamos Asset Management 2.2 Companies Investment Trust plc. Silgan 2.0 B Full details of the risk factors are outlined on pages 1-2. IBERIABANK 1.9 c An additional performance fee may be payable. For details see the Companys latest Annual Report Altra 1.8 and Accounts. HFF A 1.8You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 15
  • Income & Capital SPLIT-CAPITAL TRUST All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 To meet the final capital entitlement of the JPMIC Zeros Dividend Share price – Ordinaries 26.5% 26.2% -25.8% - - Prefernce Shareholders to provide JPMIC ordinary shareholders – Units 26.4% 27.9% -22.6% - - with a regular quarterly income and capital growth. – Zeros 24.1% 7.7% -1.2% - - Net Asset Value Benchmark index – Ordinaries 57.0% 43.5% -46.3% - - 90% FTSE 350 Index (ex Inv Co.s) and 10% Barclays Capital Global – Units 27.5% 20.4% -22.0% - - Corporate Bond Index in sterling terms (£) – Zeros 6.8% 6.7% 6.8% - - Benchmark 23.5% 21.2% -19.2% - - Manager Please note performance data is not available for funds under a Sarah Emly and John Baker year. Website Investment trust information www.jpmincomeandcapital.co.uk Total assets GBP 115.1m Yield Ten largest investments (% of total assets) Ordinary 7.0% Royal Dutch Shell 8.8 Units 3.5% HSBC Holdings 6.1 Zeros - Vodafone 5.4 Dividends paid - Ordinaries and Units January, April, BHP Billiton 4.2 July, October GlaxoSmithKline 4.1 Subscription Shares No Rio Tinto 4.1 Specific risk factorsA Split-capital Investment trusts BP 3.1 Gearing AstraZeneca 3.0 Gearing range British American Tobacco 2.9 Ordinary Not Disclosed BG Group 2.5 Units Not Disclosed Zeros Not Disclosed Annual management fee 0.85% Total expense ratio 1.21% Launch 2008 Wind up date 28th February 2018 Available via ISA • Investment Account • SIPP A Full details of the risk factors are outlined on pages 1-2. Source: FTSE International Limited ("FTSE") © FTSE 2011. "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. You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors may not get back the full amount invested.16 Investment Trust Profiles
  • Income & Growth SPLIT-CAPITAL TRUST All information as at 30 June 2011 unless indicated otherwise Rolling 12 month performance as at 30 June Trust objective and policies 2011/2010 2010/2009 2009/2008 2008/2007 2007/2006 To meet the final capital entitlement of the Income Shareholders Share price – Capital -18.4% 26.4% -52.5% -68.0% - and to provide them with a regular quarterly income as well as to – Units 20.7% 19.5% -27.9% -32.5% - provide capital growth for Capital Shareholders. – Income 32.8% 14.0% -29.8% -9.5% - Net asset value Benchmark index – Capital - - - - - FTSE 350 Index (£) – Units 33.7% 21.7% -36.3% -27.3% - – Income 34.6% 22.0% -35.6% 5.3% - Manager Benchmark 25.6% 21.1% -20.5% -12.5% - Neill Nuttall, Sarah Emly and John Baker Investment trust information Website Total assets GBP 56.1m www.jpmincomeandgrowth.co.uk Yield Capital – Ten largest investments (% of total assets) Units 4.9% Income 5.3% JPM Multi Asset Income Fund X Income 19.6 Dividends paid - Ordinaries and Units March, June JPM Strategic Bond Fund I Income 6.9 September and December Royal Dutch Shell 5.6 Subscription Shares No HSBC Holdings 3.5 Specific risk factorsA Split-capital Investment trusts Vodafone 3.4 Gearing Rio Tinto 2.6 Gearing range GlaxoSmithKline 2.4 Capital Not Disclosed BH Macro 2.3 Units Not Disclosed BP 2.3 Income Not Disclosed BHP Billiton 2.1 Annual management fee 0.80% (Reducing to 0.70% on net assets over £65m) Total expense ratio 1.20% Launch 2006 Wind up date 30th November 2016 Available via ISA • Investment Account • SIPP A Full details of the risk factors are outlined on pages 1-2. Source: FTSE International Limited ("FTSE") © FTSE 2011. "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.You should remember that past performance is not a guide to the future. The price of investments may fall as well as rise and investors maynot get back the full amount invested. Investment Trust Profiles 17
  • Who to contactInvestor Services www.jpmorganinvestmenttrusts.co.uk0800 20 40 20 AddressFinancial Advisers’ Helpline J.P. Morgan Asset Management0800 727 770 Client Administration Centre Finsbury Dials 20 Finsbury Street London EC2Y 9AQIssued by JPMorgan Asset Management Marketing Limited which is authorised and regulated in the UK by the Financial Services Authority.Registered in England No. 288553. Registered address: 125 London Wall, London EC2Y 5AJ.Printed on Hello Matt which contains virgin wood fibre and is produced at a mill that holds the ISO 14001 certificate forenvironmental management.The pulp is bleached using a combination of Elemental Chlorine Free (ECF) and Totally Chlorine Free (TCF) methods. GB H127 08/11