AVAILABLE FOR PUBLIC CIRCULATIONJanuary | 2020

Important information1. The Fund invests in a diversified portfolio of income-producing equities, bonds and other securities. The Fund will have limited RMB denominated underlying

investments.2. The Fund is therefore exposed to a range of investment related risks which includes equity, credit, investment grade bond risks, interest rate risk which may affect

the price of bonds and real estate market related risks (associated with the risk of investing in REITs and other property related securities; direct investment in real estate is not permitted), liquidity, distribution (no assurance on distribution, distribution rate or dividend yield), Eurozone sovereign debt crisis and derivatives risks. Pertaining to investments in below investment grade or unrated debt securities, these securities may be subject to higher liquidity risks and credit risks comparing with investment grade bonds, with an increased risk of loss of investment. For currency hedged classes, risks associated with the hedging and class currency. For RMB hedged class, risks associated with the RMB currency and currency hedged classes risks. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. There can be no assurance that RMB will not be subject to devaluation at some point. The Manager may, under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee, pay redemption monies and/or distributions in USD.

3. Where the income generated by the Fund is insufficient to pay a distribution as the Fund declares, the Manager may at its discretion determine such distributions may be paid from capital including realised and unrealised capital gains. Investors should note that the payment of distributions out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to that original investment. Any payments of distributions by the Fund may result in an immediate decrease in the net asset value per unit.

4. Investors may be subject to substantial losses.5. Investors should not solely rely on this document to make any investment decision.

JPMorgan Multi Income FundBoosting existing income: Strives to generate an attractive income stream amid relatively low interest rates

Well-diversified portfolio: Invests globally and across asset classes to seek diversification with balanced risk

Distribution classes available: The Fund’s monthly distribution share classes* provide investors with attractive income opportunities (* Aim at monthly distribution. Dividend rate is not guaranteed. Distributions may be paid from capital. Refer to important information 3)

Morningstar Analyst Rating TM

+ Asia Asset Management, 2019 Best of the Best AwardsBest Multi-Asset House

+ Source of Analyst Rating: © 2020 Morningstar, Inc. All Rights Reserved. Data as of end-December 2019; awarded to (mth) – USD Class, (mth) – HKD Class and (acc) – USD Class. Issued by Asia Asset Management, 2019 Best of the Best Awards, reflecting performance as at 30 November 2018.

PAGE 2 of 5 | MONTHLY FUND STORY | JANUARY 2020 | JPMORGAN MULTI INCOME FUND

AVAILABLE FOR PUBLIC CIRCULATION

Positive distribution yield does not imply positive return. Annualised yield = [(1+distribution per unit/ex-dividend NAV)^12]-1. The annualised dividend yield is calculated based on the monthly dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield.

INCOME POTENTIAL PLUS OPPORTUNITY FOR GROWTH

11.2

019

10.2

019

09.2

019

08.2

019

07.2

019

06.2

019

05.2

019

03.2

019

04.2

019

02.2

019

01.2

019

12.2

018

11.2

018

10.2

018

09.2

018

08.2

018

07.2

018

06.2

018

05.2

018

04.2

018

01.2

018

02.2

018

03.2

018

0%

1%

2%

3%

4%

5%

6%

12.2

019

Source: J.P. Morgan Asset Management (USD (mth) class return from launch on 09.09.2011 to 31.12.2019, NAV to NAV in USD with income reinvested).

Many investment instruments can provide income potential — bonds, convertibles and stocks, for example. By creating a flexible and diversified portfolio that draws on all these investments globally, the fund managers seek to deliver an attractive and diversified yield for a balanced level of risk.

It’s this relentless search for yield that has helped the Fund generate attractive income potential and provides the opportunity for long-term capital growth.

JPMorgan Multi Income (mth) – USD

% c

hang

e

-10

20

70

60

0

40

10

50

30

2012 2013 2014 2015 2016 2017 2018 2019 2020

CUMULATIVE PERFORMANCE SINCE LAUNCH

A DYNAMIC AND FLEXIBLE APPROACHThe Fund draws on J.P. Morgan Asset Management’s global resources to analyse income-producing securities across geographies and asset classes, and across the capital structure, in order to deliver our highest conviction ideas into a single, directly invested portfolio.

CURRENT AND HISTORICAL POSITIONING

31.12.2019

Global EquitiesEuropean Equities

Emerging Market EquitiesGlobal REITs

Global Infrastructure EquitiesConvertible BondsPreferred Equities

Non-Agency SecuritisedAgency Securitised

Global Government BondsUS High Yield Bonds

US Investment Grade CreditGlobal Investment Grade Credit

European Fixed IncomeEuropean High Yield Bonds

Emerging Market DebtShort Duration Fixed Income

Net Liquidity

% of holdings 0 5 10 15 20 25 30 35 40 45

Source: J.P. Morgan Asset Management. Based on asset allocation from launch on 09.09.2011 to 31.12.2019.

Scour the world, find more yield.Using a flexible approach that seeks only the best income opportunities from around the globe, the Fund strives to provide investors with an attractive income stream and the opportunity for capital growth.

DISTRIBUTION YIELD OF USD (MTH) CLASS* OVER THE PAST TWO YEARS* Aims at monthly distribution. Dividend rate is not guaranteed.

Distributions may be paid from capital. Refer to important information 3

EXPERTISE • Benefits from the insight of 87 investment professionals, with a track record of more than 45 years’ experience in multi-asset investing (as of end-September 2019).

PORTFOLIO • Combines a flexible approach with disciplined risk management in search of attractive income opportunities: diversifies across some 2,900 securities and over 80 markets.

SUCCESS • Has provided an attractive distribution yield far above cash-based investments.

JPMorgan Multi Income Fund

J.P. MORGAN ASSET MANAGEMENT’S MULTI-ASSET SOLUTIONS TEAM

PERFORMANCE (%)

YTD 1 year 3 years 5 yearsSince

launchJPMorgan Multi Income (mth) - USD 14.8 14.8 20.6 27.5 67.2

2014 2015 2016 2017 2018JPMorgan Multi Income (mth) - USD 4.4 -1.6 7.4 10.6 -5.0

Source: J.P. Morgan Asset Management (USD (mth) class return from launch on 09.09.2011 to 31.12.2019, NAV to NAV in USD with income reinvested). Volatility based on monthly data.

HISTORICAL DISTRIBUTIONS

Ex-dividend date (d/m/y) Distribution per unit / Annualised yield *

USD (mth)Class

HKD (mth)Class

AUD Hedged(mth) Class

CAD Hedged(mth) Class

NZD Hedged(mth) Class

29.11.2019USD 0.0420

4.58%HKD 0.0421

4.58%AUD 0.0304

3.57%CAD 0.0384

4.47%NZD 0.0329

3.87%

31.12.2019USD 0.0420

4.52% HKD 0.0419

4.51%AUD 0.0306

3.54%CAD 0.0364

4.18%NZD 0.0336

3.90%

Ex-dividend date (d/m/y) Distribution per unit / Annualised yield *

EUR Hedged(mth) Class

GBP Hedged(mth) Class

SGD Hedged(mth) Class

RMB Hedged(mth) Class

29.11.2019EUR 0.0183

2.16%GBP 0.0288

3.43%SGD 0.0348

4.20%CNY 0.0440

5.61%

31.12.2019EUR 0.0139

1.62%GBP 0.0252

2.96%SGD 0.0353

4.20%CNY 0.0453

5.70%

* Aim at monthly distribution. Dividend rate is not guaranteed. Distributions may be paid from capital. Refer to important information 3

Positive distribution yield does not imply positive return. Annualised yield = [(1+distribution per unit/ex-dividend NAV)^12]-1. The annualised dividend yield is calculated based on the monthly dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield.

DISTRIBUTION SCHEDULE

Record date Ex-dividend date Reinvestment / Payment date30.01.2020 31.01.2020 10.02.2020

27.02.2020 28.02.2020 09.03.2020

Dividend rate is not guaranteed. Positive distribution yield does not imply positive return.

• 87 investment professionals◆

• USD 252 billion of AUM■

◆Includes portfolio managers, research analysts, traders and investment specialists with VP title and above.■ Excludes custom glidepath and retail advisory assets. Source: J.P. Morgan Asset Management, as of end-September 2019.

INVESTMENT OBJECTIVE

To maximize the income return primarily through investing in a diversified portfolio of income producing equities, bonds and other securities. In addition, the Fund aims to provide medium to long term moderate capital growth. The Manager will seek to achieve these objectives by active asset allocation to, and within, different asset classes and geographies. The asset classes include but are not limited to investment grade bonds, below investment grade bonds, high yield bonds, emerging market bonds, convertible bonds, asset backed securities (including asset backed commercial papers), mortgage backed securities, real estate investment trusts (“REITs”) and equities.

ANNUALISED VOLATILITY SINCE LAUNCH

6.3%

Leon Goldfeld

Eric Bernbaum Matthew Pallai

Portfolio manager

31 years of industry experience, 3 years at J.P. Morgan

Portfolio manager

11 years of industry experience, all at J.P. Morgan

Portfolio manager

16 years of industry experience, all at J.P. Morgan

Michael Schoenhaut

Portfolio manager

22 years of industry experience, all at J.P. Morgan

PAGE 3 of 5 | MONTHLY FUND STORY | JANUARY 2020 | JPMORGAN MULTI INCOME FUND

AVAILABLE FOR PUBLIC CIRCULATION

BOND PORTFOLIO CHARACTERISTICS

Average Rating: BB

Average Duration: 4.1 years

Average Maturity (Bonds): 5.8 years

Expected Life (Convertibles): 2.6 years

BOND RATING BREAKDOWN

AAA 7.3%

AA 0.5%

A 1.5%

BBB 5.4%

<BBB 32.6%

Non Rated 3.5%

Source: J.P. Morgan Asset Management, Moody’s, S&P, Fitch, as of end-December 2019.

EQUITY SECTOR BREAKDOWN

22.2%12.7%11.7%10.9%9.2%7.2%7.1%6.9%6.3%3.6%2.1%

Financials Information Technology Utilities Consumer Staples Health Care Consumer Discretionary Comm ServicesIndustrials Energy Materials Real Estate

Excludes the Fund’s dedicated Global REITs sleeve.

QUICK FUND FACTS

Fund Managers: Leon Goldfeld / Michael Schoenhaut / Eric Bernbaum / Matthew Pallai

Fund Size: USD 5,245.8m

Launch Date: USD (mth) Class: 09.09.2011 HKD (mth) Class: 09.09.2011 AUD Hedged (mth) Class: 28.06.2012 CAD Hedged (mth) Class: 28.06.2012 NZD Hedged (mth) Class: 28.06.2012 EUR Hedged (mth) Class: 10.09.2012 GBP Hedged (mth) Class: 10.09.2012 SGD Hedged (mth) Class: 10.09.2012 RMB Hedged (mth) Class: 07.04.2014 RMB Hedged (acc) Class: 07.04.2014 USD (acc) Class: 01.02.2012

Initial Charge: 5.0% of NAV

Redemption Charge: Currently 0%

Management Fee: 1.25% p.a.

Distribution Frequency: (mth) Class: Expected monthly

Dealing & Valuation: Daily

TOP FIVE EQUITY HOLDINGS

Holding %

Taiwan Semiconductor Manufacturing Co., Ltd. 1.3

Coca-Cola Company 0.7

Verizon Communications Inc. 0.6

Novartis AG 0.6

Merck & Co., Inc. 0.5

TOP FIVE BOND HOLDINGS

Holding %

US Treasury 3.125% 15/08/44 0.5

US Treasury 3.625% 15/02/44 0.5

US Treasury 3% 15/11/44 0.5

US Treasury 3.375% 15/05/44 0.5

GNR 2018-97 VZ 3.5% 20/06/48-AI 0.3

Source of top five holdings: J.P. Morgan Asset Management, as of end-November 2019.

PAGE 4 of 5 | MONTHLY FUND STORY | JANUARY 2020 | JPMORGAN MULTI INCOME FUND

AVAILABLE FOR PUBLIC CIRCULATION

ASSET ALLOCATION

1.9%

5.1%

14.5%

11.2%

3.2%

10.3%

14.6%

3.8%

2.3%

1.9%

0.1%

0.5%

0.3%

21.8%5.7%

27.8%

Emerging Markets

North America

Developed Europe

Developed Asia Pacific

Fixe

d In

com

eEq

uiti

esan

d RE

ITs

Hyb

rids Preferreds / Perpetuals

Convertible Bonds

Non-Agency Securitised

Emerging Market Debt

High Yield BondsNorth America

Others

Developed Europe

Agency Securitised

Global Government Bonds

Short Duration Fixed Income

US Inv Grade Fixed Income

Net Liquidity 3.0%

39.2%Equities and REITs

50.8%Fixed Income

7.0%Hybrids

LET’S SOLVE IT.

NEXT STEPS

For further information on the JPMorgan Multi Income Fund, please contact your bank, insurance company or financial adviser.am.jpmorgan.com/hk

The USD (acc) Class is only available from specific insurance companies.Unless stated otherwise, all fund information is sourced from J.P. Morgan Asset Management, as of end-December 2019.The information contained in this document does not constitute investment advice, or an offer to sell, or a solicitation of an offer to buy any security, investment product or service. Informational sources are considered reliable but you should conduct your own verification of information contained herein. The AUD/CAD/NZD/EUR/GBP/SGD/RMB Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies.The “(mth)” classes aim at monthly distribution. Dividend rate is not guaranteed. Distributions may be paid from capital.Refer to important information 3

Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document(s) for details, including the risk factors. This document has not been reviewed by the SFC. Issued by JPMorgan Funds (Asia) Limited.

MIF2001E_IST

PAGE 5 of 5 | MONTHLY FUND STORY | JANUARY 2020 | JPMORGAN MULTI INCOME FUND

AVAILABLE FOR PUBLIC CIRCULATION