AVAILABLE FOR PUBLIC CIRCULATIONJanuary | 2020

Important information1. The Fund invests primarily in a portfolio of debt securities. 2. The Fund is therefore exposed to emerging markets, investment grade bonds, credit, sovereign, interest rate risks which may affect the price of bonds, concentration,

convertibles, equity, currency, liquidity, derivative and distribution (no assurance on distribution or the frequency of distribution or distribution rate or dividend yield) 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. Investments in asset backed securities and mortgage backed securities may be subject to greater credit, liquidity and interest rate risks compared to other debt securities such as government issued bonds and are often exposed to extension and prepayment risks.

3. The Fund may at its discretion pay dividends out of capital. The Fund may also at its discretion pay dividends out of gross income while charging all or part of the Fund’s fees and expenses to the capital of the Fund, resulting in an increase in distributable amount for the payment of dividends and therefore, effectively paying dividends out of realised, unrealised capital gains or capital. Investors should note that, share classes of the Fund which pay dividends may distribute not only investment income, but also realised and unrealised capital gains or capital. Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any dividend payments, irrespective of whether such payment is made up or effectively made up out of income, realised and unrealised capital gains or capital, may result in an immediate reduction of the net asset value per share.

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

JPMorgan Funds – Income FundFlexible approach: Investing opportunistically across the bond universe without benchmark constraints, the fund managers can take advantage of the flexibility in managing the portfolio

Multiple debt markets and sectors: The Fund invests in a wide range of fixed income securities, covering not only traditional but also non-traditional fixed income, allowing for a wider source of income

Focusing on income: The fund managers manage the income of the Fund as part of the investment process to help minimise fluctuations in dividend payments of its monthly distribution share classes* (*Aim at monthly distribution. Dividend rate is not guaranteed. Distributions may be paid from capital. Refer to important information 3)

Morningstar Rating TM

+ Lipper Fund Awards Hong Kong 2019 Best Fund over 3 Years – Bond Global

Fund Selector Asia Awards Hong Kong 2020Global Bond – Platinum

+ Source of Morningstar Rating: © 2020 Morningstar, Inc. All Rights Reserved. Data as of end-December 2019; awarded to A (acc) - USD Class, A (mth) - USD Class and A (mth) - HKD Class. Issued by Lipper of Refinitiv, 2019 award for the A (acc) - USD Class, reflecting performance as of 31.12.2018. Lipper Fund Awards from Refinitiv, © 2019 Refinitiv. All rights reserved.

Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

Issued by Fund Selector Asia, based on volatility and consistency of performance as well as fund selector choices for the three-year period from 30.06.2016 to 30.06.2019.

PAGE 2 of 4 | MONTHLY FUND STORY | JANUARY 2020 | JPMORGAN FUNDS – INCOME FUND

AVAILABLE FOR PUBLIC CIRCULATION

JPMorgan Funds – Income Fund

A flexible strategy helps expand income potential.Invests opportunistically across multiple debt markets and sectors, covering traditional and non-traditional fixed income, with a view to making portfolio income a viable outcome.

EXPERTISE • Draws investment ideas from our global team of 279 fixed income specialists, managing USD 591 billion in AUM.

PORTFOLIO • Expands investment horizons beyond traditional fixed income sectors to find the most attractive yield opportunities.

SUCCESS • The Fund offers monthly distribution share classes*. Its USD (mth) class has provided attractive distribution yield over the past two years.

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

0%

1%

2%

3%

4%

5%

6%

7%

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11.2

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10.2

019

09.2

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08.2

019

07.2

019

06.2

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05.2

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02.2

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03.2

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01.2

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Source: J.P. Morgan Asset Management, as of end-September 2019. Includes assets managed on behalf of other J.P. Morgan Asset Management investment teams. 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.

FLEXIBLE APPROACH WITHOUT BENCHMARK CONSTRAINTSThe Fund invests opportunistically across the bond universe, focusing on markets and sectors that we believe have high potential to produce risk-adjusted return.

With an unconstrained approach, the fund managers take a dynamic approach to navigate changing market conditions.

SECTOR POSITIONING OVER THE PAST TWO YEARS

IG Corporates HY Corporates ABS Agency MBS Non-agency MBSCMBS

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0102030405060708090

110100

120

Allo

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n (m

arke

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ue %

)

EM Sovereigns & Quasi Sovereigns MunisTreasuries

EM CorporatesNet Liquidity

09.2

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DURATION POSITIONING OVER THE PAST TWO YEARS

CMBSGovernment ABS Agency CMO Non-agency CMOIG Credit US HY European HY Munis EM Debt Total

Dura

tion

(yea

rs)

-2-10123456

12.2

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10.2

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DYNAMIC DURATION MANAGEMENTIn addition to multi-layer risk management throughout the investment process, the fund managers also actively adjust the portfolio’s positioning to manage duration in a rising rates environment.

Duration is interest rate weighted. ABS: Asset-Backed Securities. CMBS: Commercial Mortgage-Backed Securities. CMO: Collateralised Mortgage Obligation. EM: Emerging Market. HY: High Yield. IG: Investment Grade. MBS: Mortgage-Backed Securities. Munis: Municipals.

Andrew Norelli

Portfolio manager

18 years of industry experience, 6 years at J.P. Morgan

J.P. MORGAN ASSET MANAGEMENT’SGLOBAL FIXED INCOME, CURRENCY AND COMMODITIES (GFICC)

INVESTMENT OBJECTIVE

To provide income by investing primarily in a portfolio of debt securities.

Andrew Headley

Portfolio manager

25 years of industry experience, 13 years at J.P. Morgan

• 279 fixed income investment professionals◆

• USD 591 billion of AUM■

◆ Includes portfolio managers, research analysts, traders and investment specialists with VP title and above.■ Includes assets managed on behalf of other J.P. Morgan Asset Management investment teams.Source: J.P. Morgan Asset Management, as of end-September 2019.

PERFORMANCE (%)

YTD 1 year 3 years 5 years Since launchJPM Income Fund A (acc) - USD 11.4 11.4 18.6 26.2 26.7

2014# 2015 2016 2017 2018JPM Income Fund A (acc) - USD 0.5 -1.4 7.9 6.1 0.4

# Since launch to end of year.Source: J.P. Morgan Asset Management (USD (acc) class return from launch on 02.06.2014 to 31.12.2019, NAV to NAV in USD with income reinvested).

HISTORICAL DISTRIBUTIONS

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

USD (mth) Class HKD (mth) Class AUD Hedged (mth) Class

01.11.2019USD 0.0440

5.70%HKD 0.0450

5.76%AUD 0.0360

4.39%

02.12.2019USD 0.0400

5.20%HKD 0.0410

5.28%AUD 0.0320

3.92%

* 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 date30.12.2019 02.01.2020 15.01.2020

31.01.2020 03.02.2020 18.02.2020

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

PAGE 3 of 4 | MONTHLY FUND STORY | JANUARY 2020 | JPMORGAN FUNDS – INCOME FUND

AVAILABLE FOR PUBLIC CIRCULATION

SECTOR BREAKDOWN QUICK FUND FACTS

Fund Managers: Andrew Norelli / Andrew Headley

Fund Size: USD 2,220.1m

Launch Date: USD (acc) Class: 02.06.2014 USD (mth) Class: 19.12.2014 HKD (mth) Class: 19.12.2014 AUD Hedged (mth) Class: 05.09.2019

Initial Charge: 3.0% of NAV

Redemption Charge: Currently 0%

Management Fee: 1.0% p.a.

Distribution Frequency: (mth) Class: Expected monthly

Dealing & Valuation: Daily

HY CorporatesABSAgency MBSNon-agency MBSCMBS EM Sovereigns & Quasi SovereignsIG CorporatesOthersNet Liquidity

24.1%14.3%13.8%11.1%9.8%4.6%4.0%1.2%6.1%

LET’S SOLVE IT.

NEXT STEPS

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

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 Hedged Class is not recommended for investors whose base currency of investment is not in AUD.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.

IF2001E_IST

PAGE 4 of 4 | MONTHLY FUND STORY | JANUARY 2020 | JPMORGAN FUNDS – INCOME FUND

AVAILABLE FOR PUBLIC CIRCULATION