Correlaciones entre las variables

This Sub-Fund qualifies as a “Short-Term Money Market Fund” in accordance with ESMA guidelines reference CESR/10-049 (as amended from time to time) and therefore will comply with these guidelines. However, additional requirements are disclosed in the investment policy. 1. Reference Currency

Australian Dollars (AUD)

2. Classes of Shares1

The Sub-Fund may issue Class A (acc.), B (acc.), C (acc.), D (acc.), X (acc.), X (dist.), Institutional (dist.), Agency (dist.), Premier (dist.), Morgan (dist.), Capital (dist.), Reserves (dist.) X (flex dist.), Institutional (flex dist.), Agency (flex dist.), Premier (flex dist.), Morgan (flex dist.), Capital (flex dist.) and Reserves (flex dist.) Shares which differ in their minimum subscription and/or eligibility requirements, dividend policy and the fees and expenses applicable to them.

3. Benchmark

Reserve Bank of Australia Interbank Overnight Cash Rate

4. Investment Objective

The Sub-Fund seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.

5. Investment Policy

The Sub-Fund will invest all of its assets, excluding cash and deposits, in short term AUD-denominated debt securities. The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.

The weighted average maturity of the Sub-Fund’s investments will not exceed 60 days and the initial or remaining maturity of each debt security will not exceed 397 days at the time of purchase.

Debt securities with a long-term rating will be rated at least “A” and debt securities with a short-term rating will be rated at least “A-1” by Standard & Poor’s or otherwise similarly rated by another independent rating agency.

The Sub-Fund may also invest in unrated debt securities of comparable credit quality to those specified above.

The Sub-Fund aims to maintain a “AAA” rating, or equivalent, assigned by at least one rating agency.

Cash and cash equivalents may be held on an ancillary basis. Within the investment restrictions contained in “Appendix II – Investment Restrictions and Powers”, this Sub-Fund may at any time enter into repurchase agreements with highly rated financial institutions specialised in this type of transaction. The collateral underlying the repurchase agreements will also comply with the above credit quality restrictions, although no maturity constraints will apply.

Further information relevant to the Sub-Fund’s investment policy is contained in the main part of the Prospectus under “Investment Policies” (and in particular under “Investment Considerations” included in that Section) and “Appendix II – Investment Restrictions and Powers”.

6. Investor Profile

This liquidity Sub-Fund uses high quality money market instruments to enhance return. Investors in the Sub-Fund are likely to be looking for an alternative to cash deposits for their medium-term or temporary cash investments, including seasonal operating cash for pension funds or the liquidity components of investment portfolios.

1 In connection with (flex dist.) Share Classes, please refer to point 8 in “Appendix V – Risk Factors”. The information contained in this Appendix should be read in conjunction with the full text of the Prospectus of which this forms an integral part.

The Fund employs a risk management process which enables it to monitor and measure at any time the risk of the positions and their contribution to the overall risk profile of each individual Sub-Fund. In this context, the commitment approach will be used, as appropriate, in accordance with CSSF Circular 11/512.

1. Credit Sub-Funds

The distributing Shares of credit Sub-Funds aim to maintain a stable Net Asset Value per Share, although there is no guarantee that this will be the case.

9. Fees and Expenses Share Class Annual Total Expenses Annual Management and Advisory Fee Operating and Administrative Expenses

JPM Australian Dollar Liquidity C (acc.) 0.21% 0.16% 0.05%

JPM Australian Dollar Liquidity B (acc.) 0.45% 0.40% 0.05%

JPM Australian Dollar Liquidity A (acc.) 0.55% 0.40% 0.15%

JPM Australian Dollar Liquidity D (acc.) 0.65% 0.45% 0.20%

JPM Australian Dollar Liquidity Capital (dist.) 0.16% 0.11% 0.05%

JPM Australian Dollar Liquidity Institutional (dist.) 0.21% 0.16% 0.05%

JPM Australian Dollar Liquidity Agency (dist.) 0.25% 0.20% 0.05%

JPM Australian Dollar Liquidity Premier (dist.) 0.45% 0.40% 0.05%

JPM Australian Dollar Liquidity Morgan (dist.) 0.59% 0.50% 0.09%

JPM Australian Dollar Liquidity Reserves (dist.) 0.79% 0.70% 0.09%

JPM Australian Dollar Liquidity Capital (flex dist.) 0.16% 0.11% 0.05%

JPM Australian Dollar Liquidity Institutional (flex dist.) 0.21% 0.16% 0.05%

JPM Australian Dollar Liquidity Agency (flex dist.) 0.25% 0.20% 0.05%

JPM Australian Dollar Liquidity Premier (flex dist.) 0.45% 0.40% 0.05%

JPM Australian Dollar Liquidity Morgan (flex dist.) 0.59% 0.50% 0.09%

JPM Australian Dollar Liquidity Reserves (flex dist.) 0.79% 0.70% 0.09%

These percentages are calculated on the basis of the average net assets of the relevant Share Class. The Class X (acc.), X (dist.) and X (flex dist.) Shares bear their pro-rata share of Operating and Administrative Expenses of the Sub-Fund to a maximum of 0.05%.

7. Risk Profile

• The Sub-Fund’s objective may not be achieved in adverse market conditions and Shareholders may get back less than they originally invested.

• In adverse market conditions, the Sub-Fund may invest in zero or negative yielding securities which will have an impact on the return of the Sub-Fund.

• The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. • The credit worthiness of unrated debt securities is not

measured by reference to an independent credit rating agency.

• The counterparty of repurchase agreements may fail to meet its obligations which could result in losses to the Sub-Fund.

• To the extent that the Sub-Fund invests in Australian sourced assets there may be non-recoverable

withholding taxes imposed upon income or capital gains from such assets.

• Further information about risks can be found in “Appendix V - Risk Factors”.

8. Investment Manager JF Asset Management Limited

| 39 This Sub-Fund qualifies as a “Short-Term Money Market

Fund” in accordance with ESMA guidelines reference CESR/10-049 (as amended from time to time) and therefore will comply with these guidelines. However, additional requirements are disclosed in the investment policy.

1. Reference Currency Euro (EUR)

2. Classes of Shares1

The Sub-Fund may issue Class A (acc.), B (acc.), C (acc.), D (acc.), X (acc.), P (acc.), R (acc.), P (flex dist.), R (flex dist.), X (flex dist.), Institutional (flex dist.), Agency (flex dist.), Premier (flex dist.), Morgan (flex dist.), Reserves (flex dist.) and Capital (flex dist.) Shares which differ in their minimum subscription and/or eligibility requirements, dividend policy and the fees and expenses applicable to them.

3. Benchmark BBA 1 Week EUR LIBID

4. Investment Objective

The Sub-Fund seeks to achieve a return in the Reference Currency in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.

5. Investment Policy

The Sub-Fund will invest all of its assets, excluding cash and deposits, in short term EUR-denominated debt securities. The Sub-Fund may have exposure to investments with zero or negative yields in adverse market conditions.

The weighted average maturity of the Sub-Fund’s investments will not exceed 60 days and the initial or remaining maturity of each debt security will not exceed 397 days at the time of purchase.

Debt securities with a long-term rating will be rated at least “A” and debt securities with a short-term rating will be rated at least “A-1” by Standard & Poor’s or otherwise similarly rated by another independent rating agency.

The Sub-Fund may also invest in unrated debt securities of comparable credit quality to those specified above. The Sub-Fund aims to maintain a “AAA” rating, or equivalent, assigned by at least one rating agency.

Cash and cash equivalents may be held on an ancillary basis. Within the investment restrictions contained in “Appendix II - Investment Restrictions and Powers”, this Sub-Fund may at any time enter into repurchase agreements with highly rated financial institutions specialised in this type of transaction. The collateral underlying the repurchase agreements will also comply with the above credit quality restrictions, although no maturity constraints will apply. Further information relevant to the Sub-Fund’s investment policy is contained in the main part of the Prospectus under “Investment Policies” (and in particular under “Investment Considerations” included in that Section) and “Appendix II - Investment Restrictions and Powers”.

6. Investor Profile

This liquidity Sub-Fund uses high quality money market instruments to enhance returns. Investors in the Sub-Fund are therefore likely to be looking for an alternative to cash deposits for their medium-term or temporary cash investments, including seasonal operating cash for pension funds or the liquidity components of investment portfolios.

7. Risk Profile

• The Sub-Fund’s objective may not be achieved in adverse market conditions and Shareholders may get back less than they originally invested.

• In adverse market conditions, the Sub-Fund may invest in zero or negative yielding securities which will have an impact on the return of the Sub-Fund.

• The value of debt securities may change significantly depending on economic and interest rate conditions as well as the credit worthiness of the issuer. Issuers of debt securities may fail to meet payment obligations or the credit rating of debt securities may be downgraded. • The credit worthiness of unrated debt securities is not

measured by reference to an independent credit rating agency.

• The counterparty of repurchase agreements may fail to meet its obligations which could result in losses to the Sub-Fund.

• Further information about risks can be found in “Appendix V - Risk Factors”.

8. Investment Manager

JPMorgan Asset Management (UK) Limited JPMorgan Liquidity Funds –

1 _{In connection with (flex dist.) Share Classes, please refer to point 8 in “Appendix V – Risk Factors”.}