Jpmorganassetmanagement.lu

JPMorgan Investment Funds
Société d’Investissement à Capital Variable (the "Company")
Registered Office: European Bank & Business Centre, 6 route de Trèves,
L-2633 Senningerberg, Grand Duchy of Luxembourg
R.C.S. Luxembourg B 49 663

Dear Shareholder,
I am writing to let you know about the merger of a sub-fund(s) in which you own shares. The
merger(s) was identified as part of a comprehensive, strategic review of the overall J.P. Morgan
Asset Management fund range, with the aim of simplifying and improving the offering, ensuring that
shareholders have access to a broadly diversified and innovative product range.
The attached notice(s) provides important information you will want to know, including the
reason for and details of the merger(s) (which will be carried out in accordance with applicable
Luxembourg law(s)), the date of the merger(s), how it will affect you and the choices you have.
Also attached is the relevant Key Investor Information Document (“KIID”) that describes the
sub-fund(s) you will be invested in after the merger(s).
Your shares will be exchanged automatically for shares in another sub-fund as described in the
attached notice(s). You will be sent a merger statement(s) within 10 days of the merger(s)
taking place confirming the number and price of the new shares you have received. If you do
not want your shares to be exchanged, you may switch to a different sub-fund or redeem your
investment free of charge.
We recommend that you read this document carefully and that you seek tax and investment
advice as appropriate before making a final decision.
Any questions? J.P. Morgan Asset Management are happy to respond. Please contact
your usual local representative or the Management Company (JPMorgan Asset Management
(Europe) S.à r.l.) at the address above.
Yours faithfully,
Berndt May
For the Board of Directors
Please be advised that the latest version of the prospectus and articles of incorporation as well as copies of the
latest annual and semi annual report are available free of charge upon request at the registered office of the Fund or
from the Fund local representative. The latest version of the Prospectus is also available on the website
www.jpmorganassetmanagement.com

Notice of Sub-fund Merger
Summary
This section outlines key information relating to the merger as it concerns you as a shareholder. Further
information is contained in the Detailed Sub-fund Comparison that follows as well as in the relevant prospectus
and KIIDs.
KEY FACTS
Your sub-fund
• JPMorgan Investment Funds – Global Total Return Fund Receiving sub-fund
(sub-fund your sub-fund is • JPMorgan Investment Funds – Global Capital Appreciation Fund
merging into)
Merger date
• 25 October 2013 • Your sub-fund has experienced weak performance and we do not believe its equity focused Background and reasons
approach to total return investing wil attract significant market interest. As a result, we believe for merger
there are limited prospects of future asset growth in the strategy. • Both sub-funds seek to achieve a return in excess of cash, however their investment policies differ in how they seek to achieve their returns. •Your sub-fund invests primarily in a concentrated portfolio of equity securities globally, whereas the receiving sub-fund is a multi-asset strategy investing in a range of asset classes Key differences in
investment policy
•The net market exposure of both sub-funds wil vary depending on market conditions; between your sub-fund and however, your sub-fund may hold net short positions which will not typically exceed 20% of
the receiving sub-fund
•The receiving sub-fund may vary exposure to different asset classes significantly and as a result may have concentrated exposure to certain markets, sectors or currencies from time to • The merger wil give you the opportunity to invest in a sub-fund that has historically experienced superior performance1 and has the prospect of stronger growth in assets in the • The ongoing charge for all the share classes of the receiving sub-fund wil be lower than your Potential benefits
sub-fund. Charges of the receiving sub-fund can be found in the Detailed Sub-Fund • In addition, the merger aims to provide a simplified product range for shareholders that allows for more efficient use of fund management, operational and administrative resources by eliminating overlapping investment strategies. • Certain one-time expenses associated with the merger wil be borne by your sub-fund. These include costs associated with trading and transferring your sub-fund’s assets. Potential drawbacks
• On the merger date, and during the two business days before that, you wil not be able to subscribe for, switch or redeem shares in your sub-fund. • As the merger date approaches, your sub-fund may adjust its portfolio so that it resembles that of the receiving sub-fund. This may cause your sub-fund to deviate from its investment • Your sub-fund wil not bear any additional legal, advisory or administrative costs associated Other considerations
• Performance information for your sub-fund and the receiving sub-fund can be found in the relevant KIID or factsheet which is available from the document library at TIMELINE
• You may switch out or redeem shares in your sub-fund free of charge before this cut-off time. 2:30 p.m. CET, 22 October
After this cut-off time, you will not be able to subscribe for, switch or redeem shares in your • The merger transaction occurs. Al the assets, liabilities and any accrued income in your sub-fund wil be transferred to the receiving sub-fund, and your sub-fund will cease to exist. • Your shares are exchanged free of charge for shares in the equivalent share class of the 25 October 2013, after
receiving sub-fund, based on the net asset value per share in effect that day for both close of business
sub-funds. The calculation of the exchange ratio wil be audited and documented in the Company auditor’s merger report, which will be available to you upon request. • The value of the shares you own in your sub-fund and the new shares you receive in the receiving sub-fund wil be the same but you may receive a different number of shares. 1 Past performance is not a guide to future performance. • As an investor in the receiving sub-fund, you can switch and redeem your new shares and 28 October 2013
subscribe for additional shares in the receiving sub-fund.
Detailed Sub-fund Comparison
This table compares the relevant KIID language for your sub-fund with that of the receiving sub-fund. The table indicates where KIID language is the same between the sub-funds and where it is different. Unless stated otherwise, terms in this table have the same meaning as in the relevant prospectus. JPMorgan Investment Funds –
JPMorgan Investment Funds –
Global Total Return Fund
Global Capital Appreciation Fund
GENERAL INFORMATION
Benchmark
Financial Year
Investment
Date of Annual Last Friday of April at 12.00 noon (or, if Last Friday of April at 12.00 noon (or, if such day is not a business
General
such day is not a business day in day in Luxembourg, on the next following business day). Meeting of
shareholders
Base currency Euro (EUR)
OBJECTIVES AND INVESTMENT POLICIES
Language that is Different Between Sub-funds
The Sub-Fund aims to achieve a return in excess of its cash The Sub-Fund aims to achieve capital appreciation in excess of its benchmark over an economic cycle by investing primarily in a cash benchmark by investing primarily in securities, globally, concentrated portfolio of companies globally, using financial using financial derivative instruments where appropriate. derivative instruments where appropriate. The Sub-Fund wil primarily invest, either directly or through The Sub-Fund wil primarily invest in equity securities, commodity the use of financial derivative instruments, in a concentrated index instruments, convertible securities, debt securities, deposits portfolio of equity securities. Issuers of these securities may with credit institutions and money market instruments. Issuers of be located in any country, including emerging markets. these securities may be located in any country, including The Sub-Fund may invest in below investment grade and unrated The Sub-Fund may hold, directly or through the use of The Sub-Fund has a flexible approach to asset allocation and may financial derivative instruments, gross positions of up to 190% use both long and short positions (achieved through the use of of its net assets. The net market exposure of long and short financial derivative instruments) to vary exposure to different asset positions will vary depending on market conditions but wil not classes and markets in response to market conditions and typically exceed net short 20% and net long 100%. opportunities. Al ocations may vary significantly and exposure to certain markets, sectors or currencies may be concentrated from The Sub-Fund is opportunistic and may at times invest up to time to time. 100% of its assets in cash and cash equivalents until suitable investment opportunities can be identified. EUR is the reference currency of the Sub-Fund but assets The Sub-Fund may invest in assets denominated in any currency may be denominated in other currencies. However a and currency exposure may be hedged. substantial part of the assets of the Sub-Fund wil be Language that is the Same in Both Sub-funds
The Sub-Fund may invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purposes of hedging. The Sub-Fund may not be appropriate for investors who plan to withdraw their money within five years. JPMorgan Investment Funds –
JPMorgan Investment Funds –
Global Total Return Fund
Global Capital Appreciation Fund
RISK AND REWARD CATEGORY
Category 5
Category 6
Measured on a 7-point scale, where Category 1 indicates lower risk (but is not risk-free) and lower potential reward and Category 7 indicates higher risk and higher potential reward. RISK FACTORS
Language that is Different Between Sub-funds
Because the Sub-Fund is aggressively managed, volatility may No comparable language in the receiving sub-fund be high as the Sub-Fund may take larger position sizes, may have high turnover of holdings and at times may have a significant exposure to certain areas of the market. The value of debt securities may change significantly The value of debt securities may change significantly depending depending on economic and interest rate conditions as wel as on economic and interest rate conditions as wel as the credit worthiness of the issuer. These risks are typical y increased for emerging market and below investment grade debt securities. Emerging markets may be subject to less developed custody Emerging markets may be subject to less developed custody and and settlement practices, higher volatility and lower liquidity settlement practices, higher volatility and lower liquidity than non emerging markets and investment grade securities. The value of securities in which the Sub-Fund invests may be influenced by movements in commodity prices which can be very Convertible bonds are subject to the credit, interest rate and market risks stated above associated with both debt and equity securities and to risks specific to convertible securities. Convertible bonds may also be subject to lower liquidity than the The Sub-Fund may be concentrated in, and have net long or net short exposure to, industry sectors, markets and/or currencies. As a result, the Sub-Fund may be more volatile than more Language that is the Same in Both Sub-funds
The value of your investment may fall as well as rise and you may get back less than you originally invested. The value of equity securities may go down as well as up in response to the performance of individual companies and general market conditions. The value of financial derivative instruments can be volatile and may result in losses in excess of the amount invested by the Sub-Fund. Short selling may be subject to changes in regulations and losses from short positions may be unlimited. Movements in currency exchange rates can adversely affect the return of your investment. The currency hedging that may be used to minimise the effect of currency fluctuations may not always be successful. Further information about risks can be found in the KIID and prospectus. Charges that are Different Between Sub-funds
A: 1.65%; B:1.00%; C: 0.80%; D:2.65%; A: 1.45%; B:0.95%; C:0.75%; D: 2.15%; Ongoing Charge
I: 0.76% Max.; Y: 0.15% Max.; X: 0.15% Max. I: 0.71% Max; Y: 0.10% Max.; X: 0.10% Max. Charges that are the Same in Both Sub-funds
Maximum Entry Charge
A: 5.00%; B: Nil; C: Nil; D: 5.00%; I: Nil; Y:Nil; X: Nil Maximum Exit Charge
A: 0.50%; B: Nil; C: Nil; D: 0.50%; I: Nil; Y:Nil; X: Nil Maximum Switching
Performance Fee

Next Steps
To Exchange Your Shares as Part of the Merger
No action is necessary. All shares that you hold in your sub-fund as of the merger date will automatically
be exchanged for shares in the receiving sub-fund.
To Switch or Redeem Some or All of Your Shares
Your switch or redemption request should be received prior to 2.30 p.m. CET on 22 October 2013 by your
usual local representative or the Management Company. The redemption and switch charge that may be
applicable will be waived. All other switch and redemption conditions in the prospectus still apply.
To Get More Information
The Company auditor’s merger report, the prospectus and the latest annual and semi-annual reports are
available free of charge upon request from the Registered Office of the Company.

Source: http://www.jpmorganassetmanagement.lu/EN/dms/6%20-%20Notice%20Merging%20-%20Global%20Total%20Return%20Fund%20EN-EN.pdf