StarCapital Dynamic Bonds A EUR

INVESTMENT OBJECTIVE To provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of derivatives. INVESTMENT PROCESS Investment approach B Multi-asset approach, leveraging specialists from around JPMorgan Asset Management's global investment platform, with a focus on riskadjusted income. B Flexible implementation of the managers’ allocation views at asset class and regional level. Share Class Benchmark 40% Bloomberg US High Yield 2% Issuer Cap Index (Total Return Gross) Hedged to GBP / 35% MSCI World Index (Total Return Net) Hedged to GBP / 25% Bloomberg Global Credit Index (Total Return Gross) Hedged to GBP Benchmark uses and resemblance B Performance comparison. B Basis for relative VaR calculations. The Sub-Fund is actively managed. Though the majority of its holdings (excluding derivatives) are likely to be components of the benchmark, the Investment Manager has broad discretion to deviate from its securities, weightings and risk characteristics. The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different. POLICIES Main investment exposure Primarily invests in debt securities (including MBS/ABS), equities and real estate investment trusts (REITs) from issuers anywhere in the world, including emerging markets. The Sub-Fund is expected to invest between 5% and 25% of its assets in MBS/ABS of any credit quality. MBS which may be agency (issued by quasi US government agencies) and non-agency (issued by private institutions) refers to debt securities that are backed by mortgages, including residential and commercial mortgages, and ABS refers to those that are backed by other types of assets such as credit card debt, car loans, consumer loans and equipment leases. The Sub-Fund may invest in below investment grade and unrated securities. The Sub-Fund may invest in China A-Shares via the China-Hong Kong Connect Programmes, and in convertible securities and currencies. The Sub-Fund may invest up to 20% of its assets in equity linked notes. At least 51% of assets are invested in issuers with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. The Sub-Fund invests at least 10% of assets excluding Ancillary Liquid Assets, Deposits with Credit Institutions, money market instruments, money market funds and derivatives for EPM, in Sustainable Investments, as defined under SFDR, contributing to environmental or social objectives. The Investment Manager evaluates and applies values and norms based screening to implement exclusions. To support this screening, it relies on third party provider(s) who identify an issuer’s participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. The list of screens applied that may result in exclusions can be found on the Management Company’s Website (www.jpmorganassetmanagement.lu). The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 75% of non-investment grade and emerging market sovereign and 90% of investment grade securities purchased. Dividends are not guaranteed given that returns to investors will vary from year to year depending on dividends paid and capital returns, which could be negative. Other investment exposures Up to 3% in contingent convertible bonds. Up to 20% of net assets in Ancillary Liquid Assets and up to 20% of assets in Deposits with Credit Institutions, money market instruments and money market funds for managing cash subscriptions and redemptions as well as current and exceptional payments. Up to 100% of net assets in Ancillary Liquid Assets for defensive purposes on a temporary basis, if justified by exceptionally unfavourable market conditions. Derivatives Used for: investment purposes; hedging; efficient portfolio management. Types: see Sub-Fund Derivative Usage table under How the Sub-Funds Use Derivatives, Instruments and Techniques in the Prospectus. TRS including CFD: none. Global exposure calculation method: relative VaR. Expected level of leverage from derivatives: 150% indicative only. Leverage may significantly exceed this level from time to time. Currencies Sub-Fund Base Currency: EUR. Currencies of asset denomination: any. Hedging approach: flexible. This Share Class seeks to minimise the effect of exchange rate fluctuations between the Sub-Fund's Base Currency and the Share Class Currency. Redemption and Dealing Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a daily basis. Distribution Policy This Share Class normally pays an annual dividend in March based on reportable income. This Share Class intends to qualify as a reporting fund under UK tax law for offshore funds. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.jpmorganassetmanagement.lu