This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the managers as of 20 Jul 2022, which are based on current market conditions, will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

Clarification: For the quarter ended 30 June 2022, Meituan returned 25.6% in USD. For the quarter ended 30 June 2022, the MSCI Emerging Markets Index returned -11.45% in USD.

Consumer Price Index (CPI) measures the average change in prices over time that consumers pay for a basket of goods and services. The S&P China Select ADR Index seeks to track all American depositary receipts trading on the NYSE, NYSE American, and NASDAQ that represent shares in companies from China. S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. JPMorgan EMBI Global Diversified Index tracks returns for actively traded external debt instruments in emerging markets. Hang Seng China Enterprises Index reflects the overall performance of Mainland securities listed in Hong Kong. MSCI Emerging Markets Currency Index tracks the performance of 25 emerging market currencies relative to the US dollar. MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. Emerging markets returns and country-specific index returns are in USD unless otherwise stated. All single country returns are net returns based on MSCI country indices. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

The S&P 500® (“Index”) is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2022, J.P. Morgan Chase & Co. All rights reserved.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of the Fund’s total net assets as of 30 Jun 2022: NVIDIA Corp 5.8%, Meituan 5.8%, Sea Ltd 5.4%, MercadoLibre Inc 5.2%, Airbnb Inc 5.2%, Visa Inc 5.0%, Veeva Systems Inc 4.3%, Tencent Holdings Ltd 3.9%, Snap Inc 3.6%, Unity Software Inc 3.6%, Kweichow Moutai Co Ltd 3.6%, JD Health International Inc 3.0%, KE Holdings Inc 2.2%, Netflix Inc 2.2%, Align Technology Inc 2.1%, NU Holdings Ltd 2.1%, Aier Eye Hospital Group Co Ltd 1.2%, Kanzus Ltd 0.1%. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

Correlation is a statistical measure of how two securities move in relation to each other. A perfect positive correlation is represented by the value +1.00, while 0.00 indicates no correlation and -1.00 indicates a perfect negative correlation. Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Gross merchandises value (GMV) is the total value of merchandise sold over a given period of time through a customer-to-customer (C2C) exchange site, measuring the growth of the business or use of the site to sell merchandise owned by others. Operating margin measures how much profit a company makes on a dollar of sales after paying for variable costs of production, such as wages and raw materials, but before paying interest or tax.  Market Cap is the aggregate value of all of a company's outstanding equity securities.

Past performance does not guarantee future results. Current and future holdings are subject to risk.