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JPMorgan Funds – Flexible Credit Fund
MARKETING COMMUNICATION 2026
FOR PROFESSIONAL CLIENTS/QUALIFIED INVESTORS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION
1 Source: J.P. Morgan Asset Management. Data as of 30 June 2026.
Access J.P. Morgan’s best ideas in global credit
The Flexible Credit Fund leverages J.P. Morgan Asset Management’s global fixed income expertise to invest in the most compelling credit opportunities across the credit quality spectrum. It offers investors flexible fixed income exposure, aiming to generate attractive income while providing a smoother investment journey, with an emphasis on managing downside risks. A benchmark agnostic approach allows us to focus only on the most attractive credit ideas generated by our top-down and bottom-up research.
Expertise
• Managed by a team of highly experienced portfolio managers, supported by a global network of 50+ career credit analysts and five sector specialists. 1
Total returns
5.20%
7.29%
0%
1%
2%
3%
4%
5%
6%
7%
8%
Volatility
0%
1%
2%
3%
4%
5%
6%
7%
8%
Flexible Credit US HY
Flexible Credit US HY
5.20% 5.74%
Portfolio
• The Fund maintains a highly diversified portfolio across sectors, regions, and credit qualities. Dynamic allocation and active risk management, including credit hedging and stress testing, help reduce concentration risk and smooth returns through changing market conditions.
Results
• P roven process and long track record in producing attractive returns over the medium term, with lower drawdowns relative to investment universe, while maintaining attractive yields. Since inception, the Fund has generated ~90% of the total returns of the US HY index, whilst only experiencing ~70% of the volatility.
Source: J.P. Morgan Asset Management. Since inception performance is calculated geometrically and is annualised. Total returns since inception from 31 October 2015 for the JPM Flexible Credit Fund - C (acc) share class – USD (%) versus US HY – HUC0 – ICE BofA US High Yield Constrained Index (USD). Past performance is not a reliable indicator of current and future results .
The Opportunity Set Core Sectors Extended Allocations
Global IG Corporates
US High Yield
European High Yield
EM Corporates
Subordinated Bank Debt
Corporate Hybrids Convertibles
Dynamic Risk Management through Credit Hedges and a Rates Overlay
Flexible investing across a broad range of credit markets
Focus on bottom up security selection
Create a smoother investment journey
Page 2
JPMorgan Funds – Flexible Credit Fund Page 2 of 4
The freedom to invest in the best We believe that the legacy practice of sticking to strict credit rating lines can make it tough to allocate capital efficiently in credit markets. Our flexible credit approach looks beyond these traditional limitations and capitalises on a wide range of opportunities within the market by actively managing investments across the entire corporate credit spectrum, without benchmark limitation.
Creating a smoother investment journey The strategy manages downside volatility by maintaining a diversified portfolio of over 1,000 holdings across ~600 names, dynamically investing across asset classes, and implementing hedges to act as insurance against falling markets. Our risk attribution analysis also helps us determine which portfolio exposures are generating returns. This focus on downside risk has helped reduce volatility compared to equities and credit segments. Security Selection • Invest for thematic direction taking into account our analysts’ best ideas / recommendations • Ensure cross market valuations are consistent with sector spread expectations
Sector Strategy • Quantitative screen of opportunity set based on spread and excess return volatility to determine optimal portfolio combinations • Reconcile quantitative output with qualitative sector preferences • Determine target weights
IG corps EM corps HY bonds Unconstrained credit
Risk Management • Stress test portfolio and adjust for unintended risks • Implement hedging strategies • Ongoing review of portfolio risk and attribution
Investment Themes • Determine relevant themes across Fundamental, Technical and Quantitative Valuation Factors • Builds on Investment Quarterly outcomes • High level sector preferences and regional tilt
Drawdown vs Select indices
Flex Credit US High Yield EUR High Yield Global IG EM USD
0%
-5%
-10%
-15%
-20%
-25%
-30% Oct-15 Apr-17 Oct-18 Apr-20 Oct-21 Apr-23 Oct-24 Apr-26
Past performance is not a reliable indicator of current and future results. Source: J.P. Morgan Asset Management, Bloomberg, as of 30 June 2026. Flex Credit = JPM Flexible Credit – USD (%), Net of Fees. Euro High Yield – HE00 ICE BofA Euro High Yield Index, US HY – HUC0 – ICE BofA US High Yield Constrained Index (USD) , EM CORP – Bloomberg EM USD Aggregate Corporate Index. Global Investment Grade – Bloomberg Global Aggregate Corporate Index (USD Hedged). Indices do not include fees or operating expenses.
Page 3
JPMorgan Funds – Flexible Credit Fund Page 3 of 4
Portfolio management team Andreas Michalitsianos Portfolio Manager • 24 years of industry experience, all at J.P. Morgan
Usman Naeem Portfolio Manager • 23 years of industry experience 21 years at J.P. Morgan
Alexander Sammarco Portfolio Manager • 30 years of industry experience 13 years at J.P. Morgan
See the latest Fund Performance
Investment objective To achieve a total return by exploiting investment opportunities in credit markets, globally, and using derivatives where appropriate.
Fund and benchmark performance 2026 YTD 2025 2024 2023 2022 2021 2020 JPM Flexible Credit Fund - C (acc) share class – USD (%) (Gross of Fees) 1.98% 9.42% 8.17% 9.91% -7.15% 2.93% 8.39%
JPM Flexible Credit Fund - C (acc) share class – USD (%) (Net of Fees) 1.70% 8.82% 7.58% 9.31% -7.66% 2.36% 7.79%
Bloomberg Multiverse Corporate Index (Total Return Gross) Hedged to USD (%) 1.42% 7.22% 4.40% 9.65% -13.59% -0.07% 8.06%
ICE BofA US High Yield Constrained Index (USD) (HUC0) (%) 1.89% 8.50% 8.20% 13.55% -11.16% 5.35% 6.07%
Past performance is not a reliable indicator of current and future results. The Bloomberg Multiverse Corporate Index (Total Return Gross) Hedged to USD is the fund’s prospectus benchmark used for performance comparison purposes. The Multiverse defines the investible universe for the fund as outlined in the offering documents. The fund is actively managed without reference or constraints relative to its benchmark. The portfolio may differ significantly from the benchmark in terms of holdings, sector allocations, and risk characteristics. The ICE BofA US High Yield Constrained Index (HUCO) is included for illustrative comparison purposes only, as approximately 50% of the fund is allocated to high yield credit (majority with US High Yield). This index is shown to demonstrate that the fund aims to generate returns comparable to high yield markets while maintaining lower volatility and risk characteristics. HUCO is not the fund’s prospectus benchmark and the fund is not managed in accordance with this index. Data as of 30 June 2026.
Fund ratings ISIN: LU0469576440 Overall Morningstar Rating™ as of 30/06/2026 «««« «
Morningstar Medialist Rating ™ as of 30/06/2026 Gold
Morningstar Category™ Global Flexible Bond – USD Hedged Analyst-Driven % 10 Data coverage % 96 Past performance is not a reliable indicator of current and future results . © 2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Key risks The Sub-Fund is subject to Investment risks and Other associated risks from the techniques and securities it uses to seek to achieve its objective. The table on the right explains how these risks relate to each other and the Outcomes to the Shareholder that could affect an investment in the Sub-Fund. Investors should also read Risk Descriptions in the Prospectus for a full description of each risk.
Summary Risk Indicator 1 2 3 4 5 6 7 Lower Risk Higher Risk The risk indicator assumes you keep the product for 5 year(s). The risk of the product may be significantly higher if held for less than the recommended holding period. In the UK, please refer to the synthetic risk and reward indicator in the latest available key investor information document.
Benchmark uses and resemblance • Performance comparison The Sub-Fund is actively managed without reference or constraints relative to its benchmark
Investment risks Risks from the Sub-Fund’s techniques and securities Techniques Concentration Derivatives Hedging Short positions
Securities Contingent convertible bonds Convertible securities Debt securities – Government debt – Investment grade debt – Below investment grade debt – Distressed debt – Unrated debt
Equities Emerging markets MBSs/ABSs
▼ Other associated risks Further risks the Sub-Fund is exposed to from its use of the techniques and securities above Credit Liquidity
Currency Market
Interest rate
▼ Outcomes to the Shareholder Potential impact of the risks above Loss Shareholders could lose some or all of their money.
Volatility Shares of the Sub-Fund will fluctuate in value.
Failure to meet the Sub-Fund’s objective
Page 4
FOR PROFESSIONAL CLIENTS/QUALIFIED INVESTORS ONLY – NOT FOR RETAIL USE OR DISTRIBUTION
This is a marketing communication and as such the views contained herein do not form part of an offer, nor are they to be taken as advice or a recommendation, to buy or sell any investment or interest thereto. Reliance upon information in this material is at the sole discretion of the reader. Any research in this document has been obtained and may have been acted upon by J.P. Morgan Asset Management for its own purpose. The results of such research are being made available as additional information and do not necessarily reflect the views of J.P. Morgan Asset Management. Any forecasts, figures, opinions, statements of financial market trends or investment techniques and strategies expressed are, unless otherwise stated, J.P. Morgan Asset Management’s own at the date of this document. They may not necessarily be all inclusive and may be subject to change without reference or notification to you. The value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Changes in exchange rates may have an adverse effect on the value, price or income of the products or underlying overseas investments. Past performance and yield are not a reliable indicator of current and future results. There is no guarantee that any forecast made will come to pass. Furthermore, there can be no assurance that the investment objectives of the investment products will be met. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide. To the extent permitted by applicable law, we may record telephone calls and monitor electronic communications to comply with our legal and regulatory obligations and internal policies. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our EMEA Privacy Policy www.jpmorgan.com/emea-privacy-policy . As the product may not be authorised or its offering may be restricted in your jurisdiction, it is the responsibility of every reader to satisfy himself as to the full observance of the laws and regulations of the relevant jurisdiction. Prior to any application investors are advised to take all necessary legal, regulatory and tax advice on the consequences of an investment in the products. Shares or other interests may not be offered to, or purchased, directly or indirectly by US persons. All transactions should be based on the latest available Prospectus, the Key Information Document (KID) and any applicable local offering document. These documents together with the annual report, semi-annual report, the articles of incorporation and sustainability-related disclosures for the Luxembourg domiciled products are available in English upon request from JPMorgan Asset Management (Europe) S.à r.l., 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, your financial adviser, your J.P. Morgan Asset Management regional contact or at https://am.jpmorgan.com . A summary of investor rights is available in English at https://am.jpmorgan.com/lu/investor-rights . J.P. Morgan Asset Management may decide to terminate the arrangements made for the marketing of its collective investment undertakings. In Switzerland, JPMorgan Asset Management Switzerland LLC (JPMAMS), Dreikönigstrasse 37, 8002 Zurich, acts as Swiss representative of the funds and J.P. Morgan (Suisse) SA, Rue du Rhône 35, 1204 Geneva, as paying agent. With respect to its distribution activities in and from Switzerland, JPMAMS receives remuneration which is paid out of the management fee as defined in the respective fund documentation. Further information regarding this remuneration, including its calculation method, may be obtained upon written request from JPMAMS. This communication is issued in Europe (excluding UK) by JPMorgan Asset Management (Europe) S.à r.l., 6 route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg, R.C.S. Luxembourg B27900, corporate capital EUR 10.000.000. This communication is issued in the UK by JPMorgan Asset Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England No. 01161446. Registered address: 25 Bank Street, Canary Wharf, London E14 5JP. For UK only: Sustainability-related terms in this communication follow J.P Morgan Asset Management’s methodologies and application of the EU Sustainable Finance Disclosure Regulation, not the UK Sustainability Disclosure Requirements and investment labels regime. The product is authorised overseas, but not in the UK. The UK Financial Ombudsman Service is unlikely to be able to consider any related compliants and any claims for losses are unlikely to be covered under the UK compensation scheme. LV–JPM58489 | 08/26 | 9cc4cf5e-cf5c-11f0-8985-83c1ee39ab93
JPMorgan Funds – Flexible Credit Fund Page 4 of 4
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"text": "maintaining attractive yields. Since inception, the Fund"
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"text": "Source: J.P. Morgan Asset Management. Since inception performance is calculated geometrically and is annualised. Total returns since inception"
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"text": "from 31 October 2015 for the JPM Flexible Credit Fund - C (acc) share class \u2013 USD (%) versus US HY \u2013 HUC0 \u2013 ICE BofA US High Yield Constrained Index"
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