Final Results

CHAIRMAN'S STATEMENT

Dear Shareholders,

In my report to you last year I predicted uncertainty and also cautioned against relying on the continuation of the strong investment performance the Managed Growth and Managed Income share classes have historically enjoyed.

Despite bouts of volatility, including heavy falls in the immediate aftermath of the referendum, global equities performed strongly in sterling terms over the year to 31st August 2016, supported by a recovering domestic economy, the devaluation of the pound and a continued low interest rate environment. Consequently, the total return on the Company's net assets over the period was 11% for the Managed Growth portfolio and 5.9% for the Managed Income portfolio. The total return on the Managed Cash portfolio was 0.5%.

However, while returns for Managed Growth and Managed Income were positive, on a relative basis compared to their benchmarks performance was poor. The reasons for this underperformance are discussed in more detail in the Managers' Reports.

Managed Growth

The Managed Growth portfolio has delivered a total return on net assets of 11.0%, compared with the portfolio's benchmark which returned 19.1%. The share price total return was 11.5%.

As you know, the objective of this share class is long term capital growth. While a double digit return when the base rate ends the year under review at 0.25% is extremely welcome, comparison with its benchmark is disappointing. We can take some comfort that, notwithstanding this relative underperformance in the last year, over three years the total return is broadly in line with the benchmark and ahead over both five and ten years.

For the year ended 31st August 2016 the Board declared dividends of 8.70p per Managed Growth share compared to 6.75p for the year ended 31st August 2015.

Managed Income

The Managed Income portfolio has delivered a total return on net assets of 5.9% compared with the portfolio's benchmark which returned 11.3%.

The objective of the portfolio is to deliver a growing income return with the potential for long term capital growth. It is therefore pleasing to report that the dividend for this year is 3.9p per share, an increase on 2015 of 2.6%. This is the sixth successive year where the dividend has been increased.

The outlook for UK dividend payments is, however, mixed. A number of factors, including Brexit negotiations which are due to commence in early 2017, have the potential to impact the profits and cash flow of domestic UK companies. Against this, the recent depreciation of sterling should help the prospects of those companies with significant overseas earnings.

The Managed Income share class was less successful in achieving its secondary objective of delivering capital growth. While some growth was achieved this was significantly less than its benchmark. While disappointing, it is only fair to point out that the share class has outperformed this benchmark in each of the preceding five years.

Managed Cash

The Managed Cash Portfolio has delivered a total return on net assets of 0.5%. The dividend for this year is 0.35p per share, the same as last year.

The portfolio's primary objective remains capital preservation through investment in high quality liquidity funds. During the year the Bank of England base rate fell to 0.25%, placing additional pressure on the portfolio's underlying money market funds to generate returns.

The Managed Cash portfolio is invested in liquidity funds with AAA ratings as measured by Standard & Poor's, or an equivalent rating agency.

The Board considers this class to be an asset allocation tool which continues to benefit shareholders of all of the Company's share classes, offering the opportunity to switch into a safer share class in times of market volatility.

JPMorgan Income and Growth

Your Board is recommending proposals for the issue of new shares in connection with the scheme of reconstruction ('Scheme') of JPMorgan Income & Growth Investment Trust plc ('JPMIG'). Under the proposals, shareholders of JPMIG will be able to exchange their JPMIG Shares for any combination of Managed Growth Shares, Managed Income Shares, Managed Cash Shares, and/or cash. Full details are set out in the Circular and Prospectus, copies of which are available to download from www.jpmelect.co.uk.

The proposals, which require amongst other things approval from shareholders, have the potential to significantly grow the Company. The Board considers the proposals to be in the best interests of the Company and Shareholders as a whole. Accordingly, the Board recommends that Shareholders vote in favour of the proposals at the General Meeting and Class Meetings to be held on 22nd November 2016.

In connection with the Scheme, it is proposed that the Chairman of JPMIG, Karl Sternberg, will be appointed to the Board shortly following admission of the new Elect Shares to the London Stock Exchange. A resolution for Mr Sternberg's re-appointment as a Director will then follow at the next Annual General Meeting of the Company in 2017. Mr Sternberg is an experienced non-executive director and will make a welcome addition to the Board.

Annual General Meeting

The Company's Annual General Meeting will be held at Trinity House, Tower Hill, London EC3N 4DH on Tuesday, 22nd November 2016 immediately following the conclusion of the General Meeting and the Class Meetings. In addition to the formal part of the meeting, there will be presentations from the Investment Managers of each share class and a question and answer session.

Shareholders who are unable to attend the Annual General Meeting in person are encouraged to raise any concerns or comments by writing to me at the Company's registered address, or via the Company's website by following the 'Ask the Chairman' link at www.jpmelect.co.uk.

Outlook

The journey to leave the European Union involves uncertainty as the negotiations on the terms and timing of Brexit take place. These have the potential to have a profound impact on markets. Continued volatility seems likely, offering both risks and opportunity.

In the face of this volatility, shareholders are reminded that they have the option to switch between the share classes, each of which has a different investment objective and risk profile.

Angus Macpherson

Chairman 24 October 2016

Managed Growth Share Class

INVESTMENT MANAGER'S REPORT

Market Review

Global equity markets delivered positive returns (in local currency terms) over the period under review as economic data showed global growth to be on track. The path was a volatile one as the late summer drawdown in 2015 was followed by a rebound, only for equity markets to suffer in the face of another global growth scare at the beginning of the year. Economic data improved somewhat during late February and early March, but the damage to sentiment caused by market gyrations early in the year lingers still. The volatility at the start of the year can be traced back to several coincident shocks. Weaker Chinese data, a slump in oil prices, renewed concerns over European bank solvency and the first Fed rate hike in a decade were manageable individually, but collectively they amounted to a sizable shock; especially, coming as they did, when developed market data were lacklustre.

As the second quarter of 2016 progressed, the UK's referendum on European Union (EU) membership increasingly took centre stage. When voters opted to leave the EU by a margin of 51.9% to 48.1%, it came as a shock, as market participants assigned a high probability to a 'remain' vote. Given the immediate downgrade in the UK's perceived near-term growth prospects, as well as the rise in uncertainty facing the global economy as a whole, equity markets sold off significantly and bond yields fell in the immediate aftermath. Markets stabilised within a few days and risk assets performed well in July and August as equities and corporate bonds rose strongly. Preliminary economic data has been better than many anticipated but it is still early days in the process of leaving the EU.

European economic data underlined the eurozone's recovery story as the region continued to grow at a slow pace, suggesting the outlook for the region is improving. Ultimately, markets rallied in the run up to the December announcement of extended ECB stimulus. However, a poor fourth-quarter earnings season for many large European lenders, combined with the impact of negative interest rates on bank balance sheets, resulted in heavy selling of European financials in February. More recently, the European Central Bank delivered another significant easing package to bolster its chances of raising inflation back to target and support the recovery.

In anticipation of the economic effects of the Brexit shock, the Bank of England reduced interest rates in August and renewed its asset purchase programme. Elsewhere the effects of Brexit appear to be limited with the Euro area Purchasing Managers Index remaining at a level suggestive of satisfactory growth.

Performance

*Benchmark changed in 2007 from 35% FTSE World ex UK/65% FTSE All-Share to the current 50/50 split.

This was a difficult period for performance. The Managed Growth portfolio delivered a positive 11.0% return over the period, but lagged its benchmark, which was up 19.1%. For reference, the investment trust sector as measured by the FTSE Equity Investment Instruments Index (Net) rallied by 14.4%. While the underperformance was large for the period, it is not inconsistent with historical experience both on the upside and downside.

The underperformance relative to the benchmark can be traced down to three main drivers. Firstly, the performance of the underlying managers has been weak over the 12 month period with a particularly difficult time around Brexit. Within the UK strategies (a large part of our portfolio), the domestically focussed stocks such as the homebuilders and banks suffered the worst. Secondly, the portfolio had a headwind from widening discounts and the weighted average discount of the underlying holdings moved out by over 2% to approximately 6% at the end of the period. This was an underperformance of the discount movements that were seen in the broader investment trust universe.

A third factor impacting performance was that regional asset allocation decisions were mixed, with our overweight to US and Europe benefitting performance for most of the year, while our underweight emerging market positioning detracted. We felt that despite the support from a weaker US dollar and the recovering oil price, the economic data was not yet supportive enough to move back into emerging markets in the early part of the year. Since then we have seen stabilisation in relative economic growth between emerging markets and developed markets. In addition, currencies appear stable and China stress is more constrained and as a result we are now neutral emerging markets relative to the benchmark.

During the review period, small and mid-cap equity returns outperformed relative to large cap equity returns in Europe and Japan but not in the UK and US. The impact on the portfolio was limited given the weight of small and mid-cap in the portfolio.

All of the top ten holdings posted positive absolute returns on a NAV basis, and when aggregated, these make up 71.3% of the total portfolio. However, the relative performance of our holdings compared to benchmarks was weak and this detracted from returns. On a relative basis, of our top 10 holdings, only Finsbury Growth & Income Trust and JPM European Smaller Companies outperformed their respective benchmarks, each generating excess returns of over 6% on a NAV basis. The trusts that underperformed their own benchmarks were challenged by the reversal we witnessed from growth and momentum factors in the market, although in some cases gearing played a part given the market sell off at the beginning of 2016.

Portfolio review

At the end of August 2016, 41.8% of the portfolio was invested in JPM managed investment trusts, 28.8% in JPMorgan managed open-ended funds, 24.2% in investment trusts managed by third party managers with the balance held in futures and cash.

One of the main themes behind transactions during the period was reducing exposure to small and mid cap focused UK strategies in the portfolio while increasing exposure to strategies with a greater bias towards large cap. More recently, we have reduced our underweight emerging market exposure.

We have introduced some new names into the portfolio within the UK allocation: City of London, Murray Income, Edinburgh Investment Trust and BlackRock Smaller Companies. Artemis Alpha was sold completely. In addition, while Biotech Growth has struggled this year, the secular drivers of the healthcare sector remain in place. We have therefore introduced Worldwide Healthcare as a new holding in this sector. We use equity index futures to better reflect our asset allocation views. As an example we may use futures if the liquidity of our underlying holdings is challenging, or we do not want to sell a strategy that we believe has attractive alpha opportunities. While ordinarily this results in quite small exposures, our FTSE futures exposure was a little larger than normal over this period in order to introduce more specific large cap exposure into the UK allocation.

Outlook

Our September Strategy Summit has just taken place. We tested our thesis on global growth and the risks around it, and revisited our asset class views in turn. Our conclusions were that with a continued dovish stance from the Federal Reserve, we can see the US expansion continuing for some time, but that growth will only rise up to potential, rather than beyond. From a global perspective, we see that some of the downside risks have moderated as China in particular has stabilised. From an asset class perspective we still have a view that equity returns will be positive but modest. We have upgraded our intermediate term view on emerging equity to a more neutral outlook, supported in particular by our expectation that the US dollar will remain stable even if US interest rates rise. Discounts have tightened for the broader investment trust sector since the EU referendum but still remain more supportive as a valuation metric than they did 12 months ago.

Katy Thorneycroft

Investment Manager 24 October 2016

Managed Income Share Class

INVESTMENT MANAGER'S REPORT

Market review

UK stocks rose strongly over the 12 months to 31st August 2016, with the FTSE All Share Index up 11.7% (source: FactSet, as at 31st August 2016, total return gross in sterling terms). Sterling corporate bonds rose in the period, with the Bloomberg Barclays Capital Global Corporate Bond Index (sterling hedged) up 9.0%, as demand for yield remained robust given the ongoing low interest rate environment.

The UK stock market performed strongly at the start of the review period, supported by a recovering domestic economy and continued low interest rate environment. However, the end of 2015 and the beginning of 2016 were characterised by bouts of volatility, as investors began to worry that China's economic slowdown may be having a greater impact on the global economy than had previously been expected. On the UK stock market, Chinese growth worries were most keenly felt in the mining and oil & gas sectors as commodity prices fell sharply, reflecting a drop in Chinese demand. Metal prices recorded big falls, although it was the precipitous drop in the oil price that grabbed the headlines, with Brent crude continuing its downward journey from above $100 per barrel in September 2014, to end February 2016 at just $36 - its lowest level since mid 2004. Although a drop in Chinese demand was a factor, the sharp drop in oil prices was driven more by oversupply, with oil supplies boosted in recent years by US shale production, the lifting of international sanctions on Iranian oil exports, and the inability of the Organisation of the Petroleum Exporting Countries to agree production cuts.

The dominant event over the second half of the review period was the lead up to the UK referendum on European Union membership, culminating in the 'Brexit' vote at the end of June. UK stocks fell heavily in the immediate aftermath of the referendum result, compounding the losses suffered ahead of the ballot, while sterling sank against the US dollar and the euro following the vote. Sentiment indicators suggested that Brexit had caused an economic shock, with both business and consumer confidence plunging in July, although purchasing managers' indices (PMIs) bounced back sharply in August.

The PMIs for both services and manufacturing jumped to 52.9 and 53.3 respectively in August, well above market expectations and firmly in expansionary territory, while industrial production grew by a stronger-than-expected 2.1% year on year (y/y) in July. Retail sales grew at the fastest pace in 10 months in July, on an annual basis, while the unemployment rate was unchanged in the three months to June and the number of people claiming unemployment benefits fell in July.

Meanwhile, the UK economy grew by a better-than-forecast 0.6% in the second quarter, marking the strongest y/y pace in 12 months. Therefore, despite many political and market commentators forecasting doom and gloom ahead if the UK voted to leave the EU, the data suggested that the economy may be holding up better than expected in the wake of the Brexit vote.

UK stocks rallied sharply following the release of better-than-expected economic data, and were further supported by action from the Bank of England (BoE). The BoE held off on changing monetary policy in July, presumably waiting for definitive signs of slowdown before acting. However, at its August meeting the BoE announced a package of measures designed to prevent a post-Brexit recession. It cut interest rates for the first time since 2009 and restarted its Gilt-buying programme, while also introducing measures designed to support lending to UK companies. The action represented a significant step towards supporting growth and employment in the UK in the aftermath of the Brexit vote.

Dividend Review

The total revenue generated by Managed Income in this financial year was similar to that of the previous year, with the portfolio's revenue return per share increasing by 1.9%. As a result of this, Managed Income has been able to increase its own dividend per share, whilst also strengthening its revenue reserves.

For the third year running, dividend growth from domestically focused UK companies was stronger than that of the more internationally oriented companies, with UK housebuilders continuing to be strong dividend payers. Once again, special dividends were a key feature of the year, with a number of our companies announcing special dividends, as well as growth in their normal dividends. We have seen special dividends from companies including the broadcaster, ITV, which delivered strong growth in its ordinary dividend as well as an increased special dividend due to its cash generation. The retailer Card Factory announced a special dividend, as did 888 Holdings, Booker and Headlam, whilst some of our long held insurance companies also paid special dividends, including Direct Line Insurance, Beazley and Novae.

However, this masks the impact of less healthy dividend trends by a number of large UK companies over the past 12 months, particularly some of those within the mining sector. As highlighted in the Interim Report, Glencore and Anglo American, two significant commodity companies, both cancelled their dividends, whilst BHP Billiton reduced its dividend payout to its shareholders, as these companies' profitability and cashflows were negatively impacted by the precipitous fall in base metal and oil prices. Although UK dividend growth surprised positively in the most recent quarter (source: Capita Asset Services), this was driven by a flurry of large special dividends. Underlying dividend payments fell by 2.7%, and this was despite an exchange rate gain on the weakening pound sterling. The outlook for UK dividend payments remains uncertain, due to the unknown impact of the Brexit negotiations and the impact this could have on both profits and cash flow of domestic companies. The weakening of sterling may provide some offset to this, for more internationally oriented groups, and some companies will continue to generate sufficient cash to deliver dividend growth and/or special dividends.

Portfolio Review

The defining event of the portfolio's financial year was the result of the referendum on the UK's future membership of the European Union. Ahead of the vote we reduced the portfolio's exposure to UK equities given the uncertainty of the outcome. This increased cash holdings to approximately 8.5% of the portfolio's assets. That, along with an approximately 5% holding in the JPM Global High Yield Bond Fund, meant our exposure to equities was close to neutral versus the portfolio's composite benchmark. Subsequently, we have reinvested some of this cash giving a period end equity exposure of approximately 90%, a bond exposure of 5% and residual cash of 5%. Therefore at the close of the portfolio's financial year we are overweight equities relative to the composite benchmark. We believe UK equities are attractively valued and offer a large yield premium to bonds.

We assess individual investment opportunities on whether earnings estimates are being revised up, whether the valuation is attractive and whether the balance sheet and forecast cash flows allow for dividend growth. As such, portfolio construction is determined by bottom up stock selection. We constantly analyse each of our holdings to ensure they satisfy these criteria whilst also assessing new investment opportunities against these criteria.

Our view going into the referendum was that we were confident in the long term outlook for our holdings whilst acknowledging that a vote to leave could result in significant volatility given a high proportion of domestically focused companies in the portfolio. Whilst many of the companies we hold are cyclical we have always sought to match profit and loss account sensitivity with balance sheet strength. Therefore, we remain confident that our holdings are free of existential risk and that cash flow streams are visible and predictable. The imperative course of action is to constantly assess individual holdings as events unfold but avoid taking 'panicked' steps. Behaviourally this is difficult but the strength of our investment approach is that stock fundamentals drive our investment process and so long as these remain robust we will maintain our position. Panicked reaction more often than not leads to trading at prices not consistent with inherent value.

We are encouraged that subsequent to the vote our companies have by and large delivered reassuring results and more importantly have said that they have experienced no impact from 'Brexit' to date. This is true for domestically exposed companies as much as for companies whose earnings are predominantly overseas.

During the period we bought new positions in 888 Holdings, Serco and Morgan Advanced Materials amongst others. 888 Holdings is an on-line gaming company with a consistent track record of beating earnings estimates and returning excess cash to shareholders via special dividends. Serco is an outsourcing company whose activities include running prisons, schools and hospitals. Following a long period of contract difficulties the company's profitability has begun to recover and the outlook is improving as evidenced by earnings upgrades. Morgan Advanced Materials has a 160 year trading history focused on materials science and engineering. Interim results beat expectations leading to earnings upgrades and the stock has an attractive yield of 3.9%.

Conversely, our sales included BT Group, Ashtead and Easyjet. BT Group is facing an increasingly competitive environment with the launch of mobile services by Sky and regulatory pressure on prices. Ashtead is an equipment rental company whose business is mainly conducted in the US. This market was showing evidence of oversupply leading to lower rental rates and consequently earnings for the full year were revised down. Easyjet was sold when it warned that profits for the full year would be lower than expected for reasons that included 'Brexit'.

Performance Review

In the 12 month period to the end of August the portfolio's return was +5.9% in comparison with the composite benchmark return of +11.3%. Having performed broadly in line with the benchmark over the first half of the year, the portfolio's performance was disappointing in the second half as it suffered from its bias to domestically focused cyclical stocks that performed poorly in the aftermath of the 'Brexit' referendum result. This underperformance of some of our domestically focused premium dividend yielders included our holdings in sectors such as the housebuilders, general retailers and media companies. This market reaction to 'Brexit' resulted from a fear that these sectors will experience a greater impact from any post 'Brexit' slowdown than other sectors whose business is mainly conducted overseas. For example, Taylor Wimpey, the housebuilder which is a long term holding in the portfolio, fell 40% in the two days subsequent to the referendum result. The stock then began a grinding recovery, paring losses to 16% by period end as the company said that trading remained strong and that they are confident they will be in a position to pay their promised special dividend.

For the 12 months as a whole the portfolio's overweight position in the household goods and construction sector was the most detrimental to performance, in contrast to this sector's strong outperformance during the previous financial year. Our holdings in Galliford Try, Berkeley Group and Taylor Wimpey all detracted from performance, although their attractive dividend yields remained sound. Other domestic cyclical stocks, such as Next the clothing retailer and ITV, for whom advertising is a key source of revenue, also underperformed the rising equity market, particularly in the aftermath of the referendum result. By contrast, some of our more internationally exposed holdings such as the premium dividend yielder, Imperial Brands, and British American Tobacco both performed strongly. Our long term overweight position in the specialist insurer, Beazley, outperformed the wider market, whilst also delivering a further special dividend to its shareholders.

Market Outlook

The UK stock market is currently riding high on the back of low interest rates and a cheap currency. Underlying risks are, however, increasing. Developed markets' growth rates continue to disappoint and monetary policy is largely exhausted. The UK's decision to leave the EU only heightens the risks of an economic slowdown. Unpicking 40 years of EU trade agreements will be a long, tortuous and costly process and the success or otherwise of such negotiations will not become apparent for some years yet.

The Governor of the Bank of England is sufficiently worried that he has recently cut base rates to just 25bps and the new Chancellor, Philip Hammond, has wasted no time in abandoning his predecessor's target to run a fiscal surplus by 2020. The 'fiscal reset' in the Autumn Statement could be significant, particularly as there is a worrying amount of anecdotal evidence that many businesses are already holding back on investment.

However, even though the economic outlook is likely to remain uncertain for some considerable time yet, the UK stock market may continue to perform well if, as is likely, sterling remains weak and interest rates remain low. We continue to prefer equities with good and growing dividends to low yielding bonds although overall investment returns are likely to remain volatile until the investment skies start to clear.

John Baker

Sarah Emly

Investment Managers 24 October 2016

Managed Cash Share Class

INVESTMENT MANAGER'S REPORT

It was again a period of low returns for the Managed Cash portfolio. In August the Bank of England (BoE) announced a package of measures which featured five key policy elements: it halved the Bank Rate from 0.5% to 0.25%, provided guidance that rates could fall further and restarted its Gilt-buying programme, to the tune of GBP 60 billion. The BoE also introduced two measures designed to support lending to UK companies: it added a new Term Funding Scheme to reinforce the pass-through of the cut in the Bank Rate, and committed to purchasing up to GBP 10 billion of UK corporate bonds. This action by the BoE represents a significant step towards supporting growth and employment in the UK in the aftermath of the referendum. UK second-quarter economic growth was unrevised at 0.6% and unemployment in the three months to June remained at 4.9% while CPI inflation edged higher to 0.6% in July.

The BoE's monetary policy committee is likely to look through any rise in headline CPI post-Brexit and is expected to keep rates on hold at the next meeting.

The Managed Cash portfolio invests in AAA-rated liquidity funds managed by Aberdeen, BlackRock, Deutsche, Fidelity, Insight and JPMorgan. The primary aim of the funds the Managed Cash portfolio invests in is to provide preservation of capital and liquidity with a yield in line with money market rates as a secondary aim. The return for the financial year was 0.6%.

Katy Thorneycroft

Investment Manager 24 October 2016

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST AUGUST 2016

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. Net return on ordinary activities after taxation represents the profit for the year and also Total Comprehensive Income.

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST AUGUST 2016

1 This reserve forms the distributable reserve of the Company and may be used to fund distribution of profits to investors via dividend payments.

STATEMENT OF FINANCIAL POSITION AT 31ST AUGUST 2016

The financial statements were approved and authorised for issue by the Directors on 24th October 2016 and are signed on their behalf by:

James Robinson

Director

Company registration number: 3845060

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2016

1. Accounting policies

(a) Basis of accounting

The financial statements are prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in November 2014.

All of the Company's operations are of a continuing nature.

The financial statements for the Company comprise the Statement of Comprehensive Income, the Statement of Changes in Equity, the 'Total' column of the Statement of Financial Position and the 'Total' column within the Notes to the financial statements.

The Managed Growth, Managed Income and Managed Cash Statement of Comprehensive Income and Statement of Financial Position, together with the notes to those statements are not required under UK GAAP or the SORP, and have not been audited but have been disclosed to assist shareholders' understanding of the net assets and liabilities, and income and expenses of the different share classes.

The financial statements have been prepared on a going concern basis..

2. Dividends

(a) Dividends paid

In respect of dividends paid during the year ended 31st August 2016:

The 2015 4th interim dividends were paid on 25th September 2015 to shareholders on the register as at the close of business on 28th August 2015.

The 1st interim dividends were paid on 23rd December 2015 to shareholders on the register as at the close of business on 27th November 2015.

The 2nd interim dividends were paid on 23rd March 2016 to shareholders on the register as at the close of business on 19th February 2016.

The 3rd interim dividends were paid on 24th June 2016 to shareholders on the register as at the close of business on 20th May 2016.

3. Return per share

4. Net asset value per share

The net asset values per share are calculated as follows:

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement

24 October 2016

For further information:

Rhys Williams,

JPMorgan Funds Limited

020 7742 4000

ENDS

A copy of the annual report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM

The annual report will also shortly be available on the Company's website at www.jpmelect.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

JPMORGAN FUNDS LIMITED