TAILIEUCHUNG - Prospectus – September 2012 JPMorgan Investment Funds

Our first investor, the dogmatist, has extreme prior beliefs about the potential for manager skill. The dogmatist rules out any potential for skill, either fixed or time varying, for any fund manager. That is, the dogmatist’s view is that ai0 is fixed at 1 12ðexpense þ 0:01 turnoverÞ and that ai1 is fixed at zero, where expense and turnover are the fund’s reported annual expense ratio and turnover, and where we assume a round-trip total trade cost of 1% (this prior specification is similar to Pastor and Stambaugh (2002a,b)). The dogmatist believes that a fund manager provides no performance through benchmark timing or stock selection skills, and. | Prospectus - September 2012 JPMorgan Investment Funds Société d Investissement à Capital Variable Luxembourg Asset Management JPMORGAN INVESTMENT FUNDS the Fund has been authorised under Part I of the Luxembourg law of 17 December 2010 relating to collective investment undertakings loi relative aux organismes de placement collectif the Luxembourg Law and qualifies as an Undertaking for Collective Investments in Transferable Securities UCITS under the EC Directive 2009 65 of 13 July 2009 and may therefore be offered for sale in European Union EU Member States subject to registration in countries other than Luxembourg . In addition applications to register the Fund may be made in other countries. None of the Shares have been or will be registered under the United States Securities Act of 1933 as amended the 1933 Act or under the securities laws of any state or political subdivision of the United States of America or any of its territories possessions or other areas subject to its jurisdiction including the Commonwealth of Puerto Rico the United States . The Fund has not been and will not be registered under the United States Investment Company Act of 1940 as amended nor under any other US federal laws. Accordingly except as provided for below no Shares are being offered to US Persons or persons who are in the United States at the time the Shares are offered or sold. For the purposes of this Prospectus a US Person includes but is not limited to a person including a partnership corporation limited liability company or similar entity that is a citizen or a resident of the United States of America or is organised or incorporated under the laws of the United States of America. Shares will only be offered to a US Person at the sole discretion of either the Directors or the Management Company. Certain restrictions also apply to any subsequent transfer of Shares in the United States or to US Persons please see the compulsory redemption provisions under Minimum .

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