Access Conservative Fund (GBP) Inst Inc

To achieve income and long term capital growth by investing primarily in a diversified portfolio of UCITS and other UCIs and using financial derivative instruments where appropriate. Investment Policy: The Sub-Fund will have exposure to a portfolio of equity and debt securities issued globally, primarily through investments in UCITS and UCIs (including those managed or distributed by companies in the JPMorgan Chase & Co. group). The Sub-Fund may also invest in UCITS and UCIs that will have exposure to a range of alternative investment strategies including, but not limited to, opportunistic/global macro, long/short equity, event driven, relative value, credit and portfolio hedge strategies. The Sub-Fund may also invest in structured products up to a maximum of 10% of assets and in securities exposed to the performance of a commodities index such as an Exchange Traded Commodity. The Sub-Fund may also invest directly in securities (including equity securities, debt securities, convertible bonds and credit linked instruments), deposits with credit institutions and money market instruments. The Investment Manager may periodically review and determine the allocations among different asset classes, currencies and markets, and may change these asset allocations based upon market conditions and opportunities. This may result in changes to the Sub Fund's benchmark. Accordingly, this Sub-Fund, which is likely to have a lower allocation to equities than the Access Balanced Fund (GBP) or Access Growth Fund (GBP) Sub-Funds of this SICAV, has a lower risk return profile than these types of sub-funds and is likely to exhibit lower volatility. The Sub-Fund will invest in financial derivative instruments to achieve its investment objective. Such instruments may also be used for the purposes of hedging. These instruments may include, but are not limited to, forward contracts, futures, options and other financial derivative instruments. The Sub-Fund may hold ancillary liquid assets (bank deposits at sight, such as cash held in current accounts with a bank accessible at any time) up to 20% of its net assets for managing cash subscriptions and redemptions as well as current and exceptional payments. On a temporary basis and if justified by exceptionally unfavourable market conditions, the Sub-Fund may, in order to take measures to mitigate risks relative to such exceptional market conditions in the best interests of the shareholders, hold ancillary liquid assets up to 100% of its net assets. GBP is the Reference Currency of the Sub-Fund but assets may be denominated in other currencies. The Sub-Fund will typically invest in share classes of UCITS and UCIs which qualify for UK Reporting Fund Status Currency risk between reference and non-reference currencies may be hedged in accordance with the Investment Manager's strategic and tactical views of the currency markets, which may change from time to time. The Investment Manager may, at its sole discretion, also determine that no hedging of all or part of the Sub-Fund's strategic allocation to certain asset classes is appropriate. Redemption and Dealing: Shares of the Sub-Fund may be redeemed on demand, with dealing normally on a weekly basis. Benchmark: The benchmark of the Share Class is MSCI World Index (Total Return Net) (35%)/ Bloomberg Global Aggregate Index Hedged to GBP (55%)/ HFRX Global Hedge Fund USD Index Hedged to GBP (10%). The benchmark is a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund is actively managed and the Investment Manager has broad discretion to deviate from the composition and risk characteristics of the benchmark. 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. Distribution Policy: This Share Class will normally pay dividends. Recommendation: The Sub-Fund may not be appropriate for investors who plan to withdraw their money within three years. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.jpmorganassetmanagement.lu