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TERMS AND CONDITIONS

TABLE OF CONTENTS

* For Personal Investors
* Role Definition
* Terms of Use
* Privacy Policy
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FOR PERSONAL INVESTORS

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Notice

Change of Company Registrar
With effect from 15th July 2024, JPMorgan US Smaller Companies Investment Trust
plc (the ‘Company’) has transferred the management of its share register from
Equiniti Financial Services Limited to Computershare Investor Services PLC
(“Computershare”). Shareholders holding their shares directly with the Company,
rather than via a third-party platform, will be contacted directly by
Computershare. In the meantime, if you have any queries, please contact the
Computershare customer service team on 0370 707 1423 (UK callers) or +44 (0)
0370 707 1423 (International callers). Lines are open from 8.30am to 5.30pm (UK
time), Monday to Friday. Alternatively, you can write to Computershare at:
Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol,
BS99 6ZZ.

JUSC
JPMORGAN US SMALLER COMPANIES INVESTMENT TRUST PLC– ORD

* Register for trust updates
* Factsheet
* KID
* How to invest

Past performance is not a guide to current and future performance.
NAV
As of 15/07/2024
448.52p
Discount / premium
As of 15/07/2024
-10.37%
Share price
As of 15/07/2024
402.00p
Total assets
As of 15/07/2024
GBP 291.56 Mn
* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

Notice

JUSC
JPMorgan US Smaller Companies Investment Trust plc– ORD

* OVERVIEW
* PERFORMANCE & FEES
* PORTFOLIO
* COMMENTARY
* DOCUMENTS

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

Total dividend for last financial year 3.00p
Potential gearing range-5% to 15% (+/- 2.5%)
Actual gearing
As of 15/07/20242.50%
Company Broker(s)Numis Securities
SEDOLBJL5F34
ISINGB00BJL5F346
BloombergJUSC LN
ReutersJUSC.L
Asset classEquity
RegionAmerica
Share class currencyGBP
Share class inception02/04/1962
BenchmarkThe Russell 2000 Index (£)
ESG Approach ESG Integrated

INVEST IN THE HEART OF AMERICA

ARE US SMALLER COMPANIES POISED FOR RECOVERY?

JPMorgan US Smaller Companies Investment Trust aims to provide investors with
capital growth by investing in US smaller companies that have an ongoing
competitive advantage.

Read the article

THE MAGNIFICENT 2000

Although the action has clearly been elsewhere, there is an appealing
alternative option for investors that would prefer a more diversified approach
to the US stock market. It is often the case that, when markets become as
concentrated as this, there will be another part of the market suffering from
investor neglect. Relative valuations suggest that, in current market
conditions, it is US smaller companies that have been out of favour with
investors.

Read the article

QUALITY AND VALUE AT THE HEART OF AMERICA

The JPMorgan US Smaller Companies Investment Trust plc offers access to one of
the deepest market opportunities available anywhere in the world. With a long
runway of growth ahead of them, smaller companies tend to outperform over the
long term and play a key role in driving productive economic growth. After a
period of being overshadowed by the tech driven US large cap market, is it time
for US smaller companies to shine?

Read the article

US ELECTION 2024: EMEA INVESTOR GUIDE

The upcoming US presidential election will be at the forefront of many
investors' minds throughout the year.

Read the article

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Play Video Hear from Jonathan Brachle on Investing in the heart of America

ARE US SMALLER COMPANIES POISED FOR RECOVERY?

JPMorgan US Smaller Companies Investment Trust aims to provide investors with
capital growth by investing in US smaller companies that have an ongoing
competitive advantage.

Read the article

THE MAGNIFICENT 2000

Read the article

INVEST IN THE HEART OF AMERICA

The JPMorgan US Smaller Companies Investment Trust plc offers access to one of
the deepest market opportunities available anywhere in the world. With a long
runway of growth ahead of them, smaller companies tend to outperform over the
long term and play a key role in driving productive economic growth. The US
smaller companies’ market is entrepreneurial, diverse, and under-researched –
characteristics that have made it an exciting and rewarding market for
investors.

Key points

* Focus - gain pure exposure to the heart of corporate USA, where
underappreciated growth opportunities are abundant
* Expertise - managed by a team of specialist investors with more than six
decades of combined experience and an impressive long-term track record in
the US small cap market
* Quality - the investment team focuses on identifying well-managed,
cash-generative businesses that enjoy an enduring competitive advantage and
attractive growth prospects

Why invest in this trust

The long-term economic success of the United States is founded upon the depth
and breadth of its thriving corporate sector, with ambitious companies providing
a constant source of renewal and evolution. With acknowledged expertise in US
equities, J.P. Morgan’s US Smaller Companies Investment Trust team has a
demonstrable track record of identifying high-quality businesses with
outstanding long-term prospects.

Invest in the heart of America.

Past performance is not a reliable indicator of current and future results.

Watch the latest JPMorgan US Smaller Companies Investment Trust Annual General
Meeting.

INVESTMENT OBJECTIVE

The Company aims to provide investors with capital growth by investing in US
smaller companies that have a sustainable financial competitive advantage. As
the emphasis is on capital growth rather than income, shareholders should expect
the dividend to vary from year to year. The Company focuses on owning equity
stakes in businesses that the manager believes trade at a discount to intrinsic
value, with strong management teams. The Company has the ability to use
borrowing to gear the portfolio within a range of 5% net cash to 15% of net
assets. Gearing may magnify gains or losses experienced by the Company.

PORTFOLIO MANAGERS

Don San Jose

27 YEARS
In the industry
24 YEARS
With J.P. Morgan
16 YEARS
Managing this fund

Dan Percella

22 YEARS
In the industry
16 YEARS
With J.P. Morgan
10 YEARS
Managing this fund

Jonathan Brachle

17 YEARS
In the industry
17 YEARS
With J.P. Morgan
6 YEARS
Managing this fund

HOW TO INVEST

The following are third party providers that you can use to invest in our range
of products.
You can invest via third party providers or by contacting a professional
advisor. You should, of course, only consider investments that are right for
you. If you are in any doubt about the suitability of an investment, please
speak to an independent financial advisor.

The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has conducted an annual Value Assessment on the Trust in line
with Financial Conduct Authority (FCA) rules set out in the Consumer Duty
regulation. The Assessment focuses on the nature of the product, including
benefits received and its quality, limitations that are part of the product,
expected total costs to clients and target market considerations.

Within this, the assessment considers quality of services, performance of the
trust (against both benchmark and peers), total fees (including management fees
and entry and exit fees as applicable to the Trust), and also considers whether
vulnerable consumers are able to receive fair value from the product.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.
The companies are shown for illustrative purposes only. Their inclusion should
not be interpreted as a recommendation to buy or sell. The use of their logos is
in no way an endorsement of those companies by J.P. Morgan Asset Management nor
is it intended to indicate an endorsement of J.P. Morgan Asset Management by
those companies.

JPMorgan Funds Ltd has concluded that the Trust is providing value based on the
above assessment.

RISK PROFILE

* Exchange rate changes may cause the value of underlying overseas investments
to go down as well as up.
* External factors may cause an entire asset class to decline in value. Prices
and values of all shares or all bonds and income could decline at the same
time, or fluctuate in response to the performance of individual companies and
general market conditions.
* This Company may utilise gearing (borrowing) which will exaggerate market
movements both up and down.
* This Company invests in smaller companies which may increase its risk
profile.
* The share price may trade at a discount to the Net Asset Value of the
Company.
* The single market in which the Company primarily invests, in this case US,
may be subject to particular political and economic risks and, as a result,
the Company may be more volatile than more broadly diversified companies.

FINANCIAL CALENDAR

Interim results announcedAugust
Final results announcedMarch
Annual general meetingApril
Financial year-end date31 December
Dividends payableMay

BOARD OF DIRECTORS

Mandy Donald
Christopher Metcalfe
Dominic Neary
Shefaly Yogendra

ADDITIONAL RATINGS AND AWARDS

KEY INFORMATION

PERFORMANCE

Benchmark
The Russell 2000 Index (£)
Quarterly rolling 12 months
As of 30/06/2024
Cumulative
As of 30/06/2024
Annualised
As of 30/06/2024

PERFORMANCE - QUARTERLY ROLLING

2019/20202020/20212021/20222022/20232023/2024Share
price-3.96%45.29%-19.40%9.38%4.81%NAV-1.28%35.36%-8.97%7.39%5.31%Benchmark-4.03%44.69%-15.06%7.03%10.44%

Past performance is not a reliable indicator of current and future results.
Source: J.P. Morgan Asset Management/Morningstar. Net asset value performance
(NAV) data has been calculated on a NAV to NAV basis, including ongoing charges
and any applicable fees, with any income reinvested, in GBP.
NAV is the cum income NAV with debt at fair value, diluted for treasury and/or
subscription shares if applicable, with any income reinvested. Share price
performance figures are calculated on a mid market basis in GBP with income
reinvested on the ex-dividend date. The performance of the company's portfolio,
or NAV performance, is not the same as share price performance and shareholders
may not realise returns which are the same as NAV performance.
Benchmark source: Russell Investment Group is the source and owner of the
trademarks, service marks and copyrights related to the Russell Indexes.
Russell© is a trademark of Russell Investment Group.
Comparison of the Company's performance is made with the benchmark. The
benchmark is a recognised index of stocks which should not be taken as wholly
representative of the Company's investment universe. The Company's investment
strategy does not follow or track this index and therefore there may be a degree
of divergence between its performance and that of the Company.

PERFORMANCE - CUMULATIVE

30/06/2024

1 MONTH3 MONTHS1 YEAR3 YEARS5 YEARS10 YEARSShare
price0.26%-2.22%4.81%-7.60%28.93%174.81%NAV-0.19%-4.58%5.31%2.95%37.57%195.09%Benchmark-0.24%-3.39%10.44%0.40%39.41%160.60%

PERFORMANCE - ANNUALIZED

30/06/2024

3 YEARS5 YEARS10 YEARSShare
price-2.60%5.21%10.64%NAV0.97%6.59%11.43%Benchmark0.13%6.87%10.05%

MONTH IN REVIEW

As of 31/05/2024
* The trust underperformed its benchmark for May 2024.
* The S&P 500 returned +4.96% (in US dollars) in May. Markets continued to move
higher, with year-to-date returns at +11.30%. With more than 460 companies
having reported earnings, 73% of the names beat earnings estimates; notably,
the information technology sector had the highest number of names at 86%.
Additionally, the Federal Reserve maintained the status quo in the May
meeting while also reiterating that it doesn’t expect to cut rates until it
has gained confidence that inflation is moving sustainably towards 2%.
* Our stock selection in the industrials and consumer discretionary sectors
detracted from performance.
* Within consumer discretionary, our exposure to Driven Brands was the largest
detractor.
* Among individual names, our exposure to Paycor HCM, within technology, hurt
performance. Shares of the company plunged following disappointing
third-quarter 2024 earnings results due to a recurring revenue miss and
lowered guidance.
* Our stock selection in the consumer staples and financials sectors
contributed to performance.
* At the security level, our lack of exposure to Super Micro Computer was one
of the top contributors. Shares tumbled after the company reported
third-quarter revenues that missed estimates.
* Among individual names, our exposure to BJ’s Wholesale Club, within consumer
discretionary, proved beneficial.

LOOKING AHEAD

As of 31/05/2024
* We continue to focus on the fundamentals of the economy and company earnings.
Our analysts’ estimates for S&P 500 Index® earnings currently project +11%
for 2024 and +15% for 2025.
* Easing inflation and improved prospects for growth have helped fuel optimism
for a soft landing. However, be it the US election, higher policy rates or
significant geopolitical tension, risks continue to remain that could push
the economy into recession in 2024. Through the volatility, we continue to
focus on high-conviction stocks and take advantage of market dislocations for
compelling stock-selection opportunities.

FEES

Ongoing charge (including the annual management fee detailed below)
0.93%
Annual management fee
0.70% on Gross Assets
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.
The Ongoing Charge comprises the Company’s management fee and all other
operating expenses (excluding interest charges on any borrowing) incurred during
the year, expressed as a percentage of the average daily net assets during the
year. All figures are for the previous financial year unless otherwise stated.

DIVIDEND HISTORY

20192020202120222023Total dividend per share (p)2.50p2.50p2.50p2.50p3.00p

GROWTH OF HYPOTHETICAL INVESTMENT

Date range
Last 5 years
Last 1 year
Last 3 years
Last 5 years
Last 10 years
Last 15 years
Custom date range
From

Performance inception: June, 2008
January
February
March
April
May
June
July
August
September
October
November
December
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
To

January
February
March
April
May
June
July
August
September
October
November
December
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Initial amount

Regular savings amount

Frequency
Monthly
Quarterly
GBP 6,000GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000Jan 20Jan
21Jan 22Jan 23Jan 24
GBP 6,000GBP 8,000GBP 10,000GBP 12,000GBP 14,000GBP 16,000GBP 18,000Jan 20Jan
21Jan 22Jan 23Jan 24

NAV

Share Price

Benchmark
DOWNLOAD CHART DATA
Approximate value of Initial Investment in the fund at NAV with dividends and
capital gains reinvested, and based on the time period selected.
Approximate percent of Initial Investment in the fund at NAV with dividends and
capital gains reinvested, and based on the time period selected.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.
Approximate values shown are for the time period selected and reflect either;
the Net asset value performance which has been calculated on a NAV to NAV basis
in GBP, including ongoing charges and any applicable fees, with any income
reinvested; or the Share price performance which has been calculated on a mid
market basis in GBP with income reinvested on the ex-dividend date.

MONTH IN REVIEW

LOOKING AHEAD

DOCUMENTS

Reports and accounts
* 2023 Annual Report
* 2023 Half Year Report
* 2022 Half Year Report
* 2021 Annual Report
* 2021 Half Year Report
* 2020 Annual Report
* 2020 Half Year Report
* 2019 Annual Report

* 2019 Half Year Report
* 2018 Annual Report
* 2018 Half Year Report
* 2017 Annual Report
* 2017 Half Year Report
* 2016 Annual Report
* 2016 Half Year Report
* 2015 Annual Report

* 2015 Half Year Report
* 2014 Annual Report
* 2014 Half Year Report
* 2013 Annual Report
* 2013 Half Year Report
* 2012 Annual Report
* 2012 Half Year Report
* 2011 Annual Report

* 2011 Half Year Report
* 2010 Annual Report
* 2010 Half Year Report
* 2009 Annual Report
* 2009 Half Year Report

Legal Documents
* Investor Disclosure Document
* LSE Trust Announcements - US Smaller Companies

* PRIIP KID - JPM US Smaller Companies IT - Ordinary

Annual General Meeting and General / Class meeting
* Results of the Poll at 2024 AGM
* AGM Presentation 2024
* AGM Presentation 2023

* Results of the Poll at 2023 AGM
* AGM Presntation 2022
* Results of Poll at 2022 AGM

Trust information
* Factsheet
* Complete NAV summary (updated monthly)

* AIFMD Remuneration Disclosure
* Sub-division of the Company's shares (with effect from 6th March 2014)

Committee terms of reference
* Audit Committee
* Nomination Committee

* Remuneration Committee
* Management Engagement Committee

Research
* Kepler Investment Research

This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
This Investment Trust has been reviewed by a third party agency. Contents of the
external links have been prepared by third parties and do not necessarily
represent the views of J.P. Morgan Asset Management. These third parties may
receive a fee by the Board of Directors of this Investment Trust. J.P. Morgan
Asset Management does not endorse or attest to completeness and accuracy of
these contents. Reliance upon these contents is at the sole discretion of the
reader.
ESG Information
* ESG Fund Report

* UK TCFD Product Report

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 are considered to be reliable at the time of writing, may not
necessarily be all inclusive and are not guaranteed as to accuracy. They may be
subject to change without reference or notification to you. It should be noted
that 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 reliable indicators of current
and future results. There is no guarantee that any forecast made will come to
pass. Furthermore, whilst it is the intention to achieve the investment
objective of the investment products, there can be no assurance that those
objectives 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.
Investment is subject to documentation. The Annual Reports and Financial
Statements, AIFMD art. 23 Investor Disclosure Document and PRIIPs Key
Information Document can be obtained free of charge in English from JPMorgan
Funds Limited or at www.jpmam.co.uk/investmenttrust.
This communication is issued by JPMorgan Asset Management (UK) Limited, which is
authorised and regulated in the UK by the Financial Conduct Authority.
Registered in England No: 01161446. Registered address: 25 Bank Street, Canary
Wharf, London E14 5JP.

J.P. Morgan Asset Management

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