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JPMorgan Multi-Asset Trust plcHalf Year Report & Financial Statements for the six months ended 31st August 2019

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K E Y F E A T U R E S

Your Company

Investment ObjectiveThe Company’s objective is income generation and capital growth, while seeking to maintain lower levels of portfolio volatility thana traditional equity portfolio.

Investment PoliciesThe Company will seek to achieve its investment objective through a multi-asset strategy, maintaining a high degree of flexibility withrespect to asset class, geography and sector of the investments selected for the portfolio.

The Company has no set maximum or minimum exposures to any asset class, geography and sector of investments and will seek toachieve an appropriate spread of risk by investing in a diversified global portfolio of securities and other assets. This includes thefollowing asset classes:

• equities, and equity linked securities including developed market equities and emerging market equities;

• fixed interest securities including government securities, corporate bonds, high yield bonds, emerging market debt, convertiblesecurities and asset backed securities;

• alternative assets including infrastructure, property and other illiquid investments; and

• derivatives including over the counter and on exchange traded options, financial futures, forward contracts and contracts fordifference.

Investment RestrictionsThe Company has the following investment restrictions at the time of investment, calculated on the Company’s Total Assets:

• no individual investment may exceed 15% with the exception of developed countries government bonds and funds;

• no single developed country government bond or fund will exceed 30%;

• for investment in funds, on a look-through basis, no individual investment may exceed 15%; and

• listed equities and fixed income securities will represent not less than 50%.

Reference IndexLIBOR one-month Sterling +4.5%. The FCA announced that LIBOR will be phased out by 2021. The Board will determine an appropriatereplacement reference index taking account of the alternative to LIBOR available at the time.

Capital StructureAt 31st August 2019, the Company’s share capital comprised 93,115,643 ordinary shares of 1p each including 7,019,235 held in Treasury.

Continuation VoteIn accordance with the Articles, the Directors are required to propose an ordinary resolution that the Company continues its businessas a closed-ended investment company at the fifth annual general meeting of the Company expected to be held in 2023. If theContinuation Vote is passed by a simple majority, the Directors are required to put a further Continuation Vote to Shareholders at theannual general meeting of the Company every fifth year thereafter.

Management Company and Company SecretaryThe Company employs JPMorgan Funds Limited (‘JPMF’ or the ‘Manager’) as its Alternative Investment Fund Manager and CompanySecretary. JPMF delegates the management of the Company’s portfolio to JPMorgan Asset Management (UK) Limited (‘JPMAM’).

Financial Conduct Authority (‘FCA’) regulation of ‘non-mainstream pooled investments’ and MiFID II‘complex instruments’The Company currently conducts its affairs so that its shares can be recommended by Independent Financial Advisers to ordinary retailinvestors in accordance with the rules of the FCA in relation to non-mainstream investment products and intends to continue to do sofor the foreseeable future.

The shares are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are shares in aninvestment trust company. The Company’s shares are not classified as ‘complex instruments’ under the FCA’s revised ‘appropriateness’criteria adopted in the implementation of MiFID II.

Association of Investment Companies (‘AIC’)The Company is a member of the AIC.

WebsiteThe Company’s website, which can be found at www.jpmmultiassettrust.co.uk includes useful information on the Company, such as dailyshare prices, factsheets and will show current and historic half year and annual reports.

J P M O R G A N M U LT I - A S S E T T R U S T P L C . H A L F Y E A R R E P O R T & F I N A N C I A L S TAT E M E N T S 2 0 1 9

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C O N T E N T S

C O N T E N T S

Interim Period Performance 3 Financial Highlights

Chairman’s Statement 6 Chairman’s Statement

Investment Review 9 Investment Managers’ Report

11 Ten Largest Investments 11 Sector Analysis 12 Geographical Analysis 13 List of Investments

Financial Statements 16 Statement of Comprehensive Income

17 Statement of Changes in Equity 18 Statement of Financial Position

19 Statement of Cash Flows

20 Notes to the Financial Statements

Interim Management 24 Report

Shareholder Information 26 Glossary of Terms and Alternative

Performance Measures (‘APMs’)

28 Where to buy JPMorgan Multi-Asset Trust plc

29 Information about the Company

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Interim Period Performance

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I N T E R I M P E R I O D P E R F O R M A N C E | 3

TOTAL RETURNS (INCLUDING DISTRIBUTIONS REINVESTED)

1 Source: Morningstar. This is the total return (i.e. including dividends reinvested) on the Company’s share price.2 Source: Morningstar/J.P. Morgan. This is the total return (i.e. including dividends reinvested) on the Company’s net asset value per share.3 Source: Morningstar. A Alternative Performance Measure (‘APM’).

A glossary of terms and APMs is provided on pages 26 to 27.

6 months 1 year

Return to shareholders1,A

Return on net assets2,A

Reference index LIBORone month sterling+4.5% p.a.3

Dividend per share

–0.6%

+7.7%

+5.4%

4.0p

+3.2%

+6.0%

+2.7%

2.0p


F I N A N C I A L H I G H L I G H T S

4 | J P M O R G A N M U L T I - A S S E T T R U S T P L C . H A L F Y E A R R E P O R T & F I N A N C I A L S T A T E M E N T S 2 0 1 9

SUMMARY OF RESULTS

31st August 28th February 2019 2019 % change

Net asset value per share 105.3p 101.3p +3.91

Share price 93.9p 92.9p +1.12

Share price discount to net asset value per shareA 10.8% 8.3%

Net assets (£’000) 90,663 87,401 +3.7

Number of shares in issue (excluding shares held in Treasury) 86,096,408 86,261,408 –0.2

Net cashA 7.0% 5.0%

Ongoing chargesA 0.93% 1.08%

1 % change, excluding distributions paid. Including distributions the return would be +6.0%.2 % change, excluding distributions paid. Including distributions the return would be +3.2%.AAlternative Performance Measure (‘APM’),

A glossary of terms and APMs is provided on pages 26 to 27.


Chairman’s Statement


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C H A I R M A N ’ S S T A T E M E N T

Introduction

The Company’s objective is to generate income and capital growth through a multi-asset strategy, whileseeking to maintain lower levels of volatility than an institutional equity portfolio. Our commitment to thisobjective is underpinned by the Company’s distribution policy, which aims to achieve a yield of 4.0% on theInitial Issue Price of £1.00 per share. The Company has used the advantages of investment trust status toaccess less liquid areas of the market, such as by investing over 10% of its portfolio in an unlisted JPMorganmanaged infrastructure fund, with the aim of generating sustainable and growing income.

Portfolio Performance

During the half year to 31st August 2019, the Company recorded a positive total return of 6.0% on itsopening net asset value, a highly creditable outperformance of 3.3% over the Company’s Reference Indexin testing market conditions. The Company’s Reference Index, comprising the LIBOR one-month sterlingrate plus 4.5% per annum, is used instead of a benchmark, since it is considered more closely to reflect theprofile of the Company’s portfolio.

Macroeconomic uncertainty has continued to be a significant feature, leading to bouts of market volatilityacross all asset classes. Trade tensions between the United States and China have been a significant factor,leading to declining business confidence, as illustrated by deteriorating manufacturing purchasingmanagers’ indices (PMIs). Consumer spending has generally been more resilient. Central banks across theworld have responded with reduced interest rates and have undertaken other actions to boost economicactivity. Further details of the portfolio are provided in the investment managers’ report on page 9.

Share Price Performance

The Company recorded a positive share price total return to shareholders of 3.2% during the half year to31st August 2019. The price of the Company’s shares has traded at a discount to net asset value throughoutthe period. On 31st August 2019, this discount was 10.8%. The average discount during the period was9.2%, with the shares trading between discounts of 7.7% and 10.8%. During the half year, the Companybought back 165,000 shares, with the overall impact of such buybacks improving the total return on itsopening net assets by 0.02p.

Revenue and Distributions

During the half year to 31st August 2019, the Company’s net return after taxation was £5,143,000. In theperiod up to the signature of this half year report, the Board has declared two interim distributions, each of1.0 pence per share, in respect of the Company’s year ending 29th February 2020. The Company has notelected to ‘stream’ any part of these distributions and therefore both are designated wholly as dividend fortax purposes. Further details of the tax implications for shareholders of the interest ‘streaming’ regime canbe found on page 16 and 72 of the Company’s Annual Report.

Outlook

Your investment managers believe that the global economy is in the latter stage of the economic cycle andthat the possibility of a recession has somewhat increased. The investment environment has become moreuncertain, with market sentiment appearing to be highly dependent upon the readiness of Central Banks tosoften monetary conditions. The investment managers’ review provides more detail on their assessment ofthe overall economic background and prospects. The Board has been impressed with the approach takenby the investment managers in navigating volatile markets over the last 18 months, particularly in responseto frequent short term changes in market sentiment.

Sir Laurence Magnus Chairman


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C H A I R M A N ’ S S T A T E M E N T

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The Board believes that the JPMorgan Investment Management team are well placed to manage theportfolio and to achieve the objectives of generating income and capital growth which the Company set atlaunch.

Sir Laurence MagnusChairman 10th October 2019


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Investment Review


I N V E S T M E N T M A N A G E R S ’ R E P O R T

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Investment approach

We aim to construct a portfolio which is designed to be flexible with respect to asset class, geography andsector of investments and will seek to achieve an appropriate spread of risk by investing in a diversifiedglobal portfolio of securities and other assets. This flexibility allows us to take advantage of the bestopportunities to generate income and growth. We take a medium to long term view of markets, acting oninvestment themes that we believe are appropriate for such a period.

Market review

At the start of the period the macro backdrop looked increasingly supportive as the US Federal Reserve(the Fed) revised down its interest rate forecast profile and the European Central Bank (ECB) similarlyadopted a more dovish tone. Added to this, global survey data was encouraging and positive developmentswere reported on US-China trade talks.

First-quarter GDP surprised positively in the US, Eurozone and China. Results from the first quarterUS earning season were reasonable corroborating some of the economic data. However, trade tensionsreappeared and escalated in May. The US announced a tariff increase and plans to expand tariff coverageto all Chinese goods, and restricted trade with Chinese technology giant, Huawei. China responded moreforcefully than previously, raising tariffs and creating its own restricted list. The US also announced plans toraise tariffs on Mexican goods. With this backdrop and a modest slowdown in global growth data, riskierassets performed poorly in May. Developments in trade relations between the US and other countries havebeen a key driver of market sentiment.

The new escalation in trade tensions was short-lived and sentiment recovered in June, as the US suspendedplans to impose tariffs on Mexican goods and markets began to anticipate a positive US-China meeting atthe G20 Summit, which occurred at the end of the month with both parties agreeing to re-engage innegotiations.

Markets recovered their poise with equities hitting new highs in July. However, at the end of July and inearly August the calm was broken with renewed trade tensions and currency battles creating headwinds formarkets. Increasing dovishness, relative to market expectations, from the Fed has been mirrored by othercentral banks, which is likely to be a theme for the rest of 2019.

Though we still do not forecast a near-term recession, we acknowledge the probability has increased due toongoing trade and currency battles and concern about the degree of dovishness of the Fed relative tomarket expectations. In the US, the economic outlook remains robust with continued strength of theconsumer somewhat offset by weakness in manufacturing. We continue to watch for any signs of weaknessin the labour market, as an early indicator of potentially weaker consumer spending.

Portfolio review

The Company has a dual objective of delivering income and growth to shareholders. The equity portfolio stillfavours names with sustainable dividend yields trading at attractive valuations, particularly in sectors suchas telecommunications, utilities and insurance. Within insurance, European insurers including SwissReinsurance and Munich Reinsurance are included in the portfolio. Utilities remain a key part of the portfolio,with stocks such as Spanish electricity company, Iberdrola and the Italian electricity company, Enel. Over theperiod, our position in the telecommunications sector included European stocks such as Telenor and Orangedue to these firms’ strong operational execution and financial performance in home markets and valuecreating strategies for geographic expansion. We reduced positions in sectors such as basic industries andhealthcare, the latter driven by the potential regulatory changes in the US which may be adverse forAmerican managed care companies such as United Health. Despite the introduction of companies such asNestle, the Swiss consumer products firm, consumer staples remains one of the portfolios less favouredsectors At a stock level, we further reduced exposure to North America and Japan and added to continentalEurope, where valuations and dividend yield potential is increasingly attractive. However, we use indexfutures to reflect top down views on markets, which enable us to maintain positions in high convictiondividend-paying stocks where our views are driven by individual company specific drivers.

Katy Thorneycroft Investment Manager

Gareth WitcombInvestment Manager


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We continue to hold exposure to infrastructure, primarily through the Infrastructure Investment Fund(IIF UK 1LP), a JPMorgan managed open ended private fund, and 3i Infrastructure, a third party investmenttrust. This is an asset class which provides diversification to the portfolio and is attractive in the context ofprospects for both yield and capital growth.

In fixed income, we still hold core Government fixed income via futures in the US and have significantlyincreased our exposure over the period, from 4% at the end of February. Our government bond positioningis in part a hedge against our equity positioning, but we also see pockets of value in bond markets. As anexample. We held long Italian bond futures from June to August as we saw an increasing chance that theECB would add monetary stimulus to the Euro region. We have reduced our high yield bond allocation,noting the less liquid characteristics of the asset class that can come to the fore in late cycle. Our overallfixed income duration has increased from 1.5 years at the end of February to 2.2 years at the end of August.

Performance

The Company delivered a positive total return on net assets over this period of 6.0%. This was an outperformance of 3.3% against the Company’s Reference Index. Almost all components of the portfoliocontributed positively to performance. The portfolio’s equity exposure, which is run by specialist equityinvestors in JPMorgan Asset Management’s International Equity Group, was a significant contributor toabsolute performance. Our regional equity positioning through index futures was also beneficial. Withinfixed income, high yield was the largest positive contributor to absolute performance while governmentbonds and emerging market debt also added value. Our increased allocation to infrastructure provideda positive contribution to the portfolio.

Outlook

Although we acknowledge that the possibility of a recession over the next 12 months has increased,continued easy monetary policy from all major developed market central banks is likely to provide ongoingsupport to the business cycle. Although manufacturing data has slowed, at least in part due to ongoingtrade disputes, labour markets remain strong supporting real wage growth and underpinning consumerspending. The U.S. remains our most preferred equity region from a top down perspective, where we havehighest confidence in the growth outlook. We retain a neutral view to emerging markets, as we note theongoing risks that trade disputes pose, and maintain a cautious view towards high yield debt at this point inthe economic cycle. We continue to favour infrastructure, which provides a good source of diversification,attractive yield and positive return profile.

Katy Thorneycroft Gareth WitcombInvestment Managers 10th October 2019


T E N L A R G E S T I N V E S T M E N T S A N D S E C T O R A N A L Y S I S

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TEN LARGEST INVESTMENTS 31st August 2019 28th February 2019 Country £’000 %1 £’000 %1

Infrastructure Investment Fund

(IIF UK 1 LP)2 United Kingdom 9,837 11.7 9,075 10.9

JPM Global High Yield Bond3 Luxembourg 8,999 10.7 10,604 12.8

JPM Emerging Markets Debt3 Luxembourg 3,797 4.5 4,009 4.8

Coca-Cola United States 3,270 3.9 2,196 2.6

Verizon Communications4 United States 2,598 3.1 1,682 2.0

Pfizer United States 2,204 2.6 2,536 3.1

JPM Emerging Markets Local

Currency Debt3,4 Luxembourg 2,048 2.4 952 1.1

Iberdrola Spain 2,031 2.4 1,724 2.1

3i Infrastructure United Kingdom 1,879 2.2 1,697 2.0

Merck United States 1,853 2.2 2,009 2.4

Total5 38,516 45.7

1 Based on total investments of £84.3m (28th February 2019: £83.0m).2 The General Partner of IIF UK 1 LP is an affiliate of JPMorgan Asset Management (UK) Limited.3 J.P. Morgan Collective Investment Schemes.4 Not included in the ten largest investments at 28th February 2019.5 At 28th February 2019, the value of the ten largest investments amounted to £37.3m, representing 44.9% of the total investments.

SECTOR ANALYSIS

31st August 28th February 2019 2019 Portfolio Portfolio %1 %1

Financials 12.7 12.6

Infrastructure Investment Fund (IIF UK 1 LP)2 11.7 10.9

Health Care 11.5 13.3

JPM Global High Yield Bond3 10.7 12.8

Communication Services 8.9 6.4

Utilities 8.0 6.3

Consumer Staples 7.6 9.3

Energy 6.0 6.6

Industrials 5.0 4.5

JPM Emerging Markets Debt3 4.5 4.8

Information Technology 3.7 3.8

Consumer Discretionary 3.0 3.3

Real Estate 2.9 1.8

JPM Emerging Markets Local Currency Debt3 2.4 1.2

Materials 1.4 2.4

Total 100.0 100.0

1 Based on total investments of £84.3m (28th February 2019: £83.0m).2 The General Partner of IIF UK 1 LP is an affiliate of J.P. Morgan Asset Management (UK) Limited.3 J.P. Morgan Collective Investment Schemes.

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31st August 28th February 2019 2019 Portfolio PortfolioCountry %1 %1

United States 31.0 31.7

United Kingdom2 18.7 19.0

Luxembourg3 17.6 18.7

France 6.8 6.8

Switzerland 5.9 7.0

Germany 4.6 2.9

Spain 3.1 3.1

Italy 2.4 1.5

Canada 1.9 1.4

Taiwan 1.5 0.3

Norway 1.5 —

Japan 1.3 1.6

Sweden 0.9 1.1

Singapore 0.9 1.0

China and Hong Kong 0.9 1.0

Austria 0.5 0.6

Netherlands 0.5 1.8

Denmark — 0.5

Total 100.0 100.0

1 Based on total investments of £84.3m (28th February 2019: £83.0m).2 Includes investment in the Infrastructure Investment Fund (IIF UK 1 LP) which is domiciled in the UK.3 JPM Global High Yield Bond, JPM Emerging Markets Debt and JPM Emerging Markets Local Currency Debt are domiciled in Luxembourg.


L I S T O F I N V E S T M E N T S

I N V E S T M E N T R E V I E W | 1 3

ValuationCompany £’000



UNITED STATES

Coca-Cola 3,270

Verizon Communications 2,598

Pfizer 2,204

Merck 1,853

Xcel Energy 1,667

NextEra Energy 1,431

Eaton 1,264

Chevron 1,217

Philip Morris International 1,212

Ventas 1,159

PepsiCo 1,137

International Business Machines 1,129

AT&T 937

Bristol-Myers Squibb 929

WP Carey 788

AbbVie 580

Morgan Stanley 555

United Parcel Service 531

Prologis 508

Principal Financial 456

Texas Instruments 406

Maxim Integrated Products 300

26,131

UNITED KINGDOM

Infrastructure Investment Fund (IIF UK 1 LP)2 9,837

3i Infrastructure 1,879

Rio Tinto 1,192

BP 990

GlaxoSmithKline 830

Imperial Brands 404

Taylor Wimpey 369

Persimmon 261

15,762

LUXEMBOURG

JPM Global High Yield Bond3 8,999

JPM Emerging Markets Debt3 3,797

JPM Emerging Markets Local

Currency Debt3 2,048

14,844

FRANCE

Vinci 1,532

TOTAL 1,268

Orange 1,057

Sanofi 991

Schneider Electric 897

5,745

SWITZERLAND

Novartis 1,252

Zurich Insurance 1,108

Swiss Re 1,099

Roche 1,084

Nestle 399

4,942

GERMANY

Allianz 1,287

Muenchener Rueckversicherungs-Gesellschaft 1,220

Deutsche Telekom 875

Volkswagen Preference 479

3,861

SPAIN

Iberdrola 2,031

Industria de Diseno Textil 575

2,606

ITALY

Enel 1,576

FinecoBank Banca Fineco 480

2,056

CANADA

TC Energy 1,557

1,557

TAIWAN

Taiwan Semiconductor Manufacturing1 1,293

1,293

NORWAY

Telenor 1,251

1,251

JAPAN

Toyota Motor 824

Tokio Marine 245

1,069

SWEDEN

Svenska Handelsbanken 786

786

SINGAPORE

DBS 777

777

CHINA AND HONG KONG

HKT Trust & HKT 757

757

AT 31ST AUGUST 2019

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AUSTRIA

Erste Group Bank 452

452

NETHERLANDS

ING Groep 392

392

TOTAL INVESTMENTS 84,281

DERIVATIVE INSTRUMENTSFUTURES4

Canada 10 Year Bond Dec 2019 10

EURO STOXX 50 Index Sep 2019 (12)

MSCI Emerging Markets Index Sep 2019 (76)

S&P 500 Emini Index Sep 2019 11

US 10 Year Note Dec 2019 67

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OPTIONS

SPX 2725 Put Options Dec 2019 126

126

TOTAL INVESTMENTS AND DERIVATIVES 84,407

1 Includes ADRs (American Depositary Receipts). 2 The General Partner of IIF UK 1 LP is an affiliate ofJPMorgan Asset Management (UK) Limited.

3 J.P. Morgan Collective Investment Schemes.4 Representing unrealised gains and losses on futurescontracts and will not agree to the Statement ofFinancial Position on page 18, or Note 7 Fairvaluation of investments and derivatives on page 22.


Financial Statements

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S T A T E M E N T O F C O M P R E H E N S I V E I N C O M E

FOR THE SIX MONTHS ENDED 31ST AUGUST 2019

(Unaudited) (Unaudited) (Audited)Six months ended Period ended Period ended31st August 2019 31st August 2018 28th February 2019

Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

Gains on investments held at fair value through profit or loss — 9,150 9,150 — 3,841 3,841 — 1,991 1,991

Net foreign currency losses1 — (5,832) (5,832) — (2,545) (2,545) — (628) (628)Income from investments 2,416 — 2,416 2,036 — 2,036 4,041 — 4,041Interest receivable 87 — 87 60 — 60 24 — 24

Gross return 2,503 3,318 5,821 2,096 1,296 3,392 4,065 1,363 5,428Management fee (91) (167) (258) (93) (172) (265) (180) (333) (513)Other administrative expenses (155) — (155) (156) — (156) (450) — (450)

Net return before finance costs and taxation 2,257 3,151 5,408 1,847 1,124 2,971 3,435 1,030 4,465

Finance costs — (1) (1) (1) (2) (3) (1) (2) (3)

Net return before taxation 2,257 3,150 5,407 1,846 1,122 2,968 3,434 1,028 4,462Taxation (charge)/refund (313) 49 (264) (152) — (152) (273) 22 (251)

Net return after taxation 1,944 3,199 5,143 1,694 1,122 2,816 3,161 1,050 4,211

Return per share (note 3) 2.26p 3.71p 5.97p 1.85p 1.22p 3.07p 3.54p 1.18p 4.72p

1 Consists of unrealised losses on forward foreign currency contracts. For further details of the Company’s policy on hedging currency risk to sterling, see the Company’s28th February 2019 Annual Report & Financial Statements.

All revenue and capital items in the above statement derive from continuing operations.

The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columns representsupplementary information prepared under guidance issued by the Association of Investment Companies.

The net return after taxation represents the profit for the period and also the total comprehensive income.

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S T A T E M E N T O F C H A N G E S I N E Q U I T Y

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Called upshare Share Special Capital Revenuecapital premium reserve1 reserves1 reserve1 Total£’000 £’000 £’000 £’000 £’000 £’000

Six months ended 31st August 2019 (Unaudited)At 28th February 2019 931 — 84,925 1,050 495 87,401Repurchase of shares into Treasury — — (157) — — (157)Net return — — — 3,199 1,944 5,143 Distributions paid in the period (note 4) — — — — (1,724) (1,724)

At 31st August 2019 931 — 84,768 4,249 715 90,663

Period ended 31st August 2018 (Unaudited)At 19th December 2017 — — — — — —Issue of ordinary shares at launch on 2nd March 2018 931 92,184 — — — 93,115 Fund launch expenses — (683) — — — (683)Redesignation of share premium — (91,496) 91,496 — — —Repurchase of shares into Treasury — — (5,497) — — (5,497)Net return — — — 1,122 1,694 2,816 Distributions paid in the period (note 4) — — — — (929) (929)

At 31st August 2018 931 5 85,999 1,122 765 88,822

Period ended 28th February 2019 (Audited)At 19th December 2017 — — — — — —Issue of ordinary shares at launch on 2nd March 2018 931 92,184 — — — 93,115 Fund launch expenses — (688) (32) — — (720)Redesignation of share premium — (91,496) 91,496 — — —Repurchase of shares into Treasury — — (6,539) — — (6,539)Net return — — — 1,050 3,161 4,211 Distributions paid in the period (note 4) — — — — (2,666) (2,666)

At 28th February 2019 931 — 84,925 1,050 495 87,401

1 The distributable part of these reserves form the distributable reserve of the Company and may be used to fund distributions to investors via distribution payments.

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AT 31ST AUGUST 2019

(Unaudited) (Unaudited) (Audited)31st August 2019 31st August 2018 28th February 2019

£’000 £’000 £’000

Fixed assetsInvestments held at fair value through profit or loss 84,281 85,652 83,013

Current assetsDerivative financial assets 689 818 1,978Debtors 472 304 456Cash and short term deposits 5,861 2,373 3,463

7,022 3,495 5,897

Current liabilitiesCreditors: amounts falling due within one year (538) (140) (309)Derivative financial liabilities (102) (185) (1,200)

Net current assets 6,382 3,170 4,388

Total assets less current liabilities 90,663 88,822 87,401

Net assets 90,663 88,822 87,401

Capital and reservesCalled up share capital 931 931 931Share premium — 5 —Special reserve 84,768 85,999 84,925Capital reserves 4,249 1,122 1,050Revenue reserve 715 765 495

Total shareholders’ funds 90,663 88,822 87,401

Net asset value per share (note 5) 105.3p 101.7p 101.3p

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£’000 £’000 £’000

Net cash outflow from operations before distributions and interest (note 6) (501) (36) (466)

Dividends received 1,694 1,262 2,460Interest received 488 428 973Overseas tax recovered 3 4 6Interest paid (1) (3) (3)

Net cash inflow from operating activities 1,683 1,655 2,970

Purchases of investments and derivatives (29,836) (118,126) (132,424)Sales of investments and derivatives 38,471 36,461 52,074Settlement of forward foreign currency contracts (4,601) (3,395) (2,717)Settlement of future contracts (1,252) (294) 191

Net cash inflow/(outflow) from investing activities 2,782 (85,354) (82,876)

Issue of ordinary shares at launch — 93,115 93,115Fund launch expenses — (720) (720)Repurchase of shares into Treasury (342) (5,399) (6,354)Distributions paid (1,724) (929) (2,666)

Net cash (outflow)/inflow from financing activities (2,066) 86,067 83,375

Increase in cash and cash equivalents 2,399 2,368 3,469

Cash and cash equivalents at start of period 3,463 — —Exchange movements (1) 5 (6)Cash and cash equivalents at end of period 5,861 2,373 3,463

Increase in cash and cash equivalents 2,399 2,368 3,469

Cash and cash equivalents consist of:Cash and short term deposits 1,963 1,080 2,431Cash held in JPMorgan Sterling Liquidity Fund 3,898 1,293 1,032

Total 5,861 2,373 3,463

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F


N O T E S T O T H E F I N A N C I A L S T A T E M E N T S


1. Financial statements

The information contained within the financial statements for this half year report has not been audited or reviewed by theCompany’s auditors.

The figures and financial information for the year ended 28th February 2019 are extracted from the latest published financialstatements of the Company and do not constitute statutory accounts for that year. Those financial statements have beendelivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not containa statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 ‘The Financial ReportingStandard applicable in the UK and Republic of Ireland’ of the United Kingdom Generally Accepted Accounting Practice(‘UK GAAP’) and with the Statement of Recommended Practice ‘Financial Statements of Investment Trust Companies and VentureCapital Trusts’ (the revised ‘SORP’) issued by the Association of Investment Companies in November 2014 and updated inFebruary 2018.

FRS 104, ‘Interim Financial Reporting’, issued by the Financial Reporting Council (‘FRC’) in March 2015 has been applied inpreparing this condensed set of financial statements for the period ended 31st August 2019.

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

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financialstatements for the year ended 28th February 2019.

3. Return per share(Unaudited) (Unaudited) (Audited)

Six months ended Period ended Period ended31st August 2019 31st August 2018 28th February 2019

£’000 £’000 £’000

Return per share is based on the following:Revenue return 1,944 1,694 3,161Capital return 3,199 1,122 1,050

Total return 5,143 2,816 4,211

Weighted average number of shares in issue 86,138,011 91,775,740 89,193,741

Revenue return per share 2.26p 1.85p 3.54pCapital return per share 3.71p 1.22p 1.18p

Total return per share 5.97p 3.07p 4.72p

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2

4. Distributions paid (Unaudited) (Unaudited) (Audited)

Six months ended Period ended Period ended31st August 2019 31st August 2018 28th February 2019

£’000 £’000 £’000

2020 first interim distribution paid of 1.0p (2019: 1.0p) 861 929 9292019 second interim distribution paid of 1.0p n/a n/a 8722019 third interim distribution paid of 1.0p n/a n/a 8652019 fourth interim distribution of 1.0p 863 — —

Total distribution paid in the period 1,724 929 2,666

A small portion of the Company’s distributable capital reserves were utilised for the payment of the above distributions toshareholders.

A second interim dividend of 1.0p per share, amounting to £861,000 has been declared payable on 8th November 2019 inrespect of the year ending 29th February 2020.

5. Net asset value per share

(Unaudited) (Unaudited) (Audited)Six months ended Period ended Period ended31st August 2019 31 August 2018 28th February 2018

Net assets (£'000) 90,663 88,822 87,401Number of shares in issue 86,096,408 87,361,408 86,261,408

Net asset value per share 105.3p 101.7p 101.3p

6. Reconciliation of net return before finance costs and taxation to net cash outflow from operationsbefore distributions and interest

(Unaudited) (Unaudited) (Audited)Six months ended Period ended Period ended31st August 2019 31 August 2018 28th February 2018

Total return before finance costs and taxation 5,408 2,971 4,465Less: capital return on ordinary activities before finance costs and taxation (3,151) (1,124) (1,030)

Increase in accrued income and other debtors (92) (173) (305)(Decrease)/increase in accrued expenses (66) 40 122Overseas withholding tax (233) (250) (347)Management fee charged to capital (167) (172) (333)Dividends received (1,694) (1,262) (2,460)Interest received (488) (428) (973)Realised (losses)/gains on foreign currency transactions (18) 362 395

Net cash outflow from operations before distributions and interest (501) (36) (466)

MATE HY pp15_22 10/10/2019 09:59 Page 21



7. Fair valuation of investments and derivatives

The fair value hierarchy analysis for financial instruments held at fair value at the period end is as follows:


Assets Liabilities Assets Liabilities Assets Liabilities£’000 £’000 £’000 £’000 £’000 £’000

Level 11 59,688 (88) 59,107 (41) 58,638 (1,187)Level 22 25,282 (14) 27,363 (144) 26,353 (13)

Total value of investments 84,970 (102) 86,470 (185) 84,991 (1,200)

1 Includes futures currency contracts.2 Includes J.P. Morgan Collective Investment Schemes, forward foreign currency contracts, option contracts and investment in Infrastructure Investments Fund (IIF UK 1 LP), anEnglish limited partnership.

MATE HY pp15_22 10/10/2019 09:59 Page 22

Interim Management Report

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I N T E R I M M A N A G E M E N T R E P O R T

The Company is required to make the following disclosures in its Half Year Report:

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company fall into five broad categories: investment and strategy; accounting, legaland regulatory; corporate governance and shareholder relations; operational; and financial. Information on each of these areas is givenin the Company’s Strategic Report within the Annual Report and Financial Statements for the period ended 28th February 2019.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materiallyaffected the financial position or the performance of the Company during the period.

Going Concern

The Directors believe, having considered the Company’s investment objectives, risk management policies, capital management policiesand procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriatefinancial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and,more specifically, that there are no material uncertainties relating to the Company that would prevent its ability to continue inoperational existence for at least twelve months from the date of the approval of this interim financial report. For these reasons, theyconsider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.

Directors’ Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance withFRS104 ‘Interim Financial Reporting’ and gives a true and fair view of the assets, liabilities, financial position and net return ofthe Company as required by the UK Listing Authority Disclosure and Transparency Rules (‘DTR’) 4.2.4R; and

(ii) the interim management report includes a fair review of the information required by DTR 4.2.7R and 4.2.8R.

In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed andexplained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continuein business;

and the Directors confirm that they have done so.

For and on behalf of the BoardSir Laurence MagnusChairman 10th October 2019

MATE HY pp23-24 10/10/2019 10:45 Page 24

Shareholder Information

MATE HY pp25-28.qxp 10/10/2019 10:01 Page 25

S


GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES ( ‘APMs’ )

Return to Shareholders (APM)Total return to the shareholders, on a last traded price to last traded price basis, assuming that all distributions received werereinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-distribution.

Six months endedTotal return calculation Page 31st August 2019

Opening share price (p) 4 92.9 (a)

Closing share price (p) 4 93.9 (b)

Total distribution adjustment factor1 1.021188 (c)

Adjusted closing share price (p) (d = b x c) 95.9 (d)

Total return to shareholders (e = d / a – 1) 3.2% (e)

1 The distribution adjustment factor is calculated on the assumption that the distributions paid out by the Company are reinvested into the shares of the Company at the lasttraded price quoted at the ex-distribution date.

Return on Net Assets (APM)Total return on net asset value (‘NAV’) per share, on a bid value to bid value basis, assuming that all distributions paid out by theCompany were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares werequoted ex-distribution.

Six months endedTotal return calculation Page 31st August 2019

Opening NAV per share (p) 4 101.3 (a)

Closing NAV per share (p) 4 105.3 (b)

Total distribution adjustment factor2 1.019494 (c)

Adjusted closing NAV per share (p) (d = b x c) 107.4 (d)

Total return on net assets (e = d / a – 1) 6.0% (e)

2 The distribution adjustment factor is calculated on the assumption that the distributions paid out by the Company are reinvested into the shares of the Company at the NAVat the ex-distribution date.

Gearing/(Net Cash) (APM)Gearing represents the excess amount above shareholders’ funds of total investments, expressed as a percentage of the shareholders’funds.

If the amount calculated is negative, this is shown as a ‘net cash’ position.

31st August 28th February 2019 2019Gearing calculation Page £’000 £’000

Investments held at fair value through profit or loss 18 84,281 83,013 (a)Net assets 18 90,663 87,401 (b)

Gearing/(net cash) (c = a / b – 1) (7.0)% (5.0)% (c)


S H A R E H O L D E R I N F O R M A T I O N | 2 7

GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES ( ‘APMs’ )

2

Ongoing Charges (APM)The ongoing charges represent the Company’s management fee and all other operating expenses excluding finance costs payable,expressed as a percentage of the average of the daily cum-income net assets during the year and is calculated in accordance withguidance issued by the Association of Investment Companies.

The figure as at 31st August 2019 is an estimated annualised figure based on the figures for the six months ended 31st August 2019.

31st August 28th February 2019 2019 Ongoing charges calculation Page £’000 £’000

Management Fee 16 516 513 Other administrative expenses 16 310 450

Total management fee and other administrative expenses 826 963 (a)

Average daily cum-income net assets 89,144 89,553 (b)

Ongoing charges (c = a / b) 0.93% 1.08% (c)

Share Price Discount/Premium to Net Asset Value (‘NAV’) per Share (APM)If the share price of an investment trust is lower than the NAV per share, the shares are said to be trading at a discount. The discount isshown as a percentage of the NAV per share.

The opposite of a discount is a premium. It is more common for an investment trust's shares to trade at a discount than at a premium(page 4).



W H E R E T O B U Y J P M O R G A N M U L T I - A S S E T T R U S T P L C

JPMorgan Multi-Asset Trust plc is an eligible investment withina stocks & shares individual savings account (ISA) and Junior ISA.For the 2019/20 tax year, from 6th April 2019 and ending5th April 2020, the annual ISA allowance is £20,000 and theJunior ISA annual allowance is £4,368.

You can invest in JPMorgan Multi-Asset Trust plc through thefollowing;

1. Via a third party provider

Third party providers include:

Please note this list is not exhaustive and the availability of theCompany’s shares may vary depending on the provider. Thesewebsites are third party sites and the Company does not endorseor recommend any. Please observe each site’s privacy and cookiepolicies as well as their platform charges structure.

2. Through a professional adviser

Professional advisers are usually able to access the products of allthe companies in the market and can help you find an investmentthat suits your individual circumstances. An adviser will let youknow the fee for their service before you go ahead. You can findan adviser at unbiased.co.uk

You may also buy JPMorgan Multi-Asset Trust plc throughstockbrokers, wealth managers and banks.

To familiarise yourself with the Financial Conduct Authority (FCA)adviser charging and commission rules, visit fca.org.uk

Information for J.P. Morgan Investment Account,Stock & Shares ISA account holders

From 28th September 2019 J.P. Morgan Asset Managementceased offering investment accounts and stocks & shares ISAsavings products. Investors are able to remain invested inJPMorgan Multi-Asset Trust plc by transferring to another serviceprovider. For full details of all the options available to investors,please refer to correspondence sent by J.P. Morgan on 8th April2019 or contact your financial adviser.

The Board continues to encourage all of its shareholders toexercise their rights and notes that many specialist platforms, toinclude the default options offered by JPMorgan, provideshareholders with the ability to continue to receive Companydocumentation, to vote their shares and to attend generalmeetings, at no cost. Please refer to your investment platform formore details, or visit the AIC’s website atwww.theaic.co.uk/aic/shareholder-voting-consumer-platforms forinformation on which platforms support these services and howto utilise them.

AJ BellBarclays Smart InvestorCharles Stanley DirectFundsNetwork

Hargreaves LansdownInteractive InvestorSelftradeThe Share Centre

Avoid investment fraud1 Reject cold calls

If you’ve received unsolicited contact about an investment opportunity, chances are it’s a high risk investment or a scam. You should treat the call with extreme caution. The safest thing to do is to hang up.

2 Check the FCA Warning List The FCA Warning List is a list of �rms and individuals we know are operating without our authorisation.

3 Get impartial advice Think about getting impartial �nancial advice before you hand over any money. Seek advice from someone unconnected to the �rm that has approached you.

Report a ScamIf you suspect that you have been approached by fraudsters please tell the FCA using the reporting form at www.fca.org.uk/consumers/report-scam-unauthorised-�rm. You can also call the FCA Consumer Helpline on 0800 111 6768

If you have lost money to investment fraud, you should report it to Action Fraud on 0300 123 2040 or online at www.actionfraud.police.uk

Find out more at www.fca.org.uk/scamsmart

Investment scams are designed to look like genuine investmentsSpot the warning signs

Have you been:

• contacted out of the blue• promised tempting returns

and told the investment is safe• called repeatedly, or• told the offer is only available

for a limited time?

If so, you might have been contacted by fraudsters. Remember: if it sounds too good to be true,

it probably is!

Be ScamSmart


I N F O R M AT I O N A B O U T T H E C O M PA N Y

HistoryThe Company was incorporated as a public limited company in England on19th December 2017. Most of the £93.1 million proceeds raised on its launch onthe London Stock Exchange on 2nd March 2018 arose from shareholders ofJPMorgan Income & Capital Trust plc, who ‘rolled-over’ their holdings into theCompany.

DirectorsSir Laurence Magnus (Chairman) Sian HansenRichard HillsSarah MacAulayJames West

Company NumbersCompany Registration Number: 11118654London Stock Exchange Code : MATEISIN: GB00BFWJJT14Bloomberg: MATE LNLEI: 549300C0UCY8X2QXW762Reuters: MATE J.L

Market InformationThe Company’s unaudited net asset value (‘NAV’) is published daily via the LondonStock Exchange.

The Company’s shares are listed on the London Stock Exchange. The market priceis shown daily in the Financial Times, The Times, The Daily Telegraph, TheScotsman and on the Company’s website at www.jpmmultiassettrust.co.uk, wherethe share price is updated every 15 minutes during trading hours.

WebsiteThe Company’s website can be found at www.jpmmultiassettrust.co.uk andincludes useful information about the Company, such as daily prices,factsheets and will include current and historic half year and annual reportsonce available.

Share TransactionsThe Company’s shares may be dealt in directly through a stockbroker orprofessional adviser acting on an investor’s behalf.

Manager and Company SecretaryJPMorgan Funds Limited

Company’s Registered Office60 Victoria EmbankmentLondon EC4Y 0JPTelephone: 020 7742 4000For Company Secretarial and administrative matters, please contactPaul Winship at the above address.

DepositaryThe Bank of New York Mellon (International) Limited1 Canada SquareLondon E14 5AL

The Depositary has appointed JPMorgan Chase Bank, N.A. as the Company’scustodian.

CustodianJ.P. Morgan Chase Bank, National Association 25 Bank StreetCanary WharfLondon E14 5JP

RegistrarsEquiniti Limited Aspect House Spencer Road LancingWest Sussex BN99 6DATelephone number: 0371 384 2326

Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday. Calls to the helpline willcost no more than a national rate call to a 01 or 02 number. Callers fromoverseas should dial +44 121 415 0225.

Notifications of changes of address and enquiries regarding sharecertificates or dividend cheques should be made in writing to the Registrarquoting reference 1084. Registered shareholders can obtain further detailson their holdings on the internet by visiting www.shareview.co.uk.

Independent AuditorsPricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT

BrokersPanmure GordonOne New Change London EC4M 9AF

A member of the AIC

S H A R E H O L D E R I N F O R M AT I O N | 29

FINANCIAL CALENDAR

Financial year-end date 28th/29th February

Distributions payable February, May, August and November

Final results announced May

Annual General Meeting July

Half year end 31st August

Half year results announced OctoberInterim

MATE HY A4 cover.qxp 11/10/2019 10:25 Page 3

GB I Multi Asset | 10/19

100%

CONTACT

60 Victoria EmbankmentLondon EC4Y 0JPTel +44 (0) 20 7742 4000Websitewww.jpmmultiassettrust.co.uk

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