Jupiter Merian North American Equity Fund

Objective: to seek to achieve capital growth by delivering a return, net of fees, greater than that of the MSCI North America Index with net dividends reinvested over rolling 3 year periods. The Fund invests primarily (at least 70%) in US and Canadian company shares and similar investments. The Fund uses derivatives (i.e. financial contracts whose value is linked to the expected price movements of an underlying investment) with the aim of reducing the overall costs and/or risks of the Fund. The Fund is actively managed.Portfolio construction is driven by systematic analysis of companies against several distinct characteristics including stock price valuation, balance sheet quality, growth characteristics, efficient use of capital, analyst sentiment and supportive market trends to identify attractively priced investment opportunities. The Index is a representation of the markets in which the Fund primarily invests and as such is a point of reference against which the performance of the Fund may be measured. Although a large proportion of the Fund’s investments may be components of the Index, the Fund has the ability to deviate significantly from the Index.