JPMorgan Brazil Investment Trust plc · biggest contributor to performance, led by our overweight position in Smiles Fidelidade. This loyalty programme company has traditionally operated

JPMorgan Brazil Investment Trust plc Half Year Report & Financial Statements for the six months ended 31st October 2017

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ObjectiveTo provide shareholders with long term total returns,predominantly comprising capital growth but with thepotential for income, by investing primarily in Brazilianfocused companies.

Investment Policies – To invest primarily in Brazilian companies and thoseincorporated or listed outside Brazil whose Brazilianoperations constitute a material part of their business.Up to 10% of assets may be invested in companies focusedon other Latin American countries.

– There is no limit placed on the market capitalisation or sectorof any investee companies. However, the Company mayreduce its equity holdings to a minimum of 60% of its grossassets if it is considered to be beneficial to performance.

– The Company may invest in listed or unlisted securities orequity-linked securities, in addition to fixed income bonds.Unlisted securities will not exceed 10% of gross assets at thetime of investment.

Benchmark The Company’s benchmark is the MSCI Brazil 10/40 Index (insterling terms), with net dividends reinvested. This index limitsthe maximum weight of an individual stock constituent to 10%and limits the sum of the weights of all stocks representingmore than 5% individually to 40%.

Capital Structure At 31st October 2017, the Company’s share capital comprised61,728,898 Ordinary shares of 1p each including 28,204,044shares held in Treasury.

Continuation VoteIn accordance with the Company’s Articles of Association, theDirectors are required to propose a resolution that theCompany continue as an investment trust at the Annual GeneralMeeting in 2017 and every third year thereafter.

Management CompanyThe Company employs JPMorgan Funds Limited (‘JPMF’ or the‘Manager’) as its Alternative Investment Fund Manager. JPMFdelegates the management of the Company’s portfolio toJPMorgan Asset Management (UK) Limited (‘JPMAM’ orthe’Manager’).

FCA regulation of ‘non-mainstream pooledinvestments’The Company currently conducts its affairs so that the sharesissued by JPMorgan Brazil Investment Trust plc can berecommended by Independent Financial Advisers to ordinaryretail investors in accordance with the FCA’s rules in relation tonon-mainstream investment products and intends to continueto do so for the foreseeable future.

The shares are excluded from the FCA’s restrictions which applyto non-mainstream investment products because they areshares in an investment trust.

Association of Investment Companies The Company is a member of the Association of InvestmentCompanies.

WebsiteThe Company’s website, which can be found atwww.jpmbrazil.co.uk, includes useful information on theCompany, such as daily prices, factsheets and current andhistoric half year and annual reports.

Features

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Contents

HALF YEAR PERFORMANCE

2 Total Returns in Sterling Terms

ABOUT THE COMPANY

3 Chairman’s Statement

4 Investment Managers’ Report

INVESTMENT REVIEW

7 List of Investments

8 Sector Analysis

FINANCIAL STATEMENTS

9 Statement of Comprehensive Income

10 Statement of Changes in Equity

11 Statement of Financial Position

12 Statement of Cash Flows

13 Notes to the Financial Statements

INTERIM MANAGEMENT REPORT

SHAREHOLDER INFORMATION

16 Glossary of Terms and Alternative Performance Measures

17 Where to buy J.P. Morgan Investment Trusts

21 Information about the Company

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2 JPMORGAN BRAZIL INVESTMENT TRUST PLC HALF YEAR REPORT & FINANCIAL STATEMENTS 2017

Half Year Performance

TOTAL RETURNS IN STERLING TERMS (INCLUDES DIVIDENDS REINVESTED)TO 31ST OCTOBER 2017

+8.0%Benchmark return3

The above returns have been calculated on the assumption that any dividends received during the period have been immediately reinvested.Further details on these calculations are given in the glossary of terms and alternative performance measures on page 16.

Long Term PerformanceFOR PERIOD ENDED 31ST OCTOBER 2017

Return to Return on Benchmarkshareholders1 net assets2 return3

1 Year Performance +4.9% +2.5% –0.1%3 Year Performance +14.8% +14.3% +23.9%Since Inception Performance –28.8% –13.8% –4.4%

1 Morningstar.2 Source: Morningstar/J.P. Morgan, using cum income net asset value per share.3 Source: MSCI. The Company’s benchmark is the MSCI Brazil 10/40 Index, with net dividends reinvested in sterling terms.

Financial Data31st October 30th April %

2017 2017 change

Net assets (£’000) 26,284 25,329 +3.8Number of shares in issue1 33,524,854 34,124,854 –1.8Net asset value per share 78.4p 74.2p +5.72

Share price 70.5p 63.8p +10.52

Share price discount to net asset value per share 10.1% 14.0%Gearing/(net cash) (0.6)% (3.1)%Ongoing charges 2.00% 2.00%

1 Excluding 28,204,044 (30th April 2017: 27,604,044) shares held in Treasury.2 % change, excluding dividends paid, including dividends the returns would be +6.7% and +11.9% respectively.

A glossary of terms and alternative performance measures is provided on page 16.

+11.9%Return to shareholders1

+6.7%Return on net assets2

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About the Company

CHAIRMAN’S STATEMENT

Introduction and PerformanceFollowing the strong performance of Brazilian equities in the last financial year, domesticpolitical concerns weighed on the market for much of the period under review. As a result,although the six months saw the benchmark and Company produce positive returns, these donot match the strength of the recovery seen in Brazil and reflect the damaging effect on equityprices of corruption concerns raised in May over the presidency of Michel Temer.

Over the six months, the Company reported in sterling terms a 6.7% increase in net asset valueper share, which compares with an increase of 8.0% from the benchmark, the MSCI Brazil10/40 Index. The Company’s share price over the six months to 31st October 2017 produceda total return of 11.9%, ahead of these measures and reflecting the narrowing of the share pricediscount to net asset value. At 31st October 2017, the share price was trading at a discount of10.1%, compared to 14.0% at 30th April 2017.

In Brazilian reais terms, the net asset value increased 12.7% and the benchmark rose 13.4% overthe six months.

The underperformance in the period was largely attributable to underweight positions in theenergy and materials sectors which performed well in the second half of the period underreview. Despite this, your investment managers retain an overweight exposure towards sectorsexpected to benefit from the improving economy and strengthening consumer demand flaggedby economic indicators and company earnings and outlook data.

The Investment Managers’ Report gives a more detailed commentary about the markets andconditions experienced during this period and the outlook for the remainder of the financialyear.

Since the period end the Company’s NAV and share price have both fallen some 1.8%,outperforming the Company’s benchmark which has fallen by some 4.4%. The share price hasunderperformed the benchmark over the same period, falling some 7.8% with an increase in thediscount reflecting a weakening of UK investor sentiment towards trusts investing in emergingmarkets.

Share repurchasesDuring the six months to 31st October 2017, the Company repurchased 600,000 shares intoTreasury at an average discount of 15.8%, thereby enhancing the net asset value per share by0.2p/0.3%. The Board will continue to monitor the volatility and the absolute level of discount atwhich the share price trades relative to NAV. Since 1st May 2017, the share price discount to NAVto date has ranged between 8.1% and 18.0%.

OutlookEconomic data in Brazil suggests that the recovery is gaining momentum as the countryemerges from the deepest recession since the 1930s. With the resumption of growth seenrecently and the fall in the unemployment rate, both business and consumer confidence havebeen rising. Despite some political uncertainty in the short term, the Board continues to believethat the outlook is positive and that there are opportunities to deliver good long-term returns toshareholders.

Howard MylesChairman 21st December 2017

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About the Company continued

INVESTMENT MANAGERS’ REPORT

Sophie Bosch De Hood

Luis Carrillo

Market reviewThe beginning of the reporting period marked a pause in the market recovery in Brazil, asallegations of corruption made in May against President Michel Temer eroded investorconfidence, and sparked a significant correction in the country’s equity market. While theLower House later rejected the charges levelled against the President, the political scandalhas undermined his support in Congress, leaving him in a substantially weaker position.

However, the market subsequently recovered to an extent as evidence emerged in a numberof economic indicators of tangible progress with the reform agenda and an improving fiscalbudget, alongside a recovery in reported earnings expectations.

We believe the economy is recovering after three years of a deep recession. Unemploymentpeaked in March and we are seeing signs of a pick-up in labour markets. The consumer, oncemore, looks in good health and low inflation is contributing to a rise in disposable incomeleading to increasing domestic consumption.

Portfolio reviewDuring the period, the Company’s share price outperformed the benchmark, while its netasset value slightly underperformed it. Overall, portfolio exposure remains tilted in favour ofdomestic themes, especially domestic cyclicals, in anticipation of better growth ahead. Thenet asset value outperformed the index until October, when the Brazilian market began toease in response to global rather than domestic factors. At the same time the energy sectorbegan to outperform. We believe the strong relative performance enjoyed by the mega-capnames in this sector may be coming to an end, and we are comfortable with our continuedlimited exposure to these stocks.

The consumer discretionary sector – the Company’s biggest sector-level exposure – was thebiggest contributor to performance, led by our overweight position in Smiles Fidelidade. Thisloyalty programme company has traditionally operated within the airline sector, but hassuccessfully extended its reach into new territories, including the hire car market. Webought into the stock based on our expectation of above-consensus earnings for the yearwhich have since materialised.

Our holding in Localiza, the car hire company, also boosted performance. Despite facing stiffcompetition from peers undergoing a stock exchange listing, Localiza has responded byremaining price-sensitive and has secured a significant contract from Uber.

We also added to our holding in Ambev, another consumer stock, as it shows evidence bothof improved operating results and of cost management following several years of recession.

Acquisitions of the stocks we expect to benefit from improved consumption were fundedfrom a number of sources including sales of Vale, the iron ore producer. We also sold someof our ex-Brazil exposure by removing Globant, an Argentine IT company from the portfoliofollowing strong performance which we think is unlikely to be repeated in the face ofincreased cost pressures. In addition, we reduced our exposure to the utility sector.

Meanwhile, our lack of exposure to the pulp and paper producers detracted over the period.Suzano Papel e Celulose announced its move to a single share class, as part of a programmeof enhanced corporate governance. In addition, the pulp price continued its upward trenddue to a shortage of global supply causing the stock to outperform over the period.

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Our overweight in insurer BB Seguridade also had a negative effect on returns. Thecompany’s earnings were expected to retain their stable, defensive characteristics, but infact failed to do so as first-half numbers indicated that the company had been unable toproperly align sales force compensation for selling insurance products.

OutlookThe growth outlook in Brazil continues to improve, albeit gradually, with the support of thesuccessive interest rate cuts by the central bank from 11.25% at the beginning of the periodto 7.0%; its lowest level on record. Crucially, it appears increasingly likely that Temer willkeep his job as president but with diminished support at government level.

There is the possibility of some social security reform by mid-February 2018, but if thiscannot be achieved by this administration, the agenda will have to be continued by the nextpresident as the current fiscal situation is unlikely to be sustainable. Without a socialsecurity reform, the government will exceed the spending cap in 2019 and the potential foranother rating agency downgrade lingers.

PERFORMANCE ATTRIBUTION FOR THE SIX MONTHS ENDED 31ST OCTOBER 2017

% %

Contributions to total returns

Benchmark return (in sterling terms) 8.0

Asset allocation 1.4

Stock selection –1.8

Gearing/cash –0.2

Investment Manager contribution –0.6

Portfolio return 7.4

Management fee/other expenses –1.0

Share repurchase 0.3

Return on net assets 6.7

Impact of change in discount 5.2

Return to shareholders 11.9

Source: Factset/Datastream/Morningstar. All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performancerelative to its benchmark.

A glossary of terms and alternative performance measures is provided on page 16.

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About the Company continued

Driven by the ongoing macro improvement and sound economic policies, company earningswill continue to improve. Following a deep recession, Brazil’s economy is now recovering,driven mainly via consumption and exports, fuelled by falling nominal and real interest ratesand a modest rise in real wages.

While much of our exposure to Brazil consists of quality franchises in the consumer, servicesand financial sectors, we continue to add large-cap cyclicality to reflect our more positiveview on the outlook more generally. As a long-term investor, we continue to look for qualitycompanies that can deliver growth regardless of the political and macro environments, aswe believe these companies will outperform over market and business cycles.

Sophie Bosch De HoodLuis CarrilloInvestment Managers 21st December 2017

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LIST OF INVESTMENTS AT 31ST OCTOBER 2017

Investment Review

ValuationCompany £’000

Financials

Itaú Unibanco ADR 2,566Banco Bradesco ADR 1,760B3 SA – Brasil Bolsa Balcão 1,431Itausa Investimentos Itaú 1,013BB Seguridade Participações 821Banco do Brasil 263Banco ABC Brasil 246

8,100

Consumer DiscretionaryLojas Renner 1,402Kroton Educacional 1,241Smiles 846Tupy 415Fras-Le 366Via Varejo 260Arezzo Indústria e Comércio 218Ser Educacional 195

4,943

Consumer StaplesAmbev ADR 1,587Raia Drogasil 1,188M Dias Branco 253São Martinho 248Minerva 141Atacadão Distribuição Comércio e Indústria LTDA 130

3,547

IndustrialsWEG 1,021CCR 908Localiza Rent a Car 617Iochpe Maxion 491Wilson Sons BDR 390

3,427

ValuationCompany £’000

MaterialsVale 1,104Gerdau ADR 559

1,663

Health CareFleury 1,005Ouro Fino Saude Animal Participações 107

1,112

UtilitiesEngie Brasil Energia 648Transmissora Aliança de Energia Elétrica 385

1,033

EnergyUltrapar Participações 939

939

Real EstateIguatemi Empresa de Shopping Centers 600Corp. Inmobiliaria Vesta1 213

813

Information TechnologyLinx 274MercadoLibre1 266

540Total Investments 26,117

1 Non-Brazilian holdings.

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SECTOR ANALYSIS

31st October 2017 30th April 2017 Portfolio1 Benchmark Portfolio1 Benchmark % % % %

Financials 31.0 28.1 28.0 29.7 Consumer Discretionary 18.9 7.1 14.7 6.8 Consumer Staples 13.6 11.8 10.1 14.6 Industrials 13.1 7.5 14.6 7.0 Materials 6.4 14.7 10.1 12.7 Health Care 4.3 2.5 4.4 0.8 Utilities 3.9 6.9 6.8 7.2 Energy 3.6 13.0 3.5 12.1 Real Estate 3.1 1.8 1.9 1.7 Information Technology 2.1 3.0 5.9 3.7 Telecommunication Services — 3.6 — 3.7

Total 100.0 100.0 100.0 100.0

1 Based on total investments of £26.1m (30th April 2017: £24.6m).

Investment Review continued

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Financial Statements

STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 31ST OCTOBER 2017

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended31st October 2017 31st October 2016 30th April 2017

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

Gains on investments held at fairvalue through profit or loss — 1,554 1,554 — 10,637 10,637 — 8,587 8,587

Net foreign currency (losses)/gains — (25) (25) — 15 15 — 2 2Income from investments 339 — 339 367 — 367 981 — 981Interest receivable and similar

income 3 — 3 — — — 2 — 2

Gross return 342 1,529 1,871 367 10,652 11,019 983 8,589 9,572Management fee (103) — (103) (127) — (127) (226) — (226)Other administrative expenses (126) — (126) (153) — (153) (294) — (294)

Net return on ordinary activitiesbefore finance costs & taxation 113 1,529 1,642 87 10,652 10,739 463 8,589 9,052

Finance costs — — — — — — (2) — (2)

Net return on ordinary activitiesbefore taxation 113 1,529 1,642 87 10,652 10,739 461 8,589 9,050

Taxation (20) — (20) (30) — (30) (81) — (81)

Net return on ordinary activitiesafter taxation 93 1,529 1,622 57 10,652 10,709 380 8,589 8,969

Return per share (note 3) 0.28p 4.54p 4.82p 0.13p 25.09p 25.22p 0.96p 21.79p 22.75p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in theperiod.

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 on ordinary activities after taxation represents the profit for the period/year and also total comprehensive income.

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STATEMENT OF CHANGES IN EQUITY

Called up Capital share redemption Share Other Capital Revenue capital reserve premium reserve reserves reserve1 Total £’000 £’000 £’000 £’000 £’000 £’000 £’000

Six months ended 31st October 2017 (Unaudited)At 30th April 2017 617 13 16,149 26,879 (19,253) 924 25,329Repurchase of shares into Treasury — — — (397) — — (397)Net return on ordinary activities — — — — 1,529 93 1,622 Dividend paid in the period (note 4) — — — — — (270) (270)

At 31st October 2017 617 13 16,149 26,482 (17,724) 747 26,284

Six months ended 31st October 2016 (Unaudited)At 30th April 2016 617 13 16,149 34,097 (27,842) 746 23,780Repurchase of shares into Treasury — — — (3,442) — — (3,442)Net return on ordinary activities — — — — 10,652 57 10,709Dividend paid in the period (note 4) — — — — — (202) (202)

At 31st October 2016 617 13 16,149 30,655 (17,190) 601 30,845

Year ended 30th April 2017 (Audited)At 30th April 2016 617 13 16,149 34,097 (27,842) 746 23,780Repurchase of shares into Treasury — — — (7,218) — — (7,218)Net return on ordinary activities — — — — 8,589 380 8,969Dividend paid in the year (note 4) — — — — — (202) (202)

At 30th April 2017 617 13 16,149 26,879 (19,253) 924 25,329

1 This reserve forms the distributable reserve of the Company and may be used to fund distribution of profits to investors via dividend payments.

Financial Statements continued

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STATEMENT OF FINANCIAL POSITION AT 31ST OCTOBER 2017

(Unaudited) (Unaudited) (Audited) 31st October 2017 31st October 2016 30th April 2017 £’000 £’000 £’000

Fixed assetsInvestments held at fair value through profit or loss 26,117 30,604 24,550

Current assetsDerivative financial assets — 3 —Debtors 151 961 163Cash and cash equivalents 149 113 705

300 1,077 868Current liabilitiesCreditors: amounts falling due within one year (133) (831) (89)Derivative financial liabilities — (5) —

Net current assets 167 241 779

Total assets less current liabilities 26,284 30,845 25,329

Net assets 26,284 30,845 25,329

Capital and reserves Called up share capital 617 617 617Capital redemption reserve 13 13 13Share premium 16,149 16,149 16,149Other reserve 26,482 30,655 26,879Capital reserves (17,724) (17,190) (19,253)Revenue reserve 747 601 924

Total equity shareholders’ funds 26,284 30,845 25,329

Net asset value per share (note 5) 78.4p 77.2p 74.2p

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STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 31ST OCTOBER 2017

(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st October 2017 31st October 2016 30th April 2017 £’000 £’000 £’000

Net cash outflow from operations before dividends and interest (note 6) (238) (251) (537)

Dividends received 310 338 915Interest received 4 — 1Interest paid — — (2)

Net cash inflow from operating activities 76 87 377

Purchases of investments (5,502) (5,566) (13,259)Sales of investments 5,537 8,409 20,283Settlement of forward currency contracts (1) (2) 27

Net cash inflow from investing activities 34 2,841 7,051

Dividends paid (270) (202) (202)Repurchase of shares into Treasury (396) (3,310) (7,218)

Net cash outflow from financing activities (666) (3,512) (7,420)

(Decrease)/increase in cash and cash equivalents (556) (584) 8

Cash and cash equivalents at start of period 705 697 697Cash and cash equivalents at end of period 149 113 705

(Decrease)/increase in cash and cash equivalents (556) (584) 8

Cash and cash equivalents consist of:Cash and short term deposits 149 113 596Cash held in JPMorgan US Dollar Liquidity Fund — — 109

Total 149 113 705

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1. Financial statementsThe information contained within the financial statements in this half year report has not been audited or reviewed by the Company’sauditors.

The figures and financial information for the year ended 30th April 2017 are extracted from the latest published financial statementsof the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to theRegistrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under eithersection 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policiesThe financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 ‘The Financial Reporting Standardapplicable in the UK and Republic of Ireland’ of the United Kingdom Generally Accepted Accounting Practice (‘UK GAAP’) and with theStatement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ (the revised‘SORP’) issued by the Association of Investment Companies in November 2014 and updated in January 2017.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparingthis condensed set of financial statements for the six months ended 31st October 2017.

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 30th April 2017.

3. Return per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st October 2017 31st October 2016 30th April 2017 £’000 £’000 £’000

Return per share is based on the following:Revenue return 93 57 380Capital return 1,529 10,652 8,589

Total return 1,622 10,709 8,969

Weighted average number of shares in issue during the period 33,676,349 42,454,055 39,423,033

Revenue return per share 0.28p 0.13p 0.96pCapital return per share 4.54p 25.09p 21.79p

Total return per share 4.82p 25.22p 22.75p

4. Dividends paid (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st October 2017 31st October 2016 30th April 2017 £’000 £’000 £’000

Final dividend in respect of the year ended 30th April 2017 of 0.80p (2016: 0.50p) 270 202 202

All dividends paid in the period/year have been funded from the revenue reserve.

NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31ST OCTOBER 2017

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

5. Net asset value per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st October 2017 31st October 2016 30th April 2017

Net assets (£’000) 26,284 30,845 25,329Number of shares in issue 33,524,854 39,945,854 34,124,854Net asset value per share (pence) 78.4 77.2 74.2

6. Reconciliation of net return on ordinary activities before finance costs and taxation to net cash outflowfrom operations before dividends and interest (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st October 2017 31st October 2016 30th April 2017 £’000 £’000 £’000

Net return on ordinary activities before financecosts and taxation 1,642 10,739 9,052

Less capital return on ordinary activities beforefinance costs and taxation (1,529) (10,652) (8,589)

Decrease in accrued income and other debtors 25 38 23 Decrease in accrued expenses (18) (27) (1)Overseas withholding tax (20) (30) (81)Dividends received (310) (338) (915)Interest received (4) — (1)Realised (loss)/gain on foreign currency transactions (24) 8 (12)Realised gain/(loss) on time deposits — 11 (13)

Net cash outflow from operations before dividends and interest (238) (251) (537)

7. Fair valuation of investments The fair value hierarchy disclosures required by FRS 102 are given below.

(Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st October 2017 31st October 2016 30th April 2017

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

Level 1 26,117 — 30,604 — 24,550 —Level 21 — — 3 (5) — —

Total 26,117 — 30,607 (5) 24,550 —

1 Consists of forward foreign currency contracts.

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The Company is required to make the following disclosures in itshalf year report:

Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company have notchanged and fall into the following broad categories: investmentand strategy; market; accounting, legal and regulatory; corporategovernance and shareholder relations; operational and financial.Information on each of these areas is given in the Directors’ Reportwithin the Annual Report and Accounts for the year ended30th April 2017.

Related Party Transactions During the first six months of the current financial year, notransactions with related parties have taken place which havematerially affected the financial position or the performance ofthe Company.

Going ConcernThe Directors believe, having considered the Company’s investmentobjectives, risk management policies, capital management policiesand procedures, nature of the portfolio and expenditure projections,that the Company has adequate resources, an appropriate financialstructure and suitable management arrangements in place tocontinue in operational existence for the foreseeable future and,more specifically, that there are no material uncertaintiespertaining to the Company that would prevent its ability to continuein such operation existence for at least twelve months from the dateof the approval of this half yearly financial report. For thesereasons, they consider there is reasonable evidence to continue toadopt 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 thehalf yearly financial report has been prepared in accordancewith FRS 104 ‘Interim Financial Reporting’ and gives a true andfair view of the state of affairs of the Company and of theassets, liabilities, financial position and net return of theCompany, as at 31st October 2016, as required by the UK ListingAuthority Disclosure and Transparency Rules 4.2.4R; and

(ii) the interim management report includes a fair review of theinformation required by 4.2.7R and 4.2.8R of the UK ListingAuthority Disclosure and Transparency Rules.

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

• select suitable accounting policies and then apply themconsistently;

• make judgements and accounting estimates that arereasonable and prudent;

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

• prepare the financial statements on the going concern basisunless it is inappropriate to presume that the Company willcontinue in business;

and the Directors confirm that they have done so.

For and on behalf of the Board

Howard MylesChairman 21st December 2017

Interim Management Report

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GLOSSARY OF TERMS AND ALTERNATIVE PERFORMANCE MEASURES

Return to shareholdersShare price total return to the ordinary shareholder, ona last-traded price to last-traded price basis, assuming that alldividends received were reinvested, without transaction costs,into the shares of the Company at the time the shares werequoted ex-dividend (see page 2).

Return on net assetsReturn on the net asset value (‘NAV’) per share, on a bid value tobid value basis, assuming that all dividends paid out by theCompany were reinvested into the shares of the Company at theNAV per share at the time the shares were quoted ex-dividend (seepage 2).

Benchmark total returnTotal return on the benchmark, on a closing-market value toclosing-market value basis, assuming that all dividends receivedwere reinvested in the shares of the underlying companies at thetime the shares were quoted ex-dividend (see page 2).

The benchmark is a recognised index of stocks which should not betaken as wholly representative of the Company’s investmentuniverse. The Company’s investment strategy does not ‘track’ thisindex and consequently, there will be divergence between theCompany’s performance and that of the benchmark.

Share price (discount)/premium to net asset value (‘NAV’) per shareIf the share price of an investment trust is lower than the NAV pershare, the shares are said to be trading at a discount. The discountis shown as a percentage of the NAV per share. The opposite ofa discount is a premium. It is more common for an investmenttrust’s shares to trade at a discount than at premium (see page 2).

Gearing/net cashGearing represents the excess amount above shareholders’ funds oftotal investments, expressed as a percentage of the shareholders’funds. If the amount calculated is negative, this is shown as a ‘netcash’ position (see page 2).

Ongoing chargesThe ongoing charges represent the Company’s management fee andall other operating expenses, excluding finance costs, expressed asa percentage of the average daily net assets during the period. Thefigure as at 31st October 2017 is an estimated annualised figure (seepage 2).

Performance attribution definitions:Asset allocationMeasures the impact of allocating assets differently to those in thebenchmark, via the portfolio’s weighting in different countries,sectors or asset types.

Stock selectionMeasures the effect of investing in securities to a greater or lesserextent than their weighting in the benchmark, or of investing insecurities which are not included in the benchmark.

Gearing/cashMeasures the impact on returns of borrowings or cash balances onthe Company’s relative performance.

Management fee/other expensesThe payment of fees and expenses reduces the Company’s netassets and therefore has a negative effect on relative performance.

Share repurchaseMeasures the enhancement to net asset value per share of buyingback the Company’s shares for cancellation or into treasury ata price which is less than the Company's net asset value per share.

Shareholder Information

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17

WHERE TO BUY J.P. MORGAN INVESTMENT TRUSTS

You can invest in a J.P. Morgan investment trust through the following;

1. Directly from J.P. MorganInvestment AccountThe Company’s shares are available in the J.P. Morgan InvestmentAccount, which facilitates both regular monthly investments andoccasional lump sum investments in the Company’s ordinary shares.Shareholders who would like information on the Investment Accountshould call J.P. Morgan Asset Management free on 0800 20 40 20 orvisit its website at am.jpmorgan.co.uk/investor

Stocks & Shares Individual Savings Accounts (ISA)The Company’s shares are eligible investments within a J.P. MorganISA. For the 2017/18 tax year, from 6th April 2017 and ending 5th April2018, the total ISA allowance is £20,000. The shares are also availablein a J.P. Morgan Junior ISA. Details are available from J.P. Morgan AssetManagement free on 0800 20 40 20 or via its website atam.jpmorgan.co.uk/investor

2. Via a third party provider Third party providers include;

Please note this list is not exhaustive and the availability of individualtrusts may vary depending on the provider. These websites are thirdparty sites and J.P. Morgan Asset Management does not endorse orrecommend any. Please observe each site’s privacy and cookie policiesas well as their platform charges structure.

3. Through a professional adviserProfessional advisers are usually able to access the products of all thecompanies in the market and can help you find an investment thatsuits your individual circumstances. An adviser will let you know thefee for their service before you go ahead. You can find an adviser atunbiased.co.uk

You may also buy investment trusts through stockbrokers, wealthmanagers and banks.

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

AJ BellAlliance Trust SavingsBarclays StockbrokersBestinvestCharles Stanley DirectFundsNetworkHargreaves Lansdown

Interactive InvestorJames BrearleyJames HaySelftradeTD DirectThe Share CentreTrustnet Direct

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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

Shareholder Information continued

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Information about the Company

FINANCIAL CALENDAR

Financial year end 30th April

Final results announced July

Half year end 31st October

Half year results announced December

Annual General Meeting September

A member of the AIC

21

HistoryJPMorgan Brazil Investment Trust plc is an investment trust whichwas launched in April 2010 to provide investors with exposure toBrazilian invested equities through a closed-ended structure.

Company NumbersCompany registration number: 7141630

Ordinary SharesLondon Stock Exchange ISIN code: GB00B602HS43 Bloomberg code: JPBSEDOL B602HS4

Market InformationThe Company’s unaudited net asset value (‘NAV’) is publisheddaily, via the London Stock Exchange.

The Company’s shares are listed on the London Stock Exchange.The market price is shown daily in the Financial Times, TheTimes, The Daily Telegraph, The Scotsman and on the JPMorganwebsite at www.jpmbrazil.co.uk, where the share price isupdated every fifteen minutes during trading hours.

Websitewww.jpmbrazil.co.uk

Share TransactionsThe Company’s shares may be dealt in directly through astockbroker or professional adviser acting on an investor’sbehalf. They may also be purchased and held through theJ.P. Morgan Investment Account and J.P. Morgan ISA. Theseproducts are all available on the online service, atwww.jpmorgan.co.uk/online

Manager and Company SecretaryJPMorgan Funds Limited

Company’s Registered Office60 Victoria EmbankmentLondon EC4Y 0JPTelephone: 020 7742 4000

For company secretarial and administrative matters, pleasecontact Divya Amin at the above address.

DepositaryBNY Mellon Trust & Depositary (UK) LimitedBNY Mellon Centre160 Queen Victoria StreetLondon EC4V 4LA

The Depositary has appointed JPMorgan Chase Bank, N.A. asthe Company’s custodian.

RegistrarsEquiniti LimitedReference 3533Aspect HouseSpencer RoadLancingWest Sussex BN99 6DATelephone number: 0371 384 2814

Lines open 8.30 a.m. to 5.30 p.m. Monday to Friday. Calls to thehelpline will cost no more than a national rate call to a 01 or 02number. Callers from overseas should dial +44 121 415 0225

Notifications of changes of address and enquiries regardingshare certificates or dividend cheques should be made inwriting to the Registrar quoting reference 1090. Registeredshareholders can obtain further details on their holdings onthe internet by visiting www.shareview.co.uk.

Independent AuditorErnst & Young LLPStatutory Auditor25 Churchill PlaceCanary WharfLondon E14 5EY

BrokersNumis Securities LimitedThe London Stock Exchange Building10 Paternoster SquareLondon EC4M 7LT

Savings Product AdministratorsFor queries on the J.P. Morgan Investment Account andJ.P. Morgan ISA, see contact details on the back cover ofthis report.

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www.jpmbrazil.co.uk

Telephone calls may be recorded and monitored for security and training purposes.

GB I103 | 12/17

J.P. MORGAN HELPLINE

Freephone 0800 20 40 20 or +44 (0) 1268 444470.Telephone lines are open Monday to Friday, 9am to 5.30pm.

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Documents

JPMorgan Brazil Investment Trust plc · biggest contributor to performance, led by our overweight position in Smiles Fidelidade. This loyalty programme company has traditionally operated