JPMorgan Investment Funds Société d’Investissement à Capital Variable, Luxembourg Unaudited Semi-Annual Report 30 June 2011 Report for the attention of Swiss investors Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Switzerland. Accordingly, no reference is made to these sub-funds in this semi-annual report. The attention of the investors is drawn to the fact that certain figures in this semi-annual report are expressed on a consolidated basis and, thus, include the assets of those sub-funds which are not registered in Switzerland.
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JPMorgan Investment FundsSociété d’Investissement à Capital Variable, Luxembourg
Unaudited Semi-Annual Report
30 June 2011
Report for the attention of Swiss investors
Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Switzerland. Accordingly, no reference is made to these sub-funds in this semi-annual report. The attention of the investors is drawn to the fact that certain figures in this semi-annual report are expressed on a consolidated basis and, thus, include the assets of those sub-funds which are not registered in Switzerland.
CH-EN
JPMorgan Investment Funds
Unaudited Semi-Annual Report
As at 30 June 2011
Contents
Board of Directors 1Management and Administration 2
Unaudited Financial Statements and Statistical InformationCombined Statement of Net Assets 5-9Combined Statement of Operations and Changes in Net Assets 11-15Statement of Changes in the Number of Shares 16-19Statistical Information 20-23
Notes to the Unaudited Financial Statements 24-30
Schedule of InvestmentsJPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 31JPMorgan Investment Funds - Euro Liquid Market Fund 34JPMorgan Investment Funds - Europe Bond Fund 36JPMorgan Investment Funds - Europe Recovery Fund 39JPMorgan Investment Funds - Europe Select Equity Fund 41JPMorgan Investment Funds - Europe Strategic Dividend Fund 44JPMorgan Investment Funds - Global Bond Fund (EUR) 49JPMorgan Investment Funds - Global Bond Fund (USD) 53JPMorgan Investment Funds - Global Capital Appreciation Fund 58JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 64JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 69JPMorgan Investment Funds - Global Convertibles Fund (USD) 73JPMorgan Investment Funds - Global Dividend Fund 77JPMorgan Investment Funds - Global Enhanced Bond Fund 80JPMorgan Investment Funds - Global Financials Fund 85JPMorgan Investment Funds - Global High Yield Bond Fund 88JPMorgan Investment Funds - Global Income Fund 93JPMorgan Investment Funds - Global Select 130/30 Fund 103JPMorgan Investment Funds - Global Select Equity Fund 107JPMorgan Investment Funds - Global Total Return Fund 111JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund 113JPMorgan Investment Funds - Income Opportunity Fund 117JPMorgan Investment Funds - Japan 50 Equity Fund 135JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund 137JPMorgan Investment Funds - Japan Focus Fund 139JPMorgan Investment Funds - Japan Select Equity Fund 141JPMorgan Investment Funds - Japan Strategic Value Fund 143JPMorgan Investment Funds - JF Asia ex-Japan Fund 145JPMorgan Investment Funds - US Bond Fund 146JPMorgan Investment Funds - US Equity Fund 150JPMorgan Investment Funds - US Select Equity Fund 153
Appendix: Unaudited Additional DisclosuresFund Total Expense Ratios 156Summary of Investment Objectives of the Sub-Funds 161Performance and Volatility 163Interest Rate Received/(Charged) on Bank Accounts 168Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 168Sub-Fund Share Classes Exempt from Taxe d’Abonnement 168Portfolio Turnover Ratio 169Historical Statements of Changes in the Number of Shares 170
For additional information please consult www.jpmorganassetmanagement.com
No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus, the current simplified prospectus,supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report.
The current prospectus, the current simplified prospectus, the unaudited semi-annual reports, as well as the audited annual report can be obtained free of charge from theregistered office of the SICAV and from local paying agent.
Following a review of the disclosure of Investment Manager(s) within the Prospectus and Simplified Prospectus, the details of the Investment Manager(s) for the individualSub-Funds will now be available from the Management Company at its registered office, or from www.jpmorganassetmanagement.com.
JPMorgan Investment Funds
Board of Directors
As at 30 June 2011
Chairman
Iain O.S. SaundersBankerDuine, ArdfernArgyll PA31 8QNUnited Kingdom
Directors
Jacques ElvingerPartnerElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgBP 425Grand Duchy of Luxembourg
Jean FrijnsProfessor, Finance and InvestmentsAntigonelaan 2NL-5631 LR EindhovenThe Netherlands
European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg
Deputy Chairman
Pierre JaansEconomist3, rue de KahlerL-8356 GarnichGrand Duchy of Luxembourg
Andrea L. Hazen (until 31 March 2011)Managing DirectorJPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom
James B. Broderick (from 31 March 2011)Managing DirectorJPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom
Robert Van der MeerProfessor of Finance12 Lange VijverbergNL-2513 AC The HagueThe Netherlands
1
Changes to the Composition of the Board of DirectorsOn 31 March 2011, Ms Andrea L. Hazen resigned from the Board of Directors. In her place, Mr James B. Broderick was co-opted as a Director onthe same day.
JPMorgan Investment Funds
Management and Administration
As at 30 June 2011
Management Company, Registrar and Transfer Agent,Global Distributor and Domiciliary Agent
JPMorgan Asset Management (Europe) S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg
Investment Managers
J.P. Morgan Investment Management Inc.245 Park AvenueNew York, NY 10167United States of America
JPMorgan Asset Management (Japan) LimitedTokyo Building 7-3Marunouchi 2-ChomeChiyoda-KuTokyo 100-6432, Japan
J.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg
Auditor
PricewaterhouseCoopers S.à r.l.400, Route d’EschBP 1443L-1014 LuxembourgGrand Duchy of Luxembourg
Legal Adviser
Elvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg
22
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4
JPMorgan Investment Funds
Combined Statement of Net Assets
As at 30 June 2011
JPMorganInvestment Funds
CombinedUSD
Emerging MarketsCorporate BondPortfolio Fund I
USD
EuroLiquid Market
FundEUR
AssetsInvestments in Securities at Market Value 20,474,724,532 120,487,582 63,732,564Acquisition Cost: 19,902,520,915 115,476,587 63,732,564Investment in TBAs at Market Value (1) 336,877,062 - -Cash at Bank 765,967,166 26,251 173,655Time Deposits and Cash Equivalents 418,900,084 - 92,100,000Amounts Receivable on Sale of Investments 94,418,142 - -Amounts Receivable on Sale of TBAs (1) 617,659,428 - -Amounts Receivable on Subscriptions 74,797,778 - 1,247,175Interest and Dividends Receivable, Net 101,943,538 2,110,529 85,359Tax Reclaims Receivable 1,421,041 - -Fee Waiver (2) 64,871 - -Other Receivables 128,724 - -Unrealised Net Gain on Forward Foreign Exchange Contracts 36,358,791 - -Unrealised Net Gain on Financial Futures Contracts 1,760,034 - -Derivatives Instruments at Market Value 13,272,092 - -
Total Assets 22,938,293,283 122,624,362 157,338,753
LiabilitiesBank Overdraft 447,258 - -Open Short Positions on TBAs (1) 390,826,571 - -Amounts Payable on Purchase of Investments 178,150,678 2,375,812 43,198,636Amounts Payable on Purchase of TBAs (1) 563,439,133 - -Amounts Payable on Redemptions 89,241,352 - 532,710Management and Advisory Fees Payable 20,343,032 136,725 30,670Performance Fees 10,100,052 - -Other Payables 5,769,638 15,498 14,525Unrealised Net Loss on Forward Foreign Exchange Contracts 77,299,767 128,488 -Unrealised Net Loss on Financial Futures Contracts 1,019,552 - -Derivatives Instruments at Market Value 91,359,932 - -
Total Liabilities 1,427,996,965 2,656,523 43,776,541
Total Net Assets 21,510,296,318 119,967,839 113,562,212
Historical Total Net Assets31 December 2010 18,277,112,582 113,202,329 81,069,82431 December 2009 17,111,214,731 - 199,851,28431 December 2008 12,451,274,404 - 440,144,81431 December 2007 21,371,859,183 - 322,262,690
(1) Please refer to Note 2 i).(2) Please refer to Note 3 a).
The accompanying notes form an integral part of these Financial Statements.
Net Investment Income/(Loss) 192,166,822 3,246,769 113,768
Net Realised Gain/(Loss) on Sale of Investments 274,856,143 26,604 -Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 579,117,278 7,812,546 -Net Realised Gain/(Loss) on Financial Futures Contracts (71,357,116) - -Net Realised Gain/(Loss) on Foreign Exchange (57,125,914) (255) -Net Realised Gain/(Loss) on TBAs 1,445,100 - -Net Realised Gain/(Loss) on Derivatives Instruments 85,219,127 - -
Net Realised Gain/(Loss) for the Period 812,154,618 7,838,895 -
Net Change in Unrealised Gain/(Loss) on Investments (493,443,618) 796,014 -Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts (59,346,141) (1,221,158) -Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (15,916,365) - -Net Change in Unrealised Gain/(Loss) on Foreign Exchange 45,303,529 - -Net Change in Unrealised Gain/(Loss) on TBAs (1,456,326) - -Net Change in Unrealised Gain/(Loss) on Derivatives Instruments (59,047,224) - -
Net Change in Unrealised Gain/(Loss) for the Period (583,906,145) (425,144) -
Increase/(Decrease) in Net Assets as a Result of Operations 420,415,295 10,660,520 113,768
Movements in Share CapitalSubscriptions 9,504,216,092 383,095 93,277,151Redemptions (7,120,222,447) (1,400,679) (60,898,531)
Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 2,383,993,645 (1,017,584) 32,378,620
Dividend Distribution (37,054,735) (2,877,426) -
Total Net Assets at the End of the Period 21,510,296,318 119,967,839 113,562,212
* The opening balance was combined using the foreign exchange rate as at 30 June 2011. The same net assets when combined using the foreign exchange ruling as at 31 December 2010 reflected a figureof USD 18,277,112,582
**Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees, registration, publication, mailing and printing fees, as well as legal and marketing expenses.
(1) Please refer to Note 3a).
The accompanying notes form an integral part of these Financial Statements.
11
JPMorgan Investment Funds
Combined Statement of Operations and Changes in Net Assets (continued)
For the Period from 1 January 2011 to 30 June 2011
Statement of Changes in the Number of Shares (continued)
For the Period from 1 January 2011 to 30 June 2011
Shares Outstandingat the Beginning
of the Period
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Period
JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund IJPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 96,796.841 - 2,823.055 93,973.786JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) 204,329.666 - 1,239.969 203,089.697JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 25,003.001 - - 25,003.001JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) 24,518.818 - - 24,518.818JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 136,700.000 - - 136,700.000JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 53,615.965 3,179.919 - 56,795.884JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) 450,440.865 309.101 7,792.193 442,957.773
JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 66,774.235 78,200.726 39,544.693 105,430.268JPM Euro Liquid Market C (acc) - EUR 55,578.530 37,643.516 92,009.331 1,212.715JPM Euro Liquid Market D (acc) - EUR 78,644.546 103,618.391 111,624.549 70,638.388
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 181,780.281 20,987.526 40,757.131 162,010.676JPM Europe Bond A (inc) - EUR 62,030.283 128.000 11,936.000 50,222.283JPM Europe Bond B (acc) - EUR 1,234.074 2.216 - 1,236.290JPM Europe Bond C (acc) - EUR 3,027.326 22,673.360 4,500.296 21,200.390JPM Europe Bond D (acc) - EUR 46,904.229 6,171.685 19,218.503 33,857.411JPM Europe Bond X (acc) - EUR 140.718 - 55.129 85.589
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR 832,704.390 51,067.618 127,394.183 756,377.825JPM Europe Recovery A (dist) - EUR 258,215.705 11,477.964 42,516.660 227,177.009JPM Europe Recovery B (acc) - EUR 984.410 10,682.355 984.412 10,682.353JPM Europe Recovery C (acc) - EUR 87,411.189 208,609.139 132,140.263 163,880.065JPM Europe Recovery D (acc) - EUR 17,118.867 11,436.333 6,180.548 22,374.652JPM Europe Recovery X (acc) - EUR 216,084.264 - 5,038.000 211,046.264
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - USD 2,946.509 5,847.604 - 8,794.113JPM Europe Select Equity A (acc) - EUR 35,837.563 83,483.439 15,748.369 103,572.633JPM Europe Select Equity A (dist) - EUR 1,854.279 50,923.945 1,192.666 51,585.558JPM Europe Select Equity B (acc) - EUR 48,588.236 63,895.404 47,715.162 64,768.478JPM Europe Select Equity C (acc) - EUR 733,990.819 753,399.495 314,670.116 1,172,720.198JPM Europe Select Equity D (acc) - USD 34.860 - - 34.860JPM Europe Select Equity D (acc) - EUR 68,608.549 15,715.150 13,908.861 70,414.838JPM Europe Select Equity I (acc) - EUR 330,128.348 - - 330,128.348JPM Europe Select Equity X (acc) - EUR 386,200.280 8,452.561 5,246.318 389,406.523JPM Europe Select Equity X (acc) - EUR (hedged) 659,537.598 - - 659,537.598
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR 2,235,828.927 1,206,642.532 853,037.751 2,589,433.708JPM Europe Strategic Dividend A (dist) - EUR 49,413.783 45,206.085 11,622.184 82,997.684JPM Europe Strategic Dividend A (inc) - EUR 75,849.265 1,327,860.330 16,936.099 1,386,773.496JPM Europe Strategic Dividend B (acc) - EUR 52,700.000 33,249.958 14,000.734 71,949.224JPM Europe Strategic Dividend C (acc) - EUR 821,064.393 879,754.204 438,218.067 1,262,600.530JPM Europe Strategic Dividend D (acc) - EUR 151,795.079 103,177.906 31,563.501 223,409.484JPM Europe Strategic Dividend X (acc) - EUR 2,080.137 - - 2,080.137JPM Europe Strategic Dividend I (acc) - EUR - 239,348.579 - 239,348.579
JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 310,327.336 22,636.436 56,933.925 276,029.847JPM Global Bond (EUR) A (inc) - EUR 25,284.913 295.000 5,185.000 20,394.913JPM Global Bond (EUR) B (acc) - EUR 12,426.620 171.683 3,681.713 8,916.590JPM Global Bond (EUR) C (acc) - EUR 117,322.416 16,777.193 12,271.475 121,828.134JPM Global Bond (EUR) D (acc) - EUR 54,125.247 13,689.770 13,376.403 54,438.614JPM Global Bond (EUR) X (acc) - EUR 1,100.308 - 458.663 641.645
JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 3,220.648 7,409.793 2,542.459 8,087.982JPM Global Bond (USD) A (acc) - USD 173,207.336 3,270.276 20,143.078 156,334.534JPM Global Bond (USD) C (acc) - USD 3,530.261 18.764 - 3,549.025JPM Global Bond (USD) D (acc) - USD 49,929.330 905.351 5,701.661 45,133.020JPM Global Bond (USD) X (acc) - USD 236,378.854 - - 236,378.854
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 205,544.804 66,860.521 47,004.710 225,400.615JPM Global Capital Appreciation A (dist) - EUR 1,416.175 26.339 212.604 1,229.910JPM Global Capital Appreciation A (inc) - EUR 6,623.775 32.074 249.087 6,406.762JPM Global Capital Appreciation B (acc) - EUR 1,317.348 1,169.000 - 2,486.348JPM Global Capital Appreciation C (acc) - EUR 137,914.946 1,285.452 119,338.771 19,861.627JPM Global Capital Appreciation D (acc) - EUR 372,180.844 91,297.611 103,592.275 359,886.180JPM Global Capital Appreciation X (acc) - EUR 261,184.709 - - 261,184.709JPM Global Capital Appreciation T (acc) - EUR - 50.000 - 50.000
16
JPMorgan Investment Funds
Statement of Changes in the Number of Shares (continued)
For the Period from 1 January 2011 to 30 June 2011
Shares Outstandingat the Beginning
of the Period
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Period
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR 667,800.124 63,694.306 207,456.652 524,037.778JPM Global Capital Preservation (EUR) A (acc) - USD 39,764.589 6,243.676 19,653.514 26,354.751JPM Global Capital Preservation (EUR) A (dist) - EUR 469,968.298 17,530.395 126,804.945 360,693.748JPM Global Capital Preservation (EUR) A (inc) - EUR 73,944.026 810.633 15,823.997 58,930.662JPM Global Capital Preservation (EUR) B (acc) - EUR 23,815.758 337.631 10,270.254 13,883.135JPM Global Capital Preservation (EUR) C (acc) - EUR 101,802.373 5,623.812 71,043.859 36,382.326JPM Global Capital Preservation (EUR) D (acc) - EUR 4,539,135.288 107,655.079 1,443,052.340 3,203,738.027JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 563,397.007 95,734.025 27,122.287 632,008.745JPM Global Capital Preservation (EUR) I (acc) - EUR 192,215.692 24,167.000 37,502.000 178,880.692JPM Global Capital Preservation (EUR) I (inc) - EUR 220,889.066 150,516.828 3,150.000 368,255.894JPM Global Capital Preservation (EUR) T (acc) - EUR - 50.000 - 50.000JPM Global Capital Preservation (EUR) X (acc) - EUR 401,458.322 13,619.635 19,918.320 395,159.637
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD 460,185.662 211,268.229 154,333.832 517,120.059JPM Global Capital Preservation (USD) B (acc) - USD - 50.000 - 50.000JPM Global Capital Preservation (USD) D (acc) - USD 161,996.959 25,971.550 45,337.567 142,630.942
JPMorgan Investment Funds - Global Convertibles Fund (USD)JF Global Convertibles (USD) A (acc) - USD 543.955 1,202.357 - 1,746.312JPM Global Convertibles (USD) A (acc) - USD 2,734,398.377 1,193,387.611 1,019,603.705 2,908,182.283JPM Global Convertibles (USD) B (acc) - USD 417,042.589 170,919.623 212,684.866 375,277.346JPM Global Convertibles (USD) C (acc) - USD 262,936.356 111,111.415 68,671.812 305,375.959JPM Global Convertibles (USD) D (acc) - USD 315,931.991 55,253.586 90,558.178 280,627.399JPM Global Convertibles (USD) I (acc) - USD 67,007.000 - 53,409.000 13,598.000
JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - USD 384,991.008 563,282.001 306,371.373 641,901.636JPM Global Dividend A (acc) - EUR 9,272.787 20,448.867 4,048.375 25,673.279JPM Global Dividend A (acc) - EUR (hedged) 109,129.512 62,859.202 35,604.857 136,383.857JPM Global Dividend A (inc) - USD 12,787.585 44,559.143 3,948.044 53,398.684JPM Global Dividend A (inc) - EUR (hedged) 7,957.487 5,184.591 1,491.959 11,650.119JPM Global Dividend C (acc) - EUR 35,320.180 86,168.884 42,381.677 79,107.387JPM Global Dividend D (acc) - USD 16,511.678 9,110.024 9,960.868 15,660.834JPM Global Dividend D (acc) - EUR (hedged) 27,360.705 37,874.772 14,758.218 50,477.259JPM Global Dividend X (acc) - USD - 100,956.979 51,656.896 49,300.083
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 130,026.136 18,229.013 33,781.202 114,473.947JPM Global Enhanced Bond A (inc) - EUR 49.539 7.518 0.403 56.654JPM Global Enhanced Bond B (acc) - EUR* 8,331.434 212.714 8,544.148 -JPM Global Enhanced Bond C (acc) - EUR 22,201.738 - 185.574 22,016.164JPM Global Enhanced Bond D (acc) - EUR 45,234.574 28,305.620 38,101.992 35,438.202JPM Global Enhanced Bond X (acc) - EUR 197.750 - 16.591 181.159
JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD 739,375.036 522,588.017 441,278.025 820,685.028JPM Global Financials A (acc) - EUR 595,497.628 107,416.832 99,854.380 603,060.080JPM Global Financials A (dist) - USD 702,599.309 78,823.100 34,749.322 746,673.087JPM Global Financials B (acc) - USD 338,420.592 816,687.404 544,713.842 610,394.154JPM Global Financials C (acc) - USD 233,331.952 149,763.956 370,944.037 12,151.871JPM Global Financials D (acc) - USD 66,587.334 8,133.601 18,842.358 55,878.577JPM Global Financials X (acc) - USD 10,185.237 113.915 1,050.000 9,249.152
JPMorgan Investment Funds - Global High Yield Bond FundJPM Global High Yield Bond A (acc) - USD 3,282,610.566 3,573,093.285 2,544,111.617 4,311,592.234JPM Global High Yield Bond A (acc) - EUR (hedged) 963,313.231 585,540.902 566,374.269 982,479.864JPM Global High Yield Bond A (inc) - EUR (hedged) 59,764.926 365,009.850 36,590.313 388,184.463JPM Global High Yield Bond A (mth) - USD 567,386.801 970,653.957 487,358.227 1,050,682.531JPM Global High Yield Bond B (acc) - EUR (hedged) 154,700.504 109,255.996 163,966.949 99,989.551JPM Global High Yield Bond C (acc) - USD 768,659.698 1,389,519.706 1,329,752.560 828,426.844JPM Global High Yield Bond C (acc) - EUR (hedged) 967,852.030 603,566.616 174,368.748 1,397,049.898JPM Global High Yield Bond D (acc) - USD 823.395 - - 823.395JPM Global High Yield Bond D (acc) - EUR (hedged) 282,313.565 207,088.326 76,405.549 412,996.342JPM Global High Yield Bond I (acc) - USD 1,436,986.484 40,786.361 776,050.519 701,722.326JPM Global High Yield Bond I (inc) - EUR (hedged) 95,393.467 48,000.000 78,819.000 64,574.467JPM Global High Yield Bond X (acc) - USD - 712,689.073 405,015.559 307,673.514JPM Global High Yield Bond X (acc) - EUR (hedged) 54,365.617 275,960.753 168,967.807 161,358.563
JPMorgan Investment Funds - Global Income FundJPM Global Income A (div) - EUR 135,535.656 449,583.853 97,901.591 487,217.918JPM Global Income B (div) - EUR - 1,476.666 - 1,476.666JPM Global Income C (div) - EUR 100,891.807 126,786.481 111,665.027 116,013.261JPM Global Income D (div) - EUR 1,021,365.031 1,522,602.132 163,902.884 2,380,064.279JPM Global Income T (div) - EUR - 50.000 - 50.000JPMorgan Investment Funds - Global Select 130/30 FundJPM Global Select 130/30 A (acc) - USD 109,857.521 10,792.274 12,342.253 108,307.542JPM Global Select 130/30 A (acc) - EUR - 1,359.796 - 1,359.796JPM Global Select 130/30 A (dist) - USD 531.926 61.527 - 593.453JPM Global Select 130/30 C (acc) - USD 29,207.540 3,143.358 30,962.879 1,388.019JPM Global Select 130/30 D (acc) - USD 33,382.882 7,801.582 4,936.915 36,247.549
17
JPMorgan Investment Funds
Statement of Changes in the Number of Shares (continued)
For the Period from 1 January 2011 to 30 June 2011
Shares Outstandingat the Beginning
of the Period
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Period
JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD 447,871.635 53,268.781 67,020.897 434,119.519JPM Global Select Equity A (dist) - USD 9,272.695 18,761.805 18,730.099 9,304.401JPM Global Select Equity B (acc) - USD 360.000 242.999 336.999 266.000JPM Global Select Equity C (acc) - USD 704,757.544 107,357.339 435,678.806 376,436.077JPM Global Select Equity C (acc) - EUR - 281,725.234 42,424.600 239,300.634JPM Global Select Equity D (acc) - USD 64,828.157 6,784.823 10,521.485 61,091.495JPM Global Select Equity X (acc) - USD 342,841.521 - - 342,841.521
JPMorgan Investment Funds - Global Total Return FundJPM Global Total Return A (acc) - EUR 317,262.260 52,451.557 103,478.764 266,235.053JPM Global Total Return A (dist) - EUR 718.952 5.992 - 724.944JPM Global Total Return A (inc) - EUR 97.972 - - 97.972JPM Global Total Return C (acc) - EUR 27,580.324 6,353.950 29,229.869 4,704.405JPM Global Total Return D (acc) - EUR 341,265.123 11,576.286 72,647.714 280,193.695
JPMorgan Investment Funds - Income Opportunity FundJPM Income Opportunity A (acc) - USD 5,725,462.100 2,884,515.882 1,963,507.131 6,646,470.851JPM Income Opportunity A (acc) - EUR (hedged) 5,052,883.048 5,671,964.546 1,462,456.879 9,262,390.715JPM Income Opportunity A (acc) - SEK (hedged) 505,188.266 568,984.778 75,261.817 998,911.227JPM Income Opportunity A (dist) - GBP (hedged) 2,526,973.278 780,914.836 309,202.147 2,998,685.967JPM Income Opportunity A (inc) - EUR (hedged) 649,623.998 929,379.560 109,217.103 1,469,786.455JPM Income Opportunity B (acc) - USD 997,322.415 380,404.151 490,824.005 886,902.561JPM Income Opportunity B (acc) - EUR (hedged) 991,358.716 1,097,416.184 719,785.779 1,368,989.121JPM Income Opportunity C (acc) - USD 1,568,131.304 2,290,057.147 1,396,426.292 2,461,762.159JPM Income Opportunity C (acc) - USD (hedged to BRL) 67,681.326 105,071.610 5,355.745 167,397.191JPM Income Opportunity C (acc) - EUR (hedged) 6,384,470.579 3,342,506.375 1,640,551.324 8,086,425.630JPM Income Opportunity C (acc) - SEK (hedged) 95,026.376 9,483.538 35,800.000 68,709.914JPM Income Opportunity C (dist) - GBP (hedged) 871,191.550 582,518.089 223,422.318 1,230,287.321JPM Income Opportunity D (acc) - EUR (hedged) 3,018,253.205 4,976,366.369 1,254,667.964 6,739,951.610JPM Income Opportunity D (inc) - EUR (hedged) 68.985 - - 68.985JPM Income Opportunity X (acc) - USD 285,514.772 334,011.785 65,984.909 553,541.648JPM Income Opportunity X (acc) - EUR (hedged) 200,355.894 211,569.914 27,027.010 384,898.798JPM Income Opportunity X (acc) - GBP (hedged) 28,865.000 - 8,050.000 20,815.000JPM Income Opportunity X (dist) - GBP (hedged) - 11,747.682 - 11,747.682
JPMorgan Investment Funds - Japan 50 Equity FundJPM Japan 50 Equity A (acc) - EUR 233,995.803 15,167.484 138,947.542 110,215.745JPM Japan 50 Equity A (acc) - EUR (hedged) - 40.778 - 40.778JPM Japan 50 Equity A (acc) - JPY 744,772.621 844,335.035 1,204,873.783 384,233.873JPM Japan 50 Equity A (dist) - JPY 5,019.607 155.418 4,029.000 1,146.025JPM Japan 50 Equity C (acc) - EUR (hedged) - 13,346.794 - 13,346.794JPM Japan 50 Equity C (acc) - JPY 540,633.027 40,383.158 160,079.734 420,936.451JPM Japan 50 Equity D (acc) - JPY 9,351.429 145,346.906 125,269.316 29,429.019JPM Japan 50 Equity X (acc) - JPY 1,146,984.151 1,584.392 5,925.955 1,142,642.588
JPMorgan Investment Funds - Japan Behavioural Finance Equity FundJPM Japan Behavioural Finance Equity A (acc) - USD 20,484.803 1,841.655 391.047 21,935.411JPM Japan Behavioural Finance Equity A (acc) - EUR 16,454.848 4,366.101 703.928 20,117.021JPM Japan Behavioural Finance Equity A (dist) - USD 17,905.103 402.000 402.000 17,905.103JPM Japan Behavioural Finance Equity D (acc) - EUR 3,658.540 8,015.651 6,643.528 5,030.663JPM Japan Behavioural Finance Equity X (acc) - USD 11,535.181 - - 11,535.181
JPMorgan Investment Funds - Japan Focus FundJPM Japan Focus A (acc) - JPY 639,395.718 987,687.135 1,043,552.775 583,530.078JPM Japan Focus A (dist) - JPY 8.888 - - 8.888JPM Japan Focus B (acc) - JPY - 1,813.397 - 1,813.397JPM Japan Focus C (acc) - JPY - 457,798.133 42,327.625 415,470.508JPM Japan Focus D (acc) - JPY 6,120.946 3,167.101 894.901 8,393.146JPM Japan Focus I (acc) - JPY 351,343.699 24,729.778 85,000.000 291,073.477JPM Japan Focus X (acc) - JPY 260,808.757 520.249 - 261,329.006
18
JPMorgan Investment Funds
Statement of Changes in the Number of Shares (continued)
For the Period from 1 January 2011 to 30 June 2011
Shares Outstandingat the Beginning
of the Period
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Period
JPMorgan Investment Funds - Japan Select Equity FundJPM Japan Select Equity A (acc) - JPY 1,902,055.417 709,614.172 1,164,452.561 1,447,217.028JPM Japan Select Equity A (dist) - JPY 7,377.991 346.152 3,561.830 4,162.313JPM Japan Select Equity B (acc) - JPY 157,495.057 115,995.501 184,990.080 88,500.478JPM Japan Select Equity C (acc) - JPY 2,086,455.427 475,680.310 959,208.279 1,602,927.458JPM Japan Select Equity D (acc) - JPY 121,128.943 79,682.707 87,027.699 113,783.951JPM Japan Select Equity I (acc) - JPY 302,140.000 - - 302,140.000JPM Japan Select Equity X (acc) - JPY 1,142,794.711 66,257.911 - 1,209,052.622
JPMorgan Investment Funds - Japan Strategic Value FundJPM Japan Strategic Value A (acc) - JPY 605,574.909 162,759.288 361,299.154 407,035.043JPM Japan Strategic Value A (acc) - EUR 23,493.607 8,004.963 23,773.455 7,725.115JPM Japan Strategic Value A (dist) - GBP 55,467.574 4.085 22,119.574 33,352.085JPM Japan Strategic Value C (acc) - JPY 112,993.908 44,901.656 96,604.200 61,291.364JPM Japan Strategic Value D (acc) - JPY 25,621.808 7,993.882 23,906.714 9,708.976JPM Japan Strategic Value D (acc) - EUR 23,560.314 2,429.879 24,254.635 1,735.558JPM Japan Strategic Value X (acc) - JPY 314,559.421 38,516.000 3,525.000 349,550.421
JPMorgan Investment Funds - JF Asia ex-Japan FundJF Asia ex-Japan A (acc) - USD 1,182,163.024 124,674.587 270,578.956 1,036,258.655JF Asia ex-Japan A (dist) - USD 164,052.942 114,913.672 22,683.156 256,283.458JF Asia ex-Japan B (acc) - USD 163,113.028 29,059.107 57,138.271 135,033.864JF Asia ex-Japan C (acc) - USD 791,161.316 258,618.838 238,743.351 811,036.803JF Asia ex-Japan D (acc) - USD 216,871.567 43,980.823 62,956.063 197,896.327JF Asia ex-Japan I (acc) - USD 3,883,035.608 2,834.306 1,468,147.787 2,417,722.127JF Asia ex-Japan X (acc) - USD 185,961.905 19,825.345 26,749.146 179,038.104JF Asia ex-Japan X (dist) - USD - 6,072.970 - 6,072.970
JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 162,017.368 56,155.468 80,774.989 137,397.847JPM US Bond A (inc) - USD 1,082.226 - - 1,082.226JPM US Bond B (acc) - USD 4,639.043 - 2,080.883 2,558.160JPM US Bond C (acc) - USD 11,014.254 37,417.704 14,138.922 34,293.036JPM US Bond D (acc) - USD 85,139.661 14,775.577 29,052.770 70,862.468
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 1,031,179.167 1,574,631.763 997,527.481 1,608,283.449JPM US Equity A (acc) - EUR (hedged) 91,748.328 129,273.930 16,315.635 204,706.623JPM US Equity A (dist) - GBP 23,665.174 15,266.956 12,083.432 26,848.698JPM US Equity C (acc) - USD 281,261.930 452,654.572 415,858.148 318,058.354JPM US Equity D (acc) - USD 26,683.183 29,387.320 6,437.389 49,633.114JPM US Equity D (acc) - EUR (hedged) 35,382.806 64,055.927 21,373.575 78,065.158JPM US Equity X (acc) - USD 121,743.181 39,265.635 156,036.076 4,972.740
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - USD 7,612,406.656 1,411,360.353 2,074,534.450 6,949,232.559JPM US Select Equity A (acc) - EUR 1,323,779.488 447,581.948 664,205.508 1,107,155.928JPM US Select Equity A (acc) - EUR (hedged) 490,816.117 1,410,790.915 1,026,753.866 874,853.166JPM US Select Equity A (dist) - USD 621,917.103 58,606.896 221,809.355 458,714.644JPM US Select Equity B (acc) - USD 734,542.787 169,600.632 350,100.591 554,042.828JPM US Select Equity C (acc) - USD 2,443,763.511 410,291.602 782,466.811 2,071,588.302JPM US Select Equity C (acc) - EUR (hedged) 363,398.065 34,227.728 319,358.676 78,267.117JPM US Select Equity D (acc) - USD 586,674.937 407,766.520 132,471.359 861,970.098JPM US Select Equity D (acc) - EUR (hedged) 512,808.333 438,806.159 335,828.222 615,786.270JPM US Select Equity I (acc) - USD 500,444.560 60,000.000 120,000.000 440,444.560JPM US Select Equity X (acc) - USD 113,159.525 3,847.789 19,532.328 97,474.986
* Share Class inactive as at end of the period.
The accompanying notes form an integral part of these Financial Statements.
19
JPMorgan Investment Funds
Statistical Information (continued)
Net Asset Value per Share in Share Class Currency
30 June 2011 31 December 2010 31 December 2009 31 December 2008 31 December 2007
JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund IJPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 108.76 105.47 - - -JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) 88.74 114.96 - - -JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 109.21 105.82 - - -JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) 89.51 115.87 - - -JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 109.34 105.92 - - -JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 108.36 105.16 - - -JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) 88.41 114.63 - - -
JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 1,008.04 1,006.48 1,006.28 1,000.71 963.63JPM Euro Liquid Market C (acc) - EUR 106.63 106.24 105.87 104.87 100.58JPM Euro Liquid Market D (acc) - EUR 101.29 101.19 101.18 100.71 -JPM Euro Liquid Market X (acc) - EUR* - - - - 116.92
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 140.04 140.49 134.82 123.94 148.36JPM Europe Bond A (inc) - EUR 85.56 85.83 82.36 75.72 94.15JPM Europe Bond B (acc) - EUR 143.04 143.28 137.10 125.66 149.95JPM Europe Bond C (acc) - EUR 137.92 138.09 131.98 120.85 144.07JPM Europe Bond D (acc) - EUR 111.59 112.14 107.99 99.62 119.69JPM Europe Bond X (acc) - EUR 148.53 148.40 141.27 128.85 152.97
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR 206.35 221.91 179.27 142.33 245.28JPM Europe Recovery A (dist) - EUR 85.07 92.19 75.01 61.09 111.16JPM Europe Recovery B (acc) - EUR 94.82 98.97 111.71 87.99 150.51JPM Europe Recovery C (acc) - EUR 163.71 175.27 140.32 110.38 188.50JPM Europe Recovery D (acc) - EUR 190.97 206.40 168.41 135.06 235.10JPM Europe Recovery X (acc) - EUR 150.69 160.63 127.51 - 264.29
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - EUR 806.62 808.95 730.52 521.40 976.84JPM Europe Select Equity A (acc) - USD 120.97 112.31 108.78 76.43 148.73JPM Europe Select Equity A (dist) - EUR 55.54 56.27 51.29 58.41 110.63JPM Europe Select Equity B (acc) - EUR 75.34 75.28 67.47 47.79 88.87JPM Europe Select Equity C (acc) - EUR 79.65 79.47 71.01 50.15 92.97JPM Europe Select Equity D (acc) - EUR 74.31 74.80 68.05 48.94 92.38JPM Europe Select Equity D (acc) - USD 117.82 109.79 107.15 75.85 148.71JPM Europe Select Equity I (acc) - EUR 104.20 103.93 - - -JPM Europe Select Equity X (acc) - EUR 109.12 108.49 96.27 67.52 124.30JPM Europe Select Equity X (acc) - EUR (hedged) 87.76 86.08 79.52 57.97 98.70
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR 126.67 125.68 112.89 80.41 140.42JPM Europe Strategic Dividend A (dist) - EUR 84.53 85.93 79.08 59.70 106.43JPM Europe Strategic Dividend A (inc) - EUR 73.72 74.85 68.88 51.99 92.42JPM Europe Strategic Dividend B (acc) - EUR** 109.42 108.16 - - -JPM Europe Strategic Dividend C (acc) - EUR 85.80 84.69 75.28 53.06 91.69JPM Europe Strategic Dividend D (acc) - EUR 103.43 103.00 93.21 66.90 117.71JPM Europe Strategic Dividend I (acc) - EUR 98.40 - - - -JPM Europe Strategic Dividend X (acc) - EUR 86.84 85.42 74.61 52.21 89.59
JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 112.46 110.96 104.34 104.79 131.08JPM Global Bond (EUR) A (inc) - EUR 84.28 83.16 78.19 78.53 102.20JPM Global Bond (EUR) B (acc) - EUR 204.87 201.84 189.23 189.48 236.29JPM Global Bond (EUR) C (acc) - EUR 211.18 207.90 194.61 194.58 242.25JPM Global Bond (EUR) D (acc) - EUR 101.93 100.77 95.13 95.93 120.47JPM Global Bond (EUR) X (acc) - EUR 203.63 200.02 186.40 185.53 229.97
JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 94.22 93.36 88.26 87.87 113.11JPM Global Bond (USD) A (acc) - USD 130.16 128.83 121.55 120.78 155.15JPM Global Bond (USD) B (acc) - USD* - - - 124.84 159.89JPM Global Bond (USD) C (acc) - USD 131.36 129.73 121.85 120.53 154.16JPM Global Bond (USD) D (acc) - USD 99.71 98.89 93.68 93.45 120.54JPM Global Bond (USD) X (acc) - USD 133.70 131.75 123.19 121.31 154.43
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 129.77 128.69 118.00 104.02 124.65JPM Global Capital Appreciation A (dist) - EUR 105.76 105.16 97.19 90.15 109.83JPM Global Capital Appreciation A (inc) - EUR 108.65 108.05 99.84 89.92 109.54JPM Global Capital Appreciation B (acc) - EUR 128.21 126.83 115.71 101.50 121.02JPM Global Capital Appreciation C (acc) - EUR 108.48 106.91 97.35 85.23 101.42JPM Global Capital Appreciation D (acc) - EUR 106.09 105.58 97.49 86.54 104.44JPM Global Capital Appreciation T (acc) - EUR 101.50 - - - -JPM Global Capital Appreciation X (acc) - EUR 120.38 118.58 107.27 93.30 110.29
20
JPMorgan Investment Funds
Statistical Information (continued)
Net Asset Value per Share in Share Class Currency
30 June 2011 31 December 2010 31 December 2009 31 December 2008 31 December 2007
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR 1,074.15 1,108.03 1,084.13 982.37 1,078.28JPM Global Capital Preservation (EUR) A (acc) - USD 156.48 149.45 156.84 138.23 159.51JPM Global Capital Preservation (EUR) A (dist) - EUR 99.00 105.87 105.29 97.02 108.91JPM Global Capital Preservation (EUR) A (inc) - EUR 99.33 106.23 105.52 96.08 107.88JPM Global Capital Preservation (EUR) B (acc) - EUR 1,203.22 1,238.08 1,205.33 1,086.75 1,186.95JPM Global Capital Preservation (EUR) C (acc) - EUR 978.95 1,006.28 977.66 879.72 958.82JPM Global Capital Preservation (EUR) D (acc) - EUR 121.21 125.32 123.17 112.11 123.61JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 953.40 981.15 963.33 881.29 -JPM Global Capital Preservation (EUR) I (acc) - EUR 102.22 105.04 102.10 91.83 -JPM Global Capital Preservation (EUR) I (inc) - EUR 99.79 107.15 106.38 96.84 108.54JPM Global Capital Preservation (EUR) T (acc) - EUR 99.91 - - - -JPM Global Capital Preservation (EUR) X (acc) - EUR 126.59 129.70 125.19 111.92 121.18
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD 116.23 119.31 115.79 106.87 115.19JPM Global Capital Preservation (USD) B (acc) - USD** 97.78 - - - -JPM Global Capital Preservation (USD) C (acc) - USD* - - - - -JPM Global Capital Preservation (USD) D (acc) - USD 113.43 116.70 113.74 105.45 114.18JPM Global Capital Preservation (USD) X (acc) - USD* - - - 108.97 115.87
JPMorgan Investment Funds - Global Convertibles Fund (USD)JF Global Convertibles (USD) A (acc) - USD 115.38 114.25 108.14 - -JPM Global Convertibles (USD) A (acc) - USD 140.63 139.07 131.30 101.71 137.72JPM Global Convertibles (USD) B (acc) - USD 109.11 107.56 100.89 77.64 -JPM Global Convertibles (USD) C (acc) - USD 141.29 139.25 130.55 - -JPM Global Convertibles (USD) D (acc) - USD 135.04 133.88 127.03 98.89 134.58JPM Global Convertibles (USD) I (acc) - USD 113.44 111.72 104.65 80.45 108.12JPM Global Convertibles (USD) X (acc) - USD* - - 114.46 - 119.47
JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - USD 87.38 82.98 76.82 62.53 100.09JPM Global Dividend A (acc) - EUR 76.59 78.56 - - -JPM Global Dividend A (acc) - EUR (hedged) 57.88 57.24 52.66 45.03 68.35JPM Global Dividend A (inc) - USD 115.10 111.09 103.11 - -JPM Global Dividend A (inc) - EUR (hedged) 106.46 107.03 100.88 - -JPM Global Dividend C (acc) - EUR 109.27 111.48 95.18 - -JPM Global Dividend D (acc) - USD 85.06 81.08 75.63 62.02 100.03JPM Global Dividend D (acc) - EUR (hedged) 56.35 55.93 51.84 44.66 68.30JPM Global Dividend X (acc) - USD** 101.25 - - - -
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 119.02 116.24 104.30 95.22 125.09JPM Global Enhanced Bond A (inc) - EUR 87.37 85.35 77.05 71.38 97.83JPM Global Enhanced Bond B (acc) - EUR* - 117.61 105.16 95.68 125.25JPM Global Enhanced Bond C (acc) - EUR 133.69 130.23 116.27 105.63 138.06JPM Global Enhanced Bond D (acc) - EUR 114.01 111.50 100.35 91.90 121.09JPM Global Enhanced Bond X (acc) - EUR 141.26 137.27 121.89 110.18 143.35JPM Global Enhanced Bond X (inc) - EUR* - - - - -
JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD 100.49 99.05 96.33 69.22 157.72JPM Global Financials A (acc) - EUR 44.81 47.71 43.26 31.96 69.27JPM Global Financials A (dist) - USD 57.13 56.36 55.21 44.45 102.89JPM Global Financials B (acc) - USD 6.27 6.15 5.93 4.23 9.55JPM Global Financials C (acc) - USD 107.29 105.31 101.56 72.36 163.47JPM Global Financials D (acc) - USD 101.24 100.28 98.51 71.50 164.58JPM Global Financials X (acc) - USD 166.13 162.32 155.15 109.61 245.50
JPMorgan Investment Funds - Global High Yield Bond FundJPM Global High Yield Bond A (acc) - USD 118.36 114.52 100.43 66.67 -JPM Global High Yield Bond A (acc) - EUR (hedged) 162.11 156.44 137.96 91.70 145.19JPM Global High Yield Bond A (inc) - EUR (hedged) 81.56 83.00 78.42 59.60 101.43JPM Global High Yield Bond A (mth) - USD 102.18 101.97 95.01 67.12 -JPM Global High Yield Bond B (acc) - EUR (hedged) 168.86 162.67 142.94 94.68 149.39JPM Global High Yield Bond C (acc) - USD 120.51 116.22 101.26 66.79 -JPM Global High Yield Bond C (acc) - EUR (hedged) 175.35 168.67 147.78 97.59 153.51JPM Global High Yield Bond D (acc) - USD 107.62 104.33 - - -JPM Global High Yield Bond D (acc) - EUR (hedged) 154.73 149.62 132.47 88.40 140.54JPM Global High Yield Bond I (acc) - USD 123.05 118.62 103.29 - -JPM Global High Yield Bond I (inc) - EUR (hedged) 66.22 67.56 63.63 43.72 -JPM Global High Yield Bond X (acc) - USD 102.82 - - - -JPM Global High Yield Bond X (acc) - EUR (hedged) 116.87 112.14 97.76 64.24 100.53
JPMorgan Investment Funds - Global Income FundJPM Global Income A (div) - EUR 137.36 136.55 127.67 101.68 -JPM Global Income B (div) - EUR 99.47 - - - -JPM Global Income C (div) - EUR 110.52 110.59 - - -JPM Global Income D (div) - EUR 122.99 122.48 114.92 - -JPM Global Income T (div) - EUR 101.09 - - - -
21
JPMorgan Investment Funds
Statistical Information (continued)
Net Asset Value per Share in Share Class Currency
30 June 2011 31 December 2010 31 December 2009 31 December 2008 31 December 2007
JPMorgan Investment Funds - Global Select 130/30 FundJPM Global Select 130/30 A (acc) - USD 149.15 143.47 131.20 97.03 166.53JPM Global Select 130/30 A (acc) - EUR** 72.11 - 96.81 73.53 -JPM Global Select 130/30 A (dist) - USD 105.04 101.34 92.99 70.92 122.68JPM Global Select 130/30 C (acc) - USD 160.58 153.74 139.34 102.25 173.74JPM Global Select 130/30 D (acc) - USD 113.98 110.18 101.77 75.93 131.73JPM Global Select 130/30 X (acc) - USD* - - - - -
JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD 161.45 156.60 142.40 101.20 182.13JPM Global Select Equity A (dist) - USD 109.85 106.98 97.51 70.45 127.44JPM Global Select Equity B (acc) - USD 173.18 167.35 151.08 106.57 190.34JPM Global Select Equity C (acc) - USD 162.45 156.72 140.95 99.05 176.31JPM Global Select Equity C (acc) - EUR 67.60 - - - -JPM Global Select Equity D (acc) - USD 152.52 148.49 136.04 97.41 176.63JPM Global Select Equity X (acc) - USD 157.11 151.05 134.94 94.24 166.62
JPMorgan Investment Funds - Global Total Return FundJPM Global Total Return A (acc) - EUR 111.31 112.68 105.88 90.33 109.75JPM Global Total Return A (dist) - EUR 90.03 91.92 87.12 77.29 93.90JPM Global Total Return A (inc) - EUR 91.17 93.09 88.23 76.51 93.92JPM Global Total Return B (acc) - EUR* - - - 88.19 106.45JPM Global Total Return C (acc) - EUR 115.23 116.16 108.29 91.61 110.37JPM Global Total Return D (acc) - EUR 103.84 105.64 100.27 86.40 106.04JPM Global Total Return I (acc) - EUR* - - - - -
JPMorgan Investment Funds - Income Opportunity FundJPM Income Opportunity A (acc) - USD 168.13 166.12 158.85 136.98 -JPM Income Opportunity A (acc) - EUR (hedged) 126.94 125.11 119.80 102.86 101.77JPM Income Opportunity A (acc) - SEK (hedged) 1,243.69 1,220.31 1,168.16 - -JPM Income Opportunity A (inc) - EUR (hedged) 119.81 120.51 - - -JPM Income Opportunity A (dist) - GBP (hedged) 89.65 90.40 86.94 76.02 -JPM Income Opportunity B (acc) - USD 160.80 158.65 151.24 - -JPM Income Opportunity B (acc) - EUR (hedged) 115.64 113.80 108.61 - -JPM Income Opportunity C (acc) - USD 161.94 159.71 152.10 - -JPM Income Opportunity C (acc) - USD (hedged to BRL) 126.14 113.01 - - -JPM Income Opportunity C (acc) - EUR (hedged) 125.94 123.90 118.22 101.08 -JPM Income Opportunity C (acc) - SEK (hedged) 763.40 747.97 - - -JPM Income Opportunity C (dist) - GBP (hedged) 105.09 106.17 101.84 - -JPM Income Opportunity D (acc) - EUR (hedged) 126.12 124.42 119.44 102.60 101.66JPM Income Opportunity D (inc) - EUR (hedged) 74.12 73.44 - - -JPM Income Opportunity X (acc) - USD 162.86 160.05 151.70 - -JPM Income Opportunity X (acc) - EUR (hedged) 108.94 106.81 101.28 - -JPM Income Opportunity X (acc) - GBP (hedged) 98.29 96.50 91.34 - -JPM Income Opportunity X (dist) - GBP (hedged) 61.33 - - - -
JPMorgan Investment Funds - Japan 50 Equity FundJPM Japan 50 Equity A (acc) - JPY 8,080 8,714 8,405 7,366 13,055JPM Japan 50 Equity A (acc) - EUR 44.49 51.41 40.79 37.06 50.38JPM Japan 50 Equity A (acc) - EUR (hedged) 86.58 - - - -JPM Japan 50 Equity A (dist) - JPY 4,622 5,797 5,739 5,030 8,914JPM Japan 50 Equity C (acc) - JPY 11,045 11,856 11,327 - -JPM Japan 50 Equity C (acc) - EUR (hedged) 86.74 - - - -JPM Japan 50 Equity D (acc) - JPY 5,750 6,234 6,074 5,377 9,625JPM Japan 50 Equity I (acc) - JPY* - - - 5,302 9,300JPM Japan 50 Equity X (acc) - JPY 9,168 9,799 9,284 7,992 13,914
22
JPMorgan Investment Funds
Statistical Information (continued)
Net Asset Value per Share in Share Class Currency
30 June 2011 31 December 2010 31 December 2009 31 December 2008 31 December 2007
JPMorgan Investment Funds - Japan Behavioural Finance Equity FundJPM Japan Behavioural Finance Equity A (acc) - USD 73.50 74.07 62.77 61.76 91.05JPM Japan Behavioural Finance Equity A (acc) - EUR 50.82 55.32 43.91 43.67 61.97JPM Japan Behavioural Finance Equity A (dist) - USD 68.65 69.21 58.68 58.30 85.99JPM Japan Behavioural Finance Equity C (acc) - USD* - - - 60.46 88.27JPM Japan Behavioural Finance Equity D (acc) - USD* - - - - 90.54JPM Japan Behavioural Finance Equity D (acc) - EUR 49.41 53.99 43.19 43.28 61.63JPM Japan Behavioural Finance Equity I (inc) - EUR* - - - - 61.21JPM Japan Behavioural Finance Equity X (acc) - USD 77.53 77.46 64.49 62.35 90.31
JPMorgan Investment Funds - Japan Focus FundJPM Japan Focus A (acc) - JPY 7,111 7,344 6,752 5,995 -JPM Japan Focus A (dist) - JPY 11,167 11,633 10,838 - -JPM Japan Focus B (acc) - JPY 10,240 - - - -JPM Japan Focus C (acc) - JPY 9,324 - - - -JPM Japan Focus D (acc) - JPY 6,913 7,166 6,646 5,959 -JPM Japan Focus I (acc) - JPY 6,575 6,753 6,136 5,394 -JPM Japan Focus X (acc) - JPY 10,625 10,871 9,871 6,031 -
JPMorgan Investment Funds - Japan Select Equity FundJPM Japan Select Equity A (acc) - JPY 6,293 6,814 6,795 6,155 11,006JPM Japan Select Equity A (dist) - JPY 4,798 5,427 5,462 4,948 8,847JPM Japan Select Equity B (acc) - JPY 6,313 6,818 6,748 6,068 10,767JPM Japan Select Equity C (acc) - JPY 7,278 7,844 7,748 6,952 12,311JPM Japan Select Equity D (acc) - JPY 7,672 8,339 8,379 7,648 13,778JPM Japan Select Equity I (acc) - JPY 5,689 6,127 6,046 5,421 9,592JPM Japan Select Equity X (acc) - JPY 8,937 9,590 9,392 8,357 14,678
JPMorgan Investment Funds - Japan Strategic Value FundJPM Japan Strategic Value A (acc) - JPY 6,545 6,635 6,329 5,791 9,533JPM Japan Strategic Value A (acc) - EUR 56.13 60.97 47.84 45.38 57.30JPM Japan Strategic Value A (dist) - GBP 49.95 51.84 42.56 44.28 42.26JPM Japan Strategic Value C (acc) - JPY 11,526 11,628 10,988 - -JPM Japan Strategic Value D (acc) - JPY 6,372 6,483 6,231 5,745 9,527JPM Japan Strategic Value D (acc) - EUR 54.64 59.58 47.10 45.01 57.26JPM Japan Strategic Value X (acc) - JPY 11,470 11,526 10,804 - -
JPMorgan Investment Funds - JF Asia ex-Japan FundJF Asia ex-Japan A (acc) - USD 322.69 328.49 273.18 161.69 367.34JF Asia ex-Japan A (dist) - USD 133.29 135.69 112.84 71.49 164.02JF Asia ex-Japan B (acc) - USD 358.57 363.66 300.18 176.36 397.64JF Asia ex-Japan C (acc) - USD 339.14 343.70 283.28 166.17 374.09JF Asia ex-Japan D (acc) - USD 271.23 277.14 232.21 138.48 316.97JF Asia ex-Japan I (acc) - USD 177.65 179.92 148.10 86.80 195.26JF Asia ex-Japan X (acc) - USD 552.32 557.31 455.34 264.94 591.60JF Asia ex-Japan X (dist) - USD 102.05 - - - -
JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 174.96 169.49 153.60 126.67 157.91JPM US Bond A (inc) - USD 105.36 102.07 92.51 76.29 97.87JPM US Bond B (acc) - USD 181.98 175.99 158.95 130.63 162.26JPM US Bond C (acc) - USD 175.66 169.76 153.07 125.62 155.78JPM US Bond D (acc) - USD 127.49 123.66 112.35 92.89 116.08JPM US Bond X (acc) - USD* - - - - 159.82
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 95.92 88.95 80.70 63.00 102.55JPM US Equity A (acc) - EUR (hedged) 69.94 64.81 59.39 46.99 77.04JPM US Equity A (dist) - GBP 81.73 77.89 68.14 - -JPM US Equity C (acc) - USD 98.81 91.15 81.85 63.22 101.82JPM US Equity D (acc) - USD 93.79 87.19 79.50 62.37 102.03JPM US Equity D (acc) - EUR (hedged) 68.38 63.51 58.49 46.51 76.66JPM US Equity X (acc) - USD 95.67 87.94 78.41 60.14 96.18
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - USD 166.67 161.31 145.55 109.20 174.40JPM US Select Equity A (acc) - EUR 71.88 75.15 63.21 48.76 -JPM US Select Equity A (acc) - EUR (hedged) 77.15 74.48 67.83 51.70 83.17JPM US Select Equity A (dist) - USD 116.89 113.13 102.07 76.59 122.31JPM US Select Equity B (acc) - USD 156.15 150.57 134.84 100.42 159.16JPM US Select Equity C (acc) - USD 154.17 148.43 132.53 98.40 155.50JPM US Select Equity C (acc) - EUR (hedged) 76.60 73.56 66.29 50.00 -JPM US Select Equity D (acc) - USD 117.98 114.46 103.79 78.27 125.63JPM US Select Equity D (acc) - EUR (hedged) 75.51 73.07 66.88 51.24 82.84JPM US Select Equity I (acc) - USD 102.03 98.17 87.54 64.95 102.57JPM US Select Equity X (acc) - USD 151.63 145.43 128.85 94.98 149.05
* Share Class inactive as at end of the period.** Share Class reactivated as at end of the period.
The accompanying notes form an integral part of these Financial Statements.
23
JPMorgan Investment Funds
Notes to the Unaudited Financial Statements
As at 30 June 2011
1. Organisation
JPMorgan Investment Funds (the “SICAV”) is a variable capital investment company with multiple Sub-Funds organised as a société anonyme under the lawsof the Grand Duchy of Luxembourg. The SICAV was incorporated in Luxembourg on 22 December 1994 for an unlimited period as J.P. Morgan InvestmentFunds. Its name was changed into JPMorgan Fleming Investment Funds on 19 November 2001 and into JPMorgan Investment Funds on 12 September 2005.
The SICAV has been authorised under Part I of the law of 20 December 2002 concerning undertakings for collective investment in transferable securitiesuntil 30 June 2011 and under Part I of the law of 17 December 2010 concerning undertakings for collective investment in transferable securities as from 1 July2011. The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg under number B 49 663.
The SICAV is designed as an Equity, Total Return, Balanced, Convertibles, Bond and Money Market Funds and has issued shares in 34 Sub-Funds, details ofwhich are shown in the Appendix.
2. Significant Accounting Policies
The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments.
a) Investment Valuation
Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latestavailable price prevailing at the time of calculating the net asset value.
If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange ormarket will be applied.
Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Thosesecurities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeablesales price determined with prudence and in good faith by the Board of Directors.
Shares or Units in UCITS or other UCIS are valued at the latest available price or net asset value, as reported or provided by such undertakings or their agents.
Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis.
For the JPMorgan Investment Funds - Euro Liquid Market Fund:
• Except as noted below, all investments are valued at amortised cost, which approximates market value. Under this method, the cost of investments isadjusted to income for the amortisation of premiums and discounts over the life of the investments.
• Where the amortised cost basis does not reflect a prudent approach to the valuation of the security, the latest available price prevailing on the valuationday is used.
The financial statements are presented on the basis of the net asset values of the Sub-Funds calculated on 30 June 2011. In accordance with the prospectus,the net asset values were calculated using the latest exchange rates known at the time of calculation. If the SICAV had calculated the net asset values solelywith a view to financial reporting, the market prices used to value the investment portfolio would have been the closing prices on 27 June 2011.
b) Swing Pricing
A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect thedealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows.
In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any Valuation Day, theaggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basisby the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively.The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of theNet Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds with the exception of JPMorgan Investment Funds –Highbridge Statistical Market Neutral Fund and the money market Sub-Funds, as defined by the Prospectus. The extent of the price adjustment will be set bythe Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to Sub-Fund and will not exceed 2% of the originalNet Asset Value per Share. The official Net Asset Value per Share as at period-end, disclosed in the Statistical Information section of this report maytherefore include a Swing Pricing adjustment, which would not be recognised in the Combined Statement of Net Assets and in the Combined Statement ofOperations and Changes in Net Assets.
As at period-end, a Swing Pricing adjustment had been applied to JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I and toJPMorgan Investment Funds - Japan Select Equity Fund. The net asset values of JPMorgan Investment Funds - Emerging Markets Corporate Bond PortfolioFund I had been adjusted downwards by a swing factor determined by the Management Company under its established procedures, irrespective ofredemption flows. The decision to swing downwards is due to the specific nature of the product and the fact that after the initial subscription phase, nofurther subscriptions will be accepted into the Fund.
No other Sub-Funds were swung as at 30 June 2011.
c) Realised and Unrealised Gains and Losses on Investments
Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investmentschemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents.
Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date ofpurchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments arecalculated on the total book cost and include the associated unrealised gains and losses on foreign exchange.
d) Income Recognition
Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts, where applicable. Bank interest income is recognisedon an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly whentax reclaims apply.
24
JPMorgan Investment Funds
Notes to the Unaudited Financial Statements (continued)
As at 30 June 2011
e) Conversion of Foreign Currencies
The books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currenciesare translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currenciesare converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales offoreign investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of suchtransactions.
Net realised and unrealised gains or losses on foreign exchange represent: (i) foreign exchange gains and losses from the sale and holding of foreigncurrencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions; and (iii) gains and lossesarising from the difference between amounts of dividends and interest recorded and the amounts actually received.
The resulting gains and losses on translation are included in “Net Realised Gain/Loss on Foreign Exchange” in the Combined Statement of Operations andChanges in Net Assets.
The reference currency of the SICAV as reflected in the combined statements is USD.
The principal exchange rates applied as at 30 June 2011 are as follows:
Unrealised gains or losses on outstanding forward foreign exchange contracts are valued on the basis of currency exchange rates prevailing at the relevantvaluation date. The changes in such amounts are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change inUnrealised Gain/(Loss) on Forward Foreign Exchange Contracts”. When a contract is closed, the Realised Gain/(Loss) is recorded under “Net RealisedGain/(Loss) on Forward Foreign Exchange Contracts” in the Combined Statement of Operations and Changes in Net Assets. Unrealised Gains or Losses arerecorded under “Unrealised Gain/(Loss) on Forward Foreign Exchanges Contracts” in the Combined Statement of Net Assets.
g) Financial Futures Contracts on Securities and Indices
Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contractsand can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains andlosses by “marking-to-market” on a daily basis to reflect the market value of the contracts at the end of each business day’s trading. Variation marginpayments are made or received on a daily basis, depending upon whether losses or gains are incurred. The frequency of those margin payments may differdepending on where the contract is traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceedsfrom, or cost of, the closing transaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the CombinedStatement of Operations and Changes in Net Assets.
Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets.
Daily margin calls are recorded under “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes inNet Assets.
h) Option Contracts
The SICAV writes options on securities, futures and interest rate swaps (“swaptions”). These options are settled in cash and subject the SICAV to unlimitedrisk of loss. The SICAV, however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying thepremium at the inception of the contract. As of 30 June 2011, the SICAV had written options contracts outstanding as listed on its Schedule of Investments.
Options purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cashsettlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired ordelivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, thedifference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium isaccounted for as a realised gain for options written or as a realised loss for options purchased.
For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, dependingupon whether losses or gains are incurred on the underlying futures contract.
The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets.
i) To Be Announced Securities (“TBAs”)
TBAs are related to mortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests inthe pools created. TBAs relate to future pools of these agencies that are bought and sold for future settlement for which either the interest rate or thematurity date is not yet fixed. TBAs are separately disclosed in the Schedule of Investments.
Certain Sub-Funds may enter into Dollar Rolls, principally using To Be Announced (“TBA”) Securities, in which the Sub-Funds sell mortgage-backed securitiesfor delivery in the current month and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. TheSub-Funds account for such Dollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase.The Sub-Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The marketvalue of the securities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities.
Certain Sub-Funds had TBAs outstanding as of 30 June 2011, which are included in Amounts Receivable on Sale of TBAs and Amounts Payable on Purchase ofTBAs in the Combined Statement of Net Assets.
j) Interest Rate Swaps
An interest rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interestpayments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged.
The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts arerecorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on DerivativesInstruments” in the Combined Statement of Operations and Changes in Net Assets.
25
JPMorgan Investment Funds
Notes to the Unaudited Financial Statements (continued)
As at 30 June 2011
k) Inflation Rate Swaps
An inflation rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interestpayments (usually fixed/floating on inflation indexes) based on a notional amount that serves as a computation basis and that is usually not exchanged.
The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts arerecorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on DerivativesInstruments” in the Combined Statement of Operations and Changes in Net Assets.
l) Total Return Swaps
The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returnsgenerated by a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated byreference to a specific security, index, or instruments and an agreed upon notional amount. Any such underlying security or instrument must be atransferable security and any such index must be an index of a regulated market.
A Total Return Swap will exchange the total performance on a specific basket of securities, selected by the Investment Manager against a reference rate plusa spread. The total performance will include interests, dividends, gains and losses on the underlying securities during the contract period according to thetype of underlying. The risk of this type of instrument will depend on the uncertain evolution, at the time of the contract conclusion, of the Performance of theunderlying. These underlying securities are listed on a primary exchange.
The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers.The relevant indices include, but are not limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stockindices.
The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts areincluded in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments”.When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement ofOperations and Changes in Net Assets.
The JPMorgan Investment Funds - Global Select 130/30 Fund, JPMorgan Investment Funds - Global Total Return Fund and the JPMorgan Investment Funds -Highbridge Statistical Market Neutral Fund have each entered into Total Return Swaps (long/short, together “the Swaps”) on a basket of securities withselected prime brokers. The Swaps are comprised of positions in a diversified selection of stocks which is continuously monitored and amended by theInvestment Manager.
m) Credit Default Swaps
A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a periodic paymentfor the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset, occurs. If suchan event occurs, the party will then make a payment to the first party, and the swap will terminate. The value of the underlying securities shall be taken intoaccount for the calculation of the investment and borrowing powers applicable to individual issuers.
The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts arerecorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on DerivativesInstruments” in the Combined Statement of Operations and Changes in Net Assets.
n) Price Lock Swaps
The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the pricedifference generated on a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculatedby the price difference (current asset price and locked price) of a specific security, index, or other instruments and an agreed upon notional amount. Anysuch underlying security or instrument must be a transferable security and any such index must be an index of a regulated market. The value of theunderlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. The relevantindices include, but are not limited to, currencies, interest rates, and other asset prices.
The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets.
The changes in such amounts are recorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net RealisedGain/(Loss) on Derivatives Instruments” in the Combined Statement of Operations and Changes in Net Assets.
o) Variance Swap
A variance swap is an instrument which allows the SICAV to trade future realized (or historical) volatility against current implied volatility.
The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts arerecorded under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments” and the Realised under “Net Realised Gain/(Loss) on DerivativesInstruments” in the Combined Statement of Operations and Changes in Net Assets.
3. Fees and Expenses
a) All Sub-Funds - Share Classes A, B, C, D and T
The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentagecovers all fees and expenses connected with the management of these Classes of shares, including Investment Management Fees, shareholder servicingfees and Other Operating and Administrative Expenses, which include but are not limited to Custody, Registrar and Transfer Agent Fees; it does not covertaxes paid on investment, brokerage’s expense, extraordinary costs or performance fee, if any. No other costs are charged to these Classes of shares, and theManagement Company absorbs any difference that may arise between the actual costs of the operations of these Classes of shares and the fixed percentage.To the extent that the actual operating costs are less than the fixed percentage, the excess is paid to the Management Company and included within“Investment Management Fees”. To the extent that actual operating costs exceed the fixed percentage, the amount borne by the Management Company willbe separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.
This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in theAppendix.
26
JPMorgan Investment Funds
Notes to the Unaudited Financial Statements (continued)
As at 30 June 2011
b) All Sub-Funds - Share Class I
The maximum total fees and expenses to be borne by Class I shareholders of any Sub-Fund will not exceed a capped percentage of the total net assetsattributable to that Class. These capped fees and expenses comprise Investment Management Fees plus other Operating and Administrative Expenses,limited to Custody, Fiduciary, Accounting, Transfer Agency Fees, Taxes and Sundry Expenses; it does not cover performance fees, if any.
This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown inthe Appendix.
c) All Sub-Funds - Share Class X
The Class X shares of each Sub-Fund are charged a pro-rata share of the Custody and Accounting Fees allocable to that Sub-Fund.
The Management Company pays all other Operating and Administrative Expenses allocable to such Class to the exclusion of performance fees, if any. Themaximum Operating and Administrative Expenses to be borne by the Class X shareholders of any Sub-Fund will not exceed a capped percentage of the totalnet assets attributable to that Class, as set out in the Appendix.
The Annual Management Fee that would normally be payable in respect of the X Share Class are administratively levied and collected by the GlobalDistributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity.
Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase &Co. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the netassets on which the Annual Management and Advisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an AnnualManagement and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Annual Management and AdvisoryFee being netted off by a rebate to the SICAV or Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS orUCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and the Annual Management andAdvisory Fee (or equivalent) charged to the underlying UCITS or UCIs.
The Management Company may decide from time to time, in order to protect the interests of the SICAV’s shareholders, to reduce the fees payable to theManagement Company.
d) Performance Fees
Pursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from thenet assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceedsthe return from the benchmark, subject to the operation of a Claw-Back Mechanism or of a High Water Mark as defined in Appendix V and as specified inAppendix III for each Sub-Fund. On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and thefinal Performance Fee is payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may beentitled to receive the performance Fee from the Management Company.
On each Valuation Day, the net asset value of each Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all fees andexpenses (including the Annual Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Class at the rateset out in the Appendix to the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day,if any, and any Performance Fee accrued through that day in respect of such Class is added back (the “Adjusted net asset value”). For purposes of calculatingthe Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding backany accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previousValuation Day’s Adjusted net asset value for that Class.
High Water Mark Method
If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in theAppendix to the Prospectus), the Performance Fee accrual is increased by the Performance Fee Rate multiplied by the Excess Return multiplied by theprevious Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return does not exceed the Benchmark Return, the Performance Feeaccrual is reduced (but not below zero) by the Performance Fee Rate multiplied by the negative Excess Return multiplied by the previous Valuation Day’sAdjusted net asset value for that Class. Following a period of negative Excess Return whereby the Performance Fee accrual has been reduced to zero, no newPerformance Fee is accrued until such time as the cumulative Share Class Return exceeds the greater of the High Water Mark Return and the cumulativeBenchmark Return since the beginning of the SICAV accounting year. The Performance Fee accrued on any Valuation Day is reflected in the Net Asset Valueper Share on the basis of which subscriptions and redemptions may be accepted.
Claw-Back mechanism
The purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperformsthe cumulative Benchmark Return (as defined in Appendix V of the prospectus) accrued since the last Valuation Day of the last year in which a PerformanceFee was paid.
As at 30 June 2011, the Performance Fee rate and the benchmarks are as follows:
Sub-Fund or Share Class PerformanceFee Rate
Benchmark
Claw-Back Mechanism method
JPMorgan Investment Funds - Global Select 130/30 Fund 10% Morgan Stanley Capital International (MSCI) World Index (Total Return Net)
JPMorgan Investment Funds – Japan Focus Fund 10% Tokyo Stock Price Index (TOPIX) (Total Return Net)
High Water Mark Return methodJPMorgan Investment Funds - Global Total Return Fund 10% LIBOR one-month Euro deposits (Total Return Gross)
JPMorgan Investment Funds - Global Capital Appreciation Fund 10% British Bankers’ Association (BBA) LIBOR one-month Euro deposits
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 10% British Bankers’ Association (BBA) LIBOR one-month Euro deposits
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) (SEK hedged) 10% British Bankers’ Association (BBA) LIBOR one-month Euro deposits hedged into SEK
JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 10% British Bankers’ Association (BBA) LIBOR one-month US Dollar deposits
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund 20% European Overnight Index Average (EONIA) (Total Return Gross)
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund (GBP hedged) 20% British Bankers’ Association (BBA) LIBOR GBP Overnight Index (Total Return Gross)
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund (SEK hedged) 20% British Bankers’ Association (BBA) LIBOR SEK Spot Next Index (Total Return Gross)
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund (USD hedged) 20% British Bankers’ Association (BBA) LIBOR USD Overnight Index (Total Return Gross)
27
JPMorgan Investment Funds - Income Opportunity Fund 20% British Bankers’ Association (BBA) LIBOR USD Overnight Index
JPMorgan Investment Funds - Income Opportunity Fund (SEK hedged) 20% British Bankers’ Association (BBA) LIBOR SEK Spot Next Index
JPMorgan Investment Funds - Income Opportunity Fund (GBP hedged) 20% British Bankers’ Association (BBA) LIBOR GBP Overnight Index
JPMorgan Investment Funds - Income Opportunity Fund (EUR hedged) 20% European Overnight Index Average (EONIA)
JPMorgan Investment Funds - Income Opportunity Fund (USD hedged to BRL) 20% British Bankers’ Association (BBA) LIBOR USD Overnight Index hedged to BRL
4. Distribution Policy
It is intended that all those Share Classes with the suffix “(dist)” will pay dividends if appropriate so that these Share Classes of the Fund continue to qualify as“distributing Share Classes” for the purposes of United Kingdom tax legislation relating to offshore funds (the requirement for this is that an annualdistribution of at least 85% of the net investment income attributable to such Classes of Shares needs to be paid, computed broadly in accordance with thedefinition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold)) for the periodending 30 June 2011. In subsequent years these Share Classes may pay dividends and may also seek to meet the conditions to qualify as “reporting ShareClasses” for the purposes of the United Kingdom tax legislation relating to offshore funds.
Classes of Shares with the suffix “(mth)” will normally distribute all, or substantially all, of the net investment income on a monthly basis, based on the netinvestment income earned over the course of the prior month for Shares in issue at the dividend record date.
Share Classes with the suffix “(inc)”, “(div)” or “(mth)” may pay dividends but will not qualify as “distributing” for the purposes of United Kingdom taxlegislation relating to offshore funds.
Those Classes of Shares with the suffix “(acc)” will not normally pay dividends.
During the period ended 30 June 2011, the SICAV paid dividends as follows:
Class name CurrencyDividend Amount
per Share Payment Date
JPM Global High Yield Bond A (mth) - USD USD 0.60 25 January 2011JPM Global High Yield Bond A (mth) - USD USD 0.41 22 February 2011JPM Global Income A (div) - EUR EUR 1.40 22 February 2011JPM Global Income C (div) - EUR EUR 1.13 22 February 2011JPM Global Income D (div) - EUR EUR 1.25 22 February 2011JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) EUR 2.22 22 March 2011JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD USD 2.74 22 March 2011JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) EUR 2.41 22 March 2011JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD USD 2.96 22 March 2011JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD USD 3.02 22 March 2011JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) EUR 2.07 22 March 2011JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD USD 2.55 22 March 2011JPM Global High Yield Bond A (mth) - USD USD 0.42 22 March 2011JPM Europe Recovery A (dist) - EUR EUR 0.65 31 March 2011JPM Europe Select Equity A (dist) - EUR EUR 0.55 31 March 2011JPM Europe Strategic Dividend A (dist) - EUR EUR 2.00 31 March 2011JPM Europe Strategic Dividend A (inc) - EUR EUR 1.66 31 March 2011JPM Global Capital Appreciation A (dist) - EUR EUR 0.28 31 March 2011JPM Global Capital Appreciation A (inc) - EUR EUR 0.29 31 March 2011JPM Global Capital Preservation (EUR) A (dist) - EUR EUR 3.68 31 March 2011JPM Global Capital Preservation (EUR) A (inc) - EUR EUR 3.70 31 March 2011JPM Global Capital Preservation (EUR) I (inc) - EUR EUR 4.52 31 March 2011JPM Global Dividend A (inc) - EUR (hedged) EUR 1.71 31 March 2011JPM Global Dividend A (inc) - USD USD 1.77 31 March 2011JPM Global Enhanced Bond A (inc) - EUR EUR 0.02 31 March 2011JPM Global Financials A (dist) - USD USD 0.05 31 March 2011JPM Global High Yield Bond A (inc) - EUR (hedged) EUR 4.40 31 March 2011JPM Global High Yield Bond I (inc) - EUR (hedged) EUR 3.99 31 March 2011JPM Global Select 130/30 A (dist) - USD USD 0.30 31 March 2011JPM Global Select Equity A (dist) - USD USD 0.42 31 March 2011JPM Global Total Return A (dist) - EUR EUR 0.77 31 March 2011JPM Global Total Return A (inc) - EUR EUR 0.78 31 March 2011JPM Income Opportunity A (dist) - GBP (hedged) GBP 1.98 31 March 2011JPM Income Opportunity A (inc) - EUR (hedged) EUR 2.46 31 March 2011JPM Income Opportunity C (dist) - GBP (hedged) GBP 2.76 31 March 2011JPM Income Opportunity D (inc) - EUR (hedged) EUR 0.29 31 March 2011JPM Japan 50 Equity A (dist) - JPY JPY 700 31 March 2011JPM Japan Behavioural Finance Equity A (dist) - USD USD 0.02 31 March 2011JPM Japan Focus A (dist) - JPY JPY 100 31 March 2011JPM Japan Select Equity A (dist) - JPY JPY 200 31 March 2011JPM Japan Strategic Value A (dist) - GBP GBP 0.20 31 March 2011JPM US Equity A (dist) - GBP GBP 0.03 31 March 2011JPM Global High Yield Bond A (mth) - USD USD 0.62 26 April 2011JPM Global High Yield Bond A (mth) - USD USD 0.58 25 May 2011JPM Global Income A (div) - EUR EUR 1.41 25 May 2011JPM Global Income C (div) - EUR EUR 1.14 25 May 2011JPM Global Income D (div) - EUR EUR 1.27 25 May 2011JPM Global High Yield Bond A (mth) - USD USD 0.58 22 June 2011
5. Taxation
Under current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liable to anywithholding tax. However, the SICAV, with the exception of those share Classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, suchtax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For those Sub-Funds’ share Classes identifiedin the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of assets invested in other undertakings for collective investment already subject tothe Taxe d’abonnement.
All share Classes (except share Class A (acc)) of JPMorgan Investment Funds - Euro Liquid Market Fund are exempted from the Taxe d’abonnement.
28
JPMorgan Investment Funds
Notes to the Unaudited Financial Statements (continued)
As at 30 June 2011
No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealisedcapital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term,are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. Theregular income of the SICAV from some of its securities, as well as interest earned on cash deposits in certain countries, may be subject to withholding taxesat varying rates, which normally cannot be recovered.
Following recent case law precedent within Europe, the SICAV has instigated proceedings to reclaim tax witheld by certain Member States of the European Union ondividend payments it has received. The decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs andpotential benefits of doing so. The likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies acrossMember States. Any costs associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes ofdetermining the relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action.
6. Statement of Changes in Investments
A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period under review, may be obtainedfree of charge upon request at the registered office of the SICAV. Additional information on investments within each Sub-Fund’s portfolio is available toshareholders at the registered office of the SICAV.
7. Value of Financial Instruments and Associated Risks
The SICAV entered into forward foreign exchange, financial futures contracts, options and swaps which, to varying degrees, represent a market risk in excessof the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’s participation in thesefinancial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, indices, and securityvalues underlying these instruments. Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that achange in the value of the contracts may not directly correlate with changes in the value of the underlying currencies, indices, or securities, or that thecounterparty to a contract defaults on its obligation to perform under the terms of the contract.
8. Securities Lending
The SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional capital or income or for reducing costs or risk,to the maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certaindefinitions of the Luxembourg Law, (ii) CSSF Circular 08/356 relating to the rules applicable to undertakings for collective investments when they use certaintechniques and instruments relating to transferable securities and money market instruments (“CSSF Circular 08/356”) and (iii) any other applicable laws,regulations, circulars or CSSF positions. A significant proportion of the income generated from the securities lending program is credited to participatingSub-Funds, with a portion of the income shared between the Management Company for oversight of the program and JPMorgan Chase Bank, N.A. for its roleas securities lending agent for the Fund. Borrowers of securities lent by participating Sub-Funds are approved by the Management Company afterappropriate assessment of such borrowers’ status and financial standing. The income earned from the securities lending program is detailed in theCombined Statement of Operations and Changes in Net Assets. As at 30 June 2011, the SICAV valuation of securities on loan is USD 547,643,905 as detailedbelow and received collateral as security with a market value of USD 566,544,461.
The table below provides the USD valuation of securities on loan at a Sub-Fund level as at 30 June 2011:
USDJPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 29,658,611
JPMorgan Investment Funds - Euro Liquid Market Fund 1,878,099
JPMorgan Investment Funds - Europe Bond Fund 433,329
JPMorgan Investment Funds - Europe Recovery Fund 21,977,463
JPMorgan Investment Funds - Europe Select Equity Fund 16,800,404
JPMorgan Investment Funds - Europe Strategic Dividend Fund 40,607,615
JPMorgan Investment Funds - Global Bond Fund (EUR) 234,201
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 83,017,648
JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 5,551,716
JPMorgan Investment Funds - Global Dividend Fund 272,602
JPMorgan Investment Funds - Global Enhanced Bond Fund 595,450
JPMorgan Investment Funds - Global High Yield Bond Fund 163,833,131
JPMorgan Investment Funds - Global Select 130/30 Fund 207,721
JPMorgan Investment Funds - Global Select Equity Fund 4,003,289
JPMorgan Investment Funds - Income Opportunity Fund 167,307,897
JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund 138,848
JPMorgan Investment Funds - Japan Strategic Value Fund 1,933,861
JPMorgan Investment Funds - US Bond Fund 1,336,027
JPMorgan Investment Funds - US Equity Fund 1,299,985
9. Transactions with Connected Parties
All transactions with connected parties were carried out on an arm’s length basis.
JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts, financialfutures contracts and swaps contracts. The Investment Managers, Custodian, Corporate, Administrative and Domiciliary Agent, Management Company andGlobal Distributor and other related Agents of the SICAV are considered as connected parties.
29
JPMorgan Investment Funds
Notes to the Unaudited Financial Statements (continued)
As at 30 June 2011
10. Soft Commission Arrangements
The Investment Managers of the SICAV may enter into soft commission arrangements with brokers in respect of services used to support investmentdecision-making for the benefit of the SICAV.
The investment related services received under soft commission arrangements comprise:
- research and advisory services;- economic and political analysis;- portfolio analysis, including valuation and performance measurement;- market analysis;- data and quotation services;- computer hardware and software incidental to the above goods and services; and- investment-related publications.
The Investment Managers do not make direct payments for these services, but transact an agreed amount of business with the brokers on behalf of theSICAV and commission is paid on these transactions.
11. Information for German Registered Shareholders
A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period under review, may be obtainedfree of charge upon request at the registered office of the SICAV and at the office of the German paying and information agent, J.P. Morgan Bank AG,Junghofstraße 14, D-60311 Frankfurt am Main. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at theregistered office of the SICAV and at the office of the German paying and information agent.
12. Information for Swiss Registered Shareholders
J.P. Morgan (Suisse) S.A. was authorised by the Swiss Financial Market Authority (FINMA) as Swiss representative of the SICAV and acts also as paying agent.The prospectus, the simplified prospectus, the articles, the annual and semi-annual reports of the SICAV, as well as the list of the purchases and sales whichthe SICAV has undertaken during the financial period may be obtained, on simple request and free of charge, at the head office of the Swiss Representative,J.P. Morgan (Suisse) S.A., 8 rue de la Confédération, CH-1211 Geneva, Switzerland.
Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing of the investment fund to distributors.Reimbursements/rebatescanbegrantedoutof themanagement fee to institutional investorswhohold theSub-Fundshares for theeconomicbenefitof thirdparties.
13. Authorization of Sub-Funds in Hong Kong
Certain share classes of the following Sub-Funds are authorized in Hong Kong and are available to Hong Kong residents:• JPMorgan Investment Funds - Europe Select Equity Fund
• JPMorgan Investment Funds - Global Bond Fund (USD)
• JPMorgan Investment Funds - Global Capital Preservation Fund (USD)
• JPMorgan Investment Funds - Global Convertibles Fund (USD)
• JPMorgan Investment Funds - Global Dividend Fund
• JPMorgan Investment Funds - Global Enhanced Bond Fund
• JPMorgan Investment Funds - Global Financials Fund
• JPMorgan Investments Fund - Global High Yield Bond Fund
• JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund
• JPMorgan Investment Funds - Japan 50 Equity Fund
• JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund
• JPMorgan Investment Funds - JF Asia ex-Japan Fund
• JPMorgan Investment Funds - US Bond Fund
• JPMorgan Investment Funds - US Equity Fund
14. Significant Events
With effect from 3 January 2011, all share classes of the Sub-Funds were de-listed from the official list of the Luxembourg Stock Exchange.
Effective 1 March 2011, the JPMorgan Investment Funds - Global Income Fund changed its benchmarks as follows:
- 10% Emerging Markets Global hedged to Euro, 45% Merrill Lynch High Yield BB-B constrained hedged Euro, 10% FTSE EPRA/NAREIT Developed Indexhedged Euro, 25% MSCI World hedged Euro and 10% Citigroup Euro Broad Investment Grade was replaced by 35% MSCI World Index - Total Return Net -Hedged to EUR, 40% Barclays Capital U.S. High Yield 2% Issuer Cap Index - Total Return Gross - Hedged to EUR, 25% Barclays Capital Global Credit Index -Total Return Gross - Hedged to EUR.
15. Subsequent Event
Effective 1 July 2011, the JPMorgan Investment Funds - Europe Bond Fund changed its benchmark from J.P. Morgan EMU Index in EUR (Total Return Gross) toJ.P. Morgan EMU Government Bond Investment Grade Index, in EUR (Total Return Gross).
30
JPMorgan Investment Funds
Notes to the Unaudited Financial Statements (continued)
As at 30 June 2011
Transferable Securities Admitted to an Official Exchange Listing
Bonds
LUXEMBOURG2,600,000 Evraz Group 10.11.15/8.250% 2,899,455 2.423,200,000 MHP 29.04.15/10.250% 3,421,072 2.853,000,000 SB Capital for Sberbank 07.07.15/5.499% 3,180,105 2.652,400,000 UBS Luxembourg for Vimpel
Communications 23.05.16/8.250% 2,632,992 2.19900,000 VTB Capital for VTB Bank 04.03.15/6.465% 954,158 0.80
2,500,000 Willow No 2 for Yasar Holdings 07.10.15/9.625% 2,661,350 2.22
15,749,132 13.13
CAYMAN ISLANDS1,300,000 Central China Real Estate 20.10.15/12.250% 1,345,227 1.121,950,000 Kaisa Group Holdings 28.04.15/13.500% 1,960,462 1.632,900,000 Kuwait Projects 17.10.16/8.875% 3,248,841 2.71
BRAZIL1,800,000 Banco do Nordeste do Brasil 09.11.15/3.625% 1,779,255 1.482,000,000 BES Investimento do Brasil 25.03.15/5.625% 1,859,320 1.552,700,000 JBS 04.08.16/10.500% 3,017,669 2.52
UNITED KINGDOM1,000,000 Barclays Bank 15.08.11/1.373% 1,000,000 0.881,000,000 Barclays Bank 14.10.11/0.000% 995,428 0.881,000,000 Barclays Bank 05.12.11/0.000% 993,165 0.871,000,000 HSBC Bank 07.09.11/1.115% 999,840 0.88
3,988,433 3.51
NETHERLANDS1,000,000 ING Groep 07.09.11/0.000% 997,328 0.881,000,000 Rabobank Nederland 06.09.11/0.000% 998,194 0.881,000,000 Rabobank Nederland 17.11.11/1.363% 1,000,000 0.88
JPMorgan Investment Funds - Euro Liquid Market Fund
Schedule of Investments (Market Value Expressed in EUR)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JAPAN500,000 Mitsubishi UFJ Financial Group 18.07.11/0.000% 499,710 0.44
1,000,000 Mizuho Financial Group 08.07.11/0.000% 999,784 0.88
1,499,494 1.32
Total Certificates of Deposit 15,473,521 13.62
Total Transferable Securities Dealt in on AnotherRegulated Market
57,926,902 51.01
Total Investments 63,732,564 56.12
Cash Equivalents
Time Deposits
NETHERLANDS9,000,000 ING Bank 01.07.11/1.000% 9,000,000 7.939,000,000 ING Bank 04.07.11/0.900% 9,000,000 7.937,500,000 Rabobank Nederland 01.07.11/0.700% 7,500,000 6.607,500,000 Rabobank Nederland 04.07.11/0.650% 7,500,000 6.60
33,000,000 29.06
UNITED KINGDOM5,400,000 Bank of Scotland 01.07.11/0.500% 5,400,000 4.752,700,000 Bank of Scotland 04.07.11/0.500% 2,700,000 2.38
10,000,000 Société Générale 01.07.11/1.050% 10,000,000 8.8110,000,000 Société Générale 04.07.11/0.700% 10,000,000 8.81
29,000,000 25.54
Total Time Deposits 92,100,000 81.11
Total Cash Equivalents 92,100,000 81.11
Total Investments plus Total Cash Equivalents 155,832,564 137.23
Cash 173,655 0.15
Other Assets/(Liabilities) (42,444,007) (37.38)
Total Net Assets 113,562,212 100.00
* Variable coupon rates are those quoted as at 30 June 2011.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesFrance 14.51Netherlands 7.04Germany 5.99United Kingdom 5.27Sweden 5.27Ireland 3.52United States of America 3.52Italy 2.64Japan 2.20Finland 1.76Australia 1.32Austria 0.88Switzerland 0.88Netherlands Antilles 0.88Hong Kong 0.44Total Fixed Income Securities 56.12Cash Equivalents, Cash and Other Assets/(Liabilities) 43.88
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesFrance 21.27Netherlands 14.79United Kingdom 9.53Sweden 7.40Japan 6.16Australia 5.54Ireland 4.32Denmark 2.47Jersey 2.47Belgium 2.33United States of America 1.23Switzerland 1.23Spain 1.23Total Fixed Income Securities 79.97Cash Equivalents, Cash and Other Assets/(Liabilities) 20.03
Total 100.00
35
JPMorgan Investment Funds - Euro Liquid Market Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Transferable Securities Admitted to an Official Exchange Listing
FRANCE172,000 French Treasury Bill 28.07.11/0.000% 171,902 0.51
171,902 0.51
SPAIN583 Fondo de Titulizacion de Activos
Santander Auto 1 A 25.11.21/1.493%* 574 0.00
574 0.00
Total Bonds 3,027,935 8.94
36
JPMorgan Investment Funds - Europe Bond Fund
Schedule of Investments (Market Value Expressed in EUR)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Investment Funds
LUXEMBOURG142 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM
Euro Liquidity X (acc)) 1,973,423 5.82
1,973,423 5.82
Total Investment Funds 1,973,423 5.82
Total Transferable Securities Dealt in on AnotherRegulated Market
5,001,358 14.76
Total Investments 31,953,151 94.32
Cash 572,217 1.69
Other Assets/(Liabilities) 1,351,762 3.99
Total Net Assets 33,877,130 100.00
* Variable coupon rates are those quoted as at 30 June 2011.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesItaly 23.16France 14.68Spain 9.61Netherlands 7.63Belgium 6.37United Kingdom 5.73United States of America 3.92Austria 3.63South Africa 2.92Ireland 1.90South Korea 1.76Finland 1.64Mexico 1.51Brazil 1.05Russia 0.90Portugal 0.84Canada 0.52Sweden 0.44Norway 0.29Total Fixed Income Securities 88.50Investment FundsLuxembourg 5.82Total Investment Funds 94.32Cash and Other Assets/(Liabilities) 5.68
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesItaly 23.38France 10.70United Kingdom 8.12Spain 8.10United States of America 7.70Belgium 6.31Netherlands 4.52Greece 3.84Austria 3.03Ireland 2.21Mexico 1.71South Korea 1.68South Africa 1.65Finland 1.54Portugal 1.50Sweden 1.28Luxembourg 1.23Israel 1.15Brazil 1.03Singapore 0.95Russia 0.90Germany 0.88Canada 0.78Jersey 0.67Australia 0.64Total Fixed Income Securities 95.50Investment FundsLuxembourg 0.96Total Investment Funds 0.96Cash and Other Assets/(Liabilities) 3.54
Total 100.00
37
JPMorgan Investment Funds - Europe Bond Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Europe Bond Fund
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 11 Euro-Bobl Future EUR 1,285,460 (880)Sep-11 32 Euro-Bund Future EUR 4,026,240 (2,963)Sep-11 4 Euro-Schatz Future EUR 430,560 (160)Sep-11 4 Long Gilt Future GBP 534,082 44Sep-11 (25) US 2 Year Note Future USD (3,791,102) (810)Sep-11 (3) US 5 Year Note Future USD (247,715) 65Sep-11 (5) US 10 Year Note Future USD (423,873) 648
Total (4,056)
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)
ITALY656,726 Fiat 4,950,072 2.07452,030 Finmeccanica 3,745,069 1.56
1,308,053 Intesa Sanpaolo 2,362,998 0.99
906,718 Unione di Banche Italiane 3,469,103 1.45
14,527,242 6.07
NETHERLANDS79,497 Koninklijke DSM 3,554,311 1.48
395,728 Reed Elsevier 3,638,719 1.52
7,193,030 3.00
SPAIN341,864 Gas Natural SDG 4,880,963 2.04
4,880,963 2.04
JERSEY690,000 Cape 4,209,201 1.76
4,209,201 1.76
DENMARK587,172 TDC 3,704,122 1.55
3,704,122 1.55
ISLE OF MAN572,000 Lamprell 2,369,479 0.99
2,369,479 0.99
Total Shares 235,297,420 98.32
Total Transferable Securities Admitted to anOfficial Exchange Listing
235,297,420 98.32
Transferable Securities Dealt in on Another Regulated Market
Investment Funds
LUXEMBOURG7,005,288 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM
Euro Liquidity X (dist)) 7,005,288 2.93
7,005,288 2.93
Total Investment Funds 7,005,288 2.93
Total Transferable Securities Dealt in on AnotherRegulated Market
7,005,288 2.93
Other Transferable Securities
Shares
AUSTRIA951,684 Immofinanz* 0 0.00
0 0.00
Total Shares 0 0.00
Total Other Transferable Securities 0 0.00
Total Investments 242,302,708 101.25
Cash 8,977,277 3.75
Other Assets/(Liabilities) (11,961,733) (5.00)
Total Net Assets 239,318,252 100.00
* This Security is submitted to a fair valuation.
39
JPMorgan Investment Funds - Europe Recovery Fund
Schedule of Investments (Market Value Expressed in EUR)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
SharesIndustrials 24.56Consumer Discretionary 16.71Materials 15.00Financials 12.75Information Technology 7.36Consumer Staples 5.80Energy 5.70Telecommunication Services 4.91Investment Companies 2.93Utilities 2.87Health Care 2.66Total Shares 101.25Cash and Other Assets/(Liabilities) (1.25)
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Shares and RightsConsumer Discretionary 20.68Materials 20.65Industrials 20.54Energy 15.37Financials 12.53Information Technology 7.33Investment Companies 2.09Consumer Staples 1.69Total Shares and Rights 100.88Cash and Other Assets/(Liabilities) (0.88)
Total 100.00
40
JPMorgan Investment Funds - Europe Recovery Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED KINGDOM518,236 Aegis Group 916,889 0.28931,617 Afren 1,602,922 0.4961,203 ASOS 1,627,129 0.50
592,247 Premier Farnell 1,627,270 0.50747,194 Prudential 5,886,686 1.8194,900 Rio Tinto 4,687,501 1.44
265,844 SABMiller 6,625,845 2.04551,780 Salamander Energy 1,706,812 0.53811,398 SIG 1,192,790 0.37133,744 Soco International 526,585 0.1690,497 Standard Chartered 1,627,145 0.50
278,593 Bodycote 1,139,111 0.192,216,171 BP 11,240,743 1.87235,336 Brewin Dolphin Holdings 383,699 0.06248,114 British American Tobacco 7,451,199 1.24221,034 British Land 1,483,453 0.25135,677 British Sky Broadcasting Group 1,271,519 0.21
1,233,599 BT Group 2,739,951 0.46136,990 Bunzl 1,173,587 0.20172,414 Capita Group 1,366,927 0.23245,325 Capital Shopping Centres Group 1,081,236 0.18
144,686 Hill & Smith Holdings 558,143 0.091,480,462 HSBC Holdings 10,056,374 1.68
219,336 ICAP 1,139,434 0.19103,245 IMI 1,198,551 0.20138,555 Imperial Tobacco Group 3,153,313 0.53177,028 Inmarsat 1,082,370 0.18288,651 Intermediate Capital Group 1,019,476 0.17407,750 International Power 1,443,726 0.24278,370 Interserve 1,012,263 0.17218,825 Investec 1,216,898 0.20391,755 ITE Group 944,228 0.16354,876 J Sainsbury 1,288,506 0.21108,559 Jardine Lloyd Thompson Group 812,041 0.1425,094 John Menzies 137,295 0.02
1,055,865 Kcom Group 906,540 0.1557,131 Kier Group 855,649 0.14
536,020 Kingfisher 1,588,692 0.26523,798 Ladbrokes 880,379 0.15174,598 Land Securities Group 1,637,239 0.27
1,300,116 Legal & General Group 1,689,041 0.28543,648 Logica 807,003 0.13296,990 London & Stamford Property 426,897 0.07100,434 London Stock Exchange Group 1,114,816 0.19
91,231 Majestic Wine 482,243 0.08471,908 Man Group 1,217,281 0.20
367,038 Marks & Spencer Group 1,468,671 0.25748,688 Marston’s 850,090 0.14133,645 Mecom Group 325,784 0.05213,590 Meggitt 903,331 0.15261,028 Melrose 1,041,883 0.17336,089 Mitie Group 891,474 0.15145,000 Mondi 998,017 0.17842,537 Moneysupermarket.com Group 931,953 0.16305,874 Morgan Crucible 1,041,566 0.17
50,297 Morgan Sindall Group 351,752 0.06271,478 N Brown Group 790,661 0.13298,097 National Express Group 832,082 0.14505,909 National Grid 3,403,765 0.57
74,712 New World Resources - A Shares 762,156 0.1355,050 Next 1,407,221 0.24225,251 Northumbrian Water Group 1,033,375 0.17
1,185,364 Old Mutual 1,743,847 0.29156,586 Pearson 2,032,549 0.34118,110 Pennon Group 907,327 0.15
278,775 Premier Farnell 765,968 0.13222,347 Primary Health Properties 786,111 0.1374,014 Provident Financial 784,304 0.13
143,023 Sanofi 7,857,684 1.3164,685 SCOR 1,257,315 0.2163,359 Sequana 641,668 0.113,290 Société de la Tour Eiffel 208,323 0.03
93,885 Société Générale 3,809,853 0.638,348 Societé Immobilière de Location pour l’Industrie et le
Commerce 821,861 0.149,657 Societe Internationale de Plantations d’Heveas 877,870 0.1481,321 Société Télévision Française 1 1,011,837 0.1783,914 Suez Environnement 1,148,363 0.19
442,448 Nordea Bank 3,261,402 0.54156,853 Peab 774,088 0.13113,280 Svenska Cellulosa - B Shares 1,097,990 0.1873,837 Svenska Handelsbanken - A Shares 1,566,472 0.26
45
JPMorgan Investment Funds - Europe Strategic Dividend Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
387,219 Banco Espirito Santo Registered Shares 974,630 0.16189,350 Brisa-Auto Estradas de Portugal 792,524 0.13188,653 Cimpor Cimentos de Portugal SGPS Registered
Shares 997,125 0.16550,145 EDP - Energias de Portugal 1,339,878 0.22346,743 Mota-Engil SGPS 541,266 0.09363,450 Portucel Empresa Produtora de Pasta e Papel 827,757 0.14174,979 Portugal Telecom SGPS Registered Shares 1,189,682 0.20188,652 REN - Redes Energeticas Nacionais 455,972 0.08
1,135,313 Sonae 818,561 0.14224,169 Zon Multimedia Servicos de Telecomunicacoes e
Multimedia SGPS 719,470 0.12
8,970,543 1.49
JERSEY668,699 Beazley 912,008 0.15
94,529 Charter International 829,954 0.14195,609 Experian 1,709,311 0.28516,518 Henderson Group 869,857 0.15163,702 Informa 774,911 0.13780,018 Regus 952,962 0.16
140,753 Hellenic Petroleum 919,117 0.1548,076 Metka 379,079 0.06102,323 Motor Oil Hellas Corinth Refineries 869,234 0.1596,566 OPAP 1,035,670 0.1777,472 Public Power 778,594 0.1329,878 Thessaloniki Water Supply & Sewage 138,186 0.02
4,701,370 0.78
AUSTRIA54,615 EVN 651,147 0.1125,252 Flughafen Wien 891,585 0.1537,447 Oesterreichische Post 823,085 0.1447,380 OMV 1,415,951 0.2325,744 Semperit Holding 880,702 0.15
4,662,470 0.78
DENMARK6,776 East Asiatic 128,769 0.02
34,594 Royal UNIBREW 1,575,703 0.263,061 SimCorp 417,553 0.07
180,698 TDC 1,139,917 0.19
3,261,942 0.54
LUXEMBOURG12,525 RTL Group 852,452 0.14
80,694 SES 1,552,351 0.26
2,404,803 0.40
GUERNSEY496,307 Resolution 1,588,470 0.26
1,588,470 0.26
ISLE OF MAN623,672 Shaft Sinkers Holdings 1,117,574 0.19
1,117,574 0.19
CYPRUS162,091 ProSafe 841,368 0.14
841,368 0.14
GABONESE REPUBLIC1,915 Total Gabon 676,072 0.11
676,072 0.11
FAROE ISLANDS113,134 Bakkafrost 669,705 0.11
669,705 0.11
CAYMAN ISLANDS59,767 Phoenix Group Holdings 402,444 0.07
402,444 0.07
Total Shares and Rights 564,358,232 94.01
Total Transferable Securities Admitted to anOfficial Exchange Listing
564,358,232 94.01
Total Investments 564,358,232 94.01
Cash 35,422,983 5.90
Other Assets/(Liabilities) 512,600 0.09
Total Net Assets 600,293,815 100.00
46
JPMorgan Investment Funds - Europe Strategic Dividend Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Shares and RightsFinancials 25.89Industrials 11.07Energy 9.84Consumer Discretionary 9.52Consumer Staples 9.25Utilities 6.83Materials 6.72Health Care 6.32Telecommunication Services 5.94Information Technology 2.63Total Shares and Rights 94.01Cash and Other Assets/(Liabilities) 5.99
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
SharesFinancials 24.40Industrials 13.39Consumer Discretionary 11.18Telecommunication Services 10.05Consumer Staples 9.82Utilities 7.46Materials 6.98Health Care 6.77Energy 6.01Information Technology 3.35Total Shares 99.41Bank Overdraft and Other Assets/(Liabilities) 0.59
Total 100.00
47
JPMorgan Investment Funds - Europe Strategic Dividend Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Europe Strategic Dividend Fund
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Equity Futures
Sep-11 760 DJ Euro Stoxx 50 Index Future EUR 21,504,200 193,800Sep-11 189 FTSE 100 Index Future GBP 12,293,657 107,250
Total 301,050
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)
UNITED STATES OF AMERICA245,000 AT&T 15.05.21/4.450% 172,221 0.26745,000 Bank of America 15.06.12/3.125% 528,804 0.80225,000 BMW US Capital 28.05.15/5.000% 240,347 0.36205,000 Citigroup 09.08.20/5.375% 147,943 0.22350,000 Citigroup Funding 10.12.12/2.250% 248,099 0.38350,000 General Electric Capital 28.09.12/2.000% 246,716 0.37350,000 HSBC Finance 30.05.17/4.875% 363,782 0.55245,000 Kraft Foods 10.02.20/5.375% 185,086 0.28245,000 Morgan Stanley 25.01.21/5.750% 174,894 0.27240,000 Tennessee Valley Authority 15.09.39/5.250% 175,299 0.27245,000 Verizon Communications 01.04.21/4.600% 174,614 0.27
2,657,805 4.03
UNITED KINGDOM400,000 Barclays Bank 13.04.16/3.625% 406,528 0.62300,000 Legal & General Group 08.06.25/4.000%* 275,573 0.42275,000 UK Treasury 07.03.14/2.250% 313,026 0.47120,000 UK Treasury 07.09.15/4.750% 148,558 0.22336,000 UK Treasury 07.06.32/4.250% 376,054 0.57175,000 UK Treasury 07.09.34/4.500% 201,668 0.31780,000 UK Treasury 07.12.42/4.500% 906,300 1.37
SOUTH AFRICA15,000,000 South Africa (Republic of) 15.09.15/13.500% 1,856,635 2.81
135,000 South Africa (Republic of) 09.03.20/5.500% 102,133 0.16
1,958,768 2.97
FRANCE80,000 France (Government of) 25.04.21/3.750% 82,393 0.12
345,000 France (Government of) 25.10.32/5.750% 425,794 0.65405,000 France (Government of) 25.04.35/4.750% 442,909 0.67329,000 France (Government of) 25.04.60/4.000% 314,221 0.48400,000 Société des Autoroutes
Securities I 2006-S12 2A2 25.12.36/6.000% 88,076 0.13224,996 Structured Asset Securities
2005-WF4 A4 25.11.35/0.546%* 138,487 0.21228,000 US Treasury (i) 21.07.11/0.000% 157,569 0.24795,000 US Treasury 31.12.14/2.625% 579,948 0.88890,000 US Treasury 30.04.16/2.000% 625,966 0.95300,000 US Treasury 31.05.16/1.750% 208,125 0.32565,000 US Treasury 30.11.17/2.250% 390,336 0.59
1,075,000 US Treasury (i) 15.02.19/8.875% 1,073,480 1.63300,000 US Treasury 15.08.19/3.625% 221,529 0.33720,000 US Treasury 15.05.20/3.500% 520,843 0.79160,000 US Treasury 15.08.20/2.625% 107,224 0.16240,000 US Treasury 15.11.20/2.625% 160,072 0.24660,000 US Treasury 15.02.21/3.625% 476,762 0.72
1,200,000 US Treasury 15.05.21/3.125% 828,805 1.26300,000 US Treasury 15.02.31/5.375% 243,098 0.37587,000 US Treasury (i) 15.02.36/4.500% 418,641 0.6340,000 US Treasury 15.08.39/4.500% 28,191 0.04
530,000 US Treasury 15.08.40/3.875% 334,461 0.51455,000 US Treasury 15.11.40/4.250% 306,688 0.46685,000 US Treasury 15.02.41/4.750% 501,960 0.76400,000 Wachovia Bank Commercial
LUXEMBOURG108 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM
Euro Liquidity X (acc)) 1,500,138 2.27
1,500,138 2.27
Total Investment Funds 1,500,138 2.27
Total Transferable Securities Dealt in on AnotherRegulated Market
17,810,620 26.99
Other Transferable Securities
Bonds
UNITED STATES OF AMERICA2,350,000 Lehman Brothers Holdings
(Defaulted) 03.04.09/0.000% 418,236 0.63
418,236 0.63
Total Bonds 418,236 0.63
Total Other Transferable Securities 418,236 0.63
Total Investments 63,132,487 95.66
Cash 1,557,119 2.36
Other Assets/(Liabilities) 1,304,542 1.98
Total Net Assets 65,994,148 100.00
* Variable coupon rates are those quoted as at 30 June 2011.(i) Security partially or totally held as collateral against financial futures contracts by the broker.
50
JPMorgan Investment Funds - Global Bond Fund (EUR)
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesJapan 32.68United States of America 28.92Italy 5.65United Kingdom 3.98Netherlands 3.28South Africa 2.97France 2.54Germany 2.09Spain 2.01Belgium 1.76South Korea 1.68Mexico 1.55Canada 1.30Denmark 0.85Sweden 0.62Brazil 0.61Russia 0.53International Agencies 0.19Peru 0.10Luxembourg 0.08Total Fixed Income Securities 93.39Investment FundsLuxembourg 2.27Total Investment Funds 2.27Cash and Other Assets/(Liabilities) 4.34
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesJapan 29.58United States of America 28.42Italy 6.11United Kingdom 5.41France 4.17Spain 2.61Netherlands 2.49Germany 2.42Belgium 1.69South Korea 1.66South Africa 1.63Canada 1.30Israel 1.19Mexico 1.11Denmark 0.82Cayman Islands 0.72Bermuda 0.72Brazil 0.61Sweden 0.59Russia 0.56Jersey 0.42Australia 0.41International Agencies 0.20Total Fixed Income Securities 94.84Investment FundsLuxembourg 0.59Total Investment Funds 0.59Cash and Other Assets/(Liabilities) 4.57
Total 100.00
51
JPMorgan Investment Funds - Global Bond Fund (EUR)
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Global Bond Fund (EUR)
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 1 Australia 3 Year Bond Future AUD 76,673 (126)Sep-11 3 Australia 10 Year Bond Future AUD 235,992 (356)Sep-11 7 Canada 10 Year Bond Future CAD 622,685 451Sep-11 (12) Euro-Bobl Future EUR (1,402,320) 612Sep-11 11 Euro-Bund Future EUR 1,384,020 (1,280)Sep-11 37 Euro-Schatz Future EUR 3,982,680 (1,480)Sep-11 13 Long Gilt Future GBP 1,735,768 144Sep-11 (49) US 2 Year Note Future USD (7,430,561) (2,484)Sep-11 9 US 5 Year Note Future USD 743,144 (5,384)Sep-11 43 US 10 Year Note Future USD 3,645,311 19,719Sep-11 8 US Long Bond Future USD 680,962 (5,313)Sep-11 (5) US Ultra Bond Future USD (434,997) 7,884
Total 12,387
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)
UNITED KINGDOM300,000 Barclays Bank 13.04.16/3.625% 441,138 0.76150,000 Legal & General Group 08.06.25/4.000%* 199,357 0.35330,000 UK Treasury 07.09.15/4.750% 591,087 1.02145,000 UK Treasury 07.06.32/4.250% 234,802 0.41155,000 UK Treasury 07.09.34/4.500% 258,436 0.45510,000 UK Treasury 07.12.42/4.500% 857,375 1.49
2,582,195 4.48
UNITED STATES OF AMERICA145,000 AT&T 15.05.21/4.450% 147,472 0.26365,000 Bank of America 15.06.12/3.125% 374,848 0.64175,000 BMW US Capital 28.05.15/5.000% 270,470 0.47125,000 Citigroup 09.08.20/5.375% 130,519 0.23350,000 Citigroup Funding 10.12.12/2.250% 358,962 0.62350,000 General Electric Capital 28.09.12/2.000% 356,962 0.62160,000 Kraft Foods 10.02.20/5.375% 174,885 0.3080,000 Morgan Stanley 26.01.20/5.500% 81,209 0.14
100,000 Morgan Stanley 25.01.21/5.750% 103,284 0.18135,000 Tennessee Valley Authority 15.09.39/5.250% 142,668 0.25145,000 Verizon Communications 01.04.21/4.600% 149,522 0.26
2,290,801 3.97
SOUTH AFRICA9,700,000 South Africa (Republic of) 15.09.15/13.500% 1,737,122 3.01
100,000 South Africa (Republic of) 09.03.20/5.500% 109,460 0.19
FRANCE249,000 France (Government of) 25.04.35/4.750% 393,987 0.68709,000 France (Government of) 25.04.60/4.000% 979,737 1.70200,000 Société des Autoroutes
Securities I 2006-S12 2A2 25.12.36/6.000% 75,596 0.13139,653 Structured Asset Securities
2005-WF4 A4 25.11.35/0.545%* 124,368 0.22160,000 US Treasury 21.07.11/0.000% 159,984 0.28185,000 US Treasury (i) 15.02.14/4.000% 201,072 0.3580,000 US Treasury 31.12.14/2.625% 84,438 0.15
560,000 US Treasury 31.10.15/1.250% 556,587 0.96545,000 US Treasury 30.04.16/2.000% 554,601 0.96190,000 US Treasury 31.05.16/1.750% 190,713 0.33370,000 US Treasury 31.12.17/2.750% 380,955 0.66515,000 US Treasury 15.08.19/3.625% 550,225 0.95185,000 US Treasury 15.05.20/3.500% 193,629 0.33320,000 US Treasury 15.02.21/3.625% 334,450 0.58720,000 US Treasury 15.05.21/3.125% 719,494 1.25468,000 US Treasury 15.02.31/5.375% 548,693 0.95775,000 US Treasury (i) 15.02.36/4.500% 799,703 1.39224,000 US Treasury 15.08.39/4.500% 228,410 0.40275,000 US Treasury 15.11.40/4.250% 268,189 0.46265,000 US Treasury 15.02.41/4.750% 280,962 0.49255,000 Wachovia Bank Commercial
LUXEMBOURG64 JPMorgan Liquidity Funds - US Dollar Liquidity Fund
(JPM US Dollar Liquidity X (acc)) 900,012 1.56
900,012 1.56
Total Investment Funds 900,012 1.56
Total Transferable Securities Dealt in on AnotherRegulated Market
16,748,683 29.04
Other Transferable Securities
Bonds
UNITED STATES OF AMERICA2,000,000 Lehman Brothers Holdings
(Defaulted) 03.04.09/0.000% 515,000 0.89
515,000 0.89
Total Bonds 515,000 0.89
Total Other Transferable Securities 515,000 0.89
Total Investments 55,396,344 96.04
Cash 1,444,461 2.50
Other Assets/(Liabilities) 840,685 1.46
Total Net Assets 57,681,490 100.00
* Variable coupon rates are those quoted as at 30 June 2011.(i) Security partially or totally held as collateral against financial futures contracts by the broker.
54
JPMorgan Investment Funds - Global Bond Fund (USD)
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Allocation of Portfolio as at 30 June 2011 % ofNet Assets
Fixed Income SecuritiesUnited States of America 29.77Japan 27.77Italy 5.83United Kingdom 4.85South Africa 3.20Netherlands 3.17France 2.90Canada 2.87Spain 2.76Mexico 2.29Belgium 1.81South Korea 1.67Austria 0.99Denmark 0.94Poland 0.77Sweden 0.73Brazil 0.60Russia 0.48Finland 0.41Germany 0.28International Agencies 0.19Peru 0.11Luxembourg 0.09Total Fixed Income Securities 94.48Investment FundsLuxembourg 1.56Total Investment Funds 1.56Cash and Other Assets/(Liabilities) 3.96
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 31.11Japan 23.69Italy 5.36United Kingdom 4.85France 3.11Germany 3.04Netherlands 2.92Canada 2.88Spain 2.37Mexico 1.91South Africa 1.72Belgium 1.64South Korea 1.56Austria 1.15Israel 1.12Denmark 0.86Bermuda 0.72Poland 0.70Sweden 0.67Brazil 0.57Cayman Islands 0.47Russia 0.47Jersey 0.41Australia 0.41Finland 0.38Switzerland 0.33International Agencies 0.18Total Fixed Income Securities 94.60Investment FundsLuxembourg 1.86Total Investment Funds 1.86Cash and Other Assets/(Liabilities) 3.54
Total 100.00
55
JPMorgan Investment Funds - Global Bond Fund (USD)
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Global Bond Fund (USD)
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 1 Australia 10 Year Bond Future AUD 113,815 (172)Sep-11 4 Canada 10 Year Bond Future CAD 514,818 373Sep-11 4 Euro-Bobl Future EUR 676,316 (463)Sep-11 9 Euro-Bund Future EUR 1,638,384 (1,042)Sep-11 13 Euro-Schatz Future EUR 2,024,606 (752)Sep-11 2 Japan 10 Year Bond Future JPY 3,499,969 (7,445)Sep-11 5 Long Gilt Future GBP 965,921 992Sep-11 (33) US 2 Year Note Future USD (7,240,407) (5,156)Sep-11 (16) US 5 Year Note Future USD (1,911,500) (13,936)Sep-11 24 US 10 Year Note Future USD 2,943,750 10,421Sep-11 (5) US Long Bond Future USD (615,781) 6,289Sep-11 (1) US Ultra Bond Future USD (125,875) 1,773
Total (9,118)
JPMorgan Investment Funds - Global Bond Fund (USD)
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) (continued)
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA3,849 Abercrombie & Fitch - A Shares 180,791 0.184,883 Agilent Technologies 174,230 0.179,545 Altria Group 172,349 0.171,912 Amazon.com 266,300 0.26
25,960 American Capital 175,028 0.175,310 American Express 186,934 0.187,410 American Financial Group 183,528 0.184,438 Ameriprise Financial 176,112 0.177,760 AmerisourceBergen 223,143 0.226,154 Amgen 248,078 0.244,528 Anadarko Petroleum 239,630 0.246,272 Analog Devices 168,542 0.163,899 Anixter International 177,575 0.172,310 Apache 195,684 0.194,422 Apple 1,019,733 1.006,030 Arrow Electronics 169,353 0.17
3,627 Time Warner Cable 195,407 0.193,541 United Technologies 214,562 0.215,472 UnitedHealth Group 195,492 0.194,950 Universal Health Services - B Shares 177,955 0.17
15,350 US Bancorp 268,467 0.2611,240 Valero Energy 195,963 0.196,951 Veeco Instruments 231,276 0.222,530 VF 190,076 0.196,824 Viacom - B Shares 243,416 0.24
UNITED KINGDOM55,630 Aberdeen Asset Management 136,451 0.13
114,595 Afren 197,170 0.1936,353 ARM Holdings 236,944 0.2351,827 Ashmore Group 227,761 0.228,152 AstraZeneca 278,517 0.27
52,220 Aviva 251,553 0.25105,412 Barclays 294,121 0.2924,930 BG Group 389,163 0.3813,633 British American Tobacco 409,417 0.4028,673 British Land 192,437 0.19
104,980 BT Group 233,171 0.2319,676 Burberry Group 316,016 0.3117,269 Cookson Group 127,313 0.1344,724 Ferrexpo 231,695 0.2358,023 GKN 147,520 0.1414,313 IMI 166,157 0.169,186 Imperial Tobacco Group 209,060 0.20
43,988 Inchcape 203,310 0.2014,494 Intercontinental Hotels Group 204,330 0.2044,133 International Personal Finance 177,253 0.17
133,400 Legal & General Group 173,306 0.1721,219 Prudential 167,172 0.167,238 Renishaw 140,788 0.14
13,044 Rio Tinto 644,297 0.6322,842 Standard Chartered 410,701 0.40
416,070 Taylor Wimpey 173,920 0.1716,645 Travis Perkins 181,905 0.18
58
JPMorgan Investment Funds - Global Capital Appreciation Fund
Schedule of Investments (Market Value Expressed in EUR)
Total Investments plus Total Cash Equivalents 97,447,470 95.37
Cash 5,428,063 5.31
Other Assets/(Liabilities) (698,662) (0.68)
Total Net Assets 102,176,871 100.00
* Variable coupon rates are those quoted as at 30 June 2011.** Hong Kong Registered Shares.
60
JPMorgan Investment Funds - Global Capital Appreciation Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesAustralia 5.86France 4.64United States of America 2.68Germany 2.46Netherlands 0.65United Kingdom 0.35Total Fixed Income Securities 16.64SharesFinancials 13.04Consumer Discretionary 9.81Industrials 8.06Health Care 8.06Information Technology 7.68Energy 7.35Materials 5.77Investment Companies 4.62Consumer Staples 3.76Telecommunication Services 2.67Utilities 0.47Total Shares 71.29Cash Equivalents, Cash and Other Assets/(Liabilities) 12.07
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesAustralia 5.27France 4.28United States of America 2.59Germany 2.22Netherlands 0.62United Kingdom 0.32Total Fixed Income Securities 15.30SharesFinancials 12.02Consumer Discretionary 9.89Information Technology 8.13Industrials 6.88Energy 6.84Health Care 5.54Materials 4.59Consumer Staples 3.24Telecommunication Services 2.99Investment Companies 2.92Utilities 0.84Total Shares 63.88Cash Equivalents, Cash and Other Assets/(Liabilities) 20.82
Total 100.00
61
JPMorgan Investment Funds - Global Capital Appreciation Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Global Capital Appreciation Fund
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 105 Long Gilt Future GBP 14,019,083 581Sep-11 (66) US 2 Year Note Future USD (10,008,867) (2,494)Sep-11 197 US 5 Year Note Future USD 16,266,078 (4,787)
Total Bond Futures(6,700)
Equity Futures
Jul-11 39 AMX Index Future EUR 2,636,400 19,890Jul-11 68 CAC 40 10 Euro Future EUR 2,689,230 24,310Jul-11 36 Hang Seng Index Future HKD 3,585,350 49,717Jul-11 (26) IBEX 35 Index Future EUR (2,654,860) (36,141)Jul-11 (208) OMX Index Future SEK (2,529,904) (34,347)Sep-11 15 Dax Index Future EUR 2,762,531 16,594Sep-11 (408) DJ Euro Stoxx 50 Index Future EUR (11,544,360) (104,041)Sep-11 4 FTSE 100 Index Future GBP 260,183 2,323Sep-11 166 Nasdaq 100 E-Mini Future USD 5,304,348 40,443Sep-11 (92) Russell 2000 Mini Future USD (5,237,931) (30,839)Sep-11 25 S&P 60 Index Future CAD 2,712,881 5,368Sep-11 (292) SP 500 Emini Future USD (13,241,262) (79,718)Sep-11 (31) SPI 200 Future AUD (2,644,788) (47,136)Sep-11 (50) Swiss Market Index Future CHF (2,523,645) (20,714)Sep-11 26 Topix Index Future JPY 1,894,110 11,749
Total Equity Futures(182,542)
Total (189,242)
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)
484,791 Intercontinental Hotels Group 6,834,385 0.551,045,720 National Grid 7,035,623 0.581,896,888 Northumbrian Water Group 8,702,281 0.71
558,464 Standard Chartered 10,041,237 0.82162,794 Unilever 3,600,517 0.30
6,616,613 Vodafone Group 12,054,089 1.00
98,822,668 8.11
UNITED STATES OF AMERICA26,906 Apple 6,204,643 0.51
176,543 Chevron 12,452,636 1.02133,821 Coca-Cola 6,226,975 0.51284,811 Dow Chemical 6,973,377 0.57225,838 EI du Pont de Nemours & Co. 8,426,488 0.69279,695 General Motors Preference Shares 9,379,550 0.77155,481 Newmont Mining 5,752,964 0.47176,861 Union Pacific 12,806,944 1.06159,672 United Technologies 9,675,118 0.79
7,962 Wells Fargo & Co Preference Shares 5,814,046 0.48
INTERNATIONAL AGENCIES27,027,000 European Investment Bank 14.08.13/6.000% 20,384,205 1.6715,225,000 European Investment Bank 20.05.14/5.375% 11,308,891 0.93
45,000,000 European Investment Bank 15.04.19/4.250% 47,861,640 3.9389,000,000 European Investment Bank 15.01.21/3.625% 89,475,394 7.34
169,030,130 13.87
UNITED KINGDOM31,600,000 UK Treasury 16.08.13/2.500% 100,333,485 8.24
100,333,485 8.24
ITALY100,500,000 Italy Buoni Poliennali Del Tesoro 01.11.15/3.000% 96,571,556 7.92
96,571,556 7.92
AUSTRALIA35,000,000 Australia (Commonwealth of) 20.08.20/4.000% 43,678,895 3.58
43,678,895 3.58
LUXEMBOURG37,500,000 European Financial Stability
Facility 05.07.21/3.375% 36,841,688 3.02
36,841,688 3.02
UNITED STATES OF AMERICA22,400,000 Verizon Wireless Capital 01.02.14/5.550% 17,066,870 1.40
17,066,870 1.40
CAYMAN ISLANDS15,000,000 Hutchison Whampoa
International 10 RegisteredShares 28.10.15/6.000%* 10,626,223 0.87
NETHERLANDS44,600,000 Rabobank Nederland 01.07.11/0.030% 30,825,587 2.53
30,825,587 2.53
UNITED KINGDOM20,000,000 Bank of Scotland 01.07.11/1.000% 20,000,000 1.64
20,000,000 1.64
Total Time Deposits 110,825,587 9.09
Total Cash Equivalents 110,825,587 9.09
Total Investments plus Total Cash Equivalents 1,128,527,762 92.59
Cash 64,873,254 5.32
Other Assets/(Liabilities) 25,451,376 2.09
Total Net Assets 1,218,852,392 100.00
* Variable coupon rates are those quoted as at 30 June 2011.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesInternational Agencies 13.87United States of America 9.98United Kingdom 9.69Italy 7.92Netherlands 4.58Australia 3.58Luxembourg 3.02Cayman Islands 0.87Singapore 0.83Switzerland 0.49Channel Islands 0.20France 0.13Total Fixed Income Securities 55.16SharesMaterials 5.10Financials 4.73Energy 4.54Telecommunication Services 4.06Consumer Discretionary 2.94Industrials 2.54Utilities 1.85Consumer Staples 1.56Health Care 0.51Information Technology 0.51Total Shares 28.34Cash Equivalents, Cash and Other Assets/(Liabilities) 16.50
Total 100.00
65
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 15.75Japan 6.28International Agencies 5.83United Kingdom 4.39Australia 2.61Netherlands 2.49Germany 1.23Cayman Islands 0.67Singapore 0.66Netherlands Antilles 0.37France 0.10Total Fixed Income Securities 40.38SharesIndustrials 9.02Materials 6.27Consumer Discretionary 5.53Consumer Staples 5.15Health Care 3.23Information Technology 3.23Energy 2.17Financials 2.08Telecommunication Services 0.67Total Shares 37.35Cash Equivalents, Cash and Other Assets/(Liabilities) 22.27
Total 100.00
66
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 (864) Australia 3 Year Bond Future AUD (66,245,296) 163,242Sep-11 (781) Euro Buxl 30 Year Bond Future EUR (80,646,060) 265,540Sep-11 (1,318) Euro-Bund Future EUR (165,837,350) 98,850Sep-11 (7,203) Euro-Schatz Future EUR (775,348,928) 270,113Sep-11 (158) Japan 10 Year Bond Future JPY (191,103,130) 406,487Sep-11 4,325 Long Gilt Future GBP 577,452,702 23,920
Total Bond Futures1,228,152
Equity Futures
Sep-11 (1,782) DJ Euro Stoxx 50 Index Future EUR (50,421,690) (356,401)Sep-11 (661) FTSE 100 Index Future GBP (42,995,278) 18,833Sep-11 (1,158) Russell 2000 Mini Future USD (65,929,608) (388,174)Dec-12 (627) DJ Euro Stoxx 50 Index Dividend Future EUR (7,690,155) (21,945)
Total Equity Futures(747,687)
Total 480,465
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED KINGDOM11,648 BG Group 263,078 0.3510,363 BHP Billiton 404,631 0.53
105,760 BP 776,134 1.0213,130 British American Tobacco 570,510 0.7573,039 Centrica 376,683 0.4954,580 HSBC Holdings 536,415 0.7018,658 Intercontinental Hotels Group 380,569 0.5039,653 National Grid 385,999 0.5171,929 Northumbrian Water Group 477,440 0.6320,659 Standard Chartered 537,434 0.70
6,266 Unilever 200,512 0.26261,274 Vodafone Group 688,681 0.90
SOUTH AFRICA8,955 Impala Platinum Holdings 239,802 0.31
239,802 0.31
AUSTRALIA33,815 Fortescue Metals Group 230,070 0.30
230,070 0.30
CAYMAN ISLANDS114,000 China Resources Land 205,227 0.27
205,227 0.27
TAIWAN70 MediaTek 761 0.00
761 0.00
Total Shares 19,912,199 26.10
Bonds
INTERNATIONAL AGENCIES1,040,000 European Investment Bank 14.08.13/6.000% 1,134,887 1.49
600,000 European Investment Bank 20.05.14/5.375% 644,818 0.841,500,000 European Investment Bank 15.01.21/3.625% 2,181,864 2.863,500,000 Inter-American Development
Bank 15.08.17/2.375% 3,501,628 4.59
7,463,197 9.78
UNITED KINGDOM700,000 RBS 11.04.16/0.990% 610,575 0.80
1,250,000 UK Treasury 16.08.13/2.500% 5,742,385 7.53
UNITED STATES OF AMERICA580,000 Swiss Re America Holding 21.11.21/3.250% 578,736 0.76
578,736 0.76
SWITZERLAND275,000 Swiss Prime Site 20.01.15/1.875% 341,108 0.45
341,108 0.45
Total Convertible Bonds 4,142,518 5.44
Total Transferable Securities Admitted to an OfficialExchange Listing
53,026,693 69.51
Transferable Securities Dealt in on Another Regulated Market
Bonds
UNITED STATES OF AMERICA3,600,000 US Treasury 28.02.15/2.375% 3,766,500 4.94
3,766,500 4.94
Total Bonds 3,766,500 4.94
Convertible Bonds
UNITED STATES OF AMERICA742,000 Liberty Media 30.03.23/3.125% 887,618 1.16
887,618 1.16
Total Convertible Bonds 887,618 1.16
Total Transferable Securities Dealt in on AnotherRegulated Market
4,654,118 6.10
Total Investments 57,680,811 75.61
Cash 18,511,360 24.27
Other Assets/(Liabilities) 93,347 0.12
Total Net Assets 76,285,518 100.00
* Variable coupon rates are those quoted as at 30 June 2011.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesUnited States of America 11.77International Agencies 9.78United Kingdom 8.33Italy 7.65Netherlands 3.14Luxembourg 2.79Australia 2.37France 1.47Singapore 1.09Cayman Islands 0.67Switzerland 0.45Total Fixed Income Securities 49.51SharesMaterials 4.61Energy 4.49Telecommunication Services 3.93Financials 3.88Consumer Discretionary 2.77Industrials 2.25Utilities 1.63Consumer Staples 1.53Information Technology 0.51Health Care 0.50Total Shares 26.10Cash and Other Assets/(Liabilities) 24.39
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 14.88Japan 5.75International Agencies 4.61United Kingdom 3.99Australia 2.24France 1.49Netherlands 1.47Singapore 1.09Germany 0.94Cayman Islands 0.67Netherlands Antilles 0.32Total Fixed Income Securities 37.45SharesIndustrials 9.02Materials 6.40Consumer Discretionary 5.31Consumer Staples 4.98Health Care 3.12Information Technology 3.05Energy 2.06Financials 1.82Telecommunication Services 0.67Investment Companies 0.00Total Shares 36.43Cash and Other Assets/(Liabilities) 26.12
Total 100.00
70
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 (38) Australia 3 Year Bond Future AUD (4,215,493) 10,388Sep-11 (24) Euro Buxl 30 Year Bond Future EUR (3,585,641) 11,806Sep-11 (58) Euro-Bund Future EUR (10,558,894) 6,294Sep-11 (306) Euro-Schatz Future EUR (47,657,219) 16,603Sep-11 (6) Japan 10 Year Bond Future JPY (10,499,907) 22,334Sep-11 176 Long Gilt Future GBP 33,999,026 1,408
Total Bond Futures68,833
Equity Futures
Sep-11 (79) DJ Euro Stoxx 50 Index Future EUR (3,234,151) (22,860)Sep-11 (29) FTSE 100 Index Future GBP (2,729,234) (3,301)Sep-11 (47) Russell 2000 Mini Future USD (3,871,625) (22,795)Dec-12 (29) DJ Euro Stoxx 50 Index Dividend Future EUR (514,623) (1,469)
Total Equity Futures(50,425)
Total 18,408
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)
Investment Cayman 14.05.14/0.000% 6,848,842 1.294,300,000 EFG Ora Funding III 29.10.14/1.700% 3,305,677 0.62
10,000,000 Hengdeli Holdings 20.10.15/2.500% 1,464,310 0.2715,000,000 Intime Department Store Group 27.10.13/1.750% 2,276,127 0.4319,800,000 Soho China 02.07.14/3.750% 3,408,346 0.64
TAIWAN9,400,000 Hon Hai Precision Industry 12.10.13/0.000% 9,454,097 1.77
9,454,097 1.77
UNITED STATES OF AMERICA1,822,000 Chesapeake Energy 15.11.35/2.750% 2,011,032 0.384,195,000 Chesapeake Energy 15.05.37/2.500% 4,436,212 0.831,012,000 DR Horton 15.05.14/2.000% 1,120,790 0.21
7,568,034 1.42
JERSEY2,550,000 International Power Finance
Jersey III 05.06.15/4.750% 3,940,960 0.74600,000 London Mining Jersey 15.02.16/8.000% 653,802 0.12
2,000,000 Shire 09.05.14/2.750% 2,328,360 0.44
6,923,122 1.30
GERMANY4,100,000 KfW - Kreditanstalt für
Wiederaufbau 30.07.14/1.500% 6,707,557 1.26
6,707,557 1.26
73
JPMorgan Investment Funds - Global Convertibles Fund (USD)
Schedule of Investments (Market Value Expressed in USD)
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA28,584 Abbott Laboratories 1,502,232 1.4838,687 Bristol-Myers Squibb 1,115,153 1.1013,785 Chevron 1,406,828 1.3833,032 Coca-Cola 2,223,879 2.2017,864 ConocoPhillips 1,338,639 1.3248,335 EI du Pont de Nemours & Co. 2,609,365 2.5892,276 Frontier Communications 745,129 0.749,707 International Business Machines 1,667,663 1.65
UNITED KINGDOM44,384 British American Tobacco 1,928,523 1.90111,653 Cairn Energy 724,943 0.72272,772 Centrica 1,406,764 1.3974,128 GlaxoSmithKline 1,576,948 1.5637,841 Standard Chartered 984,415 0.97
Transferable Securities Admitted to an Official Exchange Listing
Bonds
UNITED STATES OF AMERICA60,000 Altria Group 05.05.21/4.750% 41,494 0.2050,000 American Express Credit 25.08.14/5.125% 37,713 0.1890,000 American International Group 15.12.20/6.400% 66,249 0.32
320,000 BA Credit Card Trust 18.09.13/5.450%* 365,939 1.77150,000 Bank of America 04.12.19/5.500% 167,059 0.8175,000 BMW US Capital 28.05.15/5.000% 80,116 0.39
100,000 Crédit Suisse/New York 15.05.13/5.000% 73,762 0.36140,000 Crédit Suisse/New York 15.02.18/6.000% 104,678 0.5150,000 Darden Restaurants 15.10.37/6.800% 38,196 0.1925,000 Energy Transfer Partners 01.06.41/6.050% 16,756 0.0890,000 Entergy Arkansas 15.02.21/3.750% 59,376 0.2950,000 Enterprise Products Operating 15.04.38/7.550% 41,690 0.20
120,000 General Electric Capital 14.01.38/5.875% 82,620 0.4025,000 Georgia Power 01.03.37/5.650% 17,918 0.0960,000 Goldman Sachs Group 18.01.18/5.950% 44,709 0.2225,000 Goldman Sachs Group 01.02.41/6.250% 17,179 0.0840,000 HCP 01.02.21/5.375% 28,567 0.1440,000 Home Depot 01.04.41/5.950% 28,270 0.1455,000 Kinder Morgan Energy Partners 01.03.41/6.375% 39,043 0.19
145,000 Philip Morris International 17.03.14/6.875% 114,989 0.5635,000 Philip Morris International 16.05.18/5.650% 27,326 0.1395,000 Plains All American Pipeline 01.05.18/6.500% 74,800 0.36
180,000 Prudential Financial 15.06.19/7.375% 147,245 0.71150,000 SES Global Americas Holdings 09.07.14/4.875% 158,040 0.7770,000 Tennessee Valley Authority 15.09.39/5.250% 51,129 0.2555,000 Time Warner 29.03.41/6.250% 39,128 0.1920,000 Time Warner Entertainment 15.07.33/8.375% 17,563 0.0965,000 UnitedHealth Group 15.10.40/5.700% 44,602 0.2230,000 Verizon Communications 01.11.18/8.750% 27,084 0.13115,000 Verizon Communications 01.04.21/4.600% 81,962 0.4060,000 Wal-Mart Stores 15.04.41/5.625% 42,618 0.2145,000 Watson Pharmaceuticals 15.08.19/6.125% 35,099 0.1775,000 Williams Partners 15.11.20/4.125% 50,063 0.2450,000 Xcel Energy 15.05.20/4.700% 36,188 0.17
3,147,042 15.25
UNITED KINGDOM100,000 Abbey National Treasury
Services 18.03.13/2.500% 99,856 0.48199,000 Abbey National Treasury
Services 30.06.14/3.125% 198,681 0.96100,000 Abbey National Treasury
Services 08.06.15/3.375% 99,435 0.4850,000 Anglo American Capital 01.05.18/6.875% 62,650 0.30
100,000 Bank of Scotland 15.01.14/3.875% 102,299 0.50175,000 Barclays Bank 20.01.17/4.000% 173,069 0.8450,000 Barclays Bank 07.10.19/4.000% 50,397 0.24
100,000 BAT International Finance 12.12.19/6.375% 125,087 0.6175,000 British Telecommunications 07.12.16/8.750% 100,680 0.49
110,000 HSBC Holdings 10.06.19/6.000% 116,383 0.5650,000 Legal & General Group 08.06.25/4.000%* 45,929 0.22
200,000 Lloyds TSB Bank 17.03.15/3.375% 200,200 0.9775,000 Lloyds TSB Bank 21.01.21/6.375% 53,657 0.26
235,000 Nationwide Building Society 14.09.15/2.875% 230,511 1.12350,000 Network Rail Infrastructure
Finance 17.06.13/3.500% 255,025 1.24150,000 RBS 15.03.16/4.000% 151,682 0.74100,000 Standard Chartered Bank 28.03.18/1.828%* 96,680 0.47100,000 UBS/London 06.10.14/3.000% 101,172 0.49125,000 UK Treasury 07.09.39/4.250% 138,992 0.67100,000 Vodafone Group 15.01.16/6.250% 112,460 0.55189,000 West Bromwich Building Society 05.04.12/2.000% 210,664 1.02
2,725,509 13.21
JAPAN55,000,000 Japan (Government of) 20.09.14/1.500% 490,199 2.3770,000,000 Japan (Government of) 20.09.20/0.800% 589,100 2.8544,800,000 Japan (Government of) 20.03.20/1.300% 395,607 1.92
5,000,000 Japan (Government of) 20.09.35/2.500% 47,104 0.23
1,522,010 7.37
FRANCE150,000 BNP Paribas Home Loan Covered
Bonds 12.01.17/3.375% 150,307 0.73200,000 Caisse d’Amortissement de la
Dette Sociale 25.04.15/3.625% 207,681 1.01100,000 Caisse Refinancement de
2004-3 2A1 25.04.19/5.000% 42,413 0.2145,000 DCP Midstream 144A 15.03.19/9.750% 40,828 0.20115,000 Fannie Mae 22.02.13/1.750% 81,170 0.39254,284 Fannie Mae Pool No: 889183 01.09.21/5.500% 190,606 0.92160,766 Fannie Mae Pool No: AC6082 01.11.24/4.500% 118,404 0.57113,810 Fannie Mae REMICS 2006-78 BC 25.01.34/6.500% 80,499 0.39
432,032 Fannie Mae REMICS 2010-116 BI 25.08.20/5.000% 35,434 0.17130,000 Federal Home Loan Banks 11.07.11/0.090%* 89,851 0.44121,994 First Union National Bank
Securities I 2006-S12 2A2 25.12.36/6.000% 26,124 0.1335,000 State of California 01.04.39/7.550% 27,742 0.1320,000 State of Illinois 01.06.33/5.100% 11,760 0.0662,068 Structured Asset Securities
2005-WF4 A4 25.11.35/0.546%* 38,203 0.1991,000 US Treasury (i) 21.07.11/0.000% 62,889 0.3035,000 US Treasury 31.07.11/4.875% 24,290 0.12
105,000 US Treasury (i) 31.01.12/4.750% 74,530 0.36125,000 US Treasury 31.03.16/2.250% 89,051 0.43235,000 US Treasury 30.04.16/2.000% 165,283 0.8095,000 US Treasury 31.05.16/1.750% 65,906 0.32
100,000 US Treasury (i) 15.02.17/4.625% 79,070 0.3835,000 US Treasury 15.11.20/2.625% 23,344 0.11
275,000 US Treasury 15.05.21/3.125% 189,934 0.9240,000 US Treasury 15.08.25/6.875% 37,227 0.1894,000 US Treasury 15.02.31/5.375% 76,171 0.3765,000 US Treasury 15.08.39/4.500% 45,810 0.2250,000 US Treasury 15.11.40/4.250% 33,702 0.1640,000 US Treasury 15.02.41/4.750% 29,312 0.14
325,000 Wachovia Bank CommercialMortgage Trust 2005-C21 A4 15.10.44/5.380%* 245,466 1.19
Capital Trust VII (Defaulted) 31.12.49/5.857% 216 0.00
133,696 0.65
Total Bonds 133,696 0.65
Total Other Transferable Securities 133,696 0.65
Total Investments 19,498,207 94.47
Cash 951,117 4.61
Other Assets/(Liabilities) 189,694 0.92
Total Net Assets 20,639,018 100.00
* Variable coupon rates are those quoted as at 30 June 2011.(i) Security partially or totally held as collateral against financial futures contracts by the broker.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesUnited States of America 40.03United Kingdom 14.59France 7.39Japan 7.37Netherlands 4.14Germany 2.79South Africa 2.76Mexico 1.77Canada 1.61South Korea 1.58Spain 1.44Finland 1.43Sweden 1.38Brazil 0.96Denmark 0.63Russia 0.48Italy 0.46Cayman Islands 0.43International Agencies 0.37Luxembourg 0.18Peru 0.11Belgium 0.08Isle of Man 0.07Total Fixed Income Securities 92.05Investment FundsLuxembourg 2.42Total Investment Funds 2.42Cash and Other Assets/(Liabilities) 5.53
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 43.69United Kingdom 13.24France 4.78Japan 4.55Netherlands 4.18Canada 2.40Mexico 1.97Sweden 1.84Germany 1.83South Korea 1.41South Africa 1.27Cayman Islands 1.26Finland 1.24Israel 1.00Brazil 0.87Luxembourg 0.85Spain 0.81Denmark 0.55Russia 0.45International Agencies 0.34Bermuda 0.28Isle of Man 0.26Belgium 0.22Total Fixed Income Securities 89.29Investment FundsLuxembourg 2.58Total Investment Funds 2.58Cash and Other Assets/(Liabilities) 8.13
Total 100.00
82
JPMorgan Investment Funds - Global Enhanced Bond Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Global Enhanced Bond Fund
Schedule of Investments - Outstanding To be Announced Securities (Expressed in EUR)
As at 30 June 2011
MaturityDate Name of Securities Coupon
NominalValue
MarketValue
UnrealisedGain/(Loss)
To be Announced Securities - Long Positions
UNITED STATES OF AMERICA
25-Jul-26 Fannie Mae 3.500% 180,000 126,721 (464)25-Jul-26 Fannie Mae 4.000% 520,000 374,395 (780)15-Jul-39 Freddie Mac 4.500% 490,000 350,044 (1,840)15-Jul-39 Freddie Mac 5.000% 460,000 337,356 (509)15-Jul-39 Freddie Mac 5.500% 400,000 298,537 (875)15-Jul-39 Freddie Mac 6.000% 200,000 151,817 2215-Jul-39 Ginnie Mae 4.500% 480,000 350,157 (104)15-Jul-39 Ginnie Mae 5.000% 420,000 314,234 (317)15-Jul-39 Ginnie Mae 5.500% 210,000 159,680 (295)15-Jul-39 Ginnie Mae 6.000% 135,000 104,051 (11)25-Jul-39 Fannie Mae 4.500% 690,000 493,813 (2,728)25-Jul-39 Fannie Mae 5.000% 510,000 374,576 (1,220)25-Jul-39 Fannie Mae 5.500% 455,000 340,028 (1,672)25-Jul-39 Fannie Mae 6.000% 600,000 455,580 (2,024)15-Jul-41 Freddie Mac 4.000% 140,000 96,807 (862)15-Jul-41 Ginnie Mae 4.000% 180,000 126,838 (485)25-Jul-41 Fannie Mae 4.000% 655,000 453,981 (2,442)25-Aug-41 Fannie Mae 4.500% 20,000 14,279 (10)
Total 4,922,894 (16,616)
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR)
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 2 Australia 10 Year Bond Future AUD 157,328 (238)Sep-11 4 Canada 10 Year Bond Future CAD 355,820 258Sep-11 (11) Euro-Bobl Future EUR (1,285,460) 880Sep-11 5 Euro-Bund Future EUR 629,100 (400)Sep-11 (22) US 2 Year Note Future USD (3,336,170) (2,527)Sep-11 (19) US 5 Year Note Future USD (1,568,860) (5,291)Sep-11 14 US 10 Year Note Future USD 1,186,846 (1,123)Sep-11 2 US Long Bond Future USD 170,241 (2,619)Sep-11 (3) US Ultra Bond Future USD (260,998) 3,677
Total (7,383)
JPMorgan Investment Funds - Global Enhanced Bond Fund
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) (continued)
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA53,042 Aflac 2,459,292 1.3937,394 American Express 1,904,663 1.0833,257 Ameriprise Financial 1,909,451 1.08
556,414 Bank of America 6,095,515 3.4520,979 Capital One Financial 1,096,782 0.62170,174 Citigroup 7,036,695 3.9931,700 Goldman Sachs Group 4,184,242 2.3773,226 Hartford Financial Services Group 1,918,887 1.096,693 Mastercard - A Shares 2,029,217 1.15
116,226 MetLife 5,069,197 2.87167,889 Morgan Stanley 3,850,534 2.1833,063 PNC Financial Services Group 1,951,048 1.1063,540 Prudential Financial 4,017,952 2.2875,238 State Street 3,388,343 1.92
530,000 El Paso 15.06.17/7.000% 602,308 0.041,710,000 El Paso 01.06.28/6.950% 1,813,429 0.11
835,000 El Paso 15.01.32/7.750% 973,602 0.061,940,000 Encore Acquisition 01.05.16/9.500% 2,165,525 0.134,215,000 Energy Future Intermediate
Holding 01.12.20/10.000% 4,492,790 0.281,285,000 EXCO Resources 15.09.18/7.500% 1,249,662 0.082,390,000 Fidelity National Information
Services 15.07.17/7.625% 2,539,375 0.166,100,000 Ford Motor Credit 15.04.15/7.000% 6,578,966 0.417,355,000 Ford Motor Credit 15.08.17/6.625% 7,835,855 0.48
11,205,000 Ford Motor Credit 15.05.18/5.000% 11,077,465 0.69370,000 Forest Oil 15.02.14/8.500% 401,450 0.02
5,800,000 Tenet Healthcare 01.08.20/8.000% 5,843,500 0.364,720,000 Terex 15.11.17/8.000% 4,779,000 0.301,500,000 Unit 15.05.21/6.625% 1,507,500 0.092,430,000 United Rentals North America 15.12.19/9.250% 2,654,775 0.165,120,000 United Rentals North America 15.09.20/8.375% 5,107,200 0.321,385,000 Vulcan Materials 01.12.16/6.500% 1,382,173 0.09
4,165,000 Calpine 144A 15.10.17/7.250% 4,227,475 0.263,345,000 Calpine 144A 31.07.20/7.875% 3,462,075 0.213,130,000 Calpine 144A 15.02.21/7.500% 3,169,125 0.201,555,000 Calumet Finance 144A 01.05.19/9.375% 1,589,987 0.104,910,000 Case New Holland 144A 01.12.17/7.875% 5,401,000 0.33
580,000 CCH II Capital 30.11.16/13.500% 685,850 0.044,790,000 CCO Holdings Capital 30.10.17/7.250% 4,933,700 0.317,275,000 CCO Holdings Capital 30.04.18/7.875% 7,675,125 0.471,520,000 CCO Holdings Capital 15.01.19/7.000% 1,550,400 0.101,360,000 CCO Holdings Capital 144A 15.01.19/7.000% 1,383,800 0.095,035,000 Central Garden and Pet 01.03.18/8.250% 5,223,812 0.325,585,000 Cequel Communications
Holdings I and CequelCapital 144A 15.11.17/8.625% 5,836,325 0.36
700,000 Chemtura 144A 01.09.18/7.875% 735,000 0.054,870,000 Chrysler Group 144A 15.06.19/8.000% 4,748,250 0.294,195,000 Chrysler Group 144A 15.06.21/8.250% 4,079,637 0.25
735,000 Cinemark USA 144A 15.06.21/7.375% 731,325 0.051,550,000 CIT Group 144A 01.04.18/6.625% 1,611,039 0.103,555,000 Citigroup Capital XXI 21.12.57/8.300%* 3,643,875 0.234,775,000 CityCenter Finance 144A 15.01.16/7.625% 4,942,125 0.314,215,000 Claire’s Stores 144A 15.03.19/8.875% 3,951,562 0.241,810,000 Clean Harbors 144A 15.08.16/7.625% 1,932,175 0.127,655,000 Clear Channel
9,973,000 Simmons Bedding 144A 15.07.15/11.250% 10,648,770 0.662,065,000 Sinclair Television Group 15.10.18/8.375% 2,168,250 0.132,310,000 Sinclair Television Group 144A 01.11.17/9.250% 2,541,000 0.162,510,000 Solo Cup Operating 01.11.13/10.500% 2,616,675 0.164,539,014 Spectrum Brands 28.08.19/12.000% 5,015,610 0.315,225,000 Spectrum Brands 144A 15.06.18/9.500% 5,747,500 0.364,650,000 SSI Investments II 01.06.18/11.125% 5,161,500 0.322,930,000 Stewart Enterprises 144A 15.04.19/6.500% 2,940,988 0.18
12,265,000 Sungard Data Systems 15.08.15/10.250% 12,724,938 0.794,025,000 SunGard Data Systems 15.11.18/7.375% 4,030,031 0.253,857,626 Surgical Care Affiliates 144A 15.07.15/8.875% 3,982,999 0.255,250,000 Texas Competitive Electric
3,555,000 WMG Acquisition 15.06.16/9.500% 3,768,300 0.23660,000 Wynn Las Vegas Capital 01.11.17/7.875% 721,050 0.04355,000 Wynn Las Vegas Capital 01.05.20/7.875% 388,725 0.02
1,440,000 Wynn Las Vegas Capital 15.08.20/7.750% 1,564,200 0.104,499,000 Yankee Candle 15.02.17/9.750% 4,743,791 0.29
Total Other Transferable Securities 1,926,560 0.12
Total Investments 1,468,714,212 90.85
Cash 113,858,470 7.04
Other Assets/(Liabilities) 34,075,362 2.11
Total Net Assets 1,616,648,044 100.00
* Variable coupon rates are those quoted as at 30 June 2011.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesUnited States of America 82.92Luxembourg 2.42Canada 1.48United Kingdom 0.99Netherlands 0.84Ireland 0.72Bermuda 0.50Cayman Islands 0.43Australia 0.29Liberia 0.16Germany 0.09Total Fixed Income Securities 90.84SharesConsumer Discretionary 0.01Total Shares 0.01Cash and Other Assets/(Liabilities) 9.15
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 74.42Luxembourg 2.44Canada 1.96United Kingdom 1.18Netherlands 0.79Bermuda 0.64Ireland 0.59Liberia 0.23Total Fixed Income Securities 82.25SharesConsumer Discretionary 0.04Total Shares 0.04Cash and Other Assets/(Liabilities) 17.71
Total 100.00
91
JPMorgan Investment Funds - Global High Yield Bond Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Global High Yield Bond Fund
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)
UNITED KINGDOM84,513 British American Tobacco 2,538,040 0.68
133,843 British Land 898,277 0.24221,953 Cairn Energy 996,027 0.27533,379 Centrica 1,901,227 0.51143,378 GlaxoSmithKline 2,108,115 0.5724,520 Land Securities Group 229,929 0.0660,603 Standard Chartered 1,089,648 0.29
100,000 Chesapeake Energy 15.02.15/9.500% 80,298 0.02200,000 Chesapeake Energy 15.08.18/6.875% 144,538 0.04125,000 Chesapeake Energy 15.02.21/6.125% 87,424 0.0210,000 Chiquita Brands International 01.11.14/7.500% 6,998 0.0065,000 Chiquita Brands International 01.12.15/8.875% 46,011 0.01
150,000 Cincinnati Bell 15.03.18/8.750% 98,019 0.03110,000 Cinemark USA 15.06.19/8.625% 82,930 0.02350,000 CIT Group 01.05.16/7.000% 241,861 0.06
2,900,000 CIT Group 01.05.17/7.000% 1,998,241 0.541,990,000 Citigroup Funding 27.07.20/11.000% 1,404,698 0.381,800,000 Community Health Systems 15.07.15/8.875% 1,274,506 0.34
54,000 Edison Mission Energy 15.06.16/7.750% 33,506 0.01600,000 Edison Mission Energy 15.05.19/7.200% 328,257 0.09125,000 El Paso 15.06.14/6.875% 96,955 0.0330,000 El Paso Pipeline Partners
Operating 01.04.20/6.500% 23,237 0.01450,000 Energy Future Intermediate
Holding 01.12.20/10.000% 331,518 0.0950,000 Fidelity National Information
Services 15.07.17/7.625% 36,718 0.01300,000 Fidelity National Information
Services 15.07.20/7.875% 220,306 0.06309,000 Ford Holdings 01.03.30/9.300% 272,310 0.07
15,000 Ford Motor 01.08.26/7.500% 10,754 0.00100,000 Ford Motor 16.07.31/7.450% 77,391 0.02150,000 Ford Motor 15.06.43/7.750% 106,123 0.03135,000 Ford Motor 15.02.47/9.980% 112,492 0.03950,000 Ford Motor Credit 15.04.15/7.000% 707,242 0.19100,000 Ford Motor Credit 15.12.16/8.000% 77,873 0.02750,000 Ford Motor Credit 15.08.17/6.625% 554,026 0.15
1,000,000 Ford Motor Credit 15.05.18/5.000% 687,545 0.18100,000 Ford Motor Credit 15.01.20/8.125% 80,188 0.02250,000 Forest City Enterprises 01.02.17/6.500% 165,014 0.04125,000 Forest Oil 15.06.19/7.250% 87,961 0.0225,000 Frontier Communications 15.04.17/8.250% 18,806 0.0150,000 Frontier Communications 15.03.19/7.125% 35,491 0.01
50,000 Patriot Coal 30.04.18/8.250% 35,940 0.01281,000 Penn Virginia 15.06.16/10.375% 214,608 0.0640,000 Penn Virginia 15.04.19/7.250% 26,765 0.0175,000 Penn Virginia Resource Partners 15.04.18/8.250% 53,781 0.01
94
JPMorgan Investment Funds - Global Income Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
250,000 PetroHawk Energy 01.06.15/7.875% 181,608 0.05250,000 Petrohawk Energy 15.08.18/7.250% 176,173 0.05100,000 Pinnacle Entertainment 01.08.17/8.625% 74,242 0.02375,000 Pinnacle Entertainment 15.05.20/8.750% 270,733 0.0750,000 Pioneer Natural Resources 15.03.17/6.650% 37,600 0.0135,000 Pioneer Natural Resources 15.01.20/7.500% 27,518 0.0135,000 Plains Exploration & Production 01.04.20/7.625% 25,277 0.01
1,250,000 Sealy Mattress 15.06.14/8.250% 864,697 0.23238,000 Select Medical 01.02.15/7.625% 165,318 0.04280,000 Service Corp. International 01.04.15/6.750% 208,038 0.06470,000 Service Corp. International 01.04.16/6.750% 350,173 0.09
19,000 Service Corp. International 15.06.17/7.000% 14,215 0.0035,000 Service Corp. International 01.10.18/7.625% 26,489 0.0135,000 Service Corp. International 15.05.19/7.000% 25,581 0.01
150,000 Service Corp. International 15.11.21/8.000% 113,004 0.03100,000 Smithfield Foods 01.07.17/7.750% 72,053 0.02575,000 Springleaf Finance 15.12.17/6.900% 363,249 0.10
20,000 Sprint Nextel 15.08.17/8.375% 15,177 0.00100,000 Standard Pacific 15.09.16/10.750% 77,502 0.02120,000 Standard Pacific 15.05.18/8.375% 82,317 0.02
1,430,000 Supervalu 01.05.16/8.000% 1,010,281 0.27154,000 Swift Energy 01.06.17/7.125% 108,177 0.03279,000 Swift Energy 15.01.20/8.875% 205,367 0.06200,000 Tenet Healthcare 01.02.15/9.250% 150,588 0.04
100,000 Tyson Foods 01.04.16/6.850% 76,395 0.0240,000 Unit 15.05.21/6.625% 27,785 0.0115,000 United Rentals North America 15.06.16/10.875% 11,611 0.0085,000 United Rentals North America 15.12.19/9.250% 63,644 0.02
480,000 United States Steel 01.04.20/7.375% 342,164 0.09115,000 Vulcan Materials 01.12.16/6.500% 79,284 0.02275,000 Wachovia Capital Trust III 31.12.49/5.570%* 176,526 0.05150,000 Wendy’s/Arby’s Restaurants 15.07.16/10.000% 114,689 0.03
42,020,440 11.28
KAZAKHSTAN2,575,000 KazMunayGas National 23.01.15/11.750% 2,212,176 0.59
50,000 CCO Holdings 144A 15.01.19/7.000% 35,076 0.0190,000 CDRT Merger Sub 144A 01.06.19/8.125% 61,427 0.0250,000 Celanese US Holdings 15.10.18/6.625% 36,372 0.01
96
JPMorgan Investment Funds - Global Income Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
500,000 Central Garden and Pet 01.03.18/8.250% 359,875 0.10150,000 Cenveo 144A 15.08.16/10.500% 102,118 0.03774,000 Cequel Communications
Holdings I and CequelCapital 144A 15.11.17/8.625% 557,691 0.15
200,000 Chrysler Group 144A 15.06.19/8.000% 135,363 0.04200,000 Chrysler Group 144A 15.06.21/8.250% 135,306 0.04360,000 Chemtura 144A 01.09.18/7.875% 261,257 0.07250,000 Chukchansi Economic
Development Authority 144A 15.11.13/8.000% 140,823 0.04810,000 CIT Group 144A 02.05.17/7.000% 557,737 0.15320,000 CIT Group 144A 01.04.18/6.625% 228,911 0.06
1,450,000 MGM Resorts International 15.03.20/9.000% 1,101,503 0.30100,000 MGM Resorts International 144A 01.11.16/10.000% 73,905 0.02150,000 Michael Foods 144A 15.07.18/9.750% 110,931 0.03795,000 Michaels Stores 144A 01.11.18/7.750% 548,096 0.15410,079 Midwest Generation 02.01.16/8.560% 290,515 0.0860,000 Mobile Mini 01.12.20/7.875% 42,921 0.01215,000 Morgan Stanley ABS Capital I
2004-NC7 M3 25.07.34/0.836%* 123,647 0.03767,411 Morgan Stanley Mortgage Loan
100,000 NFR Energy 144A 15.02.17/9.750% 67,388 0.0250,000 Nielsen Finance 144A 15.10.18/7.750% 36,372 0.0150,000 NII Capital 15.08.16/10.000% 40,260 0.01
135,000 NII Capital 15.12.19/8.875% 103,453 0.03150,000 NII Capital 01.04.21/7.625% 108,339 0.03351,154 Noranda Aluminium Acquisition 15.05.15/4.417%* 231,781 0.06
110,000 Nortek 144A 15.04.21/8.500% 70,515 0.0220,000 Northern Tier Energy and
150,000 Vanguard Health Holding Co II 01.02.18/8.000% 106,784 0.0360,000 Vanguard Health Holding Co II 01.02.19/7.750% 41,936 0.0135,000 Venoco 144A 15.02.19/8.875% 24,160 0.01
150,000 Wynn Las Vegas Capital 01.11.17/7.875% 113,357 0.03175,000 Wynn Las Vegas Capital 01.05.20/7.875% 131,662 0.0435,000 Wynn Las Vegas Capital 15.08.20/7.750% 26,211 0.0150,000 XM Satellite Radio 144A 01.08.13/13.000% 40,568 0.0175,000 XM Satellite Radio 144A 01.11.18/7.625% 54,132 0.0150,000 Yonkers Racing 144A 15.07.16/11.375% 37,668 0.01
250,000 Zayo Group/Zayo Capital 15.03.17/10.250% 190,932 0.05
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA2,904 Adobe Systems 90,619 0.444,048 Aflac 187,686 0.911,543 Amazon.com 310,938 1.503,360 American Express 171,142 0.831,162 Apple 387,701 1.87
475 Autozone 138,999 0.675,979 BB&T 158,593 0.771,300 Becton Dickinson & Co. 112,359 0.541,915 Biogen Idec 208,936 1.015,529 Broadcom - A Shares 183,231 0.884,686 CBS - Non voting B Shares 135,168 0.652,163 Celgene 131,251 0.633,074 Chevron 313,717 1.518,244 Citigroup 340,889 1.652,753 Cognizant Technology Solutions - A Shares 202,814 0.981,558 Colgate-Palmolive 135,242 0.652,427 EI du Pont de Nemours & Co. 131,022 0.639,378 EMC/Massachusetts 255,316 1.231,931 EOG Resources 201,664 0.973,811 Fluor 245,657 1.201,449 Goldman Sachs Group 191,261 0.922,594 Juniper Networks 81,024 0.392,079 Lam Research 91,819 0.44
23,378 Sprint Nextel 122,851 0.592,353 St Jude Medical 111,826 0.553,578 State Street 161,135 0.783,454 Sysco 107,592 0.537,190 Time Warner 259,379 1.252,697 Union Pacific 282,565 1.362,369 United Technologies 207,690 1.004,778 UnitedHealth Group 246,975 1.192,541 Verizon Communications 93,725 0.45
1,966 BG Group 44,403 0.212,135 British American Tobacco 92,768 0.45
18,993 Cairn Energy 123,318 0.6035,370 Centrica 182,413 0.8814,552 GlaxoSmithKline 309,569 1.499,204 Intercontinental Hotels Group 187,735 0.91
169,073 Lloyds Banking Group 131,423 0.6316,495 Man Group 61,562 0.3011,125 Prudential 126,812 0.613,924 Rio Tinto 280,432 1.357,682 Standard Chartered 199,843 0.963,735 Tullow Oil 73,942 0.36
JPMorgan Investment Funds - Global Select 130/30 Fund
Schedule of Investments - Outstanding Total Return Swaps (Expressed in USD) (Please refer to note 2l)
As at 30 June 2011
EconomicExposure(in contractcurrency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty
UnrealisedGain/(Loss)
- AUD Performance of the underlying basket AUD-1M-LIBOR + 0.25% UBS(216,626)
(196,562) AUD AUD-1D-LIBID Performance of the underlying basket UBS11,363 CAD Performance of the underlying basket CAD-1M-LIBOR + 0.25% UBS
11,758- CAD CAD-1M-LIBOR Performance of the underlying basket UBS
141,570 CHF Performance of the underlying basket CHF-1M-LIBOR + 0.25% UBS8,121
(137,866) CHF CHF-1D-LIBID Performance of the underlying basket UBS- DKK Performance of the underlying basket CHF-1M-LIBOR + 0.25% UBS
(60,820)(317,311) DKK CHF-1D-LIBID Performance of the underlying basket UBS970,743 EUR Performance of the underlying basket EUR-1M-LIBOR + 0.25% UBS
587,612(577,794) EUR EUR-1D-LIBID Performance of the underlying basket UBS486,763 GBP Performance of the underlying basket GBP-1M-LIBOR + 0.25% UBS
249,133(334,178) GBP GBP-1D-LIBID Performance of the underlying basket UBS3,188,955 HKD Performance of the underlying basket HKD-1D-ON-BANKS + 0.40% UBS
87,705(2,724,770) HKD HKD-1D-ON-BANKS Performance of the underlying basket UBS90,570,500 JPY Performance of the underlying basket JPY-1M-LIBOR + 0.40% UBS
103,765(76,546,200) JPY JPY-1D-LIBID Performance of the underlying basket UBS
196,449 NOK Performance of the underlying basket NOK-1D-ON-BANKS + 0.25% UBS36,419
- NOK NOK-1D-ON-BANKS Performance of the underlying basket UBS- SEK Performance of the underlying basket SEK-1M-LIBOR + 0.25% UBS
(79,329)(501,927) SEK SEK-1D-LIBID Performance of the underlying basket UBS
- TRY Performance of the underlying basket TRY-1D-ON-UBS + 0.50% UBS(2,582)
(136,172) TRY TRY-1D-ON-UBS Performance of the underlying basket UBS531,980 USD Performance of the underlying basket USD-1M-LIBOR + 0.25% UBS
(584,170)(1,379,215) USD USD-1D-FUNDS-FED Performance of the underlying basket UBS
Total 140,986
Net Geographic Distribution based on Economic Exposure of Swap Portfolio % of Total(expressed in Sub-Fund Currency) Net Assets
United Kingdom 2.88%Germany 1.54%Italy 1.13%Cayman Islands 1.08%Netherlands 0.51%Japan 0.35%Guernsey 0.26%Jersey 0.26%Norway 0.18%Switzerland 0.06%Canada 0.06%China (0.02%)Spain (0.21%)Ireland (0.27%)Denmark (0.30%)Sweden (0.38%)Austria (0.40%)Turkey (0.40%)France (0.67%)Hong Kong (0.77%)Finland (0.91%)Australia (1.01%)United States of America (3.86%)
106
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA11,454 3M 1,081,487 0.49
39,304 Abbott Laboratories 2,065,622 0.9437,553 Adobe Systems 1,171,841 0.5415,215 Aflac 705,443 0.3221,189 Air Products & Chemicals 2,009,883 0.9273,148 Alcoa 1,166,345 0.5312,399 Amazon.com 2,498,584 1.1419,872 Apache 2,435,612 1.1118,565 Apple 6,194,212 2.83
129,324 Bank of America 1,416,744 0.6511,889 Biogen Idec 1,297,149 0.5918,788 Campbell Soup 651,286 0.3073,712 CBS - B Shares 2,126,223 0.9728,705 Celgene 1,741,819 0.80141,151 Cisco Systems 2,182,900 1.0036,467 Citigroup 1,507,910 0.69
166,000 Sumitomo Heavy Industries 1,148,272 0.5227,930 Sumitomo Real Estate Sales 1,289,157 0.5947,000 Toyota Motor 1,921,521 0.8855,700 Yakult Honsha 1,603,720 0.73
18,705,250 8.55
UNITED KINGDOM1,168,224 Afren 2,908,203 1.33328,460 Barclays 1,325,996 0.61171,769 Cairn Energy 1,115,266 0.51219,010 Centrica 1,129,498 0.5238,716 Hikma Pharmaceuticals 472,453 0.22
143,446 HSBC Holdings 1,409,795 0.64164,898 Intercontinental Hotels Group 3,363,441 1.53280,279 Kingfisher 1,201,912 0.55904,769 Lloyds Banking Group 703,290 0.32
71,017 Prudential 809,512 0.37307,996 Salamander Energy 1,378,442 0.63807,229 Vodafone Group 2,127,742 0.97
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA49,600 Abbott Laboratories 1,801,657 3.03
9,100 Apache 770,876 1.304,200 Apple 968,539 1.63
75,000 Bank of America 567,872 0.9626,249 Broadcom - A Shares 601,232 1.0123,600 Celgene 989,769 1.6732,000 Chevron 2,257,152 3.8119,402 China Security & Surveillance Technology 67,921 0.11
120,900 Cisco Systems 1,292,268 2.1821,560 Citigroup 616,170 1.0420,700 Dow Chemical 506,823 0.8526,100 Emerson Electric 1,002,167 1.6933,400 Georgia Gulf 546,760 0.9257,708 Guess? 1,700,110 2.86
60,600 Hewlett-Packard 1,531,282 2.585,688 International Business Machines 675,397 1.14
78,150 Merck & Co. 1,899,399 3.2021,600 MetLife 651,128 1.1043,300 Microsoft 771,071 1.3037,500 Morgan Stanley 594,438 1.00
Schedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (Please refer to note 2l)
EconomicExposure(in contractcurrency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty
UnrealisedGain/(Loss)
- USD Performance of the underlying basket USD-1M-LIBOR + 0.40% UBS
(302,548) USD USD-1M-LIBOR Performance of the underlying basket UBS4,249
Total 4,249
Net Geographic Distribution based on Economic Exposureof Swap Portfolio % of TotalNet Assets
(expressed in Sub-Fund Currency)
United States of America (0.35%)
112
Transferable Securities Admitted to an Official Exchange Listing
Bonds
NETHERLANDS13,000,000 Dutch Treasury Bill 29.07.11/0.000% 12,990,086 1.4430,000,000 Dutch Treasury Bill 31.08.11/0.000% 29,948,834 3.3250,000,000 Dutch Treasury Bill 31.10.11/0.000% 49,793,747 5.53
92,732,667 10.29
GERMANY10,000,000 German Treasury Bill 13.07.11/0.000% 9,998,008 1.1110,000,000 German Treasury Bill 14.09.11/0.000% 9,984,798 1.1110,000,000 German Treasury Bill 07.12.11/0.000% 9,947,669 1.1020,000,000 Germany (Federal Republic of) 04.07.11/5.000% 20,007,000 2.22
8,500,000 NRW Bank 15.08.11/1.420%* 8,500,892 0.94
58,438,367 6.48
BELGIUM10,000,000 Belgium Treasury Bill 14.07.11/0.000% 9,996,285 1.1120,000,000 Belgium Treasury Bill 18.08.11/0.000% 19,968,222 2.22
29,964,507 3.33
UNITED KINGDOM2,530,000 Bank of Scotland 05.07.11/1.299%* 2,529,987 0.28
20,000,000 HSBC Bank 05.05.12/1.502%* 19,968,960 2.21
22,498,947 2.49
IRELAND6,000,000 GE Capital European Funding 06.09.11/2.136%* 6,007,230 0.67
6,007,230 0.67
AUSTRALIA4,180,000 Commonwealth Bank of
Australia 29.07.11/5.875% 4,191,934 0.47
4,191,934 0.47
UNITED STATES OF AMERICA4,000,000 Wells Fargo & Co. 01.08.11/1.485%* 4,000,300 0.44
4,000,300 0.44
Total Bonds 217,833,952 24.17
Total Transferable Securities Admitted to anOfficial Exchange Listing
217,833,952 24.17
Transferable Securities Dealt in on Another Regulated Market
Bonds
FRANCE10,000,000 BT Cades 17.11.11/1.073% 10,000,000 1.1160,000,000 French Treasury Bill 07.07.11/0.000% 59,989,698 6.6630,000,000 French Treasury Bill 21.07.11/0.000% 29,983,546 3.3330,000,000 French Treasury Bill 18.08.11/0.000% 29,958,831 3.3230,000,000 French Treasury Bill 15.09.11/0.000% 29,926,756 3.32
159,858,831 17.74
NETHERLANDS15,000,000 Rabobank Nederland 18.01.12/1.432%* 15,000,510 1.66
15,000,510 1.66
Total Bonds 174,859,341 19.40
Commercial Papers
FRANCE7,000,000 Banque Fédérative du Crédit
Mutuel 18.08.11/0.000% 6,987,507 0.786,000,000 Banque Fédérative du Crédit
Mutuel 07.09.11/0.000% 5,985,228 0.6611,000,000 BPCE 01.08.11/0.000% 10,987,297 1.225,000,000 BPCE 11.08.11/0.000% 4,992,179 0.555,500,000 BPCE 01.09.11/0.000% 5,486,779 0.615,000,000 Caisse des Dépôts et
Consignations 20.07.11/0.000% 4,997,599 0.5615,000,000 Électricité de France 07.07.11/0.000% 14,996,939 1.6617,000,000 Société Générale 15.08.11/0.000% 16,971,726 1.88
71,405,254 7.92
SWEDEN8,000,000 Bank of America Securities 24.08.11/0.000% 7,984,087 0.898,000,000 Nordea Bank 15.08.11/0.000% 7,986,996 0.89
8,000,000 Svenska Handelsbanken 17.08.11/0.000% 7,986,616 0.8910,000,000 Svenska Handelsbanken 28.10.11/0.000% 9,952,118 1.105,000,000 Svenska Handelsbanken 09.11.11/0.000% 4,972,048 0.551,500,000 Svenska Handelsbanken 30.11.11/0.000% 1,490,436 0.16
40,372,301 4.48
NETHERLANDS7,000,000 ING Groep 01.08.11/0.000% 6,992,031 0.785,000,000 Paccar 06.07.11/0.000% 4,999,155 0.556,000,000 Paccar 29.08.11/0.000% 5,987,403 0.666,000,000 Unilever 11.07.11/0.000% 5,997,939 0.67
23,976,528 2.66
UNITED KINGDOM10,000,000 Lloyds Banking Group 02.08.11/0.000% 9,987,923 1.1110,000,000 Lloyds Banking Group 17.08.11/0.000% 9,982,124 1.11
19,970,047 2.22
FINLAND5,000,000 Pohjola Bank 28.07.11/0.000% 4,995,448 0.555,000,000 Pohjola Bank 16.08.11/0.000% 4,991,495 0.559,000,000 Pohjola Bank 31.08.11/0.000% 8,980,311 1.00
18,967,254 2.10
AUSTRALIA5,000,000 Commonwealth Bank of
Australia 05.07.11/0.000% 4,999,344 0.557,000,000 Macquarie Bank 17.08.11/0.000% 6,987,840 0.78
11,987,184 1.33
DENMARK9,000,000 Danske Bank 13.07.11/0.000% 8,996,675 1.00
8,996,675 1.00
HONG KONG8,000,000 BCA Interest 11.07.11/0.000% 7,997,088 0.89
UNITED KINGDOM5,000,000 Barclays Bank 25.07.11/0.000% 4,995,584 0.568,000,000 Barclays Bank 15.08.11/1.373% 8,000,000 0.898,000,000 Barclays Bank 14.10.11/0.000% 7,963,279 0.885,000,000 Barclays Bank 05.12.11/0.000% 4,965,792 0.55
25,924,655 2.88
NETHERLANDS8,000,000 ING Groep 07.09.11/0.000% 7,978,991 0.895,000,000 Rabobank Nederland 06.09.11/0.000% 4,990,960 0.559,000,000 Rabobank Nederland 17.11.11/1.363% 9,051,374 1.01
22,021,325 2.45
SWEDEN10,000,000 Nordea Bank 17.08.11/0.000% 9,983,270 1.11
9,983,270 1.11
JAPAN5,000,000 Bank of Tokyo-Mitsubishi 25.08.11/0.000% 4,991,538 0.55
4,991,538 0.55
113
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund
Schedule of Investments (Market Value Expressed in EUR)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
CANADA8,500,000 Bank of Montreal 29.07.11/1.280% 8,500,034 0.94
8,500,034 0.94
Total Certificates of Deposit 109,370,979 12.14
Investment Funds
LUXEMBOURG69,900,000 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM
Euro Liquidity X (dist)) 69,900,000 7.76
69,900,000 7.76
Total Investment Funds 69,900,000 7.76
Total Transferable Securities Dealt in on AnotherRegulated Market
569,788,769 63.23
Other Transferable Securities
Bonds
UNITED STATES OF AMERICA5,000,000 Lehman Brothers Holdings
(Defaulted) 05.04.11/0.000% 1,193,750 0.13
1,193,750 0.13
Total Bonds 1,193,750 0.13
Total Other Transferable Securities 1,193,750 0.13
Total Investments 788,816,471 87.53
Cash Equivalents
Time Deposits
BELGIUM70,000,000 KBC Groep 01.07.11/1.450% 70,000,000 7.77
70,000,000 7.77
Total Time Deposits 70,000,000 7.77
Total Cash Equivalents 70,000,000 7.77
Total Investments plus Total Cash Equivalents 858,816,471 95.30
Cash 53,752,241 5.96
Other Assets/(Liabilities) (11,390,215) (1.26)
Total Net Assets 901,178,497 100.00
* Variable coupon rates are those quoted as at 30 June 2011.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesFrance 29.87Netherlands 17.06Luxembourg 7.76United Kingdom 7.59Germany 7.03Sweden 5.59Belgium 3.33Finland 2.10Australia 1.80Denmark 1.00Canada 0.94Hong Kong 0.89Netherlands Antilles 0.78Ireland 0.67United States of America 0.57Japan 0.55Total Fixed Income Securities 87.53Cash Equivalents, Cash and Other Assets/(Liabilities) 12.47
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesNetherlands 23.51France 21.73United Kingdom 11.83Belgium 4.29Sweden 4.29Australia 3.97Germany 3.86United States of America 3.45Japan 2.04Denmark 1.61Finland 1.29Spain 1.02Ireland 0.64Total Fixed Income Securities 83.53Cash Equivalents, Cash and Other Assets/(Liabilities) 16.47
Total 100.00
114
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund
Schedule of Investments (Market Value Expressed in EUR) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR)
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund
Schedule of Investments - Outstanding Total Return Swaps (Expressed in EUR) (Please refer to note 2l)
As at 30 June 2011
EconomicExposure(in contract
currency) Currency Sub-Fund Receives Sub-Fund Pays Counterparty
UnrealisedGain/(Loss)
4,394,429 CHF Performance of the underlying basket CHF-1M-LIBOR +0.40% Merrill Lynch3,896
(3,097,083) CHF CHF-1M-LIBOR -0.35% Performance of the underlying basket Merrill Lynch20,776,497 CHF Performance of the underlying basket CHF-1M-LIBOR +0.40% Morgan Stanley
205,684(17,289,449) CHF CHF-1M-LIBOR - variable spread Performance of the underlying basket Morgan Stanley
13,499,496 DKK Performance of the underlying basket DKK-1M-CIBOR-DKNA13 +0.45% Merrill Lynch139,781
(10,915,899) DKK DKK-1M-CIBOR-DKNA13 -0.35% Performance of the underlying basket Merrill Lynch40,695,943 DKK Performance of the underlying basket DKK-1M-CIBOR-DKNA13 +0.40% Morgan Stanley
781,071(53,714,663) DKK DKK-1M-CIBOR-DKNA13 - variable spread Performance of the underlying basket Morgan Stanley
28,778,665 EUR Performance of the underlying basket EUR-1M-EURIBOR + 0.45% Merrill Lynch(201,611)
(29,290,020) EUR EUR-1M-EURIBOR - 0.35% Performance of the underlying basket Merrill Lynch109,485,040 EUR Performance of the underlying basket EUR-1M-EURIBOR + 0.40% Morgan Stanley
(729,034)(112,823,617) EUR EUR-1M-EURIBOR - variable spread Performance of the underlying basket Morgan Stanley
15,650,992 GBP Performance of the underlying basket GBP-1M-LIBOR +0.45% Merrill Lynch(577,260)
(16,238,993) GBP GBP-1M-LIBOR -0.35% Performance of the underlying basket Merrill Lynch50,482,944 GBP Performance of the underlying basket GBP-1M-LIBOR +0.40% Morgan Stanley
(890,906)(47,803,956) GBP GBP-1M-LIBOR - variable spread Performance of the underlying basket Morgan Stanley
12,296,205 NOK Performance of the underlying basket NOK-1M-NIBOR-NIBR + 0.45% Merrill Lynch(59,459)
(15,745,939) NOK NOK-1M-NIBOR-NIBR - 0.35% Performance of the underlying basket Merrill Lynch26,774,894 NOK Performance of the underlying basket NOK-1M-NIBOR-NIBR + 0.40% Morgan Stanley
(166,979)(18,272,522) NOK NOK-1M-NIBOR-NIBR - variable spread Performance of the underlying basket Morgan Stanley31,698,417 SEK Performance of the underlying basket SEK-1M-STIBOR-SIDE +0.45% Merrill Lynch
(109,572)(34,130,059) SEK SEK-1M-STIBOR-SIDE -0.35% Performance of the underlying basket Merrill Lynch
81,829,822 SEK Performance of the underlying basket SEK-1M-STIBOR-SIDE +0.40% Morgan Stanley194,383
(74,697,494) SEK SEK-1M-STIBOR-SIDE - variable spread Performance of the underlying basket Morgan Stanley711,332,525 USD Performance of the underlying basket USD-1M-LIBOR +0.35% Morgan Stanley
(5,343,464)(709,508,218) USD USD-1M-LIBOR - variable spread Performance of the underlying basket Morgan Stanley
168,766,212 USD Performance of the underlying basket USD-LIBOR + 0.30% Merrill Lynch(1,056,316)
(168,869,080) USD USD-1M-LIBOR Performance of the underlying basket Merrill Lynch
Total (7,809,786)
Net Geographic Distribution based on Economic Exposure of Swap Portfolio % of Total(expressed in Sub-Fund Currency) Net Assets
Austria 0.16%Switzerland 0.44%Italy 0.27%Ireland 0.20%United Kingdom 0.18%United States of America 0.13%Norway 0.13%Guernsey 0.12%Germany 0.07%Netherlands 0.06%France 0.06%Sweden 0.06%Germany 0.00%Cyprus (0.01%)Bermuda (0.04%)Jersey (0.05%)Denmark (0.16%)Belgium (0.16%)Luxembourg (0.21%)Portugal (0.25%)Finland (0.29%)Spain (0.36%)
116
Transferable Securities Admitted to an Official Exchange Listing
Shares and Warrants
UNITED STATES OF AMERICA96,479 AbitibiBowater 1,942,122 0.0310,900 Ally Financial 144A Preference Shares 10,240,891 0.14
1,109 Dex One 2,889 0.00367,674 General Motors 11,120,300 0.15167,968 General Motors - Warrants 10.07.16 3,576,039 0.05167,968 General Motors - Warrants 10.07.19 2,641,297 0.0340,000 General Motors Preference Shares 1,940,800 0.03704,913 General Motors Preference Shares 458,193 0.01479,196 General Motors Preference Shares 311,477 0.00290,634 General Motors Preference Shares 188,912 0.00166,826 General Motors Preference Shares 108,437 0.0084,916 General Motors Preference Shares 55,195 0.0025,581 General Motors Preference Shares 16,628 0.00
2,110 General Motors Preference Shares 1,371 0.0060,000 GMAC Capital Trust I 1,533,600 0.0233,775 iPATH S&P 500 VIX Short-Term Futures 721,265 0.01
111,544 M/I HOMES Preference Shares 1,928,596 0.034,957 Quad/Graphics 191,588 0.00
140,343 US Concrete 1,226,598 0.01157,500 WisdomTree Dreyfus Chinese Yuan Fund 4,003,650 0.05
42,209,848 0.56
NETHERLANDS10,129 LyondellBasell Industries - A Shares 388,751 0.00
388,751 0.00
Total Shares and Warrants 42,598,599 0.56
Bonds
UNITED STATES OF AMERICA2,125,000 ACCO Brands 15.03.15/10.625% 2,382,656 0.031,215,000 ACCO Brands 15.08.15/7.625% 1,208,925 0.021,675,000 AES 15.10.17/8.000% 1,782,309 0.022,930,000 Alcatel-Lucent USA 15.03.29/6.450% 2,600,492 0.042,345,000 American Axle & Manufacturing 01.03.17/7.875% 2,348,447 0.035,900,000 American International Group 22.05.38/8.625%* 9,837,221 0.13
810,000 Chesapeake Energy 15.08.20/6.625% 843,753 0.013,000,000 Chiquita Brands International 01.11.14/7.500% 3,037,500 0.044,640,000 Chiquita Brands International 01.12.15/8.875% 4,752,149 0.062,510,000 Cincinnati Bell 15.10.20/8.375% 2,484,523 0.038,973,294 CIT Group 01.05.14/7.000% 9,074,243 0.12
456,817 CIT Group 01.05.15/7.000% 457,612 0.018,238,030 CIT Group 01.05.16/7.000% 8,236,547 0.111,779,243 CIT Group 01.05.17/7.000% 1,773,816 0.02779,000 Clean Harbors 15.08.16/7.625% 831,582 0.01
5,393,000 Community Health Systems 15.07.15/8.875% 5,524,886 0.072,700,000 Constellation Brands 01.09.16/7.250% 2,945,173 0.04
425,000 Corrections Corp. of America 15.03.13/6.250% 426,734 0.011,020,000 Corrections Corp. of America 31.01.14/6.750% 1,043,246 0.01
885,000 Corrections Corp. of America 01.06.17/7.750% 962,623 0.012,225,000 Crown Castle International 15.01.15/9.000% 2,423,025 0.031,140,000 Dana Holding 15.02.19/6.500% 1,134,300 0.01
3,610,000 Edison Mission Energy 15.06.16/7.750% 3,240,896 0.042,250,000 Edison Mission Energy 15.05.17/7.000% 1,829,475 0.024,870,000 Edison Mission Energy 15.05.19/7.200% 3,854,922 0.05
770,000 El Paso 15.06.14/6.875% 864,123 0.01930,000 Encore Acquisition 01.05.16/9.500% 1,038,112 0.01840,000 Energy Future Intermediate
Holding 01.12.20/10.000% 895,360 0.01480,000 EXCO Resources 15.09.18/7.500% 466,949 0.01925,000 Fidelity National Information
Services 15.07.17/7.625% 982,812 0.01195,000 Fidelity National Information
Services 15.07.20/7.875% 207,187 0.00
5,191,000 Ford Holdings 01.03.30/9.300% 6,618,811 0.09150,000 Ford Motor 01.08.26/7.500% 155,590 0.00750,000 Ford Motor 15.06.43/7.750% 767,722 0.01550,000 Ford Motor 15.02.47/9.980% 663,091 0.01500,000 Ford Motor Credit 01.06.12/7.800% 524,150 0.01
1,000,000 Ford Motor Credit 01.06.14/8.000% 1,095,650 0.022,400,000 Ford Motor Credit 15.04.15/7.000% 2,585,112 0.037,150,000 Ford Motor Credit 15.12.16/8.000% 8,055,976 0.112,735,000 Ford Motor Credit 15.08.17/6.625% 2,923,141 0.044,380,000 Ford Motor Credit 15.05.18/5.000% 4,357,114 0.06
1,740,000 Case New Holland 144A 01.12.17/7.875% 1,914,000 0.035,250,736 Catalent Pharma Solutions 15.04.15/9.500%* 5,276,990 0.07200,000 CCH II Capital 30.11.16/13.500% 235,900 0.00840,000 CCO Holdings Capital 30.10.17/7.250% 867,720 0.01
3,145,000 CCO Holdings Capital 30.04.18/7.875% 3,322,692 0.04730,000 CCO Holdings Capital 15.01.19/7.000% 733,705 0.01575,000 CCO Holdings Capital 144A 15.01.19/7.000% 583,625 0.01
1,669,630 Centex Home Equity 2005-C AF6 25.06.35/4.638%* 1,648,579 0.021,735,000 Central Garden and Pet 01.03.18/8.250% 1,806,777 0.02
2,305,000 Crosstex Energy 15.02.18/8.875% 2,460,587 0.03675,000 Dave & Buster’s 01.06.18/11.000% 722,250 0.01
2,205,000 Del Monte Foods 144A 15.02.19/7.625% 2,238,075 0.031,471,378 Delta Air Lines 2007-1 C 10.08.14/8.954% 1,517,432 0.021,285,201 Deutsche ALT-A Securities
2,566,783 Fannie Mae InterestStrip366 18 01.10.35/4.000% 246,674 0.00
3,482,105 Fannie Mae Interest Strip 377 2 01.10.36/5.000% 782,585 0.015,085,976 Fannie Mae Interest Strip 379 2 01.05.37/5.500% 1,037,897 0.01
13,280,203 Fannie Mae InterestStrip 390 C7 25.07.23/4.000% 1,139,887 0.02
20,892,795 Fannie Mae InterestStrip 390 C8 25.07.23/4.500% 2,144,443 0.03
4,967,483 Fannie Mae REMICS 2003-22 IO 25.04.33/6.000% 1,084,572 0.017,807,091 Fannie Mae REMICS 2003-80 DI 25.10.31/5.500% 903,216 0.012,780,196 Fannie Mae REMICS 2004-17 DS 25.11.32/6.964%* 284,013 0.002,556,705 Fannie Mae REMICS 2004-41 SA 25.02.32/6.964%* 276,436 0.005,089,717 Fannie Mae REMICS
2004-60 SW 25.04.34/6.864%* 957,583 0.011,664,923 Fannie Mae REMICS 2004-61 NS 25.08.34/7.514%* 290,960 0.004,381,152 Fannie Mae REMICS 2004-72 S 25.09.34/6.314%* 796,811 0.013,942,171 Fannie Mae REMICS 2004-92 SQ 25.05.34/6.464%* 687,443 0.012,306,261 Fannie Mae REMICS 2005-13 AS 25.03.35/5.914%* 315,609 0.004,721,651 Fannie Mae REMICS 2005-23 SG 25.04.35/6.514%* 868,892 0.01
18,436,466 Fannie Mae REMICS 2005-74 SE 25.09.35/5.914%* 2,630,412 0.048,567,563 Fannie Mae REMICS 2005-79 NS 25.09.35/5.904%* 1,141,624 0.022,784,769 Fannie Mae REMICS
2006-106 CS 25.11.36/6.404%* 451,488 0.012,748,671 Fannie Mae REMICS 2006-108 S 25.11.36/7.014%* 525,051 0.017,713,491 Fannie Mae REMICS
14,616,653 Fannie Mae REMICS 2006-43 SD 25.06.36/6.414%* 2,156,776 0.0324,610,811 Fannie Mae REMICS 2006-58 SI 25.07.36/6.354%* 3,792,989 0.052,268,377 Fannie Mae REMICS 2006-72 XI 25.08.36/6.314%* 314,607 0.007,221,073 Fannie Mae REMICS 2007-109 GI 25.12.37/5.884%* 1,202,790 0.024,852,595 Fannie Mae REMICS 2007-30 UI 25.04.37/5.914%* 790,731 0.01
20,742,617 Fannie Mae REMICS 2007-33 SD 25.04.37/5.916%* 3,371,304 0.0420,043,729 Fannie Mae REMICS 2007-36 SB 25.04.37/6.414%* 3,297,312 0.04
10,828,087 Fannie Mae REMICS 2007-55 S 25.06.37/6.574%* 1,927,731 0.037,815,757 Fannie Mae REMICS 2008-17 KS 25.11.37/6.164%* 1,138,089 0.02
13,072,434 Fannie Mae REMICS 2008-36 AI 25.05.38/6.774%* 1,826,854 0.023,303,141 Fannie Mae REMICS 2008-41 S 25.11.36/6.614%* 661,603 0.01
12,696,719 Fannie Mae REMICS 2008-61 S 25.07.38/5.914%* 1,854,913 0.0218,516,425 Fannie Mae REMICS 2008-71 SB 25.10.29/6.299%* 1,846,106 0.027,787,230 Fannie Mae REMICS 2008-87 AS 25.07.33/7.464%* 1,258,976 0.02
28,609,829 Fannie Mae REMICS2009-110 SD 25.01.40/6.064%* 4,153,441 0.06
35,201,374 Fannie Mae REMICS 2009-87 SG 25.11.39/6.064%* 5,174,510 0.079,393,466 Fannie Mae REMICS 2009-87 SX 25.11.39/6.064%* 1,307,516 0.02
13,402,654 Fannie Mae REMICS 2009-95 HI 25.12.38/6.000% 2,213,518 0.0327,392,210 Fannie Mae REMICS
2010-107 PS 25.06.40/6.444%* 4,959,253 0.0712,736,505 Fannie Mae REMICS
2010-107 SP 25.06.40/6.464%* 2,306,143 0.0322,655,614 Fannie Mae REMICS 2010-131 SA 25.11.40/6.414%* 4,286,587 0.0636,628,112 Fannie Mae REMICS
2010-139 SA 25.12.40/5.844%* 6,268,638 0.0828,187,437 Fannie Mae REMICS 2010-99 SD 25.03.39/5.906%* 4,351,379 0.06
40,000,000 Federal Home Loan Mortgage 04.02.13/0.140%* 39,991,040 0.535,615,898 FGI Holding 01.10.15/11.250%* 5,665,037 0.08
183,000 First Data 24.09.15/9.875% 185,348 0.00575,000 First Data 144A 15.06.19/7.375% 576,437 0.01
3,225,000 First Data 144A 15.08.20/8.875% 3,434,625 0.057,878,000 First Data 144A 15.01.21/12.625% 8,340,832 0.112,805,000 First Data 144A 15.01.21/8.250% 2,727,862 0.041,996,000 First Data 144A 15.01.22/8.750%* 1,937,807 0.031,549,090 First Horizon Alternative
4,073,919 First Horizon Asset Securities2007-5 A4 25.11.37/6.250% 3,477,622 0.05
24,961,164 Freddie Mac REMICS 3045 DI 15.10.35/6.543%* 4,057,869 0.0510,696,584 Freddie Mac REMICS 3155 PS 15.05.36/6.963%* 1,873,951 0.03
3,794,628 Freddie Mac REMICS 3171 ST 15.06.36/6.298%* 599,535 0.013,932,535 Freddie Mac REMICS 3181 PS 15.07.36/6.283%* 708,457 0.013,563,818 Freddie Mac REMICS 3218 AS 15.09.36/6.393%* 650,554 0.013,629,770 Freddie Mac REMICS 3236 IS 15.11.36/6.463%* 581,274 0.016,862,614 Freddie Mac REMICS 3311 IA 15.05.37/6.223%* 1,089,067 0.016,862,614 Freddie Mac REMICS 3311 IB 15.05.37/6.223%* 1,089,067 0.016,862,614 Freddie Mac REMICS 3311 IC 15.05.37/6.223%* 1,089,067 0.016,862,614 Freddie Mac REMICS 3311 ID 15.05.37/6.223%* 1,089,067 0.01
10,019,932 Freddie Mac REMICS 3311 IE 15.05.37/6.223%* 1,590,994 0.023,069,365 Freddie Mac REMICS 3370 SH 15.10.37/6.263%* 502,205 0.01
14,750,654 Freddie Mac REMICS 3612 JI 15.05.24/4.500% 1,988,865 0.0316,928,719 Freddie Mac REMICS 3751 MI 15.02.34/4.000% 2,177,287 0.03
35,744,470 Freddie Mac REMICS 3754 NS 15.11.34/6.463%* 5,786,712 0.083,031,661 Freddie Mac REMICS 3762 CS 15.04.35/6.513%* 528,302 0.01
3,000,000 General Electric Capital 15.08.11/0.331%* 3,000,819 0.044,000,000 General Motors 15.07.23/8.250% 120,000 0.001,650,000 Genworth Life Institutional
946,000 JBS USA 01.05.14/11.625% 1,092,630 0.011,230,000 JDA Software Group 15.12.14/8.000% 1,353,000 0.022,276,000 Jefferson Smurfit 01.10.12/8.250% 71,125 0.002,116,136 JP Morgan Alternative Loan
2,400,000 Liberty Mutual Group 144A 15.03.37/7.800% 2,388,000 0.0311,300,000 Liberty Mutual Group 144A 15.06.58/10.750%* 15,020,356 0.201,800,000 Liberty Tire Recycling 144A 01.10.16/11.000% 1,912,500 0.03
980,000 Linn Energy 15.04.20/8.625% 1,060,551 0.01540,000 Linn Energy 144A 15.05.19/6.500% 530,550 0.01990,000 Linn Energy 144A 01.02.21/7.750% 1,027,125 0.01
1,200,000 Long Beach Mortgage LoanTrust 2004-3 M1 25.07.34/0.756%* 950,872 0.01
370,000 Longview Fibre Paper &Packaging 144A 01.06.16/8.000% 371,850 0.01
8,050,000 Lyondell Chemical 01.05.18/11.000% 8,943,067 0.12832,000 Lyondell Chemical 144A 01.11.17/8.000% 923,761 0.01875,000 Mantech International 15.04.18/7.250% 918,750 0.01540,000 Marina District Finance 144A 15.10.15/9.500% 557,280 0.01
2,515,000 Marina District Finance 144A 15.08.18/9.875% 2,582,905 0.033,733,050 MASTR Alternative Loans Trust
2005-5 3A1 25.08.35/5.750% 3,212,949 0.04
3,025,000 McJunkin Red Man 144A 15.12.16/9.500% 3,070,375 0.041,415,000 MEMC Electronic Materials 144A 01.04.19/7.750% 1,400,850 0.02
1,600,000 MetLife Capital Trust X 144A 08.04.38/9.250% 1,960,000 0.032,800,000 Metropolitan Life Global
Funding I 144A 09.11.11/5.125% 2,846,309 0.041,800,000 Metropolitan Life Global
Funding I 144A 10.04.13/5.125% 1,915,918 0.032,100,000 Metropolitan Life Global
Funding I 144A 18.09.13/5.200% 2,283,935 0.031,680,000 MGM Resorts International 15.03.20/9.000% 1,846,505 0.029,350,000 MGM Resorts International 144A 01.11.16/10.000% 9,997,862 0.131,450,000 Michael Foods 144A 15.07.18/9.750% 1,551,500 0.02
14,645,000 Michaels Stores 01.11.16/0.000%* 15,175,881 0.205,000,000 Michaels Stores 01.11.16/11.375% 5,350,000 0.071,720,000 Michaels Stores 144A 01.11.18/7.750% 1,715,700 0.024,100,792 Midwest Generation 02.01.16/8.560% 4,203,311 0.062,086,878 Morgan Stanley ABS Capital I
2004-OP1 M1 25.11.34/0.766%* 1,714,249 0.02769,166 Morgan Stanley Capital I
440,000 Ply Gem Industries 144A 15.02.18/8.250% 415,800 0.012,120,000 Polymer Group 144A 01.02.19/7.750% 2,135,900 0.031,325,000 Polypore International 15.11.17/7.500% 1,411,125 0.02
2,800,000 Pricoa Global Funding I 144A 25.06.12/4.625% 2,884,314 0.043,500,000 Pricoa Global Funding I 144A 26.06.12/0.377%* 3,483,613 0.051,626,932 Prime Mortgage Trust
5,080,000 Simmons Bedding 144A 15.07.15/11.250% 5,359,400 0.07205,000 Sinclair Television Group 15.10.18/8.375% 215,250 0.00670,000 Sinclair Television Group 144A 01.11.17/9.250% 737,335 0.01
40,000,000 Deutsche Bank 29.08.11/0.000% 39,987,571 0.5329,000,000 Deutsche Bank 16.11.11/0.000% 28,969,255 0.3820,000,000 Deutsche Bank 01.12.11/0.000% 19,976,778 0.26
5,000,000 Erste Abwicklungsanstalt 14.12.11/0.000% 4,991,606 0.0710,000,000 NRW Bank 06.07.11/0.000% 9,999,617 0.135,000,000 NRW Bank 11.07.11/0.000% 4,999,462 0.07
20,000,000 NRW Bank 14.07.11/0.000% 19,998,309 0.2610,000,000 NRW Bank 28.11.11/0.000% 9,989,034 0.1350,000,000 NRW Bank 14.12.11/0.000% 49,946,943 0.66
274,131,848 3.62
FRANCE20,000,000 BNP Paribas 09.08.11/0.000% 19,987,624 0.2640,000,000 BNP Paribas 26.10.11/0.000% 39,946,245 0.5325,000,000 Caisse d’Amortissement de la
Dette Sociale 07.07.11/0.000% 24,998,196 0.3376,000,000 Caisse d’Amortissement de la
20,000,000 Société Générale 15.08.11/0.000% 19,993,611 0.27
273,305,706 3.61
SWITZERLAND25,000,000 Crédit Suisse 26.10.11/0.000% 24,976,106 0.3350,000,000 Mont Blanc Capital 05.07.11/0.000% 49,999,028 0.6630,000,000 Mont Blanc Capital 13.07.11/0.000% 29,998,427 0.4070,000,000 Mont Blanc Capital 12.08.11/0.000% 69,986,622 0.92
174,960,183 2.31
123
JPMorgan Investment Funds - Income Opportunity Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
UNITED KINGDOM40,000,000 Barclays Bank 22.09.11/0.000% 39,967,278 0.5350,000,000 BNZ International Funding 24.08.11/0.000% 49,984,168 0.6615,830,000 Thames Asset Global
Securitization 20.07.11/0.000% 15,828,042 0.2136,000,000 Thames Asset Global
Securitization 29.07.11/0.000% 35,993,550 0.4725,000,000 Thames Asset Global
Securitization 18.08.11/0.000% 24,994,114 0.33
166,767,152 2.20
BELGIUM25,000,000 Royal Park Investments 01.07.11/0.000% 24,999,819 0.3310,000,000 Royal Park Investments 13.07.11/0.000% 9,999,028 0.1322,000,000 Royal Park Investments 20.07.11/0.000% 21,996,709 0.29
56,995,556 0.75
SWEDEN30,000,000 Svenska Handelsbanken 15.07.11/0.000% 29,996,471 0.4010,000,000 Svenska Handelsbanken 08.12.11/0.000% 9,989,433 0.13
39,985,904 0.53
INTERNATIONAL AGENCIES25,000,000 European Investment Bank 08.07.11/0.000% 24,998,901 0.33
24,998,901 0.33
LUXEMBOURG25,000,000 Banque et Caisse d’Epargne de
NEW ZEALAND10,000,000 ASB Finance 01.08.11/0.000% 9,998,193 0.13
9,998,193 0.13
Total Commercial Papers 3,034,517,937 40.11
Certificates of Deposit
JAPAN18,000,000 Bank of Tokyo-Mitsubishi 26.07.11/0.400% 18,000,000 0.2425,000,000 Bank of Tokyo-Mitsubishi 07.08.11/0.190% 25,000,000 0.3310,000,000 Bank of Tokyo-Mitsubishi 08.08.11/0.400% 10,000,000 0.1310,000,000 Bank of Tokyo-Mitsubishi 22.08.11/0.000% 9,994,238 0.1325,000,000 Mitsubishi Trust & Banking 01.07.11/0.240% 25,000,000 0.3340,000,000 Mitsubishi Trust & Banking 25.07.11/0.230% 40,000,000 0.5325,000,000 Mizuho Corporate Bank 01.07.11/0.200% 25,000,000 0.3320,000,000 Mizuho Corporate Bank 07.07.11/0.200% 20,000,000 0.2750,000,000 Mizuho Corporate Bank 12.07.11/0.190% 50,000,000 0.6625,000,000 Norinchukin Bank 05.07.11/0.230% 25,000,000 0.3320,000,000 Norinchukin Bank 06.07.11/0.220% 20,000,000 0.2730,000,000 Norinchukin Bank 11.07.11/0.220% 30,000,000 0.4020,000,000 Norinchukin Bank 14.07.11/0.210% 20,000,000 0.2625,000,000 Norinchukin Bank 18.07.11/0.220% 25,000,000 0.3350,000,000 Shizuoka Bank 08.07.11/0.210% 50,000,000 0.6615,000,000 Sumitomo Mitsui Banking 01.07.11/0.200% 15,000,000 0.2025,000,000 Sumitomo Mitsui Banking 05.07.11/0.180% 25,000,000 0.3320,000,000 Sumitomo Mitsui Banking 25.08.11/0.350% 20,000,000 0.2625,000,000 Sumitomo Trust & Banking 08.07.11/0.000% 24,998,765 0.33
477,993,003 6.32
UNITED STATES OF AMERICA20,000,000 Bank of Nova Scotia/Houston 21.07.11/0.180%* 20,000,000 0.2725,000,000 BNP Paribas/New York 26.09.11/0.550% 25,000,000 0.3315,000,000 BNP Paribas/New York 05.10.11/0.490% 15,000,000 0.2010,000,000 BNP Paribas/New York 04.11.11/0.440% 10,000,000 0.1336,000,000 Crédit Industriel et Commercial 18.07.11/0.260% 36,000,000 0.4810,000,000 Crédit Industriel et Commercial 01.08.11/0.245% 10,000,044 0.13
100,000,000 Crédit Industriel et Commercial 19.08.11/0.225% 100,000,702 1.3210,000,000 Crédit Industriel et Commercial 26.08.11/0.300% 10,000,080 0.13
10,000,000 Crédit Industriel et Commercial 06.09.11/0.285% 10,000,096 0.1310,000,000 Deutsche Bank/New York 04.10.11/0.350% 10,000,000 0.1320,000,000 DnB NOR Bank/New York 14.07.11/0.210% 20,000,000 0.2711,000,000 DnB NOR Bank/New York 27.07.11/0.195% 11,000,000 0.1525,000,000 DnB NOR Bank/New York 01.08.11/0.190% 25,000,000 0.3310,000,000 Natixis/New York 17.10.11/0.320%* 10,000,000 0.1320,000,000 RBC/New York 20.07.11/0.230%* 20,000,000 0.2625,000,000 Société Générale/New York 12.08.11/0.250% 25,000,000 0.332,000,000 Sumitomo Mitsui Banking
/New York 25.07.11/0.424% 2,000,000 0.0350,000,000 The Bank of
Tokyo-Mitsubishi/New York 18.07.11/0.190% 50,000,000 0.6650,000,000 UBS/Stamford Branch 29.08.11/0.190% 50,000,000 0.66
459,000,922 6.07
UNITED KINGDOM40,000,000 Barclays Bank 22.09.11/0.350% 40,000,000 0.5330,000,000 Barclays Bank 07.11.11/0.270% 30,000,000 0.4015,000,000 Clydesdale Bank 15.07.11/0.300% 15,000,032 0.2010,000,000 Clydesdale Bank 09.09.11/0.295% 10,000,099 0.1310,000,000 Crédit Agricole/London 08.07.11/0.310% 10,000,000 0.1325,000,000 Crédit Agricole/London 15.07.11/0.280% 25,000,000 0.3350,000,000 Crédit Agricole/London 11.08.11/0.250% 50,000,000 0.66
5,000,000 HSBC Bank 16.08.11/0.580% 5,000,000 0.0725,000,000 HSBC Bank 19.08.11/0.570% 25,000,173 0.3320,000,000 HSBC Bank 22.08.11/0.530% 20,000,000 0.2620,000,000 HSBC Bank 23.08.11/0.510% 20,000,000 0.2615,000,000 HSBC Bank 26.08.11/0.350% 15,000,000 0.2015,000,000 HSBC Bank 16.09.11/0.465% 15,000,000 0.2025,000,000 HSBC Bank 29.09.11/0.330% 25,000,000 0.3325,000,000 Lloyds TSB Bank 05.08.11/0.250% 25,000,000 0.3315,000,000 Lloyds TSB Bank 15.08.11/0.240% 15,000,000 0.2050,000,000 Lloyds TSB Bank 09.09.11/0.220% 50,000,000 0.6620,000,000 RBS 29.07.11/0.200% 20,000,000 0.27
415,000,304 5.49
NETHERLANDS100,000,000 ABN Amro Bank 18.07.11/0.195% 100,000,258 1.32
9,000,000 ING Bank 01.07.11/0.330% 9,000,000 0.1225,000,000 ING Bank 11.08.11/0.270% 25,000,000 0.3325,000,000 ING Bank 22.08.11/0.260% 25,000,000 0.3325,000,000 ING Bank 02.09.11/0.260% 25,000,000 0.3319,000,000 Nederlandse Waterschapsbank 28.10.11/0.000% 18,981,151 0.254,000,000 Rabobank Nederland 06.09.11/0.460% 4,000,075 0.06
10,000,000 Rabobank Nederland 03.11.11/0.280% 10,000,000 0.13
Australia 06.07.11/0.240% 10,000,000 0.1337,000,000 Commonwealth Bank of
Australia 12.12.11/0.230% 37,000,000 0.4925,000,000 National Australia Bank 07.09.11/0.340% 25,000,000 0.3330,000,000 National Australia Bank 29.09.11/0.340% 30,000,381 0.40
3,000,000 National Australia Bank 01.11.11/0.250% 3,000,000 0.0410,000,000 National Australia Bank 28.11.11/0.300% 10,000,000 0.1310,000,000 National Australia Bank 12.12.11/0.283% 10,000,116 0.132,000,000 Rabobank Nederland Australia 10.08.11/0.000% 1,999,096 0.03
NORWAY10,000,000 DnB NOR Bank 11.07.11/0.220% 10,000,015 0.1350,000,000 DnB NOR Bank 05.08.11/0.195% 50,000,000 0.6650,000,000 DnB NOR Bank 09.09.11/0.000% 49,981,070 0.66
109,981,085 1.45
124
JPMorgan Investment Funds - Income Opportunity Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
DENMARK105,000,000 Danske Bank 20.07.11/0.185% 105,000,321 1.39
105,000,321 1.39
CANADA31,000,000 Bank of Nova Scotia 26.08.11/0.190% 31,000,000 0.4125,000,000 Bank of Nova Scotia 31.08.11/0.190% 25,000,000 0.3320,000,000 Bank of Nova Scotia 01.09.11/0.190% 20,000,000 0.2610,750,000 Bank of Nova Scotia 06.09.11/0.430% 10,750,000 0.1415,000,000 National Bank of Canada 06.07.11/0.230% 15,000,000 0.20
101,750,000 1.34
SWEDEN15,000,000 Nordea Bank 08.07.11/0.210% 15,000,000 0.2030,000,000 Svenska Handelsbanken 25.08.11/0.350% 30,000,000 0.39
UNITED STATES OF AMERICA350,208 Advent Claymore Global Convertible Securities &
Income Fund 3,144,870 0.04137,000 Dreyfus High Yield Strategies Fund 665,820 0.01305,100 ING Prime Rate Trust 1,874,840 0.02259,000 Invesco Van Kampen Senior Income Trust 1,301,475 0.02399,500 Nuveen Multi-Strategy Income and Growth Fund 2 3,647,435 0.05801,000 Nuveen Municipal Value Fund 7,405,245 0.10
50,700 SPDR Barclays Capital High Yield Bond 2,030,282 0.03
20,069,967 0.27
Total Investment Funds 20,069,967 0.27
Total Transferable Securities Dealt in on AnotherRegulated Market
6,923,614,868 91.52
Other Transferable Securities
Bonds
UNITED STATES OF AMERICA4,000,000 ACL I 144A 15.02.16/10.625%* 3,700,000 0.051,250,000 Chukchansi Economic
UNITED STATES OF AMERICA647,000 US Concrete 144A 31.08.15/9.500% 779,635 0.01
779,635 0.01
Total Convertible Bonds 779,635 0.01
Total Other Transferable Securities 19,423,676 0.26
Total Investments 7,464,432,184 98.67
Cash 240,432,781 3.18
Other Assets/(Liabilities) (139,643,065) (1.85)
Total Net Assets 7,565,221,900 100.00
* Variable coupon rates are those quoted as at 30 June 2011.
125
JPMorgan Investment Funds - Income Opportunity Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesUnited States of America 50.36United Kingdom 8.17Australia 7.84Japan 6.59France 6.23Germany 3.63Netherlands 3.03Switzerland 2.51Canada 1.91Norway 1.59Denmark 1.39Sweden 1.12Luxembourg 1.02Belgium 0.75Finland 0.59International Agencies 0.33Marshall Islands 0.17Ireland 0.14New Zealand 0.13Bermuda 0.12Liberia 0.10Cayman Islands 0.03Mexico 0.01Total Fixed Income Securities 97.76Shares and WarrantsFinancials 0.30Consumer Discretionary 0.30Investment Companies 0.27Materials 0.04Industrials 0.00Total Shares and Warrants 0.91Cash and Other Assets/(Liabilities) 1.33
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 58.49Japan 8.46United Kingdom 5.88France 4.23Australia 3.67Germany 2.34Canada 1.70Sweden 1.59Switzerland 1.59Netherlands 1.54Jersey 1.27International Agencies 1.06Luxembourg 1.02Denmark 0.95Ireland 0.75Belgium 0.74Finland 0.53Marshall Islands 0.25Liberia 0.16Bermuda 0.07Norway 0.05Total Fixed Income Securities 96.34SharesFinancials 0.32Investment Companies 0.29Materials 0.29Consumer Discretionary 0.09Industrials 0.00Total Shares 0.99Cash Equivalents, Cash and Other Assets/(Liabilities) 2.67
Total 100.00
126
JPMorgan Investment Funds - Income Opportunity Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - Income Opportunity Fund
Schedule of Investments - Outstanding To be Announced Securities (Expressed in USD)
As at 30 June 2011
MaturityDate Name of Securities Coupon
NominalValue
MarketValue
UnrealisedGain/(Loss)
To be Announced Securities - Long Positions
UNITED STATES OF AMERICA
25-Jun-39 Fannie Mae 5.500% 133,220,000 144,075,125 (849,991)25-Jul-39 Fannie Mae 4.500% 56,187,500 58,180,400 (25,285)25-Jul-41 Fannie Mae 3.500% 33,315,000 31,956,373 166,57525-Aug-41 Fannie Mae 4.500% 79,974,000 82,610,639 (431,413)
Total To be Announced Securities - Long Positions 316,822,537 (1,140,113)
To be Announced Securities - Short Positions
UNITED STATES OF AMERICA
25-Jun-39 Fannie Mae 5.500% (133,220,000) (144,075,125) (559,757)25-Jul-39 Fannie Mae 5.500% (33,370,500) (36,081,863) (13,043)25-Aug-39 Fannie Mae 5.500% (133,291,000) (143,850,180) 714,86225-Jul-41 Fannie Mae 4.000% (66,632,000) (66,819,403) (572,619)
Total To be Announced Securities - Short Positions(390,826,571) (430,557)
Total (74,004,034) (1,570,670)
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 (1,503) US 2 Year Note Future USD (329,779,335) 193,852Sep-11 (844) US 5 Year Note Future USD (100,828,328) (447,907)Sep-11 (1,561) US 10 Year Note Future USD (191,454,212) 1,331,070Sep-11 (46) US Long Bond Future USD (5,665,906) 111,406
Total Bond Futures1,188,421
Interest Rate Futures
Jul-11 263 Fed Fund 30 Day Future USD 109,485,248 90,872Sep-11 (167) 90 Day Bank Bill Future AUD (177,098,141) 34,528Sep-11 (770) 90 Day Euro$ Future USD (191,821,438) (43,313)Oct-11 189 Fed Fund 30 Day Future USD 78,640,134 53,161Nov-11 189 Fed Fund 30 Day Future USD 78,632,259 76,787Dec-11 (661) 90 Day Bank Bill Future AUD (700,935,134) (391,262)Dec-11 (137) 90 Day Euro$ Future USD (34,100,156) 4,281Mar-12 (434) 90 Day Euro$ Future USD (107,954,788) (124,425)Mar-12 (1,134) Fed Fund 30 Day Future USD (471,462,777) (479,101)Jun-12 (441) 90 Day Euro$ Future USD (109,569,206) 25,869Sep-12 (433) 90 Day Euro$ Future USD (107,384,000) (219,813)Dec-12 (999) 90 Day Euro$ Future USD (247,165,088) (658,324)Mar-13 (192) 90 Day Euro$ Future USD (47,384,400) (217,438)Jun-13 (192) 90 Day Euro$ Future USD (47,263,200) 69,000Jun-14 4 90 Day Euro$ Future USD 974,325 (275)Dec-14 565 90 Day Euro$ Future USD 136,931,281 263,469
Total Interest Rate Futures(1,515,984)
Total (327,563)
127
JPMorgan Investment Funds - Income Opportunity Fund
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)
900 Cawachi 17,621 0.321,400 Century Tokyo Leasing 25,101 0.452,000 Chugoku Marine Paints 15,572 0.281,200 Circle K Sunkus 18,619 0.331,000 Cocokara Fine 25,243 0.45
500 Cosmos Pharmaceutical 21,078 0.381,500 Credit Saison 25,088 0.45
1,800 Teikoku Piston Ring 21,541 0.39800 THK 20,235 0.36
5,000 Toagosei 25,033 0.451,300 Tokyo Seimitsu 25,026 0.456,000 Tosoh 23,934 0.434,000 Toyo Ink SC Holdings 19,182 0.346,000 Toyo Tire & Rubber 15,113 0.275,400 Toyota Motor 220,771 3.961,300 Toyota Tsusho 22,114 0.403,000 Tsubakimoto Chain 18,370 0.33
11 TV Asahi 16,624 0.301,200 Unipres 30,918 0.562,700 U-Shin 22,395 0.401,700 Valor 23,698 0.43
137
JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund
Schedule of Investments (Market Value Expressed in USD)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
600 Yachiyo Bank 16,829 0.302,000 Yaskawa Electric 22,284 0.403,000 Yokohama Rubber 17,197 0.311,200 Yorozu 26,376 0.473,000 Zeon 27,899 0.50
5,413,641 97.12
Total Shares 5,413,641 97.12
Total Transferable Securities Admitted to an OfficialExchange Listing
5,413,641 97.12
Total Investments 5,413,641 97.12
Cash 244,506 4.39
Other Assets/(Liabilities) (83,765) (1.51)
Total Net Assets 5,574,382 100.00
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
SharesConsumer Discretionary 28.01Industrials 20.37Financials 14.02Materials 11.73Telecommunication Services 7.68Information Technology 7.48Consumer Staples 3.31Energy 3.05Health Care 1.47Total Shares 97.12Cash and Other Assets/(Liabilities) 2.88
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
SharesConsumer Discretionary 26.86Industrials 24.42Financials 14.30Materials 12.12Information Technology 8.51Telecommunication Services 6.20Energy 2.26Utilities 1.76Health Care 1.33Consumer Staples 0.97Total Shares 98.73Cash and Other Assets/(Liabilities) 1.27
Total 100.00
138
JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Transferable Securities Admitted to an Official Exchange Listing
Shares
JAPAN290,000 77 Bank 101,355,000 0.79
85,200 Astellas Pharma 265,398,000 2.07569,000 Bank of Yokohama 227,600,000 1.78
69,300 Benesse Holdings 239,085,000 1.8778,000 Chiba Bank 39,234,000 0.31
130,400 Coca-Cola West 200,620,400 1.572,066 Dai-ichi Life Insurance 232,115,100 1.81
61,300 Electric Power Development 133,511,400 1.04342,000 Fuji Heavy Industries 213,066,000 1.67403,000 Fujikura 147,699,500 1.15662,000 Fukuoka Financial Group 221,108,000 1.73128,500 Hitachi Capital 139,422,500 1.09
1,483,000 Hokuhoku Financial Group 235,055,500 1.8423,200 Idemitsu Kosan 198,592,000 1.55
394,700 ITOCHU 328,785,100 2.571,097 Japan Tobacco 339,521,500 2.66
123,300 Suzuki Motor 222,618,150 1.74131,600 Tokio Marine Holdings 295,310,400 2.31117,300 Tokyo Steel Manufacturing 99,118,500 0.77163,200 Toyota Motor 537,744,000 4.2043,800 Yakult Honsha 101,637,900 0.80
12,712,928,170 99.40
Total Shares 12,712,928,170 99.40
Total Transferable Securities Admitted to anOfficial Exchange Listing
12,712,928,170 99.40
Total Investments 12,712,928,170 99.40
Cash 133,103,263 1.04
Other Assets/(Liabilities) (55,754,261) (0.44)
Total Net Assets 12,790,277,172 100.00
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
SharesFinancials 31.51Industrials 19.96Materials 16.78Consumer Discretionary 13.25Consumer Staples 5.03Energy 4.36Health Care 3.31Telecommunication Services 2.86Information Technology 1.30Utilities 1.04Total Shares 99.40Cash and Other Assets/(Liabilities) 0.60
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
SharesFinancials 32.93Industrials 23.34Materials 17.01Consumer Discretionary 6.02Energy 5.34Consumer Staples 5.14Telecommunication Services 5.13Information Technology 2.47Health Care 1.99Total Shares 99.37Cash and Other Assets/(Liabilities) 0.63
Total 100.00
139
JPMorgan Investment Funds - Japan Focus Fund
Schedule of Investments (Market Value Expressed in JPY)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
JPMorgan Investment Funds - Japan Focus Fund
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in JPY)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Equity Futures
Sep-11 4 Topix Index Future JPY 33,980,000 (150,000)
Total (150,000)
140
Transferable Securities Admitted to an Official Exchange Listing
157,400 Suzuki Motor 284,185,700 0.82109,000 Taiyo Yuden 113,523,500 0.33
93,300 Tohoku Electric Power 108,321,300 0.31198,700 Tokio Marine Holdings 445,882,800 1.28851,000 Tokyo Gas 309,338,500 0.89262,000 Tokyu 87,770,000 0.25
1,416,000 Toshiba 596,844,000 1.72326,000 Toto 203,098,000 0.58457,600 Toyota Motor 1,507,792,000 4.34
1,035,000 Ube Industries 249,435,000 0.7249,700 West Japan Railway 156,058,000 0.45
6,191 Yahoo! Japan 170,964,465 0.499,000 Yakult Honsha 20,884,500 0.06
52,060 Yamada Denki 339,951,800 0.98
34,124,182,325 98.20
Total Shares 34,124,182,325 98.20
Total Transferable Securities Admitted to anOfficial Exchange Listing
34,124,182,325 98.20
Total Investments 34,124,182,325 98.20
Cash 649,798,212 1.87
Other Assets/(Liabilities) (23,737,449) (0.07)
Total Net Assets 34,750,243,088 100.00
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
SharesConsumer Discretionary 21.42Industrials 19.72Financials 16.95Materials 9.95Information Technology 8.95Health Care 5.72Consumer Staples 5.07Telecommunication Services 4.86Utilities 3.11Energy 2.45Total Shares 98.20Cash and Other Assets/(Liabilities) 1.80
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
SharesConsumer Discretionary 21.43Industrials 20.18Financials 17.14Information Technology 9.88Materials 9.67Consumer Staples 5.12Utilities 4.60Health Care 4.28Telecommunication Services 4.26Energy 2.33Total Shares 98.89Cash and Other Assets/(Liabilities) 1.11
Total 100.00
141
JPMorgan Investment Funds - Japan Select Equity Fund
Schedule of Investments (Market Value Expressed in JPY)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities MarketValue
%of
NetAssets
JPMorgan Investment Funds - Japan Select Equity Fund
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in JPY)
As at 30 June 2011
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Equity Futures
Sep-11 54 Topix Index Future JPY 458,730,000 5,551,727
Total 5,551,727
142
Transferable Securities Admitted to an Official Exchange Listing
223,000 Aozora Bank 41,366,500 0.5426,000 Arcs 32,734,000 0.4297,000 Bando Chemical Industries 31,622,000 0.4137,400 Bank of the Ryukyus 38,073,200 0.49
114,000 Bank of Yokohama 45,600,000 0.5960,500 Belluna 31,702,000 0.41
720 BIC Camera 30,978,000 0.4070,000 Calsonic Kansei 33,775,000 0.4416,800 Cawachi 26,510,400 0.3428,400 Century Tokyo Leasing 41,038,000 0.53112,000 Chiba Bank 56,336,000 0.7353,000 Chugoku Marine Paints 33,257,500 0.4324,300 Cocokara Fine Holdings 49,438,350 0.6424,700 Credit Saison 33,295,600 0.4319,600 Daiichikosho 25,499,600 0.3372,000 Dainichiseika Color & Chemicals Manufacturing 28,260,000 0.3769,600 DCM Holdings 37,932,000 0.4924,000 Eagle Industry 24,144,000 0.3141,200 EDION 31,209,000 0.4014,900 Electric Power Development 32,452,200 0.4283,000 Fuji Heavy Industries 51,709,000 0.6719,800 Fuji Machine Manufacturing 33,917,400 0.4433,200 FUJIFILM Holdings 83,049,800 1.0857,000 Fujitec 26,305,500 0.3410,500 Fukuda Denshi 24,927,000 0.33
140,000 Fukuoka Financial Group 46,760,000 0.6072,000 Fukuyama Transporting 30,708,000 0.39
CHINA92,000,000 Agricultural Bank of China - H Shares * 48,409,853 3.8012,500,000 BBMG - H Shares * 18,664,148 1.4541,000,000 China Construction Bank - H Shares * 34,007,299 2.6743,000,000 China Eastern Airlines - H Shares * 19,062,488 1.5114,000,000 China National Building Material - H Shares * 27,434,049 2.156,500,000 Jiangxi Copper - H Shares * 21,611,542 1.705,200,000 Yanzhou Coal Mining - H Shares * 19,761,510 1.55
188,950,889 14.83
HONG KONG9,500,000 BOC Hong Kong Holdings 27,557,727 2.16
300,000 HDFC Bank 16,798,892 1.323,300,000 Hindalco Industries -
Warrants 21.09.2012 21.09.12 13,329,690 1.056,500,000 Infrastructure Development Finance 19,017,118 1.495,000,000 Mundra Port and Special Economic Zone 18,113,672 1.42
27,000,000 Midas Holdings 13,860,298 1.098,000,000 Overseas Union Enterprise 18,631,922 1.46
96,591,975 7.58
CAYMAN ISLANDS21,000,000 China Resources Cement Holdings 19,739,023 1.5515,000,000 China Resources Land 27,003,585 2.124,000,000 China Shineway Pharmaceutical Group 7,925,678 0.629,500,000 Sands China 25,482,505 2.00
12,800,000 Sany Heavy Equipment International Holdings 14,605,451 1.14
94,756,242 7.43
INDONESIA4,000,000 Astra International 29,740,600 2.33
20,000,000 Bank Danamon Indonesia 14,048,382 1.1012,878,242 United Tractors 37,459,882 2.94
81,248,864 6.37
THAILAND9,755,600 Krung Thai Bank - NVDR 5,965,998 0.47
15,244,400 Krung Thai Bank (Foreign) 9,322,652 0.732,800,000 PTT Chemical (Foreign) 13,447,489 1.053,200,000 Siam Cement - NVDR 36,790,607 2.89
65,526,746 5.14
BERMUDA18,000,000 Brilliance China Automotive Holdings 20,226,668 1.59
7,500,000 China Yurun Food Group 21,129,679 1.66
41,356,347 3.25
MALAYSIA11,022,000 Petronas Chemicals Group 25,898,689 2.03
25,898,689 2.03
ISLE OF MAN10,500,000 Genting Singapore 16,545,195 1.30
16,545,195 1.30
Total Shares and Warrants 1,247,825,073 97.89
Total Transferable Securities Admitted to anOfficial Exchange Listing
1,247,825,073 97.89
Total Investments 1,247,825,073 97.89
Cash 23,444,485 1.84
Other Assets/(Liabilities) 3,461,065 0.27
Total Net Assets 1,274,730,623 100.00
* Hong Kong Registered Shares.
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Shares and WarrantsFinancials 31.01Materials 18.59Industrials 16.84Consumer Discretionary 11.97Information Technology 7.67Consumer Staples 7.57Energy 2.00Telecommunication Services 1.62Health Care 0.62Total Shares and Warrants 97.89Cash and Other Assets/(Liabilities) 2.11
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Shares and WarrantsFinancials 32.18Industrials 19.30Materials 17.86Information Technology 11.22Consumer Staples 7.59Consumer Discretionary 7.47Health Care 0.77Total Shares and Warrants 96.39Cash and Other Assets/(Liabilities) 3.61
Total 100.00
145
JPMorgan Investment Funds - JF Asia ex-Japan Fund
Schedule of Investments (Market Value Expressed in USD)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA3,328 Dex One 8,686 0.02
8,686 0.02
Total Shares 8,686 0.02
Bonds
UNITED STATES OF AMERICA45,000 Abbott Laboratories 27.05.40/5.300% 45,022 0.1170,000 Altria Group 05.05.21/4.750% 70,041 0.1895,000 American Express Credit 25.08.14/5.125% 103,674 0.2670,000 American International Group 15.12.20/6.400% 74,551 0.1935,000 Anadarko Petroleum 15.09.17/6.375% 40,105 0.1095,000 Anheuser-Busch InBev Worldwide 15.01.20/5.375% 104,993 0.2660,000 Apache 01.02.42/5.250% 58,809 0.15
155,000 Bank of America 15.05.14/7.375% 174,551 0.44130,000 Bank of America 01.04.15/4.500% 135,675 0.3465,000 Bank of America 01.05.18/5.650% 68,296 0.17
100,000 Crédit Suisse/New York 15.05.13/5.000% 106,722 0.2790,000 Dominion Resources 15.08.19/5.200% 98,666 0.2545,000 Energy Transfer Partners 01.06.41/6.050% 43,639 0.1170,000 Entergy Arkansas 15.02.21/3.750% 66,817 0.17
100,000 Enterprise Products Operating 15.04.38/7.550% 120,637 0.30100,000 Ford Motor Credit 15.08.17/6.625% 106,879 0.2730,000 General Electric 06.12.17/5.250% 33,230 0.0860,000 General Electric Capital 16.09.20/4.375% 59,246 0.1560,000 General Electric Capital 14.01.38/5.875% 59,770 0.1540,000 Georgia Power 01.03.37/5.650% 41,479 0.1140,000 Goldman Sachs Group 18.01.18/5.950% 43,125 0.1175,000 Goldman Sachs Group 01.04.18/6.150% 81,613 0.2120,000 Goldman Sachs Group 01.02.41/6.250% 19,884 0.05
Mortgage Securities2006-PW14 AM 11.12.38/5.243% 54,297 0.14
150,000 Biomet 15.10.17/10.375% 165,000 0.42100,000 Caesars Entertainment Operating 01.06.17/11.250% 109,750 0.28200,000 Case New Holland 144A 01.12.17/7.875% 220,000 0.55205,000 CCO Holdings Capital 30.10.17/7.250% 211,765 0.53603,477 Citimortgage Alternative Loan
144,242 Fannie Mae Interest Strip 390 C7 25.07.23/4.000% 12,381 0.03186,186 Fannie Mae Interest Strip 390 C8 25.07.23/4.500% 19,110 0.05163,590 Fannie Mae Pool No: 672379 01.12.17/5.000% 176,690 0.45
62,783 Fannie Mae Pool No: 787565 01.03.35/7.500% 74,725 0.19469,447 Fannie Mae Pool No: 889183 01.09.21/5.500% 509,130 1.28250,908 Fannie Mae Pool No: 889307 01.07.37/5.000% 266,551 0.67286,196 Fannie Mae Pool No: 919641 01.09.37/6.000% 314,503 0.79159,272 Fannie Mae Pool No: 930796 01.02.35/5.000% 169,252 0.43123,778 Fannie Mae Pool No: 952005 01.11.37/6.000% 135,943 0.34101,147 Fannie Mae Pool No: 965649 01.01.38/6.000% 111,151 0.28141,847 Fannie Mae Pool No: AA9363 01.08.39/4.500% 146,878 0.3763,223 Fannie Mae REMICS 2003-22 IO 25.04.33/6.000% 13,804 0.03
168,989 Fannie Mae REMICS 2008-17 KS 25.11.37/6.164%* 24,607 0.06194,910 Fannie Mae REMICS 2008-71 SB 25.10.29/6.299%* 19,433 0.05170,028 Fannie Mae REMICS 2009-95 HI 25.12.38/6.000% 28,081 0.07573,920 Fannie Mae REMICS 2010-116 BI 25.08.20/5.000% 68,104 0.17
1,004,000 Federal Farm Credit DiscountNotes 06.07.11/0.000% 1,003,996 2.53
370,000 Freddie Mac 30.07.14/1.000% 369,963 0.93465,334 Freddie Mac Gold Pool
No: G01589 01.09.33/5.000% 497,227 1.25364,874 Freddie Mac Non Gold Pool
No: 1G1999 01.06.37/5.379%* 392,211 0.99395,504 Freddie Mac Non Gold Pool
No: 1J0453 01.06.37/5.537%* 427,051 1.08
146
JPMorgan Investment Funds - US Bond Fund
Schedule of Investments (Market Value Expressed in USD)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
135,327 Freddie Mac REMICS 3612 JI 15.05.24/4.500% 18,246 0.05150,000 Freescale Semiconductor 144A 15.04.18/9.250% 160,875 0.41463,822 GE Capital Commercial Mortgage
2002-1A A3 10.12.35/6.269% 473,445 1.1990,000 General Electric Capital 15.08.11/0.331%* 90,025 0.23155,000 Georgia-Pacific 15.06.15/7.700% 177,825 0.45265,593 Ginnie Mae I Pool No: 713334 15.05.39/4.500% 280,325 0.71
490,000 Greenwich Capital CommercialFunding 2005-GG3 A4 10.08.42/4.799%* 524,445 1.32
* Variable coupon rates are those quoted as at 30 June 2011.** This security is submitted to a fair valuation.(i) Security partially or totally held as collateral against financial futures contracts by the broker.
147
JPMorgan Investment Funds - US Bond Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesUnited States of America 84.59United Kingdom 3.82Canada 1.23Mexico 1.06Cayman Islands 0.81Netherlands 0.65Colombia 0.45Luxembourg 0.28Italy 0.26France 0.21Peru 0.09Belgium 0.08Spain 0.08Isle Of Man 0.07Total Fixed Income Securities 93.68SharesConsumer Discretionary 0.02Total Shares 0.02Cash and Other Assets/(Liabilities) 6.30
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 74.57France 4.90Jersey 2.45Cayman Islands 1.59Mexico 1.51Canada 1.44United Kingdom 1.13Netherlands 0.64Isle of Man 0.39Belgium 0.23Bermuda 0.19Total Fixed Income Securities 89.04SharesConsumer Discretionary 0.06Total Shares 0.06Cash and Other Assets/(Liabilities) 10.90
Total 100.00
148
JPMorgan Investment Funds - US Bond Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - US Bond Fund
Schedule of Investments - Outstanding To be Announced Securities (Expressed in USD)
As at 30 June 2011
MaturityDate Name of Securities Coupon
NominalValue
MarketValue
UnrealisedGain/(Loss)
To be Announced Securities - Long Positions
UNITED STATES OF AMERICA
25-Jul-24 Fannie Mae 4.500% 640,000 678,700 -25-Jul-24 Fannie Mae 5.000% 70,000 75,031 (98)25-Jul-26 Fannie Mae 3.500% 300,000 305,578 (1,609)25-Jul-26 Fannie Mae 4.000% 730,000 760,455 (1,381)15-Jul-39 Freddie Mac 4.500% 840,000 868,219 (4,894)15-Jul-39 Freddie Mac 5.000% 230,000 244,052 (1,222)15-Jul-39 Freddie Mac 5.500% 600,000 647,906 (3,844)15-Jul-39 Freddie Mac 6.000% 400,000 439,313 6315-Jul-39 Ginnie Mae 4.500% 645,000 680,777 (302)15-Jul-39 Ginnie Mae 5.000% 660,000 714,450 (837)15-Jul-39 Ginnie Mae 5.500% 340,000 374,053 (691)15-Jul-39 Ginnie Mae 6.000% 225,000 250,910 (105)25-Jul-39 Fannie Mae 4.500% 870,000 900,858 (2,460)25-Jul-39 Fannie Mae 5.000% 480,000 510,075 (1,743)25-Jul-39 Fannie Mae 5.500% 855,000 924,469 (5,410)25-Jul-39 Fannie Mae 6.000% 420,000 461,409 (2,051)15-Jul-41 Freddie Mac 4.000% 460,000 460,216 (4,097)15-Jul-41 Ginnie Mae 4.000% 310,000 316,055 (1,211)25-Jul-41 Fannie Mae 4.000% 3,310,000 3,319,309 (16,630)
Total 12,931,836 (48,524)
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)
ExpirationDate
Number ofContracts Security Description Currency
NotionalValue
UnrealisedGain/(Loss)
Bond Futures
Sep-11 6 Euro-Bund Future EUR 1,092,256 6,511Sep-11 (14) Euro-Schatz Future EUR (2,180,345) (6,179)Sep-11 (5) US 2 Year Note Future USD (1,097,031) (453)Sep-11 (12) US 5 Year Note Future USD (1,433,625) 4,977Sep-11 15 US 10 Year Note Future USD 1,839,844 7,273Sep-11 3 US Long Bond Future USD 369,469 (4,609)
Total 7,520
Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD)
Transferable Securities Admitted to an Official Exchange Listing
Shares
UNITED STATES OF AMERICA14,900 Alaska Air Group 1,026,908 0.4614,600 Alliance Data Systems 1,364,735 0.6137,250 American Electric Power 1,392,777 0.6231,000 AMERIGROUP 2,196,195 0.9966,400 Ameriprise Financial 3,812,356 1.7132,300 Amgen 1,883,897 0.8510,700 Apache 1,311,445 0.59
100 Apollo Investment 1,015 0.0023,900 Apple 7,974,235 3.5819,500 Assurant 706,875 0.32
216,280 Bank of America 2,369,347 1.0626,800 Biogen Idec 2,924,014 1.3160,500 Broadcom - A Shares 2,004,970 0.9050,300 Capital One Financial 2,629,684 1.1888,100 CBS Non Voting - B Shares 2,541,244 1.1422,204 CenturyLink 893,933 0.4072,880 Chevron 7,437,768 3.34
109,290 Exxon Mobil 8,862,872 3.9893,800 Ford Motor 1,278,963 0.5718,400 Freeport-McMoRan Copper & Gold 964,988 0.4310,285 Frontier Communications 83,051 0.0461,300 Gannett 874,751 0.3911,300 General Motors 341,769 0.1512,600 H&R Block 202,671 0.0935,700 Harris 1,613,819 0.7261,400 Honeywell International 3,656,063 1.6429,900 Humana 2,445,072 1.10
102,500 Huntington Bancshares 667,787 0.3052,500 IAC/InterActive 2,000,250 0.9047,670 International Business Machines 8,189,706 3.685,600 Joy Global 516,096 0.23
169,296 Dendreon 6,870,032 0.33162,345 Devon Energy 12,793,598 0.62
37,013 Dick’s Sporting Goods 1,429,627 0.07351,024 Dow Chemical 12,435,025 0.60
4,200 Dr Pepper Snapple Group 175,602 0.01472,140 EI du Pont de Nemours & Co. 25,488,478 1.23120,380 EMC/Massachusetts 3,277,345 0.16163,355 Emerson Electric 9,075,187 0.44223,715 EOG Resources 23,363,676 1.13
599,469 Exxon Mobil 48,613,939 2.35407,457 Fifth Third Bancorp 5,193,039 0.2594,997 First American Financial 1,508,077 0.07
443,283 General Electric 8,313,773 0.40305,490 General Mills 11,377,975 0.55776,231 General Motors 23,477,107 1.13144,022 Georgia Gulf 3,411,161 0.16178,894 Goldman Sachs Group 23,613,114 1.14
17,749 Google - A Shares 8,942,212 0.4348,740 Halliburton 2,475,748 0.12172,479 HCP 6,317,906 0.31165,410 Hewlett-Packard 6,047,390 0.29339,200 Home Depot 12,229,856 0.59359,834 Honeywell International 21,426,316 1.04124,823 Humana 10,207,401 0.49
134,500 Huntington Bancshares 876,268 0.0450,773 IntercontinentalExchange 6,349,164 0.3187,344 International Business Machines 15,005,699 0.7352,549 Intersil - A Shares 671,051 0.0346,599 ITT Educational Services 3,699,495 0.18
263,660 Johnson & Johnson 17,599,305 0.85802,948 Johnson Controls 33,478,917 1.62395,116 Juniper Networks 12,341,448 0.6038,956 Kellogg 2,152,903 0.1156,150 KLA-Tencor 2,270,706 0.1151,220 Kohl’s 2,596,598 0.1338,507 Kroger 953,241 0.05
383,468 Lam Research 16,935,864 0.82217,107 Lennar - A Shares 4,032,763 0.20
Total Transferable Securities Admitted to anOfficial Exchange Listing
2,053,863,910 99.32
Transferable Securities Dealt in on Another Regulated Market
Bonds
UNITED STATES OF AMERICA1,344,000 US Treasury 30.06.12/0.625% 1,349,303 0.07
1,349,303 0.07
Total Bonds 1,349,303 0.07
Total Transferable Securities Dealt in on AnotherRegulated Market
1,349,303 0.07
Total Investments 2,055,213,213 99.39
Cash 15,612,684 0.75
Other Assets/(Liabilities) (2,919,999) (0.14)
Total Net Assets 2,067,905,898 100.00
Allocation of Portfolio as at 30 June 2011 (Unaudited) % ofNet Assets
Fixed Income SecuritiesUnited States of America 0.07Total Fixed Income Securities 0.07SharesInformation Technology 17.55Consumer Discretionary 14.52Financials 13.50Health Care 13.00Energy 12.85Industrials 9.42Consumer Staples 7.71Materials 3.81Utilities 3.51Telecommunication Services 3.45Total Shares 99.32Cash and Other Assets/(Liabilities) 0.61
Total 100.00
Allocation of Portfolio as at 31 December 2010 % ofNet Assets
Fixed Income SecuritiesUnited States of America 0.16Total Fixed Income Securities 0.16SharesInformation Technology 18.36Financials 14.45Consumer Discretionary 13.85Energy 12.65Health Care 9.99Industrials 9.40Consumer Staples 8.75Materials 4.59Telecommunication Services 3.39Utilities 3.39Total Shares 98.82Cash and Other Assets/(Liabilities) 1.02
Total 100.00
154
JPMorgan Investment Funds - US Select Equity Fund
Schedule of Investments (Market Value Expressed in USD) (continued)
As at 30 June 2011
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
Quantity/Nominal
Value
Name of Securities Maturity/Coupon
MarketValue
%of
NetAssets
JPMorgan Investment Funds - US Select Equity Fund
Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD)
JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund IJPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 1.40% - 1.40% - - - - 31-May-10JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) 1.40% - 1.40% - - - - 31-May-10JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 0.85% - 0.85% - - - - 15-Jun-10JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) 0.85% - 0.85% - - - - 30-Jun-10JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 0.70% - 0.70% - - - - 30-Jun-10JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 1.90% - 1.90% - - - - 31-May-10JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) 1.90% - 1.90% - - - - 31-May-10
JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 0.65% - 0.65% 0.65% 0.65% 0.65% - 16-Jan-95JPM Euro Liquid Market C (acc) - EUR 0.26% - 0.26% 0.25% 0.25% 0.25% - 18-Dec-03JPM Euro Liquid Market D (acc) - EUR 0.75% - 0.75% 0.75% 0.75% - - 10-Oct-08JPM Euro Liquid Market X (acc) - EUR* - - - - - 0.05% 0.05% 08-May-02
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 0.90% - 0.90% 0.90% 0.90% 1.00% - 01-Jul-97JPM Europe Bond A (inc) - EUR 0.90% - 0.90% 0.90% 0.90% 1.00% - 18-Oct-05JPM Europe Bond B (acc) - EUR 0.60% - 0.60% 0.60% 0.60% 0.60% - 23-Sep-97JPM Europe Bond C (acc) - EUR 0.50% - 0.50% 0.50% 0.50% 0.54% - 16-Jun-98JPM Europe Bond D (acc) - EUR 1.25% - 1.25% 1.25% 1.25% 1.40% - 16-Jul-01JPM Europe Bond X (acc) - EUR 0.09% - 0.10% 0.10% 0.10% 0.09% 0.10% 30-Apr-98
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-03JPM Europe Recovery A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Europe Recovery B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 13-Oct-03JPM Europe Recovery C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 0.95% - 06-Nov-03JPM Europe Recovery D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 27-May-03JPM Europe Recovery X (acc) - EUR 0.12% - 0.13% 0.14% - 0.11% 0.15% 27-May-03
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 29-Aug-97JPM Europe Select Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 24-Oct-07JPM Europe Select Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Europe Select Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 13-Oct-03JPM Europe Select Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.63% - 07-Jan-98JPM Europe Select Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 19-Mar-07JPM Europe Select Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Dec-07JPM Europe Select Equity I (acc) - EUR 0.77% - 0.57% - - - 0.81% 13-Apr-10JPM Europe Select Equity X (acc) - EUR 0.12% - 0.13% 0.15% 0.15% 0.12% 0.15% 21-May-01JPM Europe Select Equity X (acc) - EUR (hedged) 0.12% - 0.13% 0.15% 0.15% 0.02% 0.15% 24-Oct-07
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Feb-05JPM Europe Strategic Dividend A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Europe Strategic Dividend A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Apr-07JPM Europe Strategic Dividend B (acc) - EUR 1.15% - 1.15% 1.15% - - - 04-Apr-07JPM Europe Strategic Dividend C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.63% - 20-Apr-07JPM Europe Strategic Dividend D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 12-Dec-05JPM Europe Strategic Dividend I (acc) - EUR 0.76% - - - - - 0.81% 05-May-11JPM Europe Strategic Dividend X (acc) - EUR 0.11% - 0.11% 0.15% 0.15% 0.09% 0.15% 21-May-07
JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 08-Jan-99JPM Global Bond (EUR) A (inc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 15-May-06JPM Global Bond (EUR) B (acc) - EUR 0.70% - 0.70% 0.70% 0.70% 0.70% - 07-May-97JPM Global Bond (EUR) C (acc) - EUR 0.55% - 0.55% 0.55% 0.55% 0.53% - 07-May-97JPM Global Bond (EUR) D (acc) - EUR 1.40% - 1.40% 1.40% 1.40% 1.40% - 03-Apr-01JPM Global Bond (EUR) X (acc) - EUR 0.10% - 0.10% 0.10% 0.10% 0.08% 0.10% 18-Jun-98
JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.20% - 04-Apr-03JPM Global Bond (USD) A (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 06-Nov-97JPM Global Bond (USD) B (acc) - USD* 0.70% - - - 0.70% 0.70% - 15-May-09JPM Global Bond (USD) C (acc) - USD 0.55% - 0.55% 0.55% 0.55% 0.54% - 26-May-98JPM Global Bond (USD) D (acc) - USD 1.40% - 1.40% 1.40% 1.40% 1.40% - 13-Nov-01JPM Global Bond (USD) X (acc) - USD 0.10% - 0.10% 0.10% 0.10% 0.09% 0.10% 03-Sep-98
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 23-Oct-98JPM Global Capital Appreciation A (dist) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 01-Jun-06JPM Global Capital Appreciation A (inc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 01-Jun-06JPM Global Capital Appreciation B (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% - 10-Dec-98JPM Global Capital Appreciation C (acc) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% - 01-Dec-99JPM Global Capital Appreciation D (acc) - EUR 2.15% 2.15% 2.15% 2.15% 2.15% 2.15% - 12-Dec-01JPM Global Capital Appreciation T (acc) - EUR 2.15% 2.15% - - - - - 27-Jun-11JPM Global Capital Appreciation X (acc) - EUR 0.10% 0.10% 0.10% 0.10% 0.10% 0.08% 0.10% 25-Apr-06
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 15-Sep-95JPM Global Capital Preservation (EUR) A (acc) - USD 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 31-Jul-06JPM Global Capital Preservation (EUR) A (dist) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 01-Jun-06JPM Global Capital Preservation (EUR) A (inc) - EUR 1.45% 1.45% 1.45% 1.45% 1.45% 1.45% - 01-Jun-06JPM Global Capital Preservation (EUR) B (acc) - EUR 0.95% 0.95% 0.95% 0.95% 0.95% 0.95% - 30-Jun-95JPM Global Capital Preservation (EUR) C (acc) - EUR 0.75% 0.75% 0.75% 0.75% 0.75% 0.74% - 16-May-97JPM Global Capital Preservation (EUR) D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 31-May-01JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 1.90% 1.90% 1.90% 1.90% 1.90% - - 12-Aug-08JPM Global Capital Preservation (EUR) I (acc) - EUR 0.69% 0.69% 0.71% 0.71% 0.70% - 0.71% 30-May-08JPM Global Capital Preservation (EUR) I (inc) - EUR 0.69% 0.70% 0.71% 0.71% 0.69% 0.69% 0.71% 22-Sep-06JPM Global Capital Preservation (EUR) T (acc) - EUR 1.90% 1.90% - - - - - 27-Jun-11JPM Global Capital Preservation (EUR) X (acc) - EUR 0.09% 0.09% 0.10% 0.10% 0.09% 0.09% 0.10% 19-Nov-04
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD 1.45% - 1.45% 1.45% 1.45% 1.45% - 28-Nov-05JPM Global Capital Preservation (USD) B (acc) - USD** 0.95% - - - - 0.95% - 30-Jan-06JPM Global Capital Preservation (USD) C (acc) - USD* - - - - - 0.75% 0.75% 05-Jan-06JPM Global Capital Preservation (USD) D (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Nov-05JPM Global Capital Preservation (USD) X (acc) - USD* - - - - 0.10% 0.10% 0.10% 19-Nov-04
JPMorgan Investment Funds - Global Convertibles Fund (USD)JF Global Convertibles (USD) A (acc) - USD 1.90% - 1.90% 1.90% - - - 17-Aug-09JPM Global Convertibles (USD) A (acc) - USD 1.65% - 1.65% 1.65% 1.65% 1.65% - 15-Jun-04JPM Global Convertibles (USD) B (acc) - USD 1.00% - 1.00% 1.00% 1.00% - - 23-May-08JPM Global Convertibles (USD) C (acc) - USD 0.95% - 0.95% 0.95% - - - 09-Aug-05JPM Global Convertibles (USD) D (acc) - USD 2.15% - 2.15% 2.15% 2.15% 2.15% - 28-Dec-04JPM Global Convertibles (USD) I (acc) - USD 0.85% - 0.91% 0.91% 0.89% 0.76% 0.91% 01-Mar-07JPM Global Convertibles (USD) X (acc) - USD* - - - 0.11% - 0.14% 0.15% 15-Jun-04
JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Nov-07JPM Global Dividend A (acc) - EUR 1.90% - 1.90% - - - - 04-Oct-10JPM Global Dividend A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Nov-07JPM Global Dividend A (inc) - USD 1.90% - 1.90% 1.90% - - - 12-Oct-09JPM Global Dividend A (inc) - EUR (hedged) 1.90% - 1.90% 1.90% - - - 12-Feb-09JPM Global Dividend C (acc) - EUR 0.80% - 0.80% 0.80% - - - 02-Apr-09JPM Global Dividend D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 28-Nov-07JPM Global Dividend D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 28-Nov-07JPM Global Dividend X (acc) - USD** 0.14% - - - - - 0.15% 13-Jan-10
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% - 12-Dec-00JPM Global Enhanced Bond A (inc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-May-06JPM Global Enhanced Bond B (acc) - EUR* 0.75% - 0.75% 0.75% 0.75% 0.75% - 02-Jan-01JPM Global Enhanced Bond C (acc) - EUR 0.60% - 0.60% 0.60% 0.60% 0.58% - 30-May-00JPM Global Enhanced Bond D (acc) - EUR 1.40% - 1.40% 1.40% 1.40% 1.40% - 30-May-01JPM Global Enhanced Bond X (acc) - EUR 0.10% - 0.10% 0.10% 0.10% 0.09% 0.10% 30-May-00JPM Global Enhanced Bond X (inc) - EUR* - - - - - - 0.10% 09-Sep-04
JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Dec-00JPM Global Financials A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Sep-06JPM Global Financials A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Global Financials B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Dec-07JPM Global Financials C (acc) - USD 1.05% - 1.05% 1.05% 1.05% 0.99% - 28-Dec-00JPM Global Financials D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 12-Jul-01JPM Global Financials X (acc) - USD 0.14% - 0.15% 0.20% 0.19% 0.17% 0.20% 07-Feb-02
JPMorgan Investment Funds - Global High Yield Bond FundJPM Global High Yield Bond A (acc) - USD 1.25% - 1.25% 1.25% 1.25% - - 02-Sep-08JPM Global High Yield Bond A (acc) - EUR (hedged) 1.25% - 1.25% 1.25% 1.25% 1.25% - 24-Mar-00JPM Global High Yield Bond A (inc) - EUR (hedged) 1.25% - 1.25% 1.25% 1.25% 1.25% - 15-May-06JPM Global High Yield Bond A (mth) - USD 1.25% - 1.25% 1.25% 1.25% - - 17-Sep-08JPM Global High Yield Bond B (acc) - EUR (hedged) 0.90% - 0.90% 0.90% 0.90% 0.90% - 24-Mar-00JPM Global High Yield Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.60% - - 18-Aug-08JPM Global High Yield Bond C (acc) - EUR (hedged) 0.60% - 0.60% 0.60% 0.60% 0.59% - 24-Mar-00JPM Global High Yield Bond D (acc) - USD 1.65% - 1.65% - - - - 17-Sep-10JPM Global High Yield Bond D (acc) - EUR (hedged) 1.65% - 1.65% 1.65% 1.65% 1.65% - 18-Apr-01JPM Global High Yield Bond I (acc) - USD 0.53% - 0.54% 0.56% - - 0.56% 19-Nov-09JPM Global High Yield Bond I (inc) - EUR (hedged) 0.53% - 0.54% 0.56% 0.54% - 0.56% 09-Mar-07JPM Global High Yield Bond X (acc) - USD 0.08% - - - - - 0.10% 06-Jan-11JPM Global High Yield Bond X (acc) - EUR (hedged) 0.09% - 0.10% 0.10% 0.09% 0.08% 0.10% 24-Mar-00
JPMorgan Investment Funds - Global Income FundJPM Global Income A (div) - EUR 1.45% - 1.45% 1.45% 1.45% - - 11-Dec-08JPM Global Income B (div) - EUR 1.05% - - - - - - 11-Apr-11JPM Global Income C (div) - EUR 0.75% - 0.75% - - - - 16-Feb-10JPM Global Income D (div) - EUR 1.80% - 1.80% 1.80% - - - 08-Jul-09JPM Global Income T (div) - EUR 1.80% - - - - - - 28-Jun-11
JPMorgan Investment Funds - Global Select 130/30 FundJPM Global Select 130/30 A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 29-May-98JPM Global Select 130/30 A (acc) - EUR** 1.90% 2.36% - 1.90% 1.90% - - 09-Dec-08JPM Global Select 130/30 A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Global Select 130/30 C (acc) - USD 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% - 10-Jul-98JPM Global Select 130/30 D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% - 06-Feb-01JPM Global Select 130/30 X (acc) - USD* - - - - - 0.04% 0.15% 03-Feb-00
JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97JPM Global Select Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Global Select Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 05-Dec-97JPM Global Select Equity C (acc) - USD 0.80% - 0.80% 0.80% 0.80% 0.79% - 26-Mar-98JPM Global Select Equity C (acc) - EUR 0.80% - - - - - - 05-Apr-11JPM Global Select Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Apr-02JPM Global Select Equity X (acc) - USD 0.11% - 0.11% 0.15% 0.14% 0.15% 0.15% 22-Sep-99
JPMorgan Investment Funds - Global Total Return FundJPM Global Total Return A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 29-Apr-04JPM Global Total Return A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 01-Jun-06JPM Global Total Return A (inc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 01-Jun-06JPM Global Total Return B (acc) - EUR* 1.00% - 1.00% - 1.00% 1.00% - 17-Mar-05JPM Global Total Return C (acc) - EUR 0.80% - 0.80% 0.80% 0.80% 0.73% - 10-Nov-04JPM Global Total Return D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 29-Apr-04JPM Global Total Return I (acc) - EUR* - - - - - - 0.76% 30-Nov-06
JPMorgan Investment Funds - Income Opportunity FundJPM Income Opportunity A (acc) - USD 1.20% 1.36% 1.20% 1.20% 1.20% 1.20% - 14-Oct-08JPM Income Opportunity A (acc) - EUR (hedged) 1.20% 1.60% 1.20% - 1.20% 1.20% - 19-Jul-07JPM Income Opportunity A (acc) - SEK (hedged) 1.20% 1.39% 1.20% 1.20% - 1.45% - 02-Jul-09JPM Income Opportunity A (inc) - EUR (hedged) 1.20% 1.35% 1.20% - - 1.20% - 19-Jul-07JPM Income Opportunity A (dist) - GBP (hedged) 1.20% 1.60% 1.20% 1.20% 1.20% - - 06-Feb-08JPM Income Opportunity B (acc) - USD 0.80% 1.34% 0.80% 0.80% - - - 18-Nov-09JPM Income Opportunity B (acc) - EUR (hedged) 0.80% 1.15% 0.80% 0.80% - - - 26-Jun-09JPM Income Opportunity C (acc) - USD 0.70% 1.27% 0.70% 0.70% - - - 22-Oct-09JPM Income Opportunity C (acc) - USD (hedged to BRL) 0.70% 0.83% 0.70% - - - - 29-Apr-10JPM Income Opportunity C (acc) - EUR (hedged) 0.70% 1.14% 0.70% - 0.70% - - 18-Jan-08JPM Income Opportunity C (acc) - SEK (hedged) 0.70% 1.48% 0.70% - - - - 18-Mar-10JPM Income Opportunity C (dist) - GBP (hedged) 0.70% 1.09% 0.70% 0.70% - - - 17-Feb-09JPM Income Opportunity D (acc) - EUR (hedged) 1.45% 1.51% 1.45% - 1.45% 1.45% - 19-Jul-07JPM Income Opportunity D (inc) - EUR (hedged) 1.45% 1.95% 1.45% - - 1.45% - 05-Oct-10JPM Income Opportunity I (acc) - USD* 0.61% 3.30% - - - - 0.66% 19-Jan-11JPM Income Opportunity X (acc) - USD 0.09% 0.17% 0.09% 0.10% - - 0.10% 12-Mar-09JPM Income Opportunity X (acc) - EUR (hedged) 0.10% 0.25% 0.09% - - - 0.10% 17-Nov-09JPM Income Opportunity X (acc) - GBP (hedged) 0.09% 0.84% 0.09% 0.10% - - 0.10% 09-Dec-09JPM Income Opportunity X (dist) - GBP (hedged) 0.10% 0.10% - - - - 0.10% 24-May-11
JPMorgan Investment Funds - Japan 50 Equity FundJPM Japan 50 Equity A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Japan 50 Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Dec-04JPM Japan 50 Equity A (acc) - EUR (hedged) 1.90% - - - - - - 18-Apr-11JPM Japan 50 Equity A (dist) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-May-07JPM Japan 50 Equity C (acc) - JPY 0.95% - 0.95% 0.95% - - - 02-Apr-09JPM Japan 50 Equity C (acc) - EUR (hedged) 0.95% - - - - - - 18-Apr-11JPM Japan 50 Equity D (acc) - JPY 2.90% - 2.90% 2.90% 2.90% 2.90% - 26-Jul-06JPM Japan 50 Equity I (acc) - JPY* - - - - 0.86% 0.86% 0.91% 19-May-06JPM Japan 50 Equity X (acc) - JPY 0.10% - 0.15% 0.15% 0.12% 0.11% 0.15% 20-Dec-04
JPMorgan Investment Funds - Japan Behavioural Finance Equity FundJPM Japan Behavioural Finance Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 03-Apr-07JPM Japan Behavioural Finance Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 03-Apr-07JPM Japan Behavioural Finance Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 03-Apr-07JPM Japan Behavioural Finance Equity C (acc) - USD* 0.95% - - 0.95% 0.95% 0.20% - 03-Apr-07JPM Japan Behavioural Finance Equity D (acc) - USD* 2.65% - - 2.65% - 2.65% - 03-Apr-07JPM Japan Behavioural Finance Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 03-Apr-07JPM Japan Behavioural Finance Equity I (inc) - EUR* - - - 0.91% - 0.56% 0.91% 31-May-07JPM Japan Behavioural Finance Equity X (acc) - USD 0.15% - 0.13% 0.15% 0.14% 0.06% 0.15% 31-May-07
JPMorgan Investment Funds - Japan Focus FundJPM Japan Focus A (acc) - JPY 1.90% 2.69% 1.90% 1.90% 1.90% - - 15-Feb-08JPM Japan Focus A (dist) - JPY 1.90% 2.14% 1.90% 1.90% - - - 24-Nov-09JPM Japan Focus B (acc) - JPY 1.15% - - - - - - 13-May-11JPM Japan Focus C (acc) - JPY 0.95% 1.47% - - - - - 17-Jan-11JPM Japan Focus D (acc) - JPY 2.90% 3.04% 2.90% 2.90% 2.50% - - 15-Feb-08JPM Japan Focus I (acc) - JPY 0.88% 1.28% 0.90% 0.91% 0.91% - 0.91% 02-Jul-08JPM Japan Focus X (acc) - JPY 0.13% 0.47% 0.14% 0.15% 0.15% - 0.15% 16-Jun-08
JPMorgan Investment Funds - Japan Select Equity FundJPM Japan Select Equity A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Apr-97JPM Japan Select Equity A (dist) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM Japan Select Equity B (acc) - JPY 1.15% - 1.15% 1.15% 1.15% 1.15% - 04-Jul-97JPM Japan Select Equity C (acc) - JPY 0.95% - 0.95% 0.95% 0.95% 0.89% - 03-Jun-99JPM Japan Select Equity D (acc) - JPY 2.65% - 2.65% 2.65% 2.65% 2.65% - 22-Mar-02JPM Japan Select Equity I (acc) - JPY 0.83% - 0.85% 0.91% 0.86% 0.85% 0.91% 17-Nov-06JPM Japan Select Equity X (acc) - JPY 0.09% - 0.10% 0.15% 0.11% 0.10% 0.15% 26-May-98
JPMorgan Investment Funds - Japan Strategic Value FundJPM Japan Strategic Value A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Nov-07JPM Japan Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Nov-07JPM Japan Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Nov-07JPM Japan Strategic Value C (acc) - JPY 0.95% - 0.95% 0.95% - - - 02-Apr-09JPM Japan Strategic Value D (acc) - JPY 2.65% - 2.65% 2.65% 2.65% 2.65% - 30-Nov-07JPM Japan Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 30-Nov-07JPM Japan Strategic Value X (acc) - JPY 0.15% - 0.14% 0.15% - - 0.15% 30-Apr-09
JPMorgan Investment Funds - JF Asia ex-Japan FundJF Asia ex-Japan A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-Dec-97JF Asia ex-Japan A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JF Asia ex-Japan B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 31-Dec-97JF Asia ex-Japan C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 0.97% - 14-Dec-00JF Asia ex-Japan D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 12-Mar-02JF Asia ex-Japan I (acc) - USD 0.87% - 0.96% 0.96% 0.90% 0.92% 0.96% 26-Jun-06JF Asia ex-Japan X (acc) - USD 0.12% - 0.13% 0.20% 0.17% 0.17% 0.20% 29-Jun-98JF Asia ex-Japan X (dist) - USD 0.20% - - - - - 0.20% 23-May-11
JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-May-97JPM US Bond A (inc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-May-06JPM US Bond B (acc) - USD 0.75% - 0.75% 0.75% 0.75% 0.75% - 15-May-97JPM US Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.60% 0.57% - 12-Feb-98JPM US Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% - 13-Nov-01JPM US Bond I (acc) - USD* - - - - - - 0.56% 23-Apr-07JPM US Bond X (acc) - USD* - - - - - 0.08% 0.10% 06-Apr-98
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Dec-06JPM US Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-Dec-06JPM US Equity A (dist) - GBP 1.90% - 1.90% 1.90% - - - 25-Aug-09JPM US Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.67% - 22-Mar-07JPM US Equity D (acc) - USD 2.40% - 2.40% 2.40% 2.40% 2.40% - 27-Dec-06JPM US Equity D (acc) - EUR (hedged) 2.40% - 2.40% 2.40% 2.40% 2.40% - 27-Dec-06JPM US Equity X (acc) - USD 0.13% - 0.15% 0.15% 0.12% 0.12% 0.15% 21-May-07
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 17-Mar-97JPM US Select Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 10-Jun-08JPM US Select Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Mar-07JPM US Select Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06JPM US Select Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 29-Oct-97JPM US Select Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.80% - 03-Feb-08JPM US Select Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% - - 19-Sep-08JPM US Select Equity D (acc) - USD 2.40% - 2.40% 2.40% 2.40% 2.40% - 01-Feb-02JPM US Select Equity D (acc) - EUR (hedged) 2.40% - 2.40% 2.40% 2.40% 2.40% - 15-Mar-07JPM US Select Equity I (acc) - USD 0.72% - 0.72% 0.81% 0.77% 0.50% 0.81% 15-May-07JPM US Select Equity X (acc) - USD 0.07% - 0.08% 0.15% 0.12% 0.12% 0.15% 06-Apr-98
Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association.
# The capped expense ratios and total expense ratios for some share classes may have changed over the previous five years. All details concerning these changes have been disclosed in previous years’financial statements.
* Share Class inactive as at end of the period** Share Class reactivated as at end of the period*** These figures include the Performance Fees.
2. Summary of Investment Objectives of the Sub-Funds
Emerging Markets Corporate Bond Portfolio Fund ISeeks to achieve a return profile comparable to that achieved by holding, from purchase to maturity, a five-year below investment grade emerging marketcorporate bond, but with increased diversification by investing primarily in a portfolio of below investment grade emerging market corporate fixed andfloating rate debt securities, with maturity dates within twelve months of the termination of the Principal Investment Period.
Euro Liquid Market FundSeeks to achieve a competitive level of total return in the reference currency and a high degree of liquidity by investing primarily in EUR denominatedshort-term fixed and floating rate debt securities.
Europe Bond FundSeeks to achieve a return in excess of the European bond markets by investing primarily in European fixed and floating rate debt securities, using derivativestrategies where appropriate.
Europe Recovery FundSeeks to provide long-term capital growth by investing primarily in European companies that the Investment Manager believes to be in recovery situations.
Europe Select Equity FundSeeks to achieve a return in excess of the European equity markets by investing primarily in European companies.
Europe Strategic Dividend FundSeeks to provide long term returns by investing primarily in high dividend-yielding equities of European companies.
Global Bond Fund (EUR)Seeks to achieve a return in excess of global government bond markets by investing primarily in global fixed and floating rate debt securities, usingderivative strategies where appropriate.
Global Bond Fund (USD)Seeks to achieve a return in excess of global government bond markets by investing primarily in global fixed and floating rate debt securities, usingderivative strategies where appropriate.
Global Capital Appreciation FundSeeks to achieve capital appreciation in excess of its cash benchmark by investing primarily in securities, globally, using derivative strategies whereappropriate.
Global Capital Preservation Fund (EUR)Seeks to achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivativestrategies where appropriate.
Global Capital Preservation Fund (USD)Seeks to achieve, over a medium-term horizon (2 to 3 years), a return in excess of its cash benchmark from a portfolio of securities, globally, using derivativestrategies where appropriate.
Global Convertibles Fund (USD)Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally.
Global Dividend FundSeeks to provide long-term capital growth by investing primarily in companies, globally, that generate high and rising income.
Global Enhanced Bond FundSeeks to achieve a return in excess of global non-government bond markets by investing primarily in global fixed and floating rate debt securities, usingderivative strategies where appropriate.
Global Financials FundSeeks to achieve a high return by investing primarily in companies from the financial, banking, insurance and property sectors (“Financial Companies”),globally.
Global High Yield Bond FundSeeks to achieve a return in excess of global bond markets by investing primarily in below investment grade global fixed and floating rate debt securities,using derivative strategies where appropriate.
Global Income FundSeeks to provide regular income by investing primarily in a portfolio of income generating securities, globally, and through the use of financial derivativeinstruments.
Global Select 130/30 FundSeeks to provide long-term capital growth primarily through exposure to companies, globally, by direct investment in securities of such companies andthrough the use of financial derivative instruments.
Global Select Equity FundSeeks to achieve a return in excess of the global equity markets by investing primarily in companies, globally.
Global Total Return FundSeeks to achieve a total return in EUR in excess of its cash benchmark from a concentrated portfolio of securities, globally.
Highbridge Statistical Market Neutral FundSeeks to provide a total return in all market environments in excess of the return on short-term instruments, through a market neutral strategy. Derivativeswill be used where appropriate to gain exposure primarily to European and US equity securities.
2. Summary of Investment Objectives of the Sub-Funds (continued)
Income Opportunity FundSeeks to achieve a return in excess of the benchmark by exploiting investment opportunities in, amongst others, the fixed income and currency markets,using derivative strategies where appropriate.
Japan 50 Equity FundSeeks to achieve a return in excess of the Japanese equity market primarily from a concentrated portfolio of medium to large sized Japanese companies.
Japan Behavioural Finance Equity FundSeeks to provide long-term capital growth by investing primarily in Japanese companies.
Japan Focus FundSeeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of Japanese companies.
Japan Select Equity FundSeeks to achieve a return in excess of the Japanese equity market by investing primarily in Japanese companies.
Japan Strategic Value FundSeeks to provide long-term capital growth by investing primarily in a value style biased portfolio of Japanese companies.
JF Asia ex-Japan FundSeeks to provide long-term capital growth by investing primarily in companies in Asia (excluding Japan).
US Bond FundSeeks to achieve a return in excess of US bond markets by investing primarily in US fixed and floating rate debt securities, using derivative strategies whereappropriate.
US Equity FundSeeks to maximise long-term capital growth by investing primarily in an actively managed portfolio of medium to large capitalisation US companies.
US Select Equity FundSeeks to achieve a return in excess of the US equity market by investing primarily in US companies.
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3. Performance and VolatilityPerformance
Returns for periods greater than one year are annualised. Fund performance includes reinvestment of income and is net of all expenses.
Past performance is no indication of current or future performance.
The performance data do not take into account the commissions and costs incurred on the issue and redemption of units.
Volatility
The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial period. The details below relate to the period from 1 January2011 to 30 June 2011.
If D is equal to or less than 0.1 then volatility will be LowIf D is greater than 0.1 but less than or equal to 1.0 then volatility will be MediumIf D is greater than 1.0 but less than or equal to 2.4 then volatility will be HighIf D is greater than 2.4 then volatility will be Very High
Performance (continued) 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years Volatility
JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund IJPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 1.33% 5.72% 7.89% 11.59% - - - - MediumJPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) 1.56% 5.98% 8.63% 12.09% - - - - MediumJPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 1.48% 6.00% 8.31% 12.19% - - - - MediumJPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) 1.70% 6.27% 9.07% 12.69% - - - - MediumJPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 1.52% 6.08% 8.43% 12.36% - - - - MediumJPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 1.21% 5.47% 7.49% 11.04% - - - - MediumJPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) 1.43% 5.73% 8.23% 11.54% - - - - Medium
JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 0.11% 0.15% 0.17% 0.17% 0.12% 0.87% 1.63% 1.31% LowJPM Euro Liquid Market C (acc) - EUR 0.21% 0.36% 0.49% 0.57% 0.49% 1.26% - - LowJPM Euro Liquid Market D (acc) - EUR 0.08% 0.10% 0.11% 0.11% 0.06% - - - LowJPM Euro Liquid Market X (acc) - EUR* - - - - - - - - Low
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 0.70% -0.32% -4.15% -1.46% 5.74% 1.84% -1.34% -1.07% MediumJPM Europe Bond A (inc) - EUR 0.71% -0.32% -4.15% -1.46% 5.75% 1.85% -1.31% -0.40% MediumJPM Europe Bond B (acc) - EUR 0.77% -0.17% -3.94% -1.17% 6.08% 2.16% -1.06% -0.85% MediumJPM Europe Bond C (acc) - EUR 0.80% -0.12% -3.86% -1.06% 6.19% 2.27% -0.95% -0.76% MediumJPM Europe Bond D (acc) - EUR 0.61% -0.49% -4.40% -1.80% 5.36% 1.48% -1.68% -1.34% MediumJPM Europe Bond X (acc) - EUR 0.90% 0.08% -3.56% -0.66% 6.65% 2.70% -0.55% -0.44% Medium
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR -4.10% -7.01% 4.82% 15.15% 19.82% 1.18% -5.73% -4.59% MediumJPM Europe Recovery A (dist) - EUR -4.10% -7.02% 4.82% 15.14% 19.75% 0.81% -5.90% -4.72% MediumJPM Europe Recovery B (acc) - EUR** -3.92% -4.19% - - 1.69% -7.59% -10.54% -8.43% MediumJPM Europe Recovery C (acc) - EUR -3.88% -6.60% 5.53% 16.19% 21.09% 2.13% -5.02% -4.01% MediumJPM Europe Recovery D (acc) - EUR -4.34% -7.48% 4.04% 14.00% 18.44% 0.16% -6.49% -5.19% MediumJPM Europe Recovery X (acc) - EUR -3.67% -6.19% 6.22% 17.20% 22.31% -10.15% -11.82% -9.46% Medium
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - EUR -0.67% -0.29% 4.63% 12.83% 18.93% 0.74% -6.75% -5.40% MediumJPM Europe Select Equity A (acc) - USD 1.34% 7.71% 11.07% 33.17% 20.86% 15.97% - - MediumJPM Europe Select Equity A (dist) - EUR -0.66% -0.32% 4.61% 12.79% 18.84% -5.09% -9.83% -7.86% MediumJPM Europe Select Equity B (acc) - EUR -0.49% 0.08% 5.22% 13.67% 19.97% 1.51% -6.20% -4.96% MediumJPM Europe Select Equity C (acc) - EUR -0.41% 0.23% 5.45% 14.01% 20.39% 1.83% -5.96% -4.77% MediumJPM Europe Select Equity D (acc) - EUR -0.85% -0.65% 4.05% 12.00% 17.91% -0.02% - - MediumJPM Europe Select Equity D (acc) - USD 1.15% 7.31% 10.45% 32.17% 19.81% 14.88% - - MediumJPM Europe Select Equity I (acc) - EUR -0.38% 0.26% 5.51% 14.08% - - - - MediumJPM Europe Select Equity X (acc) - EUR -0.23% 0.58% 6.01% 14.81% 21.38% 2.57% -5.42% -4.33% MediumJPM Europe Select Equity X (acc) - EUR (hedged) -0.22% 1.96% 6.27% 17.06% 19.87% 2.38% - - Medium
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR -0.37% 0.79% 5.69% 14.44% 19.61% 3.71% -4.78% -3.82% MediumJPM Europe Strategic Dividend A (dist) - EUR -0.38% 0.70% 5.60% 14.34% 19.35% 2.65% -5.36% -4.16% MediumJPM Europe Strategic Dividend A (inc) - EUR -0.38% 0.70% 5.60% 14.33% 19.34% 2.66% - - MediumJPM Europe Strategic Dividend B (acc) - EUR** -0.18% 1.17% 6.28% - - - - - MediumJPM Europe Strategic Dividend C (acc) - EUR -0.12% 1.31% 6.52% 15.63% 21.08% 4.90% - - MediumJPM Europe Strategic Dividend D (acc) - EUR -0.56% 0.42% 5.10% 13.57% 18.58% 2.89% -5.37% -4.30% MediumJPM Europe Strategic Dividend I (acc) - EUR*** - - - - - - - - MediumJPM Europe Strategic Dividend X (acc) - EUR 0.06% 1.66% 7.09% 16.69% 22.85% 6.13% - - Medium
JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 1.56% 1.35% -0.79% 1.73% 5.50% -0.98% -3.16% -2.53% MediumJPM Global Bond (EUR) A (inc) - EUR 1.57% 1.35% -0.79% 1.73% 5.50% -0.98% -3.05% -2.06% MediumJPM Global Bond (EUR) B (acc) - EUR 1.64% 1.50% -0.57% 2.03% 5.83% -0.69% -2.90% -2.32% MediumJPM Global Bond (EUR) C (acc) - EUR 1.68% 1.58% -0.45% 2.18% 6.00% -0.54% -2.76% -2.20% MediumJPM Global Bond (EUR) D (acc) - EUR 1.46% 1.16% -1.08% 1.32% 5.06% -1.37% -3.50% -2.80% MediumJPM Global Bond (EUR) X (acc) - EUR 1.79% 1.80% -0.12% 2.64% 6.51% -0.10% -2.35% -1.88% Medium
Performance (continued) 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years Volatility
JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 1.15% 0.93% -1.21% 1.66% 5.11% -1.41% -3.99% -3.19% MediumJPM Global Bond (USD) A (acc) - USD 1.21% 1.03% -1.05% 1.87% 5.33% -1.22% -3.82% -3.06% MediumJPM Global Bond (USD) B (acc) - USD* - - - - - - - - MediumJPM Global Bond (USD) C (acc) - USD 1.32% 1.26% -0.72% 2.33% 5.83% -0.78% -3.44% -2.75% MediumJPM Global Bond (USD) D (acc) - USD 1.11% 0.83% -1.35% 1.46% 4.89% -1.60% -4.16% -3.33% MediumJPM Global Bond (USD) X (acc) - USD 1.43% 1.48% -0.38% 2.79% 6.33% -0.34% -3.04% -2.43% Medium
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 0.09% 0.84% 3.11% 10.40% 10.80% 3.56% 1.12% 0.90% MediumJPM Global Capital Appreciation A (dist) - EUR 0.09% 0.83% 3.10% 10.40% 10.75% 3.05% 0.71% 0.57% MediumJPM Global Capital Appreciation A (inc) - EUR 0.09% 0.83% 3.09% 10.40% 10.75% 3.32% 0.92% 0.78% MediumJPM Global Capital Appreciation B (acc) - EUR 0.22% 1.09% 3.50% 10.96% 11.41% 4.11% 1.65% 1.32% MediumJPM Global Capital Appreciation C (acc) - EUR 0.31% 1.47% 3.94% 11.49% 11.81% 4.44% 1.94% 1.56% MediumJPM Global Capital Appreciation D (acc) - EUR -0.08% 0.48% 2.56% 9.63% 9.95% 2.79% 0.40% 0.32% MediumJPM Global Capital Appreciation T (acc) - EUR*** - - - - - - - - MediumJPM Global Capital Appreciation X (acc) - EUR 0.43% 1.52% 4.16% 11.91% 12.46% 5.08% 2.69% 2.15% Medium
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR -1.62% -3.06% -1.92% 0.93% 2.74% 0.13% 1.03% 0.82% MediumJPM Global Capital Preservation (EUR) A (acc) - USD 0.35% 4.70% 4.11% 19.10% 4.21% 15.08% 12.64% 10.11% MediumJPM Global Capital Preservation (EUR) A (dist) - EUR -1.63% -3.02% -1.88% 0.97% 2.77% 0.09% 1.00% 0.80% MediumJPM Global Capital Preservation (EUR) A (inc) - EUR -1.62% -3.02% -1.88% 0.98% 2.77% 0.14% 1.02% 1.01% MediumJPM Global Capital Preservation (EUR) B (acc) - EUR -1.50% -2.82% -1.55% 1.44% 3.27% 0.64% 1.53% 1.22% MediumJPM Global Capital Preservation (EUR) C (acc) - EUR -1.45% -2.72% -1.40% 1.65% 3.49% 0.85% 1.75% 1.40% MediumJPM Global Capital Preservation (EUR) D (acc) - EUR -1.73% -3.28% -2.25% 0.47% 2.27% -0.32% 0.58% 0.47% MediumJPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) -1.52% -2.83% -1.56% 1.18% 2.44% - - - MediumJPM Global Capital Preservation (EUR) I (acc) - EUR -1.44% -2.69% -1.43% 1.60% 3.49% 0.87% - - MediumJPM Global Capital Preservation (EUR) I (inc) - EUR -1.44% -2.65% -1.31% 1.75% 3.56% 0.86% 1.75% 1.50% MediumJPM Global Capital Preservation (EUR) T (acc) - EUR*** - - - - - - - - MediumJPM Global Capital Preservation (EUR) X (acc) - EUR -1.29% -2.40% -0.91% 2.32% 4.19% 1.53% 2.45% 1.96% Medium
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD -1.66% -2.58% -1.52% 2.46% 3.19% 0.55% 1.75% 1.40% MediumJPM Global Capital Preservation (USD) B (acc) - USD*** - - - - - - - - MediumJPM Global Capital Preservation (USD) C (acc) - USD* - - - - - - - - MediumJPM Global Capital Preservation (USD) D (acc) - USD -1.78% -2.80% -1.83% 2.02% 2.72% 0.10% 1.29% 1.03% MediumJPM Global Capital Preservation (USD) X (acc) - USD* - - - - - - - - Medium
JPMorgan Investment Funds - Global Convertibles Fund (USD)JF Global Convertibles (USD) A (acc) - USD -1.49% 0.99% 5.09% 10.54% - - - - MediumJPM Global Convertibles (USD) A (acc) - USD -1.42% 1.12% 5.29% 10.81% 11.10% 4.01% 1.07% 0.86% MediumJPM Global Convertibles (USD) B (acc) - USD -1.27% 1.44% 5.79% 11.53% 11.90% 4.75% MediumJPM Global Convertibles (USD) C (acc) - USD -1.26% 1.47% 5.83% 11.58% 11.96% - - - MediumJPM Global Convertibles (USD) D (acc) - USD -1.55% 0.87% 4.89% 10.26% 10.50% 3.45% 0.55% 0.44% MediumJPM Global Convertibles (USD) I (acc) - USD -1.22% 1.54% 5.93% 11.72% 12.08% 4.89% - - MediumJPM Global Convertibles (USD) X (acc) - USD* - - - - - - - - Medium
JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - USD 0.75% 5.30% 10.23% 29.03% 18.68% 0.55% - - MediumJPM Global Dividend A (acc) - EUR -1.24% -2.51% - - - - - - MediumJPM Global Dividend A (acc) - EUR (hedged) -0.55% 1.12% 6.30% 16.81% 15.14% -11.60% - - MediumJPM Global Dividend A (inc) - USD 0.75% 5.20% 10.12% 28.90% - - - - MediumJPM Global Dividend A (inc) - EUR (hedged) -0.54% 1.07% 6.23% 16.74% 14.94% - - - MediumJPM Global Dividend C (acc) - EUR -0.97% -1.98% 4.68% 10.53% 18.29% - - - MediumJPM Global Dividend D (acc) - USD 0.57% 4.91% 9.61% 28.06% 17.66% -0.21% - - MediumJPM Global Dividend D (acc) - EUR (hedged) -0.72% 0.75% 5.70% 15.95% 14.17% -12.09% - - MediumJPM Global Dividend X (acc) - USD** 1.19% - - - - - - - Medium
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 1.83% 2.40% 1.47% 5.05% 12.07% 1.30% -1.80% -1.44% MediumJPM Global Enhanced Bond A (inc) - EUR 1.83% 2.39% 1.47% 5.05% 12.04% 1.18% -1.86% -1.02% MediumJPM Global Enhanced Bond B (acc) - EUR* - - - - - - - - MediumJPM Global Enhanced Bond C (acc) - EUR 1.97% 2.65% 1.87% 5.58% 12.70% 1.83% -1.33% -1.06% MediumJPM Global Enhanced Bond D (acc) - EUR 1.76% 2.25% 1.25% 4.74% 11.70% 0.99% -2.08% -1.66% MediumJPM Global Enhanced Bond X (acc) - EUR 2.09% 2.91% 2.24% 6.11% 13.35% 2.37% -0.85% -0.68% MediumJPM Global Enhanced Bond X (inc) - EUR* - - - - - - - - Medium
JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD -3.94% 1.46% 4.30% 18.49% 13.16% -4.16% -10.81% -8.65% MediumJPM Global Financials A (acc) - EUR -5.84% -6.08% -1.75% 0.40% 11.45% -13.17% -15.19% -12.15% MediumJPM Global Financials A (dist) - USD -3.95% 1.45% 4.29% 18.48% 13.13% -5.87% -11.55% -9.24% MediumJPM Global Financials B (acc) - USD -3.69% 2.01% 5.03% 19.66% 14.30% -3.39% - - MediumJPM Global Financials C (acc) - USD -3.75% 1.88% 4.95% 19.49% 14.24% -3.41% -10.31% -8.25% MediumJPM Global Financials D (acc) - USD -4.18% 0.96% 3.52% 17.31% 11.92% -5.02% -11.36% -9.09% MediumJPM Global Financials X (acc) - USD -3.51% 2.35% 5.67% 20.59% 15.39% -2.61% -9.79% -7.84% Medium
Performance (continued) 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years Volatility
JPMorgan Investment Funds - Global High Yield Bond FundJPM Global High Yield Bond A (acc) - USD 0.25% 3.36% 7.15% 13.80% 20.89% - -4.72% -3.77% MediumJPM Global High Yield Bond A (acc) - EUR (hedged) 0.45% 3.62% 7.36% 13.75% 20.61% 4.19% - - MediumJPM Global High Yield Bond A (inc) - EUR (hedged) 0.46% 3.57% 7.29% 13.67% 19.92% 1.80% - - MediumJPM Global High Yield Bond A (mth) - USD 0.26% 3.36% 7.09% 13.53% 20.13% - - - MediumJPM Global High Yield Bond B (acc) - EUR (hedged) 0.55% 3.81% 7.64% 14.15% 21.11% 4.59% - - MediumJPM Global High Yield Bond C (acc) - USD 0.41% 3.69% 7.68% 14.54% 21.82% - -5.40% -4.32% MediumJPM Global High Yield Bond C (acc) - EUR (hedged) 0.62% 3.96% 7.88% 14.49% 21.54% 4.93% - - MediumJPM Global High Yield Bond D (acc) - USD 0.14% 3.15% 6.84% - - - - - MediumJPM Global High Yield Bond D (acc) - EUR (hedged) 0.36% 3.42% 7.04% 13.29% 20.05% 3.75% - - MediumJPM Global High Yield Bond I (acc) - USD 0.43% 3.73% 7.74% 14.63% - - - - MediumJPM Global High Yield Bond I (inc) - EUR (hedged) 0.64% 3.92% 7.85% 14.46% 20.82% - - - MediumJPM Global High Yield Bond X (acc) - USD 0.54% - - - - - - - MediumJPM Global High Yield Bond X (acc) - EUR (hedged) 0.75% 4.22% 8.28% 15.06% 22.26% 5.51% - - Medium
JPMorgan Investment Funds - Global Income FundJPM Global Income A (div) - EUR 0.13% 2.65% 6.06% 13.44% 16.24% - - - MediumJPM Global Income B (div) - EUR*** - - - - - - - - MediumJPM Global Income C (div) - EUR 0.30% 1.98% 5.57% 13.12% - - - - MediumJPM Global Income D (div) - EUR 0.04% 2.47% 5.79% 13.06% - - - - MediumJPM Global Income T (div) - EUR*** - - - - - - - - Medium
JPMorgan Investment Funds - Global Select 130/30 FundJPM Global Select 130/30 A (acc) - USD 0.91% 3.96% 11.19% 26.57% 19.23% 0.88% -3.16% -2.53% MediumJPM Global Select 130/30 A (acc) - EUR** -1.17% - - - - - - - MediumJPM Global Select 130/30 A (dist) - USD 0.91% 3.95% 11.18% 26.55% 19.20% 0.35% -3.49% -2.73% MediumJPM Global Select 130/30 C (acc) - USD 1.15% 4.45% 11.96% 27.75% 20.48% 1.82% -2.36% -1.89% MediumJPM Global Select 130/30 D (acc) - USD 0.65% 3.45% 10.36% 25.32% 17.89% -0.12% -4.00% -3.20% MediumJPM Global Select 130/30 X (acc) - USD* - - - - - - - - Medium
JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD -0.95% 3.10% 9.60% 26.52% 20.33% 0.41% -2.66% -2.13% MediumJPM Global Select Equity A (dist) - USD -0.96% 3.08% 9.58% 26.50% 20.29% 0.12% -2.85% -2.28% MediumJPM Global Select Equity B (acc) - USD -0.76% 3.48% 10.22% 27.47% 21.37% 1.17% -2.00% -1.60% MediumJPM Global Select Equity C (acc) - USD -0.68% 3.66% 10.50% 27.91% 21.89% 1.54% -1.65% -1.32% MediumJPM Global Select Equity C (acc) - EUR*** - - - - - - - - MediumJPM Global Select Equity D (acc) - USD -1.13% 2.71% 8.99% 25.57% 19.28% -0.34% -3.32% -2.66% MediumJPM Global Select Equity X (acc) - USD -0.51% 4.01% 11.08% 28.76% 22.86% 2.24% -1.03% -0.82% Medium
JPMorgan Investment Funds - Global Total Return FundJPM Global Total Return A (acc) - EUR -0.72% -1.22% 0.16% 2.81% 6.03% 2.35% -0.94% -0.76% MediumJPM Global Total Return A (dist) - EUR -0.73% -1.22% 0.17% 2.81% 6.02% 2.03% -1.17% -0.93% MediumJPM Global Total Return A (inc) - EUR -0.73% -1.22% 0.15% 2.81% 6.01% 2.21% -1.05% -0.84% MediumJPM Global Total Return B (acc) - EUR* - - - - - - - - MediumJPM Global Total Return C (acc) - EUR -0.52% -0.80% 0.80% 3.68% 6.95% 3.24% -0.10% -0.08% MediumJPM Global Total Return D (acc) - EUR -0.97% -1.71% -0.58% 1.78% 4.92% 1.30% -1.89% -1.51% MediumJPM Global Total Return I (acc) - EUR* - - - - - - - - Medium
Performance (continued) 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years Volatility
JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 1.97% 3.23% 2.88% 6.72% 13.38% 7.43% 1.41% 1.13% MediumJPM US Bond A (inc) - USD 1.96% 3.23% 2.88% 6.73% 13.38% 7.43% 1.33% 1.64% MediumJPM US Bond B (acc) - USD 2.05% 3.40% 3.15% 7.08% 13.82% 7.85% 1.78% 1.42% MediumJPM US Bond C (acc) - USD 2.09% 3.48% 3.26% 7.25% 14.01% 8.04% 1.96% 1.57% MediumJPM US Bond D (acc) - USD 1.90% 3.09% 2.68% 6.45% 13.06% 7.12% 1.15% 0.92% MediumJPM US Bond X (acc) - USD* - - - - - - - - Medium
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 0.43% 7.84% 18.77% 30.04% 23.16% 2.34% -2.46% -1.97% MediumJPM US Equity A (acc) - EUR (hedged) 0.60% 7.92% 18.93% 29.69% 22.13% -11.57% -8.90% -7.12% MediumJPM US Equity A (dist) - GBP 0.69% 4.97% 16.98% 21.78% - - - - MediumJPM US Equity C (acc) - USD 0.69% 8.40% 19.70% 31.41% 24.71% 3.48% - - MediumJPM US Equity D (acc) - USD 0.31% 7.57% 18.32% 29.40% 22.44% 1.82% -2.91% -2.33% MediumJPM US Equity D (acc) - EUR (hedged) 0.48% 7.67% 18.49% 29.04% 21.54% -11.89% -9.22% -7.37% MediumJPM US Equity X (acc) - USD 0.88% 8.79% 20.34% 32.34% 25.78% 4.27% - - Medium
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - USD -1.20% 3.32% 13.23% 24.66% 20.19% 3.28% -0.97% -0.78% MediumJPM US Select Equity A (acc) - EUR -3.15% -4.35% 6.68% 5.63% 18.29% -8.03% - - MediumJPM US Select Equity A (acc) - EUR (hedged) -0.94% 3.58% 13.56% 24.50% 19.47% -11.05% - - MediumJPM US Select Equity A (dist) - USD -1.19% 3.32% 13.23% 24.66% 20.19% 3.28% -0.97% -0.78% MediumJPM US Select Equity B (acc) - USD -1.01% 3.71% 13.87% 25.59% 21.25% 4.12% -0.25% -0.20% MediumJPM US Select Equity C (acc) - USD -0.93% 3.87% 14.13% 25.98% 21.68% 4.46% 0.10% 0.08% MediumJPM US Select Equity C (acc) - EUR (hedged) -0.67% 4.13% 14.47% 25.82% 20.95% - - - MediumJPM US Select Equity D (acc) - USD -1.31% 3.07% 12.82% 24.05% 19.50% 2.74% -1.45% -1.16% MediumJPM US Select Equity D (acc) - EUR (hedged) -1.06% 3.34% 13.14% 23.89% 18.78% -11.39% - - MediumJPM US Select Equity I (acc) - USD -0.90% 3.93% 14.26% 26.15% 21.85% 4.57% - - MediumJPM US Select Equity X (acc) - USD -0.74% 4.26% 14.79% 26.95% 22.79% 5.30% 0.81% 0.65% Medium
* Share Class inactive as at end of the period.** Share Class reactivated as at end of the period.*** No data is applicable for these Share Classes because they were launched or reactivated less than 3 months before the year end.
4. Interest Rate Received/(Charged) on Bank Accounts
Basis for Bank Interest Rates
The rates are based on the JPMorgan Chase Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to each of theFund’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month.
5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01%
The following Sub-Fund share classes have been subject to an asset based tax of 0.01% per annum:
Share Class NameJPM Euro Liquid Market A (acc) - EURJPM Europe Recovery X (acc) - EURJPM Europe Select Equity I (acc) - EURJPM Europe Select Equity X (acc) - EURJPM Europe Select Equity X (acc) - EUR (hedged)JPM Europe Strategic Dividend I (acc) - EURJPM Europe Strategic Dividend X (acc) - EURJPM Global Bond (EUR) X (acc) - EURJPM Global Bond (USD) X (acc) - USDJPM Global Capital Appreciation X (acc) - EURJPM Global Capital Preservation (EUR) I (acc) - EURJPM Global Capital Preservation (EUR) I (inc) - EURJPM Global Capital Preservation (EUR) X (acc) - EURJPM Global Convertibles (USD) I (acc) - USDJPM Global Dividend X (acc) - USDJPM Global Enhanced Bond X (acc) - EURJPM Global High Yield Bond I (acc) - USDJPM Global High Yield Bond I (inc) - EUR (hedged)JPM Global High Yield Bond X (acc) - EUR (hedged)JPM Global High Yield Bond X (acc) - USDJPM Global Select Equity X (acc) - USDJPM Highbridge Statistical Market Neutral I (dist) - EURJPM Highbridge Statistical Market Neutral X (acc) - EURJPM Income Opportunity X (acc) - EUR (hedged)JPM Income Opportunity X (acc) - GBP (hedged)JPM Income Opportunity X (acc) - USDJPM Income Opportunity X (dist) - GBP (hedged)JPM Japan 50 Equity X (acc) - JPYJPM Japan Behavioural Finance Equity X (acc) - USDJPM Japan Focus I (acc) - JPYJPM Japan Focus X (acc) - JPYJPM Japan Select Equity I (acc) - JPYJPM Japan Select Equity X (acc) - JPYJPM Japan Strategic Value X (acc) - JPYJF Asia ex-Japan I (acc) - USDJF Asia ex-Japan X (acc) - USDJF Asia ex-Japan X (dist) - USDJPM US Equity X (acc) - USDJPM US Select Equity I (acc) - USDJPM US Select Equity X (acc) - USD
6. Sub-Fund Share Classes Exempt from Taxe d’Abonnement
The following Sub-Fund share classes have been exempt from an asset based tax:JPM Euro Liquid Market C (acc) - EURJPM Euro Liquid Market D (acc) - EURJPM Euro Liquid Market X (acc) - EUR
The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to itsinvestment policy. The portfolio turnover rate is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association asoutlined below:
(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund units)
Average net Sub-Fund assets in Sub-Fund currency
The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published.
Sub-Fund Portfolio Turnover Ratio
JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 44.59
JPMorgan Investment Funds - Euro Liquid Market Fund 0.00*
JPMorgan Investment Funds - Europe Bond Fund 30.96
JPMorgan Investment Funds - Europe Recovery Fund 1303.19
JPMorgan Investment Funds - Europe Select Equity Fund 212.38
JPMorgan Investment Funds - Europe Strategic Dividend Fund 0.00
JPMorgan Investment Funds - Global Bond Fund (EUR) 44.68
JPMorgan Investment Funds - Global Bond Fund (USD) 72.29
JPMorgan Investment Funds - Global Capital Appreciation Fund 0.00
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 133.37
JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 83.35
JPMorgan Investment Funds - Global Convertibles Fund (USD) 46.31
JPMorgan Investment Funds - Global Dividend Fund 49.19
JPMorgan Investment Funds - Global Enhanced Bond Fund 34.25
JPMorgan Investment Funds - Global Financials Fund 15.97
JPMorgan Investment Funds - Global High Yield Bond Fund 0.00
JPMorgan Investment Funds - Global Income Fund 11.59
JPMorgan Investment Funds - Global Select 130/30 Fund 137.94
JPMorgan Investment Funds - Global Select Equity Fund 86.38
JPMorgan Investment Funds - Global Total Return Fund 36.48
JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund 0.00
JPMorgan Investment Funds - Income Opportunity Fund 0.00
JPMorgan Investment Funds - Japan 50 Equity Fund 54.53
JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund 121.15
JPMorgan Investment Funds - Japan Focus Fund 72.87
JPMorgan Investment Funds - Japan Select Equity Fund 45.30
JPMorgan Investment Funds - Japan Strategic Value Fund 116.42
JPMorgan Investment Funds - JF Asia ex-Japan Fund 134.85
JPMorgan Investment Funds - US Bond Fund 0.00
JPMorgan Investment Funds - US Equity Fund 19.66
JPMorgan Investment Funds - US Select Equity Fund 56.35
* Due to the fact underlying investments have short term maturity and that they are replaced only at maturity, no portfolio turnover statistics are calculated for the Fund.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
8. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2010 (continued)JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I (1)JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD - 97,296.841 500.000 96,796.841JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (hedged) - 206,335.742 2,006.076 204,329.666JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD - 25,003.001 - 25,003.001JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (hedged) - 24,518.818 - 24,518.818JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD - 136,700.000 - 136,700.000JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD - 57,128.940 3,512.975 53,615.965JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (hedged) - 455,372.255 4,931.390 450,440.865
JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 149,671.651 57,458.903 140,356.319 66,774.235JPM Euro Liquid Market C (acc) - EUR 325,510.990 305,779.926 575,712.386 55,578.530JPM Euro Liquid Market D (acc) - EUR 146,033.808 130,229.764 197,619.026 78,644.546
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 331,426.264 278,114.370 427,760.353 181,780.281JPM Europe Bond A (inc) - EUR 84,833.393 2,148.105 24,951.215 62,030.283JPM Europe Bond B (acc) - EUR 1,717.396 18,725.703 19,209.025 1,234.074JPM Europe Bond C (acc) - EUR 82,887.016 60,580.268 140,439.958 3,027.326JPM Europe Bond D (acc) - EUR 47,271.496 48,401.823 48,769.090 46,904.229JPM Europe Bond X (acc) - EUR 299.985 - 159.267 140.718
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR 901,054.841 175,053.680 243,404.131 832,704.390JPM Europe Recovery A (dist) - EUR 262,526.879 50,551.663 54,862.837 258,215.705JPM Europe Recovery B (acc) - EUR 3,642.463 984.411 3,642.464 984.410JPM Europe Recovery C (acc) - EUR 122,874.958 55,527.226 90,990.995 87,411.189JPM Europe Recovery D (acc) - EUR 23,957.363 6,586.577 13,425.073 17,118.867JPM Europe Recovery X (acc) - EUR 142,702.264 86,268.000 12,886.000 216,084.264
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - EUR 81,906.853 17,796.828 63,866.118 35,837.563JPM Europe Select Equity A (acc) - USD 167.709 3,246.308 467.508 2,946.509JPM Europe Select Equity A (dist) - EUR 213.427 8,331.265 6,690.413 1,854.279JPM Europe Select Equity B (acc) - EUR 145,058.058 69,681.076 166,150.898 48,588.236JPM Europe Select Equity C (acc) - EUR 881,404.287 547,041.232 694,454.700 733,990.819JPM Europe Select Equity D (acc) - EUR 83,682.839 39,820.364 54,894.654 68,608.549JPM Europe Select Equity D (acc) - USD 34.860 2,064.836 2,064.836 34.860JPM Europe Select Equity I (acc) - EUR - 493,728.349 163,600.001 330,128.348JPM Europe Select Equity X (acc) - EUR 320,005.082 91,306.846 25,111.648 386,200.280JPM Europe Select Equity X (acc) - EUR (hedged) 844,138.363 67,683.688 252,284.453 659,537.598
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR 1,130,477.610 3,089,108.649 1,983,757.332 2,235,828.927JPM Europe Strategic Dividend A (dist) - EUR 26,925.104 44,272.739 21,784.060 49,413.783JPM Europe Strategic Dividend A (inc) - EUR 14,127.651 67,081.265 5,359.651 75,849.265JPM Europe Strategic Dividend B (acc) - EUR - 52,700.000 - 52,700.000JPM Europe Strategic Dividend C (acc) - EUR 1,109,029.715 799,923.400 1,087,888.722 821,064.393JPM Europe Strategic Dividend D (acc) - EUR 285,026.346 310,810.020 444,041.287 151,795.079JPM Europe Strategic Dividend X (acc) - EUR 2,080.138 420,763.883 420,763.884 2,080.137
JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 392,179.802 182,682.791 264,535.257 310,327.336JPM Global Bond (EUR) A (inc) - EUR 32,747.000 4,601.913 12,064.000 25,284.913JPM Global Bond (EUR) B (acc) - EUR 14,699.981 1,519.746 3,793.107 12,426.620JPM Global Bond (EUR) C (acc) - EUR 117,629.314 19,360.981 19,667.879 117,322.416JPM Global Bond (EUR) D (acc) - EUR 43,219.999 85,234.530 74,329.282 54,125.247JPM Global Bond (EUR) X (acc) - EUR 1,241.025 - 140.717 1,100.308
JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 2,646.809 6,499.904 5,926.065 3,220.648JPM Global Bond (USD) A (acc) - USD 212,186.758 83,350.587 122,330.009 173,207.336JPM Global Bond (USD) C (acc) - USD 3,458.674 71.587 - 3,530.261JPM Global Bond (USD) D (acc) - USD 48,516.740 40,839.525 39,426.935 49,929.330JPM Global Bond (USD) X (acc) - USD 236,378.854 - - 236,378.854
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 248,788.129 333,233.395 376,476.720 205,544.804JPM Global Capital Appreciation A (dist) - EUR 1,326.278 95.904 6.007 1,416.175JPM Global Capital Appreciation A (inc) - EUR 7,090.965 129.856 597.046 6,623.775JPM Global Capital Appreciation B (acc) - EUR 8,150.331 5,637.999 12,470.982 1,317.348JPM Global Capital Appreciation C (acc) - EUR 80,776.490 339,107.807 281,969.351 137,914.946JPM Global Capital Appreciation D (acc) - EUR 472,503.724 148,784.052 249,106.932 372,180.844JPM Global Capital Appreciation X (acc) - EUR 261,184.709 - - 261,184.709
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
8. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2010 (continued)JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR 753,788.748 536,037.995 622,026.619 667,800.124JPM Global Capital Preservation (EUR) A (acc) - USD 51,748.678 18,717.312 30,701.401 39,764.589JPM Global Capital Preservation (EUR) A (dist) - EUR 363,155.336 530,682.941 423,869.979 469,968.298JPM Global Capital Preservation (EUR) A (inc) - EUR 93,690.115 2,153.911 21,900.000 73,944.026JPM Global Capital Preservation (EUR) B (acc) - EUR 29,308.795 19,618.416 25,111.453 23,815.758JPM Global Capital Preservation (EUR) C (acc) - EUR 191,341.288 135,191.442 224,730.357 101,802.373JPM Global Capital Preservation (EUR) D (acc) - EUR 5,833,712.517 1,213,857.028 2,508,434.257 4,539,135.288JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 629,273.012 433,342.262 499,218.267 563,397.007JPM Global Capital Preservation (EUR) I (acc) - EUR 342,485.692 283,736.000 434,006.000 192,215.692JPM Global Capital Preservation (EUR) I (inc) - EUR 103,595.103 124,293.964 7,000.001 220,889.066JPM Global Capital Preservation (EUR) X (acc) - EUR 324,263.949 84,991.110 7,796.737 401,458.322
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD 456,584.883 449,596.960 445,996.181 460,185.662JPM Global Capital Preservation (USD) D (acc) - USD 189,760.015 115,053.802 142,816.858 161,996.959
JPMorgan Investment Funds - Global Convertibles Fund (USD)JF Global Convertibles (USD) A (acc) - USD 2,425.698 1,612.928 3,494.671 543.955JPM Global Convertibles (USD) A (acc) - USD 2,935,327.386 2,433,597.219 2,634,526.228 2,734,398.377JPM Global Convertibles (USD) B (acc) - USD 320,072.511 640,115.804 543,145.726 417,042.589JPM Global Convertibles (USD) C (acc) - USD 228,700.495 384,545.546 350,309.685 262,936.356JPM Global Convertibles (USD) D (acc) - USD 378,602.303 160,676.400 223,346.712 315,931.991JPM Global Convertibles (USD) I (acc) - USD 148,834.905 63,190.243 145,018.148 67,007.000JPM Global Convertibles (USD) X (acc) - USD* 195,296.000 18,870.000 214,166.000 -
JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - USD 113,331.681 630,650.297 358,990.970 384,991.008JPM Global Dividend A (acc) - EUR - 10,232.085 959.298 9,272.787JPM Global Dividend A (acc) - EUR (hedged) 13,863.096 152,802.563 57,536.147 109,129.512JPM Global Dividend A (inc) - USD 1,161.116 12,449.054 822.585 12,787.585JPM Global Dividend A (inc) - EUR (hedged) 2,662.099 10,739.013 5,443.625 7,957.487JPM Global Dividend C (acc) - EUR 181,010.969 59,048.083 204,738.872 35,320.180JPM Global Dividend D (acc) - USD 11,586.250 11,363.602 6,438.174 16,511.678JPM Global Dividend D (acc) - EUR (hedged) 15,640.572 20,593.911 8,873.778 27,360.705JPM Global Dividend X (acc) - USD* - 155,894.367 155,894.367 -
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 149,072.020 44,386.600 63,432.484 130,026.136JPM Global Enhanced Bond A (inc) - EUR 41.718 10.821 3.000 49.539JPM Global Enhanced Bond B (acc) - EUR 4,319.054 5,136.721 1,124.341 8,331.434JPM Global Enhanced Bond C (acc) - EUR 22,947.121 - 745.383 22,201.738JPM Global Enhanced Bond D (acc) - EUR 19,404.323 80,726.413 54,896.162 45,234.574JPM Global Enhanced Bond X (acc) - EUR 2,242.717 - 2,044.967 197.750
JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD 848,079.803 458,896.279 567,601.046 739,375.036JPM Global Financials A (acc) - EUR 362,164.761 425,524.595 192,191.728 595,497.628JPM Global Financials A (dist) - USD 188,087.896 609,102.535 94,591.122 702,599.309JPM Global Financials B (acc) - USD 412,565.384 293,051.972 367,196.764 338,420.592JPM Global Financials C (acc) - USD 11,810.617 248,042.087 26,520.752 233,331.952JPM Global Financials D (acc) - USD 75,430.963 35,857.184 44,700.813 66,587.334JPM Global Financials X (acc) - USD 10,719.673 215.564 750.000 10,185.237
JPMorgan Investment Funds - Global High Yield Bond FundJPM Global High Yield Bond A (acc) - USD 777,810.222 3,850,389.765 1,345,589.421 3,282,610.566JPM Global High Yield Bond A (acc) - EUR (hedged) 642,374.157 1,447,770.532 1,126,831.458 963,313.231JPM Global High Yield Bond A (inc) - EUR (hedged) 65,167.139 42,170.547 47,572.760 59,764.926JPM Global High Yield Bond A (mth) - USD 180,599.299 871,558.816 484,771.314 567,386.801JPM Global High Yield Bond B (acc) - EUR (hedged) 54,221.862 237,679.217 137,200.575 154,700.504JPM Global High Yield Bond C (acc) - USD 193,934.780 969,559.756 394,834.838 768,659.698JPM Global High Yield Bond C (acc) - EUR (hedged) 479,981.346 1,341,285.041 853,414.357 967,852.030JPM Global High Yield Bond D (acc) - USD - 823.395 - 823.395JPM Global High Yield Bond D (acc) - EUR (hedged) 156,321.512 213,342.629 87,350.576 282,313.565JPM Global High Yield Bond I (acc) - USD 360,000.000 2,120,040.843 1,043,054.359 1,436,986.484JPM Global High Yield Bond I (inc) - EUR (hedged) 173,754.250 141,712.467 220,073.250 95,393.467JPM Global High Yield Bond X (acc) - EUR (hedged) 36,133.150 77,448.800 59,216.333 54,365.617
JPMorgan Investment Funds - Global Income FundJPM Global Income A (div) - EUR 148,419.625 113,007.586 125,891.555 135,535.656JPM Global Income C (div) - EUR - 166,662.454 65,770.647 100,891.807JPM Global Income D (div) - EUR 195,050.578 945,912.004 119,597.551 1,021,365.031
JPMorgan Investment Funds - Global Select 130/30 FundJPM Global Select 130/30 A (acc) - USD 130,051.383 56,934.569 77,128.431 109,857.521JPM Global Select 130/30 A (acc) - EUR* 642.508 - 642.508 -JPM Global Select 130/30 A (dist) - USD 530.394 1.532 - 531.926JPM Global Select 130/30 C (acc) - USD 36,278.750 6,363.599 13,434.809 29,207.540JPM Global Select 130/30 D (acc) - USD 39,758.076 18,779.723 25,154.917 33,382.882
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
8. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2010 (continued)JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD 399,254.727 216,892.267 168,275.359 447,871.635JPM Global Select Equity A (dist) - USD 930.918 8,341.777 - 9,272.695JPM Global Select Equity B (acc) - USD 6,520.808 362.000 6,522.808 360.000JPM Global Select Equity C (acc) - USD 475,915.617 509,269.001 280,427.074 704,757.544JPM Global Select Equity D (acc) - USD 72,852.701 31,337.893 39,362.437 64,828.157JPM Global Select Equity X (acc) - USD 865,977.872 53,710.601 576,846.952 342,841.521
JPMorgan Investment Funds - Global Total Return FundJPM Global Total Return A (acc) - EUR 497,735.861 402,075.166 582,548.767 317,262.260JPM Global Total Return A (dist) - EUR 712.913 6.039 - 718.952JPM Global Total Return A (inc) - EUR 89.650 9.027 0.705 97.972JPM Global Total Return C (acc) - EUR 171,328.188 75,948.088 219,695.952 27,580.324JPM Global Total Return D (acc) - EUR 443,787.645 62,489.316 165,011.838 341,265.123
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
8. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2010 (continued)JPMorgan Investment Funds - Japan Select Equity FundJPM Japan Select Equity A (acc) - JPY 2,893,166.755 1,882,711.508 2,873,822.846 1,902,055.417JPM Japan Select Equity A (dist) - JPY 36,886.412 64,448.098 93,956.519 7,377.991JPM Japan Select Equity B (acc) - JPY 153,238.804 495,538.751 491,282.498 157,495.057JPM Japan Select Equity C (acc) - JPY 1,806,306.742 1,748,637.285 1,468,488.600 2,086,455.427JPM Japan Select Equity D (acc) - JPY 145,641.969 200,529.163 225,042.189 121,128.943JPM Japan Select Equity I (acc) - JPY 302,140.000 - - 302,140.000JPM Japan Select Equity X (acc) - JPY 1,292,507.635 309,578.511 459,291.435 1,142,794.711
JPMorgan Investment Funds - Japan Strategic Value FundJPM Japan Strategic Value A (acc) - JPY 281,873.842 735,855.363 412,154.296 605,574.909JPM Japan Strategic Value A (acc) - EUR 22,014.211 1,479.396 - 23,493.607JPM Japan Strategic Value A (dist) - GBP 62,358.574 19,078.493 25,969.493 55,467.574JPM Japan Strategic Value C (acc) - JPY 108,149.600 70,138.204 65,293.896 112,993.908JPM Japan Strategic Value D (acc) - JPY 24,090.318 6,449.860 4,918.370 25,621.808JPM Japan Strategic Value D (acc) - EUR 22,014.211 1,906.133 360.030 23,560.314JPM Japan Strategic Value X (acc) - JPY 228,139.000 136,618.421 50,198.000 314,559.421
JPMorgan Investment Funds - JF Asia ex-Japan FundJF Asia ex-Japan A (acc) - USD 1,226,426.524 547,735.962 591,999.462 1,182,163.024JF Asia ex-Japan A (dist) - USD 179,363.561 64,336.188 79,646.807 164,052.942JF Asia ex-Japan B (acc) - USD 173,447.124 102,616.045 112,950.141 163,113.028JF Asia ex-Japan C (acc) - USD 790,014.329 598,637.440 597,490.453 791,161.316JF Asia ex-Japan D (acc) - USD 262,512.205 144,209.745 189,850.383 216,871.567JF Asia ex-Japan I (acc) - USD 5,315,048.328 610,501.169 2,042,513.889 3,883,035.608JF Asia ex-Japan X (acc) - USD 256,141.060 106,163.739 176,342.894 185,961.905
JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 194,447.810 321,239.230 353,669.672 162,017.368JPM US Bond A (inc) - USD 1,542.000 21.226 481.000 1,082.226JPM US Bond B (acc) - USD 5,922.047 20,435.305 21,718.309 4,639.043JPM US Bond C (acc) - USD 5,400.198 61,894.321 56,280.265 11,014.254JPM US Bond D (acc) - USD 124,600.615 45,819.497 85,280.451 85,139.661
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 928,634.873 609,645.983 507,101.689 1,031,179.167JPM US Equity A (acc) - EUR (hedged) 111,521.804 94,869.522 114,642.998 91,748.328JPM US Equity A (dist) - GBP 2,470.405 25,390.273 4,195.504 23,665.174JPM US Equity C (acc) - USD 72,976.004 326,538.353 118,252.427 281,261.930JPM US Equity D (acc) - USD 10,775.941 22,811.253 6,904.011 26,683.183JPM US Equity D (acc) - EUR (hedged) 30,028.997 27,760.408 22,406.599 35,382.806JPM US Equity X (acc) - USD 1,396.370 120,346.811 - 121,743.181
JPMorgan Investment Funds - US Market Neutral Fund (3)JPM US Market Neutral A (acc) - USD 32,867.065 12,120.220 44,987.285 -JPM US Market Neutral A (acc) - EUR (hedged) 10,765.218 917.957 11,683.175 -JPM US Market Neutral A (dist) - USD 15,361.153 - 15,361.153 -JPM US Market Neutral A (dist) - GBP 15,097.352 - 15,097.352 -JPM US Market Neutral D (acc) - USD 13,765.559 4,985.936 18,751.495 -JPM US Market Neutral D (acc) - EUR (hedged) 15,379.635 1,943.735 17,323.370 -JPM US Market Neutral X (acc) - USD 33,377.094 - 33,377.094 -
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - USD 4,287,012.741 5,395,573.381 2,070,179.466 7,612,406.656JPM US Select Equity A (acc) - EUR 303,148.027 1,559,729.541 539,098.080 1,323,779.488JPM US Select Equity A (acc) - EUR (hedged) 1,469,260.818 918,499.804 1,896,944.505 490,816.117JPM US Select Equity A (dist) - USD 1,064,409.884 278,108.502 720,601.283 621,917.103JPM US Select Equity B (acc) - USD 544,175.749 388,748.658 198,381.620 734,542.787JPM US Select Equity C (acc) - USD 2,343,303.460 858,318.575 757,858.524 2,443,763.511JPM US Select Equity C (acc) - EUR (hedged) 148,590.709 327,104.481 112,297.125 363,398.065JPM US Select Equity D (acc) - USD 345,454.907 486,366.400 245,146.370 586,674.937JPM US Select Equity D (acc) - EUR (hedged) 540,595.604 436,206.973 463,994.244 512,808.333JPM US Select Equity I (acc) - USD 808,968.114 - 308,523.554 500,444.560JPM US Select Equity X (acc) - USD 119,987.057 33,538.854 40,366.386 113,159.525
(3) This Sub-Fund was liquidated on 15 December 2010.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2009 (continued)JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 337,042.849 119,282.235 306,653.433 149,671.651JPM Euro Liquid Market C (acc) - EUR 904,953.771 512,537.783 1,091,980.564 325,510.990JPM Euro Liquid Market D (acc) - EUR 79,083.020 361,311.221 294,360.433 146,033.808
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 452,350.578 244,529.021 365,453.335 331,426.264JPM Europe Bond A (inc) - EUR 110,081.452 3,687.113 28,935.172 84,833.393JPM Europe Bond B (acc) - EUR 5,410.046 - 3,692.650 1,717.396JPM Europe Bond C (acc) - EUR 19,348.792 141,062.046 77,523.822 82,887.016JPM Europe Bond D (acc) - EUR 54,183.395 29,626.512 36,538.411 47,271.496JPM Europe Bond X (acc) - EUR 299.985 - - 299.985
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR 970,990.677 444,229.251 514,165.087 901,054.841JPM Europe Recovery A (dist) - EUR 302,242.860 46,221.183 85,937.164 262,526.879JPM Europe Recovery B (acc) - EUR 8,304.238 33,460.566 38,122.341 3,642.463JPM Europe Recovery C (acc) - EUR 9,199.300 366,584.240 252,908.582 122,874.958JPM Europe Recovery D (acc) - EUR 28,633.652 13,821.606 18,497.895 23,957.363JPM Europe Recovery X (acc) - EUR - 254,223.189 111,520.925 142,702.264
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - EUR 16,656.442 94,735.747 29,485.336 81,906.853JPM Europe Select Equity A (acc) - USD 34.860 2,913.800 2,780.951 167.709JPM Europe Select Equity A (dist) - EUR 3,168.062 1,342.826 4,297.461 213.427JPM Europe Select Equity B (acc) - EUR 41,812.041 155,279.516 52,033.499 145,058.058JPM Europe Select Equity C (acc) - EUR 397,336.432 638,715.280 154,647.425 881,404.287JPM Europe Select Equity D (acc) - EUR 21,435.173 109,103.030 46,855.364 83,682.839JPM Europe Select Equity D (acc) - USD 34.860 - - 34.860JPM Europe Select Equity X (acc) - EUR 101,630.344 327,488.105 109,113.367 320,005.082JPM Europe Select Equity X (acc) - EUR (hedged) 844,138.363 - - 844,138.363
JPMorgan Investment Funds - Europe Select Mega Cap Fund (1)JPM Europe Select Mega Cap A (acc) - EUR 79,296.459 1,780.944 81,077.403 -JPM Europe Select Mega Cap A (dist) - EUR 66.913 - 66.913 -JPM Europe Select Mega Cap B (acc) - EUR 3,958.587 - 3,958.587 -JPM Europe Select Mega Cap C (acc) - EUR 3,582.551 - 3,582.551 -JPM Europe Select Mega Cap D (acc) - EUR 63,784.486 487.936 64,272.422 -JPM Europe Select Mega Cap X (acc) - EUR 26,158.461 373.021 26,531.482 -
JPMorgan Investment Funds - Europe Short Duration Fund (2)JPM Europe Short Duration A (acc) - EUR 43,248.540 - 43,248.540 -JPM Europe Short Duration B (acc) - EUR 698.381 - 698.381 -JPM Europe Short Duration D (acc) - EUR 43,977.048 - 43,977.048 -
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR 792,396.145 969,922.377 631,840.912 1,130,477.610JPM Europe Strategic Dividend A (dist) - EUR 4,213.117 25,256.980 2,544.993 26,925.104JPM Europe Strategic Dividend A (inc) - EUR 2,977.000 12,045.093 894.442 14,127.651JPM Europe Strategic Dividend C (acc) - EUR 46,281.320 1,347,795.816 285,047.421 1,109,029.715JPM Europe Strategic Dividend D (acc) - EUR 97,637.891 227,165.575 39,777.120 285,026.346JPM Europe Strategic Dividend X (acc) - EUR 10,520.000 3,966.000 12,405.862 2,080.138
JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 472,540.605 151,301.691 231,662.494 392,179.802JPM Global Bond (EUR) A (inc) - EUR 59,817.000 1,753.000 28,823.000 32,747.000JPM Global Bond (EUR) B (acc) - EUR 27,087.334 3,231.878 15,619.231 14,699.981JPM Global Bond (EUR) C (acc) - EUR 78,462.855 44,434.179 5,267.720 117,629.314JPM Global Bond (EUR) D (acc) - EUR 72,246.077 8,794.961 37,821.039 43,219.999JPM Global Bond (EUR) X (acc) - EUR 158,235.559 20,962.000 177,956.534 1,241.025
JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 87,594.148 7,312.128 92,259.467 2,646.809JPM Global Bond (USD) A (acc) - USD 242,922.924 17,102.368 47,838.534 212,186.758JPM Global Bond (USD) B (acc) - USD* 599.999 0.001 600.000 -JPM Global Bond (USD) C (acc) - USD 4,058.676 713.206 1,313.208 3,458.674JPM Global Bond (USD) D (acc) - USD 57,332.850 13,723.652 22,539.762 48,516.740JPM Global Bond (USD) X (acc) - USD 237,256.664 - 877.810 236,378.854
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 257,254.745 240,111.053 248,577.669 248,788.129JPM Global Capital Appreciation A (dist) - EUR 1,090.551 635.727 400.000 1,326.278JPM Global Capital Appreciation A (inc) - EUR 12,029.440 2,465.853 7,404.328 7,090.965JPM Global Capital Appreciation B (acc) - EUR 10,554.878 6,000.000 8,404.547 8,150.331JPM Global Capital Appreciation C (acc) - EUR 227,375.399 262,382.375 408,981.284 80,776.490JPM Global Capital Appreciation D (acc) - EUR 566,126.126 107,098.795 200,721.197 472,503.724JPM Global Capital Appreciation X (acc) - EUR 470,455.401 - 209,270.692 261,184.709
(1) This Sub-Fund merged into Europe Select Equity Fund on 12 June 2009.(2) This Sub-Fund was liquidated on 30 January 2009.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2009 (continued)JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR 779,000.924 211,954.501 237,166.677 753,788.748JPM Global Capital Preservation (EUR) A (acc) - USD 92,529.997 10,375.371 51,156.690 51,748.678JPM Global Capital Preservation (EUR) A (dist) - EUR 584,055.737 101,351.698 322,252.099 363,155.336JPM Global Capital Preservation (EUR) A (inc) - EUR 108,892.993 3,268.601 18,471.479 93,690.115JPM Global Capital Preservation (EUR) B (acc) - EUR 24,312.469 19,465.134 14,468.808 29,308.795JPM Global Capital Preservation (EUR) C (acc) - EUR 126,988.318 123,914.274 59,561.304 191,341.288JPM Global Capital Preservation (EUR) D (acc) - EUR 7,213,438.828 986,402.981 2,366,129.292 5,833,712.517JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) 199,813.212 432,757.400 3,297.600 629,273.012JPM Global Capital Preservation (EUR) I (acc) - EUR 283,473.000 159,634.692 100,622.000 342,485.692JPM Global Capital Preservation (EUR) I (inc) - EUR 102,378.095 1,217.008 - 103,595.103JPM Global Capital Preservation (EUR) X (acc) - EUR 186,997.509 266,351.549 129,085.109 324,263.949
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD 437,699.978 208,252.618 189,367.713 456,584.883JPM Global Capital Preservation (USD) D (acc) - USD 190,691.876 107,272.997 108,204.858 189,760.015JPM Global Capital Preservation (USD) X (acc) - USD* 6,263.113 - 6,263.113 -
JPMorgan Investment Funds - Global Convertibles Fund (USD)JF Global Convertibles (USD) A (acc) - USD - 2,425.699 0.001 2,425.698JPM Global Convertibles (USD) A (acc) - USD 1,112,950.931 3,076,025.578 1,253,649.123 2,935,327.386JPM Global Convertibles (USD) B (acc) - USD 40,000.000 351,276.184 71,203.673 320,072.511JPM Global Convertibles (USD) C (acc) - USD - 314,629.446 85,928.951 228,700.495JPM Global Convertibles (USD) D (acc) - USD 292,900.055 204,022.223 118,319.975 378,602.303JPM Global Convertibles (USD) I (acc) - USD 64,597.000 500,759.374 416,521.469 148,834.905JPM Global Convertibles (USD) X (acc) - USD - 212,445.001 17,149.001 195,296.000
JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - USD 7,500.000 113,421.991 7,590.310 113,331.681JPM Global Dividend A (inc) - USD - 1,161.117 0.001 1,161.116JPM Global Dividend A (acc) - EUR (hedged) 8,608.776 6,111.635 857.315 13,863.096JPM Global Dividend A (inc) - EUR (hedged) - 2,662.100 0.001 2,662.099JPM Global Dividend C (acc) - EUR - 187,104.464 6,093.495 181,010.969JPM Global Dividend D (acc) - USD 8,189.892 4,333.634 937.276 11,586.250JPM Global Dividend D (acc) - EUR (hedged) 8,569.067 15,594.109 8,522.604 15,640.572
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 204,106.306 31,270.345 86,304.631 149,072.020JPM Global Enhanced Bond A (inc) - EUR 54.718 1.000 14.000 41.718JPM Global Enhanced Bond B (acc) - EUR 4,319.054 9,508.000 9,508.000 4,319.054JPM Global Enhanced Bond C (acc) - EUR 66,703.995 - 43,756.874 22,947.121JPM Global Enhanced Bond D (acc) - EUR 49,707.567 3,764.764 34,068.008 19,404.323JPM Global Enhanced Bond X (acc) - EUR 2,072.717 170.000 - 2,242.717
JPMorgan Investment Funds - Global ex-US Select Small Cap Fund (3)JPM Global ex-US Select Small Cap A (acc) - EUR 92,676.578 - 92,676.578 -JPM Global ex-US Select Small Cap A (dist) - EUR 659.168 - 659.168 -JPM Global ex-US Select Small Cap B (acc) - EUR 170.000 - 170.000 -JPM Global ex-US Select Small Cap C (acc) - EUR 6,167.953 - 6,167.953 -JPM Global ex-US Select Small Cap D (acc) - EUR 31,304.831 - 31,304.831 -
JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD 915,853.151 944,086.104 1,011,859.452 848,079.803JPM Global Financials A (acc) - EUR 29,053.662 520,643.198 187,532.099 362,164.761JPM Global Financials A (dist) - USD 7,859.140 180,228.756 - 188,087.896JPM Global Financials B (acc) - USD 8,906.326 995,002.076 591,343.018 412,565.384JPM Global Financials C (acc) - USD 610,657.762 182,551.146 781,398.291 11,810.617JPM Global Financials D (acc) - USD 67,827.112 105,485.228 97,881.377 75,430.963JPM Global Financials X (acc) - USD 10,938.618 731.055 950.000 10,719.673
JPMorgan Investment Funds - Global Healthtech Fund (4)JPM Global Healthtech A (acc) - USD 103,860.385 95,849.136 199,709.521 -JPM Global Healthtech A (dist) - USD 50.000 2,417.972 2,467.972 -JPM Global Healthtech B (acc) - USD 8,590.893 2,523.938 11,114.831 -JPM Global Healthtech C (acc) - USD 400.603 44,703.435 45,104.038 -JPM Global Healthtech D (acc) - USD 33,387.742 4,733.299 38,121.041 -
JPMorgan Investment Funds - Global High Yield Bond FundJPM Global High Yield Bond A (acc) - USD 107,530.516 1,031,866.355 361,586.649 777,810.222JPM Global High Yield Bond A (acc) - EUR (hedged) 395,886.052 1,015,940.154 769,452.049 642,374.157JPM Global High Yield Bond A (inc) - EUR (hedged) 85,394.679 425,892.193 446,119.733 65,167.139JPM Global High Yield Bond A (mth) - USD 1,359.720 280,755.181 101,515.602 180,599.299JPM Global High Yield Bond B (acc) - EUR (hedged) 8,962.730 54,691.087 9,431.955 54,221.862JPM Global High Yield Bond C (acc) - USD 2,150.000 223,086.571 31,301.791 193,934.780JPM Global High Yield Bond C (acc) - EUR (hedged) 416,620.633 711,382.721 648,022.008 479,981.346JPM Global High Yield Bond D (acc) - EUR (hedged) 86,047.587 118,452.833 48,178.908 156,321.512JPM Global High Yield Bond I (acc) - USD - 360,000.001 0.001 360,000.000JPM Global High Yield Bond I (inc) - EUR (hedged) 131,000.000 156,254.250 113,500.000 173,754.250JPM Global High Yield Bond X (acc) - EUR (hedged) 36,505.870 25,061.247 25,433.967 36,133.150
(3) This Sub-Fund was liquidated on 9 February 2009.(4) This Sub-Fund merged into JPMorgan Funds - Global Healthcare Fund on 2 October 2009.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2009 (continued)JPMorgan Investment Funds - Global Income FundJPM Global Income A (div) - EUR 116,054.160 38,963.535 6,598.070 148,419.625JPM Global Income D (div) - EUR - 196,449.837 1,399.259 195,050.578
JPMorgan Investment Funds - Global Select 130/30 FundJPM Global Select 130/30 A (acc) - USD 178,493.515 92,150.319 140,592.451 130,051.383JPM Global Select 130/30 A (acc) - EUR 642.508 - - 642.508JPM Global Select 130/30 A (dist) - USD 517.762 12.632 - 530.394JPM Global Select 130/30 C (acc) - USD 566.138 56,302.318 20,589.706 36,278.750JPM Global Select 130/30 D (acc) - USD 68,716.451 18,817.031 47,775.406 39,758.076
JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD 191,000.811 377,925.276 169,671.360 399,254.727JPM Global Select Equity A (dist) - USD 528.464 539.046 136.592 930.918JPM Global Select Equity B (acc) - USD 38,969.659 17,240.193 49,689.044 6,520.808JPM Global Select Equity C (acc) - USD 502,428.557 410,731.634 437,244.574 475,915.617JPM Global Select Equity D (acc) - USD 62,932.873 23,017.968 13,098.140 72,852.701JPM Global Select Equity X (acc) - USD 378,884.834 523,136.351 36,043.313 865,977.872
JPMorgan Investment Funds - Global Short Duration Fund (5)JPM Global Short Duration A (acc) - USD 13,518.138 - 13,518.138 -JPM Global Short Duration C (acc) - USD 225,530.507 - 225,530.507 -JPM Global Short Duration D (acc) - USD 10,847.808 - 10,847.808 -
JPMorgan Investment Funds - Global Teletech Fund (6)JPM Global Teletech A (acc) - USD 162,385.964 - 162,385.964 -JPM Global Teletech A (dist) - USD 197.561 - 197.561 -JPM Global Teletech B (acc) - USD 1,584.053 - 1,584.053 -JPM Global Teletech C (acc) - USD 2,542.079 - 2,542.079 -JPM Global Teletech D (acc) - USD 28,567.742 - 28,567.742 -
JPMorgan Investment Funds - Global Total Return FundJPM Global Total Return A (acc) - EUR 531,600.707 71,481.093 105,345.939 497,735.861JPM Global Total Return A (dist) - EUR 87.551 625.362 - 712.913JPM Global Total Return A (inc) - EUR 89.650 - - 89.650JPM Global Total Return B (acc) - EUR* 675.680 - 675.680 -JPM Global Total Return C (acc) - EUR 9,373.040 171,078.185 9,123.037 171,328.188JPM Global Total Return D (acc) - EUR 577,607.727 36,979.978 170,800.060 443,787.645
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2009 (continued)JPMorgan Investment Funds - Japan 50 Equity FundJPM Japan 50 Equity A (acc) - EUR 275,551.609 116,484.905 339,879.611 52,156.903JPM Japan 50 Equity A (acc) - JPY 218,496.308 621,653.374 543,933.795 296,215.887JPM Japan 50 Equity A (dist) - JPY 2,108.030 2,177.651 141.654 4,144.027JPM Japan 50 Equity C (acc) - JPY - 241,630.517 22,398.255 219,232.262JPM Japan 50 Equity D (acc) - JPY 3,634.907 4,992.729 3,956.063 4,671.573JPM Japan 50 Equity I (acc) - JPY* 4,002,103.435 94,513.649 4,096,617.084 -JPM Japan 50 Equity X (acc) - JPY 941,904.592 668,704.328 675,420.771 935,188.149
JPMorgan Investment Funds - Japan Behavioural Finance Equity FundJPM Japan Behavioural Finance Equity A (acc) - EUR 257,054.291 15,328.003 250,785.695 21,596.599JPM Japan Behavioural Finance Equity A (acc) - USD 169,510.758 34,663.087 183,689.042 20,484.803JPM Japan Behavioural Finance Equity A (dist) - USD 58,534.874 17,968.264 58,598.035 17,905.103JPM Japan Behavioural Finance Equity C (acc) - USD* 39,570.190 - 39,570.190 -JPM Japan Behavioural Finance Equity D (acc) - EUR 345.561 287.778 295.342 337.997JPM Japan Behavioural Finance Equity X (acc) - USD 174,966.493 - 150,962.100 24,004.393
JPMorgan Investment Funds - Japan Focus FundJPM Japan Focus A (acc) - JPY 379,060.338 157,300.027 302,757.408 233,602.957JPM Japan Focus A (dist) - JPY - 8.888 - 8.888JPM Japan Focus D (acc) - JPY 27,111.060 2,370.333 1,718.872 27,762.521JPM Japan Focus I (acc) - JPY 666,719.092 25,918.206 119,076.910 573,560.388JPM Japan Focus X (acc) - JPY 7,525.000 265,876.153 12,592.396 260,808.757
JPMorgan Investment Funds - Japan Select Equity FundJPM Japan Select Equity A (acc) - JPY 5,663,927.019 2,346,145.854 5,116,906.118 2,893,166.755JPM Japan Select Equity A (dist) - JPY 18,461.567 42,094.795 23,669.950 36,886.412JPM Japan Select Equity B (acc) - JPY 217,039.531 34,467.052 98,267.779 153,238.804JPM Japan Select Equity C (acc) - JPY 2,007,056.550 877,552.863 1,078,302.671 1,806,306.742JPM Japan Select Equity D (acc) - JPY 280,901.515 20,097.132 155,356.678 145,641.969JPM Japan Select Equity I (acc) - JPY 316,242.235 - 14,102.235 302,140.000JPM Japan Select Equity X (acc) - JPY 1,736,552.945 516,967.800 961,013.110 1,292,507.635
JPMorgan Investment Funds - Japan Strategic Value FundJPM Japan Strategic Value A (acc) - EUR 120,947.211 243,825.000 342,758.000 22,014.211JPM Japan Strategic Value A (acc) - JPY 21,528.842 443,582.890 183,237.890 281,873.842JPM Japan Strategic Value A (dist) - GBP 22,119.574 68,432.000 28,193.000 62,358.574JPM Japan Strategic Value C (acc) - JPY - 134,817.999 26,668.399 108,149.600JPM Japan Strategic Value D (acc) - EUR 22,014.211 1,437.422 1,437.422 22,014.211JPM Japan Strategic Value D (acc) - JPY 21,922.312 2,778.171 610.165 24,090.318JPM Japan Strategic Value X (acc) - JPY - 229,639.000 1,500.000 228,139.000
JPMorgan Investment Funds - JF Asia ex-Japan FundJF Asia ex-Japan A (acc) - USD 936,215.019 1,024,816.613 734,605.108 1,226,426.524JF Asia ex-Japan A (dist) - USD 58,805.816 163,826.068 43,268.323 179,363.561JF Asia ex-Japan B (acc) - USD 52,265.654 219,251.126 98,069.656 173,447.124JF Asia ex-Japan C (acc) - USD 615,225.128 640,927.998 466,138.797 790,014.329JF Asia ex-Japan D (acc) - USD 214,100.841 152,120.730 103,709.366 262,512.205JF Asia ex-Japan I (acc) - USD 2,599,067.020 2,945,664.375 229,683.067 5,315,048.328JF Asia ex-Japan X (acc) - USD 98,255.743 250,162.260 92,276.943 256,141.060
JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 390,580.210 69,757.252 265,889.652 194,447.810JPM US Bond A (inc) - USD 2,617.000 - 1,075.000 1,542.000JPM US Bond B (acc) - USD 7,133.057 27.119 1,238.129 5,922.047JPM US Bond C (acc) - USD 1,988.126 3,631.072 219.000 5,400.198JPM US Bond D (acc) - USD 158,561.074 12,648.196 46,608.655 124,600.615
JPMorgan Investment Funds - US Disciplined Equity Fund (7)JPM US Disciplined Equity A (acc) - USD 19,705.527 - 19,705.527 -JPM US Disciplined Equity A (dist) - USD 50.000 - 50.000 -JPM US Disciplined Equity B (acc) - USD 2,945.633 - 2,945.633 -JPM US Disciplined Equity C (acc) - USD 285.610 - 285.610 -JPM US Disciplined Equity D (acc) - USD 81,240.420 - 81,240.420 -JPM US Disciplined Equity X (acc) - USD 1,237.084 - 1,237.084 -
JPMorgan Investment Funds - US Dynamic Small Cap Fund (8)JPM US Dynamic Small Cap A (acc) - USD 158,527.481 2,330.825 160,858.306 -JPM US Dynamic Small Cap A (dist) - USD 11.653 - 11.653 -JPM US Dynamic Small Cap D (acc) - USD 12,154.873 168.725 12,323.598 -JPM US Dynamic Small Cap X (acc) - USD 2,259.000 835.000 3,094.000 -
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 154,664.749 988,133.638 214,163.514 928,634.873JPM US Equity A (acc) - EUR (hedged) 116,895.546 85,880.540 91,254.282 111,521.804JPM US Equity A (dist) - GBP - 2,470.405 - 2,470.405JPM US Equity C (acc) - USD 43,918.465 114,062.512 85,004.973 72,976.004JPM US Equity D (acc) - USD 5,665.643 11,217.590 6,107.292 10,775.941JPM US Equity D (acc) - EUR (hedged) 4,888.678 35,790.411 10,650.092 30,028.997JPM US Equity X (acc) - USD 18,421.539 6,827.370 23,852.539 1,396.370
(7) This Sub-Fund was liquidated on 25 February 2009.(8) This Sub-Fund was liquidated on 30 April 2009.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
9. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2009 (continued)JPMorgan Investment Funds - US Market Neutral FundJPM US Market Neutral A (acc) - USD 37,831.457 19,795.979 24,760.371 32,867.065JPM US Market Neutral A (acc) - EUR (hedged) 270,330.559 9,415.017 268,980.358 10,765.218JPM US Market Neutral A (dist) - USD 33,330.000 - 17,968.847 15,361.153JPM US Market Neutral A (dist) - GBP 33,495.437 50.000 18,448.085 15,097.352JPM US Market Neutral D (acc) - USD 41,002.966 3,461.018 30,698.425 13,765.559JPM US Market Neutral D (acc) - EUR (hedged) 46,332.074 11,030.533 41,982.972 15,379.635JPM US Market Neutral X (acc) - USD 79,899.141 3,177.654 49,699.701 33,377.094
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - USD 2,445,478.291 5,423,872.291 3,582,337.841 4,287,012.741JPM US Select Equity A (acc) - EUR 128,571.124 243,771.889 69,194.986 303,148.027JPM US Select Equity A (acc) - EUR (hedged) 671,764.636 3,700,507.621 2,903,011.439 1,469,260.818JPM US Select Equity A (dist) - USD 970,474.034 790,737.208 696,801.358 1,064,409.884JPM US Select Equity B (acc) - USD 60,215.014 693,438.694 209,477.959 544,175.749JPM US Select Equity C (acc) - USD 968,170.102 1,829,239.324 454,105.966 2,343,303.460JPM US Select Equity C (acc) - EUR (hedged) 105,153.564 154,678.581 111,241.436 148,590.709JPM US Select Equity D (acc) - USD 43,091.581 376,833.434 74,470.108 345,454.907JPM US Select Equity D (acc) - EUR (hedged) 122,179.428 533,443.725 115,027.549 540,595.604JPM US Select Equity I (acc) - USD 278,833.547 530,134.567 - 808,968.114JPM US Select Equity X (acc) - USD 111,799.942 121,740.128 113,553.013 119,987.057
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2008 (continued)JPMorgan Investment Funds - Asset-Backed Fund (EUR) (1)JPM Asset-Backed (EUR) A (acc) - EUR 67,152.624 700.923 67,853.547 -JPM Asset-Backed (EUR) D (acc) - EUR 43,679.957 1,152.747 44,832.704 -JPM Asset-Backed (EUR) X (acc) - EUR 250.000 - 250.000 -
JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 312,923.669 492,514.589 468,395.409 337,042.849JPM Euro Liquid Market C (acc) - EUR 33,600.000 1,888,990.041 1,017,636.270 904,953.771JPM Euro Liquid Market D (acc) - EUR - 81,660.596 2,577.576 79,083.020JPM Euro Liquid Market X (acc) - EUR* 148,311.853 - 148,311.853 -
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 1,886,071.355 263,257.543 1,696,978.320 452,350.578JPM Europe Bond A (inc) - EUR 203,356.151 10,673.558 103,948.257 110,081.452JPM Europe Bond B (acc) - EUR 125,145.068 50,518.343 170,253.365 5,410.046JPM Europe Bond C (acc) - EUR 598,613.929 9,589.000 588,854.137 19,348.792JPM Europe Bond D (acc) - EUR 181,779.126 27,904.571 155,500.302 54,183.395JPM Europe Bond X (acc) - EUR 369,646.068 27,761.824 397,107.907 299.985
JPMorgan Investment Funds - Europe Corporate Bond Fund (2)JPM Europe Corporate Bond A (acc) - EUR 90,765.143 7,765.797 98,530.940 -JPM Europe Corporate Bond C (acc) - EUR 6,000.006 - 6,000.006 -JPM Europe Corporate Bond D (acc) - EUR 12,154.410 6,900.259 19,054.669 -
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR 1,867,609.469 127,553.645 1,024,172.437 970,990.677JPM Europe Recovery A (dist) - EUR 582,249.708 4,986.864 284,993.712 302,242.860JPM Europe Recovery B (acc) - EUR 26,330.550 28,406.408 46,432.720 8,304.238JPM Europe Recovery C (acc) - EUR 75,143.706 - 65,944.406 9,199.300JPM Europe Recovery D (acc) - EUR 52,599.259 9,455.888 33,421.495 28,633.652JPM Europe Recovery X (acc) - EUR* 32,617.701 - 32,617.701 -
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - EUR 171,490.663 16,939.943 171,774.164 16,656.442JPM Europe Select Equity A (acc) - USD 34.860 - - 34.860JPM Europe Select Equity A (dist) - EUR 54,233.360 1,412.163 52,477.461 3,168.062JPM Europe Select Equity B (acc) - EUR 89,273.612 71,372.782 118,834.353 41,812.041JPM Europe Select Equity C (acc) - EUR 267,209.237 427,482.669 297,355.474 397,336.432JPM Europe Select Equity D (acc) - EUR 41,364.284 30,010.470 49,939.581 21,435.173JPM Europe Select Equity D (acc) - USD 34.860 - - 34.860JPM Europe Select Equity X (acc) - EUR 286,597.337 22,051.896 207,018.889 101,630.344JPM Europe Select Equity X (acc) - EUR (hedged) 846,138.363 - 2,000.000 844,138.363
JPMorgan Investment Funds - Europe Select Mega Cap FundJPM Europe Select Mega Cap A (acc) - EUR 266,215.403 79,336.063 266,255.007 79,296.459JPM Europe Select Mega Cap A (dist) - EUR 83.162 28.789 45.038 66.913JPM Europe Select Mega Cap B (acc) - EUR 19,005.350 - 15,046.763 3,958.587JPM Europe Select Mega Cap C (acc) - EUR 19,407.323 - 15,824.772 3,582.551JPM Europe Select Mega Cap D (acc) - EUR 94,398.338 55,631.691 86,245.543 63,784.486JPM Europe Select Mega Cap X (acc) - EUR 55,435.778 1,733.144 31,010.461 26,158.461
JPMorgan Investment Funds - Europe Short Duration FundJPM Europe Short Duration A (acc) - EUR 781,894.308 29,927.993 768,573.761 43,248.540JPM Europe Short Duration B (acc) - EUR 32,658.931 10,324.382 42,284.932 698.381JPM Europe Short Duration C (acc) - EUR* 91,090.184 37,789.157 128,879.341 -JPM Europe Short Duration D (acc) - EUR 176,185.764 65,954.556 198,163.272 43,977.048JPM Europe Short Duration X (acc) - EUR* 474,308.931 - 474,308.931 -
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR 904,678.552 361,713.091 473,995.498 792,396.145JPM Europe Strategic Dividend A (dist) - EUR 3,473.713 1,434.678 695.274 4,213.117JPM Europe Strategic Dividend A (inc) - EUR 3,949.000 6,523.000 7,495.000 2,977.000JPM Europe Strategic Dividend C (acc) - EUR 23,035.026 87,184.803 63,938.509 46,281.320JPM Europe Strategic Dividend D (acc) - EUR 176,508.970 26,543.880 105,414.959 97,637.891JPM Europe Strategic Dividend X (acc) - EUR 9,356.100 1,201.000 37.100 10,520.000
JPMorgan Investment Funds - Flexible Bond Fund (EUR) (3)JPM Flexible Bond (EUR) A (acc) - EUR 38,860.236 120.663 38,980.899 -JPM Flexible Bond (EUR) D (acc) - EUR 55,478.218 2,082.601 57,560.819 -
JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 3,832,542.165 486,812.287 3,846,813.847 472,540.605JPM Global Bond (EUR) A (inc) - EUR 356,782.394 2,091.268 299,056.662 59,817.000JPM Global Bond (EUR) B (acc) - EUR 363,569.282 1,949.284 338,431.232 27,087.334JPM Global Bond (EUR) C (acc) - EUR 364,486.796 15,965.183 301,989.124 78,462.855JPM Global Bond (EUR) D (acc) - EUR 361,263.906 29,937.012 318,954.841 72,246.077JPM Global Bond (EUR) X (acc) - EUR 483,896.744 8,672.217 334,333.402 158,235.559
(1) This Sub-Fund was liquidated on 31 July 2008.(2) This Sub-Fund was liquidated on 8 December 2008.(3) This Sub-Fund was liquidated on 31 July 2008.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2008 (continued)JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 184,618.107 3,524.806 100,548.765 87,594.148JPM Global Bond (USD) A (acc) - USD 1,194,838.421 58,828.465 1,010,743.962 242,922.924JPM Global Bond (USD) B (acc) - USD 181,999.679 - 181,399.680 599.999JPM Global Bond (USD) C (acc) - USD 413,983.108 62,282.001 472,206.433 4,058.676JPM Global Bond (USD) D (acc) - USD 105,997.188 37,870.451 86,534.789 57,332.850JPM Global Bond (USD) X (acc) - USD 560,673.314 - 323,416.650 237,256.664
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 453,978.284 162,842.636 359,566.175 257,254.745JPM Global Capital Appreciation A (dist) - EUR 531.860 583.579 24.888 1,090.551JPM Global Capital Appreciation A (inc) - EUR 4,642.986 8,828.864 1,442.410 12,029.440JPM Global Capital Appreciation B (acc) - EUR 434.450 10,323.998 203.570 10,554.878JPM Global Capital Appreciation C (acc) - EUR 275,088.670 649,934.188 697,647.459 227,375.399JPM Global Capital Appreciation D (acc) - EUR 910,732.087 147,576.878 492,182.839 566,126.126JPM Global Capital Appreciation X (acc) - EUR 478,505.401 - 8,050.000 470,455.401
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR 1,021,476.576 701,787.790 944,263.442 779,000.924JPM Global Capital Preservation (EUR) A (acc) - USD 92,674.229 218,299.222 218,443.454 92,529.997JPM Global Capital Preservation (EUR) A (dist) - EUR 286,834.864 445,135.150 147,914.277 584,055.737JPM Global Capital Preservation (EUR) A (inc) - EUR 20,519.145 113,153.235 24,779.387 108,892.993JPM Global Capital Preservation (EUR) B (acc) - EUR 26,657.330 62,031.302 64,376.163 24,312.469JPM Global Capital Preservation (EUR) C (acc) - EUR 203,310.337 300,720.968 377,042.987 126,988.318JPM Global Capital Preservation (EUR) D (acc) - EUR 9,000,257.848 4,712,477.313 6,499,296.333 7,213,438.828JPM Global Capital Preservation (EUR) D (acc) - SEK (hedged) - 202,148.856 2,335.644 199,813.212JPM Global Capital Preservation (EUR) I (acc) - EUR - 376,494.000 93,021.000 283,473.000JPM Global Capital Preservation (EUR) I (inc) - EUR 523,616.234 418,236.010 839,474.149 102,378.095JPM Global Capital Preservation (EUR) X (acc) - EUR 978,296.996 655,236.892 1,446,536.379 186,997.509
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD 256,549.993 479,055.271 297,905.286 437,699.978JPM Global Capital Preservation (USD) D (acc) - USD 223,365.250 208,530.159 241,203.533 190,691.876JPM Global Capital Preservation (USD) X (acc) - USD 8,334.239 - 2,071.126 6,263.113
JPMorgan Investment Funds - Global Convertibles Fund (USD)JPM Global Convertibles (USD) A (acc) - USD 1,174,955.684 1,304,157.945 1,366,162.698 1,112,950.931JPM Global Convertibles (USD) B (acc) - USD - 40,633.619 633.619 40,000.000JPM Global Convertibles (USD) D (acc) - USD 168,854.472 373,446.087 249,400.504 292,900.055JPM Global Convertibles (USD) I (acc) - USD 88,334.000 35,322.000 59,059.000 64,597.000JPM Global Convertibles (USD) X (acc) - USD* 83,364.000 23,498.000 106,862.000 -
JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - USD 7,500.000 - - 7,500.000JPM Global Dividend A (acc) - EUR (hedged) 7,442.598 1,166.178 - 8,608.776JPM Global Dividend D (acc) - USD 7,500.000 910.561 220.669 8,189.892JPM Global Dividend D (acc) - EUR (hedged) 7,442.598 1,813.048 686.579 8,569.067
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 962,963.395 177,724.254 936,581.343 204,106.306JPM Global Enhanced Bond A (inc) - EUR 103.392 15.990 64.664 54.718JPM Global Enhanced Bond B (acc) - EUR 4,319.054 - - 4,319.054JPM Global Enhanced Bond C (acc) - EUR 178,091.773 4.291 111,392.069 66,703.995JPM Global Enhanced Bond D (acc) - EUR 154,361.824 12,432.660 117,086.917 49,707.567JPM Global Enhanced Bond X (acc) - EUR 55,673.842 16.591 53,617.716 2,072.717
JPMorgan Investment Funds - Global Ex-US Bond Fund (4)JPM Global ex-US Bond A (acc) - USD 167,717.153 7,655.949 175,373.102 -JPM Global ex-US Bond B (acc) - USD 11,833.584 - 11,833.584 -JPM Global ex-US Bond D (acc) - USD 4,499.407 685.041 5,184.448 -JPM Global ex-US Bond X (acc) - USD 379,174.033 2,213.803 381,387.836 -
JPMorgan Investment Funds - Global ex-US Select Small Cap FundJPM Global ex-US Select Small Cap A (acc) - EUR 165,971.814 92,950.815 166,246.051 92,676.578JPM Global ex-US Select Small Cap A (dist) - EUR 491.238 196.498 28.568 659.168JPM Global ex-US Select Small Cap B (acc) - EUR 2,033.000 124.895 1,987.895 170.000JPM Global ex-US Select Small Cap C (acc) - EUR 12,730.203 5,167.750 11,730.000 6,167.953JPM Global ex-US Select Small Cap D (acc) - EUR 46,872.465 5,923.637 21,491.271 31,304.831
JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD 963,261.037 952,725.752 1,000,133.638 915,853.151JPM Global Financials A (acc) - EUR 20,154.980 60,040.938 51,142.256 29,053.662JPM Global Financials A (dist) - USD 330.357 10,638.494 3,109.711 7,859.140JPM Global Financials B (acc) - USD 18,900.924 252,603.060 262,597.658 8,906.326JPM Global Financials C (acc) - USD 18,804.000 1,197,420.787 605,567.025 610,657.762JPM Global Financials D (acc) - USD 82,008.484 59,635.746 73,817.118 67,827.112JPM Global Financials X (acc) - USD 11,518.658 2,579.960 3,160.000 10,938.618
(4) This Sub-Fund was liquidated on 15 September 2008.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2008 (continued)JPMorgan Investment Funds - Global Healthtech FundJPM Global Healthtech A (acc) - USD 315,876.920 112,379.259 324,395.794 103,860.385JPM Global Healthtech A (dist) - USD 620.000 43.804 613.804 50.000JPM Global Healthtech B (acc) - USD 947.700 16,208.000 8,564.807 8,590.893JPM Global Healthtech C (acc) - USD 15,486.295 235,748.607 250,834.299 400.603JPM Global Healthtech D (acc) - USD 50,186.429 9,880.853 26,679.540 33,387.742
JPMorgan Investment Funds - Global High Yield Bond Fund (5)JPM Global High Yield Bond A (acc) - EUR (hedged) 481,167.189 1,163,996.906 1,249,278.043 395,886.052JPM Global High Yield Bond A (inc) - EUR (hedged) 6,901.390 211,640.467 133,147.178 85,394.679JPM Global High Yield Bond B (acc) - EUR (hedged) 11,863.057 66,889.369 69,789.696 8,962.730JPM Global High Yield Bond C (acc) - EUR (hedged) 790,179.664 459,341.332 832,900.363 416,620.633JPM Global High Yield Bond D (acc) - EUR (hedged) 174,004.523 92,387.365 180,344.301 86,047.587JPM Global High Yield Bond I (inc) - EUR (hedged) - 131,000.000 - 131,000.000JPM Global High Yield Bond X (acc) - EUR (hedged) 88,242.703 6,262.791 57,999.624 36,505.870JPM Global High Yield Bond A (acc) - USD - 189,148.053 81,617.537 107,530.516JPM Global High Yield Bond A (mth) - USD - 2,020.434 660.714 1,359.720JPM Global High Yield Bond C (acc) - USD - 160,960.898 158,810.898 2,150.000
JPMorgan Investment Funds - Global Income Fund (6)JPM Global Income A (div) - EUR - 116,054.160 - 116,054.160
JPMorgan Investment Funds - Global Select 130/30 Fund (7)JPM Global Select 130/30 A (acc) - USD 392,648.107 154,478.593 368,633.185 178,493.515JPM Global Select 130/30 A (acc) - EUR - 642.508 - 642.508JPM Global Select 130/30 A (dist) - USD 514.111 3.651 - 517.762JPM Global Select 130/30 C (acc) - USD 1,117.113 - 550.975 566.138JPM Global Select 130/30 D (acc) - USD 140,610.354 50,279.108 122,173.011 68,716.451
JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD 416,781.099 153,755.100 379,535.388 191,000.811JPM Global Select Equity A (dist) - USD 430.000 756.359 657.895 528.464JPM Global Select Equity B (acc) - USD 16,650.869 31,769.368 9,450.578 38,969.659JPM Global Select Equity C (acc) - USD 19,393.217 1,779,048.356 1,296,013.016 502,428.557JPM Global Select Equity D (acc) - USD 80,017.111 48,256.377 65,340.615 62,932.873JPM Global Select Equity X (acc) - USD 565,545.592 1,340.003 188,000.761 378,884.834
JPMorgan Investment Funds - Global Short Duration FundJPM Global Short Duration A (acc) - USD 368,623.811 7,602.041 362,707.714 13,518.138JPM Global Short Duration B (acc) - USD* 92,944.753 - 92,944.753 -JPM Global Short Duration C (acc) - USD 322,811.321 1,200.000 98,480.814 225,530.507JPM Global Short Duration D (acc) - USD 21,651.558 18,014.900 28,818.650 10,847.808JPM Global Short Duration X (acc) - USD* 689,535.523 5,385.923 694,921.446 -
JPMorgan Investment Funds - Global Teletech FundJPM Global Teletech A (acc) - USD 842,121.733 204,659.567 884,395.336 162,385.964JPM Global Teletech A (dist) - USD 145.928 90.076 38.443 197.561JPM Global Teletech B (acc) - USD 21,834.768 35.936 20,286.651 1,584.053JPM Global Teletech C (acc) - USD - 270,128.334 267,586.255 2,542.079JPM Global Teletech D (acc) - USD 43,707.109 8,877.567 24,016.934 28,567.742
JPMorgan Investment Funds - Global Total Return Fund (8)JPM Global Total Return A (acc) - EUR 1,215,250.957 23,332.763 706,983.013 531,600.707JPM Global Total Return A (dist) - EUR 165.481 - 77.930 87.551JPM Global Total Return A (inc) - EUR 89.650 - - 89.650JPM Global Total Return B (acc) - EUR 675.680 393.713 393.713 675.680JPM Global Total Return C (acc) - EUR 79,770.826 3,674.781 74,072.567 9,373.040JPM Global Total Return D (acc) - EUR 1,104,973.496 20,572.475 547,938.244 577,607.727
JPMorgan Investment Funds - Global Total Return Fund (USD) (9)JPM Global Total Return (USD) A (acc) - USD 7,201.183 - 7,201.183 -JPM Global Total Return (USD) A (dist) - USD 50.943 - 50.943 -JPM Global Total Return (USD) B (acc) - USD 4,999.999 - 4,999.999 -JPM Global Total Return (USD) D (acc) - USD 4,420.338 - 4,420.338 -
(5) This Sub-Fund changed its currency to USD on 1 August 2008.(6) This Sub-Fund was launched on 11 December 2008.(7) This Sub-Fund changed its name from Global 50 Equity Fund on 26 March 2008.(8) This Sub-Fund changed its name from Global Total Return Fund (EUR) on 30 June 2008.(9) This Sub-Fund was liquidated on 23 January 2008.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2008 (continued)JPMorgan Investment Funds - Highbridge Statistical Market Neutral FundJPM Highbridge Statistical Market Neutral A (acc) - EUR 8,961,629.375 9,883,126.070 10,445,484.049 8,399,271.396JPM Highbridge Statistical Market Neutral A (acc) - SEK (hedged) - 73,017.512 16,827.914 56,189.598JPM Highbridge Statistical Market Neutral A (acc) - USD 290,093.538 509,052.492 541,283.509 257,862.521JPM Highbridge Statistical Market Neutral A (acc) - USD (hedged) - 375,635.172 80,717.695 294,917.477JPM Highbridge Statistical Market Neutral A (dist) - GBP 318,583.443 97,360.534 331,018.212 84,925.765JPM Highbridge Statistical Market Neutral A (dist) - GBP (hedged) - 435,237.595 42,295.002 392,942.593JPM Highbridge Statistical Market Neutral A (inc) - EUR 66,777.132 58,790.364 47,462.427 78,105.069JPM Highbridge Statistical Market Neutral B (acc) - EUR 127,647.375 1,758,645.641 1,082,561.681 803,731.335JPM Highbridge Statistical Market Neutral B (acc) - USD - 1,906.214 - 1,906.214JPM Highbridge Statistical Market Neutral C (acc) - EUR 3,979,962.360 7,789,642.784 8,297,900.535 3,471,704.609JPM Highbridge Statistical Market Neutral C (dist) - GBP (hedged) - 430,660.965 20,435.362 410,225.603JPM Highbridge Statistical Market Neutral D (acc) - EUR 9,495,536.762 5,378,366.423 4,754,128.778 10,119,774.407JPM Highbridge Statistical Market Neutral D (acc) - USD 13,146.401 117,624.742 84,139.228 46,631.915JPM Highbridge Statistical Market Neutral D (acc) - USD (hedged) - 46,217.000 747.905 45,469.095JPM Highbridge Statistical Market Neutral I (acc) - EUR 1,905,496.326 635,698.746 1,747,425.856 793,769.216JPM Highbridge Statistical Market Neutral X (acc) - EUR 122,924.171 44,872.249 73,170.913 94,625.507
JPMorgan Investment Funds - Income Opportunity Fund (10)JPM Income Opportunity A (acc) - EUR 46,098.232 991,445.012 480,004.323 557,538.921JPM Income Opportunity A (acc) - USD (hedged) - 23,945.584 11,037.074 12,908.510JPM Income Opportunity A (dist) - GBP (hedged) - 547,411.312 113,015.093 434,396.219JPM Income Opportunity A (inc) - EUR* 36,779.770 18,993.292 55,773.062 -JPM Income Opportunity C (acc) - EUR - 1,051,942.537 825,892.499 226,050.038JPM Income Opportunity D (acc) - EUR 46,078.837 82,250.047 82,803.752 45,525.132JPM Income Opportunity D (inc) - EUR* 36,287.100 - 36,287.100 -
JPMorgan Investment Funds - Japan 50 Equity FundJPM Japan 50 Equity A (acc) - EUR 14,020.477 365,446.441 103,915.309 275,551.609JPM Japan 50 Equity A (acc) - JPY 295,838.031 1,341,687.750 1,419,029.473 218,496.308JPM Japan 50 Equity A (dist) - JPY 5,543.400 2,418.654 5,854.024 2,108.030JPM Japan 50 Equity D (acc) - JPY 6,891.078 6,833.598 10,089.769 3,634.907JPM Japan 50 Equity I (acc) - JPY 3,904,448.663 477,751.772 380,097.000 4,002,103.435JPM Japan 50 Equity X (acc) - JPY 1,536,200.706 656,629.823 1,250,925.937 941,904.592
JPMorgan Investment Funds - Japan Behavioural Finance Equity FundJPM Japan Behavioural Finance Equity A (acc) - EUR 609,959.032 165,868.475 518,773.216 257,054.291JPM Japan Behavioural Finance Equity A (acc) - USD 51,209.878 263,680.357 145,379.477 169,510.758JPM Japan Behavioural Finance Equity A (dist) - USD 13,903.611 57,183.858 12,552.595 58,534.874JPM Japan Behavioural Finance Equity C (acc) - USD 56,000.000 79,757.277 96,187.087 39,570.190JPM Japan Behavioural Finance Equity D (acc) - EUR 25,364.349 798.559 25,817.347 345.561JPM Japan Behavioural Finance Equity D (acc) - USD* 25,000.000 - 25,000.000 -JPM Japan Behavioural Finance Equity I (inc) - EUR* 170,000.000 60,392.685 230,392.685 -JPM Japan Behavioural Finance Equity X (acc) - USD 154,496.360 56,200.574 35,730.441 174,966.493
JPMorgan Investment Funds - Japan Focus Fund (11)JPM Japan Focus A (acc) - JPY - 642,746.038 263,685.700 379,060.338JPM Japan Focus D (acc) - JPY - 27,449.242 338.182 27,111.060JPM Japan Focus I (acc) - JPY - 666,719.092 - 666,719.092JPM Japan Focus X (acc) - JPY - 7,852.000 327.000 7,525.000
JPMorgan Investment Funds - Japan Select Equity FundJPM Japan Select Equity A (acc) - JPY 6,374,104.274 6,488,098.586 7,198,275.841 5,663,927.019JPM Japan Select Equity A (dist) - JPY 32,966.386 10,815.140 25,319.959 18,461.567JPM Japan Select Equity B (acc) - JPY 324,449.705 252,431.526 359,841.700 217,039.531JPM Japan Select Equity C (acc) - JPY 1,592,991.575 2,338,763.883 1,924,698.908 2,007,056.550JPM Japan Select Equity D (acc) - JPY 765,192.964 44,104.817 528,396.266 280,901.515JPM Japan Select Equity I (acc) - JPY 787,429.714 - 471,187.479 316,242.235JPM Japan Select Equity X (acc) - JPY 2,642,652.337 806,774.700 1,712,874.092 1,736,552.945
JPMorgan Investment Funds - Japan Strategic Value FundJPM Japan Strategic Value A (acc) - EUR 22,014.211 98,933.000 - 120,947.211JPM Japan Strategic Value A (acc) - JPY 21,528.842 - - 21,528.842JPM Japan Strategic Value A (dist) - GBP 22,119.574 - - 22,119.574JPM Japan Strategic Value D (acc) - EUR 22,014.211 - - 22,014.211JPM Japan Strategic Value D (acc) - JPY 21,528.842 730.095 336.625 21,922.312
JPMorgan Investment Funds - JF Asia ex-Japan Fund (12)JF Asia ex-Japan A (acc) - USD 1,884,998.195 954,132.148 1,902,915.324 936,215.019JF Asia ex-Japan A (dist) - USD 28,672.246 64,959.486 34,825.916 58,805.816JF Asia ex-Japan B (acc) - USD 144,367.778 69,353.675 161,455.799 52,265.654JF Asia ex-Japan C (acc) - USD 600,262.426 538,229.080 523,266.378 615,225.128JF Asia ex-Japan D (acc) - USD 365,614.994 70,846.367 222,360.520 214,100.841JF Asia ex-Japan I (acc) - USD 1,520,321.652 1,686,251.239 607,505.871 2,599,067.020JF Asia ex-Japan X (acc) - USD 302,239.754 63,472.703 267,456.714 98,255.743
(10) This Sub-Fund changed its name from Highbridge Income Opportunity Fund on 15 July 2008.(11) This Sub-Fund was launched on 15 February 2008.(12) This Sub-Fund changed its name from JF Asia Diversified Fund on 31 March 2008.
Shares Subscribed Shares Redeemed Shares Outstandingat the End
of the Year
10. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2008 (continued)JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 1,467,364.334 66,358.319 1,143,142.443 390,580.210JPM US Bond A (inc) - USD 5,794.760 210.000 3,387.760 2,617.000JPM US Bond B (acc) - USD 135,487.710 774.586 129,129.239 7,133.057JPM US Bond C (acc) - USD 471,590.355 32,033.858 501,636.087 1,988.126JPM US Bond D (acc) - USD 613,481.238 97,235.961 552,156.125 158,561.074JPM US Bond X (acc) - USD* 3,268,414.513 - 3,268,414.513 -
JPMorgan Investment Funds - US Disciplined Equity FundJPM US Disciplined Equity A (acc) - USD 186,526.008 7,175.498 173,995.979 19,705.527JPM US Disciplined Equity A (dist) - USD 50.000 - - 50.000JPM US Disciplined Equity A (inc) - USD* 613,752.433 - 613,752.433 -JPM US Disciplined Equity B (acc) - USD 2,410.000 3,178.072 2,642.439 2,945.633JPM US Disciplined Equity C (acc) - USD 137,527.515 9,459.236 146,701.141 285.610JPM US Disciplined Equity D (acc) - USD 92,998.969 54,153.888 65,912.437 81,240.420JPM US Disciplined Equity X (acc) - USD - 1,525.361 288.277 1,237.084
JPMorgan Investment Funds - US Dollar Enhanced Yield Fund (13)JPM US Dollar Enhanced Yield A (acc) - USD 176,134.341 19,111.964 195,246.305 -JPM US Dollar Enhanced Yield B (acc) - USD 5,283.718 635.073 5,918.791 -JPM US Dollar Enhanced Yield C (acc) - USD 19,723.782 - 19,723.782 -JPM US Dollar Enhanced Yield D (acc) - USD 103,706.361 8,372.351 112,078.712 -JPM US Dollar Enhanced Yield I (acc) - USD 2,919,939.155 1,422.586 2,921,361.741 -JPM US Dollar Enhanced Yield X (acc) - USD 282,640.931 - 282,640.931 -
JPMorgan Investment Funds - US Dynamic Small Cap FundJPM US Dynamic Small Cap A (acc) - USD 177,973.633 48,786.245 68,232.397 158,527.481JPM US Dynamic Small Cap A (dist) - USD 66.294 25.473 80.114 11.653JPM US Dynamic Small Cap D (acc) - USD 18,146.268 5,241.544 11,232.939 12,154.873JPM US Dynamic Small Cap X (acc) - USD 3,980.000 415.000 2,136.000 2,259.000
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 29,196.347 278,942.000 153,473.598 154,664.749JPM US Equity A (acc) - EUR (hedged) 176,354.531 25,736.705 85,195.690 116,895.546JPM US Equity C (acc) - USD 53,343.730 24,882.682 34,307.947 43,918.465JPM US Equity D (acc) - USD 2,234.584 6,365.731 2,934.672 5,665.643JPM US Equity D (acc) - EUR (hedged) 56,303.728 39,090.003 90,505.053 4,888.678JPM US Equity X (acc) - USD 20,566.000 1,132.000 3,276.461 18,421.539
JPMorgan Investment Funds - US Market Neutral FundJPM US Market Neutral A (acc) - USD 34,156.442 5,938.343 2,263.328 37,831.457JPM US Market Neutral A (acc) - EUR (hedged) 83,457.274 416,237.275 229,363.990 270,330.559JPM US Market Neutral A (dist) - USD 33,330.000 - - 33,330.000JPM US Market Neutral A (dist) - GBP 33,319.437 1,726.000 1,550.000 33,495.437JPM US Market Neutral D (acc) - USD 34,500.499 9,316.443 2,813.976 41,002.966JPM US Market Neutral D (acc) - EUR (hedged) 34,290.305 28,815.626 16,773.857 46,332.074JPM US Market Neutral X (acc) - USD 57,300.000 38,355.000 15,755.859 79,899.141
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - EUR - 155,335.144 26,764.020 128,571.124JPM US Select Equity A (acc) - USD 966,840.875 2,840,557.726 1,361,920.310 2,445,478.291JPM US Select Equity A (acc) - EUR (hedged) 377,857.697 1,087,626.963 793,720.024 671,764.636JPM US Select Equity A (dist) - USD 580,591.000 1,351,782.377 961,899.343 970,474.034JPM US Select Equity B (acc) - USD 41,266.375 106,437.263 87,488.624 60,215.014JPM US Select Equity C (acc) - USD 246,358.343 1,406,189.815 684,378.056 968,170.102JPM US Select Equity C (acc) - EUR (hedged) - 120,197.812 15,044.248 105,153.564JPM US Select Equity D (acc) - USD 16,115.872 53,083.115 26,107.406 43,091.581JPM US Select Equity D (acc) - EUR (hedged) 6,621.932 155,453.859 39,896.363 122,179.428JPM US Select Equity I (acc) - USD 761,977.493 109,805.000 592,948.946 278,833.547JPM US Select Equity X (acc) - USD 430,573.443 77,060.227 395,833.728 111,799.942
* Share Class inactive as at end of the year.
(13) This Sub-Fund was liquidated on 8 December 2008.
Shares Subscribed Shares Redeemed Shares Outstanding at theEnd of the Year
11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued)JPMorgan Investment Funds - Asset-Backed Fund (EUR)JPM Asset-Backed (EUR) A (acc) - EUR 38,893.846 153,130.171 124,871.393 67,152.624JPM Asset-Backed (EUR) D (acc) - EUR 39,142.010 14,254.472 9,716.525 43,679.957JPM Asset-Backed (EUR) X (acc) - EUR 250.000 - - 250.000
JPMorgan Investment Funds - Euro Liquid Market FundJPM Euro Liquid Market A (acc) - EUR 148,528.323 530,098.452 365,703.106 312,923.669JPM Euro Liquid Market C (acc) - EUR - 45,650.000 12,050.000 33,600.000JPM Euro Liquid Market X (acc) - EUR 136,411.228 11,900.625 - 148,311.853
JPMorgan Investment Funds - Europe Bond FundJPM Europe Bond A (acc) - EUR 5,360,084.508 2,196,038.431 5,670,051.584 1,886,071.355JPM Europe Bond A (inc) - EUR 277,401.171 67,555.378 141,600.398 203,356.151JPM Europe Bond B (acc) - EUR 354,881.288 101,037.361 330,773.581 125,145.068JPM Europe Bond C (acc) - EUR 1,362,420.355 138,167.648 901,974.074 598,613.929JPM Europe Bond D (acc) - EUR 402,117.633 127,941.697 348,280.204 181,779.126JPM Europe Bond X (acc) - EUR 1,503,230.293 101,622.871 1,235,207.096 369,646.068
JPMorgan Investment Funds - Europe Corporate Bond FundJPM Europe Corporate Bond A (acc) - EUR 97,210.259 58,947.456 65,392.572 90,765.143JPM Europe Corporate Bond C (acc) - EUR 25,639.973 6,000.006 25,639.973 6,000.006JPM Europe Corporate Bond D (acc) - EUR 14,570.547 15,066.949 17,483.086 12,154.410JPM Europe Corporate Bond X (acc) - EUR 2,861.334 - 2,861.334 -
JPMorgan Investment Funds - Europe Recovery FundJPM Europe Recovery A (acc) - EUR 3,043,691.965 202,906.731 1,378,989.227 1,867,609.469JPM Europe Recovery A (dist) - EUR 806,048.341 105,464.557 329,263.190 582,249.708JPM Europe Recovery B (acc) - EUR 22,489.512 12,828.754 8,987.716 26,330.550JPM Europe Recovery C (acc) - EUR 75,491.285 66,945.611 67,293.190 75,143.706JPM Europe Recovery D (acc) - EUR 121,959.646 4,558.615 73,919.002 52,599.259JPM Europe Recovery X (acc) - EUR 57,666.992 288.076 25,337.367 32,617.701
JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - EUR 43,180.695 382,771.340 254,461.372 171,490.663JPM Europe Select Equity A (acc) - USD - 34.860 - 34.860JPM Europe Select Equity A (dist) - EUR 1,492.063 90,169.441 37,428.144 54,233.360JPM Europe Select Equity B (acc) - EUR - 111,617.617 22,344.005 89,273.612JPM Europe Select Equity C (acc) - EUR - 648,148.712 380,939.475 267,209.237JPM Europe Select Equity D (acc) - EUR - 553,733.560 (512,369.276) 41,364.284JPM Europe Select Equity D (acc) - USD - 34.860 - 34.860JPM Europe Select Equity X (acc) - EUR 84,277.551 1,291,369.812 1,089,050.026 286,597.337JPM Europe Select Equity X (acc) - EUR (hedged) - 849,133.091 (2,994.728) 846,138.363
JPMorgan Investment Funds - Europe Select Mega Cap Fund (1)JPM Europe Select Mega Cap A (acc) - EUR 206,194.062 188,843.248 128,821.907 266,215.403JPM Europe Select Mega Cap A (dist) - EUR 38.718 44.444 - 83.162JPM Europe Select Mega Cap B (acc) - EUR 17,275.934 30,756.852 29,027.436 19,005.350JPM Europe Select Mega Cap C (acc) - EUR 6,539.782 27,166.524 14,298.983 19,407.323JPM Europe Select Mega Cap D (acc) - EUR 70,097.505 182,551.163 158,250.330 94,398.338JPM Europe Select Mega Cap X (acc) - EUR 46,479.308 8,956.470 - 55,435.778
JPMorgan Investment Funds - Europe Short Duration FundJPM Europe Short Duration A (acc) - EUR 786,944.006 1,676,961.251 1,682,010.949 781,894.308JPM Europe Short Duration B (acc) - EUR 73,336.073 7,902.000 48,579.142 32,658.931JPM Europe Short Duration C (acc) - EUR 90,071.422 108,583.619 107,564.857 91,090.184JPM Europe Short Duration D (acc) - EUR 83,196.054 618,621.030 525,631.320 176,185.764JPM Europe Short Duration X (acc) - EUR 543,740.933 17,657.427 87,089.429 474,308.931
JPMorgan Investment Funds - Europe Strategic Dividend FundJPM Europe Strategic Dividend A (acc) - EUR 766,313.455 770,385.274 632,020.177 904,678.552JPM Europe Strategic Dividend A (dist) - EUR 38.718 3,960.782 525.787 3,473.713JPM Europe Strategic Dividend A (inc) - EUR - 4,719.000 770.000 3,949.000JPM Europe Strategic Dividend C (acc) - EUR - 157,552.747 134,517.721 23,035.026JPM Europe Strategic Dividend D (acc) - EUR 94,470.289 214,960.185 132,921.504 176,508.970JPM Europe Strategic Dividend X (acc) - EUR - 9,356.100 - 9,356.100
JPMorgan Investment Funds - Flexible Bond Fund (2)JPM Flexible Bond (EUR) A (acc) - EUR - 42,530.241 3,670.005 38,860.236JPM Flexible Bond (EUR) D (acc) - EUR - 72,460.866 16,982.648 55,478.218
JPMorgan Investment Funds - Global 50 Equity FundJPM Global 50 Equity A (acc) - USD 349,994.469 528,017.360 485,363.722 392,648.107JPM Global 50 Equity A (dist) - USD 512.577 1.534 - 514.111JPM Global 50 Equity C (acc) - USD 6,294.113 43,340.600 48,517.600 1,117.113JPM Global 50 Equity D (acc) - USD 82,227.139 129,335.358 70,952.143 140,610.354JPM Global 50 Equity X (acc) - USD - 2,897.190 2,897.190 -
(1) This Sub-Fund changed its name from Europe Select Large Cap on 1 November 2007.(2) This Sub-Fund was launched on 24 April 2007.
Shares Subscribed Shares Redeemed Shares Outstanding at theEnd of the Year
11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued)JPMorgan Investment Funds - Global Bond Fund (EUR)JPM Global Bond (EUR) A (acc) - EUR 4,411,443.618 4,528,228.054 5,107,129.507 3,832,542.165JPM Global Bond (EUR) A (inc) - EUR 53,756.718 349,273.726 46,248.050 356,782.394JPM Global Bond (EUR) B (acc) - EUR 645,255.200 183,735.242 465,421.160 363,569.282JPM Global Bond (EUR) C (acc) - EUR 932,426.220 765,779.840 1,333,719.264 364,486.796JPM Global Bond (EUR) D (acc) - EUR 343,272.044 335,203.314 317,211.452 361,263.906JPM Global Bond (EUR) X (acc) - EUR 489,023.040 467,950.859 473,077.155 483,896.744
JPMorgan Investment Funds - Global Bond Fund (USD)JF Global Bond (USD) A (acc) - USD 180,056.503 144,376.280 139,814.676 184,618.107JPM Global Bond (USD) A (acc) - USD 2,196,852.675 1,145,825.379 2,147,839.633 1,194,838.421JPM Global Bond (USD) B (acc) - USD 547,739.534 23,720.121 389,459.976 181,999.679JPM Global Bond (USD) C (acc) - USD 269,157.912 509,649.293 364,824.097 413,983.108JPM Global Bond (USD) D (acc) - USD 87,308.984 72,967.793 54,279.589 105,997.188JPM Global Bond (USD) X (acc) - USD 1,252,658.022 151,843.918 843,828.626 560,673.314
JPMorgan Investment Funds - Global Capital Appreciation FundJPM Global Capital Appreciation A (acc) - EUR 386,080.496 484,315.036 416,417.248 453,978.284JPM Global Capital Appreciation A (dist) - EUR 38.945 493.915 1.000 531.860JPM Global Capital Appreciation A (inc) - EUR 38.945 4,606.041 2.000 4,642.986JPM Global Capital Appreciation B (acc) - EUR 434.450 - - 434.450JPM Global Capital Appreciation C (acc) - EUR 15,239.259 671,967.833 412,118.422 275,088.670JPM Global Capital Appreciation D (acc) - EUR 681,618.872 689,149.301 460,036.086 910,732.087JPM Global Capital Appreciation X (acc) - EUR 807,970.008 470,455.401 799,920.008 478,505.401
JPMorgan Investment Funds - Global Capital Preservation Fund (EUR)JPM Global Capital Preservation (EUR) A (acc) - EUR 1,181,910.800 1,001,485.027 1,161,919.251 1,021,476.576JPM Global Capital Preservation (EUR) A (acc) - USD 5,748.622 102,612.197 15,686.590 92,674.229JPM Global Capital Preservation (EUR) A (dist) - EUR 110,548.522 218,178.342 41,892.000 286,834.864JPM Global Capital Preservation (EUR) A (inc) - EUR 3,767.739 18,242.846 1,491.440 20,519.145JPM Global Capital Preservation (EUR) B (acc) - EUR 34,009.313 1,662.985 9,014.968 26,657.330JPM Global Capital Preservation (EUR) C (acc) - EUR 228,146.489 116,182.140 141,018.292 203,310.337JPM Global Capital Preservation (EUR) D (acc) - EUR 7,946,544.931 4,872,064.264 3,818,351.347 9,000,257.848JPM Global Capital Preservation (EUR) I (inc) - EUR 75,012.519 1,947,278.237 1,498,674.522 523,616.234JPM Global Capital Preservation (EUR) X (acc) - EUR 120,854.322 980,636.764 123,194.090 978,296.996
JPMorgan Investment Funds - Global Capital Preservation Fund (USD)JPM Global Capital Preservation (USD) A (acc) - USD 272,296.841 146,568.381 162,315.229 256,549.993JPM Global Capital Preservation (USD) B (acc) - USD 50,170.154 - 50,170.154 -JPM Global Capital Preservation (USD) C (acc) - USD 169,825.168 - 169,825.168 -JPM Global Capital Preservation (USD) D (acc) - USD 144,348.847 155,272.265 76,255.862 223,365.250JPM Global Capital Preservation (USD) X (acc) - USD 9,320.803 - 986.564 8,334.239
JPMorgan Investment Funds - Global Convertibles Fund (USD)JPM Global Convertibles (USD) A (acc) - USD 435,496.043 1,243,457.768 503,998.127 1,174,955.684JPM Global Convertibles (USD) D (acc) - USD 66,025.083 174,079.588 71,250.199 168,854.472JPM Global Convertibles (USD) I (acc) - USD - 225,501.000 137,167.000 88,334.000JPM Global Convertibles (USD) X (acc) - USD 26,513.000 56,851.000 - 83,364.000
JPMorgan Investment Funds - Global Dividend Fund (3)JPM Global Dividend A (acc) - EUR (hedged) - 7,442.598 - 7,442.598JPM Global Dividend A (acc) - USD - 7,500.000 - 7,500.000JPM Global Dividend D (acc) - EUR (hedged) - 7,442.598 - 7,442.598JPM Global Dividend D (acc) - USD - 7,500.000 - 7,500.000
JPMorgan Investment Funds - Global Enhanced Bond FundJPM Global Enhanced Bond A (acc) - EUR 1,251,958.193 654,283.568 943,278.366 962,963.395JPM Global Enhanced Bond A (inc) - EUR 38.718 83.674 19.000 103.392JPM Global Enhanced Bond B (acc) - EUR 53,401.959 2,732.833 51,815.738 4,319.054JPM Global Enhanced Bond C (acc) - EUR 315,546.627 4,840.839 142,295.693 178,091.773JPM Global Enhanced Bond D (acc) - EUR 259,266.766 134,201.128 239,106.070 154,361.824JPM Global Enhanced Bond X (acc) - EUR 72,997.527 11,116.317 28,440.002 55,673.842JPM Global Enhanced Bond X (inc) - EUR 300,000.000 - 300,000.000 -
JPMorgan Investment Funds - Global ex-US Bond FundJPM Global ex-US Bond A (acc) - USD 239,783.900 94,041.178 166,107.925 167,717.153JPM Global ex-US Bond B (acc) - USD 31,165.880 578.603 19,910.899 11,833.584JPM Global ex-US Bond D (acc) - USD 5,290.266 3,216.071 4,006.930 4,499.407JPM Global ex-US Bond X (acc) - USD 744,673.565 127,237.750 492,737.282 379,174.033
JPMorgan Investment Funds - Global ex-US Select Small Cap FundJPM Global ex-US Select Small Cap A (acc) - EUR 171,808.937 166,562.201 172,399.324 165,971.814JPM Global ex-US Select Small Cap A (dist) - EUR 38.718 1,337.292 884.772 491.238JPM Global ex-US Select Small Cap B (acc) - EUR 787.454 2,088.000 842.454 2,033.000JPM Global ex-US Select Small Cap C (acc) - EUR 18,817.909 5,704.000 11,791.706 12,730.203JPM Global ex-US Select Small Cap D (acc) - EUR 24,925.232 48,273.153 26,325.920 46,872.465
(3) This Sub-Fund was launched on 28 November 2007.
Shares Subscribed Shares Redeemed Shares Outstanding at theEnd of the Year
11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued)JPMorgan Investment Funds - Global Financials FundJPM Global Financials A (acc) - USD 1,272,455.761 1,052,898.925 1,362,093.649 963,261.037JPM Global Financials A (acc) - EUR 1,596.401 20,350.919 1,792.340 20,154.980JPM Global Financials A (dist) - USD 50.000 1,726.490 1,446.133 330.357JPM Global Financials B (acc) - USD - 18,900.924 - 18,900.924JPM Global Financials C (acc) - USD 19,268.704 9,300.000 9,764.704 18,804.000JPM Global Financials D (acc) - USD 68,048.252 101,198.247 87,238.015 82,008.484JPM Global Financials X (acc) - USD 19,073.446 3,211.816 10,766.604 11,518.658
JPMorgan Investment Funds - Global Healthtech FundJPM Global Healthtech A (acc) - USD 399,982.562 411,030.638 495,136.280 315,876.920JPM Global Healthtech A (dist) - USD 50.000 570.000 - 620.000JPM Global Healthtech B (acc) - USD 23,904.121 5,121.905 28,078.326 947.700JPM Global Healthtech C (acc) - USD 323.894 17,727.302 2,564.901 15,486.295JPM Global Healthtech D (acc) - USD 66,631.945 24,332.686 40,778.202 50,186.429
JPMorgan Investment Funds - Global High Yield Bond FundJPM Global High Yield Bond A (acc) - EUR 1,208,051.670 1,512,251.305 2,239,135.786 481,167.189JPM Global High Yield Bond A (inc) - EUR 2,992.718 29,302.672 25,394.000 6,901.390JPM Global High Yield Bond B (acc) - EUR 2,394.762 16,028.096 6,559.801 11,863.057JPM Global High Yield Bond C (acc) - EUR 790,358.033 759,154.974 759,333.343 790,179.664JPM Global High Yield Bond D (acc) - EUR 196,705.103 526,988.135 549,688.715 174,004.523JPM Global High Yield Bond I (inc) - EUR - 44,860.000 44,860.000 -JPM Global High Yield Bond X (acc) - EUR - 1,161,611.438 1,073,368.735 88,242.703
JPMorgan Investment Funds - Global Select Equity FundJPM Global Select Equity A (acc) - USD 256,777.976 509,182.494 349,179.371 416,781.099JPM Global Select Equity A (dist) - USD 302.407 1,030.000 902.407 430.000JPM Global Select Equity B (acc) - USD 36,704.908 6,644.690 26,698.729 16,650.869JPM Global Select Equity C (acc) - USD 87,160.324 55,511.544 123,278.651 19,393.217JPM Global Select Equity D (acc) - USD 106,608.256 56,847.562 83,438.707 80,017.111JPM Global Select Equity X (acc) - USD 582,847.334 58,077.621 75,379.363 565,545.592
JPMorgan Investment Funds - Global Short Duration FundJPM Global Short Duration A (acc) - USD 401,477.117 224,977.224 257,830.530 368,623.811JPM Global Short Duration B (acc) - USD 186,864.211 20,889.194 114,808.653 92,944.752JPM Global Short Duration C (acc) - USD 146,858.165 220,839.708 44,886.552 322,811.321JPM Global Short Duration D (acc) - USD 27,276.010 38,214.957 43,839.409 21,651.558JPM Global Short Duration X (acc) - USD 809,203.857 2,814.660 122,482.994 689,535.523
JPMorgan Investment Funds - Global Teletech FundJPM Global Teletech A (acc) - USD 271,744.635 1,038,742.386 468,365.288 842,121.733JPM Global Teletech A (dist) - USD 50.000 295.928 200.000 145.928JPM Global Teletech B (acc) - USD 18,096.154 3,738.614 - 21,834.768JPM Global Teletech D (acc) - USD 29,355.372 55,251.370 40,899.633 43,707.109JPM Global Teletech X (acc) - USD 134,191.043 - 134,191.043 -
JPMorgan Investment Funds - Global Total Return Fund (EUR)JPM Global Total Return (EUR) A (acc) - EUR 3,643,032.385 2,116,725.872 4,544,507.300 1,215,250.957JPM Global Total Return (EUR) A (dist) - EUR 10,821.124 3,835.528 14,491.171 165.481JPM Global Total Return (EUR) A (inc) - EUR 88.945 0.705 - 89.650JPM Global Total Return (EUR) B (acc) - EUR 27,008.229 1,059.340 27,391.889 675.680JPM Global Total Return (EUR) C (acc) - EUR 2,361,680.804 1,202,114.431 3,484,024.409 79,770.826JPM Global Total Return (EUR) D (acc) - EUR 3,915,214.571 411,900.335 3,222,141.410 1,104,973.496JPM Global Total Return (EUR) I (acc) - EUR 30,000.000 - 30,000.000 -
JPMorgan Investment Funds - Global Total Return Fund (USD)JPM Global Total Return (USD) A (acc) - USD 78,916.629 9,530.743 81,246.189 7,201.183JPM Global Total Return (USD) A (dist) - USD 58.226 213.635 220.918 50.943JPM Global Total Return (USD) B (acc) - USD 77,262.259 18,928.516 91,190.776 4,999.999JPM Global Total Return (USD) D (acc) - USD 32,288.109 2,115.463 29,983.234 4,420.338
JPMorgan Investment Funds - Highbridge Income Opportunity Fund (4)JPM Highbridge Income Opportunity A (acc) - EUR - 51,553.302 5,455.070 46,098.232JPM Highbridge Income Opportunity A (inc) - EUR - 36,779.770 - 36,779.770JPM Highbridge Income Opportunity D (acc) - EUR - 46,078.837 - 46,078.837JPM Highbridge Income Opportunity D (inc) - EUR - 36,287.100 - 36,287.100
Shares Subscribed Shares Redeemed Shares Outstanding at theEnd of the Year
11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued)JPMorgan Investment Funds - Highbridge Statistical Market Neutral FundJPM Highbridge Statistical Market Neutral A (acc) - EUR 767,424.034 42,483,599.412 34,289,394.071 8,961,629.375JPM Highbridge Statistical Market Neutral A (acc) - USD 17,835.017 1,006,735.586 734,477.065 290,093.538JPM Highbridge Statistical Market Neutral A (dist) - GBP - 5,441,028.622 5,122,445.179 318,583.443JPM Highbridge Statistical Market Neutral A (inc) - EUR - 441,221.911 374,444.779 66,777.132JPM Highbridge Statistical Market Neutral B (acc) - EUR - 1,131,067.988 1,003,420.613 127,647.375JPM Highbridge Statistical Market Neutral B (acc) - USD - 88,209.350 88,209.350 -JPM Highbridge Statistical Market Neutral C (acc) - EUR - 19,731,129.460 15,751,167.100 3,979,962.360JPM Highbridge Statistical Market Neutral D (acc) - EUR 62,695.925 18,969,950.469 9,537,109.632 9,495,536.762JPM Highbridge Statistical Market Neutral D (acc) - USD 15,731.928 41,507.049 44,092.576 13,146.401JPM Highbridge Statistical Market Neutral I (acc) - EUR 363,878.731 3,044,193.819 1,502,576.224 1,905,496.326JPM Highbridge Statistical Market Neutral X (acc) - EUR 15,686.000 1,159,685.749 1,052,447.578 122,924.171
JPMorgan Investment Funds - Japan 50 Equity FundJPM Japan 50 Equity A (acc) - EUR - 16,296.680 2,276.203 14,020.477JPM Japan 50 Equity A (acc) - JPY 746,698.309 982,852.087 1,433,712.365 295,838.031JPM Japan 50 Equity A (dist) - JPY 55.337 10,995.980 5,507.917 5,543.400JPM Japan 50 Equity D (acc) - JPY 1,264.061 7,706.432 2,079.415 6,891.078JPM Japan 50 Equity I (acc) - JPY 3,893,656.453 10,792.210 - 3,904,448.663JPM Japan 50 Equity X (acc) - JPY 1,312,039.960 270,041.355 45,880.609 1,536,200.706
JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund (5)JPM Japan Behavioural Finance Equity A (acc) - EUR - 721,593.750 111,634.718 609,959.032JPM Japan Behavioural Finance Equity A (acc) - USD - 52,194.147 984.269 51,209.878JPM Japan Behavioural Finance Equity A (dist) - USD - 13,903.611 - 13,903.611JPM Japan Behavioural Finance Equity C (acc) - USD - 56,000.000 - 56,000.000JPM Japan Behavioural Finance Equity D (acc) - EUR - 25,364.349 - 25,364.349JPM Japan Behavioural Finance Equity D (acc) - USD - 25,000.000 - 25,000.000JPM Japan Behavioural Finance Equity I (inc) - EUR - 170,000.000 - 170,000.000JPM Japan Behavioural Finance Equity X (acc) - USD - 154,738.139 241.779 154,496.360
JPMorgan Investment Funds - Japan Select Equity FundJPM Japan Select Equity A (acc) - JPY 9,754,393.845 10,787,786.596 14,168,076.167 6,374,104.274JPM Japan Select Equity A (dist) - JPY 13,368.457 34,268.565 14,670.636 32,966.386JPM Japan Select Equity B (acc) - JPY 457,824.060 768,609.480 901,983.835 324,449.705JPM Japan Select Equity C (acc) - JPY 2,720,684.661 1,716,885.885 2,844,578.971 1,592,991.575JPM Japan Select Equity D (acc) - JPY 1,258,328.826 1,184,458.148 1,677,594.010 765,192.964JPM Japan Select Equity I (acc) - JPY 302,140.000 1,031,299.350 546,009.636 787,429.714JPM Japan Select Equity X (acc) - JPY 3,345,904.047 121,563.656 824,815.366 2,642,652.337
JPMorgan Investment Funds - Japan Strategic Value Fund (6)JPM Japan Strategic Value A (acc) - EUR - 22,014.211 - 22,014.211JPM Japan Strategic Value A (acc) - JPY - 21,528.842 - 21,528.842JPM Japan Strategic Value A (dist) - GBP - 22,119.574 - 22,119.574JPM Japan Strategic Value D (acc) - EUR - 22,014.211 - 22,014.211JPM Japan Strategic Value D (acc) - JPY - 21,528.842 - 21,528.842
JPMorgan Investment Funds - JF Asia Diversified FundJF Asia Diversified A (acc) - USD 1,442,883.229 2,234,676.038 1,792,561.072 1,884,998.195JF Asia Diversified A (dist) - USD 7,877.719 23,300.378 2,505.851 28,672.246JF Asia Diversified B (acc) - USD 193,182.620 51,850.455 100,665.297 144,367.778JF Asia Diversified C (acc) - USD 455,510.332 318,213.572 173,461.478 600,262.426JF Asia Diversified D (acc) - USD 167,254.521 422,065.764 223,705.291 365,614.994JF Asia Diversified I (acc) - USD 649,062.117 1,182,984.759 311,725.224 1,520,321.652JF Asia Diversified X (acc) - USD 197,907.808 186,082.785 81,750.839 302,239.754
JPMorgan Investment Funds - US Bond FundJPM US Bond A (acc) - USD 2,086,020.538 2,556,709.689 3,175,365.893 1,467,364.334JPM US Bond A (inc) - USD 542.000 7,409.423 2,156.663 5,794.760JPM US Bond B (acc) - USD 462,859.543 84,366.192 411,738.025 135,487.710JPM US Bond C (acc) - USD 1,918,927.938 1,084,070.201 2,531,407.784 471,590.355JPM US Bond D (acc) - USD 456,027.776 499,838.914 342,385.452 613,481.238JPM US Bond I (acc) - USD - 34,000.000 34,000.000 -JPM US Bond X (acc) - USD 4,283,824.370 629,004.075 1,644,413.932 3,268,414.513
JPMorgan Investment Funds - US Disciplined Equity FundJPM US Disciplined Equity A (acc) - USD 829,679.328 124,696.410 767,849.730 186,526.008JPM US Disciplined Equity A (dist) - USD 50.000 - - 50.000JPM US Disciplined Equity A (inc) - USD 613,817.433 0.971 65.971 613,752.433JPM US Disciplined Equity B (acc) - USD 2,410.000 - - 2,410.000JPM US Disciplined Equity C (acc) - USD 167,417.656 96,430.325 126,320.466 137,527.515JPM US Disciplined Equity D (acc) - USD 135,652.241 46,603.225 89,256.497 92,998.969
JPMorgan Investment Funds - US Dollar Enhanced Yield FundJPM US Dollar Enhanced Yield A (acc) - USD 2,502,966.702 1,909,816.707 4,236,649.068 176,134.341JPM US Dollar Enhanced Yield B (acc) - USD 621,260.654 183,989.946 799,966.882 5,283.718JPM US Dollar Enhanced Yield C (acc) - USD 12,832,824.765 2,154,234.306 14,967,335.289 19,723.782JPM US Dollar Enhanced Yield D (acc) - USD 95,192.523 98,543.060 90,029.222 103,706.361JPM US Dollar Enhanced Yield I (acc) - USD 1,000.000 13,894,713.503 10,975,774.348 2,919,939.155JPM US Dollar Enhanced Yield X (acc) - USD 5,681,843.580 3,556,983.983 8,956,186.632 282,640.931
(5) This Sub-Fund was launched on 3 April 2007.(6) This Sub-Fund was launched on 30 November 2007.
Shares Subscribed Shares Redeemed Shares Outstanding at theEnd of the Year
11. Historical Statement of Changes in the Number of Shares - for the year ended 31 December 2007 (continued)JPMorgan Investment Funds - US Dynamic Small Cap FundJPM US Dynamic Small Cap A (acc) - USD 392,121.761 125,100.777 339,248.905 177,973.633JPM US Dynamic Small Cap A (dist) - USD 50.000 16.294 - 66.294JPM US Dynamic Small Cap D (acc) - USD 10,706.410 23,799.832 16,359.974 18,146.268JPM US Dynamic Small Cap X (acc) - USD 85,497.640 175,290.000 256,807.640 3,980.000
JPMorgan Investment Funds - US Equity FundJPM US Equity A (acc) - USD 9,000.000 31,402.691 11,206.344 29,196.347JPM US Equity A (acc) - EUR (hedged) 14,943.524 230,198.130 68,787.123 176,354.531JPM US Equity C (acc) - USD - 69,310.149 15,966.419 53,343.730JPM US Equity D (acc) - USD 1,000.000 2,529.401 1,294.817 2,234.584JPM US Equity D (acc) - EUR (hedged) 14,943.524 87,803.418 46,443.214 56,303.728JPM US Equity X (acc) - USD - 22,514.000 1,948.000 20,566.000
JPMorgan Investment Funds - US Market Neutral Fund (7)JPM US Market Neutral A (acc) - USD - 34,156.442 - 34,156.442JPM US Market Neutral A (acc) - EUR (hedged) - 97,472.430 14,015.156 83,457.274JPM US Market Neutral A (dist) - USD - 33,330.000 - 33,330.000JPM US Market Neutral A (dist) - GBP - 33,319.437 - 33,319.437JPM US Market Neutral C (acc) - EUR (hedged) - 68,296.681 68,296.681 -JPM US Market Neutral D (acc) - USD - 34,500.499 - 34,500.499JPM US Market Neutral D (acc) - EUR (hedged) - 34,462.644 172.339 34,290.305JPM US Market Neutral X (acc) - USD - 57,300.000 - 57,300.000
JPMorgan Investment Funds - US Select Equity FundJPM US Select Equity A (acc) - USD 853,016.590 1,297,392.862 1,183,568.577 966,840.875JPM US Select Equity A (acc) - EUR (hedged) - 526,852.792 148,995.095 377,857.697JPM US Select Equity A (dist) - USD 110,200.000 479,991.000 9,600.000 580,591.000JPM US Select Equity B (acc) - USD 33,335.000 8,206.375 275.000 41,266.375JPM US Select Equity C (acc) - USD 359,342.951 216,458.980 329,443.588 246,358.343JPM US Select Equity D (acc) - USD 10,313.388 16,854.482 11,051.998 16,115.872JPM US Select Equity D (acc) - EUR (hedged) - 10,136.143 3,514.211 6,621.932JPM US Select Equity I (acc) - USD - 850,977.493 89,000.000 761,977.493JPM US Select Equity X (acc) - USD 93,719.443 337,319.000 465.000 430,573.443