Urevidert halvårsrapport. JPMorgan Investment Funds Société d Investissement à Capital Variable, Luxembourg

Transkript

1 Urevidert halvårsrapport JPMorgan Investment Funds Société d Investissement à Capital Variable, Luxembourg 30. Juni 2011

2 JPMorgan Investment Funds Urevidert halvårsbetning Innhold Styret 1 Forvaltning og administrasjon 2 Regnskap og statistikk Konsolidert balanse 5-9 Konsolidert driftsregnskapog endringer i Oversikt over endringer i antall aksjer Statistisk informasjon Noter til urevidert regnskap Investeringsportefølje JPMorgan Investment Funds - Blue and Green Fund 32 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I 36 JPMorgan Investment Funds - Euro Liquid Market Fund 39 JPMorgan Investment Funds - Europe Bond Fund 41 JPMorgan Investment Funds - Europe Recovery Fund 44 JPMorgan Investment Funds - Europe Select Equity Fund 46 JPMorgan Investment Funds - Europe Strategic Dividend Fund 49 JPMorgan Investment Funds - Global Balanced Fund (EUR) 54 JPMorgan Investment Funds - Global Balanced Fund (USD) 58 JPMorgan Investment Funds - Global Bond Fund (EUR) 65 JPMorgan Investment Funds - Global Bond Fund (USD) 69 JPMorgan Investment Funds - Global Capital Appreciation Fund 74 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) 80 JPMorgan Investment Funds - Global Capital Preservation Fund (USD) 85 JPMorgan Investment Funds - Global Convertibles Fund (USD) 89 JPMorgan Investment Funds - Global Dividend Fund 93 JPMorgan Investment Funds - Global Enhanced Bond Fund 96 JPMorgan Investment Funds - Global Financials Fund 101 JPMorgan Investment Funds - Global High Yield Bond Fund 104 JPMorgan Investment Funds - Global Income Fund 109 JPMorgan Investment Funds - Global Select 130/30 Fund 119 JPMorgan Investment Funds - Global Select Equity Fund 123 JPMorgan Investment Funds - Global Total Return Fund 127 JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund 129 JPMorgan Investment Funds - Income Opportunity Fund 133 JPMorgan Investment Funds - Japan 50 Equity Fund 151 JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund 153 JPMorgan Investment Funds - Japan Focus Fund 155 JPMorgan Investment Funds - Japan Select Equity Fund 157 JPMorgan Investment Funds - Japan Strategic Value Fund 159 JPMorgan Investment Funds - JF Asia ex-japan Fund 161 JPMorgan Investment Funds - US Bond Fund 162 JPMorgan Investment Funds - US Equity Fund 166 JPMorgan Investment Funds - US Select Equity Fund 169 Vedlegg - Ureviderte tilleggsopplysninger Fondenes kostnadsprosent 172 Oppsummering av investeringsmål for underfondene 177 Resultat og volatilitet 179 Rentesats mottatt/(belastet) på bankkonti 184 Aksjeklasser i underfond underlagt betaling av Taxe d abonnement på 0,01% 184 Aksjeklasser i underfond som er unntatt Taxe d abonnement 184 Porteføljens omløpshastighet 185 Historisk oversikt over endringer i antall aksjer 186 Nærmere opplysninger finner du på Ingen andelstegninger kan mottas kun på bakgrunn av denne rapporten.andelstegninger er bare gyldige dersom de gjøres på bakgrunn av det aktuelle prospektet, det forenklede prospekt supplert med den nyeste reviderte årsberetningen, samt den siste ureviderte halvårsrapporten, dersom denne er nyere enn årsberetningen. Prospektet, det forenklede prospekt, de ureviderte halvårsrapportene, samt den reviderte årsberetningen fås vederlagsfritt ved henvendelse til SICAVs forretningskontor og fra lokale betalingsenheter. Etter en gjennomgang av informasjonen fra investeringsforvalteren (-ne) i prospektet og det forenklede prospektet vil opplysningene fra investeringsforvalteren (-ne) om det enkelte underfond nå være tilgjengelig fra forvaltningsselskapets forretningskontor eller fra

3 JPMorgan Investment Funds Styret Styreformann Iain O.S. Saunders Bankier Duine, Ardfern Argyll PA31 8QN Storbritannia Styremedlemmer Jacques Elvinger Partner Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg BP 425 Storhertugdømmet Luxembourg Jean Frijns Professor i finans og investering Antigonelaan 2 NL-5631 LR Eindhoven Nederland Berndt May Administrerende direktør JPMorgan Asset Management (Europe) S.à r.l. Austrian Branch Führichgasse 8 A-1010 Vienna Østerrike Viseformann Pierre Jaans Økonom 3, rue de Kahler L-8356 Garnich Storhertugdømmet Luxembourg Andrea L. Hazen (frem til 31. mars 2011) Administrerende direktør JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ Storbritannia James B. Broderick (fra 31. mars 2011) Administrerende direktør JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ Storbritannia Robert Van der Meer Professor i finans 12 Lange Vijverberg NL-2513 AC The Hague Nederland Endringer i styrets sammensetning 31.mars 2011 fratrådte Ms Andrea L.Hazen som styremedlem.i hennes sted ble Mr James B.Broderick kooptert som styremedlem samme dag. Registrert adresse European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Storhertugdømmet Luxembourg 1

4 JPMorgan Investment Funds Forvaltning og administrasjon Forvaltningsselskap, registerfører og overføringsagent, global forhandler og lokalt ombud JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Storhertugdømmet Luxembourg Investeringsforvaltere J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY USA JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3 Marunouchi 2-Chome Chiyoda-Ku Tokyo , Japan JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ Storbritannia JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road Central, Hong Kong Highbridge Capital Management LLC 9 West 57th Street New York, NY USA JPMorgan Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore Forvalter, selskaps- og administrativ agent og domisiliar J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Storhertugdømmet Luxembourg Revisor PricewaterhouseCoopers S.à r.l. 400, Route d Esch BP 1443 L-1014 Luxembourg Storhertugdømmet Luxembourg Juridiske rådgivere Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Storhertugdømmet Luxembourg 2

5 Denne siden er med hensikt tom 3

6 Denne siden er med hensikt tom 4

7 JPMorgan Investment Funds Konsolidert balanse JPMorgan Investment Funds Konsolidert USD Blue and Green Fund EUR Emerging Markets Corporate Bond Portfolio Fund I USD Euro Liquid Market Fund EUR Eiendeler Investeringer i papirer til markeds Anskaffelsespris: Investering i TBA-papirer til markeds (1) Bankinnskudd Termininnskudd Tilgodehavende fra salg av investeringer Tilgodehavende fra salg av TBA-papirer (1) Tilgodehavende fra tegninger Tilgodehavende fra renter og utbytte, Skatt som kan kreves refundert Frafalt honorar (2) Andre fordringer Urealisert gevinst på valutaterminforretninger Urealisert gevinst på finansielle terminforretninger Derivater til markeds Sum Gjeld Kassakreditt Åpne korte posisjoner på TBA-papirer (1) Skyldig beløp fra kjøp av investeringer Skyldig beløp fra kjøp av TBA-papirer (1) Skyldig beløp fra innløsninger Godtgjørelse til ledelse og rådgivere Resultatbaserte honorarer Annen gjeld Urealisert tap på valutaterminforretninger Urealisert tap på finansielle terminforretninger Derivater til markeds Sum gjeld Sum aktiva Historisk sum aktiva 31. desember desember desember desember (1) Se Note 2 i). (2) Se Note 3 a). Vedlagte noteopplysninger er en integrert del av regnskapet. 5

8 JPMorgan Investment Funds Konsolidert balanse (forts.) Europe Bond Fund EUR Europe Recovery Fund EUR Europe Select Equity Fund EUR Europe Strategic Dividend Fund EUR Global Balanced Fund (EUR) EUR Global Balanced Fund (USD) USD Global Bond Fund (EUR) EUR Global Bond Fund (USD) USD

9 JPMorgan Investment Funds Konsolidert balanse (forts.) Global Capital Appreciation Fund EUR Global Capital Preservation Fund (EUR) EUR Global Capital Preservation Fund (USD) USD Global Convertibles Fund (USD) USD Global Dividend Fund USD Global Enhanced Bond Fund EUR Global Financials Fund USD Global High Yield Bond Fund USD

10 JPMorgan Investment Funds Konsolidert balanse (forts.) Global Income Fund EUR Global Select 130/30 Fund USD Global Select Equity Fund USD Global Total Return Fund EUR Highbridge Statistical Market Neutral Fund EUR Income Opportunity Fund USD Japan 50 Equity Fund JPY Japan Behavioural Finance Equity Fund USD

11 JPMorgan Investment Funds Konsolidert balanse (forts.) Japan Focus Fund JPY Japan Select Equity Fund JPY Japan Strategic Value Fund JPY JF Asia ex-japan Fund USD US Bond Fund USD US Equity Fund USD US Select Equity Fund USD

12 Denne siden er med hensikt tom 10

13 JPMorgan Investment Funds Konsolidert driftsregnskap og endringer i for perioden 1. januar 2011 til 30. juni 2011 JPMorgan Investment Funds Konsolidert USD Blue and Green Fund EUR Emerging Markets Corporate Bond Portfolio Fund I USD Euro Liquid Market Fund EUR Netto aktiva ved periodens begynnelse * Inntekt Netto inntekt på utbytte Netto renteinntekt Netto inntekter fra lån av papirer Bankrente Nettorente på byttetransaksjoner Annen inntekt Sum inntekter Utgifter Godtgjørelse til ledelse og rådgivere Honorarer til forvalter, selskaps- og administrativ agent og domisiliar Gebyr til registerfører og overføringsagent Taxe d abonnement Kassakredittrente Nettorente på byttetransaksjoner Diverse honorarer** Minus: Frafalt honorar (1) Sum utgifter før resultatbasert honorar Resultatbaserte honorarer Sum utgifter Netto investeringsinntekt/(tap) Netto realisert gevinst/(tap) på salg av investeringer Netto realisert gevinst/(tap) på valutaterminforretninger Netto realisert gevinst/(tap) på finansielle terminforretninger ( ) ( ) - - Netto realisert gevinst/(tap) på valuta ( ) ( ) (255) - Netto realisert gevinst/(tap) på TBA-papirer Netto realisert gevinst/(tap) på derivater Netto realisert gevinst/(tap) for perioden Netto endring i urealisert stigning/(nedskrivning) på investeringer ( ) ( ) Netto endring i urealisert stigning/(nedskrivning) på valutaterminforretninger ( ) ( ) - Netto endring i urealisert stigning/(nedskrivning) på finansielle terminforretninger ( ) ( ) - - Netto endring i urealisert stigning/(nedskrivning) på valuta (62.777) - - Netto endring i urealisert stigning/(nedskrivning) på TBA-papirer ( ) Netto endring i urealisert stigning/(nedskrivning) på derivater ( ) ( ) - - Netto endring i urealisert stigning/(nedskrivning) for perioden ( ) ( ) ( ) - Økning/(reduksjon) av er som resultat av driften ( ) Bevegelser i aksjekapital Aksjetegninger Innløsninger ( ) - ( ) ( ) Økning/(reduksjon) av er som resultat av bevegelser i aksjekapital ( ) Utbetaling av utbytte ( ) - ( ) - Sum aktiva ved periodens slutt * * Åpningsbalansen er utarbeidet ved bruk av valutakursene 30. juni Ved bruk av valutakurser pr. 31. desember 2010 gir de samme eiendelene et tall på USD **Diverse honorarer omfatter hovedsakelig forvalterhonorarer, revisjons- og skatterelaterte omkostninger, omkostninger til registrering, offentliggjøring, utsendelse, trykking samt juridiske omkostninger og markedsføringsutgifter. (1) Se note 3a). Vedlagte noteopplysninger er en integrert del av regnskapet. 11

14 JPMorgan Investment Funds Konsolidert driftsregnskap og endringer i (forts.) for perioden 1. januar 2011 til 30. juni 2011 Europe Bond Fund EUR Europe Recovery Fund EUR Europe Select Equity Fund EUR Europe Strategic Dividend Fund EUR Global Balanced Fund (EUR) EUR Global Balanced Fund (USD) USD Global Bond Fund (EUR) EUR Global Bond Fund (USD) USD ( ) ( ) (66.731) ( ) (17.243) ( ) (60.277) (58.588) (91.531) (28.484) (84.982) ( ) (42.761) ( ) ( ) (382) (774) (422) ( ) ( ) (28.087) ( ) ( ) ( ) ( ) ( ) ( ) (37.826) - ( ) ( ) ( ) ( ) (6.662) ( ) ( ) (1.312) (12.226) (35.475) (4.723) (181) (428) (225) (70.038) ( ) ( ) ( ) ( ) ( ) ( ) (97.062) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) - ( ) (21.435) ( ) (14.905) (6.482)

15 JPMorgan Investment Funds Konsolidert driftsregnskap og endringer i (forts.) for perioden 1. januar 2011 til 30. juni 2011 Global Capital Appreciation Fund EUR Global Capital Preservation Fund (EUR) EUR Global Capital Preservation Fund (USD) USD Global Convertibles Fund (USD) USD Global Dividend Fund USD Global Enhanced Bond Fund EUR Global Financials Fund USD Global High Yield Bond Fund USD ( ) ( ) ( ) ( ) ( ) ( ) ( ) (78.336) (35.370) - - ( ) ( ) ( ) ( ) ( ) (549) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (98.538) ( ) ( ) ( ) ( ) - - (85.821) ( ) ( ) (6.009) (13.753) (3.250) - - ( ) ( ) ( ) - - (178) - ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (2.312) ( ) - - ( ) - (37.134) ( )

16 JPMorgan Investment Funds Konsolidert driftsregnskap og endringer i (forts.) for perioden 1. januar 2011 til 30. juni 2011 Global Income Fund EUR Global Select 130/30 Fund USD Global Select Equity Fund USD Global Total Return Fund EUR Highbridge Statistical Market Neutral Fund EUR Income Opportunity Fund USD Japan 50 Equity Fund JPY Japan Behavioural Finance Equity Fund USD (16.826) ( ) ( ) ( ) ( ) (14.328) ( ) ( ) (496) (17.485) ( ) ( ) - ( ) ( ) - ( ) (6.066) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (19.453) ( ) (400) (3.540) (2.374) ( ) ( ) ( ) - - ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (50.100) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (160) (3.895) (630) - ( ) ( ) (358)

17 JPMorgan Investment Funds Konsolidert driftsregnskap og endringer i (forts.) for perioden 1. januar 2011 til 30. juni 2011 Japan Focus Fund JPY Japan Select Equity Fund JPY Japan Strategic Value Fund JPY JF Asia ex-japan Fund USD US Bond Fund USD US Equity Fund USD US Select Equity Fund USD ( ) ( ) ( ) ( ) ( ) ( ) (3.319) ( ) ( ) (21.353) ( ) ( ) ( ) - - ( ) ( ) ( ) ( ) ( ) ( ) ( ) (1.766) ( ) ( ) ( ) (9.796) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (889) ( ) ( ) - - (1.080)

18 JPMorgan Investment Funds Oversikt over endringer i antall aksjer (forts.) for perioden 1. januar 2011 til 30. juni 2011 Utestående aksjer ved periodens begynnelse Tegnede aksjer Innløste aksjer Utestående aksjer ved periodens slutt JPMorgan Investment Funds - Blue and Green Fund JPM Blue and Green 3.449, ,615 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD , , ,786 JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (sikret) , , ,697 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD , ,001 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (sikret) , ,818 JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD , ,000 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD , , ,884 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (sikret) , , , ,773 JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR , , , ,268 JPM Euro Liquid Market C (acc) - EUR , , , ,715 JPM Euro Liquid Market D (acc) - EUR , , , ,388 JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR , , , ,676 JPM Europe Bond A (inc) - EUR , , , ,283 JPM Europe Bond B (acc) - EUR 1.234,074 2, ,290 JPM Europe Bond C (acc) - EUR 3.027, , , ,390 JPM Europe Bond D (acc) - EUR , , , ,411 JPM Europe Bond X (acc) - EUR 140,718-55,129 85,589 JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR , , , ,825 JPM Europe Recovery A (dist) - EUR , , , ,009 JPM Europe Recovery B (acc) - EUR 984, , , ,353 JPM Europe Recovery C (acc) - EUR , , , ,065 JPM Europe Recovery D (acc) - EUR , , , ,652 JPM Europe Recovery X (acc) - EUR , , ,264 JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - USD 2.946, , ,113 JPM Europe Select Equity A (acc) - EUR , , , ,633 JPM Europe Select Equity A (dist) - EUR 1.854, , , ,558 JPM Europe Select Equity B (acc) - EUR , , , ,478 JPM Europe Select Equity C (acc) - EUR , , , ,198 JPM Europe Select Equity D (acc) - USD 34, ,860 JPM Europe Select Equity D (acc) - EUR , , , ,838 JPM Europe Select Equity I (acc) - EUR , ,348 JPM Europe Select Equity X (acc) - EUR , , , ,523 JPM Europe Select Equity X (acc) - EUR (sikret) , ,598 JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR , , , ,708 JPM Europe Strategic Dividend A (dist) - EUR , , , ,684 JPM Europe Strategic Dividend A (inc) - EUR , , , ,496 JPM Europe Strategic Dividend B (acc) - EUR , , , ,224 JPM Europe Strategic Dividend C (acc) - EUR , , , ,530 JPM Europe Strategic Dividend D (acc) - EUR , , , ,484 JPM Europe Strategic Dividend X (acc) - EUR 2.080, ,137 JPM Europe Strategic Dividend I (acc) - EUR , ,579 JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR , , , ,767 JPM Global Balanced (EUR) A (dist) - EUR 182, , , ,662 JPM Global Balanced (EUR) B (acc) - EUR 4.565, , ,805 JPM Global Balanced (EUR) C (acc) - EUR 3.324, , , ,288 JPM Global Balanced (EUR) D (acc) - EUR , , , ,088 JPM Global Balanced (EUR) T (acc) - EUR - 50,000-50,000 JPMorgan Investment Funds - Global Balanced Fund (USD) JF Global Balanced (USD) A (acc) - USD , , , ,054 JPM Global Balanced (USD) A (acc) - USD , , , ,348 JPM Global Balanced (USD) A (dist) - USD 374, ,273 99, ,304 JPM Global Balanced (USD) B (acc) - USD , , , ,804 JPM Global Balanced (USD) C (acc) - USD , , ,779 JPM Global Balanced (USD) D (acc) - USD , , , ,182 JPM Global Balanced (USD) X (acc) - USD ,312 46, , ,106 JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR , , , ,847 JPM Global Bond (EUR) A (inc) - EUR , , , ,913 JPM Global Bond (EUR) B (acc) - EUR , , , ,590 JPM Global Bond (EUR) C (acc) - EUR , , , ,134 JPM Global Bond (EUR) D (acc) - EUR , , , ,614 JPM Global Bond (EUR) X (acc) - EUR 1.100, , ,645 JPMorgan Investment Funds - Global Bond Fund (USD) JF Global Bond (USD) A (acc) - USD 3.220, , , ,982 JPM Global Bond (USD) A (acc) - USD , , , ,534 JPM Global Bond (USD) C (acc) - USD 3.530,261 18, ,025 JPM Global Bond (USD) D (acc) - USD , , , ,020 JPM Global Bond (USD) X (acc) - USD , ,854 16

19 JPMorgan Investment Funds Oversikt over endringer i antall aksjer (forts.) for perioden 1. januar 2011 til 30. juni 2011 Utestående aksjer ved periodens begynnelse Tegnede aksjer Innløste aksjer Utestående aksjer ved periodens slutt JPMorgan Investment Funds - Global Capital Appreciation Fund JPM Global Capital Appreciation A (acc) - EUR , , , ,615 JPM Global Capital Appreciation A (dist) - EUR 1.416,175 26, , ,910 JPM Global Capital Appreciation A (inc) - EUR 6.623,775 32, , ,762 JPM Global Capital Appreciation B (acc) - EUR 1.317, , ,348 JPM Global Capital Appreciation C (acc) - EUR , , , ,627 JPM Global Capital Appreciation D (acc) - EUR , , , ,180 JPM Global Capital Appreciation X (acc) - EUR , ,709 JPM Global Capital Appreciation T (acc) - EUR - 50,000-50,000 JPMorgan Investment Funds - Global Capital Preservation Fund (EUR) JPM Global Capital Preservation (EUR) A (acc) - EUR , , , ,778 JPM Global Capital Preservation (EUR) A (acc) - USD , , , ,751 JPM Global Capital Preservation (EUR) A (dist) - EUR , , , ,748 JPM Global Capital Preservation (EUR) A (inc) - EUR , , , ,662 JPM Global Capital Preservation (EUR) B (acc) - EUR , , , ,135 JPM Global Capital Preservation (EUR) C (acc) - EUR , , , ,326 JPM Global Capital Preservation (EUR) D (acc) - EUR , , , ,027 JPM Global Capital Preservation (EUR) D (acc) - SEK (sikret) , , , ,745 JPM Global Capital Preservation (EUR) I (acc) - EUR , , , ,692 JPM Global Capital Preservation (EUR) I (inc) - EUR , , , ,894 JPM Global Capital Preservation (EUR) T (acc) - EUR - 50,000-50,000 JPM Global Capital Preservation (EUR) X (acc) - EUR , , , ,637 JPMorgan Investment Funds - Global Capital Preservation Fund (USD) JPM Global Capital Preservation (USD) A (acc) - USD , , , ,059 JPM Global Capital Preservation (USD) B (acc) - USD - 50,000-50,000 JPM Global Capital Preservation (USD) D (acc) - USD , , , ,942 JPMorgan Investment Funds - Global Convertibles Fund (USD) JF Global Convertibles (USD) A (acc) - USD 543, , ,312 JPM Global Convertibles (USD) A (acc) - USD , , , ,283 JPM Global Convertibles (USD) B (acc) - USD , , , ,346 JPM Global Convertibles (USD) C (acc) - USD , , , ,959 JPM Global Convertibles (USD) D (acc) - USD , , , ,399 JPM Global Convertibles (USD) I (acc) - USD , , ,000 JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD , , , ,636 JPM Global Dividend A (acc) - EUR 9.272, , , ,279 JPM Global Dividend A (acc) - EUR (sikret) , , , ,857 JPM Global Dividend A (inc) - USD , , , ,684 JPM Global Dividend A (inc) - EUR (sikret) 7.957, , , ,119 JPM Global Dividend C (acc) - EUR , , , ,387 JPM Global Dividend D (acc) - USD , , , ,834 JPM Global Dividend D (acc) - EUR (sikret) , , , ,259 JPM Global Dividend X (acc) - USD , , ,083 JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR , , , ,947 JPM Global Enhanced Bond A (inc) - EUR 49,539 7,518 0,403 56,654 JPM Global Enhanced Bond B (acc) - EUR* 8.331, , ,148 - JPM Global Enhanced Bond C (acc) - EUR , , ,164 JPM Global Enhanced Bond D (acc) - EUR , , , ,202 JPM Global Enhanced Bond X (acc) - EUR 197,750-16, ,159 JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD , , , ,028 JPM Global Financials A (acc) - EUR , , , ,080 JPM Global Financials A (dist) - USD , , , ,087 JPM Global Financials B (acc) - USD , , , ,154 JPM Global Financials C (acc) - USD , , , ,871 JPM Global Financials D (acc) - USD , , , ,577 JPM Global Financials X (acc) - USD , , , ,152 JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - USD , , , ,234 JPM Global High Yield Bond A (acc) - EUR (sikret) , , , ,864 JPM Global High Yield Bond A (inc) - EUR (sikret) , , , ,463 JPM Global High Yield Bond A (mth) - USD , , , ,531 JPM Global High Yield Bond B (acc) - EUR (sikret) , , , ,551 JPM Global High Yield Bond C (acc) - USD , , , ,844 JPM Global High Yield Bond C (acc) - EUR (sikret) , , , ,898 JPM Global High Yield Bond D (acc) - USD 823, ,395 JPM Global High Yield Bond D (acc) - EUR (sikret) , , , ,342 JPM Global High Yield Bond I (acc) - USD , , , ,326 JPM Global High Yield Bond I (inc) - EUR (sikret) , , , ,467 JPM Global High Yield Bond X (acc) - USD , , ,514 JPM Global High Yield Bond X (acc) - EUR (sikret) , , , ,563 JPMorgan Investment Funds - Global Income Fund JPM Global Income A (div) - EUR , , , ,918 JPM Global Income B (div) - EUR , ,666 JPM Global Income C (div) - EUR , , , ,261 JPM Global Income D (div) - EUR , , , ,279 JPM Global Income T (div) - EUR - 50,000-50,000 17

20 JPMorgan Investment Funds Oversikt over endringer i antall aksjer (forts.) for perioden 1. januar 2011 til 30. juni 2011 Utestående aksjer ved periodens begynnelse Tegnede aksjer Innløste aksjer Utestående aksjer ved periodens slutt JPMorgan Investment Funds - Global Select 130/30 Fund JPM Global Select 130/30 A (acc) - USD , , , ,542 JPM Global Select 130/30 A (acc) - EUR , ,796 JPM Global Select 130/30 A (dist) - USD 531,926 61, ,453 JPM Global Select 130/30 C (acc) - USD , , , ,019 JPM Global Select 130/30 D (acc) - USD , , , ,549 JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD , , , ,519 JPM Global Select Equity A (dist) - USD 9.272, , , ,401 JPM Global Select Equity B (acc) - USD 360, , , ,000 JPM Global Select Equity C (acc) - USD , , , ,077 JPM Global Select Equity C (acc) - EUR , , ,634 JPM Global Select Equity D (acc) - USD , , , ,495 JPM Global Select Equity X (acc) - USD , ,521 JPMorgan Investment Funds - Global Total Return Fund JPM Global Total Return A (acc) - EUR , , , ,053 JPM Global Total Return A (dist) - EUR 718,952 5, ,944 JPM Global Total Return A (inc) - EUR 97, ,972 JPM Global Total Return C (acc) - EUR , , , ,405 JPM Global Total Return D (acc) - EUR , , , ,695 JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR , , , ,938 JPM Highbridge Statistical Market Neutral A (acc) - SEK (sikret) , , , ,275 JPM Highbridge Statistical Market Neutral A (acc) - USD , , , ,166 JPM Highbridge Statistical Market Neutral A (acc) - USD (sikret) , , , ,547 JPM Highbridge Statistical Market Neutral A (dist) - GBP , , , ,321 JPM Highbridge Statistical Market Neutral A (dist) - GBP (sikret) , , , ,878 JPM Highbridge Statistical Market Neutral A (inc) - EUR ,230 80, , ,973 JPM Highbridge Statistical Market Neutral B (acc) - EUR , , , ,733 JPM Highbridge Statistical Market Neutral C (acc) - EUR , , , ,148 JPM Highbridge Statistical Market Neutral C (dist) - GBP (sikret) , , , ,369 JPM Highbridge Statistical Market Neutral C (dist) - USD (sikret) , , , ,446 JPM Highbridge Statistical Market Neutral D (acc) - EUR , , , ,276 JPM Highbridge Statistical Market Neutral D (acc) - USD , , , ,263 JPM Highbridge Statistical Market Neutral D (acc) - USD (sikret) 8.699, , , ,013 JPM Highbridge Statistical Market Neutral I (acc) - EUR* , ,662 - JPM Highbridge Statistical Market Neutral I (dist) - EUR , , , ,282 JPM Highbridge Statistical Market Neutral T (acc) - EUR - 50,000-50,000 JPM Highbridge Statistical Market Neutral X (acc) - EUR , , , ,720 JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (acc) - USD , , , ,851 JPM Income Opportunity A (acc) - EUR (sikret) , , , ,715 JPM Income Opportunity A (acc) - SEK (sikret) , , , ,227 JPM Income Opportunity A (dist) - GBP (sikret) , , , ,967 JPM Income Opportunity A (inc) - EUR (sikret) , , , ,455 JPM Income Opportunity B (acc) - USD , , , ,561 JPM Income Opportunity B (acc) - EUR (sikret) , , , ,121 JPM Income Opportunity C (acc) - USD , , , ,159 JPM Income Opportunity C (acc) - USD (sikret mot BRL) , , , ,191 JPM Income Opportunity C (acc) - EUR (sikret) , , , ,630 JPM Income Opportunity C (acc) - SEK (sikret) , , , ,914 JPM Income Opportunity C (dist) - GBP (sikret) , , , ,321 JPM Income Opportunity D (acc) - EUR (sikret) , , , ,610 JPM Income Opportunity D (inc) - EUR (sikret) 68, ,985 JPM Income Opportunity X (acc) - USD , , , ,648 JPM Income Opportunity X (acc) - EUR (sikret) , , , ,798 JPM Income Opportunity X (acc) - GBP (sikret) , , ,000 JPM Income Opportunity X (dist) - GBP (sikret) , ,682 JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - EUR , , , ,745 JPM Japan 50 Equity A (acc) - EUR (sikret) - 40,778-40,778 JPM Japan 50 Equity A (acc) - JPY , , , ,873 JPM Japan 50 Equity A (dist) - JPY 5.019, , , ,025 JPM Japan 50 Equity C (acc) - EUR (sikret) , ,794 JPM Japan 50 Equity C (acc) - JPY , , , ,451 JPM Japan 50 Equity D (acc) - JPY 9.351, , , ,019 JPM Japan 50 Equity X (acc) - JPY , , , ,588 JPMorgan Investment Funds - Japan Behavioural Finance Equity Fund JPM Japan Behavioural Finance Equity A (acc) - USD , , , ,411 JPM Japan Behavioural Finance Equity A (acc) - EUR , , , ,021 JPM Japan Behavioural Finance Equity A (dist) - USD , , , ,103 JPM Japan Behavioural Finance Equity D (acc) - EUR 3.658, , , ,663 JPM Japan Behavioural Finance Equity X (acc) - USD , ,181 18