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

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

JPMorgan Investment Funds Urevidert halvårsbetning Innhold Styret 1 Forvaltning og administrasjon 2 Regnskap og statistikk Konsolidert balanse 5-9 Konsolidert driftsregnskapog endringer i 11-15 Oversikt over endringer i antall aksjer 16-19 Statistisk informasjon 20-24 Noter til urevidert regnskap 25-31 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 www.jpmorganassetmanagement.com 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 www.jpmorganassetmanagement.com.

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

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 10167 USA JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3 Marunouchi 2-Chome Chiyoda-Ku Tokyo 100-6432, 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 10019 USA JPMorgan Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapore 068912 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

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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 20.474.724.532 63.363.504 120.487.582 63.732.564 Anskaffelsespris: 19.902.520.915 63.593.542 115.476.587 63.732.564 Investering i TBA-papirer til markeds (1) 336.877.062 - - - Bankinnskudd 765.967.166 9.738.672 26.251 173.655 Termininnskudd 418.900.084 - - 92.100.000 Tilgodehavende fra salg av investeringer 94.418.142 7.872.201 - - Tilgodehavende fra salg av TBA-papirer (1) 617.659.428 - - - Tilgodehavende fra tegninger 74.797.778 - - 1.247.175 Tilgodehavende fra renter og utbytte, 101.943.538 473.283 2.110.529 85.359 Skatt som kan kreves refundert 1.421.041 2.543 - - Frafalt honorar (2) 64.871 - - - Andre fordringer 128.724 4.527 - - Urealisert gevinst på valutaterminforretninger 36.358.791 538.791 - - Urealisert gevinst på finansielle terminforretninger 1.760.034 11.768 - - Derivater til markeds 13.272.092 429.627 - - Sum 22.938.293.283 82.434.916 122.624.362 157.338.753 Gjeld Kassakreditt 447.258 - - - Åpne korte posisjoner på TBA-papirer (1) 390.826.571 - - - Skyldig beløp fra kjøp av investeringer 178.150.678-2.375.812 43.198.636 Skyldig beløp fra kjøp av TBA-papirer (1) 563.439.133 - - - Skyldig beløp fra innløsninger 89.241.352 - - 532.710 Godtgjørelse til ledelse og rådgivere 20.343.032 49.194 136.725 30.670 Resultatbaserte honorarer 10.100.052 - - - Annen gjeld 5.769.638 9.932 15.498 14.525 Urealisert tap på valutaterminforretninger 77.299.767-128.488 - Urealisert tap på finansielle terminforretninger 1.019.552 - - - Derivater til markeds 91.359.932 - - - Sum gjeld 1.427.996.965 59.126 2.656.523 43.776.541 Sum aktiva 21.510.296.318 82.375.790 119.967.839 113.562.212 Historisk sum aktiva 31. desember 2010 18.277.112.582 84.218.665 113.202.329 81.069.824 31. desember 2009 17.111.214.731 83.253.730-199.851.284 31. desember 2008 12.451.274.404 75.942.811-440.144.814 31. desember 2007 21.371.859.183 81.191.009-322.262.690 (1) Se Note 2 i). (2) Se Note 3 a). Vedlagte noteopplysninger er en integrert del av regnskapet. 5

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 31.953.151 242.302.708 324.432.985 564.358.232 145.618.827 256.153.826 63.132.487 55.396.344 33.225.184 233.599.709 319.644.448 540.529.876 141.989.599 229.443.758 65.191.836 54.857.976 - - - - - - - - 572.217 8.977.277-35.422.983 4.206.684 19.191.358 1.557.119 1.444.461 - - - - 9.000.000 - - - 959.345 7.500.401 1.439.838 237.315 90.142 301.265 1.387.825 1.083.010 - - - - - - - - - 54.435 1.752.102 479.861 60.466 432.645 10.365 150 518.165 306.876 462.890 1.468.639 1.279.252 1.878.635 1.243.441 438.890-226.755 110.287 328.347 27.912 28.073 - - 3. 843 - - - - - 3. 200 5. 228 - - 8. 422 464 - - - - - - 345.554 707.639 444.149-100.688 - - - 2.730 301.050 - - 12.387 - - - - - - - - - 34.006.721 259.368.452 328.554.808 603.304.530 160.727.432 277.985.802 67.447.512 58.368.083 42. - - 183.242 - - - - - - - - - - - - - - 19.247.431 2.490.217 - - 236.343 - - - - - - - - - - 52.576 410.348 191.050 2.185.539 161.178 666.616 13.133-20.531 281.646 212.505 745.355 208.478 312.975 36.378 18.753 - - - - - - - - 9.530 110.775 37.960 79.821 24.015 37.414 1.403.853 462.368 898 - - - - 1. 218.254-196.354 4.056 - - - 62.036 124.333-9.118 - - - - - - - - 129.591 20.050.200 3.114.974 3.010.715 455.707 2.595.935 1.453.364 686.593 33.877.130 239.318.252 325.439.834 600.293.815 160.271.725 275.389.867 65.994.148 57.681.490 36.739.031 262.251.751 229.438.958 381.961.567 152.909.305 303.452.081 69.109.803 59.153.879 67.991.833 221.102.757 235.863.162 240.930.029 151.154.147 501.258.891 73.496.303 60.110.609 72.856.344 162.279.387 87.650.033 73.662.946 131.322.731 437.621.915 110.901.698 71.738.748 482.277.975 561.915.412 329.258.620 151.500.345 222.514.608 599.095.598 867.821.768 398.540.721 6

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 89.847.470 1.017.702.175 57.680.811 539.453.023 99.629.068 19.498.207 175.341.375 1.468.714.212 79.293.556 1.019.019.608 55.777.177 521.058.985 95.407.348 20.912.801 173.743.264 1.447.252.197 - - - - - 4.922.894 - - 5.428.063 64.873.253 18.511.360 234.482-951.117 741.832 113.858.470 7.600.000 110.825.587 - - - - - - 783.725 4.730.491 105.988 1.501.334 3.451.860 158.959 196.403 1.460.112 - - - - - 14. 332 - - 97.570 477.359 268.136 304.599 1.500.354 235.429 304.149 13.662.952 197.606 6.577.658 350.652 2.606.009 145.729 65.227 682.782 28.931.532 12.115-3.381-25.319-34.394-3.933-5.228 - - 6.347 - - 17.993 11.556 13.367-4.006 - - - - 13.368.344-261.155-101.985 234.484 13.018.518-480.465 18.408 - - - - - 113.345 7.244.845 421.536 - - - - 1.435.620 104.101.820 1.226.291.733 77.378.867 544.360.602 104.756.336 25.954.497 177.535.419 1.641.081.416 - - - - 182.134 - - - - - - - - - - - 896.138 2.599.652 25.626 8.956.455 3.117.172 288.197 377.148 1.294.100 - - - - - 4.953.903 - - 398.090 3.294.490 472.222 1.963.874 8.638 41.651 330.442 21.741.919 93.280 1.413.297 84.600 664.320 118.634 14.794 240.466 1.202.805 6 - - - - - - - 18.024 131.902 17.861 70.510 23.443 9.551 34.147 194.548 330.169-493.040-63.407 - - - 189.242 - - - - 7. 383 - - - - - - - - - - 1.924.949 7.439.341 1.093.349 11.655.159 3.513.428 5.315.479 982.203 24.433.372 102.176.871 1.218.852.392 76.285.518 532.705.443 101.242.908 20.639.018 176.553.216 1.616.648.044 112.495.066 1.660.249.536 73.808.677 511.603.002 52.512.474 24.060.097 185.870.709 1.227.898.130 113.079.859 1.957.647.449 74.449.543 533.842.291 37.054.753 20.893.798 127.331.667 450.507.539 141.277.213 1.861.444.396 67.565.801 150.459.822 2.053.246 31.694.955 115.313.948 145.157.681 233.001.215 2.659.485.093 56.022.839 204.045.393 2.994.964 172.270.768 173.591.902 226.958.050 7

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 361.518.011 20.393.016 218.258.086 42.786.771 788.816.471 7.464.432.184 18.922.137.345 5.413.641 366.042.210 18.362.539 201.874.340 42.601.111 792.608.654 7.353.171.396 21.135.804.030 4.779.535 - - - - - 316.822.537 - - 8.843.693 5.827 1.106.925 15.863.549 53.752.241 240.432.781 203.761.499 244.506 - - - - 70. 000. 000 - - - 7.599.060 140.683 31.703 891.795-640.128 227.081.853 12.861 - - - - - 617.638.692 - - 3.614.831 1.274 67.653-237.804 23.567.568 1.415.704 140 3.711.437 32.541 253.103 113.633 1.554.702 32.369.465 2.547.617 3.263 49. 087 3. 311 31. 645 28. 024 - - - - - 14.368 - - 855 - - 5.987 4. 700 - - - - 41. 825 - - - 69. 173 81. 356 78. 032 - - - - - - - - - - - - - 140.986-4.249 - - - - 385.340.819 20.801.179 219.830.471 59.766.053 914.362.073 8.695.945.180 19.356.944.018 5.680.398 - - - - - - - - - - - - - 390.826.571 - - 8.072.785 39.000 19.010 - - 6.388.258 232.672.834 92.671 - - - - - 543.294.763 - - 1.018.093 559 715.175 191.902 1.342.657 31.866.862 2.418.379-447.260 28.399 163.342 96.045 1.126.059 5.645.864 9.206.497 5.808-192 - - - 9.795.340 - - 54.726 20.025 38.551 11.734 163.899 962.849 2.490.861 7.537 3.130.030 - - - 2.741.175 61.554.867 913.244 - - - - 122.034-327.563 - - - - - - 7. 809. 786 80. 060.343 - - 12.722.894 88.175 936.078 421.715 13.183.576 1.130.723.280 247.701.815 106.016 372.617.925 20.713.004 218.894.393 59.344.338 901.178.497 7.565.221.900 19.109.242.203 5.574.382 154.763.536 23.983.169 243.047.770 75.080.068 930.858.882 4.713.873.852 25.533.477.954 5.133.970 41.364.167 26.303.236 251.774.985 115.823.178 2.437.426.403 1.680.639.104 13.989.659.304 5.261.171 11.800.343 22.697.497 115.122.494 98.861.072 2.842.761.494 120.730.895 31.690.006.989 43.080.245-84.167.009 190.919.912 259.445.423 2.536.907.979 16.807.790 61.783.248.670 100.132.088 8

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 12.712.928.170 34.124.182.325 7.601.376.280 1.247.825.073 37.177.058 217.306.151 2.055.213.213 13.832.400.033 40.044.965.817 7.477.930.624 1.059.281.052 49.322.483 199.451.535 1.827.770.056 - - - - 12.931.836 - - 133.103.263 649.798.212 300.889.079 23.444.485 2.706.081 8.069.966 15.612.684 - - - - - - - 59.655.835 501.771.407 19.489.774 10.993.053 1.623.596 119.310 14.043.326 - - - - - - - 1.183.652.568 148.525.272 4.507.504 1.279.165 50 2.926.981 1.917.499 2.200.380 10.409.490 2.794.982 3.824.590 229.772 144.858 1.590.979 - - - - - 62. 848 96. 192 - - 200.427-5.272 - - - - - - - - 566 - - - - - - - - 5.551.727 - - 7.520 125.025 370.563 - - - - - - - 14.091.540.216 35.440.238.433 7.929.258.046 1.287.366.366 54.681.185 228.755.139 2.088.845.022 - - - - - - - - - - - - - - 1.254.466.874 599.013.182 204.004.026 3.867.296 1.614.150 390.173 9.833.814 - - - - 12.976.815 - - 12.045.375 63.366.936 1.049.596 7.437.445 8.324 5.008.072 3.815.001 8.469.507 23.782.220 4.020.887 1.177.753 29.041 286.454 2.753.381 24.542.065 - - - - - - 1.589.223 3.833.007 1.735.935 153.249 374.443 33.442 194.225 - - - - 1. 766 255.032 4.342.703 150.000 - - - - - - - - - - - - - 1.301.263.044 689.995.345 210.810.444 12.635.743 15.004.539 5.973.173 20.939.124 12.790.277.172 34.750.243.088 7.718.447.602 1.274.730.623 39.676.646 222.781.966 2.067.905.898 9.947.587.849 44.260.575.560 9.796.103.920 1.604.183.115 40.785.397 144.239.604 2.172.590.139 7.855.615.201 50.076.159.171 6.255.065.891 1.595.870.962 45.776.146 94.195.327 1.475.480.977 6.075.321.703 68.599.425.040 1.205.579.034 548.315.938 65.585.585 21.975.125 548.195.408-150.431.662.753 1.040.793.061 1.570.642.348 921.294.102 36.931.277 475.836.471 9

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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 * 18.742.942.113 84.218.665 113.202.329 81.069.824 Inntekt Netto inntekt på utbytte 108.129.333 449.617 - - Netto renteinntekt 204.701.151 249.980 4.121.927 357.788 Netto inntekter fra lån av papirer 3.734.653 11.372 21.011 505 Bankrente 536.164 6.047 - - Nettorente på byttetransaksjoner 31.014.075 - - - Annen inntekt 1.894 - - - Sum inntekter 348.117.270 717.016 4.142.938 358.293 Utgifter Godtgjørelse til ledelse og rådgivere 117.817.094 302.164 798.444 171.783 Honorarer til forvalter, selskaps- og administrativ agent og domisiliar 6.616.298 42.532 50.825 40.473 Gebyr til registerfører og overføringsagent 2.148.725-1.211 25.035 Taxe d abonnement 4.871.839 4.139 29.625 4.748 Kassakredittrente 216.185 53.533 456 213 Nettorente på byttetransaksjoner 11.121.787 27.806 - - Diverse honorarer** 3.797.822 5.663 15.608 5.167 146.589.750 435.837 896.169 247.419 Minus: Frafalt honorar (1) 739.345 - - 2.894 Sum utgifter før resultatbasert honorar 145.850.405 435.837 896.169 244.525 Resultatbaserte honorarer 10.100.043 - - - Sum utgifter 155.950.448 435.837 896.169 244.525 Netto investeringsinntekt/(tap) 192.166.822 281.179 3.246.769 113.768 Netto realisert gevinst/(tap) på salg av investeringer 274.856.143 306.877 26.604 - Netto realisert gevinst/(tap) på valutaterminforretninger 579.117.278 1.954.905 7.812.546 - Netto realisert gevinst/(tap) på finansielle terminforretninger (71.357.116) (1.310.337) - - Netto realisert gevinst/(tap) på valuta (57.125.914) (110.026) (255) - Netto realisert gevinst/(tap) på TBA-papirer 1.445.100 - - - Netto realisert gevinst/(tap) på derivater 85.219.127 1.033.804 - - Netto realisert gevinst/(tap) for perioden 812.154.618 1.875.223 7.838.895 - Netto endring i urealisert stigning/(nedskrivning) på investeringer (493.443.618) (4.203.091) 796.014 - Netto endring i urealisert stigning/(nedskrivning) på valutaterminforretninger (59.346.141) 1.429.004 (1.221.158) - Netto endring i urealisert stigning/(nedskrivning) på finansielle terminforretninger (15.916.365) (313.367) - - Netto endring i urealisert stigning/(nedskrivning) på valuta 45.303.529 (62.777) - - Netto endring i urealisert stigning/(nedskrivning) på TBA-papirer (1.456.326) - - - Netto endring i urealisert stigning/(nedskrivning) på derivater (59.047.224) (849.046) - - Netto endring i urealisert stigning/(nedskrivning) for perioden (583.906.145) (3.999.277) (425.144) - Økning/(reduksjon) av er som resultat av driften 420.415.295 (1.842.875) 10.660.520 113.768 Bevegelser i aksjekapital Aksjetegninger 9.504.216.092-383.095 93.277.151 Innløsninger (7.120.222.447) - (1.400.679) (60.898.531) Økning/(reduksjon) av er som resultat av bevegelser i aksjekapital 2.383.993.645 - (1.017.584) 32.378.620 Utbetaling av utbytte (37.054.735) - (2.877.426) - Sum aktiva ved periodens slutt 21.510.296.318 82.375.790 119.967.839 113.562.212 * * Åpningsbalansen er utarbeidet ved bruk av valutakursene 30. juni 2011. Ved bruk av valutakurser pr. 31. desember 2010 gir de samme eiendelene et tall på USD 18.277.112.582 **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

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 36.739.031 262.251.751 229.438.958 381.961.567 152.909.305 303.452.081 69.109.803 59.153.879-4.916.925 6.638.003 14.866.284 1.256.896 1.486.037 - - 687.192 32.880 33.782 56.287 728.446 1.698.242 961.250 875.568 920 361.463 538.304 841.402 - - 186 260 263 310 743 7.466 757 2.438 8.377 5.663 - - - - - - - - - - - - - - - - 688.375 5.311.578 7.210.832 15.771.439 1.986.099 3.186.717 969.813 881.491 126.824 1.813.256 1.149.774 3.946.919 1.258.808 1.763.020 221.632 116.215 48.769 116.930 139.310 170.847 77.493 131.576 63.752 64.887 13.757 21.491 43.828 71.328 27.863 30.103 14.564 5.323 8.719 54.985 55.457 139.223 40.314 65.654 16.757 8.281 705 4.497 202 1.307-958 113 219 - - - - - - - - 2.432 18.592 39.762 31.818 10.836 22.887 4.558 4.094 201.206 2.029.751 1.428.333 4.361.442 1.415.314 2.014.198 321.376 199.019 38.943 1.441 9.883-4.617 4.955 39.411 40.344 162.263 2.028.310 1.418.450 4.361.442 1.410.697 2.009.243 281.965 158.675 - - - - - - - - 162.263 2.028.310 1.418.450 4.361.442 1.410.697 2.009.243 281.965 158.675 526.112 3.283.268 5.792.382 11.409.997 575.402 1.177.474 687.848 722.816 (732.993) 10.012.134 11.059.430 4.266.358 1.671.905 12.880.547 (470.304) 298.633 225.966 (66.731) 719.429 3.499.427 2.488.070 172.595 3.826.113 (2.250.470) (17.243) 360.471 (966.895) 1.544.962 612.374 (60.277) (58.588) (91.531) (28.484) (84.982) (178.717) (42.761) (338.759) 119.775 210.437 52.588 - - - - - - (149.802) 61.326 (382) - - - - - (774) (422) (553.136) 10.220.892 10.633.247 9.267.986 4.433.590 13.112.640 3.357.082 (1.929.876) (28.087) (31.684.087) (17.762.868) (18.666.920) (8.015.406) (4.462.783) (2.825.313) 1.192.461 (37.826) - (147.242) (888.227) 1.121.344 (2.260.608) (382.608) 734.856 (6.662) - 21.541 320.308 (390.529) (129.606) 86.145 (1.312) 2.718 54.889 (12.226) (35.475) 21.300 22.438 348 (4.723) - - - - - - 21. 447 14. 049 (181) - - - - - (428) (225) (70.038) (31.629.198) (17.900.795) (19.270.314) (7.263.291) (6.830.559) (3.100.409) 1.935.106 (97.062) (18.125.038) (1.475.166) 1.407.669 (2.254.299) 7.459.555 944.521 728.046 6.734.899 52.708.785 141.233.192 372.254.175 37.458.235 73.117.673 7.466.553 1.205.188 (9.499.738) (57.348.000) (43.735.715) (155.061.584) (27.826.611) (108.632.960) (11.526.729) (3.405.623) (2.764.839) (4.639.215) 97.497.477 217.192.591 9.631.624 (35.515.287) (4.060.176) (2.200.435) - (169.246) (21.435) (268.012) (14.905) (6.482) - - 33.877.130 239.318.252 325.439.834 600.293.815 160.271.725 275.389.867 65.994.148 57.681.490 12

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 112.495.066 1.660.249.536 73.808.677 511.603.002 52.512.474 24.060.097 185.870.709 1.227.898.130 766.127 7.590.743 397.861 471.161 2.140.480-2.330.587-208.673 9.612.698 474.930 8.576.397 2.248 377.456 153.472 53.762.147-216.484 12.198-107.724 543-268.031 21.433 286.442 4.431 408 2.720 824 692 630 - - - - - - - 3.096.528 - - - - - - - - 996.233 17.706.367 889.420 9.047.966 2.253.172 378.823 2.484.751 57.127.336 589.965 9.669.340 517.993 4.000.244 585.955 90.318 1.619.364 6.665.786 79.795 385.364 70.749 188.419 111.697 42.657 97.782 360.507 23.176 142.128 19.364 54.345 18.411 12.049 47.704 157.054 19.614 307.080 18.890 137.967 22.447 5.074 47.535 370.882 4.557 76.093 572 290-177 670 1.106-460.056 25.426 - - - - - 6.858 202.111 5.614 37.053 11.034 1.454 15.281 276.875 723.965 11.242.172 658.608 4.418.318 749.544 151.729 1.828.336 7.832.210 40.984 12.213 37.900-14.880 41.524 1.818 3.108 682.981 11.229.959 620.708 4.418.318 734.664 110.205 1.826.518 7.829.102 - - - - - - - - 682.981 11.229.959 620.708 4.418.318 734.664 110.205 1.826.518 7.829.102 313.252 6.476.408 268.712 4.629.648 1.518.508 268.618 658.233 49.298.234 2.420.543 5.296.004 1.905.322 28.594.368 628.346 (170.929) 6.129.432 18.581.165 855.293 40.115.056 (1.090.791) (19.079.624) 599.327 1.320.924 945.397 55.387.745 (882.585) (36.500.396) (1.752.858) (712.905) (78.336) (35.370) - - (3.408.322) (4.938.787) (164.001) 83.490 46.513 529.017 95.297 (190.783) - - - - - (292.163) - - 603.370 11.095.936 512.262 - - (549) - 2.858.681 (411.701) 15.067.813 (590.066) 8.885.329 1.195.850 1.350.930 7.170.126 76.636.808 (4.975.859) (71.799.572) (827.996) (13.939.489) 1.052.899 (563.803) (5.029.736) (16.120.700) 3.034.314 22.347.786 (371.664) 4.515.593 (98.538) (367.851) (269.602) 3.192.665 280.975 (10.399.324) (509.802) - - (85.821) - - 3.230.450 (979.931) 154.436 432.800 34.956 (113.822) (6.009) (13.753) - - - - - (3.250) - - (461.043) (5.838.632) (233.311) - - (178) - (4.027.600) 1.108.837 (66.669.673) (1.788.337) (8.991.096) 989.317 (1.134.725) (5.305.347) (16.969.388) 1.010.388 (45.125.452) (2.109.691) 4.523.881 3.703.675 484.823 2.523.012 108.965.654 18.704.213 122.262.645 28.074.235 211.706.785 89.645.917 5.354.217 89.913.627 1.201.273.750 (30.030.484) (515.502.618) (23.487.703) (195.128.225) (44.516.407) (9.260.119) (101.716.998) (916.988.825) (11.326.271) (393.239.973) 4.586.532 16.578.560 45.129.510 (3.905.902) (11.803.371) 284.284.925 (2.312) (3.031.719) - - (102.751) - (37.134) (4.500.665) 102.176.871 1.218.852.392 76.285.518 532.705.443 101.242.908 20.639.018 176.553.216 1.616.648.044 13

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 154.763.536 23.983.169 243.047.770 75.080.068 930.858.882 4.713.873.852 25.533.477.954 5.133.970 2.843.991 307.579 2.582.289 649.922-874.837 255.467.585 59.440 5.019.489 195 5.804 41.581 3.804.362 102.185.353-324 - 9.478 116.982 - - 332.481-399 516 118 1.091 9.244 3.889 567 - - - - - - 352.316 27.406.972 - - - - - - - 1. 894 - - 7.863.996 317.370 2.706.166 700.747 4.160.567 130.802.104 255.467.585 60.163 1.983.284 183.654 1.077.959 644.980 6.676.198 28.301.100 83.139.271 33.901 128.792 125.313 104.311 37.761 420.021 1.105.884 8.854.535 44.488 42.041 11.281 30.614 11.115 108.552 538.448 1.072.618 1.284 80.007 5.712 48.704 15.724 214.984 1.746.588 3.232.145 1.186 487 205 329 1.317 255 3.610 11.176 - - - - - 2.136.748 7.270.519 - - 15.814 1.611 16.577 6.872 241.263 2.012.818 3.359.618 353 2.250.425 327.776 1.278.494 717.769 9.798.021 40.978.967 99.669.363 81.212 10.269 100.424 1.733 196 17.760 127.414 11.667 37.933 2.240.156 227.352 1.276.761 717.573 9.780.261 40.851.553 99.657.696 43.279-192 - - - 9.795.340 - - 2.240.156 227.544 1.276.761 717.573 9.780.261 50.646.893 99.657.696 43.279 5.623.840 89.826 1.429.405 (16.826) (5.619.694) 80.155.211 155.809.889 16.884 (1.443.518) 1.915.031 11.072.297 2.591.113 (3.170.825) 22.717.773 (1.733.487.734) 65.565 18.113.233 116.322 (14.328) 583.710 (10.007.217) 422.061.008 (2.619.355) (496) (17.485) 19.207 (160.169) (1.764.711) - (10.881.926) (1.922.775) - (9.003.375) (6.066) 11.830 (20.139.188) (281.710) (2.662.992) 7.989.962 6.973 - - - - - 1.651.647 - - - - - - 20.860.678 33.456.196 - - 7.648.855 2.044.494 10.909.630 (18.729.076) 7.400.926 466.341.706 (1.730.039.902) 72.042 (13.640.511) (1.075.911) (2.774.070) (4.561.554) 65.772 (25.987.050) (858.264.201) (141.499) (4.456.751) (125.011) (420.409) 2.139.178 708.448 (91.888.860) (913.244) - - - (19.453) 219.599 - (818.974) 1.441.000-8.860.855 (400) (3.540) 20.016.347 (2.374) 159.996 24.342 2.473 - - - - - (1.486.907) - - - 70.752-4.249 (3.369.926) (39.823.404) - - (9.236.407) (1.130.570) (3.217.472) 17.817.819 (2.598.080) (159.845.199) (857.712.103) (139.026) 4.036.288 1.003.750 9.121.563 (928.083) (816.848) 386.651.718 (2.431.942.116) (50.100) 265.241.168 3.129.091 57.455.882 7.900.695 318.737.822 4.172.459.235 9.153.882.452 1.063.924 (46.270.995) (7.402.846) (90.726.927) (22.707.712) (347.601.359) (1.690.798.899) (13.145.407.762) (573.054) 218.970.173 (4.273.755) (33.271.045) (14.807.017) (28.863.537) 2.481.660.336 (3.991.525.310) 490.870 (5.152.072) (160) (3.895) (630) - (16.964.006) (768.325) (358) 372.617.925 20.713.004 218.894.393 59.344.338 901.178.497 7.565.221.900 19.109.242.203 5.574.382 14

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 9.947.587.849 44.260.575.560 9.796.103.920 1.604.183.115 40.785.397 144.239.604 2.172.590.139 166.174.864 409.311.049 99.874.046 12.526.490-1.156.772 14.403.452 - - 74.283 17.847 746.414 - - - - 855.759-1.140 1.692 640 - - 4.600 5.307 2.527 134 8.321 - - - - 827 - - - - - - - - - 166.174.864 409.311.049 100.808.688 12.549.644 750.908 1.158.598 14.412.413 63.897.484 178.241.430 36.289.916 7.196.227 171.556 1.442.152 17.411.918 7.298.180 12.295.271 8.111.407 628.590 37.195 83.088 361.002 733.626 5.757.531 506.940 80.202 10.372 38.316 198.764 2.287.185 6.591.548 1.202.952 210.697 9.470 51.531 532.625 5. 784 - - - - - - - - - - 28. 425 - - 868.559 2.821.048 616.455 96.369 2.688 24.369 301.206 75.090.818 205.706.828 46.727.670 8.212.085 259.706 1.639.456 18.805.515 229.722 29.859 1.820.873-23.621 754-74.861.096 205.676.969 44.906.797 8.212.085 236.085 1.638.702 18.805.515 24.542.065 - - - - - - 99.403.161 205.676.969 44.906.797 8.212.085 236.085 1.638.702 18.805.515 66.771.703 203.634.080 55.901.891 4.337.559 514.823 (480.104) (4.393.102) (255.637.095) (6.347.008.297) (128.434.696) 98.139.345 171.169 11.998.900 118.985.364 - - (487.244) 39.374 (3.319) 1.739.105 20.661.006 (75.224.370) (39.382.932) - - 33.343 169.318 83.840 - (21.353) (909.293) 221.189 7.515 2.318 (123.313) - - - - 371.584 - - - - - - (210.294) - - (330.861.465) (6.386.412.582) (129.831.233) 98.399.908 369.998 13.909.641 139.606.897 (686.663.549) 2.211.470.193 (182.942.619) (127.999.816) 68.968 755.856 (46.455.043) - - - - (1.766) (393.159) (6.174.349) 200.000 6.148.727 - - 17.270 98.365 205.498-12.395 215.315 (319.072) 947-16.004 - - - - (9.796) - - - - - - 180. 459 - - (686.463.549) 2.217.631.315 (182.727.304) (128.318.888) 256.082 461.062 (52.407.890) (950.553.311) (3.965.147.187) (256.656.646) (25.581.421) 1.140.903 13.890.599 82.805.905 12.161.748.536 10.678.229.348 2.170.117.148 176.759.877 18.115.531 219.592.443 639.454.377 (8.368.505.013) (16.222.584.421) (3.990.251.768) (480.630.948) (20.365.185) (154.939.600) (826.944.523) 3.793.243.523 (5.544.355.073) (1.820.134.620) (303.871.071) (2.249.654) 64.652.843 (187.490.146) (889) (830.212) (865.052) - - (1.080) - 12.790.277.172 34.750.243.088 7.718.447.602 1.274.730.623 39.676.646 222.781.966 2.067.905.898 15

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 - - 3.449,615 JPMorgan Investment Funds - Emerging Markets Corporate Bond Portfolio Fund I JPM Emerging Markets Corporate Bond Portfolio I - A (div) - USD 96.796,841-2.823,055 93.973,786 JPM Emerging Markets Corporate Bond Portfolio I - A (div) - EUR (sikret) 204.329,666-1.239,969 203.089,697 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - USD 25.003,001 - - 25.003,001 JPM Emerging Markets Corporate Bond Portfolio I - B (div) - EUR (sikret) 24.518,818 - - 24.518,818 JPM Emerging Markets Corporate Bond Portfolio I - C (div) - USD 136.700,000 - - 136.700,000 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - USD 53.615,965 3.179,919-56.795,884 JPM Emerging Markets Corporate Bond Portfolio I - D (div) - EUR (sikret) 450.440,865 309,101 7.792,193 442.957,773 JPMorgan Investment Funds - Euro Liquid Market Fund JPM Euro Liquid Market A (acc) - EUR 66.774,235 78.200,726 39.544,693 105.430,268 JPM Euro Liquid Market C (acc) - EUR 55.578,530 37.643,516 92.009,331 1.212,715 JPM Euro Liquid Market D (acc) - EUR 78.644,546 103.618,391 111.624,549 70.638,388 JPMorgan Investment Funds - Europe Bond Fund JPM Europe Bond A (acc) - EUR 181.780,281 20.987,526 40.757,131 162.010,676 JPM Europe Bond A (inc) - EUR 62.030,283 128,000 11.936,000 50.222,283 JPM Europe Bond B (acc) - EUR 1.234,074 2,216-1.236,290 JPM Europe Bond C (acc) - EUR 3.027,326 22.673,360 4.500,296 21.200,390 JPM Europe Bond D (acc) - EUR 46.904,229 6.171,685 19.218,503 33.857,411 JPM Europe Bond X (acc) - EUR 140,718-55,129 85,589 JPMorgan Investment Funds - Europe Recovery Fund JPM Europe Recovery A (acc) - EUR 832.704,390 51.067,618 127.394,183 756.377,825 JPM Europe Recovery A (dist) - EUR 258.215,705 11.477,964 42.516,660 227.177,009 JPM Europe Recovery B (acc) - EUR 984,410 10.682,355 984,412 10.682,353 JPM Europe Recovery C (acc) - EUR 87.411,189 208.609,139 132.140,263 163.880,065 JPM Europe Recovery D (acc) - EUR 17.118,867 11.436,333 6.180,548 22.374,652 JPM Europe Recovery X (acc) - EUR 216.084,264-5.038,000 211.046,264 JPMorgan Investment Funds - Europe Select Equity Fund JPM Europe Select Equity A (acc) - USD 2.946,509 5.847,604-8.794,113 JPM Europe Select Equity A (acc) - EUR 35.837,563 83.483,439 15.748,369 103.572,633 JPM Europe Select Equity A (dist) - EUR 1.854,279 50.923,945 1.192,666 51.585,558 JPM Europe Select Equity B (acc) - EUR 48.588,236 63.895,404 47.715,162 64.768,478 JPM Europe Select Equity C (acc) - EUR 733.990,819 753.399,495 314.670,116 1.172.720,198 JPM Europe Select Equity D (acc) - USD 34,860 - - 34,860 JPM Europe Select Equity D (acc) - EUR 68.608,549 15.715,150 13.908,861 70.414,838 JPM Europe Select Equity I (acc) - EUR 330.128,348 - - 330.128,348 JPM Europe Select Equity X (acc) - EUR 386.200,280 8.452,561 5.246,318 389.406,523 JPM Europe Select Equity X (acc) - EUR (sikret) 659.537,598 - - 659.537,598 JPMorgan Investment Funds - Europe Strategic Dividend Fund JPM Europe Strategic Dividend A (acc) - EUR 2.235.828,927 1.206.642,532 853.037,751 2.589.433,708 JPM Europe Strategic Dividend A (dist) - EUR 49.413,783 45.206,085 11.622,184 82.997,684 JPM Europe Strategic Dividend A (inc) - EUR 75.849,265 1.327.860,330 16.936,099 1.386.773,496 JPM Europe Strategic Dividend B (acc) - EUR 52.700,000 33.249,958 14.000,734 71.949,224 JPM Europe Strategic Dividend C (acc) - EUR 821.064,393 879.754,204 438.218,067 1.262.600,530 JPM Europe Strategic Dividend D (acc) - EUR 151.795,079 103.177,906 31.563,501 223.409,484 JPM Europe Strategic Dividend X (acc) - EUR 2.080,137 - - 2.080,137 JPM Europe Strategic Dividend I (acc) - EUR - 239.348,579-239.348,579 JPMorgan Investment Funds - Global Balanced Fund (EUR) JPM Global Balanced (EUR) A (acc) - EUR 78.526,170 14.625,004 13.859,407 79.291,767 JPM Global Balanced (EUR) A (dist) - EUR 182,187 11.782,294 1.800,819 10.163,662 JPM Global Balanced (EUR) B (acc) - EUR 4.565,819-259,014 4.306,805 JPM Global Balanced (EUR) C (acc) - EUR 3.324,426 2.549,875 2.355,013 3.519,288 JPM Global Balanced (EUR) D (acc) - EUR 318.065,313 113.598,109 54.917,334 376.746,088 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 52.414,454 6.245,241 1.103,641 57.556,054 JPM Global Balanced (USD) A (acc) - USD 831.734,550 333.270,910 192.399,112 972.606,348 JPM Global Balanced (USD) A (dist) - USD 374,027 10.210,273 99,996 10.484,304 JPM Global Balanced (USD) B (acc) - USD 72.992,370 23.671,197 9.589,763 87.073,804 JPM Global Balanced (USD) C (acc) - USD 154.934,306-417,527 154.516,779 JPM Global Balanced (USD) D (acc) - USD 203.401,764 36.827,932 24.828,514 215.401,182 JPM Global Balanced (USD) X (acc) - USD 346.595,312 46,000 306.601,206 40.040,106 JPMorgan Investment Funds - Global Bond Fund (EUR) JPM Global Bond (EUR) A (acc) - EUR 310.327,336 22.636,436 56.933,925 276.029,847 JPM Global Bond (EUR) A (inc) - EUR 25.284,913 295,000 5.185,000 20.394,913 JPM Global Bond (EUR) B (acc) - EUR 12.426,620 171,683 3.681,713 8.916,590 JPM Global Bond (EUR) C (acc) - EUR 117.322,416 16.777,193 12.271,475 121.828,134 JPM Global Bond (EUR) D (acc) - EUR 54.125,247 13.689,770 13.376,403 54.438,614 JPM 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 8.087,982 JPM Global Bond (USD) A (acc) - USD 173.207,336 3.270,276 20.143,078 156.334,534 JPM Global Bond (USD) C (acc) - USD 3.530,261 18,764-3.549,025 JPM Global Bond (USD) D (acc) - USD 49.929,330 905,351 5.701,661 45.133,020 JPM Global Bond (USD) X (acc) - USD 236.378,854 - - 236.378,854 16

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 205.544,804 66.860,521 47.004,710 225.400,615 JPM Global Capital Appreciation A (dist) - EUR 1.416,175 26,339 212,604 1.229,910 JPM Global Capital Appreciation A (inc) - EUR 6.623,775 32,074 249,087 6.406,762 JPM Global Capital Appreciation B (acc) - EUR 1.317,348 1.169,000-2.486,348 JPM Global Capital Appreciation C (acc) - EUR 137.914,946 1.285,452 119.338,771 19.861,627 JPM Global Capital Appreciation D (acc) - EUR 372.180,844 91.297,611 103.592,275 359.886,180 JPM Global Capital Appreciation X (acc) - EUR 261.184,709 - - 261.184,709 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 667.800,124 63.694,306 207.456,652 524.037,778 JPM Global Capital Preservation (EUR) A (acc) - USD 39.764,589 6.243,676 19.653,514 26.354,751 JPM Global Capital Preservation (EUR) A (dist) - EUR 469.968,298 17.530,395 126.804,945 360.693,748 JPM Global Capital Preservation (EUR) A (inc) - EUR 73.944,026 810,633 15.823,997 58.930,662 JPM Global Capital Preservation (EUR) B (acc) - EUR 23.815,758 337,631 10.270,254 13.883,135 JPM Global Capital Preservation (EUR) C (acc) - EUR 101.802,373 5.623,812 71.043,859 36.382,326 JPM Global Capital Preservation (EUR) D (acc) - EUR 4.539.135,288 107.655,079 1.443.052,340 3.203.738,027 JPM Global Capital Preservation (EUR) D (acc) - SEK (sikret) 563.397,007 95.734,025 27.122,287 632.008,745 JPM Global Capital Preservation (EUR) I (acc) - EUR 192.215,692 24.167,000 37.502,000 178.880,692 JPM Global Capital Preservation (EUR) I (inc) - EUR 220.889,066 150.516,828 3.150,000 368.255,894 JPM Global Capital Preservation (EUR) T (acc) - EUR - 50,000-50,000 JPM 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 460.185,662 211.268,229 154.333,832 517.120,059 JPM Global Capital Preservation (USD) B (acc) - USD - 50,000-50,000 JPM 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 1.202,357-1.746,312 JPM Global Convertibles (USD) A (acc) - USD 2.734.398,377 1.193.387,611 1.019.603,705 2.908.182,283 JPM Global Convertibles (USD) B (acc) - USD 417.042,589 170.919,623 212.684,866 375.277,346 JPM Global Convertibles (USD) C (acc) - USD 262.936,356 111.111,415 68.671,812 305.375,959 JPM Global Convertibles (USD) D (acc) - USD 315.931,991 55.253,586 90.558,178 280.627,399 JPM Global Convertibles (USD) I (acc) - USD 67.007,000-53.409,000 13.598,000 JPMorgan Investment Funds - Global Dividend Fund JPM Global Dividend A (acc) - USD 384.991,008 563.282,001 306.371,373 641.901,636 JPM Global Dividend A (acc) - EUR 9.272,787 20.448,867 4.048,375 25.673,279 JPM Global Dividend A (acc) - EUR (sikret) 109.129,512 62.859,202 35.604,857 136.383,857 JPM Global Dividend A (inc) - USD 12.787,585 44.559,143 3.948,044 53.398,684 JPM Global Dividend A (inc) - EUR (sikret) 7.957,487 5.184,591 1.491,959 11.650,119 JPM Global Dividend C (acc) - EUR 35.320,180 86.168,884 42.381,677 79.107,387 JPM Global Dividend D (acc) - USD 16.511,678 9.110,024 9.960,868 15.660,834 JPM Global Dividend D (acc) - EUR (sikret) 27.360,705 37.874,772 14.758,218 50.477,259 JPM Global Dividend X (acc) - USD - 100.956,979 51.656,896 49.300,083 JPMorgan Investment Funds - Global Enhanced Bond Fund JPM Global Enhanced Bond A (acc) - EUR 130.026,136 18.229,013 33.781,202 114.473,947 JPM Global Enhanced Bond A (inc) - EUR 49,539 7,518 0,403 56,654 JPM Global Enhanced Bond B (acc) - EUR* 8.331,434 212,714 8.544,148 - JPM Global Enhanced Bond C (acc) - EUR 22.201,738-185,574 22.016,164 JPM Global Enhanced Bond D (acc) - EUR 45.234,574 28.305,620 38.101,992 35.438,202 JPM Global Enhanced Bond X (acc) - EUR 197,750-16,591 181,159 JPMorgan Investment Funds - Global Financials Fund JPM Global Financials A (acc) - USD 739.375,036 522.588,017 441.278,025 820.685,028 JPM Global Financials A (acc) - EUR 595.497,628 107.416,832 99.854,380 603.060,080 JPM Global Financials A (dist) - USD 702.599,309 78.823,100 34.749,322 746.673,087 JPM Global Financials B (acc) - USD 338.420,592 816.687,404 544.713,842 610.394,154 JPM Global Financials C (acc) - USD 233.331,952 149.763,956 370.944,037 12.151,871 JPM Global Financials D (acc) - USD 66.587,334 8.133,601 18.842,358 55.878,577 JPM Global Financials X (acc) - USD 10.185,237 113,915 1.050,000 9.249,152 JPMorgan Investment Funds - Global High Yield Bond Fund JPM Global High Yield Bond A (acc) - USD 3.282.610,566 3.573.093,285 2.544.111,617 4.311.592,234 JPM Global High Yield Bond A (acc) - EUR (sikret) 963.313,231 585.540,902 566.374,269 982.479,864 JPM Global High Yield Bond A (inc) - EUR (sikret) 59.764,926 365.009,850 36.590,313 388.184,463 JPM Global High Yield Bond A (mth) - USD 567.386,801 970.653,957 487.358,227 1.050.682,531 JPM Global High Yield Bond B (acc) - EUR (sikret) 154.700,504 109.255,996 163.966,949 99.989,551 JPM Global High Yield Bond C (acc) - USD 768.659,698 1.389.519,706 1.329.752,560 828.426,844 JPM Global High Yield Bond C (acc) - EUR (sikret) 967.852,030 603.566,616 174.368,748 1.397.049,898 JPM Global High Yield Bond D (acc) - USD 823,395 - - 823,395 JPM Global High Yield Bond D (acc) - EUR (sikret) 282.313,565 207.088,326 76.405,549 412.996,342 JPM Global High Yield Bond I (acc) - USD 1.436.986,484 40.786,361 776.050,519 701.722,326 JPM Global High Yield Bond I (inc) - EUR (sikret) 95.393,467 48.000,000 78.819,000 64.574,467 JPM Global High Yield Bond X (acc) - USD - 712.689,073 405.015,559 307.673,514 JPM Global High Yield Bond X (acc) - EUR (sikret) 54.365,617 275.960,753 168.967,807 161.358,563 JPMorgan Investment Funds - Global Income Fund JPM Global Income A (div) - EUR 135.535,656 449.583,853 97.901,591 487.217,918 JPM Global Income B (div) - EUR - 1.476,666-1.476,666 JPM Global Income C (div) - EUR 100.891,807 126.786,481 111.665,027 116.013,261 JPM Global Income D (div) - EUR 1.021.365,031 1.522.602,132 163.902,884 2.380.064,279 JPM Global Income T (div) - EUR - 50,000-50,000 17

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 109.857,521 10.792,274 12.342,253 108.307,542 JPM Global Select 130/30 A (acc) - EUR - 1.359,796-1.359,796 JPM Global Select 130/30 A (dist) - USD 531,926 61,527-593,453 JPM Global Select 130/30 C (acc) - USD 29.207,540 3.143,358 30.962,879 1.388,019 JPM Global Select 130/30 D (acc) - USD 33.382,882 7.801,582 4.936,915 36.247,549 JPMorgan Investment Funds - Global Select Equity Fund JPM Global Select Equity A (acc) - USD 447.871,635 53.268,781 67.020,897 434.119,519 JPM Global Select Equity A (dist) - USD 9.272,695 18.761,805 18.730,099 9.304,401 JPM Global Select Equity B (acc) - USD 360,000 242,999 336,999 266,000 JPM Global Select Equity C (acc) - USD 704.757,544 107.357,339 435.678,806 376.436,077 JPM Global Select Equity C (acc) - EUR - 281.725,234 42.424,600 239.300,634 JPM Global Select Equity D (acc) - USD 64.828,157 6.784,823 10.521,485 61.091,495 JPM Global Select Equity X (acc) - USD 342.841,521 - - 342.841,521 JPMorgan Investment Funds - Global Total Return Fund JPM Global Total Return A (acc) - EUR 317.262,260 52.451,557 103.478,764 266.235,053 JPM Global Total Return A (dist) - EUR 718,952 5,992-724,944 JPM Global Total Return A (inc) - EUR 97,972 - - 97,972 JPM Global Total Return C (acc) - EUR 27.580,324 6.353,950 29.229,869 4.704,405 JPM Global Total Return D (acc) - EUR 341.265,123 11.576,286 72.647,714 280.193,695 JPMorgan Investment Funds - Highbridge Statistical Market Neutral Fund JPM Highbridge Statistical Market Neutral A (acc) - EUR 2.251.943,725 234.614,015 549.981,802 1.936.575,938 JPM Highbridge Statistical Market Neutral A (acc) - SEK (sikret) 231.393,599 1.422.083,462 120.832,786 1.532.644,275 JPM Highbridge Statistical Market Neutral A (acc) - USD 113.803,078 10.996,034 93.624,946 31.174,166 JPM Highbridge Statistical Market Neutral A (acc) - USD (sikret) 144.380,393 91.651,462 130.649,308 105.382,547 JPM Highbridge Statistical Market Neutral A (dist) - GBP 11.120,387 571,371 4.112,437 7.579,321 JPM Highbridge Statistical Market Neutral A (dist) - GBP (sikret) 77.892,690 2.020,472 52.682,284 27.230,878 JPM Highbridge Statistical Market Neutral A (inc) - EUR 56.653,230 80,051 5.083,308 51.649,973 JPM Highbridge Statistical Market Neutral B (acc) - EUR 294.331,723 79.900,173 73.820,163 300.411,733 JPM Highbridge Statistical Market Neutral C (acc) - EUR 1.291.469,436 789.525,539 442.368,827 1.638.626,148 JPM Highbridge Statistical Market Neutral C (dist) - GBP (sikret) 1.459.959,716 113.296,666 710.753,013 862.503,369 JPM Highbridge Statistical Market Neutral C (dist) - USD (sikret) 40.841,658 7.350,000 19.832,212 28.359,446 JPM Highbridge Statistical Market Neutral D (acc) - EUR 2.518.568,924 51.421,223 738.860,871 1.831.129,276 JPM Highbridge Statistical Market Neutral D (acc) - USD 20.391,513 470,294 13.459,544 7.402,263 JPM Highbridge Statistical Market Neutral D (acc) - USD (sikret) 8.699,862 592,943 4.431,792 4.861,013 JPM Highbridge Statistical Market Neutral I (acc) - EUR* 197.067,662-197.067,662 - JPM Highbridge Statistical Market Neutral I (dist) - EUR 146.170,498 210.618,502 187.793,718 168.995,282 JPM Highbridge Statistical Market Neutral T (acc) - EUR - 50,000-50,000 JPM Highbridge Statistical Market Neutral X (acc) - EUR 103.965,721 8.634,000 16.304,001 96.295,720 JPMorgan Investment Funds - Income Opportunity Fund JPM Income Opportunity A (acc) - USD 5.725.462,100 2.884.515,882 1.963.507,131 6.646.470,851 JPM Income Opportunity A (acc) - EUR (sikret) 5.052.883,048 5.671.964,546 1.462.456,879 9.262.390,715 JPM Income Opportunity A (acc) - SEK (sikret) 505.188,266 568.984,778 75.261,817 998.911,227 JPM Income Opportunity A (dist) - GBP (sikret) 2.526.973,278 780.914,836 309.202,147 2.998.685,967 JPM Income Opportunity A (inc) - EUR (sikret) 649.623,998 929.379,560 109.217,103 1.469.786,455 JPM Income Opportunity B (acc) - USD 997.322,415 380.404,151 490.824,005 886.902,561 JPM Income Opportunity B (acc) - EUR (sikret) 991.358,716 1.097.416,184 719.785,779 1.368.989,121 JPM Income Opportunity C (acc) - USD 1.568.131,304 2.290.057,147 1.396.426,292 2.461.762,159 JPM Income Opportunity C (acc) - USD (sikret mot BRL) 67.681,326 105.071,610 5.355,745 167.397,191 JPM Income Opportunity C (acc) - EUR (sikret) 6.384.470,579 3.342.506,375 1.640.551,324 8.086.425,630 JPM Income Opportunity C (acc) - SEK (sikret) 95.026,376 9.483,538 35.800,000 68.709,914 JPM Income Opportunity C (dist) - GBP (sikret) 871.191,550 582.518,089 223.422,318 1.230.287,321 JPM Income Opportunity D (acc) - EUR (sikret) 3.018.253,205 4.976.366,369 1.254.667,964 6.739.951,610 JPM Income Opportunity D (inc) - EUR (sikret) 68,985 - - 68,985 JPM Income Opportunity X (acc) - USD 285.514,772 334.011,785 65.984,909 553.541,648 JPM Income Opportunity X (acc) - EUR (sikret) 200.355,894 211.569,914 27.027,010 384.898,798 JPM Income Opportunity X (acc) - GBP (sikret) 28.865,000-8.050,000 20.815,000 JPM Income Opportunity X (dist) - GBP (sikret) - 11.747,682-11.747,682 JPMorgan Investment Funds - Japan 50 Equity Fund JPM Japan 50 Equity A (acc) - EUR 233.995,803 15.167,484 138.947,542 110.215,745 JPM Japan 50 Equity A (acc) - EUR (sikret) - 40,778-40,778 JPM Japan 50 Equity A (acc) - JPY 744.772,621 844.335,035 1.204.873,783 384.233,873 JPM Japan 50 Equity A (dist) - JPY 5.019,607 155,418 4.029,000 1.146,025 JPM Japan 50 Equity C (acc) - EUR (sikret) - 13.346,794-13.346,794 JPM Japan 50 Equity C (acc) - JPY 540.633,027 40.383,158 160.079,734 420.936,451 JPM Japan 50 Equity D (acc) - JPY 9.351,429 145.346,906 125.269,316 29.429,019 JPM 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 Fund JPM Japan Behavioural Finance Equity A (acc) - USD 20.484,803 1.841,655 391,047 21.935,411 JPM Japan Behavioural Finance Equity A (acc) - EUR 16.454,848 4.366,101 703,928 20.117,021 JPM Japan Behavioural Finance Equity A (dist) - USD 17.905,103 402,000 402,000 17.905,103 JPM Japan Behavioural Finance Equity D (acc) - EUR 3.658,540 8.015,651 6.643,528 5.030,663 JPM Japan Behavioural Finance Equity X (acc) - USD 11.535,181 - - 11.535,181 18