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Investment Funds Semi Annual Report Unaudited Semi-Annual Report JPMorgan Investment Funds Société d’Investissement à Capital Variable, Luxembourg 30 June 2021 Report for the attention of Swiss Investors JPMorgan Investment Funds Unaudited Semi-Annual Report As at 30 June 2021 Contents Board of Directors 1 Management and Administration 2 Financial Statements and Statistical Information Combined Statement of Net Assets 5 Combined Statement of Operations and Changes in Net Assets 9 Statement of Changes in the Number of Shares 13 Statistical Information 21 Notes to the Unaudited Financial Statements 30 Schedule of Investments Equity Sub-Funds JPMorgan Investment Funds - Europe Select Equity Fund 38 JPMorgan Investment Funds - Europe Strategic Dividend Fund 41 JPMorgan Investment Funds - Global Dividend Fund 45 JPMorgan Investment Funds - Global Select Equity Fund 49 JPMorgan Investment Funds - Japan Sustainable Equity Fund 52 JPMorgan Investment Funds - Japan Strategic Value Fund 54 JPMorgan Investment Funds - US Select Equity Fund 56 Balanced and Mixed Asset Sub-Funds JPMorgan Investment Funds - Global Balanced Fund 58 JPMorgan Investment Funds - Global Income Fund 66 JPMorgan Investment Funds - Global Income Conservative Fund 110 JPMorgan Investment Funds - Global Income Sustainable Fund 146 JPMorgan Investment Funds - Global Macro Fund 156 JPMorgan Investment Funds - Global Macro Opportunities Fund 160 JPMorgan Investment Funds - Global Macro Sustainable Fund 165 Convertibles Sub-Funds JPMorgan Investment Funds - Global Convertibles Conservative Fund 170 JPMorgan Investment Funds - Global Opportunistic Convertibles Income Fund 173 Bond Sub-Funds JPMorgan Investment Funds - Global High Yield Bond Fund 175 JPMorgan Investment Funds - Income Opportunity Fund 187 JPMorgan Investment Funds - US Bond Fund 197 Appendix - Unaudited Additional Disclosures 1. Total Expense Ratios 207 2. Summary of Investment Objectives of the Sub-Funds 217 3. Performance and Volatility 219 4. Interest Rate Received/(Charged) on Bank Accounts 228 5. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate 228 6. Portfolio Turnover Ratio 228 7. Calculation Method of the Risk Exposure 229 8. Collateral Received 230 9. Securities Financing Transactions 231 10. Exposure arising from financial derivative instruments 235 11. UCITS Remuneration Disclosures 236 For additional information, please consult www.jpmorganassetmanagement.lu. 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 Key Investor Information Documents, supplemented by the latest audited annual report and, if published thereafter, the latest unaudited semi-annual report. The current Prospectus, the current Key Investor Information Documents, the unaudited semi-annual report as well as the audited annual report can be obtained free of charge from the registered office of the SICAV and from local paying agents. Details of the Investment Manager(s) for the individual Sub-Funds are available within the Prospectus and from the Management Company at its registered office, or from http://www.jpmorganassetmanagement.lu. JPMorgan Investment Funds Board of Directors Chairman Iain O.S. Saunders Duine, Ardfern Argyll PA31 8QN United Kingdom Directors Jacques Elvinger Martin Porter Elvinger Hoss Prussen, Société anonyme Thornhill, Hammerwood Road 2, place Winston Churchill Ashurst Wood, Sussex B.P. 425, L-2014 Luxembourg RH19 3SL Grand Duchy of Luxembourg United Kingdom Massimo Greco Peter Thomas Schwicht JPMorgan Asset Management (UK) Limited Humboldtstraße 17 60 Victoria Embankment D-60318 Frankfurt am Main London EC4Y 0JP Germany United Kingdom John Li How Cheong Susanne van Dootingh The Directors’ Office Nekkedelle 6 19, rue de Bitbourg B-3090 Overijse L-1273 Luxembourg Belgium Grand Duchy of Luxembourg Marion Mulvey (from 30 April 2021) Daniel Watkins JPMorgan Asset Management (UK) Limited JPMorgan Asset Management (Asia Pacific) Limited 60 Victoria Embankment 21st Floor, Chater House London EC4Y 0JP 8 Connaught Road United Kingdom Central Hong Kong Registered Office European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg 1 JPMorgan Investment Funds Management and Administration Management Company, Registrar and Transfer Agent, Global Distributor and Domiciliary Agent JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Investment Managers JPMorgan Asset Management (Asia Pacific) Limited 21st Floor, Chater House 8 Connaught Road Central Hong Kong J.P. Morgan Investment Management Inc. 383 Madison Avenue New York, NY 10179 United States of America JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3, Marunouchi 2-chome, Chiyoda-ku Tokyo 100-6432 Japan JPMorgan Asset Management (Singapore) Limited 17th Floor, Capital Tower 168 Robinson Road Singapore 068912 JPMorgan Asset Management (UK) Limited 60 Victoria Embankment London EC4Y 0JP United Kingdom Depositary, Corporate, Administrative and Listing Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Auditor PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg Luxembourg Legal Adviser Elvinger Hoss Prussen, Société anonyme 2, place Winston Churchill B.P. 425, L-2014 Luxembourg Grand Duchy of Luxembourg 2 This page has been left blank intentionally 3 This page has been left blank intentionally 4 JPMorgan Investment Funds Combined Statement of Net Assets As at 30 June 2021 JPMorgan Investment JPMorgan Investment Funds - Europe Select Funds - Europe Strategic Combined Equity Fund Dividend Fund USD EUR EUR Assets Investments in securities at cost 59,537,991,723 1,096,891,466 660,359,821 Unrealised gain/(loss) 5,550,678,794 266,204,817 130,981,259 Investments in securities at market value 65,088,670,517 1,363,096,283 791,341,080 Investment in to be announced contracts at market value 34,100,831 - - Cash at bank and at brokers 872,093,971 950,350 2,886,958 Time deposits 216,600,000 - - Receivables on subscriptions 263,431,803 2,173,004 2,568,075 Receivables on investments sold 216,163,784 113,686,791 - Receivables on sale of to be announced contracts 61,418,528 - - Dividends receivable 45,238,151 1,725,058 1,079,980 Interest receivable 342,740,017 - - Tax reclaims receivable 13,953,914 1,538,543 3,505,104 Fee waiver receivable * 864,337 13,124 22,685 Options purchased contracts at fair value 62,020,281 - - Unrealised gain on financial futures contracts 18,163,990 - - Unrealised gain on forward currency exchange contracts 471,183,939 3,007,991 5,577,733 Swap contracts at fair value 7,711,877 - - Other assets 543,745 4,391 8,108 Total assets 67,714,899,685 1,486,195,535 806,989,723 Liabilities Open short positions on to be announced contracts at market value 30,893,010 - - Bank overdrafts 8,818 - - Due to brokers 4,078,987 - - Payables on redemptions 550,805,174 115,995,555 384,121 Payables on investments purchased 242,589,515 477 105,376 Payables on purchase of to be announced contracts 64,581,636 - - Interest payable 55,837 8,283 1,727 Distribution fees payable 4,421,399 6,852 66,919 Management and advisory fees payable 52,859,668 879,623 702,183 Fund servicing fees payable 4,096,651 121,445 64,733 Performance fees payable 768,114 - - Unrealised loss on financial futures contracts 13,896,212 18,794 114,355 Unrealised loss on forward currency exchange contracts 952,619,469 233,786 474,621 Swap contracts at fair value 3,491,092 - - Other liabilities ** 13,386,719 112,849 104,033 Total liabilities 1,938,552,301 117,377,664 2,018,068 Total net assets 65,776,347,384 1,368,817,871 804,971,655 * Please refer to Note 4a), 4b), 4d) and 4e). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “Fee Waiver” in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. ** Other liabilities are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. The accompanying notes form an integral part of these Financial Statements. 5 JPMorgan Investment Funds Combined Statement of Net Assets (continued) As at 30 June 2021 JPMorgan Investment JPMorgan Investment JPMorgan Investment JPMorgan Investment JPMorgan Investment Funds - Global Funds - Global Select Funds - Japan Sustainable Funds - Japan Strategic Funds - US Select Dividend Fund Equity Fund Equity Fund Value Fund Equity Fund USD USD JPY JPY USD 455,729,590 954,245,237 4,923,873,615 31,517,552,822 3,710,898,785 73,694,316 215,355,993 727,584,485 5,377,294,753 1,082,521,287 529,423,906 1,169,601,230 5,651,458,100 36,894,847,575 4,793,420,072 ----- 2,485,173 10,416,369 121,296,486 901,178,607 3,081,265 ----- 4,210,703 68,230,320 3,143,028 608,344,855 8,738,210 5,583,704 3,302,105 11,845,606 - - ----- 1,032,724 1,441,184 5,103,154 36,948,361 2,302,137 ----- 170,444 171,333 - - - 19,081 20,569 736,408 1,386,482 2,217 ----- ----1,565,340 1,937,038 4,488,478 5,836,399 53,327,208 1,037,714 ----- 1,436 81,225 1,785,457 248,333 11,226 544,864,209 1,257,752,813 5,801,204,638 38,496,281,421 4,810,158,181 ----- - - 1 40,143 - ----- 4,997,662 61,119,921 4,548,945 14,394,568 3,789,689 6,981,226 6,133,551 31,953,206 684,453,672 363,673
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