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Jpmorgan Investment Funds Audited Annual Report As at 31 December 2009

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Jpmorgan Investment Funds Audited Annual Report As at 31 December 2009 '" Audited Annual Report AGDfi^Xe@em\jkd\ek=le[j JfZ`k[Ë@em\jk`jj\d\ek~:Xg`kXcMXi`XYc\#Clo\dYfli^ I%:%J%Ef9+0--* 31 December 2009 JPMorgan Investment Funds Audited Annual Report As at 31 December 2009 Contents Board of Directors 1 Management and Administration 2 Board of Directors’ Report 3 Investment Managers’ Report 4 Independent Auditor’s Report 5 Financial Statements and Statistical Information CombinedStatementofNetAssets 7-11 CombinedStatementofOperationsandChangesinNetAssets 13-18 StatementofChangesintheNumberofShares 19-23 StatisticalInformation 24-28 Notes to the Financial Statements 29-35 Schedule of Investments JPMorganInvestmentFunds-BlueandGreenFund 36 JPMorganInvestmentFunds-EuroLiquidMarketFund 41 JPMorganInvestmentFunds-EuropeBondFund 43 JPMorganInvestmentFunds-EuropeRecoveryFund 46 JPMorganInvestmentFunds-EuropeSelectEquityFund 48 JPMorganInvestmentFunds-EuropeStrategicDividendFund 51 JPMorganInvestmentFunds-GlobalBalancedFund(EUR) 56 JPMorganInvestmentFunds-GlobalBalancedFund(USD) 60 JPMorganInvestmentFunds-GlobalBondFund(EUR) 68 JPMorganInvestmentFunds-GlobalBondFund(USD) 72 JPMorganInvestmentFunds-GlobalCapitalAppreciationFund 76 JPMorganInvestmentFunds-GlobalCapitalPreservationFund(EUR) 82 JPMorganInvestmentFunds-GlobalCapitalPreservationFund(USD) 87 JPMorganInvestmentFunds-GlobalConvertiblesFund(USD) 92 JPMorganInvestmentFunds-GlobalDividendFund 96 JPMorganInvestmentFunds-GlobalEnhancedBondFund 99 JPMorganInvestmentFunds-GlobalFinancialsFund 104 JPMorganInvestmentFunds-GlobalHighYieldBondFund 107 JPMorganInvestmentFunds-GlobalIncomeFund 111 JPMorganInvestmentFunds-GlobalSelect130/30Fund 117 JPMorganInvestmentFunds-GlobalSelectEquityFund 120 JPMorganInvestmentFunds-GlobalTotalReturnFund 123 JPMorganInvestmentFunds-HighbridgeStatisticalMarketNeutralFund 125 JPMorganInvestmentFunds- IncomeOpportunityFund 128 JPMorganInvestmentFunds-Japan50EquityFund 138 JPMorganInvestmentFunds-JapanBehaviouralFinanceEquityFund 140 JPMorganInvestmentFunds-JapanFocusFund 142 JPMorganInvestmentFunds-JapanSelectEquityFund 143 JPMorganInvestmentFunds-JapanStrategicValueFund 145 JPMorganInvestmentFunds-JFAsiaex-JapanFund 147 JPMorganInvestmentFunds-USBondFund 148 JPMorganInvestmentFunds-USEquityFund 154 JPMorganInvestmentFunds-USMarketNeutralFund 157 JPMorganInvestmentFunds-USSelectEquityFund 159 Appendix: Unaudited Additional Disclosures FundExpenseRatiosandCappedExpenseRatios 162 SummaryofInvestmentObjectivesoftheSub-Funds 169 PerformanceandVolatility 172 InterestRateReceived/(Charged)onBankAccounts 179 Sub-FundShareClassesSubjecttoTaxed’AbonnementRateof0.01% 179 Sub-FundShareClassesExemptfromTaxed’Abonnement 179 PortfolioTurnoverRatio 180 HistoricalStatementsofChangesintheNumberofShares 181 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 the registered office of the SICAV and from local paying agent. JPMorgan Investment Funds Board of Directors As at 31 December 2009 Chairman Deputy Chairman Iain O.S. Saunders Pierre Jaans Banker Economist Duine, Ardfern 3, rue de Kahler Argyll PA31 8QN L-8356 Garnich United Kingdom Grand Duchy of Luxembourg Directors Jacques Elvinger Andrea L. Hazen Partner Managing Director Elvinger, Hoss & Prussen JPMorgan Asset Management (UK) Limited 2, place Winston Churchill 20 Finsbury Street L-2014 Luxembourg London EC2Y 9AQ Grand Duchy of Luxembourg United Kingdom Jean Frijns Robert Van der Meer Professor, Finance and Investments Professor of Finance Antigonelaan 2 9A Lange Vijverberg NL-5631 LR Eindhoven NL-2513 AC The Hague The Netherlands The Netherlands Berndt May Managing Director JPMorgan Asset Management (Europe) S.à r.l. Austrian Branch Führichgasse 8 A-1010 Vienna Austria Registered Office European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg 1 JPMorgan Investment Funds Management and Administration As at 31 December 2009 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 J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY 10167 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 (UK) Limited 20 Finsbury Street London EC2Y 9AQ United Kingdom 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 United States of America American Century Global Investment Management Inc. (until 9 February 2009) 666 Third Avenue New York, NY 10017 United States of America JPMorgan Asset Management (Singapore) Limited (previously named JF Asset Management (Singapore) Limited) 168 Robinson Road 17th Floor, Capital Tower Singapore 068912 Custodian, Corporate and Administrative Agent J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Grand Duchy of Luxembourg Independent Auditor PricewaterhouseCoopers S.à r.l. Réviseur d’entreprises 400, route d’Esch BP 1443 L-1014 Luxembourg Grand Duchy of Luxembourg Legal Adviser Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Grand Duchy of Luxembourg 2 JPMorgan Investment Funds Board of Directors’ Report As at 31 December 2009 The Board of Directors is pleased to present the Audited Annual Report for the year ended 31 December 2009. Structure and Size of the Fund The Fund is a variable capital investment company with multiple Sub-Funds, organised as a "société anonyme", under the laws of the Grand Duchy of Luxembourg, organised as an "umbrella" with a number of Sub-Funds, each of which has its own investment policy and restrictions. At the year end the Fund had issued shares in 34 Sub-Funds. The Board of Directors of JPMorgan Investment Funds has decided to put several Sub-Funds into liquidation during the year under review: • JPMorgan Investment Funds - Europe Short Duration Fund on 30 January 2009, • JPMorgan Investment Funds - Global Short Duration Fund on 30 January 2009, • JPMorgan Investment Funds - Global ex-US Select Small Cap Fund on 9 February 2009, • JPMorgan Investment Funds - Global Teletech Fund on 25 February 2009, • JPMorgan Investment Funds - US Disciplined Equity Fund on 25 February 2009, • JPMorgan Investment Funds - US Dynamic Small Cap Fund on 30 April 2009. JPMorgan Investment Funds - Europe Select Mega Cap Fund merged into JPMorgan Investment Funds - Europe Select Equity Fund on 12 June 2009. JPMorgan Investment Funds - Global Healthtech Fund merged into JPMorgan Funds - Global Healthcare Fund on 2 October 2009. During the year, the total net assets of the Fund increased from USD 12.5 billion to USD 17.1 billion at year end. The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/611 of 20 December 1985 and may therefore be offered for sale in European Union Member States, subject to registration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Fund and its Sub-Funds may be made in other countries. The Fund and the Sub-Funds are currently registered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions: Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Jersey, Macau, The Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and United Kingdom. Responsibility of the Directors The responsibility of the Directors of the Fund is governed by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the Directors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings and by the law of 20 December 2002 relating to undertakings for collective investments. Changes to the Board of Directors Mr Jacques Elvinger was co-opted as a Director with effect from 1 January 2009 and his appointment was approved by Shareholders at the Annual General Meeting held on 24 April 2009. Annual General Meeting The next Annual General Meeting of the Company will be held on 30 April 2010. The Board of Directors Luxembourg, 18 March 2010 3 JPMorgan Investment Funds Investment Managers’ Report For the year ended 31 December 2009 Market review of 2009 2009 was another turbulent year on global stock markets, but ultimately yielded strong returns with the MSCI World Index up 26.70% in euro terms. Government bond investors fared less well, with the JPMorgan Global Bond Index down 1.30% for euro investors, although credit (both investment grade and high yield) performed strongly. The year got off to a bad start as the continued repercussions of the financial crisis resulted in the worst January on record for several equity markets. Stock markets continued to decline in February and early March as credit conditions
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