TAILIEUCHUNG - JPMorgan Investment Funds

Evaluating mutual fund performance is a topic of long-standing interest in the academic literature, but few if any studies have addressed the selection of an optimal portfolio of funds. Instead of using the historical data to estimate performance measures or produce fund rank- ings, this study uses the data to explore the mutual-fund investment decision. Speci¯cally, from an investment universe of over 500 no-load equity funds, we construct portfolios having the ex ante maximum Sharpe ratio based on a Bayesian predictive distribution that combines the information in historical returns with an investor's prior beliefs, accounting for param- eter uncertainty. . | JPMorgan Investment Funds Unaudited Semi-Annual Report 30 June 2012 J p Morgan Asset Management This report is an abridged version of the unaudited semi-annual report established in conformity with the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment. The complete version is available on request from the Company s registered office in Luxembourg and from JPMorgan Funds Asia Limited. This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Hong Kong Offering Document which is available free of charge on request supplemented by the most recent audited annual report of the Fund and any subsequent unaudited semi-annual report from JPMorgan Funds Asia Limited. Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Hong Kong. Accordingly no reference is made to these sub-funds in this unaudited semi-annual report. The attention of the investors is drawn to the fact that certain figures in this unaudited semi-annual report are expressed on a consolidated basis and thus include the assets of those sub-funds which are not registered in Hong Kong. JPMorgan Investment Funds Unaudited Semi-Annual Report As at 30 June 2012 Contents BoardofDirectors 1 ManagementandAdministration 2 Unaudited Financial Statementsand Statistical Information CombinedStatementofNetAssets 5-7 CombinedStatementofOperationsandChangesinNetAssets 9-11 StatementofChangesintheNumberofShares 12-13 StatisticalInformation 14-16 Notesto the Unaudited Financial Statements 17-22 Schedule of Investments JPMorganInvestment Funds-EuropeSelect EquityFund 23 JPModgan InvestmentFunds - Global BalancedFund USD 26 JPModgan InvestmentFunds - Global BondFund USD 33 JPMorganInvestmentFunds-GlobalCapitalPreservationFund USD 38 JPMorgan InvestmentFunds - Global Convertibles Fund USD 43 JPMorganInvestmentFunds-GlobalDividendFund 47 JPMorganInvestmentFunds-GlobalEnhancedBondFund 50 JPMorgan Investment .

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