tailieunhanh - Audited Annual Report JPMorgan Investment Funds

We also demonstrate that optimal portfolios of mutual funds are in°uenced substantially by prior beliefs about both managerial skill and pricing models. For example, consider two investors who both rule out managerial skill but believe strongly in di®erent models: one believes in the CAPM while the other embraces a four-factor model. If either investor is forced to hold the portfolio chosen by the other, the resulting ex ante loss is about 60 basis points per month in certainty equivalent return. 2 A possibly °awed pricing model is still useful in identifying optimal portfolios because it allows the model's benchmark assets to supply information about the funds' expected returns. Consider,. | Audited Annual Report JPMorgan Investment Funds Société d Investissement à Capital Variable Luxembourg . No B 49 663 31 December 2011 JPMorgan Asset Management JPMorgan Investment Funds Audited Annual Report As at 31 December2011 Contents BoardofDirectors 1 ManagementandAdministration 2 BoardofDirectors Report 3 InvestmentManagers Report 4 AuditReport 5 Financial Statements and Statistical Information CombinedStatementofNetAssets 7-11 CombinedStatementofOperations and Changes in NetAssets 13-17 StatementofChangesintheNumberofShares 18-22 StatisticalInformation 23-27 Notestothe FinancialStatements 28-35 Schedule of Investments JPMorgan InvestmentFunds - Blue andGreen Fund 36 JPMorgan InvestmentFunds - Emerging Markets Corporate BondPortfolio Fund I 40 JPMorgan InvestmentFunds - Euro Liquid MarketFund 43 JPMorgan Investment Funds - Europe Bond Fund 45 JPMorgan InvestmentFunds - Europe RecoveryFund 48 JPMorgan InvestmentFunds - Europe SelectEquityFund 50 JPMorgan InvestmentFunds - Europe StrategicDividend Fund 53 JPMorganInvestmentFunds-GlobalBalancedFund EUR 58 JPMorgan InvestmentFunds - Global BalancedFund USD 62 JPMorgan InvestmentFunds - Global Bond Fund EUR 69 JPMorgan Investment Funds - Global Bond Fund USD 74 JPMorgan Investment Funds - Global Capital Appreciation Fund 79 JPMorgan Investment Funds - Global Capital Preservation Fund EUR 83 JPMorgan Investment Funds - Global Capital Preservation Fund USD 87 JPMorgan Investment Funds - Global Convertibles Fund USD 91 JPMorgan Investment Funds - Global Dividend Fund 95 JPMorgan Investment Funds - Global Enhanced Bond Fund 98 JPMorgan Investment Funds - Global Financials Fund 103 JPMorgan InvestmentFunds - Global High Yield BondFund 106 JPMorgan Investment Funds - Global Income Fund 111 JPMorgan InvestmentFunds - Global Select130 30 Fund 122 JPMorgan Investment Funds - Global Select Equity Fund 126 JPMorgan InvestmentFunds - Global Total Return Fund 130 JPMorgan Investment Funds - Highbridge Statistical Market