Unaudited Semi-Annual Report – 30 June 2020 JPMorgan .

Unaudited Semi-Annual Report – 30 June 2020JPMorganInvestment FundsSICAV Range

This report is an abridged version of the unaudited semi-annual report established in conformity with the LuxembourgLaw of 17 December 2010 on Undertakings for Collective Investment. The complete version is available on request fromthe 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 HongKong Offering Document which is available free of charge on request, supplemented by the most recent audited annualreport 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, noreference is made to these sub-funds in this unaudited semi-annual report. The attention of the investors is drawn to thefact that certain figures in this unaudited semi-annual report are expressed on a consolidated basis and, thus, includethe assets of those sub-funds which are not registered in Hong Kong.

JPMorgan Investment FundsUnaudited Semi-Annual ReportAs at 30 June 2020ContentsBoard of Directors1Management and Administration2Unaudited Financial Statements and Statistical InformationCombined Statement of Net Assets3Combined Statement of Operations and Changes in Net Assets4Statement of Changes in the Number of Shares5Statistical Information7Notes to the Unaudited Financial Statements9Schedule of InvestmentsEquity Sub-FundsJPMorgan Investment Funds - Europe Select Equity Fund16JPMorgan Investment Funds - Global Dividend Fund19Bond Sub-FundsJPMorgan Investment Funds - Global High Yield Bond Fund23Appendix - Unaudited Additional Disclosures1. Total Expense Ratios342. Summary of Investment Objectives of the Sub-Funds363. Performance and Volatility374. Interest Rate Received/(Charged) on Bank Accounts395. Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate396. Portfolio Turnover Ratio397. Calculation Method of the Risk Exposure398. Securities Financing Transactions409. UCITS Remuneration Disclosures43

JPMorgan Investment FundsBoard of DirectorsChairmanIain O.S. SaundersDuine, ArdfernArgyll PA31 8QNUnited KingdomDirectorsJacques ElvingerElvinger Hoss Prussen, Société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of LuxembourgPeter Thomas SchwichtHumboldtstraße 17D-60318 Frankfurt am MainGermanyMassimo GrecoJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited KingdomSusanne van DootinghNekkedelle 6B-3090 OverijseBelgiumJohn Li How CheongThe Directors’ Office19, rue de BitbourgL-1273 LuxembourgGrand Duchy of LuxembourgDaniel WatkinsJPMorgan Asset Management (Asia Pacific) Limited21st Floor, Chater House8 Connaught RoadCentral Hong KongMartin PorterThornhill, Hammerwood RoadAshurst Wood, SussexRH19 3SLUnited KingdomRegistered OfficeEuropean Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of Luxembourg1

JPMorgan Investment FundsManagement and AdministrationManagement Company, Registrar and Transfer Agent,Global Distributor and Domiciliary AgentJPMorgan Asset Management (Europe) S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of LuxembourgInvestment ManagersJPMorgan Asset Management (Asia Pacific) Limited21st Floor, Chater House8 Connaught RoadCentral Hong KongJ.P. Morgan Investment Management Inc.383 Madison AvenueNew York, NY 10179United States of AmericaJPMorgan Asset Management (Japan) LimitedTokyo Building 7-3, Marunouchi 2-chome, Chiyoda-kuTokyo 100-6432JapanJPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPUnited KingdomDepositary, Corporate, Administrative and Listing AgentJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergGrand Duchy of LuxembourgAuditorPricewaterhouseCoopers, Société coopérative2, rue Gerhard MercatorB.P. 1443, L-1014 LuxembourgGrand Duchy of LuxembourgLuxembourg Legal AdviserElvinger Hoss Prussen, Société anonyme2, place Winston ChurchillB.P. 425, L-2014 LuxembourgGrand Duchy of Luxembourg2

JPMorgan Investment FundsCombined Statement of Net AssetsAs at 30 June 2020CombinedUSDJPMorgan InvestmentFunds - Europe SelectEquity FundEURJPMorgan InvestmentFunds - GlobalDividend FundUSDJPMorgan InvestmentFunds - Global HighYield Bond 5,679AssetsInvestments in securities at costUnrealised gain/(loss)Investments in securities at market valueInvestment in to be announced contracts at market valueCash at bank and at brokersTime depositsReceivables on subscriptionsReceivables on investments soldReceivables on sale of to be announced contractsDividends receivableInterest receivableTax reclaims receivableFee waiver receivable *Options purchased contracts at fair valueUnrealised gain on financial futures contractsUnrealised gain on forward currency exchange contractsSwap contracts at fair valueOther assetsTotal assetsLiabilitiesBank overdraftsDue to brokersPayables on redemptionsPayables on investments purchasedPayables on purchase of to be announced contractsInterest payableDistribution fees payableManagement and advisory fees payableFund servicing fees payableUnrealised loss on financial futures contractsUnrealised loss on forward currency exchange contractsSwap contracts at fair valueOther liabilities **Total liabilitiesTotal net 84,458,7001,071,298,784230,097,8988,230,920,790* Please refer to Note 4a), 4b) and 4d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “FeeWaiver” 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.3

JPMorgan Investment FundsCombined Statement of Operations and Changes in Net AssetsFor the Period from 1 January 2020 to 30 June 2020CombinedUSDJPMorgan InvestmentFunds - Europe SelectEquity FundEURJPMorgan InvestmentFunds - GlobalDividend FundUSDJPMorgan InvestmentFunds - Global HighYield Bond 342,756189,0631,076,644(737,341)Total expenses344,804,9914,918,3442,330,71327,369,221Net investment 60Net realised gain/(loss) on:Sale of investmentsTo be announced contractsOptions contractsFinancial futures contractsForward currency exchange contractsSwaps contractsCurrency 0)13,642,188(11,540,869)(33,574,233)11,042,329Net realised gain/(loss) for the ,585)Net change in unrealised appreciation/(depreciation) on:InvestmentsTo be announced contractsOptions contractsFinancial futures contractsForward currency exchange contractsSwaps contractsCurrency /(decrease) in net assets as a result of 1,202Net assets at the beginning of the period *IncomeDividend income, net of withholding taxesInterest income from investments, net of withholding taxesInterest on swap contractsSecurities lending incomeBank interestOther incomeTotal incomeExpensesManagement and advisory feesDistribution feesFund servicing feesTaxe d’abonnementDepository, corporate, administration and domiciliary agency feesRegistrar and transfer agency feesBank and other interest expensesInterest on swap contractsOther expenses **Less: Fee waiver ***Net change in unrealised appreciation/(depreciation) for the rease) in net assets as a result of movements in share capitalDividend distributionsNet assets at the end of the period* The opening balance was combined using the foreign exchange rates as at 30 June 2020. The same net assets when combined using the foreign exchange rates ruling as at 31 December 2019 reflecteda figure of USD 60,046,536,640.** Other expenses are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses.*** Please refer to Note 4a), 4b) and 4d). To the extent that actual operating costs exceed the capped percentage, the amount borne by the Management Company will be separately disclosed as a “FeeWaiver” in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets.The accompanying notes form an integral part of these Financial Statements.4

JPMorgan Investment FundsStatement of Changes in the Number of Shares (continued)For the Period from 1 January 2020 to 30 June 2020Shares Outstandingat the Beginningof the PeriodSharesSubscribedSharesRedeemedShares Outstandingat the Endof the 29,127.8485,200.000211,068.12535,550.521JPMorgan Investment Funds - Europe Select Equity FundJPM Europe Select Equity A (acc) - CZKJPM Europe Select Equity A (acc) - EURJPM Europe Select Equity A (acc) - USDJPM Europe Select Equity A (acc) - USD (hedged)JPM Europe Select Equity A (dist) - EURJPM Europe Select Equity A (dist) - GBPJPM Europe Select Equity C (acc) - EURJPM Europe Select Equity C (acc) - USDJPM Europe Select Equity C (dist) - EURJPM Europe Select Equity C (dist) - GBPJPM Europe Select Equity D (acc) - EURJPM Europe Select Equity D (acc) - USDJPM Europe Select Equity I (acc) - EURJPM Europe Select Equity I (acc) - USD (hedged)JPM Europe Select Equity I (dist) - EURJPM Europe Select Equity I2 (acc) - EURJPM Europe Select Equity I2 (acc) - USDJPM Europe Select Equity X (acc) - EURJPM Europe Select Equity X (acc) - USD (hedged)JPMorgan Investment Funds - Global Dividend FundJPM Global Dividend A (acc) - EURJPM Global Dividend A (acc) - EUR (hedged)JPM Global Dividend A (acc) - USDJPM Global Dividend A (dist) - EUR (hedged)JPM Global Dividend A (dist) - USDJPM Global Dividend A (div) - EURJPM Global Dividend A (div) - EUR (hedged)JPM Global Dividend A (div) - USDJPM Global Dividend A (mth) - SGDJPM Global Dividend A (mth) - USDJPM Global Dividend A (mth) - USD (hedged)JPM Global Dividend C (acc) - EURJPM Global Dividend C (acc) - USDJPM Global Dividend C (dist) - EURJPM Global Dividend C (dist) - EUR (hedged)JPM Global Dividend D (acc) - EUR (hedged)JPM Global Dividend D (acc) - USDJPM Global Dividend D (div) - EUR (hedged)JPM Global Dividend D (mth) - EUR (hedged)JPM Global Dividend F (mth) - USD (hedged)JPM Global Dividend I (acc) - EURJPM Global Dividend I (acc) - EUR (hedged)JPM Global Dividend I (div) - USDJPM Global Dividend T (acc) - EUR (hedged)JPM Global Dividend X (acc) - USD5