Demonstração Histórica de Alterações no Número de Acções para o exercìcio findo em 31 de Dezembro de 2003 (Continuação)

JPM Asia Select Equity A - USD 442.464,65 876.725,84 686.916,66 632.273,83 JPM Asia Select Equity B - USD 115.528,33 23.288,05 11.710,30 127.106,08 JPM Asia Select Equity C - USD 13.836,46 166.969,35 124.767,90 56.037,91 JPM Asia Select Equity D - USD 32.168,35 21.402,46 27.090,81 26.480,00 JPM Asia Select Equity X - USD 323.700,76 189.461,98 127.303,51 385.859,24

JPM Blue and Green 3.449,62 - - 3.449,62

JPM EUR Global Balanced A - EUR 122.407,18 26.696,03 47.465,27 101.637,94 JPM EUR Global Balanced B - EUR 193.924,41 - 111.559,03 82.365,38 JPM EUR Global Balanced C - EUR 44.451,73 3.806,23 9.038,19 39.219,77 JPM EUR Global Balanced D - EUR 1.530,14 955,42 2,07 2.483,49 JPM EUR Global Bond A - EUR 2.462.628,45 3.500.516,95 2.723.748,31 3.239.397,09 JPM EUR Global Bond B - EUR 1.713.871,05 216.918,79 1.101.075,29 829.714,55 JPM EUR Global Bond C - EUR 482.035,67 79.088,54 219.004,30 342.119,91 JPM EUR Global Bond D - EUR 438.856,89 330.199,55 295.440,65 473.615,79 JPM EUR Global Bond X - EUR 1.014.288,19 285.774,92 895.876,58 404.186,53 JPM Euro Fondo De Dinero A - EUR 145.453,69 101.090,40 143.974,89 102.569,20 JPM Euro Fondo De Dinero C - EUR - 8.100.000,00 - 8.100.000,00 JPM Euro Fondo De Dinero X - EUR 249.576,23 - 113.165,00 136.411,23 JPM Europe Bond A - EUR 3.001.942,04 2.809.337,77 2.565.632,04 3.245.647,77 JPM Europe Bond B - EUR 271.455,98 314.644,49 333.237,68 252.862,79 JPM Europe Bond C - EUR 653.293,76 1.902.321,47 1.094.474,43 1.461.140,80 JPM Europe Bond D - EUR 419.214,90 138.718,64 214.578,54 343.355,00 JPM Europe Bond X - EUR 856.982,95 2.131.190,13 966.187,66 2.021.985,42 JPM Europe Credit A - EUR - 376.393,36 218.123,27 158.270,09 JPM Europe Credit B - EUR - 53.106,25 18.268,01 34.838,24 JPM Europe Credit C - EUR - 73.364,95 10.400,00 62.964,95 JPM Europe Credit D - EUR - 100,00 - 100,00 JPM Europe Credit X - EUR - 212.908,81 55.737,81 157.171,00 JPM Europe Disciplined Equity A - EUR 7.773,00 17.917,06 25.690,06 - JPM Europe Disciplined Equity X - EUR 49.900,00 - 49.900,00 - JPM Europe Recovery A - EUR - 1.236.699,33 129.647,63 1.107.051,70 JPM Europe Recovery B - EUR - 86.541,08 1.360,35 85.180,73 JPM Europe Recovery C - EUR - 50.000,00 - 50.000,00 JPM Europe Recovery D - EUR - 1.231,73 14,74 1.216,99 JPM Europe Recovery X - EUR - 128.687,42 53.236,27 75.451,15 JPM Europe Select Equity A - EUR 27.692,97 29.859,82 40.374,17 17.178,62 JPM Europe Select Equity B - EUR 9.298,42 - 9.298,42 - JPM Europe Select Equity C - EUR 40.326,49 34.899,90 42.578,55 32.647,84 JPM Europe Select Equity X - EUR 1.629.259,06 231.707,41 334.595,56 1.526.370,91 JPM Europe Select Large Cap A - EUR 1.643.472,31 240.347,15 1.138.444,43 745.375,03 JPM Europe Select Large Cap B - EUR 262.310,33 17.391,89 203.380,95 76.321,27 JPM Europe Select Large Cap C - EUR 315.286,75 72.932,21 300.523,83 87.695,13 JPM Europe Select Large Cap D - EUR 90.047,99 90.340,02 115.598,99 64.789,02 JPM Europe Select Large Cap X - EUR 1.297.876,82 450.677,98 649.928,27 1.098.626,53 JPM Europe Short Duration A - EUR - 768.326,12 273.105,85 495.220,27 JPM Europe Short Duration B - EUR - 216.597,08 50.205,53 166.391,55 JPM Europe Short Duration C - EUR - 493.482,03 16.253,38 477.228,65 JPM Europe Short Duration D - EUR - 158.663,73 110.108,92 48.554,81 JPM Europe Short Duration X - EUR - 303.142,88 113.653,33 189.489,55 JPM Global 50 Equity A - USD 790.090,68 501.973,35 811.381,08 480.682,95 JPM Global 50 Equity B - USD 16.360,22 9.142,55 - 25.502,77 JPM Global 50 Equity C - USD 22.040,18 - 11.000,00 11.040,18 JPM Global 50 Equity D - USD 2.623,76 1.620,25 1.172,03 3.071,98 JPM Global 50 Equity X - USD 507.970,66 478.886,28 746.133,74 240.723,20 JPM Global Capital Appreciation A - EUR 779.040,72 66.346,24 248.969,17 596.417,79

JPMorgan Investment Funds

Anexo - Informações Adicionais Não Auditadas (Continuação)

Acções em Circulação no Início do Exercício

Subscrições Resgates Acções em Circulação no Final do Exercício

8. Demonstração Histórica de Alterações no Número de Acções - para o exercìcio findo em 31 de Dezembro de 2003 (Continuação)

JPM Global Capital Appreciation B - EUR 121.136,75 - 28.808,46 92.328,29 JPM Global Capital Appreciation C - EUR 11.001,57 112.631,12 112.631,12 11.001,57 JPM Global Capital Appreciation D - EUR 228,23 956,26 - 1.184,49 JPM Global Capital Preservation A - EUR 112.239,84 15.233,65 48.002,57 79.470,92 JPM Global Capital Preservation B - EUR 122.073,60 - 57.424,17 64.649,43 JPM Global Capital Preservation C - EUR 104.433,13 10,35 38.942,91 65.500,57 JPM Global Capital Preservation D - EUR - 380,31 37,00 343,31 JPM Global Diversified Equity A - EUR 2.573,76 577,91 1.002,14 2.149,53 JPM Global Diversified Equity B - EUR 3.748,77 - 3.748,77 - JPM Global Diversified Equity C - EUR 8.173,39 - - 8.173,39 JPM Global Enhanced Bond A - EUR 1.180.522,63 1.582.333,98 1.310.671,56 1.452.185,05 JPM Global Enhanced Bond B - EUR 9.436,38 157.643,40 114.633,09 52.446,69 JPM Global Enhanced Bond C - EUR 552.760,48 740.393,52 734.375,40 558.778,60 JPM Global Enhanced Bond D - EUR 238.441,12 175.730,12 182.780,94 231.390,30 JPM Global Enhanced Bond X - EUR 1.405.200,12 1.556.625,18 2.336.367,37 625.457,93 JPM Global ex-US Bond A - USD 1.084.123,06 679.688,64 880.128,15 883.683,55 JPM Global ex-US Bond B - USD 63.568,50 13.016,70 61.609,02 14.976,18 JPM Global ex-US Bond C - USD 49.308,40 66.225,61 14.351,45 101.182,56 JPM Global ex-US Bond D - USD 11.898,73 199,30 10.183,38 1.914,65 JPM Global ex-US Bond X - USD 712.970,00 468.625,47 414.189,78 767.405,69 JPM Global ex-US Select Small Cap A - EUR 591.141,40 100.947,64 305.057,44 387.031,60 JPM Global ex-US Select Small Cap B - EUR 127.199,60 2.063,26 42.162,52 87.100,34 JPM Global ex-US Select Small Cap C - EUR 2.217,63 4.096,24 - 6.313,87 JPM Global ex-US Select Small Cap D - EUR - 206,52 101,93 104,59 JPM Global Financials A - USD 365.282,66 1.514.264,62 1.123.738,42 755.808,86 JPM Global Financials C - USD 15.381,63 1.841,56 2.277,79 14.945,40 JPM Global Financials D - USD 27.491,70 8.667,24 7.320,02 28.838,92 JPM Global Financials X - USD - 12.857,26 - 12.857,26 JPM Global Healthtech A - USD 371.947,75 888.575,61 770.631,94 489.891,42 JPM Global Healthtech B - USD 20.390,68 3.293,17 - 23.683,85 JPM Global Healthtech C - USD 126.140,08 19.419,97 122.548,30 23.011,75 JPM Global Healthtech D - USD 2.892,42 19.816,98 3.405,66 19.303,74 JPM Global Healthtech X - USD 6.018,41 4.092,65 3.225,66 6.885,40 JPM Global High Yield Bond A - EUR 1.165.230,71 6.363.588,15 1.512.158,83 6.016.660,03 JPM Global High Yield Bond B - EUR 74.425,96 587.275,95 508.606,71 153.095,20 JPM Global High Yield Bond C - EUR 1.277.167,39 561.815,63 883.560,97 955.422,05 JPM Global High Yield Bond D - EUR 18.916,19 212.035,02 107.614,96 123.336,25 JPM Global High Yield Bond X - EUR 54.326,65 211.426,01 124.697,04 141.055,62 JPM Global Select Equity A - USD 639.242,73 6.731.934,83 5.716.184,90 1.654.992,66 JPM Global Select Equity B - USD 5.702,81 - 199,00 5.503,81 JPM Global Select Equity C - USD 13.196,46 - - 13.196,46 JPM Global Select Equity D - USD 35,03 1.257,67 - 1.292,70 JPM Global Select Equity X - USD 1.794.112,92 915.882,06 523.029,15 2.186.965,83 JPM Global Short Duration A - USD - 1.570.024,89 518.046,57 1.051.978,32 JPM Global Short Duration B - USD - 167.719,63 81.448,37 86.271,26

JPMorgan Investment Funds

Anexo - Informações Adicionais Não Auditadas (Continuação)

Acções em Circulação no Início do Exercício

Subscrições Resgates Acções em Circulação no Final do Exercício

8. Demonstração Histórica de Alterações no Número de Acções - para o exercìcio findo em 31 de Dezembro de 2003 (Continuação)

JPM Japan Select Equity C - JPY 50.163,87 836.861,61 695.577,12 191.448,36 JPM Japan Select Equity D - JPY 18.692,30 385.883,93 84.919,46 319.656,77 JPM Japan Select Equity X - JPY 1.173.590,39 1.102.536,71 1.107.552,12 1.168.574,98 JPM Latin America Select Equity A - USD 67.237,78 149.933,13 157.341,76 59.829,15 JPM Latin America Select Equity C - USD 30.913,85 - - 30.913,85 JPM Latin America Select Equity D - USD 8,95 687,15 446,13 249,97 JPM Latin America Select Equity X - USD 41.811,76 862,67 22.086,46 20.587,97 JPM Sharp 25 A - EUR 117.286,01 174.507,94 112.835,37 178.958,58 JPM Sharp 25 C - EUR 89.300,00 - 89.300,00 - JPM Sharp 25 X - EUR 518.411,68 - 488.664,92 29.746,76 JPM Sharp 50 A - EUR 260.375,64 74.495,04 139.183,24 195.687,44 JPM Sharp 50 B - EUR 2.996,14 - - 2.996,14 JPM Sharp 50 C - EUR 112.662,17 65.849,87 178.512,04 - JPM Sharp 50 D - EUR 13.704,95 1.409,75 13.534,15 1.580,55 JPM Sharp 50 X - EUR 170.534,03 129.308,39 73.925,01 225.917,41 JPM US Bond A - USD 3.509.746,67 1.290.322,80 3.398.032,24 1.402.037,23 JPM US Bond B - USD 312.505,51 29.608,12 160.933,13 181.180,50 JPM US Bond C - USD 1.017.015,55 375.367,63 703.677,21 688.705,97 JPM US Bond D - USD 29.500,65 86.098,24 18.569,59 97.029,30 JPM US Bond X - USD 3.302.692,69 1.673.495,23 2.452.518,48 2.523.669,44 JPM US Disciplined Equity A - USD 2.616.832,50 2.101.052,87 3.616.841,76 1.101.043,61 JPM US Disciplined Equity A (inc) - USD 586.467,90 - - 586.467,90 JPM US Disciplined Equity B - USD 173.008,53 70.982,40 158.488,65 85.502,28 JPM US Disciplined Equity C - USD 501.030,54 1.177.571,80 1.020.095,36 658.506,98 JPM US Disciplined Equity D - USD 97.223,29 81.353,98 96.937,36 81.639,91 JPM US Disciplined Equity X - USD 1.323.459,26 233.132,71 456.031,88 1.100.560,09 JPM US Dollar Enhanced Yield A - USD 3.393.621,21 8.929.180,16 10.813.752,02 1.509.049,35 JPM US Dollar Enhanced Yield B - USD 351.851,06 85.722,50 274.545,15 163.028,41 JPM US Dollar Enhanced Yield C - USD 3.370.804,08 4.572.117,01 4.877.732,89 3.065.188,20 JPM US Dollar Enhanced Yield X - USD 2.498.754,77 2.723.501,08 2.403.881,69 2.818.374,16 JPM US Select Equity A - USD 4.783.222,12 5.543.350,53 8.925.488,10 1.401.084,55 JPM US Select Equity B - USD 1.052.417,24 147.424,72 329.601,22 870.240,74 JPM US Select Equity C - USD 568.931,13 492.901,46 576.487,02 485.345,57 JPM US Select Equity D - USD 576,22 2.444,11 35,29 2.985,04 JPM US Select Equity X - USD 2.271.777,37 705.874,97 1.991.596,49 986.055,85 JPM US Select Small Cap A - USD 559.684,28 257.703,71 771.612,67 45.775,33 JPM US Select Small Cap B - USD 53.419,00 - 53.419,00 - JPM US Select Small Cap C - USD 172,26 186.931,49 186.931,49 172,26 JPM US Select Small Cap D - USD 1.959,06 466,28 430,64 1.994,70 JPM US Select Small Cap X - USD 791.748,11 7.155,06 798.903,17 - JPM USD Global Balanced A - USD 4.312.762,23 1.588.226,79 4.004.386,32 1.896.602,70 JF USD Global Balanced A - USD - 5.992,38 753,69 5.238,69 JPM USD Global Balanced B - USD 904.703,57 29.557,98 108.146,77 826.114,78 JPM USD Global Balanced C - USD - 959.970,00 - 959.970,00 JPM USD Global Balanced D - USD 474,67 2.559,51 332,18 2.702,00 JPM USD Global Balanced X - USD 855.562,23 1.992.914,51 926.761,04 1.921.715,70 JPM USD Global Balanced X (inc) - USD 215.798,20 370,00 21.745,16 194.423,03 JPM USD Global Bond A - USD 3.461.253,95 2.673.762,60 3.586.089,00 2.548.927,55 JF USD Global Bond A - USD - 13.524,16 12.013,12 1.511,04 JPM USD Global Bond B - USD 349.726,10 46.580,07 285.321,24 110.984,93 JPM USD Global Bond C - USD 1.336.541,33 226.067,80 883.524,41 679.084,72 JPM USD Global Bond D - USD 16.909,64 21.649,97 8.032,84 30.526,77 JPM USD Global Bond X - USD 1.237.640,36 1.841.963,76 1.627.777,49 1.451.826,63

JPMorgan Investment Funds

Anexo - Informações Adicionais Não Auditadas (Continuação)

Acções em Circulação no Início do Exercício

Subscrições Resgates Acções em Circulação

no Final do Exercício