Morningstar® Investment Profile™ | Disclosure Statement Morningstar - Free Trial   Highbridge Statistical Mkt Neutral Sel  HSKSX   Snapshot Total Returns Rating & Risk Portfolio Nuts & Bolts Analyst Report Quote datadef_ratings Highbridge Statistical Mkt Neutral Sel  HSKSX   Morningstar Report Overall Morningstar Rating™ What is this? As of 2009-10-31 Out of Long-Short Funds Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance. Morningstar® Style Box™ What is this? As of 2009-09-30 Day Change $ -0.02    NAV (2009-11-20) $ 15.91    YTD Return % (2009-11-20) -3.34%    Total Assets ($ mil) 3,413 View Data Definitions   Performance     Growth of $10,000 Fund: Highbridge Statistical Mkt Neutral Sel (from 2005-11-30 to 2009-10-31) Category: Long-Short Index: ML USD LIBOR 3 Mon CM Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20 Inception date: 2005-11-30 10yr and Inception Returns as of 2009-10-31 YTD Returns as of 2009-11-20 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund -3.34 -1.78 2.14 --- --- 3.39 +/- Category -10.96 -7.60 4.10 --- --- --- +/- ML USD LIBOR 3 Mon CM -4.30 -3.14 -1.52 --- --- --- Standardized Annual Returns %   more on standardized returns Quarter-End (as of 2009-09-30) -1.76 1.39 2.76 --- --- 3.79 Month-End (as of 2009-10-31) -2.92 -1.95 2.27 --- --- 3.39 After Tax Returns % (as of 2009-09-30 )   On Distribution --- -2.02 1.52 --- --- --- On Distribution & Sale of Shares --- -1.27 1.50 --- --- --- Morningstar Rating --- --- --- --- --- # of compared funds covered (3 yrs : out of 116 funds), (5 yrs : out of funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none. The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.   Portfolio Profile     Sector Breakdown % US Government 0.00 US Treasuries 0.00 TIPS 0.00 US Agency 0.00 Mortgage 0.00 Mortgage Pass-Thru 0.00 Mortgage CMO 0.00 Mortgage ARM 0.00 Credit 0.00 US Corporate 0.00 Asset-Backed 0.00 Convertible 0.00 Municipal 0.00 Corporate Inflation-Protected 0.00 Foreign 0.00 Foreign Corp 0.00 Foreign Govt 0.00 Cash 100.00 Asset Allocation % of Net Assets Cash 51.1 Stocks 48.9 Bonds 0.0 Other 0.0 Foreign Stocks 0.2 (as a % of Assets) Data through 2009-09-30 Data through 2009-09-30 Holding Status Total Number of Stock Holdings 652 Turnover % 796 Total Number of Bond Holdings 0 30 Day SEC Yield % --- % of Assets in Top 10 Holdings 7.49 ending as of 2009-09-30 View Data Definitions Data through 2009-09-30   Other Information Fund Inception: 2005-11-30 Portfolio Manager  (Start Date) Evan Dick  (2005-11-30) Dick is a managing director of HCM and senior portfolio manager for Statistical Arbitrage. He joined HCM in January 2002. Dick began his career at G.E. Astro-Space building a dynamic simulator to test flight software and ground station hardware for satellites pre-launch. He also worked briefly at IBM on their OS/2 operating system. He previously was a senior vice president at D. E. Shaw Investments from July 1993 to June 2000. Jerome Benveniste  (2005-11-30) Benveniste is a vice president of HCM and an analyst in Statistical Arbitrage. His focus is on the research, development and implementation of the Forecasting Model. He joined HCM in May 2002. From January 1999 through May 2002, Benveniste was an assistant professor of mathematics at Stanford and Case Western Reserve Universities, where he pursued research in differential geometry, algebraic groups, and ergodic theory. Alain Sunier  (2005-11-30) Sunier is a senior vice president of HCM and head of Fundamental Research for Statistical Arbitrage. He joined HCM in May 2005. From March 2003 through May 2005, Sunier worked at Citadel Investment Group in a senior research role. From Feb 1999 through March 2003, Sunier was employed by BGI, serving as head of US Equity Research in the Advanced Strategies and Research Group. Prior to BGI, he worked at Long Term Capital Management in equities research. Sunier began his career at Goldman Sachs. Peter Beebee  (2008-02-29) Beebee is a managing director of HCM and a Portfolio Manager for HCM Statistical Arbitrage Group. He joined the firm in April 2003. Before joining HCM, he was the chief technology officer of Visible Markets, an ECN for mortgage-backed securities. He also worked at the Xerox Palo Alto Research Center and Microsoft. Sales Charge % (taken from prospectus dated 2009-02-28) Front: None Deferred: None Expense Ratio % 1.71 based on net assets (taken from annual report dated 2008-10-31) Correspondence Information C/O Jpmorgan Distribution Services, Inc. 1111 Polaris Parkway, Ste. 2-j Columbus,  OH  43240 USA Telephone: 800-480-4111 Data on this page does not include the fund's short positions (if any). Show Data Definitions © Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. Past performance is no guarantee of future results. Returns will vary and shares may be worth more or less than their original cost when sold.