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JPMorgan FundsSocit dInvestissement Capital Variable, Luxembourg

Audited Annual Report

30 June 2011

Report for the attention of Swiss investors

Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Switzerland. Accordingly, no reference is made to these sub-funds in this annual report. The attention of the investors is drawn to the fact that certain figures in this annual report are expressed on a consolidated basis and, thus, include the assets of those sub-funds which are not registered in Switzerland.

CH-EN

JPMorgan FundsAudited Annual ReportAs at 30 June 2011

Contents (continued)

Board of Directors 1Management and Administration 2Board of Directors Report 3Investment Managers Report 4Audit Report 5Financial Statements and Statistical Information

Combined Statement of Net Assets 8Combined Statement of Operations and Changes in Net Assets 28Statement of Changes in the Number of Shares 47Statistical Information 60

Notes to the Financial Statements 74

Schedules of InvestmentJPMorgan Funds - Africa Equity Fund 84JPMorgan Funds - Aggregate Bond Fund 86JPMorgan Funds - America Equity Fund 91JPMorgan Funds - America Large Cap Fund 93JPMorgan Funds - Asia Pacific Bond Fund 94JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund 97JPMorgan Funds - Brazil Alpha Plus Fund 99JPMorgan Funds - Eastern Europe Equity Fund 101JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 103JPMorgan Funds - Emerging Markets Alpha Plus Fund 105JPMorgan Funds - Emerging Markets Bond Fund 107JPMorgan Funds - Emerging Markets Corporate Bond Fund 111JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II 114JPMorgan Funds - Emerging Markets Currency Alpha Fund 117JPMorgan Funds - Emerging Markets Debt Fund 120JPMorgan Funds - Emerging Markets Diversified Equity Fund 125JPMorgan Funds - Emerging Markets Equity Fund 127JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 129JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 131JPMorgan Funds - Emerging Markets Local Currency Debt Fund 134JPMorgan Funds - Emerging Markets Small Cap Fund 138JPMorgan Funds - Emerging Markets Value Fund 140JPMorgan Funds - Emerging Middle East Equity Fund 142JPMorgan Funds - EU Government Bond Fund 143JPMorgan Funds - Euro Aggregate Bond Fund 146JPMorgan Funds - Euro Corporate Bond Fund 149JPMorgan Funds - Euro Government Short Duration Bond Fund 152JPMorgan Funds - Euro Money Market Fund 155JPMorgan Funds - Euro Short Duration Bond Fund 157JPMorgan Funds - Euroland Equity Fund 160JPMorgan Funds - Euroland Select Equity Fund 164JPMorgan Funds - Europe 130/30 Fund 167JPMorgan Funds - Europe Aggregate Plus Bond Fund 171JPMorgan Funds - Europe Balanced Fund (EUR) 175JPMorgan Funds - Europe Convergence Equity Fund 179JPMorgan Funds - Europe Dynamic Fund 180JPMorgan Funds - Europe Dynamic Mega Cap Fund 183JPMorgan Funds - Europe Dynamic Small Cap Fund 184JPMorgan Funds - Europe Equity Fund 186JPMorgan Funds - Europe Focus Fund 190JPMorgan Funds - Europe High Yield Bond Fund 193JPMorgan Funds - Europe Micro Cap Fund 197JPMorgan Funds - Europe Select 130/30 Fund 199JPMorgan Funds - Europe Small Cap Fund 202JPMorgan Funds - Europe Strategic Growth Fund 205JPMorgan Funds - Europe Strategic Growth Small Cap Fund 210JPMorgan Funds - Europe Strategic Value Fund 212JPMorgan Funds - Europe Strategic Value Small Cap Fund 216JPMorgan Funds - Europe Technology Fund 218JPMorgan Funds - Germany Equity Fund 220JPMorgan Funds - Global Absolute Return Bond Fund 221JPMorgan Funds - Global Aggregate Bond Fund 226JPMorgan Funds - Global Consumer Trends Fund 231JPMorgan Funds - Global Convertibles Fund (EUR) 233JPMorgan Funds - Global Corporate Bond Fund 237JPMorgan Funds - Global Credit Bond Fund 241JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund 244JPMorgan Funds - Global Dynamic Fund 248JPMorgan Funds - Global Equity Fund (USD) 252JPMorgan Funds - Global Focus Fund 255JPMorgan Funds - Global Government Bond Fund 258JPMorgan Funds - Global Government Short Duration Bond Fund 261JPMorgan Funds - Global Healthcare Fund 264

JPMorgan FundsAudited Annual ReportAs at 30 June 2011

Contents (continued)

JPMorgan Funds - Global Infrastructure Trends Fund 267JPMorgan Funds - Global Natural Resources Fund 270JPMorgan Funds - Global Real Estate Securities Fund (USD) 273JPMorgan Funds - Global Research Enhanced Index Equity Fund 276JPMorgan Funds - Global Short Duration Bond Fund 283JPMorgan Funds - Global Socially Responsible Fund 288JPMorgan Funds - Global Strategic Bond Fund 290JPMorgan Funds - Highbridge Asia Pacific STEEP Fund 295JPMorgan Funds - Highbridge Diversified Commodities Fund 297JPMorgan Funds - Highbridge Europe STEEP Fund 300JPMorgan Funds - Highbridge US STEEP Fund 303JPMorgan Funds - Japan Dynamic Fund 306JPMorgan Funds - Japan Market Neutral Fund 307JPMorgan Funds - JF ASEAN Equity Fund 309JPMorgan Funds - JF Asia Alpha Plus Fund 310JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 312JPMorgan Funds - JF China Fund 315JPMorgan Funds - JF Greater China Fund 316JPMorgan Funds - JF Hong Kong Fund 317JPMorgan Funds - JF India Fund 318JPMorgan Funds - JF Japan Alpha Plus Fund 319JPMorgan Funds - JF Japan Equity Fund 321JPMorgan Funds - JF Japan Small Cap Fund 322JPMorgan Funds - JF Korea Equity Fund 323JPMorgan Funds - JF Pacific Balanced Fund 325JPMorgan Funds - JF Pacific Equity Fund 329JPMorgan Funds - JF Pacific Technology Fund 332JPMorgan Funds - JF Taiwan Fund 333JPMorgan Funds - Latin America Equity Fund 334JPMorgan Funds - Managed Reserves Fund 335JPMorgan Funds - Russia Fund 340JPMorgan Funds - Sterling Bond Fund 341JPMorgan Funds - UK Equity Fund 344JPMorgan Funds - US 130/30 Fund 347JPMorgan Funds - US Aggregate Bond Fund 350JPMorgan Funds - US Dynamic Fund 366JPMorgan Funds - US Growth Fund 368JPMorgan Funds - US Growth Alpha Plus Fund 370JPMorgan Funds - US Select 130/30 Fund 371JPMorgan Funds - US Select Long-Short Equity Fund 374JPMorgan Funds - US Short Duration Bond Fund 377JPMorgan Funds - US Small and Micro Cap Fund 382JPMorgan Funds - US Small Cap Growth Fund 384JPMorgan Funds - US Technology Fund 386JPMorgan Funds - US Value Fund 387

Appendix: Unaudited Additional DisclosuresFund Total Expense Ratios 390Summary of Investment Objectives of the Sub-Funds 405Performance and Volatility 411Interest Rate Received/(Charged) on Bank Accounts 426Sub-Fund Share Classes Subject to Taxe dabonnement Rate of 0.01% 426Portfolio Turnover Ratio 427Historical Statements of Changes in the Number of Shares 428

For additional information, please consult www.jpmorganassetmanagement.com

No subscriptions can be received solely on the basis of this report. Subscriptions are only valid if made on the basis of the current prospectus, the current simplified prospectus, supplemented by thelatest audited annual report and, if published thereafter, the latest unaudited semi-annual report.

The current prospectus, the current simplified prospectus, the unaudited semi-annual reports, as well as the audited annual report can be obtained free of charge from the registered office of the SICAVand from local paying agent.

Following a review of the disclosure of Investment Manager(s) within the Prospectus and Simplified Prospectus, the details of the Investment Manager(s) for the individual Sub-Funds will now beavailable from the Management Company at its registered office, or from www.jpmorganassetmanagement.com.

JPMorgan FundsBoard of Directors

As at 30 June 2011

Chairman

Iain O.S. SaundersBankerDuine, ArdfernArgyll PA31 8QNUnited Kingdom

Directors

Jacques ElvingerPartnerElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg

Jean FrijnsProfessor, Finance and InvestmentsAntigonelaan 2NL-5631 LR EindhovenThe Netherlands

Berndt MayManaging DirectorJPMorgan Asset Management (Europe) S. r.l.Austrian BranchFhrichgasse 8A-1010 ViennaAustria

Registered Office

European Bank & Business Centre6, route de TrvesL-2633 SenningerbergGrand Duchy of Luxembourg

Deputy Chairman

Pierre JaansEconomist3, rue de KahlerL-8356 GarnichGrand Duchy of Luxembourg

James B. BroderickManaging DirectorJPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom

Robert Van der MeerProfessor of Finance12 Lange VijverbergNL-2513 AC The HagueThe Netherlands

1

JPMorgan FundsManagement and Administration

As at 30 June 2011

Management Company, Registrar and Transfer Agent,Global Distributor and Domiciliary Agent

JPMorgan Asset Management (Europe) S. r.l.European Bank & Business Centre6, route de TrvesL-2633 SenningerbergGrand Duchy of Luxembourg

Investment Managers

J.P. Morgan Investment Management Inc.245 Park AvenueNew York, NY 10167United States of America

JPMorgan Asset Management (Japan) LimitedTokyo Building7 - 3, Marunouchi 2 - Chome Chiyoda-kuTokyo 100 - 6432Japan

JPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQUnited Kingdom

JPMorgan Asset Management (Taiwan) Limited17th Floor, 65 Tun Hwa South RoadSection 2, TaipeiTaiwan

JF Asset Management Limited21st Floor, Chater House8 Connaught Road, CentralHong Kong

JPMorgan Asset Management (Singapore) Limited168 Robinson Road17th Floor, Capital TowerSingapore 068912

Highbridge Capital Management LLC9 West 57th StreetNew York, NY 10019United States of America

Custodian, Corporate, Administrative Agent & Paying Agent

J.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre6, route de TrvesL-2633 SenningerbergGrand Duchy of Luxembourg

Auditor

PricewaterhouseCoopers S. r.l.400, Route dEschB.P. 1443L-1014 LuxembourgGrand Duchy of Luxembourg

Legal Adviser

Elvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgGrand Duchy of Luxembourg

2

JPMorgan FundsBoard of Directors Report

As at 30 June 2011

The Board of Directors is pleased to present the Audited Annual Report for the year ended 30 June 2011.

The Fund

The Fund is a variable capital investment company, organised as a Socit Anonyme, under the laws of the Grand Duchy of Luxembourg. The Board ofDirectors has appointed JPMorgan Asset Management (Europe) S. r.l. as Management Company of the Fund.

The Fund is organized as an umbrella with a number of Sub-Funds, each of which has its own investment policy and restrictions.

At present, the Fund has issued shares in 117 Sub-Funds.

During the year, the following Sub-Funds were launched:

- JPMorgan Funds - Emerging Markets Corporate Bond Fund on 14 July 2010;

- JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund on 16 September 2010;

- JPMorgan Funds - Global Absolute Return Bond Fund on 7 October 2010;

- JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II on 24 November 2010;

- JPMorgan Funds - Emerging Markets Investment Grade Bond Fund on 29 November 2010;

- JPMorgan Funds - Emerging Markets Diversified Equity Fund on 10 December 2010;

- JPMorgan Funds - Highbridge Asia Pacific STEEP Fund on 13 December 2010;

- JPMorgan Funds - US Short Duration Bond Fund on 15 December 2010;

- JPMorgan Funds - US Select Long-Short Equity Fund on 31 January 2011;

- JPMorgan Funds - Highbridge Diversified Commodities Fund on 4 March 2011;

- JPMorgan Funds - Japan Market Neutral Fund on 3 June 2011.

During the year, the total net assets of the Fund increased from USD 44.1 billion to USD 61.6 billion at year end.

The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities under the amended EC Directive 85/611 of 20 December 1985 andfrom 1 July 2011 the Fund is subject to the law of 17 December 2010. The Fund may therefore be offered for sale in European Union Member States, subject toregistration in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Fund and its Sub-Funds may be made in othercountries.

The Fund and the Sub-Funds are currently registered for offer and distribution in the Grand Duchy of Luxembourg and in the following jurisdictions:

Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Jersey, Korea, Macau, TheNetherlands, Norway, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and the United Kingdom.

Responsibility of the Directors

The responsibility of the Directors of the Fund is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of theDirectors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual accounts of undertakings and bythe law of 17 December 2010 relating to undertakings for collective investment.

Change in the Board of Directors

Earlier this year Ms Andrea L. Hazen informed the Board of her intention to retire from the Board of Directors and it was agreed that this would be effectivefrom 31 March 2011. Ms Hazen had been a Director of the Company since September 2005 and the Board would like to take this opportunity to record theirthanks for her services.

In addition, the Board would like to advise that with effect from 31 March 2011 Mr James B. Broderick was co-opted as a Director and his appointment will beapproved by Shareholders at the forthcoming Annual General Meeting.

ALFI Code of Conduct

Following its introduction the Board of Directors has adopted the ALFI Code of Conduct (the Code) which sets out principles of good governance. The Boardof Directors considers that the Fund has been in compliance with the Code in all material aspects throughout the financial year ended 30 June 2011.

Annual General Meeting

The next Annual General Meeting of the Company will be held on 16 November 2011.

Board of Directors

Luxembourg, 4 October 2011

3

JPMorgan FundsInvestment Managers Report

For the Year Ended 30 June 2011

Market Review

Global stock markets made strong gains over the 12 months to the end of June 2011, with the MSCI World Index rising 10.8% in euro terms against a backdropof strong corporate profits growth (source: FactSet).

In contrast, government bond investors experienced losses in euro terms, with the JPMorgan Global Bond Index down 6.9% in euro terms. Returns werenegative in the period as the environment was poor for bonds, with developed markets experiencing a disappointingly weak recovery, rising inflationarypressures and expectations for rising interest rates.

Bond markets were also impacted by ongoing eurozone sovereign debt concerns. In peripheral Europe, the JPMorgan Ireland Index fell 22.9% and theJPMorgan Portugal Index was down 21.5% as both countries required bailouts in the period from the European Union (EU) and the International MonetaryFund (IMF). Core European markets were also hurt, with the JPMorgan Germany Index losing 1.0% and the JPMorgan France Index down 0.4% (source forgovernment bond indices: J.P. Morgan).

The review period began well for equities with a strong second-quarter 2010 corporate earnings season. However, the positive market sentiment quicklyfaded over the summer as the macroeconomic outlook became increasingly uncertain and investors waited to see if central banks would introduce morestimulus measures.

With the US economic recovery looking fragile, Ben Bernanke, chairman of the US Federal Reserve (Fed), talked of the need for a second round ofquantitative easing (QE2). In September and October markets rallied as investors changed allocation priorities towards equities in anticipation of QE2. On 3November, the Fed announced a larger-than-expected USD 600 billion asset purchase package, which was well received by the market.

The global stock market rally faltered in late November, when eurozone sovereign debt and Chinese inflation concerns undermined investor confidence. Abailout for Ireland from the EU and IMF calmed nerves, helping global markets to regain their upward momentum towards the end of 2010. Sentiment wasfurther supported in early 2011 by strong leading economic indicators from the developed world and generally good fourth-quarter 2010 corporate earningsresults.

Geopolitical instability in North Africa and the Middle East came to the fore in February, with political protests breaking out in Tunisia and Egypt. In March,violence escalated and civil unrest spread to Bahrain and Libya, resulting in disruption to oil production, which triggered a sharp rise in oil prices. Developedcountry bond investors feared that high oil prices would add to existing inflationary pressures, resulting in earlier-than-expected interest rate rises.

In the eurozone, the European Central Bank raised interest rates by 0.25% to 1.25% in April in an attempt to bring inflation back below its 2% target makingit the first major developed market central bank to tighten policy. In emerging markets, central banks in China, Brazil, Korea, India and Thailand also raisedtheir key lending rates over the review period in an effort to combat rising prices. However, despite inflation rising sharply, the Bank of England and US Fedkept policy unchanged as economic growth remained weak.

Markets succumbed to further uncertainty when a massive earthquake, measuring 9.0 in magnitude, hit Japan on 11 March. Concerns about therepercussions of the earthquake, particularly on production lines and manufacturing supply chains, resulted in losses for markets globally.

Market volatility continued as the eurozone sovereign debt crisis re-emerged towards the end of the review period. A swift rescue package from the EU andIMF for Portugal reassured investors, but in May investor concerns turned to Greece, where a debt default became increasingly likely.

The Greek parliament eased investor concerns in late June by approving a new five-year package of additional spending cuts, tax increases and state assetsales, paving the way for the EU and IMF to release the next tranche of bailout funds. However, markets remain volatile as European politicians search for acomprehensive solution to the crisis.

Meanwhile, the impact of higher oil prices, the Japanese earthquake and tighter monetary policy started to come through in economic data. In China,investors began to worry about a hard landing for the economy as industrial data softened. Meanwhile, US economic data pointed towards a slowdown, withmanufacturing activity weakening in April and May, unemployment rising and the housing market continuing to struggle. The period drew to a close withreassurance from Fed officials that the exit from QE2, starting on the 30 June, should be gradual and flexible.

Outlook

The recent weakness in global economic data has led investors to question whether we are experiencing a soft patch or if this is the beginning of reneweddownturn. It seems most likely we are seeing a mid-cycle soft patch and that growth will pick up again later in the year and into 2012 as Greece receivesanother tranche of bailout money from the EU and IMF, oil prices stabilise and Japanese supply constraints ease.

In the US, the Fed is expected to keep interest rate policy unchanged through 2011 and probably 2012 in order to support economic growth. Monetaryconditions also remain broadly accommodative in the eurozone and Japan, and interest rates in the UK look to stay lower for longer as it is likely the Bank ofEngland will want to delay a rate increase given the economy is just beginning to feel the full force of the governments fiscal austerity measures.

On global stock markets sentiment is likely to remain subdued while uncertainty remains over the course of the global economy in particular the outlook forthe US and China. Middle East and eurozone debt concerns will also continue to weigh on confidence. However, globally, valuations do not look stretchedgiven expectations for firm corporate earnings growth in 2011.

Investment Managers

4 October 2011

The information contained in this report is historical and not necessarily indicative of future performance.

4

Following our appointment by the General Meeting of the Shareholders dated 17 November 2010, we have audited the accompanying financial statements of JPMorgan Fundsand of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and the Schedule of Investments as at 30 June 2011 and the Combined Statement ofOperations and Changes in Net Assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.

Responsibility of the Board of Directors of the SICAV for the financial statementsThe Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatoryrequirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the SICAV determines is necessary to enable thepreparation of financial statements that are free from material misstatement, whether due to fraud or error.

Responsibility of the Rviseur dentreprises agrOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing asadopted for Luxembourg by the Commission de Surveillance du Secteur Financier. Those standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on thejudgment of the Rviseur dentreprises agr, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. Inmaking those risk assessments, the Rviseur dentreprises agr considers internal control relevant to the entitys preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitysinternal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board ofDirectors of the SICAV, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements give a true and fair view of the financial position of JPMorgan Funds and of each of its Sub-Funds as of 30 June 2011, and of the results oftheir operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation of thefinancial statements.

Other mattersSupplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out inaccordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning suchinformation in the context of the financial statements taken as a whole.

PricewaterhouseCoopers S. r.l. Luxembourg, 4 October 2011Represented by

Rgis Malcourant

PricewaterhouseCoopers S. r.l., 400 Route dEsch, B.P. 1443, L-1014 LuxembourgT: +352 494848 1, F: +352 494848 2900, www.pwc.lu

Cabinet de rvision agr. Expert-comptable (autorisation gouvernementale n 00123693)R.C.S. Luxembourg B 65 477 - Capital social EUR 516 950 - TVA LU17564447

5

Audit Report

To the Shareholders ofJPMorgan Funds

This page has been left blank intentionally

6


7

JPMorgan FundsCombined Statement of Net Assets

As at 30 June 2011

JPMorgan FundsCombined

USD

Assets

Investments in Securities at Market Value 59,884,992,033Acquisition Cost: 52,153,042,044Investment in TBAs at Market Value (1) 111,956,009Cash at Bank 1,464,852,257Time Deposits and Cash Equivalents 281,485,786Amounts Receivable on Sale of Investments 439,281,897Amounts Receivable on Sale of TBAs (1) 35,822,116Amounts Receivable on Subscriptions 192,724,504Interest and Dividends Receivable, Net 237,118,427Tax Reclaims Receivable 5,945,184Fee Waiver (2) 1,143,690Other Receivables 1,620,848Unrealised Net Gain on Forward Foreign Exchange Contracts 69,387,481Unrealised Net Gain on Financial Futures Contracts 1,691,417Derivatives Instruments at Market Value 3,899,597

Total Assets 62,731,921,246

LiabilitiesBank Overdraft 31,186,876Open Short Positions on TBAs (1) 5,197,656Amounts Payable on Purchase of Investments 639,290,292Amounts Payable on Purchase of TBAs (1) 143,075,403Amounts Payable on Redemptions 178,648,434Management and Advisory Fees Payable 64,843,838Performance Fees 4,589,491Other Payables 12,690,025Unrealised Net Loss on Forward Foreign Exchange Contracts 24,855,034Unrealised Net Loss on Financial Futures Contracts 1,684,088Derivatives Instruments at Market Value 45,991,261

Total Liabilities 1,152,052,398

Total Net Assets 61,579,868,848

Historical Total Net Assets30 June 2010 44,088,150,38630 June 2009 34,590,007,43130 June 2008 57,591,091,92030 June 2007 89,568,991,703

(1) Please refer to Note 2l).(2) Please refer to Note 7a).

The accompanying notes form an integral part of these Financial Statements.

8

JPMorgan FundsCombined Statement of Net Assets (continued)

As at 30 June 2011

AfricaEquity

FundUSD

AggregateBondFundUSD

AmericaEquity

FundUSD

AmericaLarge Cap

FundUSD

Asia PacificBondFundUSD

Asia Pacific ex-JapanBehavioural Finance

Equity FundUSD

454,766,399 11,680,110 460,359,132 175,154,868 25,409,634 112,992,045425,537,263 11,218,334 395,337,205 154,992,297 24,685,544 109,427,101

- 1,455,050 - - - -1,088,787 1,190,556 9,132,434 359,817 1,241,643 5,082,676

- - - - - -72,082 116,701 - - - 1,051,974

- - - - - -828,656 - 1,010,975 287,141 - 18,932413,697 104,929 361,876 142,195 308,088 571,968

- - 27,967 4,905 - -17,681 12,374 - - 8,110 99,4961,226 - 1,049 - - -

- - - - 28,353 -- 806 - - 1,264 -- - - - - -

457,188,528 14,560,526 470,893,433 175,948,926 26,997,092 119,817,091

- 6,265 - - - 1,516- - - - - -- 34,619 - - 400,000 1,944,350- 1,458,900 - - - -

939,722 - 756,250 493,979 - 93,803595,823 8,353 547,113 184,166 16,607 72,840

- - - - - -149,658 14,461 88,420 33,360 12,381 125,144

- 171,964 325,407 - - -- - - - - -- - - - - -

1,685,203 1,694,562 1,717,190 711,505 428,988 2,237,653

455,503,325 12,865,964 469,176,243 175,237,421 26,568,104 117,579,438

175,314,359 9,722,718 373,415,446 84,456,730 9,675,813 3,228,2098,958,743 - 337,907,417 67,845,478 - -4,761,584 - 549,614,355 29,801,575 - -

- - 753,695,199 43,630,540 - -

9


As at 30 June 2011

BrazilAlpha Plus

FundUSD

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsAlpha Plus

FundUSD

Emerging MarketsBondFundUSD

663,291,566 1,009,993,851 790,051,043 164,398,068 229,407,610602,694,128 912,533,313 679,807,538 159,509,509 223,711,559

- - - - -60,355,324 5,692,219 1,568,587 4,674,508 5,890,043

- - - - -202,546 - 78,810 4,069,056 1,453,801

- - - - -2,337,184 1,248,674 875,178 917,689 189,7391,415,005 8,473,530 3,093,060 443,260 3,920,022

- 192,931 88,274 21,612 -- - - 6,230 -

23,661 - - - -- - - - -- - - - -

236,000 - - - -

727,861,286 1,025,601,205 795,754,952 174,530,423 240,861,215

- - - - -- - - - -

7,374,882 - - 17,001 1,136,811- - - - -

1,415,036 5,079,835 2,566,695 677,268 259,990888,474 1,328,306 952,971 190,647 137,409

467 - - - -160,763 210,696 178,125 50,164 45,243

- - - - 31,623- - - - 171,211- - - - -

9,839,622 6,618,837 3,697,791 935,080 1,782,287

718,021,664 1,018,982,368 792,057,161 173,595,343 239,078,928

288,795,857 941,639,605 619,492,702 220,474,010 125,177,41057,567,211 517,438,764 412,101,960 136,755,468 -54,611,582 1,583,655,705 1,093,563,689 260,256,515 -

- 1,411,797,493 599,428,235 375,656,648 -

10


As at 30 June 2011

Emerging MarketsCorporate Bond

Fund (3)USD


Portfolio Fund II (4)USD

Emerging MarketsCurrency Alpha

FundEUR

Emerging MarketsDebt Fund

EUR

Emerging MarketsDiversified

Equity Fund (5)USD

Emerging MarketsEquity Fund

USD

145,409,712 143,088,006 2,455,133 331,063,446 46,364,980 8,950,285,400144,213,426 142,553,179 2,451,632 334,952,263 45,979,190 6,283,865,864

- - - - - -1,437,982 10,673 4,072,935 21,534,077 1,000,844 91,209,916

- - - - - -5,817 2,123,054 - 1,929,391 282 922,775

- - - - - -2,646,470 - - 2,026,522 - 6,108,1332,200,296 3,054,840 2,681 5,833,682 224,231 28,509,446

- - - - 1,264 -3,184 - 11,393 - 11,307 -6,611 - - - - 3,047

- 2,224,364 - 6,323,196 - -16,211 - - - - -

19,604 - 27,911 - - -

151,745,887 150,500,937 6,570,053 368,710,314 47,602,908 9,077,038,717

- - - - - -- - - - - -

7,054,646 5,564,785 - 4,737,121 - 3,432,549- - - - - -

66,612 - - 1,146,296 - 7,206,640107,088 155,086 4,671 348,340 13,024 7,961,369116,085 - - - - -42,180 26,205 12,981 84,743 17,953 1,363,091

141,922 - 25,095 - - -- - - 219,577 - -- - - 1,088,317 - -

7,528,533 5,746,076 42,747 7,624,394 30,977 19,963,649

144,217,354 144,754,861 6,527,306 361,085,920 47,571,931 9,057,075,068

- - 3,772,465 167,809,729 - 6,562,754,178- - 3,746,871 143,731,454 - 4,671,128,410- - - 204,005,222 - 6,604,690,449- - - 251,870,653 - 6,821,647,444

(3) This Sub-Fund was launched on 14 July 2010.(4) This Sub-Fund was launched on 24 November 2010.(5) This Sub-Fund was launched on 10 December 2010.

11


As at 30 June 2011

Emerging MarketsInfrastructure

Equity FundUSD

Emerging MarketsInvestment Grade

Bond Fund (6)USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MarketsValueFundUSD

Emerging MiddleEast Equity

FundUSD

199,190,596 22,907,293 690,272,626 458,429,386 225,494,118 363,662,398185,997,139 22,685,831 701,537,020 416,285,305 202,194,165 336,475,556

- - - - - -4,139,575 1,083,348 112,842,614 2,634,223 9,551,269 5,060,638

- - - - - -1,851,466 - - 448,888 2,940,221 -

- - - - - -494,641 268,266 6,581,919 29,418,255 124,159 516,335389,319 394,249 10,312,482 993,228 1,108,905 266,632

15,922 - - 2,144 25,345 -- 8,840 - - 1,687 11,402- 1,072 39,710 740 - 1,415- 96,066 - - - -- - - - - -- - 954,020 - - -

206,081,519 24,759,134 821,003,371 491,926,864 239,245,704 369,518,820

- - 13,414,764 - 277,027 -- - - - - -- 61,138 31,040,193 1,415 575,159 137,823- - - - - -

225,734 - 7,250,021 510,949 25,452 541,575272,183 17,012 440,921 585,781 128,567 459,10239,410 - 80,393 17,230 - -54,227 16,415 163,895 116,832 49,337 138,937

- - 2,062,039 - - -- 11,905 - - - -- - - - - -

591,554 106,470 54,452,226 1,232,207 1,055,542 1,277,437

205,489,965 24,652,664 766,551,145 490,694,657 238,190,162 368,241,383

66,178,907 - 474,595,650 212,062,695 150,174,353 316,270,64110,052,996 - 86,488,839 23,557,296 - 308,246,4944,801,840 - 5,351,918 7,233,814 - 709,594,180

- - - - - 341,530,509

(6) This Sub-Fund was launched on 29 November 2010.

12


As at 30 June 2011

EU GovernmentBondFundEUR

Euro AggregateBondFundEUR

Euro CorporateBondFundEUR

Euro GovernmentShort Duration

Bond FundEUR

Euro MoneyMarket

Fund (7)EUR

Euro ShortDuration Bond

FundEUR

285,246,322 6,722,620 21,066,914 44,234,362 100,202,381 28,027,707290,199,894 6,767,746 21,136,935 44,875,999 100,202,381 28,208,719

- - - - - -522,278 95,656 112,158 1,112,914 103,362 1,614,934

- - - - 63,400,000 -1,013,448 135,412 453,252 1,091,453 - 266,158

- - - - - -7,699,940 - 48,525 374,900 2,054,584 52,0954,313,752 119,300 399,069 672,819 206,800 423,892

- - - - - -2,860 5,614 7,890 8,557 8,693 9,761

- - - - - -135,539 - - - - -

- - - - - 38- - - - - -

298,934,139 7,078,602 22,087,808 47,495,005 165,975,820 30,394,585

114,389 2,387 - 9,308 - -- - - - - -

5,604,163 - 290,632 825,680 26,898,636 224,964- - - - - -

1,331,404 - 53,008 50,317 1,958,389 -112,480 4,661 18,381 13,865 50,589 14,919

- - - - - -57,355 6,779 11,391 13,859 35,878 14,566

- - - - - 2,49420,265 200 760 3,835 - -

- - - - - -

7,240,056 14,027 374,172 916,864 28,943,492 256,943

291,694,083 7,064,575 21,713,636 46,578,141 137,032,328 30,137,642

233,269,722 6,987,080 26,690,639 64,665,022 166,809,115 18,941,263333,238,481 - 4,174,621 4,170,155 343,070,452 -78,830,308 - - - 461,380,473 -

- - - - 99,718,976 -

(7) This Sub-Fund was renamed from Euro Liquid Reserve Fund on 2 August 2010.

13


As at 30 June 2011

EurolandEquity

FundEUR

EurolandSelect Equity

FundEUR

Europe130/30

FundEUR

EuropeAggregate Plus

Bond FundEUR

EuropeBalanced

Fund (EUR)EUR

EuropeConvergenceEquity Fund

EUR

Europe DynamicFund

EUR

527,300,774 90,884,374 15,858,797 23,407,546 63,947,546 163,305,852 201,379,896500,724,470 87,636,969 15,907,319 24,093,800 61,579,982 164,476,642 195,854,875

- - - - - - -1,627,996 389,149 52,880 875,522 8,377,872 391,649 2,834,047

- - - - - - -288,319 441 31,451 145,625 137,219 - 2,174,407

- - - - - - -131,010 58,138 18,872 32,784 41,934 45,516 69,788

206,988 8,005 10,484 343,662 593,070 834,546 289,180440,319 34,242 8,098 21 10,900 85,813 193,835

- - 22,672 9,585 - - -432 - - - - - 9,850

- - - 102,166 562,347 - -54,825 22,185 - - 15,360 - 27,071

- - 90,567 - - - -

530,050,663 91,396,534 16,093,821 24,916,911 73,686,248 164,663,376 206,978,074

844,604 - 685,352 24,124 42,104 - -- - - - - - -

525,895 484,108 - 59,897 - - 4,847,291- - - - - - -

1,004,139 49,635 45,534 - 194,266 334,314 599,787667,506 100,489 21,569 17,020 98,814 206,669 220,221

- - 16,418 - - - -99,905 17,688 27,693 13,262 21,268 54,908 48,452

- - - - - - -- - 6,148 6,575 - - -- - - - - - -

3,142,049 651,920 802,714 120,878 356,452 595,891 5,715,751

526,908,614 90,744,614 15,291,107 24,796,033 73,329,796 164,067,485 201,262,323

594,371,470 7,845,016 4,257,676 24,314,585 73,546,292 152,058,601 258,699,413413,671,939 7,416,715 4,158,168 18,415,269 80,377,451 120,176,137 260,364,388

1,424,908,906 4,902,750 5,672,134 50,055,822 122,347,155 304,064,830 631,881,5654,685,250,845 - 7,504,635 174,653,253 157,292,381 504,849,268 1,465,060,727

14


As at 30 June 2011

Europe DynamicMega Cap

FundEUR

Europe DynamicSmall Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeHigh Yield

Bond FundEUR

EuropeMicro Cap

FundEUR

52,310,248 12,247,770 448,299,973 28,144,054 62,414,964 64,449,82751,771,968 11,444,069 425,428,237 27,666,178 62,209,177 58,629,435

- - - - - -595,586 139,675 29,696,557 682,752 182,604 2,512,875

- - - - 13,000,000 -536,869 3,423,699 22,448,619 4,659,397 512,525 1,039,437

- - - - - -4,588 - 159,220 25,351 159,412 21,246

123,962 7,864 743,208 38,916 1,130,768 46,75471,140 10,878 224,800 28,017 - 47,303

54 14,479 - 7,055 889 8,171466 377 631 470 - 463

- - - - 6,132 -- - 46,885 6,077 - -- - - - 264,315 -

53,642,913 15,844,742 501,619,893 33,592,089 77,671,609 68,126,076

- 749 - - - -- - - - - -

973,164 544,872 40,426,298 5,110,834 6,257,762 2,372,335- - - - - -

27,753 2,675,285 469,535 86,361 629,391 114,96067,945 19,103 566,873 38,503 65,660 87,115

- - - 2,040 - -17,349 20,267 113,792 14,671 22,197 30,738

- - - - - -- - - - - -- - - - - -

1,086,211 3,260,276 41,576,498 5,252,409 6,975,010 2,605,148

52,556,702 12,584,466 460,043,395 28,339,680 70,696,599 65,520,928

108,048,777 9,562,343 444,504,471 8,022,819 47,009,799 53,206,480314,110,906 13,239,733 529,429,713 5,484,434 35,783,861 51,051,233572,249,219 29,136,348 1,877,322,935 28,400,275 55,847,224 69,672,614

1,202,156,717 181,667,931 6,724,760,335 120,306,237 120,462,285 350,264,462

15


As at 30 June 2011

Europe Select130/30

FundEUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicGrowth Small

Cap FundEUR

Europe StrategicValue Fund

EUR

Europe StrategicValue Small

Cap FundEUR

EuropeTechnology

FundEUR

6,008,605 237,668,628 416,838,608 5,435,153 1,323,329,803 3,780,376 130,234,2705,716,405 204,984,395 366,105,349 4,835,392 1,228,707,799 3,447,594 120,317,254

- - - - - - -231,914 8,312,253 877,011 4,164 392,221 256,155 224,192

- - - - - - -604 11,281,507 14,751,741 194,162 76,647,818 216,454 3,127,602

- - - - - - -3,029 1,389,671 118,721 - 35,707 - 2,352,2496,910 169,641 259,977 2,185 2,194,878 4,584 45,9872,198 209,622 76,278 2,804 765,917 4,295 47,733

14,174 - - 14,747 - 7,315 -- 31,704 8,766 215 90,364 592 1,250- - - - - - -

510 - - - 235,020 - -- - - - - - -

6,267,944 259,063,026 432,931,102 5,653,430 1,403,691,728 4,269,771 136,033,283

- - - 71,949 3,472 - -- - - - - - -

18,662 6,500,479 16,872,014 49,628 49,765,580 153,637 341,691- - - - - - -

20,058 956,250 1,394,728 6,780 2,452,156 - 3,201,6768,577 339,301 490,257 9,013 1,856,866 6,767 204,802

- - - - - - -16,105 63,447 84,708 16,603 208,532 8,663 33,354

- - - - - - -- - - - - - -

10,461 - - - - - -

73,863 7,859,477 18,841,707 153,973 54,286,606 169,067 3,781,523

6,194,081 251,203,549 414,089,395 5,499,457 1,349,405,122 4,100,704 132,251,760

4,177,598 221,762,214 398,966,096 3,021,541 1,390,344,294 3,060,119 94,831,7964,116,243 227,604,156 471,164,520 2,345,574 1,479,917,716 2,248,054 70,223,7585,720,115 469,101,616 1,129,640,211 3,679,978 2,794,249,735 3,404,527 113,646,0057,487,132 1,383,590,469 2,862,619,054 - 9,169,138,960 - 203,196,335

16


As at 30 June 2011

Germany EquityFund

EUR

GlobalAbsolute Return

Bond Fund (8)USD

GlobalAggregateBond Fund

USD

GlobalConsumer Trends

FundEUR

GlobalConvertibles

Fund (EUR)EUR

687,636,260 31,600,062 31,396,727 149,908,717 1,784,131,403622,227,974 31,452,893 30,331,725 154,564,203 1,769,444,975

- 7,926,699 4,367,736 - -58,265 2,676,332 3,775,913 1,551,398 215,047

- - 1,900,000 - -- 79,220 451,759 1,197,431 4,848,023- 5,435,816 - - -

1,237,785 - 12 2,156,264 2,108,952- 95,979 257,624 258,647 8,981,255

634,049 - 22 2,527 -- 15,566 14,802 - -- - - - 992- - 21,137 - 31,052,621- 3,859 - - -- - - - -

689,566,359 47,833,533 42,185,732 155,074,984 1,831,338,293

- 39,229 18,852 - -- 5,197,656 - - -

1,860,000 - - 2,574,781 27,736,576- 8,173,679 4,378,923 - -

436,343 148,064 179,926 291,282 15,862,052858,908 25,039 26,931 166,865 1,696,249

- 18,439 - - -121,327 21,188 20,896 43,791 329,782

- 562,687 - - -- - 7,213 - -- 64,052 - - -

3,276,578 14,250,033 4,632,741 3,076,719 45,624,659

686,289,781 33,583,500 37,552,991 151,998,265 1,785,713,634

286,786,355 - 27,249,553 53,019,318 2,837,744,071318,655,742 - 26,313,056 5,996,185 1,939,507,561550,719,016 - 40,709,728 3,634,522 1,742,308,863754,261,152 - 50,010,254 - 1,697,301,712

(8) This Sub-Fund was launched on 7 October 2010.

17


As at 30 June 2011

Global CorporateBond Fund

USD

Global CreditBond Fund

USD

Global Duration-HedgedCorporate

Bond Fund (9)EUR

GlobalDynamic

FundUSD

GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

GlobalGovernment

Bond FundEUR

540,947,508 35,148,072 31,675,751 1,265,849,067 280,775,499 1,585,782,330 251,634,828535,684,362 34,623,215 32,536,018 1,055,400,194 254,936,038 1,504,455,957 255,918,906

- - - - - - -34,682,609 3,817,651 3,899,002 3,823,555 11,299,706 1,398,474 1,082,554

- - - - - - -11,297,871 793,658 586,028 12,152,929 4,703,355 5,586,637 2,000,000

- - - - - - -1,635,346 78,432 288,751 403,077 22,157 4,937,863 907,7587,397,621 497,520 407,523 1,411,122 531,827 1,837,572 1,718,738

- - - 112,867 73,331 309,226 -68,087 12,983 10,281 2,486 - - 37,585

2,972 131 - 19,583 - 27,262 -- 281,345 219,690 - 851,887 1,185,726 1,584,788- - - - - - -- - - - - - -

596,032,014 40,629,792 37,087,026 1,283,774,686 298,257,762 1,601,065,090 258,966,251

355,155 29,994 4,504 889,298 4,340 - 10,831- - - - - - -

5,597,224 1,696,787 119,794 15,041,424 9,451,347 28,461,813 3,302,720- - - - - - -

894,795 52,971 - 1,264,031 77,032 2,248,532 34,664381,451 26,527 23,735 894,768 171,571 1,858,384 34,196

- - - - - - -166,457 19,123 15,863 268,489 88,316 288,989 54,899

2,653,717 - - 12,349 - - -376,079 15,608 99,820 - - - 22,775

- - - - - - -

10,424,878 1,841,010 263,716 18,370,359 9,792,606 32,857,718 3,460,085

585,607,136 38,788,782 36,823,310 1,265,404,327 288,465,156 1,568,207,372 255,506,166

246,698,799 23,684,650 - 1,135,055,214 253,598,220 1,027,930,229 280,367,18321,216,813 - - 1,174,912,544 233,869,436 331,436,544 71,690,468

- - - 1,872,953,353 162,885,287 335,896,837 -- - - 3,346,335,559 270,564,769 551,822,932 -

(9) This Sub-Fund was launched on 16 September 2010.

18


As at 30 June 2011

Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

GlobalInfrastructure

Trends FundEUR

Global NaturalResources

FundEUR

370,044,603 60,318,702 4,625,429 3,068,269,495372,954,000 54,353,325 4,571,504 2,635,606,981

- - - -1,083,588 278,587 95,163 971,075

- - - -6,509,029 671,336 42,027 9,976,030

- - - -64,452 1,198,535 41,894 8,952,832

2,127,878 64,907 22,872 1,309,568- 5,899 692 -

35,386 9,587 5,258 -997 1,060 - 1,072

- 143,443 - -- - - -- - - -

379,865,933 62,692,056 4,833,335 3,089,480,072

- 57,279 - 1,508- - - -

6,192,600 1,673,447 62,954 5,636,044- - - -

724,254 27,641 19,112 12,000,76759,580 75,926 5,590 4,215,804

- - - -79,453 27,911 7,471 471,045

4,606,418 - 2,158 -28,651 - - -

- - - -

11,690,956 1,862,204 97,285 22,325,168

368,174,977 60,829,852 4,736,050 3,067,154,904

42,158,840 36,196,348 3,233,437 1,912,587,3383,713,850 - - 1,018,336,433

- - - 1,871,228,153- - - 1,778,456,610

19


As at 30 June 2011

Global RealEstate Securities

Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

Global Short DurationBond Fund

USD

Global SociallyResponsible

FundUSD

Global StrategicBond Fund

USD

HighbridgeAsia Pacific

STEEP Fund (10)USD

Highbridge DiversifiedCommodities

Fund (11)USD

80,522,876 67,652,605 604,374,248 94,926,752 435,843,596 13,198,264 204,469,33976,818,376 70,356,636 592,147,548 86,523,198 435,582,065 13,198,264 204,480,957

- - - - 98,206,524 - -604,586 219,383 6,768,784 1,781,432 145,315,979 2,248,882 42,652,330

- - - - 46,100,000 - 17,650,000149,336 27 4,121,406 - 10,237,347 - -

- - - - 30,386,300 - -187,210 - 2,203,990 16,474 6,565,354 - 354,488241,298 85,598 6,294,670 258,273 5,598,364 968 38,500

781 3,665 - 19,771 - - -12,661 48,615 43,653 - 93,830 15,757 1,490

275 - 1,204,344 - 8,055 - 56011,967 - - - 273,528 84,180 855,527

- 6,112 - - - - 519,060- - - - - 458,621 -

81,730,990 68,016,005 625,011,095 97,002,702 778,628,877 16,006,672 266,541,294

- - 10,696 - 250,225 271,060 -- - - - - - -

241,735 75,834 3,821,743 - 5,697,551 - -- - - - 129,063,901 - -

167,099 - 2,536,018 154 428,971 675 82,66179,795 - 215,446 130,632 416,907 9,991 184,567

- 4,762 - - 430,449 92 97,49733,730 56,860 129,876 19,240 182,555 17,753 47,405

- - 3,891,160 - - - -- - 232,395 - 147,992 - -- - - - 1,328,312 - 15,027,417

522,359 137,456 10,837,334 150,026 137,946,863 299,571 15,439,547

81,208,631 67,878,549 614,173,761 96,852,676 640,682,014 15,707,101 251,101,747

27,856,852 4,741,898 217,229,216 72,946,730 25,147,773 - -13,710,677 - - 83,519,202 - - -12,635,754 - - 75,044,557 - - -21,580,292 - - 54,795,054 - - -

(10) This Sub-Fund was launched on 13 December 2010.(11) This Sub-Fund was launched on 4 March 2011.

20


As at 30 June 2011

HighbridgeEurope STEEP

FundEUR

HighbridgeUS STEEP

FundUSD

JapanDynamic

FundJPY

JapanMarket Neutral

Fund (12)JPY

JF ASEANEquity

FundUSD

JF AsiaAlpha Plus

FundUSD

132,016,804 905,368,235 469,597,200 1,308,506,165 291,166,891 115,428,261132,333,948 905,464,727 449,232,021 1,258,630,563 276,710,792 112,271,554

- - - - - -21,762,452 155,264,843 37,965,661 247,442,229 15,308,460 5,862,012

17,000,000 36,700,000 - - - -- - - 6,003,004 2,703,955 2,902,613- - - - - -

139,568 965,522 - - 89,101 62,482187,892 344,459 146,604 176,328 453,881 373,401

- - - - - -5,638 - 603,167 232,274 - -

- 234 - - 1,805 2,115- - - - - -- - - - - -- - - - - -

171,112,354 1,098,643,293 508,312,632 1,562,360,000 309,724,093 124,630,884

1,131,123 4,081,811 - - - -- - - - - -- - 11,165,170 8,702,464 14,159,016 378,129- - - - - -

692,361 934,282 - - 216,392 4,633,222128,200 989,063 596,164 917,503 323,327 150,50248,462 3,209,139 - - - 392,38939,456 197,576 762,144 535,541 78,728 33,683

1,968,859 246,184 - 2,073,464 - -- - - - - 130,493

7,153,581 16,676,711 - 63,054,900 - -

11,162,042 26,334,766 12,523,478 75,283,872 14,777,463 5,718,418

159,950,312 1,072,308,527 495,789,154 1,487,076,128 294,946,630 118,912,466

168,540,331 706,157,798 490,650,883 - 50,180,087 34,135,30676,358,730 296,227,780 540,273,309 - - 57,962,25348,985,528 53,672,320 930,740,901 - - 105,923,364

- - 7,182,106,766 - - 112,533,474

(12) This Sub-Fund was launched on 3 June 2011.

21


As at 30 June 2011

JF Asia Pacificex-Japan Equity

FundUSD

JF ChinaFund

USD

JF GreaterChinaFundUSD

JF Hong KongFund

USD

JF IndiaFund

USD

JF JapanAlpha Plus

FundUSD

JF JapanEquity

FundUSD

409,934,200 3,457,631,317 851,229,493 151,898,945 2,647,458,047 36,937,124 204,046,363379,967,588 2,927,226,626 714,997,472 140,848,762 1,655,452,712 34,200,361 204,802,058

- - - - - - -6,378,438 72,550,548 8,732,410 1,644,695 106,640,228 882,246 5,226,039

- - - - - - -2,487,581 25,317,921 4,463,295 12,415 2,249,198 271,674 517,838

- - - - - - -31,643 14,413,130 1,363,076 3,798,572 1,576,821 - 302,559

2,202,210 11,662,051 3,797,007 909,022 11,182,082 15,463 206,469- - - - - - -

202 - - 348 - 741 -- 1,419 - - - - -

330,587 - - - - - -- - - - - - -- - - - - - -

421,364,861 3,581,576,386 869,585,281 158,263,997 2,769,106,376 38,107,248 210,299,268

395,794 294,361 - - - - -- - - - - - -

4,525,374 31,124,119 8,447,854 4,145,285 1,512,542 817,697 1,725,417- - - - - - -

496,441 3,546,605 1,957,055 115,399 6,561,904 - 490,931455,588 5,027,555 1,190,038 195,108 4,089,054 44,379 272,239

- - - - - - -102,577 513,719 176,493 49,112 787,015 12,576 50,247

- - - - - 322,270 -- - - - - - -- - - - - - -

5,975,774 40,506,359 11,771,440 4,504,904 12,950,515 1,196,922 2,538,834

415,389,087 3,541,070,027 857,813,841 153,759,093 2,756,155,861 36,910,326 207,760,434

466,045,617 3,435,434,476 684,691,268 170,855,931 2,637,009,261 12,773,277 253,118,567324,166,004 3,277,872,788 568,509,936 212,431,721 2,084,541,872 7,046,551 356,735,115475,593,917 2,680,483,250 622,728,380 257,111,221 2,533,079,738 23,022,771 800,338,469864,817,828 3,221,787,004 684,910,511 108,208,759 4,123,155,354 51,558,445 1,948,180,766

22


As at 30 June 2011

JF JapanSmall Cap

FundUSD

JF KoreaEquity

FundUSD

JF PacificBalanced

FundUSD

JF PacificEquity

FundUSD

JF PacificTechnology

FundUSD

36,362,785 203,083,247 116,571,735 617,009,660 28,771,67233,105,435 202,145,575 109,693,745 561,152,066 27,138,356

- - - - -1,676,290 15,962,483 3,305,496 22,591,930 1,470,097

- - - - -- 927,493 998,436 584,351 543,100- - - - -

602,458 9,600,115 61,082 630,869 65,11134,237 196,727 1,074,477 2,215,675 131,057

- - 16,864 - -9,878 3,576 - - 8,3547,380 139 749 478 -

- 362,855 - - -- 395,322 - 48,032 -- - - - -

38,693,028 230,531,957 122,028,839 643,080,995 30,989,391

- - - - -- - - - -

3,086,706 10,953,604 1,611,069 947,035 889,451- - - - -

191,180 168,246 152,831 1,208,322 100,68640,067 206,889 161,090 871,533 39,246

- - - - -19,586 59,423 30,726 123,243 17,876

- - 274,826 782,549 -- - - - -- - - - -

3,337,539 11,388,162 2,230,542 3,932,682 1,047,259

35,355,489 219,143,795 119,798,297 639,148,313 29,942,132

33,764,363 32,973,452 108,088,203 571,746,822 60,914,56852,721,554 11,522,686 132,125,204 557,931,669 27,012,528

139,803,462 36,806,282 151,733,601 892,048,594 43,863,223241,926,110 - 182,226,858 1,210,682,811 39,446,674

23


As at 30 June 2011

JF TaiwanFund

USD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

RussiaFund

USD

Sterling BondFund

GBP

UK EquityFund

GBP

614,974,804 1,481,985,114 569,080,550 2,587,641,760 89,598,108 26,634,606518,844,689 1,197,556,818 570,416,277 2,158,707,490 88,816,429 24,396,739

- - - - - -9,649,371 47,791,529 15,480,412 215,239 432,351 439,032

- - 44,000,000 - - -16,835,010 1,625,833 18,500,000 11,420,770 - -

- - - - - -942,490 2,191,572 792,274 3,988,054 - 6,245

2,787,183 1,818,589 2,366,517 22,521,954 1,584,924 71,917- - - 425,120 - -- - 94,324 - 825 2,352- - 8,098 - - -- - - - - -- - - - 3,665 3,150- - - - - -

645,188,858 1,535,412,637 650,322,175 2,626,212,897 91,619,873 27,157,302

- - - - 32,642 2,642- - - - - -

4,182 21,517,628 18,801,648 - 1,194,926 1,834- - - - - -

21,084,724 5,587,337 2,549,974 2,057,562 16,491 70,073755,496 1,881,544 100,610 2,963,000 69,460 34,317

- - - - - -165,532 292,375 152,551 437,799 19,526 11,107

- - 1,193,425 - 2,360 -- - - - - -- - - - - -

22,009,934 29,278,884 22,798,208 5,458,361 1,335,405 119,973

623,178,924 1,506,133,753 627,523,967 2,620,754,536 90,284,468 27,037,329

338,093,161 1,290,637,333 30,021,196 2,035,560,908 66,662,213 31,177,986404,227,084 921,144,836 - 771,414,461 69,265,691 40,485,733

1,080,868,675 2,091,554,855 - 1,630,707,987 111,700,689 97,467,345748,278,900 1,748,314,623 - 299,387,847 173,300,783 428,716,683

24


As at 30 June 2011

US 130/30Fund

USD

US AggregateBondFundUSD

US DynamicFund

USD

US GrowthFund (13)

USD

US GrowthAlpha Plus

FundUSD

37,028,730 1,429,660,685 228,425,359 521,330,000 92,148,91434,576,015 1,380,388,732 212,936,886 501,825,392 77,682,229

- - - - -711,880 1,871,249 2,003,596 9,719,085 5,079,998

- - - - -2,310,494 698,627 7,646,643 5,628 871,411

- - - - -4,266 11,394,718 243,878 8,377,802 -

29,623 7,827,755 166,676 263,308 15,8765,851 - 26,108 29,032 -

12,591 35,078 - 12,517 -- - - 6,758 322- - - - -- - - - -- - - - -

40,103,435 1,451,488,112 238,512,260 539,744,130 98,116,521

- - - - -- - - - -

1,746,772 13,943,548 7,877,783 - 827,135- - - - -

744,839 2,503,239 583,826 528,274 104,56942,570 770,233 312,451 444,714 119,513

- - - - -24,161 237,647 43,481 141,265 18,94516,995 7,629 - 177,776 -

- - - - -63,630 - - - -

2,638,967 17,462,296 8,817,541 1,292,029 1,070,162

37,464,468 1,434,025,816 229,694,719 538,452,101 97,046,359

125,027,282 959,323,512 694,398,270 59,733,564 34,914,87815,822,794 620,305,842 771,329,174 93,548,217 3,971,53812,815,065 384,092,920 2,029,139,806 623,683,872 -

- 254,010,752 7,549,424,048 584,352,217 -

(13) This Sub-Fund was renamed from US Strategic Growth Fund on 11 April 2011.

25


As at 30 June 2011

US Select130/30

FundUSD

US SelectLong-Short

Equity Fund (14)USD

US ShortDuration

Bond Fund (15)USD

US Small andMicro Cap

FundUSD

US Small CapGrowth

FundUSD

US TechnologyFund

USD

US ValueFund

USD

1,380,851,942 5,541,936 34,500,746 123,438,256 115,568,220 211,928,006 1,107,574,9491,202,168,722 5,490,472 34,399,370 104,043,857 103,267,363 185,564,160 980,464,249

- - - - - - -67,345,783 1,346,615 132,858 2,237,083 1,387,279 2,398,120 26,172,554

- - - - - - -7,750,036 21,538 - - 1,830,913 2,091,000 -

- - - - - - -650,618 12,585 138,493 309,103 198,043 2,447,805 2,668,693

1,028,585 5,185 168,515 47,381 26,874 2,489 1,076,62954,721 36 - - - 8,703 27,704

- 2,427 17,795 - - - -135 - - - 809 - 1,365

- - - - - - -85,225 - - - - - -

1,074,493 - - - - - -

1,458,841,538 6,930,322 34,958,407 126,031,823 119,012,138 218,876,123 1,137,521,894

- - - - 850 - -- - - - - - -

4,845,235 52,805 233,564 - 1,441,867 2,108,315 -- - - - - - -

2,403,950 - - 281,589 550,884 845,050 768,9631,185,856 6,627 13,635 164,882 146,158 300,038 942,653

- - - - - - -218,147 4,320 22,113 27,642 32,725 46,213 192,825

446,836 1,696 5,410 - - - 969,619- - - - - - -- 104,468 - - - - -

9,100,024 169,916 274,722 474,113 2,172,484 3,299,616 2,874,060

1,449,741,514 6,760,406 34,683,685 125,557,710 116,839,654 215,576,507 1,134,647,834

1,353,126,168 - - 145,918,535 46,434,212 52,580,080 571,693,1231,145,061,297 - - 75,427,767 29,100,734 34,742,734 634,397,311988,756,085 - - 79,442,002 47,282,308 140,291,566 855,159,915

- - - 211,101,103 67,473,188 65,053,721 1,776,712,510

(14) This Sub-Fund was launched on 31 January 2011.(15) This Sub-Fund was launched on 15 December 2010.

26


27

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets


JPMorgan FundsCombined

USD

Net Assets at the Beginning of the Year * 46,888,368,692

IncomeDividend Income, Net 888,784,789Interest Income, Net 373,085,264Securities Lending Income 17,087,568Bank Interest 1,244,302Interest on Swap Transactions 20,642,948Other Income 23,492

Total Income 1,300,868,363

ExpensesManagement and Advisory Fees 760,204,144Custodian, Corporate, Administration and Domiciliary Agency Fees 59,981,193Registrar and Transfer Agency Fees 42,886,673Taxe dabonnement 26,160,880Overdraft Interest 706,970Interest on Swap Transactions 9,743,523Sundry Fees** 37,559,498

937,242,881Less: Fee Waiver (1) 15,422,097

Total Expenses before Performance Fees 921,820,784

Performance Fees 4,589,490

Total Expenses 926,410,274

Net Investment Income/(Loss) 374,458,089

Net Realised Gain/(Loss) on Sale of Investments 3,260,363,454Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 472,278,373Net Realised Gain/(Loss) on Financial Futures Contracts 12,836,471Net Realised Gain/(Loss) on Foreign Exchange (25,125,999)Net Realised Gain/(Loss) on TBAs 2,820,205Net Realised Gain/(Loss) on Derivatives Instruments 202,520,600

Net Realised Gain/(Loss) for the Year 3,925,693,104

Net Change in Unrealised Gain/(Loss) on Investments 4,100,056,524Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 46,871,370Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 6,356,573Net Change in Unrealised Gain/(Loss) on Foreign Exchange 1,891,944Net Change in Unrealised Gain/(Loss) on TBAs (463,273)Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 12,393,215

Net Change in Unrealised Gain/(Loss) for the Year 4,167,106,353

Increase/(Decrease) in Net Assets as a Result of Operations 8,467,257,546

Movements in Share CapitalSubscriptions 47,103,861,553Redemptions (40,719,232,170)Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 6,384,629,383

Dividend Distribution (160,386,773)

Net Assets at the End of the Year 61,579,868,848

(1) Please refer to Note 7a).

* The opening balance was combined using the foreign exchange rates as at 30 June 2011. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2010 reflected a figureof USD 44,088,150,386.

** Sundry Fees 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.

28

JPMorgan FundsCombined Statement of Operations and Changes in Net Assets (continued)


AfricaEquity

FundUSD

AggregateBondFundUSD

AmericaEquity

FundUSD

AmericaLarge Cap

FundUSD

Asia PacificBondFundUSD

Asia Pacific ex-JapanBehavioural Finance

Equity FundUSD

175,314,359 9,722,718 373,415,446 84,456,730 9,675,813 3,228,209

10,761,554 - 5,866,188 2,139,399 - 1,210,78219,339 340,783 39,251 4,169 1,003,817 1,590

- 644 4,823 1,180 852 -11,704 4,684 538 244 - 1,203

- - - - - -- - - - - -

10,792,597 346,111 5,910,800 2,144,992 1,004,669 1,213,575

6,546,614 86,691 6,293,275 1,962,853 174,755 299,2721,258,265 97,419 281,550 135,795 109,872 386,756

569,798 40,209 367,563 169,524 49,771 50,437210,219 5,624 220,476 74,390 13,264 17,12715,025 3,443 - - - -

- - - - - -87,933 4,401 212,370 30,866 5,086 6,108

8,687,854 237,787 7,375,234 2,373,428 352,748 759,700651,078 125,982 25,813 28,057 131,600 363,469

8,036,776 111,805 7,349,421 2,345,371 221,148 396,231

- - - - - -

8,036,776 111,805 7,349,421 2,345,371 221,148 396,231

2,755,821 234,306 (1,438,621) (200,379) 783,521 817,344

9,449,237 198,243 15,607,787 12,493,681 521,389 (1,596,324)(287,265) 166,253 4,002,078 12,134 65,388 70,784

- (66,300) - - 18,664 76,757(1,645,611) (21,025) 45,689 12,342 (72,472) (126,208)

- 74,537 - - - -- (98) - - - -

7,516,361 351,610 19,655,554 12,518,157 532,969 (1,574,991)

30,796,427 776,561 79,371,201 19,082,849 808,965 3,482,443- (175,528) (346,691) - 384,100 -- 27,014 - - 1,264 -

1,540 7,121 130 - (616) 739- (12,847) - - - -- - - - - -

30,797,967 622,321 79,024,640 19,082,849 1,193,713 3,483,182

41,070,149 1,208,237 97,241,573 31,400,627 2,510,203 2,725,535

657,478,757 2,536,073 163,098,844 200,193,965 25,831,136 111,832,060(418,355,578) (601,064) (164,579,620) (140,813,901) (11,449,048) (206,366)

239,123,179 1,935,009 (1,480,776) 59,380,064 14,382,088 111,625,694

(4,362) - - - - -

455,503,325 12,865,964 469,176,243 175,237,421 26,568,104 117,579,438

29



BrazilAlpha Plus

FundUSD

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsAlpha Plus

FundUSD

Emerging MarketsBondFundUSD

288,795,857 941,639,605 619,492,702 220,474,010 125,177,410

14,392,317 21,985,300 19,329,665 4,732,128 -42,018 103,959 27,927 15,003 12,876,513

- - - - 36,303257 120,101 42,636 10,366 575

- - - - -- - - - -

14,434,592 22,209,360 19,400,228 4,757,497 12,913,391

7,919,717 17,238,009 11,999,053 3,066,991 1,623,863731,459 1,397,483 1,257,480 416,994 221,899427,374 831,016 656,266 203,089 192,706254,628 520,635 381,665 92,495 77,800

21,757 1,686 2,210 1,467 7,091- - - - -

4,789,028 588,962 490,559 352,679 84,38914,143,963 20,577,791 14,787,233 4,133,715 2,207,748

28,128 62,050 63,292 105,353 51,332

14,115,835 20,515,741 14,723,941 4,028,362 2,156,416

467 - - - -

14,116,302 20,515,741 14,723,941 4,028,362 2,156,416

318,290 1,693,619 4,676,287 729,135 10,756,975

21,033,759 33,753,813 48,687,836 25,743,494 7,480,492(406,367) (79,876) (10,979) 34,988 60,901

- - - (1,515,248) (9,107)736,546 843,307 (459,728) 1,356,214 (77,441)

- - - - -169,450 - - 495,781 (21,764)

21,533,388 34,517,244 48,217,129 26,115,229 7,433,081

46,833,896 44,713,500 121,287,422 5,004,009 3,422,437- - - - (31,623)- - - 617,448 (190,161)

15,349 (14,165) 35,914 21,314 3,403- - - - -

(355,377) - - 117,771 -

46,493,868 44,699,335 121,323,336 5,760,542 3,204,056

68,345,546 80,910,198 174,216,752 32,604,906 21,394,112

833,555,099 652,246,990 504,919,048 150,837,463 327,286,289(472,674,683) (655,814,425) (505,740,806) (230,301,794) (234,778,883)

360,880,416 (3,567,435) (821,758) (79,464,331) 92,507,406

(155) - (830,535) (19,242) -

718,021,664 1,018,982,368 792,057,161 173,595,343 239,078,928

30




Fund (2)USD


Portfolio Fund II (3)USD

Emerging MarketsCurrency Alpha

FundEUR

Emerging MarketsDebt Fund

EUR

Emerging MarketsDiversified

Equity Fund (4)USD

Emerging MarketsEquity Fund

USD

- - 3,772,465 167,809,729 - 6,562,754,178

- - - - 772,238 168,090,4404,683,432 3,404,295 20,504 17,529,448 396 344,497

15,240 15,092 - 51,280 - -441 - 1,018 6,991 331 47,939

- - - 158,203 - -- - - - - -

4,699,113 3,419,387 21,522 17,745,922 772,965 168,482,876

635,564 687,450 56,915 3,118,397 68,518 94,906,729161,820 46,900 100,670 274,679 32,685 6,813,63696,959 56,993 27,439 282,691 30,935 4,711,93142,487 37,150 2,015 139,445 8,216 3,295,966

- 213 - 10,819 434 7,86910,935 - - 266,149 - -30,106 22,639 919 253,028 69,775 3,425,946

977,871 851,345 187,958 4,345,208 210,563 113,162,07785,684 93,346 114,822 42,752 37,711 255

892,187 757,999 73,136 4,302,456 172,852 113,161,822

116,085 - - - - -

1,008,272 757,999 73,136 4,302,456 172,852 113,161,822

3,690,841 2,661,388 (51,614) 13,443,466 600,113 55,321,054

755,835 (1,441,681) 2,832 4,936,665 834,877 159,687,2144,069,633 5,891,044 31,918 29,245,120 395,689 1,929,466(406,395) - - (128,878) - -

381,289 (430,453) (99) (5,890,574) 212,469 2,306,212- - - - - -

(96,548) - (37,937) 799,489 - -

4,703,814 4,018,910 (3,286) 28,961,822 1,443,035 163,922,892

1,196,286 534,827 1,147 (24,730,041) 385,790 1,394,324,796(141,922) 2,224,364 (59,462) 7,216,718 - -

16,211 - - (29,269) - -379 1,749 (1) (591,512) 7,089 500,654

- - - - - -19,604 - 16,879 (138,918) - -

1,090,558 2,760,940 (41,437) (18,273,022) 392,879 1,394,825,450

9,485,213 9,441,238 (96,337) 24,132,266 2,436,027 1,614,069,396

191,726,802 137,583,410 2,851,178 547,351,318 45,199,485 4,371,701,219(56,994,661) (2,269,787) - (373,481,936) (63,581) (3,477,553,692)

134,732,141 135,313,623 2,851,178 173,869,382 45,135,904 894,147,527

- - - (4,725,457) - (13,896,033)

144,217,354 144,754,861 6,527,306 361,085,920 47,571,931 9,057,075,068

(2) This Sub-Fund was launched on 14 July 2010.(3) This Sub-Fund was launched on 24 November 2010.(4) This Sub-Fund was launched on 10 December 2010.

31



Emerging MarketsInfrastructure

Equity FundUSD

Emerging MarketsInvestment Grade

Bond Fund (5)USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MarketsValueFundUSD

Emerging MiddleEast Equity

FundUSD

66,178,907 - 474,595,650 212,062,695 150,174,353 316,270,641

3,543,717 - - 7,881,464 5,737,908 13,430,7515,253 655,746 41,622,576 18,206 7,165 11,057

- 1,199 25,090 - - -1,658 371 58,058 6,346 1,664 7,176

- - - - - -- - - - - -

3,550,628 657,316 41,705,724 7,906,016 5,746,737 13,448,984

2,387,736 104,996 4,265,149 6,888,621 1,306,870 6,123,457282,196 64,709 763,994 678,566 325,846 1,399,988234,066 31,392 405,588 463,572 132,151 451,721

85,460 7,988 232,493 242,234 72,231 198,9531,903 - 7,338 7,558 444 4,332

- - 75,902 - - -723,423 5,193 283,154 392,741 272,603 283,720

3,714,784 214,278 6,033,618 8,673,292 2,110,145 8,462,17172,311 62,498 159,030 46,382 90,839 640,593

3,642,473 151,780 5,874,588 8,626,910 2,019,306 7,821,578

39,410 - 80,392 17,230 - -

3,681,883 151,780 5,954,980 8,644,140 2,019,306 7,821,578

(131,255) 505,536 35,750,744 (738,124) 3,727,431 5,627,406

9,362,621 (40,228) 12,335,013 31,033,504 16,368,218 (3,098,991)15,321 1,512,252 9,432,313 178,552 45,894 (58,706)

- (7,228) (130,520) - - -(60,414) (38,178) (6,117,004) 207,159 (8,603) 6,446

- - - - - -- - (1,278,059) - - -

9,317,528 1,426,618 14,241,743 31,419,215 16,405,509 (3,151,251)

12,221,351 221,462 (40,303,665) 32,262,020 23,063,773 24,031,799- 96,066 (1,911,610) - - -- (11,905) 121,940 - - -

47,029 (100) (580,169) 93,270 124,590 6,608- - - - - -- - 278,447 - - -

12,268,380 305,523 (42,395,057) 32,355,290 23,188,363 24,038,407

21,454,653 2,237,677 7,597,430 63,036,381 43,321,303 26,514,562

212,371,917 22,487,946 912,471,302 801,935,595 76,299,155 422,863,582(94,515,512) (72,959) (624,147,610) (586,336,624) (31,604,649) (395,016,105)

117,856,405 22,414,987 288,323,692 215,598,971 44,694,506 27,847,477

- - (3,965,627) (3,390) - (2,391,297)

205,489,965 24,652,664 766,551,145 490,694,657 238,190,162 368,241,383

(5) This Sub-Fund was launched on 29 November 2010.

32



EU GovernmentBondFundEUR

Euro AggregateBondFundEUR

Euro CorporateBondFundEUR

Euro GovernmentShort Duration

Bond FundEUR

Euro MoneyMarket

Fund (6)EUR

Euro ShortDuration Bond

FundEUR

233,269,722 6,987,080 26,690,639 64,665,022 166,809,115 18,941,263

- - - - - -10,342,592 262,347 1,213,210 1,460,747 1,131,651 753,370

22,113 933 6,868 6,079 2,253 3,541202 402 133 519 - -

- - - - - -- - - - - -

10,364,907 263,682 1,220,211 1,467,345 1,133,904 756,911

988,517 56,529 259,967 183,561 683,098 134,660196,452 58,944 67,969 88,458 118,151 80,212257,916 28,656 63,499 69,701 302,934 43,607148,608 3,524 12,584 19,636 14,250 11,311

- - - - 920 -- - - - - -

59,329 1,448 5,014 9,725 29,443 8,7661,650,822 149,101 409,033 371,081 1,148,796 278,556

184,587 78,432 98,550 117,995 190,427 100,198

1,466,235 70,669 310,483 253,086 958,369 178,358

- - - - - -

1,466,235 70,669 310,483 253,086 958,369 178,358

8,898,672 193,013 909,728 1,214,259 175,535 578,553

(4,110,251) (7,368) 123,603 (1,269,596) 25 (257,883)505,541 - - - - (4,091)195,625 2,524 (36,509) 46,365 - (52,172)113,854 55 - - - -

- - - - - -- - - - - -

(3,295,231) (4,789) 87,094 (1,223,231) 25 (314,146)

(7,161,740) (129,522) (405,643) 149,388 - (32,718)302,771 - - - - (3,099)

(195,455) 6,388 19,220 (11,118) - 21,416(19,962) (83) - - - -

- - - - - -- - - - - -

(7,074,386) (123,217) (386,423) 138,270 - (14,401)

(1,470,945) 65,007 610,399 129,298 175,560 250,006

629,706,386 92,961 14,804,199 50,852,776 192,496,909 18,807,788(569,811,080) (80,473) (20,391,601) (69,014,795) (222,449,256) (7,859,880)

59,895,306 12,488 (5,587,402) (18,162,019) (29,952,347) 10,947,908

- - - (54,160) - (1,535)

291,694,083 7,064,575 21,713,636 46,578,141 137,032,328 30,137,642

(6) This Sub-Fund was renamed from Euro Liquid Reserve Fund on 2 August 2010.

33



EurolandEquity

FundEUR

EurolandSelect Equity

FundEUR

Europe130/30

FundEUR

EuropeAggregate Plus

Bond FundEUR

EuropeBalanced

Fund (EUR)EUR

EuropeConvergenceEquity Fund

EUR

Europe DynamicFund

EUR

594,371,470 7,845,016 4,257,676 24,314,585 73,546,292 152,058,601 258,699,413

16,523,938 2,361,766 284,066 - 1,237,547 5,297,482 5,806,42846,196 6,121 1,541 795,929 1,180,222 25,300 20,173

1,570,125 223,720 17,357 1,892 85,906 - 492,3482,700 743 184 662 4,620 4,879 726

- - - 70,298 - - -- - - - - - -

18,142,959 2,592,350 303,148 868,781 2,508,295 5,327,661 6,319,675

8,683,802 993,471 138,406 203,823 1,229,787 2,615,667 3,285,436520,535 121,238 245,932 86,569 140,456 485,252 332,110399,785 60,557 41,055 56,221 93,947 192,457 189,947269,210 38,821 4,510 10,969 37,317 82,522 109,492

39,812 424 1,016 - 467 - 9,680- - - 69,981 - - -

169,542 13,921 1,474 4,164 15,259 37,903 58,28410,082,686 1,228,432 432,393 431,727 1,517,233 3,413,801 3,984,949

35,140 29,552 261,603 115,462 8,654 98,502 64,766

10,047,546 1,198,880 170,790 316,265 1,508,579 3,315,299 3,920,183

- - 16,418 - - - -

10,047,546 1,198,880 187,208 316,265 1,508,579 3,315,299 3,920,183

8,095,413 1,393,470 115,940 552,516 999,716 2,012,362 2,399,492

36,470,880 4,058,061 587,344 (438,679) 4,294,506 6,175,637 36,352,586(19,308) 69 7,374 315,895 98,273 38,100 192,216

(2,627,384) 88,536 (85,051) (29,951) 512,896 - (326,327)28,651 (88) 11,962 (327) (25,439) (82,390) (477,507)

- - - - - - -- - 260,000 193 - - -

33,852,839 4,146,578 781,629 (152,869) 4,880,236 6,131,347 35,740,968

49,144,039 3,660,649 (121,921) 50,915 104,277 49,888 2,844,739- - - 130,483 1,095,879 - -

653,220 25,485 (6,148) 1,820 (366,767) - 27,071(645) - (677) (8,323) (6,304) 5,636 156,893

- - - - - - -- - 10,668 (451) - - -

49,796,614 3,686,134 (118,078) 174,444 827,085 55,524 3,028,703

91,744,866 9,226,182 779,491 574,091 6,707,037 8,199,233 41,169,163

131,008,975 116,049,842 15,186,157 19,397,772 12,332,254 169,346,384 67,946,808(283,242,434) (42,347,491) (4,926,314) (19,490,415) (18,831,579) (164,641,570) (165,901,704)

(152,233,459) 73,702,351 10,259,843 (92,643) (6,499,325) 4,704,814 (97,954,896)

(6,974,263) (28,935) (5,903) - (424,208) (895,163) (651,357)

526,908,614 90,744,614 15,291,107 24,796,033 73,329,796 164,067,485 201,262,323

34



Europe DynamicMega Cap

FundEUR

Europe DynamicSmall Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeHigh Yield

Bond FundEUR

EuropeMicro Cap

FundEUR

108,048,777 9,562,343 444,504,471 8,022,819 47,009,799 53,206,480

1,975,450 340,628 13,080,595 626,146 - 1,430,6174,766 1,504 32,887 5,524 4,390,438 11,567

167,576 14,845 862,162 - 36,776 96,206136 - 16,078 256 126 109

- - - - 341,250 -- - - - - -

2,147,928 356,977 13,991,722 631,926 4,768,590 1,538,499

1,085,968 197,345 6,484,327 371,172 647,573 1,087,362186,400 209,071 467,485 136,015 102,666 227,507

91,582 40,589 372,636 47,937 124,662 72,42032,708 6,366 220,355 10,744 33,991 35,744

1,648 631 22,972 - - 2,087- - - - - -

32,641 2,616 125,898 4,368 13,562 14,5131,430,947 456,618 7,693,673 570,236 922,454 1,439,633

60,543 209,380 31,636 125,719 53,227 73,010

1,370,404 247,238 7,662,037 444,517 869,227 1,366,623

- - - 2,040 - -

1,370,404 247,238 7,662,037 446,557 869,227 1,366,623

777,524 109,739 6,329,685 185,369 3,899,363 171,876

5,039,847 2,242,718 32,611,262 510,017 (1,981,017) 11,226,59641,931 8,486 4,718 2,976 903,013 (6,240)

(42,107) - 196,479 5,905 - -(151,263) (27,417) (73,809) (7,570) (44,933) (20,695)

- - - - - -- - - - (54,243) -

4,888,408 2,223,787 32,738,650 511,328 (1,177,180) 11,199,661

1,702,922 200,024 37,848,691 592,601 4,005,494 3,200,045- - - - 21,885 -- - 471,553 11,408 - -

44,099 (4,478) (16,458) 2,188 (6,842) (2,936)- - - - - -- - - - 360,758 -

1,747,021 195,546 38,303,786 606,197 4,381,295 3,197,109

7,412,953 2,529,072 77,372,121 1,302,894 7,103,478 14,568,646

7,470,850 20,127,885 71,440,083 26,608,406 109,463,770 57,554,368(70,050,602) (19,633,503) (130,067,658) (7,594,235) (91,743,741) (59,712,526)

(62,579,752) 494,382 (58,627,575) 19,014,171 17,720,029 (2,158,158)

(325,276) (1,331) (3,205,622) (204) (1,136,707) (96,040)

52,556,702 12,584,466 460,043,395 28,339,680 70,696,599 65,520,928

35



Europe Select130/30

FundEUR

EuropeSmall Cap

FundEUR

Europe StrategicGrowth

FundEUR

Europe StrategicGrowth Small

Cap FundEUR

Europe StrategicValue Fund

EUR

Europe StrategicValue Small

Cap FundEUR

EuropeTechnology

FundEUR

4,177,598 221,762,214 398,966,096 3,021,541 1,390,344,294 3,060,119 94,831,796

155,020 5,496,135 6,161,066 71,870 48,602,522 104,439 2,332,398303 40,411 29,874 318 57,464 355 15,043

11,822 361,026 386,719 4,453 3,429,884 5,324 307,232- 1,935 13,503 106 74,798 - -- - - - - - -- - - - - - -

167,145 5,899,507 6,591,162 76,747 52,164,668 110,118 2,654,673

88,324 4,182,787 5,874,030 90,889 24,166,835 75,414 2,015,841217,150 331,322 412,525 123,602 760,284 146,488 182,32529,942 271,150 319,562 30,105 933,702 27,917 204,923

2,622 129,791 206,399 2,482 697,431 1,960 62,165550 353 35,700 242 155,217 521 1,640

- - - - - - -1,062 82,474 95,512 958 299,709 774 35,834

339,650 4,997,877 6,943,728 248,278 27,013,178 253,074 2,502,728230,798 10,875 41,457 138,703 249 161,988 16,296

108,852 4,987,002 6,902,271 109,575 27,012,929 91,086 2,486,432

- - - - - - -

108,852 4,987,002 6,902,271 109,575 27,012,929 91,086 2,486,432

58,293 912,505 (311,109) (32,828) 25,151,739 19,032 168,241

341,051 40,943,227 77,281,737 536,162 14,513,759 589,006 15,628,3211,352 13,653 57,886 1,252 252,838 216 28,7182,801 - 817,142 - 2,665,880 - -(315) (97,789) (484,591) (6,663) (800,715) (4,462) (67,820)

- - - - - - -(210,000) - - - - - -

134,889 40,859,091 77,672,174 530,751 16,631,762 584,760 15,589,219

281,574 8,752,391 2,408,876 255,425 139,650,129 120,898 3,354,771- - - - - - -

510 - - - 309,627 - -(450) (33,204) (19,470) (358) (336,149) (912) (7,732)

- - - - - - -146,356 - - - - - -

427,990 8,719,187 2,389,406 255,067 139,623,607 119,986 3,347,039

621,172 50,490,783 79,750,471 752,990 181,407,108 723,778 19,104,499

2,435,824 98,061,818 160,579,434 2,868,290 437,872,655 918,128 177,502,774(1,038,627) (118,104,046) (225,204,610) (1,143,364) (636,681,351) (601,321) (159,152,588)

1,397,197 (20,042,228) (64,625,176) 1,724,926 (198,808,696) 316,807 18,350,186

(1,886) (1,007,220) (1,996) - (23,537,584) - (34,721)

6,194,081 251,203,549 414,089,395 5,499,457 1,349,405,122 4,100,704 132,251,760

36



Germany EquityFund

EUR

GlobalAbsolute Return

Bond Fund (7)USD

GlobalAggregateBond Fund

USD

GlobalConsumer Trends

FundEUR

GlobalConvertibles

Fund (EUR)EUR

286,786,355 - 27,249,553 53,019,318 2,837,744,071

14,363,566 18,959 - 2,322,019 2,639,74952,897 373,331 1,024,747 5,262 53,981,088

1,065,464 133 2,146 - -- 7,590 1,450 417 30,412- 56,369 57,162 - -- - 23,492 - -

15,481,927 456,382 1,108,997 2,327,698 56,651,249

7,859,661 210,739 275,404 1,293,646 25,511,825306,896 114,615 129,438 125,448 946,869451,507 37,850 76,974 171,282 1,283,508256,687 10,307 16,077 56,710 969,259

2,522 2,187 - - 23,581- 16,557 57,072 - -

112,401 14,726 6,194 35,165 1,467,6228,989,674 406,981 561,159 1,682,251 30,202,664

42,472 135,108 167,246 45,184 53,510

8,947,202 271,873 393,913 1,637,067 30,149,154

- 18,439 - - -

8,947,202 290,312 393,913 1,637,067 30,149,154

6,534,725 166,070 715,084 690,631 26,502,095

12,254,413 161,965 (2,873,938) 2,714,673 246,636,767- 931,844 (62,840) 27,481 193,651,498- (14,078) (86,955) - (2,723,756)- 754,710 55,504 (737,564) (398,096)- (8,617) 223,319 - -- 134,546 (504) - -

12,254,413 1,960,370 (2,745,414) 2,004,590 437,166,413

63,105,011 147,169 5,666,428 (3,768,993) (245,535,323)- (562,687) 6,160 - 37,826,747- 3,859 18,595 - -- 2,512 23,114 (43,057) (111,512)- (8,784) (44,942) - -- (70,885) (339) - -

63,105,011 (488,816) 5,669,016 (3,812,050) (207,820,088)

81,894,149 1,637,624 3,638,686 (1,116,829) 255,848,420

745,177,866 37,439,783 35,646,262 162,268,632 1,323,762,845(426,517,368) (5,493,907) (28,725,372) (62,172,856) (2,621,560,250)

318,660,498 31,945,876 6,920,890 100,095,776 (1,297,797,405)

(1,051,221) - (256,138) - (10,081,452)

686,289,781 33,583,500 37,552,991 151,998,265 1,785,713,634

(7) This Sub-Fund was launched on 7 October 2010.

37



Global CorporateBond Fund

USD

Global CreditBond Fund

USD

Global Duration-HedgedCorporate Bond

Fund (8)EUR

GlobalDynamic

FundUSD

GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

GlobalGovernment

Bond FundEUR

246,698,799 23,684,650 - 1,135,055,214 253,598,220 1,027,930,229 280,367,183

- - - 21,779,139 5,733,702 26,280,118 -22,362,125 1,724,844 886,777 13,427 14,327 170,535 5,999,013

32,596 - 1,255 920,942 103,767 1,093,305 14,5485,035 805 - 308 199 198,568 6,050

- - - - - - -- - - - - - -

22,399,756 1,725,649 888,032 22,713,816 5,851,995 27,742,526 6,019,611

3,722,008 234,487 184,069 12,849,791 2,053,087 21,825,546 691,545378,282 114,861 71,475 767,880 279,955 699,968 183,654338,246 52,938 36,126 680,310 199,397 1,064,710 182,351237,385 15,330 13,374 449,037 115,058 700,213 113,450

329 - 6,553 3,090 302 265 1,185- - - - - - -

406,437 11,677 8,619 792,676 179,890 731,883 94,8495,082,687 429,293 320,216 15,542,784 2,827,689 25,022,585 1,267,034

495,410 137,615 88,702 180,473 94,641 57,549 202,549

4,587,277 291,678 231,514 15,362,311 2,733,048 24,965,036 1,064,485

- - - - - - -

4,587,277 291,678 231,514 15,362,311 2,733,048 24,965,036 1,064,485

17,812,479 1,433,971 656,518 7,351,505 3,118,947 2,777,490 4,955,126

9,673,471 624,058 (486,588) 130,157,466 15,883,143 72,799,611 (4,899,570)36,721,273 1,580,329 1,415,982 2,012,928 6,305,591 4,167,459 13,587,530

(3,870,252) (136,113) (599,768) - 506,081 17,215,035 493,798(3,974,645) 35,110 10,368 767,499 76,605 (3,723,495) 967,015

- - - - - - -(79,438) (22,208) (7,303) - - - -

38,470,409 2,081,176 332,691 132,937,893 22,771,420 90,458,610 10,148,773

7,678,281 943,747 (860,267) 200,555,580 39,496,446 32,280,864 (18,785,709)(3,526,297) 297,954 219,690 126,194 1,010,831 (6,586,903) 2,916,148

262,157 18,438 (99,820) - - 826,611 (104,601)176,686 8,149 (28,393) (9,358) 15,579 5,617 (31,892)

- - - - - - -- - - - - - -

4,590,827 1,268,288 (768,790) 200,672,416 40,522,856 26,526,189 (16,006,054)

60,873,715 4,783,435 220,419 340,961,814 66,413,223 119,762,289 (902,155)

557,219,664 12,376,327 46,628,528 252,115,863 23,261,620 1,408,540,898 422,015,347(273,317,141) (2,055,133) (10,025,637) (462,029,276) (54,569,628) (987,433,693) (445,974,209)

283,902,523 10,321,194 36,602,891 (209,913,413) (31,308,008) 421,107,205 (23,958,862)

(5,867,901) (497) - (699,288) (238,279) (592,351) -

585,607,136 38,788,782 36,823,310 1,265,404,327 288,465,156 1,568,207,372 255,506,166

(8) This Sub-Fund was launched on 16 September 2010.

38



Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

GlobalInfrastructure

Trends FundEUR

Global NaturalResources

FundEUR

42,158,840 36,196,348 3,233,437 1,912,587,338

- 557,871 102,695 21,454,0342,268,608 1,121 284 631,306

3,599 28,137 - -8,796 512 - 25,372

- - - -- - - -

2,281,003 587,641 102,979 22,110,712

289,095 618,090 58,491 47,246,689174,173 120,737 52,180 1,284,326103,395 114,457 27,806 2,045,50189,536 22,133 2,050 1,476,249

- - - 803- - - -

85,023 13,018 2,807 1,363,187741,222 888,435 143,334 53,416,755255,210 119,001 67,238 196

486,012 769,434 76,096 53,416,559

- - - -

486,012 769,434 76,096 53,416,559

1,794,991 (181,793) 26,883 (31,305,847)

123,721 4,581,077 211,025 92,157,469(1,052,978) 640,262 (10,688) (797,338)

110,318 - - -755,174 6,217 (5,509) (7,471,138)

- - - -- - - -

(63,765) 5,227,556 194,828 83,888,993

(6,283,460) 8,307,778 (15,357) 156,393,452(4,616,532) 96,625 (2,014) -

(28,061) - - -(939) (657) (70) (116,250)

- - - -- - - -

(10,928,992) 8,403,746 (17,441) 156,277,202

(9,197,766) 13,449,509 204,270 208,860,348

421,393,078 44,442,119 1,432,765 3,848,233,559(85,970,953) (33,257,249) (134,422) (2,902,526,341)

335,422,125 11,184,870 1,298,343 945,707,218

(208,222) (875) - -

368,174,977 60,829,852 4,736,050 3,067,154,904

39



Global RealEstate Securities

Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

Global Short DurationBond Fund

USD

Global SociallyResponsible

FundUSD

Global StrategicBond Fund

USD

HighbridgeAsia Pacific

STEEP Fund (9)USD

Highbridge DiversifiedCommodities

Fund (10)USD

27,856,852 4,741,898 217,229,216 72,946,730 25,147,773 - -

1,647,068 808,647 - 1,897,377 - - -640 970 13,511,539 3,072 8,916,511 8,338 47,982

28,718 27,310 39,870 - 5,066 - -757 200 10,420 229 6,002 174 -

- - - - 284,375 215,218 -- - - - - - -

1,677,183 837,127 13,561,829 1,900,678 9,211,954 223,730 47,982

672,103 - 1,917,232 1,488,709 1,704,234 82,310 418,190241,988 237,070 342,242 104,555 309,675 41,795 -

81,567 38,075 266,911 86,098 225,328 25,297 68,55025,442 3,679 222,057 46,555 133,199 2,686 32,030

464 137 6,428 - 57,416 269 894- - - - 1,917,319 - -

20,968 6,105 281,492 18,527 127,030 8,585 22,0891,042,532 285,066 3,036,362 1,744,444 4,474,201 160,942 541,753

196,068 238,463 343,166 - 421,746 62,005 25,897

846,464 46,603 2,693,196 1,744,444 4,052,455 98,937 515,856

- 4,762 - - 430,449 92 97,497

846,464 51,365 2,693,196 1,744,444 4,482,904 99,029 613,353

830,719 785,762 10,868,633 156,234 4,729,050 124,701 (565,371)

4,331,450 (435,386) 6,592,898 7,380,055 4,409,939 4 (3,609)812,004 878,258 (13,133,979) (30,929) 14,203,684 394,853 (552,764)

- (9,276) (1,633,919) - (9,134,306) (2,408) (973,857)(120,922) (750,247) (296,570) 98,791 710,276 16,196 (56,282)

- - - - 2,530,966 - -- - - - 3,931,991 (1,084,294) (3,675,577)

5,022,532 (316,651) (8,471,570) 7,447,917 16,652,550 (675,649) (5,262,089)

4,303,405 (2,442,069) 17,534,965 9,744,967 (22,038) - (11,618)(68,625) - (3,861,444) - 227,864 84,180 855,527

- 6,112 (4,030) - 85,321 - 519,0603,656 (1,915) 195,726 (7,500) 69,039 363 (12)

- - - - (396,700) - -- - - - (1,328,312) 458,621 (15,027,417)

4,238,436 (2,437,872) 13,865,217 9,737,467 (1,364,826) 543,164 (13,664,460)

10,091,687 (1,968,761) 16,262,280 17,341,618 20,016,774 (7,784) (19,491,920)

57,942,574 65,105,412 631,834,643 12,741,357 779,708,646 33,021,036 293,234,305(14,682,000) - (250,479,306) (6,060,180) (183,924,501) (17,306,151) (22,640,638)

43,260,574 65,105,412 381,355,337 6,681,177 595,784,145 15,714,885 270,593,667

(482) - (673,072) (116,849) (266,678) - -

81,208,631 67,878,549 614,173,761 96,852,676 640,682,014 15,707,101 251,101,747

(9) This Sub-Fund was launched on 13 December 2010.(10) This Sub-Fund was launched on 4 March 2011.

40



HighbridgeEurope STEEP

FundEUR

HighbridgeUS STEEP

FundUSD

JapanDynamic

FundJPY

JapanMarket Neutral

Fund (11)JPY

JF ASEANEquity

FundUSD

JF AsiaAlpha Plus

FundUSD

168,540,331 706,157,798 490,650,883 - 50,180,087 34,135,306

- - 9,056,132 176,328 4,096,299 1,921,482838,298 1,533,620 - - 10,853 4,742

- - 43,713 - - -1,339 136 2,208 - 673 974

4,218,689 12,218,451 - - - -- - - - - -

5,058,326 13,752,207 9,102,053 176,328 4,107,825 1,927,198

1,316,100 9,951,656 7,497,045 917,503 2,408,400 1,599,304274,142 589,280 6,264,970 - 424,896 242,188138,588 625,264 3,226,272 312,725 196,359 123,57558,083 386,883 254,056 130,673 92,922 54,208

1,631 17,125 - - - 178- - - - - -

34,193 336,875 103,122 92,146 33,905 21,9091,822,737 11,907,083 17,345,465 1,453,047 3,156,482 2,041,362

150,586 135,244 7,849,207 232,274 139,869 11,884

1,672,151 11,771,839 9,496,258 1,220,773 3,016,613 2,029,478

48,462 3,209,139 - - - 392,389

1,720,613 14,980,978 9,496,258 1,220,773 3,016,613 2,421,867

3,337,713 (1,228,771) (394,205) (1,044,445) 1,091,212 (494,669)

(131,129) 14,234 (11,766,903) 1,025,036 11,978,573 18,608,9341,342,357 1,536,594 - 4,095,170 123,674 24,808

- - - - - (392,274)(144,833) 45,386 47 8,711 (18,439) (161,937)

- - - - - -15,165,982 183,520,437 - - - (55,183)

16,232,377 185,116,651 (11,766,856) 5,128,917 12,083,808 18,024,348

(307,418) (96,492) 5

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