JPMorgan Funds Audited Annual Report - JP Morgan Asset ...

JPMorgan Funds 

Unaudited Semi-Annual Report 

31 December 2013

This report is an abridged version of the unaudited semi-annual report established in conformity with the Luxembourg 

Law of 17 December 2010 on Undertakings for Collective Investment. The complete version is available on request from 

the Company’s registered office in Luxembourg and from JPMorgan Funds (Asia) Limited. 

This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Hong 

Kong Offering Document which is available free of charge on request, supplemented by the most recent audited annual 

report of the Fund and any subsequent unaudited semi-annual report, from JPMorgan Funds (Asia) Limited. 

Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Hong Kong. Accordingly, no 

reference is made to these sub-funds in this unaudited semi-annual report. The attention of the investors is drawn to the 

fact that certain figures in this unaudited semi-annual report are expressed on a consolidated basis and, thus, include 

the assets of those sub-funds which are not registered in Hong Kong.


Unaudited Semi-Annual Report 

As at 31 December 2013 

Contents 

Board of Directors 1 

Management and Administration 2 

Unaudited Financial Statements and Statistical Information 

Combined Statement of Net Assets 4 

Combined Statement of Operations and Changes in Net Assets 11 

Statement of Changes in the Number of Shares 18 

Statistical Information 28 

Notes to the Unaudited Financial Statements 39 

Schedules of Investments 

JPMorgan Funds - America Equity Fund 51 

JPMorgan Funds - Asia Local Currency Debt Fund 53 

JPMorgan Funds - Asia Pacific Income Fund 56 

JPMorgan Funds - Brazil Equity Fund 62 

JPMorgan Funds - China Fund 64 

JPMorgan Funds - Eastern Europe Equity Fund 65 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 67 

JPMorgan Funds - Emerging Markets Debt Fund 69 

JPMorgan Funds - Emerging Markets Dividend Fund 76 

JPMorgan Funds - Emerging Markets Equity Fund 79 

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 82 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 87 

JPMorgan Funds - Emerging Markets Opportunities Fund 93 

JPMorgan Funds - Emerging Middle East Equity Fund 96 

JPMorgan Funds - Euroland Equity Fund 98 

JPMorgan Funds - Euroland Select Equity Fund 101 

JPMorgan Funds - Europe Dynamic Fund 104 

JPMorgan Funds - Europe Equity Fund 107 

JPMorgan Funds - Europe Small Cap Fund 110 

JPMorgan Funds - Europe Technology Fund 114 

JPMorgan Funds - Germany Equity Fund 116 

JPMorgan Funds - Global Consumer Trends Fund 117 

JPMorgan Funds - Global Convertibles Fund (EUR) 120 

JPMorgan Funds - Global Dynamic Fund 124 

JPMorgan Funds - Global Focus Fund 128 

JPMorgan Funds - Global Government Bond Fund 132 

JPMorgan Funds - Global Natural Resources Fund 135 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 137 

JPMorgan Funds - Global Unconstrained Equity Fund 140 

JPMorgan Funds - Greater China Fund 143 

JPMorgan Funds - Hong Kong Fund 144 

JPMorgan Funds - India Fund 145 

JPMorgan Funds - Indonesia Equity Fund 146 

JPMorgan Funds - Japan Equity Fund 147 

JPMorgan Funds - Korea Equity Fund 149 

JPMorgan Funds - Latin America Equity Fund 151 

JPMorgan Funds - Russia Fund 153 

JPMorgan Funds - Singapore Fund 155 

JPMorgan Funds - Taiwan Fund 156 

JPMorgan Funds - US Aggregate Bond Fund 157 

JPMorgan Funds - US Growth Fund 174 

JPMorgan Funds - US High Yield Plus Bond Fund 176 

JPMorgan Funds - US Small Cap Growth Fund 183 

JPMorgan Funds - US Technology Fund 185 

JPMorgan Funds - US Value Fund 186 

Appendix: Unaudited Additional Disclosures 

Fund Total Expense Ratios 189 

Summary of Investment Objectives of the Sub-Funds 201 

Performance and Volatility 204 

Interest Rate Received/(Charged) on Bank Accounts 215 

Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 215 

Portfolio Turnover Ratio 216 

Calculation Method of the Risk Exposure 217 

Historical Statements of Changes in the Number of Shares 218


Board of Directors 

Chairman 

Iain O.S. Saunders 

Duine, Ardfern 

Argyll PA31 8QN 

United Kingdom 

Directors 

Jacques Elvinger 

Elvinger, Hoss & Prussen 

2, place Winston Churchill 

B.P. 425 

L-2014 Luxembourg 

Grand Duchy of Luxembourg 

Jean Frijns 

Antigonelaan 2 

NL-5631 LR Eindhoven 

The Netherlands 

Berndt May 

JPMorgan Asset Management (Europe) S.à r.l. 

Austrian Branch 

Führichgasse 8 

A-1010 Vienna 

Austria 

John Li How Cheong 

The Directors’ Office 

19 rue de Bitbourg 



Peter Thomas Schwicht 

JPMorgan Asset Management (UK) Limited 

Finsbury Dials 

20 Finsbury Street 

London EC2Y 9AQ 


Registered Office 

6, route de Trèves 

L-2633 Senningerberg 


1


Management and Administration 

Management Company, Registrar and Transfer Agent, 

Global Distributor and Domiciliary Agent 


European Bank & Business Centre 




Investment Managers 

J.P. Morgan Investment Management Inc. 

245 Park Avenue 

New York, NY 10167 

United States of America 

JPMorgan Asset Management (Japan) Limited 

Tokyo Building 

7 - 3, Marunouchi 2 - Chome, Chiyoda-ku 

Tokyo 100 - 6432 

Japan 






JPMorgan Asset Management (Taiwan) Limited 

20F, 1, Songzhi Rd, Xinyi Dist 

Taipei City 110 

Taiwan (R.O.C.) 

JF Asset Management Limited 

21st Floor, Chater House 

8 Connaught Road Central 

Hong Kong 

JPMorgan Asset Management (Singapore) Limited 

168 Robinson Road 

17th Floor, Capital Tower 

Singapore 068912 

Highbridge Capital Management, LLC 

9 West 57th Street 



Custodian, Corporate, Administrative Agent and Paying Agent 

J.P. Morgan Bank Luxembourg S.A. 





Auditor 

PricewaterhouseCoopers, Société coopérative 

400, Route d’Esch 

B.P. 1443 



Legal Adviser 



B.P. 425 



2

This page has been left blank intentionally 

3


Combined Statement of Net Assets 



Combined 

USD 

America 

Equity 

Fund 

USD 

Asia 

Local Currency 

Debt Fund 

USD 

Asia 

Pacific Income 

Fund 

USD 

Assets 

Investments in Securities at Market Value 80,029,599,145 1,162,040,700 35,666,828 3,471,041,500 

Acquisition Cost: 74,028,700,117 921,090,419 38,163,971 3,583,877,752 

Investment in TBAs at Market Value * 53,942,559 - - - 

Cash at Bank and at Brokers 1,135,414,835 8,502,864 1,118,621 33,057,967 

Time Deposits and Cash Equivalents 152,776,370 - - 49,862,872 

Amounts Receivable on Sale of Investments 322,741,085 - - 48,366,676 

Amounts Receivable on Sale of TBAs * 3,808,872 - - - 

Amounts Receivable on Subscriptions 393,963,688 17,627,739 129 2,416,013 

Interest and Dividends Receivable, Net 314,928,635 238,367 367,627 24,018,671 

Tax Reclaims Receivable 11,355,713 13,085 - - 

Fee Waiver ** 551,439 208 11,332 946 

Other Receivables 1,073,222 - - 758 

Unrealised Net Gain on Forward Foreign Exchange Contracts 63,579,926 - - 22,402,823 

Unrealised Net Gain on Financial Futures Contracts 10,416,605 - - 1,070,313 

Derivatives Instruments at Market Value 10,171,330 - - - 

Total Assets 82,504,323,424 1,188,422,963 37,164,537 3,652,238,539 

Liabilities 

Bank and Broker Overdraft 50,156,087 - - 100,625 

Open Short Positions on TBAs * 3,797,547 - - - 

Amounts Payable on Purchase of Investments 348,416,544 - - 14,156,773 

Amounts Payable on Purchase of TBAs * 53,981,564 - - - 

Amounts Payable on Redemptions 308,889,920 6,831,344 36,199 42,721,233 

Management and Advisory Fees Payable 78,782,780 1,355,899 17,890 4,994,977 

Performance Fees 17,271,326 - - - 

Other Payables*** 26,917,189 137,665 23,291 906,767 

Unrealised Net Loss on Forward Foreign Exchange Contracts 25,142,564 45,419 11,430 - 

Unrealised Net Loss on Financial Futures Contracts 919,013 - - - 

Derivatives Instruments at Market Value 9,637,621 - - - 

Total Liabilities 923,912,155 8,370,327 88,810 62,880,375 

Total Net Assets 81,580,411,269 1,180,052,636 37,075,727 3,589,358,164 

Historical Total Net Assets 

30 June 2013 69,768,444,706 763,368,811 46,989,118 4,549,560,393 

30 June 2012 49,476,484,549 487,441,808 35,646,851 97,564,972 

30 June 2011 61,579,868,848 469,176,243 26,568,104 119,798,297 

30 June 2010 44,088,150,386 373,415,446 9,675,813 108,088,203 

* Please refer to Note 2l). 

** Please refer to Note 7a). 

*** Other Payables 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. 

4


Combined Statement of Net Assets (continued) 


Brazil 

Equity 

Fund 

USD 

China 

Fund 

USD 

Eastern Europe 

Equity 

Fund 

EUR 

Emerging Europe, 

Middle East and 

Africa Equity Fund 

USD 

Emerging 

Markets Debt 

Fund 

USD 

Emerging Markets 

Dividend 

Fund 

USD 


Equity 

Fund 

USD 

320,604,231 2,171,449,780 655,036,730 559,965,115 1,404,314,091 93,649,906 5,221,760,595 

361,676,306 1,863,735,057 686,648,608 540,560,868 1,453,665,688 94,780,741 4,092,459,305 

- - - - - - - 

6,593,101 21,116,233 - 5,276,501 1,283,932 1,436,082 - 

- - - - - - - 

125,085 36,156,157 32,710 - - - - 

- - - - - - - 

1,887,625 10,660,574 432,001 769,000 350,237 148,536 4,931,432 

1,343,366 248 1,456,099 586,407 23,839,071 244,499 2,141,753 

- - - - - - - 

- - - - 4,157 18,188 - 

- 1,013 - - 1,051 - 1,054 

- - - - 377,537 - - 

- - - - 745,351 - - 

85,000 - - - 305,145 - - 

330,638,408 2,239,384,005 656,957,540 566,597,023 1,431,220,572 95,497,211 5,228,834,834 

- - 321,858 - 846,582 - 406,507 

- - - - - - - 

- 15,407,575 - - - - - 

- - - - - - - 

2,021,231 9,733,337 2,359,436 2,444,247 14,373,257 8,156 8,467,409 

450,630 3,232,522 799,700 622,782 1,170,841 81,234 4,184,759 

- - - - - - - 

56,814 14,653,113 149,173 129,306 240,972 43,406 663,777 

- - - - - 162,980 9,844 

- - - - - - - 

- - - - - - - 

2,528,675 43,026,547 3,630,167 3,196,335 16,631,652 295,776 13,732,296 

328,109,733 2,196,357,458 653,327,373 563,400,688 1,414,588,920 95,201,435 5,215,102,538 

409,868,248 2,082,791,008 627,552,460 537,872,234 1,534,463,913 102,908,453 5,175,815,410 

629,029,937 2,309,935,704 679,673,668 540,112,642 864,838,358 - 5,878,841,645 

718,021,664 3,541,070,027 1,018,982,368 792,057,161 361,085,920 - 9,057,075,068 

288,795,857 3,435,434,476 941,639,605 619,492,702 167,809,729 - 6,562,754,178 

5





Investment Grade 

Bond Fund 

USD 



Debt Fund 

USD 


Opportunities 

Fund 

USD 

Emerging Middle 

East Equity 

Fund 

USD 

Euroland 

Equity 

Fund 

EUR 

Euroland 

Select Equity 

Fund 

EUR 

Europe 

Dynamic 

Fund 

EUR 

382,069,790 2,965,892,552 2,535,160,731 243,658,553 256,994,631 85,639,337 674,765,844 

402,565,970 3,289,290,904 2,480,985,881 224,829,458 215,852,942 70,592,509 621,507,018 

- - - - - - - 

21,186,225 175,197,932 4,415,163 1,735,155 1,223,668 1,026,158 6,500,562 

- - - - - - - 

- - - 711,852 - - 115,030 

- - - - - - - 

1,500 1,874,643 9,642,551 540,819 3,107,753 22,839 35,265,871 

6,005,608 48,406,777 3,284,016 12,192 11,029 - 1,035,629 

- - - - 523,741 69,591 719,888 

- 752 - 169 3,927 - 46 

- - - - 3,047 - 8,855 

- - - - 933 - - 

532,797 - - - - - 12,347 

- 1,384,646 - - - - - 

409,795,920 3,192,757,302 2,552,502,461 246,658,740 261,868,729 86,757,925 718,424,072 

533,880 - - - - - 27,189 

- - - - - - - 

- - 1,878,033 - - - 264,352 

- - - - - - - 

66,368 27,380,000 2,212,789 1,159,372 1,799,851 48,924 5,208,864 

206,503 2,132,264 2,149,478 317,524 311,246 89,014 716,816 

- - - - - - - 

54,764 1,070,071 365,394 88,526 52,540 16,339 87,265 

1,452,082 3,126,778 33,177 - - - 124,893 

- 226,766 - - - - - 

- - - - - - - 

2,313,597 33,935,879 6,638,871 1,565,422 2,163,637 154,277 6,429,379 

407,482,323 3,158,821,423 2,545,863,590 245,093,318 259,705,092 86,603,648 711,994,693 

413,856,852 3,965,144,539 1,683,905,683 277,587,342 181,198,844 61,111,168 152,920,231 

275,100,089 1,440,961,433 396,331,105 286,037,653 164,389,167 44,596,125 153,477,003 

24,652,664 766,551,145 238,190,162 368,241,383 526,908,614 90,744,614 201,262,323 

- 474,595,650 150,174,353 316,270,641 594,371,470 7,845,016 258,699,413 

6




Europe Equity 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Technology 

Fund 

EUR 

Germany Equity 

Fund 

EUR 

Global 

Consumer Trends 

Fund 

EUR 

Global 

Convertibles 

Fund (EUR) 

EUR 

Global 

Dynamic 

Fund 

USD 

364,315,529 346,252,105 188,178,225 449,904,006 90,276,339 1,968,969,077 1,214,337,687 

296,027,975 290,060,887 153,347,982 336,216,465 89,011,075 1,923,425,934 971,405,359 

- - - - - - - 

2,116,518 624,361 16,924 886,691 3,030,609 1,783,795 2,074,714 

- - - - - - - 

- 2,814,338 - - 1,042,757 - - 

- - - - - - - 

5,897,130 8,924,029 2,210,771 3,226,740 254,771 10,559,743 910,152 

502,426 277,904 86,622 183 65,532 5,756,872 858,506 

836,986 524,848 161,949 140,108 4,018 - 338,900 

- - - - 80 - - 

4,745 9,786 - - 165 361 8,398 

- - - - - 3,931,396 40,873 

4,468 - - - - - - 

- - - - - - - 

373,677,802 359,427,371 190,654,491 454,157,728 94,674,271 1,991,001,244 1,218,569,230 

12,287 - - - - - - 

- - - - - - - 

- 4,584,553 - 141,594 161,140 1,033,385 - 

- - - - - - - 

2,502,880 2,978,644 756,325 3,900,976 142,767 4,711,050 847,443 

484,535 459,503 260,074 721,762 139,050 2,008,208 763,988 

- - - - - - - 

64,189 50,609 25,250 25,514 17,296 190,149 122,382 

- 34 - - 1,412 - - 

- - - - - - - 

- - - - - - - 

3,063,891 8,073,343 1,041,649 4,789,846 461,665 7,942,792 1,733,813 

370,613,911 351,354,028 189,612,842 449,367,882 94,212,606 1,983,058,452 1,216,835,417 

273,527,627 192,163,852 93,016,121 325,771,628 132,915,856 1,474,704,995 1,048,266,705 

333,636,325 164,922,589 87,185,706 392,416,534 106,021,057 1,108,872,713 943,386,579 

460,043,395 251,203,549 132,251,760 686,289,781 151,998,265 1,785,713,634 1,265,404,327 

444,504,471 221,762,214 94,831,796 286,786,355 53,019,318 2,837,744,071 1,135,055,214 

7




Global 

Focus 

Fund 

EUR 

Global 

Government 

Bond Fund 

EUR 

Global Natural 

Resources 

Fund 

EUR 

Global Real 

Estate Securities 

Fund (USD) 

USD 

Global 

Unconstrained Equity 

Fund 

USD 

Greater 

China 

Fund 

USD 

Hong Kong 

Fund 

USD 

1,325,065,324 111,551,221 821,415,609 137,113,515 339,700,796 1,695,650,704 136,424,987 

1,089,788,621 119,411,780 1,019,906,839 132,472,278 284,670,915 1,456,894,055 115,684,957 

- - - - - - - 

2,434,293 2,571,733 964,551 761,212 478,475 4,768,570 823,200 

- - - - - - - 

- - 300 3,378 4,782,390 11,744,406 73,399 

- - - - - - - 

5,554,771 1,618,083 2,512,272 95,898 1,218,399 3,083,535 235,429 

775,803 1,281,813 534,885 431,680 158,515 - - 

1,591,836 - - 5,677 80,934 - - 

- 2,609 - - - - 5,559 

379 - - - - - - 

- 1,542,557 - 979,593 427,532 - - 

- - - - - - - 

- - - - - - - 

1,335,422,406 118,568,016 825,427,617 139,390,953 346,847,041 1,715,247,215 137,562,574 

50 9,248 - - - - - 

- - - - - - - 

- 813,499 - - - 2,549,305 130,649 

- - - - - - - 

3,081,896 350,623 4,319,830 209,806 128,823 10,140,450 191,916 

1,582,358 28,825 1,180,467 110,638 205,201 1,915,939 180,453 

- - - - - - - 

118,844 17,515 139,657 26,004 100,545 652,751 51,818 

5,090,716 - - - - - - 

3,591 17,891 - - - - - 

- - - - - - - 

9,877,455 1,237,601 5,639,954 346,448 434,569 15,258,445 554,836 

1,325,544,951 117,330,415 819,787,663 139,044,505 346,412,472 1,699,988,770 137,007,738 

1,304,518,654 174,419,290 817,799,921 138,555,388 290,701,432 1,118,025,372 129,901,783 

1,234,679,493 532,024,391 1,602,850,013 65,477,486 247,255,296 643,446,772 111,375,667 

1,568,207,372 255,506,166 3,067,154,904 81,208,631 288,465,156 857,813,841 153,759,093 

1,027,930,229 280,367,183 1,912,587,338 27,856,852 253,598,220 684,691,268 170,855,931 

8




India 

Fund 

USD 

Indonesia 

Equity 

Fund 

USD 

Japan 

Equity 

Fund (1) 

JPY 

Korea 

Equity 

Fund 

USD 

Latin America 

Equity 

Fund 

USD 

Russia 

Fund 

USD 

Singapore 

Fund 

USD 

1,424,981,121 455,302,037 87,493,519,400 201,097,291 1,391,197,445 726,771,090 110,813,046 

1,030,253,799 602,890,977 75,223,218,167 190,837,818 1,301,178,125 777,066,909 105,773,251 

- - - - - - - 

7,238,865 2,310,496 1,089,428,568 1,979,117 3,647,140 1,110,996 2,220,233 

- - - - - - - 

- 25,175,143 - 32,493,413 968,237 43,512 1,329,864 

- - - - - - - 

1,620,692 50,898 310,426,991 582,701 1,184,038 6,263,969 97,976 

45 63,709 59,587,006 1,860,300 3,845,408 1,737,677 126,839 

- - - - - - - 

- 8,147 - 695 - 45,091 - 

- - - 1,343 - - - 

- - 3,381,741 - - - - 

- - - 205,096 - - - 

- - - - - - - 

1,433,840,723 482,910,430 88,956,343,706 238,219,956 1,400,842,268 735,972,335 114,587,958 

- - - - - - - 

- - - - - - - 

- - - 4,887,514 3,999,132 - - 

- - - - - - - 

5,715,192 40,358 442,732,858 548,699 3,837,763 6,528,061 614,954 

2,171,903 11,605 86,069,376 214,736 1,447,842 873,976 178,766 

- - - - - - - 

294,684 69,270 4,682,524 51,784 148,890 263,111 29,690 

- - - - - - - 

- - - - - - - 

- - - - - - - 

8,181,779 121,233 533,484,758 5,702,733 9,433,627 7,665,148 823,410 

1,425,658,944 482,789,197 88,422,858,948 232,517,223 1,391,408,641 728,307,187 113,764,548 

1,602,620,888 511,489,523 245,691,640 159,915,662 1,463,869,711 917,561,995 134,252,660 

1,803,777,287 2,947,554 167,739,576 136,018,691 1,434,536,865 1,096,241,368 147,824,521 

2,756,155,861 - 207,760,434 219,143,795 1,506,133,753 2,620,754,536 186,768,532 

2,637,009,261 - 253,118,567 32,973,452 1,290,637,333 2,035,560,908 175,447,667 

(1) This Sub-Fund changed its currency to JPY on 2 December 2013. 

9




Taiwan 

Fund 

USD 

US Aggregate 

Bond 

Fund 

USD 

US Growth 

Fund 

USD 

US High 

Yield Plus 

Bond Fund 

USD 

US Small Cap 

Growth 

Fund 

USD 

US Technology 

Fund 

USD 

US Value 

Fund 

USD 

272,084,843 1,314,403,494 1,846,143,646 178,866,650 299,790,269 249,741,113 3,416,887,280 

230,767,159 1,310,321,056 1,393,562,164 177,645,405 248,346,250 191,441,744 2,709,469,558 

- - - - - - - 

1,903,283 - 4,659,664 1,989,177 5,442,540 5,713,707 6,974,118 

- - - - - - - 

4,392,141 305,179 2,017,715 11,377 272,729 - 1,655,505 

- - - - - - - 

224,734 4,666,446 3,160,745 2,568,076 2,345,999 3,912,909 11,516,554 

- 6,687,412 569,934 2,890,657 98,975 243 2,395,036 

- - 40,920 8,324 - 26,456 50,833 

- 2,050 - - - - - 

- 130 - 3,481 - 683 - 

- 1,618,916 61,095 453,510 - - 11,896 

- - - - - - - 

- - - - - - - 

278,605,001 1,327,683,627 1,856,653,719 186,791,252 307,950,512 259,395,111 3,439,491,222 

- 4,358,215 - - - - - 

- - - - - - - 

3,501,314 - 1,503,772 300,615 3,693,334 - 104,841,830 

- - - - - - - 

876,213 6,792,324 6,710,428 - 667,249 3,121,410 8,348,421 

337,319 785,015 1,530,741 55,305 405,887 313,273 3,170,719 

- - - - - - - 

87,873 165,104 150,887 31,371 41,610 46,165 242,474 

- - - - - - - 

- - - - - - - 

- - - - - - - 

4,802,719 12,100,658 9,895,828 387,291 4,808,080 3,480,848 116,603,444 

273,802,282 1,315,582,969 1,846,757,891 186,403,961 303,142,432 255,914,263 3,322,887,778 

256,132,355 2,209,832,008 1,496,668,964 112,578,251 232,079,202 197,225,870 2,604,696,046 

297,348,394 2,179,090,916 1,051,921,584 20,600,632 114,521,744 242,732,557 1,326,685,426 

623,178,924 1,434,025,816 538,452,101 - 116,839,654 215,576,507 1,134,647,834 

338,093,161 959,323,512 59,733,564 - 46,434,212 52,580,080 571,693,123 

10


Combined Statement of Operations and Changes in Net Assets 

For the Period from 1 July 2013 to 31 December 2013 


Combined 

USD 

America 

Equity 

Fund 

USD 

Asia 


Debt Fund 

USD 

Asia 


Fund 

USD 

Net Assets at the Beginning of the Period * 70,581,126,965 763,368,811 46,989,118 4,549,560,393 

Income 

Dividend Income, Net 405,717,306 3,329,987 - 61,707,399 

Interest Income, Net 505,556,015 4,657 752,062 36,622,163 

Securities Lending Income 2,116,128 - - - 

Bank Interest 408,732 132 149 11,424 

Interest on Swap Transactions 2,252,147 - - - 

Other Income 2,064,936 - - - 

Total Income 918,115,264 3,334,776 752,211 98,340,986 

Expenses 

Management and Advisory Fees 449,374,824 6,783,362 115,577 33,721,215 

Custodian, Corporate, Administration and Domiciliary Agency Fees 31,724,156 203,123 51,049 1,196,535 

Registrar and Transfer Agency Fees 4,965,394 68,559 15,836 52,548 

Taxe d’abonnement 15,950,799 233,873 7,627 952,496 

Overdraft Interest 125,580 444 807 1,708 

Interest on Swap Transactions 6,370,045 - - - 

Sundry Fees** 20,205,032 221,084 47,867 3,724,128 

528,715,830 7,510,445 238,763 39,648,630 

Less: Fee Waiver *** 6,195,498 9,558 83,511 11,721 

Total Expenses before Performance Fees 522,520,332 7,500,887 155,252 39,636,909 

Performance Fees 17,273,845 - - - 

Total Expenses 539,794,177 7,500,887 155,252 39,636,909 

Net Investment Income/(Loss) 378,321,087 (4,166,111) 596,959 58,704,077 

Net Realised Gain/(Loss) on Sale of Investments 1,137,729,336 43,146,517 (625,923) (61,106,435) 

Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 211,705,995 2,037,547 (81,048) (5,743,242) 

Net Realised Gain/(Loss) on Financial Futures Contracts 14,631,170 - - 199,375 

Net Realised Gain/(Loss) on Foreign Exchange (17,077,539) (155,379) (64,127) (282,851) 

Net Realised Gain/(Loss) on TBAs (2,654,797) - - - 

Net Realised Gain/(Loss) on Derivatives Instruments 1,620,253 - - - 

Net Realised Gain/(Loss) for the Period 1,345,954,418 45,028,685 (771,098) (66,933,153) 

Net Change in Unrealised Gain/(Loss) on Investments 4,278,616,603 137,153,847 (524,254) 129,388,250 

Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 227,089,018 928,872 (71,914) 7,911,956 

Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (971,794) - - 1,070,313 

Net Change in Unrealised Gain/(Loss) on Foreign Exchange 3,971,036 (78) 13,837 (166,884) 

Net Change in Unrealised Gain/(Loss) on TBAs 20,772 - - - 

Net Change in Unrealised Gain/(Loss) on Derivatives Instruments 11,229,505 - - - 

Net Change in Unrealised Gain/(Loss) for the Period 4,519,955,140 138,082,641 (582,331) 138,203,635 

Increase/(Decrease) in Net Assets as a Result of Operations 6,244,230,645 178,945,215 (756,470) 129,974,559 

Movements in Share Capital 

Subscriptions 33,514,858,247 619,112,756 1,646,245 441,041,881 

Redemptions (28,321,937,258) (381,324,264) (10,754,615) (1,419,217,204) 

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 5,192,920,989 237,788,492 (9,108,370) (978,175,323) 

Dividend Distribution (437,867,330) (49,882) (48,551) (112,001,465) 

Net Assets at the End of the Period 81,580,411,269 1,180,052,636 37,075,727 3,589,358,164 

* The opening balance was combined using the foreign exchange rates as at 31 December 2013. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2013 reflected a 

figure of USD 69,768,444,706. 

** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. 

*** Please refer to Note 7a). 


11


Combined Statement of Operations and Changes in Net Assets (continued) 


Brazil 

Equity 

Fund 

USD 

China 

Fund 

USD 


Equity 

Fund 

EUR 




USD 

Emerging 

Markets Debt 

Fund 

USD 


Dividend 

Fund 

USD 


Equity 

Fund 

USD 

409,868,248 2,082,791,008 627,552,460 537,872,234 1,534,463,913 102,908,453 5,175,815,410 

4,755,078 1,519,299 6,097,836 5,905,699 - 2,146,465 50,583,221 

22,601 3,395 14,984 9,100 42,734,077 305 46,596 

- 229,639 - - - - - 

- 11,820 650 4,190 11,397 454 13,939 

- - - - - - - 

- - 618,485 234,776 - - 458 

4,777,679 1,764,153 6,731,955 6,153,765 42,745,474 2,147,224 50,644,214 

2,971,580 19,201,202 4,811,163 3,882,492 7,296,096 512,490 25,326,919 

208,177 807,892 472,411 422,116 419,877 134,535 2,248,828 

44,365 87,150 46,524 47,033 78,023 25,746 198,122 

70,869 551,999 145,850 111,451 267,129 18,251 833,372 

- 191 - - - 812 2,752 

- - - - - - - 

175,053 1,046,333 153,543 189,866 1,049,508 89,994 893,035 

3,470,044 21,694,767 5,629,491 4,652,958 9,110,633 781,828 29,503,028 

1,024 7,256 4,837 7,103 25,996 116,150 16,738 

3,469,020 21,687,511 5,624,654 4,645,855 9,084,637 665,678 29,486,290 

- - - - - - - 

3,469,020 21,687,511 5,624,654 4,645,855 9,084,637 665,678 29,486,290 

1,308,659 (19,923,358) 1,107,301 1,507,910 33,660,837 1,481,546 21,157,924 

(39,048,338) 200,892,232 (4,342,636) 7,804,621 (57,868,725) (619,479) 17,962,649 

3,231 (12,465) 65,012 77,667 12,294,321 (283,450) 1,993,254 

- - - - (1,981,975) - - 

279,353 116,300 107,758 124,767 773,395 (42,393) (1,753,841) 

- - - - - - - 

(621,082) - - - (65,476) - - 

(39,386,836) 200,996,067 (4,169,866) 8,007,055 (46,848,460) (945,322) 18,202,062 

17,276,397 197,574,874 29,594,022 49,945,736 51,257,271 4,962,434 166,673,725 

- - - - 13,073,248 439,954 963,240 

- - - - 1,515,816 - - 

289,454 (36,404) 147,498 107,087 (37,317) (21,761) 245,427 

- - - - - - - 

(87,869) - - - 112,694 - - 

17,477,982 197,538,470 29,741,520 50,052,823 65,921,712 5,380,627 167,882,392 

(20,600,195) 378,611,179 26,678,955 59,567,788 52,734,089 5,916,851 207,242,378 

111,422,590 434,950,780 98,006,989 50,134,764 384,930,473 26,199,248 839,269,381 

(172,516,559) (688,995,369) (93,331,543) (81,167,682) (521,355,291) (38,573,744) (993,241,557) 

(61,093,969) (254,044,589) 4,675,446 (31,032,918) (136,424,818) (12,374,496) (153,972,176) 

(64,351) (11,000,140) (5,579,488) (3,006,416) (36,184,264) (1,249,373) (13,983,074) 

328,109,733 2,196,357,458 653,327,373 563,400,688 1,414,588,920 95,201,435 5,215,102,538 

12





Investment Grade 

Bond Fund 

USD 



Debt Fund 

USD 


Opportunities 

Fund 

USD 


East Equity 

Fund 

USD 

Euroland 

Equity 

Fund 

EUR 

Euroland 

Select Equity 

Fund 

EUR 

Europe 

Dynamic 

Fund 

EUR 

413,856,852 3,965,144,539 1,683,905,683 277,587,342 181,198,844 61,111,168 152,920,231 

- - 19,069,451 141,731 1,363,412 299,519 2,667,417 

11,106,061 117,037,431 42,727 29,004 2,832 283 4,890 

- - - - 104,670 20,681 106,315 

1,308 230,570 8,939 5,828 - - - 

- 58,417 - - - - - 

- 76,103 - - - - - 

11,107,369 117,402,521 19,121,117 176,563 1,470,914 320,483 2,778,622 

1,301,798 13,811,865 11,123,350 2,057,836 1,546,346 407,872 2,326,366 

207,530 2,134,503 1,139,130 359,631 97,837 51,006 134,671 

26,378 103,745 113,568 42,577 29,194 8,676 56,926 

65,622 567,439 475,161 62,721 54,152 17,077 97,298 

- - 3,692 1,290 - - 160 

- 4,471,144 - - - - - 

83,592 1,348,853 102,777 135,119 92,187 31,525 64,820 

1,684,920 22,437,549 12,957,678 2,659,174 1,819,716 516,156 2,680,241 

9,127 26,399 6,834 54,376 6,230 16,079 17,427 

1,675,793 22,411,150 12,950,844 2,604,798 1,813,486 500,077 2,662,814 

- - - - - - - 

1,675,793 22,411,150 12,950,844 2,604,798 1,813,486 500,077 2,662,814 

9,431,576 94,991,371 6,170,273 (2,428,235) (342,572) (179,594) 115,808 

(8,059,213) (137,131,338) (39,697,398) 6,209,733 8,545,031 1,349,811 14,401,159 

8,241,240 (45,278,975) 1,387,483 1,877 53,983 - (132,643) 

(896,680) 2,535,530 - - (419,871) 452,072 1,677,737 

20,317 (4,507,772) (1,894,450) (75,040) (16,642) - 159,557 

- - - - - - - 

- (5,308,892) - - - - - 

(694,336) (189,691,447) (40,204,365) 6,136,570 8,162,501 1,801,883 16,105,810 

4,702,282 (8,636,847) 195,016,126 (9,248,205) 31,290,303 10,970,580 43,470,292 

3,656,564 29,862,597 55,503 1,301 933 - (124,893) 

819,265 (520,547) - - 19,580 17,760 41,332 

408 2,182,111 420,751 21,399 307 - (9,416) 

- - - - - - - 

- 8,935,964 - - - - - 

9,178,519 31,823,278 195,492,380 (9,225,505) 31,311,123 10,988,340 43,377,315 

17,915,759 (62,876,798) 161,458,288 (5,517,170) 39,131,052 12,610,629 59,598,933 

119,622,932 802,889,791 1,260,126,416 41,375,490 105,234,895 29,495,369 674,235,722 

(137,307,186) (1,473,781,023) (556,287,786) (65,869,572) (64,288,193) (16,494,389) (174,084,116) 

(17,684,254) (670,891,232) 703,838,630 (24,494,082) 40,946,702 13,000,980 500,151,606 

(6,606,034) (72,555,086) (3,339,011) (2,482,772) (1,571,506) (119,129) (676,077) 

407,482,323 3,158,821,423 2,545,863,590 245,093,318 259,705,092 86,603,648 711,994,693 

13




Europe Equity 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Technology 

Fund 

EUR 


Fund 

EUR 

Global 


Fund 

EUR 

Global 

Convertibles 

Fund (EUR) 

EUR 

Global 

Dynamic 

Fund 

USD 

273,527,627 192,163,852 93,016,121 325,771,628 132,915,856 1,474,704,995 1,048,266,705 

2,444,687 1,445,443 477,755 2,547 674,427 2,080,436 6,901,436 

2,368 438 910 - 947 12,783,104 12,900 

82,325 41,719 55,647 68,195 - - 88,202 

- - - - 102 890 376 

- - - - - - - 

- - - - - - - 

2,529,380 1,487,600 534,312 70,742 675,476 14,864,430 7,002,914 

2,566,495 2,242,324 1,168,496 3,655,503 849,193 10,850,121 4,275,296 

114,580 232,203 81,788 110,156 60,559 407,524 387,983 

38,491 42,264 32,351 37,616 17,014 64,358 60,749 

82,326 74,893 42,847 97,081 23,783 421,946 186,228 

7,555 3,548 200 - - 2,246 - 

- - - - - - - 

75,530 74,416 42,669 49,223 35,727 166,979 149,487 

2,884,977 2,669,648 1,368,351 3,949,579 986,276 11,913,174 5,059,743 

4,474 21,473 5,653 3,925 4,484 4,012 10,325 

2,880,503 2,648,175 1,362,698 3,945,654 981,792 11,909,162 5,049,418 

- - - - - - - 

2,880,503 2,648,175 1,362,698 3,945,654 981,792 11,909,162 5,049,418 

(351,123) (1,160,575) (828,386) (3,874,912) (306,316) 2,955,268 1,953,496 

11,270,655 25,349,883 10,181,465 17,594,924 8,960,876 56,788,296 79,739,904 

15,944 (1,419) 37,451 - 23,694 44,180,147 1,493,671 

(397,241) - (183,852) - - (363,660) - 

(19,889) (91,062) 11,334 - (58,197) (245,890) (262,499) 

- - - - - - - 

- - - - - - - 

10,869,469 25,257,402 10,046,398 17,594,924 8,926,373 100,358,893 80,971,076 

36,038,749 29,710,154 24,195,960 57,777,907 (88,861) 14,848,843 110,702,758 

- (34) - - 1,178 23,261,797 313,777 

(82,524) - - - - - - 

(6,567) (18,707) (2,279) - (43,502) (61,591) 31,730 

- - - - - - - 

- - - - - - - 

35,949,658 29,691,413 24,193,681 57,777,907 (131,185) 38,049,049 111,048,265 

46,468,004 53,788,240 33,411,693 71,497,919 8,488,872 141,363,210 193,972,837 

120,294,912 244,040,495 112,717,017 160,820,489 18,997,357 966,713,256 143,822,286 

(66,405,852) (137,611,602) (49,343,377) (105,559,053) (66,189,479) (594,397,396) (168,264,469) 

53,889,060 106,428,893 63,373,640 55,261,436 (47,192,122) 372,315,860 (24,442,183) 

(3,270,780) (1,026,957) (188,612) (3,163,101) - (5,325,613) (961,942) 

370,613,911 351,354,028 189,612,842 449,367,882 94,212,606 1,983,058,452 1,216,835,417 

14




Global 

Focus 

Fund 

EUR 

Global 

Government 

Bond Fund 

EUR 


Resources 

Fund 

EUR 

Global Real 


Fund (USD) 

USD 

Global 


Fund 

USD 

Greater 

China 

Fund 

USD 

Hong Kong 

Fund 

USD 

1,304,518,654 174,419,290 817,799,921 138,555,388 290,701,432 1,118,025,372 129,901,783 

6,598,377 - 6,233,862 1,736,238 1,841,148 12,231,907 942,110 

5,316 1,863,084 5,467 1,464 10,933 711 - 

125,220 - - - - 117,138 14,978 

469 615 667 145 - - 173 

- - - - - - - 

- - - - - - - 

6,729,382 1,863,699 6,239,996 1,737,847 1,852,081 12,349,756 957,261 

9,704,271 205,659 7,717,230 769,154 1,140,153 10,246,244 1,106,528 

268,185 66,465 244,809 78,227 124,249 843,028 139,697 

64,753 14,210 87,182 26,862 23,768 61,350 14,123 

274,266 29,107 211,259 26,652 61,141 266,072 36,262 

770 561 158 - - 14,068 140 

- - - - - - - 

166,407 39,982 375,155 46,497 73,986 274,819 152,072 

10,478,652 355,984 8,635,793 947,392 1,423,297 11,705,581 1,448,822 

2,042 38,133 11,127 25,329 3,548 6,525 66,259 

10,476,610 317,851 8,624,666 922,063 1,419,749 11,699,056 1,382,563 

- - - - - - - 

10,476,610 317,851 8,624,666 922,063 1,419,749 11,699,056 1,382,563 

(3,747,228) 1,545,848 (2,384,670) 815,784 432,332 650,700 (425,302) 

88,617,011 (3,179,887) (106,872,071) (1,689,891) 30,544,302 71,617,113 4,771,102 

(16,756,650) 4,126,389 (53,129) 2,065,726 2,274,586 27,262 (5,565) 

(132,655) (214,803) - - - - - 

615,924 (161,907) (144,555) 27,213 (506,079) (192,864) 2,749 

- - - - - - - 

- - - - - - - 

72,343,630 569,792 (107,069,755) 403,048 32,312,809 71,451,511 4,768,286 

77,650,389 (1,855,187) 210,784,118 3,058,150 18,776,565 133,329,414 16,902,960 

5,314,028 162,059 - 647,407 565,821 - - 

(3,591) 22,126 - - - - - 

(84,685) (25,363) (13,492) 900 (11,747) (7,750) (1,075) 

- - - - - - - 

- - - - - - - 

82,876,141 (1,696,365) 210,770,626 3,706,457 19,330,639 133,321,664 16,901,885 

151,472,543 419,275 101,316,201 4,925,289 52,075,780 205,423,875 21,244,869 

415,348,084 71,191,326 150,554,245 32,922,055 67,930,308 934,235,787 46,418,233 

(543,763,437) (128,699,476) (249,737,109) (37,353,705) (63,918,864) (555,123,337) (59,330,791) 

(128,415,353) (57,508,150) (99,182,864) (4,431,650) 4,011,444 379,112,450 (12,912,558) 

(2,030,893) - (145,595) (4,522) (376,184) (2,572,927) (1,226,356) 

1,325,544,951 117,330,415 819,787,663 139,044,505 346,412,472 1,699,988,770 137,007,738 

15




India 

Fund 

USD 

Indonesia 

Equity 

Fund 

USD 

Japan 

Equity 

Fund (1) 

JPY 

Korea 

Equity 

Fund 

USD 

Latin America 

Equity 

Fund 

USD 

Russia 

Fund 

USD 

Singapore 

Fund 

USD 

1,602,620,888 511,489,523 25,135,483,230 159,915,662 1,463,869,711 917,561,995 134,252,660 

7,979,973 2,022,590 289,278,307 1,870,427 15,413,831 4,490,071 1,736,027 

9,094 22,638 481,744 15,016 20,367 17,137 520 

- - - - - - - 

- 131 24,659 223 202 11,004 508 

- - - - - - - 

- - - - - - - 

7,989,067 2,045,359 289,784,710 1,885,666 15,434,400 4,518,212 1,737,055 

13,461,545 153,590 367,273,561 1,158,607 8,798,277 6,391,062 1,169,332 

1,191,650 - 21,705,649 233,562 670,479 799,693 81,005 

111,848 8,555 6,635,468 26,725 77,813 45,264 30,289 

328,909 25,443 10,091,219 54,530 216,272 161,056 29,325 

3,876 - - 171 1,619 5,436 - 

- - - - - - - 

35,309 348,507 8,840,121 48,785 303,130 331,796 66,119 

15,133,137 536,095 414,546,018 1,522,380 10,067,590 7,734,307 1,376,070 

11,417 46,247 1,647,312 60,345 9,960 88,152 4,680 

15,121,720 489,848 412,898,706 1,462,035 10,057,630 7,646,155 1,371,390 

- - - - - - - 

15,121,720 489,848 412,898,706 1,462,035 10,057,630 7,646,155 1,371,390 

(7,132,653) 1,555,511 (123,113,996) 423,631 5,376,770 (3,127,943) 365,665 

17,029,143 (43,270,571) (707,891,410) 5,213,738 (20,814,678) (106,604,653) 4,556,584 

176,704 (273,826) 57,425,141 (577,817) (415,307) 43,083 5,590 

- - - 1,108,921 - - - 

(283,982) 1,024,047 (93,289,971) 13,308 221,845 (365,759) 50,646 

- - - - - - - 

- - - 84,648 - - - 

16,921,865 (42,520,350) (743,756,240) 5,842,798 (21,008,140) (106,927,329) 4,612,820 

(1,725,690) (108,674,578) 9,598,837,265 27,061,137 36,162,871 246,882,391 (838,706) 

- - 3,381,741 12,309 - - - 

- - - 4,893 - - - 

88,737 (20,281) (40,421,140) 11,948 572,192 378,365 (6,054) 

- - - - - - - 

- - - 26,462 - - - 

(1,636,953) (108,694,859) 9,561,797,866 27,116,749 36,735,063 247,260,756 (844,760) 

8,152,259 (149,659,698) 8,694,927,630 33,383,178 21,103,693 137,205,484 4,133,725 

183,795,158 136,946,165 94,030,100,214 152,902,093 409,459,492 200,567,779 15,651,421 

(368,820,685) (15,986,793) (39,379,662,737) (113,682,959) (500,766,214) (522,666,106) (37,989,715) 

(185,025,527) 120,959,372 54,650,437,477 39,219,134 (91,306,722) (322,098,327) (22,338,294) 

(88,676) - (57,989,389) (751) (2,258,041) (4,361,965) (2,283,543) 

1,425,658,944 482,789,197 88,422,858,948 232,517,223 1,391,408,641 728,307,187 113,764,548 


16




Taiwan 

Fund 

USD 

US Aggregate 

Bond 

Fund 

USD 

US Growth 

Fund 

USD 

US High 

Yield Plus 

Bond Fund 

USD 

US Small Cap 

Growth 

Fund 

USD 

US Technology 

Fund 

USD 

US Value 

Fund 

USD 

256,132,355 2,209,832,008 1,496,668,964 112,578,251 232,079,202 197,225,870 2,604,696,046 

5,989,502 - 4,906,426 41,571 399,922 451,842 23,044,555 

463 29,672,435 - 4,862,398 1,885 1,572 14,705 

- - - - 2 1,892 - 

- - 7,159 - 140 148 - 

- - - - - - - 

- - - - - - - 

5,989,965 29,672,435 4,913,585 4,903,969 401,949 455,454 23,059,260 

2,004,977 6,027,844 8,532,066 264,099 2,200,588 1,828,576 18,245,729 

304,741 360,595 263,443 65,540 92,870 83,873 360,306 

23,632 88,126 90,233 20,114 49,170 42,757 133,490 

66,269 297,189 262,499 17,880 68,689 64,878 701,223 

1,105 2,273 - - - - 3,132 

- - - - - - - 

171,183 567,127 144,304 74,012 49,033 88,309 213,528 

2,571,907 7,343,154 9,292,545 441,645 2,460,350 2,108,393 19,657,408 

66,009 195,990 10,670 26,243 9,466 6,430 6,140 

2,505,898 7,147,164 9,281,875 415,402 2,450,884 2,101,963 19,651,268 

- - - - - - - 

2,505,898 7,147,164 9,281,875 415,402 2,450,884 2,101,963 19,651,268 

3,484,067 22,525,271 (4,368,290) 4,488,567 (2,048,935) (1,646,509) 3,407,992 

20,485,025 16,520,713 52,323,012 208,104 20,900,434 12,189,992 100,483,106 

11 4,272,354 2,628,832 4,541,642 100,594 (8,179) 6,126,469 

- - - - - - - 

(37,394) 155 (180,132) 4,800 (61,747) (2,222) (10,910) 

- - - - - - - 

- - - - - - - 

20,447,642 20,793,222 54,771,712 4,754,546 20,939,281 12,179,591 106,598,665 

4,205,013 (35,313,118) 289,830,451 2,905,238 29,490,863 31,193,143 251,963,537 

- 3,110,351 1,337,817 445,325 - - 3,936,973 

- - - - - - - 

6,360 - 451 262 8 961 (824) 

- - - - - - - 

- - - - - - - 

4,211,373 (32,202,767) 291,168,719 3,350,825 29,490,871 31,194,104 255,899,686 

28,143,082 11,115,726 341,572,141 12,593,938 48,381,217 41,727,186 365,906,343 

103,943,200 245,222,990 474,310,314 165,218,492 197,949,971 144,274,106 1,457,772,751 

(112,279,914) (1,142,518,331) (465,653,980) (103,154,919) (175,254,470) (127,080,114) (1,104,339,656) 

(8,336,714) (897,295,341) 8,656,334 62,063,573 22,695,501 17,193,992 353,433,095 

(2,136,441) (8,069,424) (139,548) (831,801) (13,488) (232,785) (1,147,706) 

273,802,282 1,315,582,969 1,846,757,891 186,403,961 303,142,432 255,914,263 3,322,887,778 

17


Statement of Changes in the Number of Shares (continued) 


Shares Outstanding 

at the Beginning 

of the Period 

Shares Subscribed Shares Redeemed Shares Outstanding 

at the End 

of the Period 

JPMorgan Funds - America Equity Fund 

JPM America Equity A (acc) - AUD - 538,636.787 87,767.596 450,869.191 

JPM America Equity A (acc) - AUD (hedged) - 396,193.008 27,513.443 368,679.565 

JPM America Equity A (acc) - EUR 11,397.997 116,993.102 2,615.276 125,775.823 

JPM America Equity A (acc) - EUR (hedged) 648,382.566 887,925.768 422,930.424 1,113,377.910 

JPM America Equity A (acc) - HKD 6,997.383 1,617,717.072 104,700.732 1,520,013.723 

JPM America Equity A (acc) - USD 5,398,776.689 5,757,715.772 3,459,839.020 7,696,653.441 

JPM America Equity A (dist) - USD 2,840,937.510 341,501.473 444,030.144 2,738,408.839 

JPMorgan America Equity A (dist) - USD 1,056,458.431 3,597,304.212 2,194,297.501 2,459,465.142 

JPM America Equity B (acc) - USD 686,411.827 619,514.869 519,681.363 786,245.333 

JPM America Equity B (dist) - USD - 178,570.241 2,024.538 176,545.703 

JPM America Equity C (acc) - EUR (hedged) 1,541,997.578 1,779,123.271 2,262,470.223 1,058,650.626 

JPM America Equity C (acc) - USD 9,318,001.125 4,909,252.478 3,331,964.425 10,895,289.178 

JPM America Equity C (dist) - USD 6,691.932 6,105.849 - 12,797.781 

JPM America Equity D (acc) - EUR 62,794.443 74,200.969 25,377.632 111,617.780 

JPM America Equity D (acc) - EUR (hedged) 1,780,759.062 606,085.159 593,205.762 1,793,638.459 

JPM America Equity D (acc) - USD 1,591,495.835 678,262.835 267,958.708 2,001,799.962 

JPM America Equity I (acc) - USD 510,427.881 405,278.859 3,476.109 912,230.631 

JPM America Equity X (acc) - USD 1,465,608.067 51,797.818 565,368.635 952,037.250 

JPMorgan Funds - Asia Local Currency Debt Fund 

JPM Asia Local Currency Debt A (acc) - USD 2,247,157.907 66,598.228 638,145.120 1,675,611.015 

JPM Asia Local Currency Debt A (mth) - HKD 1,202,850.364 59,918.999 666,168.725 596,600.638 

JPM Asia Local Currency Debt A (mth) - USD 11,789.821 899.003 4,806.343 7,882.481 

JPM Asia Local Currency Debt C (acc) - USD 55,965.612 736.000 13,583.791 43,117.821 

JPM Asia Local Currency Debt D (acc) - USD 24,247.840 3,013.549 6,746.212 20,515.177 

JPM Asia Local Currency Debt I (acc) - USD - 3,566.659 - 3,566.659 

JPM Asia Local Currency Debt X (acc) - USD 100,000.000 - - 100,000.000 

JPMorgan Funds - Asia Pacific Income Fund 

JPMorgan Asia Pacific Income A (acc) - HKD 9,015,410.544 2,777,072.891 1,682,899.663 10,109,583.772 

JPMorgan Asia Pacific Income A (acc) - USD 5,746,414.493 1,197,576.566 1,342,452.158 5,601,538.901 

JPMorgan Asia Pacific Income A (dist) - USD 11,672,149.541 1,247,166.963 3,668,598.394 9,250,718.110 

JPMorgan Asia Pacific Income A (irc) - AUD (hedged) - 747,439.688 50,493.562 696,946.126 

JPMorgan Asia Pacific Income A (irc) - CAD (hedged) - 167,577.606 169.588 167,408.018 

JPMorgan Asia Pacific Income A (irc) - EUR (hedged) - 14,728.625 - 14,728.625 

JPMorgan Asia Pacific Income A (irc) - GBP (hedged) - 12,277.471 - 12,277.471 

JPMorgan Asia Pacific Income A (irc) - NZD (hedged) - 32,212.979 - 32,212.979 

JPMorgan Asia Pacific Income A (mth) - HKD 662,472,136.951 36,513,510.490 242,600,503.351 456,385,144.090 

JPMorgan Asia Pacific Income A (mth) - SGD 11,422,487.369 2,417,269.427 1,728,392.166 12,111,364.630 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) 25,395,248.962 6,124,357.310 2,133,390.299 29,386,215.973 

JPMorgan Asia Pacific Income A (mth) - USD 22,602,786.611 1,950,973.848 7,197,201.360 17,356,559.099 

JPMorgan Asia Pacific Income B (acc) - USD 585,613.302 - 74,571.216 511,042.086 

JPMorgan Asia Pacific Income B (mth) - USD 5.000 - - 5.000 

JPMorgan Asia Pacific Income C (dist) - USD 26,192.930 1,447.546 26,182.930 1,457.546 

JPMorgan Asia Pacific Income D (acc) - USD 1,245,542.694 67,297.511 171,494.903 1,141,345.302 

JPMorgan Asia Pacific Income D (mth) - USD 168,730.329 2,232.225 5,425.572 165,536.982 

JPMorgan Asia Pacific Income X (acc) - USD 425,841.734 9,877.930 147,530.479 288,189.185 

JPMorgan Funds - Brazil Equity Fund 

JPM Brazil Equity A (acc) - EUR 147,780.972 8,872.314 26,920.094 129,733.192 

JPM Brazil Equity A (acc) - SGD 16,295.629 5,954.389 7,838.064 14,411.954 

JPM Brazil Equity A (acc) - USD 29,310,258.987 6,702,987.024 10,247,131.013 25,766,114.998 

JPM Brazil Equity A (dist) - USD 526,429.832 53,468.064 149,903.956 429,993.940 

JPM Brazil Equity B (acc) - USD 1,879,217.591 318,571.115 877,594.307 1,320,194.399 

JPM Brazil Equity C (acc) - USD 807,547.739 309,177.613 681,085.294 435,640.058 

JPM Brazil Equity D (acc) - EUR 135,505.458 21,744.485 26,390.908 130,859.035 

JPM Brazil Equity D (acc) - USD 5,615,065.889 387,829.363 1,033,704.322 4,969,190.930 

JPM Brazil Equity I (acc) - EUR 65,500.000 - 20,000.000 45,500.000 

JPM Brazil Equity I (acc) - USD 8,733,764.994 5,075,844.269 7,299,875.928 6,509,733.335 

JPM Brazil Equity T (acc) - EUR 32,892.192 4,628.922 5,008.779 32,512.335 

JPMorgan Funds - China Fund 

JPMorgan China A (acc) - SGD 6,450.397 7,402.719 6,658.700 7,194.416 

JPMorgan China A (acc) - USD 10,171,678.604 2,088,521.276 3,278,650.490 8,981,549.390 

JPMorgan China A (dist) - HKD 8,449,518.791 7,416,503.056 5,589,222.804 10,276,799.043 

JPMorgan China A (dist) - USD 38,885,717.843 7,051,731.799 11,284,877.092 34,652,572.550 

JPMorgan China B (acc) - USD 691,669.317 343,152.476 445,721.001 589,100.792 

JPMorgan China B (dist) - USD - 1,217.411 4.106 1,213.305 

JPMorgan China C (acc) - USD 2,746,825.936 756,394.086 958,285.405 2,544,934.617 

JPMorgan China C (dist) - USD 1,862.000 - - 1,862.000 

JPMorgan China D (acc) - EUR 83,759.070 18,915.349 24,670.239 78,004.180 

JPMorgan China D (acc) - USD 5,668,000.762 326,063.268 1,193,464.904 4,800,599.126 

JPMorgan China I (acc) - USD** - 1,247.414 - 1,247.414 

JPMorgan China I (dist) - USD - 569.439 - 569.439 

JPMorgan China T (acc) - EUR 25,066.984 2,929.537 5,160.220 22,836.301 

JPMorgan China X (acc) - USD 9,436.099 3,563.157 5,349.978 7,649.278 

18






of the Period 


at the End 

of the Period 

JPMorgan Funds - Eastern Europe Equity Fund 

JPM Eastern Europe Equity A (acc) - EUR 4,174,338.154 2,239,570.610 1,165,890.281 5,248,018.483 

JPM Eastern Europe Equity A (acc) - USD 62,231.340 76,110.112 25,401.460 112,939.992 

JPM Eastern Europe Equity A (dist) - EUR 6,554,611.229 231,386.819 771,678.861 6,014,319.187 

JPMorgan Eastern Europe Equity A (dist) - EUR 3,731,758.648 326,547.918 501,009.688 3,557,296.878 

JPM Eastern Europe Equity B (acc) - EUR 1,593,499.731 829,783.439 452,168.679 1,971,114.491 

JPM Eastern Europe Equity B (dist) - EUR 12,446.000 5,893.891 9,963.813 8,376.078 

JPM Eastern Europe Equity C (acc) - EUR 3,878,926.478 1,095,131.076 580,213.832 4,393,843.722 

JPM Eastern Europe Equity D (acc) - EUR 1,112,871.045 30,213.562 217,726.719 925,357.888 

JPM Eastern Europe Equity I (acc) - EUR 700.000 23,074.547 - 23,774.547 

JPM Eastern Europe Equity X (acc) - EUR 2,780,000.000 - - 2,780,000.000 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 504,392.119 28,618.315 102,190.093 430,820.341 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD* 2,425.926 - 2,425.926 - 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 2,725,088.461 518,042.484 682,129.745 2,561,001.200 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 5,009,768.261 454,505.910 773,692.103 4,690,582.068 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 685,290.111 99,825.896 319,870.435 465,245.572 

JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD - 3,396.494 2.305 3,394.189 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,116,852.231 252,321.441 250,324.558 1,118,849.114 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 33,952.905 4,472.838 5,033.286 33,392.457 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 941,934.617 26,536.644 161,346.896 807,124.365 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 443,362.115 27,462.468 12,800.000 458,024.583 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 6,511.208 - 901.592 5,609.616 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 7,934,629.473 - - 7,934,629.473 

JPMorgan Funds - Emerging Markets Debt Fund 

JPM Emerging Markets Debt A (acc) - EUR (hedged) 3,133,510.835 1,419,354.429 2,411,063.767 2,141,801.497 

JPM Emerging Markets Debt A (acc) - GBP (hedged)* 34,814.000 - 34,814.000 - 

JPM Emerging Markets Debt A (acc) - USD 5,353,963.493 336,105.395 3,797,712.996 1,892,355.892 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 10,497,700.113 396,292.919 7,220,110.811 3,673,882.221 

JPM Emerging Markets Debt A (inc) - USD 114,660.663 951.135 10,203.921 105,407.877 

JPM Emerging Markets Debt A (irc) - AUD (hedged) 169,753.329 2,792.625 100,929.083 71,616.871 

JPM Emerging Markets Debt A (irc) - CAD (hedged) 20,251.143 949.200 135.033 21,065.310 

JPM Emerging Markets Debt A (irc) - NZD (hedged) 22,622.125 1,182.286 2,522.792 21,281.619 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 1,410,405.344 39,631.463 547,965.711 902,071.096 

JPM Emerging Markets Debt A (mth) - HKD 5,805,750.825 529,630.873 2,911,073.564 3,424,308.134 

JPM Emerging Markets Debt A (mth) - USD 58,322,698.846 1,018,410.279 13,913,398.407 45,427,710.718 

JPM Emerging Markets Debt B (acc) - EUR (hedged) 498,223.958 275,387.841 318,968.546 454,643.253 

JPM Emerging Markets Debt B (acc) - USD 171,162.792 - 148,172.412 22,990.380 

JPM Emerging Markets Debt B (inc) - EUR (hedged) - 88,303.885 4,754.635 83,549.250 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 2,887,740.585 541,351.822 1,985,359.796 1,443,732.611 

JPM Emerging Markets Debt C (acc) - USD 19,280.311 68,468.054 38,503.778 49,244.587 

JPM Emerging Markets Debt C (dist) - USD 134.759 1,805,600.001 125.201 1,805,609.559 

JPM Emerging Markets Debt C (mth) - USD* 101,788.129 - 101,788.129 - 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 3,357,663.160 192,680.785 986,481.212 2,563,862.733 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 219,500.000 724,456.426 1,626.711 942,329.715 

JPM Emerging Markets Debt I (acc) - USD - 77,440.322 907.445 76,532.877 

JPM Emerging Markets Debt I (dist) - USD - 139.063 - 139.063 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 7,091,063.866 1,100,000.000 1,100,000.000 7,091,063.866 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 840,336.111 183,434.145 27,968.000 995,802.256 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 129,107.580 8,955.276 17,939.410 120,123.446 

JPM Emerging Markets Debt X (dist) - USD 3,731.332 1,563.989 - 5,295.321 

JPMorgan Funds - Emerging Markets Dividend Fund 

JPM Emerging Markets Dividend A (acc) - EUR 1,637.032 3,741.792 274.579 5,104.245 

JPM Emerging Markets Dividend A (acc) - USD 199,517.807 1,905.528 49,855.000 151,568.335 

JPM Emerging Markets Dividend A (dist) - GBP 12,238.031 1,694.373 - 13,932.404 

JPM Emerging Markets Dividend A (div) - EUR 733.810 17,747.285 574.532 17,906.563 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) 392,430.198 467,107.729 327,748.367 531,789.560 

JPM Emerging Markets Dividend A (mth) - SGD 87,028.396 76,846.608 52,449.014 111,425.990 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) 4,318,061.831 438,365.887 1,194,983.627 3,561,444.091 

JPM Emerging Markets Dividend A (mth) - USD 72,702.092 23,166.739 11,009.426 84,859.405 

JPM Emerging Markets Dividend B (acc) - USD** - 6,068.061 - 6,068.061 

JPM Emerging Markets Dividend B (inc) - EUR - 10,163.858 - 10,163.858 

JPM Emerging Markets Dividend C (acc) - EUR 22,357.025 7,544.000 1,238.000 28,663.025 

JPM Emerging Markets Dividend D (acc) - EUR 1,092.959 660.449 287.413 1,465.995 

JPM Emerging Markets Dividend D (div) - EUR 3,314.977 7,312.261 310.618 10,316.620 

JPM Emerging Markets Dividend T (acc) - EUR 167.014 1,092.200 167.014 1,092.200 

JPM Emerging Markets Dividend T (div) - EUR 968.789 12,774.511 169.842 13,573.458 

JPM Emerging Markets Dividend X (acc) - EUR 34,339.000 13,362.000 10,297.000 37,404.000 

JPM Emerging Markets Dividend X (acc) - USD 359,273.000 79,015.000 178,441.000 259,847.000 

19






of the Period 


at the End 

of the Period 

JPMorgan Funds - Emerging Markets Equity Fund 

JPM Emerging Markets Equity A (acc) - EUR 31,646,273.974 4,183,467.366 10,298,679.404 25,531,061.936 

JPM Emerging Markets Equity A (acc) - EUR (hedged) 148,578.537 34,311.558 48,608.895 134,281.200 

JPM Emerging Markets Equity A (acc) - SGD 266,869.960 42,149.697 40,976.047 268,043.610 

JPM Emerging Markets Equity A (acc) - USD 17,487,452.754 1,941,957.232 6,203,521.604 13,225,888.382 

JPM Emerging Markets Equity A (dist) - GBP 476,218.327 58,378.145 189,714.301 344,882.171 

JPM Emerging Markets Equity A (dist) - USD 34,211,643.864 2,149,967.237 7,225,969.516 29,135,641.585 

JPM Emerging Markets Equity B (acc) - EUR - 252,635.584 19,442.587 233,192.997 

JPM Emerging Markets Equity B (acc) - USD 3,313,439.651 2,152,955.562 2,400,792.082 3,065,603.131 

JPM Emerging Markets Equity B (dist) - GBP - 251.971 0.910 251.061 

JPM Emerging Markets Equity B (dist) - USD - 30,615.359 1,224.807 29,390.552 

JPM Emerging Markets Equity C (acc) - EUR 9,707.000 17,857.776 7,866.118 19,698.658 

JPM Emerging Markets Equity C (acc) - EUR (hedged) 178,917.251 122,858.944 49,907.326 251,868.869 

JPM Emerging Markets Equity C (acc) - USD 29,135,286.719 8,274,349.399 7,173,771.293 30,235,864.825 

JPM Emerging Markets Equity C (dist) - GBP 1,118.966 3,038.545 - 4,157.511 

JPM Emerging Markets Equity C (dist) - USD 2,902,404.516 434,351.721 833,449.398 2,503,306.839 

JPM Emerging Markets Equity D (acc) - EUR 4,093,168.664 868,799.804 1,644,372.402 3,317,596.066 

JPM Emerging Markets Equity D (acc) - EUR (hedged)* 131.285 - 131.285 - 

JPM Emerging Markets Equity D (acc) - USD 2,736,468.572 615,969.160 658,851.414 2,693,586.318 

JPM Emerging Markets Equity I (acc) - EUR 4,117,596.055 132,332.392 - 4,249,928.447 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 118,161.101 50,383.760 - 168,544.861 

JPM Emerging Markets Equity I (acc) - SGD - 100.000 - 100.000 

JPM Emerging Markets Equity I (acc) - USD 30,420,675.759 2,826,776.454 2,143,016.507 31,104,435.706 

JPM Emerging Markets Equity I (dist) - GBP - 5,214.999 - 5,214.999 

JPM Emerging Markets Equity I (dist) - USD - 46,470.351 141.211 46,329.140 

JPM Emerging Markets Equity I (inc) - EUR 3,677,291.277 81,148.000 48,000.000 3,710,439.277 

JPM Emerging Markets Equity T (acc) - EUR - 2,975.646 485.614 2,490.032 

JPM Emerging Markets Equity X (acc) - EUR 100,754.727 12,171.000 9,458.000 103,467.727 

JPM Emerging Markets Equity X (acc) - USD 44,161,218.070 3,366,276.204 1,074,980.723 46,452,513.551 

JPM Emerging Markets Equity X (dist) - USD 1,176,425.302 1,293,922.648 43,533.112 2,426,814.838 

JPM Emerging Markets Equity X (inc) - EUR 19,388,283.566 7,401,641.539 2,413,622.563 24,376,302.542 

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 

JPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 67,788.789 2,888.033 16,780.875 53,895.947 

JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 258,823.008 20,967.049 127,493.293 152,296.764 

JPM Emerging Markets Investment Grade Bond A (acc) - USD 164,320.912 1,132.341 41,950.692 123,502.561 

JPM Emerging Markets Investment Grade Bond A (dist) - USD 1,659.909 1,759.197 100.000 3,319.106 

JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 647,960.822 38,809.683 47,068.185 639,702.320 

JPM Emerging Markets Investment Grade Bond B (acc) - EUR (hedged) - 12,474.584 0.290 12,474.294 

JPM Emerging Markets Investment Grade Bond B (acc) - USD 222,662.577 4,900.000 18,065.000 209,497.577 

JPM Emerging Markets Investment Grade Bond B (dist) - GBP (hedged)* 32,236.959 - 32,236.959 - 

JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged) 107,730.297 - 11,535.000 96,195.297 

JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 650,378.441 174,397.524 233,727.429 591,048.536 

JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 133,731.900 2,499.602 55,325.086 80,906.416 

JPM Emerging Markets Investment Grade Bond D (acc) - USD 42,457.972 2,561.913 12,690.537 32,329.348 

JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 196,800.000 - - 196,800.000 

JPM Emerging Markets Investment Grade Bond I (acc) - EUR 252,723.487 - - 252,723.487 

JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) - 613,577.945 110.608 613,467.337 

JPM Emerging Markets Investment Grade Bond I (acc) - USD 851,293.227 - 656,827.096 194,466.131 

JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 324,380.433 97,564.328 - 421,944.761 

JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged) 26,400.000 - - 26,400.000 

JPM Emerging Markets Investment Grade Bond X (acc) - USD - 230,088.000 4,200.000 225,888.000 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 

JPM Emerging Markets Local Currency Debt A (acc) - EUR 14,162,973.474 930,016.081 5,049,198.256 10,043,791.299 

JPM Emerging Markets Local Currency Debt A (acc) - SGD 231,370.081 263,350.383 115,690.438 379,030.026 

JPM Emerging Markets Local Currency Debt A (acc) - USD 7,681,158.796 1,621,688.974 3,596,825.964 5,706,021.806 

JPM Emerging Markets Local Currency Debt A (dist) - GBP 3,679.011 707.845 2,323.963 2,062.893 

JPM Emerging Markets Local Currency Debt A (div) - EUR 87,320.751 11,509.624 43,078.850 55,751.525 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 2,603,839.360 126,883.332 693,950.478 2,036,772.214 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) - 433,412.660 36,535.749 396,876.911 

JPM Emerging Markets Local Currency Debt A (mth) - USD 61,919,574.397 19,863,867.018 27,214,415.525 54,569,025.890 

JPM Emerging Markets Local Currency Debt B (acc) - EUR 96,995.442 24,805.260 6,308.647 115,492.055 

JPM Emerging Markets Local Currency Debt B (acc) - USD 4,128,093.008 2,091,680.156 2,063,375.229 4,156,397.935 

JPM Emerging Markets Local Currency Debt B (mth) - USD 10.000 - - 10.000 

JPM Emerging Markets Local Currency Debt C (acc) - EUR 841,970.134 267,023.519 805,197.570 303,796.083 

JPM Emerging Markets Local Currency Debt C (acc) - USD 5,802,548.571 691,827.633 2,666,120.123 3,828,256.081 

JPM Emerging Markets Local Currency Debt C (dist) - GBP 895.272 44.745 217.431 722.586 

JPM Emerging Markets Local Currency Debt C (div) - EUR - 134,698.276 - 134,698.276 

JPM Emerging Markets Local Currency Debt C (mth) - USD* 106,402.785 - 106,402.785 - 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 8,453,050.920 504,926.809 1,988,977.808 6,968,999.921 

JPM Emerging Markets Local Currency Debt D (acc) - USD 95,263.795 80,726.514 39,189.392 136,800.917 

JPM Emerging Markets Local Currency Debt D (div) - EUR 15,059,158.309 1,765,459.013 2,970,621.526 13,853,995.796 

JPM Emerging Markets Local Currency Debt D (mth) - USD 7,699.767 1,916.997 2,393.948 7,222.816 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 240,590.000 - - 240,590.000 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 381,600.000 1,561,675.000 873,510.000 1,069,765.000 

JPM Emerging Markets Local Currency Debt I (acc) - USD 299,456.329 211,909.303 92.461 511,273.171 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 2,442,551.766 635,268.308 - 3,077,820.074 

JPM Emerging Markets Local Currency Debt T (acc) - EUR 41,438.983 19,550.903 16,190.728 44,799.158 

JPM Emerging Markets Local Currency Debt T (div) - EUR 438,813.257 109,246.325 59,760.345 488,299.237 

JPM Emerging Markets Local Currency Debt X (acc) - EUR 1,800,338.624 47,187.618 464,946.192 1,382,580.050 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 585,300.000 - - 585,300.000 

JPM Emerging Markets Local Currency Debt X (acc) - USD 20,353,954.104 105,966.000 20,429,641.104 30,279.000 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR 2,126,410.013 1,913.000 11,408.000 2,116,915.013 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP 2,153,748.176 280,467.744 144,621.567 2,289,594.353 

20






of the Period 


at the End 

of the Period 

JPMorgan Funds - Emerging Markets Opportunities Fund 

JPM Emerging Markets Opportunities A (acc) - CHF (hedged) 18,355.439 9,983.114 663.930 27,674.623 

JPM Emerging Markets Opportunities A (acc) - EUR 1,636,327.193 288,087.806 1,177,072.179 747,342.820 

JPM Emerging Markets Opportunities A (acc) - SGD 18,390.509 2,039.819 11,195.138 9,235.190 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 404,988.729 76,784.105 117,069.766 364,703.068 

JPM Emerging Markets Opportunities A (acc) - USD 1,723,795.392 1,324,432.979 537,652.411 2,510,575.960 

JPM Emerging Markets Opportunities A (dist) - EUR 141,582.785 157,982.005 60,010.000 239,554.790 

JPM Emerging Markets Opportunities A (dist) - GBP 45,648.854 13,800.632 1,866.831 57,582.655 

JPM Emerging Markets Opportunities A (dist) - USD 75,678.067 76,931.261 30,605.077 122,004.251 

JPM Emerging Markets Opportunities A (inc) - EUR 14,026.000 44,224.166 46,500.000 11,750.166 

JPM Emerging Markets Opportunities B (acc) - EUR - 899,993.650 17,073.000 882,920.650 

JPM Emerging Markets Opportunities B (acc) - USD 300,839.659 261,957.180 102,020.363 460,776.476 

JPM Emerging Markets Opportunities B (dist) - EUR** - 60,269.203 1,364.582 58,904.621 

JPM Emerging Markets Opportunities B (dist) - GBP 179,078.591 74,510.924 41,835.471 211,754.044 

JPM Emerging Markets Opportunities C (acc) - PLN 99.980 2,745.559 - 2,845.539 

JPM Emerging Markets Opportunities C (acc) - USD 1,718,039.512 917,083.949 619,574.107 2,015,549.354 

JPM Emerging Markets Opportunities C (dist) - GBP 1,145,944.387 1,471,851.428 105,988.211 2,511,807.604 

JPM Emerging Markets Opportunities C (dist) - USD 465,285.600 297,393.693 59,912.667 702,766.626 

JPM Emerging Markets Opportunities D (acc) - EUR 30,179.237 13,345.190 6,473.533 37,050.894 

JPM Emerging Markets Opportunities D (acc) - PLN 411.398 145.095 163.079 393.414 

JPM Emerging Markets Opportunities D (acc) - USD 117,314.819 19,004.372 23,110.986 113,208.205 

JPM Emerging Markets Opportunities I (acc) - EUR 452,627.000 - 230,000.000 222,627.000 

JPM Emerging Markets Opportunities I (acc) - USD 615,984.000 320,300.327 90,557.268 845,727.059 

JPM Emerging Markets Opportunities T (acc) - EUR 19,855.291 4,602.414 3,887.908 20,569.797 

JPM Emerging Markets Opportunities X (acc) - EUR 947,917.882 26,473.000 25,491.000 948,899.882 

JPM Emerging Markets Opportunities X (acc) - GBP 667,894.671 1,871,625.186 25,355.653 2,514,164.204 

JPM Emerging Markets Opportunities X (acc) - USD 232,425.962 32,891.002 7,213.000 258,103.964 

JPM Emerging Markets Opportunities X (dist) - AUD - 96,894.655 - 96,894.655 

JPMorgan Funds - Emerging Middle East Equity Fund 

JPM Emerging Middle East Equity A (acc) - EUR 382,075.899 15,777.027 122,961.769 274,891.157 

JPM Emerging Middle East Equity A (acc) - SGD* 2,212.038 150.323 2,362.361 - 

JPM Emerging Middle East Equity A (acc) - USD 1,659,956.831 102,292.395 476,654.723 1,285,594.503 

JPM Emerging Middle East Equity A (dist) - USD 6,811,502.238 1,370,166.577 1,854,474.205 6,327,194.610 

JPM Emerging Middle East Equity B (acc) - USD 140,933.443 28,887.003 96,032.765 73,787.681 

JPM Emerging Middle East Equity B (dist) - USD - 7,629.927 221.475 7,408.452 

JPM Emerging Middle East Equity C (acc) - USD 5,342,479.174 354,810.085 362,190.953 5,335,098.306 

JPM Emerging Middle East Equity D (acc) - EUR 30,606.378 2,751.151 10,013.561 23,343.968 

JPM Emerging Middle East Equity D (acc) - USD 1,186,232.416 106,770.529 263,416.595 1,029,586.350 

JPM Emerging Middle East Equity I (acc) - USD 42,649.122 477.695 8,299.079 34,827.738 

JPMorgan Funds - Euroland Equity Fund 

JPM Euroland Equity A (acc) - CHF (hedged) - 1,456.275 - 1,456.275 

JPM Euroland Equity A (acc) - EUR 1,298,967.859 955,880.472 372,655.449 1,882,192.882 

JPM Euroland Equity A (acc) - GBP (hedged) - 1,445.811 - 1,445.811 

JPM Euroland Equity A (acc) - USD (hedged) - 1,452.011 - 1,452.011 

JPM Euroland Equity A (dist) - EUR 2,257,858.926 114,154.412 326,909.316 2,045,104.022 

JPMorgan Euroland Equity A (dist) - USD 4,842,099.264 9,677,317.657 4,136,647.955 10,382,768.966 

JPM Euroland Equity A (inc) - EUR 4,372.492 3,965.475 209.000 8,128.967 

JPM Euroland Equity B (acc) - EUR 287,405.096 94,795.818 190,125.780 192,075.134 

JPM Euroland Equity B (dist) - EUR 12,191.000 9,575.177 3,920.054 17,846.123 

JPM Euroland Equity C (acc) - EUR 2,241,619.639 1,091,917.345 895,290.753 2,438,246.231 

JPM Euroland Equity D (acc) - EUR 1,869,488.959 379,651.753 282,993.967 1,966,146.745 

JPM Euroland Equity I (acc) - EUR* - - - - 

JPM Euroland Equity X (acc) - EUR 1,794,511.000 70,546.000 130,188.000 1,734,869.000 

JPMorgan Funds - Euroland Select Equity Fund 

JPM Euroland Select Equity A (acc) - EUR 2,435,786.725 2,316,643.652 140,178.115 4,612,252.262 

JPM Euroland Select Equity A (dist) - EUR 1,754,315.369 90,359.903 374,180.620 1,470,494.652 

JPM Euroland Select Equity B (acc) - EUR 96,317.333 15,511.000 9,500.777 102,327.556 

JPM Euroland Select Equity C (acc) - EUR 763,019.861 476,566.676 585,080.667 654,505.870 

JPM Euroland Select Equity D (acc) - EUR 64,682.847 55,526.860 22,168.197 98,041.510 

JPM Euroland Select Equity X (acc) - EUR 1,251,683.000 25,971.000 343,668.000 933,986.000 

JPMorgan Funds - Europe Dynamic Fund 

JPM Europe Dynamic A (acc) - AUD (hedged) - 491,759.967 24,015.260 467,744.707 

JPM Europe Dynamic A (acc) - EUR 1,572,935.408 10,222,980.075 2,586,862.576 9,209,052.907 

JPM Europe Dynamic A (acc) - HKD (hedged) - 1,671,332.823 29,404.657 1,641,928.166 

JPM Europe Dynamic A (acc) - USD - 306,384.205 38,738.157 267,646.048 

JPM Europe Dynamic A (acc) - USD (hedged) - 51,462.957 3,787.870 47,675.087 

JPM Europe Dynamic A (dist) - EUR 2,716,943.515 2,531,984.085 1,615,865.675 3,633,061.925 

JPMorgan Europe Dynamic A (dist) - EUR 313,842.879 3,023,712.831 755,213.081 2,582,342.629 

JPM Europe Dynamic A (dist) - GBP 29,174.209 24,869.521 17,602.263 36,441.467 

JPM Europe Dynamic A (inc) - EUR - 422.619 8.744 413.875 

JPM Europe Dynamic B (acc) - EUR 554,046.719 1,810,243.121 777,407.376 1,586,882.464 

JPM Europe Dynamic B (acc) - USD - 7.363 - 7.363 

JPM Europe Dynamic B (dist) - EUR - 2,409.677 2.807 2,406.870 

JPM Europe Dynamic B (dist) - GBP - 235.113 - 235.113 

JPM Europe Dynamic C (acc) - EUR 1,105,277.072 6,463,572.026 1,541,782.356 6,027,066.742 

JPM Europe Dynamic D (acc) - EUR 832,175.986 937,104.713 176,655.027 1,592,625.672 

JPM Europe Dynamic D (acc) - USD** - 662.976 37.569 625.407 

JPM Europe Dynamic I (acc) - EUR 2,064,100.000 5,303,936.676 866,188.010 6,501,848.666 

JPM Europe Dynamic I (dist) - EUR - 9,825.684 3,794.925 6,030.759 

JPM Europe Dynamic I (dist) - GBP - 4,381.838 2,181.108 2,200.730 

JPM Europe Dynamic T (acc) - EUR 2,676.041 521.543 368.062 2,829.522 

JPM Europe Dynamic X (acc) - EUR** - 301,157.909 73,729.732 227,428.177 

21






of the Period 


at the End 

of the Period 

JPMorgan Funds - Europe Equity Fund 

JPM Europe Equity A (acc) - EUR 1,935,186.166 399,320.446 605,853.831 1,728,652.781 

JPM Europe Equity A (acc) - USD 1,567,000.189 391,911.387 235,708.313 1,723,203.263 

JPM Europe Equity A (dist) - EUR 4,588,417.465 380,133.382 627,001.620 4,341,549.227 

JPMorgan Europe Equity A (dist) - USD 694,135.725 2,593,561.342 828,560.351 2,459,136.716 

JPM Europe Equity B (acc) - EUR 150,729.590 21,886.004 23,310.857 149,304.737 

JPM Europe Equity B (acc) - USD - 7.363 - 7.363 

JPM Europe Equity B (dist) - EUR - 21,982.470 167.359 21,815.111 

JPM Europe Equity C (acc) - EUR 1,731,154.379 179,996.830 27,721.600 1,883,429.609 

JPM Europe Equity C (dist) - USD 1,477.190 996.163 33.929 2,439.424 

JPM Europe Equity D (acc) - EUR 1,803,291.443 426,294.460 397,795.444 1,831,790.459 

JPM Europe Equity D (acc) - USD 69,355.286 229,733.775 20,300.437 278,788.624 

JPM Europe Equity X (acc) - EUR 264,207.729 - - 264,207.729 

JPMorgan Funds - Europe Small Cap Fund 

JPM Europe Small Cap A (acc) - EUR 1,017,934.470 3,729,702.311 2,034,439.705 2,713,197.076 

JPM Europe Small Cap A (acc) - USD - 61,873.519 3,291.568 58,581.951 

JPM Europe Small Cap A (dist) - EUR 3,236,700.780 554,211.673 519,624.756 3,271,287.697 

JPMorgan Europe Small Cap A (dist) - EUR 1,276,328.801 5,480,369.875 2,150,181.863 4,606,516.813 

JPM Europe Small Cap A (dist) - GBP 63,538.065 40,787.919 10,287.612 94,038.372 

JPM Europe Small Cap B (acc) - EUR 41,753.283 743,861.537 319,027.991 466,586.829 

JPM Europe Small Cap B (dist) - EUR - 7,310.304 107.933 7,202.371 

JPM Europe Small Cap C (acc) - EUR 305,412.401 2,410,610.056 1,948,261.455 767,761.002 

JPM Europe Small Cap D (acc) - EUR 973,146.253 673,315.596 154,231.362 1,492,230.487 

JPM Europe Small Cap I (acc) - EUR 85,375.831 - 10,889.292 74,486.539 

JPMorgan Funds - Europe Technology Fund 

JPM Europe Technology A (acc) - EUR 796,832.300 1,817,782.182 805,625.457 1,808,989.025 

JPM Europe Technology A (dist) - EUR 5,424,505.598 1,535,919.212 618,037.129 6,342,387.681 

JPMorgan Europe Technology A (dist) - EUR 775,382.056 3,023,091.723 1,426,632.224 2,371,841.555 

JPM Europe Technology A (dist) - GBP 77,278.461 7,848.048 21,944.269 63,182.240 

JPM Europe Technology B (acc) - EUR 19,210.749 1,430,116.160 669,320.680 780,006.229 

JPM Europe Technology B (dist) - EUR - 2,239.620 14.620 2,225.000 

JPM Europe Technology C (acc) - EUR 60,188.674 22,875.633 2,784.934 80,279.373 

JPM Europe Technology D (acc) - EUR 1,408,651.723 1,171,292.448 398,673.740 2,181,270.431 

JPM Europe Technology X (acc) - EUR* 362.500 - 362.500 - 

JPMorgan Funds - Germany Equity Fund 

JPM Germany Equity A (acc) - EUR 3,291,912.814 1,552,214.118 645,967.026 4,198,159.906 

JPM Germany Equity A (dist) - EUR 15,164,705.546 8,975,363.623 4,992,677.587 19,147,391.582 

JPMorgan Germany Equity A (dist) - EUR 588,455.893 89,450.922 123,867.781 554,039.034 

JPM Germany Equity B (acc) - EUR 419,340.442 240,080.705 79,263.591 580,157.556 

JPM Germany Equity B (dist) - EUR - 10,453.945 10.356 10,443.589 

JPM Germany Equity C (acc) - EUR 1,038,857.381 1,023,561.015 1,212,998.126 849,420.270 

JPM Germany Equity D (acc) - EUR 28,826,550.615 4,726,303.475 6,576,880.901 26,975,973.189 

JPM Germany Equity I (acc) - EUR** - 1,369.288 - 1,369.288 

JPM Germany Equity I (dist) - EUR - 2,059.777 - 2,059.777 

JPM Germany Equity T (acc) - EUR 40,659.664 20,819.060 12,926.680 48,552.044 

JPM Germany Equity X (acc) - EUR 306,489.539 - - 306,489.539 

JPMorgan Funds - Global Consumer Trends Fund 

JPM Global Consumer Trends A (acc) - CHF (hedged) 1,384.588 151.185 61.735 1,474.038 

JPM Global Consumer Trends A (acc) - EUR 4,767,077.411 319,138.789 2,510,590.573 2,575,625.627 

JPM Global Consumer Trends A (acc) - SGD 2,894.617 3,527.995 847.312 5,575.300 

JPM Global Consumer Trends A (acc) - USD 1,719,083.236 464,417.540 299,989.398 1,883,511.378 

JPM Global Consumer Trends B (acc) - USD 51,489.000 10,457.000 28,328.000 33,618.000 

JPM Global Consumer Trends C (acc) - EUR 562,941.531 27,722.000 472,484.796 118,178.735 

JPM Global Consumer Trends C (acc) - USD 11,862.526 305.000 - 12,167.526 

JPM Global Consumer Trends D (acc) - EUR 1,266,547.240 171,731.418 740,521.988 697,756.670 

JPM Global Consumer Trends D (acc) - USD 775.492 1,505.430 - 2,280.922 

JPM Global Consumer Trends T (acc) - EUR 41,463.632 25,491.771 9,766.061 57,189.342 

JPMorgan Funds - Global Convertibles Fund (EUR) 

JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 7,090,152.685 1,016,662.052 1,644,801.525 6,462,013.212 

JPM Global Convertibles (EUR) A (acc) - EUR 28,350,419.386 18,296,599.600 7,074,805.280 39,572,213.706 

JPM Global Convertibles (EUR) A (dist) - EUR 20,359,359.186 4,739,002.777 5,616,106.831 19,482,255.132 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1,426,834.868 296,540.988 375,295.249 1,348,080.607 

JPMorgan Global Convertibles (EUR) A (dist) - USD 1,017,002.494 1,744,864.913 1,052,045.501 1,709,821.906 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1,823,249.015 747,140.000 241,628.082 2,328,760.933 

JPM Global Convertibles (EUR) B (acc) - EUR 2,408,330.558 3,492,471.361 1,442,848.369 4,457,953.550 

JPM Global Convertibles (EUR) B (dist) - EUR - 226,453.566 13,137.363 213,316.203 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 221,118.587 17,193.000 96,693.984 141,617.603 

JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 760,405.239 43,868.008 67,843.000 736,430.247 

JPM Global Convertibles (EUR) C (acc) - EUR 30,412,190.139 24,941,551.764 13,276,133.018 42,077,608.885 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 24,549.477 233,752.576 28,544.130 229,757.923 

JPM Global Convertibles (EUR) C (dist) - USD 2,698.000 539.789 - 3,237.789 

JPM Global Convertibles (EUR) D (acc) - EUR 5,945,326.785 3,585,737.981 1,446,750.807 8,084,313.959 

JPM Global Convertibles (EUR) I (acc) - EUR 9,194,799.999 8,496,679.214 10,939,262.131 6,752,217.082 

JPM Global Convertibles (EUR) I (dist) - EUR - 3,428.156 - 3,428.156 

JPM Global Convertibles (EUR) I (inc) - EUR 250,090.196 - - 250,090.196 

JPM Global Convertibles (EUR) T (acc) - EUR 1,741.220 19,001.091 35.008 20,707.303 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,191,800.000 - - 1,191,800.000 

JPM Global Convertibles (EUR) X (acc) - EUR 58,593.488 398,137.781 45,425.049 411,306.220 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)** - 37,341.188 6,700.000 30,641.188 

22






of the Period 


at the End 

of the Period 

JPMorgan Funds - Global Dynamic Fund 

JPM Global Dynamic A (acc) - CHF (hedged) 29,322.291 5,608.480 8,041.712 26,889.059 

JPM Global Dynamic A (acc) - EUR 1,001,255.898 412,456.025 213,198.530 1,200,513.393 

JPM Global Dynamic A (acc) - EUR (hedged) 232,048.795 725,230.033 103,644.178 853,634.650 

JPM Global Dynamic A (acc) - SGD 25,242.445 118,943.276 37,762.859 106,422.862 

JPM Global Dynamic A (acc) - SGD (hedged)* 62,647.405 4,509.437 67,156.842 - 

JPM Global Dynamic A (acc) - USD 3,788,297.287 402,337.263 818,911.314 3,371,723.236 

JPM Global Dynamic A (dist) - GBP 550,449.613 30,994.257 45,488.554 535,955.316 

JPM Global Dynamic A (dist) - USD 6,713,831.837 306,467.349 1,912,755.155 5,107,544.031 

JPMorgan Global Dynamic A (dist) - USD 660,291.674 2,367,527.788 1,584,595.040 1,443,224.422 

JPM Global Dynamic A (inc) - EUR 552,131.207 18,858.806 514,035.684 56,954.329 

JPM Global Dynamic B (acc) - USD 10,664,320.840 53,970.297 416,354.569 10,301,936.568 

JPM Global Dynamic B (dist) - USD - 171,825.612 2,247.179 169,578.433 

JPM Global Dynamic B (inc) - EUR - 47,517.437 1,180.841 46,336.596 

JPM Global Dynamic C (acc) - EUR 4,372,366.424 163,782.454 3,178,826.713 1,357,322.165 

JPM Global Dynamic C (acc) - EUR (hedged) 1,500,477.193 3,127.197 12,555.469 1,491,048.921 

JPM Global Dynamic C (acc) - USD 7,758,686.670 1,785,488.032 1,746,358.156 7,797,816.546 

JPM Global Dynamic C (dist) - GBP 1,724.062 4,437.403 - 6,161.465 

JPM Global Dynamic D (acc) - EUR 201,847.922 89,317.554 85,659.687 205,505.789 

JPM Global Dynamic D (acc) - EUR (hedged) 337,886.198 268,609.412 72,051.026 534,444.584 

JPM Global Dynamic D (acc) - USD 875,380.352 238,455.889 95,940.252 1,017,895.989 

JPM Global Dynamic I (acc) - EUR - 1,638.894 - 1,638.894 

JPM Global Dynamic I (acc) - EUR (hedged) 23,352.638 5,973.195 8,250.437 21,075.396 

JPM Global Dynamic I (acc) - USD 917,325.542 107,751.305 5,894.156 1,019,182.691 

JPM Global Dynamic I (dist) - USD - 325.217 - 325.217 

JPM Global Dynamic I (inc) - EUR 2,425,109.900 31,150.501 254,360.465 2,201,899.936 

JPM Global Dynamic T (acc) - EUR (hedged) 8,647.824 - 1,086.624 7,561.200 

JPM Global Dynamic X (acc) - EUR 37,325,227.692 818,040.472 - 38,143,268.164 

JPM Global Dynamic X (acc) - EUR (hedged) 87,920.000 - 9,410.395 78,509.605 

JPM Global Dynamic X (acc) - USD 66,064.271 - - 66,064.271 

JPMorgan Funds - Global Focus Fund 

JPM Global Focus A (acc) - CHF (hedged) 50,263.919 5,291.961 9,065.477 46,490.403 

JPM Global Focus A (acc) - EUR 17,046,397.890 3,475,075.431 3,440,369.063 17,081,104.258 

JPM Global Focus A (acc) - EUR (hedged) 1,463,366.774 544,771.088 287,587.022 1,720,550.840 

JPM Global Focus A (dist) - EUR 11,188,275.426 874,283.678 6,837,163.395 5,225,395.709 

JPMorgan Global Focus A (dist) - USD 4,628,632.823 357,217.908 4,126,015.644 859,835.087 

JPM Global Focus B (acc) - EUR 5,156,663.912 1,436,970.725 1,134,063.056 5,459,571.581 

JPM Global Focus B (dist) - EUR - 1,332,193.875 38,679.308 1,293,514.567 

JPM Global Focus B (dist) - USD - 5,512.330 5.359 5,506.971 

JPM Global Focus C (acc) - EUR 8,296,232.421 974,108.587 1,962,733.328 7,307,607.680 

JPM Global Focus C (acc) - EUR (hedged) 2,029,055.530 2,361,196.465 474,742.874 3,915,509.121 

JPM Global Focus C (acc) - USD** - 2,940.531 2,773.384 167.147 

JPM Global Focus D (acc) - EUR 5,312,801.650 833,104.620 927,079.368 5,218,826.902 

JPM Global Focus D (acc) - EUR (hedged) 2,598,234.018 861,030.865 374,602.955 3,084,661.928 

JPM Global Focus I (acc) - EUR 897,673.559 1,045.000 132,352.517 766,366.042 

JPM Global Focus I (acc) - USD 773,348.617 - 342,305.088 431,043.529 

JPM Global Focus T (acc) - EUR 48,248.316 48,547.377 8,082.946 88,712.747 

JPM Global Focus X (acc) - EUR 5,635,432.790 2,213,693.243 4,601,647.771 3,247,478.262 

JPMorgan Funds - Global Government Bond Fund 

JPM Global Government Bond A (acc) - EUR 1,269,295.098 1,605,610.067 1,308,408.209 1,566,496.956 

JPM Global Government Bond A (acc) - USD (hedged) 2,360,252.960 48,728.979 1,584,973.819 824,008.120 

JPM Global Government Bond B (acc) - EUR 305,447.368 227,963.738 473,954.405 59,456.701 

JPM Global Government Bond C (acc) - EUR 6,965,606.579 1,373,739.000 3,121,435.598 5,217,909.981 

JPM Global Government Bond C (dist) - GBP (hedged)* 1,485.915 - 1,485.915 - 

JPM Global Government Bond D (acc) - EUR 834,781.291 29,967.748 529,012.088 335,736.951 

JPM Global Government Bond I (acc) - EUR - 84,941.483 - 84,941.483 

JPM Global Government Bond I (acc) - USD (hedged) - 7.410 - 7.410 

JPM Global Government Bond X (acc) - EUR 730,514.470 141,627.000 33,960.000 838,181.470 

JPMorgan Funds - Global Natural Resources Fund 

JPM Global Natural Resources A (acc) - EUR 18,250,801.230 2,667,482.170 4,807,048.052 16,111,235.348 

JPM Global Natural Resources A (acc) - GBP 148,875.749 1,076.950 4,211.950 145,740.749 

JPM Global Natural Resources A (acc) - SGD 477,312.339 28,820.762 77,023.722 429,109.379 

JPM Global Natural Resources A (acc) - USD 43,671,610.800 6,203,031.410 12,512,501.580 37,362,140.630 

JPM Global Natural Resources A (dist) - EUR 14,906,381.908 1,326,487.600 3,002,802.765 13,230,066.743 

JPM Global Natural Resources B (acc) - EUR 2,241,433.734 681,959.054 618,215.714 2,305,177.074 

JPM Global Natural Resources B (acc) - USD - 377.384 1.433 375.951 

JPM Global Natural Resources B (dist) - EUR - 89,495.122 4,666.064 84,829.058 

JPM Global Natural Resources C (acc) - EUR 978,965.943 309,752.221 554,001.319 734,716.845 

JPM Global Natural Resources C (acc) - USD 2,745,368.134 227,489.332 473,261.901 2,499,595.565 

JPM Global Natural Resources D (acc) - EUR 8,241,334.786 3,262,588.814 3,774,272.536 7,729,651.064 

JPM Global Natural Resources D (acc) - USD 394,689.910 28,504.582 128,726.281 294,468.211 

JPM Global Natural Resources I (acc) - EUR 183,145.780 - - 183,145.780 

JPM Global Natural Resources I (acc) - USD - 7.361 - 7.361 

JPM Global Natural Resources I (dist) - EUR - 7.390 - 7.390 

JPM Global Natural Resources X (acc) - EUR 37,979.530 - - 37,979.530 

JPM Global Natural Resources X (dist) - AUD - 49,600.000 - 49,600.000 

23






of the Period 


at the End 

of the Period 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 

JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 1,630,852.926 362,096.669 1,331,474.028 661,475.567 

JPM Global Real Estate Securities (USD) A (acc) - USD 4,400,537.604 263,665.012 1,296,496.708 3,367,705.908 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 21,263.983 425.504 9,625.300 12,064.187 

JPM Global Real Estate Securities (USD) A (inc) - USD - 1,648.641 23.930 1,624.711 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) 10,928.444 4,191.016 4,522.240 10,597.220 

JPM Global Real Estate Securities (USD) C (acc) - USD 288,610.543 37,740.418 59,224.228 267,126.733 

JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 881,862.315 94,223.174 159,886.920 816,198.569 

JPM Global Real Estate Securities (USD) D (acc) - USD 1,128,867.074 80,883.794 233,121.476 976,629.392 

JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged) - 75,772.134 - 75,772.134 

JPM Global Real Estate Securities (USD) I (acc) - USD - 7,269.299 - 7,269.299 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 162,856.000 80,623.000 - 243,479.000 

JPM Global Real Estate Securities (USD) X (acc) - USD 411,149.000 55,408.000 69,640.000 396,917.000 

JPMorgan Funds - Global Unconstrained Equity Fund 

JPM Global Unconstrained Equity A (acc) - EUR 8,324.646 - 1,671.038 6,653.608 

JPM Global Unconstrained Equity A (acc) - EUR (hedged) 77,211.031 15,570.136 5,193.927 87,587.240 

JPM Global Unconstrained Equity A (acc) - USD 93,665.593 5,930.755 4,367.947 95,228.401 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) 2,479,989.340 19,134.876 116,769.313 2,382,354.903 

JPM Global Unconstrained Equity A (dist) - USD 188,827.957 8,054.983 13,943.274 182,939.666 

JPMorgan Global Unconstrained Equity A (dist) - USD 958,071.308 459,686.393 258,796.937 1,158,960.764 

JPM Global Unconstrained Equity C (acc) - EUR (hedged) 5,853,021.757 31,363.275 - 5,884,385.032 

JPM Global Unconstrained Equity C (acc) - USD 5,591,261.272 - 287,910.000 5,303,351.272 

JPM Global Unconstrained Equity D (acc) - EUR (hedged) 194,786.879 27,790.565 25,821.022 196,756.422 

JPM Global Unconstrained Equity D (acc) - USD 123,050.059 10,687.775 23,702.914 110,034.920 

JPM Global Unconstrained Equity X (acc) - EUR 5,389,177.007 2,595,652.519 2,608,795.344 5,376,034.182 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 22,760.000 - - 22,760.000 

JPM Global Unconstrained Equity X (acc) - USD 19,776.052 - - 19,776.052 

JPM Global Unconstrained Equity X (dist) - AUD - 49,600.000 - 49,600.000 

JPMorgan Funds - Greater China Fund 

JPMorgan Greater China A (acc) - SGD 33,853.675 8,012.777 1,765.637 40,100.815 

JPMorgan Greater China A (acc) - USD 13,622,570.624 3,026,638.130 4,005,471.321 12,643,737.433 

JPMorgan Greater China A (dist) - HKD 2,657,618.707 556,004.409 902,928.749 2,310,694.367 

JPMorgan Greater China A (dist) - USD 13,011,724.686 5,167,287.835 5,939,490.035 12,239,522.486 

JPMorgan Greater China B (acc) - USD 956,325.433 556,077.024 428,127.391 1,084,275.066 

JPMorgan Greater China B (dist) - USD - 21,166.200 192.717 20,973.483 

JPMorgan Greater China C (acc) - USD 2,811,790.197 1,564,141.109 778,058.248 3,597,873.058 

JPMorgan Greater China D (acc) - EUR 144,105.843 65,635.207 40,644.456 169,096.594 

JPMorgan Greater China D (acc) - USD 1,807,864.369 254,142.174 285,868.587 1,776,137.956 

JPMorgan Greater China I (acc) - USD 2,892,297.258 5,720,711.758 2,024,309.363 6,588,699.653 

JPMorgan Greater China I (dist) - USD - 502.887 - 502.887 

JPMorgan Greater China T (acc) - EUR 25,150.261 2,560.732 4,842.448 22,868.545 

JPMorgan Funds - Hong Kong Fund 

JPMorgan Hong Kong A (acc) - USD 324,460.820 801,512.628 703,663.878 422,309.570 

JPMorgan Hong Kong A (dist) - HKD 5,687,333.807 5,651,412.883 4,541,351.206 6,797,395.484 

JPMorgan Hong Kong A (dist) - USD 2,317,570.504 263,512.958 589,497.956 1,991,585.506 

JPMorgan Hong Kong B (acc) - USD 1,630.009 116,643.767 7,143.767 111,130.009 

JPMorgan Hong Kong C (acc) - USD 148,313.000 326,087.000 364,050.000 110,350.000 

JPMorgan Hong Kong D (acc) - USD 353,780.180 9,239.076 57,093.208 305,926.048 

JPMorgan Funds - India Fund 

JPMorgan India A (acc) - SGD 35,333.104 7,576.596 - 42,909.700 

JPMorgan India A (acc) - USD 20,277,784.862 2,136,811.323 6,033,970.815 16,380,625.370 

JPMorgan India A (dist) - GBP 8.617 - - 8.617 

JPMorgan India A (dist) - USD 9,502,307.620 488,046.210 1,899,471.620 8,090,882.210 

JPMorgan India B (acc) - EUR - 13.294 - 13.294 

JPMorgan India B (acc) - USD 289,139.658 121,836.104 177,986.419 232,989.343 

JPMorgan India B (dist) - USD - 35,173.017 1,618.271 33,554.746 

JPMorgan India C (acc) - USD 4,977,679.811 1,389,466.800 1,584,909.718 4,782,236.893 

JPMorgan India C (dist) - USD 2,025.752 145.936 1,970.000 201.688 

JPMorgan India D (acc) - EUR 97,032.472 39,488.901 44,026.646 92,494.727 

JPMorgan India D (acc) - USD 7,063,352.996 623,757.255 1,362,544.708 6,324,565.543 

JPMorgan India I (acc) - USD - 28,949.650 1,194.344 27,755.306 

JPMorgan India I (dist) - USD - 7,202.682 - 7,202.682 

JPMorgan India T (acc) - EUR 14,082.306 904.885 3,447.520 11,539.671 

JPMorgan India X (acc) - USD 3,462,840.355 1,366,166.688 714,393.781 4,114,613.262 

JPMorgan Funds - Indonesia Equity Fund 

JPMorgan Indonesia Equity A (acc) - USD 29,276.083 21,910.482 22,207.194 28,979.371 

JPMorgan Indonesia Equity B (acc) - USD 7,672.369 - - 7,672.369 

JPMorgan Indonesia Equity C (acc) - USD 5,000.000 - - 5,000.000 

JPMorgan Indonesia Equity D (acc) - EUR 53,106.733 4,462.486 21,946.137 35,623.082 

JPMorgan Indonesia Equity D (acc) - USD 16,171.320 2,555.642 7,638.227 11,088.735 

JPMorgan Indonesia Equity X (acc) - JPY 5,270,209.245 1,695,108.318 148,058.444 6,817,259.119 

24






of the Period 


at the End 

of the Period 

JPMorgan Funds - Japan Equity Fund (1) 

JPMorgan Japan Equity A (acc) - EUR 381,840.822 282,877.958 306,475.072 358,243.708 

JPMorgan Japan Equity A (acc) - EUR (hedged) - 2,068.091 - 2,068.091 

JPMorgan Japan Equity A (acc) - JPY 938,229.435 2,535,287.043 1,628,003.824 1,845,512.654 

JPMorgan Japan Equity A (acc) - USD 6,747,496.868 9,489,350.733 6,824,842.161 9,412,005.440 

JPMorgan Japan Equity A (acc) - USD (hedged) - 28,602.101 - 28,602.101 

JPMorgan Japan Equity A (dist) - GBP 45,991.436 19,882.632 20,384.009 45,490.059 

JPMorgan Japan Equity A (dist) - GBP (hedged) - 2,056.221 - 2,056.221 

JPMorgan Japan Equity A (dist) - USD 4,956,854.486 3,256,076.149 3,382,734.833 4,830,195.802 

JPMorgan Japan Equity B (acc) - EUR - 4,815.452 2,447.111 2,368.341 

JPMorgan Japan Equity B (acc) - USD 832,630.353 347,517.149 618,275.300 561,872.202 

JPMorgan Japan Equity B (dist) - GBP - 60,140.838 692.840 59,447.998 

JPMorgan Japan Equity B (dist) - USD - 15,087.751 129.481 14,958.270 

JPMorgan Japan Equity C (acc) - USD 677,485.587 360,562.315 407,557.624 630,490.278 

JPMorgan Japan Equity C (dist) - USD 520.044 8.315 - 528.359 

JPMorgan Japan Equity D (acc) - EUR 159,829.888 268,798.654 142,086.040 286,542.502 

JPMorgan Japan Equity D (acc) - USD 1,979,714.409 651,467.560 383,965.734 2,247,216.235 

JPMorgan Japan Equity I (acc) - USD 102,634.980 5,958,687.590 1,568,676.942 4,492,645.628 

JPMorgan Japan Equity J (dist) - USD 1,720,626.452 2,626,260.018 2,033,142.565 2,313,743.905 

JPMorgan Japan Equity X (acc) - USD 21,213.353 - - 21,213.353 

JPMorgan Funds - Korea Equity Fund 

JPMorgan Korea Equity A (acc) - EUR 693,511.601 165,208.410 174,225.322 684,494.689 

JPMorgan Korea Equity A (acc) - SGD 22,376.667 7,382.645 19,759.312 10,000.000 

JPMorgan Korea Equity A (acc) - USD 7,868,986.155 2,472,536.284 3,442,421.939 6,899,100.500 

JPMorgan Korea Equity A (dist) - USD 151,256.449 64,768.511 89,005.174 127,019.786 

JPMorgan Korea Equity B (acc) - EUR - 1,751.117 3.823 1,747.294 

JPMorgan Korea Equity B (acc) - USD 720,923.192 825,501.576 399,282.460 1,147,142.308 

JPMorgan Korea Equity C (acc) - EUR - 357,982.000 - 357,982.000 

JPMorgan Korea Equity C (acc) - USD 514,206.462 683,521.605 369,338.089 828,389.978 

JPMorgan Korea Equity D (acc) - USD 1,700,599.772 1,061,769.239 1,792,516.869 969,852.142 

JPMorgan Korea Equity I (acc) - USD** 145,543.952 10,400.847 145,543.952 10,400.847 

JPMorgan Funds - Latin America Equity Fund 

JPM Latin America Equity A (acc) - EUR 16,933.296 3,029.782 5,388.970 14,574.108 

JPM Latin America Equity A (acc) - SGD 1,651.971 7.483 1,559.454 100.000 

JPM Latin America Equity A (acc) - USD 7,502,843.824 522,029.237 3,146,459.546 4,878,413.515 

JPM Latin America Equity A (dist) - USD 4,090,494.243 140,521.723 1,010,395.670 3,220,620.296 

JPMorgan Latin America Equity A (dist) - USD 5,854,264.560 1,227,873.243 1,271,924.122 5,810,213.681 

JPM Latin America Equity B (acc) - EUR - 4,643.027 327.183 4,315.844 

JPM Latin America Equity B (acc) - USD 2,541,242.343 2,493,957.259 1,766,926.153 3,268,273.449 

JPM Latin America Equity B (dist) - USD 8,707.000 26,849.612 11,610.299 23,946.313 

JPM Latin America Equity C (acc) - EUR - 2,997.988 - 2,997.988 

JPM Latin America Equity C (acc) - USD 2,400,699.308 253,337.209 602,319.029 2,051,717.488 

JPM Latin America Equity D (acc) - EUR 50,912.920 10,438.072 16,400.106 44,950.886 

JPM Latin America Equity D (acc) - USD 1,941,165.518 32,355.809 337,547.734 1,635,973.593 

JPM Latin America Equity I (acc) - EUR - 675,000.000 - 675,000.000 

JPM Latin America Equity I (acc) - JPY 1,710,723.065 261,592.817 255,049.770 1,717,266.112 

JPM Latin America Equity I (acc) - USD 19,882,043.684 9,841,066.229 11,320,885.762 18,402,224.151 

JPM Latin America Equity I (dist) - USD - 10.000 - 10.000 

JPM Latin America Equity T (acc) - EUR 4,510.949 - 1,064.488 3,446.461 

JPM Latin America Equity X (acc) - USD 2,441,151.078 40,000.000 91,151.078 2,390,000.000 

JPMorgan Funds - Russia Fund 

JPM Russia A (acc) - USD 21,534,950.607 3,536,442.540 12,459,982.955 12,611,410.192 

JPM Russia A (dist) - USD 28,153,070.068 10,030,469.665 11,409,619.025 26,773,920.708 

JPM Russia B (acc) - USD 2,378,987.570 1,076,339.171 2,012,550.817 1,442,775.924 

JPM Russia B (dist) - USD - 13.305 - 13.305 

JPM Russia C (acc) - USD 3,305,541.197 569,957.254 601,650.496 3,273,847.955 

JPM Russia D (acc) - USD 7,751,407.126 410,817.338 1,463,626.300 6,698,598.164 

JPM Russia I (acc) - USD 48,688,847.714 3,331,267.567 31,638,657.334 20,381,457.947 

JPM Russia T (acc) - EUR 2,858.410 3,972.929 2,467.514 4,363.825 

JPMorgan Funds - Singapore Fund 

JPMorgan Singapore A (acc) - SGD 427,654.880 53,040.756 69,569.265 411,126.371 

JPMorgan Singapore A (acc) - USD 719,064.281 123,074.433 283,870.170 558,268.544 

JPMorgan Singapore A (dist) - USD 1,928,974.226 216,252.290 463,304.562 1,681,921.954 

JPMorgan Singapore B (acc) - USD 34,122.103 31,690.052 10,948.842 54,863.313 

JPMorgan Singapore B (dist) - USD - 299.708 147.438 152.270 

JPMorgan Singapore C (acc) - USD 153,915.293 30,340.736 182,085.632 2,170.397 

JPMorgan Singapore D (acc) - USD 780,467.695 12,396.849 149,605.183 643,259.361 

JPMorgan Singapore I (acc) - USD** - 17,533.620 - 17,533.620 

JPMorgan Funds - Taiwan Fund 

JPMorgan Taiwan A (acc) - EUR 58,147.960 16,967.277 8,982.230 66,133.007 

JPMorgan Taiwan A (acc) - USD 4,395,335.504 2,383,565.053 2,294,849.045 4,484,051.512 

JPMorgan Taiwan A (dist) - HKD 571,182.756 238,700.339 390,579.316 419,303.779 

JPMorgan Taiwan A (dist) - USD 9,888,069.495 1,117,876.007 1,958,098.416 9,047,847.086 

JPMorgan Taiwan B (acc) - USD 50.000 42,273.732 - 42,323.732 

JPMorgan Taiwan C (acc) - USD 1,601,693.591 1,422,598.665 1,231,020.558 1,793,271.698 

JPMorgan Taiwan C (dist) - USD - 24.129 - 24.129 

JPMorgan Taiwan D (acc) - USD 885,688.452 673,519.325 1,156,035.853 403,171.924 


25






of the Period 


at the End 

of the Period 

JPMorgan Funds - US Aggregate Bond Fund 

JPM US Aggregate Bond A (acc) - EUR (hedged) 193,000.478 2,157.798 93,801.860 101,356.416 

JPM US Aggregate Bond A (acc) - USD 50,313,852.839 6,485,405.285 25,503,067.394 31,296,190.730 

JPM US Aggregate Bond A (div) - USD 10,440.898 - 3,137.729 7,303.169 

JPM US Aggregate Bond A (inc) - USD 21,846,976.549 1,197,520.995 11,671,247.690 11,373,249.854 

JPM US Aggregate Bond A (mth) - HKD 1,256,276.463 302,948.224 1,090,304.157 468,920.530 

JPM US Aggregate Bond A (mth) - SGD 205,576.396 8,005.614 37,813.385 175,768.625 

JPM US Aggregate Bond A (mth) - SGD (hedged) 4,329,360.931 69,512.509 2,411,278.637 1,987,594.803 

JPM US Aggregate Bond A (mth) - USD 23,017,076.564 1,867,108.601 12,128,936.248 12,755,248.917 

JPM US Aggregate Bond B (acc) - EUR (hedged) 19,267.823 6,576.351 - 25,844.174 

JPM US Aggregate Bond B (acc) - USD 11,130,412.720 1,669,088.508 6,340,070.917 6,459,430.311 

JPM US Aggregate Bond B (mth) - USD 140,432.165 11,126.000 135,365.095 16,193.070 

JPM US Aggregate Bond C (acc) - USD 13,363,243.942 821,937.661 8,158,355.312 6,026,826.291 

JPM US Aggregate Bond C (dist) - GBP (hedged) 15.763 - - 15.763 

JPM US Aggregate Bond D (acc) - EUR (hedged) 107,254.666 10,425.531 37,509.153 80,171.044 

JPM US Aggregate Bond D (acc) - USD 3,011,192.221 274,275.363 929,458.349 2,356,009.235 

JPM US Aggregate Bond I (acc) - USD 42,545.865 57,353.476 38,109.584 61,789.757 

JPM US Aggregate Bond I (inc) - USD - 10.000 - 10.000 

JPM US Aggregate Bond I (mth) - USD 1,266,488.839 341,020.502 1,585,644.531 21,864.810 

JPM US Aggregate Bond X (acc) - EUR (hedged) 1,023,498.175 8,737.433 216,475.831 815,759.777 

JPM US Aggregate Bond X (acc) - USD 12,282,249.346 1,645,617.471 1,431,145.336 12,496,721.481 

JPM US Aggregate Bond X (dist) - GBP (hedged) 58,679.611 3,709.512 14,396.784 47,992.339 

JPM US Aggregate Bond X (dist) - USD - 4,228.756 - 4,228.756 

JPMorgan Funds - US Growth Fund 

JPM US Growth A (acc) - EUR (hedged) 1,128,278.318 263,042.060 702,440.052 688,880.326 

JPM US Growth A (acc) - USD 28,930,415.877 4,370,557.205 7,704,173.022 25,596,800.060 

JPM US Growth A (dist) - GBP 195,017.391 7,548.376 133,166.329 69,399.438 

JPM US Growth A (dist) - USD 3,973,608.511 1,132,694.712 2,110,624.670 2,995,678.553 

JPM US Growth B (acc) - EUR (hedged) 53,027.194 - 29,865.813 23,161.381 

JPM US Growth B (acc) - USD 4,656,499.482 440,774.363 2,006,645.300 3,090,628.545 

JPM US Growth B (dist) - USD 51,126.541 8.606 - 51,135.147 

JPM US Growth C (acc) - EUR (hedged) 2,352,677.025 1,011,663.230 543,000.463 2,821,339.792 

JPM US Growth C (acc) - USD 18,117,113.871 2,453,607.846 7,249,006.845 13,321,714.872 

JPM US Growth C (dist) - GBP 317,477.291 9,323.591 191,864.912 134,935.970 

JPM US Growth C (dist) - USD 213,218.539 37,630.781 165,632.386 85,216.934 

JPM US Growth D (acc) - EUR (hedged) 211,884.432 207,798.540 201,778.337 217,904.635 

JPM US Growth D (acc) - USD 560,486.630 201,260.082 149,532.851 612,213.861 

JPM US Growth I (acc) - EUR (hedged) - 191,750.379 11,704.013 180,046.366 

JPM US Growth I (acc) - JPY 5,374,218.203 247,648.793 762,087.238 4,859,779.758 

JPM US Growth I (acc) - USD - 1,373,949.243 45,364.617 1,328,584.626 

JPM US Growth I (dist) - GBP - 149,452.249 1,078.640 148,373.609 

JPM US Growth I (dist) - USD - 220,651.063 4,229.260 216,421.803 

JPM US Growth P (dist) - USD - 100.000 - 100.000 

JPM US Growth T (acc) - EUR (hedged) 1,005.008 7,300.557 3,132.102 5,173.463 

JPM US Growth X (acc) - USD 6,089,609.982 5,251,648.198 603,654.989 10,737,603.191 

JPM US Growth X (dist) - USD 28,603.666 32,716.858 1,112.453 60,208.071 

JPMorgan Funds - US High Yield Plus Bond Fund 

JPM US High Yield Plus Bond A (acc) - EUR (hedged)** - 9.971 - 9.971 

JPM US High Yield Plus Bond A (acc) - USD 159,282.381 30,864.404 77,317.171 112,829.614 

JPM US High Yield Plus Bond A (dist) - GBP (hedged) - 187,057.906 - 187,057.906 

JPM US High Yield Plus Bond A (div) - EUR (hedged) - 3,852.553 - 3,852.553 

JPM US High Yield Plus Bond A (mth) - HKD 331,362.263 1,172,874.967 48.156 1,504,189.074 

JPM US High Yield Plus Bond A (mth) - USD 162,955.296 77,762.165 7,639.959 233,077.502 

JPM US High Yield Plus Bond D (div) - EUR (hedged)** - 5,050.623 754.392 4,296.231 

JPM US High Yield Plus Bond X (acc) - EUR (hedged) - 1,118,871.000 - 1,118,871.000 

JPM US High Yield Plus Bond X (acc) - GBP (hedged) - 57,020.475 20,701.475 36,319.000 

JPM US High Yield Plus Bond X (acc) - USD* 734,866.000 120,267.000 855,133.000 - 

JPMorgan Funds - US Small Cap Growth Fund 

JPM US Small Cap Growth A (acc) - EUR 819,455.035 296,167.789 263,225.272 852,397.552 

JPM US Small Cap Growth A (acc) - USD 3,491,549.269 2,279,806.707 3,074,434.436 2,696,921.540 

JPM US Small Cap Growth A (dist) - GBP 10,199.487 27,434.887 17,749.222 19,885.152 

JPM US Small Cap Growth A (dist) - USD 306,953.901 172,535.869 92,919.960 386,569.810 

JPM US Small Cap Growth B (acc) - EUR - 199,968.788 5,800.360 194,168.428 

JPM US Small Cap Growth B (acc) - USD 1,508,551.299 856,376.316 1,496,120.230 868,807.385 

JPM US Small Cap Growth B (dist) - USD - 436.360 0.090 436.270 

JPM US Small Cap Growth C (acc) - USD 47,432.507 361,102.549 299,618.842 108,916.214 

JPM US Small Cap Growth D (acc) - USD 1,182,441.113 707,970.403 450,648.346 1,439,763.170 

JPM US Small Cap Growth I (acc) - USD - 10.000 - 10.000 

JPM US Small Cap Growth I (dist) - USD - 10.000 - 10.000 

JPM US Small Cap Growth X (acc) - USD 499.999 - - 499.999 

26






of the Period 


at the End 

of the Period 

JPMorgan Funds - US Technology Fund 

JPM US Technology A (acc) - EUR 28,237.320 12,994.011 8,462.239 32,769.092 

JPM US Technology A (acc) - SGD 5,235.344 317.662 1,047.256 4,505.750 

JPM US Technology A (acc) - USD 3,156,091.805 2,906,290.062 2,751,988.991 3,310,392.876 

JPM US Technology A (dist) - GBP 574,993.205 79,302.153 31,431.353 622,864.005 

JPM US Technology A (dist) - USD 5,821,478.176 1,134,301.758 1,215,948.514 5,739,831.420 

JPMorgan US Technology A (dist) - USD 15,574,596.395 25,241,769.607 20,620,048.701 20,196,317.301 

JPM US Technology B (acc) - USD 158,786.299 74,454.672 30,769.654 202,471.317 

JPM US Technology B (dist) - USD 8,944.378 221.035 2.467 9,162.946 

JPM US Technology C (acc) - USD 1,895,426.413 747,079.646 794,427.314 1,848,078.745 

JPM US Technology C (dist) - USD 113,332.657 14,591.376 10,219.026 117,705.007 

JPM US Technology D (acc) - EUR 36,952.025 14,613.923 6,441.282 45,124.666 

JPM US Technology D (acc) - USD 6,239,031.916 1,185,836.729 1,420,231.703 6,004,636.942 

JPM US Technology I (acc) - EUR - 10.016 - 10.016 

JPM US Technology I (acc) - USD** - 10.000 - 10.000 

JPM US Technology I (dist) - USD - 10.000 - 10.000 

JPMorgan Funds - US Value Fund 

JPM US Value A (acc) - EUR (hedged) 4,378,131.256 1,943,502.693 2,581,311.839 3,740,322.110 

JPM US Value A (acc) - USD 29,954,094.303 15,237,347.287 8,987,116.670 36,204,324.920 

JPM US Value A (dist) - GBP 492,315.627 66,130.544 197,959.349 360,486.822 

JPM US Value A (dist) - USD 24,257,230.904 7,203,725.637 16,322,581.901 15,138,374.640 

JPMorgan US Value A (dist) - USD 598,967.437 2,188,162.414 1,289,464.923 1,497,664.928 

JPM US Value B (acc) - EUR (hedged) 103,158.245 135,566.500 113,859.445 124,865.300 

JPM US Value B (acc) - USD 2,927,839.341 3,652,111.902 1,331,985.863 5,247,965.380 

JPM US Value B (dist) - USD 258,125.372 2,309,919.006 44,317.170 2,523,727.208 

JPM US Value C (acc) - EUR (hedged) 4,764,261.933 2,674,900.834 2,472,421.822 4,966,740.945 

JPM US Value C (acc) - USD 63,495,372.183 16,937,799.702 17,182,341.585 63,250,830.300 

JPM US Value C (dist) - GBP 15.770 161,147.165 - 161,162.935 

JPM US Value D (acc) - EUR (hedged) 2,968,727.677 1,054,237.567 758,101.136 3,264,864.108 

JPM US Value D (acc) - USD 3,262,009.714 1,654,513.682 1,021,888.175 3,894,635.221 

JPM US Value I (acc) - EUR (hedged) - 272,418.408 84,561.572 187,856.836 

JPM US Value I (acc) - USD 499,489.237 745,809.851 305,642.394 939,656.694 

JPM US Value I (dist) - GBP - 28,900.561 14,445.279 14,455.282 

JPM US Value I (dist) - USD - 76,918.393 34,949.239 41,969.154 

JPM US Value X (acc) - USD 7,350,261.060 4,203,473.000 2,765,254.774 8,788,479.286 

* Share Class inactive at the end of the period. 

** Share Class reactivated during the period. 

The accompanying notes form an integral part of these financial statements. 

27


Statistical Information (continued) 


Net Asset Value per Share in Share Class Currency 

31 December 2013 30 June 2013 30 June 2012 30 June 2011 30 June 2010 


JPM America Equity A (acc) - AUD 11.54 - - - - 

JPM America Equity A (acc) - AUD (hedged) 10.63 - - - - 

JPM America Equity A (acc) - EUR 87.02 76.39 - - - 

JPM America Equity A (acc) - EUR (hedged) 10.46 8.68 7.21 7.12 5.69 

JPM America Equity A (acc) - HKD 14.33 11.91 - - - 

JPM America Equity A (acc) - USD 17.08 14.18 11.71 11.53 9.19 

JPM America Equity A (dist) - USD 129.55 107.57 88.88 87.53 69.75 

JPMorgan America Equity A (dist) - USD 69.50 57.71 47.69 46.96 37.42 

JPM America Equity B (acc) - USD 19.96 16.51 13.54 13.23 10.46 

JPM America Equity B (dist) - USD 112.63 - - - - 

JPM America Equity C (acc) - EUR (hedged) 10.45 8.62 7.08 6.93 5.48 

JPM America Equity C (acc) - USD 20.60 17.01 13.91 13.56 10.69 

JPM America Equity C (dist) - USD 135.89 112.27 - - - 

JPM America Equity D (acc) - EUR 10.72 9.44 8.09 7.03 6.66 

JPM America Equity D (acc) - EUR (hedged) 9.96 8.29 6.94 6.91 5.56 

JPM America Equity D (acc) - USD 15.47 12.89 10.73 10.65 8.55 

JPM America Equity I (acc) - USD 139.42 115.07 - - - 

JPM America Equity X (acc) - USD 20.40 16.78 13.63 13.19 10.33 


JPM Asia Local Currency Debt A (acc) - USD 11.32 11.46 11.39 11.26 9.68 

JPM Asia Local Currency Debt A (mth) - HKD 9.84 10.21 - - - 

JPM Asia Local Currency Debt A (mth) - USD 88.70 92.03 - - - 

JPM Asia Local Currency Debt C (acc) - USD 114.09 115.20 114.04 112.23 - 

JPM Asia Local Currency Debt D (acc) - USD 98.68 100.07 - - - 

JPM Asia Local Currency Debt I (acc) - USD 99.09 - - - - 

JPM Asia Local Currency Debt X (acc) - USD 93.55 94.24 - - - 


JPMorgan Asia Pacific Income A (acc) - HKD 11.02 10.71 - - - 

JPMorgan Asia Pacific Income A (acc) - USD 17.73 17.21 14.94 15.98 13.40 

JPMorgan Asia Pacific Income A (dist) - USD 28.39 28.74 25.56 28.05 24.10 

JPMorgan Asia Pacific Income A (irc) - AUD (hedged) 9.89 - - - - 

JPMorgan Asia Pacific Income A (irc) - CAD (hedged) 9.89 - - - - 

JPMorgan Asia Pacific Income A (irc) - EUR (hedged) 9.92 - - - - 

JPMorgan Asia Pacific Income A (irc) - GBP (hedged) 9.92 - - - - 

JPMorgan Asia Pacific Income A (irc) - NZD (hedged) 9.94 - - - - 

JPMorgan Asia Pacific Income A (mth) - HKD 12.67 12.65 11.59 - - 

JPMorgan Asia Pacific Income A (mth) - SGD 12.88 12.90 - - - 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) 11.80 11.78 - - - 

JPMorgan Asia Pacific Income A (mth) - USD 114.09 113.82 104.45 - - 

JPMorgan Asia Pacific Income B (acc) - USD 13.01 12.58 10.84 11.51 9.58 

JPMorgan Asia Pacific Income B (mth) - USD 109.76 109.10 - - - 

JPMorgan Asia Pacific Income C (dist) - USD 106.59 107.32 - - - 

JPMorgan Asia Pacific Income D (acc) - USD 23.70 23.07 20.10 21.60 18.20 

JPMorgan Asia Pacific Income D (mth) - USD 107.78 107.77 - - - 

JPMorgan Asia Pacific Income X (acc) - USD 100.80 96.96 - - - 


JPM Brazil Equity A (acc) - EUR 47.59 52.74 59.87 70.55 - 

JPM Brazil Equity A (acc) - SGD 9.22 9.66 10.64 13.88 - 

JPM Brazil Equity A (acc) - USD 7.59 7.94 8.77 11.80 9.70 

JPM Brazil Equity A (dist) - USD 7.09 7.57 8.48 11.51 9.46 

JPM Brazil Equity B (acc) - USD 8.95 9.34 10.23 13.67 11.14 

JPM Brazil Equity C (acc) - USD 14.59 15.21 16.66 22.24 18.12 

JPM Brazil Equity D (acc) - EUR 52.30 58.25 66.79 79.51 - 

JPM Brazil Equity D (acc) - USD 7.16 7.54 8.40 11.42 9.48 

JPM Brazil Equity I (acc) - EUR 55.95 61.72 69.46 81.16 78.04 

JPM Brazil Equity I (acc) - USD 8.00 8.34 9.12 12.16 9.91 

JPM Brazil Equity T (acc) - EUR 47.00 52.35 60.02 71.44 - 


JPMorgan China A (acc) - SGD 12.48 10.52 9.99 12.60 12.42 

JPMorgan China A (acc) - USD 29.57 24.82 23.59 30.70 26.60 

JPMorgan China A (dist) - HKD 10.98 9.33 8.94 11.66 - 

JPMorgan China A (dist) - USD 47.45 40.07 38.22 49.75 43.11 

JPMorgan China B (acc) - USD 22.60 18.90 17.83 23.03 19.81 

JPMorgan China B (dist) - USD 113.03 - - - - 

JPMorgan China C (acc) - USD 30.79 25.72 24.22 31.25 26.84 

JPMorgan China C (dist) - USD 122.51 106.55 - - - 

JPMorgan China D (acc) - EUR 76.57 68.28 67.40 77.57 - 

JPMorgan China D (acc) - USD 35.08 29.59 28.40 37.33 32.66 

JPMorgan China I (acc) - USD** 102.17 - 8.86 11.39 9.77 

JPMorgan China I (dist) - USD 102.88 - - - - 

JPMorgan China T (acc) - EUR 68.41 61.00 60.21 69.30 - 

JPMorgan China X (acc) - USD 115.69 96.25 89.89 114.94 - 

28







JPM Eastern Europe Equity A (acc) - EUR 18.06 17.30 16.57 19.56 17.91 

JPM Eastern Europe Equity A (acc) - USD 125.55 113.75 105.98 142.81 - 

JPM Eastern Europe Equity A (dist) - EUR 42.71 41.51 40.30 47.83 43.80 

JPMorgan Eastern Europe Equity A (dist) - EUR 28.56 27.77 26.96 32.00 29.31 

JPM Eastern Europe Equity B (acc) - EUR 8.95 8.54 8.13 9.51 8.65 

JPM Eastern Europe Equity B (dist) - EUR 100.46 97.09 - - - 

JPM Eastern Europe Equity C (acc) - EUR 18.35 17.50 16.64 19.46 17.68 

JPM Eastern Europe Equity D (acc) - EUR 29.83 28.71 27.77 33.10 30.61 

JPM Eastern Europe Equity I (acc) - EUR 14.97 14.28 13.57 15.86 14.41 

JPM Eastern Europe Equity X (acc) - EUR 22.56 21.41 20.17 23.39 21.05 


JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 16.67 15.89 15.51 16.33 15.09 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD* - 12.84 12.17 14.17 - 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 21.39 19.29 18.30 22.01 17.23 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 58.87 53.65 51.70 62.56 49.08 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 13.75 12.35 11.63 13.89 10.79 

JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD 105.25 - - - - 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 23.68 21.26 20.01 23.85 18.52 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 81.46 78.06 76.95 81.83 - 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 43.58 39.50 37.86 45.98 36.36 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 118.41 106.29 99.97 - - 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 69.52 66.62 65.67 69.84 - 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 12.06 10.77 10.05 11.87 9.13 


JPM Emerging Markets Debt A (acc) - EUR (hedged) 12.66 12.45 12.25 11.42 9.97 

JPM Emerging Markets Debt A (acc) - GBP (hedged)* - 57.32 - - - 

JPM Emerging Markets Debt A (acc) - USD 17.12 16.81 16.48 15.32 13.34 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 9.17 9.44 9.71 9.56 8.75 

JPM Emerging Markets Debt A (inc) - USD 100.72 103.64 102.08 - - 

JPM Emerging Markets Debt A (irc) - AUD (hedged) 8.76 8.93 - - - 

JPM Emerging Markets Debt A (irc) - CAD (hedged) 9.32 9.48 - - - 

JPM Emerging Markets Debt A (irc) - NZD (hedged) 11.04 11.25 - - - 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 10.27 10.46 11.00 11.00 10.11 

JPM Emerging Markets Debt A (mth) - HKD 10.58 10.77 11.28 - - 

JPM Emerging Markets Debt A (mth) - USD 14.48 14.73 15.44 15.43 14.10 

JPM Emerging Markets Debt B (acc) - EUR (hedged) 13.09 12.84 12.58 11.67 10.15 

JPM Emerging Markets Debt B (acc) - USD 106.09 103.93 101.42 - - 

JPM Emerging Markets Debt B (inc) - EUR (hedged) 76.14 - - - - 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 13.01 12.73 12.43 11.48 9.94 

JPM Emerging Markets Debt C (acc) - USD 113.01 110.50 107.41 - - 

JPM Emerging Markets Debt C (dist) - USD 102.58 106.08 103.47 - - 

JPM Emerging Markets Debt C (mth) - USD* - 92.89 - - - 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 14.35 14.16 14.03 13.16 11.57 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 74.58 72.97 - - - 

JPM Emerging Markets Debt I (acc) - USD 99.96 - - - - 

JPM Emerging Markets Debt I (dist) - USD 99.53 - - - - 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 9.77 10.11 10.39 10.24 9.40 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 79.47 77.55 75.25 - - 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 74.12 72.22 69.86 - - 

JPM Emerging Markets Debt X (dist) - USD 97.54 100.71 - - - 


JPM Emerging Markets Dividend A (acc) - EUR 72.62 73.89 - - - 

JPM Emerging Markets Dividend A (acc) - USD 100.04 96.28 - - - 

JPM Emerging Markets Dividend A (dist) - GBP 58.70 61.64 - - - 

JPM Emerging Markets Dividend A (div) - EUR 69.32 72.46 - - - 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) 9.48 9.40 - - - 

JPM Emerging Markets Dividend A (mth) - SGD 9.32 9.25 - - - 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) 9.35 9.25 - - - 

JPM Emerging Markets Dividend A (mth) - USD 92.39 91.34 - - - 

JPM Emerging Markets Dividend B (acc) - USD** 97.88 - - - - 

JPM Emerging Markets Dividend B (inc) - EUR 71.77 - - - - 

JPM Emerging Markets Dividend C (acc) - EUR 70.63 71.52 - - - 

JPM Emerging Markets Dividend D (acc) - EUR 72.05 73.59 - - - 

JPM Emerging Markets Dividend D (div) - EUR 68.77 72.16 - - - 

JPM Emerging Markets Dividend T (acc) - EUR 72.04 73.59 - - - 

JPM Emerging Markets Dividend T (div) - EUR 68.77 72.16 - - - 

JPM Emerging Markets Dividend X (acc) - EUR 70.31 70.91 - - - 

JPM Emerging Markets Dividend X (acc) - USD 101.64 96.96 - - - 

29







JPM Emerging Markets Equity A (acc) - EUR 12.51 12.75 12.71 13.08 12.51 

JPM Emerging Markets Equity A (acc) - EUR (hedged) 77.59 74.84 73.06 - - 

JPM Emerging Markets Equity A (acc) - SGD 13.63 13.20 12.78 14.55 13.41 

JPM Emerging Markets Equity A (acc) - USD 21.61 20.83 20.20 23.73 19.23 

JPM Emerging Markets Equity A (dist) - GBP 30.44 31.99 30.14 34.77 30.11 

JPM Emerging Markets Equity A (dist) - USD 30.10 29.06 28.23 33.20 26.92 

JPM Emerging Markets Equity B (acc) - EUR 75.82 - - - - 

JPM Emerging Markets Equity B (acc) - USD 23.94 23.00 22.13 25.81 20.76 

JPM Emerging Markets Equity B (dist) - GBP 60.58 - - - - 

JPM Emerging Markets Equity B (dist) - USD 102.62 - - - - 

JPM Emerging Markets Equity C (acc) - EUR 68.87 69.91 - - - 

JPM Emerging Markets Equity C (acc) - EUR (hedged) 76.72 73.71 - - - 

JPM Emerging Markets Equity C (acc) - USD 23.53 22.60 21.74 25.34 20.37 

JPM Emerging Markets Equity C (dist) - GBP 60.98 64.72 - - - 

JPM Emerging Markets Equity C (dist) - USD 95.88 93.81 91.45 107.48 - 

JPM Emerging Markets Equity D (acc) - EUR 8.63 8.84 8.91 9.25 8.94 

JPM Emerging Markets Equity D (acc) - EUR (hedged)* - 71.97 - - - 

JPM Emerging Markets Equity D (acc) - USD 32.69 31.68 31.03 36.82 30.14 

JPM Emerging Markets Equity I (acc) - EUR 12.86 13.05 12.89 13.15 12.46 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 84.68 81.30 - - - 

JPM Emerging Markets Equity I (acc) - SGD 12.16 - - - - 

JPM Emerging Markets Equity I (acc) - USD 15.83 15.19 14.60 17.00 13.65 

JPM Emerging Markets Equity I (dist) - GBP 58.77 - - - - 

JPM Emerging Markets Equity I (dist) - USD 99.22 - - - - 

JPM Emerging Markets Equity I (inc) - EUR 10.29 10.56 10.58 10.90 10.43 

JPM Emerging Markets Equity T (acc) - EUR 68.83 - - - - 

JPM Emerging Markets Equity X (acc) - EUR 73.75 74.50 73.01 73.83 - 

JPM Emerging Markets Equity X (acc) - USD 27.87 26.63 25.38 29.32 23.35 

JPM Emerging Markets Equity X (dist) - USD 18.41 17.97 17.49 20.62 16.68 

JPM Emerging Markets Equity X (inc) - EUR 11.14 11.49 11.50 11.87 11.36 


JPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 94.31 93.57 95.29 - - 

JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 86.01 85.12 86.38 79.03 - 

JPM Emerging Markets Investment Grade Bond A (acc) - USD 112.66 111.37 112.57 102.98 - 

JPM Emerging Markets Investment Grade Bond A (dist) - USD 91.11 93.37 - - - 

JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 77.69 79.97 84.32 79.03 - 

JPM Emerging Markets Investment Grade Bond B (acc) - EUR (hedged) 75.96 - - - - 

JPM Emerging Markets Investment Grade Bond B (acc) - USD 106.46 105.00 105.65 - - 

JPM Emerging Markets Investment Grade Bond B (dist) - GBP (hedged)* - 62.08 63.05 - - 

JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged) 73.06 75.38 76.71 - - 

JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 75.73 78.22 82.44 76.45 - 

JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 84.95 84.24 85.83 78.84 - 

JPM Emerging Markets Investment Grade Bond D (acc) - USD 96.65 95.74 - - - 

JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 95.33 94.26 95.38 - - 

JPM Emerging Markets Investment Grade Bond I (acc) - EUR 70.05 72.98 - - - 

JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 9,964.00 - - - - 

JPM Emerging Markets Investment Grade Bond I (acc) - USD 111.55 109.90 110.37 - - 

JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 72.35 72.26 - - - 

JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged) 78.26 77.03 77.36 - - 

JPM Emerging Markets Investment Grade Bond X (acc) - USD 102.78 - - - - 


JPM Emerging Markets Local Currency Debt A (acc) - EUR 12.85 13.89 14.22 18.89 12.77 

JPM Emerging Markets Local Currency Debt A (acc) - SGD 17.60 17.98 17.89 - - 

JPM Emerging Markets Local Currency Debt A (acc) - USD 17.72 18.09 18.01 13.06 15.66 

JPM Emerging Markets Local Currency Debt A (dist) - GBP 71.16 82.32 84.14 90.55 - 

JPM Emerging Markets Local Currency Debt A (div) - EUR 83.61 93.57 103.02 - - 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 85.61 96.71 104.80 98.31 - 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 9.36 - - - - 

JPM Emerging Markets Local Currency Debt A (mth) - USD 13.11 13.89 14.90 16.70 14.75 

JPM Emerging Markets Local Currency Debt B (acc) - EUR 100.34 108.12 110.13 100.58 - 

JPM Emerging Markets Local Currency Debt B (acc) - USD 16.21 16.51 16.35 17.05 14.14 

JPM Emerging Markets Local Currency Debt B (mth) - USD 87.74 92.59 - - - 

JPM Emerging Markets Local Currency Debt C (acc) - EUR 100.68 108.41 110.27 100.55 - 

JPM Emerging Markets Local Currency Debt C (acc) - USD 15.56 15.83 15.65 16.30 13.50 

JPM Emerging Markets Local Currency Debt C (dist) - GBP 55.56 63.42 - - - 

JPM Emerging Markets Local Currency Debt C (div) - EUR 70.72 - - - - 

JPM Emerging Markets Local Currency Debt C (mth) - USD* - 89.98 - - - 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 12.47 13.51 13.91 12.84 12.62 

JPM Emerging Markets Local Currency Debt D (acc) - USD 17.07 17.47 17.49 18.43 15.44 

JPM Emerging Markets Local Currency Debt D (div) - EUR 8.31 9.32 10.34 10.16 10.50 

JPM Emerging Markets Local Currency Debt D (mth) - USD 86.16 91.57 - - - 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 99.77 107.39 109.19 99.56 - 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 67.57 68.85 - - - 

JPM Emerging Markets Local Currency Debt I (acc) - USD 136.54 138.85 137.26 - - 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 93.24 105.77 112.42 - - 

JPM Emerging Markets Local Currency Debt T (acc) - EUR 96.65 104.70 107.77 99.46 - 

JPM Emerging Markets Local Currency Debt T (div) - EUR 81.93 91.92 102.01 100.22 - 

JPM Emerging Markets Local Currency Debt X (acc) - EUR 102.09 109.61 110.88 100.56 - 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 74.12 75.33 - - - 

JPM Emerging Markets Local Currency Debt X (acc) - USD 19.82 20.10 19.77 20.47 16.85 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR 65.64 70.48 - - - 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP 85.38 93.88 89.56 - - 

30







JPM Emerging Markets Opportunities A (acc) - CHF (hedged) 87.66 80.84 - - - 

JPM Emerging Markets Opportunities A (acc) - EUR 74.17 72.21 72.26 - - 

JPM Emerging Markets Opportunities A (acc) - SGD 11.95 11.05 - - - 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 11.77 10.85 - - - 

JPM Emerging Markets Opportunities A (acc) - USD 239.66 220.70 214.76 238.15 185.96 

JPM Emerging Markets Opportunities A (dist) - EUR 80.27 79.44 79.75 - - 

JPM Emerging Markets Opportunities A (dist) - GBP 59.72 60.65 - - - 

JPM Emerging Markets Opportunities A (dist) - USD 99.48 92.61 - - - 

JPM Emerging Markets Opportunities A (inc) - EUR 71.76 70.50 - - - 

JPM Emerging Markets Opportunities B (acc) - EUR 72.22 - - - - 

JPM Emerging Markets Opportunities B (acc) - USD 310.79 285.11 275.37 303.08 234.82 

JPM Emerging Markets Opportunities B (dist) - EUR** 78.29 - - - - 

JPM Emerging Markets Opportunities B (dist) - GBP 57.21 57.84 - - - 

JPM Emerging Markets Opportunities C (acc) - PLN 354.68 360.04 348.72 - - 

JPM Emerging Markets Opportunities C (acc) - USD 330.91 303.49 292.98 322.30 249.66 

JPM Emerging Markets Opportunities C (dist) - GBP 58.16 58.82 - - - 

JPM Emerging Markets Opportunities C (dist) - USD 99.95 92.58 - - - 

JPM Emerging Markets Opportunities D (acc) - EUR 74.58 72.89 - - - 

JPM Emerging Markets Opportunities D (acc) - PLN 344.03 351.99 346.24 - - 

JPM Emerging Markets Opportunities D (acc) - USD 110.21 101.88 - - - 

JPM Emerging Markets Opportunities I (acc) - EUR 80.96 78.46 - - - 

JPM Emerging Markets Opportunities I (acc) - USD 104.49 95.78 92.40 13.33 10.32 

JPM Emerging Markets Opportunities T (acc) - EUR 74.21 72.52 - - - 

JPM Emerging Markets Opportunities X (acc) - EUR 71.14 68.65 - - - 

JPM Emerging Markets Opportunities X (acc) - GBP 61.87 61.41 - - - 

JPM Emerging Markets Opportunities X (acc) - USD 374.09 341.43 326.60 356.04 273.33 

JPM Emerging Markets Opportunities X (dist) - AUD 10.35 - - - - 


JPM Emerging Middle East Equity A (acc) - EUR 11.95 12.89 11.15 10.87 11.82 

JPM Emerging Middle East Equity A (acc) - SGD* - 13.71 11.48 12.48 - 

JPM Emerging Middle East Equity A (acc) - USD 17.25 17.60 14.55 16.49 15.19 

JPM Emerging Middle East Equity A (dist) - USD 22.48 23.31 19.51 22.51 20.95 

JPM Emerging Middle East Equity B (acc) - USD 18.46 18.76 15.38 17.30 15.82 

JPM Emerging Middle East Equity B (dist) - USD 96.92 - - - - 

JPM Emerging Middle East Equity C (acc) - USD 8.68 8.82 7.23 8.13 7.42 

JPM Emerging Middle East Equity D (acc) - EUR 76.95 83.39 72.92 71.77 - 

JPM Emerging Middle East Equity D (acc) - USD 21.37 21.91 18.29 20.93 19.49 

JPM Emerging Middle East Equity I (acc) - USD 93.58 95.02 77.82 87.43 - 


JPM Euroland Equity A (acc) - CHF (hedged) 129.36 - - - - 

JPM Euroland Equity A (acc) - EUR 12.98 10.72 8.70 10.77 9.15 

JPM Euroland Equity A (acc) - GBP (hedged) 89.14 - - - - 

JPM Euroland Equity A (acc) - USD (hedged) 145.92 - - - - 

JPM Euroland Equity A (dist) - EUR 39.68 33.21 27.46 34.83 30.10 

JPMorgan Euroland Equity A (dist) - USD 9.77 7.74 6.23 9.02 6.58 

JPM Euroland Equity A (inc) - EUR 7.05 5.90 4.87 6.18 5.33 

JPM Euroland Equity B (acc) - EUR 10.86 8.94 7.20 8.85 7.45 

JPM Euroland Equity B (dist) - EUR 121.47 102.09 - - - 

JPM Euroland Equity C (acc) - EUR 16.61 13.65 10.96 13.43 11.29 

JPM Euroland Equity D (acc) - EUR 9.73 8.07 6.60 8.23 7.04 

JPM Euroland Equity I (acc) - EUR* - - - - 7.33 

JPM Euroland Equity X (acc) - EUR 9.27 7.59 6.05 7.36 6.14 


JPM Euroland Select Equity A (acc) - EUR 8.99 7.50 6.11 7.29 6.22 

JPM Euroland Select Equity A (dist) - EUR 8.39 7.07 5.87 7.15 6.21 

JPM Euroland Select Equity B (acc) - EUR 122.44 101.73 82.27 97.42 - 

JPM Euroland Select Equity C (acc) - EUR 14.48 12.01 9.68 11.44 9.66 

JPM Euroland Select Equity D (acc) - EUR 8.57 7.17 5.89 7.08 6.08 

JPM Euroland Select Equity X (acc) - EUR 10.65 8.80 7.05 8.26 6.93 

31







JPM Europe Dynamic A (acc) - AUD (hedged) 10.35 - - - - 

JPM Europe Dynamic A (acc) - EUR 18.95 15.62 12.43 12.87 11.12 

JPM Europe Dynamic A (acc) - HKD (hedged) 10.30 - - - - 

JPM Europe Dynamic A (acc) - USD 144.35 - - - - 

JPM Europe Dynamic A (acc) - USD (hedged) 139.42 - - - - 

JPM Europe Dynamic A (dist) - EUR 17.01 14.16 11.40 11.95 10.41 

JPMorgan Europe Dynamic A (dist) - EUR 19.41 16.19 13.03 13.65 11.90 

JPM Europe Dynamic A (dist) - GBP 21.49 18.41 14.00 16.42 12.94 

JPM Europe Dynamic A (inc) - EUR 104.79 - - - - 

JPM Europe Dynamic B (acc) - EUR 23.58 19.36 15.29 15.71 13.47 

JPM Europe Dynamic B (acc) - USD 142.38 - - - - 

JPM Europe Dynamic B (dist) - EUR 113.66 - - - - 

JPM Europe Dynamic B (dist) - GBP 91.31 - - - - 

JPM Europe Dynamic C (acc) - EUR 24.18 19.84 15.64 16.06 13.74 

JPM Europe Dynamic D (acc) - EUR 17.45 14.46 11.62 12.15 10.60 

JPM Europe Dynamic D (acc) - USD** 144.08 - - 19.58 14.47 

JPM Europe Dynamic I (acc) - EUR 23.14 18.99 14.96 15.35 13.13 

JPM Europe Dynamic I (dist) - EUR 109.10 - - - - 

JPM Europe Dynamic I (dist) - GBP 85.30 - - - - 

JPM Europe Dynamic T (acc) - EUR 134.90 111.77 89.81 93.93 - 

JPM Europe Dynamic X (acc) - EUR** 105.14 - 103.59 - - 


JPM Europe Equity A (acc) - EUR 13.63 11.72 9.65 10.45 8.85 

JPM Europe Equity A (acc) - USD 17.98 14.63 11.71 14.48 10.39 

JPM Europe Equity A (dist) - EUR 40.90 35.72 29.99 32.99 28.32 

JPMorgan Europe Equity A (dist) - USD 46.01 38.01 31.07 39.03 28.36 

JPM Europe Equity B (acc) - EUR 16.66 14.27 11.66 12.53 10.53 

JPM Europe Equity B (acc) - USD 141.51 - - - - 

JPM Europe Equity B (dist) - EUR 110.26 - - - - 

JPM Europe Equity C (acc) - EUR 17.25 14.75 12.01 12.87 10.79 

JPM Europe Equity C (dist) - USD 157.20 129.33 - - - 

JPM Europe Equity D (acc) - EUR 10.67 9.21 7.64 8.33 7.11 

JPM Europe Equity D (acc) - USD 14.32 11.69 9.43 11.75 8.49 

JPM Europe Equity X (acc) - EUR 18.01 15.35 12.42 13.21 11.00 


JPM Europe Small Cap A (acc) - EUR 18.54 15.02 11.67 13.14 10.71 

JPM Europe Small Cap A (acc) - USD 142.94 - - - - 

JPM Europe Small Cap A (dist) - EUR 50.43 41.08 32.35 36.72 30.07 

JPMorgan Europe Small Cap A (dist) - EUR 14.97 12.20 9.62 10.92 8.94 

JPM Europe Small Cap A (dist) - GBP 20.83 17.43 12.95 16.45 12.18 

JPM Europe Small Cap B (acc) - EUR 20.70 16.70 12.89 14.40 11.65 

JPM Europe Small Cap B (dist) - EUR 114.13 - - - - 

JPM Europe Small Cap C (acc) - EUR 21.25 17.14 13.20 14.73 11.90 

JPM Europe Small Cap D (acc) - EUR 14.23 11.59 9.10 10.35 8.51 

JPM Europe Small Cap I (acc) - EUR 143.03 115.33 88.81 99.07 - 


JPM Europe Technology A (acc) - EUR 21.98 17.02 13.98 15.13 12.38 

JPM Europe Technology A (dist) - EUR 14.10 10.95 9.02 9.85 8.05 

JPMorgan Europe Technology A (dist) - EUR 7.59 5.89 4.88 5.32 4.37 

JPM Europe Technology A (dist) - GBP 11.22 8.92 6.96 8.49 6.31 

JPM Europe Technology B (acc) - EUR 18.21 14.05 11.44 12.29 9.97 

JPM Europe Technology B (dist) - EUR 121.78 - - - - 

JPM Europe Technology C (acc) - EUR 134.23 103.50 - - - 

JPM Europe Technology D (acc) - EUR 7.49 5.83 4.83 5.28 4.37 

JPM Europe Technology X (acc) - EUR* - 12.64 10.21 10.87 8.74 


JPM Germany Equity A (acc) - EUR 21.76 17.89 14.27 16.44 13.30 

JPM Germany Equity A (dist) - EUR 10.89 9.13 7.33 8.63 7.06 

JPMorgan Germany Equity A (dist) - EUR 27.06 22.68 18.54 21.82 17.88 

JPM Germany Equity B (acc) - EUR 12.56 10.28 8.14 9.32 7.48 

JPM Germany Equity B (dist) - EUR 115.62 - - - - 

JPM Germany Equity C (acc) - EUR 13.84 11.32 8.95 10.21 8.18 

JPM Germany Equity D (acc) - EUR 3.84 3.17 2.55 2.97 2.43 

JPM Germany Equity I (acc) - EUR** 111.38 - - 11.27 9.02 

JPM Germany Equity I (dist) - EUR 110.73 - - - - 

JPM Germany Equity T (acc) - EUR 126.95 104.86 84.49 98.35 - 

JPM Germany Equity X (acc) - EUR 13.59 11.07 8.68 9.82 7.81 

32







JPM Global Consumer Trends A (acc) - CHF (hedged) 176.12 158.89 135.99 - - 

JPM Global Consumer Trends A (acc) - EUR 15.57 14.38 12.64 12.76 14.67 

JPM Global Consumer Trends A (acc) - SGD 23.81 20.89 17.84 - - 

JPM Global Consumer Trends A (acc) - USD 21.04 18.37 15.71 18.11 12.20 

JPM Global Consumer Trends B (acc) - EUR* - - 96.24 96.43 - 

JPM Global Consumer Trends B (acc) - USD 165.15 143.68 121.90 139.51 - 

JPM Global Consumer Trends C (acc) - EUR 21.35 19.62 17.09 17.09 16.18 

JPM Global Consumer Trends C (acc) - USD 165.29 143.66 - - - 

JPM Global Consumer Trends D (acc) - EUR 14.93 13.83 12.26 12.47 12.01 

JPM Global Consumer Trends D (acc) - USD 158.52 138.98 119.69 139.05 - 

JPM Global Consumer Trends T (acc) - EUR 111.14 103.01 91.24 92.80 - 


JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 24.89 22.97 20.33 21.83 19.85 

JPM Global Convertibles (EUR) A (acc) - EUR 14.05 12.95 11.45 12.28 11.11 

JPM Global Convertibles (EUR) A (dist) - EUR 11.46 10.76 9.92 10.81 9.86 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 13.00 12.18 11.16 12.27 11.28 

JPMorgan Global Convertibles (EUR) A (dist) - USD 18.00 15.96 14.32 17.76 13.74 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 24.03 22.10 19.44 20.73 18.74 

JPM Global Convertibles (EUR) B (acc) - EUR 14.95 13.74 12.07 12.87 11.56 

JPM Global Convertibles (EUR) B (dist) - EUR 105.28 - - - - 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 99.10 93.11 85.24 90.56 - 

JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 25.67 23.60 20.75 22.11 19.97 

JPM Global Convertibles (EUR) C (acc) - EUR 15.26 14.01 12.31 13.11 11.77 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 12.18 11.51 10.53 12.26 11.27 

JPM Global Convertibles (EUR) C (dist) - USD 155.12 136.27 - - - 

JPM Global Convertibles (EUR) D (acc) - EUR 12.06 11.15 9.91 10.68 9.71 

JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* - - 16.17 17.23 15.55 

JPM Global Convertibles (EUR) I (acc) - EUR 12.22 11.21 9.84 10.48 9.40 

JPM Global Convertibles (EUR) I (dist) - EUR 102.81 - - - - 

JPM Global Convertibles (EUR) I (inc) - EUR 11.42 10.60 9.46 10.10 9.06 

JPM Global Convertibles (EUR) T (acc) - EUR 120.54 111.40 - - - 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 21.59 19.77 17.24 18.22 16.33 

JPM Global Convertibles (EUR) X (acc) - EUR 16.36 14.97 13.00 13.74 12.24 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)** 90.10 - 85.96 90.56 - 


JPM Global Dynamic A (acc) - CHF (hedged) 152.25 131.53 110.57 123.21 - 

JPM Global Dynamic A (acc) - EUR 8.59 7.71 6.73 6.67 5.99 

JPM Global Dynamic A (acc) - EUR (hedged) 6.89 5.95 5.02 5.51 4.48 

JPM Global Dynamic A (acc) - SGD 18.50 15.77 13.38 14.67 12.69 

JPM Global Dynamic A (acc) - SGD (hedged)* - 12.94 10.87 12.09 - 

JPM Global Dynamic A (acc) - USD 15.82 13.43 11.40 12.90 9.82 

JPM Global Dynamic A (dist) - GBP 15.87 14.69 12.14 13.54 11.04 

JPM Global Dynamic A (dist) - USD 18.54 15.78 13.42 15.18 11.55 

JPMorgan Global Dynamic A (dist) - USD 17.05 14.52 12.37 14.07 10.73 

JPM Global Dynamic A (inc) - EUR 8.69 7.84 6.86 6.83 6.16 

JPM Global Dynamic B (acc) - USD 19.43 16.42 13.84 15.55 11.74 

JPM Global Dynamic B (dist) - USD 111.96 - - - - 

JPM Global Dynamic B (inc) - EUR 79.96 - - - - 

JPM Global Dynamic C (acc) - EUR 7.86 7.02 6.08 5.97 5.31 

JPM Global Dynamic C (acc) - EUR (hedged) 8.19 7.03 5.88 6.40 5.16 

JPM Global Dynamic C (acc) - USD 19.95 16.86 14.19 15.91 12.00 

JPM Global Dynamic C (dist) - GBP 71.58 66.27 - - - 

JPM Global Dynamic D (acc) - EUR 8.10 7.30 6.44 6.45 5.85 

JPM Global Dynamic D (acc) - EUR (hedged) 6.56 5.69 4.85 5.38 4.42 

JPM Global Dynamic D (acc) - USD 17.24 14.70 12.61 14.41 11.08 

JPM Global Dynamic I (acc) - EUR 78.17 - - - - 

JPM Global Dynamic I (acc) - EUR (hedged) 90.54 77.77 64.93 70.64 - 

JPM Global Dynamic I (acc) - USD 11.15 9.42 7.92 8.88 6.69 

JPM Global Dynamic I (dist) - USD 108.69 - - - - 

JPM Global Dynamic I (inc) - EUR 14.25 12.87 11.26 11.16 10.04 

JPM Global Dynamic T (acc) - EUR (hedged) 86.77 75.27 64.10 71.10 - 

JPM Global Dynamic X (acc) - EUR 9.38 8.34 7.16 6.97 6.15 

JPM Global Dynamic X (acc) - EUR (hedged) 107.13 91.62 75.92 - - 

JPM Global Dynamic X (acc) - USD 19.48 16.38 13.68 15.22 11.38 

33







JPM Global Focus A (acc) - CHF (hedged) 174.57 150.46 129.91 146.77 - 

JPM Global Focus A (acc) - EUR 18.79 16.86 15.21 15.48 14.13 

JPM Global Focus A (acc) - EUR (hedged) 10.72 9.24 8.00 9.04 7.59 

JPM Global Focus A (dist) - EUR 25.01 22.59 20.48 20.85 19.07 

JPMorgan Global Focus A (dist) - USD 17.49 14.94 13.16 15.37 11.90 

JPM Global Focus B (acc) - EUR 19.40 17.35 15.53 15.69 14.21 

JPM Global Focus B (dist) - EUR 105.12 - - - - 

JPM Global Focus B (dist) - USD 143.65 - - - - 

JPM Global Focus C (acc) - EUR 15.20 13.58 12.14 12.24 11.07 

JPM Global Focus C (acc) - EUR (hedged) 23.39 20.08 17.23 19.29 16.05 

JPM Global Focus C (acc) - USD** 135.71 - 13.08 15.06 11.54 

JPM Global Focus D (acc) - EUR 23.41 21.12 19.24 19.78 18.23 

JPM Global Focus D (acc) - EUR (hedged) 9.82 8.51 7.44 8.49 7.20 

JPM Global Focus I (acc) - EUR 130.09 116.17 103.76 104.58 - 

JPM Global Focus I (acc) - EUR (hedged)* - - 101.16 113.23 - 

JPM Global Focus I (acc) - USD 174.77 147.62 128.20 147.57 - 

JPM Global Focus T (acc) - EUR 109.79 99.06 90.24 92.74 - 

JPM Global Focus X (acc) - EUR 23.49 20.88 18.50 18.51 16.60 


JPM Global Government Bond A (acc) - EUR 11.56 11.48 11.46 10.66 10.53 

JPM Global Government Bond A (acc) - USD (hedged) 14.60 14.48 14.42 13.43 13.29 

JPM Global Government Bond B (acc) - EUR 111.62 110.77 110.45 102.51 10.09 

JPM Global Government Bond C (acc) - EUR 11.79 11.70 11.66 10.81 10.64 

JPM Global Government Bond C (dist) - GBP (hedged)* - 84.85 - - - 

JPM Global Government Bond D (acc) - EUR 11.45 11.38 11.39 10.62 10.50 

JPM Global Government Bond I (acc) - EUR 99.92 - - - - 

JPM Global Government Bond I (acc) - USD (hedged) 135.03 - - - - 

JPM Global Government Bond X (acc) - EUR 11.95 11.83 11.76 10.87 10.67 


JPM Global Natural Resources A (acc) - EUR 13.24 11.77 16.66 22.39 19.30 

JPM Global Natural Resources A (acc) - GBP 85.26 77.98 - - - 

JPM Global Natural Resources A (acc) - SGD 13.69 11.56 15.89 23.63 19.63 

JPM Global Natural Resources A (acc) - USD 11.18 9.40 12.94 19.85 14.50 

JPM Global Natural Resources A (dist) - EUR 11.40 10.14 14.36 19.29 16.63 

JPM Global Natural Resources B (acc) - EUR 8.45 7.48 10.51 14.03 12.00 

JPM Global Natural Resources B (acc) - USD 143.82 - - - - 

JPM Global Natural Resources B (dist) - EUR 98.04 - - - - 

JPM Global Natural Resources C (acc) - EUR 12.34 10.93 15.34 20.44 17.47 

JPM Global Natural Resources C (acc) - USD 9.24 7.74 10.56 16.07 11.64 

JPM Global Natural Resources D (acc) - EUR 8.66 7.74 11.06 15.01 13.07 

JPM Global Natural Resources D (acc) - USD 7.42 6.28 8.72 13.52 9.97 

JPM Global Natural Resources I (acc) - EUR 60.52 53.53 75.01 - - 

JPM Global Natural Resources I (acc) - USD 137.09 - - - - 

JPM Global Natural Resources I (dist) - EUR 99.70 - - - - 

JPM Global Natural Resources X (acc) - EUR 14.99 13.22 18.29 24.15 20.41 

JPM Global Natural Resources X (dist) - AUD 10.30 - - - - 


JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 6.71 6.63 5.77 5.73 4.70 

JPM Global Real Estate Securities (USD) A (acc) - USD 9.90 9.78 8.71 8.77 6.75 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 5.94 6.04 5.32 5.35 4.55 

JPM Global Real Estate Securities (USD) A (inc) - USD 97.34 - - - - 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) 83.50 82.30 71.02 69.97 - 

JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - - - - - 

JPM Global Real Estate Securities (USD) C (acc) - USD 128.54 126.27 111.25 110.71 - 

JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 6.44 6.40 5.61 5.61 4.64 

JPM Global Real Estate Securities (USD) D (acc) - USD 9.38 9.30 8.35 8.46 6.56 

JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged) 74.40 - - - - 

JPM Global Real Estate Securities (USD) I (acc) - USD 99.84 - - - - 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 103.37 101.37 86.61 - - 

JPM Global Real Estate Securities (USD) X (acc) - USD 10.59 10.37 9.07 8.97 6.78 


JPM Global Unconstrained Equity A (acc) - EUR 90.46 81.93 71.91 69.98 - 

JPM Global Unconstrained Equity A (acc) - EUR (hedged) 7.63 6.74 5.75 6.15 5.38 

JPM Global Unconstrained Equity A (acc) - USD 14.06 12.04 10.27 11.41 9.31 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) 7.17 6.36 5.47 5.88 5.16 

JPM Global Unconstrained Equity A (dist) - USD 27.05 23.29 19.97 22.26 18.24 

JPMorgan Global Unconstrained Equity A (dist) - USD 46.79 40.29 34.55 38.46 31.52 

JPM Global Unconstrained Equity C (acc) - EUR (hedged) 8.10 7.11 6.00 6.35 5.49 

JPM Global Unconstrained Equity C (acc) - USD 17.05 14.53 12.26 13.48 10.88 

JPM Global Unconstrained Equity D (acc) - EUR (hedged) 7.33 6.49 5.58 6.01 5.30 

JPM Global Unconstrained Equity D (acc) - USD 11.92 10.25 8.81 9.87 8.12 

JPM Global Unconstrained Equity X (acc) - EUR 13.12 11.78 10.16 9.72 9.20 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 104.85 91.70 76.90 - - 

JPM Global Unconstrained Equity X (acc) - USD 13.43 11.40 9.57 10.45 8.38 

JPM Global Unconstrained Equity X (dist) - AUD 10.20 - - - - 

34







JPMorgan Greater China A (acc) - SGD 16.13 14.14 12.20 14.41 12.94 

JPMorgan Greater China A (acc) - USD 25.34 22.11 19.11 23.31 18.42 

JPMorgan Greater China A (dist) - HKD 13.19 11.63 10.15 12.50 - 

JPMorgan Greater China A (dist) - USD 31.11 27.34 23.84 29.36 23.32 

JPMorgan Greater China B (acc) - USD 22.97 19.97 17.13 20.74 16.27 

JPMorgan Greater China B (dist) - USD 111.24 - - - - 

JPMorgan Greater China C (acc) - USD 27.89 24.23 20.75 25.09 19.65 

JPMorgan Greater China D (acc) - EUR 93.79 86.98 78.07 84.23 - 

JPMorgan Greater China D (acc) - USD 36.98 32.44 28.31 34.88 27.84 

JPMorgan Greater China I (acc) - USD 117.90 102.37 87.61 105.85 - 

JPMorgan Greater China I (dist) - USD 103.75 - - - - 

JPMorgan Greater China T (acc) - EUR 78.45 72.76 65.31 70.45 - 

JPMorgan Greater China X (acc) - USD* - - - - - 


JPMorgan Hong Kong A (acc) - USD 20.36 17.40 15.32 18.57 16.16 

JPMorgan Hong Kong A (dist) - HKD 11.76 10.27 9.20 11.36 - 

JPMorgan Hong Kong A (dist) - USD 52.27 45.10 40.19 49.20 43.11 

JPMorgan Hong Kong B (acc) - USD 19.07 16.23 14.18 17.06 14.73 

JPMorgan Hong Kong C (acc) - USD 22.30 18.98 16.55 19.89 17.16 

JPMorgan Hong Kong D (acc) - USD 30.79 26.44 23.52 28.80 25.33 


JPMorgan India A (acc) - SGD 12.52 12.45 11.85 14.68 14.92 

JPMorgan India A (acc) - USD 22.41 22.18 21.14 27.02 24.15 

JPMorgan India A (dist) - GBP 65.17 70.10 - - - 

JPMorgan India A (dist) - USD 65.91 65.24 62.17 80.03 72.09 

JPMorgan India B (acc) - EUR 78.20 - - - - 

JPMorgan India B (acc) - USD 30.48 30.05 28.43 36.07 32.00 

JPMorgan India B (dist) - USD 104.17 - - - - 

JPMorgan India C (acc) - USD 24.37 24.01 22.68 28.73 25.45 

JPMorgan India C (dist) - USD 90.29 93.88 - - - 

JPMorgan India D (acc) - EUR 64.82 68.10 67.29 75.91 - 

JPMorgan India D (acc) - USD 42.76 42.49 40.82 52.59 47.40 

JPMorgan India I (acc) - USD 104.90 - - - - 

JPMorgan India I (dist) - USD 101.91 - - - - 

JPMorgan India T (acc) - EUR 61.01 64.10 63.33 71.45 - 

JPMorgan India X (acc) - USD 27.82 27.27 25.51 32.01 28.11 


JPMorgan Indonesia Equity A (acc) - USD 85.63 117.43 95.17 - - 

JPMorgan Indonesia Equity B (acc) - USD 64.72 88.41 - - - 

JPMorgan Indonesia Equity C (acc) - USD 66.85 91.23 - - - 

JPMorgan Indonesia Equity D (acc) - EUR 60.16 87.66 - - - 

JPMorgan Indonesia Equity D (acc) - USD 84.47 116.28 - - - 

JPMorgan Indonesia Equity X (acc) - JPY 7,337.00 9,380.00 - - - 


JPMorgan Japan Equity A (acc) - EUR 6.23 5.78 4.80 4.45 4.56 

JPMorgan Japan Equity A (acc) - EUR (hedged) 75.37 - - - - 

JPMorgan Japan Equity A (acc) - JPY 810.00 669.00 433.00 465.00 443.00 

JPMorgan Japan Equity A (acc) - USD 10.28 9.01 7.26 7.70 6.68 

JPMorgan Japan Equity A (acc) - USD (hedged) 103.09 - - - - 

JPMorgan Japan Equity A (dist) - GBP 7.95 7.58 5.95 6.20 5.75 

JPMorgan Japan Equity A (dist) - GBP (hedged) 62.99 - - - - 

JPMorgan Japan Equity A (dist) - USD 25.81 22.71 18.37 19.48 16.89 

JPMorgan Japan Equity B (acc) - EUR 78.59 - - - - 

JPMorgan Japan Equity B (acc) - USD 12.08 10.55 8.44 8.88 7.64 

JPMorgan Japan Equity B (dist) - GBP 65.91 - - - - 

JPMorgan Japan Equity B (dist) - USD 110.20 - - - - 

JPMorgan Japan Equity C (acc) - USD 12.35 10.77 8.60 9.03 7.76 

JPMorgan Japan Equity C (dist) - USD 133.83 117.15 - - - 

JPMorgan Japan Equity D (acc) - EUR 4.95 4.61 3.85 3.60 3.71 

JPMorgan Japan Equity D (acc) - USD 8.28 7.29 5.92 6.32 5.52 

JPMorgan Japan Equity I (acc) - USD 116.26 101.41 - - - 

JPMorgan Japan Equity J (dist) - USD 13.80 12.14 9.83 10.43 9.04 

JPMorgan Japan Equity X (acc) - USD 12.74 11.07 8.77 9.14 7.78 


JPMorgan Korea Equity A (acc) - EUR 7.97 7.00 7.45 8.12 6.60 

JPMorgan Korea Equity A (acc) - SGD 15.26 12.68 13.10 - - 

JPMorgan Korea Equity A (acc) - USD 10.99 9.12 9.44 11.74 8.09 

JPMorgan Korea Equity A (dist) - USD 11.43 9.50 9.84 12.25 8.44 

JPMorgan Korea Equity B (acc) - EUR 81.47 - - - - 

JPMorgan Korea Equity B (acc) - USD 13.66 11.29 11.60 14.32 9.79 

JPMorgan Korea Equity C (acc) - EUR 71.77 - - - - 

JPMorgan Korea Equity C (acc) - USD 102.87 85.00 87.18 107.47 8.84 

JPMorgan Korea Equity D (acc) - USD 10.32 8.61 9.00 11.31 7.87 

JPMorgan Korea Equity I (acc) - USD** 102.93 93.75 - - - 

JPMorgan Korea Equity X (acc) - USD* - - 93.31 114.10 9.10 


35







JPM Latin America Equity A (acc) - EUR 68.85 71.53 - - - 

JPM Latin America Equity A (acc) - SGD 12.31 12.09 12.19 14.21 - 

JPM Latin America Equity A (acc) - USD 28.47 27.94 28.20 33.93 27.48 

JPM Latin America Equity A (dist) - USD 52.29 51.61 52.59 63.56 51.68 

JPMorgan Latin America Equity A (dist) - USD 37.83 37.34 38.04 45.97 37.39 

JPM Latin America Equity B (acc) - EUR 70.77 - - - - 

JPM Latin America Equity B (acc) - USD 17.57 17.19 17.21 20.56 16.52 

JPM Latin America Equity B (dist) - USD 89.86 88.30 - - - 

JPM Latin America Equity C (acc) - EUR 71.38 - - - - 

JPM Latin America Equity C (acc) - USD 32.77 32.04 32.07 38.28 30.76 

JPM Latin America Equity D (acc) - EUR 69.70 72.78 76.28 81.18 - 

JPM Latin America Equity D (acc) - USD 41.68 41.12 41.91 50.93 41.67 

JPM Latin America Equity I (acc) - EUR 69.97 - - - - 

JPM Latin America Equity I (acc) - JPY 9,334.00 8,589.00 - - - 

JPM Latin America Equity I (acc) - USD 19.13 18.68 18.68 22.28 17.89 

JPM Latin America Equity I (dist) - USD 95.75 - - - - 

JPM Latin America Equity T (acc) - EUR 60.39 63.06 66.10 70.34 - 

JPM Latin America Equity X (acc) - USD 38.92 37.86 37.54 44.39 35.34 


JPM Russia A (acc) - USD 12.92 11.05 11.03 16.40 12.44 

JPM Russia A (dist) - USD 12.37 10.73 10.83 16.12 12.22 

JPM Russia B (acc) - USD 8.84 7.53 7.46 11.01 8.29 

JPM Russia B (dist) - USD 111.48 - - - - 

JPM Russia C (acc) - USD 6.11 5.21 5.16 7.61 5.73 

JPM Russia D (acc) - USD 9.61 8.27 8.33 12.51 9.58 

JPM Russia I (acc) - USD 6.70 5.71 5.65 8.32 6.26 

JPM Russia T (acc) - EUR 75.07 68.26 - - - 


JPMorgan Singapore A (acc) - SGD 17.59 17.10 15.03 15.48 14.29 

JPMorgan Singapore A (acc) - USD 28.35 27.44 24.15 25.66 20.84 

JPMorgan Singapore A (dist) - USD 34.73 34.88 31.26 33.67 27.85 

JPMorgan Singapore B (acc) - USD 20.40 19.67 17.18 18.12 14.61 

JPMorgan Singapore B (dist) - USD 99.89 - - - - 

JPMorgan Singapore C (acc) - USD 29.65 28.58 24.94 26.28 21.16 

JPMorgan Singapore D (acc) - USD 47.97 46.66 41.48 44.52 36.52 

JPMorgan Singapore I (acc) - USD** 100.03 - - - 13.89 


JPMorgan Taiwan A (acc) - EUR 16.85 15.85 14.01 15.28 12.56 

JPMorgan Taiwan A (acc) - USD 18.39 16.36 14.06 17.51 12.20 

JPMorgan Taiwan A (dist) - HKD 13.77 12.37 10.78 13.48 - 

JPMorgan Taiwan A (dist) - USD 15.39 13.90 12.16 15.39 10.75 

JPMorgan Taiwan B (acc) - USD 102.90 91.28 77.98 96.55 7.62 

JPMorgan Taiwan C (acc) - USD 21.77 19.29 16.46 20.35 14.07 

JPMorgan Taiwan C (dist) - USD 108.84 - - - - 

JPMorgan Taiwan D (acc) - USD 15.85 14.17 12.29 15.47 10.89 

JPMorgan Taiwan I (acc) - USD* - - 11.62 14.35 9.92 

JPMorgan Taiwan X (acc) - USD* - - 94.90 116.29 - 


JPM US Aggregate Bond A (acc) - EUR (hedged) 77.19 77.18 78.52 - - 

JPM US Aggregate Bond A (acc) - USD 14.98 14.97 15.18 14.14 13.49 

JPM US Aggregate Bond A (div) - USD 94.10 95.63 - - - 

JPM US Aggregate Bond A (inc) - USD 12.17 12.39 13.10 12.69 12.90 

JPM US Aggregate Bond A (mth) - HKD 10.46 10.65 - - - 

JPM US Aggregate Bond A (mth) - SGD 11.96 12.21 12.80 - - 

JPM US Aggregate Bond A (mth) - SGD (hedged) 12.10 12.31 12.93 - - 

JPM US Aggregate Bond A (mth) - USD 10.13 10.29 10.80 10.46 10.37 

JPM US Aggregate Bond B (acc) - EUR (hedged) 76.04 75.89 - - - 

JPM US Aggregate Bond B (acc) - USD 15.12 15.08 15.24 14.14 13.45 

JPM US Aggregate Bond B (mth) - USD 94.47 95.84 100.24 - - 

JPM US Aggregate Bond C (acc) - USD 15.30 15.25 15.39 14.26 13.55 

JPM US Aggregate Bond C (dist) - GBP (hedged) 61.90 62.27 - - - 

JPM US Aggregate Bond D (acc) - EUR (hedged) 76.07 76.16 77.67 72.31 - 

JPM US Aggregate Bond D (acc) - USD 16.72 16.73 17.01 15.88 15.20 

JPM US Aggregate Bond I (acc) - USD 106.77 106.37 107.32 99.40 - 

JPM US Aggregate Bond I (inc) - USD 100.06 - - - - 

JPM US Aggregate Bond I (mth) - USD 96.52 97.79 - - - 

JPM US Aggregate Bond X (acc) - EUR (hedged) 76.21 75.81 - - - 

JPM US Aggregate Bond X (acc) - USD 16.38 16.28 16.35 15.07 14.25 

JPM US Aggregate Bond X (dist) - GBP (hedged) 63.22 64.73 66.49 - - 

JPM US Aggregate Bond X (dist) - USD 99.68 - - - - 

36







JPM US Growth A (acc) - EUR (hedged) 9.84 8.08 7.39 7.14 5.47 

JPM US Growth A (acc) - USD 17.10 14.06 12.78 12.27 9.38 

JPM US Growth A (dist) - GBP 7.94 7.10 6.27 5.90 4.83 

JPM US Growth A (dist) - USD 9.15 7.53 6.84 6.57 5.03 

JPM US Growth B (acc) - EUR (hedged) 92.74 75.86 - - - 

JPM US Growth B (acc) - USD 16.61 13.60 12.27 11.69 8.88 

JPM US Growth B (dist) - USD 133.03 108.93 - - - 

JPM US Growth C (acc) - EUR (hedged) 13.16 10.75 9.74 9.30 7.05 

JPM US Growth C (acc) - USD 16.10 13.16 11.84 11.25 8.51 

JPM US Growth C (dist) - GBP 90.47 80.53 70.30 65.46 - 

JPM US Growth C (dist) - USD 140.03 114.60 103.15 - - 

JPM US Growth D (acc) - EUR (hedged) 9.35 7.71 7.11 6.91 5.34 

JPM US Growth D (acc) - USD 8.35 6.89 6.31 6.10 4.70 

JPM US Growth I (acc) - EUR (hedged) 80.80 - - - - 

JPM US Growth I (acc) - JPY 12,859.00 9,919.00 - - - 

JPM US Growth I (acc) - USD 108.92 - - - - 

JPM US Growth I (dist) - GBP 67.04 - - - - 

JPM US Growth I (dist) - USD 110.92 - - - - 

JPM US Growth P (dist) - USD 109.59 - - - - 

JPM US Growth T (acc) - EUR (hedged) 99.28 81.83 - - - 

JPM US Growth X (acc) - USD 18.08 14.72 13.15 12.40 9.32 

JPM US Growth X (dist) - USD 147.18 120.74 108.47 102.40 - 


JPM US High Yield Plus Bond A (acc) - EUR (hedged)** 78.88 - - - - 

JPM US High Yield Plus Bond A (acc) - USD 116.72 111.20 101.05 - - 

JPM US High Yield Plus Bond A (dist) - GBP (hedged) 63.04 - - - - 

JPM US High Yield Plus Bond A (div) - EUR (hedged) 77.82 - - - - 

JPM US High Yield Plus Bond A (mth) - HKD 11.67 11.56 11.30 - - 

JPM US High Yield Plus Bond A (mth) - USD 105.19 104.11 101.92 - - 

JPM US High Yield Plus Bond D (div) - EUR (hedged)** 77.70 - - - - 

JPM US High Yield Plus Bond X (acc) - EUR (hedged) 79.20 - - - - 

JPM US High Yield Plus Bond X (acc) - GBP (hedged) 66.57 - - - - 

JPM US High Yield Plus Bond X (acc) - USD* - 105.34 - - - 


JPM US Small Cap Growth A (acc) - EUR 99.22 86.80 69.95 67.70 - 

JPM US Small Cap Growth A (acc) - USD 21.51 17.80 13.95 15.41 10.80 

JPM US Small Cap Growth A (dist) - GBP 13.60 12.25 9.32 10.10 7.56 

JPM US Small Cap Growth A (dist) - USD 148.04 122.53 96.02 106.11 74.32 

JPM US Small Cap Growth B (acc) - EUR 77.74 - - - - 

JPM US Small Cap Growth B (acc) - USD 16.05 13.22 10.28 11.28 7.84 

JPM US Small Cap Growth B (dist) - USD 113.80 - - - - 

JPM US Small Cap Growth C (acc) - USD 146.82 120.94 - - - 

JPM US Small Cap Growth D (acc) - USD 14.00 11.63 9.18 10.22 7.21 

JPM US Small Cap Growth I (acc) - USD 106.35 - - - - 

JPM US Small Cap Growth I (dist) - USD 111.83 - - - - 

JPM US Small Cap Growth X (acc) - USD 19.47 15.97 12.30 13.36 9.20 


JPM US Technology A (acc) - EUR 121.35 107.15 102.26 98.37 78.80 

JPM US Technology A (acc) - SGD 16.76 14.06 13.03 - - 

JPM US Technology A (acc) - USD 17.67 14.76 13.70 15.05 10.21 

JPM US Technology A (dist) - GBP 2.17 1.98 1.79 1.94 1.42 

JPM US Technology A (dist) - USD 8.92 7.46 6.92 7.61 5.16 

JPMorgan US Technology A (dist) - USD 2.57 2.16 2.00 2.20 1.49 

JPM US Technology B (acc) - USD 127.31 105.92 97.56 106.38 - 

JPM US Technology B (dist) - USD 130.43 108.52 - - - 

JPM US Technology C (acc) - USD 16.13 13.42 12.34 13.45 9.03 

JPM US Technology C (dist) - USD 128.27 106.68 - - - 

JPM US Technology D (acc) - EUR 11.88 10.54 10.16 9.87 7.99 

JPM US Technology D (acc) - USD 2.30 1.93 1.81 2.01 1.38 

JPM US Technology I (acc) - EUR 77.17 - - - - 

JPM US Technology I (acc) - USD** 104.31 - - - - 

JPM US Technology I (dist) - USD 107.47 - - - - 

JPM US Technology X (acc) - USD* - - - 11.72 7.82 

37







JPM US Value A (acc) - EUR (hedged) 10.22 9.08 7.51 7.13 5.72 

JPM US Value A (acc) - USD 17.03 15.15 12.47 11.81 9.45 

JPM US Value A (dist) - GBP 18.33 17.77 14.20 13.20 11.30 

JPM US Value A (dist) - USD 21.20 18.90 15.57 14.76 11.82 

JPMorgan US Value A (dist) - USD 18.52 16.51 13.61 12.92 10.35 

JPM US Value B (acc) - EUR (hedged) 90.51 80.10 - - - 

JPM US Value B (acc) - USD 19.67 17.43 14.24 13.39 10.63 

JPM US Value B (dist) - USD 111.79 99.06 - - - 

JPM US Value C (acc) - EUR (hedged) 15.17 13.41 10.98 10.31 8.19 

JPM US Value C (acc) - USD 20.64 18.26 14.87 13.95 11.04 

JPM US Value C (dist) - GBP 74.11 71.62 - - - 

JPM US Value D (acc) - EUR (hedged) 9.69 8.64 7.20 6.89 5.57 

JPM US Value D (acc) - USD 19.61 17.51 14.52 13.86 11.17 

JPM US Value I (acc) - EUR (hedged) 79.58 - - - - 

JPM US Value I (acc) - USD 147.11 130.06 105.82 99.17 - 

JPM US Value I (dist) - GBP 65.18 - - - - 

JPM US Value I (dist) - USD 108.80 - - - - 

JPM US Value X (acc) - EUR (hedged)* - - 84.20 - - 

JPM US Value X (acc) - USD 20.43 18.00 14.55 13.55 10.65 




38


Notes to the Unaudited Financial Statements 


1. Organisation 

JPMorgan Funds (the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of the SICAV was 

changed to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, to JPMorgan Fleming 

Funds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005. 

It is organised under Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as a Société Anonyme qualifying as a 

“Société d’Investissement à Capital Variable” (SICAV). As at 31 December 2013, it comprises 121 Sub-Funds, each relating to a separate investment portfolio 

consisting of securities, cash and other instruments. 

On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. The Articles of 

Incorporation were also modified so the SICAV complies with UCITS III regulations. From 1 July 2011, JPMorgan Asset Management (Europe) S.à r.l. is acting 

as a Chapter 15 Management Company under the Luxembourg Law of 17 December 2010 and complies with UCITS IV regulations. 

The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478. 

Each Sub-Fund may contain A, B, C, D, I, J, P, T, X and Y Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount, 

currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classes 

of Shares named either “JPM” or “JPMorgan”. 

Within each Sub-Fund, individual Classes of Shares may have a currency of denomination that differs from the currency of denomination of the Sub-Fund. 

The currency of denomination for each Class of Share is indicated by a suffix on the name of the Share Class. 

2. Significant Accounting Policies 

The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. 

a) Investment Valuation 

Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latest 

available price prevailing at the time of calculating the net asset value. 

If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or 

market will be applied. 

Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those 

securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable 

sales price determined with prudence and in good faith by the Board of Directors. 

Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds or 

their agents. 

Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis. 

The Financial Statements are presented on the basis of the net asset value calculated on 31 December 2013, except for JPMorgan Funds - Brazil Equity Fund, 

JPMorgan Funds - Emerging Markets Debt Fund, JPMorgan Funds - Emerging Markets Local Currency Debt Fund, JPMorgan Funds - Europe Small Cap Fund, 

JPMorgan Funds - Europe Technology Fund, JPMorgan Funds - Germany Equity Fund, JPMorgan Funds - Global Government Bond Fund, JPMorgan Funds - 

Indonesia Equity Fund, JPMorgan Funds - Japan Equity Fund, JPMorgan Funds - Korea Equity Fund and JPMorgan Funds - Latin America Equity Fund, 

calculated on 30 December 2013 (due to the Management Company’s decision to close these funds on 31 December 2013 due to a substantial portion of the 

portfolios being traded on a closed stock exchange). In accordance with the prospectus, the net asset values were calculated using the latest exchange rates 

known at the time of calculation. 

In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in 

this context the Management Company has implemented a Fair Value Committee (FVC) to address any potential valuation concerns. On 31 December 2013, 

no Fair Value adjustments were made. 

b) Swing Pricing Adjustment 

A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect the 

dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. 

In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any Valuation Day, the 

aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basis 

by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. 

The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of the 

Net Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds with the exception of the money market Sub-Funds. The 

extent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to 

Sub-Fund and will not exceed 2% of the original Net Asset Value per Share. 

The official Net Asset Value per Share as at period end, disclosed in the Statistical Information section of this report may therefore include a Swing Pricing 

adjustment, which would not be recognised in the Combined Statement of Net Assets or in the Combined Statement of Operations and Changes in Net Assets. 

c) Realised and Unrealised Gains and Losses on Investments 

Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment 

schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents. 

Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date of 

purchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments are 

calculated on the total book cost and include the associated unrealised gains and losses on foreign exchange. 

d) Income Recognition 

Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts, where applicable. Bank interest income is recognised 

on an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly when 

tax reclaims apply. 

e) Conversion of Foreign Currencies 

The books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currencies are 

translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are 

converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreign 

investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions. 

Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding of foreign 

currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchange 

contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. 

39


Notes to the Unaudited Financial Statements (continued) 


The resulting gains and losses on translation are included in “Net Realised Gain/(Loss) on Foreign Exchange” in the Combined Statement of Operations and 

Changes in Net Assets. 

The reference currency of the Combined Statements is USD. 

The principal exchange rates applied as at 31 December 2013 are as follows: 

1 USD = 0.72592121 EUR; 

1 USD = 0.60437568 GBP; 

1 USD = 104.92000000 JPY. 

f) Forward Foreign Exchange Contracts 

Unrealised gains or losses on outstanding Forward Foreign Exchange Contracts are valued on the basis of currency exchange rates prevailing at the relevant 

valuation date. The changes in such amounts are included in “Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts” in the 

Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Forward 

Foreign Exchange Contracts” in the Combined Statement of Net Assets. 

g) Financial Futures Contracts on Securities and Indices 

Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts 

and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains and 

losses by “marking-to-market” to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or 

received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is 

traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing 

transaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and 


Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets. 

Daily margin calls are recorded under “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes in 

Net Assets. 

h) Option Contracts 

The SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV, 

however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of 

the contract. As of 31 December 2013, certain Sub-Funds had written options contracts outstanding as listed on its Schedule of Investments. 

Options purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cash 

settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired or 

delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the 

difference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium is 

accounted for as a realised gain for options written or as a realised loss for options purchased. 

For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, depending 

upon whether losses or gains are incurred on the underlying futures contracts. 

i) Total Return Swaps 

The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returns 

generated by a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated by 

reference to a specific security, on a basket of securities, index, or instruments and an agreed upon notional amount. Any such underlying security or 

instrument must be a transferable security and any such index must be an index of a regulated market. 

A Total Return Swap will exchange the total performance on a specific basket of securities, selected by the Investment Manager against a reference rate plus 

a spread. The total performance will include interests, dividends, gains and losses on the underlying securities during the contract period according to the 

type of underlying. The risk of this type of instrument will depend on the uncertain evolution, at the time of the contract conclusion, of the performance of the 

underlying. These underlying securities are listed on a primary exchange. 

The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. The 

relevant indices include, but are not limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stock indices. 

The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts are 

included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments”. 

When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of 

Operations and Changes in Net Assets. 

j) Interest Rate Swaps 

An interest rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interest 

payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. 

The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The interests on interest rate 

swaps are recorded under “Net Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes in 

unrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on 

Derivatives Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in 

the Combined Statement of Operations and Changes in Net Assets. 

k) Credit Default Swaps 

A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic 

coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset, 

occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. The value of the underlying securities shall 

be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. 

The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in unrealised gains 

or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Derivatives 

Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in the 

Combined Statement of Operations and Changes in Net Assets. 

l) To Be Announced Securities (“TBA”) 

TBAs are related to mortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests in 

the pools created. TBAs relate to future pools of these agencies that are bought and sold for future settlement for which either the interest rate or the 

maturity date is not yet fixed. TBAs are separately disclosed in the Schedule of Investments. 

40




The Sub-Funds may enter into Dollar Rolls, principally using TBAs, in which the Sub-Funds sell mortgage-backed securities for delivery in the current month 

and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for such 

Dollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Sub-Funds must 

maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of the 

securities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities. 

The Sub-Funds had TBA Dollar Rolls outstanding as of 31 December 2013, which are included in “Amounts Receivable on Sale of TBAs” and “Amounts Payable 

on Purchase of TBAs” in the Combined Statement of Net Assets. 

m) Commodity Index Swaps 

A Commodity Index Swap is a bilateral agreement in which each of the parties agree to exchange the total return of a specified commodity index against 

money market rate plus fees. 





n) Reverse Repurchase Agreements 

The underlying obligations found to be satisfactory by the Investment Manager are transferred to an account of the SICAV as collateral. The securities are 

marked-to-market daily and maintained at a value at least equal to the principal amount of the reverse repurchase agreement (including accrued interest). 

Interest received or paid on Reverse Repurchase Agreements are recorded in the interest section of the Combined Statement of Operations and Changes in 

Net Assets. The Funds’ Investment Manager is responsible for determining that the value of the underlying securities remains in accordance with the market 

value requirements stated above. 

o) Consolidation of Mauritian Subsidiary 

All income, expenses, receivables, payables and investments of JPMorgan SICAV Investment Company (Mauritius) Limited (the “Subsidiary”), a 

wholly-owned subsidiary of JPMorgan Funds, are consolidated into the Combined Statement of Net Assets and the Combined Statement of Operations and 

Changes in Net Assets of JPMorgan Funds - India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule of Investments of 

JPMorgan Funds - India Fund. Intercompany balances are eliminated on consolidation. 

The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, as 

understood by the Board of Directors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includes 

any circumstances where the India/Mauritius Double Taxation Treaty may not be applied or ceases to be applied, resulting from, inter alia, any future ruling 

by the Indian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be 

subject to tax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0% to 15% from 1 April 2011 in 

respect of listed securities depending on the length of time the relevant investment has been held. 

3. Value of Financial Instruments and Associated Risks 

The SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market 

risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’s 

participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, 

indices, and security values underlying these instruments. 

Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usually 

offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. 

Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not 

directly correlate with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its 

obligation to perform under the terms of the contract. 

In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing but 

there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who 

should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In 

some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to 

make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds. 

4. Distribution Policy 

During the period from 1 July 2013 to 31 December 2013, the SICAV paid dividends as follows: 

Class Currency Dividend Amount per Share Payment Date 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.05 17 July 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.40 17 July 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 17 July 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 17 July 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 17 July 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 17 July 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 17 July 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.48 17 July 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.08 17 July 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.07 17 July 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 17 July 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 17 July 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 17 July 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 17 July 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.58 17 July 2013 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.06 17 July 2013 

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 17 July 2013 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 17 July 2013 

JPM Emerging Markets Dividend A (mth) - USD USD 0.40 17 July 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 17 July 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.66 17 July 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.65 17 July 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.66 17 July 2013 

41





JPM US Aggregate Bond A (mth) - HKD HKD 0.03 17 July 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 17 July 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 17 July 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 17 July 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.27 17 July 2013 

JPM US Aggregate Bond I (mth) - USD USD 0.27 17 July 2013 

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.07 17 July 2013 

JPM US High Yield Plus Bond A (mth) - USD USD 0.66 17 July 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 19 August 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.38 19 August 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 19 August 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 19 August 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.06 19 August 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 19 August 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.52 19 August 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 19 August 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 19 August 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 19 August 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 19 August 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 19 August 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 19 August 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 19 August 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.54 19 August 2013 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.07 19 August 2013 

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 19 August 2013 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 19 August 2013 

JPM Emerging Markets Dividend A (mth) - USD USD 0.43 19 August 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 19 August 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.57 19 August 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.55 19 August 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.56 19 August 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19 August 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 19 August 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19 August 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 19 August 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.26 19 August 2013 

JPM US Aggregate Bond I (mth) - USD USD 0.27 19 August 2013 

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.08 19 August 2013 

JPM US High Yield Plus Bond A (mth) - USD USD 0.68 19 August 2013 

JPM Emerging Markets Dividend A (div) - EUR EUR 0.96 21 August 2013 

JPM Emerging Markets Dividend D (div) - EUR EUR 0.95 21 August 2013 

JPM Emerging Markets Dividend T (div) - EUR EUR 0.95 21 August 2013 

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.59 21 August 2013 

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.16 21 August 2013 

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.56 21 August 2013 

JPM US Aggregate Bond A (div) - USD USD 0.77 21 August 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 19 September 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.38 19 September 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 19 September 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 19 September 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.06 19 September 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 19 September 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.52 19 September 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 19 September 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 19 September 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 19 September 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 19 September 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 19 September 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 19 September 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 19 September 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.54 19 September 2013 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.07 19 September 2013 

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 19 September 2013 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 19 September 2013 

JPM Emerging Markets Dividend A (mth) - USD USD 0.43 19 September 2013 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 19 September 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 19 September 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.57 19 September 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.55 19 September 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.56 19 September 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19 September 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 19 September 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 19 September 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 19 September 2013 

42





JPM US Aggregate Bond B (mth) - USD USD 0.26 19 September 2013 

JPM US Aggregate Bond I (mth) - USD USD 0.27 19 September 2013 

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.08 19 September 2013 

JPM US High Yield Plus Bond A (mth) - USD USD 0.68 19 September 2013 

JPM America Equity A (dist) - USD USD 0.01 30 September 2013 

JPMorgan America Equity A (dist) - USD USD 0.01 30 September 2013 

JPM America Equity C (dist) - USD USD 0.05 30 September 2013 

JPMorgan Asia Pacific Income A (dist) - USD USD 1.20 30 September 2013 

JPMorgan Asia Pacific Income C (dist) - USD USD 4.43 30 September 2013 

JPM Brazil Equity A (dist) - USD USD 0.14 30 September 2013 

JPMorgan China A (dist) - HKD HKD 0.13 30 September 2013 

JPMorgan China A (dist) - USD USD 0.29 30 September 2013 

JPMorgan China C (dist) - USD USD 4.83 30 September 2013 

JPM Eastern Europe Equity A (dist) - EUR EUR 0.63 30 September 2013 

JPMorgan Eastern Europe Equity A (dist) - EUR EUR 0.43 30 September 2013 

JPM Eastern Europe Equity B (dist) - EUR EUR 1.28 30 September 2013 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.61 30 September 2013 

JPM Emerging Markets Debt A (inc) - EUR (hedged) EUR 0.42 30 September 2013 

JPM Emerging Markets Debt A (inc) - USD USD 4.68 30 September 2013 

JPM Emerging Markets Debt C (dist) - USD USD 5.71 30 September 2013 

JPM Emerging Markets Debt I (inc) - EUR (hedged) EUR 0.54 30 September 2013 

JPM Emerging Markets Debt X (dist) - USD USD 5.56 30 September 2013 

JPM Emerging Markets Dividend A (dist) - GBP GBP 0.20 30 September 2013 

JPM Emerging Markets Equity A (dist) - GBP GBP 0.07 30 September 2013 

JPM Emerging Markets Equity A (dist) - USD USD 0.04 30 September 2013 

JPM Emerging Markets Equity C (dist) - GBP GBP 1.03 30 September 2013 

JPM Emerging Markets Equity C (dist) - USD USD 1.80 30 September 2013 

JPM Emerging Markets Equity I (inc) - EUR EUR 0.13 30 September 2013 

JPM Emerging Markets Equity X (dist) - USD USD 0.39 30 September 2013 

JPM Emerging Markets Equity X (inc) - EUR EUR 0.24 30 September 2013 

JPM Emerging Markets Investment Grade Bond A (dist) - USD USD 3.26 30 September 2013 

JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) EUR 3.04 30 September 2013 

JPM Emerging Markets Investment Grade Bond B (dist) - GBP (hedged) GBP 2.50 30 September 2013 

JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged) EUR 3.19 30 September 2013 

JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) EUR 3.45 30 September 2013 

JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) EUR 0.88 30 September 2013 

JPM Emerging Markets Local Currency Debt A (dist) - GBP GBP 3.38 30 September 2013 

JPM Emerging Markets Local Currency Debt A (inc) - EUR EUR 4.05 30 September 2013 

JPM Emerging Markets Local Currency Debt C (dist) - GBP GBP 2.04 30 September 2013 

JPM Emerging Markets Local Currency Debt I (inc) - EUR EUR 5.21 30 September 2013 

JPM Emerging Markets Opportunities A (dist) - EUR EUR 1.34 30 September 2013 

JPM Emerging Markets Opportunities A (dist) - GBP GBP 0.86 30 September 2013 

JPM Emerging Markets Opportunities A (dist) - USD USD 1.07 30 September 2013 

JPM Emerging Markets Opportunities A (inc) - EUR EUR 0.66 30 September 2013 

JPM Emerging Markets Opportunities B (dist) - GBP GBP 0.78 30 September 2013 

JPM Emerging Markets Opportunities C (dist) - GBP GBP 0.83 30 September 2013 

JPM Emerging Markets Opportunities C (dist) - USD USD 0.97 30 September 2013 

JPM Emerging Middle East Equity A (dist) - USD USD 0.37 30 September 2013 

JPM Euroland Equity A (dist) - EUR EUR 0.46 30 September 2013 

JPMorgan Euroland Equity A (dist) - USD USD 0.12 30 September 2013 

JPM Euroland Equity A (inc) - EUR EUR 0.08 30 September 2013 

JPM Euroland Equity B (dist) - EUR EUR 2.30 30 September 2013 

JPM Euroland Select Equity A (dist) - EUR EUR 0.08 30 September 2013 

JPM Europe Dynamic A (dist) - EUR EUR 0.15 30 September 2013 

JPMorgan Europe Dynamic A (dist) - EUR EUR 0.21 30 September 2013 

JPM Europe Dynamic A (dist) - GBP GBP 0.20 30 September 2013 

JPM Europe Equity A (dist) - EUR EUR 0.60 30 September 2013 

JPMorgan Europe Equity A (dist) - USD USD 0.65 30 September 2013 

JPM Europe Equity C (dist) - USD USD 2.39 30 September 2013 

JPM Europe Small Cap A (dist) - EUR EUR 0.25 30 September 2013 

JPMorgan Europe Small Cap A (dist) - EUR EUR 0.08 30 September 2013 

JPM Europe Small Cap A (dist) - GBP GBP 0.16 30 September 2013 

JPM Europe Technology A (dist) - EUR EUR 0.03 30 September 2013 

JPMorgan Europe Technology A (dist) - EUR EUR 0.02 30 September 2013 

JPM Europe Technology A (dist) - GBP GBP 0.02 30 September 2013 

JPM Germany Equity A (dist) - EUR EUR 0.19 30 September 2013 

JPMorgan Germany Equity A (dist) - EUR EUR 0.47 30 September 2013 

JPM Global Convertibles (EUR) A (dist) - EUR EUR 0.20 30 September 2013 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) GBP 0.23 30 September 2013 

JPMorgan Global Convertibles (EUR) A (dist) - USD USD 0.26 30 September 2013 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) GBP 2.31 30 September 2013 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) GBP 0.36 30 September 2013 

JPM Global Convertibles (EUR) C (dist) - USD USD 1.60 30 September 2013 

JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.12 30 September 2013 

43





JPM Global Dynamic A (dist) - GBP GBP 0.05 30 September 2013 

JPM Global Dynamic A (dist) - USD USD 0.05 30 September 2013 

JPMorgan Global Dynamic A (dist) - USD USD 0.05 30 September 2013 

JPM Global Dynamic A (inc) - EUR EUR 0.03 30 September 2013 

JPM Global Dynamic C (dist) - GBP GBP 0.53 30 September 2013 

JPM Global Dynamic I (inc) - EUR EUR 0.16 30 September 2013 

JPM Global Focus A (dist) - EUR EUR 0.15 30 September 2013 

JPMorgan Global Focus A (dist) - USD USD 0.10 30 September 2013 

JPM Global Natural Resources A (dist) - EUR EUR 0.01 30 September 2013 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) EUR 0.16 30 September 2013 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) EUR 0.04 30 September 2013 

JPM Global Unconstrained Equity A (dist) - USD USD 0.13 30 September 2013 

JPMorgan Global Unconstrained Equity A (dist) - USD USD 0.22 30 September 2013 

JPMorgan Greater China A (dist) - HKD HKD 0.12 30 September 2013 

JPMorgan Greater China A (dist) - USD USD 0.20 30 September 2013 

JPMorgan Hong Kong A (dist) - HKD HKD 0.23 30 September 2013 

JPMorgan Hong Kong A (dist) - USD USD 0.48 30 September 2013 

JPMorgan India A (dist) - GBP GBP 0.01 30 September 2013 

JPMorgan India A (dist) - USD USD 0.01 30 September 2013 

JPMorgan India C (dist) - USD USD 4.61 30 September 2013 

JPMorgan Japan Equity A (dist) - GBP GBP 0.03 30 September 2013 

JPMorgan Japan Equity A (dist) - USD USD 0.09 30 September 2013 

JPMorgan Japan Equity C (dist) - USD USD 0.41 30 September 2013 

JPMorgan Japan Equity J (dist) - USD USD 0.05 30 September 2013 

JPMorgan Korea Equity A (dist) - USD USD 0.01 30 September 2013 

JPM Latin America Equity A (dist) - USD USD 0.29 30 September 2013 

JPMorgan Latin America Equity A (dist) - USD USD 0.21 30 September 2013 

JPM Latin America Equity B (dist) - USD USD 0.44 30 September 2013 

JPM Russia A (dist) - USD USD 0.16 30 September 2013 

JPMorgan Singapore A (dist) - USD USD 1.28 30 September 2013 

JPMorgan Taiwan A (dist) - HKD HKD 0.12 30 September 2013 

JPMorgan Taiwan A (dist) - USD USD 0.22 30 September 2013 

JPM US Aggregate Bond A (inc) - USD USD 0.23 30 September 2013 

JPM US Aggregate Bond C (dist) - GBP (hedged) GBP 0.65 30 September 2013 

JPM US Aggregate Bond X (dist) - GBP (hedged) GBP 1.97 30 September 2013 

JPM US Growth A (dist) - GBP GBP 0.01 30 September 2013 

JPM US Growth A (dist) - USD USD 0.01 30 September 2013 

JPM US Growth B (dist) - USD USD 0.01 30 September 2013 

JPM US Growth C (dist) - GBP GBP 0.10 30 September 2013 

JPM US Growth C (dist) - USD USD 0.14 30 September 2013 

JPM US Growth X (dist) - USD USD 0.95 30 September 2013 

JPM US Small Cap Growth A (dist) - GBP GBP 0.01 30 September 2013 

JPM US Small Cap Growth A (dist) - USD USD 0.04 30 September 2013 

JPM US Technology A (dist) - GBP GBP 0.01 30 September 2013 

JPM US Technology A (dist) - USD USD 0.01 30 September 2013 

JPMorgan US Technology A (dist) - USD USD 0.01 30 September 2013 

JPM US Technology B (dist) - USD USD 0.01 30 September 2013 

JPM US Technology C (dist) - USD USD 0.01 30 September 2013 

JPM US Value A (dist) - GBP GBP 0.04 30 September 2013 

JPM US Value A (dist) - USD USD 0.04 30 September 2013 

JPMorgan US Value A (dist) - USD USD 0.04 30 September 2013 

JPM US Value B (dist) - USD USD 0.01 30 September 2013 

JPM US Value C (dist) - GBP GBP 0.31 30 September 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 16 October 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.38 16 October 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 16 October 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 16 October 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.06 16 October 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 16 October 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.52 16 October 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 16 October 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 16 October 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 16 October 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 16 October 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 16 October 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 16 October 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 16 October 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.54 16 October 2013 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.07 16 October 2013 

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 16 October 2013 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 16 October 2013 

JPM Emerging Markets Dividend A (mth) - USD USD 0.43 16 October 2013 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 16 October 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 16 October 2013 

44





JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.57 16 October 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.55 16 October 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.56 16 October 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 16 October 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 16 October 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.03 16 October 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 16 October 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.26 16 October 2013 

JPM US Aggregate Bond I (mth) - USD USD 0.27 16 October 2013 

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.08 16 October 2013 

JPM US High Yield Plus Bond A (mth) - USD USD 0.68 16 October 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 18 November 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.36 18 November 2013 

JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 November 2013 

JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 November 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 November 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 November 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 November 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 November 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 November 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 November 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 November 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 November 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 18 November 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 November 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 November 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 November 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.52 18 November 2013 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.06 18 November 2013 

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 18 November 2013 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 18 November 2013 

JPM Emerging Markets Dividend A (mth) - USD USD 0.40 18 November 2013 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 18 November 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 18 November 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.52 18 November 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.52 18 November 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 November 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 November 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 November 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 18 November 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.28 18 November 2013 

JPM US Aggregate Bond I (mth) - USD USD 0.29 18 November 2013 

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.07 18 November 2013 

JPM US High Yield Plus Bond A (mth) - USD USD 0.65 18 November 2013 

JPM Emerging Markets Dividend A (div) - EUR EUR 0.96 20 November 2013 

JPM Emerging Markets Dividend D (div) - EUR EUR 0.96 20 November 2013 

JPM Emerging Markets Dividend T (div) - EUR EUR 0.96 20 November 2013 

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.55 20 November 2013 

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.15 20 November 2013 

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.52 20 November 2013 

JPM US Aggregate Bond A (div) - USD USD 0.85 20 November 2013 

JPM US High Yield Plus Bond A (div) - EUR (hedged) EUR 1.04 20 November 2013 

JPM US High Yield Plus Bond D (div) - EUR (hedged) EUR 1.04 20 November 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 18 December 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.36 18 December 2013 

JPMorgan Asia Pacific Income A (irc) - AUD (hedged) AUD 0.06 18 December 2013 

JPMorgan Asia Pacific Income A (irc) - CAD (hedged) CAD 0.05 18 December 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 December 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 December 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 December 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 December 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 December 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.47 18 December 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.07 18 December 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.06 18 December 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.09 18 December 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 18 December 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 18 December 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.08 18 December 2013 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) AUD 0.06 18 December 2013 

JPM Emerging Markets Dividend A (mth) - SGD SGD 0.04 18 December 2013 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) SGD 0.04 18 December 2013 

JPM Emerging Markets Dividend A (mth) - USD USD 0.40 18 December 2013 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) AUD 0.08 18 December 2013 

45





JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.08 18 December 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.52 18 December 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.52 18 December 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 December 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 December 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 December 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 18 December 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.28 18 December 2013 

JPM US Aggregate Bond I (mth) - USD USD 0.29 18 December 2013 

JPM US High Yield Plus Bond A (mth) - HKD HKD 0.07 18 December 2013 

JPM US High Yield Plus Bond A (mth) - USD USD 0.65 18 December 2013 

Share Classes with the suffix “(acc)” are accumulation Share Classes and will not normally pay dividends. 

Distribution Share Classes will normally pay dividends as described below. 

Share Classes suffixed “(dist)” and suffixed “(inc)” 

It is intended that all those Share Classes with the suffix “(dist)” will meet the conditions to qualify as “reporting” for the purposes of the United Kingdom tax 

legislation relating to offshore funds and will, if appropriate, pay dividends which at least meet the greater of the reportable income under that legislation or 

the taxable earnings from investments in accordance with the German Investment Tax Act. It is intended that those Share Classes with the suffix “(inc)” will, if 

appropriate, pay dividends equal to or in excess of the taxable earnings from investments in accordance with the German Investment Tax Act. Payment of 

dividends on these Share Classes will normally be made in September of each year. 

Share Classes suffixed “(div)” 

Share Classes with the suffix “(div)” will normally pay quarterly dividends which are calculated by the Management Company based on the estimated annual 

yield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share 

Class at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. 

Investors should be aware that “(div)” Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will be 

calculated gross of both the Annual Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically 

distribute more than the income received. Share Classes with the suffix “(div)” in issue at the dividend record date will be eligible for any dividends which will 

normally be paid in the currency of the relevant Share Class. 

Share Classes suffixed “(mth)” 

Share Classes with the suffix “(mth)” will be available to Shareholders subscribing, and remaining subscribed, through specific Asian distribution networks 

and to other distributors at the sole discretion of the Management Company. Share Classes with the suffix “(mth)” will normally pay dividends on a monthly 

basis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’s 

portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, but 

may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(mth)” share classes give 

priority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Annual Management and 

Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividend 

payments for these Share Classes will normally be made to Shareholders each month in the currency of the relevant Share Class. 

Share Classes suffixed “(fix)” 

Share Classes with the suffix “(fix)” will normally pay a quarterly fixed dividend based on a total amount per Share per annum as defined in the prospectus 

dated December 2013. 

Share Classes suffixed “(irc)” 

Share Classes with the suffix “(irc)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be variable and will be calculated 

by the Management Company based on: the estimated gross annual yield of the relevant Sub-Fund’s portfolio attributable to that Share Class, which is 

revised at least semi-annually; and the addition or deduction of the estimated interest rate carry depending on whether such carry is positive or negative 

respectively. The interest rate carry is calculated using the average daily differential of the one month FX forward rate and the spot rate between these two 

currencies of the preceding calendar month. 

Other Information 

Shareholders should note that, where the dividend rate is in excess of the investment income of the Share Class, dividends will be paid out of the capital 

attributed to the Share Class, as well as from realised and unrealised capital gains. This may be tax inefficient for investors in certain countries. Investors 

should consult their local tax adviser about their own position. Share Classes with the suffix “(div)”, “(fix)”, “(inc)” and “(mth)” do not distribute the reportable 

income in accordance with the United Kingdom tax legislation relating to offshore funds. 

5. Taxation 

Under current law and practice, the SICAV is not subject to any taxes in Luxembourg on income or capital gains, nor are dividends distributed by the SICAV 

liable to any withholding tax. The only tax to which the SICAV in Luxembourg is subject is the subscription tax, (“Taxe d’abonnement”) up to a rate of 0.05% 

per annum based on the net asset value attributed to each Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rateof 

0.01% per annum of the net assets will be applicable to Share Classes as indentified in the Appendix. The 0.01% and 0.05% rates described above, as 

appropriate, are not applicable for the portion of the assets of the SICAV invested in other Luxembourg collective investment undertakings which are 

themselves already subject to the Taxe d’abonnement. 

No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised 

capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term, 

are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The 

regular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding 

taxes at varying rates, which normally cannot be recovered. 

The SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on dividend payments it has received. The 

decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so. The 

likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costs 

associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes of determining the 

relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action. 

Certain Sub-Funds of the SICAV may have invested into Norwegian, Finnish and Polish stocks for which tax reclaim has been successful. As such, amounts 

have been recorded, where applicable, on a cash basis under Other Income. 

Certain Sub-Funds of the SICAV may invest on the Brazilian markets and are consequently subject to a local tax upon purchase of Brazilian Real, the BRL IOF 

Tax. On 5 June 2013, the BRL IOFtax on foreign exchange inflows relating to the purchase of fixed income instruments was reduced from 6% to 0% on inflows 

with a trade date of 5 June 2013 and onwards. This tax has been recorded, where applicable, under Sundry Fees. 

46




6. Statement of Changes in Investments 

A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial period, may be obtained free of 

charge upon request at the registered office of the SICAV. Additional information on investments within each Sub-Fund’s portfolio is available to 

shareholders at the registered office of the SICAV. 

7. Fees and Expenses 

a) All Sub-Funds - Share Classes A, B, C, D, J and T 

The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentage 

covers all fees and expenses connected with the management of these Classes of shares, including Investment Management Fees, Shareholder Servicing 

Fees and Other Operating and Administrative Expenses, which include but are not limited to Custody, Registrar and Transfer Agent Fees; it does not cover 

taxes paid on investments, brokerage’s expense, the taxe d’abonnement, the interest, extraordinary costs or performance fees, if any. 

No other costs are charged to these Classes of shares, and the Management Company absorbs any difference that may arise between the actual costs of the 

operations of these Classes of shares and the fixed percentage. To the extent that the actual operating costs are less than the fixed percentage, the excess is 

paid to the Management Company and included within “Management and Advisory Fees”. To the extent that actual operating costs exceed the fixed 

percentage, the amount borne by the Management Company will be separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and the 


This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the 

Appendix. 

b) All Sub-Funds - Share Classes I and P 

The maximum total fees and expenses to be borne by shareholders on these Classes of shares of any Sub-Fund will not exceed a capped percentage of the 

total net assets attributable to that Class. These capped fees and expenses comprise Investment Management Fees plus other Operating and Administrative 

Expenses including but not limited to Custody, Fiduciary, Accounting, Transfer Agency Fees and Taxes; it does not cover performance fees, if any. 

This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown in 

the Appendix. 

c) All Sub-Funds - Share Classes X and Y 

The Annual Management Fee that would normally be payable in respect of the X Share Classes and Y Share Classes are administratively levied and collected 

by the Global Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. 

The maximum Operating and Administrative Expenses to be borne by the Class X and Class Y shareholders of any Sub-Fund will not exceed a capped 

percentage of the total net assets attributable to that Class, as set out in the Appendix. 

Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase & 

Co. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net 

assets on which the Annual Management and Advisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual 

Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Annual Management and Advisory 

Fee being netted off by a rebate to the SICAV or Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or 

UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and the Annual Management and 

Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs. 

The Management Company may decide from time to time, in order to protect the interests of the Fund’s shareholders, to reduce the fees payable to the 

Management Company. 

From 1 January 2013 by way of an agreement between the Management Company and the Fund dated 20 December 2012, the Structure of the Share Classes 

Operating and Administrative Expenses have been amended. 

The Operating and Administrative Expenses cover: 

(i) Expenses directly contracted by the Fund, including but not limited to the Custodian fees, auditing fees and expenses, the Luxembourg taxe 

d’abonnement, Directors’ fees and reasonable out-of-pocket expenses incurred by the Directors. 

(ii) A “fund servicing fee” paid to the Management Company for administrative and related services which will be the remaining amount of the Operating and 

Administrative Expenses after deduction of the expenses detailed under section i) above. The Management Company then bears all expenses incurred in the 

day to day operation and administration of the Fund, including but not limited to formation expenses such as organisation and registration costs; accounting 

expenses covering fund accounting and administrative services; transfer agency expenses covering registrar and transfer agency services; the 

Administrative Agent and Domiciliary Agent services; the fees and reasonable out-of-pocket expenses of the paying agents and representatives; legal fees 

and expenses; ongoing registration, listing and quotation fees, including translation expenses; the cost of publication of the Share prices and postage, 

telephone, facsimile transmission and other electronic means of communication; and the costs and expenses of preparing, printing and distributing the 

Prospectus, Key Investor Information Documents or any offering document, financial reports and other documents made available to Shareholders. 

Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses. 

The change in the structure of the Operating and Administrative Expenses does not affect the current fixed percentage level on all Sub-Funds for Share 

Classes - A, B, C,D, J and T, or the capped Operating and Administrative Expenses level on all other Sub-Funds for Share Classes I not mentioned above and X 

Share Classes as disclosed in Appendix III of the Prospectus. 

d) Performance Fees 

Pursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from the 

net assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceeds 

the return from the benchmark, subject to the operation of a Claw-Back Mechanism or of a High Water Mark as defined in Appendix V and as specified in 

Appendix III for each Sub-Fund. On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and the 

final Performance Fee is payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be 

entitled to receive the performance Fee from the Management Company. 

On each Valuation Day, the net asset value of each Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all fees and 

expenses (including the Annual Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Class at the rate 

set out in the Appendix to the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day, 

if any, and any Performance Fee accrued through that day in respect of such Class is added back (the “Adjusted net asset value”). For purposes of calculating 

the Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding back 

any accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previous 

Valuation Day’s Adjusted net asset value for that Class. 

47




High Water Mark Method 

If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in the 

Appendix to the Prospectus), the Performance Fee accrual is increased by the Performance Fee Rate multiplied by the Excess Return multiplied by the 

previous Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return does not exceed the Benchmark Return, the Performance Fee 

accrual is reduced (but not below zero) by the Performance Fee Rate multiplied by the negative Excess Return multiplied by the previous Valuation Day’s 

Adjusted net asset value for that Class. Following a period of negative Excess Return whereby the Performance Fee accrual has been reduced to zero, no new 

Performance Fee is accrued until such time as the cumulative Share Class Return exceeds the greater of the High Water Mark Return and the cumulative 

Benchmark Return since the beginning of the Company accounting year. The Performance Fee accrued on any Valuation Day is reflected in the Net Asset 

Value per Share on the basis of which subscriptions and redemptions may be accepted. 

Claw-Back mechanism 

The purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperforms 

the cumulative Benchmark Return (as defined in Appendix V of the prospectus) accrued since the last Valuation Day of the last period in which a Performance 

Fee was paid. 

8. Transactions with Connected Parties 

All transactions with connected parties were carried out on an arm’s length basis. 

JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts and financial 

futures contracts. The Management Company, Registrar, Global Distributor, Transfer and Domiciliary Agent, Advisory Company, Investment Managers, 

Custodian, Corporate, Administrative and Paying Agent and other related Agents of the SICAV are considered as connected parties as they are affiliated 

entities of JPMorgan Chase & Co. In addition Elvinger, Hoss & Prussen (of which Mr Jacques Elvinger who is on the Board of the Directors of the SICAV, is a 

partner) is compensated for legal services to the SICAV. 

9. Soft Commission Arrangements 

The Investment Managers of the Fund may enter into soft commission arrangements with brokers in respect of services used to support investment 

decision-making for the benefit of the Fund. 

The investment related services received under soft commission arrangements comprise: 

- research and advisory services; 

- economic and political analysis; 

- portfolio analysis, including valuation and performance measurement; 

- market analysis; 

- data and quotation services; 

- computer hardware and software incidental to the above goods and services; and 

- investment-related publications. 

The Investment Managers do not make direct payments for these services, but transact an agreed amount of business with the brokers on behalf of the Fund 

and commission is paid on these transactions. 

10. Securities Lending 

The SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs or risk, to the 

maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of 

the Luxembourg Law, (ii) CSSFCircular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques 

and instruments relating to transferable securities and money market instruments and (iii) any other applicable laws, regulations, circulars or CSSF 

positions. A significant proportion of the income generated from the securities lending program is credited to participating Sub-Funds, with a portion of the 

income being paid to JPMorgan Chase Bank, N.A. for its role as securities lending agent for the Fund. Borrowers of securities lent by participating Sub-Funds 

are approved by the Management Company after appropriate assessment of such borrowers’ status and financial standing. From 1 January 2013, the 

Management Company has waived the incremental income previously received from the portion of income generated by Securities Lending, for its oversight 

of the program. From this date, 85% of any incremental income earned from securities lending is accrued to the applicable Sub-Fund, with the remaining 

income payable to the securities lending agent which arranges the transaction. The income earned from the securities lending program is detailed in the 


As at 31 December 2013, the SICAV valuation of securities on loan is USD 385,455,652, as detailed below and received collateral as security with a market 

value of USD 401,931,320. 

The table below provides the USD valuation of securities on loan at a Sub-Fund level as at 31 December 2013: 

Sub-Fund Market Value Cash Collateral 

Non Cash 

Collateral* 

Lending Income 

(Gross) Lending Agent Fee 


(Net) 

JPMorgan Funds - China Fund 75,519,527 9,470,769 70,800,652 270,164 40,525 229,639 

JPMorgan Funds - Euroland Equity Fund 9,273,726 9,460,467 - 123,141 18,471 104,670 

JPMorgan Funds - Euroland Select Equity Fund 3,440,721 2,653,468 887,176 24,331 3,650 20,681 

JPMorgan Funds - Europe Dynamic Fund 24,748,959 8,197,759 17,585,398 125,077 18,762 106,315 

JPMorgan Funds - Europe Equity Fund 8,700,934 7,749,897 1,151,257 96,853 14,528 82,325 

JPMorgan Funds - Europe Small Cap Fund 7,670,295 2,841,514 5,181,249 49,081 7,362 41,719 

JPMorgan Funds - Europe Technology Fund 18,797,187 9,373,294 10,282,008 65,467 9,820 55,647 

JPMorgan Funds - Germany Equity Fund 48,953,646 49,787,301 100,703 80,229 12,034 68,195 

JPMorgan Funds - Global Dynamic Fund 11,736,727 5,370,381 6,850,215 103,767 15,565 88,202 

JPMorgan Funds - Global Focus Fund 33,417,775 34,120,375 - 147,318 22,098 125,220 

JPMorgan Funds - Greater China Fund 55,361,632 8,888,362 49,948,440 137,809 20,671 117,138 

JPMorgan Funds - Hong Kong Fund 7,276,728 456,688 7,255,591 17,621 2,643 14,978 

JPMorgan Funds - US Small Cap Growth Fund** - - - 2 - 2 

JPMorgan Funds - US Technology Fund** - - - 2,226 334 1,892 

* The securities received as collateral are in the form of government securities (US, UK, and some Eurozone). These securities are issued and guaranteed as to principal and interest by the US and the 

Eurozone government with minimum ratings of AAA and AA-, respectively. 

** Exited from the Securities Lending programme as at 31 December 2013. 

48




11. Information for Swiss Registered Shareholders 

J.P. Morgan (Suisse) S.A. was authorised by the Swiss Financial Market Supervisory Authority (FINMA) as Swiss representative of the SICAV and acts also as 

paying agent. The current prospectus, the current Key Investor Information Documents, the articles, the annual and semi-annual reports of the SICAV,as 

well as a list of the purchases and sales which the SICAV has undertaken during the financial period may be obtained, on simple request and free of charge,at 

the head office of the Swiss representative of the SICAV, J.P. Morgan (Suisse) S.A., 8, rue de la Confédération, CH-1204 Geneva, Switzerland. 

Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing of the investment fund to distributors. 

Reimbursements/rebates can be granted out of the management fee to institutional investors who hold the Sub-Fund shares for the economic benefit of 

third parties. 

12. Information for German Registered Shareholders 

A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the financial period, may be obtained free of 

charge upon request at the registered office of the SICAV and at the office of the German paying and information agent, J.P. Morgan AG, Junghofstraße 14, 

D-60311 Frankfurt am Main. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of 

the SICAV and at the office of the German paying and information agent. 

13. Authorisation of Sub-Funds in Hong Kong 

The following Sub-Funds are authorised in Hong Kong and available to Hong Kong Residents: 






















JPMorgan Funds - Japan Equity Fund 
























14. Significant Events 

a) Sub-Fund Mergers 

The following mergers occurred with effect from 25 October 2013: 

- JPMorgan Funds - Emerging Markets Infrastructure Equity Fund into JPMorgan Funds - Emerging Markets Equity Fund; 

- JPMorgan Funds - Europe Dynamic Mega Cap Fund into JPMorgan Funds - Europe Dynamic Fund. 

b) Sub-Fund Currency Change 

With effect from 2 December 2013, the base currency of the Sub-Fund JPMorgan Funds - Japan Equity Fund changed from USD to JPY. 

c) Other Information 

With effect from 1 July 2013, the Management Company has stopped the accrual of the following Sub-Funds’ performance fees: 

- JPMorgan Funds - Emerging Markets Local Currency Debt Fund. 

The SICAV’s prospectus was amended to indicate the removal of these performance fees. 

15. Directors’ Fees 

The only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May and Mr Peter Schwicht. 

The total Directors’ fees for the period amount to EUR 73,600 of which the Chairman is due EUR 19,534. 

16. Transaction Costs 

For the period from 1 July 2013 to 31 December 2013, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or 

sale of transferable securities, derivatives (excepted OTC derivatives) or other eligible assets as follows: 

Sub-Funds 

Total (Base Currency) Currency 


175,611 USD 


138 USD 


2,827,771 USD 


565,954 USD 


7,457,030 USD 


320,456 EUR 


489,400 USD 

49












































-* USD 

104,044 USD 

1,174,332 USD 

-* USD 

11,962 USD 

3,961,634 USD 

241,337 USD 

584,114 EUR 

41,924 EUR 

1,764,669 EUR 

698,414 EUR 

1,621,202 EUR 

390,953 EUR 

243,381 EUR 

142,270 EUR 

30,720 EUR 

1,395,139 USD 

966,306 EUR 

8,247 EUR 

570,780 EUR 

109,062 USD 

339,008 USD 

3,973,104 USD 

287,779 USD 

828,657 USD 

804,895 USD 

58,213,268 JPY 

786,765 USD 

1,253,603 USD 

600,132 USD 

106,144 USD 

878,267 USD 

-* USD 

227,998 USD 

44 USD 

211,309 USD 

115,360 USD 

522,082 USD 

* For fixed income securities, transaction costs are not separately identifiable from the purchase price of the security and therefore cannot be disclosed separately. 

50


Schedule of Investments (Market Value Expressed in USD) 


Quantity/ 

Nominal 

Value 

Name of Securities 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Transferable Securities Admitted to an Official Exchange Listing 

Shares 

UNITED STATES OF AMERICA 

128,570 Alexion Pharmaceuticals 17,011,739 1.44 

99,810 Amazon.com 39,385,525 3.34 

630,178 American International Group 32,315,528 2.74 

96,156 Ameriprise Financial 11,065,152 0.94 

92,038 Autozone 44,400,972 3.76 

136,317 Berkshire Hathaway - B Shares 16,079,953 1.36 

99,810 Biogen Idec 27,973,749 2.37 

708,800 Cabot Oil & Gas 27,448,280 2.33 

596,824 Capital One Financial 45,492,909 3.86 

383,271 Devon Energy 23,693,813 2.01 

575,485 DISH Network - A Shares 33,378,130 2.83 

313,113 Dr Pepper Snapple Group 15,270,521 1.29 

392,195 Edison International 18,127,253 1.54 

370,050 Express Scripts Holding 26,060,771 2.21 

383,556 Exxon Mobil 38,706,554 3.28 

362,010 Facebook - A Shares 19,711,444 1.67 

689,350 Gilead Sciences 51,470,318 4.36 

61,740 Google - A Shares 68,356,676 5.79 

413,186 Kansas City Southern 51,034,669 4.32 

831,040 Kohl’s 47,007,778 3.98 

886,786 Loews 42,645,539 3.61 

222,729 M&T Bank 25,983,565 2.20 

42,290 MasterCard - A Shares 35,251,887 2.99 

1,077,688 Pfizer 33,058,079 2.80 

53,708 priceline.com 62,191,179 5.27 

290,767 Procter & Gamble 23,690,241 2.01 

414,532 Rayonier 17,665,281 1.50 

87,120 Regeneron Pharmaceuticals 24,013,757 2.03 

141,039 Rock-Tenn - A Shares 14,902,886 1.26 

501,570 Salesforce.com 27,729,297 2.35 

428,830 Starbucks 33,513,065 2.84 

520,180 Teradata 23,837,249 2.03 

307,977 United Technologies 34,869,156 2.95 

964,617 Wells Fargo & Co. 43,769,496 3.71 

Allocation of Portfolio as at 31 December 2013 (Unaudited) 

% of 

Net Assets 

Shares 

Consumer Discretionary 22.02 

Financials 19.92 

Information Technology 15.49 

Health Care 15.21 

Industrials 10.26 

Energy 7.62 

Consumer Staples 3.30 

Investment Companies 1.85 

Utilities 1.54 

Materials 1.26 

Total Shares 98.47 

Cash and Other Assets/(Liabilities) 1.53 

Total 100.00 

Allocation of Portfolio as at 30 June 2013 

% of 


Shares 






Energy 7.79 





Cash and Other Assets/(Liabilities) (0.55) 

Total 100.00 

1,097,112,411 92.97 

UNITED KINGDOM 

784,930 ARM Holdings ADR 43,100,506 3.65 

43,100,506 3.65 

Total Shares 1,140,212,917 96.62 

Total Transferable Securities Admitted to an 

Official Exchange Listing 

1,140,212,917 96.62 

Transferable Securities Dealt in on Another Regulated Market 

Investment Funds 

LUXEMBOURG 

21,827,783 JPMorgan Liquidity Funds - US Dollar Liquidity 

Fund (JPM US Dollar Liquidity X (dist)) 21,827,783 1.85 

21,827,783 1.85 

Total Investment Funds 21,827,783 1.85 

Total Transferable Securities Dealt in on Another 

Regulated Market 

1,162,040,700 98.47 

Total Investments 1,162,040,700 98.47 

Cash 8,502,864 0.72 

Other Assets/(Liabilities) 9,509,072 0.81 

Total Net Assets 1,180,052,636 100.00 

51


Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

07-Jan-14 AUD 1,650,903 USD 1,489,038 (12,292) 

07-Jan-14 USD 30,770 AUD 34,328 63 

17-Jan-14 EUR 45,109,707 USD 62,131,673 9,064 

17-Jan-14 USD 6,054,649 EUR 4,432,598 (51,462) 

04-Feb-14 AUD 2,310,107 USD 2,053,198 9,208 

Total (45,419) 

As at 31 December 2013, the exposure of the Sub-Fund through Outstanding Forward Foreign Exchange Contracts by counterparty is as follows: 

Counterparty 

Unrealised Gain/(Loss) 

Barclays 1,641 

BNP Paribas (3,052) 

Citibank (10,139) 

Crédit Suisse 309 

Deutsche Bank (117) 

Goldman Sachs (4,515) 

HSBC 1,030 

National Australia Bank 3,094 

RBC 3,142 

Société Générale (434) 

State Street Bank (38,133) 

Toronto Dominion 11,893 

UBS (1,914) 

Westpac Banking (8,224) 

Total (45,419) 

52




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

SOUTH KOREA 

1,300,000,000 Korea (Republic of) 10.03.15/4.500% 1,265,166 3.42 


450,000,000 Korea (Republic of) 10.06.20/2.750% 490,160 1.32 




500,000 Korea National Oil 16.02.16/3.150% 400,873 1.08 

200,000 Shinhan Bank 02.03.35/5.663%* 207,685 0.56 

7,803,048 21.05 

INDIA 

30,000,000 Export-Import Bank of India 18.03.16/8.750% 481,947 1.30 

50,000,000 India (Government of) 11.04.18/7.830% 775,058 2.09 





3,491,809 9.42 

SINGAPORE 

2,000,000 ICICI Bank/Singapore 21.09.15/4.900% 336,126 0.91 

1,500,000 ITNL Offshore 26.04.15/5.750% 254,692 0.69 

750,000 Singapore (Government of) 01.09.22/3.125% 623,414 1.68 

1,400,000 Singapore (Government of) 01.03.27/3.500% 1,172,019 3.16 


500,000 United Overseas Bank 01.04.21/3.450%* 402,508 1.09 

3,312,870 8.94 

INDONESIA 

2,900,000,000 Indonesia (Republic of) 15.06.21/12.800% 297,927 0.80 







200,000 Pertamina Persero 20.05.43/5.625% 159,770 0.43 

3,068,901 8.28 

THAILAND 

15,000,000 Thailand (Government of) 16.06.17/3.250% 462,878 1.25 

52,000,000 Thailand (Government of) 13.06.19/3.875% 1,629,152 4.39 





2,952,643 7.96 

HONG KONG 

200,000 Chinatrust Commercial Bank 

Hong Kong 31.12.49/5.625%* 200,398 0.54 

250,000 Dah Sing Bank 09.02.22/4.875%* 206,007 0.56 

2,000,000 Gemdale Asia Holding 21.03.18/5.625% 322,358 0.87 

6,000,000 Hong Kong (Government of) 09.12.19/2.160% 796,740 2.15 


2,000,000 Yanlord Land/Honk Kong 23.05.16/5.375% 327,637 0.88 

2,448,021 6.60 

CHINA 

1,000,000 Agricultural Development 

Bank of China 22.06.15/3.200% 165,810 0.45 

1,000,000 Bank of East Asia China 11.05.15/3.650% 166,740 0.45 

1,000,000 China (People’s Republic of) 29.06.27/3.480% 153,462 0.41 

1,600,000 China General Nuclear Power 

Holding 01.11.15/3.750% 266,611 0.72 

2,000,000 China Minmetals 28.03.16/3.650% 330,730 0.89 

1,000,000 Shanghai Baosteel Group 01.03.15/3.675% 166,134 0.45 

1,249,487 3.37 

MALAYSIA 

200,000 AMBB Capital 31.12.49/6.770%* 203,853 0.55 

3,000,000 Axiata SPV2 18.09.14/3.750% 497,268 1.34 

2,000,000 Danga Capital 20.10.14/2.900% 329,997 0.89 

200,000 Public Bank 22.08.36/6.840%* 208,538 0.56 

PHILIPPINES 

25,000,000 Philippines (Republic of) 15.01.21/4.950% 600,352 1.62 



1,179,927 3.18 

BRITISH VIRGIN ISLANDS 

1,000,000 Big Will Investments 29.04.14/7.000% 166,582 0.45 

4,500,000 Henderson Land MTN 13.03.14/2.160% 580,894 1.57 

747,476 2.02 

CAYMAN ISLANDS 

2,000,000 China Shanshui Cement Group 22.07.14/6.500% 333,999 0.90 

2,000,000 Dorsett Hospitality 

International 03.04.18/6.000% 327,628 0.88 

661,627 1.78 


3,000,000 CCBL Funding 29.11.15/3.200% 496,654 1.34 

496,654 1.34 

BERMUDA 

2,000,000 Beijing Enterprises Water 

Group 30.06.14/3.750% 330,812 0.90 

330,812 0.90 

JAPAN 

1,000,000 Mitsui & Co. 01.03.17/4.250% 169,543 0.45 

169,543 0.45 

Total Bonds 29,152,474 78.63 

Convertible Bonds 

BERMUDA 

3,000,000 China Daye Non-Ferrous 

Metals Mining 30.05.18/0.500% 468,285 1.26 

468,285 1.26 

JAPAN 

10,000,000 SBI Holdings 02.11.17/0.000% 114,730 0.31 

114,730 0.31 

Total Convertible Bonds 583,015 1.57 



29,735,489 80.20 


Bonds 

MALAYSIA 

2,200,000 Malaysia (Government of) 31.10.17/3.314% 662,801 1.79 






300,000 Malaysia (Government of) 15.04.32/4.127% 85,915 0.23 

3,152,347 8.51 

PHILIPPINES 




1,564,439 4.23 

HONG KONG 

2,000,000 Airport Authority Hong Kong 05.09.22/2.250% 236,500 0.64 

3,000,000 HKCG Finance 16.05.22/3.300% 369,584 0.99 

606,084 1.63 

SOUTH KOREA 

3,000,000 Export-Import Bank of Korea 23.09.21/3.450% 373,768 1.00 

373,768 1.00 

1,239,656 3.34 

53


Schedule of Investments (Market Value Expressed in USD) (continued) 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


CHINA 

1,400,000 HSBC Bank China 10.01.15/4.068%* 234,701 0.63 

234,701 0.63 

Total Bonds 5,931,339 16.00 



5,931,339 16.00 

Total Investments 35,666,828 96.20 

Cash 1,118,621 3.02 

Other Assets/(Liabilities) 290,278 0.78 

Total Net Assets 37,075,727 100.00 

* Variable coupon rates are those quoted as at 31 December 2013. 


% of 


Fixed Income Securities 

South Korea 22.05 

Malaysia 11.85 

India 9.42 

Singapore 8.94 

Indonesia 8.28 

Hong Kong 8.23 

Thailand 7.96 

Philippines 7.41 

China 4.00 

Bermuda 2.16 

British Virgin Islands 2.02 

Cayman Islands 1.78 

United Kingdom 1.34 

Japan 0.76 

Total Fixed Income Securities 96.20 


Total 100.00 


% of 






India 8.36 



Thailand 6.96 


China 3.95 



Bermuda 1.68 

Australia 1.57 


Japan 0.35 



Total 100.00 

54




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

24-Jan-14 AUD 250,000 USD 239,668 (16,304) 

24-Jan-14 CNH 2,500,000 USD 411,387 1,128 

24-Jan-14 JPY 79,632,000 USD 812,240 (53,173) 

24-Jan-14 SGD 2,713,773 USD 2,184,305 (35,999) 

24-Jan-14 USD 238,595 AUD 250,000 15,232 

24-Jan-14 USD 1,181,617 CNH 7,218,500 (9,480) 

24-Jan-14 USD 810,359 JPY 79,632,000 51,294 

24-Jan-14 USD 647,354 SGD 800,000 14,049 

24-Jan-14 USD 1,438,939 THB 45,469,000 50,169 

28-Jan-14 KRW 791,850,000 USD 743,382 9,911 

28-Jan-14 MYR 2,138,560 USD 660,274 (8,980) 

28-Jan-14 TWD 46,537,200 USD 1,576,998 (15,962) 

28-Jan-14 USD 1,198,130 INR 75,928,500 (20,602) 

28-Jan-14 USD 500,000 MYR 1,617,850 7,287 

Total (11,430) 


Counterparty 


HSBC Hong Kong (8,352) 

JPMorgan Hong Kong (15,086) 

State Street Bank Hong Kong 12,008 

Total (11,430) 

55




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Shares 

AUSTRALIA 

5,418,985 Amcor 51,079,814 1.42 

1,483,213 ANZ Banking Group 42,765,472 1.19 

1,723,320 BHP Billiton 58,569,953 1.63 

8,196,074 CFS Retail Property Trust 14,226,708 0.40 

4,675,517 Charter Hall Retail REIT 15,039,221 0.42 

7,914,594 DUET Group 14,198,414 0.39 

9,353,961 Federation Centres 19,542,461 0.55 

1,996,151 Goodman Group 8,465,811 0.24 

1,518,455 Hotel Property Investments 2,737,624 0.08 

7,311,423 Insurance Australia Group 38,040,696 1.06 

5,173,128 Investa Office Fund 14,464,388 0.40 

578,888 Macquarie Group 28,448,635 0.79 

20,629,230 Mirvac Group 31,055,241 0.86 

9,293,534 Stockland 30,101,371 0.84 

613,359 Sydney Airport 2,082,684 0.06 

11,148,779 Telstra 52,320,227 1.46 

13,130,791 Westfield Group 118,602,551 3.30 

1,114,896 Westpac Banking 32,295,421 0.90 

574,036,692 15.99 

SINGAPORE 

28,439,245 AIMS AMP Capital Industrial REIT 32,250,679 0.90 

24,732,000 Ascendas India Trust 13,264,617 0.37 

22,726,000 Asian Pay Television Trust 13,223,198 0.37 

11,276,000 CapitaMall Trust 16,960,351 0.47 

7,630,940 CapitaRetail China Trust 8,019,342 0.22 

4,943,000 DBS Group Holdings 66,815,541 1.86 

2,978,000 Frasers Centrepoint Trust 4,160,979 0.12 

5,755,000 M1/Singapore 14,920,480 0.42 

33,079,006 Mapletree Industrial Trust 35,090,004 0.98 

8,607,000 Singapore Exchange 49,500,956 1.38 

5,923,000 Singapore Telecommunications 17,020,587 0.48 

3,277,000 United Overseas Bank 55,113,671 1.54 

5,063,000 UOB-Kay Hian Holdings 6,623,317 0.18 

332,963,722 9.29 

CHINA 

111,389,000 China Construction Bank - H Shares* 84,179,923 2.34 

117,536,200 China Petroleum & Chemical - H Shares* 96,025,564 2.67 

68,786,000 Industrial & Commercial Bank of China - H Shares* 46,572,329 1.30 

24,572,000 Zhejiang Expressway - H Shares* 23,212,223 0.65 

249,990,039 6.96 

TAIWAN 

15,231,000 Advanced Semiconductor Engineering 14,133,040 0.39 

1,225,000 Asustek Computer 11,017,812 0.31 

2,226,000 Chicony Electronics 5,586,458 0.16 

2,107,000 China Steel Chemical 11,621,174 0.32 

1,707,000 Delta Electronics 9,715,448 0.27 

11,550,000 Far EasTone Telecommunications 25,326,739 0.71 

2,988,000 Huaku Development 8,430,518 0.23 

4,500,000 Kingdom Construction 5,152,557 0.14 

12,234,627 Lite-On Technology 19,597,965 0.55 

26,132,053 Mega Financial Holding 22,014,009 0.62 

4,564,000 Quanta Computer 10,620,003 0.29 

3,604,000 Radiant Opto-Electronics 13,141,157 0.37 

6,430,000 Ruentex Development 12,450,377 0.35 

5,042,000 Synnex Technology International 7,991,972 0.22 

7,483,000 Taiwan Semiconductor Manufacturing 26,406,899 0.74 

22,011,000 United Microelectronics 9,132,812 0.25 

212,338,940 5.92 

HONG KONG 

35,241,500 BOC Hong Kong Holdings 112,826,793 3.14 

4,060,000 China Mobile 42,070,775 1.17 

12,000,000 CNOOC 22,331,412 0.62 

1,517,000 Power Assets Holdings 12,066,001 0.34 

2,502,000 YGM Trading 5,614,423 0.16 

194,909,404 5.43 

THAILAND 

9,270,200 Bangkok Bank - NVDR 50,398,472 1.40 

8,876,900 Bangkok Expressway (Foreign) 9,129,401 0.25 

5,289,100 LPN Development (Foreign) 2,499,361 0.07 

9,234,500 PTT (Foreign) 80,920,148 2.25 

2,451,011 PTT Global Chemical (Foreign) 5,912,938 0.17 

10,374,351 Shin (Foreign) 22,132,160 0.62 

36,119,500 Thai Tap Water Supply (Foreign) 11,102,645 0.31 

20,935,362 Ticon Industrial Connection (Foreign) 10,085,088 0.28 

192,180,213 5.35 


11,109,877 HSBC Holdings 120,603,796 3.36 

120,603,796 3.36 

SOUTH KOREA 

775,090 Daishin Securities Preference Shares 4,096,139 0.12 

894,927 Dongsuh 14,350,390 0.40 

253,420 Grand Korea Leisure 9,739,492 0.27 

497,970 KT&G 35,333,683 0.98 

3,320,900 Macquarie Korea Infrastructure Fund 19,354,113 0.54 

131,587 SK Telecom 28,813,070 0.80 

111,686,887 3.11 


19,000,000 Hutchison Telecommunications Hong Kong Holdings 7,216,182 0.20 

10,563,200 Wynn Macau 47,883,891 1.33 

55,100,073 1.53 

NEW ZEALAND 

31,221,855 Telecom Corp. of New Zealand 59,407,199 1.65 

1,317,020 Z Energy 4,020,360 0.12 

63,427,559 1.77 

BERMUDA 

23,331,434 NWS Holdings 35,414,939 0.99 

391,100 VTech Holdings 5,081,612 0.14 

42,768,000 Yuexiu Transport Infrastructure 22,365,489 0.62 

62,862,040 1.75 

INTERNATIONAL AGENCIES 

39,978,000 HKT Trust 39,467,068 1.10 

39,467,068 1.10 

PHILIPPINES 

338,370 Philippine Long Distance Telephone 20,320,486 0.57 

20,320,486 0.57 

INDONESIA 

53,162,500 Telekomunikasi Indonesia Persero 9,450,383 0.26 

9,450,383 0.26 

INDIA 

14,787,390 NHPC 4,663,228 0.13 

4,663,228 0.13 

Total Shares 2,244,000,530 62.52 

Bonds 


13,900,000 Agile Property Holdings 20.03.17/9.875% 15,446,445 0.43 


1,200,000 Amber Circle Funding 04.12.22/3.250% 1,099,104 0.03 

5,800,000 Azure Orbit International 

Finance 06.03.23/3.750% 5,394,986 0.15 

7,800,000 Central China Real Estate 04.06.18/6.500% 7,721,415 0.22 


3,000,000 Champion MTN 17.01.23/3.750% 2,562,255 0.07 

1,800,000 China Mengniu Dairy 27.11.18/3.500% 1,791,157 0.05 

1,600,000 China Overseas Finance 

Cayman II 10.11.20/5.500% 1,658,664 0.05 

800,000 China Overseas Finance 

Cayman III 29.10.23/5.375% 770,428 0.02 


Cayman III 29.10.43/6.375% 2,293,813 0.06 


Cayman IV 15.02.17/4.875% 10,581,800 0.29 


Cayman V 15.11.22/3.950% 2,464,574 0.07 


Cayman V 15.11.42/5.350% 1,002,786 0.03 

7,000,000 China Resources Cement 

Holdings 05.10.17/2.125% 6,835,675 0.19 

4,600,000 China Resources Land 19.05.16/4.625% 4,820,018 0.13 

8,600,000 China SCE Property Holdings 14.11.17/11.500% 9,551,375 0.27 


56




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


3,400,000 China Shanshui Cement Group 27.04.17/10.500% 3,716,625 0.10 

12,000,000 China State Construction 

Finance Cayman I 02.04.18/3.125% 11,546,280 0.32 

1,100,000 CIFI Holdings Group 15.04.18/12.250% 1,251,828 0.04 

3,000,000 Country Garden Holdings 23.02.18/11.125% 3,356,385 0.09 



13,100,000 Greentown China Holdings 04.02.18/8.500% 13,791,549 0.38 

5,600,000 Hongkong Land Finance 01.06.22/4.500% 5,635,980 0.16 

1,800,000 Hutchison Whampoa 

International 11 13.01.22/4.625% 1,842,921 0.05 


International 12 08.11.22/3.250% 918,955 0.03 


International 12 31.12.49/6.000%** 2,506,980 0.07 

4,400,000 Kaisa Group Holdings 18.09.17/12.875% 5,055,138 0.14 



8,000,000 Krung Thai Bank/Cayman 

Islands 11.09.18/2.250% 7,630,480 0.21 

4,600,000 KWG Property Holding 22.03.17/13.250% 5,401,964 0.15 


108,000,000 Lai Fung Holdings 25.04.18/6.875% 17,562,033 0.49 

200,000 Longfor Properties 07.04.16/9.500% 212,250 0.01 

9,000,000 Longfor Properties 18.10.19/6.875% 9,391,095 0.26 


2,800,000 Lonking Holdings 03.06.16/8.500% 2,939,496 0.08 

11,200,000 MCE Finance 15.02.21/5.000% 10,873,464 0.30 

7,500,000 Parkson Retail Group 03.05.18/4.500% 7,049,175 0.20 

500,000 PHBS 31.12.49/6.625% 490,943 0.01 

1,200,000 Shimao Property Holdings 08.03.18/11.000% 1,344,300 0.04 


5,800,000 Shui On Development Holding 16.02.15/9.750% 6,079,850 0.17 

2,400,000 Shui On Development Holding 31.12.49/10.125%** 2,543,808 0.07 

13,000,000 Sino MTN 21.09.17/3.250% 13,025,870 0.36 

1,000,000 SOHO China 07.11.17/5.750% 1,010,510 0.03 

3,000,000 SOHO China 07.11.22/7.125% 2,890,740 0.08 

4,900,000 Swire Pacific MTN Financing 28.02.22/4.500% 4,937,902 0.14 

1,200,000 Tencent Holdings 12.12.16/4.625% 1,292,958 0.04 


5,700,000 Texhong Textile Group 18.01.19/6.500% 5,892,375 0.16 

2,000,000 Tingyi Cayman Islands Holding 20.06.17/3.875% 2,073,110 0.06 

7,800,000 Yuzhou Properties 25.10.17/11.750% 8,862,906 0.25 


303,535,560 8.45 


2,000,000 Amipeace 06.12.16/2.000% 2,000,228 0.06 


Capital Management 06.05.18/4.625% 9,178,893 0.26 

13,800,000 Bestgain Real Estate 13.03.18/2.625% 12,896,721 0.36 


4,200,000 Big Will Investments 29.04.16/10.875% 4,685,730 0.13 

8,300,000 Caifu Holdings 24.01.20/8.750% 8,371,961 0.23 

6,800,000 China Merchants Finance 04.05.22/5.000% 6,835,326 0.19 

8,800,000 CITIC Securities Finance 2013 03.05.18/2.500% 8,384,306 0.23 

800,000 CLP Power Hong Kong Financing 26.10.27/3.375% 684,016 0.02 

6,000,000 CNOOC Finance 2013 09.05.43/4.250% 5,083,980 0.14 

500,000 CNPC HK Overseas Capital 28.04.41/5.950% 542,160 0.01 

8,200,000 COSCO Finance 2011 03.12.22/4.000% 7,470,913 0.21 

7,000,000 Cosco Pacific Finance 2013 31.01.23/4.375% 6,059,235 0.17 

1,800,000 Fita International 10.02.20/7.000% 2,010,906 0.06 

3,000,000 FPC Finance 28.06.19/6.000% 3,116,430 0.09 

9,200,000 FPC Treasury 16.04.23/4.500% 7,837,425 0.22 

1,400,000 Franshion Brilliant 17.10.18/5.375% 1,430,681 0.04 

2,800,000 Franshion Development 15.04.21/6.750% 2,898,252 0.08 

11,000,000 Franshion Investment 26.10.17/4.700% 11,241,065 0.31 

2,100,000 Henson Finance 17.09.19/5.500% 2,220,842 0.06 

8,000,000 HLP Finance 25.06.22/4.750% 7,811,600 0.22 

12,200,000 Howes Capital 10.04.17/4.750% 12,819,333 0.36 

8,000,000 Huaneng Hong Kong Capital 11.06.18/3.375% 7,702,760 0.21 

6,800,000 Hysan MTN 16.01.23/3.500% 6,317,234 0.18 

9,200,000 JGSH Philippines 23.01.23/4.375% 8,463,080 0.24 

9,800,000 Joyous Glory Group 07.03.20/5.700% 9,991,512 0.28 

800,000 LS Finance 2022 16.10.22/4.250% 731,232 0.02 

1,800,000 PCCW Capital No 4 17.04.22/5.750% 1,823,058 0.05 

7,800,000 PCCW-HKT Capital No 5 08.03.23/3.750% 7,081,620 0.20 

4,800,000 Prosperous Ray 12.11.23/4.625% 4,659,557 0.13 

1,400,000 RH International Finance 19.10.17/4.250% 1,357,573 0.04 

3,000,000 Road King Infrastructure 

Finance 2012 18.09.17/9.875% 3,348,210 0.09 

800,000 Sinochem Overseas Capital 12.11.20/4.500% 817,552 0.02 


8,600,000 Sinopec Capital 2013 24.04.23/3.125% 7,719,059 0.21 


2,800,000 Sinopec Group Overseas 

Development 2013 17.10.43/5.375% 2,811,452 0.08 

9,000,000 SmarTone Finance 08.04.23/3.875% 7,638,390 0.21 

5,000,000 Sparkle Assets 30.01.20/6.875% 4,823,675 0.13 

10,500,000 Star Energy Geothermal Wayang 

Windu 27.03.20/6.125% 9,808,628 0.27 

5,000,000 Studio City Finance 01.12.20/8.500% 5,560,450 0.15 

1,800,000 Talent Yield Investments 25.04.22/4.500% 1,775,169 0.05 

10,800,000 Wiseyear Holdings 15.02.17/5.000% 11,450,592 0.32 


5,800,000 Yuexiu REIT MTN 14.05.18/3.100% 5,427,976 0.15 

248,279,967 6.92 

HONG KONG 

7,000,000 Bangkok Bank/Hong Kong 27.03.18/2.750% 6,893,180 0.19 

5,800,000 Bright Food Hong Kong 21.05.18/3.000% 5,518,642 0.15 

11,200,000 China CITIC Bank International 28.09.22/3.875%** 10,901,632 0.30 


6,200,000 China Railway Resources 

Huitung 05.02.23/3.850% 5,709,828 0.16 

6,600,000 Citic Pacific 21.01.18/6.875% 6,909,474 0.19 

9,000,000 Citic Pacific 10.04.20/6.375% 8,801,370 0.25 

1,400,000 Citic Pacific 15.04.21/6.625% 1,364,188 0.04 

3,400,000 Citic Pacific 17.01.23/6.800% 3,145,663 0.09 

700,000 Citic Pacific 15.04.49/7.875%** 674,492 0.02 

4,200,000 Citic Pacific 31.12.49/8.625%** 4,119,402 0.12 

5,600,000 CRCC Yuxiang 16.05.23/3.500% 5,078,500 0.14 

11,500,000 Gemdale International 

Investment 16.11.17/7.125% 11,979,838 0.33 

7,800,000 Hainan Airlines Hong Kong 07.02.20/3.625% 7,484,178 0.21 

4,000,000 Hero Asia Investment 31.12.49/5.250%** 4,086,460 0.12 

8,400,000 Kasikornbank /Hong Kong 20.03.18/3.000% 8,369,424 0.24 

200,000 MCC Holding Hong Kong 29.07.16/4.875% 200,865 0.01 

2,200,000 Minmetals Land Capital 26.04.18/5.500% 2,257,585 0.06 

4,200,000 Poly Property Group 16.05.18/4.750% 4,069,149 0.11 

7,800,000 Siam Commercial Bank/Hong 

Kong 19.09.17/3.375% 7,947,381 0.22 

11,400,000 Wheelock Finance 23.02.17/4.750% 11,973,762 0.33 


6,100,000 Wing Lung Bank 07.11.22/3.500%** 5,911,998 0.16 

5,000,000 Yancoal International Resources 

Development 16.05.17/4.461% 4,962,600 0.14 

2,400,000 Yancoal International Resources 

Development 16.05.22/5.730% 2,256,924 0.06 

8,100,000 Yuexiu Property 24.01.18/3.250% 7,551,509 0.21 

1,200,000 Zoomlion HK 20.12.22/6.125% 1,101,918 0.03 

155,132,438 4.32 

SINGAPORE 

8,400,000 Alam Synergy 27.03.20/6.950% 7,514,094 0.21 

800,000 BOC Aviation 10.10.17/2.875% 783,304 0.02 

9,600,000 BOC Aviation 02.05.23/4.375% 8,866,800 0.25 

7,000,000 CapitaLand Treasury 20.09.22/4.076% 6,577,060 0.18 

2,600,000 DBS Bank 21.09.22/3.625%** 2,672,943 0.07 

4,400,000 ITNL Offshore 26.04.15/5.750% 747,097 0.02 

3,600,000 Keppel Land Financial Services 11.12.19/3.259% 3,458,052 0.10 

1,300,000 Olam International 12.08.20/7.500% 1,224,964 0.03 

5,800,000 Ottawa Holdings 16.05.18/5.875% 4,461,592 0.12 

1,400,000 Oversea-Chinese Banking 11.03.23/3.150%** 1,400,574 0.04 

12,800,000 STATS ChipPAC 20.03.18/4.500% 12,784,128 0.36 

10,000,000 TBG Global 03.04.18/4.625% 9,709,400 0.27 

7,200,000 Theta Capital 16.05.19/7.000% 7,216,596 0.20 

7,338,000 Theta Capital 14.11.20/6.125% 6,815,278 0.19 

1,000,000 United Overseas Bank 17.10.22/2.875%** 1,002,570 0.03 

4,400,000 Yanlord Land Group 29.03.18/10.625% 4,851,198 0.14 

80,085,650 2.23 

SOUTH KOREA 

400,000 Busan Bank 09.02.17/4.125% 420,492 0.01 

9,200,000 Daegu Bank 29.04.18/2.250% 8,896,492 0.25 

700,000 Export-Import Bank of Korea 15.09.21/4.375% 730,933 0.02 

6,600,000 GS Caltex 01.10.18/3.250% 6,621,978 0.18 

4,800,000 Korea Development Bank 17.03.19/3.000% 4,805,976 0.13 

7,800,000 Korea Exchange Bank 02.04.18/2.000% 7,552,818 0.21 


1,800,000 Korea Expressway 22.10.17/1.875% 1,766,520 0.05 

3,800,000 Korea Finance 22.08.18/2.875% 3,827,778 0.11 

1,900,000 Korea Gas 29.07.18/2.875% 1,915,590 0.05 

2,000,000 Korea Hydro & Nuclear Power 19.09.22/3.000% 1,842,740 0.05 

200,000 KT 20.01.17/3.875% 209,299 0.01 

2,000,000 National Federation Of Fisheries 

Cooperatives 03.05.17/3.500% 2,063,050 0.06 

7,800,000 NongHyup Bank 19.09.17/2.250% 7,747,935 0.22 

4,400,000 NongHyup Bank 01.11.18/2.625% 4,331,712 0.12 

200,000 POSCO 14.04.21/5.250% 216,333 0.01 

57




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


1,200,000 Shinhan Bank 20.09.36/6.819%** 1,310,928 0.03 

2,600,000 SK Broadband 29.10.18/2.875% 2,568,579 0.07 

3,200,000 SK Innovation 14.08.18/3.625% 3,268,416 0.09 

1,900,000 SK Telecom 01.05.18/2.125% 1,845,755 0.05 

500,000 Woori Bank 13.04.21/5.875% 549,987 0.01 

64,481,001 1.79 

INDIA 

6,900,000 Bharat Petroleum 25.10.22/4.625% 6,225,180 0.17 

120,000,000 Export-Import Bank of India 18.03.16/8.750% 1,927,789 0.05 




370,000,000 India (Government of) 11.06.22/8.150% 5,660,429 0.16 

7,000,000 Indian Railway Finance 10.10.17/3.417% 6,854,680 0.19 

600,000 NTPC 14.07.21/5.625% 599,055 0.02 

6,500,000 NTPC 03.10.22/4.750% 5,998,200 0.17 

7,200,000 ONGC Videsh 07.05.23/3.750% 6,109,776 0.17 

6,300,000 Power Grid Corp of India 17.01.23/3.875% 5,397,210 0.15 

46,077,729 1.28 

MALAYSIA 

800,000 AMBB Capital 31.12.49/6.770%** 815,412 0.02 

6,800,000 IOI Investment 27.06.22/4.375% 6,413,760 0.18 

5,000,000 Malayan Banking 20.09.22/3.250%** 4,937,200 0.14 

700,000 Petronas Capital 12.08.19/5.250% 768,155 0.02 

1,000,000 Public Bank 22.08.36/6.840%** 1,042,690 0.03 

7,600,000 RHB Bank 11.05.17/3.250% 7,686,260 0.21 

8,000,000 Sime Darby Global 29.01.18/2.053% 7,781,920 0.22 

6,000,000 SSG Resources 04.10.22/4.250% 5,749,932 0.16 

35,195,329 0.98 

INDONESIA 

2,000,000 Adaro Indonesia 22.10.19/7.625% 2,123,970 0.06 

13,800,000 Bank Rakyat Indonesia Persero 28.03.18/2.950% 12,977,934 0.36 

1,000,000 Indonesia (Republic of) 13.03.20/5.875% 1,061,280 0.03 


900,000 Indonesia (Republic of) 17.01.42/5.250% 773,010 0.02 

2,900,000 Perusahaan Listrik Negara 24.10.42/5.250% 2,185,846 0.06 

600,000 Perusahaan Penerbit 21.11.18/4.000% 589,491 0.02 

1,000,000 Perusahaan Penerbit 21.11.22/3.300% 826,790 0.03 

30,490,019 0.86 

BERMUDA 

2,000,000 BW Group 28.06.17/6.625% 2,079,140 0.06 

6,300,000 China Oil & Gas Group 25.04.18/5.250% 6,316,884 0.17 

4,500,000 China Oriental Group 17.11.17/7.000% 4,423,522 0.12 

3,900,000 Li & Fung 31.12.49/6.000%** 3,937,284 0.11 

9,600,000 Shenzhen International Holdings 20.04.17/4.375% 9,942,144 0.28 

26,698,974 0.74 

NETHERLANDS 

7,200,000 Bharti Airtel International 

Netherlands 11.03.23/5.125% 6,675,048 0.19 

3,300,000 Comfeed Finance 02.05.18/6.000% 3,066,211 0.08 

7,900,000 ICTSI Treasury 16.01.23/4.625% 7,307,895 0.20 

4,800,000 Indo Energy Finance 07.05.18/7.000% 4,867,536 0.14 

750,000 Majapahit Holding 28.06.17/7.250% 823,804 0.02 


23,732,276 0.66 

PHILIPPINES 

900,000 Development Bank of 

Philippines 31.12.49/8.375%** 941,845 0.03 

8,600,000 Megaworld 17.04.23/4.250% 7,522,988 0.21 

1,300,000 Philippines (Republic of) 20.01.20/6.500% 1,532,732 0.04 



10,400,000 San Miguel 26.04.23/4.875% 8,596,640 0.24 

3,400,000 SM Investments 17.10.19/4.250% 3,270,681 0.09 

23,346,699 0.65 

UNITED ARAB EMIRATES 

6,200,000 Axis Bank/Dubai 05.09.17/5.125% 6,432,655 0.18 

16,400,000 ICICI Bank/Dubai 21.02.18/4.700% 16,777,446 0.47 

23,210,101 0.65 

THAILAND 

8,400,000 PTT 25.10.22/3.375% 7,556,892 0.21 

600,000 PTT 25.10.42/4.500% 470,109 0.01 

7,500,000 PTT Global Chemical 19.09.22/4.250% 7,045,237 0.20 

7,900,000 Thai Oil 23.01.23/3.625% 7,073,186 0.20 

22,145,424 0.62 

SRI LANKA 

7,400,000 Bank of Ceylon 16.04.18/5.325% 7,062,634 0.20 

7,800,000 Sri Lanka (Republic of) 25.07.22/5.875% 7,345,377 0.20 

14,408,011 0.40 


6,000,000 Vedanta Resources 31.01.19/6.000% 5,833,320 0.16 


12,185,799 0.34 


9,250,000 Reliance Holdings USA 14.02.22/5.400% 9,402,255 0.26 

9,402,255 0.26 

BAHRAIN 

6,800,000 HDFC Bank/Bahrain 06.03.18/3.000% 6,553,942 0.18 

6,553,942 0.18 

CANADA 

3,800,000 Harvest Operations 14.05.18/2.125% 3,704,335 0.10 

600,000 PTTEP Canada International 

Finance 05.04.21/5.692% 640,728 0.02 

4,345,063 0.12 

CHINA 

3,000,000 China Uranium Development 08.10.18/3.500% 2,986,755 0.09 

2,986,755 0.09 

MONGOLIA 

2,100,000 Mongolia (Government of) 05.12.22/5.125% 1,752,912 0.05 

200,000 Trade & Development Bank of 

Mongolia 20.09.15/8.500% 196,033 0.00 

1,948,945 0.05 

BAHAMAS 

2,000,000 Competition Team Technologies 13.12.17/2.125% 1,948,570 0.05 

1,948,570 0.05 

PERU 

1,200,000 CFG Investment 30.07.19/9.750% 1,162,680 0.04 

1,162,680 0.04 

AUSTRALIA 

400,000 SPI Australia Assets 09.04.23/3.550% 361,904 0.02 

361,904 0.02 

Total Bonds 1,137,715,091 31.70 



3,381,715,621 94.22 


Bonds 

HONG KONG 




10,800,000 Sinochem Global Capital 29.12.49/5.000%** 10,195,740 0.29 

19,213,734 0.54 


13,800,000 State Bank of India/London 18.04.18/3.250% 13,390,899 0.37 

13,390,899 0.37 

NETHERLANDS 


2,200,000 Listrindo Capital 21.02.19/6.950% 2,301,772 0.07 

9,515,029 0.27 

58




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



2,000,000 Baidu 28.11.17/2.250% 1,990,320 0.06 

3,800,000 Baidu 28.11.22/3.500% 3,495,658 0.10 

1,600,000 ENN Energy Holdings 13.05.21/6.000% 1,718,824 0.05 



8,194,722 0.23 


5,000,000 CNPC General Capital 16.04.23/3.400% 4,594,950 0.13 

1,200,000 COSL Finance 06.09.22/3.250% 1,081,038 0.03 

5,675,988 0.16 

SOUTH KOREA 

4,800,000 Export-Import Bank of Korea 17.09.18/2.875% 4,856,544 0.14 

4,856,544 0.14 

AUSTRALIA 

4,800,000 Leighton Finance USA 13.11.22/5.950% 4,708,032 0.12 

4,708,032 0.12 

INDONESIA 

2,200,000 Berau Coal Energy 13.03.17/7.250% 2,182,774 0.05 

2,182,774 0.05 

CHINA 

9,300,000 HSBC Bank China 10.01.15/4.068%** 1,559,084 0.04 

1,559,084 0.04 

Total Bonds 69,296,806 1.92 


THAILAND 

41,429,200 BTS Rail Mass Transit Growth Infrastructure Fund 10,929,098 0.30 

23,897,485 Tesco Lotus Retail Growth Freehold & Leasehold 

Property Fund 9,099,975 0.26 

20,029,073 0.56 




89,325,879 2.48 



% of 








India 1.28 

Malaysia 0.98 

Netherlands 0.93 


Bermuda 0.74 



United Arab Emirates 0.65 

Thailand 0.62 

Sri Lanka 0.40 

United States of America 0.26 

Bahrain 0.18 


China 0.13 

Canada 0.12 

Mongolia 0.05 

Bahamas 0.05 

Peru 0.04 


Shares 


Telecommunication Services 9.44 

Energy 5.66 









Cash Equivalents, Cash and Other Assets/(Liabilities) 3.30 

Total 100.00 

Cash Equivalents 

Time Deposits 

HONG KONG 

49,862,872 Standard Chartered Bank/Hong 

Kong 02.01.14/0.150% 49,862,872 1.39 

49,862,872 1.39 

Total Time Deposits 49,862,872 1.39 

Total Cash Equivalents 49,862,872 1.39 

Total Investments plus Total Cash Equivalents 3,520,904,372 98.09 

Cash 32,957,342 0.92 



* Hong Kong Registered Shares. 

** Variable coupon rates are those quoted as at 31 December 2013. 

59




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 






India 2.18 






Malaysia 0.80 


Bermuda 0.72 

Thailand 0.68 



Bahrain 0.37 

China 0.23 



Canada 0.09 

Mongolia 0.09 

Bahamas 0.04 

Peru 0.02 


Shares 




Energy 4.10 









Total 100.00 

60


Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) 


Expiration 

Date 

Number of 

Contracts Security Description Currency 

Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Mar-14 (500) US 10 Year Note Future USD (61,527,344) 1,070,313 

Total 1,070,313 

As at 31 December 2013, the counterparty UBS held the following collateral in favour of the Sub-Fund: 

- Cash: USD -100,423. 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

07-Jan-14 AUD 7,020,349 USD 6,395,801 (116,040) 

07-Jan-14 CAD 1,693,924 USD 1,607,731 (13,565) 

07-Jan-14 EUR 147,167 USD 199,648 3,082 

07-Jan-14 GBP 123,259 USD 200,505 3,434 

07-Jan-14 NZD 246,178 USD 199,694 2,822 

07-Jan-14 USD 469,805 AUD 517,491 6,906 

07-Jan-14 USD 49,316 CAD 52,302 94 

07-Jan-14 USD 3,252 EUR 2,366 (8) 

07-Jan-14 USD 3,210 GBP 1,963 (38) 

07-Jan-14 USD 202,346 NZD 246,178 (170) 

17-Jan-14 SGD 354,956,921 USD 282,797,477 (1,800,973) 

17-Jan-14 USD 118,078,488 AUD 124,893,000 6,437,432 

17-Jan-14 USD 83,066,812 SGD 103,517,237 1,118,891 

22-Jan-14 USD 93,090,841 THB 2,940,600,000 3,273,266 

24-Jan-14 USD 95,792,507 AUD 99,915,000 6,523,218 

24-Jan-14 USD 48,509,806 NZD 57,800,000 1,023,343 

24-Jan-14 USD 151,836,977 SGD 188,630,868 2,510,983 

24-Jan-14 USD 93,174,980 THB 2,942,000,000 3,316,792 

04-Feb-14 AUD 369,793 USD 328,878 1,265 

04-Feb-14 CAD 8,963 USD 8,427 2 

04-Feb-14 EUR 775 USD 1,059 8 

04-Feb-14 GBP 650 USD 1,063 13 

04-Feb-14 NZD 319,462 USD 261,916 314 

17-Mar-14 USD 91,530,461 AUD 102,969,635 (160,764) 

17-Mar-14 USD 49,938,526 SGD 62,739,768 272,516 

Total 22,402,823 


Counterparty 


Barclays (3,550) 


Citibank 1,147 

Citibank Hong Kong 2,288,058 

Deutsche Bank 4,704 

Goldman Sachs (1,802,996) 

HSBC Hong Kong 6,010,146 

JPMorgan (17) 

RBC (14,405) 

Société Générale (6,810) 

State Street Bank 455 

State Street Bank Hong Kong 15,974,837 


UBS (52,766) 

Westpac Banking (449) 

Total 22,402,823 

61




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

BRAZIL 

20,000 AMBEV 146,889 0.05 

1,939,975 AMBEV ADR 14,190,917 4.33 

960,910 Anhanguera Educacional Participa‡ões 6,066,351 1.85 

1,954,738 Banco Bradesco ADR 24,131,241 7.35 

709,440 Banco do Brasil 7,336,179 2.23 

609,300 Banco do Estado do Rio Grande do Sul Preference 

B Shares 3,263,461 0.99 

1,245,393 BB Seguridade Participa‡ões 12,894,220 3.93 

1,683,100 BM&F Bovespa 7,904,041 2.41 

320,540 BR Properties 2,548,730 0.78 

368,949 BRF7,659,426 2.33 

67,278 BRF ADR 1,397,700 0.43 

475,540 Cielo 13,295,220 4.05 

767,581 Duratex 4,228,504 1.29 

557,187 Embraer ADR 17,927,492 5.46 

656,290 Gerdau 4,224,021 1.29 

1,211,600 Iochpe-Maxion 13,336,239 4.07 

93,390 Itau Unibanco Holding 1,168,267 0.36 

249,162 Itau Unibanco Holding Preference Shares 3,380,215 1.03 

1,887,280 Itau Unibanco Holding Preference Shares ADR 25,544,335 7.79 

4,130,990 Itausa - Investimentos Itau Preference Shares 15,752,884 4.80 

164,550 Linx 3,363,700 1.03 

762,390 Localiza Rent a Car 10,850,840 3.31 

382,301 Lojas Renner 9,887,710 3.01 

1,056,400 LPS Brasil Consultoria de Imoveis 6,465,193 1.97 

81,820 M Dias Branco 3,514,385 1.07 

3,564,464 Marcopolo Preference Shares 7,526,190 2.29 

769,039 Mills Estruturas e Servicos de Engenharia 10,731,688 3.27 

438,300 MRV Engenharia e Participa‡ões 1,587,680 0.48 

1,354,100 Odontoprev 5,700,990 1.74 

2,227,000 Petroleo Brasileiro 15,354,221 4.68 

1,158,875 Randon Participa‡ões Preference Shares 5,530,748 1.69 

400,590 Souza Cruz 4,083,767 1.24 

2,146,900 Vale ADR 32,793,897 9.99 

610,020 Valid Solucoes e Servicos de Seguranca em Meios de 

Pagamento e Identificacao 8,258,908 2.52 


% of 


Shares 






Energy 4.68 





Total 100.00 


% of 


Shares 










Total 100.00 

312,046,249 95.11 

BERMUDA 

385,970 Wilson Sons BDR 5,031,436 1.53 

5,031,436 1.53 


951,180 JPMorgan Brazil Investment Trust 1,015,724 0.31 

1,015,724 0.31 

Total Shares 318,093,409 96.95 



318,093,409 96.95 



LUXEMBOURG 

2,510,822 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 

(JPM US Dollar Liquidity X (dist)) 2,510,822 0.76 

2,510,822 0.76 




2,510,822 0.76 


Cash 6,593,101 2.01 



62


Schedule of Investments - Outstanding Financial Option Contracts (Expressed in USD) 


Expiration 

Date 

Number of 


Market 

Value 

Unrealised 

Gain/ 

(Loss) 

18-Jan-14 10,000 Petroleo Brasileiro, Call Option, Strike Price 15.000 USD 85,000 (95,189) 

Total 85,000 (95,189) 

As at 31 December 2013, the counterparty Goldman Sachs held the following collateral in favour of the Sub-Fund: 

- Cash: USD 473, 818. 

63




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Shares and Warrants 

CHINA 

165,786,000 Agricultural Bank of China - H Shares* 81,566,344 3.72 

20,616,000 Angang Steel - H Shares* 15,287,654 0.69 

5,020,000 Anhui Conch Cement - H Shares* 18,661,289 0.85 

19,226,000 AviChina Industry & Technology - H Shares* 11,157,581 0.51 

786,367 BesTV New Media - A Shares 4,796,917 0.22 

39,870,000 China Cinda Asset Management - H Shares* 24,809,165 1.13 

24,628,000 China Coal Energy - H Shares* 13,863,791 0.63 


46,156,000 China Eastern Airlines - H Shares* 17,440,719 0.79 

16,351,000 China Life Insurance - H Shares* 51,241,189 2.33 

6,232,000 China Longyuan Power Group - H Shares* 8,037,038 0.36 

10,433,000 China Merchants Bank - H Shares* 22,281,178 1.02 

23,061,500 China Minsheng Banking - H Shares* 25,607,036 1.17 

19,010,000 China National Building Material - H Shares* 20,483,170 0.93 

9,682,000 China Oilfield Services - H Shares* 29,967,114 1.37 

3,642,800 China Pacific Insurance Group - H Shares* 14,305,111 0.65 


7,092,000 China Shenhua Energy - H Shares* 22,385,151 1.02 

10,934,000 China Shipping Development - H Shares* 8,488,758 0.39 

42,666,000 China Telecom - H Shares* 21,596,839 0.98 

36,390,304 China Vanke - B Shares 56,738,858 2.58 

9,904,146 Chongqing Changan Automobile - B Shares 19,542,363 0.89 

11,383,372 Chongqing Changan 

Automobile - Warrants 09.10.15 21,529,371 0.98 

8,927,000 CSR - H Shares* 7,322,026 0.33 

3,960,798 Daqin Railway - A Shares 4,834,869 0.22 

1,142,000 Dongjiang Environmental - H Shares* 3,785,017 0.17 

2,937,556 GoerTek - Warrants 01.12.14 17,024,142 0.78 

4,664,000 Great Wall Motor - H Shares* 25,743,697 1.17 

922,153 Gree Electric Appliances - A Shares 4,975,574 0.22 

46,418,000 Huaneng Renewables - H Shares* 22,238,928 1.02 


1,663,810 Inner Mongolia Yili Industrial 

Group - Warrants 16.07.15 10,740,226 0.49 

1,739,157 Jiangsu Kanion Pharmaceutical - A Shares 8,728,822 0.40 

1,218,248 Leshi Internet Information & Technology/Beijing - A 

Shares 8,208,182 0.38 

11,965,000 Lianhua Supermarket Holdings - H Shares* 9,258,328 0.42 

28,070,000 Maanshan Iron & Steel - H Shares* 7,583,943 0.35 

6,520,000 PICC Property & Casualty - H Shares* 9,686,540 0.44 

9,685,500 Ping An Insurance Group Co. of China - H Shares* 87,029,728 3.96 

25 SAIC Motor - A Shares 58 0.00 

14,700,000 Shanghai Electric Group - H Shares* 5,336,596 0.24 

4,346,519 Shanghai International Airport - A Shares 10,277,572 0.47 

4,806,000 Tong Ren Tang Technologies - H Shares* 15,340,078 0.70 

2,373,189 Weifu High-Technology Group - B Shares 8,321,663 0.38 

525,300 Yunnan Baiyao Group - Warrants 03.12.14 8,849,145 0.40 

1,457,801 Zhejiang Huace Film & TV- A Shares 7,682,712 0.35 

1,425,000 Zhuzhou CSR Times Electric - H Shares* 5,141,071 0.23 

1,124,952,573 51.22 


2,930,020 AAC Technologies Holdings 14,236,146 0.65 

45,776,000 Anxin-China Holdings 14,522,506 0.66 

315,159 Autohome ADR 11,325,239 0.52 

1,498,000 Biostime International Holdings 13,339,640 0.61 

7,273,500 China Conch Venture Holdings 19,862,571 0.90 

14,744,000 China Modern Dairy Holdings 7,976,565 0.36 

8,400,000 China Resources Land 20,799,319 0.95 

232,838 Ctrip.com International ADR 11,590,676 0.53 

927,353 E-House China Holdings ADR 13,428,071 0.61 

55,050,000 GCL-Poly Energy Holdings 17,003,231 0.77 

32,205,000 Geely Automobile Holdings 15,554,059 0.71 

10,932,500 Greentown China Holdings 16,735,504 0.76 

24,075,000 Intime Retail Group 25,164,478 1.15 

3,392,400 MGM China Holdings 14,459,295 0.66 

178,007 New Oriental Education & Technology Group ADR 5,667,743 0.26 

130,453 Qihoo 360 Technology ADR 10,862,821 0.49 

2,608,800 Sands China 21,372,438 0.97 

41,567,000 Sunac China Holdings 24,792,997 1.13 

3,305,900 Tencent Holdings 211,295,191 9.62 

12,292,000 Tingyi Cayman Island Holding 35,509,060 1.62 

114,002 Vipshop Holdings ADR 9,539,687 0.43 

32,177,000 Want Want China Holdings 46,517,864 2.12 

106,898 YY ADR 5,294,123 0.24 

586,849,224 26.72 

HONG KONG 

968,500 Beijing Enterprises Holdings 9,623,673 0.44 

12,981,569 Beijing Tong Ren Tang Chinese Medicine 17,026,161 0.78 

5,554,000 China Everbright International 7,442,006 0.34 

64 

2,070,000 China Merchants Holdings International 7,548,168 0.34 

8,163,000 China Mobile 84,587,128 3.85 

7,808,000 China Overseas Land & Investment 21,926,362 1.00 

8,342,000 China Unicom Hong Kong 12,468,730 0.57 

55,495,000 CNOOC 103,273,475 4.70 

3,509,000 Galaxy Entertainment Group 31,462,481 1.43 

2,281,000 Shanghai Industrial Holdings 8,346,987 0.38 

303,705,171 13.83 

BERMUDA 

47,208,000 Beijing Enterprises Water Group 29,710,094 1.35 

12,928,000 Brilliance China Automotive Holdings 21,190,709 0.96 

4,698,000 China Gas Holdings 6,906,952 0.31 

15,316,000 China Resources Gas Group 52,935,711 2.41 

8,054,000 China Water Affairs Group 2,986,194 0.14 

30,392,000 Euro-Asia Agricultural Holdings** 392 0.00 

5,078,000 Haier Electronics Group 14,702,042 0.67 

3,921,000 Orient Overseas International 19,695,767 0.90 

7,034,000 Sinopec Kantons Holdings 7,814,951 0.36 

155,942,812 7.10 

Total Shares and Warrants 2,171,449,780 98.87 



2,171,449,780 98.87 


Cash 21,116,233 0.96 




** This Security is fair valued. 


% of 






Energy 9.45 







Total Shares and Warrants 98.87 


Total 100.00 


% of 






Energy 12.98 









Total 100.00


Schedule of Investments (Market Value Expressed in EUR) 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

RUSSIA 

1,831,874 Cherkizovo Group Registered Shares GDR 16,290,003 2.49 

1,995,163 DIXY Group 18,099,422 2.77 

4,764,670 Gazprom ADR 29,563,879 4.52 

1,418,030 Lukoil ADR 64,284,659 9.84 

176,148 Magnit 35,924,717 5.50 

2,058,569 Magnitogorsk Iron & Steel Works Registered 

Shares GDR 4,429,280 0.68 

793,046 Mechel Preference Shares 620,837 0.10 

576,100 Mechel Preference Shares ADR 173,533 0.03 

257,300 MegaFon Registered Shares GDR 6,244,040 0.96 

1,370,201 MMC Norilsk Nickel ADR 16,516,296 2.53 

767,332 Mobile Telesystems 5,572,051 0.85 

1,538,852 Mobile Telesystems ADR 24,201,653 3.70 

2,528,986 Mostotrest 7,483,983 1.15 

269,400 NovaTek Registered Shares GDR 26,762,820 4.10 

353,000 Phosagro Registered Shares GDR 2,490,111 0.38 

10,532,750 Sberbank of Russia 23,582,095 3.61 

4,484,235 Sberbank of Russia ADR 40,901,604 6.26 

302,700 Severstal Registered Shares GDR 2,170,995 0.33 

794,845 Sistema JSFC Registered Shares GDR 18,561,924 2.84 

633,851 Sollers 11,888,873 1.82 

22,982,500 Surgutneftegas Preference Shares 13,166,080 2.02 

664,746 Tatneft ADR 18,426,295 2.82 

199,620 TMK Registered Shares GDR 1,705,572 0.25 

389,060,722 59.55 

POLAND 

291,040 Alior Bank 5,640,280 0.86 

59,400 Bank Zachodni 5,514,647 0.85 

960,908 Eurocash 10,915,395 1.67 

441,200 KGHM Polska Miedz 12,436,475 1.90 

2,649,327 Powszechna Kasa Oszczednosci Bank Polski 25,381,220 3.88 

202,202 Powszechny Zaklad Ubezpieczen 21,872,969 3.35 

81,760,986 12.51 

TURKEY 

1,653,800 Akbank 3,687,154 0.56 

723,090 Arcelik 2,957,202 0.45 

550,420 BIM Birlesik Magazalar 7,973,780 1.22 

1,412,200 Enka Insaat Ve Sanayi 2,853,185 0.44 

1,146,900 TAV Havalimanlari Holding 5,889,653 0.90 

288,020 Tupras Turkiye Petrol Rafinerileri 4,104,462 0.63 

2,505,746 Turkcell Iletisim Hizmetleri 9,613,805 1.47 

4,734,673 Turkiye Garanti Bankasi 11,098,944 1.70 

2,006,020 Turkiye Halk Bankasi 8,271,628 1.27 

2,995,400 Turkiye Is Bankasi - C Shares 4,713,172 0.72 

1,019,400 Turkiye Vakiflar Bankasi Tao - D Shares 1,322,050 0.20 

933,621 Yapi ve Kredi Bankasi 1,166,717 0.18 

63,651,752 9.74 

IRELAND 

2,513,904 Dragon Oil 17,158,157 2.63 

17,158,157 2.63 

LUXEMBOURG 

669,100 Kernel Holding 6,206,228 0.95 

261,200 MHP Registered Shares GDR 3,251,822 0.50 

339,700 Oriflame Cosmetics SDR 7,567,593 1.16 


122,760 Luxoft Holding 3,366,730 0.52 

3,366,730 0.52 


129,630 EPAM Systems 3,282,719 0.50 

3,282,719 0.50 

MALAYSIA 

2,994,547 Steppe Cement 1,645,526 0.25 

1,645,526 0.25 

Total Shares 635,755,847 97.31 



635,755,847 97.31 



LUXEMBOURG 



19,280,883 2.95 


2,431,283 JPMorgan Russian Securities 15,776,577 2.42 

15,776,577 2.42 




19,280,883 2.95 

Other Transferable Securities 

Shares 

NETHERLANDS 

2,712,200 Amtel Registered Shares GDR* 0 0.00 

0 0.00 

Total Shares 0 0.00 

Total Other Transferable Securities 0 0.00 


Bank Overdraft (321,858) (0.05) 

Other Assets/(Liabilities) (1,387,499) (0.21) 


* This Security is fair valued. 

17,025,643 2.61 

CYPRUS 

926,700 Ros Agro Registered Shares GDR 4,355,805 0.67 

865,092 TCS Group Holding Registered Shares GDR 9,824,882 1.50 

14,180,687 2.17 


388,254 Eurasia Drilling Registered Shares GDR 12,694,155 1.94 

12,694,155 1.94 

ISLE OF MAN 

1,161,463 Nostrum Oil & Gas GDR 10,222,959 1.56 

10,222,959 1.56 

KAZAKHSTAN 

473,500 Kcell Registered Shares GDR 5,929,234 0.91 

5,929,234 0.91 

65


Schedule of Investments (Market Value Expressed in EUR) (continued) 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 

Energy 30.06 










Bank Overdraft and Other Assets/(Liabilities) (0.26) 

Total 100.00 


% of 


Shares 

Energy 29.61 









Bank Overdraft and Other Assets/(Liabilities) 1.34 

Total 100.00 

66




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




SOUTH AFRICA 

451,700 African Rainbow Minerals 8,097,404 1.44 

467,437 Barclays Africa Group 5,909,832 1.04 

386,700 Bidvest Group 9,876,751 1.75 

264,862 Capitec Bank Holdings 5,241,974 0.93 

113,500 City Lodge Hotels 1,504,462 0.27 

1,044,100 Clicks Group 6,236,874 1.11 

911,700 Clover Industries 1,586,303 0.28 

80,688 Curro Holdings 212,274 0.04 

180,100 EOH Holdings 1,363,523 0.24 

4,493,980 FirstRand 15,252,241 2.71 

475,807 Imperial Holdings 9,142,105 1.62 

320,450 JSE 2,727,710 0.48 

70,800 Kumba Iron Ore 2,966,895 0.53 

619,270 Mr Price Group 9,623,326 1.71 

1,717,193 MTN Group 35,465,594 6.29 

374,810 Naspers - N Shares 38,949,220 6.91 

523,827 Remgro 10,343,607 1.84 

534,400 Royal Bafokeng Platinum 2,998,326 0.53 

203,420 Sasol 9,944,862 1.77 

795,565 Shoprite Holdings 12,350,446 2.19 

1,435,554 Woolworths Holdings/South Africa 10,181,307 1.81 

199,975,036 35.49 

RUSSIA 

427,461 Cherkizovo Group Registered Shares GDR 5,236,397 0.93 

659,939 DIXY Group 8,247,088 1.46 

1,993,320 Gazprom ADR 17,037,903 3.03 

603,880 Lukoil ADR 37,712,306 6.70 

70,731 Magnit 19,871,743 3.53 


Shares GDR 3,126,943 0.56 




493,165 MMC Norilsk Nickel ADR 8,189,005 1.45 


431,977 Mobile Telesystems ADR 9,358,782 1.66 

934,792 Mostotrest 3,810,762 0.68 






224,593 Sollers 5,803,102 1.03 

71,200 Tatneft ADR 2,718,772 0.48 

197,513,107 35.06 

POLAND 

176,454 Alior Bank 4,710,750 0.83 

470,271 Eurocash 7,358,958 1.31 


596,025 Powszechna Kasa Oszczednosci Bank Polski 7,865,963 1.40 


34,496,784 6.12 

TURKEY 

470,920 Akbank 1,446,325 0.26 

479,210 Arcelik 2,699,759 0.47 

435,640 Enka Insaat Ve Sanayi 1,212,473 0.21 

626,530 KOC Holding 2,541,403 0.45 

525,290 TAV Havalimanlari Holding 3,715,984 0.66 



909,380 Turkiye Halk Bankasi 5,165,491 0.92 

665,150 Turkiye Is Bankasi - C Shares 1,441,746 0.26 

SAUDI ARABIA 

145,000 Al Rajhi Bank - Warrants 24.03.14 2,826,775 0.51 

215,300 Almarai - Warrants 14.09.16 3,021,014 0.54 

82,800 Fawaz Abdulaziz Alhokair & Co. - 

Warrants 24.01.17 3,088,871 0.55 

196,400 Yamamah Saudi Cement - 

Warrants 25.03.15 3,010,753 0.53 

11,947,413 2.13 

CYPRUS 


563,633 TCS Group Holding Registered Shares GDR 8,818,038 1.57 

11,815,315 2.10 

IRELAND 

1,122,398 Dragon Oil 10,553,083 1.87 

10,553,083 1.87 


250,450 Ophir Energy 1,358,800 0.24 

490,700 Tullow Oil 6,947,939 1.23 

8,306,739 1.47 

ISLE OF MAN 

650,355 Nostrum Oil & Gas GDR 7,885,554 1.40 

7,885,554 1.40 

QATAR 

145,160 Qatar National Bank 6,852,209 1.22 

6,852,209 1.22 

KAZAKHSTAN 


4,983,525 0.88 

GUERNSEY 

767,908 Etalon Group Registered Shares GDR 4,077,591 0.72 

4,077,591 0.72 


750,700 First Gulf Bank 3,832,188 0.68 

3,832,188 0.68 



3,032,093 0.54 



2,877,325 0.51 


79,970 EPAM Systems 2,789,753 0.50 

2,789,753 0.50 

CANADA 

175,630 Africa Oil 1,526,563 0.27 

169,072 Caracal Energy 1,243,124 0.22 

2,769,687 0.49 

Total Shares and Warrants 557,110,557 98.88 



557,110,557 98.88 

28,925,706 5.13 

LUXEMBOURG 




14,477,449 2.57 

67




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




LUXEMBOURG 



2,854,558 0.51 




2,854,558 0.51 


Cash 5,276,501 0.94 




% of 




Energy 18.54 










Total 100.00 


% of 


Shares 


Energy 17.07 









Total 100.00 

68




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

INDONESIA 







13,030,000 Pertamina Persero 23.05.21/5.250% 12,573,754 0.89 



73,039,039 5.16 

HUNGARY 

2,600,000 Hungary (Government of) 19.02.18/4.125% 2,625,090 0.19 






3,670,000 Magyar Export-Import Bank 12.02.18/5.500% 3,790,871 0.26 

2,870,000 Magyar Fejlesztesi Bank 21.10.20/6.250% 2,955,009 0.21 

63,256,060 4.47 

ARGENTINA 

6,837,342 Argentina (Republic of) 03.10.15/7.000% 6,826,129 0.48 


8,461,539 Argentina (Republic of) 31.12.33/5.830%* 2,502,152 0.18 



7,063,000 Provincia de Buenos Aires 05.10.15/11.750% 6,906,095 0.49 


59,669,270 4.22 

TURKEY 

1,640,000 Export Credit Bank of Turkey 04.11.16/5.375% 1,691,365 0.12 

7,680,000 Turkey (Republic of) 14.07.17/7.500% 8,590,848 0.61 








652,000 Turkey (Republic of) 15.01.30/11.875% 980,657 0.07 



3,160,000 Turkiye Vakiflar Bankasi Tao 31.10.18/5.000% 3,084,855 0.22 

58,545,244 4.14 

PHILIPPINES 



500,000 Philippines (Republic of) 16.03.25/10.625% 768,705 0.05 





521,000 Power Sector Assets & Liabilities 

Management 27.05.19/7.250% 620,110 0.04 

4,930,000 Power Sector Assets & Liabilities 

Management 02.12.24/7.390% 6,034,838 0.43 

52,990,098 3.75 

KAZAKHSTAN 


Kazakhstan 20.12.15/5.500% 971,947 0.07 

8,450,000 KazMunayGas National 02.07.18/9.125% 10,264,004 0.73 




7,860,000 Samruk-Energy 20.12.17/3.750% 7,814,884 0.55 

4,050,000 Zhaikmunai 13.11.19/7.125% 4,253,371 0.30 

50,174,068 3.55 

RUSSIA 

12,400,000 Russia (Republic of) 04.04.17/3.250% 12,967,920 0.92 




15,418,116 Russia (Republic of) 31.03.30/7.500%* 17,982,149 1.27 

800,000 Russia (Republic of) 04.04.42/5.625% 798,656 0.06 


49,381,867 3.49 

LEBANON 

2,720,000 Lebanon (Republic of) 20.03.17/9.000% 3,041,694 0.21 



48,093,365 3.40 

COLOMBIA 

6,420,000 Colombia (Republic of) 27.01.17/7.375% 7,440,298 0.52 




200,000 Colombia (Republic of) 21.05.24/8.125% 257,080 0.02 




47,575,085 3.36 

BRAZIL 

2,740 Brazil (Republic of) 01.01.15/10.000% 1,212,720 0.09 


4,775,000 Brazil (Republic of) 15.01.18/8.000% 5,321,499 0.37 





47,423,858 3.35 

UKRAINE 

6,630,000 Financing of Infrastructural 

Projects State Enterprise 07.12.17/9.000% 6,064,229 0.43 

9,080,000 Ukraine (Government of) 17.06.16/6.250% 8,549,955 0.60 







44,663,596 3.16 

SOUTH AFRICA 

8,255,000 Eskom Holdings 26.01.21/5.750% 8,216,408 0.58 


5,700,000 South Africa (Republic of) 27.05.19/6.875% 6,530,205 0.46 



40,138,856 2.84 

VENEZUELA 

4,045,000 Petroleos de Venezuela 02.11.17/8.500% 3,366,653 0.24 


1,311,500 Venezuela (Republic of) 26.02.16/5.750% 1,119,693 0.08 







40,058,340 2.83 

MEXICO 

1,763,000 Cemex 15.01.21/7.250% 1,826,459 0.13 

2,980,000 Comision Federal de 

Electricidad 15.01.24/4.875% 2,971,552 0.21 

14,300,000 Grupo Televisa 14.05.43/7.250% 900,268 0.06 

4,730,000 Metalsa 24.04.23/4.900% 4,333,318 0.31 

3,640,000 Mexico (United Mexican States) 15.03.22/3.625% 3,605,202 0.25 


461,000 Mexico (United Mexican States) 20.11.36/10.000% 4,490,310 0.32 


2,290,000 Petroleos Mexicanos 30.01.23/3.500% 2,101,418 0.15 


55,330,000 Red de Carreteras de Occidente 10.06.28/9.000% 3,817,764 0.27 

40,002,236 2.83 

69




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


LITHUANIA 

4,640,000 Lithuania (Republic of) 14.09.17/5.125% 5,085,486 0.36 




38,239,308 2.70 

CROATIA 

8,650,000 Croatia (Republic of) 27.04.17/6.250% 9,237,119 0.65 




8,425,000 Hrvatska Elektroprivreda 09.11.17/6.000% 8,615,110 0.61 

31,873,578 2.25 

PERU 

2,340,000 BBVA Banco Continental 08.04.18/3.250% 2,347,418 0.17 

2,900,000 Compania Minera Milpo 28.03.23/4.625% 2,633,475 0.19 

2,180,000 Consorcio Transmantaro 07.05.23/4.375% 2,001,207 0.14 

9,210,000 Peru (Republic of) 30.03.19/7.125% 11,172,421 0.79 



29,720,705 2.10 

SRI LANKA 

2,030,000 Bank of Ceylon 03.05.17/6.875% 2,057,699 0.15 




28,306,297 2.00 

EL SALVADOR 

4,090,000 El Salvador (Republic of) 01.12.19/7.375% 4,479,941 0.32 





25,436,212 1.80 

SERBIA 

7,519,000 Serbia (Republic of) 21.11.17/5.250% 7,580,054 0.54 



1,730,223 Serbia (Republic of) 01.11.24/6.750%* 1,710,118 0.12 

21,627,493 1.53 

IRELAND 

2,480,000 Alfa Bond Issuance for Alfa Bank 25.09.17/7.875% 2,765,795 0.20 

271,200,000 Federal Grid Finance 13.03.19/8.446% 8,223,162 0.58 

3,400,000 Metalloinvest Finance 17.04.20/5.625% 3,323,415 0.23 

3,020,000 RZD Capital 05.04.22/5.700% 3,092,223 0.22 

1,520,000 VEB Finance for 

Vnesheconombank 09.07.20/6.902% 1,681,432 0.12 

19,086,027 1.35 

PANAMA 

6,446,000 Panama (Republic of) 01.04.29/9.375% 8,960,907 0.63 



18,548,576 1.31 

DOMINICAN REPUBLIC 

7,810,833 Dominican Republic 23.01.18/9.040% 8,491,547 0.60 




17,246,307 1.22 

ROMANIA 

11,180,000 Romania (Republic of) 07.02.22/6.750% 12,741,567 0.90 


17,182,335 1.21 

IVORY COAST 

17,695,000 Cote D’Ivoire 31.12.32/5.750%* 15,802,874 1.12 

15,802,874 1.12 

PAKISTAN 

852,000 Pakistan (Government of) 31.03.16/7.125% 846,654 0.06 

13,325,000 Pakistan (Government of) 01.06.17/6.875% 13,123,793 0.93 

13,970,447 0.99 

AZERBAIJAN 

14,593,000 State Oil Co of the Azerbaijan 

Republic 13.03.23/4.750% 13,830,151 0.98 

13,830,151 0.98 

ECUADOR 

12,986,000 Ecuador (Republic of) 15.12.15/9.375% 13,800,352 0.98 

13,800,352 0.98 

BELARUS 

6,512,000 Belarus (Republic of) 03.08.15/8.750% 6,631,365 0.47 


13,442,763 0.95 

NETHERLANDS 


Netherlands 11.03.23/5.125% 3,712,920 0.26 

5,631,000 Kazakhstan Temir Zholy Finance 10.07.42/6.950% 5,631,648 0.40 


3,170,000 VimpelCom Holdings 01.03.22/7.504% 3,328,310 0.24 

13,232,738 0.94 

GEORGIA 

1,960,000 Georgia (Republic of) 12.04.21/6.875% 2,104,530 0.15 

10,079,000 Georgian Railway 11.07.22/7.750% 10,576,600 0.75 

12,681,130 0.90 

VIETNAM 

11,650,000 Vietnam (Republic of) 29.01.20/6.750% 12,656,444 0.89 

12,656,444 0.89 

URUGUAY 

8,605,000 Uruguay (Republic of) 15.01.33/7.875% 10,713,440 0.76 


12,199,522 0.86 

COSTA RICA 

1,690,000 Banco de Costa Rica 12.08.18/5.250% 1,690,794 0.12 

1,209,000 Costa Rica (Republic of) 01.08.20/9.995% 1,526,822 0.11 


6,012,000 Instituto Costarricense de 

Electricidad 10.11.21/6.950% 6,210,516 0.44 

11,406,543 0.81 





3,574,098 Odebrecht Offshore Drilling 

Finance 01.10.22/6.750% 3,662,074 0.26 

11,123,297 0.79 

MOROCCO 

5,040,000 Morocco (Government of) 11.12.22/4.250% 4,668,325 0.33 


10,777,091 0.76 

POLAND 

9,512,000 Poland (Government of) 23.03.22/5.000% 10,182,453 0.72 

10,182,453 0.72 

LUXEMBOURG 

4,200,000 RSHB Capital for Russian 

Agricultural Bank 29.05.18/7.750% 4,753,959 0.34 



2,350,000 VTB Capital for VTB Bank 17.10.22/6.950% 2,419,995 0.17 

10,114,986 0.72 

MALAYSIA 

8,610,000 Petronas Capital 12.08.19/5.250% 9,447,193 0.67 

9,447,193 0.67 

70




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


HONDURAS 

5,030,000 Honduras (Republic of) 16.12.20/8.750% 5,151,525 0.36 


8,951,730 0.63 

BOLIVIA 

8,880,000 Bolivia (Government of) 22.08.23/5.950% 8,724,600 0.62 

8,724,600 0.62 

ICELAND 

7,114,000 Iceland (Republic of) 11.05.22/5.875% 7,332,756 0.52 

7,332,756 0.52 

MONGOLIA 

1,090,000 Mongolia (Government of) 05.01.18/4.125% 996,854 0.07 


6,222,549 0.44 

GUATEMALA 

5,469,000 Guatemala (Republic of) 06.06.22/5.750% 5,678,053 0.40 

5,678,053 0.40 

EGYPT 

5,874,000 Egypt (Republic of) 29.04.20/5.750% 5,635,427 0.40 

5,635,427 0.40 

NIGERIA 

465,000 Nigeria (Federal Republic of) 28.01.21/6.750% 503,528 0.03 

4,850,000 Nigeria (Federal Republic of) 12.07.23/6.375% 5,032,360 0.36 

5,535,888 0.39 


3,530,000 Fresnillo 13.11.23/5.500% 3,449,604 0.25 

1,230,000 Kyiv Finance 11.07.16/9.375% 1,143,728 0.08 

1,095,000 Oschadbank 10.03.16/8.250% 1,019,122 0.07 

5,612,454 0.40 

SLOVAKIA 

5,070,000 Slovakia (Republic of) 21.05.22/4.375% 5,260,328 0.37 

5,260,328 0.37 


2,370,000 Dubai (Government of) 22.06.21/5.591% 2,571,758 0.18 

1,550,000 Dubai Electricity & Water 

Authority 21.10.20/7.375% 1,814,283 0.13 

4,386,041 0.31 

ARMENIA 

4,110,000 Armenia (Republic of) 30.09.20/6.000% 4,089,409 0.29 

4,089,409 0.29 

SINGAPORE 


1,650,000 TBG Global 03.04.18/4.625% 1,602,488 0.11 

3,987,256 0.28 

SLOVENIA 

3,419,000 Slovenia (Republic of) 10.05.23/5.850% 3,501,056 0.25 

3,501,056 0.25 

CANADA 

3,360,000 Pacific Rubiales Energy 26.01.19/5.375% 3,400,706 0.24 

3,400,706 0.24 


1,613,000 Cemex Finance 12.10.22/9.375% 1,826,303 0.13 

1,250,000 Citigroup 26.05.15/24.000% 880,250 0.06 

684,640 Citigroup 09.03.16/16.900% 550,998 0.04 

3,257,551 0.23 

GHANA 

2,400,000 Ghana (Republic of) 04.10.17/8.500% 2,579,484 0.18 

2,579,484 0.18 

BERMUDA 

2,400,000 Bermuda (Government of) 03.01.23/4.138% 2,305,848 0.16 

PARAGUAY 

1,841,000 Paraguay (Republic of) 25.01.23/4.625% 1,739,745 0.12 

1,739,745 0.12 

BAHRAIN 

1,159,000 Bahrain (Kingdom of) 01.08.23/6.125% 1,198,360 0.08 

1,198,360 0.08 

TRINIDAD AND TOBAGO 

1,010,000 Trinidad & Tobago (Republic of) 16.01.24/4.375% 1,040,537 0.07 

1,040,537 0.07 

BELIZE 

1,522,300 Belize (Government of) 20.02.38/5.000%* 969,188 0.06 

969,188 0.06 

Total Bonds 1,238,354,770 87.54 



1,238,354,770 87.54 


Bonds 

MEXICO 

2,764,000 Mexichem 19.09.42/6.750% 2,640,905 0.19 

960,000 Petroleos Mexicanos 18.07.18/2.266%* 991,277 0.07 

450,000 Petroleos Mexicanos 18.07.18/3.500% 463,064 0.03 




31,956,123 2.26 

IRAQ 

20,350,000 Iraq (Republic of) 15.01.28/5.800% 17,265,754 1.22 

17,265,754 1.22 

NETHERLANDS 

8,500,000 Northern Lights III for Republic 

of Angola 16.08.19/7.000% 9,240,860 0.65 

9,240,860 0.65 

BERMUDA 

3,470,000 Digicel 15.04.21/6.000% 3,370,220 0.24 

4,580,000 Digicel Group 30.09.20/8.250% 4,786,100 0.34 

8,156,320 0.58 


3,100,000 Citigroup 30.11.32/0.000% 2,734,572 0.19 

3,349,000 Pemex Project Funding Master 

Trust 15.06.35/6.625% 3,531,035 0.25 

1,690,000 US Treasury (i) 31.03.14/0.250% 1,690,660 0.12 

7,956,267 0.56 

COLOMBIA 

4,790,000 Banco GNB Sudameris 02.05.18/3.875% 4,620,242 0.33 

4,620,242 0.33 

BRAZIL 

2,770,000 Caixa Economica Federal 06.11.17/2.375% 2,579,840 0.19 


3,885,144 0.28 

COSTA RICA 

1,759,000 Banco Nacional de Costa Rica 01.11.23/6.250% 1,713,952 0.12 


Electricidad 15.05.43/6.375% 2,016,098 0.14 

3,730,050 0.26 


3,690,000 Afren 09.12.20/6.625% 3,709,373 0.26 

3,709,373 0.26 

TANZANIA 

2,845,000 Tanzania (United Republic of) 09.03.20/6.392%* 2,986,226 0.21 

2,986,226 0.21 

2,305,848 0.16 

71




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


PERU 

3,210,000 Transportadora de Gas del Peru 30.04.28/4.250% 2,830,498 0.20 

2,830,498 0.20 


1,820,000 Dolphin Energy 15.12.21/5.500% 1,990,152 0.14 

1,990,152 0.14 

CANADA 

2,122,000 Pacific Rubiales Energy 28.03.23/5.125% 1,959,816 0.14 

1,959,816 0.14 

PARAGUAY 

1,590,000 Banco Continental 15.10.17/8.875% 1,699,313 0.12 

1,699,313 0.12 

Total Bonds 101,986,138 7.21 


LUXEMBOURG 



63,973,183 4.52 




165,959,321 11.73 


Cash 437,350 0.03 




(i) Security partially or totally held as collateral against financial futures contracts by the broker. 


% of 




Mexico 5.09 

Hungary 4.47 

Argentina 4.22 

Turkey 4.14 


Colombia 3.69 

Brazil 3.63 

Kazakhstan 3.55 

Russia 3.49 

Lebanon 3.40 

Ukraine 3.16 

South Africa 2.84 

Venezuela 2.83 

Lithuania 2.70 

Peru 2.30 

Croatia 2.25 


El Salvador 1.80 


Serbia 1.53 

Ireland 1.35 

Panama 1.31 

Iraq 1.22 

Dominican Republic 1.22 

Romania 1.21 

Ivory Coast 1.12 

Costa Rica 1.07 

Pakistan 0.99 

Azerbaijan 0.98 

Ecuador 0.98 

Belarus 0.95 

Georgia 0.90 

Vietnam 0.89 

Uruguay 0.86 



Morocco 0.76 

Bermuda 0.74 

Poland 0.72 

Luxembourg 0.72 

Malaysia 0.67 


Honduras 0.63 

Bolivia 0.62 

Iceland 0.52 


Mongolia 0.44 

Guatemala 0.40 

Egypt 0.40 

Nigeria 0.39 

Canada 0.38 

Slovakia 0.37 

Armenia 0.29 


Slovenia 0.25 

Paraguay 0.24 

Tanzania 0.21 

Ghana 0.18 

Bahrain 0.08 

Trinidad and Tobago 0.07 

Belize 0.06 




Total Investment Funds 4.52 


Total 100.00 

72




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 




Mexico 5.43 

Turkey 5.33 

Brazil 4.89 


Hungary 3.86 

Russia 3.62 


Peru 3.26 


Croatia 2.69 



Ukraine 2.36 


Colombia 2.16 


Chile 1.86 

Romania 1.86 

Iraq 1.78 

Uruguay 1.70 





Lebanon 1.26 

Serbia 1.20 

Vietnam 1.11 


Panama 1.06 

Ireland 1.01 




Mongolia 0.82 

Ecuador 0.80 

Paraguay 0.75 

Iceland 0.71 

Pakistan 0.69 


Morocco 0.68 

Georgia 0.68 

Belarus 0.65 

Malaysia 0.61 



Poland 0.42 

Zambia 0.37 


Tanzania 0.35 

Egypt 0.31 


Bahrain 0.27 

Isle of Man 0.27 

Slovenia 0.24 

Nigeria 0.22 

Ghana 0.17 

Honduras 0.16 

Bermuda 0.15 

Belize 0.06 






Total 100.00 

73




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Mar-14 (688) US 5 Year Note Future USD (82,105,813) 466,734 


Mar-14 462 US Long Bond Future USD 59,431,969 (524,094) 

Total 745,351 

As at 31 December 2013, the counterparty J.P. Morgan held the following collateral in favour of the Sub-Fund: 

- Cash: USD -846,582. 

- Securities: 1,690,000 US Treasury 31.03.14/0.250% (refer to the Schedule of Investments). 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 AUD 648,835 USD 589,594 (13,093) 

17-Jan-14 CAD 195,983 USD 184,868 (1,679) 

17-Jan-14 EUR 366,449,197 USD 505,363,816 62,341 

17-Jan-14 GBP 8,935,806 USD 14,650,622 84,832 

17-Jan-14 NZD 236,831 USD 195,145 (1,727) 

17-Jan-14 USD 17,881 AUD 20,129 (4) 

17-Jan-14 USD 13,168,836 EUR 9,589,352 (57,307) 

17-Jan-14 USD 53,808 GBP 32,736 (175) 

17-Jan-14 USD 1,480 NZD 1,795 14 

19-Mar-14 INR 884,865,713 USD 14,185,087 (123,797) 

19-Mar-14 MXN 186,781,246 USD 14,296,525 (90,450) 

19-Mar-14 PHP 556,547,511 USD 12,594,422 (61,167) 

19-Mar-14 USD 14,228,274 CLP 7,600,032,340 (98,091) 

19-Mar-14 USD 14,412,845 MYR 46,423,775 385,744 

19-Mar-14 USD 12,842,040 SGD 16,052,550 180,296 

19-Mar-14 USD 12,959,763 THB 421,192,294 170,673 

31-Mar-14 MXN 105,985,581 USD 8,125,049 (71,431) 

31-Mar-14 USD 8,110,376 MXN 105,985,581 56,758 

31-Mar-14 USD 8,586,363 RUB 287,591,634 (44,200) 

Total 377,537 


Counterparty 


ANZ Banking Group 79,819 



Citibank 870 

Crédit Suisse 66,759 



HSBC 291,503 

Morgan Stanley (62,466) 

RBC (9,096) 



UBS (73,132) 


Total 377,537 

74


Schedule of Investments - Outstanding Currency Option Contracts (Expressed in USD) 


Expiration 

Date Counterparty Security Description 

Put 

Currency 

Contract 

Size 

Call 

Currency 

Contract 

Size 

Market 

Value 

Unrealised 

Gain/ 

(Loss) 

08-May-14 Deutsche Bank Vanilla SGD/USD, Call Option, Strike Price 1.243 SGD 16,531,900 USD 13,300,000 305,145 112,694 

Total 

305,145 112,694 

75




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




TAIWAN 

53,000 Asustek Computer 476,689 0.50 

402,000 Delta Electronics 2,287,997 2.41 

269,000 Far EasTone Telecommunications 589,861 0.62 

297,000 Novatek Microelectronics 1,217,376 1.28 

189,000 President Chain Store 1,306,999 1.37 

804,000 Quanta Computer 1,870,833 1.96 

297,000 Radiant Opto-Electronics 1,082,942 1.14 

1,376,000 Siliconware Precision Industries 1,641,281 1.72 

108,000 Simplo Technology 478,894 0.50 

517,000 Taiwan Mobile 1,671,041 1.76 

89,677 Taiwan Semiconductor Manufacturing ADR 1,567,554 1.65 

453,000 Tripod Technology 810,312 0.85 

15,001,779 15.76 

SOUTH AFRICA 

138,170 AVI 754,423 0.79 

124,544 Barclays Africa Group 1,574,617 1.65 

81,429 Bidvest Group 2,079,788 2.18 

153,377 Foschini Group 1,395,151 1.47 


83,409 MTN Group 1,722,666 1.81 

29,742 Sasol 1,454,036 1.53 

43,306 Tiger Brands 1,099,133 1.15 

11,879,214 12.47 

BRAZIL 

224,695 AMBEV 1,643,959 1.73 

94,386 Banco Bradesco Preference Shares 1,160,998 1.22 

206,292 Banco do Brasil 2,129,719 2.24 

79,478 CCR 590,576 0.62 

64,640 Cielo 1,791,178 1.88 

53,722 Embraer ADR 1,706,211 1.79 

98,442 Tractebel Energia 1,513,611 1.59 

10,536,252 11.07 

RUSSIA 

30,492 Lukoil ADR 1,904,225 2.00 



76,390 Phosagro Registered Shares GDR 742,320 0.78 

211,129 Sberbank of Russia ADR 2,652,836 2.79 

8,636,323 9.07 

CHINA 

3,780,000 Bank of China - H Shares* 1,745,193 1.83 


573,500 China Shenhua Energy - H Shares* 1,810,192 1.90 


6,989,053 7.34 

SOUTH KOREA 

45,760 Kangwon Land 1,348,704 1.42 

20,616 KT&G 1,462,817 1.54 

72,376 SK Telecom ADR 1,785,516 1.87 

17,402 S-Oil 1,228,133 1.29 

5,825,170 6.12 

TURKEY 

135,140 Arcelik 761,348 0.80 

201,920 Tofas Turk Otomobil Fabrikasi 1,236,082 1.30 


342,192 Turk Telekomunikasyon 949,208 1.00 

SAUDI ARABIA 

45,300 Al Rajhi Bank - Warrants 23.09.15 883,244 0.93 

57,729 Etihad Etisalat - Warrants 08.02.16 1,312,512 1.38 

17,241 Etihad Etisalat - Warrants 22.02.16 392,473 0.41 

29,558 Yanbu National Petrochemicals - 

Warrants 03.08.16 583,032 0.61 


Warrants 14.10.15 641,933 0.67 

3,813,194 4.00 

INDONESIA 

302,000 Indo Tambangraya Megah 696,971 0.73 

3,451,000 Perusahaan Gas Negara Persero 1,265,934 1.33 


3,644,642 3.83 

THAILAND 

267,500 Advanced Info Service (Foreign) 1,634,290 1.72 

119,900 Siam Cement - NVDR 1,465,057 1.54 

3,099,347 3.26 

INDIA 

433,910 Coal India 2,034,117 2.14 

2,034,117 2.14 

POLAND 


1,833,045 1.93 

QATAR 

36,937 Industries Qatar 1,712,657 1.80 

1,712,657 1.80 

SINGAPORE 

2,179,000 Hutchison Port Holdings Trust 1,465,377 1.54 

1,465,377 1.54 


200,420 First Gulf Bank 1,023,108 1.07 

1,023,108 1.07 

BERMUDA 

63,400 VTech Holdings 823,764 0.87 

823,764 0.87 

MEXICO 

264,983 Kimberly-Clark de Mexico - A Shares 752,358 0.79 

752,358 0.79 


Total Transferable Securities Admitted to an Official 

Exchange Listing 

93,649,906 98.37 


Cash 1,436,082 1.51 




5,336,211 5.61 

HONG KONG 

162,000 China Mobile 1,678,686 1.76 

1,042,000 Dah Chong Hong Holdings 780,079 0.82 

78,800 Hang Seng Bank 1,276,393 1.34 

386,000 SJM Holdings 1,293,039 1.36 

5,028,197 5.28 


407,200 MGM China Holdings 1,735,593 1.82 

547,200 Wynn Macau 2,480,505 2.60 

4,216,098 4.42 

76




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 










Energy 5.80 




Total 100.00 


% of 










Energy 6.04 




Total 100.00 

77




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 AUD 5,187,237 USD 4,628,889 7,949 

17-Jan-14 SGD 34,324,341 USD 27,347,475 (175,107) 

17-Jan-14 USD 145,230 AUD 162,433 33 

17-Jan-14 USD 941,007 SGD 1,183,451 4,145 

Total (162,980) 


Counterparty 


Barclays (27) 



Deutsche Bank 726 


RBC 503 


Toronto Dominion (4,892) 

UBS 3,581 


Total (162,980) 

78




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



11,814,000 Tsingtao Brewery - H Shares* 99,832,650 1.91 

17,006,000 Wumart Stores - H Shares* 27,743,503 0.53 

Shares 

INDIA 

232,441,127 4.46 

2,873,698 ACC 51,389,137 0.99 UNITED KINGDOM 

6,736,827 Ambuja Cements 19,871,001 0.38 2,334,810 SABMiller 119,719,844 2.29 

3,517,000 Asian Paints 27,829,544 0.53 4,350,060 Standard Chartered 97,905,480 1.88 

1,949,560 HDFC Bank ADR 67,220,829 1.28 

15,145,075 Housing Development Finance 194,985,349 3.74 

217,625,324 4.17 

914,084 Infosys 51,399,970 0.99 

1,106,802 Infosys ADR 62,860,820 


1.20 

14,593,940 ITC 75,668,571 

309,230 Baidu ADR 54,781,641 1.05 

1.45 

2,823,370 Kotak Mahindra Bank 33,229,261 

8,140,800 Sands China 66,693,017 1.28 

0.64 


3,024,170 Larsen & Toubro 52,299,605 1.00 

3,564,800 Mahindra & Mahindra 54,266,545 1.05 

6,971,200 Mahindra & Mahindra Financial Services 35,987,560 0.69 

179,660,753 3.45 

4,308,370 Tata Consultancy Services 151,302,662 2.90 INDONESIA 

147,181,000 Astra International 82,573,804 1.58 

878,310,854 16.84 89,296,066 Bank Rakyat Indonesia Persero 53,034,449 1.02 

SOUTH AFRICA 

15,102,500 Unilever Indonesia 32,402,404 0.62 

3,952,050 Bidvest Group 100,939,781 1.94 

1,301,493 Capitec Bank Holdings 25,758,291 0.49 

168,010,657 3.22 

18,628,637 FirstRand 63,224,240 1.21 MEXICO 

1,296,500 Imperial Holdings 24,910,812 0.48 7,286,632 Grupo Financiero Banorte - O Shares 50,596,887 0.97 

1,201,950 Kumba Iron Ore 50,368,065 0.97 29,328,302 Wal-Mart de Mexico - V Shares 76,807,678 1.47 

2,636,369 Massmart Holdings 32,675,742 0.63 

1,805,190 Mr Price Group 28,052,273 0.54 

127,404,565 2.44 

6,223,182 MTN Group 128,528,854 2.47 

2,940,600 Remgro 58,065,755 

LUXEMBOURG 

1.11 

2,446,978 Tenaris ADR 106,480,248 2.04 

5,883,919 RMB Holdings 27,089,017 0.52 

6,229,130 Shoprite Holdings 96,701,755 1.85 

1,601,400 Tiger Brands 40,644,512 0.78 

106,480,248 2.04 

676,959,097 12.99 

BERMUDA 

1,814,521 Jardine Matheson Holdings 94,926,666 1.82 

BRAZIL 

17,413,075 AMBEV ADR 125,635,336 2.41 

94,926,666 1.82 

8,891,790 CCR 66,072,116 1.27 MALAYSIA 

2,122,598 Cielo 58,817,303 1.13 1,195,300 British American Tobacco Malaysia 23,246,097 0.45 

5,073,826 Itau Unibanco Holding Preference Shares 67,382,557 1.29 10,853,100 Public Bank 64,188,382 1.23 

1,520,460 Lojas Renner 39,419,333 0.75 

2,024,000 Marcopolo 4,137,956 0.08 

87,434,479 1.68 


TURKEY 

5,020,812 Petroleo Brasileiro ADR 73,429,375 1.41 

10,874,879 KOC Holding 44,111,929 0.84 

3,401,010 Ultrapar Participa‡ões 80,580,544 1.54 


41,110 Ultrapar Participa‡ões ADR 977,185 0.02 

68,988 Vale ADR 1,050,342 0.02 

5,873,316 Vale Preference Shares ADR 81,815,292 1.57 

86,784,093 1.66 

4,348,930 Weg 57,415,080 1.10 CHILE 

1,993,741 Banco Santander Chile ADR 46,683,445 0.90 

672,482,507 12.89 

HONG KONG 

46,683,445 0.90 

32,756,800 AIA Group 164,225,455 3.15 THAILAND 

11,784,000 China Mobile 122,108,871 2.34 10,116,200 Siam Commercial Bank (Foreign) 44,323,158 0.85 

14,275 China Mobile ADR 745,369 0.01 

65,599,000 CNOOC 122,076,523 2.34 

44,323,158 0.85 

14,690,000 Hang Lung Properties 46,462,162 0.89 

25,813,500 Sun Art Retail Group 36,352,822 0.70 

Total Shares 5,214,260,595 99.99 

491,971,202 9.43 



5,214,260,595 99.99 

SOUTH KOREA 

202,336 Hyundai Mobis 56,549,947 1.08 Transferable Securities Dealt in on Another Regulated Market 

646,701 Hyundai Motor 145,611,733 2.79 

355,439 Samsung Electronics GDR 231,835,088 4.45 Investment Funds 

433,996,768 8.32 

LUXEMBOURG 


TAIWAN 



9,999,000 President Chain Store 69,146,479 1.33 

7,500,000 0.14 


6,271,356 Taiwan Semiconductor Manufacturing ADR 109,623,303 2.10 


422,555,554 8.11 



7,500,000 0.14 

RUSSIA 

178,400 Magnit 50,121,147 0.96 


1,393,200 Magnit Registered Shares GDR 92,299,500 1.77 





246,210,098 4.72 

CHINA 





79




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 








Energy 3.75 




Total 100.00 


% of 


Shares 








Energy 3.80 




Total 100.00 

80




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 EUR 45,124,968 USD 62,169,034 (7,273) 

17-Jan-14 USD 1,611,753 EUR 1,171,883 (2,571) 

Total (9,844) 


Counterparty 


Barclays 373 

BNP Paribas 1,336 




Goldman Sachs 2,076 

RBC 2,264 

Société Générale 252 



UBS (473) 


Total (9,844) 

81




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

INDONESIA 

690,000 Bank Rakyat Indonesia Persero 28.03.18/2.950% 648,897 0.16 









1,020,000 Pertamina Persero 20.05.43/5.625% 814,827 0.20 

26,702,727 6.55 

BRAZIL 

1,425,000 Banco Nacional de 

Desenvolvimento Economico e 

Social 16.06.18/6.369% 1,553,250 0.38 







664,000 Brazil (Republic of) 07.01.41/5.625% 646,587 0.16 

464,000 Globo Comunicacao e 

Participa‡ões 11.05.22/5.307%* 485,300 0.12 

280,000 Samarco Mineracao 01.11.22/4.125% 260,362 0.07 

320,000 Samarco Mineracao 24.10.23/5.750% 317,835 0.08 

900,000 Votorantim Cimentos 05.04.41/7.250% 857,875 0.21 

22,924,224 5.64 

TURKEY 

670,000 Akbank 24.10.17/3.875% 655,769 0.16 

840,000 TF Varlik Kiralama 02.05.18/3.950% 801,545 0.20 







300,000 Turkiye Halk Bankasi 19.07.17/4.875% 296,830 0.07 

530,000 Turkiye Is Bankasi 21.04.19/5.500% 525,834 0.13 

370,000 Turkiye Vakiflar Bankasi Tao 31.10.18/5.000% 361,277 0.09 

22,615,273 5.55 

COLOMBIA 



720,000 Colombia (Republic of) 25.02.20/11.750% 1,035,720 0.25 






560,000 Ecopetrol 18.09.43/7.375% 607,620 0.15 

20,627,836 5.06 

RUSSIA 







19,671,906 4.83 

PERU 

800,000 Alicorp 20.03.23/3.875% 723,516 0.18 

1,124,000 Banco de Credito del Peru 01.04.23/4.250% 1,043,330 0.26 

550,000 BBVA Banco Continental 08.04.18/3.250% 551,147 0.14 

500,000 Compania Minera Milpo 28.03.23/4.625% 454,337 0.11 

1,080,000 Consorcio Transmantaro 07.05.23/4.375% 990,214 0.24 

409,000 Gas Natural de Lima y Callao 01.04.23/4.375% 381,022 0.10 





PHILIPPINES 




17,662,653 4.33 

SOUTH AFRICA 


690,000 Eskom Holdings 06.08.23/6.750% 707,422 0.18 

120,000 South Africa (Republic of) 02.06.14/6.500% 123,000 0.03 





200,000 Transnet SOC 10.02.16/4.500% 209,609 0.05 

710,000 Transnet SOC 26.07.22/4.000% 626,202 0.15 

16,808,414 4.12 

KAZAKHSTAN 


Kazakhstan 20.12.15/5.500% 400,550 0.10 


Kazakhstan 10.12.22/4.125% 503,558 0.12 






16,512,168 4.05 


650,000 AKCB Finance 22.10.18/3.250% 643,861 0.16 


800,000 Azure Orbit International 

Finance 06.03.23/3.750% 744,136 0.18 

810,000 Baidu 06.08.18/3.250% 819,315 0.20 

470,000 Banco BTG Pactual/Cayman 

Islands 16.01.20/4.000% 412,390 0.10 

380,000 China Mengniu Dairy 27.11.18/3.500% 378,133 0.09 

640,000 China Overseas Finance Cayman 

III 29.10.43/6.375% 587,216 0.14 


720,000 China State Construction Finance 

Cayman I 02.04.18/3.125% 692,777 0.17 

200,000 EIB Sukuk 18.01.17/4.718% 211,316 0.05 

100,000 Hutchison Whampoa 

International 09/19 11.09.19/5.750% 113,225 0.03 

1,170,000 IPIC GMTN 01.03.22/5.500% 1,284,666 0.32 

780,000 Krung Thai Bank/Cayman Islands 11.09.18/2.250% 743,972 0.18 

800,000 MAF Global Securities 05.07.19/5.250% 842,740 0.21 

551,376 Odebrecht Offshore Drilling 

Finance 01.10.22/6.750% 564,887 0.14 

420,000 Ooredoo Tamweel 03.12.18/3.039% 418,725 0.10 

720,000 Saudi Electricity Global Sukuk 08.04.43/5.060% 653,638 0.16 

580,000 Tingyi Cayman Islands Holding 20.06.17/3.875% 601,202 0.15 

14,698,809 3.60 

POLAND 

900,000 Poland (Government of) 16.07.15/3.875% 943,709 0.23 



13,487,800 3.31 

MEXICO 

880,000 Comision Federal de Electricidad 15.01.24/4.875% 877,523 0.22 

710,000 Comision Federal de Electricidad 14.02.42/5.750% 666,868 0.16 

540,000 Mexico (United Mexican States) 03.03.15/6.625% 578,219 0.14 








710,000 Sigma Alimentos 16.12.19/6.875% 806,336 0.20 

12,217,955 3.00 

18,821,699 4.62 

82




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


LITHUANIA 

360,000 Lithuania (Republic of) 15.01.15/6.750% 381,208 0.09 





12,640,793 3.10 

LUXEMBOURG 

350,000 Gaz Capital 25.07.18/3.700% 499,760 0.12 

140,000 Gaz Capital 25.09.20/5.338% 244,382 0.06 

780,000 Gaz Capital 16.08.37/7.288% 828,953 0.20 

340,000 RSHB Capital for Russian 

Agricultural Bank 11.06.14/9.000% 351,601 0.09 









870,000 VTB Capital for VTB Bank 12.04.17/6.000% 926,376 0.23 

9,517,740 2.34 

PANAMA 

703,766 ENA Norte Trust 25.04.23/4.950% 683,137 0.17 

650,000 Panama (Republic of) 30.09.27/8.875% 871,816 0.21 


400,000 Panama (Republic of) 26.01.36/6.700% 449,502 0.11 

9,355,931 2.30 


630,000 Bestgain Real Estate 13.03.18/2.625% 588,763 0.15 

1,270,000 LS Finance 2022 16.10.22/4.250% 1,160,831 0.28 

630,000 PCCW-HKT Capital No 5 08.03.23/3.750% 571,977 0.14 

470,000 Prosperous Ray 12.11.23/4.625% 456,248 0.11 



Development 2012 17.05.17/2.750% 2,615,949 0.64 


Development 2012 17.05.42/4.875% 1,303,010 0.32 

570,000 Talent Yield Investments 25.04.22/4.500% 562,137 0.14 

270,000 Wanda Properties Overseas 21.11.18/4.875% 267,939 0.07 

8,518,136 2.09 

SOUTH KOREA 

970,000 Daegu Bank 29.04.18/2.250% 938,000 0.23 

440,000 GS Caltex 01.10.18/3.250% 441,465 0.11 

860,000 Hyundai Capital Services 13.09.17/3.500% 891,506 0.22 

440,000 Korea Development Bank 17.03.19/3.000% 440,548 0.11 

720,000 Korea Exchange Bank 02.04.18/2.000% 697,183 0.17 

920,000 Korea Finance 07.08.17/2.250% 921,044 0.23 

210,000 Korea Gas 29.07.18/2.875% 211,723 0.05 

840,000 National Agricultural 

Cooperative Federation 08.02.17/3.500% 871,676 0.21 

720,000 Shinhan Bank 27.07.17/4.375% 770,407 0.19 

250,000 SK Broadband 29.10.18/2.875% 246,979 0.06 

680,000 SK Innovation 14.08.18/3.625% 694,538 0.17 

820,000 SK Telecom 01.05.18/2.125% 796,589 0.19 

7,921,658 1.94 

URUGUAY 



7,433,028 1.82 

ROMANIA 



7,383,376 1.81 

MALAYSIA 

740,000 Export-Import Bank of Malaysia 14.12.17/2.875% 749,553 0.18 

1,010,000 Malayan Banking 20.09.22/3.250%* 997,314 0.24 

240,000 Petroliam Nasional 15.10.26/7.625% 303,029 0.07 



575,000 SSG Resources 04.10.22/4.250% 551,035 0.14 

6,966,779 1.71 

MOROCCO 


4,620,298 1.13 

LATVIA 

660,000 Latvia (Republic of) 22.02.17/5.250% 720,618 0.18 

4,020,000 Latvia (Republic of) 12.01.20/2.750% 3,841,110 0.94 

4,561,728 1.12 

CHILE 

1,410,000 Cencosud 20.01.23/4.875% 1,316,531 0.32 

1,440,000 Chile (Republic of) 14.09.21/3.250% 1,418,400 0.35 

250,000 SACI Falabella 30.04.23/3.750% 226,676 0.06 

290,000 Sociedad Quimica y Minera de 

Chile 03.04.23/3.625% 255,860 0.06 

1,270,000 Telefonica Moviles Chile 09.11.15/2.875% 1,295,603 0.32 

4,513,070 1.11 

HONG KONG 


510,000 Hainan Airlines Hong Kong 07.02.20/3.625% 489,350 0.12 

760,000 ICICI Bank/Hong Kong 16.11.20/5.750% 783,526 0.19 


650,000 Siam Commercial Bank/Hong 

Kong 14.11.16/3.900% 684,827 0.17 

4,436,751 1.09 

NETHERLANDS 

720,000 Kazakhstan Temir Zholy Finance 06.10.20/6.375% 787,176 0.19 


690,000 Lukoil International Finance 05.11.19/7.250% 797,702 0.19 

400,000 MDC-GMTN 20.04.21/5.500% 443,710 0.11 

440,000 SABIC Capital II 03.10.18/2.625% 436,575 0.11 

4,329,771 1.06 

IRELAND 

1,150,000 RZD Capital 05.04.22/5.700% 1,176,536 0.29 



460,000 VEB Finance for 

Vnesheconombank 21.11.23/5.942% 460,044 0.11 

3,737,524 0.92 


630,000 Abu Dhabi National Energy 12.01.18/2.500% 631,758 0.15 

540,000 Abu Dhabi National Energy 13.12.21/5.875% 601,061 0.15 


Authority 22.04.15/8.500% 1,429,197 0.35 

520,000 Emirates NBD 28.03.23/4.875%* 517,283 0.13 

520,000 ICICI Bank/Dubai 21.02.18/4.700% 531,968 0.13 

3,711,267 0.91 

INDIA 

920,000 Export-Import Bank of India 07.08.17/4.000% 931,992 0.23 


660,000 NTPC 14.07.21/5.625% 658,961 0.16 

240,000 ONGC Videsh 07.05.23/3.750% 203,659 0.05 

3,445,744 0.85 

SLOVAKIA 

3,175,000 Slovakia (Republic of) 21.05.22/4.375% 3,293,110 0.81 

3,293,110 0.81 

SINGAPORE 

1,340,000 BOC Aviation 10.10.17/2.875% 1,312,034 0.32 

650,000 DBS Bank 21.09.22/3.625%* 668,236 0.16 

650,000 Oversea-Chinese Banking 11.03.23/3.150%* 650,267 0.16 


3,232,079 0.79 

BERMUDA 



2,480,039 0.61 

ICELAND 



2,462,163 0.60 

83




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



760,000 BBVA Bancomer/Texas 30.09.22/6.750% 809,381 0.20 

750,000 Pemex Project Funding Master 

Trust 01.03.18/5.750% 837,765 0.21 

580,000 Reliance Holdings USA 14.02.22/5.400% 589,547 0.15 

2,236,693 0.56 

THAILAND 

1,150,000 PTT 25.10.22/3.375% 1,034,575 0.25 

1,000,000 PTT Global Chemical 19.09.22/4.250% 939,365 0.23 

1,973,940 0.48 


1,470,000 Eurasian Development Bank 20.09.22/4.767% 1,423,857 0.35 

1,423,857 0.35 


630,000 Bank Negara Indonesia 

Persero/London 27.04.17/4.125% 631,994 0.15 

660,000 Fresnillo 13.11.23/5.500% 644,414 0.16 

1,276,408 0.31 

BERMUDA 

1,030,000 Shenzhen International Holdings 20.04.17/4.375% 1,066,709 0.26 

1,066,709 0.26 

BAHRAIN 

988,000 Bahrain (Kingdom of) 01.08.23/6.125% 1,021,389 0.25 

1,021,389 0.25 

SLOVENIA 

940,000 Slovenia (Republic of) 10.05.23/5.850% 961,286 0.24 

961,286 0.24 

NAMIBIA 

770,000 Namibia (Republic of) 03.11.21/5.500% 790,343 0.19 


2,670,000 National Gas Co. of Trinidad & 

Tobago 15.01.36/6.050% 2,803,500 0.68 

2,803,500 0.68 

BRAZIL 

1,020,000 Caixa Economica Federal 07.11.22/3.500% 831,989 0.19 

831,989 0.19 

COLOMBIA 

990,000 Banco de Bogota 15.01.17/5.000% 1,049,796 0.26 

1,049,796 0.26 


290,000 Itau Unibanco Holding/Cayman 

Island 06.08.22/5.500% 276,756 0.07 

522,000 Odebrecht Drilling Norbe VIII/IX 30.06.21/6.350% 534,598 0.14 

811,354 0.21 


730,000 US Treasury (i) 31.03.14/0.250% 730,314 0.18 

730,314 0.18 

PERU 

545,000 Transportadora de Gas del Peru 30.04.28/4.250% 480,753 0.12 

480,753 0.12 

HONG KONG 

430,000 Bangkok Bank/Hong Kong 03.10.18/3.300% 428,861 0.11 

428,861 0.11 

PANAMA 

420,000 Banco de Credito del 

Peru/Panama 16.03.16/4.750% 442,619 0.10 

442,619 0.10 

790,343 0.19 


720,000 Trinidad & Tobago (Republic of) 16.01.24/4.375% 740,254 0.19 

740,254 0.19 

CHINA 

340,000 China Uranium Development 08.10.18/3.500% 338,499 0.09 

330,000 Export-Import Bank of China 29.07.14/5.250% 337,775 0.08 

676,274 0.17 

JERSEY 

200,000 Tamweel Funding 18.01.17/5.154% 212,584 0.05 

212,584 0.05 

Total Bonds 349,692,186 85.82 

Total Bonds 32,377,604 7.94 



32,377,604 7.94 


Cash 20,652,345 5.07 







349,692,186 85.82 


Bonds 

MEXICO 

620,000 Alpek 08.08.23/5.375% 618,828 0.15 

960,000 Mexichem 19.09.42/6.750% 918,158 0.22 

990,000 Mexico Generadora de Energia 06.12.32/5.500% 948,375 0.23 

220,000 Petroleos Mexicanos 18.07.18/2.266%* 227,018 0.06 





20,993,763 5.15 

CHILE 

210,000 AES Gener 15.08.21/5.250% 214,037 0.05 

420,000 Banco de Credito e Inversiones 13.09.17/3.000% 421,949 0.11 

1,100,000 Banco Santander Chile 22.09.15/3.750% 1,142,169 0.28 

200,000 E.CL 15.01.21/5.625% 212,195 0.05 

470,000 Embotelladora Andina 01.10.23/5.000% 473,003 0.12 

1,460,000 Telefonica Chile 12.10.22/3.875% 1,341,302 0.33 

3,804,655 0.94 

84




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 



Mexico 8.15 


Brazil 5.83 

Turkey 5.55 

Colombia 5.32 

Russia 4.83 

Peru 4.74 





Poland 3.31 


Panama 2.40 



Chile 2.05 


Uruguay 1.82 

Romania 1.81 

Malaysia 1.71 


Morocco 1.13 

Latvia 1.12 


Ireland 0.92 


Bermuda 0.87 

Trinidad & Tobago 0.87 

India 0.85 

Slovakia 0.81 



Iceland 0.60 

Thailand 0.48 

International Agencies 0.35 


Bahrain 0.25 

Slovenia 0.24 

Namibia 0.19 

China 0.17 

Jersey 0.05 



Total 100.00 


% of 



Mexico 8.36 


Brazil 7.16 

Peru 5.16 


Chile 4.40 

Russia 4.05 

Colombia 4.05 






Panama 2.48 


Romania 2.14 

India 1.88 

Turkey 1.77 

Ireland 1.75 

Uruguay 1.69 


Malaysia 1.57 

Poland 1.41 



Bermuda 1.24 




Latvia 0.90 

Morocco 0.88 

Trinidad and Tobago 0.69 


Thailand 0.49 

Iceland 0.47 

Bahrain 0.35 


Bahamas 0.31 

Slovenia 0.30 

Oman 0.21 

Czech Republic 0.21 

Namibia 0.19 

Canada 0.11 

Sweden 0.09 

China 0.08 



Total 100.00 

85




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Mar-14 44 US 2 Year Note Future USD 9,670,719 (15,969) 



Mar-14 61 US Long Bond Future USD 7,852,141 (87,125) 

Total 532,797 


- Cash: USD -533,880. 

- Securities: 730,000 US Treasury 31.03.14/0.250% (refer to the Schedule of Investments). 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 CHF24,018,614 USD 27,085,787 (124,593) 

17-Jan-14 EUR 157,360,993 USD 216,670,562 101,588 

17-Jan-14 JPY 6,145,615,789 USD 59,986,768 (1,409,070) 

17-Jan-14 USD 171,691 CHF154,056 (1,239) 

17-Jan-14 USD 2,979,367 EUR 2,178,433 (21,527) 


31-Mar-14 USD 485,241 EUR 353,000 (1,026) 

31-Mar-14 USD 228,978 GBP 140,000 (2,522) 

Total (1,452,082) 


Counterparty 





Crédit Suisse (1,524,457) 



HSBC (2,815) 

National Australia Bank (3) 

RBC (72) 




UBS (203) 


Total (1,452,082) 

86




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

SOUTH AFRICA 









348,516,985 11.03 

RUSSIA 

9,474,000 Russia (Republic of) 15.07.15/6.880% 291,740 0.01 

1,349,901,000 Russia (Republic of) 20.01.16/7.350% 42,061,632 1.33 









334,036,955 10.57 

BRAZIL 







262,609,360 8.31 

TURKEY 


8 Turkey (Republic of) 11.02.15/4.500% 5 0.00 





73,072,602 Turkey (Republic of) 14.09.22/8.500% 31,257,554 0.99 CHILE 










180,160,000 Red de Carreteras de 

Occidente 10.06.28/9.000% 12,431,019 0.39 

193,245,044 6.13 

THAILAND 




1,776,630,000 Thailand (Government of) 13.06.19/3.875% 55,448,936 1.76 





192,415,629 6.09 

HUNGARY 

39,490,000 Hungary (Government of) 12.02.15/8.000% 193,706 0.01 

3,886,690,000 Hungary (Government of) 12.02.16/5.500% 18,763,060 0.59 








187,113,349 5.92 

COLOMBIA 

225,000,000 Colombia (Republic of) 22.10.15/12.000% 131,135 0.00 

53,422,000,000 Colombia (Republic of) 14.04.21/7.750% 30,599,522 0.97 



7,600,000,000 Empresas Publicas de Medellin 01.02.21/8.375% 4,130,983 0.13 

65,248,642 2.07 


2,521,500,000 Chile (Republic of) 05.08.20/5.500% 4,886,686 0.14 

252,286,063 7.99 

POLAND 

62,851,479 1.98 

190,220,000 Poland (Government of) 25.04.15/5.500% 65,522,964 2.07 BRAZIL 





32,988,494 1.04 


INDIA 


1,700,000,000 India (Government of) 25.11.23/8.830% 27,631,838 0.87 

246,647,689 7.81 

27,631,838 0.87 

INDONESIA 

ROMANIA 

267,000,000 Indonesia (Republic of) 15.06.15/9.500% 22,473 0.00 

180,000 Romania (Republic of) 26.10.15/5.800% 57,685 0.00 

150,290,000,000 Indonesia (Republic of) 15.09.16/7.375% 12,110,628 0.38 









26,495,221 0.84 

105,200,000,000 Indonesia (Republic of) 15.07.22/10.250% 9,487,161 0.30 NIGERIA 

133,800,000,000 Indonesia (Republic of) 15.05.23/5.625% 9,044,244 0.29 13,640,000 Nigeria (Federal Republic of) 23.04.15/4.000% 75,550 0.00 

115,900,000,000 Indonesia (Republic of) 15.03.24/8.375% 9,484,238 0.30 892,000,000 Nigeria (Federal Republic of) 29.06.19/16.000% 6,161,959 0.20 

124,900,000,000 Indonesia (Republic of) 15.09.25/11.000% 11,870,873 0.38 2,175,077,000 Nigeria (Federal Republic of) 27.01.22/16.390% 15,548,059 0.49 



21,785,568 0.69 



91,492,000,000 Indonesia (Republic of) 15.08.30/10.500% 8,442,841 0.27 8,920,000 Standard Bank 28.10.15/21.000% 7,446,416 0.24 

159,600,000,000 Indonesia (Republic of) 15.07.31/9.500% 13,665,055 0.43 3,390,000 Standard Bank 07.06.17/26.000%* 2,300,793 0.07 

840,125,000,000 Indonesia (Republic of) 15.06.32/8.250% 64,250,392 2.03 2,510,000 Standard Bank 07.06.17/26.000% 1,826,025 0.06 



11,573,234 0.37 

233,344,106 7.39 UNITED STATES OF AMERICA 

4,225,000 Citigroup 26.05.15/24.000% 2,975,245 0.10 

MEXICO 

8,918,000,000 Citigroup 27.07.20/11.000% 5,804,098 0.18 

57,340,000 Grupo Televisa 14.05.43/7.250% 3,609,885 0.11 



8,779,343 0.28 


87




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


ARGENTINA 


1,115,641 0.04 

CHINA 


214,647 0.01 

PHILIPPINES 


20,284 0.00 

Total Bonds 2,508,919,571 79.43 



2,508,919,571 79.43 


Bonds 

MALAYSIA 

95,650,000 Malaysia (Government of) 27.02.15/3.741% 29,181,074 0.92 












PHILIPPINES 


29,338 0.00 

Total Bonds 447,661,981 14.17 


LUXEMBOURG 

100,000 JPMorgan Funds - Asia Local Currency Debt Fund 

(JPM Asia Local Currency Debt X (acc) - USD) 9,311,000 0.29 

9,311,000 0.29 




456,972,981 14.46 


Cash 175,197,932 5.55 




219,678,377 6.95 

NIGERIA 

3,356,809,000 Nigeria (Federal Republic of) 30.05.18/10.700% 19,233,985 0.61 


3,377,891,000 Nigeria Treasury Bill 24.04.14/0.000% 20,234,525 0.64 


82,888,375 2.62 

PERU 

292,000 Peru (Republic of) 12.08.20/7.840% 118,969 0.01 



63,792,980 2.02 

MEXICO 





53,117,403 1.67 


3,570,000 Citigroup 27.08.17/23.000% 2,836,365 0.09 

1,082,600,000 Citigroup 06.04.18/0.000% 8,370,677 0.26 

553,072 Citigroup 16.04.21/0.000% 574,199 0.02 

8,400,000 Citigroup 15.04.28/0.000% 7,434,840 0.24 

2,850,000 Citigroup 30.11.32/0.000% 2,514,042 0.08 

21,730,123 0.69 

HONG KONG 

621,500,000 HSBC Hong Kong 01.04.18/8.500% 4,343,467 0.14 

4,343,467 0.14 


19,100,000,000 Deutsche Bank/London 22.07.31/9.500% 1,708,546 0.05 

BRAZIL 

1,708,546 0.05 

1,069 Brazil Treasury Bill 01.01.16/0.000% 363,125 0.02 

363,125 0.02 

CHILE 

5,000,000 Chile (Republic of) 01.02.21/6.000% 10,247 0.01 

10,247 0.01 

88




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 




Russia 10.57 

Brazil 9.37 

Turkey 7.99 

Poland 7.81 

Mexico 7.80 


Malaysia 6.95 

Thailand 6.09 

Hungary 5.92 

Nigeria 3.31 

Colombia 2.07 

Peru 2.02 

Chile 1.99 


India 0.87 

Romania 0.84 




China 0.01 







Total 100.00 


% of 




Russia 10.03 

Mexico 10.01 

Poland 8.51 

Turkey 7.83 


Malaysia 6.30 

Thailand 5.30 

Brazil 5.03 

Nigeria 4.11 

Hungary 4.11 

Chile 3.01 

Romania 2.66 

Colombia 1.83 

Peru 1.61 




Uruguay 0.20 


China 0.01 




Investment Funds 0.23 



Total 100.00 

89




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Mar-14 (391) US 10 Year Note Future USD (48,151,039) (226,766) 

Total (226,766) 


- Cash: USD 1,123,617. 

90




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

15-Jan-14 BRL 788,464,771 USD 338,204,748 (4,668,362) 

15-Jan-14 CLP 7,473,230,299 USD 14,186,571 2,164 

15-Jan-14 COP 104,497,592,979 USD 54,998,733 (840,870) 

15-Jan-14 EUR 7,641,058 HUF2,296,137,929 (137,791) 

15-Jan-14 EUR 8,773,066 MXN 156,168,471 161,750 

15-Jan-14 EUR 6,792,051 PLN 28,676,719 (161,553) 

15-Jan-14 EUR 6,226,047 TRY 17,410,518 402,577 

15-Jan-14 EUR 133,689,016 USD 180,234,777 4,156,432 

15-Jan-14 EUR 9,827,720 ZAR 139,587,461 256,434 

15-Jan-14 GBP 6,177,251 USD 10,073,514 113,132 

15-Jan-14 HUF8,200,395,891 USD 37,263,875 866,949 

15-Jan-14 IDR 424,435,074,280 USD 36,764,065 (2,322,856) 

15-Jan-14 INR 1,949,997,757 USD 30,106,496 1,305,099 

15-Jan-14 MXN 2,410,772,651 USD 184,834,143 (538,860) 

15-Jan-14 MYR 547,384,710 USD 170,740,971 (4,720,410) 

15-Jan-14 PEN 84,915,542 USD 30,600,195 (256,201) 

15-Jan-14 PHP 957,802,115 USD 22,347,226 (775,001) 

15-Jan-14 PLN 642,363,353 USD 207,768,542 5,694,349 

15-Jan-14 RON 302,830,277 USD 93,302,626 (20,129) 

15-Jan-14 RUB 1,734,308,275 USD 53,487,065 (810,033) 

15-Jan-14 THB 2,945,914,383 USD 92,963,551 (3,319,488) 

15-Jan-14 TRY 444,575,681 USD 217,662,750 (8,666,612) 

15-Jan-14 USD 311,522,743 BRL 724,812,568 4,912,513 

15-Jan-14 USD 74,375,000 CLP 37,641,187,372 2,909,140 

15-Jan-14 USD 19,526,742 COP 37,539,669,042 71,096 

15-Jan-14 USD 238,788,455 EUR 176,870,276 (5,160,713) 

15-Jan-14 USD 10,063,532 GBP 6,177,251 (123,114) 

15-Jan-14 USD 24,746,149 HUF5,417,590,712 (444,977) 

15-Jan-14 USD 37,267,028 IDR 424,435,074,280 2,825,820 

15-Jan-14 USD 30,181,052 INR 1,949,997,757 (1,230,544) 

15-Jan-14 USD 106,828,985 MXN 1,400,956,247 (269,305) 

15-Jan-14 USD 78,109,330 MYR 250,539,482 2,121,264 

15-Jan-14 USD 36,909,267 PEN 103,633,840 (123,585) 

15-Jan-14 USD 4,776,063 PHP 211,293,040 17,188 

15-Jan-14 USD 123,183,823 PLN 377,976,713 (2,421,104) 

15-Jan-14 USD 74,880,787 RON 244,555,795 (451,097) 

15-Jan-14 USD 75,104,703 RUB 2,471,729,536 29,599 

15-Jan-14 USD 34,387,957 THB 1,099,161,417 940,518 

15-Jan-14 USD 172,223,891 TRY 349,753,642 7,803,830 

15-Jan-14 USD 287,850,418 ZAR 2,975,565,447 4,368,330 

15-Jan-14 ZAR 3,287,185,626 USD 319,785,742 (6,615,603) 

17-Jan-14 AUD 3,892,848 USD 3,527,450 (68,587) 

17-Jan-14 EUR 118,925,588 USD 163,638,698 389,776 

17-Jan-14 USD 154,760 AUD 174,405 (203) 

17-Jan-14 USD 4,631,887 EUR 3,380,150 (30,195) 

19-Mar-14 CLP 4,127,820,549 USD 7,715,552 65,554 

19-Mar-14 INR 4,491,176,631 USD 71,997,060 (628,338) 

19-Mar-14 MXN 946,814,620 USD 72,470,656 (458,499) 

19-Mar-14 MYR 26,056,906 USD 8,026,648 (153,465) 

19-Mar-14 PHP 3,230,369,564 USD 73,101,823 (355,034) 

19-Mar-14 SGD 12,562,051 USD 9,997,884 (89,335) 

19-Mar-14 THB 310,601,223 USD 9,623,586 (192,485) 

19-Mar-14 USD 72,124,679 CLP 38,525,397,466 (497,236) 

19-Mar-14 USD 7,832,347 INR 497,941,462 (80,378) 

19-Mar-14 USD 7,777,773 MXN 101,324,161 71,332 

19-Mar-14 USD 72,831,704 MYR 234,590,919 1,949,260 

19-Mar-14 USD 8,685,800 PHP 384,172,952 34,360 

19-Mar-14 USD 74,926,100 SGD 93,657,624 1,051,929 

19-Mar-14 USD 73,258,214 THB 2,380,232,635 984,790 

Total (3,126,778) 


Counterparty 


Bank of America Merrill Lynch (218,296) 

Barclays 4,089,653 

BNP Paribas (3,542,221) 

Citibank 4,729,410 


Deutsche Bank 3,494,348 


HSBC 4,112,993 

JPMorgan 83 


RBC 183,123 

RBS 322,914 

Société Générale 1,246,887 

State Street Bank (7,105,597) 


UBS (5,431,446) 

Westpac Banking (4,039,562) 

Total (3,126,778) 

91


Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in USD) 


Termination 

Date Counterparty Description Currency Nominal 

Market 

Value 

Unrealised 

Gain/ 

(Loss) 

26-Apr-15 Bank of America Receive Fixed rate 6.770% RUB 705,900,000 682,500 682,500 

Pay Floating rate RUB MOSPRIME 

30-Apr-15 Bank of America Receive Fixed rate 6.800% RUB 1,512,900,000 1,498,288 1,498,288 


06-May-15 Bank of America Receive Fixed rate 6.800% RUB 304,800,000 303,260 303,260 


08-May-15 Bank of America Receive Fixed rate 6.795% RUB 1,512,500,000 1,501,524 1,501,524 


04-Jan-16 Bank of America Receive Fixed rate 0.000% BRL 167,000,000 76,540 76,540 

Pay Floating rate BRL CPI 

04-Jan-16 Citigroup Receive Fixed rate 0.000% BRL 131,400,000 (1,136,649) (1,136,649) 


04-Jan-16 Deutsche Bank Receive Fixed rate 0.000% BRL 108,940,000 (699,826) (699,826) 


02-Jan-17 Bank of America Receive Fixed rate 0.000% BRL 124,750,000 (310,591) (310,591) 


02-Jan-17 Deutsche Bank Receive Fixed rate 0.000% BRL 66,188,920 (2,390,073) (2,390,073) 


21-Sep-17 JPMorgan Receive Fixed rate 5.140% MXN 28,000,000 10,450 10,450 

Pay Floating rate MXN TIIE 

Total (464,577) (464,577) 

As at 31 December 2013, the following counterparties held the following collateral in favour of the Sub-Fund: 

- Citigroup: Cash: USD 1,008,000 

- Deutsche Bank: Cash: EUR 1,760,000 

and the counterparty Bank of America pledged the following collateral to the Sub-Fund: 

- Cash: USD 3,750,000 


Expiration 


Put 

Currency 

Contract 

Size 

Call 

Currency 

Contract 

Size 

Market 

Value 

Unrealised 

Gain/ 

(Loss) 

08-May-14 Deutsche Bank Vanilla SGD/USD, Call Option, Strike Price 1.243 SGD 100,185,800 USD 80,600,000 1,849,223 682,941 

Total 1,849,223 682,941 

92




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

SOUTH KOREA 

1,589,417 Kia Motors 84,905,240 3.34 

116,980 LG Chem 33,363,131 1.31 

118,892 Samsung Electronics GDR 77,547,307 3.05 

81,400 Samsung Electronics Preference Shares 78,548,964 3.08 

171,820 Samsung Fire & Marine Insurance 42,330,684 1.66 

619,920 Shinhan Financial Group 27,960,652 1.10 

2,438,378 SK Telecom ADR 60,154,785 2.36 

404,810,763 15.90 

BRAZIL 

8,562,150 AMBEV 62,644,132 2.46 

4,100,030 Banco do Brasil 42,327,929 1.66 

2,487,220 BR Properties 19,629,298 0.77 

5,129,723 Companhia Energética de Minas Gerais Preference 

Shares 30,430,928 1.20 

1,499,500 Embraer ADR 47,624,120 1.87 

2,650,403 Itau Unibanco Holding Preference Shares 35,198,474 1.38 

707,280 Lojas Renner 18,336,889 0.72 

9,155,222 MRV Engenharia e Participa‡ões 32,745,662 1.29 

2,416,690 Telefonica Brasil Preference Shares 45,848,062 1.80 

334,785,494 13.15 

CHINA 








319,793,400 12.56 

INDIA 

1,031,990 Bajaj Auto 31,759,757 1.25 

5,709,770 Coal India 26,766,708 1.05 

2,128,460 HCL Technologies 43,500,820 1.71 

701,450 Infosys ADR 39,838,853 1.56 

6,202,564 ITC 32,159,866 1.27 


4,332,020 Tata Motors 26,346,154 1.03 

3,403,213 Yes Bank 20,393,719 0.80 

249,447,317 9.80 

RUSSIA 

1,404,124 Lukoil ADR 87,687,544 3.44 



217,038,565 8.53 

TAIWAN 


33,722,000 Fubon Financial Holding 49,325,138 1.94 

29,282,700 Hon Hai Precision Industry 78,594,472 3.09 


511,855 Siliconware Precision Industries ADR 3,048,096 0.12 

209,227,880 8.22 


33,339,000 Belle International Holdings 38,674,289 1.52 


6,911,200 Sands China 56,619,592 2.22 

11,981,200 Wynn Macau 54,311,807 2.13 

192,478,921 7.56 

SOUTH AFRICA 

1,565,203 Foschini Group 14,237,429 0.56 

1,019,014 Imperial Holdings 19,579,226 0.77 

2,203,274 Mr Price Group 34,238,415 1.34 

1,931,023 MTN Group 39,881,876 1.57 


HONG KONG 

4,138,000 China Mobile 42,879,032 1.68 


23,975,000 CNOOC 44,616,300 1.76 

127,197,548 5.00 

TURKEY 

2,668,403 Arcelik 15,033,169 0.59 

1,195,960 Tofas Turk Otomobil Fabrikasi 7,321,240 0.29 




67,351,847 2.65 

INDONESIA 

37,386,000 Bank Rakyat Indonesia Persero 22,204,180 0.87 


47,128,481 1.85 

QATAR 


46,749,474 1.84 

BERMUDA 

317,203 Credicorp 41,599,587 1.63 

41,599,587 1.63 

THAILAND 

8,218,800 Kasikornbank - NVDR 39,340,639 1.54 

39,340,639 1.54 

MEXICO 

4,447,076 Grupo Financiero Banorte - O Shares 30,879,589 1.21 

30,879,589 1.21 

HUNGARY 

1,418,570 OTP Bank 26,980,129 1.06 

26,980,129 1.06 

POLAND 

799,340 Eurocash 12,508,341 0.49 

12,508,341 0.49 

IRELAND 

1,120,567 Dragon Oil 10,535,867 0.41 

10,535,867 0.41 

Total Shares 2,507,776,868 98.50 



2,507,776,868 98.50 



LUXEMBOURG 



27,383,797 1.08 




27,383,797 1.08 

129,923,026 5.10 

93




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

BERMUDA 

5,104,000 Peace Mark Holdings** 66 0.00 

66 0.00 

BRAZIL 

5,100,000 Banco Nacional Preference Shares** 0 0.00 

0 0.00 




Cash 4,415,163 0.17 






% of 


Shares 





Energy 6.26 








Total 100.00 


% of 


Shares 




Energy 7.50 









Total 100.00 

94




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 CHF2,466,282 USD 2,780,003 (11,571) 

17-Jan-14 SGD 4,389,043 USD 3,496,828 (22,306) 

17-Jan-14 USD 55,800 CHF49,500 235 

17-Jan-14 USD 89,716 SGD 112,743 465 

Total (33,177) 


Counterparty 


Barclays (56) 

BNP Paribas (27) 




RBC (11,726) 


State Street Bank (75) 

Toronto Dominion (663) 

UBS 222 

Westpac Banking 203 

Total (33,177) 

95




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




TURKEY 

400,370 Akbank 1,229,647 0.50 

313,980 Akcansa Cimento 1,688,653 0.69 

728,338 Anadolu Hayat Emeklilik 1,776,682 0.73 

878,760 Arcelik 4,950,732 2.02 

140,570 Aselsan Elektronik Sanayi Ve Ticaret 545,377 0.22 


292,010 Brisa Bridgestone Sabanci Sanayi ve Ticaret 666,866 0.27 

181,490 Coca-Cola Icecek 4,332,334 1.77 

202,540 Dogus Otomotiv Servis ve Ticaret 629,585 0.26 

1,040,520 Emlak Konut Gayrimenkul Yatirim Ortakligi 1,017,700 0.42 

626,470 Enka Insaat Ve Sanayi 1,743,590 0.71 

488,850 Eregli Demir ve Celik Fabrikalari 580,342 0.23 

215,761 Ford Otomotiv Sanayi 2,298,263 0.94 

1,729,450 Haci Omer Sabanci Holding 6,870,550 2.80 

1,745,441 KOC Holding 7,080,058 2.89 

80,520 Migros Ticaret 547,163 0.22 



715,880 Torunlar Gayrimenkul Yatirim Ortakligi 913,061 0.37 


41,550 Turk Traktor ve Ziraat Makineleri 1,204,201 0.49 





354,705 Ulker Biskuvi Sanayi 2,583,403 1.06 

876,558 Yapi ve Kredi Bankasi 1,508,990 0.62 

93,131,871 38.00 

QATAR 

183,010 Doha Bank 2,922,350 1.19 


844,170 Masraf Al Rayan 7,267,336 2.97 

214,981 Ooredoo 8,123,184 3.31 

73,559 Qatar Electricity & Water 3,665,224 1.49 

487,260 Qatar Gas Transport Nakilat 2,710,196 1.11 


49,083,550 20.03 


4,439,120 Abu Dhabi Commercial Bank 7,843,694 3.20 

6,811,388 Aramex 5,591,161 2.28 

457,775 DP World 8,173,573 3.34 

487,120 Dubai Islamic Bank 710,190 0.29 

7,079,651 Emaar Properties 14,735,620 6.01 

1,302,720 First Gulf Bank 6,650,150 2.71 

43,704,388 17.83 

SAUDI ARABIA 

137,440 Al Rajhi Bank - Warrants 23.09.15 2,679,758 1.10 

89,320 Al Tayyar Travel Group - 

Warrants 15.05.18 2,542,556 1.03 

361,400 Alinma Bank - Warrants 29.04.15 1,433,204 0.58 

79,050 Almarai - Warrants 23.09.15 1,109,202 0.45 

66,160 Almarai - Warrants 14.09.16 928,334 0.38 

46,420 Etihad Etisalat - Warrants 22.02.16 1,056,702 0.43 


Warrants 24.01.17 2,789,683 1.14 

16,905 Jarir Marketing - Warrants 24.03.14 716,096 0.29 

179,270 Samba Financial Group - 

Warrants 24.03.14 2,395,943 0.98 

41,300 Saudi Airlines Catering - 

Warrants 29.04.15 1,559,488 0.64 

116,300 United International 

Transportation - Warrants 11.03.16 2,228,816 0.91 

162,600 Yamamah Saudi Cement - 

Warrants 25.03.15 2,492,609 1.02 


Warrants 08.02.16 1,982,695 0.81 

OMAN 

2,341,663 BankMuscat 3,880,974 1.58 

3,880,974 1.58 

MOROCCO 

40,498 Attijariwafa Bank 1,517,764 0.62 

3,443 Societe Des Brasseries du Maroc 931,920 0.38 

2,449,684 1.00 

EGYPT 

459,750 Commercial International Bank Egypt Registered 

Shares GDR 2,032,095 0.82 

2,032,095 0.82 


67,630 Hikma Pharmaceuticals 1,341,688 0.55 

1,341,688 0.55 



OMAN 

513,382 BankMuscat 20.03.16/4.500% 224,494 0.09 

224,494 0.09 




243,658,553 99.41 



LUXEMBOURG 



1,000,000 0.41 




1,000,000 0.41 


Cash 1,735,155 0.71 

Other Assets/(Liabilities) (300,390) (0.12) 


23,915,086 9.76 

KUWAIT 

186,000 Kuwait Foods Americana 1,653,773 0.67 

3,390,000 Mobile Telecommunications 8,225,824 3.36 

4,105,218 National Bank of Kuwait 13,015,126 5.31 

22,894,723 9.34 

96




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 



Oman 0.09 











Energy 0.48 




Total 100.00 


% of 



Oman 0.09 











Energy 0.50 



Total 100.00 

97




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

FRANCE 

335,758 Alcatel-Lucent 1,094,067 0.42 

3,286 Assystem 66,180 0.03 

110,264 AXA 2,228,711 0.86 

155,332 BNP Paribas 8,796,451 3.39 

13,506 Boiron 692,790 0.27 

2,078 Bongrain 117,667 0.05 

70,295 Bouygues 1,927,665 0.74 

90,932 Cap Gemini 4,472,490 1.72 

8,622 Ciments Francais 471,839 0.18 

33,219 CNP Assurances 494,382 0.19 

307,344 Crédit Agricole 2,860,912 1.10 

15,116 Danone 791,096 0.30 

160,734 Electricite de France 4,130,060 1.59 

18,797 Euler Hermès 1,876,974 0.72 

289,997 GDF Suez 4,953,874 1.91 

8,861 Groupe Crit 275,134 0.11 

2,459 Imerys 155,310 0.06 

7,656 Kering 1,178,450 0.45 

6,721 Korian 138,419 0.05 

1,490 LISI 161,144 0.06 

1,510 L’Oréal 192,865 0.07 

87,951 Metropole Television 1,465,264 0.56 

1,013,242 Natixis 4,327,557 1.67 

37,445 Nexity 1,024,589 0.39 

3,481 Norbert Dentressangle 323,315 0.12 

108,041 Orange 972,477 0.37 

67,903 Plastic Omnium 1,379,110 0.53 

13,500 Renault 789,210 0.31 

82,605 Safran 4,172,792 1.61 

92,274 Sanofi 7,119,400 2.74 

68,564 Société Générale 2,895,115 1.11 

2,642 Stef 141,043 0.05 

49,264 Suez Environnement 641,540 0.25 

24,434 Tarkett 694,842 0.27 

92,849 Thalès 4,336,280 1.67 

187,104 Total 8,332,209 3.21 

15,657 Trigano 248,868 0.10 

45,178 Valeo 3,638,184 1.40 

54,780 Vinci 2,614,786 1.01 

20,749 Vivendi 396,825 0.16 

82,589,886 31.80 

GERMANY 

37,997 Allianz Registered Shares 4,956,709 1.91 

100,610 BASF7,818,403 3.01 

60,220 Bayer Registered Shares 6,149,968 2.37 

21,104 Bayerische Motoren Werke 1,803,653 0.69 

9,579 CANCOM 294,171 0.11 

63,853 Comdirect Bank 533,747 0.21 

8,774 Continental 1,399,453 0.54 

102,549 Daimler Registered Shares 6,471,867 2.49 

30,030 Deutsche Bank Registered Shares 1,042,191 0.40 

45,434 Deutsche Beteiligungs 950,139 0.37 

39,477 Deutsche Boerse 2,373,160 0.91 

212,308 Deutsche Post Registered Shares 5,651,108 2.18 

545,838 Deutsche Telekom Registered Shares 6,803,871 2.62 

12,407 Duerr 802,981 0.31 

50,253 E.ON 675,903 0.26 

144,973 Freenet 3,152,438 1.21 

18,090 Hannover Rueckversicherung Registered Shares 1,131,168 0.44 

17,141 Henkel & Co. Non Voting Preference Shares 1,449,100 0.56 

94,710 Jenoptik 1,167,538 0.45 

5,126 Leoni 278,547 0.11 

6,755 Merck 878,150 0.34 

2,090 Metro 73,803 0.03 

26,396 Muenchener Rueckversicherungs Registered Shares 4,239,198 1.63 

8,786 Porsche Automobil Holding Preference Shares 664,353 0.26 

8,705 Rheinmetall 389,505 0.15 

17,620 SAP 1,101,955 0.42 

18,624 SHW 872,395 0.34 

29,177 Siemens Registered Shares 2,903,987 1.11 

51,838 Sixt 1,210,158 0.47 

27,105 Talanx 667,596 0.26 

157,546 Telefonica Deutschland Holding 945,827 0.36 

35,847 United Internet Registered Shares 1,110,182 0.43 

17,331 Volkswagen Non Voting Preference Shares 3,543,323 1.36 

5,265 Wincor Nixdorf 265,119 0.10 

73,771,666 28.41 

NETHERLANDS 

8,950 Amsterdam Commodities 148,369 0.06 

64,562 EADS 3,604,819 1.39 

315,946 ING Groep - CVA 3,186,315 1.23 

226,511 Koninklijke Ahold 2,958,234 1.14 

108,468 Koninklijke Philips 2,890,401 1.11 

81,547 Nutreco 2,938,342 1.13 

19,382 Randstad Holding 914,055 0.35 

176,099 Reed Elsevier 2,712,365 1.04 

15,154 Sligro Food Group 426,509 0.16 

145,200 Unilever - CVA 4,251,093 1.64 

118,386 Wolters Kluwer 2,456,214 0.95 

29,944 Ziggo 992,644 0.38 

27,479,360 10.58 

SPAIN 

33,263 Amadeus IT Holding - A Shares 1,037,639 0.40 

396,289 Banco Santander 2,579,841 0.99 

290,218 BBVA 2,596,000 1.00 

45,158 Bolsas y Mercados Espa¤oles 1,253,812 0.48 

137,682 CaixaBank 519,474 0.20 

203,330 Ferrovial 2,854,753 1.10 

149,243 Gas Natural SDG 2,790,844 1.07 

192,258 Iberdrola 891,885 0.34 

93,556 Obrascon Huarte Lain 2,755,692 1.06 

179,428 Repsol 3,285,327 1.27 

177,941 Telefonica 2,104,152 0.82 

22,669,419 8.73 

ITALY 

55,328 ACEA 458,254 0.18 

122,241 Azimut Holding 2,422,817 0.93 

904,778 Enel 2,873,575 1.10 

304,632 ENI 5,332,583 2.05 

109,077 ERG 1,061,865 0.41 

127,822 Gtech 2,828,062 1.09 

772,783 Intesa Sanpaolo 1,387,918 0.53 

54,140 Moncler 853,517 0.33 

11,208 Reply 638,015 0.25 

17,856,606 6.87 

BELGIUM 

15,051 Ackermans & van Haaren 1,281,593 0.50 

141,097 Ageas 4,369,069 1.68 

48,606 Anheuser-Busch InBev 3,751,411 1.45 

18,519 Colruyt 751,825 0.29 

56,802 Delhaize Group 2,450,296 0.94 

63,243 KBC Groep 2,605,137 1.00 

20,287 Melexis 469,948 0.18 

14,716 Solvay 1,690,501 0.65 

17,369,780 6.69 

AUSTRIA 

17,303 EVN 199,071 0.08 

5,176 Oesterreichische Post 179,077 0.07 

71,391 OMV 2,472,806 0.95 

53,506 S IMMO 282,084 0.11 

59,137 UNIQA Insurance Group 545,745 0.21 

48,217 Voestalpine 1,692,899 0.65 

5,371,682 2.07 

FINLAND 

14,606 Aktia Bank 118,089 0.05 

48,024 Amer Sports 726,363 0.28 

7,844 Fiskars 153,586 0.05 

171,899 Nokia 1,000,022 0.39 

235,938 UPM-Kymmene 2,898,498 1.12 

4,896,558 1.89 

IRELAND 

412,585 Fyffes 343,064 0.13 

29,457 Origin Enterprises 203,445 0.08 

162,081 Smurfit Kappa Group 2,890,715 1.11 

3,437,224 1.32 

Total Shares 255,442,181 98.36 



255,442,181 98.36 

98




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 




LUXEMBOURG 

1,552,450 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 

Euro Liquidity X (flex dist)) 1,552,450 0.60 

1,552,450 0.60 




1,552,450 0.60 


Shares 

AUSTRIA 

25,270 Immofinanz* 0 0.00 

0 0.00 




Cash 1,223,668 0.47 





% of 


Shares 





Energy 7.89 









Total 100.00 


% of 


Shares 





Energy 8.48 









Total 100.00 

99


Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) 


Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Equity Futures 

Mar-14 88 Euro Stoxx 50 Index Future EUR 2,735,040 - 

Total - 


- Cash: EUR 226,880. 

Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) 

Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 CHF188,555 EUR 154,171 (525) 

17-Jan-14 EUR 1,000 CHF1,221 5 

17-Jan-14 EUR 997 GBP 838 (10) 

17-Jan-14 EUR 1,004 USD 1,380 2 

17-Jan-14 GBP 129,479 EUR 153,766 1,741 

17-Jan-14 USD 212,850 EUR 154,793 (280) 

Total 933 


Counterparty 



Citibank 944 

RBC (5) 

Toronto Dominion 1 

UBS 1 

Total 933 

100




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Shares and Rights 

FRANCE 

158,712 Alcatel-Lucent 517,163 0.60 

127,743 AXA 2,582,005 2.98 

35,496 BNP Paribas 2,010,138 2.32 

7,835 Bouygues 214,855 0.25 

7,038 Cap Gemini 346,164 0.40 

16,202 Carrefour 466,820 0.54 

30,868 Compagnie de Saint-Gobain 1,234,103 1.43 

9,181 Compagnie Générale des Etablissements Michelin 709,278 0.82 


2,885 Kering 444,074 0.51 

28,787 Lafarge 1,568,172 1.81 

3,950 L’Oréal 504,514 0.58 

1,732 LVMH Moet Hennessy Louis Vuitton 229,707 0.26 

18,447 Renault 1,078,412 1.25 

47,265 Sanofi 3,646,731 4.21 

20,900 Schneider Electric 1,325,687 1.53 


4,708 Sodexo 346,980 0.40 

33,992 Thalès 1,587,511 1.83 

58,235 Total 2,593,350 2.99 

7,926 Valeo 638,281 0.74 

24,876,083 28.72 

GERMANY 


33,443 BASF2,598,856 2.99 


9,942 Bayerische Motoren Werke 849,693 0.98 

5,587 Brenntag 751,871 0.87 

7,606 Continental 1,213,157 1.40 


42,365 Deutsche Telekom Registered Shares 528,080 0.61 

33,398 HeidelbergCement 1,849,581 2.14 



1,399 OSRAM Licht 57,418 0.07 

18,314 SAP 1,145,358 1.32 


118,717 Sky Deutschland 950,389 1.09 


23,596,371 27.25 

NETHERLANDS 

149,828 Aegon 1,028,270 1.19 

17,480 ASML Holding 1,189,514 1.37 

35,586 EADS 1,986,944 2.29 

58,477 ING Groep - CVA 589,740 0.68 


381,322 Koninklijke KPN 893,628 1.03 


177,131 PostNL 734,562 0.85 

72,531 Unilever - CVA 2,123,526 2.45 

13,279 Ziggo 440,199 0.51 

BELGIUM 


12,536 Solvay 1,440,073 1.66 

8,736 UCB 472,093 0.55 

4,245,395 4.90 

FINLAND 

75,038 Stora Enso - R Shares 547,590 0.63 

24,123 UPM-Kymmene 296,351 0.34 

843,941 0.97 

AUSTRIA 

16,758 Andritz 765,380 0.88 

765,380 0.88 

PORTUGAL 

227,854 EDP - Energias de Portugal 607,345 0.70 

607,345 0.70 

IRELAND 

76,890 Ryanair Holdings 479,755 0.56 

479,755 0.56 

LUXEMBOURG 

8,421 ArcelorMittal 109,178 0.13 

109,178 0.13 

Total Shares and Rights 82,439,121 95.19 



82,439,121 95.19 



LUXEMBOURG 



3,200,216 3.70 




3,200,216 3.70 


Cash 1,026,158 1.18 



11,218,306 12.95 

SPAIN 


475,177 Bankia 585,656 0.68 

50,962 BBVA 455,855 0.53 

220,645 Distribuidora Internacional de Alimentacion 1,438,605 1.66 

203,798 Iberdrola 945,419 1.09 

68,359 Repsol 1,251,653 1.45 

68,359 Repsol - Rights 09.01.14 33,940 0.04 

121,306 Telefonica 1,434,443 1.66 

8,486,847 9.80 

ITALY 

37,726 Assicurazioni Generali 645,303 0.75 

31,682 Banca Generali 713,795 0.82 

373,061 Enel 1,184,842 1.37 

246,674 Enel Green Power 452,647 0.52 

119,613 ENI 2,093,826 2.42 

11,306 Moncler 178,239 0.21 

869,030 Telecom Italia 626,353 0.72 

244,406 UniCredit 1,315,515 1.52 

7,210,520 8.33 

101




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 









Energy 7.42 





Total Shares and Rights 98.89 


Total 100.00 


% of 


Shares 








Energy 7.16 





Total 100.00 

102




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 



Total - 


- Cash: EUR 350,240. 

103




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


966,867 Ashtead Group 8,823,075 1.24 

621,252 Aviva 3,355,250 0.47 

647,259 Babcock International Group 10,522,498 1.48 

1,666,634 BAE Systems 8,702,867 1.22 

763,663 Barratt Developments 3,197,967 0.45 

217,372 Berkeley Group Holdings 6,927,957 0.97 

277,263 BHP Billiton 6,219,207 0.87 

4,214,885 BP 24,712,776 3.47 

279,641 British American Tobacco 10,872,416 1.53 

3,686,353 BT Group 16,789,886 2.36 

1,206,581 Countrywide 8,619,329 1.21 

499,775 Crest Nicholson Holdings 2,199,442 0.31 

561,488 Daily Mail & General Trust - A Shares 6,443,972 0.91 

506,190 easyJet 9,332,639 1.31 

803,841 Foxtons Group 3,208,359 0.45 

1,266,119 GKN 5,671,627 0.80 

359,724 GlaxoSmithKline 6,963,853 0.98 

2,775,061 ITV 6,462,981 0.91 

1,174,021 Jupiter Fund Management 5,428,286 0.76 

1,207,959 Legal & General Group 3,230,408 0.46 

9,840,466 Lloyds Banking Group 9,309,609 1.31 

195,057 Mondi 2,451,790 0.34 

168,317 Next 11,013,053 1.55 

147,999 Persimmon 2,203,372 0.31 

218,444 Prudential 3,514,515 0.49 

84,187 Reckitt Benckiser Group 4,844,047 0.68 

499,708 Sports Direct International 4,298,960 0.60 

4,316,327 Taylor Wimpey 5,783,176 0.81 

1,068,344 TUI Travel 5,295,116 0.74 

4,323,400 Vodafone Group 12,311,010 1.73 

218,709,443 30.72 

FRANCE 

1,562,383 Alcatel-Lucent 5,091,025 0.72 

456,317 AXA 9,223,307 1.30 

81,749 BNP Paribas 4,629,446 0.65 

230,756 Cap Gemini 11,349,734 1.59 

299,550 Carrefour 8,630,784 1.21 




2,336,558 Natixis 9,979,439 1.40 

85,866 Renault 5,019,726 0.71 


225,192 Thalès 10,517,029 1.48 

270,651 Total 12,052,766 1.69 

53,514 Valeo 4,309,482 0.60 

104,141,086 14.63 

GERMANY 



53,570 Continental 8,544,415 1.20 



67,243 Duerr 4,351,967 0.61 

101,828 Merck 13,237,640 1.85 


510,738 Nordex 4,895,424 0.69 

233,233 OSRAM Licht 9,572,465 1.34 

177,217 ProSiebenSat.1 Media Registered Shares 6,380,255 0.90 

89,011,454 12.50 

NETHERLANDS 

565,232 Aegon 3,879,187 0.55 

248,829 Delta Lloyd 4,480,166 0.63 

214,765 EADS 11,991,404 1.68 

1,242,928 ING Groep - CVA 12,534,929 1.76 

1,748,258 PostNL 7,250,026 1.02 

40,135,712 5.64 

DENMARK 

619 AP Moller - Maersk - B Shares 4,887,795 0.69 

94,808 D/S Norden 3,627,488 0.51 

127,952 FLSmidth & Co. 5,080,883 0.71 

334,561 GN Store Nord 5,981,022 0.84 

262,125 Pandora 10,329,730 1.45 

428,522 Vestas Wind Systems 9,206,154 1.29 

39,113,072 5.49 

SWITZERLAND 

58,336 Cembra Money Bank 2,784,070 0.39 

8,515 Galenica Registered Shares 6,228,326 0.88 

5,739 Georg Fischer Registered Shares 2,939,988 0.41 

83,775 Novartis Registered Shares 4,858,175 0.68 

80,126 Roche Holding - Genussschein 16,265,433 2.29 

33,075,992 4.65 

SPAIN 

314,413 Gamesa Tecnologica 2,377,748 0.33 

152,545 Grifols 5,312,380 0.75 

825,371 International Consolidated Airlines Group 3,978,331 0.56 

205,762 Mediaset Espana Comunicacion 1,720,170 0.24 

597,124 Repsol 10,933,340 1.54 

24,321,969 3.42 

JERSEY 

1,295,945 Glencore Xstrata 4,867,788 0.69 

1,923,472 Henderson Group 5,274,415 0.74 

316,215 Shire 10,830,247 1.52 

20,972,450 2.95 

SWEDEN 

200,639 NCC - B Shares 4,753,787 0.67 

322,366 Swedbank - A Shares 6,581,318 0.92 

1,245,456 TeliaSonera 7,521,252 1.05 

18,856,357 2.64 

IRELAND 

29,287,110 Bank of Ireland 7,365,708 1.03 

53,880 DCC 1,916,234 0.27 


15,220,515 2.14 

ITALY 


293,736 ENI 5,141,849 0.72 

514,020 Mediobanca 3,269,167 0.46 

115,707 Salvatore Ferragamo 3,196,985 0.45 

14,557,693 2.04 

BERMUDA 

874,217 Frontline/Bermuda 2,470,692 0.34 

2,923,681 Golden Ocean Group 5,074,747 0.71 

7,545,439 1.05 

NORWAY 

191,806 Yara International 5,983,484 0.84 

5,983,484 0.84 

AUSTRIA 

71,481 Voestalpine 2,509,698 0.35 

2,509,698 0.35 

LUXEMBOURG 

196,148 GAGFAH 2,101,235 0.30 

2,101,235 0.30 

Total Shares 636,255,599 89.36 



636,255,599 89.36 

104




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 




LUXEMBOURG 



38,504,005 5.41 




38,504,005 5.41 


Shares 


5,194,830 Rolls-Royce Holdings Preference C Shares* 6,240 0.00 

6,240 0.00 

AUSTRIA 

95,171 Immofinanz* 0 0.00 

0 0.00 

Total Shares 6,240 0.00 

Total Other Transferable Securities 6,240 0.00 


Cash 6,473,373 0.91 





% of 


Shares 





Energy 7.86 









Total 100.00 


% of 


Shares 








Energy 4.21 





Total 100.00 

105




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Mar-14 1,331 Euro Stoxx 50 Index Future EUR 41,367,480 - 

Mar-14 257 FTSE 100 Index Future GBP 20,674,183 12,347 

Total 12,347 


- Cash: EUR 3,753,922. 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

02-Jan-14 NOK 646,952 EUR 76,684 627 

03-Jan-14 NOK 759,680 EUR 90,139 642 

07-Jan-14 AUD 206,424 CHF167,653 (2,561) 

07-Jan-14 AUD 231,950 DKK 1,147,581 (3,236) 

07-Jan-14 AUD 2,574,560 EUR 1,709,311 (37,532) 

07-Jan-14 AUD 1,578,530 GBP 873,449 (24,074) 

07-Jan-14 AUD 74,791 NOK 415,425 (1,072) 

07-Jan-14 AUD 97,801 SEK 579,772 (1,902) 

07-Jan-14 EUR 48,231 CHF59,254 (48) 

07-Jan-14 EUR 70,165 DKK 523,173 25 

07-Jan-14 EUR 419,896 GBP 347,890 2,052 

07-Jan-14 EUR 15,230 NOK 126,347 134 

07-Jan-14 EUR 32,580 SEK 289,026 (27) 

07-Jan-14 GBP 17,158 AUD 31,256 313 

07-Jan-14 GBP 1,646 HKD 20,867 23 

07-Jan-14 GBP 25,469 USD 41,479 480 

07-Jan-14 HKD 581,233 CHF67,064 (229) 

07-Jan-14 HKD 626,318 DKK 440,031 (359) 

07-Jan-14 HKD 9,285,166 EUR 877,722 (8,464) 

07-Jan-14 HKD 4,165,541 GBP 328,439 (4,512) 

07-Jan-14 HKD 154,982 NOK 122,730 (155) 

07-Jan-14 HKD 283,422 SEK 239,182 (450) 

07-Jan-14 USD 260,762 CHF234,152 (1,492) 

07-Jan-14 USD 257,435 DKK 1,405,931 (1,610) 

07-Jan-14 USD 3,116,605 EUR 2,283,432 (21,013) 

07-Jan-14 USD 2,011,749 GBP 1,230,597 (17,671) 

07-Jan-14 USD 81,378 NOK 499,668 (628) 

07-Jan-14 USD 151,067 SEK 989,618 (1,983) 

07-Feb-14 AUD 163,468 EUR 105,711 213 

07-Feb-14 AUD 37,752 USD 33,598 73 

07-Feb-14 GBP 34,094 AUD 63,355 (111) 

07-Feb-14 GBP 81,994 USD 134,881 547 

07-Feb-14 HKD 1,088,150 EUR 102,003 (129) 

07-Feb-14 HKD 153,943 GBP 12,130 (154) 

07-Feb-14 HKD 98,575 NOK 78,374 (125) 

07-Feb-14 HKD 125,088 USD 16,131 1 

07-Feb-14 USD 32,523 CHF 28,883 69 

07-Feb-14 USD 83,258 DKK 450,888 (25) 

07-Feb-14 USD 462,526 EUR 335,443 319 

07-Feb-14 USD 253,279 GBP 153,639 (634) 

07-Feb-14 USD 36,425 NOK 223,365 (215) 

Total (124,893) 


Counterparty 




Crédit Suisse (59,913) 



RBC 279 

RBS (3,723) 



UBS (3,276) 


Total (124,893) 

106




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


141,632 Atkins (WS) 2,407,134 0.65 

1,198,383 BAE Systems 6,257,743 1.69 

11,203 Bank of Georgia Holdings 321,935 0.09 

1,088,553 Barclays 3,555,014 0.96 


1,353,038 BP 7,933,152 2.14 


1,253,751 BT Group 5,710,342 1.54 

65,849 Costain Group 218,293 0.06 

46,273 Dairy Crest Group 300,404 0.08 

31,313 DS Smith 124,904 0.03 

167,274 easyJet 3,084,035 0.83 

32,501 GlaxoSmithKline 629,183 0.17 

1,100,821 HSBC Holdings 8,757,633 2.36 

141,291 Imperial Tobacco Group 3,966,876 1.07 

172,334 Interserve 1,291,630 0.35 

205,522 J Sainsbury 900,648 0.24 

13,117 Keller Group 180,709 0.05 


273,752 Lookers 398,677 0.11 

164,786 Merlin Entertainments 144A 705,012 0.19 

198,376 Mondi 2,493,509 0.67 

65,555 Next 4,289,292 1.16 

116,036 Persimmon 1,727,515 0.47 

95,374 Premier Foods 142,334 0.04 

4,290 Reckitt Benckiser Group 246,843 0.07 

132,009 Rio Tinto 5,402,838 1.46 

79,218 Songbird Estates 155,332 0.04 

261,985 Taylor Wimpey 351,017 0.09 

259,213 Tesco 1,041,209 0.28 

978,889 TUI Travel 4,851,743 1.31 

130,936 Unilever 3,904,189 1.05 


92,753,694 25.03 

SWITZERLAND 

20,207 Baloise Holding Registered Shares 1,869,478 0.50 

11,659 Cembra Money Bank 556,423 0.15 

254,325 Crédit Suisse Group Registered Shares 5,651,778 1.52 

3,299 EMS-Chemie Holding Registered Shares 852,401 0.23 

286 Georg Fischer Registered Shares 146,513 0.04 

29,851 Implenia Registered Shares 1,579,073 0.43 

23,245 Kardex Registered Shares 743,836 0.20 

19,923 Lonza Group Registered Shares 1,372,866 0.37 

171 Metall Zug Registered Shares 330,826 0.09 

24,604 Mobilezone Holding - Bearer Shares 189,038 0.05 

80,755 Nestlé Registered Shares 4,294,846 1.16 


5,241 Orior 223,223 0.06 

29,147 PSP Swiss Property Registered Shares 1,794,747 0.48 


8,411 Swiss Life Holding Registered Shares 1,268,485 0.34 

98,528 Swiss Re 6,584,718 1.78 

150,645 UBS Registered Shares 2,076,147 0.56 

781 Vaudoise Assurances Holding 244,669 0.07 

1,683 Zurich Insurance Group 354,330 0.10 

55,193,812 14.89 

FRANCE 

80,176 AXA 1,620,557 0.44 

76,625 BNP Paribas 4,339,274 1.17 

9,930 Boiron 509,359 0.14 

6,290 Cap Gemini 309,374 0.08 


30,872 Danone 1,615,686 0.44 


117,128 GDF Suez 2,000,839 0.54 

3,609 LISI 390,313 0.11 

24,610 Metropole Television 410,003 0.11 

1,351,058 Natixis 5,770,369 1.56 

3,702 Norbert Dentressangle 343,842 0.09 

20,022 Orange 180,218 0.05 


25,003 Renault 1,461,675 0.39 

53,275 Safran 2,691,187 0.72 

27,693 Sanofi 2,136,653 0.58 

33,730 Tarkett 959,197 0.26 

103,814 Thalès 4,848,373 1.31 

201,903 Total 8,991,245 2.42 

63,454 Valeo 5,109,951 1.38 

36,541 Vinci 1,744,193 0.47 

53,445,762 14.42 

GERMANY 

3,584 Allianz Registered Shares 467,533 0.13 

85,255 BASF6,625,166 1.79 



2,571 Continental 410,075 0.11 





32,272 Duerr 2,088,644 0.56 

236,729 Freenet 5,147,672 1.39 


3,419 HeidelbergCement 189,344 0.06 

9,201 Henkel & Co. Non Voting Preference Shares 777,853 0.21 

3,506 Merck 455,780 0.12 



26,217 SHW 1,228,070 0.33 

54,989 Sixt 1,283,718 0.35 



44,087,514 11.90 

NETHERLANDS 

49,548 EADS 2,766,513 0.75 



90,152 Nutreco 3,248,402 0.88 

24,153 Randstad Holding 1,139,055 0.31 

456,866 Royal Dutch Shell - B Shares 12,510,036 3.38 



21,706 Ziggo 719,554 0.19 

29,006,902 7.83 

SWEDEN 

31,826 Investor - B Shares 794,457 0.21 

89,755 JM 1,835,446 0.50 

26,561 NCC - B Shares 629,316 0.17 

458,868 Nordea Bank 4,482,139 1.21 

206,842 Securitas - B Shares 1,594,496 0.43 

497,378 Skandinaviska Enskilda Banken - A Shares 4,755,885 1.28 

7,919 Svenska Handelsbanken - A Shares 282,289 0.08 


224,827 TeliaSonera 1,357,720 0.37 

20,036,576 5.41 

SPAIN 

191,091 CaixaBank 720,986 0.19 

5,308 Ebro Foods 90,435 0.02 

90,692 Ferrovial 1,273,316 0.34 



143,460 Repsol 2,626,752 0.71 

88,128 Telefonica 1,042,114 0.28 

12,799,757 3.44 

BELGIUM 

182,639 Ageas 5,655,417 1.53 


25,041 Belgacom 538,945 0.14 

15,732 D’ieteren 566,549 0.15 


2,107 Groupe Bruxelles Lambert 140,821 0.04 

11,067 Solvay 1,271,322 0.34 

12,760,269 3.44 

107




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


ITALY 

84,412 ACEA 699,142 0.19 


389,185 Enel 1,236,052 0.33 

204,641 ENI 3,582,241 0.97 

46,248 Gtech 1,023,237 0.28 

72,731 Moncler 1,146,604 0.31 

13,456 Reply 765,983 0.21 

9,915,995 2.68 

DENMARK 

52 AP Moller - Maersk - B Shares 410,606 0.11 

5,314 Dfds 311,678 0.08 

34,804 Jyske Bank 1,365,012 0.37 

16,505 Royal UNIBREW 1,627,441 0.44 

13,420 Schouw & Co 398,055 0.11 

210,000 TDC 1,481,557 0.40 

5,594,349 1.51 

AUSTRIA 

12,823 Oesterreichische Post 443,644 0.11 

56,626 OMV 1,961,383 0.53 

90,437 UNIQA Insurance Group 834,597 0.23 

35,609 Voestalpine 1,250,232 0.34 

4,489,856 1.21 

FINLAND 

33,466 Kemira 407,281 0.11 

128,456 Sanoma 819,870 0.23 

329,924 Sponda 1,126,690 0.30 

82,961 UPM-Kymmene 1,019,176 0.27 

3,373,017 0.91 

IRELAND 

480,603 Fyffes 399,621 0.11 

52,564 Origin Enterprises 363,033 0.10 


3,188,838 0.86 

NORWAY 

126,078 DNB 1,633,190 0.44 

8,792 Fred Olsen Energy 259,141 0.07 

22,867 Leroy Seafood Group 481,622 0.13 

15,115 Yara International 471,520 0.13 

2,845,473 0.77 

JERSEY 

45,182 Shire 1,547,467 0.42 

1,547,467 0.42 

BERMUDA 

87,019 BW Offshore 75,131 0.02 

75,131 0.02 

Total Shares 351,114,412 94.74 



351,114,412 94.74 



LUXEMBOURG 




Shares 

AUSTRIA 

51,567 Immofinanz* 0 0.00 

0 0.00 




Cash 2,104,231 0.57 





% of 


Shares 




Energy 10.24 










Total 100.00 


% of 


Shares 




Energy 11.63 









Total 100.00 

13,201,117 3.56 




13,201,117 3.56 

108




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 



Mar-14 93 FTSE 100 Index Future GBP 7,481,319 4,468 

Total 4,468 


- Cash: EUR 1,072,303. 

109




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


480,000 Advanced Computer Software Group 616,984 0.18 

622,114 Amerisur Resources 441,670 0.13 

562,000 Ashtead Group 5,142,375 1.46 

62,800 Atkins (WS) 1,062,903 0.30 

45,800 Bank of Georgia Holdings 1,306,378 0.37 


68,000 Bellway 1,265,152 0.36 

150,170 Berendsen 1,692,344 0.48 

457,600 Blinkx 1,102,517 0.31 

183,070 Bodycote 1,452,934 0.41 

678,000 Booker Group 1,335,609 0.38 

506,500 BowLeven 229,380 0.07 

1,731,380 Cable & Wireless Communications 1,178,473 0.34 

476,500 Capital & Counties Properties 1,863,094 0.53 

365,400 Carphone Warehouse Group 1,171,139 0.33 

32,011 Chime Communications 129,276 0.04 

125,830 Close Brothers Group 2,045,443 0.58 

151,000 Computacenter 1,162,300 0.33 

115,000 Countrywide 784,128 0.22 

58,160 CSR 445,592 0.13 

3,272,660 Dixons Retail 1,901,393 0.54 

323,300 Enterprise Inns 597,446 0.17 

250,000 Foxtons Group 962,094 0.27 

38,700 Go-Ahead Group 821,128 0.23 

155,100 Greene King 1,621,794 0.46 

242,888 Halfords Group 1,294,267 0.37 

1,511,800 Hays 2,324,660 0.66 

243,000 HellermannTyton Group 866,148 0.25 

667,300 Home Retail Group 1,528,765 0.44 

570,600 Howden Joinery Group 2,268,545 0.65 

170,000 Intermediate Capital Group 856,782 0.24 

130,701 International Personal Finance 767,412 0.22 

275,000 Interserve 2,076,491 0.59 

145,060 Iofina 168,896 0.05 

195,000 Iomart Group 600,393 0.17 

141,330 ITE Group 522,261 0.15 

77,630 Jardine Lloyd Thompson Group 951,896 0.27 

273,630 Jupiter Fund Management 1,259,319 0.36 

641,000 Kcom Group 762,231 0.22 

53,470 Keller Group 742,597 0.21 

66,800 Kier Group 1,461,278 0.42 

212,900 Laird 707,692 0.20 

585,000 Marston’s 1,004,814 0.29 

193,855 Micro Focus International 1,805,671 0.51 

150,000 Ocado Group 788,807 0.22 

334,900 Pace 1,279,211 0.36 

437,000 Premier Foods 676,014 0.19 

68,380 Provident Financial 1,323,323 0.38 

1,282,060 Quintain Estates & Development 1,479,312 0.42 

150,000 Restaurant Group 1,048,334 0.30 

86,000 Rightmove 2,746,606 0.78 

337,000 RPS Group 1,400,260 0.40 

158,000 Savills 1,220,432 0.35 

388,000 Senior 1,437,498 0.41 

208,585 Soco International 996,627 0.28 


285,000 St Ives 581,875 0.17 

325,000 TalkTalk Telecom Group 1,168,921 0.33 

882,250 Taylor Wimpey 1,164,621 0.33 

42,600 Ted Baker 1,162,383 0.33 

44,000 Telecom Plus 928,848 0.26 

1,381,800 Thomas Cook Group 2,769,129 0.79 

657,910 Trinity Mirror 1,628,399 0.46 

233,000 TUI Travel 1,136,267 0.32 

157,600 Unite Group 757,447 0.22 

245,500 Vesuvius 1,518,365 0.43 

143,000 WH Smith 1,739,781 0.50 

84,443,479 24.03 

ITALY 

227,058 Astaldi 1,750,617 0.50 


157,011 Banca Generali 3,540,598 1.01 

141,253 Banca IFIS 1,831,345 0.52 

185,417 Brembo 3,617,486 1.03 

164,211 Cairo Communication 975,824 0.28 

350,775 Cementir Holding 1,465,889 0.42 

123,969 Danieli & C Officine Meccaniche 3,077,530 0.88 

539,621 Gruppo Editoriale L’Espresso 733,885 0.21 

59,611 Industria Macchine Automatiche 1,664,935 0.47 

189,044 Interpump Group 1,671,149 0.48 

131,656 MARR 1,595,671 0.45 

2,479,529 Milano Assicurazioni 1,991,682 0.57 

128,679 Moncler 2,018,330 0.57 

436,353 Recordati 4,559,888 1.29 

31,371 Reply 1,760,697 0.50 

82,912 Societa Cattolica di Assicurazioni 1,613,053 0.46 

297,762 Societa Iniziative Autostradali e Servizi 2,169,941 0.62 

621,376 Sogefi 2,696,150 0.77 

323,791 Unipol Gruppo Finanziario 1,413,995 0.40 

42,058,829 11.97 

GERMANY 

127,857 Aareal Bank 3,698,903 1.05 

1,742 Bertrandt 193,406 0.06 

43,127 CENTROTEC Sustainable 794,292 0.23 

89,033 Drillisch 1,873,700 0.53 

39,978 Duerr 2,587,376 0.74 

240,865 Freenet 5,237,610 1.49 

136,705 Grammer 4,744,005 1.35 

124,078 Jenoptik 1,529,572 0.44 

37,292 Jungheinrich Preference Shares 1,757,945 0.50 

102,657 Leoni 5,578,382 1.59 

88,171 LPKF Laser & Electronics 1,632,045 0.46 

9,530 Manz 593,004 0.17 

56,105 Norma Group 2,032,824 0.58 

7,214 Pfeiffer Vacuum Technology 714,547 0.20 

5,396 Rational 1,300,301 0.37 

56,015 SHW 2,623,883 0.75 

94,766 Sixt 2,212,312 0.63 

101,464 Wirecard 2,909,227 0.82 

42,013,334 11.96 

SWITZERLAND 

15,628 Autoneum Holding 1,740,978 0.50 

17,900 Bossard Holding - Bearer Shares 3,017,399 0.86 

14,742 Bucher Industries Registered Shares 3,115,336 0.88 

229,490 EFG International 2,316,051 0.66 


5,348 Helvetia Holding Registered Shares 1,953,928 0.56 


2,421 Kaba Holding Registered - B Shares 854,666 0.24 

5,003 Kuoni Reisen Holding Registered - B Shares 1,669,267 0.48 

6,142 Siegfried Holding Registered Shares 811,454 0.23 

22,484 U-Blox 1,788,710 0.51 

26,177,009 7.45 

SPAIN 

141,090 Atresmedia Corp de Medios de Comunicaion 1,702,956 0.48 

685,343 Bankinter 3,444,191 0.98 

82,152 Bolsas y Mercados Espa¤oles 2,288,344 0.66 


270,396 Grupo Catalana Occidente 7,072,208 2.01 

183,917 Melia Hotels International 1,724,222 0.49 

19,769,281 5.63 

SWEDEN 

196,070 Bilia - A Shares 3,568,677 1.02 

24,380 Clas Ohlson - B Shares 331,263 0.09 

168,839 Fastighets Balder - B Shares 1,261,041 0.36 

30,068 Hexpol 1,612,201 0.46 

87,963 Intrum Justitia 1,781,658 0.51 

70,459 Loomis - B Shares 1,215,035 0.34 

192,289 NCC - B Shares 4,541,702 1.29 

81,230 Nibe Industrier - B Shares 1,308,458 0.37 

518,088 Opus Group 835,122 0.24 

36,284 Opus Group - BTA 58,691 0.02 

139,442 Trelleborg - B Shares 2,009,208 0.57 

18,523,056 5.27 

FINLAND 

174,556 Caverion 1,547,439 0.44 

140,946 Cramo 2,170,568 0.62 

142,165 Elisa 2,745,206 0.78 

525,533 Sanitec 3,939,935 1.12 

379,823 Sanoma 2,411,876 0.69 

55,416 Uponor 787,461 0.22 

13,602,485 3.87 

DENMARK 

9,750 ALK-Abello 806,424 0.23 

49,118 Auriga Industries - B Shares 1,223,048 0.35 

34,768 D/S Norden 1,335,531 0.38 

98,104 GN Store Nord 1,750,406 0.50 

110




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


70,064 Jyske Bank 2,743,471 0.78 

7,551 Rockwool International - B Shares 972,751 0.28 

38,931 Royal UNIBREW 3,820,151 1.08 

32,550 SimCorp 942,494 0.27 

13,594,276 3.87 

FRANCE 

369,010 Altran Technologies 2,358,896 0.67 

87,560 Eiffage 3,668,764 1.04 


237,977 Societe Television Francaise 1 3,312,045 0.95 

38,075 Teleperformance 1,695,194 0.48 

13,363,671 3.80 

GREECE 

198,097 Folli Follie 4,616,651 1.31 

312,692 Hellenic Exchanges - Athens Stock Exchange Holding 2,437,434 0.70 

508,327 JUMBO 5,949,967 1.69 

13,004,052 3.70 

NETHERLANDS 

144,544 Aalberts Industries 3,355,589 0.96 

96,629 Arcadis 2,463,315 0.70 

822,933 PostNL 3,428,750 0.97 

22,267 TKH Group - Dutch Certificates 567,586 0.16 

9,815,240 2.79 

BELGIUM 

43,666 Ackermans & van Haaren 3,725,146 1.06 

66,501 Arseus 1,852,718 0.53 

26,108 Compagnie d’Entreprises CFE 1,662,166 0.47 

108,621 Econocom Group 897,753 0.26 

8,137,783 2.32 

JERSEY 

103,000 Cape 343,302 0.10 

650,512 Henderson Group 1,765,652 0.50 

212,460 Kentz 1,616,326 0.46 

534,000 Regus 1,330,967 0.38 

49,000 WANdisco 706,004 0.20 

5,762,251 1.64 

AUSTRIA 

23,596 AMS 2,069,608 0.59 

118,641 CAT Oil 2,403,073 0.69 

15,698 Flughafen Wien 956,636 0.27 

5,429,317 1.55 

NORWAY 

254,768 SpareBank 1 SMN 1,666,966 0.47 

800,775 Storebrand 3,609,929 1.03 

5,276,895 1.50 

PORTUGAL 

1,321,756 Banco BPI Registered Shares 1,579,498 0.45 

629,839 ZON OPTIMUS 3,349,484 0.95 

4,928,982 1.40 

LUXEMBOURG 

414,594 SAF-Holland 4,490,053 1.28 

CANADA 

279,000 Entertainment One 865,530 0.25 

224,410 Mood Media 114,040 0.03 

979,570 0.28 

GIBRALTAR 

452,510 888 Holdings 902,502 0.26 

902,502 0.26 

BERMUDA 

89,910 Hiscox 745,284 0.21 

745,284 0.21 

ISLE OF MAN 

80,000 Playtech 688,487 0.19 

688,487 0.19 

Total Shares 340,652,105 96.95 



340,652,105 96.95 



LUXEMBOURG 



5,600,000 1.60 




5,600,000 1.60 


Shares 

AUSTRIA 

181,272 Immofinanz* 0 0.00 

0 0.00 




Cash 624,361 0.18 




4,490,053 1.28 

IRELAND 

412,020 Greencore Group 1,077,189 0.31 

214,350 Kingspan Group 2,774,761 0.79 

3,851,950 1.10 

FAROE ISLANDS 

155,762 Bakkafrost 1,749,446 0.50 

1,749,446 0.50 


154,340 Phoenix Group Holdings 1,344,873 0.38 

1,344,873 0.38 

111




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 









Energy 1.68 




Total 100.00 


% of 


Shares 







Energy 2.91 





Total 100.00 

112




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

02-Jan-14 NOK 905,225 EUR 107,480 (34) 

Total (34) 


Counterparty 



Total (34) 

113




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


49,032 Accesso Technology Group 438,243 0.23 

841,081 Advanced Computer Software Group 1,081,111 0.57 

687,168 ARM Holdings 9,029,936 4.76 

23,991 ASOS 1,757,027 0.93 

1,218,705 Blinkx 2,936,282 1.55 

924,444 BT Group 4,160,584 2.19 

213,717 CSR 1,637,388 0.86 

128,335 Dialog Semiconductor 2,004,593 1.06 

786,000 Globo 556,846 0.29 

1,331,413 Innovation Group 551,222 0.29 

565,519 Iomart Group 1,741,199 0.92 

516,711 ITV 1,185,932 0.63 

236,513 Jazztel 1,839,125 0.97 

95,273 Micro Focus International 887,424 0.47 

861,268 Moneysupermarket.com Group 1,885,090 0.99 

1,907,040 Monitise 1,542,024 0.81 

133,417 Nanoco Group 230,318 0.12 

388,867 Ocado Group 2,044,939 1.08 

253,964 Pace 970,061 0.51 

50,608 Rightmove 1,616,282 0.85 

554,957 Sage Group 2,680,138 1.42 

17,486 Spectris 532,007 0.28 

240,424 Vodafone Group 679,162 0.36 

41,986,933 22.14 

GERMANY 

18,085 Duerr 1,170,461 0.62 

718,393 Infineon Technologies 5,582,632 2.94 

141,737 Jenoptik 1,747,263 0.92 

52,738 LPKF Laser & Electronics 976,180 0.51 

13,808 Merck 1,795,040 0.95 

33,027 Morphosys 1,843,237 0.97 

136,097 Nordex 1,304,490 0.69 

56,334 OSRAM Licht 2,312,088 1.22 

50,384 ProSiebenSat.1 Media Registered Shares 1,813,950 0.96 

125,499 SAP 7,848,707 4.14 


70,869 Software 1,802,199 0.95 


30,459 Wincor Nixdorf 1,533,763 0.81 

6,123 XING 454,816 0.24 

33,288,092 17.56 

FRANCE 


21,096 Atos 1,383,265 0.73 

36,930 Blue Solutions 696,131 0.37 

177,392 Cap Gemini 8,748,086 4.61 

58,500 Ingenico 3,430,148 1.81 

11,980 Sopra Group 884,663 0.47 

373,891 Technicolor Registered Shares 1,430,694 0.75 

25,407,244 13.40 

SWEDEN 

59,472 AddTech - B Shares 696,818 0.37 

182,712 Byggmax Group 985,842 0.52 

85,659 CDON Group 301,214 0.16 

77,884 Eniro 434,824 0.23 

83,802 Hexagon - B Shares 1,908,608 1.00 

15,360 HMS Networks 234,630 0.12 

56,288 Investment Kinnevik - B Shares 1,880,519 1.00 

60,118 Nolato - B Shares 993,583 0.52 

869,691 Telefonaktiebolaget LM Ericsson - B Shares 7,694,448 4.06 

405,289 TeliaSonera 2,431,910 1.28 

17,562,396 9.26 

FINLAND 

2,537,431 Nokia 14,698,069 7.75 

14,698,069 7.75 

NETHERLANDS 

160,821 ASML Holding 10,956,735 5.78 

29,917 Gemalto 2,427,914 1.28 

SPAIN 



11,093,528 5.85 

SWITZERLAND 

32,920 Ascom Holding Registered Shares 402,037 0.21 


29,502 Kudelski - Bearer Shares 324,806 0.17 

24,721 Leonteq 2,188,442 1.15 

321,060 Logitech International Registered Shares 3,214,008 1.70 

60,581 Temenos Group Registered Shares 1,252,430 0.66 

10,754 U-Blox Holding 855,532 0.45 

8,782,136 4.63 

ITALY 

38,340 Ei Towers 1,264,262 0.67 

100,691 ERG 979,975 0.52 

36,004 Reply 2,020,725 1.06 

31,364 Yoox 1,025,446 0.54 

5,290,408 2.79 

DENMARK 

54,197 GN Store Nord 967,002 0.51 

150,774 Vestas Wind Systems 3,231,832 1.70 

4,198,834 2.21 

ISLE OF MAN 

651,838 Optimal Payments 2,752,277 1.45 

2,752,277 1.45 

AUSTRIA 

18,857 AMS 1,653,949 0.87 

87,913 Zumtobel 973,636 0.52 

2,627,585 1.39 

NORWAY 

248,758 Opera Software 2,427,807 1.28 

2,427,807 1.28 

BELGIUM 


36,503 Melexis 848,330 0.45 

1,833,964 0.97 

PORTUGAL 

309,001 ZON OPTIMUS 1,643,267 0.87 

1,643,267 0.87 

GIBRALTAR 

327,274 888 Holdings 652,727 0.34 

652,727 0.34 

JERSEY 

19,184 WANdisco 276,408 0.15 

276,408 0.15 


152,616 Planet Payment 271,901 0.14 

271,901 0.14 

Total Shares 188,178,225 99.24 



188,178,225 99.24 


Cash 16,924 0.01 



13,384,649 7.06 

114




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 





Energy 2.91 







Total 100.00 


% of 


Shares 










Total 100.00 

115




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

GERMANY 

158,218 Aareal Bank 4,577,247 1.02 

23,627 Adidas 2,188,215 0.49 


28,985 Amadeus Fire 1,574,900 0.35 

71,904 Aurelius 2,106,428 0.47 

51,120 Axel Springer 2,393,822 0.53 

368,383 BASF28,627,043 6.37 



41,032 CANCOM 1,260,093 0.28 

759,140 Capital Stage 2,824,380 0.63 

84,352 Continental 13,454,144 2.99 





1,786,929 Deutsche Telekom Registered Shares 22,274,070 4.96 

86,305 DMG MORI SEIKI 2,004,649 0.45 

96,688 Duerr 6,257,647 1.39 

266,846 E.ON 3,589,079 0.80 

186,747 Freenet 4,060,813 0.90 

39,753 Fresenius & Co. 4,446,373 0.99 

50,511 Fuchs Petrolub Preference Shares 3,596,888 0.80 



132,626 KION Group 4,094,496 0.91 

44,969 Leoni 2,443,615 0.54 

53,040 Linde 8,079,318 1.80 

69,923 Merck 9,089,990 2.02 

225,646 Metro 7,968,124 1.77 

63,801 MTU Aero Engines 4,564,962 1.02 


72,734 Norma Group 2,635,335 0.59 

59,796 OSRAM Licht 2,454,177 0.55 

40,294 Porsche Automobil Holding Preference Shares 3,046,831 0.68 

155,324 QSC 669,213 0.15 

320,441 SAP 20,040,380 4.46 

29,468 Schaltbau Holding 1,349,192 0.30 

99,254 SHW 4,649,306 1.03 


711,754 Sky Deutschland 5,697,947 1.27 

66,365 Surteco 1,516,772 0.34 

53,948 Symrise 1,809,281 0.40 

111,044 Tom Tailor Holding 1,831,671 0.41 

118,787 TUI 1,423,662 0.32 



28,837 Vossloh 2,092,413 0.47 


216,053 Wirecard 6,194,780 1.38 

426,880,400 95.00 

NETHERLANDS 

296,340 EADS 16,498,730 3.67 

16,498,730 3.67 

LUXEMBOURG 

214,670 SAF-Holland 2,324,876 0.52 



LUXEMBOURG 



4,200,000 0.93 




4,200,000 0.93 


Cash 886,691 0.20 




% of 


Shares 









Energy 1.43 





Total 100.00 


% of 


Shares 











Energy 1.32 



Total 100.00 

2,324,876 0.52 

Total Shares 445,704,006 99.19 



445,704,006 99.19 

116




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


23,346 Allergan 1,868,531 1.98 

29,987 Anadarko Petroleum 1,724,695 1.83 

50,335 Baxter International 2,534,362 2.69 

80,709 Broadcom - A Shares 1,728,650 1.84 

94,712 Cisco Systems 1,528,045 1.62 

21,553 Coach 879,919 0.93 

102,755 EMC/Massachusetts 1,878,973 2.00 


12,830 Humana 954,315 1.01 

30,245 Johnson & Johnson 2,011,781 2.14 

33,223 Lam Research 1,317,407 1.40 

35,587 MetLife 1,383,764 1.47 

96,424 Microsoft 2,613,309 2.77 

47,291 Morgan Stanley 1,071,253 1.15 

93,506 Pfizer 2,082,157 2.21 

27,306 QUALCOMM 1,464,945 1.55 

112,046 Teradyne 1,433,557 1.52 

15,649 UnitedHealth Group 851,484 0.90 

29,177,306 30.97 


53,703 APR Energy 610,684 0.65 

789,682 Barclays 2,578,956 2.74 

100,521 BG Group 1,566,861 1.66 

89,081 Burberry Group 1,622,595 1.72 


362,858 Just Retirement Group 915,792 0.97 

224,799 Partnership Assurance Group 793,824 0.84 

147,083 Standard Chartered 2,403,055 2.55 

12,315,993 13.07 


1,290,000 Agile Property Holdings 1,001,157 1.06 

9,785 Baidu ADR 1,258,357 1.34 

487,000 Belle International Holdings 410,099 0.44 

1,486,000 Country Garden Holdings 650,367 0.69 

26,136 Giant Interactive Group ADR 214,391 0.23 

4,206,000 Hengdeli Holdings 724,511 0.77 

236,374 iSoftStone Holdings ADR 879,393 0.93 

701,000 New World Department Store China 285,801 0.30 

187,636 Pactera Technology International ADR 964,359 1.02 

154,800 Sands China 920,606 0.98 

306,348 Shanda Games ADR 1,039,648 1.10 

8,348,689 8.86 

FRANCE 

59,098 AXA 1,194,518 1.27 

16,608 Kering 2,556,386 2.71 

32,516 Sanofi 2,508,772 2.66 

25,702 Technip 1,795,799 1.91 

8,055,475 8.55 

CHINA 


254,000 China Life Insurance - H Shares* 577,827 0.61 


732,800 Sinopharm Group - H Shares* 1,526,418 1.62 

6,363,110 6.75 

SWITZERLAND 

22,357 Compagnie Financiere Richemont Registered Shares 1,616,639 1.72 



46,699 UBS Registered Shares 643,592 0.68 

NETHERLANDS 

92,769 Royal Dutch Shell - A Shares 2,409,581 2.56 

2,409,581 2.56 

HONG KONG 

68,000 Cheung Kong Holdings 780,154 0.83 

344,000 China Overseas Land & Investment 701,253 0.74 

14,380,000 Emperor Watch & Jewellery 787,540 0.84 

2,268,947 2.41 

ISRAEL 

68,017 Teva Pharmaceutical Industries ADR 1,975,493 2.10 

1,975,493 2.10 

BERMUDA 

191,000 China Yurun Food Group 88,779 0.09 

12,400 Jardine Matheson Holdings 470,910 0.50 

2,806,400 Oriental Watch Holdings 538,594 0.57 

1,328,000 Ports Design 744,081 0.79 

1,842,364 1.95 

SWEDEN 

63,939 Svenska Cellulosa - B Shares 1,427,633 1.51 

1,427,633 1.51 

JERSEY 

355,146 Glencore Xstrata 1,333,988 1.42 

1,333,988 1.42 

GERMANY 


1,037,175 1.10 

JAPAN 

25,700 Nitto Denko 788,602 0.84 

788,602 0.84 

INDONESIA 

1,242,500 Astra International 506,031 0.54 

506,031 0.54 

Total Shares 90,065,564 95.60 



90,065,564 95.60 


Shares 

BERMUDA 

24,451,000 China Hongxing Sports** 210,768 0.22 

210,768 0.22 


116,000 Beauty China Holdings** 7 0.00 

7 0.00 




Cash 3,030,609 3.22 

6,028,549 6.40 

INDIA 

56,236 Axis Bank 856,991 0.91 

513,720 Federal Bank 513,904 0.55 

77,106 ICICI Bank 992,849 1.05 

275,461 Yes Bank 1,198,276 1.27 

3,562,020 3.78 

SOUTH KOREA 

7,013 Hyundai Motor 1,146,269 1.22 

1,558 Samsung Electronics 1,478,339 1.57 

2,624,608 2.79 

117 




** This Security is fair valued.




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 





Energy 7.96 







Total 100.00 


% of 


Shares 





Energy 6.18 






Total 100.00 

118




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 CHF208,798 EUR 171,114 (971) 

17-Jan-14 CHF1,321 GBP 903 (8) 

17-Jan-14 CHF1,640 HKD 14,351 (7) 

17-Jan-14 CHF8,414 USD 9,395 36 

17-Jan-14 EUR 2,011 CHF2,463 4 

17-Jan-14 EUR 33,987 GBP 28,662 (436) 

17-Jan-14 EUR 34,505 HKD 368,298 25 

17-Jan-14 EUR 1,744 JPY 247,164 33 

17-Jan-14 EUR 3,082 SEK 27,901 (64) 

17-Jan-14 EUR 2,055 SGD 3,555 12 

17-Jan-14 EUR 71,862 USD 99,023 (21) 

17-Jan-14 HKD 46,543 CHF5,376 (24) 

17-Jan-14 SGD 2,732 CHF1,930 (3) 

17-Jan-14 USD 5,217 CHF4,633 12 

Total (1,412) 


Counterparty 


Citibank (453) 

Crédit Suisse (969) 


Goldman Sachs 6 


Total (1,412) 

119




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 





89,000 Dominion Resources Preference Shares Serie A 3,492,008 0.18 

139,190 Dominion Resources Preference Shares Serie B 5,457,223 0.28 

151,650 Goodyear Tire & Rubber Preference Shares 7,305,854 0.37 

432,350 MetLife Preference Shares 9,829,846 0.50 

294,880 NextEra Energy Preference Shares 10,726,529 0.54 

200,065 NextEra Energy Preference Shares 2015 8,214,289 0.41 

185,650 PPL Preference Shares 7,079,999 0.35 

197,880 Weyerhaeuser Preference Shares 8,013,252 0.40 

60,119,000 3.03 

LUXEMBOURG 

575,623 ArcelorMittal Preference Shares 10,741,013 0.54 

GERMANY 

10,741,013 0.54 

90 Siemens - Warrants 16.08.17 2,016,000 0.10 


7,879,000 0.40 


Bonds 

NETHERLANDS 

11,750,000 Siemens 

Financieringsmaatschappij 16.08.19/1.650% 8,079,639 0.41 

8,079,639 0.41 

Total Bonds 8,079,639 0.41 


FRANCE 

319,565,900 Air France-KLM 15.02.23/2.030% 35,214,564 1.78 

20,800,000 BNP Paribas 27.09.16/0.250% 22,288,656 1.12 

15,660,300 Cap Gemini 01.01.19/0.000% 11,326,547 0.57 

11,229,100 Club Mediterranee 01.11.15/6.110% 2,190,011 0.11 

13,913,900 Compagnie Générale des 

Etablissements Michelin 01.01.17/0.000% 19,131,473 0.96 

19,225,700 Crédit Agricole 06.12.16/0.000% 13,447,320 0.68 

18,261,100 Faurecia 01.01.18/3.250% 6,034,819 0.30 

5,331,400 Misarte 01.01.16/3.250% 9,436,205 0.48 

24,205,900 Orpea 01.01.20/1.750% 12,492,060 0.63 

7,877,100 Pierre & Vacances 01.10.15/4.000% 6,130,243 0.31 

7,090,800 Rallye 02.10.20/1.000% 7,765,419 0.39 

220,779,100 SOITEC 18.09.18/6.750% 4,587,790 0.23 

10,940,800 Technip 01.01.17/0.250% 11,217,635 0.57 

7,754,700 Unibail-Rodamco 01.01.18/0.750% 19,380,934 0.98 

180,643,676 9.11 

JAPAN 

840,000,000 ABC-Mart 05.02.18/0.000% 6,715,067 0.34 

980,000,000 Asahi Glass 14.11.14/0.000% 6,761,107 0.34 

1,360,000,000 Asahi Group Holdings 26.05.28/0.000% 13,618,152 0.69 

1,000,000 Bank of Iwate 25.07.18/0.000% 830,998 0.04 

1,610,000,000 Bank of Kyoto 31.03.14/0.000% 11,181,051 0.56 

480,000,000 Fukuyama Transporting 22.03.17/0.000% 3,922,166 0.20 

1,260,000,000 Kawasaki Kisen Kaisha 26.09.18/0.000% 9,619,978 0.49 

1,040,000,000 Kureha 14.03.18/0.000% 9,551,457 0.48 

171,000,000 Nagoya Railroad 31.03.15/0.500% 1,476,233 0.07 


1,075,000,000 Nidec 18.09.15/0.000% 8,477,287 0.43 

1,115,000,000 Nippon Meat Packers 03.03.14/0.000% 10,655,611 0.54 

1,381,000,000 Nomura Research Institute 31.03.14/0.000% 9,614,590 0.48 

610,000,000 Park24 26.04.18/0.000% 4,420,945 0.22 

610,000,000 Sekisui House 05.07.16/0.000% 6,226,209 0.31 

5,800,000 Shizuoka Bank 25.04.18/0.000% 4,488,583 0.23 

560,000,000 Sumitomo Forestry 24.08.18/0.000% 3,990,768 0.20 

383,000,000 Takashimaya 14.11.14/0.000% 3,462,363 0.18 

380,000,000 Takashimaya 11.12.20/0.000% 2,832,905 0.14 

770,000,000 Toppan Printing 19.12.19/0.000% 5,587,196 0.28 

910,000,000 Yamato Holdings 07.03.16/0.000% 7,850,216 0.40 

10,300,000 Yamuchi Financial Group 20.12.18/0.000% 7,789,676 0.39 

142,834,919 7.20 

LUXEMBOURG 

3,200,000 APERAM 30.09.20/2.625% 2,628,857 0.13 

30,400,000 GBL Verwaltung 07.02.17/1.250% 32,894,472 1.66 

33,900,000 Glencore Finance Europe 31.12.14/5.000% 27,599,674 1.39 

48,200,000 Subsea 7 05.10.17/1.000% 35,769,666 1.81 

98,892,669 4.99 

GERMANY 

11,400,000 Adidas 14.06.19/0.250% 14,816,580 0.75 

16,100,000 Deutsche Post 06.12.19/0.600% 21,793,765 1.10 

12,900,000 Deutsche Wohnen 22.11.20/0.500% 12,822,020 0.64 

7,200,000 KUKA 12.02.18/2.000% 8,381,520 0.42 

272,713 TUI 24.03.16/2.750% 19,199,541 0.97 

77,013,426 3.88 

ITALY 

6,100,000 ENI 30.11.15/0.250% 6,304,655 0.32 

22,000,000 ENI 18.01.16/0.625% 23,250,150 1.17 

11,500,000 Prysmian 08.03.18/1.250% 12,984,765 0.65 

13,900,000 Schematrentaquattro 29.11.16/0.250% 15,037,159 0.76 

57,576,729 2.90 

NETHERLANDS 

17,900,000 ACS Actividades Finance 22.10.18/2.625% 18,943,212 0.95 

30,800,000 Lukoil International Finance 16.06.15/2.625% 24,164,259 1.22 

11,300,000 Volkswagen International 

Finance 09.11.15/5.500% 14,049,347 0.71 

57,156,818 2.88 

JERSEY 

21,000,000 British Land Jersey 10.09.17/1.500% 27,875,145 1.41 

4,800,000 Derwent London Capital No 2 

Jersey 24.07.19/1.125% 5,788,472 0.29 

7,300,000 INTU Jersey 04.10.18/2.500% 9,167,572 0.46 

16,600,000 Vedanta Resources Jersey 13.07.16/5.500% 12,297,323 0.62 

55,128,512 2.78 



Investment Cayman 14.05.14/0.000% 7,455,478 0.37 


236,000,000 Hengan International Group 27.06.18/0.000% 23,521,152 1.19 

3,200,000 Siem Industries 12.09.19/1.000% 2,332,844 0.12 

9,500,000 TPK Holding 01.10.17/0.000% 6,383,446 0.32 

53,947,867 2.72 


23,800,000 Aabar Investments 27.05.16/4.000% 28,212,044 1.42 

16,200,000 National Bank of Abu Dhabi 12.03.18/1.000% 12,692,486 0.64 

40,904,530 2.06 

BELGIUM 

27,100,000 Groupe Bruxelles Lambert 21.09.15/0.125% 32,447,914 1.64 

32,447,914 1.64 


31,400,000 Billion Express Investments 18.10.15/0.750% 23,470,564 1.18 

94,000,000 Wharf Finance 2014 07.06.14/2.300% 8,832,010 0.45 

32,302,574 1.63 

AUSTRIA 

12,550,000 Steinhoff Finance Holding 22.05.16/5.000% 16,052,768 0.81 


26,162,032 1.32 

SPAIN 

2,100,000 Abengoa 17.01.19/6.250% 2,152,962 0.11 

12,300,000 International Consolidated 

Airlines Group 31.05.18/1.750% 16,321,608 0.82 

4,300,000 OHL Investments 25.04.18/4.000% 4,480,364 0.22 

22,954,934 1.15 


12,100,000 TUI Travel 05.10.14/6.000% 17,548,380 0.89 

3,300,000 TUI Travel 27.04.17/4.900% 4,985,294 0.25 

22,533,674 1.14 

120




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


SOUTH KOREA 

880,000,000 Lotte Shopping 05.07.16/0.000% 6,378,091 0.32 

13,000,000 SK Hynix 14.05.15/2.650% 11,664,857 0.59 

18,042,948 0.91 

SINGAPORE 

14,000,000 CapitaLand 19.06.20/1.850% 7,371,531 0.37 

15,000,000 Temasek Financial III 24.10.14/0.000% 8,676,411 0.44 

16,047,942 0.81 


18,400,000 Chesapeake Energy 15.05.37/2.500% 13,656,814 0.69 

13,656,814 0.69 

INDIA 

14,495,000 Tata Steel 21.11.14/4.500% 10,643,339 0.54 

10,643,339 0.54 

HONG KONG 

12,000,000 HKEx International 23.10.17/0.500% 9,442,260 0.48 

9,442,260 0.48 

PORTUGAL 

6,800,000 Parpublica - Participa‡ões 

Publicas 28.09.17/5.250% 7,469,800 0.38 

7,469,800 0.38 

MALAYSIA 

11,250,000 Indah Capital 24.10.18/0.000% 6,336,729 0.32 

800,000 YTL Finance Labuan 18.03.15/1.875% 618,537 0.03 

6,955,266 0.35 

TAIWAN 

8,200,000 Advanced Semiconductor 

Engineering 05.09.18/0.000% 6,364,917 0.32 

6,364,917 0.32 

FINLAND 

5,400,000 Solidium 29.09.15/0.500% 5,747,058 0.29 

5,747,058 0.29 

AUSTRALIA 

4,200,000 Paladin Energy 04.11.15/3.625% 2,335,022 0.12 


3,984,315 0.20 

SWEDEN 

2,650,000 Industrivarden 27.02.15/2.500% 3,372,470 0.17 

3,372,470 0.17 

Total Convertible Bonds 1,002,227,403 50.54 



1,089,046,055 54.92 




4,106,000 Air Lease 01.12.18/3.875% 3,998,563 0.20 

18,503,000 Archer-Daniels-Midland 15.02.14/0.875% 14,223,722 0.72 

6,299,000 Ares Capital 15.03.17/4.875% 4,848,030 0.24 

16,267,000 Ares Capital 15.01.18/4.750% 12,451,477 0.63 

6,300,000 Ares Capital 144A 15.01.19/4.375% 4,764,811 0.24 

8,283,000 Auxilium Pharmaceuticals 15.07.18/1.500% 6,653,951 0.34 

6,762,000 BioMarin Pharmaceutical 15.10.18/0.750% 5,201,384 0.26 

6,762,000 BioMarin Pharmaceutical 15.10.20/1.500% 5,254,103 0.26 

14,730,000 Cobalt International Energy 01.12.19/2.625% 9,436,413 0.48 

7,964,000 Concur Technologies 144A 15.06.18/0.500% 6,705,656 0.34 

4,451,000 Cubist Pharmaceuticals 144A 01.09.18/1.125% 3,705,639 0.19 

4,769,000 Cubist Pharmaceuticals 144A 01.09.20/1.875% 3,743,026 0.19 

7,127,000 Electronic Arts 15.07.16/0.750% 5,518,127 0.28 

10,330,000 Encore Capital Group 144A 01.07.20/3.000% 9,541,955 0.48 

12,241,000 Extra Space Storage 144A 01.07.33/2.375% 8,924,878 0.45 

5,104,000 Health Care REIT 01.12.29/3.000% 4,125,446 0.21 

9,083,000 Hologic 15.12.37/2.000%* 7,697,961 0.39 

10,130,000 Hologic 01.03.42/2.000%* 7,514,441 0.38 

6,205,000 Hornbeck Offshore Services 01.09.19/1.500% 5,367,260 0.27 

5,523,000 Iconix Brand Group 144A 15.03.18/1.500% 5,512,997 0.28 

9,306,000 Illumina 144A 15.03.16/0.250% 9,377,371 0.47 

4,405,000 Incyte 144A 15.11.18/0.375% 3,857,877 0.19 

1,316,000 Incyte 144A 15.11.20/1.250% 1,161,899 0.06 

22,920,000 Intel 15.12.35/2.950% 18,653,822 0.94 

17,069,000 Intel 01.08.39/3.250% 16,811,149 0.85 

11,556,000 KB Home 01.02.19/1.375% 8,459,169 0.43 

31,093,000 Lam Research 15.05.16/0.500% 25,704,610 1.30 

9,380,000 Lennar 144A 15.11.21/3.250% 12,303,471 0.62 

42,914,000 Liberty Interactive 144A 30.03.43/0.750% 38,801,134 1.96 


21,136,000 Liberty Media 144A 15.10.23/1.375% 15,352,660 0.77 

9,472,000 Linear Technology 01.05.27/3.000% 7,868,637 0.40 

4,145,000 Medidata Solutions 144A 01.08.18/1.000% 3,836,267 0.19 

8,985,000 Medivation 01.04.17/2.625% 9,555,319 0.48 

4,796,000 Meritage Homes 15.09.32/1.875% 3,913,226 0.20 

12,365,000 MGM Resorts International 15.04.15/4.250% 12,313,972 0.62 

1,000 Micron Technology 15.02.33/1.625% 1,483 0.00 

26,372,000 Micron Technology 15.11.43/3.000% 18,918,286 0.95 

7,083,000 Molina Healthcare 144A 15.01.20/1.125% 5,366,649 0.27 

5,972,000 NetSuite 144A 01.06.18/0.250% 4,772,537 0.24 

25,600,000 NVIDIA 144A 01.12.18/1.000% 18,943,640 0.96 

21,047,000 Peabody Energy 15.12.41/4.750% 12,196,492 0.62 

9,717,000 Portfolio Recovery 

Associates 144A 01.08.20/3.000% 7,734,466 0.39 

11,254,000 priceline.com 15.03.18/1.000% 11,300,362 0.57 

46,259,000 priceline.com 144A 15.06.20/0.350% 38,178,888 1.92 

6,450,000 ProLogis 15.03.15/3.250% 5,289,659 0.27 

5,168,000 Prospect Capital 15.03.18/5.750% 3,987,909 0.20 

8,555,000 Prospect Capital 15.01.19/5.875% 6,458,666 0.32 

9,805,000 Redwood Trust 15.04.18/4.625% 7,321,222 0.37 

6,614,000 Royal Gold 15.06.19/2.875% 4,629,478 0.23 

5,466,000 RTI International Metals 15.10.19/1.625% 4,210,720 0.21 

4,705,000 Ryland Group 01.06.19/0.250% 3,182,679 0.16 

21,076,000 Salesforce.com 144A 01.04.18/0.250% 16,621,623 0.84 

5,339,000 Salix Pharmaceuticals 15.03.19/1.500% 5,755,831 0.29 

45,369,000 SanDisk 144A 15.10.20/0.500% 32,625,560 1.64 

6,544,000 ServiceNow 144A 01.11.18/0.000% 4,799,500 0.24 

3,270,000 SolarCity 01.11.18/2.750% 2,809,087 0.14 

7,760,000 Standard Pacific 01.08.32/1.250% 7,417,139 0.37 

13,183,000 Starwood Property Trust 01.03.18/4.550% 10,537,472 0.53 

6,299,000 Take-Two Interactive 

Software 01.07.18/1.000% 4,911,794 0.25 

10,159,000 Web.com Group 15.08.18/1.000% 8,293,992 0.42 

19,818,000 WellPoint 15.10.42/2.750% 19,463,378 0.98 

1,000 Xilinx 15.03.37/3.125% 1,151 0.00 

50,851,000 Yahoo! 144A 01.12.18/0.000% 38,275,017 1.93 

640,009,204 32.27 

JAPAN 

380,000,000 Daifuku 02.10.17/0.000% 3,154,976 0.16 

600,000,000 Kintetsu 15.10.14/0.750% 4,441,874 0.22 

250,000,000 Maeda 13.09.18/0.000% 1,997,806 0.10 

1,600,000 MISUMI Group 22.10.18/0.000% 1,243,445 0.06 

390,000,000 Nihon Unisys 20.06.16/0.000% 2,909,466 0.15 

620,000,000 Nikkiso 02.08.18/0.000% 4,727,206 0.24 

690,000,000 Nippon Ceramic 24.04.18/0.000% 5,322,984 0.27 

510,000,000 Press Kogyo 28.12.18/0.000% 3,731,486 0.19 

810,000,000 Resorttrust 27.07.18/0.000% 6,401,660 0.32 

33,930,903 1.71 

MEXICO 

8,600,000 Cemex 15.03.15/4.875% 7,361,935 0.37 

9,600,000 Cemex 15.03.16/3.250% 9,142,182 0.46 

16,504,117 0.83 

SPAIN 

15,700,000 Caja de Ahorros y Pensiones 

de Barcelona 25.11.17/1.000% 16,389,701 0.83 

16,389,701 0.83 

HUNGARY 

10,600,000 Magyar Nemzeti 

Vagyonkezelo 02.04.19/3.375% 10,989,974 0.55 

10,989,974 0.55 

JERSEY 

6,200,000 Great Portland Estates Capital 

Jersey 10.09.18/1.000% 7,856,493 0.40 

7,856,493 0.40 

CHINA 

10,380,000 SINA/China 144A 01.12.18/1.000% 7,573,001 0.38 

7,573,001 0.38 

121




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


NETHERLANDS 

8,129,000 Yandex 144A 15.12.18/1.125% 6,469,517 0.33 

6,469,517 0.33 

Total Convertible Bonds 739,722,910 37.30 


LUXEMBOURG 

140,200,112 JPMorgan Liquidity Funds - Euro Liquidity Fund 

(JPM Euro Liquidity X (flex dist)) 140,200,112 7.07 

140,200,112 7.07 




879,923,022 44.37 


Cash 1,783,795 0.09 





% of 




France 9.11 

Japan 8.91 


Germany 3.88 


Jersey 3.18 

Italy 2.90 



Spain 1.98 

Belgium 1.64 


Austria 1.32 



Mexico 0.83 


Hungary 0.55 

India 0.54 


China 0.38 

Portugal 0.38 

Malaysia 0.35 

Taiwan 0.32 

Finland 0.29 


Sweden 0.17 











Total 100.00 


% of 




France 12.89 

Japan 11.21 



Jersey 3.77 


Germany 3.25 

Spain 2.21 


Belgium 1.95 



Austria 1.38 

Mexico 1.29 


Taiwan 1.02 

Italy 1.01 


Finland 0.84 

Sweden 0.83 

India 0.76 


Switzerland 0.54 

Portugal 0.49 



Mauritius 0.14 

Malaysia 0.13 












Total 100.00 

122




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

10-Jan-14 EUR 1,246,414 GBP 1,044,372 (7,943) 

10-Jan-14 GBP 37,853,575 EUR 45,295,784 168,765 

17-Jan-14 CHF264,173,590 EUR 216,486,723 (1,221,347) 

17-Jan-14 EUR 3,048,103 CHF3,721,408 15,664 

22-Jan-14 EUR 65,762,502 GBP 55,499,603 (891,045) 

22-Jan-14 EUR 34,375,966 HKD 366,628,446 52,292 

22-Jan-14 EUR 164,336,338 JPY 23,279,777,601 3,250,257 

22-Jan-14 EUR 20,254,705 SGD 35,088,036 90,702 

22-Jan-14 EUR 1,003,388,699 USD 1,378,754,345 2,510,606 

22-Jan-14 HKD 44,144,406 EUR 4,159,806 (27,017) 

22-Jan-14 USD 25,811,861 EUR 18,748,203 (10,619) 

10-Feb-14 GBP 170,710 EUR 203,912 1,081 

Total 3,931,396 


Counterparty 


Bank of America Merrill Lynch 630,801 


BNP Paribas 3,073,792 


Commonwealth Bank of Australia 52,292 




HSBC 23,075 



RBC 49,147 

Société Générale 499,583 

State Street Bank 15,001 

UBS 112,633 


Total 3,931,396 

123




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


28,290 Advance Auto Parts 3,126,469 0.25 

19,636 Affiliated Managers Group 4,260,423 0.35 

13,380 Alliance Data Systems 3,514,257 0.29 

70,416 Allstate 3,821,124 0.31 

20,737 Amazon.com 8,182,924 0.67 

46,011 American Express 4,164,916 0.34 



42,829 Amgen 4,922,979 0.40 

42,798 Andersons 3,885,844 0.32 

52,195 Apache 4,483,811 0.37 

30,284 Apple 16,927,090 1.39 

92,720 Archer-Daniels-Midland 4,046,764 0.33 

36,623 Assurant 2,435,430 0.20 

70,563 Avery Dennison 3,540,146 0.29 

78,413 Avnet 3,483,498 0.29 

674,019 Bank of America 10,477,625 0.86 

51,850 BE Aerospace 4,477,248 0.37 

36,987 Becton Dickinson & Co. 4,088,173 0.34 

56,784 Best Buy 2,265,966 0.19 

11,922 Biogen Idec 3,341,379 0.27 

41,795 Boeing 5,699,584 0.47 

394,300 Brocade Communications Systems 3,527,014 0.29 

108,493 CA 3,657,842 0.30 


57,382 CBS - Non voting B Shares 3,654,660 0.30 

20,676 Celgene 3,487,938 0.29 

100,465 Chevron 12,500,860 1.03 

44,860 Cigna 3,896,315 0.32 

222,356 Citigroup 11,559,177 0.95 

94,276 Comcast - A Shares 4,892,924 0.40 

79,449 ConocoPhillips 5,567,389 0.46 

52,568 Constellation Brands - A Shares 3,674,240 0.30 

216,214 Corning 3,864,825 0.32 

90,316 CVS Caremark 6,465,722 0.53 

134,549 Delta Air Lines 3,712,207 0.31 

58,285 Discover Financial Services 3,245,309 0.27 

78,264 Dow Chemical 3,489,400 0.29 


103,083 East West Bancorp 3,601,205 0.30 


55,935 Endo Health Solutions 3,754,917 0.31 

30,040 Energizer Holdings 3,222,841 0.26 

49,195 EnerSys 3,435,041 0.28 

23,742 EOG Resources 3,980,702 0.33 


172,371 Fifth Third Bancorp 3,625,824 0.30 

299,433 First Niagara Financial Group 3,160,515 0.26 

54,189 Fluor 4,328,617 0.36 

108,004 Freeport-McMoRan Copper & Gold - B Shares 4,080,931 0.34 

57,533 FTI Consulting 2,385,031 0.20 

74,205 Generac Holdings 4,155,109 0.34 

133,577 General Motors 5,473,318 0.45 



86,994 Halliburton 4,405,376 0.36 

53,392 Hanesbrands 3,739,576 0.31 

55,063 Harris 3,872,856 0.32 

123,196 Hartford Financial Services Group 4,478,175 0.37 

55,426 Hess 4,588,164 0.38 

148,497 Hewlett-Packard 4,151,234 0.34 

50,238 Honeywell International 4,576,179 0.38 

34,121 Humana 3,496,208 0.29 

91,620 ITT 3,991,425 0.33 

58,631 Jarden 3,571,507 0.29 


149,052 Juniper Networks 3,376,773 0.28 

31,310 Kirby 3,092,645 0.25 

74,735 Kroger 2,961,001 0.24 

73,039 Lam Research 3,989,755 0.33 

43,242 Lear 3,517,088 0.29 

14,203 LinkedIn - A Shares 3,049,455 0.25 

77,326 Lorillard 3,923,135 0.32 

83,091 Macy’s 4,428,750 0.36 

50,757 Manpowergroup 4,392,511 0.36 

112,913 Marathon Oil 3,981,312 0.32 

26,183 McKesson 4,223,842 0.35 

66,776 Medtronic 3,832,275 0.31 

80,365 MetLife 4,304,751 0.35 

445,082 Microsoft 16,617,136 1.37 

31,408 Mohawk Industries 4,659,377 0.38 


53,910 Murphy Oil 3,481,777 0.29 

68,179 Murphy USA 2,882,608 0.24 

94,664 Mylan 4,085,225 0.34 

30,827 News - B Shares 550,570 0.05 

62,757 Noble Energy 4,234,215 0.34 

35,513 Northrop Grumman 4,062,332 0.33 

27,386 Nu Skin Enterprises - A Shares 3,809,803 0.31 

52,746 Omnicare 3,207,748 0.26 

59,747 Packaging Corp of America 3,793,935 0.31 

402,765 Pfizer 12,354,816 1.02 

115,863 Pinnacle Foods 3,123,087 0.26 

49,999 PNC Financial Services Group 3,882,672 0.32 

3,646 priceline.com 4,221,886 0.35 

44,996 Prosperity Bancshares 2,864,220 0.24 

48,714 Prudential Financial 4,475,842 0.37 

116,560 QUALCOMM 8,614,367 0.71 

42,593 Raytheon 3,841,037 0.31 

43,043 Reinsurance Group of America 3,306,778 0.27 

61,345 SanDisk 4,340,465 0.36 

51,738 SM Energy 4,325,814 0.35 

33,935 Snap-On 3,706,720 0.30 

79,650 Spirit Airlines 3,645,182 0.30 

61,909 St Jude Medical 3,836,810 0.32 

53,256 State Street 3,896,475 0.32 

58,604 Synaptics 3,045,357 0.25 

97,975 Texas Instruments 4,308,451 0.35 

34,213 Thermo Fisher Scientific 3,787,037 0.31 

48,933 Tidewater 2,866,740 0.24 

68,931 Time Warner 4,818,966 0.40 

65,308 TJX 4,147,711 0.34 

44,583 Torchmark 3,479,034 0.29 

107,124 Total System Services 3,571,514 0.29 

47,305 Travelers 4,276,372 0.35 

43,614 Trinity Industries 2,413,599 0.20 


61,326 UnitedHealth Group 4,596,690 0.38 

41,028 Universal Health Services - B Shares 3,310,139 0.27 

102,710 Unum 3,597,418 0.30 

93,305 Valero Energy 4,660,585 0.38 

136,907 VCA Antech 4,300,933 0.35 

120,770 VeriFone Systems 3,169,005 0.26 

72,848 VF4,542,073 0.37 

80,363 Walgreen 4,629,311 0.38 

366,274 Wendy’s 3,192,078 0.26 

48,662 Western Digital 4,069,846 0.33 

22,340 Whirlpool 3,514,082 0.29 

283,027 Xerox 3,452,929 0.28 

109,563 Yahoo! 4,389,642 0.36 

37,101 Zimmer Holdings 3,467,645 0.28 

599,478,383 49.27 


578,944 3i Group 3,692,784 0.30 

77,808 Associated British Foods 3,149,651 0.26 

90,898 AstraZeneca 5,376,418 0.44 

1,311,843 Barclays 5,901,795 0.49 

374,147 BG Group 8,033,898 0.66 

1,267,596 BP 10,238,284 0.84 

322,489 Britvic 3,687,109 0.30 

601,025 BT Group 3,770,977 0.31 

610,665 Carillion 3,338,382 0.27 

965,093 Home Retail Group 3,060,349 0.25 

134,592 Imperial Tobacco Group 5,205,517 0.43 

1,141,147 ITV 3,661,107 0.30 

567,543 J Sainsbury 3,426,148 0.28 

939,420 Legal & General Group 3,460,792 0.28 


169,666 Persimmon 3,479,640 0.29 

223,631 Prudential 4,956,416 0.41 

151,688 Rio Tinto 8,552,245 0.70 

345,219 St James’s Place 4,145,479 0.34 

1,988,502 Taylor Wimpey 3,670,191 0.30 

115,636 Travis Perkins 3,578,852 0.30 


111,944,086 9.20 

JAPAN 

388,000 Asahi Kasei 3,047,198 0.25 

158,900 Coca-Cola West 3,370,491 0.28 

65,400 Daikin Industries 4,082,825 0.34 

47,100 East Japan Railway 3,759,650 0.31 

878,000 Fuji Electric 4,113,010 0.34 

109,800 FUJIFILM Holdings 3,117,035 0.26 

520,000 Hitachi 3,942,623 0.32 

124




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


288,999 ITOCHU 3,578,057 0.29 

1,450,000 Kawasaki Kisen Kaisha 3,669,224 0.30 

76,100 KDDI 4,696,412 0.39 

75,800 Kose 2,409,388 0.20 

208,700 Mitsubishi 4,010,095 0.33 

115,000 Mitsui Fudosan 4,143,157 0.34 

227,000 Nippon Meat Packers 3,907,377 0.33 

220,000 Nippon Paint 3,666,317 0.30 

32,600 Nitori Holdings 3,094,701 0.25 

94,900 Omron 4,196,874 0.34 

356,000 ORIX 6,265,288 0.51 

282,000 Sekisui House 3,948,323 0.32 

129,000 Sumitomo Mitsui Financial Group 6,657,787 0.55 

871,000 Sumitomo Osaka Cement 3,353,831 0.28 

287,700 T&D Holdings 4,025,387 0.33 

262,000 TOTO 4,161,485 0.34 

135,500 Toyoda Gosei 3,157,620 0.26 

97,500 Toyota Motor 5,961,328 0.49 

100,335,483 8.25 

FRANCE 

241,683 AXA 6,729,405 0.55 

70,859 BNP Paribas 5,527,797 0.45 

94,143 Bouygues 3,556,359 0.29 



307,708 Orange 3,815,400 0.31 

40,400 Renault 3,253,499 0.27 


108,512 SCOR 3,963,510 0.33 



149,838 Total 9,191,990 0.76 

33,227 Valeo 3,686,034 0.30 

59,177,852 4.86 

SWITZERLAND 

44,316 ACE 4,585,155 0.38 

31,022 Actelion Registered Shares 2,622,713 0.22 





263,881 OC Oerlikon Registered Shares 3,961,354 0.33 


42,258 Swiss Re 3,890,424 0.32 

71,833 TE Connectivity 3,930,702 0.32 

56,940,011 4.68 

GERMANY 




20,885 Continental 4,588,869 0.38 




105,650 Freenet 3,164,750 0.26 



51,850,009 4.26 

NETHERLANDS 

383,569 ING Groep - CVA 5,328,806 0.44 


44,126 LyondellBasell Industries - A Shares 3,527,874 0.29 

74,330 NXP Semiconductor 3,408,031 0.28 

640,783 PostNL 3,660,627 0.30 


207,316 SBM Offshore 4,230,305 0.35 

27,813,330 2.29 

CANADA 

39,160 Canadian Imperial Bank of Commerce 3,342,761 0.27 

49,576 InterOil 2,553,164 0.21 

36,974 Magna International 3,029,837 0.25 

37,988 Methanex 2,240,708 0.19 

131,074 Suncor Energy 4,575,031 0.38 

60,858 Toronto-Dominion Bank 5,751,977 0.47 

31,227 Valeant Pharmaceuticals International 3,639,975 0.30 

IRELAND 

24,472 Actavis 4,069,082 0.33 

53,991 Allegion 2,393,691 0.20 

54,585 Covidien 3,722,151 0.30 

63,267 Ingersoll-Rand 3,895,349 0.32 

29,647 Jazz Pharmaceuticals 3,741,600 0.31 

17,821,873 1.46 

SPAIN 


192,265 Ferrovial 3,718,586 0.31 

560,887 Iberdrola 3,584,349 0.29 

202,504 Repsol 5,107,783 0.42 

16,945,958 1.39 

JERSEY 


96,238 Shire 4,540,597 0.37 

197,290 WPP 4,503,185 0.37 

14,413,110 1.18 

CHINA 




13,946,553 1.15 

SWEDEN 

125,427 NCC - B Shares 4,093,793 0.34 

227,420 Securitas - B Shares 2,415,037 0.20 



13,868,414 1.14 

FINLAND 

69,114 Sampo - A Shares 3,399,426 0.28 

404,688 Stora Enso - R Shares 4,068,225 0.34 

225,034 UPM-Kymmene 3,808,323 0.31 

11,275,974 0.93 

HONG KONG 

233,000 Cheung Kong Holdings 3,682,459 0.30 


1,836,000 CNOOC 3,416,706 0.28 

10,828,444 0.89 

INDIA 

141,768 HDFC Bank ADR 4,888,161 0.40 

604,494 Yes Bank 3,622,424 0.29 

8,510,585 0.69 

BERMUDA 

288,408 Marvell Technology Group 4,209,315 0.35 

48,974 Signet Jewelers 3,849,846 0.31 

8,059,161 0.66 

SOUTH KOREA 

16,139 Hyundai Motor 3,633,871 0.30 


8,053,258 0.66 


5,190,000 China Resources Cement Holdings 3,503,908 0.29 

545,600 Sands China 4,469,796 0.37 

7,973,704 0.66 

DENMARK 

69,368 Pandora 3,765,739 0.31 

400,257 TDC 3,889,992 0.32 

7,655,731 0.63 

ITALY 


872,747 Enel 3,818,382 0.32 

7,275,436 0.60 

25,133,453 2.07 

125




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


BELGIUM 


6,016,654 0.49 

NORWAY 

184,148 Telenor 4,386,461 0.36 

4,386,461 0.36 

SINGAPORE 

74,008 Avago Technologies 3,894,671 0.32 

3,894,671 0.32 

AUSTRIA 

72,778 Voestalpine 3,519,991 0.29 

3,519,991 0.29 

AUSTRALIA 

581,447 Challenger 3,230,714 0.26 

3,230,714 0.26 

PANAMA 

19,816 Copa Holdings - A Shares 3,168,975 0.26 

3,168,975 0.26 

PORTUGAL 

860,464 EDP - Energias de Portugal 3,159,526 0.26 

3,159,526 0.26 

Total Shares 1,206,677,800 99.16 



1,206,677,800 99.16 



LUXEMBOURG 




% of 


Shares 






Energy 8.75 








Total 100.00 


% of 


Shares 






Energy 8.58 








Total 100.00 

7,659,887 0.63 




7,659,887 0.63 


Cash 2,074,714 0.17 




126




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

07-Jan-14 CHF21,269 DKK 129,782 (96) 

07-Jan-14 CHF27,001 EUR 21,914 119 

07-Jan-14 CHF3,906,484 USD 4,323,621 61,084 

07-Jan-14 EUR 34,996 CHF42,831 135 

07-Jan-14 GBP 39,232 CHF57,630 226 

07-Jan-14 USD 33,204 AUD 36,609 457 

07-Jan-14 USD 63,359 CAD 67,178 137 

07-Jan-14 USD 120,417 CHF107,204 90 

07-Jan-14 USD 658,936 EUR 484,070 (7,897) 

07-Jan-14 USD 507,891 GBP 310,924 (6,550) 

07-Jan-14 USD 118,402 HKD 917,886 28 


07-Jan-14 USD 45,319 SEK 296,754 (800) 

17-Jan-14 CHF212,849 EUR 174,242 (1,101) 

17-Jan-14 EUR 170,021 DKK 1,267,807 51 

17-Jan-14 EUR 168,250 GBP 140,649 (925) 

17-Jan-14 EUR 200,055 JPY 28,469,170 4,227 

17-Jan-14 EUR 27,389,425 USD 37,739,800 (9,582) 

17-Jan-14 GBP 179,167 EUR 212,866 3,190 

17-Jan-14 USD 284,298 AUD 318,645 (537) 

17-Jan-14 USD 513,832 CAD 543,964 2,031 

17-Jan-14 USD 1,908,272 CHF1,692,450 8,475 

17-Jan-14 USD 1,151,294 EUR 839,230 (4,784) 

17-Jan-14 USD 4,642,447 GBP 2,848,109 (69,606) 

17-Jan-14 USD 1,208,925 HKD 9,372,916 150 

17-Jan-14 USD 3,302,500 JPY 340,190,826 59,929 

17-Jan-14 USD 328,529 SEK 2,155,494 (6,401) 

05-Feb-14 CHF 26,215 EUR 21,422 (77) 

05-Feb-14 CHF 24,960 GBP 17,055 (190) 

05-Feb-14 CHF 20,476 JPY 2,427,817 (156) 

05-Feb-14 CHF 39,342 USD 43,958 212 

Total 40,873 


Counterparty 



Crédit Suisse (126) 


Goldman Sachs (775) 

RBC 8,594 




UBS 2,397 

Westpac Banking 60,583 

Total 40,873 

127




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


154,127 Allergan 12,335,777 0.93 

66,540 Amazon.com 19,060,525 1.43 

51,193 Autozone 17,927,733 1.35 

2,451,116 Bank of America 27,659,484 2.09 

49,653 Biogen Idec 10,102,098 0.76 

633,936 Bristol-Myers Squibb 24,240,381 1.83 


265,376 Cheniere Energy 8,258,565 0.62 

203,206 Citrix Systems 9,349,282 0.71 


218,603 CVS Caremark 11,360,514 0.86 

553,508 eBay 21,835,995 1.65 

465,290 Fluor 26,980,579 2.03 


181,178 Humana 13,476,294 1.02 

164,714 Lam Research 6,531,478 0.49 


406,012 Lowe’s 14,522,955 1.10 

171,022 Marathon Petroleum 11,211,230 0.85 

665,439 Masco 11,020,929 0.83 

1,277,238 Morgan Stanley 28,932,469 2.18 

315,494 Paccar 13,571,950 1.02 

479,606 Time Warner 24,339,598 1.84 

562,509 TJX 25,933,496 1.96 


417,836 VF18,911,754 1.43 

448,836,737 33.86 


2,060,797 APR Energy 23,434,357 1.77 


1,397,225 BG Group 21,779,098 1.64 

2,325,477 HSBC Holdings 18,500,442 1.40 

706,998 InterContinental Hotels Group 17,098,276 1.29 

2,091,637 Kingfisher 9,662,246 0.73 

190,951 Liberty Global - A Shares 12,396,374 0.94 

943,327 Prudential 15,177,054 1.14 

632,609 SABMiller 23,547,210 1.78 

1,174,577 Tullow Oil 12,072,881 0.91 

168,427,505 12.71 

JAPAN 


3,640,000 Hitachi 20,034,236 1.51 

1,059,100 Japan Tobacco 25,024,125 1.89 

2,851,000 Mitsubishi Gas Chemical 15,267,552 1.15 

1,549,700 ORIX 19,798,312 1.49 

101,373,922 7.64 

FRANCE 

804,601 AXA 16,262,998 1.23 



227,618 Sodexo 16,775,447 1.27 

84,728 Unibail-Rodamco 15,791,181 1.19 

94,190,733 7.12 

GERMANY 


114,215 Continental 18,217,293 1.37 



NETHERLANDS 

263,640 ASML Holding 17,940,702 1.35 

450,364 EADS 25,146,074 1.90 

1,251,559 TNT Express 8,450,526 0.64 

51,537,302 3.89 

JERSEY 

1,323,322 Petrofac 19,407,237 1.46 

420,865 Shire 14,414,470 1.09 

33,821,707 2.55 

BELGIUM 

234,029 Solvay 26,884,081 2.03 

26,884,081 2.03 

SWEDEN 

994,260 Electrolux - B Shares 18,896,268 1.42 


26,675,274 2.01 

INDIA 

453,879 ICICI Bank ADR 12,189,127 0.92 

2,262,320 ITC 8,515,036 0.64 

1,196,691 Yes Bank 5,205,696 0.39 

25,909,859 1.95 


3,766,400 Sands China 22,399,029 1.69 

22,399,029 1.69 

SWITZERLAND 

222,544 ACE 16,714,710 1.26 

16,714,710 1.26 

NORWAY 

923,003 Telenor 15,960,256 1.20 

15,960,256 1.20 

HONG KONG 

1,456,000 Hutchison Whampoa 14,394,062 1.09 

14,394,062 1.09 

SOUTH KOREA 


11,637,885 0.88 

TAIWAN 


11,092,692 0.84 

SOUTH AFRICA 

708,505 Mr Price Group 7,992,406 0.60 

7,992,406 0.60 

AUSTRALIA 

1,802,910 Goodman Group 5,550,584 0.42 

5,550,584 0.42 

Total Shares 1,282,564,753 96.75 



1,282,564,753 96.75 

77,305,692 5.82 

FINLAND 

396,666 Nokian Renkaat 13,843,643 1.04 

20,614,607 Outokumpu 8,398,391 0.63 

1,363,641 Stora Enso - R Shares 9,951,170 0.75 

3,009,230 UPM-Kymmene 36,968,390 2.79 

69,161,594 5.21 

CANADA 

1,309,193 First Quantum Minerals 17,062,275 1.29 

953,230 InterOil 35,636,448 2.69 

52,698,723 3.98 

128




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 




LUXEMBOURG 



42,500,571 3.21 




42,500,571 3.21 


Cash 2,434,243 0.18 




% of 


Shares 







Energy 8.17 







Total 100.00 


% of 


Shares 








Energy 7.88 






Total 100.00 

129




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Mar-14 33 FTSE 100 Index Future GBP 2,654,662 (3,591) 

Total (3,591) 


- Cash: EUR 602,465. 

130




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

07-Jan-14 CHF8,142,742 EUR 6,620,493 14,131 

07-Jan-14 CHF46,015 GBP 31,389 (208) 

07-Jan-14 CHF87,842 USD 97,028 1,138 

07-Jan-14 EUR 3,978,097 AUD 5,936,119 123,506 

07-Jan-14 EUR 4,996,343 CAD 7,230,536 56,635 

07-Jan-14 EUR 4,879,930 CHF5,995,959 (5,517) 

07-Jan-14 EUR 386,608 DKK 2,882,745 130 

07-Jan-14 EUR 12,336,384 GBP 10,205,622 78,584 

07-Jan-14 EUR 1,703,435 HKD 17,923,005 25,519 

07-Jan-14 EUR 11,383,755 JPY 1,586,381,260 407,844 

07-Jan-14 EUR 331,098 NOK 2,748,924 2,646 

07-Jan-14 EUR 1,055,283 SEK 9,367,996 (1,592) 

07-Jan-14 EUR 634,854 SGD 1,081,793 13,181 

07-Jan-14 EUR 72,996,752 USD 99,128,166 1,037,214 

07-Jan-14 GBP 65,053 CHF95,203 563 

07-Jan-14 JPY 5,654,913 CHF48,670 (531) 

07-Jan-14 USD 395,908 CHF352,218 415 

07-Jan-14 USD 1,133,604 EUR 826,311 (3,401) 

08-Jan-14 AUD 53,656,356 EUR 37,113,998 (2,274,707) 

08-Jan-14 CAD 51,045,180 EUR 36,447,045 (1,575,107) 

08-Jan-14 CHF63,561,046 EUR 51,931,080 (141,757) 

08-Jan-14 EUR 3,400,844 AUD 4,903,949 216,690 

08-Jan-14 EUR 136,193,395 GBP 114,180,180 (945,747) 

08-Jan-14 EUR 19,951,771 HKD 208,842,967 400,302 

08-Jan-14 EUR 30,200,562 JPY 4,139,063,311 1,563,035 

08-Jan-14 EUR 10,987,261 NOK 89,248,854 323,840 

08-Jan-14 EUR 21,866,175 SEK 189,536,002 483,542 

08-Jan-14 EUR 179,463,992 USD 243,424,655 2,755,955 

08-Jan-14 GBP 58,024,498 EUR 68,990,011 701,856 

08-Jan-14 HKD 30,827,675 EUR 2,924,627 (38,601) 

08-Jan-14 JPY 4,139,063,311 EUR 31,190,856 (2,553,328) 

08-Jan-14 SEK 90,554,113 EUR 10,317,677 (101,753) 

08-Jan-14 SGD 13,800,685 EUR 8,136,947 (206,096) 

08-Jan-14 USD 452,907,243 EUR 334,217,847 (5,441,165) 

05-Feb-14 CAD 54,049 CHF 45,525 (205) 

05-Feb-14 USD 140,999 CHF 125,585 3 

07-Feb-14 EUR 709,188 CAD 1,045,663 (4,627) 

07-Feb-14 EUR 701,579 GBP 586,894 (3,192) 

07-Feb-14 EUR 1,446,187 JPY 209,936,459 (6,644) 

07-Feb-14 EUR 1,056,829 USD 1,460,791 (3,606) 

04-Apr-14 EUR 5,669,624 USD 7,847,769 (27,376) 

04-Apr-14 JPY 1,810,570,371 EUR 12,495,634 37,715 

Total (5,090,716) 


Counterparty 


Bank of America Merrill Lynch (2,674,560) 

Barclays (1,400,178) 




Deutsche Bank (2,263,695) 


HSBC 419,272 

Morgan Stanley 109,223 


RBC 497,116 


State Street Bank 1,965,598 

Toronto Dominion (1,267,050) 

UBS 979 


Total (5,090,716) 

131




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

JAPAN 

534,000,000 Japan (Government of) 20.03.21/1.300% 3,892,356 3.32 






103,050,000 Japan (Government of) 20.09.35/2.500% 822,680 0.70 




18,973,486 16.17 

SPAIN 

2,760,000 Spain (Kingdom of) 16.04.14/0.000% 2,754,632 2.35 

450,000 Spain (Kingdom of) 31.10.15/3.750% 468,909 0.40 









11,209,530 9.56 

FRANCE 

1,100,000 France (Government of) 25.07.16/2.500% 1,157,733 0.99 





620,000 France (Government of) 25.04.35/4.750% 763,084 0.65 




10,577,277 9.01 


920,000 UK Treasury 26.07.16/2.500% 3,726,827 3.18 

1,510,000 UK Treasury 07.09.17/1.000% 1,774,211 1.51 

890,121 UK Treasury 07.09.20/3.750% 1,151,240 0.98 

888,000 UK Treasury 07.09.34/4.500% 1,204,712 1.03 

494,000 UK Treasury 07.09.39/4.250% 651,640 0.55 

550,000 UK Treasury 07.12.40/4.250% 726,522 0.62 

210,000 UK Treasury 22.07.52/3.750% 257,689 0.22 

280,000 UK Treasury 22.01.60/4.000% 366,396 0.31 

9,859,237 8.40 

ITALY 

1,360,000 Italy (Republic of) 15.04.15/3.000% 1,393,963 1.19 

510,000 Italy (Republic of) 15.04.16/3.750% 535,635 0.46 













8,658,136 7.38 

FINLAND 

3,450,000 Finland (Government of) 25.02.16/0.573%* 4,130,813 3.52 

3,900,000 Finland (Government of) 01.10.18/1.625% 2,817,686 2.40 

600,000 Finland (Government of) 15.04.20/3.375% 667,182 0.57 




SWEDEN 

9,100,000 Sweden (Kingdom of) 03.03.15/5.750% 6,065,474 5.17 


4,440,000 Sweden (Kingdom of) 12.03.19/4.250% 559,975 0.48 

8,480,500 7.23 

MEXICO 



5,303,354 4.52 

SOUTH KOREA 

1,462,000 Korea (Republic of) 16.04.14/5.750% 1,075,701 0.92 



5,189,338 4.42 

BELGIUM 

123,037 Belgium (Kingdom of) 28.09.15/3.750% 130,478 0.11 



1,350,000 Belgium (Kingdom of) 22.06.23/2.250% 1,314,474 1.12 



3,293,137 2.81 

AUSTRIA 

4,790,000 Austria (Republic of) 15.09.14/5.750% 3,147,238 2.68 

3,147,238 2.68 

GERMANY 

630,000 Germany (Federal Republic of) 15.08.23/2.000% 633,052 0.54 




2,076,378 1.77 

AUSTRALIA 

370,000 Australia (Commonwealth of) 15.06.16/4.750% 249,539 0.21 



732,495 0.62 

DENMARK 

1,970,000 Denmark (Kingdom of) 15.11.19/4.000% 305,927 0.26 


502,657 0.43 

Total Bonds 96,493,316 82.24 



96,493,316 82.24 


Bonds 


1,310,000 US Treasury 30.11.16/0.875% 952,894 0.81 

1,080,000 US Treasury 31.12.18/1.375% 770,513 0.66 

1,840,000 US Treasury 31.01.20/1.375% 1,277,030 1.09 

660,000 US Treasury 15.05.21/3.125% 499,524 0.43 

3,060,000 US Treasury 15.11.22/1.625% 2,005,895 1.71 

3,190,000 US Treasury 15.05.23/1.750% 2,088,583 1.78 

1,023,000 US Treasury 15.02.31/5.375% 912,345 0.78 

1,120,000 US Treasury 15.05.38/4.500% 903,821 0.77 

1,505,000 US Treasury 15.08.41/3.750% 1,068,055 0.91 

1,570,000 US Treasury 15.08.42/2.750% 906,002 0.77 

2,110,000 US Treasury 15.11.42/2.750% 1,214,992 1.03 

12,599,654 10.74 

SPAIN 

1,340,000 Spanish Treasury Bill 21.02.14/0.000% 1,330,613 1.13 

1,330,613 1.13 

8,490,553 7.24 

132




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


CANADA 

640,000 Canada (Government of) 01.06.17/4.000% 470,283 0.40 







1,127,638 0.96 

Total Bonds 15,057,905 12.83 



15,057,905 12.83 


Cash 2,562,485 2.18 





% of 



Japan 16.17 


Spain 10.69 

France 9.01 


Italy 7.38 

Finland 7.24 

Sweden 7.23 

Mexico 4.52 


Belgium 2.81 

Austria 2.68 

Germany 1.77 

Canada 0.96 


Denmark 0.43 



Total 100.00 


% of 



Japan 16.24 


Spain 12.97 

Italy 9.21 

France 6.08 


Sweden 5.32 


Belgium 3.45 


Mexico 3.12 

Austria 1.99 

Germany 1.94 

Denmark 1.47 

Canada 0.97 

New Zealand 0.92 




Total 100.00 

133




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Mar-14 (56) Australia 3 Year Bond Future AUD (3,916,554) (1,080) 

Mar-14 5 Australia 10 Year Bond Future AUD 368,714 141 

Mar-14 2 Canada 10 Year Bond Future CAD 171,847 292 

Mar-14 (62) Euro-Bobl Future EUR (7,708,770) (10,823) 

Mar-14 (16) Euro-Bund Future EUR (2,223,920) (15,546) 

Mar-14 31 Euro-Schatz Future EUR 3,418,448 1,008 

Mar-14 15 Japan Mini 10 Year Bond Future JPY 1,483,200 (2,233) 

Mar-14 8 Long Gilt Future GBP 1,018,884 4,157 

Mar-14 (43) Short Gilt Future GBP (5,309,145) (3,085) 

Mar-14 40 US 2 Year Note Future USD 6,374,976 1,135 



Total (17,891) 


- Cash: EUR 352,917. 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

07-Jan-14 AUD 205,000 EUR 137,218 (5,066) 

07-Jan-14 EUR 10,557,701 AUD 15,844,119 343,843 

07-Jan-14 EUR 1,043,098 CAD 1,506,032 22,224 

07-Jan-14 EUR 504,005 DKK 3,758,028 216 

07-Jan-14 EUR 14,516,985 GBP 12,100,147 49,148 

07-Jan-14 EUR 20,125,855 JPY 2,799,176,869 830,356 

07-Jan-14 EUR 464,753 SEK 4,141,949 (1,285) 

07-Jan-14 EUR 25,565,616 USD 34,785,858 345,000 

07-Jan-14 GBP 287,966 EUR 345,159 (845) 

07-Jan-14 JPY 144,193,725 EUR 1,014,720 (20,753) 

07-Jan-14 USD 1,112,547 EUR 818,869 (12,245) 

17-Jan-14 EUR 279,783 USD 385,101 573 

17-Jan-14 USD 12,411,571 EUR 9,007,304 (8,541) 

05-Feb-14 USD 610,000 EUR 442,340 (68) 

Total 1,542,557 


Counterparty 







RBC 36,593 




UBS 3,721 


Total 1,542,557 

134




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




CANADA 

545,900 Africa Oil 3,426,006 0.42 

344,600 Alamos Gold 2,988,937 0.36 

184,400 Alpha Exploration/Canada 64,254 0.01 

2,175,300 Asanko Gold 2,519,171 0.31 

3,733,100 Augusta Resource 3,891,305 0.47 

9,412,045 Aureus Mining 3,617,566 0.44 

669,592 B2Gold 990,460 0.12 

4,478,400 Banro 1,912,369 0.23 

1,020,000 Barrick Gold 12,831,819 1.57 

2,316,951 Calvalley Petroleums - A Shares 2,841,515 0.35 

314,600 Cameco 4,787,901 0.58 

1,299,000 Capstone Mining 2,631,495 0.32 

956,078 Caracal Energy 5,102,999 0.62 

805,500 Cenovus Energy 16,743,730 2.04 

1,855,404 Denison Mines 1,666,990 0.20 

396,700 Dominion Diamond 4,102,167 0.50 

2,514,800 Duluth Metals 1,357,373 0.17 

1,032,671 EastCoal 17,055 0.00 

920,800 Eldorado Gold 3,740,123 0.46 


2,686,000 Fission 3.0 339,505 0.04 

4,922,185 Fission Uranium 3,480,703 0.42 

493,500 Goldcorp 7,618,478 0.93 

498,500 HudBay Minerals 2,951,226 0.36 

16,780,300 Ivernia 1,461,769 0.18 

336,520 Kennady Diamonds 1,168,001 0.14 

2,611,300 Kinross Gold 8,162,376 1.00 

212,900 Kinross Gold - Warrants 17.09.14 5,091 0.00 

2,132,492 Loncor Resources 174,839 0.02 

9,189,700 Lucara Diamond 10,830,766 1.32 

6,157,600 Lundin Mining 19,289,436 2.35 

830,100 Lundin Mining SDR 2,576,944 0.31 

17,462,600 Marengo Mining 208,793 0.03 

1,724,900 Mountain Province Diamonds 6,169,491 0.75 

1,209,800 New Gold 4,475,904 0.55 

4,431,000 OceanaGold 4,590,381 0.56 

188,700 Pacific Rubiales Energy 2,380,619 0.29 

7,800,000 Panoro Minerals 1,878,549 0.23 

1,508,184 Parex Resources 6,744,235 0.82 

9,537,300 Platinum Group Metals 7,949,760 0.97 

806,400 Reservoir Minerals 2,713,473 0.33 

11,221,305 Romarco Minerals 2,894,203 0.36 

1,936,000 Sarama Resources 175,263 0.02 

619,700 Silver Wheaton 9,020,524 1.10 

690,500 Silvercrest Mines 830,319 0.10 

5,521,422 Strata-X Energy 1,237,247 0.15 

178,000 Suncor Energy 4,510,109 0.55 

558,156 Teck Resources - B Shares 10,550,062 1.29 

2,907,600 Trevali Mining 1,996,501 0.25 

5,824,400 WesternZagros Resources 3,879,936 0.47 

1,270,500 Yamana Gold 7,868,849 0.96 

254,401,670 31.03 



142,000 Apache 8,855,157 1.08 

130,000 Continental Resources 10,551,954 1.29 

1,806,800 Freeport-McMoRan Copper & Gold - B Shares 49,558,596 6.05 

2,021,500 Gran Tierra Energy 10,614,177 1.29 

245,900 Occidental Petroleum 16,954,312 2.07 

120,236,019 14.67 


6,260,768 Amara Mining 1,156,179 0.14 

11,154,183 Amerisur Resources 8,021,689 0.98 

1,305,200 Antofagasta 12,929,505 1.58 

1,439,100 BHP Billiton 32,280,042 3.94 

738,236 Borders & Southern Petroleum 109,729 0.01 

4,073,400 Ferrexpo 9,352,202 1.14 

21,023,676 Firestone Diamonds 757,552 0.09 

945,185 IGAS Energy 1,214,739 0.15 

1,039,935 Jubilee Platinum 38,409 0.00 

27,230,350 Mwana Africa 425,186 0.05 

1,170,000 Papua Mining 396,997 0.05 

51,685,000 Pathfinder Minerals 248,317 0.03 

2,752,512 President Energy 1,119,930 0.14 

1,068,200 Rio Tinto 43,719,073 5.33 

6,671,483 Trap Oil Group 731,203 0.09 

400,000 Tullow Oil 4,111,397 0.50 

116,612,149 14.22 

AUSTRALIA 

7,315,313 African Petroleum 451,381 0.06 

8,064,800 Armour Energy 1,034,539 0.13 

2,250,000 Armour Energy - Warrants 31.08.14 0 0.00 

7,856,758 Aurora Oil and Gas 15,436,721 1.88 

5,200,420 Base Resources 1,410,202 0.17 

5,201,700 Beach Energy 4,814,448 0.59 

4,000,000 Beadell Resources 2,039,464 0.25 

453,100 BHP Billiton 11,178,731 1.36 

12,347,239 Cape Lambert Resources 1,062,605 0.13 

2,144,014 Equatorial Resources 929,534 0.11 

4,306,300 Fortescue Metals Group 16,264,485 1.98 

4,590,685 Gascoyne Resources 536,706 0.07 

3,621,312 Gryphon Minerals 393,974 0.05 

1,380,000 Indophil Resources 145,653 0.02 

2,335,875 Kalnorth Gold Mines 25,792 0.00 

6,152,380 Mawson West 2,353,964 0.29 

1,121,295 Mineral Deposits 2,031,938 0.25 

3,019,600 Neon Energy 534,444 0.07 

908,800 New Hope 1,962,665 0.24 

2,562,239 Northern Star Resources 1,310,559 0.16 

26,835,014 Nyota Minerals 120,869 0.01 

12,114,879 Pancontinental Oil & Gas 483,928 0.06 

1,268,800 Papillon Resources 805,557 0.10 

8,848,000 Reed Resources 336,192 0.04 

2,598,142 Rex Minerals 818,448 0.10 

294,600 Rio Tinto 13,038,306 1.59 

1,235,100 Sandfire Resources NL 5,194,314 0.63 

1,312,790 Sayona Mining 2,984 0.00 

20,722,320 Sino Gas & Energy Holdings 2,725,522 0.33 

819,670 Sino Gas & Energy Holdings Tranche 2 106,477 0.01 

1,510,000 Sirius Resources 2,236,135 0.27 

13,567,906 Sundance Resources 841,594 0.10 

8,962,283 Tiger Resources 1,993,726 0.25 

1,221,800 Western Areas 1,884,734 0.23 

10,075,102 World Titanium Resources 559,502 0.07 

95,066,093 11.60 

JERSEY 


4,288,100 Highland Gold Mining 3,025,905 0.37 

2,850,187 Minera IRL 380,852 0.05 

236,100 Randgold Resources ADR 10,777,003 1.31 

55,896,259 6.82 

NETHERLANDS 


25,082,176 3.06 

NORWAY 

8,519,700 DNO International 24,643,229 3.01 

24,643,229 3.01 


1,257,300 Gem Diamonds 2,201,050 0.27 

31,148,803 Sable Mining Africa 3,479,420 0.42 

20,029,172 Sierra Rutile 14,915,479 1.82 

20,595,949 2.51 

BERMUDA 

2,309,503 Aquarius Platinum 1,099,184 0.13 

12,739,394 Petra Diamonds 18,147,465 2.21 

3,825,927 Sylvania Platinum 287,210 0.04 

19,533,859 2.38 

ISLE OF MAN 

2,577,277 3Legs Resources 673,291 0.08 

2,037,600 Nostrum Oil & Gas GDR 17,934,536 2.19 

18,607,827 2.27 

SWEDEN 

925,900 Lundin Petroleum 13,089,414 1.60 

13,089,414 1.60 

135




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


IRELAND 

31,573,358 Kenmare Resources 7,869,033 0.96 

13,836,336 Ormonde Mining 743,698 0.09 

1,327,070 Providence Resources 3,546,552 0.43 

12,159,283 1.48 

RUSSIA 


7,668,331 0.94 


4,296,617 Endeavour Mining 1,395,349 0.17 

5,212,500 Mongolian Mining 500,182 0.06 

9,784,900 Tethys Petroleum CAD 3,175,548 0.38 

1,065,200 Tethys Petroleum GBP 358,238 0.04 

5,429,317 0.65 

SOUTH AFRICA 

419,000 Impala Platinum Holdings 3,550,726 0.43 

3,550,726 0.43 

PAPUA NEW GUINEA 

593,711 New Britain Palm Oil 2,888,102 0.35 

2,888,102 0.35 

NEW ZEALAND 

15,163,565 Bathurst Resources 1,846,668 0.23 

1,846,668 0.23 

INDONESIA 

19,017,000 Timah Persero 1,792,986 0.22 

1,792,986 0.22 

FALKLAND ISLANDS 

3,793,961 Argos Resources 660,759 0.09 

660,759 0.09 




799,760,816 97.56 



LUXEMBOURG 



8,431,916 1.03 




8,431,916 1.03 




2,450,000 Mitra Energy* 5,780,148 0.70 

5,780,148 0.70 

CANADA 

1,900,000 AQM Copper - Warrants* 17.03.14 0 0.00 

1,109,225 Aureus Mining - Warrants* 16.05.14 0 0.00 

2,285,000 Global Atomic Fuels* 1,982,707 0.24 

5,500,000 Northern Star Mining CAD* 376 0.00 

1,000,000 Northern Star Mining* 0 0.00 

155,480 Pan American Silver - Warrants* 07.12.14 0 0.00 

2,010,000 Platinum Group Metals* 1,675,424 0.21 

1,750,000 Redox Diamonds* 120 0.00 

1,343,454 Regulus Resources - Warrants* 06.03.14 0 0.00 

968,000 Sarama Resources - Warrants* 16.10.14 0 0.00 

150,000 Stornoway Diamond - Warrants* 31.03.14 0 0.00 

2,600,000 Tsar Emerald* 0 0.00 


4,230,020 Hurricane Energy* 2,362,533 0.29 

178,805 Jordan Energy and Mining* 292,046 0.04 

1,000,000 Mantle Diamonds* 34,832 0.00 

761,300 Norseman Gold AUD* 0 0.00 

2,033,191 Norseman Gold GBP* 0 0.00 

4,619,200 Target Resources* 0 0.00 

2,689,411 0.33 


1,878,750 Leaf Clean Energy* 1,094,443 0.13 

3,000,000 Real Gold Mining* 0 0.00 

1,094,443 0.13 

AUSTRALIA 

275,000 Altus Renewables* 18 0.00 

1,555,221 Archipelago Metals* 187 0.00 

19,394,000 International Petroleum* 0 0.00 

13,781,300 Kagara* 0 0.00 

7,464,641 Swan Gold Mining* 0 0.00 

667,252 Windimurra Vanadium* 43 0.00 

248 0.00 


Total Other Transferable Securities 13,222,877 1.61 


Cash 964,551 0.12 





% of 




Energy 31.61 







Total 100.00 


% of 




Energy 33.29 







Total 100.00 

3,658,627 0.45 

136




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


31,900 American Campus Communities 1,043,927 0.75 

41,890 Apartment Investment & Management - A Shares 1,095,423 0.79 

27,700 AvalonBay Communities 3,290,067 2.37 

31,250 Boston Properties 3,157,031 2.26 

106,800 Brandywine Realty Trust 1,509,084 1.09 

68,400 CBL & Associates Properties 1,235,304 0.89 

103,100 CubeSmart 1,641,867 1.18 

236,800 DCT Industrial Trust 1,691,936 1.21 

72,200 DiamondRock Hospitality 845,101 0.61 

88,200 Duke Realty 1,328,733 0.96 

60,600 Equity One 1,369,863 0.99 

16,000 Equity Residential 836,160 0.60 

8,200 Essex Property Trust 1,181,415 0.84 

77,800 Extra Space Storage 3,279,270 2.36 

105,800 General Growth Properties 2,138,218 1.54 

23,974 HCP 875,530 0.63 

55,500 Highwoods Properties 2,019,922 1.45 

221,000 Host Hotels & Resorts 4,290,715 3.08 

32,600 Kilroy Realty 1,639,454 1.18 

121,300 Kimco Realty 2,414,476 1.74 

27,300 LaSalle Hotel Properties 857,903 0.62 

32,500 Liberty Property Trust 1,105,813 0.80 

19,900 Mid-America Apartment Communities 1,218,477 0.88 

123,685 ProLogis 4,603,556 3.30 

52,566 Simon Property Group 8,081,234 5.81 

179,300 Sunstone Hotel Investors 2,419,654 1.74 

59,160 Ventas 3,415,011 2.46 

39,100 Vornado Realty Trust 3,503,947 2.52 

62,089,091 44.65 

JAPAN 

970 Japan Hotel REIT Investment 467,342 0.34 

106 Japan Logistics Fund 1,129,003 0.81 

506 Japan Real Estate Investment 2,724,838 1.96 

382 Japan Retail Fund Investment 780,602 0.56 

248,000 Mitsubishi Estate 7,427,945 5.34 


144 Nippon Building Fund 838,582 0.60 

130 Nippon Prologis REIT 1,245,234 0.90 

443 Orix JREIT 556,494 0.40 

23,240,189 16.71 


346,139 British Land 3,603,851 2.59 

38,849 Derwent London 1,602,168 1.15 

262,093 Hammerson 2,179,137 1.57 

161,679 Helical Bar 870,090 0.63 

690,003 Safestore Holdings 1,842,384 1.33 

199,134 St. Modwen Properties 1,208,065 0.87 

11,305,695 8.14 

AUSTRALIA 

1,294,051 Dexus Property Group 1,166,523 0.84 

634,417 Goodman Group 2,690,605 1.94 

1,398,014 Mirvac Group 2,104,570 1.51 

352,072 Westfield Group 3,180,055 2.29 

9,141,753 6.58 

FRANCE 

13,653 ICADE 1,270,939 0.91 


7,192,197 5.17 

HONG KONG 

162,000 Link REIT 785,546 0.56 

716,000 New World Development 904,453 0.65 

122,000 Sun Hung Kai Properties 1,544,647 1.11 

424,600 Wharf Holdings 3,247,157 2.34 

SINGAPORE 

1,077,000 CapitaCommercial Trust 1,234,129 0.89 

792,000 CapitaLand 1,896,604 1.36 

745,000 CapitaMalls Asia 1,154,474 0.83 

752,000 Global Logistic Properties 1,723,426 1.24 

6,008,633 4.32 

CANADA 

43,000 Allied Properties Real Estate Investment Trust 1,315,723 0.95 

44,600 Canadian Real Estate Investment Trust 1,794,528 1.29 

61,513 First Capital Realty 1,016,648 0.73 

4,126,899 2.97 

GERMANY 

79,532 Alstria Office REIT 1,006,255 0.72 

21,153 LEG Immobilien 1,250,814 0.90 

2,257,069 1.62 

BERMUDA 

227,000 HongKong Land Holdings 1,340,435 0.96 

1,340,435 0.96 

NETHERLANDS 

12,323 Vastned Retail 560,622 0.40 

560,622 0.40 

BELGIUM 

5,880 Warehouses De Pauw 429,262 0.31 

429,262 0.31 

FINLAND 

69,087 Technopolis 414,472 0.30 

414,472 0.30 


144,000 China Resources Land 356,560 0.26 

356,560 0.26 

JERSEY 

40,865 Atrium European Real Estate 235,844 0.17 

235,844 0.17 

ITALY 

199,692 Beni Stabili 134,972 0.10 

134,972 0.10 

NORWAY 

100,408 Norwegian Property 121,158 0.08 

121,158 0.08 

Total Shares 135,436,654 97.40 



135,436,654 97.40 



LUXEMBOURG 



1,676,861 1.21 




1,676,861 1.21 

6,481,803 4.66 

137




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

AUSTRALIA 

458,766 BGP Holdings* 0 0.00 

0 0.00 




Cash 761,212 0.55 





% of 


Shares 






Total 100.00 


% of 


Shares 






Total 100.00 

138




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

08-Jan-14 EUR 262,867 HKD 2,760,694 6,083 


08-Jan-14 EUR 214,101 SGD 362,510 7,958 

08-Jan-14 EUR 37,338,982 USD 50,770,256 666,165 

08-Jan-14 USD 3,510,573 AUD 3,856,425 61,191 

08-Jan-14 USD 2,298,290 CAD 2,425,072 16,086 

08-Jan-14 USD 197,811 CHF178,936 (3,032) 

08-Jan-14 USD 1,472,626 EUR 1,083,280 (19,650) 

08-Jan-14 USD 3,201,308 GBP 1,965,784 (51,172) 

08-Jan-14 USD 4,462,452 HKD 34,592,954 1,214 


08-Jan-14 USD 359,751 SEK 2,364,333 (7,689) 

08-Jan-14 USD 2,064,131 SGD 2,588,230 15,186 

14-Jan-14 AUD 202,178 USD 191,095 (10,332) 

14-Jan-14 CAD 2,145,376 USD 2,056,195 (37,514) 

14-Jan-14 CHF843,063 USD 924,310 22,013 

14-Jan-14 EUR 4,200,005 USD 5,688,044 97,665 

14-Jan-14 HKD 37,576,969 USD 4,848,182 (2,095) 

14-Jan-14 JPY 51,187,098 EUR 358,898 (6,515) 

14-Jan-14 JPY 34,216,663 USD 343,380 (17,248) 

14-Jan-14 SEK 7,888,705 USD 1,213,410 12,440 

14-Jan-14 SGD 337,163 USD 268,985 (2,074) 

14-Jan-14 USD 673,626 AUD 722,748 27,429 

14-Jan-14 USD 6,808,774 EUR 5,030,210 (120,583) 

14-Jan-14 USD 2,573,569 GBP 1,603,511 (79,411) 


14-Jan-14 USD 400,069 SGD 496,870 6,728 

04-Feb-14 EUR 209,748 JPY 30,448,656 (1,329) 

04-Feb-14 EUR 230,312 USD 318,347 (1,083) 

Total 979,593 


Counterparty 






HSBC 598,642 



RBC 29,346 

RBS (46,981) 




UBS (11,659) 


Total 979,593 

139




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


62,294 Allergan 6,868,225 1.98 





264,274 Cisco Systems 5,873,490 1.70 

213,810 Citigroup 11,114,913 3.21 




78,465 Fluor 6,267,784 1.81 

99,198 Freeport-McMoRan Copper & Gold - B Shares 3,748,196 1.08 




64,061 MetLife 3,431,427 0.99 

223,260 Microsoft 8,335,412 2.40 

36,582 Norfolk Southern 3,394,810 0.98 

110,922 Pfizer 3,402,532 0.98 

81,405 QUALCOMM 6,016,237 1.74 

286,601 Teradyne 5,051,343 1.46 

75,405 Time Warner 5,271,564 1.52 



138,087,390 39.87 


2,056,794 Barclays 9,253,223 2.67 

279,458 BG Group 6,000,682 1.73 

985,686 Just Retirement Group 3,426,962 0.99 

605,956 Partnership Assurance Group 2,947,688 0.85 

775,712 Premier Oil 4,029,527 1.16 

252,541 Prudential 5,597,159 1.62 



44,282,500 12.78 

FRANCE 

285,416 AXA 7,947,103 2.29 

23,718 Kering 5,029,187 1.45 

35,419 Renault 2,852,368 0.82 

83,490 Sanofi 8,873,788 2.56 

68,582 Technip 6,601,025 1.91 

31,303,471 9.03 

SWITZERLAND 

34,512 ACE 3,570,784 1.03 

63,304 Compagnie Financiere Richemont Registered Shares 6,305,816 1.82 




26,994,884 7.80 

CHINA 



1,182,000 Sinopharm Group - H Shares* 3,391,690 0.98 

20,165,543 5.82 

NETHERLANDS 



13,605,554 3.93 

GERMANY 



ISRAEL 


7,314,588 2.11 

INDIA 

192,153 ICICI Bank 3,408,415 0.98 

431,211 Yes Bank 2,584,027 0.75 

5,992,442 1.73 

BELGIUM 


5,259,335 1.52 

JERSEY 

921,641 Glencore Xstrata 4,768,891 1.38 

4,768,891 1.38 


26,411 Baidu ADR 4,678,841 1.35 

4,678,841 1.35 

SOUTH KOREA 


4,159,269 1.20 

CANADA 

100,381 Suncor Energy 3,503,717 1.01 

3,503,717 1.01 

HONG KONG 

24,800,000 Emperor Watch & Jewellery 1,871,010 0.54 

1,871,010 0.54 

INDONESIA 


1,500,531 0.43 

Total Shares 333,043,207 96.14 



333,043,207 96.14 



LUXEMBOURG 



6,657,589 1.92 




6,657,589 1.92 


Cash 478,475 0.14 




11,229,448 3.24 

JAPAN 

269,100 Komatsu 5,481,002 1.58 

67,300 Nitto Denko 2,844,791 0.82 

8,325,793 2.40 

140




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 




Energy 11.60 









Total 100.00 


% of 


Shares 





Energy 10.12 








Total 100.00 

141




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

29-Jan-14 EUR 401,154 GBP 335,475 (2,376) 

29-Jan-14 EUR 54,872,196 USD 74,912,100 676,638 

29-Jan-14 JPY 47,338,305 EUR 334,315 (9,277) 

29-Jan-14 USD 808,957 CAD 864,021 (3,721) 

29-Jan-14 USD 6,525,654 CHF5,857,506 (50,181) 

29-Jan-14 USD 237,087 DKK 1,295,160 (2,150) 

29-Jan-14 USD 15,622,976 GBP 9,561,383 (194,598) 

29-Jan-14 USD 6,313,638 HKD 48,957,652 (257) 


Total 427,532 


Counterparty 




RBC 519 


Total 427,532 

142




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




CHINA 



29,917,000 China Cinda Asset Management - H Shares* 18,615,897 1.09 



8,037,000 China Life Insurance - H Shares* 25,186,559 1.48 








4,237,767 Chongqing Changan Automobile - B Shares 8,361,749 0.49 

9,606,000 Dongfeng Motor Group - H Shares* 15,002,213 0.88 




2,538,300 New China Life Insurance - H Shares* 8,511,084 0.50 


519,849,756 30.57 

TAIWAN 



3,959,350 Cheng Shin Rubber Industry 10,348,075 0.61 

15,958,734 China Life Insurance/Taiwan 16,132,635 0.95 

13,823,000 China Steel 12,502,110 0.73 


4,009,000 Chipbond Technology 6,300,817 0.37 


27,636,489 E.Sun Financial Holding 18,323,942 1.08 



31,804,630 Innolux 12,130,014 0.71 

400,000 Largan Precision 16,362,112 0.96 


977,000 MediaTek 14,519,874 0.85 

68,000 MediaTek - Warrants 06.01.14 1,045,840 0.06 

101,000 MediaTek - Warrants 21.02.14 1,500,880 0.09 

1,212,000 MediaTek - Warrants 14.11.14 18,373,920 1.08 

1,381,000 Merida Industry 10,036,270 0.59 



9,795,190 Uni-President Enterprises 17,619,847 1.04 


416,279,953 24.49 

HONG KONG 

16,808,000 AIA Group 84,266,517 4.95 


2,299,000 Cheung Kong Holdings 36,334,642 2.14 

10,078,000 China Everbright International 13,503,878 0.79 

3,268,000 China Merchants Holdings International 11,916,625 0.70 


4,954,000 China Unicom Hong Kong 7,404,710 0.43 

25,627,000 CNOOC 47,690,591 2.81 



10,063,103 New World Development 12,711,739 0.75 


2,465,600 Wharf Holdings 18,855,841 1.11 

375,059,983 22.06 



4,943,000 China Conch Venture Holdings 13,498,411 0.80 


534,442 E-House China Holdings ADR 7,738,720 0.45 


5,850,000 Greentown China Holdings 8,955,198 0.53 

12,343,000 Intime Retail Group 12,901,564 0.76 

5,231,000 Lifestyle International Holdings 9,680,666 0.57 


5,432,500 Phoenix Healthcare Group 8,694,410 0.51 

4,215,400 Sands China 34,534,412 2.03 


6,682,000 Tingyi Cayman Islands Holding 19,302,924 1.14 


314,323,709 18.49 

BERMUDA 




57,277,143 3.37 

ITALY 

1,447,300 Prada 12,860,160 0.76 

12,860,160 0.76 




1,695,650,704 99.74 


Cash 4,768,570 0.28 





% of 






Energy 7.81 









Total 100.00 


% of 






Energy 8.11 









Total 100.00 

143




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

CHINA 


826,000 Angang Steel - H Shares* 612,515 0.45 

446,000 Anhui Conch Cement - H Shares* 1,657,955 1.21 

1,439,000 China Cinda Asset Management - H Shares* 895,420 0.65 


2,378,000 China Eastern Airlines - H Shares* 898,562 0.66 

417,000 China Life Insurance - H Shares* 1,306,805 0.95 

791,000 China Longyuan Power Group - H Shares* 1,020,105 0.75 


488,000 China Oilfield Services - H Shares* 1,510,427 1.10 


1,046,000 China Shipping Development - H Shares* 812,076 0.59 


941,596 China Vanke - B Shares 1,468,113 1.07 

572,000 Dongfeng Motor Group - H Shares* 893,324 0.65 

427,000 Great Wall Motor - H Shares* 2,356,895 1.72 



178,900 New China Life Insurance - H Shares* 599,863 0.44 

676,000 PICC Property & Casualty - H Shares* 1,004,310 0.73 

532,000 Ping An Insurance Group Co. of China - H Shares* 4,780,323 3.49 

45,535,467 33.24 

HONG KONG 

1,632,000 AIA Group 8,181,994 5.97 

541,000 BOC Hong Kong Holdings 1,732,029 1.26 


710,000 China Everbright International 951,355 0.69 

236,000 China Merchants Holdings International 860,564 0.63 

34,000 China Mobile 352,317 0.26 


622,000 China Unicom Hong Kong 929,699 0.68 

2,424,000 CNOOC 4,510,945 3.29 

727,000 Dah Chong Hong Holdings 544,259 0.40 

245,050 Dah Sing Financial Holdings 1,407,107 1.03 

280,000 First Pacific/Hong Kong 318,309 0.23 

299,000 Galaxy Entertainment Group 2,680,901 1.96 

355,000 Hutchison Whampoa 4,834,604 3.53 

285,000 MTR 1,079,671 0.79 

913,137 New World Development 1,153,477 0.84 

518,000 Sun Art Retail Group 729,493 0.53 


152,400 Swire Properties 384,238 0.28 

300,500 Techtronic Industries 851,612 0.62 


48,473 Wing Hang Bank 730,774 0.53 

43,101,580 31.45 


287,000 AAC Technologies Holdings 1,394,453 1.02 

234,000 China Conch Venture Holdings 639,010 0.47 



1,075,000 Geely Automobile Holdings 519,193 0.38 

294,500 Greentown China Holdings 450,822 0.33 

898,500 Intime Retail Group 939,160 0.69 

727,500 Lifestyle International Holdings 1,346,336 0.98 

146,400 MGM China Holdings 623,995 0.46 

684,800 Sands China 5,610,183 4.09 

142,600 Tencent Holdings 9,114,218 6.65 

556,000 Tingyi Cayman Islands Holding 1,606,170 1.17 


536,000 Xinyi Glass Holdings 471,431 0.34 

ITALY 

175,700 Prada 1,561,204 1.14 

1,561,204 1.14 

Total Shares 136,424,987 99.57 



136,424,987 99.57 


Cash 823,200 0.60 





% of 


Shares 



Energy 8.61 









Total 100.00 


% of 


Shares 



Energy 8.74 









Total 100.00 

26,873,861 19.61 


1,101,417 HSBC Holdings 11,956,484 8.73 

11,956,484 8.73 

BERMUDA 


151,000 Cheung Kong Infrastructure Holdings 954,205 0.70 

596,000 China Resources Gas Group 2,059,917 1.50 

109,000 HongKong Land Holdings 643,645 0.47 

918,000 K Wah International Holdings 554,652 0.40 

278,372 NWS Holdings 422,543 0.31 

228,500 Orient Overseas International 1,147,790 0.84 

7,396,391 5.40 

144




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

INDIA 

2,385,199 ACC 42,653,514 2.99 

16,500,529 Ambuja Cements 48,670,098 3.41 

165,000 Axis Bank 3,463,827 0.24 

288,993 Bajaj Auto 8,893,834 0.62 

6,349,012 Bharti Airtel 33,906,175 2.38 

1,069,582 Cummins India 8,238,019 0.58 

968,897 Divi’s Laboratories 19,115,040 1.34 

1,072,026 Dr Reddy’s Laboratories 43,871,428 3.08 

3,223,565 Godrej Industries 14,406,209 1.01 

3,399,190 Godrej Properties 9,079,238 0.64 

284,739 Grasim Industries 13,145,662 0.92 

11,792,132 HDFC Bank 129,725,217 9.10 

1,343,463 Hindustan Unilever 12,397,441 0.87 


6,753,845 Idea Cellular 18,205,875 1.28 

22,176,856 IDFC 39,319,460 2.76 

5,816,076 IndusInd Bank 39,497,934 2.77 

2,186,695 Infosys 122,960,316 8.63 

283,000 Infosys ADR 16,072,985 1.13 

410,738 ING Vysya Bank 4,043,695 0.28 

13,475,401 ITC 69,869,024 4.90 

5,014,385 Kotak Mahindra Bank 59,016,108 4.14 



730,046 Maruti Suzuki India 20,779,457 1.46 

11,868,914 NTPC 26,228,929 1.84 

1,412,131 Oberoi Realty 5,363,201 0.38 

8,072,100 Reliance Industries 116,586,860 8.18 

950,108 Shriram Transport Finance 10,327,044 0.72 

6,839,204 Sun Pharmaceuticals Industries 62,631,489 4.39 

2,031,389 Tata Consultancy Services 71,338,943 5.00 

9,723,422 Tata Motors 59,135,178 4.15 

1,262,673 Tata Motors - A Shares 3,919,660 0.28 

103,979 Ultratech Cement 2,962,642 0.21 

7,740,679 Wipro 69,921,154 4.90 

1,424,981,121 99.95 


% of 


Shares 






Energy 8.18 







Total 100.00 


% of 


Shares 





Energy 8.78 









Total 100.00 

Total Shares 1,424,981,121 99.95 



1,424,981,121 99.95 


Cash 7,238,865 0.51 



145




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

INDONESIA 

63,778,500 Adaro Energy 5,669,781 1.17 

7,173,000 Astra Agro Lestari 14,707,442 3.05 


59,116,000 Bank Central Asia 46,377,362 9.61 

66,118,500 Bank Mandiri Persero 42,390,599 8.78 

81,936,000 Bank Negara Indonesia Persero 26,433,675 5.48 

81,721,500 Bank Pan Indonesia 4,352,231 0.90 


42,502,000 Ciputra Development 2,576,934 0.53 

11,301,000 Ciputra Surya 1,208,341 0.25 

77,332,855 Express Transindo Utama 9,219,115 1.91 

38,287,000 Gajah Tunggal 5,254,463 1.09 

17,454,000 Harum Energy 3,950,567 0.82 

11,061,500 Indo Tambangraya Megah 25,444,622 5.27 

12,569,000 Indofood CBP Sukses Makmur 10,478,458 2.17 

71,002,500 Japfa Comfeed Indonesia 7,068,254 1.46 

232,716,500 Kalbe Farma 23,738,799 4.92 

7,090,000 Matahari Department Store 6,331,913 1.31 

357,753,500 Pakuwon Jati 7,840,972 1.62 

51,106,000 Perusahaan Gas Negara Persero 18,685,827 3.87 

14,682,500 Semen Indonesia Persero 17,022,317 3.53 

513,500,000 Sri Rejeki Isman 10,097,501 2.09 

63,794,034 Surya Citra Media 13,589,880 2.81 

15,785,500 Tambang Batubara Bukit Asam Persero 13,159,972 2.73 



7,567,500 United Tractors 11,672,117 2.42 

427,362,657 88.52 

THAILAND 

17,629,800 Banpu (Foreign) Registered Shares 16,719,303 3.46 


% of 


Shares 











Total 100.00 


% of 


Shares 









Pricing Adjustment (1.42) 



Total 100.00 

16,719,303 3.46 

SINGAPORE 

6,678,000 First Resources 11,220,077 2.33 

11,220,077 2.33 

Total Shares 455,302,037 94.31 



455,302,037 94.31 


Cash 2,310,496 0.48 



146


Schedule of Investments (Market Value Expressed in JPY) 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

JAPAN 

163,100 3-D Matrix 531,706,000 0.60 

350,400 AEON Financial Service 987,076,800 1.12 

493,800 Asahi Intecc 1,931,992,500 2.19 

363,400 COOKPAD 1,195,586,000 1.35 

44,300 Cosmos Pharmaceutical 504,798,500 0.57 

400,100 Credit Saison 1,106,476,550 1.25 

283,000 CyberAgent 1,213,362,500 1.37 

387,900 Daiichikosho 1,153,808,550 1.31 

306,700 Daikin Industries 2,008,885,000 2.27 

633,700 Digital Garage 1,735,070,600 1.96 

247,200 Don Quijote Holdings 1,572,192,000 1.78 

69,000 Fanuc 1,327,905,000 1.50 

626,900 Fuji Heavy Industries 1,888,536,250 2.14 

701,700 Fuji Media Holdings 1,509,005,850 1.71 

181,500 HIS 951,967,500 1.08 

619,200 Hulic 962,546,400 1.09 

590 Industrial & Infrastructure Fund Investment 518,020,000 0.58 

479,000 Infomart 900,999,000 1.02 

966,500 Kakaku.com 1,783,675,750 2.02 

213,700 KDDI 1,383,707,500 1.56 

44,100 Keyence 1,982,295,000 2.24 

448,000 Kubota 778,400,000 0.88 

1,099,900 Leopalace21 610,994,450 0.69 

173,800 Livesense 449,533,700 0.51 

4,479 M3 1,180,216,500 1.33 

74,200 Makita 409,584,000 0.46 

6,481,000 Mazda Motor 3,522,423,500 3.98 

238,100 MISUMI Group 786,325,250 0.89 

6,124,200 Mitsubishi UFJ Financial Group 4,250,194,800 4.81 

775,400 MonotaRO 1,655,091,300 1.87 

93,600 Murata Manufacturing 874,224,000 0.99 

124,800 Nihon M&A Center 884,208,000 1.00 

11,574,000 Nippon Sheet Glass 1,591,425,000 1.80 

283,000 Nippon Shinyaku 579,018,000 0.65 

237,200 Omron 1,100,608,000 1.25 

187,100 Ono Pharmaceutical 1,721,320,000 1.95 

1,559,800 ORIX 2,880,170,700 3.26 

469,700 Park24 930,710,550 1.05 

995,300 Pasona Group 735,526,700 0.83 

54,700 PeptiDream 758,689,000 0.86 

133,200 Pigeon 677,988,000 0.77 

1,385,500 Rakuten 2,170,385,750 2.46 

78,000 Ryohin Keikaku 886,080,000 1.00 

335,700 Sanrio 1,483,794,000 1.68 

1,436,000 Sanwa Holdings 1,023,150,000 1.16 

599,900 Sega Sammy Holdings 1,604,732,500 1.81 

243,200 Seria 1,028,128,000 1.16 

2,279,900 Seven Bank 938,178,850 1.06 

110,900 Shimano 1,000,872,500 1.13 

2,444,000 Shinsei Bank 626,886,000 0.71 

173,500 SHO-BOND Holdings 837,571,250 0.95 

438,800 Softbank 4,034,766,000 4.56 

465,300 Sohgo Security Services 972,709,650 1.10 

94,400 Sosei Group 407,572,000 0.46 

989,900 Sumitomo Electric Industries 1,736,284,600 1.96 

895,800 Sumitomo Mitsui Financial Group 4,850,757,000 5.49 

412,000 Sumitomo Realty & Development 2,154,760,000 2.44 

150,900 Sysmex 937,089,000 1.06 

3,895,000 Taiheiyo Cement 1,571,632,500 1.78 

751,000 Tokyo Tatemono 876,041,500 0.99 

889,600 Tokyu Fudosan Holdings 879,814,400 0.99 

308,500 Unicharm 1,849,457,500 2.09 

104,700 United Arrows 411,994,500 0.47 

282,000 Yamaha Motor 444,291,000 0.50 

1,089,900 Yumeshin Holdings 1,240,306,200 1.40 


% of 


Shares 











Total 100.00 


% of 


Shares 












Total 100.00 

87,493,519,400 98.95 

Total Shares 87,493,519,400 98.95 



87,493,519,400 98.95 


Cash 1,089,428,568 1.23 



147


Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in JPY) 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 


17-Jan-14 GBP 131,850 JPY 22,149,207 718,046 

17-Jan-14 JPY 550,029 EUR 3,885 (13,514) 

17-Jan-14 JPY 545,457 GBP 3,250 (18,233) 

17-Jan-14 JPY 603,859 USD 5,869 (13,399) 

17-Jan-14 USD 2,930,692 JPY 306,163,095 2,066,707 

Total 3,381,741 


Counterparty 




HSBC 1,531,427 


UBS 1,051,772 


Total 3,381,741 

148




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

SOUTH KOREA 

3,650 Amorepacific 3,458,805 1.49 

12,041 CJ CheilJedang 3,159,371 1.36 

580,000 Daishin Securities 4,319,412 1.86 

112,130 Daishin Securities Preference Shares 589,487 0.25 

124,586 Dongsuh 1,987,352 0.85 

98,520 Gaon Cable 1,786,390 0.77 

64,300 GS Holdings 3,490,092 1.50 

8,710 GS Holdings Preference Shares 238,240 0.10 

276,300 Hanjin Heavy Industries & Construction Holdings 2,508,246 1.08 

299,990 Hanyang Securities 1,767,659 0.76 

62,000 Hyosung 4,135,293 1.78 

33,000 Hyundai Department Store 5,021,569 2.16 

179,500 Hyundai Development Co-Engineering & 

Construction 3,935,471 1.69 

27,000 Hyundai Heavy Industries 6,572,411 2.83 

9,800 Hyundai Mobis 2,724,674 1.17 

68,000 Hyundai Motor 15,231,097 6.55 

440,003 Industrial Bank of Korea 5,078,963 2.19 

236,500 KB Financial Group 9,467,848 4.07 

157,300 Kia Motors 8,359,009 3.59 

119,650 Korea Investment Holdings 4,625,484 1.99 

44,073 Korea Ratings 1,584,706 0.68 

294,550 Korean Reinsurance 3,204,514 1.38 

433,520 KPX Green Chemical 1,922,531 0.83 

104,000 KT 3,108,414 1.34 

85,200 KT&G 6,013,880 2.59 

21,500 LG Chem 6,099,905 2.62 

170,000 LG Display 4,089,832 1.76 

6,100 LG Household & Health Care 3,163,498 1.36 

700 NAVER 480,825 0.21 

865,348 NICE Information Service 2,496,157 1.07 

13,500 NongShim 3,209,410 1.38 

51,600 POSCO 15,960,654 6.86 

18,700 Samsung C&T 1,075,283 0.46 



47,300 Samsung Engineering 2,957,511 1.27 

49,000 Samsung Fine Chemicals 2,068,476 0.89 

24,800 Samsung Life Insurance 2,439,441 1.05 

121,000 Samsung Securities 5,050,510 2.17 


16,181 Shinsegae 3,877,457 1.67 

36,362 Shinsegae Food 2,949,295 1.27 

34,300 Shinyoung Securities 1,283,709 0.55 

38,900 SK Innovation 5,209,410 2.24 

70,800 S-Oil 4,970,600 2.14 

43,000 S-Oil Preference Shares 2,146,433 0.92 

87,870 Woongjin Thinkbig 573,998 0.25 

154,000 Young Poong Precision 1,421,370 0.61 


% of 


Shares 







Energy 6.90 




Total 100.00 


% of 


Shares 






Energy 5.49 






Total 100.00 

201,097,291 86.49 

Total Shares 201,097,291 86.49 



201,097,291 86.49 


Cash 1,979,117 0.85 



149




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Mar-14 68 KOSPI 200 Index Future KRW 8,563,261 205,096 

Total 205,096 

As at 31 December 2013, the counterparty UBS held the following collateral in favour of the Sub-Fund: 

- Cash: USD 1,294,226. 

150




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

BRAZIL 

7,993,615 AMBEV ADR 58,473,294 4.20 

3,997,750 Anhanguera Educacional Participa‡ões 25,238,321 1.81 



3,223,770 Banco do Estado do Rio Grande do Sul Preference 

B Shares 17,266,776 1.24 

2,452,590 BB Seguridade Participa‡ões 25,392,977 1.82 

7,922,500 BM&F Bovespa 37,205,018 2.67 

395,328 BRF8,207,058 0.59 

431,406 Companhia Brasileira de Distribuicao Grupo Pao de 

Acucar Preference Shares 19,426,270 1.40 

1,823,248 Duratex 10,044,037 0.72 

3,595,560 Embraer 28,894,800 2.08 

2,314,700 Gerdau Preference Shares 18,154,510 1.30 

2,232,650 Iochpe-Maxion 24,575,069 1.77 



778,300 Linx 15,909,863 1.14 

1,750,781 Localiza Rent a Car 24,918,275 1.79 

993,154 Lojas Renner 25,686,616 1.85 



1,065,190 Mills Estruturas e Servicos de Engenharia 14,864,378 1.07 

1,791,740 MRV Engenharia e Participa‡ões 6,490,324 0.46 

680,730 Multiplan Empreendimentos Imobiliarios 14,459,951 1.04 

4,876,100 Odontoprev 20,529,205 1.48 

4,655,900 Petroleo Brasileiro 32,100,456 2.31 

1,834,821 Randon Participa‡ões Preference Shares 8,756,711 0.62 

924,780 Souza Cruz 9,427,559 0.68 

2,615,700 Tim Participacoes 13,621,356 0.98 

585,750 Ultrapar Participa‡ões 13,994,905 1.01 

2,901,638 Vale Preference Shares 40,589,928 2.92 

1,115,800 Valid Solucoes e Servicos de Seguranca em Meios 

de Pagamento e Identificacao 15,106,536 1.09 

1,877,150 Weg 24,764,964 1.78 

750,110,193 53.91 

MEXICO 

12,492,760 Alfa - A Shares 36,149,039 2.60 

1,902,229 America Movil ADR - L Shares 44,635,803 3.21 

2,005,115 Cemex ADR Participation Certificates 23,439,794 1.68 

15,829,548 Compartamos 30,209,200 2.17 

3,873,600 Concentradora Fibra Hotelera Mexicana 6,261,606 0.45 

6,394,300 Fibra Uno Administracion 20,547,777 1.48 

477,623 Fomento Economico Mexicano ADR 46,818,995 3.36 

2,778,180 Genomma Lab Internacional - B Shares 7,670,103 0.55 

921,560 Gruma - B Shares 6,990,415 0.50 

225,968 Grupo Aeroportuario del Sureste ADR 28,528,460 2.05 


2,994,510 Infraestructura Energetica Nova 12,143,250 0.87 

8,265,622 Mexichem 35,295,790 2.54 

1,710,400 Promotora y Operadora de Infraestructura 20,348,505 1.46 

SPAIN 

2,342,743 Cemex Latam Holdings 17,794,061 1.28 

17,794,061 1.28 

PERU 

585,680 Grana y Montero ADR 12,489,626 0.90 

12,489,626 0.90 

CANADA 


11,533,089 0.83 


3,514,572 JPMorgan Brazil Investment Trust 3,753,060 0.27 

3,753,060 0.27 

Total Shares 1,366,436,564 98.21 



1,366,436,564 98.21 



LUXEMBOURG 



24,760,881 1.77 


Total Transferable Securities Dealt in on 

AnotherRegulated Market 

24,760,881 1.77 


Cash 3,647,140 0.26 



358,288,843 25.74 

PANAMA 


393,180 Intergroup Financial Services 12,007,717 0.86 

56,806,380 4.08 

BERMUDA 

339,040 Credicorp 44,259,977 3.18 


49,522,798 3.56 

CHILE 

69,466,250 CFR Pharmaceuticals 15,796,489 1.14 

2,738,090 SACI Falabella 24,558,994 1.77 

40,355,483 2.91 


549,190 First Cash Financial Services 33,912,483 2.44 

33,912,483 2.44 

LUXEMBOURG 

727,472 Tenaris ADR 31,870,548 2.29 

31,870,548 2.29 

151




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 







Energy 3.14 







Total 100.00 


% of 


Shares 








Energy 1.60 





Total 100.00 

152




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

RUSSIA 

6,944,442 Bank St. Petersburg 8,876,390 1.22 


1,663,183 DIXY Group 20,784,370 2.85 

3,495,475 Gazprom ADR 29,877,573 4.11 

1,059,920 Lukoil ADR 66,192,004 9.09 

206,385 Magnit 57,983,481 7.96 


Shares GDR 5,072,987 0.70 

4,218,640 Mechel Preference Shares 4,549,485 0.62 

2,536,153 Mechel Preference Shares ADR 1,052,377 0.14 



2,467,376 Mobile Telesystems 24,681,844 3.39 


4,772,880 Mostotrest 19,457,067 2.67 



5,165,821 Rostelecom Preference Shares 11,761,416 1.61 



2,107,260 Severstal Registered Shares GDR 20,819,729 2.86 


697,094 Sollers 18,011,727 2.47 


454,627 Tatneft ADR 17,359,932 2.38 

4,853,349 Tatneft Preference Shares 18,007,908 2.47 

684,885 TMK Registered Shares GDR 8,061,096 1.11 

571,548,424 78.48 

CYPRUS 

3,116,370 Ros Agro Registered Shares GDR 20,178,496 2.77 

1,596,494 TCS Group Holding Registered Shares GDR 24,977,149 3.43 

45,155,645 6.20 

LUXEMBOURG 

1,000,673 Kernel Holding 12,786,137 1.75 


375,827 O’Key Group Registered Shares GDR 4,415,967 0.61 


34,572,466 4.75 

GUERNSEY 

3,016,805 Etalon Group Registered Shares GDR 16,019,235 2.20 

MALAYSIA 

2,891,577 Steppe Cement 2,188,865 0.30 

2,188,865 0.30 

Total Shares 719,271,090 98.76 



719,271,090 98.76 



LUXEMBOURG 



7,500,000 1.03 




7,500,000 1.03 


Shares 

NETHERLANDS 


0 0.00 




Cash 1,110,996 0.15 




16,019,235 2.20 

IRELAND 

1,576,203 Dragon Oil 14,819,877 2.03 

14,819,877 2.03 



11,595,053 1.59 

KAZAKHSTAN 


7,917,457 1.09 

ISLE OF MAN 

629,674 Nostrum Oil & Gas GDR 7,634,797 1.05 

7,634,797 1.05 



4,085,529 0.56 


107,030 EPAM Systems 3,733,742 0.51 

3,733,742 0.51 

153




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 

Energy 31.77 











Total 100.00 


% of 


Shares 

Energy 32.73 












Total 100.00 

154




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

SINGAPORE 

1,177,000 Ascendas Real Estate Investment Trust 2,054,524 1.80 

952,000 CapitaCommercial Trust 1,090,892 0.96 

2,189,000 CapitaLand 5,242,004 4.61 


3,202,000 CapitaMalls Asia 4,961,914 4.36 


112,000 City Developments 849,838 0.75 

833,000 ComfortDelgro 1,322,165 1.17 

826,500 DBS Group Holdings 11,171,969 9.82 

524,000 First Resources 885,636 0.78 

2,264,000 Global Logistic Properties 5,188,612 4.56 

317,000 Guocoland 559,616 0.49 


30,000 Jardine Cycle & Carriage 854,374 0.75 

857,200 Keppel 7,586,651 6.67 

520,000 Keppel Land 1,376,974 1.21 

1,417,000 Neptune Orient Lines 1,264,773 1.11 

838,000 OSIM International 1,522,484 1.34 

1,246,300 Oversea-Chinese Banking 10,068,430 8.85 

212,000 Overseas Education 138,877 0.12 

2,678,615 Pacific Radiance 1,871,333 1.65 

578,000 SembCorp Industries 2,514,327 2.21 

1,050,000 SembCorp Marine 3,686,456 3.24 

160,000 Singapore Airlines 1,318,551 1.16 

375,000 Singapore Exchange 2,156,716 1.90 


577,000 StarHub 1,957,279 1.72 

266,000 United Industrial 626,462 0.55 

624,620 United Overseas Bank 10,505,066 9.23 

628,000 UOL Group 3,074,861 2.70 

1,131,000 Wilmar International 3,057,592 2.69 

98,185,454 86.31 

ISLE OF MAN 

4,545,000 Genting Singapore 5,361,006 4.71 

5,361,006 4.71 

BERMUDA 

18,643 Jardine Matheson Holdings 975,309 0.86 

2,622,493 Noble Group 2,216,197 1.95 

3,191,506 2.81 

THAILAND 

3,262,000 Thai Beverage 1,400,909 1.23 

1,400,909 1.23 

MAURITIUS 

3,211,000 Golden Agri-Resources 1,391,716 1.22 

1,391,716 1.22 


1,293,000 KrisEnergy 1,282,043 1.13 


Shares 

BERMUDA 

5,200,000 Fibrechem Technologies* 412 0.00 

412 0.00 




Cash 2,220,233 1.95 





% of 


Shares 






Energy 1.13 



Total 100.00 


% of 


Shares 









Total 100.00 

1,282,043 1.13 

Total Shares 110,812,634 97.41 



110,812,634 97.41 

155




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

TAIWAN 

612,000 Actron Technology 2,272,557 0.83 

924,000 Adlink Technology 1,584,664 0.58 


372,000 Advantech 2,563,152 0.94 


333,000 Axiomtek 626,922 0.23 

6,214,944 Cathay Financial Holding 10,059,561 3.67 


8,025,000 China Development Financial Holding 2,422,971 0.88 


4,542,000 China Steel 4,107,978 1.50 

208,000 China Steel Chemical 1,147,225 0.42 

5,349,000 CTBC Financial Holding 3,645,211 1.33 


1,101,000 Depo Auto Parts Ind 4,356,010 1.59 

918,000 DYNACOLOR 2,450,052 0.89 


210,580 Eclat Textile 2,375,865 0.86 

1,641,000 E-Lead Electronic 3,441,561 1.26 

2,426,000 Epistar 4,673,049 1.71 

533,000 Flytech Technology 2,099,832 0.77 

710,000 Formosa Plastics 1,917,536 0.70 


550,000 GeoVision 3,453,060 1.26 

154,000 Giant Manufacturing 1,054,635 0.38 

318,000 Giga Solar Materials 5,123,185 1.87 

612,000 Grape King Bio 3,072,825 1.12 

161,000 Hiwin Technologies 1,358,986 0.50 


1,972,140 Hota Industrial Manufacturing 3,044,997 1.11 

12,359,810 Innolux 4,713,926 1.72 

165,000 Kian Shen 516,438 0.19 

359,000 King Slide Works 4,062,448 1.48 

788,775 KMC Kuei Meng International 3,312,458 1.21 

161,000 Makalot Industrial 867,754 0.32 

653,766 MediaTek 9,716,070 3.55 

4,431,057 Mega Financial Holding 3,732,785 1.36 

625,800 Merida Industry 4,547,935 1.66 

1,644,000 Motech Industries 3,370,682 1.23 

113,000 Novatek Microelectronics 463,177 0.17 

440,000 Posiflex Technology 1,869,908 0.68 

299,730 Poya 1,876,767 0.69 


733,000 Radiant Opto-Electronics 2,672,716 0.98 


1,107,000 Scinopharm Taiwan 3,249,551 1.19 

6,713,399 SinoPac Financial Holdings 3,337,004 1.22 

122,000 St Shine Optical 3,478,994 1.27 

624,000 Summeko Industries 2,568,181 0.94 

2,569,000 Sunspring Metal 6,985,613 2.55 

1,119,000 Systex 2,523,143 0.92 

2,884,000 Taiwan Cement 4,465,002 1.63 


3,142,000 Teco Electric and Machinery 3,592,362 1.31 

3,666,000 Ton Yi Industrial 3,758,188 1.37 

174,000 Tong Hsing Electronic Industries 806,555 0.29 

970,000 Toung Loong Textile Manufacturing 3,520,620 1.29 

178,000 TSC Auto ID Technology 1,312,992 0.48 

842,000 Tung Thih Electronic 2,573,287 0.94 

863,100 TURVO International 3,595,647 1.32 

208,000 TWi Pharmaceuticals 2,205,532 0.81 



979,000 Wistron NeWeb 2,542,282 0.93 

9,393,000 Yuanta Financial Holding 5,613,754 2.05 


382,000 Airtac International Group 3,102,749 1.13 

1,180,000 Bizlink Holding 5,034,535 1.84 

1,402,400 Chailease Holding 3,688,794 1.35 

363,000 Chlitina Holding 3,718,240 1.36 

169,000 Ginko International 3,193,009 1.16 

350,000 MStar Semiconductor 4,075,021 1.49 

35,000 Silergy 269,028 0.10 

159,000 Yeong Guan Energy Technology Group 574,426 0.21 

23,655,802 8.64 

Total Shares 272,084,843 99.37 



272,084,843 99.37 


Cash 1,903,283 0.70 




% of 


Shares 








Energy 1.87 



Total 100.00 


% of 


Shares 











Total 100.00 

248,429,041 90.73 

156




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 


129,000 ABB Finance USA 08.05.17/1.625% 128,997 0.01 



182,000 ACE INA Holdings 23.11.15/2.600% 188,387 0.01 

177,000 Actavis 01.10.22/3.250% 166,164 0.01 

507,000 ADT 15.07.22/3.500% 442,743 0.03 

192,000 ADT 15.06.23/4.125% 171,519 0.01 

300,000 Aetna 15.12.37/6.750% 371,003 0.03 

147,000 Aetna 15.05.42/4.500% 138,464 0.01 

199,000 Aflac 15.02.17/2.650% 206,216 0.02 

141,000 Aflac 15.05.19/8.500% 180,965 0.01 

227,000 Aflac 15.02.22/4.000% 230,862 0.02 

625,000 Aflac 15.06.23/3.625% 605,272 0.05 

108,000 Aflac 15.08.40/6.450% 128,242 0.01 

800,000 AGL Capital 15.07.16/6.375% 892,785 0.07 

150,000 AGL Capital 15.08.19/5.250% 168,267 0.01 

262,000 AGL Capital 15.09.21/3.500% 261,624 0.02 

550,000 AGL Capital 15.03.41/5.875% 608,518 0.05 

167,000 AGL Capital 01.06.43/4.400% 152,036 0.01 

179,000 Alabama Power 15.05.38/6.125% 213,322 0.02 

95,000 Alabama Power 01.03.39/6.000% 111,798 0.01 

325,000 Allstate 15.06.23/3.150% 310,001 0.02 

238,000 American Electric Power 15.12.17/1.650% 234,422 0.02 

400,000 American Express 19.03.18/7.000% 479,314 0.04 

250,000 American Express Centurion 

Bank 13.09.17/6.000% 287,360 0.02 

194,000 American Express Credit 24.03.17/2.375% 199,811 0.02 

125,000 American Water Capital 15.10.37/6.593% 152,839 0.01 

75,000 Anadarko Petroleum 15.06.14/5.750% 76,646 0.01 


75,000 Anheuser-Busch 01.04.36/5.750% 83,891 0.01 

510,000 Anheuser-Busch InBev 

Worldwide 15.01.19/7.750% 636,850 0.05 

200,000 ANR Pipeline 01.11.21/9.625% 270,934 0.02 

112,000 Aon 30.09.15/3.500% 116,977 0.01 

182,000 Aon 27.05.16/3.125% 190,021 0.01 

97,000 Aon 30.09.40/6.250% 111,560 0.01 

200,000 Apache 15.09.18/6.900% 240,914 0.02 

83,000 Apache 15.04.22/3.250% 81,669 0.01 

307,000 Apache 15.04.43/4.750% 299,219 0.02 

100,000 Appalachian Power 01.10.35/5.800% 105,290 0.01 


150,000 Archer-Daniels-Midland 01.10.32/5.935% 167,244 0.01 

25,000 Arizona Public Service 15.05.15/4.650% 26,270 0.00 



129,000 Arrow Electronics 01.03.18/3.000% 131,141 0.01 



498,000 Associates Corp of North 

America 01.11.18/6.950% 594,699 0.05 

565,000 AT&T 01.12.15/0.800% 564,480 0.04 

60,000 AT&T 15.06.16/5.625% 66,359 0.01 

305,000 AT&T 01.12.17/1.400% 301,537 0.02 

500,000 AT&T 15.05.21/4.450% 529,105 0.04 

700,000 AT&T 15.01.38/6.300% 778,582 0.06 

385,000 AT&T 01.09.40/5.350% 385,882 0.03 

1,191,000 AT&T 15.12.42/4.300% 1,024,337 0.08 

278,000 AT&T 15.06.45/4.350% 238,450 0.02 

586,000 Atmos Energy 15.03.19/8.500% 752,660 0.06 

619,000 Baltimore Gas & Electric 15.08.22/2.800% 578,589 0.04 

267,000 Bank of America 01.08.16/6.500% 301,300 0.02 






1,650,000 Bank of America 01.07.20/5.625% 1,883,921 0.14 




150,000 Bank of New York Mellon 15.01.15/3.100% 154,077 0.01 




45,000 Baxter International 01.03.14/4.000% 45,243 0.00 


250,000 BB&T 30.04.19/6.850% 302,510 0.02 

50,000 Becton Dickinson & Co. 15.05.19/5.000% 56,271 0.00 

500,000 Berkshire Hathaway 15.08.21/3.750% 516,923 0.04 

100,000 Berkshire Hathaway Finance 15.01.40/5.750% 111,455 0.01 



215,000 BlackRock 10.12.14/3.500% 221,042 0.02 

105,000 BlackRock 15.09.17/6.250% 122,046 0.01 

359,000 BlackRock 10.12.19/5.000% 407,639 0.03 

150,000 Boeing 15.08.24/7.950% 200,988 0.02 

60,000 Boeing 15.02.33/6.125% 71,691 0.01 

685,000 Branch Banking & Trust 15.09.16/5.625% 763,823 0.06 

395,000 Bunge Finance 15.06.19/8.500% 488,581 0.04 

161,000 Bunge NA Finance 01.04.17/5.900% 176,059 0.01 

147,000 Burlington Northern Santa Fe 01.09.20/3.600% 149,606 0.01 




500,000 Burlington Resources 15.03.25/8.200% 658,695 0.05 

146,000 Cameron International 30.04.15/1.600% 146,943 0.01 

455,000 Capital One Financial 06.11.15/1.000% 454,873 0.03 


208,000 Caterpillar 26.06.17/1.500% 208,084 0.02 

184,000 Caterpillar 26.06.22/2.600% 171,983 0.01 

70,000 Caterpillar Financial Services 15.03.16/5.500% 76,758 0.01 


135,000 CBS 15.05.19/8.875% 173,003 0.01 

58,000 CBS 15.04.20/5.750% 65,410 0.00 

125,000 CBS 15.02.21/4.300% 128,408 0.01 

350,000 CBS 30.07.30/7.875% 435,409 0.03 

150,000 CBS 15.05.33/5.500% 151,486 0.01 

125,000 CBS 15.10.40/5.900% 130,801 0.01 

300,000 CBS 01.07.42/4.850% 274,382 0.02 

350,000 Centel Capital 15.10.19/9.000% 415,944 0.03 

150,000 CenterPoint Energy 01.05.18/6.500% 175,215 0.01 

40,000 CenterPoint Energy Resources 01.11.17/6.125% 45,996 0.00 

480,000 CenturyLink 15.06.21/6.450% 501,427 0.04 

270,000 CenturyLink 15.09.39/7.600% 241,994 0.02 

294,000 Chevron 24.06.20/2.427% 290,224 0.02 

64,000 Citigroup 12.08.14/6.375% 66,188 0.01 

165,000 Citigroup 15.01.15/6.010% 173,696 0.01 

500,000 Citigroup 15.01.16/1.250% 501,990 0.04 

880,000 Citigroup 15.08.17/6.000% 1,007,543 0.08 

340,000 Citigroup 21.11.17/6.125% 392,044 0.03 

875,000 Citigroup 22.05.19/8.500% 1,123,771 0.09 

1,350,000 Citigroup 09.08.20/5.375% 1,542,220 0.12 

260,000 Citigroup 14.01.22/4.500% 276,116 0.02 

288,000 Citigroup 13.09.25/5.500% 303,872 0.02 

500,000 Citigroup 15.01.28/6.625% 583,402 0.04 

15,000 Citigroup 15.06.32/6.625% 16,931 0.00 

179,000 Citigroup 30.01.42/5.875% 201,982 0.02 

360,000 Cleveland Electric Illuminating 01.11.17/7.880% 432,851 0.03 

325,000 CNA Financial 15.12.14/5.850% 340,319 0.03 

298,000 CNA Financial 15.08.20/5.875% 340,434 0.03 

200,000 Coca-Cola 15.03.19/4.875% 225,686 0.02 

715,000 Comcast Cable Communications 

Holdings 15.11.22/9.455% 993,042 0.08 

110,000 Comerica 16.09.15/3.000% 114,227 0.01 

350,000 CommonWealth REIT 15.01.18/6.650% 383,605 0.03 


162,000 ConAgra Foods 25.01.16/1.300% 162,382 0.01 

186,000 ConAgra Foods 15.03.18/2.100% 184,761 0.01 

35,000 Connecticut Light & Power 01.05.18/5.650% 40,060 0.00 

275,000 ConocoPhillips 01.02.19/5.750% 319,925 0.02 


150,000 Consumers Energy 15.04.20/5.650% 173,440 0.01 


250,000 Countrywide Financial 15.05.16/6.250% 276,300 0.02 

275,000 CSX 01.05.17/7.900% 326,800 0.02 

300,000 CSX 01.02.19/7.375% 363,320 0.03 

54,000 CSX 01.06.21/4.250% 56,336 0.00 

100,000 CSX 15.04.41/5.500% 104,814 0.01 

164,000 CSX 15.03.44/4.100% 140,436 0.01 

145,000 CVS Caremark 15.09.39/6.125% 166,569 0.01 

400,000 CVS Caremark 15.05.41/5.750% 439,606 0.03 

400,000 Daimler Finance North America 18.01.31/8.500% 584,509 0.04 

447,000 Deere & Co. 08.06.22/2.600% 420,218 0.03 

198,000 Deere & Co. 09.06.42/3.900% 174,157 0.01 

141,000 Delmarva Power & Light 01.06.42/4.000% 126,347 0.01 

355,000 Devon Energy 15.01.19/6.300% 417,157 0.03 

459,000 Devon Energy 15.05.22/3.250% 439,777 0.03 

261,000 Devon Energy 15.05.42/4.750% 242,780 0.02 

60,000 Devon Financing 30.09.31/7.875% 77,813 0.01 

200,000 Dominion Resources 30.11.17/6.000% 229,330 0.02 




203,000 Dow Chemical 15.11.20/4.250% 215,671 0.02 

298,000 Dow Chemical 15.11.21/4.125% 308,277 0.02 

65,000 Dow Chemical 01.11.29/7.375% 83,964 0.01 

167,000 Dow Chemical 15.11.41/5.250% 168,681 0.01 

157




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


138,000 DTE Electric 15.06.22/2.650% 129,955 0.01 

203,000 Duke Energy 15.09.21/3.550% 203,211 0.02 

100,000 Duke Energy Carolinas 15.10.32/6.450% 118,424 0.01 



20,000 Duke Energy Florida 15.06.18/5.650% 22,970 0.00 


85,000 Duke Energy Ohio 01.04.19/5.450% 97,093 0.01 

55,000 Duke Energy Progress 15.01.19/5.300% 62,721 0.00 




287,000 Duke Realty 15.03.20/6.750% 330,801 0.03 

400,000 Eaton 01.04.24/7.625% 486,556 0.04 

200,000 Ecolab 08.12.21/4.350% 208,480 0.02 

400,000 Ecolab 08.12.41/5.500% 429,902 0.03 

231,000 EI du Pont de Nemours & Co. 15.01.16/1.950% 236,292 0.02 




500,000 EMC/Massachusetts 01.06.18/1.875% 495,900 0.04 


300,000 EOG Resources 01.02.21/4.100% 315,366 0.02 

365,000 ERP Operating 01.08.16/5.375% 403,714 0.03 

600,000 ERP Operating 15.12.21/4.625% 633,123 0.05 

200,000 Exelon Generation 01.10.17/6.200% 226,849 0.02 


1,150,000 Federal Home Loan Banks 15.07.36/5.500% 1,336,122 0.10 

485,000 Florida Power & Light 01.10.33/5.950% 575,379 0.04 

404,000 Fluor 15.09.21/3.375% 395,232 0.03 

705,000 Ford Motor Credit 12.06.17/3.000% 733,126 0.06 


808,000 Freeport-McMoRan Copper & 

Gold 01.03.17/2.150% 814,585 0.06 

630,000 Gap 12.04.21/5.950% 698,702 0.05 

600,000 General Electric 06.12.17/5.250% 680,571 0.05 


230,000 General Electric Capital 11.12.15/1.000% 231,788 0.02 





885,000 General Electric Capital 08.01.20/5.500% 1,017,343 0.08 




2,100,000 General Electric Capital 17.10.21/4.650% 2,288,076 0.17 



35,000 Genworth Holdings 15.06.14/5.750% 35,802 0.00 


50,000 Georgia Power 01.02.39/5.950% 56,396 0.00 

110,000 Goldman Sachs Capital I 15.02.34/6.345% 111,854 0.01 

271,000 Goldman Sachs Group 01.08.15/3.700% 282,374 0.02 




1,380,000 Goldman Sachs Group 15.02.19/7.500% 1,682,675 0.13 


871,000 Goldman Sachs Group 15.06.20/6.000% 1,001,084 0.08 



288,000 Great Plains Energy 01.06.21/4.850% 304,350 0.02 

850,000 GTE 15.04.18/6.840% 997,152 0.08 

571,000 Halliburton 01.08.23/3.500% 555,289 0.04 

400,000 Halliburton 15.09.39/7.450% 542,784 0.04 

125,000 HCP 01.02.19/3.750% 129,605 0.01 

368,000 HCP 01.02.21/5.375% 400,426 0.03 

140,000 Hess 01.10.29/7.875% 177,691 0.01 

550,000 Hewlett-Packard 02.06.14/4.750% 559,254 0.04 






25,000 Historic TW 15.06.18/6.875% 29,784 0.00 

215,000 Historic TW 01.02.23/9.150% 286,113 0.02 

280,000 Historic TW 15.05.29/6.625% 322,591 0.02 

200,000 Home Depot 01.03.16/5.400% 219,817 0.02 

200,000 Home Depot 01.04.21/4.400% 216,453 0.02 

210,000 Indiana Michigan Power 15.03.19/7.000% 250,761 0.02 

50,000 Ingersoll-Rand 15.11.27/6.391% 57,377 0.00 

350,000 International Business Machines 15.10.18/7.625% 437,708 0.03 




400,000 International Lease Finance 01.06.14/5.650% 406,834 0.03 

186,000 Jefferies Group 09.11.15/3.875% 194,435 0.01 


40,000 Jersey Central Power & Light 01.02.19/7.350% 47,342 0.00 

45,000 John Deere Capital 03.04.18/5.350% 51,090 0.00 



300,000 Johnson Controls 30.03.20/5.000% 330,722 0.03 



380,000 Kansas City Power & Light 15.03.23/3.150% 353,905 0.03 


213,000 Kellogg 17.05.17/1.750% 213,645 0.02 

304,000 Kellogg 17.05.22/3.125% 289,835 0.02 

30,000 Kerr-McGee 01.07.24/6.950% 35,368 0.00 

1,250,000 Kerr-McGee 15.09.31/7.875% 1,571,225 0.12 

165,000 KeyBank 01.11.17/5.700% 185,735 0.01 

280,000 KeyCorp 24.03.21/5.100% 306,711 0.02 

15,000 Kimberly-Clark 01.11.18/7.500% 18,661 0.00 


80,000 Kohl’s 15.12.17/6.250% 91,919 0.01 

200,000 Kroger 15.01.17/2.200% 203,361 0.02 

200,000 Kroger 15.08.17/6.400% 230,843 0.02 

150,000 Kroger 15.01.20/6.150% 173,069 0.01 

1,000,000 Kroger 01.04.31/7.500% 1,240,135 0.09 

114,000 Kroger 15.07.40/5.400% 115,069 0.01 

100,000 Lincoln National 24.06.21/4.850% 107,735 0.01 


250,000 Lowe’s 15.05.37/7.110% 310,858 0.02 

163,000 Lowe’s 15.11.41/5.125% 169,218 0.01 

435,000 Lowe’s 15.04.42/4.650% 421,245 0.03 

100,000 Macy’s Retail Holdings 15.07.17/7.450% 117,891 0.01 



200,000 Magellan Midstream Partners 15.07.19/6.550% 235,708 0.02 

125,000 Marathon Oil 01.11.15/0.900% 125,213 0.01 

250,000 Marathon Oil 01.10.17/6.000% 284,565 0.02 

135,000 McKesson 04.12.15/0.950% 135,213 0.01 

329,000 Merck & Co. 15.09.22/2.400% 302,448 0.02 

295,000 Merrill Lynch & Co. 15.07.14/5.450% 302,387 0.02 


1,415,000 Merrill Lynch & Co. 28.08.17/6.400% 1,633,915 0.12 


450,000 MidAmerican Energy Holdings 01.04.36/6.125% 512,012 0.04 

208,000 Morgan Stanley 24.07.15/4.000% 217,574 0.02 




2,200,000 Morgan Stanley 13.05.19/7.300% 2,677,312 0.20 




970,000 Mosaic 15.11.21/3.750% 948,316 0.07 

37,000 Mosaic 15.11.41/4.875% 33,789 0.00 

300,000 Nabors Industries 15.02.18/6.150% 337,862 0.03 

180,000 Nevada Power 01.08.18/6.500% 213,579 0.02 

200,000 Nevada Power 15.03.19/7.125% 243,914 0.02 

120,000 Nevada Power 15.05.41/5.450% 131,156 0.01 

200,000 Newell Rubbermaid 15.08.20/4.700% 210,020 0.02 

196,000 NextEra Energy Capital Holdings 01.06.15/1.200% 197,075 0.01 


250,000 Nisource Finance 15.02.23/3.850% 239,706 0.02 


203,000 Nordstrom 15.10.21/4.000% 210,127 0.02 

4,000 Norfolk Southern 17.05.25/5.590% 4,392 0.00 



200,000 Northrop Grumman Systems 15.02.31/7.750% 256,703 0.02 

90,000 Nucor 01.08.23/4.000% 88,285 0.01 

181,000 Occidental Petroleum 15.02.17/1.750% 181,898 0.01 

60,000 Ohio Power 01.05.18/6.050% 69,443 0.01 

240,000 Ohio Power 01.03.33/6.600% 280,781 0.02 

250,000 Oracle 15.04.18/5.750% 289,863 0.02 

424,000 Oracle 15.01.19/2.375% 428,730 0.03 

100,000 Oracle 08.07.19/5.000% 113,220 0.01 

379,000 Oracle 08.07.39/6.125% 445,744 0.03 

97,000 Oracle 15.07.40/5.375% 104,567 0.01 

328,000 PACCAR Financial 15.03.17/1.600% 328,036 0.02 

200,000 Pacific Gas & Electric 30.11.17/5.625% 227,016 0.02 





500,000 PacifiCorp 15.06.21/3.850% 520,420 0.04 

50,000 Parker Hannifin 15.05.18/5.500% 56,756 0.00 

150,000 Peco Energy 01.03.18/5.350% 170,515 0.01 

158




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


500,000 Peco Energy 15.09.22/2.375% 457,870 0.03 

82,000 PepsiCo 25.08.14/0.800% 82,250 0.01 

14,000 PepsiCo 01.11.18/7.900% 17,538 0.00 

172,000 PepsiCo 25.08.21/3.000% 168,638 0.01 

90,000 Pioneer Natural Resources 15.07.16/5.875% 99,919 0.01 

100,000 Pitney Bowes 15.03.18/5.600% 109,164 0.01 

500,000 PNC Bank 07.12.17/6.000% 570,831 0.04 

250,000 PNC Bank 01.04.18/6.875% 296,171 0.02 

540,000 PNC Bank 01.11.22/2.700% 490,393 0.04 

50,000 PNC Funding 15.11.15/5.250% 53,723 0.00 

120,000 PNC Funding 19.09.16/2.700% 125,271 0.01 

100,000 PNC Funding 10.06.19/6.700% 120,624 0.01 

100,000 PNC Funding 08.02.20/5.125% 112,543 0.01 

400,000 PNC Funding 11.08.20/4.375% 430,028 0.03 

557,000 PNC Funding 08.03.22/3.300% 546,882 0.04 

200,000 Potomac Electric Power 15.11.37/6.500% 250,189 0.02 

300,000 PPG Industries 15.08.19/7.400% 352,739 0.03 


258,000 PPL Electric Utilities 01.09.22/2.500% 238,839 0.02 

134,000 Principal Financial Group 15.11.17/1.850% 133,047 0.01 

650,000 Principal Life Global Funding I 

144A 15.03.15/5.050% 681,880 0.05 

75,000 Progress Energy 15.03.14/6.050% 75,850 0.01 




251,000 ProLogis 15.08.23/4.250% 248,439 0.02 

110,000 Prudential Financial 20.09.14/5.100% 113,631 0.01 

55,000 PSEG Power 01.12.15/5.500% 59,616 0.00 

35,000 PSEG Power 15.04.31/8.625% 47,725 0.00 

25,000 Public Service Co of Colorado 01.08.18/5.800% 29,139 0.00 




147,000 Public Service Co of Oklahoma 01.02.21/4.400% 156,075 0.01 


55,000 Public Service Electric & Gas 01.05.18/5.300% 62,281 0.00 


444,000 Qwest 01.12.21/6.750% 488,453 0.04 

376,000 Republic Services 01.06.22/3.550% 365,120 0.03 

25,000,000 Residual Funding Principal Strip 15.10.19/0.000% 22,498,950 1.71 




135,000 Ryder System 01.03.16/3.600% 141,104 0.01 

235,000 Ryder System 01.06.17/3.500% 247,075 0.02 

200,000 San Diego Gas & Electric 01.06.26/6.000% 239,899 0.02 


100,000 Sempra Energy 01.06.16/6.500% 112,649 0.01 

1,113,000 Sempra Energy 15.02.19/9.800% 1,471,035 0.11 

444,000 Sempra Energy 01.10.22/2.875% 410,187 0.03 

115,000 Sempra Energy 15.10.39/6.000% 127,386 0.01 

140,000 Simon Property Group 15.05.14/6.750% 141,054 0.01 







233,000 Southern 01.09.16/1.950% 237,975 0.02 

135,000 Southern California Edison 15.08.18/5.500% 154,871 0.01 



71,000 Southern Power 15.09.41/5.150% 70,606 0.01 

250,000 SouthTrust Bank 15.05.25/7.690% 296,952 0.02 

225,000 Southwestern Public Service 01.12.18/8.750% 287,406 0.02 

250,000 Spectra Energy Capital 01.03.14/5.500% 251,991 0.02 






276,000 State Street 15.05.23/3.100% 256,262 0.02 

100,000 SunTrust Bank/Atlanta 15.03.18/7.250% 117,941 0.01 

150,000 SunTrust Banks 11.09.17/6.000% 170,338 0.01 

350,000 Tennessee Valley Authority 01.04.36/5.880% 407,543 0.03 



280,000 Time Warner 29.03.21/4.750% 301,001 0.02 

200,000 Time Warner 15.04.31/7.625% 253,962 0.02 

130,000 Time Warner 15.11.36/6.500% 146,322 0.01 

200,000 Time Warner 15.03.40/6.200% 221,318 0.02 

89,000 Time Warner 29.03.41/6.250% 99,305 0.01 

250,000 Time Warner 15.10.41/5.375% 252,629 0.02 

200,000 Time Warner Cable 14.02.14/8.250% 201,586 0.02 





580,000 Time Warner Entertainment 15.03.23/8.375% 674,467 0.05 


200,000 Tosco 01.01.27/7.800% 264,396 0.02 

250,000 Tosco 15.02.30/8.125% 350,456 0.03 

700,000 Toyota Motor Credit 12.01.17/2.050% 716,216 0.05 

50,000 Travelers 15.05.18/5.800% 57,706 0.00 

100,000 UBS/Stamford 20.12.17/5.875% 114,915 0.01 

244,000 UBS/Stamford 25.04.18/5.750% 280,044 0.02 

365,000 UBS/Stamford 04.08.20/4.875% 406,643 0.03 

350,000 Union Carbide 01.06.25/7.500% 413,240 0.03 

650,000 Union Carbide 01.10.96/7.750% 721,805 0.05 

75,000 Union Pacific 15.01.15/4.875% 78,380 0.01 

107,000 Union Pacific 15.01.23/2.950% 99,885 0.01 

130,000 Union Pacific 15.06.42/4.300% 118,473 0.01 

143,000 United Parcel Service 01.10.22/2.450% 132,474 0.01 

100,000 United Parcel Service of 

America 01.04.20/8.375% 129,737 0.01 

134,000 United Technologies 01.06.17/1.800% 136,249 0.01 




144,000 UnitedHealth Group 15.02.23/2.750% 133,114 0.01 



692,000 US Bancorp 15.05.17/1.650% 696,716 0.05 

200,000 US Bancorp 24.05.21/4.125% 212,718 0.02 

40,000 Valero Energy 15.04.32/7.500% 49,188 0.00 

150,000 Verizon Communications 15.02.16/5.550% 164,016 0.01 





1,475,000 Verizon Communications 01.12.30/7.750% 1,896,953 0.14 




500,000 Verizon Maryland 15.06.33/5.125% 477,555 0.04 

300,000 Verizon New England 15.11.29/7.875% 354,178 0.03 

15,000 Verizon New York 01.04.32/7.375% 17,115 0.00 

250,000 Verizon Pennsylvania 01.12.28/6.000% 247,537 0.02 


140,000 Virginia Electric and Power 15.09.17/5.950% 161,730 0.01 



1,000,000 Wachovia Bank 15.11.17/6.000% 1,156,032 0.09 

750,000 Walgreen 15.09.22/3.100% 707,032 0.05 

60,000 Wal-Mart Stores 01.09.35/5.250% 65,847 0.01 

100,000 Waste Management 11.03.19/7.375% 121,413 0.01 



233,000 WellPoint 15.07.18/2.300% 230,655 0.02 

423,000 WellPoint 15.05.22/3.125% 399,067 0.03 

344,000 WellPoint 15.05.42/4.625% 319,475 0.02 

500,000 Wells Fargo & Co. 11.12.17/5.625% 573,310 0.04 

1,000,000 Wells Fargo & Co. 01.04.21/4.600% 1,094,755 0.08 

1,000,000 Wells Fargo & Co. 08.03.22/3.500% 1,002,475 0.08 

17,000 Wisconsin Electric Power 15.09.21/2.950% 16,768 0.00 

25,000 Wyeth 01.02.24/6.450% 30,060 0.00 

550,000 Xcel Energy 01.07.36/6.500% 660,380 0.05 

68,000 Xcel Energy 15.09.41/4.800% 66,833 0.01 

100,000 Xerox 15.05.14/8.250% 102,660 0.01 

200,000 Xerox 01.02.17/6.750% 228,100 0.02 

425,000 Xerox 15.12.19/5.625% 474,959 0.04 

70,000 Xerox 15.05.21/4.500% 72,422 0.01 

212,546,012 16.16 

CANADA 

250,000 Alberta Energy 01.11.31/7.375% 294,001 0.02 

500,000 Bank of Nova Scotia 12.01.17/2.550% 517,545 0.04 

347,000 Canadian Imperial Bank of 

Commerce 01.10.15/0.900% 348,919 0.03 


Commerce 23.01.18/1.550% 534,329 0.04 

150,000 Canadian Natural Resources 01.02.18/5.900% 171,001 0.01 




150,000 Canadian Pacific Railway 15.10.31/7.125% 181,584 0.01 

166,000 Cenovus Energy 15.08.22/3.000% 155,324 0.01 



150,000 ConocoPhillips Canada Funding 

Co. I 15.10.16/5.625% 169,093 0.01 

159




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


30,000 Encana 15.05.19/6.500% 35,148 0.00 

100,000 Encana 15.08.34/6.500% 110,039 0.01 

130,000 Petro-Canada 15.05.18/6.050% 150,299 0.01 

100,000 Petro-Canada 15.07.33/5.350% 102,605 0.01 

200,000 Petro-Canada 15.05.38/6.800% 241,453 0.02 

709,000 Placer Dome 15.10.35/6.450% 674,447 0.05 

120,000 Potash Corp of Saskatchewan 15.05.19/6.500% 142,737 0.01 

800,000 RBC 27.07.18/2.200% 803,216 0.06 

180,000 Rogers Communications 01.05.32/8.750% 232,568 0.02 

200,000 Suncor Energy 01.06.18/6.100% 231,735 0.02 

505,000 Suncor Energy 01.12.34/5.950% 545,929 0.04 

350,000 Suncor Energy 01.06.39/6.850% 425,927 0.03 

540,000 Talisman Energy 01.06.19/7.750% 649,947 0.05 




628,000 Thomson Reuters 30.09.21/3.950% 626,989 0.05 


431,000 Toronto-Dominion Bank 14.07.16/2.500% 447,380 0.03 

150,000 TransCanada PipeLines 15.08.18/6.500% 176,906 0.01 



11,227,803 0.85 


100,000 Barclays Bank 10.07.14/5.200% 102,413 0.01 

643,000 BP Capital Markets 05.05.17/1.846% 649,842 0.05 





200,000 British Telecommunications 22.06.15/2.000% 203,524 0.02 


700,000 Deutsche Bank/London 11.01.16/3.250% 732,434 0.06 


50,000 Diageo Capital 15.07.20/4.828% 55,602 0.00 

139,000 HSBC Holdings 05.04.21/5.100% 154,688 0.01 

1,000,000 HSBC Holdings 14.01.22/4.875% 1,084,175 0.08 

986,000 HSBC Holdings 30.03.22/4.000% 1,011,360 0.08 

550,000 HSBC Holdings 14.01.42/6.100% 662,794 0.05 

364,000 Rio Tinto Finance USA 21.08.17/1.625% 362,721 0.03 


300,000 Vodafone Group 15.09.15/5.000% 321,015 0.02 

1,000,000 Vodafone Group 20.03.17/1.625% 1,000,205 0.08 


9,327,305 0.71 

FRANCE 

254,000 Orange 14.09.16/2.750% 263,200 0.02 

1,010,000 Orange 01.03.31/8.750% 1,398,719 0.11 

226,000 Total Capital International 25.01.16/0.750% 225,890 0.02 




2,772,447 0.22 



International 12 II 144A 08.11.22/3.250% 333,372 0.03 

70,000 Noble Holding International 15.03.22/3.950% 68,346 0.01 


300,000 Petrobras International Finance 15.03.19/7.875% 341,739 0.03 



400,000 Transocean 15.11.20/6.500% 457,136 0.03 

124,000 Transocean 15.12.21/6.375% 139,719 0.01 

263,000 Transocean 15.10.22/3.800% 250,435 0.02 

125,000 Transocean 15.04.31/7.500% 142,509 0.01 

95,000 Transocean 15.12.41/7.350% 115,633 0.01 

2,587,409 0.20 


577,000 Corporacion Andina de Fomento 15.01.16/3.750% 602,825 0.05 

1,700,000 International Bank for 

Reconstruction & Development 15.02.16/0.000% 1,670,046 0.13 

2,272,871 0.18 

NETHERLANDS 

92,000 Koninklijke Philips 11.03.18/5.750% 106,021 0.01 



504,000 Petrobras Global Finance 20.05.23/4.375% 450,412 0.03 

184,000 Shell International Finance 28.06.15/3.100% 191,112 0.01 



2,258,776 0.17 

MEXICO 

274,000 America Movil 08.09.16/2.375% 281,842 0.02 

307,000 America Movil 16.07.22/3.125% 284,795 0.02 

300,000 America Movil 30.03.40/6.125% 322,254 0.02 




2,234,447 0.17 

AUSTRALIA 

55,000 BHP Billiton Finance USA 29.03.17/5.400% 61,626 0.00 




762,000 Westpac Banking 19.11.19/4.875% 845,744 0.06 

1,635,329 0.12 

JAPAN 

160,000 Nippon Telegraph & Telephone 18.07.17/1.400% 158,475 0.01 

130,000 Nomura Holdings 04.03.15/5.000% 135,907 0.01 



1,104,864 0.08 

GERMANY 

300,000 Deutsche Telekom International 

Finance 08.07.19/6.000% 348,354 0.02 


Finance 15.06.30/8.750% 655,483 0.05 

1,003,837 0.07 

BERMUDA 

178,000 Weatherford 

International/Bermuda 15.04.22/4.500% 179,460 0.01 





995,471 0.07 

NORWAY 

183,000 Statoil 17.08.17/3.125% 192,549 0.02 

300,000 Statoil 15.04.19/5.250% 341,874 0.02 

183,000 Statoil 23.01.22/3.150% 179,361 0.01 

160,000 Statoil 23.11.41/4.250% 147,850 0.01 

861,634 0.06 

SPAIN 

170,000 Telefonica Emisiones 20.06.16/6.421% 189,674 0.01 





840,267 0.06 

SWEDEN 

442,000 Stadshypotek 144A 02.10.19/1.875% 426,499 0.03 

426,499 0.03 

LUXEMBOURG 

98,000 Telecom Italia Capital 18.06.14/6.175% 100,107 0.01 


211,038 0.02 

SOUTH AFRICA 


208,633 0.02 

Total Bonds 252,514,642 19.19 



252,514,642 19.19 

160




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 


100,000 21st Century Fox America 18.05.18/7.250% 121,028 0.01 








521,833 A10 Securitization 2012-1 A 15.04.24/3.492% 524,960 0.04 

604,886 Aames Mortgage Investment 

Trust 2005-3 M1 25.08.35/0.695%* 516,626 0.04 

435,000 AbbVie 144A 06.11.22/2.900% 407,346 0.03 

258,000 ADT 15.07.42/4.875% 195,069 0.01 

650,000 AIG SunAmerica Global 

Financing X 144A 15.03.32/6.900% 794,494 0.06 

58,034 Ally Auto Receivables Trust 

2012-3 A2 15.01.15/0.700% 58,040 0.00 


2012-3 A3 15.08.16/0.850% 903,607 0.07 


2012-5 A2 15.07.15/0.450% 450,630 0.03 

137,635 Alternative Loan Trust 

2004-18CB 2A4 25.09.34/5.700% 139,599 0.01 


2004-28CB 3A1 25.01.35/6.000% 75,523 0.01 

1,236,649 Alternative Loan Trust 

2004-2CB 1A9 25.03.34/5.750% 1,224,247 0.09 

1,904,561 Alternative Loan Trust 

2005-20CB 3A8 25.07.35/4.585%* 202,373 0.02 


2005-28CB 1A4 25.08.35/5.500% 441,989 0.03 


2005-54CB 1A11 25.11.35/5.500% 701,442 0.05 

12,426 Alternative Loan Trust 2005-5R 

A1 25.12.18/5.250% 12,526 0.00 

322,645 Alternative Loan Trust 2005-J1 

1A4 25.02.35/4.935%* 34,403 0.00 

461,888 American Credit Acceptance 

Receivables Trust 2012-2A 15.07.16/1.890% 463,463 0.04 


Receivables Trust 2012-3 A 15.11.16/1.640% 653,305 0.05 


1,471,352 American General Mortgage 

Loan Trust 2009-1 A7 25.09.48/5.750%* 1,491,495 0.11 

340,000 American Honda Finance 144A 11.09.17/1.500% 335,576 0.03 


715,000 American Municipal Power-Ohio 15.02.50/7.499% 881,759 0.07 

677,120 AmeriCredit Automobile 

Receivables Trust 2011-4 A3 09.05.16/1.170% 678,111 0.05 

















1,267,607 AmeriCredit Automobile 

Receivables Trust 2012-5 A2 08.01.16/0.510% 1,267,232 0.10 

190,000 Amgen 01.02.19/5.700% 219,849 0.02 

81,000 Amgen 15.03.20/4.500% 88,099 0.01 

500,000 Amgen 15.11.21/3.875% 513,152 0.04 

228,000 Amgen 01.02.39/6.400% 265,403 0.02 

237,000 Amgen 15.03.40/5.750% 256,058 0.02 

300,000 Amgen 01.10.41/4.950% 292,849 0.02 

800,000 Amgen 15.11.41/5.150% 801,980 0.06 

126,000 Amgen 15.06.42/5.650% 134,886 0.01 

250,000 Anadarko Holding 15.05.28/7.150% 291,378 0.02 

1,307,000 Apple 03.05.23/2.400% 1,176,078 0.09 

189,237 Ascentium Equipment 

Receivables 2012-1A A 15.09.19/1.830% 189,104 0.01 

126,553 ASG Resecuritization Trust 

2009-2 A55 24.05.36/4.910%* 129,032 0.01 

1,358,859 ASG Resecuritization Trust 

2009-3 A65 26.03.37/2.283%* 1,362,039 0.10 


2009-4 A60 28.06.37/6.000% 614,476 0.05 

161 

742,953 Asset Backed Funding 

Certificates 2005-AQ1 A4 25.06.35/4.923%* 754,017 0.06 

690,000 Atmos Energy 15.01.43/4.150% 626,793 0.05 

375,000 BAE Systems Holdings 144A 15.08.15/5.200% 398,365 0.03 


1,104,638 Banc of America Alternative 

Loan Trust 2003-7 1CB1 25.09.33/5.500% 1,139,053 0.09 

197,597 Banc of America Alternative 

Loan Trust 2003-7 2A4 25.09.18/5.000% 200,973 0.02 


Loan Trust 2004-1 1A1 25.02.34/6.000% 249,543 0.02 

300,000 Banc of America Commercial 

Mortgage Trust 2006-1 A4 10.09.45/5.372%* 322,332 0.02 

1,944,099 Banc of America Commercial 

Mortgage Trust 2006-3 A4 10.07.44/5.889%* 2,118,603 0.16 


Mortgage Trust 2006-4 A4 10.07.46/5.634% 651,459 0.05 

188,109 Banc of America Funding 

2004-2 1CB1 20.09.34/5.750% 200,232 0.02 


2004-2 30PO 20.09.34/0.000% 48,318 0.00 


2004-C 1A1 20.12.34/5.105%* 129,083 0.01 


2005-6 2A7 25.10.35/5.500% 452,468 0.03 


2005-7 30PO 25.11.35/0.000% 69,695 0.01 

1,281,122 Banc of America Funding 

2005-E 4A1 20.03.35/2.669%* 1,290,401 0.10 

500,000 Banc of America Merrill Lynch 

Commercial Mortgage 

2005-3 AM 10.07.43/4.727% 520,056 0.04 


Commercial Mortgage 2005-6 

ASB 10.09.47/5.184%* 109,401 0.01 

534,554 Banc of America Mortgage 

Securities 2003-3 1A7 25.05.33/5.500% 552,422 0.04 


Securities 2003-6 2A1 25.08.18/0.615%* 68,381 0.01 


Securities 2003-8 APO 25.11.33/0.000% 13,221 0.00 


Securities 2004-3 1A26 25.04.34/5.500% 549,884 0.04 


Securities 2004-3 3A1 25.04.19/5.000% 542,820 0.04 


Securities 2004-5 2A2 25.06.34/5.500% 379,192 0.03 


Securities 2004-5 4A1 25.06.19/4.750% 62,423 0.00 

1,383,151 Banc of America Mortgage 

Securities 2004-6 1A3 25.05.34/5.500% 1,456,374 0.11 


Securities 2004-7 15IO 25.08.19/4.695%* 17,101 0.00 


Securities 2004-9 3A1 25.09.32/6.500% 90,042 0.01 


Securities 2004-9 XPO 25.11.34/0.000% 39,585 0.00 


Securities 2004-J 3A1 25.11.34/2.654%* 161,043 0.01 

457,179 Bank of America Auto Trust 

2012-1 A3 15.06.16/0.780% 458,274 0.03 


204,228 BCAP Trust 2011-RR2 3A3 21.11.35/2.712%* 204,753 0.02 

299,375 Bear Stearns Adjustable Rate 

Mortgage Trust 2003-4 3A1 25.07.33/2.467%* 295,786 0.02 


Mortgage Trust 2003-7 3A 25.10.33/2.467%* 40,677 0.00 







355,078 Bear Stearns Alt-A Trust 

2005-2 1A1 25.03.35/0.665%* 340,403 0.03 

70,606 Bear Stearns Asset Backed 

Securities Trust 2006-SD1 A 25.04.36/0.535%* 67,862 0.01 

465,963 Bear Stearns Commercial 

Mortgage Securities Trust 

2004-PWR4 A3 11.06.41/5.468%* 468,810 0.04 

16,571,735 Bear Stearns Commercial 


2005-PWR8 X1 11.06.41/0.753%* 145,334 0.01 



2005-PWR9 AAB 11.09.42/4.804% 36,772 0.00 



2007-T26 X1 12.01.45/0.044%* 300,503 0.02 

800,000 Blackstone Holdings 

Finance 144A 15.03.21/5.875% 892,969 0.07 

149,000 Boston Gas 144A 15.02.42/4.487% 141,041 0.01




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




1,040,000 Capital One Bank USA 15.02.23/3.375% 969,587 0.07 


600,000 Cargill 144A 06.03.19/7.350% 727,922 0.06 

71,962 CarMax Auto Owner Trust 

2011-1 A3 15.09.15/1.290% 72,031 0.01 


2011-1 A4 15.09.16/2.160% 582,534 0.04 


2012-3 A2 15.09.15/0.430% 246,406 0.02 


100,000 CBS 01.09.23/7.875% 118,427 0.01 

700,000 CD 2005-CD1 Mortgage Trust AJ 15.07.44/5.218%* 736,727 0.06 

45,582,179 CD 2007-CD4 Mortgage Trust XC 11.12.49/0.168%* 435,310 0.03 

784,000 Celgene 15.08.22/3.250% 749,194 0.06 



360,066 Centex Home Equity 2004-D 

AF4 25.06.32/4.680%* 375,460 0.03 

100,000 Charles Schwab 01.09.22/3.225% 96,132 0.01 

424,391 Chase Funding Trust 2003-4 1A5 25.05.33/5.416%* 447,965 0.03 

326,467 Chase Funding Trust 2003-6 1A7 25.11.34/4.277%* 330,630 0.03 

481,771 Chase Mortgage Finance 

2004-S3 2A5 25.03.34/5.500% 495,454 0.04 

2,129,737 Chase Mortgage Finance 

2007-A1 1A3 25.02.37/2.722%* 2,123,578 0.16 


2007-A1 2A1 25.02.37/2.710%* 205,190 0.02 


2007-A1 7A1 25.02.37/2.683%* 158,258 0.01 


2007-A1 9A1 25.02.37/2.694%* 147,835 0.01 


2007-A2 2A1 25.07.37/2.655%* 618,762 0.05 

46,553 CHL Mortgage Pass-Through 

Trust 2003-26 1A6 25.08.33/3.500% 46,589 0.00 


Trust 2003-J7 4A3 25.08.18/9.560%* 8,184 0.00 


Trust 2004-3 A26 25.04.34/5.500% 796,420 0.06 


Trust 2004-3 A4 25.04.34/5.750% 399,413 0.03 


Trust 2004-5 1A4 25.06.34/5.500% 595,692 0.05 


Trust 2004-7 2A1 25.06.34/2.692%* 97,170 0.01 


Trust 2004-8 2A1 25.06.19/4.500% 418,443 0.03 


Trust 2004-J6 2A1 25.07.14/4.750% 4,428 0.00 


Trust 2004-J8 1A2 25.11.19/4.750% 87,106 0.01 


Trust 2005-22 2A1 25.11.35/2.586%* 473,447 0.04 

80,000 Cisco Systems 22.02.16/5.500% 88,086 0.01 

140,000 Cisco Systems 15.01.20/4.450% 153,450 0.01 

400,000 Cisco Systems 15.02.39/5.900% 450,958 0.03 

100,000 Cisco Systems 15.01.40/5.500% 107,268 0.01 

1,118,728 Citicorp Mortgage Securities 

2004-3 A5 25.05.34/5.250% 1,176,125 0.09 

148,701 Citicorp Mortgage Securities 

2005-3 2A2 25.04.20/5.000% 149,684 0.01 


2006-4 1A2 25.08.36/6.000% 431,192 0.03 

600,000 Citigroup Commercial Mortgage 

Trust 2005-C3 AM 15.05.43/4.830%* 625,160 0.05 


Trust 2006-C5 A4 15.10.49/5.431% 546,482 0.04 

114,355 Citigroup Mortgage Loan Trust 

2003-1 2A5 25.10.33/5.250% 117,340 0.01 


2003-1 3A4 25.09.33/5.250% 239,292 0.02 


2003-UP3 A3 25.09.33/7.000% 6,502 0.00 


2004-UST1 A3 25.08.34/2.321%* 125,636 0.01 


2005-2 2A11 25.05.35/5.500% 301,491 0.02 


2008-AR4 1A1A 25.11.38/2.892%* 512,415 0.04 

285,000 City of Los Angeles Department 

of Airports 15.05.39/6.582% 327,622 0.02 

1,100,000 CME Group 15.09.22/3.000% 1,043,823 0.08 

57,928 CNH Equipment Trust 2011-A A3 16.05.16/1.200% 57,974 0.00 



1,170,000 COBALT CMBS Commercial 

Mortgage Trust 2006-C1 A4 15.08.48/5.223% 1,264,968 0.10 


Mortgage Trust 2006-C1 AM 15.08.48/5.254% 1,546,165 0.12 


Mortgage Trust 2006-C1 IO 15.08.48/0.796%* 301,946 0.02 

250,000 Comcast 15.01.17/6.500% 288,294 0.02 

693,000 Comcast 15.01.33/4.250% 647,536 0.05 

480,000 Comcast 15.03.37/6.450% 561,905 0.04 

8,036 Commercial Mortgage Trust 

2004-LB4A A4 15.10.37/4.584% 8,052 0.00 

650,000 Commercial Mortgage Trust 

2005-LP5 A4 10.05.43/4.982%* 677,967 0.05 

2,616,232 Commercial Mortgage Trust 

2012-CR XA 15.08.45/1.942%* 289,782 0.02 

173,000 Consolidated Edison Co. of New 

York 15.06.40/5.700% 198,795 0.02 

257,990 Continental Airlines 2007-1 

Class A Pass Through Trust 19.04.22/5.983% 281,854 0.02 

212,000 Continental Airlines 2012-2 Class 

A Pass Through Trust 29.10.24/4.000% 212,397 0.02 

375,000 COX Communications 144A 15.12.22/3.250% 344,619 0.03 


87,126 Credit Suisse First Boston 

Mortgage Securities 2003-1 DB1 25.02.33/6.564% 88,837 0.01 


Mortgage Securities 2003-21 

1A4 25.09.33/5.250% 442,637 0.03 


Mortgage Securities 2003-21 AP 25.09.33/0.000% 149,778 0.01 



2A5 25.10.18/5.000% 253,319 0.02 



5A4 25.11.33/5.250% 283,799 0.02 







2A4 25.09.34/5.500% 550,643 0.04 


Mortgage Securities 2004-5 3A1 25.08.19/5.250% 165,472 0.01 







700,000 Credit Suisse Mortgage Capital 

Trust 2006-C2 A3 15.03.39/5.669%* 754,320 0.06 


Trust 2010-16 A3 25.06.50/3.383%* 297,954 0.02 

56,555 Credit-Based Asset Servicing 

and Securitization 2006-CB1 

AF2 25.01.36/3.640%* 35,906 0.00 

110,000 CRH America 30.09.16/6.000% 123,293 0.01 

850,000 Daimler Finance North America 

144A 11.01.17/2.950% 882,750 0.07 

327,000 Daimler Finance North 

America 144A 11.01.18/1.875% 323,573 0.02 

218,000 Danaher 23.06.21/3.900% 226,942 0.02 

259,246 Deutsche Mortgage Securities 

2004-1 3A6 25.12.33/4.740%* 264,430 0.02 

400,000 DirecTV Holdings 15.02.21/4.600% 412,842 0.03 



1,300,000 DirecTV Holdings 01.03.41/6.375% 1,360,970 0.10 

614,000 Discovery Communications 15.06.21/4.375% 636,684 0.05 


52,901 DT Auto Owner Trust 2012-2A A 16.11.15/0.910% 52,902 0.00 


141,000 Eaton 02.11.17/1.500% 138,481 0.01 

146,000 Eaton 02.11.32/4.000% 135,148 0.01 

475,000 eBay 15.10.20/3.250% 487,659 0.04 

335,000 Ecolab 08.12.17/1.450% 328,545 0.02 

233,000 EOG Resources 15.03.23/2.625% 212,170 0.02 

326,000 ERAC USA Finance 144A 10.01.14/2.250% 326,115 0.02 





386,143 Fannie Mae Grantor Trust 

2000-T6 A1 25.06.30/7.500% 450,080 0.03 


2001-T10 A2 25.12.41/7.500% 946,832 0.07 


2001-T7 A1 25.02.41/7.500% 379,951 0.03 


2002-T16 A2 25.07.42/7.000% 44,562 0.00 

162




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



2004-T2 1A4 25.11.43/7.500% 736,716 0.06 


2004-T3 PT1 25.01.44/8.950%* 458,883 0.03 

326,882 Fannie Mae Interest Strip 293 1 01.12.24/0.000% 316,181 0.02 




1,862,004 Fannie Mae Interest Strip 412 F2 25.08.42/0.665%* 1,861,593 0.14 

13,555 Fannie Mae Pool No: 252409 01.03.29/6.500% 15,468 0.00 















1,186,215 Fannie Mae Pool No: 464367 01.01.20/4.540% 1,307,130 0.10 







955,753 Fannie Mae Pool No: 465936 01.09.20/3.600% 1,008,501 0.08 































1,418,642 Fannie Mae Pool No: 470623 01.03.22/0.968%* 1,420,412 0.11 
































68,562 Fannie Mae Pool No: 722985 01.07.33/2.277%* 72,875 0.01 














































































163




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 






703,645 Fannie Mae Pool No: AA0922 01.09.36/6.000% 780,936 0.06 


555,700 Fannie Mae Pool No: AC3407 01.10.39/5.500% 611,009 0.05 

584,883 Fannie Mae Pool No: AD0133 01.08.24/5.000% 623,175 0.05 


955,028 Fannie Mae Pool No: AD0660 01.12.19/4.530% 1,051,863 0.08 



779,310 Fannie Mae Pool No: AE0081 01.07.24/6.000% 835,444 0.06 


1,949,787 Fannie Mae Pool No: AL0569 01.06.21/4.291% 2,099,381 0.16 



884,124 Fannie Mae Pool No: AL2606 01.03.42/4.000% 902,709 0.07 

973,148 Fannie Mae Pool No: AM0097 01.08.22/0.718%* 977,203 0.07 

1,394,887 Fannie Mae Pool No: AM0757 01.09.22/2.470% 1,327,446 0.10 


650,251 Fannie Mae Pool No: AM0903 01.10.22/2.530% 620,326 0.05 


2,000,000 Fannie Mae Pool No: AM1061 01.10.22/0.558%* 2,007,293 0.15 





















919,326 Fannie Mae Pool No: AO9352 01.07.42/4.000% 939,759 0.07 

3,804,753 Fannie Mae Pool No: AQ9999 01.02.43/3.000% 3,574,698 0.27 

955,267 Fannie Mae Pool No: FN0005 01.11.20/3.375% 993,459 0.08 

828,896 Fannie Mae Pool No: MA0406 01.05.30/4.500% 884,313 0.07 


1,975,841 Fannie Mae Pool No: MA1463 01.06.43/3.500% 1,944,592 0.15 

200,000 Fannie Mae Principal Strip 15.05.30/0.000% 95,267 0.01 

143,247 Fannie Mae REMICS 1992-145 ZB 25.08.22/8.000% 163,556 0.01 

566,224 Fannie Mae REMICS 1992-69 Z 25.05.22/8.000% 653,489 0.05 

293,001 Fannie Mae REMICS 1993-136 ZB 25.07.23/6.792%* 328,534 0.02 


201,796 Fannie Mae REMICS 1993-203 PL 25.10.23/6.500% 224,179 0.02 

26,106 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 29,655 0.00 


286,638 Fannie Mae REMICS 1994-63 PK 25.04.24/7.000% 325,751 0.02 

243,361 Fannie Mae REMICS 1996-4 SA 25.02.24/8.335%* 43,927 0.00 


39,222 Fannie Mae REMICS 1997-39 PD 20.05.27/7.500% 46,057 0.00 

205,454 Fannie Mae REMICS 1997-50 SK 25.05.23/6.835%* 36,602 0.00 


1,453,949 Fannie Mae REMICS 1998-44 ZA 20.07.28/6.500% 1,647,835 0.13 

180,845 Fannie Mae REMICS 1998-58 PC 25.10.28/6.500% 204,058 0.02 


5,653 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 6,518 0.00 

20,376 Fannie Mae REMICS 2001-71 MB 25.12.16/6.000% 21,477 0.00 

255,582 Fannie Mae REMICS 2001-79 BA 25.03.45/7.000% 291,756 0.02 

1,036,113 Fannie Mae REMICS 2001-81 HE 25.01.32/6.500% 1,152,175 0.09 

37,710 Fannie Mae REMICS 2002-2 MG 25.02.17/6.000% 39,830 0.00 

44,851 Fannie Mae REMICS 2002-3 OG 25.02.17/6.000% 47,086 0.00 


52,497 Fannie Mae REMICS 2002-47 PE 25.08.17/5.500% 55,132 0.00 

125,921 Fannie Mae REMICS 2002-5 SE 25.02.32/15.276%* 170,602 0.01 

885,381 Fannie Mae REMICS 2002-50 ZA 25.05.31/6.000% 985,749 0.07 

138,691 Fannie Mae REMICS 2002-63 KC 25.10.17/5.000% 146,881 0.01 

2,632,482 Fannie Mae REMICS 2003-105 AZ 25.10.33/5.500% 2,861,796 0.22 

93,698 Fannie Mae REMICS 2003-116 SB 25.11.33/7.435%* 16,938 0.00 

580,159 Fannie Mae REMICS 2003-119 FH 25.12.33/0.665%* 585,333 0.04 

552,532 Fannie Mae REMICS 2003-130 CS 25.12.33/13.771%* 663,301 0.05 

2,000,000 Fannie Mae REMICS 2003-17 EQ 25.03.23/5.500% 2,198,899 0.17 



384,816 Fannie Mae REMICS 2003-33 IA 25.05.33/6.500% 89,106 0.01 

384,079 Fannie Mae REMICS 2003-35 IU 25.05.33/6.000% 74,827 0.01 

200,000 Fannie Mae REMICS 2003-39 LW 25.05.23/5.500% 221,399 0.02 


35,848 Fannie Mae REMICS 2003-52 SX 25.10.31/22.456%* 60,534 0.00 

2,039,967 Fannie Mae REMICS 2003-78 B 25.08.23/5.000% 2,247,316 0.17 

51,694 Fannie Mae REMICS 2003-80 SY 25.06.23/7.485%* 4,769 0.00 

25,414 Fannie Mae REMICS 2004-10 SC 25.02.34/27.942%* 36,961 0.00 


360,167 Fannie Mae REMICS 2004-46 EP 25.03.34/0.000% 343,388 0.03 


2,526,339 Fannie Mae REMICS 2004-50 VZ 25.07.34/5.500% 2,735,802 0.21 


82,992 Fannie Mae REMICS 2004-61 SH 25.11.32/23.330%* 132,540 0.01 

113,763 Fannie Mae REMICS 2004-74 SW 25.11.31/15.170%* 154,889 0.01 

154,550 Fannie Mae REMICS 2004-81 AC 25.11.19/4.000% 163,030 0.01 


1,195,731 Fannie Mae REMICS 2005-122 SC 25.06.35/22.524%* 1,704,739 0.13 

705,000 Fannie Mae REMICS 2005-3 CE 25.08.34/5.500% 744,095 0.06 

294,946 Fannie Mae REMICS 2005-45 DC 25.06.35/23.706%* 458,865 0.03 

311,052 Fannie Mae REMICS 2005-56 S 25.07.35/6.545%* 58,139 0.00 

228,834 Fannie Mae REMICS 2005-56 TP 25.08.33/17.656%* 311,117 0.02 


512,913 Fannie Mae REMICS 2005-67 EY 25.08.25/5.500% 568,505 0.04 



533,951 Fannie Mae REMICS 2005-75 SV 25.09.35/23.542%* 799,010 0.06 

394,945 Fannie Mae REMICS 2005-76 PZ 25.09.35/5.500% 438,935 0.03 


1,360,000 Fannie Mae REMICS 2005-84 XH 25.10.35/5.750% 1,450,843 0.11 

272,059 Fannie Mae REMICS 2005-84 XM 25.10.35/5.750% 297,699 0.02 

240,438 Fannie Mae REMICS 2005-90 ES 25.10.35/16.464%* 307,995 0.02 

123,270 Fannie Mae REMICS 2005-90 PO 25.09.35/0.000% 120,716 0.01 

218,678 Fannie Mae REMICS 2006-11 PS 25.03.36/23.963%* 336,984 0.03 


33,074 Fannie Mae REMICS 2006-111 EO 25.11.36/0.000% 30,664 0.00 


400,028 Fannie Mae REMICS 2006-124 HB 25.11.36/5.961%* 408,512 0.03 

345,784 Fannie Mae REMICS 2006-15 OP 25.03.36/0.000% 311,181 0.02 

100,661 Fannie Mae REMICS 2006-22 AO 25.04.36/0.000% 92,469 0.01 

294,277 Fannie Mae REMICS 2006-27 OH 25.04.36/0.000% 284,773 0.02 

181,981 Fannie Mae REMICS 2006-33 LS 25.05.36/29.409%* 328,440 0.02 


71,973 Fannie Mae REMICS 2006-44 GO 25.06.36/0.000% 65,847 0.01 

185,615 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 168,725 0.01 

527,837 Fannie Mae REMICS 2006-53 US 25.06.36/6.415%* 85,943 0.01 

1,000,000 Fannie Mae REMICS 2006-53 WE 25.06.36/6.000% 1,117,619 0.08 

703,177 Fannie Mae REMICS 2006-56 FC 25.07.36/0.455%* 703,379 0.05 

113,948 Fannie Mae REMICS 2006-58 AP 25.07.36/0.000% 107,090 0.01 


69,453 Fannie Mae REMICS 2006-59 QO 25.01.33/0.000% 68,504 0.01 

380,400 Fannie Mae REMICS 2006-60 DO 25.04.35/0.000% 370,419 0.03 



118,246 Fannie Mae REMICS 2006-72 TO 25.08.36/0.000% 110,636 0.01 


150,273 Fannie Mae REMICS 2006-79 DF 25.08.36/0.515%* 150,561 0.01 


3,185,510 Fannie Mae REMICS 2006-8 WN 25.03.36/6.535%* 597,817 0.05 

868,775 Fannie Mae REMICS 2006-8 WQ 25.03.36/0.000% 797,415 0.06 

575,945 Fannie Mae REMICS 2006-85 MZ 25.09.36/6.500% 647,391 0.05 

848,300 Fannie Mae REMICS 2006-94 GI 25.10.26/6.485%* 137,377 0.01 

127,357 Fannie Mae REMICS 2006-95 SG 25.10.36/25.542%* 198,938 0.02 

29,757 Fannie Mae REMICS 2007-1 SD 25.02.37/38.012%* 50,840 0.00 

552,072 Fannie Mae REMICS 2007-106 A7 25.10.37/6.033%* 613,974 0.05 

763,138 Fannie Mae REMICS 2007-108 AN 25.11.37/8.348%* 912,176 0.07 


2,132,006 Fannie Mae REMICS 2007-109 PI 25.12.37/6.185%* 283,163 0.02 

1,600,000 Fannie Mae REMICS 2007-114 A6 27.10.37/0.365%* 1,588,402 0.12 

552,987 Fannie Mae REMICS 2007-116 HI 25.01.38/1.532%* 43,243 0.00 

40,044 Fannie Mae REMICS 2007-15 NO 25.03.22/0.000% 38,542 0.00 


269,486 Fannie Mae REMICS 2007-2 HF 25.08.36/0.515%* 269,518 0.02 




252,051 Fannie Mae REMICS 2007-46 VK 25.03.22/5.500% 252,653 0.02 



210,586 Fannie Mae REMICS 2007-54 FA 25.06.37/0.565%* 211,140 0.02 

1,344,130 Fannie Mae REMICS 2007-60 AX 25.07.37/6.985%* 213,411 0.02 

873,858 Fannie Mae REMICS 2007-65 KI 25.07.37/6.455%* 117,306 0.01 


702,914 Fannie Mae REMICS 2007-71 GB 25.07.37/6.000% 750,345 0.06 

2,052,498 Fannie Mae REMICS 2007-72 EK 25.07.37/6.235%* 277,626 0.02 

786,821 Fannie Mae REMICS 2007-76 AZ 25.08.37/5.500% 854,039 0.06 

1,379,689 Fannie Mae REMICS 2007-76 ZG 25.08.37/6.000% 1,496,271 0.11 

164




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


949,420 Fannie Mae REMICS 2007-84 PG 25.12.36/6.000% 1,006,279 0.08 

114,602 Fannie Mae REMICS 2007-85 SL 25.09.37/15.739%* 141,181 0.01 

851,427 Fannie Mae REMICS 2007-88 VI 25.09.37/6.375%* 121,641 0.01 

1,299,794 Fannie Mae REMICS 2007-92 YS 25.06.37/5.615%* 183,112 0.01 

676,752 Fannie Mae REMICS 2008-1 BI 25.02.38/5.745%* 81,097 0.01 

180,717 Fannie Mae REMICS 2008-10 XI 25.03.38/6.065%* 27,567 0.00 

288,708 Fannie Mae REMICS 2008-16 IS 25.03.38/6.035%* 42,556 0.00 

86,223 Fannie Mae REMICS 2008-18 SP 25.03.38/13.671%* 105,177 0.01 

273,277 Fannie Mae REMICS 2008-19 IC 25.03.23/5.000% 21,190 0.00 

243,686 Fannie Mae REMICS 2008-28 QS 25.04.38/20.206%* 344,088 0.03 


109,055 Fannie Mae REMICS 2008-47 SI 25.06.23/6.335%* 12,186 0.00 

285,423 Fannie Mae REMICS 2008-53 CI 25.07.38/7.035%* 45,798 0.00 


809,933 Fannie Mae REMICS 2008-76 GF 25.09.23/0.815%* 814,774 0.06 



409,914 Fannie Mae REMICS 2009-103 MB 25.12.39/2.557%* 416,769 0.03 

1,115,020 Fannie Mae REMICS 2009-11 NB 25.03.29/5.000% 1,227,536 0.09 

737,098 Fannie Mae REMICS 2009-112 ST 25.01.40/6.085%* 98,177 0.01 



211,856 Fannie Mae REMICS 2009-18 IO 25.03.24/5.000% 18,371 0.00 

271,894 Fannie Mae REMICS 2009-52 PI 25.07.39/5.000% 53,561 0.00 

1,000,000 Fannie Mae REMICS 2009-59 HB 25.08.39/5.000% 1,081,353 0.08 

424,354 Fannie Mae REMICS 2009-6 GS 25.02.39/6.385%* 69,400 0.01 


2,420,387 Fannie Mae REMICS 2009-69 GL 25.09.39/5.000% 2,606,281 0.20 


129,382 Fannie Mae REMICS 2009-79 UA 25.03.38/7.000% 149,039 0.01 

401,843 Fannie Mae REMICS 2009-84 WS 25.10.39/5.735%* 50,489 0.00 

437,114 Fannie Mae REMICS 2009-86 IP 25.10.39/5.500% 75,908 0.01 

837,851 Fannie Mae REMICS 2009-86 OT 25.10.37/0.000% 761,264 0.06 

797,383 Fannie Mae REMICS 2009-86 UI 25.10.14/4.000% 19,332 0.00 

456,926 Fannie Mae REMICS 2010-1 WA 25.02.40/6.183%* 499,992 0.04 

2,000,000 Fannie Mae REMICS 2010-111 AM 25.10.40/5.500% 2,189,064 0.17 

2,707,615 Fannie Mae REMICS 2010-125 SA 25.11.40/4.275%* 265,712 0.02 

812,621 Fannie Mae REMICS 2010-23 KS 25.02.40/6.935%* 127,078 0.01 



1,558,266 Fannie Mae REMICS 2010-40 FJ 25.04.40/0.765%* 1,567,148 0.12 

1,392,071 Fannie Mae REMICS 2010-43 FD 25.05.40/0.765%* 1,406,284 0.11 




3,762,091 Fannie Mae REMICS 2011-118 LB 25.11.41/7.000% 4,330,084 0.33 

3,776,111 Fannie Mae REMICS 2011-118 MT 25.11.41/7.000% 4,365,155 0.33 

4,904,145 Fannie Mae REMICS 2011-118 NT 25.11.41/7.000% 5,651,691 0.43 

1,779,783 Fannie Mae REMICS 2011-30 LS 25.04.41/2.668%* 126,862 0.01 




3,756,765 Fannie Mae REMICS 2012-137 CF 25.08.41/0.465%* 3,716,868 0.28 

2,697,310 Fannie Mae REMICS 2012-58 FA 25.03.39/0.665%* 2,716,893 0.21 

1,763,907 Fannie Mae REMICS 2012-66 HF 25.03.41/0.465%* 1,753,480 0.13 

1,856,275 Fannie Mae REMICS 2012-97 FB 25.09.42/0.665%* 1,855,887 0.14 


160,138 Fannie Mae REMICS G92-43 Z 25.07.22/7.500% 184,349 0.01 


16,961 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 19,396 0.00 

56,096 Fannie Mae REMICS G93-17 SH 25.04.23/29.703%* 99,505 0.01 

194,884 Fannie Mae Whole Loan 

2001-W4 AF6 25.01.32/5.610%* 201,945 0.02 

2,222,381 Fannie Mae Whole Loan 

2002-W10 IO 25.08.42/0.954%* 57,086 0.00 


2002-W6 2A1 25.06.42/6.502%* 196,497 0.01 


2003-W4 2A 25.10.42/6.411%* 16,819 0.00 


2003-W6 4T 25.09.42/0.550%* 103,749 0.01 


2003-W8 3F1 25.05.42/0.565%* 162,375 0.01 


2004-W1 2A2 25.12.33/7.000% 147,525 0.01 


2004-W11 1A1 25.05.44/6.000% 959,672 0.07 


2004-W2 2A2 25.02.44/7.000% 60,804 0.00 


2005-W1 1A2 25.10.44/6.500% 1,031,541 0.08 


2005-W3 2AF 25.03.45/0.385%* 1,951,982 0.15 


2006-W3 2A 25.09.46/6.000% 584,859 0.04 


2007-W7 1A4 25.07.37/38.192%* 131,690 0.01 


2009-W1 A 25.12.49/6.000% 1,903,335 0.14 

4,000,000 Fannie Mae-Aces 2010-M1 A2 25.09.19/4.450% 4,413,438 0.34 

4,000,000 Fannie Mae-Aces 2010-M3 A3 25.03.20/4.332%* 4,374,786 0.33 



630,887 Fannie Mae-Aces 2011-M8 A2 25.08.21/2.922% 624,827 0.05 

2,160,147 Fannie Mae-Aces 2012-M11 FA 25.08.19/0.673%* 2,165,909 0.16 

980,000 Fannie Mae-Aces 2012-M8 ASQ3 25.12.19/1.801% 964,206 0.07 


26,910 FHLMC Structured Pass Through 

Securities T-41 3A 25.07.32/6.611%* 30,620 0.00 


Securities T-42 A5 25.02.42/7.500% 636,571 0.05 


Securities T-54 2A 25.02.43/6.500% 40,116 0.00 


Securities T-54 3A 25.02.43/7.000% 53,929 0.00 

1,444,154 FHLMC Structured Pass Through 

Securities T-56 A5 25.05.43/5.231% 1,559,198 0.12 


Securities T-76 2A 25.10.37/3.281%* 1,039,783 0.08 

95,500 FHLMC-GNMA 24 J 25.11.23/6.250% 98,735 0.01 

409,677 FHLMC-GNMA 29 L 25.04.24/7.500% 469,797 0.04 

100,000 Fifth Third Bancorp 15.01.17/5.450% 110,415 0.01 

3,000,000 Financing Fico 05.04.19/0.000% 2,673,621 0.20 


35,895 First Horizon Mortgage 

Pass-Through Trust 2003-7 2A1 25.09.18/4.500% 36,976 0.00 


Pass-Through Trust 2004-AR7 

2A2 25.02.35/2.559%* 403,729 0.03 


Pass-Through Trust 2005-AR1 

2A2 25.04.35/2.654%* 140,029 0.01 

417,000 Ford Motor Credit 09.05.16/1.489%* 423,370 0.03 

299,038 Freddie Mac Gold Pool No: 

A61376 01.07.32/6.500% 330,764 0.03 


A88871 01.01.31/7.000% 456,014 0.03 

1,256,877 Freddie Mac Gold Pool No: 

A93383 01.08.40/5.000% 1,357,230 0.10 


A93511 01.08.40/5.000% 2,865,089 0.22 


B11402 01.12.18/3.500% 249,917 0.02 


B90491 01.01.32/7.500% 381,134 0.03 


C75791 01.01.33/5.500% 413,916 0.03 


C90600 01.12.22/6.000% 18,585 0.00 


C90985 01.08.26/6.500% 126,598 0.01 


C91403 01.03.32/3.500% 774,637 0.06 


E01403 01.04.18/6.000% 11,784 0.00 


E01418 01.07.18/4.000% 169,415 0.01 


G01448 01.08.32/7.000% 21,584 0.00 


G02186 01.05.36/5.000% 447,269 0.03 


G02436 01.09.36/6.500% 436,952 0.03 


G04077 01.03.38/6.500% 355,722 0.03 


G04952 01.01.38/7.500% 394,017 0.03 


G05671 01.08.38/5.500% 956,834 0.07 


G06493 01.05.41/4.500% 7,110,860 0.54 


G11564 01.08.17/6.500% 110,746 0.01 


G12906 01.07.21/6.000% 264,013 0.02 


G13012 01.03.22/6.000% 101,960 0.01 


G13991 01.02.23/5.500% 1,521,464 0.12 


G30234 01.11.22/6.500% 11,552 0.00 


J15254 01.10.17/6.000% 25,610 0.00 


L10151 01.02.33/6.000% 574,189 0.04 


L10221 01.01.34/6.000% 572,169 0.04 

165




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



L10224 01.12.34/6.000% 589,826 0.04 


P50201 01.01.34/5.500% 69,591 0.01 


P60089 01.12.14/7.000% 2,787 0.00 


P60090 01.03.16/7.000% 5,791 0.00 


P60151 01.05.19/6.000% 60,440 0.00 


U90673 01.01.43/4.000% 1,505,621 0.11 


U90690 01.06.42/3.500% 4,552,455 0.35 


U90975 01.06.42/4.000% 4,813,666 0.37 


U91305 01.04.43/3.500% 1,943,363 0.15 


U99051 01.06.43/3.500% 5,796,305 0.44 


Z40024 01.04.36/5.500% 257,017 0.02 

99,933 Freddie Mac Non Gold Pool No: 

1A1082 01.07.36/2.087%* 105,741 0.01 


1A1085 01.08.36/2.093%* 284,196 0.02 


1A1096 01.10.36/2.115%* 240,710 0.02 


1A1097 01.10.36/2.185%* 443,520 0.03 


1B1665 01.04.34/2.546%* 124,476 0.01 


1B3485 01.07.37/2.657%* 236,277 0.02 


1G2557 01.06.36/2.712%* 970,819 0.07 


1J1399 01.12.36/2.861%* 120,656 0.01 


1J1418 01.12.36/2.914%* 102,304 0.01 


1J1516 01.02.37/6.328%* 68,307 0.01 


1J1574 01.04.37/2.998%* 90,007 0.01 


1J2945 01.11.37/6.270%* 144,151 0.01 


1K0046 01.10.36/2.480%* 691,417 0.05 


1L1286 01.05.36/2.375%* 352,428 0.03 


1N0189 01.08.36/2.000%* 423,085 0.03 


1N0206 01.08.36/2.107%* 529,295 0.04 


1N0353 01.02.37/2.485%* 557,378 0.04 


1N1463 01.05.37/2.495%* 163,677 0.01 


1Q0007 01.12.35/2.506%* 250,731 0.02 


1Q0737 01.11.36/2.419%* 188,394 0.01 

1,012,116 Freddie Mac Non Gold Pool No: 

1Q0739 01.03.37/2.316%* 1,086,323 0.08 


555325 01.06.17/8.750% 1,283 0.00 


782760 01.11.36/2.375%* 292,501 0.02 


782870 01.09.34/2.500%* 574,171 0.04 


782979 01.01.35/5.041%* 966,381 0.07 


782980 01.01.35/2.451%* 442,590 0.03 


847621 01.05.33/2.408%* 250,579 0.02 


848365 01.07.36/4.792%* 1,140,347 0.09 


848431 01.02.36/4.025%* 957,454 0.07 


848699 01.07.40/4.011%* 870,776 0.07 


972200 01.03.36/2.518%* 110,022 0.01 

1,837,533 Freddie Mac Reference REMIC 

R007 ZA 15.05.36/6.000% 2,040,498 0.16 

155,081 Freddie Mac REMICS 1081 K 15.05.21/7.000% 173,829 0.01 

184,497 Freddie Mac REMICS 1142 IA 15.10.21/7.000% 207,495 0.02 


15,267 Freddie Mac REMICS 1609 LG 15.11.23/16.972%* 17,015 0.00 

496,148 Freddie Mac REMICS 1621 J 15.11.23/6.400% 553,552 0.04 

112 Freddie Mac REMICS 1668 D 15.02.14/6.500% 112 0.00 

94,056 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 104,585 0.01 

261,190 Freddie Mac REMICS 1927 ZA 15.01.27/6.500% 292,234 0.02 



40,513 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 45,754 0.00 

177,625 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 195,909 0.01 

751,124 Freddie Mac REMICS 2165 PE 15.06.29/6.000% 836,786 0.06 

54,869 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 63,315 0.00 

209,499 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 237,880 0.02 

35,305 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 40,779 0.00 


119,009 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 128,353 0.01 

29,737 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 31,386 0.00 

22,070 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 23,140 0.00 


25,191 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 26,416 0.00 

19,427 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 20,427 0.00 

80,336 Freddie Mac REMICS 2388 EZ 15.06.31/8.500% 94,644 0.01 

119,175 Freddie Mac REMICS 2388 FB 15.01.29/0.767%* 120,109 0.01 

36,300 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 39,414 0.00 

44,163 Freddie Mac REMICS 2416 SH 17.02.32/15.672%* 60,058 0.00 


23,310 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 24,673 0.00 

29,468 Freddie Mac REMICS 2425 OB 15.03.17/6.000% 31,259 0.00 

35,889 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 40,294 0.00 

43,794 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 46,520 0.00 


554,567 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 565,628 0.04 

64,362 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 72,068 0.01 

43,887 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 46,775 0.00 

117,371 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 125,487 0.01 

197,901 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 220,814 0.02 

472,939 Freddie Mac REMICS 2549 ZG 15.01.18/5.000% 488,803 0.04 

347,461 Freddie Mac REMICS 2571 SY 15.12.32/18.200%* 501,938 0.04 

156,034 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 174,004 0.01 

1,405,495 Freddie Mac REMICS 2619 AE 15.05.23/5.000% 1,553,868 0.12 

106,940 Freddie Mac REMICS 2631 SA 15.06.33/14.545%* 137,189 0.01 


51,439 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 50,067 0.00 

159,454 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 156,420 0.01 

67,350 Freddie Mac REMICS 2671 S 15.09.33/14.453%* 85,694 0.01 


46,934 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 49,545 0.00 

574,605 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 605,117 0.05 

2,000,000 Freddie Mac REMICS 2709 PG 15.11.23/5.000% 2,203,510 0.17 

179,710 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 194,593 0.01 

164,579 Freddie Mac REMICS 2725 SC 15.11.33/8.828%* 180,495 0.01 

1,000,000 Freddie Mac REMICS 2733 SB 15.10.33/7.860%* 1,093,771 0.08 

112,977 Freddie Mac REMICS 2777 KO 15.02.33/0.000% 112,993 0.01 

11,616 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 12,014 0.00 

497,681 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 525,720 0.04 

195,405 Freddie Mac REMICS 2835 BO 15.12.28/0.000% 195,438 0.01 

35,229 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 35,243 0.00 

1,000,000 Freddie Mac REMICS 2843 VB 15.08.23/5.500% 1,043,753 0.08 

344,672 Freddie Mac REMICS 2934 EC 15.02.20/0.000% 336,340 0.03 

766,135 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 829,111 0.06 

3,015,515 Freddie Mac REMICS 2949 YZ 15.03.35/5.500% 3,258,735 0.25 


208,679 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 210,073 0.02 

126,210 Freddie Mac REMICS 2979 AS 15.03.34/23.662%* 166,574 0.01 

297,501 Freddie Mac REMICS 2990 SL 15.06.34/23.882%* 437,792 0.03 

81,126 Freddie Mac REMICS 2990 WP 15.06.35/16.598%* 96,346 0.01 


498,647 Freddie Mac REMICS 3029 SP 15.09.35/28.066%* 806,576 0.06 

1,189,694 Freddie Mac REMICS 3035 Z 15.09.35/5.850% 1,282,336 0.10 


200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 220,635 0.02 

81,289 Freddie Mac REMICS 3051 DP 15.10.25/27.295%* 130,107 0.01 

700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 761,747 0.06 

390,454 Freddie Mac REMICS 3064 SG 15.11.35/19.445%* 547,951 0.04 

75,298 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 75,314 0.01 

1,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 1,100,220 0.08 

445,336 Freddie Mac REMICS 3077 TO 15.04.35/0.000% 416,378 0.03 

1,270,602 Freddie Mac REMICS 3085 WF 15.08.35/0.967%* 1,285,511 0.10 

69,110 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 63,709 0.00 


79,204 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 71,071 0.01 

453,295 Freddie Mac REMICS 3122 OH 15.03.36/0.000% 434,225 0.03 



679,955 Freddie Mac REMICS 3143 BC 15.02.36/5.500% 739,605 0.06 


557,344 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 517,770 0.04 



166




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


1,552,238 Freddie Mac REMICS 3181 AZ 15.07.36/6.500% 1,790,680 0.14 


1,529,522 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 1,730,849 0.13 


1,451,651 Freddie Mac REMICS 3202 HI 15.08.36/6.483%* 249,465 0.02 

1,390,766 Freddie Mac REMICS 3218 BE 15.09.35/6.000% 1,453,214 0.11 

223,733 Freddie Mac REMICS 3219 DI 15.04.36/6.000% 39,716 0.00 


204,704 Freddie Mac REMICS 3232 ST 15.10.36/6.533%* 32,687 0.00 

128,796 Freddie Mac REMICS 3260 CS 15.01.37/5.973%* 20,078 0.00 

75,212 Freddie Mac REMICS 3275 FL 15.02.37/0.607%* 75,292 0.01 

93,627 Freddie Mac REMICS 3287 PM 15.10.35/6.000% 95,950 0.01 

511,513 Freddie Mac REMICS 3288 LO 15.03.37/0.000% 473,313 0.04 

1,377,856 Freddie Mac REMICS 3315 HZ 15.05.37/6.000% 1,530,243 0.12 


825,955 Freddie Mac REMICS 3349 DP 15.09.36/6.000% 884,160 0.07 

348,589 Freddie Mac REMICS 3385 SN 15.11.37/5.833%* 49,677 0.00 



1,096,829 Freddie Mac REMICS 3404 SC 15.01.38/5.833%* 120,363 0.01 

1,235,513 Freddie Mac REMICS 3422 AI 15.01.38/0.250%* 13,968 0.00 

249,499 Freddie Mac REMICS 3424 PI 15.04.38/6.633%* 39,398 0.00 

544,340 Freddie Mac REMICS 3453 B 15.05.38/5.500% 595,050 0.05 

964,337 Freddie Mac REMICS 3455 SE 15.06.38/6.033%* 150,356 0.01 



319,925 Freddie Mac REMICS 3481 SJ 15.08.38/5.683%* 41,799 0.00 

984,308 Freddie Mac REMICS 3501 CB 15.01.39/5.500% 1,078,315 0.08 



396,203 Freddie Mac REMICS 3549 FA 15.07.39/1.367%* 402,096 0.03 

854,890 Freddie Mac REMICS 3578 VZ 15.08.36/5.500% 928,074 0.07 






2,000,000 Freddie Mac REMICS 3614 QB 15.12.24/4.000% 2,068,732 0.16 



300,000 Freddie Mac REMICS 3632 BS 15.02.40/16.945%* 430,188 0.03 

3,335,791 Freddie Mac REMICS 3659 VE 15.03.26/5.000% 3,655,646 0.28 

690,392 Freddie Mac REMICS 3671 QO 15.12.36/0.000% 642,978 0.05 

1,000,000 Freddie Mac REMICS 3684 CY 15.06.25/4.500% 1,065,807 0.08 

1,291,112 Freddie Mac REMICS 3687 MA 15.02.37/4.500% 1,379,253 0.10 

679,416 Freddie Mac REMICS 3688 CU 15.11.21/6.741%* 730,356 0.06 

1,582,454 Freddie Mac REMICS 3688 NI 15.04.32/5.000% 185,985 0.01 

1,127,849 Freddie Mac REMICS 3704 DT 15.11.36/7.500% 1,296,968 0.10 

1,132,147 Freddie Mac REMICS 3704 ET 15.12.36/7.500% 1,377,939 0.11 

1,985,126 Freddie Mac REMICS 3710 FL 15.05.36/0.667%* 1,987,863 0.15 

1,371,879 Freddie Mac REMICS 3714 IP 15.08.40/5.000% 276,258 0.02 

1,377,738 Freddie Mac REMICS 3739 LI 15.03.34/4.000% 100,896 0.01 


2,313,140 Freddie Mac REMICS 3747 HI 15.07.37/4.500% 268,630 0.02 

662,901 Freddie Mac REMICS 3756 IP 15.08.35/4.000% 26,007 0.00 


884,444 Freddie Mac REMICS 3760 GI 15.10.37/4.000% 104,569 0.01 

863,751 Freddie Mac REMICS 3772 IO 15.09.24/3.500% 59,873 0.01 

1,596,742 Freddie Mac REMICS 3779 IH 15.11.34/4.000% 163,123 0.01 

2,112,078 Freddie Mac REMICS 3795 EI 15.10.39/5.000% 393,479 0.03 

600,508 Freddie Mac REMICS 3798 BF 15.06.24/0.467%* 602,473 0.05 

1,957,851 Freddie Mac REMICS 3800 AI 15.11.29/4.000% 247,621 0.02 

2,068,754 Freddie Mac REMICS 3802 LS 15.01.40/2.122%* 125,540 0.01 

1,198,439 Freddie Mac REMICS 3852 QN 15.05.41/5.500%* 1,261,423 0.10 

1,197,245 Freddie Mac REMICS 3852 TP 15.05.41/5.500%* 1,267,960 0.10 

2,103,380 Freddie Mac REMICS 3856 DB 15.05.21/3.500% 2,192,543 0.17 

3,000,000 Freddie Mac REMICS 3920 LP 15.01.34/5.000% 3,249,075 0.25 


1,211,215 Freddie Mac REMICS 3966 BF 15.10.40/0.667%* 1,219,799 0.09 

4,045,680 Freddie Mac REMICS 3966 NA 15.12.41/4.000% 4,110,850 0.31 

3,438,881 Freddie Mac REMICS 4012 FN 15.03.42/0.667%* 3,438,160 0.26 

6,864,443 Freddie Mac REMICS 4048 FJ 15.07.37/0.568%* 6,836,648 0.52 

1,327,753 Freddie Mac REMICS 4073 MF 15.08.39/0.617%* 1,332,964 0.10 

1,367,572 Freddie Mac REMICS 4085 FB 15.01.39/0.567%* 1,368,110 0.10 

1,786,041 Freddie Mac REMICS 4087 FA 15.05.39/0.617%* 1,792,777 0.14 

252,083 Freddie Mac Strips 233 11 15.09.35/5.000% 48,712 0.00 


1,340,205 Freddie Mac Strips 239 S30 15.08.36/7.533%* 252,357 0.02 


6,512,583 Freddie Mac Strips 262 35 15.07.42/3.500% 6,547,967 0.50 

5,574,042 Freddie Mac Strips 264 F1 15.07.42/0.717%* 5,558,907 0.42 




Gold 15.03.20/3.100% 421,832 0.03 


Gold 15.03.43/5.450% 179,693 0.01 

1,000,000 GE Capital Commercial 

Mortgage 2005-C1 AJ 10.06.48/4.826%* 1,038,786 0.08 

500,000 GE Capital Commercial 

Mortgage 2005-C1 B 10.06.48/4.846%* 514,701 0.04 

198,339 Ginnie Mae 1994-7 PQ 16.10.24/6.500% 230,378 0.02 

571,873 Ginnie Mae 1998-17 S 16.07.28/8.333%* 103,739 0.01 

285,827 Ginnie Mae 1999-10 ZC 20.04.29/6.500% 323,591 0.03 

142,455 Ginnie Mae 2000-10 ZP 16.02.30/7.500% 165,976 0.01 

482,891 Ginnie Mae 2001-21 PE 16.05.31/6.500% 554,707 0.04 

179,459 Ginnie Mae 2001-22 PS 17.03.31/20.582%* 266,097 0.02 

76,819 Ginnie Mae 2001-51 SA 16.10.31/31.778%* 140,788 0.01 

1,500,000 Ginnie Mae 2001-53 PB 20.11.31/6.500% 1,750,852 0.13 

208,184 Ginnie Mae 2001-53 SR 20.10.31/7.983%* 15,212 0.00 

100,133 Ginnie Mae 2002-40 UK 20.06.32/6.500% 114,618 0.01 

202,536 Ginnie Mae 2002-41 SY 16.06.32/7.333%* 37,984 0.00 

91,824 Ginnie Mae 2002-45 QE 20.06.32/6.500% 105,072 0.01 

26,963 Ginnie Mae 2002-47 PG 16.07.32/6.500% 30,995 0.00 

1,767 Ginnie Mae 2002-51 SG 20.04.31/31.777%* 3,628 0.00 

22,409 Ginnie Mae 2002-69 PO 20.02.32/0.000% 22,382 0.00 

39,101 Ginnie Mae 2002-69 SC 20.02.32/16.133%* 40,722 0.00 

3,624,148 Ginnie Mae 2003-10 PZ 20.02.33/5.500% 3,918,142 0.30 

178,832 Ginnie Mae 2003-67 SD 20.08.33/16.243%* 245,479 0.02 

1,500,000 Ginnie Mae 2003-70 LG 20.08.33/5.000% 1,659,490 0.13 

4,669,772 Ginnie Mae 2003-75 ZX 16.09.33/6.000% 5,213,401 0.40 

126,721 Ginnie Mae 2004-15 SA 20.12.32/19.204%* 144,822 0.01 

808,131 Ginnie Mae 2004-90 SI 20.10.34/5.933%* 118,695 0.01 

256,309 Ginnie Mae 2004-94 TS 20.10.34/17.966%* 365,230 0.03 

178,903 Ginnie Mae 2005-35 FL 20.03.32/0.517%* 179,539 0.01 

167,864 Ginnie Mae 2005-66 SP 16.08.35/20.278%* 244,718 0.02 

507,853 Ginnie Mae 2005-68 DP 17.06.35/16.032%* 654,949 0.05 

1,284,739 Ginnie Mae 2005-68 KI 20.09.35/6.133%* 201,844 0.02 

115,280 Ginnie Mae 2005-7 JM 18.05.34/16.354%* 134,058 0.01 

1,572,573 Ginnie Mae 2005-72 AZ 20.09.35/5.500% 1,766,705 0.14 

188,067 Ginnie Mae 2006-22 AO 20.05.36/0.000% 163,854 0.01 

1,617,339 Ginnie Mae 2006-33 Z 20.07.36/6.500% 1,874,250 0.14 

391,476 Ginnie Mae 2006-38 SW 20.06.36/6.333%* 55,683 0.00 

1,608,626 Ginnie Mae 2006-38 ZK 20.08.36/6.500% 1,862,738 0.14 

1,488,678 Ginnie Mae 2006-57 PZ 20.10.36/5.565% 1,663,101 0.13 

475,250 Ginnie Mae 2006-59 SD 20.10.36/6.533%* 86,663 0.01 

501,190 Ginnie Mae 2006-65 SA 20.11.36/6.633%* 94,043 0.01 

362,439 Ginnie Mae 2007-16 NS 20.04.37/22.691%* 546,955 0.04 

627,051 Ginnie Mae 2007-17 JI 16.04.37/6.643%* 102,423 0.01 

2,624,584 Ginnie Mae 2007-26 SW 20.05.37/6.033%* 395,414 0.03 

208,622 Ginnie Mae 2007-27 MI 20.09.36/5.500% 17,543 0.00 

392,543 Ginnie Mae 2007-27 SA 20.05.37/6.033%* 61,045 0.01 

285,432 Ginnie Mae 2007-36 SE 16.06.37/6.303%* 47,698 0.00 

623,292 Ginnie Mae 2007-40 SB 20.07.37/6.583%* 115,760 0.01 

951,063 Ginnie Mae 2007-40 SN 20.07.37/6.513%* 173,771 0.01 

374,684 Ginnie Mae 2007-42 SB 20.07.37/6.583%* 69,431 0.01 

386,860 Ginnie Mae 2007-50 AI 20.08.37/6.608%* 72,790 0.01 

630,029 Ginnie Mae 2007-53 ES 20.09.37/6.383%* 107,660 0.01 

193,884 Ginnie Mae 2007-53 SW 20.09.37/19.705%* 276,136 0.02 

425,208 Ginnie Mae 2007-57 QA 20.10.37/6.333%* 56,811 0.00 

361,217 Ginnie Mae 2007-6 LD 20.03.36/5.500% 374,355 0.03 

433,761 Ginnie Mae 2007-67 SI 20.11.37/6.343%* 65,852 0.01 

826,859 Ginnie Mae 2007-73 MI 20.11.37/5.833%* 121,060 0.01 

530,166 Ginnie Mae 2007-74 SL 16.11.37/6.373%* 86,085 0.01 

405,541 Ginnie Mae 2007-76 SA 20.11.37/6.363%* 68,733 0.01 

1,084,403 Ginnie Mae 2007-76 SD 20.11.37/5.633%* 151,596 0.01 

622,379 Ginnie Mae 2007-79 SY 20.12.37/6.383%* 105,438 0.01 

1,069,498 Ginnie Mae 2007-81 SB 20.12.37/6.483%* 180,342 0.01 

342,455 Ginnie Mae 2008-25 SB 20.03.38/6.733%* 52,761 0.00 

614,432 Ginnie Mae 2008-32 PI 16.10.37/5.500% 79,295 0.01 

299,537 Ginnie Mae 2008-40 SA 16.05.38/6.233%* 52,715 0.00 

151,652 Ginnie Mae 2008-41 SA 20.05.38/6.173%* 22,584 0.00 

1,000,000 Ginnie Mae 2008-50 KB 20.06.38/6.000% 1,120,245 0.09 

106,980 Ginnie Mae 2008-60 PO 20.01.38/0.000% 102,934 0.01 

1,334,370 Ginnie Mae 2008-76 US 20.09.38/5.733%* 170,327 0.01 

413,735 Ginnie Mae 2008-93 AS 20.12.38/5.533%* 54,316 0.00 

1,080,606 Ginnie Mae 2008-95 DS 20.12.38/7.133%* 177,167 0.01 

803,481 Ginnie Mae 2009-10 SA 20.02.39/5.783%* 116,056 0.01 

447,850 Ginnie Mae 2009-10 SL 16.03.34/6.333%* 46,870 0.00 

1,081,755 Ginnie Mae 2009-102 SM 16.06.39/6.233%* 144,095 0.01 

431,055 Ginnie Mae 2009-104 AB 16.08.39/7.000% 505,468 0.04 

1,105,690 Ginnie Mae 2009-106 AS 16.11.39/6.233%* 196,974 0.01 

306,562 Ginnie Mae 2009-14 NI 20.03.39/6.500% 67,205 0.01 

1,090,569 Ginnie Mae 2009-22 SA 20.04.39/6.103%* 155,868 0.01 

1,201,518 Ginnie Mae 2009-31 ST 20.03.39/6.183%* 141,721 0.01 

1,001,265 Ginnie Mae 2009-31 TS 20.03.39/6.133%* 141,681 0.01 

261,059 Ginnie Mae 2009-33 TI 20.05.39/6.000% 41,594 0.00 

864,603 Ginnie Mae 2009-42 SC 20.06.39/5.913%* 119,341 0.01 

457,687 Ginnie Mae 2009-6 SA 16.02.39/5.933%* 64,574 0.01 

1,022,340 Ginnie Mae 2009-64 SN 16.07.39/5.933%* 147,519 0.01 

352,940 Ginnie Mae 2009-79 OK 16.11.37/0.000% 306,339 0.02 

167




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


826,013 Ginnie Mae 2010-129 AW 20.04.37/6.125%* 925,563 0.07 

595,675 Ginnie Mae 2010-130 CP 16.10.40/7.000% 697,333 0.05 

348,180 Ginnie Mae 2010-14 AO 20.12.32/0.000% 327,546 0.03 

405,851 Ginnie Mae 2010-14 BO 20.11.35/0.000% 354,884 0.03 

299,934 Ginnie Mae 2010-14 CO 20.08.35/0.000% 254,133 0.02 

5,572 Ginnie Mae 2010-14 EO 16.06.33/0.000% 5,573 0.00 

645,923 Ginnie Mae 2010-14 QP 20.12.39/6.000% 688,341 0.05 

779,963 Ginnie Mae 2010-157 OP 20.12.40/0.000% 628,456 0.05 

3,571,855 Ginnie Mae 2010-H17 XQ 20.07.60/5.245%* 4,031,355 0.31 

6,693,374 Ginnie Mae 2011-137 WA 20.07.40/5.523%* 7,281,448 0.55 

1,542,999 Ginnie Mae 2011-163 WA 20.12.38/5.833%* 1,681,251 0.13 

1,820,230 Ginnie Mae 2012-138 PT 16.11.42/3.943%* 1,852,315 0.14 

2,622,486 Ginnie Mae 2012-141 WC 20.01.42/3.760%* 2,676,346 0.20 

4,620,528 Ginnie Mae 2012-H10 FA 20.12.61/0.719%* 4,626,470 0.35 

2,737,604 Ginnie Mae 2012-H15 FA 20.05.62/0.619%* 2,746,752 0.21 

2,214,493 Ginnie Mae 2012-H21 CF 20.05.61/0.869%* 2,225,676 0.17 

3,952,199 Ginnie Mae 2012-H21 DF 20.05.61/0.819%* 3,966,522 0.30 

7,793,028 Ginnie Mae 2012-H22 FD 20.01.61/0.639%* 7,780,836 0.59 

1,820,436 Ginnie Mae 2012-H24 FA 20.03.60/0.619%* 1,826,227 0.14 

4,143,656 Ginnie Mae 2012-H24 FG 20.04.60/0.599%* 4,157,542 0.32 

2,440,025 Ginnie Mae 2012-H26 JA 20.10.61/0.719%* 2,442,132 0.19 

1,953,933 Ginnie Mae 2012-H26 MA 20.07.62/0.719%* 1,955,477 0.15 

3,832,468 Ginnie Mae 2012-H27 FB 20.10.62/0.669%* 3,830,226 0.29 

4,731,217 Ginnie Mae 2012-H28 FA 20.09.62/0.749%* 4,739,220 0.36 

1,965,312 Ginnie Mae 2012-H30 JA 20.01.60/0.649%* 1,974,259 0.15 

3,309,305 Ginnie Mae 2012-H30 PA 20.11.59/0.619%* 3,319,597 0.25 

2,759,850 Ginnie Mae 2012-H31 FD 20.12.62/0.509%* 2,737,712 0.21 

5,157,755 Ginnie Mae 2013-H01 FA 20.01.63/1.650% 5,040,906 0.38 

2,925,964 Ginnie Mae 2013-H01 JA 20.01.63/0.489%* 2,896,252 0.22 

2,919,289 Ginnie Mae 2013-H01 TA 20.01.63/0.669%* 2,917,425 0.22 

2,202,665 Ginnie Mae 2013-H03 FA 20.08.60/0.469%* 2,203,487 0.17 

1,458,107 Ginnie Mae 2013-H07 HA 20.03.63/0.579%* 1,449,668 0.11 

98,482 Ginnie Mae I pool No: 456388 15.03.28/7.500% 106,591 0.01 









293,710 Ginnie Mae I Pool No: 781328 15.09.31/7.000% 332,214 0.03 







253,419 Ginnie Mae II pool No: 4189 20.07.38/6.500% 269,123 0.02 


1,816,521 Ginnie Mae II pool No: 4245 20.09.38/6.000% 2,003,566 0.15 





1,340,000 GMAC Commercial Mortgage 

Securities 2006-C1 A4 10.11.45/5.238%* 1,409,554 0.11 

270,261 GMAC Mortgage Loan Trust 

2003-AR1 A4 19.10.33/2.965%* 274,836 0.02 


2003-AR2 2A4 19.12.33/2.859%* 891,512 0.07 


2004-J5 A7 25.01.35/6.500% 789,680 0.06 


2004-J6 1A1 25.01.20/5.000% 78,172 0.01 


2005-AR3 3A4 19.06.35/2.989%* 573,221 0.04 

200,000 Greenwich Capital Commercial 

Funding 2005-GG3 AJ 10.08.42/4.859%* 206,860 0.02 

1,693,744 Greenwich Capital Commercial 

Funding 2006-GG7 A4 10.07.38/5.820%* 1,852,647 0.14 

1,007,217 GS Mortgage Securities Trust 

2004-GG2 A6 10.08.38/5.396%* 1,017,778 0.08 

650,000 GS Mortgage Securities Trust 

2006-GG6 A4 10.04.38/5.553%* 700,709 0.05 

178,714 GSMPS Mortgage Loan Trust 

2004-4 1AF 25.06.34/0.565%* 157,500 0.01 


2005-RP1 1AF 25.01.35/0.515%* 59,190 0.01 


2005-RP2 1AF 25.03.35/0.515%* 257,543 0.02 

1,316,479 GSMPS Mortgage Loan Trust 

2006-RP2 1AS2 25.04.36/4.911%* 182,733 0.01 

948,729 GSR Mortgage Loan Trust 

2003-7F 1A4 25.06.33/5.250% 964,904 0.07 


2004-6F 3A4 25.05.34/6.500% 471,511 0.04 


2007-1F 2A4 25.01.37/5.500% 822,081 0.06 

397,000 HCP 01.02.20/2.625% 379,788 0.03 

463,149 Huntington Auto Trust 2012-1 A3 15.09.16/0.810% 464,352 0.04 

364,075 Hyundai Auto Receivables Trust 

2010-B A4 15.03.17/1.630% 367,423 0.03 


2011-B A3 15.09.15/1.040% 54,162 0.00 


2011-B A4 15.02.17/1.650% 290,568 0.02 

98,995 Impac Secured Assets CMN 

Owner Trust 2003-2 A1 25.08.33/5.500% 104,963 0.01 


Owner Trust 2004-3 1A4 25.11.34/0.965%* 4,234 0.00 


Owner Trust 2006-1 2A1 25.05.36/0.515%* 623,669 0.05 


Owner Trust 2006-2 2A1 25.08.36/0.515%* 412,265 0.03 

7,629 Indymac Index Mortgage Loan 

Trust 2004-AR7 A1 25.09.34/1.045%* 5,975 0.00 

279,000 Intel 01.10.21/3.300% 280,437 0.02 

564,000 Intel 15.12.32/4.000% 527,433 0.04 

359,000 Intel 01.10.41/4.800% 350,795 0.03 

250,000 Intuit 15.03.17/5.750% 279,960 0.02 


67,521 John Deere Owner Trust 

2011-A A3 15.01.16/1.290% 67,586 0.01 


2011-A A4 16.04.18/1.960% 357,435 0.03 


2012-B A4 15.01.19/0.690% 870,223 0.07 

358,876 John Sevier Combined Cycle 

Generation 15.01.42/4.626% 354,168 0.03 

132,903 JP Morgan Chase Commercial 

Mortgage Securities 

2004-CB8 A4 12.01.39/4.404% 132,956 0.01 



2004-CB9 A4 12.06.41/5.569%* 531,728 0.04 


Mortgage Securities 2005-CB11 

AJ 12.08.37/5.389%* 785,746 0.06 



2006-CB15 A4 12.06.43/5.814%* 1,018,367 0.08 



2006-CB16 A4 12.05.45/5.552% 1,058,854 0.08 

1,000,000 JP Morgan Chase Commercial 


2006-LDP8 A4 15.05.45/5.399% 1,091,157 0.08 

10,645,349 JP Morgan Chase Commercial 

Mortgage Securities 2006-LDP8 

X 15.05.45/0.545%* 140,652 0.01 



A3SF 15.05.47/0.322%* 210,530 0.02 

105,137 JP Morgan Mortgage Trust 

2004-A3 4A1 25.07.34/2.755%* 107,374 0.01 


2004-A4 1A1 25.09.34/2.770%* 99,969 0.01 


2006-A2 4A1 25.08.34/2.734%* 224,386 0.02 


2006-A2 5A3 25.11.33/2.550%* 699,826 0.05 

277,219 JP Morgan Resecuritization 

Trust 2009-7 14A1 27.07.37/2.277%* 276,364 0.02 


Trust 2009-7 17A1 27.07.37/5.701%* 138,986 0.01 


Trust 2009-7 18A1 27.11.36/2.591%* 222,128 0.02 


Trust 2009-8 A1 20.04.36/4.855%* 218,839 0.02 

471,000 Kraft Foods Group 06.06.22/3.500% 462,960 0.04 

915,000 Kraft Foods Group 26.01.39/6.875% 1,123,332 0.09 

191,785 LB-UBS Commercial Mortgage 

Trust 2004-C2 A4 15.03.36/4.367% 192,155 0.02 

19,356,616 LB-UBS Commercial Mortgage 

Trust 2006-C1 XCL 15.02.41/0.374%* 134,780 0.01 


Trust 2007-C1 AM 15.02.40/5.455% 606,501 0.05 


Trust 2007-C2 A3 15.02.40/5.430% 915,051 0.07 

716,742 Lehman Mortgage Trust 2008-2 

1A6 25.03.38/6.000% 660,768 0.05 

258,000 Liberty Mutual Group 144A 01.06.21/5.000% 271,009 0.02 

111,216 Long Beach Mortgage Loan 

Trust 2006-WL2 2A3 25.01.36/0.365%* 102,243 0.01 

654,667 Macquarie Equipment Funding 

Trust 2012-A A2 20.04.15/0.610% 653,385 0.05 

560,000 Manufacturers & Traders Trust 04.12.17/6.625% 649,547 0.05 

168




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


145,000 MassMutual Global 

Funding II 144A 14.04.16/3.125% 151,891 0.01 

1,250,000 MassMutual Global 

Funding II 144A 05.04.17/2.000% 1,255,645 0.10 

316,000 MassMutual Global Funding 

II 144A 17.10.22/2.500% 286,177 0.02 

567,758 MASTR Adjustable Rate 

Mortgages Trust 2004-13 2A1 21.04.34/2.644%* 583,962 0.05 

1,779,686 MASTR Adjustable Rate 

Mortgages Trust 2004-13 3A7 21.11.34/2.623%* 1,814,260 0.14 



54,446 MASTR Alternative Loan Trust 

2004-10 1A1 25.09.19/4.500% 55,765 0.00 


2004-4 10A1 25.05.24/5.000% 114,837 0.01 


2004-4 1A1 25.05.34/5.500% 448,677 0.03 


2004-4 9A1 25.04.19/5.500% 448,657 0.03 


2004-5 5A1 25.06.19/4.750% 163,064 0.01 


2004-6 7A1 25.07.34/6.000% 107,396 0.01 


2005-6 3A1 25.11.20/5.500% 305,219 0.02 

40,148 MASTR Asset Securitization 

Trust 2003-2 1A1 25.03.18/5.000% 40,545 0.00 


Trust 2004-4 1A6 26.12.33/5.250% 463,507 0.04 

702,506 MASTR Reperforming Loan 

Trust 2005-2 1A1F 25.05.35/0.515%* 596,880 0.05 

236,330 MASTR Seasoned Securitization 

Trust 2004-2 A1 25.08.32/6.500% 259,279 0.02 


Trust 2004-2 A2 25.08.32/6.500% 853,065 0.07 

175,000 Medco Health Solutions 15.09.15/2.750% 180,521 0.01 


103,102 Merrill Lynch Mortgage 

Investors Trust 2003-A4 2A 25.07.33/2.641%* 105,254 0.01 


Investors Trust 2004-1 2A1 25.12.34/2.143%* 744,254 0.06 


Investors Trust 2004-A4 A2 25.08.34/2.511%* 317,827 0.02 

450,000 Merrill Lynch Mortgage Trust 

2005-LC1 AJ 12.01.44/5.364%* 482,907 0.04 


2005-MCP1 ASB 12.06.43/4.674%* 46,249 0.00 

300,000 Metropolitan Life Global 

Funding I 144A 11.01.16/3.125% 312,909 0.02 


Funding I 144A 10.01.18/1.500% 834,774 0.06 

338,000 Microsoft 15.11.22/2.125% 306,639 0.02 

594,000 Microsoft 01.05.23/2.375% 541,336 0.04 

112,000 Microsoft 01.10.40/4.500% 109,230 0.01 

300,000 MidAmerican Energy 15.07.17/5.950% 344,844 0.03 


397,568 ML-CFC Commercial Mortgage 

Trust 2006-1 A4 12.02.39/5.468%* 426,685 0.03 

14,680,569 ML-CFC Commercial Mortgage 

Trust 2006-4 XC 12.12.49/0.194%* 169,252 0.01 

830,164 Morgan Stanley Capital I Trust 

2004-HQ4 A7 14.04.40/4.970% 840,685 0.06 

34,034,509 Morgan Stanley Capital I Trust 

2006-IQ12 X1 15.12.43/0.128%* 440,815 0.03 

442,000 Morgan Stanley Capital I Trust 

2011-C3 A3 15.07.49/4.054% 470,069 0.04 

89,043 Morgan Stanley Mortgage Loan 

Trust 2004-3 1A 25.05.19/5.000% 91,223 0.01 


Trust 2004-3 4A 25.04.34/5.701%* 699,565 0.05 

3,802,831 Morgan Stanley Re-REMIC Trust 

2012-XA A 27.07.49/2.000% 3,833,253 0.29 

79,541 MortgageIT Trust 2005-1 1A1 25.02.35/0.485%* 76,369 0.01 


154,000 National Oilwell Varco 01.12.17/1.350% 151,860 0.01 

500,000 National Semiconductor 15.06.17/6.600% 584,747 0.05 

570,000 NBCUniversal Media 30.04.20/5.150% 639,839 0.05 


2,758,998 NCUA Guaranteed Notes 

2010-C1 APT 29.10.20/2.650% 2,839,026 0.22 


2010-R3 1A 08.12.20/0.729%* 1,515,689 0.12 

460,000 Nevada Power 01.04.36/6.650% 565,876 0.04 

45,000 Nevada Power 15.09.40/5.375% 48,629 0.00 

350,000 New York Life Global 

Funding 144A 04.05.15/3.000% 361,334 0.03 

175,000 New York State Dormitory 

Authority 15.03.40/5.600% 194,105 0.02 

60,000 Niagara Mohawk Power 144A 15.08.19/4.881% 66,494 0.01 


486,000 Nissan Motor Acceptance 144A 15.03.18/1.800% 474,895 0.04 

7,132 Nomura Asset Acceptance Corp 

Alternative Loan Trust Series 

2003-A1 A1 25.05.33/5.500% 7,280 0.00 



2003-A1 A2 25.05.33/6.000% 4,013 0.00 



2003-A1 A5 25.04.33/7.000% 3,210 0.00 


716,000 Ohio State University 01.06.2111/4.800% 628,175 0.05 

465,000 Oncor Electric Delivery 01.09.18/6.800% 547,637 0.04 


100,000 Oracle 15.01.16/5.250% 109,093 0.01 

235,000 Oracle 15.04.38/6.500% 288,106 0.02 

400,000 Pacific Life Insurance 144A 15.06.39/9.250% 552,961 0.04 

275,000 Pacificorp 15.01.19/5.500% 316,532 0.02 

45,000 Pacificorp 15.08.34/5.900% 49,657 0.00 

1,053,495 Park Place Securities 

2004-MCW1 M1 25.10.34/1.102%* 1,049,025 0.08 

50,000 PC Financial Partnership 15.11.14/5.000% 51,808 0.00 

350,000 Penske Truck Leasing 144A 11.07.22/4.875% 360,213 0.03 

173,000 Phillips 66 01.05.17/2.950% 179,916 0.01 

650,000 Port Authority of New York & 

New Jersey 01.11.40/5.647% 707,070 0.05 

1,615,000 Port Authority of New York & 

New Jersey 01.10.62/4.458% 1,394,375 0.11 

710,000 PPL Energy Supply 15.12.21/4.600% 690,976 0.05 

215,000 Precision Castparts 20.12.15/0.700% 215,358 0.02 

650,000 Pricoa Global Funding I 144A 11.06.14/5.450% 664,063 0.05 

360,000 Principal Life Global 

Funding II 144A 09.07.14/0.868%* 361,158 0.03 

268,516 Procter & Gamble - Esop 01.01.21/9.360% 343,054 0.03 

606,177 Provident Funding Mortgage 

Loan Trust 2005-1 2A1 25.05.35/2.661%* 612,391 0.05 

1,050,000 Prudential Insurance of America 

144A 01.07.25/8.300% 1,323,729 0.10 

350,000 PSEG Power 15.09.16/5.320% 385,434 0.03 

150,000 PSEG Power 15.09.21/4.150% 152,759 0.01 


60,888 RALI Trust 2001-QS19 A2 25.12.16/6.000% 61,919 0.01 

724,749 RALI Trust 2003-QR19 CB4 25.10.33/5.750% 753,799 0.06 

2,245,231 RALI Trust 2003-QS13 A2 25.07.33/4.000% 2,120,436 0.16 

265,388 RALI Trust 2003-QS13 A5 25.07.33/0.815%* 250,618 0.02 

151,502 RALI Trust 2003-QS14 A1 25.07.18/5.000% 154,888 0.01 

806,103 RALI Trust 2003-QS15 A6 25.08.33/5.500% 833,098 0.06 

484,826 RALI Trust 2003-QS19 A1 25.10.33/5.750% 522,550 0.04 

358,753 RALI Trust 2004-QS3 CB 25.03.19/5.000% 372,358 0.03 

619,090 RAMP Trust 2004-SL2 A3 25.10.31/7.000% 671,845 0.05 

805,990 RAMP Trust 2005-EFC5 A3 25.10.35/0.505%* 795,908 0.06 

1,348,385 RAMP Trust 2006-RZ1 A3 25.03.36/0.465%* 1,280,005 0.10 

1,328 RASC Trust 2002-KS4 AIIB 25.07.32/0.665%* 1,144 0.00 

22,018 RASC Trust 2005-KS9 A3 25.10.35/0.535%* 22,035 0.00 

179,208 Residential Asset Securitization 

Trust 2003-A13 A3 25.01.34/5.500% 185,452 0.02 

249,217 RFMSI Trust 2003-S4 A4 25.03.33/5.750% 252,766 0.02 

60,170 RFMSI Trust 2004-S6 2A6 25.06.34/0.000% 52,420 0.00 

121,360 RFMSI Trust 2005-SA4 1A1 25.09.35/2.847%* 101,323 0.01 

274,000 Ryder System 01.03.17/2.500% 279,421 0.02 

417,694 Salomon Brothers Mortgage 

Securities VII 2003-HYB1 A 25.09.33/2.618%* 421,268 0.03 


Securities VII 2003-UP2 PO1 25.12.18/0.000% 3,121 0.00 

119,548 Santander Drive Auto 






250,364 Saxon Asset Securities Trust 

2003-1 AF6 25.06.33/4.795%* 254,696 0.02 

527,002 Sequoia Mortgage Trust 10 1A 20.10.27/0.967%* 508,736 0.04 

485,379 Sequoia Mortgage Trust 2003-1 

1A 20.04.33/0.927%* 477,663 0.04 

352,862 Sequoia Mortgage Trust 

2004-12 A3 20.01.35/0.667%* 319,865 0.03 




570,240 Structured Adjustable Rate 

Mortgage Loan Trust 2004-16 

3A2 25.11.34/2.486%* 473,629 0.04 



5A4 25.06.34/4.813%* 304,233 0.02 

33,976 Structured Asset Investment 

Loan Trust 2005-5 A9 25.06.35/0.570%* 34,044 0.00 

169




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


534,385 Structured Asset Mortgage 

Investments II Trust 2004-AR5 

1A1 19.10.34/0.826%* 512,236 0.04 

1,014,652 Structured Asset Mortgage 

Investments II Trust 

2005-AR5 A3 19.07.35/0.416%* 997,123 0.08 

114,243 Structured Asset Securities 

2002-23XS A7 25.11.32/6.580%* 120,617 0.01 


2002-AL1 A3 25.02.32/3.450% 299,449 0.02 


2003-29 1A1 25.09.18/4.750% 200,733 0.02 


2003-33H 1A1 25.10.33/5.500% 151,575 0.01 


2003-34A 3A3 25.11.33/2.489%* 911,737 0.07 


2004-5H A4 25.12.33/5.540% 591,678 0.04 


2004-6XS A5B 25.03.34/5.550%* 750,768 0.06 


2005-6 4A1 25.05.35/5.000% 141,177 0.01 


2007-OSI A2 25.06.37/0.255%* 126,772 0.01 

394,000 TCI Communications 15.02.26/7.875% 512,792 0.04 

1,150,000 Tennessee Valley Authority 

Principal Strip 01.11.25/0.000% 749,478 0.06 

554,000 Texas Eastern 

Transmission 144A 15.10.22/2.800% 495,615 0.04 

757,399 TIAA Seasoned Commercial 

Mortgage Trust 2007-C4 A3 15.08.39/5.565%* 778,664 0.06 

250,000 Travelers Life & Annuity Global 

Funding I 144A 15.08.14/5.125% 257,111 0.02 

277,000 Union Pacific 144A 15.02.24/3.646% 269,133 0.02 

143,645 Union Pacific Railroad Co 2003 

Pass Through Trust 02.01.24/4.698% 155,707 0.01 


America 01.04.30/8.375% 271,622 0.02 


367,000 US Bancorp 15.03.22/3.000% 355,968 0.03 

2,000,000 US Treasury 15.01.14/2.000% 2,527,725 0.19 

2,000,000 US Treasury 15.04.16/0.125% 2,174,002 0.17 

3,000,000 US Treasury 15.01.21/1.125% 3,371,952 0.26 

100,000 US Treasury 15.02.21/7.875% 136,156 0.01 

100,000 US Treasury 15.11.27/6.125% 130,516 0.01 

100,000 US Treasury 15.11.28/5.250% 120,820 0.01 

1,000,000 US Treasury 15.01.29/2.500% 1,284,409 0.10 

1,100,000 US Treasury 15.02.37/4.750% 1,273,078 0.10 

400,000 US Treasury 15.05.37/5.000% 478,656 0.04 

1,500,000 US Treasury 15.05.38/4.500% 1,673,320 0.13 

365,000 US Treasury (Strip) 15.08.17/0.000% 350,016 0.03 

2,380,000 US Treasury (Strip) 15.11.17/0.000% 2,264,452 0.17 






1,100,000 US Treasury (Strip) 15.08.20/0.000% 939,768 0.07 








































77,414 USAA Auto Owner Trust 2012-1 A2 15.06.15/0.380% 77,404 0.01 

77,592 Vendee Mortgage Trust 1998-1 2E 15.03.28/7.000% 90,255 0.01 

604,079 Vendee Mortgage Trust 1998-2 1G 15.06.28/6.750% 691,168 0.05 

142,000 Viacom 27.02.15/1.250% 142,738 0.01 

100,000 Viacom 01.03.21/4.500% 105,059 0.01 

404,000 Viacom 15.12.21/3.875% 404,010 0.03 

250,000 Viacom 15.06.22/3.125% 233,510 0.02 

175,000 Viacom 27.02.42/4.500% 151,467 0.01 

742,000 Viacom 15.03.43/4.375% 632,559 0.05 

790,347 Volkswagen Auto Lease Trust 

2012-A A3 20.07.15/0.870% 792,195 0.06 

549,996 Wachovia Bank Commercial 


988,649 WaMu Mortgage Pass Through 

Certificates 2003-AR11 A6 25.10.33/2.446%* 996,797 0.08 






Certificates 2003-AR8 A 25.08.33/2.422%* 57,860 0.01 


Certificates 2003-AR9 1A6 25.09.33/2.423%* 655,656 0.05 


Certificates 2003-S1 A5 25.04.33/5.500% 384,031 0.03 




Certificates 2003-S3 1A4 25.06.33/5.500% 314,766 0.02 






Certificates 2004-CB1 3A2 25.06.34/5.500% 942,524 0.07 


Certificates 2004-CB3 4A 25.10.19/6.000% 374,414 0.03 


Certificates 2004-RS2 A4 25.11.33/5.000% 713,964 0.05 







1,217,650 Washington Mutual Alternative 

Mortgage Pass-Through 

Certificates 2005-3 CX 25.05.35/5.500% 334,433 0.03 

383,218 Washington Mutual Alternative 


Certificates 2005-4 CB7 25.06.35/5.500% 356,406 0.03 

92,360 Washington Mutual MSC 

Mortgage Pass-Through CTFS 

2003-MS2 1A1 25.02.33/5.750% 96,376 0.01 

550,000 WEA Finance/WT Finance 

Aust 144A 02.09.19/6.750% 655,143 0.05 


Aust 144A 03.10.22/3.375% 499,998 0.04 

224,000 WellPoint 15.01.23/3.300% 210,477 0.02 

321,000 WellPoint 15.01.43/4.650% 300,413 0.02 

284,000 Wells Fargo & Co. 144A 15.01.44/5.606% 297,673 0.02 

380,488 Wells Fargo Mortgage Backed 

Securities Trust 2004-4 A9 25.05.34/5.500% 398,392 0.03 


Securities Trust 2004-BB A4 25.01.35/2.616%* 3,512 0.00 


Securities Trust 2004-EE 3A1 25.12.34/2.703%* 183,760 0.01 

1,772,807 Wells Fargo Mortgage Backed 

Securities Trust 2004-P 2A1 25.09.34/2.613%* 1,794,167 0.14 


Securities Trust 2005-1 2A1 25.01.20/5.000% 183,742 0.01 




Securities Trust 2005-AR8 2A1 25.06.35/2.659%* 516,691 0.04 



1,442,468 Wells Fargo Reremic Trust 

2012-IO A 20.08.21/1.750% 1,438,862 0.11 

585,000 World Omni Auto Receivables 

Trust 2012-A A3 15.02.17/0.640% 586,250 0.05 

170




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


101,937 World Omni Automobile Lease 

Securitization Trust 2012-A A2 15.01.15/0.710% 101,965 0.01 



170,000 Xerox 15.03.17/2.950% 175,414 0.01 

148,000 Zoetis 01.02.18/1.875% 146,830 0.01 

86,000 Zoetis 01.02.43/4.700% 81,460 0.01 

1,017,335,482 77.32 

ISRAEL 

1,652,000 Israel (State of) 15.03.19/0.000% 1,480,811 0.11 




1,300,000 Israel (State of) 15.11.26/0.000% 768,890 0.06 


9,121,419 0.69 

AUSTRALIA 

350,000 ANZ Banking Group 144A 01.03.16/3.250% 367,078 0.03 

350,000 FBG Finance 144A 15.06.15/5.125% 371,512 0.03 

1,000,000 Macquarie Bank 144A 22.02.17/5.000% 1,085,300 0.08 

350,000 Macquarie Group 144A 01.08.14/7.300% 362,651 0.03 

930,000 Macquarie Group 144A 13.08.19/7.625% 1,105,598 0.08 

1,000,000 National Australia Bank 144A 20.06.17/2.000% 1,019,570 0.08 

4,311,709 0.33 

NETHERLANDS 

158,000 Cooperatieve Centrale 

Raiffeisen-Boerenleenbank/ 

Netherlands 13.10.15/2.125% 162,126 0.01 



Netherlands 19.01.17/3.375% 143,538 0.01 



Netherlands 11.01.21/4.500% 532,122 0.04 



Netherlands 08.02.22/3.875% 556,329 0.04 



Netherlands 09.11.22/3.950% 241,778 0.02 

350,000 Enel Finance International 144A 07.10.19/5.125% 374,134 0.03 

230,000 Heineken 144A 01.10.17/1.400% 226,053 0.02 

1,193,000 ING Bank 144A 25.09.15/2.000% 1,213,025 0.09 

100,000 Siemens 

Financieringsmaatschappij 144A 17.10.16/5.750% 112,552 0.01 

SINGAPORE 

359,000 Oversea-Chinese Banking 144A 13.03.15/1.625% 363,586 0.04 

363,586 0.04 



International 11 144A 13.01.22/4.625% 306,728 0.03 

306,728 0.03 

GERMANY 


Finance 144A 06.03.17/2.250% 303,727 0.03 

303,727 0.03 

BERMUDA 

230,000 Ingersoll-Rand Global 

Holding 144A 15.06.23/4.250% 228,195 0.02 

228,195 0.02 

LUXEMBOURG 

210,000 Schlumberger Investment 144A 14.09.21/3.300% 209,556 0.01 

209,556 0.01 

FRANCE 

149,000 Total Capital 28.01.21/4.125% 158,135 0.00 

158,135 0.00 

JAPAN 

114,000 Bank of Tokyo-Mitsubishi 144A 22.01.15/3.850% 117,663 0.01 

117,663 0.01 

Total Bonds 1,046,525,932 79.55 


LUXEMBOURG 



11,371,992 0.86 




1,057,897,924 80.41 

3,561,657 0.27 

NORWAY 

568,000 DNB Boligkreditt 144A 14.10.15/2.100% 582,740 0.05 

1,005,000 Sparebank 1 Boligkreditt 144A 15.11.19/1.750% 956,006 0.07 

189,000 Statoil 17.01.18/1.200% 184,523 0.01 

261,000 Statoil 17.01.23/2.450% 237,096 0.02 

714,000 Statoil 15.01.24/2.650% 644,057 0.05 

2,604,422 0.20 


1,700,000 African Development Bank 01.09.19/8.800% 2,200,145 0.16 

2,200,145 0.16 

CANADA 

627,000 Bank of Montreal 11.09.17/1.400% 619,724 0.05 

484,000 Caisse Centrale Desjardins du 

Quebec 144A 24.03.16/2.550% 503,391 0.04 

450,000 CDP Financial 144A 25.11.19/4.400% 496,667 0.04 

40,000 Husky Energy 15.06.19/6.150% 45,998 0.00 

270,000 Province of Quebec Canada 30.01.26/6.350% 327,289 0.02 

124,000 Total Capital Canada 15.01.16/0.624%* 124,612 0.01 

2,117,681 0.16 


300,000 Barclays Bank 144A 04.12.17/6.050% 337,725 0.02 

392,000 HSBC Bank 144A 15.05.18/1.500% 383,045 0.03 

941,000 HSBC Bank 144A 12.08.20/4.125% 999,892 0.08 

360,000 Schlumberger Oilfield 144A 15.01.21/4.200% 381,798 0.03 

2,102,460 0.16 

SWEDEN 

1,427,000 Svenska Handelsbanken 04.04.17/2.875% 1,483,367 0.12 

1,483,367 0.12 

171




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 


917,443 Academic Loan Funding Trust 

2012-1A A1** 27.12.22/0.965%* 925,645 0.07 

62,513 American Airlines 2011-1 Class A 

Pass Through Trust** 31.01.21/5.250% 66,459 0.01 


2009-1 A60** 26.06.37/2.193%* 260,348 0.02 

197,439 Delta Air Lines 2010-2 Class A 






365,731 Fannie Mae Pool No: 745418** 01.04.36/5.500% 402,133 0.03 

964,804 Fannie Mae REMICS 2007-101 

A2** 27.06.36/0.415%* 959,816 0.07 

1,650,690 Indymac Index Mortgage Loan 

Trust 2005-AR11 A7** 25.08.35/0.000%* 2,063 0.00 

50,000 PNC Funding** 01.02.17/5.625% 55,501 0.00 

652,447 Springleaf Mortgage Loan Trust 

2012-2A A** 25.10.57/2.220%* 667,122 0.05 

3,990,928 0.31 

Total Bonds 3,990,928 0.31 



Bank Overdraft (4,358,215) (0.33) 






% of 




Canada 1.01 


Israel 0.69 




Norway 0.26 

France 0.22 


Mexico 0.17 

Sweden 0.15 

Germany 0.10 

Bermuda 0.09 

Japan 0.09 

Spain 0.06 









Total 100.00 


% of 




Canada 1.22 


Israel 0.42 




Norway 0.16 

France 0.16 


Sweden 0.10 

Mexico 0.10 

Japan 0.06 

Germany 0.06 

Bermuda 0.05 

Spain 0.04 








Total 100.00 

172




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

07-Jan-14 EUR 82,409,984 USD 111,830,951 1,693,273 

07-Jan-14 USD 5,362,874 EUR 3,910,484 (24,030) 

17-Jan-14 GBP 3,734,347 USD 6,087,078 91,207 

17-Jan-14 SGD 25,137,438 USD 20,028,461 (128,772) 

17-Jan-14 USD 1,150,213 GBP 704,724 (15,717) 

17-Jan-14 USD 883,142 SGD 1,110,333 4,163 

07-Feb-14 USD 787,575 EUR 572,603 (1,208) 

Total 1,618,916 


Counterparty 


Barclays (901) 




Deutsche Bank (13,294) 

Goldman Sachs 1,553,634 

HSBC 2,885 

National Australia Bank 2 

RBC (5,741) 



UBS 170 


Total 1,618,916 

173




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


60,407 3D Systems 5,564,693 0.30 

237,700 Adobe Systems 14,204,952 0.77 



181,300 Amazon.com 71,541,886 3.87 

255,100 AmerisourceBergen 17,924,601 0.97 

140,000 Amphenol - A Shares 12,455,800 0.67 

58,400 Apple 32,642,388 1.77 

125,300 Biogen Idec 35,117,831 1.90 

26,200 BlackRock 8,343,128 0.45 

794,500 Cabot Oil & Gas 30,767,012 1.67 

359,000 Celgene 60,561,505 3.28 

391,500 Cerner 21,777,187 1.18 

24,000 Chipotle Mexican Grill 12,732,600 0.69 

112,700 Cognizant Technology Solutions - A Shares 11,325,786 0.61 

233,900 Colgate-Palmolive 15,214,025 0.82 



210,000 Costco Wholesale 24,978,450 1.35 

171,100 CVS Caremark 12,249,049 0.66 

440,300 Delta Air Lines 12,147,877 0.66 

281,400 Discovery Communications - A Shares 25,316,151 1.37 

175,800 eBay 9,553,851 0.52 

138,800 Ecolab 14,444,916 0.78 

1,034,900 Facebook - A Shares 56,350,305 3.05 

58,500 Flowserve 4,589,325 0.25 

158,500 FMC Technologies 8,245,170 0.45 

189,900 Fortune Brands Home & Security 8,694,571 0.47 

233,200 Gap 9,057,488 0.49 



98,100 Green Mountain Coffee Roasters 7,401,154 0.40 

685,400 Home Depot 56,168,530 3.04 


45,100 Illumina 4,952,882 0.27 

231,500 JB Hunt Transport Services 17,853,280 0.97 


97,100 Kimberly-Clark 10,203,754 0.56 

273,600 Las Vegas Sands 21,465,288 1.16 




152,500 Monsanto 17,724,313 0.96 

258,500 Moody’s 20,279,325 1.10 

42,000 Netflix 15,426,180 0.84 

79,700 Pioneer Natural Resources 14,593,867 0.79 

103,700 PPG Industries 19,598,263 1.07 

95,900 Precision Castparts 25,864,230 1.40 

56,100 priceline.com 64,960,995 3.52 

214,300 QUALCOMM 15,837,842 0.86 



184,600 Sherwin-Williams 33,873,177 1.83 

694,800 Starbucks 54,298,620 2.94 

236,700 TD Ameritrade Holding 7,222,901 0.39 

75,600 Tesla Motors 11,465,496 0.62 

200,800 Time Warner 14,037,928 0.76 

91,300 Ulta Salon Cosmetics & Fragrance 8,573,983 0.46 

181,600 Union Pacific 30,318,120 1.64 

217,500 Visa - A Shares 48,174,075 2.61 

368,800 Walt Disney 28,054,616 1.52 

488,300 Whole Foods Market 28,204,208 1.53 

34,900 WW Grainger 8,913,460 0.48 

1,610,962,577 87.23 

NETHERLANDS 

451,257 ASML Holding Registered Shares 42,318,881 2.29 


74,146,976 4.01 





429,300 Michael Kors Holdings 34,681,001 1.88 

34,681,001 1.88 

JERSEY 

293,300 Delphi Automotive 17,641,995 0.96 

17,641,995 0.96 


57,500 Baidu ADR 10,186,412 0.56 

10,186,412 0.56 

Total Shares 1,843,667,342 99.84 



1,843,667,342 99.84 



LUXEMBOURG 



2,476,304 0.13 




2,476,304 0.13 


Cash 4,659,664 0.25 




% of 


Shares 






Energy 4.41 






Total 100.00 


% of 


Shares 








Energy 3.83 




Total 100.00 

59,551,879 3.22 

CANADA 


36,496,502 1.98 

174




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 EUR 65,781,017 USD 90,544,451 71,986 

17-Jan-14 USD 3,818,162 EUR 2,779,617 (10,891) 

Total 61,095 


Counterparty 


Barclays 133 






RBC 3,579 




UBS 63,321 


Total 61,095 

175




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Shares 


800 Ally Financial Preference Shares 144A 769,800 0.41 

1,800 Carriage Services Capital Trust Preference Shares 90,666 0.05 

2,000 Dynegy 43,220 0.02 

2,678 General Motors 109,731 0.06 

4,200 GMAC Capital Trust I Preference Shares 111,531 0.06 

600 Hartford Financial Services Group Preference Shares 17,005 0.01 

1,141,953 0.61 


673 XLIT Preference Shares 563,006 0.30 

563,006 0.30 

Total Shares 1,704,959 0.91 

Bonds 


233,000 Access Midstream Partners 15.05.23/4.875% 225,431 0.12 

47,000 ADT 15.07.22/3.500% 41,043 0.02 

240,000 ADT 15.06.23/4.125% 214,399 0.12 

106,000 Advanced Micro Devices 01.08.20/7.750% 105,679 0.06 

115,000 Alcatel-Lucent USA 15.03.29/6.450% 102,062 0.05 

210,000 Ally Financial 01.12.17/6.250% 233,279 0.13 

1,325,000 Ally Financial 01.11.31/8.000% 1,586,992 0.85 

290,000 American International Group 15.05.58/8.175%* 349,756 0.19 

235,000 AmSouth Bancorp 01.11.25/6.750% 248,870 0.13 

50,000 Ball 15.05.21/5.750% 52,651 0.03 

50,000 Ball 15.03.22/5.000% 49,682 0.03 

90,000 Ball 15.11.23/4.000% 80,829 0.04 

100,000 Berry Plastics 15.05.18/9.500% 107,750 0.06 

175,000 Bill Barrett 01.10.19/7.625% 188,979 0.10 

260,000 Bill Barrett 15.10.22/7.000% 271,050 0.15 

120,000 Bonanza Creek Energy 15.04.21/6.750% 126,300 0.07 

760,000 Cablevision Systems 15.04.20/8.000% 850,075 0.46 

48,000 Cablevision Systems 15.09.22/5.875% 46,050 0.02 

125,000 CBRE Services 15.03.23/5.000% 120,937 0.06 

250,000 Celanese US Holdings 15.11.22/4.625% 239,811 0.13 

175,000 Cenveo 01.02.18/8.875% 175,968 0.09 

165,000 Chemtura 15.07.21/5.750% 167,278 0.09 

31,000 Chesapeake Energy 15.03.16/3.250% 31,447 0.02 




250,000 Cimarex Energy 01.05.22/5.875% 265,734 0.14 

130,000 Cincinnati Bell 15.03.18/8.750% 136,474 0.07 

60,000 Cincinnati Bell 15.10.20/8.375% 65,100 0.03 

400,000 CIT Group 15.05.17/5.000% 427,078 0.23 

195,000 CIT Group 15.05.20/5.375% 207,593 0.11 

855,000 CIT Group 15.08.22/5.000% 834,510 0.45 

380,000 Clear Channel Communications 01.03.21/9.000% 385,776 0.21 

150,000 Commercial Metals 15.08.18/7.350% 171,478 0.09 

280,000 Commercial Metals 15.05.23/4.875% 262,150 0.14 

93,000 Community Health Systems 15.07.20/7.125% 96,362 0.05 

175,000 Comstock Resources 01.04.19/7.750% 185,164 0.10 

390,000 Comstock Resources 15.06.20/9.500% 437,615 0.23 

45,000 Concho Resources 15.01.21/7.000% 49,606 0.03 




28,000 Constellation Brands 01.05.21/3.750% 26,553 0.01 



100,000 DaVita HealthCare Partners 01.11.18/6.375% 105,282 0.06 

90,000 DaVita HealthCare Partners 01.11.20/6.625% 96,929 0.05 

782,000 Embarq 01.06.36/7.995% 799,978 0.43 

572,000 Energy Future Intermediate 

Holding 01.12.20/10.000% 608,488 0.33 

135,000 Frontier Communications 15.04.20/8.500% 151,962 0.08 



50,000 Graphic Packaging International 15.04.21/4.750% 49,624 0.03 

320,000 Hartford Financial Services 

Group 15.06.38/8.125%* 373,251 0.20 

100,000 HCA 01.10.18/8.000% 118,644 0.06 

300,000 HCA 15.02.20/6.500% 329,458 0.18 

423,000 HCA 15.02.22/7.500% 464,993 0.25 

315,000 HCA 15.03.22/5.875% 325,615 0.17 

45,000 HCA 01.05.23/4.750% 42,565 0.02 

225,000 HCA 01.05.23/5.875% 222,136 0.12 

265,000 HCA Holdings 15.02.21/6.250% 277,533 0.15 



183,000 Iron Mountain 15.08.24/5.750% 169,920 0.09 

350,000 Jarden 01.05.17/7.500% 406,129 0.22 

69,000 JBS USA 144A 01.06.21/7.250% 72,277 0.04 

140,000 K Hovnanian Enterprises 15.10.15/11.875% 162,050 0.09 

30,000 K Hovnanian Enterprises 15.01.16/6.250% 31,875 0.02 

575,000 Key Energy Services 01.03.21/6.750% 590,631 0.32 

205,000 Lennar 01.06.17/12.250% 267,651 0.14 

110,000 Lennar 01.06.18/6.950% 124,300 0.07 

190,000 Louisiana-Pacific 01.06.20/7.500% 212,800 0.11 

78,000 Meritage Homes 15.04.20/7.150% 83,942 0.05 

45,000 MetroPCS Wireless 15.11.20/6.625% 47,830 0.03 

250,000 MGM Resorts International 01.03.18/11.375% 320,634 0.17 


140,000 Nationstar Mortgage 01.06.22/6.500% 132,089 0.07 

100,000 New Albertsons 15.06.26/7.750% 81,500 0.04 




470,000 Newfield Exploration 30.01.22/5.750% 486,255 0.26 

215,000 Newfield Exploration 01.07.24/5.625% 214,527 0.12 

320,000 Olin 15.08.22/5.500% 322,190 0.17 

45,000 Omnicare 01.06.20/7.750% 50,170 0.03 

645,000 Peabody Energy 15.11.21/6.250% 651,434 0.35 

139,000 Plains Exploration & Production 15.11.20/6.500% 153,323 0.08 

83,000 Plains Exploration & Production 15.02.23/6.875% 92,875 0.05 

220,000 PolyOne 15.09.20/7.375% 243,683 0.13 

150,000 QEP Resources 01.03.21/6.875% 160,501 0.09 

615,000 QEP Resources 01.10.22/5.375% 594,803 0.32 

50,000 Qwest 15.09.25/7.250% 53,882 0.03 

198,000 Qwest Capital Funding 15.07.28/6.875% 183,150 0.10 

133,000 Qwest Capital Funding 15.02.31/7.750% 129,010 0.07 

250,000 Range Resources 01.08.20/6.750% 271,906 0.15 

150,000 Regal Entertainment Group 15.06.23/5.750% 147,870 0.08 

95,000 Regions Financial 10.12.37/7.375% 103,265 0.06 

250,000 Reynolds Group Issuer 15.04.19/9.000% 268,439 0.14 




250,000 Rite Aid 15.10.19/10.250% 280,501 0.15 

20,000 Rite Aid 15.03.20/9.250% 23,005 0.01 

500,000 Rite Aid 15.08.20/8.000% 564,485 0.30 

130,000 SandRidge Energy 15.03.21/7.500% 136,713 0.07 

100,000 Service Corp. International 15.11.21/8.000% 115,250 0.06 

145,000 Smithfield Foods 01.07.17/7.750% 169,303 0.09 

382,000 Sprint Capital 15.03.32/8.750% 409,177 0.22 

195,000 Sprint Communications 01.03.17/9.125% 229,513 0.12 




103,000 Standard Pacific 15.09.16/10.750% 124,630 0.07 


490,000 Stone Energy 15.11.22/7.500% 515,191 0.28 

320,000 SUPERVALU 01.05.16/8.000% 353,891 0.19 

50,000 Swift Energy 15.01.20/8.875% 52,250 0.03 

150,000 Teleflex 01.06.19/6.875% 158,250 0.08 

185,000 Tenet Healthcare 01.11.18/6.250% 205,571 0.11 



24,000 Tesoro 01.10.17/4.250% 25,048 0.01 

77,000 Tesoro 01.10.22/5.375% 77,806 0.04 


79,000 T-Mobile USA 28.04.19/6.464% 84,007 0.04 

115,000 T-Mobile USA 28.04.21/6.633% 121,181 0.07 

53,000 T-Mobile USA 15.01.22/6.125% 54,078 0.03 

545,000 T-Mobile USA 28.04.22/6.731% 569,424 0.30 

65,000 T-Mobile USA 28.04.23/6.836% 67,755 0.03 

42,000 T-Mobile USA 15.01.24/6.500% 42,735 0.02 

100,000 TransDigm 15.12.18/7.750% 107,343 0.06 

593,000 Unit 15.05.21/6.625% 628,580 0.34 

150,000 United Rentals North America 15.09.20/8.375% 167,580 0.09 


100,000 Vanguard Natural Resources 01.04.20/7.875% 105,500 0.06 

320,000 Wachovia Capital Trust III 31.12.49/5.570%* 293,813 0.16 

32,499,840 17.44 

LUXEMBOURG 

200,000 Altice Financing 144A 15.01.22/6.500% 202,500 0.11 

200,000 Altice Finco 144A 15.01.24/8.125% 207,000 0.11 

290,000 ArcelorMittal 25.02.17/5.000% 311,624 0.17 



400,000 Wind Acquisition Finance 144A 15.02.18/7.250% 422,000 0.23 

2,916,345 1.56 

176




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



200,000 Barclays Bank 21.11.22/7.625% 213,611 0.11 

100,000 Inmarsat Finance 144A 01.12.17/7.375% 104,625 0.06 

153,000 New Look Bondco I 144A 14.05.18/8.750% 267,192 0.14 

115,000 RBS 16.03.22/9.500%* 135,125 0.07 

546,000 RBS Group 15.12.22/6.125% 561,236 0.30 

556,000 RBS Group 10.06.23/6.100% 569,060 0.31 

17,000 RBS Group 19.12.23/6.000% 17,155 0.01 

1,868,004 1.00 

NETHERLANDS 

400,000 Bluewater Holding 10.12.19/10.000% 403,500 0.21 

228,000 InterGen 144A 30.06.23/7.000% 235,980 0.13 

200,000 VimpelCom Holdings 144A 13.02.23/5.950% 189,430 0.10 

828,910 0.44 

JAPAN 

200,000 eAccess 144A 01.04.18/8.250% 218,750 0.12 

435,000 SoftBank 144A 15.04.20/4.500% 426,300 0.23 

645,050 0.35 


500,000 Studio City Finance 144A 01.12.20/8.500% 560,000 0.30 

560,000 0.30 

MEXICO 

200,000 Cemex 144A 10.12.19/6.500% 206,814 0.11 

200,000 Cemex 144A 15.01.21/7.250% 207,149 0.11 

413,963 0.22 

FRANCE 

200,000 Société Générale 144A 31.12.49/7.875%* 201,640 0.11 

201,640 0.11 

GERMANY 

200,000 Unitymedia Hessen & Co. 144A 15.01.23/5.500% 195,000 0.10 

195,000 0.10 

AUSTRALIA 

200,000 Ausdrill Finance 144A 01.11.19/6.875% 182,000 0.10 

182,000 0.10 

FINLAND 

121,000 Nokia 15.05.19/5.375% 125,965 0.07 

52,000 Nokia 15.05.39/6.625% 51,339 0.03 

177,304 0.10 

BERMUDA 

40,000 Aircastle 15.12.18/4.625% 40,359 0.02 

100,000 Seadrill 05.10.15/6.500% 104,835 0.06 

145,194 0.08 

MARSHALL ISLANDS 

66,000 Teekay 15.01.20/8.500% 71,567 0.04 

71,567 0.04 

Total Bonds 40,704,817 21.84 



42,409,776 22.75 


Bonds 


144,000 Acadia Healthcare 144A 15.03.21/6.125% 148,680 0.08 

100,000 Access Midstream Partners 15.07.22/6.125% 107,598 0.06 

812,000 ACE Cash Express 144A 01.02.19/11.000% 653,660 0.35 

55,000 ACI Worldwide 144A 15.08.20/6.375% 57,337 0.03 

85,000 Activision Blizzard 144A 15.09.21/5.625% 88,187 0.05 

245,000 Activision Blizzard 144A 15.09.23/6.125% 256,637 0.14 

320,000 ADT 144A 15.10.21/6.250% 336,400 0.18 

41,000 Advanced Micro Devices 15.08.22/7.500% 39,975 0.02 

200,000 AK Steel 01.12.18/8.750% 224,000 0.12 

200,000 Alcatel-Lucent USA 144A 01.07.17/4.625% 201,000 0.11 

400,000 Alcatel-Lucent USA 144A 15.11.20/6.750% 415,000 0.22 

58,000 Alere 15.06.20/6.500% 59,450 0.03 

102,000 Aleris International 15.02.18/7.625% 108,375 0.06 

124,000 Aleris International 01.11.20/7.875% 132,060 0.07 

75,000 Allbritton Communications 15.05.18/8.000% 79,687 0.04 

285,000 Ally Financial 18.07.16/2.926%* 291,523 0.16 

78,000 Alta Mesa Holdings 15.10.18/9.625% 83,850 0.04 

76,000 Amkor Technology 01.10.22/6.375% 78,542 0.04 

45,000 Amkor Technology 01.05.18/7.375% 47,372 0.03 

230,000 Amsurg 30.11.20/5.625% 240,350 0.13 

425,000 Antero Resources Finance 01.12.20/6.000% 448,375 0.24 

70,000 Antero Resources Finance 144A 01.11.21/5.375% 71,094 0.04 

310,000 ARAMARK 144A 15.03.20/5.750% 324,957 0.17 

67,000 Artesyn Escrow 144A 15.10.20/9.750% 70,685 0.04 

215,000 A-S Co-Issuer Subsidiary 144A 15.12.20/7.875% 226,825 0.12 

75,000 Ashland 15.03.16/3.000% 76,812 0.04 

92,000 Ashland 15.04.18/3.875% 93,356 0.05 

510,000 Ashland 15.08.22/4.750% 484,928 0.26 

81,000 Atlas Pipeline Partners 01.08.23/5.875% 77,355 0.04 



98,000 Audatex North America 144A 15.06.21/6.000% 103,145 0.06 

45,000 Audatex North America 144A 01.11.23/6.125% 46,575 0.02 

760,000 Avaya 144A 01.04.19/7.000% 750,500 0.40 

169,000 Avaya 144A 01.03.21/10.500% 163,085 0.09 

15,000 Avis Budget Car Rental 15.11.17/4.875% 15,785 0.01 




195,000 Axiall 144A 15.05.23/4.875% 185,006 0.10 

845,000 Bank of America 31.12.49/8.000%* 939,158 0.50 

75,000 Bank of America 31.12.49/8.125%* 84,040 0.05 

68,000 Bankrate 144A 15.08.18/6.125% 71,060 0.04 

120,000 Basic Energy Services 15.02.19/7.750% 125,761 0.07 

303,000 Basic Energy Services 15.10.22/7.750% 314,362 0.17 

142,000 BC Mountain Finance 144A 01.02.21/7.000% 144,130 0.08 

200,000 BE Aerospace 01.04.22/5.250% 203,096 0.11 

425,000 BE Aerospace 01.10.20/6.875% 467,938 0.25 

365,000 Berry Plastics 15.01.21/9.750% 422,944 0.23 

167,000 BI-LO 144A 15.09.18/8.625% 174,932 0.09 

121,000 Biomet 01.08.20/6.500% 127,335 0.07 

465,000 Biomet 01.10.20/6.500% 481,275 0.26 

194,000 Boise Cascade 01.11.20/6.375% 205,155 0.11 

52,000 Brightstar 144A 01.08.18/7.250% 56,940 0.03 

100,000 Brightstar 144A 01.12.16/9.500% 110,500 0.06 

60,000 Broadview Networks Holdings 15.11.17/10.500% 59,850 0.03 

492,000 Bumble Bee Holdings 144A 15.12.17/9.000% 539,970 0.29 

100,000 Burger King 15.10.18/9.875% 111,053 0.06 

1,128,000 Caesars Entertainment 

Operating 01.06.17/11.250% 1,148,044 0.62 

415,000 Caesars Entertainment 

Operating 15.02.20/9.000% 402,394 0.22 

380,000 Caesars Entertainment Resort 

Properties 144A 01.10.20/8.000% 395,200 0.21 

222,000 Calpine 144A 31.07.20/7.875% 243,367 0.13 

301,000 Calpine 144A 15.01.23/7.875% 329,595 0.18 

75,000 Calumet Specialty Products 

Partners 01.05.19/9.375% 83,625 0.04 


Partners 01.08.20/9.625% 177,017 0.09 


Partners 144A 15.01.22/7.625% 96,187 0.05 

155,000 Cantor Commercial Real 

Estate 144A 15.02.18/7.750% 164,687 0.09 

415,000 Casella Waste Systems 15.02.19/7.750% 426,412 0.23 

977,000 Catalent Pharma Solutions 15.10.18/7.875% 998,982 0.54 

63,000 CCM Merger 144A 01.05.19/9.125% 66,150 0.04 

240,000 CCO Holdings 30.04.20/8.125% 260,864 0.14 

452,000 CCO Holdings 30.04.21/6.500% 464,963 0.25 

185,000 CCO Holdings 30.09.22/5.250% 172,360 0.09 

216,000 CCO Holdings 15.01.24/5.750% 204,728 0.11 

393,000 CCO Holdings 144A 15.03.21/5.250% 374,824 0.20 

20,000 CCO Holdings 144A 01.09.23/5.750% 18,900 0.01 

225,000 CDW 01.04.19/8.500% 249,921 0.13 

307,000 Cedar Fair 15.03.21/5.250% 302,395 0.16 

975,000 Cemex Finance 144A 12.10.22/9.375% 1,101,243 0.59 

69,000 CenturyLink 01.12.23/6.750% 70,081 0.04 

42,000 Cequel Communications 

Holdings I 144A 15.09.20/6.375% 43,260 0.02 

70,000 Cequel Communications 

Holdings I 144A 15.12.21/5.125% 66,150 0.04 

149,000 Ceridian 144A 15.07.19/8.875% 172,095 0.09 

88,000 Ceridian HCM Holding 144A 15.03.21/11.000% 101,860 0.05 


100,000 Chesapeake Oilfield Operating 15.11.19/6.625% 104,641 0.06 

76,000 Chinos Intermediate Holdings 

A 144A 01.05.19/7.750% 77,520 0.04 

750,000 Chrysler Group 15.06.21/8.250% 859,091 0.46 

195,000 CIT Group 144A 01.04.18/6.625% 219,131 0.12 

465,000 Citigroup 31.12.49/5.950%* 433,780 0.23 

1,000,000 Claire’s Stores 15.03.19/8.875% 1,030,205 0.55 

500,000 Claire’s Stores 144A 15.03.19/9.000% 545,000 0.29 

177




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




1,165,000 Clear Channel Communications 15.12.19/9.000% 1,199,950 0.64 

925,000 Clear Channel Worldwide 

Holdings 15.03.20/7.625% 974,464 0.52 


Holdings Series A 15.11.22/6.500% 55,012 0.03 


Holdings Series B 15.11.22/6.500% 493,626 0.26 

17,000 Cleaver-Brooks 144A 15.12.19/8.750% 18,530 0.01 

145,000 Cloud Peak Energy Resources 15.12.19/8.500% 158,050 0.08 

645,000 CNG Holdings 144A 15.05.20/9.375% 595,012 0.32 

145,000 CNL Lifestyle Properties 15.04.19/7.250% 150,075 0.08 

345,000 Coeur Mining 01.02.21/7.875% 351,900 0.19 

175,000 Community Choice Financial 01.05.19/10.750% 147,437 0.08 



73,000 Compiler Finance Sub 144A 01.05.21/7.000% 72,817 0.04 

350,000 Consol Energy 01.04.20/8.250% 380,110 0.20 

466,698 Continental Airlines 2003-ERJ1 


402,834 Continental Airlines 2005-ERJ1 



B Pass Through Trust 29.10.20/5.500% 102,562 0.06 

50,000 Continental Resources 01.04.21/7.125% 56,713 0.03 

310,000 Crestview DS Merger Sub II 144A 01.09.21/10.000% 333,250 0.18 

151,000 Crestwood Midstream 

Partners 144A 01.03.22/6.125% 155,530 0.08 

321,000 Cricket Communications 15.10.20/7.750% 367,797 0.20 

70,000 Crosstex Energy 01.06.22/7.125% 79,975 0.04 

60,000 Crown Americas 15.01.23/4.500% 56,100 0.03 

194,000 Crown Castle International 15.01.23/5.250% 191,090 0.10 

17,000 CSC Holdings 15.02.19/8.625% 20,016 0.01 

121,000 CVR Refining 01.11.22/6.500% 119,487 0.06 

113,000 CyrusOne 15.11.22/6.375% 117,520 0.06 

105,000 Darling Escrow 144A 15.01.22/5.375% 105,656 0.06 

325,556 Delta Air Lines 2012-1 Class B 


355,000 Deluxe 15.03.19/7.000% 381,625 0.20 

774,000 Denali Borrower 144A 15.10.20/5.625% 768,195 0.41 

242,000 Diamondback Energy 144A 01.10.21/7.625% 256,520 0.14 

160,000 DigitalGlobe 144A 01.02.21/5.250% 156,800 0.08 

120,000 DineEquity 30.10.18/9.500% 133,436 0.07 

181,000 DISH DBS 01.09.19/7.875% 207,077 0.11 

740,000 DISH DBS 01.06.21/6.750% 787,464 0.42 

400,000 DISH DBS 15.07.22/5.875% 400,464 0.21 

147,000 DISH DBS 15.03.23/5.000% 137,812 0.07 

65,000 Downstream Development 

Authority of the Quapaw Tribe of 

Oklahoma 144A 01.07.19/10.500% 65,975 0.04 

225,000 DreamWorks Animation 144A 15.08.20/6.875% 239,063 0.13 

112,000 DuPont Fabros Technology 15.09.21/5.875% 115,920 0.06 

48,000 Dycom Investments 15.01.21/7.125% 51,840 0.03 

273,000 Dynegy 144A 01.06.23/5.875% 259,350 0.14 

20,000 E*TRADE Financial 15.11.17/6.000% 21,383 0.01 



80,000 Eagle Spinco 144A 15.02.21/4.625% 78,700 0.04 

265,000 Endo Finance 144A 15.01.22/5.750% 266,656 0.14 

100,000 Endo Health Solutions 15.07.19/7.000% 107,627 0.06 




Holding 144A 15.08.17/6.875% 213,983 0.11 


Holding 144A 01.03.22/12.250% 77,880 0.04 

250,000 Energy Transfer Equity 15.01.24/5.875% 249,315 0.13 

394,000 Energy XXI Gulf Coast 144A 15.12.21/7.500% 412,715 0.22 

68,000 Envision Healthcare 01.06.19/8.125% 73,950 0.04 

63,000 EP Energy 01.05.19/6.875% 67,887 0.04 

485,000 EP Energy 01.09.22/7.750% 544,413 0.29 

113,000 EP Energy 01.05.20/9.375% 130,514 0.07 

157,929 EPE Holdings 144A 15.12.17/8.875% 163,062 0.09 

37,000 Equinix 15.07.21/7.000% 40,573 0.02 

200,000 Felcor Lodging 01.06.19/6.750% 214,096 0.11 

101,000 Ferrellgas 01.05.21/6.500% 103,525 0.06 

68,000 Ferrellgas 144A 15.01.22/6.750% 69,360 0.04 

68,000 Fidelity & Guaranty Life Holdings 

144A 01.04.21/6.375% 71,740 0.04 

348,000 First Data 15.01.21/12.625% 409,307 0.22 

160,000 First Data 144A 15.06.19/7.375% 171,200 0.09 

535,000 First Data 144A 01.11.20/6.750% 559,075 0.30 

595,000 First Data 144A 15.01.21/8.250% 635,906 0.34 

82,000 First Data 144A 15.01.21/11.250% 90,918 0.05 

100,000 First Data 144A 15.06.21/10.625% 108,875 0.06 

484,000 First Data 144A 15.08.21/11.750% 513,040 0.28 

180,000 First Data 144A 15.01.22/8.750% 193,050 0.10 

79,000 Freescale Semiconductor 01.02.20/8.050% 85,320 0.05 

130,000 Freescale Semiconductor 144A 15.05.21/5.000% 126,750 0.07 

80,000 Freescale Semiconductor 144A 15.01.22/6.000% 81,200 0.04 

100,000 Fresenius Medical Care US 

Finance 144A 15.02.21/5.750% 106,500 0.06 

225,000 Fresenius Medical Care US 

Finance II 144A 31.01.22/5.875% 238,500 0.13 



125,000 Gannett 144A 15.07.20/5.125% 127,813 0.07 

130,000 Gannett 144A 15.10.23/6.375% 134,875 0.07 

150,000 General Motors Financial 144A 15.08.17/4.750% 159,938 0.09 

17,000 General Motors Financial 144A 15.05.18/3.250% 17,043 0.01 

75,000 Genesis Energy 15.02.21/5.750% 75,750 0.04 

120,000 Genesis Energy 15.12.18/7.875% 129,940 0.07 

300,000 GenOn Energy 15.10.18/9.500% 341,250 0.18 

1,300,000 GenOn Energy 15.10.20/9.875% 1,450,462 0.78 

179,000 Goodman Networks 144A 01.07.18/12.125% 189,740 0.10 

180,000 Goodman Networks 144A 01.07.18/13.125% 190,800 0.10 

300,000 Goodyear Tire & Rubber 15.08.20/8.250% 336,480 0.18 

475,000 Goodyear Tire & Rubber 15.05.22/7.000% 513,755 0.28 

125,000 Graton Economic Development 

Authority 144A 01.09.19/9.625% 145,625 0.08 

425,000 Gray Television 01.10.20/7.500% 452,625 0.24 

60,000 Griffon 01.04.18/7.125% 64,050 0.03 

120,000 Gymboree 01.12.18/9.125% 111,243 0.06 

300,000 H&E Equipment Services 01.09.22/7.000% 328,500 0.18 

283,000 Halcon Resources 144A 15.02.22/9.250% 289,368 0.16 

81,000 Halcon Resources 144A 15.07.20/9.750% 84,544 0.05 

295,000 Harland Clarke Holdings 15.05.15/6.000%* 295,738 0.16 

163,000 Harland Clarke Holdings 15.05.15/9.500% 163,917 0.09 

415,000 Harland Clarke Holdings 144A 01.08.18/9.750% 451,831 0.24 

175,000 Harron Communications 144A 01.04.20/9.125% 194,688 0.10 

588,000 Hawk Acquisition Sub 144A 15.10.20/4.250% 569,625 0.31 

225,000 HD Supply 15.04.19/8.125% 252,000 0.14 

240,000 HD Supply 15.07.20/7.500% 259,800 0.14 

111,000 Headwaters 144A 15.01.19/7.250% 114,608 0.06 

46,000 Health Management Associates 15.01.20/7.375% 51,635 0.03 

125,000 Healthcare Technology 

Intermediate 144A 01.09.18/7.375% 130,313 0.07 

307,000 Hecla Mining 144A 01.05.21/6.875% 296,255 0.16 

23,000 Hertz 01.04.18/4.250% 23,633 0.01 

150,000 Hertz 15.04.19/6.750% 161,755 0.09 

155,000 Hertz 15.01.21/7.375% 170,044 0.09 

100,000 Hertz 15.10.22/6.250% 102,993 0.06 

318,000 Hiland Partners 144A 01.10.20/7.250% 342,645 0.18 

625,000 Hilcorp Energy I 144A 15.04.21/7.625% 678,125 0.36 

350,000 Hilton Worldwide Finance 144A 15.10.21/5.625% 363,781 0.20 

140,000 Holly Energy Partners 15.03.18/8.250% 148,400 0.08 

235,000 Hologic 01.08.20/6.250% 249,100 0.13 

200,000 HT Intermediate Holdings 144A 15.05.19/12.000% 199,000 0.11 

375,000 Huntsman International 15.11.20/4.875% 370,365 0.20 

35,000 IAC 144A 30.11.18/4.875% 35,788 0.02 

300,000 IASIS Healthcare 15.05.19/8.375% 318,588 0.17 

240,000 iGATE 01.05.16/9.000% 256,500 0.14 

197,000 Igloo Holdings 144A 15.12.17/8.250% 200,940 0.11 

735,000 ILFC E-Capital Trust I 144A 21.12.65/5.460%* 679,875 0.36 

300,000 ILFC E-Capital Trust II 144A 21.12.65/6.250%* 285,000 0.15 

60,000 IMS Health 144A 01.11.20/6.000% 63,600 0.03 

162,000 Infor US 01.04.19/9.375% 183,060 0.10 

165,000 Ingles Markets 15.06.23/5.750% 162,113 0.09 

347,000 International Wire Group 

Holdings 144A 15.10.17/8.500% 370,423 0.20 

140,000 inVentiv Health 144A 15.01.18/9.000% 147,350 0.08 

172,000 inVentiv Health 144A Aug 2010 15.08.18/11.000% 151,790 0.08 

457,000 inVentiv Health 144A Jul 2011 15.08.18/11.000% 402,160 0.22 

75,000 Isle of Capri Casinos 15.03.21/5.875% 74,094 0.04 

238,000 Isle of Capri Casinos 15.03.19/7.750% 258,468 0.14 

1,050,000 J Crew Group 01.03.19/8.125% 1,106,438 0.59 

40,000 Jaguar Holding I 144A 15.10.17/9.375% 42,500 0.02 

280,000 JB Poindexter & Co. 144A 01.04.22/9.000% 300,300 0.16 

325,000 JBS USA 144A 01.02.20/8.250% 354,250 0.19 

384,000 JBS USA 144A 01.06.21/7.250% 401,236 0.22 

200,000 Jefferies Finance 144A 01.04.20/7.375% 209,000 0.11 

65,000 JM Huber 144A 01.11.19/9.875% 74,994 0.04 

120,000 JMC Steel Group 144A 15.03.18/8.250% 121,650 0.07 

50,000 Jo-Ann Stores Holdings 144A 15.10.19/9.750% 52,500 0.03 

106,000 K Hovnanian Enterprises 144A 15.10.20/7.250% 114,480 0.06 

120,000 K Hovnanian Enterprises 144A 15.11.20/9.125% 132,600 0.07 

100,000 Kaiser Aluminum 01.06.20/8.250% 113,500 0.06 

360,000 Lamar Media 01.02.22/5.875% 370,800 0.20 

58,000 Laredo Petroleum 01.05.22/7.375% 63,220 0.03 

40,000 Lender Processing Services 15.04.23/5.750% 41,650 0.02 

1,700,000 Level 3 Communications 01.02.19/11.875% 1,967,750 1.06 

470,000 Level 3 Communications 01.06.19/8.875% 514,650 0.28 

178




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


52,000 Level 3 Financing 01.07.19/8.125% 56,934 0.03 

625,000 Level 3 Financing 01.04.19/9.375% 702,344 0.38 

50,000 Level 3 Financing 144A 15.01.18/3.846%* 50,500 0.03 

250,000 Level 3 Financing 144A 15.01.21/6.125% 253,125 0.14 

100,000 Liberty Interactive 01.02.30/8.250% 106,146 0.06 


195,000 Liberty Tire Recycling 144A 01.10.16/11.000% 196,463 0.11 

100,000 LifePoint Hospitals 01.10.20/6.625% 107,000 0.06 

100,000 LifePoint Hospitals 144A 01.12.21/5.500% 101,250 0.05 

175,000 LIN Television 15.04.18/8.375% 185,500 0.10 

116,000 Live Nation Entertainment 144A 01.09.20/7.000% 126,440 0.07 

205,000 LSB Industries 144A 01.08.19/7.750% 215,763 0.12 

181,000 M/I Homes 15.11.18/8.625% 196,838 0.11 

40,000 Magnachip Semiconductor 15.07.21/6.625% 41,000 0.02 

175,000 MarkWest Energy Partners 15.02.23/5.500% 177,188 0.10 

156,000 Martin Midstream Partners 15.02.21/7.250% 159,900 0.09 

155,000 McGraw-Hill Global Education 

Holdings 144A 01.04.21/9.750% 171,275 0.09 

151,000 Mediacom 15.08.19/9.125% 164,024 0.09 

75,000 Memorial Resource 

Development 144A 15.12.18/10.000% 74,813 0.04 

8,000 Meritage Homes 144A 15.04.20/7.150% 8,680 0.00 

456,000 MetroPCS Wireless 144A 01.04.21/6.250% 473,670 0.25 

306,000 MetroPCS Wireless 144A 01.04.23/6.625% 315,563 0.17 



100,000 Michael Foods Group 15.07.18/9.750% 108,995 0.06 

30,000 Midstates Petroleum 01.10.20/10.750% 32,738 0.02 

480,000 Milacron 144A 15.02.21/7.750% 505,200 0.27 

190,000 MPH Intermediate Holding 144A 01.08.18/8.375% 198,075 0.11 

450,000 MultiPlan 144A 01.09.18/9.875% 497,250 0.27 

332,000 Mustang Merger 144A 15.08.21/8.500% 358,560 0.19 

49,000 NAI Entertainment 

Holdings 144A 01.08.18/5.000% 50,838 0.03 

645,000 National Mentor Holdings 144A 15.02.18/12.500% 693,375 0.37 




15,000 NCR Escrow 144A 15.12.21/5.875% 15,338 0.01 

40,000 NCR Escrow 144A 15.12.23/6.375% 41,000 0.02 

211,000 Neiman Marcus Group 144A 15.10.21/8.000% 221,023 0.12 

75,000 Neuberger Berman Group 144A 15.03.20/5.625% 79,219 0.04 

170,629 NewPage 31.12.14/11.375% 63,133 0.03 

316,000 Nexstar Broadcasting 15.11.20/6.875% 339,700 0.18 

105,000 NGL Energy Partners 144A 15.10.21/6.875% 108,150 0.06 

580,000 NII Capital 01.04.21/7.625% 233,511 0.13 

144,000 Nortek 15.04.21/8.500% 160,200 0.09 

124,503 Northwest Airlines 2007-1 Class 

A Pass Through Trust 01.11.19/7.027% 138,198 0.07 

151,000 NRG Energy 15.03.23/6.625% 152,909 0.08 

100,000 NRG Energy 15.05.21/7.875% 110,943 0.06 

125,000 Nuance Communications 144A 15.08.20/5.375% 122,813 0.07 

150,000 Oasis Petroleum 144A 15.03.22/6.875% 160,125 0.09 

170,000 Oil States International 01.06.19/6.500% 181,688 0.10 

75,000 Omnova Solutions 01.11.18/7.875% 81,000 0.04 

249,000 Onex USI Acquisition 144A 15.01.21/7.750% 255,225 0.14 

95,000 Oppenheimer Holdings 15.04.18/8.750% 102,125 0.05 

140,000 PAETEC Holding 01.12.18/9.875% 157,150 0.08 

175,000 Par Pharmaceutical 15.10.20/7.375% 182,438 0.10 

184,000 Parker Drilling 144A 01.08.20/7.500% 193,890 0.10 

73,000 Party City Holdings 01.08.20/8.875% 82,125 0.04 

60,000 Patriot Merger 144A 15.07.21/9.000% 63,300 0.03 

100,000 PC Nextco Holdings 144A 15.08.19/8.750% 103,000 0.06 

60,000 Penn National Gaming 144A 01.11.21/5.875% 59,400 0.03 

17,000 Penn Virginia Resource Partners 01.06.20/8.375% 18,881 0.01 

54,000 Penn Virginia Resource 

Partners 144A 15.05.21/6.500% 56,160 0.03 

8,000 Penske Automotive Group 01.10.22/5.750% 8,180 0.00 

118,000 PetroLogistics 144A 01.04.20/6.250% 118,885 0.06 

53,000 PH Glatfelter 15.10.20/5.375% 54,590 0.03 

460,000 Pilgrim’s Pride 15.12.18/7.875% 502,550 0.27 

185,000 Pioneer Drilling 15.03.18/9.875% 197,025 0.11 

156,000 Pittsburgh Glass Works 144A 15.11.18/8.000% 164,970 0.09 

502,000 PolyOne 15.03.23/5.250% 490,705 0.26 

433,000 Post Holdings 144A 01.12.21/6.750% 447,073 0.24 

115,000 Prestige Brands 144A 15.12.21/5.375% 116,725 0.06 

120,000 Prince Mineral Holding 144A 15.12.19/11.500% 134,100 0.07 

53,000 Provident Funding Associates 

144A 15.06.21/6.750% 53,000 0.03 

77,000 Prudential Financial 15.06.43/5.625%* 75,862 0.04 

167,000 QEP Resources 01.05.23/5.250% 156,804 0.08 

45,000 Quiksilver 144A 01.08.18/7.875% 49,050 0.03 

379,000 Radio Systems 144A 01.11.19/8.375% 416,900 0.22 

265,000 Rain CII Carbon 144A 01.12.18/8.000% 275,600 0.15 

80,000 RCN Telecom Services 144A 15.08.20/8.500% 81,200 0.04 

99,000 Regal Entertainment Group 01.02.25/5.750% 94,100 0.05 

60,000 Regency Energy Partners 15.04.23/5.500% 58,908 0.03 

179 

21,000 Resolute Forest Products 144A 15.05.23/5.875% 19,425 0.01 

75,000 Revlon Consumer Products 144A 15.02.21/5.750% 74,250 0.04 



69,000 RHP Hotel Properties 15.04.21/5.000% 68,483 0.04 

115,000 Rite Aid 15.06.21/6.750% 121,038 0.06 

236,000 Rivers Pittsburgh Borrower 144A 15.06.19/9.500% 260,190 0.14 

148,000 ROC Finance 144A 01.09.18/12.125% 150,960 0.08 

50,000 Rockies Express Pipeline 144A 15.01.19/6.000% 46,500 0.02 

209,000 Roofing Supply Group 144A 01.06.20/10.000% 236,170 0.13 

393,000 Rosetta Resources 01.05.21/5.625% 394,440 0.21 

123,000 Rosetta Resources 01.06.22/5.875% 122,231 0.07 

34,000 RR Donnelley & Sons 15.05.18/7.250% 38,652 0.02 




35,000 Ryerson 15.10.17/9.000% 37,144 0.02 

170,000 Sabine Oil & Gas 15.02.17/9.750% 177,650 0.10 

200,000 Sabine Pass Liquefaction 144A 01.02.21/5.625% 196,500 0.11 

132,000 Sabine Pass Liquefaction 144A 15.04.23/5.625% 123,420 0.07 

75,000 Sabre 144A 15.05.19/8.500% 83,531 0.04 

170,000 Salix Pharmaceuticals 144A 15.01.21/6.000% 174,675 0.09 

505,000 Samson Investment 144A 15.02.20/10.500% 554,238 0.30 

100,000 Sealed Air 144A 15.09.19/8.125% 112,500 0.06 

175,000 Sealed Air 144A 01.12.20/6.500% 188,125 0.10 

115,000 Sealed Air 144A 15.09.21/8.375% 131,100 0.07 

33,000 Sealed Air 144A 01.04.23/5.250% 32,258 0.02 

25,000 Sears Holdings 15.10.18/6.625% 22,721 0.01 

62,000 SemGroup 144A 15.06.21/7.500% 65,875 0.04 

215,000 Seminole Hard Rock 

Entertainment 144A 15.05.21/5.875% 211,775 0.11 

400,000 Seneca Gaming 144A 01.12.18/8.250% 432,000 0.23 

362,000 Serta Simmons Holdings 144A 01.10.20/8.125% 391,865 0.21 

25,000 Service Corp. International 144A 15.01.22/5.375% 25,438 0.01 

135,000 SESI 15.12.21/7.125% 151,200 0.08 

16,000 Shearer’s Foods/Chip Fin 144A 01.11.19/9.000% 16,960 0.01 

235,000 Shingle Springs Tribal Gaming 

Authority 144A 01.09.21/9.750% 254,975 0.14 

165,000 Sinclair Television Group 01.04.21/5.375% 163,350 0.09 

210,000 Sinclair Television Group 01.10.22/6.125% 213,150 0.11 

70,000 Sinclair Television Group 144A 01.11.21/6.375% 72,800 0.04 

153,000 Sirius XM Holdings 144A 15.05.20/4.250% 144,968 0.08 




443,000 Sitel 01.04.18/11.500% 393,163 0.21 

277,000 Sitel 144A 01.08.17/11.000% 297,775 0.16 

295,000 Six Flags Entertainment 144A 15.01.21/5.250% 289,100 0.16 

200,000 SM Energy 15.11.21/6.500% 213,000 0.11 

510,000 SM Energy 01.01.23/6.500% 537,413 0.29 

140,000 SM Energy 144A 15.01.24/5.000% 134,050 0.07 

257,000 Spectrum Brands 15.03.20/6.750% 277,560 0.15 

72,000 Spectrum Brands Escrow 144A 15.11.22/6.625% 76,680 0.04 

75,000 Speedy Cash Intermediate 

Holdings 144A 15.05.18/10.750% 79,125 0.04 

226,000 Sprint 144A 15.09.21/7.250% 243,515 0.13 

624,000 Sprint 144A 15.09.23/7.875% 670,800 0.36 

142,000 Sprint 144A 15.06.24/7.125% 144,130 0.08 

553,000 Sprint Communications 144A 01.03.20/7.000% 619,360 0.33 


395,000 Station Casinos 01.03.21/7.500% 422,650 0.23 

76,000 Steel Dynamics 15.08.19/6.125% 82,856 0.04 




31,000 Suburban Propane Partners 01.08.21/7.375% 33,945 0.02 

43,000 Summit Midstream 

Holdings 144A 01.07.21/7.500% 45,150 0.02 

470,000 Sun Merger Sub 144A 01.08.18/5.250% 492,325 0.26 

30,000 Sun Merger Sub 144A 01.08.21/5.875% 30,825 0.02 

135,000 SunGard Data Systems 01.11.19/6.625% 142,425 0.08 

110,000 SunGard Data Systems 15.11.20/7.625% 120,450 0.06 

308,000 Swift Energy 01.03.22/7.875% 308,068 0.17 

235,000 Talos Production 144A 15.02.18/9.750% 241,463 0.13 

135,000 Targa Resources Partners 01.02.21/6.875% 145,800 0.08 

138,000 Taylor Morrison 

Communities 144A 15.04.20/7.750% 152,490 0.08 

75,000 Taylor Morrison 

Communities 144A 15.04.21/5.250% 73,125 0.04 




178,000 Tenet Healthcare 144A 01.10.20/6.000% 186,121 0.10 

115,000 T-Mobile USA 144A 01.09.18/5.250% 121,469 0.07 

380,000 Tops Holding 144A 15.12.17/8.875% 418,950 0.22 

120,000 Toys R US-Delaware 144A 01.09.16/7.375% 110,700 0.06 

50,000 Triumph Group 01.04.21/4.875% 48,675 0.03




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


270,000 Tronox Finance 15.08.20/6.375% 276,881 0.15 

330,000 Tutor Perini 01.11.18/7.625% 354,600 0.19 

23,000 tw telecom holdings 144A 01.10.22/5.375% 22,598 0.01 

53,000 tw telecom holdings 144A 01.09.23/6.375% 55,186 0.03 

150,000 UCI International 15.02.19/8.625% 150,375 0.08 

185,000 Unifrax I 144A 15.02.19/7.500% 192,400 0.10 



300,000 United Surgical Partners 


50,000 Univision Communications 144A 15.05.19/6.875% 53,938 0.03 





293,000 US Airways 2013-1 Class B Pass 

Through Trust 15.11.21/5.375% 288,605 0.15 

75,000 US Concrete 144A 01.12.18/8.500% 77,063 0.04 

81,000 USG 144A 01.11.21/5.875% 84,341 0.05 

5,000 USG 144A 30.03.20/7.875% 5,650 0.00 

220,000 Valassis Communications 01.02.21/6.625% 227,975 0.12 

60,000 Valeant Pharmaceuticals 

International 144A 15.07.22/7.250% 64,800 0.04 









60,000 Viasystems 144A 01.05.19/7.875% 65,175 0.03 

136,000 Victor Technologies Group 15.12.17/9.000% 145,860 0.08 

740,000 Vulcan Materials 15.06.21/7.500% 847,300 0.46 

314,000 VWR Funding 15.09.17/7.250% 339,120 0.18 

350,000 W&T Offshore 15.06.19/8.500% 371,875 0.20 

163,000 Walter Investment 

Management 144A 15.12.21/7.875% 165,853 0.09 

81,000 Watco 144A 01.04.23/6.375% 81,000 0.04 

185,000 WCI Communities 144A 15.08.21/6.875% 184,538 0.10 

390,000 Wells Enterprises 144A 01.02.20/6.750% 396,825 0.21 

465,000 Wells Fargo & Co. 31.12.49/7.980%* 520,079 0.28 

136,000 Western Refining 01.04.21/6.250% 137,700 0.07 

50,000 WEX 144A 01.02.23/4.750% 46,000 0.02 

50,000 Windstream 01.09.18/8.125% 53,909 0.03 

195,000 Windstream 15.10.20/7.750% 208,689 0.11 

215,000 Windstream 01.10.21/7.750% 228,416 0.12 

35,000 Windstream 01.06.22/7.500% 35,978 0.02 

13,000 Windstream 01.08.23/6.375% 12,300 0.01 

264,000 WMG Acquisition 144A 15.01.21/6.000% 275,550 0.14 

160,000 Wok Acquisition 144A 30.06.20/10.250% 174,600 0.09 

940,000 WPX Energy 15.01.22/6.000% 943,318 0.51 

80,000 Zayo Group 01.01.20/8.125% 87,800 0.05 

345,000 Zayo Group 01.07.20/10.125% 398,475 0.21 

105,140,129 56.40 

LUXEMBOURG 

350,000 APERAM 144A 01.04.16/7.375% 362,250 0.19 

165,000 APERAM 144A 01.04.18/7.750% 170,363 0.09 

215,000 Beverage Packaging Holdings 

Luxembourg II 144A 15.12.16/5.625% 219,569 0.12 

50,000 Beverage Packaging Holdings 

Luxembourg II 144A 15.06.17/6.000% 50,625 0.03 

100,000 Capsugel 144A 15.05.19/7.000% 102,063 0.06 

235,000 ConvaTec Finance 


650,000 ConvaTec Healthcare E 144A 15.12.18/10.500% 732,063 0.39 

200,000 INEOS Group Holdings 144A 15.08.18/6.125% 202,250 0.11 

20,000 Intelsat Jackson Holdings 01.04.19/7.250% 21,542 0.01 



175,000 Intelsat Jackson Holdings 144A 15.12.22/6.625% 180,250 0.10 

120,000 Intelsat Jackson Holdings 144A 01.08.23/5.500% 114,450 0.06 

423,000 Intelsat Luxembourg 144A 01.06.21/7.750% 454,725 0.24 

572,000 Intelsat Luxembourg 144A 01.06.23/8.125% 616,330 0.33 

145,000 Nielsen Luxembourg 144A 01.10.21/5.500% 147,538 0.08 

100,000 NII International Telecom 144A 15.08.19/7.875% 76,000 0.04 

172,000 NII International Telecom 144A 15.08.19/11.375% 144,480 0.08 

494,000 Stackpole International 

Intermediate 144A 15.10.21/7.750% 516,230 0.28 

198,000 Trinseo Materials 

Operating 144A 01.02.19/8.750% 201,269 0.11 

CANADA 

112,000 Ainsworth Lumber 144A 15.12.17/7.500% 120,960 0.06 

225,000 Bombardier 144A 15.03.18/7.500% 257,063 0.14 

459,000 Bombardier 144A 15.01.23/6.125% 458,713 0.25 

181,000 Brookfield Residential 

Properties 144A 15.12.20/6.500% 188,240 0.10 

78,000 Brookfield Residential 

Properties 144A 01.07.22/6.125% 78,195 0.04 

44,000 Cogeco Cable 144A 01.05.20/4.875% 42,735 0.02 

205,000 FQM Akubra 144A 01.06.20/8.750% 222,938 0.12 

85,000 FQM Akubra 144A 01.06.21/7.500% 89,250 0.05 

240,000 Garda World Security 144A 15.11.21/7.250% 243,000 0.13 

140,000 KGHM International 144A 15.06.19/7.750% 148,400 0.08 

36,000 Kodiak Oil & Gas 15.01.21/5.500% 36,000 0.02 

69,000 Kodiak Oil & Gas 01.02.22/5.500% 69,000 0.04 

355,000 Masonite International 144A 15.04.21/8.250% 392,275 0.21 

100,000 Mattamy Group 144A 15.11.20/6.500% 100,000 0.05 

50,000 Mattamy Group 144A 15.11.20/6.875% 47,060 0.03 

175,000 MEG Energy 144A 15.03.21/6.500% 185,063 0.10 

238,000 MEG Energy 144A 30.01.23/6.375% 240,975 0.13 

85,000 MEG Energy 144A 31.03.24/7.000% 86,275 0.05 

107,000 New Gold 144A 15.04.20/7.000% 110,344 0.06 

142,000 New Gold 144A 15.11.22/6.250% 137,740 0.07 

152,000 Norbord 144A 01.12.20/5.375% 152,000 0.08 

115,000 NOVA Chemicals 144A 01.08.23/5.250% 118,809 0.06 

335,000 Novelis 15.12.20/8.750% 374,363 0.20 

100,000 Precision Drilling 15.11.20/6.625% 107,349 0.06 

255,000 Precision Drilling 15.12.21/6.500% 272,850 0.15 

55,000 Quebecor Media 15.01.23/5.750% 53,488 0.03 

200,000 Taseko Mines 15.04.19/7.750% 203,500 0.11 

260,000 Trinidad Drilling 144A 15.01.19/7.875% 278,200 0.15 

262,000 Ultra Petroleum 144A 15.12.18/5.750% 269,860 0.15 





5,435,046 2.92 

AUSTRALIA 

118,000 Bluescope Steel Finance 144A 01.05.18/7.125% 123,900 0.07 

500,000 FMG Resources August 

2006 144A 01.02.18/6.875% 528,125 0.28 

575,000 FMG Resources August 

2006 144A 01.04.22/6.875% 622,581 0.33 

244,000 Nufarm Australia 144A 15.10.19/6.375% 253,760 0.14 

1,528,366 0.82 

BERMUDA 

350,000 Aircastle 01.12.19/6.250% 375,590 0.20 

100,000 Catlin Insurance 144A 31.12.49/7.249%* 104,500 0.05 

550,000 Seadrill 144A 15.09.20/6.125% 551,375 0.30 

181,000 Viking Cruises 144A 15.10.22/8.500% 205,435 0.11 

1,236,900 0.66 

NETHERLANDS 

58,000 Basell Finance 144A 15.03.27/8.100% 73,397 0.04 

200,000 LyondellBasell Industries 15.11.21/6.000% 229,618 0.13 

200,000 NXP 144A 15.03.23/5.750% 204,000 0.11 

230,000 Sensata Technologies 144A 15.10.23/4.875% 217,925 0.12 

200,000 syncreon Group 144A 01.11.21/8.625% 208,000 0.11 

200,000 VimpelCom Holdings 144A 01.03.22/7.504% 209,901 0.11 

1,142,841 0.62 


95,000 Seagate HDD Cayman 01.05.20/6.875% 103,015 0.05 

113,000 Seagate HDD Cayman 01.11.21/7.000% 125,289 0.07 

40,000 Shelf Drilling Holdings 144A 01.11.18/8.625% 43,400 0.02 

150,000 UPCB Finance III 144A 01.07.20/6.625% 160,125 0.09 

150,000 UPCB Finance V 144A 15.11.21/7.250% 163,500 0.09 

450,000 UPCB Finance VI 144A 15.01.22/6.875% 480,375 0.26 

1,075,704 0.58 

SPAIN 

475,000 Cemex Espana 

Luxembourg 144A 30.04.19/9.875% 544,816 0.29 

475,000 Cemex Espana Luxembourg 

144A 12.05.20/9.250% 522,688 0.28 

1,067,504 0.57 

5,656,502 3.04 

180




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



151,000 Navios Maritime 

Acquisition 144A 15.11.21/8.125% 154,398 0.08 

363,000 Navios South American Logistics 15.04.19/9.250% 393,401 0.21 

300,000 Ocean Rig UDW 27.04.16/9.500% 319,875 0.17 

867,674 0.46 

IRELAND 

400,000 Ardagh Packaging Finance 144A 15.10.17/7.375% 432,000 0.23 



854,500 0.46 


150,000 Jaguar Land Rover 

Automotive 144A 01.02.23/5.625% 151,125 0.08 

100,000 MISA Investments 144A 15.08.18/8.625% 103,750 0.06 

200,000 Virgin Media Finance 15.10.19/8.375% 219,000 0.11 

200,000 Virgin Media Secured Finance 15.01.18/6.500% 207,500 0.11 

681,375 0.36 

BAHAMAS 

380,000 Ultrapetrol Bahamas 144A 

Jun 2013 15.06.21/8.875% 412,300 0.22 

25,000 Ultrapetrol Bahamas 144A 

Oct 2013 15.06.21/8.875% 26,969 0.02 

439,269 0.24 

NIGERIA 

300,000 Sea Trucks Group 26.03.18/9.000% 288,695 0.16 

288,695 0.16 

NORWAY 

85,000 World Wide Supply 26.05.17/7.750% 85,106 0.05 

85,106 0.05 

FRANCE 

25,000 Lafarge 15.07.36/7.125% 26,188 0.01 

26,188 0.01 

Total Bonds 125,525,799 67.35 


LUXEMBOURG 



10,931,075 5.86 




136,456,874 73.21 


Bonds 


150,000 Dynergy Escrow** 15.05.18/7.125% 0 0.00 

0 0.00 

Total Bonds 0 0.00 



Cash 1,989,177 1.07 


% of 





Canada 2.92 




Bermuda 0.74 


Spain 0.57 

Marshall Islands 0.50 

Ireland 0.46 

Japan 0.35 


Bahamas 0.24 

Mexico 0.22 

Nigeria 0.16 

France 0.12 

Germany 0.10 

Finland 0.10 

Norway 0.05 


Shares 








Total 100.00 


% of 





Canada 2.83 




Spain 0.72 

Ireland 0.55 


Marshall Islands 0.47 

Bermuda 0.41 

Bahamas 0.39 

Nigeria 0.26 


France 0.20 

Mexico 0.18 

Germany 0.17 

Finland 0.13 


Shares 








Total 100.00 





181




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

10-Jan-14 EUR 85,882,767 USD 117,984,216 323,585 

10-Jan-14 GBP 15,581,485 USD 25,625,115 154,843 

10-Jan-14 USD 40,389 EUR 29,350 (42) 

10-Jan-14 USD 2,245,164 GBP 1,372,227 (25,219) 

22-Jan-14 USD 47,227 CAD 50,000 189 

22-Jan-14 USD 252,511 GBP 155,000 (3,921) 

10-Feb-14 EUR 3,270,783 USD 4,501,560 4,075 

Total 453,510 


Counterparty 


Barclays 22 

Citibank 625 




HSBC 291 


RBC 10,797 



UBS (7,010) 


Total 453,510 

182




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


89,700 Acadia Healthcare 4,184,057 1.38 

73,496 ACADIA Pharmaceuticals 1,820,128 0.60 

46,142 Acceleron Pharma 1,654,191 0.55 

50,794 Acuity Brands 5,576,673 1.84 

34,537 Aegerion Pharmaceuticals 2,448,155 0.81 

81,628 AMAG Pharmaceuticals 1,920,299 0.63 

68,300 Amtrust Financial Services 2,271,317 0.75 

40,912 Annie’s 1,756,352 0.58 

57,280 Arrowhead Research 617,192 0.20 

119,826 Aruba Networks 2,143,687 0.72 

37,102 Asbury Automotive Group 1,992,377 0.66 

69,162 Blue Nile 3,329,804 1.10 

154,020 Boingo Wireless 1,003,440 0.34 

108,393 BroadSoft 2,953,709 0.97 

106,242 Bruker 2,111,029 0.70 

67,709 Brunswick 3,090,916 1.02 

42,553 Carlisle 3,395,942 1.12 

78,336 Cavium 2,588,221 0.85 

53,812 ChannelAdvisor 2,233,198 0.74 

86,146 Chimerix 1,307,696 0.43 

84,768 Ciena 2,036,975 0.67 

63,162 Cohen & Steers 2,559,956 0.84 

33,826 CommVault Systems 2,533,737 0.84 

24,578 Container Store Group 1,152,094 0.38 

59,047 Cornerstone OnDemand 3,124,767 1.03 

16,541 CoStar Group 3,044,785 1.00 

84,826 CubeSmart 1,350,854 0.45 

131,411 Cyan 680,709 0.22 

70,899 DealerTrack Technologies 3,393,935 1.12 

70,067 Delek US Holdings 2,388,584 0.79 

47,914 Demandware 3,044,456 1.00 

53,631 Douglas Emmett 1,266,496 0.42 

34,787 Dril-Quip 3,827,961 1.26 

30,045 DXP Enterprises 3,417,469 1.13 

22,695 EastGroup Properties 1,312,679 0.43 

136,279 Emeritus 2,917,733 0.96 

113,802 Envestnet 4,490,058 1.48 

95,600 Exact Sciences 1,128,080 0.37 

27,876 Fairway Group Holdings 498,423 0.16 

65,742 Financial Engines 4,585,176 1.51 

27,003 FireEye 1,188,672 0.39 

73,843 Five Below 3,200,356 1.06 

130,713 Fluidigm 5,037,679 1.66 

68,829 Fortinet 1,307,407 0.43 


74,314 Forum Energy Technologies 2,097,141 0.69 

109,467 Francesca’s Holdings 2,058,527 0.68 

22,190 FXCM - A Shares 382,112 0.13 


161,918 GenMark Diagnostics 2,142,175 0.71 

109,688 Gigamon 3,022,453 1.00 

116,714 Glimcher Realty Trust 1,093,610 0.36 

51,204 Graco 3,986,231 1.31 

56,716 Guidewire Software 2,782,203 0.92 

188,865 Halozyme Therapeutics 2,880,191 0.95 

65,288 HEICO 3,811,840 1.26 

84,839 Hexcel 3,800,787 1.25 


37,211 Hittite Microwave 2,303,733 0.76 

117,244 HomeAway 4,759,520 1.57 

70,151 Imperva 3,433,541 1.13 

174,475 Infinera 1,700,259 0.56 

72,996 Infoblox 2,375,655 0.78 

241,071 Inphi 2,997,718 0.99 

77,742 Insmed 1,322,780 0.44 

114,548 Insulet 4,293,259 1.42 

40,833 Intrexon 946,305 0.31 

103,995 Keryx Biopharmaceuticals 1,347,775 0.44 

32,709 Kirby 3,230,831 1.07 

120,260 Laredo Petroleum Holdings 3,309,555 1.10 

110,315 La-Z-Boy 3,418,662 1.13 

31,152 Lumber Liquidators Holdings 3,173,922 1.05 

45,476 Marketo 1,631,452 0.54 

118,163 Marten Transport 2,369,759 0.79 

24,196 Middleby 5,846,238 1.93 

32,649 MSC Industrial Direct - A Shares 2,660,404 0.88 

146,225 Nektar Therapeutics 1,678,663 0.55 

29,810 Nimble Storage 1,345,176 0.44 

51,845 Noodles & Co. 1,871,086 0.62 

58,052 Oasis Petroleum 2,704,062 0.89 

88,601 Old Dominion Freight Line 4,707,371 1.55 

18,786 OpenTable 1,468,126 0.48 

49,906 Palo Alto Networks 2,859,364 0.94 

227,043 PennantPark Investment 2,637,104 0.87 

60,911 Penske Automotive Group 2,857,335 0.94 

117,489 Ply Gem Holdings 2,115,977 0.70 

50,612 Pool 2,938,027 0.97 

60,614 Portola Pharmaceuticals 1,505,046 0.50 

21,899 Puma Biotechnology 2,296,001 0.76 

96,827 Rally Software Development 1,897,809 0.63 

78,176 RE/MAX Holdings - A Shares 2,499,287 0.82 

239,115 ReachLocal 3,017,631 1.00 

151,955 Ruckus Wireless 2,165,359 0.71 

108,273 Rush Enterprises - A Shares 3,224,370 1.06 

63,537 Sagent Pharmaceuticals 1,595,732 0.53 

148,639 Scientific Games - A Shares 2,522,404 0.83 

25,947 Signature Bank/New York 2,782,556 0.92 

82,758 Skechers U.S.A. - A Shares 2,761,221 0.90 


35,748 Splunk 2,495,032 0.82 

57,384 Surgical Care Affiliates 2,004,997 0.66 

159,602 Synta Pharmaceuticals 824,344 0.27 

29,245 Tableau Software - A Shares 1,991,877 0.66 

77,830 Tandem Diabetes Care 1,956,646 0.65 

226,396 Threshold Pharmaceuticals 1,059,533 0.35 

68,004 Trex 5,422,299 1.79 

81,295 TRI Pointe Homes 1,610,454 0.53 

58,732 TrueBlue 1,531,143 0.51 

115,236 Trulia 3,957,780 1.31 

794,432 Unilife 3,420,030 1.12 

40,070 Veeva Systems - A Shares 1,279,435 0.42 

59,527 Vince Holding 1,810,216 0.60 

4,413 Vocera Communications 70,674 0.02 

37,944 Watsco 3,679,430 1.21 

46,288 WellCare Health Plans 3,215,164 1.05 

96,503 Wolverine World Wide 3,281,102 1.08 

292,824,329 96.59 

CANADA 

297,680 Imris 477,776 0.16 

254,929 Novadaq Technologies 4,196,131 1.38 

4,673,907 1.54 

ISRAEL 

185,140 Syneron Medical 2,292,033 0.76 

2,292,033 0.76 

Total Shares 299,790,269 98.89 



299,790,269 98.89 


Cash 5,442,540 1.80 



183




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 






Energy 4.73 





Total 100.00 


% of 








Energy 4.96 





Total 100.00 

184




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


45,000 3D Systems 4,145,400 1.62 

119,600 Adobe Systems 7,147,296 2.79 


17,345 Amazon.com 6,844,424 2.67 


331,500 Applied Materials 5,822,797 2.28 


77,700 Autodesk 3,879,949 1.52 

46,730 BroadSoft 1,273,392 0.50 

61,000 Cavium 2,015,440 0.79 

102,700 Ciena 2,467,881 0.96 

52,100 Cognizant Technology Solutions - A Shares 5,235,789 2.05 




30,200 Demandware 1,918,908 0.75 

273,800 Electronic Arts 6,327,518 2.47 



61,000 FireEye 2,685,220 1.05 

113,400 Fortinet 2,154,033 0.84 

94,700 Gigamon 2,609,458 1.02 



64,000 HomeAway 2,598,080 1.02 

47,100 Imperva 2,305,309 0.90 

181,100 Infinera 1,764,819 0.69 

42,900 Infoblox 1,396,181 0.55 

77,440 KLA-Tencor 5,001,462 1.95 



8,800 Netflix 3,232,152 1.26 

48,800 NetSuite 4,971,500 1.94 

28,600 OpenTable 2,235,090 0.87 


7,880 priceline.com 9,124,646 3.57 

22,600 Proto Labs 1,607,651 0.63 

69,100 QUALCOMM 5,106,836 2.00 



60,700 SanDisk 4,294,829 1.68 

91,300 ServiceNow 5,091,345 1.99 

89,300 Skyworks Solutions 2,546,836 1.00 

72,300 Splunk 5,046,179 1.97 




50,700 Trulia 1,741,291 0.68 

55,700 Twitter 3,560,344 1.39 

63,900 Veeva Systems - A Shares 2,040,327 0.80 

20,600 Visa - A Shares 4,562,694 1.78 

41,800 VMware - A Shares 3,753,431 1.47 

61,400 Workday - A Shares 5,077,780 1.98 

132,440 Xilinx 6,084,294 2.38 

36,800 Yelp 2,435,608 0.95 

SINGAPORE 


5,088,311 1.99 

Total Shares 249,741,113 97.59 



249,741,113 97.59 


Cash 5,713,707 2.23 




% of 


Shares 








Total 100.00 


% of 


Shares 








Total 100.00 

226,992,130 88.70 



8,839,357 3.45 

NETHERLANDS 



8,821,315 3.45 

185




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


240,000 Aflac 16,017,600 0.47 

326,080 Albemarle 20,660,429 0.62 

30,112 Alleghany 11,987,738 0.36 

344,600 American Electric Power 16,023,900 0.48 



914,350 AT&T 32,171,405 0.97 

103,920 AutoZone 50,133,086 1.51 

452,279 Ball 23,421,268 0.70 



408,200 Bed Bath & Beyond 32,770,296 0.99 

366,000 Best Buy 14,605,230 0.44 


189,550 Brown-Forman - B Shares 14,272,167 0.43 



756,000 CenterPoint Energy 17,467,380 0.53 

651,880 Chevron 81,113,428 2.44 

319,424 Chubb 30,853,164 0.93 

2,160,700 Cisco Systems 48,021,558 1.45 

888,697 Citigroup 46,198,914 1.39 

896,420 Coca-Cola 36,789,077 1.11 


309,740 CVS Caremark 22,174,287 0.67 

775,640 Devon Energy 47,950,065 1.44 


477,597 Dover 46,231,390 1.38 


449,400 Duke Energy 30,927,708 0.93 


262,900 Emerson Electric 18,485,814 0.56 

329,300 Expedia 22,815,551 0.69 

1,382,530 Exxon Mobil 139,518,015 4.20 

850,500 Gannett 25,374,668 0.76 

908,100 Gap 35,270,604 1.06 

161,500 Genuine Parts 13,484,443 0.41 

367,599 Hanesbrands 25,746,634 0.77 

1,092,700 Hewlett-Packard 30,546,428 0.92 

435,600 Hilton Worldwide Holdings 9,702,990 0.29 

389,630 Home Depot 31,930,178 0.96 

156,100 Humana 15,994,786 0.48 

294,930 Illinois Tool Works 24,841,954 0.75 

167,380 International Business Machines 31,308,429 0.94 


456,400 Kimco Realty 9,084,642 0.27 

941,974 Kohl’s 53,282,759 1.60 

979,330 Loews 47,095,980 1.42 

279,520 M&T Bank 32,608,803 0.98 

351,300 Marriott International - A Shares 17,292,742 0.52 

496,800 Marsh & McLennan 24,055,056 0.72 

190,300 Martin Marietta Materials 19,153,695 0.58 


148,300 McDonald’s 14,340,610 0.43 

1,163,502 Merck & Co. 57,849,319 1.74 

734,620 Microsoft 27,427,038 0.82 

431,600 NextEra Energy 36,783,110 1.11 

353,200 NiSource 11,546,108 0.35 

359,440 Northeast Utilities 15,191,732 0.46 

431,000 Northern Trust 26,650,885 0.80 

754,102 Old Republic International 12,981,866 0.39 

2,677,980 Pfizer 82,147,036 2.47 

461,585 Phillips 66 35,304,329 1.06 





481,800 QEP Resources 14,709,354 0.44 

376,130 QUALCOMM 27,797,888 0.83 

412,100 Rayonier 17,561,641 0.53 

211,800 Regency Centers 9,844,464 0.30 


515,200 Sempra Energy 46,138,736 1.39 

206,200 Snap-On 22,523,226 0.68 

545,000 Southwestern Energy 21,611,975 0.65 

742,430 SunTrust Banks 27,239,757 0.82 

267,570 T Rowe Price Group 22,443,772 0.68 


483,570 Time Warner 33,806,379 1.02 

84,600 Time Warner Cable 11,448,495 0.34 

478,400 Travelers 43,247,360 1.30 

103,000 Union Pacific 17,195,850 0.52 



728,900 Unum 25,529,722 0.77 

1,095,700 US Bancorp 44,260,801 1.33 

447,000 Verizon Communications 21,945,465 0.66 


478,950 Walgreen 27,589,915 0.83 

431,700 Wal-Mart Stores 33,834,487 1.02 

376,070 Walt Disney 28,607,645 0.86 

3,036,528 Wells Fargo & Co. 137,782,458 4.15 

510,920 Williams 19,606,555 0.58 

254,910 WR Berkley 11,045,250 0.34 

3,119,203,862 93.87 

CANADA 

851,030 Brookfield Office Properties 16,420,624 0.49 


51,786,445 1.55 


328,910 Teekay 15,786,035 0.48 

15,786,035 0.48 

IRELAND 

478,200 XL Group 15,280,881 0.46 

15,280,881 0.46 

Total Shares 3,202,057,223 96.36 



3,202,057,223 96.36 



LUXEMBOURG 



214,830,057 6.47 




214,830,057 6.47 


Cash 6,974,118 0.21 



186




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 



Energy 11.38 











Total 100.00 


% of 


Shares 




Energy 9.77 










Total 100.00 

187




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-14 EUR 183,449,775 USD 252,621,916 88,753 

17-Jan-14 USD 16,655,641 EUR 12,146,590 (76,857) 

Total 11,896 


Counterparty 


Barclays 576 







RBC (212) 



UBS 17,619 


Total 11,896 

188


Appendix - Unaudited Additional Disclosures 

1. Fund Total Expense Ratios (continued) 

For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM America Equity A (acc) - AUD 1.90% - - - - - - 22-Jul-13 

JPM America Equity A (acc) - AUD (hedged) 1.90% - - - - - - 04-Nov-13 

JPM America Equity A (acc) - EUR 1.90% - 1.90% - - - - 07-May-13 

JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Mar-07 

JPM America Equity A (acc) - HKD 1.90% - 1.90% - - - - 06-Feb-13 

JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Apr-05 

JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 

JPMorgan America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM America Equity B (dist) - USD 1.15% - - - - - - 24-Jul-13 

JPM America Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% 0.85% - 28-Jan-08 

JPM America Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.85% - 26-Aug-04 

JPM America Equity C (dist) - USD 0.85% - 0.85% - - - - 26-Sep-12 

JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 08-May-06 

JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Mar-07 

JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM America Equity I (acc) - USD 0.72% - 0.81% - - - 0.81% 26-Oct-12 

JPM America Equity X (acc) - USD 0.08% - 0.11% 0.14% 0.14% 0.15% 0.15% 24-Nov-04 


JPM Asia Local Currency Debt A (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 17-Mar-10 

JPM Asia Local Currency Debt A (mth) - HKD 1.00% - 1.00% - - - - 14-Jan-13 

JPM Asia Local Currency Debt A (mth) - USD 1.00% - 1.00% - - - - 14-Jan-13 

JPM Asia Local Currency Debt C (acc) - USD 0.55% - 0.55% 0.55% 0.55% - - 27-Jul-10 

JPM Asia Local Currency Debt D (acc) - USD 1.40% - 1.40% - - - - 02-Jul-12 

JPM Asia Local Currency Debt I (acc) - USD 0.51% - - - - - 0.51% 08-Oct-13 

JPM Asia Local Currency Debt X (acc) - USD 0.10% - 0.10% - - - 0.10% 20-Feb-13 


JPMorgan Asia Pacific Income A (acc) - HKD 1.90% - 1.90% - - - - 06-Feb-13 

JPMorgan Asia Pacific Income A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Asia Pacific Income A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPMorgan Asia Pacific Income A (irc) - AUD (hedged) 1.90% - - - - - - 07-Oct-13 

JPMorgan Asia Pacific Income A (irc) - CAD (hedged) 1.90% - - - - - - 07-Oct-13 

JPMorgan Asia Pacific Income A (irc) - EUR (hedged) 1.90% - - - - - - 27-Nov-13 

JPMorgan Asia Pacific Income A (irc) - GBP (hedged) 1.90% - - - - - - 27-Nov-13 

JPMorgan Asia Pacific Income A (irc) - NZD (hedged) 1.90% - - - - - - 27-Nov-13 

JPMorgan Asia Pacific Income A (mth) - HKD 1.90% - 1.90% 1.90% - - - 25-May-12 

JPMorgan Asia Pacific Income A (mth) - SGD 1.90% - 1.90% - - - - 19-Sep-12 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) 1.90% - 1.90% - - - - 14-Mar-13 

JPMorgan Asia Pacific Income A (mth) - USD 1.90% - 1.90% 1.90% - - - 25-May-12 

JPMorgan Asia Pacific Income B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Sep-07 

JPMorgan Asia Pacific Income B (mth) - USD 1.15% - 1.15% - - - - 05-Jul-12 

JPMorgan Asia Pacific Income C (dist) - USD 1.00% - 1.00% - - - - 26-Sep-12 

JPMorgan Asia Pacific Income D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% - 22-Jun-01 

JPMorgan Asia Pacific Income D (mth) - USD 2.35% - 2.35% - - - - 05-Jul-12 

JPMorgan Asia Pacific Income X (acc) - USD 0.09% - 0.13% - - - 0.20% 04-Feb-13 


JPM Brazil Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 28-Mar-11 

JPM Brazil Equity A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% - - 09-Aug-10 

JPM Brazil Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Oct-07 

JPM Brazil Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 24-Nov-09 

JPM Brazil Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 28-Jan-08 

JPM Brazil Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 19-Mar-08 

JPM Brazil Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 13-Jul-10 

JPM Brazil Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 18-Oct-07 

JPM Brazil Equity I (acc) - EUR 1.02% - 1.02% 1.03% 1.05% 1.06% 1.06% 18-Jun-10 

JPM Brazil Equity I (acc) - USD 0.99% - 1.02% 1.03% 1.06% 1.05% 1.06% 18-Oct-07 

JPM Brazil Equity T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 21-Feb-11 


JPMorgan China A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Dec-09 

JPMorgan China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan China A (dist) - HKD 1.90% - 1.90% 1.90% 1.90% - - 20-Sep-10 

JPMorgan China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 

JPMorgan China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 21-Feb-06 

JPMorgan China B (dist) - USD 1.15% - - - - - - 08-Aug-13 

JPMorgan China C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 01-Feb-05 

JPMorgan China C (dist) - USD 1.00% - 1.00% - - - - 26-Sep-12 

JPMorgan China D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 13-Jul-10 

JPMorgan China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPMorgan China I (acc) - USD** 0.96% - - 0.87% 0.88% 0.87% 0.96% 26-Feb-07 

JPMorgan China I (dist) - USD 0.96% - - - - - 0.96% 09-Oct-13 

JPMorgan China T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 21-Feb-11 

JPMorgan China X (acc) - USD 0.20% - 0.12% 0.13% 0.13% - 0.20% 18-May-07 

189


Appendix - Unaudited Additional Disclosures (continued) 


For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 

JPM Eastern Europe Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% - - 10-Jun-11 

JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 04-Jul-94 

JPMorgan Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 15-Jun-01 

JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.20% 1.20% 1.20% 1.20% - 20-Mar-06 

JPM Eastern Europe Equity B (dist) - EUR 1.20% - 1.20% - - - - 19-Apr-13 

JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% - 25-Feb-05 

JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 

JPM Eastern Europe Equity I (acc) - EUR 1.06% - 1.06% 1.02% 1.00% 1.03% 1.06% 26-Jun-06 

JPM Eastern Europe Equity X (acc) - EUR 0.16% - 0.18% 0.18% 0.15% 0.14% 0.20% 09-Nov-04 


JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 09-Dec-08 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD* - - 1.95% 1.95% 1.95% - - 09-Aug-10 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 14-Apr-97 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.20% - 03-Sep-04 

JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD 1.20% - - - - - - 24-Jul-13 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 01-Feb-05 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% - - 13-Jul-10 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.01% - 1.04% 1.06% - - 1.06% 26-Jun-06 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 2.95% - 2.95% 2.95% 2.95% - - 16-Feb-11 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.17% - 0.19% 0.19% 0.18% 0.19% 0.20% 09-Feb-05 


JPM Emerging Markets Debt A (acc) - EUR (hedged) 1.55% - 1.55% 1.55% 1.55% 1.55% - 31-Mar-05 

JPM Emerging Markets Debt A (acc) - GBP (hedged)* - - 1.55% - - - - 14-Jan-13 

JPM Emerging Markets Debt A (acc) - USD 1.55% - 1.55% 1.55% 1.55% 1.55% - 09-Apr-10 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 1.55% - 1.55% 1.55% 1.55% 1.55% - 14-Mar-97 

JPM Emerging Markets Debt A (inc) - USD 1.55% - 1.55% 1.55% - - - 16-May-12 

JPM Emerging Markets Debt A (irc) - AUD (hedged) 1.55% - 1.55% - - - - 12-Mar-13 

JPM Emerging Markets Debt A (irc) - CAD (hedged) 1.55% - 1.55% - - - - 19-Mar-13 

JPM Emerging Markets Debt A (irc) - NZD (hedged) 1.55% - 1.55% - - - - 14-Mar-13 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 1.55% - 1.55% 1.55% 1.55% 1.55% - 17-Sep-08 

JPM Emerging Markets Debt A (mth) - HKD 1.55% - 1.55% 1.55% - - - 01-Feb-12 

JPM Emerging Markets Debt A (mth) - USD 1.55% - 1.55% 1.55% 1.55% 1.55% - 22-Feb-10 

JPM Emerging Markets Debt B (acc) - EUR (hedged) 1.10% - 1.10% 1.10% 1.10% 1.10% - 24-Sep-09 

JPM Emerging Markets Debt B (acc) - USD 1.10% - 1.10% 1.10% - - - 20-Apr-12 

JPM Emerging Markets Debt B (inc) - EUR (hedged) 1.10% - - - - - - 13-Aug-13 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 0.70% - 0.70% 0.70% 0.70% 0.70% - 21-Jun-06 

JPM Emerging Markets Debt C (acc) - USD 0.70% - 0.70% 0.70% - - - 18-Jan-12 

JPM Emerging Markets Debt C (dist) - USD 0.70% - 0.70% 0.70% - - - 29-May-12 

JPM Emerging Markets Debt C (mth) - USD* - - 0.70% - - - - 03-Aug-12 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 2.25% - 2.25% 2.25% 2.25% 2.25% - 13-Oct-00 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 0.61% - 0.65% - - - 0.66% 31-May-13 

JPM Emerging Markets Debt I (acc) - USD 0.66% - - - - - 0.66% 16-Oct-13 

JPM Emerging Markets Debt I (dist) - USD 0.66% - - - - - 0.66% 17-Oct-13 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 0.60% - 0.63% 0.66% 0.66% 0.66% 0.66% 14-Jun-07 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 0.11% - 0.13% 0.15% - - 0.15% 21-May-07 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 0.12% - 0.13% 0.15% - - 0.15% 14-Oct-11 

JPM Emerging Markets Debt X (dist) - USD 0.15% - 0.13% - - - 0.15% 24-Jul-12 


JPM Emerging Markets Dividend A (acc) - EUR 1.90% - 1.90% - - - - 11-Dec-12 

JPM Emerging Markets Dividend A (acc) - USD 1.90% - 1.90% - - - - 11-Dec-12 

JPM Emerging Markets Dividend A (dist) - GBP 1.90% - 1.90% - - - - 03-Jun-13 

JPM Emerging Markets Dividend A (div) - EUR 1.90% - 1.90% - - - - 11-Dec-12 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) 1.90% - 1.90% - - - - 23-Apr-13 

JPM Emerging Markets Dividend A (mth) - SGD 1.90% - 1.90% - - - - 11-Mar-13 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) 1.90% - 1.90% - - - - 11-Mar-13 

JPM Emerging Markets Dividend A (mth) - USD 1.90% - 1.90% - - - - 18-Feb-13 

JPM Emerging Markets Dividend B (acc) - USD** 1.15% - - - - - - 28-Jan-13 

JPM Emerging Markets Dividend B (inc) - EUR 1.15% - - - - - - 02-Oct-13 

JPM Emerging Markets Dividend C (acc) - EUR 0.95% - 0.95% - - - - 13-Mar-13 

JPM Emerging Markets Dividend D (acc) - EUR 2.65% - 2.65% - - - - 11-Dec-12 

JPM Emerging Markets Dividend D (div) - EUR 2.65% - 2.65% - - - - 11-Dec-12 

JPM Emerging Markets Dividend T (acc) - EUR 2.65% - 2.65% - - - - 11-Dec-12 

JPM Emerging Markets Dividend T (div) - EUR 2.65% - 2.65% - - - - 11-Dec-12 

JPM Emerging Markets Dividend X (acc) - EUR 0.15% - 0.15% - - - - 08-Mar-13 

JPM Emerging Markets Dividend X (acc) - USD 0.12% - 0.15% - - - 0.15% 14-Dec-12 

190




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Sep-05 

JPM Emerging Markets Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% - - - 10-Aug-11 

JPM Emerging Markets Equity A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Dec-09 

JPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

JPM Emerging Markets Equity B (acc) - EUR 1.15% - - - - - - 08-Aug-13 

JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 22-Dec-04 

JPM Emerging Markets Equity B (dist) - GBP 1.15% - - - - - - 01-Oct-13 

JPM Emerging Markets Equity B (dist) - USD 1.15% - - - - - - 24-Jul-13 

JPM Emerging Markets Equity C (acc) - EUR 1.10% - 1.10% - - - - 24-Jan-13 

JPM Emerging Markets Equity C (acc) - EUR (hedged) 1.10% - 1.10% - - - - 14-Jun-13 

JPM Emerging Markets Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 01-Feb-05 

JPM Emerging Markets Equity C (dist) - GBP 1.10% - 1.10% - - - - 26-Sep-12 

JPM Emerging Markets Equity C (dist) - USD 1.10% - 1.10% 1.10% 1.10% - - 24-Feb-11 

JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-May-06 

JPM Emerging Markets Equity D (acc) - EUR (hedged)* - - 2.90% - - - - 15-Apr-13 

JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Emerging Markets Equity I (acc) - EUR 0.95% - 0.99% 1.02% 1.00% 1.01% 1.06% 28-Apr-09 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 0.96% - 0.99% - - - 1.06% 02-Jul-12 

JPM Emerging Markets Equity I (acc) - SGD 1.06% - - - - - 1.06% 16-Oct-13 

JPM Emerging Markets Equity I (acc) - USD 0.95% - 0.98% 1.01% 1.00% 1.01% 1.06% 27-Jun-06 

JPM Emerging Markets Equity I (dist) - GBP 1.06% - - - - - 1.06% 11-Oct-13 

JPM Emerging Markets Equity I (dist) - USD 1.06% - - - - - 1.06% 09-Oct-13 

JPM Emerging Markets Equity I (inc) - EUR 0.95% - 0.98% 1.02% 1.00% 1.01% 1.06% 30-May-06 

JPM Emerging Markets Equity T (acc) - EUR 2.65% - - - - - - 22-Oct-13 

JPM Emerging Markets Equity X (acc) - EUR 0.13% - 0.15% 0.17% 0.15% - 0.20% 23-Feb-11 

JPM Emerging Markets Equity X (acc) - USD 0.16% - 0.17% 0.17% 0.15% 0.16% 0.20% 23-Nov-04 

JPM Emerging Markets Equity X (dist) - USD 0.12% - 0.14% 0.16% 0.15% 0.17% 0.20% 10-Feb-09 

JPM Emerging Markets Equity X (inc) - EUR 0.11% - 0.14% 0.16% 0.15% 0.16% 0.20% 19-Dec-05 


JPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 1.20% - 1.20% 1.20% - - - 09-Feb-12 

JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 1.20% - 1.20% 1.20% 1.20% - - 29-Nov-10 

JPM Emerging Markets Investment Grade Bond A (acc) - USD 1.20% - 1.20% 1.20% 1.20% - - 29-Nov-10 

JPM Emerging Markets Investment Grade Bond A (dist) - USD 1.20% - 1.20% - - - - 08-Oct-12 

JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 1.20% - 1.20% 1.20% 1.20% - - 29-Nov-10 

JPM Emerging Markets Investment Grade Bond B (acc) - EUR (hedged) 0.75% - - - - - - 06-Aug-13 

JPM Emerging Markets Investment Grade Bond B (acc) - USD 0.75% - 0.75% 0.75% - - - 11-Nov-11 

JPM Emerging Markets Investment Grade Bond B (dist) - GBP (hedged)* - - 0.75% 0.75% - - - 20-Apr-12 

JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged) 0.75% - 0.75% 0.75% - - - 24-Apr-12 

JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 0.60% - 0.60% 0.60% 0.60% - - 08-Feb-11 

JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 1.60% - 1.60% 1.60% 1.60% - - 29-Nov-10 

JPM Emerging Markets Investment Grade Bond D (acc) - USD 1.60% - 1.60% - - - - 17-Jul-12 

JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 0.54% - 0.55% 0.56% - - 0.56% 11-Nov-11 

JPM Emerging Markets Investment Grade Bond I (acc) - EUR 0.55% - 0.56% - - - 0.56% 03-Sep-12 

JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 0.55% - - - - - 0.56% 01-Aug-13 

JPM Emerging Markets Investment Grade Bond I (acc) - USD 0.54% - 0.55% 0.55% - - 0.56% 30-Sep-11 

JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 0.55% - 0.56% - - - 0.56% 21-Mar-13 

JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged) 0.15% - 0.15% 0.14% - - 0.15% 24-Feb-12 

JPM Emerging Markets Investment Grade Bond X (acc) - USD 0.15% - - - - - 0.15% 16-Aug-13 

191




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% - 1.40% 1.40% 1.40% 1.40% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt A (acc) - SGD 1.40% - 1.40% 1.40% - - - 21-Sep-11 

JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% - 1.40% 1.40% 1.40% 1.40% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.40% - 1.40% 1.40% 1.40% - - 13-Aug-10 

JPM Emerging Markets Local Currency Debt A (div) - EUR 1.40% - 1.40% 1.40% - - - 23-May-12 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.40% - 1.40% 1.40% 1.40% - - 27-Dec-10 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) 1.40% - - - - - - 17-Jul-13 

JPM Emerging Markets Local Currency Debt A (mth) - USD 1.40% - 1.40% 1.40% 1.40% 1.40% - 20-Nov-09 

JPM Emerging Markets Local Currency Debt B (acc) - EUR 0.85% - 0.85% 0.85% 0.85% - - 11-Apr-11 

JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.85% - 14-Feb-08 

JPM Emerging Markets Local Currency Debt B (mth) - USD 0.85% - 0.85% - - - - 19-Jul-12 

JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% - 0.70% 0.70% 0.70% - - 01-Oct-10 

JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% - 0.70% 0.70% 0.70% 0.70% - 09-Mar-10 

JPM Emerging Markets Local Currency Debt C (dist) - GBP 0.70% - 0.70% - - - - 26-Sep-12 

JPM Emerging Markets Local Currency Debt C (div) - EUR 0.70% - - - - - - 05-Nov-13 

JPM Emerging Markets Local Currency Debt C (mth) - USD* - - 0.70% - - - - 14-Dec-12 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt D (div) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 19-Apr-10 

JPM Emerging Markets Local Currency Debt D (mth) - USD 1.90% - 1.90% - - - - 19-Jul-12 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 0.63% - 0.66% 0.66% 0.60% - 0.66% 26-Oct-10 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 0.66% - 0.66% - - - 0.66% 15-Apr-13 

JPM Emerging Markets Local Currency Debt I (acc) - USD 0.63% - 0.65% 0.66% - - 0.66% 10-Aug-11 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 0.63% - 0.65% 0.66% - - 0.66% 24-Nov-11 

JPM Emerging Markets Local Currency Debt T (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 03-Jun-11 

JPM Emerging Markets Local Currency Debt T (div) - EUR 1.90% - 1.90% 1.90% 1.90% - - 21-Feb-11 

JPM Emerging Markets Local Currency Debt X (acc) - EUR 0.13% - 0.14% 0.15% - - 0.15% 01-Oct-08 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 0.14% - 0.14% - - - 0.15% 09-Nov-12 

JPM Emerging Markets Local Currency Debt X (acc) - USD 0.13% - 0.14% 0.15% 0.15% - 0.15% 01-Jul-08 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR 0.14% - 0.15% - - - 0.15% 08-Mar-13 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP 0.14% - 0.14% 0.15% - - 0.15% 14-Oct-11 


JPM Emerging Markets Opportunities A (acc) - CHF (hedged) 1.90% - 1.90% - - - - 04-Jan-13 

JPM Emerging Markets Opportunities A (acc) - EUR 1.90% - 1.90% 1.90% - - - 25-Apr-12 

JPM Emerging Markets Opportunities A (acc) - SGD 1.90% - 1.90% - - - - 04-Jan-13 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 1.90% - 1.90% - - - - 29-Jan-13 

JPM Emerging Markets Opportunities A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 23-Oct-09 

JPM Emerging Markets Opportunities A (dist) - EUR 1.90% - 1.90% 1.90% - - - 07-Jun-12 

JPM Emerging Markets Opportunities A (dist) - GBP 1.90% - 1.90% - - - - 05-Dec-12 

JPM Emerging Markets Opportunities A (dist) - USD 1.90% - 1.90% - - - - 25-Mar-13 

JPM Emerging Markets Opportunities A (inc) - EUR 1.90% - 1.90% - - - - 10-Apr-13 

JPM Emerging Markets Opportunities B (acc) - EUR 1.15% - - - - - - 24-Sep-13 

JPM Emerging Markets Opportunities B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 23-Oct-09 

JPM Emerging Markets Opportunities B (dist) - EUR** 1.15% - - - - - - 28-Aug-13 

JPM Emerging Markets Opportunities B (dist) - GBP 1.15% - 1.15% - - - - 23-Jan-13 

JPM Emerging Markets Opportunities C (acc) - PLN 1.10% - 1.10% 1.10% - - - 12-Jan-12 

JPM Emerging Markets Opportunities C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 23-Oct-09 

JPM Emerging Markets Opportunities C (dist) - GBP 1.10% - 1.10% - - - - 05-Mar-13 

JPM Emerging Markets Opportunities C (dist) - USD 1.10% - 1.10% - - - - 19-Apr-13 

JPM Emerging Markets Opportunities D (acc) - EUR 2.65% - 2.65% - - - - 07-Jun-13 

JPM Emerging Markets Opportunities D (acc) - PLN 2.65% - 2.65% 2.65% - - - 12-Jan-12 

JPM Emerging Markets Opportunities D (acc) - USD 2.65% - 2.65% - - - - 09-Jul-12 

JPM Emerging Markets Opportunities I (acc) - EUR 0.97% - 1.04% - - - 1.06% 06-Jul-12 

JPM Emerging Markets Opportunities I (acc) - USD 0.98% - 1.03% 1.06% 1.05% 1.06% 1.06% 26-Feb-10 

JPM Emerging Markets Opportunities T (acc) - EUR 2.65% - 2.65% - - - - 19-Oct-12 

JPM Emerging Markets Opportunities X (acc) - EUR 0.13% - 0.19% - - - 0.20% 08-Mar-13 

JPM Emerging Markets Opportunities X (acc) - GBP 0.13% - 0.17% - - - 0.20% 30-Nov-12 

JPM Emerging Markets Opportunities X (acc) - USD 0.13% - 0.17% 0.19% 0.20% 0.20% 0.20% 23-Oct-09 

JPM Emerging Markets Opportunities X (dist) - AUD 0.20% - - - - - 0.20% 15-Oct-13 


JPM Emerging Middle East Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 10-Dec-08 

JPM Emerging Middle East Equity A (acc) - SGD* - - 1.95% 1.95% 1.95% - - 09-Aug-10 

JPM Emerging Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 

JPM Emerging Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 18-May-98 

JPM Emerging Middle East Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.20% - 19-Apr-05 

JPM Emerging Middle East Equity B (dist) - USD 1.20% - - - - - - 30-Jul-13 

JPM Emerging Middle East Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 21-Jan-08 

JPM Emerging Middle East Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% - - 13-Jul-10 

JPM Emerging Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 

JPM Emerging Middle East Equity I (acc) - USD 1.04% - 1.06% 1.03% 1.05% - 1.06% 08-Dec-10 

192




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Euroland Equity A (acc) - CHF (hedged) 1.90% - - - - - - 12-Dec-13 

JPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Euroland Equity A (acc) - GBP (hedged) 1.90% - - - - - - 12-Dec-13 

JPM Euroland Equity A (acc) - USD (hedged) 1.90% - - - - - - 12-Dec-13 

JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Nov-88 

JPMorgan Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Euroland Equity A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.87% - 18-Oct-07 

JPM Euroland Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 23-Jan-08 

JPM Euroland Equity B (dist) - EUR 1.15% - 1.15% - - - - 15-Feb-13 

JPM Euroland Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.85% - 09-Sep-04 

JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM Euroland Equity I (acc) - EUR* - - - - - 0.80% 0.81% 28-Jun-06 

JPM Euroland Equity X (acc) - EUR 0.14% - 0.14% 0.15% 0.15% 0.14% 0.15% 03-Aug-07 


JPM Euroland Select Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 24-Jul-07 

JPM Euroland Select Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jan-08 

JPM Euroland Select Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% - - 17-Feb-11 

JPM Euroland Select Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.85% - 16-Sep-09 

JPM Euroland Select Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 24-Jul-07 

JPM Euroland Select Equity X (acc) - EUR 0.15% - 0.15% 0.15% 0.14% 0.14% 0.15% 30-Nov-07 


JPM Europe Dynamic A (acc) - AUD (hedged) 1.90% - - - - - - 22-Nov-13 

JPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Dynamic A (acc) - HKD (hedged) 1.90% - - - - - - 22-Nov-13 

JPM Europe Dynamic A (acc) - USD 1.90% - - - - - - 23-Oct-13 

JPM Europe Dynamic A (acc) - USD (hedged) 1.90% - - - - - - 22-Nov-13 

JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPMorgan Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPM Europe Dynamic A (inc) - EUR 1.90% - - - - - - 23-Oct-13 

JPM Europe Dynamic B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Europe Dynamic B (acc) - USD 1.15% - - - - - - 03-Dec-13 

JPM Europe Dynamic B (dist) - EUR 1.15% - - - - - - 24-Jul-13 

JPM Europe Dynamic B (dist) - GBP 1.15% - - - - - - 01-Oct-13 

JPM Europe Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 26-Aug-04 

JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 

JPM Europe Dynamic D (acc) - USD** 2.90% - - - 2.90% 2.90% - 01-Oct-04 

JPM Europe Dynamic I (acc) - EUR 0.92% - 0.95% 0.95% 0.96% 0.95% 0.96% 12-Jul-06 

JPM Europe Dynamic I (dist) - EUR 0.96% - - - - - 0.96% 10-Oct-13 

JPM Europe Dynamic I (dist) - GBP 0.96% - - - - - 0.96% 25-Nov-13 

JPM Europe Dynamic T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 16-Feb-11 

JPM Europe Dynamic X (acc) - EUR** 0.13% - 0.15% 0.15% - - 0.15% 25-Oct-04 


JPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Dec-88 

JPMorgan Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 29-Dec-00 

JPM Europe Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Europe Equity B (acc) - USD 1.15% - - - - - - 03-Dec-13 

JPM Europe Equity B (dist) - EUR 1.15% - - - - - - 24-Jul-13 

JPM Europe Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.85% - 26-Aug-04 

JPM Europe Equity C (dist) - USD 0.85% - 0.85% - - - - 15-Mar-13 

JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 27-Jun-06 

JPM Europe Equity X (acc) - EUR 0.13% - 0.13% 0.15% 0.15% 0.15% 0.15% 14-Sep-04 


JPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Small Cap A (acc) - USD 1.90% - - - - - - 29-Oct-13 

JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

JPMorgan Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Small Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Europe Small Cap B (dist) - EUR 1.15% - - - - - - 24-Jul-13 

JPM Europe Small Cap C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 26-Aug-04 

JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Europe Small Cap I (acc) - EUR 0.95% - 0.94% 0.96% 0.96% - 0.96% 27-Jun-06 

193




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Nov-99 

JPMorgan Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Technology B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 23-May-08 

JPM Europe Technology B (dist) - EUR 1.15% - - - - - - 24-Jul-13 

JPM Europe Technology C (acc) - EUR 1.05% - 1.05% - - - - 20-Jun-08 

JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Europe Technology X (acc) - EUR* - - 0.19% 0.19% 0.19% 0.20% 0.20% 09-Aug-07 


JPM Germany Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 

JPMorgan Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPM Germany Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Dec-07 

JPM Germany Equity B (dist) - EUR 1.15% - - - - - - 20-Aug-13 

JPM Germany Equity C (acc) - EUR 0.95% - 0.95% 0.95% 0.95% 0.95% - 18-Jan-08 

JPM Germany Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Germany Equity I (acc) - EUR** 0.91% - - - 0.90% 0.90% 0.91% 10-Apr-08 

JPM Germany Equity I (dist) - EUR 0.91% - - - - - 0.91% 10-Oct-13 

JPM Germany Equity T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 16-Feb-11 

JPM Germany Equity X (acc) - EUR 0.12% - 0.13% 0.13% 0.14% 0.14% 0.15% 30-Nov-07 


JPM Global Consumer Trends A (acc) - CHF (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Sep-11 

JPM Global Consumer Trends A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 21-Apr-08 

JPM Global Consumer Trends A (acc) - SGD 1.90% - 1.90% 1.90% - - - 21-Sep-11 

JPM Global Consumer Trends A (acc) - USD 1.90% - 1.90% 1.90% - - - 05-Oct-09 

JPM Global Consumer Trends B (acc) - EUR* - - - 1.15% 1.15% - - 11-Apr-11 

JPM Global Consumer Trends B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - 11-Apr-11 

JPM Global Consumer Trends C (acc) - EUR 0.95% - 0.95% 0.95% 0.95% 0.95% - 02-Apr-09 

JPM Global Consumer Trends C (acc) - USD 0.95% - 0.95% - - - - 26-Sep-12 

JPM Global Consumer Trends D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 21-Apr-08 

JPM Global Consumer Trends D (acc) - USD 2.65% - 2.65% 2.65% 2.65% - - 11-Apr-11 

JPM Global Consumer Trends T (acc) - EUR 2.65% - 2.65% 2.65% 2.65% - - 18-Feb-11 


JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 1.65% - 1.65% 1.65% 1.65% 1.65% - 12-Dec-08 

JPM Global Convertibles (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 31-Mar-05 

JPM Global Convertibles (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 04-May-01 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1.65% - 1.65% 1.65% 1.65% 1.65% - 16-Dec-08 

JPMorgan Global Convertibles (EUR) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1.00% - 1.00% 1.00% 1.00% 1.00% - 11-Nov-08 

JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 04-May-01 

JPM Global Convertibles (EUR) B (dist) - EUR 1.00% - - - - - - 13-Aug-13 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 1.00% - 1.00% 1.00% 1.00% - - 28-Jun-11 

JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 0.95% - 0.95% 0.95% 0.95% 0.95% - 11-Dec-08 

JPM Global Convertibles (EUR) C (acc) - EUR 0.95% - 0.95% 0.95% 0.95% 0.95% - 10-Sep-04 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 0.95% - 0.95% 0.95% 0.95% 0.95% - 24-Nov-08 

JPM Global Convertibles (EUR) C (dist) - USD 0.95% - 0.95% - - - - 07-Jan-13 

JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% - 04-May-01 

JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* - - - 0.90% 0.90% 0.91% 0.91% 03-Sep-09 

JPM Global Convertibles (EUR) I (acc) - EUR 0.82% - 0.86% 0.90% 0.90% 0.89% 0.91% 01-Mar-07 

JPM Global Convertibles (EUR) I (dist) - EUR 0.91% - - - - - 0.91% 11-Oct-13 

JPM Global Convertibles (EUR) I (inc) - EUR 0.87% - 0.89% 0.90% 0.89% 0.90% 0.91% 09-Jan-07 

JPM Global Convertibles (EUR) T (acc) - EUR 2.15% - 2.15% - - - - 05-Jul-12 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 0.08% - 0.12% 0.14% 0.14% 0.14% 0.15% 24-Jul-09 

JPM Global Convertibles (EUR) X (acc) - EUR 0.13% - 0.13% 0.14% 0.14% 0.14% 0.15% 23-Nov-04 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)** 0.11% - - 0.15% 0.15% - 0.15% 28-Jun-11 

194




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Global Dynamic A (acc) - CHF (hedged) 1.90% - 1.90% 1.90% 1.90% - - 31-Aug-10 

JPM Global Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 21-Nov-06 

JPM Global Dynamic A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Oct-07 

JPM Global Dynamic A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Dec-09 

JPM Global Dynamic A (acc) - SGD (hedged)* - - 1.90% 1.90% 1.90% - - 26-Apr-11 

JPM Global Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Global Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPM Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPMorgan Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM Global Dynamic A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 

JPM Global Dynamic B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Global Dynamic B (dist) - USD 1.15% - - - - - - 30-Jul-13 

JPM Global Dynamic B (inc) - EUR 1.15% - - - - - - 08-Aug-13 

JPM Global Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jun-07 

JPM Global Dynamic C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% 1.00% 1.00% - 24-Jan-08 

JPM Global Dynamic C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 26-Aug-04 

JPM Global Dynamic C (dist) - GBP 1.00% - 1.00% - - - - 19-Feb-13 

JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-May-06 

JPM Global Dynamic D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% 2.90% - 30-Oct-07 

JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 

JPM Global Dynamic I (acc) - EUR 0.96% - 0.94% 0.96% 0.96% - 0.96% 11-Oct-13 

JPM Global Dynamic I (acc) - EUR (hedged) 0.95% - 0.94% 0.96% 0.96% - 0.96% 08-Jun-11 

JPM Global Dynamic I (acc) - USD 0.91% - 0.95% 0.96% 0.95% 0.95% 0.96% 07-May-07 

JPM Global Dynamic I (dist) - USD 0.96% - - - - - 0.96% 10-Oct-13 

JPM Global Dynamic I (inc) - EUR 0.89% - 0.94% 0.96% 0.95% 0.94% 0.96% 29-Jan-09 

JPM Global Dynamic T (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% - - 18-Feb-11 

JPM Global Dynamic X (acc) - EUR 0.10% - 0.13% 0.15% 0.15% 0.14% 0.15% 19-Jan-07 

JPM Global Dynamic X (acc) - EUR (hedged) 0.11% - 0.14% 0.15% - - 0.15% 25-Oct-11 

JPM Global Dynamic X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.14% 0.15% 23-Nov-04 


JPM Global Focus A (acc) - CHF (hedged) 1.90% - 1.90% 1.90% 1.90% - - 31-Aug-10 

JPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Global Focus A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Jul-07 

JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 23-May-03 

JPMorgan Global Focus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Dec-06 

JPM Global Focus B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 01-Dec-04 

JPM Global Focus B (dist) - EUR 1.15% - - - - - - 13-Aug-13 

JPM Global Focus B (dist) - USD 1.15% - - - - - - 06-Aug-13 

JPM Global Focus C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jan-06 

JPM Global Focus C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% 1.00% 1.00% - 17-Mar-09 

JPM Global Focus C (acc) - USD** 1.00% - - 1.00% 1.00% 1.00% - 20-Apr-10 

JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 23-May-03 

JPM Global Focus D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% 2.90% - 11-Jul-07 

JPM Global Focus I (acc) - EUR 0.86% - 0.91% 0.95% 0.96% - 0.96% 07-Sep-10 

JPM Global Focus I (acc) - EUR (hedged)* - - - 0.95% 0.96% - 0.96% 28-Jul-10 

JPM Global Focus I (acc) - USD 0.86% - 0.90% 0.95% 0.96% - 0.96% 27-Jun-11 

JPM Global Focus T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 16-Feb-11 

JPM Global Focus X (acc) - EUR 0.07% - 0.10% 0.15% 0.14% 0.14% 0.15% 24-Nov-04 


JPM Global Government Bond A (acc) - EUR 0.60% - 0.60% 0.60% 0.70% 0.70% - 20-Feb-09 

JPM Global Government Bond A (acc) - USD (hedged) 0.60% - 0.60% 0.60% 0.70% 0.70% - 20-Feb-09 

JPM Global Government Bond B (acc) - EUR 0.45% - 0.45% 0.45% 0.45% 0.45% - 28-May-10 

JPM Global Government Bond C (acc) - EUR 0.40% - 0.40% 0.40% 0.40% 0.40% - 26-Feb-09 

JPM Global Government Bond C (dist) - GBP (hedged)* - - 0.40% - - - - 29-Jan-13 

JPM Global Government Bond D (acc) - EUR 0.80% - 0.80% 0.80% 0.95% 0.95% - 20-Feb-09 

JPM Global Government Bond I (acc) - EUR 0.36% - - - - - 0.36% 04-Oct-13 

JPM Global Government Bond I (acc) - USD (hedged) 0.36% - - - - - 0.36% 15-Oct-13 

JPM Global Government Bond X (acc) - EUR 0.10% - 0.10% 0.10% 0.10% 0.08% 0.10% 04-Mar-09 

195




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 21-Dec-04 

JPM Global Natural Resources A (acc) - GBP 1.90% - 1.90% - - - - 18-Jun-13 

JPM Global Natural Resources A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Dec-09 

JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-Sep-06 

JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Mar-05 

JPM Global Natural Resources B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 22-Apr-05 

JPM Global Natural Resources B (acc) - USD 1.15% - - - - - - 08-Aug-13 

JPM Global Natural Resources B (dist) - EUR 1.15% - - - - - - 13-Aug-13 

JPM Global Natural Resources C (acc) - EUR 1.05% - 1.05% 1.05% 1.05% 1.05% - 14-Mar-05 

JPM Global Natural Resources C (acc) - USD 1.05% - 1.05% 1.05% 1.05% 1.05% - 05-Apr-07 

JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 05-Dec-05 

JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Jun-07 

JPM Global Natural Resources I (acc) - EUR 0.88% - 0.91% 0.95% - - 1.01% 29-Feb-12 

JPM Global Natural Resources I (acc) - USD 0.99% - - - - - 1.01% 14-Oct-13 

JPM Global Natural Resources I (dist) - EUR 0.98% - - - - - 1.01% 11-Oct-13 

JPM Global Natural Resources X (acc) - EUR 0.20% - 0.12% 0.13% 0.12% 0.13% 0.20% 19-Apr-05 

JPM Global Natural Resources X (dist) - AUD 0.20% - - - - - 0.20% 20-Dec-13 


JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Jul-08 

JPM Global Real Estate Securities (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Sep-06 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Jul-08 

JPM Global Real Estate Securities (USD) A (inc) - USD 1.90% - - - - - - 19-Jul-13 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) 1.15% - 1.15% 1.15% 1.15% - - 16-May-11 

JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - - - - - - - 12-Feb-13 

JPM Global Real Estate Securities (USD) C (acc) - USD 0.80% - 0.80% 0.80% 0.80% - - 20-Feb-08 

JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 31-Jul-08 

JPM Global Real Estate Securities (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 01-Sep-06 

JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged) 0.76% - - - - - 0.76% 04-Oct-13 

JPM Global Real Estate Securities (USD) I (acc) - USD 0.76% - - - - - 0.76% 04-Oct-13 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 0.15% - 0.15% 0.15% - - 0.15% 31-Jul-08 

JPM Global Real Estate Securities (USD) X (acc) - USD 0.15% - 0.15% 0.13% 0.15% 0.15% 0.15% 06-Nov-06 


JPM Global Unconstrained Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 14-Jun-11 

JPM Global Unconstrained Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-08 

JPM Global Unconstrained Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-08 

JPM Global Unconstrained Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 

JPMorgan Global Unconstrained Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Global Unconstrained Equity C (acc) - EUR (hedged) 0.80% - 0.80% 0.80% 0.80% 0.80% - 18-Jul-08 

JPM Global Unconstrained Equity C (acc) - USD 0.80% - 0.80% 0.80% 0.80% 0.80% - 13-Sep-04 

JPM Global Unconstrained Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 18-Jul-08 

JPM Global Unconstrained Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM Global Unconstrained Equity X (acc) - EUR 0.12% - 0.14% 0.15% 0.15% 0.15% 0.15% 25-Jun-09 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 0.15% - 0.15% 0.15% - - 0.15% 25-Oct-11 

JPM Global Unconstrained Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.15% 0.15% 21-Mar-06 

JPM Global Unconstrained Equity X (dist) - AUD 0.15% - - - - - 0.15% 20-Dec-13 


JPMorgan Greater China A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Dec-09 

JPMorgan Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Greater China A (dist) - HKD 1.90% - 1.90% 1.90% 1.90% - - 20-Sep-10 

JPMorgan Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Greater China B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Feb-06 

JPMorgan Greater China B (dist) - USD 1.15% - - - - - - 30-Jul-13 

JPMorgan Greater China C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 01-Feb-05 

JPMorgan Greater China D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 13-Jul-10 

JPMorgan Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JPMorgan Greater China I (acc) - USD 0.87% - 0.91% 0.94% 0.94% - 0.96% 28-Jun-06 

JPMorgan Greater China I (dist) - USD 0.96% - - - - - 0.96% 10-Oct-13 

JPMorgan Greater China T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 21-Feb-11 

JPMorgan Greater China X (acc) - USD* - - - - - - 0.20% 09-Dec-04 


JPMorgan Hong Kong A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Hong Kong A (dist) - HKD 1.90% - 1.90% 1.90% 1.90% - - 20-Sep-10 

JPMorgan Hong Kong A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Hong Kong B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Feb-06 

JPMorgan Hong Kong C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jan-05 

JPMorgan Hong Kong D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

196




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPMorgan India A (acc) - SGD 2.10% - 2.10% 2.10% 2.10% 2.10% - 14-Dec-09 

JPMorgan India A (acc) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% - 01-Apr-05 

JPMorgan India A (dist) - GBP 2.10% - 2.10% - - - - 12-Jul-12 

JPMorgan India A (dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% - 31-Aug-95 

JPMorgan India B (acc) - EUR 1.35% - - - - - - 06-Aug-13 

JPMorgan India B (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% - 03-Sep-04 

JPMorgan India B (dist) - USD 1.35% - - - - - - 30-Jul-13 

JPMorgan India C (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.20% - 05-Jan-05 

JPMorgan India C (dist) - USD 1.20% - 1.20% - - - - 05-Mar-13 

JPMorgan India D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 13-Jul-10 

JPMorgan India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPMorgan India I (acc) - USD 1.16% - - - - - 1.16% 03-Oct-13 

JPMorgan India I (dist) - USD 1.16% - - - - - 1.16% 10-Oct-13 

JPMorgan India T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 21-Feb-11 

JPMorgan India X (acc) - USD 0.40% - 0.23% 0.24% 0.30% 0.31% 0.40% 09-Dec-04 


JPMorgan Indonesia Equity A (acc) - USD 1.90% - 1.90% 1.90% - - - 15-Mar-12 

JPMorgan Indonesia Equity B (acc) - USD 1.15% - 1.15% - - - - 16-May-13 

JPMorgan Indonesia Equity C (acc) - USD 0.95% - 0.95% - - - - 03-May-13 

JPMorgan Indonesia Equity D (acc) - EUR 2.65% - 2.65% - - - - 04-Oct-12 

JPMorgan Indonesia Equity D (acc) - USD 2.65% - 2.65% - - - - 14-Sep-12 

JPMorgan Indonesia Equity X (acc) - JPY 0.12% - 0.01% - - - 0.15% 26-Mar-13 


JPMorgan Japan Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-Jun-06 

JPMorgan Japan Equity A (acc) - EUR (hedged) 1.90% - - - - - - 06-Dec-13 

JPMorgan Japan Equity A (acc) - JPY 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Jan-06 

JPMorgan Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Japan Equity A (acc) - USD (hedged) 1.90% - - - - - - 06-Dec-13 

JPMorgan Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPMorgan Japan Equity A (dist) - GBP (hedged) 1.90% - - - - - - 06-Dec-13 

JPMorgan Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 

JPMorgan Japan Equity B (acc) - EUR 1.15% - - - - - - 08-Aug-13 

JPMorgan Japan Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPMorgan Japan Equity B (dist) - GBP 1.15% - - - - - - 25-Jul-13 

JPMorgan Japan Equity B (dist) - USD 1.15% - - - - - - 30-Jul-13 

JPMorgan Japan Equity C (acc) - USD 0.95% - 0.95% 0.95% 0.95% 0.95% - 26-Aug-04 

JPMorgan Japan Equity C (dist) - USD 0.95% - 0.95% - - - - 04-Jan-13 

JPMorgan Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 08-May-06 

JPMorgan Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPMorgan Japan Equity I (acc) - USD 0.91% - 0.91% - - - 0.91% 27-Jun-06 

JPMorgan Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Apr-02 

JPMorgan Japan Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.15% 0.15% 24-Nov-04 


JPMorgan Korea Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Sep-07 

JPMorgan Korea Equity A (acc) - SGD 1.90% - 1.90% 1.90% - - - 21-Sep-11 

JPMorgan Korea Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Sep-07 

JPMorgan Korea Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 19-May-08 

JPMorgan Korea Equity B (acc) - EUR 1.15% - - - - - - 06-Aug-13 

JPMorgan Korea Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 05-Jun-08 

JPMorgan Korea Equity C (acc) - EUR 1.00% - - - - - - 30-Oct-13 

JPMorgan Korea Equity C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 19-Mar-08 

JPMorgan Korea Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 28-Sep-07 

JPMorgan Korea Equity I (acc) - USD** 0.96% - 0.95% - - - 0.96% 13-Dec-11 

JPMorgan Korea Equity X (acc) - USD* - - - 0.20% 0.20% 0.19% 0.20% 18-Jun-08 


197




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM Latin America Equity A (acc) - EUR 1.90% - 1.90% - - - - 04-Oct-12 

JPM Latin America Equity A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% - - 09-Aug-10 

JPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-May-92 

JPMorgan Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Latin America Equity B (acc) - EUR 1.15% - - - - - - 01-Oct-13 

JPM Latin America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 08-Mar-06 

JPM Latin America Equity B (dist) - USD 1.15% - 1.15% - - - - 19-Apr-13 

JPM Latin America Equity C (acc) - EUR 1.10% - - - - - - 21-Nov-13 

JPM Latin America Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 13-Jan-05 

JPM Latin America Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 13-Jul-10 

JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Latin America Equity I (acc) - EUR 0.99% - - - - - 1.06% 18-Nov-13 

JPM Latin America Equity I (acc) - JPY 0.96% - 1.06% - - - 1.06% 26-Apr-13 

JPM Latin America Equity I (acc) - USD 0.96% - 0.99% 1.03% 1.02% 1.01% 1.06% 26-Jun-06 

JPM Latin America Equity I (dist) - USD 1.06% - - - - - 1.06% 10-Oct-13 

JPM Latin America Equity T (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 21-Feb-11 

JPM Latin America Equity X (acc) - USD 0.12% - 0.14% 0.17% 0.17% 0.16% 0.20% 09-Nov-04 


JPM Russia A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 22-Nov-05 

JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 17-Nov-05 

JPM Russia B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 04-May-06 

JPM Russia B (dist) - USD 1.15% - - - - - - 08-Aug-13 

JPM Russia C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 13-Nov-07 

JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 27-Jan-06 

JPM Russia I (acc) - USD 0.98% - 1.03% 0.96% 1.01% 1.01% 1.06% 25-Aug-06 

JPM Russia T (acc) - EUR 2.90% - 2.90% - - - - 22-Oct-12 


JPMorgan Singapore A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Dec-09 

JPMorgan Singapore A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Singapore A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Singapore B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 13-Feb-06 

JPMorgan Singapore B (dist) - USD 1.15% - - - - - - 30-Jul-13 

JPMorgan Singapore C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jan-05 

JPMorgan Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JPMorgan Singapore I (acc) - USD** 0.96% - - - - 0.95% 0.96% 29-Jun-06 


JPMorgan Taiwan A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 09-Dec-08 

JPMorgan Taiwan A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Taiwan A (dist) - HKD 1.90% - 1.90% 1.90% 1.90% - - 20-Sep-10 

JPMorgan Taiwan A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Taiwan B (acc) - USD 1.30% - 1.30% 1.30% 1.30% 1.30% - 22-Dec-04 

JPMorgan Taiwan C (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 03-Nov-04 

JPMorgan Taiwan C (dist) - USD 1.15% - - - - - - 07-Aug-13 

JPMorgan Taiwan D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JPMorgan Taiwan I (acc) - USD* - - - 0.96% 1.03% 1.02% 1.11% 29-Jun-06 

JPMorgan Taiwan X (acc) - USD* - - - 0.22% 0.29% - 0.35% 03-Feb-06 


JPM US Aggregate Bond A (acc) - EUR (hedged) 1.10% - 1.10% 1.10% - - - 03-Oct-11 

JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 31-Mar-05 

JPM US Aggregate Bond A (div) - USD 1.10% - 1.10% - - - - 30-Apr-12 

JPM US Aggregate Bond A (inc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-Sep-00 

JPM US Aggregate Bond A (mth) - HKD 1.10% - 1.10% - - - - 12-Sep-12 

JPM US Aggregate Bond A (mth) - SGD 1.10% - 1.10% 1.10% - - - 18-Jan-12 

JPM US Aggregate Bond A (mth) - SGD (hedged) 1.10% - 1.10% 1.10% - - - 18-Jan-12 

JPM US Aggregate Bond A (mth) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 06-Apr-10 

JPM US Aggregate Bond B (acc) - EUR (hedged) 0.75% - 0.75% - - - - 02-Nov-12 

JPM US Aggregate Bond B (acc) - USD 0.75% - 0.75% 0.75% 0.75% 0.75% - 08-Dec-05 

JPM US Aggregate Bond B (mth) - USD 0.75% - 0.75% 0.75% - - - 08-Jun-12 

JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.60% 0.60% - 13-Jul-05 

JPM US Aggregate Bond C (dist) - GBP (hedged) 0.60% - 0.60% - - - - 29-Jan-13 

JPM US Aggregate Bond D (acc) - EUR (hedged) 1.35% - 1.35% 1.35% 1.35% - - 02-Nov-10 

JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% - 13-Oct-00 

JPM US Aggregate Bond I (acc) - USD 0.55% - 0.56% 0.56% 0.43% - 0.56% 17-Jun-11 

JPM US Aggregate Bond I (inc) - USD 0.56% - - - - - 0.56% 10-Oct-13 

JPM US Aggregate Bond I (mth) - USD 0.53% - 0.56% - - - 0.56% 14-May-13 

JPM US Aggregate Bond X (acc) - EUR (hedged) 0.08% - 0.10% - - - 0.10% 03-Jun-13 

JPM US Aggregate Bond X (acc) - USD 0.08% - 0.09% 0.10% 0.10% 0.10% 0.10% 30-Mar-05 

JPM US Aggregate Bond X (dist) - GBP (hedged) 0.10% - 0.10% 0.10% - - 0.10% 05-Dec-11 

JPM US Aggregate Bond X (dist) - USD 0.10% - - - - - 0.10% 06-Nov-13 

198




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM US Growth A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Mar-07 

JPM US Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPM US Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPM US Growth B (acc) - EUR (hedged) 1.15% - 1.15% - - - - 05-Feb-13 

JPM US Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 22-Sep-05 

JPM US Growth B (dist) - USD 1.15% - 1.15% - - - - 06-Dec-12 

JPM US Growth C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% 0.85% - 06-Dec-07 

JPM US Growth C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.85% - 08-Mar-06 

JPM US Growth C (dist) - GBP 0.85% - 0.85% 0.85% 0.85% - - 21-Jan-11 

JPM US Growth C (dist) - USD 0.85% - 0.85% 0.85% - - - 14-Jul-11 

JPM US Growth D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Mar-07 

JPM US Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 

JPM US Growth I (acc) - EUR (hedged) 0.81% - - - - - 0.81% 15-Oct-13 

JPM US Growth I (acc) - JPY 0.70% - 0.81% - - - 0.81% 26-Apr-13 

JPM US Growth I (acc) - USD 0.81% - - - - - 0.81% 03-Oct-13 

JPM US Growth I (dist) - GBP 0.81% - - - - - 0.81% 10-Oct-13 

JPM US Growth I (dist) - USD 0.81% - - - - - 0.81% 10-Oct-13 

JPM US Growth P (dist) - USD 0.55% - - - - - 0.55% 26-Sep-13 

JPM US Growth T (acc) - EUR (hedged) 2.65% - 2.65% - - - - 22-Oct-12 

JPM US Growth X (acc) - USD 0.06% - 0.09% 0.13% 0.15% 0.15% 0.15% 22-Sep-05 

JPM US Growth X (dist) - USD 0.10% - 0.13% 0.14% 0.15% - 0.15% 23-May-11 


JPM US High Yield Plus Bond A (acc) - EUR (hedged)** 1.40% - - - - - - 06-Mar-12 

JPM US High Yield Plus Bond A (acc) - USD 1.40% - 1.40% 1.40% - - - 06-Mar-12 

JPM US High Yield Plus Bond A (dist) - GBP (hedged) 1.40% - - - - - - 02-Oct-13 

JPM US High Yield Plus Bond A (div) - EUR (hedged) 1.40% - - - - - - 03-Sep-13 

JPM US High Yield Plus Bond A (mth) - HKD 1.40% - 1.40% 1.40% - - - 25-May-12 

JPM US High Yield Plus Bond A (mth) - USD 1.40% - 1.40% 1.40% - - - 25-May-12 

JPM US High Yield Plus Bond D (div) - EUR (hedged)** 1.90% - - - - - - 06-Mar-12 

JPM US High Yield Plus Bond X (acc) - EUR (hedged) 0.15% - - - - - 0.15% 03-Sep-13 

JPM US High Yield Plus Bond X (acc) - GBP (hedged) 0.12% - - - - - 0.15% 19-Aug-13 

JPM US High Yield Plus Bond X (acc) - USD* - - 0.15% - - - 0.15% 13-Sep-12 


JPM US Small Cap Growth A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 09-May-11 

JPM US Small Cap Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Small Cap Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Small Cap Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Sep-84 

JPM US Small Cap Growth B (acc) - EUR 1.15% - - - - - - 01-Oct-13 

JPM US Small Cap Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 23-May-05 

JPM US Small Cap Growth B (dist) - USD 1.15% - - - - - - 30-Jul-13 

JPM US Small Cap Growth C (acc) - USD 1.00% - 1.00% - - - - 23-Nov-11 

JPM US Small Cap Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM US Small Cap Growth I (acc) - USD 0.96% - - - - - 0.96% 03-Oct-13 

JPM US Small Cap Growth I (dist) - USD 0.96% - - - - - 0.96% 09-Oct-13 

JPM US Small Cap Growth X (acc) - USD 0.15% - 0.12% 0.14% 0.15% 0.15% 0.15% 27-May-08 


JPM US Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Jun-10 

JPM US Technology A (acc) - SGD 1.90% - 1.90% 1.90% - - - 18-Jan-12 

JPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 

JPMorgan US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Technology B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Jul-08 

JPM US Technology B (dist) - USD 1.15% - 1.15% - - - - 06-Dec-12 

JPM US Technology C (acc) - USD 1.05% - 1.05% 1.05% 1.05% 1.05% - 20-Jun-08 

JPM US Technology C (dist) - USD 1.05% - 1.05% - - - - 13-Dec-12 

JPM US Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 11-Dec-09 

JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM US Technology I (acc) - EUR 1.01% - - - - - 1.01% 11-Oct-13 

JPM US Technology I (acc) - USD** 1.01% - - - - - 1.01% 20-Sep-07 

JPM US Technology I (dist) - USD 1.01% - - - - - 1.01% 10-Oct-13 

JPM US Technology X (acc) - USD* - - - - 0.19% 0.20% 0.20% 08-Oct-07 

199




For the 

period 

ended 

31 Dec 13 

For the 

period 

ended 

31 Dec 13# 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

Capped 

Expense 

Ratio 

31 Dec 13 

Inception 

Date 


JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Nov-06 

JPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPMorgan US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM US Value B (acc) - EUR (hedged) 1.15% - 1.15% - - - - 01-Feb-13 

JPM US Value B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 11-Oct-04 

JPM US Value B (dist) - USD 1.15% - 1.15% - - - - 12-Jun-13 

JPM US Value C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% 0.85% - 07-Jan-09 

JPM US Value C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.85% - 01-Sep-04 

JPM US Value C (dist) - GBP 0.85% - 0.85% - - - - 30-Jan-13 

JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Nov-06 

JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 

JPM US Value I (acc) - EUR (hedged) 0.81% - - - - - 0.81% 11-Oct-13 

JPM US Value I (acc) - USD 0.70% - 0.74% 0.78% 0.80% - 0.81% 05-May-11 

JPM US Value I (dist) - GBP 0.81% - - - - - 0.81% 11-Oct-13 

JPM US Value I (dist) - USD 0.81% - - - - - 0.81% 10-Oct-13 

JPM US Value X (acc) - EUR (hedged)* - - - 0.15% - - 0.15% 17-Nov-11 

JPM US Value X (acc) - USD 0.05% - 0.08% 0.13% 0.14% 0.14% 0.15% 24-Nov-04 

+ These figures include the Performance Fees, where applicable. 



*** Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association. The Total Expense Ratio (“TER”) represents the total 

operating costs as a percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and other 

expenses, as summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation. The capped expense ratios and total expense ratios for 

some share classes may have changed over the previous five years. All details concerning these changes have been disclosed in previous years’ Financial Statements. 

All TER figures are annualised. 

200



2. Summary of Investment Objectives of the Sub-Funds 


Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of US companies. 


Seeks to achieve a return in excess of Asian bond markets by investing primarily in Asian local currency debt securities, using financial derivative 

instruments where appropriate. 


Seeks to provide income and long term capital growth by investing primarily in income generating securities of countries in the Asia Pacific region (excluding 

Japan). 


Seeks to provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. 


Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China. 


Seeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”). 


Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East 

and Africa. 


Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market debt securities, including corporate 

securities and securities issued in local currencies, using financial derivative instruments where appropriate. 


Seeks to provide income by investing primarily in dividend-yielding equity securities of emerging market companies, whilst participating in long term capital 

growth. 


Seeks to provide long-term capital growth by investing primarily in emerging market companies. 


Seeks to achieve a return in excess of investment grade bond markets of emerging countries by investing primarily in emerging market investment grade 

USD denominated debt securities, using financial derivative instruments where appropriate. 


Seeks to achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currency 

debt securities, using financial derivative instruments where appropriate. 


Seeks to provide long-term capital growth by investing primarily in an aggressively managed portfolio of emerging market companies. 


Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region. 


Seeks to provide long-term capital growth by investing primarily in companies of countries which are part of the Euro-zone (the “Euroland Countries”). 


Seeks to achieve a return in excess of Euro-zone equity markets by investing primarily in companies of countries which are part of the Euro-zone (the 

“Euroland Countries”). 


Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. 


Seeks to provide long-term capital growth by investing primarily in European companies. 


Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies. 


Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. 

201



2. Summary of Investment Objectives of the Sub-Funds (continued) 


Seeks to provide long-term capital growth by investing primarily in German companies. 


Seeks to provide long-term capital growth by investing primarily in companies benefiting from consumer driven opportunities, globally. 


Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities, globally. 


Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. 


Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies, 

globally, that the Investment Manager believes to be attractively valued and to have significant profit growth or earnings recovery potential. 


Seeks to achieve a return in line with the benchmark by investing primarily in a portfolio of global government debt securities. 


Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages of 

exploration. 


Seeks to provide long-term capital growth by investing primarily in a portfolio of Real Estate Investment Trusts (“REITs”) and in companies that own, develop, 

operate or finance real estate, where real estate assets or activities account for more than 50% of the value of such companies’ shares (“Real Estate 

Companies”). 


Seeks to provide long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. 


Seeks to provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”). 


Seeks to provide long-term capital growth by investing primarily in Hong Kong companies. 


Seeks to provide long-term capital growth by investing primarily in Indian companies. 


Seeks to provide long-term capital growth by investing primarily in a portfolio of Indonesian companies. 


Seeks to provide long-term capital growth by investing primarily in Japanese companies. 


Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using financial derivative instruments 

where appropriate. 


Seeks to provide long-term capital growth by investing primarily in Latin American companies. 


Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies. 


Seeks to provide long-term capital growth by investing primarily in Singaporean companies. 


Seeks to provide long-term capital growth by investing primarily in Taiwanese companies. 


Seeks to achieve a return in excess of US bond markets by investing primarily in US investment grade debt securities. 


Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies. 

202





Seeks to achieve a return in excess of US bond markets by investing primarily in below investment grade USD denominated debt securities, using financial 

derivative instruments where appropriate. 


Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies. 


Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies. 


Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies. 

203



3. Performance and Volatility 

Performance 

Returns for periods greater than one year are annualised. Fund performance includes reinvestment of income and is net of all expenses. 

Past performance is no indication of current or future performance. 

The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. 

Volatility 

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial period. The details below relate to the period from 1 July 2013 to 

31 December 2013. 

If D is equal to or less than 0.1 then volatility will be Low 

If D is greater than 0.1 but less or equal to 1.0 then volatility will be Medium 

If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High 

If D is greater than 2.4 then volatility will be Very High 

Performance (continued) 3 Months 6 Months 9 Months 1 Year 2 Years 3 Years 4 Years 5 Years Volatility 


JPM America Equity A (acc) - AUD 15.40% - - - - - - - Medium 

JPM America Equity A (acc) - AUD (hedged)*** - - - - - - - - Medium 

JPM America Equity A (acc) - EUR 8.58% 13.92% - - - - - - Medium 

JPM America Equity A (acc) - EUR (hedged) 10.45% 20.51% 24.52% 40.03% 29.85% 18.02% 17.11% 23.05% Medium 

JPM America Equity A (acc) - HKD 10.57% 20.32% 24.07% - - - - - Medium 

JPM America Equity A (acc) - USD 10.55% 20.45% 24.40% 39.89% 30.49% 18.38% 17.83% 24.42% Medium 

JPM America Equity A (dist) - USD 10.56% 20.44% 24.33% 39.81% 30.46% 18.37% 17.82% 24.32% Medium 

JPMorgan America Equity A (dist) - USD 10.55% 20.45% 24.32% 39.80% 30.45% 18.36% 17.81% 24.32% Medium 

JPM America Equity B (acc) - USD 10.77% 20.90% 24.98% 40.86% 31.67% 19.60% 19.16% 26.10% Medium 

JPM America Equity B (dist) - USD 10.78% - - - - - - - Medium 

JPM America Equity C (acc) - EUR (hedged) 10.82% 21.23% 25.45% 41.60% 31.64% 19.69% 18.91% 25.24% Medium 

JPM America Equity C (acc) - USD 10.87% 21.11% 25.30% 41.29% 32.14% 20.02% 19.63% 26.77% Medium 

JPM America Equity C (dist) - USD 10.84% 21.08% 25.31% 41.28% - - - - Medium 

JPM America Equity D (acc) - EUR 8.39% 13.56% 15.15% 33.17% 24.65% 15.82% 18.30% 23.31% Medium 

JPM America Equity D (acc) - EUR (hedged) 10.30% 20.14% 23.73% 38.91% 28.67% 16.89% 15.89% 21.50% Medium 

JPM America Equity D (acc) - USD 10.34% 20.02% 23.66% 38.74% 29.25% 17.22% 16.54% 22.73% Medium 

JPM America Equity I (acc) - USD 10.88% 21.16% 25.43% 41.43% - - - - Medium 

JPM America Equity X (acc) - USD 11.05% 21.57% 26.00% 42.36% 33.33% 21.15% 20.95% 28.46% Medium 


JPM Asia Local Currency Debt A (acc) - USD - -1.22% -7.14% -7.06% 1.88% 1.51% - - Medium 

JPM Asia Local Currency Debt A (mth) - HKD 0.02% -1.17% -7.07% - - - - - Medium 

JPM Asia Local Currency Debt A (mth) - USD - -1.18% -7.01% - - - - - Medium 

JPM Asia Local Currency Debt C (acc) - USD 0.10% -0.96% -6.80% -6.64% 2.32% 1.99% - - Medium 

JPM Asia Local Currency Debt D (acc) - USD -0.12% -1.39% -7.39% -7.43% - - - - Medium 

JPM Asia Local Currency Debt I (acc) - USD*** - - - - - - - - Medium 

JPM Asia Local Currency Debt X (acc) - USD 0.21% -0.73% -6.47% - - - - - Medium 


JPMorgan Asia Pacific Income A (acc) - HKD - 2.89% -2.74% - - - - - Medium 

JPMorgan Asia Pacific Income A (acc) - USD 0.06% 3.02% -2.69% 3.56% 12.87% 4.33% 7.81% 15.00% Medium 

JPMorgan Asia Pacific Income A (dist) - USD 0.04% 2.96% -2.73% 3.53% 12.75% 4.08% 7.45% 14.37% Medium 

JPMorgan Asia Pacific Income A (irc) - AUD (hedged)*** - - - - - - - - Medium 

JPMorgan Asia Pacific Income A (irc) - CAD (hedged)*** - - - - - - - - Medium 

JPMorgan Asia Pacific Income A (irc) - EUR (hedged)*** - - - - - - - - Medium 

JPMorgan Asia Pacific Income A (irc) - GBP (hedged)*** - - - - - - - - Medium 

JPMorgan Asia Pacific Income A (irc) - NZD (hedged)*** - - - - - - - - Medium 

JPMorgan Asia Pacific Income A (mth) - HKD 0.08% 2.89% -2.82% 3.72% - - - - Medium 

JPMorgan Asia Pacific Income A (mth) - SGD 0.63% 2.54% -0.97% 7.09% - - - - Medium 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) - 2.92% -2.95% - - - - - Medium 

JPMorgan Asia Pacific Income A (mth) - USD 0.04% 2.97% -2.69% 3.58% - - - - Medium 

JPMorgan Asia Pacific Income B (acc) - USD 0.23% 3.42% -2.11% 4.33% 13.84% 5.21% 8.81% 16.34% Medium 

JPMorgan Asia Pacific Income B (mth) - USD 0.23% 3.34% -2.20% 4.28% - - - - Medium 

JPMorgan Asia Pacific Income C (dist) - USD 0.28% 3.45% -2.06% 4.48% - - - - Medium 

JPMorgan Asia Pacific Income D (acc) - USD -0.08% 2.73% -3.07% 3.09% 12.34% 3.84% 7.22% 14.25% Medium 

JPMorgan Asia Pacific Income D (mth) - USD -0.07% 2.75% -3.01% 3.14% - - - - Medium 

JPMorgan Asia Pacific Income X (acc) - USD 0.50% 3.96% -1.38% - - - - - Medium 


JPM Brazil Equity A (acc) - EUR -9.02% -9.76% -26.18% -23.64% -12.58% - - - High 

JPM Brazil Equity A (acc) - SGD -6.40% -4.55% -18.98% -17.46% -11.06% -12.60% - - High 

JPM Brazil Equity A (acc) - USD -7.21% -4.41% -20.61% -20.36% -10.01% -12.27% -7.23% 12.37% High 

JPM Brazil Equity A (dist) - USD -7.32% -4.49% -20.64% -20.37% -9.86% -12.10% -7.15% - High 

JPM Brazil Equity B (acc) - USD -7.16% -4.18% -20.23% -19.80% -9.47% -11.79% -6.67% 13.65% High 

JPM Brazil Equity C (acc) - USD -7.13% -4.08% -20.14% -19.75% -9.40% -11.76% -6.64% - High 

JPM Brazil Equity D (acc) - EUR -9.25% -10.21% -26.74% -24.40% -13.32% -13.61% - - High 

JPM Brazil Equity D (acc) - USD -7.49% -5.04% -21.23% -21.15% -10.83% -12.90% -7.90% 10.86% High 

JPM Brazil Equity I (acc) - EUR -8.82% -9.35% -25.67% -22.94% -11.92% -12.48% - - High 

JPM Brazil Equity I (acc) - USD -7.08% -4.08% -20.08% -19.60% -9.31% -11.71% -6.62% 13.76% High 

JPM Brazil Equity T (acc) - EUR -9.25% -10.22% -26.73% -24.40% -13.32% - - - High 

204





JPMorgan China A (acc) - SGD 4.87% 18.63% 15.34% 14.50% 12.40% -1.82% -2.42% - Medium 

JPMorgan China A (acc) - USD 4.27% 19.14% 13.30% 10.67% 14.09% -1.35% 0.08% 13.13% Medium 

JPMorgan China A (dist) - HKD 4.27% 19.08% 13.25% 10.77% 14.03% -1.40% - - Medium 

JPMorgan China A (dist) - USD 4.26% 19.14% 13.29% 10.66% 14.04% -1.38% 0.06% 13.08% Medium 

JPMorgan China B (acc) - USD 4.44% 19.58% 13.97% 11.49% 15.05% -0.64% 0.83% 14.37% Medium 

JPMorgan China B (dist) - USD 4.44% - - - - - - - Medium 

JPMorgan China C (acc) - USD 4.51% 19.71% 14.08% 11.68% 15.29% -0.48% 1.01% 14.63% Medium 

JPMorgan China C (dist) - USD 4.50% 19.51% 13.90% 11.55% - - - - Medium 

JPMorgan China D (acc) - EUR 2.16% 12.14% 4.72% 5.16% 9.22% -3.15% - - Medium 

JPMorgan China D (acc) - USD 4.00% 18.55% 12.44% 9.59% 12.84% -2.28% -0.89% 11.55% Medium 

JPMorgan China I (acc) - USD*** - - - - - - - - Medium 

JPMorgan China I (dist) - USD*** - - - - - - - - Medium 

JPMorgan China T (acc) - EUR 2.17% 12.15% 4.71% 5.17% 9.23% - - - Medium 

JPMorgan China X (acc) - USD 4.72% 20.20% 14.79% 12.62% 16.38% 0.38% - - Medium 


JPM Eastern Europe Equity A (acc) - EUR 0.06% 4.39% -5.74% -3.58% 10.93% -5.07% 3.34% 28.81% Medium 

JPM Eastern Europe Equity A (acc) - USD 1.82% 10.37% 1.20% 0.46% 14.64% - - - Medium 

JPM Eastern Europe Equity A (dist) - EUR 0.02% 4.41% -5.74% -3.58% 10.92% -5.09% 3.32% 28.77% Medium 

JPMorgan Eastern Europe Equity A (dist) - EUR 0.04% 4.39% -5.75% -3.59% 10.93% -5.09% 3.32% 28.77% Medium 

JPM Eastern Europe Equity B (acc) - EUR 0.22% 4.80% -5.29% -2.93% 11.81% -4.43% 4.17% 30.71% Medium 

JPM Eastern Europe Equity B (dist) - EUR 0.21% 4.79% - - - - - - Medium 

JPM Eastern Europe Equity C (acc) - EUR 0.22% 4.86% -5.17% -2.81% 11.91% -4.36% 4.29% 30.90% Medium 

JPM Eastern Europe Equity D (acc) - EUR -0.20% 3.90% -6.43% -4.51% 9.76% -5.89% 2.25% 26.50% Medium 

JPM Eastern Europe Equity I (acc) - EUR 0.27% 4.83% -5.13% -2.79% 11.96% -4.34% 4.33% 43.16% Medium 

JPM Eastern Europe Equity X (acc) - EUR 0.49% 5.37% -4.49% -1.87% 13.05% -3.55% 5.39% 33.27% Medium 


JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR -0.66% 4.91% -4.25% -3.47% 8.61% -2.95% 5.96% 25.30% Medium 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD* - - - - - - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.13% 10.89% 2.84% 0.61% 12.22% -2.09% 4.71% 24.66% Medium 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.13% 10.87% 2.80% 0.56% 12.13% -2.16% 4.63% 24.41% Medium 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.33% 11.34% 3.46% 1.33% 13.13% -1.37% 5.61% 26.37% Medium 

JPM Emerging Europe, Middle East and Africa Equity B (dist) - USD 1.31% - - - - - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.33% 11.38% 3.50% 1.46% 13.28% -1.27% 5.74% 26.57% Medium 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR -0.91% 4.36% -4.97% -4.45% 7.46% -3.86% - - Medium 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 0.88% 10.33% 2.06% -0.41% 10.99% -3.01% 3.54% 22.48% Medium 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.36% 11.40% 3.55% 1.50% 13.34% - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR -0.91% 4.35% -4.96% -4.44% 7.45% - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 1.60% 11.98% 4.24% 2.38% 14.49% -0.38% - - Medium 


JPM Emerging Markets Debt A (acc) - EUR (hedged) 1.20% 1.69% -4.45% -6.08% 5.38% 5.60% 8.21% 15.07% Medium 

JPM Emerging Markets Debt A (acc) - GBP (hedged)* - - - - - - - - Medium 

JPM Emerging Markets Debt A (acc) - USD 1.30% 1.84% -4.25% -5.88% 5.77% 5.83% - - Medium 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 1.21% 1.59% -4.58% -6.26% 5.41% 5.43% 7.86% 14.72% Medium 

JPM Emerging Markets Debt A (inc) - USD 1.30% 1.70% -4.41% -6.03% - - - - Medium 

JPM Emerging Markets Debt A (irc) - AUD (hedged) 1.86% 2.81% -2.96% - - - - - Medium 

JPM Emerging Markets Debt A (irc) - CAD (hedged) 1.52% 2.24% -3.87% - - - - - Medium 

JPM Emerging Markets Debt A (irc) - NZD (hedged) 1.80% 2.88% -3.09% - - - - - Medium 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 1.23% 1.66% -4.34% -5.94% 5.39% 5.37% 7.73% 14.04% Medium 

JPM Emerging Markets Debt A (mth) - HKD 1.35% 1.73% -4.31% -5.67% - - - - Medium 

JPM Emerging Markets Debt A (mth) - USD 1.24% 1.79% -4.26% -5.79% 5.73% 5.56% - - Medium 

JPM Emerging Markets Debt B (acc) - EUR (hedged) 1.32% 1.95% -4.10% -5.69% 5.89% 6.12% - - Medium 

JPM Emerging Markets Debt B (acc) - USD 1.41% 2.08% -3.94% -5.46% - - - - Medium 

JPM Emerging Markets Debt B (inc) - EUR (hedged) 1.30% - - - - - - - Medium 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 1.40% 2.20% -3.77% -5.24% 6.37% 6.60% 9.38% 16.65% Medium 

JPM Emerging Markets Debt C (acc) - USD 1.51% 2.27% -3.66% -5.10% - - - - Medium 

JPM Emerging Markets Debt C (dist) - USD 1.50% 2.08% -3.82% -5.23% - - - - Medium 

JPM Emerging Markets Debt C (mth) - USD* - - - - - - - - Medium 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 0.99% 1.34% -4.90% -6.70% 4.65% 4.81% 7.32% 13.92% Medium 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 1.43% 2.21% - - - - - - Medium 

JPM Emerging Markets Debt I (acc) - USD*** - - - - - - - - Medium 

JPM Emerging Markets Debt I (dist) - USD*** - - - - - - - - Medium 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 1.45% 1.98% -3.91% -5.41% 6.37% 6.37% 8.86% 16.07% Medium 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 1.56% 2.48% -3.37% -4.72% 7.01% - - - Medium 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 1.67% 2.63% -3.21% -4.51% 7.36% - - - Medium 

JPM Emerging Markets Debt X (dist) - USD 1.66% 2.37% -3.43% -4.71% - - - - Medium 

205





JPM Emerging Markets Dividend A (acc) - EUR -2.42% -1.72% -9.47% -5.25% - - - - Medium 

JPM Emerging Markets Dividend A (acc) - USD -0.66% 3.91% -2.78% -1.24% - - - - Medium 

JPM Emerging Markets Dividend A (dist) - GBP -3.07% -4.45% - - - - - - Medium 

JPM Emerging Markets Dividend A (div) - EUR -2.36% -1.68% -9.28% -5.00% - - - - Medium 

JPM Emerging Markets Dividend A (irc) - AUD (hedged) -0.25% 4.89% - - - - - - Medium 

JPM Emerging Markets Dividend A (mth) - SGD 0.05% 3.46% -1.05% - - - - - Medium 

JPM Emerging Markets Dividend A (mth) - SGD (hedged) -0.67% 3.82% -2.51% - - - - - Medium 

JPM Emerging Markets Dividend A (mth) - USD -0.64% 3.88% -2.77% - - - - - Medium 

JPM Emerging Markets Dividend B (acc) - USD** -0.47% - -2.00% - - - - - Medium 

JPM Emerging Markets Dividend B (inc) - EUR*** - - - - - - - - Medium 

JPM Emerging Markets Dividend C (acc) - EUR -2.19% -1.24% -8.81% - - - - - Medium 

JPM Emerging Markets Dividend D (acc) - EUR -2.60% -2.09% -9.98% -5.94% - - - - Medium 

JPM Emerging Markets Dividend D (div) - EUR -2.54% -2.05% -9.78% -5.69% - - - - Medium 

JPM Emerging Markets Dividend T (acc) - EUR -2.61% -2.11% -10.00% -5.95% - - - - Medium 

JPM Emerging Markets Dividend T (div) - EUR -2.54% -2.05% -9.78% -5.69% - - - - Medium 

JPM Emerging Markets Dividend X (acc) - EUR -1.98% -0.85% -8.26% - - - - - Medium 

JPM Emerging Markets Dividend X (acc) - USD -0.22% 4.83% -1.48% 0.49% - - - - Medium 


JPM Emerging Markets Equity A (acc) - EUR -1.03% -1.88% -10.96% -9.02% 2.39% -4.13% 2.70% 16.69% Medium 

JPM Emerging Markets Equity A (acc) - EUR (hedged) 0.60% 3.67% -4.42% -5.31% 5.02% - - - Medium 

JPM Emerging Markets Equity A (acc) - SGD 1.34% 3.26% -2.71% -1.94% 4.17% -3.70% -1.05% - Medium 

JPM Emerging Markets Equity A (acc) - USD 0.75% 3.74% -4.42% -5.22% 5.61% -3.29% 1.56% 16.14% Medium 

JPM Emerging Markets Equity A (dist) - GBP -1.74% -4.63% -12.40% -6.92% 2.22% -5.06% 0.97% 11.91% Medium 

JPM Emerging Markets Equity A (dist) - USD 0.74% 3.72% -4.44% -5.22% 5.60% -3.31% 1.55% 16.07% Medium 

JPM Emerging Markets Equity B (acc) - EUR -0.88% - - - - - - - Medium 

JPM Emerging Markets Equity B (acc) - USD 0.88% 4.09% -3.89% -4.55% 6.44% -2.62% 2.35% 17.49% Medium 

JPM Emerging Markets Equity B (dist) - GBP*** -1.77% - - - - - - - Medium 

JPM Emerging Markets Equity B (dist) - USD 0.91% - - - - - - - Medium 

JPM Emerging Markets Equity C (acc) - EUR -0.85% -1.49% -10.45% - - - - - Medium 

JPM Emerging Markets Equity C (acc) - EUR (hedged) 0.80% 4.08% - - - - - - Medium 

JPM Emerging Markets Equity C (acc) - USD 0.90% 4.12% -3.84% -4.50% 6.48% -2.58% 2.41% 17.62% Medium 

JPM Emerging Markets Equity C (dist) - GBP -1.52% -4.19% -11.80% -6.12% - - - - Medium 

JPM Emerging Markets Equity C (dist) - USD 0.93% 4.13% -3.87% -4.49% 6.45% - - - Medium 

JPM Emerging Markets Equity D (acc) - EUR -1.26% -2.38% -11.67% -10.01% 1.37% -4.99% 1.60% 14.87% Medium 

JPM Emerging Markets Equity D (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM Emerging Markets Equity D (acc) - USD 0.46% 3.19% -5.16% -6.20% 4.48% -4.19% 0.51% 14.37% Medium 

JPM Emerging Markets Equity I (acc) - EUR -0.85% -1.46% -10.38% -8.21% 3.32% -3.34% 3.71% - Medium 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 0.83% 4.16% -3.75% -4.44% - - - - Medium 

JPM Emerging Markets Equity I (acc) - SGD*** - - - - - - - - Medium 

JPM Emerging Markets Equity I (acc) - USD 0.96% 4.21% -3.77% -4.35% 6.62% -2.48% 2.52% 17.78% Medium 

JPM Emerging Markets Equity I (dist) - GBP*** - - - - - - - - Medium 

JPM Emerging Markets Equity I (dist) - USD*** - - - - - - - - Medium 

JPM Emerging Markets Equity I (inc) - EUR -0.77% -1.33% -10.33% -8.11% 3.39% -3.32% 3.74% 18.21% Medium 

JPM Emerging Markets Equity T (acc) - EUR*** - - - - - - - - Medium 

JPM Emerging Markets Equity X (acc) - EUR -0.62% -1.01% -9.80% -7.45% 4.24% - - - Medium 

JPM Emerging Markets Equity X (acc) - USD 1.16% 4.66% -3.13% -3.56% 7.54% -1.70% 3.45% 19.39% Medium 

JPM Emerging Markets Equity X (dist) - USD 1.21% 4.62% -3.14% -3.59% 7.49% -1.79% 3.36% - Medium 

JPM Emerging Markets Equity X (inc) - EUR -0.62% -0.96% -9.75% -7.40% 4.30% -2.59% 4.68% 19.64% Medium 


JPM Emerging Markets Investment Grade Bond A (acc) - CHF (hedged) 0.36% 0.79% -5.59% -7.48% - - - - Medium 

JPM Emerging Markets Investment Grade Bond A (acc) - EUR (hedged) 0.48% 1.05% -5.26% -7.08% 2.65% 4.48% - - Medium 

JPM Emerging Markets Investment Grade Bond A (acc) - USD 0.57% 1.16% -5.03% -6.85% 2.96% 4.54% - - Medium 

JPM Emerging Markets Investment Grade Bond A (dist) - USD 0.57% 1.07% -5.12% -6.93% - - - - Medium 

JPM Emerging Markets Investment Grade Bond A (inc) - EUR (hedged) 0.48% 0.95% -5.35% -7.16% 2.71% 4.47% - - Medium 

JPM Emerging Markets Investment Grade Bond B (acc) - EUR (hedged) 0.58% - - - - - - - Medium 

JPM Emerging Markets Investment Grade Bond B (acc) - USD 0.68% 1.39% -4.71% -6.43% 3.44% - - - Medium 

JPM Emerging Markets Investment Grade Bond B (dist) - GBP (hedged)* - - - - - - - - Medium 

JPM Emerging Markets Investment Grade Bond B (inc) - EUR (hedged) 0.59% 1.15% -5.04% -6.76% - - - - Medium 

JPM Emerging Markets Investment Grade Bond C (inc) - EUR (hedged) 0.64% 1.23% -4.93% -6.63% 3.33% - - - Medium 

JPM Emerging Markets Investment Grade Bond D (acc) - EUR (hedged) 0.38% 0.84% -5.55% -7.44% 2.23% 4.02% - - Medium 

JPM Emerging Markets Investment Grade Bond D (acc) - USD 0.47% 0.95% -5.33% -7.22% - - - - Medium 

JPM Emerging Markets Investment Grade Bond I (acc) - CHF (hedged) 0.54% 1.14% -5.13% -6.89% 2.90% - - - Medium 

JPM Emerging Markets Investment Grade Bond I (acc) - EUR -1.06% -4.01% -11.14% -10.04% - - - - Medium 

JPM Emerging Markets Investment Grade Bond I (acc) - JPY (hedged) 0.61% - - - - - - - Medium 

JPM Emerging Markets Investment Grade Bond I (acc) - USD 0.74% 1.50% -4.56% -6.24% 3.65% - - - Medium 

JPM Emerging Markets Investment Grade Bond I (inc) - EUR (hedged) 0.64% 1.34% -4.83% - - - - - Medium 

JPM Emerging Markets Investment Grade Bond X (acc) - EUR (hedged) 0.75% 1.60% -4.49% -6.08% - - - - Medium 

JPM Emerging Markets Investment Grade Bond X (acc) - USD 0.83% - - - - - - - Medium 

206





JPM Emerging Markets Local Currency Debt A (acc) - EUR -3.67% -7.49% -15.90% -13.76% -1.18% -0.93% 4.94% 9.27% Medium 

JPM Emerging Markets Local Currency Debt A (acc) - SGD -0.85% -2.11% -7.66% -6.63% 0.72% - - - Medium 

JPM Emerging Markets Local Currency Debt A (acc) - USD -1.77% -2.05% -9.55% -10.01% 1.87% 0.04% 3.75% 8.91% Medium 

JPM Emerging Markets Local Currency Debt A (dist) - GBP -3.84% -9.45% -16.68% -11.19% -0.81% -1.54% - - Medium 

JPM Emerging Markets Local Currency Debt A (div) - EUR -3.56% -7.29% -15.39% -13.00% - - - - Medium 

JPM Emerging Markets Local Currency Debt A (inc) - EUR -3.62% -7.29% -15.73% -13.61% -0.75% -0.64% - - Medium 

JPM Emerging Markets Local Currency Debt A (irc) - AUD (hedged) -1.36% - - - - - - - Medium 

JPM Emerging Markets Local Currency Debt A (mth) - USD -1.69% -1.94% -9.26% -9.54% 2.27% 0.32% 3.86% - Medium 

JPM Emerging Markets Local Currency Debt B (acc) - EUR -3.50% -7.20% -15.53% -13.28% -0.63% - - - Medium 

JPM Emerging Markets Local Currency Debt B (acc) - USD -1.64% -1.82% -9.19% -9.54% 2.46% 0.56% - - Medium 

JPM Emerging Markets Local Currency Debt B (mth) - USD -1.54% -1.55% -8.73% -8.84% - - - - Medium 

JPM Emerging Markets Local Currency Debt C (acc) - EUR -3.47% -7.13% -15.44% -13.16% -0.48% -0.24% - - Medium 

JPM Emerging Markets Local Currency Debt C (acc) - USD -1.58% -1.71% -9.06% -9.38% 2.64% 0.72% - - Medium 

JPM Emerging Markets Local Currency Debt C (dist) - GBP -3.68% -9.18% -16.32% -10.68% - - - - Medium 

JPM Emerging Markets Local Currency Debt C (div) - EUR*** - - - - - - - - Medium 

JPM Emerging Markets Local Currency Debt C (mth) - USD* - - - - - - - - Medium 

JPM Emerging Markets Local Currency Debt D (acc) - EUR -3.78% -7.70% -16.20% -14.18% -1.67% -1.41% 4.35% 8.57% Medium 

JPM Emerging Markets Local Currency Debt D (acc) - USD -1.90% -2.29% -9.92% -10.49% 1.35% -0.46% 3.17% 8.17% Medium 

JPM Emerging Markets Local Currency Debt D (div) - EUR -3.64% -7.51% -15.68% -13.44% -0.76% -0.82% - - Medium 

JPM Emerging Markets Local Currency Debt D (mth) - USD -1.86% -2.22% -9.63% -9.96% - - - - Medium 

JPM Emerging Markets Local Currency Debt I (acc) - EUR -3.45% -7.10% -15.40% -13.11% -0.44% - - - Medium 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) -1.72% -1.86% - - - - - - Medium 

JPM Emerging Markets Local Currency Debt I (acc) - USD -1.59% -1.66% -9.05% -9.35% 2.67% - - - Medium 

JPM Emerging Markets Local Currency Debt I (inc) - EUR -3.46% -6.92% -15.24% -12.95% -0.13% - - - Medium 

JPM Emerging Markets Local Currency Debt T (acc) - EUR -3.74% -7.69% -16.20% -14.19% -1.65% - - - Medium 

JPM Emerging Markets Local Currency Debt T (div) - EUR -3.68% -7.52% -15.70% -13.42% -0.79% - - - Medium 

JPM Emerging Markets Local Currency Debt X (acc) - EUR -3.33% -6.86% -15.07% -12.68% 0.07% 0.31% - - Medium 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) -1.59% -1.61% -8.83% -9.06% - - - - Medium 

JPM Emerging Markets Local Currency Debt X (acc) - USD -1.44% -1.39% -8.71% -8.87% 3.19% 1.31% 5.23% 10.78% Medium 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR -3.33% -6.87% -15.07% - - - - - Medium 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP -3.55% -9.05% -16.03% -10.22% 0.14% - - - Medium 


JPM Emerging Markets Opportunities A (acc) - CHF (hedged) 1.26% 8.44% -0.25% - - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - EUR -0.30% 2.71% -7.06% -7.12% - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - SGD 2.14% 8.14% 1.70% - - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 1.47% 8.48% -0.51% - - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - USD 1.49% 8.59% -0.20% -3.22% 10.63% 0.07% 6.73% - Medium 

JPM Emerging Markets Opportunities A (dist) - EUR -0.31% 2.73% -7.04% -7.10% - - - - Medium 

JPM Emerging Markets Opportunities A (dist) - GBP -0.98% -0.12% -8.49% -4.93% - - - - Medium 

JPM Emerging Markets Opportunities A (dist) - USD 1.50% 8.57% -0.22% - - - - - Medium 

JPM Emerging Markets Opportunities A (inc) - EUR -0.31% 2.72% - - - - - - Medium 

JPM Emerging Markets Opportunities B (acc) - EUR -0.11% - - - - - - - Medium 

JPM Emerging Markets Opportunities B (acc) - USD 1.69% 9.01% 0.37% -2.49% 11.55% 0.83% 7.71% - Medium 

JPM Emerging Markets Opportunities B (dist) - EUR** -0.11% - - - - - - - Medium 

JPM Emerging Markets Opportunities B (dist) - GBP -0.78% 0.26% -7.97% - - - - - Medium 

JPM Emerging Markets Opportunities C (acc) - PLN -2.01% -1.49% -7.09% -4.70% - - - - Medium 

JPM Emerging Markets Opportunities C (acc) - USD 1.70% 9.03% 0.41% -2.44% 11.61% 0.88% 7.76% - Medium 

JPM Emerging Markets Opportunities C (dist) - GBP -0.77% 0.29% -7.93% - - - - - Medium 

JPM Emerging Markets Opportunities C (dist) - USD 1.70% 9.01% - - - - - - Medium 

JPM Emerging Markets Opportunities D (acc) - EUR -0.49% 2.32% - - - - - - Medium 

JPM Emerging Markets Opportunities D (acc) - PLN -2.39% -2.26% -8.19% -6.17% - - - - Medium 

JPM Emerging Markets Opportunities D (acc) - USD 1.31% 8.18% -0.77% -3.94% - - - - Medium 

JPM Emerging Markets Opportunities I (acc) - EUR -0.07% 3.19% -6.42% -6.29% - - - - Medium 

JPM Emerging Markets Opportunities I (acc) - USD 1.73% 9.09% 0.49% -2.35% - - - - Medium 

JPM Emerging Markets Opportunities T (acc) - EUR -0.48% 2.33% -7.58% -7.81% - - - - Medium 

JPM Emerging Markets Opportunities X (acc) - EUR 0.14% 3.63% -5.82% - - - - - Medium 

JPM Emerging Markets Opportunities X (acc) - GBP -0.51% 0.75% -7.28% -3.28% - - - - Medium 

JPM Emerging Markets Opportunities X (acc) - USD 1.95% 9.57% 1.15% -1.51% 12.76% 1.83% 8.98% - Medium 

JPM Emerging Markets Opportunities X (dist) - AUD*** - - - - - - - - Medium 


JPM Emerging Middle East Equity A (acc) - EUR -3.24% -7.29% -13.72% -2.77% 10.54% -3.34% 5.48% 11.99% Medium 

JPM Emerging Middle East Equity A (acc) - SGD* - - - - - - - - Medium 

JPM Emerging Middle East Equity A (acc) - USD -1.48% -1.99% -7.36% 1.29% 14.51% -2.29% 4.22% 11.54% Medium 

JPM Emerging Middle East Equity A (dist) - USD -1.45% -1.97% -7.34% 1.33% 14.47% -2.39% 4.13% 11.34% Medium 

JPM Emerging Middle East Equity B (acc) - USD -1.23% -1.60% -6.81% 2.10% 15.55% -1.55% 5.16% 12.76% Medium 

JPM Emerging Middle East Equity B (dist) - USD -1.27% - - - - - - - Medium 

JPM Emerging Middle East Equity C (acc) - USD -1.25% -1.59% -6.77% 2.12% 15.56% -1.50% 5.22% 12.88% Medium 

JPM Emerging Middle East Equity D (acc) - EUR -3.44% -7.72% -14.37% -3.74% 9.32% -4.24% - - Medium 

JPM Emerging Middle East Equity D (acc) - USD -1.70% -2.46% -8.05% 0.28% 13.26% -3.19% 3.07% 9.99% Medium 

JPM Emerging Middle East Equity I (acc) - USD -1.22% -1.52% -6.71% 2.22% 15.72% -1.43% - - Medium 

207





JPM Euroland Equity A (acc) - CHF (hedged)*** - - - - - - - - Medium 

JPM Euroland Equity A (acc) - EUR 9.72% 21.08% 21.76% 27.50% 27.26% 7.83% 7.84% 13.71% Medium 

JPM Euroland Equity A (acc) - GBP (hedged)*** - - - - - - - - Medium 

JPM Euroland Equity A (acc) - USD (hedged)*** - - - - - - - - Medium 

JPM Euroland Equity A (dist) - EUR 9.73% 20.87% 21.60% 27.31% 26.80% 7.20% 7.23% 12.86% Medium 

JPMorgan Euroland Equity A (dist) - USD 11.66% 27.78% 30.47% 32.40% 31.41% 8.56% 5.85% 12.36% Medium 

JPM Euroland Equity A (inc) - EUR 9.81% 20.85% 21.67% 27.32% 26.75% 7.24% 7.25% 12.81% Medium 

JPM Euroland Equity B (acc) - EUR 9.92% 21.48% 22.44% 28.37% 28.47% 8.76% 8.81% 15.03% Medium 

JPM Euroland Equity B (dist) - EUR 9.93% 21.24% 22.21% - - - - - Medium 

JPM Euroland Equity C (acc) - EUR 10.00% 21.68% 22.67% 28.76% 28.87% 9.13% 9.23% 15.53% Medium 

JPM Euroland Equity D (acc) - EUR 9.57% 20.57% 21.02% 26.53% 26.13% 6.91% 6.88% 12.49% Medium 

JPM Euroland Equity I (acc) - EUR* - - - - - - - - Medium 

JPM Euroland Equity X (acc) - EUR 10.23% 22.13% 23.44% 29.83% 30.05% 10.07% 10.22% 16.79% Medium 


JPM Euroland Select Equity A (acc) - EUR 8.84% 19.87% 20.67% 26.26% 26.84% 9.35% 8.25% 16.32% Medium 

JPM Euroland Select Equity A (dist) - EUR 8.96% 19.80% 20.66% 26.23% 26.42% 8.81% 7.67% 15.14% Medium 

JPM Euroland Select Equity B (acc) - EUR 9.15% 20.36% 21.47% 27.30% 27.98% - - - Medium 

JPM Euroland Select Equity C (acc) - EUR 9.20% 20.57% 21.78% 27.69% 28.44% 10.71% 9.61% - Medium 

JPM Euroland Select Equity D (acc) - EUR 8.76% 19.53% 20.20% 25.48% 25.71% 8.43% 7.27% 14.98% Medium 

JPM Euroland Select Equity X (acc) - EUR 9.46% 21.02% 22.41% 28.62% 29.60% 11.66% 10.64% 19.66% Medium 


JPM Europe Dynamic A (acc) - AUD (hedged)*** - - - - - - - - Medium 

JPM Europe Dynamic A (acc) - EUR 10.43% 21.32% 22.57% 32.70% 31.61% 14.74% 16.56% 22.92% Medium 

JPM Europe Dynamic A (acc) - HKD (hedged)*** - - - - - - - - Medium 

JPM Europe Dynamic A (acc) - USD*** - - - - - - - - Medium 

JPM Europe Dynamic A (acc) - USD (hedged)*** - - - - - - - - Medium 

JPM Europe Dynamic A (dist) - EUR 10.45% 21.19% 22.57% 32.61% 31.27% 14.29% 16.07% 21.91% Medium 

JPMorgan Europe Dynamic A (dist) - EUR 10.47% 21.19% 22.47% 32.57% 31.27% 14.31% 16.08% 21.96% Medium 

JPM Europe Dynamic A (dist) - GBP 9.70% 17.82% 20.63% 35.65% 30.95% 12.78% 13.49% 15.82% Medium 

JPM Europe Dynamic A (inc) - EUR*** - - - - - - - - Medium 

JPM Europe Dynamic B (acc) - EUR 10.65% 21.80% 23.33% 33.67% 32.91% 15.85% 17.87% 24.57% Medium 

JPM Europe Dynamic B (acc) - USD*** - - - - - - - - Medium 

JPM Europe Dynamic B (dist) - EUR 10.67% - - - - - - - Medium 

JPM Europe Dynamic B (dist) - GBP*** 9.38% - - - - - - - Medium 

JPM Europe Dynamic C (acc) - EUR 10.71% 21.88% 23.49% 33.89% 33.15% 16.05% 18.12% 24.90% Medium 

JPM Europe Dynamic D (acc) - EUR 10.16% 20.68% 21.69% 31.40% 30.05% 13.31% 14.95% 20.87% Medium 

JPM Europe Dynamic D (acc) - USD*** - - - - - - - - Medium 

JPM Europe Dynamic I (acc) - EUR 10.72% 21.85% 23.48% 33.91% 33.18% 16.14% 18.17% - Medium 

JPM Europe Dynamic I (dist) - EUR*** - - - - - - - - Medium 

JPM Europe Dynamic I (dist) - GBP*** - - - - - - - - Medium 

JPM Europe Dynamic T (acc) - EUR 10.18% 20.69% 21.71% 31.38% 30.02% - - - Medium 

JPM Europe Dynamic X (acc) - EUR** - - -19.43% -12.46% - - - - Medium 


JPM Europe Equity A (acc) - EUR 8.00% 16.30% 15.02% 25.39% 24.73% 10.23% 12.49% 19.17% Medium 

JPM Europe Equity A (acc) - USD 9.90% 22.90% 23.40% 30.57% 29.28% 11.46% 10.93% 18.17% Medium 

JPM Europe Equity A (dist) - EUR 8.00% 16.18% 14.86% 25.23% 24.29% 9.74% 11.92% 18.09% Medium 

JPMorgan Europe Equity A (dist) - USD 9.94% 22.76% 23.28% 30.37% 28.70% 10.89% 10.33% 17.17% Medium 

JPM Europe Equity B (acc) - EUR 8.25% 16.75% 15.69% 26.31% 25.87% 11.24% 13.64% 20.68% Medium 

JPM Europe Equity B (acc) - USD*** - - - - - - - - Medium 

JPM Europe Equity B (dist) - EUR 8.24% - - - - - - - Medium 

JPM Europe Equity C (acc) - EUR 8.35% 16.95% 16.01% 26.84% 26.33% 11.66% 14.10% 21.32% Medium 

JPM Europe Equity C (dist) - USD 10.25% 23.40% 24.24% - - - - - Medium 

JPM Europe Equity D (acc) - EUR 7.89% 15.85% 14.36% 24.50% 23.59% 9.26% 11.39% 17.77% Medium 

JPM Europe Equity D (acc) - USD 9.73% 22.50% 22.81% 29.59% 28.08% 10.46% 9.86% 16.77% Medium 

JPM Europe Equity X (acc) - EUR 8.49% 17.33% 16.57% 27.64% 27.36% 12.60% 15.20% 22.73% Medium 


JPM Europe Small Cap A (acc) - EUR 9.70% 23.44% 25.27% 38.57% 34.43% 12.14% 20.31% 31.00% Medium 

JPM Europe Small Cap A (acc) - USD*** - - - - - - - - Medium 

JPM Europe Small Cap A (dist) - EUR 9.70% 23.37% 25.20% 38.47% 34.03% 11.76% 19.86% 30.23% Medium 

JPMorgan Europe Small Cap A (dist) - EUR 9.67% 23.36% 25.10% 38.45% 33.98% 11.75% 19.85% 30.20% Medium 

JPM Europe Small Cap A (dist) - GBP 9.46% 20.42% 23.76% 41.25% 34.11% 10.51% 17.24% 22.98% Medium 

JPM Europe Small Cap B (acc) - EUR 9.93% 23.95% 25.91% 39.58% 35.75% 13.16% 21.66% 33.01% Medium 

JPM Europe Small Cap B (dist) - EUR 9.90% - - - - - - - Medium 

JPM Europe Small Cap C (acc) - EUR 9.93% 23.98% 26.11% 39.80% 35.96% 13.36% 21.93% 33.39% Medium 

JPM Europe Small Cap D (acc) - EUR 9.38% 22.78% 24.28% 37.09% 32.73% 10.75% 18.49% 28.48% Medium 

JPM Europe Small Cap I (acc) - EUR 9.96% 24.02% 26.14% 39.86% 36.03% - - - Medium 

208





JPM Europe Technology A (acc) - EUR 9.30% 29.14% 29.07% 39.20% 34.86% 16.71% 23.63% 39.97% Medium 

JPM Europe Technology A (dist) - EUR 9.22% 29.04% 29.04% 39.21% 34.69% 16.44% 23.40% 39.42% Medium 

JPMorgan Europe Technology A (dist) - EUR 9.37% 29.20% 28.98% 39.38% 34.62% 16.47% 23.25% 39.23% Medium 

JPM Europe Technology A (dist) - GBP 8.93% 26.01% 27.58% 43.00% 34.76% 15.07% 20.48% 30.69% Medium 

JPM Europe Technology B (acc) - EUR 9.50% 29.61% 29.79% 40.40% 36.30% 17.93% 25.19% 42.47% Medium 

JPM Europe Technology B (dist) - EUR 9.46% - - - - - - - Medium 

JPM Europe Technology C (acc) - EUR 9.50% 29.69% 29.88% - - - - - Medium 

JPM Europe Technology D (acc) - EUR 9.02% 28.47% 28.25% 37.94% 33.22% 15.24% 21.81% 37.18% Medium 

JPM Europe Technology X (acc) - EUR* - - - - - - - - Medium 


JPM Germany Equity A (acc) - EUR 11.99% 21.63% 22.80% 29.14% 32.86% 12.63% 16.56% 20.90% Medium 

JPM Germany Equity A (dist) - EUR 12.04% 21.36% 22.57% 28.84% 32.52% 12.09% 15.86% 19.93% Medium 

JPMorgan Germany Equity A (dist) - EUR 12.00% 21.38% 22.52% 28.89% 32.18% 11.86% 15.67% 19.71% Medium 

JPM Germany Equity B (acc) - EUR 12.24% 22.18% 23.50% 30.16% 34.07% 13.66% 17.84% 22.50% Medium 

JPM Germany Equity B (dist) - EUR 12.22% - - - - - - - Medium 

JPM Germany Equity C (acc) - EUR 12.25% 22.26% 23.68% 30.44% 34.49% 13.98% 18.20% 22.85% Medium 

JPM Germany Equity D (acc) - EUR 11.63% 21.14% 21.90% 28.00% 31.36% 11.27% 15.00% 18.98% Medium 

JPM Germany Equity I (acc) - EUR*** - - - - - - - - Medium 

JPM Germany Equity I (dist) - EUR*** - - - - - - - - Medium 

JPM Germany Equity T (acc) - EUR 11.72% 21.07% 21.87% 27.88% 31.25% - - - Medium 

JPM Germany Equity X (acc) - EUR 12.50% 22.76% 24.45% 31.56% 35.90% 15.17% 19.65% 24.63% Medium 


JPM Global Consumer Trends A (acc) - CHF (hedged) 6.01% 10.84% 13.40% 22.14% 16.82% - - - Medium 

JPM Global Consumer Trends A (acc) - EUR 5.06% 8.28% 9.26% 18.67% 14.88% 4.83% 10.35% 22.02% Medium 

JPM Global Consumer Trends A (acc) - SGD 7.64% 13.98% 19.47% 27.87% 17.07% - - - Medium 

JPM Global Consumer Trends A (acc) - USD 6.96% 14.53% 17.41% 23.69% 18.85% 5.94% 8.91% - Medium 

JPM Global Consumer Trends B (acc) - EUR* - - - - - - - - Medium 

JPM Global Consumer Trends B (acc) - USD 7.17% 14.94% 18.05% 24.61% 19.90% - - - Medium 

JPM Global Consumer Trends C (acc) - EUR 5.33% 8.82% 10.11% 19.81% 16.14% 5.94% 11.76% - Medium 

JPM Global Consumer Trends C (acc) - USD 7.22% 15.06% 18.22% 24.86% - - - - Medium 

JPM Global Consumer Trends D (acc) - EUR 4.92% 7.95% 8.66% 17.84% 13.91% 4.00% 9.34% 20.52% Medium 

JPM Global Consumer Trends D (acc) - USD 6.76% 14.06% 16.70% 22.74% 17.82% - - - Medium 

JPM Global Consumer Trends T (acc) - EUR 4.88% 7.89% 8.68% 17.80% 13.92% - - - Medium 


JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 3.32% 8.36% 10.04% 14.65% 13.49% 4.92% 4.99% 10.71% Medium 

JPM Global Convertibles (EUR) A (acc) - EUR 3.46% 8.49% 10.11% 14.79% 13.81% 5.15% 5.31% 11.29% Medium 

JPM Global Convertibles (EUR) A (dist) - EUR 3.43% 8.36% 10.00% 14.76% 13.36% 4.76% 4.96% 10.91% Medium 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 3.50% 8.62% 10.34% 15.14% 13.85% 5.04% 5.24% 11.02% Medium 

JPMorgan Global Convertibles (EUR) A (dist) - USD 5.20% 14.41% 17.88% 19.19% 16.74% 5.52% 3.42% 10.06% Medium 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 3.49% 8.73% 10.58% 15.42% 14.32% 5.66% 5.78% 11.72% Medium 

JPM Global Convertibles (EUR) B (acc) - EUR 3.60% 8.81% 10.66% 15.53% 14.61% 5.91% 6.09% 12.32% Medium 

JPM Global Convertibles (EUR) B (dist) - EUR 3.60% - - - - - - - Medium 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 3.67% 8.91% 10.81% 15.86% 14.61% - - - Medium 

JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 3.55% 8.77% 10.65% 15.53% 14.43% 5.76% 5.85% 11.83% Medium 

JPM Global Convertibles (EUR) C (acc) - EUR 3.67% 8.92% 10.74% 15.61% 14.72% 5.98% 6.17% 12.43% Medium 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 3.66% 8.95% 10.88% 15.90% 14.70% 5.28% 5.60% 11.58% Medium 

JPM Global Convertibles (EUR) C (dist) - USD 5.47% 15.01% 18.78% - - - - - Medium 

JPM Global Convertibles (EUR) D (acc) - EUR 3.25% 8.16% 9.64% 14.20% 13.14% 4.56% 4.70% 10.49% Medium 

JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* - - - - - - - - Medium 

JPM Global Convertibles (EUR) I (acc) - EUR 3.65% 9.01% 10.89% 15.83% 14.79% 6.06% 6.27% 12.54% Medium 

JPM Global Convertibles (EUR) I (dist) - EUR*** - - - - - - - - Medium 

JPM Global Convertibles (EUR) I (inc) - EUR 3.63% 8.87% 10.75% 15.63% 14.55% 5.88% 6.13% 12.34% Medium 

JPM Global Convertibles (EUR) T (acc) - EUR 3.30% 8.20% 9.70% 14.25% - - - - Medium 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 3.75% 9.21% 11.35% 16.45% 15.46% 6.71% 6.86% - Medium 

JPM Global Convertibles (EUR) X (acc) - EUR 3.81% 9.29% 11.37% 16.69% 15.91% 7.03% 7.28% 13.84% Medium 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)** 3.91% - -2.13% 2.55% 7.93% - - - Medium 

209





JPM Global Dynamic A (acc) - CHF (hedged) 8.63% 15.75% 15.81% 27.19% 21.62% 8.64% - - Medium 

JPM Global Dynamic A (acc) - EUR 6.84% 11.41% 9.57% 21.16% 17.96% 8.35% 12.61% 17.92% Medium 

JPM Global Dynamic A (acc) - EUR (hedged) 8.68% 15.80% 15.80% 26.89% 21.62% 9.44% 10.66% 15.61% Medium 

JPM Global Dynamic A (acc) - SGD 9.47% 17.31% 19.74% 30.65% 20.29% 8.99% 7.52% - Medium 

JPM Global Dynamic A (acc) - SGD (hedged)* - - - - - - - - Medium 

JPM Global Dynamic A (acc) - USD 8.73% 17.80% 17.71% 26.36% 22.17% 9.54% 11.09% 17.36% Medium 

JPM Global Dynamic A (dist) - GBP 6.15% 8.37% 7.86% 24.08% 17.74% 6.97% 10.19% 12.85% Medium 

JPM Global Dynamic A (dist) - USD 8.74% 17.81% 17.66% 26.29% 22.15% 9.51% 11.07% 17.25% Medium 

JPMorgan Global Dynamic A (dist) - USD 8.74% 17.77% 17.61% 26.29% 22.08% 9.42% 10.96% 17.12% Medium 

JPM Global Dynamic A (inc) - EUR 6.76% 11.22% 9.41% 21.11% 17.86% 8.25% 12.50% 17.62% Medium 

JPM Global Dynamic B (acc) - USD 8.97% 18.33% 18.40% 27.33% 23.27% 10.55% 12.19% 18.78% Medium 

JPM Global Dynamic B (dist) - USD 8.96% - - - - - - - Medium 

JPM Global Dynamic B (inc) - EUR 7.04% - - - - - - - Medium 

JPM Global Dynamic C (acc) - EUR 7.08% 11.97% 10.39% 22.43% 19.19% 9.48% 14.07% 19.60% Medium 

JPM Global Dynamic C (acc) - EUR (hedged) 9.05% 16.50% 16.83% 28.17% 22.99% 10.63% 12.03% 17.31% Medium 

JPM Global Dynamic C (acc) - USD 9.02% 18.33% 18.47% 27.48% 23.45% 10.74% 12.42% 19.04% Medium 

JPM Global Dynamic C (dist) - GBP 6.36% 8.81% 8.58% - - - - - Medium 

JPM Global Dynamic D (acc) - EUR 6.58% 10.96% 8.72% 20.00% 16.61% 7.15% 11.16% 16.00% Medium 

JPM Global Dynamic D (acc) - EUR (hedged) 8.43% 15.29% 15.09% 25.67% 20.24% 8.16% 9.31% 13.90% Medium 

JPM Global Dynamic D (acc) - USD 8.50% 17.28% 16.80% 25.11% 20.77% 8.28% 9.67% 15.55% Medium 

JPM Global Dynamic I (acc) - EUR*** - - - - - - - - Medium 

JPM Global Dynamic I (acc) - EUR (hedged) 8.95% 16.42% 16.81% 28.26% 23.02% - - - Medium 

JPM Global Dynamic I (acc) - USD 8.99% 18.37% 18.62% 27.57% 23.55% 10.81% 12.47% 19.12% Medium 

JPM Global Dynamic I (dist) - USD*** - - - - - - - - Medium 

JPM Global Dynamic I (inc) - EUR 7.14% 11.97% 10.34% 22.43% 19.17% 9.32% 13.77% - Medium 

JPM Global Dynamic T (acc) - EUR (hedged) 8.42% 15.28% 15.03% 25.74% 20.20% - - - Medium 

JPM Global Dynamic X (acc) - EUR 7.32% 12.47% 11.01% 23.42% 20.42% 10.64% 15.36% 21.32% Medium 

JPM Global Dynamic X (acc) - EUR (hedged) 9.19% 16.93% 17.49% 29.26% 24.19% - - - Medium 

JPM Global Dynamic X (acc) - USD 9.25% 18.93% 19.29% 28.58% 24.69% 11.82% 13.68% 20.71% Medium 


JPM Global Focus A (acc) - CHF (hedged) 7.13% 16.02% 15.66% 24.92% 20.89% 6.20% - - Medium 

JPM Global Focus A (acc) - EUR 5.03% 11.45% 8.49% 18.18% 16.87% 5.45% 10.56% 25.01% Medium 

JPM Global Focus A (acc) - EUR (hedged) 7.09% 16.02% 15.39% 24.51% 20.99% 6.41% 8.50% 22.20% Medium 

JPM Global Focus A (dist) - EUR 5.04% 11.38% 8.45% 18.18% 16.82% 5.39% 10.52% 24.86% Medium 

JPMorgan Global Focus A (dist) - USD 6.91% 17.74% 16.41% 23.09% 20.88% 6.42% 8.99% 24.14% Medium 

JPM Global Focus B (acc) - EUR 5.21% 11.82% 9.05% 19.02% 17.88% 6.32% 11.63% - Medium 

JPM Global Focus B (dist) - EUR 5.23% - - - - - - - Medium 

JPM Global Focus B (dist) - USD 7.12% - - - - - - - Medium 

JPM Global Focus C (acc) - EUR 5.26% 11.93% 9.27% 19.31% 18.10% 6.50% 11.89% 27.06% Medium 

JPM Global Focus C (acc) - EUR (hedged) 7.39% 16.48% 16.25% 25.62% 22.24% 7.49% 9.72% - Medium 

JPM Global Focus C (acc) - USD** 0.79% - - - - - - - Medium 

JPM Global Focus D (acc) - EUR 4.74% 10.84% 7.63% 16.99% 15.54% 4.29% 9.17% 22.80% Medium 

JPM Global Focus D (acc) - EUR (hedged) 6.86% 15.39% 14.59% 23.21% 19.55% 5.22% 7.18% 20.08% Medium 

JPM Global Focus I (acc) - EUR 5.30% 11.98% 9.32% 19.39% 18.20% 6.59% - - Medium 

JPM Global Focus I (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM Global Focus I (acc) - USD 7.19% 18.39% 17.39% 24.42% 22.38% - - - Medium 

JPM Global Focus T (acc) - EUR 4.76% 10.83% 7.65% 17.01% 15.55% - - - Medium 

JPM Global Focus X (acc) - EUR 5.57% 12.50% 10.02% 20.40% 19.29% 7.55% 13.16% 29.14% Medium 


JPM Global Government Bond A (acc) - EUR - 0.70% -1.62% -1.03% 1.56% 3.30% 3.64% - Medium 

JPM Global Government Bond A (acc) - USD (hedged) 0.07% 0.83% -1.48% -0.82% 1.81% 3.31% 3.65% - Medium 

JPM Global Government Bond B (acc) - EUR 0.06% 0.77% -1.52% -0.90% 1.72% - - - Medium 

JPM Global Government Bond C (acc) - EUR 0.08% 0.77% -1.50% -0.84% 1.76% 3.60% 3.95% - Medium 

JPM Global Government Bond C (dist) - GBP (hedged)* - - - - - - - - Medium 

JPM Global Government Bond D (acc) - EUR - 0.62% -1.80% -1.21% 1.35% 3.09% 3.43% - Medium 

JPM Global Government Bond I (acc) - EUR*** - - - - - - - - Medium 

JPM Global Government Bond I (acc) - USD (hedged)*** - - - - - - - - Medium 

JPM Global Government Bond X (acc) - EUR 0.17% 1.01% -1.24% -0.50% 2.09% 3.93% 4.32% - Medium 


JPM Global Natural Resources A (acc) - EUR -2.00% 12.49% -15.29% -22.44% -15.38% -16.61% -6.20% 11.79% Medium 

JPM Global Natural Resources A (acc) - GBP -2.64% 9.34% - - - - - - Medium 

JPM Global Natural Resources A (acc) - SGD 0.44% 18.43% -7.44% -16.37% -14.20% -16.36% -8.76% - Medium 

JPM Global Natural Resources A (acc) - USD -0.18% 18.94% -9.03% -19.10% -13.25% -16.13% -6.97% 11.36% Medium 

JPM Global Natural Resources A (dist) - EUR -1.98% 12.52% -15.29% -22.38% -15.36% -16.60% -6.20% 11.83% Medium 

JPM Global Natural Resources B (acc) - EUR -1.74% 12.97% -14.82% -21.83% -14.85% -16.23% -5.64% 13.01% Medium 

JPM Global Natural Resources B (acc) - USD -0.02% - - - - - - - Medium 

JPM Global Natural Resources B (dist) - EUR -1.80% - - - - - - - Medium 

JPM Global Natural Resources C (acc) - EUR -1.83% 12.90% -14.78% -21.80% -14.80% -16.19% -5.57% 13.17% Medium 

JPM Global Natural Resources C (acc) - USD - 19.38% -8.51% -18.45% -12.62% -15.69% -6.36% 12.71% Medium 

JPM Global Natural Resources D (acc) - EUR -2.15% 11.89% -15.92% -23.16% -16.04% -17.10% -6.93% 10.28% Medium 

JPM Global Natural Resources D (acc) - USD -0.54% 18.15% -9.73% -19.96% -13.98% -16.64% -7.68% 9.86% Medium 

JPM Global Natural Resources I (acc) - EUR -1.72% 13.06% -14.64% -21.61% - - - - Medium 

JPM Global Natural Resources I (acc) - USD*** - - - - - - - - Medium 

JPM Global Natural Resources I (dist) - EUR*** - - - - - - - - Medium 

JPM Global Natural Resources X (acc) - EUR -1.58% 13.39% -14.24% -21.11% -13.98% -15.61% -4.70% 14.94% Medium 

JPM Global Natural Resources X (dist) - AUD*** - - - - - - - - Medium 

210





JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 0.30% 1.21% -1.90% 5.67% 16.04% 6.97% 9.59% 15.13% Medium 

JPM Global Real Estate Securities (USD) A (acc) - USD -0.90% 1.23% -3.32% 2.48% 14.62% 6.14% 10.11% 17.71% Medium 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 0.17% 0.99% -1.93% 5.54% 15.88% 6.74% 9.10% 14.29% Medium 

JPM Global Real Estate Securities (USD) A (inc) - USD -0.85% - - - - - - - Medium 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) 0.40% 1.46% -1.37% 6.37% 17.04% - - - Medium 

JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM Global Real Estate Securities (USD) C (acc) - USD -0.57% 1.80% -2.53% 3.59% 16.03% 7.45% - - Medium 

JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) - 0.63% -2.57% 4.72% 15.05% 5.98% 8.47% 13.81% Medium 

JPM Global Real Estate Securities (USD) D (acc) - USD -1.05% 0.86% -3.89% 1.74% 13.64% 5.27% 9.03% 16.36% Medium 

JPM Global Real Estate Securities (USD) I (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPM Global Real Estate Securities (USD) I (acc) - USD*** - - - - - - - - Medium 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 0.64% 1.97% -0.62% 7.43% 18.39% - - - Medium 

JPM Global Real Estate Securities (USD) X (acc) - USD -0.38% 2.12% -2.04% 4.33% 16.94% 8.29% 12.71% 21.29% Medium 


JPM Global Unconstrained Equity A (acc) - EUR 5.27% 10.41% 8.73% 18.36% 17.25% - - - Medium 

JPM Global Unconstrained Equity A (acc) - EUR (hedged) 6.42% 13.20% 12.87% 22.28% 19.62% 7.89% 7.66% 14.29% Medium 

JPM Global Unconstrained Equity A (acc) - USD 7.16% 16.78% 16.78% 23.33% 21.44% 8.81% 8.41% 15.96% Medium 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) 6.38% 13.36% 13.01% 22.20% 19.58% 7.81% 7.54% 13.71% Medium 

JPM Global Unconstrained Equity A (dist) - USD 7.17% 16.70% 16.70% 23.32% 21.26% 8.68% 8.28% 15.73% Medium 

JPMorgan Global Unconstrained Equity A (dist) - USD 7.17% 16.68% 16.71% 23.32% 21.26% 8.69% 8.28% 15.74% Medium 

JPM Global Unconstrained Equity C (acc) - EUR (hedged) 6.72% 13.92% 13.92% 23.66% 21.18% 9.25% 9.15% 16.24% Medium 

JPM Global Unconstrained Equity C (acc) - USD 7.44% 17.34% 17.75% 24.73% 22.93% 10.18% 9.88% 17.93% Medium 

JPM Global Unconstrained Equity D (acc) - EUR (hedged) 6.23% 12.94% 12.42% 21.36% 18.63% 6.99% 6.76% 13.02% Medium 

JPM Global Unconstrained Equity D (acc) - USD 7.00% 16.29% 16.07% 22.38% 20.28% 7.84% 7.39% 14.60% Medium 

JPM Global Unconstrained Equity X (acc) - EUR 5.72% 11.38% 10.16% 20.48% 19.64% 9.80% 12.32% - Medium 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 6.89% 14.34% 14.50% 24.44% 22.13% - - - Medium 

JPM Global Unconstrained Equity X (acc) - USD 7.61% 17.81% 18.33% 25.51% 23.87% 11.03% 10.79% 19.15% Medium 

JPM Global Unconstrained Equity X (dist) - AUD*** - - - - - - - - Medium 


JPMorgan Greater China A (acc) - SGD 6.61% 14.07% 13.75% 17.05% 19.11% 2.54% 3.48% - Medium 

JPMorgan Greater China A (acc) - USD 5.94% 14.61% 11.78% 13.18% 20.90% 2.98% 6.55% 22.02% Medium 

JPMorgan Greater China A (dist) - HKD 5.86% 14.45% 11.57% 13.08% 20.56% 2.73% - - Medium 

JPMorgan Greater China A (dist) - USD 5.92% 14.52% 11.74% 13.11% 20.72% 2.81% 6.37% 21.34% Medium 

JPMorgan Greater China B (acc) - USD 6.15% 15.02% 12.43% 14.00% 21.96% 3.80% 7.50% 23.59% Medium 

JPMorgan Greater China B (dist) - USD 6.10% - - - - - - - Medium 

JPMorgan Greater China C (acc) - USD 6.13% 15.11% 12.55% 14.16% 22.18% 3.96% 7.69% 23.92% Medium 

JPMorgan Greater China D (acc) - EUR 3.78% 7.83% 3.30% 7.51% 15.48% 0.92% - - Medium 

JPMorgan Greater China D (acc) - USD 5.66% 14.00% 10.92% 12.03% 19.49% 1.90% 5.31% 19.98% Medium 

JPMorgan Greater China I (acc) - USD 6.19% 15.17% 12.64% 14.29% 22.28% 4.04% - - Medium 

JPMorgan Greater China I (dist) - USD*** - - - - - - - - Medium 

JPMorgan Greater China T (acc) - EUR 3.78% 7.82% 3.31% 7.51% 15.47% - - - Medium 

JPMorgan Greater China X (acc) - USD* - - - - - - - - Medium 


JPMorgan Hong Kong A (acc) - USD 4.68% 17.01% 10.83% 11.38% 21.49% 2.09% 4.70% 17.36% Medium 

JPMorgan Hong Kong A (dist) - HKD 4.63% 16.75% 10.41% 11.22% 21.03% 1.71% - - Medium 

JPMorgan Hong Kong A (dist) - USD 4.69% 16.96% 10.77% 11.29% 21.29% 1.88% 4.51% 17.00% Medium 

JPMorgan Hong Kong B (acc) - USD 4.90% 17.50% 11.46% 12.24% 22.62% 2.91% 5.64% 18.80% Medium 

JPMorgan Hong Kong C (acc) - USD 4.89% 17.49% 11.56% 12.34% 22.83% 3.05% 5.77% 19.05% Medium 

JPMorgan Hong Kong D (acc) - USD 4.44% 16.45% 10.00% 10.24% 20.10% 1.04% 3.53% 15.53% Medium 


JPMorgan India A (acc) - SGD 10.41% 0.56% -2.72% -3.77% 5.55% -8.04% -3.25% - High 

JPMorgan India A (acc) - USD 9.75% 1.04% -4.39% -6.90% 7.02% -7.68% -0.86% 14.06% High 

JPMorgan India A (dist) - GBP 7.08% -7.02% -12.35% -8.57% - - - - High 

JPMorgan India A (dist) - USD 9.72% 1.04% -4.41% -6.91% 7.01% -7.67% -0.82% 14.13% High 

JPMorgan India B (acc) - EUR 7.97% - - - - - - - High 

JPMorgan India B (acc) - USD 9.92% 1.43% -3.85% -6.22% 7.86% -7.10% -0.13% 15.36% High 

JPMorgan India B (dist) - USD 9.92% - - - - - - - High 

JPMorgan India C (acc) - USD 9.97% 1.50% -3.75% -6.05% 8.05% -6.98% 0.02% 15.63% High 

JPMorgan India C (dist) - USD 9.96% 1.09% -4.15% - - - - - High 

JPMorgan India D (acc) - EUR 7.55% -4.82% -11.52% -11.39% 2.86% -8.99% - - High 

JPMorgan India D (acc) - USD 9.50% 0.64% -4.98% -7.65% 6.10% -8.29% -1.62% 12.73% High 

JPMorgan India I (acc) - USD*** - - - - - - - - High 

JPMorgan India I (dist) - USD*** - - - - - - - - High 

JPMorgan India T (acc) - EUR 7.54% -4.82% -11.53% -11.39% 2.86% - - - High 

JPMorgan India X (acc) - USD 10.22% 2.02% -3.00% -5.12% 9.19% -6.22% 0.97% 17.32% High 


JPMorgan Indonesia Equity A (acc) - USD -7.02% -27.08% -33.29% -19.14% - - - - High 

JPMorgan Indonesia Equity B (acc) - USD -6.85% -26.80% - - - - - - High 

JPMorgan Indonesia Equity C (acc) - USD -6.80% -26.72% - - - - - - High 

JPMorgan Indonesia Equity D (acc) - EUR -8.96% -31.37% -38.30% -23.04% - - - - High 

JPMorgan Indonesia Equity D (acc) - USD -7.21% -27.36% -33.67% -19.76% - - - - High 

JPMorgan Indonesia Equity X (acc) - JPY 0.51% -21.78% -24.38% - - - - - High 

211





JPMorgan Japan Equity A (acc) - EUR -2.04% 7.79% 12.25% 29.25% 20.32% 8.70% 11.82% 8.78% Medium 

JPMorgan Japan Equity A (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPMorgan Japan Equity A (acc) - JPY 7.43% 21.08% 35.23% 64.97% 52.02% 22.80% 15.34% 12.73% Medium 

JPMorgan Japan Equity A (acc) - USD -0.10% 14.10% 20.94% 34.91% 24.71% 10.04% 10.55% 8.09% Medium 

JPMorgan Japan Equity A (acc) - USD (hedged)*** - - - - - - - - Medium 

JPMorgan Japan Equity A (dist) - GBP -2.21% 5.28% 11.45% 31.90% 20.30% 7.55% 9.27% 4.57% Medium 

JPMorgan Japan Equity A (dist) - GBP (hedged)*** - - - - - - - - Medium 

JPMorgan Japan Equity A (dist) - USD -0.15% 14.05% 20.97% 34.90% 24.64% 9.97% 10.50% 8.05% Medium 

JPMorgan Japan Equity B (acc) - EUR -1.85% - - - - - - - Medium 

JPMorgan Japan Equity B (acc) - USD 0.08% 14.50% 21.65% 35.88% 25.88% 11.01% 11.61% 9.18% Medium 

JPMorgan Japan Equity B (dist) - GBP -2.08% - - - - - - - Medium 

JPMorgan Japan Equity B (dist) - USD 0.04% - - - - - - - Medium 

JPMorgan Japan Equity C (acc) - USD 0.08% 14.67% 21.79% 36.16% 26.14% 11.27% 11.89% 9.44% Medium 

JPMorgan Japan Equity C (dist) - USD 0.08% 14.59% 21.83% - - - - - Medium 

JPMorgan Japan Equity D (acc) - EUR -2.17% 7.38% 11.99% 28.57% 19.33% 7.92% 10.77% 7.81% Medium 

JPMorgan Japan Equity D (acc) - USD -0.36% 13.58% 20.35% 33.76% 23.53% 9.06% 9.50% 7.06% Medium 

JPMorgan Japan Equity I (acc) - USD 0.10% 14.64% - - - - - - Medium 

JPMorgan Japan Equity J (dist) - USD -0.14% 14.09% 20.96% 34.86% 24.60% 9.97% 10.46% 8.04% Medium 

JPMorgan Japan Equity X (acc) - USD 0.24% 15.09% 22.62% 37.28% 27.40% 12.38% 13.10% 10.66% Medium 


JPMorgan Korea Equity A (acc) - EUR 0.76% 13.86% 0.63% -0.13% 7.17% -2.22% 8.94% 24.78% Medium 

JPMorgan Korea Equity A (acc) - SGD 3.74% 20.35% 10.66% 7.92% 9.42% - - - Medium 

JPMorgan Korea Equity A (acc) - USD 2.71% 20.50% 8.28% 4.07% 11.06% -1.09% 7.75% 23.70% Medium 

JPMorgan Korea Equity A (dist) - USD 2.70% 20.42% 8.23% 4.09% 11.03% -1.10% 7.73% 23.70% Medium 

JPMorgan Korea Equity B (acc) - EUR 0.93% - - - - - - - Medium 

JPMorgan Korea Equity B (acc) - USD 2.94% 20.99% 8.93% 4.92% 11.98% -0.34% 8.75% - Medium 

JPMorgan Korea Equity C (acc) - EUR*** - - - - - - - - Medium 

JPMorgan Korea Equity C (acc) - USD 2.93% 21.02% 9.02% 5.06% 12.16% -0.20% - - Medium 

JPMorgan Korea Equity D (acc) - USD 2.48% 19.86% 7.39% 2.99% 9.79% -2.06% 6.43% 21.53% Medium 

JPMorgan Korea Equity I (acc) - USD** - 9.79% - - 2.23% - - - Medium 

JPMorgan Korea Equity X (acc) - USD* - - - - - - - - Medium 


JPM Latin America Equity A (acc) - EUR -3.46% -3.75% -19.25% -14.24% - - - - Medium 

JPM Latin America Equity A (acc) - SGD -0.65% 1.82% -11.31% -7.30% -0.40% -6.60% - - Medium 

JPM Latin America Equity A (acc) - USD -1.59% 1.90% -13.17% -10.58% 1.00% -6.14% -0.86% 21.29% Medium 

JPM Latin America Equity A (dist) - USD -1.60% 1.88% -13.18% -10.58% 1.03% -6.13% -0.83% 21.25% Medium 

JPMorgan Latin America Equity A (dist) - USD -1.61% 1.87% -13.19% -10.58% 1.04% -6.13% -0.84% 21.23% Medium 

JPM Latin America Equity B (acc) - EUR*** -4.20% - - - - - - - Medium 

JPM Latin America Equity B (acc) - USD -1.46% 2.21% -12.72% -9.94% 1.77% -5.54% -0.13% 22.85% Medium 

JPM Latin America Equity B (dist) - USD -1.42% 2.27% - - - - - - Medium 

JPM Latin America Equity C (acc) - EUR*** - - - - - - - - Medium 

JPM Latin America Equity C (acc) - USD -1.41% 2.28% -12.66% -9.87% 1.83% -5.49% -0.08% 22.98% Medium 

JPM Latin America Equity D (acc) - EUR -3.69% -4.23% -19.85% -15.09% -3.18% -7.88% - - Medium 

JPM Latin America Equity D (acc) - USD -1.86% 1.36% -13.85% -11.49% -0.01% -6.95% -1.81% 19.28% Medium 

JPM Latin America Equity I (acc) - EUR*** - - - - - - - - Medium 

JPM Latin America Equity I (acc) - JPY 6.16% 8.67% - - - - - - Medium 

JPM Latin America Equity I (acc) - USD -1.34% 2.41% -12.53% -9.72% 1.96% -5.40% 0.03% 23.18% Medium 

JPM Latin America Equity I (dist) - USD*** - - - - - - - - Medium 

JPM Latin America Equity T (acc) - EUR -3.70% -4.23% -19.86% -15.10% -3.19% - - - Medium 

JPM Latin America Equity X (acc) - USD -1.17% 2.80% -12.01% -8.98% 2.84% -4.68% 0.88% 25.05% Medium 


JPM Russia A (acc) - USD 4.70% 16.92% 7.04% 4.28% 11.12% -7.18% -0.29% 32.20% Medium 

JPM Russia A (dist) - USD 4.65% 16.78% 6.91% 4.16% 11.04% -7.23% -0.33% 32.03% Medium 

JPM Russia B (acc) - USD 4.86% 17.40% 7.67% 5.11% 12.08% -6.59% 0.46% 34.23% Medium 

JPM Russia B (dist) - USD 4.81% - - - - - - - Medium 

JPM Russia C (acc) - USD 4.80% 17.27% 7.57% 4.98% 12.09% -6.57% 0.50% 34.31% Medium 

JPM Russia D (acc) - USD 4.34% 16.20% 6.19% 3.22% 9.91% -7.95% -1.26% 29.66% Medium 

JPM Russia I (acc) - USD 4.85% 17.34% 7.72% 5.18% 12.15% -6.49% 0.57% 34.47% Medium 

JPM Russia T (acc) - EUR 2.54% 9.98% -1.08% -0.92% - - - - Medium 


JPMorgan Singapore A (acc) - SGD 0.57% 2.87% -2.01% 4.14% 15.05% 2.75% 5.56% - Medium 

JPMorgan Singapore A (acc) - USD -0.07% 3.32% -3.74% 0.67% 16.77% 3.25% 8.94% 29.39% Medium 

JPMorgan Singapore A (dist) - USD -0.09% 3.24% -3.79% 0.59% 16.64% 3.10% 8.70% 28.70% Medium 

JPMorgan Singapore B (acc) - USD 0.10% 3.71% -3.18% 1.44% 17.77% 4.09% 9.98% 31.26% Medium 

JPMorgan Singapore B (dist) - USD 0.12% - - - - - - - Medium 

JPMorgan Singapore C (acc) - USD 0.14% 3.74% -3.10% 1.54% 17.88% 4.20% 10.08% 31.57% Medium 

JPMorgan Singapore D (acc) - USD -0.33% 2.81% -4.44% -0.33% 15.44% 2.17% 7.61% 26.98% Medium 

JPMorgan Singapore I (acc) - USD*** - - - - - - - - Medium 


212





JPMorgan Taiwan A (acc) - EUR 3.76% 6.31% 6.71% 11.52% 12.73% 1.66% 8.65% 24.93% Medium 

JPMorgan Taiwan A (acc) - USD 5.63% 12.41% 14.65% 16.10% 16.53% 2.66% 7.26% 24.31% Medium 

JPMorgan Taiwan A (dist) - HKD 5.60% 12.29% 14.51% 16.23% 16.32% 2.47% - - Medium 

JPMorgan Taiwan A (dist) - USD 5.56% 12.30% 14.53% 15.97% 16.28% 2.43% 7.03% 22.79% Medium 

JPMorgan Taiwan B (acc) - USD 5.77% 12.73% 15.19% 16.81% 17.35% - - - Medium 

JPMorgan Taiwan C (acc) - USD 5.83% 12.86% 15.31% 16.98% 17.57% 3.47% 8.23% 25.98% Medium 

JPMorgan Taiwan C (dist) - USD 5.81% - - - - - - - Medium 

JPMorgan Taiwan D (acc) - USD 5.32% 11.86% 13.86% 15.02% 15.28% 1.59% 6.01% 22.15% Medium 

JPMorgan Taiwan I (acc) - USD* - - - - - - - - Medium 

JPMorgan Taiwan X (acc) - USD* - - - - - - - - Medium 


JPM US Aggregate Bond A (acc) - EUR (hedged) -0.19% 0.01% -2.72% -2.86% 0.52% - - - Medium 

JPM US Aggregate Bond A (acc) - USD -0.20% 0.07% -2.60% -2.66% 0.71% 3.06% 4.33% 5.58% Medium 

JPM US Aggregate Bond A (div) - USD -0.19% 0.09% -2.55% -2.63% - - - - Medium 

JPM US Aggregate Bond A (inc) - USD -0.16% 0.08% -2.59% -2.67% 0.75% 3.03% 4.16% 5.27% Medium 

JPM US Aggregate Bond A (mth) - HKD -0.18% -0.10% -2.82% -2.60% - - - - Medium 

JPM US Aggregate Bond A (mth) - SGD 0.37% -0.38% -0.87% 0.61% - - - - Medium 

JPM US Aggregate Bond A (mth) - SGD (hedged) -0.20% -0.01% -2.71% -2.79% - - - - Medium 

JPM US Aggregate Bond A (mth) - USD -0.12% 0.13% -2.53% -2.61% 0.76% 3.03% - - Medium 

JPM US Aggregate Bond B (acc) - EUR (hedged) -0.11% 0.20% -2.46% -2.51% - - - - Medium 

JPM US Aggregate Bond B (acc) - USD -0.07% 0.27% -2.33% -2.33% 1.08% 3.45% 4.74% 6.02% Medium 

JPM US Aggregate Bond B (mth) - USD -0.09% 0.26% -2.30% -2.31% - - - - Medium 

JPM US Aggregate Bond C (acc) - USD -0.07% 0.33% -2.24% -2.24% 1.20% 3.62% 4.91% 6.22% Medium 

JPM US Aggregate Bond C (dist) - GBP (hedged) -0.03% 0.45% -2.10% - - - - - Medium 

JPM US Aggregate Bond D (acc) - EUR (hedged) -0.26% -0.12% -2.91% -3.10% 0.26% 2.86% - - Medium 

JPM US Aggregate Bond D (acc) - USD -0.30% -0.06% -2.79% -2.96% 0.45% 2.79% 4.03% 5.26% Medium 

JPM US Aggregate Bond I (acc) - USD -0.05% 0.38% -2.17% -2.14% 1.26% - - - Medium 

JPM US Aggregate Bond I (inc) - USD*** - - - - - - - - Medium 

JPM US Aggregate Bond I (mth) - USD -0.03% 0.38% - - - - - - Medium 

JPM US Aggregate Bond X (acc) - EUR (hedged) 0.05% 0.53% - - - - - - Medium 

JPM US Aggregate Bond X (acc) - USD 0.06% 0.61% -1.80% -1.68% 1.74% 4.19% 5.51% 6.90% Medium 

JPM US Aggregate Bond X (dist) - GBP (hedged) 0.13% 0.71% -1.70% -1.56% 1.91% - - - Medium 

JPM US Aggregate Bond X (dist) - USD*** - - - - - - - - Medium 


JPM US Growth A (acc) - EUR (hedged) 9.45% 21.78% 23.46% 32.61% 21.72% 15.62% 15.59% 22.14% Medium 

JPM US Growth A (acc) - USD 9.55% 21.62% 23.29% 32.46% 22.40% 16.02% 16.42% 23.51% Medium 

JPM US Growth A (dist) - GBP 7.01% 11.97% 13.09% 30.11% 18.07% 13.13% 15.42% 18.41% Medium 

JPM US Growth A (dist) - USD 9.58% 21.65% 23.28% 32.56% 22.47% 15.99% 16.41% 23.52% Medium 

JPM US Growth B (acc) - EUR (hedged) 9.71% 22.25% 24.12% - - - - - Medium 

JPM US Growth B (acc) - USD 9.78% 22.13% 24.05% 33.52% 23.56% 17.14% 17.68% 25.20% Medium 

JPM US Growth B (dist) - USD 9.78% 22.13% 24.04% 33.49% - - - - Medium 

JPM US Growth C (acc) - EUR (hedged) 9.76% 22.42% 24.39% 33.88% 23.27% 17.15% - - Medium 

JPM US Growth C (acc) - USD 9.90% 22.34% 24.32% 33.94% 23.99% 17.58% 18.19% 25.87% Medium 

JPM US Growth C (dist) - GBP 7.19% 12.47% 13.95% 31.49% 19.47% - - - Medium 

JPM US Growth C (dist) - USD 9.85% 22.31% 24.31% 33.88% 23.96% - - - Medium 

JPM US Growth D (acc) - EUR (hedged) 9.23% 21.27% 22.70% 31.50% 20.62% 14.54% 14.42% 20.56% Medium 

JPM US Growth D (acc) - USD 9.44% 21.19% 22.61% 31.50% 21.37% 14.99% 15.22% 21.96% Medium 

JPM US Growth I (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPM US Growth I (acc) - JPY 18.02% 29.64% - - - - - - Medium 

JPM US Growth I (acc) - USD*** - - - - - - - - Medium 

JPM US Growth I (dist) - GBP*** - - - - - - - - Medium 

JPM US Growth I (dist) - USD*** - - - - - - - - Medium 

JPM US Growth P (dist) - USD 9.94% - - - - - - - Medium 

JPM US Growth T (acc) - EUR (hedged) 9.32% 21.32% 22.72% 31.57% - - - - Medium 

JPM US Growth X (acc) - USD 10.04% 22.83% 25.03% 34.93% 25.08% 18.71% 19.49% 27.58% Medium 

JPM US Growth X (dist) - USD 10.06% 22.69% 24.92% 34.76% 24.90% - - - Medium 


JPM US High Yield Plus Bond A (acc) - EUR (hedged)** 2.86% - - - - - - - Medium 

JPM US High Yield Plus Bond A (acc) - USD 2.82% 4.96% 3.15% 6.27% - - - - Medium 

JPM US High Yield Plus Bond A (dist) - GBP (hedged)*** - - - - - - - - Medium 

JPM US High Yield Plus Bond A (div) - EUR (hedged) 2.84% - - - - - - - Medium 

JPM US High Yield Plus Bond A (mth) - HKD 2.67% 4.78% 2.93% 6.18% - - - - Medium 

JPM US High Yield Plus Bond A (mth) - USD 2.80% 4.87% 3.01% 6.06% - - - - Medium 

JPM US High Yield Plus Bond D (div) - EUR (hedged)** 2.71% - - - - - - - Medium 

JPM US High Yield Plus Bond X (acc) - EUR (hedged) 3.18% - - - - - - - Medium 

JPM US High Yield Plus Bond X (acc) - GBP (hedged) 3.21% - - - - - - - Medium 

JPM US High Yield Plus Bond X (acc) - USD* - - - - - - - - Medium 

213





JPM US Small Cap Growth A (acc) - EUR 6.15% 14.31% 19.05% 39.79% 24.55% - - - Medium 

JPM US Small Cap Growth A (acc) - USD 8.09% 20.84% 27.81% 45.63% 29.08% 16.70% 24.06% 34.94% Medium 

JPM US Small Cap Growth A (dist) - GBP 5.43% 11.10% 17.23% 43.11% 24.34% 13.75% 22.96% 28.53% Medium 

JPM US Small Cap Growth A (dist) - USD 8.07% 20.85% 27.84% 45.66% 29.11% 16.70% 24.09% 34.98% Medium 

JPM US Small Cap Growth B (acc) - EUR*** 5.24% - - - - - - - Medium 

JPM US Small Cap Growth B (acc) - USD 8.30% 21.41% 28.61% 46.84% 30.41% 17.91% 25.66% 37.12% Medium 

JPM US Small Cap Growth B (dist) - USD 8.29% - - - - - - - Medium 

JPM US Small Cap Growth C (acc) - USD 8.31% 21.40% 28.72% 46.98% 18.43% - - - Medium 

JPM US Small Cap Growth D (acc) - USD 7.86% 20.38% 27.16% 44.63% 27.95% 15.58% 22.62% 32.93% Medium 

JPM US Small Cap Growth I (acc) - USD*** - - - - - - - - Medium 

JPM US Small Cap Growth I (dist) - USD*** - - - - - - - - Medium 

JPM US Small Cap Growth X (acc) - USD 8.53% 21.92% 29.54% 48.29% 31.94% 19.39% 27.62% 40.00% Medium 


JPM US Technology A (acc) - EUR 3.96% 13.25% 12.31% 22.48% 14.72% 8.63% - - Medium 

JPM US Technology A (acc) - SGD 6.48% 19.20% 22.78% 32.07% - - - - Medium 

JPM US Technology A (acc) - USD 5.81% 19.72% 20.61% 27.58% 18.70% 9.82% 15.64% 33.22% Medium 

JPM US Technology A (dist) - GBP 3.33% 10.10% 10.66% 25.29% 14.41% 7.18% 14.75% 26.46% Medium 

JPM US Technology A (dist) - USD 5.81% 19.71% 20.51% 27.57% 18.69% 9.81% 15.66% 33.15% Medium 

JPMorgan US Technology A (dist) - USD 5.76% 19.44% 20.56% 27.72% 18.62% 9.67% 15.57% 33.20% Medium 

JPM US Technology B (acc) - USD 6.04% 20.19% 21.29% 28.60% 19.72% - - - Medium 

JPM US Technology B (dist) - USD 6.04% 20.20% 21.31% 28.60% - - - - Medium 

JPM US Technology C (acc) - USD 6.05% 20.19% 21.37% 28.73% 19.83% 10.96% 17.14% 35.62% Medium 

JPM US Technology C (dist) - USD 6.06% 20.25% 21.39% 28.73% - - - - Medium 

JPM US Technology D (acc) - EUR 3.76% 12.71% 11.55% 21.35% 13.46% 7.41% 15.74% - Medium 

JPM US Technology D (acc) - USD 5.50% 19.17% 19.79% 26.37% 17.25% 8.56% 14.12% 30.55% Medium 

JPM US Technology I (acc) - EUR*** - - - - - - - - Medium 

JPM US Technology I (acc) - USD*** - - - - - - - - Medium 

JPM US Technology I (dist) - USD*** - - - - - - - - Medium 

JPM US Technology X (acc) - USD* - - - - - - - - Medium 


JPM US Value A (acc) - EUR (hedged) 8.84% 12.56% 16.53% 30.86% 23.53% 16.99% 17.30% 20.24% Medium 

JPM US Value A (acc) - USD 8.89% 12.41% 16.33% 30.70% 23.98% 17.22% 17.88% 21.44% Medium 

JPM US Value A (dist) - GBP 6.20% 3.38% 6.62% 28.28% 19.41% 14.22% 16.88% 16.55% Medium 

JPM US Value A (dist) - USD 8.83% 12.38% 16.32% 30.63% 23.87% 17.21% 17.81% 21.30% Medium 

JPMorgan US Value A (dist) - USD 8.88% 12.42% 16.29% 30.61% 23.91% 17.17% 17.78% 21.26% Medium 

JPM US Value B (acc) - EUR (hedged) 9.07% 13.00% 17.15% - - - - - Medium 

JPM US Value B (acc) - USD 9.10% 12.85% 17.01% 31.66% 25.08% 18.38% 19.18% 23.04% Medium 

JPM US Value B (dist) - USD 9.07% 12.86% - - - - - - Medium 

JPM US Value C (acc) - EUR (hedged) 9.14% 13.12% 17.41% 32.14% 25.02% 18.58% 19.05% - Medium 

JPM US Value C (acc) - USD 9.21% 13.03% 17.34% 32.05% 25.55% 18.87% 19.71% 23.68% Medium 

JPM US Value C (dist) - GBP 6.51% 3.91% 7.48% - - - - - Medium 

JPM US Value D (acc) - EUR (hedged) 8.75% 12.15% 15.91% 29.89% 22.42% 15.90% 16.06% 18.76% Medium 

JPM US Value D (acc) - USD 8.70% 11.99% 15.69% 29.70% 22.85% 16.11% 16.62% 19.94% Medium 

JPM US Value I (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPM US Value I (acc) - USD 9.20% 13.11% 17.41% 32.25% 25.67% - - - Medium 

JPM US Value I (dist) - GBP*** - - - - - - - - Medium 

JPM US Value I (dist) - USD*** - - - - - - - - Medium 

JPM US Value X (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM US Value X (acc) - USD 9.37% 13.50% 18.02% 33.09% 26.69% 20.04% 21.06% 25.30% Medium 



*** No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the period end. 

214



4. Interest Rate Received/(Charged) on Bank Accounts 

Basis for Bank Interest Rates 

s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month. 

5. Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 

The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum: 

Share Class Name 

JPM Asia Local Currency Debt I (acc) - USD 

JPM Global Dynamic I (acc) - USD 

JPM Asia Local Currency Debt X (acc) - USD 

JPM Global Dynamic I (dist) - USD 

JPM Brazil Equity I (acc) - EUR 

JPM Global Dynamic I (inc) - EUR 

JPM Brazil Equity I (acc) - USD 

JPM Global Dynamic X (acc) - EUR 

JPM Eastern Europe Equity I (acc) - EUR 

JPM Global Dynamic X (acc) - EUR (hedged) 

JPM Eastern Europe Equity X (acc) - EUR 

JPM Global Dynamic X (acc) - USD 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 

JPM Global Natural Resources I (acc) - EUR 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 

JPM Global Natural Resources I (acc) - USD 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 

JPM Global Natural Resources I (dist) - EUR 

JPM Emerging Markets Debt I (acc) - USD 

JPM Global Natural Resources X (acc) - EUR 

JPM Emerging Markets Debt I (dist) - USD 

JPM Global Natural Resources X (dist) - AUD 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 

JPM Latin America Equity I (acc) - EUR 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 

JPM Latin America Equity I (acc) - JPY 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 

JPM Latin America Equity I (acc) - USD 

JPM Emerging Markets Debt X (dist) - USD 

JPM Latin America Equity I (dist) - USD 

JPM Emerging Markets Dividend X (acc) - EUR 

JPM Latin America Equity X (acc) - USD 

JPM Emerging Markets Dividend X (acc) - USD 

JPM Russia I (acc) - USD 

JPM Emerging Markets Equity I (acc) - EUR 

JPM US Aggregate Bond I (acc) - USD 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 

JPM US Aggregate Bond I (inc) - USD 

JPM Emerging Markets Equity I (acc) - SGD 

JPM US Aggregate Bond I (mth) - USD 

JPM Emerging Markets Equity I (acc) - USD 

JPM US Aggregate Bond X (acc) - EUR (hedged) 

JPM Emerging Markets Equity I (dist) - GBP 

JPM US Aggregate Bond X (acc) - USD 

JPM Emerging Markets Equity I (dist) - USD 

JPM US Aggregate Bond X (dist) - GBP (hedged) 

JPM Emerging Markets Equity I (inc) - EUR 

JPM US Aggregate Bond X (dist) - USD 

JPM Emerging Markets Equity X (acc) - EUR 

JPM US High Yield Plus Bond X (acc) - EUR (hedged) 

JPM Emerging Markets Equity X (acc) - USD 

JPM US High Yield Plus Bond X (acc) - GBP (hedged) 

JPM Emerging Markets Equity X (dist) - USD 

JPM US Small Cap Growth I (acc) - USD 

JPM Emerging Markets Equity X (inc) - EUR 

JPM US Small Cap Growth I (dist) - USD 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 

JPM US Small Cap Growth X (acc) - USD 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 

JPM US Technology I (acc) - EUR 

JPM Emerging Markets Local Currency Debt I (acc) - USD 

JPM US Technology I (acc) - USD 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 

JPM US Technology I (dist) - USD 

JPM Emerging Markets Local Currency Debt X (acc) - EUR 

JPM US Value I (acc) - EUR (hedged) 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 

JPM US Value I (acc) - USD 

JPM Emerging Markets Local Currency Debt X (acc) - USD 

JPM US Value I (dist) - GBP 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR 

JPM US Value I (dist) - USD 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP 

JPM US Value X (acc) - USD 

JPM Emerging Markets Opportunities I (acc) - EUR 

JPMorgan Asia Pacific Income X (acc) - USD 

JPM Emerging Markets Opportunities I (acc) - USD 

JPMorgan China I (acc) - USD 

JPM Emerging Markets Opportunities X (acc) - EUR 

JPMorgan China I (dist) - USD 

JPM Emerging Markets Opportunities X (acc) - GBP 

JPMorgan China X (acc) - USD 

JPM Emerging Markets Opportunities X (acc) - USD 

JPMorgan Greater China I (acc) - USD 

JPM Emerging Markets Opportunities X (dist) - AUD 

JPMorgan Greater China I (dist) - USD 

JPM Emerging Middle East Equity I (acc) - USD 

JPMorgan India I (acc) - USD 

JPM Europe Dynamic I (acc) - EUR 

JPMorgan India I (dist) - USD 

JPM Europe Dynamic I (dist) - EUR 

JPMorgan India X (acc) - USD 

JPM Europe Dynamic I (dist) - GBP 

JPMorgan Indonesia Equity X (acc) - JPY 

JPM Europe Dynamic X (acc) - EUR 

JPMorgan Korea Equity I (acc) - USD 

JPM Global Dynamic I (acc) - EUR 

JPMorgan Singapore I (acc) - USD 

JPM Global Dynamic I (acc) - EUR (hedged) 

215



6. Portfolio Turnover Ratio 

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy. 

The Portfolio Turnover Ratio is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Funds & Asset Management Association as outlined below: 

(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares) 

Average net Sub-Fund assets in Sub-Fund currency 

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published. 

Sub-Fund Portfolio Turnover Ratio (%) 

JPMorgan Funds - America Equity Fund - 

JPMorgan Funds - Asia Local Currency Debt Fund 45.11 

JPMorgan Funds - Asia Pacific Income Fund - 

JPMorgan Funds - Brazil Equity Fund 13.09 

JPMorgan Funds - China Fund 170.70 

JPMorgan Funds - Eastern Europe Equity Fund 12.29 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 46.21 

JPMorgan Funds - Emerging Markets Debt Fund 99.34 

JPMorgan Funds - Emerging Markets Dividend Fund 11.94 

JPMorgan Funds - Emerging Markets Equity Fund - 

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 58.44 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 89.92 

JPMorgan Funds - Emerging Markets Opportunities Fund 39.04 

JPMorgan Funds - Emerging Middle East Equity Fund - 

JPMorgan Funds - Euroland Equity Fund 102.34 

JPMorgan Funds - Euroland Select Equity Fund - 

JPMorgan Funds - Europe Dynamic Fund 177.15 

JPMorgan Funds - Europe Equity Fund 96.13 

JPMorgan Funds - Europe Small Cap Fund 301.77 

JPMorgan Funds - Europe Technology Fund 144.47 

JPMorgan Funds - Germany Equity Fund - 

JPMorgan Funds - Global Consumer Trends Fund 33.65 

JPMorgan Funds - Global Convertibles Fund (EUR) 9.52 

JPMorgan Funds - Global Dynamic Fund 174.06 

JPMorgan Funds - Global Focus Fund 28.41 

JPMorgan Funds - Global Government Bond Fund - 

JPMorgan Funds - Global Natural Resources Fund - 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 76.59 

JPMorgan Funds - Global Unconstrained Equity Fund 94.81 

JPMorgan Funds - Greater China Fund 61.50 

JPMorgan Funds - Hong Kong Fund 34.20 

JPMorgan Funds - India Fund - 

JPMorgan Funds - Indonesia Equity Fund 81.15 

JPMorgan Funds - Japan Equity Fund (1) - 

JPMorgan Funds - Korea Equity Fund 153.86 

JPMorgan Funds - Latin America Equity Fund - 

JPMorgan Funds - Russia Fund - 

JPMorgan Funds - Singapore Fund 20.24 

JPMorgan Funds - Taiwan Fund 185.05 

JPMorgan Funds - US Aggregate Bond Fund - 

JPMorgan Funds - US Growth Fund - 

JPMorgan Funds - US High Yield Plus Bond Fund - 

JPMorgan Funds - US Small Cap Growth Fund - 

JPMorgan Funds - US Technology Fund 4.75 

JPMorgan Funds - US Value Fund - 


* Due to the fact that underlying investments have short term maturity and that they are replaced only at maturity, no portfolio turnover statistics are calculated for the Fund. 

216



7. Calculation Method of the Risk Exposure 

Global Exposure using the VaR Approach (continued) 

Sub-Fund Name 

JPMorgan Funds - Asia 

Local Currency Debt 

Fund 


Pacific Income Fund 

JPMorgan Funds - 

Emerging Markets Debt 

Fund 



Investment Grade Bond 

Fund 


Emerging Markets Local 

Currency Debt Fund 


Global Government 

Bond Fund 

JPMorgan Funds - Korea 

Equity Fund 

JPMorgan Funds - US 

Aggregate Bond Fund 


High Yield Plus Bond 

Fund 

Market 

Risk 

Limit Max Min Avg Reference portfolio Model Confidence 

Interval 

usage of reg limit* 

Relative 200% 61.37% 47.30% 53.23% 

HSBC Asian Local Bond Index (Total Return 

Gross) 

Monte 

Carlo 

Simulation 

50% MSCI All Country Asia Pacific ex Japan Index Monte 

Relative 200% 50.31% 37.73% 42.67% (Total Return Net)/50% J.P. Morgan Asia Credit Carlo 

Index (Total Return Gross) 

Simulation 

Relative 200% 52.88% 39.37% 46.21% 

J.P. Morgan Emerging Market Bond Index Global 

Monte 

Diversified (Total Return Gross) 

Carlo 

Simulation 

70% J.P. Morgan Emerging Market Bond Index 

Global Diversified Investment Grade (Total 

Relative 200% 53.83% 39.03% 45.98% Return Gross)/30% J.P. Morgan Corporate 

Emerging Markets Bond Index Broad Diversified 

Investment Grade (Total Return Gross) 

Relative 

Relative 

200% 55.49% 36.85% 50.34% 

J.P. Morgan Government Bond Index-Emerging 

Markets Global Diversified (Total Return Gross) 

200% 64.88% 45.05% 53.34% 

J.P. Morgan Government Bond Index Global 

(Total Return Gross) Hedged to EUR 

Relative 200% 56.73% 40.52% 47.43% Korea Composite Stock Price Index (KOSPI) 

Relative 200% 57.83% 39.74% 47.31% 

Barclays US Aggregate Index (Total Return 

Gross) 

Relative 

200% 62.96% 48.44% 54.07% 

Barclays US Corporate High-Yield 2% Issuer 

Capped Index (Total Return Gross) 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

* over the last 12 months to 31 December 2013 versus regulatory limit. 

** Average leverage over the last 6 months - Leverage is defined as the sum of the absolute notional of all derivatives in the Sub-Fund. 

Global Exposure using the Commitment Approach 




































Holding Effective 

period Observation 

Period 

Leverage 

Average over 

12 months to 

31 Dec 2013 

99% 20 days 500 days 43% 

99% 20 days 500 days 17% 

99% 20 days 500 days 66% 

99% 20 days 500 days 22% 

99% 20 days 500 days 217% 

99% 20 days 500 days 167% 

99% 20 days 500 days 4% 

99% 20 days 500 days 0% 

99% 20 days 500 days 0% 

217





of the Year 


at the End 

of the Year 

8. Historical Statement of Changes in the Number of Shares for the year ended 30 June 2013 (continued) 


JPM America Equity A (acc) - EUR - 11,510.625 112.628 11,397.997 

JPM America Equity A (acc) - EUR (hedged) 505,919.346 779,188.718 636,725.498 648,382.566 

JPM America Equity A (acc) - HKD - 6,997.390 0.007 6,997.383 



JPMorgan America Equity A (dist) - USD ## 696,941.934 1,137,471.589 777,955.092 1,056,458.431 

JPM America Equity B (acc) - USD 37,415.158 1,065,026.989 416,030.320 686,411.827 

JPM America Equity C (acc) - EUR (hedged) 132,832.893 2,423,711.829 1,014,547.144 1,541,997.578 


JPM America Equity C (dist) - USD - 6,691.932 - 6,691.932 



JPM America Equity D (acc) - USD 2,109,711.473 833,723.113 1,351,938.751 1,591,495.835 

JPM America Equity I (acc) - USD - 510,427.881 - 510,427.881 

JPM America Equity X (acc) - USD 853,610.967 675,892.397 63,895.297 1,465,608.067 

JPMorgan Funds - Asia Local Currency Debt Fund (1) 


JPM Asia Local Currency Debt A (mth) - HKD - 1,476,143.397 273,293.033 1,202,850.364 

JPM Asia Local Currency Debt A (mth) - USD - 16,712.508 4,922.687 11,789.821 

JPM Asia Local Currency Debt C (acc) - USD 70,313.574 47,951.749 62,299.711 55,965.612 

JPM Asia Local Currency Debt D (acc) - USD - 26,058.326 1,810.486 24,247.840 

JPM Asia Local Currency Debt X (acc) - USD - 100,000.000 - 100,000.000 

JPMorgan Funds - Asia Pacific Income Fund # 

JPMorgan Asia Pacific Income A (acc) - HKD ## - 9,134,572.974 119,162.430 9,015,410.544 

JPMorgan Asia Pacific Income A (acc) - USD ## 359,841.103 8,971,506.039 3,584,932.649 5,746,414.493 

JPMorgan Asia Pacific Income A (dist) - USD ## 2,523,759.110 19,781,118.745 10,632,728.314 11,672,149.541 

JPMorgan Asia Pacific Income A (mth) - HKD ## 75,135.477 969,297,486.051 306,900,484.577 662,472,136.951 

JPMorgan Asia Pacific Income A (mth) - SGD ## - 12,052,054.206 629,566.837 11,422,487.369 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) ## - 25,744,286.910 349,037.948 25,395,248.962 

JPMorgan Asia Pacific Income A (mth) - USD ## 1,148.907 36,776,115.702 14,174,477.998 22,602,786.611 

JPMorgan Asia Pacific Income B (acc) - USD ## 511,416.086 1,912,216.978 1,838,019.762 585,613.302 

JPMorgan Asia Pacific Income B (mth) - USD ## - 10.000 5.000 5.000 

JPMorgan Asia Pacific Income C (dist) - USD ## - 26,192.930 - 26,192.930 

JPMorgan Asia Pacific Income D (acc) - USD ## 1,090,346.952 432,381.594 277,185.852 1,245,542.694 

JPMorgan Asia Pacific Income D (mth) - USD ## - 176,462.216 7,731.887 168,730.329 

JPMorgan Asia Pacific Income X (acc) - USD ## - 459,126.600 33,284.866 425,841.734 






JPM Brazil Equity B (acc) - USD 2,657,967.330 864,512.816 1,643,262.555 1,879,217.591 

JPM Brazil Equity C (acc) - USD 1,413,973.605 1,171,370.187 1,777,796.053 807,547.739 

JPM Brazil Equity D (acc) - USD 6,752,477.306 1,254,413.502 2,391,824.919 5,615,065.889 



JPM Brazil Equity I (acc) - EUR 90,500.000 40,000.000 65,000.000 65,500.000 


JPMorgan Funds - China Fund # 

JPMorgan China A (acc) - SGD ## 3,671.836 8,851.042 6,072.481 6,450.397 

JPMorgan China A (acc) - USD ## 12,692,743.987 5,987,027.591 8,508,092.974 10,171,678.604 

JPMorgan China A (dist) - HKD ## 2,549,518.433 7,649,818.715 1,749,818.357 8,449,518.791 

JPMorgan China A (dist) - USD ## 45,087,526.260 11,481,768.077 17,683,576.494 38,885,717.843 

JPMorgan China B (acc) - USD ## 644,794.628 334,682.589 287,807.900 691,669.317 

JPMorgan China C (acc) - USD ## 2,369,590.341 4,197,056.886 3,819,821.291 2,746,825.936 

JPMorgan China C (dist) - USD ## - 1,862.000 - 1,862.000 

JPMorgan China D (acc) - EUR ## 53,502.115 57,257.984 27,001.029 83,759.070 

JPMorgan China D (acc) - USD ## 7,182,996.439 1,883,754.375 3,398,750.052 5,668,000.762 

JPMorgan China I (acc) - USD* ## 368,951.592 - 368,951.592 - 

JPMorgan China T (acc) - EUR ## 6,916.369 22,746.147 4,595.532 25,066.984 

JPMorgan China X (acc) - USD ## 32,701.151 - 23,265.052 9,436.099 




JPM Eastern Europe Equity A (dist) - EUR 7,507,083.778 916,148.309 1,868,620.858 6,554,611.229 

JPMorgan Eastern Europe Equity A (dist) - EUR ## 4,630,219.089 824,221.874 1,722,682.315 3,731,758.648 

JPM Eastern Europe Equity B (acc) - EUR 1,183,891.452 1,788,388.325 1,378,780.046 1,593,499.731 

JPM Eastern Europe Equity B (dist) - EUR - 13,417.000 971.000 12,446.000 

JPM Eastern Europe Equity C (acc) - EUR 3,661,858.142 1,650,328.938 1,433,260.602 3,878,926.478 

JPM Eastern Europe Equity D (acc) - EUR 1,469,157.196 150,224.579 506,510.730 1,112,871.045 

JPM Eastern Europe Equity I (acc) - EUR 900.000 - 200.000 700.000 

JPM Eastern Europe Equity X (acc) - EUR 2,620,000.000 160,000.000 - 2,780,000.000 

(1) This Sub-Fund was renamed from Asia Pacific Bond Fund on 5 December 2012. 

218





of the Year 


at the End 

of the Year 




JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 3,275.228 1,597.031 2,446.333 2,425.926 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 3,042,411.646 745,779.207 1,063,102.392 2,725,088.461 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,021,401.671 936,209.320 1,947,842.730 5,009,768.261 


JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 266,948.186 1,083,816.354 233,912.309 1,116,852.231 


JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,316,264.699 120,353.263 494,683.345 941,934.617 


JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 5,237.421 10,284.634 9,010.847 6,511.208 


JPMorgan Funds - Emerging Markets Bond Fund 

JPM Emerging Markets Bond A (acc) - USD 252,702.091 195,312.886 276,950.919 171,064.058 

JPM Emerging Markets Bond A (mth) - USD 10.000 15,708.929 3,146.867 12,572.062 

JPM Emerging Markets Bond B (acc) - USD 50,664.103 51,298.126 36,647.966 65,314.263 

JPM Emerging Markets Bond B (mth) - USD 10.000 - 5.000 5.000 

JPM Emerging Markets Bond C (acc) - EUR (hedged)* 49,650.000 - 49,650.000 - 

JPM Emerging Markets Bond C (acc) - USD 98,907.020 118,053.296 211,372.339 5,587.977 

JPM Emerging Markets Bond D (acc) - USD 147,597.288 124,350.793 102,817.595 169,130.486 

JPM Emerging Markets Bond D (mth) - USD 10.000 17,513.714 10.000 17,513.714 

JPM Emerging Markets Bond I (acc) - JPY (hedged) - 105,552.037 - 105,552.037 

JPM Emerging Markets Bond I (acc) - USD 436,400.000 664,982.324 322,714.387 778,667.937 

JPM Emerging Markets Bond X (acc) - GBP (hedged) 141,698.658 41,189.131 107,640.828 75,246.961 

JPM Emerging Markets Bond X (acc) - USD 46,149.404 409,180.575 160,209.371 295,120.608 



JPM Emerging Markets Debt A (acc) - GBP (hedged) - 34,814.000 - 34,814.000 

JPM Emerging Markets Debt A (acc) - USD 11,432,764.704 10,132,183.353 16,210,984.564 5,353,963.493 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 6,025,767.636 8,984,674.483 4,512,742.006 10,497,700.113 

JPM Emerging Markets Debt A (inc) - USD 851,214.464 206,521.305 943,075.106 114,660.663 

JPM Emerging Markets Debt A (irc) - AUD (hedged) - 169,753.329 - 169,753.329 

JPM Emerging Markets Debt A (irc) - CAD (hedged) - 20,251.143 - 20,251.143 

JPM Emerging Markets Debt A (irc) - NZD (hedged) - 22,622.125 - 22,622.125 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 964,634.852 2,096,339.149 1,650,568.657 1,410,405.344 

JPM Emerging Markets Debt A (mth) - HKD 1,191,718.124 7,208,180.283 2,594,147.582 5,805,750.825 


JPM Emerging Markets Debt B (acc) - EUR (hedged) 1,500,116.555 732,961.283 1,734,853.880 498,223.958 

JPM Emerging Markets Debt B (acc) - USD 14,000.000 172,531.154 15,368.362 171,162.792 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 2,267,760.196 7,828,737.746 7,208,757.357 2,887,740.585 


JPM Emerging Markets Debt C (dist) - USD 145,025.851 134.760 145,025.852 134.759 

JPM Emerging Markets Debt C (mth) - USD - 1,074,254.331 972,466.202 101,788.129 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 3,456,764.921 1,601,378.396 1,700,480.157 3,357,663.160 

JPM Emerging Markets Debt I (acc) - EUR (hedged) - 219,500.000 - 219,500.000 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 885,161.782 6,205,902.084 - 7,091,063.866 



JPM Emerging Markets Debt X (dist) - USD - 24,701.333 20,970.001 3,731.332 









JPM Emerging Markets Equity C (acc) - EUR - 26,351.000 16,644.000 9,707.000 

JPM Emerging Markets Equity C (acc) - EUR (hedged) - 179,476.990 559.739 178,917.251 


JPM Emerging Markets Equity C (dist) - GBP - 1,118.966 - 1,118.966 

JPM Emerging Markets Equity C (dist) - USD 138,001.060 3,298,247.968 533,844.512 2,902,404.516 

JPM Emerging Markets Equity D (acc) - EUR 4,249,127.636 1,420,902.042 1,576,861.014 4,093,168.664 

JPM Emerging Markets Equity D (acc) - EUR (hedged) - 393.580 262.295 131.285 

JPM Emerging Markets Equity D (acc) - USD 4,084,187.644 642,548.568 1,990,267.640 2,736,468.572 


JPM Emerging Markets Equity I (acc) - EUR (hedged) - 118,161.101 - 118,161.101 





JPM Emerging Markets Equity X (dist) - USD 619,742.798 888,080.657 331,398.153 1,176,425.302 


219





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of the Year 


JPMorgan Funds - Emerging Markets Local Currency Debt Fund (2) 

JPM Emerging Markets Local Currency Debt A (acc) - EUR 10,031,787.094 13,531,616.488 9,400,430.108 14,162,973.474 



JPM Emerging Markets Local Currency Debt A (dist) - GBP 32,707.081 19,799.832 48,827.902 3,679.011 

JPM Emerging Markets Local Currency Debt A (div) - EUR 10.000 92,207.172 4,896.421 87,320.751 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 227,195.986 2,473,750.301 97,106.927 2,603,839.360 




JPM Emerging Markets Local Currency Debt B (mth) - USD - 10.000 - 10.000 

JPM Emerging Markets Local Currency Debt C (acc) - EUR 383,338.774 1,059,801.377 601,170.017 841,970.134 

JPM Emerging Markets Local Currency Debt C (acc) - USD 6,333,613.541 8,671,077.709 9,202,142.679 5,802,548.571 

JPM Emerging Markets Local Currency Debt C (dist) - GBP - 42,458.157 41,562.885 895.272 

JPM Emerging Markets Local Currency Debt C (mth) - USD - 200,976.744 94,573.959 106,402.785 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 7,475,807.322 3,322,714.626 2,345,471.028 8,453,050.920 



JPM Emerging Markets Local Currency Debt D (mth) - USD - 7,709.767 10.000 7,699.767 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 96,890.000 155,700.000 12,000.000 240,590.000 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) - 381,600.000 - 381,600.000 

JPM Emerging Markets Local Currency Debt I (acc) - USD 603,910.578 299,723.289 604,177.538 299,456.329 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 626,080.370 1,816,471.396 - 2,442,551.766 



JPM Emerging Markets Local Currency Debt X (acc) - EUR 1,377,488.347 1,855,143.577 1,432,293.300 1,800,338.624 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) - 585,300.000 - 585,300.000 

JPM Emerging Markets Local Currency Debt X (acc) - USD 21,385,105.104 1,041,280.000 2,072,431.000 20,353,954.104 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR - 2,127,044.013 634.000 2,126,410.013 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP*** 1,172,426.765 1,004,019.735 22,698.324 2,153,748.176 


JPM Emerging Markets Opportunities A (acc) - CHF (hedged) - 19,030.439 675.000 18,355.439 

JPM Emerging Markets Opportunities A (acc) - EUR 10,605.123 1,895,077.278 269,355.208 1,636,327.193 

JPM Emerging Markets Opportunities A (acc) - SGD - 31,367.217 12,976.708 18,390.509 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) - 442,167.751 37,179.022 404,988.729 

JPM Emerging Markets Opportunities A (acc) - USD 381,257.805 1,829,481.001 486,943.414 1,723,795.392 

JPM Emerging Markets Opportunities A (dist) - EUR 812.609 486,340.506 345,570.330 141,582.785 

JPM Emerging Markets Opportunities A (dist) - GBP - 47,644.867 1,996.013 45,648.854 

JPM Emerging Markets Opportunities A (dist) - USD - 77,177.215 1,499.148 75,678.067 

JPM Emerging Markets Opportunities A (inc) - EUR - 14,026.000 - 14,026.000 


JPM Emerging Markets Opportunities B (dist) - GBP - 190,166.446 11,087.855 179,078.591 

JPM Emerging Markets Opportunities C (acc) - PLN 99.980 - - 99.980 

JPM Emerging Markets Opportunities C (acc) - USD 554,660.710 1,461,628.668 298,249.866 1,718,039.512 

JPM Emerging Markets Opportunities C (dist) - GBP - 1,223,994.047 78,049.660 1,145,944.387 

JPM Emerging Markets Opportunities C (dist) - USD - 473,252.600 7,967.000 465,285.600 

JPM Emerging Markets Opportunities D (acc) - EUR - 32,755.590 2,576.353 30,179.237 

JPM Emerging Markets Opportunities D (acc) - PLN 233.551 1,158.475 980.628 411.398 

JPM Emerging Markets Opportunities D (acc) - USD - 129,160.388 11,845.569 117,314.819 

JPM Emerging Markets Opportunities I (acc) - EUR - 452,627.000 - 452,627.000 


JPM Emerging Markets Opportunities T (acc) - EUR - 22,580.779 2,725.488 19,855.291 

JPM Emerging Markets Opportunities X (acc) - EUR - 947,917.882 - 947,917.882 

JPM Emerging Markets Opportunities X (acc) - GBP - 667,955.575 60.904 667,894.671 




JPM Emerging Middle East Equity A (acc) - SGD 2,964.401 527.278 1,279.641 2,212.038 

JPM Emerging Middle East Equity A (acc) - USD 1,406,450.600 4,409,378.756 4,155,872.525 1,659,956.831 



JPM Emerging Middle East Equity C (acc) - USD 5,736,488.503 9,032,721.678 9,426,731.007 5,342,479.174 



JPM Emerging Middle East Equity I (acc) - USD 58,834.201 15,043.969 31,229.048 42,649.122 


JPM Euroland Equity A (acc) - EUR 1,422,952.329 1,011,748.171 1,135,732.641 1,298,967.859 


JPMorgan Euroland Equity A (dist) - USD ## 5,073,347.905 1,887,218.689 2,118,467.330 4,842,099.264 

JPM Euroland Equity A (inc) - EUR 5,590.965 35.000 1,253.473 4,372.492 


JPM Euroland Equity B (dist) - EUR - 13,338.000 1,147.000 12,191.000 

JPM Euroland Equity C (acc) - EUR 2,242,139.979 270,389.356 270,909.696 2,241,619.639 



(2) This Sub-Fund changed its currency to USD on 2 July 2012. 

***This Share Class was renamed from JPM Emerging Markets Local Currency Debt X (acc) - GBP on 5 November 2012. 

220





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of the Year 



JPM Euroland Select Equity A (acc) - EUR 3,714,799.824 2,673,704.022 3,952,717.121 2,435,786.725 

JPM Euroland Select Equity A (dist) - EUR 148,302.550 1,624,777.075 18,764.256 1,754,315.369 


JPM Euroland Select Equity C (acc) - EUR 1,467,138.202 296,715.624 1,000,833.965 763,019.861 


JPM Euroland Select Equity X (acc) - EUR 865,510.818 597,430.000 211,257.818 1,251,683.000 



JPM Europe Dynamic A (dist) - EUR 3,025,189.745 779,657.708 1,087,903.938 2,716,943.515 


JPMorgan Europe Dynamic A (dist) - EUR ## 257,844.023 277,807.133 221,808.277 313,842.879 

JPM Europe Dynamic B (acc) - EUR 318,056.535 302,782.856 66,792.672 554,046.719 

JPM Europe Dynamic C (acc) - EUR 1,788,468.499 404,985.158 1,088,176.585 1,105,277.072 

JPM Europe Dynamic D (acc) - EUR 931,233.637 347,397.531 446,455.182 832,175.986 

JPM Europe Dynamic I (acc) - EUR 2,064,100.000 - - 2,064,100.000 

JPM Europe Dynamic T (acc) - EUR 1,054.365 13,457.376 11,835.700 2,676.041 

JPM Europe Dynamic X (acc) - EUR* 216,506.000 40,045.000 256,551.000 - 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 

JPM Europe Dynamic Mega Cap A (acc) - EUR 2,921,799.035 767,609.457 936,670.989 2,752,737.503 

JPM Europe Dynamic Mega Cap A (acc) - USD 9,665.857 10,864.000 8,023.000 12,506.857 

JPM Europe Dynamic Mega Cap A (dist) - EUR 1,534,039.485 229,509.885 504,708.508 1,258,840.862 

JPM Europe Dynamic Mega Cap A (inc) - EUR 2,565.508 1,806.031 26.000 4,345.539 

JPM Europe Dynamic Mega Cap B (acc) - EUR 6,925.519 179,930.456 62,075.054 124,780.921 

JPM Europe Dynamic Mega Cap C (acc) - EUR 107,572.627 205,769.846 222,417.169 90,925.304 

JPM Europe Dynamic Mega Cap D (acc) - EUR 364,978.907 125,886.883 180,408.074 310,457.716 

JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 5,973.710 - 6,327.567 

JPM Europe Dynamic Mega Cap T (acc) - EUR 188.111 11,189.844 10,621.820 756.135 

JPM Europe Dynamic Mega Cap X (acc) - EUR 112,477.262 14,427.207 48,229.868 78,674.601 


JPM Europe Equity A (acc) - EUR 1,997,115.738 2,217,634.700 2,279,564.272 1,935,186.166 

JPM Europe Equity A (acc) - USD 2,360,391.189 288,362.245 1,081,753.245 1,567,000.189 


JPMorgan Europe Equity A (dist) - USD ## 824,131.083 141,906.440 271,901.798 694,135.725 


JPM Europe Equity C (acc) - EUR 6,364,964.481 768,588.740 5,402,398.842 1,731,154.379 

JPM Europe Equity C (dist) - USD - 1,477.190 - 1,477.190 

JPM Europe Equity D (acc) - EUR 2,468,047.037 398,818.673 1,063,574.267 1,803,291.443 


JPM Europe Equity X (acc) - EUR 1,553,961.587 982,601.070 2,272,354.928 264,207.729 


JPM Europe Small Cap A (acc) - EUR 900,041.589 1,572,136.275 1,454,243.394 1,017,934.470 



JPMorgan Europe Small Cap A (dist) - EUR ## 1,578,842.350 448,311.984 750,825.533 1,276,328.801 


JPM Europe Small Cap C (acc) - EUR 10,924.085 1,143,484.134 848,995.818 305,412.401 

JPM Europe Small Cap D (acc) - EUR 1,139,840.280 174,232.972 340,926.999 973,146.253 

JPM Europe Small Cap I (acc) - EUR 85,375.831 - - 85,375.831 


JPM Europe Technology A (acc) - EUR 916,353.005 1,014,376.969 1,133,897.674 796,832.300 

JPM Europe Technology A (dist) - EUR 5,989,116.056 853,788.879 1,418,399.337 5,424,505.598 


JPMorgan Europe Technology A (dist) - EUR ## 2,197,603.349 250,562.076 1,672,783.369 775,382.056 

JPM Europe Technology B (acc) - EUR 43,043.255 1,073,101.039 1,096,933.545 19,210.749 

JPM Europe Technology C (acc) - EUR** - 72,586.593 12,397.919 60,188.674 

JPM Europe Technology D (acc) - EUR 1,679,628.920 338,012.795 608,989.992 1,408,651.723 

JPM Europe Technology X (acc) - EUR 17,221.019 - 16,858.519 362.500 


JPM Germany Equity A (acc) - EUR 7,032,416.976 2,003,454.609 5,743,958.771 3,291,912.814 


JPMorgan Germany Equity A (dist) - EUR ## 646,642.884 108,678.966 166,865.957 588,455.893 


JPM Germany Equity C (acc) - EUR 4,155,602.810 1,212,852.861 4,329,598.290 1,038,857.381 



JPM Germany Equity X (acc) - EUR 902,334.206 139,229.000 735,073.667 306,489.539 

221





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of the Year 



JPM Global Consumer Trends A (acc) - EUR 4,469,534.383 4,913,470.470 4,615,927.442 4,767,077.411 

JPM Global Consumer Trends A (acc) - CHF (hedged) 1,969.885 1,046.497 1,631.794 1,384.588 

JPM Global Consumer Trends A (acc) - SGD 367.489 4,100.690 1,573.562 2,894.617 


JPM Global Consumer Trends B (acc) - EUR* 34.720 8,024.196 8,058.916 - 



JPM Global Consumer Trends C (acc) - USD - 12,077.642 215.116 11,862.526 

JPM Global Consumer Trends D (acc) - EUR 753,035.462 921,969.739 408,457.961 1,266,547.240 

JPM Global Consumer Trends D (acc) - USD 1,226.050 879.699 1,330.257 775.492 






JPMorgan Global Convertibles (EUR) A (dist) - USD ## 715,770.859 1,001,704.756 700,473.121 1,017,002.494 


JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1,082,244.023 1,177,641.052 436,636.060 1,823,249.015 



JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 174,844.981 585,560.258 - 760,405.239 



JPM Global Convertibles (EUR) C (dist) - USD - 5,000.000 2,302.000 2,698.000 


JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* 1,308,642.847 - 1,308,642.847 - 



JPM Global Convertibles (EUR) T (acc) - EUR - 1,751.220 10.000 1,741.220 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,267,305.000 91,800.000 167,305.000 1,191,800.000 

JPM Global Convertibles (EUR) X (acc) - EUR 5,009,489.048 39,817.555 4,990,713.115 58,593.488 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)* 6,926.578 21,680.993 28,607.571 - 



JPM Global Dynamic A (acc) - EUR 960,008.005 139,330.529 98,082.636 1,001,255.898 



JPM Global Dynamic A (acc) - SGD (hedged) 56,145.417 9,567.848 3,065.860 62,647.405 

JPM Global Dynamic A (acc) - USD 4,896,761.877 237,901.258 1,346,365.848 3,788,297.287 


JPM Global Dynamic A (dist) - USD 18,273,071.144 1,371,685.832 12,930,925.139 6,713,831.837 

JPMorgan Global Dynamic A (dist) - USD ## 638,642.370 152,764.803 131,115.499 660,291.674 


JPM Global Dynamic B (acc) - USD 1,558,400.259 9,878,397.076 772,476.495 10,664,320.840 

JPM Global Dynamic C (acc) - EUR 4,518,829.995 392,203.229 538,666.800 4,372,366.424 


JPM Global Dynamic C (acc) - USD 8,152,498.756 351,582.093 745,394.179 7,758,686.670 

JPM Global Dynamic C (dist) - GBP - 1,724.062 - 1,724.062 



JPM Global Dynamic D (acc) - USD 1,142,316.885 77,005.921 343,942.454 875,380.352 


JPM Global Dynamic I (acc) - USD 854,841.457 75,094.767 12,610.682 917,325.542 

JPM Global Dynamic I (inc) - EUR 4,024,534.025 44,259.916 1,643,684.041 2,425,109.900 

JPM Global Dynamic T (acc) - EUR (hedged) 7,265.096 15,352.939 13,970.211 8,647.824 

JPM Global Dynamic X (acc) - EUR 33,090,254.292 4,761,982.623 527,009.223 37,325,227.692 

JPM Global Dynamic X (acc) - EUR (hedged) 110,400.000 22,500.000 44,980.000 87,920.000 

JPM Global Dynamic X (acc) - USD 69,905.284 5,707.540 9,548.553 66,064.271 




JPM Global Focus A (acc) - EUR (hedged) 3,221,035.815 601,025.217 2,358,694.258 1,463,366.774 


JPMorgan Global Focus A (dist) - USD ## 1,070,632.011 3,930,489.612 372,488.800 4,628,632.823 


JPM Global Focus C (acc) - EUR 13,595,814.712 5,066,771.509 10,366,353.800 8,296,232.421 

JPM Global Focus C (acc) - EUR (hedged) 983,495.861 1,549,698.992 504,139.323 2,029,055.530 

JPM Global Focus C (acc) - USD* 1,772,015.292 - 1,772,015.292 - 

JPM Global Focus D (acc) - EUR 6,097,489.210 1,427,797.809 2,212,485.369 5,312,801.650 

JPM Global Focus D (acc) - EUR (hedged) 2,727,567.388 1,040,011.787 1,169,345.157 2,598,234.018 


JPM Global Focus I (acc) - EUR (hedged)* 187,528.699 - 187,528.699 - 

JPM Global Focus I (acc) - USD 488,603.007 284,745.610 - 773,348.617 


JPM Global Focus X (acc) - EUR 3,661,185.950 2,029,458.787 55,211.947 5,635,432.790 

222





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JPM Global Government Bond A (acc) - USD (hedged) 1,361,558.739 1,948,976.014 950,281.793 2,360,252.960 



JPM Global Government Bond C (dist) - GBP (hedged) - 1,485.915 - 1,485.915 

JPM Global Government Bond D (acc) - EUR 951,719.560 1,300,476.367 1,417,414.636 834,781.291 


JPMorgan Funds - Global Mining Fund 

JPM Global Mining A (acc) - EUR 13,157.235 799.038 978.440 12,977.833 

JPM Global Mining A (acc) - SGD 369.367 249.377 249.377 369.367 

JPM Global Mining A (acc) - USD 17,698.350 3,393.831 11,317.818 9,774.363 

JPM Global Mining B (acc) - EUR* 530.810 - 530.810 - 

JPM Global Mining D (acc) - EUR 15,862.063 8,197.199 3,216.023 20,843.239 

JPM Global Mining T (acc) - EUR 1,542.306 2,111.544 1,629.085 2,024.765 



JPM Global Natural Resources A (acc) - GBP - 148,875.749 - 148,875.749 




JPM Global Natural Resources B (acc) - EUR 1,786,132.307 2,104,266.475 1,648,965.048 2,241,433.734 

JPM Global Natural Resources C (acc) - EUR 2,266,590.361 3,514,611.942 4,802,236.360 978,965.943 

JPM Global Natural Resources C (acc) - USD 5,341,129.852 375,809.891 2,971,571.609 2,745,368.134 



JPM Global Natural Resources I (acc) - EUR 183,145.780 92,998.612 92,998.612 183,145.780 

JPM Global Natural Resources X (acc) - EUR 2,397,619.508 1,570.358 2,361,210.336 37,979.530 


JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 517,174.434 2,682,761.035 1,569,082.543 1,630,852.926 

JPM Global Real Estate Securities (USD) A (acc) - USD 2,100,223.355 3,071,504.974 771,190.725 4,400,537.604 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 218.729 24,831.316 3,786.062 21,263.983 


JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - 40,914.709 40,914.709 - 



JPM Global Real Estate Securities (USD) D (acc) - USD 839,395.548 645,273.968 355,802.442 1,128,867.074 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 14,394.000 161,092.000 12,630.000 162,856.000 


JPMorgan Funds - Global Unconstrained Equity Fund (3) 






JPMorgan Global Unconstrained Equity A (dist) - USD ## 976,279.095 165,568.993 183,776.780 958,071.308 


JPM Global Unconstrained Equity C (acc) - USD 5,303,351.272 287,910.000 - 5,591,261.272 



JPM Global Unconstrained Equity X (acc) - EUR 5,421,231.943 - 32,054.936 5,389,177.007 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 20,350.000 6,150.000 3,740.000 22,760.000 

JPM Global Unconstrained Equity X (acc) - USD 2,442.015 17,334.037 - 19,776.052 

JPMorgan Funds - Greater China Fund # 

JPMorgan Greater China A (acc) - SGD ## 11,331.642 43,416.662 20,894.629 33,853.675 

JPMorgan Greater China A (acc) - USD ## 10,685,112.123 8,251,739.991 5,314,281.490 13,622,570.624 

JPMorgan Greater China A (dist) - HKD ## 1,863,534.211 1,418,318.687 624,234.191 2,657,618.707 

JPMorgan Greater China A (dist) - USD ## 11,613,543.451 8,494,840.454 7,096,659.219 13,011,724.686 

JPMorgan Greater China B (acc) - USD ## 129,650.143 1,173,453.852 346,778.562 956,325.433 

JPMorgan Greater China C (acc) - USD ## 2,578,939.030 2,040,650.378 1,807,799.211 2,811,790.197 

JPMorgan Greater China D (acc) - EUR ## 51,087.921 156,031.545 63,013.623 144,105.843 

JPMorgan Greater China D (acc) - USD ## 2,218,412.656 370,403.857 780,952.144 1,807,864.369 

JPMorgan Greater China I (acc) - USD ## 407,766.206 2,787,134.579 302,603.527 2,892,297.258 

JPMorgan Greater China T (acc) - EUR ## 6,373.161 25,903.076 7,125.976 25,150.261 

JPMorgan Funds - Hong Kong Fund # 

JPMorgan Hong Kong A (acc) - USD ## 145,624.675 2,656,186.240 2,477,350.095 324,460.820 

JPMorgan Hong Kong A (dist) - HKD ## 1,492,816.829 7,785,113.024 3,590,596.046 5,687,333.807 

JPMorgan Hong Kong A (dist) - USD ## 2,299,062.774 1,017,071.903 998,564.173 2,317,570.504 

JPMorgan Hong Kong B (acc) - USD ## 1,630.009 63,813.659 63,813.659 1,630.009 

JPMorgan Hong Kong C (acc) - USD ## 213,313.000 719,174.762 784,174.762 148,313.000 

JPMorgan Hong Kong D (acc) - USD ## 486,065.859 96,629.707 228,915.386 353,780.180 

(3) This Sub-Fund was renamed from Global Equity Fund (USD) on 5 December 2012. 

223





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of the Year 


JPMorgan Funds - India Fund # 

JPMorgan India A (acc) - SGD ## 24,044.163 23,416.162 12,127.221 35,333.104 

JPMorgan India A (acc) - USD ## 24,286,398.340 4,772,757.538 8,781,371.016 20,277,784.862 

JPMorgan India A (dist) - GBP ## - 2,136.617 2,128.000 8.617 

JPMorgan India A (dist) - USD ## 12,176,081.892 860,743.564 3,534,517.836 9,502,307.620 

JPMorgan India B (acc) - USD ## 270,652.871 108,978.115 90,491.328 289,139.658 

JPMorgan India C (acc) - USD ## 5,006,087.603 2,701,969.520 2,730,377.312 4,977,679.811 

JPMorgan India C (dist) - USD ## - 2,025.752 - 2,025.752 

JPMorgan India D (acc) - EUR ## 100,300.775 43,911.220 47,179.523 97,032.472 

JPMorgan India D (acc) - USD ## 9,279,289.749 322,157.898 2,538,094.651 7,063,352.996 

JPMorgan India T (acc) - EUR ## 10,527.164 8,205.168 4,650.026 14,082.306 

JPMorgan India X (acc) - USD ## 933,284.483 3,139,982.052 610,426.180 3,462,840.355 

JPMorgan Funds - Japan Equity Fund # 

JPMorgan Japan Equity A (acc) - EUR ## 67,905.047 379,516.547 65,580.772 381,840.822 

JPMorgan Japan Equity A (acc) - JPY ## 74,460.306 1,355,646.246 491,877.117 938,229.435 

JPMorgan Japan Equity A (acc) - USD** ## 4,034,623.266 8,396,994.206 5,684,120.604 6,747,496.868 

JPMorgan Japan Equity A (dist) - GBP ## 307,242.644 12,396.289 273,647.497 45,991.436 

JPMorgan Japan Equity A (dist) - USD ## 5,676,432.300 4,013,909.747 4,733,487.561 4,956,854.486 

JPMorgan Japan Equity B (acc) - USD ## 576,466.766 374,724.761 118,561.174 832,630.353 

JPMorgan Japan Equity C (acc) - USD ## 478,713.879 2,503,962.330 2,305,190.622 677,485.587 

JPMorgan Japan Equity C (dist) - USD ## - 520.044 - 520.044 

JPMorgan Japan Equity D (acc) - EUR ## 75,798.736 283,382.984 199,351.832 159,829.888 

JPMorgan Japan Equity D (acc) - USD ## 1,648,468.430 2,887,445.522 2,556,199.543 1,979,714.409 

JPMorgan Japan Equity I (acc) - USD ##** - 102,634.980 - 102,634.980 

JPMorgan Japan Equity J (dist) - USD ## 1,116,130.439 2,206,633.617 1,602,137.604 1,720,626.452 

JPMorgan Japan Equity X (acc) - USD ## 16,698.146 8,407.295 3,892.088 21,213.353 

JPMorgan Funds - Japan Small Cap Fund # 

JPMorgan Japan Small Cap A (acc) - USD ## 294,759.298 2,318,129.142 1,253,511.023 1,359,377.417 

JPMorgan Japan Small Cap A (dist) - USD ## 2,991,172.023 1,938,563.957 2,071,688.454 2,858,047.526 

JPMorgan Japan Small Cap B (acc) - USD ## 148,243.474 958,209.224 714,901.247 391,551.451 

JPMorgan Japan Small Cap D (acc) - USD ## 702,235.704 422,729.382 455,010.284 669,954.802 

JPMorgan Funds - Korea Equity Fund # 

JPMorgan Korea Equity A (acc) - EUR ## 731,385.512 637,015.946 674,889.857 693,511.601 

JPMorgan Korea Equity A (acc) - SGD ## 5,933.834 17,174.000 731.167 22,376.667 

JPMorgan Korea Equity A (acc) - USD ## 7,838,904.012 7,785,582.425 7,755,500.282 7,868,986.155 

JPMorgan Korea Equity A (dist) - USD ## 89,487.124 165,653.245 103,883.920 151,256.449 

JPMorgan Korea Equity B (acc) - USD ## 442,883.330 726,699.402 448,659.540 720,923.192 

JPMorgan Korea Equity C (acc) - USD ## 300,270.000 247,206.462 33,270.000 514,206.462 

JPMorgan Korea Equity D (acc) - USD ## 1,477,001.270 5,519,377.335 5,295,778.833 1,700,599.772 

JPMorgan Korea Equity I (acc) - USD** ## - 241,200.000 95,656.048 145,543.952 

JPMorgan Korea Equity X (acc) - USD* ## 102,187.000 51,694.000 153,881.000 - 


JPM Latin America Equity A (acc) - EUR - 25,449.864 8,516.568 16,933.296 

JPM Latin America Equity A (acc) - SGD 1,098.193 769.330 215.552 1,651.971 

JPM Latin America Equity A (acc) - USD 7,125,933.632 4,538,142.471 4,161,232.279 7,502,843.824 


JPMorgan Latin America Equity A (dist) - USD ## 7,375,070.015 2,401,782.715 3,922,588.170 5,854,264.560 


JPM Latin America Equity B (dist) - USD - 8,707.000 - 8,707.000 

JPM Latin America Equity C (acc) - USD 2,729,870.571 1,848,666.624 2,177,837.887 2,400,699.308 



JPM Latin America Equity I (acc) - JPY - 1,710,723.065 - 1,710,723.065 


JPM Latin America Equity T (acc) - EUR 6,611.497 3,551.345 5,651.893 4,510.949 

JPM Latin America Equity X (acc) - USD 2,513,354.719 - 72,203.641 2,441,151.078 

JPMorgan Funds - Pacific Technology Fund # 

JPMorgan Pacific Technology A (acc) - EUR ## 10,928.708 50,008.058 170.126 60,766.640 

JPMorgan Pacific Technology A (acc) - USD ## 498,155.060 88,413.606 397,738.941 188,829.725 

JPMorgan Pacific Technology A (dist) - GBP ## 15,193.149 8,531.104 6,043.648 17,680.605 

JPMorgan Pacific Technology A (dist) - USD ## 1,018,346.182 51,454.464 294,547.420 775,253.226 

JPMorgan Pacific Technology B (acc) - USD* ## 227,578.367 331.949 227,910.316 - 

JPMorgan Pacific Technology C (acc) - USD ## 107,874.305 189,324.514 174,830.000 122,368.819 

JPMorgan Pacific Technology D (acc) - USD ## 243,610.393 69,651.659 134,702.416 178,559.636 





JPM Russia C (acc) - USD 3,790,621.512 2,045,411.916 2,530,492.231 3,305,541.197 

JPM Russia D (acc) - USD 10,005,310.615 1,740,537.138 3,994,440.627 7,751,407.126 


JPM Russia T (acc) - EUR - 2,931.375 72.965 2,858.410 

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JPMorgan Funds - Singapore Fund # 

JPMorgan Singapore A (acc) - SGD ## 440,012.049 161,656.706 174,013.875 427,654.880 

JPMorgan Singapore A (acc) - USD ## 1,118,135.372 793,989.282 1,193,060.373 719,064.281 

JPMorgan Singapore A (dist) - USD ## 2,419,440.132 539,724.796 1,030,190.702 1,928,974.226 

JPMorgan Singapore B (acc) - USD ## 85,551.040 6,264.331 57,693.268 34,122.103 

JPMorgan Singapore C (acc) - USD ## 62,848.240 922,931.818 831,864.765 153,915.293 

JPMorgan Singapore D (acc) - USD ## 890,347.784 212,194.366 322,074.455 780,467.695 

JPMorgan Funds - Taiwan Fund # 

JPMorgan Taiwan A (acc) - EUR ## 64,089.795 5,733.163 11,674.998 58,147.960 

JPMorgan Taiwan A (acc) - USD ## 4,991,050.295 4,805,838.727 5,401,553.518 4,395,335.504 

JPMorgan Taiwan A (dist) - HKD ## 767,557.084 1,146,160.441 1,342,534.769 571,182.756 

JPMorgan Taiwan A (dist) - USD ## 15,322,080.953 2,832,942.631 8,266,954.089 9,888,069.495 

JPMorgan Taiwan B (acc) - USD ## 50.000 - - 50.000 

JPMorgan Taiwan C (acc) - USD ## 992,741.144 1,306,016.259 697,063.812 1,601,693.591 

JPMorgan Taiwan D (acc) - USD ## 691,651.892 2,614,787.841 2,420,751.281 885,688.452 

JPMorgan Taiwan I (acc) - USD* ## 488,379.769 - 488,379.769 - 

JPMorgan Taiwan X (acc) - USD* ## 85,481.000 37,315.000 122,796.000 - 




JPM US Aggregate Bond A (div) - USD** - 12,526.898 2,086.000 10,440.898 


JPM US Aggregate Bond A (mth) - HKD - 2,159,874.255 903,597.792 1,256,276.463 


JPM US Aggregate Bond A (mth) - SGD (hedged) 36,822.900 5,513,712.180 1,221,174.149 4,329,360.931 


JPM US Aggregate Bond B (acc) - EUR (hedged) - 19,267.823 - 19,267.823 


JPM US Aggregate Bond B (mth) - USD 10.000 160,843.219 20,421.054 140,432.165 

JPM US Aggregate Bond C (acc) - USD 12,932,968.739 8,946,194.624 8,515,919.421 13,363,243.942 

JPM US Aggregate Bond C (dist) - GBP (hedged) - 15.763 - 15.763 


JPM US Aggregate Bond D (acc) - USD 3,225,658.183 2,427,059.095 2,641,525.057 3,011,192.221 


JPM US Aggregate Bond I (mth) - USD** - 1,266,488.839 - 1,266,488.839 

JPM US Aggregate Bond X (acc) - EUR (hedged) - 1,023,498.175 - 1,023,498.175 



JPMorgan Funds - US Dynamic Fund (4) 

JPM US Dynamic A (acc) - EUR 1,603,587.748 236,942.928 1,840,530.676 - 

JPM US Dynamic A (acc) - USD 3,636,429.054 212,246.611 3,848,675.665 - 

JPM US Dynamic A (dist) - USD 6,304,912.142 170,520.303 6,475,432.445 - 

JPM US Dynamic B (acc) - USD 127,490.477 - 127,490.477 - 

JPM US Dynamic C (acc) - USD 940,936.475 1,236,745.454 2,177,681.929 - 

JPM US Dynamic D (acc) - EUR 30,174.885 11,505.246 41,680.131 - 

JPM US Dynamic D (acc) - USD 873,849.573 47,812.376 921,661.949 - 

JPM US Dynamic I (inc) - EUR 167.160 - 167.160 - 

JPM US Dynamic T (acc) - EUR 5,270.543 15,880.768 21,151.311 - 

JPM US Dynamic X (acc) - USD 80,661.526 - 80,661.526 - 


JPM US Growth A (acc) - EUR (hedged) 2,843,722.143 1,036,959.000 2,752,402.825 1,128,278.318 




JPM US Growth B (acc) - EUR (hedged) - 66,265.985 13,238.791 53,027.194 

JPM US Growth B (acc) - USD 2,909,810.278 3,391,343.446 1,644,654.242 4,656,499.482 

JPM US Growth B (dist) - USD - 51,126.541 - 51,126.541 

JPM US Growth C (acc) - EUR (hedged) 2,273,468.928 1,560,948.420 1,481,740.323 2,352,677.025 






JPM US Growth I (acc) - JPY - 5,374,218.203 - 5,374,218.203 

JPM US Growth T (acc) - EUR (hedged) - 1,077.328 72.32 1,005.008 

JPM US Growth X (acc) - USD 10,682,590.549 3,362,487.194 7,955,467.761 6,089,609.982 







JPM US Small Cap Growth B (acc) - USD 221,002.220 3,746,208.281 2,458,659.202 1,508,551.299 

JPM US Small Cap Growth C (acc) - USD** - 163,465.344 116,032.837 47,432.507 


JPM US Small Cap Growth X (acc) - USD 4,105.725 - 3,605.726 499.999 

(4) This Sub-Fund was merged into US Equity Plus Fund on 31 May 2013. 

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JPM US Technology A (acc) - SGD 1,184.629 4,548.059 497.344 5,235.344 




JPMorgan US Technology A (dist) - USD ## 28,720,636.549 26,997,311.660 40,143,351.814 15,574,596.395 


JPM US Technology B (dist) - USD - 8,944.378 - 8,944.378 

JPM US Technology C (acc) - USD 3,541,261.900 55,318.851 1,701,154.338 1,895,426.413 

JPM US Technology C (dist) - USD - 115,815.678 2,483.021 113,332.657 








JPMorgan US Value A (dist) - USD ## 372,592.098 1,368,067.752 1,141,692.413 598,967.437 

JPM US Value B (acc) - EUR (hedged) - 110,656.245 7,498.000 103,158.245 

JPM US Value B (acc) - USD 1,252,921.325 2,292,248.013 617,329.997 2,927,839.341 

JPM US Value B (dist) - USD - 258,185.877 60.505 258,125.372 



JPM US Value C (dist) - GBP - 15.770 - 15.770 

JPM US Value D (acc) - EUR (hedged) 3,054,575.928 1,473,627.060 1,559,475.311 2,968,727.677 

JPM US Value D (acc) - USD 2,640,568.790 1,600,037.835 978,596.911 3,262,009.714 


JPM US Value X (acc) - EUR (hedged)* 7,444.000 2,822.000 10,266.000 - 


# This Sub-Fund’s “JF” prefix was removed on 4 February 2013. 

## This Share Class changed prefix from “JF” to “JPMorgan” on 4 February 2013. 

* Share Class inactive at the end of the year. 

**Share Class reactivated at the end of the year. 


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JF America Equity A (dist) - USD 618,432.789 478,647.773 400,138.628 696,941.934 



JPM America Equity C (acc) - EUR (hedged) 1,218,831.471 1,276,160.723 2,362,159.301 132,832.893 



JPM America Equity D (acc) - EUR (hedged) 1,404,591.926 1,058,482.380 908,677.884 1,554,396.422 

JPM America Equity X (acc) - USD 854,207.359 31,853.864 32,450.256 853,610.967 

JPMorgan Funds - Asia Pacific Bond Fund 

JPM Asia Pacific Bond A (acc) - USD 2,100,105.620 849,649.625 524,309.244 2,425,446.001 

JPM Asia Pacific Bond C (acc) - USD 26,000.000 45,916.144 1,602.570 70,313.574 



JPM Eastern Europe Equity A (acc) - USD 35.951 61,169.020 33,512.521 27,692.450 


JF Eastern Europe Equity A (dist) - EUR 5,089,133.038 1,481,166.493 1,940,080.442 4,630,219.089 

JPM Eastern Europe Equity B (acc) - EUR 1,715,726.614 758,304.401 1,290,139.563 1,183,891.452 



JPM Eastern Europe Equity I (acc) - EUR 942,588.318 - 941,688.318 900.000 

JPM Eastern Europe Equity X (acc) - EUR 2,783,657.645 - 163,657.645 2,620,000.000 


JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 5,014,328.598 1,398,870.308 3,370,787.260 3,042,411.646 


JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 909.269 3,423.293 1,057.334 3,275.228 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,771,144.608 1,298,196.901 2,047,939.838 6,021,401.671 


JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,759,409.084 251,704.765 1,744,165.663 266,948.186 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,630,692.333 106,032.679 420,460.313 1,316,264.699 


JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD - 171,730.754 - 171,730.754 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 837.831 5,207.014 807.424 5,237.421 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 9,789,429.473 200,300.000 2,055,100.000 7,934,629.473 



JPM Emerging Markets Bond A (mth) - USD - 10.000 - 10.000 


JPM Emerging Markets Bond B (mth) - USD - 10.000 - 10.000 


JPM Emerging Markets Bond C (acc) - EUR (hedged) - 92,590.000 42,940.000 49,650.000 


JPM Emerging Markets Bond D (mth) - USD - 10.000 - 10.000 

JPM Emerging Markets Bond I (acc) - USD 436,400.000 - - 436,400.000 

JPM Emerging Markets Bond X (acc) - GBP (hedged) - 162,951.455 21,252.797 141,698.658 


JPMorgan Funds - Emerging Markets Debt Fund (1) 

JPM Emerging Markets Debt A (acc) - USD - 24,628,818.427 13,196,053.723 11,432,764.704 

JPM Emerging Markets Debt A (acc) - EUR (hedged) - 15,223,616.045 11,492,677.023 3,730,939.022 

JPM Emerging Markets Debt A (inc) - USD - 855,326.284 4,111.820 851,214.464 

JPM Emerging Markets Debt A (inc) - EUR (hedged) - 10,008,266.381 3,982,498.745 6,025,767.636 

JPM Emerging Markets Debt A (mth) - USD - 18,972,878.870 5,661,480.096 13,311,398.774 

JPM Emerging Markets Debt A (mth) - EUR (hedged) - 1,821,704.485 857,069.633 964,634.852 

JPM Emerging Markets Debt A (mth) - HKD - 1,227,101.255 35,383.131 1,191,718.124 

JPM Emerging Markets Debt B (acc) - USD - 14,000.000 - 14,000.000 

JPM Emerging Markets Debt B (acc) - EUR (hedged) - 3,651,224.967 2,151,108.412 1,500,116.555 

JPM Emerging Markets Debt C (acc) - USD - 281,827.238 26,070.000 255,757.238 

JPM Emerging Markets Debt C (acc) - EUR (hedged) - 10,818,527.134 8,550,766.938 2,267,760.196 

JPM Emerging Markets Debt C (dist) - USD - 145,025.851 - 145,025.851 

JPM Emerging Markets Debt D (acc) - EUR (hedged) - 5,986,255.765 2,529,490.844 3,456,764.921 

JPM Emerging Markets Debt I (inc) - EUR (hedged) - 885,161.782 - 885,161.782 

JPM Emerging Markets Debt X (acc) - EUR (hedged) - 660,016.111 65,500.000 594,516.111 

JPM Emerging Markets Debt X (acc) - GBP (hedged) - 31,538.117 - 31,538.117 


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JPM Emerging Markets Equity A (acc) - EUR (hedged) - 205,348.539 165,418.286 39,930.253 



JPM Emerging Markets Equity A (dist) - GBP 1,876,485.768 180,237.034 1,574,630.637 482,092.165 



JPM Emerging Markets Equity C (dist) - USD 270.876 158,962.757 21,232.573 138,001.060 




JPM Emerging Markets Equity I (acc) - EUR 1,942,978.492 1,806,289.336 - 3,749,267.828 

JPM Emerging Markets Equity I (inc) - EUR 2,663,741.055 2,482,756.000 1,969,257.778 3,177,239.277 


JPM Emerging Markets Equity X (acc) - EUR 50,198.727 7,400.000 - 57,598.727 

JPM Emerging Markets Equity X (dist) - USD 1,549,668.677 231,839.666 1,161,765.545 619,742.798 




JPM Emerging Markets Local Currency Debt A (acc) - SGD - 47,617.799 1,308.214 46,309.585 


JPM Emerging Markets Local Currency Debt A (dist) - GBP 1,203.185 32,128.141 624.245 32,707.081 

JPM Emerging Markets Local Currency Debt A (div) - EUR - 10.000 - 10.000 

JPM Emerging Markets Local Currency Debt A (div) - USD* - 302,353.722 302,353.722 - 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 12,315.000 229,424.811 14,543.825 227,195.986 


JPM Emerging Markets Local Currency Debt B (acc) - EUR 10,034.720 18,950.481 4.726 28,980.475 






JPM Emerging Markets Local Currency Debt D (div) - EUR 1,786,028.339 3,826,503.325 708,401.787 4,904,129.877 


JPM Emerging Markets Local Currency Debt I (acc) - USD - 1,092,845.086 488,934.508 603,910.578 

JPM Emerging Markets Local Currency Debt I (inc) - EUR - 626,080.370 - 626,080.370 

JPM Emerging Markets Local Currency Debt T (acc) - EUR 50.000 17,951.824 120.000 17,881.824 


JPM Emerging Markets Local Currency Debt X (acc) - EUR 303,791.070 1,075,683.572 1,986.295 1,377,488.347 

JPM Emerging Markets Local Currency Debt X (acc) - GBP - 1,199,056.120 26,629.355 1,172,426.765 

JPM Emerging Markets Local Currency Debt X (acc) - USD 16,366,245.618 5,472,781.486 453,922.000 21,385,105.104 




JPM Emerging Middle East Equity A (acc) - SGD 1,509.915 1,454.486 - 2,964.401 








JPM Euroland Equity A (acc) - EUR 2,754,749.570 346,269.647 1,678,066.888 1,422,952.329 

JPM Euroland Equity A (dist) - EUR 10,483,999.399 1,878,949.049 9,721,499.644 2,641,448.804 

JF Euroland Equity A (dist) - USD 5,708,330.218 1,599,030.958 2,234,013.271 5,073,347.905 

JPM Euroland Equity A (inc) - EUR 6,851.138 - 1,260.173 5,590.965 


JPM Euroland Equity C (acc) - EUR 4,148,458.742 946,106.794 2,852,425.557 2,242,139.979 





JPM Euroland Select Equity A (dist) - EUR 12,079.814 154,955.774 18,733.038 148,302.550 


JPM Euroland Select Equity C (acc) - EUR 899,113.914 2,699,104.593 2,131,080.305 1,467,138.202 


JPM Euroland Select Equity X (acc) - EUR 781,430.151 463,513.667 379,433.000 865,510.818 

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JF Europe Dynamic A (dist) - EUR 321,123.150 183,293.091 246,572.218 257,844.023 



JPM Europe Dynamic D (acc) - EUR 1,308,831.515 99,874.497 477,472.375 931,233.637 

JPM Europe Dynamic D (acc) - USD* 3,678.797 - 3,678.797 - 

JPM Europe Dynamic I (acc) - EUR 2,588,000.000 - 523,900.000 2,064,100.000 


JPM Europe Dynamic X (acc) - EUR - 216,506.000 - 216,506.000 


JPM Europe Dynamic Mega Cap A (acc) - EUR 3,471,097.434 1,088,281.339 1,637,579.738 2,921,799.035 

JPM Europe Dynamic Mega Cap A (acc) - USD 353.856 9,319.046 7.045 9,665.857 


JPM Europe Dynamic Mega Cap A (inc) - EUR 2,528.059 37.449 - 2,565.508 

JPM Europe Dynamic Mega Cap B (acc) - EUR 6,925.519 - - 6,925.519 



JPM Europe Dynamic Mega Cap D (acc) - USD 2,706.798 - 2,352.941 353.857 




JPM Europe Equity A (acc) - EUR 3,583,770.958 558,618.346 2,145,273.566 1,997,115.738 


JPM Europe Equity A (dist) - EUR 6,415,083.753 679,030.712 1,972,819.100 5,121,295.365 

JF Europe Equity A (dist) - USD 877,823.831 151,804.926 205,497.674 824,131.083 




JPM Europe Equity D (acc) - USD 64,266.910 - 7,207.682 57,059.228 

JPM Europe Equity X (acc) - EUR 1,378,110.865 295,277.883 119,427.161 1,553,961.587 


JPM Europe Small Cap A (acc) - EUR 1,570,107.490 373,609.079 1,043,674.980 900,041.589 

JPM Europe Small Cap A (dist) - EUR 4,903,609.218 183,638.983 1,385,867.027 3,701,381.174 

JF Europe Small Cap A (dist) - EUR 1,932,383.461 285,536.226 639,077.337 1,578,842.350 



JPM Europe Small Cap C (acc) - EUR 103,818.261 77,000.000 169,894.176 10,924.085 

JPM Europe Small Cap D (acc) - EUR 1,686,730.728 79,743.797 626,634.245 1,139,840.280 



JPM Europe Technology A (acc) - EUR 1,649,565.514 644,208.865 1,377,421.374 916,353.005 



JF Europe Technology A (dist) - EUR 1,517,263.701 1,431,704.224 751,364.576 2,197,603.349 

JPM Europe Technology B (acc) - EUR 143,662.403 91,547.285 192,166.433 43,043.255 

JPM Europe Technology D (acc) - EUR 2,770,555.073 247,955.028 1,338,881.181 1,679,628.920 

JPM Europe Technology X (acc) - EUR 17,221.019 - - 17,221.019 




JF Germany Equity A (dist) - EUR 722,749.527 178,694.427 254,801.070 646,642.884 




JPM Germany Equity I (acc) - EUR* 139,629.048 - 139,629.048 - 


JPM Germany Equity X (acc) - EUR 1,002,143.925 210,251.213 310,060.932 902,334.206 



JPM Global Consumer Trends A (acc) - CHF (hedged) - 3,409.939 1,440.054 1,969.885 

JPM Global Consumer Trends A (acc) - SGD - 367.489 - 367.489 


JPM Global Consumer Trends B (acc) - EUR 34.720 - - 34.720 

JPM Global Consumer Trends B (acc) - USD 34.600 19,175.000 95.000 19,114.600 

JPM Global Consumer Trends C (acc) - EUR 2,047,028.559 669,036.062 1,969,378.710 746,685.911 

JPM Global Consumer Trends D (acc) - EUR 752,886.400 262,146.300 261,997.238 753,035.462 



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at the End 

of the Year 




JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 2,982,120.604 3,691,520.842 803,765.732 5,869,875.714 



JF Global Convertibles (EUR) A (dist) - USD 1,233,630.165 377,167.757 895,027.063 715,770.859 





JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 174,844.981 - - 174,844.981 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 3,502,646.883 171,324.723 3,550,883.924 123,087.682 



JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 1,308,642.847 - - 1,308,642.847 


JPM Global Convertibles (EUR) X (acc) - EUR 5,426,524.652 229,125.892 646,161.496 5,009,489.048 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,788,475.325 - 521,170.325 1,267,305.000 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged) 3,236.968 7,213.496 3,523.886 6,926.578 


JPM Global Dynamic A (acc) - USD 6,152,440.168 1,928,553.656 3,184,231.947 4,896,761.877 


JPM Global Dynamic A (acc) - EUR 1,205,016.956 121,573.969 366,582.920 960,008.005 


JPM Global Dynamic A (acc) - SGD 2,858.091 495.780 229.899 3,123.972 




JF Global Dynamic A (dist) - USD 664,475.632 88,224.288 114,057.550 638,642.370 



JPM Global Dynamic C (acc) - USD 10,574,477.407 222,973.291 2,644,951.942 8,152,498.756 


JPM Global Dynamic C (acc) - EUR (hedged) 1,087,385.712 1,644,368.348 1,267,647.618 1,464,106.442 

JPM Global Dynamic D (acc) - USD 1,342,268.498 62,316.070 262,267.683 1,142,316.885 



JPM Global Dynamic I (acc) - USD 5,731,050.681 59,703.111 4,935,912.335 854,841.457 




JPM Global Dynamic X (acc) - USD 5,056,229.580 5,305.144 4,991,629.440 69,905.284 

JPM Global Dynamic X (acc) - EUR 29,032,849.470 4,057,404.822 - 33,090,254.292 

JPM Global Dynamic X (acc) - EUR (hedged) - 135,690.913 25,290.913 110,400.000 

JPMorgan Funds - Global Equity Fund (USD) 

JPM Global Equity (USD) A (acc) - USD 482,335.062 11,528.776 82,571.826 411,292.012 

JPM Global Equity (USD) A (acc) - EUR 11,874.657 8,074.099 8,257.735 11,691.021 

JPM Global Equity (USD) A (acc) - EUR (hedged) 133,989.483 13,075.311 17,031.802 130,032.992 

JPM Global Equity (USD) A (dist) - USD 293,894.508 38,883.464 117,758.166 215,019.806 

JF Global Equity (USD) A (dist) - USD 1,002,702.705 141,273.835 167,697.445 976,279.095 

JPM Global Equity (USD) A (dist) - EUR (hedged) 2,973,136.813 85,461.047 223,575.624 2,835,022.236 

JPM Global Equity (USD) C (acc) - USD 5,303,351.272 - - 5,303,351.272 

JPM Global Equity (USD) C (acc) - EUR (hedged) 5,919,015.948 105,374.139 262,000.000 5,762,390.087 

JPM Global Equity (USD) D (acc) - USD 147,829.529 17,196.398 32,533.597 132,492.330 

JPM Global Equity (USD) D (acc) - EUR (hedged) 718,667.991 47,519.437 545,630.990 220,556.438 

JPM Global Equity (USD) X (acc) - USD 1,189.691 2,442.015 1,189.691 2,442.015 

JPM Global Equity (USD) X (acc) - EUR 5,448,761.344 - 27,529.401 5,421,231.943 

JPM Global Equity (USD) X (acc) - EUR (hedged) - 20,350.000 - 20,350.000 



JPM Global Focus A (acc) - EUR (hedged) 5,870,426.318 3,067,537.775 5,716,928.278 3,221,035.815 


JPM Global Focus A (dist) - EUR 16,927,640.744 2,054,076.787 5,183,319.904 13,798,397.627 

JF Global Focus A (dist) - USD 1,849,867.482 422,476.089 1,201,711.560 1,070,632.011 



JPM Global Focus C (acc) - EUR (hedged) 2,150,890.786 2,948,220.200 4,115,615.125 983,495.861 

JPM Global Focus C (acc) - USD 2,193,193.197 108,415.164 529,593.069 1,772,015.292 


JPM Global Focus D (acc) - EUR (hedged) 3,522,587.396 969,343.589 1,764,363.597 2,727,567.388 


JPM Global Focus I (acc) - EUR (hedged) 187,528.699 187,528.699 187,528.699 187,528.699 



JPM Global Focus X (acc) - EUR 892,193.804 3,561,724.691 792,732.545 3,661,185.950 

230





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at the End 

of the Year 




JPM Global Government Bond A (acc) - USD (hedged) 313,718.219 1,704,502.365 656,661.845 1,361,558.739 



JPM Global Government Bond D (acc) - EUR 1,245,618.910 1,429,564.015 1,723,463.365 951,719.560 








JPM Global Natural Resources C (acc) - EUR 8,306,877.948 448,897.057 6,489,184.644 2,266,590.361 




JPM Global Natural Resources I (acc) - EUR - 183,145.780 - 183,145.780 

JPM Global Natural Resources X (acc) - EUR 4,184,648.650 13,117.356 1,800,146.498 2,397,619.508 



JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 925,760.202 125,498.962 534,084.730 517,174.434 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 118,954.712 0.398 118,736.381 218.729 






JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) - 14,394.000 - 14,394.000 

JPMorgan Funds - JF Asia Pacific Income Fund (2) 

JF Asia Pacific Income A (acc) - USD 448,863.091 105,366.830 194,388.818 359,841.103 

JF Asia Pacific Income A (dist) - USD 2,909,581.326 420,778.780 806,600.996 2,523,759.110 

JF Asia Pacific Income A (mth) - HKD - 75,135.477 - 75,135.477 

JF Asia Pacific Income A (mth) - USD - 1,148.907 - 1,148.907 

JF Asia Pacific Income B (acc) - USD 505,300.000 6,116.086 - 511,416.086 

JF Asia Pacific Income D (acc) - USD 1,166,332.773 349,032.575 425,018.396 1,090,346.952 

JPMorgan Funds - JF China Fund 

JF China A (acc) - USD 14,387,902.621 6,395,777.143 8,090,935.777 12,692,743.987 

JF China A (acc) - SGD 1,343.556 4,037.974 1,709.694 3,671.836 

JF China A (dist) - USD 48,360,613.460 17,014,787.821 20,287,875.021 45,087,526.260 

JF China A (dist) - HKD 1,447,697.986 6,849,599.878 5,747,779.431 2,549,518.433 

JF China B (acc) - USD 906,191.452 190,485.487 451,882.311 644,794.628 

JF China C (acc) - USD 4,142,212.911 2,023,704.787 3,796,327.357 2,369,590.341 

JF China D (acc) - USD 8,851,358.914 3,506,348.230 5,174,710.705 7,182,996.439 

JF China D (acc) - EUR 47,907.542 28,567.885 22,973.312 53,502.115 

JF China I (acc) - USD 17,525,248.878 - 17,156,297.286 368,951.592 

JF China T (acc) - EUR 817.824 21,288.889 15,190.344 6,916.369 

JF China X (acc) - USD 48,529.891 - 15,828.740 32,701.151 

JPMorgan Funds - JF Greater China Fund 

JF Greater China A (acc) - USD 11,664,063.172 5,703,676.694 6,682,627.743 10,685,112.123 

JF Greater China A (acc) - SGD 47,658.490 15,448.082 51,774.930 11,331.642 

JF Greater China A (dist) - USD 12,880,897.628 4,255,126.173 5,522,480.350 11,613,543.451 

JF Greater China A (dist) - HKD 1,397,905.372 1,171,866.492 706,237.653 1,863,534.211 

JF Greater China B (acc) - USD 280,502.578 35,931.492 186,783.927 129,650.143 

JF Greater China C (acc) - USD 2,039,911.544 1,416,733.384 877,705.898 2,578,939.030 

JF Greater China D (acc) - USD 2,857,604.951 274,050.541 913,242.836 2,218,412.656 

JF Greater China D (acc) - EUR 47,214.764 14,187.181 10,314.024 51,087.921 

JF Greater China I (acc) - USD 400,363.031 923,914.679 916,511.504 407,766.206 

JF Greater China T (acc) - EUR 2,421.459 6,708.664 2,756.962 6,373.161 

JPMorgan Funds - JF Hong Kong Fund 

JF Hong Kong A (acc) - USD 469,565.841 1,314,930.961 1,638,872.127 145,624.675 

JF Hong Kong A (dist) - USD 2,474,749.607 680,471.254 856,158.087 2,299,062.774 

JF Hong Kong A (dist) - HKD 1,135,515.278 3,131,564.105 2,774,262.554 1,492,816.829 

JF Hong Kong B (acc) - USD 1,630.009 - - 1,630.009 

JF Hong Kong C (acc) - USD 264,801.000 2,116.000 53,604.000 213,313.000 

JF Hong Kong D (acc) - USD 567,173.998 324,451.592 405,559.731 486,065.859 

(2) This Sub-Fund was renamed from JF Pacific Balanced Fund on 14 June 2012. 

231





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of the Year 


JPMorgan Funds - JF India Fund 

JF India A (acc) - USD 28,014,291.091 8,986,616.612 12,714,509.363 24,286,398.340 

JF India A (acc) - SGD 12,992.543 13,467.924 2,416.304 24,044.163 

JF India A (dist) - USD 14,490,755.115 1,788,023.457 4,102,696.680 12,176,081.892 

JF India B (acc) - USD 528,341.011 134,745.006 392,433.146 270,652.871 

JF India C (acc) - USD 6,770,430.059 2,661,109.784 4,425,452.240 5,006,087.603 

JF India D (acc) - USD 11,131,746.552 1,232,509.267 3,084,966.070 9,279,289.749 

JF India D (acc) - EUR 85,200.691 62,122.003 47,021.919 100,300.775 

JF India T (acc) - EUR 2,116.059 9,207.164 796.059 10,527.164 

JF India X (acc) - USD 963,204.810 255,345.653 285,265.980 933,284.483 

JPMorgan Funds - JF Japan Equity Fund 

JF Japan Equity A (acc) - USD 4,717,645.475 12,219,690.257 12,902,712.466 4,034,623.266 

JF Japan Equity A (acc) - EUR 74,023.553 6,095.324 12,213.830 67,905.047 

JF Japan Equity A (acc) - JPY 109,195.656 2,194.000 36,929.350 74,460.306 

JF Japan Equity A (dist) - USD 6,569,273.087 1,885,576.094 2,778,416.881 5,676,432.300 

JF Japan Equity A (dist) - GBP 313,792.950 15,894.234 22,444.540 307,242.644 

JF Japan Equity B (acc) - USD 578,001.112 308,425.171 309,959.517 576,466.766 

JF Japan Equity C (acc) - USD 417,924.344 905,465.080 844,675.545 478,713.879 

JF Japan Equity D (acc) - USD 2,576,324.369 343,377.898 1,271,233.837 1,648,468.430 

JF Japan Equity D (acc) - EUR 55,696.624 144,621.445 124,519.333 75,798.736 

JF Japan Equity J (dist) - USD 1,312,640.295 198,239.442 394,749.298 1,116,130.439 

JF Japan Equity X (acc) - USD 9,340.142 7,358.004 - 16,698.146 

JPMorgan Funds - JF Japan Small Cap Fund 

JF Japan Small Cap A (acc) - USD 926,418.970 3,057,936.886 3,689,596.558 294,759.298 

JF Japan Small Cap A (dist) - USD 3,517,372.337 1,461,932.945 1,988,133.259 2,991,172.023 

JF Japan Small Cap B (acc) - USD 129,279.959 1,344,010.533 1,325,047.018 148,243.474 

JF Japan Small Cap D (acc) - USD 863,281.164 340,752.687 501,798.147 702,235.704 

JPMorgan Funds - JF Korea Equity Fund 

JF Korea Equity A (acc) - USD 6,944,389.460 6,289,480.458 5,394,965.906 7,838,904.012 

JF Korea Equity A (acc) - EUR 1,657,254.201 593,882.571 1,519,751.260 731,385.512 

JF Korea Equity A (acc) - SGD - 5,933.834 - 5,933.834 

JF Korea Equity A (dist) - USD 112,326.869 41,692.416 64,532.161 89,487.124 

JF Korea Equity B (acc) - USD 601,008.353 180,399.207 338,524.230 442,883.330 

JF Korea Equity C (acc) - USD 621,952.414 47,470.000 369,152.414 300,270.000 

JF Korea Equity D (acc) - USD 2,290,846.350 8,004,250.233 8,818,095.313 1,477,001.270 

JF Korea Equity I (acc) - USD* - 141,060.916 141,060.916 - 

JF Korea Equity X (acc) - USD 134,838.000 2,282.000 34,933.000 102,187.000 

JPMorgan Funds - JF Pacific Technology Fund 

JF Pacific Technology A (acc) - USD 546,982.747 110,116.150 158,943.837 498,155.060 

JF Pacific Technology A (acc) - EUR 14,772.826 268.337 4,112.455 10,928.708 

JF Pacific Technology A (dist) - USD 1,197,386.726 61,838.507 240,879.051 1,018,346.182 

JF Pacific Technology A (dist) - GBP 14,761.491 6,426.894 5,995.236 15,193.149 

JF Pacific Technology B (acc) - USD 229,029.787 1,331.752 2,783.172 227,578.367 

JF Pacific Technology C (acc) - USD 62,821.450 48,709.163 3,656.308 107,874.305 

JF Pacific Technology D (acc) - USD 358,345.544 119,298.444 234,033.595 243,610.393 

JPMorgan Funds - JF Singapore Fund 

JF Singapore A (acc) - USD 854,437.207 1,931,152.108 1,667,453.943 1,118,135.372 

JF Singapore A (acc) - SGD 394,394.315 147,093.834 101,476.100 440,012.049 

JF Singapore A (dist) - USD 2,973,749.107 1,610,144.298 2,164,453.273 2,419,440.132 

JF Singapore B (acc) - USD 148,295.280 43,339.408 106,083.648 85,551.040 

JF Singapore C (acc) - USD 316,418.145 876,428.744 1,129,998.649 62,848.240 

JF Singapore D (acc) - USD 1,080,456.230 109,554.426 299,662.872 890,347.784 

JPMorgan Funds - JF Taiwan Fund 

JF Taiwan A (acc) - USD 9,670,454.187 5,611,152.313 10,290,556.205 4,991,050.295 

JF Taiwan A (acc) - EUR 50,255.869 42,184.080 28,350.154 64,089.795 

JF Taiwan A (dist) - USD 16,718,856.626 7,045,718.158 8,442,493.831 15,322,080.953 

JF Taiwan A (dist) - HKD 590,293.701 1,512,699.263 1,335,435.880 767,557.084 

JF Taiwan B (acc) - USD 50.000 14,890.000 14,890.000 50.000 

JF Taiwan C (acc) - USD 1,433,385.786 17,871.525 458,516.167 992,741.144 

JF Taiwan D (acc) - USD 893,090.538 3,180,625.211 3,382,063.857 691,651.892 

JF Taiwan I (acc) - USD 9,504,823.052 2,860,360.314 11,876,803.597 488,379.769 

JF Taiwan X (acc) - USD 129,125.000 2,161.000 45,805.000 85,481.000 



JPM Latin America Equity A (acc) - SGD 888.109 210.084 - 1,098.193 


JF Latin America Equity A (dist) - USD 8,091,091.376 3,478,968.016 4,194,989.377 7,375,070.015 



JPM Latin America Equity D (acc) - USD 3,399,236.297 305,110.088 1,042,478.903 2,661,867.482 





232





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at the End 

of the Year 











JPM US Aggregate Bond A (acc) - EUR (hedged) - 572,446.017 382,325.353 190,120.664 

JPM US Aggregate Bond A (div) - USD* - 395,780.000 395,780.000 - 



JPM US Aggregate Bond A (mth) - SGD - 2,110.093 - 2,110.093 

JPM US Aggregate Bond A (mth) - SGD (hedged) - 36,822.900 - 36,822.900 


JPM US Aggregate Bond B (mth) - USD - 10.000 - 10.000 






JPM US Aggregate Bond X (dist) - GBP (hedged) - 27,035.689 595.149 26,440.540 

JPMorgan Funds - US Dynamic Fund 

JPM US Dynamic A (acc) - USD 6,624,877.578 1,426,213.673 4,414,662.197 3,636,429.054 

JPM US Dynamic A (acc) - EUR 1,942,808.277 170,104.170 509,324.699 1,603,587.748 

JPM US Dynamic A (dist) - USD 7,811,611.605 544,155.545 2,050,855.008 6,304,912.142 

JPM US Dynamic B (acc) - USD 925,867.305 349,632.030 1,148,008.858 127,490.477 

JPM US Dynamic C (acc) - USD 860,647.866 794,423.822 714,135.213 940,936.475 

JPM US Dynamic D (acc) - USD 1,035,624.890 73,711.288 235,486.605 873,849.573 

JPM US Dynamic D (acc) - EUR 34,602.832 64,518.905 68,946.852 30,174.885 

JPM US Dynamic I (inc) - EUR 167.161 - - 167.161 

JPM US Dynamic T (acc) - EUR 546.325 7,679.024 2,954.806 5,270.543 

JPM US Dynamic X (acc) - USD 140,289.015 9,297.440 68,924.929 80,661.526 





JPM US Growth A (dist) - GBP 1,993,462.367 474,579.321 2,206,170.220 261,871.468 

JPM US Growth B (acc) - USD 1,305,228.223 2,166,429.807 561,847.752 2,909,810.278 


JPM US Growth C (acc) - EUR (hedged) 72,811.246 2,979,401.862 778,744.180 2,273,468.928 

JPM US Growth C (dist) - USD - 227,283.997 8,330.763 218,953.234 











JPM US Small Cap Growth B (acc) - USD 1,462,491.554 1,853,749.323 3,095,238.657 221,002.220 

JPM US Small Cap Growth C (acc) - USD* - 1,982.906 1,982.906 - 


JPM US Small Cap Growth X (acc) - USD 158,429.726 - 154,324.001 4,105.725 




JPM US Technology A (acc) - SGD - 1,184.629 - 1,184.629 



JF US Technology A (dist) - USD 35,212,251.455 57,501,260.384 63,992,875.290 28,720,636.549 


JPM US Technology C (acc) - USD 165,593.919 4,976,855.220 1,601,187.239 3,541,261.900 



JPM US Technology X (acc) - USD* 7,531.168 2,651.769 10,182.937 - 

233





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at the End 

of the Year 







JF US Value A (dist) - USD 371,801.616 1,230,846.650 1,230,056.168 372,592.098 

JPM US Value B (acc) - USD 625,933.389 2,152,306.509 1,525,318.573 1,252,921.325 




JPM US Value D (acc) - USD 2,988,844.922 771,359.281 1,119,635.413 2,640,568.790 



JPM US Value X (acc) - EUR (hedged) - 7,444.000 - 7,444.000 


** Share Class reactivated during the year. 

234





of the Year 


at the End 

of the Year 



JPM America Equity A (acc) - USD 1,865,537.792 932,797.629 1,599,065.121 1,199,270.300 





JPM America Equity C (acc) - USD 6,724,698.274 977,207.671 838,549.616 6,863,356.329 



JPM America Equity D (acc) - USD 2,020,176.344 1,504,161.939 1,044,470.826 2,479,867.457 

JPM America Equity D (acc) - EUR (hedged) 728,639.908 1,537,171.747 861,219.729 1,404,591.926 




JPM Eastern Europe Equity A (acc) - USD - 35.951 - 35.951 

JPM Eastern Europe Equity A (dist) - EUR 10,330,900.900 3,456,733.434 3,886,111.549 9,901,522.785 




JPM Eastern Europe Equity D (acc) - EUR 2,089,459.737 927,095.418 1,116,905.875 1,899,649.280 

JPM Eastern Europe Equity I (acc) - EUR 1,796,727.879 2,940,427.709 3,794,567.270 942,588.318 

JPM Eastern Europe Equity X (acc) - EUR 2,620,796.741 163,657.645 796.741 2,783,657.645 




JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD - 959.224 49.955 909.269 



JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,813,484.930 2,122,461.700 2,176,537.546 1,759,409.084 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,925,463.268 813,780.950 1,108,551.885 1,630,692.333 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR - 40,247.499 14,136.396 26,111.103 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR - 905.244 67.413 837.831 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5,000,000.000 5,226,929.473 437,500.000 9,789,429.473 






JPM Emerging Markets Bond I (acc) - USD 285,700.000 150,700.000 - 436,400.000 

JPM Emerging Markets Bond X (acc) - USD 70.000 220,538.871 113,059.795 107,549.076 


JPM Emerging Markets Debt A (acc) - EUR 1,428,528.320 11,523,901.535 6,717,320.112 6,235,109.743 

JPM Emerging Markets Debt A (acc) - USD (hedged) 140,399.903 11,374,869.639 5,614,733.226 5,900,536.316 

JPM Emerging Markets Debt A (inc) - EUR 6,501,548.088 5,006,416.341 5,064,777.206 6,443,187.223 

JPM Emerging Markets Debt A (mth) - EUR 673,648.932 1,155,439.471 1,124,221.995 704,866.408 

JPM Emerging Markets Debt A (mth) - USD (hedged) 543,722.117 4,718,749.891 2,811,756.095 2,450,715.913 

JPM Emerging Markets Debt B (acc) - EUR 699,783.375 2,063,545.565 1,803,053.072 960,275.868 

JPM Emerging Markets Debt C (acc) - EUR 3,693,654.707 10,899,515.667 9,253,596.625 5,339,573.749 

JPM Emerging Markets Debt D (acc) - EUR 2,612,294.633 3,375,561.600 2,154,341.824 3,833,514.409 

JPM Emerging Markets Debt I (inc) - EUR 856,161.782 20,000.000 - 876,161.782 






JPM Emerging Markets Equity A (dist) - GBP 1,695,180.515 1,095,930.047 914,624.794 1,876,485.768 



JPM Emerging Markets Equity C (dist) - USD - 270.876 - 270.876 

JPM Emerging Markets Equity D (acc) - USD 3,876,441.179 2,386,330.587 1,544,149.348 4,718,622.418 



JPM Emerging Markets Equity I (acc) - EUR 1,942,978.492 - - 1,942,978.492 



JPM Emerging Markets Equity X (acc) - EUR - 50,198.727 - 50,198.727 


JPM Emerging Markets Equity X (inc) - EUR 45,085,625.651 5,905,704.910 894,647.367 50,096,683.194 

235





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of the Year 





JPM Emerging Markets Local Currency Debt A (dist) - GBP - 1,203.185 - 1,203.185 


JPM Emerging Markets Local Currency Debt A (inc) - EUR - 12,315.000 - 12,315.000 

JPM Emerging Markets Local Currency Debt B (acc) - EUR - 10,034.720 - 10,034.720 

JPM Emerging Markets Local Currency Debt B (acc) - USD 493,573.091 3,953,077.093 1,382,697.753 3,063,952.431 

JPM Emerging Markets Local Currency Debt C (acc) - EUR - 185,312.070 70,553.621 114,758.449 

JPM Emerging Markets Local Currency Debt C (acc) - USD 744,031.123 3,606,268.047 1,790,952.676 2,559,346.494 



JPM Emerging Markets Local Currency Debt D (inc) - EUR 40,079.625 2,055,286.126 309,337.412 1,786,028.339 

JPM Emerging Markets Local Currency Debt I (acc) - EUR - 244,795.224 199,695.224 45,100.000 

JPM Emerging Markets Local Currency Debt T (acc) - EUR - 50.000 - 50.000 

JPM Emerging Markets Local Currency Debt T (inc) - EUR - 21,113.019 - 21,113.019 

JPM Emerging Markets Local Currency Debt X (acc) - EUR - 536,061.704 232,270.634 303,791.070 




JPM Emerging Middle East Equity A (acc) - EUR 148,212.987 1,598,162.529 1,208,709.430 537,666.086 

JPM Emerging Middle East Equity A (acc) - SGD - 1,559.870 49.955 1,509.915 




JPM Emerging Middle East Equity D (acc) - USD 1,939,619.749 900,969.123 1,055,231.857 1,785,357.015 

JPM Emerging Middle East Equity D (acc) - EUR - 178,642.560 160,038.363 18,604.197 

JPM Emerging Middle East Equity I (acc) - USD - 123,613.881 42,867.258 80,746.623 







JPM Euroland Equity C (acc) - EUR 6,956,640.840 1,840,054.094 4,648,236.192 4,148,458.742 

JPM Euroland Equity D (acc) - EUR 4,533,603.724 434,549.874 1,617,338.714 3,350,814.884 

JPM Euroland Equity I (acc) - EUR* 53,145.999 0.001 53,146.000 - 

JPM Euroland Equity X (acc) - EUR 747,426.000 619,025.000 21,425.000 1,345,026.000 


JPM Euroland Select Equity A (acc) - EUR 179,661.301 11,322,994.211 2,160,191.070 9,342,464.442 


JPM Euroland Select Equity B (acc) - EUR - 53,236.273 1,354.126 51,882.147 

JPM Euroland Select Equity C (acc) - EUR 1,405.561 2,368,008.693 1,470,300.340 899,113.914 










JPM Europe Dynamic D (acc) - USD 4,566.115 - 887.318 3,678.797 

JPM Europe Dynamic D (acc) - EUR 1,488,189.228 365,188.681 544,546.394 1,308,831.515 

JPM Europe Dynamic I (acc) - EUR 1,300,000.000 1,288,000.000 - 2,588,000.000 

JPM Europe Dynamic T (acc) - EUR - 3,640.497 - 3,640.497 


JPM Europe Dynamic Mega Cap A (acc) - USD 353.856 - - 353.856 

JPM Europe Dynamic Mega Cap A (acc) - EUR 7,091,036.608 489,756.669 4,109,695.843 3,471,097.434 

JPM Europe Dynamic Mega Cap A (dist) - EUR 3,036,027.680 208,413.502 1,505,640.664 1,738,800.518 


JPM Europe Dynamic Mega Cap B (acc) - EUR 32,960.781 - 26,035.262 6,925.519 

JPM Europe Dynamic Mega Cap C (acc) - EUR 1,178,779.415 89,162.455 1,071,386.261 196,555.609 



JPM Europe Dynamic Mega Cap T (acc) - EUR - 360.805 - 360.805 

JPM Europe Dynamic Mega Cap X (acc) - EUR 1,133,038.232 29,491.441 1,006,812.879 155,716.794 







JPM Europe Equity C (acc) - EUR 7,244,717.385 1,807,543.338 1,119,855.234 7,932,405.489 




236





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of the Year 








JPM Europe Small Cap C (acc) - EUR 412,665.020 937,765.187 1,246,611.946 103,818.261 


JPM Europe Small Cap I (acc) - EUR - 85,375.831 - 85,375.831 


JPM Europe Technology A (acc) - EUR 830,531.434 4,633,167.744 3,814,133.664 1,649,565.514 

JPM Europe Technology A (dist) - EUR 8,331,659.591 4,534,533.600 4,617,718.623 8,248,474.568 

JF Europe Technology A (dist) - EUR 1,800,278.206 1,203,146.021 1,486,160.526 1,517,263.701 



JPM Europe Technology D (acc) - EUR 1,675,386.535 2,696,993.764 1,601,825.226 2,770,555.073 

JPM Europe Technology X (acc) - EUR 19,540.984 - 2,319.965 17,221.019 





JPM Germany Equity B (acc) - EUR 761,549.316 1,433,113.720 1,673,622.234 521,040.802 



JPM Germany Equity I (acc) - EUR 1,620,590.256 972,533.633 2,453,494.841 139,629.048 

JPM Germany Equity T (acc) - EUR - 31,889.340 50.000 31,839.340 

JPM Germany Equity X (acc) - EUR 295,392.406 740,705.519 33,954.000 1,002,143.925 


JPM Global Consumer Trends A (acc) - USD 91,418.548 1,561,938.587 34,760.329 1,618,596.806 


JPM Global Consumer Trends B (acc) - USD - 34.600 - 34.600 

JPM Global Consumer Trends B (acc) - EUR - 34.720 - 34.720 

JPM Global Consumer Trends C (acc) - EUR 1,488,680.208 2,538,370.294 1,980,021.943 2,047,028.559 

JPM Global Consumer Trends D (acc) - USD - 34.600 - 34.600 


JPM Global Consumer Trends T (acc) - EUR - 12,284.426 145.226 12,139.200 






JF Global Convertibles (EUR) A (dist) - USD 2,019,518.193 1,965,065.574 2,750,953.602 1,233,630.165 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 688,484.039 512,910.943 114,695.000 1,086,699.982 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) - 300,287.391 - 300,287.391 




JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 10,207,235.638 4,259,703.387 10,964,292.142 3,502,646.883 


JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 1,019,625.506 289,017.341 - 1,308,642.847 



JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,788,476.035 - 0.710 1,788,475.325 

JPM Global Convertibles (EUR) X (acc) - EUR 8,793,326.891 1,198,381.604 4,565,183.843 5,426,524.652 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged) - 3,236.968 - 3,236.968 



JPM Global Dynamic A (acc) - CHF (hedged) - 8,063.792 417.000 7,646.792 


JPM Global Dynamic A (acc) - EUR (hedged) 3,292,326.573 238,915.811 3,103,255.623 427,986.761 

JPM Global Dynamic A (acc) - SGD 498.563 2,359.528 - 2,858.091 

JPM Global Dynamic A (acc) - SGD (hedged) - 50,243.339 - 50,243.339 











JPM Global Dynamic D (acc) - USD 4,552,351.073 308,216.953 3,518,299.528 1,342,268.498 

JPM Global Dynamic I (acc) - EUR (hedged) - 330,854.246 29,832.200 301,022.046 

JPM Global Dynamic I (acc) - USD 152,038.895 5,589,876.657 10,864.871 5,731,050.681 

JPM Global Dynamic I (inc) - EUR 4,269,575.737 52,389.803 - 4,321,965.540 

JPM Global Dynamic T (acc) - EUR (hedged) - 1,331.638 - 1,331.638 


JPM Global Dynamic X (acc) - USD 6,149,032.055 33,643.318 1,126,445.793 5,056,229.580 

237





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of the Year 




JPM Global Equity (USD) A (acc) - EUR - 11,874.657 - 11,874.657 



JF Global Equity (USD) A (dist) - USD 1,111,331.660 318,611.363 427,240.318 1,002,702.705 


JPM Global Equity (USD) C (acc) - USD 7,567,085.145 32,869.000 2,296,602.873 5,303,351.272 

JPM Global Equity (USD) C (acc) - EUR (hedged) 5,837,707.130 81,308.818 - 5,919,015.948 



JPM Global Equity (USD) X (acc) - USD 1,189.691 - - 1,189.691 





JPM Global Focus A (acc) - CHF (hedged) - 50,692.001 4,211.698 46,480.303 


JF Global Focus A (dist) - USD 1,842,078.240 1,422,839.249 1,415,050.007 1,849,867.482 


JPM Global Focus C (acc) - USD 1,799,015.290 1,192,355.793 798,177.886 2,193,193.197 


JPM Global Focus C (acc) - EUR (hedged) 489,378.430 5,437,280.512 3,775,768.156 2,150,890.786 



JPM Global Focus I (acc) - USD - 402,080.697 - 402,080.697 

JPM Global Focus I (acc) - EUR - 747,375.996 577.810 746,798.186 

JPM Global Focus I (acc) - EUR (hedged) - 187,528.699 - 187,528.699 

JPM Global Focus T (acc) - EUR - 16,645.520 - 16,645.520 

JPM Global Focus X (acc) - EUR 936,103.590 61,966.510 105,876.296 892,193.804 



JPM Global Government Bond A (acc) - USD (hedged) 245,264.439 667,675.356 599,221.576 313,718.219 



JPM Global Government Bond D (acc) - EUR 270,627.378 2,495,755.059 1,520,763.527 1,245,618.910 








JPM Global Natural Resources C (acc) - USD 5,551,376.057 9,743,820.499 5,963,838.909 9,331,357.647 

JPM Global Natural Resources C (acc) - EUR 6,011,118.454 8,539,145.727 6,243,386.233 8,306,877.948 

JPM Global Natural Resources D (acc) - USD 1,136,706.770 2,054,698.847 2,363,133.521 828,272.096 


JPM Global Natural Resources X (acc) - USD* - 17,517.215 17,517.215 - 

JPM Global Natural Resources X (acc) - EUR 5,089,717.594 3,689,693.947 4,594,762.891 4,184,648.650 




JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 2,534.775 118,888.565 2,468.628 118,954.712 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) - 4,501.242 - 4,501.242 

JPM Global Real Estate Securities (USD) C (acc) - USD - 215,060.083 32,859.845 182,200.238 



JPM Global Real Estate Securities (USD) X (acc) - USD 449,841.235 526,297.000 - 976,138.235 



JF China A (acc) - SGD 498.563 844.993 - 1,343.556 


JF China A (dist) - HKD - 3,130,574.135 1,682,876.149 1,447,697.986 

JF China B (acc) - USD 1,072,011.902 527,548.730 693,369.180 906,191.452 



JF China D (acc) - EUR - 61,289.640 13,382.098 47,907.542 

JF China I (acc) - USD 23,707,183.887 6,820,107.259 13,002,042.268 17,525,248.878 

JF China T (acc) - EUR - 886.139 68.315 817.824 

JF China X (acc) - USD - 301,945.306 253,415.415 48,529.891 

238





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of the Year 




JF Greater China A (acc) - SGD 498.563 107,658.490 60,498.563 47,658.490 


JF Greater China A (dist) - HKD - 1,513,845.696 115,940.324 1,397,905.372 


JF Greater China C (acc) - USD 3,092,015.534 3,301,641.035 4,353,745.025 2,039,911.544 

JF Greater China D (acc) - USD 3,510,441.172 621,500.973 1,274,337.194 2,857,604.951 

JF Greater China D (acc) - EUR - 60,426.170 13,211.406 47,214.764 

JF Greater China I (acc) - USD - 402,030.655 1,667.624 400,363.031 

JF Greater China T (acc) - EUR - 2,421.459 - 2,421.459 



JF Hong Kong A (dist) - USD 3,192,967.004 491,678.286 1,209,895.683 2,474,749.607 

JF Hong Kong A (dist) - HKD - 2,403,976.753 1,268,461.475 1,135,515.278 

JF Hong Kong B (acc) - USD 3,915.651 189,665.807 191,951.449 1,630.009 

JF Hong Kong C (acc) - USD 540,529.482 1,687,436.054 1,963,164.536 264,801.000 




JF India A (acc) - SGD 498.563 17,261.213 4,767.233 12,992.543 





JF India D (acc) - EUR - 124,005.616 38,804.925 85,200.691 

JF India T (acc) - EUR - 2,184.374 68.315 2,116.059 





JF Japan Equity A (acc) - JPY 859,350.180 314,334.465 1,064,488.989 109,195.656 




JF Japan Equity C (acc) - USD 416,571.587 3,871,148.080 3,869,795.323 417,924.344 

JF Japan Equity D (acc) - USD 4,460,183.837 1,612,719.283 3,496,578.751 2,576,324.369 

JF Japan Equity D (acc) - EUR 99,482.165 2,112,217.391 2,156,002.932 55,696.624 


JF Japan Equity X (acc) - USD 26,143.120 5,448.054 22,251.032 9,340.142 




JF Japan Small Cap B (acc) - USD 24,519.310 1,084,997.186 980,236.537 129,279.959 

JF Japan Small Cap D (acc) - USD 1,017,149.190 808,735.514 962,603.540 863,281.164 



JF Korea Equity A (acc) - EUR 115,108.183 2,534,302.668 992,156.650 1,657,254.201 




JF Korea Equity D (acc) - USD 382,758.482 5,128,224.742 3,220,136.874 2,290,846.350 


JPMorgan Funds - JF Pacific Balanced Fund 

JF Pacific Balanced A (acc) - USD 303,084.610 955,697.404 809,918.923 448,863.091 

JF Pacific Balanced A (dist) - USD 3,184,542.924 579,825.201 854,786.799 2,909,581.326 

JF Pacific Balanced B (acc) - USD 505,300.000 1,626,966.668 1,626,966.668 505,300.000 

JF Pacific Balanced D (acc) - USD 1,232,886.994 423,209.290 489,763.511 1,166,332.773 



JF Pacific Technology A (acc) - EUR 20,946.125 1,494.157 7,667.456 14,772.826 



JF Pacific Technology B (acc) - USD 795,214.984 811,292.758 1,377,477.955 229,029.787 

JF Pacific Technology C (acc) - USD 2,664,638.210 307,914.749 2,909,731.509 62,821.450 



JF Singapore A (acc) - USD 868,648.942 2,317,770.734 2,331,982.469 854,437.207 




JF Singapore C (acc) - USD 26,108.133 2,135,354.757 1,845,044.745 316,418.145 

JF Singapore D (acc) - USD 1,300,755.155 331,792.523 552,091.448 1,080,456.230 

JF Singapore I (acc) - USD* 632,502.587 0.001 632,502.588 - 

239





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of the Year 






JF Taiwan A (dist) - HKD - 1,049,846.993 459,553.292 590,293.701 

JF Taiwan B (acc) - USD 39,588.364 50.000 39,588.364 50.000 

JF Taiwan C (acc) - USD 154,273.628 3,435,806.236 2,156,694.078 1,433,385.786 

JF Taiwan D (acc) - USD 1,091,192.284 5,591,692.111 5,789,793.857 893,090.538 

JF Taiwan I (acc) - USD 4,817,548.910 5,547,559.211 860,285.069 9,504,823.052 

JF Taiwan X (acc) - USD - 129,125.000 - 129,125.000 



JPM Latin America Equity A (acc) - SGD - 938.064 49.955 888.109 

JPM Latin America Equity A (dist) - USD 5,608,253.490 1,830,451.338 2,222,022.578 5,216,682.250 




JPM Latin America Equity D (acc) - USD 4,453,156.114 2,398,716.186 3,452,636.003 3,399,236.297 

JPM Latin America Equity D (acc) - EUR - 61,797.839 21,335.555 40,462.284 


JPM Latin America Equity T (acc) - EUR - 2,887.234 68.315 2,818.919 

JPM Latin America Equity X (acc) - USD 2,362,034.245 1,186,198.651 1,078,189.472 2,470,043.424 











JPM US Aggregate Bond A (mth) - USD 570,093.668 5,109,600.771 2,613,025.929 3,066,668.510 




JPM US Aggregate Bond D (acc) - EUR (hedged) - 21,547.642 6,876.113 14,671.529 

JPM US Aggregate Bond I (acc) - USD - 315,352.787 - 315,352.787 





JPM US Dynamic A (dist) - USD 32,900,982.574 2,270,744.664 27,360,115.633 7,811,611.605 

JPM US Dynamic B (acc) - USD 353,698.012 1,222,969.814 650,800.521 925,867.305 

JPM US Dynamic C (acc) - USD 9,384,577.423 3,740,391.203 12,264,320.760 860,647.866 

JPM US Dynamic D (acc) - USD 1,598,965.713 180,092.566 743,433.389 1,035,624.890 

JPM US Dynamic D (acc) - EUR 37,813.643 322.581 3,533.392 34,602.832 

JPM US Dynamic I (inc) - EUR 18,308,677.100 90,871.397 18,399,381.336 167.161 

JPM US Dynamic T (acc) - EUR - 546.325 - 546.325 

JPM US Dynamic X (acc) - USD 1,122,159.552 22,482.240 1,004,352.777 140,289.015 

JPMorgan Funds - US Growth Fund (1) 

JPM US Growth A (acc) - USD 883,269.582 22,377,759.438 2,035,001.341 21,226,027.679 

JPM US Growth A (acc) - EUR (hedged) 927,887.304 2,094,562.412 1,140,336.156 1,882,113.560 


JPM US Growth A (dist) - GBP 24,905.001 2,014,750.031 46,192.665 1,993,462.367 

JPM US Growth B (acc) - USD 204,879.833 1,292,054.760 191,706.370 1,305,228.223 

JPM US Growth C (acc) - USD 686,167.311 10,683,235.931 2,160,245.545 9,209,157.697 

JPM US Growth C (acc) - EUR (hedged) 12,665.420 89,245.560 29,099.734 72,811.246 

JPM US Growth C (dist) - GBP - 198,624.637 42,644.766 155,979.871 



JPM US Growth X (acc) - USD 34,224.434 6,164,873.490 186,563.802 6,012,534.122 

JPM US Growth X (dist) - USD - 12,700.109 - 12,700.109 



JPM US Small Cap Growth A (acc) - EUR - 15,457.008 - 15,457.008 




JPM US Small Cap Growth D (acc) - USD 1,104,790.976 1,720,223.718 1,098,985.084 1,726,029.610 

JPM US Small Cap Growth X (acc) - USD 11,593.549 158,897.561 12,061.384 158,429.726 

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

240





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of the Year 



JPM US Technology A (acc) - USD 509,902.577 2,876,147.899 1,601,272.825 1,784,777.651 





JPM US Technology B (acc) - USD - 51,551.388 46,132.657 5,418.731 

JPM US Technology C (acc) - USD 120,241.325 1,332,747.564 1,287,394.970 165,593.919 



JPM US Technology X (acc) - USD 20,793.725 - 13,262.557 7,531.168 



JPM US Value A (acc) - EUR (hedged) 781,914.365 2,905,952.055 436,313.659 3,251,552.761 


JF US Value A (dist) - USD 544,398.871 708,938.272 881,535.527 371,801.616 


JPM US Value B (acc) - USD 282,593.906 1,067,524.016 724,184.533 625,933.389 


JPM US Value C (acc) - EUR (hedged) 64.401 4,983,572.446 1,162,904.395 3,820,732.452 


JPM US Value D (acc) - EUR (hedged) 622,146.258 2,660,764.148 499,271.866 2,783,638.540 

JPM US Value I (acc) - USD - 507,256.943 - 507,256.943 



241





of the Year 


at the End 

of the Year 









JPM America Equity C (acc) - EUR (hedged) 469,357.959 4,149,684.884 3,690,780.285 928,262.558 



JPM America Equity D (acc) - EUR (hedged) 358,720.308 555,024.679 185,105.079 728,639.908 

JPM America Equity X (acc) - USD 324,923.944 - 21,338.917 303,585.027 





JPM Eastern Europe Equity B (acc) - EUR 795,800.925 6,669,132.768 5,376,850.949 2,088,082.744 

JPM Eastern Europe Equity C (acc) - EUR 671,636.419 4,863,179.895 3,821,444.660 1,713,371.654 

JPM Eastern Europe Equity D (acc) - EUR 1,963,239.450 1,606,864.414 1,480,644.127 2,089,459.737 

JPM Eastern Europe Equity I (acc) - EUR - 5,470,482.958 3,673,755.079 1,796,727.879 

JPM Eastern Europe Equity X (acc) - EUR 2,569,000.000 131,176.744 79,380.003 2,620,796.741 





JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1,005,682.116 1,089,346.070 1,340,088.804 754,939.382 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 910,418.427 2,234,672.006 1,331,605.503 1,813,484.930 


JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* 494,012.339 1,211,203.633 1,705,215.972 - 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD - 5,000,000.000 - 5,000,000.000 

JPMorgan Funds - Emerging Markets Bond Fund (1) 

JPM Emerging Markets Bond A (acc) - USD - 481,730.181 250,416.457 231,313.724 

JPM Emerging Markets Bond B (acc) - USD - 34,984.331 15,985.379 18,998.952 

JPM Emerging Markets Bond C (acc) - USD - 214,981.993 150,070.827 64,911.166 

JPM Emerging Markets Bond D (acc) - USD - 39,934.783 12,447.426 27,487.357 

JPM Emerging Markets Bond I (acc) - USD - 285,700.000 - 285,700.000 

JPM Emerging Markets Bond X (acc) - USD - 70.000 - 70.000 



JPM Emerging Markets Debt A (acc) - USD (hedged) - 153,262.886 12,862.983 140,399.903 


JPM Emerging Markets Debt A (mth) - EUR 101,573.645 999,844.415 427,769.128 673,648.932 

JPM Emerging Markets Debt A (mth) - USD (hedged) - 624,307.533 80,585.416 543,722.117 

JPM Emerging Markets Debt B (acc) - EUR - 740,470.611 40,687.236 699,783.375 



JPM Emerging Markets Debt I (inc) - EUR 856,072.874 88.908 - 856,161.782 




JPM Emerging Markets Equity A (acc) - SGD - 1,999.843 - 1,999.843 


JPM Emerging Markets Equity A (dist) - GBP 526,672.325 1,373,797.788 205,289.598 1,695,180.515 




JPM Emerging Markets Equity D (acc) - EUR 901,900.347 2,670,259.712 1,176,688.058 2,395,472.001 


JPM Emerging Markets Equity I (acc) - EUR 668,537.860 1,274,440.632 - 1,942,978.492 

JPM Emerging Markets Equity I (inc) - EUR 1,864,775.381 1,282,387.374 877,100.000 2,270,062.755 


JPM Emerging Markets Equity X (dist) - USD 369,638.934 1,168,908.489 555,547.000 983,000.423 



JPM Emerging Markets Local Currency Debt A (acc) - USD 49,278.644 8,186,262.973 2,710,153.731 5,525,387.886 

JPM Emerging Markets Local Currency Debt A (acc) - EUR 27,359.460 11,466,413.716 4,032,194.366 7,461,578.810 

JPM Emerging Markets Local Currency Debt A (mth) - USD - 6,791,298.549 1,793,974.285 4,997,324.264 

JPM Emerging Markets Local Currency Debt B (acc) - USD - 876,090.435 382,517.344 493,573.091 

JPM Emerging Markets Local Currency Debt C (acc) - USD - 744,031.123 - 744,031.123 

JPM Emerging Markets Local Currency Debt D (acc) - USD 150.000 2,896.512 896.512 2,150.000 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 76,627.326 3,424,989.447 467,937.391 3,033,679.382 

JPM Emerging Markets Local Currency Debt D (inc) - EUR - 68,724.767 28,645.142 40,079.625 

JPM Emerging Markets Local Currency Debt X (acc) - USD 6,930,440.333 7,408,163.310 - 14,338,603.643 

JPM Emerging Markets Local Currency Debt X (acc) - EUR* 1,310,000.000 - 1,310,000.000 - 

(1) This Sub-Fund was launched on 30 October 2009. 

242





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of the Year 
















JPM Euroland Equity D (acc) - EUR 5,936,313.288 1,140,684.753 2,543,394.317 4,533,603.724 

JPM Euroland Equity I (acc) - EUR 53,145.999 - - 53,145.999 

JPM Euroland Equity X (acc) - EUR 392,069.000 764,127.000 408,770.000 747,426.000 


JPM Euroland Select Equity A (acc) - EUR 237,064.667 849,496.440 906,899.806 179,661.301 


JPM Euroland Select Equity C (acc) - EUR - 491,720.349 490,314.788 1,405.561 


JPM Euroland Select Equity X (acc) - EUR 729,794.000 2,306,083.818 2,484,006.000 551,871.818 








JPM Europe Dynamic D (acc) - USD 6,397.936 3,022.732 4,854.553 4,566.115 





JPM Europe Dynamic Mega Cap A (acc) - USD 953.088 40,449.736 41,048.968 353.856 




JPM Europe Dynamic Mega Cap B (acc) - EUR 1,407,589.235 22,789.063 1,397,417.517 32,960.781 

JPM Europe Dynamic Mega Cap C (acc) - EUR 5,847,894.484 397,499.883 5,066,614.952 1,178,779.415 

JPM Europe Dynamic Mega Cap D (acc) - USD 353.857 - - 353.857 

JPM Europe Dynamic Mega Cap D (acc) - EUR 1,035,056.819 178,823.195 357,601.401 856,278.613 

JPM Europe Dynamic Mega Cap I (acc) - EUR* 284,580.592 - 284,580.592 - 

JPM Europe Dynamic Mega Cap X (acc) - EUR 2,737,640.598 218,129.201 1,822,731.567 1,133,038.232 









JPM Europe Equity D (acc) - EUR 3,925,373.578 1,391,805.675 1,424,827.363 3,892,351.890 




JPM Europe Small Cap A (dist) - EUR 7,620,670.669 1,360,217.710 3,525,195.957 5,455,692.422 






JPM Europe Small Cap X (acc) - EUR* 47,838.490 - 47,838.490 - 


JPM Europe Technology A (acc) - EUR 468,291.275 1,202,272.722 840,032.563 830,531.434 


JF Europe Technology A (dist) - EUR 1,504,120.174 986,201.464 690,043.432 1,800,278.206 




JPM Europe Technology X (acc) - EUR 8,549.213 16,779.506 5,787.735 19,540.984 

243





of the Year 


at the End 

of the Year 









JPM Germany Equity I (acc) - EUR 5,563,254.131 9,694,222.220 13,636,886.095 1,620,590.256 

JPM Germany Equity X (acc) - EUR 2,848,958.406 329,448.000 2,883,014.000 295,392.406 


JPM Global Consumer Trends A (acc) - USD - 91,704.328 285.780 91,418.548 

JPM Global Consumer Trends A (acc) - EUR 315,206.124 3,700,357.362 1,977,056.632 2,038,506.854 

JPM Global Consumer Trends C (acc) - EUR 117,828.049 1,679,032.495 308,180.336 1,488,680.208 




JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 231,410.052 2,120,685.142 189,041.496 2,163,053.698 


JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 2,835,618.401 1,527,567.999 2,616,648.850 1,746,537.550 



JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 766,843.906 604,691.777 683,051.644 688,484.039 






JPM Global Convertibles (EUR) I (acc) - CHF (hedged) - 1,019,625.506 - 1,019,625.506 

JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 90.196 - 250,090.196 


JPM Global Convertibles (EUR) X (acc) - CHF (hedged) - 1,788,476.035 - 1,788,476.035 




JPM Global Dynamic A (acc) - EUR (hedged) 22,951.761 4,324,470.295 1,055,095.483 3,292,326.573 

JPM Global Dynamic A (acc) - SGD - 498.563 - 498.563 




JPM Global Dynamic A (inc) - EUR 1,263,001.890 285,530.778 573,741.735 974,790.933 



JPM Global Dynamic C (acc) - EUR 10,554,107.328 1,189,273.914 6,907,320.113 4,836,061.129 

JPM Global Dynamic C (acc) - EUR (hedged) 1,832,355.622 775,284.065 1,498,524.416 1,109,115.271 






JPM Global Dynamic X (acc) - USD 11,809,231.771 3,641,100.984 9,301,300.700 6,149,032.055 

JPM Global Dynamic X (acc) - EUR 26,377,982.213 - - 26,377,982.213 





JF Global Equity (USD) A (dist) - USD 937,707.692 538,155.014 364,531.046 1,111,331.660 






JPM Global Equity (USD) X (acc) - USD 2,957.934 - 1,768.243 1,189.691 

JPM Global Equity (USD) X (acc) - EUR 5,217,065.411 271,318.736 19,658.253 5,468,725.894 





JF Global Focus A (dist) - USD 565,617.131 1,609,904.344 333,443.235 1,842,078.240 

JPM Global Focus B (acc) - EUR 140,985.074 1,812,275.607 558,698.237 1,394,562.444 

JPM Global Focus C (acc) - USD - 1,799,015.290 - 1,799,015.290 


JPM Global Focus C (acc) - EUR (hedged) 651,968.037 2,516,850.669 2,679,440.276 489,378.430 


JPM Global Focus D (acc) - EUR (hedged) 481,183.558 2,588,557.614 1,371,753.259 1,697,987.913 

JPM Global Focus X (acc) - EUR 2,457,095.336 871,080.659 2,392,072.405 936,103.590 

244





of the Year 


at the End 

of the Year 





JPM Global Government Bond B (acc) - EUR - 50,470.573 695.631 49,774.942 




JPMorgan Funds - Global Life Sciences Fund (2) 

JPM Global Life Sciences A (acc) - USD* 68,221.148 1,408.723 69,629.871 - 

JPM Global Life Sciences A (dist) - USD* 1,971,624.254 1,314.110 1,972,938.364 - 

JF Global Life Sciences A (dist) - USD* 1,475,121.780 - 1,475,121.780 - 

JPM Global Life Sciences A (dist) - GBP* 14,388.690 312.921 14,701.611 - 

JPM Global Life Sciences C (acc) - USD* 45,140.812 - 45,140.812 - 

JPM Global Life Sciences D (acc) - USD* 534,861.298 - 534,861.298 - 




JPM Global Natural Resources A (acc) - SGD - 16,104.229 - 16,104.229 





JPM Global Natural Resources D (acc) - USD 498,485.559 1,114,529.587 476,308.376 1,136,706.770 




JPM Global Real Estate Securities (USD) A (acc) - USD 361,675.816 2,928,325.088 708,247.788 2,581,753.116 



JPM Global Real Estate Securities (USD) C (acc) - USD* 36,435.502 - 36,435.502 - 

JPM Global Real Estate Securities (USD) D (acc) - USD 80,247.892 882,395.003 350,148.344 612,494.551 


JPM Global Real Estate Securities (USD) X (acc) - USD 1,383,126.613 - 933,285.378 449,841.235 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged)* 200,212.382 53,283.000 253,495.382 - 



JF China A (acc) - SGD - 498.563 - 498.563 


JF China B (acc) - USD 2,765,529.912 623,714.616 2,317,232.626 1,072,011.902 




JF China X (acc) - USD* - 92,365.908 92,365.908 - 



JF Greater China A (acc) - SGD - 498.563 - 498.563 



JF Greater China C (acc) - USD 3,007,450.070 734,875.016 650,309.552 3,092,015.534 

JF Greater China D (acc) - USD 3,675,963.617 1,582,837.548 1,748,359.993 3,510,441.172 

JF Greater China X (acc) - USD* 115,000.001 - 115,000.001 - 


JF Hong Kong A (acc) - USD 370,203.748 360,147.484 362,776.692 367,574.540 







JF India A (acc) - SGD - 1,998.573 1,500.010 498.563 






(2) This Sub-Fund was merged into Global Healthcare Fund on 16 October 2009. 

245





of the Year 


at the End 

of the Year 





JF Japan Equity A (acc) - JPY 923,792.909 7,401,445.478 7,465,888.207 859,350.180 




JF Japan Equity C (acc) - USD 2,296,974.095 9,216,084.948 11,096,487.456 416,571.587 




JF Japan Equity X (acc) - USD 115,358.546 940.000 90,155.426 26,143.120 




JF Japan Small Cap B (acc) - USD 116,153.212 800,443.207 892,077.109 24,519.310 

JF Japan Small Cap C (acc) - USD* 1,599,335.577 262,356.650 1,861,692.227 - 

JF Japan Small Cap D (acc) - USD 946,852.254 649,382.862 579,085.926 1,017,149.190 

JF Japan Small Cap X (acc) - USD* 540,101.451 - 540,101.451 - 


JF Korea Equity A (acc) - USD 1,100,501.652 1,365,386.449 535,028.953 1,930,859.148 

JF Korea Equity A (acc) - EUR 227,596.632 214,286.924 326,775.373 115,108.183 


JF Korea Equity B (acc) - USD - 450,000.000 - 450,000.000 

JF Korea Equity C (acc) - USD - 664,664.149 340,376.661 324,287.488 

JF Korea Equity D (acc) - USD 248,029.773 479,728.017 344,999.308 382,758.482 

JF Korea Equity X (acc) - USD - 497,702.000 - 497,702.000 


JF Pacific Balanced A (acc) - USD 2,010,497.176 2,438,590.171 4,146,002.737 303,084.610 


JF Pacific Balanced B (acc) - USD 553,413.000 463,145.935 511,258.935 505,300.000 



JF Pacific Technology A (acc) - USD 320,170.878 1,182,689.209 834,888.201 667,971.886 




JF Pacific Technology B (acc) - USD 1,274,185.468 1,003,819.884 1,482,790.368 795,214.984 

JF Pacific Technology C (acc) - USD 14,638.210 2,719,000.000 69,000.000 2,664,638.210 



JF Singapore A (acc) - USD 1,098,674.687 1,291,109.671 1,521,135.416 868,648.942 

JF Singapore A (acc) - SGD - 125,815.815 - 125,815.815 



JF Singapore C (acc) - USD 9,578.446 83,646.501 67,116.814 26,108.133 


JF Singapore I (acc) - USD 2,745,952.258 4,557,374.924 6,670,824.595 632,502.587 





JF Taiwan B (acc) - USD 316,860.837 214,222.231 491,494.704 39,588.364 

JF Taiwan C (acc) - USD 1,477,435.958 360,906.094 1,684,068.424 154,273.628 

JF Taiwan D (acc) - USD 1,410,632.755 2,584,087.575 2,903,528.046 1,091,192.284 

JF Taiwan I (acc) - USD 3,971,271.202 4,139,809.995 3,293,532.287 4,817,548.910 






JPM Latin America Equity C (acc) - USD 898,210.529 3,481,626.326 2,209,250.464 2,170,586.391 








JPM Russia C (acc) - USD 241,613.316 22,801,845.825 4,425,860.086 18,617,599.055 



246





of the Year 


at the End 

of the Year 





JPM US Aggregate Bond A (mth) - USD - 647,565.122 77,471.454 570,093.668 







JPM US Dynamic A (acc) - EUR 8,019,990.828 556,061.938 6,222,464.701 2,353,588.065 


JPM US Dynamic B (acc) - USD 831,177.238 1,139,959.270 1,617,438.496 353,698.012 

JPM US Dynamic C (acc) - USD 13,234,506.761 4,617,980.845 8,467,910.183 9,384,577.423 

JPM US Dynamic D (acc) - USD 2,520,927.694 283,430.527 1,205,392.508 1,598,965.713 


JPM US Dynamic I (acc) - USD* 6,337,345.358 - 6,337,345.358 - 

JPM US Dynamic I (inc) - EUR 19,995,929.691 300,818.980 1,988,071.571 18,308,677.100 

JPM US Dynamic X (acc) - USD 1,979,440.807 5,183,262.816 6,040,544.071 1,122,159.552 


JPM US Small Cap Growth A (acc) - USD 59,628.631 1,545,062.927 240,910.378 1,363,781.180 


JPM US Small Cap Growth A (dist) - GBP 150.903 20,091.314 82.144 20,160.073 

JPM US Small Cap Growth B (acc) - USD 77,159.748 64,993.894 186.579 141,967.063 

JPM US Small Cap Growth D (acc) - USD 930,383.432 378,898.655 204,491.111 1,104,790.976 

JPM US Small Cap Growth X (acc) - USD 11,593.549 - - 11,593.549 

JPMorgan Funds - US Strategic Growth Fund 

JPM US Strategic Growth A (acc) - USD 1,292,640.413 1,694,872.887 2,104,243.718 883,269.582 

JPM US Strategic Growth A (acc) - EUR (hedged) 405,682.795 1,048,328.749 526,124.240 927,887.304 

JPM US Strategic Growth A (dist) - USD 7,404,640.085 4,829,684.677 5,402,305.701 6,832,019.061 

JPM US Strategic Growth A (dist) - GBP 11,281.642 17,583.382 3,960.023 24,905.001 

JPM US Strategic Growth B (acc) - USD 149,161.198 129,444.690 73,726.055 204,879.833 

JPM US Strategic Growth C (acc) - USD 3,987,308.100 2,092,401.861 5,393,542.650 686,167.311 

JPM US Strategic Growth C (acc) - EUR (hedged) 28,022.735 12,707.605 28,064.920 12,665.420 

JPM US Strategic Growth D (acc) - USD 311,924.077 297,696.562 169,881.332 439,739.307 

JPM US Strategic Growth D (acc) - EUR (hedged) 34,846.280 76,539.594 37,213.727 74,172.147 

JPM US Strategic Growth X (acc) - USD 1,713,161.916 41,609.091 1,720,546.573 34,224.434 


JPM US Technology A (acc) - USD 315,112.227 729,748.953 534,958.603 509,902.577 

JPM US Technology A (acc) - EUR - 10,135.017 - 10,135.017 




JPM US Technology B (acc) - USD* 3,078.643 - 3,078.643 - 

JPM US Technology C (acc) - USD 24,583.054 109,020.210 13,361.939 120,241.325 


JPM US Technology D (acc) - EUR - 192,447.181 172,967.275 19,479.906 

JPM US Technology X (acc) - USD 16,365.548 4,428.177 - 20,793.725 



JPM US Value A (acc) - EUR (hedged) 2,635,634.237 3,854,887.777 5,708,607.649 781,914.365 




JPM US Value B (acc) - USD 257,807.980 410,745.854 385,959.928 282,593.906 


JPM US Value C (acc) - EUR (hedged) 137,213.686 1,317,184.854 1,454,334.139 64.401 

JPM US Value D (acc) - USD 2,733,682.822 615,019.704 900,160.994 2,448,541.532 

JPM US Value D (acc) - EUR (hedged) 490,087.972 495,884.087 363,825.801 622,146.258 



247

www.jpmorganam.com.hk


Audited Annual Report 

30 June 2013

This report is an abridged version of the audited annual report established in conformity with the Luxembourg Law of 

17 December 2010 on Undertakings for Collective Investment. The complete version is available on request from the 

Company’s registered office in Luxembourg and from JPMorgan Funds (Asia) Limited. 

This report does not constitute an offer of shares. Subscriptions are only valid if made on the basis of the current Hong 

Kong Offering Document which is available free of charge on request, supplemented by the most recent audited annual 

report of the Fund and any subsequent unaudited semi-annual report, from JPMorgan Funds (Asia) Limited. 

Certain of the sub-funds of the Fund are not authorised for offer or distribution in or from Hong Kong. Accordingly, no 

reference is made to these sub-funds in this audited annual report. The attention of the investors is drawn to the fact 

that certain figures in this audited annual report are expressed on a consolidated basis and, thus, include the assets of 

those sub-funds which are not registered in Hong Kong.


Audited Annual Report 

As at 30 June 2013 

Contents 

Board of Directors 1 

Management and Administration 2 

Board of Directors’ Report 3 

Investment Managers’ Report 8 

Audit Report 9 

Financial Statements and Statistical Information 

Combined Statement of Net Assets 11 

Combined Statement of Operations and Changes in Net Assets 19 

Statement of Changes in the Number of Shares 27 

Statistical Information 36 

Notes to the Financial Statements 45 

Schedules of Investments 

JPMorgan Funds - America Equity Fund 59 

JPMorgan Funds - Asia Local Currency Debt Fund 61 

JPMorgan Funds - Asia Pacific Income Fund 64 

JPMorgan Funds - Brazil Equity Fund 70 

JPMorgan Funds - China Fund 72 

JPMorgan Funds - Eastern Europe Equity Fund 74 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 76 

JPMorgan Funds - Emerging Markets Bond Fund 78 

JPMorgan Funds - Emerging Markets Debt Fund 83 

JPMorgan Funds - Emerging Markets Equity Fund 89 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 92 

JPMorgan Funds - Emerging Markets Opportunities Fund 97 

JPMorgan Funds - Emerging Middle East Equity Fund 100 

JPMorgan Funds - Euroland Equity Fund 102 

JPMorgan Funds - Euroland Select Equity Fund 105 

JPMorgan Funds - Europe Dynamic Fund 108 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 111 

JPMorgan Funds - Europe Equity Fund 114 

JPMorgan Funds - Europe Small Cap Fund 117 

JPMorgan Funds - Europe Technology Fund 119 

JPMorgan Funds - Germany Equity Fund 121 

JPMorgan Funds - Global Consumer Trends Fund 122 

JPMorgan Funds - Global Convertibles Fund (EUR) 125 

JPMorgan Funds - Global Dynamic Fund 129 

JPMorgan Funds - Global Focus Fund 133 

JPMorgan Funds - Global Government Bond Fund 137 

JPMorgan Funds - Global Mining Fund 141 

JPMorgan Funds - Global Natural Resources Fund 143 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 146 

JPMorgan Funds - Global Unconstrained Equity Fund 149 

JPMorgan Funds - Greater China Fund 152 

JPMorgan Funds - Hong Kong Fund 153 

JPMorgan Funds - India Fund 154 

JPMorgan Funds - Japan Equity Fund 155 

JPMorgan Funds - Japan Small Cap Fund 156 

JPMorgan Funds - Korea Equity Fund 157 

JPMorgan Funds - Latin America Equity Fund 159 

JPMorgan Funds - Pacific Technology Fund 160 

JPMorgan Funds - Russia Fund 161 

JPMorgan Funds - Singapore Fund 163 

JPMorgan Funds - Taiwan Fund 164 

JPMorgan Funds - US Aggregate Bond Fund 165 

JPMorgan Funds - US Growth Fund 185 

JPMorgan Funds - US Small Cap Growth Fund 188 

JPMorgan Funds - US Technology Fund 190 

JPMorgan Funds - US Value Fund 191 

Appendix: Unaudited Additional Disclosures 

Fund Total Expense Ratios 194 

Summary of Investment Objectives of the Sub-Funds 204 

Performance and Volatility 207 

Interest Rate Received/(Charged) on Bank Accounts 217 

Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 217 

Portfolio Turnover Ratio 218 

Calculation Method of the Risk Exposure 219 

Historical Statements of Changes in the Number of Shares 220



Chairman 


Duine, Ardfern 

Argyll PA31 8QN 


Directors 




B.P. 425 



Jean Frijns 

Antigonelaan 2 

NL-5631 LR Eindhoven 

The Netherlands 

Berndt May 


Austrian Branch 

Führichgasse 8 

A-1010 Vienna 

Austria 


The Directors’ Office 

19 rue de Bitbourg 









Registered Office 




1


Management and Administration 

Management Company, Registrar and Transfer Agent, 

Global Distributor and Domiciliary Agent 







J.P. Morgan Investment Management Inc. 

245 Park Avenue 



JPMorgan Asset Management (Japan) Limited 

Tokyo Building 

7 - 3, Marunouchi 2 - Chome, Chiyoda-ku 

Tokyo 100 - 6432 

Japan 






JPMorgan Asset Management (Taiwan) Limited 

20F, 1, Songzhi Rd, Xinyi Dist 

Taipei City 110 

Taiwan (R.O.C.) 

JF Asset Management Limited 

21st Floor, Chater House 

8 Connaught Road Central 

Hong Kong 

JPMorgan Asset Management (Singapore) Limited 

168 Robinson Road 

17th Floor, Capital Tower 

Singapore 068912 

Highbridge Capital Management, LLC 

9 West 57th Street 



Custodian, Corporate, Administrative Agent and Paying Agent 

J.P. Morgan Bank Luxembourg S.A. 





Auditor 

PricewaterhouseCoopers, Société coopérative 

400, Route d’Esch 

B.P. 1443 



Legal Adviser 



B.P. 425 



2


Board of Directors’ Report 

Chairman 


Independent Director and Chairman. A member of the Board since November 1996. 

Mr Saunders graduated in Economics from Bristol University and joined Robert Fleming in 1970. He held several senior positions with the group in Hong 

Kong, Japan and the US, before returning to the UK in 1988. He was appointed Deputy Chairman of Fleming Asset Management and retired in 2001 following 

the merger of the Robert Fleming group with JP Morgan. Mr Saunders is currently Chairman of several JPMorgan managed Luxembourg-domiciled 

investment funds and MB Asia Select Fund. 

Directors 


Independent Director. A member of the Board since January 2009. 

Mr Elvinger became a member of the Luxembourg Bar in 1984 and has been a partner of the Luxembourg law firm Elvinger, Hoss & Prussen since 1987. Mr 

Elvinger practices general corporate and banking law and specialises in the field of investment and pension funds. He is a member of the Board of Directors 

of the Luxembourg Fund Association (ALFI) and is currently Chairman of the Regulation Advisory Board and Co-Chair of the Legal Committee of ALFI. He is 

also a member of the Advisory Committees to the Luxembourg Commission for the Supervision of the Financial Sector in the area of investment funds, 

pension funds and investment companies in risk capital. Mr Elvinger currently holds a number of professional and board mandates with European 

organisations including several JPMorgan managed Luxembourg-domiciled investment funds. 

Jean Frijns 

Independent Director. A member of the Board since September 2005. 

Mr Frijns studied Econometrics, attained a doctorate in Economics from the University of Tilburg and was a lecturer at the Northern Illinois University. He 

joined the Dutch Central Planning Bureau (CPB), the economic think-tank of the Dutch government in 1980 and, in 1983, was appointed as deputy director of 

the CPB. Mr Frijns has held various posts including Chief Investment Strategist of ABP, a Dutch pension fund, a professorship in Investments from Vrije 

Universiteit (Amsterdam) and, since 2005 has served as Chairman of the Monitoring Committee on Corporate Governance. Mr Frijns currently holds a 

number of professional and board mandates with European organisations including several JPMorgan managed Luxembourg-domiciled investment funds. 


Independent Director. A member of the Board since June 2012. 

During the last 26 years Mr Li worked essentially in the financial sector auditing and advising clients such as banks, investment funds, insurance companies, 

etc. Clients also were from Europe, US, Japan and Asia offering Mr Li an extensive experience in dealing with international companies. Mr Li was a Partner at 

KPMG Luxembourg for more than 20 years during which he was Managing Partner for 8 years before taking on the role of Chairman of the Supervisory Board 

for 3 years. Mr Li was also a member of the Investment Management Practice. Mr Li is a board member of the Institut Luxembourgeois des Administrateurs. 

Mr Li currently holds a number of board mandates with financial institutions including several JPMorgan managed Luxembourg-domiciled investment 

funds. 

Berndt May 

Connected Director. A member of the Board since October 2006. 

Mr May studied Business Administration at the University of Vienna and was head of Investment Services for Invesco Bank in Austria, before joining 

JPMorgan in 2001. Prior to this, he was deputy head of private banking and a fund manager at P.S.K. Bank. Mr. May is Member of the Board of VAIÖ, the 

Association of International Funds in Austria and has been speaker of the Board since 2003. He is currently country head of JPMorgan Asset Management, 

Austria; responsible for the distribution of JPMorgan Funds in Austria and Central Eastern Europe to institutional clients and to wholesale and retail 

distribution networks. He is currently a director of several JPMorgan managed Luxembourg-domiciled investment funds. 


Connected Director. A member of the Board since June 2012. 

Mr Schwicht is Chief Executive of Investment Management, EMEA and is also a director of the firm’s principal legal entities and funds boards in Europe. A 

J.P.Morgan employee since 1987, Mr Schwicht was Head of the Continental Europe Institutional business until June 2013 and before that was Investment 

Management Country Head for Institutional and Retail business in Germany where he first developed the business and then went on to expand this 

throughout Continental Europe. Prior to this appointment, Mr Schwicht held a number of positions on the securities side in Fixed Income trading, proprietary 

positioning and sales in Frankfurt and New York. In 1995, he was appointed Managing Director of J.P. Morgan GmbH, responsible for global markets and 

Treasury. He relocated to Buenos Aires in 1998 to join J.P. Morgan Argentina to develop its business into local markets, returning to Frankfurt to head the 

German Asset Management operations in 1999 when he additionally became responsible for Switzerland, Austria, Nordics and Eastern Europe. He also 

served as a member of the executive board and supervisory board of J.P. Morgan AG, Frankfurt and as Executive Director for J.P. Morgan Asset Management 

(Europe) in Luxembourg. Mr Schwicht obtained his Business Economics degree from the University of Mannheim in Germany after having studied Business, 

Tax and Accounting in Hamburg, Norway and the USA. Mr Schwicht is currently a Director of several JPMorgan managed Luxembourg-domiciled investment 

funds. 

The Board of Directors (the “Board”) is pleased to present the Audited Annual Report for the year ended 30 June 2013. 

3


Board of Directors’ Report (continued) 

Structure of the Fund 

The Fund is a variable capital investment company, organised as a “Société Anonyme”, under the laws of the Grand Duchy of Luxembourg. The Board has 

appointed JPMorgan Asset Management (Europe) S.à r.l. (JPMAM) as Management Company of the Fund. The Fund is organised as an “umbrella” with a 

number of Sub-Funds each of which has its own investment objective, policies and restrictions. 

The objective of the Fund is to place the money available to it in transferable securities and other permitted assets of any kind, in accordance with the Fund’s 

Prospectus, with the purpose of spreading investment risks and affording shareholders the results of the management of their portfolios. 

The Fund qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under the EC Directive 2009/65/EC of 13 July 2009 and is 

subject to the Luxembourg law of 17 December 2010 on undertakings for collective investment. The Fund may therefore be offered for sale in European 

Union Member States, subject to notification in countries other than the Grand Duchy of Luxembourg. In addition, applications to register the Fund and its 

Sub-Funds may be made in other countries. 

As at the year end the Fund had 133 Sub-Funds. All of the Sub-Funds and Share Classes are registered for offer and distribution in the Grand Duchy of 

Luxembourg and a number of the Sub-Funds and Share Classes are registered for distribution in the following jurisdictions: 

Austria, Bahrain, Belgium, Chile, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Jersey, Korea, Macau, 

The Netherlands, Norway, Peru, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and the United Kingdom. 

Role and Responsibility of the Board 

The responsibility of the Board is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, the duties of the Directors are 

governed by the law of 10 December 2010 on, inter alia, the accounting and annual accounts of undertakings for collective investment and by the law of 

17 December 2010 relating to undertakings for collective investment. 

A management agreement between the Fund and JPMorgan Asset Management (Europe) S.à r.l sets out the matters over which the Management Company 

has authority under Chapter 15 of the Law of 17 December 2010. This includes management of the Fund’s assets and the provision of administration, 

registration, domiciliation agent and marketing services. All other matters are reserved for approval by the Board and a schedule setting out such matters 

for clarity is in place between the Board and the Management Company. The matters reserved for the Board include determination of each Sub-Fund’s 

investment objective and policies, investment restrictions and powers, amendments to the Prospectus, reviewing and approving key investment and 

financial data, including the annual accounts, as well as the appointment of, and review of the services provided by, the Management Company, Auditor and 

custodian. 

Prior to each Board meeting the Directors receive detailed and timely information allowing them to be prepared for the items under discussion during the 

meeting. For each quarterly meeting the Board requests, and receives, reports from, amongst others, the Management Company, the investment managers, 

risk management as well as proposals for changes to existing Sub-Funds or proposals to launch new ones as appropriate. Senior representatives of each of 

these functions attend Board meetings by invitation to enable the Directors to question the reports presented to it. 

The Directors take decisions in the interests of the Fund and its shareholders as a whole and refrain from taking part in any deliberation or decision which 

creates a conflict of interest between their personal interests and those of the Fund and its shareholders. The subject of conflicts of interest is documented in 

the Prospectus and the Management Company’s policy on conflicts of interest is available for inspection on the website: 

http://www.jpmorganassetmanagement.lu/ENG/Document_Library 

The Board can take independent professional advice if necessary and at the Fund’s expense. 

Board Composition 

The Board is chaired by Mr. Saunders and consists of four Independent Directors and two Connected Directors. The Board defines a Connected Director as 

someone who is employed by JPMorgan Chase & Co or any of its affiliates. All Board meetings require a majority of Independent Directors to be in attendance 

and as such the Board acts independently from the Management Company. The Board as a whole has a breadth of investment knowledge, financial skills, as 

well as legal and other experience relevant to the Fund’s business. Directors are elected annually by shareholders at the Annual General Meeting. The Board 

does not limit the number of years of Directors’ service and it does take into account the nature and requirements of the fund industry and of the Fund’s 

business when making recommendation to shareholders that Directors be elected. The terms of each Director’s appointment are set out in a contract for 

services and these are available at the Fund’s registered office for inspection. 

Board Remuneration 

The Board believes that the remuneration of the Board members should reflect the responsibilities of the Board, the experience of the Board as a whole and 

be fair and appropriate given the size, complexity and investment objectives of the Fund and Sub-Funds. 

The remuneration is reviewed on an annual basis and in 2013 was increased by 2%. The Chairman is currently paid EUR 38,320 per annum and the other 

Directors EUR 35,323.71 per annum apart from the Connected Directors who have agreed to waive their remuneration. 

Change to the Composition of the Board 

On 31 December 2012, Robert van der Meer resigned from the Board. The Board would like to take this opportunity to record its thanks for his service. 

Board Meetings and Committees 

The Board meets quarterly but if necessary additional meetings will be arranged. 

Given the scope and nature of the business of the Fund, the Board does not currently consider it necessary to have a formal Audit or Remuneration 

Committee or indeed any other standing committees. However, this is kept under review. 

All Board related matters are therefore currently approved by the Board or, where there are specific matters that need further consideration, a 

Sub-Committee of the Board could be formed for this specific purpose. Such circumstances could be where the Board requests some amendments to the 

Prospectus and where it is not appropriate to wait till the next quarterly Board meeting for this to be approved. These Sub-Committee meetings are usually 

formed of a minimum of two Directors. 

There were five Board meetings held during the year. Four of these were the quarterly Board meetings where, amongst other matters, the agenda included 

those items highlighted under the section above called ‘Role and Responsibility of the Board’. The fifth was an additional Board meeting to consider and 

approve the annual report and accounts. There was one Sub-Committee meeting of the Board held during the year. 

In addition to the Board meeting where the Auditors present the report on the audit of the Fund accounts, the Independent Directors also meet with them 

annually without the Connected Directors being in attendance. 

4



Internal Control 

Investment management and all administrative services are provided by the Management Company and custody of assets is provided by J.P. Morgan Bank 

Luxembourg S.A. The Board’s system of internal control therefore mainly comprises monitoring the services provided by the Management Company and the 

Custodian, including the operational and compliance controls established by them to meet the Fund’s obligations to shareholders as set out in the 

Prospectus, Articles of Incorporation as well as all relevant regulations. The Management Company formally reports to the Board on a quarterly basis on the 

various activities it is responsible for and in addition shall inform the Board without delay of any material administrative or accounting matters. 

Corporate Governance and ALFI Code of Conduct 

The Board is responsible for ensuring that a high level of corporate governance is met and considers that the Fund has complied with the best practices in the 

Luxembourg funds industry. 

In particular the Board has adopted the ALFI Code of Conduct (the “Code”) which sets out principles of good governance. These principles were amended in 

August 2013 and are set out below: 

1. The Board should ensure that high standards of corporate governance are applied at all times; 

2. The Board should have good professional standing and appropriate experience and use best efforts to ensure that it is collectively competent to fulfil its 

responsibilities; 

3. The Board should act fairly and independently in the best interests of the investors; 

4. The Board should act with due care and diligence in the performance of their duties; 

5. The Board should ensure compliance with all applicable laws and regulations and with the Fund’s constitutional documents; 

6. The Board should ensure that investors are properly informed, are fairly and equitably treated, and receive the benefits and services to which they are 

entitled; 

7. The Board should ensure that an effective risk management process and appropriate internal controls are in place; 

8. The Board should identify and manage fairly and effectively, to the best of its ability, any actual, potential or apparent conflict of interest and ensure 

appropriate disclosure; 

9. The Board should ensure that shareholder rights are exercised in a considered way and in the best interests of the Fund; 

10. The Board should ensure that the remuneration of the Board members is reasonable and fair and adequately disclosed. 

The Board considers that the Fund has been in compliance with the principles of the Code in all material aspects throughout the financial year ended 30 June 

2013. The Board undertakes an annual review of ongoing compliance with the principles of the Code. 

Proxy Voting Policy 

The Board delegates responsibility for proxy voting to the Management Company. 

The Management Company manages the voting rights of the shares entrusted in a prudent and diligent manner, based exclusively on the reasonable 

judgement of what will best serve the financial interests of clients. So far as is practicable, the Management Company will vote at all of the meetings called by 

companies in which they are invested. 

A copy of the proxy voting policy is available from the Fund’s registered office upon request or on the website: 

http://am.jpmorgan.co.uk/institutional/aboutus/aboutus/corporategovernance.aspx 

Directors and Officers Indemnity Insurance 

The Fund’s Articles of Incorporation indemnify the Directors against expenses reasonably incurred in connection with any claim against them arisinginthe 

course of their duties or responsibilities as long as they have not acted fraudulently or dishonestly. To protect shareholders against any such claim, the Board 

has taken out Directors and Officers Indemnity Insurance which indemnifies the Directors against certain liabilities arising in the course of their duties and 

responsibilities but does not cover against any fraudulent or dishonest actions on their part. 

Independent Auditor 

PricewaterhouseCoopers, Société Coopérative, has been the Fund’s Auditor since February 2006. The provision of audit services was last put to competitive 

tender in 2009. The Board reviewed the services of PwC this year and decided that, subject to any other influencing factor, they should continue to be 

proposed to the Shareholders to be appointed as Auditor for the next three years. At the conclusion of this period the Board will consider again whether to 

put the provision of audit services out to competitive tender. 

Annual General Meeting 

The next Annual General Meeting of the Company will be held on 20 November 2013 at the Registered Office of the Company to consider matters relating to the 

year ending on 30 June 2013. At this meeting shareholders will, amongst other matters, be requested to consider the usual matters at such meetings including: 

1. the adoption of the financial statements and approval of the allocation of the results; 

2. the approval of Directors fees; 

3. the election of the Directors, all of whom wish to stand for election; 

4. the election of the Auditor; 

No special business is being proposed by the Board. 

5



Events during the Year 

During the year, the total net assets of the Fund increased from USD 49.5 billion to USD 69.8 billion at year end. 

The Board agreed the following corporate actions relating to Sub-Funds during the year: 

a) Mergers 

Shareholders in the following Sub-Funds were informed of the decision of the Board to merge them as set out below: 

- JPMorgan Funds - US Dynamic Fund was merged into JPMorgan Funds - US Equity Plus Fund (formerly JPMorgan Funds - US Dynamic 130/30 Fund) with 

effect from 31 May 2013. 

The following other significant amendments to Sub-Funds were also approved by the Board during the year: 

a) Changes to investment strategies, investment objectives and policies, and names 

Shareholders in a number of Sub-Funds were informed of the decision of the Board to make the following amendments: 

With effect from 5 December 2012: 

- JPMorgan Funds - Asia Pacific Bond Fund. The investment strategy was revised with the aim of focusing on investment in Asian bond markets rather than 

actively investing in the Pacific region. The investment objective will be achieved by investing primarily in Asian local currency denominated debt securities 

and the Sub-Fund may also utilise convertible bonds. As a result of these changes the name of the Sub-Fund changed its name to JPMorgan Funds – Asia 

Local Currency Debt Fund. 

- JPMorgan Funds - Global Equity Fund (USD). The Sub-Fund was restructured from a core global equity strategy to a more flexible investment strategy to 

reflect that it would invest primarily in an aggressively managed portfolio of companies, globally. As a result of this amendment the Sub-Fund changed its 

name to JPMorgan Funds - Global Unconstrained Equity Fund and its benchmark changed from: 

- Morgan Stanley Capital International (MSCI) World Index (Total Return Net), to 

- Morgan Stanley Capital International (MSCI) All Country World Index (Total Return Net) 

With effect from 19 December 2012: 

- JPMorgan - JF Asia Pacific Income Fund. To facilitate the registration of the Sub-Fund in the Republic of Korea the investment policy was clarified to provide 

that allocations to different asset classes and countries may vary depending on market conditions and opportunities. 

With effect from 14 February 2013: 

- JPMorgan Funds - Asia Pacific Bond Fund. The investment policy was changed to permit a wider range of investment powers including the use of financial 

derivative instruments, European corporate debt securities and below investment grade and unrated debt securities. 

b) Currency Changes 

The base currency of JPMorgan Funds - Emerging Markets Local Currency Debt Fund was changed from EUR to USD with effect from 2 July 2012. 

c) Name Changes 

With effect from 4 February 2013, those Sub-Funds branded “JF” were renamed as set out below and in addition all share classes branded “JF” were also 

replaced with “JPMorgan” Classes of Shares: 

- JPMorgan Funds - JF Asia Pacific Income Fund changed its name into JPMorgan Funds - Asia Pacific Income Fund; 

- JPMorgan Funds - JF China Fund changed its name into JPMorgan Funds - China Fund; 

- JPMorgan Funds - JF Greater China Fund changed its name into JPMorgan Funds - Greater China Fund; 

- JPMorgan Funds - JF Hong Kong Fund changed its name into JPMorgan Funds - Hong Kong Fund; 

- JPMorgan Funds - JF India Fund changed its name into JPMorgan Funds - India Fund; 

- JPMorgan Funds - JF Japan Equity Fund changed its name into JPMorgan Funds - Japan Equity Fund; 

- JPMorgan Funds - JF Japan Small Cap Fund changed its name into JPMorgan Funds - Japan Small Cap Fund; 

- JPMorgan Funds - JF Korea Equity Fund changed its name into JPMorgan Funds - Korea Equity Fund; 

- JPMorgan Funds - JF Pacific Technology Fund changed its name into JPMorgan Funds - Pacific Technology Fund; 

- JPMorgan Funds - JF Singapore Fund changed its name into JPMorgan Funds - Singapore Fund; 

- JPMorgan Funds - JF Taiwan Fund changed its name into JPMorgan Funds - Taiwan Fund. 

6



Events After Year-End 

With effect from 1 July 2013 performance fees were no longer charged on JPMorgan Funds - Emerging Markets Local Currency Debt Fund 

The following Sub-Funds were liquidated: 

- JPMorgan Funds - Global Mining Fund on 30 August 2013; 

- JPMorgan Funds - Japan Small Cap Fund on 30 August 2013; 

- JPMorgan Funds - Pacific Technology Fund on 30 August 2013. 

The following merger is scheduled to take place on 25 October 2013: 



Luxembourg, 15 October 2013 

7


Investment Managers’ Report 

Market Review 

The 12-month period to the end of June 2013 saw the cautious market sentiment and investors’ preference for ‘safe-haven’ assets, which had characterised 

previous quarters, recede. The result was strong gains for equities, with the MSCI World Index up 16.4% in euro terms (gross dividends reinvested). 

Government bonds fared less well, with the JP Morgan Global Government Bond Index down 4.4% in euro terms over the same period. 

Risk appetite returned as investors became less worried about the three main problems which had stood in the way of global economic recovery, namely, 

disappointing US economic growth, the sovereign debt crisis in the eurozone and a deteriorating outlook for Chinese growth. The European Central Bank’s 

(ECB’s) promise in July to do ‘whatever it takes’ to preserve the euro, and September’s announcement of a bond-buying programme, were regarded by many 

as pivotal, boosting sentiment and driving equities higher. 

Although the eurozone debt crisis rumbled on, with negative developments reflected in occasional spikes in peripheral European government bond yields, 

market participants seemed to take the periodic escalations in their stride. Among notable events were the bail-out of the Spanish banking system early in 

the period, followed by the extension of financial assistance to Cyprus in March 2013, as well as the political paralysis in Italy brought about by the resignation 

of prime minister Mario Monti. 

In the US, the Federal Reserve (the Fed) continued to provide a life-line for the economy and financial markets in the form of its quantitative easing 

programme, increasing the rate of its purchases of Treasury and mortgage-backed securities to USD 85 billion per month, while maintaining interest rates at 

a record low. The US corporate sector seemed unshaken by the uncertainty about federal spending and taxation which ensued from the political wrangles 

over the ‘fiscal cliff’ and ‘sequestration’, with the S&P 500 Index reaching a record high in May. 

The outlook for the UK economy was boosted by improvements in both labour and housing market conditions. The Bank of England maintained its 

programme of asset purchases, while keeping interest rates at a record low. However, Japan was the stand-out performer. Following December’s elections, 

the Bank of Japan unveiled a monetary easing programme which is proportionately far larger than that of the US, leading to a (short-lived) surge in Japanese 

equities. Japanese yen weakness benefited exporters, leading to growth in net exports and boosting earnings from overseas. 

Investors faced an environment of ultra-low interest rates (and government bond yields) across the developed world. As a result, the review period was 

characterised by a widespread search for yield, with investors turning to dividend-paying equities, corporate bonds, emerging market debt and other assets 

for potentially higher returns. Among top performers for the review period were the US and European credit markets, as well as emerging market local 

currency-denominated debt. 

Emerging market equities underperformed relative to the global average, with many companies, particularly exporters, adversely affected by falling 

demand from China and India. Investors became increasingly concerned about the world’s second-largest economy towards the end of the review period, as 

Chinese growth over the first quarter, at an annualised 7.7%, fell short of expectations. It could be said that China is struggling to transition away from 

investment-led growth to a more balanced and increasingly domestic-led model. Nevertheless, economic growth remains robust by almost any other 

measure apart from comparisons with China’s own recent performance. 

Outlook 

Given the extent to which the actions of the major central banks have influenced the direction of global markets, investors are likely to keep a close eyeon 

any monetary policy change and the effects that ensue. The Fed indicated towards the end of the review period that it could slow down the pace of its asset 

purchases, which was viewed by some as a signal of a change in policy, leading to short-term market volatility. This was followed, however, by assurances 

that interest rates would remain at record lows for some time to come, while economic conditions do not yet appear strong enough to begin scaling back 

asset purchases. 

Looking ahead, we expect the Fed’s policy trajectory to remain a significant, if not the dominant force driving markets. The greatest concern, particularly for 

bond markets, would stem from an earlier-than-expected unwinding of quantitative easing in response to improving US growth and employment conditions, 

leading to a potential sharp rise in Treasury yields. In Europe, where signs of a sustained recovery have yet to appear, monetary authorities have givenno 

indication of a potential timeframe for withdrawal of stimulus. This should continue to support regional markets in coming months. 


15 October 2013 

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

8

Audit Report 

To the Shareholders of 


We have audited the accompanying financial statements of JPMorgan Funds and of each of its Sub-Funds, which comprise the Combined Statement of Net Assets and the 

Schedule of Investments as at 30 June 2013 and the Combined Statement of Operations 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 statements 

The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory 

requirements 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 the 

preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

Responsibility of the “Réviseur d’entreprises agréé” 

Our 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 as 

adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier”. Those standards require that we comply with ethical requirements and plan and perform 

the audit to obtain reasonable assurance about 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 the 

judgment of the “Réviseur d’entreprises agréé”, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In 

making those risk assessments, the “Réviseur d’entreprises agréé” considers internal control relevant to the entity’s preparation and fair presentation of the financial 

statements 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 entity’s 

internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of 

Directors 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. 

Opinion 

In 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 2013, and of the results of 

their 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 the 

financial statements. 

Other matters 

Supplementary 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 in 

accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such 

information in the context of the financial statements taken as a whole. 

PricewaterhouseCoopers, Société coopérative Luxembourg, 15 October 2013 

Represented by 

Régis Malcourant 

PricewaterhouseCoopers, Société coopérative, 400 Route d’Esch, B.P. 1443, L-1014 Luxembourg 

T: +352 494848 1, F: +352 494848 2900, www.pwc.lu 

Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n° 10028256) 

R.C.S. LuxembourgB 65 477 - TVA LU25482518 

9

This page has been left blank intentionally 

10


Combined Statement of Net Assets 



Combined 

USD 

America 

Equity 

Fund 

USD 

Asia 


Debt Fund (1) 

USD 


Investments in Securities at Market Value 68,150,269,463 767,582,362 44,293,840 

Acquisition Cost: 66,428,815,460 663,785,928 46,266,729 

Investment in TBAs at Market Value * 11,429,347 - - 

Cash at Bank and at Brokers 1,135,799,908 3,574,500 2,995,309 

Time Deposits and Cash Equivalents 482,841,558 - - 

Amounts Receivable on Sale of Investments 685,843,048 - - 

Amounts Receivable on Sale of TBAs * 9,265,565 - - 

Amounts Receivable on Subscriptions 641,895,883 6,531,887 - 

Interest and Dividends Receivable, Net 447,683,360 94,914 414,421 

Tax Reclaims Receivable 11,433,713 13,085 - 

Fee Waiver ** 1,280,056 - 12,633 

Other Receivables 251,377 269 - 

Unrealised Net Gain on Forward Foreign Exchange Contracts 21,900,810 - 60,484 

Unrealised Net Gain on Financial Futures Contracts 13,143,695 - - 

Derivatives Instruments at Market Value 6,963,091 - - 

Total Assets 71,620,000,874 777,797,017 47,776,687 

Liabilities 

Bank and Broker Overdraft 52,738,381 - - 

Open Short Positions on TBAs * 9,170,497 - - 

Amounts Payable on Purchase of Investments 840,075,114 - 708,750 

Amounts Payable on Purchase of TBAs * 11,612,222 - - 

Amounts Payable on Redemptions 606,000,048 12,545,524 29,999 

Management and Advisory Fees Payable 67,624,467 878,647 24,718 

Performance Fees 21,739,970 - - 

Other Payables 14,086,228 29,744 24,102 

Unrealised Net Loss on Forward Foreign Exchange Contracts 207,823,249 974,291 - 

Unrealised Net Loss on Financial Futures Contracts 2,653,493 - - 

Derivatives Instruments at Market Value 18,032,499 - - 

Total Liabilities 1,851,556,168 14,428,206 787,569 

Total Net Assets 69,768,444,706 763,368,811 46,989,118 

Historical Total Net Assets 

30 June 2012 49,476,484,549 487,441,808 35,646,851 

30 June 2011 61,579,868,848 469,176,243 26,568,104 

30 June 2010 44,088,150,386 373,415,446 9,675,813 

30 June 2009 34,590,007,431 337,907,417 - 

* Please refer to Note 2l). 

** Please refer to Note 7a). 




11




Asia 


Fund # 

USD 

Brazil 

Equity 

Fund 

USD 

China 

Fund # 

USD 


Equity 

Fund 

EUR 




USD 


Bond 

Fund 

USD 

4,395,490,396 385,669,264 2,040,264,484 619,143,640 525,699,506 318,675,558 

4,637,714,898 444,017,736 1,930,124,635 680,349,540 556,240,995 335,895,843 

- - - - - - 

26,058,702 23,233,777 37,804,294 - 760,099 17,480,609 

91,458,408 - - - - - 

70,352,412 - 21,747,595 - 14,728,165 3,342,930 

- - - - - - 

17,106,382 1,437,140 6,160,689 411,071 496,972 23,381 

41,080,898 2,481,632 22,788,530 11,271,973 5,482,712 5,947,641 

- - - 7,027 5,252 - 

- - - - - 1,811 

749 - 1,013 - - - 

14,490,867 - - - - - 

- - - - - - 

- 360,000 - - - - 

4,656,038,814 413,181,813 2,128,766,605 630,833,711 547,172,706 345,471,930 

- - - 608,822 1,950,047 - 

- - - - - - 

82,672,551 - 33,155,920 22,842 5,619,248 2,424,310 

- - - - - - 

16,704,214 2,675,600 4,480,806 1,783,777 1,035,884 1,599,742 

6,137,647 586,035 2,995,586 770,826 600,927 176,014 

- - - - - - 

964,009 51,930 5,343,285 94,984 94,366 34,134 

- - - - - 663,218 

- - - - - 172,602 

- - - - - - 

106,478,421 3,313,565 45,975,597 3,281,251 9,300,472 5,070,020 

4,549,560,393 409,868,248 2,082,791,008 627,552,460 537,872,234 340,401,910 

97,564,972 629,029,937 2,309,935,704 679,673,668 540,112,642 257,450,300 

119,798,297 718,021,664 3,541,070,027 1,018,982,368 792,057,161 239,078,928 

108,088,203 288,795,857 3,435,434,476 941,639,605 619,492,702 125,177,410 

132,125,204 57,567,211 3,277,872,788 517,438,764 412,101,960 - 

- - - - - - 

12




Emerging 

Markets Debt 

Fund 

USD 


Equity 

Fund 

USD 



Debt Fund (2) 

USD 


Opportunities 

Fund 

USD 


East Equity 

Fund 

USD 

Euroland 

Equity 

Fund 

EUR 

1,541,564,593 5,158,539,163 3,622,232,567 1,653,470,616 274,353,825 180,641,637 

1,642,173,461 4,195,911,598 3,936,994,072 1,794,311,892 246,276,525 170,790,251 

- - - - - - 

1,483,145 10,583,028 318,853,414 19,766,385 2,659,636 293,015 

- - - - - - 

41,302,128 - 25,471,851 1,869 10,222,473 - 

- - - - - - 

602,525 6,184,410 13,489,698 6,240,130 538,197 75,380 

27,348,138 16,476,666 72,544,803 12,778,491 53,434 74,469 

- - - 9,402 - 500,201 

1,039 - - 327 441 - 

1,972 - 164 - - - 

- - - - - - 

- - 293,781 - - - 

- - - - - - 

1,612,303,540 5,191,783,267 4,052,886,278 1,692,267,220 287,828,006 181,584,702 

3,440,797 - - - - - 

- - - - - - 

6,340,538 - 12,331,633 1,372,899 744 - 

- - - - - - 

52,802,966 10,180,116 31,292,084 5,185,470 9,756,682 120,446 

1,537,396 4,400,359 2,487,754 1,422,997 379,037 214,464 

- - 2,790 - - - 

251,754 414,298 870,533 291,491 102,900 31,368 

12,695,711 973,084 32,989,375 88,680 1,301 - 

770,465 - - - - 19,580 

- - 7,767,570 - - - 

77,839,627 15,967,857 87,741,739 8,361,537 10,240,664 385,858 

1,534,463,913 5,175,815,410 3,965,144,539 1,683,905,683 277,587,342 181,198,844 

864,838,358 5,878,841,645 1,440,961,433 396,331,105 286,037,653 164,389,167 

361,085,920 9,057,075,068 766,551,145 238,190,162 368,241,383 526,908,614 

167,809,729 6,562,754,178 474,595,650 150,174,353 316,270,641 594,371,470 

143,731,454 4,671,128,410 86,488,839 - 308,246,494 413,671,939 

- - - - - - 


13




Euroland 

Select Equity 

Fund 

EUR 

Europe 

Dynamic 

Fund 

EUR 

Europe Dynamic 

Mega Cap 

Fund 

EUR 

Europe Equity 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Technology 

Fund 

EUR 

Germany 

Equity 

Fund 

EUR 

59,390,583 149,593,386 44,586,001 279,844,910 190,568,966 92,444,549 329,332,133 

55,314,335 139,804,852 41,621,639 247,596,105 164,087,902 81,810,266 273,422,499 

- - - - - - - 

1,636,059 1,900,839 463,216 971,891 1,579,886 472,412 3,321,555 

- - - - - - - 

- 666,344 314,929 124,611 349,537 120,547 - 

- - - - - - - 

84,094 455,000 34,539 388,765 480,807 77,509 433,709 

26,093 272,280 134,354 900,064 404,208 154,691 25 

63,129 424,747 81,313 919,376 609,600 156,692 140,531 

- - 4,728 - - - - 

- - - - 345 - - 

- - - - - - - 

- - - 86,992 - - - 

- - - - - - - 

61,199,958 153,312,596 45,619,080 283,236,609 193,993,349 93,426,400 333,227,953 

- - - 5,554,674 537,112 - - 

- - - - - - - 

- 55,237 - 648 69,935 - 3,767,424 

- - - - - - - 

11,523 75,839 21,976 3,751,536 901,994 244,694 3,151,105 

50,418 172,062 58,487 382,245 258,472 130,520 529,772 

- - - - - - - 

9,089 60,242 14,990 19,879 61,984 35,065 8,024 

- - - - - - - 

17,760 28,985 14,876 - - - - 

- - - - - - - 

88,790 392,365 110,329 9,708,982 1,829,497 410,279 7,456,325 

61,111,168 152,920,231 45,508,751 273,527,627 192,163,852 93,016,121 325,771,628 

44,596,125 153,477,003 40,255,975 333,636,325 164,922,589 87,185,706 392,416,534 

90,744,614 201,262,323 52,556,702 460,043,395 251,203,549 132,251,760 686,289,781 

7,845,016 258,699,413 108,048,777 444,504,471 221,762,214 94,831,796 286,786,355 

7,416,715 260,364,388 314,110,906 529,429,713 227,604,156 70,223,758 318,655,742 

- - - - - - - 

14




Global 


Fund 

EUR 

Global 

Convertibles 

Fund (EUR) 

EUR 

Global 

Dynamic 

Fund 

USD 

Global 

Focus 

Fund 

EUR 

Global 

Government 

Bond Fund 

EUR 

Global 

Mining 

Fund 

EUR 


Resources 

Fund 

EUR 

129,097,182 1,514,731,800 1,044,415,882 1,320,003,677 160,577,673 1,991,573 816,777,501 

127,743,057 1,484,037,500 912,186,312 1,162,377,363 166,583,045 3,454,891 1,226,052,849 

- - - - - - - 

1,098,695 861,529 6,828,655 15,211,783 11,148,967 75,801 365,015 

- - - - - - - 

2,780,716 19,743,750 9,526,858 9,772,587 - 36,633 2,369,107 

- - - - - - - 

2,908,797 4,864,570 647,331 1,512,034 543,864 - 1,997,059 

403,119 5,475,133 1,929,696 1,116,911 1,320,621 5,399 1,405,885 

8,105 - 690,810 1,631,980 - - - 

88 - 142 - 4,878 8,837 - 

- 4,910 37,534 - - - - 

- - - - 1,380,498 - - 

- - - - - - - 

- - - - - - - 

136,296,702 1,545,681,692 1,064,076,908 1,349,248,972 174,976,501 2,118,243 822,914,567 

- - - - 12,544 - - 

- - - - - - - 

3,060,494 36,960,975 14,611,712 30,883,195 - 66,978 537,442 

- - - - - - - 

122,713 13,137,850 187,314 1,857,712 437,966 - 3,242,377 

177,289 1,492,068 657,743 1,543,403 42,882 3,536 1,272,573 

- - - - - - - 

17,760 55,403 80,530 41,264 23,802 9,339 62,254 

2,590 19,330,401 272,904 10,404,744 - - - 

- - - - 40,017 - - 

- - - - - - - 

3,380,846 70,976,697 15,810,203 44,730,318 557,211 79,853 5,114,646 

132,915,856 1,474,704,995 1,048,266,705 1,304,518,654 174,419,290 2,038,390 817,799,921 

106,021,057 1,108,872,713 943,386,579 1,234,679,493 532,024,391 3,259,036 1,602,850,013 

151,998,265 1,785,713,634 1,265,404,327 1,568,207,372 255,506,166 2,381,234 3,067,154,904 

53,019,318 2,837,744,071 1,135,055,214 1,027,930,229 280,367,183 - 1,912,587,338 

5,996,185 1,939,507,561 1,174,912,544 331,436,544 71,690,468 - 1,018,336,433 

- - - - - - - 

15




Global Real 


Fund (USD) 

USD 

Global 


Fund (3) 

USD 

Greater 

China 

Fund # 

USD 

Hong Kong 

Fund # 

USD 

India 

Fund # 

USD 

Japan 

Equity 

Fund # 

USD 

Japan 

Small Cap 

Fund # 

USD 

136,619,296 290,165,114 1,114,325,795 128,356,517 1,581,016,764 243,353,767 41,356,331 

135,036,209 253,911,798 1,008,898,560 124,519,447 1,184,563,752 217,241,026 36,736,335 

- - - - - - - 

733,422 2,143,227 1,527,061 855,621 11,654,042 1,247,954 145,092 

- - - - - - - 

300,341 - 8,192,021 1,129,165 13,770,939 4,548,753 696,543 

- - - - - - - 

1,045,209 64,790 1,402,595 152,613 2,948,143 1,470,798 85,766 

307,261 787,561 7,473,048 1,204,493 6,918,211 160,734 32,849 

5,402 83,025 - - - - - 

2,453 - - - - - 9,562 

- - - - - 196 - 

332,186 - - - - - - 

- - - - - - - 

- - - - - - - 

139,345,570 293,243,717 1,132,920,520 131,698,409 1,616,308,099 250,782,202 42,326,143 

- - 4,438,404 - 7,473,918 - - 

- - - - - - - 

268,793 1,964,363 6,424,639 1,277,830 - 4,362,090 303,212 

- - - - - - - 

365,071 165,224 2,601,041 327,187 3,549,429 379,997 329,266 

122,977 167,309 1,347,963 167,239 2,460,264 325,652 54,481 

- - - - - - - 

33,341 107,100 83,101 24,370 203,600 22,823 18,919 

- 138,289 - - - - - 

- - - - - - - 

- - - - - - - 

790,182 2,542,285 14,895,148 1,796,626 13,687,211 5,090,562 705,878 

138,555,388 290,701,432 1,118,025,372 129,901,783 1,602,620,888 245,691,640 41,620,265 

65,477,486 247,255,296 643,446,772 111,375,667 1,803,777,287 167,739,576 25,211,400 

81,208,631 288,465,156 857,813,841 153,759,093 2,756,155,861 207,760,434 35,355,489 

27,856,852 253,598,220 684,691,268 170,855,931 2,637,009,261 253,118,567 33,764,363 

13,710,677 233,869,436 568,509,936 212,431,721 2,084,541,872 356,735,115 52,721,554 

- - - - - - - 


16




Korea 

Equity 

Fund # 

USD 

Latin America 

Equity 

Fund 

USD 

Pacific 

Technology 

Fund # 

USD 

Russia 

Fund 

USD 

Singapore 

Fund # 

USD 

Taiwan 

Fund # 

USD 

146,015,149 1,449,675,128 15,675,952 897,657,644 132,050,630 253,002,069 

162,816,813 1,395,818,679 15,405,200 1,194,835,854 126,172,129 215,889,398 

- - - - - - 

6,112,743 25,118,492 501,380 - 6,994,111 5,614,334 

7,001,775 - - - - - 

2,324,808 42,253,134 155,491 - 3,412,097 3,449,198 

- - - - - - 

80,886 7,146,452 4,395 2,353,526 33,999 49,455 

82,420 3,352,999 34,407 24,242,274 27,783 361,739 

- - - - - - 

6,497 - 11,968 87,322 - 31,574 

- 306 - - - - 

- - - - - - 

200,203 - - - - - 

3,535 - - - - - 

161,828,016 1,527,546,511 16,383,593 924,340,766 142,518,620 262,508,369 

- 870,249 - 1,014,648 - - 

- - - - - - 

1,519,155 2,295,503 46,319 125,925 2,345,861 5,882,258 

- - - - - - 

177,156 58,669,265 871 4,331,993 5,683,915 109,193 

167,028 1,735,265 21,753 1,043,449 211,531 295,029 

- - - - - - 

36,706 106,518 15,570 262,756 24,653 89,534 

12,309 - - - - - 

- - - - - - 

- - - - - - 

1,912,354 63,676,800 84,513 6,778,771 8,265,960 6,376,014 

159,915,662 1,463,869,711 16,299,080 917,561,995 134,252,660 256,132,355 

136,018,691 1,434,536,865 23,068,358 1,096,241,368 147,824,521 297,348,394 

219,143,795 1,506,133,753 29,942,132 2,620,754,536 186,768,532 623,178,924 

32,973,452 1,290,637,333 60,914,568 2,035,560,908 175,447,667 338,093,161 

11,522,686 921,144,836 27,012,528 771,414,461 198,367,313 404,227,084 

- - - - - - 

17




US Aggregate 

BondFund 

USD 

US Growth 

Fund 

USD 

US Small 

Cap Growth 

Fund 

USD 

US 

Technology 

Fund 

USD 

US Value 

Fund 

USD 

2,221,562,525 1,505,250,974 224,782,340 195,903,072 2,592,678,434 

2,182,166,969 1,342,499,943 202,829,184 168,796,846 2,137,224,249 

- - - - - 

- 1,043,082 4,537,052 567,902 22,623,566 

- - - - - 

486,343 11,158,702 2,497,363 2,285,727 - 

- - - - - 

3,997,502 4,838,411 1,379,748 553,920 17,599,205 

9,883,005 411,963 74,946 14,789 1,787,498 

- 42,695 - 26,456 49,038 

5,113 - - - - 

860 3,126 - - 5,183 

- - - - - 

- - - - - 

- - - - - 

2,235,935,348 1,522,748,953 233,271,449 199,351,866 2,634,742,924 

11,708,412 - - - - 

- - - - - 

- 16,948,292 642,022 1,480,833 - 

- - - - - 

11,377,323 6,480,199 250,713 377,160 23,629,078 

1,315,484 1,346,503 283,994 248,436 2,446,163 

- - - - - 

210,686 28,273 15,518 19,567 46,560 

1,491,435 1,276,722 - - 3,925,077 

- - - - - 

- - - - - 

26,103,340 26,079,989 1,192,247 2,125,996 30,046,878 

2,209,832,008 1,496,668,964 232,079,202 197,225,870 2,604,696,046 

2,179,090,916 1,051,921,584 114,521,744 242,732,557 1,326,685,426 

1,434,025,816 538,452,101 116,839,654 215,576,507 1,134,647,834 

959,323,512 59,733,564 46,434,212 52,580,080 571,693,123 

620,305,842 93,548,217 29,100,734 34,742,734 634,397,311 


18


Combined Statement of Operations and Changes in Net Assets 

For the Year Ended 30 June 2013 


Combined 

USD 

America 

Equity 

Fund 

USD 

Asia 


Debt Fund (1) 

USD 

Net Assets at the Beginning of the Year * 49,821,343,866 487,441,808 35,646,851 

Income 

Dividend Income, Net 896,928,483 4,400,676 - 

Interest Income, Net 825,869,590 6,810 1,506,901 

Securities Lending Income 6,864,298 - - 

Bank Interest 534,848 147 443 

Interest on Swap Transactions 32,343,862 - - 

Other Income 4,564,690 - - 

Total Income 1,767,105,771 4,407,633 1,507,344 

Expenses 

Management and Advisory Fees 703,860,586 8,253,874 278,994 

Custodian, Corporate, Administration and Domiciliary Agency Fees 59,729,114 295,690 102,896 

Registrar and Transfer Agency Fees 24,386,488 254,404 44,623 

Taxe d’abonnement 26,855,319 284,852 19,385 

Overdraft Interest 286,993 3,697 - 

Interest on Swap Transactions 1,772,505 - - 

Sundry Fees** 39,503,701 213,113 57,996 

856,394,706 9,305,630 503,894 

Less: Fee Waiver *** 16,312,353 8,868 136,944 

Total Expenses before Performance Fees 840,082,353 9,296,762 366,950 

Performance Fees 21,661,101 - - 

Total Expenses 861,743,454 9,296,762 366,950 

Net Investment Income/(Loss) 905,362,317 (4,889,129) 1,140,394 

Net Realised Gain/(Loss) on Sale of Investments 1,965,151,866 56,091,266 376,916 

Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 565,751,560 1,983,736 128,952 

Net Realised Gain/(Loss) on Financial Futures Contracts 23,072,264 - - 

Net Realised Gain/(Loss) on Foreign Exchange (24,656,223) (18,713) (96,733) 

Net Realised Gain/(Loss) on TBAs 4,649,797 - - 

Net Realised Gain/(Loss) on Derivatives Instruments 245,378,447 - - 

Net Realised Gain/(Loss) for the Year 2,779,347,711 58,056,289 409,135 

Net Change in Unrealised Gain/(Loss) on Investments (15,055,284) 56,450,699 (2,100,652) 

Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts (287,112,960) (1,115,486) 56,640 

Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 9,321,133 - - 

Net Change in Unrealised Gain/(Loss) on Foreign Exchange (2,758,653) - (1,825) 

Net Change in Unrealised Gain/(Loss) on TBAs (143,944) - - 

Net Change in Unrealised Gain/(Loss) on Derivatives Instruments (73,193,068) - - 

Net Change in Unrealised Gain/(Loss) for the Year (368,942,776) 55,335,213 (2,045,837) 

Increase/(Decrease) in Net Assets as a Result of Operations 3,315,767,252 108,502,373 (496,308) 

Movements in Share Capital 

Subscriptions 55,630,393,264 387,331,336 30,794,212 

Redemptions (38,542,312,776) (219,906,706) (18,914,017) 

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital 17,088,080,488 167,424,630 11,880,195 

Dividend Distribution (456,746,900) - (41,620) 

Net Assets at the End of the Year 69,768,444,706 763,368,811 46,989,118 

* The opening balance was combined using the foreign exchange rates as at 30 June 2013. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2012 reflected 

a figure of USD 49,476,484,549. 

** Sundry Fees are principally comprised of Directors’ fees, audit and tax related fees and expenses, registration, publication, mailing, printing, legal and marketing expenses. 

*** Please refer to Note 7a). 




19




Asia 


Fund # 

USD 

Brazil 

Equity 

Fund 

USD 

China 

Fund # 

USD 


Equity 

Fund 

EUR 




USD 


Bond 

Fund 

USD 

97,564,972 629,029,937 2,309,935,704 679,673,668 540,112,642 257,450,300 

66,103,689 17,470,738 57,914,327 22,031,954 17,394,260 - 

32,209,754 30,458 10,181 22,138 18,065 19,440,076 

- - 228,458 - - - 

12,709 302 20,913 2,143 4,076 2,043 

- - - - - - 

- - - 577,933 110,421 - 

98,326,152 17,501,498 58,173,879 22,634,168 17,526,822 19,442,119 

31,602,761 8,456,925 40,333,592 10,597,784 8,057,833 2,294,250 

1,793,318 663,470 1,525,711 1,073,972 945,926 325,409 

186,063 257,836 762,072 337,166 284,944 162,854 

1,237,859 212,263 1,153,125 331,746 238,598 99,078 

132 5,507 919 1,327 1,090 - 

- - - - - - 

3,822,356 426,193 2,225,232 371,010 421,481 127,863 

38,642,489 10,022,194 46,000,651 12,713,005 9,949,872 3,009,454 

6,853 1,822 1,898 12,528 41,057 49,330 

38,635,636 10,020,372 45,998,753 12,700,477 9,908,815 2,960,124 

- - - - - - 

38,635,636 10,020,372 45,998,753 12,700,477 9,908,815 2,960,124 

59,690,516 7,481,126 12,175,126 9,933,691 7,618,007 16,481,995 

64,049,791 (66,000,984) (118,435,093) 34,307,522 23,755,573 9,559,233 

14,527,299 (44,938) 19,431 (119,177) (125,047) 145,902 

170,876 - - - - (54,617) 

(2,038,250) (1,915,645) 289,117 (26,383) (637,841) (38,484) 

- - - - - - 

- (629,041) - - - - 

76,709,716 (68,590,608) (118,126,545) 34,161,962 22,992,685 9,612,034 

(245,104,296) 24,372,534 233,539,900 (6,930,598) 1,241,673 (25,234,241) 

14,568,191 - - - - (804,894) 

- - - - - (161,637) 

1,126 (649,183) 110,965 (190,546) 62,308 22,074 

- - - - - - 

- 250,574 - - - - 

(230,534,979) 23,973,925 233,650,865 (7,121,144) 1,303,981 (26,178,698) 

(94,134,747) (37,135,557) 127,699,446 36,974,509 31,914,673 (84,669) 

7,306,253,123 290,754,851 830,148,090 153,178,520 150,863,607 440,718,840 

(2,669,139,033) (472,709,613) (1,178,812,052) (236,238,160) (179,968,858) (357,606,283) 

4,637,114,090 (181,954,762) (348,663,962) (83,059,640) (29,105,251) 83,112,557 

(90,983,922) (71,370) (6,180,180) (6,036,077) (5,049,830) (76,278) 

4,549,560,393 409,868,248 2,082,791,008 627,552,460 537,872,234 340,401,910 

20




Emerging 

Markets Debt 

Fund 

USD 


Equity 

Fund 

USD 



Debt Fund (2) 

USD 


Opportunities 

Fund 

USD 


East Equity 

Fund 

USD 

Euroland 

Equity 

Fund 

EUR 

864,838,358 5,878,841,645 1,825,626,020**** 396,331,105 286,037,653 164,389,167 

- 118,699,794 - 35,356,815 8,649,816 5,412,528 

88,540,362 125,512 189,707,825 52,196 24,775 3,029 

- - - - - 262,237 

7,123 10,671 182,696 4,666 2,554 - 

- - 98,395 - - - 

- 90,972 - - - 423,500 

88,547,485 118,926,949 189,988,916 35,413,677 8,677,145 6,101,294 

17,217,223 57,422,171 19,133,471 8,981,245 4,812,584 2,560,460 

949,117 4,736,405 3,766,694 1,245,077 883,447 147,327 

470,932 1,745,376 722,371 327,765 205,851 128,783 

719,036 1,901,577 1,009,576 446,823 153,704 83,987 

- 9,816 9,367 - 7,545 517 

- - 327,085 - - - 

2,103,669 2,179,868 5,968,389 325,908 305,470 110,465 

21,459,977 67,995,213 30,936,953 11,326,818 6,368,601 3,031,539 

25,592 159,468 412,595 31,942 212,429 8,082 

21,434,385 67,835,745 30,524,358 11,294,876 6,156,172 3,023,457 

- - 2,790 - - - 

21,434,385 67,835,745 30,527,148 11,294,876 6,156,172 3,023,457 

67,113,100 51,091,204 159,461,768 24,118,801 2,520,973 3,077,837 

20,476,931 349,732,657 95,867,013 13,296,111 24,392,439 11,226,745 

31,592,273 1,262,408 25,964,381 (607,990) 33,906 6,966 

(1,198,990) - 2,429,588 (575,491) - 721,578 

252,959 (1,842,571) (2,917,101) (737,651) (274,462) (3,237) 

- - - - - - 

(137,997) - (3,972,259) - - - 

50,985,176 349,152,494 117,371,622 11,374,979 24,151,883 11,952,052 

(121,269,874) (173,939,588) (369,303,492) (126,440,574) 31,780,717 22,516,539 

(15,848,641) (1,004,539) (37,784,720) (88,680) (1,301) - 

(765,774) - 293,781 - - (313,400) 

(15,625) 389,180 (2,765,363) (401,574) (18,853) 85 

- - - - - - 

101,696 - (13,745,377) - - - 

(137,798,218) (174,554,947) (423,305,171) (126,930,828) 31,760,563 22,203,224 

(19,699,942) 225,688,751 (146,471,781) (91,437,048) 58,433,419 37,233,113 

2,168,541,849 1,887,517,651 3,759,220,562 1,850,336,437 249,325,081 44,289,043 

(1,420,971,682) (2,797,764,173) (1,419,622,282) (471,321,467) (313,726,678) (62,622,720) 

747,570,167 (910,246,522) 2,339,598,280 1,379,014,970 (64,401,597) (18,333,677) 

(58,244,670) (18,468,464) (53,607,980) (3,344) (2,482,133) (2,089,759) 

1,534,463,913 5,175,815,410 3,965,144,539 1,683,905,683 277,587,342 181,198,844 


**** The opening balance was translated into USD using the foreign exchange rate as at 30 June 2012. 

21




Euroland 

Select Equity 

Fund 

EUR 

Europe 

Dynamic 

Fund 

EUR 

Europe Dynamic 

Mega Cap 

Fund 

EUR 

Europe Equity 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Technology 

Fund 

EUR 


Fund 

EUR 

44,596,125 153,477,003 40,255,975 333,636,325 164,922,589 87,185,706 392,416,534 

1,387,333 4,735,823 1,278,095 10,798,981 4,294,294 1,718,916 8,168,277 

398 2,162 832 3,379 1,269 293 3,484 

82,981 117,839 40,583 330,158 70,977 79,179 694,383 

- - - - - 107 - 

- - - - - - - 

- 221,467 30,928 338,387 260,029 3,940 - 

1,470,712 5,077,291 1,350,438 11,470,905 4,626,569 1,802,435 8,866,144 

612,755 1,916,378 673,811 4,712,794 2,977,832 1,536,354 7,234,551 

88,760 218,969 95,305 262,726 209,985 130,758 221,790 

39,344 80,172 43,453 182,309 143,591 113,358 301,730 

26,899 58,837 21,484 149,932 90,705 46,503 180,660 

- 1,839 708 10,977 755 2,995 - 

- - - - - - - 

34,036 51,143 51,069 103,398 96,078 53,889 86,217 

801,794 2,327,338 885,830 5,422,136 3,518,946 1,883,857 8,024,948 

38,382 42,039 37,651 3,436 13,916 13,556 8,264 

763,412 2,285,299 848,179 5,418,700 3,505,030 1,870,301 8,016,684 

- - - - - - - 

763,412 2,285,299 848,179 5,418,700 3,505,030 1,870,301 8,016,684 

707,300 2,791,992 502,259 6,052,205 1,121,539 (67,866) 849,460 

4,348,411 34,355,877 5,223,711 44,331,272 33,030,514 14,492,042 26,499,342 

- (13,362) 12,393 (9,304) 14,312 2,391 - 

103,729 530,085 (79,476) 427,823 - - - 

- 35,025 (7,524) (78,229) (78,073) (50,628) - 

- - - - - - - 

- - - - - - - 

4,452,140 34,907,625 5,149,104 44,671,562 32,966,753 14,443,805 26,499,342 

6,393,373 2,500,693 3,130,897 19,823,537 12,009,088 3,905,412 64,396,496 

- - - - - - - 

(92,100) (219,793) (60,457) (121,331) - - - 

- (44,927) (12,521) (24,251) (15,076) (8,497) - 

- - - - - - - 

- - - - - - - 

6,301,273 2,235,973 3,057,919 19,677,955 11,994,012 3,896,915 64,396,496 

11,460,713 39,935,590 8,709,282 70,401,722 46,082,304 18,272,854 91,745,298 

48,945,868 58,672,149 16,450,784 67,937,238 59,316,804 51,320,861 217,318,323 

(43,867,463) (98,683,657) (19,699,861) (194,933,041) (76,264,373) (63,497,996) (374,282,322) 

5,078,405 (40,011,508) (3,249,077) (126,995,803) (16,947,569) (12,177,135) (156,963,999) 

(24,075) (480,854) (207,429) (3,514,617) (1,893,472) (265,304) (1,426,205) 

61,111,168 152,920,231 45,508,751 273,527,627 192,163,852 93,016,121 325,771,628 

22




Global 


Fund 

EUR 

Global 

Convertibles 

Fund (EUR) 

EUR 

Global 

Dynamic 

Fund 

USD 

Global 

Focus 

Fund 

EUR 

Global 

Government 

Bond Fund 

EUR 

Global 

Mining 

Fund 

EUR 


Resources 

Fund 

EUR 

106,021,057 1,108,872,713 943,386,579 1,234,679,493 532,024,391 3,259,036 1,602,850,013 

2,385,134 1,168,344 21,059,367 25,622,330 - 60,066 16,694,249 

3,465 22,117,018 18,060 10,781 9,349,078 - 18,364 

- - 418,345 1,224,604 - - - 

829 174 601 896 4,984 198 20,696 

- - - - - - - 

- - 68,761 391 - - - 

2,389,428 23,285,536 21,565,134 26,859,002 9,354,062 60,264 16,733,309 

1,754,400 14,796,134 8,811,956 18,111,326 940,950 57,472 23,123,134 

140,617 680,081 707,990 555,627 251,338 60,249 727,144 

72,847 407,403 324,702 467,307 182,964 19,020 648,447 

56,929 580,650 329,674 522,535 150,563 1,530 648,409 

- 3,078 - 1,127 3,163 - 616 

- - - - - - - 

79,142 363,789 395,156 426,912 104,546 29,671 1,194,229 

2,103,935 16,831,135 10,569,478 20,084,834 1,633,524 167,942 26,341,979 

11,880 5,196 41,643 - 145,430 97,652 9,181 

2,092,055 16,825,939 10,527,835 20,084,834 1,488,094 70,290 26,332,798 

- - - - - - - 

2,092,055 16,825,939 10,527,835 20,084,834 1,488,094 70,290 26,332,798 

297,373 6,459,597 11,037,299 6,774,168 7,865,968 (10,026) (9,599,489) 

6,997,074 83,930,266 114,960,609 92,664,038 14,184,238 (728,875) (165,845,494) 

(30,976) 78,633,392 2,320,357 11,568,466 32,207,090 (2,575) 497,185 

29,471 (3,093,782) - 1,180,220 (1,395,254) - - 

(522,716) 997,074 (46,536) (494,386) (1,177,012) (4,196) (1,435,511) 

- - - - - - - 

- - - - - - - 

6,472,853 160,466,950 117,234,430 104,918,338 43,819,062 (735,646) (166,783,820) 

5,579,687 1,547,188 48,098,599 38,831,358 (37,848,149) (280,807) (180,104,846) 

(3,239) (25,176,940) (606,608) (15,703,115) (7,735,945) - - 

- - - - (185,411) - - 

89,466 (48,383) (22,275) 75,258 69,130 229 106,519 

- - - - - - - 

- - - - - - - 

5,665,914 (23,678,135) 47,469,716 23,203,501 (45,700,375) (280,578) (179,998,327) 

12,436,140 143,248,412 175,741,445 134,896,007 5,984,655 (1,026,250) (356,381,636) 

109,858,547 983,759,223 270,412,721 521,998,626 240,421,425 928,035 468,095,991 

(95,399,888) (749,409,024) (340,422,356) (585,583,928) (604,011,181) (1,122,431) (896,764,447) 

14,458,659 234,350,199 (70,009,635) (63,585,302) (363,589,756) (194,396) (428,668,456) 

- (11,766,329) (851,684) (1,471,544) - - - 

132,915,856 1,474,704,995 1,048,266,705 1,304,518,654 174,419,290 2,038,390 817,799,921 

23




Global Real 


Fund (USD) 

USD 

Global 


Fund (3) 

USD 

Greater 

China 

Fund # 

USD 

Hong Kong 

Fund # 

USD 

India 

Fund # 

USD 

Japan 

Equity 

Fund # 

USD 

Japan 

Small Cap 

Fund # 

USD 

65,477,486 247,255,296 643,446,772 111,375,667 1,803,777,287 167,739,576 25,211,400 

2,929,364 5,972,583 25,163,662 3,826,962 24,238,105 3,508,174 407,636 

3,079 33,164 1,439 - 30,695 1,112 353 

5,342 - 53,167 9,367 - - - 

277 141 - 215 - 114 - 

- - - - - - - 

- 15,486 - - - - - 

2,938,062 6,021,374 25,218,268 3,836,544 24,268,800 3,509,400 407,989 

1,138,103 1,867,304 14,152,815 2,200,138 33,926,027 2,958,546 439,477 

204,090 214,237 1,081,523 258,757 3,253,954 172,337 88,732 

74,327 110,025 297,046 80,896 725,456 160,965 80,794 

49,402 101,759 427,779 72,183 878,832 97,746 14,715 

- - 6,607 - 5,092 294 - 

- - - - - - - 

54,739 216,916 490,403 239,969 394,139 81,991 43,571 

1,520,661 2,510,241 16,456,173 2,851,943 39,183,500 3,471,879 667,289 

85,772 7,419 3,833 98,778 2,639 14,369 118,009 

1,434,889 2,502,822 16,452,340 2,753,165 39,180,861 3,457,510 549,280 

- - - - - - - 

1,434,889 2,502,822 16,452,340 2,753,165 39,180,861 3,457,510 549,280 

1,503,173 3,518,552 8,765,928 1,083,379 (14,912,061) 51,890 (141,291) 

6,072,949 15,349,129 22,515,236 11,784,438 83,008,757 16,281,497 2,083,769 

1,218,887 2,949,912 (27,661) 18 77,341 (70,112) (61,952) 

- - - - (145) - - 

9,224 32,157 (106,827) 1,970 (2,866,667) 183,695 107,824 

- - - - - - - 

- - - - - - - 

7,301,060 18,331,198 22,380,748 11,786,426 80,219,286 16,395,080 2,129,641 

(717,064) 26,064,058 72,763,629 6,550,791 30,949,488 25,228,666 3,587,480 

327,350 (688,626) - - - - - 

- - - - - - - 

(3,667) (10,562) (3,940) 2,642 2,190,720 (14,549) (6,129) 

- - - - - - - 

- - - - - - - 

(393,381) 25,364,870 72,759,689 6,553,433 33,140,208 25,214,117 3,581,351 

8,410,852 47,214,620 103,906,365 19,423,238 98,447,433 41,661,087 5,569,701 

132,298,067 14,780,067 803,363,110 120,333,200 352,744,423 250,430,572 44,475,117 

(67,631,017) (18,215,686) (430,003,039) (120,173,217) (652,348,255) (213,765,528) (33,607,554) 

64,667,050 (3,435,619) 373,360,071 159,983 (299,603,832) 36,665,044 10,867,563 

- (332,865) (2,687,836) (1,057,105) - (374,067) (28,399) 

138,555,388 290,701,432 1,118,025,372 129,901,783 1,602,620,888 245,691,640 41,620,265 


24




Korea 

Equity 

Fund # 

USD 

Latin America 

Equity 

Fund 

USD 

Pacific 

Technology 

Fund # 

USD 

Russia 

Fund 

USD 

Singapore 

Fund # 

USD 

Taiwan 

Fund # 

USD 

US Aggregate 

Bond 

Fund 

USD 

136,018,691 1,434,536,865 23,068,358 1,096,241,368 147,824,521 297,348,394 2,179,090,916 

1,866,926 36,482,444 445,211 34,128,225 5,010,615 8,856,761 - 

18,705 64,904 241 31,527 1,686 946 74,961,484 

- - - - - - - 

1,135 783 - 24,595 - - 187 

- - - - - - - 

- - - - - - - 

1,886,766 36,548,131 445,452 34,184,347 5,012,301 8,857,707 74,961,671 

2,054,418 21,290,094 293,504 16,399,534 2,859,542 3,898,030 18,736,833 

415,960 1,547,451 114,629 2,236,872 189,178 652,392 903,347 

97,924 563,741 48,819 404,241 134,695 128,913 740,686 

78,899 560,834 9,030 428,614 78,472 132,483 1,047,033 

245 11,258 130 13,419 613 1,832 6,299 

- - - - - - - 

56,776 754,356 40,671 843,010 108,442 358,343 2,363,607 

2,704,222 24,727,734 506,783 20,325,690 3,370,942 5,171,993 23,797,805 

91,894 4,731 141,744 345,788 1,912 213,157 939,987 

2,612,328 24,723,003 365,039 19,979,902 3,369,030 4,958,836 22,857,818 

- - - - - - - 

2,612,328 24,723,003 365,039 19,979,902 3,369,030 4,958,836 22,857,818 

(725,562) 11,825,128 80,413 14,204,445 1,643,271 3,898,871 52,103,853 

782,846 (36,468,398) 2,505,837 13,528,922 15,059,194 12,010,207 (4,748,366) 

387,064 (525,065) (7,178) 40,079 (67,377) 302 1,756,977 

(62,772) - - - - - - 

(354,919) (1,014,756) 9,043 (167,126) 56,822 14,601 13,567 

- - - - - - (261) 

(87,217) - - - - - - 

665,002 (38,008,219) 2,507,702 13,401,875 15,048,639 12,025,110 (2,978,083) 

(6,634,144) 6,092,469 (460,469) (4,572,492) 3,885,878 28,616,770 (72,429,565) 

(107,854) - - - - - (2,055,609) 

290,043 - - - - - - 

(11,230) (734,729) (8,962) (72,843) (27,629) (18,346) 93 

- - - - - - - 

(37,129) - - - - - - 

(6,500,314) 5,357,740 (469,431) (4,645,335) 3,858,249 28,598,424 (74,485,081) 

(6,560,874) (20,825,351) 2,118,684 22,960,985 20,550,159 44,522,405 (25,359,311) 

197,144,171 725,244,273 5,904,345 568,861,917 79,951,297 179,961,061 2,201,778,519 

(166,685,254) (669,665,647) (14,782,204) (765,814,217) (112,591,454) (262,379,401) (2,112,730,792) 

30,458,917 55,578,626 (8,877,859) (196,952,300) (32,640,157) (82,418,340) 89,047,727 

(1,072) (5,420,429) (10,103) (4,688,058) (1,481,863) (3,320,104) (32,947,324) 

159,915,662 1,463,869,711 16,299,080 917,561,995 134,252,660 256,132,355 2,209,832,008 

25




US Dynamic 

Fund (4) 

USD 

US Growth 

Fund 

USD 

US Small Cap 

Growth 

Fund 

USD 

US Technology 

Fund 

USD 

US Value 

Fund 

USD 

168,734,024 1,051,921,584 114,521,744 242,732,557 1,326,685,426 

2,521,299 9,299,521 867,914 982,825 31,608,843 

2,261 9,397 2,440 2,808 30,438 

- - 85,391 20,415 3,842 

727 143 344 415 138 

- - - - - 

- - - - - 

2,524,287 9,309,061 956,089 1,006,463 31,643,261 

2,429,595 13,228,315 2,353,566 3,373,120 20,794,858 

108,568 431,681 119,152 158,037 552,374 

103,499 382,434 189,660 162,041 592,825 

70,979 478,875 84,878 111,096 901,531 

- 18,108 - - - 

- - - - - 

102,708 238,711 51,934 156,198 355,557 

2,815,349 14,778,124 2,799,190 3,960,492 23,197,145 

5,917 2,266 5,320 1,746 5,363 

2,809,432 14,775,858 2,793,870 3,958,746 23,191,782 

- - - - - 

2,809,432 14,775,858 2,793,870 3,958,746 23,191,782 

(285,145) (5,466,797) (1,837,781) (2,952,283) 8,451,479 

39,843,012 38,640,182 13,694,626 1,601,373 43,941,068 

(73,919) 1,795,743 57,193 30,550 6,185,622 

531,202 - - - - 

26,427 (276,188) (9,136) (15,614) 7,947 

- - - - - 

- - - - - 

40,326,722 40,159,737 13,742,683 1,616,309 50,134,637 

(6,851,125) 68,504,505 22,957,224 18,288,570 321,155,541 

- (1,741,920) - - (4,451,888) 

(89,224) - - - - 

(3) 122 (8) (205) - 

- - - - - 

- - - - - 

(6,940,352) 66,762,707 22,957,216 18,288,365 316,703,653 

33,101,225 101,455,647 34,862,118 16,952,391 375,289,769 

28,293,941 904,453,991 186,981,903 125,847,179 1,574,678,702 

(230,129,190) (561,132,249) (104,286,384) (188,298,079) (671,668,039) 

(201,835,249) 343,321,742 82,695,519 (62,450,900) 903,010,663 

- (30,009) (179) (8,178) (289,812) 

- 1,496,668,964 232,079,202 197,225,870 2,604,696,046 



26






of the Year 


at the End 

of the Year 


JPM America Equity A (acc) - EUR - 11,510.625 112.628 11,397.997 


JPM America Equity A (acc) - HKD - 6,997.390 0.007 6,997.383 



JPMorgan America Equity A (dist) - USD ## 696,941.934 1,137,471.589 777,955.092 1,056,458.431 

JPM America Equity B (acc) - USD 37,415.158 1,065,026.989 416,030.320 686,411.827 



JPM America Equity C (dist) - USD - 6,691.932 - 6,691.932 




JPM America Equity I (acc) - USD - 510,427.881 - 510,427.881 

JPM America Equity X (acc) - USD 853,610.967 675,892.397 63,895.297 1,465,608.067 



JPM Asia Local Currency Debt A (mth) - HKD - 1,476,143.397 273,293.033 1,202,850.364 

JPM Asia Local Currency Debt A (mth) - USD - 16,712.508 4,922.687 11,789.821 

JPM Asia Local Currency Debt C (acc) - USD 70,313.574 47,951.749 62,299.711 55,965.612 

JPM Asia Local Currency Debt D (acc) - USD - 26,058.326 1,810.486 24,247.840 

JPM Asia Local Currency Debt X (acc) - USD - 100,000.000 - 100,000.000 


JPMorgan Asia Pacific Income A (acc) - HKD ## - 9,134,572.974 119,162.430 9,015,410.544 

JPMorgan Asia Pacific Income A (acc) - USD ## 359,841.103 8,971,506.039 3,584,932.649 5,746,414.493 

JPMorgan Asia Pacific Income A (dist) - USD ## 2,523,759.110 19,781,118.745 10,632,728.314 11,672,149.541 

JPMorgan Asia Pacific Income A (mth) - HKD ## 75,135.477 969,297,486.051 306,900,484.577 662,472,136.951 

JPMorgan Asia Pacific Income A (mth) - SGD ## - 12,052,054.206 629,566.837 11,422,487.369 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) ## - 25,744,286.910 349,037.948 25,395,248.962 

JPMorgan Asia Pacific Income A (mth) - USD ## 1,148.907 36,776,115.702 14,174,477.998 22,602,786.611 

JPMorgan Asia Pacific Income B (acc) - USD ## 511,416.086 1,912,216.978 1,838,019.762 585,613.302 

JPMorgan Asia Pacific Income B (mth) - USD ## - 10.000 5.000 5.000 

JPMorgan Asia Pacific Income C (dist) - USD ## - 26,192.930 - 26,192.930 

JPMorgan Asia Pacific Income D (acc) - USD ## 1,090,346.952 432,381.594 277,185.852 1,245,542.694 

JPMorgan Asia Pacific Income D (mth) - USD ## - 176,462.216 7,731.887 168,730.329 

JPMorgan Asia Pacific Income X (acc) - USD ## - 459,126.600 33,284.866 425,841.734 






JPM Brazil Equity B (acc) - USD 2,657,967.330 864,512.816 1,643,262.555 1,879,217.591 

JPM Brazil Equity C (acc) - USD 1,413,973.605 1,171,370.187 1,777,796.053 807,547.739 

JPM Brazil Equity D (acc) - USD 6,752,477.306 1,254,413.502 2,391,824.919 5,615,065.889 



JPM Brazil Equity I (acc) - EUR 90,500.000 40,000.000 65,000.000 65,500.000 



JPMorgan China A (acc) - SGD ## 3,671.836 8,851.042 6,072.481 6,450.397 

JPMorgan China A (acc) - USD ## 12,692,743.987 5,987,027.591 8,508,092.974 10,171,678.604 

JPMorgan China A (dist) - HKD ## 2,549,518.433 7,649,818.715 1,749,818.357 8,449,518.791 

JPMorgan China A (dist) - USD ## 45,087,526.260 11,481,768.077 17,683,576.494 38,885,717.843 

JPMorgan China B (acc) - USD ## 644,794.628 334,682.589 287,807.900 691,669.317 

JPMorgan China C (acc) - USD ## 2,369,590.341 4,197,056.886 3,819,821.291 2,746,825.936 

JPMorgan China C (dist) - USD ## - 1,862.000 - 1,862.000 

JPMorgan China D (acc) - EUR ## 53,502.115 57,257.984 27,001.029 83,759.070 

JPMorgan China D (acc) - USD ## 7,182,996.439 1,883,754.375 3,398,750.052 5,668,000.762 

JPMorgan China I (acc) - USD* ## 368,951.592 - 368,951.592 - 

JPMorgan China T (acc) - EUR ## 6,916.369 22,746.147 4,595.532 25,066.984 

JPMorgan China X (acc) - USD ## 32,701.151 - 23,265.052 9,436.099 





JPMorgan Eastern Europe Equity A (dist) - EUR ## 4,630,219.089 824,221.874 1,722,682.315 3,731,758.648 


JPM Eastern Europe Equity B (dist) - EUR - 13,417.000 971.000 12,446.000 



JPM Eastern Europe Equity I (acc) - EUR 900.000 - 200.000 700.000 

JPM Eastern Europe Equity X (acc) - EUR 2,620,000.000 160,000.000 - 2,780,000.000 


27






of the Year 


at the End 

of the Year 



JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 3,275.228 1,597.031 2,446.333 2,425.926 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 3,042,411.646 745,779.207 1,063,102.392 2,725,088.461 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,021,401.671 936,209.320 1,947,842.730 5,009,768.261 


JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 266,948.186 1,083,816.354 233,912.309 1,116,852.231 


JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,316,264.699 120,353.263 494,683.345 941,934.617 


JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 5,237.421 10,284.634 9,010.847 6,511.208 




JPM Emerging Markets Bond A (mth) - USD 10.000 15,708.929 3,146.867 12,572.062 


JPM Emerging Markets Bond B (mth) - USD 10.000 - 5.000 5.000 

JPM Emerging Markets Bond C (acc) - EUR (hedged)* 49,650.000 - 49,650.000 - 



JPM Emerging Markets Bond D (mth) - USD 10.000 17,513.714 10.000 17,513.714 

JPM Emerging Markets Bond I (acc) - JPY (hedged) - 105,552.037 - 105,552.037 

JPM Emerging Markets Bond I (acc) - USD 436,400.000 664,982.324 322,714.387 778,667.937 

JPM Emerging Markets Bond X (acc) - GBP (hedged) 141,698.658 41,189.131 107,640.828 75,246.961 




JPM Emerging Markets Debt A (acc) - GBP (hedged) - 34,814.000 - 34,814.000 

JPM Emerging Markets Debt A (acc) - USD 11,432,764.704 10,132,183.353 16,210,984.564 5,353,963.493 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 6,025,767.636 8,984,674.483 4,512,742.006 10,497,700.113 

JPM Emerging Markets Debt A (inc) - USD 851,214.464 206,521.305 943,075.106 114,660.663 

JPM Emerging Markets Debt A (irc) - AUD (hedged) - 169,753.329 - 169,753.329 

JPM Emerging Markets Debt A (irc) - CAD (hedged) - 20,251.143 - 20,251.143 

JPM Emerging Markets Debt A (irc) - NZD (hedged) - 22,622.125 - 22,622.125 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 964,634.852 2,096,339.149 1,650,568.657 1,410,405.344 

JPM Emerging Markets Debt A (mth) - HKD 1,191,718.124 7,208,180.283 2,594,147.582 5,805,750.825 


JPM Emerging Markets Debt B (acc) - EUR (hedged) 1,500,116.555 732,961.283 1,734,853.880 498,223.958 

JPM Emerging Markets Debt B (acc) - USD 14,000.000 172,531.154 15,368.362 171,162.792 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 2,267,760.196 7,828,737.746 7,208,757.357 2,887,740.585 


JPM Emerging Markets Debt C (dist) - USD 145,025.851 134.760 145,025.852 134.759 

JPM Emerging Markets Debt C (mth) - USD - 1,074,254.331 972,466.202 101,788.129 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 3,456,764.921 1,601,378.396 1,700,480.157 3,357,663.160 

JPM Emerging Markets Debt I (acc) - EUR (hedged) - 219,500.000 - 219,500.000 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 885,161.782 6,205,902.084 - 7,091,063.866 



JPM Emerging Markets Debt X (dist) - USD - 24,701.333 20,970.001 3,731.332 









JPM Emerging Markets Equity C (acc) - EUR - 26,351.000 16,644.000 9,707.000 

JPM Emerging Markets Equity C (acc) - EUR (hedged) - 179,476.990 559.739 178,917.251 


JPM Emerging Markets Equity C (dist) - GBP - 1,118.966 - 1,118.966 

JPM Emerging Markets Equity C (dist) - USD 138,001.060 3,298,247.968 533,844.512 2,902,404.516 


JPM Emerging Markets Equity D (acc) - EUR (hedged) - 393.580 262.295 131.285 



JPM Emerging Markets Equity I (acc) - EUR (hedged) - 118,161.101 - 118,161.101 







28






of the Year 


at the End 

of the Year 





JPM Emerging Markets Local Currency Debt A (dist) - GBP 32,707.081 19,799.832 48,827.902 3,679.011 

JPM Emerging Markets Local Currency Debt A (div) - EUR 10.000 92,207.172 4,896.421 87,320.751 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 227,195.986 2,473,750.301 97,106.927 2,603,839.360 




JPM Emerging Markets Local Currency Debt B (mth) - USD - 10.000 - 10.000 

JPM Emerging Markets Local Currency Debt C (acc) - EUR 383,338.774 1,059,801.377 601,170.017 841,970.134 


JPM Emerging Markets Local Currency Debt C (dist) - GBP - 42,458.157 41,562.885 895.272 

JPM Emerging Markets Local Currency Debt C (mth) - USD - 200,976.744 94,573.959 106,402.785 




JPM Emerging Markets Local Currency Debt D (mth) - USD - 7,709.767 10.000 7,699.767 


JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) - 381,600.000 - 381,600.000 

JPM Emerging Markets Local Currency Debt I (acc) - USD 603,910.578 299,723.289 604,177.538 299,456.329 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 626,080.370 1,816,471.396 - 2,442,551.766 



JPM Emerging Markets Local Currency Debt X (acc) - EUR 1,377,488.347 1,855,143.577 1,432,293.300 1,800,338.624 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) - 585,300.000 - 585,300.000 

JPM Emerging Markets Local Currency Debt X (acc) - USD 21,385,105.104 1,041,280.000 2,072,431.000 20,353,954.104 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR - 2,127,044.013 634.000 2,126,410.013 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP*** 1,172,426.765 1,004,019.735 22,698.324 2,153,748.176 


JPM Emerging Markets Opportunities A (acc) - CHF (hedged) - 19,030.439 675.000 18,355.439 

JPM Emerging Markets Opportunities A (acc) - EUR 10,605.123 1,895,077.278 269,355.208 1,636,327.193 

JPM Emerging Markets Opportunities A (acc) - SGD - 31,367.217 12,976.708 18,390.509 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) - 442,167.751 37,179.022 404,988.729 

JPM Emerging Markets Opportunities A (acc) - USD 381,257.805 1,829,481.001 486,943.414 1,723,795.392 

JPM Emerging Markets Opportunities A (dist) - EUR 812.609 486,340.506 345,570.330 141,582.785 

JPM Emerging Markets Opportunities A (dist) - GBP - 47,644.867 1,996.013 45,648.854 

JPM Emerging Markets Opportunities A (dist) - USD - 77,177.215 1,499.148 75,678.067 

JPM Emerging Markets Opportunities A (inc) - EUR - 14,026.000 - 14,026.000 


JPM Emerging Markets Opportunities B (dist) - GBP - 190,166.446 11,087.855 179,078.591 

JPM Emerging Markets Opportunities C (acc) - PLN 99.980 - - 99.980 

JPM Emerging Markets Opportunities C (acc) - USD 554,660.710 1,461,628.668 298,249.866 1,718,039.512 

JPM Emerging Markets Opportunities C (dist) - GBP - 1,223,994.047 78,049.660 1,145,944.387 

JPM Emerging Markets Opportunities C (dist) - USD - 473,252.600 7,967.000 465,285.600 

JPM Emerging Markets Opportunities D (acc) - EUR - 32,755.590 2,576.353 30,179.237 

JPM Emerging Markets Opportunities D (acc) - PLN 233.551 1,158.475 980.628 411.398 

JPM Emerging Markets Opportunities D (acc) - USD - 129,160.388 11,845.569 117,314.819 

JPM Emerging Markets Opportunities I (acc) - EUR - 452,627.000 - 452,627.000 


JPM Emerging Markets Opportunities T (acc) - EUR - 22,580.779 2,725.488 19,855.291 

JPM Emerging Markets Opportunities X (acc) - EUR - 947,917.882 - 947,917.882 

JPM Emerging Markets Opportunities X (acc) - GBP - 667,955.575 60.904 667,894.671 




JPM Emerging Middle East Equity A (acc) - SGD 2,964.401 527.278 1,279.641 2,212.038 











JPMorgan Euroland Equity A (dist) - USD ## 5,073,347.905 1,887,218.689 2,118,467.330 4,842,099.264 



JPM Euroland Equity B (dist) - EUR - 13,338.000 1,147.000 12,191.000 

JPM Euroland Equity C (acc) - EUR 2,242,139.979 270,389.356 270,909.696 2,241,619.639 




***This Share Class was renamed from JPM Emerging Markets Local Currency Debt X (acc) - GBP on 5 November 2012. 

29






of the Year 


at the End 

of the Year 



JPM Euroland Select Equity A (dist) - EUR 148,302.550 1,624,777.075 18,764.256 1,754,315.369 


JPM Euroland Select Equity C (acc) - EUR 1,467,138.202 296,715.624 1,000,833.965 763,019.861 


JPM Euroland Select Equity X (acc) - EUR 865,510.818 597,430.000 211,257.818 1,251,683.000 





JPMorgan Europe Dynamic A (dist) - EUR ## 257,844.023 277,807.133 221,808.277 313,842.879 



JPM Europe Dynamic D (acc) - EUR 931,233.637 347,397.531 446,455.182 832,175.986 





JPM Europe Dynamic Mega Cap A (acc) - EUR 2,921,799.035 767,609.457 936,670.989 2,752,737.503 

JPM Europe Dynamic Mega Cap A (acc) - USD 9,665.857 10,864.000 8,023.000 12,506.857 


JPM Europe Dynamic Mega Cap A (inc) - EUR 2,565.508 1,806.031 26.000 4,345.539 

JPM Europe Dynamic Mega Cap B (acc) - EUR 6,925.519 179,930.456 62,075.054 124,780.921 










JPMorgan Europe Equity A (dist) - USD ## 824,131.083 141,906.440 271,901.798 694,135.725 



JPM Europe Equity C (dist) - USD - 1,477.190 - 1,477.190 



JPM Europe Equity X (acc) - EUR 1,553,961.587 982,601.070 2,272,354.928 264,207.729 


JPM Europe Small Cap A (acc) - EUR 900,041.589 1,572,136.275 1,454,243.394 1,017,934.470 



JPMorgan Europe Small Cap A (dist) - EUR ## 1,578,842.350 448,311.984 750,825.533 1,276,328.801 


JPM Europe Small Cap C (acc) - EUR 10,924.085 1,143,484.134 848,995.818 305,412.401 

JPM Europe Small Cap D (acc) - EUR 1,139,840.280 174,232.972 340,926.999 973,146.253 






JPMorgan Europe Technology A (dist) - EUR ## 2,197,603.349 250,562.076 1,672,783.369 775,382.056 


JPM Europe Technology C (acc) - EUR** - 72,586.593 12,397.919 60,188.674 


JPM Europe Technology X (acc) - EUR 17,221.019 - 16,858.519 362.500 




JPMorgan Germany Equity A (dist) - EUR ## 646,642.884 108,678.966 166,865.957 588,455.893 





JPM Germany Equity X (acc) - EUR 902,334.206 139,229.000 735,073.667 306,489.539 



JPM Global Consumer Trends A (acc) - CHF (hedged) 1,969.885 1,046.497 1,631.794 1,384.588 

JPM Global Consumer Trends A (acc) - SGD 367.489 4,100.690 1,573.562 2,894.617 


JPM Global Consumer Trends B (acc) - EUR* 34.720 8,024.196 8,058.916 - 



JPM Global Consumer Trends C (acc) - USD - 12,077.642 215.116 11,862.526 

JPM Global Consumer Trends D (acc) - EUR 753,035.462 921,969.739 408,457.961 1,266,547.240 

JPM Global Consumer Trends D (acc) - USD 1,226.050 879.699 1,330.257 775.492 


30






of the Year 


at the End 

of the Year 





JPMorgan Global Convertibles (EUR) A (dist) - USD ## 715,770.859 1,001,704.756 700,473.121 1,017,002.494 


JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1,082,244.023 1,177,641.052 436,636.060 1,823,249.015 



JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 174,844.981 585,560.258 - 760,405.239 



JPM Global Convertibles (EUR) C (dist) - USD - 5,000.000 2,302.000 2,698.000 


JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* 1,308,642.847 - 1,308,642.847 - 



JPM Global Convertibles (EUR) T (acc) - EUR - 1,751.220 10.000 1,741.220 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,267,305.000 91,800.000 167,305.000 1,191,800.000 

JPM Global Convertibles (EUR) X (acc) - EUR 5,009,489.048 39,817.555 4,990,713.115 58,593.488 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)* 6,926.578 21,680.993 28,607.571 - 



JPM Global Dynamic A (acc) - EUR 960,008.005 139,330.529 98,082.636 1,001,255.898 




JPM Global Dynamic A (acc) - USD 4,896,761.877 237,901.258 1,346,365.848 3,788,297.287 



JPMorgan Global Dynamic A (dist) - USD ## 638,642.370 152,764.803 131,115.499 660,291.674 





JPM Global Dynamic C (acc) - USD 8,152,498.756 351,582.093 745,394.179 7,758,686.670 

JPM Global Dynamic C (dist) - GBP - 1,724.062 - 1,724.062 



JPM Global Dynamic D (acc) - USD 1,142,316.885 77,005.921 343,942.454 875,380.352 


JPM Global Dynamic I (acc) - USD 854,841.457 75,094.767 12,610.682 917,325.542 

JPM Global Dynamic I (inc) - EUR 4,024,534.025 44,259.916 1,643,684.041 2,425,109.900 


JPM Global Dynamic X (acc) - EUR 33,090,254.292 4,761,982.623 527,009.223 37,325,227.692 

JPM Global Dynamic X (acc) - EUR (hedged) 110,400.000 22,500.000 44,980.000 87,920.000 

JPM Global Dynamic X (acc) - USD 69,905.284 5,707.540 9,548.553 66,064.271 




JPM Global Focus A (acc) - EUR (hedged) 3,221,035.815 601,025.217 2,358,694.258 1,463,366.774 


JPMorgan Global Focus A (dist) - USD ## 1,070,632.011 3,930,489.612 372,488.800 4,628,632.823 



JPM Global Focus C (acc) - EUR (hedged) 983,495.861 1,549,698.992 504,139.323 2,029,055.530 

JPM Global Focus C (acc) - USD* 1,772,015.292 - 1,772,015.292 - 




JPM Global Focus I (acc) - EUR (hedged)* 187,528.699 - 187,528.699 - 



JPM Global Focus X (acc) - EUR 3,661,185.950 2,029,458.787 55,211.947 5,635,432.790 



JPM Global Government Bond A (acc) - USD (hedged) 1,361,558.739 1,948,976.014 950,281.793 2,360,252.960 



JPM Global Government Bond C (dist) - GBP (hedged) - 1,485.915 - 1,485.915 

JPM Global Government Bond D (acc) - EUR 951,719.560 1,300,476.367 1,417,414.636 834,781.291 



JPM Global Mining A (acc) - EUR 13,157.235 799.038 978.440 12,977.833 

JPM Global Mining A (acc) - SGD 369.367 249.377 249.377 369.367 

JPM Global Mining A (acc) - USD 17,698.350 3,393.831 11,317.818 9,774.363 

JPM Global Mining B (acc) - EUR* 530.810 - 530.810 - 

JPM Global Mining D (acc) - EUR 15,862.063 8,197.199 3,216.023 20,843.239 

JPM Global Mining T (acc) - EUR 1,542.306 2,111.544 1,629.085 2,024.765 

31






of the Year 


at the End 

of the Year 



JPM Global Natural Resources A (acc) - GBP - 148,875.749 - 148,875.749 





JPM Global Natural Resources C (acc) - EUR 2,266,590.361 3,514,611.942 4,802,236.360 978,965.943 




JPM Global Natural Resources I (acc) - EUR 183,145.780 92,998.612 92,998.612 183,145.780 

JPM Global Natural Resources X (acc) - EUR 2,397,619.508 1,570.358 2,361,210.336 37,979.530 


JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 517,174.434 2,682,761.035 1,569,082.543 1,630,852.926 


JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 218.729 24,831.316 3,786.062 21,263.983 


JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - 40,914.709 40,914.709 - 




JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 14,394.000 161,092.000 12,630.000 162,856.000 








JPMorgan Global Unconstrained Equity A (dist) - USD ## 976,279.095 165,568.993 183,776.780 958,071.308 


JPM Global Unconstrained Equity C (acc) - USD 5,303,351.272 287,910.000 - 5,591,261.272 



JPM Global Unconstrained Equity X (acc) - EUR 5,421,231.943 - 32,054.936 5,389,177.007 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 20,350.000 6,150.000 3,740.000 22,760.000 

JPM Global Unconstrained Equity X (acc) - USD 2,442.015 17,334.037 - 19,776.052 


JPMorgan Greater China A (acc) - SGD ## 11,331.642 43,416.662 20,894.629 33,853.675 

JPMorgan Greater China A (acc) - USD ## 10,685,112.123 8,251,739.991 5,314,281.490 13,622,570.624 

JPMorgan Greater China A (dist) - HKD ## 1,863,534.211 1,418,318.687 624,234.191 2,657,618.707 

JPMorgan Greater China A (dist) - USD ## 11,613,543.451 8,494,840.454 7,096,659.219 13,011,724.686 

JPMorgan Greater China B (acc) - USD ## 129,650.143 1,173,453.852 346,778.562 956,325.433 

JPMorgan Greater China C (acc) - USD ## 2,578,939.030 2,040,650.378 1,807,799.211 2,811,790.197 

JPMorgan Greater China D (acc) - EUR ## 51,087.921 156,031.545 63,013.623 144,105.843 

JPMorgan Greater China D (acc) - USD ## 2,218,412.656 370,403.857 780,952.144 1,807,864.369 

JPMorgan Greater China I (acc) - USD ## 407,766.206 2,787,134.579 302,603.527 2,892,297.258 

JPMorgan Greater China T (acc) - EUR ## 6,373.161 25,903.076 7,125.976 25,150.261 


JPMorgan Hong Kong A (acc) - USD ## 145,624.675 2,656,186.240 2,477,350.095 324,460.820 

JPMorgan Hong Kong A (dist) - HKD ## 1,492,816.829 7,785,113.024 3,590,596.046 5,687,333.807 

JPMorgan Hong Kong A (dist) - USD ## 2,299,062.774 1,017,071.903 998,564.173 2,317,570.504 

JPMorgan Hong Kong B (acc) - USD ## 1,630.009 63,813.659 63,813.659 1,630.009 

JPMorgan Hong Kong C (acc) - USD ## 213,313.000 719,174.762 784,174.762 148,313.000 

JPMorgan Hong Kong D (acc) - USD ## 486,065.859 96,629.707 228,915.386 353,780.180 


JPMorgan India A (acc) - SGD ## 24,044.163 23,416.162 12,127.221 35,333.104 

JPMorgan India A (acc) - USD ## 24,286,398.340 4,772,757.538 8,781,371.016 20,277,784.862 

JPMorgan India A (dist) - GBP ## - 2,136.617 2,128.000 8.617 

JPMorgan India A (dist) - USD ## 12,176,081.892 860,743.564 3,534,517.836 9,502,307.620 

JPMorgan India B (acc) - USD ## 270,652.871 108,978.115 90,491.328 289,139.658 

JPMorgan India C (acc) - USD ## 5,006,087.603 2,701,969.520 2,730,377.312 4,977,679.811 

JPMorgan India C (dist) - USD ## - 2,025.752 - 2,025.752 

JPMorgan India D (acc) - EUR ## 100,300.775 43,911.220 47,179.523 97,032.472 

JPMorgan India D (acc) - USD ## 9,279,289.749 322,157.898 2,538,094.651 7,063,352.996 

JPMorgan India T (acc) - EUR ## 10,527.164 8,205.168 4,650.026 14,082.306 

JPMorgan India X (acc) - USD ## 933,284.483 3,139,982.052 610,426.180 3,462,840.355 


32






of the Year 


at the End 

of the Year 


JPMorgan Japan Equity A (acc) - EUR ## 67,905.047 379,516.547 65,580.772 381,840.822 

JPMorgan Japan Equity A (acc) - JPY ## 74,460.306 1,355,646.246 491,877.117 938,229.435 

JPMorgan Japan Equity A (acc) - USD** ## 4,034,623.266 8,396,994.206 5,684,120.604 6,747,496.868 

JPMorgan Japan Equity A (dist) - GBP ## 307,242.644 12,396.289 273,647.497 45,991.436 

JPMorgan Japan Equity A (dist) - USD ## 5,676,432.300 4,013,909.747 4,733,487.561 4,956,854.486 

JPMorgan Japan Equity B (acc) - USD ## 576,466.766 374,724.761 118,561.174 832,630.353 

JPMorgan Japan Equity C (acc) - USD ## 478,713.879 2,503,962.330 2,305,190.622 677,485.587 

JPMorgan Japan Equity C (dist) - USD ## - 520.044 - 520.044 

JPMorgan Japan Equity D (acc) - EUR ## 75,798.736 283,382.984 199,351.832 159,829.888 

JPMorgan Japan Equity D (acc) - USD ## 1,648,468.430 2,887,445.522 2,556,199.543 1,979,714.409 

JPMorgan Japan Equity I (acc) - USD ##** - 102,634.980 - 102,634.980 

JPMorgan Japan Equity J (dist) - USD ## 1,116,130.439 2,206,633.617 1,602,137.604 1,720,626.452 

JPMorgan Japan Equity X (acc) - USD ## 16,698.146 8,407.295 3,892.088 21,213.353 


JPMorgan Japan Small Cap A (acc) - USD ## 294,759.298 2,318,129.142 1,253,511.023 1,359,377.417 

JPMorgan Japan Small Cap A (dist) - USD ## 2,991,172.023 1,938,563.957 2,071,688.454 2,858,047.526 

JPMorgan Japan Small Cap B (acc) - USD ## 148,243.474 958,209.224 714,901.247 391,551.451 

JPMorgan Japan Small Cap D (acc) - USD ## 702,235.704 422,729.382 455,010.284 669,954.802 


JPMorgan Korea Equity A (acc) - EUR ## 731,385.512 637,015.946 674,889.857 693,511.601 

JPMorgan Korea Equity A (acc) - SGD ## 5,933.834 17,174.000 731.167 22,376.667 

JPMorgan Korea Equity A (acc) - USD ## 7,838,904.012 7,785,582.425 7,755,500.282 7,868,986.155 

JPMorgan Korea Equity A (dist) - USD ## 89,487.124 165,653.245 103,883.920 151,256.449 

JPMorgan Korea Equity B (acc) - USD ## 442,883.330 726,699.402 448,659.540 720,923.192 

JPMorgan Korea Equity C (acc) - USD ## 300,270.000 247,206.462 33,270.000 514,206.462 

JPMorgan Korea Equity D (acc) - USD ## 1,477,001.270 5,519,377.335 5,295,778.833 1,700,599.772 

JPMorgan Korea Equity I (acc) - USD** ## - 241,200.000 95,656.048 145,543.952 

JPMorgan Korea Equity X (acc) - USD* ## 102,187.000 51,694.000 153,881.000 - 


JPM Latin America Equity A (acc) - EUR - 25,449.864 8,516.568 16,933.296 

JPM Latin America Equity A (acc) - SGD 1,098.193 769.330 215.552 1,651.971 



JPMorgan Latin America Equity A (dist) - USD ## 7,375,070.015 2,401,782.715 3,922,588.170 5,854,264.560 


JPM Latin America Equity B (dist) - USD - 8,707.000 - 8,707.000 




JPM Latin America Equity I (acc) - JPY - 1,710,723.065 - 1,710,723.065 



JPM Latin America Equity X (acc) - USD 2,513,354.719 - 72,203.641 2,441,151.078 


JPMorgan Pacific Technology A (acc) - EUR ## 10,928.708 50,008.058 170.126 60,766.640 

JPMorgan Pacific Technology A (acc) - USD ## 498,155.060 88,413.606 397,738.941 188,829.725 

JPMorgan Pacific Technology A (dist) - GBP ## 15,193.149 8,531.104 6,043.648 17,680.605 

JPMorgan Pacific Technology A (dist) - USD ## 1,018,346.182 51,454.464 294,547.420 775,253.226 

JPMorgan Pacific Technology B (acc) - USD* ## 227,578.367 331.949 227,910.316 - 

JPMorgan Pacific Technology C (acc) - USD ## 107,874.305 189,324.514 174,830.000 122,368.819 

JPMorgan Pacific Technology D (acc) - USD ## 243,610.393 69,651.659 134,702.416 178,559.636 








JPM Russia T (acc) - EUR - 2,931.375 72.965 2,858.410 


JPMorgan Singapore A (acc) - SGD ## 440,012.049 161,656.706 174,013.875 427,654.880 

JPMorgan Singapore A (acc) - USD ## 1,118,135.372 793,989.282 1,193,060.373 719,064.281 

JPMorgan Singapore A (dist) - USD ## 2,419,440.132 539,724.796 1,030,190.702 1,928,974.226 

JPMorgan Singapore B (acc) - USD ## 85,551.040 6,264.331 57,693.268 34,122.103 

JPMorgan Singapore C (acc) - USD ## 62,848.240 922,931.818 831,864.765 153,915.293 

JPMorgan Singapore D (acc) - USD ## 890,347.784 212,194.366 322,074.455 780,467.695 


JPMorgan Taiwan A (acc) - EUR ## 64,089.795 5,733.163 11,674.998 58,147.960 

JPMorgan Taiwan A (acc) - USD ## 4,991,050.295 4,805,838.727 5,401,553.518 4,395,335.504 

JPMorgan Taiwan A (dist) - HKD ## 767,557.084 1,146,160.441 1,342,534.769 571,182.756 

JPMorgan Taiwan A (dist) - USD ## 15,322,080.953 2,832,942.631 8,266,954.089 9,888,069.495 

JPMorgan Taiwan B (acc) - USD ## 50.000 - - 50.000 

JPMorgan Taiwan C (acc) - USD ## 992,741.144 1,306,016.259 697,063.812 1,601,693.591 

JPMorgan Taiwan D (acc) - USD ## 691,651.892 2,614,787.841 2,420,751.281 885,688.452 

JPMorgan Taiwan I (acc) - USD* ## 488,379.769 - 488,379.769 - 

JPMorgan Taiwan X (acc) - USD* ## 85,481.000 37,315.000 122,796.000 - 

33






of the Year 


at the End 

of the Year 




JPM US Aggregate Bond A (div) - USD** - 12,526.898 2,086.000 10,440.898 


JPM US Aggregate Bond A (mth) - HKD - 2,159,874.255 903,597.792 1,256,276.463 


JPM US Aggregate Bond A (mth) - SGD (hedged) 36,822.900 5,513,712.180 1,221,174.149 4,329,360.931 


JPM US Aggregate Bond B (acc) - EUR (hedged) - 19,267.823 - 19,267.823 


JPM US Aggregate Bond B (mth) - USD 10.000 160,843.219 20,421.054 140,432.165 


JPM US Aggregate Bond C (dist) - GBP (hedged) - 15.763 - 15.763 




JPM US Aggregate Bond I (mth) - USD** - 1,266,488.839 - 1,266,488.839 

JPM US Aggregate Bond X (acc) - EUR (hedged) - 1,023,498.175 - 1,023,498.175 




JPM US Dynamic A (acc) - EUR 1,603,587.748 236,942.928 1,840,530.676 - 

JPM US Dynamic A (acc) - USD 3,636,429.054 212,246.611 3,848,675.665 - 

JPM US Dynamic A (dist) - USD 6,304,912.142 170,520.303 6,475,432.445 - 

JPM US Dynamic B (acc) - USD 127,490.477 - 127,490.477 - 

JPM US Dynamic C (acc) - USD 940,936.475 1,236,745.454 2,177,681.929 - 

JPM US Dynamic D (acc) - EUR 30,174.885 11,505.246 41,680.131 - 

JPM US Dynamic D (acc) - USD 873,849.573 47,812.376 921,661.949 - 

JPM US Dynamic I (inc) - EUR 167.160 - 167.160 - 

JPM US Dynamic T (acc) - EUR 5,270.543 15,880.768 21,151.311 - 

JPM US Dynamic X (acc) - USD 80,661.526 - 80,661.526 - 






JPM US Growth B (acc) - EUR (hedged) - 66,265.985 13,238.791 53,027.194 

JPM US Growth B (acc) - USD 2,909,810.278 3,391,343.446 1,644,654.242 4,656,499.482 

JPM US Growth B (dist) - USD - 51,126.541 - 51,126.541 

JPM US Growth C (acc) - EUR (hedged) 2,273,468.928 1,560,948.420 1,481,740.323 2,352,677.025 






JPM US Growth I (acc) - JPY - 5,374,218.203 - 5,374,218.203 

JPM US Growth T (acc) - EUR (hedged) - 1,077.328 72.32 1,005.008 









JPM US Small Cap Growth C (acc) - USD** - 163,465.344 116,032.837 47,432.507 


JPM US Small Cap Growth X (acc) - USD 4,105.725 - 3,605.726 499.999 



JPM US Technology A (acc) - SGD 1,184.629 4,548.059 497.344 5,235.344 




JPMorgan US Technology A (dist) - USD ## 28,720,636.549 26,997,311.660 40,143,351.814 15,574,596.395 


JPM US Technology B (dist) - USD - 8,944.378 - 8,944.378 

JPM US Technology C (acc) - USD 3,541,261.900 55,318.851 1,701,154.338 1,895,426.413 

JPM US Technology C (dist) - USD - 115,815.678 2,483.021 113,332.657 




34






of the Year 


at the End 

of the Year 






JPMorgan US Value A (dist) - USD ## 372,592.098 1,368,067.752 1,141,692.413 598,967.437 

JPM US Value B (acc) - EUR (hedged) - 110,656.245 7,498.000 103,158.245 

JPM US Value B (acc) - USD 1,252,921.325 2,292,248.013 617,329.997 2,927,839.341 

JPM US Value B (dist) - USD - 258,185.877 60.505 258,125.372 



JPM US Value C (dist) - GBP - 15.770 - 15.770 




JPM US Value X (acc) - EUR (hedged)* 7,444.000 2,822.000 10,266.000 - 





**Share Class reactivated at the end of the year. 


35





30 June 2013 30 June 2012 30 June 2011 30 June 2010 30 June 2009 


JPM America Equity A (acc) - EUR 76.39 - - - - 

JPM America Equity A (acc) - EUR (hedged) 8.68 7.21 7.12 5.69 5.09 

JPM America Equity A (acc) - HKD 11.91 - - - - 

JPM America Equity A (acc) - USD 14.18 11.71 11.53 9.19 8.14 

JPM America Equity A (dist) - USD 107.57 88.88 87.53 69.75 61.92 

JPMorgan America Equity A (dist) - USD ## 57.71 47.69 46.96 37.42 33.23 

JPM America Equity B (acc) - USD 16.51 13.54 13.23 10.46 9.19 

JPM America Equity C (acc) - EUR (hedged) 8.62 7.08 6.93 5.48 4.85 

JPM America Equity C (acc) - USD 17.01 13.91 13.56 10.69 9.37 

JPM America Equity C (dist) - USD 112.27 - - - - 

JPM America Equity D (acc) - EUR 9.44 8.09 7.03 6.66 5.18 

JPM America Equity D (acc) - EUR (hedged) 8.29 6.94 6.91 5.56 5.01 

JPM America Equity D (acc) - USD 12.89 10.73 10.65 8.55 7.63 

JPM America Equity I (acc) - USD 115.07 - - - - 

JPM America Equity X (acc) - USD 16.78 13.63 13.19 10.33 8.99 


JPM Asia Local Currency Debt A (acc) - USD 11.46 11.39 11.26 9.68 - 

JPM Asia Local Currency Debt A (mth) - HKD 10.21 - - - - 

JPM Asia Local Currency Debt A (mth) - USD 92.03 - - - - 

JPM Asia Local Currency Debt C (acc) - USD 115.20 114.04 112.23 - - 

JPM Asia Local Currency Debt D (acc) - USD 100.07 - - - - 

JPM Asia Local Currency Debt X (acc) - USD 94.24 - - - - 


JPMorgan Asia Pacific Income A (acc) - HKD ## 10.71 - - - - 

JPMorgan Asia Pacific Income A (acc) - USD ## 17.21 14.94 15.98 13.40 12.08 

JPMorgan Asia Pacific Income A (dist) - USD ## 28.74 25.56 28.05 24.10 22.38 

JPMorgan Asia Pacific Income A (mth) - HKD ## 12.65 11.59 - - - 

JPMorgan Asia Pacific Income A (mth) - SGD ## 12.90 - - - - 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) ## 11.78 - - - - 

JPMorgan Asia Pacific Income A (mth) - USD ## 113.82 104.45 - - - 

JPMorgan Asia Pacific Income B (acc) - USD ## 12.58 10.84 11.51 9.58 8.57 

JPMorgan Asia Pacific Income B (mth) - USD ## 109.10 - - - - 

JPMorgan Asia Pacific Income C (dist) - USD ## 107.32 - - - - 

JPMorgan Asia Pacific Income D (acc) - USD ## 23.07 20.10 21.60 18.20 16.48 

JPMorgan Asia Pacific Income D (mth) - USD ## 107.77 - - - - 

JPMorgan Asia Pacific Income X (acc) - USD ## 96.96 - - - - 


JPM Brazil Equity A (acc) - EUR 52.74 59.87 70.55 - - 

JPM Brazil Equity A (acc) - SGD 9.66 10.64 13.88 - - 

JPM Brazil Equity A (acc) - USD 7.94 8.77 11.80 9.70 7.32 

JPM Brazil Equity A (dist) - USD 7.57 8.48 11.51 9.46 - 

JPM Brazil Equity B (acc) - USD 9.34 10.23 13.67 11.14 8.34 

JPM Brazil Equity C (acc) - USD 15.21 16.66 22.24 18.12 13.61 

JPM Brazil Equity D (acc) - EUR 58.25 66.79 79.51 - - 

JPM Brazil Equity D (acc) - USD 7.54 8.40 11.42 9.48 7.20 

JPM Brazil Equity I (acc) - EUR 61.72 69.46 81.16 78.04 - 

JPM Brazil Equity I (acc) - USD 8.34 9.12 12.16 9.91 7.43 

JPM Brazil Equity T (acc) - EUR 52.35 60.02 71.44 - - 


JPMorgan China A (acc) - SGD ## 10.52 9.99 12.60 12.42 - 

JPMorgan China A (acc) - USD ## 24.82 23.59 30.70 26.60 24.73 

JPMorgan China A (dist) - HKD ## 9.33 8.94 11.66 - - 

JPMorgan China A (dist) - USD ## 40.07 38.22 49.75 43.11 40.25 

JPMorgan China B (acc) - USD ## 18.90 17.83 23.03 19.81 18.27 

JPMorgan China C (acc) - USD ## 25.72 24.22 31.25 26.84 24.72 

JPMorgan China C (dist) - USD ## 106.55 - - - - 

JPMorgan China D (acc) - EUR ## 68.28 67.40 77.57 - - 

JPMorgan China D (acc) - USD ## 29.59 28.40 37.33 32.66 30.66 

JPMorgan China I (acc) - USD* ## - 8.86 11.39 9.77 8.99 

JPMorgan China T (acc) - EUR ## 61.00 60.21 69.30 - - 

JPMorgan China X (acc) - USD ## 96.25 89.89 114.94 - - 


JPM Eastern Europe Equity A (acc) - EUR 17.30 16.57 19.56 17.91 11.22 

JPM Eastern Europe Equity A (acc) - USD 113.75 105.98 142.81 - - 

JPM Eastern Europe Equity A (dist) - EUR 41.51 40.30 47.83 43.80 27.44 

JPMorgan Eastern Europe Equity A (dist) - EUR ## 27.77 26.96 32.00 29.31 18.36 

JPM Eastern Europe Equity B (acc) - EUR 8.54 8.13 9.51 8.65 5.38 

JPM Eastern Europe Equity B (dist) - EUR 97.09 - - - - 

JPM Eastern Europe Equity C (acc) - EUR 17.50 16.64 19.46 17.68 10.98 

JPM Eastern Europe Equity D (acc) - EUR 28.71 27.77 33.10 30.61 19.37 

JPM Eastern Europe Equity I (acc) - EUR 14.28 13.57 15.86 14.41 - 

JPM Eastern Europe Equity X (acc) - EUR 21.41 20.17 23.39 21.05 12.96 


36







JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 15.89 15.51 16.33 15.09 10.22 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 12.84 12.17 14.17 - - 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 19.29 18.30 22.01 17.23 13.39 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 53.65 51.70 62.56 49.08 38.51 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 12.35 11.63 13.89 10.79 8.33 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 21.26 20.01 23.85 18.52 14.27 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 78.06 76.95 81.83 - - 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 39.50 37.86 45.98 36.36 28.54 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 106.29 99.97 - - 9.42 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 66.62 65.67 69.84 - - 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 10.77 10.05 11.87 9.13 - 


JPM Emerging Markets Bond A (acc) - USD 341.19 338.41 313.13 278.95 - 

JPM Emerging Markets Bond A (mth) - USD 96.51 101.68 - - - 

JPM Emerging Markets Bond B (acc) - USD 364.31 359.73 331.37 293.91 - 

JPM Emerging Markets Bond B (mth) - USD 97.00 101.69 - - - 

JPM Emerging Markets Bond C (acc) - EUR (hedged)* - 80.70 - - - 

JPM Emerging Markets Bond C (acc) - USD 461.23 453.62 416.19 367.67 - 

JPM Emerging Markets Bond D (acc) - USD 115.59 115.45 107.58 96.52 - 

JPM Emerging Markets Bond D (mth) - USD 95.79 101.65 - - - 

JPM Emerging Markets Bond I (acc) - JPY (hedged) 9102 - - - - 

JPM Emerging Markets Bond I (acc) - USD 125.42 123.30 113.08 99.86 - 

JPM Emerging Markets Bond X (acc) - GBP (hedged) 71.69 70.02 - - - 

JPM Emerging Markets Bond X (acc) - USD 398.67 389.93 355.80 312.59 - 


JPM Emerging Markets Debt A (acc) - EUR (hedged) 12.45 12.25 11.42 9.97 8.35 

JPM Emerging Markets Debt A (acc) - GBP (hedged) 57.32 - - - - 

JPM Emerging Markets Debt A (acc) - USD 16.81 16.48 15.32 13.34 - 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 9.44 9.71 9.56 8.75 7.33 

JPM Emerging Markets Debt A (inc) - USD 103.64 102.08 - - - 

JPM Emerging Markets Debt A (irc) - AUD (hedged) 8.93 - - - - 

JPM Emerging Markets Debt A (irc) - CAD (hedged) 9.48 - - - - 

JPM Emerging Markets Debt A (irc) - NZD (hedged) 11.25 - - - - 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 10.46 11.00 11.00 10.11 8.88 

JPM Emerging Markets Debt A (mth) - HKD 10.77 11.28 - - - 

JPM Emerging Markets Debt A (mth) - USD 14.73 15.44 15.43 14.10 - 

JPM Emerging Markets Debt B (acc) - EUR (hedged) 12.84 12.58 11.67 10.15 - 

JPM Emerging Markets Debt B (acc) - USD 103.93 101.42 - - - 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 12.73 12.43 11.48 9.94 8.25 

JPM Emerging Markets Debt C (acc) - USD 110.50 107.41 - - - 

JPM Emerging Markets Debt C (dist) - USD 106.08 103.47 - - - 

JPM Emerging Markets Debt C (mth) - USD 92.89 - - - - 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 14.16 14.03 13.16 11.57 9.76 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 72.97 - - - - 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 10.11 10.39 10.24 9.40 7.81 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 77.55 75.25 - - - 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 72.22 69.86 - - - 

JPM Emerging Markets Debt X (dist) - USD 100.71 - - - - 


JPM Emerging Markets Equity A (acc) - EUR 12.75 12.71 13.08 12.51 8.93 

JPM Emerging Markets Equity A (acc) - EUR (hedged) 74.84 73.06 - - - 

JPM Emerging Markets Equity A (acc) - SGD 13.20 12.78 14.55 13.41 - 

JPM Emerging Markets Equity A (acc) - USD 20.83 20.20 23.73 19.23 15.76 

JPM Emerging Markets Equity A (dist) - GBP 31.99 30.14 34.77 30.11 22.57 

JPM Emerging Markets Equity A (dist) - USD 29.06 28.23 33.20 26.92 22.24 

JPM Emerging Markets Equity B (acc) - USD 23.00 22.13 25.81 20.76 16.88 

JPM Emerging Markets Equity C (acc) - EUR 69.91 - - - - 

JPM Emerging Markets Equity C (acc) - EUR (hedged) 73.71 - - - - 

JPM Emerging Markets Equity C (acc) - USD 22.60 21.74 25.34 20.37 16.56 

JPM Emerging Markets Equity C (dist) - GBP 64.72 - - - - 

JPM Emerging Markets Equity C (dist) - USD 93.81 91.45 107.48 - - 

JPM Emerging Markets Equity D (acc) - EUR 8.84 8.91 9.25 8.94 6.44 

JPM Emerging Markets Equity D (acc) - EUR (hedged) 71.97 - - - - 

JPM Emerging Markets Equity D (acc) - USD 31.68 31.03 36.82 30.14 24.94 

JPM Emerging Markets Equity I (acc) - EUR 13.05 12.89 13.15 12.46 8.82 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 81.30 - - - - 

JPM Emerging Markets Equity I (acc) - USD 15.19 14.60 17.00 13.65 11.09 

JPM Emerging Markets Equity I (inc) - EUR 10.56 10.58 10.90 10.43 7.51 

JPM Emerging Markets Equity X (acc) - EUR 74.50 73.01 73.83 - - 

JPM Emerging Markets Equity X (acc) - USD 26.63 25.38 29.32 23.35 18.80 

JPM Emerging Markets Equity X (dist) - USD 17.97 17.49 20.62 16.68 13.53 

JPM Emerging Markets Equity X (inc) - EUR 11.49 11.50 11.87 11.36 8.16 

37







JPM Emerging Markets Local Currency Debt A (acc) - EUR 13.89 14.22 18.89 12.77 9.81 

JPM Emerging Markets Local Currency Debt A (acc) - SGD 17.98 17.89 - - - 

JPM Emerging Markets Local Currency Debt A (acc) - USD 18.09 18.01 13.06 15.66 13.80 

JPM Emerging Markets Local Currency Debt A (dist) - GBP 82.32 84.14 90.55 - - 

JPM Emerging Markets Local Currency Debt A (div) - EUR 93.57 103.02 - - - 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 96.71 104.80 98.31 - - 

JPM Emerging Markets Local Currency Debt A (mth) - USD 13.89 14.90 16.70 14.75 - 

JPM Emerging Markets Local Currency Debt B (acc) - EUR 108.12 110.13 100.58 - - 

JPM Emerging Markets Local Currency Debt B (acc) - USD 16.51 16.35 17.05 14.14 - 

JPM Emerging Markets Local Currency Debt B (mth) - USD 92.59 - - - - 

JPM Emerging Markets Local Currency Debt C (acc) - EUR 108.41 110.27 100.55 - - 

JPM Emerging Markets Local Currency Debt C (acc) - USD 15.83 15.65 16.30 13.50 - 

JPM Emerging Markets Local Currency Debt C (dist) - GBP 63.42 - - - - 

JPM Emerging Markets Local Currency Debt C (mth) - USD 89.98 - - - - 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 13.51 13.91 12.84 12.62 9.74 

JPM Emerging Markets Local Currency Debt D (acc) - USD 17.47 17.49 18.43 15.44 13.61 

JPM Emerging Markets Local Currency Debt D (div) - EUR 9.32 10.34 10.16 10.50 - 

JPM Emerging Markets Local Currency Debt D (mth) - USD 91.57 - - - - 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 107.39 109.19 99.56 - - 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 68.85 - - - - 

JPM Emerging Markets Local Currency Debt I (acc) - USD 138.85 137.26 - - - 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 105.77 112.42 - - - 

JPM Emerging Markets Local Currency Debt T (acc) - EUR 104.70 107.77 99.46 - - 

JPM Emerging Markets Local Currency Debt T (div) - EUR 91.92 102.01 100.22 - - 

JPM Emerging Markets Local Currency Debt X (acc) - EUR 109.61 110.88 100.56 - 10.03 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 75.33 - - - - 

JPM Emerging Markets Local Currency Debt X (acc) - USD 20.10 19.77 20.47 16.85 14.59 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR 70.48 - - - - 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP*** 93.88 89.56 - - - 


JPM Emerging Markets Opportunities A (acc) - CHF (hedged) 80.84 - - - - 

JPM Emerging Markets Opportunities A (acc) - EUR 72.21 72.26 - - - 

JPM Emerging Markets Opportunities A (acc) - SGD 11.05 - - - - 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 10.85 - - - - 

JPM Emerging Markets Opportunities A (acc) - USD 220.70 214.76 238.15 185.96 - 

JPM Emerging Markets Opportunities A (dist) - EUR 79.44 79.75 - - - 

JPM Emerging Markets Opportunities A (dist) - GBP 60.65 - - - - 

JPM Emerging Markets Opportunities A (dist) - USD 92.61 - - - - 

JPM Emerging Markets Opportunities A (inc) - EUR 70.50 - - - - 

JPM Emerging Markets Opportunities B (acc) - USD 285.11 275.37 303.08 234.82 - 

JPM Emerging Markets Opportunities B (dist) - GBP 57.84 - - - 

JPM Emerging Markets Opportunities C (acc) - PLN 360.04 348.72 - - - 

JPM Emerging Markets Opportunities C (acc) - USD 303.49 292.98 322.30 249.66 - 

JPM Emerging Markets Opportunities C (dist) - GBP 58.82 - - - - 

JPM Emerging Markets Opportunities C (dist) - USD 92.58 - - - - 

JPM Emerging Markets Opportunities D (acc) - EUR 72.89 - - - - 

JPM Emerging Markets Opportunities D (acc) - PLN 351.99 346.24 - - - 

JPM Emerging Markets Opportunities D (acc) - USD 101.88 - - - - 

JPM Emerging Markets Opportunities I (acc) - EUR 78.46 - - - - 

JPM Emerging Markets Opportunities I (acc) - USD 95.78 92.40 13.33 10.32 - 

JPM Emerging Markets Opportunities T (acc) - EUR 72.52 - - - - 

JPM Emerging Markets Opportunities X (acc) - EUR 68.65 - - - - 

JPM Emerging Markets Opportunities X (acc) - GBP 61.41 - - - - 

JPM Emerging Markets Opportunities X (acc) - USD 341.43 326.60 356.04 273.33 - 


JPM Emerging Middle East Equity A (acc) - EUR 12.89 11.15 10.87 11.82 8.72 

JPM Emerging Middle East Equity A (acc) - SGD 13.71 11.48 12.48 - - 

JPM Emerging Middle East Equity A (acc) - USD 17.60 14.55 16.49 15.19 12.88 

JPM Emerging Middle East Equity A (dist) - USD 23.31 19.51 22.51 20.95 18.03 

JPM Emerging Middle East Equity B (acc) - USD 18.76 15.38 17.30 15.82 13.31 

JPM Emerging Middle East Equity C (acc) - USD 8.82 7.23 8.13 7.42 6.24 

JPM Emerging Middle East Equity D (acc) - EUR 83.39 72.92 71.77 - - 

JPM Emerging Middle East Equity D (acc) - USD 21.91 18.29 20.93 19.49 16.69 

JPM Emerging Middle East Equity I (acc) - USD 95.02 77.82 87.43 - - 


JPM Euroland Equity A (acc) - EUR 10.72 8.70 10.77 9.15 8.06 

JPM Euroland Equity A (dist) - EUR 33.21 27.46 34.83 30.10 27.14 

JPMorgan Euroland Equity A (dist) - USD ## 7.74 6.23 9.02 6.58 6.82 

JPM Euroland Equity A (inc) - EUR 5.90 4.87 6.18 5.33 4.83 

JPM Euroland Equity B (acc) - EUR 8.94 7.20 8.85 7.45 6.52 

JPM Euroland Equity B (dist) - EUR 102.09 - - - - 

JPM Euroland Equity C (acc) - EUR 13.65 10.96 13.43 11.29 9.84 

JPM Euroland Equity D (acc) - EUR 8.07 6.60 8.23 7.04 6.25 

JPM Euroland Equity I (acc) - EUR* - - - 7.33 6.39 

JPM Euroland Equity X (acc) - EUR 7.59 6.05 7.36 6.14 5.32 


*** This Share Class was renamed from JPM Emerging Markets Local Currency Debt X (acc) - GBP on 5 November 2012. 

38







JPM Euroland Select Equity A (acc) - EUR 7.50 6.11 7.29 6.22 5.40 

JPM Euroland Select Equity A (dist) - EUR 7.07 5.87 7.15 6.21 5.71 

JPM Euroland Select Equity B (acc) - EUR 101.73 82.27 97.42 - - 

JPM Euroland Select Equity C (acc) - EUR 12.01 9.68 11.44 9.66 - 

JPM Euroland Select Equity D (acc) - EUR 7.17 5.89 7.08 6.08 5.32 

JPM Euroland Select Equity X (acc) - EUR 8.80 7.05 8.26 6.93 5.91 


JPM Europe Dynamic A (acc) - EUR 15.62 12.43 12.87 11.12 9.52 

JPM Europe Dynamic A (dist) - EUR 14.16 11.40 11.95 10.41 9.17 

JPMorgan Europe Dynamic A (dist) - EUR ## 16.19 13.03 13.65 11.90 10.42 

JPM Europe Dynamic A (dist) - GBP 18.41 14.00 16.42 12.94 11.79 

JPM Europe Dynamic B (acc) - EUR 19.36 15.29 15.71 13.47 11.45 

JPM Europe Dynamic C (acc) - EUR 19.84 15.64 16.06 13.74 11.66 

JPM Europe Dynamic D (acc) - EUR 14.46 11.62 12.15 10.60 9.17 

JPM Europe Dynamic D (acc) - USD* - - 19.58 14.47 14.38 

JPM Europe Dynamic I (acc) - EUR 18.99 14.96 15.35 13.13 11.14 

JPM Europe Dynamic T (acc) - EUR 111.77 89.81 93.93 - - 

JPM Europe Dynamic X (acc) - EUR* - 103.59 - - 11.96 


JPM Europe Dynamic Mega Cap A (acc) - EUR 10.63 8.64 9.27 8.60 7.80 

JPM Europe Dynamic Mega Cap A (acc) - USD 10.62 8.39 10.27 8.08 8.40 

JPM Europe Dynamic Mega Cap A (dist) - EUR 8.04 6.66 7.25 6.86 6.40 

JPM Europe Dynamic Mega Cap A (inc) - EUR 8.32 6.90 7.51 7.07 6.56 

JPM Europe Dynamic Mega Cap B (acc) - EUR 9.67 7.81 8.31 7.66 6.89 

JPM Europe Dynamic Mega Cap C (acc) - EUR 10.63 8.56 9.09 8.36 7.51 

JPM Europe Dynamic Mega Cap D (acc) - EUR 9.06 7.44 8.06 7.55 6.92 

JPM Europe Dynamic Mega Cap D (acc) - USD 9.68 7.73 9.56 7.59 7.98 

JPM Europe Dynamic Mega Cap I (acc) - EUR* - - - - 7.03 

JPM Europe Dynamic Mega Cap T (acc) - EUR 104.18 85.54 92.59 - - 

JPM Europe Dynamic Mega Cap X (acc) - EUR 11.09 8.86 9.33 8.50 7.57 


JPM Europe Equity A (acc) - EUR 11.72 9.65 10.45 8.85 7.50 

JPM Europe Equity A (acc) - USD 14.63 11.71 14.48 10.39 10.11 

JPM Europe Equity A (dist) - EUR 35.72 29.99 32.99 28.32 24.82 

JPMorgan Europe Equity A (dist) - USD ## 38.01 31.07 39.03 28.36 28.34 

JPM Europe Equity B (acc) - EUR 14.27 11.66 12.53 10.53 8.86 

JPM Europe Equity C (acc) - EUR 14.75 12.01 12.87 10.79 9.05 

JPM Europe Equity C (dist) - USD 129.33 - - - - 

JPM Europe Equity D (acc) - EUR 9.21 7.64 8.33 7.11 6.07 

JPM Europe Equity D (acc) - USD 11.69 9.43 11.75 8.49 8.33 

JPM Europe Equity X (acc) - EUR 15.35 12.42 13.21 11.00 9.16 


JPM Europe Small Cap A (acc) - EUR 15.02 11.67 13.14 10.71 8.33 

JPM Europe Small Cap A (dist) - EUR 41.08 32.35 36.72 30.07 23.66 

JPMorgan Europe Small Cap A (dist) - EUR ## 12.20 9.62 10.92 8.94 7.04 

JPM Europe Small Cap A (dist) - GBP 17.43 12.95 16.45 12.18 10.00 

JPM Europe Small Cap B (acc) - EUR 16.70 12.89 14.40 11.65 8.99 

JPM Europe Small Cap C (acc) - EUR 17.14 13.20 14.73 11.90 9.16 

JPM Europe Small Cap D (acc) - EUR 11.59 9.10 10.35 8.51 6.69 

JPM Europe Small Cap I (acc) - EUR 115.33 88.81 99.07 - - 

JPM Europe Small Cap X (acc) - EUR* - - - - 10.35 


JPM Europe Technology A (acc) - EUR 17.02 13.98 15.13 12.38 9.16 

JPM Europe Technology A (dist) - EUR 10.95 9.02 9.85 8.05 6.02 

JPMorgan Europe Technology A (dist) - EUR ## 5.89 4.88 5.32 4.37 3.26 

JPM Europe Technology A (dist) - GBP 8.92 6.96 8.49 6.31 4.92 

JPM Europe Technology B (acc) - EUR 14.05 11.44 12.29 9.97 7.32 

JPM Europe Technology C (acc) - EUR** 103.50 - - - - 

JPM Europe Technology D (acc) - EUR 5.83 4.83 5.28 4.37 3.26 

JPM Europe Technology X (acc) - EUR 12.64 10.21 10.87 8.74 6.37 


JPM Germany Equity A (acc) - EUR 17.89 14.27 16.44 13.30 10.71 

JPM Germany Equity A (dist) - EUR 9.13 7.33 8.63 7.06 5.78 

JPMorgan Germany Equity A (dist) - EUR ## 22.68 18.54 21.82 17.88 14.64 

JPM Germany Equity B (acc) - EUR 10.28 8.14 9.32 7.48 5.97 

JPM Germany Equity C (acc) - EUR 11.32 8.95 10.21 8.18 6.53 

JPM Germany Equity D (acc) - EUR 3.17 2.55 2.97 2.43 1.98 

JPM Germany Equity I (acc) - EUR* - - 11.27 9.02 7.19 

JPM Germany Equity T (acc) - EUR 104.86 84.49 98.35 - - 

JPM Germany Equity X (acc) - EUR 11.07 8.68 9.82 7.81 6.18 

39







JPM Global Consumer Trends A (acc) - CHF (hedged) 158.89 135.99 - - - 

JPM Global Consumer Trends A (acc) - EUR 14.38 12.64 12.76 14.67 8.87 

JPM Global Consumer Trends A (acc) - SGD 20.89 17.84 - - - 

JPM Global Consumer Trends A (acc) - USD 18.37 15.71 18.11 12.20 - 

JPM Global Consumer Trends B (acc) - EUR* - 96.24 96.43 - - 

JPM Global Consumer Trends B (acc) - USD 143.68 121.90 139.51 - - 

JPM Global Consumer Trends C (acc) - EUR 19.62 17.09 17.09 16.18 11.65 

JPM Global Consumer Trends C (acc) - USD 143.66 - - - - 

JPM Global Consumer Trends D (acc) - EUR 13.83 12.26 12.47 12.01 8.79 

JPM Global Consumer Trends D (acc) - USD 138.98 119.69 139.05 - - 

JPM Global Consumer Trends T (acc) - EUR 103.01 91.24 92.80 - - 


JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 22.97 20.33 21.83 19.85 18.17 

JPM Global Convertibles (EUR) A (acc) - EUR 12.95 11.45 12.28 11.11 10.13 

JPM Global Convertibles (EUR) A (dist) - EUR 10.76 9.92 10.81 9.86 9.04 

JPMorgan Global Convertibles (EUR) A (dist) - USD ## 15.96 14.32 17.76 13.74 14.48 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 12.18 11.16 12.27 11.28 10.31 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 22.10 19.44 20.73 18.74 17.04 

JPM Global Convertibles (EUR) B (acc) - EUR 13.74 12.07 12.87 11.56 10.48 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 93.11 85.24 90.56 - - 

JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 23.60 20.75 22.11 19.97 18.18 

JPM Global Convertibles (EUR) C (acc) - EUR 14.01 12.31 13.11 11.77 10.66 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 11.51 10.53 12.26 11.27 10.28 

JPM Global Convertibles (EUR) C (dist) - USD 136.27 - - - - 

JPM Global Convertibles (EUR) D (acc) - EUR 11.15 9.91 10.68 9.71 8.90 

JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* - 16.17 17.23 15.55 - 

JPM Global Convertibles (EUR) I (acc) - EUR 11.21 9.84 10.48 9.40 8.51 

JPM Global Convertibles (EUR) I (inc) - EUR 10.60 9.46 10.10 9.06 8.24 

JPM Global Convertibles (EUR) T (acc) - EUR 111.40 - - - - 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 19.77 17.24 18.22 16.33 - 

JPM Global Convertibles (EUR) X (acc) - EUR 14.97 13.00 13.74 12.24 11.00 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)* - 85.96 90.56 - - 


JPM Global Dynamic A (acc) - CHF (hedged) 131.53 110.57 123.21 - - 

JPM Global Dynamic A (acc) - EUR 7.71 6.73 6.67 5.99 4.79 

JPM Global Dynamic A (acc) - EUR (hedged) 5.95 5.02 5.51 4.48 4.03 

JPM Global Dynamic A (acc) - SGD 15.77 13.38 14.67 12.69 - 

JPM Global Dynamic A (acc) - SGD (hedged) 12.94 10.87 12.09 - - 

JPM Global Dynamic A (acc) - USD 13.43 11.40 12.90 9.82 9.01 

JPM Global Dynamic A (dist) - GBP 14.69 12.14 13.54 11.04 9.25 

JPM Global Dynamic A (dist) - USD 15.78 13.42 15.18 11.55 10.68 

JPMorgan Global Dynamic A (dist) - USD ## 14.52 12.37 14.07 10.73 9.92 

JPM Global Dynamic A (inc) - EUR 7.84 6.86 6.83 6.16 4.97 

JPM Global Dynamic B (acc) - USD 16.42 13.84 15.55 11.74 10.70 

JPM Global Dynamic C (acc) - EUR 7.02 6.08 5.97 5.31 4.21 

JPM Global Dynamic C (acc) - EUR (hedged) 7.03 5.88 6.40 5.16 4.59 

JPM Global Dynamic C (acc) - USD 16.86 14.19 15.91 12.00 10.92 

JPM Global Dynamic C (dist) - GBP 66.27 - - - - 

JPM Global Dynamic D (acc) - EUR 7.30 6.44 6.45 5.85 4.73 

JPM Global Dynamic D (acc) - EUR (hedged) 5.69 4.85 5.38 4.42 4.01 

JPM Global Dynamic D (acc) - USD 14.70 12.61 14.41 11.08 10.27 

JPM Global Dynamic I (acc) - EUR (hedged) 77.77 64.93 70.64 - - 

JPM Global Dynamic I (acc) - USD 9.42 7.92 8.88 6.69 6.09 

JPM Global Dynamic I (inc) - EUR 12.87 11.26 11.16 10.04 8.05 

JPM Global Dynamic T (acc) - EUR (hedged) 75.27 64.10 71.10 - - 

JPM Global Dynamic X (acc) - EUR 8.34 7.16 6.97 6.15 4.83 

JPM Global Dynamic X (acc) - EUR (hedged) 91.62 75.92 - - - 

JPM Global Dynamic X (acc) - USD 16.38 13.68 15.22 11.38 10.27 


JPM Global Focus A (acc) - CHF (hedged) 150.46 129.91 146.77 - - 

JPM Global Focus A (acc) - EUR 16.86 15.21 15.48 14.13 10.53 

JPM Global Focus A (acc) - EUR (hedged) 9.24 8.00 9.04 7.59 6.36 

JPM Global Focus A (dist) - EUR 22.59 20.48 20.85 19.07 14.28 

JPMorgan Global Focus A (dist) - USD ## 14.94 13.16 15.37 11.90 10.24 

JPM Global Focus B (acc) - EUR 17.35 15.53 15.69 14.21 10.51 

JPM Global Focus C (acc) - EUR 13.58 12.14 12.24 11.07 8.18 

JPM Global Focus C (acc) - EUR (hedged) 20.08 17.23 19.29 16.05 13.33 

JPM Global Focus C (acc) - USD* - 13.08 15.06 11.54 - 

JPM Global Focus D (acc) - EUR 21.12 19.24 19.78 18.23 13.73 

JPM Global Focus D (acc) - EUR (hedged) 8.51 7.44 8.49 7.20 6.10 

JPM Global Focus I (acc) - EUR 116.17 103.76 104.58 - - 

JPM Global Focus I (acc) - EUR (hedged)* - 101.16 113.23 - - 

JPM Global Focus I (acc) - USD 147.62 128.20 147.57 - - 

JPM Global Focus T (acc) - EUR 99.06 90.24 92.74 - - 

JPM Global Focus X (acc) - EUR 20.88 18.50 18.51 16.60 12.17 

40







JPM Global Government Bond A (acc) - EUR 11.48 11.46 10.66 10.53 9.91 

JPM Global Government Bond A (acc) - USD (hedged) 14.48 14.42 13.43 13.29 8.88 

JPM Global Government Bond B (acc) - EUR 110.77 110.45 102.51 10.09 - 

JPM Global Government Bond C (acc) - EUR 11.70 11.66 10.81 10.64 9.98 

JPM Global Government Bond C (dist) - GBP (hedged) 84.85 - - - - 

JPM Global Government Bond D (acc) - EUR 11.38 11.39 10.62 10.50 9.90 

JPM Global Government Bond X (acc) - EUR 11.83 11.76 10.87 10.67 9.98 


JPM Global Mining A (acc) - EUR 44.01 65.34 87.24 - - 

JPM Global Mining A (acc) - SGD 10.56 15.23 - - - 

JPM Global Mining A (acc) - USD 60.20 86.91 132.51 - - 

JPM Global Mining B (acc) - EUR* - 74.86 99.20 - - 

JPM Global Mining D (acc) - EUR 43.23 64.66 86.99 - - 

JPM Global Mining T (acc) - EUR 50.45 75.47 101.53 - - 


JPM Global Natural Resources A (acc) - EUR 11.77 16.66 22.39 19.30 13.27 

JPM Global Natural Resources A (acc) - GBP 77.98 - - - - 

JPM Global Natural Resources A (acc) - SGD 11.56 15.89 23.63 19.63 - 

JPM Global Natural Resources A (acc) - USD 9.40 12.94 19.85 14.50 11.44 

JPM Global Natural Resources A (dist) - EUR 10.14 14.36 19.29 16.63 11.43 

JPM Global Natural Resources B (acc) - EUR 7.48 10.51 14.03 12.00 8.18 

JPM Global Natural Resources C (acc) - EUR 10.93 15.34 20.44 17.47 11.91 

JPM Global Natural Resources C (acc) - USD 7.74 10.56 16.07 11.64 9.11 

JPM Global Natural Resources D (acc) - EUR 7.74 11.06 15.01 13.07 9.07 

JPM Global Natural Resources D (acc) - USD 6.28 8.72 13.52 9.97 7.95 

JPM Global Natural Resources I (acc) - EUR 53.53 75.01 - - - 

JPM Global Natural Resources X (acc) - EUR 13.22 18.29 24.15 20.41 13.78 


JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 6.63 5.77 5.73 4.70 3.83 

JPM Global Real Estate Securities (USD) A (acc) - USD 9.78 8.71 8.77 6.75 5.40 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 6.04 5.32 5.35 4.55 3.83 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) 82.30 71.02 69.97 - - 

JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - - - - - 

JPM Global Real Estate Securities (USD) C (acc) - USD 126.27 111.25 110.71 - 5.58 

JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 6.40 5.61 5.61 4.64 3.81 

JPM Global Real Estate Securities (USD) D (acc) - USD 9.30 8.35 8.46 6.56 5.29 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 101.37 86.61 - - 3.89 

JPM Global Real Estate Securities (USD) X (acc) - USD 10.37 9.07 8.97 6.78 5.33 


JPM Global Unconstrained Equity A (acc) - EUR 81.93 71.91 69.98 - - 

JPM Global Unconstrained Equity A (acc) - EUR (hedged) 6.74 5.75 6.15 5.38 4.82 

JPM Global Unconstrained Equity A (acc) - USD 12.04 10.27 11.41 9.31 8.61 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) 6.36 5.47 5.88 5.16 4.81 

JPM Global Unconstrained Equity A (dist) - USD 23.29 19.97 22.26 18.24 16.96 

JPMorgan Global Unconstrained Equity A (dist) - USD ## 40.29 34.55 38.46 31.52 29.31 

JPM Global Unconstrained Equity C (acc) - EUR (hedged) 7.11 6.00 6.35 5.49 4.86 

JPM Global Unconstrained Equity C (acc) - USD 14.53 12.26 13.48 10.88 9.96 

JPM Global Unconstrained Equity D (acc) - EUR (hedged) 6.49 5.58 6.01 5.30 4.78 

JPM Global Unconstrained Equity D (acc) - USD 10.25 8.81 9.87 8.12 7.56 

JPM Global Unconstrained Equity X (acc) - EUR 11.78 10.16 9.72 9.20 7.28 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 91.70 76.90 - - - 

JPM Global Unconstrained Equity X (acc) - USD 11.40 9.57 10.45 8.38 7.62 


JPMorgan Greater China A (acc) - SGD ## 14.14 12.20 14.41 12.94 - 

JPMorgan Greater China A (acc) - USD ## 22.11 19.11 23.31 18.42 16.34 

JPMorgan Greater China A (dist) - HKD ## 11.63 10.15 12.50 - - 

JPMorgan Greater China A (dist) - USD ## 27.34 23.84 29.36 23.32 21.39 

JPMorgan Greater China B (acc) - USD ## 19.97 17.13 20.74 16.27 14.33 

JPMorgan Greater China C (acc) - USD ## 24.23 20.75 25.09 19.65 17.27 

JPMorgan Greater China D (acc) - EUR ## 86.98 78.07 84.23 - - 

JPMorgan Greater China D (acc) - USD ## 32.44 28.31 34.88 27.84 24.94 

JPMorgan Greater China I (acc) - USD ## 102.37 87.61 105.85 - - 

JPMorgan Greater China T (acc) - EUR ## 72.76 65.31 70.45 - - 

JPMorgan Greater China X (acc) - USD* ## - - - - 11.35 


JPMorgan Hong Kong A (acc) - USD ## 17.40 15.32 18.57 16.16 14.65 

JPMorgan Hong Kong A (dist) - HKD ## 10.27 9.20 11.36 - - 

JPMorgan Hong Kong A (dist) - USD ## 45.10 40.19 49.20 43.11 39.60 

JPMorgan Hong Kong B (acc) - USD ## 16.23 14.18 17.06 14.73 13.26 

JPMorgan Hong Kong C (acc) - USD ## 18.98 16.55 19.89 17.16 15.42 

JPMorgan Hong Kong D (acc) - USD ## 26.44 23.52 28.80 25.33 23.19 


41







JPMorgan India A (acc) - SGD ## 12.45 11.85 14.68 14.92 - 

JPMorgan India A (acc) - USD ## 22.18 21.14 27.02 24.15 18.63 

JPMorgan India A (dist) - GBP ## 70.10 - - - - 

JPMorgan India A (dist) - USD ## 65.24 62.17 80.03 72.09 55.61 

JPMorgan India B (acc) - USD ## 30.05 28.43 36.07 32.00 24.50 

JPMorgan India C (acc) - USD ## 24.01 22.68 28.73 25.45 19.46 

JPMorgan India C (dist) - USD ## 93.88 - - - - 

JPMorgan India D (acc) - EUR ## 68.10 67.29 75.91 - - 

JPMorgan India D (acc) - USD ## 42.49 40.82 52.59 47.40 36.86 

JPMorgan India T (acc) - EUR ## 64.10 63.33 71.45 - - 

JPMorgan India X (acc) - USD ## 27.27 25.51 32.01 28.11 21.30 


JPMorgan Japan Equity A (acc) - EUR ## 5.78 4.80 4.45 4.56 4.01 

JPMorgan Japan Equity A (acc) - JPY ## 669 433 465 443 487 

JPMorgan Japan Equity A (acc) - USD** ## 9.01 7.26 7.70 6.68 6.76 

JPMorgan Japan Equity A (dist) - GBP ## 7.58 5.95 6.20 5.75 5.31 

JPMorgan Japan Equity A (dist) - USD ## 22.71 18.37 19.48 16.89 17.12 

JPMorgan Japan Equity B (acc) - USD ## 10.55 8.44 8.88 7.64 7.68 

JPMorgan Japan Equity C (acc) - USD ## 10.77 8.60 9.03 7.76 7.79 

JPMorgan Japan Equity C (dist) - USD ## 117.15 - - - - 

JPMorgan Japan Equity D (acc) - EUR ## 4.61 3.85 3.60 3.71 3.29 

JPMorgan Japan Equity D (acc) - USD ## 7.29 5.92 6.32 5.52 5.63 

JPMorgan Japan Equity I (acc) - USD** ## 101.41 - - - - 

JPMorgan Japan Equity J (dist) - USD ## 12.14 9.83 10.43 9.04 9.17 

JPMorgan Japan Equity X (acc) - USD ## 11.07 8.77 9.14 7.78 7.74 


JPMorgan Japan Small Cap A (acc) - USD ## 8.40 6.62 7.00 6.52 6.26 

JPMorgan Japan Small Cap A (dist) - USD ## 8.00 6.32 6.68 6.23 5.98 

JPMorgan Japan Small Cap B (acc) - USD ## 7.90 6.18 6.50 6.01 5.73 

JPMorgan Japan Small Cap C (acc) - USD* ## - - - - 4.34 

JPMorgan Japan Small Cap D (acc) - USD ## 6.17 4.91 5.24 4.93 4.78 

JPMorgan Japan Small Cap X (acc) - USD* ## - - - - 7.48 


JPMorgan Korea Equity A (acc) - EUR ## 7.00 7.45 8.12 6.60 4.55 

JPMorgan Korea Equity A (acc) - SGD ## 12.68 13.10 - - - 

JPMorgan Korea Equity A (acc) - USD ## 9.12 9.44 11.74 8.09 6.41 

JPMorgan Korea Equity A (dist) - USD ## 9.50 9.84 12.25 8.44 6.69 

JPMorgan Korea Equity B (acc) - USD ## 11.29 11.60 14.32 9.79 - 

JPMorgan Korea Equity C (acc) - USD ## 85.00 87.18 107.47 8.84 - 

JPMorgan Korea Equity D (acc) - USD ## 8.61 9.00 11.31 7.87 6.30 

JPMorgan Korea Equity I (acc) - USD** ## 93.75 - - - - 

JPMorgan Korea Equity X (acc) - USD* ## - 93.31 114.10 9.10 - 


JPM Latin America Equity A (acc) - EUR 71.53 - - - - 

JPM Latin America Equity A (acc) - SGD 12.09 12.19 14.21 - - 

JPM Latin America Equity A (acc) - USD 27.94 28.20 33.93 27.48 20.16 

JPM Latin America Equity A (dist) - USD 51.61 52.59 63.56 51.68 38.31 

JPMorgan Latin America Equity A (dist) - USD ## 37.34 38.04 45.97 37.39 27.71 

JPM Latin America Equity B (acc) - USD 17.19 17.21 20.56 16.52 12.04 

JPM Latin America Equity B (dist) - USD 88.30 - - - - 

JPM Latin America Equity C (acc) - USD 32.04 32.07 38.28 30.76 22.39 

JPM Latin America Equity D (acc) - EUR 72.78 76.28 81.18 - - 

JPM Latin America Equity D (acc) - USD 41.12 41.91 50.93 41.67 30.88 

JPM Latin America Equity I (acc) - JPY 8,589 - - - - 

JPM Latin America Equity I (acc) - USD 18.68 18.68 22.28 17.89 13.01 

JPM Latin America Equity T (acc) - EUR 63.06 66.10 70.34 - - 

JPM Latin America Equity X (acc) - USD 37.86 37.54 44.39 35.34 25.49 


JPMorgan Pacific Technology A (acc) - EUR ## 13.03 12.03 11.85 12.01 9.15 

JPMorgan Pacific Technology A (acc) - USD ## 16.04 14.40 16.20 13.91 12.17 

JPMorgan Pacific Technology A (dist) - GBP ## 12.83 11.18 12.38 11.37 9.17 

JPMorgan Pacific Technology A (dist) - USD ## 10.40 9.35 10.54 9.06 8.11 

JPMorgan Pacific Technology B (acc) - USD* ## - 8.32 9.29 7.93 6.88 

JPMorgan Pacific Technology C (acc) - USD ## 10.92 9.71 10.83 9.24 8.02 

JPMorgan Pacific Technology D (acc) - USD ## 13.59 12.32 14.00 12.14 10.73 


JPM Russia A (acc) - USD 11.05 11.03 16.40 12.44 8.63 

JPM Russia A (dist) - USD 10.73 10.83 16.12 12.22 8.48 

JPM Russia B (acc) - USD 7.53 7.46 11.01 8.29 5.71 

JPM Russia C (acc) - USD 5.21 5.16 7.61 5.73 3.94 

JPM Russia D (acc) - USD 8.27 8.33 12.51 9.58 6.72 

JPM Russia I (acc) - USD 5.71 5.65 8.32 6.26 4.31 

JPM Russia T (acc) - EUR 68.26 - - - - 

42







JPMorgan Singapore A (acc) - SGD ## 17.10 15.03 15.48 14.29 - 

JPMorgan Singapore A (acc) - USD ## 27.44 24.15 25.66 20.84 15.79 

JPMorgan Singapore A (dist) - USD ## 34.88 31.26 33.67 27.85 21.51 

JPMorgan Singapore B (acc) - USD ## 19.67 17.18 18.12 14.61 10.99 

JPMorgan Singapore C (acc) - USD ## 28.58 24.94 26.28 21.16 15.90 

JPMorgan Singapore D (acc) - USD ## 46.66 41.48 44.52 36.52 27.95 

JPMorgan Singapore I (acc) - USD* ## - - - 13.89 10.44 


JPMorgan Taiwan A (acc) - EUR ## 15.85 14.01 15.28 12.56 9.96 

JPMorgan Taiwan A (acc) - USD ## 16.36 14.06 17.51 12.20 11.11 

JPMorgan Taiwan A (dist) - HKD ## 12.37 10.78 13.48 - - 

JPMorgan Taiwan A (dist) - USD ## 13.90 12.16 15.39 10.75 10.67 

JPMorgan Taiwan B (acc) - USD ## 91.28 77.98 96.55 7.62 6.90 

JPMorgan Taiwan C (acc) - USD ## 19.29 16.46 20.35 14.07 12.71 

JPMorgan Taiwan D (acc) - USD ## 14.17 12.29 15.47 10.89 10.01 

JPMorgan Taiwan I (acc) - USD* ## - 11.62 14.35 9.92 8.95 

JPMorgan Taiwan X (acc) - USD* ## - 94.90 116.29 - - 


JPM US Aggregate Bond A (acc) - EUR (hedged) 77.18 78.52 - - - 

JPM US Aggregate Bond A (acc) - USD 14.97 15.18 14.14 13.49 12.11 

JPM US Aggregate Bond A (div) - USD** 95.63 - - - - 

JPM US Aggregate Bond A (inc) - USD 12.39 13.10 12.69 12.90 12.09 

JPM US Aggregate Bond A (mth) - HKD 10.65 - - - - 

JPM US Aggregate Bond A (mth) - SGD 12.21 12.80 - - - 

JPM US Aggregate Bond A (mth) - SGD (hedged) 12.31 12.93 - - - 

JPM US Aggregate Bond A (mth) - USD 10.29 10.80 10.46 10.37 - 

JPM US Aggregate Bond B (acc) - EUR (hedged) 75.89 - - - - 

JPM US Aggregate Bond B (acc) - USD 15.08 15.24 14.14 13.45 12.03 

JPM US Aggregate Bond B (mth) - USD 95.84 100.24 - - - 

JPM US Aggregate Bond C (acc) - USD 15.25 15.39 14.26 13.55 12.09 

JPM US Aggregate Bond C (dist) - GBP (hedged) 62.27 - - - - 

JPM US Aggregate Bond D (acc) - EUR (hedged) 76.16 77.67 72.31 - - 

JPM US Aggregate Bond D (acc) - USD 16.73 17.01 15.88 15.20 13.67 

JPM US Aggregate Bond I (acc) - USD 106.37 107.32 99.40 - - 

JPM US Aggregate Bond I (mth) - USD** 97.79 - - - - 

JPM US Aggregate Bond X (acc) - USD 16.28 16.35 15.07 14.25 12.65 

JPM US Aggregate Bond X (dist) - GBP (hedged) 64.73 66.49 - - - 

JPM US Aggregate Bond X (acc) - EUR (hedged) 75.81 - - - - 


JPM US Dynamic A (acc) - USD - 10.36 10.13 8.10 7.56 

JPM US Dynamic A (acc) - EUR - 6.83 5.85 5.52 4.49 

JPM US Dynamic A (dist) - USD - 14.28 13.96 11.16 10.41 

JPM US Dynamic B (acc) - USD - 11.91 11.55 9.18 8.50 

JPM US Dynamic C (acc) - USD - 13.03 12.62 10.00 9.25 

JPM US Dynamic D (acc) - USD - 13.11 12.94 10.45 9.85 

JPM US Dynamic D (acc) - EUR - 6.28 5.43 5.17 4.25 

JPM US Dynamic I (acc) - USD* - - - - 6.60 

JPM US Dynamic I (inc) - EUR - 5.95 5.06 4.77 3.89 

JPM US Dynamic T (acc) - EUR - 78.54 67.88 - - 

JPM US Dynamic X (acc) - USD* - 13.71 13.16 10.34 9.48 


JPM US Growth A (acc) - EUR (hedged) 8.08 7.39 7.14 5.47 4.92 

JPM US Growth A (acc) - USD 14.06 12.78 12.27 9.38 8.35 

JPM US Growth A (dist) - GBP 7.10 6.27 5.90 4.83 3.92 

JPM US Growth A (dist) - USD 7.53 6.84 6.57 5.03 4.47 

JPM US Growth B (acc) - EUR (hedged) 75.86 - - - - 

JPM US Growth B (acc) - USD 13.60 12.27 11.69 8.88 7.84 

JPM US Growth B (dist) - USD 108.93 - - - - 

JPM US Growth C (acc) - EUR (hedged) 10.75 9.74 9.30 7.05 4.14 

JPM US Growth C (acc) - USD 13.16 11.84 11.25 8.51 7.50 

JPM US Growth C (dist) - GBP 80.53 70.30 65.46 - - 

JPM US Growth C (dist) - USD 114.60 103.15 - - - 

JPM US Growth D (acc) - EUR (hedged) 7.71 7.11 6.91 5.34 4.84 

JPM US Growth D (acc) - USD 6.89 6.31 6.10 4.70 4.21 

JPM US Growth I (acc) - JPY 9,919 - - - - 

JPM US Growth T (acc) - EUR (hedged) 81.83 - - - - 

JPM US Growth X (acc) - USD 14.72 13.15 12.40 9.32 8.15 

JPM US Growth X (dist) - USD 120.74 108.47 102.40 - - 


JPM US Small Cap Growth A (acc) - EUR 86.80 69.95 67.70 - - 

JPM US Small Cap Growth A (acc) - USD 17.80 13.95 15.41 10.80 8.95 

JPM US Small Cap Growth A (dist) - GBP 12.25 9.32 10.10 7.56 5.71 

JPM US Small Cap Growth A (dist) - USD 122.53 96.02 106.11 74.32 61.60 

JPM US Small Cap Growth B (acc) - USD 13.22 10.28 11.28 7.84 6.45 

JPM US Small Cap Growth C (acc) - USD** 120.94 - - - - 

JPM US Small Cap Growth D (acc) - USD 11.63 9.18 10.22 7.21 6.02 

JPM US Small Cap Growth X (acc) - USD 15.97 12.30 13.36 9.20 7.49 


43







JPM US Technology A (acc) - EUR 107.15 102.26 98.37 78.80 - 

JPM US Technology A (acc) - SGD 14.06 13.03 - - - 

JPM US Technology A (acc) - USD 14.76 13.70 15.05 10.21 8.32 

JPM US Technology A (dist) - GBP 1.98 1.79 1.94 1.42 1.06 

JPM US Technology A (dist) - USD 7.46 6.92 7.61 5.16 4.21 

JPMorgan US Technology A (dist) - USD ## 2.16 2.00 2.20 1.49 1.22 

JPM US Technology B (acc) - USD 105.92 97.56 106.38 - 7.95 

JPM US Technology B (dist) - USD 108.52 - - - - 

JPM US Technology C (acc) - USD 13.42 12.34 13.45 9.03 7.30 

JPM US Technology C (dist) - USD 106.68 - - - - 

JPM US Technology D (acc) - EUR 10.54 10.16 9.87 7.99 - 

JPM US Technology D (acc) - USD 1.93 1.81 2.01 1.38 1.13 

JPM US Technology X (acc) - USD* - - 11.72 7.82 6.27 


JPM US Value A (acc) - EUR (hedged) 9.08 7.51 7.13 5.72 4.95 

JPM US Value A (acc) - USD 15.15 12.47 11.81 9.45 8.12 

JPM US Value A (dist) - GBP 17.77 14.20 13.20 11.30 8.84 

JPM US Value A (dist) - USD 18.90 15.57 14.76 11.82 10.20 

JPMorgan US Value A (dist) - USD ## 16.51 13.61 12.92 10.35 8.93 

JPM US Value B (acc) - EUR (hedged) 80.10 - - - - 

JPM US Value B (acc) - USD 17.43 14.24 13.39 10.63 9.06 

JPM US Value B (dist) - USD 99.06 - - - - 

JPM US Value C (acc) - EUR (hedged) 13.41 10.98 10.31 8.19 7.03 

JPM US Value C (acc) - USD 18.26 14.87 13.95 11.04 9.38 

JPM US Value C (dist) - GBP 71.62 - - - - 

JPM US Value D (acc) - EUR (hedged) 8.64 7.20 6.89 5.57 4.85 

JPM US Value D (acc) - USD 17.51 14.52 13.86 11.17 9.67 

JPM US Value I (acc) - USD 130.06 105.82 99.17 - - 

JPM US Value X (acc) - EUR (hedged)* - 84.20 - - - 

JPM US Value X (acc) - USD 18.00 14.55 13.55 10.65 8.99 






44


Notes to the Financial Statements 


1. Organisation 

JPMorgan Funds (the “SICAV”) is an investment company incorporated on 14 April 1969 under the name Multi Trust Fund S.A.. The name of the SICAV was 

changed to Fleming International Fund on 3 July 1984, to Fleming Flagship Fund on 19 October 1988, to Fleming Funds on 2 June 2000, to JPMorgan Fleming 

Funds on 19 November 2001 and then to JPMorgan Funds on 12 September 2005. 

It is organised under Part I of the Luxembourg Law of 17 December 2010 on Undertakings for Collective Investment, as a Société Anonyme qualifying as a 

“Société d’Investissement à Capital Variable” (SICAV). As at 30 June 2013, it comprises 133 Sub-Funds, each relating to a separate investment portfolio 

consisting of securities, cash and other instruments. 

On 12 September 2005, JPMorgan Asset Management (Europe) S.à r.l. was appointed by the SICAV to act as Management Company. The Articles of 

Incorporation were also modified so the SICAV complies with UCITS III regulations. From 1 July 2011, JPMorgan Asset Management (Europe) S.à r.l. is acting 

as a Chapter 15 Management Company under the Luxembourg Law of 17 December 2010 and complies with UCITS IV regulations. 

The SICAV is registered with the Registre de Commerce et des Sociétés of Luxembourg, under number B 8478. 

Each Sub-Fund may contain A, B, C, D, I, J, P, T, X and Y Classes of Shares, which may differ in the minimum subscription amount, minimum holding amount, 

currency and/or eligibility requirements, the fees and expenses, and the dividend policy applicable to them. In addition, each Sub-Fund may contain Classes 

of Shares named either “JPM” or “JPMorgan”. 

Within each Sub-Fund, individual Classes of Shares may have a currency of denomination that differs from the currency of denomination of the Sub-Fund. 

The currency of denomination for each Class of Share is indicated by a suffix on the name of the Share Class. 

2. Significant Accounting Policies 

The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investment. 

a) Investment Valuation 

Transferable securities which are admitted to an official exchange listing or dealt in on another regulated market are valued on the basis of the latest 

available price prevailing at the time of calculating the net asset value. 

If securities are listed or dealt in on several exchanges or markets, the latest available price, or if appropriate, the average price on the principal exchange or 

market will be applied. 

Transferable securities not admitted to an official exchange listing nor dealt in on another regulated market are valued at the latest available price. Those 

securities for which no price is available or for which the latest available price is not representative are valued on the basis of their reasonably foreseeable 

sales price determined with prudence and in good faith by the Board of Directors. 

Securities issued by any open-ended investment funds are valued at the latest available price or net asset value, as reported or provided by such funds or 

their agents. 

Liquid assets and money market instruments may be valued at nominal values plus any accrued interest or on an amortised cost basis. 

The Financial Statements are presented on the basis of the net asset value calculated on 30 June 2013, except for JPMorgan Funds - Emerging Middle East 

Equity Fund calculated on 27 June 2013. In accordance with the prospectus, the net asset values were calculated using the latest exchange rates known at the 

time of calculation. 

In managing the daily priced funds, the Board’s principle is to ensure that portfolios are appropriately valued to give equal treatment to Shareholders and in 

this context the Management Company has implemented a Fair Value Committee (FVC) to address any potential valuation concerns. 

b) Swing Pricing Adjustment 

A Sub-Fund may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Sub-Fund at a price that does not reflect the 

dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. 

In order to counter this impact, a Swing Pricing mechanism may be adopted to protect the interests of Shareholders of the Fund. If on any Valuation Day, the 

aggregate net transactions in Shares of a Sub-Fund exceed a pre-determined threshold, as determined and reviewed for each Sub-Fund on a periodic basis 

by the Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively. 

The net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of the 

Net Asset Value per Share. The Swing Pricing mechanism may be applied across all Sub-Funds with the exception of the money market Sub-Funds. The 

extent of the price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Sub-Fund to 

Sub-Fund and will not exceed 2% of the original Net Asset Value per Share. 

The official Net Asset Value per Share as at year end, disclosed in the Statistical Information section of this report may therefore include a Swing Pricing 

adjustment, which would not be recognised in the Combined Statement of Net Assets or in the Combined Statement of Operations and Changes in Net Assets. 

As at year end, a Swing Pricing adjustment has been applied to the following Sub-Funds: JPMorgan Funds - Asia Local Currency Debt Fund, JPMorgan Funds - 

Euroland Equity Fund, JPMorgan Funds - Global Mining Fund, JPMorgan Funds - Global Unconstrained Equity Fund, JPMorgan Funds - Greater China Fund, 

JPMorgan Funds - Japan Equity Fund, JPMorgan Funds - Japan Small Cap Fund, JPMorgan Funds - Latin America Equity Fund, JPMorgan Funds - Pacific 

Technology Fund and JPMorgan Funds - Taiwan Fund. 

c) Realised and Unrealised Gains and Losses on Investments 

Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). For trades into other collective investment 

schemes, transactions are accounted for on receipt of the trade confirmation from the underlying transfer agents. 

Realised gains and losses on sales of investments are calculated on the average book cost. The associated foreign exchange movement between the date of 

purchase and date of sale of investments is included in realised gains and losses on investments. Unrealised gains and losses on holdings of investments are 

calculated on the total book cost and include the associated unrealised gains and losses on foreign exchange. 

d) Income Recognition 

Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts, where applicable. Bank interest income is recognised 

on an accrual basis. Dividend income is accrued on the ex-dividend date. This income is shown net of any withholding taxes and adjusted accordingly when 

tax reclaims apply. 

e) Conversion of Foreign Currencies 

The books and records of each Sub-Fund are denominated in the base currency of the corresponding Sub-Fund. Amounts denominated in other currencies are 

translated into the base currency on the following basis: (i) investment valuations and other assets and liabilities initially expressed in other currencies are 

converted each business day into the base currency using currency exchange rates prevailing on each such business day; (ii) purchases and sales of foreign 

investments, income and expenses are converted into the base currency using currency exchange rates prevailing on the respective dates of such transactions. 

Net realised and unrealised gains or losses on foreign exchange transactions represent: (i) foreign exchange gains and losses from the sale and holding of foreign 

currencies and foreign cash equivalents; (ii) gains and losses between trade date and settlement date on securities transactions and forward foreign exchange 

contracts; and (iii) gains and losses arising from the difference between amounts of dividends and interest recorded and the amounts actually received. 

The resulting gains and losses on translation are included in “Net Realised Gain/(Loss) on Foreign Exchange” in the Combined Statement of Operations and 


45


Notes to the Financial Statements (continued) 


The reference currency of the Combined Statements is USD. 

The principal exchange rates applied as at 30 June 2013 are as follows: 

1 USD = 0.76745384 EUR; 

1 USD = 99.07500000 JPY; 

1 USD = 0.65728934 GBP. 

f) Forward Foreign Exchange Contracts 

Unrealised gains or losses on outstanding Forward Foreign Exchange Contracts are valued on the basis of currency exchange rates prevailing at the relevant 

valuation date. The changes in such amounts are included in “Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts” in the 

Combined Statement of Operations and Changes in Net Assets. Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Forward 

Foreign Exchange Contracts” in the Combined Statement of Net Assets. 

g) Financial Futures Contracts on Securities and Indices 

Regulated financial futures contracts are valued at the exchange quoted settlement price. Initial margin deposits are made upon entering into the contracts 

and can be either in cash or securities. During the period the contracts are open, changes in the value of the contracts are recognised as unrealised gains and 

losses by “marking-to-market” to reflect the market value of the contracts at the end of each business day’s trading. Variation margin payments are made or 

received, depending upon whether losses or gains are incurred. The frequency of those margin payments may differ depending on where the contract is 

traded. When a contract is closed, the SICAV records a realised gain or loss equal to the difference between the proceeds from, or cost of, the closing 

transaction and the initial cost of the contract in “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and 


Unrealised gains or losses are recorded under “Unrealised Net Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Net Assets. 

Daily margin calls are recorded under “Net Realised Gain/(Loss) on Financial Futures Contracts” in the Combined Statement of Operations and Changes in 

Net Assets. 

h) Option Contracts 

The SICAV writes options on securities, futures and currencies. These options are settled in cash and subject the SICAV to unlimited risk of loss. The SICAV, 

however, is not subject to credit risk on written options as the counterparty has already performed its obligation by paying the premium at the inception of 

the contract. As of 30 June 2013, certain Sub-Funds had written options contracts outstanding as listed on its Schedule of Investments. 

Options purchased are recorded as investments; options written or sold are recorded as liabilities. When the exercise of an option results in a cash 

settlement, the difference between the premium and the settlement proceeds is accounted for as a realised gain or loss. When securities are acquired or 

delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the 

difference between the premium and the cost to close the position is accounted for as a realised gain or loss. When an option expires, the premium is 

accounted for as a realised gain for options written or as a realised loss for options purchased. 

For options on futures, where the investment manager is based in the United Kingdom, variation margin payments are made or received daily, depending 

upon whether losses or gains are incurred on the underlying futures contracts. 

i) Total Return Swaps 

The SICAV may enter into swap contracts in which the SICAV and the counterparty agree to exchange payments where one or both parties pay the returns 

generated by a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated by 

reference to a specific security, on a basket of securities, index, or instruments and an agreed upon notional amount. Any such underlying security or 

instrument must be a transferable security and any such index must be an index of a regulated market. 

A Total Return Swap will exchange the total performance on a specific basket of securities, selected by the Investment Manager against a reference rate plus 

a spread. The total performance will include interests, dividends, gains and losses on the underlying securities during the contract period according to the 

type of underlying. The risk of this type of instrument will depend on the uncertain evolution, at the time of the contract conclusion, of the performance of the 

underlying. These underlying securities are listed on a primary exchange. 

The value of the underlying securities shall be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. The 

relevant indices include, but are not limited to, currencies, interest rates, prices and total return on interest rates indices, fixed income indices and stock indices. 

The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The changes in such amounts are 

included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on Derivatives Instruments”. 

When a contract is closed, the Realised Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in the Combined Statement of 

Operations and Changes in Net Assets. 

j) Interest Rate Swaps 

An interest rate swap is a bilateral agreement in which each of the parties agree to exchange a series of interest payments for another series of interest 

payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. 

The market values are recorded under “Derivatives Instruments at Market Value” in the Combined Statement of Net Assets. The interests on interest rate 

swaps are recorded under “Net Interest on Swap Transactions” in the Combined Statement of Operations and Changes in Net Assets. The changes in 

unrealised gains or losses are included in the Combined Statement of Operations and Changes in Net Assets under “Net Change in Unrealised Gain/(Loss) on 

Derivatives Instruments”. When a contract is closed, the realised gains or losses are recorded under “Net Realised Gain/(Loss) on Derivatives Instruments” in 

the Combined Statement of Operations and Changes in Net Assets. 

k) Credit Default Swaps 

A Credit Default Swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic 

coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset, 

occurs. If such an event occurs, the party will then make a payment to the first party, and the swap will terminate. The value of the underlying securities shall 

be taken into account for the calculation of the investment and borrowing powers applicable to individual issuers. 





46




l) To Be Announced Securities (“TBA”) 

TBAs are related to mortgage backed securities issued by government sponsored agencies. These agencies usually pool mortgage loans and sell interests in 

the pools created. TBAs relate to future pools of these agencies that are bought and sold for future settlement for which either the interest rate or the 

maturity date is not yet fixed. TBAs are separately disclosed in the Schedule of Investments. 

The Sub-Funds may enter into Dollar Rolls, principally using TBAs, in which the Sub-Funds sell mortgage-backed securities for delivery in the current month 

and simultaneously contract to repurchase similar, but not identical, securities at an agreed-upon price on a fixed date. The Sub-Funds account for such 

Dollar Rolls as purchases and sales and receive compensation as consideration for entering into the commitment to repurchase. The Sub-Funds must 

maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such Dollar Rolls. The market value of the 

securities that the Sub-Funds are required to purchase may decline below the agreed upon repurchase price of those securities. 

The Sub-Funds had TBA Dollar Rolls outstanding as of 30 June 2013, which are included in “Amounts Receivable on Sale of TBAs” and “Amounts Payable on 

Purchase of TBAs” in the Combined Statement of Net Assets. 

m) Commodity Index Swaps 

A Commodity Index Swap is a bilateral agreement in which each of the parties agree to exchange the total return of a specified commodity index against 

money market rate plus fees. 





n) Repurchase Agreements 

The underlying obligations found to be satisfactory by the Investment Manager are transferred to an account of the SICAV as collateral. The securities are 

marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Interest 

received or paid on Repurchase Agreements are recorded in the interest section of the Combined Statement of Operations and Changes in Net Assets. The 

Funds’ Investment Manager is responsible for determining that the value of the underlying securities remains in accordance with the market value 

requirements stated above. 

o) Consolidation of Mauritian Subsidiary 

All income, expenses, receivables, payables and investments of JPMorgan SICAV Investment Company (Mauritius) Limited (the “Subsidiary”), a 

wholly-owned subsidiary of JPMorgan Funds, are consolidated into the Combined Statement of Net Assets and the Combined Statement of Operations and 

Changes in Net Assets of JPMorgan Funds - India Fund. Securities owned by the Subsidiary are individually disclosed in the Schedule of Investments of 

JPMorgan Funds - India Fund. Intercompany balances are eliminated on consolidation. 

The use of the Mauritius Subsidiary and the tax treatment it is afforded, is based on the law and practice currently in force in the relevant countries, as 

understood by the Board of Directors. It is subject to any future changes and such changes may adversely affect the returns of the Sub-Fund. This includes 

any circumstances where the India/Mauritius Double Taxation Treaty may not be applied or ceases to be applied, resulting from, inter alia, any future ruling 

by the Indian tax authorities. Should the treaty not be applied, or cease to be applied, interest on securities listed on an Indian stock exchange would be 

subject to tax at a maximum rate of 20%. Capital gains on disposal of such investments would be subject to tax at rates of 0% to 15% from 1 April 2011 in 

respect of listed securities depending on the length of time the relevant investment has been held. 

3. Value of Financial Instruments and Associated Risks 

The SICAV entered into forward foreign exchange contracts, financial futures contracts, options and swaps which, to varying degrees, represent a market 

risk in excess of the amount reflected on the Combined Statement of Net Assets. The amount of the contracts represents the extent of the SICAV’s 

participation in these financial instruments. Market risks associated with such contracts arise due to the possible movements in foreign exchange rates, 

indices, and security values underlying these instruments. 

Investment in fixed income securities is subject to interest rate, sector, security and credit risks. High yield bonds are lower-rated securities and will usually 

offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. 

Other market and credit risks include the possibility that there may be an illiquid market for the contracts, that a change in the value of the contracts may not 

directly correlate with changes in the value of the underlying currencies, indices, or securities, or that the counterparty to a contract defaults on its 

obligation to perform under the terms of the contract. 

In emerging and less developed markets, in which some of the Sub-Funds will invest, the legal, judicial and regulatory infrastructure is still developing but 

there is much legal uncertainty both for local market participants and their overseas counterparts. Some markets may carry higher risks for investors who 

should therefore ensure that, before investing, they understand the risks involved and are satisfied that an investment is suitable as part of their portfolio. In 

some markets there may be no secure method of delivery against payment which would minimise the exposure to counterparty risk. It may be necessary to 

make payment on a purchase or delivery on a sale before receipt of the securities or, as the case may be, sale proceeds. 

4. Distribution Policy 

During the year from 1 July 2012 to 30 June 2013, the SICAV paid dividends as follows: 


JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 17 July 2012 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 17 July 2012 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 17 July 2012 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 17 July 2012 

JF Asia Pacific Income A (mth) - HKD HKD 0.06 17 July 2012 

JF Asia Pacific Income A (mth) - USD USD 0.52 17 July 2012 

JPM US Aggregate Bond A (mth) - USD USD 0.04 17 July 2012 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 17 July 2012 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 17 July 2012 

JPM US Aggregate Bond B (mth) - USD USD 0.30 17 July 2012 

JPM Emerging Markets Bond A (mth) - USD USD 0.57 17 August 2012 

JPM Emerging Markets Bond B (mth) - USD USD 0.57 17 August 2012 

JPM Emerging Markets Bond D (mth) - USD USD 0.57 17 August 2012 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 17 August 2012 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 17 August 2012 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 17 August 2012 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 17 August 2012 

JF Asia Pacific Income A (mth) - HKD HKD 0.06 17 August 2012 

JF Asia Pacific Income A (mth) - USD USD 0.56 17 August 2012 

47





JF Asia Pacific Income B (mth) - USD USD 0.54 17 August 2012 

JF Asia Pacific Income D (mth) - USD USD 0.54 17 August 2012 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 17 August 2012 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 17 August 2012 

JPM US Aggregate Bond A (mth) - USD USD 0.03 17 August 2012 

JPM US Aggregate Bond B (mth) - USD USD 0.30 17 August 2012 

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.62 21 August 2012 

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.20 21 August 2012 

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.93 21 August 2012 

JPM US Aggregate Bond A (div) - USD USD 0.29 21 August 2012 

JPM Emerging Markets Bond A (mth) - USD USD 0.57 13 September 2012 

JPM Emerging Markets Bond B (mth) - USD USD 0.57 13 September 2012 

JPM Emerging Markets Bond D (mth) - USD USD 0.57 13 September 2012 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 13 September 2012 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 13 September 2012 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 13 September 2012 

JPM Emerging Markets Debt C (mth) - USD USD 0.55 13 September 2012 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 13 September 2012 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.59 13 September 2012 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.59 13 September 2012 

JF Asia Pacific Income A (mth) - HKD HKD 0.06 13 September 2012 

JF Asia Pacific Income A (mth) - USD USD 0.56 13 September 2012 

JF Asia Pacific Income B (mth) - USD USD 0.54 13 September 2012 

JF Asia Pacific Income D (mth) - USD USD 0.54 13 September 2012 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 13 September 2012 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 13 September 2012 

JPM US Aggregate Bond A (mth) - USD USD 0.03 13 September 2012 

JPM US Aggregate Bond B (mth) - USD USD 0.30 13 September 2012 

JPM Brazil Equity A (dist) - USD USD 0.14 27 September 2012 

JF Eastern Europe Equity A (dist) - EUR EUR 0.39 27 September 2012 

JPM Eastern Europe Equity A (dist) - EUR EUR 0.58 27 September 2012 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.85 27 September 2012 

JPM Emerging Markets Debt A (inc) - EUR (hedged) EUR 0.45 27 September 2012 

JPM Emerging Markets Debt A (inc) - USD USD 0.51 27 September 2012 

JPM Emerging Markets Debt C (dist) - USD USD 0.47 27 September 2012 

JPM Emerging Markets Debt I (inc) - EUR (hedged) EUR 0.57 27 September 2012 

JPM Emerging Markets Equity A (dist) - GBP GBP 0.06 27 September 2012 

JPM Emerging Markets Equity A (dist) - USD USD 0.06 27 September 2012 

JPM Emerging Markets Equity C (dist) - USD USD 1.26 27 September 2012 

JPM Emerging Markets Equity I (inc) - EUR EUR 0.14 27 September 2012 

JPM Emerging Markets Equity X (dist) - USD USD 0.38 27 September 2012 

JPM Emerging Markets Equity X (inc) - EUR EUR 0.25 27 September 2012 

JPM Emerging Markets Local Currency Debt A (dist) - GBP GBP 4.64 27 September 2012 

JPM Emerging Markets Local Currency Debt A (inc) - EUR EUR 5.85 27 September 2012 

JPM Emerging Markets Local Currency Debt I (inc) - EUR EUR 4.97 27 September 2012 

JPM Emerging Markets Opportunities A (dist) - EUR EUR 0.19 27 September 2012 

JPM Emerging Middle East Equity A (dist) - USD USD 0.27 27 September 2012 

JF Euroland Equity A (dist) - USD USD 0.14 27 September 2012 

JPM Euroland Equity A (dist) - EUR EUR 0.58 27 September 2012 

JPM Euroland Equity A (inc) - EUR EUR 0.10 27 September 2012 

JPM Euroland Select Equity A (dist) - EUR EUR 0.12 27 September 2012 

JPM Europe Convergence Equity A (dist) - EUR EUR 0.41 27 September 2012 

JF Europe Dynamic A (dist) - EUR EUR 0.16 27 September 2012 

JPM Europe Dynamic A (dist) - EUR EUR 0.15 27 September 2012 

JPM Europe Dynamic A (dist) - GBP GBP 0.20 27 September 2012 

JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.14 27 September 2012 

JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.15 27 September 2012 

JF Europe Equity A (dist) - USD USD 0.70 27 September 2012 

JPM Europe Equity A (dist) - EUR EUR 0.62 27 September 2012 

JF Europe Small Cap A (dist) - EUR EUR 0.15 27 September 2012 

JPM Europe Small Cap A (dist) - EUR EUR 0.46 27 September 2012 

JPM Europe Small Cap A (dist) - GBP GBP 0.19 27 September 2012 

JF Europe Technology A (dist) - EUR EUR 0.04 27 September 2012 

JPM Europe Technology A (dist) - EUR EUR 0.03 27 September 2012 

JPM Europe Technology A (dist) - GBP GBP 0.05 27 September 2012 

JF Germany Equity A (dist) - EUR EUR 0.51 27 September 2012 

JPM Germany Equity A (dist) - EUR EUR 0.06 27 September 2012 

JF Global Convertibles (EUR) A (dist) - USD USD 0.60 27 September 2012 

JPM Global Convertibles (EUR) A (dist) - EUR EUR 0.43 27 September 2012 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) GBP 0.46 27 September 2012 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) GBP 4.00 27 September 2012 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) GBP 0.49 27 September 2012 

JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.17 27 September 2012 

48





JPM Global Convertibles (EUR) X (dist) - GBP (hedged) GBP 4.80 27 September 2012 

JF Global Dynamic A (dist) - USD USD 0.04 27 September 2012 

JPM Global Dynamic A (dist) - GBP GBP 0.04 27 September 2012 

JPM Global Dynamic A (dist) - USD USD 0.01 27 September 2012 

JPM Global Dynamic A (inc) - EUR EUR 0.02 27 September 2012 

JPM Global Dynamic I (inc) - EUR EUR 0.13 27 September 2012 

JF Global Equity (USD) A (dist) - USD USD 0.18 27 September 2012 

JPM Global Equity (USD) A (dist) - EUR (hedged) EUR 0.04 27 September 2012 

JPM Global Equity (USD) A (dist) - USD USD 0.10 27 September 2012 

JF Global Focus A (dist) - USD USD 0.06 27 September 2012 

JPM Global Focus A (dist) - EUR EUR 0.11 27 September 2012 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) EUR 0.08 27 September 2012 

JF Asia Pacific Income A (dist) - USD USD 0.67 27 September 2012 

JF China A (dist) - HKD HKD 0.07 27 September 2012 

JF China A (dist) - USD USD 0.14 27 September 2012 

JF Greater China A (dist) - HKD HKD 0.11 27 September 2012 

JF Greater China A (dist) - USD USD 0.23 27 September 2012 

JF Hong Kong A (dist) - HKD HKD 0.17 27 September 2012 

JF Hong Kong A (dist) - USD USD 0.49 27 September 2012 

JF Japan Equity A (dist) - GBP GBP 0.02 27 September 2012 

JF Japan Equity A (dist) - USD USD 0.06 27 September 2012 

JF Japan Equity J (dist) - USD USD 0.04 27 September 2012 

JF Japan Small Cap A (dist) - USD USD 0.01 27 September 2012 

JF Korea Equity A (dist) - USD USD 0.01 27 September 2012 

JF Pacific Technology A (dist) - GBP GBP 0.01 27 September 2012 

JF Pacific Technology A (dist) - USD USD 0.01 27 September 2012 

JF Singapore A (dist) - USD USD 0.63 27 September 2012 

JF Taiwan A (dist) - HKD HKD 0.17 27 September 2012 

JF Taiwan A (dist) - USD USD 0.23 27 September 2012 

JF Latin America Equity A (dist) - USD USD 0.39 27 September 2012 

JPM Latin America Equity A (dist) - USD USD 0.55 27 September 2012 

JPM Russia A (dist) - USD USD 0.13 27 September 2012 

JPM US Aggregate Bond A (inc) - USD USD 0.53 27 September 2012 

JPM US Aggregate Bond X (dist) - GBP (hedged) GBP 1.56 27 September 2012 

JPM US Dynamic I (inc) - EUR EUR 0.04 27 September 2012 

JPM US Growth C (dist) - GBP GBP 0.01 27 September 2012 

JPM US Growth C (dist) - USD USD 0.02 27 September 2012 

JPM US Growth X (dist) - USD USD 0.63 27 September 2012 

JPM US Small Cap Growth A (dist) - GBP GBP 0.01 27 September 2012 

JPM US Technology A (dist) - GBP GBP 0.01 27 September 2012 

JF US Value A (dist) - USD USD 0.02 27 September 2012 

JPM US Value A (dist) - GBP GBP 0.01 27 September 2012 

JPM US Value A (dist) - USD USD 0.02 27 September 2012 

JPM Emerging Markets Bond A (mth) - USD USD 0.57 15 October 2012 

JPM Emerging Markets Bond B (mth) - USD USD 0.57 15 October 2012 

JPM Emerging Markets Bond D (mth) - USD USD 0.57 15 October 2012 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.06 15 October 2012 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.06 15 October 2012 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 15 October 2012 

JPM Emerging Markets Debt C (mth) - USD USD 0.55 15 October 2012 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 15 October 2012 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.59 15 October 2012 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.59 15 October 2012 

JF Asia Pacific Income A (mth) - HKD HKD 0.06 15 October 2012 

JF Asia Pacific Income A (mth) - USD USD 0.56 15 October 2012 

JF Asia Pacific Income B (mth) - USD USD 0.54 15 October 2012 

JF Asia Pacific Income D (mth) - USD USD 0.54 15 October 2012 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 15 October 2012 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 15 October 2012 

JPM US Aggregate Bond A (mth) - USD USD 0.03 15 October 2012 

JPM US Aggregate Bond B (mth) - USD USD 0.30 15 October 2012 

JPM Emerging Markets Bond A (mth) - USD USD 0.59 15 November 2012 

JPM Emerging Markets Bond B (mth) - USD USD 0.59 15 November 2012 

JPM Emerging Markets Bond D (mth) - USD USD 0.59 15 November 2012 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 15 November 2012 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 15 November 2012 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 15 November 2012 

JPM Emerging Markets Debt C (mth) - USD USD 0.57 15 November 2012 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 15 November 2012 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.62 15 November 2012 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.62 15 November 2012 

JF Asia Pacific Income A (mth) - HKD HKD 0.06 15 November 2012 

JF Asia Pacific Income A (mth) - SGD SGD 0.06 15 November 2012 

49





JF Asia Pacific Income A (mth) - USD USD 0.56 15 November 2012 

JF Asia Pacific Income B (mth) - USD USD 0.53 15 November 2012 

JF Asia Pacific Income D (mth) - USD USD 0.53 15 November 2012 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 15 November 2012 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 15 November 2012 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 15 November 2012 

JPM US Aggregate Bond A (mth) - USD USD 0.03 15 November 2012 

JPM US Aggregate Bond B (mth) - USD USD 0.29 15 November 2012 

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.95 19 November 2012 

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.19 19 November 2012 

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.92 19 November 2012 

JPM US Aggregate Bond A (div) - USD USD 0.86 19 November 2012 

JPM Emerging Markets Bond A (mth) - USD USD 0.59 18 December 2012 

JPM Emerging Markets Bond B (mth) - USD USD 0.59 18 December 2012 

JPM Emerging Markets Bond D (mth) - USD USD 0.59 18 December 2012 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 18 December 2012 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 18 December 2012 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 18 December 2012 

JPM Emerging Markets Debt C (mth) - USD USD 0.57 18 December 2012 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 18 December 2012 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.62 18 December 2012 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.62 18 December 2012 

JF Asia Pacific Income A (mth) - HKD HKD 0.06 18 December 2012 

JF Asia Pacific Income A (mth) - SGD SGD 0.06 18 December 2012 

JF Asia Pacific Income A (mth) - USD USD 0.56 18 December 2012 

JF Asia Pacific Income B (mth) - USD USD 0.53 18 December 2012 

JF Asia Pacific Income D (mth) - USD USD 0.53 18 December 2012 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 December 2012 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 18 December 2012 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 December 2012 

JPM US Aggregate Bond A (mth) - USD USD 0.03 18 December 2012 

JPM US Aggregate Bond B (mth) - USD USD 0.29 18 December 2012 

JPM Emerging Markets Bond A (mth) - USD USD 0.59 17 January 2013 

JPM Emerging Markets Bond B (mth) - USD USD 0.59 17 January 2013 

JPM Emerging Markets Bond D (mth) - USD USD 0.59 17 January 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 17 January 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 17 January 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 17 January 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.57 17 January 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.09 17 January 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.62 17 January 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.62 17 January 2013 

JF Asia Pacific Income A (mth) - HKD HKD 0.06 17 January 2013 

JF Asia Pacific Income A (mth) - SGD SGD 0.06 17 January 2013 

JF Asia Pacific Income A (mth) - USD USD 0.56 17 January 2013 

JF Asia Pacific Income B (mth) - USD USD 0.53 17 January 2013 

JF Asia Pacific Income D (mth) - USD USD 0.53 17 January 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 17 January 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.04 17 January 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 17 January 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 17 January 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.29 17 January 2013 

JPM Emerging Markets Bond A (mth) - USD USD 0.60 19 February 2013 

JPM Emerging Markets Bond B (mth) - USD USD 0.61 19 February 2013 

JPM Emerging Markets Bond D (mth) - USD USD 0.60 19 February 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 19 February 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 19 February 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 19 February 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.58 19 February 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 19 February 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.66 19 February 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.65 19 February 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.66 19 February 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 19 February 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 19 February 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 19 February 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.51 19 February 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 19 February 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 19 February 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 19 February 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 19 February 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 19 February 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.27 19 February 2013 

50





JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 1.99 21 February 2013 

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.20 21 February 2013 

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 1.96 21 February 2013 

JPM US Aggregate Bond A (div) - USD USD 0.80 21 February 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 18 March 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.37 18 March 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 March 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 March 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 18 March 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.51 18 March 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 18 March 2013 

JPM Emerging Markets Bond A (mth) - USD USD 0.60 18 March 2013 

JPM Emerging Markets Bond B (mth) - USD USD 0.61 18 March 2013 

JPM Emerging Markets Bond D (mth) - USD USD 0.60 18 March 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 18 March 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 18 March 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 18 March 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.58 18 March 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 18 March 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.66 18 March 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.65 18 March 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.66 18 March 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 March 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 18 March 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 March 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 18 March 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.27 18 March 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.04 17 April 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.37 17 April 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 17 April 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 17 April 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.54 17 April 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.51 17 April 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.51 17 April 2013 

JPM Emerging Markets Bond A (mth) - USD USD 0.60 17 April 2013 

JPM Emerging Markets Bond B (mth) - USD USD 0.61 17 April 2013 

JPM Emerging Markets Bond D (mth) - USD USD 0.60 17 April 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 17 April 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 17 April 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 17 April 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.58 17 April 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 17 April 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.66 17 April 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.65 17 April 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.66 17 April 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 17 April 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 17 April 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 17 April 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 17 April 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.27 17 April 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.05 21 May 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.40 21 May 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 21 May 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 21 May 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 21 May 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 21 May 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 21 May 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.48 21 May 2013 

JPM Emerging Markets Bond A (mth) - USD USD 0.59 21 May 2013 

JPM Emerging Markets Bond B (mth) - USD USD 0.60 21 May 2013 

JPM Emerging Markets Bond D (mth) - USD USD 0.59 21 May 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 21 May 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 21 May 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 21 May 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.58 21 May 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 21 May 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.66 21 May 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.65 21 May 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.66 21 May 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 21 May 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 21 May 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 21 May 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 21 May 2013 

51





JPM US Aggregate Bond B (mth) - USD USD 0.27 21 May 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.08 21 May 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.07 21 May 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.10 21 May 2013 

JPM Emerging Markets Local Currency Debt A (div) - EUR EUR 2.05 22 May 2013 

JPM Emerging Markets Local Currency Debt D (div) - EUR EUR 0.20 22 May 2013 

JPM Emerging Markets Local Currency Debt T (div) - EUR EUR 2.01 22 May 2013 

JPM US Aggregate Bond A (div) - USD USD 0.81 22 May 2013 

JPM Asia Local Currency Debt A (mth) - HKD HKD 0.05 18 June 2013 

JPM Asia Local Currency Debt A (mth) - USD USD 0.40 18 June 2013 

JPMorgan Asia Pacific Income A (mth) - HKD HKD 0.06 18 June 2013 

JPMorgan Asia Pacific Income A (mth) - SGD SGD 0.06 18 June 2013 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged) SGD 0.05 18 June 2013 

JPMorgan Asia Pacific Income A (mth) - USD USD 0.50 18 June 2013 

JPMorgan Asia Pacific Income B (mth) - USD USD 0.48 18 June 2013 

JPMorgan Asia Pacific Income D (mth) - USD USD 0.48 18 June 2013 

JPM Emerging Markets Bond A (mth) - USD USD 0.59 18 June 2013 

JPM Emerging Markets Bond B (mth) - USD USD 0.60 18 June 2013 

JPM Emerging Markets Bond D (mth) - USD USD 0.59 18 June 2013 

JPM Emerging Markets Debt A (mth) - EUR (hedged) EUR 0.07 18 June 2013 

JPM Emerging Markets Debt A (mth) - HKD HKD 0.07 18 June 2013 

JPM Emerging Markets Debt A (mth) - USD USD 0.09 18 June 2013 

JPM Emerging Markets Debt C (mth) - USD USD 0.58 18 June 2013 

JPM Emerging Markets Local Currency Debt A (mth) - USD USD 0.10 18 June 2013 

JPM Emerging Markets Local Currency Debt B (mth) - USD USD 0.66 18 June 2013 

JPM Emerging Markets Local Currency Debt C (mth) - USD USD 0.65 18 June 2013 

JPM Emerging Markets Local Currency Debt D (mth) - USD USD 0.66 18 June 2013 

JPM US Aggregate Bond A (mth) - HKD HKD 0.03 18 June 2013 

JPM US Aggregate Bond A (mth) - SGD SGD 0.03 18 June 2013 

JPM US Aggregate Bond A (mth) - SGD (hedged) SGD 0.04 18 June 2013 

JPM US Aggregate Bond A (mth) - USD USD 0.03 18 June 2013 

JPM US Aggregate Bond B (mth) - USD USD 0.27 18 June 2013 

JPM Emerging Markets Debt A (irc) - AUD (hedged) AUD 0.08 18 June 2013 

JPM Emerging Markets Debt A (irc) - CAD (hedged) CAD 0.07 18 June 2013 

JPM Emerging Markets Debt A (irc) - NZD (hedged) NZD 0.10 18 June 2013 

Share Classes with the suffix “(acc)” are accumulation Share Classes and will not normally pay dividends. 

Distribution Share Classes will normally pay dividends as described below. 

Share Classes suffixed “(dist)” and suffixed “(inc)” 

It is intended that all those Share Classes with the suffix “(dist)” will meet the conditions to qualify as “reporting” for the purposes of the United Kingdom tax 

legislation relating to offshore funds and will, if appropriate, pay dividends which at least meet the greater of the reportable income under that legislation or 

the taxable earnings from investments in accordance with the German Investment Tax Act. It is intended that those Share Classes with the suffix “(inc)” will, if 

appropriate, pay dividends equal to or in excess of the taxable earnings from investments in accordance with the German Investment Tax Act. Payment of 

dividends on these Share Classes will normally be made in September of each year. 

Share Classes suffixed “(div)” 

Share Classes with the suffix “(div)” will normally pay quarterly dividends which are calculated by the Management Company based on the estimated annual 

yield of the relevant Sub-Fund’s portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share 

Class at least semi-annually, but may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. 

Investors should be aware that “(div)” Share Classes give priority to dividends, rather than to capital growth. The expected yield for each Share Class will be 

calculated gross of both the Annual Management and Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically 

distribute more than the income received. Share Classes with the suffix “(div)” in issue at the dividend record date will be eligible for any dividends which will 

normally be paid in the currency of the relevant Share Class. 

Share Classes suffixed “(mth)” 

Share Classes with the suffix “(mth)” will be available to Shareholders subscribing, and remaining subscribed, through specific Asian distribution networks 

and to other distributors at the sole discretion of the Management Company. Share Classes with the suffix “(mth)” will normally pay dividends on a monthly 

basis. The monthly dividend rate per Share will be calculated by the Management Company based on the estimated annual yield of the relevant Sub-Fund’s 

portfolio which is attributable to that Share Class. The Management Company will review the dividend rate for each Share Class at least semi-annually, but 

may adjust the dividend rate more frequently to reflect changes in the portfolio’s expected yield. Investors should be aware that “(mth)” share classes give 

priority to dividends, rather than to capital growth. The expected yield for each Share Class will be calculated gross of both the Annual Management and 

Advisory Fee and the Operating and Administrative Expenses, and such Share Classes will typically distribute more than the income received. Dividend 

payments for these Share Classes will normally be made to Shareholders each month in the currency of the relevant Share Class. 

Share Classes suffixed “(fix)” 

Share Classes with the suffix “(fix)” will normally pay a quarterly fixed dividend based on a total amount per Share per annum as defined in the prospectus 

dated June 2013. 

Share Classes suffixed “(irc)” 

Share Classes with the suffix “(irc)” will normally pay dividends on a monthly basis. The monthly dividend rate per Share will be variable and will be calculated 

by the Management Company based on: the estimated gross annual yield of the relevant Sub-Fund’s portfolio attributable to that Share Class, which is 

revised at least semi-annually; and the addition or deduction of the estimated interest rate carry depending on whether such carry is positive or negative 

respectively. The interest rate carry is calculated using the average daily differential of the one month FX forward rate and the spot rate between these two 

currencies of the preceding calendar month. 

52




Other Information 

Shareholders should note that, where the dividend rate is in excess of the investment income of the Share Class, dividends will be paid out of the capital 

attributed to the Share Class, as well as from realised and unrealised capital gains. This may be tax inefficient for investors in certain countries. Investors 

should consult their local tax adviser about their own position. Share Classes with the suffix “(div)”, “(fix)”, “(inc)” and “(mth)” do not distribute the reportable 

income in accordance with the United Kingdom tax legislation relating to offshore funds. 

5. Taxation 

Under current law and practice, the SICAV is not subject to any taxes in Luxembourg on income or capital gains, nor are dividends distributed by the SICAV 

liable to any withholding tax. The only tax to which the SICAV in Luxembourg is subject is the subscription tax, (“Taxe d’abonnement”) up to a rate of 0.05% 

per annum based on the net asset value attributed to each Share Class at the end of the relevant quarter, calculated and paid quarterly. A reduced tax rateof 

0.01% per annum of the net assets will be applicable to Share Classes as indentified in the Appendix. The 0.01% and 0.05% rates described above, as 

appropriate, are not applicable for the portion of the assets of the SICAV invested in other Luxembourg collective investment undertakings which are 

themselves already subject to the Taxe d’abonnement. 

No stamp duty or other tax is payable on the issue of shares in the SICAV in the Grand Duchy of Luxembourg. No tax is payable on realised or unrealised 

capital appreciation of the assets of the SICAV in the Grand Duchy of Luxembourg. Although the SICAV’s realised capital gains, whether short or long-term, 

are not expected to become taxable in another country, the shareholders must be aware and recognise that such a possibility is not totally excluded. The 

regular income of the SICAV from some of its securities, as well as interest earned on its cash deposits in certain countries, may be subject to withholding 

taxes at varying rates, which normally cannot be recovered. 

The SICAV has instigated proceedings to reclaim tax withheld by certain Member States of the European Union on dividend payments it has received. The 

decision to initiate proceedings against any particular Member State is the result of an analysis of the likely costs and potential benefits of doing so. The 

likelihood of successfully reclaiming such amounts together with the estimated time to complete proceedings varies across Member States. Any costs 

associated with this decision have been charged to the relevant Sub-Funds and have been included within total costs for the purposes of determining the 

relevant expense cap or TER and no amount has been recorded in the SICAV for any possible amounts to be received under this action. 

Certain Sub-Funds of the SICAV may have invested into Norwegian, Finnish and Polish stocks for which tax reclaim has been successful. As such, amounts 

have been recorded, where applicable, on a cash basis under Other Income. 

Certain Sub-Funds of the SICAV may invest on the Brazilian markets and are consequently subject to a local tax upon purchase of Brazilian Real, the BRL IOF 

Tax. On 5 June 2013, the BRL IOFtax on foreign exchange inflows relating to the purchase of fixed income instruments was reduced from 6% to 0% on inflows 

with a trade date of 5 June 2013 and onwards. This tax has been recorded, where applicable, under Sundry Fees. 

6. Statement of Changes in Investments 

A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the year under review, may be obtained free 

of charge upon request at the registered office of the SICAV. Additional information on investments within each Sub-Fund’s portfolio is available to 

shareholders at the registered office of the SICAV. 

7. Fees and Expenses 

a) All Sub-Funds - Share Classes A, B, C, D, J and T 

The fees and expenses charged to these Classes of shares are set at a fixed percentage of the total net assets of each Class of shares. This fixed percentage 

covers all fees and expenses connected with the management of these Classes of shares, including Investment Management Fees, Shareholder Servicing 

Fees and Other Operating and Administrative Expenses, which include but are not limited to Custody, Registrar and Transfer Agent Fees; it does not cover 

taxes paid on investments, brokerage’s expense, the taxe d’abonnement, the interest, extraordinary costs or performance fees, if any. 

No other costs are charged to these Classes of shares, and the Management Company absorbs any difference that may arise between the actual costs of the 

operations of these Classes of shares and the fixed percentage. To the extent that the actual operating costs are less than the fixed percentage, the excess is 

paid to the Management Company and included within “Management and Advisory Fees”. To the extent that actual operating costs exceed the fixed 

percentage, the amount borne by the Management Company will be separately disclosed as a “Fee Waiver’’ in the Combined Statement of Net Assets and the 


This fixed annual rate of fees and expenses is categorised as a Total Expense Ratio. The fixed annual rates of fees for each Class of shares are shown in the 

Appendix. 

b) All Sub-Funds - Share Classes I and P 

The maximum total fees and expenses to be borne by shareholders on these Classes of shares of any Sub-Fund will not exceed a capped percentage of the 

total net assets attributable to that Class. These capped fees and expenses comprise Investment Management Fees plus other Operating and Administrative 

Expenses including but not limited to Custody, Fiduciary, Accounting, Transfer Agency Fees and Taxes; it does not cover performance fees, if any. 

This capped annual rate of fees and expenses is categorised as a Capped Expense Ratio. The capped annual rates of fees for each Class of shares are shown in 

the Appendix. 

c) All Sub-Funds - Share Classes X and Y 

The Annual Management Fee that would normally be payable in respect of the X Share Classes and Y Share Classes are administratively levied and collected 

by the Global Distributor directly from the shareholder or through the relevant J.P.Morgan Chase & Co entity. 

The maximum Operating and Administrative Expenses to be borne by the Class X and Class Y shareholders of any Sub-Fund will not exceed a capped 

percentage of the total net assets attributable to that Class, as set out in the Appendix. 

Sub-Funds may invest in UCITS and other UCIs managed by the Management Company, the Investment Manager or any other member of JPMorgan Chase & 

Co. The avoidance of a double-charge of the Annual Management and Advisory Fee on such assets is achieved by either a) excluding the assets from the net 

assets on which the Annual Management and Advisory Fee is calculated; or b) investing in UCITS or UCIs via classes that do not accrue an Annual 

Management and Advisory Fee or other equivalent fees payable to the relevant Investment Manager’s group; or c) the Annual Management and Advisory 

Fee being netted off by a rebate to the SICAV or Sub-Fund of the Annual Management and Advisory Fee (or equivalent) charged to the underlying UCITS or 

UCIs; or d) charging only the difference between the Annual Management and Advisory Fee of the SICAV or Sub-Fund and the Annual Management and 

Advisory Fee (or equivalent) charged to the underlying UCITS or UCIs. 

The Management Company may decide from time to time, in order to protect the interests of the Fund’s shareholders, to reduce the fees payable to the 

Management Company. 

Refer to Note 14g regarding changes in the Structure of the Share Classes’ Operating and Administrative Expenses. 

d) Performance Fees 

Pursuant to the Investment Management Agreement, as set out in the Appendix to the Prospectus, the Investment Manager is entitled to receive from the 

net assets of certain Sub-Funds or Classes, an annual performance-based incentive fee (the “Performance Fee”) if the performance of the Sub-Fund exceeds 

the return from the benchmark, subject to the operation of a Claw-Back Mechanism or of a High Water Mark as defined in Appendix V and as specified in 

Appendix III for each Sub-Fund. On each Valuation Day, an accrual for the previous Valuation Day’s Performance Fee is made, when appropriate, and the 

final Performance Fee is payable annually. Pursuant to the provisions of the relevant Investment Management Agreement, the Investment Manager may be 

entitled to receive the performance Fee from the Management Company. 

53




On each Valuation Day, the net asset value of each Class of each Sub-Fund for which a Performance Fee applies, which includes an accrual for all fees and 

expenses (including the Annual Management and Advisory Fee, and the Operating and Administrative Expenses to be borne by the relevant Class at the rate 

set out in the Appendix to the Prospectus), is adjusted for any dividend distributions and for subscriptions and redemptions dealt with on that Valuation Day, 

if any, and any Performance Fee accrued through that day in respect of such Class is added back (the “Adjusted net asset value”). For purposes of calculating 

the Performance Fee, the “Share Class Return” is computed on each Valuation Day, as the difference between the net asset value (adjusted by adding back 

any accrued Performance Fee) on such day and the Adjusted net asset value on the previous Valuation Day, expressed as a return based on the previous 

Valuation Day’s Adjusted net asset value for that Class. 

High Water Mark Method 

If the Share Class Return exceeds the Benchmark Return and the cumulative Share Class Return exceeds the High Water Mark Return (as set out in the 

Appendix to the Prospectus), the Performance Fee accrual is increased by the Performance Fee Rate multiplied by the Excess Return multiplied by the 

previous Valuation Day’s Adjusted net asset value for that Class. If the Share Class Return does not exceed the Benchmark Return, the Performance Fee 

accrual is reduced (but not below zero) by the Performance Fee Rate multiplied by the negative Excess Return multiplied by the previous Valuation Day’s 

Adjusted net asset value for that Class. Following a period of negative Excess Return whereby the Performance Fee accrual has been reduced to zero, no new 

Performance Fee is accrued until such time as the cumulative Share Class Return exceeds the greater of the High Water Mark Return and the cumulative 

Benchmark Return since the beginning of the Company accounting year. The Performance Fee accrued on any Valuation Day is reflected in the Net Asset 

Value per Share on the basis of which subscriptions and redemptions may be accepted. 

Claw-Back mechanism 

The purpose of the Claw-Back Mechanism is to ensure that the Management Company will only become entitled to a Performance Fee when it outperforms 

the cumulative Benchmark Return (as defined in Appendix V of the prospectus) accrued since the last Valuation Day of the last period in which a Performance 

Fee was paid. 

As at 30 June 2013, the Performance Fee rate and the benchmarks are as follows: 

High Water Mark method 

Sub-Fund 

Applicable 

Performance Performance Benchmark 

Share Classes 

Fee Rate 


All, except hedged and 

Share Class Y 

10% J.P. Morgan Government Bond Index - Emerging Markets Global, Diversified (Total 

Return Gross) 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund EUR hedged 10% J.P. Morgan Government Bond Index – Emerging Markets Global, Diversified (Total 

Return Gross) hedged to EUR 

8. Transactions with Connected Parties 

All transactions with connected parties were carried out on an arm’s length basis. 

JPMorgan Chase & Co. and its affiliates are counterparties for all securities lending activity and for certain forward foreign exchange contracts and financial 

futures contracts. The Management Company, Registrar, Global Distributor, Transfer and Domiciliary Agent, Advisory Company, Investment Managers, 

Custodian, Corporate, Administrative and Paying Agent and other related Agents of the SICAV are considered as connected parties as they are affiliated 

entities of JPMorgan Chase & Co. In addition Elvinger, Hoss & Prussen (of which Mr Jacques Elvinger who is on the Board of the Directors of the SICAV, is a 

partner) is compensated for legal services to the SICAV. 

The following is a summary of transactions entered into during the year between the Fund and the Manager and its Connected Persons. Connected Persons 

of the Manager are those as defined in the Code on Unit Trusts and Mutual Funds established by the Securities & Futures Commission of Hong Kong. All such 

transactions were entered into in the ordinary course of business and on normal commercial terms. 

Investment transactions with Connected Persons of the Manager 

Authorised Fund 

Total purchases 

and sales 

Currency of the 

Sub-Fund 

Percentage of Fund’s 

total transactions* for 

the year 

Total brokerage 

commission paid 

Average rate of 


JPMorgan Funds - America Equity Fund 9,770,825 USD 1.13 2,886 0.03 

JPMorgan Funds - Asia Local Currency Debt Fund 6,536,015 USD 8.25 - - 

JPMorgan Funds - Asia Pacific Income Fund 1,134,686,589 USD 19.76 637,967 0.06 

JPMorgan Funds - Brazil Equity Fund 55,953,107 USD 6.77 109,499 0.20 

JPMorgan Funds - China Fund 136,843,845 USD 2.27 184,329 0.13 

JPMorgan Funds - Eastern Europe Equity Fund 45,591,972 EUR 10.28 80,767 0.18 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 44,060,328 USD 7.86 62,790 0.14 

JPMorgan Funds - Emerging Markets Bond Fund 5,131,157 USD 0.56 - - 

JPMorgan Funds - Emerging Markets Debt Fund 21,572,913 USD 0.51 - - 

JPMorgan Funds - Emerging Markets Equity Fund 528,172,705 USD 15.94 459,734 0.09 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 169,039,308 USD 2.47 - - 

JPMorgan Funds - Emerging Markets Opportunities Fund 336,978,453 USD 11.78 312,956 0.09 

JPMorgan Funds - Emerging Middle East Equity Fund 16,054,301 USD 4.53 10,659 0.07 

JPMorgan Funds - Euroland Equity Fund 55,071,610 EUR 13.52 75,407 0.14 

JPMorgan Funds - Euroland Select Equity Fund 4,855,278 EUR 4.19 2,656 0.05 

JPMorgan Funds - Europe Dynamic Fund 41,586,481 EUR 4.09 26,537 0.06 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 3,243,336 EUR 2.50 1,688 0.05 

JPMorgan Funds - Europe Equity Fund 14,025,394 EUR 2.00 8,343 0.06 

JPMorgan Funds - Europe Small Cap Fund 71,500,782 EUR 10.26 64,390 0.09 

JPMorgan Funds - Europe Technology Fund 20,538,566 EUR 6.08 13,258 0.06 

JPMorgan Funds - Germany Equity Fund 40,983,364 EUR 8.59 23,389 0.06 

JPMorgan Funds - Global Consumer Trends Fund 50,998,671 EUR 20.77 52,795 0.10 

JPMorgan Funds - Global Convertibles Fund (EUR) 204,795,418 EUR 9.50 - - 

JPMorgan Funds - Global Dynamic Fund 51,776,460 USD 2.34 28,552 0.06 

54




Authorised Fund 

Total purchases 

and sales 

Currency of the 

Sub-Fund 

Percentage of Fund’s 

total transactions* for 

the year 

Total brokerage 


Average rate of 


JPMorgan Funds - Global Focus Fund 79,552,170 EUR 4.63 34,196 0.04 

JPMorgan Funds - Global Government Bond Fund 313,203 EUR 0.02 - - 

JPMorgan Funds - Global Mining Fund - EUR - - - 

JPMorgan Funds - Global Natural Resources Fund 50,611,907 EUR 6.99 56,043 0.11 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 8,485,109 USD 3.10 5,057 0.06 

JPMorgan Funds - Global Unconstrained Equity Fund 22,471,666 USD 7.72 19,025 0.08 

JPMorgan Funds - Greater China Fund 26,476,809 USD 1.40 28,295 0.11 

JPMorgan Funds - Hong Kong Fund 9,148,748 USD 3.04 10,608 0.12 

JPMorgan Funds - India Fund 26,795,341 USD 5.15 11,567 0.04 

JPMorgan Funds - Japan Equity Fund 41,270,651 USD 8.46 20,635 0.05 

JPMorgan Funds - Japan Small Cap Fund 3,097,908 USD 4.97 1,549 0.05 

JPMorgan Funds - Korea Equity Fund 53,471,731 USD 8.48 42,994 0.08 

JPMorgan Funds - Latin America Equity Fund 7,242,152 USD 0.56 7,998 0.11 

JPMorgan Funds - Pacific Technology Fund 7,222,504 USD 13.18 6,087 0.08 

JPMorgan Funds - Russia Fund 52,432,986 USD 7.90 53,095 0.10 

JPMorgan Funds - Singapore Fund 9,743,088 USD 4.20 16,979 0.17 

JPMorgan Funds - Taiwan Fund 51,201,225 USD 5.56 17,430 0.03 

JPMorgan Funds - US Aggregate Bond Fund 3,499,922 USD 0.31 - - 

JPMorgan Funds - US Dynamic fund 40,691,116 USD 16.70 19,066 0.05 

JPMorgan Funds - US Growth Fund - USD - - - 

JPMorgan Funds - US Small Cap Growth Fund 23,500,471 USD 6.72 18,739 0.08 

JPMorgan Funds - US Technology Fund 1,886,938 USD 0.61 90 - 

JPMorgan Funds - US Value Fund - USD - - - 

* Total transactions is the total value in fund currency of purchases and sales dealt during the year to 30 June 2013 

9. Soft Commission Arrangements 

The Investment Managers of the Fund may enter into soft commission arrangements with brokers in respect of services used to support investment 

decision-making for the benefit of the Fund. 

The investment related services received under soft commission arrangements comprise: 

- research and advisory services; 

- economic and political analysis; 

- portfolio analysis, including valuation and performance measurement; 

- market analysis; 

- data and quotation services; 

- computer hardware and software incidental to the above goods and services; and 

- investment-related publications. 

The Investment Managers do not make direct payments for these services, but transact an agreed amount of business with the brokers on behalf of the Fund 

and commission is paid on these transactions. 

10. Securities Lending 

The SICAV may lend portions of its securities portfolio to third parties for the purpose of generating additional income or for reducing costs or risk, to the 

maximum extent allowed by and within the limits set forth in (i) article 11 of the Grand Ducal regulation of 8 February 2008 relating to certain definitions of 

the Luxembourg Law, (ii) CSSFCircular 08/356 relating to the rules applicable to Undertakings for Collective Investment when they use certain techniques 

and instruments relating to transferable securities and money market instruments and (iii) any other applicable laws, regulations, circulars or CSSF 

positions. A significant proportion of the income generated from the securities lending program is credited to participating Sub-Funds, with a portion of the 

income being paid to JPMorgan Chase Bank, N.A. for its role as securities lending agent for the Fund. Borrowers of securities lent by participating Sub-Funds 

are approved by the Management Company after appropriate assessment of such borrowers’ status and financial standing. During the period from 1 July 

2012 to 31 December 2012, 75% of any incremental income earned from securities lending was accrued to the applicable Sub-Fund, with the remaining 

income payable to the securities lending agent which arranges the transaction. From 1 January 2013, the proportion increased to 85%; refer to Note 14g. The 

income earned from the securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets. 

As at 30 June 2013, the SICAV valuation of securities on loan is USD 509,942,839, as detailed below and received collateral as security with a market value of 

USD 534,319,777. 

The table below provides the USD valuation of securities on loan at a Sub-Fund level as at 30 June 2013: 


Non Cash 

Collateral* 




(Net) 

JPMorgan Funds - China Fund 94,943,292 30,946,099 71,861,225 268,774 40,316 228,458 

JPMorgan Funds - Euroland Equity Fund 14,357,899 12,426,994 2,408,852 321,374 59,137 262,237 

JPMorgan Funds - Euroland Select Equity Fund 806,794 - 875,450 100,821 17,840 82,981 

JPMorgan Funds - Europe Dynamic Fund 18,346,455 13,572,355 5,452,850 146,260 28,421 117,839 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 4,182,766 4,261,477 - 49,808 9,225 40,583 

JPMorgan Funds - Europe Equity Fund 12,836,957 4,640,993 8,920,135 404,336 74,178 330,158 

JPMorgan Funds - Europe Small Cap Fund 6,750,055 2,300,621 4,846,279 89,340 18,363 70,977 

JPMorgan Funds - Europe Technology Fund 19,440,207 16,267,256 3,846,858 99,851 20,672 79,179 

55





Non Cash 

Collateral* 




(Net) 

JPMorgan Funds - Germany Equity Fund 21,091,361 13,916,634 7,703,435 829,472 135,089 694,383 

JPMorgan Funds - Global Dynamic Fund 25,652,181 16,238,104 10,830,530 508,844 90,499 418,345 

JPMorgan Funds - Global Focus Fund 123,539,547 101,900,401 25,080,958 1,538,234 313,630 1,224,604 

JPMorgan Funds - Global Real Estate Securities Fund (USD) - - - 7,123 1,781 5,342 

JPMorgan Funds - Greater China Fund 30,117,524 4,219,644 28,070,863 62,549 9,382 53,167 

JPMorgan Funds - Hong Kong Fund 7,433,915 898,424 7,029,537 11,020 1,653 9,367 

JPMorgan Funds - US Small Cap Growth Fund 1,750 2,188 - 113,854 28,463 85,391 

JPMorgan Funds - US Technology Fund 3,022,539 - 3,285,145 26,230 5,815 20,415 

JPMorgan Funds - US Value Fund - - - 5,123 1,281 3,842 

*The securities received as collateral are in the form of government securities (US, UK, and some Eurozone). These securities are issued and guaranteed as to principal and interest by the US and the 

Eurozone government with minimum ratings of AAA and AA-, respectively. 

11. Information for Swiss Registered Shareholders 

J.P. Morgan (Suisse) S.A. was authorised by the Swiss Financial Market Supervisory Authority (FINMA) as Swiss representative of the SICAV and acts also as 

paying agent. The prospectus, the Key Investor Information Documents, the articles, the annual and semi-annual reports of the SICAV, as well as a list of the 

purchases and sales which the SICAV has undertaken during the financial year may be obtained, on simple request and free of charge, at the head office of 

the Swiss representative of the SICAV, J.P. Morgan (Suisse) S.A., 8, rue de la Confédération, CH-1204 Geneva, Switzerland. 

Payments/compensations (trailer fees) can be paid out from the management fee for the distribution/marketing of the investment fund to distributors. 

Reimbursements/rebates can be granted out of the management fee to institutional investors who hold the Sub-Fund shares for the economic benefit of 

third parties. 

12. Information for German Registered Shareholders 

A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the year under review, may be obtained free 

of charge upon request at the registered office of the SICAV and at the office of the German paying and information agent, J.P. Morgan AG, Junghofstraße 14, 

D-60311 Frankfurt am Main. Additional information on investments within each Sub-Fund’s portfolio is available to shareholders at the registered office of 

the SICAV and at the office of the German paying and information agent. 

13. Authorisation of Sub-Funds in Hong Kong 

The following Sub-Funds are authorised in Hong Kong and available to Hong Kong Residents: 






















JPMorgan Funds - Japan Small Cap Fund 






JPMorgan Funds - Pacific Technology Fund 









JPMorgan Funds - Europe Small Cap Fund JPMorgan Funds - US Dynamic Fund (deregistered on 1 March 2013) 










14. Significant Events 

a) Sub-Fund Mergers 

With effect from 31 May 2013, JPMorgan Funds - US Dynamic Fund merged into JPMorgan Funds - US Equity Plus Fund (formerly JPMorgan Funds - US 

Dynamic 130/30 Fund). See also Note 14e. 

b) Sub-Fund Currency Changes 

With effect from 2 July 2012, the base currency of the Sub-Fund JPMorgan Funds - Emerging Markets Local Currency Debt Fund changed from EUR to USD. 

c) Sub-Fund Name Changes 

With effect from 5 December 2012, the following Sub-Funds changed their name as follows: 

- JPMorgan Funds - Asia Pacific Bond Fund changed its name into JPMorgan Funds - Asia Local Currency Debt Fund; 

- JPMorgan Funds - Global Equity Fund (USD) changed its name into JPMorgan Funds - Global Unconstrained Equity Fund. 

56




With effect from 5 November 2012, the Share Class JPM Emerging Markets Local Currency Debt X (acc) - GBP changed its name into JPM Emerging Markets 

Local Currency Debt Y (acc) - GBP. 

With effect from 4 February 2013, the Board has decided to rename Sub-Funds branded “JF” and as a result the following Sub-Funds have been renamed as 

follows: 

- JPMorgan Funds - JF Asia Pacific Income Fund changed its name into JPMorgan Funds - Asia Pacific Income Fund; 

- JPMorgan Funds - JF China Fund changed its name into JPMorgan Funds - China Fund; 

- JPMorgan Funds - JF Greater China Fund changed its name into JPMorgan Funds - Greater China Fund; 

- JPMorgan Funds - JF Hong Kong Fund changed its name into JPMorgan Funds - Hong Kong Fund; 

- JPMorgan Funds - JF India Fund changed its name into JPMorgan Funds - India Fund; 

- JPMorgan Funds - JF Japan Equity Fund changed its name into JPMorgan Funds - Japan Equity Fund; 

- JPMorgan Funds - JF Japan Small Cap Fund changed its name into JPMorgan Funds - Japan Small Cap Fund; 

- JPMorgan Funds - JF Korea Equity Fund changed its name into JPMorgan Funds - Korea Equity Fund; 

- JPMorgan Funds - JF Pacific Technology Fund changed its name into JPMorgan Funds - Pacific Technology Fund; 

- JPMorgan Funds - JF Singapore Fund changed its name into JPMorgan Funds - Singapore Fund; 

- JPMorgan Funds - JF Taiwan Fund changed its name into JPMorgan Funds - Taiwan Fund. 

With effect from 4 February 2013, the Board has decided to rename the Share Classes branded “JF”, therefore all references to “JF” Classes of Shares have 

been replaced with “JPMorgan” Classes of Shares. 

d) Changes to Sub-Fund Benchmark Indexes 

With effect from 5 December 2012, the following Sub-Funds changed their benchmark indexes as follows: 

- JPMorgan Funds - Global Unconstrained Equity Fund changed from Morgan Stanley Capital International (MSCI) World Index (Total Return Net) to Morgan 

Stanley Capital International (MSCI) All Country World Index (Total Return Net); and for its EUR hedged Share Classes, from Morgan Stanley Capital 

International (MSCI) World Index (Total Return Net) hedged into EUR to Morgan Stanley Capital International (MSCI) All Country World Index (Total Return 

Net) hedged into EUR. 

With effect from 1 January 2013, JPMorgan Funds - Emerging Markets Equity Fund changed the benchmark index for its EUR Hedged Share Classes from MSCI 

Emerging Markets Index (Total Return Net) Hedged to EUR to MSCI Emerging Markets Index (Total Return Net) USD Cross Hedged to EUR. 

e) Other Information 

From 1 January 2013 by way of an agreement between the Management Company and the Fund dated 20 December 2012, the Structure of the Share Classes 

Operating and Administrative Expenses have been amended. 

The Operating and Administrative Expenses cover: 

(i) Expenses directly contracted by the Fund, including but not limited to the Custodian fees, auditing fees and expenses, the Luxembourg taxe 

d’abonnement, Directors’ fees and reasonable out-of-pocket expenses incurred by the Directors. 

(ii) A “fund servicing fee” paid to the Management Company for administrative and related services which will be the remaining amount of the Operating and 

Administrative Expenses after deduction of the expenses detailed under section i) above. The Management Company then bears all expenses incurred in the 

day to day operation and administration of the Fund, including but not limited to formation expenses such as organisation and registration costs; accounting 

expenses covering fund accounting and administrative services; transfer agency expenses covering registrar and transfer agency services; the 

Administrative Agent and Domiciliary Agent services; the fees and reasonable out-of-pocket expenses of the paying agents and representatives; legal fees 

and expenses; ongoing registration, listing and quotation fees, including translation expenses; the cost of publication of the Share prices and postage, 

telephone, facsimile transmission and other electronic means of communication; and the costs and expenses of preparing, printing and distributing the 

Prospectus, Key Investor Information Documents or any offering document, financial reports and other documents made available to Shareholders. 

Operating and Administrative Expenses do not include Transaction Fees and Extraordinary Expenses. 

The change in the structure of the Operating and Administrative Expenses does not affect the current fixed percentage level on all Sub-Funds for Share 

Classes - A, B, C, D, J and T, or the capped Operating and Administrative Expenses level on all other Sub-Funds for Share Classes I not mentioned above and 

X Share Classes as disclosed in Appendix III of the Prospectus 

From 1 January 2013, the Management Company has waived the incremental income previously received from the portion of income generated by Securities 

Lending, for its Oversight of the program. From this date, 85% of any incremental income earned from securities lending is accrued to the applicable 

Sub-Fund, with the remaining income payable to the securities lending agent which arrange the transaction. 

The prospectus has been amended in June 2013 to provide shareholders with additional information in accordance with the ESMA Guidelines 2012/832 on 

ETFS and other UCITS issues. 

15. Events After Year-End 

With effect from 1 July 2013, the Management Company has stopped the accrual of the following Sub-Fund’s performance fees: 

- JPMorgan Funds - Emerging Markets Local Currency Debt Fund. 

Subsequent to the year-end, the following Sub-Funds were liquidated: 

- JPMorgan Funds - Global Mining Fund on 30 August 2013; 

- JPMorgan Funds - Japan Small Cap Fund on 30 August 2013; 

- JPMorgan Funds - Pacific Technology Fund on 30 August 2013. 

Following approval during the June 2013 Board Meeting and by the CSSF in August 2013, the following merger is scheduled on 25 October 2013: 


16. Directors’ Fees 

The only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May and Mr Peter Schwicht. 

The total Directors’ fees for the year amount to EUR 161,886, of which the Chairman is due EUR 38,320. 

57




17. Transaction Costs 

For the year ended 30 June 2013, the SICAV incurred transaction costs which have been defined as brokerage fees relating to purchase or sale of 

transferable securities, derivatives (excepted OTC derivatives) or other eligible assets as follows: 




340,715 USD 


10,237 USD 


5,364,805 USD 


1,954,832 USD 


12,855,005 USD 


778,326 EUR 


2,010,872 USD 


- * USD 


- * USD 


8,463,658 USD 


8,324 USD 


5,946,388 USD 


769,711 USD 


804,064 EUR 


126,747 EUR 


1,796,027 EUR 


184,342 EUR 


1,937,526 EUR 


1,384,532 EUR 


513,479 EUR 


383,416 EUR 


373,332 EUR 


4,825 EUR 


2,527,377 USD 


2,186,307 EUR 


32,903 EUR 


3,495 EUR 


1,178,181 EUR 


306,364 USD 


377,917 USD 


4,001,859 USD 


641,900 USD 


1,394,897 USD 


313,128 USD 


37,416 USD 


1,455,274 USD 


2,834,890 USD 


109,650 USD 


1,065,438 USD 


458,553 USD 


1,776,714 USD 


- * USD 


136,380 USD 


595,778 USD 


321,889 USD 


199,838 USD 


789,616 USD 

* For fixed income securities, transaction cost are not separately identificable from the purchase price of the security and therefore cannot be disclosed separately. 

58




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


88,690 Amazon.com 24,691,296 3.23 



65,070 Autozone 27,316,711 3.58 

106,134 Berkshire Hathaway - B Shares 11,869,496 1.55 

234,700 Biogen Idec 51,468,536 6.75 

376,390 Cameron International 23,155,513 3.03 


579,636 Charles Schwab 12,123,087 1.59 

334,554 Devon Energy 17,366,698 2.27 



326,640 Express Scripts Holding 20,166,754 2.64 

211,260 Exxon Mobil 18,977,486 2.49 




555,675 Kohl’s 28,186,614 3.69 

904,638 Loews 39,921,675 5.23 

131,290 M&T Bank 14,550,214 1.91 

829,426 Pfizer 23,609,611 3.09 

45,428 priceline.com 37,384,973 4.90 




378,550 Starbucks 24,865,057 3.26 

417,490 Teradata 20,882,850 2.74 


347,660 Walgreen 15,583,860 2.04 

652,861 Wells Fargo & Co. 26,803,208 3.52 

709,853,388 92.99 




% of 


Shares 






Energy 7.79 






Total 100.00 


% of 


Shares 





Energy 7.69 









Total 100.00 

22,993,495 3.01 



10,003,718 1.31 

Total Shares 742,850,601 97.31 



742,850,601 97.31 



LUXEMBOURG 



24,731,761 3.24 




24,731,761 3.24 


Cash 3,574,500 0.47 



59




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 EUR 36,377,701 USD 48,421,905 (1,018,354) 

17-Jul-13 USD 3,250,205 EUR 2,460,408 44,063 

Total (974,291) 

As at 30 June 2013, the exposure of the Sub-Fund through Outstanding Forward Foreign Exchange Contracts by counterparty is as follows: 

Counterparty 

Unrealised 

Gain/(Loss) 







RBC (15,802) 



UBS (2,007) 


Total (974,291) 

60




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

SOUTH KOREA 







500,000 Korea National Oil 16.02.16/3.150% 404,225 0.86 

200,000 Shinhan Bank 02.03.35/5.663%* 206,308 0.44 

500,000 Shinhan Card 28.10.13/2.700% 394,559 0.84 

8,680,707 18.47 

INDONESIA 

2,500,000,000 Bank Danamon Indonesia 09.12.13/8.750% 253,251 0.54 










6,090,024 12.96 

INDIA 

30,000,000 Export-Import Bank of India 18.03.16/8.750% 502,090 1.07 

50,000,000 India Government Bond 11.04.18/7.830% 846,955 1.80 




3,626,287 7.72 

SINGAPORE 

2,000,000 ICICI Bank/Singapore 21.09.15/4.900% 326,264 0.69 

1,500,000 ITNL Offshore 26.04.15/5.750% 244,212 0.52 


1,400,000 Singapore (Government of) 01.03.27/3.500% 1,190,060 2.53 



3,317,813 7.06 

THAILAND 






3,268,853 6.96 

HONG KONG 

200,000 Chinatrust Commercial Bank 

Hong Kong 31.12.49/5.625%* 199,215 0.42 

250,000 Dah Sing Bank 09.02.22/4.875%* 200,984 0.43 

2,000,000 Gemdale Asia Holding 21.03.18/5.625% 295,222 0.63 



2,000,000 Yanlord Land/Honk Kong 23.05.16/5.375% 306,767 0.65 

2,684,345 5.71 

CHINA 


Bank of China 17.01.15/3.200% 405,073 0.86 


Bank of China 22.06.15/3.200% 162,026 0.34 

1,000,000 Bank of East Asia China 11.05.15/3.650% 162,342 0.35 


1,600,000 China Guangdong Nuclear 

Power Holding 01.11.15/3.750% 257,492 0.55 

2,000,000 China Minmetals 28.03.16/3.650% 320,611 0.68 

1,000,000 Shanghai Baosteel Group 01.03.15/3.675% 161,366 0.34 

1,627,250 3.46 

MALAYSIA 

200,000 AMBB Capital 31.12.49/6.770%* 202,423 0.43 

3,000,000 Axiata SPV2 Berhad 18.09.14/3.750% 484,602 1.03 

2,000,000 Danga Capital 20.10.14/2.900% 327,204 0.70 

200,000 Public Bank 22.08.36/6.840%* 208,125 0.44 

1,222,354 2.60 

PHILIPPINES 




1,194,358 2.54 



4,500,000 Henderson Land MTN 13.03.14/2.160% 581,811 1.24 

744,299 1.58 

AUSTRALIA 



738,951 1.57 


200,000 Bank Negara Indonesia 

Persero/London 27.04.17/4.125% 198,482 0.43 

3,000,000 CCBL Funding 29.11.15/3.200% 490,856 1.04 

689,338 1.47 


2,000,000 China Shanshui Cement 

Group 22.07.14/6.500% 322,698 0.69 

2,000,000 Dorsett Hospitality 


628,408 1.34 

BERMUDA 


Group 30.06.14/3.750% 327,632 0.70 

327,632 0.70 

JAPAN 

1,000,000 Mitsui & Co. 01.03.17/4.250% 163,710 0.35 

163,710 0.35 

Total Bonds 35,004,329 74.49 



3,000,000 Tong Jie 18.02.18/0.000% 378,520 0.81 

4,000,000 Wharf Finance 2014 07.06.14/2.300% 526,493 1.12 

905,013 1.93 

SINGAPORE 

750,000 CapitaLand 15.11.16/2.100% 592,266 1.26 

592,266 1.26 

BERMUDA 

3,000,000 China Daye Non-Ferrous 

Metals Mining 30.05.18/0.500% 462,623 0.98 

INDIA 

462,623 0.98 

300,000 Tata Steel 21.11.14/4.500% 301,926 0.64 

301,926 0.64 


250,000 ENN Energy Holdings 26.02.18/0.000% 271,610 0.58 

271,610 0.58 




37,537,767 79.88 

61




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

MALAYSIA 






3,955,360 8.42 

PHILIPPINES 




1,586,768 3.38 

HONG KONG 

2,000,000 Airport Authority Hong Kong 05.09.22/2.250% 239,006 0.51 

3,000,000 HKCG Finance 16.05.22/3.300% 372,402 0.79 

611,408 1.30 

SOUTH KOREA 

3,000,000 Export-Import Bank of Korea 23.09.21/3.450% 372,355 0.79 

372,355 0.79 

CHINA 

1,400,000 HSBC Bank China 10.01.15/3.281%* 230,182 0.49 

230,182 0.49 

Total Bonds 6,756,073 14.38 

Total Transferable Securities Dealt in on 

Another Regulated Market 

6,756,073 14.38 


Cash 2,995,309 6.37 



* Variable coupon rates are those quoted as at 30 June 2013. 


% of 






India 8.36 



Thailand 6.96 


China 3.95 



Bermuda 1.68 



Japan 0.35 



Total 100.00 


% of 






India 8.21 




Thailand 5.01 


China 3.07 




Taiwan 0.54 

Japan 0.44 



Total 100.00 

62




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

24-Jul-13 AUD 750,000 HKD 5,587,907 (34,597) 

24-Jul-13 HKD 5,953,125 AUD 750,000 81,677 

24-Jul-13 HKD 6,168,500 SGD 1,000,000 6,986 

24-Jul-13 JPY 50,000,000 USD 513,716 (9,010) 

24-Jul-13 SGD 1,000,000 HKD 6,102,298 1,548 

24-Jul-13 SGD 2,704,656 USD 2,185,573 (53,778) 

24-Jul-13 USD 1,175,783 AUD 1,150,000 124,316 

24-Jul-13 USD 3,000,000 CNH 18,518,500 (10,331) 

24-Jul-13 USD 1,424,755 JPY 143,104,950 (19,763) 

24-Jul-13 USD 1,184,310 NZD 1,500,000 27,118 

24-Jul-13 USD 985,654 SGD 1,239,000 9,081 

31-Jul-13 KRW 1,923,690,000 USD 1,705,248 (29,394) 

31-Jul-13 MYR 3,229,500 USD 1,060,417 (40,471) 

31-Jul-13 PHP 77,085,500 USD 1,790,079 (2,962) 

31-Jul-13 THB 16,251,450 USD 530,313 (10,005) 

31-Jul-13 TWD 32,506,600 USD 1,088,269 (3,818) 

31-Jul-13 USD 600,000 INR 36,150,000 (3,771) 

31-Jul-13 USD 530,008 KRW 600,000,000 7,308 

31-Jul-13 USD 189,753 MYR 600,000 260 

31-Jul-13 USD 161,962 PHP 7,000,000 (323) 

31-Jul-13 USD 1,040,814 THB 31,871,450 20,413 

Total 60,484 


Counterparty 

Unrealised 

Gain/(Loss) 

HSBC Hong Kong (10,331) 


State Street Bank Hong Kong 100,421 

Total 60,484 

63




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Shares 

AUSTRALIA 

8,512,575 Amcor 79,145,673 1.74 

2,281,713 ANZ Banking Group 59,734,251 1.31 

5,604,502 APA Group 30,725,670 0.67 

1,500,000 BHP Billiton 43,109,717 0.95 

41,332,008 CFS Retail Property Trust 75,247,803 1.65 

5,732,257 Charter Hall Retail REIT 20,084,327 0.44 

7,914,594 DUET Group 14,680,939 0.33 

11,570,091 Federation Centres 24,906,048 0.55 

10,339,153 Insurance Australia Group 51,568,325 1.13 

1,266,501 Macquarie Group 48,632,545 1.07 

7,655,534 Stockland 24,438,720 0.54 

19,845,299 Telstra 86,711,402 1.90 

7,940,579 Westfield Group 83,101,442 1.83 

12,936,217 Westfield Retail Trust 36,793,329 0.81 

2,250,326 Westpac Banking 59,582,483 1.31 

738,462,674 16.23 

SINGAPORE 

28,439,245 AIMS AMP Capital Industrial 36,704,549 0.81 

25,497,000 Ascendas India Trust 14,217,919 0.31 


22,726,000 Asian Pay Television Trust 15,180,401 0.33 

3,838,000 CapitaCommercial Trust 4,416,501 0.10 


12,207,000 CDL Hospitality Trusts 16,307,942 0.36 


9,948,000 Far East Hospitality Trust 7,527,097 0.17 

18,280,000 Fortune Real Estate Investment Trust 16,689,196 0.37 


9,586,000 Frasers Commercial Trust 10,407,575 0.23 

809,000 Keppel 6,637,733 0.15 

5,202,000 M1/Singapore 12,341,199 0.27 

39,880,970 Mapletree Industrial Trust 41,413,016 0.91 

14,262,000 Singapore Exchange 79,135,912 1.74 

4,162,000 Singapore Press Holdings 13,695,537 0.30 


14,107,000 Suntec Real Estate Investment Trust 17,456,406 0.38 

3,727,000 United Overseas Bank 58,353,712 1.28 

5,063,000 UOB-Kay Hian Holdings 6,584,342 0.14 

513,786,046 11.29 

THAILAND 

38,596,600 Asia Plus Securities (Foreign) 4,768,835 0.10 

10,416,000 Bangkok Bank - NVDR 68,359,178 1.50 

5,776,900 Bangkok Expressway (Foreign) 6,604,688 0.15 

7,987,000 BEC World (Foreign) 15,090,970 0.33 

7,819,200 Kiatnakin Bank (Foreign) 13,236,932 0.29 

12,982,900 Krung Thai Bank (Foreign) 8,437,218 0.18 

1,980,800 LPN Development (Foreign) 1,535,184 0.03 

9,630,800 PTT (Foreign) 103,385,834 2.27 

25,969,811 PTT Global Chemical (Foreign) 57,194,425 1.26 

35,470,250 Quality Houses (Foreign) 3,551,578 0.08 

15,290,849 Shin - NVDR 42,631,338 0.94 

13,174,351 Shin (Foreign) 36,730,480 0.81 

34,651,000 Thai Tap Water Supply (Foreign) 11,287,152 0.25 

20,847,462 Ticon Industrial Connection (Foreign) 12,076,274 0.27 

384,890,086 8.46 

CHINA 




26,170,000 Jiangsu Expressway - H Shares* 26,968,879 0.59 

39,778,000 Zhejiang Expressway - H Shares* 32,275,976 0.71 

263,055,532 5.78 

HONG KONG 


5,322,000 China Mobile 55,684,955 1.22 

4,178,500 CLP Holdings 33,742,883 0.74 

2,502,000 YGM Trading 6,466,100 0.14 

20,396,000 Yuexiu Real Estate Investment Trust 11,146,835 0.25 

218,100,367 4.79 

TAIWAN 



11,550,000 Far EasTone Telecommunications 30,838,781 0.68 



10,617,000 Pegatron 17,564,564 0.39 

18,564,000 Quanta Computer 40,216,530 0.88 


181,501,126 3.99 


14,449,200 HSBC Holdings 151,277,462 3.33 

151,277,462 3.33 

SOUTH KOREA 

775,090 Daishin Securities Preference Shares 4,319,548 0.10 

669,621 Dongsuh 16,116,468 0.36 

293,040 Grand Korea Leisure 8,958,398 0.20 

600,000 KT&G 38,831,816 0.85 

2,941,900 Macquarie Korea Infrastructure Fund 17,589,106 0.38 

164,347 SK Telecom 30,159,427 0.66 

115,974,763 2.55 

BERMUDA 

13,032,000 IT 4,652,984 0.10 

12,960,000 Midland Holdings 4,836,089 0.11 

22,801,156 NWS Holdings 35,062,108 0.77 

33,092,000 Trinity 11,410,049 0.25 

1,046,200 VTech Holdings 15,898,979 0.35 

42,768,000 Yuexiu Transport Infrastructure 21,526,860 0.47 

93,387,069 2.05 


39,748,000 HKT Trust 37,579,942 0.83 

17,763,200 Wynn Macau 48,139,095 1.06 

85,719,037 1.89 

NEW ZEALAND 

29,221,855 Telecom Corp. of New Zealand 50,869,221 1.12 

50,869,221 1.12 

PHILIPPINES 

568,370 Philippine Long Distance Telephone 38,593,838 0.85 

38,593,838 0.85 

INDONESIA 


36,742,387 0.81 

INDIA 

36,616,002 NHPC 11,424,626 0.25 

11,424,626 0.25 

MALAYSIA 

1,525,600 IGB Real Estate Investment Trust 639,791 0.01 

639,791 0.01 

Total Shares 2,884,424,025 63.40 

Bonds 





8,800,000 Azure Orbit International 

Finance 06.03.23/3.750% 8,002,623 0.18 



3,000,000 Champion MTN 17.01.23/3.750% 2,620,101 0.06 


Cayman II 10.11.20/5.500% 1,667,526 0.04 


Cayman IV 15.02.17/4.875% 16,977,616 0.37 


Cayman V 15.11.22/3.950% 2,527,868 0.06 

64




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Cayman V 15.11.42/5.350% 1,030,714 0.02 

9,000,000 China Resources Cement 

Holdings 05.10.17/2.125% 8,648,811 0.19 


11,000,000 China SCE Property Holdings 14.11.17/11.500% 11,053,328 0.24 


3,400,000 China Shanshui Cement Group 27.04.17/10.500% 3,563,149 0.08 





19,200,000 Greentown China Holdings 04.02.18/8.500% 18,725,741 0.41 

5,600,000 Hongkong Land Finance 01.06.22/4.500% 5,605,376 0.12 


International 11 13.01.22/4.625% 1,843,722 0.04 




International 12 29.05.49/6.000%** 2,450,145 0.05 




8,000,000 Krung Thai Bank/Cayman 

Islands 11.09.18/2.250% 7,610,432 0.17 



108,000,000 Lai Fung Holdings 25.04.18/6.875% 15,923,602 0.35 

200,000 Longfor Properties 07.04.16/9.500% 216,636 0.00 



2,800,000 Lonking Holdings 03.06.16/8.500% 2,759,484 0.06 

3,400,000 Mongolian Mining 29.03.17/8.875% 2,912,423 0.06 

12,400,000 Parkson Retail Group 03.05.18/4.500% 11,710,188 0.26 

500,000 PHBS 31.12.49/6.625% 472,520 0.01 



5,800,000 Shui On Development Holding 16.02.15/9.750% 5,993,778 0.13 

2,400,000 Shui On Development Holding 31.12.49/10.125%** 2,377,044 0.05 

18,000,000 Sino MTN 21.09.17/3.250% 17,543,700 0.38 

1,000,000 SOHO China 07.11.17/5.750% 978,915 0.02 

3,000,000 SOHO China 07.11.22/7.125% 2,693,340 0.06 

4,900,000 Swire Pacific MTN Financing 28.02.22/4.500% 4,934,521 0.11 



5,700,000 Texhong Textile Group 18.01.19/6.500% 5,342,804 0.12 

2,000,000 Tingyi Cayman Island Holding 20.06.17/3.875% 2,048,780 0.04 

4,000,000 Want Want China Finance 14.05.18/1.875% 3,758,620 0.08 


347,318,708 7.64 



Capital Management 06.05.18/4.625% 9,868,470 0.22 

16,800,000 Bestgain Real Estate 13.03.18/2.625% 15,403,332 0.34 


5,200,000 Big Will Investments 29.04.16/10.875% 5,447,416 0.12 

15,800,000 Caifu Holdings 24.01.20/8.750% 14,547,613 0.32 

7,800,000 China Merchants Finance 04.05.22/5.000% 7,747,615 0.17 

9,800,000 CITIC Securities Finance 2013 03.05.18/2.500% 9,143,086 0.20 

800,000 CLP Power Hong Kong 

Financing 26.10.27/3.375% 678,595 0.01 

6,000,000 CNOOC Finance 2013 09.05.43/4.250% 5,060,010 0.11 

500,000 CNPC HK Overseas Capital 28.04.41/5.950% 542,173 0.01 

17,200,000 COSCO Finance 2011 03.12.22/4.000% 15,075,611 0.33 

1,800,000 Fita International 10.02.20/7.000% 1,929,645 0.04 

3,000,000 FPC Finance 28.06.19/6.000% 3,045,840 0.07 

11,200,000 FPC Treasury 16.04.23/4.500% 10,124,800 0.22 

2,800,000 Franshion Development 15.04.21/6.750% 2,742,782 0.06 

13,000,000 Franshion Investment 26.10.17/4.700% 12,521,132 0.27 

2,100,000 Henson Finance 17.09.19/5.500% 2,241,223 0.05 

8,000,000 HLP Finance 25.06.22/4.750% 7,778,608 0.17 

16,200,000 Howes Capital 10.04.17/4.750% 16,750,476 0.37 

8,000,000 Huaneng Hong Kong Capital 11.06.18/3.375% 7,729,040 0.17 

7,800,000 Hysan MTN 16.01.23/3.500% 7,194,829 0.16 

13,000,000 JGSH Philippines 23.01.23/4.375% 12,134,850 0.27 

9,800,000 Joyous Glory Group 07.03.20/5.700% 9,801,607 0.22 

800,000 LS Finance 2022 16.10.22/4.250% 724,399 0.02 

1,800,000 PCCW Capital No 4 17.04.22/5.750% 1,804,482 0.04 

15,800,000 PCCW-HKT Capital No 5 08.03.23/3.750% 14,247,176 0.31 

3,000,000 Road King Infrastructure 

Finance 2012 18.09.17/9.875% 3,152,250 0.07 





15,000,000 SmarTone Finance 08.04.23/3.875% 13,137,975 0.29 

5,000,000 Sparkle Assets 30.01.20/6.875% 4,760,950 0.10 

11,500,000 Star Energy Geothermal 

Wayang Windu 27.03.20/6.125% 11,038,218 0.24 

5,000,000 Studio City Finance 01.12.20/8.500% 5,240,500 0.12 

1,800,000 Talent Yield Investments 25.04.22/4.500% 1,763,064 0.04 



5,800,000 Yuexiu REIT MTN 14.05.18/3.100% 5,413,743 0.12 

278,230,683 6.12 

HONG KONG 

7,000,000 Bangkok Bank/Hongkong 27.03.18/2.750% 6,875,400 0.15 

5,800,000 Bright Food Hong Kong 21.05.18/3.000% 5,402,062 0.12 


12,800,000 Citic Pacific 21.01.18/6.875% 12,457,357 0.27 

10,800,000 Citic Pacific 10.04.20/6.375% 9,986,652 0.22 

1,400,000 Citic Pacific 15.04.21/6.625% 1,302,689 0.03 

9,000,000 Citic Pacific 17.01.23/6.800% 8,330,580 0.18 

700,000 Citic Pacific 15.04.49/7.875%** 650,881 0.01 

5,000,000 Citic Pacific 31.12.49/8.625%** 4,744,290 0.10 

16,000,000 Cosco Pacific Finance 2013 31.01.23/4.375% 14,414,080 0.32 

5,600,000 CRCC Yuxiang 16.05.23/3.500% 5,076,652 0.11 

13,500,000 Gemdale International 

Investment 16.11.17/7.125% 13,548,263 0.30 

13,800,000 Hainan Airlines Hong Kong 07.02.20/3.625% 12,969,806 0.29 

4,000,000 Hero Asia Investment 31.12.49/5.250%** 3,980,120 0.09 


200,000 MCC Holding Hong Kong 29.07.16/4.875% 198,585 0.00 

3,700,000 Minmetals Land Capital 26.04.18/5.500% 3,668,173 0.08 

4,200,000 Poly Property Group 16.05.18/4.750% 3,847,851 0.08 

1,400,000 RH International Finance 19.10.17/4.250% 1,358,270 0.03 



10,600,000 Wing Lung Bank 07.11.22/3.500%** 10,251,843 0.23 

8,000,000 Yancoal International 

Resources Development 16.05.17/4.461% 7,972,160 0.18 

4,000,000 Yancoal International 

Resources Development 16.05.22/5.730% 3,668,380 0.08 

9,600,000 Yuexiu Property 24.01.18/3.250% 9,049,142 0.20 

2,600,000 Zoomlion 20.12.22/6.125% 2,306,785 0.05 

191,237,148 4.20 

INDIA 

14,200,000 Bharat Petroleum 25.10.22/4.625% 13,325,351 0.29 




1,900,000 ICICI Bank 16.11.20/5.750% 1,945,866 0.04 




1,000,000 Indian Oil 02.08.21/5.625% 1,013,690 0.02 

8,000,000 Indian Railway Finance 10.10.17/3.417% 7,866,560 0.17 

600,000 NTPC 14.07.21/5.625% 609,834 0.02 

14,800,000 NTPC 03.10.22/4.750% 14,077,464 0.31 

17,200,000 ONGC Videsh 07.05.23/3.750% 14,905,262 0.33 

9,800,000 Power Grid Corp of India 17.01.23/3.875% 8,685,397 0.19 

99,309,596 2.18 

SINGAPORE 

9,000,000 Alam Synergy 27.03.20/6.950% 8,689,365 0.19 

800,000 BOC Aviation 10.10.17/2.875% 766,320 0.02 

10,600,000 BOC Aviation 02.05.23/4.375% 9,608,370 0.21 

2,400,000 Bumi Investment 06.10.17/10.750% 1,771,308 0.04 

11,000,000 CapitaLand Treasury 20.09.22/4.076% 10,222,960 0.22 

2,600,000 DBS Bank 21.09.22/3.625%** 2,613,923 0.06 

4,400,000 ITNL Offshore 26.04.15/5.750% 716,354 0.02 

3,600,000 Keppel Land Financial 

Services 11.12.19/3.259% 3,434,839 0.07 

1,300,000 Olam International 12.08.20/7.500% 1,213,251 0.03 

6,800,000 Ottawa Holdings Pte 16.05.18/5.875% 5,864,762 0.13 

1,400,000 Oversea-Chinese Banking 11.03.23/3.150%** 1,364,412 0.03 

17,800,000 STATS ChipPAC 20.03.18/4.500% 17,187,502 0.38 

11,000,000 TBG Global 03.04.18/4.625% 10,560,495 0.23 

1,000,000 United Overseas Bank 17.10.22/2.875%** 975,415 0.02 

4,400,000 Yanlord Land Group 29.03.18/10.625% 4,597,758 0.10 

79,587,034 1.75 

65




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



20,200,000 Axis Bank/Dubai 05.09.17/5.125% 20,572,185 0.45 


48,132,338 1.06 

INDONESIA 

2,000,000 Adaro Indonesia 22.10.19/7.625% 2,113,400 0.05 

7,500,000,000 Bank Danamon Indonesia 09.12.13/8.750% 759,752 0.02 

16,800,000 Bank Rakyat Indonesia 

Persero 28.03.18/2.950% 15,504,468 0.34 




2,900,000 Perusahaan Listrik Negara 24.10.42/5.250% 2,431,607 0.05 

600,000 Perusahaan Penerbit 21.11.18/4.000% 583,248 0.01 

1,000,000 Perusahaan Penerbit 21.11.22/3.300% 875,455 0.02 

7,200,000 Theta Capital 16.05.19/7.000% 7,251,732 0.16 

9,738,000 Theta Capital 14.11.20/6.125% 9,365,814 0.21 

47,690,886 1.05 

MALAYSIA 

800,000 AMBB Capital 31.12.49/6.770%** 809,692 0.02 

7,800,000 IOI Investment 27.06.22/4.375% 7,323,420 0.16 

5,000,000 Malayan Banking 20.09.22/3.250%** 4,852,940 0.10 

700,000 Petronas Capital 12.08.19/5.250% 767,228 0.02 

1,000,000 Public Bank 22.08.36/6.840%** 1,040,625 0.02 

7,600,000 RHB Bank 11.05.17/3.250% 7,616,986 0.17 


6,800,000 SSG Resources 04.10.22/4.250% 6,467,725 0.14 

36,497,968 0.80 

SOUTH KOREA 

400,000 Busan Bank 09.02.17/4.125% 414,266 0.01 

9,200,000 Daegu Bank 29.04.18/2.250% 8,637,098 0.19 

700,000 Export-Import Bank of Korea 15.09.21/4.375% 712,219 0.02 


1,800,000 Korea Expressway 22.10.17/1.875% 1,717,047 0.04 

2,000,000 Korea Hydro & Nuclear Power 19.09.22/3.000% 1,794,780 0.04 

200,000 KT 20.01.17/3.875% 206,586 0.00 

2,000,000 National Federation Of 

Fisheries Cooperatives 03.05.17/3.500% 2,029,300 0.04 

7,800,000 NongHyup Bank 19.09.17/2.250% 7,522,788 0.17 

200,000 POSCO 14.04.21/5.250% 208,698 0.00 

1,200,000 Shinhan Bank 20.09.36/6.819%** 1,303,974 0.03 

1,900,000 SK Telecom 01.05.18/2.125% 1,817,987 0.04 

500,000 Woori Bank 13.04.21/5.875% 534,793 0.01 

34,074,194 0.75 

BERMUDA 

2,000,000 BW Group 28.06.17/6.625% 2,043,460 0.04 

7,600,000 China Oil & Gas Group 25.04.18/5.250% 7,556,376 0.17 

4,500,000 China Oriental Group 17.11.17/7.000% 4,174,290 0.09 

4,900,000 Li & Fung 31.12.49/6.000%** 4,907,105 0.11 

13,600,000 Shenzhen International 

Holdings 20.04.17/4.375% 13,885,124 0.31 

32,566,355 0.72 

THAILAND 

8,400,000 PTT (Foreign) 25.10.22/3.375% 7,642,530 0.17 

600,000 PTT (Foreign) 25.10.42/4.500% 492,237 0.01 

8,000,000 PTT Global Chemical (Foreign) 19.09.22/4.250% 7,682,880 0.17 

7,800,000 Siam Commercial Bank/Hong 

Kong (Foreign) 19.09.17/3.375% 7,858,773 0.17 

7,900,000 Thai Oil 23.01.23/3.625% 7,242,404 0.16 

30,918,824 0.68 

PHILIPPINES 


Philippines 31.12.49/8.375%** 952,322 0.02 

9,600,000 Megaworld 17.04.23/4.250% 8,990,755 0.20 




14,800,000 San Miguel 26.04.23/4.875% 12,791,566 0.28 

3,400,000 SM Investments 17.10.19/4.250% 3,244,943 0.07 

29,058,960 0.64 

NETHERLANDS 


Netherlands 11.03.23/5.125% 11,947,325 0.26 

3,300,000 Comfeed Finance 02.05.18/6.000% 3,094,245 0.07 

7,900,000 ICTSI Treasury 16.01.23/4.625% 7,404,828 0.16 



900,000 Majapahit Holding 20.01.20/7.750% 1,007,330 0.02 

28,992,402 0.64 

SRI LANKA 

1,000,000 Bank of Ceylon 03.05.17/6.875% 1,030,935 0.02 

12,200,000 Bank of Ceylon 16.04.18/5.325% 11,503,551 0.25 


24,792,121 0.54 




20,009,776 0.44 

BAHRAIN 

17,800,000 HDFC Bank/Bahrain 06.03.18/3.000% 16,932,072 0.37 

16,932,072 0.37 


9,250,000 Reliance Holdings USA 14.02.22/5.400% 9,472,046 0.21 

9,472,046 0.21 

CHINA 

10,200,000 China Railway Resources 

Huitung 05.02.23/3.850% 9,195,218 0.20 

9,195,218 0.20 

CANADA 

3,800,000 Harvest Operations 14.05.18/2.125% 3,608,043 0.08 

600,000 PTTEP Canada International 

Finance 05.04.21/5.692% 643,728 0.01 

4,251,771 0.09 

MONGOLIA 

1,200,000 Development Bank of 

Mongolia 21.03.17/5.750% 1,171,668 0.02 

2,900,000 Mongolia (Republic of) 05.12.22/5.125% 2,580,638 0.06 

400,000 Trade & Development Bank of 

Mongolia 20.09.15/8.500% 396,326 0.01 

4,148,632 0.09 

BAHAMAS 

2,000,000 Competition Team Technology 13.12.17/2.125% 1,889,370 0.04 

1,889,370 0.04 

PERU 

1,200,000 CFG Investment 30.07.19/9.750% 1,079,574 0.02 

1,079,574 0.02 

AUSTRALIA 

400,000 SPI Australia Assets 09.04.23/3.300% 366,446 0.01 

366,446 0.01 

Total Bonds 1,375,752,122 30.24 



4,260,176,147 93.64 


Bonds 


2,000,000 Baidu 28.11.17/2.250% 1,943,970 0.04 

3,800,000 Baidu 28.11.22/3.500% 3,387,605 0.07 


3,400,000 Global A&T Electronics 01.02.19/10.000% 3,455,879 0.08 



17,600,000 MCE Finance 15.02.21/5.000% 16,354,008 0.36 

27,802,187 0.61 


25,800,000 State Bank of India/London 18.04.18/3.250% 24,362,940 0.54 

24,362,940 0.54 

66




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


HONG KONG 



10,800,000 Sinochem Global Capital 29.12.49/5.000%** 9,601,470 0.21 

4,400,000 Zoomlion HK 05.04.17/6.875% 4,325,094 0.10 

18,486,172 0.41 

NETHERLANDS 


2,200,000 Listrindo Capital 21.02.19/6.950% 2,287,241 0.05 

17,759,489 0.39 


5,000,000 CNPC General Capital 16.04.23/3.400% 4,629,000 0.10 

1,200,000 COSL Finance 06.09.22/3.250% 1,072,326 0.03 

5,701,326 0.13 

AUSTRALIA 

5,900,000 Leighton Finance 

International 13.11.22/5.950% 5,753,031 0.12 

5,753,031 0.12 

INDONESIA 

2,200,000 Berau Coal Energy 13.03.17/7.250% 2,140,930 0.05 

2,140,930 0.05 

CHINA 

9,300,000 HSBC Bank China 10.01.15/3.281%** 1,529,069 0.03 

1,529,069 0.03 

Total Bonds 103,535,144 2.28 


THAILAND 

54,429,200 BTS Rail Mass Transit Growth Infrastructure Fund 21,310,534 0.46 

23,897,485 Tesco Lotus Retail Growth Freehold & Leasehold 

Property Fund 10,468,571 0.23 

31,779,105 0.69 




135,314,249 2.97 



% of 






India 2.18 






Malaysia 0.80 


Bermuda 0.72 

Thailand 0.68 



Bahrain 0.37 

China 0.23 



Canada 0.09 

Mongolia 0.09 

Bahamas 0.04 

Peru 0.02 


Shares 




Energy 4.10 









Total 100.00 


Time Deposits 


53,296,779 Standard Chartered Bank 02.07.13/0.130% 6,869,762 0.15 



91,458,408 2.01 



Total Investments plus Total Cash Equivalents 4,486,948,804 98.62 

Cash 26,058,702 0.57 




** Variable coupon rates are those quoted as at 30 June 2013. 

67




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 







India 2.07 



Bermuda 1.08 

Thailand 1.05 

Malaysia 0.93 





Mongolia 0.52 



Canada 0.16 

Peru 0.11 


Shares 








Energy 0.75 





Total 100.00 

68




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 SGD 317,894,127 USD 253,925,057 (3,364,545) 

17-Jul-13 USD 15,650,057 SGD 19,799,297 44,478 

24-Jul-13 USD 94,901,790 AUD 99,915,000 3,547,623 

24-Jul-13 USD 149,890,000 SGD 188,630,868 1,212,240 

19-Aug-13 USD 119,328,093 AUD 124,893,000 5,363,865 

19-Aug-13 USD 124,910,000 SGD 157,033,852 1,134,110 

26-Aug-13 USD 84,615,740 THB 2,649,600,000 (90,841) 

17-Sep-13 USD 119,358,633 AUD 125,192,000 5,359,852 

17-Sep-13 USD 125,200,000 SGD 157,246,174 1,252,376 

27-Sep-13 USD 93,811,083 THB 2,940,600,000 (37,860) 

30-Sep-13 USD 93,951,587 THB 2,942,000,000 69,569 

Total 14,490,867 


Counterparty 

Unrealised 

Gain/(Loss) 



Citibank Hong Kong (95,124) 



HSBC Hong Kong 6,740,945 

RBC (29,592) 



State Street Bank Hong Kong 11,165,113 

UBS (48,843) 


Total 14,490,867 

69




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

BRAZIL 


621,750 Banco do Estado do Rio Grande do Sul Preference 

B Shares 4,106,634 1.00 

911,570 BB Seguridade Participações 7,026,412 1.71 

2,502,800 BM&F Bovespa 13,792,614 3.37 

1,151,490 BR Properties 9,752,690 2.38 

1,936,900 Brasil Brokers Participações 5,704,700 1.39 

416,449 BRF - Brasil Foods 8,922,704 2.18 

379,418 BRF - Brasil Foods ADR 8,144,207 1.99 

86,000 Cia Brasileira de Distribuicao Grupo Pao de 

Acucar ADR 3,857,960 0.94 

607,340 Cielo 15,047,056 3.67 

4,000 Companhia de Bebidas das Americas 144,186 0.04 

408,995 Companhia de Bebidas das Americas Preference 

Shares ADR 14,967,172 3.65 


Shares 13,461,859 3.28 

2,127,311 Duratex 12,287,286 3.00 

806,527 Embraer ADR 29,740,683 7.26 

475,130 Gerdau Preference Shares 2,682,427 0.65 

1,175,800 Iochpe-Maxion 12,713,707 3.10 

93,390 Itau Unibanco Holding 1,195,070 0.29 

599,962 Itau Unibanco Holding Preference Shares 7,627,572 1.86 

2,487,840 Itau Unibanco Holding Preference Shares ADR 31,608,007 7.71 


197,669 Itausa - Investimentos Itau Preference Shares 

(Receipts June 13) 721,630 0.18 

711,590 Localiza Rent A CAR 10,276,106 2.51 

609,201 Lojas Renner 17,328,122 4.23 

698,300 LPS Brasil Consultoria de Imoveis 5,599,013 1.37 


621,300 Mills Estruturas e Servicos de Engenharia 8,327,363 2.03 

610,400 Multiplus 9,052,054 2.21 

1,735,000 Odontoprev 7,210,977 1.76 

1,158,875 Randon Participações Preference Shares 6,235,410 1.52 

400,590 Souza Cruz 4,875,081 1.18 

610,020 Valid Solucoes e Servicos de Seguranca em Meios de 



% of 


Shares 










Total 100.00 


% of 


Shares 






Energy 3.62 






Total 100.00 

354,113,054 86.40 

BERMUDA 


4,292,217 1.05 


951,180 JPMorgan Brazil Investment Trust 1,110,669 0.27 

1,110,669 0.27 

Total Shares 359,515,940 87.72 



359,515,940 87.72 



LUXEMBOURG 



26,153,324 6.38 




26,153,324 6.38 


Cash 23,233,777 5.67 



70


Schedule of Investments - Outstanding Financial Option Contracts (Expressed in USD) 


Expiration 

Date 

Number of 


Market 

Value 

Unrealised 

Gain/ 

(Loss) 

20-Jul-13 6,000 Braskem, Call Option, Strike Price 15.000 USD 360,000 (7,320) 

Total 360,000 (7,320) 

As at 30 June 2013, the counterparty Goldman Sachs held the following collateral in favour of the Sub-Fund: 

- Cash: USD 501,622. 

71




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




CHINA 


9,182,000 Angang Steel - H Shares* 4,515,154 0.22 


12,275,164 BOE Technology Group - B Shares 2,840,092 0.14 


48,557,000 China Datang Corp Renewable Power - H Shares* 10,483,526 0.50 



6,622,000 China National Building Material - H Shares* 5,932,185 0.28 


6,748,200 China Pacific Insurance Group - H Shares* 21,506,263 1.04 




10,192,500 CITIC Securities - H Shares* 18,169,527 0.87 

640,200 Dongjiang Environmental - H Shares* 2,302,293 0.11 

4,618,029 GoerTek - A Shares 27,308,942 1.31 

2,937,556 GoerTek - Warrants 09.12.13 17,368,300 0.83 


11,538,000 Guangzhou Automobile Group - H Shares* 10,901,223 0.52 

8,024,800 Haitong Securities - H Shares* 9,754,087 0.47 



483,541 Jiangsu Kanion Pharmaceutical - A Shares 2,094,457 0.10 

6,394,400 New China Life Insurance - H Shares* 19,657,528 0.94 

18,784,000 PetroChina - H Shares* 19,986,920 0.96 


25 SAIC Motor - A Shares 54 0.00 

2,522,371 Shanghai Jahwa United - 

Warrants 10.04.15 18,489,484 0.89 

10,710,500 Sinopec Engineering Group - H Shares* 14,426,691 0.69 

4,022,000 Tong Ren Tang Technologies - H Shares* 12,286,583 0.59 

695,152 Tsingtao Brewery - A Shares 4,363,388 0.21 

1,768,625 Weifu High-Technology Group - B Shares 6,159,732 0.30 

1,012,722,014 48.62 



29,404,000 Anxin-China Holdings 7,182,181 0.34 



15,871,000 China ZhengTong Auto Services Holdings 7,507,772 0.36 

22,512,000 Comtec Solar Systems Group 4,947,424 0.24 



49,107,500 Intime Department Store Group 47,948,074 2.30 

36,053,000 KWG Property Holding 18,913,701 0.91 

36,141,000 Lee & Man Paper Manufacturing 21,382,258 1.03 

722,511 Qihoo 360 Technology ADR 33,575,086 1.61 

5,479,200 Sands China 25,866,371 1.24 

4,747,000 Shimao Property Holdings 9,379,984 0.45 

10,924,000 Sino Biopharmaceutical 7,061,441 0.34 

29,139,000 Sunac China Holdings 19,080,030 0.92 



603,848,671 28.99 

HONG KONG 

3,320,500 Beijing Enterprises Holdings 23,882,423 1.15 

10,369,569 Beijing Tong Ren Tang Chinese Medicine 14,274,887 0.69 

12,048,500 BYD Electronic International 6,406,158 0.31 

9,522,000 China Mobile 99,630,241 4.78 


30,397,000 CNOOC 51,522,530 2.47 

20,808,000 CSPC Pharmaceutical Group 10,433,275 0.50 


11,412,000 Poly Property Group 6,185,410 0.30 

11,644,000 Shenzhen Investment 4,420,060 0.21 

258,045,808 12.39 

BERMUDA 



2,542,000 China Water Affairs Group 955,113 0.05 

30,392,000 Euro-Asia Agricultural Holdings** 392 0.00 

13,176,000 Haier Electronics Group 21,008,449 1.01 

30,686,000 Minmetals Land 4,410,175 0.21 


23,878,000 Sinopec Kantons Holdings 22,237,016 1.07 

142,373,532 6.84 

TAIWAN 


8,699,970 0.42 

ITALY 

887,900 Prada 8,039,908 0.39 

8,039,908 0.39 


108,090 Sohu.com 6,534,581 0.31 

6,534,581 0.31 




2,040,264,484 97.96 


Cash 37,804,294 1.82 





72




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 






Energy 12.98 









Total 100.00 


% of 




Energy 13.58 












Total 100.00 

73




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

RUSSIA 


1,995,163 DIXY Group 21,448,954 3.42 

4,764,670 Gazprom OAO ADR 23,686,043 3.78 

1,416,820 Lukoil OAO ADR 61,924,238 9.87 

102,738 Magnit OJSC 17,404,958 2.77 

339,640 Magnit OJSC Registered Shares GDR 14,577,300 2.32 


Shares GDR 4,621,081 0.74 





1,538,852 Mobile Telesystems OJSC ADR 21,683,121 3.46 

2,528,986 Mostotrest 8,456,070 1.35 


603,779 Novolipetsk Steel Registered Shares GDR 6,012,258 0.96 




302,700 Severstal Registered Shares GDR 1,468,769 0.23 

1,175,545 Sistema JSFC Registered Shares GDR 17,538,312 2.79 

633,851 Sollers 10,446,150 1.66 


559,146 Tatneft ADR 15,525,516 2.47 

355,805,540 56.70 

TURKEY 


1,146,900 TAV Havalimanlari Holding 4,988,184 0.79 







5,209,321 Yapi ve Kredi Bankasi 8,980,132 1.43 

96,874,040 15.44 

POLAND 

317,500 Alior Bank 6,518,551 1.04 

59,400 Bank Zachodni 3,842,184 0.61 

848,153 Eurocash 11,428,984 1.83 




76,106,165 12.13 

IRELAND 

2,513,904 Dragon Oil 16,826,292 2.68 

16,826,292 2.68 

LUXEMBOURG 




16,654,683 2.65 

KAZAKHSTAN 

380,750 KazMunaiGas Exploration Production Registered 

Shares GDR 4,413,803 0.70 


BERMUDA 

856,040 Alliance Oil SDR 3,592,003 0.57 

3,592,003 0.57 


333,768 CTC Media 2,856,090 0.46 

2,856,090 0.46 

MALAYSIA 

4,166,010 Steppe Cement 1,556,560 0.24 

1,556,560 0.24 

JERSEY 

158,900 Polymetal International 817,084 0.13 

817,084 0.13 

Total Shares 602,384,217 95.99 



602,384,217 95.99 




2,431,283 JPMorgan Russian Securities 14,073,234 2.24 

14,073,234 2.24 

LUXEMBOURG 



2,686,189 0.43 




16,759,423 2.67 


Shares 

NETHERLANDS 


0 0.00 








9,882,813 1.57 

ISLE OF MAN 

1,161,463 Zhaikmunai Registered Shares GDR 9,702,554 1.55 

9,702,554 1.55 



8,093,944 1.29 

CYPRUS 


3,616,449 0.58 

74




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 

Energy 29.61 










Total 100.00 


% of 


Shares 

Energy 30.41 










Total 100.00 

75




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

RUSSIA 

427,461 Cherkizovo Group Registered Shares GDR 4,345,141 0.81 

659,939 DIXY Group 9,244,412 1.72 

1,993,320 Gazprom OAO ADR 12,911,730 2.40 

574,380 Lukoil OAO ADR 32,710,941 6.08 

76,081 Magnit OJSC 16,794,452 3.12 

890,543 Magnitogorsk Iron & Steel Works Registered 

Shares GDR 2,604,838 0.48 

647,796 Mechel Preference Shares 1,045,753 0.19 




431,977 Mobile Telesystems OJSC ADR 7,931,098 1.47 

934,792 Mostotrest 4,072,723 0.76 






224,593 Sollers 4,822,953 0.90 


176,602,468 32.83 

SOUTH AFRICA 

681,947 ABSA Group 9,738,014 1.81 

302,700 African Rainbow Minerals 4,392,297 0.82 

386,700 Bidvest Group 9,235,203 1.72 

264,862 Capitec Bank Holdings 5,103,134 0.95 

492,900 Clicks Group 2,710,059 0.50 

4,926,380 FirstRand 13,929,266 2.59 


70,800 Kumba Iron Ore 3,119,019 0.58 

906,300 Mr Price Group 12,015,883 2.23 

1,937,693 MTN Group 34,831,919 6.48 

406,100 Naspers - N Shares 28,803,164 5.36 

523,827 Remgro 9,539,225 1.77 


1,435,554 Woolworths Holdings/South Africa 9,057,686 1.68 

167,956,895 31.23 

TURKEY 

1,219,600 KOC Holding 5,617,490 1.04 






46,699,293 8.67 

POLAND 

185,500 Alior Bank 4,962,482 0.93 

486,523 Eurocash 8,542,491 1.59 




37,846,547 7.04 

QATAR 



22,942,889 4.27 

LUXEMBOURG 






7,477,804 1.39 

ISLE OF MAN 

650,355 Zhaikmunai Registered Shares GDR 7,079,114 1.32 

7,079,114 1.32 

BERMUDA 

544,100 African Minerals 1,525,210 0.28 

686,990 Alliance Oil SDR 3,756,131 0.70 

5,281,341 0.98 

KAZAKHSTAN 


4,347,945 0.81 

CANADA 

249,400 First Quantum Minerals 3,605,437 0.67 

3,605,437 0.67 

NIGERIA 

2,948,445 Dangote Cement 3,302,858 0.61 

3,302,858 0.61 

GUERNSEY 

767,908 Etalon Group Registered Shares GDR 2,582,859 0.48 

2,582,859 0.48 

CYPRUS 


2,353,847 0.44 


133,119 CTC Media 1,484,277 0.28 

1,484,277 0.28 

JERSEY 

97,900 Polymetal International 655,954 0.12 

655,954 0.12 

Total Shares 520,998,560 96.86 



520,998,560 96.86 



LUXEMBOURG 



4,700,946 0.88 




4,700,946 0.88 





13,081,832 2.43 

IRELAND 

942,232 Dragon Oil 8,217,606 1.53 


10,216,759 1.90 


490,700 Tullow Oil 7,480,441 1.39 

7,480,441 1.39 

76




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 


Energy 17.07 









Total 100.00 


% of 


Shares 



Energy 14.75 








Total 100.00 

77




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

TURKEY 

280,000 Export Credit Bank of Turkey 24.04.19/5.875% 289,233 0.08 








19,646,025 5.76 

INDONESIA 








19,463,509 5.72 

HUNGARY 

1,020,000 Hungarian Export-Import Bank 12.02.18/5.500% 1,027,737 0.29 

570,000 Hungary (Government of) 19.02.18/4.125% 555,265 0.16 





12,961,753 3.80 

BRAZIL 


Desenvolvimento Economico e 

Social 10.06.19/6.500% 1,336,913 0.39 






12,854,523 3.78 

VENEZUELA 



300,000 Petroleos de Venezuela 17.05.35/9.750% 238,207 0.07 


815,000 Venezuela (Republic of) 23.08.22/12.750% 828,040 0.25 





12,786,458 3.76 

RUSSIA 

2,600,000 Russian (Republic of) 04.04.17/3.250% 2,681,302 0.78 

490,000 Russian (Republic of) 24.07.18/11.000% 671,618 0.20 

660,000 Russian (Republic of) 24.06.28/12.750% 1,149,291 0.34 

5,409,356 Russian (Republic of) 31.03.30/7.500%* 6,326,783 1.86 

800,000 Russian (Republic of) 04.04.42/5.625% 829,184 0.24 

11,658,178 3.42 

KAZAKHSTAN 

720,000 KazAgro National Management 

Holding 24.05.23/4.625% 665,471 0.20 




1,080,000 Samruk-Energy 20.12.17/3.750% 1,038,015 0.30 

10,723,914 3.15 

PHILIPPINES 


900,000 Philippines (Republic of) 02.02.30/9.500% 1,354,180 0.40 


434,000 Power Sector Assets & Liabilities 

Management 27.05.19/7.250% 516,532 0.15 

1,200,000 Power Sector Assets & Liabilities 

Management 02.12.24/7.390% 1,459,722 0.43 

10,093,443 2.96 

PERU 





9,919,919 2.91 

LITHUANIA 





8,937,870 2.63 

CROATIA 



400,000 Croatia (Republic of) 04.04.23/5.500% 389,462 0.12 


8,851,326 2.60 

SOUTH AFRICA 





8,723,854 2.56 

UKRAINE 






8,397,173 2.47 

COLOMBIA 



900,000 Colombia (Republic of) 28.01.33/10.375% 1,374,750 0.40 

7,022,665 2.06 

SRI LANKA 

820,000 Bank of Ceylon 03.05.17/6.875% 845,367 0.25 



200,000 Sri Lanka (Republic of) 25.07.22/5.875% 188,579 0.06 

6,769,097 1.99 

MEXICO 





6,657,167 1.95 

ROMANIA 



6,371,690 1.87 

ARGENTINA 

369,629 Argentina (Republic of) 03.10.15/7.000% 321,867 0.10 



582,000 Provincia de Buenos Aires 05.10.15/11.750% 483,956 0.14 


6,130,172 1.80 

78




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


EL SALVADOR 

950,000 El Salvador (Republic of) 01.12.19/7.375% 1,051,916 0.31 

380,000 El Salvador (Republic of) 24.01.23/7.750% 425,471 0.12 



5,206,938 1.52 

URUGUAY 

750,000 Uruguay (Republic of) 28.09.25/6.875% 903,656 0.27 


5,200,000 Uruguay (Republic of) 15.12.28/4.375% 354,832 0.10 


610,000 Uruguay (Republic of) 21.03.36/7.625% 767,899 0.23 

5,201,872 1.53 

LEBANON 

660,000 Lebanon (Republic of) 20.03.17/9.000% 733,422 0.22 


4,387,863 1.29 

COSTA RICA 

695,000 Costa Rica (Republic of) 01.08.20/9.995% 923,325 0.27 



Electricidad 10.11.21/6.950% 1,665,843 0.49 

4,119,312 1.21 

CHILE 

800,000 Corporacion Nacional del Cobre 

de Chile 15.10.14/4.750% 831,532 0.24 


de Chile 15.01.19/7.500% 1,077,336 0.32 


de Chile 03.11.21/3.875% 846,956 0.25 

1,480,000 Corporacion Nacional del Cobre 

de Chile 17.07.42/4.250% 1,212,372 0.36 

3,968,196 1.17 

VIETNAM 

3,628,000 Vietnam (Socialist Republic of) 29.01.20/6.750% 3,857,707 1.13 

3,857,707 1.13 



Development 2012 17.05.17/2.750% 2,366,568 0.70 


Development 2012 17.05.42/4.875% 1,328,213 0.39 

3,694,781 1.09 

SERBIA 

2,058,000 Republic of Serbia 21.11.17/5.250% 2,027,037 0.60 

1,030,000 Republic of Serbia 25.02.20/4.875% 953,492 0.28 

591,973 Republic of Serbia 01.11.24/6.750%* 588,836 0.17 

3,569,365 1.05 

IVORY COAST 

4,160,000 Cote D’Ivoire 31.12.32/5.750%* 3,464,614 1.02 

3,464,614 1.02 

IRELAND 

60,700,000 Federal Grid 13.03.19/8.446% 1,799,785 0.53 

870,000 RZD Capital 05.04.22/5.700% 901,011 0.26 

610,000 VEB Finance for 

Vnesheconombank 09.07.20/6.902% 675,355 0.20 

3,376,151 0.99 

NETHERLANDS 



3,169,276 0.93 

PANAMA 


900,000 Panama (Republic of) 26.01.36/6.700% 1,056,704 0.31 

3,152,516 0.93 

MONGOLIA 

475,000 Development Bank of Mongolia 21.03.17/5.750% 463,785 0.14 

240,000 Mongolia (Government of) 05.01.18/4.125% 227,344 0.07 


2,852,635 0.84 

ECUADOR 


2,801,655 0.82 


530,000 Citigroup 26.05.15/24.000% 438,363 0.13 

880,000 Citigroup 03.01.17/10.000% 752,076 0.22 

700,000 Citigroup 31.01.22/16.390% 676,536 0.20 

700,000 Citigroup 30.11.32/0.000% 710,962 0.21 

2,577,937 0.76 

PARAGUAY 


2,518,423 0.74 

ICELAND 


2,400,790 0.71 

GEORGIA 

200,000 Georgia (Republic of) 12.04.21/6.875% 213,792 0.06 


2,385,081 0.70 

MALAYSIA 


2,367,446 0.70 

MOROCCO 

1,060,000 Morocco (Government of) 11.12.22/4.250% 946,077 0.28 


2,288,058 0.67 

BELARUS 


777,000 Belarus (Republic of) 26.01.18/8.950% 782,645 0.23 

2,269,591 0.67 



530,000 Dominican Republic 20.04.27/8.625% 608,668 0.18 

2,176,895 0.64 

LUXEMBOURG 

1,940,000 RSHB Capital for OJSC Russian 


2,176,893 0.64 

PAKISTAN 



2,162,475 0.64 


560,000 Kyiv Finance 11.07.16/9.375% 529,816 0.16 

315,000 Oschadbank 10.03.16/8.250% 295,183 0.08 

720,000 Standard Bank 28.10.15/21.000% 691,128 0.20 

370,000 Standard Bank 07.06.17/26.000%* 290,043 0.09 

320,000 Standard Bank 07.06.17/26.000% 266,688 0.08 

2,072,858 0.61 

POLAND 


2,040,626 0.60 

AZERBAIJAN 


Republic 13.03.23/4.750% 1,971,856 0.58 

1,971,856 0.58 

79




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


GUATEMALA 

955,000 Guatemala (Republic of) 06.06.22/5.750% 970,863 0.29 

800,000 Guatemala (Republic of) 13.02.28/4.875% 731,684 0.21 

1,702,547 0.50 


810,000 Dubai Electricity & Water 

Authority 21.10.20/7.375% 910,371 0.27 

580,000 Emirate of Dubai Government 

International Bonds 22.06.21/5.591% 612,660 0.18 

1,523,031 0.45 

INDIA 


1,379,371 0.41 

ZAMBIA 

1,420,000 Zambia (Republic of) 20.09.22/5.375% 1,270,453 0.37 

1,270,453 0.37 

EGYPT 


1,112,356 0.33 

BAHRAIN 

730,000 Bahrain (Kingdom of) 05.07.22/6.125% 747,651 0.22 

747,651 0.22 

SLOVENIA 

780,000 Slovenia (Republic of) 10.05.23/5.850% 728,138 0.21 

728,138 0.21 

HONDURAS 

805,000 Honduras (Republic of) 15.03.24/7.500% 704,375 0.21 

704,375 0.21 



472,975 0.14 

BELIZE 

340,700 Belize (Government of) 20.02.38/5.000%* 197,902 0.06 

197,902 0.06 

Total Bonds 280,039,345 82.27 



280,039,345 82.27 

NETHERLANDS 

3,115,000 Northern Lights III 16.08.19/7.000% 3,222,826 0.95 

3,222,826 0.95 

VENEZUELA 


223,333 Petroleos de Venezuela 17.11.21/9.000% 187,688 0.06 

2,223,123 0.66 

CHILE 

550,000 Banco del Estado de Chile 08.02.22/3.875% 533,013 0.16 

12,100 Chile (Republic of) 01.01.22/3.000% 573,639 0.17 


2,164,547 0.64 


760,000 Citigroup Funding 02.10.13/13.300% 534,128 0.16 

1,441,000 Pemex Project Funding Master 

Trust 15.06.35/6.625% 1,504,051 0.44 

357,000 US Treasury 30.09.13/0.125% 357,049 0.10 

2,395,228 0.70 

URUGUAY 


1,266,263 0.37 

TANZANIA 


1,240,492 0.36 

NIGERIA 

111,298,000 Nigeria (Government of) 29.06.19/16.000% 737,096 0.22 

737,096 0.22 

PERU 


266,635 0.08 

COSTA RICA 

260,000 Instituto Costarricense de 

Electricidad 15.05.43/6.375% 237,344 0.07 

237,344 0.07 

Total Bonds 38,636,213 11.35 



38,636,213 11.35 



Bonds 

MEXICO 



9,660,000 Petroleos Mexicanos 24.11.21/7.650% 775,132 0.23 



Cash 17,480,609 5.14 




10,923,231 3.21 

IRAQ 


6,167,558 1.81 

BRAZIL 



1,813,000 Centrais Eletricas Brasileiras 27.10.21/5.750% 1,766,705 0.52 

4,464,019 1.31 


1,170,000 Banco de Reservas de la 

Republica Dominicana 01.02.23/7.000% 1,168,777 0.34 


16,400,000 Dominican Republic 04.02.28/18.500% 581,255 0.17 

3,327,851 0.97 

80




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 



Turkey 5.76 


Mexico 5.15 

Brazil 5.09 


Hungary 3.80 

Russia 3.42 


Peru 2.99 



Croatia 2.60 


Ukraine 2.47 

Colombia 2.06 


Uruguay 1.90 


Romania 1.87 

Iraq 1.81 

Chile 1.81 





Lebanon 1.29 


Vietnam 1.13 


Serbia 1.05 


Ireland 0.99 

Panama 0.93 

Mongolia 0.84 

Ecuador 0.82 

Paraguay 0.74 

Iceland 0.71 

Georgia 0.70 

Malaysia 0.70 

Morocco 0.67 

Belarus 0.67 


Pakistan 0.64 


Poland 0.60 




India 0.41 

Zambia 0.37 

Tanzania 0.36 

Egypt 0.33 

Bahrain 0.22 

Nigeria 0.22 

Slovenia 0.21 

Honduras 0.21 


Belize 0.06 



Total 100.00 


% of 



Mexico 8.05 

Brazil 6.52 

Turkey 6.30 



Russia 5.25 


Peru 3.40 


Ukraine 2.51 

Colombia 2.49 



Croatia 2.11 


Hungary 1.93 

Uruguay 1.88 



Chile 1.39 

Serbia 1.35 



Ireland 1.22 

Iraq 1.21 






Belarus 0.92 

Romania 0.81 

Vietnam 0.77 

Iceland 0.76 

Malaysia 0.76 

Mongolia 0.70 

Bahrain 0.56 

Egypt 0.55 

Georgia 0.52 


Slovenia 0.51 

Poland 0.49 

Ecuador 0.45 

Morocco 0.41 

Aruba 0.41 


Bermuda 0.33 

Pakistan 0.31 

Nigeria 0.30 


Panama 0.24 




Total 100.00 

81




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Sep-13 27 US 2 Year Note Future USD 5,937,680 (6,539) 


Sep-13 (123) US 10 Year Note Future USD (15,510,493) 160,664 

Sep-13 84 US Long Bond Future USD 11,322,938 (303,594) 

Total (172,602) 

As at 30 June 2013, the counterparty J.P.Morgan held the following collateral in favour of the Sub-Fund: 

- Cash: USD 178,179. 

- Securities: 257,000 US Treasury 30.09.13/0.125% (refer to the Schedule of Investments). 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 GBP 5,847,668 USD 9,136,519 (240,945) 

17-Jul-13 USD 731,818 GBP 471,696 14,266 

18-Jul-13 JPY 1,020,748,527 USD 10,743,289 (440,006) 

18-Jul-13 USD 651,692 JPY 63,455,656 11,180 

30-Sep-13 USD 2,004,318 RUB 67,300,000 (7,713) 

Total (663,218) 


Counterparty 

Unrealised 

Gain/(Loss) 



RBC 4,560 



UBS (438,463) 


Total (663,218) 

82




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

INDONESIA 









88,121,784 5.74 

TURKEY 



4,770,000 KOC Holding 24.04.20/3.500% 4,168,718 0.27 









652,000 Turkey (Republic of) 15.01.30/11.875% 1,092,328 0.07 



81,758,846 5.33 

BRAZIL 


Desenvolvimento Economico 

e Social 16.06.18/6.369% 1,968,759 0.13 


Desenvolvimento Economico 

e Social 10.06.19/6.500% 1,248,150 0.08 











66,702,524 4.34 

VENEZUELA 











60,974,306 3.97 

HUNGARY 






3,670,000 Magyar Export-Import Bank 12.02.18/5.500% 3,697,837 0.24 

59,187,241 3.86 

RUSSIA 





55,581,003 3.62 

KAZAKHSTAN 


Kazakhstan 20.12.15/5.500% 962,259 0.06 

2,900,000 KazAgro National 

Management Holding 24.05.23/4.625% 2,680,368 0.17 





7,860,000 Samruk-Energy 20.12.17/3.750% 7,554,442 0.49 

50,274,214 3.28 

PHILIPPINES 









521,000 Power Sector Assets & 

Liabilities Management 27.05.19/7.250% 620,076 0.05 

4,930,000 Power Sector Assets & 

Liabilities Management 02.12.24/7.390% 5,997,025 0.39 

48,440,286 3.16 

PERU 

2,340,000 BBVA Banco Continental 08.04.18/3.250% 2,264,301 0.15 

2,900,000 Compania Minera Milpo 28.03.23/4.625% 2,654,776 0.17 

2,180,000 Consorcio Transmantaro 07.05.23/4.375% 1,981,903 0.13 





45,950,932 2.99 

CROATIA 







41,203,206 2.69 

LITHUANIA 





40,056,230 2.61 

SOUTH AFRICA 






37,467,290 2.44 

UKRAINE 







36,254,505 2.36 

MEXICO 

14,300,000 Grupo Televisa 14.05.43/7.250% 919,092 0.06 

4,730,000 Metalsa 24.04.23/4.900% 4,499,602 0.30 

8,170,000 Mexico (United Mexican 

States) 15.03.22/3.625% 8,036,380 0.52 


States) 12.10.2110/5.750% 14,472,697 0.94 


Occidente 10.06.28/9.000% 4,468,813 0.29 

32,396,584 2.11 

83




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


SRI LANKA 

2,030,000 Bank of Ceylon 03.05.17/6.875% 2,092,798 0.14 




29,905,474 1.95 

COLOMBIA 






28,588,164 1.86 

ROMANIA 



28,468,222 1.86 

ARGENTINA 





25,602,671 1.67 

EL SALVADOR 






24,177,408 1.58 

URUGUAY 

51,070,000 Uruguay (Republic of) 05.04.27/4.250%* 4,585,866 0.30 




22,972,644 1.50 

LEBANON 



19,317,974 1.26 

SERBIA 




1,808,869 Serbia (Republic of) 01.11.24/6.750%* 1,799,282 0.12 

18,436,852 1.20 

COSTA RICA 




Electricidad 10.11.21/6.950% 9,127,562 0.59 

18,376,014 1.20 

NETHERLANDS 


Netherlands 11.03.23/5.125% 3,676,100 0.24 

12,981,000 Kazakhstan Temir Zholy 

Finance 10.07.42/6.950% 13,177,987 0.86 


17,420,825 1.14 

VIETNAM 

16,083,000 Vietnam (Socialist Republic of) 29.01.20/6.750% 17,101,295 1.11 

17,101,295 1.11 

PANAMA 



16,324,263 1.06 

IRELAND 

2,480,000 Alfa Bond Issuance for Alfa 

Bank 25.09.17/7.875% 2,650,140 0.17 

271,200,000 Federal Grid Finance 13.03.19/8.446% 8,041,212 0.53 

3,020,000 RZD Capital 05.04.22/5.700% 3,127,648 0.20 



15,501,853 1.01 

IVORY COAST 

18,460,000 Cote D’Ivoire 31.12.32/5.750%* 15,374,226 1.00 

15,374,226 1.00 

MONGOLIA 



12,575,088 0.82 

ECUADOR 


12,309,608 0.80 

ICELAND 


10,880,176 0.71 


1,230,000 Kyiv Finance 11.07.16/9.375% 1,163,703 0.08 

1,095,000 Oschadbank 10.03.16/8.250% 1,026,114 0.07 

2,180,000 Standard Bank 28.10.15/21.000% 2,092,582 0.14 

1,390,000 Standard Bank 07.06.17/26.000%* 1,089,621 0.07 

1,470,000 Standard Bank 07.06.17/26.000% 1,225,098 0.07 


10,606,368 0.69 



320,000 Dominican Republic 18.04.24/5.875% 307,947 0.02 


10,587,173 0.69 

PAKISTAN 



10,582,423 0.69 

LUXEMBOURG 

3,470,000 QGOG Constellation 09.11.19/6.250% 3,404,816 0.22 



2,350,000 VTB Capital for VTB Bank 17.10.22/6.950% 2,393,828 0.16 

10,511,506 0.69 

MOROCCO 



10,503,266 0.68 

GEORGIA 

1,960,000 Georgia (Republic of) 12.04.21/6.875% 2,095,162 0.14 


10,452,988 0.68 

BELARUS 



10,024,762 0.65 


2,370,000 Dubai (Government of) 22.06.21/5.591% 2,503,455 0.16 


Authority 21.10.20/7.375% 3,765,115 0.25 


10,020,372 0.65 

PARAGUAY 


9,791,162 0.64 

84




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


MALAYSIA 


9,436,904 0.61 


1,380,000 Citigroup Funding 02.10.13/13.300% 969,864 0.06 

2,510,000 Citigroup Funding 26.05.15/24.000% 2,076,021 0.14 




8,973,304 0.58 

AZERBAIJAN 


Republic 13.03.23/4.750% 8,832,065 0.58 

8,832,065 0.58 

CHILE 

8,450,000 Corporacion Nacional del 

Cobre de Chile 03.11.21/3.875% 8,132,703 0.53 

8,132,703 0.53 





7,182,191 0.47 

POLAND 


6,373,047 0.42 

ZAMBIA 

6,400,000 Zambia (Republic of) 20.09.22/5.375% 5,725,984 0.37 

5,725,984 0.37 

GUATEMALA 



5,527,115 0.36 

EGYPT 


4,717,674 0.31 

SINGAPORE 


1,650,000 TBG Global 03.04.18/4.625% 1,584,074 0.11 

4,257,716 0.28 

BAHRAIN 

4,020,000 Bahrain (Kingdom of) 05.07.22/6.125% 4,117,204 0.27 

4,117,204 0.27 

ISLE OF MAN 

4,050,000 Zhaikmunai 13.11.19/7.125% 4,094,692 0.27 

4,094,692 0.27 

SLOVENIA 

3,940,000 Slovenia (Republic of) 10.05.23/5.850% 3,678,029 0.24 

3,678,029 0.24 

GHANA 

2,400,000 Ghana (Republic of) 04.10.17/8.500% 2,561,256 0.17 

2,561,256 0.17 

HONDURAS 


2,491,125 0.16 

BERMUDA 


2,335,980 0.15 

BELIZE 

1,522,300 Belize (Government of) 20.02.38/5.000%* 884,258 0.06 

884,258 0.06 

Total Bonds 1,260,102,975 82.12 



1,260,102,975 82.12 


Bonds 

MEXICO 

2,764,000 Mexichem 19.09.42/6.750% 2,708,070 0.18 





2,500,000 Petroleos Mexicanos - RegS 27.06.44/5.500% 2,222,963 0.14 

50,960,386 3.32 

IRAQ 


27,250,095 1.78 

CHILE 

5,530,000 Banco del Estado de Chile 07.10.20/4.125% 5,483,299 0.36 

54,600 Chile (Republic of) 01.01.22/3.000% 2,588,487 0.17 


7,950,000 Corpbanca SA 15.01.18/3.125% 7,564,187 0.49 

20,401,443 1.33 

NETHERLANDS 

14,050,000 Northern Lights III 16.08.19/7.000% 14,536,341 0.95 

1,850,000 WPE International Cooperatief 30.09.20/10.375% 1,454,285 0.09 

15,990,626 1.04 


5,040,000 Banco de Reservas de la 

Republica Dominicana 01.02.23/7.000% 5,034,733 0.33 



14,499,425 0.94 

BRAZIL 



8,382,405 0.55 



3,349,000 Pemex Project Funding 

Master Trust 15.06.35/6.625% 3,494,648 0.22 

1,410,000 US Treasury (i) 30.09.13/0.125% 1,410,193 0.09 

8,053,387 0.52 

VENEZUELA 



6,796,992 0.45 

TANZANIA 


5,425,891 0.35 

COLOMBIA 

4,790,000 Banco GNB Sudameris 02.05.18/3.875% 4,552,081 0.30 

4,552,081 0.30 


4,720,000 DTEK Finance 04.04.18/7.875% 4,436,163 0.29 

4,436,163 0.29 


3,820,000 Dolphin Energy 15.12.21/5.500% 4,131,712 0.27 

4,131,712 0.27 

85




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


PERU 


3,210,000 Transportadora de Gas del 

Peru 30.04.28/4.250% 2,895,308 0.19 

4,112,779 0.27 

NIGERIA 

513,432,000 Nigeria (Government of) 29.06.19/16.000% 3,400,321 0.22 

3,400,321 0.22 

URUGUAY 


3,061,727 0.20 

PARAGUAY 

1,590,000 Banco Continental 15.10.17/8.875% 1,709,711 0.11 

1,709,711 0.11 


1,483,000 Industrial Senior Trust 01.11.22/5.500% 1,402,080 0.09 

1,402,080 0.09 

COSTA RICA 


Electricidad 15.05.43/6.375% 1,141,075 0.07 

1,141,075 0.07 

Total Bonds 185,708,299 12.10 


LUXEMBOURG 



95,753,319 6.24 




281,461,618 18.34 








% of 




Mexico 5.43 

Turkey 5.33 

Brazil 4.89 


Hungary 3.86 

Russia 3.62 


Peru 3.26 


Croatia 2.69 



Ukraine 2.36 


Colombia 2.16 


Chile 1.86 

Romania 1.86 

Iraq 1.78 

Uruguay 1.70 





Lebanon 1.26 

Serbia 1.20 

Vietnam 1.11 


Panama 1.06 

Ireland 1.01 




Mongolia 0.82 

Ecuador 0.80 

Paraguay 0.75 

Iceland 0.71 

Pakistan 0.69 


Morocco 0.68 

Georgia 0.68 

Belarus 0.65 

Malaysia 0.61 



Poland 0.42 

Zambia 0.37 


Tanzania 0.35 

Egypt 0.31 


Bahrain 0.27 

Isle of Man 0.27 

Slovenia 0.24 

Nigeria 0.22 

Ghana 0.17 

Honduras 0.16 

Bermuda 0.15 

Belize 0.06 






Total 100.00 

86




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 



Mexico 7.85 

Turkey 6.60 

Brazil 6.12 




Russia 5.17 


Peru 2.93 

Ukraine 2.51 



Colombia 2.25 

Croatia 2.13 

Hungary 1.94 


Uruguay 1.78 




Serbia 1.30 


Ireland 1.26 


Iraq 1.20 


Chile 1.09 



Belarus 0.91 

Romania 0.79 

Malaysia 0.79 

Vietnam 0.76 

Iceland 0.73 

Mongolia 0.67 


Bahrain 0.63 

Egypt 0.53 

Georgia 0.53 


Slovenia 0.50 


Ecuador 0.43 

Poland 0.42 

Morocco 0.41 

Panama 0.39 

Austria 0.34 




Nigeria 0.31 

Bermuda 0.30 

Pakistan 0.29 

Aruba 0.26 


Canada 0.17 

Sweden 0.16 

Thailand 0.16 

Paraguay 0.10 






Total 100.00 

87




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 




Sep-13 433 US Long Bond Future USD 58,367,047 (1,853,952) 

Total (770,465) 

As at 30 June 2013, the counterparty J.P.Morgan held the following collateral in favour of the Sub-Fund: 

- Cash: USD 770,588. 

- Securities: 1,410,000 US Treasury 30.09.13/0.125% (refer to the Schedule of Investments). 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 AUD 1,659,410 USD 1,588,922 (70,871) 

17-Jul-13 CAD 207,851 USD 204,194 (6,659) 

17-Jul-13 EUR 470,016,901 USD 626,214,227 (13,738,188) 

17-Jul-13 GBP 12,250,112 USD 19,139,451 (504,369) 

17-Jul-13 NZD 278,685 USD 224,864 (9,760) 

17-Jul-13 USD 137,127 AUD 146,829 2,806 

17-Jul-13 USD 16,171 CAD 16,738 264 

17-Jul-13 USD 99,248,211 EUR 74,881,873 1,670,118 

17-Jul-13 USD 1,507,928 GBP 972,109 29,138 

17-Jul-13 USD 19,482 NZD 24,861 292 

17-Sep-13 KRW 36,733,274,194 USD 32,222,404 (318,600) 

18-Sep-13 AUD 18,183,442 USD 17,193,372 (636,834) 

18-Sep-13 COP 4,524,541,000 USD 2,339,340 (17,092) 

18-Sep-13 CZK 349,378,548 USD 18,207,705 (625,003) 

18-Sep-13 HUF4,220,835,960 USD 18,475,648 (19,038) 

18-Sep-13 MXN 620,611,306 USD 47,902,658 (836,666) 

18-Sep-13 PLN 59,788,311 USD 18,563,186 (726,123) 

18-Sep-13 RUB 564,411,800 USD 17,260,300 (353,899) 

18-Sep-13 SGD 23,521,971 USD 18,529,624 11,347 

18-Sep-13 USD 17,204,519 AUD 18,183,442 647,981 

18-Sep-13 USD 33,768,077 COP 64,868,046,940 474,163 

18-Sep-13 USD 17,635,904 CZK 349,378,548 53,202 

18-Sep-13 USD 18,727,642 HUF4,220,835,960 271,032 

18-Sep-13 USD 15,294,745 ILS 55,626,988 (10,911) 

18-Sep-13 USD 31,906,515 JPY 3,075,784,258 849,490 

18-Sep-13 USD 17,376,748 MXN 224,575,358 345,377 

18-Sep-13 USD 16,431,557 MYR 53,032,850 (266,632) 

18-Sep-13 USD 18,055,842 PLN 59,788,311 218,779 

18-Sep-13 USD 17,536,486 RUB 564,411,800 630,085 

18-Sep-13 USD 18,745,101 SGD 23,521,971 204,130 

18-Sep-13 USD 15,099,768 ZAR 152,252,469 73,289 

30-Sep-13 USD 9,500,410 RUB 319,000,000 (36,559) 

Total (12,695,711) 


Counterparty 

Unrealised 

Gain/(Loss) 

Bank of America Merrill Lynch (300,376) 

Barclays (5,790,736) 






HSBC 411,127 

Morgan Stanley 635 


RBC 181,652 

RBS 52,825 




UBS (444,290) 


Total (12,695,711) 

88




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

INDIA 

2,873,698 ACC 59,280,007 1.15 


351,700 Asian Paints 27,300,718 0.53 

1,230,350 HDFC Bank ADR 44,557,125 0.86 


1,134,784 Infosys 47,539,202 0.92 

1,287,902 Infosys ADR 52,784,664 1.02 

9,846,740 ITC 53,403,426 1.03 


2,203,700 Larsen & Toubro 52,111,751 1.01 




811,552,031 15.68 

BRAZIL 

2,122,598 Cielo 52,588,090 1.02 

3,928,380 Companhia de Bebidas das Americas Preference 

Shares ADR 143,759,066 2.78 

8,891,790 Companhia de Concessoes Rodoviarias 70,635,715 1.36 


1,520,460 Lojas Renner 43,247,987 0.84 

1,012,000 Marcopolo 5,604,286 0.11 


5,933,262 Petroleo Brasileiro Preference Share ADR 86,773,957 1.68 

3,401,010 Ultrapar Participações 80,891,654 1.56 

5,873,316 Vale Preference Shares ADR 70,098,026 1.35 

4,348,930 Weg 54,928,299 1.06 

693,947,901 13.41 

SOUTH AFRICA 

16,003,606 African Bank Investments 25,593,432 0.49 

3,904,500 Bidvest Group 93,247,610 1.80 

1,285,793 Capitec Bank Holdings 24,773,555 0.48 

18,404,337 FirstRand 52,037,986 1.01 

1,281,000 Imperial Holdings 25,870,208 0.50 

1,693,660 Kumba Iron Ore 74,612,402 1.44 

2,604,869 Massmart Holdings 46,217,683 0.89 

1,783,590 Mr Price Group 23,647,145 0.46 

6,420,932 MTN Group 115,422,507 2.23 

2,905,300 Remgro 52,907,375 1.02 

5,813,419 RMB Holdings 22,367,342 0.43 


1,582,200 Tiger Brands 45,505,116 0.88 

669,806,194 12.94 

HONG KONG 

40,398,000 AIA Group 170,794,711 3.30 

13,358,500 China Mobile 139,772,168 2.70 

64,810,000 CNOOC 109,852,130 2.12 

16,083,000 Hang Lung Properties 56,386,699 1.09 


502,254,133 9.70 

TAIWAN 


9,999,000 President Chain Store 65,451,578 1.27 



421,115,094 8.14 

SOUTH KOREA 

200,036 Hyundai Mobis 47,620,968 0.93 

639,201 Hyundai Motor 125,947,775 2.43 


CHINA 



12,360,000 Tsingtao Brewery - H Shares* 88,420,336 1.71 

16,802,000 Wumart Stores - H Shares* 30,796,495 0.60 

236,261,222 4.56 

RUSSIA 

178,400 Magnit 39,380,793 0.76 

1,612,070 Magnit Registered Shares GDR 90,155,015 1.74 



227,305,506 4.39 


2,306,810 SABMiller 110,762,368 2.14 

4,298,260 Standard Chartered 93,022,577 1.80 

203,784,945 3.94 

TURKEY 

10,746,511 KOC Holding 49,498,543 0.96 


145,744,995 2.82 

MEXICO 


32,748,500 Wal-Mart de Mexico - V Shares 89,798,511 1.73 

131,714,182 2.54 

BERMUDA 

1,781,200 Jardine Matheson Holdings 107,441,984 2.08 

107,441,984 2.08 

LUXEMBOURG 

2,534,685 Tenaris ADR 101,704,236 1.96 

101,704,236 1.96 

MALAYSIA 

1,180,800 British American Tobacco Malaysia 22,319,157 0.43 

10,723,000 Public Bank 57,560,399 1.11 

79,879,556 1.54 

THAILAND 

9,994,700 Siam Commercial Bank (Foreign) 55,009,341 1.06 

55,009,341 1.06 



51,813,765 1.00 

CHILE 

1,969,741 Banco Santander Chile ADR 47,194,994 0.91 

47,194,994 0.91 

HUNGARY 

2,115,686 OTP Bank 43,705,275 0.85 

43,705,275 0.85 

Total Shares 5,156,339,163 99.62 



5,156,339,163 99.62 

378,633,919 7.32 

INDONESIA 




247,469,890 4.78 

89




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 




LUXEMBOURG 



2,200,000 0.05 




2,200,000 0.05 


Cash 10,583,028 0.20 





% of 


Shares 








Energy 3.80 




Total 100.00 


% of 


Shares 








Energy 4.50 




Total 100.00 

90




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 EUR 40,259,892 USD 53,570,021 (1,107,612) 

17-Jul-13 USD 8,788,965 EUR 6,641,454 134,528 

Total (973,084) 


Counterparty 

Unrealised 

Gain/(Loss) 








RBC (17,169) 

RBS (11,285) 




UBS (10,415) 


Total (973,084) 

91




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


309,997,237 7.82 

INDONESIA 

















Bonds 

SOUTH AFRICA 






296,874,552 7.49 

551,193,349 South Africa (Republic of) 28.02.31/7.000% 47,812,289 1.21 THAILAND 

406,600,697 South Africa (Republic of) 31.03.36/6.250% 31,212,010 0.78 685,631,000 Thailand (Government of) 08.03.19/3.450% 22,001,384 0.56 

369,801,558 South Africa (Republic of) 28.02.48/8.750% 36,777,496 0.92 1,992,130,000 Thailand (Government of) 13.06.19/3.875% 65,275,566 1.65 


421,248,767 10.62 865,000,000 Thailand (Government of) 16.06.23/3.625% 27,443,846 0.69 

644,410,000 Thailand (Government of) 

RUSSIA 

17.12.27/3.580% 19,531,910 0.49 





209,617,615 5.29 

804,842,000 Russia (Republic of) 14.04.21/7.600% 24,926,659 0.63 BRAZIL 








397,256,402 10.02 

POLAND 

199,099,253 5.02 

273,320,000 Poland (Government of) 25.04.15/5.500% 85,518,532 2.16 HUNGARY 

189,425,000 Poland (Government of) 24.10.15/6.250% 60,657,578 1.53 4,358,290,000 Hungary (Government of) 12.02.16/5.500% 19,533,339 0.49 




71,496,000 Poland (Government of) 25.04.29/5.750% 24,440,145 0.62 17,080,000 Hungary (Government of) 12.11.20/7.500% 82,526 0.00 


336,842,760 8.50 2,420,000,000 Hungary (Government of) 24.11.23/6.000% 10,628,146 0.27 

MEXICO 

64,300,000 Grupo Televisa 14.05.43/7.250% 4,132,701 0.10 

162,384,037 4.10 


CHILE 

States) 18.12.14/9.500% 73,478,746 1.85 

860,000 Banco Central de Chile 01.07.17/3.000% 39,759,015 1.00 

15,200 Mexico (United Mexican 

201,000 Chile (Republic of) 01.01.15/3.000% 9,144,296 0.23 

States) 15.12.16/7.250% 125,151 0.00 1,400,000 Chile (Republic of) 01.07.17/3.000% 64,723,977 1.64 



States) 15.06.17/5.000% 20,580,887 0.51 


States) 14.12.17/7.750% 52,587,754 1.33 

119,302,883 3.01 


States) 11.06.20/8.000% 12,544,292 0.32 

ROMANIA 




States) 09.06.22/6.500% 1,459,750 0.04 30,000,000 Romania (Republic of) 29.04.20/5.750% 8,956,127 0.23 



States) 05.12.24/10.000% 70,133,747 1.77 


States) 29.05.31/7.750% 15,032,520 0.38 

105,628,492 2.66 


States) 20.11.36/10.000% 44,439,104 1.12 

COLOMBIA 




States) 13.11.42/7.750% 11,479,644 0.29 6,907,000,000 Colombia (Republic of) 28.06.27/9.850% 4,696,789 0.11 


8,500,000,000 Empresas Publicas de 

Occidente 10.06.28/9.000% 16,483,551 0.42 

Medellin 01.02.21/8.375% 4,715,139 0.12 

322,477,847 8.13 

72,772,075 1.83 

TURKEY 

NIGERIA 

8 Turkey (Republic of) 11.02.15/4.500% 6 0.00 1,061,622,000 Nigeria (Federal Republic of) 27.04.17/15.100% 6,809,650 0.17 

116,000,000 Turkey (Republic of) 17.06.15/10.000% 61,935,351 1.56 1,554,525,000 Nigeria (Federal Republic of) 29.06.19/16.000% 10,361,122 0.27 

159,800,000 Turkey (Republic of) 08.03.17/9.000% 84,485,813 2.13 2,437,077,000 Nigeria (Federal Republic of) 27.01.22/16.390% 16,745,053 0.42 



33,915,825 0.86 


133,500,000 Turkey (Republic of) 14.09.22/8.500% 68,383,765 1.73 UNITED STATES OF AMERICA 



10,000,000,000 Citigroup Funding 27.07.20/11.000% 6,859,620 0.17 

17,803,939 0.44 


10,000,000 Standard Bank 28.10.15/21.000% 9,599,000 0.24 

3,800,000 Standard Bank 07.06.17/26.000%* 2,978,820 0.08 

2,820,000 Standard Bank 07.06.17/26.000% 2,350,188 0.05 

14,928,008 0.37 

URUGUAY 


7,786,368 0.20 

92




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


CHINA 


210,166 0.01 

Total Bonds 3,028,146,226 76.37 



3,028,146,226 76.37 


Bonds 

MALAYSIA 












249,941,798 6.30 

NIGERIA 




13,640,000 Nigeria (Federal Republic of) 23.04.15/4.000% 71,080 0.00 



129,127,453 3.25 

MEXICO 


States) 16.06.16/6.250% 327,662 0.01 


States) 10.06.21/6.500% 26,264,952 0.66 


States) 03.06.27/7.500% 128,785 0.01 


States) 31.05.29/8.500% 33,001,683 0.83 


States) 18.11.38/8.500% 171,006 0.00 


States) 15.11.40/19.490% 3,866,826 0.10 


74,473,140 1.88 

PERU 





63,657,329 1.61 




1,213,900,000 Citigroup Funding 01.04.18/0.000% 8,900,354 0.23 




41,221,812 1.04 




15,681,429 0.40 

HONG KONG 

696,900,000 HSBC Hong Kong 01.04.18/8.500% 4,770,551 0.12 

4,770,551 0.12 


21,400,000,000 Deutsche Bank/London 22.07.31/9.500% 2,607,415 0.07 

2,607,415 0.07 

BRAZIL 

789 Brazil (Republic of) 01.01.15/0.000% 306,799 0.00 

816 Brazil Treasury Bill 01.01.16/0.000% 283,633 0.01 

590,432 0.01 

POLAND 

1,410,000 Poland (Government of) 25.10.17/5.250% 450,178 0.01 

450,178 0.01 

HUNGARY 



417,842 0.01 

TURKEY 


400,444 0.01 

THAILAND 



360,259 0.01 

RUSSIA 

10,994,000 Russia (Republic of) 15.07.15/6.880% 338,138 0.01 


347,628 0.01 

SOUTH AFRICA 

2,531,000 South Africa (Republic of) 21.12.14/8.750% 263,667 0.01 

263,667 0.01 

INDONESIA 


114,014 0.01 

COLOMBIA 

186,000,000 Colombia (Republic of) 22.10.15/12.000% 110,341 0.00 

110,341 0.00 

PHILIPPINES 



50,829 0.00 

ROMANIA 


44,519 0.00 

CHILE 

5,000,000 Chile (Republic of) 01.02.21/6.000% 10,261 0.00 

10,261 0.00 

Total Bonds 584,641,341 14.75 


LUXEMBOURG 

100,000 JPMorgan Funds - Asia Local Currency Debt Fund 

(JPM Asia Local Currency Debt X (acc) - USD) 9,445,000 0.23 

9,445,000 0.23 




594,086,341 14.98 


Cash 318,853,414 8.04 




93




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 




Russia 10.03 

Mexico 10.01 

Poland 8.51 

Turkey 7.83 


Malaysia 6.30 

Thailand 5.30 

Brazil 5.03 

Nigeria 4.11 

Hungary 4.11 

Chile 3.01 

Romania 2.66 

Colombia 1.83 

Peru 1.61 




Uruguay 0.20 


China 0.01 




Investment Funds 0.23 



Total 100.00 


% of 





Poland 10.67 

Russia 9.02 

Mexico 8.72 

Turkey 7.87 

Malaysia 6.67 

Brazil 6.35 

Thailand 4.83 

Hungary 4.74 

Nigeria 2.94 

Colombia 2.45 

Peru 1.95 


India 1.16 


Chile 0.57 


Egypt 0.36 

Uruguay 0.26 

Bahamas 0.10 

China 0.01 



Total 100.00 

94




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 


Total 293,781 


- Cash: USD 122,515. 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 BRL 845,138,952 USD 415,724,375 (37,344,845) 

17-Jul-13 CLP 6,890,605 USD 13,399 120 

17-Jul-13 COP 117,229,830,703 USD 64,127,777 (3,591,231) 

17-Jul-13 EUR 62,566,385 HUF18,549,683,569 (100,379) 

17-Jul-13 EUR 63,646,512 RON 286,946,145 (745,583) 

17-Jul-13 EUR 322,559,408 USD 421,734,154 (1,409,038) 

17-Jul-13 HUF19,106,861,661 EUR 65,709,990 (1,544,099) 

17-Jul-13 HUF40,371,471,678 USD 175,848,481 1,811,308 

17-Jul-13 IDR 1,016,633,525,697 USD 100,049,187 2,238,378 

17-Jul-13 INR 10,135,290,169 USD 174,433,017 (4,719,581) 

17-Jul-13 MXN 4,626,643,129 USD 367,864,530 (14,980,428) 

17-Jul-13 MYR 747,201,978 USD 242,960,104 (6,745,757) 

17-Jul-13 PEN 26,893,450 USD 10,425,838 (811,301) 

17-Jul-13 PHP 957,802,115 USD 23,278,700 (1,079,762) 

17-Jul-13 PLN 520,222,527 USD 163,135,448 (7,312,262) 

17-Jul-13 RON 49,458,627 USD 14,452,421 (28,656) 

17-Jul-13 RUB 9,319,269,883 USD 290,444,682 (8,150,819) 

17-Jul-13 THB 3,160,753,039 USD 106,821,060 (5,523,979) 

17-Jul-13 TRY 18,449,125 EUR 7,606,162 (410,231) 

17-Jul-13 TRY 451,850,368 USD 242,610,235 (9,907,050) 

17-Jul-13 USD 237,723,364 BRL 489,444,868 18,592,630 

17-Jul-13 USD 122,155,070 CLP 57,608,784,477 9,131,704 

17-Jul-13 USD 6,644,026 COP 12,636,937,224 118,413 

17-Jul-13 USD 421,621,119 EUR 322,580,933 1,267,953 

17-Jul-13 USD 129,329,494 HUF29,604,477,612 (948,770) 

17-Jul-13 USD 63,611,590 IDR 626,874,736,262 539,215 

17-Jul-13 USD 176,508,204 INR 10,164,535,609 6,305,057 

17-Jul-13 USD 374,876,945 MXN 4,729,292,581 14,163,547 

17-Jul-13 USD 87,939,094 MYR 266,064,993 3,827,475 

17-Jul-13 USD 6,923,694 PEN 19,213,250 54,865 

17-Jul-13 USD 108,039,071 PLN 344,143,774 4,957,070 

17-Jul-13 USD 205,230,210 RUB 6,620,406,250 4,688,744 

17-Jul-13 USD 36,044,064 THB 1,074,218,094 1,617,092 

17-Jul-13 USD 179,284,730 TRY 330,991,063 8,824,153 

17-Jul-13 USD 276,403,271 ZAR 2,666,746,394 10,776,551 

17-Jul-13 ZAR 82,759,695 EUR 6,808,406 (628,542) 

17-Jul-13 ZAR 2,130,993,101 USD 228,315,475 (16,053,557) 

17-Sep-13 KRW 185,975,359,846 USD 163,097,852 (1,573,416) 

18-Sep-13 AUD 88,563,046 USD 83,740,876 (3,101,721) 

18-Sep-13 COP 14,598,703,854 USD 7,528,986 (36,114) 

18-Sep-13 CZK 1,673,025,738 USD 87,188,980 (2,992,874) 

18-Sep-13 HUF19,411,741,619 USD 85,064,600 (182,139) 

18-Sep-13 MXN 3,179,665,697 USD 245,269,547 (4,129,695) 

18-Sep-13 PHP 3,441,935,351 USD 79,619,138 267,961 

18-Sep-13 PLN 274,968,100 USD 85,372,609 (3,339,459) 

18-Sep-13 RUB 2,702,728,807 USD 82,652,257 (1,694,672) 

18-Sep-13 SGD 105,215,065 USD 82,973,909 (39,133) 

18-Sep-13 USD 83,946,254 AUD 88,563,046 3,307,099 

18-Sep-13 USD 165,824,430 COP 318,545,248,797 2,329,169 

18-Sep-13 USD 84,450,868 CZK 1,673,025,738 254,762 

18-Sep-13 USD 86,128,945 HUF19,411,741,619 1,246,485 

18-Sep-13 USD 79,852,745 ILS 290,424,434 (56,965) 

18-Sep-13 USD 161,404,841 JPY 15,569,483,529 4,195,562 

18-Sep-13 USD 84,634,016 MXN 1,093,801,564 1,682,168 

18-Sep-13 USD 81,776,042 MYR 263,932,176 (1,326,966) 

18-Sep-13 USD 83,039,320 PLN 274,968,100 1,006,170 

18-Sep-13 USD 83,974,796 RUB 2,702,728,807 3,017,211 

18-Sep-13 USD 83,847,862 SGD 105,215,065 913,087 

18-Sep-13 USD 79,465,487 ZAR 801,258,457 385,700 

Total (32,989,375) 

95


Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) (continued) 



Counterparty 

Unrealised 

Gain/(Loss) 

Bank of America Merrill Lynch 1,076,811 

Barclays 4,954,522 


Citibank 10,604,934 


Deutsche Bank 3,191,092 

Goldman Sachs (9,258,779) 

HSBC (978,658) 

Morgan Stanley (1,790,039) 


RBC 171,116 

RBS 27,487 

Société Générale 3,446,123 

State Street Bank (3,150,118) 


UBS (5,741,496) 


Total (32,989,375) 

Schedule of Investments - Outstanding Interest Rate Swaps (Expressed in USD) 

Termination 

Date Counterparty Description Currency Nominal 

Market 

Value 

Unrealised 

Gain/ 

(Loss) 





26-Apr-15 Bank of America Receive Fixed rate 6.770% RUB 705,900,000 (151,541) (151,541) 


30-Apr-15 Bank of America Receive Fixed rate 6.800% RUB 1,512,900,000 (282,925) (282,925) 


06-May-15 Bank of America Receive Fixed rate 6.800% RUB 304,800,000 (56,690) (56,690) 


08-May-15 Bank of America Receive Fixed rate 6.795% RUB 1,512,500,000 (284,313) (284,313) 


04-Jan-16 Deutsche Bank Receive Fixed rate 0.000% BRL 108,940,000 5,027 5,027 




26-Mar-17 JPMorgan Receive Fixed rate 5.470% CLP 3,366,336,630 110,540 110,540 

Pay Floating rate CLP CLICP 

21-Sep-17 JPMorgan Receive Fixed rate 5.140% MXN 28,000,000 (32,602) (32,602) 

Pay Floating rate MXN TIIE 

28-Sep-17 JPMorgan Receive Fixed rate 5.030% CLP 1,000,000,000 (2,161) (2,161) 


13-May-18 Bank of America Receive Fixed rate 4.650% CLP 19,015,200,000 (766,829) (766,829) 


Total (7,905,945) (7,905,945) 

As at 30 June 2013, the counterparty Deutsche Bank held the following collateral in favour of the Sub-Fund: 

- Cash: EUR 6,020,000. 


Expiration 


Put 

Currency 

Contract Call 

Size Currency 

Contract 

Size 

Market 

Value 

Unrealised 

Gain/ 

(Loss) 

19-Jul-13 Citigroup Vanilla ZAR/USD, Put Option, Strike Price 9.300 USD 107,348,000 ZAR 998,336,400 138,375 (811,655) 

Total 138,375 (811,655) 

96




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

SOUTH KOREA 

11,243 Amorepacific 8,964,293 0.53 

140,873 Hyundai Motor 27,757,530 1.65 

993,676 Kia Motors 53,902,788 3.20 

56,250 LG Chem 12,409,063 0.74 


32,800 Samsung Electronics Preference Shares 25,264,683 1.50 

151,337 Samsung Fire & Marine Insurance 30,743,981 1.82 


1,197,904 SK Telecom ADR 24,179,692 1.44 

255,625,243 15.17 

CHINA 





18,244,000 Dongfeng Motor Group - H Shares* 24,385,942 1.45 


6,018,500 Ping An Insurance Group - H Shares* 40,514,214 2.41 

204,019,006 12.12 

INDIA 

939,420 Bajaj Auto 30,323,685 1.80 

5,116,940 Coal India 25,965,894 1.54 

1,631,173 HCL Technologies 21,194,180 1.26 

1,723,930 Hindustan Unilever 16,958,267 1.01 

295,170 Infosys ADR 12,097,543 0.72 


440,880 State Bank of India 14,483,952 0.86 

2,518,350 Tata Motors 11,842,375 0.70 

1,942,540 Yes Bank 15,159,171 0.90 

172,808,741 10.26 

RUSSIA 

727,934 Lukoil ADR 41,455,841 2.46 




143,329,045 8.51 

TAIWAN 




580,575 Siliconware Precision Industries ADR 3,602,468 0.21 


131,476,957 7.80 

BRAZIL 

2,463,600 Banco Santander Brasil 14,650,317 0.87 

1,697,060 BR Properties 14,373,464 0.85 

742,350 BRF - Brasil Foods 15,905,356 0.95 


Shares 19,417,716 1.15 

613,480 Lojas Renner 17,449,834 1.04 

7,397,952 MRV Engenharia e Participações 22,487,035 1.34 

1,516,810 Petroleo Brasileiro ADR 20,256,998 1.20 

124,540,720 7.40 

SOUTH AFRICA 

8,050,530 FirstRand 22,762,753 1.36 

2,186,085 Foschini Group 21,100,735 1.25 


1,780,384 Mr Price Group 23,604,640 1.40 

1,246,553 MTN Group 22,408,004 1.33 


117,031,403 6.95 

HONG KONG 

2,080,000 China Mobile 21,763,380 1.29 


14,743,000 CNOOC 24,989,198 1.48 

85,937,508 5.10 


19,811,000 Belle International Holdings 27,272,086 1.62 

4,108,800 Sands China 19,396,945 1.15 

8,989,600 Wynn Macau 24,362,232 1.45 

71,031,263 4.22 

TURKEY 




62,392,826 3.70 

POLAND 

645,990 Eurocash 11,342,452 0.67 


44,106,820 2.62 

QATAR 


24,885,430 1.48 

INDONESIA 


7,537,500 United Tractors 13,556,108 0.81 

24,551,682 1.46 


1,119,790 Standard Chartered 24,234,400 1.44 

24,234,400 1.44 

BRAZIL 


24,106,721 1.43 

HUNGARY 

1,065,680 OTP Bank 22,014,532 1.31 

22,014,532 1.31 

MEXICO 


20,578,294 1.22 

BERMUDA 

159,843 Credicorp 20,292,069 1.21 

20,292,069 1.21 

CANADA 

775,960 First Quantum Minerals 11,217,623 0.67 

11,217,623 0.67 

NIGERIA 

9,903,250 Dangote Cement 11,093,653 0.66 

11,093,653 0.66 

IRELAND 

905,427 Dragon Oil 7,896,614 0.47 

7,896,614 0.47 

Total Shares 1,603,170,550 95.20 



1,603,170,550 95.20 



LUXEMBOURG 



50,300,000 2.99 




50,300,000 2.99 

97




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

BERMUDA 

5,104,000 Peace Mark Holdings** 66 0.00 

66 0.00 

BRAZIL 

5,100,000 Banco Nacional Preference Shares** 0 0.00 

0 0.00 




Cash 19,766,385 1.17 






% of 


Shares 




Energy 7.50 









Total 100.00 


% of 


Shares 



Energy 9.40 










Total 100.00 

98




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 CHF1,692,963 USD 1,831,372 (38,402) 

17-Jul-13 SGD 5,198,288 USD 4,154,233 (57,001) 

17-Jul-13 USD 232,007 CHF214,795 4,524 

17-Jul-13 USD 649,264 SGD 820,952 2,199 

Total (88,680) 


Counterparty 

Unrealised 

Gain/(Loss) 

BNP Paribas 660 




RBC (423) 

RBS (1,262) 




Total (88,680) 

99




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




TURKEY 

785,630 Akbank 3,196,380 1.15 

313,980 Akcansa cimento Ticaret 1,885,090 0.68 

624,290 Anadolu Hayat Emeklilik 1,406,571 0.51 

769,900 Arcelik 4,983,334 1.79 


292,010 Brisa Bridgestonebancinayi ve Ticaret 917,285 0.33 

181,490 Coca-Cola Icecek 5,211,834 1.87 

566,310 Dogus Otomotiv Servis ve Ticaret 2,917,694 1.05 

341,791 Ford Otomotiv Sanayi 4,495,844 1.62 

2,138,310 Haci Omer Sabanci Holding 11,239,606 4.05 

2,119,771 KOC Holding 9,883,283 3.56 

169,420 Migros Ticaret 1,736,475 0.63 



996,080 Torunlar Gayrimenkul Yatirim Ortakligi 1,823,933 0.66 


228,750 Turk Telekomunikasyon 849,650 0.31 





417,905 Ulker Biskuvi Sanayi 3,156,711 1.14 

1,771,258 Yapi ve Kredi Bankasi 4,143,024 1.49 

132,490,159 47.72 

QATAR 

132,010 Doha Bank 1,711,073 0.62 


1,013,070 Masraf Al Rayan 7,699,221 2.77 

73,559 Qatar Electricity & Water 3,175,470 1.15 

487,260 Qatar Gas Transport Nakilat 2,446,670 0.88 


214,981 Qatar Telecom Q-Tel 7,116,836 2.56 

48,513,447 17.48 


7,583,648 Aramex 5,027,685 1.81 

499,175 DP World 7,859,510 2.83 

8,521,691 Emaar Properties 12,018,394 4.33 


1,615,884 National Bank of Abu Dhabi 4,971,409 1.79 

38,661,817 13.93 

KUWAIT 

2,217,500 Mobile Telecommunications 5,168,545 1.86 

5,547,718 National Bank of Kuwait 18,180,633 6.55 

23,349,178 8.41 

BAHAMAS 

156,200 Crédit Suisse/Nassau - Warrants 23.09.15 2,983,340 1.08 



7,818,913 2.82 

OMAN 

2,341,663 Bank Muscat 3,548,527 1.27 

650,983 Oman Telecommunications 2,527,515 0.91 

6,076,042 2.18 

MOROCCO 

40,498 Attijariwafa Bank 1,545,139 0.56 

3,443 Brasseries Maroc 920,101 0.33 

200,480 Maroc Telecom 2,330,153 0.84 

4,795,393 1.73 

SAUDI ARABIA 

147,410 Al Tayyar Travel Group - 

Warrants 15.05.18 2,535,025 0.92 


Warrants 08.02.16 1,524,992 0.55 

NETHERLANDS 


Warrants 24.01.17 2,729,000 0.98 

2,729,000 0.98 


118,820 Hikma Pharmaceuticals 1,712,112 0.62 

1,712,112 0.62 



OMAN 

513,382 Bank Muscat 20.03.16/4.500% 224,436 0.09 

224,436 0.09 




274,353,825 98.84 


Cash 2,659,636 0.96 




% of 



Oman 0.09 











Energy 0.50 



Total 100.00 


% of 









Energy 3.57 





Total 100.00 

4,060,017 1.47 

EGYPT 

990,610 Commercial International Bank Egypt Registered 

Shares - GDR 3,923,311 1.41 

3,923,311 1.41 

100




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

01-Jul-13 USD 2,458,047 QAR 8,955,700 (1,301) 

Total (1,301) 


Counterparty 

Unrealised 

Gain/(Loss) 


Total (1,301) 

101




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

GERMANY 

5,087 Adidas 419,474 0.23 


16,239 Aurelius 296,565 0.16 

132,908 Balda 535,021 0.29 

100,332 BASF6,846,656 3.78 



3,696 Bechtle 129,194 0.08 

2,554 Beiersdorf 170,837 0.10 

4,373 Bijou Brigitte 325,001 0.17 

22,408 Continental 2,292,338 1.27 

11,377 Daimler Registered Shares 523,598 0.29 




28,937 Deutsche Lufthansa Registered Shares 447,294 0.25 



35,064 Duerr 1,623,288 0.90 

107,147 E.ON 1,347,909 0.74 

164,916 Freenet 2,778,422 1.53 

2,434 Generali Deutschland Holding 242,134 0.13 




2,979 Jungheinrich Preference Shares 101,353 0.06 

6,629 Kabel Deutschland Holding 557,830 0.31 

1,616 KUKA 52,104 0.03 


17,390 ProSiebenSat.1 Media Preference Shares 578,261 0.32 

56,162 RWE 1,363,894 0.75 

20,664 SAP 1,150,055 0.64 



56,148,294 30.99 

FRANCE 

7,708 Air France-KLM 52,711 0.03 

2,347 Alstom 59,103 0.03 

1,703 Altarea 211,938 0.12 

65,625 AXA 983,555 0.54 

136,164 BNP Paribas 5,684,166 3.14 

12,772 Boiron 509,986 0.28 

2,181 Bongrain 113,521 0.06 

5,731 Cap Gemini 214,655 0.12 

13,966 Carrefour 290,563 0.16 

5,662 Cegedim 135,492 0.07 



11,188 Danone 641,520 0.35 

78 Dassault Aviation 71,265 0.04 

137,152 Derichebourg 332,114 0.18 

26,081 EDF461,438 0.25 

1,222 Gecina 104,634 0.06 

1,954 Groupe Fnac 30,355 0.02 

827 Hermes International 203,669 0.11 

38,258 Imerys 1,784,640 0.98 

386 Interparfums 8,679 0.00 

15,632 Kering 2,431,558 1.34 

38,252 Lafarge 1,814,101 1.01 

1,164 L’Oréal 146,780 0.08 

2,490 Maisons France Confort 58,328 0.03 

45,489 Metropole Television 565,542 0.31 

134,956 Natixis 435,233 0.25 

12,909 Nexity 363,388 0.21 

11,427 Orange 82,440 0.05 


18,751 Renault 970,927 0.54 

72,704 Safran 2,927,790 1.62 

95,924 Sanofi 7,593,344 4.19 



3,373 Sopra Group 187,994 0.10 

16,681 Teleperformance 620,200 0.34 

25,969 Thalès 929,560 0.51 

173,528 Total 6,464,352 3.57 

54,391 Valeo 2,615,391 1.44 

57,511 Vinci 2,209,429 1.22 

135,268 Vivendi 1,958,681 1.08 

51,883,004 28.64 

NETHERLANDS 

13,512 Accell Group 161,063 0.09 

60,961 EADS 2,516,775 1.39 


9,990 Koninklijke Boskalis Westminster 279,720 0.15 


25,615 Nutreco 836,394 0.46 


86,178 Reed Elsevier 1,100,924 0.61 


8,077 STMicroelectronics 55,299 0.03 

206,735 Unilever - CVA 6,258,902 3.45 


21,857,805 12.06 

SPAIN 

6,704 Amadeus IT Holding - A Shares 164,282 0.09 

477,952 Banco Bilbao Vizcaya Argentaria 3,066,540 1.70 


11,116 Duro Felguera 54,413 0.03 

151,953 Ence Energia y Celulosa 356,330 0.20 

35,398 Endesa 579,377 0.32 

139,813 Ferrovial 1,704,320 0.94 



18,958 Papeles y Cartones de Europa 54,125 0.03 

44,120 Repsol 712,979 0.39 

261,988 Telefonica 2,577,962 1.42 

15,561,187 8.59 

ITALY 

51,652 Azimut Holding 713,831 0.39 

26,884 De’Longhi 317,769 0.18 

990,006 Enel 2,387,894 1.32 

359,572 ENI 5,683,035 3.14 

11,148 ERG 78,426 0.04 

28,752 Gtech 547,582 0.30 

11,766 Reply 384,925 0.21 

1,005,923 Telecom Italia 539,678 0.30 

314,104 Terna Rete Elettrica Nazionale 993,197 0.55 

11,646,337 6.43 

BELGIUM 

113,920 Ageas 3,076,410 1.69 


21 Banque Nationale de Belgique 53,749 0.02 

7,348 Barco 454,915 0.25 

14,664 Belgacom 252,917 0.14 

2,304 Compagnie d’Entreprises CFE 101,722 0.06 



11,105 Elia System Operator 355,721 0.20 

36,420 KBC Groep 1,032,871 0.57 

5,521 Kinepolis Group 559,277 0.31 

11,604,295 6.40 

AUSTRIA 

88,722 CA Immobilien Anlagen 786,343 0.44 

216,443 Immofinanz 624,871 0.34 

59,884 OMV 2,065,699 1.14 

26,777 Polytec Holding 160,341 0.09 

3,637,254 2.01 

IRELAND 

316,325 Fyffes 222,851 0.12 

279,284 Ryanair Holdings 1,979,425 1.09 

69,134 Smurfit Kappa Group 886,471 0.49 

3,088,747 1.70 

FINLAND 

8,235 Fiskars 141,848 0.08 

547,623 Sponda 1,979,657 1.09 

45,882 Tieto 671,254 0.37 

2,792,759 1.54 

102




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


LUXEMBOURG 

50,781 SES 1,121,879 0.62 

1,121,879 0.62 

Total Shares 179,341,561 98.98 



179,341,561 98.98 



LUXEMBOURG 



1,300,076 0.71 




1,300,076 0.71 


Shares 

AUSTRIA 

25,270 Immofinanz* 0 0.00 

0 0.00 




Cash 293,015 0.16 



% of 


Shares 





Energy 8.48 









Total 100.00 


% of 







Energy 8.31 









Total 100.00 



103




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Sep-13 44 DJ Euro Stoxx 50 Index Future EUR 1,139,380 (19,580) 

Total (19,580) 


- Cash: EUR 113,840. 

104




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

GERMANY 


28,571 BASF1,949,685 3.19 



4,615 Brenntag 539,378 0.88 

6,269 Continental 641,319 1.05 

23,809 Deutsche Bank Registered Shares 763,555 1.24 

6,334 Deutsche Boerse 318,157 0.52 


9,421 Gerresheimer 416,290 0.68 




6,529 Muenchener Rueckversicherungs Registered Shares 921,568 1.51 

27,192 SAP 1,513,371 2.48 



39,036 Telefonica Deutschland Holding 217,157 0.36 

5,920 Volkswagen Non Voting Preference Shares 920,412 1.51 

18,620,813 30.47 

FRANCE 

12,410 Atos 701,165 1.15 

109,139 AXA 1,635,721 2.68 

29,953 BNP Paribas 1,250,388 2.05 

7,038 Cap Gemini 263,608 0.43 

13,384 Carrefour 278,454 0.45 


38,240 EDF676,561 1.11 

297 Groupe Fnac 4,614 0.01 

2,931 Iliad 486,912 0.80 

24,593 Lafarge 1,166,323 1.90 

3,263 L’Oréal 411,464 0.67 

1,732 LVMH Moet Hennessy Louis Vuitton 216,587 0.35 

2,383 PPR 370,676 0.61 

26,797 Renault 1,387,549 2.26 

40,157 Sanofi 3,178,828 5.20 


32,962 Société Générale 873,493 1.43 

4,708 Sodexo 301,971 0.49 

8,857 Thalès 317,036 0.52 

49,754 Total 1,853,461 3.03 

6,547 Valeo 314,813 0.52 

BELGIUM 

10,708 Solvay 1,075,083 1.76 


2,846,565 4.66 

FINLAND 

412,145 Outokumpu 206,279 0.34 

25,400 Outotec 234,188 0.38 

61,985 Stora Enso - R Shares 315,194 0.52 

21,224 Wartsila 710,898 1.16 

1,466,559 2.40 

PORTUGAL 

307,582 EDP - Energias de Portugal 753,422 1.23 

753,422 1.23 

AUSTRIA 

12,417 Andritz 493,731 0.81 

493,731 0.81 

IRELAND 


450,163 0.74 

LUXEMBOURG 

8,421 ArcelorMittal 72,071 0.12 

72,071 0.12 

Total Shares 59,390,583 97.18 



59,390,583 97.18 


Cash 1,636,059 2.68 



17,853,360 29.21 

NETHERLANDS 

123,493 Aegon 632,902 1.04 

14,934 ASML Holding 900,371 1.47 

29,720 EADS 1,226,990 2.01 

48,305 ING Groep - CVA 337,628 0.55 

75,114 Koninklijke Ahold 858,929 1.41 

32,266 Koninklijke Philips 672,907 1.10 

162,045 PostNL 348,154 0.57 

61,968 Unilever - CVA 1,876,081 3.07 

10,969 Ziggo 337,187 0.55 

7,191,149 11.77 

SPAIN 

41,590 Banco Bilbao Vizcaya Argentaria 266,841 0.44 


188,512 Distribuidora Internacional de Alimentacion 1,089,882 1.78 

285,308 Iberdrola 1,152,502 1.89 

54,899 Repsol 887,168 1.45 

1,444 Repsol (RFD) 23,342 0.04 

103,640 Telefonica 1,019,818 1.66 

5,939,414 9.71 

ITALY 

23,435 Banca Generali 380,584 0.62 

192,897 Enel 465,268 0.76 

102,193 ENI 1,615,160 2.64 

622,197 Intesa Sanpaolo 761,258 1.25 


3,703,336 6.06 

105




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 








Energy 7.16 





Total 100.00 


% of 









Energy 7.60 







Total 100.00 

106




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 



Total (17,760) 


- Cash: EUR 116,680. 

107




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


106,670 ARM Holdings 985,177 0.64 

396,184 Ashtead Group 2,979,055 1.95 

137,538 Babcock International Group 1,777,731 1.16 

701,127 Barclays 2,273,155 1.49 


63,744 Berkeley Group Holdings 1,590,149 1.04 


746,421 BT Group 2,693,882 1.76 

276,573 Countrywide 1,607,373 1.06 

525,313 Crest Nicholson Holdings 1,937,290 1.27 

168,044 Daily Mail & General Trust - A Shares 1,500,507 0.98 

68,585 Diageo 1,511,513 0.99 

140,199 easyJet 2,107,598 1.38 

243,354 Ferrexpo 373,361 0.24 

520,707 GKN 1,833,971 1.20 


1,252,455 ITV 2,059,019 1.35 



19,387 Next 1,030,293 0.67 

284,671 Old Mutual 598,622 0.39 


168,709 Persimmon 2,309,653 1.51 

121,899 Prudential 1,534,315 1.00 

31,063 Reckitt Benckiser Group 1,700,123 1.12 

56,815 Rolls-Royce Holdings 766,529 0.50 

81,804 St James’s Place 508,377 0.33 

341,029 Standard Life 1,381,908 0.90 

2,397,217 Taylor Wimpey 2,665,349 1.74 



55,380,620 36.21 

FRANCE 

250,401 AXA 3,752,885 2.45 

29,129 BNP Paribas 1,215,990 0.80 

22,170 Compagnie Générale des Etablissements Michelin 1,521,638 1.00 

105,507 Crédit Agricole 690,491 0.45 

274,633 Natixis 885,691 0.58 

90,855 Orange 655,473 0.43 

13,677 Renault 708,195 0.46 

20,705 Sanofi 1,639,008 1.07 



43,437 Thalès 1,554,827 1.01 

22,488 Valeo 1,081,335 0.71 

17,518,241 11.46 

GERMANY 


11,357 Continental 1,161,821 0.76 


120,974 Deutsche Lufthansa Registered Shares 1,869,956 1.22 


31,355 Duerr 1,451,580 0.95 

15,153 Hannover Rueckversicherung Registered Shares 833,870 0.55 


20,077 Merck 2,331,442 1.53 

5,458 Muenchener Rueckversicherungs Registered Shares 770,397 0.50 

83,260 ProSiebenSat.1 Media Preference Shares 2,768,603 1.81 

15,210,615 9.95 

NETHERLANDS 

539,391 Aegon 2,764,379 1.80 

42,260 ASML Holding 2,547,855 1.67 

82,455 EADS 3,404,155 2.23 

605,123 PostNL 1,300,107 0.85 


218,859 STMicroelectronics 1,498,418 0.98 

14,616,330 9.56 

SWITZERLAND 






SWEDEN 

279,112 Eniro 570,022 0.37 

114,396 NCC - B Shares 1,981,504 1.30 



81,880 Telefonaktiebolaget LM Ericsson - B Shares 710,305 0.46 

7,054,440 4.61 

IRELAND 

8,273,728 Bank of Ireland 1,311,386 0.86 



5,056,716 3.31 

NORWAY 

21,902 Fred Olsen Energy 661,330 0.43 

2,566,008 Marine Harvest 1,998,584 1.31 

40,930 Norwegian Air Shuttle 1,366,395 0.89 

104,465 SpareBank 1 SMN 614,109 0.40 

4,640,418 3.03 

DENMARK 

70,307 GN Store Nord 1,014,169 0.67 

118,018 Pandora 3,048,804 1.99 

4,062,973 2.66 

ITALY 



11,424 ENI 180,556 0.12 

2,943,305 1.92 

BELGIUM 

68,294 bpost 978,994 0.64 


2,774,060 1.81 

SPAIN 

67,433 Repsol 1,089,717 0.71 

1,812 Repsol RFD 29,291 0.02 

154,067 Telefonica 1,516,019 1.00 

2,635,027 1.73 

AUSTRIA 

40,186 OMV 1,386,216 0.90 

43,708 Voestalpine 1,174,434 0.77 

2,560,650 1.67 

BERMUDA 

108,818 Lancashire Holdings 991,675 0.65 

991,675 0.65 

Total Shares 145,893,386 95.40 



145,893,386 95.40 



LUXEMBOURG 



3,700,000 2.42 




3,700,000 2.42 


Cash 1,900,839 1.24 



10,448,316 6.83 

108




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 


Shares 








Energy 4.21 





Total 100.00 


% of 


Shares 









Energy 1.21 





Total 100.00 

109




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 



Sep-13 14 FTSE 100 Index Future GBP 1,007,718 (5,680) 

Total (28,985) 


- Cash: EUR 260,321. 

110




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


54,609 Babcock International Group 705,842 1.55 

487,963 Barclays 1,582,047 3.47 

15,901 BHP Billiton 310,889 0.68 

145,763 BP 773,359 1.70 

11,057 British American Tobacco 439,625 0.97 

41,742 Diageo 919,932 2.02 


188,295 Legal & General Group 375,511 0.83 

6,184 Liberty Global - A Shares 346,263 0.76 

4,618 Liberty Global - C Shares 243,515 0.54 

954,099 Lloyds Banking Group 703,720 1.55 

89,231 Prudential 1,123,130 2.47 


9,844 Rio Tinto 307,059 0.67 

16,333 Standard Chartered 271,278 0.60 


12,506,458 27.48 

FRANCE 

1,845 Air Liquide 174,749 0.39 

95,792 AXA 1,435,683 3.15 

19,355 BNP Paribas 807,974 1.78 

131,328 Crédit Agricole 859,476 1.89 

116,980 Orange 843,952 1.85 

153,970 Natixis 496,553 1.09 

3,338 Renault 172,842 0.38 

20,672 Sanofi 1,636,396 3.60 

23,742 Société Générale 629,163 1.38 

14,107 Thalès 504,960 1.11 

20,581 Total 766,694 1.68 

8,328,442 18.30 

SWITZERLAND 

21,590 Compagnie Financiere Richemont - Bearer A Shares 1,461,545 3.21 

21,986 Crédit Suisse Group Registered Shares 445,612 0.98 

7,687 Nestlé Registered Shares 385,284 0.85 

15,824 Novartis Registered Shares 854,849 1.88 

72,864 UBS Registered Shares 948,615 2.08 

3,942 Zurich Insurance Group 782,787 1.72 

4,878,692 10.72 

GERMANY 


11,314 BASF772,067 1.70 

5,534 Continental 566,128 1.24 

7,292 Daimler Registered Shares 335,596 0.74 


12,668 Deutsche Post Registered Shares 240,660 0.53 


2,937 Siemens Registered Shares 226,869 0.50 

NORWAY 

44,607 Telenor 679,087 1.49 

679,087 1.49 

BELGIUM 

23,570 KBC Groep 668,445 1.47 

668,445 1.47 

AUSTRIA 

13,202 OMV 455,403 1.00 

455,403 1.00 

ITALY 


409,734 0.90 

DENMARK 

16,171 Topdanmark 316,403 0.70 

316,403 0.70 

Total Shares 43,685,888 95.99 



43,685,888 95.99 



LUXEMBOURG 

900,113 JPMorgan Liquidity Funds - Euro Liquidity Fund (JPM 

Euro Liquidity X (flex dist)) 900,113 1.98 

900,113 1.98 

Total Investment Funds 900,113 1.98 



900,113 1.98 


Cash 463,216 1.02 



4,304,220 9.46 

NETHERLANDS 

229,844 Aegon 1,177,951 2.59 

8,590 ASML Holding 517,891 1.13 

32,553 EADS 1,343,951 2.95 


18,244 Unilever - CVA 552,337 1.21 

4,127,821 9.06 

SPAIN 


181,548 Banco Santander 888,042 1.95 

169,346 Telefonica 1,666,365 3.66 

3,653,923 8.03 

SWEDEN 

24,699 Svenska Cellulosa - B Shares 472,376 1.04 

52,308 Swedbank - A Shares 902,181 1.98 

25,640 Telefonaktiebolaget LM Ericsson - B Shares 222,426 0.49 

204,905 TeliaSonera 1,022,100 2.25 

2,619,083 5.76 

IRELAND 


738,177 1.62 

111




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 








Energy 4.38 





Total 100.00 


% of 


Shares 




Energy 5.74 









Total 100.00 

112




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Sep-13 18 DJ Euro Stoxx 50 Index Future EUR 466,110 (8,010) 

Sep-13 16 FTSE 100 Index Future GBP 1,151,678 (6,866) 

Total (14,876) 


- Cash: EUR 134,546. 

113




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


452,704 Aberdeen Asset Management 2,012,301 0.74 

51,901 Ashmore Group 206,433 0.08 


48,103 AstraZeneca 1,746,178 0.65 

1,072,830 BAE Systems 4,802,625 1.76 

1,435,042 Barclays 4,652,614 1.70 


775,193 BP 4,112,859 1.49 


8,350 British Sky Broadcasting Group 77,119 0.03 

388,879 BT Group 1,403,490 0.51 

234,695 Dart Group 536,758 0.20 

31,313 DS Smith 90,690 0.03 

287,729 easyJet 4,325,403 1.58 


55,800 Hargreaves Lansdown 578,878 0.21 

1,359,761 Hays 1,415,798 0.52 

1,450,827 HSBC Holdings GBP 11,543,707 4.22 

179,736 Interserve 1,060,320 0.39 

302,221 Lloyds Banking Group 222,911 0.08 

281,037 Mondi 2,674,341 0.98 

55,616 Next 2,955,629 1.08 

116,036 Persimmon 1,588,551 0.58 


149,311 Rio Tinto 4,657,391 1.70 

36,823 Schroders 937,714 0.34 

251,812 Smiths News 456,094 0.17 

7,275 Standard Chartered 120,832 0.04 

138,567 TalkTalk Telecom Group 365,082 0.13 

261,985 Taylor Wimpey 291,288 0.11 

651,082 Tesco 2,515,332 0.92 

279,474 TT Electronics 495,591 0.18 

1,061,869 TUI Travel 4,371,686 1.60 

130,936 Unilever 4,060,531 1.48 


83,665,499 30.59 

SWITZERLAND 

5,225 Bucher Industries Registered Shares 953,698 0.35 


6,134 Daetwyler Holding - Bearer Shares 497,246 0.18 

2,807 DKSH Holding 176,334 0.06 

97,844 GAM Holding 1,147,003 0.42 

5,624 Holcim Registered Shares 300,051 0.11 


598 Inficon Holding Registered Shares 136,013 0.05 


171 Metall Zug Registered Shares 296,208 0.11 



9,647 PSP Swiss Property Registered Shares 633,263 0.23 


95,489 Swiss Re 5,459,239 2.00 

884 Syngenta Registered Shares 263,330 0.10 

781 Vaudoise Assurances Holding 218,653 0.08 

19,773 Zurich Insurance Group 3,926,446 1.44 

45,215,812 16.53 

GERMANY 

233,685 Balda 940,699 0.34 

97,121 BASF6,627,537 2.42 



110,775 Borussia Dortmund 344,067 0.13 

13,436 Continental 1,374,503 0.50 




32,272 Duerr 1,494,032 0.55 

256,095 Freenet 4,314,561 1.58 

3,781 Grammer 88,702 0.03 


5,288 Henkel & Co. Non Voting Preference Shares 380,339 0.14 

3,839 Indus Holding 94,823 0.03 

3,506 Merck 407,134 0.15 



10,290 RWE 249,893 0.09 


3,472 Talanx 83,779 0.03 


34,344,621 12.56 

FRANCE 

66,664 BNP Paribas 2,782,889 1.02 

9,930 Boiron 396,505 0.14 

4,325 Cap Gemini 161,993 0.06 

3,992 Carrefour 83,054 0.03 


112,532 Credit Agricole 736,466 0.27 

1,507 Danone 86,411 0.03 

240,494 Derichebourg 582,356 0.21 

10,674 EDF188,850 0.07 

43,363 GDF Suez 652,071 0.24 

471 Groupe Fnac 7,317 0.00 

4,501 Iliad 747,729 0.27 

9,188 Imerys 428,597 0.16 

3,770 Kering 586,424 0.21 

11,543 Lafarge 547,427 0.21 


2,306 Renault 119,405 0.04 

27,152 Safran 1,093,411 0.40 

66,029 Sanofi 5,226,856 1.91 

2,736 Sopra Group 152,491 0.06 

28,973 Technicolor Registered Shares 88,223 0.03 

16,112 Thalès 576,729 0.21 

220,209 Total 8,203,336 3.01 

73,102 Valeo 3,515,110 1.29 

36,541 Vinci 1,403,814 0.51 

32,725 Vivendi 473,858 0.17 

31,253,405 11.43 

NETHERLANDS 

58,514 BE Semiconductor Industries 457,755 0.17 

31,598 EADS 1,304,523 0.48 



145,783 Koninklijke Wessanen 421,750 0.15 

54,947 Nutreco 1,794,157 0.66 





49,853 Wolters Kluwer 806,372 0.29 

17,894 Ziggo 550,062 0.20 

24,388,286 8.91 

SWEDEN 

23,913 B&B Tools - B Shares 218,058 0.08 

33,559 Bilia - A Shares 404,363 0.15 

220,237 Hufvudstaden - A Shares 2,018,949 0.74 

31,826 Investor - B Shares 652,689 0.24 

26,235 JM 424,347 0.16 

83,945 NCC - B Shares 1,454,049 0.53 


444,068 Nordea Bank 3,787,831 1.38 

103,340 Saab - B Shares 1,490,685 0.54 

104,847 Securitas - B Shares 701,621 0.26 

342,024 Skandinaviska Enskilda Banken - A Shares 2,497,997 0.91 

7,919 Svenska Handelsbanken - A Shares 243,154 0.09 


17,865,865 6.53 

ITALY 


1,263,634 Enel 3,047,885 1.11 

351,783 ENI 5,559,930 2.04 


9,934,577 3.63 

114




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


SPAIN 


65,692 Duro Felguera 321,562 0.12 

151,197 Ence Energia y Celulosa 354,557 0.13 

90,692 Ferrovial 1,105,535 0.40 


28,404 Let’s GOWEX 157,358 0.06 


49,572 Telefonica 487,788 0.18 

8,583,807 3.14 

BELGIUM 

122,897 Ageas 3,318,833 1.21 


27,950 Belgacom 482,068 0.18 

6,618 Compagnie d’Entreprises CFE 292,185 0.11 

15,732 D’ieteren 514,948 0.19 



12,716 Elia System Operator 407,325 0.15 

2,107 Groupe Bruxelles Lambert 121,563 0.04 


8,576,088 3.14 

DENMARK 

121 AP Moller - Maersk - B Shares 667,019 0.24 

30,608 Auriga Industries - B Shares 652,427 0.23 

27,071 Carlsberg - B Shares 1,860,842 0.68 

6,159 Coloplast - B Shares 262,648 0.10 

5,314 Dfds 247,735 0.09 

10,113 Novo Nordisk - B Shares 1,202,889 0.44 

17,216 Royal UNIBREW 1,144,757 0.42 

6,038,317 2.20 

NORWAY 

22,036 Austevoll Seafood 97,260 0.03 

28,262 Cermaq 375,647 0.14 

22,867 Leroy Seafood Group 484,425 0.18 

18,965 Orkla 119,320 0.04 

46,736 Statoil 738,943 0.27 

77,035 Telenor 1,172,764 0.43 

14,389 Yara International 439,291 0.16 

3,427,650 1.25 

AUSTRIA 

42,428 Immofinanz 122,490 0.04 

38,425 Oesterreichische Post 1,151,885 0.43 

34,898 OMV 1,203,807 0.44 

2,478,182 0.91 

IRELAND 



2,306,387 0.84 

FINLAND 

329,924 Sponda 1,192,675 0.44 

5,439 Tieto 79,573 0.03 

1,272,248 0.47 

FAROE ISLANDS 

28,586 Bakkafrost 263,080 0.10 


Shares 

AUSTRIA 

51,567 Immofinanz* 0 0.00 

0 0.00 









% of 


Shares 




Energy 11.63 









Total 100.00 


% of 


Shares 




Energy 11.34 










Total 100.00 

263,080 0.10 

JERSEY 

135,558 Henderson Group 231,086 0.08 

231,086 0.08 

Total Shares 279,844,910 102.31 



279,844,910 102.31 

115




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Sep-13 (176) DJ Euro Stoxx 50 Index Future EUR (4,557,520) 69,020 

Sep-13 (63) FTSE 100 Index Future GBP (4,534,733) 17,972 

Total 86,992 


- Cash: EUR 367,353. 

116




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 



622,114 Amerisur Resources 286,921 0.15 

366,755 Anite 580,673 0.30 

517,677 Ashtead Group 3,892,606 2.03 

33,304 Bank of Georgia Holdings 638,118 0.33 


225,730 BBA Aviation 736,001 0.38 

104,210 Berendsen 901,620 0.47 

102,000 Bodycote 620,786 0.32 

506,500 BowLeven 347,443 0.18 

1,150,000 Cable & Wireless Communications 550,324 0.29 

308,333 Capital & Counties Properties 1,165,355 0.61 

361,606 Carphone Warehouse Group 1,041,282 0.54 

59,170 Close Brothers Group 674,982 0.35 

165,318 CSR 1,034,619 0.54 

874,330 Debenhams 971,870 0.51 

34,752 Dialight 443,705 0.23 

2,493,000 Dixons Retail 1,195,044 0.62 

255,828 DS Smith 740,940 0.39 

85,000 Dunelm Group 903,886 0.47 

160,435 Elementis 411,459 0.21 

48,841 Galliford Try 528,640 0.28 

38,700 Go-Ahead Group 667,853 0.35 

82,523 Greene King 745,059 0.39 

47,257 Hargreaves Services 467,905 0.24 

376,775 Howden Joinery Group 1,111,028 0.58 

127,305 Inchcape 736,223 0.38 

180,000 Intermediate Capital Group 913,183 0.48 

209,379 International Personal Finance 1,226,026 0.64 

129,270 Interserve 762,605 0.40 

145,060 Iofina 243,262 0.13 

90,000 Iomart Group 279,262 0.15 

71,932 Jardine Lloyd Thompson Group 753,583 0.39 

30,355 John Menzies 247,655 0.13 

378,700 Kcom Group 357,164 0.19 

54,400 Keller Group 618,662 0.32 

513,834 Marston’s 842,637 0.43 

150,758 Micro Focus International 1,244,062 0.65 

185,000 Mitchells & Butlers 798,037 0.42 

275,438 Moneysupermarket.com Group 605,256 0.31 

75,523 Ophir Energy 310,088 0.16 

10,240 Oxford Instruments 146,464 0.08 

164,100 Pace 463,873 0.24 


129,203 Perform Group 767,113 0.40 

55,650 Persimmon 761,857 0.40 

46,383 Provident Financial 798,816 0.42 

868,030 Quintain Estates & Development 788,008 0.41 

121,235 Restaurant Group 708,834 0.37 

52,871 Rightmove 1,282,799 0.67 

86,021 Savills 570,240 0.30 

228,996 Senior 664,966 0.35 

128,185 Soco International 521,074 0.27 


285,000 St Ives 495,407 0.26 

151,962 St James’s Place 944,379 0.49 

230,000 TalkTalk Telecom Group 605,981 0.31 

1,208,873 Taylor Wimpey 1,344,087 0.70 

81,300 Telecity Group 963,976 0.50 


537,910 Trinity Mirror 686,162 0.35 

202,966 TUI Travel 835,605 0.43 

68,700 Tullett Prebon 252,675 0.13 

225,866 Unite Group 945,839 0.49 

77,728 William Hill 400,413 0.20 

52,336,787 27.24 

ITALY 



256,294 Brembo 3,470,221 1.81 

54,481 Brunello Cucinelli 1,032,687 0.54 

12,117 Credito Emiliano 44,021 0.02 

62,583 Danieli & Co. 1,116,168 0.58 

118,762 De’Longhi 1,403,767 0.73 

241,572 Indesit 1,396,890 0.73 

222,246 Interpump Group 1,525,163 0.79 

393,944 Recordati 3,352,464 1.74 

337,862 Unipol Gruppo Finanziario 849,723 0.44 

55,853 Yoox 917,386 0.48 

17,817,743 9.27 

SWITZERLAND 

30,771 Ascom Holding 291,953 0.15 

7,842 Bucher Industries Registered Shares 1,431,368 0.75 

3,240 Burckhardt Compression Holding 990,028 0.52 

136,761 Clariant Registered Shares 1,476,517 0.77 

5,399 Daetwyler Holding - Bearer Shares 437,664 0.23 

64,217 EFG International 594,935 0.31 

3,735 Flughafen Zuerich Registered Shares 1,425,465 0.74 


9,628 Helvetia Holding Registered Shares 2,962,512 1.54 

4,384 Inficon Holding Registered Shares 997,124 0.52 

11,805 Rieter Holding Registered Shares 1,420,809 0.74 

19,622 Tecan Group Registered Shares 1,389,315 0.72 

20,690 U-Blox Holding 1,023,562 0.53 

491 Vetropack Holding - Bearer Shares 732,603 0.38 

17,113,922 8.91 

SWEDEN 

25,171 AarhusKarlshamn 972,545 0.51 

164,930 Fastighets Balder - B Shares 913,171 0.47 

178,947 Haldex 920,518 0.48 

29,531 Hexpol 1,452,722 0.76 

89,708 Intrum Justitia 1,402,518 0.73 

58,371 JM 944,142 0.49 

72,200 Loomis - B Shares 1,061,004 0.55 

76,241 Modern Times Group - B Shares 2,489,799 1.30 

120,893 NCC - B Shares 2,094,042 1.09 


92,574 Wallenstam 927,395 0.48 

16,600,007 8.64 

GERMANY 

10,205 Amadeus Fire 445,576 0.23 

11,079 Bertrandt 920,942 0.48 

52,461 Cancom IT Systeme 921,871 0.48 

28,373 CTS Eventim 880,272 0.46 

3,864 Drillisch 49,305 0.03 

31,258 Duerr 1,447,089 0.75 

2,812 Freenet 47,375 0.02 

58,644 Grammer 1,375,788 0.72 

97,696 Jenoptik 925,914 0.48 

26,252 Jungheinrich Preference Shares 893,159 0.46 

52,925 Leoni 2,008,239 1.05 

51,247 NORMA Group 1,417,364 0.74 

128,357 Patrizia Immobilien 987,771 0.51 

18,492 Sartorius Preference Shares 1,522,724 0.79 


67,237 Wirecard 1,392,983 0.73 

16,153,856 8.41 

FRANCE 

253,589 Altran Technologies 1,321,199 0.69 

55,678 Eiffage 1,987,844 1.03 

120,348 Faurecia 2,045,615 1.06 

26,831 Ingenico 1,374,418 0.72 


9,482 Sartorius Stedim Biotech 946,683 0.50 


137,298 UBISOFT Entertainment 1,390,829 0.72 

29,751 Valeo 1,430,577 0.74 

15,316,200 7.97 

DENMARK 

120,186 Auriga Industries - B Shares 2,561,832 1.33 

98,911 GN Store Nord 1,426,778 0.74 

42,451 Jyske Bank 1,217,302 0.63 

57,379 Pandora 1,482,294 0.78 

2,022 Rockwool International 216,652 0.11 

61,079 SimCorp 1,373,580 0.72 

92,256 Topdanmark 1,805,087 0.94 

10,083,525 5.25 

117




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


NETHERLANDS 

54,274 Aalberts Industries 923,743 0.48 

65,340 Arcadis 1,343,880 0.70 

140,535 Delta Lloyd 2,151,591 1.12 

405,571 Koninklijke BAM Groep 1,465,734 0.76 

476,533 PostNL 1,023,831 0.53 

176,132 SBM Offshore 2,266,819 1.18 

35,420 Unit 4 879,124 0.46 

10,054,722 5.23 

NORWAY 

503,324 Borregaard 1,681,235 0.87 

1,849,355 Marine Harvest 1,440,405 0.75 

157,020 SpareBank 1 SMN 923,060 0.48 

549,314 Storebrand 2,017,646 1.05 

6,062,346 3.15 

SPAIN 


177,840 Grupo Catalana Occidente 2,998,382 1.56 


6,054,355 3.15 

GREECE 

111,616 Folli Follie Group 1,749,581 0.91 

231,262 Hellenic Exchanges Holding Clearing Settlement and 

Registry 1,377,165 0.72 

220,963 JUMBO 1,669,375 0.87 

4,796,121 2.50 

BELGIUM 

46,626 Arseus 942,311 0.49 

21,309 Barco 1,319,240 0.69 

17,309 EVS Broadcast Equipement 919,800 0.48 


3,646,014 1.90 

IRELAND 

115,966 FBD Holdings 1,664,112 0.87 

268,555 Grafton Group 1,448,049 0.75 

21,575 Irish Continental Group 480,044 0.25 

4,178 Smurfit Kappa Group 53,572 0.03 

3,645,777 1.90 

LUXEMBOURG 

9,409 Eurofins Scientific 1,516,966 0.79 

264,467 SAF-Holland 1,916,857 1.00 

3,433,823 1.79 

JERSEY 

341,467 Beazley 915,611 0.48 

103,000 Cape 289,684 0.15 

66,000 Genel Energy 708,391 0.37 

30,110 WANdisco 329,593 0.17 

2,243,279 1.17 

AUSTRIA 

75,705 CAT Oil 901,457 0.47 

35,754 RHI 954,095 0.49 

1,855,552 0.96 

FINLAND 

102,945 Amer Sports 1,446,377 0.75 

3,335 Huhtamaki 46,990 0.03 

7,476 Uponor 85,638 0.04 

1,579,005 0.82 

PORTUGAL 

265,725 Zon Multimedia Servicos de Telecomunicacoes e 

Multimedia SGPS 975,875 0.50 

CANADA 

224,410 Mood Media 179,485 0.09 

179,485 0.09 

Total Shares 190,568,966 99.17 



190,568,966 99.17 


Shares 

AUSTRIA 

181,272 Immofinanz* 0 0.00 

0 0.00 




Cash 1,042,774 0.54 





% of 


Shares 







Energy 2.91 





Total 100.00 


% of 


Shares 





Energy 6.60 









Total 100.00 

975,875 0.50 

GIBRALTAR 

363,041 888 Holdings 620,572 0.32 

620,572 0.32 

118




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 



662,420 ARM Holdings 6,117,945 6.58 

36,308 ASOS 1,697,643 1.83 

1,150,464 Blinkx 1,480,974 1.59 

295,919 BT Group 1,067,991 1.15 

228,996 CSR 1,433,139 1.54 

27,716 Dialight 353,871 0.38 

327,010 IDOX 146,523 0.16 

394,814 Iomart Group 1,225,072 1.32 

1,007,465 ITV 1,656,259 1.78 

124,115 Jazztel 738,981 0.79 

52,528 Lo-Q 358,792 0.39 


542,368 Moneysupermarket.com Group 1,191,816 1.28 

142,935 Nanoco Group 215,290 0.22 

252,204 Ocado Group 846,025 0.91 

19,266 Rightmove 467,447 0.50 

347,563 Sage Group 1,381,804 1.49 

18,731 Spectris 417,943 0.45 

89,305 Telecity Group 1,058,891 1.14 

89,088 Xaar 818,374 0.88 

359,686 Xchanging 531,263 0.57 

24,626,973 26.48 

GERMANY 


99,599 Jenoptik 943,950 1.01 

15,648 Kabel Deutschland Holding 1,316,779 1.42 

4,670 Merck 542,304 0.59 

34,444 ProSiebenSat.1 Media Preference Shares 1,145,349 1.23 

54,564 SAP 3,036,759 3.26 


12,801,750 13.76 

NETHERLANDS 

144,567 ASML Holding 8,715,944 9.37 

528,312 STMicroelectronics 3,617,088 3.89 

12,333,032 13.26 

FRANCE 

31,186 Akka Technologies 807,562 0.87 


59,728 Cap Gemini 2,237,112 2.40 

14,885 Dassault Systèmes 1,398,074 1.50 

25,421 Groupe Steria 267,175 0.29 

2,280 Iliad 378,765 0.41 

52,841 Ingenico 2,706,780 2.91 

176,891 Technicolor 538,633 0.58 

26,540 Teleperformance 986,757 1.06 

10,879,793 11.70 

SWEDEN 

498,432 Eniro 1,017,932 1.10 

111,463 Hexagon - B Shares 2,278,277 2.45 



SWITZERLAND 

69,091 Ascom Holding 655,531 0.70 

81,249 Kudelski 757,679 0.81 

73,954 Temenos Group Registered Shares 1,380,804 1.49 

2,794,014 3.00 

DENMARK 

97,128 GN Store Nord 1,401,058 1.51 

74,425 Vestas Wind Systems 798,942 0.86 

2,200,000 2.37 

ISLE OF MAN 

250,303 Optimal Payments 509,985 0.55 

93,500 Playtech 654,480 0.70 

1,164,465 1.25 

ITALY 

26,091 Reply 853,567 0.92 

853,567 0.92 

GIBRALTAR 

350,624 888 Holdings 599,347 0.64 

599,347 0.64 

LUXEMBOURG 

2,961 Eurofins Scientific 477,387 0.51 

477,387 0.51 

IRELAND 

5,933 Paddy Power 388,968 0.42 

388,968 0.42 


163,504 Planet Payment 333,134 0.36 

333,134 0.36 

JERSEY 

20,551 WANdisco 224,957 0.24 

224,957 0.24 

Total Shares 92,444,549 99.39 



92,444,549 99.39 


Cash 472,412 0.51 



10,256,527 11.03 

SPAIN 


4,736,302 5.09 

FINLAND 

1,250,225 Nokia 3,556,890 3.82 

18,004 Vaisala - A Shares 355,399 0.39 

3,912,289 4.21 

BELGIUM 

24,615 Barco 1,523,915 1.64 


14,115 EVS Broadcast Equipement 750,071 0.81 


3,862,044 4.15 

119




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 










Total 100.00 


% of 


Shares 








Total 100.00 

120




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

GERMANY 

125,000 Aareal Bank 2,223,750 0.68 

22,817 Adidas 1,881,490 0.58 


32,035 Amadeus Fire 1,398,728 0.42 

359,241 BASF24,514,606 7.53 



19,174 Brenntag 2,240,961 0.69 

81,464 Continental 8,333,767 2.56 






93,378 Duerr 4,322,935 1.33 

530,170 E.ON 6,669,539 2.05 

198,351 Freenet 3,341,718 1.03 

66,862 Fresenius & Co. 6,310,436 1.94 

71,042 Fuchs Petrolub Preference Shares 4,310,473 1.32 




108,764 Kabel Deutschland Holding 9,152,491 2.80 

156,976 KION Group 3,732,104 1.15 

67,600 KUKA 2,179,593 0.67 

26,630 LEG Immobilien 1,068,662 0.33 

51,224 Linde 7,276,369 2.23 

59,451 Merck 6,903,747 2.12 


35,323 NORMA Group 976,946 0.30 

419,320 SAP 23,337,255 7.17 

92,887 SHW 2,492,855 0.77 


687,394 Sky Deutschland 3,622,910 1.11 

73,134 Symrise 2,253,076 0.69 

107,243 Tom Tailor Holding 1,750,742 0.54 

180,084 TUI 1,619,135 0.50 




193,876 Wirecard 4,016,626 1.23 


% of 


Shares 











Energy 1.32 



Total 100.00 


% of 


Shares 










Energy 1.17 




Total 100.00 

316,259,537 97.08 

NETHERLANDS 

155,234 EADS 6,408,836 1.97 

6,408,836 1.97 

LUXEMBOURG 

207,322 SAF-Holland 1,502,670 0.46 

1,502,670 0.46 

Total Shares 324,171,043 99.51 



324,171,043 99.51 



LUXEMBOURG 



5,161,090 1.58 




5,161,090 1.58 


Cash 3,321,555 1.02 



121




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


27,587 Allergan 1,788,907 1.35 

38,292 Apache 2,457,076 1.85 

7,264 Apple 2,178,626 1.64 


85,826 Cisco Systems 1,606,179 1.21 

61,058 Coach 2,655,745 2.00 




31,827 Humana 2,063,854 1.55 

2,510 Intuitive Surgical 968,500 0.73 

29,539 KLA-Tencor 1,249,560 0.94 

27,988 Lam Research 950,790 0.72 

133,177 Merck & Co. 4,788,918 3.60 

76,931 MetLife 2,698,173 2.03 

184,042 Microsoft 4,886,327 3.67 


138,228 Pfizer 3,019,670 2.27 


42,425,753 31.92 


1,590,000 Agile Property Holdings 1,307,047 0.98 

37,740 Baidu ADR 2,687,398 2.02 

1,695,000 Country Garden Holdings 674,883 0.50 

294,781 Giant Interactive Group ADR 1,763,469 1.33 

6,726,000 Hengdeli Holdings 1,180,995 0.89 

348,338 iSoftStone Holdings ADR 1,367,410 1.03 

958,000 New World Department Store China 369,119 0.28 

497,318 Pactera Technology International ADR 2,562,905 1.93 

115,677 Perfect World ADR 1,513,200 1.14 

502,000 Sands China 1,818,755 1.37 

457,011 Shanda Games ADR 1,367,866 1.03 

140,776 WuXi PharmaTech Cayman ADR 2,214,801 1.67 

18,827,848 14.17 


60,610 AstraZeneca 2,200,192 1.66 

1,012,957 Barclays 3,284,154 2.47 

161,172 BG Group 2,110,496 1.58 




15,316,495 11.52 

SWITZERLAND 





10,681,018 8.04 

FRANCE 

119,053 AXA 1,784,307 1.34 

1,373 Groupe Fnac 21,330 0.02 

12,936 PPR 2,012,195 1.51 

64,846 Sanofi 5,133,209 3.86 

8,951,041 6.73 

CHINA 




193,000 Ping An Insurance Group Co. of China - H Shares* 997,077 0.75 

1,100,800 Sinopharm Group - H Shares* 2,117,976 1.59 

8,081,404 6.08 

ISRAEL 


SOUTH KOREA 

7,392 Hyundai Motor 1,117,808 0.84 


3,193,583 2.40 

INDIA 

54,908 Axis Bank 939,647 0.72 

128,692 Federal Bank 680,646 0.51 

201,684 Yes Bank 1,207,895 0.91 

2,828,188 2.14 

SINGAPORE 


2,073,220 1.56 

BERMUDA 

210,000 China Yurun Food Group 98,363 0.08 

3,840,400 Oriental Watch Holdings 970,645 0.73 

1,899,500 Ports Design 949,847 0.71 

2,018,855 1.52 

HONG KONG 



1,918,469 1.44 

SWEDEN 


1,584,205 1.19 

GERMANY 


1,263,856 0.95 

IRELAND 

21,300 Covidien 1,025,923 0.77 

BRAZIL 

1,025,923 0.77 

20 Cielo 380 0.00 

380 0.00 

Total Shares 128,270,845 96.51 



128,270,845 96.51 


Shares 

BERMUDA 

24,451,000 China Hongxing Sports** 826,330 0.62 

826,330 0.62 


116,000 Beauty China Holdings** 7 0.00 

7 0.00 




Cash 1,098,695 0.83 



4,430,845 3.33 

NETHERLANDS 


3,649,762 2.75 



122




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 





Energy 6.18 






Total 100.00 


% of 


Shares 





Energy 8.20 






Total 100.00 

123




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 CHF364,919 EUR 296,347 236 

17-Jul-13 CHF12,223 GBP 8,480 35 

17-Jul-13 CHF6,074 HKD 51,262 (134) 

17-Jul-13 CHF3,995 USD 4,221 7 

17-Jul-13 EUR 28,849 CHF35,447 40 

17-Jul-13 EUR 43,187 GBP 36,750 286 

17-Jul-13 EUR 48,826 HKD 504,417 (1,072) 

17-Jul-13 EUR 16 JPY 2,017 - 

17-Jul-13 EUR 3,409 SEK 29,379 67 

17-Jul-13 EUR 1,995 SGD 3,323 (14) 

17-Jul-13 EUR 156,019 USD 207,878 (3,507) 

17-Jul-13 GBP 22,692 CHF32,616 (18) 

17-Jul-13 HKD 327,661 CHF39,419 376 

17-Jul-13 SEK 11,261 CHF1,570 5 

17-Jul-13 SGD 1,476 CHF1,079 16 

17-Jul-13 USD 125,470 CHF117,134 1,087 

Total (2,590) 


Counterparty 

Unrealised 

Gain/(Loss) 

Citibank 995 




HSBC (496) 




UBS (3,172) 

Total (2,590) 

124




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 





284,000 Cliffs Natural Resources Preference Shares 3,875,273 0.26 

89,000 Dominion Resources Preference Shares 3,389,897 0.23 

89,000 Dominion Resources Preference Shares 3,389,556 0.23 

12,193 Lucent Technologies Capital Trust I Preference 

Shares 8,968,374 0.61 

51,300 MetLife Preference Shares 2,149,032 0.15 



154,200 PPL Preference Shares 6,347,240 0.43 

35,500 Stanley Black & Decker Preference Shares 3,509,378 0.24 

20,770 Weyerhaeuser 799,551 0.05 

46,169,439 3.13 

LUXEMBOURG 

575,623 ArcelorMittal Preference Shares 8,280,868 0.56 

8,280,868 0.56 

GERMANY 

90 Siemens - Warrants 16.08.17 706,500 0.05 


2,900,000 0.20 


Bonds 

NETHERLANDS 

27,000,000 Siemens 


19,315,317 1.31 

Total Bonds 19,315,317 1.31 


FRANCE 

347,991,200 Air France-KLM 15.02.23/2.030% 35,234,109 2.39 

1,389,407,000 Alcatel-Lucent 01.07.18/4.250% 25,537,301 1.73 

14,700,000 BNP Paribas 21.09.15/0.250% 15,458,814 1.05 

13,900,000 BNP Paribas 27.09.16/0.250% 14,631,765 1.00 

11,229,100 Club Mediterranee 01.11.15/6.110% 2,246,831 0.16 

26,304,700 Faurecia 01.01.18/3.250% 5,967,852 0.40 

5,331,400 Misarte 01.01.16/3.250% 9,490,798 0.64 

89,878,300 Peugeot 01.01.16/4.450% 22,601,247 1.53 

7,877,100 Pierre & Vacances 01.10.15/4.000% 6,059,349 0.41 

9,377,400 Publicis Groupe 18.01.18/1.000% 5,510,348 0.37 

56,650,900 SOITEC 09.09.14/6.250% 4,734,316 0.32 

23,177,600 Technip 01.01.17/0.250% 24,888,153 1.69 

7,356,900 Unibail-Rodamco 01.01.18/0.750% 17,684,406 1.20 

190,045,289 12.89 

JAPAN 

840,000,000 ABC-Mart 05.02.18/0.000% 7,393,905 0.51 

899,000,000 Aeon 22.11.13/0.300% 9,979,162 0.68 

680,000,000 Asahi Glass 14.11.14/0.000% 5,355,244 0.37 

1,360,000,000 Asahi Group Holdings 26.05.28/0.000% 13,302,528 0.91 

1,610,000,000 Bank of Kyoto 31.03.14/0.000% 13,032,579 0.88 

1,020,000,000 Fukuyama Transporting 22.03.17/0.000% 9,628,654 0.65 

490,000,000 IHI 29.03.16/0.000% 5,312,046 0.36 

1,100,000,000 Kureha 14.03.18/0.000% 9,489,157 0.64 

600,000,000 Makino Milling Machine 19.03.18/0.000% 5,225,216 0.35 


1,770,000,000 Nidec 18.09.15/0.000% 14,305,051 0.97 

756,000,000 Nippon Meat Packers 03.03.14/0.000% 7,077,121 0.48 

964,000,000 Nomura Research Institute 31.03.14/0.000% 7,747,353 0.53 

610,000,000 Park24 26.04.18/0.000% 5,020,500 0.34 

601,000,000 Sawai Pharmaceutical 17.09.15/0.000% 6,091,228 0.41 

340,000,000 Sekisui House 05.07.16/0.000% 3,895,724 0.26 

9,700,000 Shizuoka Bank 25.04.18/0.000% 8,429,965 0.57 

383,000,000 Takashimaya 14.11.14/0.000% 3,903,199 0.26 

680,000,000 Toray Industries 12.03.14/0.000% 5,336,018 0.36 

910,000,000 Yamato Holdings 07.03.16/0.000% 9,055,153 0.61 

151,185,879 10.25 

LUXEMBOURG 

15,900,000 GBL Verwaltung 07.02.17/1.250% 16,634,580 1.12 

24,700,000 Glencore Finance Europe 31.12.14/5.000% 20,785,469 1.41 

25,000,000 Subsea 7 05.10.17/1.000% 18,518,757 1.26 

55,938,806 3.79 

JERSEY 

13,900,000 British Land Jersey 10.09.17/1.500% 17,138,725 1.16 

8,000,000 Capital Shopping Centres Jersey 04.10.18/2.500% 9,825,156 0.67 

18,700,000 Shire 09.05.14/2.750% 15,805,613 1.07 

16,600,000 Vedanta Resources Jersey 13.07.16/5.500% 12,886,050 0.87 

55,655,544 3.77 




Cayman I 14.05.14/0.000% 4,980,830 0.34 


88,000,000 Hengan International Group 27.06.18/0.000% 8,797,934 0.60 

38,700,000 Shui On Land 29.09.15/4.500% 4,816,599 0.33 

6,800,000 TPK Holding 20.04.14/0.000% 5,136,909 0.35 

6,000,000 TPK Holding 01.10.17/0.000% 5,171,058 0.35 

260,000,000 Zeus Cayman II 18.08.16/0.000% 2,670,396 0.18 

54,968,521 3.73 

GERMANY 

9,600,000 Adidas 14.06.19/0.250% 11,804,256 0.80 

18,600,000 Deutsche Post 06.12.19/0.600% 21,274,308 1.44 

234,763 TUI 24.03.16/2.750% 14,919,189 1.01 

47,997,753 3.25 

NETHERLANDS 

30,800,000 Lukoil International Finance 16.06.15/2.625% 25,447,980 1.72 

8,750,000 Siemens 


9,600,000 Volkswagen International 

Finance 09.11.15/5.500% 9,871,632 0.67 

42,224,135 2.86 

SPAIN 

27,000,000 International Consolidated 

Airlines Group 31.05.18/1.750% 28,416,015 1.92 

4,300,000 OHL Investments 25.04.18/4.000% 4,223,933 0.29 

32,639,948 2.21 


17,300,000 Billion Express Investments 18.10.15/0.750% 13,441,785 0.91 

168,000,000 Wharf Finance 2014 07.06.14/2.300% 16,970,472 1.15 

30,412,257 2.06 

BELGIUM 

27,100,000 Groupe Bruxelles Lambert 21.09.15/0.125% 28,804,590 1.95 

28,804,590 1.95 


12,600,000 Aabar Investments 27.05.16/4.000% 13,296,591 0.91 

16,200,000 National Bank of Abu Dhabi 12.03.18/1.000% 12,586,297 0.85 

25,882,888 1.76 

SINGAPORE 

3,500,000 CapitaCommercial Trust 12.09.17/2.500% 2,264,183 0.16 

12,750,000 CapitaLand 19.06.20/1.850% 7,123,605 0.48 

3,750,000 CapitaMall Trust 19.04.14/2.125% 2,340,440 0.16 

15,000,000 Temasek Financial III Pte 24.10.14/0.000% 9,323,606 0.63 

21,051,834 1.43 

AUSTRIA 



20,315,981 1.38 

SOUTH KOREA 

10,600,000 SK Hynix 14.05.15/2.650% 9,111,090 0.62 

880,000,000 Lotte Shopping 05.07.16/0.000% 6,829,259 0.46 

2,400,000 SK Telecom 07.04.14/1.750% 2,458,646 0.17 

18,398,995 1.25 

125




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


TAIWAN 

14,400,000 Hon Hai Precision Industry 12.10.13/0.000% 11,013,540 0.75 

4,200,000 Pegatron 06.02.17/0.000% 4,026,602 0.27 

15,040,142 1.02 

ITALY 

6,100,000 ENI 30.11.15/0.250% 6,265,310 0.42 

8,500,000 ENI 18.01.16/0.625% 8,678,245 0.59 

14,943,555 1.01 


2,400,000 Salamander Energy 30.03.15/5.000% 1,861,017 0.13 

9,400,000 TUI Travel 05.10.14/6.000% 12,545,907 0.85 

14,406,924 0.98 

FINLAND 

9,200,000 Nokia 26.10.17/5.000% 12,417,056 0.84 

12,417,056 0.84 

SWEDEN 



12,185,295 0.83 

INDIA 

14,495,000 Tata Steel 21.11.14/4.500% 11,195,661 0.76 

11,195,661 0.76 

HONG KONG 

12,000,000 Hong Kong Exchanges and 

Clearing 23.10.17/0.500% 9,382,492 0.64 

9,382,492 0.64 

SWITZERLAND 

9,730,000 Schindler Holding 05.06.17/0.375% 7,983,672 0.54 

7,983,672 0.54 

PORTUGAL 

6,800,000 Parpublica - Participações 

Publicas 28.09.17/5.250% 7,245,400 0.49 

7,245,400 0.49 

AUSTRALIA 



4,945,359 0.34 

SOUTH AFRICA 

4,200,000 Impala Platinum Holdings 21.02.18/1.000% 2,625,705 0.18 

2,625,705 0.18 

MAURITIUS 

3,000,000 Golden Agri-Resources 04.10.17/2.500% 2,111,830 0.14 

2,111,830 0.14 

MALAYSIA 

2,200,000 YTL Finance Labuan 18.03.15/1.875% 1,847,488 0.13 

1,847,488 0.13 




968,518,623 65.68 




5,691,000 Air Lease 144A 01.12.18/3.875% 5,375,421 0.37 

6,299,000 Ares Capital 15.03.17/4.875% 5,196,756 0.36 

16,267,000 Ares Capital 144A 15.01.18/4.750% 13,061,565 0.89 

12,043,000 Auxilium Pharmaceuticals 15.07.18/1.500% 8,913,138 0.60 

14,040,000 Boston Properties 144A 15.02.14/3.625% 11,158,913 0.76 

16,080,000 Cobalt International Energy 01.12.19/2.625% 13,139,407 0.89 

9,874,000 Dendreon 15.01.16/2.875% 5,522,350 0.37 

7,127,000 Electronic Arts 15.07.16/0.750% 5,627,060 0.38 

5,881,000 Encore Capital Group 144A 01.07.20/3.000% 4,343,241 0.29 

5,104,000 Health Care REIT 01.12.29/3.000% 5,143,524 0.35 

9,736,000 Hologic - 2010 15.12.37/2.000%* 8,349,882 0.57 

6,205,000 Hornbeck Offshore Services 

144A 01.09.19/1.500% 5,794,821 0.39 

5,523,000 Iconix Brand Group 144A 15.03.18/1.500% 4,763,180 0.32 

5,306,000 Illumina 144A 15.03.16/0.250% 4,405,514 0.30 

22,920,000 Intel 15.12.35/2.950% 19,008,063 1.29 

17,069,000 Intel 01.08.39/3.250% 16,464,123 1.12 

2,224,000 Isis Pharmaceuticals 144A 01.10.19/2.750% 3,010,399 0.20 

6,439,000 KB Home 01.02.19/1.375% 5,160,747 0.35 

25,478,000 Lam Research 15.05.16/0.500% 20,696,268 1.40 

2,452,000 Lennar 144A 01.12.20/2.000% 2,540,576 0.17 

9,380,000 Lennar 144A 15.11.21/3.250% 12,139,304 0.82 


7,585,000 Medivation 01.04.17/2.625% 7,356,521 0.50 

4,796,000 Meritage Homes 15.09.32/1.875% 4,064,846 0.28 





7,083,000 Molina Healthcare 144A 15.01.20/1.125% 5,982,861 0.41 

3,315,000 Molson Coors Brewing 30.07.13/2.500% 2,573,736 0.17 

4,752,000 Newmont Mining 15.07.14/1.250% 3,669,734 0.25 

3,680,000 Novellus Systems 15.05.41/2.625% 4,032,087 0.27 

6,853,000 Nuance Communications 01.11.31/2.750% 5,412,724 0.37 

21,047,000 Peabody Energy 15.12.41/4.750% 11,193,106 0.76 

13,133,000 priceline.com 15.03.18/1.000% 11,710,505 0.79 

6,263,000 priceline.com 144A 15.06.20/0.350% 4,548,211 0.31 

4,320,000 ProLogis 15.03.15/3.250% 3,813,921 0.26 

5,168,000 Prospect Capital 144A 15.03.18/5.750% 4,112,455 0.28 

8,555,000 Prospect Capital 144A 15.01.19/5.875% 6,680,465 0.45 

9,805,000 Redwood Trust 15.04.18/4.625% 7,484,702 0.51 

6,614,000 Royal Gold 15.06.19/2.875% 4,629,054 0.31 

4,705,000 Ryland Group 01.06.19/0.250% 3,294,215 0.22 

17,250,000 Salesforce.com 144A 01.04.18/0.250% 12,634,569 0.86 

8,459,000 Salix Pharmaceuticals 15.03.19/1.500% 7,720,483 0.52 

17,436,000 SanDisk 15.08.17/1.500% 17,782,108 1.21 

7,760,000 Standard Pacific 01.08.32/1.250% 7,561,833 0.51 

13,183,000 Starwood Property Trust 01.03.18/4.550% 10,326,773 0.70 

3,120,000 SunPower 15.03.15/4.500% 2,798,293 0.19 

4,719,000 SunPower 144A 01.06.18/0.750% 3,713,893 0.25 

6,524,000 Teva Pharmaceutical Finance 01.02.26/0.250% 5,245,872 0.36 

18,310,000 United States Steel 01.04.19/2.750% 14,005,708 0.95 

7,195,000 WellPoint 144A 15.10.42/2.750% 6,915,734 0.47 

7,510,000 Wright Medical Group 144A 15.08.17/2.000% 7,010,990 0.48 

10,066,000 Xilinx 15.03.37/3.125% 10,637,239 0.72 

418,275,751 28.36 

MEXICO 

8,600,000 Cemex 15.03.15/4.875% 7,561,111 0.51 

12,400,000 Cemex 15.03.16/3.250% 11,522,633 0.78 

19,083,744 1.29 

JAPAN 

295,000,000 Kadokawa Group Holdings 18.12.14/1.000% 2,882,116 0.20 

665,000,000 Nihon Unisys 20.06.16/0.000% 5,463,819 0.37 

690,000,000 Nippon Ceramic 24.04.18/0.000% 5,799,186 0.39 

14,145,121 0.96 



LUXEMBOURG 

94,708,561 JPMorgan Liquidity Funds - Euro Liquidity Fund 

(JPM Euro Liquidity X (flex dist)) 94,708,561 6.42 

94,708,561 6.42 




546,213,177 37.03 


Cash 861,529 0.06 




126




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 




France 12.89 

Japan 11.21 



Jersey 3.77 


Germany 3.25 

Spain 2.21 


Belgium 1.95 



Austria 1.38 

Mexico 1.29 


Taiwan 1.02 

Italy 1.01 


Finland 0.84 

Sweden 0.83 

India 0.76 


Switzerland 0.54 

Portugal 0.49 




Malaysia 0.13 












Total 100.00 


% of 




Japan 14.00 

France 9.63 

Jersey 6.06 



Germany 3.13 

Finland 2.83 



Taiwan 1.63 

Austria 1.58 

Mexico 1.48 

Canada 1.40 



Belgium 1.30 


India 0.94 

Spain 0.89 


Malta 0.73 


Portugal 0.59 

Cyprus 0.52 

Sweden 0.40 

Italy 0.33 



Malaysia 0.17 








Energy 0.14 




Total 100.00 

127




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

12-Jul-13 EUR 6,876,729 GBP 5,850,505 46,520 

12-Jul-13 GBP 44,134,160 EUR 51,805,164 (280,461) 

17-Jul-13 CHF253,582,686 EUR 205,905,193 190,719 

17-Jul-13 EUR 7,484,786 CHF9,197,079 9,984 

22-Jul-13 EUR 6,501,361 CHF8,009,150 (8,121) 

22-Jul-13 EUR 36,365,546 GBP 31,136,254 19,518 

22-Jul-13 EUR 24,535,762 HKD 253,189,301 (510,466) 

22-Jul-13 EUR 165,910,287 JPY 21,163,307,181 1,978,705 

22-Jul-13 EUR 16,507,128 SGD 27,697,489 (245,669) 

22-Jul-13 EUR 746,439,389 USD 999,799,245 (20,793,826) 

22-Jul-13 JPY 698,244,389 EUR 5,509,766 (101,145) 

22-Jul-13 USD 42,664,682 EUR 32,376,670 363,664 

12-Aug-13 EUR 73,782 GBP 63,069 177 

Total (19,330,401) 


Counterparty 

Unrealised 

Gain/(Loss) 

Bank of America Merrill Lynch (302) 

Barclays 25 

BNP Paribas (6,912,976) 

Citibank (7,122,530) 




HSBC (611,953) 

JPMorgan 5,646 



RBC 109 

RBS 19,518 


State Street Bank 1,846,933 

Toronto Dominion (47) 

UBS (97,625) 


Total (19,330,401) 

128




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


110,378 Abbott Laboratories 3,888,065 0.37 

28,494 Actavis 3,589,247 0.34 

73,016 Allstate 3,514,260 0.33 

98,432 Altria Group 3,484,001 0.33 




44,410 Amgen 4,355,067 0.41 


43,895 Apache 3,670,061 0.35 

232,463 Applied Materials 3,420,693 0.32 

62,906 Avery Dennison 2,670,674 0.25 

535,963 Bank of America 6,900,524 0.66 

67,366 BE Aerospace 4,258,878 0.41 

38,353 Becton Dickinson & Co. 3,764,730 0.36 

112,532 Best Buy 3,131,765 0.30 

13,920 Biogen Idec 3,052,586 0.29 

10,446 BlackRock 2,692,039 0.26 

43,338 Boeing 4,436,294 0.42 


47,380 Cameron International 2,914,818 0.28 



32,132 Charter Communications - A Shares 3,997,542 0.38 

150,690 Chesapeake Energy 3,060,514 0.29 

119,416 Chevron 14,157,364 1.35 

54,769 Cigna 3,967,192 0.38 

360,253 Cisco Systems 8,784,769 0.84 

230,568 Citigroup 11,015,386 1.05 

63,701 Coach 3,610,254 0.35 


54,975 Computer Sciences 2,357,328 0.22 

82,317 ConAgra Foods 2,867,513 0.27 

252,321 Corning 3,579,173 0.34 

8,306 CST Brands 255,410 0.03 

126,216 CSX 2,942,726 0.28 

70,054 CVS Caremark 3,974,163 0.38 

77,065 Discover Financial Services 3,618,202 0.35 

126,134 Dow Chemical 4,038,180 0.39 

88,108 DR Horton 1,878,903 0.18 

75,143 Eli Lilly & Co. 3,703,047 0.35 


34,690 Energizer Holdings 3,466,398 0.33 

31,773 EOG Resources 4,161,945 0.40 

119,766 Fidelity National Financial - A Shares 2,818,094 0.27 

178,737 Fifth Third Bancorp 3,187,774 0.30 

48,924 Flowserve 2,638,227 0.25 

70,915 Fluor 4,172,284 0.40 

66,057 Foot Locker 2,320,913 0.22 

85,302 Gap 3,563,918 0.34 

130,981 General Motors 4,309,930 0.41 


21,916 Goldman Sachs Group 3,311,069 0.32 


104,364 Halliburton 4,356,153 0.42 


57,473 Hess 3,811,609 0.36 



49,389 Humana 4,173,124 0.40 

29,977 Ingredion 1,966,191 0.19 

157,603 Intel 3,747,011 0.36 


77,333 Kraft Foods Group 4,292,368 0.41 

88,818 Kroger 3,065,997 0.29 

87,725 Lam Research 3,883,147 0.37 

85,830 Lincoln National 3,100,180 0.30 


81,606 Lowe’s 3,322,996 0.32 

90,271 Macy’s 4,356,478 0.42 

108,996 Marathon Oil 3,818,675 0.36 

169,752 Masco 3,358,543 0.32 

27,150 McKesson 3,123,336 0.30 

58,100 Medtronic 2,998,541 0.29 

231,843 Merck & Co. 10,863,004 1.04 

126,993 MetLife 5,803,580 0.55 

223,224 MGM Resorts International 3,232,284 0.31 

426,325 Microsoft 14,748,713 1.41 

29,528 Mohawk Industries 3,281,594 0.31 

113,784 Mylan 3,498,289 0.33 

79,086 NetApp 2,994,591 0.29 

123,308 News - B Shares 4,036,487 0.39 

65,074 Noble Energy 3,950,968 0.38 


50,797 Northrop Grumman 4,196,086 0.40 


67,020 PepsiCo 5,474,864 0.52 

456,671 Pfizer 12,999,140 1.24 


4,009 Priceline.com 3,299,207 0.32 



69,433 Qualcomm 4,221,874 0.40 


55,499 Ryder System 3,388,214 0.32 

63,600 SanDisk 3,813,774 0.36 

53,648 SM Energy 3,181,326 0.30 

35,188 Snap-On 3,132,436 0.30 

270,297 Southwest Airlines 3,471,965 0.33 

144,900 Staples 2,290,145 0.22 

59,689 Starwood Hotels & Resorts Worldwide 3,788,461 0.36 

66,457 State Street 4,281,160 0.41 

136,187 Symantec 3,037,651 0.29 

35,476 Thermo Fisher Scientific 3,017,411 0.29 

71,476 Time Warner 4,116,303 0.39 

67,720 TJX 3,392,772 0.32 

41,500 T-Mobile 1,022,975 0.10 

44,650 Travelers 3,555,703 0.34 

17,812 Union Pacific 2,752,399 0.26 



42,543 Universal Health Services - B Shares 2,849,530 0.27 

118,226 Unum 3,482,347 0.33 

18,884 VF3,609,488 0.34 

50,997 Walgreen 2,285,941 0.22 

47,469 Walt Disney 3,030,184 0.29 

288,263 Wells Fargo & Co. 11,834,637 1.13 

24,201 Whirlpool 2,769,199 0.26 

350,332 Xerox 3,179,263 0.30 

137,716 Yahoo! 3,438,080 0.33 

513,860,574 49.02 


448,212 Aberdeen Asset Management 2,596,030 0.25 


61,443 AstraZeneca 2,906,274 0.28 

651,637 Aviva 3,371,258 0.32 

1,812,174 Barclays 7,655,615 0.73 

350,115 BG Group 5,973,838 0.57 


623,223 BT Group 2,930,798 0.28 


128,536 Diageo 3,691,094 0.35 

56,225 Ensco - A Shares 3,259,363 0.31 

1,000,737 Home Retail Group 2,041,701 0.19 

308,400 HSBC Holdings 3,197,362 0.31 

326,947 Inchcape 2,463,707 0.24 

1,388,974 ITV 2,975,365 0.28 

1,059,114 Legal & General Group 2,752,162 0.26 


14,087 Liberty Global - C Shares 967,918 0.09 


340,518 Meggitt 2,693,933 0.26 


160,923 Persimmon 2,870,611 0.27 

332,205 Prudential 5,448,392 0.52 

111,106 Rio Tinto 4,515,815 0.43 

99,077 SABMiller 4,757,220 0.45 

338,593 St James’s Place 2,741,808 0.26 


2,090,473 Taylor Wimpey 3,028,579 0.29 

117,928 Unilever 4,765,280 0.46 


110,736,249 10.57 

JAPAN 

104,700 Bridgestone 3,566,616 0.34 

357,000 Daicel 3,129,493 0.30 



621,000 Hitachi 3,989,569 0.38 

266,000 Isuzu Motors 1,824,345 0.17 

203,199 ITOCHU 2,350,402 0.23 

129




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


120,200 Japan Tobacco 4,252,344 0.41 

78,900 KDDI 4,109,251 0.39 

169,800 Komatsu 3,935,007 0.38 

59,300 Makita 3,211,148 0.31 

391,000 Marubeni 2,616,533 0.25 

165,000 Mitsubishi 2,830,356 0.27 

352,000 Mitsubishi Electric 3,298,834 0.31 

550,400 Mitsubishi UFJ Financial Group 3,402,675 0.32 


341,600 Nissan Motor 3,465,132 0.33 

94,900 Omron 2,828,561 0.27 

398,600 ORIX 5,441,398 0.52 


220,000 Sekisui House 3,185,365 0.30 

175,800 Sony 3,688,118 0.35 


691,000 Sumitomo Mitsui Trust Holdings 3,229,200 0.31 

140,500 Toyoda Gosei 3,451,698 0.33 

118,100 Toyota Motor 7,152,157 0.68 

92,066,896 8.78 

SWITZERLAND 

182,273 ABB Registered Shares 3,940,344 0.37 

45,952 ACE 4,086,511 0.39 

53,487 Actelion Registered Shares 3,226,970 0.31 



164,502 GAM Holding 2,512,751 0.24 

46,658 Holcim Registered Shares 3,243,570 0.31 




273,627 OC Oerlikon Registered Shares 3,223,453 0.31 



63,626,297 6.07 

FRANCE 

269,289 AXA 5,258,908 0.50 

79,632 BNP Paribas 4,331,515 0.41 

148,414 EDF3,421,463 0.33 

2,044 Groupe Fnac 41,375 0.01 

15,659 Kering 3,173,816 0.30 

57,842 Lafarge 3,574,361 0.34 

57,669 Renault 3,890,919 0.37 

93,773 Sanofi 9,672,335 0.92 



44,687 Valeo 2,799,874 0.27 

42,058,867 4.01 

GERMANY 


48,165 BASF4,282,707 0.41 



25,584 Continental 3,410,294 0.33 



105,650 Freenet 2,319,277 0.22 



40,885,306 3.90 

IRELAND 

44,944 Accenture - A Shares 3,149,676 0.30 

45,037 Covidien 2,826,522 0.27 

60,413 Eaton 3,933,188 0.37 

184,876 Glanbia 2,469,177 0.24 

55,205 Ingersoll-Rand 3,037,379 0.29 


75,610 Seagate Technology 3,352,169 0.32 

107,071 XL Group 3,231,403 0.31 

25,340,832 2.42 

NETHERLANDS 

52,360 ASML Holding 4,113,322 0.39 

459,001 ING Groep - CVA 4,180,300 0.40 



24,527,068 2.33 

CANADA 

28,861 Canadian National Railway 2,791,212 0.27 

53,559 InterOil 3,771,625 0.36 

158,198 Suncor Energy 4,652,927 0.44 

34,952 Toronto-Dominion Bank 2,798,739 0.27 

14,014,503 1.34 

SPAIN 


199,366 Ferrovial 3,166,668 0.30 

562,841 Iberdrola 2,962,519 0.28 

186,034 Repsol 3,917,251 0.37 

4,570 Repsol (RFD) 96,259 0.01 

13,636,953 1.30 

HONG KONG 



877,000 Hang Lung Properties 3,074,746 0.29 


11,825,782 1.13 

SWEDEN 

112,619 NCC - B Shares 2,541,813 0.24 



9,406,074 0.90 

JERSEY 

1,364,101 Glencore International 5,637,151 0.54 

204,576 WPP 3,484,353 0.33 

9,121,504 0.87 

BERMUDA 

75,632 Invesco 2,397,913 0.23 

268,073 Marvell Technology Group 3,121,710 0.30 

47,544 Signet Jewelers 3,216,589 0.30 

8,736,212 0.83 

INDIA 

74,825 HDFC Bank ADR 2,709,787 0.26 

57,313 ICICI Bank ADR 2,173,309 0.21 

426,260 Yes Bank 3,326,443 0.31 

8,209,539 0.78 

CHINA 



7,314,580 0.70 

AUSTRALIA 

141,515 BHP Billiton 4,067,114 0.39 

69,317 Flight Centre 2,508,690 0.24 

6,575,804 0.63 


594,000 Sands China 2,804,173 0.27 

999,200 Wynn Macau 2,707,878 0.26 

5,512,051 0.53 

ITALY 


300,605 Mediaset 1,124,937 0.11 

3,771,370 0.36 

SINGAPORE 


3,757,944 0.36 

SOUTH KOREA 

17,244 Hyundai Motor 3,397,747 0.32 

3,397,747 0.32 

BELGIUM 


2,831,350 0.27 

130




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


TAIWAN 

154,950 Taiwan Semiconductor Manufacturing ADR 2,830,162 0.27 

2,830,162 0.27 

FINLAND 

419,634 Stora Enso - R Shares 2,780,413 0.26 

2,780,413 0.26 

INDONESIA 


2,736,635 0.26 

AUSTRIA 

75,447 Voestalpine 2,641,541 0.25 

2,641,541 0.25 

PANAMA 


2,616,108 0.25 

NORWAY 

130,945 Telenor 2,597,521 0.25 

2,597,521 0.25 

Total Shares 1,037,415,882 98.96 



1,037,415,882 98.96 


Bonds 

LUXEMBOURG 



7,000,000 0.67 

Total Bonds 7,000,000 0.67 



7,000,000 0.67 



% of 


Shares 






Energy 8.58 








Total 100.00 


% of 


Shares 





Energy 9.68 









Total 100.00 

Cash 6,828,655 0.65 




131




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

03-Jul-13 AUD 36,609 USD 33,841 (314) 

03-Jul-13 CAD 27,538 CHF25,030 (325) 

03-Jul-13 CHF110,335 EUR 88,988 886 

03-Jul-13 CHF4,022,096 USD 4,216,908 42,259 

03-Jul-13 DKK 78,038 CHF12,973 (106) 

03-Jul-13 EUR 85,554 CHF105,934 (699) 

03-Jul-13 EUR 414,797 USD 541,374 (885) 

03-Jul-13 GBP 316,638 USD 482,914 (1,191) 

03-Jul-13 HKD 215,371 CHF25,608 644 

03-Jul-13 JPY 9,072,453 CHF86,261 227 

03-Jul-13 JPY 38,220,789 USD 386,339 (563) 

03-Jul-13 SEK 136,584 USD 20,325 (72) 

03-Jul-13 SGD 16,982 USD 13,443 (58) 

03-Jul-13 USD 34,991 AUD 36,609 1,464 

03-Jul-13 USD 89,473 CAD 92,732 1,312 

03-Jul-13 USD 4,096,217 CHF3,876,626 (8,906) 

03-Jul-13 USD 13,593 DKK 78,038 (39) 

03-Jul-13 USD 534,315 EUR 411,363 (1,699) 

03-Jul-13 USD 481,261 GBP 316,638 (462) 

03-Jul-13 USD 128,058 HKD 994,155 (87) 

03-Jul-13 USD 470,725 JPY 47,293,242 (6,624) 

03-Jul-13 USD 20,599 SEK 136,584 346 

03-Jul-13 USD 13,433 SGD 16,982 49 

17-Jul-13 CAD 222,334 EUR 163,038 (1,154) 

17-Jul-13 CAD 3,757 SGD 4,573 (34) 

17-Jul-13 DKK 15,479 SEK 18,109 20 

17-Jul-13 EUR 309,580 JPY 39,910,614 562 

17-Jul-13 EUR 3,662 SGD 6,077 (18) 

17-Jul-13 EUR 21,940,399 USD 29,212,408 (622,014) 

17-Jul-13 GBP 144,211 EUR 170,010 (2,162) 

17-Jul-13 GBP 3,114 SGD 6,092 (65) 

17-Jul-13 HKD 1,534,665 EUR 148,472 4,355 

17-Jul-13 HKD 50,874 SGD 8,201 94 

17-Jul-13 JPY 59,003,769 EUR 460,672 (4,726) 

17-Jul-13 JPY 906,043 SGD 11,608 (4) 

17-Jul-13 SGD 187,106 EUR 111,827 1,754 

17-Jul-13 SGD 843,238 USD 674,101 (9,471) 

17-Jul-13 USD 311,833 AUD 325,506 14,055 

17-Jul-13 USD 694,578 CAD 707,109 22,562 

17-Jul-13 USD 1,885,111 CHF1,742,811 39,349 

17-Jul-13 USD 2,762 DKK 15,479 58 

17-Jul-13 USD 723,775 EUR 551,142 5,587 

17-Jul-13 USD 3,832,528 GBP 2,453,130 100,784 

17-Jul-13 USD 962,575 HKD 7,470,638 (436) 

17-Jul-13 USD 3,200,546 JPY 304,066,388 131,359 

17-Jul-13 USD 158,974 SEK 1,028,312 6,546 

17-Jul-13 USD 160,146 SGD 200,762 1,908 

06-Aug-13 CHF3,801,698 USD 4,018,336 8,676 

06-Aug-13 EUR 22,065 CHF26,994 161 

06-Aug-13 GBP 23,783 CHF34,229 (83) 

06-Aug-13 HKD 163,943 CHF19,831 129 

06-Aug-13 JPY 4,904,011 CHF47,092 (378) 

06-Aug-13 USD 33,755 AUD 36,609 316 

06-Aug-13 USD 62,143 CAD 65,194 216 

06-Aug-13 USD 128,858 CHF120,492 1,225 

06-Aug-13 USD 541,443 EUR 414,797 875 

06-Aug-13 USD 482,801 GBP 316,638 1,193 

06-Aug-13 USD 100,410 HKD 778,784 12 

06-Aug-13 USD 386,387 JPY 38,220,789 558 

06-Aug-13 USD 20,309 SEK 136,584 72 

06-Aug-13 USD 13,443 SGD 16,982 58 

Total (272,904) 


Counterparty 

Unrealised 

Gain/(Loss) 







HSBC 2,087 

Morgan Stanley 45 

RBC (289) 




UBS (5,024) 


Total (272,904) 

132




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


174,468 Allergan 11,313,554 0.87 

71,832 Amazon.com 15,347,564 1.18 

60,928 Autozone 19,629,841 1.50 


46,283 Biogen Idec 7,789,373 0.60 


431,560 CVS Caremark 18,789,111 1.44 


553,799 Fluor 25,005,767 1.92 


196,921 Humana 12,769,542 0.97 

330,381 Lam Research 11,223,487 0.86 

483,245 Lowe’s 15,101,754 1.16 

792,024 Masco 12,026,151 0.92 

515,740 MetLife 18,088,364 1.39 

1,293,307 Morgan Stanley 24,183,564 1.85 

137,713 Onyx Pharmaceuticals 9,095,013 0.70 

595,309 Paccar 24,392,406 1.87 

515,774 Time Warner 22,796,007 1.75 

669,511 TJX 25,742,321 1.97 

142,832 Union Pacific 16,938,562 1.30 


124,328 VF18,237,814 1.40 

968,361 Wells Fargo & Co. 30,510,942 2.34 

433,061,452 33.20 


2,099,088 APR Energy 23,485,789 1.80 

1,077,538 Associated British Foods 21,891,601 1.68 

1,663,016 BG Group 21,776,665 1.67 

841,488 InterContinental Hotels Group 17,651,061 1.35 

3,531,192 Kingfisher 14,177,055 1.09 

1,122,773 Prudential 14,132,090 1.08 

570,497 SABMiller 21,022,581 1.61 

754,380 Tullow Oil 8,825,789 0.68 

142,962,631 10.96 

JAPAN 


4,646,000 Hitachi 22,906,873 1.76 

1,260,300 Japan Tobacco 34,217,648 2.62 

1,034,000 Komatsu 18,389,953 1.41 

1,730,000 Mitsubishi Gas Chemical 9,762,563 0.75 

2,328,100 ORIX 24,390,860 1.87 

124,658,494 9.56 

GERMANY 


135,938 Continental 13,906,457 1.07 



57,142 Hamburger Hafen und Logistik 932,700 0.07 


89,252,994 6.84 

FRANCE 

1,216,512 AXA 18,232,474 1.40 



270,915 Sodexo 17,376,488 1.33 


84,016,843 6.44 

CANADA 


964,055 InterOil 52,101,484 3.99 

FINLAND 

556,135 Nokian Renkaat 17,420,929 1.34 

17,837,136 Outokumpu 8,927,487 0.68 

2,583,033 Ruukki Group 1,059,044 0.08 

1,558,640 Stora Enso - R Shares 7,925,684 0.61 

2,700,095 UPM-Kymmene 20,264,213 1.55 

55,597,357 4.26 

JERSEY 

1,241,112 Experian 16,657,723 1.28 

1,431,555 Petrofac 20,108,021 1.54 

554,556 Shire 13,461,566 1.03 

50,227,310 3.85 

SWEDEN 

1,331,955 Electrolux - B Shares 25,701,403 1.97 

1,499,897 Telefonaktiebolaget LM Ericsson - B Shares 13,011,529 1.00 

38,712,932 2.97 

TAIWAN 



29,828,635 2.29 

BELGIUM 

253,169 Solvay 25,418,168 1.95 

25,418,168 1.95 

IRELAND 

477,089 Covidien 22,979,184 1.76 

22,979,184 1.76 

HONG KONG 


19,101,421 1.46 

SWITZERLAND 

264,874 ACE 18,077,563 1.38 

18,077,563 1.38 


4,401,600 Sands China 15,947,080 1.22 

15,947,080 1.22 

NORWAY 

767,080 Telenor 11,677,854 0.90 

11,677,854 0.90 

INDIA 

1,630,388 Yes Bank 9,764,471 0.74 

9,764,471 0.74 

AUSTRALIA 

2,575,474 Goodman Group 8,835,466 0.68 

8,835,466 0.68 

DENMARK 

48,676 Carlsberg - B Shares 3,345,955 0.26 

3,345,955 0.26 

Total Shares 1,309,825,479 100.41 



1,309,825,479 100.41 

69,079,190 5.30 

NETHERLANDS 

46,562 AerCap Holdings 618,916 0.05 

313,789 ASML Holding 18,918,339 1.44 

473,191 Delta Lloyd 7,244,554 0.56 

553,278 EADS 22,842,082 1.75 

1,329,615 TNT Express 7,656,588 0.59 

57,280,479 4.39 

133




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 




LUXEMBOURG 



10,178,198 0.78 




10,178,198 0.78 


Cash 15,211,783 1.17 




% of 


Shares 








Energy 7.88 






Total 100.00 


% of 


Shares 







Energy 8.00 







Total 100.00 

134




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

03-Jul-13 AUD 49,324,932 EUR 39,924,840 (5,257,876) 

03-Jul-13 CAD 55,609,312 EUR 42,574,525 (2,001,307) 

03-Jul-13 CHF72,899,739 EUR 59,616,326 (371,976) 

03-Jul-13 CHF38,789 GBP 26,696 354 

03-Jul-13 CHF49,610 JPY 5,221,644 (131) 

03-Jul-13 CHF110,795 USD 119,112 (1,371) 

03-Jul-13 DKK 84,521,580 EUR 11,339,446 (8,249) 

03-Jul-13 EUR 34,950,173 AUD 49,324,932 283,210 

03-Jul-13 EUR 41,215,549 CAD 55,973,487 376,623 

03-Jul-13 EUR 58,667,386 CHF72,448,127 (209,946) 

03-Jul-13 EUR 11,347,824 DKK 84,521,580 16,627 

03-Jul-13 EUR 95,972,566 GBP 81,420,968 907,913 

03-Jul-13 EUR 27,791,366 HKD 276,031,371 485,595 

03-Jul-13 EUR 53,127,507 JPY 6,901,571,683 (332,946) 

03-Jul-13 EUR 11,900,312 NOK 89,531,662 594,998 

03-Jul-13 EUR 13,067,935 SEK 110,595,394 482,377 

03-Jul-13 EUR 8,391,224 SGD 13,852,673 11,976 

03-Jul-13 EUR 216,703,362 USD 283,053,201 (525,118) 

03-Jul-13 GBP 62,559 CHF90,477 (487) 

03-Jul-13 GBP 81,385,105 EUR 95,166,498 (143,717) 

03-Jul-13 HKD 275,075,787 EUR 27,150,318 60,924 

03-Jul-13 JPY 14,069,074 CHF135,321 (992) 

03-Jul-13 JPY 6,892,724,253 EUR 55,418,842 (2,026,922) 

03-Jul-13 NOK 89,531,662 EUR 11,513,229 (207,916) 

03-Jul-13 SEK 281,366 CHF40,249 (691) 

03-Jul-13 SEK 110,314,028 EUR 12,578,993 (25,454) 

03-Jul-13 SGD 13,852,673 EUR 8,700,728 (321,481) 

03-Jul-13 USD 408,584 CHF384,760 880 

03-Jul-13 USD 282,763,729 EUR 219,219,693 (2,213,367) 

08-Jul-13 EUR 2,362,570 AUD 3,207,484 109,157 

08-Jul-13 EUR 3,144,265 CAD 4,250,282 43,636 

08-Jul-13 EUR 3,035,452 CHF3,768,889 (27,532) 

08-Jul-13 EUR 386,780 DKK 2,882,745 298 

08-Jul-13 EUR 7,798,487 GBP 6,670,026 11,164 

08-Jul-13 EUR 1,037,836 HKD 10,531,564 (3,984) 

08-Jul-13 EUR 7,510,477 JPY 983,745,584 (109,657) 

08-Jul-13 EUR 351,350 NOK 2,673,912 13,776 

08-Jul-13 EUR 992,141 SEK 8,509,496 23,905 

08-Jul-13 EUR 628,253 SGD 1,029,804 5,347 

08-Jul-13 EUR 41,190,517 USD 53,875,078 (155,139) 

08-Jul-13 GBP 1,108,676 EUR 1,302,027 (7,636) 

08-Jul-13 JPY 135,614,986 EUR 1,068,891 (18,412) 

08-Jul-13 USD 3,268,203 EUR 2,492,482 15,653 

06-Aug-13 CHF6,908,432 EUR 5,595,486 19,772 

06-Aug-13 CHF290,484 USD 308,265 (434) 

06-Aug-13 EUR 198,080 AUD 280,353 1,584 

06-Aug-13 EUR 265,998 CAD 364,175 556 

06-Aug-13 EUR 32,231 CHF39,544 89 

06-Aug-13 EUR 38,225 DKK 285,041 3 

06-Aug-13 EUR 541,017 GBP 463,142 474 

06-Aug-13 EUR 94,388 HKD 955,584 (141) 

06-Aug-13 EUR 546,851 JPY 70,605,270 (60) 

06-Aug-13 EUR 9,501 NOK 75,013 42 

06-Aug-13 EUR 63,672 SEK 558,910 130 

06-Aug-13 EUR 31,509 SGD 51,989 65 

06-Aug-13 EUR 3,026,521 USD 3,950,881 (5,128) 

06-Aug-13 GBP 29,077 CHF41,847 (78) 

06-Aug-13 HKD 349,810 CHF42,314 211 

06-Aug-13 JPY 4,369,290 CHF41,829 (154) 

06-Aug-13 USD 97,456 CHF91,431 465 

04-Oct-13 AUD 49,044,579 EUR 34,497,865 (278,892) 

04-Oct-13 CAD 51,045,180 EUR 37,447,038 (305,670) 

04-Oct-13 CHF65,483,759 EUR 53,053,787 188,328 

04-Oct-13 EUR 6,822,488 CHF8,368,600 18,328 

04-Oct-13 EUR 83,372,635 GBP 71,399,187 95,784 

04-Oct-13 EUR 20,649,608 HKD 208,842,967 (8,304) 

04-Oct-13 EUR 12,763,566 JPY 1,627,687,442 154,231 

04-Oct-13 EUR 7,704,937 NOK 60,981,010 33,961 

04-Oct-13 EUR 17,796,715 SEK 156,338,497 50,013 

04-Oct-13 EUR 18,140,912 USD 23,747,748 (76,452) 

04-Oct-13 JPY 1,080,717,964 EUR 8,425,735 (53,651) 

04-Oct-13 SGD 13,800,685 EUR 8,357,669 (12,563) 

04-Oct-13 USD 228,614,842 EUR 175,074,300 300,641 

Total (10,404,744) 

135





Counterparty 

Unrealised 

Gain/(Loss) 

Bank of America Merrill Lynch 15,675 

Barclays (7,173,579) 






HSBC 984 

National Australia Bank (1,581) 

RBC (2,590,550) 




UBS (21,221) 


Total (10,404,744) 

136




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 

JAPAN 













28,326,068 16.24 

ITALY 
















16,057,771 9.21 

NETHERLANDS 

2,240,000 Netherlands (Kingdom of) 12.09.15/0.250% 1,705,670 0.98 

7,180,000 Netherlands (Kingdom of) 24.02.17/1.000% 5,495,689 3.15 

419,000 Netherlands (Kingdom of) 15.07.18/4.000% 477,030 0.27 





9,575,896 5.49 

FRANCE 




970,000 France (Government of) 25.04.35/4.750% 1,199,913 0.69 




9,434,711 5.41 

SWEDEN 



5,690,000 Sweden (Kingdom of) 12.03.19/4.250% 735,492 0.42 

9,275,624 5.32 


680,000 UK Treasury 22.01.16/2.000% 820,798 0.47 

1,680,000 UK Treasury 07.09.17/1.000% 1,945,524 1.12 

1,190,121 UK Treasury 07.09.20/3.750% 1,552,906 0.89 

897,000 UK Treasury 07.09.34/4.500% 1,226,578 0.70 

840,000 UK Treasury 07.09.39/4.250% 1,106,402 0.63 

840,000 UK Treasury 07.12.40/4.250% 1,104,070 0.63 

380,000 UK Treasury 22.07.52/3.750% 455,604 0.26 

280,000 UK Treasury 22.01.60/4.000% 357,598 0.21 

SPAIN 









8,133,608 4.66 

BELGIUM 








6,014,511 3.45 

SOUTH KOREA 




5,570,062 3.19 

MEXICO 



5,445,687 3.12 

AUSTRIA 

4,790,000 Austria (Republic of) 15.09.14/5.750% 3,469,698 1.99 

3,469,698 1.99 

GERMANY 

1,040,000 Germany (Federal Republic of) 07.04.17/0.500% 1,038,958 0.60 


765,000 Germany (Federal Republic of) 04.07.34/4.750% 1,055,229 0.60 



3,387,036 1.94 

DENMARK 

2,320,000 Denmark (Kingdom of) 22.05.15/0.625% 1,786,547 1.02 



2,565,071 1.47 

NEW ZEALAND 

1,688,000 New Zealand (Government of) 15.02.16/4.500% 1,602,295 0.92 

1,602,295 0.92 

AUSTRALIA 



748,731 0.43 

Total Bonds 118,176,249 67.75 



118,176,249 67.75 

8,569,480 4.91 

137




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 


2,000,000 US Treasury 15.01.16/0.375% 1,528,252 0.87 

8,310,000 US Treasury 31.05.18/1.000% 6,255,720 3.59 

1,990,000 US Treasury 31.01.20/1.375% 1,480,223 0.85 

2,470,000 US Treasury 30.04.20/1.125% 1,797,128 1.03 

3,010,000 US Treasury 15.05.21/3.125% 2,473,182 1.42 

4,360,000 US Treasury 15.11.22/1.625% 3,109,781 1.78 

850,000 US Treasury 15.05.23/1.750% 608,354 0.35 

1,393,000 US Treasury 15.02.31/5.375% 1,382,850 0.79 

1,700,000 US Treasury 15.05.38/4.500% 1,541,245 0.88 

2,675,000 US Treasury 15.08.41/3.750% 2,142,755 1.23 

2,210,000 US Treasury 15.08.42/2.750% 1,444,445 0.83 

1,970,000 US Treasury 15.11.42/2.750% 1,286,519 0.74 

25,050,454 14.36 

SPAIN 



14,494,396 8.31 

CANADA 

1,190,000 Canada (Government of) 01.06.17/4.000% 945,050 0.54 





1,696,512 0.97 

FRANCE 


1,160,062 0.67 

Total Bonds 42,401,424 24.31 



42,401,424 24.31 


Cash 11,136,423 6.38 




% of 



Japan 16.24 


Spain 12.97 

Italy 9.21 

France 6.08 


Sweden 5.32 


Belgium 3.45 


Mexico 3.12 

Austria 1.99 

Germany 1.94 

Denmark 1.47 

Canada 0.97 





Total 100.00 


% of 



Japan 19.97 

Italy 13.94 


Denmark 6.93 

Sweden 6.27 


Spain 5.38 


France 4.93 


Belgium 3.55 

Mexico 2.56 

Germany 2.52 


Austria 1.04 

Canada 1.00 




Total 100.00 

138




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Sep-13 (77) Australia 3 Year Bond Future AUD (5,911,441) (11,416) 

Sep-13 7 Australia 10 Year Bond Future AUD 582,593 2,696 

Sep-13 7 Canada 10 Year Bond Future CAD 669,083 (2,630) 

Sep-13 (56) Euro-Bobl Future EUR (6,996,920) 9,803 

Sep-13 41 Euro-Bund Future EUR 5,782,640 (17,488) 

Sep-13 57 Euro-Schatz Future EUR 6,287,243 (3,042) 

Sep-13 55 Japan Mini 10 Year Bond Future JPY 6,075,764 (2,556) 

Sep-13 13 Long Gilt Future GBP 1,691,911 (8,132) 

Sep-13 2 Short Gilt Future GBP 244,450 (93) 




Total Bond Futures (30,295) 

Interest Rate Futures 

Sep-13 (174) 90 Day Sterling Future GBP (25,251,909) 263 

Dec-13 (97) 90 Day Euro$ Future USD (18,540,500) 465 

Sep-14 174 90 Day Sterling Future GBP 25,180,802 (2,540) 

Dec-14 97 90 Day Euro$ Future USD 18,477,223 (7,910) 

Total Interest Rate Futures (9,722) 

Total (40,017) 

As at 30 June 2013, the counterparty J.P. Morgan held the following collateral in favour of the Sub-Fund: 

- Cash: EUR 371,980. 

139




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

05-Jul-13 EUR 11,579,236 AUD 15,670,528 567,288 

05-Jul-13 EUR 1,724,125 CAD 2,327,803 25,824 

05-Jul-13 EUR 624,889 DKK 4,658,471 353 

05-Jul-13 EUR 14,063,032 GBP 12,006,250 45,176 

05-Jul-13 EUR 33,475,919 JPY 4,359,264,521 (291,315) 

05-Jul-13 EUR 2,874,541 NZD 4,700,018 88,018 

05-Jul-13 EUR 651,293 SEK 5,584,237 15,850 

05-Jul-13 EUR 68,239,569 USD 89,078,075 (122,805) 

05-Jul-13 GBP 4,168,479 EUR 4,898,670 (31,776) 

05-Jul-13 JPY 528,643,582 EUR 4,066,851 28,067 

05-Jul-13 NZD 2,155,214 EUR 1,268,728 9,044 

05-Jul-13 USD 32,396,992 EUR 24,378,845 484,011 

17-Jul-13 EUR 4,145 GBP 3,528 27 

17-Jul-13 EUR 1,257,675 USD 1,664,343 (19,549) 

17-Jul-13 GBP 129,954 EUR 152,599 (893) 

17-Jul-13 USD 35,934,984 EUR 26,974,412 602,259 

06-Aug-13 JPY 177,425,125 EUR 1,393,396 (19,053) 

06-Aug-13 USD 113,914 EUR 87,438 (28) 

Total 1,380,498 


Counterparty 

Unrealised 

Gain/(Loss) 








National Australia Bank (1,369) 

RBC 561,892 



UBS 593,929 


Total 1,380,498 

140




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Shares 

CANADA 

300 Alpha Minerals 834 0.04 

3,675 Asanko Gold 5,832 0.28 

10,500 Augusta Resource 16,932 0.83 

22,000 Aureus Mining 5,972 0.29 

3,350 Cameco 53,007 2.60 

1,360 Copper Mountain Mining 1,553 0.08 

8,500 Denison Mines 7,660 0.37 

2,250 Dominion Diamond 23,978 1.18 

6,100 Duluth Metals 6,031 0.30 

9,636 First Quantum Minerals 106,908 5.24 

10,100 Fission Uranium 4,680 0.23 

1,550 Goldcorp 27,347 1.34 

6,950 HudBay Minerals 34,560 1.70 

9,557 Loncor Resources 1,273 0.06 

48,800 Lucara Diamond 27,596 1.35 

29,300 Lundin Mining 84,128 4.13 

26,400 Mandalay Resources 12,039 0.59 

103,000 Marengo Mining 2,067 0.10 

3,900 Mountain Province Diamonds 13,617 0.67 

7,500 New Gold 34,012 1.67 

17,000 OceanaGold 14,401 0.71 

34,000 Panoro Minerals 6,202 0.30 

3,000 Reservoir Minerals 5,877 0.29 

28,900 Romarco Minerals 7,275 0.36 

11,500 Sarama Resources 2,014 0.10 

1,400 Silver Wheaton 19,823 0.97 

5,300 Teck Resources - B Shares 85,060 4.17 

8,575 Turquoise Hill Resources 37,010 1.82 

4,700 Yamana Gold 32,237 1.58 

679,925 33.35 


38,890 Amara Mining 6,244 0.31 

5,200 Antofagasta 48,208 2.37 

10,200 BHP Billiton 199,426 9.78 

32,900 Ferrexpo 50,476 2.48 

2,000 Papua Mining 1,751 0.09 

115,000 Pathfinder Minerals 1,208 0.05 

6,400 Rio Tinto 199,632 9.79 

506,945 24.87 

AUSTRALIA 

21,804 Base Resources 5,825 0.29 

20,200 Beadell Resources 7,136 0.36 

15,600 Blackthorn Resources 2,413 0.12 

484 Elemental Minerals AUD 151 0.01 

2,247 Elemental Minerals CAD 771 0.04 

41,400 Fortescue Metals Group 88,913 4.36 

13,563 Gascoyne Resources 1,621 0.08 

15,800 Gryphon Minerals 1,472 0.07 

900 Iluka Resources 6,371 0.31 

32,000 Indophil Resources 5,793 0.28 

26,519 Mawson West 7,305 0.36 

5,400 Mineral Deposits 9,414 0.46 

12,828 Northern Star Resources 5,298 0.26 

5,700 Papillon Resources 2,705 0.13 

10,600 Perseus Mining 3,279 0.16 

10,539 Sandfire Resources NL 38,674 1.90 

6,400 Sirius Resources 8,425 0.41 

18,923 Sundance Resources/Australia 911 0.04 

69,800 Tiger Resources 7,974 0.39 

10,400 Western Areas 17,327 0.85 

53,085 World Titanium Resources 8,117 0.40 

RUSSIA 

6,850 MMC Norilsk Nickel ADR 75,071 3.68 

75,071 3.68 

BERMUDA 

12,800 African Minerals 27,537 1.35 

22,700 Petra Diamonds 29,142 1.43 

56,679 2.78 

IRELAND 

124,247 Kenmare Resources 35,775 1.76 

35,775 1.76 


4,600 Gem Diamonds 6,929 0.34 

156,000 Sable Mining Africa 9,253 0.45 

17,000 Sierra Rutile 10,322 0.51 

26,504 1.30 

SOUTH AFRICA 

3,300 Impala Platinum Holdings 22,820 1.12 

22,820 1.12 

Total Shares 1,967,068 96.50 



1,967,068 96.50 



CANADA 

2,750 Aureus Mining - Warrants* 16.05.14 0 0.00 

207 Duluth Exploration - Warrants* 31.07.13 19 0.00 

24,536 Eastcoal* 430 0.02 

24,000 Platinum Group Metals* 16,461 0.81 

4,229 Regulus Resources - Warrants* 06.03.14 0 0.00 

16,910 0.83 

AUSTRALIA 

25,000 Kagara* 2 0.00 

2 0.00 

Total Shares and Warrants 16,912 0.83 



Cash 75,801 3.72 




229,895 11.28 

JERSEY 

51,360 Glencore International 162,888 7.99 

21,400 Highland Gold Mining 13,430 0.66 

100 Randgold Resources ADR 4,666 0.23 

180,984 8.88 


4,100 Alcoa 24,527 1.20 

6,500 Freeport-McMoRan Copper & Gold 135,536 6.65 

160,063 7.85 

141




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 








Total 100.00 


% of 


Shares 





Total 100.00 

142




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




CANADA 

245,900 Africa Oil 1,280,322 0.16 

845,600 Alamos Gold 7,141,893 0.87 

144,800 Alpha Minerals 402,551 0.05 

1,333,100 AQM Copper 34,045 0.00 

1,180,300 Asanko Gold 1,873,178 0.23 

3,595,500 Augusta Resource 5,795,661 0.71 

8,299,945 Aureus Mining 2,253,169 0.28 

3,889,592 B2Gold 5,463,389 0.67 

6,010,800 Banro 3,119,285 0.38 

329,500 Barrick Gold 3,771,093 0.46 

2,186,600 Brazilian Gold 175,505 0.02 

2,316,951 Calvalley Petroleums - A Shares 2,637,356 0.32 

314,600 Cameco 4,977,892 0.61 

871,100 Canadian Natural Resources 18,982,696 2.32 

805,500 Cenovus Energy 17,704,792 2.16 

1,450,700 Centerra Gold 3,350,261 0.41 

514,600 Copper Mountain Mining 587,640 0.07 

396,700 Dominion Diamond 4,227,573 0.52 

2,514,800 Duluth Metals 2,486,395 0.30 

1,510,800 Eldorado Gold 6,619,838 0.81 


1,900,000 Fission Uranium 880,349 0.11 

10,280,200 Global Alumina 946,749 0.12 

541,000 Goldcorp 9,545,109 1.17 

498,500 HudBay Minerals 2,478,896 0.30 

16,780,300 Ivernia 1,591,734 0.19 

298,920 Kennady Diamonds 354,434 0.04 

2,611,300 Kinross Gold 9,193,512 1.12 

212,900 Kinross Gold - Warrants 17.09.14 10,098 0.00 

2,132,492 Loncor Resources 283,973 0.03 

9,189,700 Lucara Diamond 5,196,733 0.64 

3,477,600 Lundin Mining 9,985,084 1.22 

830,100 Lundin Mining SDR 2,384,928 0.29 

28,000,000 Marengo Mining 561,847 0.07 

1,724,900 Mountain Province Diamonds 6,022,450 0.74 

1,209,800 New Gold 5,486,332 0.67 

2,193,900 New Zealand Energy 556,287 0.07 

4,431,000 OceanaGold 3,753,542 0.46 

2,097,000 Orezone Gold 589,097 0.07 


7,800,000 Panoro Minerals 1,422,859 0.17 

1,508,184 Parex Resources 4,528,470 0.55 

9,537,300 Platinum Group Metals 6,541,550 0.80 

1,872,018 Regulus Resources 143,426 0.02 

509,900 Reservoir Minerals 998,980 0.12 

3,067,700 Rio Alto Mining 4,062,720 0.50 

3,934,400 Rockgate Capital 466,508 0.06 

5,709,300 Romarco Minerals 1,437,240 0.18 

1,936,000 Sarama Resources 339,034 0.04 

2,953,900 Scorpio Mining 635,836 0.08 

619,700 Silver Wheaton 8,774,502 1.07 

690,500 Silvercrest Mines 617,202 0.08 

40,200 Stornoway Diamond 14,813 0.00 

4,902,270 Strata-X Energy 766,796 0.09 

558,156 Teck Resources - B Shares 8,957,915 1.10 

1,040,600 Teranga Gold AUD 457,211 0.06 

430,856 Teranga Gold CAD 193,346 0.02 

1,040,000 Trevali Mining 398,401 0.05 

1,280,000 Turquoise Hill Resources 5,524,488 0.68 

3,468,700 Victoria Gold 272,084 0.03 

5,824,400 WesternZagros Resources 5,206,126 0.64 

1,760,500 Yamana Gold 12,075,114 1.48 

257,497,903 31.49 


5,501,600 Afren 8,312,257 1.02 

6,260,768 Amara Mining 1,005,139 0.12 

10,300,700 Amerisur Resources 4,750,721 0.58 

1,005,200 Antofagasta 9,318,986 1.14 

6,332,882 Archipelago Resources 3,512,292 0.42 

939,100 BHP Billiton 18,360,845 2.25 

5,165,200 Borders & Southern Petroleum 919,714 0.11 

3,442,100 BowLeven 2,361,169 0.29 

1,936,585 Equatorial Palm Oil 144,149 0.02 

4,073,400 Ferrexpo 6,249,541 0.76 

21,023,676 Firestone Diamonds 767,104 0.09 

945,185 IGAS Energy 1,317,425 0.16 

2,703,135 Jubilee Platinum 185,426 0.02 

31,030,350 Mwana Africa 534,410 0.07 

1,170,000 Papua Mining 1,024,573 0.13 

51,685,000 Pathfinder Minerals 543,129 0.07 

1,251,200 Rio Tinto 39,028,116 4.77 

667,375 Rockhopper Exploration 955,531 0.12 

1,764,490 RusPetro 620,643 0.08 

8,143,707 Trap Oil Group 1,034,063 0.13 

1,565,600 Volga Gas 1,581,221 0.19 

102,526,454 12.54 

AUSTRALIA 

7,315,313 African Petroleum 707,112 0.09 

8,064,800 Armour Energy 1,247,294 0.15 

2,250,000 Armour Energy - Warrants 31.08.14 80,669 0.01 

8,126,758 Aurora Oil and Gas 16,482,216 2.02 

5,200,420 Base Resources 1,389,231 0.17 

3,031,700 Beach Energy 2,429,649 0.30 

4,000,000 Beadell Resources 1,413,021 0.17 

453,100 BHP Billiton 9,993,790 1.22 

2,977,975 Blackthorn Resources 460,571 0.06 

17,153,300 Cape Lambert Resources 1,236,016 0.15 

2,014,468 Elemental Minerals 690,853 0.08 

453,720 Elemental Minerals 141,939 0.02 

2,213,051 Equatorial Resources 750,656 0.09 

8,871,300 Fortescue Metals Group 19,052,454 2.33 

3,886,702 Gascoyne Resources 464,497 0.06 

3,621,312 Gryphon Minerals 337,314 0.04 

340,400 Iluka Resources 2,409,747 0.29 

1,380,000 Indophil Resources 249,809 0.02 

11,851,100 International Ferro Metals 1,209,388 0.15 

3,419,461 Kidston Gold Mines 141,828 0.02 

6,152,380 Mawson West 1,694,679 0.21 

1,121,295 Mineral Deposits 1,954,898 0.24 

6,481,057 Mirabela Nickel AUD 396,385 0.05 

1,666,218 Mirabela Nickel CAD 106,382 0.01 

1,445,748 New Hope 3,643,629 0.45 

5,032,239 Northern Star Resources 2,078,364 0.25 

26,835,014 Nyota Minerals 242,828 0.03 

10,380,000 Pancontinental Oil & Gas 361,206 0.04 

1,268,800 Papillon Resources 602,073 0.07 

4,288,900 Perseus Mining 1,298,737 0.16 

12,048,000 Reed Resources 296,439 0.04 

2,598,142 Rex Minerals 621,004 0.08 

383,600 Rio Tinto 14,080,767 1.72 

1,486,827 Robust Resources 240,403 0.03 

1,055,100 Sandfire Resources NL 3,871,833 0.47 

2,044,268 Saracen Mineral Holdings 168,860 0.02 

18,661,200 Sino Gas & Energy Holdings 1,377,467 0.17 

1,185,000 Sirius Resources 1,559,885 0.19 

13,567,906 Sundance Resources 653,365 0.08 

6,856,400 Tiger Resources 783,253 0.10 

1,021,800 Western Areas 1,702,420 0.21 

6,652,102 World Titanium Resources 1,017,116 0.12 

99,640,047 12.18 



1,806,800 Freeport-McMoRan Copper & Gold 37,674,889 4.61 

2,021,500 Gran Tierra Energy 9,078,815 1.11 


95,969,562 11.74 

JERSEY 

4,181,500 Centamin 1,467,142 0.18 


4,288,100 Highland Gold Mining 2,691,157 0.33 

6,899,274 Minera IRL 1,067,370 0.13 

236,100 Randgold Resources ADR 11,016,708 1.35 

60,510,451 7.40 

BERMUDA 

3,233,472 African Minerals 6,956,203 0.85 

2,623,954 Aquarius Platinum 1,217,837 0.15 

562,000 Energy XXI Bermuda 9,728,176 1.18 

2,724,518 Gulf Keystone Petroleum 4,473,505 0.55 

15,203,320 Petra Diamonds 19,517,732 2.39 

7,352,500 Sylvania Platinum 869,212 0.11 

42,762,665 5.23 

ISLE OF MAN 

2,577,277 3Legs Resources 842,587 0.10 

6,347,300 Exillon Energy 9,476,988 1.16 

2,037,600 Zhaikmunai Registered Shares GDR 17,021,571 2.08 

27,341,146 3.34 

143




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


IRELAND 


13,252,436 Ormonde Mining 715,654 0.09 

1,283,864 Petroceltic International 2,034,954 0.25 

1,388,070 Providence Resources 8,768,076 1.07 

20,609,639 2.52 

NORWAY 

12,604,100 DNO International 17,668,106 2.16 

17,668,106 2.16 


896,000 Coastal Energy 8,695,349 1.06 

4,296,617 Endeavour Mining 1,336,572 0.17 

5,212,500 Mongolian Mining 745,087 0.09 

9,784,900 Tethys Petroleum CAD 5,354,822 0.65 

1,065,200 Tethys Petroleum GBP 587,663 0.07 

16,719,493 2.04 


1,257,300 Gem Diamonds 1,893,757 0.23 

16,647,615 Sable Mining Africa 987,442 0.12 

20,029,172 Sierra Rutile 12,160,796 1.49 

15,041,995 1.84 

SWEDEN 

765,900 Lundin Petroleum 11,649,586 1.42 

11,649,586 1.42 

PAPUA NEW GUINEA 

657,700 New Britain Palm Oil 3,839,667 0.47 

3,839,667 0.47 

SOUTH AFRICA 

419,000 Impala Platinum Holdings 2,897,511 0.35 

10,942,814 Merafe Resources 591,227 0.08 

3,488,738 0.43 

INDONESIA 

25,817,000 Timah Persero 2,066,170 0.25 

2,066,170 0.25 

RUSSIA 


1,859,443 0.23 

FALKLAND ISLANDS 

5,794,906 Argos Resources 1,277,112 0.16 

4,534,442 Falkland Oil & Gas 1,429,497 0.17 

2,706,609 0.33 

NEW ZEALAND 

13,183,859 Bathurst Resources New Zealand 1,135,353 0.14 

1,135,353 0.14 




783,033,027 95.75 



LUXEMBOURG 






2,450,000 Mitra Energy* 6,110,851 0.75 

6,110,851 0.75 


2,725,000 Hurricane Energy* 3,181,722 0.39 

1,505,020 Hurricane Exploration* 1,757,268 0.20 

178,805 Jordan Energy and Mining* 533,117 0.07 

1,000,000 Mantle Diamonds* 33,860 0.00 

761,300 Norseman Gold AUD* 54 0.00 

2,033,191 Norseman Gold GBP* 237 0.00 

4,619,200 Target Resources* 539 0.00 

5,506,797 0.66 

CANADA 

1,900,000 AQM Copper - Warrants* 17.03.14 48,523 0.01 

1,109,225 Aureus Mining - warrants* 16.05.14 0 0.00 

4,700,000 Canadian Overseas Petroleum - 

Warrants* 01.12.13 0 0.00 

214,859 Duluth Exploration - Warrants* 31.07.13 19,597 0.01 

10,326,712 Eastcoal* 180,863 0.02 

2,285,000 Global Atomic Fuels* 2,117,470 0.25 

5,500,000 Northern Star Mining CAD* 401 0.00 

1,000,000 Northern Star Mining* 73 0.00 

155,480 Pan American Silver - Warrants* 07.12.14 0 0.00 

1,750,000 Redox Diamonds* 128 0.00 

1,343,453 Regulus Resources - Warrants * 06.03.14 0 0.00 

3,381,200 Rusoro Mining* 247 0.00 

968,000 Sarama Resources - Warrants* 16.10.14 0 0.00 

150,000 Stornoway Diamond - Warrants* 31.03.14 0 0.00 

2,600,000 Tsar Emerald* 200 0.00 

2,367,502 0.29 


1,878,750 Leaf Clean Energy* 1,031,009 0.13 

3,000,000 Real Gold Mining* 30 0.00 

1,031,039 0.13 

AUSTRALIA 

275,000 Altus Renewables* 19 0.00 

1,555,221 Archipelago Metals* 182 0.00 

619,000 Diamonex GBP* 72 0.00 

5,026,000 Diamonex* 353 0.00 

19,394,000 International Petroleum* 511,271 0.07 

13,781,300 Kagara* 969 0.00 

2,546,567 Red 5* 388,479 0.04 

7,464,641 Swan Gold Mining* 525 0.00 

667,252 Windimurra Vanadium* 47 0.00 

901,917 0.11 




Cash 365,015 0.04 




17,826,368 2.18 




17,826,368 2.18 

144




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 




Energy 33.29 







Total 100.00 


% of 




Energy 26.50 








Total 100.00 

145




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


8,987 American Tower 658,433 0.48 

72,274 Apartment Investment & Management - A Shares 2,153,765 1.55 

22,100 AvalonBay Communities 2,987,588 2.16 

31,450 Boston Properties 3,322,850 2.40 

106,800 Brandywine Realty Trust 1,454,082 1.04 

20,200 Camden Property Trust 1,401,981 1.01 

45,400 CBL & Associates Properties 977,008 0.71 

77,800 CubeSmart 1,245,578 0.90 

25,200 Digital Realty Trust 1,522,584 1.10 

92,700 Duke Realty 1,446,583 1.04 

28,912 DuPont Fabros Technology 698,369 0.50 

80,300 Education Realty Trust 823,878 0.59 

35,900 Equity One 810,801 0.59 

63,500 Equity Residential 3,693,477 2.67 

30,500 Extra Space Storage 1,281,457 0.92 

189,200 General Growth Properties 3,762,242 2.72 

114,874 HCP 5,210,110 3.76 


185,500 Host Hotels & Resorts 3,104,343 2.24 

103,100 Kimco Realty 2,201,700 1.59 

39,200 Liberty Property Trust 1,461,964 1.06 

75,700 Pennsylvania Real Estate Investment Trust 1,414,455 1.02 

16,700 Post Properties 819,553 0.58 

83,185 ProLogis 3,129,420 2.26 

13,300 Public Storage 2,019,073 1.46 


42,466 Simon Property Group 6,743,176 4.87 

17,000 SL Green Realty 1,493,365 1.08 

68,314 Ventas 4,724,255 3.41 


66,058,366 47.68 

JAPAN 

90 Frontier Real Estate Investment 823,921 0.59 

76 Japan Logistics Fund 694,989 0.50 

216 Japan Real Estate Investment 2,418,895 1.75 

280 Japan Retail Fund Investment 582,750 0.41 

220,000 Mitsubishi Estate 5,869,997 4.23 



119 Nomura Real Estate Office Fund 520,982 0.38 

45 Nomura Real Estate Residential Fund 219,833 0.16 

447 Orix JREIT 510,277 0.37 

19,749,674 14.25 

AUSTRALIA 

2,274,613 Dexus Property Group 2,245,045 1.62 

487,363 Goodman Group 2,178,575 1.57 

1,066,380 Mirvac Group 1,570,230 1.13 

97,450 Stockland 311,089 0.23 

376,046 Westfield Group 3,935,477 2.84 

266,045 Westfield Retail Trust 756,688 0.55 

10,997,104 7.94 

HONG KONG 

43,000 Cheung Kong Holdings 582,244 0.42 


350,000 Hang Lung Properties 1,227,094 0.89 

252,000 Link REIT 1,239,184 0.89 




10,428,199 7.53 


349,703 British Land 3,029,957 2.19 

21,454 Derwent London 747,948 0.53 

189,648 Hammerson 1,395,045 1.01 

221,887 Helical Bar 842,681 0.61 

254,137 Safestore Holdings 479,922 0.35 

194,218 St. Modwen Properties 785,690 0.57 

SINGAPORE 

826,000 CapitaCommercial Trust 950,503 0.69 

912,000 CapitaLand 2,210,347 1.60 

753,000 CapitaMalls Asia 1,084,608 0.78 

822,000 Global Logistic Properties 1,775,182 1.28 

6,020,640 4.35 

FRANCE 

9,316 ICADE 768,328 0.54 


5,797,225 4.17 

CANADA 

43,300 Allied Properties Real Estate Investment Trust 1,299,478 0.94 

45,000 Canadian Real Estate Investment Trust 1,826,689 1.32 

44,966 First Capital Realty 755,860 0.54 

21,244 RioCan Real Estate Investment Trust 504,449 0.36 

4,386,476 3.16 

GERMANY 

66,485 Alstria Office REIT 725,661 0.52 

9,865 LEG Immobilien 515,839 0.38 

1,241,500 0.90 

BERMUDA 

173,000 HongKong Land Holdings 1,186,780 0.85 

1,186,780 0.85 



786,990 0.57 

NETHERLANDS 

18,226 Vastned Retail 743,986 0.54 

743,986 0.54 

BELGIUM 

5,940 Warehouses De Pauw 377,010 0.27 

377,010 0.27 

FINLAND 

50,210 Technopolis 279,688 0.20 

279,688 0.20 

ITALY 

383,586 Beni Stabili 238,737 0.17 

238,737 0.17 

JERSEY 

42,330 Atrium European Real Estate 220,074 0.16 

220,074 0.16 

Total Shares 135,793,692 98.00 



135,793,692 98.00 



LUXEMBOURG 

825,604 JPMorgan Liquidity Funds - US Dollar Liquidity Fund 

(JPM US Dollar Liquidity X (dist)) 825,604 0.60 

825,604 0.60 

Total Investment Funds 825,604 0.60 



825,604 0.60 

7,281,243 5.26 

146




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

AUSTRALIA 

458,766 BGP Holdings* 0 0.00 

0 0.00 




Cash 733,422 0.53 





% of 


Shares 






Total 100.00 


% of 


Shares 






Total 100.00 

147




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

03-Jul-13 AUD 370,601 EUR 273,795 (17,364) 

03-Jul-13 AUD 3,550,420 USD 3,281,926 (30,452) 

03-Jul-13 CAD 505,039 EUR 375,197 (8,749) 

03-Jul-13 CHF178,936 USD 189,072 412 

03-Jul-13 EUR 552,441 HKD 5,543,235 5,328 

03-Jul-13 EUR 833,896 JPY 107,501,445 1,533 

03-Jul-13 EUR 41,854,877 USD 54,359,785 177,985 

03-Jul-13 GBP 408,268 EUR 479,239 (3,331) 

03-Jul-13 GBP 1,522,425 USD 2,321,895 (5,728) 

03-Jul-13 HKD 15,083,865 EUR 1,492,783 (842) 

03-Jul-13 JPY 260,742,585 EUR 2,002,892 21,960 

03-Jul-13 JPY 556,019,201 USD 5,620,290 (8,186) 

03-Jul-13 SEK 2,364,333 USD 351,833 (1,247) 

03-Jul-13 SGD 810,862 EUR 493,274 (3,646) 

03-Jul-13 SGD 2,239,140 USD 1,772,465 (7,630) 

03-Jul-13 USD 3,782,018 AUD 3,921,020 191,148 

03-Jul-13 USD 2,333,887 CAD 2,415,671 37,310 

03-Jul-13 USD 186,639 CHF178,936 (2,845) 

03-Jul-13 USD 49,766,057 EUR 38,124,033 89,654 

03-Jul-13 USD 2,927,896 GBP 1,930,693 (9,398) 

03-Jul-13 USD 5,168,246 HKD 40,120,063 (3,163) 

03-Jul-13 USD 7,037,709 JPY 709,260,341 (121,114) 

03-Jul-13 USD 357,518 SEK 2,364,333 6,931 

03-Jul-13 USD 2,416,925 SGD 3,050,002 12,989 

12-Jul-13 AUD 1,109,151 USD 1,055,356 (40,298) 

12-Jul-13 CAD 1,772,765 USD 1,736,777 (51,784) 

12-Jul-13 CHF843,063 USD 898,119 (5,295) 

12-Jul-13 EUR 641,975 GBP 548,095 2,734 

12-Jul-13 EUR 870,647 HKD 8,893,065 (11,839) 

12-Jul-13 EUR 14,497,588 USD 18,970,410 (79,121) 

12-Jul-13 GBP 259,100 USD 393,144 1,017 

12-Jul-13 HKD 6,419,485 EUR 628,515 8,499 

12-Jul-13 HKD 10,090,968 USD 1,300,482 279 

12-Jul-13 JPY 178,999,526 USD 1,814,257 (7,510) 

12-Jul-13 SEK 7,888,705 USD 1,210,816 (41,316) 

12-Jul-13 SGD 525,225 USD 427,547 (13,573) 

12-Jul-13 USD 2,516,032 AUD 2,549,615 182,709 

12-Jul-13 USD 20,696,284 EUR 15,844,725 49,588 


12-Jul-13 USD 826,081 SGD 1,022,095 20,481 

02-Aug-13 AUD 309,680 EUR 218,247 (1,467) 

02-Aug-13 EUR 31,187,383 USD 40,708,694 (65,672) 

02-Aug-13 GBP 136,146 EUR 160,475 (2,044) 

02-Aug-13 USD 3,274,616 AUD 3,550,420 30,651 

02-Aug-13 USD 1,821,391 CAD 1,910,632 6,309 

02-Aug-13 USD 189,116 CHF178,936 (418) 

02-Aug-13 USD 2,321,414 GBP 1,522,425 5,734 

02-Aug-13 USD 3,942,622 HKD 30,579,433 489 

02-Aug-13 USD 5,620,881 JPY 556,019,201 8,125 

02-Aug-13 USD 351,583 SEK 2,364,333 1,245 

02-Aug-13 USD 1,772,538 SGD 2,239,140 7,645 

Total 332,186 


Counterparty 

Unrealised 

Gain/(Loss) 

Barclays 602 






HSBC (33,302) 


RBC (22,827) 

RBS (5,295) 




UBS 18,570 


Total 332,186 

148




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 




59,071 Apache 4,938,926 1.70 


47,321 Chevron 5,610,141 1.93 

191,253 Citigroup 9,137,112 3.14 


42,357 Cummins 4,569,050 1.57 

63,357 Dow Chemical 2,028,374 0.69 




44,091 Humana 3,725,469 1.28 

101,887 Merck & Co. 4,773,915 1.64 

107,866 MetLife 4,929,476 1.70 

223,260 Microsoft 7,723,680 2.66 



110,103 Time Warner 6,340,832 2.18 



73,043 Wells Fargo & Co. 2,998,780 1.03 

109,635,923 37.71 


60,272 AstraZeneca 2,850,885 0.98 

606,198 Aviva 3,136,178 1.08 

2,392,769 Barclays 10,108,366 3.48 


558,602 Premier Oil 2,836,823 0.97 

286,275 Prudential 4,695,108 1.62 

180,343 Unilever 7,287,369 2.51 


35,191,344 12.11 

FRANCE 

322,200 AXA 6,292,199 2.16 

77,034 Renault 5,197,473 1.79 

74,218 Sanofi 7,655,310 2.63 


21,428,460 7.37 

SWITZERLAND 


110,530 Nestl Registered Shares 7,218,580 2.48 


20,429,429 7.02 

GERMANY 




18,372,316 6.32 

CHINA 




13,034,133 4.48 

JAPAN 

523,600 Anritsu 6,209,740 2.13 

269,100 Komatsu 6,236,221 2.15 

NETHERLANDS 


7,609,627 2.62 

JERSEY 


6,996,538 2.41 

BELGIUM 


4,420,714 1.52 

IRELAND 

66,313 Covidien 4,161,804 1.44 

4,161,804 1.44 

SPAIN 

424,301 Atresmedia Corp de Medios de Comunicaion 3,214,930 1.11 

3,214,930 1.11 

CANADA 

100,381 Suncor Energy 2,952,410 1.02 

2,952,410 1.02 

INDIA 

305,822 Yes Bank 2,386,570 0.82 

2,386,570 0.82 

HONG KONG 


2,029,860 0.70 

INDONESIA 


1,397,116 0.48 

Total Shares 283,469,150 97.52 



283,469,150 97.52 



LUXEMBOURG 



6,695,964 2.30 




6,695,964 2.30 


Cash 2,143,227 0.74 




12,445,961 4.28 

ISRAEL 


10,092,036 3.47 


66,665 Baidu ADR 6,185,512 2.13 

72,413 WuXi PharmaTech Cayman ADR 1,484,467 0.51 

7,669,979 2.64 

149




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 





Energy 10.12 








Total 100.00 


% of 


Shares 




Energy 11.27 









Total 100.00 

150




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

26-Jul-13 CHF375,856 EUR 306,356 (1,136) 

26-Jul-13 EUR 678,903 GBP 580,346 1,933 

26-Jul-13 EUR 49,129,171 USD 64,393,653 (371,147) 

26-Jul-13 GBP 617,576 EUR 725,653 (6,224) 

26-Jul-13 HKD 4,357,802 EUR 426,525 5,943 

26-Jul-13 JPY 43,786,918 EUR 342,398 (4,201) 

26-Jul-13 USD 820,932 CAD 864,021 (25) 

26-Jul-13 USD 5,726,552 CHF5,344,951 65,395 

26-Jul-13 USD 227,814 DKK 1,295,160 1,510 

26-Jul-13 USD 2,292,315 EUR 1,757,544 1,978 

26-Jul-13 USD 13,958,140 GBP 9,095,740 122,418 

26-Jul-13 USD 4,611,307 HKD 35,762,992 1,070 


Total (138,289) 


Counterparty 

Unrealised 

Gain/(Loss) 





Total (138,289) 

151




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




CHINA 












2,945,500 CITIC Securities - H Shares* 5,250,757 0.46 




5,518,000 PetroChina - H Shares* 5,871,371 0.53 


7,703,000 Sinopec Engineering Group 10,375,688 0.93 

311,459,438 27.86 

TAIWAN 


13,539,416 China Life Insurance 13,367,356 1.20 




503,000 Hotai Motor 5,377,122 0.48 


22,550,630 Innolux 11,226,048 1.00 



288,000 MediaTek 3,333,311 0.30 

2,421,000 Novatek Microelectronics 11,729,103 1.05 

7,322,000 Pegatron 12,113,378 1.08 

8,983,503 Prince Housing & Development 6,015,270 0.54 






280,157,577 25.06 

HONG KONG 

13,551,600 AIA Group 57,293,470 5.13 


1,985,000 Cheung Kong Holdings 26,878,020 2.41 

1,830,705 China Mobile 19,154,965 1.71 


3,063,200 China Taiping Insurance Holdings 4,749,870 0.42 

9,089,000 CNOOC 15,405,740 1.38 

13,446,000 CSPC Pharmaceutical Group 6,741,917 0.60 





2,358,600 Wharf Holdings 19,844,579 1.77 

CURACAO 

68,000 MediaTek - Warrants 08.07.13 788,015 0.07 

1,212,000 MediaTek - Warrants 15.11.13 14,307,660 1.28 

219,670 TPK Holding - Warrants 22.11.13 3,604,785 0.32 

47,000 TPK Holding - Warrants 08.07.13 752,599 0.07 

19,453,059 1.74 

ITALY 

1,916,700 Prada 17,355,662 1.55 

17,355,662 1.55 




1,107,353,045 99.05 


Warrants 


101,000 MediaTek - Warrants** 23.08.13 1,167,144 0.10 

363,000 TPK Holding - Warrants** 30.08.13 5,805,606 0.52 

6,972,750 0.62 

Total Warrants 6,972,750 0.62 







** This security is fair valued. 


% of 






Energy 8.11 









Total 100.00 

250,884,096 22.44 






2,479,000 Greentown China Holdings/Cayman Islands 4,051,693 0.36 


3,682,000 Lifestyle International Holdings 7,697,955 0.69 

4,788,400 Sands China 22,605,221 2.02 



182,308,112 16.31 

BERMUDA 


89,600 Jardine Matheson Holdings 5,404,672 0.48 

13,392,000 Midland Holdings 4,997,292 0.45 



% of 






Energy 7.38 








Total 100.00 

45,735,101 4.09 

152




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

CHINA 


501,500 Anhui Conch Cement - H Shares* 1,355,856 1.04 


2,892,000 China Eastern Airlines - H Shares* 896,508 0.69 

496,000 China Longyuan Power Group - H Shares* 514,658 0.40 


932,000 China Oilfield Services - H Shares* 1,821,192 1.40 

197,600 China Pacific Insurance Group - H Shares* 629,744 0.48 


152,000 China Shenhua Energy - H Shares* 386,751 0.30 

1,772,000 China Telecom - H Shares* 843,954 0.65 

928,596 China Vanke - B Shares 1,657,743 1.28 

473,000 CITIC Securities - H Shares* 843,187 0.65 

503,500 Great Wall Motor - H Shares* 2,166,015 1.67 


168,800 New China Life Insurance - H Shares* 518,921 0.40 

712,000 PetroChina - H Shares* 757,596 0.58 

520,500 Ping An Insurance Group Co. of China - H Shares* 3,503,805 2.70 

700,500 Sinopec Engineering Group 943,551 0.73 

39,617,878 30.50 

HONG KONG 

1,879,400 AIA Group 7,945,730 6.11 

611,500 BOC Hong Kong Holdings 1,877,890 1.45 


383,000 China Mobile 4,007,392 3.08 


1,394,000 CNOOC 2,362,812 1.82 

763,000 Dah Chong Hong Holdings 605,823 0.47 

180,650 Dah Sing Financial Holdings 726,496 0.56 

323,000 Galaxy Entertainment Group 1,574,788 1.22 

419,000 Hutchison Whampoa 4,400,268 3.39 

90,000 Hysan Development 390,073 0.30 

72,000 MTR 265,192 0.20 


672,000 Shun Tak Holdings 325,685 0.25 

363,000 Sun Art Retail Group 523,105 0.40 



65,973 Wing Hang Bank 593,557 0.46 

38,706,915 29.80 


418,500 AAC Technologies Holdings 2,362,709 1.82 

1,044,000 Anxin-China Holdings 255,006 0.20 

738,000 China Resources Land 2,016,661 1.55 

1,126,000 Dorsett Hospitality International 260,521 0.20 


2,000,000 Geely Automobile Holdings 866,184 0.67 


124,800 Kingboard Chemical Holdings 257,059 0.20 

984,500 KWG Property Holding 516,477 0.40 

601,000 Lifestyle International Holdings 1,256,510 0.97 

824,800 Sands China 3,893,740 3.00 

185,600 Tencent Holdings 7,272,643 5.60 


742,000 Xinyi Glass Holdings 577,194 0.44 

ITALY 

235,200 Prada 2,129,729 1.63 

2,129,729 1.63 

Total Shares 128,356,517 98.81 



128,356,517 98.81 


Cash 855,621 0.66 





% of 


Shares 



Energy 8.74 









Total 100.00 


% of 


Shares 



Energy 7.93 









Total 100.00 

24,857,500 19.14 


1,177,973 HSBC Holdings HKD 12,332,916 9.49 

12,332,916 9.49 

BERMUDA 

125,000 Cheung Kong Infrastructure Holdings 833,798 0.65 


137,000 HongKong Land Holdings 939,820 0.73 


169,000 Luk Fook Holdings International 392,321 0.30 

271,200 Man Wah Holdings 340,828 0.26 

1,932,000 Midland Holdings 720,935 0.55 

257,500 Orient Overseas International 1,653,732 1.27 

314,000 Shangri-La Asia 544,773 0.42 

10,711,579 8.25 

153




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

INDIA 

2,596,534 ACC 53,562,537 3.34 


383,678 Bajaj Auto 12,384,802 0.77 

6,667,950 Bharat Heavy Electricals 19,586,746 1.22 

2,844,266 Bharat Petroleum 17,490,901 1.09 

6,528,214 Bharti Airtel 31,882,792 1.99 

1,079,555 Cummins India 8,237,244 0.51 

1,132,044 Divi’s Laboratories 18,868,034 1.18 

1,102,022 Dr. Reddy’s Laboratories 41,027,102 2.56 

3,910,996 Exide Industries 7,968,754 0.50 

2,393,565 Godrej Industries 12,456,726 0.78 

1,344,537 Godrej Properties 12,026,371 0.75 

284,739 Grasim Industries 13,430,704 0.84 

13,571,567 HDFC Bank 151,837,505 9.47 

1,928,285 Hindustan Petroleum 8,200,386 0.51 

804,771 Hindustan Unilever 7,916,517 0.49 


863,810 ICICI Bank 15,489,177 0.97 

400,000 ICICI Bank ADR 15,168,000 0.95 

5,816,076 IndusInd Bank 45,555,175 2.84 

2,550,014 Infosys 106,827,053 6.67 

283,000 Infosys ADR 11,598,755 0.72 

29,530,292 IDFC 63,554,141 3.96 

410,738 ING Vysya Bank 4,304,225 0.27 

18,247,063 ITC 98,962,264 6.18 


897,688 Larsen & Toubro 21,227,977 1.32 



832,186 Maruti Suzuki India 21,444,169 1.34 

10,764,337 NTPC 26,077,747 1.63 

1,412,131 Oberoi Realty 4,679,983 0.29 

7,958,716 Reliance Industries 114,999,857 7.18 

958,967 Shriram Transport Finance 11,509,279 0.72 

3,797,007 Sun Pharmaceuticals Industries 64,331,566 4.01 


11,501,148 Tata Motors 54,083,389 3.37 

1,739,314 Tata Motors - A Shares 4,117,260 0.26 

101,428 Ultratech Cement 3,203,859 0.20 

4,887,476 Wipro 28,618,987 1.79 


% of 


Shares 





Energy 8.78 









Total 100.00 


% of 


Shares 





Energy 8.99 









Total 100.00 

1,578,566,903 98.50 

Total Shares 1,578,566,903 98.50 



1,578,566,903 98.50 



MAURITIUS 

319,825 JF India Smaller Companies Fund - A Shares 2,449,861 0.15 

2,449,861 0.15 




2,449,861 0.15 


Cash 4,180,124 0.26 



154




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

JAPAN 

37,100 3-D Matrix 1,556,833 0.63 

112,700 AEON Financial Service 3,192,456 1.30 

72,600 Anritsu 861,014 0.36 

72,900 Astellas Pharma 3,965,995 1.62 

65,400 Avex Group Holdings 2,059,531 0.84 

108,300 Bridgestone 3,689,251 1.50 

103,600 Credit Saison 2,602,679 1.06 

40,000 Daihatsu Motor 758,617 0.31 


319 Digital Garage 1,006,182 0.41 


9,100 Enplas 673,717 0.28 

30,200 Fanuc 4,375,685 1.78 

285,000 Fuji Heavy Industries 7,028,993 2.86 

1,604 Fuji Media Holdings 3,234,713 1.32 

1,700,000 Haseko 2,076,205 0.85 

64,000 HIS 2,724,401 1.11 

54,800 Hulic 588,239 0.24 

812 Ikyu 964,237 0.38 

332 Industrial & Infrastructure Fund Investment 3,223,659 1.31 

68,600 Infomart 1,360,575 0.55 

230,000 Isuzu Motors 1,577,441 0.64 

23,900 Itochu Techno-Solutions 991,461 0.40 

74,500 Jafco 2,844,272 1.16 

52,400 Japan Tobacco 1,853,767 0.75 

74,300 JBCC Holdings 730,064 0.30 

179,900 JTEKT 2,026,428 0.82 

123,200 Kakaku.com 3,758,486 1.53 

157,900 Kansai Electric Power 2,168,286 0.88 

37,000 Kansai Paint 473,354 0.19 

122,400 KDDI 6,374,807 2.59 

17,000 Keihin 260,126 0.11 

362,000 Keikyu 3,111,209 1.27 

15,500 Keyence 4,947,641 2.01 

151,000 Kubota 2,201,559 0.90 

191,200 Leopalace21 818,257 0.33 

37,000 Livesense 1,906,485 0.78 

1,134 M3 2,555,291 1.04 

40,800 Makita 2,209,357 0.90 

226,100 Marui Group 2,258,147 0.92 

1,334,000 Mazda Motor 5,278,102 2.15 

1,481,100 Mitsubishi UFJ Financial Group 9,156,435 3.73 

387,900 Mitsubishi UFJ Lease & Finance 1,840,151 0.75 


85,200 MonotaRO 2,076,790 0.85 

94,600 Musashi Seimitsu Industry 2,278,707 0.92 

98,700 Nabtesco 2,053,199 0.84 

23,400 Nihon M&A Center 1,303,740 0.53 


162,000 Nippon Shinyaku 2,694,686 1.10 

841,000 Nippon Steel & Sumitomo Metal 2,274,923 0.93 

41,700 Nitto Denko 2,685,299 1.09 

443,000 Nomura Holdings 3,268,564 1.33 

700,000 Obayashi 3,645,723 1.48 

178,000 Obayashi Road 698,885 0.27 

40,300 Ono Pharmaceutical 2,745,647 1.12 

499,500 ORIX 6,818,812 2.78 

43,100 Pigeon 3,432,339 1.40 


64,900 Sanrio 3,026,374 1.23 

97,700 Sega Sammy Holdings 2,451,991 1.00 

43,700 Shimano 3,720,510 1.51 

2,161,000 Shinsei Bank 4,885,834 1.99 

90,800 SHO-BOND Holdings 3,581,136 1.46 

167,400 Softbank 9,774,504 3.98 

313,600 Sony 6,579,032 2.68 

50,100 Sosei Group 1,697,812 0.69 


862,000 Sumitomo Mitsui Trust Holdings 4,028,322 1.64 

960,000 Sumitomo Osaka Cement 3,057,078 1.24 

28,000 Sumitomo Realty & Development 1,119,152 0.45 

2,293 Sun Frontier Fudousan 1,914,016 0.78 

32,800 Sysmex 2,145,284 0.87 

127,000 Tadano 1,627,318 0.66 

1,425,000 Taiheiyo Cement 4,559,425 1.86 

1,083,000 Taisei 3,924,269 1.60 

532,000 Tokyo Gas 2,939,894 1.20 

288,000 Tokyo Tatemono 2,401,090 0.98 

60,200 Tosei 429,284 0.17 

43,800 Toyota Motor 2,652,536 1.08 

15,130 Ubic 463,101 0.19 

35,000 Unicharm 1,980,066 0.81 

184,300 ValueCommerce 2,075,991 0.84 

271,100 Yamaha Motor 3,512,055 1.43 

243,353,767 99.05 

Total Shares 243,353,767 99.05 



243,353,767 99.05 


Cash 1,247,954 0.51 




% of 


Shares 












Total 100.00 


% of 


Shares 












Total 100.00 

155




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

JAPAN 

7,200 3-D Matrix 302,135 0.73 

33,000 Advan 428,675 1.03 

18,800 Aica Kogyo 377,233 0.91 

59,900 Aichi 286,879 0.69 

44,600 Anicom Holdings 683,349 1.64 

29,000 Anritsu 343,931 0.83 

24,700 Arcland Service 465,330 1.12 

19,900 Arcs 389,062 0.93 

276,500 Arealink 283,268 0.68 

37,800 Asahi 555,506 1.33 

11,100 Asahi Intecc 540,855 1.30 

6,700 Avex Group Holdings 210,992 0.51 

12,500 Bank of Okinawa 525,801 1.26 

24,500 Broadleaf 356,712 0.85 

5,100 Calbee 484,648 1.16 

2,400 Cosmos Pharmaceutical 243,089 0.58 

59,000 Daicel 517,199 1.24 

11,300 Daiichikosho 308,177 0.74 

25,200 Daiseki 441,302 1.06 

69 Digital Garage 217,638 0.52 

9,100 Disco 629,629 1.51 

19,300 Don Quijote 939,919 2.26 

30,000 Dowa Holdings 267,979 0.64 

5,900 Enplas 436,806 1.04 

17,100 FCC 404,221 0.97 

4,600 FP 321,060 0.77 

20,400 Fuji Seal International 575,503 1.38 

15,200 Glory 355,932 0.86 

475 GLP J-REIT 463,613 1.11 

12,400 GMO Payment Gateway 265,334 0.64 

10,600 Harmonic Drive Systems 218,312 0.52 

14,900 HIS 634,275 1.52 

38,100 Hitachi Capital 753,540 1.81 

23,800 Hitachi Transport System 391,202 0.94 

59 Industrial & Infrastructure Fund Investment 572,879 1.39 

12,200 Infomart 241,968 0.58 

14,300 Itochu Techno-Solutions 593,217 1.43 

16,500 Kakaku.com 503,369 1.21 

29,000 Kansai Paint 371,007 0.89 

16,000 Konami 340,025 0.82 

45,600 Leopalace21 195,149 0.47 

12,900 Lifenet Insurance 105,075 0.25 

8,800 Livesense 453,434 1.09 

249 M3 561,083 1.35 

9,500 Maruwa 320,262 0.77 

16,100 Medical System Network 68,495 0.16 

6,200 Medrx 176,253 0.41 

16,000 Misumi Group 440,071 1.06 

172 Money Square Japan 548,595 1.32 

14,700 MonotaRO 358,319 0.86 

18,700 Musashi Seimitsu Industry 450,442 1.08 

14,100 Nabtesco 293,314 0.70 

76,100 Neturen 529,608 1.27 

15,500 Nifco 328,226 0.79 

7,800 Nihon M&A Center 434,580 1.04 

48,000 Nikkiso 630,310 1.51 

43,000 Nippo 707,444 1.70 

46 Nippon Prologis REIT 399,061 0.96 

21,000 Nippon Shinyaku 349,311 0.84 

46,300 Nissin Kogyo 839,312 2.02 

19,700 Okinawa Cellular Telephone 440,429 1.06 

18,800 Pal 544,787 1.31 

25,200 Park24 457,835 1.10 

2,500 PeptiDream 181,050 0.44 

45,500 Pocket Card 288,178 0.69 

19,300 Poletowin Pitcrew Holdings 497,427 1.20 

124,000 Press Kogyo 527,540 1.27 

97,400 Raito Kogyo 652,774 1.57 

9,900 Relo Holdings 488,630 1.17 

13,200 Resorttrust 415,352 1.00 

10,400 San-A 503,073 1.21 

5,000 Sanrio 233,157 0.56 

13,300 Seria 399,168 0.96 

276,200 Seven Bank 1,000,816 2.40 

43,000 Shinmaywa Industries 335,493 0.81 

18,100 SHO-BOND Holdings 713,861 1.72 

28,800 Sohgo Security Services 521,351 1.25 

5,600 Sosei 189,775 0.46 

35,200 Star Mica 456,721 1.11 

8,400 Sugi Holdings 319,425 0.77 

10,860 Sumitomo Real Estate Sales 603,425 1.45 

35,000 Suruga Bank 636,235 1.53 

6,800 Sysmex 444,754 1.07 

311,000 Taiheiyo Cement 995,074 2.39 

28,800 Teikoku Electric Manufacturing 569,024 1.37 

85,000 Tokyo Tatemono 708,655 1.70 

18,100 Tokyu Livable 348,207 0.84 

11,000 Toyo Suisan Kaisha 366,112 0.89 

33,000 Unipres 592,218 1.42 

900 United Arrows 37,653 0.09 

15,700 Yamato Kogyo 480,944 1.16 

37,100 Yokogawa Electric 443,927 1.07 

67,100 Yokohama Reito 533,346 1.28 

41,356,331 99.37 

Total Shares 41,356,331 99.37 



41,356,331 99.37 


Cash 145,092 0.35 




% of 


Shares 











Total 100.00 


% of 


Shares 











Total 100.00 

156




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Shares 

SOUTH KOREA 

1,880 Amorepacific 1,498,966 0.94 

228,640 Daishin Securities 1,800,048 1.12 

71,340 Daishin Securities Preference Shares 397,575 0.25 

81,712 Dongsuh 1,966,648 1.23 

22,300 E-Mart 3,902,515 2.44 

65,000 Gaon Cable 1,150,269 0.72 

115,260 GS Engineering & Construction 2,824,384 1.77 

30,700 GS Holdings 1,378,634 0.87 

22,000 GS Holdings Preference Shares 496,854 0.31 

17,700 Hanil Cement 784,806 0.49 

250,000 Hanjin Heavy Industries & Construction Holdings 1,545,985 0.97 

259,020 Hanyang Securities 1,471,769 0.92 

8,800 Hyundai Department Store 1,154,044 0.72 

148,000 Hyundai Development 3,219,750 2.01 

53,000 Hyundai Heavy Industries 8,500,188 5.31 

6,000 Hyundai Mipo Dockyard 661,162 0.41 

7,800 Hyundai Mobis 1,856,884 1.16 

45,900 Hyundai Motor 9,044,108 5.66 

47,000 Hyundai Steel 2,631,600 1.65 

357,000 KB Financial Group 10,648,833 6.66 

91,500 Kia Motors 4,963,494 3.10 

56,000 Korea Electric Power 1,296,489 0.81 

47,800 Korea Investment Holdings 1,732,458 1.08 

49,800 Korea Ratings 1,544,147 0.97 

170,000 Korean Reinsurance 1,561,695 0.98 

333,000 KPX Green Chemical 1,305,016 0.82 

25,500 KT 797,911 0.50 

46,500 KT&G 3,009,466 1.88 

29,400 LG 1,628,187 1.02 

14,900 LG Chem 3,287,023 2.06 

2,150 LG Household & Health Care 1,048,062 0.65 

28,200 Lotte Chemical 3,525,892 2.20 

1,412 Lotte Shopping 437,818 0.27 

17,400 Mando 1,560,473 0.98 

31,700 Megastudy 1,708,526 1.07 

793,294 NICE Information Service 1,956,041 1.22 

37,500 OCI 4,394,109 2.74 

39,800 POSCO 10,378,063 6.49 

30,000 Pungkuk Alcohol Industry 139,040 0.09 

87,040 SAMHWA Paints Industrial 447,465 0.28 

45,500 Samsung C&T 2,138,565 1.34 


12,000 Samsung Electronics GDR 144A 7,008,000 4.38 

94,000 Samsung Engineering 6,075,447 3.79 

42,400 Samsung Securities 1,705,126 1.07 


13,100 Shinsegae 2,409,707 1.51 

14,700 Shinsegae Food 1,211,838 0.76 

27,400 Shinyoung Securities 898,617 0.56 

19,800 SK Innovation 2,337,372 1.46 

55,800 S-Oil 3,562,655 2.23 

21,200 S-Oil Preference Shares 997,355 0.62 

69,800 Young Poong Precision 616,845 0.39 


Time Deposits 



7,001,775 4.38 



Total Investments plus Total Cash Equivalents 153,016,924 95.69 

Cash 6,112,743 3.82 




% of 


Shares 






Energy 5.49 






Total 100.00 


% of 


Shares 







Energy 1.84 




Total 100.00 

146,015,149 91.31 

Total Shares 146,015,149 91.31 



146,015,149 91.31 


157




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Sep-13 54 KOSPI 200 Index Future KRW 5,703,014 200,203 

Total 200,203 

As at 30 June 2013, the counterparty UBS held the following collateral in favour of the Sub-Fund: 

- Cash: USD 997,072. 


Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

23-Sep-13 KRW 5,800,000,000 USD 5,192,211 (156,506) 

23-Sep-13 USD 1,650,770 KRW 1,800,000,000 87,965 

10-Oct-13 KRW 1,600,000,000 USD 1,395,673 (7,741) 

10-Oct-13 USD 1,451,906 KRW 1,600,000,000 63,973 

Total (12,309) 


Counterparty 

Unrealised 

Gain/(Loss) 

State Street Bank Hong Kong (12,309) 

Total (12,309) 

Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD) 

Expiration 

Date 

Number of 


Market 

Value 

Unrealised 

Gain/ 

(Loss) 

11-Jul-13 90 KOSPI 200, Call Option, Strike Price 255 KRW 3,535 (26,462) 

Total 3,535 (26,462) 

As at 30 June 2013, the counterparty UBS held the following collateral in favour of the Sub-Fund: 

- Cash: USD 997,072. 

158




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

BRAZIL 

4,025,750 Anhanguera Educacional Participações 23,768,132 1.62 


3,499,500 Banco do Estado do Rio Grande do Sul Preference B 

Shares 23,114,059 1.58 

2,092,340 BB Seguridade Participações 16,127,827 1.11 

8,429,000 BM&F Bovespa 46,451,153 3.17 

2,146,100 Brasil Brokers Participações 6,320,851 0.43 

1,912,748 BRF - Brasil Foods 40,981,932 2.79 

608,937 Companhia Brasileira de Distribuicao Grupo Pao de 

Acucar Preference Shares 27,015,834 1.85 

302,755 Companhia de Bebidas das Americas ADR 10,908,263 0.75 

1,694,120 Companhia de Bebidas das Americas Preference 

Shares ADR 61,996,321 4.24 


Shares ADR 35,891,303 2.45 

3,517,027 Duratex 20,314,244 1.39 

4,689,080 Embraer 43,012,027 2.94 

2,302,400 Iochpe-Maxion 24,895,424 1.70 



163,407 Itausa - Investimentos Itau Preference Shares 

(Receipts June 13) 596,550 0.04 

1,862,600 Localiza Rent A CAR 26,897,899 1.84 

1,167,134 Lojas Renner 33,197,977 2.27 


1,133,200 Mills Estruturas e Servicos de Engenharia 15,188,424 1.04 

2,178,021 MRV Engenharia e Participações 6,620,377 0.45 

1,583,200 Multiplus 23,478,395 1.60 

5,187,600 Odontoprev 21,560,613 1.47 

1,673,770 Souza Cruz 20,369,366 1.39 

96,000 Ultrapar Participações 2,283,321 0.16 

1,027,400 Valid Solucoes e Servicos de Seguranca em Meios de 


1,997,100 Weg 25,223,976 1.72 

818,968,115 55.95 

MEXICO 

16,436,210 Alfa - A Shares 38,351,784 2.62 

1,801,052 America Movil - L Shares 1,886,286 0.13 

1,473,579 America Movil ADR - L Shares 30,790,433 2.10 

3,638,465 Cemex ADR Participation Certificates 38,003,767 2.60 

20,025,848 Compartamos 33,143,119 2.26 

4,121,100 Concentradora Fibra Hotelera Mexicana 7,701,976 0.53 

5,527,100 Fibra Uno Administracion 17,978,222 1.23 


250,808 Grupo Aeroportuario del Sureste ADR 27,551,259 1.88 


3,135,800 Infraestructura Energetica Nova 11,312,643 0.77 

12,050,452 Mexichem 49,161,941 3.36 

1,270,900 Promotora y Operadora de Infraestructura 11,404,654 0.78 

367,895,891 25.13 

PANAMA 


422,500 Intergroup Financial Services 14,052,350 0.96 

60,101,190 4.11 

BERMUDA 

383,900 Credicorp 48,736,105 3.33 


53,638,064 3.66 

CHILE 

47,373,960 CFR Pharmaceuticals 10,717,281 0.73 

2,969,700 SACI Falabella 32,311,738 2.21 

129,240 Sociedad Quimica y Minera de Chile - Preference B 

Shares 5,181,043 0.35 

48,210,062 3.29 

LUXEMBOURG 

631,232 Tenaris ADR 25,328,184 1.73 


439,100 First Cash Financial Services 21,331,478 1.46 

21,331,478 1.46 


956,861 Antofagasta 11,558,800 0.79 

3,514,572 JPMorgan Brazil Investment Trust 4,103,876 0.28 

15,662,676 1.07 

Total Shares 1,434,567,297 98.00 



1,434,567,297 98.00 



LUXEMBOURG 



15,107,831 1.03 




15,107,831 1.03 


Cash 24,248,243 1.66 




% of 


Shares 








Energy 1.60 





Total 100.00 


% of 


Shares 







Energy 1.89 






Total 100.00 

25,328,184 1.73 

CANADA 

1,318,263 Pacific Rubiales Energy 23,431,637 1.60 

23,431,637 1.60 

159




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

JAPAN 

10,000 Advantest 164,623 1.01 

5,000 Aisin Seiki 191,269 1.17 

41,000 Canon 1,337,699 8.21 

4,000 Fanuc 579,561 3.56 

47,000 Fujitsu 194,974 1.20 

57,000 Hitachi 366,192 2.25 

9,500 Honda Motor 353,343 2.17 

48,000 Isuzu Motors 329,205 2.02 

2,300 Murata Manufacturing 175,039 1.07 

2,000 Nintendo 235,983 1.45 

220 NTT DoCoMo 341,741 2.10 

28,000 Ricoh 333,061 2.04 

12,700 Sony 266,434 1.63 

9,400 TDK 324,481 1.99 

6,300 Tokyo Electron 319,531 1.96 

120,000 Toshiba 577,744 3.54 

6,090,880 37.37 

SOUTH KOREA 

2,200 Hyundai Motor 433,487 2.66 

3,000 Kia Motors 162,738 1.00 

900 NCSoft 127,061 0.78 

31,000 OPTRON-TEC 352,423 2.17 

7,000 Samsung Electro-Mechanics 531,854 3.26 


540 Samsung Electronics GDR 144A 315,373 1.93 

1,700 Samsung Engineering 109,875 0.67 

19,000 Sekonix 399,250 2.45 


% of 


Shares 







Total 100.00 


% of 


Shares 








Total 100.00 

3,673,204 22.54 

TAIWAN 

470,761 Advanced Semiconductor Engineering 394,512 2.42 


250,510 Hon Hai Precision Industry 617,898 3.79 

10,116 MediaTek 117,083 0.72 

440,940 Taiwan Semiconductor Manufacturing 1,625,158 9.97 

3,145,889 19.30 


670,000 Geely Automobile Holdings 290,172 1.78 

12,000 Tencent Holdings 470,214 2.89 

760,386 4.67 

HONG KONG 

470,000 Lenovo Group 426,795 2.61 

140,000 Techtronic Industries 333,481 2.05 

INDIA 

760,276 4.66 

9,000 Infosys ADR 368,865 2.26 

7,000 Larsen & Toubro Registered Shares GDR 164,185 1.01 

7,000 Larsen & Toubro Registered Shares-GDR (USD) 164,290 1.01 

697,340 4.28 


230,000 China State Construction International Holdings 356,643 2.19 

356,643 2.19 

BERMUDA 

120,000 Haier Electronics Group 191,334 1.17 

191,334 1.17 

Total Shares 15,675,952 96.18 



15,675,952 96.18 


Cash 501,380 3.08 



160




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

RUSSIA 

7,527,242 Bank St. Petersburg Preference Shares 9,078,102 0.99 


1,969,663 DIXY Group 27,590,998 3.01 

6,295,590 Gazprom ADR 40,779,684 4.45 

5,914,387 HALS-Development Registered Shares GDR 3,058,862 0.33 

16,932,000 Lenenergo 2,390,738 0.26 

1,526,100 Lukoil OAO ADR 86,911,395 9.47 

252,985 Magnit 55,845,011 6.08 


Shares GDR 5,696,707 0.62 

3,478,244 Mechel Preference Shares 5,615,014 0.61 

3,895,540 Mechel Preference Shares ADR 3,330,687 0.36 


2,957,936 Mobile Telesystems 23,282,166 2.54 


5,173,430 Mostotrest 22,539,716 2.46 


983,046 Novolipetsk Steel Registered Shares GDR 12,755,022 1.39 

2,495,038 Pharmacy Chain 36.6 1,558,660 0.17 


8,160,400 Rostelecom Preference Shares 17,502,724 1.91 

304,842,590 Russian Grids 9,822,845 1.07 



2,745,500 Severstal Registered Shares GDR 17,358,424 1.89 

1,960,016 Sistema Registered Shares GDR 38,102,711 4.15 

755,594 Sollers 16,225,770 1.77 


693,587 Tatneft ADR 25,093,978 2.73 

1,686,300 Tatneft Preference Shares 4,913,140 0.54 

402,278 TMK OAO Registered Shares GDR 4,606,083 0.50 

236,958 Veropharm 5,011,083 0.55 

3,450,000 VTB Bank Registered Shares GDR 9,765,225 1.06 

720,591,567 78.54 

LUXEMBOURG 

1,056,732 Kernel Holding 14,940,452 1.63 


436,281 O’Key Group Registered Shares GDR 4,919,068 0.54 


44,184,037 4.82 

IRELAND 

2,079,768 Dragon Oil 18,138,542 1.98 

18,138,542 1.98 

KAZAKHSTAN 

1,173,340 Halyk Savings Bank of Kazakhstan Registered 

Shares GDR 8,509,648 0.93 

174,189 KazMunaiGas Exploration Production Registered 

Shares GDR 2,631,125 0.28 


MALAYSIA 

4,022,759 Steppe Cement 1,958,472 0.21 

1,958,472 0.21 


167,853 CTC Media 1,871,561 0.20 

1,871,561 0.20 

JERSEY 

204,700 Polymetal International 1,371,540 0.15 

1,371,540 0.15 

Total Shares 862,057,644 93.95 



862,057,644 93.95 



LUXEMBOURG 



35,600,000 3.88 




35,600,000 3.88 


Shares 

NETHERLANDS 


0 0.00 








17,255,588 1.88 

CYPRUS 

3,377,900 Ros Agro Registered Shares GDR 17,176,621 1.87 

17,176,621 1.87 

BERMUDA 

3,071,919 Alliance Oil SDR 16,795,777 1.83 

16,795,777 1.83 

GUERNSEY 

3,648,150 Etalon Group Registered Shares GDR 12,270,553 1.34 

12,270,553 1.34 

ISLE OF MAN 

517,514 Zhaikmunai Registered Shares GDR 5,633,140 0.61 

5,633,140 0.61 



4,810,246 0.52 

161




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 

Energy 32.73 












Total 100.00 


% of 


Shares 

Energy 34.39 












Total 100.00 

162




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

SINGAPORE 


1,472,000 Cache Logistics Trust 1,453,135 1.08 

952,000 CapitaCommercial Trust 1,095,495 0.82 

2,866,000 CapitaLand 6,946,113 5.17 


3,698,000 CapitaMalls Asia 5,326,535 3.97 


1,750,000 Chip Eng Seng 951,717 0.71 

112,000 City Developments 944,986 0.70 

660,000 ComfortDelgro 953,253 0.71 

1,099,000 Courts Asia 781,745 0.58 



2,499,000 Global Logistic Properties 5,396,813 4.02 

434,000 Guocoland 696,105 0.52 


34,000 Jardine Cycle & Carriage 1,140,247 0.85 

1,319,200 Keppel 10,823,853 8.06 

1,485,300 Oversea-Chinese Banking 11,700,852 8.72 

2,137,000 Overseas Education 1,166,393 0.87 

1,764,000 Overseas Union Enterprise 3,955,500 2.95 

1,816,000 Pan-United 1,284,609 0.96 

381,000 SembCorp Industries 1,487,953 1.11 

1,115,000 SembCorp Marine 3,800,857 2.83 

375,000 Singapore Exchange 2,080,772 1.55 


569,000 StarHub 1,870,117 1.39 

573,000 Suntec Real Estate Investment Trust REIT 709,047 0.53 

550,000 Super Group/Singapore 1,918,211 1.43 

1,003,000 Tat Hong Holdings 998,051 0.74 

266,000 United Industrial 635,250 0.47 

794,620 United Overseas Bank 12,441,381 9.27 

519,000 UOL Group 2,742,753 2.04 

1,443,000 Wilmar International 3,588,279 2.67 


% of 


Shares 









Total 100.00 


% of 


Shares 









Total 100.00 

116,961,999 87.12 

ISLE OF MAN 

5,495,000 Genting Singapore 5,727,748 4.27 

5,727,748 4.27 

BERMUDA 


3,219,493 Noble Group 2,455,042 1.83 

4,472,324 3.33 

THAILAND 

7,446,000 Thai Beverage 3,477,218 2.59 

3,477,218 2.59 

MAURITIUS 

3,211,000 Golden Agri-Resources 1,410,931 1.05 

1,410,931 1.05 

Total Shares 132,050,220 98.36 



132,050,220 98.36 


Shares 

BERMUDA 

5,200,000 Fibrechem Technologies* 410 0.00 

410 0.00 




Cash 6,994,111 5.21 



* This security is fair valued. 

163




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 

TAIWAN 

880,000 Actron Technology 3,008,572 1.17 

6,021,000 Cathay Financial Holding 8,208,811 3.20 

6,538,000 Cathay Real Estate Development 4,148,809 1.62 


1,083,980 Chicony Electronics 2,818,326 1.10 

18,502,000 China Development Financial Holding 5,193,100 2.02 


616,000 China Steel Chemical 3,071,679 1.20 

9,032,000 Chinatrust Financial Holding 5,580,794 2.18 

1,630,000 Chipbond Technology 3,998,749 1.56 

230,000 Cleanaway 1,749,108 0.68 

5,951,000 Compeq Manufacturing 2,625,062 1.02 

992,000 CTCI 1,803,275 0.70 



909,000 Eclat Textile 6,723,283 2.62 

719,000 Elan Microelectronics 1,617,576 0.63 

217,000 Far EasTone Telecommunications 579,395 0.23 

520,415 Fubon Financial Holding 708,647 0.28 

531,000 Giant Manufacturing 3,644,083 1.42 

4,950,000 Grand Pacific Petrochemical 2,893,458 1.13 

421,000 Grape King Industrial 1,590,282 0.62 


159,000 Hotai Motor 1,699,726 0.66 

609,000 Huaku Development 1,758,078 0.69 

1,495,000 Hung Sheng Construction 1,219,197 0.48 

9,191,810 Innolux 4,575,823 1.80 

2,151,000 Kenda Rubber Industrial 4,753,135 1.86 

3,542,000 Kindom Construction Co 4,492,330 1.75 

595,000 King Slide Works 4,376,021 1.72 

952,000 KMC Kuei Meng International 3,881,859 1.52 


311,000 Lite-On Technology 543,039 0.21 

953,000 Makalot Industrial 4,561,406 1.78 

827,766 MediaTek 9,580,561 3.74 

1,099,800 Merida Industry 6,520,445 2.55 

301,000 Nan Liu Enterprise 1,232,372 0.48 

2,129,000 Nan Ya Plastics 4,480,835 1.75 

2,684,000 Nien Hsing Textile 2,549,178 1.00 

1,090,000 Novatek Microelectronics 5,280,761 2.06 

2,567,000 Pegatron 4,246,796 1.66 

413,000 Poya 1,480,855 0.58 



243,000 Shin Zu Shing 574,654 0.23 

416,000 Sinmag Equipment 1,578,333 0.62 

7,545,289 SinoPac Financial Holdings 3,579,992 1.40 

156,000 St Shine Optical 4,053,367 1.58 

962,000 Standard Foods 3,038,638 1.19 

927,000 Sunspring Metal 1,896,916 0.74 



4,178,000 Ton Yi Industrial 3,633,680 1.42 

969,000 Tong Hsing Electronic Industries 4,646,068 1.81 

1,189,000 Toung Loong Textile Manufacturing 3,301,566 1.29 



2,246,000 Vanguard International Semiconductor 2,537,716 0.99 

117,700 Wowprime 1,587,013 0.62 


% of 


Shares 











Total 100.00 


% of 


Shares 








Energy 0.85 




Total 100.00 

239,227,412 93.40 


1,962,000 Chailease Holding 4,629,982 1.81 

200,000 Ginko International 3,382,142 1.32 

253,000 Gourmet Master 1,453,562 0.57 

269,000 TPK Holding 4,308,971 1.68 

13,774,657 5.38 

Total Shares 253,002,069 98.78 



253,002,069 98.78 


Cash 5,614,334 2.19 



164




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 







177,000 Actavis 01.10.22/3.250% 164,503 0.01 

300,000 Aetna 15.12.37/6.750% 362,136 0.02 

147,000 Aetna 15.05.42/4.500% 136,166 0.01 

199,000 Aflac 15.02.17/2.650% 203,264 0.01 

141,000 Aflac 15.05.19/8.500% 180,127 0.01 

227,000 Aflac 15.02.22/4.000% 231,481 0.01 

108,000 Aflac 15.08.40/6.450% 125,917 0.01 

800,000 AGL Capital 15.07.16/6.375% 914,958 0.04 

150,000 AGL Capital 15.08.19/5.250% 170,362 0.01 

262,000 AGL Capital 15.09.21/3.500% 267,730 0.01 

550,000 AGL Capital 15.03.41/5.875% 624,693 0.03 

179,000 Alabama Power 15.05.38/6.125% 212,883 0.01 

95,000 Alabama Power 01.03.39/6.000% 111,028 0.01 

238,000 American Electric Power 15.12.17/1.650% 231,598 0.01 


250,000 American Express Centurion 

Bank 13.09.17/6.000% 287,427 0.01 











75,000 Anheuser-Busch 01.04.36/5.750% 85,229 0.00 


Worldwide 14.07.14/1.500% 183,783 0.01 


Worldwide 15.01.19/7.750% 643,592 0.03 

200,000 ANR Pipeline 01.11.21/9.625% 283,802 0.02 

112,000 Aon 30.09.15/3.500% 117,518 0.01 

182,000 Aon 27.05.16/3.125% 190,419 0.01 

97,000 Aon 30.09.40/6.250% 112,348 0.01 

200,000 Apache 15.09.18/6.900% 243,668 0.01 

114,000 Apache 15.04.22/3.250% 112,422 0.01 

462,000 Apache 15.01.23/2.625% 425,872 0.02 

307,000 Apache 15.04.43/4.750% 290,201 0.01 



150,000 Archer-Daniels-Midland 01.10.32/5.935% 170,380 0.01 










498,000 Associates Corp of North 

America 01.11.18/6.950% 590,469 0.03 

565,000 AT&T 15.09.14/5.100% 594,064 0.03 

304,000 AT&T 01.12.15/0.800% 302,671 0.01 

345,000 AT&T 12.02.16/0.900% 342,423 0.02 

60,000 AT&T 15.06.16/5.625% 67,236 0.00 

500,000 AT&T 15.05.21/4.450% 538,355 0.02 

153,000 AT&T 15.05.36/6.800% 178,149 0.01 

700,000 AT&T 15.01.38/6.300% 775,607 0.04 

385,000 AT&T 01.09.40/5.350% 385,137 0.02 

1,191,000 AT&T 15.12.42/4.300% 1,032,460 0.05 

278,000 AT&T 15.06.45/4.350% 239,172 0.01 

586,000 Atmos Energy 15.03.19/8.500% 767,069 0.03 

619,000 Baltimore Gas & Electric 15.08.22/2.800% 587,436 0.03 





















225,000 BB&T 25.09.13/3.375% 226,509 0.01 

446,000 BB&T 30.04.14/5.700% 464,963 0.02 

437,000 BB&T 15.08.17/1.600% 427,427 0.02 

250,000 BB&T 30.04.19/6.850% 304,101 0.01 

50,000 Becton Dickinson & Co. 15.05.19/5.000% 57,007 0.00 

855,000 BellSouth 15.09.14/5.200% 898,092 0.04 

11,000 BellSouth 15.10.31/6.875% 12,143 0.00 

100,000 BellSouth Telecommunications 01.10.25/7.000% 116,604 0.01 

395,000 BellSouth Telecommunications 01.06.28/6.375% 439,050 0.02 

500,000 Berkshire Hathaway 15.08.21/3.750% 517,030 0.02 

1,040,000 Berkshire Hathaway 31.01.22/3.400% 1,039,496 0.05 






215,000 BlackRock 10.12.14/3.500% 223,695 0.01 

105,000 BlackRock 15.09.17/6.250% 123,338 0.01 

359,000 BlackRock 10.12.19/5.000% 406,973 0.02 

1,200,000 BlackRock 01.06.22/3.375% 1,200,090 0.05 

150,000 Boeing 15.08.24/7.950% 204,926 0.01 

60,000 Boeing 15.02.33/6.125% 71,913 0.00 

685,000 Branch Banking & Trust 15.09.16/5.625% 770,631 0.03 

395,000 Bunge Finance 15.06.19/8.500% 486,673 0.02 

161,000 Bunge NA Finance 01.04.17/5.900% 177,491 0.01 






500,000 Burlington Resources 15.03.25/8.200% 667,030 0.03 

146,000 Cameron International 30.04.15/1.600% 146,791 0.01 





208,000 Caterpillar 26.06.17/1.500% 206,200 0.01 

184,000 Caterpillar 26.06.22/2.600% 174,168 0.01 





135,000 CBS 15.05.19/8.875% 174,368 0.01 

125,000 CBS 15.02.21/4.300% 130,079 0.01 

350,000 CBS 30.07.30/7.875% 442,221 0.02 

150,000 CBS 15.05.33/5.500% 150,601 0.01 

125,000 CBS 15.10.40/5.900% 130,604 0.01 

300,000 CBS 01.07.42/4.850% 276,351 0.01 

100,000 Cellco Partnership 01.02.14/5.550% 102,672 0.00 

350,000 Centel Capital 15.10.19/9.000% 421,770 0.02 

150,000 CenterPoint Energy 01.05.18/6.500% 177,595 0.01 


480,000 CenturyLink 15.06.21/6.450% 499,426 0.02 

320,000 CenturyLink 15.09.39/7.600% 306,094 0.01 

400,000 Citigroup 19.08.13/6.500% 402,935 0.02 

205,000 Citigroup 13.12.13/6.000% 209,684 0.01 

125,000 Citigroup 12.08.14/6.375% 131,979 0.01 

650,000 Citigroup 15.09.14/5.000% 675,191 0.03 

245,000 Citigroup 15.01.15/6.010% 261,917 0.01 

907,000 Citigroup 19.05.15/4.750% 960,245 0.04 

1,100,000 Citigroup 07.08.15/2.250% 1,119,277 0.05 

731,000 Citigroup 15.12.15/4.587% 781,899 0.04 

500,000 Citigroup 15.01.16/1.250% 493,830 0.02 

2,200,000 Citigroup 10.01.17/4.450% 2,355,155 0.11 

880,000 Citigroup 15.08.17/6.000% 992,644 0.04 

340,000 Citigroup 21.11.17/6.125% 385,885 0.02 

875,000 Citigroup 22.05.19/8.500% 1,099,713 0.05 

1,350,000 Citigroup 09.08.20/5.375% 1,489,954 0.07 

260,000 Citigroup 14.01.22/4.500% 270,222 0.01 

500,000 Citigroup 15.01.28/6.625% 568,933 0.03 

15,000 Citigroup 15.06.32/6.625% 15,736 0.00 

179,000 Citigroup 30.01.42/5.875% 192,922 0.01 

360,000 Cleveland Electric Illuminating 01.11.17/7.880% 435,077 0.02 

325,000 CNA Financial 15.12.14/5.850% 345,876 0.02 

298,000 CNA Financial 15.08.20/5.875% 338,047 0.02 

200,000 Coca-Cola 15.03.14/3.625% 204,421 0.01 

200,000 Coca-Cola 15.03.19/4.875% 226,357 0.01 

165




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


715,000 Comcast Cable Communications 

Holdings 15.11.22/9.455% 1,003,985 0.05 

110,000 Comerica 16.09.15/3.000% 114,986 0.01 



162,000 ConAgra Foods 25.01.16/1.300% 162,010 0.01 

186,000 ConAgra Foods 15.03.18/2.100% 184,040 0.01 

35,000 Connecticut Light & Power 01.05.18/5.650% 40,838 0.00 





250,000 Countrywide Financial 15.05.16/6.250% 272,950 0.01 

525,000 Credit Suisse USA 15.08.15/5.125% 567,690 0.03 

75,000 Crédit Suisse USA 15.01.15/4.875% 79,537 0.00 

850,000 Credit Suisse/New York 01.05.14/5.500% 883,405 0.04 

275,000 CSX 01.05.17/7.900% 330,822 0.01 

300,000 CSX 01.02.19/7.375% 370,466 0.02 

54,000 CSX 01.06.21/4.250% 57,393 0.00 

100,000 CSX 15.04.41/5.500% 106,193 0.00 

164,000 CSX 15.03.44/4.100% 141,156 0.01 

145,000 CVS Caremark 15.09.39/6.125% 168,763 0.01 

400,000 CVS Caremark 15.05.41/5.750% 447,684 0.02 


447,000 Deere & Co. 08.06.22/2.600% 425,046 0.02 

198,000 Deere & Co. 09.06.42/3.900% 179,459 0.01 

141,000 Delmarva Power & Light 01.06.42/4.000% 131,793 0.01 

355,000 Devon Energy 15.01.19/6.300% 411,674 0.02 

459,000 Devon Energy 15.05.22/3.250% 441,064 0.02 

261,000 Devon Energy 15.05.42/4.750% 239,657 0.01 

60,000 Devon Financing 30.09.31/7.875% 77,001 0.00 





158,000 Dow Chemical 15.05.19/8.550% 201,346 0.01 

203,000 Dow Chemical 15.11.20/4.250% 212,643 0.01 

298,000 Dow Chemical 15.11.21/4.125% 304,870 0.01 

651,000 Dow Chemical 15.11.22/3.000% 600,866 0.03 

65,000 Dow Chemical 01.11.29/7.375% 81,135 0.00 

167,000 Dow Chemical 15.11.41/5.250% 162,623 0.01 

138,000 DTE Electric 15.06.22/2.650% 131,649 0.01 

250,000 Duke Energy 15.11.16/2.150% 255,962 0.01 

203,000 Duke Energy 15.09.21/3.550% 202,574 0.01 







185,000 Duke Energy Indiana 15.08.38/6.350% 222,928 0.01 

85,000 Duke Energy Ohio 01.04.19/5.450% 98,103 0.00 






287,000 Duke Realty 15.03.20/6.750% 330,640 0.01 

400,000 Eaton 01.04.24/7.625% 491,455 0.02 

200,000 Ecolab 08.12.21/4.350% 210,909 0.01 

400,000 Ecolab 08.12.41/5.500% 432,048 0.02 





300,000 EOG Resources 01.02.21/4.100% 317,874 0.01 

365,000 ERP Operating 01.08.16/5.375% 407,136 0.02 

600,000 ERP Operating 15.12.21/4.625% 633,222 0.03 



3,150,000 Fannie Mae 11.05.17/5.000% 3,602,655 0.16 

1,150,000 Federal Home Loan Banks 15.07.36/5.500% 1,381,989 0.06 

485,000 Florida Power & Light 01.10.33/5.950% 587,886 0.03 

404,000 Fluor 15.09.21/3.375% 403,085 0.02 



500,000 Freddie Mac 23.08.17/5.500% 583,037 0.03 

21,000,000 Freddie Mac 17.11.17/5.125% 24,254,790 1.10 


Gold 01.03.17/2.150% 792,870 0.04 

630,000 Gap 12.04.21/5.950% 695,331 0.03 























50,000 Georgia Power 01.02.39/5.950% 57,114 0.00 

375,000 GlaxoSmithKline Capital 15.04.14/4.375% 386,445 0.02 

110,000 Goldman Sachs Capital I 15.02.34/6.345% 105,824 0.00 

















288,000 Great Plains Energy 01.06.21/4.850% 306,338 0.01 

850,000 GTE 15.04.18/6.840% 1,011,177 0.05 

400,000 Halliburton 15.09.39/7.450% 545,230 0.02 

125,000 HCP 01.02.19/3.750% 128,914 0.01 

368,000 HCP 01.02.21/5.375% 397,495 0.02 

140,000 Hess 01.10.29/7.875% 175,655 0.01 








1,425,000 Hewlett-Packard 15.09.41/6.000% 1,370,650 0.06 

25,000 Historic TW 15.06.18/6.875% 30,046 0.00 

215,000 Historic TW 01.02.23/9.150% 289,889 0.01 

280,000 Historic TW 15.05.29/6.625% 322,715 0.01 

200,000 Home Depot 01.03.16/5.400% 222,601 0.01 

200,000 Home Depot 01.04.21/4.400% 219,121 0.01 

45,000 Hospira 15.05.15/6.400% 47,911 0.00 

100,000 HSBC Bank USA/New York 01.04.14/4.625% 102,885 0.00 

200,000 HSBC Finance 15.07.13/4.750% 200,288 0.01 

500,000 HSBC Finance 15.01.14/5.250% 512,177 0.02 

1,600,000 HSBC USA 13.02.15/2.375% 1,636,744 0.07 

1,440,000 Illinois Tool Works 01.09.42/3.900% 1,278,713 0.06 


50,000 Ingersoll-Rand 15.11.27/6.391% 55,454 0.00 








1,220,000 Jefferies Group 15.07.19/8.500% 1,476,200 0.07 


40,000 Jersey Central Power & Light 01.02.19/7.350% 48,355 0.00 









213,000 Kellogg 17.05.17/1.750% 211,464 0.01 

304,000 Kellogg 17.05.22/3.125% 295,692 0.01 

30,000 Kerr-McGee 01.07.24/6.950% 35,608 0.00 

1,250,000 Kerr-McGee 15.09.31/7.875% 1,556,777 0.07 

165,000 KeyBank 01.11.17/5.700% 184,818 0.01 

166




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


280,000 KeyCorp 24.03.21/5.100% 310,904 0.01 



80,000 Kohl’s 15.12.17/6.250% 91,825 0.00 

210,000 Kohl’s 01.11.21/4.000% 208,737 0.01 

200,000 Kroger 15.01.17/2.200% 200,016 0.01 

200,000 Kroger 15.08.17/6.400% 230,551 0.01 

150,000 Kroger 15.01.20/6.150% 173,972 0.01 

1,000,000 Kroger 01.04.31/7.500% 1,196,670 0.05 

114,000 Kroger 15.07.40/5.400% 114,244 0.01 

1,000,000 Kroger 15.04.42/5.000% 949,640 0.04 



163,000 Lowe’s 15.11.41/5.125% 167,009 0.01 

250,000 Lowe’s 15.05.37/7.110% 314,395 0.01 

435,000 Lowe’s 15.04.42/4.650% 423,446 0.02 




200,000 Magellan Midstream Partners 15.07.19/6.550% 237,616 0.01 

125,000 Marathon Oil 01.11.15/0.900% 124,547 0.01 

250,000 Marathon Oil 01.10.17/6.000% 286,577 0.01 

135,000 McKesson 04.12.15/0.950% 134,887 0.01 

329,000 Merck & Co. 15.09.22/2.400% 305,220 0.01 



1,415,000 Merrill Lynch & Co. 28.08.17/6.400% 1,595,519 0.07 


450,000 MidAmerican Energy Holdings 01.04.36/6.125% 508,210 0.02 












970,000 Mosaic 15.11.21/3.750% 968,050 0.04 

37,000 Mosaic 15.11.41/4.875% 35,119 0.00 



320,000 National City 15.01.15/4.900% 338,840 0.02 

180,000 Nevada Power 01.08.18/6.500% 216,158 0.01 

200,000 Nevada Power 15.03.19/7.125% 248,043 0.01 

120,000 Nevada Power 15.05.41/5.450% 133,671 0.01 

200,000 Newell Rubbermaid 15.08.20/4.700% 212,053 0.01 





203,000 Nordstrom 15.10.21/4.000% 214,139 0.01 






200,000 Northrop Grumman Systems 15.02.31/7.750% 261,080 0.01 

181,000 Occidental Petroleum 15.02.17/1.750% 180,775 0.01 

60,000 Ohio Power 01.05.18/6.050% 70,173 0.00 

240,000 Ohio Power 01.03.33/6.600% 285,639 0.01 

328,000 PACCAR Financial 15.03.17/1.600% 325,206 0.01 







500,000 PacifiCorp 15.06.21/3.850% 527,820 0.02 

50,000 Parker Hannifin 15.05.18/5.500% 57,208 0.00 

150,000 Peco Energy 01.03.18/5.350% 171,017 0.01 

500,000 Peco Energy 15.09.22/2.375% 464,051 0.02 

1,149,000 PepsiCo 13.08.17/1.250% 1,123,825 0.05 

14,000 PepsiCo 01.11.18/7.900% 17,901 0.00 

172,000 PepsiCo 25.08.21/3.000% 169,539 0.01 

82,000 PepsiCo 25.08.14/0.800% 82,218 0.00 

150,000 PG&E 01.04.14/5.750% 155,599 0.01 

90,000 Pioneer Natural Resources 15.07.16/5.875% 100,437 0.00 

100,000 Pitney Bowes 15.03.18/5.600% 106,870 0.00 

500,000 PNC Bank 07.12.17/6.000% 578,665 0.03 

250,000 PNC Bank 01.04.18/6.875% 300,165 0.01 

540,000 PNC Bank 01.11.22/2.700% 488,179 0.02 

50,000 PNC Funding 15.11.15/5.250% 54,447 0.00 

120,000 PNC Funding 19.09.16/2.700% 124,764 0.01 

100,000 PNC Funding 10.06.19/6.700% 120,119 0.01 

100,000 PNC Funding 08.02.20/5.125% 109,750 0.00 

400,000 PNC Funding 11.08.20/4.375% 425,170 0.02 

557,000 PNC Funding 08.03.22/3.300% 538,928 0.02 

200,000 Potomac Electric Power 15.11.37/6.500% 253,215 0.01 




258,000 PPL Electric Utilities 01.09.22/2.500% 241,661 0.01 

490,000 Praxair 31.03.14/4.375% 503,608 0.02 

134,000 Principal Financial Group 15.11.17/1.850% 131,732 0.01 

650,000 Principal Life Global 

Funding I 144A 15.03.15/5.050% 694,455 0.03 





110,000 Prudential Financial 20.09.14/5.100% 115,492 0.01 

55,000 PSEG Power 01.12.15/5.500% 60,556 0.00 

35,000 PSEG Power 15.04.31/8.625% 48,037 0.00 










444,000 Qwest 01.12.21/6.750% 497,806 0.02 

376,000 Republic Services 01.06.22/3.550% 365,652 0.02 





135,000 Ryder System 01.03.16/3.600% 141,996 0.01 

235,000 Ryder System 01.06.17/3.500% 243,217 0.01 



40,000 Sempra Energy 15.11.13/8.900% 41,216 0.00 

100,000 Sempra Energy 01.06.16/6.500% 114,436 0.01 

1,113,000 Sempra Energy 15.02.19/9.800% 1,498,026 0.07 

444,000 Sempra Energy 01.10.22/2.875% 414,869 0.02 

115,000 Sempra Energy 15.10.39/6.000% 129,230 0.01 









125,000 Southern 15.05.14/4.150% 128,897 0.01 

233,000 Southern 01.09.16/1.950% 236,557 0.01 




71,000 Southern Power 15.09.41/5.150% 71,765 0.00 

250,000 SouthTrust Bank 15.05.25/7.690% 299,511 0.01 

225,000 Southwestern Public Service 01.12.18/8.750% 289,995 0.01 







65,000 State Street 30.05.14/4.300% 67,319 0.00 

100,000 SunTrust Bank/Atlanta 15.03.18/7.250% 120,067 0.01 

150,000 SunTrust Banks 11.09.17/6.000% 170,656 0.01 

1,000,000 Tennessee Valley Authority 18.07.17/5.500% 1,157,220 0.05 




256,000 Texas Instruments 03.08.19/1.650% 246,330 0.01 

280,000 Time Warner 29.03.21/4.750% 299,744 0.01 

200,000 Time Warner 15.04.31/7.625% 252,124 0.01 

130,000 Time Warner 15.11.36/6.500% 145,505 0.01 

200,000 Time Warner 15.03.40/6.200% 217,972 0.01 

89,000 Time Warner 29.03.41/6.250% 97,795 0.00 

250,000 Time Warner 15.10.41/5.375% 249,331 0.01 







167




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



200,000 Tosco 01.01.27/7.800% 267,525 0.01 

250,000 Tosco 15.02.30/8.125% 345,446 0.02 



1,000,000 Toyota Motor Credit 15.09.16/2.000% 1,021,970 0.05 



50,000 Travelers 15.05.18/5.800% 58,412 0.00 

250,000 UBS/Stamford 12.08.13/2.250% 250,469 0.01 

250,000 UBS/Stamford 15.01.15/3.875% 260,929 0.01 

100,000 UBS/Stamford 20.12.17/5.875% 115,200 0.01 

244,000 UBS/Stamford 25.04.18/5.750% 281,273 0.01 

365,000 UBS/Stamford 04.08.20/4.875% 402,268 0.02 

350,000 Union Carbide 01.06.25/7.500% 410,352 0.02 

650,000 Union Carbide 01.10.96/7.750% 732,007 0.03 

75,000 Union Pacific 15.01.15/4.875% 79,551 0.00 

300,000 Union Pacific 15.11.17/5.750% 346,719 0.02 

107,000 Union Pacific 15.01.23/2.950% 103,132 0.00 

130,000 Union Pacific 15.06.42/4.300% 121,892 0.01 

143,000 United Parcel Service 01.10.22/2.450% 134,455 0.01 


America 01.04.20/8.375% 131,912 0.01 








242,000 US Bancorp 20.11.14/2.875% 249,098 0.01 

450,000 US Bancorp 27.07.15/2.450% 463,907 0.02 

692,000 US Bancorp 15.05.17/1.650% 690,173 0.03 

200,000 US Bancorp 24.05.21/4.125% 211,222 0.01 

40,000 Valero Energy 15.04.32/7.500% 48,221 0.00 




1,475,000 Verizon Communications 01.12.30/7.750% 1,913,525 0.09 



500,000 Verizon Maryland 15.06.33/5.125% 490,053 0.02 



15,000 Verizon New York 01.04.32/7.375% 18,042 0.00 






325,000 Wachovia 15.02.14/4.875% 333,639 0.02 

1,425,000 Wachovia 01.02.18/5.750% 1,640,489 0.07 

500,000 Wachovia Bank 15.08.15/5.000% 538,085 0.02 

1,000,000 Wachovia Bank 15.11.17/6.000% 1,145,945 0.05 

250,000 Wachovia Bank 15.01.38/6.600% 298,825 0.01 

750,000 Walgreen 15.09.22/3.100% 706,553 0.03 

60,000 Wal-Mart Stores 01.09.35/5.250% 64,614 0.00 

250,000 Walt Disney 01.12.15/0.450% 248,694 0.01 




34,000 WellPoint 15.06.17/5.875% 38,550 0.00 

22,000 WellPoint 15.02.19/7.000% 26,430 0.00 

423,000 WellPoint 15.05.22/3.125% 404,020 0.02 

344,000 WellPoint 15.05.42/4.625% 318,473 0.02 

1,187,000 Wells Fargo & Co. 15.12.16/2.625% 1,231,334 0.06 

500,000 Wells Fargo & Co. 11.12.17/5.625% 569,693 0.03 

1,000,000 Wells Fargo & Co. 01.04.21/4.600% 1,087,150 0.05 

1,000,000 Wells Fargo & Co. 08.03.22/3.500% 1,004,820 0.04 

800,000 Wells Fargo Bank 09.02.15/4.750% 845,580 0.04 



25,000 Wyeth 01.02.24/6.450% 30,978 0.00 

550,000 Xcel Energy 01.07.36/6.500% 677,210 0.03 

68,000 Xcel Energy 15.09.41/4.800% 67,360 0.00 

100,000 Xerox 15.05.14/8.250% 106,227 0.00 

200,000 Xerox 01.02.17/6.750% 226,716 0.01 

425,000 Xerox 15.12.19/5.625% 473,775 0.02 

70,000 Xerox 15.05.21/4.500% 72,252 0.00 

500,000 XTO Energy 15.12.13/5.750% 512,067 0.02 

302,249,103 13.67 

CANADA 

250,000 Alberta Energy 01.11.31/7.375% 297,176 0.01 

430,000 Anadarko Finance 01.05.31/7.500% 535,288 0.02 

373,000 Bank of Nova Scotia 22.01.15/3.400% 388,062 0.02 

1,500,000 Bank of Nova Scotia 12.01.17/2.550% 1,538,483 0.07 


Commerce 01.10.15/0.900% 347,177 0.02 


Commerce 23.01.18/1.550% 531,293 0.02 





150,000 Canadian Pacific Railway 15.10.31/7.125% 186,009 0.01 




150,000 ConocoPhillips Canada Funding 

Co. I 15.10.16/5.625% 171,062 0.01 

30,000 Encana 15.05.19/6.500% 35,215 0.00 

100,000 Encana 15.08.34/6.500% 108,565 0.00 

500,000 Ontario (Province of) 05.02.15/2.950% 519,020 0.02 

2,300,000 Ontario (Province of) 26.05.15/0.950% 2,315,571 0.10 

550,000 Ontario (Province Of) 16.06.15/2.700% 572,264 0.03 

693,000 Ontario (Province of) 27.09.19/1.650% 663,104 0.03 

130,000 Petro-Canada 15.05.18/6.050% 150,104 0.01 

100,000 Petro-Canada 15.07.33/5.350% 100,842 0.00 

200,000 Petro-Canada 15.05.38/6.800% 232,646 0.01 

709,000 Placer Dome 15.10.35/6.450% 649,494 0.03 

120,000 Potash Corp of Saskatchewan 15.05.19/6.500% 143,607 0.00 

1,700,000 RBC 20.07.16/2.300% 1,752,428 0.08 

2,183,000 RBC 19.09.17/1.200% 2,126,569 0.10 

200,000 Suncor Energy 01.06.18/6.100% 232,592 0.01 

505,000 Suncor Energy 01.12.34/5.950% 539,893 0.02 

350,000 Suncor Energy 01.06.39/6.850% 411,807 0.02 







431,000 Toronto-Dominion Bank 14.07.16/2.500% 446,589 0.02 

440,000 Toronto-Dominion Bank 144A 29.07.15/2.200% 453,486 0.02 

150,000 TransCanada Pipelines 15.08.18/6.500% 180,018 0.01 



20,219,129 0.91 


110,000 AstraZeneca 01.06.14/5.400% 114,887 0.01 

100,000 Barclays Bank 10.07.14/5.200% 104,312 0.00 

1,382,000 Barclays Bank 23.02.15/2.750% 1,418,229 0.06 














800,000 HSBC Bank 144A 07.07.14/1.625% 809,180 0.04 

139,000 HSBC Holdings 05.04.21/5.100% 152,472 0.01 

1,000,000 HSBC Holdings 14.01.22/4.875% 1,080,385 0.05 

986,000 HSBC Holdings 30.03.22/4.000% 1,004,985 0.05 

550,000 HSBC Holdings 14.01.42/6.100% 635,366 0.03 




1,000,000 Vodafone Group 20.03.17/1.625% 980,100 0.04 


12,213,359 0.55 

FRANCE 

254,000 Orange 14.09.16/2.750% 261,521 0.01 

1,010,000 Orange 01.03.31/8.500% 1,372,706 0.06 

550,000 Total Capital 15.03.16/2.300% 567,331 0.03 





3,304,192 0.15 

168




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


NETHERLANDS 

150,000 Diageo Finance 28.10.15/5.300% 165,152 0.01 









3,297,215 0.15 

ISRAEL 



2,690,242 0.12 



International 12 II 144A 08.11.22/3.250% 334,523 0.02 






400,000 Transocean 15.11.20/6.500% 448,706 0.02 

124,000 Transocean 15.12.21/6.375% 138,196 0.01 

263,000 Transocean 15.10.22/3.800% 247,421 0.01 

125,000 Transocean 15.04.31/7.500% 140,438 0.01 

95,000 Transocean 15.12.41/7.350% 109,168 0.00 

2,586,534 0.12 


577,000 Corporacion Andina de Fomento 15.01.16/3.750% 612,162 0.03 

1,700,000 International Bank for 

Reconstruction & Development 15.02.16/0.000% 1,644,725 0.07 

2,256,887 0.10 

AUSTRALIA 







762,000 Westpac Banking 19.11.19/4.875% 855,033 0.04 

2,181,146 0.10 

MEXICO 

274,000 America Movil 08.09.16/2.375% 278,277 0.01 

307,000 America Movil 16.07.22/3.125% 283,541 0.01 

300,000 America Movil 30.03.40/6.125% 324,579 0.02 




2,167,425 0.10 

JAPAN 

160,000 Nippon Telegraph & Telephone 18.07.17/1.400% 157,382 0.01 




1,104,517 0.05 

GERMANY 


Finance 22.07.13/5.250% 45,110 0.00 


Finance 08.07.19/6.000% 353,981 0.02 


Finance 15.06.30/8.750% 644,560 0.03 

1,043,651 0.05 

BERMUDA 







963,720 0.04 

NORWAY 

183,000 Statoil 17.08.17/3.125% 193,238 0.01 

300,000 Statoil 15.04.19/5.250% 345,096 0.01 

183,000 Statoil 23.01.22/3.150% 180,573 0.01 

160,000 Statoil 23.11.41/4.250% 149,980 0.01 

868,887 0.04 

SPAIN 





586,801 0.03 

SWEDEN 

442,000 Stadshypotek 144A 02.10.19/1.875% 422,802 0.02 

422,802 0.02 

LUXEMBOURG 




374,642 0.02 

Total Bonds 358,530,252 16.22 



358,530,252 16.22 


Bonds 


632,899 A10 Securitization 2012-1 A 15.04.24/3.492% 640,226 0.03 

604,886 Aames Mortgage Investment 

Trust 2005-3 M1 25.08.35/0.723%* 497,365 0.02 

714,000 AbbVie 144A 06.11.17/1.750% 698,221 0.03 

435,000 AbbVie 144A 06.11.22/2.900% 405,788 0.02 

507,000 ADT 15.07.22/3.500% 465,360 0.02 

192,000 ADT 15.06.23/4.125% 181,306 0.01 

258,000 ADT 15.07.42/4.875% 216,585 0.01 

625,000 Aflac 15.06.23/3.625% 606,075 0.03 

167,000 AGL Capital 01.06.43/4.400% 153,674 0.01 

650,000 AIG SunAmerica Global 

Financing X 144A 15.03.32/6.900% 792,597 0.04 

325,000 Allstate 15.06.23/3.150% 314,808 0.01 


2010-3 A3 15.10.14/1.110% 4,708 0.00 


2010-4 A3 17.11.14/0.910% 21,824 0.00 


2011-1 A3 15.01.15/1.380% 63,859 0.00 

1,418,000 Ally Auto Receivables Trust 

2012-1 A3 16.02.16/0.930% 1,421,661 0.06 


2012-2 A3 15.04.16/0.740% 2,263,405 0.10 


2012-3 A2 15.01.15/0.700% 1,240,410 0.06 


2012-3 A3 15.08.16/0.850% 902,534 0.04 


2012-4 A2 15.05.15/0.480% 1,490,616 0.07 


2012-5 A2 15.07.15/0.450% 979,531 0.04 




Receivables Trust 2012-2A 15.07.16/1.890% 832,800 0.04 

1,009,734 American Credit Acceptance 

Receivables Trust 2012-3 A 15.11.16/1.640% 1,009,967 0.05 


605,818 American General Mortgage 

Loan Trust 2009-1 A5 25.09.48/5.750%* 603,994 0.03 

1,471,352 American General Mortgage 

Loan Trust 2009-1 A7 25.09.48/5.750%* 1,517,160 0.07 




715,000 American Municipal Power-Ohio 15.02.50/7.499% 854,783 0.04 







169




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 






















190,000 Amgen 01.02.19/5.700% 217,678 0.01 

81,000 Amgen 15.03.20/4.500% 88,212 0.00 

500,000 Amgen 15.11.21/3.875% 515,253 0.02 

228,000 Amgen 01.02.39/6.400% 262,689 0.01 

237,000 Amgen 15.03.40/5.750% 253,220 0.01 

300,000 Amgen 01.10.41/4.950% 292,008 0.01 

800,000 Amgen 15.11.41/5.150% 796,164 0.04 

126,000 Amgen 15.06.42/5.650% 134,460 0.01 

250,000 Anadarko Holding 15.05.28/7.150% 286,914 0.01 

1,307,000 Apple 03.05.23/2.400% 1,207,008 0.05 

284,033 Ascentium Equipment 

Receivables 2012-1A A 15.09.19/1.830% 284,091 0.01 


2009-2 A55 24.05.36/4.909%* 207,401 0.01 

1,638,111 ASG Resecuritization Trust 

2009-3 A65 26.03.37/2.291%* 1,648,647 0.07 


2009-4 A60 28.06.37/6.000% 785,035 0.04 

788,772 Asset Backed Funding 

Certificates 2005-AQ1 A4 25.06.35/5.010%* 800,043 0.04 

690,000 Atmos Energy 15.01.43/4.150% 630,622 0.03 



1,205,882 Banc of America Alternative 

Loan Trust 2003-7 1CB1 25.09.33/5.500% 1,232,832 0.06 


Loan Trust 2003-7 2A4 25.09.18/5.000% 244,408 0.01 


Loan Trust 2004-1 1A1 25.02.34/6.000% 275,720 0.01 


Mortgage 2006-1 A4 10.09.45/5.372%* 326,796 0.01 

1,955,000 Banc of America Commercial 

Mortgage 2006-3 A4 10.07.44/5.889%* 2,174,035 0.10 


Mortgage 2006-4 A4 10.07.46/5.634% 659,978 0.03 


Mortgage 2006-5 A4 10.09.47/5.414% 905,255 0.04 


2004-2 1CB1 20.09.34/5.750% 231,535 0.01 


2004-2 30PO 20.09.34/0.000% 62,627 0.00 


2004-C 1A1 20.12.34/5.061%* 196,787 0.01 


2005-6 2A7 25.10.35/5.500% 510,923 0.02 


2005-7 30PO 25.11.35/0.000% 80,866 0.00 

1,394,107 Banc of America Funding 

2005-E 4A1 20.03.35/2.687%* 1,391,658 0.06 


Commercial Mortgage 

2005-3 A4 10.07.43/4.668% 212,062 0.01 



AM 10.07.43/4.727% 522,791 0.02 



ASB 10.09.47/5.358%* 182,483 0.01 


Securities 2003-3 1A7 25.05.33/5.500% 686,699 0.03 


Securities 2003-6 2A1 25.08.18/0.643%* 84,514 0.00 


Securities 2003-8 APO 25.11.33/0.000% 16,379 0.00 


Securities 2004-3 1A26 25.04.34/5.500% 760,918 0.03 


Securities 2004-3 3A1 25.04.19/5.000% 731,223 0.03 


Securities 2004-5 2A2 25.06.34/5.500% 498,489 0.02 


Securities 2004-5 4A1 25.06.19/4.750% 83,228 0.00 

1,756,923 Banc of America Mortgage 

Securities 2004-6 1A3 25.05.34/5.500% 1,838,770 0.08 


Securities 2004-7 15IO 25.08.19/4.732%* 23,979 0.00 


Securities 2004-9 3A1 25.09.32/6.500% 106,087 0.00 


Securities 2004-9 XPO 25.11.34/0.000% 45,471 0.00 


Securities 2004-J 3A1 25.11.34/3.231%* 188,326 0.01 


2010-2 A4 15.06.17/1.940% 471,052 0.02 


2012-1 A3 15.06.16/0.780% 590,846 0.03 



339,565 BCAP Trust 2011-RR2 3A3 21.11.35/2.925%* 341,055 0.02 


Mortgage Trust 2003-4 3A1 25.07.33/2.564%* 342,422 0.02 









378,323 Bear Stearns Alt-A Trust 

2005-2 1A1 25.03.35/0.693%* 366,805 0.02 

81,403 Bear Stearns Asset Backed 

Securities Trust 2006-SD1 A 25.04.36/0.563%* 75,730 0.00 



2004-PWR4 A3 11.06.41/5.468%* 678,713 0.03 


Mortgage Securities 2005-PWR8 

X1 11.06.41/0.272%* 212,241 0.01 


Mortgage Securities 2005-PWR9 

AAB 11.09.42/4.804% 51,607 0.00 



2006-PW11 A4 11.03.39/5.611%* 393,297 0.02 


Mortgage Securities 2007-T26 

X1 12.01.45/0.088%* 313,037 0.01 


800,000 Blackstone Holdings 

Finance 144A 15.03.21/5.875% 905,542 0.04 

933,000 BMW Vehicle Lease Trust 

2012-1 A3 20.02.15/0.750% 934,904 0.04 

149,000 Boston Gas 144A 15.02.42/4.487% 142,644 0.01 






2,040,000 Capital One Bank USA 15.02.23/3.375% 1,913,663 0.09 

165,000 Capital One Financial 144A 15.06.23/3.500% 155,339 0.01 

600,000 Cargill 144A 06.03.19/7.350% 743,826 0.03 


2011-1 A3 15.09.15/1.290% 247,662 0.01 


2011-1 A4 15.09.16/2.160% 585,561 0.03 


2012-3 A2 15.09.15/0.430% 616,802 0.03 

31,066 CarNow Auto Receivables Trust 

2012-1A A 15.01.15/2.090% 31,100 0.00 


58,000 CBS 15.04.20/5.750% 65,545 0.00 

100,000 CBS Corp 01.09.23/7.875% 123,980 0.01 

784,000 Celgene 15.08.22/3.250% 742,350 0.03 



402,846 Centex Home Equity 2004-D 

AF4 25.06.32/4.680%* 419,958 0.02 

100,000 Charles Schwab 01.09.22/3.225% 97,043 0.00 

443,800 Chase Funding Mortgage Loan 

Asset-Backed Certificates 

2003-4 1A5 25.05.33/5.416%* 467,321 0.02 



2003-6 1A6 25.11.34/4.585% 31,585 0.00 



2003-6 1A7 25.11.34/4.277%* 362,049 0.02 


2004-S3 2A5 25.03.34/5.500% 573,648 0.03 

170




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


2,311,749 Chase Mortgage Finance 

2007-A1 1A3 25.02.37/2.914%* 2,289,918 0.10 


2007-A1 2A1 25.02.37/2.744%* 240,930 0.01 


2007-A1 7A1 25.02.37/2.766%* 185,732 0.01 


2007-A1 9A1 25.02.37/2.858%* 158,168 0.01 


2007-A2 2A1 25.07.37/3.028%* 722,530 0.03 

294,000 Chevron 24.06.20/2.427% 292,307 0.01 

80,000 Cisco Systems 22.02.16/5.500% 89,198 0.00 

140,000 Cisco Systems 15.01.20/4.450% 154,865 0.01 

400,000 Cisco Systems 15.02.39/5.900% 469,956 0.02 

100,000 Cisco Systems 15.01.40/5.500% 112,731 0.01 

1,378,490 Citicorp Mortgage Securities 

2004-3 A5 25.05.34/5.250% 1,439,815 0.07 


2004-4 A4 25.06.34/5.500% 633,495 0.03 


2004-5 2A5 25.08.34/4.500% 190,605 0.01 


2005-3 2A2 25.04.20/5.000% 196,879 0.01 


2006-4 1A2 25.08.36/6.000% 560,788 0.03 


Trust 2005-C3 AM 15.05.43/4.830%* 627,205 0.03 


Trust 2006-C5 A4 15.10.49/5.431% 555,459 0.03 


2003-1 2A5 25.10.33/5.250% 155,811 0.01 


2003-1 3A4 25.09.33/5.250% 333,273 0.02 


2003-UP3 A3 25.09.33/7.000% 6,672 0.00 


2004-UST1 A3 25.08.34/2.452%* 136,935 0.01 


2005-2 2A11 25.05.35/5.500% 316,098 0.01 


2008-AR4 1A1A 25.11.38/2.934%* 566,012 0.03 

700,000 Citigroup/Deutsche Bank 

Commercial Mortgage Trust 

2005-CD1 AJ 15.07.44/5.392%* 734,177 0.03 

47,899,683 Citigroup/Deutsche Bank 


2007-CD4 XC 11.12.49/0.219%* 369,977 0.02 

285,000 City of Los Angeles Department 

of Airports 15.05.39/6.582% 339,327 0.02 

280,000 CME Group 01.08.13/5.400% 281,115 0.01 

220,000 CME Group 15.02.14/5.750% 226,866 0.01 

1,100,000 CME Group 15.09.22/3.000% 1,030,343 0.05 

138,990 CNH Equipment Trust 2010-C A3 15.05.15/1.170% 139,118 0.01 






Mortgage Trust 2006-C1 IO 15.08.48/0.953%* 362,673 0.02 


Mortgage Trust2006-C1 AM 15.08.48/5.254% 1,575,295 0.07 

275,000 Comcast 15.03.16/5.900% 309,656 0.01 

250,000 Comcast 15.01.17/6.500% 290,319 0.01 

693,000 Comcast 15.01.33/4.250% 658,357 0.03 

850,000 Comcast 15.11.35/6.500% 1,018,882 0.05 

480,000 Comcast 15.03.37/6.450% 569,542 0.03 

13,533 Commercial Mortgage Pass 

Through Certificates 2004-LB4A 

A4 15.10.37/4.584% 13,567 0.00 


Through Certificates 

2005-LP5 A4 10.05.43/4.982%* 688,442 0.03 


Through Certificates 2006-C2 A3 15.03.39/5.859%* 766,339 0.03 

2,636,345 Commercial Mortgage Pass 

Through Certificates 2012-CR XA 15.08.45/2.120%* 310,146 0.01 

173,000 Consolidated Edison Co. of New 

York 15.06.40/5.700% 198,750 0.01 

263,174 Continental Airlines 2007-1 

Class A Pass Through Trust 

2007-1 19.04.22/5.983% 292,123 0.01 


A Pass Thru Certificates 29.10.24/4.000% 209,218 0.01 

236,639 Countrywide Alternative Loan 

Trust 2004-18CB 2A4 25.09.34/5.700% 241,277 0.01 


Trust 2004-28CB 3A1 25.01.35/6.000% 81,315 0.00 

1,201,608 Countrywide Alternative Loan 

Trust 2004-2CB 1A9 25.03.34/5.750% 1,188,686 0.05 

2,067,601 Countrywide Alternative Loan 

Trust 2005-20CB 3A8 25.07.35/4.557%* 295,720 0.01 


Trust 2005-28CB 1A4 25.08.35/5.500% 470,540 0.02 


Trust 2005-54CB 1A11 25.11.35/5.500% 750,100 0.03 


Trust 2005-5R A1 25.12.18/5.250% 25,168 0.00 


Trust 2005-J1 1A4 25.02.35/4.907%* 51,067 0.00 

56,748 Countrywide Home Loan 

Mortgage Pass Through Trust 

2003-26 1A6 25.08.33/3.500% 56,781 0.00 



2003-J7 4A3 25.08.18/9.523%* 10,799 0.00 



2004-3 A26 25.04.34/5.500% 984,375 0.04 



2004-3 A4 25.04.34/5.750% 495,658 0.02 



2004-5 1A4 25.06.34/5.500% 699,180 0.03 



2004-7 2A1 25.06.34/2.708%* 107,329 0.00 



2004-8 2A1 25.06.19/4.500% 508,544 0.02 



2004-J6 2A1 25.07.14/4.750% 24,592 0.00 



2004-J8 1A2 25.11.19/4.750% 99,734 0.00 



2005-22 2A1 25.11.35/2.997%* 517,619 0.02 




Mortgage Securities 2003-1 DB1 25.02.33/6.564% 94,376 0.00 



1A4 25.09.33/5.250% 514,785 0.02 





2A5 25.10.18/5.000% 310,847 0.01 



5A4 25.11.33/5.250% 322,078 0.01 







2A4 25.09.34/5.500% 671,132 0.03 










Certificates 2010-16 A3 25.06.50/4.021%* 291,332 0.01 

57,289 Credit-Based Asset Servicing 

and Securitization 2006-CB1 

AF2 25.01.36/3.875%* 36,099 0.00 

110,000 CRH America 30.09.16/6.000% 123,603 0.01 

80,668 CSFB Mortgage Securities 

2003-C5 A4 15.12.36/4.900%* 80,999 0.00 

1,170,000 CW Capital Cobalt 2006-C1 A4 15.08.48/5.223% 1,271,588 0.06 


1,010,000 Daimler Finance North 

America 144A 10.04.15/1.650% 1,019,027 0.05 

850,000 Daimler Finance North 

America 144A 11.01.17/2.950% 874,446 0.04 

327,000 Daimler Finance North America 

144A 11.01.18/1.875% 319,963 0.01 

218,000 Danaher 23.06.21/3.900% 230,690 0.01 

377,230 Deutsche Mortgage Securities 

2004-1 3A6 25.12.33/4.740%* 387,056 0.02 

500,000 Diageo Investment 15.09.22/8.000% 666,990 0.03 




1,300,000 DirecTV Holdings 01.03.41/6.375% 1,345,208 0.06 

171




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


894,000 Discover Card Master Trust 

2012-A1 A1 15.08.17/0.810% 895,920 0.04 



322,606 DT Auto Owner Trust 2012-2A A 16.11.15/0.910% 322,794 0.01 


460,000 Duke Energy Indiana 15.07.20/3.750% 481,928 0.02 

141,000 Eaton 144A 02.11.17/1.500% 137,626 0.01 

146,000 Eaton 144A 02.11.32/4.000% 136,074 0.01 

475,000 eBay 15.10.20/3.250% 487,217 0.02 

335,000 Ecolab 08.12.17/1.450% 325,169 0.01 



233,000 EOG Resources 15.03.23/2.625% 216,500 0.01 






3,250,000 Fannie Mae 05.07.14/0.000% 3,232,405 0.15 

1,000,000 Fannie Mae 01.06.17/0.000% 947,340 0.04 


2000-T6 A1 25.06.30/7.500% 502,837 0.02 


2001-T10 A2 25.12.41/7.500% 1,042,053 0.05 


2001-T7 A1 25.02.41/7.500% 389,765 0.02 


2002-T16 A2 25.07.42/7.000% 49,750 0.00 


2004-T2 1A4 25.11.43/7.500% 792,261 0.04 


2004-T3 PT1 25.01.44/8.724%* 556,820 0.03 


























































































92 Fannie Mae Pool No: 535574 01.11.13/7.500% 93 0.00 



















































172




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




























































918,377 Fannie Mae Pool No: AC2948 01.09.39/5.000% 1,006,606 0.05 

612,344 Fannie Mae Pool No: AC3407 01.10.39/5.500% 665,463 0.03 




962,160 Fannie Mae Pool No: AD0660 01.12.19/4.530% 1,092,810 0.05 


1,959,216 Fannie Mae Pool No: AD7790 01.08.40/5.000% 2,124,106 0.10 


1,590,639 Fannie Mae Pool No: AD9151 01.08.40/5.000% 1,743,348 0.08 

928,196 Fannie Mae Pool No: AE0081 01.07.24/6.000% 1,027,427 0.05 





974,383 Fannie Mae Pool No: AL2606 01.03.42/4.000% 990,966 0.04 


983,217 Fannie Mae Pool No: AM0097 01.08.22/0.748%* 984,709 0.04 




























936,856 Fannie Mae Pool No: AO9352 01.07.42/4.000% 965,068 0.04 

3,909,710 Fannie Mae Pool No: AQ9999 01.02.43/3.000% 3,741,647 0.17 

963,817 Fannie Mae Pool No: FN0005 01.11.20/3.375% 1,006,782 0.05 

997,909 Fannie Mae Pool No: MA0406 01.05.30/4.500% 1,057,363 0.05 




200,000 Fannie Mae Principal Strip 15.05.30/0.000% 102,454 0.00 




ZB 25.07.23/6.792%* 382,402 0.02 



PL 25.10.23/6.500% 273,681 0.01 

29,015 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 32,990 0.00 


326,488 Fannie Mae REMICS 1994-63 PK 25.04.24/7.000% 370,886 0.02 









7,186 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 8,320 0.00 


270,561 Fannie Mae REMICS 2001-79 BA 25.03.45/7.000% 327,910 0.01 

1,242,182 Fannie Mae REMICS 2001-81 HE 25.01.32/6.500% 1,388,377 0.06 

48,645 Fannie Mae REMICS 2002-2 MG 25.02.17/6.000% 51,672 0.00 

59,097 Fannie Mae REMICS 2002-3 OG 25.02.17/6.000% 62,455 0.00 


71,094 Fannie Mae REMICS 2002-47 PE 25.08.17/5.500% 75,021 0.00 

140,936 Fannie Mae REMICS 2002-5 SE 25.02.32/15.221%* 183,211 0.01 



1,016 Fannie Mae REMICS 2002-81 JO 25.04.32/0.000% 1,016 0.00 

227,977 Fannie Mae REMICS 2002-94 BK 25.01.18/5.500% 242,083 0.01 

2,561,236 Fannie Mae REMICS 2003-105 

AZ 25.10.33/5.500% 2,839,371 0.13 


WE 25.11.22/4.500% 607,628 0.03 


SB 25.11.33/7.407%* 22,576 0.00 

268,249 Fannie Mae REMICS 2003-117 JB 25.06.33/3.500% 281,235 0.01 


FH 25.12.33/0.693%* 694,732 0.03 


NG 25.01.19/4.000% 322,876 0.01 


CS 25.12.33/13.714%* 798,321 0.04 




455,861 Fannie Mae REMICS 2003-33 IA 25.05.33/6.500% 68,275 0.00 

1,674,896 Fannie Mae REMICS 2003-35 BC 25.05.18/5.000% 1,784,649 0.08 


200,000 Fannie Mae REMICS 2003-39 LW 25.05.23/5.500% 223,081 0.01 


43,942 Fannie Mae REMICS 2003-52 SX 25.10.31/22.371%* 68,363 0.00 


64,461 Fannie Mae REMICS 2003-80 SY 25.06.23/7.457%* 6,543 0.00 

1,070,132 Fannie Mae REMICS 2003-81 LC 25.09.18/4.500% 1,140,578 0.05 

101,200 Fannie Mae REMICS 2003-83 PG 25.06.23/5.000% 108,427 0.00 

30,001 Fannie Mae REMICS 2004-10 SC 25.02.34/27.828%* 42,456 0.00 


422,631 Fannie Mae REMICS 2004-46 EP 25.03.34/0.000% 414,860 0.02 


2,457,966 Fannie Mae REMICS 2004-50 VZ 25.07.34/5.500% 2,729,171 0.12 

173




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 




137,085 Fannie Mae REMICS 2004-74 SW 25.11.31/15.115%* 193,919 0.01 

209,481 Fannie Mae REMICS 2004-76 CL 25.10.19/4.000% 220,651 0.01 


547,707 Fannie Mae REMICS 2004-92 BX 25.09.34/5.500% 596,639 0.03 

20,183 Fannie Mae REMICS 2005-109 PB 25.01.34/6.000% 20,208 0.00 

1,000,000 Fannie Mae REMICS 2005-109 PC 25.12.35/6.000% 1,124,971 0.05 

500,000 Fannie Mae REMICS 2005-110 MN 25.06.35/5.500% 544,437 0.02 

195,939 Fannie Mae REMICS 2005-118 PN 25.01.32/6.000% 197,059 0.01 


705,000 Fannie Mae REMICS 2005-3 CE 25.08.34/5.500% 763,049 0.03 


351,585 Fannie Mae REMICS 2005-56 S 25.07.35/6.517%* 54,497 0.00 

257,966 Fannie Mae REMICS 2005-56 TP 25.08.33/17.571%* 333,614 0.02 


417,650 Fannie Mae REMICS 2005-57 EG 25.03.35/0.493%* 418,436 0.02 

617,658 Fannie Mae REMICS 2005-67 EY 25.08.25/5.500% 685,526 0.03 



619,024 Fannie Mae REMICS 2005-75 SV 25.09.35/23.428%* 881,256 0.04 

384,256 Fannie Mae REMICS 2005-76 PZ 25.09.35/5.500% 443,261 0.02 


1,360,000 Fannie Mae REMICS 2005-84 XH 25.10.35/5.750% 1,521,654 0.07 

310,096 Fannie Mae REMICS 2005-84 XM 25.10.35/5.750% 346,032 0.02 

270,152 Fannie Mae REMICS 2005-90 ES 25.10.35/16.393%* 360,788 0.02 




40,520 Fannie Mae REMICS 2006-111 EO 25.11.36/0.000% 37,326 0.00 


598,821 Fannie Mae REMICS 2006-124 HB 25.11.36/5.974%* 639,598 0.03 

399,042 Fannie Mae REMICS 2006-15 OP 25.03.36/0.000% 369,751 0.02 



341,028 Fannie Mae REMICS 2006-27 OH 25.04.36/0.000% 329,262 0.01 

212,689 Fannie Mae REMICS 2006-33 LS 25.05.36/29.282%* 372,214 0.02 


88,969 Fannie Mae REMICS 2006-44 GO 25.06.36/0.000% 81,600 0.00 


645,899 Fannie Mae REMICS 2006-53 US 25.06.36/6.387%* 90,994 0.00 

1,000,000 Fannie Mae REMICS 2006-53 WE 25.06.36/6.000% 1,157,362 0.05 


147,941 Fannie Mae REMICS 2006-58 AP 25.07.36/0.000% 140,075 0.01 






147,276 Fannie Mae REMICS 2006-72 TO 25.08.36/0.000% 138,499 0.01 


181,700 Fannie Mae REMICS 2006-79 DF 25.08.36/0.543%* 182,530 0.01 


3,461,579 Fannie Mae REMICS 2006-8 WN 25.03.36/6.507%* 672,389 0.03 

944,067 Fannie Mae REMICS 2006-8 WQ 25.03.36/0.000% 863,612 0.04 

739,728 Fannie Mae REMICS 2006-85 MZ 25.09.36/6.500% 838,095 0.04 

979,820 Fannie Mae REMICS 2006-94 GI 25.10.26/6.457%* 149,391 0.01 


88,195 Fannie Mae REMICS 2007-1 SD 25.02.37/37.842%* 114,471 0.01 

656,587 Fannie Mae REMICS 2007-106 A7 25.10.37/5.992%* 735,066 0.03 

867,137 Fannie Mae REMICS 2007-108 AN 25.11.37/8.396%* 1,031,582 0.05 


2,847,459 Fannie Mae REMICS 2007-109 PI 25.12.37/6.157%* 406,327 0.02 

1,600,000 Fannie Mae REMICS 2007-114 A6 27.10.37/0.393%* 1,600,678 0.07 


46,846 Fannie Mae REMICS 2007-15 NO 25.03.22/0.000% 46,054 0.00 


517,524 Fannie Mae REMICS 2007-2 HF 25.08.36/0.543%* 518,512 0.02 




1,401,685 Fannie Mae REMICS 2007-46 VK 25.03.22/5.500% 1,422,126 0.06 



289,582 Fannie Mae REMICS 2007-54 FA 25.06.37/0.593%* 292,077 0.01 

1,289,554 Fannie Mae REMICS 2007-54 PF 25.06.37/0.413%* 1,292,858 0.06 

1,614,165 Fannie Mae REMICS 2007-60 AX 25.07.37/6.957%* 355,628 0.02 

1,136,379 Fannie Mae REMICS 2007-65 KI 25.07.37/6.427%* 148,487 0.01 


966,885 Fannie Mae REMICS 2007-71 GB 25.07.37/6.000% 1,074,928 0.05 

2,666,090 Fannie Mae REMICS 2007-72 EK 25.07.37/6.207%* 437,391 0.02 

860,888 Fannie Mae REMICS 2007-76 AZ 25.08.37/5.500% 940,702 0.04 

1,424,920 Fannie Mae REMICS 2007-76 ZG 25.08.37/6.000% 1,615,449 0.07 

1,511,157 Fannie Mae REMICS 2007-84 PG 25.12.36/6.000% 1,615,338 0.07 

154,051 Fannie Mae REMICS 2007-85 SL 25.09.37/15.668%* 195,776 0.01 

960,341 Fannie Mae REMICS 2007-88 VI 25.09.37/6.347%* 152,017 0.01 

1,685,301 Fannie Mae REMICS 2007-92 YS 25.06.37/5.587%* 225,380 0.01 

906,645 Fannie Mae REMICS 2008-1 BI 25.02.38/5.717%* 116,100 0.01 

237,136 Fannie Mae REMICS 2008-10 XI 25.03.38/6.037%* 33,498 0.00 

407,530 Fannie Mae REMICS 2008-16 IS 25.03.38/6.007%* 49,191 0.00 

100,873 Fannie Mae REMICS 2008-18 SP 25.03.38/13.614%* 123,991 0.01 

338,336 Fannie Mae REMICS 2008-19 IC 25.03.23/5.000% 23,876 0.00 

500,000 Fannie Mae REMICS 2008-24 DY 25.04.23/5.000% 545,640 0.02 




136,858 Fannie Mae REMICS 2008-47 SI 25.06.23/6.307%* 16,692 0.00 

969,179 Fannie Mae REMICS 2008-53 CA 25.07.23/5.000% 1,049,234 0.05 

384,187 Fannie Mae REMICS 2008-53 CI 25.07.38/7.007%* 59,892 0.00 

964,518 Fannie Mae REMICS 2008-56 AC 25.07.38/5.000% 1,053,102 0.05 

1,015,493 Fannie Mae REMICS 2008-76 GF 25.09.23/0.843%* 1,028,412 0.05 



441,235 Fannie Mae REMICS 2009-103 MB 25.12.39/2.912%* 471,849 0.02 

1,115,020 Fannie Mae REMICS 2009-11 NB 25.03.29/5.000% 1,237,844 0.06 

1,004,305 Fannie Mae REMICS 2009-112 ST 25.01.40/6.057%* 117,371 0.01 


2,411,765 Fannie Mae REMICS 2009-12 NU 25.12.23/5.500% 2,674,998 0.12 

1,044,970 Fannie Mae REMICS 2009-17 QS 25.03.39/6.457%* 115,222 0.01 

255,923 Fannie Mae REMICS 2009-18 IO 25.03.24/5.000% 21,332 0.00 

336,675 Fannie Mae REMICS 2009-52 PI 25.07.39/5.000% 39,366 0.00 

1,000,000 Fannie Mae REMICS 2009-59 HB 25.08.39/5.000% 1,097,655 0.05 

539,967 Fannie Mae REMICS 2009-6 GS 25.02.39/6.357%* 69,635 0.00 

1,104,483 Fannie Mae REMICS 2009-60 HT 25.08.39/6.000% 1,268,921 0.06 


2,904,787 Fannie Mae REMICS 2009-69 GL 25.09.39/5.000% 3,139,561 0.14 


182,434 Fannie Mae REMICS 2009-79 UA 25.03.38/7.000% 210,341 0.01 

557,644 Fannie Mae REMICS 2009-84 WS 25.10.39/5.707%* 75,373 0.00 

590,416 Fannie Mae REMICS 2009-86 IP 25.10.39/5.500% 82,522 0.00 

987,510 Fannie Mae REMICS 2009-86 OT 25.10.37/0.000% 898,423 0.04 

1,036,575 Fannie Mae REMICS 2009-86 UI 25.10.14/4.000% 40,290 0.00 


5,850,790 Fannie Mae REMICS 2010-111 AE 25.04.38/5.500% 6,399,453 0.29 


AM 25.10.40/5.500% 2,290,867 0.10 


2,830,241 Fannie Mae REMICS 2010-133 A 25.05.38/5.500% 3,050,057 0.14 

1,077,734 Fannie Mae REMICS 2010-23 KS 25.02.40/6.907%* 164,912 0.01 



1,737,186 Fannie Mae REMICS 2010-40 FJ 25.04.40/0.793%* 1,756,441 0.08 




800,224 Fannie Mae REMICS 2010-64 EH 25.10.35/5.000% 834,397 0.04 


1,167,190 Fannie Mae REMICS 2010-71 HJ 25.07.40/5.500% 1,323,733 0.06 

4,196,638 Fannie Mae REMICS 2011-118 LB 25.11.41/7.000% 4,861,898 0.22 

4,269,008 Fannie Mae REMICS 2011-118 MT 25.11.41/7.000% 5,163,638 0.23 

5,611,677 Fannie Mae REMICS 2011-118 NT 25.11.41/7.000% 6,526,532 0.30 

1,294,113 Fannie Mae REMICS 2011-149 EF 25.07.41/0.693%* 1,307,040 0.06 

1,364,477 Fannie Mae REMICS 2011-149 MF 25.11.41/0.693%* 1,378,759 0.06 

2,127,551 Fannie Mae REMICS 2011-30 LS 25.04.41/2.975%* 167,507 0.01 


1,094,768 Fannie Mae REMICS 2011-43 WA 25.05.51/5.876%* 1,214,972 0.05 


1,459,406 Fannie Mae REMICS 2012-108 F 25.10.42/0.693%* 1,475,175 0.07 


3,887,067 Fannie Mae REMICS 2012-137 CF 25.08.41/0.493%* 3,909,313 0.18 



2,827,446 Fannie Mae REMICS 2012-58 FA 25.03.39/0.693%* 2,864,655 0.13 



1,934,709 Fannie Mae REMICS 2012-97 FB 25.09.42/0.693%* 1,960,450 0.09 



18,728 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 21,437 0.00 

62,975 Fannie Mae REMICS G93-17 SH 25.04.23/29.467%* 106,665 0.00 


2001-W4 AF6 25.01.32/5.610%* 225,274 0.01 


2002-W10 IO 25.08.42/0.952%* 23,535 0.00 


2002-W6 2A1 25.06.42/6.547%* 203,073 0.01 


2003-W4 2A 25.10.42/6.449%* 18,495 0.00 


2003-W6 4T 25.09.42/0.550%* 93,947 0.00 


2003-W8 3F1 25.05.42/0.593%* 175,556 0.01 

174




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



2004-W1 2A2 25.12.33/7.000% 162,868 0.01 


2004-W11 1A1 25.05.44/6.000% 1,041,464 0.05 


2004-W2 2A2 25.02.44/7.000% 68,728 0.00 


2005-W1 1A2 25.10.44/6.500% 1,151,198 0.05 


2005-W3 2AF 25.03.45/0.413%* 2,238,636 0.10 


2006-W3 2A 25.09.46/6.000% 665,482 0.03 


2007-W1 1AF1 25.11.46/0.453%* 1,502,629 0.07 


2007-W7 1A4 25.07.37/38.022%* 154,081 0.01 


2009-W1 A 25.12.49/6.000% 2,135,790 0.10 


4,000,000 Fannie Mae-Aces 2010-M3 A3 25.03.20/4.332%* 4,349,718 0.20 



630,887 Fannie Mae-Aces 2011-M8 A2 25.08.21/2.922% 627,911 0.03 

3,023,307 Fannie Mae-Aces 2012-M11 FA 25.08.19/0.723%* 3,042,897 0.14 

1,010,101 Fannie Mae-Aces 2012-M8 ASQ2 25.12.19/1.520% 1,000,027 0.05 

980,000 Fannie Mae-Aces 2012-M8 ASQ3 25.12.19/1.801% 956,923 0.04 


1,564,792 FDIC Guaranteed Notes Trust 

2010-C1 A 06.12.20/2.980% 1,618,768 0.07 

720,000 Federal Farm Credit Banks 15.11.18/5.125% 836,590 0.04 


Securities T-41 3A 25.07.32/6.705%* 33,205 0.00 


Securities T-42 A5 25.02.42/7.500% 673,983 0.03 


Securities T-54 2A 25.02.43/6.500% 44,405 0.00 


Securities T-54 3A 25.02.43/7.000% 60,488 0.00 


Securities T-56 A5 25.05.43/5.231% 1,675,936 0.08 


Securities T-76 2A 25.10.37/3.416%* 1,125,654 0.05 

106,364 FHLMC-GNMA 24 J 25.11.23/6.250% 110,485 0.00 

458,718 FHLMC-GNMA 29 L 25.04.24/7.500% 526,213 0.02 

100,000 Fifth Third Bancorp 15.01.17/5.450% 109,417 0.00 


47,541 First Horizon Asset Securities 

2003-7 2A1 25.09.18/4.500% 48,936 0.00 


2004-AR7 2A2 25.02.35/2.545%* 487,556 0.02 


2005-AR1 2A2 25.04.35/2.657%* 149,027 0.01 

1,764,316 Fontainebleau Miami Beach 

Trust 2012-FBLU A 05.05.27/2.887% 1,785,455 0.08 

1,921,460 Ford Credit Auto Owner Trust 

2012-A A3 15.08.16/0.840% 1,924,918 0.09 

800,000 Ford Credit Auto Owner Trust 

2012-B A3 15.12.16/0.720% 800,989 0.04 


2012-D A2 15.09.15/0.400% 592,837 0.03 


2012-D A3 15.04.17/0.510% 571,639 0.03 

417,000 Ford Motor Credit 09.05.16/1.525%* 420,210 0.02 


A61376 01.07.32/6.500% 346,073 0.02 


A88871 01.01.31/7.000% 490,443 0.02 


A93383 01.08.40/5.000% 1,620,346 0.07 


A93511 01.08.40/5.000% 3,335,219 0.15 


B10492 01.11.18/4.000% 33,043 0.00 


B11402 01.12.18/3.500% 322,114 0.01 


B90491 01.01.32/7.500% 419,660 0.02 


C75791 01.01.33/5.500% 495,505 0.02 


C90600 01.12.22/6.000% 21,577 0.00 


C90985 01.08.26/6.500% 143,346 0.01 


C91403 01.03.32/3.500% 837,675 0.04 


C91417 01.01.32/3.500% 3,140,964 0.14 


E01403 01.04.18/6.000% 14,440 0.00 


E01418 01.07.18/4.000% 208,816 0.01 

175 


E01647 01.05.19/4.000% 145,743 0.01 


G01448 01.08.32/7.000% 24,055 0.00 


G02186 01.05.36/5.000% 559,937 0.03 


G02436 01.09.36/6.500% 564,394 0.03 


G04077 01.03.38/6.500% 472,306 0.02 


G04952 01.01.38/7.500% 480,341 0.02 


G05671 01.08.38/5.500% 1,284,729 0.06 


G06493 01.05.41/4.500% 7,757,623 0.35 


G11564 01.08.17/6.500% 136,669 0.01 


G12906 01.07.21/6.000% 354,606 0.02 


G13012 01.03.22/6.000% 131,297 0.01 


G13991 01.02.23/5.500% 1,888,508 0.09 


G30234 01.11.22/6.500% 13,841 0.00 


J15254 01.10.17/6.000% 65,234 0.00 


L10151 01.02.33/6.000% 779,110 0.04 


L10221 01.01.34/6.000% 614,246 0.03 


L10224 01.12.34/6.000% 776,234 0.04 


P50201 01.01.34/5.500% 69,466 0.00 


P60089 01.12.14/7.000% 5,503 0.00 


P60090 01.03.16/7.000% 8,411 0.00 


P60151 01.05.19/6.000% 102,855 0.00 


U90673 01.01.43/4.000% 1,558,887 0.07 


U90690 01.06.42/3.500% 4,820,701 0.22 


U90975 01.06.42/4.000% 5,058,196 0.23 


U91305 01.04.43/3.500% 1,997,665 0.09 


U99051 01.06.43/3.500% 6,002,502 0.27 


Z40024 01.04.36/5.500% 330,924 0.01 


1A1082 01.07.36/2.207%* 117,953 0.01 


1A1085 01.08.36/2.219%* 302,888 0.01 


1A1096 01.10.36/2.245%* 258,520 0.01 


1A1097 01.10.36/2.300%* 502,555 0.02 


1B1665 01.04.34/2.559%* 146,016 0.01 


1B3485 01.07.37/2.935%* 257,337 0.01 


1G2557 01.06.36/2.820%* 1,068,496 0.05 


1J1399 01.12.36/3.268%* 133,444 0.01 


1J1418 01.12.36/6.393%* 110,289 0.00 


1J1516 01.02.37/6.365%* 92,312 0.00 


1J1574 01.04.37/2.981%* 102,236 0.00 


1J2945 01.11.37/6.340%* 182,606 0.01 


1K0046 01.10.36/2.590%* 746,783 0.03 


1L1286 01.05.36/2.375%* 419,781 0.02 


1N0189 01.08.36/2.125%* 422,505 0.02 


1N0206 01.08.36/2.247%* 559,974 0.03 


1N0353 01.02.37/2.610%* 599,789 0.03 


1N1463 01.05.37/2.620%* 178,196 0.01 


1Q0007 01.12.35/2.632%* 264,856 0.01




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



1Q0737 01.11.36/6.432%* 222,700 0.01 


1Q0739 01.03.37/2.454%* 1,200,000 0.05 


555325 01.06.17/8.750% 1,600 0.00 


782760 01.11.36/6.096%* 379,090 0.02 


782870 01.09.34/2.513%* 622,768 0.03 


782979 01.01.35/5.018%* 1,316,110 0.06 


782980 01.01.35/2.451%* 529,157 0.02 


847621 01.05.33/2.406%* 272,788 0.01 


848365 01.07.36/5.052%* 1,417,889 0.06 


848431 01.02.36/4.847%* 1,250,303 0.06 


848699 01.07.40/3.990%* 1,201,720 0.05 


972200 01.03.36/2.715%* 126,178 0.01 

12,092 Freddie Mac Reference REMIC 

R004 VG 15.08.21/6.000% 12,090 0.00 


R006 ZA 15.04.36/6.000% 6,756,507 0.31 


R007 ZA 15.05.36/6.000% 2,496,768 0.11 


200,191 Freddie Mac REMICS 1142 IA 15.10.21/7.000% 225,104 0.01 


22,984 Freddie Mac REMICS 1609 LG 15.11.23/16.792%* 26,539 0.00 


3,010 Freddie Mac REMICS 1668 D 15.02.14/6.500% 3,037 0.00 


300,926 Freddie Mac REMICS 1927 ZA 15.01.27/6.500% 337,530 0.02 



45,629 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 51,695 0.00 



899,950 Freddie Mac REMICS 2165 PE 15.06.29/6.000% 1,007,744 0.05 



39,589 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 45,860 0.00 


139,798 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 151,659 0.01 

39,847 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 41,890 0.00 

29,781 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 31,450 0.00 


33,075 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 34,930 0.00 

26,572 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 28,113 0.00 

94,326 Freddie Mac REMICS 2388 EZ 15.06.31/8.500% 111,143 0.01 


41,539 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 45,366 0.00 

49,699 Freddie Mac REMICS 2416 SH 17.02.32/15.615%* 71,912 0.00 





57,241 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 61,110 0.00 


542,252 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 564,096 0.03 


56,963 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 60,885 0.00 

143,645 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 153,881 0.01 

227,316 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 255,036 0.01 

696,466 Freddie Mac REMICS 2549 ZG 15.01.18/5.000% 719,955 0.03 

1,163,274 Freddie Mac REMICS 2568 KG 15.02.23/5.500% 1,275,321 0.06 



526 Freddie Mac REMICS 2597 DS 15.02.33/7.358%* 5 0.00 

74 Freddie Mac REMICS 2610 DS 15.03.33/6.908%* 0 0.00 

1,759,634 Freddie Mac REMICS 2619 AE 15.05.23/5.000% 1,941,915 0.09 




189,489 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 189,805 0.01 



861,510 Freddie Mac REMICS 2677 LE 15.09.18/4.500% 921,646 0.04 


51,933 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 54,943 0.00 

718,551 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 754,509 0.03 

893,786 Freddie Mac REMICS 2707 QE 15.11.18/4.500% 954,267 0.04 

2,000,000 Freddie Mac REMICS 2709 PG 15.11.23/5.000% 2,226,084 0.10 

219,496 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 233,630 0.01 

187,905 Freddie Mac REMICS 2725 SC 15.11.33/8.784%* 207,559 0.01 

1,000,000 Freddie Mac REMICS 2733 SB 15.10.33/7.837%* 1,108,175 0.05 

951,105 Freddie Mac REMICS 2750 TC 15.02.34/5.250% 1,039,947 0.05 

5,000,000 Freddie Mac REMICS 2770 TW 15.03.19/4.500% 5,410,895 0.24 

219,123 Freddie Mac REMICS 2777 KO 15.02.33/0.000% 219,459 0.01 

15,962 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 16,412 0.00 

500,000 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 533,894 0.02 

567,455 Freddie Mac REMICS 2809 UC 15.06.19/4.000% 601,174 0.03 

7,141 Freddie Mac REMICS 2812 AB 15.10.18/4.500% 7,160 0.00 



1,000,000 Freddie Mac REMICS 2843 VB 15.08.23/5.500% 1,046,769 0.05 


264,426 Freddie Mac REMICS 2922 JN 15.02.20/4.500% 276,127 0.01 


399,193 Freddie Mac REMICS 2934 EC 15.02.20/0.000% 396,507 0.02 

745,400 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 847,021 0.04 

3,145,147 Freddie Mac REMICS 2949 YZ 15.03.35/5.500% 3,435,211 0.16 

822,579 Freddie Mac REMICS 2958 QD 15.04.20/4.500% 874,043 0.04 

800,000 Freddie Mac REMICS 2965 GD 15.04.20/4.500% 856,041 0.04 


435,044 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 442,795 0.02 

161,559 Freddie Mac REMICS 2979 AS 15.03.34/23.568%* 212,793 0.01 

350,255 Freddie Mac REMICS 2990 SL 15.06.34/23.787%* 494,377 0.02 

102,778 Freddie Mac REMICS 2990 WP 15.06.35/16.531%* 125,584 0.01 


577,379 Freddie Mac REMICS 3029 SP 15.09.35/27.947%* 844,153 0.04 



200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 231,483 0.01 

242,791 Freddie Mac REMICS 3049 XF 15.05.33/0.543%* 244,506 0.01 

94,941 Freddie Mac REMICS 3051 DP 15.10.25/27.181%* 144,875 0.01 

700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 799,787 0.04 

424,500 Freddie Mac REMICS 3064 SG 15.11.35/19.358%* 571,959 0.03 


1,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 1,115,418 0.05 

515,557 Freddie Mac REMICS 3077 TO 15.04.35/0.000% 474,538 0.02 

1,588,526 Freddie Mac REMICS 3085 WF 15.08.35/0.993%* 1,611,095 0.07 




94,023 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 86,191 0.00 

525,245 Freddie Mac REMICS 3122 OH 15.03.36/0.000% 501,577 0.02 



861,633 Freddie Mac REMICS 3143 BC 15.02.36/5.500% 953,589 0.04 

1,229,029 Freddie Mac REMICS 3147 PF 15.04.36/0.493%* 1,233,567 0.06 




11,360 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 11,409 0.00 


1,565,758 Freddie Mac REMICS 3181 AZ 15.07.36/6.500% 1,822,717 0.08 


1,843,648 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 2,068,806 0.09 

655,571 Freddie Mac REMICS 3200 AY 15.08.36/5.500% 720,136 0.03 


1,707,495 Freddie Mac REMICS 3202 HI 15.08.36/6.458%* 224,554 0.01 

2,000,000 Freddie Mac REMICS 3218 BE 15.09.35/6.000% 2,136,096 0.10 

304,250 Freddie Mac REMICS 3219 DI 15.04.36/6.000% 45,374 0.00 

983,159 Freddie Mac REMICS 3220 Z 15.09.36/6.000% 1,080,080 0.05 

267,124 Freddie Mac REMICS 3232 ST 15.10.36/6.508%* 37,546 0.00 

152,489 Freddie Mac REMICS 3260 CS 15.01.37/5.948%* 21,698 0.00 

2,834,302 Freddie Mac REMICS 3266 D 15.01.22/5.000% 3,074,140 0.14 

101,429 Freddie Mac REMICS 3275 FL 15.02.37/0.633%* 102,200 0.00 

208,624 Freddie Mac REMICS 3287 PM 15.10.35/6.000% 216,688 0.01 

687,012 Freddie Mac REMICS 3288 LO 15.03.37/0.000% 653,266 0.03 

1,439,205 Freddie Mac REMICS 3315 HZ 15.05.37/6.000% 1,619,272 0.07 

500,226 Freddie Mac REMICS 3316 GD 15.06.35/5.500% 506,005 0.02 


1,000,000 Freddie Mac REMICS 3349 DP 15.09.36/6.000% 1,084,458 0.05 

22,907 Freddie Mac REMICS 3369 VA 15.07.18/6.000% 22,909 0.00 





1,307,226 Freddie Mac REMICS 3422 AI 15.01.38/0.250%* 15,318 0.00 

357,848 Freddie Mac REMICS 3424 PI 15.04.38/6.608%* 64,670 0.00 


1,166,551 Freddie Mac REMICS 3455 SE 15.06.38/6.008%* 184,442 0.01 



361,980 Freddie Mac REMICS 3481 SJ 15.08.38/5.658%* 51,500 0.00 

1,000,000 Freddie Mac REMICS 3501 CB 15.01.39/5.500% 1,070,350 0.05 


176




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



530,164 Freddie Mac REMICS 3549 FA 15.07.39/1.393%* 541,458 0.02 

1,082,200 Freddie Mac REMICS 3578 VZ 15.08.36/5.500% 1,161,450 0.05 






2,000,000 Freddie Mac REMICS 3614 QB 15.12.24/4.000% 2,127,394 0.10 



300,000 Freddie Mac REMICS 3632 BS 15.02.40/16.858%* 400,633 0.02 

3,433,676 Freddie Mac REMICS 3659 VE 15.03.26/5.000% 3,788,574 0.17 

784,141 Freddie Mac REMICS 3671 QO 15.12.36/0.000% 741,035 0.03 


1,000,000 Freddie Mac REMICS 3684 CY 15.06.25/4.500% 1,094,668 0.05 


805,645 Freddie Mac REMICS 3688 CU 15.11.21/6.769%* 866,442 0.04 

1,392,006 Freddie Mac REMICS 3688 GT 15.11.46/7.178%* 1,686,877 0.08 

1,756,830 Freddie Mac REMICS 3688 NI 15.04.32/5.000% 236,956 0.01 

1,985,861 Freddie Mac REMICS 3704 CT 15.12.36/7.000% 2,369,674 0.11 

1,262,336 Freddie Mac REMICS 3704 DT 15.11.36/7.500% 1,458,476 0.07 

1,288,850 Freddie Mac REMICS 3704 ET 15.12.36/7.500% 1,564,549 0.07 



760,391 Freddie Mac REMICS 3720 A 15.09.25/4.500% 819,788 0.04 

1,654,580 Freddie Mac REMICS 3739 LI 15.03.34/4.000% 114,870 0.01 





1,043,461 Freddie Mac REMICS 3760 GI 15.10.37/4.000% 112,579 0.01 

1,064,782 Freddie Mac REMICS 3772 IO 15.09.24/3.500% 71,744 0.00 

1,778,306 Freddie Mac REMICS 3779 IH 15.11.34/4.000% 168,787 0.01 

2,315,551 Freddie Mac REMICS 3795 EI 15.10.39/5.000% 299,499 0.01 

766,875 Freddie Mac REMICS 3798 BF 15.06.24/0.493%* 769,436 0.03 

2,268,113 Freddie Mac REMICS 3800 AI 15.11.29/4.000% 246,585 0.01 

2,258,862 Freddie Mac REMICS 3802 LS 15.01.40/2.862%* 121,471 0.01 

910,221 Freddie Mac REMICS 3804 FN 15.03.39/0.643%* 917,978 0.04 

2,284,145 Freddie Mac REMICS 3819 ZQ 15.04.36/6.000% 2,502,491 0.11 

1,266,768 Freddie Mac REMICS 3852 QN 15.05.41/5.500%* 1,304,133 0.06 

1,281,985 Freddie Mac REMICS 3852 TP 15.05.41/5.500%* 1,352,033 0.06 

862,763 Freddie Mac REMICS 3855 HJ 15.02.26/3.000% 891,322 0.04 

2,103,380 Freddie Mac REMICS 3856 DB 15.05.21/3.500% 2,264,908 0.10 

3,000,000 Freddie Mac REMICS 3920 LP 15.01.34/5.000% 3,294,156 0.15 



1,318,081 Freddie Mac REMICS 3966 BF 15.10.40/0.693%* 1,334,244 0.06 

4,343,997 Freddie Mac REMICS 3966 NA 15.12.41/4.000% 4,607,983 0.21 

1,709,032 Freddie Mac REMICS 3997 PF 15.11.39/0.643%* 1,724,490 0.08 

1,565,348 Freddie Mac REMICS 4001 NF 15.01.39/0.693%* 1,580,161 0.07 

3,616,706 Freddie Mac REMICS 4012 FN 15.03.42/0.693%* 3,657,140 0.17 


7,480,129 Freddie Mac REMICS 4048 FJ 15.07.37/0.598%* 7,483,218 0.34 

1,416,639 Freddie Mac REMICS 4073 MF 15.08.39/0.643%* 1,424,297 0.06 


1,909,237 Freddie Mac REMICS 4087 FA 15.05.39/0.643%* 1,926,510 0.09 




1,780,055 Freddie Mac Strips 239 S30 15.08.36/7.508%* 219,255 0.01 


6,749,008 Freddie Mac Strips 262 35 15.07.42/3.500% 6,829,702 0.31 




973,457 Freddie Mac Strips 274 F1 15.08.42/0.693%* 982,817 0.04 



Gold 144A 15.03.20/3.100% 400,391 0.02 


Gold 144A 15.03.43/5.450% 164,171 0.01 

1,000,000 GE Capital Commercial 

Mortgage 2005-C1 AJ 10.06.48/4.826%* 1,035,219 0.05 

500,000 GE Capital Commercial 

Mortgage 2005-C1 B 10.06.48/4.846%* 514,527 0.02 

632,320 GE Equipment Midticket 2012-1 

A2 22.01.15/0.470% 632,470 0.03 

302,000 GE Equipment Transportation 

2012-2 A2 24.04.15/0.470% 302,113 0.01 

223,562 Ginnie Mae 1994-7 PQ 16.10.24/6.500% 258,616 0.01 

642,264 Ginnie Mae 1998-17 S 16.07.28/8.308%* 107,770 0.00 

315,648 Ginnie Mae 1999-10 ZC 20.04.29/6.500% 359,214 0.02 

155,392 Ginnie Mae 2000-10 ZP 16.02.30/7.500% 180,560 0.01 

555,551 Ginnie Mae 2001-21 PE 16.05.31/6.500% 638,187 0.03 

202,855 Ginnie Mae 2001-22 PS 17.03.31/20.508%* 338,584 0.02 

88,207 Ginnie Mae 2001-51 SA 16.10.31/31.666%* 164,068 0.01 

1,500,000 Ginnie Mae 2001-53 PB 20.11.31/6.500% 1,788,558 0.08 

307,326 Ginnie Mae 2001-53 SR 20.10.31/7.958%* 28,872 0.00 

112,354 Ginnie Mae 2002-40 UK 20.06.32/6.500% 129,546 0.01 

223,157 Ginnie Mae 2002-41 SY 16.06.32/7.308%* 46,462 0.00 

102,494 Ginnie Mae 2002-45 QE 20.06.32/6.500% 118,252 0.01 

29,936 Ginnie Mae 2002-47 PG 16.07.32/6.500% 34,539 0.00 

1,956 Ginnie Mae 2002-51 SG 20.04.31/31.670%* 3,873 0.00 

51,502 Ginnie Mae 2002-69 PO 20.02.32/0.000% 51,515 0.00 

89,864 Ginnie Mae 2002-69 SC 20.02.32/16.078%* 97,234 0.00 

3,526,063 Ginnie Mae 2003-10 PZ 20.02.33/5.500% 3,843,264 0.17 

5,129 Ginnie Mae 2003-34 TO 16.02.32/0.000% 5,130 0.00 

5,418 Ginnie Mae 2003-4 NY 20.12.13/5.500% 5,446 0.00 

194,214 Ginnie Mae 2003-67 SD 20.08.33/16.188%* 284,583 0.01 

1,500,000 Ginnie Mae 2003-70 LG 20.08.33/5.000% 1,708,772 0.08 

5,298,979 Ginnie Mae 2003-75 ZX 16.09.33/6.000% 5,972,744 0.27 

17,894 Ginnie Mae 2003-8 PO 16.01.32/0.000% 17,896 0.00 

357,810 Ginnie Mae 2003-95 SP 20.05.32/7.008%* 6,651 0.00 

205,122 Ginnie Mae 2004-15 SA 20.12.32/19.136%* 244,099 0.01 

926,402 Ginnie Mae 2004-90 SI 20.10.34/5.908%* 127,547 0.01 

256,309 Ginnie Mae 2004-94 TS 20.10.34/17.898%* 367,724 0.02 

197,102 Ginnie Mae 2005-35 FL 20.03.32/0.542%* 198,441 0.01 

187,803 Ginnie Mae 2005-66 SP 16.08.35/20.192%* 272,127 0.01 

578,603 Ginnie Mae 2005-68 DP 17.06.35/15.970%* 801,105 0.04 

1,498,180 Ginnie Mae 2005-68 KI 20.09.35/6.108%* 221,181 0.01 

153,353 Ginnie Mae 2005-7 JM 18.05.34/16.297%* 182,596 0.01 

1,530,013 Ginnie Mae 2005-72 AZ 20.09.35/5.500% 1,762,897 0.08 

226,639 Ginnie Mae 2006-22 AO 20.05.36/0.000% 199,251 0.01 

1,565,758 Ginnie Mae 2006-33 Z 20.07.36/6.500% 1,833,277 0.08 

488,538 Ginnie Mae 2006-38 SW 20.06.36/6.308%* 64,605 0.00 

1,557,323 Ginnie Mae 2006-38 ZK 20.08.36/6.500% 1,833,929 0.08 

1,447,922 Ginnie Mae 2006-57 PZ 20.10.36/5.565% 1,671,382 0.08 

558,226 Ginnie Mae 2006-59 SD 20.10.36/6.508%* 82,391 0.00 

607,357 Ginnie Mae 2006-65 SA 20.11.36/6.608%* 93,448 0.00 

426,581 Ginnie Mae 2007-16 NS 20.04.37/22.604%* 608,237 0.03 

721,650 Ginnie Mae 2007-17 JI 16.04.37/6.618%* 132,812 0.01 

3,187,639 Ginnie Mae 2007-26 SW 20.05.37/6.008%* 454,625 0.02 

287,271 Ginnie Mae 2007-27 MI 20.09.36/5.500% 26,454 0.00 

448,157 Ginnie Mae 2007-27 SA 20.05.37/6.008%* 64,199 0.00 

314,530 Ginnie Mae 2007-36 SE 16.06.37/6.278%* 45,027 0.00 

729,691 Ginnie Mae 2007-40 SB 20.07.37/6.558%* 110,817 0.01 

1,148,219 Ginnie Mae 2007-40 SN 20.07.37/6.488%* 177,768 0.01 

441,232 Ginnie Mae 2007-42 SB 20.07.37/6.558%* 66,994 0.00 

29,169 Ginnie Mae 2007-49 NO 20.12.35/0.000% 29,173 0.00 

476,362 Ginnie Mae 2007-50 AI 20.08.37/6.583%* 71,685 0.00 

734,363 Ginnie Mae 2007-53 ES 20.09.37/6.358%* 111,697 0.01 

238,740 Ginnie Mae 2007-53 SW 20.09.37/19.630%* 319,933 0.01 

509,000 Ginnie Mae 2007-57 QA 20.10.37/6.308%* 77,444 0.00 

553,713 Ginnie Mae 2007-6 LD 20.03.36/5.500% 576,801 0.03 

518,100 Ginnie Mae 2007-67 SI 20.11.37/6.318%* 78,258 0.00 

280,115 Ginnie Mae 2007-70 TA 20.08.36/5.750% 286,910 0.01 

990,960 Ginnie Mae 2007-73 MI 20.11.37/5.808%* 134,127 0.01 

593,140 Ginnie Mae 2007-74 SL 16.11.37/6.348%* 91,478 0.00 

486,641 Ginnie Mae 2007-76 SA 20.11.37/6.338%* 73,794 0.00 

1,295,250 Ginnie Mae 2007-76 SD 20.11.37/5.608%* 188,095 0.01 

761,336 Ginnie Mae 2007-79 SY 20.12.37/6.358%* 115,256 0.01 

1,273,498 Ginnie Mae 2007-81 SB 20.12.37/6.458%* 191,998 0.01 

412,179 Ginnie Mae 2008-25 SB 20.03.38/6.708%* 65,415 0.00 

733,016 Ginnie Mae 2008-32 PI 16.10.37/5.500% 95,847 0.00 

336,748 Ginnie Mae 2008-40 SA 16.05.38/6.208%* 56,149 0.00 

183,855 Ginnie Mae 2008-41 SA 20.05.38/6.148%* 26,813 0.00 

1,000,000 Ginnie Mae 2008-50 KB 20.06.38/6.000% 1,129,364 0.05 

137,137 Ginnie Mae 2008-60 PO 20.01.38/0.000% 129,488 0.01 

2,000,000 Ginnie Mae 2008-65 ME 20.09.37/5.750% 2,120,846 0.10 

1,630,876 Ginnie Mae 2008-76 US 20.09.38/5.708%* 238,562 0.01 

487,104 Ginnie Mae 2008-93 AS 20.12.38/5.508%* 65,412 0.00 

1,305,482 Ginnie Mae 2008-95 DS 20.12.38/7.108%* 205,631 0.01 

961,751 Ginnie Mae 2009-10 SA 20.02.39/5.758%* 148,656 0.01 

544,729 Ginnie Mae 2009-10 SL 16.03.34/6.308%* 53,765 0.00 

1,331,260 Ginnie Mae 2009-102 SM 16.06.39/6.208%* 150,794 0.01 

450,894 Ginnie Mae 2009-104 AB 16.08.39/7.000% 531,876 0.02 

1,256,470 Ginnie Mae 2009-106 AS 16.11.39/6.208%* 203,280 0.01 

367,115 Ginnie Mae 2009-14 NI 20.03.39/6.500% 61,167 0.00 

1,314,128 Ginnie Mae 2009-22 SA 20.04.39/6.078%* 183,899 0.01 

1,463,420 Ginnie Mae 2009-31 ST 20.03.39/6.158%* 206,917 0.01 

1,219,517 Ginnie Mae 2009-31 TS 20.03.39/6.108%* 176,028 0.01 

312,329 Ginnie Mae 2009-33 TI 20.05.39/6.000% 56,583 0.00 

1,055,450 Ginnie Mae 2009-42 SC 20.06.39/5.888%* 145,847 0.01 

590,433 Ginnie Mae 2009-6 SA 16.02.39/5.908%* 93,647 0.00 

1,278,065 Ginnie Mae 2009-64 SN 16.07.39/5.908%* 186,643 0.01 

412,932 Ginnie Mae 2009-79 OK 16.11.37/0.000% 355,370 0.02 

916,758 Ginnie Mae 2010-129 AW 20.04.37/6.126%* 1,037,674 0.05 

702,491 Ginnie Mae 2010-130 CP 16.10.40/7.000% 815,350 0.04 

421,733 Ginnie Mae 2010-14 AO 20.12.32/0.000% 393,757 0.02 

471,881 Ginnie Mae 2010-14 BO 20.11.35/0.000% 415,555 0.02 

299,944 Ginnie Mae 2010-14 CO 20.08.35/0.000% 252,145 0.01 

76,202 Ginnie Mae 2010-14 EO 16.06.33/0.000% 76,219 0.00 

177




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


834,536 Ginnie Mae 2010-14 QP 20.12.39/6.000% 911,613 0.04 

828,062 Ginnie Mae 2010-157 OP 20.12.40/0.000% 672,587 0.03 

3,479,600 Ginnie Mae 2010-H17 XQ 20.07.60/5.245%* 3,971,269 0.18 

7,373,655 Ginnie Mae 2011-137 WA 20.07.40/5.522%* 8,380,100 0.38 

1,848,989 Ginnie Mae 2011-163 WA 20.12.38/5.796%* 2,037,049 0.09 

1,618,095 Ginnie Mae 2011-17 FP 20.09.40/0.592%* 1,633,527 0.07 

1,944,453 Ginnie Mae 2012-138 PT 16.11.42/3.942%* 2,056,456 0.09 

2,748,531 Ginnie Mae 2012-141 WC 20.01.42/3.773%* 2,942,349 0.13 

4,806,524 Ginnie Mae 2012-H10 FA 20.12.61/0.748%* 4,827,199 0.22 

2,897,346 Ginnie Mae 2012-H15 FA 20.05.62/0.648%* 2,896,552 0.13 

2,239,783 Ginnie Mae 2012-H21 CF 20.05.61/0.898%* 2,257,076 0.10 

3,997,446 Ginnie Mae 2012-H21 DF 20.05.61/0.848%* 4,027,039 0.18 

7,918,989 Ginnie Mae 2012-H22 FD 20.01.61/0.668%* 7,934,288 0.36 

1,960,302 Ginnie Mae 2012-H24 FA 20.03.60/0.648%* 1,961,918 0.09 

4,325,607 Ginnie Mae 2012-H24 FG 20.04.60/0.628%* 4,327,467 0.20 

2,478,719 Ginnie Mae 2012-H26 JA 20.10.61/0.748%* 2,498,326 0.11 

1,977,983 Ginnie Mae 2012-H26 MA 20.07.62/0.748%* 1,992,780 0.09 

3,946,400 Ginnie Mae 2012-H27 FB 20.10.62/0.698%* 3,960,999 0.18 

4,838,649 Ginnie Mae 2012-H28 FA 20.09.62/0.778%* 4,865,193 0.22 

2,014,943 Ginnie Mae 2012-H30 JA 20.01.60/0.678%* 2,025,967 0.09 

3,687,226 Ginnie Mae 2012-H30 PA 20.11.59/0.648%* 3,696,446 0.17 

2,923,475 Ginnie Mae 2012-H31 FD 20.12.62/0.538%* 2,912,194 0.13 

5,203,983 Ginnie Mae 2013-H01 FA 20.01.63/1.650% 5,100,187 0.23 

2,981,498 Ginnie Mae 2013-H01 JA 20.01.63/0.518%* 2,964,648 0.13 

2,965,280 Ginnie Mae 2013-H01 TA 20.01.63/0.698%* 2,981,881 0.13 

2,383,470 Ginnie Mae 2013-H03 FA 20.08.60/0.498%* 2,382,282 0.11 

1,497,059 Ginnie Mae 2013-H07 HA 20.03.63/0.608%* 1,496,073 0.07 










323,859 Ginnie Mae I Pool No: 781328 15.09.31/7.000% 392,199 0.02 











911,970 Ginnie Mae II pool No: 748766 20.01.39/6.500% 1,038,400 0.05 



1,340,000 GMAC Commercial Mortgage 

Securities 2006-C1 A4 10.11.45/5.238%* 1,434,481 0.06 

630,192 GMAC Mortgage Corp Loan Trust 

2005-AR3 3A4 19.06.35/3.310%* 594,539 0.03 


2003-AR1 A4 19.10.33/3.372%* 324,776 0.01 

1,038,837 GMAC Mortgage Loan Trust 

2003-AR2 2A4 19.12.33/3.470%* 1,031,921 0.05 


2004-J5 A7 25.01.35/6.500% 941,768 0.04 


2004-J6 1A1 25.01.20/5.000% 92,600 0.00 

1,725,000 Greenwich Capital Commercial 

Funding 2006-GG7 A4 10.07.38/6.056%* 1,915,678 0.09 

200,000 Greenwich Capital Commercial 

Funding 2005-GG3 AJ 10.08.42/4.859%* 207,726 0.01 

1,300,000 GS Mortgage Securities II 

2004-GG2 A6 10.08.38/5.396%* 1,337,883 0.06 

650,000 GS Mortgage Securities II 

2006-GG6 A4 10.04.38/5.553%* 709,793 0.03 


2004-4 1AF 25.06.34/0.593%* 170,760 0.01 


2005-RP1 1AF 25.01.35/0.543%* 64,044 0.00 


2005-RP2 1AF 25.03.35/0.543%* 272,788 0.01 

1,392,912 GSMPS Mortgage Loan Trust 

2006-RP2 1AS2 25.04.36/4.960%* 214,244 0.01 

1,295,567 GSR Mortgage Loan Trust 

2003-7F 1A4 25.06.33/5.250% 1,294,346 0.06 


2004-6F 3A4 25.05.34/6.500% 577,741 0.03 


2007-1F 2A4 25.01.37/5.500% 979,374 0.04 

397,000 HCP 01.02.20/2.625% 371,197 0.02 

550,000 Honda Auto Receivables Owner 

Trust 2012-2 A3 16.02.16/0.700% 550,332 0.02 

125,000 HP Enterprise Services 01.08.13/6.000% 125,529 0.01 

162,249 HSBC Home Equity Loan Trust 

2005-2 M2 20.01.35/0.682%* 154,329 0.01 

800,000 HSBC USA 16.01.18/1.625% 777,120 0.04 

567,000 Huntington Auto Trust 2012-1 A3 15.09.16/0.810% 568,848 0.03 

666,141 Huntington Auto Trust 

2012-2 A2 15.09.15/0.380% 666,126 0.03 


2010-B A3 15.04.15/0.970% 69,128 0.00 


2010-B A4 15.03.17/1.630% 379,879 0.02 


2011-A A3 15.04.15/1.160% 120,839 0.01 


2011-A A4 15.12.15/1.780% 369,253 0.02 


2011-B A3 15.09.15/1.040% 157,048 0.01 


2011-B A4 15.02.17/1.650% 291,686 0.01 


2012-A A3 15.03.16/0.720% 684,735 0.03 


2012-B A2 15.01.15/0.540% 689,771 0.03 


2012-B A3 15.09.16/0.620% 678,470 0.03 


Owner Trust 2003-2 A1 25.08.33/5.500% 113,666 0.01 


Owner Trust 2004-3 1A4 25.11.34/0.993%* 4,017 0.00 


Owner Trust 2006-1 2A1 25.05.36/0.543%* 646,770 0.03 


Owner Trust 2006-2 2A1 25.08.36/0.543%* 455,963 0.02 


8,114 Indymac Index Mortgage Loan 

Trust 2004-AR7 A1 25.09.34/1.073%* 6,135 0.00 

279,000 Intel 01.10.21/3.300% 279,520 0.01 

564,000 Intel 15.12.32/4.000% 524,272 0.02 

359,000 Intel 01.10.41/4.800% 352,463 0.02 


1,643,000 International Business Machines 15.05.20/1.625% 1,534,767 0.07 

250,000 Intuit 15.03.17/5.750% 278,004 0.01 




2011-A A3 15.01.16/1.290% 209,828 0.01 


2011-A A4 16.04.18/1.960% 359,790 0.02 

653,102 John Deere Owner Trust 2012-B 

A2 17.02.15/0.430% 653,407 0.03 


2012-B A4 15.01.19/0.690% 869,838 0.04 

361,274 John Sevier Combined Cycle 

Generation 15.01.42/4.626% 378,204 0.02 

479,960 JPMorgan Chase Commercial 


2004-CB8 A4 12.01.39/4.404% 487,436 0.02 



2004-CB9 A4 12.06.41/5.758%* 604,115 0.03 


Mortgage Securities 2005-CB11 

AJ 12.08.37/5.541%* 792,482 0.04 

1,000,000 JPMorgan Chase Commercial 


2006-CB15 A4 12.06.43/5.814%* 1,100,655 0.05 



2006-CB16 A4 12.05.45/5.552% 1,095,626 0.05 



A4 15.05.45/5.399% 1,101,756 0.05 



X 15.05.45/0.729%* 177,099 0.01 



A3SF 15.05.47/0.348%* 348,900 0.02 

115,181 JPMorgan Mortgage Trust 

2004-A3 4A1 25.07.34/2.753%* 117,802 0.01 


2004-A4 1A1 25.09.34/2.913%* 107,084 0.00 


2006-A2 4A1 25.08.34/2.823%* 259,404 0.01 


2006-A2 5A3 25.11.33/2.888%* 808,349 0.04 

311,668 JPMorgan Reremic 2009-7 14A1 27.07.37/2.428%* 311,484 0.01 



282,969 JPMorgan Reremic 2009-8 A1 20.04.36/5.842%* 292,270 0.01 



178




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



915,000 Kraft Foods Group 26.01.39/6.875% 1,110,618 0.05 




Trust 2004-C2 A4 15.03.36/4.367% 869,307 0.04 


Trust 2006-C1 XCL 15.02.41/0.532%* 169,929 0.01 


Trust 2007-C1 AM 15.02.40/5.455% 599,976 0.03 


Trust 2007-C2 A3 15.02.40/5.430% 1,101,313 0.05 

799,567 Lehman Mortgage Trust 2008-2 

1A6 25.03.38/6.000% 774,424 0.04 


123,852 Long Beach Mortgage Loan 

Trust 2006-WL2 2A3 25.01.36/0.393%* 111,615 0.01 

1,000,000 Macquarie Equipment Funding 

Trust 2012-A A2 20.04.15/0.610% 999,727 0.05 

560,000 Manufacturers & Traders Trust 04.12.17/6.625% 659,499 0.03 


Funding II 144A 14.04.16/3.125% 152,518 0.01 

1,250,000 MassMutual Global Funding 

II 144A 05.04.17/2.000% 1,253,651 0.06 


Funding II 144A 17.10.22/2.500% 286,955 0.01 



2,057,255 MASTR Adjustable Rate 

Mortgages Trust 2004-13 3A7 21.11.34/2.625%* 2,107,694 0.10 



67,245 MASTR Alternative Loans Trust 

2004-10 1A1 25.09.19/4.500% 68,837 0.00 


2004-4 10A1 25.05.24/5.000% 145,476 0.01 


2004-4 1A1 25.05.34/5.500% 511,618 0.02 


2004-4 9A1 25.04.19/5.500% 498,112 0.02 


2004-5 5A1 25.06.19/4.750% 207,023 0.01 


2004-6 7A1 25.07.34/6.000% 122,975 0.01 


2005-6 3A1 25.11.20/5.500% 348,156 0.02 


Trust 2003-2 1A1 25.03.18/5.000% 53,939 0.00 


Trust 2004-4 1A6 26.12.33/5.250% 552,768 0.03 

755,921 MASTR Reperforming Loan 

Trust 2005-2 1A1F 25.05.35/0.543%* 635,220 0.03 


Trust 2004-2 A1 25.08.32/6.500% 317,249 0.01 


Trust 2004-2 A2 25.08.32/6.500% 1,043,431 0.05 



3,376 Mercedes-Benz Auto 


656,680 Mercedes-Benz Auto 



Investors 2003-A4 2A 25.07.33/2.663%* 122,440 0.01 


Investors 2004-A4 A2 25.08.34/2.515%* 365,985 0.02 


2005-LC1 AJ 12.01.44/5.528%* 481,068 0.02 


2005-MCP1 ASB 12.06.43/4.674%* 77,527 0.00 

400,000 Merrill Lynch/Countrywide 


2006-1 A4 12.02.39/5.664%* 437,589 0.02 

14,770,120 Merrill Lynch/Countrywide 


2006-4 XC 12.12.49/0.228%* 180,912 0.01 


Funding I 144A 18.09.13/5.200% 101,045 0.00 


Funding I 144A 10.06.14/5.125% 208,692 0.01 

1,420,000 Metropolitan Life Global 

Funding I 144A 29.06.15/1.700% 1,442,973 0.07 


Funding I 144A 11.01.16/3.125% 313,600 0.01 


Funding I 144A 10.01.18/1.500% 827,423 0.04 

390,000 Microsoft 25.09.15/1.625% 399,064 0.02 

231,000 Microsoft 15.11.17/0.875% 224,202 0.01 

338,000 Microsoft 15.11.22/2.125% 309,855 0.01 

594,000 Microsoft 01.05.23/2.375% 550,635 0.02 

112,000 Microsoft 01.10.40/4.500% 111,883 0.01 



807,756 MLCC Mortgage Investors 

2004-1 2A1 25.12.34/2.266%* 806,108 0.04 

900,000 Mondelez International 11.08.17/6.500% 1,049,931 0.05 

105,000 Mondelez International 01.02.18/6.125% 121,477 0.01 

974,636 Morgan Stanley Capital I 

2004-HQ4 A7 14.04.40/4.970% 1,002,347 0.05 


2004-T13 A4 13.09.45/4.660% 221,475 0.01 

35,165,264 Morgan Stanley Capital I 

2006-IQ12 X1 15.12.43/0.195%* 481,817 0.02 


2011-C3 A3 15.07.49/4.054% 469,846 0.02 


Trust 2004-3 1A 25.05.19/5.000% 105,956 0.00 


Trust 2004-3 4A 25.04.34/5.686%* 807,726 0.04 

4,410,361 Morgan Stanley Re-Remic Trust 

2012-XA A 27.07.49/2.000% 4,465,490 0.20 

84,171 MortgageIT Trust 2005-1 1A1 25.02.35/0.513%* 80,277 0.00 


154,000 National Oilwell Varco 01.12.17/1.350% 149,642 0.01 

200,000 National Rural Utilities 

Cooperative Finance 01.03.14/4.750% 205,730 0.01 

100,000 National Rural Utilities 

Cooperative Finance 01.11.18/10.375% 138,055 0.01 

500,000 National Semiconductor 15.06.17/6.600% 588,610 0.03 




590,268 NCUA Guaranteed Notes 

2010-A1 A 07.12.20/0.543%* 591,921 0.03 


2010-C1 APT 29.10.20/2.650% 2,968,681 0.13 


2010-R3 1A 08.12.20/0.753%* 1,599,318 0.07 

385,366 NCUA Guaranteed Notes 

2010-R3 3A 08.12.20/2.400% 392,110 0.02 

460,000 Nevada Power 01.04.36/6.650% 576,146 0.03 

45,000 Nevada Power 15.09.40/5.375% 49,551 0.00 

350,000 New York Life Global 

Funding 144A 04.05.15/3.000% 364,683 0.02 

1,200,000 New York Life Global 

Funding 144A 24.07.15/0.750% 1,203,218 0.05 

175,000 New York State Dormitory 

Authority 15.03.40/5.600% 193,328 0.01 

100,000 News America 18.05.18/7.250% 121,801 0.01 

300,000 News America 26.04.23/8.875% 392,115 0.02 

15,000 News America 20.01.24/7.750% 18,040 0.00 

480,000 News America 15.07.24/9.500% 642,658 0.03 

170,000 News America 30.10.25/7.700% 207,970 0.01 

200,000 News America 30.11.28/7.625% 243,619 0.01 

250,000 News America 15.12.34/6.200% 269,315 0.01 

200,000 News America 15.11.37/6.650% 227,410 0.01 

60,000 Niagara Mohawk Power 144A 15.08.19/4.881% 66,873 0.00 


30,315 Nissan Auto Receivables Owner 

Trust 2010-A A3 15.07.14/0.870% 30,331 0.00 


Trust 2010-A A4 15.09.16/1.310% 301,454 0.01 


Trust 2012-A A3 16.05.16/0.730% 259,696 0.01 


Trust 2012-A A4 16.07.18/1.000% 334,400 0.02 

486,000 Nissan Motor Acceptance 144A 15.03.18/1.800% 473,920 0.02 



2003-A1 A1 25.05.33/5.500% 7,490 0.00 



2003-A1 A2 25.05.33/6.000% 4,431 0.00 



2003-A1 A5 25.04.33/7.000% 3,288 0.00 


113,000 Northern Trust 15.08.13/5.500% 113,729 0.01 

716,000 Ohio State University 01.06.2111/4.800% 614,142 0.03 



100,000 Oracle 15.01.16/5.250% 110,578 0.01 

250,000 Oracle 15.04.18/5.750% 290,890 0.01 

100,000 Oracle 08.07.19/5.000% 114,215 0.01 

235,000 Oracle 15.04.38/6.500% 293,504 0.01 

379,000 Oracle 08.07.39/6.125% 455,893 0.02 

97,000 Oracle 15.07.40/5.375% 107,374 0.00 

400,000 Pacific Life Insurance 144A 15.06.39/9.250% 530,113 0.02 

350,000 Pacificorp 15.07.18/5.650% 408,922 0.02 

275,000 Pacificorp 15.01.19/5.500% 319,894 0.01 

179




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


45,000 Pacificorp 15.08.34/5.900% 52,437 0.00 

1,164,761 Park Place Securities 

2004-MCW1 M1 25.10.34/1.131%* 1,131,641 0.05 

50,000 PC Financial Partnership 15.11.14/5.000% 52,749 0.00 

350,000 Penske Truck Leasing 144A 11.07.22/4.875% 362,892 0.02 

182,000 PepsiCo 26.02.16/0.483%* 182,167 0.01 

173,000 Phillips 66 01.05.17/2.950% 178,064 0.01 

650,000 Port Authority of New York & 

New Jersey 01.11.40/5.647% 721,533 0.03 

1,615,000 Port Authority of New York & 

New Jersey 01.10.62/4.458% 1,435,509 0.06 

710,000 PPL Energy Supply 15.12.21/4.600% 721,573 0.03 

215,000 Precision Castparts 20.12.15/0.700% 213,595 0.01 

650,000 Pricoa Global Funding I 144A 11.06.14/5.450% 679,556 0.03 

360,000 Principal Life Global Funding II 

144A 09.07.14/0.904%* 361,460 0.02 

280,492 Procter & Gamble - Esop 01.01.21/9.360% 364,550 0.02 

723,138 Provident Funding Mortgage 

Loan Trust 2005-1 2A1 25.05.35/2.746%* 724,139 0.03 

1,050,000 Prudential Insurance of 

America 144A 01.07.25/8.300% 1,359,092 0.06 

350,000 PSEG Power 15.09.16/5.320% 388,463 0.02 

150,000 PSEG Power 15.09.21/4.150% 154,663 0.01 


78,995 Residential Accredit Loans 

2001-QS19 A2 25.12.16/6.000% 80,393 0.00 


2003-QR19 CB4 25.10.33/5.750% 798,286 0.04 

2,200,846 Residential Accredit Loans 

2003-QS13 A2 25.07.33/4.000% 2,092,525 0.09 


2003-QS13 A5 25.07.33/0.843%* 274,544 0.01 


2003-QS14 A1 25.07.18/5.000% 180,053 0.01 


2003-QS15 A6 25.08.33/5.500% 963,471 0.04 


2003-QS19 A1 25.10.33/5.750% 595,067 0.03 


2004-QS3 CB 25.03.19/5.000% 443,584 0.02 

702,120 Residential Asset Mortgage 

Products Trust 2004-SL2 A3 25.10.31/7.000% 757,137 0.03 

1,000,000 Residential Asset Mortgage 

Products Trust 2005-EFC5 A3 25.10.35/0.533%* 976,810 0.04 

1,500,000 Residential Asset Mortgage 

Products Trust 2006-RZ1 A3 25.03.36/0.493%* 1,396,307 0.06 


Trust 2002-KS4 AIIB 25.07.32/0.693%* 1,162 0.00 


Trust 2003-A13 A3 25.01.34/5.500% 213,481 0.01 


Trust 2005-KS9 A3 25.10.35/0.563%* 297,820 0.01 

290,592 Residential Funding Mortgage 

Securities 2003-S4 A4 25.03.33/5.750% 294,574 0.01 


Securities 2004-S6 2A6 25.06.34/0.000% 71,645 0.00 


Securities 2005-SA4 1A1 25.09.35/3.089%* 101,140 0.00 

274,000 Ryder System 01.03.17/2.500% 275,133 0.01 


Securities VII 2003-HYB1 A 25.09.33/3.095%* 496,432 0.02 


Securities VII 2003-UP2 PO1 25.12.18/0.000% 4,027 0.00 









270,946 Saxon Asset Securities Trust 

2003-1 AF6 25.06.33/4.795%* 275,719 0.01 

596,085 Sequoia Mortgage Trust 10 1A 20.10.27/0.992%* 580,400 0.03 

596,098 Sequoia Mortgage Trust 2003-1 

1A 20.04.33/0.952%* 579,621 0.03 

376,838 Sequoia Mortgage Trust 

2004-12 A3 20.01.35/0.729%* 339,942 0.02 




276,000 State Street 15.05.23/3.100% 258,308 0.01 



3A2 25.11.34/2.632%* 473,121 0.02 



5A4 25.06.34/4.876%* 455,120 0.02 

146,367 Structured Asset Investment 

Loan Trust 2005-5 A9 25.06.35/0.463%* 146,170 0.01 

562,180 Structured Asset Mortgage 

Investments II Trust 2004-AR5 

1A1 19.10.34/0.852%* 554,328 0.03 

1,101,855 Structured Asset Mortgage 

Investments II Trust 

2005-AR5 A3 19.07.35/0.442%* 1,077,707 0.05 


2002-23XS A7 25.11.32/6.580%* 151,066 0.01 


2002-AL1 A3 25.02.32/3.450% 325,851 0.01 


2003-29 1A1 25.09.18/4.750% 257,479 0.01 


2003-33H 1A1 25.10.33/5.500% 169,269 0.01 

1,111,507 Structured Asset Securities 

2003-34A 3A3 25.11.33/2.588%* 1,103,797 0.05 


2004-5H A4 25.12.33/5.540% 669,278 0.03 


2004-6XS A5B 25.03.34/5.550%* 801,755 0.04 


2005-6 4A1 25.05.35/5.000% 168,682 0.01 


2007-OSI A2 25.06.37/0.283%* 143,692 0.01 

394,000 TCI Communications 15.02.26/7.875% 522,459 0.02 

554,000 Texas Eastern 

Transmission 144A 15.10.22/2.800% 510,904 0.02 

400,000 Texas Instruments 15.05.14/1.375% 403,298 0.02 

1,207,220 TIAA Seasoned Commercial 

Mortgage Trust 2007-C4 A3 15.08.39/5.526%* 1,257,144 0.06 

250,000 Travelers Life & Annuity Global 

Funding I 144A 15.08.14/5.125% 262,633 0.01 

154,036 Union Pacific Railroad Co 2003 



America 01.04.30/8.375%* 279,764 0.01 


367,000 US Bancorp 15.03.22/3.000% 357,366 0.02 

2,000,000 US Treasury 15.10.13/0.500% 2,002,344 0.09 

1,200,000 US Treasury 31.10.13/0.250% 1,200,656 0.05 

2,000,000 US Treasury 15.01.14/2.000% 2,551,398 0.12 

6,000,000 US Treasury 28.02.14/1.875% 6,069,023 0.27 

2,000,000 US Treasury 30.04.14/1.875% 2,028,164 0.09 

7,240,000 US Treasury 31.01.15/2.250% 7,464,553 0.34 

1,500,000 US Treasury 15.02.15/11.250% 1,765,723 0.08 

760,000 US Treasury 31.03.15/2.500% 788,812 0.04 

1,700,000 US Treasury 15.02.16/4.500% 1,873,520 0.08 

2,000,000 US Treasury 15.04.16/0.125% 2,157,102 0.10 

200,000 US Treasury 30.04.16/2.000% 207,539 0.01 

4,825,000 US Treasury 30.04.16/2.625% 5,092,071 0.23 

2,000,000 US Treasury 31.10.16/3.125% 2,149,531 0.10 

5,000,000 US Treasury 30.11.16/2.750% 5,312,109 0.24 

28,400,000 US Treasury 31.12.16/3.250% 30,704,172 1.39 

4,500,000 US Treasury 28.02.17/3.000% 4,829,414 0.22 

9,100,000 US Treasury 31.03.17/3.250% 9,853,594 0.45 

1,440,000 US Treasury 30.04.17/3.125% 1,552,106 0.07 

660,000 US Treasury 15.05.17/4.500% 746,470 0.03 

2,125,000 US Treasury 15.08.17/4.750% 2,435,449 0.11 

500,000 US Treasury 15.11.17/4.250% 564,648 0.03 

5,500,000 US Treasury 15.02.18/3.500% 6,041,836 0.27 

3,000,000 US Treasury 28.02.18/2.750% 3,195,352 0.14 

2,000,000 US Treasury 15.05.18/3.875% 2,236,250 0.10 

4,000,000 US Treasury 31.07.18/2.250% 4,155,625 0.19 

30,900,000 US Treasury 31.08.18/1.500% 30,912,070 1.40 

16,300,000 US Treasury 31.10.18/1.750% 16,492,289 0.75 

5,500,000 US Treasury 30.11.18/1.375% 5,449,727 0.25 

8,000,000 US Treasury 31.12.18/1.375% 7,914,375 0.36 

8,760,000 US Treasury 15.05.19/3.125% 9,484,069 0.43 

1,000,000 US Treasury 15.11.19/3.375% 1,097,813 0.05 

3,990,000 US Treasury 30.11.19/1.000% 3,790,188 0.17 

500,000 US Treasury 15.02.20/8.500% 709,805 0.03 

8,800,000 US Treasury 15.05.20/3.500% 9,708,875 0.44 

700,000 US Treasury 15.05.20/8.750% 1,012,266 0.05 

4,000,000 US Treasury 15.08.20/2.625% 4,170,000 0.19 

4,700,000 US Treasury 15.08.20/8.750% 6,844,375 0.31 

19,000,000 US Treasury 15.11.20/2.625% 19,751,094 0.89 

3,000,000 US Treasury 15.01.21/1.125% 3,396,605 0.15 

100,000 US Treasury 15.02.21/7.875% 141,367 0.01 

1,000,000 US Treasury 15.02.23/7.125% 1,407,422 0.06 

200,000 US Treasury 15.02.26/6.000% 267,313 0.01 

1,000,000 US Treasury 15.02.27/6.625% 1,417,188 0.06 

250,000 US Treasury 15.08.27/6.375% 348,105 0.02 

100,000 US Treasury 15.11.27/6.125% 136,461 0.01 

100,000 US Treasury 15.11.28/5.250% 126,320 0.01 

1,000,000 US Treasury 15.01.29/2.500% 1,322,725 0.06 

1,000,000 US Treasury 15.02.29/5.250% 1,264,141 0.06 

500,000 US Treasury 15.08.29/6.125% 691,289 0.03 

250,000 US Treasury 15.05.30/6.250% 351,855 0.02 

180




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


650,000 US Treasury 15.02.31/5.375% 840,785 0.04 

6,600,000 US Treasury 15.02.36/4.500% 7,785,938 0.35 

2,700,000 US Treasury 15.02.37/4.750% 3,299,273 0.15 

400,000 US Treasury 15.05.37/5.000% 505,281 0.02 

1,500,000 US Treasury 15.05.38/4.500% 1,771,992 0.08 

1,400,000 US Treasury (Strip Principal) 15.05.20/0.000% 1,222,628 0.06 



























































301,647 USAA Auto Owner Trust 2012-1 

A2 15.06.15/0.380% 301,656 0.02 

82,530 Vendee Mortgage Trust 1998-1 2E 15.03.28/7.000% 95,717 0.01 

648,319 Vendee Mortgage Trust 1998-2 1G 15.06.28/6.750% 753,093 0.04 

142,000 Viacom 27.02.15/1.250% 142,525 0.01 

100,000 Viacom 01.03.21/4.500% 106,363 0.00 

404,000 Viacom 15.12.21/3.875% 408,515 0.02 

250,000 Viacom 15.06.22/3.125% 235,140 0.01 

175,000 Viacom 27.02.42/4.500% 151,251 0.01 

742,000 Viacom 144A 15.03.43/4.375% 623,095 0.03 


2012-A A2 20.11.14/0.660% 614,214 0.03 


2012-A A3 20.07.15/0.870% 828,099 0.04 

2,382,000 Volkswagen Auto Loan 

Enhanced Trust 2012-1 A3 22.08.16/0.850% 2,391,652 0.11 

896,425 Wachovia Bank Commercial 


1,120,851 WaMu Mortgage Pass Through 

Certificates 2003-AR11 A6 25.10.33/2.464%* 1,124,464 0.05 






Certificates 2003-AR8 A 25.08.33/2.457%* 60,712 0.00 


Certificates 2003-AR9 1A6 25.09.33/2.429%* 759,973 0.03 













1,050,859 WaMu Mortgage Pass Through 

Certificates 2004-CB1 3A2 25.06.34/5.500% 1,109,050 0.05 


Certificates 2004-CB3 4A 25.10.19/6.000% 443,050 0.02 


Certificates 2004-RS2 A4 25.11.33/5.000% 790,853 0.04 







1,332,885 Washington Mutual Alternative 


Certificates 2005-3 CX 25.05.35/5.500% 365,071 0.02 

408,035 Washington Mutual Alternative 


Certificates 2005-4 CB7 25.06.35/5.500% 380,422 0.02 

94,151 Washington Mutual MSC 

Mortgage Pass-Through CTFS 

2003-MS2 1A1 25.02.33/5.750% 98,209 0.01 


Aust 144A 02.09.19/6.750% 650,390 0.03 

526,000 WEA Finance/WT Finance Aust 

144A 03.10.22/3.375% 496,609 0.02 

224,000 WellPoint 15.01.23/3.300% 213,250 0.01 

321,000 WellPoint 15.01.43/4.650% 298,658 0.02 




Securities Trust 2004-BB A4 25.01.35/2.625%* 31,613 0.00 


Securities Trust 2004-EE 3A1 25.12.34/2.889%* 211,426 0.01 

2,036,231 Wells Fargo Mortgage Backed 

Securities Trust 2004-P 2A1 25.09.34/2.614%* 2,050,784 0.09 






Securities Trust 2005-AR8 2A1 25.06.35/2.720%* 591,401 0.03 



1,812,920 Wells Fargo Reremic Trust 

2012-IO A 20.08.21/1.750% 1,815,675 0.08 

510,971 WF-RBS Commercial Mortgage 

Trust 2012-C6 A1 15.04.45/1.081% 512,639 0.03 


Trust 2010-A A4 15.05.15/2.210% 113,161 0.01 


Trust 2012-A A2 15.06.15/0.520% 518,455 0.02 


Trust 2012-A A3 15.02.17/0.640% 585,906 0.03 





170,000 Xerox 15.03.17/2.950% 173,068 0.01 

148,000 Zoetis 144A 01.02.18/1.875% 145,306 0.01 

86,000 Zoetis 144A 01.02.43/4.700% 79,798 0.01 

1,754,995,704 79.42 

AUSTRALIA 

350,000 Australia & New Zealand 

Banking Group 144A 01.03.16/3.250% 368,512 0.01 

350,000 FBG Finance 144A 15.06.15/5.125% 376,654 0.02 



181




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


350,000 Macquarie Group 144A 01.08.14/7.300% 368,991 0.02 

930,000 Macquarie Group 144A 13.08.19/7.625% 1,082,759 0.05 

575,000 National Australia Bank 144A 02.03.15/3.750% 602,097 0.02 

675,000 National Australia Bank 144A 28.09.15/2.750% 700,957 0.03 

1,000,000 National Australia Bank 144A 20.06.17/2.000% 1,016,675 0.05 

7,141,868 0.32 

CANADA 

1,627,000 Bank of Montreal 11.09.17/1.400% 1,588,408 0.07 

1,064,000 Bank of Montreal 06.11.22/2.550% 990,201 0.04 

414,000 Bank of Nova Scotia 144A 29.10.15/1.650% 422,042 0.02 

484,000 Caisse Centrale Desjardins du 

Quebec 144A 24.03.16/2.550% 504,258 0.02 

450,000 CDP Financial 144A 25.11.19/4.400% 494,498 0.02 

40,000 Husky Energy 15.06.19/6.150% 46,342 0.00 

950,000 Hydro-Quebec 01.02.21/9.400% 1,339,219 0.06 

564,000 National Bank of Canada 144A 30.01.14/1.650% 568,137 0.03 

270,000 Province of Quebec Canada 30.01.26/6.350% 342,884 0.02 


124,000 Total Capital Canada 15.01.16/0.657%* 124,767 0.01 

6,835,987 0.31 

ISRAEL 



1,300,000 Israel (State of) 15.11.26/0.000% 788,395 0.03 


6,639,093 0.30 





1,939,000 HSBC Bank 144A 28.06.15/3.500% 2,034,269 0.09 

392,000 HSBC Bank 144A 24.05.16/3.100% 410,453 0.02 

941,000 HSBC Bank 144A 12.08.20/4.125% 987,015 0.04 

360,000 Schlumberger Oilfield 144A 15.01.21/4.200% 384,637 0.02 

5,331,703 0.24 

NETHERLANDS 

350,000 Enel Finance International 144A 07.10.19/5.125% 362,738 0.02 

230,000 Heineken 144A 01.10.17/1.400% 223,361 0.01 

1,193,000 ING Bank 144A 25.09.15/2.000% 1,202,526 0.05 

504,000 Petrobras Global Finance 20.05.23/4.375% 460,941 0.02 

158,000 Rabobank Nederland 13.10.15/2.125% 161,789 0.01 





700,000 Rabobank Nederland 144A 11.03.15/3.200% 726,380 0.03 

100,000 Siemens 

Financieringsmaatschappij 144A 17.10.16/5.750% 114,420 0.00 

166,000 Volkswagen International 

Finance 144A 12.08.13/1.625% 166,207 0.01 

4,879,821 0.22 

NORWAY 

568,000 DnB NOR Boligkreditt 144A 14.10.15/2.100% 582,754 0.03 

1,005,000 Sparebank 1 Boligkreditt 144A 15.11.19/1.750% 945,062 0.04 

189,000 Statoil 17.01.18/1.200% 183,686 0.01 

261,000 Statoil 17.01.23/2.450% 241,037 0.01 

714,000 Statoil 15.01.24/2.650% 658,868 0.03 



International 11 144A 13.01.22/4.625% 307,520 0.01 

307,520 0.01 

GERMANY 


Finance 144A 06.03.17/2.250% 300,694 0.01 

300,694 0.01 

BERMUDA 

230,000 Ingersoll-Rand Global 

Holding 144A 15.06.23/4.250% 225,866 0.01 

225,866 0.01 

SPAIN 


225,329 0.01 

LUXEMBOURG 

210,000 Schlumberger Investment 144A 14.09.21/3.300% 211,253 0.01 

211,253 0.01 

FRANCE 

149,000 Total Capital 28.01.21/4.125% 159,070 0.01 

159,070 0.01 

JAPAN 

114,000 Bank of Tokyo-Mitsubishi 144A 22.01.15/3.850% 119,214 0.01 

119,214 0.01 

Total Bonds 1,794,362,682 81.20 

Commercial Paper 


1,000,000 Financing Fico 30.11.17/0.000% 929,210 0.04 




1,150,000 Tennessee Valley Authority 01.11.25/0.000% 749,478 0.03 

10,397,904 0.47 

Total Commercial Paper 10,397,904 0.47 


LUXEMBOURG 



53,724,112 2.43 




1,858,484,698 84.10 

2,611,407 0.12 


1,700,000 African Development Bank 01.09.19/8.800% 2,241,032 0.10 

2,241,032 0.10 

SWEDEN 

300,000 Nordea Bank 144A 04.10.13/1.750% 301,057 0.01 

1,427,000 Svenska Handelsbanken 04.04.17/2.875% 1,472,693 0.07 

1,773,750 0.08 

SINGAPORE 

359,000 Oversea-Chinese Banking 144A 13.03.15/1.625% 363,371 0.02 

363,371 0.02 

182




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



Bonds 


1,058,447 Academic Loan Funding Trust 

2012-1A A1** 27.12.22/0.993%* 1,068,788 0.05 




2009-1 A60** 26.06.37/2.226%* 299,969 0.01 







472,687 Fannie Mae Pool No: 745418** 01.04.36/5.500% 513,087 0.02 


A2** 27.06.36/0.443%* 1,086,770 0.05 

1,853,576 Indymac Index Mortgage Loan 

Trust 2005-AR11 A7** 25.08.35/0.000%* 289 0.00 

50,000 PNC Funding** 01.02.17/5.625% 55,563 0.01 

772,601 Springleaf Mortgage Loan Trust 

2012-2A A** 25.10.57/2.220%* 784,185 0.04 

4,547,575 0.21 

Total Bonds 4,547,575 0.21 



% of 




Canada 1.22 


Israel 0.42 




Norway 0.16 

France 0.16 


Sweden 0.10 

Mexico 0.10 

Japan 0.06 

Germany 0.06 

Bermuda 0.05 

Spain 0.04 








Total 100.00 



Other Assets/(Liabilities) (22,105) 0.00 





% of 




Canada 0.98 



Israel 0.38 



Sweden 0.15 

France 0.14 

Norway 0.12 

Mexico 0.11 


Japan 0.05 

Bermuda 0.04 


Spain 0.04 

Germany 0.03 







Total 100.00 

183




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

08-Jul-13 EUR 108,034,834 USD 141,476,659 (702,861) 

08-Jul-13 USD 7,983,941 EUR 6,099,036 36,648 

17-Jul-13 GBP 3,876,719 USD 6,032,928 (135,596) 

17-Jul-13 SGD 61,347,708 USD 49,055,008 (701,447) 

17-Jul-13 USD 120,309 GBP 77,711 2,095 

17-Jul-13 USD 6,343,611 SGD 8,035,125 10,418 

07-Aug-13 EUR 301,881 USD 394,377 (960) 

07-Aug-13 USD 167,866 EUR 128,603 268 

Total (1,491,435) 


Counterparty 

Unrealised 

Gain/(Loss) 






HSBC 1,890 



RBC (134,887) 




UBS 7,256 


Total (1,491,435) 

184




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 



136,400 Allergan 11,525,118 0.77 

131,300 Amazon.com 36,553,920 2.44 

365,500 American Tower 26,778,357 1.78 

222,300 AmerisourceBergen 12,244,284 0.82 

9,000 Amphenol - A Shares 708,480 0.04 

124,600 Apple 48,693,680 3.25 

253,200 Biogen Idec 55,525,494 3.71 

17,900 BlackRock 4,613,009 0.31 

290,200 Cabot Oil & Gas 20,173,253 1.35 

263,400 Celgene 31,052,226 2.07 

208,200 Cerner 20,078,808 1.34 

234,800 Colgate-Palmolive 13,369,512 0.89 


30,800 Concho Resources 2,586,892 0.17 


248,500 Costco Wholesale 27,639,412 1.85 

67,600 Cummins 7,292,012 0.49 

207,400 CVS Caremark 11,765,802 0.79 

279,500 Discovery Communications - A Shares 21,430,662 1.43 

617,400 eBay 31,805,361 2.13 


146,000 Estée Lauder Companies - A Shares 9,571,030 0.64 

159,200 Expedia 9,445,336 0.63 

212,400 FMC 13,108,266 0.88 

190,500 FMC Technologies 10,685,145 0.71 


339,000 Gap 14,163,420 0.95 



669,400 Home Depot 51,108,690 3.41 



46,400 Intuit 2,796,760 0.19 

12,100 Intuitive Surgical 6,083,577 0.41 

256,000 JB Hunt Transport Services 18,255,360 1.22 


141,900 Kimberly-Clark 13,691,931 0.91 



105,700 Mastercard - A Shares 59,908,117 4.00 

161,500 Monsanto 15,936,820 1.06 

257,000 Moody’s 15,617,890 1.04 

129,900 Onyx Pharmaceuticals 11,178,544 0.75 

116,400 Philip Morris International 10,172,196 0.68 


82,500 Precision Castparts 18,429,263 1.23 

32,000 priceline.com 26,334,400 1.76 

288,200 QUALCOMM 17,524,001 1.17 



218,900 Sherwin-Williams 38,713,560 2.59 

48,700 SolarWinds 1,887,612 0.13 

547,600 Starbucks 35,969,106 2.41 


20,300 Teradata 1,015,406 0.07 

186,500 Time Warner 10,740,535 0.72 

261,900 Union Pacific 40,470,098 2.70 

239,100 Visa - A Shares 43,641,728 2.92 

474,400 Walt Disney 30,283,324 2.02 

365,300 Whole Foods Market 18,834,868 1.26 

63,700 WW Grainger 16,004,625 1.07 

CANADA 

221,800 Catamaran 10,861,546 0.72 


19,318,995 1.29 

IRELAND 

206,900 Covidien 12,985,044 0.87 

12,985,044 0.87 

BRAZIL 

146,600 Companhia de Bebidas das Americas Preference 

Shares ADR 5,364,827 0.36 

5,364,827 0.36 

DENMARK 

24,300 Novo Nordisk ADR 3,764,799 0.25 

3,764,799 0.25 

Total Shares 1,468,671,553 98.13 



1,468,671,553 98.13 



LUXEMBOURG 



36,579,421 2.44 




36,579,421 2.44 


Cash 1,043,082 0.07 



1,300,499,064 86.89 

NETHERLANDS 



60,614,860 4.05 




38,894,908 2.60 



27,229,056 1.82 

185




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 








Energy 3.83 




Total 100.00 


% of 


Shares 








Energy 3.32 




Total 100.00 

186




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 EUR 49,094,727 USD 65,335,305 (1,360,279) 

17-Jul-13 USD 11,264,802 EUR 8,580,539 83,557 

Total (1,276,722) 


Counterparty 

Unrealised 

Gain/(Loss) 

Barclays (27) 






RBC (21,761) 




UBS (4,266) 


Total (1,276,722) 

187




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 





111,666 Acadia Healthcare 3,821,769 1.65 

69,553 ACADIA Pharmaceuticals 1,265,517 0.55 

37,316 Acorda Therapeutics 1,234,040 0.53 

40,257 Acuity Brands 3,028,937 1.31 

38,352 Aegerion Pharmaceuticals 2,505,728 1.08 


55,449 AMAG Pharmaceuticals 1,262,851 0.54 

70,500 Amtrust Financial Services 2,489,708 1.07 

53,751 Annie’s 2,308,337 0.99 

46,516 Arctic Cat 2,124,386 0.92 

47,013 Ariad Pharmaceuticals 822,492 0.35 

41,076 Armstrong World Industries 1,964,049 0.85 


27,014 Blue Nile 1,009,918 0.44 

154,020 Boingo Wireless 964,935 0.42 

71,350 BroadSoft 1,990,665 0.86 

124,665 Bruker 2,033,286 0.88 

39,782 Carlisle Companies 2,483,192 1.07 

77,139 Cavium 2,712,979 1.17 

56,032 Chimerix 1,337,204 0.58 

48,176 Cohen & Steers 1,695,554 0.73 


61,000 Conn’s 3,139,060 1.35 


10,453 CoStar Group 1,344,360 0.58 

79,947 CubeSmart 1,279,951 0.55 

32,231 Cubist Pharmaceuticals 1,583,509 0.68 

124,614 Cyan 1,257,355 0.54 


42,190 Delek US Holdings 1,230,893 0.53 

52,590 Demandware 2,197,210 0.95 

50,597 Douglas Emmett 1,270,238 0.55 

37,125 Dril-Quip 3,310,251 1.43 

21,818 DXP Enterprises 1,444,679 0.62 

21,464 EastGroup Properties 1,203,701 0.52 

126,884 Emeritus 2,958,935 1.27 

115,151 Envestnet 2,809,109 1.21 

133,535 Exact Sciences 1,861,478 0.80 

50,484 Fairway Group Holdings 1,209,092 0.52 

81,346 Financial Engines 3,811,467 1.64 

57,906 Five Below 2,102,567 0.91 

122,832 Fluidigm 2,116,395 0.91 

65,133 Fortinet 1,087,070 0.47 


69,432 Forum Energy Technologies 2,147,532 0.93 

96,389 Francesca’s Holdings 2,628,528 1.13 

71,783 Fusion-io 1,002,091 0.43 


33,001 Gigamon 912,313 0.39 

110,014 Glimcher Realty Trust 1,192,002 0.51 

47,696 Graco 2,978,377 1.28 


179,905 Halozyme Therapeutics 1,131,602 0.49 

61,059 Health Net 1,913,589 0.82 

48,784 Heico 2,484,569 1.07 

79,242 Hexcel 2,730,283 1.18 


35,993 Hittite Microwave 2,040,083 0.88 

86,981 HomeAway 2,827,317 1.22 

53,276 Imperva 2,395,023 1.03 

258,785 Infinera 2,732,770 1.18 

97,450 Infoblox 2,874,288 1.23 

182,119 Inphi 1,953,226 0.84 

112,312 Insulet 3,540,636 1.53 

189,921 Keryx Biopharmaceuticals 1,415,861 0.61 

26,947 Kirby 2,110,354 0.91 

112,522 Laredo Petroleum Holdings 2,338,770 1.00 

25,834 Lumber Liquidators Holdings 2,049,670 0.88 

8,750 Magnum Hunter Resources - 

Warrants 14.10.13 1,750 0.00 

152,728 Marten Transport 2,306,956 0.99 

20,424 Middleby 3,506,086 1.51 

87,817 Model N 1,982,908 0.85 

30,487 MSC Industrial Direct - A Shares 2,349,023 1.01 

159,611 Nektar Therapeutics 1,860,266 0.80 

17,181 NetSuite 1,557,801 0.67 

64,454 Oasis Petroleum 2,476,645 1.07 

82,504 Old Dominion Freight Line 3,462,693 1.49 

23,670 OpenTable 1,506,359 0.65 

803 Oxford Industries 49,336 0.02 


212,091 PennantPark Investment 2,336,182 1.01 

188 

54,739 Ply Gem Holdings 1,102,991 0.48 

31,687 Pool 1,657,705 0.71 

44,172 Puma Biotechnology 1,943,789 0.84 

77,806 Rally Software Development 1,939,704 0.84 

222,786 ReachLocal 2,804,876 1.21 


103,546 Rush Enterprises - A Shares 2,550,338 1.10 

85,564 Sagent Pharmaceuticals 1,779,303 0.77 

129,620 ServiceSource International 1,203,522 0.52 

24,341 Signature Bank/New York 2,030,526 0.87 

30,985 Snyders-Lance 872,538 0.39 

27,477 SolarWinds 1,065,009 0.46 

38,690 Sotheby’s 1,463,062 0.64 

34,134 Sourcefire 1,902,117 0.82 


49,447 Splunk 2,299,038 0.99 

43,989 Stifel Financial 1,551,712 0.67 

156,912 Synta Pharmaceuticals 771,222 0.33 

12,109 Tableau Software - A Shares 673,321 0.29 

26,200 Teradyne 450,247 0.19 

213,586 Threshold Pharmaceuticals 1,081,813 0.47 

63,371 Trex 3,041,491 1.30 

76,926 TRI Pointe Homes 1,173,891 0.51 

85,924 Trulia 2,577,720 1.11 

47,845 Tumi Holdings 1,140,625 0.49 

590,019 Unilife 1,790,708 0.77 

43,519 Viropharma 1,250,301 0.54 

76,043 Vocera Communications 1,116,691 0.48 

35,405 Watsco 2,927,285 1.26 

38,005 WellCare Health Plans 2,093,695 0.90 

88,822 WhiteWave Foods - A Shares 1,426,925 0.61 

66,546 Wolverine World Wide 3,557,549 1.53 

217,720,020 93.82 

CANADA 

297,680 Imris 762,061 0.33 

233,907 Novadaq Technologies 3,162,423 1.36 

3,924,484 1.69 

NETHERLANDS 

92,229 Tornier 1,579,883 0.68 

1,579,883 0.68 

ISRAEL 

185,140 Syneron Medical 1,557,953 0.67 

1,557,953 0.67 




224,782,340 96.86 


Cash 4,537,052 1.95 


Total Net Assets 232,079,202 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% 

of 

Net 



% of 








Energy 4.96 





Total 100.00 


% of 








Energy 5.72 





Total 100.00 

189




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


89,000 Adobe Systems 4,051,280 2.05 

104,000 Akamai Technologies 4,426,240 2.24 


23,245 Amazon.com 6,471,408 3.28 




43,330 BroadSoft 1,208,907 0.61 

51,300 Cavium 1,804,221 0.91 

131,400 Cisco Systems 3,204,189 1.62 

56,800 Citrix Systems 3,383,860 1.72 



34,400 Cree 2,132,972 1.08 

51,200 Dealertrack Technologies 1,776,384 0.90 

47,400 Demandware 1,980,372 1.00 

96,640 eBay 4,978,410 2.52 


28,870 F5 Networks 2,020,323 1.02 

101,450 Fusion-io 1,416,242 0.72 



71,300 HomeAway 2,317,606 1.18 

49,000 Imperva 2,202,795 1.12 

136,100 Infinera 1,437,216 0.73 

74,100 Infoblox 2,185,579 1.11 

81,240 KLA-Tencor 4,477,949 2.27 



45,600 NetSuite 4,134,552 2.10 

26,500 OpenTable 1,686,460 0.86 


7,700 priceline.com 6,336,715 3.21 

31,400 Proto Labs 2,089,199 1.06 

91,000 Qualcomm 5,533,255 2.81 

81,340 Red Hat 3,860,396 1.96 


70,500 ServiceNow 2,878,162 1.46 

67,160 SolarWinds 2,603,122 1.32 

27,100 Sourcefire 1,510,147 0.77 

78,700 Splunk 3,659,156 1.86 



53,700 Teradata 2,686,074 1.36 

121,900 Teradyne 2,094,852 1.06 


33,400 Visa - A Shares 6,096,335 3.09 

43,200 Workday - A Shares 2,741,904 1.39 

167,640 Xilinx 6,597,472 3.35 


23,236 Baidu ADR 2,155,952 1.09 

2,155,952 1.09 

Total Shares 195,903,072 99.33 



195,903,072 99.33 


Cash 567,902 0.29 




% of 


Shares 








Total 100.00 


% of 


Shares 







Total 100.00 

170,068,834 86.22 

NETHERLANDS 


6,679,513 3.39 



5,512,878 2.80 

SINGAPORE 


5,508,965 2.80 

IRELAND 

44,300 Accenture - A Shares 3,104,544 1.57 

3,104,544 1.57 

GERMANY 

39,600 SAP ADR 2,872,386 1.46 

2,872,386 1.46 

190




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



Shares 


389,200 AbbVie 16,414,510 0.63 

212,100 Aflac 12,192,568 0.47 

368,380 Albemarle 23,145,315 0.89 

33,212 Alleghany 12,638,328 0.49 

440,730 Altria Group 15,599,638 0.60 



1,455,450 AT&T 51,479,266 1.97 

99,020 AutoZone 41,569,091 1.60 



319,900 Bed Bath & Beyond 22,554,549 0.87 

120 Berkshire Hathaway - A Shares 20,125,260 0.77 


161,250 Brown-Forman - B Shares 10,977,094 0.42 



809,500 CenterPoint Energy 18,889,683 0.73 

1,326,422 Charles Schwab 27,742,116 1.07 

551,280 Chevron 65,357,000 2.51 

272,640 Chubb 22,983,552 0.88 

1,649,300 Cisco Systems 40,218,181 1.54 

818,097 Citigroup 39,084,584 1.50 

758,820 Coca-Cola 30,470,417 1.17 


319,200 Crown Holdings 12,945,156 0.50 

261,740 CVS Caremark 14,848,510 0.57 

684,040 Devon Energy 35,508,516 1.36 


415,900 Dover 32,423,564 1.24 


305,700 Duke Energy 20,535,398 0.79 



1,146,430 Exxon Mobil 102,983,807 3.95 

334,900 Gap 13,992,122 0.54 

348,200 Genuine Parts 26,821,846 1.03 

367,500 Hanesbrands 18,843,563 0.72 


375,530 Home Depot 28,671,716 1.10 

182,100 Humana 15,386,540 0.59 

177,400 IDEX 9,493,561 0.36 

248,730 Illinois Tool Works 17,179,781 0.66 



382,474 Kinder Morgan/Delaware 14,507,239 0.56 

800,900 Kohl’s 40,625,653 1.56 

846,630 Loews 37,361,782 1.43 

236,520 M&T Bank 26,212,329 1.01 

407,900 Marriott International - A Shares 16,334,356 0.63 

334,500 Marsh & McLennan 13,328,153 0.51 

88,200 Martin Marietta Materials 8,779,869 0.34 


125,700 McDonald’s 12,490,809 0.47 

218,400 McKesson 25,124,736 0.96 

984,502 Merck & Co. 46,128,841 1.77 

626,320 Microsoft 21,667,540 0.83 


471,740 Northeast Utilities 19,551,264 0.75 

335,000 Northern Trust 19,275,900 0.74 

751,900 Old Republic International 9,530,333 0.37 

2,139,580 Pfizer 60,903,145 2.34 

182,385 Phillips 66 10,755,243 0.41 





388,030 Qualcomm 23,594,164 0.91 

221,000 Rayonier 12,161,630 0.47 



437,400 Sempra Energy 35,492,823 1.36 

178,400 Snap-On 15,881,168 0.60 

427,500 Southern 18,617,625 0.70 

334,300 Southwestern Energy 12,043,157 0.47 

630,730 SunTrust Banks 19,713,466 0.76 


409,470 Time Warner 23,581,377 0.91 

312,400 Time Warner Cable 34,157,816 1.31 

405,200 Travelers 32,268,102 1.24 



788,100 Unum 23,213,485 0.89 

928,700 US Bancorp 33,317,112 1.28 

376,700 Verizon Communications 19,194,748 0.74 


648,750 Walgreen 29,080,219 1.11 

270,000 Wal-Mart Stores 20,353,950 0.78 

319,370 Walt Disney 20,386,984 0.78 

2,463,828 Wells Fargo & Co. 101,152,459 3.87 

433,420 Williams 14,096,985 0.54 

280,910 WR Berkley 11,345,955 0.44 

2,412,453,991 92.62 

IRELAND 

240,200 Covidien 15,074,952 0.58 

406,300 XL Group 12,262,134 0.47 

27,337,086 1.05 

CANADA 

578,230 Brookfield Office Properties 9,558,142 0.36 


18,840,915 0.73 

BERMUDA 

445,400 Invesco 14,121,407 0.54 

14,121,407 0.54 


229,910 Teekay 9,195,250 0.35 

9,195,250 0.35 

Total Shares 2,481,948,649 95.29 



2,481,948,649 95.29 



LUXEMBOURG 



110,729,785 4.25 




110,729,785 4.25 


Cash 22,623,566 0.87 



191




Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 


Quantity/ 

Nominal 

Value 


Market 

Value 

% 

of 

Net 



% of 


Shares 




Energy 9.77 










Total 100.00 


% of 


Shares 




Energy 10.32 










Total 100.00 

192




Settlement 

Date 

Currency 

Amount 

Purchased 

Currency 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jul-13 EUR 151,846,127 USD 201,953,109 (4,083,386) 

17-Jul-13 USD 17,404,954 EUR 13,235,154 158,309 

Total (3,925,077) 


Counterparty 

Unrealised 

Gain/(Loss) 

Barclays (39) 


Citibank (1,911,402) 


Deutsche Bank (1,883,566) 



RBC (201,057) 



Toronto Dominion 2 

UBS (5,997) 


Total (3,925,077) 

193


Appendix - Unaudited Additional Disclosures 

1. Fund Total Expense Ratios*** (continued) 

For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM America Equity A (acc) - EUR 1.90% - - - - - - 07-May-13 

JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Mar-07 

JPM America Equity A (acc) - HKD 1.90% - - - - - - 06-Feb-13 

JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Apr-05 

JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 

JPMorgan America Equity A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM America Equity C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% 0.85% - 28-Jan-08 

JPM America Equity C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.85% - 26-Aug-04 

JPM America Equity C (dist) - USD 0.85% - - - - - - 26-Sep-12 

JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 08-May-06 

JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Mar-07 

JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM America Equity I (acc) - USD 0.81% - - - - - 0.81% 26-Oct-12 

JPM America Equity X (acc) - USD 0.11% - 0.14% 0.14% 0.15% 0.15% 0.15% 24-Nov-04 


JPM Asia Local Currency Debt A (acc) - USD 1.00% - 1.00% 1.00% 1.00% - - 17-Mar-10 

JPM Asia Local Currency Debt A (mth) - HKD 1.00% - - - - - - 14-Jan-13 

JPM Asia Local Currency Debt A (mth) - USD 1.00% - - - - - - 14-Jan-13 

JPM Asia Local Currency Debt C (acc) - USD 0.55% - 0.55% 0.55% - - - 27-Jul-10 

JPM Asia Local Currency Debt D (acc) - USD 1.40% - - - - - - 02-Jul-12 

JPM Asia Local Currency Debt X (acc) - USD 0.10% - - - - - 0.10% 20-Feb-13 

JPMorgan Funds - Asia Pacific Income Fund# 

JPMorgan Asia Pacific Income A (acc) - HKD## 1.90% - - - - - - 06-Feb-13 

JPMorgan Asia Pacific Income A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Asia Pacific Income A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPMorgan Asia Pacific Income A (mth) - HKD## 1.90% - 1.90% - - - - 25-May-12 

JPMorgan Asia Pacific Income A (mth) - SGD## 1.90% - - - - - - 19-Sep-12 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged)## 1.90% - - - - - - 14-Mar-13 

JPMorgan Asia Pacific Income A (mth) - USD## 1.90% - 1.90% - - - - 25-May-12 

JPMorgan Asia Pacific Income B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Sep-07 

JPMorgan Asia Pacific Income B (mth) - USD## 1.15% - - - - - - 05-Jul-12 

JPMorgan Asia Pacific Income C (dist) - USD## 1.00% - - - - - - 26-Sep-12 

JPMorgan Asia Pacific Income D (acc) - USD## 2.35% - 2.35% 2.35% 2.35% 2.35% - 22-Jun-01 

JPMorgan Asia Pacific Income D (mth) - USD## 2.35% - - - - - - 05-Jul-12 

JPMorgan Asia Pacific Income X (acc) - USD## 0.13% - - - - - 0.20% 04-Feb-13 


JPM Brazil Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - 28-Mar-11 

JPM Brazil Equity A (acc) - SGD 1.90% - 1.90% 1.90% - - - 09-Aug-10 

JPM Brazil Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Oct-07 

JPM Brazil Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% - - 24-Nov-09 

JPM Brazil Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 28-Jan-08 

JPM Brazil Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 19-Mar-08 

JPM Brazil Equity D (acc) - EUR 2.90% - 2.90% 2.90% - - - 13-Jul-10 

JPM Brazil Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 18-Oct-07 

JPM Brazil Equity I (acc) - EUR 1.02% - 1.03% 1.05% 1.06% - 1.06% 18-Jun-10 

JPM Brazil Equity I (acc) - USD 1.02% - 1.03% 1.06% 1.05% 1.06% 1.06% 18-Oct-07 

JPM Brazil Equity T (acc) - EUR 2.90% - 2.90% 2.90% - - - 21-Feb-11 

JPMorgan Funds - China Fund# 

JPMorgan China A (acc) - SGD## 1.90% - 1.90% 1.90% 1.90% - - 14-Dec-09 

JPMorgan China A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan China A (dist) - HKD## 1.90% - 1.90% 1.90% - - - 20-Sep-10 

JPMorgan China A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 

JPMorgan China B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 21-Feb-06 

JPMorgan China C (acc) - USD## 1.00% - 1.00% 1.00% 1.00% 1.00% - 01-Feb-05 

JPMorgan China C (dist) - USD## 1.00% - - - - - - 26-Sep-12 

JPMorgan China D (acc) - EUR## 2.90% - 2.90% 2.90% - - - 13-Jul-10 

JPMorgan China D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPMorgan China I (acc) - USD* ## - - 0.87% 0.88% 0.87% 0.92% 0.96% 26-Feb-07 

JPMorgan China T (acc) - EUR## 2.90% - 2.90% 2.90% - - - 21-Feb-11 

JPMorgan China X (acc) - USD## 0.12% - 0.13% 0.13% - - 0.20% 18-May-07 


194




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 

JPM Eastern Europe Equity A (acc) - USD 1.95% - 1.95% 1.95% - - - 10-Jun-11 

JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 04-Jul-94 

JPMorgan Eastern Europe Equity A (dist) - EUR## 1.95% - 1.95% 1.95% 1.95% 1.95% - 15-Jun-01 

JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.20% 1.20% 1.20% 1.20% - 20-Mar-06 

JPM Eastern Europe Equity B (dist) - EUR 1.20% - - - - - - 19-Apr-13 

JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% - 25-Feb-05 

JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 

JPM Eastern Europe Equity I (acc) - EUR 1.06% - 1.02% 1.00% 1.03% - 1.06% 26-Jun-06 

JPM Eastern Europe Equity X (acc) - EUR 0.18% - 0.18% 0.15% 0.14% 0.15% 0.20% 09-Nov-04 


JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 09-Dec-08 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 1.95% - 1.95% 1.95% - - - 09-Aug-10 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 14-Apr-97 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.20% - 03-Sep-04 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 01-Feb-05 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR 2.95% - 2.95% 2.95% - - - 13-Jul-10 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.04% - 1.06% - - 1.05% 1.06% 26-Jun-06 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 2.95% - 2.95% 2.95% - - - 16-Feb-11 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 0.19% - 0.19% 0.18% 0.19% - 0.20% 09-Feb-05 


JPM Emerging Markets Bond A (acc) - USD 1.55% - 1.55% 1.55% 1.55% - - 30-Oct-09 

JPM Emerging Markets Bond A (mth) - USD 1.55% - 1.55% - - - - 13-Jun-12 

JPM Emerging Markets Bond B (acc) - USD 1.10% - 1.10% 1.10% 1.53% - - 30-Oct-09 

JPM Emerging Markets Bond B (mth) - USD 1.10% - 1.10% - - - - 13-Jun-12 

JPM Emerging Markets Bond C (acc) - EUR (hedged)* - - 0.70% - - - - 15-Nov-11 

JPM Emerging Markets Bond C (acc) - USD 0.70% - 0.70% 0.70% 0.70% - - 30-Oct-09 

JPM Emerging Markets Bond D (acc) - USD 2.25% - 2.25% 2.25% 2.25% - - 30-Oct-09 

JPM Emerging Markets Bond D (mth) - USD 2.25% - 2.25% - - - - 13-Jun-12 

JPM Emerging Markets Bond I (acc) - JPY (hedged) 0.66% - - - - - 0.66% 17-Jun-13 

JPM Emerging Markets Bond I (acc) - USD 0.64% - 0.66% 0.66% 0.66% - 0.66% 30-Oct-09 

JPM Emerging Markets Bond X (acc) - GBP (hedged) 0.14% - 0.15% - - - 0.15% 14-Oct-11 

JPM Emerging Markets Bond X (acc) - USD 0.13% - 0.15% 0.15% 0.15% - 0.15% 30-Oct-09 


JPM Emerging Markets Debt A (acc) - EUR (hedged) 1.55% - 1.55% 1.55% 1.55% 1.55% - 31-Mar-05 

JPM Emerging Markets Debt A (acc) - GBP (hedged) 1.55% - - - - - - 14-Jan-13 

JPM Emerging Markets Debt A (acc) - USD 1.55% - 1.55% 1.55% 1.55% - - 09-Apr-10 

JPM Emerging Markets Debt A (inc) - EUR (hedged) 1.55% - 1.55% 1.55% 1.55% 1.55% - 14-Mar-97 

JPM Emerging Markets Debt A (inc) - USD 1.55% - 1.55% - - - - 16-May-12 

JPM Emerging Markets Debt A (irc) - AUD (hedged) 1.55% - - - - - - 12-Mar-13 

JPM Emerging Markets Debt A (irc) - CAD (hedged) 1.55% - - - - - - 19-Mar-13 

JPM Emerging Markets Debt A (irc) - NZD (hedged) 1.55% - - - - - - 14-Mar-13 

JPM Emerging Markets Debt A (mth) - EUR (hedged) 1.55% - 1.55% 1.55% 1.55% 1.55% - 17-Sep-08 

JPM Emerging Markets Debt A (mth) - HKD 1.55% - 1.55% - - - - 01-Feb-12 

JPM Emerging Markets Debt A (mth) - USD 1.55% - 1.55% 1.55% 1.55% - - 22-Feb-10 

JPM Emerging Markets Debt B (acc) - EUR (hedged) 1.10% - 1.10% 1.10% 1.10% - - 24-Sep-09 

JPM Emerging Markets Debt B (acc) - USD 1.10% - 1.10% - - - - 20-Apr-12 

JPM Emerging Markets Debt C (acc) - EUR (hedged) 0.70% - 0.70% 0.70% 0.70% 0.70% - 21-Jun-06 

JPM Emerging Markets Debt C (acc) - USD 0.70% - 0.70% - - - - 18-Jan-12 

JPM Emerging Markets Debt C (dist) - USD 0.70% - 0.70% - - - - 29-May-12 

JPM Emerging Markets Debt C (mth) - USD 0.70% - - - - - - 03-Aug-12 

JPM Emerging Markets Debt D (acc) - EUR (hedged) 2.25% - 2.25% 2.25% 2.25% 2.25% - 13-Oct-00 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 0.65% - - - - - 0.66% 31-May-13 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 0.63% - 0.66% 0.66% 0.66% 0.66% 0.66% 14-Jun-07 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 0.13% - 0.15% - - - 0.15% 21-May-07 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 0.13% - 0.15% - - - 0.15% 14-Oct-11 

JPM Emerging Markets Debt X (dist) - USD 0.13% - - - - - 0.15% 24-Jul-12 

195




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Sep-05 

JPM Emerging Markets Equity A (acc) - EUR (hedged) 1.90% - 1.90% - - - - 10-Aug-11 

JPM Emerging Markets Equity A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% - - 14-Dec-09 

JPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 22-Dec-04 

JPM Emerging Markets Equity C (acc) - EUR 1.10% - - - - - - 24-Jan-13 

JPM Emerging Markets Equity C (acc) - EUR (hedged) 1.10% - - - - - - 14-Jun-13 

JPM Emerging Markets Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 01-Feb-05 

JPM Emerging Markets Equity C (dist) - GBP 1.10% - - - - - - 26-Sep-12 

JPM Emerging Markets Equity C (dist) - USD 1.10% - 1.10% 1.10% - - - 24-Feb-11 

JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-May-06 

JPM Emerging Markets Equity D (acc) - EUR (hedged) 2.90% - - - - - - 15-Apr-13 

JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Emerging Markets Equity I (acc) - EUR 0.99% - 1.02% 1.00% 1.01% 1.05% 1.06% 28-Apr-09 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 0.99% - - - - - 1.06% 02-Jul-12 

JPM Emerging Markets Equity I (acc) - USD 0.98% - 1.01% 1.00% 1.01% 1.05% 1.06% 27-Jun-06 

JPM Emerging Markets Equity I (inc) - EUR 0.98% - 1.02% 1.00% 1.01% 1.05% 1.06% 30-May-06 

JPM Emerging Markets Equity X (acc) - EUR 0.15% - 0.17% 0.15% - - 0.20% 23-Feb-11 

JPM Emerging Markets Equity X (acc) - USD 0.17% - 0.17% 0.15% 0.16% 0.19% 0.20% 23-Nov-04 

JPM Emerging Markets Equity X (dist) - USD 0.14% - 0.16% 0.15% 0.17% 0.20% 0.20% 10-Feb-09 

JPM Emerging Markets Equity X (inc) - EUR 0.14% - 0.16% 0.15% 0.16% 0.19% 0.20% 19-Dec-05 


JPM Emerging Markets Local Currency Debt A (acc) - EUR 1.40% 1.40% 1.40% 1.40% 1.40% 1.40% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt A (acc) - SGD 1.40% 1.40% 1.40% - - - - 21-Sep-11 

JPM Emerging Markets Local Currency Debt A (acc) - USD 1.40% 1.40% 1.40% 1.40% 1.40% 1.40% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt A (dist) - GBP 1.40% 1.40% 1.40% 1.40% - - - 13-Aug-10 

JPM Emerging Markets Local Currency Debt A (div) - EUR 1.40% 1.40% 1.40% - - - - 23-May-12 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 1.40% 1.40% 1.40% 1.40% - - - 27-Dec-10 

JPM Emerging Markets Local Currency Debt A (mth) - USD 1.40% 1.40% 1.40% 1.40% 1.40% - - 20-Nov-09 

JPM Emerging Markets Local Currency Debt B (acc) - EUR 0.85% 0.85% 0.85% 0.85% - - - 11-Apr-11 

JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.85% 0.85% 0.85% 0.85% - - 14-Feb-08 

JPM Emerging Markets Local Currency Debt B (mth) - USD 0.85% 0.85% - - - - - 19-Jul-12 

JPM Emerging Markets Local Currency Debt C (acc) - EUR 0.70% 0.70% 0.70% 0.70% - - - 01-Oct-10 

JPM Emerging Markets Local Currency Debt C (acc) - USD 0.70% 0.70% 0.70% 0.70% 0.70% - - 09-Mar-10 

JPM Emerging Markets Local Currency Debt C (dist) - GBP 0.70% 0.70% - - - - - 26-Sep-12 

JPM Emerging Markets Local Currency Debt C (mth) - USD 0.70% 0.75% - - - - - 14-Dec-12 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 24-Jan-08 

JPM Emerging Markets Local Currency Debt D (div) - EUR 1.90% 1.90% 1.90% 1.90% 1.90% - - 19-Apr-10 

JPM Emerging Markets Local Currency Debt D (mth) - USD 1.90% 1.90% - - - - - 19-Jul-12 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 0.66% 0.66% 0.66% 0.60% - - 0.66% 26-Oct-10 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 0.66% 0.66% - - - - 0.66% 15-Apr-13 

JPM Emerging Markets Local Currency Debt I (acc) - USD 0.65% 0.66% 0.66% - - - 0.66% 10-Aug-11 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 0.65% 0.66% 0.66% - - - 0.66% 24-Nov-11 

JPM Emerging Markets Local Currency Debt T (acc) - EUR 1.90% 1.90% 1.90% 1.90% - - - 03-Jun-11 

JPM Emerging Markets Local Currency Debt T (div) - EUR 1.90% 1.90% 1.90% 1.90% - - - 21-Feb-11 

JPM Emerging Markets Local Currency Debt X (acc) - EUR 0.14% 0.15% 0.15% - - - 0.15% 01-Oct-08 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 0.14% 0.14% - - - - 0.15% 09-Nov-12 

JPM Emerging Markets Local Currency Debt X (acc) - USD 0.14% 0.15% 0.15% 0.15% - 0.15% 0.15% 01-Jul-08 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR 0.15% 0.15% - - - - 0.15% 08-Mar-13 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP++ 0.14% 0.15% 0.15% - - - 0.15% 14-Oct-11 


++ This Share Class was renamed from JPM Emerging Markets Local Currency Debt X (acc) - GBP on 5 November 2012. 

196




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM Emerging Markets Opportunities A (acc) - CHF (hedged) 1.90% - - - - - - 04-Jan-13 

JPM Emerging Markets Opportunities A (acc) - EUR 1.90% - 1.90% - - - - 25-Apr-12 

JPM Emerging Markets Opportunities A (acc) - SGD 1.90% - - - - - - 04-Jan-13 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) 1.90% - - - - - - 29-Jan-13 

JPM Emerging Markets Opportunities A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 23-Oct-09 

JPM Emerging Markets Opportunities A (dist) - EUR 1.90% - 1.90% - - - - 07-Jun-12 

JPM Emerging Markets Opportunities A (dist) - GBP 1.90% - - - - - - 05-Dec-12 

JPM Emerging Markets Opportunities A (dist) - USD 1.90% - - - - - - 25-Mar-13 

JPM Emerging Markets Opportunities A (inc) - EUR 1.90% - - - - - - 10-Apr-13 

JPM Emerging Markets Opportunities B (acc) - USD 1.15% - 1.15% 1.15% 1.15% - - 23-Oct-09 

JPM Emerging Markets Opportunities B (dist) - GBP 1.15% - - - - - - 23-Jan-13 

JPM Emerging Markets Opportunities C (acc) - PLN 1.10% - 1.10% - - - - 12-Jan-12 

JPM Emerging Markets Opportunities C (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - 23-Oct-09 

JPM Emerging Markets Opportunities C (dist) - GBP 1.10% - - - - - - 05-Mar-13 

JPM Emerging Markets Opportunities C (dist) - USD 1.10% - - - - - - 19-Apr-13 

JPM Emerging Markets Opportunities D (acc) - EUR 2.65% - - - - - - 07-Jun-13 

JPM Emerging Markets Opportunities D (acc) - PLN 2.65% - 2.65% - - - - 12-Jan-12 

JPM Emerging Markets Opportunities D (acc) - USD 2.65% - - - - - - 09-Jul-12 

JPM Emerging Markets Opportunities I (acc) - EUR 1.04% - - - - - 1.06% 06-Jul-12 

JPM Emerging Markets Opportunities I (acc) - USD 1.03% - 1.06% 1.05% 1.06% - 1.06% 26-Feb-10 

JPM Emerging Markets Opportunities T (acc) - EUR 2.65% - - - - - - 19-Oct-12 

JPM Emerging Markets Opportunities X (acc) - EUR 0.19% - - - - - 0.20% 08-Mar-13 

JPM Emerging Markets Opportunities X (acc) - GBP 0.17% - - - - - 0.20% 30-Nov-12 

JPM Emerging Markets Opportunities X (acc) - USD 0.17% - 0.19% 0.20% 0.20% - 0.20% 23-Oct-09 


JPM Emerging Middle East Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 10-Dec-08 

JPM Emerging Middle East Equity A (acc) - SGD 1.95% - 1.95% 1.95% - - - 09-Aug-10 

JPM Emerging Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 31-Mar-05 

JPM Emerging Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 18-May-98 

JPM Emerging Middle East Equity B (acc) - USD 1.20% - 1.20% 1.20% 1.20% 1.20% - 19-Apr-05 

JPM Emerging Middle East Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 21-Jan-08 

JPM Emerging Middle East Equity D (acc) - EUR 2.95% - 2.95% 2.95% - - - 13-Jul-10 

JPM Emerging Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 

JPM Emerging Middle East Equity I (acc) - USD 1.06% - 1.03% 1.05% - - 1.06% 08-Dec-10 


JPM Euroland Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Euroland Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Nov-88 

JPMorgan Euroland Equity A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Euroland Equity A (inc) - EUR 1.90% - 1.90% 1.90% 1.87% 1.90% - 18-Oct-07 

JPM Euroland Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 23-Jan-08 

JPM Euroland Equity B (dist) - EUR 1.15% - - - - - - 15-Feb-13 

JPM Euroland Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.85% - 09-Sep-04 

JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM Euroland Equity I (acc) - EUR* - - - - 0.80% 0.81% 0.81% 28-Jun-06 

JPM Euroland Equity X (acc) - EUR 0.14% - 0.15% 0.15% 0.14% 0.15% 0.15% 03-Aug-07 


JPM Euroland Select Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 24-Jul-07 

JPM Euroland Select Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jan-08 

JPM Euroland Select Equity B (acc) - EUR 1.15% - 1.15% 1.15% - - - 17-Feb-11 

JPM Euroland Select Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% - - 16-Sep-09 

JPM Euroland Select Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 24-Jul-07 

JPM Euroland Select Equity X (acc) - EUR 0.15% - 0.15% 0.14% 0.14% 0.15% 0.15% 30-Nov-07 


JPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Dynamic A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPM Europe Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPMorgan Europe Dynamic A (dist) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM Europe Dynamic B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Europe Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 26-Aug-04 

JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 

JPM Europe Dynamic D (acc) - USD* - - - 2.90% 2.90% 2.90% - 01-Oct-04 

JPM Europe Dynamic I (acc) - EUR 0.95% - 0.95% 0.96% 0.95% 0.96% 0.96% 12-Jul-06 

JPM Europe Dynamic T (acc) - EUR 2.90% - 2.90% 2.90% - - - 16-Feb-11 

JPM Europe Dynamic X (acc) - EUR 0.15% - 0.15% - - 0.15% 0.15% 25-Oct-04 

197




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM Europe Dynamic Mega Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 19-Sep-05 

JPM Europe Dynamic Mega Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 26-Sep-07 

JPM Europe Dynamic Mega Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 09-May-06 

JPM Europe Dynamic Mega Cap A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 

JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 27-Mar-06 

JPM Europe Dynamic Mega Cap C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 11-Jan-06 

JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 03-Feb-06 

JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 26-Sep-07 

JPM Europe Dynamic Mega Cap I (acc) - EUR* - - - - - 0.96% 0.96% 07-Aug-06 

JPM Europe Dynamic Mega Cap T (acc) - EUR 2.90% - 2.90% 2.90% - - - 16-Feb-11 

JPM Europe Dynamic Mega Cap X (acc) - EUR 0.15% - 0.11% 0.15% 0.15% 0.15% 0.15% 27-Jan-06 


JPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Dec-88 

JPMorgan Europe Equity A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 29-Dec-00 

JPM Europe Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Europe Equity C (acc) - EUR 0.85% - 0.85% 0.85% 0.85% 0.85% - 26-Aug-04 

JPM Europe Equity C (dist) - USD 0.85% - - - - - - 15-Mar-13 

JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 27-Jun-06 

JPM Europe Equity X (acc) - EUR 0.13% - 0.15% 0.15% 0.15% 0.15% 0.15% 14-Sep-04 


JPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

JPMorgan Europe Small Cap A (dist) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Small Cap B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Europe Small Cap C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 26-Aug-04 

JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Europe Small Cap I (acc) - EUR 0.94% - 0.96% 0.96% - - 0.96% 27-Jun-06 

JPM Europe Small Cap X (acc) - EUR* - - - - - 0.15% 0.15% 24-Nov-04 


JPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Nov-99 

JPM Europe Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPMorgan Europe Technology A (dist) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPM Europe Technology B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 23-May-08 

JPM Europe Technology C (acc) - EUR** 1.05% - - - - - - 20-Jun-08 

JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Europe Technology X (acc) - EUR 0.19% - 0.19% 0.19% 0.20% 0.20% 0.20% 09-Aug-07 


JPM Germany Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 

JPMorgan Germany Equity A (dist) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPM Germany Equity B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Dec-07 

JPM Germany Equity C (acc) - EUR 0.95% - 0.95% 0.95% 0.95% 0.95% - 18-Jan-08 

JPM Germany Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Germany Equity I (acc) - EUR* - - - 0.90% 0.90% 0.91% 0.91% 10-Apr-08 

JPM Germany Equity T (acc) - EUR 2.90% - 2.90% 2.90% - - - 16-Feb-11 

JPM Germany Equity X (acc) - EUR 0.13% - 0.13% 0.14% 0.14% 0.15% 0.15% 30-Nov-07 


JPM Global Consumer Trends A (acc) - CHF (hedged) 1.90% - 1.90% 1.90% 1.90% - - 02-Sep-11 

JPM Global Consumer Trends A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 21-Apr-08 

JPM Global Consumer Trends A (acc) - SGD 1.90% - 1.90% - - - - 21-Sep-11 

JPM Global Consumer Trends A (acc) - USD 1.90% - 1.90% - - - - 05-Oct-09 

JPM Global Consumer Trends B (acc) - EUR* - - 1.15% 1.15% - - - 11-Apr-11 

JPM Global Consumer Trends B (acc) - USD 1.15% - 1.15% 1.15% - - - 11-Apr-11 

JPM Global Consumer Trends C (acc) - EUR 0.95% - 0.95% 0.95% 0.95% 0.95% - 02-Apr-09 

JPM Global Consumer Trends C (acc) - USD 0.95% - - - - - - 26-Sep-12 

JPM Global Consumer Trends D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% - 21-Apr-08 

JPM Global Consumer Trends D (acc) - USD 2.65% - 2.65% 2.65% - - - 11-Apr-11 

JPM Global Consumer Trends T (acc) - EUR 2.65% - 2.65% 2.65% - - - 18-Feb-11 

198




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 1.65% - 1.65% 1.65% 1.65% 1.65% - 12-Dec-08 

JPM Global Convertibles (EUR) A (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 31-Mar-05 

JPM Global Convertibles (EUR) A (dist) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% - 04-May-01 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1.65% - 1.65% 1.65% 1.65% 1.65% - 16-Dec-08 

JPMorgan Global Convertibles (EUR) A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1.00% - 1.00% 1.00% 1.00% 1.00% - 11-Nov-08 

JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 04-May-01 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 1.00% - 1.00% 1.00% - - - 28-Jun-11 

JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 0.95% - 0.95% 0.95% 0.95% 0.95% - 11-Dec-08 

JPM Global Convertibles (EUR) C (acc) - EUR 0.95% - 0.95% 0.95% 0.95% 0.95% - 10-Sep-04 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 0.95% - 0.95% 0.95% 0.95% 0.95% - 24-Nov-08 

JPM Global Convertibles (EUR) C (dist) - USD 0.95% - - - - - - 07-Jan-13 

JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% - 04-May-01 

JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* - - 0.90% 0.90% 0.91% - 0.91% 03-Sep-09 

JPM Global Convertibles (EUR) I (acc) - EUR 0.86% - 0.90% 0.90% 0.89% 0.91% 0.91% 01-Mar-07 

JPM Global Convertibles (EUR) I (inc) - EUR 0.89% - 0.90% 0.89% 0.90% 0.90% 0.91% 09-Jan-07 

JPM Global Convertibles (EUR) T (acc) - EUR 2.15% - - - - - - 05-Jul-12 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 0.12% - 0.14% 0.14% 0.14% - 0.15% 24-Jul-09 

JPM Global Convertibles (EUR) X (acc) - EUR 0.13% - 0.14% 0.14% 0.14% 0.15% 0.15% 23-Nov-04 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)* - - 0.15% 0.15% - - 0.15% 28-Jun-11 


JPM Global Dynamic A (acc) - CHF (hedged) 1.90% - 1.90% 1.90% - - - 31-Aug-10 

JPM Global Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 21-Nov-06 

JPM Global Dynamic A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 30-Oct-07 

JPM Global Dynamic A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% - - 14-Dec-09 

JPM Global Dynamic A (acc) - SGD (hedged) 1.90% - 1.90% 1.90% - - - 26-Apr-11 

JPM Global Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Global Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPM Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPMorgan Global Dynamic A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM Global Dynamic A (inc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-May-06 

JPM Global Dynamic B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPM Global Dynamic C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jun-07 

JPM Global Dynamic C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% 1.00% 1.00% - 24-Jan-08 

JPM Global Dynamic C (acc) - USD 1.00% - 1.00% 1.00% 1.00% 1.00% - 26-Aug-04 

JPM Global Dynamic C (dist) - GBP 1.00% - - - - - - 19-Feb-13 

JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-May-06 

JPM Global Dynamic D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% 2.90% - 30-Oct-07 

JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 

JPM Global Dynamic I (acc) - EUR (hedged) 0.94% - 0.96% 0.96% - - 0.96% 08-Jun-11 

JPM Global Dynamic I (acc) - USD 0.95% - 0.96% 0.95% 0.95% 0.95% 0.96% 07-May-07 

JPM Global Dynamic I (inc) - EUR 0.94% - 0.96% 0.95% 0.94% 0.96% 0.96% 29-Jan-09 

JPM Global Dynamic T (acc) - EUR (hedged) 2.90% - 2.90% 2.90% - - - 18-Feb-11 

JPM Global Dynamic X (acc) - EUR 0.13% - 0.15% 0.15% 0.14% 0.15% 0.15% 19-Jan-07 

JPM Global Dynamic X (acc) - EUR (hedged) 0.14% - 0.15% - - - 0.15% 25-Oct-11 

JPM Global Dynamic X (acc) - USD 0.15% - 0.15% 0.15% 0.14% 0.15% 0.15% 23-Nov-04 


JPM Global Focus A (acc) - CHF (hedged) 1.90% - 1.90% 1.90% - - - 31-Aug-10 

JPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Global Focus A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Jul-07 

JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 23-May-03 

JPMorgan Global Focus A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Dec-06 

JPM Global Focus B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 01-Dec-04 

JPM Global Focus C (acc) - EUR 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jan-06 

JPM Global Focus C (acc) - EUR (hedged) 1.00% - 1.00% 1.00% 1.00% 1.00% - 17-Mar-09 

JPM Global Focus C (acc) - USD* - - 1.00% 1.00% 1.00% - - 20-Apr-10 

JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 23-May-03 

JPM Global Focus D (acc) - EUR (hedged) 2.90% - 2.90% 2.90% 2.90% 2.90% - 11-Jul-07 

JPM Global Focus I (acc) - EUR 0.91% - 0.95% 0.96% - - 0.96% 07-Sep-10 

JPM Global Focus I (acc) - EUR (hedged)* - - 0.95% 0.96% - - 0.96% 28-Jul-10 

JPM Global Focus I (acc) - USD 0.90% - 0.95% 0.96% - - 0.96% 27-Jun-11 

JPM Global Focus T (acc) - EUR 2.90% - 2.90% 2.90% - - - 16-Feb-11 

JPM Global Focus X (acc) - EUR 0.10% - 0.15% 0.14% 0.14% 0.15% 0.15% 24-Nov-04 


JPM Global Government Bond A (acc) - EUR 0.60% - 0.60% 0.70% 0.70% 0.70% - 20-Feb-09 

JPM Global Government Bond A (acc) - USD (hedged) 0.60% - 0.60% 0.70% 0.70% 0.70% - 20-Feb-09 

JPM Global Government Bond B (acc) - EUR 0.45% - 0.45% 0.45% 0.45% - - 28-May-10 

JPM Global Government Bond C (acc) - EUR 0.40% - 0.40% 0.40% 0.40% 0.40% - 26-Feb-09 

JPM Global Government Bond C (dist) - GBP (hedged) 0.40% - - - - - - 29-Jan-13 

JPM Global Government Bond D (acc) - EUR 0.80% - 0.80% 0.95% 0.95% 0.95% - 20-Feb-09 

JPM Global Government Bond X (acc) - EUR 0.10% - 0.10% 0.10% 0.08% 0.04% 0.10% 04-Mar-09 

199




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM Global Mining A (acc) - EUR 1.90% - 1.90% 1.90% - - - 08-Feb-11 

JPM Global Mining A (acc) - SGD 1.90% - 1.90% - - - - 23-Sep-11 

JPM Global Mining A (acc) - USD 1.90% - 1.90% 1.90% - - - 22-Apr-11 

JPM Global Mining B (acc) - EUR* - - 1.15% 1.15% - - - 16-May-11 

JPM Global Mining D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-Feb-11 

JPM Global Mining T (acc) - EUR 2.65% - 2.65% 2.65% - - - 03-Jun-11 


JPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 21-Dec-04 

JPM Global Natural Resources A (acc) - GBP 1.90% - - - - - - 18-Jun-13 

JPM Global Natural Resources A (acc) - SGD 1.90% - 1.90% 1.90% 1.90% - - 14-Dec-09 

JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-Sep-06 

JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Mar-05 

JPM Global Natural Resources B (acc) - EUR 1.15% - 1.15% 1.15% 1.15% 1.15% - 22-Apr-05 

JPM Global Natural Resources C (acc) - EUR 1.05% - 1.05% 1.05% 1.05% 1.05% - 14-Mar-05 

JPM Global Natural Resources C (acc) - USD 1.05% - 1.05% 1.05% 1.05% 1.05% - 05-Apr-07 

JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% - 05-Dec-05 

JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Jun-07 

JPM Global Natural Resources I (acc) - EUR 0.91% - 0.95% - - - 1.01% 29-Feb-12 

JPM Global Natural Resources X (acc) - EUR 0.12% - 0.13% 0.12% 0.13% 0.17% 0.20% 19-Apr-05 


JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Jul-08 

JPM Global Real Estate Securities (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Sep-06 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Jul-08 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) 1.15% - 1.15% 1.15% - - - 16-May-11 

JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - - - - - - - 12-Feb-13 

JPM Global Real Estate Securities (USD) C (acc) - USD 0.80% - 0.80% 0.80% - 0.80% - 20-Feb-08 

JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 31-Jul-08 

JPM Global Real Estate Securities (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 01-Sep-06 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 0.15% - 0.15% - - 0.15% 0.15% 31-Jul-08 

JPM Global Real Estate Securities (USD) X (acc) - USD 0.15% - 0.13% 0.15% 0.15% 0.15% 0.15% 06-Nov-06 


JPM Global Unconstrained Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - 14-Jun-11 

JPM Global Unconstrained Equity A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-08 

JPM Global Unconstrained Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-08 

JPM Global Unconstrained Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 

JPMorgan Global Unconstrained Equity A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Global Unconstrained Equity C (acc) - EUR (hedged) 0.80% - 0.80% 0.80% 0.80% 0.80% - 18-Jul-08 

JPM Global Unconstrained Equity C (acc) - USD 0.80% - 0.80% 0.80% 0.80% 0.80% - 13-Sep-04 

JPM Global Unconstrained Equity D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 18-Jul-08 

JPM Global Unconstrained Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM Global Unconstrained Equity X (acc) - EUR 0.14% - 0.15% 0.15% 0.15% 0.15% 0.15% 25-Jun-09 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 0.15% - 0.15% - - - 0.15% 25-Oct-11 

JPM Global Unconstrained Equity X (acc) - USD 0.15% - 0.15% 0.15% 0.15% 0.15% 0.15% 21-Mar-06 

JPMorgan Funds - Greater China Fund# 

JPMorgan Greater China A (acc) - SGD## 1.90% - 1.90% 1.90% 1.90% - - 14-Dec-09 

JPMorgan Greater China A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Greater China A (dist) - HKD## 1.90% - 1.90% 1.90% - - - 20-Sep-10 

JPMorgan Greater China A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Greater China B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Feb-06 

JPMorgan Greater China C (acc) - USD## 1.00% - 1.00% 1.00% 1.00% 1.00% - 01-Feb-05 

JPMorgan Greater China D (acc) - EUR## 2.90% - 2.90% 2.90% - - - 13-Jul-10 

JPMorgan Greater China D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JPMorgan Greater China I (acc) - USD## 0.91% - 0.94% 0.94% - - 0.96% 28-Jun-06 

JPMorgan Greater China T (acc) - EUR## 2.90% - 2.90% 2.90% - - - 21-Feb-11 

JPMorgan Greater China X (acc) - USD* ## - - - - - 0.20% 0.20% 09-Dec-04 

JPMorgan Funds - Hong Kong Fund# 

JPMorgan Hong Kong A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Hong Kong A (dist) - HKD## 1.90% - 1.90% 1.90% - - - 20-Sep-10 

JPMorgan Hong Kong A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Hong Kong B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Feb-06 

JPMorgan Hong Kong C (acc) - USD## 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jan-05 

JPMorgan Hong Kong D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 


200




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 

JPMorgan Funds - India Fund# 

JPMorgan India A (acc) - SGD## 2.10% - 2.10% 2.10% 2.10% - - 14-Dec-09 

JPMorgan India A (acc) - USD## 2.10% - 2.10% 2.10% 2.10% 2.10% - 01-Apr-05 

JPMorgan India A (dist) - GBP## 2.10% - - - - - - 12-Jul-12 

JPMorgan India A (dist) - USD## 2.10% - 2.10% 2.10% 2.10% 2.10% - 31-Aug-95 

JPMorgan India B (acc) - USD## 1.35% - 1.35% 1.35% 1.35% 1.35% - 03-Sep-04 

JPMorgan India C (acc) - USD## 1.20% - 1.20% 1.20% 1.20% 1.20% - 05-Jan-05 

JPMorgan India C (dist) - USD## 1.20% - - - - - - 05-Mar-13 

JPMorgan India D (acc) - EUR## 2.90% - 2.90% 2.90% - - - 13-Jul-10 

JPMorgan India D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPMorgan India T (acc) - EUR## 2.90% - 2.90% 2.90% - - - 21-Feb-11 

JPMorgan India X (acc) - USD## 0.23% - 0.24% 0.30% 0.31% 0.31% 0.40% 09-Dec-04 

JPMorgan Funds - Japan Equity Fund# 

JPMorgan Japan Equity A (acc) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 12-Jun-06 

JPMorgan Japan Equity A (acc) - JPY## 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Jan-06 

JPMorgan Japan Equity A (acc) - USD** ## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Japan Equity A (dist) - GBP## 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPMorgan Japan Equity A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 

JPMorgan Japan Equity B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 26-Aug-04 

JPMorgan Japan Equity C (acc) - USD## 0.95% - 0.95% 0.95% 0.95% 0.95% - 26-Aug-04 

JPMorgan Japan Equity C (dist) - USD## 0.95% - - - - - - 04-Jan-13 

JPMorgan Japan Equity D (acc) - EUR## 2.65% - 2.65% 2.65% 2.65% 2.65% - 08-May-06 

JPMorgan Japan Equity D (acc) - USD## 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPMorgan Japan Equity I (acc) - USD** ## 0.91% - - - - - 0.91% 27-Jun-06 

JPMorgan Japan Equity J (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Apr-02 

JPMorgan Japan Equity X (acc) - USD## 0.15% - 0.15% 0.15% 0.15% 0.15% 0.15% 24-Nov-04 

JPMorgan Funds - Japan Small Cap Fund# 

JPMorgan Japan Small Cap A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Japan Small Cap A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 

JPMorgan Japan Small Cap B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 14-Sep-05 

JPMorgan Japan Small Cap C (acc) - USD* ## - - - - - 1.00% - 01-Feb-05 

JPMorgan Japan Small Cap D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPMorgan Japan Small Cap X (acc) - USD* ## - - - - - 0.20% 0.20% 16-Dec-04 

JPMorgan Funds - Korea Equity Fund# 

JPMorgan Korea Equity A (acc) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Sep-07 

JPMorgan Korea Equity A (acc) - SGD## 1.90% - 1.90% - - - - 21-Sep-11 

JPMorgan Korea Equity A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 28-Sep-07 

JPMorgan Korea Equity A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 19-May-08 

JPMorgan Korea Equity B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% - - 05-Jun-08 

JPMorgan Korea Equity C (acc) - USD## 1.00% - 1.00% 1.00% 1.00% - - 19-Mar-08 

JPMorgan Korea Equity D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 28-Sep-07 

JPMorgan Korea Equity I (acc) - USD** ## 0.95% - - - - - 0.96% 13-Dec-11 

JPMorgan Korea Equity X (acc) - USD* ## - - 0.20% 0.20% 0.19% - 0.20% 18-Jun-08 


JPM Latin America Equity A (acc) - EUR 1.90% - - - - - - 04-Oct-12 

JPM Latin America Equity A (acc) - SGD 1.90% - 1.90% 1.90% - - - 09-Aug-10 

JPM Latin America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-May-92 

JPMorgan Latin America Equity A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Latin America Equity B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 08-Mar-06 

JPM Latin America Equity B (dist) - USD 1.15% - - - - - - 19-Apr-13 

JPM Latin America Equity C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 13-Jan-05 

JPM Latin America Equity D (acc) - EUR 2.90% - 2.90% 2.90% - - - 13-Jul-10 

JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Latin America Equity I (acc) - JPY 1.06% - - - - - 1.06% 26-Apr-13 

JPM Latin America Equity I (acc) - USD 0.99% - 1.03% 1.02% 1.01% 1.05% 1.06% 26-Jun-06 

JPM Latin America Equity T (acc) - EUR 2.90% - 2.90% 2.90% - - - 21-Feb-11 

JPM Latin America Equity X (acc) - USD 0.14% - 0.17% 0.17% 0.16% 0.19% 0.20% 09-Nov-04 

JPMorgan Funds - Pacific Technology Fund# 

JPMorgan Pacific Technology A (acc) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 09-Dec-08 

JPMorgan Pacific Technology A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Pacific Technology A (dist) - GBP## 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPMorgan Pacific Technology A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 

JPMorgan Pacific Technology B (acc) - USD* ## - - 1.15% 1.15% 1.15% 1.15% - 08-May-06 

JPMorgan Pacific Technology C (acc) - USD## 1.05% - 1.05% 1.05% 1.05% 1.05% - 20-Jun-08 

JPMorgan Pacific Technology D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

201




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM Russia A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 22-Nov-05 

JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 17-Nov-05 

JPM Russia B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 04-May-06 

JPM Russia C (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 13-Nov-07 

JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 27-Jan-06 

JPM Russia I (acc) - USD 1.03% - 0.96% 1.01% 1.01% 1.00% 1.06% 25-Aug-06 

JPM Russia T (acc) - EUR 2.90% - - - - - - 22-Oct-12 

JPMorgan Funds - Singapore Fund# 

JPMorgan Singapore A (acc) - SGD## 1.90% - 1.90% 1.90% 1.90% - - 14-Dec-09 

JPMorgan Singapore A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Singapore A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Singapore B (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 13-Feb-06 

JPMorgan Singapore C (acc) - USD## 1.00% - 1.00% 1.00% 1.00% 1.00% - 20-Jan-05 

JPMorgan Singapore D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JPMorgan Singapore I (acc) - USD* ## - - - - 0.95% 0.95% 0.96% 29-Jun-06 

JPMorgan Funds - Taiwan Fund# 

JPMorgan Taiwan A (acc) - EUR## 1.90% - 1.90% 1.90% 1.90% 1.90% - 09-Dec-08 

JPMorgan Taiwan A (acc) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPMorgan Taiwan A (dist) - HKD## 1.90% - 1.90% 1.90% - - - 20-Sep-10 

JPMorgan Taiwan A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JPMorgan Taiwan B (acc) - USD## 1.30% - 1.30% 1.30% 1.30% 1.30% - 22-Dec-04 

JPMorgan Taiwan C (acc) - USD## 1.15% - 1.15% 1.15% 1.15% 1.15% - 03-Nov-04 

JPMorgan Taiwan D (acc) - USD## 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JPMorgan Taiwan I (acc) - USD* ## - - 0.96% 1.03% 1.02% 1.02% 1.11% 29-Jun-06 

JPMorgan Taiwan X (acc) - USD* ## - - 0.22% 0.29% - - 0.35% 03-Feb-06 


JPM US Aggregate Bond A (acc) - EUR (hedged) 1.10% - 1.10% - - - - 03-Oct-11 

JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 31-Mar-05 

JPM US Aggregate Bond A (div) - USD** 1.10% - - - - - - 30-Apr-12 

JPM US Aggregate Bond A (inc) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-Sep-00 

JPM US Aggregate Bond A (mth) - HKD 1.10% - - - - - - 12-Sep-12 

JPM US Aggregate Bond A (mth) - SGD 1.10% - 1.10% - - - - 18-Jan-12 

JPM US Aggregate Bond A (mth) - SGD (hedged) 1.10% - 1.10% - - - - 18-Jan-12 

JPM US Aggregate Bond A (mth) - USD 1.10% - 1.10% 1.10% 1.10% - - 06-Apr-10 

JPM US Aggregate Bond B (acc) - EUR (hedged) 0.75% - - - - - - 02-Nov-12 

JPM US Aggregate Bond B (acc) - USD 0.75% - 0.75% 0.75% 0.75% 0.75% - 08-Dec-05 

JPM US Aggregate Bond B (mth) - USD 0.75% - 0.75% - - - - 08-Jun-12 

JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.60% 0.60% 0.60% - 13-Jul-05 

JPM US Aggregate Bond C (dist) - GBP (hedged) 0.60% - - - - - - 29-Jan-13 

JPM US Aggregate Bond D (acc) - EUR (hedged) 1.35% - 1.35% 1.35% - - - 02-Nov-10 

JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.35% - 13-Oct-00 

JPM US Aggregate Bond I (acc) - USD 0.56% - 0.56% 0.43% - - 0.56% 17-Jun-11 

JPM US Aggregate Bond I (mth) - USD** 0.56% - - - - - 0.56% 14-May-13 

JPM US Aggregate Bond X (acc) - EUR (hedged) 0.10% - - - - - 0.10% 03-Jun-13 

JPM US Aggregate Bond X (acc) - USD 0.09% - 0.10% 0.10% 0.10% 0.10% 0.10% 30-Mar-05 

JPM US Aggregate Bond X (dist) - GBP (hedged) 0.10% - 0.10% - - - 0.10% 05-Dec-11 


JPM US Dynamic A (acc) - USD 1.74% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Dynamic A (acc) - EUR 1.74% - 1.90% 1.90% 1.90% 1.90% - 16-Mar-06 

JPM US Dynamic A (dist) - USD 1.74% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-03 

JPM US Dynamic B (acc) - USD 1.05% - 1.15% 1.15% 1.15% 1.15% - 01-Sep-04 

JPM US Dynamic C (acc) - USD 0.93% - 1.00% 1.00% 1.00% 1.00% - 26-Aug-04 

JPM US Dynamic D (acc) - USD 2.65% - 2.90% 2.90% 2.90% 2.90% - 18-Jul-03 

JPM US Dynamic D (acc) - EUR 2.66% - 2.90% 2.90% 2.90% 2.90% - 08-May-06 

JPM US Dynamic I (acc) - USD - - - - - 0.94% 0.96% 17-May-06 

JPM US Dynamic I (inc) - EUR 0.88% - 0.91% 0.92% 0.92% 0.94% 0.96% 25-Jun-07 

JPM US Dynamic T (acc) - EUR 2.66% - 2.90% 2.90% - - - 18-Feb-11 

JPM US Dynamic X (acc) - USD 0.02% - 0.15% 0.14% 0.12% 0.14% 0.15% 25-Oct-04 

(4) This Sub-Fund was merged into US Equity Plus Fund on 31 May 2013. The rate disclosed is calculated as at merger date and not annualised. 

202




For the 

year 

ended 

30 Jun 13 

For the 

year 

ended 

30 Jun 13+ 

For the 

year 

ended 

30 Jun 12 

For the 

year 

ended 

30 Jun 11 

For the 

year 

ended 

30 Jun 10 

For the 

year 

ended 

30 Jun 09 

Capped 

Expense 

Ratio 

30 Jun 13 

Inception 

Date 


JPM US Growth A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Mar-07 

JPM US Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPM US Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPM US Growth B (acc) - EUR (hedged) 1.15% - - - - - - 05-Feb-13 

JPM US Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 22-Sep-05 

JPM US Growth B (dist) - USD 1.15% - - - - - - 06-Dec-12 

JPM US Growth C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% 0.85% - 06-Dec-07 

JPM US Growth C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.85% - 08-Mar-06 

JPM US Growth C (dist) - GBP 0.85% - 0.85% 0.85% - - - 21-Jan-11 

JPM US Growth C (dist) - USD 0.85% - 0.85% - - - - 14-Jul-11 

JPM US Growth D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 15-Mar-07 

JPM US Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 

JPM US Growth I (acc) - JPY 0.81% - - - - - 0.81% 26-Apr-13 

JPM US Growth T (acc) - EUR (hedged) 2.65% - - - - - - 22-Oct-12 

JPM US Growth X (acc) - USD 0.09% - 0.13% 0.15% 0.15% 0.15% 0.15% 22-Sep-05 

JPM US Growth X (dist) - USD 0.13% - 0.14% 0.15% - - 0.15% 23-May-11 


JPM US Small Cap Growth A (acc) - EUR 1.90% - 1.90% 1.90% - - - 09-May-11 

JPM US Small Cap Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Small Cap Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Small Cap Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 11-Sep-84 

JPM US Small Cap Growth B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 23-May-05 

JPM US Small Cap Growth C (acc) - USD** 1.00% - - - - - - 23-Nov-11 

JPM US Small Cap Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM US Small Cap Growth X (acc) - USD 0.12% - 0.14% 0.15% 0.15% 0.15% 0.15% 27-May-08 


JPM US Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 11-Jun-10 

JPM US Technology A (acc) - SGD 1.90% - 1.90% - - - - 18-Jan-12 

JPM US Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 

JPMorgan US Technology A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Technology B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 10-Jul-08 

JPM US Technology B (dist) - USD 1.15% - - - - - - 06-Dec-12 

JPM US Technology C (acc) - USD 1.05% - 1.05% 1.05% 1.05% 1.05% - 20-Jun-08 

JPM US Technology C (dist) - USD 1.05% - - - - - - 13-Dec-12 

JPM US Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% - - 11-Dec-09 

JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM US Technology X (acc) - USD* - - - 0.19% 0.20% 0.20% 0.20% 08-Oct-07 


JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Nov-06 

JPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 31-Mar-05 

JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 20-Oct-00 

JPMorgan US Value A (dist) - USD## 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM US Value B (acc) - EUR (hedged) 1.15% - - - - - - 01-Feb-13 

JPM US Value B (acc) - USD 1.15% - 1.15% 1.15% 1.15% 1.15% - 11-Oct-04 

JPM US Value B (dist) - USD 1.15% - - - - - - 12-Jun-13 

JPM US Value C (acc) - EUR (hedged) 0.85% - 0.85% 0.85% 0.85% 0.85% - 07-Jan-09 

JPM US Value C (acc) - USD 0.85% - 0.85% 0.85% 0.85% 0.85% - 01-Sep-04 

JPM US Value C (dist) - GBP 0.85% - - - - - - 30-Jan-13 

JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Nov-06 

JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 

JPM US Value I (acc) - USD 0.74% - 0.78% 0.80% - - 0.81% 05-May-11 

JPM US Value X (acc) - EUR (hedged)* - - 0.15% - - - 0.15% 17-Nov-11 

JPM US Value X (acc) - USD 0.08% - 0.13% 0.14% 0.14% 0.15% 0.15% 24-Nov-04 

+ These figures include the Performance Fees, where applicable. 



* Share Class inactive as at the end of the year. 


*** Expense ratios are calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association. The Total Expense Ratio (“TER”) represents the total operating costs as a 

percentage of the Fund’s average daily net assets. The total operating cost comprises investment management and advisory fees, custodian fees, taxe d’abonnement and other expenses, as 

summarised in the Combined Statement of Operations. Overdraft interest and Performance Fees are excluded from the calculation. The capped expense ratios and total expense ratios for some share 

classes may have changed over the previous five years. All details concerning these changes have been disclosed in previous years’ Financial Statements. 

All TER figures are annualised. 

203



2. Summary of Investment Objectives of the Sub-Funds 


Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of US companies. 


Seeks to achieve a return in excess of Asian bond markets by investing primarily in Asian local currency debt securities, using financial derivative 

instruments where appropriate. 


Seeks to provide income and long term capital growth by investing primarily in income generating securities of countries in the Asia Pacific region (excluding 

Japan). 


Seeks to provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. 


Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China. 


Seeks to provide long-term capital growth by investing primarily in companies in central and eastern Europe (the “Eastern Europe Countries”). 


Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of central, eastern and southern Europe, Middle East 

and Africa. 


Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market debt securities. 


Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market debt securities, including corporate 

securities and securities issued in local currencies, using financial derivative instruments where appropriate. 


Seeks to provide long-term capital growth by investing primarily in emerging market companies. 


Seeks to achieve a return in excess of government bond markets of emerging markets countries by investing primarily in emerging market local currency 

debt securities, using financial derivative instruments where appropriate. 


Seeks to provide long-term capital growth by investing primarily in an aggressively managed portfolio of emerging market companies. 


Seeks to provide long-term capital growth by investing primarily in companies of the emerging markets of the Middle East region. 


Seeks to provide long-term capital growth by investing primarily in companies of countries which are part of the Euro-zone (the “Euroland Countries”). 


Seeks to achieve a return in excess of Euro-zone equity markets by investing primarily in companies of countries which are part of the Euro-zone (the 

“Euroland Countries”). 


Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. 


Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies. 


Seeks to provide long-term capital growth by investing primarily in European companies. 


Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies. 


Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. 


Seeks to provide long-term capital growth by investing primarily in German companies. 

204





Seeks to provide long-term capital growth by investing primarily in companies benefiting from consumer driven opportunities, globally. 


Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities, globally. 


Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. 


Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small companies, 

globally, that the Investment Manager believes to be attractively valued and to have significant profit growth or earnings recovery potential. 


Seeks to achieve a return in line with the benchmark by investing primarily in a portfolio of global government debt securities. 


Seeks to provide long-term capital growth by investing primarily in companies engaged in mining and mining related activities, anywhere in the world. 


Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally, many of which are in the early stages of 

exploration. 


Seeks to provide long-term capital growth by investing primarily in a portfolio of Real Estate Investment Trusts (“REITs”) and in companies that own, develop, 

operate or finance real estate, where real estate assets or activities account for more than 50% of the value of such companies’ shares (“Real Estate 

Companies”). 


Seeks to provide long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. 


Seeks to provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”). 


Seeks to provide long-term capital growth by investing primarily in Hong Kong companies. 


Seeks to provide long-term capital growth by investing primarily in Indian companies. 


Seeks to provide long-term capital growth by investing primarily in Japanese companies. 


Seeks to provide long-term capital growth by investing primarily in small capitalisation Japanese companies. 


Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using financial derivative instruments 

where appropriate. 


Seeks to provide long-term capital growth by investing primarily in Latin American companies. 


Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin 

(including Japan). 


Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies. 


Seeks to provide long-term capital growth by investing primarily in Singaporean companies. 


Seeks to provide long-term capital growth by investing primarily in Taiwanese companies. 


Seeks to achieve a return in excess of US bond markets by investing primarily in US investment grade debt securities. 

205





Prior to its merger, this Sub-Fund sought to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies. 


Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies. 


Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies. 


Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies. 


Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies. 

206



3. Performance and Volatility 

Performance 

Returns for periods greater than one year are annualised. Fund performance includes reinvestment of income and is net of all expenses. 

Past performance is no indication of current or future performance. 

The performance data does not take into account the commissions and costs incurred on the issue and redemption of units. 

Volatility 

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial period. 

The details below relate to the year from 1 July 2012 to 30 June 2013. 

If D is equal to or less than 0.1 then volatility will be Low 

If D is greater than 0.1 but less or equal to 1.0 then volatility will be Medium 

If D is greater than 1.0 but less than or equal to 2.4 then volatility will be High 

If D is greater than 2.4 then volatility will be Very High 



JPM America Equity A (acc) - EUR*** - - - - - - - - Medium 

JPM America Equity A (acc) - EUR (hedged) 3.33% 16.20% 11.14% 20.39% 10.96% 17.52% 17.63% 5.27% Medium 

JPM America Equity A (acc) - HKD 3.12% - - - - - - - Medium 

JPM America Equity A (acc) - USD 3.28% 16.13% 11.30% 21.09% 11.49% 18.10% 18.55% 6.55% Medium 

JPM America Equity A (dist) - USD 3.22% 16.08% 11.31% 21.03% 11.45% 18.07% 18.50% 6.52% Medium 

JPMorgan America Equity A (dist) - USD## 3.22% 16.07% 11.30% 21.01% 11.45% 18.07% 18.48% 6.52% Medium 

JPM America Equity B (acc) - USD 3.38% 16.51% 11.93% 21.94% 12.40% 19.28% 19.91% 7.59% Medium 

JPM America Equity C (acc) - EUR (hedged) 3.48% 16.80% 12.09% 21.75% 12.19% 19.10% 19.43% 6.52% Medium 

JPM America Equity C (acc) - USD 3.47% 16.67% 12.20% 22.29% 12.72% 19.71% 20.38% 7.98% Medium 

JPM America Equity C (dist) - USD 3.49% 16.68% 12.19% - - - - - Medium 

JPM America Equity D (acc) - EUR 1.40% 17.27% 9.39% 16.69% 17.14% 13.91% 20.56% 10.85% Medium 

JPM America Equity D (acc) - EUR (hedged) 2.98% 15.62% 10.39% 19.45% 9.99% 16.37% 16.37% 4.31% Medium 

JPM America Equity D (acc) - USD 3.04% 15.61% 10.64% 20.13% 10.52% 16.92% 17.23% 5.55% Medium 

JPM America Equity I (acc) - USD 3.53% 16.73% - - - - - - Medium 

JPM America Equity X (acc) - USD 3.64% 17.10% 12.77% 23.11% 13.61% 20.81% 21.66% 8.96% Medium 


JPM Asia Local Currency Debt A (acc) - USD -5.99% -5.91% -3.29% 0.61% 0.89% 6.13% - - Medium 

JPM Asia Local Currency Debt A (mth) - HKD -5.99% - - - - - - - Medium 

JPM Asia Local Currency Debt A (mth) - USD -5.92% - - - - - - - Medium 

JPM Asia Local Currency Debt C (acc) - USD -5.89% -5.74% -2.97% 1.02% 1.32% - - - Medium 

JPM Asia Local Currency Debt D (acc) - USD -6.09% -6.13% -3.58% - - - - - Medium 

JPM Asia Local Currency Debt X (acc) - USD -5.78% - - - - - - - Medium 


JPMorgan Asia Pacific Income A (acc) - HKD## -5.47% - - - - - - - Medium 

JPMorgan Asia Pacific Income A (acc) - USD## -5.54% 0.53% 5.58% 15.19% 3.85% 9.48% 10.62% 5.72% Medium 

JPMorgan Asia Pacific Income A (dist) - USD## -5.52% 0.56% 5.62% 15.06% 3.58% 9.11% 10.06% 5.12% Medium 

JPMorgan Asia Pacific Income A (mth) - HKD## -5.51% 0.88% 5.86% 15.37% - - - - Medium 

JPMorgan Asia Pacific Income A (mth) - SGD## -3.39% 4.50% 9.18% - - - - - Medium 

JPMorgan Asia Pacific Income A (mth) - SGD (hedged)## -5.68% - - - - - - - Medium 

JPMorgan Asia Pacific Income A (mth) - USD## -5.46% 0.67% 5.71% 15.18% - - - - Medium 

JPMorgan Asia Pacific Income B (acc) - USD## -5.34% 0.88% 6.25% 16.05% 4.65% 10.44% 11.70% 6.71% Medium 

JPMorgan Asia Pacific Income B (mth) - USD## -5.32% 0.99% 6.27% - - - - - Medium 

JPMorgan Asia Pacific Income C (dist) - USD## -5.33% 1.00% 6.33% - - - - - Medium 

JPMorgan Asia Pacific Income D (acc) - USD## -5.64% 0.35% 5.29% 14.78% 3.40% 8.92% 10.00% 5.17% Medium 

JPMorgan Asia Pacific Income D (mth) - USD## -5.57% 0.45% 5.36% - - - - - Medium 

JPMorgan Asia Pacific Income X (acc) - USD## -5.14% - - - - - - - Medium 


JPM Brazil Equity A (acc) - EUR -18.19% -15.37% -13.27% -11.91% -12.62% - - - High 

JPM Brazil Equity A (acc) - SGD -15.11% -13.52% -9.38% -9.21% -15.20% - - - High 

JPM Brazil Equity A (acc) - USD -16.95% -16.68% -12.36% -9.46% -16.36% -6.05% 2.12% -5.60% High 

JPM Brazil Equity A (dist) - USD -16.90% -16.63% -12.28% -9.08% -16.12% -5.81% - - High 

JPM Brazil Equity B (acc) - USD -16.76% -16.31% -11.89% -8.70% -15.84% -5.39% 3.00% -5.04% High 

JPM Brazil Equity C (acc) - USD -16.75% -16.34% -11.88% -8.70% -15.80% -5.35% 2.94% - High 

JPM Brazil Equity D (acc) - EUR -18.41% -15.80% -13.92% -12.79% -13.37% - - - High 

JPM Brazil Equity D (acc) - USD -17.05% -16.96% -12.93% -10.24% -16.99% -6.82% 1.18% -6.25% High 

JPM Brazil Equity I (acc) - EUR -18.00% -15.00% -12.70% -11.14% -11.98% -6.97% - - High 

JPM Brazil Equity I (acc) - USD -16.68% -16.18% -11.75% -8.55% -15.71% -5.28% 3.06% -4.99% High 

JPM Brazil Equity T (acc) - EUR -18.39% -15.80% -13.91% -12.78% -13.36% - - - High 


207





JPMorgan China A (acc) - SGD## -2.77% -3.49% 6.80% 5.31% -8.25% -5.10% - - Medium 

JPMorgan China A (acc) - USD## -4.90% -7.11% 3.37% 5.21% -9.58% -2.23% 0.09% -1.73% Medium 

JPMorgan China A (dist) - HKD## -4.89% -6.98% 3.44% 5.15% -9.61% - - - Medium 

JPMorgan China A (dist) - USD## -4.91% -7.12% 3.35% 5.21% -9.59% -2.24% 0.09% -1.72% Medium 

JPMorgan China B (acc) - USD## -4.69% -6.76% 3.96% 6.00% -8.97% -1.53% 0.86% -1.03% Medium 

JPMorgan China C (acc) - USD## -4.71% -6.71% 4.05% 6.19% -8.85% -1.39% 1.01% -0.90% Medium 

JPMorgan China C (dist) - USD## -4.70% -6.66% 4.17% - - - - - Medium 

JPMorgan China D (acc) - EUR## -6.62% -6.22% 1.53% 1.31% -5.99% - - - Medium 

JPMorgan China D (acc) - USD## -5.16% -7.56% 2.60% 4.19% -10.37% -3.13% -0.87% -2.59% Medium 

JPMorgan China I (acc) - USD##* - - - - - - - - Medium 

JPMorgan China T (acc) - EUR## -6.63% -6.23% 1.53% 1.31% -5.99% - - - Medium 

JPMorgan China X (acc) - USD## -4.49% -6.31% 4.72% 7.08% -8.13% - - - Medium 


JPM Eastern Europe Equity A (acc) - EUR -9.71% -7.63% -3.78% 4.41% -5.78% -1.14% 13.55% -5.25% Medium 

JPM Eastern Europe Equity A (acc) - USD -8.31% -8.98% -2.80% 7.33% -10.17% - - - Medium 

JPM Eastern Europe Equity A (dist) - EUR -9.72% -7.65% -3.82% 4.44% -5.77% -1.13% 13.55% -5.22% Medium 

JPMorgan Eastern Europe Equity A (dist) - EUR## -9.72% -7.65% -3.81% 4.45% -5.77% -1.14% 13.55% -5.22% Medium 

JPM Eastern Europe Equity B (acc) - EUR -9.63% -7.38% -3.28% 5.04% -5.10% -0.42% 14.68% -4.68% Medium 

JPM Eastern Europe Equity B (dist) - EUR*** - - - - - - - - Medium 

JPM Eastern Europe Equity C (acc) - EUR -9.56% -7.31% -3.26% 5.17% -5.04% -0.34% 14.85% -4.62% Medium 

JPM Eastern Europe Equity D (acc) - EUR -9.94% -8.10% -4.49% 3.38% -6.63% -2.07% 12.05% -5.95% Medium 

JPM Eastern Europe Equity I (acc) - EUR -9.51% -7.27% -3.19% 5.23% -4.98% -0.30% - -0.88% Medium 

JPM Eastern Europe Equity X (acc) - EUR -9.36% -6.87% -2.59% 6.15% -4.23% 0.57% 16.30% -3.91% Medium 


JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR -8.73% -7.99% -4.33% 2.45% -1.35% 1.77% 13.87% - Medium 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD -5.17% -5.73% 0.00% 5.51% -4.69% - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity A (acc) - USD -7.26% -9.27% -3.31% 5.41% -6.18% 3.99% 11.02% -4.67% Medium 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD -7.28% -9.30% -3.32% 5.42% -6.17% 3.99% 10.93% -4.68% Medium 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD -7.07% -8.99% -2.76% 6.19% -5.54% 4.82% 12.06% -4.09% Medium 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD -7.08% -8.91% -2.70% 6.25% -5.43% 4.93% 12.25% -4.02% Medium 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR -8.94% -8.43% -5.04% 1.44% -2.30% - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD -7.49% -9.73% -4.03% 4.33% -7.05% 2.88% 9.60% -5.42% Medium 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD -7.05% -8.89% -2.66% 6.32% - - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR -8.93% -8.43% -5.03% 1.45% -2.31% - - - Medium 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD -6.91% -8.57% -2.09% 7.16% -4.63% 5.99% - - Medium 


JPM Emerging Markets Bond A (acc) - USD -6.00% -7.86% -5.69% 0.82% 4.48% 7.44% - - Medium 

JPM Emerging Markets Bond A (mth) - USD -5.88% -7.62% -5.35% 1.27% - - - - Medium 

JPM Emerging Markets Bond B (acc) - USD -5.89% -7.65% -5.37% 1.27% 4.97% 7.98% - - Medium 

JPM Emerging Markets Bond B (mth) - USD -5.80% -7.43% -5.00% 1.75% - - - - Medium 

JPM Emerging Markets Bond C (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM Emerging Markets Bond C (acc) - USD -5.80% -7.47% -5.08% 1.68% 5.41% 8.48% - - Medium 

JPM Emerging Markets Bond D (acc) - USD -6.16% -8.17% -6.18% 0.12% 3.72% 6.59% - - Medium 

JPM Emerging Markets Bond D (mth) - USD -6.05% -7.94% -5.83% 0.58% - - - - Medium 

JPM Emerging Markets Bond I (acc) - JPY (hedged)*** - - - - - - - - Medium 

JPM Emerging Markets Bond I (acc) - USD -5.78% -7.45% -5.06% 1.72% 5.46% 8.53% - - Medium 

JPM Emerging Markets Bond X (acc) - GBP (hedged) -5.72% -7.04% -4.52% 2.39% - - - - Medium 

JPM Emerging Markets Bond X (acc) - USD -5.66% -7.22% -4.69% 2.24% 6.02% 9.18% - - Medium 


JPM Emerging Markets Debt A (acc) - EUR (hedged) -6.04% -7.64% -5.18% 1.63% 4.51% 8.29% 12.28% 5.20% Medium 

JPM Emerging Markets Debt A (acc) - GBP (hedged) -6.03% - - - - - - - Medium 

JPM Emerging Markets Debt A (acc) - USD -5.98% -7.59% -4.97% 2.00% 4.86% 8.67% - - Medium 

JPM Emerging Markets Debt A (inc) - EUR (hedged) -6.07% -7.72% -5.22% 1.85% 4.45% 7.96% 11.97% 4.81% Medium 

JPM Emerging Markets Debt A (inc) - USD -6.00% -7.60% -4.94% 2.03% - - - - Medium 

JPM Emerging Markets Debt A (irc) - AUD (hedged) -5.57% - - - - - - - Medium 

JPM Emerging Markets Debt A (irc) - CAD (hedged) -5.95% - - - - - - - Medium 

JPM Emerging Markets Debt A (irc) - NZD (hedged) -5.76% - - - - - - - Medium 

JPM Emerging Markets Debt A (mth) - EUR (hedged) -5.87% -7.42% -4.82% 2.06% 4.52% 8.03% 11.64% - Medium 

JPM Emerging Markets Debt A (mth) - HKD -5.91% -7.22% -4.58% 2.44% - - - - Medium 

JPM Emerging Markets Debt A (mth) - USD -5.92% -7.39% -4.61% 2.38% 4.82% 8.41% - - Medium 

JPM Emerging Markets Debt B (acc) - EUR (hedged) -5.93% -7.49% -4.82% 2.07% 5.01% 8.83% - - Medium 

JPM Emerging Markets Debt B (acc) - USD -5.89% -7.39% -4.62% 2.47% - - - - Medium 

JPM Emerging Markets Debt C (acc) - EUR (hedged) -5.84% -7.28% -4.57% 2.41% 5.44% 9.36% 13.58% 6.30% Medium 

JPM Emerging Markets Debt C (acc) - USD -5.80% -7.21% -4.34% 2.88% - - - - Medium 

JPM Emerging Markets Debt C (dist) - USD -5.78% -7.17% -4.28% 2.98% - - - - Medium 

JPM Emerging Markets Debt C (mth) - USD -5.69% -6.98% -4.01% - - - - - Medium 

JPM Emerging Markets Debt D (acc) - EUR (hedged) -6.16% -7.93% -5.60% 0.93% 3.80% 7.46% 11.27% 4.35% Medium 

JPM Emerging Markets Debt I (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPM Emerging Markets Debt I (inc) - EUR (hedged) -5.78% -7.25% -4.44% 2.79% 5.32% 8.90% 13.16% 5.74% Medium 

JPM Emerging Markets Debt X (acc) - EUR (hedged) -5.70% -7.03% -4.14% 3.06% - - - - Medium 

JPM Emerging Markets Debt X (acc) - GBP (hedged) -5.69% -6.96% -3.95% 3.38% - - - - Medium 

JPM Emerging Markets Debt X (dist) - USD -5.67% -6.92% -3.89% - - - - - Medium 

208





JPM Emerging Markets Equity A (acc) - EUR -9.25% -7.27% -3.99% 0.31% -1.26% 0.64% 10.69% 3.27% Medium 

JPM Emerging Markets Equity A (acc) - EUR (hedged) -7.81% -8.66% -3.31% 2.44% - - - - Medium 

JPM Emerging Markets Equity A (acc) - SGD -5.78% -5.04% 0.23% 3.29% -4.64% -0.52% - - Medium 

JPM Emerging Markets Equity A (acc) - USD -7.87% -8.64% -3.03% 3.12% -6.11% 2.77% 8.04% -0.79% Medium 

JPM Emerging Markets Equity A (dist) - GBP -8.15% -2.41% 2.89% 6.34% -3.84% 2.23% 10.82% 5.04% Medium 

JPM Emerging Markets Equity A (dist) - USD -7.86% -8.62% -3.00% 3.15% -6.10% 2.77% 8.00% -0.84% Medium 

JPM Emerging Markets Equity B (acc) - USD -7.67% -8.29% -2.46% 3.93% -5.44% 3.60% 9.06% -0.05% Medium 

JPM Emerging Markets Equity C (acc) - EUR -9.10% - - - - - - - Medium 

JPM Emerging Markets Equity C (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPM Emerging Markets Equity C (acc) - USD -7.64% -8.28% -2.42% 3.96% -5.41% 3.65% 9.12% 0.00% Medium 

JPM Emerging Markets Equity C (dist) - GBP -7.95% -2.01% 3.54% - - - - - Medium 

JPM Emerging Markets Equity C (dist) - USD -7.68% -8.27% -2.45% 3.96% -5.41% - - - Medium 

JPM Emerging Markets Equity D (acc) - EUR -9.52% -7.82% -4.74% -0.79% -2.22% -0.37% 9.32% 2.13% Medium 

JPM Emerging Markets Equity D (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPM Emerging Markets Equity D (acc) - USD -8.09% -9.10% -3.77% 2.09% -6.98% 1.70% 6.76% -1.72% Medium 

JPM Emerging Markets Equity I (acc) - EUR -9.06% -6.85% -3.33% 1.24% -0.38% 1.58% 11.99% - Medium 

JPM Emerging Markets Equity I (acc) - EUR (hedged) -7.59% -8.25% -2.65% - - - - - Medium 

JPM Emerging Markets Equity I (acc) - USD -7.66% -8.22% -2.38% 4.04% -5.32% 3.76% 9.24% 0.08% Medium 

JPM Emerging Markets Equity I (inc) - EUR -9.12% -6.88% -3.39% 1.13% -0.41% 1.53% 11.78% 4.05% Medium 

JPM Emerging Markets Equity X (acc) - EUR -8.88% -6.51% -2.78% 2.04% 0.45% - - - Medium 

JPM Emerging Markets Equity X (acc) - USD -7.44% -7.85% -1.77% 4.93% -4.59% 4.68% 10.41% 0.94% Medium 

JPM Emerging Markets Equity X (dist) - USD -7.42% -7.85% -1.75% 4.92% -4.61% 4.66% 10.33% - Medium 

JPM Emerging Markets Equity X (inc) - EUR -8.88% -6.51% -2.71% 2.09% 0.38% 2.38% 12.93% 4.94% Medium 


JPM Emerging Markets Local Currency Debt A (acc) - EUR -9.10% -6.78% -5.25% -2.32% 3.18% 2.91% 10.40% 9.33% High 

JPM Emerging Markets Local Currency Debt A (acc) - SGD -5.67% -4.62% -1.05% 0.50% - - - - High 

JPM Emerging Markets Local Currency Debt A (acc) - USD -7.66% -8.13% -4.29% 0.44% -2.12% 5.17% 7.77% 4.22% High 

JPM Emerging Markets Local Currency Debt A (dist) - GBP -7.98% -1.92% 1.55% 3.35% 0.18% - - - High 

JPM Emerging Markets Local Currency Debt A (div) - EUR -8.89% -6.47% -4.81% -1.79% - - - - High 

JPM Emerging Markets Local Currency Debt A (inc) - EUR -9.11% -6.81% -5.27% -2.14% 3.22% - - - High 

JPM Emerging Markets Local Currency Debt A (mth) - USD -7.50% -7.83% -3.88% 0.83% -1.94% 5.25% - - High 

JPM Emerging Markets Local Currency Debt B (acc) - EUR -8.98% -6.56% -4.88% -1.83% 3.75% - - - High 

JPM Emerging Markets Local Currency Debt B (acc) - USD -7.51% -7.87% -3.84% 0.98% -1.58% 5.59% - 1.95% High 

JPM Emerging Markets Local Currency Debt B (mth) - USD -7.32% -7.46% -3.35% - - - - - High 

JPM Emerging Markets Local Currency Debt C (acc) - EUR -8.95% -6.49% -4.78% -1.69% 3.91% - - - High 

JPM Emerging Markets Local Currency Debt C (acc) - USD -7.48% -7.80% -3.77% 1.15% -1.44% 5.75% - - High 

JPM Emerging Markets Local Currency Debt C (dist) - GBP -7.86% -1.66% 1.99% - - - - - High 

JPM Emerging Markets Local Currency Debt C (mth) - USD -7.36% -7.58% - - - - - - High 

JPM Emerging Markets Local Currency Debt D (acc) - EUR -9.21% -7.02% -5.66% -2.88% 2.61% 2.35% 9.68% 8.59% High 

JPM Emerging Markets Local Currency Debt D (acc) - USD -7.81% -8.39% -4.64% -0.11% -2.60% 4.38% 7.09% 3.43% High 

JPM Emerging Markets Local Currency Debt D (div) - EUR -8.99% -6.72% -5.17% -2.22% 2.90% 2.45% - - High 

JPM Emerging Markets Local Currency Debt D (mth) - USD -7.63% -8.01% -4.16% - - - - - High 

JPM Emerging Markets Local Currency Debt I (acc) - EUR -8.94% -6.47% -4.75% -1.65% 3.93% - - - High 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged)*** - - - - - - - - High 

JPM Emerging Markets Local Currency Debt I (acc) - USD -7.51% -7.81% -3.75% 1.16% - - - - High 

JPM Emerging Markets Local Currency Debt I (inc) - EUR -8.94% -6.48% -4.75% -1.49% - - - - High 

JPM Emerging Markets Local Currency Debt T (acc) - EUR -9.22% -7.04% -5.62% -2.85% 2.63% - - - High 

JPM Emerging Markets Local Currency Debt T (div) - EUR -9.01% -6.69% -5.16% -2.23% 2.92% - - - High 

JPM Emerging Markets Local Currency Debt X (acc) - EUR -8.82% -6.24% -4.38% -1.15% 4.50% - - - High 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) -7.34% -7.57% - - - - - - High 

JPM Emerging Markets Local Currency Debt X (acc) - USD -7.42% -7.59% -3.41% 1.67% -0.90% 6.43% 9.44% - High 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR -8.81% - - - - - - - High 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP -7.67% -1.28% 2.53% 4.82% - - - - High 


209





JPM Emerging Markets Opportunities A (acc) - CHF (hedged) -8.01% - - - - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - EUR -9.51% -9.58% -4.74% -0.07% - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - SGD -5.96% - - - - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - SGD (hedged) -8.28% - - - - - - - Medium 

JPM Emerging Markets Opportunities A (acc) - USD -8.09% -10.88% -3.75% 2.77% -3.66% 6.23% - - Medium 

JPM Emerging Markets Opportunities A (dist) - EUR -9.51% -9.57% -4.77% -0.15% - - - - Medium 

JPM Emerging Markets Opportunities A (dist) - GBP -8.38% -4.82% - - - - - - Medium 

JPM Emerging Markets Opportunities A (dist) - USD -8.10% - - - - - - - Medium 

JPM Emerging Markets Opportunities A (inc) - EUR*** - - - - - - - - Medium 

JPM Emerging Markets Opportunities B (acc) - USD -7.92% -10.55% -3.20% 3.54% -2.96% 7.14% - - Medium 

JPM Emerging Markets Opportunities B (dist) - GBP** -8.21% - - - - - - - Medium 

JPM Emerging Markets Opportunities C (acc) - PLN -5.68% -3.26% 1.16% 3.25% - - - - Medium 

JPM Emerging Markets Opportunities C (acc) - USD -7.91% -10.52% -3.17% 3.59% -2.92% 7.19% - - Medium 

JPM Emerging Markets Opportunities C (dist) - GBP -8.19% - - - - - - - Medium 

JPM Emerging Markets Opportunities C (dist) - USD*** - - - - - - - - Medium 

JPM Emerging Markets Opportunities D (acc) - EUR*** - - - - - - - - Medium 

JPM Emerging Markets Opportunities D (acc) - PLN -6.06% -4.00% -0.01% 1.66% - - - - Medium 

JPM Emerging Markets Opportunities D (acc) - USD -8.27% -11.20% -4.28% - - - - - Medium 

JPM Emerging Markets Opportunities I (acc) - EUR -9.31% -9.18% -4.12% - - - - - Medium 

JPM Emerging Markets Opportunities I (acc) - USD -7.89% -10.49% -3.12% 3.66% - - - - Medium 

JPM Emerging Markets Opportunities T (acc) - EUR -9.69% -9.91% - - - - - - Medium 

JPM Emerging Markets Opportunities X (acc) - EUR -9.12% - - - - - - - Medium 

JPM Emerging Markets Opportunities X (acc) - GBP -7.97% -4.00% - - - - - - Medium 

JPM Emerging Markets Opportunities X (acc) - USD -7.68% -10.11% -2.49% 4.54% -2.05% 8.30% - - Medium 


JPM Emerging Middle East Equity A (acc) - EUR -6.93% 4.88% 9.98% 15.61% 9.29% 3.02% 11.96% - Medium 

JPM Emerging Middle East Equity A (acc) - SGD -3.72% 7.03% 14.54% 19.43% 4.93% - - - Medium 

JPM Emerging Middle East Equity A (acc) - USD -5.48% 3.35% 11.25% 20.96% 3.37% 5.29% 9.16% -2.12% Medium 

JPM Emerging Middle East Equity A (dist) - USD -5.47% 3.37% 11.26% 20.86% 3.15% 5.12% 8.93% -2.18% Medium 

JPM Emerging Middle East Equity B (acc) - USD -5.30% 3.76% 11.93% 21.98% 4.22% 6.19% 10.24% -1.42% Medium 

JPM Emerging Middle East Equity C (acc) - USD -5.26% 3.76% 11.93% 21.99% 4.24% 6.29% 10.34% -1.35% Medium 

JPM Emerging Middle East Equity D (acc) - EUR -7.20% 4.32% 9.11% 14.36% 8.10% - - - Medium 

JPM Emerging Middle East Equity D (acc) - USD -5.72% 2.82% 10.43% 19.79% 2.34% 4.14% 7.82% -3.00% Medium 

JPM Emerging Middle East Equity I (acc) - USD -5.27% 3.79% 12.00% 22.10% 4.34% - - - Medium 


JPM Euroland Equity A (acc) - EUR 0.56% 5.30% 12.37% 23.22% -0.23% 5.72% 8.25% -2.30% Medium 

JPM Euroland Equity A (dist) - EUR 0.61% 5.33% 12.39% 23.05% -0.57% 5.42% 7.88% -2.43% Medium 

JPMorgan Euroland Equity A (dist) - USD## 2.11% 3.61% 13.49% 26.48% -5.49% 7.90% 5.50% -5.39% Medium 

JPM Euroland Equity A (inc) - EUR 0.68% 5.36% 12.38% 23.20% -0.57% 5.44% 7.87% -2.46% Medium 

JPM Euroland Equity B (acc) - EUR 0.79% 5.67% 13.02% 24.17% 0.51% 6.67% 9.28% -1.60% Medium 

JPM Euroland Equity B (dist) - EUR 0.80% - - - - - - - Medium 

JPM Euroland Equity C (acc) - EUR 0.81% 5.81% 13.18% 24.54% 0.82% 6.97% 9.68% -1.34% Medium 

JPM Euroland Equity D (acc) - EUR 0.37% 4.94% 11.77% 22.27% -0.97% 4.88% 7.28% -2.94% Medium 

JPM Euroland Equity I (acc) - EUR* - - - - - - - - Medium 

JPM Euroland Equity X (acc) - EUR 1.07% 6.30% 13.79% 25.45% 1.56% 7.87% 10.67% -0.66% Medium 


JPM Euroland Select Equity A (acc) - EUR 0.67% 5.34% 11.77% 22.75% 1.44% 6.86% 9.72% -0.03% Medium 

JPM Euroland Select Equity A (dist) - EUR 0.71% 5.37% 11.87% 22.49% 1.12% 6.49% 9.11% -0.34% Medium 

JPM Euroland Select Equity B (acc) - EUR 0.92% 5.77% 12.46% 23.65% 2.21% - - - Medium 

JPM Euroland Select Equity C (acc) - EUR 1.01% 5.91% 12.66% 24.07% 2.49% 8.11% - - Medium 

JPM Euroland Select Equity D (acc) - EUR 0.56% 4.98% 11.16% 21.73% 0.64% 5.98% 8.69% -0.78% Medium 

JPM Euroland Select Equity X (acc) - EUR 1.15% 6.28% 13.26% 24.82% 3.27% 8.99% 12.23% 1.81% Medium 


JPM Europe Dynamic A (acc) - EUR 1.03% 9.38% 18.42% 25.66% 10.68% 13.49% 16.02% 2.84% Medium 

JPM Europe Dynamic A (dist) - EUR 1.14% 9.43% 18.49% 25.53% 10.38% 13.19% 15.38% 2.45% Medium 

JPMorgan Europe Dynamic A (dist) - EUR## 1.06% 9.39% 18.43% 25.48% 10.37% 13.17% 15.45% 2.47% Medium 

JPM Europe Dynamic A (dist) - GBP 2.39% 15.13% 27.05% 32.93% 7.16% 15.33% 15.67% 4.27% Medium 

JPM Europe Dynamic B (acc) - EUR 1.26% 9.75% 19.14% 26.62% 11.62% 14.58% 17.27% 3.73% Medium 

JPM Europe Dynamic C (acc) - EUR 1.33% 9.86% 19.30% 26.85% 11.77% 14.80% 17.54% 3.89% Medium 

JPM Europe Dynamic D (acc) - EUR 0.84% 8.89% 17.56% 24.44% 9.51% 12.14% 14.42% 1.74% Medium 

JPM Europe Dynamic D (acc) - USD* - - - - - - - - Medium 

JPM Europe Dynamic I (acc) - EUR 1.33% 9.90% 19.36% 26.94% 11.86% 14.88% 17.62% - Medium 

JPM Europe Dynamic T (acc) - EUR 0.84% 8.85% 17.59% 24.45% 9.50% - - - Medium 

JPM Europe Dynamic X (acc) - EUR* - - - - - - - - Medium 

210





JPM Europe Dynamic Mega Cap A (acc) - EUR -0.19% 4.94% 12.37% 23.03% 7.34% 7.87% 9.07% -0.39% Medium 

JPM Europe Dynamic Mega Cap A (acc) - USD 1.43% 3.41% 13.58% 26.58% 1.70% 10.48% 6.61% -3.79% Medium 

JPM Europe Dynamic Mega Cap A (dist) - EUR -0.12% 4.96% 12.45% 22.82% 7.10% 7.58% 8.63% -0.64% Medium 

JPM Europe Dynamic Mega Cap A (inc) - EUR -0.24% 4.92% 12.28% 22.75% 7.06% 7.54% 8.69% -0.64% Medium 

JPM Europe Dynamic Mega Cap B (acc) - EUR 0.00% 5.22% 12.97% 23.82% 8.18% 8.75% 10.09% 0.32% Medium 

JPM Europe Dynamic Mega Cap C (acc) - EUR 0.00% 5.46% 13.21% 24.18% 8.47% 9.05% 10.39% 0.54% Medium 

JPM Europe Dynamic Mega Cap D (acc) - EUR -0.44% 4.38% 11.58% 21.77% 6.20% 6.67% 7.73% -1.36% Medium 

JPM Europe Dynamic Mega Cap D (acc) - USD 1.15% 2.76% 12.69% 25.23% 0.63% 9.18% 5.33% -4.60% Medium 

JPM Europe Dynamic Mega Cap I (acc) - EUR* - - - - - - - - Medium 

JPM Europe Dynamic Mega Cap T (acc) - EUR -0.42% 4.44% 11.57% 21.79% 6.26% - - - Medium 

JPM Europe Dynamic Mega Cap X (acc) - EUR 0.27% 5.92% 13.86% 25.17% 9.43% 10.16% 11.62% 1.43% Medium 


JPM Europe Equity A (acc) - EUR -1.10% 7.82% 12.37% 21.45% 6.08% 10.81% 14.07% 0.84% Medium 

JPM Europe Equity A (acc) - USD 0.41% 6.25% 13.50% 24.94% 0.52% 13.60% 11.18% -2.79% Medium 

JPM Europe Equity A (dist) - EUR -1.13% 7.79% 12.33% 21.17% 5.73% 10.43% 13.36% 0.43% Medium 

JPMorgan Europe Equity A (dist) - USD## 0.42% 6.20% 13.50% 24.59% 0.20% 13.22% 10.67% -3.00% Medium 

JPM Europe Equity B (acc) - EUR -0.90% 8.19% 12.98% 22.38% 6.94% 11.84% 15.27% 1.64% Medium 

JPM Europe Equity C (acc) - EUR -0.81% 8.46% 13.29% 22.81% 7.30% 12.23% 15.75% 1.97% Medium 

JPM Europe Equity C (dist) - USD 0.69% - - - - - - - Medium 

JPM Europe Equity D (acc) - EUR -1.29% 7.47% 11.77% 20.55% 5.28% 9.85% 12.93% 0.07% Medium 

JPM Europe Equity D (acc) - USD 0.26% 5.79% 12.84% 23.97% -0.26% 12.56% 10.08% -3.43% Medium 

JPM Europe Equity X (acc) - EUR -0.65% 8.79% 13.87% 23.59% 8.10% 13.18% 16.89% 2.72% Medium 


JPM Europe Small Cap A (acc) - EUR 1.49% 12.26% 18.83% 28.71% 7.15% 13.41% 20.08% 2.88% Medium 

JPM Europe Small Cap A (dist) - EUR 1.48% 12.24% 18.80% 28.41% 6.89% 13.17% 19.63% 2.63% Medium 

JPMorgan Europe Small Cap A (dist) - EUR## 1.41% 12.24% 18.79% 28.38% 6.87% 13.16% 19.60% 2.65% Medium 

JPM Europe Small Cap A (dist) - GBP 2.77% 17.29% 27.41% 36.06% 3.86% 15.33% 19.83% 4.47% Medium 

JPM Europe Small Cap B (acc) - EUR 1.58% 12.61% 19.37% 29.56% 7.99% 14.45% 21.44% 3.76% Medium 

JPM Europe Small Cap C (acc) - EUR 1.72% 12.76% 19.61% 29.85% 8.18% 14.68% 21.78% 3.96% Medium 

JPM Europe Small Cap D (acc) - EUR 1.22% 11.66% 17.90% 27.36% 5.99% 12.06% 18.31% 1.77% Medium 

JPM Europe Small Cap I (acc) - EUR 1.71% 12.77% 19.60% 29.86% 8.21% - - - Medium 

JPM Europe Small Cap X (acc) - EUR* - - - - - - - - Medium 


JPM Europe Technology A (acc) - EUR -0.06% 7.79% 14.61% 21.75% 6.25% 12.49% 21.45% 10.42% Medium 

JPM Europe Technology A (dist) - EUR 0.00% 7.88% 14.66% 21.73% 6.09% 12.42% 21.14% 10.13% Medium 

JPMorgan Europe Technology A (dist) - EUR## -0.17% 7.88% 14.59% 21.52% 6.02% 12.28% 21.09% 10.07% Medium 

JPM Europe Technology A (dist) - GBP 1.25% 13.49% 22.87% 28.88% 3.12% 14.47% 21.29% 12.46% Medium 

JPM Europe Technology B (acc) - EUR 0.14% 8.33% 15.45% 22.81% 7.16% 13.64% 22.98% 11.64% Medium 

JPM Europe Technology C (acc) - EUR** 0.15% - - - - - - - Medium 

JPM Europe Technology D (acc) - EUR -0.17% 7.37% 13.87% 20.70% 5.21% 11.14% 19.71% 8.93% Medium 

JPM Europe Technology X (acc) - EUR 0.32% 8.68% 16.07% 23.80% 8.14% 14.87% 24.61% 13.09% Medium 


JPM Germany Equity A (acc) - EUR 0.96% 6.17% 12.02% 25.37% 4.41% 11.50% 16.76% 3.87% Medium 

JPM Germany Equity A (dist) - EUR 1.00% 6.16% 12.02% 25.38% 4.00% 11.10% 16.13% 3.41% Medium 

JPMorgan Germany Equity A (dist) - EUR## 0.93% 6.18% 12.00% 25.08% 3.92% 11.00% 16.05% 3.35% Medium 

JPM Germany Equity B (acc) - EUR 1.08% 6.53% 12.60% 26.29% 5.15% 12.48% 18.05% 4.77% Medium 

JPM Germany Equity C (acc) - EUR 1.16% 6.69% 12.75% 26.48% 5.44% 12.80% 18.34% 5.02% Medium 

JPM Germany Equity D (acc) - EUR 0.63% 5.67% 11.23% 24.31% 3.37% 10.15% 15.03% 2.72% Medium 

JPM Germany Equity I (acc) - EUR* - - - - - - - - Medium 

JPM Germany Equity T (acc) - EUR 0.66% 5.63% 11.16% 24.11% 3.31% - - - Medium 

JPM Germany Equity X (acc) - EUR 1.37% 7.16% 13.54% 27.53% 6.36% 13.91% 19.78% 6.05% Medium 


JPM Global Consumer Trends A (acc) - CHF (hedged) 2.31% 10.19% 11.78% 16.84% - - - - Medium 

JPM Global Consumer Trends A (acc) - EUR 0.91% 9.60% 9.60% 13.77% 6.35% 5.96% 15.53% 11.64% Medium 

JPM Global Consumer Trends A (acc) - SGD 4.82% 12.19% 14.53% 17.10% - - - - Medium 

JPM Global Consumer Trends A (acc) - USD 2.51% 8.00% 10.73% 16.93% 0.72% 8.41% - - Medium 

JPM Global Consumer Trends B (acc) - EUR* - - - - - - - - Medium 

JPM Global Consumer Trends B (acc) - USD 2.70% 8.41% 11.40% 17.87% 1.49% - - - Medium 

JPM Global Consumer Trends C (acc) - EUR 1.19% 10.10% 10.41% 14.80% 7.40% 7.09% 17.10% - Medium 

JPM Global Consumer Trends C (acc) - USD 2.75% 8.52% 11.56% - - - - - Medium 

JPM Global Consumer Trends D (acc) - EUR 0.66% 9.16% 8.98% 12.81% 5.45% 5.05% 14.33% 10.46% Medium 

JPM Global Consumer Trends D (acc) - USD 2.31% 7.61% 10.14% 16.12% -0.03% - - - Medium 

JPM Global Consumer Trends T (acc) - EUR 0.73% 9.18% 9.01% 12.90% 5.50% - - - Medium 

211





JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 1.55% 5.80% 8.45% 12.99% 2.61% 5.24% 6.60% - Medium 

JPM Global Convertibles (EUR) A (acc) - EUR 1.49% 5.80% 8.46% 13.10% 2.73% 5.52% 6.96% 2.25% Medium 

JPM Global Convertibles (EUR) A (dist) - EUR 1.51% 5.91% 8.58% 12.80% 2.45% 5.31% 6.75% 2.11% Medium 

JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 1.58% 6.01% 8.85% 13.26% 2.77% 5.53% 7.06% - Medium 

JPMorgan Global Convertibles (EUR) A (dist) - USD## 3.03% 4.18% 9.39% 15.64% -2.96% 7.47% 4.14% -1.94% Medium 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 1.70% 6.15% 8.92% 13.68% 3.30% 5.98% 7.42% - Medium 

JPM Global Convertibles (EUR) B (acc) - EUR 1.70% 6.18% 9.05% 13.84% 3.38% 6.29% 7.78% 3.00% Medium 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) 1.74% 6.37% 9.44% 13.93% 3.63% - - - Medium 

JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 1.72% 6.21% 9.06% 13.73% 3.37% 6.06% 7.51% - Medium 

JPM Global Convertibles (EUR) C (acc) - EUR 1.67% 6.14% 9.03% 13.81% 3.43% 6.34% 7.86% 3.04% Medium 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 1.77% 6.38% 9.51% 13.96% 3.02% 5.94% 7.59% - Medium 

JPM Global Convertibles (EUR) C (dist) - USD 3.28% - - - - - - - Medium 

JPM Global Convertibles (EUR) D (acc) - EUR 1.36% 5.59% 8.15% 12.51% 2.20% 4.94% 6.32% 1.71% Medium 

JPM Global Convertibles (EUR) I (acc) - CHF (hedged)* - - - - - - - - Medium 

JPM Global Convertibles (EUR) I (acc) - EUR 1.72% 6.26% 9.15% 13.92% 3.48% 6.42% 7.93% 3.11% Medium 

JPM Global Convertibles (EUR) I (inc) - EUR 1.73% 6.21% 9.17% 13.85% 3.42% 6.36% 7.86% 3.00% Medium 

JPM Global Convertibles (EUR) T (acc) - EUR 1.38% 5.58% 8.17% - - - - - Medium 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1.96% 6.63% 9.71% 14.68% 4.25% 7.02% - - Medium 

JPM Global Convertibles (EUR) X (acc) - EUR 1.91% 6.78% 10.07% 15.15% 4.48% 7.43% 9.02% 4.07% Medium 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged)* - - - - - - - - Medium 


JPM Global Dynamic A (acc) - CHF (hedged) 0.05% 9.88% 12.02% 18.96% 3.38% - - - Medium 

JPM Global Dynamic A (acc) - EUR -1.66% 8.74% 8.44% 14.56% 7.80% 9.57% 15.24% 4.40% Medium 

JPM Global Dynamic A (acc) - EUR (hedged) 0.00% 9.58% 11.84% 18.53% 3.99% 10.94% 11.91% 0.27% Medium 

JPM Global Dynamic A (acc) - SGD 2.07% 11.37% 13.29% 17.86% 3.75% 8.09% - - Medium 

JPM Global Dynamic A (acc) - SGD (hedged) 0.15% 9.75% 12.13% 19.04% 3.52% - - - Medium 

JPM Global Dynamic A (acc) - USD -0.07% 7.27% 9.54% 17.81% 2.05% 12.25% 12.26% 0.15% Medium 

JPM Global Dynamic A (dist) - GBP -0.47% 14.50% 16.22% 21.33% 4.62% 11.44% 15.27% 6.22% Medium 

JPM Global Dynamic A (dist) - USD -0.13% 7.20% 9.51% 17.66% 2.01% 12.24% 12.15% 0.09% Medium 

JPMorgan Global Dynamic A (dist) - USD## -0.14% 7.24% 9.50% 17.70% 1.95% 12.18% 12.10% 0.07% Medium 

JPM Global Dynamic A (inc) - EUR -1.63% 8.89% 8.44% 14.58% 7.76% 9.47% 15.04% 4.27% Medium 

JPM Global Dynamic B (acc) - USD 0.06% 7.60% 10.20% 18.64% 2.80% 13.29% 13.36% 0.92% Medium 

JPM Global Dynamic C (acc) - EUR -1.40% 9.35% 9.18% 15.46% 8.79% 10.73% 16.69% 5.53% Medium 

JPM Global Dynamic C (acc) - EUR (hedged) 0.29% 10.02% 12.48% 19.56% 4.92% 12.08% 13.29% 1.27% Medium 

JPM Global Dynamic C (acc) - USD 0.12% 7.73% 10.34% 18.82% 2.99% 13.50% 13.60% 1.08% Medium 

JPM Global Dynamic C (dist) - GBP -0.21% - - - - - - - Medium 

JPM Global Dynamic D (acc) - EUR -2.01% 8.15% 7.51% 13.35% 6.59% 8.26% 13.58% 3.17% Medium 

JPM Global Dynamic D (acc) - EUR (hedged) -0.18% 9.00% 10.92% 17.32% 2.88% 9.58% 10.47% -0.65% Medium 

JPM Global Dynamic D (acc) - USD -0.41% 6.68% 8.73% 16.57% 1.01% 10.89% 10.78% -0.83% Medium 

JPM Global Dynamic I (acc) - EUR (hedged) 0.34% 10.17% 12.61% 19.78% 5.05% - - - Medium 

JPM Global Dynamic I (acc) - USD 0.21% 7.78% 10.43% 18.94% 3.04% 13.60% 13.67% 1.12% Medium 

JPM Global Dynamic I (inc) - EUR -1.45% 9.35% 9.16% 15.45% 8.69% 10.52% 16.37% - Medium 

JPM Global Dynamic T (acc) - EUR (hedged) -0.21% 9.07% 10.94% 17.43% 2.93% - - - Medium 

JPM Global Dynamic X (acc) - EUR -1.30% 9.74% 9.88% 16.48% 9.83% 11.87% 18.17% 6.65% Medium 

JPM Global Dynamic X (acc) - EUR (hedged) 0.48% 10.55% 13.24% 20.68% - - - - Medium 

JPM Global Dynamic X (acc) - USD 0.31% 8.12% 10.98% 19.74% 3.81% 14.65% 14.87% 1.96% Medium 


JPM Global Focus A (acc) - CHF (hedged) -0.32% 7.66% 9.83% 15.82% 1.26% - - - Medium 

JPM Global Focus A (acc) - EUR -2.66% 6.04% 5.51% 10.85% 4.46% 6.44% 15.03% 8.22% Medium 

JPM Global Focus A (acc) - EUR (hedged) -0.54% 7.32% 9.61% 15.50% 1.11% 7.25% 11.32% 3.60% Medium 

JPM Global Focus A (dist) - EUR -2.63% 6.11% 5.56% 10.84% 4.46% 6.43% 14.95% 8.17% Medium 

JPMorgan Global Focus A (dist) - USD## -1.13% 4.55% 6.64% 13.98% -1.01% 8.91% 11.96% 3.24% Medium 

JPM Global Focus B (acc) - EUR -2.47% 6.44% 6.18% 11.72% 5.29% 7.37% 16.27% - Medium 

JPM Global Focus C (acc) - EUR -2.37% 6.59% 6.26% 11.86% 5.47% 7.56% 16.50% 9.52% Medium 

JPM Global Focus C (acc) - EUR (hedged) -0.20% 7.84% 10.33% 16.54% 2.05% 8.37% 12.66% - Medium 

JPM Global Focus C (acc) - USD* - - - - - - - - Medium 

JPM Global Focus D (acc) - EUR -2.90% 5.55% 4.76% 9.77% 3.39% 5.28% 13.46% 6.85% Medium 

JPM Global Focus D (acc) - EUR (hedged) -0.70% 6.78% 8.82% 14.38% 0.12% 6.06% 9.88% 2.42% Medium 

JPM Global Focus I (acc) - EUR -2.38% 6.62% 6.35% 11.96% 5.54% - - - Medium 

JPM Global Focus I (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM Global Focus I (acc) - USD -0.85% 5.09% 7.46% 15.15% 0.02% - - - Medium 

JPM Global Focus T (acc) - EUR -2.87% 5.57% 4.78% 9.77% 3.41% - - - Medium 

JPM Global Focus X (acc) - EUR -2.20% 7.02% 6.97% 12.86% 6.40% 8.59% 17.89% 10.77% Medium 


JPM Global Government Bond A (acc) - EUR -2.30% -1.71% -1.12% 0.17% 3.85% 3.01% 3.96% - Medium 

JPM Global Government Bond A (acc) - USD (hedged) -2.29% -1.63% -0.96% 0.42% 3.91% 2.98% 3.96% - Medium 

JPM Global Government Bond B (acc) - EUR -2.27% -1.65% -1.00% 0.29% 4.03% - - - Medium 

JPM Global Government Bond C (acc) - EUR -2.26% -1.60% -0.93% 0.34% 4.12% 3.32% 4.31% - Medium 

JPM Global Government Bond C (dist) - GBP (hedged) -2.19% - - - - - - - Medium 

JPM Global Government Bond D (acc) - EUR -2.40% -1.81% -1.30% -0.09% 3.58% 2.79% 3.74% - Medium 

JPM Global Government Bond X (acc) - EUR -2.23% -1.50% -0.76% 0.60% 4.42% 3.62% 4.63% - Medium 

212





JPM Global Mining A (acc) - EUR -26.54% -34.80% -36.14% -32.64% -24.78% - - - High 

JPM Global Mining A (acc) - SGD -23.75% -33.25% -33.33% -30.66% - - - - High 

JPM Global Mining A (acc) - USD -25.38% -35.73% -35.47% -30.73% -27.28% - - - High 

JPM Global Mining B (acc) - EUR* - - - - - - - - High 

JPM Global Mining D (acc) - EUR -26.68% -35.04% -36.50% -33.14% -25.15% - - - High 

JPM Global Mining T (acc) - EUR -26.68% -35.05% -36.51% -33.15% -25.16% - - - High 


JPM Global Natural Resources A (acc) - EUR -24.70% -31.05% -36.52% -29.35% -23.72% -13.01% -2.83% -9.78% High 

JPM Global Natural Resources A (acc) - GBP*** - - - - - - - - High 

JPM Global Natural Resources A (acc) - SGD -21.84% -29.38% -33.68% -27.25% -25.54% -13.70% - - High 

JPM Global Natural Resources A (acc) - USD -23.52% -31.98% -35.84% -27.36% -26.32% -11.72% -4.46% -11.55% High 

JPM Global Natural Resources A (dist) - EUR -24.72% -31.02% -36.51% -29.39% -23.72% -13.01% -2.82% -9.78% High 

JPM Global Natural Resources B (acc) - EUR -24.60% -30.80% -36.18% -28.83% -23.34% -12.56% -2.14% -9.39% High 

JPM Global Natural Resources C (acc) - EUR -24.52% -30.74% -36.12% -28.75% -23.26% -12.48% -2.06% -9.33% High 

JPM Global Natural Resources C (acc) - USD -23.37% -31.69% -35.45% -26.70% -25.92% -11.17% -3.76% -11.18% High 

JPM Global Natural Resources D (acc) - EUR -24.85% -31.32% -36.92% -30.02% -24.22% -13.59% -3.67% -10.26% High 

JPM Global Natural Resources D (acc) - USD -23.60% -32.25% -36.24% -27.98% -26.78% -12.34% -5.25% -11.95% High 

JPM Global Natural Resources I (acc) - EUR -24.50% -30.66% -36.01% -28.64% - - - - High 

JPM Global Natural Resources X (acc) - EUR -24.37% -30.42% -35.32% -27.72% -22.63% -11.74% -1.02% -8.75% High 


JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) -3.07% 4.41% 10.32% 14.90% 7.85% 13.69% 18.28% - Medium 

JPM Global Real Estate Securities (USD) A (acc) - USD -4.49% 1.24% 6.30% 12.28% 5.76% 14.96% 20.28% 1.88% Medium 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) -2.89% 4.50% 10.42% 15.04% 7.76% 13.19% 17.36% - Medium 

JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) -2.79% 4.84% 10.98% 15.88% 8.81% - - - Medium 

JPM Global Real Estate Securities (USD) C (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM Global Real Estate Securities (USD) C (acc) - USD -4.25% 1.76% 7.25% 13.50% 7.03% - - - Medium 

JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) -3.18% 4.07% 9.78% 14.08% 7.04% 12.64% 16.99% - Medium 

JPM Global Real Estate Securities (USD) D (acc) - USD -4.71% 0.87% 5.80% 11.38% 4.96% 13.92% 18.95% 1.09% Medium 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) -2.54% 5.35% 11.80% 17.04% - - - - Medium 

JPM Global Real Estate Securities (USD) X (acc) - USD -4.07% 2.17% 7.80% 14.33% 7.80% 17.65% 23.64% 3.92% Medium 


JPM Global Unconstrained Equity A (acc) - EUR -1.53% 7.20% 8.09% 13.93% 8.54% - - - Medium 

JPM Global Unconstrained Equity A (acc) - EUR (hedged) -0.30% 8.01% 10.67% 17.22% 4.80% 8.43% 9.96% - Medium 

JPM Global Unconstrained Equity A (acc) - USD 0.00% 5.61% 9.26% 17.23% 2.76% 9.77% 9.96% -0.12% Medium 

JPM Global Unconstrained Equity A (dist) - EUR (hedged) -0.31% 7.80% 10.61% 17.00% 4.59% 8.27% 9.56% - Medium 

JPM Global Unconstrained Equity A (dist) - USD 0.00% 5.67% 9.19% 17.13% 2.67% 9.65% 9.82% -0.19% Medium 

JPMorgan Global Unconstrained Equity A (dist) - USD## 0.02% 5.69% 9.25% 17.13% 2.69% 9.67% 9.83% -0.19% Medium 

JPM Global Unconstrained Equity C (acc) - EUR (hedged) 0.00% 8.55% 11.44% 18.50% 5.98% 9.84% 11.57% - Medium 

JPM Global Unconstrained Equity C (acc) - USD 0.35% 6.29% 10.16% 18.52% 3.89% 11.18% 11.47% 1.00% Medium 

JPM Global Unconstrained Equity D (acc) - EUR (hedged) -0.46% 7.45% 10.00% 16.31% 3.99% 7.48% 8.94% - Medium 

JPM Global Unconstrained Equity D (acc) - USD -0.19% 5.24% 8.58% 16.35% 1.93% 8.74% 8.90% -0.86% Medium 

JPM Global Unconstrained Equity X (acc) - EUR -1.09% 8.17% 9.48% 15.94% 10.60% 9.35% 15.45% - Medium 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 0.14% 8.83% 12.06% 19.25% - - - - Medium 

JPM Global Unconstrained Equity X (acc) - USD 0.44% 6.54% 10.57% 19.12% 4.55% 12.01% 12.40% 1.67% Medium 


JPMorgan Greater China A (acc) - SGD## -0.28% 2.61% 10.30% 15.90% -0.94% 3.09% - - Medium 

JPMorgan Greater China A (acc) - USD## -2.47% -1.25% 6.61% 15.70% -2.57% 6.68% 8.83% 4.03% Medium 

JPMorgan Greater China A (dist) - HKD## -2.51% -1.19% 6.70% 15.67% -2.80% - - - Medium 

JPMorgan Greater China A (dist) - USD## -2.43% -1.23% 6.67% 15.65% -2.66% 6.60% 8.51% 3.47% Medium 

JPMorgan Greater China B (acc) - USD## -2.25% -0.89% 7.25% 16.58% -1.86% 7.58% 9.84% 4.95% Medium 

JPMorgan Greater China C (acc) - USD## -2.22% -0.82% 7.35% 16.77% -1.71% 7.77% 10.08% 5.13% Medium 

JPMorgan Greater China D (acc) - EUR## -4.20% -0.30% 4.74% 11.41% 1.63% - - - Medium 

JPMorgan Greater China D (acc) - USD## -2.70% -1.73% 5.84% 14.59% -3.50% 5.51% 7.52% 2.87% Medium 

JPMorgan Greater China I (acc) - USD## -2.20% -0.77% 7.42% 16.85% -1.64% - - - Medium 

JPMorgan Greater China T (acc) - EUR## -4.19% -0.29% 4.75% 11.41% 1.64% - - - Medium 

JPMorgan Greater China X (acc) - USD##* - - - - - - - - Medium 


JPMorgan Hong Kong A (acc) - USD## -5.28% -4.81% 5.71% 13.58% -3.15% 2.56% 4.69% 1.17% Medium 

JPMorgan Hong Kong A (dist) - HKD## -5.43% -4.73% 5.88% 13.48% -3.43% - - - Medium 

JPMorgan Hong Kong A (dist) - USD## -5.29% -4.85% 5.67% 13.44% -3.27% 2.46% 4.56% 1.06% Medium 

JPMorgan Hong Kong B (acc) - USD## -5.14% -4.47% 6.29% 14.46% -2.43% 3.39% 5.60% 1.98% Medium 

JPMorgan Hong Kong C (acc) - USD## -5.05% -4.38% 6.45% 14.68% -2.29% 3.54% 5.77% 2.11% Medium 

JPMorgan Hong Kong D (acc) - USD## -5.54% -5.33% 4.88% 12.41% -4.10% 1.46% 3.50% 0.13% Medium 


213





JPMorgan India A (acc) - SGD## -3.26% -4.30% -5.03% 5.06% -7.60% -5.52% - - High 

JPMorgan India A (acc) - USD## -5.38% -7.85% -8.12% 4.92% -8.96% -2.72% 4.76% 2.97% High 

JPMorgan India A (dist) - GBP## -5.73% -1.67% -2.60% - - - - - High 

JPMorgan India A (dist) - USD## -5.39% -7.87% -8.15% 4.94% -8.93% -2.66% 4.82% 3.01% High 

JPMorgan India B (acc) - USD## -5.21% -7.54% -7.62% 5.70% -8.34% -2.03% 5.66% 3.84% High 

JPMorgan India C (acc) - USD## -5.17% -7.44% -7.51% 5.86% -8.21% -1.89% 5.85% 4.03% High 

JPMorgan India C (dist) - USD## -5.18% - - - - - - - High 

JPMorgan India D (acc) - EUR## -7.04% -6.90% -9.65% 1.20% -5.14% - - - High 

JPMorgan India D (acc) - USD## -5.58% -8.23% -8.70% 4.09% -9.60% -3.45% 3.82% 2.07% High 

JPMorgan India T (acc) - EUR## -7.05% -6.90% -9.64% 1.22% -5.14% - - - High 

JPMorgan India X (acc) - USD## -4.92% -6.99% -6.86% 6.90% -7.40% -1.00% 7.01% 5.16% High 


JPMorgan Japan Equity A (acc) - EUR## 4.14% 19.92% 22.72% 20.42% 14.94% 8.92% 11.03% 2.15% High 

JPMorgan Japan Equity A (acc) - JPY## 11.69% 36.25% 58.16% 54.50% 21.94% 17.01% 9.34% -2.87% High 

JPMorgan Japan Equity A (acc) - USD## 6.00% 18.24% 24.10% 24.10% 8.51% 11.63% 8.32% -1.71% High 

JPMorgan Japan Equity A (dist) - GBP## 5.87% 25.29% 31.60% 27.73% 11.37% 10.84% 11.06% 3.86% High 

JPMorgan Japan Equity A (dist) - USD## 6.07% 18.28% 24.10% 23.95% 8.47% 11.62% 8.31% -1.72% High 

JPMorgan Japan Equity B (acc) - USD## 6.24% 18.67% 24.85% 25.00% 9.40% 12.70% 9.34% -1.01% High 

JPMorgan Japan Equity C (acc) - USD## 6.21% 18.74% 24.94% 25.23% 9.63% 12.93% 9.56% -0.84% High 

JPMorgan Japan Equity C (dist) - USD## 6.32% - - - - - - - High 

JPMorgan Japan Equity D (acc) - EUR## 4.30% 19.74% 22.28% 19.74% 14.03% 8.09% 10.03% 1.39% High 

JPMorgan Japan Equity D (acc) - USD## 5.96% 17.77% 23.35% 23.14% 7.67% 10.69% 7.37% -2.37% High 

JPMorgan Japan Equity I (acc) - USD##*** - - - - - - - - High 

JPMorgan Japan Equity J (dist) - USD## 6.03% 18.21% 24.00% 23.91% 8.44% 11.62% 8.29% -1.74% High 

JPMorgan Japan Equity X (acc) - USD## 6.54% 19.29% 25.65% 26.23% 10.56% 14.10% 10.76% -0.04% High 


JPMorgan Japan Small Cap A (acc) - USD## 5.26% 23.53% 23.17% 26.89% 10.00% 9.61% 8.55% -0.33% Medium 

JPMorgan Japan Small Cap A (dist) - USD## 5.26% 23.46% 23.08% 26.74% 10.03% 9.58% 8.53% -0.34% Medium 

JPMorgan Japan Small Cap B (acc) - USD## 5.47% 24.02% 23.82% 27.83% 10.77% 10.48% 9.47% 0.33% Medium 

JPMorgan Japan Small Cap C (acc) - USD##* - - - - - - - Medium 

JPMorgan Japan Small Cap D (acc) - USD## 5.11% 22.91% 22.42% 25.66% 8.87% 8.38% 7.27% -1.27% Medium 

JPMorgan Japan Small Cap X (acc) - USD##* - - - - - - - Medium 


JPMorgan Korea Equity A (acc) - EUR## -11.62% -12.28% -10.94% -6.04% -6.90% 2.02% 13.46% 5.50% Medium 

JPMorgan Korea Equity A (acc) - SGD## -8.05% -10.33% -6.97% -3.21% - - - - Medium 

JPMorgan Korea Equity A (acc) - USD## -10.15% -13.64% -10.06% -3.39% -11.16% 4.24% 10.57% 1.04% Medium 

JPMorgan Korea Equity A (dist) - USD## -10.12% -13.56% -10.04% -3.35% -11.14% 4.30% 10.61% 1.08% Medium 

JPMorgan Korea Equity B (acc) - USD## -9.97% -13.29% -9.54% -2.67% -10.58% 5.11% - 4.70% Medium 

JPMorgan Korea Equity C (acc) - USD## -9.92% -13.19% -9.43% -2.50% -10.45% 287.18% - 144.41% Medium 

JPMorgan Korea Equity D (acc) - USD## -10.41% -14.07% -10.78% -4.33% -11.94% 3.13% 9.17% 0.02% Medium 

JPMorgan Korea Equity I (acc) - USD##*** - - - - - - - - Medium 

JPMorgan Korea Equity X (acc) - USD##* - - - - - - - - Medium 


JPM Latin America Equity A (acc) - EUR -16.10% -10.90% - - - - - - Medium 

JPM Latin America Equity A (acc) - SGD -12.90% -8.96% -2.26% -0.82% -7.46% - - - Medium 

JPM Latin America Equity A (acc) - USD -14.79% -12.25% -5.42% -0.92% -8.83% 0.56% 9.65% -3.04% Medium 

JPM Latin America Equity A (dist) - USD -14.78% -12.23% -5.41% -0.82% -8.78% 0.61% 9.62% -3.05% Medium 

JPMorgan Latin America Equity A (dist) - USD## -14.79% -12.22% -5.40% -0.81% -8.78% 0.61% 9.62% -3.05% Medium 

JPM Latin America Equity B (acc) - USD -14.61% -11.89% -4.87% -0.12% -8.20% 1.35% 10.69% -2.39% Medium 

JPM Latin America Equity B (dist) - USD*** - - - - - - - - Medium 

JPM Latin America Equity C (acc) - USD -14.61% -11.88% -4.84% -0.09% -8.15% 1.39% 10.77% -2.35% Medium 

JPM Latin America Equity D (acc) - EUR -16.31% -11.34% -7.09% -4.59% -5.17% Medium 

JPM Latin America Equity D (acc) - USD -15.01% -12.68% -6.12% -1.88% -9.63% -0.44% 8.29% -3.87% Medium 

JPM Latin America Equity I (acc) - JPY*** - - - - - - - - Medium 

JPM Latin America Equity I (acc) - USD -14.59% -11.85% -4.79% 0.00% -8.08% 1.47% 10.90% -2.28% Medium 

JPM Latin America Equity T (acc) - EUR -16.32% -11.35% -7.10% -4.60% -5.17% Medium 

JPM Latin America Equity X (acc) - USD -14.40% -11.46% -4.15% 0.85% -7.36% 2.38% 12.13% -1.51% Medium 


JPMorgan Pacific Technology A (acc) - EUR## -1.36% 1.09% 4.49% 8.31% 4.98% 2.83% 10.60% - Medium 

JPMorgan Pacific Technology A (acc) - USD## 0.19% -0.50% 5.53% 11.39% -0.49% 5.10% 7.95% 1.27% Medium 

JPMorgan Pacific Technology A (dist) - GBP## 0.08% 5.60% 12.05% 14.85% 2.06% 4.49% 10.63% 7.57% Medium 

JPMorgan Pacific Technology A (dist) - USD## 0.19% -0.48% 5.58% 11.34% -0.52% 5.08% 7.80% 1.09% Medium 

JPMorgan Pacific Technology B (acc) - USD##* - - - - - - - - Medium 

JPMorgan Pacific Technology C (acc) - USD## 0.46% 0.00% 6.33% 12.46% 0.42% 6.06% 9.04% 2.17% Medium 

JPMorgan Pacific Technology D (acc) - USD## 0.00% -0.95% 4.86% 10.31% -1.46% 3.98% 6.66% 0.24% Medium 


JPM Russia A (acc) - USD -8.45% -10.82% -9.57% 0.18% -16.31% -3.72% 7.01% -10.62% Medium 

JPM Russia A (dist) - USD -8.45% -10.81% -9.60% 0.28% -16.28% -3.68% 7.05% -10.59% Medium 

JPM Russia B (acc) - USD -8.28% -10.46% -9.06% 0.94% -15.80% -3.06% 7.97% -10.25% Medium 

JPM Russia C (acc) - USD -8.27% -10.48% -9.08% 0.97% -15.77% -3.03% 8.06% -10.23% Medium 

JPM Russia D (acc) - USD -8.62% -11.17% -10.21% -0.72% -16.95% -4.56% 5.77% -11.06% Medium 

JPM Russia I (acc) - USD -8.20% -10.36% -8.93% 1.06% -15.69% -2.93% 8.12% -10.19% Medium 

JPM Russia T (acc) - EUR -10.05% -9.91% - - - - - - Medium 

214





JPMorgan Singapore A (acc) - SGD## -4.74% 1.24% 4.08% 13.77% 5.23% 6.55% - - Medium 

JPMorgan Singapore A (acc) - USD## -6.83% -2.56% 0.66% 13.62% 3.47% 10.56% 18.45% 3.88% Medium 

JPMorgan Singapore A (dist) - USD## -6.81% -2.57% 0.66% 13.60% 3.33% 10.34% 17.95% 3.54% Medium 

JPMorgan Singapore B (acc) - USD## -6.64% -2.19% 1.24% 14.49% 4.28% 11.54% 19.75% 4.80% Medium 

JPMorgan Singapore C (acc) - USD## -6.60% -2.12% 1.35% 14.60% 4.38% 11.69% 19.94% 4.95% Medium 

JPMorgan Singapore D (acc) - USD## -7.05% -3.05% -0.09% 12.49% 2.40% 9.26% 16.74% 2.72% Medium 

JPMorgan Singapore I (acc) - USD##* - - - - - - - - Medium 


JPMorgan Taiwan A (acc) - EUR## 0.38% 4.90% 4.48% 13.13% 1.87% 8.73% 14.78% - Medium 

JPMorgan Taiwan A (acc) - USD## 2.00% 3.28% 5.55% 16.36% -3.28% 11.37% 11.81% 2.63% Medium 

JPMorgan Taiwan A (dist) - HKD## 1.98% 3.51% 5.64% 16.33% -3.45% - - - Medium 

JPMorgan Taiwan A (dist) - USD## 1.98% 3.27% 5.54% 16.20% -3.41% 11.26% 10.94% 1.81% Medium 

JPMorgan Taiwan B (acc) - USD## 2.18% 3.62% 6.05% 17.06% -2.73% 365.97% 305.72% 184.43% Medium 

JPMorgan Taiwan C (acc) - USD## 2.17% 3.65% 6.16% 17.19% -2.60% 12.37% 12.94% 3.47% Medium 

JPMorgan Taiwan D (acc) - USD## 1.80% 2.83% 4.81% 15.30% -4.20% 10.04% 10.39% 1.52% Medium 

JPMorgan Taiwan I (acc) - USD##* - - - - - - - - Medium 

JPMorgan Taiwan X (acc) - USD##* - - - - - - - - Medium 


JPM US Aggregate Bond A (acc) - EUR (hedged) -2.73% -2.87% -2.84% -1.71% - - - - Medium 

JPM US Aggregate Bond A (acc) - USD -2.67% -2.73% -2.60% -1.38% 2.93% 3.66% 5.90% 6.24% Medium 

JPM US Aggregate Bond A (div) - USD** -2.64% -2.72% -2.58% - - - - - Medium 

JPM US Aggregate Bond A (inc) - USD -2.67% -2.75% -2.67% -1.37% 2.92% 3.44% 5.52% 5.64% Medium 

JPM US Aggregate Bond A (mth) - HKD -2.72% -2.50% -2.37% - - - - - Medium 

JPM US Aggregate Bond A (mth) - SGD -0.49% 0.98% 0.65% -1.27% - - - - Medium 

JPM US Aggregate Bond A (mth) - SGD (hedged) -2.70% -2.78% -2.66% -1.36% - - - - Medium 

JPM US Aggregate Bond A (mth) - USD -2.65% -2.73% -2.58% -1.31% 2.96% 3.53% - - Medium 

JPM US Aggregate Bond B (acc) - EUR (hedged) -2.66% -2.71% - - - - - - Medium 

JPM US Aggregate Bond B (acc) - USD -2.58% -2.58% -2.39% -1.05% 3.32% 4.04% 6.34% 6.69% Medium 

JPM US Aggregate Bond B (mth) - USD -2.55% -2.56% -2.33% -1.00% - - - - Medium 

JPM US Aggregate Bond C (acc) - USD -2.56% -2.56% -2.31% -0.91% 3.47% 4.18% 6.53% 6.90% Medium 

JPM US Aggregate Bond C (dist) - GBP (hedged) -2.54% - - - - - - - Medium 

JPM US Aggregate Bond D (acc) - EUR (hedged) -2.80% -2.98% -3.03% -1.94% 2.66% - - - Medium 

JPM US Aggregate Bond D (acc) - USD -2.73% -2.90% -2.85% -1.65% 2.68% 3.36% 5.60% 5.90% Medium 

JPM US Aggregate Bond I (acc) - USD -2.54% -2.51% -2.26% -0.89% 3.51% - - - Medium 

JPM US Aggregate Bond I (mth) - USD*** - - - - - - - - Medium 

JPM US Aggregate Bond X (acc) - EUR (hedged)*** - - - - - - - - Medium 

JPM US Aggregate Bond X (acc) - USD -2.40% -2.28% -1.93% -0.43% 4.01% 4.75% 7.17% 7.57% Medium 

JPM US Aggregate Bond X (dist) - GBP (hedged) -2.40% -2.25% -1.85% -0.30% - - - - Medium 


JPM US Dynamic A (acc) - EUR 3.27% 20.41% 14.37% 20.06% 20.09% 16.18% 20.66% 7.70% Medium 

JPM US Dynamic A (acc) - USD 4.43% 18.09% 15.00% 22.88% 12.83% 19.05% 17.10% 2.75% Medium 

JPM US Dynamic A (dist) - USD 4.40% 18.11% 14.94% 22.83% 12.82% 19.06% 17.12% 2.76% Medium 

JPM US Dynamic B (acc) - USD 4.54% 18.49% 15.61% 23.76% 13.81% 20.19% 18.35% 3.60% Medium 

JPM US Dynamic C (acc) - USD 4.54% 18.52% 15.63% 23.79% 13.91% 20.43% 18.59% 3.79% Medium 

JPM US Dynamic D (acc) - EUR 3.04% 19.94% 13.55% 18.79% 18.69% 14.76% 18.88% 6.36% Medium 

JPM US Dynamic D (acc) - USD 4.25% 17.63% 14.17% 21.66% 11.63% 17.54% 15.48% 1.67% Medium 

JPM US Dynamic I (acc) - USD* - - - - - - - - Medium 

JPM US Dynamic I (inc) - EUR 3.32% 20.78% 14.95% 20.84% 21.25% 17.26% 21.92% 8.60% Medium 

JPM US Dynamic T (acc) - EUR 3.05% 19.84% 13.51% 18.83% 18.75% - - - Medium 

JPM US Dynamic X (acc) - USD* - - - - - - - - Medium 


JPM US Growth A (acc) - EUR (hedged) 1.38% 8.89% 4.53% 9.34% 6.58% 15.90% 16.06% 1.96% Medium 

JPM US Growth A (acc) - USD 1.37% 8.91% 4.77% 10.02% 7.29% 16.63% 17.10% 3.13% Medium 

JPM US Growth A (dist) - GBP 1.00% 16.20% 11.11% 13.24% 10.25% 15.80% 20.54% 10.17% Medium 

JPM US Growth A (dist) - USD 1.35% 8.97% 4.87% 10.09% 7.31% 16.57% 17.11% 3.10% Medium 

JPM US Growth B (acc) - EUR (hedged) 1.53% - - - - - - - Medium 

JPM US Growth B (acc) - USD 1.57% 9.32% 5.34% 10.84% 8.17% 17.72% 18.37% 4.01% Medium 

JPM US Growth B (dist) - USD 1.56% 9.30% - - - - - - Medium 

JPM US Growth C (acc) - EUR (hedged) 1.61% 9.36% 5.29% 10.37% 7.80% 17.49% 39.92% 15.19% Medium 

JPM US Growth C (acc) - USD 1.62% 9.48% 5.53% 11.15% 8.49% 18.21% 18.87% 4.37% Medium 

JPM US Growth C (dist) - GBP 1.32% 16.91% 12.03% 14.57% 11.53% - - Medium 

JPM US Growth C (dist) - USD 1.63% 9.46% 5.58% 11.12% - - - - Medium 

JPM US Growth D (acc) - EUR (hedged) 1.18% 8.44% 3.91% 8.44% 5.79% 14.79% 14.82% 1.18% Medium 

JPM US Growth D (acc) - USD 1.17% 8.50% 4.24% 9.19% 6.48% 15.53% 15.91% 2.30% Medium 

JPM US Growth I (acc) - JPY*** - - - - - - - - Medium 

JPM US Growth T (acc) - EUR (hedged) 1.15% 8.44% - - - - - - Medium 

JPM US Growth X (acc) - USD 1.80% 9.85% 6.20% 11.94% 9.35% 19.31% 20.15% 5.25% Medium 

JPM US Growth X (dist) - USD 1.82% 9.84% 6.16% 11.89% 9.30% - - - Medium 

(4) This Sub-Fund was merged into US Equity Plus Fund on 31 May 2013. Performance has been calculated with the last availble NAV date. 

215





JPM US Small Cap Growth A (acc) - EUR 4.15% 22.29% 15.92% 24.09% 14.11% - - - Medium 

JPM US Small Cap Growth A (acc) - USD 5.76% 20.51% 17.11% 27.60% 7.75% 21.60% 24.72% 10.30% Medium 

JPM US Small Cap Growth A (dist) - GBP 5.51% 28.81% 24.37% 31.55% 10.74% 20.81% 28.85% 19.58% Medium 

JPM US Small Cap Growth A (dist) - USD 5.78% 20.53% 17.13% 27.61% 7.74% 21.62% 24.73% 10.29% Medium 

JPM US Small Cap Growth B (acc) - USD 5.93% 20.95% 17.83% 28.60% 8.60% 22.87% 26.24% 11.48% Medium 

JPM US Small Cap Growth C (acc) - USD** 6.03% 21.07% - - - - - - Medium 

JPM US Small Cap Growth D (acc) - USD 5.63% 20.14% 16.53% 26.69% 6.90% 20.43% 23.30% 9.18% Medium 

JPM US Small Cap Growth X (acc) - USD 6.25% 21.63% 18.74% 29.84% 9.77% 24.53% 28.30% 13.06% Medium 


JPM US Technology A (acc) - EUR -0.83% 8.14% -1.47% 4.78% 4.46% 11.99% - - Medium 

JPM US Technology A (acc) - SGD 3.00% 10.80% 2.93% 7.90% - - - - Medium 

JPM US Technology A (acc) - USD 0.75% 6.57% -0.40% 7.74% -0.96% 14.85% 19.35% 6.74% Medium 

JPM US Technology A (dist) - GBP 0.51% 13.79% 5.88% 11.17% 1.55% 13.85% 22.88% 14.58% Medium 

JPM US Technology A (dist) - USD 0.67% 6.57% -0.53% 7.80% -0.99% 14.86% 19.30% 6.74% Medium 

JPMorgan US Technology A (dist) - USD## 0.93% 6.93% -0.46% 8.00% -0.91% 14.99% 19.26% 6.67% Medium 

JPM US Technology B (acc) - USD 0.91% 6.99% 0.12% 8.57% -0.22% - - - Medium 

JPM US Technology B (dist) - USD 0.92% 6.99% - - - - - - Medium 

JPM US Technology C (acc) - USD 0.98% 7.10% 0.22% 8.75% -0.11% 16.21% 20.96% 7.96% Medium 

JPM US Technology C (dist) - USD 0.95% 7.05% - - - - - - Medium 

JPM US Technology D (acc) - EUR -1.03% 7.66% -2.23% 3.74% 3.39% 10.64% - - Medium 

JPM US Technology D (acc) - USD 0.52% 6.04% -1.03% 6.63% -1.99% 13.29% 17.70% 5.39% Medium 

JPM US Technology X (acc) - USD* - - - - - - - - Medium 


JPM US Value A (acc) - EUR (hedged) 3.53% 16.26% 15.23% 20.91% 13.67% 19.58% 20.86% 5.54% Medium 

JPM US Value A (acc) - USD 3.48% 16.27% 15.56% 21.49% 14.14% 20.11% 21.64% 6.79% Medium 

JPM US Value A (dist) - GBP 3.13% 24.09% 22.55% 25.21% 17.39% 19.20% 25.51% 14.93% Medium 

JPM US Value A (dist) - USD 3.50% 16.24% 15.53% 21.52% 14.09% 20.05% 21.54% 6.71% Medium 

JPMorgan US Value A (dist) - USD## 3.45% 16.19% 15.45% 21.45% 14.01% 19.97% 21.47% 6.66% Medium 

JPM US Value B (acc) - EUR (hedged) 3.68% - - - - - - - Medium 

JPM US Value B (acc) - USD 3.69% 16.67% 16.20% 22.40% 15.09% 21.32% 23.10% 7.82% Medium 

JPM US Value B (dist) - USD*** - - - - - - - - Medium 

JPM US Value C (acc) - EUR (hedged) 3.79% 16.81% 16.10% 22.13% 15.03% 21.25% 22.69% Medium 

JPM US Value C (acc) - USD 3.81% 16.83% 16.45% 22.80% 15.45% 21.80% 23.67% 8.22% Medium 

JPM US Value C (dist) - GBP 3.44% - - - - - - - Medium 

JPM US Value D (acc) - EUR (hedged) 3.35% 15.82% 14.59% 20.00% 12.70% 18.37% 19.54% 4.62% Medium 

JPM US Value D (acc) - USD 3.30% 15.81% 14.90% 20.59% 13.17% 18.92% 20.27% 5.81% Medium 

JPM US Value I (acc) - USD 3.80% 16.92% 16.52% 22.91% 15.57% - - - Medium 

JPM US Value X (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM US Value X (acc) - USD 3.99% 17.26% 17.11% 23.71% 16.42% 23.00% 25.06% 9.27% Medium 





*** No data is applicable for these Share Classes as they were launched or reactivated less than 3 months before the year end. 

216



4. Interest Rate Received/(Charged) on Bank Accounts 

Basis for Bank Interest Rates 

The rates are based on the JPMorgan Chase Treasury rates and consequently may change on a daily basis. The bank interest amount is posted to each of the 

Fund’s bank accounts on a monthly basis on the first business day of the subsequent month based on the bank balances from the prior month. 

5. Sub-Fund Share Classes Subject to Taxe d’abonnement Rate of 0.01% 

The following Sub-Fund Share Classes are subject to an asset based tax of 0.01% per annum: 

Share Class Name 

JPM America Equity I (acc) - USD 

JPM America Equity X (acc) - USD 

JPM Asia Local Currency Debt X (acc) - USD 

JPM Brazil Equity I (acc) - EUR 

JPM Brazil Equity I (acc) - USD 

JPM Eastern Europe Equity I (acc) - EUR 

JPM Eastern Europe Equity X (acc) - EUR 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 

JPM Emerging Markets Bond I (acc) - JPY (hedged) 

JPM Emerging Markets Bond I (acc) - USD 

JPM Emerging Markets Bond X (acc) - GBP (hedged) 

JPM Emerging Markets Bond X (acc) - USD 

JPM Emerging Markets Debt I (acc) - EUR (hedged) 

JPM Emerging Markets Debt I (inc) - EUR (hedged) 

JPM Emerging Markets Debt X (acc) - EUR (hedged) 

JPM Emerging Markets Debt X (acc) - GBP (hedged) 

JPM Emerging Markets Debt X (dist) - USD 

JPM Emerging Markets Equity I (acc) - EUR 

JPM Emerging Markets Equity I (acc) - EUR (hedged) 

JPM Emerging Markets Equity I (acc) - USD 

JPM Emerging Markets Equity I (inc) - EUR 

JPM Emerging Markets Equity X (acc) - EUR 

JPM Emerging Markets Equity X (acc) - USD 

JPM Emerging Markets Equity X (dist) - USD 

JPM Emerging Markets Equity X (inc) - EUR 

JPM Emerging Markets Local Currency Debt I (acc) - EUR 

JPM Emerging Markets Local Currency Debt I (acc) - EUR (hedged) 

JPM Emerging Markets Local Currency Debt I (acc) - USD 

JPM Emerging Markets Local Currency Debt I (inc) - EUR 

JPM Emerging Markets Local Currency Debt X (acc) - EUR 

JPM Emerging Markets Local Currency Debt X (acc) - EUR (hedged) 

JPM Emerging Markets Local Currency Debt X (acc) - USD 

JPM Emerging Markets Local Currency Debt Y (acc) - EUR 

JPM Emerging Markets Local Currency Debt Y (acc) - GBP 

JPM Emerging Markets Opportunities I (acc) - EUR 

JPM Emerging Markets Opportunities I (acc) - USD 

JPM Emerging Markets Opportunities X (acc) - EUR 

JPM Emerging Markets Opportunities X (acc) - GBP 

JPM Emerging Markets Opportunities X (acc) - USD 

JPM Emerging Middle East Equity I (acc) - USD 

JPM Euroland Equity X (acc) - EUR 

JPM Euroland Select Equity X (acc) - EUR 

JPM Europe Dynamic I (acc) - EUR 

JPM Europe Dynamic Mega Cap X (acc) - EUR 

JPM Europe Small Cap I (acc) - EUR 

JPM Europe Technology X (acc) - EUR 

JPM Germany Equity X (acc) - EUR 

JPM Global Convertibles (EUR) I (acc) - EUR 

JPM Global Convertibles (EUR) I (inc) - EUR 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 

JPM Global Convertibles (EUR) X (acc) - EUR 

JPM Global Dynamic I (acc) - EUR (hedged) 

JPM Global Dynamic I (acc) - USD 

JPM Global Dynamic I (inc) - EUR 

JPM Global Dynamic X (acc) - EUR 

JPM Global Dynamic X (acc) - EUR (hedged) 

JPM Global Dynamic X (acc) - USD 

JPM Global Focus I (acc) - EUR 

JPM Global Focus I (acc) - USD 

JPM Global Focus X (acc) - EUR 

JPM Global Government Bond X (acc) - EUR 

JPM Global Natural Resources I (acc) - EUR 

JPM Global Natural Resources X (acc) - EUR 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) 

JPM Global Real Estate Securities (USD) X (acc) - USD 

JPM Global Unconstrained Equity X (acc) - EUR 

JPM Global Unconstrained Equity X (acc) - EUR (hedged) 

JPM Global Unconstrained Equity X (acc) - USD 

JPM Latin America Equity I (acc) - JPY 

JPM Latin America Equity I (acc) - USD 

JPM Latin America Equity X (acc) - USD 

JPM Russia I (acc) - USD 

JPM US Aggregate Bond I (acc) - USD 

JPM US Aggregate Bond I (mth) - USD 

JPM US Aggregate Bond X (acc) - EUR (hedged) 

JPM US Aggregate Bond X (acc) - USD 

JPM US Aggregate Bond X (dist) - GBP (hedged) 

JPM US Equity Plus I (inc) - EUR 

JPM US Growth I (acc) - JPY 

JPM US Growth X (acc) - USD 

JPM US Growth X (dist) - USD 

JPM US Small Cap Growth X (acc) - USD 

JPM US Value I (acc) - USD 

JPM US Value X (acc) - USD 

JPMorgan Asia Pacific Income X (acc) - USD 

JPMorgan China X (acc) - USD 

JPMorgan Greater China I (acc) - USD 

JPMorgan India X (acc) - USD 

JPMorgan Japan Equity I (acc) - USD 

JPMorgan Japan Equity X (acc) - USD 

JPMorgan Korea Equity I (acc) - USD 

217



6. Portfolio Turnover Ratio 

The Portfolio Turnover Ratio is an indicator of the relevance of the additional costs incurred by a fund when buying and selling investments according to its investment policy. 

The Portfolio Turnover Ratio is calculated in accordance with the guidelines dated 16 May 2008 issued by the Swiss Fund Association as outlined below: 

(Total securities’ purchases and sales - total subscriptions and redemptions of Sub-Fund shares) 

Average net Sub-Fund assets in Sub-Fund currency 

The Portfolio Turnover Ratio is expressed as a percentage and in the case the outcome of the calculation is negative, a zero value has been published. 

Sub-Fund Portfolio Turnover Ratio (%) 

JPMorgan Funds - America Equity Fund 43.63 

JPMorgan Funds - Asia Local Currency Debt Fund (1) 73.33 

JPMorgan Funds - Asia Pacific Income Fund # - 

JPMorgan Funds - Brazil Equity Fund 16.93 

JPMorgan Funds - China Fund # 169.22 

JPMorgan Funds - Eastern Europe Equity Fund 14.04 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 51.93 

JPMorgan Funds - Emerging Markets Bond Fund 25.03 

JPMorgan Funds - Emerging Markets Debt Fund 96.67 

JPMorgan Funds - Emerging Markets Equity Fund - 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 67.38 

JPMorgan Funds - Emerging Markets Opportunities Fund 69.38 

JPMorgan Funds - Emerging Middle East Equity Fund - 

JPMorgan Funds - Euroland Equity Fund 165.59 

JPMorgan Funds - Euroland Select Equity Fund 39.47 

JPMorgan Funds - Europe Dynamic Fund 509.83 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 208.06 

JPMorgan Funds - Europe Equity Fund 133.91 

JPMorgan Funds - Europe Small Cap Fund 301.40 

JPMorgan Funds - Europe Technology Fund 233.61 

JPMorgan Funds - Germany Equity Fund - 

JPMorgan Funds - Global Consumer Trends Fund 41.56 

JPMorgan Funds - Global Convertibles Fund (EUR) 35.41 

JPMorgan Funds - Global Dynamic Fund 157.65 

JPMorgan Funds - Global Focus Fund 54.93 

JPMorgan Funds - Global Government Bond Fund 107.34 

JPMorgan Funds - Global Mining Fund 6.59 

JPMorgan Funds - Global Natural Resources Fund - 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 92.26 

JPMorgan Funds - Global Unconstrained Equity Fund (2) 92.75 

JPMorgan Funds - Greater China Fund # 70.81 

JPMorgan Funds - Hong Kong Fund # 43.27 

JPMorgan Funds - India Fund # - 

JPMorgan Funds - Japan Equity Fund # 33.60 

JPMorgan Funds - Japan Small Cap Fund # - 

JPMorgan Funds - Korea Equity Fund # 176.06 

JPMorgan Funds - Latin America Equity Fund 1.53 

JPMorgan Funds - Pacific Technology Fund # 195.32 

JPMorgan Funds - Russia Fund - 

JPMorgan Funds - Singapore Fund # 31.04 

JPMorgan Funds - Taiwan Fund # 174.12 

JPMorgan Funds - US Aggregate Bond Fund - 

JPMorgan Funds - US Dynamic Fund (3) 76.28 

JPMorgan Funds - US Growth Fund 41.90 

JPMorgan Funds - US Small Cap Growth Fund 41.56 

JPMorgan Funds - US Technology Fund - 

JPMorgan Funds - US Value Fund - 





* Due to the fact that underlying investments have short term maturity and that they are replaced only at maturity, no portfolio turnover statistics are calculated for the Fund. 

218



7. Calculation Method of the Risk Exposure 

Global Exposure using the VaR Approach (continued) 

Sub-Fund Name 

Market 

Risk 


Emerging Markets Bond Relative 200% 52.97% 41.89% 47.33% 

Fund 


Emerging Markets Debt Relative 200% 52.11% 39.37% 46.83% 

Fund 


Emerging Markets Local Relative 

Currency Debt Fund 


Global Government Relative 

Bond Fund 

JPMorgan Funds - Korea 

Equity Fund 


Aggregate Bond Fund 

Relative 


Local Currency Debt 

Fund 


Pacific Income Fund 

Limit Max Min Avg Reference portfolio Model Confidence 

Interval 

usage of reg limit* 

J.P. Morgan Emerging Markets Bond Index Global 

Monte 

Diversified (Total Return Gross) 

Carlo 

Simulation 

J.P. Morgan Emerging Markets Bond Index Global 

Monte 

Diversified, hedged into EUR (Total Return Gross) 

J.P. Morgan Government Bond Index - Emerging 

200% 67.40% 36.85% 49.61% Markets Global Index, Diversified (Total Return 

Gross) 

200% 64.88% 46.96% 54.53% 

JPMorgan Government Bond Index Global, 

hedged into EUR (Total Return Gross) 

Relative 200% 58.98% 43.15% 49.58% Korean Composite Stock Price Index (KOSPI) 

200% 57.83% 38.68% 42.37% 

Barclays Capital U.S. Aggregate Index, in USD 

(Total Return Gross) 

Relative 200% 61.37% 39.95% 51.11% 

HSBC Asian Local Bond Index (Total Return 

Gross) 

Relative 200% 50.31% 32.28% 

50% (MSCI) All Countries Pacific Index (Total 

41.15% Return Net) / 50% JPM Asia Credit Index (Total 

Return Gross) 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

Monte 

Carlo 

Simulation 

* over the last 12 months versus regulatory limit. 

** Average leverage over the last 6 months - Leverage is defined as the sum of the absolute notional of all derivatives in the Sub-Fund. 

Global Exposure using the Commitment Approach 







































Holding Effective 

period Observation 

Period 

Leverage 

Average over 

12 months to 

28 June 2013 

99% 20 days 500 days 12% 

99% 20 days 500 days 59% 

99% 20 days 500 days 195% 

99% 20 days 500 days 134% 

99% 20 days 500 days 7% 

99% 20 days 500 days 0% 

99% 20 days 500 days 37% 

99% 20 days 500 days 5% 

219





of the Year 


at the End 

of the Year 









JPM America Equity C (acc) - EUR (hedged) 1,218,831.471 1,276,160.723 2,362,159.301 132,832.893 



JPM America Equity D (acc) - EUR (hedged) 1,404,591.926 1,058,482.380 908,677.884 1,554,396.422 


JPMorgan Funds - Asia Pacific Bond Fund 

JPM Asia Pacific Bond A (acc) - USD 2,100,105.620 849,649.625 524,309.244 2,425,446.001 

JPM Asia Pacific Bond C (acc) - USD 26,000.000 45,916.144 1,602.570 70,313.574 



JPM Eastern Europe Equity A (acc) - USD 35.951 61,169.020 33,512.521 27,692.450 



JPM Eastern Europe Equity B (acc) - EUR 1,715,726.614 758,304.401 1,290,139.563 1,183,891.452 



JPM Eastern Europe Equity I (acc) - EUR 942,588.318 - 941,688.318 900.000 





JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD 909.269 3,423.293 1,057.334 3,275.228 



JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,759,409.084 251,704.765 1,744,165.663 266,948.186 



JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD - 171,730.754 - 171,730.754 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR 837.831 5,207.014 807.424 5,237.421 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 9,789,429.473 200,300.000 2,055,100.000 7,934,629.473 



JPM Emerging Markets Bond A (mth) - USD - 10.000 - 10.000 


JPM Emerging Markets Bond B (mth) - USD - 10.000 - 10.000 


JPM Emerging Markets Bond C (acc) - EUR (hedged) - 92,590.000 42,940.000 49,650.000 


JPM Emerging Markets Bond D (mth) - USD - 10.000 - 10.000 

JPM Emerging Markets Bond I (acc) - USD 436,400.000 - - 436,400.000 

JPM Emerging Markets Bond X (acc) - GBP (hedged) - 162,951.455 21,252.797 141,698.658 


JPMorgan Funds - Emerging Markets Debt Fund (1) 

JPM Emerging Markets Debt A (acc) - USD - 24,628,818.427 13,196,053.723 11,432,764.704 

JPM Emerging Markets Debt A (acc) - EUR (hedged) - 15,223,616.045 11,492,677.023 3,730,939.022 

JPM Emerging Markets Debt A (inc) - USD - 855,326.284 4,111.820 851,214.464 

JPM Emerging Markets Debt A (inc) - EUR (hedged) - 10,008,266.381 3,982,498.745 6,025,767.636 

JPM Emerging Markets Debt A (mth) - USD - 18,972,878.870 5,661,480.096 13,311,398.774 

JPM Emerging Markets Debt A (mth) - EUR (hedged) - 1,821,704.485 857,069.633 964,634.852 

JPM Emerging Markets Debt A (mth) - HKD - 1,227,101.255 35,383.131 1,191,718.124 

JPM Emerging Markets Debt B (acc) - USD - 14,000.000 - 14,000.000 

JPM Emerging Markets Debt B (acc) - EUR (hedged) - 3,651,224.967 2,151,108.412 1,500,116.555 

JPM Emerging Markets Debt C (acc) - USD - 281,827.238 26,070.000 255,757.238 

JPM Emerging Markets Debt C (acc) - EUR (hedged) - 10,818,527.134 8,550,766.938 2,267,760.196 

JPM Emerging Markets Debt C (dist) - USD - 145,025.851 - 145,025.851 

JPM Emerging Markets Debt D (acc) - EUR (hedged) - 5,986,255.765 2,529,490.844 3,456,764.921 

JPM Emerging Markets Debt I (inc) - EUR (hedged) - 885,161.782 - 885,161.782 

JPM Emerging Markets Debt X (acc) - EUR (hedged) - 660,016.111 65,500.000 594,516.111 

JPM Emerging Markets Debt X (acc) - GBP (hedged) - 31,538.117 - 31,538.117 


220





of the Year 


at the End 

of the Year 





JPM Emerging Markets Equity A (acc) - EUR (hedged) - 205,348.539 165,418.286 39,930.253 



JPM Emerging Markets Equity A (dist) - GBP 1,876,485.768 180,237.034 1,574,630.637 482,092.165 



JPM Emerging Markets Equity C (dist) - USD 270.876 158,962.757 21,232.573 138,001.060 




JPM Emerging Markets Equity I (acc) - EUR 1,942,978.492 1,806,289.336 - 3,749,267.828 

JPM Emerging Markets Equity I (inc) - EUR 2,663,741.055 2,482,756.000 1,969,257.778 3,177,239.277 


JPM Emerging Markets Equity X (acc) - EUR 50,198.727 7,400.000 - 57,598.727 

JPM Emerging Markets Equity X (dist) - USD 1,549,668.677 231,839.666 1,161,765.545 619,742.798 




JPM Emerging Markets Local Currency Debt A (acc) - SGD - 47,617.799 1,308.214 46,309.585 


JPM Emerging Markets Local Currency Debt A (dist) - GBP 1,203.185 32,128.141 624.245 32,707.081 

JPM Emerging Markets Local Currency Debt A (div) - EUR - 10.000 - 10.000 

JPM Emerging Markets Local Currency Debt A (div) - USD* - 302,353.722 302,353.722 - 

JPM Emerging Markets Local Currency Debt A (inc) - EUR 12,315.000 229,424.811 14,543.825 227,195.986 


JPM Emerging Markets Local Currency Debt B (acc) - EUR 10,034.720 18,950.481 4.726 28,980.475 






JPM Emerging Markets Local Currency Debt D (div) - EUR 1,786,028.339 3,826,503.325 708,401.787 4,904,129.877 


JPM Emerging Markets Local Currency Debt I (acc) - USD - 1,092,845.086 488,934.508 603,910.578 

JPM Emerging Markets Local Currency Debt I (inc) - EUR - 626,080.370 - 626,080.370 

JPM Emerging Markets Local Currency Debt T (acc) - EUR 50.000 17,951.824 120.000 17,881.824 


JPM Emerging Markets Local Currency Debt X (acc) - EUR 303,791.070 1,075,683.572 1,986.295 1,377,488.347 

JPM Emerging Markets Local Currency Debt X (acc) - GBP - 1,199,056.120 26,629.355 1,172,426.765 





JPM Emerging Middle East Equity A (acc) - SGD 1,509.915 1,454.486 - 2,964.401 








JPM Euroland Equity A (acc) - EUR 2,754,749.570 346,269.647 1,678,066.888 1,422,952.329 





JPM Euroland Equity C (acc) - EUR 4,148,458.742 946,106.794 2,852,425.557 2,242,139.979 







JPM Euroland Select Equity C (acc) - EUR 899,113.914 2,699,104.593 2,131,080.305 1,467,138.202 



221





of the Year 


at the End 

of the Year 









JPM Europe Dynamic D (acc) - EUR 1,308,831.515 99,874.497 477,472.375 931,233.637 

JPM Europe Dynamic D (acc) - USD* 3,678.797 - 3,678.797 - 

JPM Europe Dynamic I (acc) - EUR 2,588,000.000 - 523,900.000 2,064,100.000 


JPM Europe Dynamic X (acc) - EUR - 216,506.000 - 216,506.000 



JPM Europe Dynamic Mega Cap A (acc) - USD 353.856 9,319.046 7.045 9,665.857 



JPM Europe Dynamic Mega Cap B (acc) - EUR 6,925.519 - - 6,925.519 



JPM Europe Dynamic Mega Cap D (acc) - USD 2,706.798 - 2,352.941 353.857 




JPM Europe Equity A (acc) - EUR 3,583,770.958 558,618.346 2,145,273.566 1,997,115.738 







JPM Europe Equity D (acc) - USD 64,266.910 - 7,207.682 57,059.228 



JPM Europe Small Cap A (acc) - EUR 1,570,107.490 373,609.079 1,043,674.980 900,041.589 









JPM Europe Technology A (acc) - EUR 1,649,565.514 644,208.865 1,377,421.374 916,353.005 



JF Europe Technology A (dist) - EUR 1,517,263.701 1,431,704.224 751,364.576 2,197,603.349 


JPM Europe Technology D (acc) - EUR 2,770,555.073 247,955.028 1,338,881.181 1,679,628.920 

JPM Europe Technology X (acc) - EUR 17,221.019 - - 17,221.019 








JPM Germany Equity I (acc) - EUR* 139,629.048 - 139,629.048 - 


JPM Germany Equity X (acc) - EUR 1,002,143.925 210,251.213 310,060.932 902,334.206 



JPM Global Consumer Trends A (acc) - CHF (hedged) - 3,409.939 1,440.054 1,969.885 

JPM Global Consumer Trends A (acc) - SGD - 367.489 - 367.489 


JPM Global Consumer Trends B (acc) - EUR 34.720 - - 34.720 

JPM Global Consumer Trends B (acc) - USD 34.600 19,175.000 95.000 19,114.600 

JPM Global Consumer Trends C (acc) - EUR 2,047,028.559 669,036.062 1,969,378.710 746,685.911 




222





of the Year 


at the End 

of the Year 







JF Global Convertibles (EUR) A (dist) - USD 1,233,630.165 377,167.757 895,027.063 715,770.859 





JPM Global Convertibles (EUR) C (acc) - CHF (hedged) 174,844.981 - - 174,844.981 

JPM Global Convertibles (EUR) C (dist) - GBP (hedged) 3,502,646.883 171,324.723 3,550,883.924 123,087.682 



JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 1,308,642.847 - - 1,308,642.847 


JPM Global Convertibles (EUR) X (acc) - EUR 5,426,524.652 229,125.892 646,161.496 5,009,489.048 

JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,788,475.325 - 521,170.325 1,267,305.000 

JPM Global Convertibles (EUR) X (dist) - GBP (hedged) 3,236.968 7,213.496 3,523.886 6,926.578 




JPM Global Dynamic A (acc) - EUR 1,205,016.956 121,573.969 366,582.920 960,008.005 


JPM Global Dynamic A (acc) - SGD 2,858.091 495.780 229.899 3,123.972 







JPM Global Dynamic C (acc) - USD 10,574,477.407 222,973.291 2,644,951.942 8,152,498.756 



JPM Global Dynamic D (acc) - USD 1,342,268.498 62,316.070 262,267.683 1,142,316.885 







JPM Global Dynamic X (acc) - USD 5,056,229.580 5,305.144 4,991,629.440 69,905.284 


JPM Global Dynamic X (acc) - EUR (hedged) - 135,690.913 25,290.913 110,400.000 



JPM Global Equity (USD) A (acc) - EUR 11,874.657 8,074.099 8,257.735 11,691.021 



JF Global Equity (USD) A (dist) - USD 1,002,702.705 141,273.835 167,697.445 976,279.095 






JPM Global Equity (USD) X (acc) - USD 1,189.691 2,442.015 1,189.691 2,442.015 


JPM Global Equity (USD) X (acc) - EUR (hedged) - 20,350.000 - 20,350.000 






JF Global Focus A (dist) - USD 1,849,867.482 422,476.089 1,201,711.560 1,070,632.011 



JPM Global Focus C (acc) - EUR (hedged) 2,150,890.786 2,948,220.200 4,115,615.125 983,495.861 

JPM Global Focus C (acc) - USD 2,193,193.197 108,415.164 529,593.069 1,772,015.292 


JPM Global Focus D (acc) - EUR (hedged) 3,522,587.396 969,343.589 1,764,363.597 2,727,567.388 


JPM Global Focus I (acc) - EUR (hedged) 187,528.699 187,528.699 187,528.699 187,528.699 



JPM Global Focus X (acc) - EUR 892,193.804 3,561,724.691 792,732.545 3,661,185.950 

223





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at the End 

of the Year 




JPM Global Government Bond A (acc) - USD (hedged) 313,718.219 1,704,502.365 656,661.845 1,361,558.739 



JPM Global Government Bond D (acc) - EUR 1,245,618.910 1,429,564.015 1,723,463.365 951,719.560 








JPM Global Natural Resources C (acc) - EUR 8,306,877.948 448,897.057 6,489,184.644 2,266,590.361 




JPM Global Natural Resources I (acc) - EUR - 183,145.780 - 183,145.780 

JPM Global Natural Resources X (acc) - EUR 4,184,648.650 13,117.356 1,800,146.498 2,397,619.508 




JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) 118,954.712 0.398 118,736.381 218.729 






JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) - 14,394.000 - 14,394.000 

JPMorgan Funds - JF Asia Pacific Income Fund (2) 

JF Asia Pacific Income A (acc) - USD 448,863.091 105,366.830 194,388.818 359,841.103 

JF Asia Pacific Income A (dist) - USD 2,909,581.326 420,778.780 806,600.996 2,523,759.110 

JF Asia Pacific Income A (mth) - HKD - 75,135.477 - 75,135.477 

JF Asia Pacific Income A (mth) - USD - 1,148.907 - 1,148.907 

JF Asia Pacific Income B (acc) - USD 505,300.000 6,116.086 - 511,416.086 

JF Asia Pacific Income D (acc) - USD 1,166,332.773 349,032.575 425,018.396 1,090,346.952 



JF China A (acc) - SGD 1,343.556 4,037.974 1,709.694 3,671.836 


JF China A (dist) - HKD 1,447,697.986 6,849,599.878 5,747,779.431 2,549,518.433 

JF China B (acc) - USD 906,191.452 190,485.487 451,882.311 644,794.628 



JF China D (acc) - EUR 47,907.542 28,567.885 22,973.312 53,502.115 

JF China I (acc) - USD 17,525,248.878 - 17,156,297.286 368,951.592 

JF China T (acc) - EUR 817.824 21,288.889 15,190.344 6,916.369 

JF China X (acc) - USD 48,529.891 - 15,828.740 32,701.151 



JF Greater China A (acc) - SGD 47,658.490 15,448.082 51,774.930 11,331.642 


JF Greater China A (dist) - HKD 1,397,905.372 1,171,866.492 706,237.653 1,863,534.211 


JF Greater China C (acc) - USD 2,039,911.544 1,416,733.384 877,705.898 2,578,939.030 

JF Greater China D (acc) - USD 2,857,604.951 274,050.541 913,242.836 2,218,412.656 

JF Greater China D (acc) - EUR 47,214.764 14,187.181 10,314.024 51,087.921 

JF Greater China I (acc) - USD 400,363.031 923,914.679 916,511.504 407,766.206 

JF Greater China T (acc) - EUR 2,421.459 6,708.664 2,756.962 6,373.161 



JF Hong Kong A (dist) - USD 2,474,749.607 680,471.254 856,158.087 2,299,062.774 

JF Hong Kong A (dist) - HKD 1,135,515.278 3,131,564.105 2,774,262.554 1,492,816.829 

JF Hong Kong B (acc) - USD 1,630.009 - - 1,630.009 



(2) This Sub-Fund was renamed from JF Pacific Balanced Fund on 14 June 2012. 

224





of the Year 


at the End 

of the Year 




JF India A (acc) - SGD 12,992.543 13,467.924 2,416.304 24,044.163 





JF India D (acc) - EUR 85,200.691 62,122.003 47,021.919 100,300.775 

JF India T (acc) - EUR 2,116.059 9,207.164 796.059 10,527.164 





JF Japan Equity A (acc) - JPY 109,195.656 2,194.000 36,929.350 74,460.306 




JF Japan Equity C (acc) - USD 417,924.344 905,465.080 844,675.545 478,713.879 




JF Japan Equity X (acc) - USD 9,340.142 7,358.004 - 16,698.146 




JF Japan Small Cap B (acc) - USD 129,279.959 1,344,010.533 1,325,047.018 148,243.474 

JF Japan Small Cap D (acc) - USD 863,281.164 340,752.687 501,798.147 702,235.704 



JF Korea Equity A (acc) - EUR 1,657,254.201 593,882.571 1,519,751.260 731,385.512 

JF Korea Equity A (acc) - SGD - 5,933.834 - 5,933.834 




JF Korea Equity D (acc) - USD 2,290,846.350 8,004,250.233 8,818,095.313 1,477,001.270 

JF Korea Equity I (acc) - USD* - 141,060.916 141,060.916 - 




JF Pacific Technology A (acc) - EUR 14,772.826 268.337 4,112.455 10,928.708 



JF Pacific Technology B (acc) - USD 229,029.787 1,331.752 2,783.172 227,578.367 

JF Pacific Technology C (acc) - USD 62,821.450 48,709.163 3,656.308 107,874.305 



JF Singapore A (acc) - USD 854,437.207 1,931,152.108 1,667,453.943 1,118,135.372 




JF Singapore C (acc) - USD 316,418.145 876,428.744 1,129,998.649 62,848.240 

JF Singapore D (acc) - USD 1,080,456.230 109,554.426 299,662.872 890,347.784 





JF Taiwan A (dist) - HKD 590,293.701 1,512,699.263 1,335,435.880 767,557.084 

JF Taiwan B (acc) - USD 50.000 14,890.000 14,890.000 50.000 

JF Taiwan C (acc) - USD 1,433,385.786 17,871.525 458,516.167 992,741.144 

JF Taiwan D (acc) - USD 893,090.538 3,180,625.211 3,382,063.857 691,651.892 

JF Taiwan I (acc) - USD 9,504,823.052 2,860,360.314 11,876,803.597 488,379.769 

JF Taiwan X (acc) - USD 129,125.000 2,161.000 45,805.000 85,481.000 



JPM Latin America Equity A (acc) - SGD 888.109 210.084 - 1,098.193 





JPM Latin America Equity D (acc) - USD 3,399,236.297 305,110.088 1,042,478.903 2,661,867.482 





225





of the Year 


at the End 

of the Year 











JPM US Aggregate Bond A (acc) - EUR (hedged) - 572,446.017 382,325.353 190,120.664 

JPM US Aggregate Bond A (div) - USD* - 395,780.000 395,780.000 - 



JPM US Aggregate Bond A (mth) - SGD - 2,110.093 - 2,110.093 

JPM US Aggregate Bond A (mth) - SGD (hedged) - 36,822.900 - 36,822.900 


JPM US Aggregate Bond B (mth) - USD - 10.000 - 10.000 






JPM US Aggregate Bond X (dist) - GBP (hedged) - 27,035.689 595.149 26,440.540 




JPM US Dynamic A (dist) - USD 7,811,611.605 544,155.545 2,050,855.008 6,304,912.142 

JPM US Dynamic B (acc) - USD 925,867.305 349,632.030 1,148,008.858 127,490.477 

JPM US Dynamic C (acc) - USD 860,647.866 794,423.822 714,135.213 940,936.475 

JPM US Dynamic D (acc) - USD 1,035,624.890 73,711.288 235,486.605 873,849.573 


JPM US Dynamic I (inc) - EUR 167.161 - - 167.161 

JPM US Dynamic T (acc) - EUR 546.325 7,679.024 2,954.806 5,270.543 

JPM US Dynamic X (acc) - USD 140,289.015 9,297.440 68,924.929 80,661.526 





JPM US Growth A (dist) - GBP 1,993,462.367 474,579.321 2,206,170.220 261,871.468 

JPM US Growth B (acc) - USD 1,305,228.223 2,166,429.807 561,847.752 2,909,810.278 


JPM US Growth C (acc) - EUR (hedged) 72,811.246 2,979,401.862 778,744.180 2,273,468.928 

JPM US Growth C (dist) - USD - 227,283.997 8,330.763 218,953.234 











JPM US Small Cap Growth B (acc) - USD 1,462,491.554 1,853,749.323 3,095,238.657 221,002.220 

JPM US Small Cap Growth C (acc) - USD* - 1,982.906 1,982.906 - 


JPM US Small Cap Growth X (acc) - USD 158,429.726 - 154,324.001 4,105.725 




JPM US Technology A (acc) - SGD - 1,184.629 - 1,184.629 





JPM US Technology C (acc) - USD 165,593.919 4,976,855.220 1,601,187.239 3,541,261.900 



JPM US Technology X (acc) - USD* 7,531.168 2,651.769 10,182.937 - 

226





of the Year 


at the End 

of the Year 







JF US Value A (dist) - USD 371,801.616 1,230,846.650 1,230,056.168 372,592.098 

JPM US Value B (acc) - USD 625,933.389 2,152,306.509 1,525,318.573 1,252,921.325 







JPM US Value X (acc) - EUR (hedged) - 7,444.000 - 7,444.000 



227





of the Year 


at the End 

of the Year 



JPM America Equity A (acc) - USD 1,865,537.792 932,797.629 1,599,065.121 1,199,270.300 





JPM America Equity C (acc) - USD 6,724,698.274 977,207.671 838,549.616 6,863,356.329 




JPM America Equity D (acc) - EUR (hedged) 728,639.908 1,537,171.747 861,219.729 1,404,591.926 




JPM Eastern Europe Equity A (acc) - USD - 35.951 - 35.951 






JPM Eastern Europe Equity I (acc) - EUR 1,796,727.879 2,940,427.709 3,794,567.270 942,588.318 

JPM Eastern Europe Equity X (acc) - EUR 2,620,796.741 163,657.645 796.741 2,783,657.645 




JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD - 959.224 49.955 909.269 



JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,813,484.930 2,122,461.700 2,176,537.546 1,759,409.084 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,925,463.268 813,780.950 1,108,551.885 1,630,692.333 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR - 40,247.499 14,136.396 26,111.103 

JPM Emerging Europe, Middle East and Africa Equity T (acc) - EUR - 905.244 67.413 837.831 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5,000,000.000 5,226,929.473 437,500.000 9,789,429.473 






JPM Emerging Markets Bond I (acc) - USD 285,700.000 150,700.000 - 436,400.000 

JPM Emerging Markets Bond X (acc) - USD 70.000 220,538.871 113,059.795 107,549.076 



JPM Emerging Markets Debt A (acc) - USD (hedged) 140,399.903 11,374,869.639 5,614,733.226 5,900,536.316 


JPM Emerging Markets Debt A (mth) - EUR 673,648.932 1,155,439.471 1,124,221.995 704,866.408 

JPM Emerging Markets Debt A (mth) - USD (hedged) 543,722.117 4,718,749.891 2,811,756.095 2,450,715.913 

JPM Emerging Markets Debt B (acc) - EUR 699,783.375 2,063,545.565 1,803,053.072 960,275.868 



JPM Emerging Markets Debt I (inc) - EUR 856,161.782 20,000.000 - 876,161.782 






JPM Emerging Markets Equity A (dist) - GBP 1,695,180.515 1,095,930.047 914,624.794 1,876,485.768 



JPM Emerging Markets Equity C (dist) - USD - 270.876 - 270.876 




JPM Emerging Markets Equity I (acc) - EUR 1,942,978.492 - - 1,942,978.492 



JPM Emerging Markets Equity X (acc) - EUR - 50,198.727 - 50,198.727 



228





of the Year 


at the End 

of the Year 





JPM Emerging Markets Local Currency Debt A (dist) - GBP - 1,203.185 - 1,203.185 


JPM Emerging Markets Local Currency Debt A (inc) - EUR - 12,315.000 - 12,315.000 

JPM Emerging Markets Local Currency Debt B (acc) - EUR - 10,034.720 - 10,034.720 

JPM Emerging Markets Local Currency Debt B (acc) - USD 493,573.091 3,953,077.093 1,382,697.753 3,063,952.431 

JPM Emerging Markets Local Currency Debt C (acc) - EUR - 185,312.070 70,553.621 114,758.449 

JPM Emerging Markets Local Currency Debt C (acc) - USD 744,031.123 3,606,268.047 1,790,952.676 2,559,346.494 



JPM Emerging Markets Local Currency Debt D (inc) - EUR 40,079.625 2,055,286.126 309,337.412 1,786,028.339 

JPM Emerging Markets Local Currency Debt I (acc) - EUR - 244,795.224 199,695.224 45,100.000 

JPM Emerging Markets Local Currency Debt T (acc) - EUR - 50.000 - 50.000 

JPM Emerging Markets Local Currency Debt T (inc) - EUR - 21,113.019 - 21,113.019 

JPM Emerging Markets Local Currency Debt X (acc) - EUR - 536,061.704 232,270.634 303,791.070 




JPM Emerging Middle East Equity A (acc) - EUR 148,212.987 1,598,162.529 1,208,709.430 537,666.086 

JPM Emerging Middle East Equity A (acc) - SGD - 1,559.870 49.955 1,509.915 





JPM Emerging Middle East Equity D (acc) - EUR - 178,642.560 160,038.363 18,604.197 

JPM Emerging Middle East Equity I (acc) - USD - 123,613.881 42,867.258 80,746.623 









JPM Euroland Equity I (acc) - EUR* 53,145.999 0.001 53,146.000 - 

JPM Euroland Equity X (acc) - EUR 747,426.000 619,025.000 21,425.000 1,345,026.000 


JPM Euroland Select Equity A (acc) - EUR 179,661.301 11,322,994.211 2,160,191.070 9,342,464.442 


JPM Euroland Select Equity B (acc) - EUR - 53,236.273 1,354.126 51,882.147 

JPM Euroland Select Equity C (acc) - EUR 1,405.561 2,368,008.693 1,470,300.340 899,113.914 










JPM Europe Dynamic D (acc) - USD 4,566.115 - 887.318 3,678.797 


JPM Europe Dynamic I (acc) - EUR 1,300,000.000 1,288,000.000 - 2,588,000.000 

JPM Europe Dynamic T (acc) - EUR - 3,640.497 - 3,640.497 


JPM Europe Dynamic Mega Cap A (acc) - USD 353.856 - - 353.856 

JPM Europe Dynamic Mega Cap A (acc) - EUR 7,091,036.608 489,756.669 4,109,695.843 3,471,097.434 



JPM Europe Dynamic Mega Cap B (acc) - EUR 32,960.781 - 26,035.262 6,925.519 

JPM Europe Dynamic Mega Cap C (acc) - EUR 1,178,779.415 89,162.455 1,071,386.261 196,555.609 



JPM Europe Dynamic Mega Cap T (acc) - EUR - 360.805 - 360.805 

JPM Europe Dynamic Mega Cap X (acc) - EUR 1,133,038.232 29,491.441 1,006,812.879 155,716.794 











229





of the Year 


at the End 

of the Year 








JPM Europe Small Cap C (acc) - EUR 412,665.020 937,765.187 1,246,611.946 103,818.261 


JPM Europe Small Cap I (acc) - EUR - 85,375.831 - 85,375.831 


JPM Europe Technology A (acc) - EUR 830,531.434 4,633,167.744 3,814,133.664 1,649,565.514 


JF Europe Technology A (dist) - EUR 1,800,278.206 1,203,146.021 1,486,160.526 1,517,263.701 




JPM Europe Technology X (acc) - EUR 19,540.984 - 2,319.965 17,221.019 





JPM Germany Equity B (acc) - EUR 761,549.316 1,433,113.720 1,673,622.234 521,040.802 



JPM Germany Equity I (acc) - EUR 1,620,590.256 972,533.633 2,453,494.841 139,629.048 

JPM Germany Equity T (acc) - EUR - 31,889.340 50.000 31,839.340 

JPM Germany Equity X (acc) - EUR 295,392.406 740,705.519 33,954.000 1,002,143.925 


JPM Global Consumer Trends A (acc) - USD 91,418.548 1,561,938.587 34,760.329 1,618,596.806 


JPM Global Consumer Trends B (acc) - USD - 34.600 - 34.600 

JPM Global Consumer Trends B (acc) - EUR - 34.720 - 34.720 

JPM Global Consumer Trends C (acc) - EUR 1,488,680.208 2,538,370.294 1,980,021.943 2,047,028.559 

JPM Global Consumer Trends D (acc) - USD - 34.600 - 34.600 


JPM Global Consumer Trends T (acc) - EUR - 12,284.426 145.226 12,139.200 







JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 688,484.039 512,910.943 114,695.000 1,086,699.982 

JPM Global Convertibles (EUR) B (dist) - GBP (hedged) - 300,287.391 - 300,287.391 






JPM Global Convertibles (EUR) I (acc) - CHF (hedged) 1,019,625.506 289,017.341 - 1,308,642.847 



JPM Global Convertibles (EUR) X (acc) - CHF (hedged) 1,788,476.035 - 0.710 1,788,475.325 


JPM Global Convertibles (EUR) X (dist) - GBP (hedged) - 3,236.968 - 3,236.968 



JPM Global Dynamic A (acc) - CHF (hedged) - 8,063.792 417.000 7,646.792 



JPM Global Dynamic A (acc) - SGD 498.563 2,359.528 - 2,858.091 

JPM Global Dynamic A (acc) - SGD (hedged) - 50,243.339 - 50,243.339 












JPM Global Dynamic I (acc) - EUR (hedged) - 330,854.246 29,832.200 301,022.046 

JPM Global Dynamic I (acc) - USD 152,038.895 5,589,876.657 10,864.871 5,731,050.681 


JPM Global Dynamic T (acc) - EUR (hedged) - 1,331.638 - 1,331.638 


JPM Global Dynamic X (acc) - USD 6,149,032.055 33,643.318 1,126,445.793 5,056,229.580 

230





of the Year 


at the End 

of the Year 




JPM Global Equity (USD) A (acc) - EUR - 11,874.657 - 11,874.657 



JF Global Equity (USD) A (dist) - USD 1,111,331.660 318,611.363 427,240.318 1,002,702.705 


JPM Global Equity (USD) C (acc) - USD 7,567,085.145 32,869.000 2,296,602.873 5,303,351.272 

JPM Global Equity (USD) C (acc) - EUR (hedged) 5,837,707.130 81,308.818 - 5,919,015.948 








JPM Global Focus A (acc) - CHF (hedged) - 50,692.001 4,211.698 46,480.303 


JF Global Focus A (dist) - USD 1,842,078.240 1,422,839.249 1,415,050.007 1,849,867.482 


JPM Global Focus C (acc) - USD 1,799,015.290 1,192,355.793 798,177.886 2,193,193.197 


JPM Global Focus C (acc) - EUR (hedged) 489,378.430 5,437,280.512 3,775,768.156 2,150,890.786 



JPM Global Focus I (acc) - USD - 402,080.697 - 402,080.697 

JPM Global Focus I (acc) - EUR - 747,375.996 577.810 746,798.186 

JPM Global Focus I (acc) - EUR (hedged) - 187,528.699 - 187,528.699 

JPM Global Focus T (acc) - EUR - 16,645.520 - 16,645.520 

JPM Global Focus X (acc) - EUR 936,103.590 61,966.510 105,876.296 892,193.804 






JPM Global Government Bond D (acc) - EUR 270,627.378 2,495,755.059 1,520,763.527 1,245,618.910 










JPM Global Natural Resources D (acc) - USD 1,136,706.770 2,054,698.847 2,363,133.521 828,272.096 


JPM Global Natural Resources X (acc) - USD* - 17,517.215 17,517.215 - 






JPM Global Real Estate Securities (USD) B (acc) - EUR (hedged) - 4,501.242 - 4,501.242 

JPM Global Real Estate Securities (USD) C (acc) - USD - 215,060.083 32,859.845 182,200.238 



JPM Global Real Estate Securities (USD) X (acc) - USD 449,841.235 526,297.000 - 976,138.235 



JF China A (acc) - SGD 498.563 844.993 - 1,343.556 


JF China A (dist) - HKD - 3,130,574.135 1,682,876.149 1,447,697.986 

JF China B (acc) - USD 1,072,011.902 527,548.730 693,369.180 906,191.452 



JF China D (acc) - EUR - 61,289.640 13,382.098 47,907.542 


JF China T (acc) - EUR - 886.139 68.315 817.824 

JF China X (acc) - USD - 301,945.306 253,415.415 48,529.891 

231





of the Year 


at the End 

of the Year 




JF Greater China A (acc) - SGD 498.563 107,658.490 60,498.563 47,658.490 


JF Greater China A (dist) - HKD - 1,513,845.696 115,940.324 1,397,905.372 




JF Greater China D (acc) - EUR - 60,426.170 13,211.406 47,214.764 

JF Greater China I (acc) - USD - 402,030.655 1,667.624 400,363.031 

JF Greater China T (acc) - EUR - 2,421.459 - 2,421.459 




JF Hong Kong A (dist) - HKD - 2,403,976.753 1,268,461.475 1,135,515.278 


JF Hong Kong C (acc) - USD 540,529.482 1,687,436.054 1,963,164.536 264,801.000 




JF India A (acc) - SGD 498.563 17,261.213 4,767.233 12,992.543 





JF India D (acc) - EUR - 124,005.616 38,804.925 85,200.691 

JF India T (acc) - EUR - 2,184.374 68.315 2,116.059 





JF Japan Equity A (acc) - JPY 859,350.180 314,334.465 1,064,488.989 109,195.656 




JF Japan Equity C (acc) - USD 416,571.587 3,871,148.080 3,869,795.323 417,924.344 


JF Japan Equity D (acc) - EUR 99,482.165 2,112,217.391 2,156,002.932 55,696.624 






JF Japan Small Cap B (acc) - USD 24,519.310 1,084,997.186 980,236.537 129,279.959 




JF Korea Equity A (acc) - EUR 115,108.183 2,534,302.668 992,156.650 1,657,254.201 




JF Korea Equity D (acc) - USD 382,758.482 5,128,224.742 3,220,136.874 2,290,846.350 



JF Pacific Balanced A (acc) - USD 303,084.610 955,697.404 809,918.923 448,863.091 


JF Pacific Balanced B (acc) - USD 505,300.000 1,626,966.668 1,626,966.668 505,300.000 







JF Pacific Technology B (acc) - USD 795,214.984 811,292.758 1,377,477.955 229,029.787 

JF Pacific Technology C (acc) - USD 2,664,638.210 307,914.749 2,909,731.509 62,821.450 



JF Singapore A (acc) - USD 868,648.942 2,317,770.734 2,331,982.469 854,437.207 




JF Singapore C (acc) - USD 26,108.133 2,135,354.757 1,845,044.745 316,418.145 


JF Singapore I (acc) - USD* 632,502.587 0.001 632,502.588 - 

232





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of the Year 






JF Taiwan A (dist) - HKD - 1,049,846.993 459,553.292 590,293.701 

JF Taiwan B (acc) - USD 39,588.364 50.000 39,588.364 50.000 

JF Taiwan C (acc) - USD 154,273.628 3,435,806.236 2,156,694.078 1,433,385.786 

JF Taiwan D (acc) - USD 1,091,192.284 5,591,692.111 5,789,793.857 893,090.538 

JF Taiwan I (acc) - USD 4,817,548.910 5,547,559.211 860,285.069 9,504,823.052 

JF Taiwan X (acc) - USD - 129,125.000 - 129,125.000 



JPM Latin America Equity A (acc) - SGD - 938.064 49.955 888.109 






JPM Latin America Equity D (acc) - EUR - 61,797.839 21,335.555 40,462.284 


JPM Latin America Equity T (acc) - EUR - 2,887.234 68.315 2,818.919 

JPM Latin America Equity X (acc) - USD 2,362,034.245 1,186,198.651 1,078,189.472 2,470,043.424 











JPM US Aggregate Bond A (mth) - USD 570,093.668 5,109,600.771 2,613,025.929 3,066,668.510 




JPM US Aggregate Bond D (acc) - EUR (hedged) - 21,547.642 6,876.113 14,671.529 

JPM US Aggregate Bond I (acc) - USD - 315,352.787 - 315,352.787 






JPM US Dynamic B (acc) - USD 353,698.012 1,222,969.814 650,800.521 925,867.305 

JPM US Dynamic C (acc) - USD 9,384,577.423 3,740,391.203 12,264,320.760 860,647.866 

JPM US Dynamic D (acc) - USD 1,598,965.713 180,092.566 743,433.389 1,035,624.890 

JPM US Dynamic D (acc) - EUR 37,813.643 322.581 3,533.392 34,602.832 

JPM US Dynamic I (inc) - EUR 18,308,677.100 90,871.397 18,399,381.336 167.161 

JPM US Dynamic T (acc) - EUR - 546.325 - 546.325 

JPM US Dynamic X (acc) - USD 1,122,159.552 22,482.240 1,004,352.777 140,289.015 

JPMorgan Funds - US Growth Fund (1) 

JPM US Growth A (acc) - USD 883,269.582 22,377,759.438 2,035,001.341 21,226,027.679 

JPM US Growth A (acc) - EUR (hedged) 927,887.304 2,094,562.412 1,140,336.156 1,882,113.560 


JPM US Growth A (dist) - GBP 24,905.001 2,014,750.031 46,192.665 1,993,462.367 

JPM US Growth B (acc) - USD 204,879.833 1,292,054.760 191,706.370 1,305,228.223 

JPM US Growth C (acc) - USD 686,167.311 10,683,235.931 2,160,245.545 9,209,157.697 

JPM US Growth C (acc) - EUR (hedged) 12,665.420 89,245.560 29,099.734 72,811.246 

JPM US Growth C (dist) - GBP - 198,624.637 42,644.766 155,979.871 



JPM US Growth X (acc) - USD 34,224.434 6,164,873.490 186,563.802 6,012,534.122 

JPM US Growth X (dist) - USD - 12,700.109 - 12,700.109 



JPM US Small Cap Growth A (acc) - EUR - 15,457.008 - 15,457.008 




JPM US Small Cap Growth D (acc) - USD 1,104,790.976 1,720,223.718 1,098,985.084 1,726,029.610 

JPM US Small Cap Growth X (acc) - USD 11,593.549 158,897.561 12,061.384 158,429.726 

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

233





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of the Year 



JPM US Technology A (acc) - USD 509,902.577 2,876,147.899 1,601,272.825 1,784,777.651 






JPM US Technology C (acc) - USD 120,241.325 1,332,747.564 1,287,394.970 165,593.919 



JPM US Technology X (acc) - USD 20,793.725 - 13,262.557 7,531.168 



JPM US Value A (acc) - EUR (hedged) 781,914.365 2,905,952.055 436,313.659 3,251,552.761 




JPM US Value B (acc) - USD 282,593.906 1,067,524.016 724,184.533 625,933.389 


JPM US Value C (acc) - EUR (hedged) 64.401 4,983,572.446 1,162,904.395 3,820,732.452 


JPM US Value D (acc) - EUR (hedged) 622,146.258 2,660,764.148 499,271.866 2,783,638.540 

JPM US Value I (acc) - USD - 507,256.943 - 507,256.943 



234





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at the End 

of the Year 












JPM America Equity D (acc) - EUR (hedged) 358,720.308 555,024.679 185,105.079 728,639.908 

JPM America Equity X (acc) - USD 324,923.944 - 21,338.917 303,585.027 





JPM Eastern Europe Equity B (acc) - EUR 795,800.925 6,669,132.768 5,376,850.949 2,088,082.744 

JPM Eastern Europe Equity C (acc) - EUR 671,636.419 4,863,179.895 3,821,444.660 1,713,371.654 

JPM Eastern Europe Equity D (acc) - EUR 1,963,239.450 1,606,864.414 1,480,644.127 2,089,459.737 

JPM Eastern Europe Equity I (acc) - EUR - 5,470,482.958 3,673,755.079 1,796,727.879 

JPM Eastern Europe Equity X (acc) - EUR 2,569,000.000 131,176.744 79,380.003 2,620,796.741 





JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1,005,682.116 1,089,346.070 1,340,088.804 754,939.382 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 910,418.427 2,234,672.006 1,331,605.503 1,813,484.930 


JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD* 494,012.339 1,211,203.633 1,705,215.972 - 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD - 5,000,000.000 - 5,000,000.000 

JPMorgan Funds - Emerging Markets Bond Fund (1) 

JPM Emerging Markets Bond A (acc) - USD - 481,730.181 250,416.457 231,313.724 

JPM Emerging Markets Bond B (acc) - USD - 34,984.331 15,985.379 18,998.952 

JPM Emerging Markets Bond C (acc) - USD - 214,981.993 150,070.827 64,911.166 

JPM Emerging Markets Bond D (acc) - USD - 39,934.783 12,447.426 27,487.357 

JPM Emerging Markets Bond I (acc) - USD - 285,700.000 - 285,700.000 

JPM Emerging Markets Bond X (acc) - USD - 70.000 - 70.000 



JPM Emerging Markets Debt A (acc) - USD (hedged) - 153,262.886 12,862.983 140,399.903 


JPM Emerging Markets Debt A (mth) - EUR 101,573.645 999,844.415 427,769.128 673,648.932 

JPM Emerging Markets Debt A (mth) - USD (hedged) - 624,307.533 80,585.416 543,722.117 

JPM Emerging Markets Debt B (acc) - EUR - 740,470.611 40,687.236 699,783.375 



JPM Emerging Markets Debt I (inc) - EUR 856,072.874 88.908 - 856,161.782 




JPM Emerging Markets Equity A (acc) - SGD - 1,999.843 - 1,999.843 


JPM Emerging Markets Equity A (dist) - GBP 526,672.325 1,373,797.788 205,289.598 1,695,180.515 




JPM Emerging Markets Equity D (acc) - EUR 901,900.347 2,670,259.712 1,176,688.058 2,395,472.001 


JPM Emerging Markets Equity I (acc) - EUR 668,537.860 1,274,440.632 - 1,942,978.492 

JPM Emerging Markets Equity I (inc) - EUR 1,864,775.381 1,282,387.374 877,100.000 2,270,062.755 


JPM Emerging Markets Equity X (dist) - USD 369,638.934 1,168,908.489 555,547.000 983,000.423 



JPM Emerging Markets Local Currency Debt A (acc) - USD 49,278.644 8,186,262.973 2,710,153.731 5,525,387.886 

JPM Emerging Markets Local Currency Debt A (acc) - EUR 27,359.460 11,466,413.716 4,032,194.366 7,461,578.810 

JPM Emerging Markets Local Currency Debt A (mth) - USD - 6,791,298.549 1,793,974.285 4,997,324.264 

JPM Emerging Markets Local Currency Debt B (acc) - USD - 876,090.435 382,517.344 493,573.091 

JPM Emerging Markets Local Currency Debt C (acc) - USD - 744,031.123 - 744,031.123 

JPM Emerging Markets Local Currency Debt D (acc) - USD 150.000 2,896.512 896.512 2,150.000 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 76,627.326 3,424,989.447 467,937.391 3,033,679.382 

JPM Emerging Markets Local Currency Debt D (inc) - EUR - 68,724.767 28,645.142 40,079.625 

JPM Emerging Markets Local Currency Debt X (acc) - USD 6,930,440.333 7,408,163.310 - 14,338,603.643 

JPM Emerging Markets Local Currency Debt X (acc) - EUR* 1,310,000.000 - 1,310,000.000 - 

(1) This Sub-Fund was launched on 30 October 2009. 

235





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of the Year 
















JPM Euroland Equity D (acc) - EUR 5,936,313.288 1,140,684.753 2,543,394.317 4,533,603.724 

JPM Euroland Equity I (acc) - EUR 53,145.999 - - 53,145.999 

JPM Euroland Equity X (acc) - EUR 392,069.000 764,127.000 408,770.000 747,426.000 




JPM Euroland Select Equity C (acc) - EUR - 491,720.349 490,314.788 1,405.561 


JPM Euroland Select Equity X (acc) - EUR 729,794.000 2,306,083.818 2,484,006.000 551,871.818 

















JPM Europe Dynamic Mega Cap B (acc) - EUR 1,407,589.235 22,789.063 1,397,417.517 32,960.781 

JPM Europe Dynamic Mega Cap C (acc) - EUR 5,847,894.484 397,499.883 5,066,614.952 1,178,779.415 


JPM Europe Dynamic Mega Cap D (acc) - EUR 1,035,056.819 178,823.195 357,601.401 856,278.613 

JPM Europe Dynamic Mega Cap I (acc) - EUR* 284,580.592 - 284,580.592 - 

JPM Europe Dynamic Mega Cap X (acc) - EUR 2,737,640.598 218,129.201 1,822,731.567 1,133,038.232 









JPM Europe Equity D (acc) - EUR 3,925,373.578 1,391,805.675 1,424,827.363 3,892,351.890 










JPM Europe Small Cap X (acc) - EUR* 47,838.490 - 47,838.490 - 


JPM Europe Technology A (acc) - EUR 468,291.275 1,202,272.722 840,032.563 830,531.434 







236





of the Year 


at the End 

of the Year 










JPM Germany Equity X (acc) - EUR 2,848,958.406 329,448.000 2,883,014.000 295,392.406 


JPM Global Consumer Trends A (acc) - USD - 91,704.328 285.780 91,418.548 

JPM Global Consumer Trends A (acc) - EUR 315,206.124 3,700,357.362 1,977,056.632 2,038,506.854 

JPM Global Consumer Trends C (acc) - EUR 117,828.049 1,679,032.495 308,180.336 1,488,680.208 




JPM Global Convertibles (EUR) A (acc) - CHF (hedged) 231,410.052 2,120,685.142 189,041.496 2,163,053.698 


JPM Global Convertibles (EUR) A (dist) - GBP (hedged) 2,835,618.401 1,527,567.999 2,616,648.850 1,746,537.550 



JPM Global Convertibles (EUR) B (acc) - CHF (hedged) 766,843.906 604,691.777 683,051.644 688,484.039 






JPM Global Convertibles (EUR) I (acc) - CHF (hedged) - 1,019,625.506 - 1,019,625.506 

JPM Global Convertibles (EUR) I (inc) - EUR 250,000.000 90.196 - 250,090.196 


JPM Global Convertibles (EUR) X (acc) - CHF (hedged) - 1,788,476.035 - 1,788,476.035 




JPM Global Dynamic A (acc) - EUR (hedged) 22,951.761 4,324,470.295 1,055,095.483 3,292,326.573 

JPM Global Dynamic A (acc) - SGD - 498.563 - 498.563 




JPM Global Dynamic A (inc) - EUR 1,263,001.890 285,530.778 573,741.735 974,790.933 




JPM Global Dynamic C (acc) - EUR (hedged) 1,832,355.622 775,284.065 1,498,524.416 1,109,115.271 







JPM Global Dynamic X (acc) - EUR 26,377,982.213 - - 26,377,982.213 





JF Global Equity (USD) A (dist) - USD 937,707.692 538,155.014 364,531.046 1,111,331.660 






JPM Global Equity (USD) X (acc) - USD 2,957.934 - 1,768.243 1,189.691 

JPM Global Equity (USD) X (acc) - EUR 5,217,065.411 271,318.736 19,658.253 5,468,725.894 





JF Global Focus A (dist) - USD 565,617.131 1,609,904.344 333,443.235 1,842,078.240 

JPM Global Focus B (acc) - EUR 140,985.074 1,812,275.607 558,698.237 1,394,562.444 

JPM Global Focus C (acc) - USD - 1,799,015.290 - 1,799,015.290 


JPM Global Focus C (acc) - EUR (hedged) 651,968.037 2,516,850.669 2,679,440.276 489,378.430 


JPM Global Focus D (acc) - EUR (hedged) 481,183.558 2,588,557.614 1,371,753.259 1,697,987.913 

JPM Global Focus X (acc) - EUR 2,457,095.336 871,080.659 2,392,072.405 936,103.590 

237





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at the End 

of the Year 





JPM Global Government Bond B (acc) - EUR - 50,470.573 695.631 49,774.942 




JPMorgan Funds - Global Life Sciences Fund (2) 

JPM Global Life Sciences A (acc) - USD* 68,221.148 1,408.723 69,629.871 - 

JPM Global Life Sciences A (dist) - USD* 1,971,624.254 1,314.110 1,972,938.364 - 

JF Global Life Sciences A (dist) - USD* 1,475,121.780 - 1,475,121.780 - 

JPM Global Life Sciences A (dist) - GBP* 14,388.690 312.921 14,701.611 - 

JPM Global Life Sciences C (acc) - USD* 45,140.812 - 45,140.812 - 

JPM Global Life Sciences D (acc) - USD* 534,861.298 - 534,861.298 - 




JPM Global Natural Resources A (acc) - SGD - 16,104.229 - 16,104.229 





JPM Global Natural Resources D (acc) - USD 498,485.559 1,114,529.587 476,308.376 1,136,706.770 




JPM Global Real Estate Securities (USD) A (acc) - USD 361,675.816 2,928,325.088 708,247.788 2,581,753.116 



JPM Global Real Estate Securities (USD) C (acc) - USD* 36,435.502 - 36,435.502 - 



JPM Global Real Estate Securities (USD) X (acc) - USD 1,383,126.613 - 933,285.378 449,841.235 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged)* 200,212.382 53,283.000 253,495.382 - 



JF China A (acc) - SGD - 498.563 - 498.563 


JF China B (acc) - USD 2,765,529.912 623,714.616 2,317,232.626 1,072,011.902 




JF China X (acc) - USD* - 92,365.908 92,365.908 - 



JF Greater China A (acc) - SGD - 498.563 - 498.563 



JF Greater China C (acc) - USD 3,007,450.070 734,875.016 650,309.552 3,092,015.534 

JF Greater China D (acc) - USD 3,675,963.617 1,582,837.548 1,748,359.993 3,510,441.172 

JF Greater China X (acc) - USD* 115,000.001 - 115,000.001 - 









JF India A (acc) - SGD - 1,998.573 1,500.010 498.563 






(2) This Sub-Fund was merged into Global Healthcare Fund on 16 October 2009. 

238





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at the End 

of the Year 





JF Japan Equity A (acc) - JPY 923,792.909 7,401,445.478 7,465,888.207 859,350.180 




JF Japan Equity C (acc) - USD 2,296,974.095 9,216,084.948 11,096,487.456 416,571.587 




JF Japan Equity X (acc) - USD 115,358.546 940.000 90,155.426 26,143.120 





JF Japan Small Cap C (acc) - USD* 1,599,335.577 262,356.650 1,861,692.227 - 

JF Japan Small Cap D (acc) - USD 946,852.254 649,382.862 579,085.926 1,017,149.190 

JF Japan Small Cap X (acc) - USD* 540,101.451 - 540,101.451 - 


JF Korea Equity A (acc) - USD 1,100,501.652 1,365,386.449 535,028.953 1,930,859.148 

JF Korea Equity A (acc) - EUR 227,596.632 214,286.924 326,775.373 115,108.183 


JF Korea Equity B (acc) - USD - 450,000.000 - 450,000.000 

JF Korea Equity C (acc) - USD - 664,664.149 340,376.661 324,287.488 

JF Korea Equity D (acc) - USD 248,029.773 479,728.017 344,999.308 382,758.482 

JF Korea Equity X (acc) - USD - 497,702.000 - 497,702.000 


JF Pacific Balanced A (acc) - USD 2,010,497.176 2,438,590.171 4,146,002.737 303,084.610 





JF Pacific Technology A (acc) - USD 320,170.878 1,182,689.209 834,888.201 667,971.886 




JF Pacific Technology B (acc) - USD 1,274,185.468 1,003,819.884 1,482,790.368 795,214.984 

JF Pacific Technology C (acc) - USD 14,638.210 2,719,000.000 69,000.000 2,664,638.210 



JF Singapore A (acc) - USD 1,098,674.687 1,291,109.671 1,521,135.416 868,648.942 

JF Singapore A (acc) - SGD - 125,815.815 - 125,815.815 





JF Singapore I (acc) - USD 2,745,952.258 4,557,374.924 6,670,824.595 632,502.587 






JF Taiwan C (acc) - USD 1,477,435.958 360,906.094 1,684,068.424 154,273.628 

JF Taiwan D (acc) - USD 1,410,632.755 2,584,087.575 2,903,528.046 1,091,192.284 







JPM Latin America Equity C (acc) - USD 898,210.529 3,481,626.326 2,209,250.464 2,170,586.391 








JPM Russia C (acc) - USD 241,613.316 22,801,845.825 4,425,860.086 18,617,599.055 



239





of the Year 


at the End 

of the Year 





JPM US Aggregate Bond A (mth) - USD - 647,565.122 77,471.454 570,093.668 







JPM US Dynamic A (acc) - EUR 8,019,990.828 556,061.938 6,222,464.701 2,353,588.065 


JPM US Dynamic B (acc) - USD 831,177.238 1,139,959.270 1,617,438.496 353,698.012 




JPM US Dynamic I (acc) - USD* 6,337,345.358 - 6,337,345.358 - 

JPM US Dynamic I (inc) - EUR 19,995,929.691 300,818.980 1,988,071.571 18,308,677.100 

JPM US Dynamic X (acc) - USD 1,979,440.807 5,183,262.816 6,040,544.071 1,122,159.552 


JPM US Small Cap Growth A (acc) - USD 59,628.631 1,545,062.927 240,910.378 1,363,781.180 


JPM US Small Cap Growth A (dist) - GBP 150.903 20,091.314 82.144 20,160.073 

JPM US Small Cap Growth B (acc) - USD 77,159.748 64,993.894 186.579 141,967.063 

JPM US Small Cap Growth D (acc) - USD 930,383.432 378,898.655 204,491.111 1,104,790.976 

JPM US Small Cap Growth X (acc) - USD 11,593.549 - - 11,593.549 


JPM US Strategic Growth A (acc) - USD 1,292,640.413 1,694,872.887 2,104,243.718 883,269.582 

JPM US Strategic Growth A (acc) - EUR (hedged) 405,682.795 1,048,328.749 526,124.240 927,887.304 



JPM US Strategic Growth B (acc) - USD 149,161.198 129,444.690 73,726.055 204,879.833 

JPM US Strategic Growth C (acc) - USD 3,987,308.100 2,092,401.861 5,393,542.650 686,167.311 

JPM US Strategic Growth C (acc) - EUR (hedged) 28,022.735 12,707.605 28,064.920 12,665.420 



JPM US Strategic Growth X (acc) - USD 1,713,161.916 41,609.091 1,720,546.573 34,224.434 


JPM US Technology A (acc) - USD 315,112.227 729,748.953 534,958.603 509,902.577 

JPM US Technology A (acc) - EUR - 10,135.017 - 10,135.017 




JPM US Technology B (acc) - USD* 3,078.643 - 3,078.643 - 

JPM US Technology C (acc) - USD 24,583.054 109,020.210 13,361.939 120,241.325 


JPM US Technology D (acc) - EUR - 192,447.181 172,967.275 19,479.906 

JPM US Technology X (acc) - USD 16,365.548 4,428.177 - 20,793.725 



JPM US Value A (acc) - EUR (hedged) 2,635,634.237 3,854,887.777 5,708,607.649 781,914.365 






JPM US Value C (acc) - EUR (hedged) 137,213.686 1,317,184.854 1,454,334.139 64.401 

JPM US Value D (acc) - USD 2,733,682.822 615,019.704 900,160.994 2,448,541.532 




240





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of the Year 

11. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2009 (continued) 




JPM America Equity A (acc) - USD 1,706,364.440 798,588.299 740,154.130 1,764,798.609 

JPM America Equity A (dist) - USD 4,149,055.870 633,457.866 1,433,770.224 3,348,743.512 





JPM America Equity D (acc) - EUR (hedged) 427,125.930 1,269,960.973 1,338,366.595 358,720.308 







JPM Eastern Europe Equity B (acc) - EUR 1,183,038.828 2,508,113.435 2,895,351.338 795,800.925 

JPM Eastern Europe Equity C (acc) - EUR 2,665,953.428 615,965.778 2,610,282.787 671,636.419 


JPM Eastern Europe Equity I (acc) - EUR* 11,593,053.986 1,353,144.182 12,946,198.168 - 




JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR - 38,754.997 - 38,754.997 


JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 592,824.288 1,509,643.870 1,096,786.042 1,005,682.116 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1,870,617.003 2,668,949.227 3,629,147.803 910,418.427 


JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 2,226,724.514 - 1,732,712.175 494,012.339 




JPM Emerging Markets Debt A (mth) - EUR - 147,317.683 45,744.038 101,573.645 


JPM Emerging Markets Debt D (acc) - EUR 3,165,056.536 312,665.180 1,503,430.217 1,974,291.499 

JPM Emerging Markets Debt I (inc) - EUR 2,299,667.059 847,601.127 2,291,195.312 856,072.874 

JPM Emerging Markets Debt X (acc) - EUR* 5,656.002 - 5,656.002 - 









JPM Emerging Markets Equity D (acc) - EUR 693,083.398 610,550.906 401,733.957 901,900.347 


JPM Emerging Markets Equity I (acc) - EUR - 668,537.860 - 668,537.860 

JPM Emerging Markets Equity I (inc) - EUR 994,933.579 1,402,510.802 532,669.000 1,864,775.381 


JPM Emerging Markets Equity X (dist) - USD - 369,638.944 0.010 369,638.934 



JPM Emerging Markets Local Currency Debt A (acc) - USD 135,977.116 62,006.413 148,704.885 49,278.644 

JPM Emerging Markets Local Currency Debt A (acc) - EUR 121,134.020 179,146.525 272,921.085 27,359.460 

JPM Emerging Markets Local Currency Debt B (acc) - USD* 69,254.174 32,669.870 101,924.044 - 

JPM Emerging Markets Local Currency Debt D (acc) - USD 118,966.689 479.852 119,296.541 150.000 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 120,076.900 82,385.560 125,835.134 76,627.326 

JPM Emerging Markets Local Currency Debt X (acc) - USD - 6,930,440.333 - 6,930,440.333 

JPM Emerging Markets Local Currency Debt X (acc) - EUR - 3,820,000.001 2,510,000.001 1,310,000.000 

JPMorgan Funds - Emerging Middle East Equity Fund (1) 


JPM Emerging Middle East Equity A (acc) - EUR - 15,360.183 - 15,360.183 



JPM Emerging Middle East Equity C (acc) - USD 1,029,505.230 1,885,870.827 621,873.476 2,293,502.581 


(1) This Sub-Fund was renamed from Middle East Equity Fund on 15 June 2009. 

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JPM Euroland Equity A (inc) - EUR 1,356,949.000 9,612.404 1,287,462.926 79,098.478 




JPM Euroland Equity I (acc) - EUR 9,365,124.002 2,538.000 9,314,516.002 53,146.000 

JPM Euroland Equity X (acc) - EUR 942,911.000 890,165.000 1,441,007.000 392,069.000 



JPM Euroland Select Equity A (dist) - EUR 1,639.124 129,537.563 569.668 130,607.019 











JPM Europe Dynamic D (acc) - EUR 1,866,379.979 1,126,053.674 1,497,347.236 1,495,086.417 

JPM Europe Dynamic I (acc) - EUR - 1,300,000.010 0.010 1,300,000.000 

JPM Europe Dynamic X (acc) - EUR 2,283,181.237 136,404.167 2,307,993.870 111,591.534 




JPM Europe Dynamic Mega Cap A (dist) - EUR 5,117,279.113 1,439,055.247 3,054,003.587 3,502,330.773 

JPM Europe Dynamic Mega Cap A (inc) - EUR 25,129.269 51.681 22,858.182 2,322.768 

JPM Europe Dynamic Mega Cap B (acc) - EUR 1,256,667.149 2,577,978.620 2,427,056.534 1,407,589.235 

JPM Europe Dynamic Mega Cap C (acc) - EUR 7,425,972.693 6,481,848.511 8,059,926.720 5,847,894.484 


JPM Europe Dynamic Mega Cap D (acc) - EUR 1,326,997.053 139,353.039 431,293.273 1,035,056.819 

JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - 211,193.242 284,580.592 

JPM Europe Dynamic Mega Cap X (acc) - EUR 1,913,453.547 3,616,076.492 2,791,889.441 2,737,640.598 


JPM Europe Equity A (acc) - USD 8,443,451.237 1,221,541.427 4,331,688.223 5,333,304.441 


JPM Europe Equity A (dist) - EUR 24,685,666.465 2,197,060.467 17,361,974.576 9,520,752.356 

JF Europe Equity A (dist) - USD 1,172,172.513 133,175.560 362,221.419 943,126.654 





JPM Europe Equity I (inc) - EUR* 10,000,000.000 - 10,000,000.000 - 

JPM Europe Equity X (acc) - EUR 12,861,766.128 1,952,325.632 13,702,859.574 1,111,232.186 


JPM Europe Small Cap A (acc) - EUR 1,982,246.849 608,317.825 1,286,928.965 1,303,635.709 






JPM Europe Small Cap D (acc) - EUR 2,905,450.006 332,042.491 1,386,280.610 1,851,211.887 

JPM Europe Small Cap I (acc) - EUR* 663,128.079 - 663,128.079 - 

JPM Europe Small Cap X (acc) - EUR 73,684.818 2,004.791 27,851.119 47,838.490 





JPM Europe Technology A (dist) - GBP 40,827.935 972.970 9,689.905 32,111.000 


JPM Europe Technology C (acc) - EUR* 1,298.453 402,192.001 403,490.454 - 











JPM Germany Equity X (acc) - EUR 102,339.406 3,238,914.000 492,295.000 2,848,958.406 

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JPM Global Convertibles (EUR) A (acc) - CHF (hedged) - 232,010.053 600.001 231,410.052 


JPM Global Convertibles (EUR) A (dist) - GBP (hedged) - 3,166,507.553 330,889.152 2,835,618.401 

JF Global Convertibles (EUR) A (dist) - USD 960,984.369 1,591,223.094 1,102,242.027 1,449,965.436 

JPM Global Convertibles (EUR) B (acc) - CHF (hedged) - 1,287,629.879 520,785.973 766,843.906 


JPM Global Convertibles (EUR) C (acc) - CHF (hedged) - 289,366.282 - 289,366.282 


JPM Global Convertibles (EUR) C (dist) - GBP (hedged) - 2,937,575.611 248,989.000 2,688,586.611 












JPM Global Dynamic A (inc) - EUR 1,503,747.767 114,149.986 354,895.863 1,263,001.890 

JPM Global Dynamic B (acc) - USD 4,996,127.735 422,248.995 3,527,414.627 1,890,962.103 






JPM Global Dynamic D (acc) - USD 5,525,707.843 3,478,257.210 3,259,781.404 5,744,183.649 

JPM Global Dynamic I (acc) - USD 4,165,087.000 233,960.430 2,837,436.054 1,561,611.376 

JPM Global Dynamic I (inc) - EUR - 4,089,748.045 0.010 4,089,748.035 





JPM Global Equity (USD) A (acc) - EUR (hedged) - 219,622.677 47,092.920 172,529.757 


JF Global Equity (USD) A (dist) - USD 892,705.859 263,172.707 218,170.874 937,707.692 

JPM Global Equity (USD) A (dist) - EUR (hedged) - 3,824,661.060 436,942.440 3,387,718.620 

JPM Global Equity (USD) C (acc) - USD 7,562,935.932 4,149.213 - 7,567,085.145 

JPM Global Equity (USD) C (acc) - EUR (hedged) - 5,830,744.978 7,940.571 5,822,804.407 


JPM Global Equity (USD) D (acc) - EUR (hedged) - 386,841.979 147,993.917 238,848.062 


JPM Global Equity (USD) X (acc) - EUR - 5,217,065.411 - 5,217,065.411 



JPM Global Focus A (acc) - EUR (hedged) 192,297.870 3,178,916.689 876,561.114 2,494,653.445 


JF Global Focus A (dist) - USD 886,608.785 97,910.765 418,902.419 565,617.131 

JPM Global Focus B (acc) - EUR - 171,712.775 30,727.701 140,985.074 


JPM Global Focus C (acc) - EUR (hedged) - 872,218.608 220,250.571 651,968.037 

JPM Global Focus D (acc) - EUR 2,615,092.998 618,939.371 732,459.591 2,501,572.778 

JPM Global Focus D (acc) - EUR (hedged) 145,244.120 3,440,924.455 3,104,985.017 481,183.558 

JPM Global Focus X (acc) - EUR 4,634,316.485 16,183.000 2,193,404.149 2,457,095.336 

JPMorgan Funds - Global Life Sciences Fund 

JPM Global Life Sciences A (acc) - USD 123,974.228 548,330.078 604,083.158 68,221.148 

JPM Global Life Sciences A (dist) - USD 2,671,616.214 1,157,989.276 1,857,981.236 1,971,624.254 

JF Global Life Sciences A (dist) - USD 1,767,752.188 2,559,753.932 2,852,384.340 1,475,121.780 

JPM Global Life Sciences A (dist) - GBP 15,640.791 115.960 1,368.061 14,388.690 

JPM Global Life Sciences C (acc) - USD - 45,140.812 - 45,140.812 

JPM Global Life Sciences D (acc) - USD 629,710.648 785,806.624 880,655.974 534,861.298 











243





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of the Year 



JPM Global Real Estate Securities (USD) A (acc) - USD 222,054.620 462,747.481 323,126.285 361,675.816 

JPM Global Real Estate Securities (USD) A (acc) - EUR (hedged) - 389,288.745 120,201.212 269,087.533 

JPM Global Real Estate Securities (USD) A (inc) - EUR (hedged) - 14,279.377 625.823 13,653.554 

JPM Global Real Estate Securities (USD) C (acc) - USD 10,208.268 26,227.234 - 36,435.502 


JPM Global Real Estate Securities (USD) D (acc) - EUR (hedged) - 553,432.418 341,117.109 212,315.309 

JPM Global Real Estate Securities (USD) X (acc) - USD 1,181,531.621 201,594.992 - 1,383,126.613 

JPM Global Real Estate Securities (USD) X (acc) - EUR (hedged) - 201,817.383 1,605.001 200,212.382 




JF China B (acc) - USD 2,687,091.359 1,666,308.255 1,587,869.702 2,765,529.912 



JF China I (acc) - USD 4,545,764.197 31,948,030.630 241,545.895 36,252,248.933 

JF China X (acc) - USD* 1,213,854.060 106,772.489 1,320,626.549 - 







JF Greater China X (acc) - USD 99,028.111 128,745.127 112,773.237 115,000.001 


JF Hong Kong A (dist) - USD 4,644,076.995 1,443,185.389 1,529,034.143 4,558,228.241 




JF Hong Kong D (acc) - USD 1,156,379.581 184,326.889 410,235.566 930,470.904 







JF India X (acc) - USD 2,104,454.160 163,931.000 1,824,571.160 443,814.000 




JF Japan Equity A (acc) - JPY 1,999,924.570 27,295.715 1,103,427.376 923,792.909 



JF Japan Equity B (acc) - USD 1,198,286.940 109,261.511 643,303.089 664,245.362 

JF Japan Equity C (acc) - USD 5,960,371.726 748,812.164 4,412,209.795 2,296,974.095 



JF Japan Equity I (acc) - USD* 1,049,502.141 - 1,049,502.141 - 




JF Japan Small Cap A (acc) - USD 519,935.586 409,132.987 397,649.872 531,418.701 



JF Japan Small Cap C (acc) - USD 813,656.750 2,283,753.126 1,498,074.299 1,599,335.577 


JF Japan Small Cap X (acc) - USD 540,101.451 - - 540,101.451 


JF Pacific Balanced A (acc) - USD 396,430.440 1,804,085.790 190,019.054 2,010,497.176 

JF Pacific Balanced A (dist) - USD 4,171,547.267 455,408.775 1,007,468.787 3,619,487.255 





JF Pacific Technology A (acc) - EUR - 48,190.927 - 48,190.927 

JF Pacific Technology A (dist) - USD 2,244,870.808 203,200.693 1,218,979.327 1,229,092.174 

JF Pacific Technology A (dist) - GBP 6,442.886 4,367.136 326.525 10,483.497 

JF Pacific Technology B (acc) - USD 1,284,302.992 92,078.218 102,195.742 1,274,185.468 

JF Pacific Technology C (acc) - USD 14,638.211 158.522 158.523 14,638.210 


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JF Singapore A (acc) - USD 1,982,974.060 765,484.141 1,649,783.514 1,098,674.687 


JF Singapore B (acc) - USD 1,173,277.516 158,978.673 924,818.596 407,437.593 



JF Singapore I (acc) - USD 16,964,975.969 2,218,205.193 16,437,228.904 2,745,952.258 

JF Singapore X (acc) - USD* 26,647.112 - 26,647.112 - 



JF Taiwan A (acc) - EUR - 7,075.926 150.001 6,925.925 



JF Taiwan C (acc) - USD 3,533,624.282 1,850,192.668 3,906,380.992 1,477,435.958 

JF Taiwan D (acc) - USD 2,645,993.987 454,398.347 1,689,759.579 1,410,632.755 


JF Taiwan X (acc) - USD* 191,441.517 - 191,441.517 - 






JPM Latin America Equity C (acc) - USD 2,047,344.533 1,013,884.268 2,163,018.272 898,210.529 



JPM Latin America Equity X (acc) - USD 2,859,927.430 742,961.705 1,095,265.840 2,507,623.295 





JPM Russia C (acc) - USD 11,571,837.379 10,851,096.373 22,181,320.436 241,613.316 












JPM US Dynamic A (acc) - EUR 5,197,943.967 6,485,118.360 3,663,071.499 8,019,990.828 


JPM US Dynamic B (acc) - USD 2,845,950.266 980,401.494 2,995,174.522 831,177.238 




JPM US Dynamic I (acc) - USD 6,879,345.358 - 542,000.000 6,337,345.358 

JPM US Dynamic I (inc) - EUR 19,777,911.360 218,018.331 - 19,995,929.691 

JPM US Dynamic X (acc) - USD 9,827,336.182 581,187.037 8,429,082.412 1,979,440.807 


JPM US Small Cap Growth A (acc) - USD 51,580.698 26,814.127 18,766.194 59,628.631 


JPM US Small Cap Growth A (dist) - GBP 150.903 - - 150.903 

JPM US Small Cap Growth B (acc) - USD 77,159.748 - - 77,159.748 

JPM US Small Cap Growth D (acc) - USD 1,667,793.453 90,720.526 828,130.547 930,383.432 

JPM US Small Cap Growth X (acc) - USD 500.010 11,093.549 0.010 11,593.549 


JPM US Strategic Growth A (acc) - USD 8,145,880.742 1,590,224.270 8,443,464.599 1,292,640.413 

JPM US Strategic Growth A (acc) - EUR (hedged) 2,469,765.321 240,152.400 2,304,234.926 405,682.795 



JPM US Strategic Growth B (acc) - USD 1,347,336.974 224,110.043 1,422,285.819 149,161.198 

JPM US Strategic Growth C (acc) - USD 11,028,595.204 6,051,316.224 13,092,603.328 3,987,308.100 

JPM US Strategic Growth C (acc) - EUR (hedged) 994,776.027 563,293.313 1,530,046.605 28,022.735 



JPM US Strategic Growth X (acc) - USD 6,053,872.769 1,080,888.575 5,421,599.428 1,713,161.916 

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of the Year 



JPM US Technology A (acc) - USD 1,204,205.747 684,980.712 1,574,074.232 315,112.227 





JPM US Technology C (acc) - USD 19,518.980 5,064.074 - 24,583.054 


JPM US Technology X (acc) - USD 3,126,853.579 3,327.130 3,113,815.161 16,365.548 









JPM US Value C (acc) - EUR (hedged) - 2,510,927.020 2,373,713.334 137,213.686 



JPM US Value X (acc) - USD 7,024,315.673 5,192,212.648 378,881.491 11,837,646.830 


246

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