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This report is an abridged version of the audited annual report established in conformity with the 

Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended. The 

complete version is available on request from the Company’s registered office in Luxembourg and 

from JF Funds 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 Company and any subsequent unaudited semi-annual 

report, from JF Funds Limited.

JPMorgan Funds 

Audited Annual Report 

As at 30 June 2008 

Contents 

Board of Directors 1 

Management and Administration 2 

Board of Directors’ Report 3 

Investment Managers’ Report 4 

Independent Auditor’s Report 5 

Financial Statements and Statistical Information 

Combined Statement of Net Assets 7 

Combined Statement of Operations and Changes in Net Assets 13 

Statement of Changes in the Number of Shares 19 

Statistical Information 24 

Notes to the Financial Statements 29 

Schedules of Investment 

JPMorgan Funds - America Equity Fund 35 

JPMorgan Funds - Eastern Europe Equity Fund 38 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 40 

JPMorgan Funds - Emerging Markets Debt Fund 42 

JPMorgan Funds - Emerging Markets Equity Fund 46 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 48 

JPMorgan Funds - Euroland Equity Fund 50 

JPMorgan Funds - Euroland Select Equity Fund 53 

JPMorgan Funds - Europe Dynamic Fund 55 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 57 

JPMorgan Funds - Europe Equity Fund 59 

JPMorgan Funds - Europe Small Cap Fund 62 

JPMorgan Funds - Europe Technology Fund 65 

JPMorgan Funds - Germany Equity Fund 66 

JPMorgan Funds - Global Convertibles Fund (EUR) 67 

JPMorgan Funds - Global Dynamic Fund 72 

JPMorgan Funds - Global Equity Fund (USD) 76 

JPMorgan Funds - Global Focus Fund 78 

JPMorgan Funds - Global Life Sciences Fund 81 

JPMorgan Funds - Global Natural Resources Fund 82 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 86 

JPMorgan Funds - JF China Fund 88 

JPMorgan Funds - JF Greater China Fund 89 

JPMorgan Funds - JF Hong Kong Fund 90 

JPMorgan Funds - JF India Fund 91 

JPMorgan Funds - JF Japan Equity Fund 92 

JPMorgan Funds - JF Japan Small Cap Fund 93 

JPMorgan Funds - JF Pacific Balanced Fund 94 

JPMorgan Funds - JF Pacific Technology Fund 98 

JPMorgan Funds - JF Singapore Fund 100 

JPMorgan Funds - JF Taiwan Fund 101 

JPMorgan Funds - Latin America Equity Fund 102 

JPMorgan Funds - Middle East Equity Fund 104 

JPMorgan Funds - Russia Fund 106 

JPMorgan Funds - US Aggregate Bond Fund 108 

JPMorgan Funds - US Dynamic Fund 116 

JPMorgan Funds - US Small Cap Growth Fund 119 

JPMorgan Funds - US Strategic Growth Fund 121 

JPMorgan Funds - US Technology Fund 124 

JPMorgan Funds - US Value Fund 125 

Appendix: Unaudited Additional Disclosures 

Fund Total Expense Ratios 127 

Summary of Investment Objectives of the Sub-Funds 133 

Performance and Volatility 136 

Interest Rate Received/(Charged) on Bank Accounts 142 

Sub-Fund Share Classes Subject to Taxe d’Abonnement Rate of 0.01% 142 

Portfolio Turnover Rate 143 

Historical Statements of Changes in the Number of Shares 144


Board of Directors 


Chairman 

Iain O.S. Saunders 

Banker 

Duine, Ardfern 

Argyll PA31 8QN 

United Kingdom 

Directors 

André Elvinger 

Partner 

Elvinger, Hoss & Prussen 

2, place Winston Churchill 

L-2014 Luxembourg 

Grand Duchy of Luxembourg 

Jean Frijns 

Professor, Finance and Investments 

Antigonelaan 2 

NL-5631 LR Eindhoven 

The Netherlands 

Berndt May 

Managing Director 

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

Austrian Branch 

Führichgasse 8 

A-1010 Vienna 

Austria 

Registered Office 

European Bank & Business Centre 

6, route de Trèves 

L-2633 Senningerberg 


1 

Deputy Chairman 

Pierre Jaans 

Economist 

3, rue de Kahler 

L-8356 Garnich 


Andrea L. Hazen 


JPMorgan Asset Management (UK) Limited 

20 Finsbury Street 

London EC2Y 9AQ 


Robert Van der Meer 

Professor of Finance 

9ALange Vijverberg 

NL-2513 AC The Hague 

The Netherlands


Management and Administration 


Management Company, Registrar and Transfer Agent, 

Global Distributor and Domiciliary Agent 






Advisory Company 

JPMorgan Asset Management Advisory Company S.à r.l. 





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 





JF Asset Management Limited 

21st Floor, Chater House 

8 Connaught Road 

Central, Hong Kong 

JF 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 & Paying Agent 

J.P. Morgan Bank Luxembourg S.A. 





Independent Auditor 

PricewaterhouseCoopers S.à r.l. 

Réviseur d’entreprises 

400, route d’Esch 

B.P. 1443 



Legal Adviser 





2


Board of Directors’ Report 


The Board of Directors is pleased to present the Audited Annual Report for the year ended 30 June 2008. 

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

At present, the Fund has issued shares in 79 Sub-Funds. 

During the year, the total net assets of the Fund decreased from USD 89.6 billion to USD 57.6 billion at year end. 

In response to a deterioration of the market conditions pertaining to a number of asset classes/debt instruments over the last year, widening 

bid-ask spreads on asset-backed and corporate securities and a sharp decline in market liquidity, the regular pricing basis for the Sub-Funds - 

using the last available price for securities as supplied by independent price providers - had become an unreliable estimate of the realizable value 

of those instruments. In managing daily priced funds, the Board’s principle is to fairly value the portfolio to give equal treatment to Shareholders 

and in this context, the Management Company has implemented a special Fair Value Committee to address any valuation concerns arising from 

current market and liquidity events. The Committee considers on a daily basis current market information on the portfolios held, including last 

traded prices, taking into account view of the Senior Management on the reliability of such information; indirect exposure through Over The 

Counter credit derivatives; the estimated timing of asset disposal to meet anticipated investor redemptions. 

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

• JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007; 

• JPMorgan Funds - Emerging Markets Local Currency Debt Fund on 24 January 2008; 

The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities under the amended EC Directive 85/611 of 20 

December 1985 and may therefore be offered for sale in European Union Member States, subject to registration 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. 

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

jurisdictions: 

Austria, Bahrain, Belgium, Bermuda, Chile, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Korea, Macau, 

The Netherlands, Norway, Peru, Portugal, Singapore, Spain, Sweden, Switzerland, Taiwan and United Kingdom. 

Responsibility of the Directors 

The responsibility of the Directors of the Fund is governed exclusively by Luxembourg law. With respect to the annual accounts of the Fund, 

the duties of the Directors are governed by general corporate law and the law of 19 December 2002 on, inter alia, the accounting and annual 

accounts of undertakings and by the law of 20 December 2002 relating to undertakings for collective investments. 

Annual General Meeting 

The next Annual General Meeting of the Company will be held on 19 November 2008. 


Luxembourg, 2 October 2008 

3


Investment Managers’ Report 

For the year ended 30 June 2008 

Review 

Global equities, along with all global financial markets, experienced high levels of volatility for most of the review period. Fears about the health 

of the US economy, and consequently the global economy, dominated the period. Investor sentiment was dented by the financial market 

turmoil sparked by the US subprime housing crisis, illiquid credit markets, large financial writedowns, fears of counterparty risk and concerns 

about rising inflation. 

During the period several large investment banks announced extremely large losses, some high profile hedge funds blew up, and US investment 

bank Bear Stearns suffered a crisis of confidence and was acquired by JPMorgan in a deal facilitated by the Federal Reserve (Fed). Meanwhile, 

commodity prices increased significantly and the high price of oil and agriculture products caused widespread concern. 

The Fed was very active throughout the period and many of its actions were unprecedented not least its involvement in the emergency sale of 

Bear Stearns. In fact, policymakers threw everything in except the kitchen sink in an all-out effort to prevent a financial and economic 

meltdown. The Fed cut interest rates by 3.25%, from 5.25% in September 2007 to reach 2.0% by the end of April 2008. In addition, it introduced 

new lending facility measures to stimulate liquidity and address funding problems for the banking system. These measures were particularly 

aimed at helping the increasingly distressed mortgage market. Meanwhile, the US Government also announced a fiscal stimulus for 2008 in the 

form of tax rebates totalling more than USD 100 billion, which US households began to receive in May and June. 

The Bank of England, meanwhile, raised interest rates by 0.25% in July 2007 to 5.75%, before embarking on an easing cycle from December that 

brought interest rates down to 5.0% by the end of the review period. UK financial institutions also revealed large credit-related losses and 

troubled mortgage lender Northern Rock was eventually nationalised. 

In contrast, the European Central Bank (ECB) kept interest rates constant throughout the twelve-month period, at 4.0%, as economic data 

remained relatively robust and monetary policymakers focussed on inflation risks. 

Most major stock markets suffered a sharp correction after the summer of 2007, when the credit crunch significantly impacted markets and 

credit liquidity shrank, but they then rebounded with some stock markets even reaching new highs before correcting again towards the end of 

the period as the credit crunch reasserted itself. The first quarter of 2008 was negative for most stock markets, as weak US economic data caused 

analysts to speculate whether the US had entered recession. Investor sentiment remained subdued for the remainder of the period. 

Rising commodity prices and strong demand from emerging economies such as China benefited many emerging markets. New oil reserves were 

discovered off the coast of Brazil, and both Brazil and Peru were awarded investment grade status from the ratings agencies. Growth in China 

remained robust but investors began to fear overheating in the economy. The mainland China and Hong Kong stock markets performed 

extremely strongly in the first half of the review period, but sold off over the last few months due to fears of a recession in the US, profit taking, 

risk aversion, volatility and fears for the economy. 

The Japanese stock market underperformed global markets for most of the review period, as a combination of yen strength and high raw 

material input prices led to doubts over the corporate earnings outlook. However, Gross Domestic Product (GDP) growth data for the fourth 

quarter 2007 and first quarter 2008 was surprisingly robust. 

Global bond markets also experienced a volatile 12 months, against a backdrop of changing investor sentiment and sharp reversals in interest 

rate expectations. Bond markets rallied as the credit crunch took hold in the second half of 2007, which benefited defensive assets such as 

sovereign bonds. However, towards the end of the review period, the prospect of potential interest rate increases caused bond markets to sell 

off. 

Outlook 

The risk to economic growth across both developed and emerging markets is the major issue for equities. It is unclear how long the economic 

downturn will last, how bad it will get and which countries and companies will perform relatively better or worse than the average. In past 

recession cycles, a key factor for equity performance has been the likelihood of interest rate cuts and their magnitude and timing, therefore 

inflation data will remain in the spotlight for central banks, debt markets and equity investors alike. 

Another important issue is the ongoing financial crisis, as banks struggle to deal with bad loans, falling asset prices, higher financing costs, lower 

funds available for lending and faltering consumer demand. As seen with the recent collapse of Lehman Brothers, counterparty risk and rising 

loan losses continue to drive financial turbulence, making the availability and cost of borrowing both limited and expensive. These problems 

came to a head in September, prompting the US government to announce plans for a “bad bank” and a coordinated injection of 

USD-denominated liquidity by several major central banks. These measures should help to reduce blockages in the financial system, but until 

the problems are visibly resolved further economic weakness and stock market volatility can be expected. 


2 October 2008 

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

4

Independent Auditor’s Report 

To the Shareholders of 


PricewaterhouseCoopers 

Société à responsabilité limitée 

Réviseur d’Entreprises 


B.P. 1443 


Telephone +352 494848-1 

Facsimile +352 494848-2900 

www.pwc.com/lu 

info@lu.pwc.com 

Following our appointment by the General Meeting of the Shareholders of the SICAV dated 19 December 2007, 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 2008 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. 

Board of Directors of the SICAV’s responsibility 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. This responsibility includes: designing, 

implementing and maintaining internal control relevant to the preparation and fair presentation of Financial Statements that are free from 

material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates 

that are reasonable in the circumstances. 

Auditor’s responsibility 

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 by the “Institut des Réviseurs d’Entreprises”. Those standards require that we comply with 

ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material 

misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The 

procedures selected depend on the Auditor’s judgment, 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 Auditor 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, these 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 2008 and of the results of its operations and changes in its net assets for the year then ended in accordance with Luxembourg legal and 

regulatory requirements relating to the preparation of the Financial Statements. 

Without qualifying our opinion, we draw attention to Note 2 a) to the Financial Statements relating to the valuation of certain assets. This note 

explains that, in the absence of a liquid market, the assets of certain Sub-Funds have been subject to a valuation process described therein. The list 

of the related Sub-Funds and their exposure as at 30 June 2008 to assets subject to such valuation process are further disclosed in Note 2 a) to the 

Financial Statements. 

Other matter 

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 S.à r.l. Luxembourg, 2 October 2008 


Represented by 

John Parkhouse 

R.C.S. Luxembourg B 65 477 - TVALU17564447 

5

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6


Combined Statement of Net Assets 



Combined 

USD 

America 

Equity 

Fund 

USD 

Eastern Europe 

Equity 

Fund 

EUR 

Emerging Europe, 

Middle East and 

Africa Equity 

Fund 

USD 

Assets 

Investments in Securities at Market Value (1) 56,514,513,915 530,476,854 1,529,965,384 1,073,705,205 

Acquisition Cost: 55,501,245,042 582,353,584 1,313,628,938 961,384,228 

Investments in TBAs at Market Value (2) 27,463,885 - - - 

Cash at Bank 990,296,443 10,811,126 41,144,341 3,163,907 

Time Deposits and Cash Equivalents 235,745,731 - - - 

Amounts Receivable on Sale of Investments 449,816,542 7,644,216 7,863,318 8,412,639 

Amounts Receivable on Sale of TBAs (2) 25,671,824 - - - 

Amounts Receivable on Subscriptions 200,365,037 1,980,420 5,894,994 15,076,564 

Interest and Dividends Receivable, Net 128,595,034 553,268 12,597,653 3,232,409 

Tax Reclaims Receivable 4,789,813 - 37,916 15,920 

Fee Waiver 1,138,873 4,996 - 50,274 

Other Receivables 23,538 389 - - 

Unrealised Net Gain on Forward Foreign Exchange Contracts 22,430,502 - - - 

Unrealised Net Gain on Financial Futures Contracts 9,099,328 - - - 

Option Contracts at Market Value 1,851,049 - - - 

Total Return Swaps at Market Value 9,469,550 - - - 

Total Assets 

Liabilities 

58,621,271,064 551,471,269 1,597,503,606 1,103,656,918 

Bank Overdraft 221,879,677 - - - 

Open Short Positions on TBAs (2) 24,681,116 - - - 

Amounts Payable on Purchase of Investments 180,167,758 - 2,431,099 1,175,111 

Amount Payable on Purchase of TBAs (2) 28,477,909 - - - 

Amounts Payable on Redemptions 454,483,902 893,611 8,945,070 7,066,536 

Management and Advisory Fees Payable 73,411,335 778,803 2,076,281 1,408,805 

Performance Fees 2,687,168 - - - 

Other Payables 13,719,270 113,165 395,451 442,777 

Option Contracts at Market Value 3,713 - - - 

Unrealised Net Loss on Forward Foreign Exchange Contracts 2,077,383 71,335 - - 

Unrealised Net Loss on Financial Futures Contracts 16,015,197 - - - 

Credit Default Swaps at Market Value 102,697 - - - 

Interest Rate Swaps at Market Value 346,732 - - - 

Total Return Swaps at Market Value 12,099,856 - - - 

Price Lock Swaps at Market Value 25,431 - - - 

Total Liabilities 1,030,179,144 1,856,914 13,847,901 10,093,229 

Total Net Assets 

Historical Total Net Assets 

57,591,091,920 549,614,355 1,583,655,705 1,093,563,689 

30 June 2007 89,568,991,703 753,695,199 1,411,797,493 599,428,235 

30 June 2006 63,483,121,497 827,863,368 1,303,458,118 589,240,340 

30 June 2005 34,719,610,938 1,503,287,228 1,057,799,924 320,585,885 

30 June 2004 23,129,291,606 1,745,071,816 622,853,935 260,841,160 

(1) Please refer to note 2a). 

(2) Please refer to note 2k). 

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

7


Combined Statement of Net Assets (continued) 


Emerging Markets 

Debt Fund 

EUR 


Equity Fund 

USD 


Local Currency 

Debt Fund (3) 

EUR 

Euroland 

Equity 

Fund 

EUR 

Euroland 

Select Equity 

Fund (4) 

EUR 

Europe Dynamic 

Fund 

EUR 


Mega Cap 

Fund 

193,266,573 6,613,064,288 5,111,970 1,461,213,876 4,835,328 633,436,381 553,521,278 

219,722,191 4,731,427,508 5,412,959 1,631,344,385 5,845,019 680,974,764 610,087,688 

- - - - - - - 

10,243,629 14,362,047 159,364 - 71,070 - 20,781,033 

- - - - - - - 

- - - 32,034,391 20,233 10,979,707 5,152,960 

- - - - - - - 

439,909 13,353,078 10,000 23,326,541 - 318,981 976,722 

3,977,229 11,619,794 89,996 141,466 1,897 345,734 985,427 

- 114,722 - 298,636 668 248,404 170,991 

- - 8,293 - 9,351 - - 

- - - - - - - 

366,677 - - - - - - 

175,495 - - 3,245,420 - - - 

- - - - - - - 

- - - - - - - 

208,469,512 6,652,513,929 5,379,623 1,520,260,330 4,938,547 645,329,207 581,588,411 

- - - 64,757,789 - 1,494,200 - 

- - - - - - - 

3,687,603 3,128,342 - 20,475 19,107 7,065,268 2,173,257 

- - - - - - - 

521,057 36,113,596 - 28,401,132 - 3,986,197 6,231,573 

200,224 7,409,783 5,165 1,880,820 4,440 797,643 808,859 

- - - - - - - 

55,406 1,171,759 9,987 291,208 10,590 104,334 125,503 

- - - - - - - 

- - 12,553 - - - - 

- - - - 1,660 - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

4,464,290 47,823,480 27,705 95,351,424 35,797 13,447,642 9,339,192 

204,005,222 6,604,690,449 5,351,918 1,424,908,906 4,902,750 631,881,565 572,249,219 

251,870,653 6,821,647,444 - 4,685,250,845 - 1,465,060,727 1,202,156,717 

186,643,180 3,782,245,657 - 3,202,176,183 - 1,376,855,052 249,542,128 

137,498,590 1,571,057,734 - 1,690,787,425 - 946,700,625 - 

41,666,376 501,166,320 - 503,754,815 - 763,499,657 - 

(3) This Sub-Fund was launched on 24 January 2008. 

(4) This Sub-Fund was launched on 24 July 2007. 

8 

EUR




Europe Equity 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Technology 

Fund 

EUR 

Germany Equity 

Fund 

EUR 

Global 

Convertibles 

Fund (EUR) 

EUR 

Global 

Dynamic 

Fund 

USD 

Global 

Equity 

Fund (USD) 

1,891,663,109 469,848,495 113,902,345 550,124,294 1,714,818,338 1,869,649,929 163,101,138 335,630,357 

2,135,161,128 495,832,577 131,629,289 583,713,538 1,955,048,705 1,765,412,134 155,610,837 360,975,042 

- - - - - - - - 

- - 418,081 4,208,139 36,675,417 - - 925,292 

- - - - - - - - 

720,430 1,980,231 205,134 - 7,862,564 8,601,287 - 5,283,807 

- - - - - - - - 

6,921,335 1,158,084 197,603 508,230 1,910,095 7,320,799 13,498 536,921 

2,463,949 668,511 78,682 - 6,373,166 2,401,414 346,506 579,552 

199,989 163,534 6,296 63,212 50,572 168,500 678 7,635 

- - 2,947 - - - 13,987 - 

131 - - - - 8,335 - 946 

- - - - 12,857,711 137,206 - - 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

1,901,968,943 473,818,855 114,811,088 554,903,875 1,780,547,863 1,888,287,470 163,475,807 342,964,510 

12,325,587 1,266,360 - - - 1,451,352 243,895 - 

- - - - - - - - 

41,901 336,238 443,233 1,781,864 20,251,143 3,069,066 - 4,922,645 

- - - - - - - - 

9,666,726 2,321,405 521,017 1,532,228 8,285,869 8,527,338 160,037 1,026,502 

2,324,092 694,838 157,745 774,357 2,020,743 1,997,396 133,519 417,648 

- - - - - - - - 

287,702 98,398 43,088 96,410 250,475 288,965 53,069 67,309 

- - - - - - - - 

- - - - - - - 633,569 

- - - - 7,430,770 - - - 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

24,646,008 4,717,239 1,165,083 4,184,859 38,239,000 15,334,117 590,520 7,067,673 

1,877,322,935 469,101,616 113,646,005 550,719,016 1,742,308,863 1,872,953,353 162,885,287 335,896,837 

6,724,760,335 1,383,590,469 203,196,335 754,261,152 1,697,301,712 3,346,335,559 270,564,769 551,822,932 

6,201,107,870 1,315,922,955 192,588,759 181,827,675 1,149,704,455 2,325,259,734 251,794,930 107,907,690 

3,650,505,220 760,956,406 190,544,916 52,725,188 475,650,333 1,025,643,976 199,539,466 23,601,757 

1,887,740,281 767,269,367 259,246,982 48,746,975 328,088,146 811,491,469 101,899,099 37,914,516 

9 

USD 

Global 

Focus 

Fund 

EUR




Global 

Life Sciences 

Fund 

USD 

Global 

Natural 

Resources 

Fund 

EUR 

Global Real 

Estate Securities 

Fund (USD) 

USD 

JF China 

Fund 

USD 

JF Greater 

China 

Fund 

USD 

JF Hong Kong 

Fund 

USD 

JF India 

Fund 

30,412,264 1,861,387,320 12,295,403 2,607,134,549 615,871,739 245,456,972 2,393,539,326 

31,647,334 1,725,527,715 14,050,483 2,495,353,038 597,363,960 281,528,565 2,082,983,734 

- - - - - - - 

721,126 7,716,669 340,439 61,847,617 7,918,219 11,810,511 99,055,690 

- - - - - - - 

- 17,072,320 211,807 31,808,541 4,176,538 981,008 50,431,851 

- - - - - - - 

654,127 2,631,643 3,711 5,345,886 1,557,395 272,393 6,429,052 

15,407 643,996 60,565 11,670,300 1,213,818 349,439 3,480,392 

528 - 2,947 - - - - 

27,260 - 9,745 - - 79,960 - 

- - - 1,013 - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

31,830,712 1,889,451,948 12,924,617 2,717,807,906 630,737,709 258,950,283 2,552,936,311 

- - - - - - - 

- - - - - - - 

- 3,240,963 258,457 18,655,385 3,847,811 489,339 - 

- - - - - - - 

20,152 12,133,666 - 13,934,350 3,085,113 819,379 14,485,051 

40,849 2,445,130 3,061 4,042,048 880,094 360,830 4,532,861 

- - - - - - - 

37,536 404,036 11,978 692,873 196,311 169,514 838,661 

- - - - - - - 

- - 15,367 - - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

98,537 18,223,795 288,863 37,324,656 8,009,329 1,839,062 19,856,573 

31,732,175 1,871,228,153 12,635,754 2,680,483,250 622,728,380 257,111,221 2,533,079,738 

47,918,265 1,778,456,610 21,580,292 3,221,787,004 684,910,511 108,208,759 4,123,155,354 

60,967,159 943,442,736 - 1,156,132,290 476,255,116 69,447,599 2,682,021,036 

56,495,048 106,717,900 - 600,358,547 416,352,335 59,200,392 1,090,513,091 

70,563,912 - - 602,532,383 365,924,945 57,440,697 476,864,953 

10 

USD




JF Japan 

Equity 

Fund 

USD 

JF Japan 

Small Cap 

Fund 

USD 

JF Pacific 

Balanced 

Fund 

USD 

JF Pacific 

Technology 

Fund 

USD 

JF Singapore 

Fund 

USD 

JF Taiwan 

Fund 

USD 

Latin America 

Equity 

Fund 

USD 

Middle East 

Equity 

Fund 

779,122,465 134,506,855 141,850,641 40,775,469 576,001,027 1,025,017,310 2,108,424,479 701,977,222 

798,018,147 137,397,475 147,519,219 44,313,906 578,166,591 1,217,164,732 1,606,546,856 689,187,656 

- - - - - - - - 

31,908,134 4,740,277 9,330,378 3,344,365 21,581,076 44,643,886 16,641,395 7,155,546 

- - - - - - - - 

23,856,377 2,726,176 3,553,835 - 13,647,458 9,348,514 40,306,320 503,975 

- - - - - - - - 

984,949 753,062 65,209 3,817,620 255,925 8,187,843 9,893,350 2,472,396 

571,145 120,043 1,309,680 70,860 160,292 428,387 2,739,710 415,355 

- - - - - - - - 

- - 28,160 4,348 - 88,190 - 150,423 

- - 749 - 42 - - - 

- - - - - - - - 

- - 318,487 - - - - - 

- - - - - - - - 

- - - - - - - - 

836,443,070 142,846,413 156,457,139 48,012,662 611,645,820 1,087,714,130 2,178,005,254 712,674,917 

- - - - - - - - 

- - - - - - - - 

30,624,725 1,375,039 4,197,578 - - - - 160,209 

- - - - - - - - 

4,197,691 1,438,075 100,530 3,763,745 7,247,993 5,085,793 83,345,648 1,519,166 

1,115,200 177,327 201,661 55,537 711,395 1,285,883 2,487,849 973,652 

- - - - - - - - 

166,985 52,510 112,591 22,446 196,705 473,779 616,902 427,710 

- - - - - - - - 

- - 111,178 307,711 - - - - 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

36,104,601 3,042,951 4,723,538 4,149,439 8,156,093 6,845,455 86,450,399 3,080,737 

800,338,469 139,803,462 151,733,601 43,863,223 603,489,727 1,080,868,675 2,091,554,855 709,594,180 

1,948,180,766 241,926,110 182,226,858 39,446,674 789,840,297 748,278,900 1,748,314,623 341,530,509 

3,851,032,031 254,241,348 207,569,440 51,718,815 163,904,802 434,243,842 767,332,573 265,944,060 

1,974,843,081 149,225,151 145,855,596 26,382,261 29,867,310 125,282,379 306,829,959 179,320,165 

2,425,759,755 213,410,325 110,741,277 29,459,730 10,847,678 75,218,570 158,274,848 11,261,116 

11 

USD




Russia 

Fund 

USD 

US Aggregate 

Bond 

Fund 

USD 

US Dynamic 

Fund 

USD 

US 

Small Cap 

Growth 

Fund 

USD 

US 

Strategic 

Growth 

Fund 

USD 

US Technology 

Fund 

USD 

US Value 

Fund 

1,551,488,789 362,060,769 1,997,466,213 45,743,533 614,619,857 138,538,549 846,625,176 

1,436,542,716 361,589,280 1,961,409,160 48,738,069 581,125,789 143,335,910 849,555,299 

- - - - - - - 

83,698,115 16,670,091 47,418,066 1,408,145 11,889,094 1,962,414 5,691,505 

- - - - - - - 

- - - 795,454 - - 7,938,154 

- - - - - - - 

18,225,616 3,896,781 2,753,152 741 2,870,647 751,867 2,721,657 

10,058,895 2,092,647 2,109,604 15,058 294,060 6,795 863,098 

30,938 - - - - - - 

22,982 26,700 - 646 - - - 

- - - - 3,746 - - 

- - - - 106,150 - 97,686 

- - - - - - - 

- - - - - - - 

- - - - - - - 

1,663,525,335 384,746,988 2,049,747,035 47,963,577 629,783,554 141,259,625 863,937,276 

- - - - - - - 

- - - - - - - 

4,740,156 - - 551,372 - - - 

- - - - - - - 

25,747,952 372,955 17,064,883 43,674 5,306,608 767,786 7,561,791 

1,857,998 201,087 2,539,795 69,352 696,471 158,103 1,072,452 

- - - - - - - 

471,242 80,026 280,176 16,871 96,603 42,170 143,118 

- - - - - - - 

- - - - - - - 

- - 722,375 - - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

- - - - - - - 

32,817,348 654,068 20,607,229 681,269 6,099,682 968,059 8,777,361 

1,630,707,987 384,092,920 2,029,139,806 47,282,308 623,683,872 140,291,566 855,159,915 

299,387,847 254,010,752 7,549,424,048 67,473,188 584,352,217 65,053,721 1,776,712,510 

117,766,371 252,454,960 4,920,977,009 65,415,360 183,686,288 89,973,113 1,193,279,302 

- 200,223,292 1,205,344,952 62,087,458 17,074,486 104,719,465 61,421,956,477 

- 23,575,790 432,814,499 72,047,337 4,792,921 128,857,861 483,688,707 

12 

USD


Combined Statement of Operations and Changes in Net Assets 

For the Year Ended 30 June 2008 


Combined 

USD 

America 

Equity 

Fund 

USD 

Eastern Europe 

Equity 

Fund 

EUR 

Emerging Europe, 

Middle East and 

Africa Equity 

Fund 

USD 

Net Assets at the Beginning of the Year * 

Income 

97,744,170,186 753,695,199 1,411,797,493 599,428,235 

Dividend Income, Net 1,593,020,384 10,674,019 34,214,384 28,332,919 

Interest Income, Net 146,289,737 20,918 - - 

Securities Lending Income 98,737,758 805,540 111,644 27,261 

Bank Interest 34,243,141 1,239,708 1,998,852 607,152 

Other Income 3,786,020 - - - 

Total Income 

Expenses 

1,876,077,040 12,740,185 36,324,880 28,967,332 

Management and Advisory Fees 1,218,032,888 13,504,891 23,790,255 13,260,473 

Custodian, Corporate, Administration and Domiciliary Agency Fees 39,053,108 82,452 1,751,215 1,104,171 

Registrar and Transfer Agency Fees 60,673,351 742,578 1,242,544 827,459 

Taxe d’abonnement 34,332,373 409,510 691,429 417,786 

Overdraft Interest 94,128 - 149 - 

Net Interest on Swap Transactions 1,730,044 - - - 

Sundry Fees** 56,058,906 563,978 1,136,444 857,712 

1,409,974,798 15,303,409 28,612,036 16,467,601 

Less: Fee Waiver 6,446,730 38,580 60,039 54,816 

Total Expenses before Performance Fees 1,403,528,068 15,264,829 28,551,997 16,412,785 

Performance Fees 2,687,168 - - - 

Total Expenses 1,406,215,236 15,264,829 28,551,997 16,412,785 

Net Investment Income/(Loss) 469,861,804 (2,524,644) 7,772,883 12,554,547 

Net Realised Gain/(Loss) on Sale of Investments 4,112,765,627 16,171,597 262,878,273 98,097,974 

Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 309,612,125 1,765,545 (488,282) (151,650) 

Net Realised Gain/(Loss) on Financial Futures Contracts (92,721,516) - - - 

Net Realised Gain/(Loss) on Foreign Exchange (20,430,672) (6,635) (1,265,576) 573,963 

Net Realised Gain/(Loss) on Option Contracts (9,531,989) - - - 

Net Realised Gain/(Loss) on TBAs 4,083,345 - - - 

Net Realised Gain/(Loss) on Swaps (23,850,467) - - - 

Net Realised Gain/(Loss) for the Year 4,279,926,453 17,930,507 261,124,415 98,520,287 

Net Change in Unrealised Gain/(Loss) on Investments (17,809,755,800) (185,022,405) (235,942,841) (40,408,767) 

Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 4,496,186 (76,444) - - 

Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts (8,142,158) - - - 

Net Change in Unrealised Gain/(Loss) on Foreign Exchange (1,083,232) 15,293 (512,639) 1,836 

Net Change in Unrealised Gain/(Loss) on Option Contracts 97,671 - - - 

Net Change in Unrealised Gain/(Loss) on TBAs 304,563 - - - 

Net Change in Unrealised Gain/(Loss) on Swaps 635,076 - - - 

Net Change in Unrealised Gain/(Loss) for the Year (17,813,447,694) (185,083,556) (236,455,480) (40,406,931) 

Increase/(Decrease) in Net Assets as a Result of Operations (13,063,659,437) (169,677,693) 32,441,818 70,667,903 

Movements in Share Capital 

Subscriptions 55,107,735,053 808,847,256 1,374,651,496 1,051,445,286 

Redemptions (81,577,160,882) (843,250,407) (1,234,004,515) (627,717,375) 

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (26,469,425,829) (34,403,151) 140,646,981 423,727,911 

Dividend Distribution (619,993,000) - (1,230,587) (260,360) 

- - - - 

Net Assets at the End of the Year 57,591,091,920 549,614,355 1,583,655,705 1,093,563,689 

* The opening balance was combined using the foreign exchange rates as at 30 June 2008. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2007 reflected a 

figure of USD 89,568,991,703. 

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


13


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



Debt Fund 

EUR 


Equity Fund 

USD 


Local Currency 

Debt Fund (1) 

EUR 

Euroland 

Equity 

Fund 

EUR 

Euroland 

Select Equity 

Fund (2) 

EUR 


Fund 

EUR 


Mega Cap 

Fund 

251,870,653 6,821,647,444 - 4,685,250,845 - 1,465,060,727 1,202,156,717 

- 225,056,044 - 71,232,423 170,207 22,022,900 26,319,088 

17,530,174 - 160,939 - - - - 

144,773 1,025,497 - 11,664,443 13,952 2,157,099 2,116,011 

180,551 1,970,022 3,391 725,630 3,759 27,803 436,002 

- 3,766,370 - - - - - 

17,855,498 231,817,933 164,330 83,622,496 187,918 24,207,802 28,871,101 

2,927,028 99,765,916 26,525 49,872,432 74,611 15,076,007 15,154,822 

51,676 7,033,804 5,096 1,339,525 20,645 429,233 311,467 

297,291 4,598,754 13,980 1,940,343 28,119 553,656 663,983 

96,917 3,187,722 1,300 1,342,208 2,797 451,752 419,967 

20 164 57 6 - 70 206 

- - - - - - - 

181,645 3,149,627 32,813 1,553,689 39,391 553,990 567,275 

3,554,577 117,735,987 79,771 56,048,203 165,563 17,064,708 17,117,720 

23,497 78,337 44,570 7,847 72,910 6,822 10,865 

3,531,080 117,657,650 35,201 56,040,356 92,653 17,057,886 17,106,855 

- - - - - - - 

3,531,080 117,657,650 35,201 56,040,356 92,653 17,057,886 17,106,855 

14,324,418 114,160,283 129,129 27,582,140 95,265 7,149,916 11,764,246 

(20,663,745) 810,511,285 (105,840) (166,057,072) (681,051) (5,379,080) (81,966,348) 

22,949,861 289,743 4,342 211,743 - (456,014) (361,799) 

1,238,865 - 7,791 (6,789,387) (16,819) (849,740) (1,291,301) 

(2,070,958) (4,647,788) (13,084) (28,356) (61) (378,452) (848,981) 

- - - - - - - 

- - - - - - - 

- - - - - - - 

1,454,023 806,153,240 (106,791) (172,663,072) (697,931) (7,063,286) (84,468,429) 

(25,189,301) (804,722,485) (300,989) (846,581,330) (1,009,691) (284,957,477) (171,430,178) 

(431,373) - (12,553) - - - - 

282,090 - - 1,428,350 (1,660) - - 

(59,439) (62,098) (1,975) (8,229) - (14,989) (19,903) 

- - - - - - - 

- - - - - - - 

- - - - - - - 

(25,398,023) (804,784,583) (315,517) (845,161,209) (1,011,351) (284,972,466) (171,450,081) 

- - 

(9,619,582) 115,528,940 (293,179) (990,242,141) (1,614,017) (284,885,836) (244,154,264) 

219,164,667 4,518,629,444 6,313,374 1,553,986,369 7,825,622 20,146,451 629,704,431 

(248,749,523) (4,832,262,158) (668,277) (3,768,129,767) (1,308,855) (559,438,248) (1,013,787,156) 

(29,584,856) (313,632,714) 5,645,097 (2,214,143,398) 6,516,767 (539,291,797) (384,082,725) 

(8,660,993) (18,853,221) - (55,956,400) - (9,001,529) (1,670,509) 

- - 

204,005,222 6,604,690,449 5,351,918 1,424,908,906 4,902,750 631,881,565 572,249,219 



14 

EUR




Europe Equity 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Technology 

Fund 

EUR 

Germany Equity 

Fund 

EUR 

Global 

Convertibles 

Fund (EUR) 

EUR 

Global 

Dynamic 

Fund 

USD 

Global 

Equity 

Fund (USD) 

6,724,760,335 1,383,590,469 203,196,335 754,261,152 1,697,301,712 3,346,335,559 270,564,769 551,822,932 

88,447,002 14,594,659 2,863,739 14,424,601 3,441,454 51,342,775 4,094,823 9,025,817 

- - - - 25,442,856 - - 218,093 

9,452,120 1,752,559 349,950 1,465,181 - 3,836,529 385,160 539,571 

868,964 234,076 91,602 91,502 3,455,462 306,291 27,856 101,796 

- - - - - - - - 

98,768,086 16,581,294 3,305,291 15,981,284 32,339,772 55,485,595 4,507,839 9,885,277 

53,734,030 13,867,259 2,728,718 13,763,567 27,160,981 35,509,279 2,326,767 8,484,680 

1,158,327 439,950 79,484 174,708 313,390 574,268 75,048 282,049 

2,002,518 694,122 287,130 632,113 1,237,292 1,479,770 184,567 622,872 

1,401,395 348,908 77,692 316,540 913,192 1,058,152 96,796 237,079 

- - 173 - - 113 38 7,771 

- - - - - - - - 

1,487,279 541,149 153,066 395,990 936,991 1,239,609 251,609 327,319 

59,783,549 15,891,388 3,326,263 15,282,918 30,561,846 39,861,191 2,934,825 9,961,770 

3,336 12,894 5,687 13,238 5,253 4,412 42,739 30,783 

59,780,213 15,878,494 3,320,576 15,269,680 30,556,593 39,856,779 2,892,086 9,930,987 

- - - - - - - - 

59,780,213 15,878,494 3,320,576 15,269,680 30,556,593 39,856,779 2,892,086 9,930,987 

38,987,873 702,800 (15,285) 711,604 1,783,179 15,628,816 1,615,753 (45,710) 

100,179,472 (91,857,713) 12,822,822 (4,538,140) (32,508,495) 264,237,460 15,144,954 (124,732,321) 

367,179 1,554 (2,954) - 150,148,180 3,594,822 (39,186) (14,073,079) 

(6,894,523) - (1,024,005) - 2,594,695 (191,603) - (1,750,152) 

(3,455,620) (123,900) (4,388) - 1,847,337 367,064 109,060 (49,509) 

- - - - (11,237,282) - - - 

- - - - - - - - 

- - - - - - - - 

90,196,508 (91,980,059) 11,791,475 (4,538,140) 110,844,435 268,007,743 15,214,828 (140,605,061) 

(1,277,347,952) (242,216,615) (70,181,682) (157,381,560) (281,774,249) (582,622,369) (39,038,193) (55,331,827) 

- - - - 4,656,211 137,206 - (891,268) 

- - 67,563 - (7,866,475) - - - 

(33,738) (18,451) (1,251) - 121,248 74,110 (1,993) (4,776) 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

(1,277,381,690) 

- 

(242,235,066) (70,115,370) (157,381,560) (284,863,265) (582,411,053) (39,040,186) (56,227,871) 

(1,148,197,309) (333,512,325) (58,339,180) (161,208,096) (172,235,651) (298,774,494) (22,209,605) (196,878,642) 

883,895,620 398,977,989 109,616,669 895,151,176 2,026,287,744 1,075,704,042 42,048,308 676,986,242 

(4,523,290,366) (979,947,316) (140,827,819) (933,291,917) (1,808,929,210) (2,238,838,585) (126,909,443) (694,946,080) 

(3,639,394,746) (580,969,327) (31,211,150) (38,140,741) 217,358,534 (1,163,134,543) (84,861,135) (17,959,838) 

(59,845,345) (7,201) - (4,193,299) (115,732) (11,473,169) (608,742) (1,087,616) 

1,877,322,935 469,101,616 113,646,005 550,719,016 1,742,308,863 1,872,953,353 162,885,287 335,896,837 

15 

USD 

Global 

Focus 

Fund 

EUR




Global 

Life Sciences 

Fund 

USD 

Global 

Natural 

Resources 

Fund 

EUR 

Global Real 

Estate Securities 

Fund (USD) 

USD 

JF China 

Fund 

USD 

JF Greater 

China 

Fund 

USD 

JF Hong Kong 

Fund 

47,918,265 1,778,456,610 21,580,292 3,221,787,004 684,910,511 108,208,759 4,123,155,354 

USD 

JF India 

Fund 

186,435 12,645,128 532,841 65,232,854 23,274,022 6,093,887 28,299,327 

14,370 105,004 1,013 35,617 - - 71,271 

25,261 - 17,633 - 19,708 - - 

16,172 511,962 17,388 617,215 86,394 275,882 1,078,406 

- - - - - - - 

242,238 13,262,094 568,875 65,885,686 23,380,124 6,369,769 29,449,004 

593,797 32,045,040 88,949 67,166,772 12,870,882 4,696,361 77,421,456 

30,324 664,546 65,845 1,981,051 707,892 252,815 - 

263,608 1,620,425 52,425 3,041,900 675,375 344,267 3,344,246 

17,859 946,570 3,045 1,897,860 374,981 151,901 1,954,870 

439 29,107 733 - - - 227 

- - - - - - - 

138,712 1,356,289 71,259 2,473,434 601,981 624,498 11,732,434 

1,044,739 36,661,977 282,256 76,561,017 15,231,111 6,069,842 94,453,233 

303,194 2,977 153,846 1,093 14,444 207,562 29,055 

741,545 36,659,000 128,410 76,559,924 15,216,667 5,862,280 94,424,178 

- - - - - - - 

741,545 36,659,000 128,410 76,559,924 15,216,667 5,862,280 94,424,178 

(499,307) (23,396,906) 440,465 (10,674,238) 8,163,457 507,489 (64,975,174) 

155,376 242,118,499 (3,314,996) 969,760,810 148,732,191 (1,844,750) 1,016,597,775 

(3,963) 14,930 (208,506) 71 (769) (4,005) (203,778) 

- 1 - - - - (2,840,851) 

37,404 754,351 12,755 (449,538) (93,956) (61,114) (5,531,519) 

- - - - - - - 

- - - - - - - 

- - - - - - - 

188,817 242,887,781 (3,510,747) 969,311,343 148,637,466 (1,909,869) 1,008,021,627 

- - - - 

(4,057,860) (282,948,352) (1,192,253) (992,829,924) (176,644,542) (53,356,763) (1,558,710,365) 

- - (8,811) - - - - 

- - - - - - 44,695 

(20,442) 67,662 (2,680) (5,001) 3,271 7,850 (226,552) 

- - - - - - - 

- - - - - - - 

- - - - - - - 

(4,078,302) (282,880,690) (1,203,744) (992,834,925) (176,641,271) (53,348,913) (1,558,892,222) 

(4,388,792) (63,389,815) (4,274,026) (34,197,820) (19,840,348) (54,751,293) (615,845,769) 

12,663,372 2,061,895,678 9,059,315 4,134,631,601 630,189,443 475,177,007 2,919,392,055 

(24,460,671) (1,905,734,320) (13,729,827) (4,625,458,327) (666,527,394) (270,614,100) (3,793,163,424) 

(11,797,299) 156,161,358 (4,670,512) (490,826,726) (36,337,951) 204,562,907 (873,771,369) 

- - - (16,279,208) (6,003,832) (909,152) (100,458,478) 

31,732,175 1,871,228,153 12,635,754 2,680,483,250 622,728,380 257,111,221 2,533,079,738 

16 

USD




JF Japan 

Equity 

Fund 

USD 

JF Japan 

Small Cap 

Fund 

USD 

JF Pacific 

Balanced 

Fund 

USD 

JF Pacific 

Technology 

Fund 

USD 

JF Singapore 

Fund 

USD 

JF Taiwan 

Fund 

USD 

Latin America 

Equity 

Fund 

USD 

Middle East 

Equity 

Fund 

1,948,180,766 241,926,110 182,226,858 39,446,674 789,840,297 748,278,900 1,748,314,623 341,530,509 

18,246,828 1,906,246 2,273,554 1,474,807 17,286,824 53,682,317 44,772,244 41,422,667 

28,755 - 4,887,699 - 22,078 - - - 

1,121,764 - 95,159 9,359 - - 1,360,839 - 

86,200 81,703 249,499 62,870 742,503 215,545 512,111 433,353 

- - 19,650 - - - - - 

19,483,547 1,987,949 7,525,561 1,547,036 18,051,405 53,897,862 46,645,194 41,856,020 

21,280,545 2,338,960 3,115,666 819,472 11,132,187 12,856,512 29,742,444 9,885,389 

295,030 77,100 160,738 106,405 397,538 1,521,401 1,604,522 1,622,543 

1,111,238 279,248 202,232 134,737 744,088 713,428 1,674,580 690,482 

561,798 77,219 91,574 26,490 274,314 394,330 789,110 314,092 

2,446 11 - - - 1 - 11,670 

- - - - - - - - 

744,373 163,257 357,526 97,621 577,850 850,246 1,416,590 701,208 

23,995,430 2,935,795 3,927,736 1,184,725 13,125,977 16,335,918 35,227,246 13,225,384 

10,623 17,511 40,227 149,979 34 78,437 17,953 619,880 

23,984,807 2,918,284 3,887,509 1,034,746 13,125,943 16,257,481 35,209,293 12,605,504 

- - - - - - - - 

23,984,807 2,918,284 3,887,509 1,034,746 13,125,943 16,257,481 35,209,293 12,605,504 

(4,501,260) (930,335) 3,638,052 512,290 4,925,462 37,640,381 11,435,901 29,250,516 

(184,186,240) (27,432,454) (4,027,539) 2,582,289 40,451,498 25,203,840 401,648,426 17,464,652 

(85,102) (72,433) 1,259,854 7,443 (1,269) (1,026) (182,367) 31,466 

- - 1,580,563 - - 195,120 - - 

5,389,035 443,210 414,447 36,786 300,500 (835,529) (3,610,742) (199,086) 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

(178,882,307) (27,061,677) (772,675) 2,626,518 40,750,729 24,562,405 397,855,317 17,297,032 

- - - 

(80,669,854) (19,492,184) (15,310,365) (8,513,238) (185,446,878) (278,966,440) (142,100,706) (32,449,890) 

- - 174,753 (307,711) - - - - 

- - 304,195 - - - - - 

365,741 45,214 60,187 29,967 91,427 57,330 11,708 6,264 

- - - - - - - - 

- - - - - - - - 

- - - - - - - - 

(80,304,113) (19,446,970) (14,771,230) (8,790,982) (185,355,451) (278,909,110) (142,088,998) (32,443,626) 

(263,687,680) (47,438,982) (11,905,853) (5,652,174) (139,679,260) (216,706,324) 267,202,220 14,103,922 

620,106,417 164,295,045 151,110,057 93,955,068 973,454,630 2,125,689,850 2,156,649,321 949,812,212 

(1,504,261,034) (218,978,711) (169,697,461) (82,562,905) (1,017,233,598) (1,558,200,006) (2,077,695,419) (593,105,665) 

(884,154,617) (54,683,666) (18,587,404) 11,392,163 (43,778,968) 567,489,844 78,953,902 356,706,547 

- - - (1,323,440) (2,892,342) (18,193,745) (2,915,890) (2,746,798) 

800,338,469 139,803,462 151,733,601 43,863,223 603,489,727 1,080,868,675 2,091,554,855 709,594,180 

17 

USD




Russia 

Fund 

USD 

US Aggregate 

Bond 

Fund 

USD 

US Dynamic 

Fund 

USD 

US 

Small Cap 

Growth 

Fund 

USD 

US 

Strategic 

Growth 

Fund 

USD 

US Technology 

Fund 

USD 

US Value 

Fund 

299,387,847 254,010,752 7,549,424,048 67,473,188 584,352,217 65,053,721 1,776,712,510 

15,446,098 - 53,326,449 109,096 5,109,343 443,328 20,350,795 

- 15,697,763 - - - - - 

- - 5,988,010 17,164 292,642 48,242 2,199,385 

1,490,218 655 2,745,000 49,026 395,879 79,677 633,622 

- - - - - - - 

16,936,316 15,698,418 62,059,459 175,286 5,797,864 571,247 23,183,802 

13,223,577 2,202,384 64,415,873 1,006,479 8,352,622 1,913,354 18,275,829 

912,175 33,946 361,102 27,324 84,249 31,292 106,406 

887,642 313,134 2,927,038 100,624 467,012 266,777 958,295 

421,079 157,015 1,715,089 28,185 282,926 67,349 514,888 

- - - - 6,765 - - 

- - - - - - - 

452,377 337,317 1,790,775 88,639 418,228 165,025 641,382 

15,896,850 3,043,796 71,209,877 1,251,251 9,611,802 2,443,797 20,496,800 

91,929 235,211 - 12,612 30,523 21,604 23,181 

15,804,921 2,808,585 71,209,877 1,238,639 9,581,279 2,422,193 20,473,619 

- - - - - - - 

15,804,921 2,808,585 71,209,877 1,238,639 9,581,279 2,422,193 20,473,619 

1,131,395 12,889,833 (9,150,418) (1,063,353) (3,783,415) (1,850,946) 2,710,183 

73,460,799 6,360,696 146,176,466 4,612,860 (56,454,557) (14,844,326) 128,957,110 

50,884 - (1,016,042) 46 4,222,032 36 3,261,552 

- - (4,899,891) - - - - 

20,926 - 4,810,438 145 306,301 1,503 43,588 

- - - - - - - 

- - - - - - - 

- - - - - - - 

73,532,609 6,360,696 145,070,971 4,613,051 (51,926,224) (14,842,787) 132,262,250 

68,330,655 4,428,954 (1,169,079,498) (12,947,348) (11,256,412) (13,982,180) (329,682,798) 

- - - - (220,313) - (70,336) 

- - (579,350) - - - - 

11,233 - 40,332 (11) (1,341) (2,203) (24,153) 

- - - - - - - 

- - - - - - - 

- - - - - - - 

68,341,888 4,428,954 (1,169,618,516) (12,947,359) (11,478,066) (13,984,383) (329,777,287) 

143,005,892 23,679,483 (1,033,697,963) (9,397,661) (67,187,705) (30,678,116) (194,804,854) 

2,044,237,799 555,437,801 1,225,166,257 30,080,965 755,023,531 256,454,814 522,262,241 

(855,923,551) (445,953,196) (5,711,260,358) (40,874,184) (648,504,171) (150,538,853) (1,249,009,982) 

1,188,314,248 109,484,605 (4,486,094,101) (10,793,219) 106,519,360 105,915,961 (726,747,741) 

- (3,081,920) (492,178) - - - - 

1,630,707,987 384,092,920 2,029,139,806 47,282,308 623,683,872 140,291,566 855,159,915 

18 

USD


Statement of Changes in the Number of Shares (continued) 


Shares Outstanding 

at the Beginning 

of the Year 

Shares Subscribed Shares Redeemed Shares Outstanding 

at the End 

of the Year 

JPMorgan Funds - America Equity Fund 

JPM America Equity A (acc) - USD 2,191,194.046 1,861,941.178 2,346,770.784 1,706,364.440 

JPM America Equity A (dist) - USD 5,556,809.994 6,155,489.821 7,563,243.945 4,149,055.870 

JF America Equity A (dist) - USD 545,513.798 139,885.913 256,324.648 429,075.063 

JPM America Equity A (acc) - EUR (hedged) 26,946.066 3,034,915.062 2,908,163.840 153,697.288 

JPM America Equity B (acc) - USD 218,747.201 171,696.173 71,346.872 319,096.502 

JPM America Equity C (acc) - EUR (hedged) - 1,228,367.361 457,360.374 771,006.987 

JPM America Equity C (acc) - USD 7,078,336.652 8,687,126.741 5,103,564.353 10,661,899.040 

JPM America Equity D (acc) - EUR (hedged) 26,490.066 697,535.845 296,899.981 427,125.930 

JPM America Equity D (acc) - EUR 9,557.871 10,025.680 10,972.538 8,611.013 

JPM America Equity D (acc) - USD 1,932,601.590 1,781,750.541 1,995,837.837 1,718,514.294 

JPM America Equity X (acc) - USD 994,178.673 139,430.407 222,237.396 911,371.684 

JPMorgan Funds - Eastern Europe Equity Fund 

JPM Eastern Europe Equity A(acc) - EUR 1,990,154.670 10,552,981.598 6,308,057.957 6,235,078.311 

JPM Eastern Europe Equity A(dist) - EUR 14,158,698.977 6,188,365.601 6,919,280.667 13,427,783.911 

JF Eastern Europe Equity A(dist) - EUR 4,941,761.225 8,867,801.932 7,626,266.750 6,183,296.407 

JPM Eastern Europe Equity B (acc) - EUR 144,210.260 1,183,776.962 144,948.394 1,183,038.828 

JPM Eastern Europe Equity C (acc) - EUR 665,006.999 3,750,400.703 1,749,454.274 2,665,953.428 

JPM Eastern Europe Equity D (acc) - EUR 2,960,822.863 1,862,565.609 2,317,993.228 2,505,395.244 

JPM Eastern Europe Equity I (acc) - EUR 11,758,308.150 12,199,652.761 12,364,906.925 11,593,053.986 

JPM Eastern Europe Equity X (acc) - EUR 3,280,799.944 519,319.333 1,181,354.026 2,618,765.251 

JPMorgan Funds - Emerging Europe Middle East and Africa Equity Fund 

JPM Emerging Europe Middle East and Africa Equity A (acc)- USD 3,196,718.829 7,109,770.973 4,323,932.081 5,982,557.721 

JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 5,364,321.982 9,368,795.215 4,819,125.043 9,913,992.154 

JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 218,329.200 641,124.356 266,629.268 592,824.288 

JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 166,213.626 3,216,981.031 1,512,577.654 1,870,617.003 

JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 1,377,014.173 1,676,638.683 937,820.668 2,115,832.188 

JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 7,040,033.000 - 4,813,308.485 2,226,724.515 

JPMorgan Funds - Emerging Markets Debt Fund 

JPM Emerging Markets Debt A(acc) - EUR 7,143,981.300 2,805,703.851 7,176,119.922 2,773,565.229 

JPM Emerging Markets Debt A(inc) - EUR 10,669,542.531 10,662,758.199 11,034,942.829 10,297,357.901 

JPM Emerging Markets Debt C (acc) - EUR 653,748.769 3,194,239.281 1,344,655.376 2,503,332.674 

JPM Emerging Markets Debt D (acc) - EUR 4,948,144.105 3,079,792.680 4,862,880.249 3,165,056.536 

JPM Emerging Markets Debt I (Inc) - EUR 250,000.001 2,187,667.059 138,000.001 2,299,667.059 

JPM Emerging Markets Debt X (acc) - EUR 5,656.002 - - 5,656.002 

JPMorgan Funds - Emerging Markets Equity Fund 

JPM Emerging Markets Equity A(acc) - USD 32,964,443.994 20,471,139.646 31,467,859.293 21,967,724.347 

JPM Emerging Markets Equity A(dist) - USD 109,167,399.640 60,256,627.857 65,943,994.899 103,480,032.598 

JPM Emerging Markets Equity A(dist) - GBP 280,266.023 358,434.567 60,572.027 578,128.563 

JPM Emerging Markets Equity A(acc) - EUR 29,008,138.308 16,437,227.226 24,733,095.823 20,712,269.711 

JPM Emerging Markets Equity B (acc) - USD 3,238,645.574 1,400,882.274 1,442,297.553 3,197,230.295 

JPM Emerging Markets Equity C (acc) - USD 25,223,090.798 42,309,004.985 28,613,938.291 38,918,157.492 

JPM Emerging Markets Equity D (acc) - USD 4,225,337.866 3,037,218.901 3,305,566.134 3,956,990.633 

JPM Emerging Markets Equity D (acc) - EUR 250,830.893 847,626.836 405,374.331 693,083.398 

JPM Emerging Markets Equity I (acc) - USD 21,773,521.677 9,910,809.358 9,132,103.111 22,552,227.924 

JPM Emerging Markets Equity I (inc) - EUR 1,637,800.000 672,433.579 1,315,300.000 994,933.579 

JPM Emerging Markets Equity X (acc) - USD 33,891,049.355 11,950,842.109 12,005,188.262 33,836,703.202 

JPM Emerging Markets Equity X (inc) - EUR 17,940,341.373 507,101.223 6,424,048.374 12,023,394.222 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund (1) 

JPM Emerging Markets Local Currency Debt A(acc) - EUR - 121,134.020 - 121,134.020 

JPM Emerging Markets Local Currency Debt A(acc) - USD - 135,977.116 - 135,977.116 

JPM Emerging Markets Local Currency Debt B (acc) - USD - 138,508.350 69,254.176 69,254.174 

JPM Emerging Markets Local Currency Debt D (acc) - EUR - 120,076.900 - 120,076.900 

JPM Emerging Markets Local Currency Debt D (acc) - USD - 118,966.689 - 118,966.689 

JPMorgan Funds - Euroland Equity Fund 

JPM Euroland Equity A(acc) - EUR 42,972,831.964 18,763,585.885 49,572,486.164 12,163,931.685 

JPM Euroland Equity A(dist) - EUR 45,084,048.473 13,721,796.983 40,438,544.154 18,367,301.302 

JF Euroland Equity A(dist) - USD 25,155,026.703 4,740,470.229 19,632,182.800 10,263,314.132 

JPM Euroland Equity A(inc) - EUR - 4,827,291.001 3,470,342.001 1,356,949.000 

JPM Euroland Equity B (acc) - EUR - 199,700.740 19,782.841 179,917.899 

JPM Euroland Equity C (acc) - EUR 21,047,520.302 15,759,168.635 20,808,357.641 15,998,331.296 

JPM Euroland Equity D (acc) - EUR 26,818,488.143 6,613,671.456 24,589,703.160 8,842,456.439 

JPM Euroland Equity I (acc) - EUR 19,998,524.767 7,630,293.472 18,263,694.237 9,365,124.002 

JPM Euroland Equity X (acc) - EUR - 947,661.001 4,750.001 942,911.000 

JPMorgan Funds - Euroland Select Equity Fund (2) 

JPM Euroland Select Equity A(acc) - EUR - 258,809.734 76,763.052 182,046.682 

JPM Euroland Select Equity A(dis) - EUR - 1,639.125 - 1,639.125 

JPM Euroland Select Equity D (acc) - EUR - 254,696.099 75,149.652 179,546.447 

JPM Euroland Select Equity X (acc) - EUR - 270,460.000 - 270,460.000 



19






of the Year 


at the End 

of the Year 

JPMorgan Funds - Europe Dynamic Fund 

JPM Europe Dynamic A(acc) - EUR 10,688,150.400 134,456.727 5,421,095.364 5,401,511.763 

JPM Europe Dynamic A(dist) - EUR 42,017,150.420 557,085.132 16,673,400.571 25,900,834.981 

JF Europe Dynamic A(dist) - EUR 1,730,901.036 71,365.920 1,068,164.953 734,102.003 

JPM Europe Dynamic A(dist) - GBP 120,464.129 673.678 24,697.326 96,440.481 

JPM Europe Dynamic B (acc) - EUR 1,631,360.921 119,174.258 848,361.688 902,173.491 

JPM Europe Dynamic C (acc) - EUR 12,076,185.768 241,271.483 5,110,351.936 7,207,105.315 

JPM Europe Dynamic D (acc) - EUR 3,440,024.289 9,165.451 1,582,809.761 1,866,379.979 

JPM Europe Dynamic D (acc) - USD 35,610.148 - 6,726.597 28,883.551 

JPM Europe Dynamic I (acc) - EUR 1,071,473.018 - 1,071,473.018 - 

JPM Europe Dynamic X (acc) - EUR 5,522,740.871 18,297.846 3,257,857.480 2,283,181.237 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 

JPM Europe Dynamic Mega Cap A(acc) - EUR 63,662,036.480 35,092,381.990 61,940,808.083 36,813,610.387 

JPM Europe Dynamic Mega Cap A(dist) - EUR 10,692,583.596 3,537,235.794 9,112,540.277 5,117,279.113 

JPM Europe Dynamic Mega Cap A(inc) - EUR 76,161.785 21,729.497 72,762.013 25,129.269 

JPM Europe Dynamic Mega Cap A(acc) - USD - 31,962.969 31,009.881 953.088 

JPM Europe Dynamic Mega Cap B (acc) - EUR 1,300,628.206 1,078,207.587 1,122,168.644 1,256,667.149 

JPM Europe Dynamic Mega Cap C (acc) - EUR 6,436,424.137 8,594,429.377 7,604,880.821 7,425,972.693 

JPM Europe Dynamic Mega Cap D (acc) - EUR 2,191,730.452 1,126,256.266 1,990,989.665 1,326,997.053 

JPM Europe Dynamic Mega Cap D (acc) - USD - 353.858 - 353.858 

JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - - 495,773.834 

JPM Europe Dynamic Mega Cap X (acc) - EUR 3,535,355.286 1,497,782.590 3,119,684.329 1,913,453.547 

JPMorgan Funds - Europe Equity Fund 

JPM Europe Equity A(acc) - EUR 56,934,402.918 17,763,955.447 52,928,401.806 21,769,956.559 

JPM Europe Equity A(dist) - EUR 78,036,988.331 8,813,393.106 62,164,714.972 24,685,666.465 

JPM Europe Equity A(acc) - USD 12,734,719.548 4,964,712.997 9,255,981.308 8,443,451.237 

JF Europe Equity A(dist) - USD 1,960,279.228 302,743.213 1,090,849.928 1,172,172.513 

JPM Europe Equity B (acc) - EUR 1,367,233.985 369,923.268 987,390.278 749,766.975 

JPM Europe Equity C (acc) - EUR 31,649,396.900 5,802,498.860 19,563,665.183 17,888,230.577 

JPM Europe Equity D (acc) - EUR 19,971,892.952 2,166,730.171 15,052,142.371 7,086,480.752 

JPM Europe Equity D (acc) - USD 276,853.062 50,586.330 234,857.404 92,581.988 

JPM Europe Equity I (acc) - EUR 2,802,081.207 144,021.000 2,946,102.207 - 

JPM Europe Equity I (inc) - EUR 10,000,000.000 - - 10,000,000.000 

JPM Europe Equity X (acc) - EUR 20,825,434.506 1,855,487.347 9,819,155.725 12,861,766.128 

JPMorgan Funds - Europe Small Cap Fund 

JPM Europe Small Cap A(acc) - EUR 5,087,078.651 1,557,693.592 4,662,525.394 1,982,246.849 

JPM Europe Small Cap A(dist) - EUR 15,761,936.577 5,569,625.818 11,809,405.297 9,522,157.098 

JF Europe Small Cap A(dist) - EUR 8,172,130.049 1,611,509.375 6,923,630.909 2,860,008.515 

JPM Europe Small Cap A(dist) - GBP 42,515.278 20,973.777 12,142.419 51,346.636 

JPM Europe Small Cap B (acc) - EUR 320,421.789 132,786.373 269,046.157 184,162.005 

JPM Europe Small Cap C (acc) - EUR 2,072,883.841 815,730.486 2,110,666.628 777,947.699 

JPM Europe Small Cap D (acc) - EUR 8,062,946.098 4,124,991.677 9,282,487.769 2,905,450.006 

JPM Europe Small Cap I (acc) - EUR 6,039,332.774 224,008.790 5,600,213.485 663,128.079 

JPM Europe Small Cap X (acc) - EUR 1,839,550.124 140,806.171 1,906,671.477 73,684.818 

JPMorgan Funds - Europe Technology Fund 

JPM Europe Technology A(acc) - EUR 917,862.632 1,422,380.973 1,592,159.801 748,083.804 

JPM Europe Technology A(dist) - EUR 15,076,000.250 7,254,999.109 10,621,691.314 11,709,308.045 

JF Europe Technology A(dist) - EUR 3,092,449.304 1,214,406.140 2,568,503.281 1,738,352.163 

JPM Europe Technology A(dist) - GBP 41,116.112 3,183.827 3,472.004 40,827.935 

JPM Europe Technology B (acc) - EUR - 171,593.006 1,550.493 170,042.513 

JPM Europe Technology C (acc) - EUR - 1,298.453 - 1,298.453 

JPM Europe Technology D (acc) - EUR 2,444,720.330 1,375,932.619 1,659,233.594 2,161,419.355 

JPM Europe Technology X (acc) - EUR - 54,491.963 10,592.757 43,899.206 

JPMorgan Funds - Germany Equity Fund 

JPM Germany Equity A(acc) - EUR 13,284,231.227 11,823,755.506 20,934,908.752 4,173,077.981 

JPM Germany Equity A(dist) - EUR 21,682,657.703 27,340,414.270 24,063,702.252 24,959,369.721 

JF Germany Equity A(dist) - EUR 1,389,733.822 173,054.273 701,911.452 860,876.643 

JPM Germany Equity B (acc) - EUR - 190,305.981 102,467.279 87,838.702 

JPM Germany Equity C (acc) - EUR - 8,149,867.811 6,956,861.384 1,193,006.427 

JPM Germany Equity D (acc) - EUR 69,517,709.875 58,353,084.378 85,486,587.094 42,384,207.159 

JPM Germany Equity I (acc) - EUR - 13,154,831.917 - 13,154,831.917 

JPM Germany Equity X (acc) - EUR - 144,199.407 41,860.001 102,339.406 

JPMorgan Funds - Global Convertibles Fund (EUR) 

JPM Global Convertibles (EUR) A(acc) - EUR 22,739,773.672 47,551,178.354 39,605,157.328 30,685,794.698 

JPM Global Convertibles (EUR) A(dist) - EUR 71,209,071.433 75,790,634.882 65,243,555.883 81,756,150.432 

JF Global Convertibles (EUR) A(dist) - USD 1,316,415.195 1,239,236.902 1,594,667.728 960,984.369 

JPM Global Convertibles (EUR) B (acc) - EUR 921,800.158 2,233,331.022 853,818.744 2,301,312.436 

JPM Global Convertibles (EUR) C (acc) - EUR 15,122,443.099 15,183,266.536 16,922,953.146 13,382,756.489 

JPM Global Convertibles (EUR) D (acc) - EUR 21,577,849.173 22,723,792.405 27,102,755.288 17,198,886.290 

JPM Global Convertibles (EUR) I (acc) - EUR 2,958,183.000 4,640,058.819 3,697,435.000 3,900,806.819 

JPM Global Convertibles (EUR) I (inc) - EUR 445,121.951 4,892.161 200,014.112 250,000.000 

JPM Global Convertibles (EUR) X (acc) - EUR 7,075,220.836 2,413,547.991 496,197.759 8,992,571.068 

20






of the Year 


at the End 

of the Year 

JPMorgan Funds - Global Dynamic Fund 

JPM Global Dynamic A(acc) - USD 24,734,189.407 11,658,097.163 21,355,064.720 15,037,221.850 

JPM Global Dynamic A(dist) - USD 87,225,996.484 14,213,747.035 58,156,747.640 43,282,995.879 

JPM Global Dynamic A(dist) - GBP 696,710.287 126,531.343 162,820.632 660,420.998 

JPM Global Dynamic A(acc) - EUR 486,634.532 1,034,212.348 336,734.180 1,184,112.700 

JPM Global Dynamic A(acc) - EUR (hedged) - 5,068,764.838 1,639,145.827 3,429,619.011 

JPM Global Dynamic A(inc) - EUR 1,318,548.207 716,859.063 531,659.503 1,503,747.767 

JF Global Dynamic A(dist) - USD 986,786.811 379,260.204 611,494.247 754,552.768 

JPM Global Dynamic B (acc) - USD 6,591,232.975 1,366,041.412 2,961,146.652 4,996,127.735 

JPM Global Dynamic C (acc) - USD 18,173,767.079 10,261,014.632 14,197,285.812 14,237,495.899 

JPM Global Dynamic C (acc) - EUR 5,527,880.001 5,943,878.383 7,029,390.107 4,442,368.277 

JPM Global Dynamic C (acc) - EUR (hedged) - 1,189,681.375 131,941.467 1,057,739.908 

JPM Global Dynamic D (acc) - USD 17,195,849.561 6,893,170.774 18,563,312.492 5,525,707.843 

JPM Global Dynamic D (acc) - EUR 117,107.159 455,505.921 140,207.243 432,405.837 

JPM Global Dynamic D (acc) - EUR (hedged) - 230,289.113 65,968.534 164,320.579 

JPM Global Dynamic I (acc) - USD 1,952,030.000 2,360,721.000 147,664.000 4,165,087.000 

JPM Global Dynamic X (acc) - USD 15,714,116.158 6,838,672.909 7,900,310.241 14,652,478.826 

JPM Global Dynamic X (acc) - EUR 17,330,026.813 3,131,664.676 676,423.207 19,785,268.282 

JPMorgan Funds - Global Equity Fund (USD) 

JPM Global Equity (USD) A(acc) - USD 495,167.946 259,900.948 161,057.109 594,011.785 

JPM Global Equity (USD) A(dist) - USD 993,988.692 329,550.949 816,195.037 507,344.604 

JF Global Equity (USD) A(dist) - USD 1,154,323.423 135,680.311 397,297.875 892,705.859 

JPM Global Equity (USD) C (acc) - USD 8,546,952.921 1,144,655.578 2,128,672.567 7,562,935.932 

JPM Global Equity (USD) D (acc) - USD 2,727,654.479 204,614.874 2,771,282.393 160,986.960 

JPM Global Equity (USD) X (acc) - USD 1,492,766.925 376,932.185 1,866,741.176 2,957.934 

JPMorgan Funds - Global Focus Fund 

JPM Global Focus A(acc) - EUR 8,422,853.847 27,035,798.249 22,771,327.479 12,687,324.617 

JPM Global Focus A(acc) - EUR (hedged) - 282,062.719 89,764.850 192,297.869 

JPM Global Focus A(dist) - EUR 7,363,973.928 3,823,720.501 8,389,408.565 2,798,285.864 

JF Global Focus A(dist) - USD 808,944.047 1,288,384.815 1,210,720.077 886,608.785 

JPM Global Focus C (acc) - EUR 10,362,304.599 4,158,308.432 11,805,464.370 2,715,148.661 

JPM Global Focus D (acc) - EUR 3,245,375.975 1,564,825.743 2,195,108.720 2,615,092.998 

JPM Global Focus D (acc) - EUR (hedged) - 229,483.215 84,239.095 145,244.120 

JPM Global Focus X (acc) - EUR 1,373,337.858 4,030,396.820 769,418.193 4,634,316.485 

JPMorgan Funds - Global Life Sciences Fund 

JPM Global Life Sciences A(acc) - USD 88,440.995 61,933.187 26,399.954 123,974.228 

JPM Global Life Sciences A(dist) - USD 3,712,953.024 286,003.422 1,327,340.232 2,671,616.214 

JPM Global Life Sciences A(dist) - GBP 17,408.642 259.060 2,026.911 15,640.791 

JF Global Life Sciences A(dist) - USD 2,272,401.738 1,403,790.098 1,908,439.648 1,767,752.188 

JPM Global Life Sciences D (acc) - USD 918,917.842 503,788.707 792,995.901 629,710.648 

JPMorgan Funds - Global Natural Resources Fund 

JPM Global Natural Resources A(acc) - EUR 41,767,627.278 33,789,968.880 39,628,453.226 35,929,142.932 

JPM Global Natural Resources A(dist) - EUR 13,647,983.718 27,249,774.909 21,250,971.031 19,646,787.596 

JPM Global Natural Resources A(acc) - USD 1,581,451.050 11,491,360.377 4,280,544.668 8,792,266.759 

JPM Global Natural Resources B (acc) - EUR 1,759,842.669 807,277.332 358,168.125 2,208,951.876 

JPM Global Natural Resources C (acc) - EUR 5,481,915.183 11,266,390.209 9,823,526.348 6,924,779.044 

JPM Global Natural Resources C (acc) - USD 224,985.925 4,366,231.723 2,587,291.208 2,003,926.440 

JPM Global Natural Resources D (acc) - EUR 12,113,309.446 12,143,278.114 11,829,186.277 12,427,401.283 

JPM Global Natural Resources D (acc) - USD 2,437.992 326,268.363 44,256.322 284,450.033 

JPM Global Natural Resources X (acc) - EUR 6,653,023.256 1,154,580.088 2,089,030.703 5,718,572.641 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 

JPM Global Real Estate Securities A(acc) - USD 478,630.025 666,460.139 923,035.544 222,054.620 

JPM Global Real Estate Securities C (acc) - USD - 10,208.269 - 10,208.269 

JPM Global Real Estate Securities D (acc) - USD 251,368.884 125,723.765 341,074.184 36,018.465 

JPM Global Real Estate Securities X (acc) - USD 1,181,531.621 - - 1,181,531.621 

JPMorgan Funds - JF China Fund 

JF China A(acc) - USD 7,902,918.355 19,679,632.577 20,512,918.070 7,069,632.862 

JF China A(dist) - USD 52,677,602.379 45,874,580.494 54,826,092.689 43,726,090.184 

JF China B (acc) - USD 3,668,428.746 2,284,604.532 3,265,941.919 2,687,091.359 

JF China C (acc) - USD 1,622,684.681 3,312,910.326 3,800,602.358 1,134,992.649 

JF China D (acc) - USD 13,270,860.357 11,353,443.441 13,271,632.691 11,352,671.107 

JF China I (acc) - USD 1,092,531.648 3,453,232.549 - 4,545,764.197 

JF China X (acc) - USD 1,988,434.020 1,431,166.906 2,205,746.866 1,213,854.060 

JPMorgan Funds - JF Greater China Fund 

JF Greater China A(acc) - USD 2,070,027.410 14,463,196.276 8,717,443.716 7,815,779.970 

JF Greater China A(dist) - USD 16,249,905.785 5,065,464.895 10,724,074.240 10,591,296.440 

JF Greater China B (acc) - USD 91,170.918 46,179.139 12,017.958 125,332.099 

JF Greater China C (acc) - USD 2,454,760.132 2,891,278.386 1,150,015.548 4,196,022.970 

JF Greater China D (acc) - USD 5,395,962.087 2,671,373.513 3,749,048.799 4,318,286.801 

JF Greater China X (acc) - USD 78,703.253 141,086.887 120,762.029 99,028.111 

JPMorgan Funds - JF Hong Kong Fund 

JF Hong Kong A(acc) - USD 654,358.069 2,988,062.717 2,994,273.649 648,147.137 

JF Hong Kong A(dist) - USD 1,898,747.303 5,803,900.584 3,058,570.892 4,644,076.995 

JF Hong Kong B (acc) - USD 2,086.452 113,425.886 50,358.553 65,153.785 

JF Hong Kong C (acc) - USD 9,057.970 538,122.227 124,336.450 422,843.747 

JF Hong Kong D (acc) - USD 466,442.543 2,091,249.704 1,401,312.666 1,156,379.581 

21






of the Year 


at the End 

of the Year 

JPMorgan Funds - JF India Fund 

JF India A(acc) - USD 18,175,863.193 29,979,430.234 26,346,162.974 21,809,130.453 

JF India A(dist) - USD 31,577,360.078 16,085,059.724 23,905,063.587 23,757,356.215 

JF India B (acc) - USD 3,334,335.510 2,162,097.130 4,919,597.948 576,834.692 

JF India C (acc) - USD 4,380,103.562 2,386,828.223 3,872,037.398 2,894,894.387 

JF India D (acc) - USD 19,754,087.276 8,816,860.251 12,358,212.671 16,212,734.856 

JF India X (acc) - USD 1,933,309.331 312,635.540 141,490.711 2,104,454.160 

JPMorgan Funds - JF Japan Equity Fund 

JF Japan Equity A(acc) - USD 27,629,484.424 8,370,471.810 26,750,616.536 9,249,339.698 

JF Japan Equity A(dist) - USD 38,052,750.371 14,537,248.698 31,956,997.814 20,633,001.255 

JF Japan Equity A(dist) - GBP 309,902.137 125,309.572 106,721.094 328,490.615 

JF Japan Equity A(acc) - EUR 559,509.869 352,254.755 517,151.527 394,613.097 

JF Japan Equity A(acc) - JPY 3,183,969.279 704,391.909 1,888,436.618 1,999,924.570 

JF Japan Equity B (acc) - USD 1,961,007.027 1,030,100.486 1,792,820.573 1,198,286.940 

JF Japan Equity C (acc) - USD 6,238,789.679 3,918,543.843 4,196,961.796 5,960,371.726 

JF Japan Equity D (acc) - USD 12,825,840.456 3,568,009.150 10,001,526.046 6,392,323.560 

JF Japan Equity D (acc) - EUR 386,748.454 24,758.017 338,895.522 72,610.949 

JF Japan Equity I (acc) - USD 6,047,526.635 175,983.437 5,174,007.931 1,049,502.141 

JF Japan Equity J (dist) - USD 3,604,049.932 324,103.485 2,019,622.983 1,908,530.434 

JF Japan Equity X (acc) - USD 1,232,669.008 65,097.192 914,698.150 383,068.050 

JPMorgan Funds - JF Japan Small Cap Fund 

JF Japan Small Cap A(acc) - USD 3,332,087.303 1,056,319.940 3,868,471.657 519,935.586 

JF Japan Small Cap A(dist) - USD 11,451,005.591 14,595,981.170 12,151,313.946 13,895,672.815 

JF Japan Small Cap B (acc) - USD 400,669.936 692,077.872 463,196.416 629,551.392 

JF Japan Small Cap C (acc) - USD 2,376,527.162 820,000.000 2,382,870.412 813,656.750 

JF Japan Small Cap D (acc) - USD 2,029,923.613 246,423.382 1,223,813.996 1,052,532.999 

JF Japan Small Cap X (acc) - USD 3,147,490.170 - 2,607,388.719 540,101.451 

JPMorgan Funds - JF Pacific Balanced Fund 

JF Pacific Balanced A(acc) - USD 238,925.383 1,847,007.971 1,689,502.914 396,430.440 

JF Pacific Balanced A(dist) - USD 5,341,840.387 3,168,239.650 4,338,532.770 4,171,547.267 

JF Pacific Balanced B (acc) - USD - 505,300.000 - 505,300.000 

JF Pacific Balanced D (acc) - USD 1,777,866.786 1,322,096.070 1,207,021.956 1,892,940.900 

JPMorgan Funds - JF Pacific Technology Fund 

JF Pacific Technology A(acc) - USD 218,152.054 2,802,441.637 2,685,443.715 335,149.976 

JF Pacific Technology A(dist) - USD 2,728,818.978 2,529,796.545 3,013,744.715 2,244,870.808 

JF Pacific Technology A(dist) - GBP 6,574.362 466.917 598.393 6,442.886 

JF Pacific Technology B (acc) - USD - 1,302,293.964 17,990.972 1,284,302.992 

JF Pacific Technology C (acc) - USD - 14,638.211 - 14,638.211 

JF Pacific Technology D (acc) - USD 293,272.166 318,302.775 265,792.094 345,782.847 

JPMorgan Funds - JF Singapore Fund 

JF Singapore A(acc) - USD 4,871,014.952 5,559,621.748 8,447,662.640 1,982,974.060 

JF Singapore A(dist) - USD 10,018,420.534 8,371,018.097 12,173,743.611 6,215,695.020 

JF Singapore B (acc) - USD 1,012,393.668 1,066,141.992 905,258.144 1,173,277.516 

JF Singapore C (acc) - USD 978,679.692 58,471.545 1,019,661.813 17,489.424 

JF Singapore D (acc) - USD 3,443,146.659 1,798,572.911 3,134,419.345 2,107,300.225 

JF Singapore I (acc) - USD 2,815,581.493 23,501,775.230 9,352,380.754 16,964,975.969 

JF Singapore X (acc) - USD 26,647.112 - - 26,647.112 

JPMorgan Funds - JF Taiwan Fund 

JF Taiwan A(acc) - USD 12,131,269.525 32,415,549.071 29,333,868.789 15,212,949.807 

JF Taiwan A(dist) - USD 16,672,424.746 66,152,452.273 48,360,699.710 34,464,177.309 

JF Taiwan B (acc) - USD 30,296.352 715,967.966 146,135.300 600,129.018 

JF Taiwan C (acc) - USD 650,352.670 6,392,830.303 3,509,558.691 3,533,624.282 

JF Taiwan D (acc) - USD 2,077,957.623 2,283,312.917 1,715,276.553 2,645,993.987 

JF Taiwan I (acc) - USD 13,679,303.195 17,636,644.046 9,579,503.437 21,736,443.804 

JF Taiwan X (acc) - USD 137,846.885 149,374.584 95,779.952 191,441.517 

JPMorgan Funds - Latin America Equity Fund 

JPM Latin America Equity A (acc) - USD 5,293,247.986 13,984,912.586 12,085,768.486 7,192,392.086 

JPM Latin America Equity A (dist) - USD 8,876,389.837 7,813,652.470 8,289,443.283 8,400,599.024 

JF Latin America Equity A (dist) - USD 6,398,082.075 17,011,320.421 15,527,988.278 7,881,414.218 

JPM Latin America Equity B (acc) - USD 2,646,728.225 1,299,949.016 1,810,822.950 2,135,854.291 

JPM Latin America Equity C (acc) - USD 1,752,290.374 3,421,620.669 3,126,566.510 2,047,344.533 

JPM Latin America Equity D (acc) - USD 4,835,423.310 4,204,090.339 3,874,767.756 5,164,745.893 

JPM Latin America Equity I (acc) - USD 24,322,260.984 7,456,035.600 9,445,790.533 22,332,506.051 

JPM Latin America Equity X (acc) - USD 2,670,787.978 767,243.719 578,104.267 2,859,927.430 

JPMorgan Funds - Middle East Equity Fund 

JPM Middle East Equity A(acc) - USD 2,030,248.251 9,090,504.486 5,366,201.712 5,754,551.025 

JPM Middle East Equity A(dist) - USD 8,616,103.551 21,928,923.871 13,268,410.329 17,276,617.093 

JPM Middle East Equity B (acc) - USD 560,810.234 218,204.201 292,896.424 486,118.011 

JPM Middle East Equity C (acc) - USD - 2,890,824.627 1,861,319.397 1,029,505.230 

JPM Middle East Equity D (acc) - USD 3,135,784.213 2,229,235.795 2,398,237.375 2,966,782.633 

JPMorgan Funds - Russia Fund 

JPM Russia A(acc) - USD 5,742,019.484 36,972,376.257 20,146,291.020 22,568,104.721 

JPM Russia A(dist) - USD 5,960,202.819 13,633,800.563 8,988,882.236 10,605,121.146 

JPM Russia B (acc) - USD 962,540.079 6,997,054.551 2,400,845.570 5,558,749.060 

JPM Russia C (acc) - USD - 15,374,598.547 3,802,761.168 11,571,837.379 

JPM Russia D (acc) - USD 5,081,896.575 12,663,017.237 7,085,439.957 10,659,473.855 

JPM Russia I (acc) - USD - 40,701,687.838 2,302,627.559 38,399,060.279 

22






of the Year 


at the End 

of the Year 

JPMorgan Funds - US Aggregate Bond Fund 

JPM US Aggregate Bond A (acc) - USD 1,820,355.397 18,158,301.967 8,110,867.784 11,867,789.580 

JPM US Aggregate Bond A (inc) - USD 6,898,969.081 12,482,885.594 13,639,908.380 5,741,946.295 

JPM US Aggregate Bond B (acc) - USD 1,759,737.185 1,397,129.616 541,340.081 2,615,526.720 

JPM US Aggregate Bond C (acc) - USD 2,016,264.732 5,817,728.723 4,386,377.296 3,447,616.159 

JPM US Aggregate Bond D (acc) - USD 1,693,954.341 3,787,333.428 3,065,509.883 2,415,777.886 

JPM US Aggregate Bond X (acc) - USD 8,735,947.234 6,574,668.250 8,513,737.913 6,796,877.571 

JPMorgan Funds - US Dynamic Fund 

JPM US Dynamic A(acc) - USD 143,261,125.337 23,041,184.357 128,721,384.568 37,580,925.126 

JPM US Dynamic A(dist) - USD 149,804,709.411 25,745,966.951 124,411,485.807 51,139,190.555 

JPM US Dynamic A(acc) - EUR 12,660,864.667 2,883,415.032 10,346,335.732 5,197,943.967 

JPM US Dynamic B (acc) - USD 8,481,744.694 1,269,192.754 6,904,987.182 2,845,950.266 

JPM US Dynamic C (acc) - USD 77,489,094.609 12,446,926.303 67,706,222.762 22,229,798.150 

JPM US Dynamic D (acc) - USD 9,950,985.050 2,619,362.962 7,663,557.690 4,906,790.322 

JPM US Dynamic D (acc) - EUR 93,162.319 54,410.715 80,193.860 67,379.174 

JPM US Dynamic I (acc) - USD 9,774,094.418 12,038,792.332 14,933,541.392 6,879,345.358 

JPM US Dynamic I (inc) - EUR 32,407,618.093 3,430,268.850 16,059,975.583 19,777,911.360 

JPM US Dynamic X (acc) - USD 24,900,201.909 995,913.373 16,068,779.100 9,827,336.182 

JPMorgan Funds - US Small Cap Growth Fund 

JPM US Small Cap Growth A(acc) - USD 247,401.752 1,283,552.332 1,479,373.386 51,580.698 

JPM US Small Cap Growth A(dist) - USD 474,191.237 43,039.344 112,658.119 404,572.462 

JPM US Small Cap Growth A(dist) - GBP 150.903 854.644 854.644 150.903 

JPM US Small Cap Growth B (acc) - USD - 77,159.748 - 77,159.748 

JPM US Small Cap Growth D (acc) - USD 1,986,086.238 735,491.786 1,053,784.571 1,667,793.453 

JPM US Small Cap Growth X (acc) - USD - 500.010 - 500.010 

JPMorgan Funds - US Strategic Growth Fund 

JPM US Strategic Growth A(acc) - USD 11,130,631.323 12,440,460.422 15,425,211.003 8,145,880.742 

JPM US Strategic Growth A(acc) - EUR (hedged) 3,375,084.945 6,643,531.361 7,548,850.985 2,469,765.321 

JPM US Strategic Growth A(dist) - USD 31,032,613.212 44,069,842.024 32,391,056.067 42,711,399.169 

JPM US Strategic Growth A(dist) - GBP 3,954.670 23,752.794 9,867.056 17,840.408 

JPM US Strategic Growth B (acc) - USD 1,735,426.034 1,308,202.457 1,696,291.517 1,347,336.974 

JPM US Strategic Growth C (acc) - USD 2,972,578.845 11,672,890.866 3,616,874.507 11,028,595.204 

JPM US Strategic Growth C (acc) - EUR (hedged) - 1,589,675.969 594,899.942 994,776.027 

JPM US Strategic Growth D (acc) - USD 436,263.924 374,401.025 391,238.266 419,426.683 

JPM US Strategic Growth D (acc) - EUR (hedged) 26,490.066 49,566.378 55,218.689 20,837.755 

JPM US Strategic Growth X (acc) - USD 8,617,309.686 3,609,143.452 6,172,580.369 6,053,872.769 

JPMorgan Funds - US Technology Fund 

JPM US Technology A(acc) - USD 388,244.856 5,843,079.353 5,027,118.462 1,204,205.747 

JPM US Technology A(dist) - GBP 33,371.059 752.779 3,124.447 30,999.391 

JF US Technology A(dist) - USD 3,935,202.391 9,475,198.647 8,589,470.384 4,820,930.654 

JPM US Technology A(dist) - USD 7,506,545.980 16,106,213.843 7,668,698.223 15,944,061.600 

JPM US Technology C (acc) - USD - 19,518.980 - 19,518.980 

JPM US Technology D (acc) - USD 2,796,854.394 4,767,532.794 4,723,260.504 2,841,126.684 

JPM US Technology I (acc) - USD - 2,100,000.002 2,100,000.002 - 

JPM US Technology X (acc) - USD - 3,126,853.579 - 3,126,853.579 

JPMorgan Funds - US Value Fund 

JPM US Value A(acc) - USD 27,746,806.522 11,740,630.869 25,906,567.044 13,580,870.347 

JPM US Value A(dist) - USD 54,218,371.671 13,252,368.723 40,501,900.069 26,968,840.325 

JF US Value A(dist) - USD 178,063.555 152,033.116 178,864.964 151,231.707 

JPM US Value A(dist) - GBP 58,596.671 7,496.456 16,029.828 50,063.299 

JPM US Value A(acc) - EUR (hedged) 1,442,636.034 1,340,983.616 1,445,726.692 1,337,892.958 

JPM US Value B (acc) - USD 505,584.866 194,330.536 498,996.329 200,919.073 

JPM US Value C (acc) - USD 14,466,805.702 7,500,375.759 10,117,737.805 11,849,443.656 

JPM US Value D (acc) - USD 6,939,158.126 2,080,807.362 5,040,033.493 3,979,931.995 

JPM US Value D (acc) - EUR (hedged) 239,224.570 450,050.777 337,676.072 351,599.275 

JPM US Value X (acc) - USD 7,707,216.974 385,886.385 1,068,787.686 7,024,315.673 

The accompanying notes form an integral part of these financial statements. 

23


Statistical Information (continued) 

Net Asset Value per Share in Share Class Currency 

30 June 2008 30 June 2007 30 June 2006 30 June 2005 30 June 2004 


JPM America Equity A (acc) - USD 10.68 13.02 10.35 10.11 - 

JPM America Equity A (dist) - USD 81.24 99.09 78.70 77.43 71.71 

JF America Equity A (dist) - USD 43.59 53.17 42.23 41.53 38.55 

JPM America Equity A (acc) - EUR (hedged) 6.87 11.28 - - - 

JPM America Equity B (acc) - USD 11.97 14.50 11.43 11.09 - 

JPM America Equity C (acc) - USD 12.16 14.67 11.53 11.13 - 

JPM America Equity C (acc) - EUR (hedged) 6.50 - - - - 

JPM America Equity D (acc) - USD 10.09 12.39 9.92 9.76 9.12 

JPM America Equity D (acc) - EUR (hedged) 6.82 11.26 - - - 

JPM America Equity D (acc) - EUR 6.12 8.78 7.42 - - 

JPM America Equity X (acc) - USD 11.59 13.88 10.83 10.39 - 


JPM Eastern Europe Equity A(acc) - EUR 23.45 22.69 16.87 10.96 - 

JPM Eastern Europe Equity A(dist) - EUR 57.97 56.17 42.84 27.93 21.54 

JF Eastern Europe Equity A(dist) - EUR 38.79 37.55 28.58 18.63 14.37 

JPM Eastern Europe Equity B (acc) - EUR 11.15 10.72 9.66 - - 

JPM Eastern Europe Equity C (acc) - EUR 22.75 21.83 16.05 10.33 - 

JPM Eastern Europe Equity D (acc) - EUR 40.86 39.92 29.96 19.66 15.31 

JPM Eastern Europe Equity I (acc) - EUR 14.94 14.33 10.56 - - 

JPM Eastern Europe Equity X (acc) - EUR 26.62 25.31 18.49 11.80 - 


JPM Emerging Europe Middle East and Africa Equity A (acc)- USD 25.17 22.14 15.67 10.40 - 

JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 73.66 64.84 46.84 31.30 24.37 

JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 15.52 13.57 9.57 12.67 - 

JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 26.60 23.20 16.27 10.70 - 

JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 54.19 48.15 34.42 23.07 18.41 

JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 17.55 15.30 10.73 - - 

JPM Emerging Europe Middle East and Africa Equity X (acc) - USD* - - 9.77 10.49 - 


JPM Emerging Markets Debt A(acc) - EUR 9.88 10.29 11.59 10.82 - 

JPM Emerging Markets Debt A(inc) - EUR 9.06 10.21 10.10 - - 

JPM Emerging Markets Debt C (acc) - EUR 9.68 9.99 - - - 

JPM Emerging Markets Debt D (acc) - EUR 11.63 12.19 13.83 13.01 11.03 

JPM Emerging Markets Debt I (Inc) - EUR 9.65 9.97 - - - 

JPM Emerging Markets Debt X (acc) - EUR 9.51 9.77 - - - 


JPM Emerging Markets Equity A(acc) - USD 21.69 21.35 14.59 10.79 - 

JPM Emerging Markets Equity A(dist) - USD 31.22 30.84 21.53 16.11 11.67 

JPM Emerging Markets Equity A(dist) - GBP 26.05 25.56 19.12 14.88 10.63 

JPM Emerging Markets Equity A(acc) - EUR 10.96 12.60 9.11 - - 

JPM Emerging Markets Equity B (acc) - USD 23.06 22.56 15.36 11.32 - 

JPM Emerging Markets Equity C (acc) - USD 22.60 22.06 14.95 10.97 - 

JPM Emerging Markets Equity D (acc) - USD 34.67 34.47 23.79 17.78 12.92 

JPM Emerging Markets Equity D (acc) - EUR 7.99 9.28 6.78 - - 

JPM Emerging Markets Equity I (acc) - USD 15.13 14.76 - - - 

JPM Emerging Markets Equity I (inc) - EUR 9.38 10.85 7.81 - - 

JPM Emerging Markets Equity X (acc) - USD 25.44 24.61 16.54 12.02 - 

JPM Emerging Markets Equity X (inc) - EUR 10.20 11.75 8.53 - - 


JPM Emerging Markets Local Currency Debt A(acc) - EUR 9.47 - - - - 

JPM Emerging Markets Local Currency Debt A(acc) - USD 14.94 - - - - 

JPM Emerging Markets Local Currency Debt B (acc) - USD 15.04 - - - - 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 9.45 - - - - 

JPM Emerging Markets Local Currency Debt D (acc) - USD 14.91 - - - - 


JPM Euroland Equity A(acc) - EUR 12.11 16.66 13.04 10.69 - 

JPM Euroland Equity A(dist) - EUR 42.16 59.30 47.29 39.46 32.76 

JF Euroland Equity A(dist) - USD 11.87 14.29 10.77 8.48 7.11 

JPM Euroland Equity A(inc) - EUR 7.49 - - - - 

JPM Euroland Equity B (acc) - EUR 9.72 - - - - 

JPM Euroland Equity C (acc) - EUR 14.63 19.92 15.42 12.51 - 

JPM Euroland Equity D (acc) - EUR 9.46 13.11 10.34 8.54 7.22 

JPM Euroland Equity I (acc) - EUR 9.50 12.92 - - - 

JPM Euroland Equity X (acc) - EUR 7.85 - - - - 


JPM Euroland Select Equity A(acc) - EUR 7.51 - - - - 

JPM Euroland Select Equity A(dis) - EUR 8.13 - - - - 

JPM Euroland Select Equity D (acc) - EUR 7.46 - - - - 

JPM Euroland Select Equity X (acc) - EUR 8.07 - - - - 



24






JPM Europe Dynamic A(acc) - EUR 13.68 17.91 13.89 10.76 9.06 

JPM Europe Dynamic A(dist) - EUR 13.38 17.74 14.02 10.99 - 

JF Europe Dynamic A(dist) - EUR 15.22 20.19 15.94 12.49 10.34 

JPM Europe Dynamic A(dist) - GBP 16.02 18.08 14.68 11.27 9.26 

JPM Europe Dynamic B (acc) - EUR 16.32 21.24 16.41 12.66 - 

JPM Europe Dynamic C (acc) - EUR 16.61 21.53 16.55 12.71 - 

JPM Europe Dynamic D (acc) - EUR 13.30 17.59 13.78 10.78 8.93 

JPM Europe Dynamic D (acc) - USD 23.40 26.48 19.62 14.52 - 

JPM Europe Dynamic I (acc) - EUR* - 13.24 - - - 

JPM Europe Dynamic X (acc) - EUR 16.88 21.71 16.55 12.60 - 


JPM Europe Dynamic Mega Cap A(acc) - EUR 10.84 14.01 11.17 - - 

JPM Europe Dynamic Mega Cap A(dist) - EUR 9.07 11.91 9.51 - - 

JPM Europe Dynamic Mega Cap A(inc) - EUR 9.32 12.20 9.74 - - 

JPM Europe Dynamic Mega Cap A(acc) - USD 13.10 - - - - 

JPM Europe Dynamic Mega Cap B (acc) - EUR 9.52 12.23 9.71 - - 

JPM Europe Dynamic Mega Cap C (acc) - EUR 10.35 13.26 10.48 - - 

JPM Europe Dynamic Mega Cap D (acc) - EUR 9.72 12.69 10.21 - - 

JPM Europe Dynamic Mega Cap D (acc) - USD 12.57 - - - - 

JPM Europe Dynamic Mega Cap I (acc) - EUR 9.70 12.41 - - - 

JPM Europe Dynamic Mega Cap X (acc) - EUR 10.35 13.14 10.30 - - 


JPM Europe Equity A(acc) - EUR 11.25 15.52 12.71 10.54 - 

JPM Europe Equity A(dist) - EUR 38.17 53.65 44.85 37.79 32.40 

JPM Europe Equity A(acc) - USD 17.00 20.08 12.18 10.24 - 

JF Europe Equity A(dist) - USD 48.75 58.63 46.30 36.79 31.82 

JPM Europe Equity B (acc) - EUR 13.19 18.08 14.72 12.14 - 

JPM Europe Equity C (acc) - EUR 13.43 18.32 14.85 12.18 - 

JPM Europe Equity D (acc) - EUR 9.18 12.75 10.53 8.79 7.57 

JPM Europe Equity D (acc) - USD 14.11 16.79 13.11 - - 

JPM Europe Equity I (acc) - EUR* - 12.34 10.00 - - 

JPM Europe Equity I (inc) - EUR 7.33 10.16 - - - 

JPM Europe Equity X (acc) - EUR 13.51 18.30 14.73 12.00 - 


JPM Europe Small Cap A(acc) - EUR 13.13 18.98 14.34 10.97 - 

JPM Europe Small Cap A(dist) - EUR 37.64 54.43 41.42 31.92 24.31 

JPM Europe Small Cap A(dist) - GBP 14.71 18.20 14.24 10.73 8.16 

JF Europe Small Cap A(dist) - EUR 11.09 16.04 12.21 9.41 7.16 

JPM Europe Small Cap B (acc) - EUR 14.06 20.21 15.20 11.51 - 

JPM Europe Small Cap C (acc) - EUR 14.31 20.50 15.34 11.63 - 

JPM Europe Small Cap D (acc) - EUR 10.65 15.55 11.87 9.17 7.01 

JPM Europe Small Cap I (acc) - EUR 9.33 13.36 - - - 

JPM Europe Small Cap X (acc) - EUR 16.02 22.76 16.89 12.70 - 


JPM Europe Technology A(acc) - EUR 11.19 15.62 11.99 10.46 - 

JPM Europe Technology A(dist) - EUR 7.46 10.42 8.09 7.06 7.21 

JF Europe Technology A(dist) - EUR 4.05 5.66 4.41 3.84 3.92 

JPM Europe Technology A(dist) - GBP 5.68 6.75 5.39 4.58 4.66 

JPM Europe Technology B (acc) - EUR 8.88 - - - - 

JPM Europe Technology C (acc) - EUR 9.85 - - - - 

JPM Europe Technology D (acc) - EUR 4.03 5.68 4.40 3.88 4.00 

JPM Europe Technology X (acc) - EUR 7.64 - - - - 


JPM Germany Equity A(acc) - EUR 14.99 18.59 12.95 10.64 - 

JPM Germany Equity A(dist) - EUR 8.33 10.48 7.43 6.20 5.43 

JF Germany Equity A(dist) - EUR 21.11 26.54 18.82 15.69 13.64 

JPM Germany Equity B (acc) - EUR 8.30 - - - - 

JPM Germany Equity C (acc) - EUR 9.05 - - - - 

JPM Germany Equity D (acc) - EUR 2.79 3.50 2.46 2.04 1.79 

JPM Germany Equity I (acc) - EUR 9.97 - - - - 

JPM Germany Equity X (acc) - EUR 8.50 - - - - 


JPM Global Convertibles (EUR) A(acc) - EUR 11.64 12.66 11.28 10.13 - 

JPM Global Convertibles (EUR) A(dist) - EUR 10.45 11.37 10.13 9.09 9.51 

JF Global Convertibles (EUR) A(dist) - USD 18.77 17.52 14.80 12.60 13.24 

JPM Global Convertibles (EUR) B (acc) - EUR 11.95 12.93 11.48 10.24 - 

JPM Global Convertibles (EUR) C (acc) - EUR 12.16 13.13 11.61 10.35 - 

JPM Global Convertibles (EUR) D (acc) - EUR 10.27 11.23 10.06 9.07 9.47 

JPM Global Convertibles (EUR) I (acc) - EUR 9.70 10.47 - - - 

JPM Global Convertibles (EUR) I (inc) - EUR 9.53 10.55 - - - 

JPM Global Convertibles (EUR) X (acc) - EUR 12.44 13.32 11.69 10.33 - 

25






JPM Global Dynamic A(acc) - USD 13.33 15.38 12.18 10.20 - 

JPM Global Dynamic A(dist) - USD 15.93 18.51 14.76 12.47 10.95 

JF Global Dynamic A(dist) - USD 14.79 17.19 13.71 11.58 10.18 

JPM Global Dynamic A(acc) - EUR 6.32 8.52 - - - 

JPM Global Dynamic A(acc) - EUR (hedged) 5.87 8.52 - - - 

JPM Global Dynamic A(dist) - GBP 11.45 13.24 11.48 10.05 8.73 

JPM Global Dynamic A(inc) - EUR 6.61 8.99 7.55 - - 

JPM Global Dynamic B (acc) - USD 15.70 18.01 14.21 11.85 - 

JPM Global Dynamic C (acc) - USD 16.00 18.29 14.35 11.90 - 

JPM Global Dynamic C (acc) - EUR 5.50 9.91 - - - 

JPM Global Dynamic C (acc) - EUR (hedged) 6.61 9.91 - - - 

JPM Global Dynamic D (acc) - USD 15.34 17.88 14.31 12.10 10.73 

JPM Global Dynamic D (acc) - EUR 6.30 8.57 7.25 - - 

JPM Global Dynamic D (acc) - EUR (hedged) 5.88 8.57 7.25 - - 

JPM Global Dynamic I (acc) - USD 8.92 10.19 - - - 

JPM Global Dynamic X (acc) - USD 14.92 16.91 13.16 10.82 - 

JPM Global Dynamic X (acc) - EUR 6.26 11.20 - - - 


JF Global Equity (USD) A(dist) - USD 41.62 47.24 41.04 35.64 32.39 

JPM Global Equity (USD) A(acc) - USD 12.11 13.64 11.77 10.15 - 

JPM Global Equity (USD) A(dist) - USD 23.85 27.07 23.51 20.43 18.56 

JPM Global Equity (USD) B (acc) - USD* - - 10.30 - - 

JPM Global Equity (USD) C (acc) - USD 13.84 15.42 13.16 11.23 - 

JPM Global Equity (USD) D (acc) - USD 10.71 12.16 10.57 9.19 8.41 

JPM Global Equity (USD) X (acc) - USD 10.52 11.65 9.87 - - 


JPM Global Focus A(acc) - EUR 11.95 16.84 13.25 11.10 - 

JPM Global Focus A(acc) - EUR (hedged) 7.83 - - - - 

JPM Global Focus A(dist) - EUR 16.20 22.95 18.14 15.26 13.35 

JF Global Focus A(dist) - USD 13.03 15.78 - - - 

JPM Global Focus C (acc) - EUR 9.20 12.84 10.02 - - 

JPM Global Focus D (acc) - EUR 15.73 22.39 17.80 15.06 13.26 

JPM Global Focus D (acc) - EUR (hedged) 7.59 22.39 17.80 15.06 13.26 

JPM Global Focus X (acc) - EUR 13.57 18.78 14.53 11.95 - 


JPM Global Life Sciences A(acc) - USD 10.82 12.19 11.35 10.71 - 

JPM Global Life Sciences A(dist) - USD 7.06 7.96 7.40 6.99 7.50 

JPM Global Life Sciences A(dist) - GBP 3.56 3.99 4.03 3.92 4.16 

JF Global Life Sciences A(dist) - USD 4.85 5.47 - - - 

JPM Global Life Sciences D (acc) - USD 4.52 5.14 4.83 4.61 5.00 


JPM Global Natural Resources A(acc) - EUR 23.03 23.52 16.78 11.32 - 

JPM Global Natural Resources A(dist) - EUR 19.84 20.26 14.46 9.75 - 

JPM Global Natural Resources A(acc) - USD 22.26 19.45 - - - 

JPM Global Natural Resources B (acc) - EUR 14.10 14.31 10.17 - - 

JPM Global Natural Resources C (acc) - EUR 20.49 20.73 14.65 9.80 - 

JPM Global Natural Resources C (acc) - USD 17.56 11.26 - - - 

JPM Global Natural Resources D (acc) - EUR 15.90 16.41 11.82 - - 

JPM Global Natural Resources D (acc) - USD 15.61 10.20 - - - 

JPM Global Natural Resources X (acc) - EUR 23.50 23.58 16.53 10.96 - 


JPM Global Real Estate Securities A(acc) - USD 8.94 11.64 - - - 

JPM Global Real Estate Securities C (acc) - USD 9.13 - - - - 

JPM Global Real Estate Securities D (acc) - USD 8.82 11.57 - - - 

JPM Global Real Estate Securities X (acc) - USD 8.67 11.09 - - - 


JF China A(acc) - USD 27.17 27.28 14.96 10.34 - 

JF China A(dist) - USD 45.08 45.51 25.16 17.47 16.64 

JF China B (acc) - USD 19.93 19.90 10.87 - - 

JF China C (acc) - USD 26.93 26.79 14.56 9.97 - 

JF China D (acc) - USD 33.99 34.45 19.08 13.33 12.80 

JF China I (acc) - USD 9.78 12.05 - - - 

JF China X (acc) - USD 11.15 11.01 - - - 


JF Greater China A(acc) - USD 18.40 18.92 11.97 10.09 - 

JF Greater China A(dist) - USD 25.64 26.80 17.50 14.96 13.18 

JF Greater China B (acc) - USD 16.01 16.37 10.30 - - 

JF Greater China C (acc) - USD 19.28 19.66 12.32 10.29 - 

JF Greater China D (acc) - USD 28.37 29.46 18.81 16.01 14.16 

JF Greater China X (acc) - USD 19.75 19.98 12.42 10.30 - 


JF Hong Kong A(acc) - USD 16.44 16.33 11.52 10.31 - 

JF Hong Kong A(dist) - USD 44.76 44.79 31.96 28.96 23.59 

JF Hong Kong B (acc) - USD 14.77 14.57 10.25 - - 

JF Hong Kong C (acc) - USD 17.17 16.91 11.79 10.46 - 

JF Hong Kong D (acc) - USD 26.27 26.36 18.78 16.99 13.94 

26






JF India A(acc) - USD 19.31 24.64 15.58 11.16 - 

JF India A(dist) - USD 57.65 76.86 48.95 35.08 22.46 

JF India B (acc) - USD 25.21 31.98 20.13 14.37 - 

JF India C (acc) - USD 19.98 25.25 15.80 11.21 - 

JF India D (acc) - USD 38.51 49.54 31.57 22.81 14.72 

JF India X (acc) - USD 21.68 27.17 16.87 11.88 - 


JF Japan Equity A(acc) - USD 9.85 12.26 12.25 9.65 - 

JF Japan Equity A(dist) - USD 24.96 31.07 31.05 24.44 24.38 

JF Japan Equity A(dist) - GBP 6.42 7.94 8.63 6.99 6.88 

JF Japan Equity A(acc) - EUR 5.22 7.60 8.03 - - 

JF Japan Equity A(acc) - JPY 781.00 1,134.00 1,049.00 - - 

JF Japan Equity B (acc) - USD 11.11 13.72 13.63 10.66 - 

JF Japan Equity C (acc) - USD 11.24 13.86 13.71 10.69 - 

JF Japan Equity D (acc) - EUR 4.31 6.32 6.73 - - 

JF Japan Equity D (acc) - USD 8.27 10.37 10.44 8.28 8.34 

JF Japan Equity I (acc) - USD 8.21 10.11 - - - 

JF Japan Equity J (dist) - USD 13.37 16.64 16.63 13.09 13.08 

JF Japan Equity X (acc) - USD 11.09 13.56 13.32 10.30 - 


JF Japan Small Cap A(acc) - USD 8.54 11.27 12.75 10.13 - 

JF Japan Small Cap A(dist) - USD 8.16 10.76 12.17 9.67 10.64 

JF Japan Small Cap B (acc) - USD 7.77 10.20 11.49 - - 

JF Japan Small Cap C (acc) - USD 5.87 7.67 8.59 - - 

JF Japan Small Cap D (acc) - USD 6.59 8.78 10.03 8.05 8.95 

JF Japan Small Cap X (acc) - USD 10.04 13.02 14.47 11.30 - 


JF Pacific Balanced A(acc) - USD 13.38 14.10 11.48 10.02 - 

JF Pacific Balanced A(dist) - USD 25.64 27.03 22.45 19.89 18.90 

JF Pacific Balanced B (acc) - USD 9.42 - - - - 

JF Pacific Balanced D (acc) - USD 18.33 19.40 15.86 13.91 13.23 


JF Pacific Technology A(acc) - USD 15.08 16.33 12.15 9.97 - 

JF Pacific Technology A(dist) - USD 10.26 11.52 8.72 7.25 6.79 

JF Pacific Technology A(dist) - GBP 9.59 10.67 8.88 7.68 7.08 

JF Pacific Technology B (acc) - USD** 8.47 - 8.52 - - 

JF Pacific Technology C (acc) - USD 9.85 - - - - 

JF Pacific Technology D (acc) - USD 13.43 14.68 11.03 9.14 8.57 


JF Singapore A(acc) - USD 22.98 27.70 15.57 11.07 - 

JF Singapore A(dist) - USD 31.65 38.49 21.83 15.73 11.38 

JF Singapore B (acc) - USD 15.86 19.01 10.65 - - 

JF Singapore C (acc) - USD 22.91 27.33 15.28 10.78 - 

JF Singapore D (acc) - USD 41.07 50.02 28.40 20.42 14.89 

JF Singapore I (acc) - USD 15.04 17.96 10.34 - - 

JF Singapore X (acc) - USD 15.79 18.71 - - - 


JF Taiwan A(acc) - USD 14.46 17.16 12.75 10.67 - 

JF Taiwan A(dist) - USD 14.78 18.40 14.57 12.99 11.41 

JF Taiwan B (acc) - USD 8.93 12.95 9.59 - - 

JF Taiwan C (acc) - USD 16.44 19.35 14.24 11.83 - 

JF Taiwan D (acc) - USD 13.17 15.78 11.84 10.01 8.82 

JF Taiwan I (acc) - USD 11.54 13.58 - - - 

JF Taiwan X (acc) - USD 11.32 13.21 9.66 - - 


JPM Latin America Equity A (acc) - USD 32.95 28.71 17.18 11.15 - 

JPM Latin America Equity A (dist) - USD 62.93 55.03 33.32 22.00 13.90 

JF Latin America Equity A (dist) - USD 45.52 39.82 24.11 15.93 9.95 

JPM Latin America Equity B (acc) - USD 19.52 16.90 10.07 - - 

JPM Latin America Equity C (acc) - USD 36.30 31.36 18.58 11.97 - 

JPM Latin America Equity D (acc) - USD 50.97 44.86 27.11 17.78 11.28 

JPM Latin America Equity I (acc) - USD 21.08 18.21 10.80 - - 

JPM Latin America Equity X (acc) - USD 40.95 35.06 20.62 13.15 - 


JPM Middle East Equity A(acc) - USD 19.69 17.46 11.88 11.02 - 

JPM Middle East Equity A(dist) - USD 28.96 25.97 18.26 17.09 11.30 

JPM Middle East Equity B (acc) - USD 20.19 17.79 12.07 11.07 - 

JPM Middle East Equity C (acc) - USD 9.46 - - - - 

JPM Middle East Equity D (acc) - USD 25.77 23.08 15.87 14.88 9.81 


JPM Russia A(acc) - USD 23.55 18.40 12.89 - - 

JPM Russia A(dist) - USD 23.17 18.11 12.99 - - 

JPM Russia B (acc) - USD 15.44 12.00 8.37 - - 

JPM Russia C (acc) - USD 10.67 - - - - 

JPM Russia D (acc) - USD 18.50 14.61 10.34 - - 

JPM Russia I (acc) - USD 11.64 - - - - 

27






JPM US Aggregate Bond A (acc) - USD 11.41 10.63 10.13 10.27 - 

JPM US Aggregate Bond A (inc) - USD 11.94 11.53 11.37 11.87 11.41 

JPM US Aggregate Bond B (acc) - USD 11.30 10.48 9.96 - - 

JPM US Aggregate Bond C (acc) - USD 11.34 10.50 9.96 - - 

JPM US Aggregate Bond D (acc) - USD 12.92 12.05 11.52 11.72 11.18 

JPM US Aggregate Bond X (acc) - USD 11.81 10.88 10.27 10.32 - 


JPM US Dynamic A(acc) - USD 11.19 14.04 11.74 10.48 - 

JPM US Dynamic A(dist) - USD 15.41 19.34 16.18 14.43 12.26 

JPM US Dynamic A(acc) - EUR 5.92 8.68 7.68 - - 

JPM US Dynamic B (acc) - USD 12.49 15.58 12.98 11.54 - 

JPM US Dynamic C (acc) - USD 13.56 16.86 13.97 12.34 - 

JPM US Dynamic D (acc) - USD 14.72 18.67 15.77 14.21 12.19 

JPM US Dynamic D (acc) - EUR 5.66 8.39 7.50 - - 

JPM US Dynamic I (acc) - USD 9.67 12.01 9.95 - - 

JPM US Dynamic I (inc) - EUR 5.14 10.09 - - - 

JPM US Dynamic X (acc) - USD 13.78 16.98 13.96 12.23 - 


JPM US Small Cap Growth A(acc) - USD 11.75 13.85 11.89 10.37 - 

JPM US Small Cap Growth A(dist) - USD 80.90 95.41 81.93 71.48 66.30 

JPM US Small Cap Growth A(dist) - GBP 6.22 7.30 6.81 6.10 5.58 

JPM US Small Cap Growth B (acc) - USD 8.40 - - - - 

JPM US Small Cap Growth D (acc) - USD 7.97 9.47 8.19 7.20 6.74 

JPM US Small Cap Growth X (acc) - USD 9.66 - - - - 


JPM US Strategic Growth A(acc) - USD 12.16 13.56 11.35 10.44 - 

JPM US Strategic Growth A(acc) - EUR (hedged) 7.36 11.08 - - - 

JPM US Strategic Growth A(dist) - USD 6.52 7.27 6.08 5.59 5.56 

JPM US Strategic Growth A(dist) - GBP 4.74 5.25 4.77 4.52 4.43 

JPM US Strategic Growth B (acc) - USD 11.33 12.54 10.43 - - 

JPM US Strategic Growth C (acc) - USD 10.80 11.91 9.87 - - 

JPM US Strategic Growth C (acc) - EUR (hedged) 6.11 - - - - 

JPM US Strategic Growth D (acc) - USD 6.18 6.94 5.86 5.43 5.44 

JPM US Strategic Growth D (acc) - EUR (hedged) 7.28 11.06 - - - 

JPM US Strategic Growth X (acc) - USD 11.66 12.77 10.50 - - 


JPM US Technology A(acc) - USD 11.04 12.61 10.80 10.27 - 

JPM US Technology A(dist) - USD 5.58 6.38 5.46 5.19 5.32 

JF US Technology A(dist) - USD 1.62 1.85 1.58 1.50 1.54 

JPM US Technology A(dist) - GBP 1.18 2.68 1.24 1.22 1.23 

JPM US Technology C (acc) - USD 9.60 - - - - 

JPM US Technology D (acc) - USD 1.52 1.75 1.52 1.46 1.51 

JPM US Technology X (acc) - USD 8.18 - - - - 


JPM US Value A(acc) - USD 11.31 13.54 11.29 10.42 - 

JPM US Value A(dist) - USD 14.22 17.03 14.19 13.19 11.53 

JF US Value A(dist) - USD 12.49 14.96 12.46 11.58 10.13 

JPM US Value A(dist) - GBP 10.25 12.20 11.05 10.64 9.18 

JPM US Value A(acc) - EUR (hedged) 7.11 11.48 - - - 

JPM US Value B (acc) - USD 12.53 14.90 12.33 11.30 - 

JPM US Value C (acc) - USD 12.94 15.32 12.63 11.53 - 

JPM US Value D (acc) - USD 13.57 16.37 13.75 12.78 11.27 

JPM US Value D (acc) - EUR (hedged) 7.02 11.42 - - - 

JPM US Value X (acc) - USD 12.30 14.47 11.85 10.74 - 

* Share Class inactive. 

** Share Class reactivated during the year. 

The accompanying notes form an integral part of these financial statements. 

28


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 organized under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société Anonyme qualifying as a “Société 

d’Investissement à Capital Variable” (SICAV). As at 30 June 2008, it comprises 79 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. 

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 and X 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 “JF”. 

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. 

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

- JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007; 

- JPMorgan Funds - Emerging Markets Local Currency Debt Fund on 24 January 2008; 

2. Significant Accounting Policies 

The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments. 

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. 

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 special Fair Value Committee (FVC) to address valuation concerns arising from the current market and liquidity events. The Committee considers on a 

daily basis; current market information on the portfolio of securities held, including last traded prices, taking into account Senior Management views on the reliability of such 

information, indirect exposure through Over the Counter credit derivatives, and the estimated timing of asset disposal to meet anticipated investor redemptions. 

The Financial Statements are presented on the basis of the net asset value calculated on 30 June 2008. In accordance with the prospectus, the net asset values were calculated using 

the latest exchange rates known at the time of calculation. 

b) Realised and Unrealised Gains and Losses on Investments 

Realised and unrealised gains and losses on sales and holdings 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 in the Combined Statement of Operations and Changes in Net Assets. 

c) Income Recognition 

Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts. 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, except where the withholding tax has been received or is receivable. 

d) 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 Changes in Net Assets. 

The reference currency of the Combined Statements is USD. The principal exchange rates applied as at 30 June 2008 are as follows: 

1 USD = 0.63373364 EUR 

1 USD = 105.76500000 JPY 

1 USD = 0.50141650 GBP 

e) 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 Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts in the Combined Statement of Net Assets. 

f) 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” on a daily basis 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. 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. 

g) Option Contracts 

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. 

29


Notes to the Financial Statements (continued) 


The SICAV writes options on securities, futures and interest rate swaps (“swaptions ”). 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 2008, the SICAV had written options contracts outstanding as listed on its Schedule of Investments. 

h) 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, 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. 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. 

Unrealised gains or losses are recorded under “Total Return Swaps 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 Total Return Swaps”. When a contract is closed, the Realised 

Gain/(Loss) is recorded under “Net Realised Gain/(Loss) on Total Return Swaps” in the Combined Statement of Operations and Changes in Net Assets. 

i) 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 “Interest Rate Swaps at Market Value” in the Combined Statement of Net Assets. 

j) Credit Default Swaps 

ACredit 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 “Credit Default Swaps at Market Value” in the Combined Statement of Net Assets. 

k) 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 To Be Announced (“TBA”) Securities, 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 2008, which are included in Amounts Receivable on Sale of TBAs and Amounts Payable on Purchase of TBAs in 

the Combined Statement of Net Assets. 

l) Price Lock 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 price difference generated on a 

security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice versa are calculated by the price difference (current asset price and 

locked price) of a specific security, index, or other 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. 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, and other asset prices. 

The market values are recorded under “Price Lock Swaps at Market Value” in the Combined Statement of Net Assets. 

m) Forward Rate Agreements 

AForward Rate Agreement is a forward contract in which one party pays a fixed interest rate, and receives a floating interest rate equal to a reference rate (the underlying rate). The 

payments are calculated over a notional amount over a certain period, and netted. The reference rate is fixed one or two days before the termination date, dependent on the market 

convention for the particular currency. 

The market values are recorded under “Forward Rate Agreements at Market Value” in the Combined Statement of Net Assets. 

n) Consolidation of Mauritian Subsidiary 

All income, expenses, receivables, payables and investments of Flagship Indian 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 - JF India Fund. Securities 

owned by the Subsidiary are individually disclosed in the Schedule of Investments of JPMorgan Funds - JF 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 30% 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. 

30




4. Distribution Policy 

During the year from 1 July 2007 to 30 June 2008, the SICAV paid dividends as follows: 

Class Currency Dividend Amount per Share Payment Date 

JF Eastern Europe Equity A(dist) - EUR EUR 0.02 28.09.07 

JPM Eastern Europe Equity A(dist) - EUR EUR 0.08 28.09.07 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.05 28.09.07 

JPM Emerging Markets Debt A(inc) - EUR EUR 0.74 28.09.07 

JPM Emerging Markets Debt I (inc) - EUR EUR 0.01 28.09.07 

JPM Emerging Markets Equity A(dist) - GBP GBP 0.07 28.09.07 

JPM Emerging Markets Equity A(dist) - USD USD 0.11 28.09.07 

JPM Emerging Markets Equity I (inc) - EUR EUR 0.15 28.09.07 

JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 28.09.07 

JF Euroland Equity A(dist) - USD USD 0.29 28.09.07 

JPM Euroland Equity A(dist) - EUR EUR 1.18 28.09.07 

JF Europe Dynamic A(dist) - EUR EUR 0.24 28.09.07 

JPM Europe Dynamic A(dist) - EUR EUR 0.21 28.09.07 

JPM Europe Dynamic A(dist) - GBP GBP 0.22 28.09.07 

JPM Europe Dynamic Mega Cap A(dist) - EUR EUR 0.18 28.09.07 

JPM Europe Dynamic Mega Cap A(inc) - EUR EUR 0.14 28.09.07 

JF Europe Equity A(dist) - USD USD 0.99 28.09.07 

JPM Europe Equity A(dist) - EUR EUR 0.91 28.09.07 

JPM Europe Equity I (inc) - EUR EUR 0.15 28.09.07 

JPM Europe Small Cap A(dist) - GBP GBP 0.10 28.09.07 

JF Germany Equity A(dist) - EUR EUR 0.34 28.09.07 

JPM Germany Equity A(dist) - EUR EUR 0.14 28.09.07 

JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.26 28.09.07 

JF Global Dynamic A(dist) - USD USD 0.12 28.09.07 

JPM Global Dynamic A(dist) - GBP GBP 0.10 28.09.07 

JPM Global Dynamic A(dist) - USD USD 0.13 28.09.07 

JPM Global Dynamic A(inc) - EUR EUR 0.07 28.09.07 

JF Global Equity (USD) A(dist) - USD USD 0.35 28.09.07 

JPM Global Equity (USD) A(dist) - USD USD 0.20 28.09.07 

JPM Global Focus A(dist) - EUR EUR 0.12 28.09.07 

JF Global Focus A(dist) - USD USD 0.07 28.09.07 

JF China A(dist) - USD USD 0.31 28.09.07 

JF Greater China A(dist) - USD USD 0.50 28.09.07 

JF Hong Kong A(dist) - USD USD 0.39 28.09.07 

JF India A(dist) - USD USD 3.49 28.09.07 

JF Latin America Equity A (dist) - USD USD 0.15 28.09.07 

JF Pacific Equity A(dist) - GBP GBP 0.09 28.09.07 

JF Pacific Equity A(dist) - USD USD 0.56 28.09.07 

JF Pacific Technology A(dist) - GBP GBP 0.35 28.09.07 

JF Pacific Technology A(dist) - USD USD 0.42 28.09.07 

JF Singapore A(dist) - USD USD 0.31 28.09.07 

JF Taiwan A(dist) - USD USD 0.87 28.09.07 

JPM Latin America Equity A (dist) - USD USD 0.20 28.09.07 

JPM Middle East Equity A(dist) - USD USD 0.29 28.09.07 

JPM US Aggregate Bond A (dist) - USD USD 0.43 28.09.07 

JPM US Dynamic I (inc) - EUR EUR 0.01 28.09.07 

It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such Classes of Shares, computed 

broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles (subject to the application of any de minimis threshold) so that 

these Classes of Shares of the SICAV continue to qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Sub-Funds. 

Classes of Shares with the suffix “(inc)” may pay dividends but will not qualify as “distributing” for the purposes of United Kingdom tax legislation relating to offshore Funds. 

Those Classes of Shares with the suffix “(acc)” will not normally pay dividends. 

5. Taxation 

Under current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by the SICAV liable to any withholding 

tax. However, the SICAV, with the exception of those Share Classes identified in the Appendix, is liable to an asset based tax of 0.05% per annum, such tax being payable quarterly 

and calculated on the total net assets of each Sub-Fund at the end of the relevant quarter. For the Sub-Funds’ Share Classes identified in the Appendix, the rate is 0.01% per annum. 

No tax is payable on the portion of assets invested in other undertakings for collective investment subject to such tax. 

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. 

6. Fees and Expenses 

a) All Sub-Funds - Share Classes A (acc), A (acc) - (hedged), A (dist), A (inc), B (acc), D (acc), D (acc) - (hedged) and J (dist) 

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, 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 Investment Manager 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 Investment Manager and included within 

“Investment Management Fees”. To the extent that actual operating costs exceed the fixed percentage, the amount borne by the Investment Manager will be separately disclosed as 

a “Fee Waiver’’ in the Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. 

31




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 C (acc), C (acc) - (hedged), I (acc) and I (inc) 

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 (acc) and X (inc) 

The Annual Management Fee that would normally be payable in respect of the X (acc) and X (inc) 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 (acc) and X (inc) 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. 

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 Fees”) equal to the given percentage (the “Performance Fees Rate”, as set out in the Appendix V to the Prospectus) 

of the Share Class Return (as defined below) in excess of the Benchmark Return and the High Water Mark Return where applicable (the “Excess Return”). On each Valuation Day, an 

accrual for the previous Valuation Day’s Performance Fees is made, when appropriate, and the final Performance Fees are payable annually. Pursuant to the provisions of the relevant 

Investment Management Agreement, the Investment Manager may be entitled to receive the Performance Fees from the Management Company. 

Performance Fees Accruals 

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 Appendix V to the Prospectus), the 

Performance Fees accrual is increased by the Performance Fees 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 Fees accrual is reduced (but not below zero) by the Performance Fees 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 Fees accrual has 

been reduced to zero, no new Performance Fees are 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 Fees accrued on any Valuation Day are reflected in the Net Asset Value per Share on the basis of 

which subscriptions and redemptions may be accepted. 

The Performance Fees are accrued daily and paid at the end of the financial year. Performance Fees are recorded separately in the Combined Statement of Operations and Changes 

in Net Assets. 

As of 30 June 2008, the Performance Fees rate and the benchmarks are as follows: 

Sub-Fund Applicable Share Performance Fee Performance Benchmark 

Classes Rate 

Emerging Markets Local Currency Debt Fund All 10% JPMorgan Global Bond Index – Emerging Markets Global Index (Total Return Gross) 

7. 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. 

8. Securities Lending 

The SICAV may lend portions of its securities portfolio to third parties. Such lending may only be effected via recognised clearing houses, or through the intermediary of prime 

financial institutions that specialise in such activities and in the modus specified by them. Such transactions may not be entered into for longer than 30 days. If the loan of securities 

exceeds 50% of the securities portfolio of the Sub-Fund concerned, it may only be effected on condition that it is possible to terminate the loan contract with immediate effect. The 

Directors will ensure that revenues arising from securities lending arrangements and the division thereof are in accordance with usual market practice and that the Sub-Fund retains 

an appropriate share thereof. Prior to 1 April 2008, 65% of any incremental income earned from securities lending was accrued to the applicable Sub-Fund, with the remaining 

income payable to the relevant parties which arrange the transaction. From 1st April 2008 the applicable percentage changed to 70%. 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 2008, the SICAV valuation of securities on loan dealt with the Custodian was USD 4,277,483,272 as detailed below and received collateral as security with a market 

value of USD 5,909,552,802. 

Market Value (USD) 

JPMorgan Funds - America Equity Fund 47,123,180 

JPMorgan Funds - Eastern Europe Equity Fund 74,280,968 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 24,058,559 

JPMorgan Funds - Emerging Markets Debt Fund 19,310,505 

JPMorgan Funds - Emerging Markets Equity Fund 100,084,318 

JPMorgan Funds - Euroland Equity Fund 597,244,658 

JPMorgan Funds - Euroland Select Equity Fund 1,049,023 

JPMorgan Funds - Europe Dynamic Fund 186,853,872 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 81,569,758 

JPMorgan Funds - Europe Equity Fund 508,181,199 

JPMorgan Funds - Europe Small Cap Fund 147,159,539 

JPMorgan Funds - Europe Technology Fund 59,752,391 

JPMorgan Funds - Germany Equity Fund 218,483,220 

JPMorgan Funds - Global Dynamic Fund 217,233,737 

JPMorgan Funds - Global Equity Fund (USD) 14,060,239 

32





JPMorgan Funds - Global Focus Fund 60,252,546 

JPMorgan Funds - Global Life Sciences Funds 5,495,340 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 1,947,275 

JPMorgan Funds - JF Japan Equity Fund 182,683,611 

JPMorgan Funds - JF Pacific Balanced Fund 20,836,957 

JPMorgan Funds - JF Pacific Equity Fund 109,534,919 

JPMorgan Funds - JF Pacific Technology Fund 3,955,680 

JPMorgan Funds - Latin America Equity Fund 218,602,205 

JPMorgan Funds - US Dynamic Fund 149,557,147 

JPMorgan Funds - US Small Cap Growth Fund 1,283,509 

JPMorgan Funds - US Strategic Growth Fund 18,730,647 

JPMorgan Funds - US Technology Fund 4,131,927 

JPMorgan Funds - US Value Fund 79,686,712 

9. Information for Swiss Registered Shareholders 

J.P.Morgan (Suisse) S.A., was authorised by the Federal Banking Commission as Swiss representative of the SICAV and acts also as paying agent. The Prospectus, the articles, the 

annual and semi-annual reports of the SICAV, as well as the list of the purchases and sales which the SICAV has undertaken during the financial period and all information 

according to the SFADirective in relation to the transparency of management fees, may be obtained, on simple request and free of charge, at the head office of the Swiss 

representative, 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. 

10. Information for German Registered Shareholders 

Alist, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period 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. 

11. Authorization of Sub-Funds in Hong Kong 

The following Sub-Funds are authorized in Hong Kong and available to Hong Kong Residents: 



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



JPMorgan Funds - Emerging Markets Local Currency Debt Fund 


JPMorgan Funds - Euroland Select Equity Fund 

































33




12. Significant Changes during the Year 

The following benchmark index changes have occurred during the year: 

- the benchmark index for JPMorgan Funds - Europe Technology Fund has been changed from Morgan Stanley Eurotec Index to the MSCI Europe IMI IT 10/40 Index with effect 

from 1 April 2008, 

- the benchmark index for JPMorgan Funds - JF Asia Equity Fund has been changed from MSCI AC Far East ex Japan Total Return Net to MSCI All Countries Asia Pacific 

ex-Japan (Total Return Net) with effect from 30 April 2008, 

- the benchmark index for JPMorgan Funds - JF Japan Small Cap Fund has been changed from Japan TSE 2nd Section (Total Return Net) to S&P/Citigroup Japan Extended 

Market Index (Total Return Net) with effect from 1 May 2008, 

13. Subsequent Events 

With effect from 1 July 2008, the Operating & Administrative Expenses were changed from a capped rate to a fixed fee for C Classes. 

The Board of Directors of JPMorgan Funds has decided to merge several Sub-Funds: 

- JPMorgan Funds - Global Equity Fund (EUR) has been merged into JPMorgan Funds - Global Equity Fund (USD) on 17 July 2008, 

- JPMorgan Funds - Global Real Estate Securities Fund (EUR) has been merged into JPMorgan Funds - Global Real Estate Securities Fund (USD) on 31 July 2008. 

With effect from 1 August 2008, the following benchmark index changes have occurred: 

- the benchmark index for JPMorgan Funds - JF China Fund has been changed from BNP Paribas China Index (Price Index) to Morgan Stanley Capital International (MSCI) China 

10/40 Capped Index (Total Return Net), 

- the benchmark index for JPMorgan Funds - JF India Fund has been changed from MSCI India Index (Total Return Net) to Morgan Stanley Capital International (MSCI) India 

10/40 Capped Index (Total Return Net) 

In addition to the above, JPMorgan Funds - US Growth Alpha Plus was launched on 4 September 2008. 

14. Directors’ Fees 

The only remuneration paid to Directors is an annual fee. This is waived by Mr Berndt May and Ms Andrea L. Hazen. 

The total Directors’ fees for the year amount to EUR 168,197.19, of which the Chairman is due EUR 36,042.74. 

34


Schedule of Investments (Market Value Expressed in USD) 


Quantity/ 

Nominal 

Value 

Name of Securities 

Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

Transferable Securities Admitted to an Official Exchange Listing 

MEXICO 

179,460 Cemex ADR Participation Certificates 4,394,975 0.80 

Shares 

UNITED STATES OFAMERICA 

102,098 Aetna 

65,000 Aflac 

4,131,906 

4,106,700 

0.76 

0.75 

CANADA 

31,800 Research In Motion 

4,394,975 

3,798,192 

0.80 

0.69 

297,200 Altria Group 

163,400 American Electric Power 

6,110,432 

6,491,882 

1.11 

1.18 

3,798,192 0.69 

125,500 American Express 

41,500 Apache 

39,100 Apple 

4,758,960 

5,753,975 

6,615,329 

0.87 

1.05 

1.20 

MARSHALL ISLANDS 

58,700 Teekay 2,647,957 0.48 

159,600 AT&T 

59,500 Baker Hughes 

78,800 Ball 

238,600 Bank of America 

5,260,416 

5,299,070 

3,728,816 

5,774,120 

0.95 

0.96 

0.68 

1.05 

SWITZERLAND 

45,900 Novartis ADR 

2,647,957 

2,523,582 

0.48 

0.47 

81,000 Baxter International 

75,100 Cablevision Systems - AShares 

5,130,540 

1,701,766 

0.93 

0.31 

2,523,582 0.47 

76,200 Capital One Financial 

150,800 Cardinal Health 

2,891,790 

7,716,436 

0.53 

1.40 

Total Shares 527,386,573 95.95 

118,236 Chevron 

655,100 Cisco Systems 

374,000 Citigroup 

11,663,981 

15,348,993 

6,227,100 

2.12 

2.79 

1.13 

Total Transferable Securities Admitted to an 

Official Exchange Listing 

527,386,573 95.95 

55,800 Clorox 

420,100 Comcast Special - AShares 

2,910,528 

7,700,433 

0.53 

1.40 

Transferable Securities Dealt in on Another Regulated Market 

206,300 Community Health Systems 

77,800 ConocoPhillips 

6,828,530 

7,261,074 

1.24 

1.32 

Convertible Bonds 

423,300 Corning 9,820,560 1.79 UNITED STATES OFAMERICA 

51,350 Devon Energy 6,073,165 1.10 2,975,000 Liberty Media 30.03.23/3.125% 3,090,281 0.57 

31,400 Dover 1,502,804 0.27 

127,200 Edison International 6,419,784 1.17 

3,090,281 0.57 

541,200 El Paso 11,608,740 2.11 

64,900 Exxon Mobil 

265,400 Freddie Mac 

144,600 General Electric 

174,600 Genworth Financial - AShares 

5,657,333 

4,477,298 

3,814,548 

3,099,150 

1.03 

0.81 

0.70 

0.56 

Total Convertible Bonds 

Total Transferable Securities Dealt in on Another 

Regulated Market 

3,090,281 

3,090,281 

0.57 

0.57 

4,100 Google - AShares 

216,100 Hanesbrands 

2,179,683 

5,918,979 

0.40 

1.08 

Total Investments 530,476,854 96.52 

81,000 Hartford Financial Services Group 

331,800 Hewlett-Packard 

5,384,880 

14,615,790 

0.98 

2.66 

Cash 10,811,126 1.97 

254,200 Home Depot 

518,100 Intel 

5,996,578 

11,092,521 

1.09 

2.02 

Other Assets/(Liabilities) 8,326,375 1.51 

97,300 International Business Machines 

77,100 J.C. Penney 

11,531,996 

2,791,020 

2.10 

0.51 

Total Net Assets 549,614,355 100.00 

61,200 Johnson & Johnson 3,902,112 0.71 

270,700 Johnson Controls 7,771,797 1.41 

71,000 Lexmark International - AShares 

98,700 Marathon Oil 

338,200 Merck & Co. 

54,100 Merrill Lynch & Co. 

681,300 Microsoft 

153,700 Molson Coors Brewing - B Shares 

2,387,020 

5,099,829 

12,719,702 

1,730,659 

18,978,293 

8,359,743 

0.44 

0.93 

2.31 

0.32 

3.45 

1.52 

Allocation of Portfolio as at 30 June 2008 

Fixed Income Securities 


Total Fixed Income Securities 

% of 

Net Assets 

0.57 

0.57 

184,300 Morgan Stanley 

674,600 News - AShares 

184,100 Norfolk Southern 

109,800 Oshkosh 

78,000 PG&E 

94,400 Paccar 

276,100 Philip Morris International 

34,800 Polo Ralph Lauren 

36,200 PPG Industries 

153,300 Procter & Gamble 

85,200 Prudential Financial 

6,649,544 

10,226,936 

11,217,213 

2,261,880 

3,015,480 

3,923,264 

13,727,692 

2,152,380 

2,063,762 

9,309,909 

5,386,344 

1.21 

1.86 

2.04 

0.41 

0.55 

0.71 

2.50 

0.39 

0.38 

1.69 

0.98 

Shares 

Information Technology 

Consumer Discretionary 

Financials 

Health Care 

Energy 

Consumer Staples 

Industrials 

Utilities 

Telecommunication Services 

Materials 

18.99 

15.09 

11.97 

10.30 

9.39 

9.01 

8.03 

6.60 

3.50 

3.07 

177,100 Qualcomm 

68,600 Questar 

116,700 Raytheon 

142,000 Rohm & Haas 

7,990,752 

4,810,918 

6,513,027 

6,662,640 

1.45 

0.88 

1.19 

1.21 

Total Shares 

Cash and Other Assets/(Liabilities) 

Total 

95.95 

3.48 

100.00 

127,000 Royal Caribbean Cruises 2,837,180 0.52 

320,700 Safeway 9,111,087 1.66 

315,300 Schering-Plough 6,145,197 1.12 

293,900 Spirit Aerosystems Holdings - A Shares 5,619,368 1.02 

365,700 TD Ameritrade Holding 6,619,170 1.20 

165,500 Travelers 7,280,345 1.32 

209,600 United Technologies 12,804,464 2.33 

187,950 UnitedHealth Group 4,822,797 0.88 

402,000 Verizon Communications 14,005,680 2.55 

121,300 WABCO Holdings 5,544,623 1.01 

356,700 Wal-Mart Stores 20,167,818 3.67 

118,600 Williams 4,766,534 0.86 

56,700 Wyeth 2,647,323 0.48 

225,100 Wyndham Worldwide 3,966,262 0.72 

202,300 Xcel Energy 4,003,517 0.73 

45,000 Zions Bancorporation 1,422,000 0.26 

514,021,867 93.51 

35 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets


Schedule of Investments (Market Value Expressed in USD) (continued) 


Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

Allocation of Portfolio as at 31 December 2007 (Unaudited) 

Shares 

% of 

Net Assets 

Information Technology 19.79 

Financials 15.42 

Consumer Discretionary 14.62 

Health Care 11.06 

Industrials 9.28 

Consumer Staples 8.14 

Utilities 6.46 

Energy 6.18 

Materials 3.62 

Telecommunication Services 2.99 

Total Shares 97.56 

Cash and Other Assets/(Liabilities) 2.44 

Total 100.00 

36 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets


Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in USD) 


Settlement 

Date Currency 

Amount 

Purchased Currency 

37 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

15-Jul-08 EUR 17,478,348 USD 27,422,333 138,476 

15-Jul-08 USD 12,776,977 EUR 8,235,882 (209,811) 

Total (71,335)


Schedule of Investments (Market Value Expressed in EUR) 


Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

RUSSIA 

47,864 Aeroflot - Russian International Airlines Registered 

Shares GDR 10,081,193 0.63 

763,090 Chelyabinsk Zink Plant 4,110,564 0.26 

531,265 Chelyabinsk Zink Plant GDR 2,642,942 0.17 

1,742,674 Cherkizovo Group Registered Shares GDR 16,764,657 1.06 

6,054,734 Comstar United Telesystems GDR 39,291,787 2.48 

1,692,000 DIXY Group 16,084,160 1.02 

1,959,436 Gazpromneft ADR 49,856,684 3.16 

6,356,000 Lenenergo 7,737,578 0.49 

6,290,882 Magnit Registered Shares GDR 43,056,830 2.72 

5,922,023 Magnitogorsk Iron & Steel Works Registered Shares 

GDR 65,414,532 4.13 

2,684,209 Mechel ADR 84,033,033 5.31 

7,507,485 MMC Norilsk Nickel ADR 119,990,349 7.57 

1,826,774 Mobile Telesystems ADR 89,489,293 5.65 

363,890 Novolipetsk Steel Registered Shares GDR 13,089,157 0.83 

221,240 OAO Pharmacy Chain 36.6 5,643,341 0.35 

41,824 Open Investments 9,809,924 0.62 

1,271,976 RBC Information Systems 6,851,799 0.43 

384,898 RBC Information Systems ADR 8,537,298 0.54 

4,933,167 RTM 6,076,200 0.38 

72,362,501 Sberbank 145,830,193 9.20 

215,699 Severstal 3,595,097 0.23 

1,088,213 Severstal Registered Shares GDR 17,958,152 1.13 

704,516 Severstal-Avto 26,342,054 1.66 

1,559,850 Sistema JSFC Registered Shares GDR 29,734,965 1.88 

1,871,550 Sistema-Hals Registered Shares GDR 8,183,843 0.52 

2,995,539 Sitronics Registered Shares GDR 11,940,771 0.76 

674,574 Tatneft Registered Shares GDR 64,445,661 4.07 

906,592,057 57.25 

TURKEY 

4,717,361 Eregli Demir ve Celik Fabrikalari 24,127,949 1.52 

8,495,050 KOC Holding 14,658,803 0.93 

1,321,300 Reysas Logistics 3,447,299 0.22 

2,296,737 Tekfen Holding 11,153,861 0.70 

1,526,100 Tupras Turkiye Petrol Rafine 21,879,232 1.38 

3,542,151 Turk Telekomunikasyon 7,466,436 0.47 

1,030,293 Turkcell Iletisim Hizmet ADR 9,441,387 0.60 

11,930,600 Turkiye Garanti Bankasi 17,381,910 1.10 

4,673,660 Turkiye Halk Bankasi 13,883,887 0.88 

12,768,100 Turkiye Is Bankasi - C Shares 26,517,857 1.67 

149,958,621 9.47 

POLAND 

115,800 Bank Pekao 5,683,107 0.36 

279,400 Bank Pekao Registered Shares GDR 13,712,413 0.87 

722,255 KGHM Polska Miedz 21,655,488 1.37 

513,673 KGHM Polska Miedz GDR 31,088,293 1.96 

2,522,200 Powszechna Kasa Oszczednosci Bank Polski 34,734,150 2.19 

2,280,160 Telekomunikacja Polska 14,299,123 0.90 

2,594,952 Telekomunikacja Polska GDR 16,609,535 1.05 

137,782,109 8.70 

IRELAND 

8,266,450 Dragon Oil 46,910,874 2.96 

46,910,874 2.96 

CZECH REPUBLIC 

701,816 CEZ 39,482,811 2.49 

39,482,811 2.49 

LUXEMBOURG 

412,256 Evraz Group Registered Shares GDR 30,632,793 1.93 

784,143 Kernel Holding 8,749,399 0.56 

39,382,192 2.49 

AUSTRIA 

407,640 Raiffeisen International Bank Holding 32,725,339 2.07 

32,725,339 2.07 


1,740,600 BMB Munai 6,618,461 0.41 

1,099,100 CTC Media 17,190,524 1.09 

23,808,985 1.50 

38 

Quantity/ 

Nominal 

Value 


KAZAKHSTAN 

673,601 Halyk Savings Bank of Kazakhstan Registered Shares 

GDR 6,531,319 0.41 

804,590 Kazkommertsbank Registered Shares GDR 7,954,374 0.50 

821,713 Zhaikmunai Registered Shares GDR 7,811,208 0.49 

22,296,901 1.40 

BERMUDA 

1,360,430 EastPharma Registered Shares GDR 5,991,944 0.38 

17,601,051 West Siberian Resources SDR 15,251,180 0.96 

21,243,124 1.34 

CAYMAN ISLANDS 

1,236,754 Eurasia Drilling Registered Shares GDR 20,378,088 1.29 

20,378,088 1.29 

CYPRUS 

3,381,000 Urals Energy 7,349,906 0.46 

902,552 XXI Century Investments Public 11,977,596 0.76 

19,327,502 1.22 

JERSEY 

959,093 KazakhGold Group Registered Shares GDR 13,396,121 0.85 

13,396,121 0.85 

NETHERLANDS 

553,100 A&D Pharma Holding GDR 1,725,672 0.11 

2,712,200 AMTEL Vredestein Registered Shares GDR 3,437,625 0.22 

343,571 Efes Breweries International GDR 6,259,809 0.39 

11,423,106 0.72 

MALAYSIA 

42,197 Steppe Cement 167,997 0.01 

167,997 0.01 

Total Shares 1,484,875,827 93.76 

Investment Funds 

UNITED KINGDOM 

2,695,083 JPMorgan Russian Securities 26,620,075 1.68 

26,620,075 1.68 

Total Investment Funds 26,620,075 1.68 



1,511,495,902 95.44 



LUXEMBOURG 

15,050,000 JPMorgan Liquidity Funds - Euro Liquidity Fund 

(JPM Euro Liquidity X (dist.)) 15,050,000 0.95 

15,050,000 0.95 


Total Transferable Securities Dealt in on 

Another Regulated Market 

Market 

Value 

% of 

Net 

Assets 

15,050,000 0.95 

Other Transferable Securities 

Shares 

RUSSIA 

1,623,519 Aeroflot - Russian International Airlines 3,419,482 0.22 

3,419,482 0.22 

Total Shares 3,419,482 0.22 

Total Other Transferable Securities 3,419,482 0.22 

Total Investments 1,529,965,384 96.61 

Cash 41,144,341 2.60 


Total Net Assets 1,583,655,705 100.00


Schedule of Investments (Market Value Expressed in EUR) (continued) 


Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 



Energy 15.18 





Investment Companies 2.63 






Total 100.00 


Shares 

% of 

Net Assets 



Energy 10.25 











Total 100.00 

39 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


Shares and Warrants 

RUSSIA 


35,283 Chelyabinsk Zink Plant GDR 276,972 0.03 

513,061 Cherkizovo Group Registered Shares GDR 7,788,266 0.71 


688,010 DIXY Group 10,320,150 0.95 

296,059 Gazpromneft ADR 11,886,769 1.09 

2,394,000 Lenenergo 4,598,736 0.42 

475,118 Magnit OAO 22,211,766 2.03 

760 Magnit OAO Registered Shares GDR 8,208 0.00 


GDR 35,710,776 3.27 

475,857 Mechel ADR 23,507,336 2.15 


322,530 Mobile Telesystems ADR 24,931,569 2.28 





352,645 RBC Information Systems 2,997,482 0.27 


1,686,835 RTM 3,278,477 0.30 

22,849,183 Sberbank 72,660,402 6.63 

154,298 Severstal 4,058,037 0.37 

528,111 Severstal Registered Shares GDR 13,752,010 1.26 


303,535 Sistema JSFC Registered Shares GDR 9,130,333 0.84 

792,497 Sistema-Hals Registered Shares GDR 5,468,229 0.50 

859,711 Sitronics Registered Shares GDR 5,407,582 0.49 


373,312,007 34.14 

SOUTH AFRICA 

2,442,901 African Bank Investments 7,444,028 0.68 

413,228 African Rainbow Minerals 14,666,128 1.34 

66,530 Anglo Platinum 11,525,163 1.05 

115,808 AngloGold Ashanti ADR 3,936,314 0.36 

627,449 ArcelorMittal South Africa 18,274,630 1.67 

1,611,651 Aveng 11,974,122 1.09 

772,068 Distribution and Warehousing Network 1,232,013 0.11 

4,215,207 FirstRand 7,194,490 0.66 

763,444 Impala Platinum Holdings 31,040,069 2.84 

646,967 Massmart Holdings 5,048,777 0.46 

2,618,398 MTN Group 42,467,826 3.88 

414,791 Naspers - N Shares 9,134,150 0.84 

7,728,815 Netcare 7,301,201 0.67 

703,462 Sasol 42,161,561 3.86 

1,360,580 Standard Bank Group 13,297,675 1.22 

3,410,350 Steinhoff International Holdings 7,061,541 0.65 

233,759,688 21.38 

ISRAEL 

2,257,600 Bank Hapoalim 9,928,324 0.91 

8,950 Israel 13,854,621 1.27 

1,665,556 Israel Chemicals 38,435,908 3.51 

1,158,242 Teva Pharmaceutical Industries ADR 52,624,725 4.81 

114,843,578 10.50 

TURKEY 

1,784,631 Eregli Demir ve Celik Fabrikalari 14,403,332 1.32 

3,122,566 KOC Holding 8,502,320 0.78 

464,600 Reysas Logistics 1,912,713 0.18 

867,583 Tekfen Holding 6,648,417 0.61 

575,162 Tupras Turkiye Petrol Rafine 13,011,654 1.19 

1,253,454 Turk Telekomunikasyon 4,169,154 0.38 

230,415 Turkcell Iletisim Hizmet ADR 3,331,801 0.31 


1,898,900 Turkiye Halk Bankasi 8,901,215 0.81 

2,530,459 Turkiye Is Bankasi - C Shares 8,292,867 0.76 

75,459,320 6.91 

POLAND 

29,016 Bank Pekao 2,247,026 0.20 

55,820 Bank Pekao Registered Shares GDR 4,322,854 0.39 

420,347 KGHM Polska Miedz 19,887,428 1.82 

63,101 KGHM Polska Miedz GDR 6,026,146 0.55 

265,028 Powszechna Kasa Oszczednosci Bank Polski 5,759,200 0.53 

625,960 Telekomunikacja Polska 6,194,181 0.57 

44,436,835 4.06 

40 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

UNITED ARAB EMIRATES 

1,417,480 Arabtec Holding 6,251,801 0.57 

3,639,540 Depa 5,168,147 0.47 

7,641,537 DP World 6,571,722 0.60 

4,317,798 Emaar Properties 12,754,552 1.17 

30,746,222 2.81 

IRELAND 

3,154,819 Dragon Oil 28,250,242 2.58 

28,250,242 2.58 


158,043 Anglo American 11,056,191 1.01 

1,234,621 Hikma Pharmaceuticals 12,311,332 1.13 

23,367,523 2.14 

NETHERLANDS ANTILLES 

2,037,780 Merrill Lynch - Aldar Properties 

- Warrants 12.01.10 6,900,127 0.63 

100,136 Merrill Lynch - Commercial 

Bank of Qatar - Warrants 25.04.10 4,070,346 0.37 

760,837 Merrill Lynch - First Gulf Bank - 

Warrants 07.10.10 5,530,573 0.51 

95,272 Merrill Lynch - Qatar National 

Bank - Warrants 26.07.10 6,005,197 0.55 

22,506,243 2.06 

AUSTRIA 


13,738,210 1.26 

BERMUDA 

481,832 EastPharma Registered Shares GDR 3,348,732 0.31 


12,631,826 1.16 


468,891 Eurasia Drilling Registered Shares GDR 12,191,166 1.11 

12,191,166 1.11 

CYPRUS 

1,212,000 Urals Energy 4,157,502 0.38 


12,090,290 1.11 

KAZAKHSTAN 


GDR 4,699,502 0.43 


9,448,577 0.86 

EGYPT 

133,017 Orascom Telecom Holding Registered Shares GDR 8,552,993 0.78 

8,552,993 0.78 

JERSEY 


5,518,155 0.50 

LUXEMBOURG 

295,361 Kernel Holding 5,200,311 0.48 

5,200,311 0.48 

GERMANY 

169,095 Deutsche Bank - Arab Bank - 

Warrants 22.01.18 5,171,896 0.47 

5,171,896 0.47 

ISLE OFMAN 

1,305,055 Kazakhstan Kagazy Registered Shares GDR 4,371,934 0.40 

4,371,934 0.40 


161,600 CTC Media 3,988,288 0.36 

3,988,288 0.36




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

BRITISH VIRGIN ISLANDS 

1,802,373 European Minerals 1,761,190 0.16 

1,761,190 0.16 

MALAYSIA 

17,959 Steppe Cement 112,822 0.01 

112,822 0.01 

Total Shares and Warrants 1,041,459,316 95.24 



Market 

Value 

% of 

Net 

Assets 

1,041,459,316 95.24 



LUXEMBOURG 

32,245,889 JPMorgan Liquidity Funds - US Dollar Liquidity 

Fund (JPM US Dollar Liquidity X (dist.)) 32,245,889 2.94 

32,245,889 2.94 




32,245,889 2.94 


Cash 3,163,907 0.29 


Total Net Assets 1,093,563,689 100.00 



% of 

Net Assets 



Energy 14.04 









Total Shares and Warrants 98.18 


Total 100.00 



% of 

Net Assets 





Energy 8.21 









Total 100.00 

41 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


Bonds 

BRAZIL 

930,000 Banco Nacional de 

Desenvolvimento Economico e 

Social 16.06.18/6.369% 589,400 0.29 

5,500,000 Brazil (Republic of) 15.01.18/8.000% 3,881,840 1.90 

900,000 Brazil (Republic of) 14.10.19/8.875% 715,089 0.35 








35,501,260 17.41 

VENEZUELA 

4,857,900 Petroleos de Venezuela 12.04.17/5.250% 2,122,874 1.04 

3,369,000 Venezuela (Republic of) 15.08.18/13.625% 2,591,949 1.27 





18,878,957 9.26 

RUSSIA 

5,330,000 Russia (Republic of) 24.06.28/12.750% 5,986,644 2.94 

15,843,725 Russia (Republic of) 31.03.30/7.500%* 11,261,149 5.52 

17,247,793 8.46 

LUXEMBOURG 

2,970,000 ALROSA Finance 17.11.14/8.875% 1,987,263 0.98 

2,550,000 Gaz Capital 13.02.18/6.605% 2,297,391 1.13 

3,465,000 Gaz Capital 16.08.37/7.288% 2,015,124 0.99 

8,134,895 Gazprom International 01.02.20/7.201% 5,167,576 2.53 

1,855,000 RSHB Capital SAfor OJSC 

Russian Agricultural Bank 16.05.13/7.175% 1,175,617 0.58 


Russian Agricultural Bank 14.01.14/7.125% 884,606 0.43 


Russian Agricultural Bank 29.05.18/7.750% 1,317,355 0.65 

3,000,000 VTB Capital 30.06.35/6.250% 1,756,672 0.86 

16,601,604 8.15 

ARGENTINA 

7,500,000 Argentina (Republic of) 03.08.12/3.092%* 2,554,976 1.25 




4,150,916 Argentina (Republic of) 31.12.33/8.280% 2,028,831 0.99 

7,060,000 Argentina (Republic of) 15.12.35/1.262%* 549,268 0.27 


11,765,000 Argentina (Republic of) 31.12.38/0.630%* 798,417 0.39 

1,020,000 Argentina Nobac 10.02.10/11.258%* 218,587 0.11 

12,584,326 6.17 


2,950,000 Barclays Bank 07.04.10/0.000%* 1,573,757 0.77 

1,955,000 CSFB (City of Kiev Ukraine) 26.11.12/8.250% 1,209,658 0.59 

9,138,000 CSFB International (EXIM 

Ukraine) 07.09.11/7.650% 5,655,408 2.77 

682,000 CSFB International (EXIM 

Ukraine) 04.10.12/6.800% 404,142 0.20 

3,520,000 Deutsche Bank 20.07.18/0.000%* 2,862,489 1.40 

11,705,454 5.73 

IRELAND 

64,000,000 Depfa Bank 15.06.15/0.000% 1,999,030 0.97 

80,884,632 Red Arrow International 

Leasing 30.06.12/8.375% 2,174,462 1.07 

7,165,000 TransCapitalInvest Ltd for 

OJSC AK Transneft 05.03.14/5.670% 4,274,884 2.10 

8,448,376 4.14 

BAHAMAS 

17,020,000 Crédit Suisse 19.01.11/0.000%* 8,028,168 3.94 

8,028,168 3.94 

42 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

PERU 

4,326,970 IIRSANorte Finance 30.05.24/8.750% 3,084,915 1.50 

2,600,000 Peru (Republic of) 21.07.25/7.350% 1,853,753 0.91 



7,983,500 3.91 

PHILIPPINES 

5,204,000 Philippines (Republic of) 15.01.14/8.250% 3,561,786 1.74 

4,500,000 Philippines (Republic of) 14.01.31/7.750% 2,973,003 1.46 

6,534,789 3.20 


15,265,000 HSBC Bank 01.01.17/0.000%* 5,314,189 2.60 

255,000 Lehman Brothers Holdings 03.01.12/10.000% 94,909 0.05 

5,409,098 2.65 

MEXICO 

500,000 United Mexican States 19.12.13/8.000% 29,554 0.01 

8,690,000 United Mexican States 18.12.14/9.500% 548,952 0.28 

19,000,000 United Mexican States 05.12.24/10.000% 1,251,281 0.61 


4,915,436 2.41 

ECUADOR 

5,300,000 Ecuador (Republic of) 15.08.30/10.000%* 3,269,780 1.60 

3,269,780 1.60 

URUGUAY 

26,540,000 Uruguay (Republic of) 14.09.18/5.000% 1,106,629 0.54 

65,500,000 Uruguay (Republic of) 26.06.37/3.700% 2,093,276 1.03 

3,199,905 1.57 

NETHERLANDS 

4,980,000 KazMunaiGaz Finance 02.07.18/9.125% 3,146,461 1.54 

3,146,461 1.54 

GABONESE REPUBLIC 

2,775,000 Gabonese (Republic of) 12.12.17/8.200% 1,837,748 0.90 

1,837,748 0.90 

UKRAINE 

2,085,000 Ukraine (Government of) 21.11.16/6.580% 1,168,588 0.57 

1,200,000 Ukraine (Government of) 14.11.17/6.750% 667,816 0.33 

1,836,404 0.90 

COSTA RICA 

2,181,000 Costa Rica (Republic of) 01.08.20/9.995% 1,817,558 0.89 

1,817,558 0.89 

GUATEMALA 

2,275,000 Guatemala (Republic of) 06.10.34/8.125% 1,658,006 0.81 

1,658,006 0.81 

COLOMBIA 

3,261,000,000 Colombia (Republic of) 22.10.15/12.000% 1,068,531 0.53 

630,000 Colombia (Republic of) 27.01.17/7.375% 436,003 0.21 

1,504,534 0.74 

INTERNATIONAL AGENCIES 

37,732,000 International Bank for 

Reconstruction & Development 15.04.17/3.400% 1,228,572 0.60 

1,228,572 0.60 

EGYPT 

9,500,000 Arab Republic of Egypt 18.07.12/8.750% 1,090,317 0.53 

1,090,317 0.53 

TURKEY 

2,000,000 Turkey (Republic of) 17.03.36/6.875% 1,053,646 0.52 

1,053,646 0.52 

GUATEMALA 

1,050,000 Guatemala (Republic of) 08.11.11/10.250% 754,081 0.37 

754,081 0.37




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 


1,065,000 Petrobras International Finance 01.03.18/5.875% 653,002 0.32 

653,002 0.32 

GERMANY 

987,000 Dresdner (EXIM Ukraine) 23.09.09/7.750% 631,018 0.31 

631,018 0.31 

PANAMA 

865,000 Panama (Republic of) 15.03.15/7.250% 593,541 0.29 

593,541 0.29 

EL SALVADOR 

869,000 El Salvador (Republic of) 15.06.35/7.650% 575,497 0.28 

575,497 0.28 

BERMUDA 

1,020,000 BW Group 28.06.17/6.625% 557,935 0.27 

557,935 0.27 

DOMINICAN REPUBLIC 

417,160 Dominican Republic 144A 23.01.18/9.040% 273,621 0.13 

273,621 0.13 

BARBADOS 

423,000 Barbados (Government of) 05.12.35/6.625% 262,255 0.13 

262,255 0.13 

TRINIDAD & TOBAGO 

412,000 Trinidad & Tobago (Republic 

of) 17.05.27/5.875% 251,960 0.12 

251,960 0.12 

Total Bonds 180,034,602 88.25 



180,034,602 88.25 


Bonds 


2,000,000 National Gas Co. of Trinidad & 

Tobago 15.01.36/6.050% 1,161,602 0.57 

1,161,602 0.57 

PERU 


1,078,780 0.53 

IRAQ 

2,140,000 Iraq (Republic of) 15.01.28/5.800% 983,916 0.48 

983,916 0.48 


740,000 US Treasury 31.12.09/3.250% 474,605 0.23 

474,605 0.23 

VENEZUELA 

96,000 Venezuela (Republic of) 15.09.27/9.250% 57,176 0.03 

57,176 0.03 

Total Bonds 3,756,079 1.84 



Market 

Value 

% of 

Net 

Assets 

3,756,079 1.84 

43 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 


Bonds 


915,000 Citigroup Funding 17.07.08/0.000% 610,419 0.30 

1,900,000 Citigroup Funding 09.10.08/0.000% 1,368,802 0.67 


1,490,000 Citigroup Funding 17.12.10/0.000%* 977,123 0.48 



6,100,000 Citigroup Funding 12.03.12/0.000%* 3,406,521 1.67 

785,000 Citigroup Funding 20.06.12/0.000%* 481,164 0.24 

350,000 Morgan Stanley 144A 05.01.22/12.150% 234,893 0.12 

9,475,892 4.65 

Total Bonds 9,475,892 4.65 



Cash 10,243,629 5.02 

Other Assets/(Liabilities) 495,020 0.24 


* Variable coupon rates are those quoted as at 30 June 2008. 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 

Brazil 17.41 

Venezuela 9.29 

Russia 8.46 

Luxembourg 8.15 

United States of America 7.53 

Argentina 6.17 

United Kingdom 5.73 

Peru 4.44 

Ireland 4.14 

Bahamas 3.94 

Philippines 3.20 

Mexico 2.41 

Ecuador 1.60 

Uruguay 1.57 

Netherlands 1.54 

Guatemala 1.18 

Gabonese Republic 0.90 

Ukraine 0.90 

Costa Rica 0.89 

Colombia 0.74 

Trinidad & Tobago 0.69 

International Agencies 0.60 

Egypt 0.53 

Turkey 0.52 

Iraq 0.48 

Cayman Islands 0.32 

Germany 0.31 

Panama 0.29 

El Salvador 0.28 

Bermuda 0.27 

Dominican Republic 0.13 

Barbados 0.13 

Total Fixed Income Securities 94.74 


Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 

Brazil 12.56 






Ireland 4.81 

Russia 4.80 

Bahamas 4.79 

Mexico 2.88 


Peru 2.63 


Colombia 2.16 

Ukraine 2.02 



Uruguay 0.76 


Turkey 0.64 


Ghana 0.38 


Germany 0.33 

Bermuda 0.33 

Barbados 0.31 

Egypt 0.31 





Total 100.00 

44 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets


Schedule of Investments - Outstanding Forward Foreign Exchange Contracts (Expressed in EUR) 


Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

31-Jul-08 EUR 2,714,177 TRY 5,370,000 (30,845) 

30-Sep-08 EUR 172,000,000 USD 269,524,000 397,522 

Total 366,677 

Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in EUR) 

Expiration 

Date 

Number of 

Contracts Security Description Currency 

Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Sep-08 (146) US 5 Year Note Future USD (10,225,471) (102,695) 

Sep-08 274 US 10 Year Note Future USD 19,792,591 210,173 

Sep-08 44 US Long Bond Future USD 3,232,398 68,017 

Total 175,495 

45




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

BRAZIL 

7,032,656 Banco Itau Holding Financeira Preference Shares 142,316,792 2.15 

722,814 Companhia de Bebidas das Americas Preference 

Shares ADR 45,660,160 0.69 

15,431,542 Companhia Vale do Rio Doce ADR 461,094,475 6.98 

2,499,856 Gol Linhas Aereas Inteligentes ADR 28,373,366 0.43 

11,497,564 Petroleo Brasileiro ADR 664,789,151 10.07 

1,342,233,944 20.32 

SOUTH AFRICA 


17,569,566 FirstRand 29,987,630 0.45 

4,536,342 Impala Platinum Holdings 184,438,375 2.79 

5,573,901 Massmart Holdings 43,497,405 0.66 

10,017,415 MTN Group 162,472,563 2.46 

30,327,777 Netcare 28,649,826 0.43 

8,866,702 RMB Holdings 24,562,442 0.37 

3,789,421 Sasol 227,116,612 3.44 


794,763,627 12.03 

SOUTH KOREA 

751,539 Hyundai Mobis 60,797,854 0.92 

1,036,334 Hyundai Motor 70,276,709 1.06 

1,562,602 Kookmin Bank 92,233,814 1.40 

322,840 KT&G 27,751,289 0.42 

2,401,637 KT&G 144AGDR 102,189,654 1.55 

209,874 POSCO 109,046,281 1.65 

460,721 Samsung Electronics Registered Shares GDR 144A134,991,253 2.04 

191,230 Shinsegae 102,829,503 1.56 

700,116,357 10.60 

INDIA 

3,103,591 ACC 37,977,345 0.57 

9,683,737 Ambuja Cements GDR 16,462,353 0.25 

7,747,063 Bharti Airtel 130,109,889 1.97 

3,458,294 Housing Development Finance 158,226,312 2.40 

1,432,010 Indiabulls Real Estate 9,086,569 0.13 

1,827,589 Indiabulls Real Estate Registered Shares GDR 11,567,019 0.18 

1,677,084 Infosys Technologies 67,825,346 1.03 

1,199,180 Infosys Technologies ADR 51,360,879 0.78 

3,207,778 Reliance Capital 67,438,407 1.02 

6,612,174 Zee Entertainment Enterprises Ltd 30,793,685 0.47 

580,847,804 8.80 

MEXICO 

4,392,099 America Movil ADR - L Shares 230,277,751 3.48 

2,820,814 Cemex ADR Participation Certificates 69,081,735 1.05 

1,468,424 Fomento Economico Mexicano ADR 65,153,973 0.99 

23,791,419 Grupo Financiero Banorte - O Shares 110,360,428 1.67 

22,628,131 Wal-Mart de Mexico - V Shares 90,389,605 1.37 

565,263,492 8.56 

RUSSIA 

1,540,682 Gazprom OAO ADR 89,821,761 1.36 

2,279,286 Mechel ADR 112,596,728 1.70 

42,548,902 Sberbank 135,305,508 2.05 

1,995,289 Vimpel-Communications ADR 59,778,858 0.91 

397,502,855 6.02 

TAIWAN 

28,952,453 HON HAI Precision Industry 142,615,872 2.16 

6,003,765 President Chain Store 19,979,580 0.31 

42,941,297 Taiwan Semiconductor Manufacturing 91,966,534 1.39 

7,101,111 Taiwan Semiconductor Manufacturing ADR 77,402,110 1.17 

331,964,096 5.03 

CHINA 

14,328,000 Anhui Conch Cement - H Shares * 95,799,223 1.45 

35,269,500 China Merchants Bank - H Shares * 110,786,665 1.67 

28,448,000 China National Building Material - H Shares * 54,709,797 0.83 

10,986,000 Tsingtao Brewery - H Shares * 22,367,230 0.34 

283,662,915 4.29 

46 

Quantity/ 

Nominal 

Value 


HONG KONG 

20,027,500 China Mobile 269,097,786 4.07 

269,097,786 4.07 

BERMUDA 

7,773,800 Esprit Holdings 80,731,028 1.22 

114,672,000 GOME Electrical Appliances Holdings 54,397,785 0.82 

14,752,000 Li & Fung 44,446,838 0.68 

10,872,826 Yue Yuen Industrial Holdings 25,816,985 0.39 

205,392,636 3.11 


47,111,723 DP World 40,516,082 0.62 


153,011,675 2.32 

EGYPT 

953,669 Orascom Construction Industries 65,683,874 0.99 

5,027,175 Orascom Telecom Holding 65,381,107 0.99 

131,064,981 1.98 

INDONESIA 

76,950,033 Bank Rakyat Indonesia 42,513,830 0.64 

1,813,297 Telekomunikasi Indonesia ADR 58,043,637 0.88 

26,408,000 Unilever Indonesia 19,310,367 0.29 

119,867,834 1.81 

LUXEMBOURG 

1,402,802 Tenaris ADR 102,951,639 1.56 

102,951,639 1.56 

AUSTRIA 


99,023,930 1.50 


54,586,000 Agile Property Holdings 47,589,625 0.72 

36,336,000 Shimao Property Holdings 41,694,834 0.63 

89,284,459 1.35 

TURKEY 

7,026,420 Akbank 24,287,303 0.37 

6,762,615 Anadolu Efes Biracilik Ve Malt Sanayii 58,989,916 0.89 

83,277,219 1.26 

ISRAEL 


78,496,141 1.19 

HUNGARY 

399,439 OTP Bank Registered Shares GDR 32,554,279 0.50 

3,700 Richter Gedeon 802,356 0.01 

167,228 Richter Gedeon GDR 35,703,178 0.54 

69,059,813 1.05 


853,212 Anglo American 59,794,342 0.91 

59,794,342 0.91 

CHILE 

1,244,012 BSCH Chile ADR 53,380,555 0.81 

53,380,555 0.81 

MALAYSIA 

3,810,700 British American Tobacco Malaysia 51,606,266 0.78 

51,606,266 0.78 

ARGENTINA 

1,316,169 Banco Macro ADR 22,282,741 0.34 

22,282,741 0.34 

Total Shares 6,583,947,107 99.69 



Market 

Value 

% of 

Net 

Assets 

6,583,947,107 99.69




Quantity/ 

Nominal 

Value 




LUXEMBOURG 



29,117,181 0.44 




29,117,181 0.44 


Cash 14,362,047 0.22 

Other Assets/(Liabilities) (22,735,886) (0.35) 


* Hong Kong Registered Shares. 

Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 



Energy 14.87 









Cash and Other Assets/(Liabilities) (0.13) 

Total 100.00 


Shares 

% of 

Net Assets 




Energy 10.67 









Bank Overdraft and Other Assets/(Liabilities) (0.03) 

Total 100.00 

47 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



Bonds 

Bonds 

BRAZIL 


15,000 Brazil (Republic of) 01.01.10/10.000% 55,791 1.04 156,000 Citigroup Funding 19.10.09/0.000%* 107,487 2.01 


1,580,000 Brazil (Republic of) 01.01.17/10.000% 523,419 9.78 70,000 Citigroup Funding 30.05.11/0.000%* 42,267 0.79 


1,384,827 25.89 

314,446 5.88 

MEXICO 

5,000,000 United Mexican States 19.12.13/8.000% 295,535 5.52 

Total Bonds 314,446 5.88 

4,100,000 United Mexican States 

3,900,000 United Mexican States 

18.12.14/9.500% 

05.12.24/10.000% 

258,999 

256,842 

4.84 

4.80 

Total Other Transferable Securities 314,446 5.88 

811,376 15.16 


TURKEY 

1,415,000 Turkey (Republic of) 07.03.12/16.000% 636,372 11.89 

Cash 159,364 2.98 

60,000 Turkey (Republic of) 26.09.12/14.000% 24,780 0.46 


HUNGARY 

661,152 12.35 


46,000,000 Hungary (Government of) 12.02.09/9.500% 195,761 3.66 

13,500,000 Hungary (Government of) 

37,000,000 Hungary (Government of) 

12.10.10/6.750% 

12.06.12/7.250% 

53,968 

145,969 

1.01 

2.73 


395,698 7.40 

GERMANY 

380,000 Deutsche Bank/London 20.07.18/0.000%* 309,019 5.77 

309,019 5.77 

COLOMBIA 

729,000,000 Colombia (Republic of) 22.10.15/12.000% 238,871 4.46 

238,871 4.46 

ARGENTINA 

759,887 Argentina (Republic of) 04.02.18/2.000%* 176,406 3.30 

197,471 Argentina (Republic of) 31.12.33/5.830%* 43,030 0.80 

219,436 4.10 

SOUTH AFRICA 

1,100,000 South Africa (Republic of) 31.08.10/13.000% 90,959 1.70 

1,050,000 South Africa (Republic of) 15.09.15/13.500% 96,503 1.80 

187,462 3.50 

EGYPT 

1,400,000 Arab Republic of Egypt 18.07.12/8.750% 160,678 3.00 

160,678 3.00 

IRELAND 

4,664,569 Red Arrow International Leasing 30.06.12/8.375% 125,400 2.34 

125,400 2.34 

POLAND 

420,000 Poland (Government of) 24.10.15/6.250% 122,734 2.29 

122,734 2.29 

Total Bonds 4,616,653 86.26 



4,616,653 86.26 


Bonds 

PERU 

845,000 Peru (Republic of) 12.08.37/6.900% 171,251 3.20 

171,251 3.20 


15,000 US Treasury 31.12.09/3.250% 9,620 0.18 

9,620 0.18 




180,871 3.38 

48 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 



% of 

Net Assets 

Brazil 25.89 

Mexico 15.16 

Turkey 12.35 

Hungary 7.40 


Germany 5.77 

Colombia 4.46 


South Africa 3.50 

Peru 3.20 

Egypt 3.00 

Ireland 2.34 

Poland 2.29 



Total 100.00 


Not applicable: Sub-Fund launched on 24 January 2008 

% of 

Net 

Assets




Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

31-Jul-08 USD 535,922 TRY 690,000 (12,553) 

Total (12,553) 

49




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


SPAIN 

3,817,208 BBVA46,760,798 3.28 

Shares 

5,382,097 BSCH 62,324,683 4.37 

FRANCE 

6,520 1000mercis 

3,384 Acadomia 

2,652 AdenClassifieds 

10,186 Air Liquide 

132,292 Alstom 

3,199 Areva 

244,025 Arkema 

4,990 Audika 

7,589 Avenir Telecom 

30,560 BioMerieux 

831,761 BNP Paribas 

156,415 

103,246 

38,454 

846,457 

19,260,392 

2,373,594 

8,711,693 

143,463 

9,183 

2,207,654 

47,535,141 

0.01 

0.01 

0.00 

0.06 

1.35 

0.16 

0.61 

0.01 

0.00 

0.15 

3.34 

7,798 Construcciones y Auxiliar de Ferrocarriles 

131,776 Corporacion Financiera Alba 

23,846 Laboratorios Farmaceuticos Rovi 

1,040,393 Mapfre 

107,162 Prosegur Companhia de Seguridad Registered Shares 

141,078 Red Electrica de España 

152,972 Repsol YPF 

137,242 Tecnicas Reunidas 

3,761,007 Telefonica 

450,105 Tubacex 

178,799 Tubos Reunidos - B Shares 

100,290 Union Fenosa 

2,137,042 

4,882,301 

224,152 

3,152,391 

2,955,528 

5,822,289 

3,853,365 

7,253,240 

63,523,408 

3,429,800 

702,680 

3,695,687 

0.15 

0.34 

0.02 

0.22 

0.21 

0.41 

0.27 

0.51 

4.46 

0.24 

0.05 

0.26 

246,138 Bouygues 

59,832 Bureau Veritas 

10,364,871 

2,243,700 

0.73 

0.15 

210,717,364 14.79 

9,418 Business & Decision 101,149 0.01 ITALY 

115,413 Casino Guichard Perrachon 8,307,428 0.58 11,494 Ansaldo STS 108,733 0.01 

103,738 CNP Assurances 7,435,940 0.52 1,541,466 Assicurazioni Generali 37,257,233 2.61 

4,821 Devoteam 101,771 0.01 204,972 Brembo 1,358,964 0.10 

2,873 Faiveley 119,230 0.01 639,406 Buzzi Unicem 10,096,221 0.71 

1,207,962 France Télécom 22,800,283 1.60 3,566 Cobra Automotive Technologies 16,564 0.00 

710,780 Gaz de France 28,942,962 2.03 81,505 Danieli & Co. 1,925,148 0.14 

28,493 Homair 95,167 0.01 8,421 DiaSorin 110,989 0.01 

64,555 IMS-Intl Metal Service 1,387,287 0.10 5,883,291 Enel 35,829,242 2.51 

162,510 Lafarge 15,613,961 1.10 2,409,265 ENI 57,075,488 4.00 

133,837 Lagardère 4,823,485 0.34 1,816,843 Fiat 18,840,662 1.32 

10,455 LeGuide.com 141,247 0.01 162,645 Finmeccanica 2,693,401 0.19 

14,659 LISI 833,218 0.06 149,271 Fondiaria-Sai 3,122,749 0.22 

23,433 Oberthur Technologies 102,637 0.01 35,538 Gruppo Coin 112,922 0.01 

10,742 Outremer Telecom 74,872 0.01 1,089,965 IFIL - Investments 4,485,206 0.31 

8,304 Parrot 93,337 0.01 348,342 Istituto Finanziario Industriale 4,410,010 0.31 

483,216 Peugeot 16,641,959 1.17 32,571 Landi Renzo 127,597 0.01 

89,205 Rallye 3,342,511 0.23 26,906 MARR 172,198 0.01 

129,796 Renault 6,794,821 0.48 7,214 Reply 142,116 0.01 

1,819 Rubis 98,753 0.01 143,822 Screen Service Broadcasting Technologies 78,311 0.01 

503,874 Sanofi-Aventis 21,223,173 1.48 151,019 Trevi Finanziaria 2,408,753 0.17 

394,558 Thalès 14,227,761 0.99 

1,647,575 Total 88,721,914 6.22 

180,372,507 12.66 

128,657 Unibail-Rodamco 

10,955 Vallourec 

1,614,387 Vivendi 

114,707 Wendel 

18,745,325 

2,417,659 

38,729,144 

7,375,660 

1.32 

0.17 

2.72 

0.52 

NETHERLANDS 

70,640 Bateman Litwin 130,350 

238,041 Boskalis Westminster - CVA8,043,405 

1,377,820 ING Groep - CVA27,673,515 

0.01 

0.56 

1.94 

403,286,917 28.30 

76,394 Koninklijke KPN 

428,377 Koninklijke Philips Electronics 

834,222 

9,248,659 

0.06 

0.65 

GERMANY 

428,958 Koninklijke DSM 16,017,292 1.12 

61,991 Allianz Registered Shares 6,872,322 0.48 62,880 Nutreco Holding 2,659,824 0.19 

1,077,128 BASF 46,962,781 3.30 63,927 Smit Internationale 3,964,113 0.28 

2,623 Bauer 159,898 0.01 377,642 SNS Reaal 4,595,903 0.32 

73,669 Bayerische Motoren Werke 2,240,274 0.16 6,638 Unit 4 Agresso 105,345 0.01 

63,335 Bechtle 1,134,963 0.08 

195,938 Bilfinger Berger 10,758,956 0.76 

73,272,628 5.14 

744,791 Daimler Registered Shares 

5,021 Demag Cranes 

63,868 Deutsche Bank Registered Shares 

221,657 Deutsche Boerse 

188,881 Deutsche Lufthansa 

501,323 Deutsche Post 

321,203 E.ON 

32,078 Fuchs Petrolub Preference Shares 

8,176 Gerry Weber International 

317,938 Gildemeister 

28,994,714 

151,634 

3,486,554 

15,786,411 

2,574,448 

8,236,737 

41,146,104 

1,927,888 

163,356 

5,621,144 

2.03 

0.01 

0.25 

1.11 

0.18 

0.58 

2.89 

0.14 

0.01 

0.39 

FINLAND 

212,091 Konecranes 

275,300 Metso 

2,430,373 Nokia 

153,640 Nokian Renkaat 

215,546 Outokumpu 

233,035 Pohjola Bank 

119,087 Wartsila 

139,981 YIT 

5,569,510 

7,925,887 

37,330,529 

4,698,311 

4,839,008 

2,586,689 

4,796,824 

2,229,897 

0.39 

0.55 

2.62 

0.33 

0.34 

0.18 

0.34 

0.16 

479,606 Hannover Rueckversicherung Registered Shares 

47,626 Jungheinrich Preference Shares 

14,934,931 

843,933 

1.05 

0.06 

69,976,655 4.91 

29,405 K+S 10,545,809 0.74 BELGIUM 

136,722 Kloeckner & Co. 4,941,133 0.35 27,288 Ackermans & van Haaren 1,753,254 0.12 

210,151 Leoni 5,684,585 0.40 749,677 Belgacom 20,597,376 1.45 

147,755 MAN 10,427,070 0.73 13,954 Colruyt 2,336,876 0.16 

21,783 Manz Automation 3,566,966 0.25 14,761 Compagnie d’Entreprises CFE 917,396 0.06 

326,711 Muenchener Rueckversicherungs Registered Shares 36,179,976 2.54 32,289 Delhaize Group 1,376,480 0.10 

87,213 Norddeutsche Affinerie 3,000,127 0.21 160,981 Euronav 4,909,921 0.34 

21,336 Phoenix Solar 1,025,408 0.07 22,052 EVS Broadcast Equipement 1,240,866 0.09 

65,929 Porsche Automobil Holding Preference Shares 6,445,219 0.45 23,681 Gimv 982,762 0.07 

8,835 Roth & Rau 1,197,143 0.08 326,530 KBC Groep 22,974,651 1.61 

59,385 Salzgitter 6,907,069 0.48 

126,867 SAP 4,229,746 0.30 

57,089,582 4.00 

255,045 Siemens Registered Shares 17,970,471 1.26 

152,460 Suedzucker 1,759,388 0.12 

654,536 ThyssenKrupp 26,135,622 1.83 

171,337 Vivacon 1,064,003 0.08 

21,365 Volkswagen 3,845,914 0.27 

336,922,697 23.65 

50 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

PORTUGAL 

489,659 Banco Espirito Santo Registered Shares 4,906,383 0.34 

3,172,353 Energias de Portugal 10,452,903 0.74 

3,611,672 Portugal Telecom Registered Shares 25,949,863 1.82 

146,246 Semapa-Sociedade de Investimento e Gestao 1,172,893 0.08 

569,824 Teixeira Duarte - Engenharia Construcoes 529,936 0.04 

43,011,978 3.02 

LUXEMBOURG 

549,299 ArcelorMittal 34,599,837 2.43 

34,599,837 2.43 

GREECE 

139,591 Alpha Bank 2,680,147 0.19 

57,238 Coca Cola Hellenic Bottling 990,217 0.07 

360,603 National Bank of Greece 10,320,458 0.72 

99,645 OPAP 2,210,126 0.16 

419,644 Piraeus Bank 7,243,055 0.51 

21 Sprider Stores 47 0.00 

23,444,050 1.65 

AUSTRIA 

100,042 Immofinanz 660,277 0.05 

16,685 OMV 833,416 0.06 

5,182 Raiffeisen International Bank Holding 416,011 0.03 

198,017 Verbund - Oesterreichische Elektrizitaetswirtschafts - 

AShares 11,166,179 0.78 

13,075,883 0.92 


28,448 Aero Inventory 202,103 0.01 

31,200 Brammer 108,639 0.01 

63,000 Cape 223,348 0.02 

8,683 Chemring Group 257,348 0.01 

47,800 Connaught 256,759 0.02 

57,433 Fenner 178,024 0.01 

44,900 Game Group 162,443 0.01 

23,154 Imperial Energy 271,570 0.02 

75,504 International Personal Finance 264,814 0.02 

18,868 Interserve 109,517 0.01 

59,700 ITE Group 126,197 0.01 

33,600 JKX Oil & Gas 219,340 0.02 

77,359 PV Crystalox Solar 190,657 0.01 

107,652 Record 141,502 0.01 

35,100 Regal Petroleum 114,677 0.01 

158,727 Royal Dutch Shell - AShares 4,133,251 0.29 

177,242 Senior 221,774 0.01 

7,900 Spirax-Sarco Engineering 106,637 0.01 

15,965 WSP Group 105,531 0.01 

7,394,131 0.52 

IRELAND 

39,705 FBD Holdings 710,720 0.05 

293,337 Glanbia 1,361,964 0.10 

55,068 IFG Group 98,572 0.01 

99,351 Kerry Group - AShares 1,878,827 0.13 

94,309 Paddy Power 1,848,456 0.12 

66,406 United Drug 231,093 0.02 

6,129,632 0.43 

SWEDEN 

9,839 AF - B Shares 175,187 0.01 

60,842 HIQ International 167,158 0.01 

8,831 Hoganas - B Shares 91,917 0.01 

27,851 KNOW IT 160,394 0.01 

12,550 Lindab International 157,481 0.01 

9,259 Peab 40,310 0.00 

27,107 Peab Industri - B Shares 156,109 0.01 

948,556 0.06 

ISLE OFMAN 

47,718 Eros International 167,361 0.01 

32,100 Lamprell 232,268 0.02 

399,629 0.03 

SWITZERLAND 

17,450 Ascom Holding Registered Shares 108,642 0.01 

196 Gurit Holding - Bearer Shares 117,024 0.01 

225,666 0.02 

51 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

NORWAY 

16,163 ODIM 173,300 0.01 

173,300 0.01 

DENMARK 

5,914 Auriga Industries - B Shares 172,864 0.01 

172,864 0.01 

Total Shares 1,461,213,876 102.55 



1,461,213,876 102.55 


Bank Overdraft (64,757,789) (4.54) 




Shares 

% of 

Net Assets 




Energy 11.22 









Total 100.00 


Shares 

% of 

Net Assets 






Energy 8.86 








Total 100.00




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Equity Futures 

Sep-08 (1,603) DJ Euro Stoxx 50 Index Future EUR (53,924,920) 3,245,420 

Total 3,245,420 

52




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

FRANCE 

833 Alstom 121,276 2.48 

2,963 Arkema 105,779 2.16 

1,550 Atos Origin 55,118 1.12 

1,639 AXA 30,690 0.63 

2,001 BNP Paribas 114,357 2.33 

50 Bourbon 1,953 0.04 

2,113 Bouygues 88,978 1.82 

553 Carrefour 19,698 0.40 

1,862 Compagnie Générale des Etablissements Michelin - B 

Shares 84,032 1.71 

1,211 Lafarge 116,353 2.37 

3,039 Rhodia Registered Shares 35,222 0.72 

3,630 Sanofi-Aventis 152,896 3.12 

1,814 Société Générale 99,861 2.04 

5,894 Total 317,392 6.47 

6,359 Vivendi 152,552 3.11 

1,496,157 30.52 

GERMANY 

3,309 Bayer 175,410 3.58 

1,800 Demag Cranes 54,360 1.11 

49 Deutsche Bank Registered Shares 2,675 0.05 

1,742 E.ON 223,150 4.55 

2,439 Henkel KGaA57,829 1.18 

3,659 Lanxess 94,512 1.93 

1,431 MAN 100,986 2.06 

1,167 Muenchener Rueckversicherungs Registered Shares 129,234 2.64 

534 Rheinmetall 24,222 0.49 

1,844 RWE Non Voting Preference Shares 117,592 2.40 

45 Siemens Registered Shares 3,171 0.06 

1,149 ThyssenKrupp 45,880 0.94 

1,501 Wincor Nixdorf 65,894 1.34 

1,094,915 22.33 

SPAIN 

8,719 BBVA106,808 2.18 

15,700 BSCH 181,806 3.71 

18,363 Iberdrola 155,718 3.18 

1,900 Telefonica 32,091 0.65 

2,847 Union Fenosa 104,912 2.14 

581,335 11.86 

NETHERLANDS 

1,107 Akzo Nobel 48,110 0.98 

100 Eriks Group - CVA4,187 0.09 

7,778 ING Groep - CVA156,221 3.19 

7,656 Koninklijke Ahold 65,191 1.33 

10,185 Koninklijke KPN 111,220 2.27 

605 Smit Internationale 37,516 0.76 

4,761 TNT 103,933 2.12 

526,378 10.74 

ITALY 

7,885 Azimut Holding 43,880 0.89 

5,390 Banco Popolare Scarl 60,098 1.23 

2,677 Credito Emiliano 14,938 0.30 

286 ENI 6,775 0.14 

9,577 Fiat 99,313 2.03 

27,190 Intesa Sanpaolo 98,020 2.00 

5,649 Mediobanca 60,614 1.24 

6,518 UniCredit 25,045 0.51 

408,683 8.34 

FINLAND 

13,402 Nokia 205,855 4.20 

21,892 Ruukki Group 50,789 1.03 

1,080 YIT 17,204 0.35 

273,848 5.58 

AUSTRIA 

2,433 OMV 121,528 2.48 

5,787 Telekom Austria 79,745 1.63 

201,273 4.11 

GREECE 

1,241 Alpha Bank 23,827 0.49 

1,719 Coca Cola Hellenic Bottling 29,739 0.61 

3,683 Corinth Pipeworks 14,732 0.30 

53 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

1,780 EFG Eurobank Ergasias 26,878 0.55 

951 National Bank of Greece 27,218 0.55 

1,579 Piraeus Bank 27,254 0.55 

149,648 3.05 

PORTUGAL 

8,083 Portugal Telecom Registered Shares 58,076 1.18 

58,076 1.18 

LUXEMBOURG 

400 ArcelorMittal 25,188 0.51 

25,188 0.51 

IRELAND 

1,000 Paddy Power 19,600 0.40 

19,600 0.40 

BELGIUM 

22 Fortis 227 0.00 

227 0.00 

Total Shares 4,835,328 98.62 



4,835,328 98.62 


Cash 71,070 1.45 

Other Assets/(Liabilities) (3,648) (0.07) 



Shares 

% of 

Net Assets 





Energy 9.13 








Total 100.00 


Shares 

% of 

Net Assets 





Energy 9.66 








Total 100.00




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Sep-08 2 DJ Euro Stoxx 50 Index Future EUR 67,280 (1,660) 

Total (1,660) 

54




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

62,683 Société Générale 3,450,699 0.55 

112,414 Suez 4,832,678 0.76 

127,328 Total 6,856,613 1.09 


Shares 


961,469 Amlin 3,007,590 0.48 

61,398,050 9.72 

59,348 Anglo American 

403,096 AstraZeneca 

435,058 Aviva 

969,273 BG Group 

302,568 BHP Billiton 

667,367 BP 

436,394 British American Tobacco 

124,188 British Energy Group 

2,635,821 

10,805,809 

2,727,326 

15,852,163 

7,311,711 

4,906,923 

9,514,282 

1,112,843 

0.42 

1.71 

0.43 

2.51 

1.16 

0.78 

1.51 

0.18 

SWITZERLAND 

595,920 Nestlé Registered Shares 

330,842 Novartis Registered Shares 

82,114 Roche Holding - Genussschein 

28,645 Swiss Life Holding Registered Shares 

332,048 UBS Registered Shares 

34,011 Zurich Financial Services 

17,088,878 

11,555,404 

9,289,103 

4,815,199 

4,411,608 

5,484,295 

2.70 

1.83 

1.47 

0.76 

0.70 

0.87 

251,449 Cadbury 

45,411 Cairn Energy 

284,177 Charter 

587,930 Cookson Group 

313,831 Dana Petroleum 

323,545 De La Rue 

876,915 easyJet 

376,057 Eurasian Natural Resources 

623,382 Ferrexpo 

1,991,036 

1,856,707 

3,078,066 

4,644,231 

7,524,390 

3,637,381 

2,961,988 

6,359,426 

3,110,173 

0.32 

0.29 

0.49 

0.73 

1.19 

0.57 

0.47 

1.01 

0.49 

ITALY 

283,700 Buzzi Unicem 

1,339,090 Enel 

539,480 ENI 

448,138 Fiat 

366,153 Mediobanca 

318,755 Prysmian 

52,644,487 

4,479,623 

8,155,058 

12,780,281 

4,647,191 

3,928,822 

5,147,893 

8.33 

0.71 

1.29 

2.02 

0.74 

0.62 

0.81 

151,724 GlaxoSmithKline 

1,324,925 Hays 

2,130,475 

1,515,472 

0.34 

0.24 

39,138,868 6.19 

2,571,617 HMV Group 

66,348 HSBC Holdings 

1,382,740 International Power 

1,253,280 Investec 

192,426 Kazakhmys 

599,836 Laird 

771,743 Legal & General Group 

1,007,836 Lloyds TSB Group 

1,075,746 Man Group 

348,321 National Express Group 

4,103,419 

649,887 

7,457,997 

4,851,012 

3,852,362 

2,968,058 

972,470 

3,942,382 

8,388,862 

4,127,234 

0.65 

0.10 

1.18 

0.77 

0.61 

0.47 

0.15 

0.62 

1.33 

0.65 

NETHERLANDS 

466,320 Aegon 3,889,109 

99,558 Fugro - CVA5,393,057 

110,137 Gemalto 2,536,455 

81,703 Koninklijke Vopak 3,465,841 

201,711 New World Resources - AShares 4,565,973 

299,855 Reed Elsevier 3,178,463 

107,561 Smit Internationale 6,669,858 

259,980 Unilever - CVA4,678,340 

0.62 

0.85 

0.40 

0.55 

0.72 

0.50 

1.06 

0.74 

189,542 Premier Oil 

261,337 Prudential 

1,610,175 QinetiQ 

919,659 RBS 

97,377 Reckitt Benckiser Group 

169,623 Rio Tinto 

783,289 Royal Dutch Shell - B Shares 

3,921,591 

1,750,592 

4,105,771 

2,478,700 

3,126,067 

12,873,774 

19,908,670 

0.62 

0.28 

0.65 

0.39 

0.49 

2.03 

3.15 

NORWAY 

217,878 Petroleum Geo-Services 

958,082 Pronova BioPharma 

114,510 Telenor 

225,411 Yara International 

34,377,096 

3,402,274 

2,042,570 

1,370,543 

12,604,211 

5.44 

0.54 

0.32 

0.22 

1.99 

5,112,058 RSAInsurance Group 

193,597 Severn Trent 

8,044,022 

3,151,539 

1.27 

0.50 

19,419,598 3.07 

1,542,233 Stagecoach Group 

358,498 Standard Chartered 

1,489,572 Standard Life 

1,171,220 Thomas Cook Group 

2,620,049 Vodafone Group 

197,432 Wellstream Holdings 

579,937 WM Morrison Supermarkets 

5,399,305 

6,415,908 

3,911,206 

3,404,666 

4,910,873 

3,256,388 

1,927,723 

0.85 

1.02 

0.62 

0.54 

0.78 

0.52 

0.30 

SPAIN 

103,057 ACS Actividades de Construccion y Servicios 

192,043 Enagas 

163,738 Grifols 

470,446 Iberdrola 

124,181 Repsol YPF 

3,223,623 

3,458,694 

3,299,321 

3,989,382 

3,128,119 

0.51 

0.55 

0.52 

0.63 

0.50 

128,565 Xstrata 6,554,911 1.04 

17,099,139 2.71 

233,139,202 36.90 

AUSTRIA 

384,391 Immofinanz 2,536,981 0.40 

GERMANY 

81,390 BASF 

179,511 Bayer 

3,548,604 

9,515,878 

0.56 

1.51 

102,484 Intercell 

146,631 OMV 

3,197,501 

7,324,218 

0.51 

1.16 


127,753 E.ON 



3,568,009 

16,365,159 

2,915,202 

6,403,256 

0.56 

2.59 

0.46 

1.01 

BERMUDA 

248,510 Frontline 

13,058,700 

11,107,367 

2.07 

1.76 

28,027 K+S 

96,415 MAN 

10,051,603 

6,804,007 

1.59 

1.08 

11,107,367 1.76 

130,707 MTU Aero Engines Holding 

56,541 Muenchener Rueckversicherungs Registered Shares 

53,775 Phoenix Solar 

40,568 RWE 

53,405 Salzgitter 

202,345 SAP 

2,693,871 

6,261,350 

2,584,427 

3,238,949 

6,211,536 

6,746,182 

0.43 

0.99 

0.41 

0.51 

0.98 

1.07 

GREECE 

186,737 Alpha Bank 

28,928 Coca Cola Hellenic Bottling 

242,906 Piraeus Bank 

95,340 Public Power 

3,585,350 

500,454 

4,192,558 

2,097,480 

0.57 

0.08 

0.66 

0.33 

161,242 SGL Carbon 

26,611 Siemens Registered Shares 

7,186,556 

1,875,011 

1.14 

0.30 

10,375,842 1.64 

128,698 Stada Arzneimittel 5,916,247 0.93 

LUXEMBOURG 


101,885,847 16.12 

10,264,614 1.63 

FRANCE 

67,943 Arkema 


162,537 Cap Gemini 

2,425,565 

10,558,634 

6,078,884 

0.38 

1.67 

0.96 

BELGIUM 

131,624 Euronav 

43,029 KBC Groep 

4,014,532 

3,027,520 

0.64 

0.48 

66,147 Compagnie de Saint-Gobain 

362,697 France Télécom 

2,622,729 

6,845,906 

0.42 

1.08 

7,042,052 1.12 

129,528 Gaz de France 

68,119 Renault 

96,027 Sanofi-Aventis 

333,881 SCOR 

5,274,380 

3,566,030 

4,044,657 

4,841,275 

0.84 

0.56 

0.64 

0.77 

SWEDEN 

151,228 Ssab Svenskt Stal - B Shares 

448,053 TeliaSonera 

2,740,611 

2,054,803 

0.43 

0.33 

4,795,414 0.76 

55 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


PORTUGAL 

296,096 Galp Energia - B Shares 4,124,617 0.65 

4,124,617 0.65 

JERSEY 

381,075 Petrofac 3,506,307 0.55 

3,506,307 0.55 

FINLAND 

132,556 Konecranes 3,480,921 0.55 

3,480,921 0.55 

DENMARK 

46,177 D/S Norden 3,176,217 0.50 

3,176,217 0.50 

IRELAND 

478,096 Anglo Irish Bank 2,902,043 0.46 

2,902,043 0.46 

Total Shares 632,936,381 100.17 



Market 

Value 

% of 

Net 

Assets 

632,936,381 100.17 



LUXEMBOURG 

500,000 JPMorgan Liquidity Funds - Euro Liquidity Fund 

(JPM Euro Liquidity X (dist.)) 500,000 0.08 

500,000 0.08 

Total Investment Funds 500,000 0.08 



500,000 0.08 






Shares 

% of 

Net Assets 



Energy 16.42 











Total 100.00 

56 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 




Energy 11.22 










Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


NETHERLANDS 

413,189 ING Groep - CVA8,298,901 1.45 

Shares and Rights 

183,281 New World Resources - AShares 4,148,787 0.72 


231,774 Unilever - CVA4,170,773 0.73 



7,184,910 

13,871,730 

1.27 

2.42 

16,618,461 2.90 

1,619,226 Barclays 5,934,903 1.04 NORWAY 

346,977 Barclays - Rights 17.07.08 39,469 0.01 196,620 Petroleum Geo-Services 3,070,319 0.54 

412,962 BG Group 6,753,867 1.18 163,959 Yara International 9,168,026 1.60 

313,533 BHP Billiton 7,576,686 1.32 

2,349,153 BP 17,272,525 3.02 

12,238,345 2.14 




565,655 Ferrexpo 


742,948 HBOS 

3,900,844 

2,984,364 

5,284,390 

2,822,162 

10,314,011 

2,586,951 

0.68 

0.52 

0.92 

0.49 

1.80 

0.45 

SPAIN 

229,168 BBVA2,807,308 

171,638 Enagas 3,091,200 

70,915 Repsol YPF 1,786,349 

183,801 Telefonica 3,104,399 

0.50 

0.54 

0.31 

0.54 

297,179 HBOS - Rights 

1,205,960 HSBC Holdings 

18.07.08 41,316 

11,812,525 

0.01 

2.06 

10,789,256 1.89 

169,911 Imperial Tobacco Group 4,009,350 0.70 AUSTRIA 

1,023,335 International Power 5,519,497 0.97 280,632 Immofinanz 1,852,171 0.33 

145,692 Kazakhmys 2,916,749 0.51 140,263 OMV 7,006,137 1.22 

1,349,261 Lloyds TSB Group 5,277,944 0.92 

954,237 Man Group 7,441,313 1.30 

8,858,308 1.55 

2,078,711 RBS 



5,602,622 

3,254,092 

12,019,864 

0.98 

0.57 

2.10 

LUXEMBOURG 



105,401 Severn Trent 

21,801,430 

1,715,808 

3.81 

0.30 

7,635,176 1.33 

1,427,208 Standard Life 3,747,455 0.65 GREECE 

7,474,259 Vodafone Group 14,009,332 2.45 164,421 Alpha Bank 3,156,883 0.55 

516,999 WM Morrison Supermarkets 1,718,516 0.30 233,869 Piraeus Bank 4,036,579 0.71 

64,331 Xstrata 3,279,928 0.57 

7,193,462 1.26 

190,694,553 33.32 

RUSSIA 

GERMANY 

128,269 Uralkali GDR 5,885,279 1.03 

68,126 Allianz Registered Shares 7,552,448 1.32 

77,312 BASF 3,370,803 0.59 

5,885,279 1.03 

110,864 Bayer 


180,963 E.ON 

5,876,901 

3,843,948 

23,181,360 

1.03 

0.67 

4.05 

PORTUGAL 


25,017 K+S 

72,917 MAN 

8,972,097 

5,145,753 

1.57 

0.90 

3,690,419 0.64 

49,085 Muenchener Rueckversicherungs Registered Shares 5,435,673 0.95 BELGIUM 

50,907 Salzgitter 5,920,993 1.03 40,973 KBC Groep 2,882,860 0.50 

260,354 SAP 8,680,202 1.52 


2,882,860 0.50 

SWITZERLAND 

85,154,204 14.88 

IRELAND 


203,122 Crédit Suisse Group Registered Shares 5,839,996 1.02 

2,756,751 0.49 




25,911,478 

19,314,251 

14,646,452 

4.53 

3.38 

2.56 

SWEDEN 

143,046 Ssab Svenskt Staal - B Shares 2,592,333 0.46 

27,736 Swiss Life Holding Registered Shares 


4,662,397 

6,563,032 

0.81 

1.15 

2,592,333 0.46 

16,845 Zurich Financial Services 2,716,267 0.47 

Total Shares and Rights 553,521,278 96.73 

FRANCE 

79,653,873 13.92 



553,521,278 96.73 



18,849,213 

4,064,557 

3.29 

0.71 




9,147,882 

2,917,669 

1.60 

0.51 

Cash 20,781,033 3.63 



2,652,522 

3,603,155 

0.46 

0.63 


108,959 Société Générale 

157,352 Suez 

5,998,193 

6,764,563 

1.05 

1.18 


294,080 Total 15,836,208 2.77 

69,833,962 12.20 

ITALY 

274,691 Buzzi Unicem 4,337,371 0.76 

797,887 Enel 4,859,132 0.85 

777,072 ENI 18,408,836 3.22 

342,558 Fiat 3,552,327 0.62 

2,261,665 Intesa Sanpaolo 8,153,302 1.42 

326,428 Mediobanca 3,502,572 0.61 

1,100,975 UniCredit 4,230,496 0.74 

47,044,036 8.22 

57 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 



Energy 17.23 








Total Shares and Rights 96.73 


Total 100.00 


Shares 

% of 

Net Assets 



Energy 12.35 










Total 100.00 

58 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


12,319 Aubay 63,196 0.00 

10,215 Audika 293,681 0.02 


15,525 Avenir Telecom 18,785 0.00 


377,873 3i Group 

186,674 Aero Inventory 


1,437,396 AstraZeneca 

1,186,937 Balfour Beatty 

809,676 Barclays 

173,502 Barclays - Rights 

1,663,577 Beazley Group 

1,621,451 BG Group 

1,984,426 BHP Billiton 

6,761,330 BP 

63,800 Brammer 


174,088 BT Group 

129,000 Cape 


1,251,589 Chaucer Holdings 

17,870 Chemring Group 

97,700 Connaught 

1,103,333 Cookson Group 

339,073 De La Rue 

205,517 Drax Group 


117,583 Fenner 

17.07.08 

3,921,003 

1,326,189 

1,688,315 

38,532,327 

6,356,902 

2,967,682 

19,736 

2,344,369 

26,518,335 

47,954,673 

49,713,766 

222,152 

6,921,779 

436,535 

457,331 

2,125,911 

1,273,403 

529,634 

524,797 

8,715,549 

3,811,951 

1,919,554 

5,124,667 

364,470 

0.21 

0.07 

0.09 

2.05 

0.34 

0.16 

0.00 

0.11 

1.41 

2.55 

2.65 

0.01 

0.37 

0.02 

0.02 

0.11 

0.07 

0.03 

0.03 

0.46 

0.20 

0.10 

0.27 

0.02 




19,265 Business & Decision 

33,083 Casino Guichard Perrachon 

9,870 Devoteam 

5,881 Faiveley 

32,838 Foncière Des Régions 


66,798 Homair 

82,876 IMS-Intl Metal Service 

172,139 Lafarge 

21,353 LeGuide.com 

15,749 LISI 

47,972 Oberthur Technologies 

21,992 Outremer Telecom 

16,999 Parrot 

439,650 Peugeot 

90,865 Rallye 


3,723 Rubis 


1,281,999 Total 

1,520,067 Vivendi 

184,406 Wendel 

1,824,349 

42,445,762 

2,609,809 

206,906 

2,381,314 

208,356 

244,061 

2,549,871 

19,683,152 

223,105 

1,781,005 

16,539,115 

288,479 

895,173 

210,117 

153,284 

191,069 

15,141,546 

3,404,712 

6,217,819 

202,122 

15,983,276 

69,035,646 

36,466,407 

11,857,306 

0.10 

2.26 

0.14 

0.01 

0.12 

0.01 

0.01 

0.14 

1.05 

0.01 

0.09 

0.88 

0.02 

0.05 

0.01 

0.01 

0.01 

0.81 

0.18 

0.33 

0.01 

0.85 

3.68 

1.94 

0.63 

1,078,097 Firstgroup 

91,800 Game Group 

7,010,538 

332,121 

0.37 

0.02 

257,050,992 13.68 


2,548,616 Hays 

3,038,597 HMV Group 


47,144 Imperial Energy 

1,221,302 Inchcape 

425,200 Intermediate Capital Group 

1,131,765 International Personal Finance 

415,024 Interserve 

645,611 Investec 

122,200 ITE Group 

483,922 JKX Oil & Gas 


405,090 Keller Group 

87,265 Kier Group 

948,247 Land Securities Group 

12,758,009 Legal & General Group 


133,224 Morgan Sindall 

129,966 Mouchel 


925,910 National Grid 

180,490 Next 


3,009,842 

2,915,151 

4,848,558 

21,351,299 

552,946 

4,877,736 

7,297,955 

3,969,423 

2,408,965 

2,498,936 

258,313 

3,159,031 

5,650,875 

3,205,044 

1,048,336 

14,813,173 

16,076,304 

19,063,938 

1,267,902 

682,099 

9,465,216 

7,711,917 

2,219,597 

852,839 

0.16 

0.16 

0.26 

1.14 

0.03 

0.26 

0.39 

0.21 

0.13 

0.13 

0.01 

0.17 

0.30 

0.17 

0.06 

0.79 

0.86 

1.02 

0.07 

0.04 

0.50 

0.41 

0.12 

0.05 

GERMANY 

95,784 Allianz Registered Shares 

433,286 Altana 

967,690 BASF 

5,370 Bauer 

99,155 Bechtle 

185,756 Bilfinger Berger 



64,019 Deutsche Beteiligungs 


238,313 E.ON 





184,250 Kloeckner & Co. 

195,881 Leoni 

127,286 MAN 

22,301 Manz Automation 


116,930 Norddeutsche Affinerie 

41,580 Porsche Automobil Holding Non Voting Preference 

Shares 

10,618,614 

4,714,152 

42,191,284 

327,355 

1,776,858 

10,199,862 

21,967,926 

310,426 

1,032,626 

874,439 

30,527,895 

334,425 

4,395,531 

5,149,809 

1,095,131 

6,658,795 

5,298,581 

8,982,573 

3,651,789 

18,052,281 

4,022,392 

4,064,861 

0.57 

0.25 

2.25 

0.02 

0.09 

0.54 

1.17 

0.02 

0.06 

0.05 

1.63 

0.02 

0.23 

0.27 

0.06 

0.35 

0.28 

0.48 

0.20 

0.96 

0.21 

0.22 

721,712 PV Crystalox Solar 1,778,716 0.09 10,242 Roth & Rau 1,387,791 0.07 

16,540,635 RBS 44,580,954 2.37 544,330 ThyssenKrupp 21,735,097 1.16 

131,531 Reckitt Benckiser Group 4,222,503 0.22 254,832 Vivacon 1,582,507 0.08 

220,174 Record 289,406 0.02 

71,900 Regal Petroleum 234,908 0.01 

210,953,000 11.24 

2,538,528 Regus Group 


322,720 Royal Dutch Shell - AShares 

1,078,923 Royal Dutch Shell - AShares 

391,304 Savills 

709,901 Scottish & Southern Energy 

1,274,980 Segro 

362,792 Senior 

16,100 Spirax-Sarco Engineering 


472,776 Tullett Prebon 

1,885,614 Unilever 


2,598,814 

33,766,003 

8,377,886 

28,095,155 

1,092,986 

12,606,144 

6,345,007 

453,943 

217,323 

4,313,764 

2,587,328 

33,865,307 

37,387,183 

0.14 

1.80 

0.45 

1.50 

0.06 

0.67 

0.34 

0.02 

0.01 

0.23 

0.14 

1.80 

1.99 

SPAIN 

2,472,276 BBVA30,285,381 

4,456,685 BSCH 51,608,412 

11,186 Construcciones y Auxiliar de Ferrocarriles 3,065,523 

150,280 Corporacion Financiera Alba 5,567,874 

192,583 Grifols 3,880,547 

48,775 Laboratorios Farmaceuticos Rovi 458,485 

110,171 Prosegur Companhia de Seguridad Registered Shares 3,038,516 

269,914 Repsol YPF 6,799,134 

101,137 Tecnicas Reunidas 5,345,090 

3,149,843 Telefonica 53,200,848 

73,387 Union Fenosa 2,704,311 

1.61 

2.75 

0.17 

0.30 

0.21 

0.02 

0.16 

0.37 

0.28 

2.83 

0.14 

107,352 VT Group 


852,075 

2,157,395 

0.05 

0.12 

165,954,121 8.84 

431,779 WM Morrison Supermarkets 1,435,243 0.08 ITALY 

32,639 WSP Group 215,748 0.01 23,529 Ansaldo STS 222,584 0.01 

1,067,678 Assicurazioni Generali 25,805,777 1.37 

587,792,875 31.30 153,726 Benetton Group 1,121,431 0.06 

FRANCE 

13,338 1000mercis 

6,923 Acadomia 


7,616 Alstom 

1,341 Areva - CI 

90,136 Arkema 

319,979 

211,221 

78,706 

1,108,813 

994,995 

3,217,855 

0.02 

0.01 

0.00 

0.06 

0.05 

0.17 

232,843 Brembo 


265,346 Carraro 

7,298 Cobra Automotive Technologies 

17,238 DiaSorin 

4,369,157 Enel 

2,055,083 ENI 

1,543,749 

3,995,044 

1,220,592 

33,899 

227,197 

26,608,166 

48,684,916 

0.08 

0.21 

0.07 

0.00 

0.01 

1.42 

2.59 

59 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

1,237,897 Fiat 12,836,992 0.68 

621,132 Finmeccanica 10,285,946 0.56 

445,432 Fondiaria-Sai 9,318,437 0.50 

72,639 Gruppo Coin 230,810 0.01 

377,253 Istituto Finanziario Industriale Preference Shares 4,776,023 0.25 

66,681 Landi Renzo 261,223 0.01 

55,042 MARR 352,269 0.02 

414,546 Recordati 2,053,039 0.11 

14,767 Reply 290,910 0.02 

293,961 Screen Service Broadcasting Technologies 160,062 0.01 

230,973 Trevi Finanziaria 3,684,019 0.20 

153,713,085 8.19 

SWITZERLAND 

506,184 ABB Registered Shares 9,088,774 0.48 

168,240 Adecco Registered Shares 5,305,305 0.28 

35,726 Ascom Holding Registered Shares 222,426 0.01 

16,877 Baloise Holding Registered Shares 1,116,941 0.06 

7,185 Banque Cantonale Vaudoise Registered Shares 1,467,244 0.08 

20,518 Bucher Industries Registered Shares 3,397,960 0.18 

4,809 Burckhardt Compression Holding 923,659 0.05 

9,355 Galenica Registered Shares 2,133,158 0.11 

400 Gurit Holding - Bearer Shares 238,825 0.01 

14,956 Helvetia Holding 3,647,759 0.19 

953 Hiestand Holding Registered Shares 1,044,257 0.06 

9,996 Kuoni Reisen Holding Registered - B Shares 3,075,917 0.16 

525,123 Logitech International Registered Shares 8,951,507 0.48 

6,758 Meyer Burger Technology 1,281,171 0.07 

594,280 Nestlé Registered Shares 17,041,848 0.91 

21,845 Partners Group Holding 1,916,305 0.10 

40,748 Roche Holding - Genussschein 4,609,596 0.25 

73,720 Swiss Life Holding Registered Shares 12,392,266 0.66 

183,979 Swiss Reinsurance Registered Shares 7,691,586 0.41 

118,812 Syngenta Registered Shares 24,133,065 1.29 


131,214,268 6.99 

BELGIUM 

44,730 Ackermans & Van Haaren 2,873,902 0.15 

1,024,056 Belgacom 28,135,939 1.50 

15,806 Compagnie d’Entreprises CFE 982,343 0.05 

4,588 D’ieteren 805,469 0.04 

172,312 Euronav 5,255,516 0.29 

27,098 EVS Broadcast Equipement 1,524,804 0.08 

33,091 InBev 1,453,357 0.08 

441,413 KBC Groep 31,057,819 1.65 

72,089,149 3.84 

FINLAND 

37,395 Kone - B Shares 835,778 0.04 

377,997 Metso 10,882,534 0.58 

1,402,769 Nokia 21,546,532 1.15 

118,227 Nokian Renkaat 3,615,382 0.19 

437,088 Outokumpu 9,812,626 0.52 

465,863 Pohjola Bank 5,171,079 0.28 

282,374 Wartsila 11,374,025 0.61 

138,863 YIT 2,212,088 0.12 

65,450,044 3.49 

DENMARK 

67,667 Auriga Industries - B Shares 1,977,883 0.11 

50,887 D/S Norden 3,500,188 0.19 

62,568 East Asiatic 2,692,926 0.14 

34,561 FLSmidth & Co. 2,414,299 0.13 

126,921 Jyske Bank Registered Shares 4,824,515 0.26 

745,244 Novo Nordisk - B Shares 31,126,023 1.65 

18,131 Vestas Wind Systems 1,507,234 0.08 

48,043,068 2.56 

GREECE 

1,740,205 Alapis Holding Industrial and Commercial SA of 

Pharmaceutical Chemical & Organisation 3,027,957 0.16 

913,530 Alpha Bank 17,539,776 0.93 

231,370 OPAP 5,131,787 0.28 

486,011 Piraeus Bank 8,388,550 0.45 


34,088,084 1.82 

NORWAY 

1,966,271 DnB NOR 15,934,368 0.85 

108,241 ODIM 1,160,562 0.06 

60 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

190,425 Veidekke 852,308 0.05 

282,149 Yara International 15,776,806 0.84 

33,724,044 1.80 

LUXEMBOURG 


230,279 Oriflame Cosmetics SDR 9,331,913 0.50 

31,587,418 1.68 

PORTUGAL 

878,049 Banco Espirito Santo Registered Shares 8,798,051 0.47 



27,519,654 1.47 

SWEDEN 

20,146 AF - B Shares 358,707 0.02 

106,545 B&B Tools - B Shares 1,579,017 0.08 

183,890 BE Group 1,122,176 0.06 

346,079 Betsson 2,569,050 0.14 



323,182 JM 2,646,670 0.14 

496,427 Kinnevik Investment 5,888,338 0.31 

57,029 KNOW IT 328,430 0.02 


474,111 NCC - B Shares 4,496,406 0.24 

361,050 Peab 1,571,866 0.08 

55,481 Peab Industri - B Shares 319,515 0.02 

261,041 Saab - B Shares 4,165,208 0.22 

46,887 Wihlborgs Fastigheter 542,522 0.03 

26,440,621 1.41 

NETHERLANDS 

136,182 Bateman Litwin 251,293 0.01 

82,541 Imtech 1,225,734 0.07 

121,949 Koninklijke BAM Groep 1,362,170 0.07 

218,968 Koninklijke DSM 8,176,265 0.44 

351,121 New World Resources - AShares 7,948,049 0.42 

54,748 Smit Internationale 3,394,923 0.18 

13,589 Unit 4 Agresso 215,657 0.01 

22,574,091 1.20 

AUSTRIA 

131,784 OMV 6,582,611 0.35 

24,708 Voestalpine 1,264,308 0.07 

7,846,919 0.42 

JERSEY 

722,681 Petrofac 6,649,457 0.35 

6,649,457 0.35 

IRELAND 

54,999 FBD Holdings 984,482 0.05 

112,758 IFG Group 201,837 0.01 

179,435 Paddy Power 3,516,926 0.19 

135,732 United Drug 472,347 0.03 

5,175,592 0.28 

ISLE OFMAN 


222,185 Lamprell 1,607,675 0.08 

1,947,005 0.10 

BERMUDA 

702,732 Hiscox 1,849,622 0.10 

1,849,622 0.10 

Total Shares and Rights 1,891,663,109 100.76 



1,891,663,109 100.76 




Total Net Assets 1,877,322,935 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 



Energy 13.90 










Total 100.00 



% of 

Net Assets 



Energy 12.61 











Total 100.00 

61 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


987,850 Spirent Communications 814,666 0.17 

516,008 St James’s Place 1,431,526 0.31 

Shares 

505,858 Stagecoach Group 1,770,992 0.38 


633,777 Aegis Group 


359,023 Afren 

156,184 Aggreko 

137,148 Amec 

691,472 Aricom 

4,735 Arriva 

335,045 Ashmore Group 

76,932 Atkins (WS) 

149,542 Autonomy 

53,300 Aveva Group 

851,086 

988,905 

769,131 

1,448,908 

1,540,988 

712,263 

40,575 

926,316 

1,035,535 

1,699,147 

1,033,382 

0.18 

0.21 

0.17 

0.31 

0.33 

0.15 

0.01 

0.20 

0.22 

0.36 

0.23 

975,937 Taylor Nelson Sofres 

135,000 Tullett Prebon 

423,990 UK Coal 

60,044 Ultra Electronics Holdings 

93,089 Venture Production 


135,989 Weir Group 


710,466 WH Smith 

176,029 Wincanton 

240,767 Wood Group (John) 

77,552 WSP Group 

2,880,161 

738,805 

2,995,543 

909,148 

1,023,001 

1,031,766 

1,606,169 

2,026,649 

3,344,858 

638,520 

1,485,756 

512,629 

0.61 

0.16 

0.64 

0.19 

0.22 

0.22 

0.34 

0.43 

0.71 

0.14 

0.32 

0.11 

185,205 Babcock International Group 

402,401 Balfour Beatty 

1,437,240 

2,155,147 

0.31 

0.46 

125,674,162 26.79 


956,844 BETonSPORTS 

301,000 BlueBay Asset Management 

159,928 Britvic 

97,325 BSS Group 

437,517 Cape 

684,790 Carillion 





101,480 Croda International 


338,555 Davis Service Group 

101,386 De La Rue 

1,242,549 Dimension Data Holdings 

125,528 Enodis 

1,464,470 FKI 


202,000 Halfords Group 

1,323,747 Hays 

155,678 Hikma Pharmaceuticals 

500,440 HMV Group 

74,999 Hunting 

255,088 IG Group Holdings 

473,739 IMI 


371,618 Inchcape 

166,783 Inmarsat 


255,790 International Personal Finance 


101,452 Intertek Group 

344,245 ITE Group 



2,424,579 

121 

829,908 

582,642 

409,001 

1,551,086 

2,884,269 

3,715,078 

1,852,048 

934,757 

2,535,080 

819,576 

2,619,874 

1,910,552 

1,139,809 

714,551 

502,137 

1,545,522 

1,422,263 

679,112 

1,514,125 

983,797 

798,531 

820,409 

1,078,436 

2,606,070 

2,307,045 

1,484,198 

1,100,349 

2,200,079 

897,129 

3,187,358 

1,269,416 

727,682 

1,045,442 

2,374,054 

0.52 

0.00 

0.18 

0.12 

0.09 

0.33 

0.62 

0.79 

0.39 

0.20 

0.54 

0.17 

0.56 

0.41 

0.24 

0.15 

0.11 

0.33 

0.30 

0.14 

0.32 

0.21 

0.17 

0.17 

0.23 

0.56 

0.49 

0.32 

0.23 

0.47 

0.19 

0.68 

0.27 

0.16 

0.22 

0.51 

GERMANY 

124,694 Aixtron 813,005 

25,340 Bauer 1,544,726 

104,745 Bechtle 1,877,030 

20,495 Bilfinger Berger 1,125,380 

21,451 Centrotherm Photovoltaics 1,263,893 

96,819 Comdirect Bank 698,065 

97,589 Demag Cranes 2,947,188 

77,583 Deutsche Euroshop 1,903,111 

376,690 Deutz 2,192,336 

16,314 ElringKlinger 978,840 

24,313 Fielmann 1,129,339 

44,659 GEAGroup 999,022 

31,185 Gerresheimer 1,027,858 

64,357 Gildemeister 1,137,832 

97,527 Kloeckner & Co. 3,524,626 

12,543 Krones 662,396 

39,362 KUKA813,219 

8,970 KWS Saat 1,318,231 

112,961 Leoni 3,055,595 

3,873 Manz Automation 634,204 

54,197 Medion 541,428 

91,879 Norddeutsche Affinerie 3,160,638 

27,992 Phoenix Solar 1,345,296 

132,963 PVATePla 918,774 

3,985 REpower Systems Registered Shares 844,501 

31,871 SGL Carbon 1,420,490 

30,971 Sixt 773,036 

416 SMASolar Technology 22,901 

20,425 Solar Millennium 561,483 

31,132 Solarworld 924,620 

21,348 Stada Arzneimittel 981,368 

149,662 Tognum 2,572,690 

14,720 Vossloh 1,220,141 

117,261 Wirecard 986,165 

0.17 

0.33 

0.40 

0.24 

0.27 

0.15 

0.63 

0.41 

0.47 

0.21 

0.24 

0.21 

0.22 

0.24 

0.75 

0.14 

0.17 

0.28 

0.65 

0.14 

0.12 

0.67 

0.29 

0.20 

0.18 

0.30 

0.16 

0.00 

0.12 

0.20 

0.21 

0.55 

0.26 

0.21 

497,171 Ladbrokes 

819,268 Meggitt 

1,424,587 Melrose 

329,405 Micro Focus International 

246,085 Mitie Group 

767,254 Morgan Crucible 


180,527 N Brown Group 


1,528,598 Northern Foods 

105,271 Northumbrian Water Group 

58,361 Peter Hambro Mining 

381,020 Premier Farnell 

59,647 Premier Oil 

37,854 Provident Financial 

452,876 QinetiQ 

83,459 Rathbone Brothers 

735,959 ROK 

82,469 Rotork 

305,092 RPS Group 



204,241 Serco Group 

511,603 Severfield-Rowen 

98,824 Shaftesbury 

147,088 Sibir Energy 

45,618 Soco International 

58,762 Spectris 

1,603,909 

2,174,470 

2,718,780 

1,095,990 

657,037 

1,878,837 

1,234,897 

416,402 

1,822,639 

1,173,675 

415,783 

950,051 

839,129 

1,234,086 

382,028 

1,154,785 

982,044 

751,111 

1,143,419 

1,156,034 

1,303,732 

784,248 

1,144,840 

1,561,559 

481,811 

1,535,555 

1,135,823 

528,792 

0.34 

0.46 

0.58 

0.23 

0.14 

0.40 

0.26 

0.09 

0.39 

0.25 

0.09 

0.20 

0.18 

0.26 

0.08 

0.25 

0.21 

0.16 

0.24 

0.25 

0.28 

0.17 

0.24 

0.33 

0.10 

0.33 

0.24 

0.11 

ITALY 

141,647 ACEA 

215,285 Ansaldo STS 

321,256 Astaldi 

236,938 Banco di Desio e della Brianza 

161,559 Benetton Group 




224,861 Cementir Holding 

760,160 CIR-Compagnie Industriali Riunite 

257,032 Cofide 

161,309 Danieli & Co. 

84,483 Danieli & Co. - RNC Shares 

133,368 ERG 

580,177 Immobiliare Grande Distribuzione 

63,944 Industria Macchine Automatiche 

183,499 Interpump Group 

87,765 Italcementi 

30,914 Lottomatica 

374,078 Maire Tecnimont 

128,746 MARR 


326,507 Recordati 

21,944 Societa Cattolica di Assicurazioni 

299,702 Trevi Finanziaria 

45,919,427 

1,709,679 

2,036,596 

1,699,444 

1,431,105 

1,178,573 

1,034,406 

2,801,209 

249,936 

951,724 

1,336,361 

182,236 

3,810,119 

1,265,555 

2,021,859 

1,084,931 

895,216 

1,082,644 

917,144 

587,057 

1,591,702 

823,974 

1,890,212 

1,617,026 

606,532 

4,780,247 

9.79 

0.36 

0.43 

0.36 

0.31 

0.25 

0.22 

0.60 

0.05 

0.20 

0.28 

0.04 

0.81 

0.27 

0.44 

0.23 

0.19 

0.23 

0.20 

0.13 

0.34 

0.18 

0.40 

0.34 

0.13 

1.02 

190,646 Speedy Hire 

54,109 Spirax-Sarco Engineering 

1,367,419 

730,380 

0.29 

0.16 

37,585,487 8.01 

62 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

FRANCE 

63,615 Alten 1,466,326 0.31 

31,241 Arkema 1,115,304 0.24 

53,305 Beneteau 745,737 0.16 

24,346 BioMerieux 1,758,755 0.37 

36,287 Bureau Veritas 1,360,763 0.29 

21,765 Ciments Français 2,263,560 0.48 

178,457 Derichebourg 992,221 0.21 

35,905 EDF Energies Nouvelles 1,520,577 0.32 

150,611 Etablissements Maurel et Prom 2,239,586 0.48 

51,770 Ingenico 1,138,940 0.24 

27,865 LISI 1,583,847 0.34 

28,880 Orpea 902,211 0.19 

88,697 Rallye 3,323,477 0.71 

19,687 Sa des Ciments Vicat 983,956 0.21 

92,064 SEB 3,402,685 0.73 

24,866 Sechilienne-Sidec 1,195,309 0.25 

17,936 Sperian Protection 1,362,957 0.29 

82,362 Téléperformance 1,917,387 0.41 

80,464 UBISOFT Entertainment 4,482,649 0.96 

10,041 Vilmorin & Cie 1,214,760 0.26 

34,971,007 7.45 

SPAIN 

39,273 Abengoa 781,533 0.17 

124,530 Amper 1,119,525 0.24 

149,138 Banco Pastor 1,339,259 0.29 

227,812 Cie Automotive 1,467,109 0.31 

5,861 Construcciones y Auxiliar de Ferrocarriles 1,606,207 0.34 

53,721 Corporacion Financiera Alba 1,990,363 0.42 

133,225 Duro Felguera 815,337 0.17 

122,954 Grifols 2,477,523 0.53 

69,702 Grupo Catalana Occidente 1,248,363 0.27 

94,226 Indra Sistemas 1,556,613 0.34 

134,157 Laboratorios Farmaceuticos Rovi 1,261,076 0.27 

171,164 Promotora de Informaciones 1,148,510 0.24 

46,128 Prosegur Companhia de Seguridad Registered Shares 1,272,210 0.27 

115,226 Solaria Energia y Medio Ambiente 1,048,557 0.22 

36,996 Tecnicas Reunidas 1,955,239 0.42 

432,989 Tubacex 3,299,376 0.70 

566,082 Tubos Reunidos - B Shares 2,224,702 0.47 

56,997 Vidrala 1,116,571 0.24 

102,629 Viscofan 1,386,518 0.30 

209,582 Zeltia 953,598 0.20 

30,068,189 6.41 

SWITZERLAND 

437 Bobst Group Registered Shares 22,255 0.00 

46,888 Bossard Holding - Bearer Shares 2,314,923 0.50 

10,916 Bucher Industries Registered Shares 1,807,785 0.39 

1,149 Burckhardt Compression Holding 220,687 0.05 

821,429 Clariant Registered Shares 5,155,042 1.10 

7,881 Dufry Group Registered Shares 455,580 0.10 

36,854 EFG International Registered Shares 652,783 0.14 

5,326 Galenica Registered Shares 1,214,452 0.26 

11,935 Helvetia Holding 2,910,939 0.62 

448 Jelmoli Holding - Bearer Shares 727,981 0.16 

3,165 Kaba Holding Registered - B Shares 607,898 0.13 

9,029 Kuoni Reisen Holding Registered - B Shares 2,778,357 0.59 

20,562 Partners Group Holding 1,803,757 0.38 

50,005 PSP Swiss Property Registered Shares 1,899,087 0.40 

2,132 St. Galler Kantonalbank Registered Shares 607,931 0.13 

171,769 Temenos Group Registered Shares 3,352,617 0.71 

26,532,074 5.66 

NETHERLANDS 

125,146 Aalberts Industries 1,487,986 0.32 

19,247 Advanced Metallurgical Group 1,040,878 0.22 

232,997 BinckBank 1,563,410 0.32 

103,822 Boskalis Westminster - CVA3,508,145 0.75 

22,614 CSM 497,282 0.11 

52,411 Draka Holding 904,090 0.19 

70,510 Fugro - CVA3,819,527 0.81 

45,589 Gemalto 1,049,915 0.22 

28,294 Grontmij - CVA761,109 0.16 

46,281 Imtech 687,273 0.15 

120,442 Koninklijke BAM Groep 1,345,337 0.29 

24,422 Koninklijke Vopak 1,035,981 0.22 

27,757 Nutreco Holding 1,174,121 0.25 

44,693 OPG Groep - CVA597,545 0.13 

47,208 Sligro Food Group 1,204,748 0.26 

63 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


95,114 Super de Boer 292,951 0.06 

72,029 Ten Cate 1,636,499 0.35 

49,696 Unit 4 Agresso 788,676 0.17 

26,010,683 5.54 

SWEDEN 

33,164 AF - B Shares 590,497 0.13 

65,562 B&B Tools - B Shares 971,641 0.21 

111,250 BE Group 678,896 0.14 

107,980 Billerud 515,742 0.11 

87,315 Elekta - B Shares 1,070,281 0.23 

63,342 Getinge - B Shares 987,267 0.21 



86,878 Intrum Justitia 982,301 0.21 

226,271 KappAhl Holding 954,010 0.20 

141,030 Kinnevik Investment 1,672,819 0.36 


29,705 Lundbergforetagen - B Shares 963,649 0.21 

125,377 Lundin Petroleum 1,169,186 0.25 

49,831 Meda - AShares 400,188 0.09 

38,658 Modern Times Group - B Shares 1,444,042 0.31 

48,831 NCC - B Shares 463,107 0.10 

431,935 PAResources 3,480,240 0.74 

407,819 Peab 1,775,479 0.38 

393,907 Peab Industri - B Shares 2,268,513 0.48 

153,033 Saab - B Shares 2,441,817 0.52 

101,229 Wihlborgs Fastigheter 1,171,305 0.25 

25,499,224 5.44 

GREECE 



4,104 Bank of Greece 379,415 0.07 

98,333 Folli - Follie Registered Shares 1,455,328 0.31 

194,930 GEK Group of Companies 1,481,468 0.32 

77,510 Hellenic Petroleum 675,887 0.14 

108,311 Hellenic Technodomiki Tev 877,319 0.19 

145,548 Intralot - Integrated Lottery Systems & Services 1,586,473 0.34 

92,338 JUMBO 1,652,850 0.35 

588,585 Michaniki 2,201,308 0.47 

95,327 Motor Oil Hellas Corinth Refineries 1,229,718 0.26 

73,277 Sarantis 828,030 0.18 

169,668 Sidenor Steel Products Manufacturing 1,642,386 0.35 

17,366,228 3.70 

BELGIUM 


44,414 Bekaert 4,338,804 0.92 

21,247 Compagnie d’Entreprises CFE 1,320,501 0.28 

4,303 D’ieteren 755,435 0.16 

113,542 Euronav 3,463,031 0.74 

21,956 Mobistar 1,117,341 0.24 

49,801 Umicore 1,554,289 0.34 

15,182,238 3.24 

NORWAY 

133,654 Blom 699,857 0.15 

262,246 Ementor 1,108,375 0.24 

82,465 Fred Olsen Energy 3,176,920 0.68 

695,818 Norse Energy 585,568 0.12 

153,434 Norwegian Energy 617,877 0.13 

176,232 ODIM 1,889,563 0.40 

81,118 Petroleum Geo-Services 1,266,698 0.27 

4,184,806 Rocksource 939,131 0.20 

136,883 Scana Industrier 222,709 0.06 

102,781 Sevan Marine 811,138 0.17 

93,518 Songa Offshore 950,235 0.20 

108,872 TGS Nopec Geophysical 961,009 0.20 

299,989 Veidekke 1,342,697 0.29 

14,571,777 3.11 

FINLAND 

55,917 Cargotec - B Shares 1,263,724 0.27 

73,865 Elisa - AShares 990,530 0.21 

47,661 Konecranes 1,251,578 0.27 

42,954 Nokian Renkaat 1,313,533 0.28 

21,342 Outotec 860,723 0.18 

227,464 Pohjola Bank 2,524,850 0.53




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

53,864 Poyry 891,988 0.19 

37,907 Stockmann - B Shares 928,722 0.20 

157,703 Tietoenator 2,051,716 0.44 

134,740 YIT 2,146,408 0.46 

14,223,772 3.03 

DENMARK 

24,322 Alm Brand 790,821 0.17 

41,775 Auriga Industries - B Shares 1,221,069 0.26 

30,688 D/S Norden 2,110,829 0.45 

141,260 DSV 2,130,781 0.45 

31,005 East Asiatic 1,334,455 0.28 

37,326 FLSmidth & Co. 2,607,452 0.56 

46,058 Jyske Bank Registered Shares 1,750,754 0.37 

33,953 Sydbank 820,579 0.17 

79,789 TK Development 652,589 0.15 

8,313 Topdanmark 796,950 0.17 

14,216,279 3.03 

IRELAND 

279,241 C&C Group 975,947 0.21 

238,383 DCC 3,792,674 0.81 

326,218 Glanbia 1,514,630 0.32 

73,538 Iaws Group 1,165,724 0.25 

66,357 Paddy Power 1,300,597 0.27 

398,865 United Drug 1,388,050 0.30 

10,137,622 2.16 

AUSTRIA 

64,542 Conwert Immobilien Invest 695,117 0.14 

24,987 Flughafen Wien 1,520,959 0.32 

96,589 Immofinanz 637,487 0.14 

51,619 Intercell 1,610,513 0.34 

40,319 Oesterreichische Post 980,558 0.21 

68,386 RHI 2,095,347 0.45 

25,193 Schoeller-Bleckmann Oilfield Equipment 1,677,350 0.36 

9,217,331 1.96 

PORTUGAL 

288,704 Jeronimo Martins SGPS 1,342,474 0.29 

150,320 Mota Engil SGPS 611,802 0.13 


626,804 Sonae Capital SGPS 808,577 0.17 


4,899,460 1.04 

BERMUDA 

38,373 Frontline 1,715,114 0.37 

13,634 Independent Tankers 15,298 0.00 

11,113 Vostok Gas 662,310 0.14 


3,874,633 0.83 

JERSEY 

90,435 Meinl European Land 634,854 0.14 

179,456 Petrofac 1,651,192 0.35 

33,413 Randgold Resources 979,742 0.21 

3,265,788 0.70 

CYPRUS 

1,078,974 Deep Sea Supply 2,502,085 0.54 

2,807 Prosafe Production Public 9,869 0.00 

2,511,954 0.54 

LUXEMBOURG 

499,787 Colt Telecom Group 930,140 0.20 


2,213,507 0.47 

GUERNSEY 

430,922 Assura Group 528,297 0.11 

61,607 Mapeley 1,012,235 0.22 

1,540,532 0.33 

GIBRALTAR 

329,536 PartyGaming 1,075,601 0.23 

1,075,601 0.23 

64 

Quantity/ 

Nominal 

Value 


ISLE OFMAN 

107,961 Lamprell 781,179 0.17 

781,179 0.17 

AUSTRALIA 

425,325 International Ferro Metals 674,641 0.14 

674,641 0.14 


35,194 Subsea 7 570,414 0.12 

570,414 0.12 

Total Shares 468,583,209 99.89 



Market 

Value 

% of 

Net 

Assets 

468,583,209 99.89 



LUXEMBOURG 



1,265,286 0.27 




1,265,286 0.27 






Shares 

% of 

Net Assets 




Energy 10.96 










Total 100.00 



% of 

Net Assets 






Energy 6.10 








Total 100.00




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


SPAIN 

67,181 Telefonica 1,134,687 1.00 

Shares 


1,134,687 1.00 

130,020 Aggreko 1,206,186 1.06 NORWAY 

3,294,197 ARM Holdings 3,580,603 3.15 95,145 EDB Business Partner 344,003 0.31 

177,481 Autonomy 2,016,600 1.77 167,440 Ementor 707,680 0.62 

47,741 Aveva Group 925,604 0.81 

332,306 Babcock International Group 2,578,782 2.27 

1,051,683 0.93 

285,136 BETonSPORTS 36 0.00 

4,580 Communisis 3,676 0.00 

Total Shares 110,402,345 97.15 



465,331 Laird 

1,132,885 

2,245,072 

2,302,512 

1.00 

1.98 

2.03 



110,402,345 97.15 

1,943,846 Logica 

534,250 M&C Saatchi 

2,653,345 

668,479 

2.34 

0.59 Transferable Securities Dealt in on Another Regulated Market 


1,271,677 Pace 

1,264,888 

1,362,149 

1.11 

1.20 Investment Funds 

533,455 Premier Farnell 

50,395 Rotork 

1,165,047 Sage Group 

1,174,840 

698,718 

3,062,774 

1.03 

0.62 

2.70 

LUXEMBOURG 



2,055,183 Spirent Communications 1,694,881 1.49 

212,686 Telecity Group 719,069 0.63 

3,500,000 3.08 

1,023 Temple Capital Partners 0 0.00 

529,657 Vodafone Group 992,759 0.87 


FRANCE 

1,553,151 Alcatel-Lucent 

30,283,858 

5,917,505 

26.65 

5.21 



Total Investments 

3,500,000 

113,902,345 

3.08 

100.23 

55,526 Alten 


1,279,874 

6,642,951 

1.13 

5.85 

Cash 418,081 0.37 

81,653 Dassault Systèmes 3,142,007 2.76 

41,589 Devoteam 877,944 0.77 


39,249 Eutelsat Communications 693,922 0.61 

149,656 France Télécom 2,824,757 2.49 


65,581 Ingenico 1,442,782 1.26 

53,930 IPSOS 1,096,936 0.97 

232,926 Oberthur Technologies 1,020,216 0.90 

34,588 Téléperformance 

136,598 Thomson 

51,486 Vivendi 

805,209 

446,675 

1,235,149 

0.70 

0.39 

1.09 


Shares 

% of 

Net Assets 

27,425,927 24.13 


Industrials 

74.47 

10.02 

GERMANY 

124,870 Deutsche Telekom 

199,138 Epcos 

490,462 Infineon Technologies 

1,297,399 

2,057,096 

2,670,566 

1.14 

1.80 

2.35 



Investment Companies 

Total Shares 

7.72 

4.94 

3.08 

100.23 

29,263 Phoenix Solar 1,406,380 1.24 Cash and Other Assets/(Liabilities) (0.23) 

11,123 Roth & Rau 

320,645 SAP 

1,507,167 

10,690,304 

1.33 

9.41 

Total 100.00 

7,002 SMASolar Technology 385,460 0.34 

25,830 Solon Fuer Solartechnik 1,524,487 1.34 

111,989 Wirecard 941,827 0.83 

22,480,686 19.78 

Allocation of Portfolio as at 31 December 2007 (Unaudited) % of 

Net Assets 

FINLAND 


446,157 Nokia 6,852,972 6.03 Information Technology 62.36 

191,881 Tietoenator 2,496,372 2.20 Industrials 19.16 


9,349,344 8.23 Consumer Discretionary 4.31 

NETHERLANDS 

184,608 ASML Holding 

64,224 Gemalto 

110,624 Koninklijke KPN 

344,059 STMicroelectronics 

2,854,040 

1,479,079 

1,208,014 

2,266,317 

2.51 

1.30 

1.06 

2.00 

Energy 

Financials 


Total Shares and Warrants 


2.64 

0.35 

0.13 

98.05 

1.95 

83,033 Unit 4 Agresso 1,317,734 1.16 

Total 100.00 

SWEDEN 

9,125,184 8.03 

939,122 Telefonaktiebolaget LM Ericsson - B Shares 6,132,838 5.39 

130,190 TeliaSonera 597,061 0.53 

6,729,899 5.92 

SWITZERLAND 

31,278 ABB Registered Shares 561,611 0.49 

4,439 OC Oerlikon Registered Shares 773,138 0.68 

76,151 Temenos Group Registered Shares 1,486,328 1.31 

2,821,077 2.48 

65 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 



Shares 


GERMANY 

LUXEMBOURG 


140,704 Amadeus Fire 

26,350,535 

1,703,925 

4.78 

0.31 



767,798 BASF 

103,342 Bauer 

33,475,993 

6,299,728 

6.08 

1.14 

16,750,000 3.04 

647,059 Bayer 34,300,598 6.23 

34,063 BayWa 1,419,746 0.26 


135,884 Beiersdorf 

419,028 Commerzbank 

87,627 Continental 

6,305,018 

7,856,775 

5,634,416 

1.14 

1.43 

1.02 



16,750,000 3.04 

264,752 D+S europe 


3,441,776 

20,493,725 

0.63 

3.72 


49,005 Delticom 


2,082,713 

2,331,108 

0.38 

0.42 

Cash 4,208,139 0.76 



14,074,994 

5,609,786 

2.56 

1.02 




1,942,725 

6,732,488 

0.35 

1.22 


78,734 Deutsche Postbank 4,380,760 0.80 

1,322,844 Deutsche Telekom 13,744,349 2.50 

432,112 E.ON 

38,650 ElringKlinger 

19,057 Estavis 

127,187 Fresenius Preference Shares 


217,582 GEAGroup 

54,852 Geneart 

75,965 Gerresheimer 

186,545 Hannover Rueckversicherung 

47,373 Hochtief 

82,384 Homag Group 

67,522 K+S 


108,314 Kontron 

103,465 KROMI Logistik 

35,202 Krones 

116,676 Linde 

55,353,547 

2,319,000 

111,674 

6,999,101 

4,725,603 

4,867,309 

693,878 

2,503,806 

5,809,011 

2,994,921 

1,515,866 

24,216,090 

2,997,994 

930,417 

867,037 

1,859,018 

10,343,327 

10.05 

0.42 

0.02 

1.27 

0.86 

0.88 

0.13 

0.45 

1.05 

0.54 

0.28 

4.40 

0.54 

0.17 

0.16 

0.34 

1.88 


Shares 

Materials 

Industrials 

Utilities 

Financials 



Health Care 




Energy 

Total Shares 


% of 

Net Assets 

24.21 

16.44 

16.22 

16.01 

8.76 

7.37 

3.34 

3.04 

2.50 

1.14 

0.86 

99.89 

0.11 

117,710 MAN 

81,420 Merck KGAA 

8,306,795 

7,309,073 

1.51 

1.33 

Total 100.00 

172,602 Muenchener Rueckversicherungs Registered Shares 19,113,945 3.47 

178,058 Nabaltec 890,290 0.16 

130,325 Norddeutsche Affinerie 4,483,180 0.81 

39,982 P&I Personal & Informatik 


Shares 

6,123 Puma Rudolf Dassler Sport 

425,596 RWE 


811,253 SAP 



37,912 SMASolar Technology 

90,702 Software 

73,264 Stada Arzneimittel 

52,971 Surteco 

184,268 ThyssenKrupp 

139,206 Tognum 

266,310 United Internet Registered Shares 

74,474 Volkswagen 

709,680 

1,587,916 

1,301,505 

33,979,585 

7,315,201 

27,047,175 

3,636,823 

45,786,529 

2,087,056 

3,468,444 

3,367,946 

1,269,715 

7,357,821 

2,392,951 

3,331,538 

13,406,065 

0.13 

0.29 

0.24 

6.17 

1.33 

4.91 

0.66 

8.31 

0.38 

0.63 

0.61 

0.23 

1.34 

0.44 

0.60 

2.43 


Shares 

Industrials 

Financials 

Materials 

Utilities 




Health Care 



Energy 

Total Shares 

Bank Overdraft and Other Assets/(Liabilities) 

% of 

Net Assets 

17.95 

17.66 

17.04 

15.96 

14.59 

7.19 

4.80 

2.19 

1.70 

1.04 

0.87 

100.99 

(0.99) 

17,996 Vossloh 

69,565 VTG 

1,491,688 

1,067,823 

0.27 

0.19 

Total 100.00 

91,940 Wacker Construction Equipment 855,042 0.16 

37,707 Wincor Nixdorf 1,655,337 0.30 

340,834 Wirecard 2,866,414 0.52 

533,374,294 96.85 

Total Shares 533,374,294 96.85 



43,900 Deutschland Investment Corporate 0 0.00 

0 0.00 

Total Investment Funds 0 0.00 



533,374,294 96.85 

66 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


Shares 


68,710 Bank of America 38,841,104 2.23 

1,018,176 Citigroup 27,865,289 1.60 

19,800 Lehman Brothers Holdings Preference Shares 10,477,518 0.60 

6,540 Mylan 3,653,978 0.21 

29,412 News Corp Finance Trust II 144A18,566,755 1.07 

49,800 Wachovia 27,441,048 1.57 

126,845,692 7.28 

BERMUDA 

13,100 Bunge 8,099,095 0.46 

8,099,095 0.46 

TAIWAN 

1,447,268 Asustek Computer 2,496,187 0.14 

2,496,187 0.14 

MALAYSIA 

5,800,480 YTL Power International 2,081,262 0.12 

2,081,262 0.12 

Total Shares 139,522,236 8.00 

Bonds 

LUXEMBOURG 

12,300,000 Espirito Santo Financial Group 15.11.25/3.550%* 10,954,995 0.63 

10,954,995 0.63 

INDIA 

2,600,000 Jaiprakash Associates 12.09.12/0.000% 1,717,735 0.10 

1,717,735 0.10 

Total Bonds 12,672,730 0.73 


JAPAN 

1,378,000,000 Asahi Breweries 26.05.23/0.000% 8,855,876 0.51 

1,959,000,000 Bank of Kyoto 31.03.14/0.000% 12,904,897 0.74 

771,000,000 Capcom 31.03.09/0.000% 5,197,227 0.30 

980,000,000 Casio Computer 31.03.15/0.000% 5,836,380 0.33 

1,328,000,000 CSK Holdings 30.09.13/0.250% 7,325,641 0.42 

1,915,000,000 Fujitsu 27.05.09/0.000% 11,482,664 0.66 

640,000,000 Geo 28.09.12/0.000% 3,646,812 0.21 

1,075,000,000 H2O Retailing 16.08.11/0.000% 6,555,669 0.38 

303,000,000 Hitachi Metals 13.09.16/0.000% 1,996,642 0.11 

2,105,000,000 Konica Minolta Holdings 07.12.09/0.000% 13,641,605 0.78 

2,234,000,000 Nidec 17.10.08/0.000% 14,607,858 0.84 

2,033,000,000 Nomura Research Institute 31.03.14/0.000% 11,962,271 0.68 

1,575,000,000 Ricoh 07.12.11/0.000% 9,765,663 0.56 

4,707,000,000 Sharp 30.09.13/0.000% 28,150,328 1.62 

5,760,000,000 Sony 18.12.08/0.000% 34,956,340 2.01 

3,435,000,000 Suzuki Motor 29.03.13/0.000% 21,929,312 1.26 

1,600,000,000 Tobu Railway 31.03.16/0.000% 10,180,598 0.58 

2,410,000,000 Toray Industries 12.03.12/0.000% 13,945,481 0.80 

1,022,000,000 Yamada Denki 28.03.13/0.000% 5,860,350 0.34 

1,136,000,000 Yamada Denki 31.03.15/0.000% 6,235,507 0.36 

235,037,121 13.49 

FRANCE 

13,245,200 Artemis Conseil 31.07.11/2.000% 16,682,237 0.96 

14,187,300 Cap Gemini 01.01.10/2.500% 7,384,490 0.42 

10,963,200 Cap Gemini 01.01.12/1.000% 4,873,142 0.28 

8,863,200 Compagnie Generale des 

Etablissements Michelin 01.01.17/0.000% 8,026,071 0.46 

7,920,300 Iliad 01.01.12/2.200% 6,342,584 0.36 

3,620,000 Nexans 01.01.13/1.500% 3,262,869 0.18 

5,981,900 Publicis Groupe 18.01.18/1.000% 2,453,620 0.14 

49,861,500 Rhodia 01.01.14/0.500% 17,040,168 0.98 

34,361,800 Société Air France 01.04.20/2.750% 7,130,073 0.41 

46,793,300 Theolia 01.01.14/2.000% 9,873,386 0.57 

41,019,700 Valeo 01.01.11/2.375% 17,394,404 1.00 

7,560,100 Vilmorin & Cie 01.07.15/4.500% 11,444,101 0.66 

111,907,145 6.42 

67 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

NETHERLANDS 

6,150,000 Bayer Capital 01.06.09/6.625% 8,746,837 0.50 

6,199,000 BNP Paribas Arbitrage 

Issuance 16.11.10/0.000% 5,838,838 0.34 

13,400,000 Heidelberg International 

Finance 09.02.12/0.875% 13,089,442 0.75 

3,950,000 Infineon Technologies Holding 05.06.10/5.000% 3,787,343 0.22 

7,300,000 IVG Finance 29.03.17/1.750% 4,024,490 0.23 

14,090,000 Pargesa Netherlands 27.04.13/1.700% 8,213,050 0.47 

24,935,000 Pargesa Netherlands 15.06.14/1.750% 13,308,175 0.77 

34,800,000 Portugal Telecom International 

Finance 28.08.14/4.125% 32,886,000 1.89 

5,600,000 Q-Cells International Finance 28.02.12/1.375% 6,332,553 0.36 

1,900,000 Wereldhave 23.03.11/2.500% 1,765,052 0.10 

97,991,780 5.63 

MALAYSIA 

24,000,000 Cherating Capital 05.07.12/2.000% 15,475,775 0.89 

18,100,000 Feringghi Capital 22.12.09/0.000% 12,411,969 0.71 

32,600,000 IOI Resources 15.01.13/0.000% 19,291,010 1.11 

12,200,000 Paka Capital 12.03.13/0.000% 7,209,671 0.41 

18,100,000 Rafflesia Capital 04.10.11/1.250%* 13,332,598 0.77 

19,300,000 YTL Finance Labuan 15.05.12/0.000% 12,353,370 0.71 

80,074,393 4.60 

GERMANY 

6,500,000 Arcandor 11.07.13/8.875% 6,370,975 0.36 

7,800,000 Dresdner Bank 22.06.09/0.000% 5,820,833 0.33 

7,905,000 KfW - Kreditanstalt fuer 

Wiederaufbau 03.02.10/0.500% 8,055,819 0.46 


Wiederaufbau 27.06.13/3.250% 36,210,680 2.08 

4,700,000 Qimonda Finance 22.03.13/6.750% 2,204,126 0.13 

7,221,000 Solon Fuer Solartechnik 06.12.12/1.375% 6,036,762 0.35 

8,050,000 TUI 01.09.12/2.750% 6,586,108 0.38 

71,285,303 4.09 

LUXEMBOURG 

7,205,000 Actelion Finance 22.11.11/0.000% 5,145,162 0.30 

23,072,000 Finmeccanica Finance 08.08.10/0.375% 20,601,704 1.18 

31,250,000 Fortfinlux 07.11.49/6.207%* 20,597,766 1.18 

6,150,000 Fortis Luxembourg Finance 28.04.09/0.500% 5,857,875 0.34 

12,850,000 Intralot Luxembourg 20.12.13/2.250% 12,900,565 0.74 

1,900,000 Weather Capital Finance 27.02.13/4.750% 1,805,176 0.10 

66,908,248 3.84 

JERSEY 

15,100,000 Dana Gas Sukuk 31.10.12/7.500% 9,557,416 0.54 

3,900,000 Figaro Finance 18.09.09/3.875% 5,329,537 0.31 

9,850,000 International Power Finance 

Jersey III 05.06.15/4.750% 9,707,175 0.56 

6,700,000 Premier Oil Finance/Jersey 27.06.14/2.875% 5,314,118 0.31 

37,000,000 Shire 09.05.14/2.750% 19,891,249 1.14 

1,050,000 UBS/Jersey 31.07.12/3.220% 757,628 0.04 

50,557,123 2.90 

PORTUGAL 

7,400,000 Parpublica - Participaçoes 

Publicas 16.12.10/2.690% 7,964,746 0.46 

36,800,000 Parpublica - Participaçoes 

Publicas 18.12.14/3.250% 34,310,480 1.97 

42,275,226 2.43 

SINGAPORE 

11,750,000 CapitaLand 15.11.16/2.100% 5,473,461 0.31 

8,250,000 CapitaLand 20.06.22/2.950% 2,976,499 0.17 

15,500,000 CapitaMall Trust 02.07.13/1.000% 6,761,821 0.40 

6,700,000 Guocoland 07.05.12/0.000% 2,752,365 0.16 

19,800,000 Guocoland 07.05.12/0.000% 7,222,162 0.41 

9,300,000 Olam International 03.07.13/1.000% 5,304,351 0.30 

12,500,000 Yanlord Land Group 06.02.12/0.000% 5,655,716 0.32 

36,146,375 2.07 

INDIA 

2,600,000 Mahindra & Mahindra 14.04.11/0.000% 1,725,288 0.10 

11,600,000 Reliance Communications 01.03.12/0.000% 7,652,640 0.44 

3,312,000 Suzlon Energy 12.06.12/0.000% 2,064,923 0.12 

6,647,000 Suzlon Energy 11.10.12/0.000% 4,128,179 0.24 

3,100,000 Tata Motors 12.07.12/0.000% 1,782,851 0.10 

14,600,000 Tata Steel 05.09.12/1.000% 10,569,088 0.60 

27,922,969 1.60




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

SPAIN 

28,250,000 La Caja de Ahorros y Pensiones 

de Barcelona 19.06.11/3.500% 26,944,850 1.55 

26,944,850 1.55 

CHINA 

252,650,000 China Petroleum & Chemical 24.04.14/0.000% 22,043,352 1.27 

22,043,352 1.27 


11,700,000 China Overseas Finance 

Investment Cayman 14.05.14/0.000% 7,691,503 0.44 

1,278,000 EFG Ora Funding II 29.11.09/1.000% 1,389,825 0.08 

7,400,000 Siem Industries 12.07.17/0.000% 5,365,892 0.31 

3,600,000 Subsea 7 06.06.11/2.800% 2,658,107 0.15 

686,000,000 Zeus Cayman 20.08.08/0.000% 4,109,161 0.24 

21,214,488 1.22 

BELGIUM 

20,500,000 Fortis Bank 07.12.10/8.750% 14,150,125 0.81 

9,250,000 Fortis Bank 19.12.49/6.961%* 6,987,450 0.40 

21,137,575 1.21 

SOUTH KOREA 

930,000,000 Korea Electric Power 23.11.11/0.000% 5,394,987 0.31 

13,600,000 LG Display 18.04.12/0.000% 8,959,633 0.51 

8,600,000 SK Telecom 27.05.09/0.000% 6,205,445 0.36 

20,560,065 1.18 

BERMUDA 

19,115,000 Adecco Financial Service 

Bermuda 26.08.13/0.000% 12,034,678 0.69 

13,100,000 Petroplus Finance 26.03.13/3.375% 8,194,002 0.47 

20,228,680 1.16 


10,400,000 3i Group 29.05.11/3.625% 12,840,785 0.74 

1,200,000 Peter Hambro Mining 11.08.10/7.125% 1,484,838 0.09 

3,300,000 SVG Capital 05.06.16/8.250% 4,072,812 0.23 

18,398,435 1.06 

TAIWAN 

3,800,000 Asia Cement 20.02.13/0.000% 2,433,634 0.14 

3,625,000 Chi Mei/Taiwan 18.12.11/0.000% 2,575,270 0.15 

20,241,000 ProMOS Technologies 14.02.12/0.000% 11,958,500 0.68 

16,967,404 0.97 

AUSTRALIA 

5,770,000 Alumina Finance 16.05.13/2.000% 3,460,099 0.20 

21,250,000 Macquarie Communications 

Infrastructure Management 24.05.12/2.500% 10,389,443 0.59 

13,849,542 0.79 

ISLE OFMAN 

20,080,000 AngloGold Ashanti Holdings 27.02.09/2.375% 12,515,403 0.72 

12,515,403 0.72 


8,650,000 PB Issuer 01.02.13/3.300% 4,828,092 0.28 

104,350,000 Sherson 04.06.14/0.000% 7,344,963 0.42 

12,173,055 0.70 

AUSTRIA 

8,500,000 Immofinanz 20.01.14/2.750% 6,336,206 0.36 

5,800,000 Immofinanz 19.11.17/1.250% 4,886,500 0.28 

11,222,706 0.64 


17,110,000 Swiss Re American Holding 21.11.21/3.250%* 9,989,824 0.57 

9,989,824 0.57 

HUNGARY 

8,300,000 Allami Privatizacios es 

Vagyonkezelo 28.09.09/1.000% 9,252,674 0.53 

9,252,674 0.53 

68 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

LIECHTENSTEIN 

14,678,000 Liechtenstein Landesbank 12.04.11/1.650% 9,003,575 0.52 

9,003,575 0.52 

NORWAY 

11,700,000 Petroleum Geo-Services 03.12.12/2.700% 6,857,878 0.39 

6,857,878 0.39 

CANADA 

8,000,000 Addax Petroleum 31.05.12/3.750% 5,786,242 0.33 

5,786,242 0.33 


8,900,000 Nakheel Development 2 15.01.11/2.750% 5,321,274 0.31 

5,321,274 0.31 

FINLAND 

5,000,000 Nokian Renkaat 27.06.14/0.000% 5,157,640 0.30 

5,157,640 0.30 


8,930,000 Nobel Biocare Investments 08.11.11/1.000% 4,868,927 0.28 

4,868,927 0.28 

Total Convertible Bonds 1,093,599,272 62.77 



Market 

Value 

% of 

Net 

Assets 

1,245,794,238 71.50 




28,370,000 Amgen 01.02.11/0.125% 16,360,911 0.94 

27,900,000 Amgen 01.02.13/0.375% 15,404,718 0.88 

8,203,000 Boston Properties 15.02.37/2.875% 4,821,625 0.28 

2,947,000 Coeur d’Alene Mines 15.03.28/3.250% 1,610,816 0.09 

9,731,000 Developers Diversified Realty 15.03.12/3.000% 5,403,713 0.31 

13,708,000 EMC/Massachusetts 01.12.11/1.750% 9,877,370 0.57 

2,882,000 Gilead Sciences 01.05.11/0.500% 2,627,762 0.15 

22,698,000 Intel 15.12.35/2.950% 14,096,796 0.81 

28,630,000 International Game 

Technology 15.12.36/2.600% 17,463,402 1.00 

20,277,000 Liberty Media 30.03.23/3.125% 13,348,163 0.77 

3,000,000 Linear Technology - B Shares 01.05.27/3.125% 1,875,059 0.11 

6,089,000 Lockheed Martin 15.08.33/2.426%* 5,326,693 0.31 

41,896,000 Lucent Technologies - B Shares 15.06.25/2.875% 20,942,026 1.20 

55,495,000 Medtronic 15.04.11/1.500% 37,367,114 2.14 

28,103,000 Nabors Industries 15.05.11/0.940% 21,995,123 1.26 

8,516,000 Nasdaq OMX Group 144A 15.08.13/2.500% 4,816,712 0.28 

5,068,000 NetApp 144A 01.06.13/1.750% 3,151,542 0.18 

13,103,000 Newmont Mining 15.07.14/1.250% 10,877,994 0.62 

3,245,000 Patriot Coal 144A 31.05.13/3.250% 2,812,217 0.16 

8,260,000 Prologis 15.11.37/1.875% 4,547,593 0.26 

42,440,000 Prudential Financial 12.12.36/0.386%* 26,330,847 1.51 

28,770,000 Prudential Financial 144A 15.12.37/1.146%* 17,526,007 1.01 

16,836,000 Rayonier TRS Holdings 15.10.12/3.750% 10,776,235 0.62 

7,560,000 Teva Pharmaceutical Finance - 

C Shares 01.02.26/0.250% 4,922,780 0.28 

15,556,000 Vornado Realty Trust 01.04.27/2.850% 8,749,295 0.50 

7,106,000 Xilinx 15.03.37/3.125% 4,272,517 0.25 

287,305,030 16.49 


557,000,000 Keystone Capital 04.04.11/0.100% 3,448,495 0.20 

1,338,000,000 Keystone Capital 04.04.13/0.100% 8,510,222 0.49 

3,400,000 Suntech Power Holdings 15.02.12/0.250% 2,224,722 0.13 

4,515,000 Suntech Power Holdings 144A 15.03.13/3.000% 3,254,737 0.19 

44,599,000 Transocean - AShares 15.12.37/1.625% 32,150,171 1.85 

11,952,000 Transocean - B Shares 15.12.37/1.500% 8,596,926 0.48 

12,212,000 Transocean - C Shares 15.12.37/1.500% 8,841,985 0.51 

67,027,258 3.85 

SOUTH KOREA 

7,000,000 KCC - AShares 30.10.12/0.000% 3,948,161 0.23 

6,000,000 KCC - B Shares 30.10.12/0.000% 3,531,591 0.20 

9,000,000 KCC - C Shares 30.10.12/0.000% 5,275,833 0.30 

12,755,585 0.73




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

ISRAEL 


D Shares 01.02.26/1.750% 12,732,342 0.73 

12,732,342 0.73 

CANADA 

17,297,000 Kinross Gold 144A 15.03.28/1.750% 12,208,583 0.70 

12,208,583 0.70 

LUXEMBOURG 

12,300,000 Bank of New 

York/Luxembourg 30.12.2099/9.003%* 11,531,250 0.66 

11,531,250 0.66 

JAPAN 

200,000,000 Asset Managers Holdings 18.03.11/0.000% 1,070,057 0.06 

470,000,000 Hitachi Zosen 30.09.10/0.000% 2,683,064 0.15 

300,000,000 Hitachi Zosen 30.09.12/1.500% 1,679,025 0.10 

5,432,146 0.31 

INDIA 

7,800,000 JSW Steel 28.06.12/0.000% 5,326,214 0.31 

5,326,214 0.31 

BERMUDA 

23,100,000 China Water Affairs Group 03.08.12/0.000% 1,607,939 0.09 

1,607,939 0.09 

Total Convertible Bonds 415,926,347 23.87 


LUXEMBOURG 



53,097,753 3.05 




469,024,100 26.92 


Cash 36,675,417 2.10 




Market 

Value 

% of 

Net 

Assets 

69 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 


Japan 13.80 

France 6.42 




Malaysia 4.60 

Germany 4.09 

Jersey 2.90 

Portugal 2.43 

Singapore 2.07 

India 2.01 

South Korea 1.91 

Spain 1.55 

China 1.27 

Bermuda 1.25 

Belgium 1.21 


Canada 1.03 

Taiwan 0.97 

Australia 0.79 

Israel 0.73 

Isle of Man 0.72 

British Virgin Islands 0.70 

Austria 0.64 

Hungary 0.53 

Liechtenstein 0.52 

Norway 0.39 

United Arab Emirates 0.31 

Finland 0.30 

Netherlands Antilles 0.28 


Shares 

87.37 










Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 


Japan 9.36 

Germany 6.42 


France 5.88 

Jersey 4.41 



Taiwan 2.55 

Malaysia 2.36 


Belgium 2.06 

India 1.71 

China 1.70 


Bermuda 1.23 

Portugal 1.23 

Panama 1.17 




Guernsey 0.81 

Ireland 0.66 


Hungary 0.47 

Israel 0.47 


Austria 0.40 

Norway 0.36 

Finland 0.28 

Canada 0.28 



Hong Kong 0.14 


Shares 

89.09 








Total 100.00 

70 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

30-Jul-08 EUR 268,338,441 JPY 44,707,311,219 (386,255) 

30-Jul-08 EUR 7,688,774 AUD 12,578,527 45,747 

30-Jul-08 EUR 807,331,886 USD 1,251,565,604 12,984,532 

30-Jul-08 EUR 26,967,932 HKD 326,115,117 414,771 

30-Jul-08 EUR 21,950,884 SGD 46,475,069 240,092 

30-Jul-08 EUR 10,105,042 GBP 8,000,000 1,904 

30-Jul-08 EUR 48,922,915 CHF 79,108,843 (421,544) 

30-Jul-08 JPY 688,073,157 EUR 4,084,708 51,131 

30-Jul-08 USD 10,812,068 EUR 6,934,903 (72,667) 

Total 12,857,711 


Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Sep-08 108 Dax Index Future EUR 17,417,700 (1,192,863) 

Sep-08 1,544 DJ Euro Stoxx 50 Index Future EUR 51,940,160 (3,597,519) 

Sep-08 465 DJIAIndex Future USD 33,314,268 (2,640,388) 

Total (7,430,770) 

71




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


75,974 Noble Energy 7,551,816 0.40 

79,660 Norfolk Southern 4,853,684 0.26 


72,825 Nucor 5,591,503 0.30 


98,903 Abercrombie & Fitch - A Shares 6,210,119 

424,658 Allied Waste Industries 5,282,745 

156,105 American Electric Power 6,202,051 

94,850 Anadarko Petroleum 7,195,321 

52,974 Apache 7,344,845 

70,439 Apple 11,917,574 

85,644 Assurant 5,769,836 

615,537 AT&T 20,288,099 

448,125 Bank of America 10,844,625 

152,500 Bank of New York Mellon 5,659,275 

118,570 Baxter International 7,510,224 

109,951 BE Aerospace 2,553,062 

88,790 Bucyrus International 6,582,003 

208,383 CA4,795,935 

111,497 Chesapeake Energy 7,382,216 

135,614 Chevron 13,378,321 

150,884 Chubb 7,470,267 

107,057 Cimarex Energy 7,425,473 

582,584 Cisco Systems 13,649,943 

610,401 Citigroup 10,163,177 

142,906 Coca-Cola 7,433,970 

331,570 Comcast - AShares 6,163,886 

104,456 Computer Sciences 4,844,669 

87,379 ConocoPhillips 8,155,082 

266,702 Corning 6,187,486 

77,784 CSX 4,833,498 

104,061 Cummins 6,663,026 

178,456 CVS Caremark 7,111,472 

248,624 Dell 5,464,755 

59,879 Devon Energy 7,081,889 

117,048 Dominion Resources 5,462,630 

94,950 Dover 4,544,307 

392,533 Duke Energy 6,712,314 

346,513 El Paso 7,432,704 

72,641 ENSCO International 5,973,269 

32,000 Esc Telecorp 0 

389,767 Exxon Mobil 33,975,989 

29,541 Fluor 5,446,179 

0.33 

0.28 

0.33 

0.38 

0.39 

0.64 

0.31 

1.08 

0.58 

0.30 

0.40 

0.14 

0.35 

0.26 

0.39 

0.71 

0.40 

0.40 

0.73 

0.54 

0.40 

0.33 

0.26 

0.44 

0.33 

0.26 

0.36 

0.38 

0.29 

0.38 

0.29 

0.24 

0.36 

0.40 

0.32 

0.00 

1.81 

0.29 

80,829 Occidental Petroleum 

337,317 Office Depot 

312,457 Oracle 

90,308 Parker Hannifin 

182,448 PerkinElmer 


136,722 PNC Financial Services Group 

116,670 PPL 

71,096 Praxair 

50,247 Priceline.com 





254,438 Safeway 

401,499 Schering-Plough 

209,002 Southern 

138,510 Spectra Energy 

50,700 SPX 

97,846 State Street 

181,540 Steel Dynamics 

214,095 Supervalu 

255,975 TD Ameritrade Holding 

130,758 Thermo Fisher Scientific 

268,855 Time Warner 

144,521 TJX 

150,539 Travelers 

80,114 Union Pacific 

21,219 United States Steel 

280,907 US Bancorp 

67,626 VF 

185,165 Wal-Mart Stores 

218,291 Walt Disney 

302,764 Wells Fargo & Co. 

189,763 Western Digital 

132,129 Wyeth 

258,631 Xilinx 

70,174 XTO Energy 

154,701 Zions Bancorporation 

7,251,170 

3,649,770 

6,605,341 

6,354,071 

5,042,862 

11,674,455 

7,771,278 

5,972,337 

6,755,542 

5,916,584 

13,976,949 

5,422,822 

9,091,093 

5,622,076 

7,228,584 

7,825,215 

7,206,389 

3,966,926 

6,656,910 

6,202,458 

7,098,214 

6,570,575 

4,633,147 

7,245,301 

3,893,020 

4,559,638 

6,622,211 

5,914,015 

4,015,059 

7,896,296 

4,769,662 

10,469,229 

6,876,167 

7,124,037 

6,599,957 

6,169,103 

6,509,742 

4,804,112 

4,888,552 

0.39 

0.19 

0.35 

0.34 

0.27 

0.62 

0.41 

0.32 

0.36 

0.32 

0.75 

0.29 

0.49 

0.30 

0.39 

0.42 

0.38 

0.21 

0.36 

0.33 

0.38 

0.35 

0.25 

0.39 

0.21 

0.24 

0.35 

0.32 

0.21 

0.42 

0.25 

0.56 

0.37 

0.38 

0.35 

0.33 

0.35 

0.26 

0.26 

184,710 Fossil 

63,922 Freeport-McMoRan Copper & Gold 

5,559,771 

7,563,251 

0.30 

0.40 

882,674,698 47.13 

115,121 GameStop - AShares 

362,566 Gap 

89,753 Gardner Denver 

81,398 General Dynamics 

106,221 General Mills 

130,992 Gilead Sciences 

49,620 Goldman Sachs Group 

18,062 Google - AShares 

136,595 Halliburton 

103,080 Helmerich & Payne 

58,407 Hess 



313,688 Hudson City Bancorp 

457,093 Intel 

178,748 Interactive Brokers Group - AShares 



220,139 Johnson & Johnson 

119,452 Kohl’s 

160,722 Kraft Foods - AShares 

58,203 L-3 Communications Holdings 


73,603 Lockheed Martin 

4,803,999 

6,011,344 

4,958,853 

6,761,732 

6,377,509 

6,916,378 

8,646,285 

9,602,301 

7,302,369 

7,448,561 

7,473,759 

9,655,936 

6,571,891 

5,251,137 

9,786,361 

5,786,072 

15,006,291 

4,501,180 

14,036,063 

4,827,055 

4,570,934 

5,270,282 

4,517,654 

7,295,529 

0.25 

0.32 

0.27 

0.36 

0.34 

0.37 

0.46 

0.51 

0.39 

0.40 

0.40 

0.52 

0.35 

0.28 

0.52 

0.31 

0.80 

0.24 

0.75 

0.26 

0.24 

0.28 

0.24 

0.39 




425,714 Aviva 

1,189,675 Barclays 



546,355 BP 




666,703 ICAP 

778,179 Man Group 

1,609,600 RBS 




641,659 Tesco 

219,549 Unilever 

159,491 Vedanta Resources 


1,170,147 WM Morrison Supermarkets 

87,874 Xstrata 

17.07.08 

8,419,867 

7,511,071 

4,211,153 

6,880,622 

45,758 

7,895,514 

6,338,882 

2,644,825 

10,171,608 

19,330,590 

7,140,162 

9,575,601 

6,845,551 

8,442,412 

25,180,349 

7,128,933 

4,664,480 

6,221,956 

6,937,344 

22,049,538 

6,137,585 

7,069,646 

0.45 

0.40 

0.22 

0.37 

0.00 

0.42 

0.34 

0.14 

0.54 

1.03 

0.38 

0.51 

0.37 

0.45 

1.34 

0.38 

0.25 

0.33 

0.38 

1.18 

0.33 

0.38 


22,383 Mastercard - AShares 

114,408 McDonald’s 

127,776 Medco Health Solutions 

116,021 Medtronic 

183,373 Merck & Co. 

134,728 MetLife 



40,822 Monsanto 


44,901 Mosaic 

80,488 Murphy Oil 

81,463 National Oilwell Varco 

304,180 New York Community Bancorp 

391,194 News - B Shares 

106,316 Nike - B Shares 

5,704,885 

6,140,105 

6,358,796 

6,103,860 

5,970,441 

6,896,658 

7,168,877 

18,028,682 

6,873,101 

5,257,057 

6,099,685 

6,620,652 

7,870,921 

7,217,622 

5,493,491 

6,028,300 

6,378,960 

0.30 

0.33 

0.34 

0.33 

0.32 

0.37 

0.38 

0.96 

0.37 

0.28 

0.33 

0.35 

0.42 

0.39 

0.29 

0.32 

0.34 

JAPAN 

171,700 Astellas Pharma 

152,500 Canon 

580,000 Daihatsu Motor 

105,800 Daikin Industries 

248,900 Honda Motor 

201,400 Hosiden 

650,000 Itochu 

1,352,000 Kajima 

241,500 Komatsu 

353,000 Konica Minolta Holdings 

676,000 Kubota 

165,900 Makita 

895,000 Marubeni 

290,000 Matsushita Electric Industrial 

238,100 Mitsubishi 

190,843,447 

7,305,347 

7,872,642 

6,668,369 

5,361,774 

8,495,523 

4,303,541 

6,950,787 

4,742,514 

6,758,758 

5,984,295 

4,876,736 

6,807,602 

7,505,933 

6,279,015 

7,879,261 

10.19 

0.39 

0.42 

0.36 

0.29 

0.45 

0.23 

0.37 

0.25 

0.36 

0.32 

0.26 

0.36 

0.40 

0.34 

0.42 

72 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

679,000 Mitsubishi Electric 7,350,778 0.39 

350,000 Mitsui OSK Lines 5,006,855 0.27 

1,272 Mizuho Financial Group 5,965,225 0.32 

240,000 Nikon 7,034,463 0.38 

14,600 Nintendo 8,268,709 0.44 

1,257 Nippon Telegraph & Telephone 6,180,116 0.33 

85,600 Sankyo 5,600,643 0.30 

131,500 Sony 5,769,016 0.31 

1,181 Sumitomo Mitsui Financial Group 8,921,846 0.48 

203,500 Toyota Motor 9,639,626 0.51 

370,000 Yamaguchi Financial Group 5,142,533 0.27 

172,671,907 9.22 

FRANCE 

78,239 Accor 5,204,957 0.28 

32,022 Alstom 7,356,534 0.39 

249,307 AXA 7,366,302 0.40 

82,746 BNP Paribas 7,462,021 0.40 

101,744 Bouygues 6,760,632 0.36 

119,980 Gaz de France 7,709,210 0.41 

47,352 Ipsen 2,417,910 0.13 

40,523 Lafarge 6,143,669 0.33 

57,677 Pernod-Ricard 5,906,641 0.32 

90,460 Sanofi-Aventis 6,012,266 0.32 

88,480 Société Générale 7,685,917 0.41 

113,579 Suez 7,704,753 0.41 

157,397 Total 13,374,434 0.71 

199,479 Vivendi 7,551,282 0.40 

98,656,528 5.27 

SWITZERLAND 


66,268 Compagnie Financière Richemont - Bearer AShares 3,671,790 0.20 

145,646 Crédit Suisse Registered Shares 6,607,655 0.35 


214,761 Novartis Registered Shares 11,836,224 0.63 


15,223 Swatch Group - Bearer Shares 3,813,602 0.20 

77,010 Swiss Reinsurance Registered Shares 5,080,284 0.27 

17,868 Syngenta Registered Shares 5,726,923 0.31 


80,338,322 4.29 

GERMANY 

35,225 Allianz Registered Shares 6,161,963 0.33 

96,690 BASF 6,652,139 0.36 

69,020 Bayer 5,773,325 0.31 

47,795 E.ON 9,661,061 0.52 

34,031 Linde 4,760,436 0.25 

44,243 MAN 4,926,720 0.26 

21,099 Muenchener Rueckversicherungs Registered Shares 3,686,885 0.20 


Shares 4,560,709 0.24 

20,718 Salzgitter 3,802,403 0.20 


59,994 ThyssenKrupp 3,780,075 0.20 

60,476,350 3.23 

CANADA 

39,529 Agrium 4,247,665 0.23 

663,652 CGI Group - AShares 6,484,879 0.35 

77,304 EnCana 7,011,266 0.38 

147,180 Husky Energy 7,016,527 0.37 

28,674 Potash Corp of Saskatchewan 6,592,062 0.35 

47,077 Research In Motion 5,622,877 0.30 

276,065 Talisman Energy 6,147,191 0.33 

105,174 Toronto-Dominion Bank 6,604,323 0.35 

49,726,790 2.65 

BERMUDA 

162,420 Accenture - A Shares 6,568,265 0.35 

326,973 Aquarius Platinum 5,383,074 0.29 

107,549 Arch Capital Group 7,196,104 0.39 

40,513 Bunge 4,356,768 0.23 

142,547 Covidien 6,815,172 0.35 

68,054 PartnerRe 4,771,946 0.26 

184,471 Tyco Electronics 6,615,130 0.35 

159,528 Weatherford International 7,855,159 0.42 

49,561,618 2.64 

73 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

SPAIN 

386,519 BBVA7,471,369 0.40 

484,329 BSCH 8,849,980 0.47 

277,875 Iberdrola 3,718,250 0.20 

358,939 Telefonica 9,566,290 0.51 

97,754 Union Fenosa 5,684,147 0.30 

35,290,036 1.88 

ITALY 

201,060 ENI 7,515,952 0.40 

260,150 Fiat 4,256,923 0.23 


3,610,191 Telecom Italia - RNC Shares 5,827,725 0.31 

1,082,087 UniCredit 6,560,989 0.35 

31,144,400 1.66 

HONG KONG 

452,000 Cheung Kong Holdings 6,090,645 0.32 

457,500 China Mobile 6,147,160 0.33 

1,921,000 Hang Lung Properties 6,157,288 0.33 

581,500 Swire Pacific - AShares 5,945,693 0.32 

1,202,000 Wharf Holdings 5,031,642 0.27 

29,372,428 1.57 

FINLAND 

160,360 Fortum 8,059,326 0.43 

430,025 Nokia 10,422,650 0.56 

84,935 Wartsila 5,398,454 0.29 

23,880,430 1.28 

NORWAY 

403,769 DnB NOR 5,163,185 0.28 

455,754 Norsk Hydro 6,724,548 0.36 

310,646 Telenor 5,866,895 0.31 

67,844 Yara International 5,986,118 0.32 

23,740,746 1.27 

DENMARK 

50,788 Carlsberg - B Shares 4,916,008 0.25 


48,821 Vestas Wind Systems 6,404,109 0.34 

18,474,501 0.98 

AUSTRALIA 

402,297 BHP Billiton 16,900,897 0.90 

16,900,897 0.90 


120,776 ACE 6,636,641 0.35 

45,526 Transocean 7,007,817 0.38 

13,644,458 0.73 

NETHERLANDS 

166,928 ING Groep - CVA5,290,470 0.28 

387,737 Koninklijke KPN 6,681,179 0.36 

11,971,649 0.64 

RUSSIA 

79,738 Mechel ADR 3,939,057 0.21 

188,352 MMC Norilsk Nickel ADR 4,750,237 0.25 

8,689,294 0.46 

GREECE 

287,353 Piraeus Bank 7,826,179 0.42 

7,826,179 0.42 

LUXEMBOURG 


7,637,437 0.41 

BRAZIL 

105,657 Petroleo Brasileiro ADR 7,471,006 0.40 

7,471,006 0.40 

TAIWAN 

667,464 Taiwan Semiconductor Manufacturing ADR 7,275,358 0.39 

7,275,358 0.39




Quantity/ 

Nominal 

Value 


INDONESIA 

7,637,500 Bumi Resources Tbk 6,784,476 0.36 

6,784,476 0.36 

ISRAEL 

135,942 Teva Pharmaceutical Industries ADR 6,176,525 0.33 

6,176,525 0.33 

CHINA 

8,252,000 Industrial & Commercial Bank of China - H Shares * 5,639,084 0.30 

5,639,084 0.30 

AUSTRIA 

63,115 OMV 4,974,636 0.27 

4,974,636 0.27 

EGYPT 

34,893 Orascom Construction Industries GDR 4,771,618 0.25 

4,771,618 0.25 

SOUTH KOREA 

41,236 LG Electronics 4,667,112 0.25 

4,667,112 0.25 

INDIA 

39,457 Reliance Industries GDR 144A3,866,786 0.21 

3,866,786 0.21 

Total Shares and Rights 1,865,148,716 99.58 



1,865,148,716 99.58 



LUXEMBOURG 



4,501,213 0.24 




4,501,213 0.24 






Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 


Energy 14.87 











Bank Overdraft and Other Assets/(Liabilities) 0.18 

Total 100.00 

74 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 




Energy 10.84 










Total 100.00




Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

15-Jul-08 AUD 246,046 EUR 150,933 (1,917) 

15-Jul-08 CAD 149,558 EUR 94,333 (1,159) 

15-Jul-08 CHF 189,433 EUR 117,682 566 

15-Jul-08 DKK 270,017 EUR 36,210 (13) 

15-Jul-08 EUR 168,612 SGD 359,015 1,817 

15-Jul-08 EUR 520,990 HKD 6,327,189 10,085 

15-Jul-08 EUR 390,354 AUD 637,811 3,551 

15-Jul-08 EUR 730,770 CAD 1,173,223 (5,464) 

15-Jul-08 EUR 292,419 DKK 2,180,796 53 

15-Jul-08 EUR 1,388,055 CHF 2,232,099 (4,465) 

15-Jul-08 EUR 3,433,660 GBP 2,728,596 (21,630) 

15-Jul-08 EUR 375,465 NOK 2,988,502 4,969 

15-Jul-08 EUR 3,086,713 JPY 512,786,365 15,236 

15-Jul-08 EUR 14,970,418 USD 23,442,417 163,750 

15-Jul-08 EUR 109,097 SEK 1,018,735 2,291 

15-Jul-08 GBP 259,418 EUR 326,962 1,251 

15-Jul-08 HKD 902,271 EUR 75,437 (3,240) 

15-Jul-08 JPY 41,375,631 EUR 251,398 (4,916) 

15-Jul-08 NOK 376,001 EUR 47,166 (510) 

15-Jul-08 USD 1,165,004 EUR 753,433 (23,049) 

Total 137,206 

75




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


GERMANY 

10,400 Bayer 869,930 0.54 


64,920 Deutsche Post 1,683,098 1.03 


18,200 Allegheny Technologies 1,098,552 0.67 

9,100 E.ON 


1,839,432 

2,134,701 

1.13 

1.31 

16,300 Apache 

40,600 Autodesk 

2,259,995 

1,385,678 

1.38 

0.85 

6,527,161 4.01 

64,100 Bank of America 1,551,220 0.95 CANADA 

39,600 BE Aerospace 919,512 0.56 151,800 Talisman Energy 3,380,159 2.08 

25,900 Boeing 1,710,695 1.05 123,500 Yamana Gold 2,041,776 1.25 

141,100 Cisco Systems 3,305,973 2.03 

95,100 Comcast - AShares 1,767,909 1.09 

5,421,935 3.33 

90,600 Corning 

99,500 Duke Energy 

225,100 El Paso 


2,101,920 

1,701,450 

4,828,395 

2,178,125 

1.29 

1.05 

2.96 

1.34 

ITALY 

437,400 Intesa Sanpaolo 

331,400 UniCredit 

2,488,154 

2,009,369 

1.53 

1.23 

54,800 Hansen Natural 


1,583,720 

2,903,740 

0.97 

1.78 

4,497,523 2.76 

69,500 Merck & Co. 2,613,895 1.61 HONG KONG 

44,300 MetLife 2,357,203 1.45 75,000 China Mobile 1,007,731 0.62 

90,100 Microsoft 2,509,826 1.54 594,000 Hang Lung Properties 1,903,919 1.17 

41,800 NeuStar - AShares 894,102 0.55 

142,800 News - B Shares 2,200,548 1.35 

2,911,650 1.79 




1,815,714 

2,383,129 

2,022,309 

1.12 

1.46 

1.24 

FINLAND 

108,000 Nokia 2,617,630 1.61 



2,029,362 

1,904,064 

1.25 

1.17 

2,617,630 1.61 

70,700 Safeway 2,008,587 1.23 TAIWAN 

109,400 Schering-Plough 2,132,206 1.31 204,800 Taiwan Semiconductor Manufacturing ADR 2,232,320 1.37 



2,232,320 1.37 


58,055,920 35.64 

BRAZIL 


151,500 Barclays 876,218 0.54 

2,015,235 1.24 




17.07.08 5,827 

2,624,561 

1,544,345 

0.00 

1.61 

0.95 

MEXICO 

43,615 Fomento Economico Mexicano ADR 1,935,198 1.19 


202,000 ICAP 

1,977,876 

2,163,351 

1.22 

1.33 

1,935,198 1.19 

55,800 Standard Chartered 1,575,792 0.97 GREECE 

336,900 Tesco 2,449,063 1.51 66,050 Piraeus Bank 1,798,899 1.10 

38,600 Vedanta Resources 1,678,975 1.03 

1,213,400 Vodafone Group 3,588,777 2.20 

1,798,899 1.10 

75,500 Wolseley 

218,027 WPP Group 

568,415 

2,086,059 

0.34 

1.28 


38,800 Focus Media Holding ADR 1,059,240 0.65 

21,139,259 12.98 

14,600 Suntech Power Holdings ADR 534,068 0.33 

JAPAN 

1,593,308 0.98 

231 East Japan Railway 

40,200 Honda Motor 

453 Japan Tobacco 

1,889,236 

1,372,117 

1,940,235 

1.16 

0.84 

1.19 

SPAIN 

80,200 BBVA1,550,257 0.95 


114,000 Mitsui Fudosan 

4,705,715 

2,446,745 

2.89 

1.50 

1,550,257 0.95 

26,100 Murata Manufacturing 1,233,867 0.76 NORWAY 

19,500 Nidec 1,303,503 0.80 73,300 Norsk Hydro 1,081,525 0.66 

3,300 Nintendo 1,868,955 1.15 

24,600 Toyota Motor 1,165,282 0.72 

1,081,525 0.66 

FRANCE 

17,925,655 11.01 

ISRAEL 

20,200 Teva Pharmaceutical Industries ADR 917,787 0.56 

33,000 Accor 2,195,370 1.35 

917,787 0.56 

55,100 AXA 



1,628,046 

1,960,200 

1,652,543 

1.00 

1.20 

1.01 

INDONESIA 

1,414,000 Bank Rakyat Indonesia 781,215 0.47 

19,400 Pernod-Ricard 

37,800 Rhodia Registered Shares 

1,986,734 

691,303 

1.22 

0.43 

781,215 0.47 

11,100 Schneider Electric 


1,201,020 

1,502,784 

0.74 

0.92 


56,480 Total 

SWITZERLAND 

4,799,253 

17,617,253 

2.95 

10.82 



158,291,343 97.18 

17,900 Adecco Registered Shares 890,692 0.55 

19,842 Holcim Registered Shares 1,593,559 0.98 



7,671,613 4.71 

76 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



LUXEMBOURG 



4,809,795 2.95 




4,809,795 2.95 


Bank Overdraft (243,895) (0.15) 





% of 

Net Assets 




Energy 10.72 










Total 100.00 


Shares 

% of 

Net Assets 




Energy 10.16 









Total 100.00 

77 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 


96,957 Abbott Laboratories 3,260,882 0.97 

76,129 Celgene 3,077,581 0.92 

436,098 Cisco Systems 6,475,348 1.93 

214,503 Corning 3,153,756 0.94 

90,914 CR Bard 5,109,321 1.52 

72,836 Edison International 2,329,626 0.69 

52,555 FirstEnergy 2,703,105 0.80 

108,752 General Mills 4,137,945 1.23 

65,545 Goldman Sachs Group 7,238,009 2.16 

240,110 Merck & Co. 5,722,955 1.70 

494,846 News - B Shares 4,832,585 1.44 

195,289 Norfolk Southern 7,540,770 2.25 

121,587 Paychex 2,417,177 0.72 

176,568 Quanta Services 3,624,346 1.08 

184,205 Safeway 3,316,496 0.99 

76,599 Shaw Group 2,977,165 0.89 

237,077 Staples 3,565,282 1.06 

251,132 SYSCO 4,398,928 1.31 

350,547 TD Ameritrade Holding 4,020,977 1.20 


260,008 Walt Disney 5,190,438 1.54 

200,642 Xilinx 3,200,456 0.95 

282,304 Zions Bancorporation 5,653,415 1.68 

97,859,585 29.14 


2,711,894 Afren 5,809,658 1.73 

1,963,298 Aricom 2,022,330 0.60 

906,728 BAE Systems 5,030,946 1.50 

1,885,775 Beazley Group 2,657,498 0.79 

301,513 Cadbury 2,387,455 0.71 

3,604,016 Central African Mining & Exploration 2,550,838 0.76 

494,574 Cookson Group 3,906,784 1.16 

410,947 Hikma Pharmaceuticals 2,596,952 0.77 

1,292,571 International Power 6,971,658 2.08 

1,336,185 RBS 3,601,337 1.07 

139,071 Royal Dutch Shell - AShares 3,621,409 1.08 

1,665,133 TUI Travel 4,324,829 1.29 

4,194,770 Vodafone Group 7,862,442 2.34 

53,344,136 15.88 

FRANCE 

35,943 Alstom 5,232,941 1.56 

48,363 Compagnie Générale des Etablissements Michelin - B 

Shares 2,182,622 0.65 

292,008 Rhodia Registered Shares 3,384,373 1.00 

146,800 Sodexo 6,067,244 1.81 

123,743 Suez 5,319,712 1.59 

194,812 Vivendi 4,673,540 1.39 

26,860,432 8.00 

JAPAN 

2,113 Japan Tobacco 5,735,384 1.71 

155,500 Mitsubishi 3,261,093 0.97 

13,200 Nintendo 4,737,678 1.41 

931,000 Nippon Sheet Glass 2,928,692 0.87 

24,190 ORIX 2,201,701 0.66 

158,200 Toyota Motor 4,749,074 1.41 

180,300 Yakult Honsha 3,230,217 0.96 

26,843,839 7.99 

GERMANY 

124,297 Bayer 6,588,984 1.96 

27,365 E.ON 3,505,457 1.04 

206,180 Lanxess 5,325,629 1.59 

71,143 Wincor Nixdorf 3,123,178 0.93 

18,543,248 5.52 

SWITZERLAND 



13,370,177 3.98 

FINLAND 

208,084 Nokia 3,196,170 0.95 

3,883,029 Ruukki Group 9,008,627 2.68 

12,204,797 3.63 

78 

Quantity/ 

Nominal 

Value 


AUSTRIA 

264,410 Intercell 8,249,592 2.46 


10,253,983 3.06 

GREECE 

893,478 Corinth Pipeworks 3,573,912 1.06 

648,052 Sidenor Steel Products Manufacturing 6,273,143 1.87 

9,847,055 2.93 



4,330,000 Belle International Holdings 2,469,755 0.74 

1,291,000 Hengan International Group 2,412,587 0.73 

7,781,899 2.32 

TAIWAN 

255,977 Chunghwa Telecom ADR 4,136,642 1.23 

895,000 HON HAI Precision Industry 2,793,909 0.83 

6,930,551 2.06 

NETHERLANDS 

303,346 Koninklijke KPN 3,312,538 0.98 

666,133 Vimetco Registered Shares GDR 3,584,061 1.07 

6,896,599 2.05 

AUSTRALIA 

1,574,074 International Ferro Metals 2,496,761 0.74 

136,564 Macquarie Group 4,046,859 1.21 

6,543,620 1.95 

ISRAEL 

1,003,801 Makhteshim-Agan Industries 5,913,811 1.76 

5,913,811 1.76 

SPAIN 

454,348 BSCH 5,261,350 1.57 

5,261,350 1.57 

ISLE OFMAN 

683,107 Lamprell 4,942,792 1.47 

4,942,792 1.47 

RUSSIA 

396,979 Magnitogorsk Iron & Steel Works Registered Shares 

GDR 4,385,021 1.31 

4,385,021 1.31 

JERSEY 

331,647 Shire 3,456,009 1.03 

3,456,009 1.03 

IRELAND 

149,245 Elan 3,368,460 1.00 

3,368,460 1.00 

PANAMA 

116,836 Willbros Group 3,288,986 0.98 

3,288,986 0.98 

INDIA 

217,190 Reliance Capital 2,893,674 0.86 

2,893,674 0.86 

SOUTH AFRICA 


2,283,889 0.68 

CYPRUS 

292,337 Marfin Popular Bank Public 1,356,444 0.40 

1,356,444 0.40 

Total Shares 334,430,357 99.57 



Market 

Value 

% of 

Net 

Assets 

334,430,357 99.57




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 



LUXEMBOURG 



1,200,000 0.36 




1,200,000 0.36 


Cash 925,292 0.28 




Shares 

% of 

Net Assets 









Energy 5.86 





Total 100.00 


Shares 

% of 

Net Assets 







Energy 7.89 







Total 100.00 

79 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

07-Jul-08 AUD 8,484 EUR 5,165 1 

07-Jul-08 CAD 188,398 EUR 118,518 (650) 

07-Jul-08 CHF 6,808 EUR 4,226 14 

07-Jul-08 EUR 321,076 GBP 252,543 1,936 

07-Jul-08 EUR 1,400,684 USD 2,165,329 28,075 

07-Jul-08 EUR 297,316 JPY 48,393,321 7,185 

07-Jul-08 EUR 29,343 SEK 273,579 434 

07-Jul-08 EUR 37,602 HKD 453,163 768 

07-Jul-08 EUR 122,854 CAD 188,398 4,986 

07-Jul-08 EUR 13,288 SGD 28,063 209 

07-Jul-08 EUR 77,724 CHF 126,296 (933) 

07-Jul-08 EUR 96,395 AUD 156,814 904 

07-Jul-08 EUR 4,582 NOK 36,315 56 

07-Jul-08 GBP 48,029 EUR 60,448 247 

07-Jul-08 HKD 453,163 EUR 37,104 (270) 

07-Jul-08 JPY 4,364,651 EUR 26,689 (522) 

07-Jul-08 USD 2,165,329 EUR 1,374,795 (2,186) 

11-Jul-08 AUD 21,535,416 EUR 12,650,199 458,868 

11-Jul-08 CAD 25,965,802 EUR 16,448,950 (201,384) 

11-Jul-08 CHF 3,005,525 EUR 1,863,309 9,023 

11-Jul-08 DKK 28,056,395 EUR 3,760,558 1,106 

11-Jul-08 EUR 818,231 SGD 1,764,769 (4,595) 

11-Jul-08 EUR 3,871,450 CHF 6,100,917 70,802 

11-Jul-08 EUR 2,320,398 DKK 17,308,439 (232) 

11-Jul-08 EUR 14,638,171 JPY 2,349,716,956 544,671 

11-Jul-08 EUR 37,583,584 GBP 29,934,043 (240,096) 

11-Jul-08 EUR 53,274,101 USD 83,041,230 622,741 

11-Jul-08 EUR 18,513,085 HKD 226,153,804 125,393 

11-Jul-08 EUR 3,429,507 SEK 32,101,557 37,464 

11-Jul-08 EUR 4,859,223 AUD 7,958,508 14,709 

11-Jul-08 GBP 10,001,950 EUR 12,536,960 101,177 

11-Jul-08 HKD 163,218,150 EUR 13,386,679 (116,041) 

11-Jul-08 JPY 3,786,017,647 EUR 23,676,386 (968,017) 

11-Jul-08 NOK 6,537,870 EUR 813,441 1,247 

11-Jul-08 SEK 72,791,765 EUR 7,774,881 (83,266) 

11-Jul-08 SGD 6,194,862 EUR 2,904,763 (16,401) 

11-Jul-08 USD 174,397,323 EUR 111,606,383 (1,031,719) 

07-Aug-08 EUR 21,615 HKD 265,323 - 

07-Aug-08 EUR 113,201 CAD 179,975 468 

07-Aug-08 EUR 1,219,141 USD 1,919,679 259 

Total (633,569) 

80




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


ITALY 

13,866 DiaSorin 288,376 0.91 

Shares 

7,981 Newron Pharmaceuticals 246,981 0.78 


27,000 Abbott Laboratories 1,432,890 4.52 

535,357 1.69 

19,200 Aetna 777,024 2.45 IRELAND 

8,320 Alexion Pharmaceuticals 606,362 1.91 12,883 Elan ADR 454,770 1.43 

100,100 Barrier Therapeutics 403,403 1.27 

14,100 BioMarin Pharmaceuticals 420,462 1.33 

454,770 1.43 

282,300 Bionovo 

33,400 Bristol-Myers Squibb 

21,200 Celgene 

321,822 

685,368 

1,352,348 

1.01 

2.16 

4.26 

SWEDEN 

20,046 Elekta - B Shares 387,730 1.22 

93,900 Combinatorx 

7,100 CR Bard 

329,965 

629,628 

1.04 

1.98 

387,730 1.22 

20,900 CVS Caremark 832,865 2.62 DENMARK 

40,510 Cypress Bioscience 289,241 0.91 5,987 Genmab 228,637 0.72 

98,900 Cytokinetics 382,743 1.21 

271,288 Dusa Pharmaceuticals 549,358 1.73 

228,637 0.72 

22,900 Gilead Sciences 1,209,120 3.81 

16,000 Hologic 349,442 1.10 

Total Shares 30,412,264 95.84 

6,900 Illumina 

36,600 Incyte 

291,100 Lev Pharmaceuticals 

613,548 

277,428 

538,535 

1.93 

0.87 

1.70 



30,412,264 95.84 

23,916 Medivation 

32,300 Merck & Co. 

300,385 

1,214,803 

0.95 

3.83 


165,700 Protalix BioTherapeutics 

23,900 Rigel Pharmaceuticals 

490,472 

577,902 

1.55 

1.82 

Cash 721,126 2.27 


50,500 Seattle Genetics 

1,235,666 

440,360 

3.89 

1.39 


122,000 Synergetics USA330,010 

28,000 Thoratec 490,840 

1.04 

1.55 


184,200 ULURU 156,570 0.50 

5,680 United Therapeutics 549,739 1.73 

13,700 VCAAntech 

12,000 Xenoport 

8,600 Zimmer Holdings 

385,655 

480,600 

584,972 

1.22 

1.51 

1.84 


Shares 

% of 

Net Assets 


47,125 Hikma Pharmaceuticals 

538,359 Oxford Biomedica 

27,305 SSL International 

19,239,526 

469,919 

246,946 

243,417 

60.63 

1.47 

0.78 

0.77 

Health Care 

Materials 


Total Shares 


89.29 

3.93 

2.62 

95.84 

4.16 

19,883 Synergy Healthcare 291,454 0.92 Total 100.00 

1,251,736 3.94 

GERMANY 

14,885 Bayer 1,245,087 3.93 

21,588 Wilex 248,673 0.78 

1,493,760 4.71 

AUSTRIA 

28,783 Intercell 1,417,046 4.47 

1,417,046 4.47 

SWITZERLAND 

970 Galenica Holding Registered Shares 349,015 1.10 

9,324 Novartis Registered Shares 513,878 1.62 

3,054 Roche Holding - Genussschein 545,154 1.72 

1,408,047 4.44 

JAPAN 

50,400 Chugai Pharmaceutical 809,621 2.55 

12,600 Suzuken 466,998 1.47 

1,276,619 4.02 

JERSEY 

61,106 Shire 1,004,791 3.17 

1,004,791 3.17 

ISRAEL 

20,200 Teva Pharmaceutical Industries ADR 917,787 2.89 

917,787 2.89 

FRANCE 


10,336 Transgene 202,077 0.64 

796,458 2.51 

81 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 





Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


Shares, Warrants and Rights 

CANADA 

805,000 Addax Petroleum 24,517,076 1.31 

331,000 Agnico-Eagle Mines 15,559,298 0.83 

916,600 Amerigo Resources 923,079 0.05 

4,198,132 Antrim Energy 8,796,986 0.47 

1,070,806 Anvil Mining 6,383,174 0.34 

1,759,700 Aquila Resources 748,481 0.04 

312,500 Aquila Resources - Warrants 15.12.08 0 0.00 

1,465,600 Aquiline Resources 7,608,982 0.41 

1,780,000 Aurelian Resources 6,390,942 0.34 

744,400 Baffinland Iron Mines 1,396,885 0.07 

949,100 Banro 4,007,271 0.21 

850,932 Barrick Gold 24,356,444 1.30 

3,589,500 Brazauro Resources 1,728,851 0.09 

1,300,000 Brazauro Resources - Warrants 22.03.09 0 0.00 

4,502,934 Brazilian Diamonds 225,330 0.01 

3,347,200 Calvalley Petroleums - AShares 8,458,552 0.45 

229,000 Cameco 6,064,840 0.32 

2,390,000 Canadian Royalties 3,049,728 0.16 

780,000 Centenario Copper 2,610,246 0.14 

1,770,169 Consolidated Puma Minerals 1,467,113 0.08 

1,375,200 Consolidated Thompson Iron Mines 7,586,954 0.41 

9,000,000 Crowflight Minerals 2,730,343 0.15 

827,279 Denison Mines 4,491,638 0.24 

2,850,000 Diamonds North Resources 2,050,103 0.11 

4,067,400 Eastern Platinum 6,767,551 0.36 

1,890,000 Eldorado Gold 10,332,520 0.55 

3,550,000 Enhanced Oil Resources 2,997,748 0.16 

1,775,000 Enhanced Oil Resources - 

Warrants 11.10.09 0 0.00 

1,249,724 Equinox Minerals AUD 3,563,266 0.19 

3,049,724 Equinox Minerals CAD 8,679,705 0.46 

3,042,000 Etruscan Resources 3,291,837 0.18 

2,372,888 European Goldfields 7,077,785 0.38 

1,409,837 Exeter Resource 3,756,743 0.20 

3,768,600 First Calgary Petroleums CAD 5,421,768 0.29 

101,367 First Calgary Petroleums GBP 140,928 0.01 

230,000 First Quantum Minerals 9,886,532 0.53 

1,631,474 First Uranium 6,306,692 0.34 

140,000 Fording Canadian Coal Trust 8,310,502 0.44 

1,100,000 Franco-Nevada 16,940,013 0.91 

6,088,788 Galantas Gold 476,073 0.02 

2,000,000 Galantas Gold - Warrants 26.07.08 0 0.00 

600,000 Gammon Gold 4,098,330 0.22 

426,900 Global Alumina 378,757 0.02 

5,300,000 Global Alumina 5,340,473 0.29 

3,195,209 Globestar Mining 3,117,862 0.17 

1,200,000 Gold Reserve 1,351,098 0.07 

1,674,000 Gold Wheaton 523,550 0.03 

410,000 Goldcorp 12,199,724 0.65 

290,691 Golden Peaks Resources 194,558 0.01 

1,718,944 Great Panther Resources 1,301,008 0.07 

2,760,272 Greystar Resources 6,794,064 0.36 

1,875,000 High River Gold Mines 1,888,253 0.10 

2,609,400 Ithaca Energy 4,782,349 0.26 

1,276,529 Jaguar Mining 7,849,052 0.42 

1,626,600 Jinshan Gold Mines 2,614,851 0.14 

2,131,000 Kinross Gold 31,817,707 1.70 

50,000 Kinross Gold - Warrants 07.09.11 124,476 0.01 

2,045,257 Kirkland Lake Gold 12,754,871 0.68 

5,443,500 La Mancha Resources 1,361,982 0.07 

1,750,000 Lundin Mining 6,808,657 0.36 

2,109,241 Lundin Mining SDR 8,202,099 0.44 

13,288,500 Mano River Resources 1,810,518 0.10 

13,500,000 Mart Resources 5,151,060 0.28 

3,731,168 Mediterranean Resources 350,081 0.02 

1,823,784 Mediterranean Resources - 

Warrants 24.05.09 0 0.00 

1,450,000 Moto Goldmines 3,319,572 0.18 

684,300 Nautilus Minerals CAD 980,201 0.05 

2,181,400 Nautilus Minerals GBP 3,236,216 0.17 

4,771,498 Nevsun Resources 6,178,145 0.33 

46,428 Nevsun Resources - Warrants 25.10.08 2,323 0.00 

105,882 Nevsun Resources - Warrants 31.10.09 0 0.00 

200,000 Nexen 5,028,043 0.27 

152,500 Niko Resources 9,409,270 0.50 

1,029,000 North Atlantic Resources 164,130 0.01 

1,557,913 Novagold Resources 7,591,257 0.41 

1,916,700 Oilexco 23,007,113 1.23 

370,000 OPTI Canada 5,515,168 0.29 

2,300,000 Orezone Resources CAD 1,640,082 0.09 

7,050,000 Orezone Resources USD 5,182,674 0.28 

2,673,354 Pacific Rubiales Energy 22,574,766 1.21 

82 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

375,000 Pacific Rubiales Energy - 

Warrants 12.07.12 1,641,959 0.09 

5,800,000 Peak Gold 2,829,799 0.15 

1,706,250 Peak Gold - Warrants 03.04.12 152,086 0.01 

1,709,452 Peregrine Diamonds 237,914 0.01 

5,090,000 Petaquilla Copper 3,247,513 0.17 

452,381 Petaquilla Copper - Warrants 27.07.09 0 0.00 

770,000 Petaquilla Copper - Warrants 21.12.09 0 0.00 

2,316,900 Petaquilla Minerals 2,173,860 0.12 

489,600 Petrobank Energy & Resources 15,891,251 0.85 

295,000 Petro-Canada 10,338,931 0.55 

143,264 Petrolifera Petroleum 778,735 0.04 

3,198,600 Platinum Group Metals 5,632,113 0.30 

1,975,409 Platmin 8,773,005 0.47 

415,000 Quadra Mining 5,490,242 0.29 

1,224,313 Red Back Mining 6,501,793 0.35 

1,750,000 Redox Diamonds 547,320 0.03 

3,989,647 Scorpio Mining 3,094,491 0.17 

3,889,600 SEMAFO 3,284,519 0.18 

775,000 Sherwood Copper 2,477,169 0.13 

2,132,791 Shore Gold 3,668,715 0.20 

2,250,000 Silvercorp Metals 8,556,952 0.46 

907,591 Skye Resources 4,734,665 0.25 

100,000 Skye Resources - Warrants 26.01.09 5,317 0.00 

3,704,300 Stornoway Diamond 741,462 0.04 

2,000,000 Stream Oil & Gas 1,344,843 0.07 

1,000,000 Stream Oil & Gas - Warrants 02.08.09 0 0.00 

732,800 Talisman Energy 10,340,882 0.55 

460,000 Thompson Creek Metals 5,748,921 0.31 

145,889 Tournigan Gold 68,441 0.00 

2,600,000 Tsar Emerald 165 0.00 

353,332 Uranium North Resources 58,568 0.00 

3,750,000 Uranium One 11,423,344 0.61 

670,000 Verenex Energy 3,436,542 0.18 

1,777,123 Victoria Resources 778,123 0.04 

2,650,000 Western Canadian Coal 14,918,371 0.80 

215,545 Western Canadian Coal - 

Warrants 28.06.12 774,571 0.04 

1,268,550 Yamana Gold 13,290,931 0.71 

602,729,832 32.21 

AUSTRALIA 

4,450,000 Aditya Birla Minerals 5,937,347 0.32 

8,960,000 Aim Resources AUD 365,739 0.02 

31,496,230 Aim Resources GBP 1,130,538 0.06 

4,562,500 Aim Resources - Warrants 28.09.10 0 0.00 

1,500,000 Alumina 4,331,695 0.23 

6,220,000 Avoca Resources 8,488,417 0.45 

1,840,909 Beach Petroleum 1,502,884 0.08 

4,324,500 Berkeley Resources 2,239,459 0.11 

1,103,282 BHP Billiton 29,373,538 1.56 

7,603,283 Blina Diamonds 416,900 0.02 

16,000,000 Carnarvon Petroleum 5,166,354 0.28 

4,400,000 Carrick Gold 3,297,206 0.18 

1,325,000 Centamin Egypt AUD 969,694 0.05 

14,264,602 Centamin Egypt GBP 10,412,557 0.56 

1,310,046 Coal of Africa AUD 3,336,193 0.18 

3,096,872 Coal of Africa GBP 7,750,692 0.41 

880,000 Condor Nickel 108,567 0.01 

12,108,602 CopperCo 4,241,800 0.23 

1,800,350 Curnamona Energy 636,170 0.03 

6,500,000 Diamonex AUD 990,015 0.05 

800,000 Diamonex GBP 131,444 0.01 

1,800,000 Dwyka Resources 528,937 0.03 

372,200 Dwyka Resources AUD 107,711 0.01 

5,486,429 Dwyka Resources GBP 1,594,872 0.09 

10,000,000 Emmerson Resources 1,492,638 0.08 

2,500,000 Fortescue Metals Group 18,124,885 0.97 

2,082,122 Fusion Resources 761,107 0.04 

9,350,000 Gindalbie Metals 8,231,287 0.44 

275,000 Global Forest 83,770 0.00 

8,736,744 Indophil Resources 7,318,812 0.39 

9,350,000 Integra Mining 2,506,413 0.13 

14,000,000 International Ferro Metals 22,206,489 1.19 

6,300,000 Jabiru Metals 2,206,971 0.12 

1,587,758 Kagara Zinc 4,449,697 0.24 

6,774,617 Leyshon Resources 1,939,372 0.10 

1,829,469 Lion Selection 2,039,691 0.11 

19,000,000 Lynas 15,048,224 0.80 

2,627,401 Mantra Resources 6,098,733 0.33 

479,682 Mantra Resources - Warrants 30.06.09 979,009 0.05 

40,000,000 Metals X 9,869,685 0.53 

2,235,000 Minara Resources 4,425,366 0.24 

2,932,300 Mineral Deposits 1,410,839 0.08 

29,500,000 Mintails 5,751,224 0.31 

1,923,981 Mirabela Nickel AUD 7,396,367 0.40




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

234,950 Mirabela Nickel CAD 889,862 0.05 

7,464,641 Monarch Gold Mining 1,341,588 0.07 

2,200,000 Mount Gibson Iron 4,181,822 0.22 

5,400,000 Murchison Metals 9,705,191 0.52 

3,475,500 New Hope 11,328,160 0.61 

3,424,198 NGM Resources 139,773 0.01 

4,820,000 Oilex 2,510,738 0.13 

690,000 Ophir Energy 2,114,798 0.11 

15,500,000 PanAust 9,632,082 0.51 

1,409,091 Platinum Australia 2,575,423 0.14 

2,875,600 Pluton Resources 3,591,457 0.19 

900,000 Riversdale Mining 6,475,610 0.35 

4,325,000 Roc Oil 4,439,911 0.24 

35,586,515 St Barbara 7,913,464 0.42 

7,908,114 St Barbara - Rights 04.07.08 2,360,790 0.13 

3,250,000 Straits Resources 13,543,402 0.72 

826,200 Strike Resources 1,067,110 0.06 

7,000,000 Sylvania Resources 8,847,207 0.47 

43,800,486 Tanami Gold 1,761,210 0.09 

4,000,000 Terramin Australia 8,041,966 0.43 

5,000,000 West Wits Mining 502,623 0.03 

6,583,400 Windimurra Vanadium 11,310,652 0.60 

329,674,147 17.62 


2,845,135 Afren 6,095,098 0.33 

4,850,666 African Copper 2,207,049 0.12 

2,852,000 African Diamonds 2,811,592 0.15 

10,241,952 African Eagle Resources 938,488 0.05 

3,086,900 Alexander Mining 245,014 0.01 

1,555,221 Archipelago Metals 19,656 0.00 

777,611 Archipelago Metals - Warrants 31.12.10 0 0.00 

6,400,000 Archipelago Resources 1,900,886 0.10 

19,700,000 Aricom 20,292,333 1.08 

1,333,333 Aricom - Warrants 06.05.10 412,870 0.02 

4,913,500 Avocet Mining 9,849,087 0.53 

1,116,600 Bezant Resources 801,593 0.04 

679,698 BHP Billiton 16,425,251 0.88 

12,347,600 Braemore Resources 1,217,265 0.07 

4,250,000 Cadogan Petroleum 9,668,733 0.52 

292,500 Cairn Energy 11,959,370 0.64 

5,024,700 Caledon Resources 7,557,275 0.40 

1,487,250 Cape Diamonds 187,972 0.01 

4,652,500 Central China Goldfields 310,182 0.02 

2,310,833 China Goldmines 2,906,028 0.16 

4,065,503 Cluff Gold 3,686,755 0.20 

1,816,057 Coal International 1,842,200 0.10 

5,446,600 Cordillera Resources 41,303 0.01 

1,755,000 DiamondCorp 1,574,866 0.08 

1,560,000 Emerald Energy 7,625,408 0.41 

416,666 Equatorial Biofuels 194,849 0.01 

5,125,334 Eurasia Mining 210,530 0.01 

600,000 Eurasia Mining - Warrants 30.09.09 0 0.00 

1,231,485 Eurasian Natural Resources 20,825,401 1.11 

13,836,155 European Nickel 5,071,326 0.27 

990,000 Faroe Petroleum 2,230,349 0.12 

1,425,000 Firestone Diamonds 2,665,537 0.14 

4,900,000 Frontier Mining 317,394 0.02 

2,390,000 Galantas Gold 191,512 0.01 

1,195,000 Galantas Gold - Warrants 03.09.08 0 0.00 

730,600 GCM Resources 2,788,655 0.15 

3,035,500 Gemfields Resources 1,342,785 0.07 

15,000,000 GMAResources 1,374,477 0.07 

11,524,400 Hidefield Gold 528,001 0.03 

600,000 Hidefield Gold - Warrants 28.10.08 0 0.00 

3,550,000 Highland Gold Mining 7,930,415 0.42 

895,000 Hunting 9,790,351 0.52 

2,295,000 Iofina 2,436,521 0.13 

136,649 Jordan Energy and Mining 1,441,874 0.08 

4,065,200 Jubilee Platinum 2,748,804 0.15 

3,722,000 KimCor Diamonds 221,097 0.01 

8,007,033 Kopane Diamond Developments 1,087,898 0.06 

3,300,000 Kopane Diamond 

Developments - Warrants 17.07.09 0 0.00 

9,742,500 Lonrho 2,832,086 0.16 

1,000,000 Mantle Diamonds 189,583 0.01 

1,858,168 Max Petroleum 1,303,425 0.07 

548,300 Mediterranean Oil & Gas 1,029,089 0.05 

8,339,473 Mwana Africa 4,216,060 0.23 

4,661,240 Norseman Gold 1,201,821 0.06 

6,343,700 Pangea Diamondfields 3,648,062 0.19 

1,178,376 Peter Hambro Mining 19,182,619 1.03 

535,000 R.E.A. Holdings 3,938,745 0.21 

19,180 R.E.A. Holdings Preference Shares 26,544 0.00 

1,500,000 Rambler Metals and Mining 928,957 0.05 

83 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

3,570,000 Regal Petroleum 11,663,715 0.62 

1,250,000 Ridge Mining 1,816,837 0.10 

238,100 Rio Tinto 18,070,932 0.97 

7,500,000 ROXI Petroleum 1,132,758 0.06 

4,885,200 Serabi Mining 1,136,078 0.06 

2,057,200 Sibir Energy 21,476,559 1.15 

5,619,200 Target Resources 798,979 0.04 

779,200 Target Resources - Warrants 12.07.08 0 0.00 

850,000 Tullow Oil 10,179,027 0.54 

860,703 Valiant Petroleum 11,552,766 0.62 

466,609 Volga Gas 2,684,795 0.14 

1,344,423 West African Diamonds 220,896 0.01 

280,000 Xstrata 14,275,853 0.76 

1,783,384 ZincOx Resources 3,268,293 0.17 

310,748,529 16.61 


302,745 Century Aluminum 12,873,785 0.69 

1,900,000 Coeur d’Alene Mines 3,648,405 0.19 

274,400 ConocoPhillips 16,229,761 0.87 

495,000 Denbury Resources 11,268,038 0.60 

248,300 Devon Energy 18,610,502 0.99 

95,000 Freeport-McMoRan Copper & Gold 7,123,420 0.38 

6,776,805 Frontier Mining 438,962 0.02 

464,000 Newmont Mining 15,278,963 0.82 

339,800 Quicksilver Resources 8,329,455 0.45 

435,000 Range Resources 18,255,141 0.98 

168,500 Southern Copper 11,619,180 0.62 

333,250 XTO Energy 14,458,186 0.77 

138,133,798 7.38 

BERMUDA 

2,025,000 Aquarius Platinum 21,127,604 1.13 

8,992,200 Petra Diamonds 11,876,552 0.64 

2,000,000 Sierra Leone Diamond 4,276,993 0.23 

2,598,200 Tanzanite One 1,330,608 0.07 


1,740,113 Xceldiam 46,845 0.00 

61,204,247 3.27 

JERSEY 

3,320,000 Heritage Oil 14,308,714 0.76 

1,415,476 KazakhGold Group Registered Shares GDR 19,770,646 1.06 

2,675,300 Minera IRL 2,366,893 0.13 

750,000 Randgold Resources ADR 22,053,931 1.18 

58,500,184 3.13 

SOUTH AFRICA 

6,000,000 DRDGOLD 3,058,076 0.17 

2,078,735 Gold Fields 16,608,739 0.89 

199,500 Impala Platinum Holdings 5,140,379 0.27 

8,475,000 Metorex 15,769,721 0.84 

40,576,915 2.17 

PAPUA NEW GUINEA 

16,938,919 Lihir Gold 33,952,353 1.81 

488,078 New Britain Palm Oil 3,349,633 0.18 

37,301,986 1.99 

BRAZIL 

342,000 Cia Vale do Rio Doce ADR 6,476,099 0.34 


32,018,543 1.71 

NORWAY 

5,118,900 DNO International 6,739,360 0.36 

2,118,700 Norsk Hydro 19,811,111 1.06 

26,550,471 1.42 

IRELAND 

6,945,833 Aminex 2,032,280 0.12 

2,199,166 Aminex - Warrants 31.08.09 27,795 0.00 

7,180,583 Glencar Mining 780,488 0.04 

7,150,000 Kenmare Resources 3,885,820 0.21 

2,867,052 Maple Energy 9,421,435 0.50 

6,615,859 Ormonde Mining 918,950 0.05 

6,169,546 Petroceltic International 732,975 0.04 

3,489,400 Petroneft Resources 1,367,737 0.07 

37,586,100 Providence Resources 3,952,000 0.21 

23,119,480 1.24




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

HONG KONG 

16,500,000 CNOOC 17,991,415 0.96 

7,000,000 Fushan International Energy Group 3,412,543 0.18 

21,403,958 1.14 

INDONESIA 

3,200,000 Astra Agro Lestari 6,491,828 0.34 

13,500,000 Bumi Resources 7,599,887 0.41 

13,527,000 International Nickel Indonesia 5,618,448 0.30 

19,710,163 1.05 


428,700 CIC Energy 2,046,025 0.11 


294,559 Gem Diamonds 4,039,338 0.22 

2,061,500 Mineral Securities AUD 1,544,816 0.08 

1,941,380 Mineral Securities GBP 1,392,466 0.07 

930,500 Niger Uranium 163,176 0.01 

2,521,000 Titanium Resources Group 892,152 0.05 

18,072,469 0.97 

MALAYSIA 

11,850,000 IOI 17,122,445 0.92 

17,122,445 0.92 

RUSSIA 

87,500 LUKOIL ADR 5,461,992 0.29 


16,969,581 0.91 

BAHAMAS 

926,200 Petrominerales 9,860,464 0.53 

9,860,464 0.53 

GUERNSEY 

3,800,000 Central Rand Gold 4,262,458 0.22 

2,100,000 Mariana Resources 218,968 0.01 

486,000 Origo Resource Partners - 

Warrants 14.12.12 285,626 0.02 

4,033,800 Shanta Gold 325,014 0.02 

2,736,200 Tethys Petroleum 4,441,383 0.24 

9,533,449 0.51 

PERU 

5,053,890 Minsur 9,164,777 0.49 

9,164,777 0.49 

NETHERLANDS 

1,091,263 Vimetco Registered Shares GDR 5,871,430 0.31 

5,871,430 0.31 

INDIA 

555,000 Sterlite Industries India ADR 5,676,796 0.30 

5,676,796 0.30 

KAZAKHSTAN 

492,629 Zhaikmunai GDR 144A4,682,934 0.25 

4,682,934 0.25 


5,828,800 Commoditrade 775,371 0.04 

2,800,000 Leaf Clean Energy 3,415,022 0.18 

4,190,393 0.22 

SINGAPORE 

2,205,000 Straits Asia Resources 3,625,830 0.19 

3,625,830 0.19 

CHINA 

3,100,000 China Coal Energy - H Shares * 3,435,618 0.18 

3,435,618 0.18 

FRANCE 

290,000 Recylex 2,401,200 0.13 

2,401,200 0.13 

84 

Quantity/ 

Nominal 

Value 


ISRAEL 

643,100 Metal-Tech 411,442 0.02 

411,442 0.02 

NEW ZEALAND 

30,168 Allied Medical 3,676 0.00 

3,676 0.00 

Total Shares, Warrants and Rights 1,812,694,757 96.87 

Bonds 


3 Eurasia Mining 31.03.09/0.031% 24,646 0.00 

24,646 0.00 

Total Bonds 


CANADA 

24,646 0.00 

2,000,000 Western Canadian Coal 24.03.11/7.500% 2,849,815 0.15 

2,849,815 0.15 




1,815,569,218 97.02 



JERSEY 

5,000,000 ETFS Agriculture 32,130,296 1.72 

76,000 ETFS Physical Platinum 9,910,175 0.53 

42,040,471 2.25 

GUERNSEY 

2,430,000 Origo Resource Partners 3,777,631 0.20 

3,777,631 0.20 




45,818,102 2.45 


Cash 7,716,669 0.41 




Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 

Canada 0.15 



0.15 


Energy 26.93 





Total Shares, Warrants and Rights 99.32 


Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 

Canada 0.05 




0.05 


Energy 21.55 









Total 100.00 

85 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


SINGAPORE 

70,000 Ascendas Real Estate Investment Trust 113,712 0.90 

Shares 

23,000 CapitaLand 96,365 0.76 


88,000 CapitaMall Trust 193,407 1.53 

4,900 AMB Property 

4,700 American Campus Communities 

245,441 

130,989 

1.94 

1.04 

403,484 3.19 

6,100 Apartment Investment & Management - A Shares 205,936 1.63 AUSTRIA 

3,500 Boston Properties 313,635 2.48 11,599 Conwert Immobilien Invest 197,119 1.56 

4,300 Brandywine Realty Trust 67,639 0.54 11,300 Immofinanz 117,684 0.93 

4,100 Camden Property Trust 178,678 1.41 

6,100 Colonial Properties Trust 118,828 0.94 

314,803 2.49 

9,200 DCT Industrial Trust 

5,600 Developers Diversified Realty 

10,500 Digital Realty Trust 

5,600 Duke Realty 

76,452 

193,536 

429,345 

123,872 

0.61 

1.53 

3.40 

0.98 

NETHERLANDS 

2,300 Corio 

592 Wereldhave 

179,069 

62,494 

1.42 

0.49 

5,800 DuPont Fabros Technology 

3,000 HCP 

107,648 

93,810 

0.85 

0.74 

241,563 1.91 

2,300 Lexington Realty Trust 31,395 0.25 FINLAND 

7,700 Liberty Property Trust 253,330 2.00 28,606 Citycon 143,542 1.14 

3,800 National Retail Properties 79,268 0.63 

1,500 Pennsylvania Real Estate Investment Trust 34,515 0.27 

143,542 1.14 

8,200 Prologis 

4,100 Weingarten Realty Investors 

441,324 

123,082 

3.50 

0.97 

GERMANY 

4,229 Alstria Office REIT 70,068 0.56 

3,248,723 25.71 

5,091 GWB Immobilien 39,765 0.31 

JAPAN 

109,833 0.87 

26 BLife Investment 

5 Crescendo Investment 

8 Global One Real Estate Investment 

75,223 

12,008 

90,767 

0.60 

0.10 

0.71 

SWEDEN 

8,200 Hufvudstaden - AShares 79,986 0.63 

26 Joint Reit Investment 

30,000 Mitsubishi Estate 

64,653 

689,264 

0.50 

5.45 

79,986 0.63 

30,000 Mitsui Fudosan 643,880 5.10 CYPRUS 

38 Mori Hills REIT Investment 182,159 1.44 8,764 Mirland Development 75,420 0.60 

14 New City Residence Investment 28,592 0.23 

49 Nippon Accommodations Fund 224,696 1.78 

75,420 0.60 

16 Nippon Building Fund 189,098 1.50 

19 Tokyu REIT 155,032 1.23 

Total Shares 12,295,403 97.31 

45 Top REIT 168,487 

2,523,859 

1.33 

19.97 



12,295,403 97.31 

AUSTRALIA 


139,988 CFS Retail Property Trust 

240,224 Commonwealth Property Office Fund 

248,968 

285,210 

1.97 

2.26 

Cash 340,439 2.69 

37,100 Goodman Group 

45,277 GPT Group 

110,208 

96,630 

0.87 

0.76 

Other Assets/(Liabilities) (88) 0.00 

197,900 ING Industrial Fund 

27,047 Westfield Group 

298,694 

423,307 

2.36 

3.36 


1,463,017 11.58 

HONG KONG 

24,000 Henderson Land Development 149,544 1.18 

172,000 Link REIT 391,646 3.10 

29,000 New World Development 59,043 0.47 

122,000 Sino Land 242,445 1.92 

43,000 Sun Hung Kai Properties 583,279 4.62 

1,425,957 11.29 


15,941 Great Portland Estates 108,093 0.86 

9,609 Hammerson 169,695 1.34 

17,501 Land Securities Group 431,403 3.42 

42,500 Safestore Holdings 135,616 1.07 

844,807 6.69 

FRANCE 

484 Gecina 59,265 0.47 

3,046 Unibail-Rodamco 700,298 5.54 

759,563 6.01 

CANADA 

18,900 Artis Real Estate Investment Trust 285,603 2.26 

6,239 Artis Real Estate Investment Trust 144 A 94,284 0.75 

4,809 First Capital Realty 112,921 0.89 

8,664 RioCan Real Estate Investment Trust 168,038 1.33 

660,846 5.23 

86 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 





Total 100.00 



% of 

Net Assets 





Total 100.00

JPMorgan Funds - Global Real Estate Securities (USD) 



Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

15-Jul-08 CHF 68,879 USD 65,921 1,758 

15-Jul-08 EUR 106,869 USD 166,683 1,834 

15-Jul-08 GBP 43,746 USD 86,391 761 

15-Jul-08 JPY 25,934,416 USD 242,037 3,359 

15-Jul-08 NOK 291,830 USD 55,873 1,456 

15-Jul-08 SEK 128,520 USD 21,102 312 

15-Jul-08 SGD 102,809 USD 75,403 214 

15-Jul-08 USD 675,694 JPY 72,545,184 (10,739) 

15-Jul-08 USD 445,181 EUR 289,185 (10,821) 

15-Jul-08 USD 240,570 CAD 246,776 (2,959) 

15-Jul-08 USD 287,346 HKD 2,242,562 (255) 

15-Jul-08 USD 147,979 SGD 204,020 (2,079) 

15-Jul-08 USD 85,185 AUD 89,508 (698) 

15-Jul-08 ZAR 985,282 USD 122,815 2,490 

Total (15,367) 

87




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 




Shares 

CHINA 

HONG KONG 

10,918,000 Air China - H Shares * 5,375,222 0.20 30,392,000 Euro Asia Agricultural 0 0.00 

1,770,000 Angang Steel - H Shares * 3,549,213 0.13 

20,576,000 China Citic Bank - H Shares * 11,528,279 0.43 

0 0.00 

22,705,000 China Communications Construction - H Shares * 38,832,865 1.45 

260,579,000 China Construction Bank - H Shares * 

18,078,500 China COSCO Holdings - H Shares * 

209,807,572 

44,131,779 

7.83 

1.65 

Total Shares 0 0.00 

67,163,000 China Life Insurance - H Shares * 

42,244,000 China Merchants Bank - H Shares * 

235,079,542 

132,694,591 

8.77 

4.95 

Total Other Transferable Securities 0 0.00 

13,826,000 China National Building Material - H Shares * 

201,524,000 China Petroleum & Chemical - H Shares * 

26,589,484 

188,613,049 

0.99 

7.04 


2,551,000 China Railway Construction - H Shares * 

32,034,000 China Shenhua Energy - H Shares * 

3,597,702 

125,676,680 

0.13 

4.69 

Cash 61,847,617 2.31 

51,877,000 China Shipping Container Lines - H Shares * 

26,826,373 China Vanke - B Shares 

20,286,017 

34,222,138 

0.76 

1.28 


29,656,800 Guangzhou R&F Properties - H Shares * 

2,726,000 Guangzhou Shipyard International - H Shares * 

55,285,443 

6,990,012 

2.06 

0.26 


189,611,000 Industrial & Commercial Bank of China - H Shares * 129,572,500 4.83 

10,073,000 Jiangxi Copper - H Shares * 

17,250,000 Maanshan Iron & Steel - H Shares * 

19,759,337 

10,018,655 

0.74 

0.37 * Hong Kong Registered Shares. 

13,388,993 Shanghai Zhenhua Port Machinery - B Shares 19,347,095 0.72 

3,425,000 Weichai Power - H Shares * 14,710,502 0.55 

5,034,327 Yantai Changyu Pioneer Wine - B Shares 

15,300,000 Yanzhou Coal Mining - H Shares * 

24,164,000 Zijin Mining Group 

31,627,117 

28,443,402 

20,540,190 

1.18 

1.06 

0.77 



% of 

Net Assets 

1,416,278,386 52.84 

Financials 

Energy 

33.25 

13.99 

HONG KONG 


18,215,000 China Mobile 244,744,285 9.13 Materials 10.46 

13,140,500 China Netcom Group Hong Kong 35,800,816 1.33 Consumer Discretionary 10.25 

31,700,000 China Overseas Land & Investment 50,071,669 1.87 Industrials 7.07 

23,000,000 China Resources Power Holdings 56,027,796 2.09 Investment Companies 3.36 

4,856,000 China Unicom 9,015,075 0.34 Utilities 3.03 

108,292,000 CNOOC 186,324,941 6.95 Information Technology 2.87 




Total 100.00 

581,984,582 21.71 


31,352,000 Ajisen China Holdings 31,232,617 1.16 

41,239,500 Asia Cement China Holdings 26,595,213 0.99 


198,680 Ctrip.com International ADR 9,218,752 0.34 

14,961,000 Hidili Industry International Development 26,086,849 0.98 

3,440,000 Intime Department Store Group 1,892,073 0.07 

14,133,500 Li Ning 32,617,024 1.22 

13,339,000 Parkson Retail Group 97,310,038 3.63 

556,444 Perfect World ADR 13,794,191 0.52 

60,188,000 Soho China 32,796,005 1.22 

8,157,600 Tencent Holdings 63,066,949 2.35 

14,724,000 Xinao Gas Holdings 25,258,295 0.94 

425,779,341 15.88 

BERMUDA 

16,286,000 China Yurun Food Group 26,768,532 1.00 

50,000 Kerry Properties 262,510 0.01 

7,670,000 Ports Design 21,929,177 0.82 

16,612,000 Sinofert Holdings 12,885,444 0.48 

61,845,663 2.31 

SWITZERLAND 

2,819,841 UBS - China State Shipbuilding - 

Warrants 14.06.10 31,089,073 1.16 

31,089,073 1.16 




3,740,975 JF China Pioneer A-Share Fund 90,157,504 3.36 

90,157,504 3.36 




2,607,134,549 97.26 

88 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 




Energy 10.51 









Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



HONG KONG 

1,294,500 BOC Hong Kong Holdings 3,427,238 0.55 

2,597,000 Cathay Pacific Airways 4,947,808 0.79 

1,871,000 Cheung Kong Holdings 25,211,495 4.05 

3,677,705 China Mobile 49,415,168 7.94 

3,889,000 China Netcom Group Hong Kong 10,595,440 1.70 

2,572,000 China Resources Power Holdings 6,265,369 1.01 

13,409,000 CNOOC 23,071,244 3.70 

486,400 Dah Sing Financial Holdings 3,922,530 0.63 

2,619,000 Hang Lung Properties 8,394,554 1.35 

785,600 Hang Seng Bank 16,568,740 2.66 

553,600 Hong Kong Exchanges & Clearing 8,091,388 1.30 

824,000 Sun Hung Kai Properties 11,177,250 1.79 

1,801,000 Wharf Holdings 7,539,091 1.21 

178,627,315 28.68 

TAIWAN 


3,785,680 Asia Cement 5,675,402 0.91 

9,263,000 AU Optronics 14,558,323 2.34 

2,074,388 Cathay Financial Holding 

18,825,000 Chinatrust Financial Holding 

2,021,422 Chroma Ate 

5,664,000 Chunghwa Telecom 

10,807,000 First Financial Holding 

3,380,000 Formosa Plastics 

370,000 High Tech Computer 

3,874,125 HON HAI Precision Industry 

231,000 MediaTek 

1,449,000 Powertech Technology 

4,251,000 Ruentex Development 

85,000 Shin Zu Shing 

3,607,000 Siliconware Precision Industries 

1,267,000 Taiwan Fertilizer 

16,184,732 Taiwan Semiconductor Manufacturing 

4,511,025 

18,173,723 

4,229,334 

14,649,885 

11,857,433 

8,152,092 

8,289,951 

19,083,416 

2,663,921 

5,084,629 

3,298,552 

449,506 

5,318,394 

4,759,077 

34,662,523 

0.72 

2.92 

0.68 

2.35 

1.90 

1.31 

1.33 

3.06 

0.43 

0.82 

0.53 

0.08 

0.85 

0.77 

5.57 



Financials 



Materials 

Energy 


Industrials 

Utilities 




% of 

Net Assets 

41.29 

18.15 

12.79 

7.26 

6.95 

5.71 

5.10 

1.01 

0.64 

98.90 

1.10 

1,497,228 Tripod Technology 

1,790,520 Wistron 

3,744,303 

2,560,414 

0.60 

0.41 

Total 100.00 

171,721,903 27.58 

CHINA 

43,620,000 China Construction Bank - H Shares * 35,121,043 5.64 

2,470,000 China COSCO Holdings - H Shares * 6,029,565 0.97 

6,305,000 China Life Insurance - H Shares * 22,068,349 3.54 



21,616,000 China Petroleum & Chemical - H Shares * 20,231,137 3.25 

3,286,500 China Railway Construction - H Shares * 4,634,986 0.74 

3,896,000 China Shenhua Energy - H Shares * 15,284,896 2.45 

14,094,000 China Shipping Container Lines - H Shares * 5,511,327 0.89 

10,229,353 China Vanke - B Shares 13,049,484 2.10 

2,322,000 Guangzhou R&F Properties - H Shares * 4,328,613 0.69 

633,153 Yantai Changyu Pioneer Wine - B Shares 3,977,653 0.64 

3,858,000 Zijin Mining Group - H Shares * 3,279,426 0.53 

158,967,138 25.53 


1,048,000 Ajisen China Holdings 1,044,009 0.17 



85,618 Ctrip.com International ADR 3,972,675 0.64 

3,529,000 Hutchison Telecommunications International 5,004,134 0.80 

2,994,000 Li Ning 6,909,497 1.11 

2,186,000 Lifestyle International Holdings 3,071,728 0.49 

5,950,000 Morgan Stanley - Cathay 

Financial Holding - Warrants 08.10.2008 12,944,820 2.08 

4,463,000 Morgan Stanley - Acer - Warrants 18.08.2008 8,797,466 1.41 

886,500 Parkson Retail Group 6,467,153 1.04 



69,370,311 11.14 

BERMUDA 

2,405,000 Cheung Kong Infrastructure Holdings 10,175,391 1.63 

914,800 Esprit Holdings 9,500,212 1.52 

1,026,000 Great Eagle Holdings 3,025,501 0.49 

1,541,878 Kerry Properties 8,095,171 1.30 

30,796,275 4.94 

89 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

GERMANY 

554,000 Deutsche Bank - MediaTek - 

Warrants 07.08.2008 6,388,797 1.03 

6,388,797 1.03 

Total Shares and Warrants 615,871,739 98.90 



615,871,739 98.90 


Cash 7,918,219 1.27 





% of 

Net Assets 






Energy 5.99 







Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 





HONG KONG 

HONG KONG 

289,800 Bank of East Asia 

3,116,000 BOC Hong Kong Holdings 

1,573,526 

8,249,727 

0.61 

3.21 

325,000 BOCI-Prudential - W.I.S.E. - CSI 300 China Tracker 

Fund 1,289,633 0.50 

1,365,000 Cheung Kong Holdings 

592,000 China Merchants Holdings International 

18,393,207 

2,288,396 

7.15 

0.89 

1,289,633 0.50 

1,911,000 China Mobile 25,676,988 9.99 



3,542,000 China Overseas Land & Investment 

590,000 China Resources Enterprise 

610,000 China Resources Power Holdings 

5,594,759 

1,683,077 

1,485,955 

2.18 

0.65 

0.58 



1,289,633 0.50 

7,733,000 CNOOC 

1,566,000 Hang Lung Properties 

13,305,237 

5,019,424 

5.17 

1.95 


471,100 Hang Seng Bank 

537,000 Henderson Land Development 

9,935,760 

3,346,052 

3.86 

1.30 

Cash 11,810,511 4.59 

2,699,000 Hong Kong & China Gas 

174,800 Hong Kong Aircraft Engineering 

6,415,562 

2,691,575 

2.49 

1.05 


522,900 Hong Kong Exchanges & Clearing 

1,318,000 Hutchison Whampoa 

7,642,679 

13,281,895 

2.97 

5.17 


18,555 Industrial and Commercial Bank 

of China Asia - Warrants 

2,185,500 Link REIT 

06.11.08 4,116 

4,976,407 

0.00 

1.94 * Hong Kong Registered Shares. 

2,549,000 New World Development 5,189,702 2.02 

2,440,000 Shun TAK Holdings 2,283,678 0.89 

1,060,000 Sun Hung Kai Properties 

824,000 Swire Pacific - AShares 

515,000 Television Broadcasts 

1,705,000 Wharf Holdings 

417,000 Wheelock & Co. 

14,378,502 

8,425,196 

2,971,268 

7,137,230 

1,117,389 

5.59 

3.28 

1.16 

2.78 

0.43 



Financials 


% of 

Net Assets 

55.15 

13.89 

179,488,083 69.81 


Energy 

10.50 

6.59 

BERMUDA 


217,000 Cheung Kong Infrastructure Holdings 918,112 0.36 Industrials 3.49 

540,000 COSCO Pacific 884,803 0.34 Materials 2.28 

1,085,900 Esprit Holdings 11,277,088 4.39 Investment Companies 0.50 

147,600 Jardine Matheson Holdings 

998,195 Kerry Properties 

698,000 Pacific Basin Shipping 

285,500 Yue Yuen Industrial Holdings 

4,531,320 

5,240,725 

996,926 

677,906 

1.76 

2.04 

0.39 

0.26 



Total 

95.47 

4.53 

100.00 

24,526,880 9.54 

CHINA 

4,694,000 China Construction Bank - H Shares * 3,779,417 1.47 

404,000 China COSCO Holdings - H Shares * 986,212 0.38 

722,000 China Life Insurance - H Shares * 2,527,097 0.98 

799,000 China Merchants Bank - H Shares * 2,509,776 0.98 

3,888,000 China Petroleum & Chemical - H Shares * 3,638,909 1.42 

1,260,000 China Railway Construction - H Shares * 1,776,991 0.69 

968,000 China Shenhua Energy - H Shares * 3,797,685 1.48 

876,000 Guangzhou R&F Properties - H Shares * 1,633,017 0.64 

368,000 Jiangxi Copper - H Shares * 721,874 0.28 

942,000 Zijin Mining Group 800,731 0.31 

22,171,709 8.63 




760,000 China Resources Land 1,052,348 0.41 

2,540,000 Hutchison Telecommunications International 3,601,728 1.40 

1,258,500 Li Ning 2,904,342 1.13 

2,311,000 Lifestyle International Holdings 3,247,376 1.26 


17,980,667 6.99 




Market 

Value 

% of 

Net 

Assets 

244,167,339 94.97 

90 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 





Energy 5.07 






Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 




INDIA 

LUXEMBOURG 

16,836,478 Morgan Stanley Growth Fund 16,622,812 0.66 

1,578,922 ABB 29,545,272 1.17 

16,622,812 0.66 

1,981,589 ACC 24,247,876 0.96 

520,406 Aditya Birla Nuvo 

16,669,095 Ambuja Cements 

4,746,885 Ambuja Cements GDR 

5,186,675 Axis Bank 

14,438,555 

29,479,981 

8,069,704 

73,074,810 

0.57 

1.16 

0.32 

2.88 

Total Investment Funds 



16,622,812 

2,393,539,326 

0.66 

94.49 

3,810,000 Bharat Heavy Electricals 

7,597,998 Bharti Airtel 

122,382,221 

127,606,382 

4.83 

5.04 


79,108 Centurion Bank of Punjab GDR 

1,320,000 Container Corp of India 

1,141,007 

23,838,072 

0.05 

0.94 

Cash 99,055,690 3.91 

635,763 Divi’s Laboratories 

2,000,598 DLF 

19,790,890 

18,466,342 

0.78 

0.73 


8,810,869 Exide Industries 

358,933 Financial Technologies India 

13,294,780 

14,051,000 

0.52 

0.54 


769,231 Financial Technologies India GDR 4,290,833 0.17 

3,526,336 Gammon India 17,354,549 0.69 

618,296 Gammon India GDR 

6,206,608 HDFC Bank 

152,292 HDFC Bank ADR 

4,195,345 Housing Development Finance 

4,512,910 ICICI Bank 

2,543,300 ICICI Bank ADR 

1,918,000 Indiabulls Financial Services 

11,267,510 Indian Hotels 

4,018,069 Infosys Technologies 

590,000 Infosys Technologies ADR 

8,870,510 Infrastructure Development Finance 

18,634,847 ITC 

1,500,000 Jaiprakash Associates 

587,140 Jindal Steel & Power 

5,007,074 Kotak Mahindra Bank 

2,100,000 Kotak Mahindra Bank Registered Shares GDR 

3,134,761 

145,594,060 

10,643,688 

191,948,390 

66,225,076 

73,374,205 

11,466,911 

20,307,493 

162,500,460 

25,269,700 

21,388,784 

81,490,843 

5,033,182 

23,946,343 

53,807,536 

22,509,581 

0.12 

5.75 

0.42 

7.58 

2.61 

2.90 

0.45 

0.80 

6.42 

1.00 

0.84 

3.22 

0.20 

0.95 

2.12 

0.89 



Financials 

Industrials 

Energy 



Utilities 

Materials 


Health Care 




% of 

Net Assets 

31.40 

13.65 

12.54 

12.01 

9.11 

3.84 

3.39 

3.22 

3.05 

1.62 

0.66 

94.49 

1,941,083 Larsen & Toubro 98,746,863 3.90 Cash and Other Assets/(Liabilities) 5.51 

1,825,113 Mahindra & Mahindra 

2,440,795 Nagarjuna Construction 

20,762,812 

7,621,623 

0.82 

0.30 

Total 100.00 

4,099,364 NTPC 14,499,788 0.57 

3,353,022 Oil & Natural Gas 63,636,758 2.51 

5,838,941 Petronet LNG 7,722,712 0.30 

5,238,136 PTC India 

5,013,949 Punj Lloyd 

1,760,696 Reliance Capital 

7,500,000 Reliance Communications 

5,207,390 Reliance Industries 

1,900,882 Reliance Infrastructure 

9,654,448 Satyam Computer Services 

1,885,000 Shriram Transport Finance 

719,412 State Bank of India 

91,179 State Bank of India GDR 

1,759,037 Sun Pharmaceuticals Industries 

27,000 Tata Steel Preference Shares 

8,519,823 

24,856,671 

37,015,820 

77,331,470 

254,052,000 

34,682,410 

98,208,071 

12,625,923 

19,117,717 

4,732,190 

57,383,232 

69,551 

0.34 

0.98 

1.46 

3.05 

10.03 

1.37 

3.88 

0.50 

0.75 

0.19 

2.27 

0.00 



Financials 

Industrials 

Energy 



Materials 

Utilities 


Health Care 

% of 

Net Assets 

32.12 

20.12 

10.88 

8.50 

7.83 

5.67 

4.96 

3.86 

2.39 

2,301,298,721 90.84 



2.14 

0.51 


9,000,000 Citigroup - NTPC - Warrants 05.08.08 31,858,213 1.26 

Total Shares, Warrants and Rights 


98.98 

1.02 

ISLE OFMAN 

31,858,213 1.26 Total 100.00 

13,200,000 Unitech Corporate Parks 15,334,557 0.61 

15,334,557 0.61 


1,450,000 Morgan Stanley - Reliance 

Communications - Warrants 05.08.08 14,912,554 0.59 

14,912,554 0.59 


115,981 Deutsche Bank - HDFC Bank - 

Warrants 13.04.10 2,713,723 0.10 

1,050,000 Deutsche Bank - Reliance 


13,512,469 0.53 


91 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

JAPAN 

514,000 Air Water 6,074,788 0.76 

186,900 Alpine Electronics 1,980,947 0.25 

134,100 Aruze 3,993,902 0.50 

1,095,000 Asahi Glass 13,293,434 1.66 

67,100 Asahi Pretec 2,099,948 0.26 

95,500 Astellas Pharma 4,063,253 0.51 

519,000 Canon 26,792,795 3.35 

463 Central Japan Railway 5,121,827 0.64 

664,000 Daihatsu Motor 7,634,132 0.95 

836,700 Daiichi Sankyo 23,139,484 2.89 

114,200 Daito Trust Construction 5,560,724 0.69 

482,300 Denso 16,644,400 2.08 

2,304 East Japan Railway 18,843,285 2.35 

91,000 Fanuc 8,922,328 1.11 

121,300 FUJIFILM Holdings 4,186,120 0.52 

670,000 Hanwa 4,155,628 0.52 

264,800 Hitachi Capital 4,281,265 0.53 

137,300 Hitachi Construction Machinery 3,862,029 0.48 

249,500 Hitachi Koki 4,123,538 0.52 

834,000 Hitachi Metals 13,752,149 1.72 

113,500 Hitachi Software Engineering 2,505,767 0.31 

451,700 Honda Motor 15,417,548 1.93 

547 Inpex Holdings 6,930,270 0.87 

1,502,000 Itochu 16,061,665 2.01 

580,700 Japan Securities Finance 4,963,389 0.62 

4,597 Japan Tobacco 19,689,321 2.46 

160,900 JFE Holdings 8,138,940 1.02 

201,000 Kissei Pharmaceutical 4,513,544 0.56 

145,500 Kobayashi Pharmaceutical 4,691,108 0.59 

552,100 Komatsu 15,451,387 1.93 

699,000 Konica Minolta Holdings 11,849,922 1.48 

214,800 Makita 8,814,182 1.10 

1,088,000 Marubeni 9,124,531 1.14 

256,000 Maruetsu 2,166,312 0.27 

581,000 Matsushita Electric Industrial 12,579,681 1.57 

248,000 Mitsubishi 8,206,874 1.03 

1,105,000 Mitsubishi Electric 11,962,606 1.49 

1,246,000 Mitsubishi Heavy Industries 5,961,102 0.74 

972,000 Mitsubishi Tanabe Pharma 12,755,978 1.59 

2,952,000 Mitsubishi UFJ Financial Group 26,264,189 3.28 

958,000 Mitsui & Co. 21,240,581 2.65 

2,377,000 Mitsui Engineering & Shipbuilding 7,551,383 0.95 

349,000 Mitsui Fudosan 7,490,474 0.94 

584,000 Mitsui OSK Lines 8,354,295 1.05 

4,795 Mizuho Financial Group 22,486,834 2.81 

1,333,000 Mizuno 7,776,306 0.97 

48,700 Nintendo 27,581,241 3.45 

2,354,000 Nippon Express 11,328,757 1.42 

1,432,000 Nippon Steel 7,785,184 0.97 

1,233 Nippon Telegraph & Telephone 6,062,119 0.76 

254,900 Nissin Kogyo 3,882,607 0.49 

525,600 Nomura Holdings 7,817,036 0.98 

5,559 NTT DoCoMo 8,199,348 1.02 

900 OAK Capital 153 0.00 

3,182 Pacific Golf Group International Holdings 3,189,070 0.40 

8,436 Rakuten 4,275,229 0.53 

4,734 SBI E*Trade Securities 3,715,048 0.46 

222,600 Seiko Epson 6,145,625 0.77 

272,900 Seven & I Holdings 7,818,153 0.98 

1,627 Seven Bank 3,615,043 0.45 

329,000 Shin-Etsu Chemical 20,468,208 2.56 

740,000 Shinwa Kaiun Kaisha 4,058,053 0.51 

199,000 Shionogi & Co. 3,941,805 0.50 

259,000 Shiseido 5,950,645 0.74 

207,000 Shizuoka Bank 2,121,571 0.27 

1,753 Sony Financial Holdings 7,077,303 0.88 

164,600 Stanley Electric 3,999,641 0.50 

172,400 Sumco 3,830,568 0.48 

1,672,000 Sumitomo Metal Industries 7,382,631 0.92 


427,000 Suruga Bank 5,575,446 0.70 

1,746,000 Taiyo Nippon Sanso 14,609,843 1.83 

307,800 Takeda Pharmaceutical 15,715,218 1.96 

321,700 Tenma 5,006,554 0.63 

251,400 Tocalo 4,000,437 0.50 

140,500 Toyoda Gosei 4,118,092 0.50 

228,500 Toyota Boshoku 6,146,480 0.77 

629,800 Toyota Motor 29,833,102 3.73 

596,100 Toyota Tsusho 14,033,839 1.75 

604,500 Trend Micro 20,004,255 2.50 

10,511 Yahoo! Japan 4,064,671 0.51 

92 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

85,700 Yamato Kogyo 4,100,052 0.51 

779,122,465 97.35 

Total Shares 779,122,465 97.35 



779,122,465 97.35 


Cash 31,908,134 3.99 




Shares 

% of 

Net Assets 









Energy 0.87 



Total 100.00 


Shares 

% of 

Net Assets 









Energy 1.11 



Total 100.00




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

JAPAN 

130,600 ABC-Mart 3,371,040 2.42 

173,100 Aeon Delight 3,551,525 2.54 

864,700 Ai Holdings 4,562,025 3.26 

905 Bals 1,257,836 0.90 

16,300 cocokara fine HOLDINGS 353,694 0.25 

12,000 Dai-Dan 57,183 0.04 

206,000 Daiichi Chuo Kisen Kaisha 1,400,407 1.00 

347,000 Dainippon Screen Manufacturing 1,400,927 1.00 

46,300 Daiseki 1,479,639 1.06 

30,400 Daito Trust Construction 1,480,263 1.06 

93,300 Doutor Nichires Holdings 1,427,310 1.02 

270,700 DTS 4,965,329 3.55 

426 EPS 1,864,870 1.34 

51,400 Ferrotec 733,834 0.52 

775 Fidec 387,628 0.28 

741 Fields 1,310,140 0.94 

16,100 Fuji Pharmaceutical 313,582 0.22 

462,500 GMO internet 1,906,585 1.36 

125,800 Hitachi Transport System 1,596,214 1.14 

131,200 Hosiden 2,803,498 2.01 

93,300 Hudson Soft 1,585,213 1.13 

60 Industrial & Infrastructure Fund Investment 188,342 0.13 

312,000 Japan Asia Investment 1,292,072 0.92 

192,600 Japan Securities Finance 1,646,200 1.18 

446,000 JFE Shoji Holdings 3,360,866 2.40 

589 kabu.com Securities 707,257 0.51 

82,100 Katakura Industries 1,298,665 0.93 

315,000 Keiyo Bank 1,906,113 1.36 

186,000 Kinden 1,883,477 1.35 


94,500 K’s Holdings 1,569,862 1.12 

124,000 Kyorin 1,556,961 1.11 

207,000 Kyowa Exeo 1,927,812 1.38 

206,000 Maruetsu 1,743,204 1.25 

198,300 Matsui Securities 1,196,193 0.86 

2,779 MCJ 543,109 0.39 

853,500 Mitsui Mining 2,953,539 2.11 

30,500 Modec 997,778 0.71 

139,100 Moshi Moshi Hotline 3,544,410 2.54 

278,100 NEC Networks & System Integration 3,523,415 2.52 

1,267 NET One Systems 1,425,547 1.02 

364,000 Nippon Light Metal 598,837 0.43 

43,650 Nitori 2,253,383 1.61 

207,000 Nohmi Bosai 1,317,175 0.94 

52,000 Okuwa 774,850 0.55 

74,500 Onoken 1,286,924 0.92 

81,390 Optex 1,107,363 0.79 

643 Osaka Securities Exchange 2,717,544 1.94 

129,400 Osaka Securities Finance 371,934 0.27 

552 Outsourcing 400,828 0.29 

1,299 Pacific Golf Group International Holdings 1,301,886 0.93 

36,780 Point 1,057,166 0.76 

5,354 Rakuten 2,713,321 1.94 

1,302 re-plus 587,202 0.42 

6,800 San-A217,312 0.16 

117,400 Sankei Building 748,145 0.54 

240,000 Sanki Engineering 1,962,842 1.40 

44,300 Sankyo 2,898,464 2.07 

11,618 SBI Holdings 2,552,851 1.83 

119,600 Shinkawa 1,509,630 1.08 

317,000 Shinmaywa Industries 1,258,829 0.90 

155,000 Shionogi & Co. 3,070,250 2.20 

33,800 Shoei 648,740 0.47 

387,000 Showa Aircraft Industry 4,024,961 2.88 

508 Simplex Technology 259,848 0.19 

215 So-net M3 829,386 0.59 

180,300 SRAHoldings 2,795,745 2.00 

14,600 Sumco 324,398 0.23 

161,000 Suruga Bank 2,102,217 1.50 

419,000 Taiheiyo Cement 843,824 0.60 

318,900 Tecmo 2,924,720 2.09 

183,000 Tokai Tokyo Securities 666,147 0.48 

83 Toridoll 171,862 0.12 

230,000 Towa 2,537,796 1.82 

213,500 Trancom 3,219,709 2.30 

84,900 TS Tech 1,376,670 0.98 

2,545 United Technology Holdings 2,454,404 1.76 

93 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

50,580 Welcia Kanto 1,154,926 0.83 

2,034 Works Applications 2,576,996 1.84 

186 Worldintec 342,930 0.25 

14,700 Yamato Kogyo 703,276 0.50 

27,500 Yusen Air & Sea Service 500,000 0.36 

134,506,855 96.21 

Total Shares 134,506,855 96.21 



134,506,855 96.21 


Cash 4,740,277 3.39 




Shares 

% of 

Net Assets 










Total 100.00 


Shares 

% of 

Net Assets 










Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



890,000 Belle International Holdings 801,031 0.53 

Shares 

1,300,000 Qin Jia Yuan Media Services Co. 746,695 0.49 

JAPAN 

45,000 Canon 2,323,075 1.53 

1,547,726 1.02 

240 East Japan Railway 1,962,842 1.29 BERMUDA 

240 KDDI 1,488,583 0.98 85,163 Jardine Strategic Holdings 1,464,804 0.97 

51,000 Komatsu 1,427,315 0.94 

240,000 Mitsubishi UFJ Financial Group 2,135,300 1.41 

1,464,804 0.97 

65,000 Mitsui & Co. 


2,100 Nintendo 

21,000 Nitto Denko 

1,441,167 

1,051,671 

1,189,335 

810,098 

0.95 

0.70 

0.78 

0.53 

INDONESIA 

1,100,000 Bank Rakyat Indonesia 

623,000 United Tractors 

607,735 

820,003 

0.40 

0.54 

360,000 Sojitz 

130 Sumitomo Mitsui Financial Group 

1,204,935 

982,083 

0.80 

0.65 

1,427,738 0.94 

31,000 Suzuki Motor 735,688 0.49 THAILAND 

43,400 Toyota Motor 2,055,822 1.35 77,700 PTT 701,297 0.46 

18,807,914 12.40 

701,297 0.46 

AUSTRALIA 

83,000 ANZ Banking 1,493,707 0.98 

Total Shares 58,026,405 38.24 

21,000 CSL 

5,100 Incitec Pivot 

38,000 Newcrest Mining 

349,880 Qantas Airways 


16,250 Southern Cross Airports Corp Holdings 

21,000 Wesfarmers 

33,000 WorleyParsons 

720,724 

907,034 

1,070,367 

1,022,526 

1,055,130 

1,445,029 

753,025 

1,201,091 

0.47 

0.60 

0.71 

0.67 

0.70 

0.95 

0.50 

0.79 

Bonds 

SOUTH KOREA 

900,000 Hynix Semiconductor Registered 

Shares 27.06.17/7.875% 

2,000,000 Hyundai Capital Services 24.01.12/5.625% 

3,000,000 Pusan Bank 30.10.17/6.000%* 

1,000,000 Shinhan Bank 03.11.14/4.625%* 

2,000,000 Shinhan Bank 20.09.36/6.819%* 

692,530 

1,874,990 

2,738,430 

991,940 

1,710,996 

0.46 

1.23 

1.80 

0.65 

1.13 

9,668,633 6.37 

1,500,000 Shinsegae 27.06.11/6.125% 1,504,192 0.99 

SOUTH KOREA 

9,513,078 6.26 

13,000 Daelim Industrial 

45,000 Kangwon Land 

38,000 Kookmin Bank 

3,400 Lotte Shopping 

2,618 Samsung Electronics 

1,328,558 

984,241 

2,242,980 

1,011,557 

1,562,798 

0.88 

0.65 

1.47 

0.67 

1.03 


2,000,000 Agile Property Holdings 22.09.13/9.000% 

2,500,000 Hutchison Whampoa Finance 06 21.09.16/4.625% 

2,000,000 Parkson Retail Group 14.11.11/7.875% 

1,722,174 

3,422,179 

2,000,138 

1.13 

2.26 

1.32 

1,100 Samsung Electronics 144AGDR 322,300 0.21 

7,144,491 4.71 

7,452,434 4.91 NETHERLANDS 

HONG KONG 

560,000 Cathay Pacific Airways 

103,000 Cheung Kong Holdings 

111,000 China Mobile 

1,066,913 

1,387,912 

1,491,442 

0.71 

0.91 

0.98 

1,500,000 Arpeni Pratama Ocean Line 

Investment (Netherlands) 

2,000,000 GT 2005 BONDS 

875,000 Majapahit Holding Registered 

Shares 

03.05.13/8.750% 

21.07.10/10.250% 

28.06.17/7.250% 

1,202,971 

1,800,578 

781,007 

0.79 

1.19 

0.51 

3,946,267 2.60 

2,000,000 Matahari Finance 

1,300,000 Pakuwon Jati Finance 

06.10.09/9.500% 

14.11.11/12.000% 

1,990,808 

1,248,000 

1.31 

0.82 

CHINA 

340,000 China COSCO Holdings - H Shares ** 829,981 0.55 

7,023,364 4.62 

425,000 China Life Insurance - H Shares ** 

1,700,000 China Petroleum & Chemical - H Shares ** 

1,487,557 

1,591,087 

0.98 

1.05 

AUSTRALIA 

3,000,000 New South Wales Treasury 01.12.10/7.000% 2,863,322 1.89 

3,908,625 2.58 

3,500,000 New South Wales Treasury 01.05.12/6.000% 3,219,046 2.12 

TAIWAN 

6,082,368 4.01 

441,000 Asia Cement 

757,000 AU Optronics 

330,000 Cathay Financial Holding 

282,179 InnoLux Display 

661,137 

1,189,750 

717,628 

506,714 

0.44 

0.78 

0.47 

0.34 

INDONESIA 

1,000,000 Bank Danamon Indonesia 

2,000,000 Lippo Karawaci Finance 

30.03.14/7.650%* 

09.03.11/8.875% 

994,867 

1,942,402 

0.66 

1.28 

SINGAPORE 

144,000 Keppel 

428,000 SembCorp Industries 

3,075,229 

1,179,139 

1,308,743 

2.03 

0.78 

0.86 


1,500,000 Citic Resources Finance 

1,000,000 Wharf Finance 

15.05.14/6.750% 

06.11.17/6.125% 

2,937,269 

1,406,250 

984,956 

1.94 

0.93 

0.65 

INDIA 

43,000 Bharti Airtel 

36,000 ICICI Bank 

11,000 Reliance Industries 

2,487,882 

722,174 

528,285 

536,655 

1.64 

0.48 

0.35 

0.35 

PAKISTAN 

500,000 Pakistan International Sukuk 

1,900,000 Pakistan Mobile 

Communications 

27.01.10/5.350%* 

13.11.13/8.625% 

2,391,206 

485,798 

1,567,865 

1.58 

0.32 

1.03 

MALAYSIA 

490,000 Telekom Malaysia 

490,000 TM International 

1,787,114 

476,878 

922,265 

1.18 

0.31 

0.61 

BERMUDA 

1,500,000 China Glass Holdings 

1,000,000 Shanghai Zendai Property 

12.07.12/9.625% 

06.06.12/10.000% 

2,053,663 

1,320,000 

707,561 

1.35 

0.87 

0.47 

555,000 Zelan 351,599 0.22 

2,027,561 1.34 

1,750,742 1.14 PHILIPPINES 

1,000,000 Development Bank of 

Philippines 15.09.16/8.375%* 1,019,174 0.67 

1,000,000 Rizal Commercial Banking 27.10.16/9.875%* 1,008,333 0.67 

94 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

2,027,507 1.34




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


3,000,000 Standard Chartered 16.12.08/3.463%* 1,935,000 1.28 

1,935,000 1.28 

INDIA 

1,600,000 Reliance Industries 15.01.97/10.250% 1,905,440 1.26 

1,905,440 1.26 

HONG KONG 

1,400,000 Wing Hang Financial Holdings 10.10.13/5.250%* 1,402,670 0.92 

1,402,670 0.92 

CHINA 

1,000,000 Sino-Forest Registered Shares 17.08.11/9.125% 1,021,336 0.67 

1,021,336 0.67 

MONGOLIA 

800,000 Trade & Development Bank of 

Mongolia 22.01.10/8.625% 759,520 0.50 

759,520 0.50 

Total Bonds 48,224,473 31.78 


MALAYSIA 

2,000,000 AMCORP Capital Labuan 08.02.10/1.000% 2,307,000 1.52 

1,000,000 IOI Resources 15.01.13/0.000% 933,750 0.61 

1,848,525 1.22 

SOUTH KOREA 

200,000,000 Korea Electric Power 23.11.11/0.000% 1,830,757 1.21 


Bonds 

MALAYSIA 

3,000,000 Bank Pembangunan & 

Infrastruktur 25.04.11/5.000% 921,897 0.61 

5,000,000 Malaysia (Government of) 28.04.11/3.756% 1,513,789 1.00 

2,435,686 1.61 

AUSTRALIA 

2,000,000 Envestra Victoria 20.05.11/8.210%* 1,891,460 1.25 

1,891,460 1.25 

THAILAND 

1,700,000 Bangkok Bank (Hong Kong) 15.03.29/9.025% 1,828,119 1.20 

1,828,119 1.20 


1,000,000 SPACE 05.01.09/0.000% 1,111,017 0.73 

1,111,017 0.73 

INDIA 

700,000 Reliance Industries 06.08.46/10.500% 925,855 0.61 

925,855 0.61 

NETHERLANDS 

500,000 Paiton Energy Funding 15.02.14/9.340% 487,500 0.32 

3,240,750 2.13 

487,500 0.32 

SINGAPORE 

3,000,000 CapitaCommercial Trust 06.05.13/2.000% 2,179,899 1.44 

Total Bonds 


8,679,637 5.72 

2,179,899 1.44 

MALAYSIA 

BERMUDA 

6,000,000 Berjaya Land 15.08.11/8.000% 1,898,984 1.25 

2,000,000 Pacific Andes Holding 18.04.12/4.000% 1,925,500 1.27 

1,898,984 1.25 

1,925,500 1.27 

SOUTH KOREA 

JAPAN 

1,000,000 KCC 30.10.12/0.000% 928,779 0.61 

100,000,000 Sharp 30.09.13/0.000% 943,697 0.62 

100,000,000 Yamada Denki 28.03.13/0.000% 904,828 0.60 

928,779 0.61 




11,507,400 7.58 

1,830,757 1.21 Other Transferable Securities 

NETHERLANDS 

1,500,000 Medco CB Finance 12.05.11/0.000% 1,717,500 1.14 Bonds 


1,717,500 1.14 2,500,000 Shui On Development Holding 12.10.08/8.500% 2,483,085 1.64 


12,000,000 Fair Vantage 03.06.13/1.000% 1,460,152 0.96 

2,483,085 1.64 


1,460,152 0.96 5,000,000 Asian Development Bank 25.04.11/4.265% 1,527,507 1.01 

AUSTRALIA 


1,527,507 1.01 


Total Bonds 4,010,592 2.65 

1,126,950 0.74 

INDIA 


1,000,000 Subex 09.03.12/2.000% 788,172 0.52 


788,172 0.52 

Cash 9,330,378 6.15 

Total Convertible Bonds 


16,118,205 10.63 


SINGAPORE 


35,740 ABF Pan Asia Bond Index Fund 3,963,566 2.61 

3,963,566 2.61 * Variable coupon rates are those quoted as at 30 June 2008. 

** Hong Kong Registered Shares. 




126,332,649 83.26 

95 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 





Malaysia 4.99 

Bermuda 2.61 

India 2.39 

Indonesia 1.94 



Pakistan 1.35 



Japan 1.22 

Thailand 1.20 



China 0.67 

Mongolia 0.50 


Shares 

52.64 








Energy 1.86 




Total 100.00 



% of 

Net Assets 




Bermuda 4.00 

Malaysia 3.63 

India 2.00 





Pakistan 1.16 


Taiwan 1.06 



Thailand 0.81 


Canada 0.53 

Mongolia 0.42 


Shares 

38.66 








Energy 1.71 






Total 100.00 

96 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets


Schedule of Investments - Outstanding Financial Futures Contracts (Expressed in USD) 


Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Jul-08 (31) H-Shares Index Future HKD (2,363,841) 53,457 

Jul-08 (21) Hang Seng Index Future HKD (2,977,807) 72,291 

Sep-08 (27) Topix Index Future JPY (3,365,906) 192,739 

Total 318,487 


Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

16-Jul-08 JPY 818,725,000 USD 8,158,695 (411,341) 

16-Jul-08 USD 7,922,021 JPY 818,725,000 174,668 

16-Jul-08 USD 3,084,360 EUR 2,000,000 (69,180) 

16-Jul-08 USD 2,803,200 AUD 3,000,000 (74,877) 

15-Oct-08 JPY 1,395,160,000 USD 13,000,000 269,552 

Total (111,178) 

97




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

JAPAN 

75,000 Canon 3,871,791 8.83 

15,000 Elpida Memory 482,201 1.10 


40,000 Hoya 928,474 2.11 

12,200 Murata Manufacturing 576,750 1.31 

6,300 Nintendo 3,568,005 8.13 

7,000 Nitto Denko 270,033 0.62 

400 NTT DoCoMo 589,987 1.35 

30,000 Sharp 490,427 1.12 

25,000 Sumco 555,477 1.27 

9,000 Toyota Motor 426,323 0.97 

12,863,803 29.33 

TAIWAN 

660,968 AU Optronics 1,038,820 2.37 

290,876 Chroma Ate 608,587 1.39 

300,000 Chunghwa Telecom 775,947 1.77 

330,500 Delta Electronics 920,173 2.10 

930,000 Fortune Electric 1,475,437 3.36 

78,000 GeoVision 439,473 1.00 


288,250 InnoLux Display 517,615 1.18 


10,577,472 24.11 

SOUTH KOREA 

7,000 Daelim Industrial 715,377 1.63 

28,000 Doosan Infracore 810,315 1.84 

25,000 Hynix Semiconductor 596,944 1.36 

4,375 Hyundai Mobis 353,928 0.81 

26,720 KT 1,142,044 2.60 

13,000 LG 843,075 1.92 

5,300 NHN 923,830 2.11 

2,000 Samsung Electronics 1,193,887 2.72 

9,500 Samsung Electronics 144AGDR 2,783,500 6.35 

2,500 SK Telecom 454,871 1.04 

9,817,771 22.38 

SINGAPORE 

1,210,000 CSE Global 933,882 2.12 

400,000 Swiber Holdings 726,230 1.66 

1,660,112 3.78 

INDIA 

50,000 Bharti Airtel 839,737 1.92 

9,000 Reliance Industries 439,081 1.00 

1,278,818 2.92 

HONG KONG 

50,000 China Mobile 671,821 1.53 

800,000 Lenovo Group 541,559 1.24 

1,213,380 2.77 


19,000 Focus Media Holding ADR 518,700 1.18 

546,000 Xinyi Glass Holding Co. 353,514 0.81 

872,214 1.99 

PHILIPPINES 

15,000 Philippine Long Distance Telephone ADR 791,850 1.81 

791,850 1.81 


11,000 Deere & Co. 789,030 1.80 

789,030 1.80 

AUSTRALIA 

150,000 Telstra 611,419 1.39 

611,419 1.39 

98 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 

RUSSIA 

10,000 Vimpel-Communications ADR 299,600 0.68 

299,600 0.68 

Total Shares 40,775,469 92.96 



40,775,469 92.96 


Cash 3,344,365 7.62 



Allocation of Portfolio as at 30 June 2008 % of 

Net Assets 

Shares 





Energy 2.66 





Total 

100.00 


Shares 

% of 

Net Assets 





Energy 3.34 





Total 100.00




Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

18-Jul-08 JPY 400,000,000 USD 3,960,200 (174,673) 

22-Jul-08 JPY 300,000,000 USD 2,947,389 (107,577) 

03-Sep-08 JPY 200,000,000 USD 1,906,323 (8,699) 

08-Sep-08 JPY 150,000,000 USD 1,440,369 (16,762) 

Total (307,711) 

99




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

SINGAPORE 

9,000,000 Allgreen Properties 6,549,304 1.09 

6,000,000 Ascendas Real Estate Investment Trust 9,746,775 1.62 

20,000,000 Ausgroup 10,364,218 1.72 

6,600,000 CapitaLand 27,652,615 4.58 

3,000,000 CapitaMall Trust 6,593,407 1.09 

4,400,000 City Developments 35,123,672 5.82 

4,300,000 Cosco Corp Singapore 10,114,300 1.68 

4,000,000 DBS Group Holdings 55,452,240 9.18 

2,400,000 Guocoland 3,845,786 0.64 

12,100,000 Hong Fok Crop 8,004,704 1.33 

3,900,000 Hong Leong Asia 5,704,730 0.95 

3,000,000 Hotel Properties 5,931,861 0.98 

7,000,000 Keppel 57,319,269 9.49 

4,000,000 Keppel Land 14,583,410 2.42 

25,700,000 Oceanus Group 6,989,599 1.15 

10,200,000 Olam International 18,218,972 3.02 

4,530,000 Oversea-Chinesse Banking 27,204,307 4.50 

6,700,000 SembCorp Industries 20,487,339 3.39 

7,500,000 SembCorp Marine 22,272,042 3.69 

2,900,000 Singapore Exchange 14,729,685 2.44 

2,400,000 Singapore Press Holdings 7,497,519 1.24 

15,000,000 Singapore Telecommunications 39,913,264 6.61 

2,500,000 SMRT 3,417,987 0.57 

3,500,000 StarHub 7,332,133 1.22 


4,717,000 Swiber Holdings 8,564,071 1.42 

27,000,000 Tiong Woon Holding 9,526,260 1.58 

4,100,000 United Overseas Bank 56,115,256 9.30 

4,600,000 Wilmar International 17,109,045 2.84 

3,000,000 Yanlord Land Group 4,079,533 0.68 

533,416,951 88.39 

BERMUDA 

18,000,000 China Hongxing Sports 6,020,067 1.00 

15,500,000 FibreChem Technologies 7,633,504 1.26 

1,237,000 Synear Food Holdings 395,527 0.07 

14,049,098 2.33 

MAURITIUS 

20,000,000 Golden Agri-Resources 13,377,926 2.22 

13,377,926 2.22 

INDONESIA 

8,000,000 Bumi Resources 7,106,489 1.18 

16,804,500 Indofood Sukses Makmur 4,369,061 0.72 

11,475,550 1.90 


6,300,000 China Sky Chemical Fibre 3,681,502 0.61 

3,681,502 0.61 

Total Shares 576,001,027 95.45 



576,001,027 95.45 


Cash 21,581,076 3.58 



100 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 







Energy 1.42 



Total 100.00 


Shares 

% of 

Net Assets 







Energy 2.77 



Total 100.00




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


CHINA 


Shares 

393,000 China Shenhua Energy - H Shares * 1,541,829 0.14 

TAIWAN 

3,818,000 Acer 

2,741,000 Ambassador Hotel 

7,522,781 

3,987,320 

0.70 

0.37 

8,602,000 China Shipping Container Lines - H Shares * 

648,142 Huangshan Tourism Development - B Shares 

218,320 Yantai Changyu Pioneer Wine - B Shares 

3,363,732 

892,492 

1,371,550 

0.31 

0.08 

0.13 

11,216,040 Asia Cement 

1,222,000 Astro 

16,814,821 

2,903,005 

1.56 

0.27 

9,450,460 0.87 

18,768,000 AU Optronics 29,496,988 2.73 BERMUDA 

10,457,000 Bank of Kaohsiung 4,875,339 0.45 732,500 Kerry Properties 3,845,773 0.35 

23,664,772 Cathay Financial Holding 51,462,107 4.76 

15,929,000 Cheng Loong 5,327,161 0.49 

3,845,773 0.35 

6,609,000 Chien Kuo Construction 

34,041,000 China Airlines 

19,680,000 China Development Financial Holding 

4,137,430 

14,805,311 

7,943,328 

0.38 

1.37 

0.73 


3,512,000 TCC International Holdings 2,553,052 0.24 

1,485,000 China Ecotek 

7,631,000 China Metal Products 

2,226,277 

11,301,926 

0.21 

1.05 

2,553,052 0.24 

5,894,000 China Motor 


3,806,339 

34,135,707 

0.35 

3.16 

Total Shares 1,025,017,310 94.83 

1,102,000 Chipbond Technology 

5,224,000 Chong Hong Construction 

3,095,000 Chroma ATE 

4,376,000 Chung Hsin Electric & Machinery Manufacturing 

907,743 

13,270,853 

6,475,535 

3,027,875 

0.08 

1.23 

0.60 

0.28 




1,025,017,310 

1,025,017,310 

94.83 

94.83 

20,443,000 Chunghwa Telecom 

21,900,000 Continental Engineering 

52,875,634 

12,555,519 

4.89 

1.16 

Cash 44,643,886 4.13 

2,414,000 Delta Electronics 

1,157,000 Depo Auto Parts Industrial 

6,721,021 

3,023,068 

0.62 

0.28 


3,367,000 Far Eastern Department Stores 

11,728,190 Far Eastern Textile 

3,583,331 

15,283,358 

0.33 

1.41 


218,000 Farglory Land Development 680,217 0.06 

14,140,000 First Financial Holding 15,514,399 1.44 


3,780,000 Formosan Rubber Group 

24,374,273 

1,955,387 

2.26 

0.18 


511,261 Foxsemicon Integrated Technology 867,543 0.08 

1,798,000 Gallant Precision Machining 811,618 0.08 

20,736,000 Goldsun Development & Construction 

8,246,000 GTM 

10,248,435 

4,904,128 

0.95 

0.45 

Allocation of Portfolio as at 30 June 2008 % of 

Net Assets 

12,934,000 Hey Song 6,072,801 0.56 Shares 

13,719,443 HON HAI Precision Industry 67,580,123 6.25 Information Technology 37.05 

14,206,564 InnoLux Display 25,510,963 2.36 Financials 22.72 

491,000 International Games System 3,648,122 0.34 Industrials 12.69 

8,261,000 Janfusun Fancyworld 4,069,257 0.38 Consumer Discretionary 8.87 

2,918,000 KGI Securities 2,124,804 0.20 Materials 6.94 

2,694,123 MediaTek 31,068,964 2.87 Telecommunication Services 4.89 

1,224,000 National Petroleum 1,048,567 0.10 Consumer Staples 1.67 

3,183,000 Novatek Microelectronics 

22,530,000 Polaris Securities 

1,764,000 Powertech Technology 

8,943,000 President Chain Store 

9,250,102 

13,510,577 

6,189,983 

29,760,890 

0.86 

1.25 

0.57 

2.75 

Total Shares 


Total 

94.83 

5.17 

100.00 

10,694,000 Rich Development 5,954,814 0.55 

26,952,000 Ruentex Development 20,913,331 1.93 

11,067,000 Sanyang Industrial 4,558,072 0.42 

37,111,000 Shin Kong Financial Holding 24,761,046 2.29 


1,499,000 Silitech Technology 

3,146,500 Simplo Technology 

12,983,000 Synnex Technology International 

8,018,000 T JOIN Transportation 

49,646,000 Taishin Financial Holdings 

3,880,000 Taiwan Development 

103,188,000 Taiwan High Speed Rail 

29,859,000 Taiwan Kolin 


6,536,000 Taiwan Sogo Shin Kong 

6,142,000 Tang Eng Iron Works 

14,897,990 

4,198,188 

15,654,745 

26,735,997 

4,425,091 

21,183,384 

1,514,926 

30,429,410 

6,808,049 

108,198,869 

6,439,091 

5,292,036 

1.38 

0.39 

1.45 

2.47 

0.41 

1.96 

0.14 

2.81 

0.63 

10.01 

0.60 

0.49 


Shares 


Materials 

Financials 

Industrials 


Energy 




% of 

Net Assets 

47.80 

15.31 

11.99 

10.99 

6.73 

4.03 

0.47 

0.37 

0.31 

41,104,000 Tatung 

23,502,000 Teco Electric and Machinery 

4,958,000 Ton Yi Industrial 

1,964,676 Topoint Technology 

16,590,577 

13,164,217 

2,401,404 

2,566,702 

1.53 

1.22 

0.22 

0.24 

Total Shares 


Total 

98.00 

2.00 

100.00 

5,879,393 Tripod Technology 14,703,325 1.36 

3,058,601 TXC 5,159,815 0.48 

10,341,000 Unimicron Technology 11,755,008 1.09 

19,364,000 Wei Chuan Food 10,591,183 0.98 

7,433,610 Wistron 10,629,940 0.98 

3,597,275 XinTec 5,274,423 0.49 

36,292,000 Yuanta Financial Holding 25,410,379 2.35 

5,831,304 Yulon Motor 5,917,765 0.55 

1,702,000 Yung Chi Paint & Varnish Manufacturing 2,175,868 0.20 

5,398,000 Yungtay Engineering 3,201,450 0.30 

1,009,168,025 93.37 

101 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


LUXEMBOURG 

441,873 Tenaris ADR 32,429,060 1.55 

Shares 

BRAZIL 

32,429,060 1.55 

1,469,003 All America Latina Logistica 18,942,686 0.91 UNITED STATES OFAMERICA 

1,670,385 Banco Bradesco ADR 33,975,631 1.62 448,433 NII Holdings 20,896,978 1.00 

2,151,801 Banco Itau Holding Financeira Preference Shares 43,545,058 2.08 

2,835,550 Bovespa Holding 35,229,749 1.68 

20,896,978 1.00 

3,844,834 Bradespar Preference Shares 

9,700 Brasil Brokers Participacoes 

66,348 Companhia de Bebidas das Americas ADR 

104,031,150 

8,693,267 

3,927,802 

4.97 

0.42 

0.19 

PANAMA 

497,694 Copa Holdings - AShares 13,830,916 0.66 


Preference Shares 34,633,142 1.66 

13,830,916 0.66 

208,660 Companhia de Transmissao de Energia Eletrica 

Paulista Preference Shares 

108,610 Companhia Energética de Minas Gerais ADR 

6,715,509 

2,650,084 

0.32 

0.13 

ARGENTINA 

283,327 Telecom Argentina ADR 4,128,074 0.20 

1,830,336 Companhia Energetica de Minas Gerais Preference 

Shares 44,677,357 2.14 

4,128,074 0.20 

887,385 Companhia Siderúrgica Nacional ADR 

6,521,925 Companhia Vale do Rio Doce ADR 

39,399,894 

194,875,119 

1.88 

9.32 

Total Shares 2,105,774,526 100.68 

862,597 Estacio Participaçes 

1,444,701 Fertilizantes Heringer 

13,667,100 

20,714,346 

0.65 

0.99 



2,105,774,526 100.68 

3,092,801 Gerdau ADR 73,206,600 3.50 

1,439,547 Global Village Telecom Holding 

55,380 Investimentos Itau 

35,273,937 

348,894 

1.69 

0.02 


6,298,722 Investimentos Itau Preference Shares 39,523,873 1.89 Investment Funds 

2,285,800 JBS 

2,402,556 Localiza Rent ACAR 

2,001,703 Lojas Renner 

563,352 Lupatech 

11,646,658 

27,211,832 

39,301,783 

20,679,630 

0.56 

1.30 

1.88 

0.99 

LUXEMBOURG 



2,250,576 Marcopolo Preference Shares 

1,761,800 MMX Mineracao e Metalicos 

9,292,373 

54,192,223 

0.44 

2.59 

2,649,953 0.13 

1,893,380 NET Servicos de Comunicacao ADR 

331,403 Odontoprev 

24,216,330 

8,523,960 

1.16 

0.41 


775,291 Perdigao 

3,734,107 Petroleo Brasileiro ADR 

965,054 Randon Participacoes Preference Shares 

2,233,488 Redecard 

21,162,212 

215,906,067 

9,204,544 

41,764,467 

1.01 

10.32 

0.44 

2.00 




2,649,953 

2,108,424,479 

0.13 

100.81 

4,187,126 Sadia Preference Shares 

718,339 Tim Participaçoes ADR 

29,689,407 

20,041,658 

1.42 

0.95 

Cash 16,641,395 0.80 

624,470 Totvs 

125,404 Unibanco - Uniao de Bancos Brasileiros GDR 

20,760,155 

15,887,433 

0.99 

0.76 


1,839,727 Usinas Siderurgicas de Minas Gerais Preference A 

Shares 92,156,626 4.41 


4,779,413 Vivo Participacoes Preference Shares 30,290,259 1.44 

1,776,835 Weg 22,287,787 1.07 

1,468,246,602 70.20 

MEXICO 

30,307,221 America Movil SAB - L Shares 79,611,945 3.81 

1,410,352 America Movil SAB ADR - L Shares 73,944,755 3.54 

2,348,206 Banco Compartamos 8,769,612 0.42 


8,364,601 Controladora Comercial Mexicana 25,558,728 1.22 

2,266,286 Desarrolladora Homex SAB 22,482,595 1.07 

165,169 Desarrolladora Homex SAB ADR 9,873,803 0.47 


5,788,413 Genomma Lab Internacional - B Shares 8,927,710 0.43 

2,106,191 Grupo Famsa - AShares 7,698,252 0.37 


6,514,395 Grupo Mexico - B Shares 15,007,943 0.72 

625,412 Grupo Televisa ADR 14,778,486 0.71 

4,594,509 Grupo Televisa Participation Certificates 21,791,495 1.04 

1,296,617 Mexichem 10,689,638 0.51 

7,997,072 Urbi Desarrollos Urbanos 27,693,808 1.32 

455,360,600 21.77 

BERMUDA 

72,786 Bunge 7,827,406 0.37 

247,077 Credicorp 19,963,822 0.96 

999,585 Dufry South America BDR 21,953,048 1.05 

1,339,072 GP Investments BDR 15,964,840 0.76 

993,172 Laep Investments BDR 1,713,816 0.08 

67,422,932 3.22 

CHILE 

750,874 Embotelladora Andina Preference B Shares 1,876,545 0.09 

332,499 Empresa Nacional de Electricidad ADR 14,503,606 0.69 

431,814 Empresa Nacional de Telecomunicaciones 5,857,752 0.28 

2,495,417 La Polar 10,290,560 0.50 

1,167,363 SACI Falabella 5,028,117 0.24 

123,800 Sociedad Quimica y Minera de Chile ADR 5,902,784 0.28 

43,459,364 2.08 

102 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 





Energy 10.32 









Total 100.00




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 




Energy 9.62 










Total 100.00 

103 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


QATAR 

236,470 Commercial Bank of Qatar 9,610,094 1.35 


108,327 Qatar National Bank 6,826,676 0.96 

TURKEY 

150,720 United Development 2,516,311 0.36 

3,923,515 Akbank 

133,650 BIM Birlesik Magazalar 

13,561,899 

4,984,704 

1.91 

0.70 

18,953,081 2.67 

3,486,491 Eregli Demir ve Celik Fabrikalari 28,138,638 3.97 UNITED KINGDOM 

1,277,722 Haci Omer Sabanci Holding 4,354,036 0.61 1,133,472 Hikma Pharmaceuticals 11,302,699 1.59 

5,827,659 KOC Holding 15,867,918 2.24 

1,531,788 Reysas Logistics 6,306,224 0.89 

11,302,699 1.59 

1,307,924 Tekfen Holding 

1,866,200 Tofas Turk Otomobil Fabrikasi 

825,249 Tupras Turkiye Petrol Rafine 

10,022,815 

5,416,111 

18,669,270 

1.42 

0.76 

2.63 

NETHERLANDS 

1,499,900 Morgan Stanley - Warrants 29.04.09 8,559,677 1.21 

576,440 Turcas Petrolculuk 

984,765 Turk Ekonomi Bankasi 

2,227,470 

842,949 

0.32 

0.12 

8,559,677 1.21 

984,765 Turk Ekonomi Bankasi - Rights 11.07.08 24,084 0.00 SWITZERLAND 

2,224,107 Turk Telekomunikasyon 7,397,674 1.04 67,391 Orascom Development Holding 7,812,298 1.10 

2,633,107 Turkcell Iletisim Hizmet 15,133,416 2.13 


7,812,298 1.10 

3,315,900 Turkiye Halk Bankasi 

6,892,070 Turkiye Is Bankasi - C Shares 

4,617,500 Turkiye Vakiflar Bankasi Tao - D Shares 

15,543,492 

22,586,819 

5,985,265 

2.19 

3.18 

0.84 

OMAN 

260,072 Bank Muscat SAOG Registered Shares GDR 4,863,684 0.69 

1,935,676 Yapi ve Kredi Bankasi 3,550,541 0.50 

4,863,684 0.69 

203,405,334 28.66 GERMANY 

ISRAEL 

44,100 Africa Israel Investments 2,657,308 0.37 

2,501,454 Deutsche Bank - Abu Dhabi 

Commercial Bank - Warrants 12.02.09 3,480,011 0.49 

3,555,959 Bank Hapoalim 

1,048,546 Bank Leumi Le-Israel 

6,518,280 Bezeq Israeli Telecommunication 

165,200 Excellence Investments 

15,638,162 

5,177,079 

12,787,800 

2,462,731 

2.20 

0.73 

1.80 

0.35 

BERMUDA 

324,352 EastPharma Registered Shares GDR 

3,480,011 

2,254,246 

0.49 

0.32 

20,340 Israel 

2,691,886 Israel Chemicals 

31,486,369 

62,120,446 

4.44 

8.75 

2,254,246 0.32 


Total Shares, Warrants and Rights 700,839,671 98.77 

EGYPT 

198,760,772 28.00 



700,839,671 98.77 

344,832 Commercial International Bank 5,533,102 0.78 

607,912 Ghabbour Auto 

1,069,808 National Societe General Bank 

5,619,920 

7,619,258 

0.79 

1.08 


540,323 Orascom Construction Industries 37,214,702 5.24 Investment Funds 

300,536 Orascom Telecom Holding Registered Shares GDR 

69,915 Six of October Development & Investment 

666,480 Suez Canal Bank 

3,171,421 Telecom Egypt 

19,324,465 

2,099,484 

2,784,244 

9,749,062 

2.73 

0.30 

0.39 

1.37 

LUXEMBOURG 



89,944,237 12.68 

MOROCCO 

37,350 Attijariwafa Bank 16,778,100 2.36 

15,800 Brasseries Maroc 4,219,469 0.60 

26,730 Douja Promotion Groupe Addoha 7,927,861 1.12 

14,530 Douja Promotion Groupe 

Addoha - Rights 31.12.18 4,261,553 0.60 

338,300 Maroc Telecom 8,718,449 1.23 

40,550 ONA10,394,579 1.46 

52,300,011 7.37 


3,593,232 Arabtec Holding 15,847,962 2.24 

5,243,564 Depa 7,445,861 1.05 

6,469,276 DP World 5,563,577 0.78 


42,759,254 6.03 

JORDAN 

1,107,540 Arab Bank 33,874,935 4.78 

510,011 Dar Al Dawa Development & Investment 3,275,300 0.46 

37,150,235 5.24 


2,815,200 Merrill Lynch - Aldar Properties - 

Warrants 12.01.10 9,532,549 1.34 


Warrants 07.10.10 4,878,182 0.69 

1,932,890 Merrill Lynch - Sorouh Real 

Estate - Warrants 12.01.10 4,883,401 0.69 

19,294,132 2.72 

104 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

1,137,551 0.16 




1,137,551 0.16 


Cash 7,155,546 1.01 





% of 

Net Assets 






Energy 2.63 






Total 100.00




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 









Energy 1.38 



Total 100.00 

105 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

RUSSIA 


Shares GDR 23,008,618 1.40 

2,550,103 Bank St. Petersburg 17,961,538 1.10 


505,419 Chelyabinsk Zink Plant GDR 3,967,539 0.24 

910,567 Cherkizovo Group Registered Shares GDR 13,822,407 0.85 


886,910 DIXY Group 13,303,650 0.82 

818,027 Gazpromneft ADR 32,843,784 2.01 

155,389 Lebedyansky 12,778,221 0.78 

5,995,000 Lenenergo 11,516,051 0.71 

1,531,379 Magnit OAO 71,591,968 4.39 


GDR 82,703,799 5.07 

1,504,101 Mechel ADR 74,302,589 4.56 


902,439 Mobile Telesystems ADR 69,758,535 4.28 






2,216,301 RTM 4,307,529 0.26 

45,684,407 Sberbank 145,276,414 8.91 

3,819,110 Severstal Registered Shares GDR 99,449,624 6.09 


977,604 Sistema JSFC Registered Shares GDR 29,406,328 1.80 

3,326,140 Sistema-Hals Registered Shares GDR 22,950,366 1.41 



216,958 Veropharm 11,998,835 0.74 

6,100,000 World Trade Center Moscow 4,022,950 0.25 

1,128,948,149 69.23 

KAZAKHSTAN 

3,213,659 Alliance Bank Registered Shares GDR 16,486,071 1.01 


GDR 13,374,985 0.82 

2,083,598 Kazkommertsbank Registered Shares GDR 32,486,896 1.99 

62,347,952 3.82 

LUXEMBOURG 


42,537,948 2.61 



40,392,352 2.48 

IRELAND 

4,245,020 Dragon Oil 38,012,590 2.33 

38,012,590 2.33 

BERMUDA 


34,848,347 2.14 

AUSTRIA 


26,706,853 1.64 

CYPRUS 

3,508,144 Urals Energy 12,033,923 0.74 


24,739,845 1.52 


1,179,450 BMB Munai 7,076,700 0.43 

611,965 CTC Media 15,103,296 0.93 

22,179,996 1.36 

MALAYSIA 

2,656,224 Steppe Cement 16,686,937 1.02 

16,686,937 1.02 

106 

Quantity/ 

Nominal 

Value 




16,233,628 1.00 

JERSEY 


14,213,133 0.87 

ISLE OFMAN 


11,260,797 0.69 

KAZAKHSTAN 


10,139,220 0.62 


145,200 Imperial Energy 2,687,299 0.17 

2,007,300 Ukrproduct Group 2,843,915 0.17 

5,531,214 0.34 

GEORGIA 

201,359 Bank of Georgia Registered Shares GDR 4,731,937 0.29 

4,731,937 0.29 

NETHERLANDS 

1,588,843 AMTEL Vredestein Registered Shares GDR 3,177,686 0.19 

3,177,686 0.19 

Total Shares 1,502,688,584 92.15 



Market 

Value 

% of 

Net 

Assets 

1,502,688,584 92.15 



LUXEMBOURG 



48,800,205 2.99 




48,800,205 2.99 


Cash 83,698,115 5.13 




Shares 

% of 

Net Assets 



Energy 16.88 











Total 100.00




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 



Energy 12.00 











Total 100.00 

107 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


Bonds 


15,000 Abbey National Capital Trust I 30.06.30/8.963%* 16,457 0.00 

115,000 Alcoa 01.02.17/5.550% 108,716 0.03 

95,000 Allstate Life Global Funding 

Trusts 30.04.13/5.375% 94,844 0.02 

150,000 American Electric Power - C 

Shares 15.03.10/5.375% 151,940 0.04 

285,000 American General Finance 01.10.12/5.375% 265,825 0.07 

100,000 American International Group 15.05.13/4.250% 92,100 0.02 


75,000 Anheuser-Busch 01.04.36/5.750% 64,284 0.02 

50,000 Appalachian Power 01.05.09/6.600% 50,841 0.01 

25,000 Arizona Public Service 15.05.15/4.650% 21,945 0.01 

500,000 AT&T 15.01.13/4.950% 500,200 0.13 

630,000 AT&T 15.09.14/5.100% 624,310 0.16 

60,000 AT&T 15.06.16/5.625% 59,988 0.02 

300,000 AT&T 15.01.38/6.300% 285,786 0.08 

150,000 Bank of America 15.02.10/7.800% 157,897 0.04 


200,000 Baxter International 15.03.15/4.625% 192,671 0.05 

100,000 Bear Stearns 25.03.09/3.250% 99,107 0.03 

350,000 Bear Stearns 15.11.14/5.700% 338,842 0.09 

250,000 Bear Stearns 02.10.17/6.400% 248,518 0.06 

100,000 Bear Stearns 01.02.18/7.250% 105,101 0.03 

200,000 BellSouth 15.09.14/5.200% 198,322 0.05 

75,000 BellSouth 15.11.34/6.000% 70,247 0.02 

60,000 Boeing 15.02.33/6.125% 61,618 0.02 

155,000 Burlington Northern Santa Fe 15.03.09/6.125% 157,530 0.04 


100,000 Capital One Financial 15.09.11/5.700% 96,173 0.03 


75,000 Carolina Power & Light 15.09.13/5.125% 75,652 0.02 

70,000 Caterpillar Financial Services 15.03.16/5.500% 70,260 0.02 

75,000 CenterPoint Energy Houston 

Electric 15.01.14/5.750% 74,952 0.02 

40,000 CenterPoint Energy Resources 01.11.17/6.125% 39,362 0.01 

35,000 Centex 15.05.14/5.700% 30,113 0.01 

225,000 CIT Group 30.11.12/7.625% 197,872 0.05 

500,000 Citigroup 29.07.09/4.250% 501,118 0.13 

500,000 Citigroup 27.08.12/5.625% 496,342 0.13 

150,000 Citigroup 15.09.14/5.000% 138,932 0.04 

430,000 Citigroup 15.08.17/6.000% 418,401 0.11 

140,000 Citigroup 21.11.17/6.125% 136,243 0.04 

15,000 Citigroup 15.06.32/6.625% 14,446 0.00 

60,000 Cleveland Electric Illuminating - 

D Shares 01.11.17/7.880% 66,057 0.02 

50,000 Coca-Cola Enterprises 01.02.12/8.500% 56,594 0.01 

60,000 Columbus Southern Power 01.05.18/6.050% 60,156 0.02 

300,000 Comcast Cable Communications 

Holdings 15.03.13/8.375% 332,045 0.08 

35,000 Connecticut Light & Power 01.05.18/5.650% 34,574 0.01 

20,000 ConocoPhillips 25.05.10/8.750% 21,873 0.01 

15,000 Consolidated Edison Co. of New 

York 01.09.10/7.500% 15,937 0.00 

55,000 Consolidated Edison Co. of New 

York 01.07.12/5.625% 55,812 0.01 

130,000 Countrywide Home Loans 15.07.09/5.625% 125,697 0.03 


50,000 CSFB USA 15.11.11/6.125% 51,408 0.01 

175,000 CSFB USA 15.01.12/6.500% 182,507 0.05 

150,000 CSFB USA 15.01.14/5.125% 147,951 0.04 

75,000 CSFB USA 15.01.15/4.875% 72,106 0.02 

90,000 Daimler Finance North America 01.09.09/7.200% 92,729 0.02 

100,000 Daimler Finance North America 15.01.12/7.300% 105,654 0.03 

40,000 Dow Chemical 01.02.11/6.125% 41,218 0.01 

360,000 Dow Chemical 01.10.12/6.000% 370,298 0.10 

65,000 Dow Chemical 01.11.29/7.375% 70,938 0.02 

25,000 DTE Energy 01.06.11/7.050% 25,994 0.01 

100,000 Duke Energy Carolinas 01.10.08/4.200% 100,142 0.03 

255,000 Duke Energy Carolinas 15.04.18/5.100% 248,849 0.06 

20,000 FleetBoston Financial 01.12.09/7.375% 21,020 0.01 

20,000 Florida Power 15.06.18/5.650% 20,215 0.01 

35,000 Florida Power & Light 01.10.33/5.950% 34,609 0.01 

40,000 FPL Group Capital 15.06.13/5.350% 40,426 0.01 

100,000 General Electric Capital 15.06.09/3.250% 100,021 0.03 







108 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


1,100,000 General Electric Capital 09.06.14/5.650% 1,133,153 0.30 





35,000 Genworth Financial 15.06.14/5.750% 34,422 0.01 


300,000 Golden West Financial 01.10.12/4.750% 287,508 0.07 

100,000 Goldman Sachs Group 15.01.09/3.875% 100,184 0.03 











175,000 Hewlett-Packard 01.03.17/5.400% 173,718 0.05 

50,000 Home Depot 01.03.16/5.400% 46,235 0.01 

150,000 HRPT Properties Trust 15.01.18/6.650% 137,928 0.04 

35,000 HSBC Finance 15.12.08/4.125% 35,032 0.01 

200,000 HSBC Finance 01.08.10/6.375% 205,860 0.05 

625,000 HSBC Finance 15.10.11/6.375% 645,284 0.17 

200,000 HSBC Finance 15.07.13/4.750% 193,860 0.05 

500,000 HSBC Finance 15.01.14/5.250% 493,648 0.13 

125,000 International Business Machines 01.08.27/6.220% 125,339 0.03 

35,000 International Paper 15.01.09/4.250% 34,880 0.01 


150,000 John Deere Capital 15.07.09/4.400% 151,648 0.04 


200,000 Kellogg 06.03.13/4.250% 194,898 0.05 

25,000 Kinder Morgan Energy Partners 15.11.14/5.125% 23,847 0.01 

400,000 Kraft Foods 01.02.18/6.125% 390,547 0.10 

175,000 Kraft Foods 01.02.38/6.875% 171,731 0.04 

15,000 Kroger 01.04.11/6.800% 15,630 0.00 






30,000 Lockheed Martin 01.12.29/8.500% 36,956 0.01 

125,000 Macys Retail Holdings 15.08.13/7.625% 124,073 0.03 

250,000 Marathon Oil 01.10.17/6.000% 250,764 0.07 

200,000 Marshall & Ilsley 01.04.11/5.350% 192,337 0.05 

100,000 Merrill Lynch & Co. 15.07.08/3.125% 99,934 0.03 








300,000 Monsanto 15.08.12/7.375% 325,225 0.08 

550,000 Morgan Stanley 15.04.11/6.750% 569,154 0.15 




300,000 New Cingular Wireless Services 01.03.11/7.875% 320,484 0.08 


15,000 News America Holdings 20.01.24/7.750% 16,223 0.00 

80,000 Nisource Finance 01.03.13/6.150% 79,901 0.02 

19,000 Norfolk Southern 17.05.25/5.590% 17,522 0.00 


100,000 Northrop Grumman Systems 15.02.11/7.125% 106,595 0.03 

25,000 Odyssey Re Holdings 01.11.13/7.650% 26,514 0.01 

50,000 Parker Hannifin 15.05.18/5.500% 50,086 0.01 

150,000 Peco Energy 01.03.18/5.350% 147,670 0.04 

100,000 PNC Funding 15.11.15/5.250% 94,596 0.02 

110,000 Progress Energy 15.04.12/6.850% 116,221 0.03 

105,000 Protective Life Secured Trusts 24.11.08/3.700% 105,144 0.03 



110,000 Prudential Financial 20.09.14/5.100% 105,735 0.03 

35,000 PSEG Power 15.04.31/8.625% 42,266 0.01 

55,000 Public Service Electric & Gas 01.05.18/5.300% 54,282 0.01 

100,000 Regions Financial 10.12.37/7.375% 79,080 0.02 

65,000 Safeway 01.11.08/4.125% 64,863 0.02 

150,000 SLM 15.01.10/4.000% 140,190 0.04 

20,000 SLM 15.01.13/5.375% 17,147 0.00 

325,000 Sprint Capital 30.01.11/7.625% 318,529 0.08 

35,000 Sprint Capital 01.05.19/6.900% 30,401 0.01




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


400,000 Sprint Nextel 01.12.16/6.000% 339,937 0.09 

100,000 State Street 15.06.10/7.650% 105,003 0.03 

105,000 Textron Financial 03.02.11/5.125% 104,474 0.03 


100,000 Toyota Motor Credit 01.08.08/2.875% 99,974 0.03 

50,000 Travelers 15.05.18/5.800% 49,215 0.01 

155,000 UBS Preferred Funding Trust I 01.10.10/8.622%* 155,801 0.04 

75,000 Union Pacific 15.01.15/4.875% 72,221 0.02 

100,000 United Parcel Service 15.01.18/5.500% 101,424 0.03 

40,000 Valero Energy 15.04.32/7.500% 40,862 0.01 

150,000 Verizon Communications 15.02.16/5.550% 148,146 0.04 


150,000 Verizon Florida - F Shares 15.01.13/6.125% 150,236 0.04 

45,000 Verizon Global Funding 01.09.12/7.375% 48,348 0.01 

225,000 Verizon Maryland - AShares 01.03.12/6.125% 229,708 0.06 

250,000 Verizon New England - C Shares 01.10.13/4.750% 236,176 0.06 

15,000 Verizon New York - B Shares 01.04.32/7.375% 15,498 0.00 

200,000 Verizon Virginia - AShares 15.03.13/4.625% 193,171 0.05 

40,000 Virginia Electric and Power 15.12.10/4.500% 40,293 0.01 




380,000 Wachovia 17.02.09/3.625% 378,360 0.10 

285,000 Wachovia 01.05.13/5.500% 277,082 0.07 

100,000 Wachovia 15.02.14/4.875% 94,012 0.02 

450,000 Wachovia 01.02.18/5.750% 415,574 0.11 

250,000 Wachovia Bank NA 15.08.15/5.000% 232,155 0.06 

60,000 Wal-Mart Stores 01.09.35/5.250% 53,058 0.01 

45,000 Washington Mutual 15.01.10/4.200% 39,966 0.01 



250,000 Washington Mutual 

Bank/Henderson 15.06.11/6.875% 215,414 0.06 

100,000 Wells Fargo & Co. 01.08.11/6.375% 104,511 0.03 

500,000 Wells Fargo & Co. 23.10.12/5.250% 504,416 0.13 

225,000 Wells Fargo & Co. 15.11.14/5.000% 222,575 0.06 

34,156,941 8.89 


110,000 AstraZeneca 01.06.14/5.400% 112,361 0.03 

90,000 British Telecommunications 15.12.10/8.375% 97,407 0.03 


35,000 RBS 30.09.31/7.648%* 34,113 0.01 

200,000 Vodafone Group 15.09.15/5.000% 190,408 0.05 

488,767 0.13 

MEXICO 



452,347 0.12 

LUXEMBOURG 

160,000 Telecom Italia Capital 15.11.13/5.250% 151,040 0.04 


429,733 0.11 

SPAIN 

350,000 Telefonica Emisiones 04.02.13/5.855% 352,199 0.09 

352,199 0.09 

AUSTRALIA 

55,000 BHP Billiton Finance 29.03.17/5.400% 53,139 0.02 

200,000 Rio Tinto Finance USA 15.07.13/5.875% 200,373 0.05 

253,512 0.07 

NETHERLANDS 

45,000 Deutsche Telekom International 

Finance 22.07.13/5.250% 44,311 0.01 


Finance 15.06.30/8.250% 119,132 0.03 

163,443 0.04 

FRANCE 

90,000 France Télécom 01.03.11/7.750% 95,860 0.02 


108,302 0.03 

109 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

CANADA 

10,000 Canadian Natural Resources 15.01.32/7.200% 10,717 0.00 

60,000 Devon Financing 30.09.31/7.875% 70,713 0.02 

81,430 0.02 

Total Bonds 36,486,674 9.50 



Market 

Value 

% of 

Net 

Assets 

36,486,674 9.50 


Bonds 


183,232 ABN Amro Mortgage 2003-7 A3 25.07.18/4.500% 173,010 0.05 

50,000 Alabama Power 15.05.38/6.125% 50,723 0.01 


500,000 American Home Mortgage 

Investment Trust 2005-3 2A4 25.09.35/4.848%* 403,483 0.11 

150,000 American Water Capital 15.10.17/6.085% 144,029 0.04 

100,000 AmeriCredit Automobile 

Receivables Trust 2008-AF A3 12.12.12/5.680% 98,586 0.03 


Receivables Trust 2008-AF A4 14.10.14/6.960% 98,969 0.03 

150,000 ASIF Global Financing XXIII 

144A 22.10.08/3.900% 150,374 0.04 

49,920 Banc of America Commercial 

Mortgage 2003-2 A2 11.03.41/4.342% 49,547 0.01 


Mortgage 2005-6 ASB 10.09.47/5.352%* 436,931 0.12 

329,698 Banc of America Funding 2004-2 

30PO 20.09.34/0.000% 217,172 0.06 

1,250,000 Banc of America Funding 2005-6 

2A7 25.10.35/5.500% 1,188,817 0.31 

594,526 Banc of America Funding 

2005-E 4A1 20.03.35/4.106%* 590,548 0.16 

66,197 Banc of America Mortgage 

Securities 2003-8 APO 25.11.33/0.000% 46,624 0.01 


Securities 2004-5 2A2 25.06.34/5.500% 497,116 0.13 


Securities 2004-9 XPO 25.11.34/0.000% 93,582 0.03 


Securities 2004-E 2A5 25.06.34/4.112%* 578,562 0.15 


Securities 2004-J 3A1 25.11.34/5.069%* 538,667 0.14 




264,456 Bear Stearns Adjustable Rate 

Mortgage Trust 2003-7 3A 25.10.33/4.928%* 257,293 0.07 

1,165,249 Bear Stearns Adjustable Rate 

Mortgage Trust 2006-1 A1 25.02.36/4.625%* 1,117,387 0.29 

181,390 Bear Stearns Asset Backed 

Securities Trust 2006-SD1 A 

150,000 Bear Stearns Commercial 

25.04.36/2.853%* 141,263 0.04 

Mortgage Securities 2005-PWR9 

AAB 


11.09.42/4.804% 144,202 0.04 

Mortgage Securities 2006-PW11 

A4 


11.03.39/5.623%* 347,031 0.09 


A1 01.12.38/5.044% 253,073 0.07 

100,000 Branch Banking & Trust 15.01.13/4.875% 96,493 0.03 

174,755 Capital One Auto Finance Trust 

2007-C A2B 17.05.10/2.891%* 172,469 0.05 

100,000 Capital One Auto Finance Trust 

2007-C A3A 16.04.12/5.130% 94,609 0.03 

40,000 Capital One Bank 15.09.10/5.750% 39,694 0.01 

368,257 Capital One Prime Auto 

Receivables Trust 2007-2 A2 15.03.10/5.050% 370,560 0.10 

669,667 Chase Mortgage Finance 2003-S6 

A1 25.06.18/5.000% 646,946 0.17 

80,000 Cisco Systems 22.02.16/5.500% 81,029 0.02 

200,000 Citibank Credit Card Issuance 

Trust 2005-B1 B1 15.09.10/4.400% 200,550 0.05 

474,197 Citicorp Mortgage Securities 

2003-10 A1 25.11.18/4.500% 447,743 0.12 

1,186,454 Citicorp Mortgage Securities 

2004-1 3A1 25.01.34/4.750% 1,151,372 0.30 


2004-2 A1 25.03.34/5.000% 1,944,551 0.51 


2004-5 2A5 25.08.34/4.500% 1,466,668 0.38




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


2004-8 1A1 25.10.34/5.500% 1,219,366 0.32 


2004-8 2A2 25.10.34/4.750% 882,112 0.23 


2005-3 2A2 25.04.20/5.000% 1,244,728 0.32 


2006-4 1A2 25.08.36/6.000% 926,470 0.24 

271,251 Citigroup Commercial Mortgage 

Trust 2006-C4 A1 15.03.49/5.915%* 273,692 0.07 

37,321 Citigroup Mortgage Loan Trust 

2003-UP3 A3 25.09.33/7.000% 36,707 0.01 

200,000 CNH Equipment Trust 2007-A 

A3 15.10.10/4.990% 201,411 0.05 

100,000 CNH Equipment Trust 2008-B 

A4A 17.11.14/5.600% 99,281 0.03 

400,000 Comcast 15.03.11/5.500% 401,067 0.11 

275,000 Comcast 15.03.16/5.900% 272,099 0.07 

150,000 Comcast Cable Holdings 01.02.12/9.800% 170,071 0.04 

100,000 Comcast Holdings 15.07.12/10.625% 114,908 0.03 

60,000 Commercial Mortgage Pass 

Through Certificates 2004-LB4A 

A4 15.10.37/4.584% 58,010 0.02 

200,000 Continental Airlines 02.10.10/7.487% 193,761 0.05 

935,026 Countrywide Alternative Loan 

Trust 2002-18 A2 25.02.33/5.250% 905,604 0.24 


Trust 2004-18CB 2A4 25.09.34/5.700% 466,350 0.12 


Trust 2004-28CB 3A1 25.01.35/6.000% 137,074 0.04 


Trust 2004-2CB 1A9 25.03.34/5.750% 690,910 0.18 


Trust 2005-26CB A10 25.07.35/8.550%* 177,903 0.05 


Trust 2005-28CB 1A4 25.08.35/5.500% 493,563 0.13 

1,000,000 Countrywide Alternative Loan 

Trust 2005-54CB 1A11 25.11.35/5.500% 876,068 0.23 


Trust 2005-5R A1 25.12.18/5.250% 196,534 0.05 


Trust 2005-J1 1A4 25.02.35/2.618%* 28,021 0.01 


Trust 2007-21CB 1A5 25.09.37/6.000% 272,665 0.07 

659,590 Countrywide Home Loan 

Mortgage Pass Through Trust 

2005-22 2A1 25.11.35/5.253%* 602,135 0.16 



2003-26 1A6 25.08.33/3.500% 195,212 0.05 



2003-J7 4A3 25.08.18/6.580%* 80,814 0.02 



2004-7 2A1 25.06.34/4.032%* 249,113 0.07 



2004-J6 2A1 25.07.14/4.750% 775,932 0.20 



2004-J8 1A2 25.11.19/4.750% 667,337 0.17 

188,298 Credit-Based Asset Servicing and 

Securitization 2006-CB1 AF2 25.01.36/5.236%* 181,456 0.05 

196,812 CSFB Mortgage Securities 

1998-C2 A2 15.11.30/6.300% 197,601 0.05 


2001-CK1 A3 18.12.35/6.380% 90,250 0.02 


2003-21 AP 25.09.33/0.000% 524,760 0.14 

1,408,299 CSFB Mortgage Securities 

2003-23 2A5 25.10.18/5.000% 1,289,554 0.34 


2003-27 AP 25.11.33/0.000% 435,374 0.11 


2003-C5 A4 15.12.36/4.900%* 159,322 0.04 

641,960 CSFB Mortgage Securities 2004-3 

AP 25.06.34/0.000% 416,278 0.11 


2005-10 AP 25.11.35/0.000% 183,298 0.05 

350,000 CSFB USA 15.08.13/5.500% 350,405 0.09 

90,807 DLJ Commercial Mortgage 

1999-CG2 A1B 10.06.32/7.300%* 92,558 0.02 

125,000 Electronic Data Systems - B 

Shares 01.08.13/6.500% 129,468 0.03 

280,000 Exelon Generation 15.06.11/6.950% 289,845 0.08 

50,000 Fannie Mae 15.01.10/7.250% 53,055 0.01 

28,093 Fannie Mae Interest Strip 340 1 01.09.33/0.000% 19,641 0.01 

25,319 Fannie Mae Pool No: 190632 01.02.14/6.000% 25,846 0.01 



110 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

1,310,027 Fannie Mae Pool No: 254717 01.04.13/4.500% 1,305,159 0.34 








































244,501 Fannie Mae Pool No: 722985 01.07.33/3.844%* 247,392 0.06 









1,002,439 Fannie Mae Pool No: 727466 01.08.18/4.500% 968,450 0.25 




































601,463 Fannie Mae Pool No: 775902 01.04.30/8.500% 660,081 0.17




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 





























978,831 Fannie Mae Pool No: 961192 01.01.38/7.000% 1,028,471 0.27 

278,981 Fannie Mae REMICS 2003-33 

CH 25.07.17/4.000% 275,722 0.07 

1,000,000 Fannie Mae REMICS 2003-55 

HY 25.06.23/5.000% 973,464 0.25 


QO 25.01.33/0.000% 306,824 0.08 


QO 25.07.36/0.000% 176,847 0.05 

2,086,027 Fannie Mae REMICS 2007-7 SG 25.08.36/4.018%* 146,452 0.04 


ZB 25.08.22/8.000% 498,743 0.13 


PL 25.10.23/6.500% 800,600 0.21 

86,553 Fannie Mae REMICS 1993-25 J 25.03.23/7.500% 93,284 0.02 


DZ 25.03.09/6.000% 9,421 0.00 


PK 25.04.24/7.000% 867,245 0.23 


PD 20.05.27/7.500% 94,272 0.02 


SK 25.05.23/4.500%* 45,568 0.01 


ZB 18.07.28/6.000% 74,997 0.02 


PC 25.10.28/6.500% 802,364 0.21 


PD 25.09.31/7.000% 44,905 0.01 

25,777 Fannie Mae REMICS 2001-7 PF 25.03.31/7.000% 27,284 0.01 


MB 25.12.16/6.000% 158,761 0.04 


MG 25.02.17/6.000% 279,904 0.07 


OG 25.02.17/6.000% 381,531 0.10 


PE 25.08.17/5.500% 497,115 0.13 


KC 25.10.17/5.000% 1,130,533 0.29 


TE 25.03.29/5.500% 1,010,753 0.26 


VB 25.11.31/6.000% 67,225 0.02 

37,087 Fannie Mae REMICS 2002-8 SR 25.03.09/11.258%* 37,151 0.01 


BK 25.01.18/5.500% 509,960 0.13 


WE 25.11.22/4.500% 1,449,160 0.38 


SB 25.11.33/5.118%* 30,324 0.01 


JB 25.06.33/3.500% 551,661 0.14 


NG 25.01.19/4.000% 421,414 0.11 


KC 25.05.18/5.000% 396,874 0.10 


BC 25.05.18/5.000% 2,976,444 0.77 


LW 25.05.23/5.500% 197,301 0.05 

111 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


SX 25.10.31/15.503%* 55,246 0.01 


QP 25.07.22/3.000% 190,266 0.05 


SY 25.06.23/5.168%* 51,967 0.01 


LC 25.09.18/4.500% 1,599,624 0.42 

422,557 Fannie Mae REMICS 2003-81 SP 25.09.33/7.081%* 313,606 0.08 


PG 25.06.23/5.000% 248,224 0.06 


PW 25.06.15/4.500% 1,004,847 0.26 


SC 25.02.34/18.670%* 87,540 0.02 


SD 25.03.34/5.351%* 43,699 0.01 


SA 25.04.34/12.698%* 123,326 0.03 


HB 25.05.19/4.000% 917,544 0.24 


PB 25.05.32/5.500% 1,566,161 0.41 


HS 25.05.30/3.518%* 82,574 0.02 


CL 25.10.19/4.000% 376,348 0.10 


AC 25.11.19/4.000% 375,185 0.10 


BX 25.09.34/5.500% 2,125,615 0.55 


PC 25.12.35/6.000% 1,040,898 0.27 


MN 25.06.35/5.500% 506,438 0.13 


EP 25.03.35/4.500% 989,487 0.26 


YA 25.09.20/5.000% 362,361 0.09 


AN 25.12.16/5.000% 406,211 0.11 

1,072,739 Fannie Mae REMICS 2005-56 S 25.07.35/4.228%* 106,018 0.03 


PA 25.05.27/5.500% 1,394,799 0.36 


PZ 25.09.35/5.500% 277,852 0.07 


MB 25.10.35/5.750% 2,211,044 0.58 


XH 25.10.35/5.750% 1,377,846 0.36 


XM 25.10.35/5.750% 974,337 0.25 


GB 25.10.35/5.000% 771,957 0.20 


PO 25.11.36/0.000% 312,787 0.08 


EO 25.11.36/0.000% 125,828 0.03 


HB 25.11.36/6.031%* 999,976 0.26 


PA 25.01.26/5.500% 469,531 0.12 


AO 25.04.36/0.000% 164,757 0.04 


PO 25.05.36/0.000% 596,340 0.16 


GO 25.06.36/0.000% 191,030 0.05 

789,362 Fannie Mae REMICS 2006-44 P 25.12.33/0.000% 593,966 0.15 


WE 25.06.36/6.000% 1,021,334 0.27 


AP 25.07.36/0.000% 334,198 0.09 


PO 25.07.36/0.000% 609,192 0.16 


PC 25.08.36/6.500% 1,062,104 0.28 


A7 25.10.37/6.250%* 3,237,171 0.84 


NO 25.03.22/0.000% 128,616 0.03 


FC 25.03.37/3.233%* 1,484,247 0.39 


PD 25.08.32/6.000% 1,026,843 0.27 


PE 25.05.34/6.000% 1,849,631 0.48 


PG 25.12.36/6.000% 2,046,928 0.53 

3,838,258 Fannie Mae REMICS 2008-16 IS 25.03.38/3.718%* 281,355 0.07 

45,179 Fannie Mae REMICS G93-1 KA 25.01.23/7.900% 49,187 0.01




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

153,552 Fannie Mae REMICS G93-17 

SH 25.04.23/19.554%* 175,633 0.05 

32,427 Fannie Mae Whole Loan 

2003-W4 2A 25.10.42/6.500% 34,013 0.01 


2004-W2 2A2 25.02.44/7.000% 150,084 0.04 

358,995 Federal Home Loan Banks 

00-0606 Y 28.12.12/5.270% 355,689 0.09 

44,128 FHLMC Structured Pass 

Through Securities T-41 3A 25.07.32/7.500%* 44,687 0.01 


Through Securities T-54 2A 25.02.43/6.500% 60,833 0.02 



100,000 Fifth Third Bancorp 15.01.17/5.450% 84,947 0.02 

425,469 First Horizon Asset Securities 

2003-7 2A1 25.09.18/4.500% 405,223 0.11 


2004-AR7 2A1 25.02.35/4.911%* 217,736 0.06 


2004-AR7 2A2 25.02.35/4.911%* 490,731 0.13 


2005-AR1 2A2 25.04.35/5.001%* 310,540 0.08 

369,371 First Union - Chase Commercial 

Mortgage 1999-C2 A2 15.06.31/6.645% 372,752 0.10 

1,200,000 Ford Credit Auto Owner Trust 

2006-B A4 15.09.11/5.250% 1,222,573 0.32 

500,000 Ford Credit Auto Owner Trust 

2007-B A3A 15.11.11/5.150% 508,666 0.13 

50,000 Freddie Mac 15.10.08/5.125% 50,350 0.01 

364,766 Freddie Mac Gold Pool No: 

A11312 01.07.33/6.000% 368,357 0.10 


A17537 01.01.34/6.000% 170,620 0.04 


A28796 01.11.34/6.500% 231,521 0.06 

1,040,190 Freddie Mac Gold Pool No: 

A46987 01.07.35/5.500% 1,024,425 0.27 


A61376 01.07.32/6.500% 917,737 0.24 


B10294 01.10.18/4.500% 302,238 0.08 


B10492 01.11.18/4.000% 133,682 0.03 


B11402 01.12.18/3.500% 1,120,417 0.29 


B14730 01.05.14/4.000% 330,538 0.09 


B14857 01.05.19/4.500% 516,609 0.13 


C02660 01.11.36/6.500% 1,115,592 0.29 


C90600 01.12.22/6.000% 86,785 0.02 


C90985 01.08.26/6.500% 730,209 0.19 


E01280 01.12.17/5.000% 3,355,549 0.87 


E01304 01.01.18/4.500% 850,441 0.22 


E01403 01.04.18/6.000% 47,512 0.01 


E01418 01.07.18/4.000% 1,111,673 0.29 


E01424 01.08.18/4.000% 263,976 0.07 


E01647 01.05.19/4.000% 617,199 0.16 


E96427 01.04.18/5.000% 1,076,462 0.28 


E99955 01.10.18/5.000% 1,073,571 0.28 


G01448 01.08.32/7.000% 49,082 0.01 


G01907 01.08.34/4.500% 746,916 0.19 


G01919 01.09.35/4.000% 387,848 0.10 


G02272 01.10.35/4.000% 805,185 0.21 


G03029 01.10.29/6.000% 851,595 0.22 


G10706 01.07.12/8.000% 15,883 0.00 


G11435 01.06.18/5.000% 666,273 0.17 


G12906 01.07.21/6.000% 2,627,179 0.68 


G13012 01.03.22/6.000% 924,729 0.24 

112 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


G30234 01.11.22/6.500% 48,213 0.01 


P50201 01.01.34/5.500% 265,730 0.07 


P60089 01.12.14/7.000% 98,100 0.03 


P60090 01.03.16/7.000% 88,135 0.02 


P60151 01.05.19/6.000% 362,584 0.09 

372,513 Freddie Mac Non Gold Pool No: 

1B1665 01.04.34/4.140%* 373,526 0.10 


1B3485 01.07.37/5.383%* 782,524 0.20 


555325 01.06.17/8.750% 7,995 0.00 


972200 01.03.36/5.467%* 726,885 0.19 

225,877 Freddie Mac REMICS 1578 K 15.09.23/6.900% 238,353 0.06 

157,974 Freddie Mac REMICS 1609 LG 15.11.23/11.917%* 166,394 0.04 

98,121 Freddie Mac REMICS 1668 D 15.02.14/6.500% 101,765 0.03 

712,182 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 740,669 0.19 

11,320 Freddie Mac REMICS 1807 A 15.11.08/6.000% 11,369 0.00 

354,115 Freddie Mac REMICS 1863 Z 15.07.26/6.500% 369,931 0.10 


147,646 Freddie Mac REMICS 2075 PH 15.08.28/6.500% 154,961 0.04 

213,652 Freddie Mac REMICS 2102 TC 15.12.13/6.000% 221,053 0.06 

853,110 Freddie Mac REMICS 2110 PG 15.01.29/6.000% 876,430 0.23 

100,000 Freddie Mac REMICS 2169 TB 15.06.29/7.000% 105,781 0.03 

500,000 Freddie Mac REMICS 2172 QC 15.07.29/7.000% 534,498 0.14 

14,305 Freddie Mac REMICS 2189 SA 15.02.28/13.062%* 14,566 0.00 

105,226 Freddie Mac REMICS 2259 ZM 15.10.30/7.000% 111,094 0.03 

500,000 Freddie Mac REMICS 2283 K 15.12.23/6.500% 531,973 0.14 

456,759 Freddie Mac REMICS 2344 ZD 15.08.31/6.500% 478,219 0.12 

237,649 Freddie Mac REMICS 2345 PQ 15.08.16/6.500% 249,798 0.07 

169,277 Freddie Mac REMICS 2355 BP 15.09.16/6.000% 176,080 0.05 


230,645 Freddie Mac REMICS 2363 PF 15.09.16/6.000% 239,765 0.06 

169,735 Freddie Mac REMICS 2366 MD 15.10.16/6.000% 172,411 0.04 

144,588 Freddie Mac REMICS 2410 NG 15.02.32/6.500% 151,686 0.04 

113,912 Freddie Mac REMICS 2416 SH 17.02.32/11.036%* 116,730 0.03 

752,418 Freddie Mac REMICS 2423 TB 15.03.32/6.500% 789,043 0.21 

167,477 Freddie Mac REMICS 2424 OG 15.03.17/6.000% 174,321 0.05 

213,775 Freddie Mac REMICS 2425 OB 15.03.17/6.000% 222,523 0.06 

121,050 Freddie Mac REMICS 2434 TC 15.04.32/7.000% 128,087 0.03 

326,060 Freddie Mac REMICS 2453 BD 15.05.17/6.000% 339,366 0.09 


65,596 Freddie Mac REMICS 2472 VB 15.11.17/6.000% 65,930 0.02 

431,555 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 344,608 0.09 

218,929 Freddie Mac REMICS 2484 LZ 15.07.32/6.500% 230,765 0.06 

344,918 Freddie Mac REMICS 2503 BH 15.09.17/5.500% 353,137 0.09 

19,939 Freddie Mac REMICS 2519 BT 15.09.31/8.500% 21,696 0.01 

238,435 Freddie Mac REMICS 2521 PU 15.05.10/5.500% 241,880 0.06 

84,279 Freddie Mac REMICS 2527 VU 15.10.13/5.500% 86,196 0.02 

500,000 Freddie Mac REMICS 2537 TE 15.12.17/5.500% 508,484 0.13 

283,696 Freddie Mac REMICS 2541 GX 15.02.17/5.500% 288,609 0.08 

2,000,000 Freddie Mac REMICS 2543 AN 15.12.17/5.000% 2,017,326 0.53 

415,000 Freddie Mac REMICS 2544 HC 15.12.32/6.000% 423,727 0.11 

115,922 Freddie Mac REMICS 2565 MB 15.05.30/6.000% 118,891 0.03 

200,000 Freddie Mac REMICS 2575 ME 15.02.33/6.000% 203,409 0.05 

1,045,442 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 1,033,556 0.27 

178,269 Freddie Mac REMICS 2597 DS 15.02.33/5.079%* 15,902 0.00 

194,685 Freddie Mac REMICS 2610 DS 15.03.33/4.629%* 15,635 0.00 


1,873,114 Freddie Mac REMICS 2614 KB 15.04.17/4.500% 1,872,517 0.49 

500,000 Freddie Mac REMICS 2628 WA 15.07.28/4.000% 491,461 0.13 

71,174 Freddie Mac REMICS 2630 KN 15.04.13/2.500% 71,044 0.02 

1,180,000 Freddie Mac REMICS 2631 LC 15.06.18/4.500% 1,143,080 0.30 

1,407,274 Freddie Mac REMICS 2632 NH 15.06.13/3.500% 1,386,440 0.36 


28,861 Freddie Mac REMICS 2643 HI 15.12.16/4.500% 2,270 0.00 

203,532 Freddie Mac REMICS 2646 AC 15.08.17/3.500% 199,371 0.05 

272,663 Freddie Mac REMICS 2650 PO 15.12.32/0.000% 223,664 0.06 

742,219 Freddie Mac REMICS 2650 SO 15.12.32/0.000% 601,516 0.16 


1,000,000 Freddie Mac REMICS 2658 PE 15.11.16/4.500% 999,132 0.26 

139,671 Freddie Mac REMICS 2668 SB 15.10.15/5.003%* 132,853 0.03 

200,000 Freddie Mac REMICS 2672 ME 15.11.22/5.000% 199,027 0.05 

1,450,000 Freddie Mac REMICS 2675 CK 15.09.18/4.000% 1,364,994 0.36 

124,221 Freddie Mac REMICS 2683 VA 15.02.21/5.500% 126,600 0.03 

1,500,000 Freddie Mac REMICS 2684 PO 15.01.33/0.000% 1,042,683 0.27 

202,295 Freddie Mac REMICS 2686 GB 15.05.20/5.000% 205,051 0.05 

129,422 Freddie Mac REMICS 2694 BA 15.06.31/4.000% 122,772 0.03 

1,000,000 Freddie Mac REMICS 2695 DG 15.10.18/4.000% 946,400 0.25 

924,476 Freddie Mac REMICS 2697 LE 15.11.20/4.500% 922,870 0.24 

1,000,000 Freddie Mac REMICS 2707 QE 15.11.18/4.500% 962,240 0.25




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

500,000 Freddie Mac REMICS 2720 PC 15.12.23/5.000% 497,269 0.13 

102,224 Freddie Mac REMICS 2722 EG 15.12.33/0.000% 51,931 0.01 

400,000 Freddie Mac REMICS 2744 PD 15.08.33/5.500% 408,695 0.11 


500,518 Freddie Mac REMICS 2755 PA 15.02.29/0.000% 441,373 0.11 

500,000 Freddie Mac REMICS 2759 GC 15.05.29/5.000% 505,292 0.13 

289,256 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 155,399 0.04 

1,000,000 Freddie Mac REMICS 2764 UC 15.05.27/5.000% 1,013,859 0.26 

50,563 Freddie Mac REMICS 2766 SX 15.03.34/9.122%* 37,019 0.01 

76,156 Freddie Mac REMICS 2776 SK 15.04.34/5.368%* 54,699 0.01 

1,628,823 Freddie Mac REMICS 2778 US 15.06.33/4.729%* 110,517 0.03 

214,502 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 205,953 0.05 

500,000 Freddie Mac REMICS 2783 AT 15.04.19/4.000% 458,993 0.12 

800,000 Freddie Mac REMICS 2809 UC 15.06.19/4.000% 746,778 0.19 

462,086 Freddie Mac REMICS 2812 AB 15.10.18/4.500% 462,646 0.12 

225,507 Freddie Mac REMICS 2827 SQ 15.01.19/7.500%* 227,664 0.06 

1,000,000 Freddie Mac REMICS 2833 NB 15.08.19/4.500% 959,447 0.25 

492,356 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 346,933 0.09 

870,410 Freddie Mac REMICS 2841 YA 15.07.27/5.500% 886,015 0.23 

1,000,000 Freddie Mac REMICS 2864 GB 15.09.19/4.000% 940,726 0.24 

1,000,000 Freddie Mac REMICS 2872 JE 15.02.18/4.500% 993,221 0.26 

1,069,538 Freddie Mac REMICS 2907 VC 15.05.34/4.500% 987,505 0.26 

500,000 Freddie Mac REMICS 2931 QC 15.01.19/4.500% 490,324 0.13 

563,956 Freddie Mac REMICS 2945 ZB 15.03.35/5.500% 542,579 0.14 

1,000,000 Freddie Mac REMICS 2958 QD 15.04.20/4.500% 970,763 0.25 

519,058 Freddie Mac REMICS 2962 WJ 15.06.24/5.500% 532,221 0.14 

800,000 Freddie Mac REMICS 2965 GD 15.04.20/4.500% 772,561 0.20 

1,000,000 Freddie Mac REMICS 2971 GC 15.07.18/5.000% 1,006,790 0.26 

100,000 Freddie Mac REMICS 2975 KO 15.05.35/0.000% 58,372 0.02 

302,764 Freddie Mac REMICS 3000 JF 15.04.35/2.871%* 294,730 0.08 

1,000,000 Freddie Mac REMICS 3047 OB 15.12.33/5.500% 1,024,085 0.27 

200,000 Freddie Mac REMICS 3047 OD 15.10.35/5.500% 199,053 0.05 

700,000 Freddie Mac REMICS 3064 OE 15.11.35/5.500% 682,819 0.18 

623,639 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 537,044 0.14 

1,000,000 Freddie Mac REMICS 3074 BH 15.11.35/5.000% 963,955 0.25 

237,302 Freddie Mac REMICS 3101 EA 15.06.20/6.000% 242,283 0.06 

237,206 Freddie Mac REMICS 3117 EO 15.02.36/0.000% 183,229 0.05 

312,491 Freddie Mac REMICS 3117 OK 15.02.36/0.000% 227,575 0.06 

395,027 Freddie Mac REMICS 3118 DM 15.02.24/5.000% 390,327 0.10 




1,286,617 Freddie Mac REMICS 3152 MO 15.03.36/0.000% 962,685 0.25 

179,686 Freddie Mac REMICS 3158 LX 15.05.36/0.000%* 142,517 0.04 


618,662 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 598,395 0.16 

116,637 Freddie Mac REMICS 3189 SN 15.11.35/10.556%* 132,741 0.03 

1,000,000 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 1,061,347 0.28 

750,417 Freddie Mac REMICS 3260 CS 15.01.37/3.669%* 53,637 0.01 

5,000,000 Freddie Mac REMICS 3430 AI 15.09.12/1.417% 130,683 0.03 


550,000 Genworth Global Funding 

Trusts 08.10.10/5.200% 552,716 0.14 

196,217 Ginnie Mae I Pool No: 456388 15.03.28/7.500% 207,622 0.05 











797,999 GMAC Mortgage Corp Loan 

Trust 2003-J7 A2 25.11.33/4.500% 775,505 0.20 


Trust 2005-AR3 3A4 19.06.35/4.850%* 613,160 0.16 

110,000 Goldman Sachs Capital I 15.02.34/6.345% 97,085 0.03 

565,800 Government National Mortgage 

Association 1994-7 PQ 16.10.24/6.500% 596,813 0.16 


Association 2000-10 ZP 16.02.30/7.500% 377,751 0.10 


Association 2000-6 Z 20.02.30/7.500% 41,729 0.01 

1,000,000 Government National Mortgage 

Association 2001-21 PE 16.05.31/6.500% 1,058,152 0.28 


Association 2001-8 Z 20.03.31/6.500% 187,334 0.05 


Association 2002-40 UK 20.06.32/6.500% 320,090 0.08 


Association 2002-41 SY 16.06.32/5.029%* 46,777 0.01 


Association 2002-45 QE 20.06.32/6.500% 297,772 0.08 


Association 2002-47 PG 16.07.32/6.500% 97,646 0.03 

113 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


Association 2002-51 SG 20.04.31/21.745%* 6,096 0.00 


Association 2002-54 GB 20.08.32/6.500% 115,212 0.03 


Association 2002-79 KV 20.11.13/6.000% 87,775 0.02 


Association 2003-1 SX 16.06.31/4.629%* 81,006 0.02 


Association 2003-4 NY 20.12.13/5.500% 58,956 0.02 


Association 2003-98 PC 20.02.29/5.000% 303,988 0.08 


Association 2006-57 PZ 20.10.36/5.565% 1,115,031 0.29 


Association 2007-49 NO 20.12.35/0.000% 791,377 0.21 


Association 2007-74 SL 16.11.37/4.069%* 162,140 0.04 


Association 2008-25 SB 20.03.38/4.418%* 270,656 0.07 

400,000 GS Mortgage Securities II 

2004-GG2 A6 10.08.38/5.396%* 391,414 0.10 

684,186 GSR Mortgage Loan Trust 

2004-10F 2A1 25.08.19/5.000% 668,081 0.17 

1,150,000 GSR Mortgage Loan Trust 

2004-6F 3A4 25.05.34/6.500% 1,107,894 0.29 


2004-9 5A5 25.08.34/3.896%* 477,416 0.12 


2007-1F 2A4 25.01.37/5.500% 1,028,583 0.27 

25,000 Historic TW 15.06.18/6.875% 25,064 0.01 

110,000 Household Automotive Trust 

2005-1 A4 18.06.12/4.350% 109,309 0.03 

583,000 HSBC Finance 15.05.11/6.750% 607,816 0.16 

3,456,045 Indymac Index Mortgage Loan 

Trust 2005-AR11 A7 25.08.35/0.711%* 49,501 0.01 

30,000 International Lease Finance 01.05.13/5.875% 28,336 0.01 



90,000 iStar Financial 15.12.10/6.000% 78,793 0.02 

100,000 John Hancock Global Funding II 

144A 30.01.09/3.500% 99,782 0.03 

30,000 Kellogg 03.12.12/5.125% 30,410 0.01 

30,000 Kerr-McGee 01.07.24/6.950% 31,695 0.01 

60,000 Keycorp 14.05.13/6.500% 54,957 0.01 

15,000 LB-UBS Commercial Mortgage 

Trust 2004-C2 A2 15.03.29/3.246% 14,896 0.00 


Trust 2008-C1 A2 15.04.41/6.317%* 292,257 0.08 

1,000,000 Lehman Mortgage Trust 2008-2 

1A6 25.03.38/6.000% 891,450 0.23 

310,000 M&T Bank 04.12.17/6.625% 299,611 0.08 

200,000 MassMutual Global Funding II 

144A 15.03.10/3.500% 198,332 0.05 

600,000 Mastr Adjustable Rate Mortgages 

Trust 2004-13 3A6 21.11.34/3.788%* 585,737 0.15 

299,758 MASTR Alternative Loans Trust 

2004-10 1A1 25.09.19/4.500% 276,321 0.07 


2004-4 10A1 25.05.24/5.000% 510,435 0.13 


2004-6 7A1 25.07.34/6.000% 216,505 0.06 

1,415,372 MASTR Alternative Loans Trust 

2005-6 3A1 25.11.20/5.500% 1,397,052 0.36 

401,051 MASTR Asset Securitization 

Trust 2003-11 6A2 25.12.33/4.000% 396,245 0.10 


Trust 2006-2 1A30 25.06.36/6.000% 328,960 0.09 

35,000 MBNACredit Card Master Note 

Trust 2003-C1 C1 15.06.12/4.171%* 34,507 0.01 

250,000 Merrill Lynch Mortgage Trust 

2005-MCP1 ASB 12.06.43/4.674%* 240,478 0.06 

400,000 Merrill Lynch/Countrywide 

Commercial Mortgage Trust 

2006-1 A4 12.02.39/5.603%* 384,511 0.10 

250,000 MetLife Life and Annuity Co of 

Connecticut 144A 15.08.14/5.125% 234,616 0.06 

100,000 Metropolitan Life Global 

Funding I 144A 18.09.13/5.200% 98,759 0.03 

125,000 Midamerican Energy 15.03.18/5.300% 121,119 0.03 

200,000 Midamerican Funding 01.03.11/6.750% 207,763 0.05 

200,000 Monumental Global Funding II 

144A 30.07.09/4.375% 200,657 0.05 




231,096 Morgan Stanley Capital I 

2004-HQ3 A2 13.01.41/4.050% 228,816 0.06 


2004-T13 A4 13.09.45/4.660% 221,626 0.06




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


2006-IQ12 A1 15.12.43/5.257% 237,240 0.06 


2006-T23 A1 12.08.41/5.682% 73,618 0.02 

469,744 Morgan Stanley Mortgage Loan 

Trust 2004-3 1A 25.05.19/5.000% 457,329 0.12 

159,210 MortgageIT Trust 2005-1 1A1 25.02.35/2.803%* 134,593 0.04 

100,000 National City Bank 21.01.10/2.928%* 90,372 0.02 

200,000 National Rural Utilities 

Cooperative Finance 01.03.14/4.750% 196,151 0.05 

30,000 Nationwide Financial Services 01.07.12/5.900% 30,109 0.01 

100,000 NCNB 15.09.09/9.375% 105,404 0.03 

100,000 New York Life Global Funding 

144A 15.01.09/3.875% 100,207 0.03 


144A 09.05.13/4.650% 99,204 0.03 

33,474 Nomura Asset Acceptance 

2003-A1 A1 25.05.33/5.500% 31,104 0.01 


2003-A1 A2 25.05.33/6.000% 25,010 0.01 


2003-A1 A5 25.04.33/7.000% 3,342 0.00 

100,000 Oracle 15.01.16/5.250% 99,263 0.03 

250,000 Oracle 15.04.18/5.750% 250,073 0.07 

85,000 Oracle 15.04.38/6.500% 85,625 0.02 

200,000 Pacific Gas & Electric 30.11.17/5.625% 199,561 0.05 

100,000 Pacific Life Global Funding 

144A 15.01.09/3.750% 100,103 0.03 


144A 15.04.13/5.150% 199,298 0.05 

45,000 Pacificorp 15.08.34/5.900% 43,171 0.01 

90,000 Pioneer Natural Resources 15.07.16/5.875% 81,933 0.02 

200,000 Potomac Electric Power 15.11.37/6.500% 198,271 0.05 

93,384 Procter & Gamble - Esop - A 

Shares 01.01.21/9.360% 117,636 0.03 

60,000 PSE&G Transition Funding 

2001-1 A6 15.06.15/6.610% 63,878 0.02 

45,000 PSEG Power 01.04.09/3.750% 44,886 0.01 

30,000 PSEG Power 15.04.11/7.750% 32,075 0.01 

55,000 PSEG Power 01.12.15/5.500% 52,832 0.01 

25,000 RBS Capital Trust I 01.07.13/4.709%* 21,715 0.01 

10,000 RBS Capital Trust II 03.01.34/6.425%* 8,903 0.00 

70,000 RBS Capital Trust III 30.09.14/5.512%* 60,880 0.02 

411,732 Residential Accredit Loans 

2001-QS19 A2 25.12.16/6.000% 409,731 0.11 


2003-QR19 CB4 25.10.33/5.750% 562,723 0.15 


2003-QS14 A1 25.07.18/5.000% 651,821 0.17 


2004-QS8 A2 25.06.34/5.000% 190,358 0.05 


2006-QS4 A7 25.04.36/13.322%* 60,913 0.02 

2,688 Residential Asset Securities 

2002-KS4 AIIB 25.07.32/2.983%* 2,337 0.00 

511,996 Residential Asset Securitization 

Trust 2003-A13 A3 25.01.34/5.500% 473,465 0.12 

204,657 Residential Funding Mortgage 

Securities I 2003-S7 A17 25.05.33/4.000% 187,432 0.05 


Securities I 2004-S6 2A6 25.06.34/0.000% 239,319 0.06 




Securities I 2005-SA4 1A1 25.09.35/4.926%* 260,913 0.07 

27,656 Salomon Brothers Mortgage 

Securities VII 2003-UP2 PO1 25.12.18/0.000% 22,370 0.01 

165,000 Simon Property Group 15.08.14/5.625% 158,684 0.04 

50,000 Simon Property Group 01.05.16/6.100% 49,114 0.01 

125,000 Spectra Energy Capital 01.03.14/5.500% 122,418 0.03 

50,000 Spectra Energy Capital 15.08.14/5.668% 49,489 0.01 

937,223 Structured Adjustable Rate 

Mortgage Loan Trust 2004-16 

3A2 25.11.34/5.450%* 886,406 0.23 

439,995 Structured Asset Securities 

2002-23XS A7 25.11.32/6.080%* 378,646 0.10 

1,485,439 Structured Asset Securities 

2003-29 1A1 25.09.18/4.750% 1,420,634 0.37 


2004-20 1A3 25.11.34/5.250% 624,622 0.16 

100,000 SunTrust Banks 15.03.18/7.250% 101,685 0.03 



30,000 TCI Communications 15.02.26/7.875% 32,376 0.01 

480,000 Time Warner Entertainment 15.03.23/8.375% 519,726 0.14 

15,000 Union Pacific 15.01.11/6.650% 15,632 0.00 

500,000 US Treasury 31.05.12/4.750% 528,906 0.14 

114 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 

500,000 US Treasury 15.08.15/10.625% 715,469 0.19 

1,900,000 US Treasury 15.05.17/8.750% 2,562,625 0.67 

1,000,000 US Treasury (Strip Principal) 15.05.16/0.000% 730,447 0.19 

4,500,000 US Treasury (Strip Principal) 15.05.17/0.000% 3,097,542 0.81 

2,000,000 US Treasury (Strip) 15.02.11/0.000% 1,856,311 0.48 










1,000,000 US Treasury (Strip) 15.05.20/0.000% 582,379 0.15 

149,179 Vendee Mortgage Trust 1998-1 

2E 15.03.28/7.000% 157,580 0.04 

50,000 Wachovia Bank 18.08.10/7.800% 52,434 0.01 

250,000 Wachovia Bank 15.01.38/6.600% 228,147 0.06 

180,000 Wachovia Bank Commercial 

Mortgage Trust 2003-C9 A2 15.12.35/3.958% 179,543 0.05 



169,713 WaMu Mortgage Pass Through 

Certificates 2003-AR8 A 25.08.33/4.030%* 167,277 0.04 

1,385,336 WaMu Mortgage Pass Through 

Certificates 2003-S10 A5 25.10.18/5.000% 1,330,952 0.35 


Certificates 2003-S8 A4 25.09.18/4.500% 769,618 0.20 


Certificates 2003-S8 A5 25.09.18/4.500% 723,475 0.19 


Certificates 2004-RS2 A4 25.11.33/5.000% 426,670 0.11 


Certificates 2004-S3 2A3 25.07.34/12.011%* 184,693 0.05 

500,000 Washington Mutual Alternative 

Mortgage Pass-Through 

Certificates 2005-4 CB7 25.06.35/5.500% 431,882 0.11 



300,000 Washington Mutual Finance 15.05.11/6.875% 309,910 0.08 

300,000 Wells Fargo Bank 09.02.15/4.750% 289,964 0.08 

20,000 Wells Fargo Financial 15.07.09/6.850% 20,294 0.01 

250,000 Wells Fargo Mortgage Backed 

Securities Trust 2003-11 1A4 25.10.18/4.750% 243,026 0.06 




Securities Trust 2004-BB A4 25.01.35/4.556%* 323,677 0.08 


Securities Trust 2004-EE 3A1 25.12.34/4.018%* 473,809 0.12 


Securities Trust 2004-P 2A1 25.09.34/4.234%* 657,927 0.17 


Securities Trust 2004-S A4 25.09.34/3.541%* 160,371 0.04 



1,000,000 Wells Fargo Mortgage Backed 


460,131 WFS Financial Owner Trust 

2005-1 A4 17.08.12/3.870% 461,608 0.12 

25,000 Wyeth 01.02.24/6.450% 25,915 0.01 

318,552,258 82.94 


200,000 Barclays Bank 12.09.12/5.450% 203,735 0.05 

300,000 Barclays Bank 144A 04.12.17/6.050% 289,041 0.08 

1,000,000 British Telecommunications 15.01.13/5.150% 976,593 0.25 

1,469,369 0.38 

CANADA 


150,000 CIT Group Funding Co. of 

Canada 01.07.10/4.650% 125,462 0.03 

110,000 Conoco Funding 15.10.11/6.350% 116,362 0.03 

100,000 ConocoPhillips Canada Funding 

Co. I 15.04.12/5.300% 102,271 0.03 


Co. I 15.10.16/5.625% 153,343 0.04 

40,000 Husky Energy 15.06.19/6.150% 39,738 0.01 

250,000 Marathon Oil Canada 01.05.12/8.375% 270,173 0.07 

240,000 Potash Corp of Saskatchewan 31.05.11/7.750% 258,023 0.07 

80,000 TransCanada Pipelines 15.06.13/4.000% 75,201 0.02 


1,418,730 0.37




Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 


1,000,000 TIAA Seasoned Commercial 

Mortgage Trust 2007-C4 A3 15.08.39/6.094%* 979,026 0.24 

979,026 0.24 

MEXICO 


275,839 0.07 

SWITZERLAND 

150,000 UBS/Stamford 25.04.18/5.750% 146,488 0.04 

146,488 0.04 

NETHERLANDS 

100,000 Siemens 

Financieringsmaatschappij 144A 17.10.16/5.750% 100,639 0.03 

100,639 0.03 


20,000 Corporacion Andina de Fomento 21.05.13/5.200% 19,748 0.01 

19,748 0.01 

Total Bonds 322,962,097 84.08 



322,962,097 84.08 


Bonds 


348,366 Banc of America Funding 2005-7 

30PO 25.11.35/0.000% 209,195 0.06 

345,000 Greenwich Capital Commercial 

Funding 2002-C1 A4 11.01.35/4.948% 336,477 0.09 


Funding 2004-GG1 A3 10.06.36/4.344% 233,201 0.06 


2004-GG2 A3 10.08.38/4.602% 124,989 0.03 

11,628 Impac Secured Assets CMN 

Owner Trust 2004-3 1A4 25.11.34/2.883%* 8,603 0.00 

16,378 Indymac Index Mortgage Loan 

Trust 2004-AR7 A1 25.09.34/2.923%* 13,070 0.00 

250,000 KeyBank 17.09.12/5.500% 244,027 0.06 


Trust 2003-C7 A4 15.09.35/4.931%* 109,934 0.03 


Funding I 144A 19.08.10/4.625% 100,171 0.03 


144A 15.09.13/5.375% 203,276 0.05 

35,000 Pacificorp 15.09.08/4.300% 35,010 0.01 

350,000 Principal Life Income Funding 

Trusts 14.12.12/5.300% 350,114 0.09 

300,000 Pubic Services Oklahoma 15.11.37/6.625% 283,679 0.07 






2,611,998 0.68 

Total Bonds 2,611,998 0.68 



Cash 16,670,091 4.34 




Market 

Value 

% of 

Net 

Assets 

115 

Quantity/ 

Nominal 

Value 


Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 



% of 

Net Assets 



Canada 0.39 


Mexico 0.19 


Spain 0.09 



Switzerland 0.04 

France 0.03 




Total 100.00 



% of 

Net Assets 




Canada 0.26 

Mexico 0.18 


France 0.03 





Total 100.00




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


247,550 Lorillard 16,786,366 0.83 

156,100 Manitowoc 5,010,810 0.25 

Shares 

303,100 Marathon Oil 15,661,177 0.77 


268,000 Acuity Brands 

127,700 Aeropostale 

438,000 Aetna 

83,000 AK Steel Holding 

126,000 Alliant Energy 



201,000 AMERIGROUP 

414,000 Amkor Technology 

251,500 Annaly Capital Management 

253,300 Apache 

352,000 Applied Materials 

152,600 Assurant 

701,349 AT&T 

108,800 Autoliv 

48,000 Autozone 


194,100 Bank of Hawaii 

432,300 Bank of New York Mellon 

517,900 BB&T 

406,500 BJ’s Wholesale Club 

324,700 BMC Software 


375,200 Caterpillar 

388,300 CBS - B Shares 

115,400 Celanese - AShares 

527,200 CenturyTel 

26,900 CF Industries Holdings 


338,500 Chubb 

264,100 Church & Dwight 

227,600 Cigna 


40,300 Cleveland-Cliffs 

300,600 CommScope 


194,200 Corn Products International 


317,700 CSX 

184,400 Cummins 

726,200 CVS Caremark 

411,100 Deere & Co. 

299,100 Devon Energy 

247,100 DIRECTV 

424,700 Dominion Resources 

161,500 DPL 

130,200 Eaton 

344,400 Edison International 

570,200 Eli Lilly & Co. 

362,835 Embarq 

651,500 Endo Pharmaceuticals Holdings 

82,700 Energen 

213,100 Expedia 

165,800 Express Scripts 




716,700 Fulton Financial 


917,600 Gap 

13,255,280 

4,014,888 

17,725,860 

5,783,440 

4,238,640 

10,397,192 

16,599,194 

4,237,080 

4,400,820 

3,918,370 

35,120,045 

6,765,440 

10,280,662 

23,116,463 

5,082,048 

5,806,560 

21,339,560 

9,322,623 

16,042,653 

11,839,194 

15,886,020 

11,806,092 

13,312,860 

27,603,464 

7,571,850 

5,362,638 

18,910,664 

4,181,605 

35,691,570 

16,759,135 

14,834,497 

8,148,080 

3,399,930 

4,776,356 

15,492,924 

36,865,350 

9,564,350 

10,402,880 

19,741,878 

11,807,132 

28,939,070 

29,488,203 

35,374,557 

6,360,354 

19,820,749 

4,268,445 

11,011,014 

17,381,868 

26,075,246 

16,715,808 

15,668,575 

6,435,714 

3,960,037 

10,660,940 

34,157,565 

4,039,420 

12,995,796 

7,217,169 

3,826,641 

15,213,808 

0.65 

0.20 

0.87 

0.29 

0.21 

0.51 

0.82 

0.21 

0.22 

0.19 

1.73 

0.33 

0.51 

1.14 

0.25 

0.29 

1.05 

0.46 

0.79 

0.58 

0.78 

0.58 

0.66 

1.36 

0.37 

0.26 

0.93 

0.21 

1.76 

0.83 

0.73 

0.40 

0.17 

0.24 

0.76 

1.82 

0.47 

0.51 

0.97 

0.58 

1.43 

1.46 

1.74 

0.31 

0.98 

0.21 

0.54 

0.86 

1.29 

0.82 

0.77 

0.32 

0.20 

0.53 

1.68 

0.20 

0.64 

0.36 

0.19 

0.75 



130,900 MEMC Electronic Materials 

541,350 Merck & Co. 



258,000 Nasdaq OMX Group 



231,620 Noble Energy 


178,200 Northern Trust 

165,100 Nucor 

218,200 Nvidia 


356,600 Omnicom Group 

1,470,889 Oracle 

177,400 Owens & Minor 

85,800 Owens-Illinois 


522,100 Pepsi Bottling Group 

521,660 Perrigo 

1,331,400 Pfizer 





1,110,300 QLogic 

364,100 RadioShack 

68,500 Reliance Steel & Aluminum 

580,000 Reynolds American 

113,000 Ross Stores 

145,600 RR Donnelley & Sons 

129,400 SCANA 

73,500 Snap-On 

72,800 Southern Copper 




437,156 Sybase 

1,716,800 Symantec 


195,300 TECO Energy 

115,300 Terra Industries 

141,800 Texas Instruments 


136,100 TJX 


143,500 TRW Automotive Holdings 

114,200 Tupperware Brands 



459,600 Viacom - B Shares 

306,000 W&T Offshore 


397,400 Washington Federal 

419,900 Watson Pharmaceuticals 

77,600 Watson Wyatt Worldwide - AShares 


1,153,100 Windstream 

327,700 Xerox 

23,049,026 

13,131,973 

8,225,756 

20,360,174 

15,633,098 

6,822,728 

7,154,340 

7,406,960 

5,436,000 

23,023,028 

20,740,572 

12,117,600 

12,676,378 

4,067,248 

34,332,017 

15,825,908 

31,094,593 

8,218,942 

3,619,902 

11,261,118 

14,702,336 

16,980,033 

23,219,616 

25,143,404 

4,015,275 

14,380,864 

13,272,012 

16,099,350 

4,438,379 

5,304,640 

27,265,800 

4,035,230 

4,270,448 

4,758,038 

3,774,225 

7,921,368 

15,131,193 

5,255,040 

3,974,355 

13,053,478 

33,348,840 

9,066,290 

4,142,313 

5,979,458 

4,000,178 

10,799,409 

4,293,955 

15,625,248 

2,676,275 

3,773,168 

12,204,690 

20,351,640 

13,912,092 

18,020,340 

16,310,700 

7,210,823 

11,354,096 

4,141,512 

15,511,880 

14,160,068 

4,387,903 

1.14 

0.65 

0.41 

1.00 

0.77 

0.34 

0.35 

0.37 

0.27 

1.13 

1.02 

0.60 

0.62 

0.20 

1.69 

0.78 

1.53 

0.41 

0.18 

0.55 

0.72 

0.84 

1.14 

1.24 

0.20 

0.71 

0.65 

0.79 

0.22 

0.26 

1.34 

0.20 

0.21 

0.23 

0.19 

0.39 

0.74 

0.26 

0.20 

0.64 

1.64 

0.45 

0.20 

0.29 

0.20 

0.53 

0.21 

0.77 

0.13 

0.18 

0.60 

1.00 

0.68 

0.89 

0.80 

0.35 

0.56 

0.21 

0.77 

0.70 

0.22 



7,331,675 

18,174,275 

0.36 

0.90 

1,848,037,304 91.07 


124,500 Hasbro 

200,300 Hewitt Associates - A Shares 


561,600 Honeywell International 

117,022 Hospitality Properties Trust 

361,500 Integrated Device Technology 

3,473,052 

4,308,945 

7,675,496 

33,821,590 

27,838,512 

2,855,337 

3,578,850 

0.17 

0.21 

0.38 

1.67 

1.37 

0.14 

0.18 


185,500 ACE 

160,000 Fresh Del Monte Produce 

441,259 Herbalife 

837,900 Seagate Technology 

176,100 Transocean 

10,193,225 

3,779,200 

16,873,744 

16,020,648 

27,107,073 

0.50 

0.19 

0.83 

0.79 

1.34 

706,100 Intel 


192,100 Investment Technology Group 


225,900 Kinetic Concepts 

145,900 Lear 

145,700 Lehman Brothers Holdings 


15,117,601 

31,277,428 

6,439,192 

27,748,352 

8,902,719 

2,068,862 

3,129,636 

4,538,700 

0.75 

1.54 

0.32 

1.37 

0.44 

0.10 

0.15 

0.22 

BERMUDA 

848,500 Accenture - A Shares 

127,785 Arch Capital Group 


247,800 Invesco 

288,600 Warner Chilcott - AShares 

73,973,890 

34,313,340 

8,550,094 

17,470,385 

6,011,628 

4,911,972 

3.65 

1.69 

0.42 

0.86 

0.30 

0.24 

290,750 Lockheed Martin 28,819,140 1.42 

71,257,419 3.51 

116 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


66,000 Genco Shipping & Trading 4,197,600 0.21 

4,197,600 0.21 

Total Shares 1,997,466,213 98.44 



1,997,466,213 98.44 


Cash 47,418,066 2.34 




Shares 

% of 

Net Assets 

Energy 14.92 












Total 100.00 


Shares 

% of 

Net Assets 





Energy 12.52 








Total 100.00 

117 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Expiration 

Date 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Sep-08 33 S&P 500 Index Future USD 10,545,975 (722,375) 

Total (722,375) 

118




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


5,200 Synaptics 196,560 0.42 

16,600 Syntel 575,024 1.22 

Shares 

19,900 Taleo - AShares 389,043 0.82 


24,400 Acme Packet 

4,050 Affiliated Managers Group 

3,550 Alexion Pharmaceuticals 

2,550 Allegheny Technologies 

19,600 Allscripts Healthcare Solutions 

47,950 American Apparel 

6,950 American Public Education 

34,950 Anadigics 

22,400 Ansys 

84,427 Art Technology Group 

10,600 Bally Technologies 

17,100 Bancorp 

6,500 Bankrate 

30,400 Bare Escentuals 

193,492 

359,923 

258,724 

153,918 

245,000 

298,728 

275,567 

322,588 

1,062,208 

266,789 

360,400 

139,878 

254,995 

573,040 

0.41 

0.76 

0.55 

0.33 

0.52 

0.63 

0.58 

0.68 

2.25 

0.56 

0.76 

0.30 

0.54 

1.21 

27,400 Tessera Technologies 

13,250 Theravance 

53,216 thinkorswim Group 

30,250 Thoratec 

93,850 TurboChef Technologies 

60,350 Ulta Salon Cosmetics & Fragrance 

6,025 Varian Semiconductor Equipment Associates 

23,650 VeriFone Holdings 

27,950 Viasat 

26,750 Viropharma 

25,800 Volcom 

10,000 Waste Connections 

8,850 W-H Energy Services 

14,350 World Fuel Services 

6,625 WSFS Financial 

442,510 

157,211 

398,588 

530,283 

462,681 

660,833 

210,574 

274,577 

569,062 

295,454 

623,328 

322,900 

844,202 

314,696 

300,775 

0.94 

0.33 

0.84 

1.12 

0.98 

1.40 

0.44 

0.58 

1.20 

0.62 

1.32 

0.68 

1.78 

0.67 

0.63 

19,450 BioMarin Pharmaceuticals 

19,400 Blackboard 

579,999 

749,810 

1.23 

1.59 

44,330,689 93.76 

9,400 Bucyrus International 

11,450 Cabot Oil & Gas 

30,000 Calamos Asset Management - A Shares 

696,822 

780,775 

515,700 

1.47 

1.65 

1.09 

IRELAND 

8,600 Icon ADR 662,372 1.40 

31,550 California Pizza Kitchen 

21,800 Cbeyond 

9,997 Century Aluminum 

12,700 Cogent Communications Group 

365,664 

367,548 

670,799 

171,577 

0.77 

0.78 

1.42 

0.36 

BERMUDA 

47,650 Castlepoint Holdings 

662,372 

449,816 

1.40 

0.95 

9,000 Comstock Resources 

15,600 DealerTrack Holdings 

716,130 

241,800 

1.51 

0.51 

449,816 0.95 

3,300 Deckers Outdoor 

9,900 Digital River 

10,600 Diodes 

458,238 

388,674 

299,026 

0.97 

0.82 

0.63 


15,200 UTi Worldwide 300,656 0.64 

13,750 Eagle Materials 

13,700 EnerSys 

349,662 

471,006 

0.74 

1.00 

300,656 0.64 

71,400 Enzo Biochem 

27,950 Exelixis 

7,950 Exterran Holdings 

27,200 Finish Line - AShares 

851,802 

142,545 

580,350 

235,552 

1.80 

0.30 

1.23 

0.50 

Total Shares 



45,743,533 

45,743,533 

96.75 

96.75 

16,900 Flir Systems 

10,400 FTI Consulting 

693,745 

730,496 

1.47 

1.55 


7,600 General Cable 

34,959 Gentiva Health Services 

445,436 

675,062 

0.94 

1.43 

Cash 1,408,145 2.98 

19,900 Geo Group 

11,550 Healthways 

439,790 

353,545 

0.93 

0.75 


9,800 Heico 

10,850 Hittite Microwave 

324,282 

395,916 

0.69 

0.84 


24,000 Hologic 524,162 1.11 

7,623 Hornbeck Offshore Services 449,223 0.95 

50,750 Iconix Brand Group 


17,300 Innospec 

23,200 Insulet 


14,450 IPG Photonics 

12,100 J Crew Group 

11,720 Kaydon 

28,800 LKQ 

20,500 LoopNet 

50,700 Magma Design Automation 

13,250 Masimo 

44,150 MedAssets 

609,000 

546,858 

346,000 

370,968 

377,100 

274,694 

383,812 

593,501 

514,656 

229,395 

314,847 

457,390 

746,135 

1.29 

1.16 

0.73 

0.78 

0.80 

0.58 

0.81 

1.26 

1.09 

0.48 

0.67 

0.97 

1.58 


Shares 


Health Care 

Industrials 


Energy 

Financials 

Materials 



% of 

Net Assets 

28.29 

17.71 

14.31 

12.42 

11.09 

6.57 

3.22 

1.93 

1.21 

15,995 Medivation 200,897 0.42 Total Shares 96.75 

16,500 Meridian Bioscience 452,100 0.96 Cash and Other Assets/(Liabilities) 3.25 

23,550 Microsemi 

5,400 Morningstar 

600,761 

393,174 

1.27 

0.83 

Total 100.00 

19,150 MSCI - AShares 681,740 1.44 

10,650 Myriad Genetics 487,344 1.03 

15,500 National Financial Partners 312,790 0.66 

18,650 NetSuite 374,306 0.79 

31,750 Neutral Tandem 545,465 1.15 

48,550 Nuance Communications 767,576 1.62 

10,300 Oceaneering International 787,950 1.67 

8,400 Old Dominion Freight Line 247,212 0.52 

43,400 Omnicell 546,406 1.16 

43,350 Pacific Sunwear of California 366,308 0.78 

14,600 Penn Virginia 1,086,532 2.30 

8,050 Powell Industries 407,491 0.86 

8,050 ProAssurance 391,552 0.83 

13,000 Psychiatric Solutions 495,040 1.05 

15,950 Red Robin Gourmet Burgers 456,170 0.96 

34,200 Resource Capital 260,946 0.55 

77,450 Smith & Wesson Holding 398,093 0.84 

32,750 Sucampo Pharmaceuticals - AShares 329,793 0.70 

23,003 Susser Holdings 223,359 0.47 

43,900 Switch & Data Facilities 754,641 1.60 

119 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 






Energy 6.88 






Total 100.00 

120 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


66,200 Investment Technology Group 2,219,024 0.36 

83,500 Juniper Networks 1,877,915 0.30 

Shares 

52,300 Kirby 2,508,831 0.40 


143,300 Activision 

75,300 Aeropostale 

19,400 Aflac 

66,000 AGCO 


61,700 Altera 


103,700 Amkor Technology 

106,400 Amphenol - A Shares 

39,000 Analog Devices 


54,900 Apple 

132,600 Applied Biosystems 






153,300 Biogen Idec 



24,700 BorgWarner 

18,900 Brink’s 

50,600 Broadcom - AShares 

46,400 Burger King Holdings 

32,000 Burlington Northern Santa Fe 





35,700 Chubb 



26,800 Coca-Cola 

62,800 Colgate-Palmolive 



123,000 Corn Products International 


50,600 Costco Wholesale 

85,300 CSX 




25,700 DeVry 

199,000 DIRECTV Group 

111,200 Dolby Laboratories - AShares 

91,100 DPL 

41,900 DreamWorks Animation SKG - A Shares 


42,100 Edwards Lifesciences 

28,200 Embarq 



48,400 ENSCO International 




28,300 Flowserve 

25,500 Fluor 


4,905,159 

2,367,432 

1,225,692 

3,432,000 

2,466,672 

1,274,722 

2,321,224 

1,102,331 

4,768,848 

1,239,420 

1,151,362 

9,288,531 

4,423,536 

1,246,345 

1,074,330 

2,491,982 

1,149,200 

7,610,301 

8,613,927 

5,353,960 

5,279,472 

1,085,812 

1,241,730 

1,398,078 

1,228,672 

3,131,200 

6,952,365 

1,171,155 

2,425,020 

7,482,602 

1,767,507 

5,285,597 

2,915,592 

1,394,136 

4,301,800 

4,927,224 

7,466,400 

6,057,750 

8,913,440 

3,553,638 

5,300,542 

3,713,740 

4,937,415 

6,883,314 

1,546,626 

5,122,260 

4,432,432 

2,407,773 

1,218,033 

4,935,966 

2,617,357 

1,299,174 

5,144,295 

2,918,250 

3,979,932 

932,867 

7,632,410 

7,470,469 

3,766,730 

4,701,180 

5,204,305 

0.79 

0.38 

0.20 

0.55 

0.40 

0.21 

0.37 

0.18 

0.77 

0.20 

0.18 

1.49 

0.71 

0.20 

0.17 

0.40 

0.18 

1.22 

1.38 

0.86 

0.85 

0.17 

0.20 

0.22 

0.20 

0.50 

1.12 

0.19 

0.39 

1.20 

0.28 

0.85 

0.47 

0.22 

0.69 

0.79 

1.20 

0.97 

1.43 

0.57 

0.85 

0.60 

0.79 

1.10 

0.25 

0.82 

0.71 

0.39 

0.20 

0.79 

0.42 

0.21 

0.82 

0.47 

0.64 

0.15 

1.22 

1.20 

0.61 

0.75 

0.83 


31,900 Laboratory Corp. of America Holdings 

38,600 Linear Technology 


34,700 Mastercard - AShares 




52,700 Mettler Toledo International 



37,000 Mosaic 


120,800 Nasdaq OMX Group 


57,900 National Semiconductor 


75,300 Noble Energy 


72,300 Northern Trust 

67,700 Nucor 

68,000 Nvidia 


142,200 ON Semiconductor 


52,500 Owens & Minor 







336,000 QLogic 



60,000 Rockwood Holdings 

18,200 Ryder System 

24,100 Snap-On 

19,500 Sohu.com 



6,000 Strayer Education 


555,200 Symantec 


97,900 TECO Energy 


81,300 Texas Instruments 


216,700 TJX 




64,300 W&T Offshore 

87,500 Wal-Mart Stores 


37,400 Walter Industries 

20,900 Watson Wyatt Worldwide - AShares 


101,100 Windstream 

49,300 Xilinx 

110,700 Yum! Brands 

3,169,250 

2,228,215 

1,245,622 

6,073,082 

9,518,904 

5,930,386 

9,014,199 

1,916,620 

4,927,450 

11,497,564 

5,014,758 

5,455,650 

8,057,896 

3,349,784 

4,040,160 

1,195,056 

2,994,000 

7,484,820 

3,753,288 

4,916,400 

5,198,006 

1,267,520 

7,768,886 

1,308,240 

9,132,480 

2,432,325 

3,532,072 

1,526,272 

4,778,340 

5,613,388 

2,484,525 

2,615,652 

4,872,000 

2,931,434 

3,242,561 

2,109,600 

1,242,696 

1,237,535 

1,376,700 

3,835,095 

1,653,930 

1,307,400 

5,164,168 

10,784,760 

1,457,050 

2,076,459 

2,359,630 

2,293,473 

8,233,926 

6,836,885 

1,024,240 

4,645,351 

3,202,566 

3,786,627 

4,947,250 

4,751,933 

4,076,600 

1,115,433 

4,538,790 

1,241,508 

1,240,881 

3,861,216 

0.51 

0.36 

0.20 

0.97 

1.53 

0.95 

1.45 

0.31 

0.79 

1.84 

0.80 

0.87 

1.29 

0.54 

0.65 

0.19 

0.48 

1.20 

0.60 

0.79 

0.83 

0.20 

1.24 

0.21 

1.46 

0.39 

0.57 

0.25 

0.77 

0.90 

0.40 

0.42 

0.78 

0.47 

0.52 

0.34 

0.20 

0.20 

0.22 

0.61 

0.27 

0.21 

0.83 

1.73 

0.23 

0.33 

0.38 

0.37 

1.32 

1.10 

0.16 

0.74 

0.51 

0.61 

0.79 

0.76 

0.65 

0.18 

0.73 

0.20 

0.20 

0.62 



1,383,728 

2,286,804 

0.22 

0.37 

563,730,508 90.39 




71,900 Goodrich 


97,100 Harris 

36,000 Hess 

3,933,800 

7,127,406 

3,574,560 

3,433,944 

1,024,386 

4,947,245 

4,606,560 

0.63 

1.14 

0.57 

0.55 

0.16 

0.79 

0.74 

BERMUDA 


73,600 Bunge 


14,140 Independent Tankers Corp. 

268,800 Warner Chilcott - AShares 

10,781,304 

7,914,944 

4,517,120 

25,036 

4,574,976 

1.73 

1.27 

0.72 

0.00 

0.74 





107,000 Integrated Device Technology 

343,700 Intel 


47,800 Intersil - AShares 

4,104,072 

9,318,778 

6,379,659 

1,165,104 

1,059,300 

7,358,617 

9,931,976 

1,170,622 

0.66 

1.49 

1.02 

0.19 

0.17 

1.18 

1.59 

0.19 


18,400 ACE 

190,400 Fresh Del Monte Produce 




27,813,380 

1,011,080 

4,497,248 

5,108,864 

2,762,840 

7,527,177 

4.46 

0.16 

0.72 

0.82 

0.44 

1.21 

6,600 Intuitive Surgical 1,778,436 0.28 

20,907,209 3.35 

121 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


34,100 Genco Shipping & Trading 2,168,760 0.35 

2,168,760 0.35 

Total Shares 614,619,857 98.55 



614,619,857 98.55 


Cash 11,889,094 1.90 




Shares 

% of 

Net Assets 



Energy 12.74 










Total 100.00 


Shares 

% of 

Net Assets 





Energy 8.79 








Total 100.00 

122 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

15-Jul-08 EUR 36,341,114 USD 56,981,993 322,649 

15-Jul-08 USD 18,692,114 EUR 11,991,351 (216,499) 

Total 106,150 

123




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 


92,400 Adobe Systems 3,641,484 2.60 

75,200 Amazon.com 5,582,096 3.98 

53,600 American Tower - A Shares 2,219,040 1.58 

101,600 Amphenol - A Shares 4,553,712 3.25 

58,800 Ansys 2,788,296 1.99 

39,900 Apple 6,750,681 4.81 

145,900 Applied Materials 2,804,198 2.00 

73,400 AT&T 2,419,264 1.72 

66,400 Autodesk 2,266,232 1.61 

35,500 Bankrate 1,392,665 0.99 

104,400 Cisco Systems 2,446,092 1.74 

44,700 CommScope 2,303,838 1.64 

160,100 Corning 3,714,320 2.65 

41,000 Digital River 1,609,660 1.15 

79,500 DIRECTV Group 2,046,330 1.46 

56,300 Dolby Laboratories - AShares 2,244,118 1.60 

71,900 Electronic Arts 3,192,360 2.27 

232,400 EMC/Massachusetts 3,390,716 2.42 

7,200 First Solar 1,964,592 1.40 

72,294 Flir Systems 2,967,669 2.11 

13,300 Google - AShares 7,070,679 5.04 

22,700 Harris 1,156,565 0.82 

102,100 Hewlett-Packard 4,497,505 3.21 

31,000 Illumina 2,756,520 1.96 

193,800 Intel 4,149,258 2.96 

203,100 Juniper Networks 4,567,719 3.26 

55,300 Lam Research 2,018,450 1.44 

49,800 MEMC Electronic Materials 3,129,432 2.23 

60,400 NetApp 1,319,740 0.94 

66,600 NeuStar - AShares 1,424,574 1.02 

99,000 Nuance Communications 1,565,190 1.12 

165,650 Nvidia 3,087,716 2.20 

88,300 Omniture 1,726,265 1.23 

285,700 Oracle 6,039,698 4.30 

15,600 Priceline.com 1,836,900 1.31 

119,500 Qualcomm 5,391,840 3.84 

26,900 Salesforce.com 1,838,615 1.31 

140,100 Symantec 2,721,442 1.94 

81,300 Tessera Technologies 1,312,995 0.94 

28,800 VMware - AShares 1,483,776 1.06 

119,392,242 85.10 

CANADA 


7,381,392 5.26 

BERMUDA 


178,600 Marvell Technology Group 3,125,857 2.23 

5,661,445 4.04 

FINLAND 

127,400 Nokia ADR 3,083,080 2.20 

3,083,080 2.20 

TAIWAN 


3,020,390 2.15 

Total Shares 138,538,549 98.75 



138,538,549 98.75 


Cash 1,962,414 1.40 



124 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


Shares 

% of 

Net Assets 






Energy 1.40 



Total 100.00 


Shares 

% of 

Net Assets 







Total 100.00




Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets 


643,400 Wachovia 9,618,830 1.12 

264,300 Walt Disney 8,325,450 0.97 

Shares 

13,200 Washington Post - B Shares 7,647,156 0.89 


1 ACCO Brands 

96,300 Aflac 

448,800 Albemarle 



11 

6,084,234 

18,248,208 

5,316,816 

7,457,321 

0.00 

0.71 

2.13 

0.62 

0.87 

193,500 Western Union 

591,400 Williams 

324,500 Wilmington Trust 

273,717 Windstream 

277,900 WR Berkley 

88,000 Wyeth 

4,854,915 

23,768,366 

8,592,760 

3,361,245 

6,708,506 

4,108,720 

0.57 

2.77 

1.00 

0.39 

0.78 

0.48 


269,500 Anheuser-Busch Companies 

7,993,536 

16,787,155 

0.94 

1.96 

797,758,550 93.29 


731,600 AT&T 

386,868 AutoNation 




19,355,401 

24,113,536 

4,019,559 

9,447,757 

8,740,508 

8,989,155 

2.26 

2.82 

0.47 

1.11 

1.02 

1.05 

BERMUDA 

130,800 Covidien 

58,700 Everest Re Group 

442,000 OneBeacon Insurance Group 

234,100 Tyco Electronics 

6,253,548 

4,707,740 

7,902,960 

8,394,826 

0.73 

0.55 

0.93 

0.98 


159,600 Bed Bath & Beyond 

599,200 Belo - AShares 

50 Berkshire Hathaway - AShares 

2,976,980 

4,539,024 

4,428,088 

5,996,000 

0.35 

0.53 

0.52 

0.70 


341,400 Teekay 

27,259,074 

15,400,554 

3.19 

1.80 

204,800 Cablevision Systems - AShares 


4,640,768 

6,358,950 

0.54 

0.74 

15,400,554 1.80 


711,332 Charles Schwab 


8,088,685 

14,674,779 

23,182,750 

0.95 

1.72 

2.71 

CANADA 

349,100 Brookfield Properties 6,206,998 0.73 

367,800 Chubb 


18,209,778 

9,583,740 

2.13 

1.12 

6,206,998 0.73 


433,400 Comcast Special - AShares 



10,149,102 

7,944,222 

26,320,087 

3,174,396 

1.19 

0.93 

3.08 

0.37 

Total Shares 



846,625,176 

846,625,176 

99.00 

99.00 

221,500 Coventry Health Care 


6,855,425 

6,642,995 

0.80 

0.78 



124,100 Dover 

37,467,936 

5,939,426 

4.38 

0.69 

Cash 5,691,505 0.67 

117,800 Emerson Electric 


5,780,446 

50,610,902 

0.68 

5.92 


191,000 Fortune Brands 


11,853,460 

3,289,650 

1.39 

0.38 


198,900 General Electric 5,246,982 0.61 

204,500 Genuine Parts 8,147,280 0.95 


175,700 Illinois Tool Works 




258,700 Johnson Controls 

176,000 Loews 

109,300 M&T Bank 


289,100 Merck & Co. 



323,900 News - AShares 

277,200 Northeast Utilities 

818,700 Old Republic International 

5,885,080 

8,194,648 

8,177,880 

5,665,300 

4,584,344 

7,427,277 

8,384,640 

7,703,464 

4,062,898 

10,873,051 

11,855,188 

14,231,630 

4,910,324 

7,079,688 

9,939,018 

0.69 

0.96 

0.96 

0.66 

0.54 

0.87 

0.98 

0.90 

0.48 

1.27 

1.39 

1.66 

0.58 

0.83 

1.16 


Shares 

Financials 

Energy 


Industrials 


Utilities 


Health Care 


Materials 

Total Shares 

% of 

Net Assets 

23.83 

16.09 

14.26 

9.13 

8.44 

6.24 

6.21 

5.49 

5.07 

4.24 

99.00 

114,300 Omnicom Group 5,072,634 0.59 Cash and Other Assets/(Liabilities) 1.00 

122,000 Oneok 

169,700 Oshkosh 

5,879,180 

3,495,820 

0.69 

0.41 

Total 100.00 

122,900 P G&E 4,751,314 0.56 

98,300 Paccar 4,085,348 0.48 

175,800 Philip Morris International 8,740,776 1.02 



55,000 Public Storage 


111,700 Rayonier 




97,600 Sigma-Aldrich 

390,000 Staples 

136,600 SunTrust Banks 

682,600 Synovus Financial 

195,100 SYSCO 

95,900 TJX 

329,361 Total System Services 

158,600 UGI 

4,281,451 

4,096,656 

4,358,750 

6,677,760 

4,712,623 

4,035,063 

7,332,621 

7,953,869 

5,301,632 

9,254,700 

4,845,202 

5,952,272 

5,392,564 

3,025,645 

7,328,282 

4,459,832 

0.50 

0.48 

0.51 

0.78 

0.55 

0.47 

0.86 

0.93 

0.62 

1.08 

0.57 

0.70 

0.63 

0.36 

0.86 

0.52 


Shares 

Financials 


Energy 

Industrials 



Health Care 

Utilities 

Materials 


Total Shares 


% of 

Net Assets 

27.47 

13.75 

12.22 

8.62 

8.53 

7.91 

6.88 

5.33 

4.73 

3.96 

99.40 

0.60 

197,300 United Technologies 

129,800 UnitedHealth Group 

12,053,057 

3,330,668 

1.41 

0.39 

Total 100.00 


109,800 VF 7,744,194 0.91 

62,600 Vulcan Materials 3,714,058 0.44 


125 

Quantity/ 

Nominal 

Value 


Market 

Value 

% of 

Net 

Assets




Settlement 

Date Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

15-Jul-08 EUR 13,233,298 USD 20,752,796 114,189 

15-Jul-08 USD 1,212,394 EUR 779,334 (16,503) 

Total 97,686 

126


Appendix - Unaudited Additional Disclosures 

1. Fund Total Expense Ratios *** 

(continued) 

For the 

year 

ended 

30 Jun 08 

For the 

year 

ended 

30 Jun 08* 

For the 

year 

ended 

30 Jun 07 

For the 

year 

ended 

30 Jun 06 

For the 

year 

ended 

30 Jun 05 

For the Capped 

year Expense 

ended Ratio 

30 Jun 04 30 Jun 08 

Inception 

Date 


JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.50% - - 31-Mar-05 

JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88 

JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% - - - - 15-Mar-07 

JPM America Equity B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - 26-Aug-04 

JPM America Equity C (acc) - USD 0.83% - 0.79% 0.79% 0.72% - 0.85% 26-Aug-04 

JPM America Equity C (acc) - EUR (hedged) 0.85% - - - - - 0.85% 28-Jan-08 

JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 15-Mar-07 

JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-May-06 

JPM America Equity X (acc) - USD 0.12% - 0.10% 0.11% 0.09% - 0.15% 24-Nov-04 


JPM Eastern Europe Equity A(acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05 

JPM Eastern Europe Equity A(dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% - 04-Jul-94 

JF 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% - 1.55% 1.55% - - - 20-Mar-06 

JPM Eastern Europe Equity C (acc) - EUR 1.09% - 1.06% 1.05% 0.45% - 1.10% 24-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 1.04% - 1.02% 1.06% - - 1.06% 26-Jun-06 

JPM Eastern Europe Equity X (acc) - EUR 0.19% - 0.17% 0.16% 0.13% - 0.20% 09-Nov-04 


JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 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% - 16-Apr-97 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - 03-Sep-04 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.08% 1.08% 0.45% - 1.10% 01-Feb-05 

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 1.06% - 1.05% 0.01% - - 1.06% 26-Jun-06 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD** - - 0.12% 0.20% 0.08% - - 08-Feb-05 


JPM Emerging Markets Debt A(acc) - EUR 1.55% - 1.55% 1.55% 1.55% - - 01-Apr-05 

JPM Emerging Markets Debt A(dist) - EUR 1.55% - 1.55% 1.55% 1.55% 1.40% - 14-Mar-97 

JPM Emerging Markets Debt C (acc) - EUR 0.70% - 0.03% - - - 0.70% 13-Jun-06 

JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% - 13-Oct-00 

JPM Emerging Markets Debt I (inc) - EUR 0.66% - 0.03% - - - 0.66% 14-Jun-07 

JPM Emerging Markets Debt X (acc) - EUR 0.15% - 0.02% - - - 0.15% 21-May-97 


JPM Emerging Markets Equity A(acc) - USD 1.90% - 1.90% 1.90% - - - 31-Mar-05 

JPM Emerging Markets Equity A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

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(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 26-Sep-05 

JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 21-Dec-04 

JPM Emerging Markets Equity C (acc) - USD 1.08% - 1.07% 1.07% 0.45% - 1.10% 01-Feb-05 

JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06 

JPM Emerging Markets Equity I (acc) - USD 1.03% - 1.02% - - - 1.06% 27-Jun-06 

JPM Emerging Markets Equity I (inc) - EUR 1.03% - 1.02% 0.09% - - 1.06% 30-May-06 

JPM Emerging Markets Equity X (acc) - USD 0.18% - 0.17% 0.18% 0.12% - 0.20% 23-Nov-04 

JPM Emerging Markets Equity X (inc) - EUR 0.18% - 0.17% 0.10% - - 0.20% 19-Dec-05 


JPM Emerging Markets Local Currency Debt A(acc) - EUR 1.40% 1.40% - - - - - 24-Jan-08 

JPM Emerging Markets Local Currency Debt A(acc) - USD 1.40% 1.40% - - - - - 24-Jan-08 

JPM Emerging Markets Local Currency Debt B (acc) - USD 0.85% 0.85% - - - - - 14-Feb-08 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 1.90% 1.90% - - - - - 24-Jan-08 

JPM Emerging Markets Local Currency Debt D (acc) - USD 1.90% 1.90% - - - - - 24-Jan-08 


JPM Euroland Equity A(acc) - EUR 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% 1.65% - 16-Nov-88 

JF 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% - - - - - - 18-Oct-07 

JPM Euroland Equity B (acc) - EUR 1.15% - - - - - - 23-Jan-08 

JPM Euroland Equity C (acc) - EUR 0.83% - 0.83% 0.83% 0.54% - 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 0.78% - 0.78% - - - 0.81% 28-Jun-06 

JPM Euroland Equity X (acc) - EUR 0.15% - - - - - 0.15% 03-Aug-07 


127


Appendix - Unaudited Additional Disclosures (continued) 

1. Fund Total Expense Ratios (continued) 

For the 

year 

ended 

30 Jun 08 

For the 

year 

ended 

30 Jun 08* 

For the 

year 

ended 

30 Jun 07 

For the 

year 

ended 

30 Jun 06 

For the 

year 

ended 

30 Jun 05 


year Expense 

ended Ratio 

30 Jun 04 30 Jun 08 

Inception 

Date 


JPM Euroland Select Equity A(acc) - EUR 1.90% - - - - - - 24-Jul-07 

JPM Euroland Select Equity A(dist) - EUR 1.90% - - - - - - 02-Jan-08 

JPM Euroland Select Equity D (acc) - EUR 2.65% - - - - - - 24-Jul-07 

JPM Euroland Select Equity X (acc) - EUR 0.15% - - - - - 0.15% 30-Nov-07 


JPM Europe Dynamic A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 

JPM Europe Dynamic A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JF 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 B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04 

JPM Europe Dynamic C (acc) - EUR 0.98% - 0.97% 0.98% 0.84% - 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% 2.90% - - 01-Oct-04 

JPM Europe Dynamic I (acc) - EUR** - - 0.91% - - - - 12-Jul-06 

JPM Europe Dynamic X (acc) - EUR 0.14% - 0.13% 0.14% 0.10% - 0.15% 25-Oct-04 


JPM Europe Dynamic Mega Cap A(acc) - EUR 1.90% - 1.90% 1.95% - - - 20-Sep-05 

JPM Europe Dynamic Mega Cap A(dist) - EUR 1.90% - 1.90% 1.95% - - - 09-May-06 

JPM Europe Dynamic Mega Cap A(inc) - EUR 1.90% - 1.90% 1.90% - - - 15-May-06 

JPM Europe Dynamic Mega Cap A(acc) - USD 1.90% - - - - - - 26-Sep-07 

JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.50% 1.50% - - - 27-Mar-06 

JPM Europe Dynamic Mega Cap C (acc) - EUR 0.99% - 0.99% 1.00% - - 1.00% 11-Jan-06 

JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% - - - 03-Feb-06 

JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% - - - - - - 26-Sep-07 

JPM Europe Dynamic Mega Cap I (acc) - EUR 0.94% - 0.84% - - - 0.96% 07-Aug-06 

JPM Europe Dynamic Mega Cap X (acc) - EUR 0.14% - 0.14% 0.20% - - 0.15% 27-Jan-06 


JPM Europe Equity A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 

JPM Europe Equity A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88 

JPM Europe Equity A(acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 

JF Europe Equity A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Europe Equity B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - 26-Aug-04 

JPM Europe Equity C (acc) - EUR 0.82% - 0.81% 0.82% 0.72% - 0.85% 26-Aug-04 

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% - - - 27-Jun-06 

JPM Europe Equity I (acc) - EUR** - - 0.78% - - - - 28-Jun-06 

JPM Europe Equity I (inc) - EUR 0.77% - 0.16% - - - 0.81% 16-Apr-07 

JPM Europe Equity X (acc) - EUR 0.12% - 0.12% 0.13% 0.10% - 0.15% 14-Sep-04 


JPM Europe Small Cap A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 

JPM Europe Small Cap A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

JF 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% - 1.50% 1.50% 1.50% - - 26-Aug-04 

JPM Europe Small Cap C (acc) - EUR 0.98% - 0.99% 1.00% 0.84% - 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% - 0.95% - - - 0.96% 27-Jun-06 

JPM Europe Small Cap X (acc) - EUR 0.14% - 0.15% 0.15% 0.09% - 0.15% 24-Nov-04 


JPM Europe Technology A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 

JPM Europe Technology A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Nov-99 

JF 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% - - - - - - 23-May-08 

JPM Europe Technology C (acc) - EUR 0.57% - - - - - 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% - - - - - 0.20% 09-Aug-07 


JPM Germany Equity A(acc) - EUR 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 

JF 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% - - - - - - 10-Dec-07 

JPM Germany Equity C (acc) - EUR 0.93% - - - - - 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% - - - - - 0.91% 10-Apr-08 

JPM Germany Equity X (acc) - EUR 0.14% - - - - - 0.15% 30-Nov-07 


128




For the 

year 

ended 

30 Jun 08 

For the 

year 

ended 

30 Jun 08* 

For the 

year 

ended 

30 Jun 07 

For the 

year 

ended 

30 Jun 06 

For the 

year 

ended 

30 Jun 05 


year Expense 

ended Ratio 

30 Jun 04 30 Jun 08 

Inception 

Date 


JPM Global Convertibles (EUR) A(acc) - EUR 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 

JF 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) - EUR 1.00% - 1.25% 1.25% 1.25% - - 01-Dec-04 

JPM Global Convertibles (EUR) C (acc) - EUR 0.91% - 0.90% 0.91% 0.77% - 0.95% 08-Sep-04 

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) - EUR 0.89% - 0.30% - - - 0.91% 01-Mar-07 

JPM Global Convertibles (EUR) I (inc) - EUR 0.90% - 0.43% - - - 0.91% 09-Jan-07 

JPM Global Convertibles (EUR) X (acc) - EUR 0.12% - 0.11% 0.11% 0.09% - 0.15% 23-Nov-04 


JPM Global Dynamic A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM Global Dynamic A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JF Global Dynamic A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM Global Dynamic A(acc) - EUR 1.90% - 1.90% - - - - 21-Nov-06 

JPM Global Dynamic A(acc) - EUR (hedged) 1.90% - - - - - - 30-Oct-07 

JPM Global Dynamic A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPM Global Dynamic A(inc) - EUR 1.90% - 1.90% 1.90% - - - 15-May-06 

JPM Global Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 26-Aug-04 

JPM Global Dynamic C (acc) - USD 0.96% - 0.95% 0.96% 0.84% - 1.00% 26-Aug-04 

JPM Global Dynamic C (acc) - EUR 0.97% - 0.03% - - - 1.00% 20-Jun-07 

JPM Global Dynamic C (acc) - EUR (hedged) 0.97% - - - - - 1.00% 24-Jan-08 

JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 08-Dec-00 

JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06 

JPM Global Dynamic D (acc) - EUR (hedged) 2.90% - - - - - - 30-Oct-07 

JPM Global Dynamic I (acc) - USD 0.93% - 0.14% - - - 0.96% 07-May-07 

JPM Global Dynamic X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - 0.15% 23-Nov-04 

JPM Global Dynamic X (acc) - EUR 0.12% - 0.05% - - - - 19-Jan-07 


JF Global Equity (USD) A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Global Equity (USD) A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM Global Equity (USD) A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 16-Nov-88 

JPM Global Equity (USD) B (acc) - USD** - - - 1.30% - - - 22-Jun-06 

JPM Global Equity (USD) C (acc) - USD 0.80% - 0.78% 0.79% 0.64% - 0.80% 09-Sep-04 

JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JPM Global Equity (USD) X (acc) - USD 0.15% - 0.14% 0.04% - - 0.15% 21-Mar-06 


JPM Global Focus A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM Global Focus A(acc) - EUR (hedged) 1.90% - - - - - - 11-Jul-07 

JPM Global Focus A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% - 23-May-03 

JF Global Focus A(dist) - USD 1.90% - 1.90% - - - - 04-Dec-06 

JPM Global Focus C (acc) - EUR 0.99% - 1.00% 0.44% - - 1.00% 20-Jan-06 

JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.50% - 23-May-03 

JPM Global Focus D (acc) - EUR (hedged) 2.90% - - - - - - 11-Jul-07 

JPM Global Focus X (acc) - EUR 0.15% - 0.15% 0.15% 0.09% - 0.15% 24-Nov-04 


JPM Global Life Sciences A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM Global Life Sciences A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 14-Apr-00 

JF Global Life Sciences A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Global Life Sciences A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Global Life Sciences D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 


JPM Global Natural Resources A(acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - 21-Dec-04 

JPM Global Natural Resources A(dist) - EUR 1.90% - 1.90% 1.90% 1.90% - - 14-Mar-05 

JPM Global Natural Resources A(acc) - USD 1.90% - 1.90% - - - - 12-Sep-06 

JPM Global Natural Resources B (acc) - EUR 1.15% - 1.50% 1.50% - - - 25-Apr-05 

JPM Global Natural Resources C (acc) - EUR 0.98% - 0.97% 1.01% 0.31% - 1.05% 14-Mar-05 

JPM Global Natural Resources C (acc) - USD 0.97% - 0.23% - - - 1.05% 05-Apr-07 

JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% - - - 05-Dec-05 

JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% - - - - 08-Jun-07 

JPM Global Natural Resources X (acc) - EUR 0.13% - 0.13% 0.14% 0.04% - 0.20% 19-Apr-05 


JPM Global Real Estate Securities A(acc) - USD 1.90% - 1.90% - - - - 01-Sep-06 

JPM Global Real Estate Securities C (acc) - USD 0.79% - - - - - 0.80% 20-Feb-08 

JPM Global Real Estate Securities D (acc) - USD 2.65% - 2.65% - - - - 01-Sep-06 

JPM Global Real Estate Securities X (acc) - USD 0.15% - 0.10% - - - 0.15% 06-Nov-06 

129




For the 

year 

ended 

30 Jun 08 

For the 

year 

ended 

30 Jun 08* 

For the 

year 

ended 

30 Jun 07 

For the 

year 

ended 

30 Jun 06 

For the 

year 

ended 

30 Jun 05 


year Expense 

ended Ratio 

30 Jun 04 30 Jun 08 

Inception 

Date 


JF China A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF China A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 

JF China B (acc) - USD 1.15% - 1.50% 1.50% - - - 21-Feb-06 

JF China C (acc) - USD 0.94% - 0.94% 0.97% 0.41% - 1.00% 01-Feb-05 

JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JF China I (acc) - USD 0.82% - 0.30% - - - 0.96% 26-Feb-07 

JF China X (acc) - USD 0.17% - 0.02% - - - 0.20% 18-May-07 


JF Greater China A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF Greater China A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Greater China B (acc) - USD 1.15% - 1.50% 1.50% - - - 10-Feb-06 

JF Greater China C (acc) - USD 1.00% - 0.98% 1.00% 0.41% - 1.00% 01-Feb-05 

JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JF Greater China I (acc) - USD** - - 0.58% 0.20% 0.11% - - 09-Dec-04 

JF Greater China X (acc) - USD 0.20% - 0.19% - - - 0.20% 09-Dec-04 


JF Hong Kong A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF Hong Kong A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Hong Kong B (acc) - USD 1.15% - 1.50% 1.50% - - - 10-Feb-06 

JF Hong Kong C (acc) - USD 1.00% - 1.00% 1.00% 0.44% - 1.00% 20-Jan-05 

JF Hong Kong D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 


JF India A(acc) - USD 2.10% - 2.10% 2.10% 2.10% - - 31-Mar-05 

JF India A(dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% - 31-Aug-95 

JF India B (acc) - USD 1.35% - 1.70% 1.70% 1.70% - - 03-Sep-04 

JF India C (acc) - USD 1.08% - 1.09% 1.10% 0.58% - 1.20% 05-Jan-05 

JF India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JF India X (acc) - USD 0.29% - 0.30% 0.34% 0.22% - 0.40% 09-Dec-04 


JF Japan Equity A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF Japan Equity A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 01-Dec-88 

JF Japan Equity A(acc) - EUR 1.90% - 1.90% 1.90% - - - 12-Jun-06 

JF Japan Equity A(acc) - JPY 1.90% - 1.90% 1.90% - - - 10-Jan-06 

JF Japan Equity A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 

JF Japan Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - 26-Aug-04 

JF Japan Equity C (acc) - USD 0.93% - 0.89% 0.91% 0.24% - 0.95% 26-Aug-04 

JF Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 13-Oct-00 

JF Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - 08-May-06 

JF Japan Equity I (acc) - USD 0.88% - 0.85% - - - 0.91% 27-Jun-06 

JF Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Apr-02 

JF Japan Equity X (acc) - USD 0.14% - 0.11% 0.13% 0.09% - 0.15% 24-Nov-04 


JF Japan Small Cap A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF Japan Small Cap A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 

JF Japan Small Cap B (acc) - USD 1.15% - 1.50% 1.50% - - - 14-Sep-05 

JF Japan Small Cap C (acc) - USD 0.98% - 0.95% 0.50% - - 1.00% 02-Feb-05 

JF Japan Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 

JF Japan Small Cap X (acc) - USD 0.19% - 0.15% 0.18% 0.11% - 0.20% 16-Dec-04 


JF Pacific Balanced A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 01-Apr-05 

JF Pacific Balanced A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JF Pacific Balanced B (acc) - USD 1.15% - - - - - - 10-Sep-07 

JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% - 22-Jun-01 


JF Pacific Technology A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF Pacific Technology A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 

JF Pacific Technology A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JF Pacific Technology B (acc) - USD 1.15% - 1.50% 1.50% - - - 08-May-06 

JF Pacific Technology C (acc) - USD 0.57% - - - - - 1.05% 20-Jun-08 

JF Pacific Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 13-Oct-00 


JF Singapore A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF Singapore A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Singapore B (acc) - USD 1.15% - 1.50% 1.50% - - - 13-Feb-06 

JF Singapore C (acc) - USD 0.95% - 0.97% 0.92% 0.44% - 1.00% 20-Jan-05 

JF Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JF Singapore I (acc) - USD 0.92% - 0.92% - - - 0.96% 29-Jun-06 

JF Singapore X (acc) - USD 0.20% - 0.20% 0.20% - - - 24-May-06 

130




For the 

year 

ended 

30 Jun 08 

For the 

year 

ended 

30 Jun 08* 

For the 

year 

ended 

30 Jun 07 

For the 

year 

ended 

30 Jun 06 

For the 

year 

ended 

30 Jun 05 


year Expense 

ended Ratio 

30 Jun 04 30 Jun 08 

Inception 

Date 


JF Taiwan A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JF Taiwan A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Taiwan B (acc) - USD 1.30% - 1.65% 1.65% 1.65% - - 03-Nov-04 

JF Taiwan C (acc) - USD 1.09% - 1.06% 1.15% 0.75% - 1.15% 03-Nov-04 

JF Taiwan D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 25-May-01 

JF Taiwan I (acc) - USD 1.02% - 1.01% - - - 1.11% 29-Jun-06 

JF Taiwan X (acc) - USD 0.28% - 0.27% 0.13% - - 0.35% 03-Feb-06 


JPM Latin America Equity A (acc) - USD 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% - 12-May-92 

JF 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% - 1.50% 1.50% - - - 08-Mar-06 

JPM Latin America Equity C (acc) - USD 1.07% - 1.05% 1.05% 0.50% - 1.10% 13-Jan-05 

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) - USD 1.02% - 1.01% 0.01% - - 1.06% 26-Jun-06 

JPM Latin America Equity X (acc) - USD 0.17% - 0.15% 0.16% 0.13% - 0.20% 09-Nov-04 


JPM Middle East Equity A(acc) - USD 1.95% - 1.95% 1.95% 1.95% - - 31-Mar-05 

JPM Middle East Equity A(dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% - 18-Feb-98 

JPM Middle East Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - 22-Mar-05 

JPM Middle East Equity C (acc) - USD 0.98% - - - - - 1.10% 21-Jan-08 

JPM Middle East Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% - 13-Oct-00 


JPM Russia A(acc) - USD 1.90% - 1.90% 1.90% - - - 23-Nov-05 

JPM Russia A(dist) - USD 1.90% - 1.90% 1.90% - - - 18-Nov-05 

JPM Russia B (acc) - USD 1.15% - 1.50% 1.50% - - - 04-May-06 

JPM Russia C (acc) - USD 1.10% - - - - - 1.10% 13-Nov-07 

JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% - - - 27-Jan-06 

JPM Russia I (acc) - USD 1.06% - 0.35% - - - 1.06% 25-Aug-06 


JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - 31-Mar-05 

JPM US Aggregate Bond A (dist) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% - 15-Sep-00 

JPM US Aggregate Bond B (acc) - USD 0.75% - 0.80% 0.80% - - - 08-Dec-05 

JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.58% - - 0.60% 13-Jul-05 

JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.50% - 13-Oct-00 

JPM US Aggregate Bond X (acc) - USD 0.10% - 0.10% 0.10% 0.03% - 0.10% 30-Mar-05 


JPM US Dynamic A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM US Dynamic A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 18-Jul-03 

JPM US Dynamic A(acc) - EUR 1.90% - 1.90% 1.90% - - - 16-Mar-06 

JPM US Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - 01-Sep-04 

JPM US Dynamic C (acc) - USD 0.94% - 0.93% 0.94% 0.84% - 1.00% 26-Aug-04 

JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - 18-Jul-03 

JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - 08-May-06 

JPM US Dynamic I (acc) - USD 0.90% - 0.89% 0.11% - - 0.96% 17-May-06 

JPM US Dynamic I (inc) - EUR 0.90% - 0.01% - - - 0.96% 25-Jun-07 

JPM US Dynamic X (acc) - USD 0.10% - 0.09% 0.11% 0.10% - 0.15% 25-Oct-04 


JPM US Small Cap Growth A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM US Small Cap Growth A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 11-Sep-84 

JPM US Small Cap Growth A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 

JPM US Small Cap Growth B (acc) - USD 1.15% - - - - - - 23-May-05 

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 0.14% - - - - - 0.15% 27-May-08 


JPM US Strategic Growth A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM US Strategic Growth A(acc) - EUR (hedged) 1.90% - 1.90% - - - - 15-Mar-07 

JPM US Strategic Growth A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 20-Oct-00 

JPM US Strategic Growth A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 

JPM US Strategic Growth B (acc) - USD 1.15% - 1.20% 1.20% - - - 22-Sep-05 

JPM US Strategic Growth C (acc) - USD 0.83% - 0.82% 0.27% - - 0.85% 08-Mar-06 

JPM US Strategic Growth C (acc) - EUR (hedged) 0.85% - - - - - 0.85% 06-Dec-07 

JPM US Strategic Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 

JPM US Strategic Growth D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 15-Mar-07 

JPM US Strategic Growth X (acc) - USD 0.13% - 0.13% 0.13% - - 0.15% 05-Oct-05 

131




For the 

year 

ended 

30 Jun 08 

For the 

year 

ended 

30 Jun 08* 

For the 

year 

ended 

30 Jun 07 

For the 

year 

ended 

30 Jun 06 

For the 

year 

ended 

30 Jun 05 


year Expense 

ended Ratio 

30 Jun 04 30 Jun 08 

Inception 

Date 


JPM US Technology A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM US Technology A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 

JF US Technology A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Technology A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Technology C (acc) - USD 0.57% - - - - - 1.05% 20-Jun-08 

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% 08-Oct-07 


JPM US Value A(acc) - USD 1.90% - 1.90% 1.90% 1.90% - - 31-Mar-05 

JPM US Value A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% - 20-Oct-00 

JF US Value A(dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - 27-May-04 

JPM US Value A(dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% - 13-Oct-00 

JPM US Value A(acc) - EUR (hedged) 1.90% - 1.90% - - - - 13-Nov-06 

JPM US Value B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - 11-Oct-04 

JPM US Value C (acc) - USD 0.82% - 0.79% 0.79% 0.70% - 0.85% 01-Sep-04 

JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% - 20-Oct-00 

JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% - - - - 13-Nov-06 

JPM US Value X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - 0.15% 03-Feb-05 

* These figures include the Performance Fees. 

** Share Class inactive. 

*** The Total Expense Ratio (“TER”) represents the total operating cost 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. Since 1 January 

2002, the TER has been in place. 

The Expense Ratio related to the capped Share Classes C and X that were launched during the year is weighted in accordance with the proportional period of time elapsed since their inception date. 

132



2. Summary of Investment Objectives of the Sub-Funds 

JPMorgan Funds – America Equity Fund 

Seeks to provide long-term capital growth by investing primarily in US companies. 

JPMorgan Funds – Eastern Europe Equity Fund 

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. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Emerging Markets Debt Fund 

Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market bonds and other debt securities. The 

Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Emerging Markets Equity Fund 

Seeks to provide long-term capital growth by investing primarily in emerging markets companies. The Russian Trading System (RTS) Stock Exchange and the 

Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Emerging Markets Local Currency Debt Fund 

To achieve a return in excess of the bond markets of emerging countries through exposure primarily to local currency emerging market fixed and floating rate 

debt instruments. 

JPMorgan Funds – Euroland Equity Fund 

Seeks to provide long-term capital growth by investing primarily in companies of countries which are or might become part of the Euro zone (the “Euroland 

Countries”). The Sub-Fund may invest up to 10% in companies from other Continental European countries. 

JPMorgan Funds – Euroland Select Equity Fund 

Seeks to achieve a return in excess of Euro-zone equity markets by investing primarily in companiesof countries which are part of the Euro-zone (the “Euroland 

Countries”). 

JPMorgan Funds – Europe Dynamic Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. 

JPMorgan Funds – Europe Dynamic Mega Cap Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies normally 

with a capitalisation in excess of USD 3 billion at the time of purchase. 

JPMorgan Funds – Europe Equity Fund 

Seeks to provide long-term capital growth by investing primarily in European companies. 

JPMorgan Funds – Europe Small Cap Fund 

Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies. 

JPMorgan Funds – Europe Technology Fund 

Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. 

JPMorgan Funds – Germany Equity Fund 

Seeks to provide long-term capital growth by investing primarily in German companies. 

JPMorgan Funds – Global Convertibles Fund (EUR) 

Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally. The Sub-Fund may hold to a limited 

extent straight bonds and equities. Investments in securities denominated in currencies other than EUR may be hedged to EUR although the Investment 

Manager may take currency positions subject to the restrictions set out in the “Investment Restrictions” in Appendix II in the Prospectus. 

JPMorgan Funds – Global Dynamic Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. 

JPMorgan Funds – Global Equity Fund (USD) 

Seeks to provide long-term capital growth by investing primarily in companies, globally. The Sub-Fund may invest, to a limited extent, in fixed-interest 

securities. 

JPMorgan Funds – Global Focus Fund 

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 in earnings recovery situations. 

JPMorgan Funds – Global Life Sciences Fund 

Seeks to provide long-term capital growth by investing primarily in companies from the biotechnology, healthcare and life sciences sectors (“Life Sciences 

Companies”), globally. 

133



2. Summary of Investment Objectives of the Sub-Funds (continued) 

JPMorgan Funds – Global Natural Resources Fund 

Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally. The Russian Trading System (RTS) Stock Exchange 

and the Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Global Real Estate Securities Fund (USD) 

Seeks to provide long-term capital growth by investing primarily in a concentrated 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 their total market capitalisation (“Real Estate 

Companies”). 

JPMorgan Funds – JF China Fund 

Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China. 

JPMorgan Funds – JF Greater China Fund 

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”). 

JPMorgan Funds – JF Hong Kong Fund 

Seeks to provide long-term capital growth by investing primarily in Hong Kong companies. 

JPMorgan Funds – JF India Fund 

Seeks to provide long-term capital growth by investing primarily in Indian companies. AMauritius subsidiary, wholly owned by JPMorgan Funds, may be used 

to facilitate an efficient means of investing. 

JPMorgan Funds – JF Japan Equity Fund 

Seeks to provide long-term capital growth by investing primarily in Japanese companies. 

JPMorgan Funds – JF Japan Small Cap Fund 

Seeks to provide long-term capital growth by investing primarily in small capitalisation Japanese companies. 

JPMorgan Funds – JF Pacific Balanced Fund 

Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers of countries in the Pacific Basin (including 

Japan). 

JPMorgan Funds – JF Pacific Technology Fund 

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin (including 

Japan). 

JPMorgan Funds – JF Singapore Fund 

Seeks to provide long-term capital growth by investing primarily in Singaporean companies. 

JPMorgan Funds – JF Taiwan Fund 

Seeks to provide long-term capital growth by investing primarily in Taiwanese companies. 

JPMorgan Funds – Latin America Equity Fund 

Seeks to provide long-term capital growth by investing primarily in Latin American companies. 

JPMorgan Funds – Middle East Equity Fund 

Seeks to provide long-term capital growth by investing primarily in companies in the Middle East region. Additionally the Fund may invest, to a limited extent, in 

Morocco and Tunisia. 

JPMorgan Funds – Russia Fund 

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies and the other CIS states through either 

investments in Global Depository Receipts and American Depository Receipts or direct investment in the securities of such companies, including securities 

listed or quoted on stock exchanges outside Russia and the other CIS states. The Sub-Fund will limit any direct investments or unlisted securities in Russia and 

the other CIS states (together with any other securities not dealt in on a Regulated Market) to 10% of its net assets; until such time as Russia and/or any of the 

other CIS states become Regulated Markets. 

JPMorgan Funds – US Aggregate Bond Fund 

Seeks to achieve a return in excess of US bond markets by investing primarily in US bonds and other debt securities. 

JPMorgan Funds – US Dynamic Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies. 

JPMorgan Funds – US Small Cap Growth Fund 

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies. 

JPMorgan Funds – US Strategic Growth Fund 

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies. 

JPMorgan Funds – US Technology Fund 

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies. 

134




JPMorgan Funds – US Value Fund 

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies. 

135



3. Performance and Volatility 

Performance 

Returns for periods greater than one year are annualized. Fund performance includes reinvestment of income and is net of all expenses. 

Volatility 

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial year. The details below relate to the year from 1 July 2007 to 30 June 2008. 

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) - USD -3.00% -13.66% -17.53% -17.97% 1.59% 1.88% - - High 

JPM America Equity A (dist) - USD -3.02% -13.67% -17.58% -18.01% 1.61% 1.64% 3.32% 5.82% High 

JF America Equity A (dist) - USD -3.03% -13.67% -17.58% -18.02% 1.61% 1.65% 3.27% 5.71% High 

JPM America Equity A (acc) - EUR (hedged) -2.86% -6.55% -7.82% -3.81% - - - - High 

JPM America Equity B (acc) - USD -2.84% -13.32% -17.11% -17.45% 2.36% 2.65% - - High 

JPM America Equity C (acc) - USD -2.80% -13.20% -16.94% -17.11% 2.73% 3.08% - - High 

JPM America Equity C (acc) - EUR (hedged) -2.66% - - - - - - - High 

JPM America Equity D (acc) - USD -3.17% -13.98% -18.03% -18.56% 0.86% 1.13% 2.66% 5.07% High 

JPM America Equity D (acc) - EUR (hedged) -3.06% -7.00% -8.19% -4.44% - - - - High 

JPM America Equity D (acc) - EUR -3.21% -13.99% -18.08% -18.63% 0.90% - - - High 

JPM America Equity X (acc) - USD -2.52% -12.86% -16.44% -16.50% 3.51% 3.85% - - High 


JPM Eastern Europe Equity A(acc) - EUR 9.02% -9.95% -3.22% 3.35% 19.50% 37.99% - - High 

JPM Eastern Europe Equity A(dist) - EUR 9.05% -9.93% -3.22% 3.20% 17.66% 35.85% 42.28% 49.97% High 

JF Eastern Europe Equity A(dist) - EUR 9.05% -9.92% -3.22% 3.30% 17.86% 36.07% 42.48% 50.21% High 

JPM Eastern Europe Equity B (acc) - EUR 9.31% -9.57% -2.71% 4.01% 7.71% - - - High 

JPM Eastern Europe Equity C (acc) - EUR 9.27% -9.54% -2.61% 4.21% 20.87% 40.08% - - High 

JPM Eastern Europe Equity D (acc) - EUR 8.79% -10.36% -3.93% 2.35% 18.19% 35.94% 41.72% 48.96% High 

JPM Eastern Europe Equity I (acc) - EUR 9.29% -9.51% -2.61% 4.26% 20.74% - - - High 

JPM Eastern Europe Equity X (acc) - EUR 9.50% -9.15% -1.95% 5.18% 21.98% 41.86% - - High 


JPM Emerging Europe Middle East and Africa Equity A (acc)- USD 8.63% -3.67% 5.18% 13.69% 30.31% 47.34% - - High 

JPM Emerging Europe Middle East and Africa Equity A (dist) - USD 8.63% -3.66% 5.21% 13.60% 28.63% 45.11% 50.56% 66.30% High 

JPM Emerging Europe Middle East and Africa Equity B (acc) - USD 8.84% -3.30% 5.72% 14.37% 31.09% 7.50% - - High 

JPM Emerging Europe Middle East and Africa Equity C (acc) - USD 8.84% -3.24% 5.89% 14.66% 31.75% 49.53% - - High 

JPM Emerging Europe Middle East and Africa Equity D (acc) - USD 8.36% -4.16% 4.41% 12.54% 28.72% 44.96% 48.59% 63.31% High 

JPM Emerging Europe Middle East and Africa Equity I (acc) - USD 8.87% -3.20% 5.91% 14.71% 31.78% - - - High 

JPM Emerging Europe Middle East and Africa Equity X (acc) - USD** High 


JPM Emerging Markets Debt A(acc) - EUR -0.30% -2.85% -2.85% -3.98% 4.41% -2.90% - - Medium 

JPM Emerging Markets Debt A(dist) - EUR -0.33% -2.89% -2.89% -4.02% 4.36% -2.67% 1.88% -1.34% Medium 

JPM Emerging Markets Debt C (acc) - EUR -0.10% -2.42% -2.32% -3.10% - - - - Medium 

JPM Emerging Markets Debt D (acc) - EUR -0.43% -3.16% -3.41% -4.59% 3.69% -3.54% 1.36% -2.42% Medium 

JPM Emerging Markets Debt X (acc) - EUR 0.00% -2.16% -1.86% -2.66% - - - - Medium 

JPM Emerging Markets Debt I (Inc) - EUR -0.10% -2.43% -2.23% -3.21% - - - - Medium 


JPM Emerging Markets Equity A(acc) - USD -1.99% -14.34% -9.59% 1.59% 24.33% 33.67% - - High 

JPM Emerging Markets Equity A(dist) - USD -2.04% -14.35% -9.61% 1.23% 22.50% 31.26% 41.88% 52.86% High 

JPM Emerging Markets Equity A(dist) - GBP -2.02% -14.36% -9.61% 1.44% 23.88% 84.32% 98.89% 102.37% High 

JPM Emerging Markets Equity A(acc) - EUR -2.04% -14.36% -9.62% 1.59% 24.33% - - - High 

JPM Emerging Markets Equity B (acc) - USD -1.83% -14.02% -9.14% 2.22% 25.07% 34.57% - - High 

JPM Emerging Markets Equity C (acc) - USD -1.82% -14.00% -9.02% 2.45% 25.59% 35.34% - - High 

JPM Emerging Markets Equity D (acc) - USD -2.26% -14.77% -10.27% 0.58% 22.87% 31.66% 42.09% 52.84% High 

JPM Emerging Markets Equity D (acc) - EUR -2.25% -14.74% -10.25% 0.56% 22.89% - - - High 

JPM Emerging Markets Equity I (acc) - USD -1.75% -13.94% -8.97% 2.51% - - - - High 

JPM Emerging Markets Equity I (inc) - EUR -1.79% -13.95% -8.98% 1.02% 24.22% - - - High 

JPM Emerging Markets Equity X (acc) - USD -1.59% -13.59% -8.42% 3.37% 26.90% 37.22% - - High 

JPM Emerging Markets Equity X (inc) - EUR -1.59% -13.63% -8.42% 1.45% 23.85% - - - High 


JPM Emerging Markets Local Currency Debt A(acc) - EUR 1.07% - - - - - - - Medium 

JPM Emerging Markets Local Currency Debt A(acc) - USD 1.07% - - - - - - - Medium 

JPM Emerging Markets Local Currency Debt B (acc) - USD 1.17% - - - - - - - Medium 

JPM Emerging Markets Local Currency Debt D (acc) - EUR 0.96% - - - - - - - Medium 

JPM Emerging Markets Local Currency Debt D (acc) - USD 0.96% - - - - - - - Medium 

136






JPM Euroland Equity A(acc) - EUR -4.04% -20.54% -23.40% -27.31% -3.57% 4.43% High 

JPM Euroland Equity A(dist) - EUR -4.07% -20.54% -23.37% -28.90% -5.42% 2.28% 7.17% 11.02% High 

JF Euroland Equity A(dist) - USD -4.08% -20.59% -23.42% -26.18% -2.49% -1.38% 3.94% 9.76% High 

JPM Euroland Equity A(inc) - EUR -4.10% -20.49% - - - - - - High 

JPM Euroland Equity B (acc) - EUR -3.86% - - - - - - - High 

JPM Euroland Equity C (acc) - EUR -3.81% -20.14% -22.76% -26.56% -2.56% 5.65% - - High 

JPM Euroland Equity D (acc) - EUR -4.25% -20.84% -23.83% -27.84% -4.26% 3.59% 7.76% 11.48% High 

JPM Euroland Equity I (acc) - EUR -3.75% -20.10% -22.70% -26.47% -2.50% - - - High 

JPM Euroland Equity X (acc) - EUR -3.68% -19.82% -22.28% - - - - - High 


JPM Euroland Select Equity A(acc) - EUR -4.09% -20.44% -20.61% - - - - - High 

JPM Euroland Select Equity A(dis) - EUR -4.13% - - - - - - - High 

JPM Euroland Select Equity D (acc) - EUR -4.24% -20.72% -21.06% - - - - - High 

JPM Euroland Select Equity X (acc) - EUR -3.81% -19.78% - - - - - - High 


JPM Europe Dynamic A(acc) - EUR -0.29% -17.34% -20.51% -23.62% -0.76% 9.05% - - High 

JPM Europe Dynamic A(dist) - EUR -0.30% -17.41% -20.55% -24.58% -2.28% 7.25% 11.92% 15.63% High 

JF Europe Dynamic A(dist) - EUR -0.33% -17.37% -20.56% -24.62% -2.26% 7.29% 11.80% - High 

JPM Europe Dynamic A(dist) - GBP -0.30% -17.38% -20.53% -23.79% -1.13% 28.60% 31.80% 29.27% High 

JPM Europe Dynamic B (acc) - EUR -0.12% -17.07% -20.16% -23.16% -0.27% 9.64% - - High 

JPM Europe Dynamic C (acc) - EUR -0.06% -16.95% -19.95% -22.85% 0.18% 10.23% - - High 

JPM Europe Dynamic D (acc) - USD -0.54% -17.79% -21.12% -24.34% -1.73% 0.71% - - High 

JPM Europe Dynamic D (acc) - EUR -0.52% -17.80% -21.12% -24.39% -1.74% 7.79% 12.23% 15.80% High 

JPM Europe Dynamic I (acc) - EUR** - - - - - - - - High 

JPM Europe Dynamic X (acc) - EUR 0.12% -16.64% -19.47% -22.25% 1.00% 11.32% - - High 


JPM Europe Dynamic Mega Cap A(acc) - EUR 0.00% -17.63% -20.18% -22.63% -1.48% - - - High 

JPM Europe Dynamic Mega Cap A(dist) - EUR 0.00% -17.55% -20.09% -23.85% -2.31% - - - High 

JPM Europe Dynamic Mega Cap A(inc) - EUR 0.00% -17.60% -20.14% -23.61% -2.16% - - - High 

JPM Europe Dynamic Mega Cap A(acc) - USD 0.00% -17.58% -17.41% - - - - - High 

JPM Europe Dynamic Mega Cap B (acc) - EUR 0.21% -17.29% -19.73% -22.16% -0.98% - - - High 

JPM Europe Dynamic Mega Cap C (acc) - EUR 0.19% -17.20% -19.58% -21.95% -0.62% - - - High 

JPM Europe Dynamic Mega Cap D (acc) - EUR -0.21% -17.97% -20.72% -23.40% -2.40% - - - High 

JPM Europe Dynamic Mega Cap D (acc) - USD -0.25% -18.00% -20.70% - - - - - High 

JPM Europe Dynamic Mega Cap I (acc) - EUR 0.31% -17.16% -19.50% -21.84% - - - - High 

JPM Europe Dynamic Mega Cap X (acc) - EUR 0.39% -16.87% -19.08% -21.23% 0.24% - - - High 


JPM Europe Equity A(acc) - EUR -2.85% -18.24% -22.68% -27.51% -5.74% 2.25% - - High 

JPM Europe Equity A(dist) - EUR -2.90% -18.27% -22.70% -28.85% -7.45% 0.34% 4.45% 8.45% High 

JPM Europe Equity A(acc) - USD -2.88% -18.21% -22.67% -27.46% -5.75% -3.80% 0.86% 6.56% High 

JF Europe Equity A(dist) - USD -2.89% -18.25% -22.69% -26.54% -4.79% -3.17% 1.37% 7.16% High 

JPM Europe Equity B (acc) - EUR -2.73% -17.97% -22.32% -27.05% -5.20% 2.88% - - High 

JPM Europe Equity C (acc) - EUR -2.61% -17.81% -22.05% -26.69% -4.78% 3.42% - - High 

JPM Europe Equity D (acc) - EUR -3.06% -18.54% -23.12% -28.00% -6.41% 1.48% 5.32% 9.24% High 

JPM Europe Equity D (acc) - USD -3.14% -18.58% -23.13% -28.08% -6.48% - - - High 

JPM Europe Equity I (acc) - EUR** - - - - - - - - High 

JPM Europe Equity I (inc) - EUR -2.53% -17.73% -22.02% -27.85% - - - - High 

JPM Europe Equity X (acc) - EUR -2.45% -17.52% -21.64% -26.17% -4.14% 4.19% - - High 


JPM Europe Small Cap A(acc) - EUR -2.52% -17.00% -24.37% -30.82% -4.22% 6.56% - - High 

JPM Europe Small Cap A(dist) - EUR -2.54% -16.98% -24.39% -30.85% -4.56% 5.97% 13.71% 21.11% High 

JF Europe Small Cap A(dist) - EUR -2.55% -16.99% -24.40% -30.86% -4.59% 5.95% 13.72% 21.15% High 

JPM Europe Small Cap A(dist) - GBP -2.57% -16.97% -24.40% -30.88% -4.35% 25.47% 33.36% 40.00% High 

JPM Europe Small Cap B (acc) - EUR -2.36% -16.66% -24.00% -30.43% -3.75% 7.38% - - High 

JPM Europe Small Cap C (acc) - EUR -2.32% -16.56% -23.84% -30.20% -3.36% 7.68% - - High 

JPM Europe Small Cap D (acc) - EUR -2.74% -17.38% -24.95% -31.51% -5.14% 5.38% 12.98% 20.11% High 

JPM Europe Small Cap I (acc) - EUR -2.30% -16.55% -23.84% -30.16% -3.35% - - - High 

JPM Europe Small Cap X (acc) - EUR -2.14% -16.26% -23.39% -29.61% -2.58% 8.71% - - High 


JPM Europe Technology A(acc) - EUR -1.58% -21.75% -26.77% -28.36% -3.34% 2.33% - - High 

JPM Europe Technology A(dist) - EUR -1.58% -21.72% -26.79% -28.41% -3.89% 1.89% 0.87% 11.68% High 

JF Europe Technology A(dist) - EUR -1.70% -21.81% -26.90% -28.45% -4.08% 1.82% 0.83% 11.64% High 

JPM Europe Technology A(dist) - GBP -1.51% -21.70% -26.73% -28.34% -3.47% 19.43% 13.89% 26.03% High 

JPM Europe Technology B (acc) - EUR* - - - - - - - - High 

JPM Europe Technology C (acc) - EUR* - - - - - - - - High 

JPM Europe Technology D (acc) - EUR -1.71% -22.05% -27.26% -29.05% -4.20% 1.29% 0.19% 10.65% High 

JPM Europe Technology X (acc) - EUR -1.16% -21.07% -25.83% - - - - - High 

137






JPM Germany Equity A(acc) - EUR 0.74% -17.55% -16.63% -19.37% 7.88% 13.63% - - High 

JPM Germany Equity A(dist) - EUR 0.73% -17.52% -16.62% -20.52% 6.06% 11.45% 13.35% 17.86% High 

JF Germany Equity A(dist) - EUR 0.76% -17.54% -16.63% -20.46% 6.08% 11.51% 13.69% 18.28% High 

JPM Germany Equity B (acc) - EUR 0.97% -17.25% - - - - - - High 

JPM Germany Equity C (acc) - EUR 1.00% - - - - - - - High 

JPM Germany Equity D (acc) - EUR 0.36% -18.18% -17.46% -20.29% 6.71% 12.25% 13.97% 17.96% High 

JPM Germany Equity I (acc) - EUR* - - - - - - - - High 

JPM Germany Equity X (acc) - EUR 1.19% -16.75% - - - - - - High 


JPM Global Convertibles (EUR) A(acc) - EUR -2.02% -9.28% -8.63% -8.06% 1.60% 4.97% - - Medium 

JPM Global Convertibles (EUR) A(dist) - EUR -2.06% -9.29% -8.65% -8.09% 1.58% 4.99% 2.47% 5.24% Medium 

JF Global Convertibles (EUR) A(dist) - USD -2.06% -9.37% -8.74% -8.25% 1.34% -1.85% -2.53% 2.33% Medium 

JPM Global Convertibles (EUR) B (acc) - EUR -1.89% -8.99% -8.22% -7.58% 2.05% 10.58% 6.55% 7.25% Medium 

JPM Global Convertibles (EUR) C (acc) - EUR -1.86% -8.91% -8.09% -7.39% 2.37% 5.83% - - Medium 

JPM Global Convertibles (EUR) D (acc) - EUR -2.19% -9.52% -8.95% -8.55% 1.04% 0.10% - - Medium 

JPM Global Convertibles (EUR) I (acc) - EUR -1.82% -8.92% -8.06% -7.35% - - - - Medium 

JPM Global Convertibles (EUR) I (inc) - EUR -1.85% -8.89% -8.10% -9.67% - - - - Medium 

JPM Global Convertibles (EUR) X (acc) - EUR -1.66% -8.53% -7.58% -6.61% 3.21% 6.81% - - Medium 


JPM Global Dynamic A(acc) - USD -1.26% -13.78% -15.42% -13.33% 4.72% 10.23% - - High 

JPM Global Dynamic A(dist) - USD -1.30% -13.75% -15.40% -13.94% 3.96% 9.25% 11.37% 15.64% High 

JF Global Dynamic A(dist) - USD -1.33% -13.81% -15.44% -13.96% 3.94% 9.24% 11.32% - High 

JPM Global Dynamic A(acc) - EUR -1.29% -13.75% -15.37% -13.30% - - - - High 

JPM Global Dynamic A(acc) - EUR (hedged) -0.64% -9.47% - - - - - - High 

JPM Global Dynamic A(dist) - GBP -1.30% -13.75% -15.41% -13.63% 4.32% 43.58% 41.44% 39.11% High 

JPM Global Dynamic A(inc) - EUR -1.23% -13.72% -15.40% -14.00% 4.15% - - - High 

JPM Global Dynamic B (acc) - USD -1.13% -13.45% -15.00% -12.83% 5.24% 10.83% - - High 

JPM Global Dynamic C (acc) - USD -1.05% -13.37% -14.80% -12.52% 5.75% 11.48% - - High 

JPM Global Dynamic C (acc) - EUR -1.03% -13.29% -14.73% -12.41% - - - - High 

JPM Global Dynamic C (acc) - EUR (hedged) -0.48% - - - - - - - High 

JPM Global Dynamic D (acc) - USD -1.54% -14.21% -16.08% -14.21% 3.60% 8.93% 10.74% 14.78% High 

JPM Global Dynamic D (acc) - EUR -1.59% -14.25% -16.06% -14.25% 3.62% - - - High 

JPM Global Dynamic D (acc) - EUR (hedged) -1.07% -10.08% - - - - - - High 

JPM Global Dynamic I (acc) - USD -1.00% -13.31% -14.72% -12.46% - - - - High 

JPM Global Dynamic X (acc) - USD -0.86% -12.95% -14.25% -11.77% 6.69% 12.63% - - High 

JPM Global Dynamic X (acc) - EUR -0.80% -12.94% -14.22% -11.70% - - - - High 


JF Global Equity (USD) A(dist) - USD -2.07% -12.65% -13.36% -11.90% 0.71% 5.59% 7.12% 10.78% High 

JPM Global Equity (USD) A(acc) - USD -2.10% -12.69% -13.38% -11.22% 1.44% 6.44% - - High 

JPM Global Equity (USD) A(dist) - USD -2.05% -12.64% -13.37% -11.90% 0.72% 5.58% 7.13% 10.77% High 

JPM Global Equity (USD) B (acc) - USD** - - - - - - - - High 

JPM Global Equity (USD) C (acc) - USD -1.84% -12.18% -12.68% -10.25% 2.58% 7.75% - - High 

JPM Global Equity (USD) D (acc) - USD -2.28% -13.07% -13.91% -11.92% 0.66% 5.51% 6.84% 10.34% High 

JPM Global Equity (USD) X (acc) - USD -1.68% -11.97% -12.26% -9.70% 3.29% - - - High 


JPM Global Focus A(acc) - EUR -0.83% -20.81% -25.22% -29.04% -4.91% 2.55% - - High 

JPM Global Focus A(acc) - EUR (hedged) -0.38% -16.88% -19.69% - - - - - High 

JPM Global Focus A(dist) - EUR -0.86% -20.82% -25.24% -29.41% -5.35% 2.05% 5.34% 9.45% High 

JF Global Focus A(dist) - USD -0.72% -20.81% -25.18% -29.34% - - - - High 

JPM Global Focus C (acc) - EUR -0.65% -20.42% -24.71% -28.35% -4.09% - - - High 

JPM Global Focus D (acc) - EUR -1.07% -21.23% -25.80% -29.75% -5.81% 1.48% 4.66% 8.60% High 

JPM Global Focus D (acc) - EUR (hedged) -0.65% -17.23% -20.27% - - - - - High 

JPM Global Focus X (acc) - EUR -0.37% -20.08% -24.23% -27.74% -3.30% 4.52% - - High 


JPM Global Life Sciences A(acc) - USD 5.66% -10.58% -12.46% -11.24% -2.33% 0.34% - - High 

JPM Global Life Sciences A(dist) - USD 5.69% -10.63% -12.41% -11.31% -2.30% 0.33% -1.47% 2.85% High 

JF Global Life Sciences A(dist) - USD 5.43% -10.68% -12.61% -11.33% -2.36% 0.28% -1.50% 2.82% High 

JPM Global Life Sciences A(dist) - GBP 5.65% -10.58% -12.45% -11.25% -2.28% 27.04% 17.67% 17.57% High 

JPM Global Life Sciences D (acc) - USD 5.36% -11.02% -13.08% -12.06% -3.21% -0.65% -2.40% 1.84% High 


JPM Global Natural Resources A(acc) - EUR 7.57% -4.52% -5.30% -2.08% 18.62% 34.48% - - High 

JPM Global Natural Resources A(dist) - EUR 7.53% -4.48% -5.30% -2.07% 18.60% 34.50% - - High 

JPM Global Natural Resources A(acc) - USD 7.47% -4.54% -5.37% -2.08% - - - - High 

JPM Global Natural Resources B (acc) - EUR 7.72% -4.15% -4.86% -1.47% 19.32% - - - High 

JPM Global Natural Resources C (acc) - EUR 7.79% -4.07% -4.65% -1.16% 19.93% 36.36% - - High 

JPM Global Natural Resources C (acc) - USD 7.85% -4.05% -4.63% -1.15% - - - - High 

JPM Global Natural Resources D (acc) - EUR 7.22% -5.02% -6.08% -3.11% 17.26% - - - High 

JPM Global Natural Resources D (acc) - USD 7.27% -5.00% -6.08% -3.04% - - - - High 

JPM Global Natural Resources X (acc) - EUR 8.00% -3.69% -4.08% -0.34% 21.08% 38.14% - - High 

138






JPM Global Real Estate Securities A(acc) - USD -8.40% -13.54% -24.37% -23.20% - - - - High 

JPM Global Real Estate Securities C (acc) - USD -8.15% - - - - - - - High 

JPM Global Real Estate Securities D (acc) - USD -8.60% -13.78% -24.81% -23.77% - - - - High 

JPM Global Real Estate Securities X (acc) - USD -7.96% -12.69% -23.34% -21.82% - - - - High 


JF China A(acc) - USD -3.55% -28.65% -30.26% -0.40% 40.81% 54.26% - - Very High 

JF China A(dist) - USD -3.57% -28.67% -30.28% -0.94% 39.59% 52.68% 42.73% 56.15% Very High 

JF China B (acc) - USD -3.39% -28.44% -29.95% 0.15% 41.67% - - - Very High 

JF China C (acc) - USD -3.34% -28.34% -29.80% 0.52% 42.48% 56.70% - - Very High 

JF China D (acc) - USD -3.79% -29.00% -30.76% -1.34% 39.07% 51.66% 41.39% 54.30% Very High 

JF China I (acc) - USD** - - - - - - - - Very High 

JF China X (acc) - USD -3.21% -28.06% -29.39% 1.27% Very High 


JF Greater China A(acc) - USD -5.74% -22.85% -25.69% -2.75% 26.86% 27.45% - - High 

JF Greater China A(dist) - USD -5.74% -22.86% -25.68% -4.33% 23.26% 23.80% 23.63% 31.85% High 

JF Greater China B (acc) - USD -5.55% -22.58% -25.33% -2.20% 27.72% - - - High 

JF Greater China C (acc) - USD -5.54% -22.51% -25.18% -1.93% 28.25% 29.12% - - High 

JF Greater China D (acc) - USD -5.97% -23.24% -26.24% -3.70% 25.41% 25.73% 25.09% 33.28% High 

JF Greater China I (acc) - USD** - - - - - - - - High 

JF Greater China X (acc) - USD -5.37% -22.21% -24.76% -1.15% 29.51% 30.58% - - High 


JF Hong Kong A(acc) - USD -4.64% -25.10% -22.96% 0.67% 21.35% 19.82% - - High 

JF Hong Kong A(dist) - USD -4.66% -25.13% -22.96% -0.07% 20.03% 18.19% 22.44% 31.39% High 

JF Hong Kong B (acc) - USD -4.46% -24.83% -22.55% 1.37% 22.05% - - - High 

JF Hong Kong C (acc) - USD -4.45% -24.79% -22.45% 1.54% 22.82% 21.38% - - High 

JF Hong Kong D (acc) - USD -4.92% -25.52% -23.54% -0.34% 19.94% 18.21% 22.17% 31.22% High 


JF India A(acc) - USD -22.76% -43.92% -33.53% -21.63% 11.97% 24.34% - - High 

JF India A(dist) - USD -22.75% -43.90% -33.52% -24.99% 8.89% 21.45% 39.17% 64.04% High 

JF India B (acc) - USD -22.62% -43.69% -33.20% -21.17% 12.62% 25.14% - - High 

JF India C (acc) - USD -22.59% -43.64% -33.04% -20.87% 13.23% 26.08% - - High 

JF India D (acc) - USD -22.90% -44.13% -33.93% -22.26% 10.99% 22.94% 40.40% 65.29% High 

JF India X (acc) - USD -22.41% -43.39% -32.63% -20.21% 14.26% 27.50% - - High 


JF Japan Equity A(acc) - USD -1.40% -11.18% -19.92% -19.66% -9.80% 0.69% - - High 

JF Japan Equity A(dist) - USD -1.42% -11.17% -19.92% -19.67% -9.81% 0.71% 0.59% 9.30% High 

JF Japan Equity A(dist) - GBP -1.39% -11.17% -19.90% -19.65% -9.80% 27.71% 21.51% 28.30% High 

JF Japan Equity A(acc) - EUR -1.44% -11.21% -19.92% -19.69% -9.80% - - - High 

JF Japan Equity A(acc) - JPY -1.47% -11.19% -19.96% -19.70% -9.80% - - - High 

JF Japan Equity B (acc) - USD -1.24% -10.83% -19.43% -19.02% -9.24% 1.41% - - High 

JF Japan Equity C (acc) - USD -1.23% -10.79% -19.37% -18.90% -9.01% 1.71% - - High 

JF Japan Equity D (acc) - USD -1.55% -11.55% -20.33% -20.25% -10.39% -0.04% -0.21% 8.23% High 

JF Japan Equity D (acc) - EUR -1.73% -11.57% -20.47% -20.28% -10.47% - - - High 

JF Japan Equity I (acc) - USD -1.08% -10.66% -19.27% -18.79% -8.95% - - - High 

JF Japan Equity J (dist) - USD -1.40% -11.16% -19.94% -19.65% -9.80% 0.71% 0.55% 9.16% High 

JF Japan Equity X (acc) - USD -0.98% -10.42% -18.87% -18.22% -8.37% 2.56% - - High 


JF Japan Small Cap A(acc) - USD -9.63% -13.48% -21.65% -24.22% -16.51% -5.23% - - High 

JF Japan Small Cap A(dist) - USD -9.53% -13.38% -21.54% -24.16% -16.47% -5.21% -5.83% 8.43% High 

JF Japan Small Cap B (acc) - USD -9.44% -13.09% -21.20% -23.82% -16.19% - - - High 

JF Japan Small Cap C (acc) - USD -9.27% -12.91% -21.00% -23.47% -15.83% - - - High 

JF Japan Small Cap D (acc) - USD -9.73% -13.74% -22.10% -24.94% -17.15% -6.05% -6.59% 7.18% High 

JF Japan Small Cap X (acc) - USD -9.14% -12.62% -20.51% -22.89% -15.31% -3.72% - - High 


JF Pacific Balanced A(acc) - USD -0.30% -10.02% -11.39% -5.11% 8.28% 11.18% - - Medium 

JF Pacific Balanced A(dist) - USD -0.35% -10.04% -11.40% -5.14% 7.10% 9.64% 8.92% 12.37% Medium 

JF Pacific Balanced B (acc) - USD -0.11% -9.68% -10.88% - - - - - Medium 

JF Pacific Balanced D (acc) - USD -0.38% -10.19% -11.66% -5.52% 7.79% 10.59% 9.64% 13.03% Medium 


JF Pacific Technology A(acc) - USD -3.89% -13.73% -15.09% -7.65% 12.06% 17.08% - - High 

JF Pacific Technology A(dist) - USD -3.84% -13.71% -15.00% -10.94% 8.83% 13.84% 12.78% 17.24% High 

JF Pacific Technology A(dist) - GBP -3.87% -13.71% -15.05% -9.01% 10.22% 53.17% 46.08% 43.60% High 

JF Pacific Technology B (acc) - USD*** -3.64% -13.39% - - -0.29% - - - High 

JF Pacific Technology C (acc) - USD* - - - - - - - - High 

JF Pacific Technology D (acc) - USD -4.07% -14.19% -15.69% -8.51% 10.88% 15.65% 14.18% 18.37% High 

139






JF Singapore A(acc) - USD -0.78% -17.07% -21.86% -17.04% 23.80% 35.86% - - High 

JF Singapore A(dist) - USD -0.78% -17.08% -21.87% -17.77% 22.49% 33.74% 44.53% 57.76% High 

JF Singapore B (acc) - USD -0.63% -16.75% -21.49% -16.57% 24.46% - - - High 

JF Singapore C (acc) - USD -0.39% -16.57% -21.22% -16.17% 24.97% 37.51% - - High 

JF Singapore D (acc) - USD -1.04% -17.50% -22.47% -17.89% 22.31% 33.71% 43.96% 56.98% High 

JF Singapore I (acc) - USD -0.59% -16.68% -21.30% -16.26% 25.20% - - - High 

JF Singapore X (acc) - USD -0.38% -16.32% -20.85% -15.61% 26.35% - - - High 


JF Taiwan A(acc) - USD -14.49% -9.46% -22.09% -15.73% 6.71% 11.84% - - High 

JF Taiwan A(dist) - USD -14.52% -9.49% -22.09% -19.67% 0.72% 4.59% 7.38% 8.64% High 

JF Taiwan B (acc) - USD -14.38% -26.01% -36.26% -31.04% -3.44% - - - High 

JF Taiwan C (acc) - USD -14.29% -9.07% -21.56% -15.04% 7.72% 12.99% - - High 

JF Taiwan D (acc) - USD -14.70% -9.92% -22.67% -16.54% 5.62% 10.52% 12.33% 12.84% High 

JF Taiwan I (acc) - USD -14.33% -9.06% -21.55% -15.02% - - - - High 

JF Taiwan X (acc) - USD -14.11% -8.71% -21.06% -14.31% 8.59% - - - High 


JPM Latin America Equity A (acc) - USD 7.40% 1.92% 4.67% 14.77% 45.90% 65.17% - - High 

JPM Latin America Equity A (dist) - USD 7.43% 1.93% 4.67% 14.36% 44.43% 62.02% 88.18% 99.87% High 

JF Latin America Equity A (dist) - USD 7.41% 1.93% 4.67% 14.31% 44.40% 61.92% 89.37% 83.69% High 

JPM Latin America Equity B (acc) - USD 7.61% 2.31% 5.17% 15.50% 46.92% - - - High 

JPM Latin America Equity C (acc) - USD 7.65% 2.34% 5.31% 15.75% 47.69% 67.75% - - High 

JPM Latin America Equity D (acc) - USD 7.15% 1.39% 3.87% 13.62% 44.01% 62.22% 87.97% 96.90% High 

JPM Latin America Equity I (acc) - USD 7.66% 2.38% 5.35% 15.76% 47.59% - - - High 

JPM Latin America Equity X (acc) - USD 7.88% 2.81% 6.03% 16.80% 49.30% 70.47% - - High 


JPM Middle East Equity A(acc) - USD 3.31% -10.62% -0.71% 12.77% 32.87% 26.23% - - High 

JPM Middle East Equity A(dist) - USD 3.24% -10.62% -0.72% 12.63% 31.93% 25.34% 42.30% 54.25% High 

JPM Middle East Equity B (acc) - USD 3.49% -10.27% -0.20% 13.49% 33.64% 27.46% - - High 

JPM Middle East Equity C (acc) - USD -0.11% - - - - - - - High 

JPM Middle East Equity D (acc) - USD 3.04% -11.05% -1.45% 11.66% 31.19% 24.40% 40.67% 52.18% High 


JPM Russia A(acc) - USD 8.88% 4.57% 14.77% 27.99% 41.35% - - - High 

JPM Russia A(dist) - USD 8.88% 4.56% 14.76% 27.94% 39.18% - - - High 

JPM Russia B (acc) - USD 9.04% 4.89% 15.31% 28.67% 42.23% - - - High 

JPM Russia C (acc) - USD 9.10% 5.02% - - - - - - High 

JPM Russia D (acc) - USD 8.57% 3.99% 13.85% 26.63% 39.46% - - - High 

JPM Russia I (acc) - USD 8.99% 4.96% 15.48% - - - - - High 


JPM US Aggregate Bond A (acc) - USD -0.95% 1.97% 4.01% 7.34% 6.32% 3.70% - - Medium 

JPM US Aggregate Bond A (dist) - USD -0.91% 1.96% 4.01% 3.56% 2.51% 0.20% 1.16% 0.08% Medium 

JPM US Aggregate Bond B (acc) - USD -0.79% 2.17% 4.34% 7.82% 6.73% - - - Medium 

JPM US Aggregate Bond C (acc) - USD -0.79% 2.25% 4.42% 8.00% 6.93% - - - Medium 

JPM US Aggregate Bond D (acc) - USD -0.92% 1.89% 3.86% 7.22% 6.08% 3.41% 3.89% 2.22% Medium 

JPM US Aggregate Bond X (acc) - USD -0.67% 2.52% 4.88% 8.55% 7.50% 4.81% - - Medium 


JPM US Dynamic A(acc) - USD -0.62% -13.72% -17.66% -20.30% -2.34% 2.26% - - High 

JPM US Dynamic A(dist) - USD -0.64% -13.77% -17.73% -20.32% -2.38% 2.26% 6.42% - High 

JPM US Dynamic A(acc) - EUR -0.64% -13.84% -17.78% -20.38% -2.40% - - - High 

JPM US Dynamic B (acc) - USD -0.40% -13.38% -17.28% -19.83% -1.89% 2.74% - - High 

JPM US Dynamic C (acc) - USD -0.37% -13.35% -17.17% -19.57% -1.47% 3.30% - - High 

JPM US Dynamic D (acc) - USD -0.88% -14.22% -18.36% -21.16% -3.33% 1.20% 5.19% - High 

JPM US Dynamic D (acc) - EUR -0.89% -14.20% -18.36% -21.09% -3.34% - - - High 

JPM US Dynamic I (acc) - USD -0.41% -13.27% -17.07% -19.48% -1.41% - - - High 

JPM US Dynamic I (inc) - EUR -0.37% -13.26% -17.08% -19.62% - - - - High 

JPM US Dynamic X (acc) - USD -0.22% -12.95% -16.59% -18.85% -0.64% 4.22% - - High 


JPM US Small Cap Growth A(acc) - USD 0.34% -16.61% -19.80% -15.16% -0.59% 4.44% - - High 

JPM US Small Cap Growth A(dist) - USD 0.27% -16.67% -19.85% -15.21% -0.63% 4.39% 5.51% 10.91% High 

JPM US Small Cap Growth A(dist) - GBP 0.24% -16.67% -19.95% -15.30% -0.68% 34.43% 30.56% 31.03% High 

JPM US Small Cap Growth B (acc) - USD 0.36% -16.42% - - - - - - High 

JPM US Small Cap Growth D (acc) - USD 0.13% -16.98% -20.30% -15.84% -1.34% 3.56% 4.56% 9.74% High 

JPM US Small Cap Growth X (acc) - USD* - - - - - - - - High 

140






JPM US Strategic Growth A(acc) - USD 2.53% -10.19% -10.98% -10.32% 3.57% 5.49% - - High 

JPM US Strategic Growth A(acc) - EUR (hedged) 2.74% -2.85% -0.43% 4.78% - - - - High 

JPM US Strategic Growth A(dist) - USD 2.52% -10.19% -10.93% -10.32% 3.62% 5.55% 4.32% 5.52% High 

JPM US Strategic Growth A(dist) - GBP 2.49% -10.17% -10.93% -10.34% 3.63% 36.36% 28.33% 22.19% High 

JPM US Strategic Growth B (acc) - USD 2.72% -9.86% -10.43% -9.65% 4.31% - - - High 

JPM US Strategic Growth C (acc) - USD 2.76% -9.70% -10.22% -9.32% 4.71% - - - High 

JPM US Strategic Growth C (acc) - EUR (hedged) 3.10% -2.23% - - - - - - High 

JPM US Strategic Growth D (acc) - USD 2.32% -10.56% -11.46% -10.95% 2.73% 4.60% 3.40% 4.57% High 

JPM US Strategic Growth D (acc) - EUR (hedged) 2.50% -3.20% -0.95% 3.89% - - - - High 

JPM US Strategic Growth X (acc) - USD 3.00% -9.40% -9.75% -8.69% 5.52% - - - High 


JPM US Technology A(acc) - USD 2.51% -16.30% -17.24% -12.45% 1.11% 2.50% - - High 

JPM US Technology A(dist) - USD 2.39% -16.34% -17.33% -12.54% 1.10% 2.50% 1.22% 7.49% High 

JF US Technology A(dist) - USD 2.53% -16.06% -16.92% -12.43% 1.27% 2.67% 1.30% 7.46% High 

JPM US Technology A(dist) - GBP 2.62% -16.37% -17.25% -12.31% 1.09% 30.87% 22.76% 25.19% High 

JPM US Technology C (acc) - USD* - - - - - - - - High 

JPM US Technology D (acc) - USD 2.01% -16.94% -17.84% -13.14% 0.00% 1.37% 0.17% 6.21% High 

JPM US Technology X (acc) - USD 2.89% -15.67% - - - - - - High 


JPM US Value A(acc) - USD -2.75% -13.33% -15.72% -16.47% 0.09% 2.85% - - High 

JPM US Value A(dist) - USD -2.74% -13.35% -15.71% -16.50% 0.11% 2.60% 5.83% 9.02% High 

JF US Value A(dist) - USD -2.73% -13.32% -15.72% -16.51% 0.12% 2.62% 5.82% - High 

JPM US Value A(dist) - GBP -2.76% -13.35% -15.75% -16.50% 0.10% 30.70% 30.66% 27.53% High 

JPM US Value A(acc) - EUR (hedged) -2.60% -6.19% -5.71% -2.26% - - - - High 

JPM US Value B (acc) - USD -2.57% -13.05% -15.34% -15.91% 0.81% 3.63% - - High 

JPM US Value C (acc) - USD -2.49% -12.86% -15.04% -15.54% 1.23% 4.08% - - High 

JPM US Value D (acc) - USD -2.93% -13.68% -16.23% -17.10% -0.65% 2.06% 5.10% 8.12% High 

JPM US Value D (acc) - EUR (hedged) -2.81% -6.58% -6.26% -2.98% - - - - High 

JPM US Value X (acc) - USD -2.30% -12.58% -14.58% -15.00% 1.90% 4.84% - - High 

(1) This Sub-Fund was launched on 24 January 2008 

(2) This Sub-Fund was launched on 24 July 2007 

* No data is applicable for these Share Classes because they were launched or reactivated less than 3 months before the year end. 

** Share Class inactive. 

*** Share Class reactivated during the year. 

141



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 

JF China I (acc) - USD 

JF China X (acc) - USD 

JF Greater China X (acc) - USD 

JF India X (acc) - USD 

JF Japan Equity I (acc) - USD 

JF Japan Equity X (acc) - USD 

JF Japan Small Cap X (acc) - USD 

JF Singapore I (acc) - USD 

JF Singapore X (acc) - USD 

JF Taiwan I (acc) - USD 

JF Taiwan X (acc) - USD 

JPM America Equity X (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 Markets Debt I (inc) - EUR 

JPM Emerging Markets Debt X (acc) - EUR 

JPM Emerging Markets Equity I (acc) - USD 

JPM Emerging Markets Equity I (inc) - EUR 

JPM Emerging Markets Equity X (acc) - USD 

JPM Emerging Markets Equity X (inc) - EUR 

JPM Emerging Markets Local Currency Debt X (acc) - USD 

JPM Euroland Equity I (acc) - EUR 

JPM Euroland Equity X (acc) - EUR 

JPM Euroland Select Equity X (acc) - EUR 

JPM Europe Dynamic Mega Cap I (acc) - EUR 

JPM Europe Dynamic Mega Cap X (acc) - EUR 

JPM Europe Dynamic X (acc) - EUR 

JPM Europe Equity I (inc) - EUR 

JPM Europe Equity X (acc) - EUR 

JPM Europe Small Cap I (acc) - EUR 

JPM Europe Small Cap X (acc) - EUR 

JPM Europe Technology X (acc) - EUR 

JPM Germany Equity I (acc) - EUR 

JPM Germany Equity X (acc) - EUR 

JPM Global Convertibles (EUR) X (acc) - EUR 

JPM Global Dynamic I (acc) - USD 

JPM Global Dynamic X (acc) - EUR 

JPM Global Dynamic X (acc) - USD 

JPM Global Equity (USD) X (acc) - USD 

JPM Global Focus X (acc) - EUR 

JPM Global Natural Resources X (acc) - EUR 

JPM Global Real Estate Securities (USD) X (acc) - USD 

JPM Latin America Equity I (acc) - USD 

JPM Latin America Equity X (acc) - USD 

JPM Russia I (acc) - USD 

JPM US Aggregate Bond X (acc) - USD 

JPM US Dynamic I (acc) - USD 

JPM US Dynamic I (inc) - EUR 

JPM US Dynamic X (acc) - USD 

JPM US Small Cap Growth X (acc) - USD 

JPM US Strategic Growth X (acc) - USD 

JPM US Technology X (acc) - USD 

JPM US Value X (acc) - USD 

142



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 rate is disclosed in accordance with the standard method 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 4.72 

JPMorgan Funds - Eastern Europe Equity Fund 0.00 

JPMorgan Funds - Emerging Europe Middle East and Africa Equity Fund 0.00 

JPMorgan Funds - Emerging Markets Debt Fund 0.00 

JPMorgan Funds - Emerging Markets Equity Fund 0.00 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 26.88 

JPMorgan Funds - Euroland Equity Fund 129.86 

JPMorgan Funds - Euroland Select Equity Fund 216.45 

JPMorgan Funds - Europe Dynamic Fund 491.11 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 291.34 

JPMorgan Funds - Europe Equity Fund 200.85 

JPMorgan Funds - Europe Small Cap Fund 157.27 

JPMorgan Funds - Europe Technology Fund 258.02 

JPMorgan Funds - Germany Equity Fund 0.00 

JPMorgan Funds - Global Convertibles Fund (EUR) 8.12 

JPMorgan Funds - Global Dynamic Fund 265.56 

JPMorgan Funds - Global Equity Fund (USD) 92.87 

JPMorgan Funds - Global Focus Fund 429.05 

JPMorgan Funds - Global Life Sciences Fund 261.23 

JPMorgan Funds - Global Natural Resources Fund 0.00 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 319.53 

JPMorgan Funds - JF China Fund 1.64 

JPMorgan Funds - JF Greater China Fund 107.71 

JPMorgan Funds - JF Hong Kong Fund 9.25 

JPMorgan Funds - JF India Fund 0.00 

JPMorgan Funds - JF Japan Equity Fund 228.62 

JPMorgan Funds - JF Japan Small Cap Fund 155.99 

JPMorgan Funds - JF Pacific Balanced Fund 257.62 

JPMorgan Funds - JF Pacific Technology Fund 90.34 

JPMorgan Funds - JF Singapore Fund 0.00 

JPMorgan Funds - JF Taiwan Fund 207.46 

JPMorgan Funds - Latin America Equity Fund 57.81 

JPMorgan Funds - Middle East Equity Fund 0.00 

JPMorgan Funds - Russia Fund 0.00 

JPMorgan Funds - US Aggregate Bond Fund 0.00 

JPMorgan Funds - US Dynamic Fund 129.81 

JPMorgan Funds - US Small Cap Growth Fund 117.73 

JPMorgan Funds - US Strategic Growth Fund 142.21 

JPMorgan Funds - US Technology Fund 0.00 

JPMorgan Funds - US Value Fund 0.00 

143





of the Year 


at the End 

of the Year 

7. Historical Statement of Changes in the Number of Shares - for the year ended 30 June 2007 (continued) 



JPM America Equity A (acc) - EUR (hedged) - 26,946.066 - 26,946.066 



JPM America Equity B (acc) - USD 286,768.822 - 68,021.621 218,747.201 



JPM America Equity D (acc) - EUR 501.365 22,733.143 13,676.637 9,557.871 

JPM America Equity D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 

JPM America Equity X (acc) - USD 2,169,929.449 95,039.650 1,270,790.426 994,178.673 


JPM Eastern Europe Equity A(acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670 



JPM Eastern Europe Equity B (acc) - EUR 6,640.000 144,210.261 6,640.001 144,210.260 

JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999 



JPM Eastern Europe Equity X (acc) - EUR 4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund (1) 

JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 2,239,043.956 2,629,600.901 1,671,926.028 3,196,718.829 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 6,604,909.375 1,638,790.257 2,879,377.650 5,364,321.982 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 427,603.655 211,003.374 420,277.829 218,329.200 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 8,638,068.671 755,353.205 9,227,208.250 166,213.626 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,812,315.009 769,669.847 1,204,970.683 1,377,014.173 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 3,439,165.440 12,429,510.038 8,828,642.479 7,040,032.999 

JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 89,663.735 8,892.234 98,555.969 - 

JPMorgan Funds - Emerging Markets Debt Fund (2) 

JPM Emerging Markets Debt A(acc) - EUR 2,867,573.254 11,277,729.772 7,001,321.726 7,143,981.300 

JPM Emerging Markets Debt A(dist) - EUR 8,661,114.189 15,152,456.055 13,144,027.713 10,669,542.531 

JPM Emerging Markets Debt C (acc) - EUR - 653,748.769 - 653,748.769 


JPM Emerging Markets Debt I (inc) - EUR - 250,000.001 - 250,000.001 

JPM Emerging Markets Debt X (acc) - EUR - 5,656.002 - 5,656.002 



JPM Emerging Markets Equity A(acc) - EUR 12,537,814.432 29,008,382.658 12,538,058.782 29,008,138.308 







JPM Emerging Markets Equity I (acc) - USD - 22,231,580.608 458,058.931 21,773,521.677 

JPM Emerging Markets Equity I (inc) - EUR 1,400,000.000 659,800.000 422,000.000 1,637,800.000 


JPM Emerging Markets Equity X (inc) - EUR 10,330,431.042 7,609,910.433 0.102 17,940,341.373 







JPM Euroland Equity I (acc) - EUR - 21,891,072.110 1,892,547.343 19,998,524.767 


JPM Europe Dynamic A(acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400 

JPM Europe Dynamic A(dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420 

JPM Europe Dynamic A(dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129 

JF Europe Dynamic A(dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036 

JPM Europe Dynamic B (acc) - EUR 2,088,181.497 12,659.681 469,480.257 1,631,360.921 

JPM Europe Dynamic C (acc) - EUR 13,925,366.854 1,569,362.612 3,418,543.698 12,076,185.768 



JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018 

JPM Europe Dynamic X (acc) - EUR 6,783,515.719 13,174.653 1,273,949.501 5,522,740.871 


JPM Europe Dynamic Mega Cap A(acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480 

JPM Europe Dynamic Mega Cap A(dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596 

JPM Europe Dynamic Mega Cap A(inc) - EUR 387.177 91,698.847 15,924.239 76,161.785 

JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206 


JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452 

JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834 


(1) Name changed from Emerging Europe Equity Fund on 2 October 2006. 

1,193,798.741 3,516,109.483 1,174,552.938 3,535,355.286 

(2) Name changed from FF Emerging Markets Debt Fund and currency changed from USD to EUR on 1 July 2006. 

144





of the Year 


at the End 

of the Year 






JF Europe Equity A(dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228 

JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985 



JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062 

JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207 

JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000 



JPM Europe Small Cap A(acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651 



JF Europe Small Cap A(dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049 


JPM Europe Small Cap C (acc) - EUR 9,918,365.123 2,624,683.147 10,470,164.429 2,072,883.841 


JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774 

JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124 


JPM Europe Technology A(acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632 






JPM Germany Equity A(acc) - EUR 4,222,808.750 15,811,078.970 6,749,656.493 13,284,231.227 


JF Germany Equity A(dist) - EUR 1,397,549.385 476,934.920 484,750.483 1,389,733.822 


JPMorgan Funds - Global Convertibles Fund (EUR) (3) 

JPM Global Convertibles (EUR) A(acc) - EUR 15,332,519.948 32,301,382.644 24,894,128.920 22,739,773.672 

JPM Global Convertibles (EUR) A(dist) - EUR 47,995,864.261 59,712,595.490 36,499,388.318 71,209,071.433 

JF Global Convertibles (EUR) A(dist) - USD 488,127.635 1,170,042.027 341,754.467 1,316,415.195 

JPM Global Convertibles (EUR) B (acc) - EUR 458,789.881 469,296.697 6,286.420 921,800.158 



JPM Global Convertibles (EUR) I (inc) - EUR - 445,121.951 - 445,121.951 

JPM Global Convertibles (EUR) I (acc) - EUR - 3,051,941.001 93,758.001 2,958,183.000 

JPM Global Convertibles (EUR) X (acc) - EUR 7,348,586.526 154,004.609 427,370.299 7,075,220.836 



JPM Global Dynamic A(acc) - EUR - 491,084.533 4,450.001 486,634.532 




JPM Global Dynamic A(inc) - EUR 496.381 1,474,075.117 156,023.291 1,318,548.207 



JPM Global Dynamic C (acc) - EUR - 5,527,880.001 - 5,527,880.001 

JPM Global Dynamic D (acc) - EUR 643.365 154,957.802 38,494.008 117,107.159 


JPM Global Dynamic I (acc) - USD - 1,952,030.000 - 1,952,030.000 


JPM Global Dynamic X (acc) - EUR - 17,330,026.813 - 17,330,026.813 

JPMorgan Funds - Global Equity Fund (USD) (4) 

JPM Global Equity (USD) A(acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946 

JPM Global Equity (USD) A(dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692 

JF Global Equity (USD) A(dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423 

JPM Global Equity (USD) B (acc) - USD 24,404.580 - 24,404.580 - 

JPM Global Equity (USD) C (acc) - USD 8,538,694.026 8,258.895 - 8,546,952.921 

JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479 

JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925 

JPMorgan Funds - Global Focus Fund (5) 

JPM Global Focus A(acc) - EUR 570,981.270 9,376,781.810 1,524,909.233 8,422,853.847 

JPM Global Focus A(dist) - EUR 3,069,926.974 7,510,075.831 3,216,028.877 7,363,973.928 

JF Global Focus A(dist) - USD - 884,914.336 75,970.289 808,944.047 

JPM Global Focus C (acc) - EUR 721,984.765 10,847,201.865 1,206,882.031 10,362,304.599 


JPM Global Focus X (acc) - EUR 1,072,576.185 727,160.882 426,399.209 1,373,337.858 

(3) Name changed from Global Convertible Bond Fund (EUR) on 29 August 2006. 

(4) Name changed from Global Equity Fund on 29 August 2006. 

(5) Name changed from Global Recovery Fund on 29 August 2006. 

145





of the Year 


at the End 

of the Year 




JPM Global Life Sciences A(dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024 


JF Global Life Sciences A(dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738 

JPM Global Life Sciences D (acc) - USD 1,077,146.537 753,419.178 911,647.873 918,917.842 



JPM Global Natural Resources A(dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718 

JPM Global Natural Resources A(acc) - USD - 1,706,403.250 124,952.200 1,581,451.050 



JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925 


JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992 

JPM Global Natural Resources X (acc) - EUR 5,178,017.275 1,682,000.970 206,994.989 6,653,023.256 

JPMorgan Funds - Global Real Estate Securities Fund (USD) (6) 

JPM Global Real Estate Securities A(acc) - USD - 955,818.762 477,188.737 478,630.025 

JPM Global Real Estate Securities D (acc) - USD - 251,368.884 - 251,368.884 

JPM Global Real Estate Securities X (acc) - USD - 1,181,531.621 - 1,181,531.621 

JPMorgan Funds - JF Asia Equity Fund 

JF Asia Equity A (acc) - USD 4,124,227.609 1,507,809.314 1,667,680.573 3,964,356.350 

JF Asia Equity A (dist) - USD 15,593,152.815 8,028,685.400 11,866,620.890 11,755,217.325 

JF Asia Equity A (dist) - GBP 77,224.791 2,193.590 37,602.450 41,815.931 

JF Asia Equity B (acc) - USD 11,745.049 - 11,745.049 - 

JF Asia Equity C (acc) - USD 4,261,228.045 364,271.702 4,274,442.923 351,056.824 

JF Asia Equity D (acc) - USD 1,919,752.942 893,692.575 920,527.283 1,892,918.234 

JF Asia Equity D (acc) - EUR 501.365 28,337.186 603.136 28,235.415 

JF Asia Equity I (acc) - USD 3,697,232.303 9,017,447.881 3,894,452.361 8,820,227.823 

JF Asia Equity X (acc) - USD 529,504.646 172,077.848 25,974.044 675,608.450 





JF China C (acc) - USD 309,143.828 2,385,902.761 1,072,361.908 1,622,684.681 


JF China I (acc) - USD - 1,616,926.699 524,395.051 1,092,531.648 

JF China X (acc) - USD - 2,086,541.580 98,107.560 1,988,434.020 


JF Greater China A(acc) - USD 2,263,602.362 2,725,767.575 2,919,342.527 2,070,027.410 


JF Greater China B (acc) - USD 1,182,225.820 126,718.228 1,217,773.130 91,170.918 



JF Greater China I (acc) - USD - 2,399,908.437 2,399,908.437 - 



JF Hong Kong A(acc) - USD 279,424.162 1,396,362.322 1,021,428.415 654,358.069 




JF Hong Kong D (acc) - USD 441,696.471 537,701.939 512,955.867 466,442.543 




JF India B (acc) - USD 2,581,574.947 3,618,195.714 2,865,435.151 3,334,335.510 



JF India X (acc) - USD 121,009.046 2,109,735.051 297,434.766 1,933,309.331 



JF Japan Equity A(acc) - EUR 251,889.169 615,761.485 308,140.785 559,509.869 

JF Japan Equity A(acc) - JPY 4,770,064.290 7,314,846.781 8,900,941.792 3,183,969.279 



JF Japan Equity B (acc) - USD 2,722,552.515 185,780.668 947,326.156 1,961,007.027 



JF Japan Equity D (acc) - EUR 622.822 755,530.179 369,404.547 386,748.454 

JF Japan Equity J (dist) - USD 5,940,851.011 1,876,024.770 4,212,825.849 3,604,049.932 

JF Japan Equity I (acc) - USD 0.001 17,328,088.379 11,280,561.745 6,047,526.635 

JF Japan Equity X (acc) - USD 3,870,721.921 505,313.050 3,143,365.963 1,232,669.008 

(6) This Sub-Fund was launched on 1 September 2006. 

146





of the Year 


at the End 

of the Year 



JF Japan Small Cap A(acc) - USD 2,079,520.415 3,966,092.521 2,713,525.633 3,332,087.303 



JF Japan Small Cap C (acc) - USD 2,004,201.932 1,382,231.945 1,009,906.715 2,376,527.162 

JF Japan Small Cap D (acc) - USD 2,994,034.019 1,478,953.367 2,443,063.773 2,029,923.613 

JF Japan Small Cap X (acc) - USD 453,392.598 3,375,177.860 681,080.288 3,147,490.170 


JF Pacific Balanced A(acc) - USD 865,121.476 315,962.788 942,158.881 238,925.383 


JF Pacific Balanced D (acc) - USD 2,023,374.997 871,349.861 1,116,858.072 1,777,866.786 


JF Pacific Technology A(acc) - USD 613,682.762 300,711.866 696,242.574 218,152.054 


JF Pacific Technology A(dist) - GBP 7,159.151 570.551 1,155.340 6,574.362 

JF Pacific Technology B (acc) - USD 129,291.470 - 129,291.470 - 



JF Singapore A(acc) - USD 995,597.359 8,241,425.543 4,366,007.950 4,871,014.952 


JF Singapore B (acc) - USD 20,259.189 1,068,517.985 76,383.506 1,012,393.668 

JF Singapore C (acc) - USD 998,810.116 1,123,968.421 1,144,098.845 978,679.692 


JF Singapore I (acc) - USD - 4,507,865.883 1,692,284.390 2,815,581.493 

JF Singapore X (acc) - USD 10,000.000 32,841.715 16,194.603 26,647.112 


JF Taiwan A(acc) - USD 6,217,417.582 13,801,551.010 7,887,699.067 12,131,269.525 


JF Taiwan B (acc) - USD 144,587.850 - 114,291.498 30,296.352 

JF Taiwan C (acc) - USD 6,770,226.124 395,504.507 6,515,377.961 650,352.670 


JF Taiwan I (acc) - USD 0.001 17,264,826.976 3,585,523.782 13,679,303.195 

JF Taiwan X (acc) - USD 160,061.802 63,985.189 86,200.106 137,846.885 









JPM Latin America Equity X (acc) - USD 3,016,255.232 155,346.365 500,813.619 2,670,787.978 




JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234 



JPM Russia A(acc) - USD 3,026,166.472 10,882,969.896 8,167,116.884 5,742,019.484 

JPM Russia A(dist) - USD 5,526,749.246 6,713,674.964 6,280,221.391 5,960,202.819 

JPM Russia B (acc) - USD 427,830.018 587,710.061 53,000.000 962,540.079 

JPM Russia D (acc) - USD 326,660.741 7,747,791.764 2,992,555.930 5,081,896.575 

JPM Russia I (acc) - USD - 1,020,000.001 1,020,000.001 - 


JPM US Aggregate Bond A (acc) - USD 178,383.687 2,132,549.946 490,578.236 1,820,355.397 

JPM US Aggregate Bond A (dist) - USD 2,854,395.715 11,182,304.287 7,137,730.921 6,898,969.081 

JPM US Aggregate Bond B (acc) - USD 797,858.600 961,878.585 - 1,759,737.185 

JPM US Aggregate Bond C (acc) - USD 2,240,709.753 65,789.474 290,234.495 2,016,264.732 

JPM US Aggregate Bond D (acc) - USD 602,934.645 2,360,683.451 1,269,663.755 1,693,954.341 

JPM US Aggregate Bond X (acc) - USD 17,615,619.613 902,124.303 9,781,796.682 8,735,947.234 



JPM US Dynamic A(acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667 





JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319 

JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093 


JPM US Dynamic X (acc) - USD 22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909 

147





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at the End 

of the Year 



JPM US Small Cap Growth A(acc) - USD 337,233.538 1,225,111.846 1,314,943.632 247,401.752 


JPM US Small Cap Growth A(dist) - GBP 215.514 - 64.611 150.903 

JPM US Small Cap Growth D (acc) - USD 384,172.501 1,915,183.855 313,270.118 1,986,086.238 


JPM US Strategic Growth A(acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323 

JPM US Strategic Growth A(acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945 


JPM US Strategic Growth A(dist) - GBP 28,393.835 635.779 25,074.944 3,954.670 

JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034 

JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845 


JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 

JPM US Strategic Growth X (acc) - USD 3,711,013.447 5,435,332.359 529,036.120 8,617,309.686 


JPM US Technology A(acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856 

JPM US Technology A(dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059 






JPM US Value A(acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034 







JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571 

JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974 

148





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at the End 

of the Year 






JPM America Equity B (acc) - USD 1,540,282.417 271,153.903 1,524,667.498 286,768.822 



JPM America Equity D (acc) - EUR - 501.365 - 501.365 

JPM America Equity X (acc) - USD 6,678,025.327 2,108,498.076 6,616,593.954 2,169,929.449 


JPM Eastern Europe Equity A(acc) - EUR 689,019.697 4,529,265.647 2,925,415.282 2,292,870.062 



JPM Eastern Europe Equity B (acc) - EUR - 6,640.000 - 6,640.000 

JPM Eastern Europe Equity C (acc) - EUR 10,598,114.772 4,068,087.154 5,524,008.195 9,142,193.731 


JPM Eastern Europe Equity I (acc) - EUR - 4,697,055.454 - 4,697,055.454 

JPM Eastern Europe Equity X (acc) - EUR 4,300,000.000 967,255.898 1,110,837.849 4,156,418.049 

JPMorgan Funds - Emerging Europe Equity Fund 

JPM Emerging Europe Equity A(acc)- USD 894,548.178 4,594,117.218 3,249,621.440 2,239,043.956 

JPM Emerging Europe Equity A(dist) - USD 7,262,913.307 6,649,107.023 7,307,110.955 6,604,909.375 

JPM Emerging Europe Equity B (acc) - USD 103,079.328 502,991.273 178,466.946 427,603.655 

JPM Emerging Europe Equity C (acc) - USD 5,478,532.023 5,990,350.028 2,830,813.380 8,638,068.671 

JPM Emerging Europe Equity D (acc) - USD 1,028,886.077 2,530,062.412 1,746,633.480 1,812,315.009 

JPM Emerging Europe Equity I (acc) - USD - 3,439,165.440 - 3,439,165.440 

JPM Emerging Europe Equity X (acc) - USD 30,066.932 613,756.937 554,160.134 89,663.735 



JPM Emerging Markets Equity A(acc) - EUR - 12,981,076.859 443,262.427 12,537,814.432 



JPM Emerging Markets Equity B (acc) - USD 421,454.886 2,369,090.890 783,091.519 2,007,454.257 



JPM Emerging Markets Equity D (acc) - EUR - 11,685.069 - 11,685.069 

JPM Emerging Markets Equity I (inc) - EUR - 1,400,000.000 - 1,400,000.000 


JPM Emerging Markets Equity X (inc) - EUR - 10,330,431.052 - 10,330,431.042 








JPM Europe Dynamic A(acc) - EUR 3,882,884.678 22,205,763.158 11,655,980.943 14,432,666.893 

JPM Europe Dynamic A(dist) - EUR 64,623,849.353 31,362,229.543 46,982,537.769 49,003,541.127 

JPM Europe Dynamic A(dist) - GBP 104,619.918 86,451.088 65,132.676 125,938.330 

JF Europe Dynamic A(dist) - EUR 1,384,950.061 5,551,488.804 4,702,149.225 2,234,289.640 

JPM Europe Dynamic B (acc) - EUR 680,691.849 1,782,318.962 374,829.314 2,088,181.497 


JPM Europe Dynamic D (acc) - EUR 4,794,274.029 6,443,612.964 5,912,157.037 5,325,729.956 

JPM Europe Dynamic D (acc) - USD 80.580 58,461.670 10,377.590 48,164.660 

JPM Europe Dynamic X (acc) - EUR 5,097,244.347 4,722,887.755 3,036,616.383 6,783,515.719 

JPMorgan Funds - Europe Dynamic Mega Cap Fund (1) 

JPM Europe Dynamic Mega Cap A(acc) - EUR - 22,291,117.955 4,096,648.524 18,194,469.431 

JPM Europe Dynamic Mega Cap A(dist) - EUR - 102,811.064 - 102,811.064 

JPM Europe Dynamic Mega Cap A(inc) - EUR - 387.177 - 387.177 

JPM Europe Dynamic Mega Cap B (acc) - EUR - 735,935.005 - 735,935.005 

JPM Europe Dynamic Mega Cap C (acc) - EUR - 2,400,669.892 31,555.728 2,369,114.164 

JPM Europe Dynamic Mega Cap D (acc) - EUR - 98,452.320 414.401 98,037.919 

JPM Europe Dynamic Mega Cap X (acc) - EUR - 1,334,938.073 141,139.332 1,193,798.741 





JF Europe Equity A(dist) - USD 1,734,451.617 885,759.932 831,711.301 1,788,500.248 

JPM Europe Equity B (acc) - EUR 803,211.008 742,163.871 551,979.107 993,395.772 



JPM Europe Equity D (acc) - USD - 397.456 - 397.456 



149





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at the End 

of the Year 



JPM Europe Small Cap A(acc) - EUR 440,378.675 7,979,259.005 4,868,029.047 3,551,608.633 



JF Europe Small Cap A(dist) - EUR 919,132.690 24,030,246.621 9,763,692.885 15,185,686.426 




JPM Europe Small Cap X (acc) - EUR 365,368.672 1,168,225.313 529,391.208 1,004,202.777 


JPM Europe Technology A(acc) - EUR 383,778.891 2,521,430.003 1,702,974.756 1,202,234.138 





JPMorgan Funds - FF Emerging Markets Debt Fund 

JPM FF Emerging Markets Debt A(acc) - USD 260,393.826 6,585,473.282 3,978,293.854 2,867,573.254 

JPM FF Emerging Markets Debt A(dist) - USD 9,068,036.255 17,160,941.789 17,567,863.855 8,661,114.189 

JPM FF Emerging Markets Debt D (acc) - USD 1,040,699.463 3,979,931.881 2,006,542.713 3,014,088.631 


JPM Germany Equity A(acc) - EUR 784,611.459 7,411,035.321 3,972,838.030 4,222,808.750 



JPM Germany Equity D (acc) - EUR 696,006.220 18,312,272.830 5,647,917.603 13,360,361.447 

JPMorgan Funds - Global Convertible Bond Fund (EUR) 

JPM Global Convertible Bond (EUR) A(acc) - EUR 3,572,356.508 26,655,191.007 14,895,027.567 15,332,519.948 

JPM Global Convertible Bond (EUR) A(dist) - EUR 40,456,521.379 52,200,668.320 44,661,325.438 47,995,864.261 

JF Global Convertible Bond (EUR) A(dist) - USD 676,240.269 88,434.463 276,547.097 488,127.635 

JPM Global Convertible Bond (EUR) B (acc) - EUR 66,426.910 545,376.634 153,013.663 458,789.881 

JPM Global Convertible Bond (EUR) C (acc) - EUR 3,004,025.826 19,436,898.911 5,203,445.232 17,237,479.505 

JPM Global Convertible Bond (EUR) D (acc) - EUR 2,050,978.199 25,346,411.858 8,176,310.416 19,221,079.641 

JPM Global Convertible Bond (EUR) X (acc) - EUR 1,366,823.569 6,465,499.731 483,736.774 7,348,586.526 






JPM Global Dynamic A(inc) - EUR - 496.381 - 496.381 

JPM Global Dynamic B (acc) - USD 624,397.496 7,194,398.256 1,178,833.265 6,639,962.487 


JPM Global Dynamic D (acc) - EUR - 643.365 - 643.365 



JPMorgan Funds - Global Equity Fund 

JPM Global Equity A(acc) - USD 706,268.469 1,587,690.078 1,049,907.587 1,244,050.960 

JPM Global Equity A(dist) - USD 1,294,831.828 1,358,975.414 1,255,054.069 1,398,753.173 

JF Global Equity A(dist) - USD 1,403,959.102 182,464.803 348,993.025 1,237,430.880 

JPM Global Equity B (acc) - USD - 24,404.580 - 24,404.580 

JPM Global Equity C (acc) - USD 10,287,077.703 8,938.500 1,757,322.177 8,538,694.026 

JPM Global Equity D (acc) - USD 42,204.780 2,914,496.515 69,407.131 2,887,294.164 

JPM Global Equity X (acc) - USD - 1,048,640.488 - 1,048,640.488 



JPM Global Life Sciences A(dist) - USD 7,142,895.853 4,105,769.970 6,853,603.351 4,395,062.472 


JF Global Life Sciences A(dist) - USD 862,517.686 8,373,095.735 5,147,751.482 4,087,861.939 

JPM Global Life Sciences B (acc) - USD - 27,247.540 27,247.540 - 

JPM Global Life Sciences D (acc) - USD 481,691.724 1,513,429.006 917,974.193 1,077,146.537 



JPM Global Natural Resources A(dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432 

JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679 


JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024 

JPM Global Natural Resources X (acc) - EUR 180,191.280 5,095,975.349 98,149.354 5,178,017.275 

JPMorgan Funds - Global Recovery Fund 

JPM Global Recovery A(acc) - EUR 171,958.268 770,445.672 371,422.670 570,981.270 

JPM Global Recovery A(dist) - EUR 1,068,685.011 3,780,171.583 1,778,929.620 3,069,926.974 

JPM Global Recovery C (acc) - EUR - 722,195.718 210.953 721,984.765 

JPM Global Recovery D (acc) - EUR 206,384.911 1,685,549.828 664,449.183 1,227,485.556 

JPM Global Recovery X (acc) - EUR 190,310.162 987,800.037 105,534.014 1,072,576.185 

150





of the Year 


at the End 

of the Year 


JPMorgan Funds - JF China Fund (2) 



JF China B (acc) - USD - 1,239,453.749 - 1,239,453.749 

JF China C (acc) - USD 52,183.468 393,872.181 136,911.821 309,143.828 


JPMorgan Funds - JF Greater China Fund (3) 

JF Greater China A(acc) - USD 360,263.440 3,397,341.819 1,494,002.897 2,263,602.362 


JF Greater China B (acc) - USD - 1,182,225.820 - 1,182,225.820 

JF Greater China C (acc) - USD 2,183,164.265 810,876.434 621,943.663 2,372,097.036 



JPMorgan Funds - JF Hong Kong Fund (4) 

JF Hong Kong A(acc) - USD 157,208.701 236,887.343 114,671.882 279,424.162 


JF Hong Kong B (acc) - USD - 21,000.000 - 21,000.000 



JF Hong Kong X (acc) - USD - 20,000.001 20,000.001 - 

JPMorgan Funds - JF India Fund (5) 



JF India B (acc) - USD 131,921.327 3,140,467.008 690,813.388 2,581,574.947 

JF India C (acc) - USD 773,208.619 5,203,729.626 1,164,905.190 4,812,033.055 


JF India X (acc) - USD 206,202.173 125,730.621 210,923.748 121,009.046 

JPMorgan Funds - JF Japan Equity Fund (6) 


JF Japan Equity A(acc) - EUR - 503,778.339 251,889.170 251,889.169 

JF Japan Equity A(acc) - JPY - 6,241,922.934 1,471,858.644 4,770,064.290 



JF Japan Equity B (acc) - USD 756,227.854 2,486,404.038 520,079.377 2,722,552.515 



JF Japan Equity D (acc) - EUR - 622.822 - 622.822 


JF Japan Equity X (acc) - USD 2,476,098.147 6,432,078.632 5,037,454.858 3,870,721.921 

JPMorgan Funds - JF Japan Small Cap Fund (7) 

JF Japan Small Cap A(acc) - USD 118,218.926 5,440,400.281 3,479,098.792 2,079,520.415 


JF Japan Small Cap B (acc) - USD - 440,786.262 110.001 440,676.261 

JF Japan Small Cap C (acc) - USD - 3,683,696.474 1,679,494.542 2,004,201.932 

JF Japan Small Cap D (acc) - USD 980,764.707 5,930,017.044 3,916,747.732 2,994,034.019 

JF Japan Small Cap X (acc) - USD 257,965.072 604,065.859 408,638.333 453,392.598 

JPMorgan Funds - JF Pacific Balanced Fund (8) 

JF Pacific Balanced A(acc) - USD 65,825.070 1,142,356.329 343,059.923 865,121.476 


JF Pacific Balanced D (acc) - USD 892,513.389 2,462,208.405 1,331,346.797 2,023,374.997 

JPMorgan Funds - JF Pacific Technology Fund (9) 

JF Pacific Technology A(acc) - USD 29,563.363 889,590.542 305,471.143 613,682.762 


JF Pacific Technology A(dist) - GBP 10,507.212 7,902.819 11,250.880 7,159.151 

JF Pacific Technology B (acc) - USD - 129,291.470 - 129,291.470 


JPMorgan Funds - JF Singapore Fund (10) 

JF Singapore A(acc) - USD 10,132.687 1,894,547.388 909,082.716 995,597.359 


JF Singapore B (acc) - USD - 84,934.887 64,675.698 20,259.189 

JF Singapore C (acc) - USD 24,603.414 1,150,808.473 176,601.771 998,810.116 

JF Singapore D (acc) - USD 359,138.031 1,879,369.965 1,027,552.958 1,210,955.038 

JF Singapore X (acc) - USD - 10,000.000 - 10,000.000 

(2) Name changed from China Fund on 13 September 2005. 

(3) Name changed from Greater China Fund on 13 September 2005. 

(4) Name changed from Hong Kong Fund on 13 September 2005. 

(5) Name changed from India Fund on 13 September 2005. 

(6) Name changed from Japan Equity Fund on 13 September 2005. 

(7) Name changed from Japan Small Cap Fund on 13 September 2005. 

(8) Name changed from Pacific Balanced Fund on 13 September 2005. 

(9) Name changed from Pacific Technology Fund on 13 September 2005. 

(10) Name changed from Singapore Fund on 13 September 2005. 

151





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at the End 

of the Year 


JPMorgan Funds - JF Taiwan Fund (11) 

JF Taiwan A(acc) - USD 66,980.748 13,483,520.712 7,333,083.878 6,217,417.582 


JF Taiwan B (acc) - USD - 144,587.850 - 144,587.850 


JF Taiwan D (acc) - USD 121,449.959 4,858,464.801 2,262,373.321 2,717,541.439 

JF Taiwan X (acc) - USD - 160,061.802 - 160,061.802 


JPM Latin America Equity A (acc) - USD 227,505.630 6,812,211.753 5,121,603.021 1,918,114.362 


JF Latin America Equity A (dist) - USD 338,543.952 8,010,459.154 5,943,522.295 2,405,480.811 

JPM Latin America Equity B (acc) - USD - 3,468,142.098 10,413.899 3,457,728.199 


JPM Latin America Equity D (acc) - USD 832,489.976 5,416,287.683 2,513,294.506 3,735,483.153 

JPM Latin America Equity I (acc) - USD - 5,515,171.024 - 5,515,171.024 

JPM Latin America Equity X (acc) - USD 3,800,000.000 972,223.124 1,755,967.892 3,016,255.232 

JPMorgan Funds - Middle East Equity Fund (12) 





JPMorgan Funds - Russia Fund (14) 

JPM Russia A(acc) - USD - 4,519,268.292 1,493,101.820 3,026,166.472 

JPM Russia A(dist) - USD - 11,792,213.242 6,265,463.996 5,526,749.246 

JPM Russia B (acc) - USD - 427,830.018 - 427,830.018 

JPM Russia D (acc) - USD - 388,964.537 62,303.796 326,660.741 


JPM US Aggregate Bond A (acc) - USD 29,528.513 957,869.448 809,014.274 178,383.687 


JPM US Aggregate Bond B (acc) - USD - 797,858.610 - 797,858.600 

JPM US Aggregate Bond C (acc) - USD - 2,347,283.183 106,573.430 2,240,709.753 

JPM US Aggregate Bond D (acc) - USD 215,720.387 716,640.327 329,426.069 602,934.645 

JPM US Aggregate Bond X (acc) - USD 14,774,634.252 5,651,342.562 2,810,357.201 17,615,619.613 



JPM US Dynamic A(acc) - EUR - 1,933,416.595 100,430.597 1,832,985.998 




JPM US Dynamic D (acc) - USD 937,090.503 9,059,578.506 1,755,447.731 8,241,221.278 

JPM US Dynamic D (acc) - EUR - 501.365 - 501.365 

JPM US Dynamic I (acc) - USD - 2,500,000.000 - 2,500,000.000 

JPM US Dynamic X (acc) - USD 13,039,404.597 25,594,201.386 16,294,061.013 22,339,544.970 


JPM US Small Cap Growth A(acc) - USD 251,313.150 497,929.523 412,009.135 337,233.538 


JPM US Small Cap Growth A(dist) - GBP 5,655.612 64.598 5,504.696 215.514 

JPM US Small Cap Growth D (acc) - USD 180,557.341 451,609.104 247,993.944 384,172.501 


JPM US Strategic Growth A(acc) - USD 1,000.000 8,098,050.264 2,544,381.087 5,554,669.177 


JPM US Strategic Growth A(dist) - GBP 4,118.814 24,714.967 439.946 28,393.835 

JPM US Strategic Growth B (acc) - USD - 1,272,771.456 129,219.659 1,143,551.797 

JPM US Strategic Growth C (acc) - USD - 641,058.058 - 641,058.058 


JPM US Strategic Growth X (acc) - USD - 4,516,098.582 805,085.135 3,711,013.447 


JPM US Technology A(acc) - USD 146,620.958 273,580.858 241,781.871 178,419.945 

JPM US Technology A(dist) - GBP 40,939.962 2,913.377 3,690.306 40,163.033 




JPMorgan Funds - US Value Fund (13) 









(11) Name changed from Taiwan Fund on 13 September 2005. 

(12) This Sub-Fund’s year end is 29 June 2006. 

(13) Name changed from US Strategic Value Fund on 1 June 2006. 

152





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at the End 

of the Year 


JPMorgan Fleming Funds - America Equity Fund 

JPMF America Equity A (acc) - USD - 5,182,263.846 841,281.484 4,340,982.362 

JPMF America Equity A (dist) - USD 23,526,449.710 8,746,135.613 16,756,178.646 15,516,407.677 


JPMF America Equity B (acc) - USD - 2,422,206.009 881,923.592 1,540,282.417 

JPMF America Equity C (acc) - USD - 5,963,937.493 1,974,387.260 3,989,550.233 

JPMF America Equity D (acc) - USD 2,611,664.602 9,207,655.323 2,079,852.451 9,739,467.474 

JPMF America Equity X (acc) - USD - 9,273,650.699 2,595,625.372 6,678,025.327 

JPMorgan Fleming Funds - China Fund 

JF China A(acc) - USD - 1,385,713.208 81,601.348 1,304,111.860 


JF China C (acc) - USD - 52,183.526 0.058 52,183.468 


JPMorgan Fleming Funds - Eastern Europe Equity Fund 

JPMF Eastern Europe Equity A(acc) - EUR - 1,021,163.239 332,143.542 689,019.697 

JPMF Eastern Europe Equity A(dist) - EUR 27,299,669.119 23,001,588.989 20,818,423.867 29,482,834.241 


JPMF Eastern Europe Equity C (acc) - EUR - 10,598,114.772 - 10,598,114.772 

JPMF Eastern Europe Equity D (acc) - EUR 590,684.749 1,360,303.633 494,735.206 1,456,253.176 

JPMF Eastern Europe Equity X (acc) - EUR 7,182,802.036 2,882,802.036 4,300,000.000 

JPMorgan Fleming Funds - Emerging Europe Equity Fund 

JPMF Emerging Europe Equity A(acc) - USD 916,103.291 21,555.113 894,548.178 

JPMF Emerging Europe Equity A(dist) - USD 10,398,841.365 6,812,049.239 9,947,977.297 7,262,913.307 

JPMF Emerging Europe Equity B (acc) - USD - 103,079.328 - 103,079.328 

JPMF Emerging Europe Equity C (acc) - USD - 5,478,532.023 - 5,478,532.023 

JPMF Emerging Europe Equity D (acc) - USD 404,590.865 909,938.635 285,643.423 1,028,886.077 

JPMF Emerging Europe Equity X (acc) - USD - 46,999.632 16,932.700 30,066.932 

JPMorgan Fleming Funds - Emerging Markets Equity Fund 

JPMF Emerging Markets Equity A(acc) - USD - 2,210,996.969 254,349.805 1,956,647.164 

JPMF Emerging Markets Equity A(dist) - USD 42,484,423.172 85,190,265.543 39,415,542.542 88,259,146.173 

JPMF Emerging Markets Equity A(dist) - GBP 41,036.888 38,204.637 55,771.138 23,470.387 

JPMF Emerging Markets Equity B (acc) - USD - 581,604.318 160,149.432 421,454.886 

JPMF Emerging Markets Equity C (acc) - USD - 5,137,715.967 - 5,137,715.967 

JPMF Emerging Markets Equity D (acc) - USD 348,170.103 1,119,301.087 223,934.585 1,243,536.605 

JPMF Emerging Markets Equity X (acc) - USD - 3,665,989.822 17,664.784 3,648,325.038 

JPMorgan Fleming Funds - Euroland Equity Fund 

JPMF Euroland Equity A(acc) - EUR - 7,277,020.503 454,973.909 6,822,046.594 

JPMF Euroland Equity A(dist) - EUR 13,406,997.846 37,233,113.750 13,940,174.638 36,699,936.958 


JPMF Euroland Equity C (acc) - EUR - 8,270,591.362 492,810.026 7,777,781.336 

JPMF Euroland Equity D (acc) - EUR 998,643.589 1,575,828.951 472,342.148 2,102,130.392 

JPMorgan Fleming Funds - Europe Dynamic Fund 

JPMF Europe Dynamic A(acc) - EUR - 3,937,133.875 54,249.197 3,882,884.678 

JPMF Europe Dynamic A(dist) - EUR 80,545,705.170 50,266,433.848 66,188,289.665 64,623,849.353 

JPMF Europe Dynamic A(dist) - GBP 110,911.010 30,519.407 36,810.499 104,619.918 

JF Europe Dynamic A(dist) - EUR 1,000.000 1,604,627.585 220,677.524 1,384,950.061 

JPMF Europe Dynamic B (acc) - EUR - 1,331,760.606 651,068.757 680,691.849 

JPMF Europe Dynamic C (acc) - EUR - 6,824,076.941 2,801,491.676 4,022,585.265 

JPMF Europe Dynamic D (acc) - EUR 3,587,545.978 3,880,203.839 2,673,475.788 4,794,274.029 

JPMF Europe Dynamic D (acc) - USD - 80.580 - 80.580 

JPMF Europe Dynamic X (acc) - EUR - 5,483,305.666 386,061.319 5,097,244.347 

JPMorgan Fleming Funds - Europe Equity Fund 

JPMF Europe Equity A(acc) - EUR - 10,982,568.295 958,708.792 10,023,859.503 

JPMF Europe Equity A(dist) - EUR 53,453,144.834 66,395,548.403 41,089,663.328 78,759,029.909 

JPMF Europe Equity A(dist) - USD 6,969,566.391 1,741,238.165 2,375,314.382 6,335,490.174 

JF Europe Equity A(dist) - USD 1,865,401.120 581,000.185 711,949.688 1,734,451.617 

JPMF Europe Equity B (acc) - EUR - 1,735,313.789 932,102.781 803,211.008 

JPMF Europe Equity C (acc) - EUR - 13,705,170.749 3,585,829.000 10,119,341.749 

JPMF Europe Equity D (acc) - EUR 6,074,378.742 18,749,633.160 6,295,593.292 18,528,418.610 

JPMF Europe Equity X (acc) - EUR - 14,018,689.011 1,110,762.043 12,907,926.968 

JPMorgan Fleming Funds - Europe Small Cap Fund 

JPMF Europe Small Cap A(dist) - EUR 31,263,231.938 11,760,713.350 23,710,784.513 19,313,160.775 

JPMF Europe Small Cap A(acc) - EUR - 449,060.218 8,681.543 440,378.675 

JPMF Europe Small Cap A(dist) - GBP 9,804.901 27,412.536 7,411.564 29,805.873 

JF Europe Small Cap A(dist) - EUR 283,213.761 3,002,130.351 2,366,211.422 919,132.690 

JPMF Europe Small Cap B (acc) - EUR - 84,138.445 12,564.334 71,574.111 

JPMF Europe Small Cap C (acc) - EUR - 10,585,000.099 1,934,882.247 8,650,117.852 

JPMF Europe Small Cap D (acc) - EUR 722,859.386 2,789,992.239 841,427.816 2,671,423.809 

JPMF Europe Small Cap X (acc) - EUR - 535,228.761 169,860.089 365,368.672 

JPMorgan Fleming Funds - Europe Technology Fund 

JPMF Europe Technology A(acc) - EUR - 389,300.997 5,522.106 383,778.891 

JPMF Europe Technology A(dist) - EUR 32,508,541.604 8,733,034.768 17,527,994.545 23,713,581.827 

JPMF Europe Technology A(dist) - GBP 37,069.351 1,077.935 12,994.624 25,152.662 


JPMF Europe Technology D (acc) - EUR 1,553,683.430 1,143,921.917 1,180,454.124 1,517,151.223 

153





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of the Year 


JPMorgan Fleming Funds - FF Emerging Markets Debt Fund 

JPMF FF Emerging Markets Debt A(acc) - USD - 293,876.057 33,482.231 260,393.826 

JPMF FF Emerging Markets Debt A(dist) - USD 3,355,486.212 10,104,102.649 4,391,552.606 9,068,036.255 

JPMF FF Emerging Markets Debt D (acc) - USD 301,891.135 932,250.768 193,442.440 1,040,699.463 

JPMorgan Fleming Funds - Germany Equity Fund 

JPMF Germany Equity A(acc) - EUR - 822,138.965 37,527.506 784,611.459 

JPMF Germany Equity A(dist) - EUR 3,134,860.957 4,263,418.098 4,703,026.058 2,695,252.997 


JPMF Germany Equity D (acc) - EUR 481,865.598 549,154.748 335,014.126 696,006.220 

JPMorgan Fleming Funds - Global Convertible Bond Fund (EUR) (1) 

JPMF Global Convertible Bond (EUR) A(acc) - EUR - 3,836,170.888 263,814.380 3,572,356.508 

JPMF Global Convertible Bond (EUR) A(dist) - EUR 32,906,541.421 35,481,882.204 27,931,902.246 40,456,521.379 

JF Global Convertible Bond (EUR) A(dist) - USD 394,677.554 502,341.953 220,779.238 676,240.269 

JPMF Global Convertible Bond (EUR) B (acc) - EUR - 110,729.896 44,302.986 66,426.910 

JPMF Global Convertible Bond (EUR) C (acc) - EUR - 4,055,823.677 1,051,797.851 3,004,025.826 

JPMF Global Convertible Bond (EUR) D (acc) - EUR 1,131,176.735 5,364,173.194 4,444,371.730 2,050,978.199 

JPMF Global Convertible Bond (EUR) X (acc) - EUR - 1,435,033.295 68,209.726 1,366,823.569 

JPMorgan Fleming Funds - Global Dynamic Fund 

JPMF Global Dynamic A(acc) - USD - 2,787,470.957 244,628.999 2,542,841.958 

JPMF Global Dynamic A(dist) - USD 72,660,909.595 28,563,239.358 49,771,860.008 51,452,288.945 


JPMF Global Dynamic A(dist) - GBP 166,499.470 367,279.716 35,586.162 498,193.024 

JPMF Global Dynamic B (acc) - USD - 1,355,019.611 730,622.115 624,397.496 

JPMF Global Dynamic C (acc) - USD - 2,322,758.913 228,067.281 2,094,691.632 

JPMF Global Dynamic D (acc) - USD 1,200,080.183 2,630,981.198 369,585.852 3,461,475.529 

JPMF Global Dynamic X (acc) - USD 29,693,143.090 4,524,739.077 25,168,404.013 

JPMorgan Fleming Funds - Global Equity Fund 

JPMF Global Equity A(acc) - USD - 829,070.792 122,802.323 706,268.469 

JPMF Global Equity A(dist) - USD 2,548,500.737 6,087,758.852 7,341,427.761 1,294,831.828 

JF Global Equity A(dist) - USD 1,680,417.749 166,153.430 442,612.077 1,403,959.102 

JPMF Global Equity C (acc) - USD - 10,287,077.703 - 10,287,077.703 

JPMF Global Equity D (acc) - USD 22,643.391 40,440.370 20,878.981 42,204.780 

JPMorgan Fleming Funds - Global Life Sciences Fund 

JPMF Global Life Sciences A(acc) - USD - 9,249.726 0.265 9,249.461 

JPMF Global Life Sciences A(dist) - USD 8,679,080.370 2,025,882.135 3,562,066.652 7,142,895.853 

JF Global Life Sciences A(dist) - USD 732,153.151 4,273,737.751 4,143,373.216 862,517.686 

JPMF Global Life Sciences A(dist) - GBP 20,775.034 551.268 2,215.445 19,110.857 

JPMF Global Life Sciences B (acc) - USD - 15,840.000 15,840.000 - 

JPMF Global Life Sciences D (acc) - USD 298,915.921 492,850.822 310,075.019 481,691.724 

JPMorgan Fleming Funds - Global Natural Resources Fund (2) 

JPMF Global Natural Resources A(acc) - EUR - 8,336,956.094 2,159,871.937 6,177,084.157 

JPMF Global Natural Resources A(dist) - EUR - 178,931.337 1,511.681 177,419.656 

JPMF Global Natural Resources B (acc) - EUR - 50,000.001 50,000.001 - 

JPMF Global Natural Resources C (acc) - EUR - 3,994,441.680 616,592.570 3,377,849.110 

JPMF Global Natural Resources X (acc) - EUR - 180,191.280 - 180,191.280 

JPMorgan Fleming Funds - Global Recovery Fund 

JPMF Global Recovery A(acc) - EUR - 171,958.268 - 171,958.268 

JPMF Global Recovery A(dist) - EUR 2,760,231.286 1,347,243.711 3,038,789.986 1,068,685.011 

JPMF Global Recovery B (acc) - EUR - 72,986.401 72,986.401 - 

JPMF Global Recovery D (acc) - EUR 80,104.632 206,727.133 80,446.854 206,384.911 

JPMF Global Recovery X (acc) - EUR - 208,892.413 18,582.251 190,310.162 

JPMorgan Fleming Funds - Greater China Fund 

JF Greater China A(acc) - USD - 385,545.179 25,281.739 360,263.440 


JF Greater China C (acc) - USD - 2,183,164.265 - 2,183,164.265 


JF Greater China X (acc) - USD - 54,174.898 8,351.671 45,823.227 

JPMorgan Fleming Funds - Hong Kong Fund 

JF Hong Kong A(acc) - USD - 160,314.098 3,105.397 157,208.701 


JF Hong Kong C (acc) - USD - 6,882.503 - 6,882.503 


JPMorgan Fleming Funds - India Fund 

JF India A(acc) - USD - 6,612,772.182 1,032,898.789 5,579,873.393 


JF India B (acc) - USD - 138,346.120 6,424.793 131,921.327 

JF India C (acc) - USD - 860,858.620 87,650.001 773,208.619 


JF India X (acc) - USD - 228,729.283 22,527.110 206,202.173 

(1) Name changed from Global Convertible Bond Fund on 1 December 2004. 

(2) This Sub-Fund was launched on 21 December 2004. 

154





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of the Year 


JPMorgan Fleming Funds - Japan Equity Fund 

JF Japan Equity A(acc) - USD - 7,181,692.811 538,202.038 6,643,490.773 



JF Japan Equity B (acc) - USD - 1,320,556.647 564,328.793 756,227.854 

JF Japan Equity C (acc) - USD - 15,296,580.508 2,667,344.109 12,629,236.399 



JF Japan Equity X (acc) - USD - 4,401,362.664 1,925,264.517 2,476,098.147 

JPMorgan Fleming Funds - Japan Small Cap Fund 

JF Japan Small Cap A(acc) - USD - 122,931.568 4,712.642 118,218.926 


JF Japan Small Cap C (acc) - USD - 228,846.154 228,846.154 - 

JF Japan Small Cap D (acc) - USD 544,894.584 1,226,410.430 790,540.307 980,764.707 

JF Japan Small Cap X (acc) - USD - 371,898.696 113,933.624 257,965.072 

JPMorgan Fleming Funds - Latin America Equity Fund 

JPMF Latin America Equity A (acc) - USD - 239,116.706 11,611.076 227,505.630 

JPMF Latin America Equity A (dist) - USD 11,259,865.968 7,859,710.838 10,140,573.468 8,979,003.338 

JF Latin America Equity A (dist) - USD 4,275.364 726,312.403 392,043.815 338,543.952 

JPMF Latin America Equity C (acc) - USD - 3,150,385.720 93,478.053 3,056,907.667 

JPMF Latin America Equity D (acc) - USD 150,426.073 890,206.561 208,142.658 832,489.976 

JPMF Latin America Equity X (acc) - USD - 6,822,252.156 3,022,252.156 3,800,000.000 

JPMorgan Fleming Funds - Middle East Equity Fund 

JPMF Middle East Equity A(acc) - USD - 1,691,450.456 604,436.234 1,087,014.222 

JPMF Middle East Equity A(dist) - USD 971,862.068 11,591,546.395 5,102,944.612 7,460,463.851 

JPMF Middle East Equity B (acc) - USD - 552,847.784 - 552,847.784 

JPMF Middle East Equity D (acc) - USD 28,908.156 2,593,301.732 358,468.981 2,263,740.907 

JPMorgan Fleming Funds - Pacific Balanced Fund 

JF Pacific Balanced A(acc) - USD - 99,818.355 33,993.285 65,825.070 


JF Pacific Balanced D (acc) - USD 97,842.465 855,774.088 61,103.164 892,513.389 

JPMorgan Fleming Funds - Pacific Technology Fund 

JF Pacific Technology A(acc) - USD - 30,428.160 864.797 29,563.363 

JF Pacific Technology A(dist) - GBP 8,590.725 4,281.808 2,365.321 10,507.212 



JPMorgan Fleming Funds - Singapore Fund 

JF Singapore A(acc) - USD - 10,132.687 - 10,132.687 

JF Singapore A(dist) - USD 892,622.077 1,775,660.392 1,259,994.869 1,408,287.600 

JF Singapore C (acc) - USD - 24,603.414 - 24,603.414 

JF Singapore D (acc) - USD 46,412.629 397,431.167 84,705.765 359,138.031 

JPMorgan Fleming Funds - Taiwan Fund 

JF Taiwan A(acc) - USD - 66,980.748 - 66,980.748 


JF Taiwan B (acc) - USD - 42,573.382 42,573.382 - 

JF Taiwan C (acc) - USD - 86,010.797 73,846.504 12,164.293 

JF Taiwan D (acc) - USD 41,244.714 139,341.180 59,135.935 121,449.959 

JPMorgan Fleming Funds - US Aggregate Bond Fund (3) 

JPMF US Aggregate Bond A (acc) - USD - 30,519.219 990.706 29,528.513 

JPMF US Aggregate Bond A (dist) - USD 2,009,555.935 2,484,562.316 708,854.831 3,785,263.420 

JPMF US Aggregate Bond D (acc) - USD 57,528.184 787,034.376 628,842.173 215,720.387 

JPMF US Aggregate Bond X (acc) - USD - 15,075,100.768 300,466.516 14,774,634.252 

JPMorgan Fleming Funds - US Dynamic Fund 

JPMF US Dynamic A(acc) - USD - 5,372,028.799 160,239.858 5,211,788.941 

JPMF US Dynamic A(dist) - USD 34,870,201.886 54,701,810.653 29,219,922.692 60,352,089.847 

JPMF US Dynamic B (acc) - USD - 1,898,957.909 215,553.398 1,683,404.511 

JPMF US Dynamic C (acc) - USD - 8,055,223.066 976,986.233 7,078,236.833 

JPMF US Dynamic D (acc) - USD 430,722.733 1,117,935.782 611,568.012 937,090.503 

JPMF US Dynamic X (acc) - USD - 14,344,991.200 1,305,586.603 13,039,404.597 

JPMorgan Fleming Funds - US Small Cap Growth Fund (4) 

JPMF US Small Cap Growth A(acc) - USD - 471,414.119 220,100.969 251,313.150 

JPMF US Small Cap Growth A(dist) - USD 1,069,243.855 543,250.899 799,412.286 813,082.468 

JPMF US Small Cap Growth A(dist) - GBP 7,834.151 942.652 3,121.191 5,655.612 

JPMF US Small Cap Growth B (acc) - USD - 1,274,431.701 1,274,431.701 - 

JPMF US Small Cap Growth D (acc) - USD 160,536.886 116,908.397 96,887.942 180,557.341 

JPMorgan Fleming Funds - US Strategic Growth Fund 

JPMF US Strategic Growth A(acc) - USD - 1,000.000 - 1,000.000 

JPMF US Strategic Growth A(dist) - USD 816,119.545 2,758,121.357 690,427.081 2,883,813.821 

JPMF US Strategic Growth A(dist) - GBP 7,453.603 1,029.032 4,363.821 4,118.814 

JPMF US Strategic Growth D (acc) - USD 36,331.576 142,474.762 13,114.479 165,691.859 

(3) Name changed from FF USD Bond Fund on 2 May 2005. 

(4) Name changed from America Small Cap Fund on 1 December 2004. 

155





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of the Year 


JPMorgan Fleming Funds - US Technology Fund 

JPMF US Technology A(acc) - USD - 262,788.025 116,167.067 146,620.958 

JPMF US Technology A(dist) - GBP 46,709.857 3,365.501 9,135.396 40,939.962 

JPMF US Technology A(dist) - USD 21,786,408.921 15,295,984.342 19,142,773.757 17,939,619.505 


JPMF US Technology D (acc) - USD 732,136.987 2,492,196.555 1,658,454.634 1,565,878.908 

156





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of the Year 



JPM America Equity A - USD 22,774,945.341 20,927,675.484 20,176,171.115 23,526,449.710 

JF America Equity A - USD 1,320,200.157 1,444,879.919 1,879,928.336 885,151.740 

JPM America Equity D - USD 6,036,639.233 2,024,702.876 5,449,677.507 2,611,664.602 

JPMorgan Funds - China Fund 

JF China A- USD 22,369,834.807 39,469,026.871 26,605,301.763 35,233,559.915 

JF China D - USD 877,533.307 1,733,031.622 1,346,723.296 1,263,841.633 


JPM Eastern Europe Equity A- EUR 28,182,671.263 19,362,867.250 20,245,869.394 27,299,669.119 

JF Eastern Europe Equity A- EUR 1,088,837.385 3,083,018.022 2,386,837.933 1,785,017.474 

JPM Eastern Europe Equity D-EUR 90,496.796 719,575.853 219,387.900 590,684.749 


JPM Emerging Europe Equity A- USD 9,105,216.664 12,226,561.928 10,932,937.227 10,398,841.365 

JPM Emerging Europe Equity D-USD 788,108.685 528,617.998 912,135.818 404,590.865 


JPM Emerging Markets Equity A- USD 39,565,436.288 34,058,606.036 31,139,619.152 42,484,423.172 

JPM Emerging Markets Equity A- GBP 5,624.073 41,503.287 6,090.472 41,036.888 

JPM Emerging Markets Equity D - USD 33,694.195 481,797.004 167,321.096 348,170.103 


JPM Euroland Equity A- EUR 12,636,853.401 8,535,223.973 7,765,079.528 13,406,997.846 

JF Euroland Equity A- USD 12,223,070.229 2,130,283.838 4,510,900.162 9,842,453.905 

JPM Euroland Equity D - EUR 4,409,553.136 1,076,237.028 4,487,146.575 998,643.589 


JPM Europe Dynamic A- EUR 42,375,115.202 85,094,834.073 46,924,244.105 80,545,705.170 

JPM Europe Dynamic A- GBP 51,681.163 140,527.511 81,297.664 110,911.010 

JF Europe Dynamic A- EUR - 11,000.000 10,000.000 1,000.000 

JPM Europe Dynamic D - EUR 2,144,776.195 3,930,045.104 2,487,275.321 3,587,545.978 


JPM Europe Equity A- EUR 31,380,449.352 46,254,160.375 24,181,464.893 53,453,144.834 

JPM Europe Equity A- USD 8,894,399.254 2,239,604.893 4,164,437.756 6,969,566.391 

JF Europe Equity A- USD 2,205,433.324 329,412.409 669,444.613 1,865,401.120 

JPM Europe Equity D - EUR 2,325,029.103 5,559,455.625 1,810,105.986 6,074,378.742 


JPM Europe Small Cap A- EUR 27,956,984.806 16,210,799.960 12,904,552.828 31,263,231.938 

JPM Europe Small Cap A- GBP 9,171.844 717.057 84.000 9,804.901 

JF Europe Small Cap A- EUR 10,562.197 447,278.970 174,627.406 283,213.761 

JPM Europe Small Cap D - EUR 88,742.893 914,859.331 280,742.838 722,859.386 


JPM Europe Technology A- EUR 40,300,972.331 29,002,299.572 36,794,730.299 32,508,541.604 

JPM Europe Technology A- GBP 35,358.235 5,115.006 3,403.890 37,069.351 

JF Europe Technology A- EUR 3,402,421.121 6,954,174.951 5,649,705.997 4,706,890.075 

JPM Europe Technology D-EUR 86,561.196 2,504,834.614 1,037,712.380 1,553,683.430 


JPM FF Emerging Markets Debt A- USD 3,767,106.461 5,530,467.470 5,942,087.719 3,355,486.212 

JPM FF Emerging Markets Debt D - USD 162,292.763 259,366.637 119,768.265 301,891.135 

JPMorgan Funds - FF USD Bond Fund 

JPM FF USD Bond A- USD 2,246,441.289 904,512.029 1,141,397.383 2,009,555.935 

JPM FF USD Bond D - USD 3,045.096 150,780.907 96,297.819 57,528.184 


JPM Germany Equity A- EUR 1,814,310.223 9,419,648.443 8,099,097.709 3,134,860.957 

JF Germany Equity A- EUR 2,779,372.117 232,393.226 749,928.633 2,261,836.710 

JPM Germany Equity D - EUR 275,790.681 1,064,913.657 858,838.740 481,865.598 

JPMorgan Funds - Global Convertible Bond Fund 

JPM Global Convertible Bond A- EUR 15,586,511.929 34,560,229.200 17,240,199.708 32,906,541.421 

JPM Global Convertible Bond D - EUR 284,195.847 1,205,114.090 358,133.202 1,131,176.735 

JF Global Convertible Bond A- USD 859.110 410,716.930 16,898.483 394,677.557 


JPM Global Dynamic A- USD 40,733,345.576 67,913,022.193 35,985,458.174 72,660,909.595 

JPM Global Dynamic A- GBP 41,419.481 148,443.995 23,364.006 166,499.470 

JF Global Dynamic A- USD - 11,000.001 10,000.001 1,000.000 

JPM Global Dynamic D - USD 289,067.467 1,120,426.959 209,414.243 1,200,080.183 


JPM Global Equity A- USD 2,238,199.900 1,601,945.791 1,291,644.954 2,548,500.737 

JF Global Equity A- USD 1,857,767.484 284,861.402 462,211.137 1,680,417.749 

JPM Global Equity D - USD 10,082.737 12,972.058 411.404 22,643.391 

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JPM Global Life Sciences A- USD 11,233,310.113 10,579,527.366 13,133,757.109 8,679,080.370 

JPM Global Life Sciences A- GBP 21,937.354 2,637.401 3,799.721 20,775.034 

JF Global Life Sciences A- USD 684,873.911 640,503.387 593,224.147 732,153.151 

JPM Global Life Sciences D - USD 185,039.411 338,375.009 224,498.498 298,915.921 


JPM Global Recovery A- EUR 505,712.340 3,528,829.541 1,274,310.590 2,760,231.286 

JPM Global Recovery D - EUR 1,000.000 90,117.684 11,013.052 80,104.632 

JPMorgan Funds - Greater China Fund 

JF Greater China A- USD 8,415,080.907 35,462,365.053 17,437,959.580 26,439,486.380 

JF Greater China D - USD 156,752.340 1,954,927.577 884,043.352 1,227,636.565 

JPMorgan Funds - Hong Kong Fund 

JF Hong Kong A- USD 1,535,951.055 2,992,632.907 2,167,950.816 2,360,633.146 

JF Hong Kong D-USD 42,260.798 108,258.668 24,931.653 125,587.813 

JPMorgan Funds - India Fund 

JF India A- USD 6,851,582.000 28,081,602.249 14,937,827.602 19,995,356.655 

JF India D - USD 2,000.000 2,365,957.937 474,071.347 1,893,886.590 

JPMorgan Funds - Japan Equity Fund 

JF Japan Equity A- USD 43,040,618.761 99,015,151.118 47,566,281.410 94,489,488.474 

JF Japan Equity A- GBP 15,439.301 160,165.392 11,675.893 163,928.800 

JF Japan Equity D - USD 617,421.165 8,668,292.521 2,775,142.122 6,510,571.564 

JF Japan Equity J-USD 707,289.345 7,354,960.754 3,016,632.178 5,045,617.921 

JPMorgan Funds - Japan Small Cap Fund 

JF Japan Small Cap A- USD 11,163,726.009 33,555,054.930 25,122,671.521 19,596,109.418 

JF Japan Small Cap D - USD 41,393.515 702,037.050 198,535.981 544,894.584 


JPM Latin America Equity A - USD 6,942,674.279 12,259,776.381 7,942,584.692 11,259,865.968 

JF Latin America Equity A - USD 3,182.764 848,756.072 847,663.472 4,275.364 

JPM Latin America Equity D - USD 5,505.772 159,353.213 14,432.912 150,426.073 


JPM Middle East Equity A- USD 922,375.503 1,321,159.620 1,271,673.055 971,862.068 

JPM Middle East Equity D-USD 3,052.017 35,264.268 9,408.129 28,908.156 

JPMorgan Funds - Pacific Balanced Fund 

JF Pacific Balanced A- USD 2,612,329.987 6,297,537.673 3,118,787.472 5,791,080.188 

JF Pacific Balanced D - USD 1,742.405 97,635.597 1,535.537 97,842.465 

JPMorgan Funds - Pacific Technology Fund 

JF Pacific Technology A- USD 3,587,238.241 5,973,653.453 5,496,065.288 4,064,826.406 

JF Pacific Technology A- GBP 8,040.992 1,220.634 670.901 8,590.725 

JF Pacific Technology D - USD 35,386.595 186,796.685 20,503.092 201,680.188 

JPMorgan Funds - Singapore Fund 

JF Singapore A- USD 758,880.749 1,340,740.378 1,206,999.050 892,622.077 

JF Singapore D - USD 1,115.285 57,624.832 12,327.488 46,412.629 

JPMorgan Funds - Taiwan Fund 

JF Taiwan A- USD 5,937,346.617 10,255,404.920 9,634,490.985 6,558,260.552 

JF Taiwan D - USD 1,533.861 73,991.750 34,280.897 41,244.714 


JPM US Dynamic A- USD - 44,986,940.651 10,116,738.765 34,870,201.886 

JPM US Dynamic D-USD - 448,890.567 18,167.834 430,722.733 


JPM US Strategic Growth A- USD 4,560,137.459 2,832,644.942 6,576,662.856 816,119.545 

JPM US Strategic Growth A- GBP 7,370.395 2,086.707 2,003.499 7,453.603 

JPM US Strategic Growth D - USD 209,221.098 33,819.589 206,709.111 36,331.576 


JPM US Technology A- USD 29,511,804.905 47,210,879.249 54,936,274.584 21,786,408.921 

JPM US Technology A- GBP 41,706.260 1,979,938.569 1,974,934.983 46,709.857 

JF US Technology A- USD 4,593,729.116 14,725,219.555 11,740,763.103 7,578,185.568 

JPM US Technology D - USD 169,559.032 1,108,965.482 546,387.527 732,136.987 

158

For further information concerning JPMorgan Funds, please contact the Global Distributor: 


Postal Address: L-2888 Luxembourg 

Tel No: (352) 34 101 Fax No: (352) 3410 8000 

E-mail: fundinfo@jpmorgan.com 

Internet: www.jpmorganassetmanagement.com 

GB HK H102 10/08

www.jfam.com 

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.



As at 31 December 2007 

Chairman 

Iain O.S. Saunders 

Banker 

Duine, Ardfern 

Argyll PA31 8QN 


Directors 

André Elvinger 

Partner 





Jean Frijns 

Professor, Finance and Investments 

Antigonelaan 2 

NL-5631 LR Eindhoven 

The Netherlands 

Andrea L. Hazen 



Finsbury Dials 




Registered Office 





1 

Pierre Jaans 

Economist 

3, rue de Kahler 

L-8356 Garnich 


Berndt May 

Vice President 


Austrian Branch 

Führichgasse 8 

A-1010 Vienna 

Austria 

Robert Van der Meer 

Professor of Finance 

9A Lange Vijverberg 

NL-2513 AC The Hague 

The Netherlands


Management and Administration 


Management Company, Registrar, Transfer Agent, 

Global Distributor and Domiciliary Agent 






Advisory Company 

JPMorgan Asset Management Advisory Company S.à r.l. 







Finsbury Dials 




JF Asset Management Limited 

21st Floor, Chater House 

8 Connaught Road 

Central, Hong Kong 

JF Asset Management (Singapore) Limited 

168 Robinson Road 

17th Floor, Capital Tower 

Singapore 068912 

JPMorgan Asset Management (Japan) Limited 

Tokyo Building 

7 - 3, Marunouchi 2 - Chome Chiyoda-ku 

Tokyo 100 - 6432 

Japan 

J.P. Morgan Investment Management Inc. 

245 Park Avenue 



Custodian, Corporate, Administrative Agent & Paying Agent 

J.P. Morgan Bank Luxembourg S.A. 





Independent Auditor 

PricewaterhouseCoopers S.à r.l. 



B.P. 1443 



Principal Legal Adviser 





2

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This page has been left blank intentionally


Combined Statement of Net Assets 


JPMorgan 

Funds 

Combined 

USD 

America 

Equity 

Fund 

USD 

America 

Large 

Cap Fund 

USD 

America 

Micro 

Cap Fund 

USD 

Assets 

Investments in Securities at Market Value 

Acquisition Cost: 

Investment in TBAs at Market Value (1) 

Cash at Bank 

Time Deposits 

Amounts Receivable on Sale of Investments 

Amounts Receivable on Sale of TBAs (1) 

Amounts Receivable on Subscriptions 

Interest and Dividends Receivable, Net 

Tax Reclaims Receivable 

Fee Waiver 

Other Receivables 

Unrealised Net Gain on Forward Foreign Exchange Contracts 

Unrealised Net Gain on Financial Futures Contracts 

Credit Default Swaps at Market Value 

Forward Rate Agreement Swaps at Market Value 

Interest Rate Swaps at Market Value 

Option Contracts at Market Value 

Total Return Swaps at Market Value 

Price Lock Swaps at Market Value 

81,608,094,550 

67,835,342,707 

217,744,244 

967,986,177 

203,463,426 

123,960,456 

30,122,115 

317,171,654 

108,378,977 

4,039,523 

607,653 

819,621 

15,194,705 

2,341,628 

49,047 

15,876 

202,781 

3,492,455 

739,399 

37,813 

1,028,289,415 

977,406,198 

- 

27,148,571 

- 

74,036 

- 

305,167 

1,003,479 

- 

147 

- 

- 

- 

- 

- 

- 

- 

- 

- 

50,241,052 

44,089,520 

- 

2,322,857 

- 

- 

- 

2,709 

47,564 

- 

2,067 

- 

- 

- 

- 

- 

- 

- 

- 

- 

114,093,939 

116,160,814 

- 

9,652,874 

- 

1,328,542 

- 

42,612 

18,417 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

Total Assets 

83,604,462,100 1,056,820,815 52,616,249 125,136,384 

Liabilities 

Bank Overdraft 

Open Short Positions on TBAs (1) 

Amounts Payable on Purchase of Investments 

Amounts Payable on Purchase of TBAs (1) 

Amounts Payable on Redemptions 

Interest and Dividends Payable, Net 

Management and Advisory Fees Payable 

Performance Fees 

Other Payables 

Unrealised Net Loss on Forward Foreign Exchange Contracts 

Unrealised Net Loss on Financial Futures Contracts 

Total Return Swaps at Market Value 

49,511,049 

20,451,240 

175,586,163 

132,599,367 

501,289,968 

32,374 

101,895,921 

957,369 

16,483,539 

7,632,396 

1,477,293 

2,564,658 

91 

- 

- 

- 

1,345,090 

- 

1,418,046 

- 

22,676 

31,498 

- 

- 

- 

- 

- 

- 

20,021 

- 

66,357 

- 

10,896 

- 

- 

- 

- 

- 

335,403 

- 

6,475,295 

- 

176,850 

457 

13,101 

- 

- 

- 

Total Liabilities 

1,010,481,337 2,817,401 97,274 7,001,106 

Total Net Assets 82,593,980,763 1,054,003,414 52,518,975 118,135,278 

Historical Total Net Assets 

30 June 2007 

30 June 2006 

30 June 2005 

30 June 2004 

30 June 2003 

89,568,991,703 

63,483,121,497 

34,719,610,938 

23,129,291,606 

12,863,760,470 

753,695,199 

827,863,368 

1,503,287,228 

1,745,071,816 

1,526,388,408 

43,630,540 

41,129,009 

58,998,921 

152,412,467 

316,042,423 

211,101,103 

408,669,979 

342,001,754 

435,358,090 

209,899,786 

(1) Please refer to note 2k). 

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




Brazil 

Alpha Plus 

Fund (2) 

USD 

Eastern 

Europe 

Equity Fund 

EUR 

Emerging 

Europe, Middle 

East and Africa 

Equity Fund 

USD 

Emerging 

Markets Alpha 

Plus Fund 

USD 

Emerging 

Markets 

Debt Fund 

EUR 

Emerging 

Markets 

Equity Fund 

USD 

Emerging 

Markets Small 

Cap Fund (3) 

USD 

Euro Liquid 

Reserve 

Fund 

EUR 

Euroland 

Equity 

Fund 

EUR 

10,176,255 1,709,046,072 937,553,307 504,983,083 195,341,350 8,714,781,900 4,817,215 160,988,747 3,638,235,342 

10,087,810 1,208,192,209 719,066,230 450,374,960 209,543,293 5,218,359,944 4,787,673 161,080,083 3,363,796,279 

- - - - - - - - - 

1,897,456 42,494,411 3,044,346 19,883,755 6,917,669 - 238,832 150,142 27,929,501 

- - - - - - - 135,300,000 - 

- - - 106,628 - 16,388,265 - - 494,575 

- - - - - - - - - 

- 21,367,830 7,402,867 1,255,544 740,119 24,509,796 - 6,053,490 10,681,784 

17,724 6,760,621 1,730,017 133,094 3,517,539 16,908,010 4,910 317,271 228,879 

- 1,809 5 - - 244,955 - - 210,672 

8,320 - 2,574 - - - 12,946 20,067 - 

- - - - - - - - - 

- - - - 2,705,768 - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - 1,000 - - - - - 

- - - - - - - - - 

- - - - - - - - - 

12,099,755 1,779,670,743 949,733,116 526,363,104 209,222,445 8,772,832,926 5,073,903 302,829,717 3,677,780,753 

- 

- 

- 

- 

- 

- 

15,862 

- 

10,173 

- 

- 

36,317 

- 

- 

- 

- 

4,512,831 

- 

2,003,336 

- 

456,007 

- 

- 

- 

- 

- 

- 

- 

2,872,808 

- 

1,089,030 

- 

263,803 

- 

- 

- 

- 

- 

6,971,119 

- 

927,344 

- 

704,733 

- 

53,057 

- 

27,134 

2,059,768 

- 

- 

- 

- 

475,950 

- 

246,132 

- 

16,629 

- 

84,430 

- 

9,030,625 

- 

460,076 

- 

37,393,386 

- 

9,523,038 

- 

4,356,686 

- 

- 

- 

- 

- 

- 

- 

- 

- 

5,916 

15,223 

15,030 

- 

- 

- 

- 

- 

- 

- 

5,609,729 

- 

110,950 

- 

82,676 

- 

- 

- 

- 

- 

25,102 

- 

25,303,564 

- 

4,841,785 

- 

99,199 

- 

- 

- 

62,352 6,972,174 4,225,641 10,743,155 823,141 60,763,811 36,169 5,803,355 30,269,650 

12,037,403 1,772,698,569 945,507,475 515,619,949 208,399,304 8,712,069,115 5,037,734 297,026,362 3,647,511,103 

- 1,411,797,493 599,428,235 375,656,648 251,870,653 6,821,647,444 - 99,718,976 4,685,250,845 

- 1,303,458,118 589,240,340 - 186,643,180 3,782,245,657 - 10,021,587 3,202,176,183 

- 1,057,799,924 320,585,885 - 137,498,590 1,571,057,734 - - 1,690,787,425 

- 622,853,935 260,841,160 - 41,666,376 501,166,320 - - 503,754,815 

- 480,024,118 165,704,152 - 55,395,625 339,672,520 - - 429,177,914 

(2) This Sub-Fund was launched on 18 October 2007. 

(3) This Sub-Fund was launched on 15 November 2007. 

4




Euroland 

Select Equity 

Fund (4) 

EUR 

Europe Europe 

130/30 Aggregate Plus 

Fund Bond Fund 

EUR EUR 

Europe 

Balanced 

Fund (EUR) 

EUR 

Europe 

Convergence 

Equity Fund 

EUR 

Europe Europe Europe 

Dynamic Dynamic Mega Dynamic Small Europe Equity 

Fund Cap Fund Cap Fund Fund 

EUR EUR EUR EUR 

Europe Focus 

Fund 

EUR 

7,435,063 9,568,684 120,601,268 165,643,246 406,488,315 1,174,251,708 1,035,134,803 121,952,589 3,533,191,254 52,384,526 

7,416,592 10,259,963 128,845,747 169,465,696 337,221,529 1,103,731,337 985,764,918 120,621,343 3,376,302,152 55,832,736 

- - 54,135,425 - - - - - - - 

9,387 546,334 7,740,190 5,131,562 7,136,357 - 2,943,273 662,403 - 168,367 

- - - - - - - - - - 

- - 45,945 - - 1,087,473 5,564,294 1,711,951 899,893 - 

- - - - - - - - - - 

- 242 6,359,500 164,528 1,078,978 9,518 3,236,307 173,602 4,917,038 20,324 

- 4,924 1,970,355 1,966,471 1,157,130 800,107 1,297,871 29,187 3,398,737 16,275 

226 59 - 6,910 56,472 220,306 137,013 14,316 123,595 32,250 

6,626 2,144 19,694 - - - - 3,598 - 11,672 

- - - - - - - - - 283 

- - 303,758 1,279,204 - - - - - - 

- 10,465 - - - - - - - 20,745 

- - 3,350 - - - - - - - 

- - 7,855 - - - - - - - 

- - 67,072 - - - - - - - 

- - 1,062,793 - - - - - - - 

- 370,017 - - - - - - - - 

- - - - - - - - - - 

7,451,302 10,502,869 192,317,205 174,191,921 415,917,252 1,176,369,112 1,048,313,561 124,547,646 3,542,530,517 52,654,442 

- 

- 

- 

- 

- 

109 

7,450 

- 

7,649 

- 

- 

- 

- 

- 

- 

- 

3,719 

- 

14,989 

2,951 

3,679 

- 

- 

- 

- 

- 

2,087,035 

54,314,931 

1,121,217 

- 

112,569 

- 

33,233 

- 

664,351 

- 

- 

- 

- 

- 

2,124,067 

- 

272,768 

- 

6,787 

- 

58,388 

- 

- 

- 

- 

- 

888,985 

- 

693,569 

- 

43,424 

- 

- 

- 

14,564,865 

- 

4,965,211 

- 

3,738,347 

- 

1,392,106 

- 

71,910 

- 

- 

- 

- 

- 

977,827 

- 

7,177,389 

- 

1,414,755 

- 

35,451 

- 

- 

- 

- 

- 

1,310,224 

- 

245,370 

- 

114,004 

43,320 

24,669 

- 

- 

- 

543,332 

- 

51,333 

- 

18,127,683 

- 

4,614,247 

- 

35,806 

- 

- 

- 

- 

- 

- 

- 

193,148 

- 

40,491 

32,398 

18,945 

- 

- 

- 

15,208 25,338 58,333,336 2,462,010 1,625,978 24,732,439 9,605,422 1,737,587 23,372,401 284,982 

7,436,094 10,477,531 133,983,869 171,729,911 414,291,274 1,151,636,673 1,038,708,139 122,810,059 3,519,158,116 52,369,460 

- 7,504,635 174,653,253 157,292,381 504,849,268 1,465,060,727 1,202,156,717 181,667,931 6,724,760,335 120,306,237 

- - 173,312,859 77,878,440 368,646,238 1,376,855,052 249,542,128 210,032,447 6,201,107,870 11,481,518 

- - 224,227,903 38,879,800 334,606,089 946,700,625 - 9,839,516 3,650,505,220 - 

- - 170,847,940 29,781,967 110,261,661 763,499,657 - - 1,887,740,281 - 

- - 212,266,390 18,544,033 61,727,888 334,801,204 - - 969,337,272 - 


5




Europe High 

Yield Bond 

Fund 

EUR 

Europe 

Micro Cap 

Fund 

EUR 

Europe 

Select 130/30 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Strategic 

Growth Fund 

EUR 

Europe 

Strategic 

Value Fund 

EUR 

Europe 

Technology 

Fund 

EUR 

Germany 

Equity 

Fund 

EUR 

Global 

Aggregate 

Bond Fund 

USD 

Global 

Convertibles 

Fund (EUR) 

EUR 

56,591,074 111,051,511 10,820,964 839,016,743 2,541,761,147 4,816,149,053 187,745,009 781,870,616 55,365,790 2,096,585,715 

64,425,878 119,606,820 11,587,999 824,333,534 2,344,806,396 4,721,815,502 178,106,204 686,616,429 55,021,024 2,156,359,416 

- - - - - - - - 43,077,855 - 

65,168 4,147,893 368,868 - - - 430,671 - 7,309,746 117,010,166 

3,200,000 - - - - - - - - - 

- 501,847 - 561,598 5,876,655 - 112,448 679,994 1,941,660 12,371,728 

- - - - - - - - 30,122,115 - 

2,968,081 1,868 945 770,391 4,894,123 4,039,101 4,059,097 2,406,799 229,710 9,158,983 

1,360,711 53,262 7,623 472,040 800,822 4,687,923 54,480 - 599,068 5,641,380 

- 52,574 - 139,390 173,392 990,441 8,283 119,110 - - 

1,388 1,198 7,094 - - - - - 30,864 - 

- - - - - 75,690 - 10,491 230 287 

2,858 - - - - - - - - 5,367,155 

- - 7,202 - - - - - - 1,104,427 

- - - - - - - - 44,126 - 

- - - - - - - - 4,337 - 

- - - - - - - - 104,249 - 

- - - - - - - - 550,158 939,383 

- - 55,665 - - - - - - - 

- - - - - - - - 37,813 - 

64,189,280 115,810,153 11,268,361 840,960,162 2,553,506,139 4,825,942,208 192,409,988 785,087,010 139,417,721 2,248,179,224 

- 

- 

- 

- 

458,172 

- 

55,595 

- 

12,536 

- 

- 

- 

- 

- 

- 

- 

985,870 

- 

170,277 

- 

21,719 

- 

- 

- 

- 

- 

- 

- 

- 

- 

16,693 

53 

8,749 

- 

- 

- 

915,471 

- 

1,452,391 

- 

4,557,932 

- 

1,169,122 

- 

53,327 

- 

- 

- 

721,103 

- 

- 

- 

15,577,469 

- 

3,449,346 

- 

24,533 

- 

- 

- 

7,651,795 

- 

- 

- 

27,773,502 

- 

7,288,208 

- 

- 

- 

62,261 

- 

- 

- 

- 

- 

626,444 

- 

274,519 

- 

20,079 

- 

- 

- 

1,942,792 

- 

- 

- 

7,560,941 

- 

1,410,485 

- 

- 

- 

- 

- 

- 

20,451,240 

1,175,759 

52,808,017 

10,700,352 

- 

54,489 

- 

38,602 

133,345 

172,923 

- 

- 

- 

11,085,473 

- 

38,287,583 

- 

2,636,863 

- 

39,431 

- 

- 

- 

526,303 1,177,866 25,495 8,148,243 19,772,451 42,775,766 921,042 10,914,218 85,534,727 52,049,350 

63,662,977 114,632,287 11,242,866 832,811,919 2,533,733,688 4,783,166,442 191,488,946 774,172,792 53,882,994 2,196,129,874 

120,462,285 350,264,462 7,487,132 1,383,590,469 2,862,619,054 9,169,138,960 203,196,335 754,261,152 50,010,254 1,697,301,712 

56,405,091 177,092,335 - 1,315,922,955 2,173,253,875 6,726,029,589 192,588,759 181,827,675 94,432,324 1,149,704,455 

43,927,007 - - 760,956,406 830,688,334 4,238,897,967 190,544,916 52,725,188 407,603,770 475,650,333 

51,115,790 - - 767,269,367 283,980,514 2,144,975,187 259,246,982 48,746,975 424,187,944 328,088,146 

92,294,101 - - 512,607,656 169,710,289 657,221,039 198,977,946 39,039,889 259,263,203 140,022,787 

6




Global 

Dynamic 

Fund 

USD 

Global 

Equity 

Fund (EUR) 

EUR 

Global 

Equity 

Fund (USD) 

USD 

Global 

Focus 

Fund 

EUR 

Global Life 

Sciences 

Fund 

USD 

Global Natural Global Real Global Real 

Resources Estate Securities Estate Securities 

Fund Fund (EUR) Fund (USD) 

EUR 

EUR 

USD 

Global Socially 

Responsible 

Fund 

USD 

2,665,273,389 72,364,272 237,186,555 695,495,240 36,626,082 2,134,925,281 9,151,930 14,026,337 53,242,681 

2,213,206,844 72,331,598 197,825,413 710,511,415 35,717,092 1,763,064,003 10,189,624 15,039,685 48,816,837 

- - - - - - - - - 

10,176,296 935,017 1,078,334 109,244 1,285,653 - 562,769 626,688 2,407,987 

- - - - - - - - - 

- 69,521 263,180 - 53,534 309,547 214,354 323,827 636,073 

- - - - - - - - - 

3,992,328 41,036 54,791 1,876,625 113,673 10,938,888 5,934 1,265 602 

2,377,975 92,930 273,686 1,229,317 12,849 749,051 40,148 62,912 40,954 

156,033 62 234 25,892 655 - 566 584 7,614 

2,323 906 14,318 1,308 9,871 - 11,720 15,809 - 

- 193 - 124 - 174,062 66,540 71,441 93,586 

4,303 280,072 - - - - 32,846 24,533 - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

2,681,982,647 73,784,009 238,871,098 698,737,750 38,102,317 2,147,096,829 10,086,807 15,153,396 56,429,497 

- 

- 

601,750 

- 

31,354,796 

- 

3,087,084 

- 

49,707 

- 

- 

- 

- 

- 

- 

- 

159,842 

- 

75,040 

- 

12,435 

- 

- 

- 

- 

- 

- 

- 

111,938 

- 

189,111 

- 

47,034 

- 

- 

- 

- 

- 

179,662 

- 

3,141,943 

- 

910,038 

- 

28,593 

2,249,571 

- 

- 

- 

- 

- 

- 

222,065 

- 

51,832 

- 

16,700 

- 

- 

- 

1,216,091 

- 

36,690 

- 

13,074,645 

- 

2,706,490 

- 

368,257 

- 

- 

- 

- 

- 

650,704 

- 

48,212 

- 

11,852 

- 

80,395 

- 

- 

- 

- 

- 

807,599 

- 

- 

- 

4,017 

- 

88,595 

- 

- 

- 

- 

- 

271,664 

- 

1,421,762 

- 

72,845 

- 

99,428 

- 

- 

- 

35,093,337 247,317 348,083 6,509,807 290,597 17,402,173 791,163 900,211 1,865,699 

2,646,889,310 73,536,692 238,523,015 692,227,943 37,811,720 2,129,694,656 9,295,644 14,253,185 54,563,798 

3,346,335,559 149,208,707 270,564,769 551,822,932 47,918,265 1,778,456,610 22,851,772 21,580,292 54,795,054 

2,325,259,734 130,915,285 251,794,930 107,907,690 60,967,159 943,442,736 - - 35,025,585 

1,025,643,976 77,217,407 199,539,466 23,601,757 56,495,048 106,717,900 - - 31,173,533 

811,491,469 226,562,884 101,899,099 37,914,516 70,563,912 - - - 15,725,649 

367,228,443 237,317,958 84,992,251 5,575,012 73,242,989 - - - 5,843,769 

7




JF Asia 

Alpha Plus 

Fund 

USD 

JF Asia 

Equity 

Fund 

USD 

JF China 

Fund 

USD 

JF Greater 

China Fund 

USD 

JF Hong 

Kong Fund 

USD 

JF India 

Fund 

USD 

JF Japan 

Alpha Plus 

Fund 

USD 

JF Japan 

Equity Fund 

USD 

JF Japan 

Small Cap 

Fund 

USD 

JF Korea 

Equity 

Fund (5) 

USD 

172,817,638 765,201,575 4,692,934,254 827,919,054 418,246,810 5,312,993,867 27,809,317 1,224,481,400 173,494,120 9,047,764 

160,566,774 653,388,996 3,104,580,649 605,661,885 372,507,460 2,434,775,662 27,509,780 1,232,252,162 170,546,239 9,210,844 

- - - - - - - - - - 

10,602,748 22,871,889 33,860,653 13,510,777 19,809,384 38,890,730 3,312,460 31,183,092 12,086,041 2,113,643 

- - - - - - - - - - 

5,099,484 1,309,953 - - 1,630,798 12,613,001 1,550,982 343,564 1,003,833 277,108 

- - - - - - - - - - 

40,431 2,473,175 24,203,056 3,268,216 6,770,502 28,462,914 - 6,543,198 2,652,858 4,945 

295,173 1,910,147 - 78 28,372 356,332 12,052 431,718 229,733 105,899 

- - - - - - - - - - 

- - - - 95,359 - 3,417 - - 13,290 

- - 1,013 - 42 - - - - - 

- - - - - - - - - - 

113,860 - - - - - - - - 40,012 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

188,969,334 793,766,739 4,750,998,976 844,698,125 446,581,267 5,393,316,844 32,688,228 1,262,982,972 189,466,585 11,602,661 

- 

- 

1,526,572 

- 

202,973 

- 

254,367 

815,084 

14,347 

- 

- 

- 

- 

- 

- 

- 

978,459 

- 

902,025 

- 

171,345 

- 

- 

- 

- 

- 

- 

- 

22,697,289 

32,214 

5,529,166 

- 

1,903,046 

- 

- 

- 

- 

- 

767,292 

- 

1,945,817 

- 

793,329 

- 

537,536 

- 

- 

- 

- 

- 

9,782,173 

- 

1,089,311 

- 

463,845 

- 

276,415 

- 

- 

- 

- 

- 

- 

- 

16,377,948 

- 

5,697,173 

- 

3,343,959 

- 

- 

- 

- 

- 

1,908,574 

- 

77,875 

- 

39,188 

- 

9,440 

- 

- 

- 

- 

- 

1,737,316 

- 

4,670,352 

- 

1,636,776 

- 

220,824 

- 

- 

- 

- 

- 

3,682,627 

- 

2,835,469 

- 

178,743 

- 

48,090 

- 

- 

- 

- 

- 

175,153 

- 

- 

- 

13,094 

- 

17,292 

- 

- 

- 

2,813,343 2,051,829 30,161,715 4,043,974 11,611,744 25,419,080 2,035,077 8,265,268 6,744,929 205,539 

186,155,991 791,714,910 4,720,837,261 840,654,151 434,969,523 5,367,897,764 30,653,151 1,254,717,704 182,721,656 11,397,122 

112,533,474 864,817,828 3,221,787,004 684,910,511 108,208,759 4,123,155,354 51,558,445 1,948,180,766 241,926,110 - 

46,475,242 738,412,667 1,156,132,290 476,255,116 69,447,599 2,682,021,036 185,379,443 3,851,032,031 254,241,348 - 

- 753,441,240 600,358,547 416,352,335 59,200,392 1,090,513,091 240,091,957 1,974,843,081 149,225,151 - 

- 832,076,718 602,532,383 365,924,945 57,440,697 476,864,953 - 2,425,759,755 213,410,325 - 

- 739,813,947 272,959,693 84,918,883 27,186,721 93,990,615 - 743,522,294 64,244,303 - 


8




JF Pacific 

Balanced 

Fund 

USD 

JF Pacific 

Equity 

Fund 

USD 

JF Pacific 

Technology 

Fund 

USD 

JF Singapore 

Fund 

USD 

JF Taiwan 

Fund 

USD 

JF Tokyo 

Alpha Plus 

Fund 

JPY 

Latin America 

Equity 

Fund 

USD 

Middle East 

Equity 

Fund 

USD 

Russia 

Fund 

USD 

Sterling Bond 

Fund 

GBP 

192,969,970 1,134,012,004 60,010,644 776,023,430 772,586,607 1,229,748,700 2,240,626,270 642,920,205 795,099,271 140,207,567 

188,274,206 961,361,372 59,948,259 644,800,709 832,675,143 1,259,892,826 1,536,764,563 506,532,266 684,306,027 153,833,984 

- - - - - - - - - 47,762,810 

4,152,804 25,496,334 1,003,552 34,171,048 18,135,818 38,082,119 17,757,391 23,907,990 28,037,131 1,410,978 

- - - - - - - - - - 

409,324 - 1,209,846 - 1,640,466 - - - - - 

- - - - - - - - - - 

284,011 1,020,018 415,194 3,801,249 11,111,637 2,944,409 18,476,184 - 13,751,938 61,669 

1,217,517 1,635,837 110,051 428,607 89 - 6,326,138 - 1,962,679 3,622,726 

- - - - - - - 226,664 4,370 - 

24,927 - 8,478 - - 654,905 - 77,320 106,685 - 

171,945 - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - 223,966 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

- - - - - - - - - - 

199,230,498 1,162,164,193 62,757,765 814,424,334 803,474,617 1,271,430,133 2,283,185,983 667,132,179 838,962,074 193,289,716 

- 

- 

- 

- 

245,512 

- 

248,465 

- 

374,322 

744,319 

- 

- 

- 

- 

- 

- 

2,643,536 

- 

1,541,172 

- 

164,352 

3,279,062 

- 

- 

- 

- 

1,129,370 

- 

280,232 

- 

71,371 

- 

30,989 

- 

- 

- 

- 

- 

- 

- 

4,710,799 

- 

734,597 

- 

420,188 

- 

- 

- 

- 

- 

12,274,693 

- 

1,861,658 

- 

484,911 

- 

535,507 

- 

- 

- 

- 

- 

- 

- 

15,924 

- 

2,120,802 

- 

960,483 

- 

- 

- 

- 

- 

- 

- 

4,527,984 

- 

2,645,692 

- 

299,580 

- 

- 

- 

- 

- 

- 

- 

- 

- 

881,193 

- 

174,317 

- 

- 

- 

- 

- 

- 

- 

2,897,233 

- 

1,016,980 

- 

227,091 

- 

- 

- 

- 

- 

47,911,486 

- 

84,076 

- 

118,191 

- 

13,021 

43,721 

- 

- 

1,612,618 7,628,122 1,511,962 5,865,584 15,156,769 3,097,209 7,473,256 1,055,510 4,141,304 48,170,495 

197,617,880 1,154,536,071 61,245,803 808,558,750 788,317,848 1,268,332,924 2,275,712,727 666,076,669 834,820,770 145,119,221 

182,226,858 1,210,682,811 39,446,674 789,840,297 748,278,900 7,182,106,766 1,748,314,623 341,530,509 299,387,847 173,300,783 

207,569,440 1,562,304,523 51,718,815 163,904,802 434,243,842 27,194,449,831 767,332,573 265,944,060 117,766,371 252,728,711 

145,855,596 1,309,121,778 26,382,261 29,867,310 125,282,379 - 306,829,959 179,320,165 - 177,965,752 

110,741,277 1,344,425,582 29,459,730 10,847,678 75,218,570 - 158,274,848 11,261,116 - 83,875,835 

41,386,815 868,370,069 20,111,780 6,191,757 61,259,091 - 72,944,228 7,590,093 - 86,386,622 

9




UK Equity 

Fund 

GBP 

US 130/30 

Fund (6) 

USD 

US Aggregate 

Bond Fund 

USD 

US Dynamic 

Fund 

USD 

US Select 

130/30 Fund (7) 

USD 

US Small Cap 

Growth Fund 

USD 

US Strategic 

Growth Fund 

USD 

US Technology 

Fund 

USD 

US Value 

Fund 

USD 

223,988,371 13,480,282 379,662,141 4,082,865,216 505,943,683 56,066,080 679,939,621 208,110,867 1,080,051,126 

206,459,024 12,942,417 373,799,775 3,567,392,997 505,691,913 51,654,679 609,211,215 193,984,269 918,218,660 

- - - - - - - - - 

70,903 752,221 18,035,965 149,691,291 14,175,431 1,294,950 8,836,900 2,576,511 10,146,896 

- - - - - - - - - 

201,951 21,520 301,721 - 5,151,542 - 174,387 - 24,896,212 

- - - - - - - - - 

480,297 48,998 3,327,653 2,386,175 2,416,808 775,080 3,307,058 373,714 1,262,461 

475,202 13,538 1,978,124 3,996,321 462,561 21,945 342,912 20,379 1,251,346 

- - - - - - - - - 

- 16,196 23,514 - - 5,028 - - - 

- - - - - - - - - 

- 57,327 - - 241,417 - 218,256 - - 

- - - 62,750 - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- - - - - - - - - 

- 114,051 - - - - - - - 

- - - - - - - - - 

225,216,724 14,504,133 403,329,118 4,239,001,753 528,391,442 58,163,083 692,819,134 211,081,471 1,117,608,041 

- 

- 

- 

- 

354,212 

- 

306,166 

- 

2,987 

- 

- 

- 

- 

- 

- 

- 

103,568 

- 

19,679 

10,958 

18,189 

- 

- 

- 

- 

- 

- 

- 

1,386,235 

- 

187,333 

- 

56,616 

- 

- 

- 

- 

- 

- 

- 

38,417,522 

- 

5,388,117 

- 

29,871 

- 

- 

- 

- 

- 

1,658,976 

- 

858,918 

- 

354,453 

- 

53,455 

- 

- 

468,573 

- 

- 

- 

- 

837,103 

- 

79,238 

- 

14,758 

- 

- 

- 

- 

- 

1,359,009 

- 

1,182,126 

- 

752,205 

- 

24,756 

- 

- 

- 

- 

- 

- 

- 

225,335 

- 

242,671 

- 

22,599 

- 

- 

- 

- 

- 

- 

- 

29,482,780 

- 

1,452,267 

- 

9,335 

52,352 

- 

- 

663,365 152,394 1,630,184 43,835,510 3,394,375 931,099 3,318,096 490,605 30,996,734 

224,553,359 14,351,739 401,698,934 4,195,166,243 524,997,067 57,231,984 689,501,038 210,590,866 1,086,611,307 

428,716,683 - 254,010,752 7,549,424,048 - 67,473,188 584,352,217 65,053,721 1,776,712,510 

432,500,309 - 252,454,960 4,920,977,009 - 65,415,360 183,686,288 89,973,113 1,193,279,302 

279,431,568 - 200,223,292 1,205,344,952 - 62,087,458 17,074,486 104,719,465 61,421,956,477 

282,985,851 - 23,575,790 432,814,499 - 72,047,337 4,792,921 128,857,861 483,688,707 

214,508,615 - 26,755,479 - - 78,979,188 24,387,929 125,619,165 394,662,597 

(6) This Sub-Fund was launched on 2 August 2007. 

(7) This Sub-Fund was launched on 5 July 2007.


Combined Statement of Operations and Changes in Net Assets 

For the Period from 1 July 2007 to 31 December 2007 

JPMorgan 

Funds 

Combined 

USD 

America 

Equity 

Fund 

USD 

America 

Large 

Cap Fund 

USD 

America 

Micro 

Cap Fund 

USD 

Net Assets at the Beginning of the Period * 

93,813,715,248 753,695,199 43,630,540 211,101,103 

Income 

Dividend Income, Net 

Interest Income, Net 

Securities Lending Income 

Bank Interest 

Interest on Swap Transactions 

657,247,721 

75,877,577 

35,742,337 

17,498,457 

297,314 

5,524,782 

- 

415,809 

881,277 

- 

309,973 

- 

15,408 

27,283 

- 

129,499 

- 

30,892 

70,511 

- 

Total Income 

786,663,406 6,821,868 352,664 230,902 

Expenses 

Management and Advisory Fees 

Custodian, Corporate, Administration and Domiciliary Agency Fees 

Registrar and Transfer Agency Fees 

Taxe d’abonnement 

Overdraft Interest 

Interest on Swap Transactions 

Sundry Fees** 

687,200,545 

25,134,087 

32,985,495 

20,062,935 

149,268 

115,233 

22,919,092 

7,742,851 

43,240 

375,774 

269,317 

- 

- 

289,981 

328,702 

5,456 

47,678 

11,775 

- 

- 

35,627 

1,386,795 

18,586 

106,804 

35,215 

- 

- 

70,880 

788,566,655 8,721,163 429,238 1,618,280 

Less: Fee Waiver 2,666,282 12,786 16,335 3,245 

Total Expenses before Performance Fees 

785,900,373 8,708,377 412,903 1,615,035 

Performance Fees 907,457 - - 457 

Total Expenses 786,807,830 8,708,377 412,903 1,615,492 

Net Investment Income/(Loss) (144,424) (1,886,509) (60,239) (1,384,590) 

Net Realised Gain/(Loss) on Sale of Investments 

Net Realised Gain/(Loss) on Forward Foreign Exchange Contracts 

Net Realised Gain/(Loss) on Financial Futures Contracts 

Net Realised Gain/(Loss) on Foreign Exchange 

Net Realised Gain/(Loss) on Option Contracts 

Net Realised Gain/(Loss) on TBAs 

Net Realised Gain/(Loss) on Swaps 

4,839,444,167 

160,024,873 

(41,583,999) 

2,611,274 

6,459,844 

(3,771,400) 

(20,130,124) 

43,339,250 

601,629 

- 

(61,358) 

- 

- 

- 

1,355,237 

- 

- 

- 

- 

- 

- 

18,550,018 

- 

- 

- 

- 

- 

- 

Net Realised Gain/(Loss) for the Period 4,943,054,635 43,879,521 1,355,237 18,550,018 

Net Change in Unrealised Gain/(Loss) on Investments 

Net Change in Unrealised Gain/(Loss) on Forward Foreign Exchange Contracts 

Net Change in Unrealised Gain/(Loss) on Financial Futures Contracts 

Net Change in Unrealised Gain/(Loss) on Foreign Exchange 

Net Change in Unrealised Gain/(Loss) on Option Contracts 

Net Change in Unrealised Gain/(Loss) on TBAs 

Net Change in Unrealised Gain/(Loss) on Swaps 

(4,459,257,056) 

(7,209,661) 

(198,603) 

(4,162,236) 

(6,236,862) 

1,338,840 

1,572,996 

(82,262,458) 

(36,607) 

- 

9,833 

- 

- 

- 

(1,155,479) 

- 

- 

- 

- 

- 

- 

(39,746,639) 

- 

- 

- 

- 

- 

- 

Net Change in Unrealised Gain/(Loss) for the Period (4,472,152,582) (82,289,232) (1,155,479) (39,746,639) 

Increase/(Decrease) in Net Assets as a Result of Operations 468,757,629 (40,296,220) 139,519 (22,581,211) 

Movements in Share Capital 

Subscriptions 33,346,792,069 632,806,439 24,072,520 15,734,052 

Redemptions (44,441,854,247) (292,202,004) (15,323,604) (86,118,666) 

Increase/(Decrease) in Net Assets as a Result of Movements in Share Capital (11,095,062,178) 340,604,435 8,748,916 (70,384,614) 

Dividend Distribution (593,429,936) - - - 

Net Assets at the End of the Period 82,593,980,763 1,054,003,414 52,518,975 118,135,278 

* The opening balance was combined using the foreign exchange rates as at 31 December 2007. The same net assets when combined using the foreign exchange rate ruling as at 30 June 2007 reflected a figure 

of USD 89,568,991,703. 

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

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




Brazil 

Alpha Plus 

Fund (1) 

USD 

Eastern 

Europe 

Equity Fund 

EUR 

Emerging 

Europe, Middle 

East and Africa 

Equity Fund 

USD 

Emerging 

Markets Alpha 

Plus Fund 

USD 

Emerging 

Markets 

Debt Fund 

EUR 

Emerging 

Markets 

Equity Fund 

USD 

Emerging 

Markets Small 

Cap Fund (2) 

USD 

Euro Liquid 

Reserve 

Fund 

EUR 

Euroland 

Equity 

Fund 

EUR 

- 1,411,797,493 599,428,235 375,656,648 251,870,653 6,821,647,444 - 99,718,976 4,685,250,845 

22,074 10,805,903 5,244,300 1,762,151 - 106,447,503 4,472 - 20,455,572 

- - - - 9,147,566 - 3,814 3,941,070 110 

- 69,733 14,767 - 57,250 407,189 - 460 5,121,027 

14,777 1,233,867 323,869 298,146 44,629 1,752,462 2,958 1,394 567,202 

- - - - - - - - - 

36,851 12,109,503 5,582,936 2,060,297 9,249,445 108,607,154 11,244 3,942,924 26,143,911 

30,420 

8,073 

10,934 

1,351 

- 

- 

16,468 

11,477,742 

1,039,443 

627,936 

359,983 

100 

- 

538,279 

5,383,441 

554,666 

386,558 

175,876 

- 

- 

271,389 

3,714,677 

294,269 

169,575 

125,124 

11,224 

- 

165,388 

1,581,301 

24,856 

148,293 

50,780 

- 

- 

84,058 

51,418,539 

3,716,796 

2,411,511 

1,760,287 

1,120 

- 

1,511,374 

10,209 

313 

5,355 

505 

- 

- 

11,248 

445,717 

25,887 

371,199 

11,712 

- 

- 

66,165 

33,097,685 

892,209 

1,223,062 

938,386 

37 

- 

960,618 

67,246 14,043,483 6,771,930 4,480,257 1,889,288 60,819,627 27,630 920,680 37,111,997 

29,349 69,485 41,685 4,365 921 36,479 15,428 247,356 198 

37,897 13,973,998 6,730,245 4,475,892 1,888,367 60,783,148 12,202 673,324 37,111,799 

- - - - - - 15,223 - - 

37,897 13,973,998 6,730,245 4,475,892 1,888,367 60,783,148 27,425 673,324 37,111,799 

(1,046) (1,864,495) (1,147,309) (2,415,595) 7,361,078 47,824,006 (16,181) 3,269,600 (10,967,888) 

1,258 

- 

- 

(20,127) 

6,715 

- 

79,801 

157,466,017 

(399,316) 

- 

219,682 

- 

- 

- 

44,218,287 

(4,088) 

- 

285,043 

- 

- 

- 

52,684,260 

82,783 

(4,250,916) 

(1,713,904) 

7,789,825 

- 

(24,908,247) 

(9,070,783) 

9,712,187 

882,214 

(1,213,436) 

- 

- 

- 

469,241,100 

648,279 

- 

(3,688,780) 

- 

- 

- 

(13,090) 

- 

- 

35,994 

- 

- 

- 

44 

- 

- 

- 

- 

- 

- 

29,202,070 

173,011 

(7,268,085) 

2,411 

- 

- 

- 

67,647 157,286,383 44,499,242 29,683,801 310,182 466,200,599 22,904 44 22,109,407 

88,444 

- 

- 

693 

- 

- 

(36,317) 

48,574,576 

- 

- 

(258,965) 

- 

- 

- 

65,757,333 

- 

- 

13,100 

- 

- 

- 

27,618,086 

- 

(27,134) 

(49,824) 

(564,586) 

- 

900,423 

(12,935,626) 

1,907,718 

22,165 

(83,651) 

- 

- 

- 

810,062,691 

- 

- 

25,659 

- 

- 

- 

29,542 

- 

- 

(5) 

- 

- 

- 

(88,467) 

- 

- 

- 

- 

- 

- 

(402,011,758) 

- 

(1,817,070) 

(7,020) 

- 

- 

- 

52,820 48,315,611 65,770,433 27,876,965 (11,089,394) 810,088,350 29,537 (88,467) (403,835,848) 

119,421 203,737,499 109,122,366 55,145,171 (3,418,134) 1,324,112,955 36,260 3,181,177 (392,694,329) 

12,082,982 738,320,924 393,799,155 223,314,083 114,232,938 2,893,196,624 5,001,474 408,422,547 1,148,411,742 

(165,000) (579,926,760) (156,581,921) (138,404,403) (145,625,160) (2,308,034,687) - (214,296,338) (1,737,500,755) 

11,917,982 158,394,164 237,217,234 84,909,680 (31,392,222) 585,161,937 5,001,474 194,126,209 (589,089,013) 

- (1,230,587) (260,360) (91,550) (8,660,993) (18,853,221) - - (55,956,400) 

12,037,403 1,772,698,569 945,507,475 515,619,949 208,399,304 8,712,069,115 5,037,734 297,026,362 3,647,511,103 



10




Euroland 

Select Equity 

Fund (3) 

EUR 

Europe Europe 

130/30 Aggregate Plus 

Fund Bond Fund 

EUR EUR 

Europe 

Balanced 

Fund (EUR) 

EUR 

Europe 

Convergence 

Equity Fund 

EUR 

Europe Europe Europe 

Dynamic Dynamic Mega Dynamic Small Europe Equity 

Fund Cap Fund Cap Fund Fund 

EUR EUR EUR EUR 

Europe Focus 

Fund 

EUR 

- 7,504,635 174,653,253 157,292,381 504,849,268 1,465,060,727 1,202,156,717 181,667,931 6,724,760,335 120,306,237 

6,538 63,173 122,661 645,819 2,631,170 6,962,360 7,969,567 357,537 37,465,808 656,188 

- - 3,775,745 1,829,226 - - - - - 14,626 

156 - 5,543 48,095 40,032 695,754 498,025 - 3,934,255 - 

2,150 468 42,361 82,739 82,718 11,721 169,558 34,290 165,865 8,029 

- - - - - - - - - - 

8,844 63,641 3,946,310 2,605,879 2,753,920 7,669,835 8,637,150 391,827 41,565,928 678,843 

37,880 

9,245 

13,871 

1,849 

- 

- 

20,045 

89,711 

26,897 

16,097 

3,850 

584 

- 

34,717 

709,416 

29,953 

112,940 

33,765 

3,772 

- 

107,729 

1,557,419 

35,192 

111,598 

45,636 

- 

- 

65,012 

4,255,240 

443,464 

227,591 

111,271 

2,917 

- 

86,156 

9,249,691 

265,551 

325,839 

290,269 

12,420 

- 

317,309 

8,896,935 

182,242 

364,319 

259,191 

206 

- 

313,118 

1,006,269 

74,343 

57,921 

26,615 

- 

- 

56,674 

36,865,770 

802,429 

1,315,225 

966,278 

- 

- 

928,221 

596,573 

36,399 

61,426 

15,318 

- 

- 

46,629 

82,890 171,856 997,575 1,814,857 5,126,639 10,461,079 10,016,011 1,221,822 40,877,923 756,345 

36,395 61,625 142,344 20 2,031 1,424 48 16,477 - 20,778 

46,495 110,231 855,231 1,814,837 5,124,608 10,459,655 10,015,963 1,205,345 40,877,923 735,567 

- 1,427 - - - - - 43,320 - - 

46,495 111,658 855,231 1,814,837 5,124,608 10,459,655 10,015,963 1,248,665 40,877,923 735,567 

(37,651) (48,017) 3,091,079 791,042 (2,370,688) (2,789,820) (1,378,813) (856,838) 688,005 (56,724) 

(236,748) 

- 

(9,243) 

(61) 

- 

- 

- 

(332,975) 

34 

(5,054) 

1,392 

- 

- 

- 

(2,844,941) 

3,590,282 

(3,035,634) 

3,951,693 

91,423 

(2,185,385) 

645,254 

(267,976) 

2,407,243 

(425,976) 

(54,876) 

- 

- 

- 

63,780,606 

(49,113) 

- 

(170,187) 

- 

- 

- 

66,210,729 

(259,925) 

(1,381,443) 

16,919 

- 

- 

- 

(5,040,218) 

(348,775) 

(1,254,322) 

(125,603) 

- 

- 

- 

1,820,765 

(2,909) 

- 

(10,333) 

- 

- 

- 

282,215,110 

214,828 

(1,016,508) 

(1,692,335) 

- 

- 

- 

(5,499,641) 

1,265 

(250,984) 

(57,463) 

- 

- 

- 

(246,052) (336,603) 212,692 1,658,415 63,561,306 64,586,280 (6,768,918) 1,807,523 279,721,095 (5,806,823) 

18,471 

- 

- 

- 

- 

- 

- 

(753,034) 

- 

10,465 

(400) 

- 

- 

362,170 

(4,311,169) 

253,388 

26,459 

(476,329) 

114,419 

(173,936) 

156,091 

(11,400,623) 

1,221,709 

(75,236) 

(17,239) 

- 

- 

- 

(76,311,786) 

- 

- 

(99,821) 

- 

- 

- 

(166,898,723) 

- 

- 

(20,506) 

- 

- 

- 

(65,493,883) 

- 

- 

(24,855) 

- 

- 

- 

(30,233,172) 

- 

- 

(1,223) 

- 

- 

- 

(876,960,831) 

- 

- 

(93,342) 

- 

- 

- 

(7,638,962) 

- 

21,783 

(1,630) 

- 

- 

- 

18,471 (380,799) (4,411,077) (10,271,389) (76,411,607) (166,919,229) (65,518,738) (30,234,395) (877,054,173) (7,618,809) 

(265,232) (765,419) (1,107,306) (7,821,932) (15,220,989) (105,122,769) (73,666,469) (29,283,710) (596,645,073) (13,482,356) 

7,701,326 5,143,802 65,183,622 70,086,623 111,007,465 15,463,580 365,539,665 63,020,581 567,290,748 51,364,581 

- (1,405,487) (102,616,694) (46,875,083) (183,316,197) (214,763,336) (453,651,265) (92,594,743) (3,116,402,549) (105,814,261) 

7,701,326 3,738,315 (37,433,072) 23,211,540 (72,308,732) (199,299,756) (88,111,600) (29,574,162) (2,549,111,801) (54,449,680) 

- - (2,129,006) (952,078) (3,028,273) (9,001,529) (1,670,509) - (59,845,345) (4,741) 

7,436,094 10,477,531 133,983,869 171,729,911 414,291,274 1,151,636,673 1,038,708,139 122,810,059 3,519,158,116 52,369,460 


11




Europe High 

Yield Bond 

Fund 

EUR 

Europe 

Micro Cap 

Fund 

EUR 

Europe 

Select 130/30 

Fund 

EUR 

Europe 

Small Cap 

Fund 

EUR 

Europe 

Strategic 

Growth Fund 

EUR 

Europe 

Strategic 

Value Fund 

EUR 

Europe 

Technology 

Fund 

EUR 

Germany 

Equity 

Fund 

EUR 

Global 

Aggregate 

Bond Fund 

USD 

Global 

Convertibles 

Fund (EUR) 

EUR 

120,462,285 350,264,462 7,487,132 1,383,590,469 2,862,619,054 9,169,138,960 203,196,335 754,261,152 50,010,254 1,697,301,712 

- 457,087 57,646 5,753,206 11,908,999 60,463,287 544,044 433,912 117,083 988,111 

3,451,211 - 258 - - - - - 1,478,640 12,112,860 

30,140 - - 769,559 1,410,236 7,001,743 96,799 201,166 905 - 

272 44,435 6,966 172,488 399,603 446,077 50,510 65,221 13,844 1,883,957 

- - - - - - - - 297,314 - 

3,481,623 501,522 64,870 6,695,253 13,718,838 67,911,107 691,353 700,299 1,907,786 14,984,928 

506,547 

17,842 

84,843 

19,741 

1,926 

- 

48,888 

2,052,100 

123,393 

101,466 

46,088 

- 

- 

68,736 

91,077 

12,815 

16,348 

3,755 

232 

- 

31,964 

9,133,914 

266,263 

436,641 

225,980 

- 

- 

334,193 

21,819,638 

495,385 

873,352 

635,257 

- 

- 

589,980 

57,578,578 

955,446 

2,048,068 

1,400,002 

2,965 

- 

1,198,688 

1,653,219 

44,275 

164,384 

48,140 

123 

- 

83,293 

8,480,152 

99,492 

374,643 

200,219 

- 

- 

215,881 

290,128 

41,800 

79,951 

15,784 

41 

115,233 

118,021 

14,147,036 

160,496 

654,371 

508,808 

- 

- 

462,934 

679,787 2,391,783 156,191 10,396,991 24,413,612 63,183,747 1,993,434 9,370,387 660,958 15,933,645 

10,744 - 45,121 5,277 - - 822 159 190,288 1,573 

669,043 2,391,783 111,070 10,391,714 24,413,612 63,183,747 1,992,612 9,370,228 470,670 15,932,072 

- - - - - - - - - - 

669,043 2,391,783 111,070 10,391,714 24,413,612 63,183,747 1,992,612 9,370,228 470,670 15,932,072 

2,812,580 (1,890,261) (46,200) (3,696,461) (10,694,774) 4,727,360 (1,301,259) (8,669,929) 1,437,116 (947,144) 

(4,863,653) 

863,546 

- 

(75) 

- 

- 

- 

(298,465) 

(397) 

- 

59,278 

- 

- 

- 

(268,518) 

40 

(19,694) 

2,759 

- 

- 

- 

2,812,299 

4,024 

- 

118,445 

- 

- 

- 

(15,006,955) 

56,962 

(7,035,239) 

811,386 

- 

- 

- 

420,503,873 

(121,258) 

(3,190,425) 

(2,455,046) 

- 

- 

- 

24,443,738 

(25) 

(1,024,006) 

(2,264) 

- 

- 

- 

7,895,360 

- 

- 

- 

- 

- 

- 

787,171 

1,064,311 

(353,979) 

63,627 

(37,105) 

233,444 

(83,504) 

38,306,291 

87,086,190 

4,420,470 

1,594,801 

(976,070) 

- 

- 

(4,000,182) (239,584) (285,413) 2,934,768 (21,173,846) 414,737,144 23,417,443 7,895,360 1,673,965 130,431,682 

(4,448,483) 

(55,456) 

- 

(1,621) 

- 

- 

- 

(48,534,451) 

- 

- 

(3,378) 

- 

- 

- 

(826,191) 

- 

7,202 

(993) 

- 

- 

63,013 

(201,549,324) 

- 

- 

(30,271) 

- 

- 

- 

(206,038,101) 

- 

(110,377) 

(26,679) 

- 

- 

- 

(1,402,192,767) 

- 

(62,261) 

(75,484) 

- 

- 

- 

(42,815,933) 

- 

67,563 

(2,643) 

- 

- 

- 

(28,538,129) 

- 

- 

- 

- 

- 

- 

257,463 

(45,112) 

(86,916) 

(52,342) 

68,207 

(194,178) 

209,491 

(101,317,583) 

(2,834,345) 

668,722 

(318,045) 

(4,022,035) 

- 

- 

(4,505,560) (48,537,829) (756,969) (201,579,595) (206,176,199) (1,402,330,512) (42,751,013) (28,538,129) 156,613 (107,823,286) 

(5,693,162) (50,667,674) (1,088,582) (202,341,288) (238,043,777) (982,866,008) (20,634,829) (29,312,698) 3,267,694 21,661,252 

91,634,908 531,995 5,087,448 292,014,874 1,033,560,391 707,319,739 94,663,015 560,653,608 57,136,894 1,103,163,345 

(141,363,832) (185,496,496) (243,132) (640,444,935) (1,117,452,523) (4,024,762,941) (85,735,575) (507,235,971) (54,908,055) (625,880,703) 

(49,728,924) (184,964,501) 4,844,316 (348,430,061) (83,892,132) (3,317,443,202) 8,927,440 53,417,637 2,228,839 477,282,642 

(1,377,222) - - (7,201) (6,949,457) (85,663,308) - (4,193,299) (1,623,793) (115,732) 

63,662,977 114,632,287 11,242,866 832,811,919 2,533,733,688 4,783,166,442 191,488,946 774,172,792 53,882,994 2,196,129,874 

12




Global 

Dynamic 

Fund 

USD 

Global 

Equity 

Fund (EUR) 

EUR 

Global 

Equity 

Fund (USD) 

USD 

Global 

Focus 

Fund 

EUR 

Global Life 

Sciences 

Fund 

USD 

Global Natural Global Real Global Real 

Resources Estate Securities Estate Securities 

Fund Fund (EUR) Fund (USD) 

EUR 

EUR 

USD 

Global Socially 

Responsible 

Fund 

USD 

3,346,335,559 149,208,707 270,564,769 551,822,932 47,918,265 1,778,456,610 22,851,772 21,580,292 54,795,054 

20,718,906 653,425 1,488,552 3,933,055 54,550 6,536,038 209,051 296,498 295,385 

3,883 - - - 20,102 54,126 1,373 1,013 - 

1,477,723 55,810 131,237 179,467 7,931 - 10,378 10,211 - 

274,342 9,161 21,251 73,853 4,818 444,611 7,455 11,305 9,317 

- - - - - - - - - 

22,474,854 718,396 1,641,040 4,186,375 87,401 7,034,775 228,257 319,027 304,702 

21,380,102 

329,403 

846,328 

649,970 

113 

- 

651,759 

555,405 

34,546 

70,066 

27,131 

39 

- 

46,146 

1,382,138 

40,838 

108,902 

60,842 

- 

- 

141,087 

5,373,997 

179,270 

333,383 

161,924 

7,719 

- 

179,828 

329,914 

11,881 

133,809 

10,008 

578 

- 

71,982 

16,146,912 

400,609 

873,017 

501,857 

27,054 

- 

675,203 

115,902 

32,872 

23,031 

2,743 

- 

- 

28,872 

71,189 

37,904 

26,675 

1,955 

733 

- 

32,541 

423,928 

13,209 

43,156 

13,265 

- 

- 

37,513 

23,857,675 733,333 1,733,807 6,236,121 558,172 18,624,652 203,420 170,997 531,071 

7,593 18,046 10,547 14,677 144,666 2,845 58,743 73,059 1,688 

23,850,082 715,287 1,723,260 6,221,444 413,506 18,621,807 144,677 97,938 529,383 

- - - - - - - - - 

23,850,082 715,287 1,723,260 6,221,444 413,506 18,621,807 144,677 97,938 529,383 

(1,375,228) 3,109 (82,220) (2,035,069) (326,105) (11,587,032) 83,580 221,089 (224,681) 

273,049,673 

451,101 

(191,603) 

667,137 

- 

- 

- 

3,242,796 

4,803,033 

11,182 

(17,411) 

- 

- 

- 

12,064,605 

(13,533) 

- 

108,053 

- 

- 

- 

(22,389,073) 

(4,082,049) 

(1,750,151) 

105,036 

- 

- 

- 

1,906,908 

33 

- 

13,344 

- 

- 

- 

100,184,761 

(324,546) 

1 

514,944 

- 

- 

- 

(2,588,349) 

575,028 

- 

7,287 

- 

- 

- 

(2,110,728) 

(151,438) 

- 

29,636 

- 

- 

- 

2,045,850 

9,601 

- 

33,158 

- 

- 

- 

273,976,308 8,039,600 12,159,125 (28,116,237) 1,920,285 100,375,160 (2,006,034) (2,232,530) 2,088,609 

(234,793,619) 

4,303 

- 

73,723 

- 

- 

- 

(10,618,007) 

(253,786) 

- 

(5,491) 

- 

- 

- 

(7,167,352) 

- 

- 

(2,299) 

- 

- 

- 

(45,003,317) 

(2,507,270) 

- 

(11,203) 

- 

- 

- 

(1,913,800) 

- 

- 

(1,715) 

- 

- 

- 

(46,946,679) 

- 

- 

70,596 

- 

- 

- 

(469,261) 

27,390 

- 

(1,055) 

- 

- 

- 

(450,521) 

31,089 

- 

(5,832) 

- 

- 

- 

(2,330,502) 

- 

- 

(4,503) 

- 

- 

- 

(234,715,593) (10,877,284) (7,169,651) (47,521,790) (1,915,515) (46,876,083) (442,926 (425,264) (2,335,005) 

37,885,487 (2,834,575) 4,907,254 (77,673,096) (321,335) 41,912,045 (2,365,380) (2,436,705) (471,077) 

692,829,192 46,399,301 17,951,044 595,418,251 7,187,634 1,450,158,812 2,646,495 7,201,570 15,581,578 

(1,418,687,760) (119,004,042) (54,291,310) (376,252,528) (16,972,844) (1,140,832,811) (13,817,688) (12,091,972) (15,341,757) 

(725,858,568) (72,604,741) (36,340,266) 219,165,723 (9,785,210) 309,326,001 (11,171,193) (4,890,402) 239,821 

(11,473,169) (232,699) (608,742) (1,087,616) - - (19,555) - - 

2,646,889,310 73,536,692 238,523,015 692,227,943 37,811,720 2,129,694,656 9,295,644 14,253,185 54,563,798 

13




JF Asia 

Alpha Plus 

Fund 

USD 

JF Asia 

Equity 

Fund 

USD 

JF China 

Fund 

USD 

JF Greater 

China Fund 

USD 

JF Hong 

Kong Fund 

USD 

JF India 

Fund 

USD 

JF Japan 

Alpha Plus 

Fund 

USD 

JF Japan 

Equity Fund 

USD 

JF Japan 

Small Cap 

Fund 

USD 

JF Korea 

Equity 

Fund (4) 

USD 

112,533,474 864,817,828 3,221,787,004 684,910,511 108,208,759 4,123,155,354 51,558,445 1,948,180,766 241,926,110 - 

2,049,957 17,117,761 26,290,634 17,932,849 1,997,871 14,258,548 194,374 9,282,521 687,626 105,572 

- 22,653 35,618 - - 71,274 - 60,689 - - 

- 30,569 - - - - - 471,186 - - 

63,432 196,385 364,631 39,404 189,807 434,154 788 3,890 29,056 16,151 

- - - - - - - - - - 

2,113,389 17,367,368 26,690,883 17,972,253 2,187,678 14,763,976 195,162 9,818,286 716,682 121,723 

1,188,634 

90,367 

66,930 

42,496 

- 

- 

60,570 

5,999,718 

435,657 

361,642 

174,822 

167 

- 

216,530 

37,600,850 

1,152,754 

1,793,620 

1,188,435 

- 

- 

1,230,221 

6,903,511 

386,176 

382,061 

216,576 

- 

- 

308,744 

2,088,845 

135,534 

183,263 

81,751 

- 

- 

272,210 

43,723,377 

3,874,329 

1,846,992 

1,231,435 

31,063 

- 

991,945 

316,620 

11,118 

32,249 

9,314 

- 

- 

34,441 

13,297,084 

177,419 

659,807 

351,619 

2,446 

- 

415,909 

1,197,264 

44,799 

151,936 

40,685 

11 

- 

80,972 

35,314 

17,978 

10,774 

1,425 

- 

- 

16,021 

1,448,997 7,188,536 42,965,880 8,197,068 2,761,603 51,699,141 403,742 14,904,284 1,515,667 81,512 

- 6,762 1,093 6,214 138,358 - 2,301 69 8,268 36,970 

1,448,997 7,181,774 42,964,787 8,190,854 2,623,245 51,699,141 401,441 14,904,215 1,507,399 44,542 

815,084 - - - - - - - - - 

2,264,081 7,181,774 42,964,787 8,190,854 2,623,245 51,699,141 401,441 14,904,215 1,507,399 44,542 

(150,692) 10,185,594 (16,273,904) 9,781,399 (435,567) (36,935,165) (206,279) (5,085,929) (790,717) 77,181 

23,476,006 

- 

151,340 

(210,967) 

- 

- 

- 

133,905,937 

11,692 

210,968 

(129,103) 

- 

- 

- 

773,324,059 

- 

- 

(181,796) 

- 

- 

- 

135,211,355 

- 

- 

51,863 

- 

- 

- 

17,443,788 

1,005 

- 

(29,344) 

- 

- 

- 

565,074,187 

- 

(1,733,121) 

466,509 

- 

- 

- 

1,224,333 

(3,372) 

(331,793) 

77,349 

- 

- 

- 

(68,292,514) 

27,635 

- 

1,375,113 

- 

- 

- 

(9,847,714) 

(2,422) 

- 

307,350 

- 

- 

- 

99,369 

794 

(45,849) 

(31,233) 

- 

- 

- 

23,416,379 133,999,494 773,142,263 135,263,218 17,415,449 563,807,575 966,517 (66,889,766) (9,542,786) 23,081 

(1,174,189) 

- 

113,860 

(12,417) 

- 

- 

- 

(30,991,652) 

- 

(37,800) 

(52,515) 

- 

- 

- 

483,742,170 

- 

- 

(44,632) 

- 

- 

- 

27,104,848 

- 

- 

(4,009) 

- 

- 

- 

28,454,180 

- 

- 

(204) 

- 

- 

- 

1,008,952,249 

- 

44,695 

(88,065) 

- 

- 

- 

(4,718,001) 

- 

- 

2,181 

- 

- 

- 

(69,544,934) 

- 

- 

197,591 

- 

- 

- 

(13,653,683) 

- 

- 

(3,528) 

- 

- 

- 

(163,080) 

- 

40,012 

1,471 

- 

- 

- 

(1,072,746) (31,081,967) 483,697,538 27,100,839 28,453,976 1,008,908,879 (4,715,820) (69,347,343) (13,657,211) (121,597) 

22,192,941 113,103,121 1,240,565,897 172,145,456 45,433,858 1,535,781,290 (3,955,582) (141,323,038) (23,990,714) (21,335) 

140,859,363 238,081,573 3,004,097,589 415,582,954 415,990,865 1,942,590,518 2,691,442 390,593,060 105,386,825 11,423,688 

(89,429,787) (409,580,819) (2,729,334,021) (425,980,938) (133,754,807) (2,133,170,920) (19,641,154) (942,733,084) (140,600,565) (5,231) 

51,429,576 (171,499,246) 274,763,568 (10,397,984) 282,236,058 (190,580,402) (16,949,712) (552,140,024) (35,213,740) 11,418,457 

- (14,706,794) (16,279,208) (6,003,832) (909,152) (100,458,478) - - - - 

186,155,991 791,714,910 4,720,837,261 840,654,151 434,969,523 5,367,897,764 30,653,151 1,254,717,704 182,721,656 11,397,122 


14




JF Pacific 

Balanced 

Fund 

USD 

JF Pacific 

Equity 

Fund 

USD 

JF Pacific 

Technology 

Fund 

USD 

JF Singapore 

Fund 

USD 

JF Taiwan 

Fund 

USD 

JF Tokyo 

Alpha Plus 

Fund 

JPY 

Latin America 

Equity 

Fund 

USD 

Middle East 

Equity 

Fund 

USD 

Russia 

Fund 

USD 

Sterling Bond 

Fund 

GBP 

182,226,858 1,210,682,811 39,446,674 789,840,297 748,278,900 7,182,106,766 1,748,314,623 341,530,509 299,387,847 173,300,783 

1,322,358 14,105,229 1,167,251 7,113,240 53,043,798 17,622,152 19,297,894 1,133,392 4,277,834 - 

2,563,649 36,017 - 22,078 - - - - - 4,665,928 

40,134 209,478 2,874 - - - 441,605 - - 2,036 

189,686 115,721 42,096 413,437 43,501 - 381,725 198,763 478,584 21,976 

- - - - - - - - - - 

4,115,827 14,466,445 1,212,221 7,548,755 53,087,299 17,622,152 20,121,224 1,332,155 4,756,418 4,689,940 

1,765,443 

93,864 

111,942 

52,597 

- 

- 

191,215 

9,589,562 

378,564 

545,874 

290,425 

- 

- 

291,297 

452,346 

63,661 

72,584 

14,974 

- 

- 

38,991 

6,563,529 

207,224 

447,267 

174,512 

- 

- 

319,549 

6,273,786 

684,893 

321,528 

161,548 

- 

- 

296,660 

28,851,544 

1,498,258 

3,212,516 

641,078 

- 

- 

3,700,209 

14,412,436 

781,750 

858,513 

413,670 

4,184 

- 

773,427 

3,845,204 

638,542 

313,502 

137,541 

2,216 

- 

235,061 

4,123,316 

445,075 

336,188 

144,344 

187 

- 

145,969 

761,380 

19,651 

64,128 

36,854 

- 

- 

56,120 

2,215,061 11,095,722 642,556 7,712,081 7,738,415 37,903,605 17,243,980 5,172,066 5,195,079 938,133 

4,542 - 74,617 - 9,677 1,417,936 29,507 262,799 95,495 7,341 

2,210,519 11,095,722 567,939 7,712,081 7,728,738 36,485,669 17,214,473 4,909,267 5,099,584 930,792 

- - - - - - - - - - 

2,210,519 11,095,722 567,939 7,712,081 7,728,738 36,485,669 17,214,473 4,909,267 5,099,584 930,792 

1,905,308 3,370,723 644,282 (163,326) 45,358,561 (18,863,517) 2,906,751 (3,577,112) (343,166) 3,759,148 

8,856,638 

304,878 

346,719 

709,942 

- 

- 

- 

115,857,398 

(49,831) 

(126,620) 

419,943 

- 

- 

- 

6,220,469 

(10,971) 

- 

182,399 

- 

- 

- 

40,950,339 

10,326 

- 

(183,571) 

- 

- 

- 

35,805,499 

- 

171,720 

178,652 

- 

- 

- 

(371,076,576) 

- 

- 

- 

- 

- 

- 

185,399,649 

(64,293) 

- 

(2,561,106) 

- 

- 

- 

14,446,438 

23,337 

- 

(115,449) 

- 

- 

- 

25,754,485 

12,167 

- 

105,771 

- 

- 

- 

(1,249,179) 

24,616 

(734,686) 

273,322 

- 

(398,817) 

- 

10,218,177 116,100,890 6,391,897 40,777,094 36,155,871 (371,076,576) 182,774,250 14,354,326 25,872,423 (2,084,744) 

(4,946,023) 

(458,388) 

(14,292) 

430 

- 

- 

- 

(42,109,702) 

(3,279,062) 

(297,798) 

60,751 

- 

- 

- 

(4,912,416) 

- 

- 

(2,902) 

- 

- 

- 

(52,058,593) 

- 

- 

10,648 

- 

- 

- 

(146,907,554) 

- 

- 

6,056 

- 

- 

- 

(463,916,709) 

- 

- 

- 

- 

- 

- 

59,883,378 

- 

- 

56,549 

- 

- 

- 

91,148,483 

- 

- 

22,479 

- 

- 

- 

64,177,826 

- 

- 

(2,559) 

- 

- 

- 

(742,809) 

(52,421) 

902,746 

(1,053,998) 

- 

897,906 

- 

(5,418,273) (45,625,811) (4,915,318) (52,047,945) (146,901,498) (463,916,709) 59,939,927 91,170,962 64,175,267 (48,576) 

6,705,212 73,845,802 2,120,861 (11,434,177) (65,387,066) (853,856,802) 245,620,928 101,948,176 89,704,524 1,625,828 

137,806,061 272,324,716 66,095,787 572,225,380 851,468,241 1,480,098,191 1,421,725,557 449,770,044 767,958,618 5,368,520 

(129,120,251) (394,900,254) (45,094,079) (539,180,408) (727,848,482) (6,540,015,231) (1,137,032,491) (224,425,262) (322,230,219) (28,041,324) 

8,685,810 (122,575,538) 21,001,708 33,044,972 123,619,759 (5,059,917,040) 284,693,066 225,344,782 445,728,399 (22,672,804) 

- (7,417,004) (1,323,440) (2,892,342) (18,193,745) - (2,915,890) (2,746,798) - (7,134,586) 

197,617,880 1,154,536,071 61,245,803 808,558,750 788,317,848 1,268,332,924 2,275,712,727 666,076,669 834,820,770 145,119,221 

15




UK Equity 

Fund 

GBP 

US 130/30 

Fund (5) 

USD 

US Aggregate 

Bond Fund 

USD 

US Dynamic 

Fund 

USD 

US Select 

130/30 Fund (6) 

USD 

US Small Cap 

Growth Fund 

USD 

US Strategic 

Growth Fund 

USD 

US Technology 

Fund 

USD 

US Value 

Fund 

USD 

428,716,683 - 254,010,752 7,549,424,048 - 67,473,188 584,352,217 65,053,721 1,776,712,510 

4,190,311 54,518 - 35,019,394 1,251,183 57,608 2,318,671 187,030 11,515,846 

- 12 6,833,994 - - - 279 - - 

7,649 - - - - 5,260 131,465 6,603 1,584,037 

239,900 7,390 3,368 4,575,302 33,788 32,355 263,177 47,617 285,210 

- - - 1,506,446 - - - - - 

4,437,860 61,920 6,837,362 41,101,142 1,284,971 95,223 2,713,592 241,250 13,385,093 

2,577,621 

21,364 

119,890 

67,824 

- 

- 

79,373 

84,176 

5,252 

18,565 

3,813 

- 

- 

54,298 

835,586 

13,526 

146,834 

67,386 

- 

- 

148,330 

44,794,059 

245,205 

1,900,454 

1,219,663 

- 

- 

1,138,256 

841,386 

39,383 

104,018 

63,682 

34 

- 

118,188 

586,448 

22,081 

53,730 

15,944 

- 

- 

41,429 

4,290,328 

38,535 

233,978 

143,998 

6,869 

- 

198,002 

982,390 

16,525 

139,744 

38,471 

- 

- 

79,535 

10,988,654 

63,993 

538,592 

304,992 

- 

- 

344,390 

2,866,072 166,104 1,211,662 49,297,637 1,166,691 719,632 4,911,710 1,256,665 12,240,621 

- 63,658 120,455 - 55,862 832 4,942 14,558 2,418 

2,866,072 102,446 1,091,207 49,297,637 1,110,829 718,800 4,906,768 1,242,107 12,238,203 

- 10,958 - - - - - - - 

2,866,072 113,404 1,091,207 49,297,637 1,110,829 718,800 4,906,768 1,242,107 12,238,203 

1,571,788 (51,484) 5,746,155 (8,196,495) 174,142 (623,577) (2,193,176) (1,000,857) 1,146,890 

12,413,473 

- 

(914,517) 

(4,747) 

- 

- 

- 

(193,395) 

403,331 

- 

(24,570) 

- 

- 

94,377 

143,921 

- 

- 

- 

- 

- 

- 

154,460,658 

92,700 

803,531 

3,557,097 

- 

- 

- 

(986,984) 

791,900 

(111,825) 

(207,911) 

- 

- 

3,739,539 

6,009,358 

46 

- 

145 

- 

- 

- 

(23,115,953) 

956,353 

- 

190,448 

- 

- 

- 

(973,434) 

41 

- 

1,437 

- 

- 

- 

(103,998,723) 

2,148,489 

- 

14,830 

- 

- 

- 

11,494,209 279,743 143,921 158,913,986 3,224,719 6,009,549 (21,969,152) (971,956) 106,162,042 

(29,457,729) 

- 

(57,585) 

8,743 

- 

- 

- 

537,865 

57,327 

- 

- 

- 

- 

114,051 

9,819,831 

- 

- 

- 

- 

- 

- 

(689,664,332) 

- 

205,775 

(9,538) 

- 

- 

- 

251,770 

241,417 

- 

(8) 

- 

- 

(468,573) 

(5,541,411) 

- 

- 

(12) 

- 

- 

- 

25,977,926 

(108,207) 

- 

(6,646) 

- 

- 

- 

4,941,779 

- 

- 

(2,354) 

- 

- 

- 

(164,920,209) 

(220,374) 

- 

(24,729) 

- 

- 

- 

(29,506,571) 709,243 9,819,831 (689,468,095) 24,606 (5,541,423) 25,863,073 4,939,425 (165,165,312 

(16,440,574) 937,502 15,709,907 (538,750,604) 3,423,467 (155,451) 1,700,745 2,966,612 (57,856,380) 

49,010,718 13,695,219 320,669,058 915,078,480 564,943,706 24,847,764 476,367,438 194,550,105 239,684,449 

(230,110,445) (280,982) (185,608,863) (3,730,093,504) (43,370,105) (34,933,517) (372,919,362) (51,979,572) (871,929,272) 

(181,099,727) 13,414,237 135,060,195 (2,815,015,024) 521,573,601 (10,085,753) 103,448,076 142,570,533 (632,244,823) 

(6,623,023) - (3,081,920) (492,178) - - - - - 

224,553,359 14,351,739 401,698,934 4,195,166,243 524,997,067 57,231,984 689,501,038 210,590,866 1,086,611,307 



16






of the Period 


at the End 

of the Period 



JPM America Equity A (acc) - EUR (hedged) 26,946.066 2,100,932.908 232,533.277 1,895,345.697 



JPM America Equity B (acc) - USD 218,747.201 68,253.000 68,253.000 218,747.201 


JPM America Equity D (acc) - EUR 9,557.871 9,539.613 4,477.830 14,619.654 

JPM America Equity D (acc) - EUR (hedged) 26,490.066 436,048.386 196,299.141 266,239.311 

JPM America Equity D (acc) - USD 1,932,601.590 984,488.573 851,795.548 2,065,294.615 


JPMorgan Funds - America Large Cap Fund 

994,178.673 - 97,737.396 896,441.277 

JPM America Large Cap A (acc) - USD 335,908.279 209,733.120 189,832.888 355,808.511 

JPM America Large Cap A (dist) - USD 2,949,629.026 1,706,445.404 947,044.461 3,709,029.969 

JPM America Large Cap B (acc) - USD 112,091.757 1,141.466 6,392.694 106,840.529 

JPM America Large Cap D (acc) - USD 

JPMorgan Funds - America Micro Cap Fund 

459,732.645 214,114.441 207,585.728 466,261.358 

JPM America Micro Cap A (acc) - USD 3,708,190.884 443,079.552 2,709,619.198 1,441,651.238 

JPM America Micro Cap A (dist) - USD 1,080,853.310 71,954.783 377,109.691 775,698.402 

JF America Micro Cap A (dist) - USD 123,062.631 20,271.281 75,927.999 67,405.913 

JPM America Micro Cap D (acc) - USD 1,080,076.610 71,036.966 355,155.671 795,957.905 

JPM America Micro Cap X (acc) - USD 

JPMorgan Funds - Brazil Alpha Plus Fund (1) 

15,487.006 - 15,487.006 - 

JPM Brazil Alpha Plus A (acc) - USD - 840,786.526 16,425.933 824,360.593 

JPM Brazil Alpha Plus D (acc) - USD - 200,000.000 - 200,000.000 

JPM Brazil Alpha Plus I (acc) - USD 


- 150,000.000 - 150,000.000 

JPM Eastern Europe Equity A (acc) - EUR 1,990,154.670 4,540,610.950 1,822,078.596 4,708,687.024 

JPM Eastern Europe Equity A (dist) - EUR 14,158,698.977 3,656,166.805 3,382,423.727 14,432,442.055 

JF Eastern Europe Equity A (dist) - EUR 4,941,761.225 6,020,276.689 4,932,714.992 6,029,322.922 


JPM Eastern Europe Equity C (acc) - EUR 665,006.999 1,963,054.903 212,956.288 2,415,105.614 

JPM Eastern Europe Equity D (acc) - EUR 2,960,822.863 1,283,916.369 978,792.829 3,265,946.403 




3,280,799.944 402,291.985 816,878.551 2,866,213.378 




JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 166,213.626 402,663.015 12,610.186 556,266.455 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,377,014.173 897,163.896 431,727.528 1,842,450.541 


JPMorgan Funds - Emerging Markets Alpha Plus Fund 

7,040,032.999 - 536,175.711 6,503,857.288 

JPM Emerging Markets Alpha Plus A (acc) - USD 19,494,071.733 11,097,292.288 7,123,059.195 23,468,304.826 

JPM Emerging Markets Alpha Plus A (dist) - USD 6,839,557.721 3,859,300.074 1,934,071.155 8,764,786.640 

JPM Emerging Markets Alpha Plus D (acc) - USD 


176,073.632 106,308.435 106,553.807 175,828.260 

JPM Emerging Markets Debt A (acc) - EUR 7,143,981.300 1,111,299.745 4,686,568.945 3,568,712.100 

JPM Emerging Markets Debt A (dist) - EUR 10,669,542.531 6,482,543.458 5,319,169.738 11,832,916.251 

JPM Emerging Markets Debt C (acc) - EUR 653,748.769 324,900.116 600,884.473 377,764.412 


JPM Emerging Markets Debt I (acc) - EUR 250,000.001 1,179,756.185 138,000.001 1,291,756.185 



5,656.002 - - 5,656.002 

JPM Emerging Markets Equity A (acc) - USD 32,964,443.994 12,325,340.456 18,375,606.610 26,914,177.840 

JPM Emerging Markets Equity A (acc) - EUR 29,008,138.308 10,923,888.740 8,242,081.547 31,689,945.501 

JPM Emerging Markets Equity A (dist) - USD 109,167,399.640 41,105,158.644 33,872,020.959 116,400,537.325 

JPM Emerging Markets Equity A (dist) - GBP 280,266.023 292,777.540 32,219.910 540,823.653 

JPM Emerging Markets Equity B (acc) - USD 3,238,645.574 529,614.679 978,863.659 2,789,396.594 




JPM Emerging Markets Equity I (acc) - USD 21,773,521.677 6,406,119.725 1,787,942.256 26,391,699.146 




JPMorgan Funds - Emerging Markets Small Cap Fund (2) 

17,940,341.373 281,101.223 - 18,221,442.596 

JPM Emerging Markets Small Cap Fund A (acc) - USD - 102,175.000 - 102,175.000 

JPM Emerging Markets Small Cap Fund A (acc) - EUR - 198,909.974 - 198,909.974 

JPM Emerging Markets Small Cap Fund A (acc) - GBP - 500,114.751 - 500,114.751 

JPM Emerging Markets Small Cap Fund D (acc) - USD 

JPMorgan Funds - Euro Liquid Reserve Fund 

- 100,000.000 - 100,000.000 

JPM Euro Liquid Reserve A (acc) - EUR 108,599.181 517,265.790 216,886.534 408,978.437 

JPM Euro Liquid Reserve D (acc) - EUR 


866,611.558 3,438,450.711 1,858,342.885 2,446,719.384 

JPM Euroland Equity A (acc) - EUR 42,972,831.964 13,723,736.839 24,403,270.667 32,293,298.136 

JPM Euroland Equity A (dist) - EUR 45,084,048.473 9,431,283.059 16,516,610.872 37,998,720.660 

JPM Euroland Equity A (inc) - EUR - 4,506,344.001 1,663,965.001 2,842,379.000 

JF Euroland Equity A (dist) - USD 25,155,026.703 4,370,345.956 14,504,295.372 15,021,077.287 



JPM Euroland Equity I (acc) - EUR 19,998,524.767 6,980,293.472 288,076.473 26,690,741.766 

JPM Euroland Equity X (acc) - EUR - 319,182.001 4,750.001 314,432.000 

17






of the Period 


at the End 

of the Period 


JPM Euroland Select Equity A (acc) - EUR - 250,000.000 - 250,000.000 

JPM Euroland Select Equity D (acc) - EUR - 250,000.000 - 250,000.000 


JPMorgan Funds - Europe 130/30 Fund 

- 270,460.000 - 270,460.000 

JPM Europe 130/30 A (acc) - EUR 371,996.101 369,463.507 143,827.001 597,632.607 

JPM Europe 130/30 A (acc) - USD - 348.676 - 348.676 

JPM Europe 130/30 A (dist) - EUR - 57,250.975 - 57,250.975 

JPM Europe 130/30 A (dist) - GBP - 486.331 - 486.331 

JPM Europe 130/30 D (acc) - EUR 371,996.101 11,710.920 1,936.632 381,770.389 

JPM Europe 130/30 D (acc) - USD - 348.676 - 348.676 

JPM Europe 130/30 X (acc) - EUR 

JPMorgan Funds - Europe Aggregate Plus Bond Fund 

- 86,678.961 - 86,678.961 

JPM Europe Aggregate Plus Bond A (acc) - EUR 6,627,178.217 1,326,563.345 3,916,577.729 4,037,163.833 

JPM Europe Aggregate Plus Bond A (inc) - EUR 10,615,345.591 4,549,451.195 5,135,974.443 10,028,822.343 

JPM Europe Aggregate Plus Bond B (acc) - EUR 17,973.757 - - 17,973.757 

JPM Europe Aggregate Plus Bond C (acc) - EUR 8,456.381 20,772.231 14,886.740 14,341.872 

JPM Europe Aggregate Plus Bond D (acc) - EUR 4,063,727.126 2,383,880.879 3,073,109.923 3,374,498.082 

JPM Europe Aggregate Plus Bond X (acc) - EUR 

JPMorgan Funds - Europe Balanced Fund (EUR) 

88,171.002 3,900.000 8,831.000 83,240.002 

JPM Europe Balanced (EUR) A (acc) - EUR 417,712.342 3,591,971.998 362,641.693 3,647,042.647 

JPM Europe Balanced (EUR) A (dist) - EUR 6,894,461.212 802,882.011 1,370,725.719 6,326,617.504 

JPM Europe Balanced (EUR) B (acc) - EUR - 3,282.675 - 3,282.675 

JPM Europe Balanced (EUR) D (acc) - EUR 

JPMorgan Funds - Europe Convergence Equity Fund 

7,608,389.311 1,558,334.351 2,597,191.932 6,569,531.730 

JPM Europe Convergence Equity A (acc) - EUR 2,149,096.781 2,590,688.783 1,504,761.053 3,235,024.511 

JPM Europe Convergence Equity A (dist) - EUR 11,167,050.299 1,210,231.367 3,901,752.057 8,475,529.609 

JPM Europe Convergence Equity C (acc) - EUR 222,991.540 257,780.034 147,885.611 332,885.963 

JPM Europe Convergence Equity D (acc) - EUR 


2,870,158.020 477,683.838 927,812.793 2,420,029.065 

JPM Europe Dynamic A (acc) - EUR 10,688,150.400 46,320.575 1,395,804.801 9,338,666.174 

JPM Europe Dynamic A (dist) - EUR 42,017,150.420 480,689.852 7,139,899.348 35,357,940.924 

JPM Europe Dynamic A (dist) - GBP 120,464.129 673.678 15,445.044 105,692.763 

JF Europe Dynamic A (dist) - EUR 1,730,901.036 53,200.567 721,498.589 1,062,603.014 


JPM Europe Dynamic C (acc) - EUR 12,076,185.768 229,682.164 1,333,999.630 10,971,868.302 

JPM Europe Dynamic D (acc) - EUR 3,440,024.289 939.599 669,993.595 2,770,970.293 


JPM Europe Dynamic I (acc) - EUR 1,071,473.018 - 1,071,473.018 - 



5,522,740.871 - 240,681.699 5,282,059.172 

JPM Europe Dynamic Mega Cap A (acc) - EUR 63,662,036.480 22,190,637.477 23,995,593.444 61,857,080.513 

JPM Europe Dynamic Mega Cap A (acc) - USD - 31,363.738 31,009.881 353.857 

JPM Europe Dynamic Mega Cap A (dist) - EUR 10,692,583.596 1,879,456.589 5,793,850.125 6,778,190.060 

JPM Europe Dynamic Mega Cap A (inc) - EUR 76,161.785 20,274.000 383.000 96,052.785 

JPM Europe Dynamic Mega Cap B (acc) - EUR 1,300,628.206 191,041.650 361,418.600 1,130,251.256 


JPM Europe Dynamic Mega Cap D (acc) - EUR 2,191,730.452 995,551.028 1,099,140.886 2,088,140.594 

JPM Europe Dynamic Mega Cap D (acc) - USD - 353.858 - 353.858 

JPM Europe Dynamic Mega Cap I (acc) - EUR 495,773.834 - - 495,773.834 


JPMorgan Funds - Europe Dynamic Small Cap Fund 

3,535,355.286 998,199.183 816,284.373 3,717,270.096 

JPM Europe Dynamic Small Cap A (acc) - EUR 5,797,932.988 1,450,428.642 3,547,288.620 3,701,073.010 

JPM Europe Dynamic Small Cap A (dist) - EUR 267,520.678 35,533.477 100,990.445 202,063.710 

JPM Europe Dynamic Small Cap D (acc) - EUR 97,517.650 25,658.271 24,011.998 99,163.923 

JPM Europe Dynamic Small Cap X (acc) - EUR 


2,042,466.663 1,824,993.598 778,825.801 3,088,634.460 

JPM Europe Equity A (acc) - USD 12,734,719.548 3,138,031.410 5,557,021.858 10,315,729.100 

JPM Europe Equity A (acc) - EUR 56,934,402.918 9,967,907.705 28,537,576.153 38,364,734.470 

JPM Europe Equity A (dist) - EUR 78,036,988.331 5,727,786.016 41,543,232.833 42,221,541.514 

JF Europe Equity A (dist) - USD 1,960,279.228 240,004.873 818,370.591 1,381,913.510 

JPM Europe Equity B (acc) - EUR 1,367,233.985 142,099.239 499,406.692 1,009,926.532 



JPM Europe Equity D (acc) - USD 276,853.062 49,548.154 140,587.556 185,813.660 

JPM Europe Equity I (acc) - EUR 2,802,081.207 144,021.000 476,004.000 2,470,098.207 

JPM Europe Equity I (inc) - EUR 10,000,000.000 - - 10,000,000.000 


JPMorgan Funds - Europe Focus Fund 

20,825,434.506 1,530,791.090 6,684,491.539 15,671,734.057 

JPM Europe Focus A (acc) - EUR 5,622,397.142 3,578,043.224 7,483,827.085 1,716,613.281 

JPM Europe Focus A (acc) - USD - 348.676 - 348.676 

JPM Europe Focus A (dist) - EUR 45,358.562 17,554.475 27,312.520 35,600.517 

JPM Europe Focus C (acc) - EUR 1,505,000.000 - 1,505,000.000 - 

JPM Europe Focus D (acc) - EUR 731,409.410 323,471.035 376,393.135 678,487.310 

JPM Europe Focus D (acc) - USD - 348.676 - 348.676 

JPM Europe Focus X (acc) - EUR 

JPMorgan Funds - Europe High Yield Bond Fund 

2,397,165.000 439,155.568 117,629.000 2,718,691.568 

JPM Europe High Yield Bond A (acc) - EUR 1,472,615.427 2,076,878.931 3,000,153.149 549,341.209 

JPM Europe High Yield Bond A (dist) - EUR 10,756,335.442 3,555,049.636 7,508,003.851 6,803,381.227 

JPM Europe High Yield Bond C (acc) - EUR 9,428,085.301 160,056.486 - 160,056.486 

JPM Europe High Yield Bond D (acc) - EUR - 7,155,133.034 11,725,540.902 4,857,677.433 

JPM Europe High Yield Bond X (acc) - EUR - 372,374.395 60,710.001 311,664.394 

18






of the Period 


at the End 

of the Period 

JPMorgan Funds - Europe Micro Cap Fund 

JPM Europe Micro Cap A (acc) - EUR 4,053,391.654 329.913 2,913,790.091 1,139,931.476 

JPM Europe Micro Cap A (dist) - EUR 12,247,101.143 25,412.608 6,246,834.234 6,025,679.517 

JPM Europe Micro Cap D (acc) - EUR 

JPMorgan Funds - Europe Select 130/30 Fund 

3,822,052.072 4,893.840 2,461,584.358 1,365,361.554 

JPM Europe Select 130/30 A (acc) - EUR 371,996.100 329,347.920 2,000.000 699,344.020 

JPM Europe Select 130/30 A (acc) - USD - 348.676 - 348.676 

JPM Europe Select 130/30 A (dist) - GBP - 586.331 - 586.331 

JPM Europe Select 130/30 D (acc) - EUR 371,996.100 109,614.197 23,490.086 458,120.211 

JPM Europe Select 130/30 D (acc) - USD - 348.676 - 348.676 

JPM Europe Select 130/30 X (acc) - EUR 


- 87,455.670 - 87,455.670 

JPM Europe Small Cap A (acc) - EUR 5,087,078.651 1,154,479.971 3,501,187.574 2,740,371.048 

JPM Europe Small Cap A (dist) - EUR 15,761,936.577 3,290,683.419 6,713,583.065 12,339,036.931 

JPM Europe Small Cap A (dist) - GBP 42,515.278 19,811.989 9,448.729 52,878.538 

JF Europe Small Cap A (dist) - EUR 8,172,130.049 1,318,834.746 5,407,307.651 4,083,657.144 


JPM Europe Small Cap C (acc) - EUR 2,072,883.841 651,061.660 1,031,249.340 1,692,696.161 


JPM Europe Small Cap I (acc) - EUR 6,039,332.774 224,008.790 792,626.633 5,470,714.931 


JPMorgan Funds - Europe Strategic Growth Fund 

1,839,550.124 131,236.088 1,103,669.660 867,116.552 

JPM Europe Strategic Growth A (acc) - EUR 59,013,609.635 26,445,338.478 20,937,373.784 64,521,574.329 

JPM Europe Strategic Growth A (dist) - EUR 101,494,122.779 35,061,310.348 50,318,709.032 86,236,724.095 

JPM Europe Strategic Growth A (dist) - GBP 102,488.614 1,563.560 36,669.424 67,382.750 

JPM Europe Strategic Growth B (acc) - EUR 1,451,568.877 652,777.263 511,886.626 1,592,459.514 

JPM Europe Strategic Growth C (acc) - EUR 26,389,883.097 3,359,674.431 10,068,234.681 19,681,322.847 

JPM Europe Strategic Growth D (acc) - EUR 18,439,700.275 4,888,892.119 7,608,692.788 15,719,899.606 

JPM Europe Strategic Growth I (acc) - EUR 960,953.311 8,014,622.623 481,858.078 8,493,717.856 

JPM Europe Strategic Growth I (inc) - EUR 280,000.000 84,000.000 - 364,000.000 

JPM Europe Strategic Growth X (acc) - EUR 

JPMorgan Funds - Europe Strategic Value Fund 

3,671,714.102 731,691.572 595,770.255 3,807,635.419 

JPM Europe Strategic Value A (acc) - EUR 57,131,296.717 8,645,135.097 37,278,175.134 28,498,256.680 

JPM Europe Strategic Value A (dist) - EUR 328,831,753.444 21,366,850.397 132,357,727.950 217,840,875.891 

JPM Europe Strategic Value A (dist) - GBP 46,512.465 1,583.035 20,221.964 27,873.536 

JPM Europe Strategic Value B (acc) - EUR 1,141,494.355 57,637.340 492,424.771 706,706.924 

JPM Europe Strategic Value C (acc) - EUR 28,575,829.232 2,441,238.621 24,398,874.868 6,618,192.985 

JPM Europe Strategic Value D (acc) - EUR 49,338,136.002 3,720,778.803 28,410,417.293 24,648,497.512 

JPM Europe Strategic Value I (acc) - EUR 9,441,809.443 6,041,346.061 5,569,441.261 9,913,714.243 

JPM Europe Strategic Value I (inc) - EUR 294,000.000 - 98,000.000 196,000.000 

JPM Europe Strategic Value X (acc) - EUR 


7,308,747.656 75,150.593 3,336,062.032 4,047,836.217 

JPM Europe Technology A (acc) - EUR 917,862.632 1,113,889.704 794,450.008 1,237,302.328 

JPM Europe Technology A (dist) - EUR 15,076,000.250 6,314,648.342 5,879,296.307 15,511,352.285 

JPM Europe Technology A (dist) - GBP 41,116.112 816.727 2,752.524 39,180.315 

JF Europe Technology A (dist) - EUR 3,092,449.304 1,072,687.542 2,086,930.752 2,078,206.094 

JPM Europe Technology D (acc) - EUR 2,444,720.330 1,115,127.445 780,939.872 2,778,907.903 



- 43,518.313 - 43,518.313 

JPM Germany Equity A (acc) - EUR 13,284,231.227 9,816,065.222 11,230,080.060 11,870,216.389 

JPM Germany Equity A (dist) - EUR 21,682,657.703 19,718,352.524 15,847,497.106 25,553,513.121 

JF Germany Equity A (dist) - EUR 1,389,733.822 163,985.871 512,524.085 1,041,195.608 

JPM Germany Equity B (acc) - EUR - 117,670.393 - 117,670.393 



JPMorgan Funds - Global Aggregate Bond Fund 

- 108,185.001 - 108,185.001 

JPM Global Aggregate Bond A (acc) - USD 425,136.684 761,532.300 727,793.989 458,874.995 

JPM Global Aggregate Bond A (dist) - USD 2,306,034.591 1,662,100.082 1,269,395.733 2,698,738.940 

JPM Global Aggregate Bond C (acc) - USD 59,184.700 654,195.045 451,022.433 262,357.312 

JPM Global Aggregate Bond D (acc) - USD 1,185,061.672 1,597,284.360 1,876,777.792 905,568.240 

JPM Global Aggregate Bond X (acc) - USD 


124,073.985 - 124,073.985 - 

JPM Global Convertibles (EUR) A (acc) - EUR 22,739,773.672 21,920,252.423 8,503,607.246 36,156,418.849 

JPM Global Convertibles (EUR) A (dist) - EUR 71,209,071.433 47,974,190.280 23,560,834.269 95,622,427.444 

JF Global Convertibles (EUR) A (dist) - USD 1,316,415.195 1,035,931.049 409,243.442 1,943,102.802 

JPM Global Convertibles (EUR) B (acc) - EUR 921,800.158 726,019.299 26,322.757 1,621,496.700 



JPM Global Convertibles (EUR) I (acc) - EUR 2,958,183.000 120,372.000 2,164,551.000 914,004.000 

JPM Global Convertibles (EUR) I (inc) - EUR 445,121.951 4,892.161 - 450,014.112 

JPM Global Convertibles (EUR) X (acc) - EUR 7,075,220.836 101,055.353 318,797.205 6,857,478.984 

19






of the Period 


at the End 

of the Period 


JPM Global Dynamic A (acc) - USD 24,734,189.407 8,418,435.642 8,336,499.293 24,816,125.756 

JPM Global Dynamic A (acc) - EUR 486,634.532 814,020.780 168,008.372 1,132,646.940 

JPM Global Dynamic A (acc) - EUR (hedged) - 154,057.711 43,310.899 110,746.812 

JPM Global Dynamic A (dist) - USD 87,225,996.484 10,157,937.771 43,695,325.210 53,688,609.045 

JPM Global Dynamic A (dist) - GBP 696,710.287 47,960.371 63,567.412 681,103.246 

JPM Global Dynamic A (inc) - EUR 1,318,548.207 572,735.063 215,223.000 1,676,060.270 

JF Global Dynamic A (dist) - USD 986,786.811 215,187.151 392,454.179 809,519.783 

JPM Global Dynamic B (acc) - USD 6,591,232.975 997,179.312 1,488,982.803 6,099,429.484 


JPM Global Dynamic C (acc) - EUR 5,527,880.001 3,817,074.398 2,175,254.580 7,169,699.819 

JPM Global Dynamic D (acc) - EUR 117,107.159 60,210.775 2,600.077 174,717.857 

JPM Global Dynamic D (acc) - EUR (hedged) - 88,113.735 58,788.222 29,325.513 


JPM Global Dynamic I (acc) - USD 1,952,030.000 2,075,880.000 147,664.000 3,880,246.000 



JPMorgan Funds - Global Equity Fund (EUR) 

17,330,026.813 670,241.287 - 18,000,268.100 

JPM Global Equity (EUR) A (acc) - EUR 969,919.453 932,717.887 1,622,822.209 279,815.131 

JPM Global Equity (EUR) A (dist) - EUR 640,459.203 42,938.985 112,414.588 570,983.600 

JPM Global Equity (EUR) C (acc) - EUR 7,449,840.519 2,442,695.971 7,113,047.241 2,779,489.249 

JPM Global Equity (EUR) D (acc) - EUR 


347,961.632 65,169.133 82,732.957 330,397.808 

JPM Global Equity (USD) A (acc) - USD 495,167.946 141,832.689 42,797.129 594,203.506 

JPM Global Equity (USD) A (dist) - USD 993,988.692 304,013.698 226,410.974 1,071,591.416 

JF Global Equity (USD) A (dist) - USD 1,154,323.423 77,196.933 214,914.556 1,016,605.800 


JPM Global Equity (USD) D (acc) - USD 2,727,654.479 66,511.654 2,709,156.742 85,009.391 



1,492,766.925 280,301.303 371,177.930 1,401,890.298 

JPM Global Focus A (acc) - EUR 8,422,853.847 22,786,681.082 7,000,001.204 24,209,533.725 

JPM Global Focus A (acc) - EUR (hedged) - 144,587.047 44,428.146 100,158.901 

JPM Global Focus A (dist) - EUR 7,363,973.928 3,197,824.053 5,081,984.445 5,479,813.536 

JF Global Focus A (dist) - USD 808,944.047 913,155.954 439,564.460 1,282,535.541 

JPM Global Focus C (acc) - EUR 10,362,304.599 3,658,757.238 10,098,494.248 3,922,567.589 


JPM Global Focus D (acc) - EUR (hedged) - 150,865.063 50,376.850 100,488.213 



1,373,337.858 3,954,233.096 233,928.788 5,093,642.166 

JPM Global Life Sciences A (acc) - USD 88,440.995 3,850.917 21,193.397 71,098.515 

JPM Global Life Sciences A (dist) - USD 3,712,953.024 141,337.252 929,082.378 2,925,207.898 

JPM Global Life Sciences A (dist) - GBP 17,408.642 142.609 902.051 16,649.200 

JF Global Life Sciences A (dist) - USD 2,272,401.738 887,595.810 1,371,462.897 1,788,534.651 

JPM Global Life Sciences D (acc) - USD 


918,917.842 224,129.105 353,702.122 789,344.825 

JPM Global Natural Resources A (acc) - EUR 41,767,627.278 25,087,532.833 24,618,447.372 42,236,712.739 

JPM Global Natural Resources A (dist) - EUR 13,647,983.718 20,496,376.054 13,353,996.422 20,790,363.350 

JPM Global Natural Resources A (acc) - USD 1,581,451.050 5,304,579.269 1,717,127.241 5,168,903.078 



JPM Global Natural Resources C (acc) - USD 224,985.925 4,130,590.816 1,267,881.879 3,087,694.862 


JPM Global Natural Resources D (acc) - USD 2,437.992 126,386.759 1,783.524 127,041.227 


JPMorgan Funds - Global Real Estate Securities Fund (EUR) 

6,653,023.256 672,933.427 456,988.590 6,868,968.093 

JPM Global Real Estate Securities A (acc) - EUR 1,313,151.212 157,398.506 904,841.645 565,708.073 

JPM Global Real Estate Securities A (inc) - EUR 162,782.172 6,892.666 162,175.992 7,498.846 

JPM Global Real Estate Securities C (acc) - EUR 48,000.000 - - 48,000.000 

JPM Global Real Estate Securities D (acc) - EUR 365,993.029 68,498.919 233,010.259 201,481.689 

JPM Global Real Estate Securities X (acc) - EUR 


144,301.002 9,185.000 - 153,486.002 

JPM Global Real Estate Securities A (acc) - USD 478,630.025 567,700.247 826,451.486 219,878.786 

JPM Global Real Estate Securities D (acc) - USD 251,368.884 43,413.909 270,955.091 23,827.702 

JPM Global Real Estate Securities X (acc) - USD 

JPMorgan Funds - Global Socially Responsible Fund 

1,181,531.621 - - 1,181,531.621 

JPM Global Socially Responsible A (acc) - USD 1,233,569.552 564,355.917 157,280.609 1,640,644.860 

JPM Global Socially Responsible A (dist) - USD 3,887,419.330 788,494.314 1,457,386.196 3,218,527.448 

JPM Global Socially Responsible D (acc) - USD 

JPMorgan Funds - JF Asia Alpha Plus Fund 

433,841.068 124,480.803 77,613.732 480,708.139 

JF Asia Alpha Plus A (acc) - USD 6,032,052.467 5,665,238.882 4,036,307.875 7,660,983.474 

JF Asia Alpha Plus A (dist) - USD 


- 1,317,200.001 11,800.001 1,305,400.000 

JF Asia Equity A (acc) - USD 3,964,356.350 310,242.746 781,002.607 3,493,596.489 



JF Asia Equity C (acc) - USD 351,056.824 414,957.327 274,900.623 491,113.528 

JF Asia Equity D (acc) - USD 1,892,918.234 1,470,719.011 882,991.969 2,480,645.276 

JF Asia Equity D (acc) - EUR 28,235.415 322,433.348 35,214.394 315,454.369 


JF Asia Equity X (acc) - USD 675,608.450 14,036.624 206,099.520 483,545.554 

20






of the Period 


at the End 

of the Period 


JF China A (acc) - USD 7,902,918.355 12,121,290.633 11,597,405.795 8,426,803.193 

JF China A (dist) - USD 52,677,602.379 33,198,625.821 30,323,554.105 55,552,674.095 


JF China C (acc) - USD 1,622,684.681 1,476,604.549 1,380,008.144 1,719,281.086 


JF China I (acc) - USD 1,092,531.648 232,738.557 674,102.052 651,168.153 



1,988,434.020 1,366,130.981 1,917,929.990 1,436,635.011 

JF Greater China A (acc) - USD 2,070,027.410 10,173,110.955 3,038,338.288 9,204,800.077 

JF Greater China A (dist) - USD 16,249,905.785 3,214,734.957 8,519,054.555 10,945,586.187 

JF Greater China B (acc) - USD 91,170.918 46,179.139 12,017.958 125,332.099 





78,703.253 93,121.301 51,705.020 120,119.534 

JF Hong Kong A (acc) - USD 654,358.069 2,386,552.274 2,067,724.726 973,185.617 

JF Hong Kong A (dist) - USD 1,898,747.303 5,119,388.841 1,065,255.715 5,952,880.429 



JF Hong Kong D (acc) - USD 


466,442.543 1,733,971.229 840,158.661 1,360,255.111 

JF India A (acc) - USD 18,175,863.193 22,061,950.082 16,751,267.772 23,486,545.503 

JF India A (dist) - USD 31,577,360.078 9,819,536.362 13,491,709.438 27,905,187.002 





JPMorgan Funds - JF Japan Alpha Plus Fund 

1,933,309.331 147,057.830 85,270.848 1,995,096.313 

JF Japan Alpha Plus A (acc) - USD 1,168,316.439 236,654.900 524,964.132 880,007.207 

JF Japan Alpha Plus A (dist) - USD 2,386,472.707 - 890,201.733 1,496,270.974 

JF Japan Alpha Plus D (acc) - USD 


8,084.351 4,750.868 686.000 12,149.219 

JF Japan Equity A (acc) - USD 27,629,484.424 5,729,847.609 13,703,982.082 19,655,349.951 

JF Japan Equity A (acc) - EUR 559,509.869 81,390.636 430,876.162 210,024.343 

JF Japan Equity A (acc) - JPY 3,183,969.279 393,091.909 1,263,597.066 2,313,464.122 

JF Japan Equity A (dist) - USD 38,052,750.371 9,205,417.535 20,476,476.836 26,781,691.070 

JF Japan Equity A (dist) - GBP 309,902.137 67,818.566 72,583.351 305,137.352 


JF Japan Equity C (acc) - USD 6,238,789.679 186,922.710 2,389,449.853 4,036,262.536 


JF Japan Equity D (acc) - EUR 386,748.454 19,057.005 242,057.541 163,747.918 

JF Japan Equity I (acc) - USD 6,047,526.635 175,983.437 887,144.419 5,336,365.653 

JF Japan Equity J (dist) - USD 3,604,049.932 158,470.068 1,577,525.479 2,184,994.521 



1,232,669.008 40,236.160 543,634.178 729,270.990 

JF Japan Small Cap A (acc) - USD 3,332,087.303 1,003,368.820 2,784,773.096 1,550,683.027 

JF Japan Small Cap A (dist) - USD 11,451,005.591 8,183,484.750 6,658,454.799 12,976,035.542 


JF Japan Small Cap C (acc) - USD 2,376,527.162 720,000.000 667,805.544 2,428,721.618 

JF Japan Small Cap D (acc) - USD 2,029,923.613 158,195.985 858,128.703 1,329,990.895 


JPMorgan Funds - JF Korea Equity Fund (4) 

3,147,490.170 - 2,145,095.963 1,002,394.207 

JPM JF Korea Equity A (acc) - USD - 797,494.086 - 797,494.086 

JPM JF Korea Equity A (acc) - EUR - 229,645.455 508.310 229,137.145 

JPM JF Korea Equity D (acc) - USD 


- 100,000.000 - 100,000.000 

JF Pacific Balanced A (acc) - USD 238,925.383 1,678,432.764 923,118.447 994,239.700 

JF Pacific Balanced A (dist) - USD 5,341,840.387 2,894,343.652 3,715,818.551 4,520,365.488 

JF Pacific Balanced B (acc) - USD - 505,300.000 - 505,300.000 

JF Pacific Balanced D (acc) - USD 

JPMorgan Funds - JF Pacific Equity Fund 

1,777,866.786 1,129,938.786 519,614.944 2,388,190.628 

JF Pacific Equity A (acc) - USD 1,584,582.371 3,844,583.620 1,252,312.708 4,176,853.283 

JF Pacific Equity A (acc) - EUR 472,520.055 475,362.522 484,962.338 462,920.239 

JF Pacific Equity A (dist) - USD 14,502,667.016 993,790.839 3,113,615.844 12,382,842.011 

JF Pacific Equity A (dist) - GBP 45,201.722 432.483 679.152 44,955.053 

JF Pacific Equity B (acc) - USD 15,679.473 977,109.748 11,134.018 981,655.203 

JF Pacific Equity C (acc) - USD 3,721,261.158 2,274,179.992 2,596,791.909 3,398,649.241 

JF Pacific Equity D (acc) - USD 2,837,051.351 4,956,947.553 5,407,607.785 2,386,391.119 

JF Pacific Equity D (acc) - EUR 46,626.153 2,500.000 2,889.941 46,236.212 

JF Pacific Equity I (acc) - USD 


3,096,442.665 - 844,136.531 2,252,306.134 

JF Pacific Technology A (acc) - USD 218,152.054 2,507,781.814 1,543,838.185 1,182,095.683 

JF Pacific Technology A (dist) - USD 2,728,818.978 1,476,228.698 1,280,886.969 2,924,160.707 

JF Pacific Technology A (dist) - GBP 6,574.362 425.914 572.138 6,428.138 



21






of the Period 


at the End 

of the Period 


JF Singapore A (acc) - USD 4,871,014.952 3,908,801.616 5,106,389.269 3,673,427.299 

JF Singapore A (dist) - USD 10,018,420.534 6,565,527.915 7,035,597.585 9,548,350.864 

JF Singapore B (acc) - USD 1,012,393.668 301,996.202 371,236.498 943,153.372 

JF Singapore C (acc) - USD 978,679.692 10,733.242 655,608.130 333,804.804 


JF Singapore I (acc) - USD 2,815,581.493 6,405,885.749 - 9,221,467.242 



26,647.112 - - 26,647.112 

JF Taiwan A (acc) - USD 12,131,269.525 14,389,443.792 12,370,785.886 14,149,927.431 

JF Taiwan A (dist) - USD 16,672,424.746 28,242,528.762 24,919,626.263 19,995,327.245 

JF Taiwan B (acc) - USD 30,296.352 - - 30,296.352 

JF Taiwan C (acc) - USD 650,352.670 255,877.348 359,047.766 547,182.252 

JF Taiwan D (acc) - USD 2,077,957.623 911,810.113 1,020,137.565 1,969,630.171 

JF Taiwan I (acc) - USD 13,679,303.195 4,349,704.216 2,659,122.361 15,369,885.050 


JPMorgan Funds - JF Tokyo Alpha Plus Fund 

137,846.885 - - 137,846.885 

JF Tokyo Alpha Plus A (acc) - JPY 5,411,056.343 1,542,626.846 5,453,729.408 1,499,953.781 

JF Tokyo Alpha Plus A (dist) - JPY 


1,957,506.667 157,310.624 1,881,888.686 232,928.605 




JPM Latin America Equity B (acc) - USD 2,646,728.225 286,439.914 1,082,333.067 1,850,835.072 



JPM Latin America Equity I (acc) - USD 24,322,260.984 6,795,554.150 930,072.256 30,187,742.878 



2,670,787.978 455,004.216 560,746.175 2,565,046.019 

JPM Middle East Equity A (acc) - USD 2,030,248.251 4,701,870.717 1,735,438.315 4,996,680.653 

JPM Middle East Equity A (dist) - USD 8,616,103.551 10,555,558.073 5,160,633.224 14,011,028.400 


JPM Middle East Equity D (acc) - USD 


3,135,784.213 1,300,682.533 1,267,735.044 3,168,731.702 

JPM Russia A (acc) - USD 5,742,019.484 16,103,226.540 7,467,658.304 14,377,587.720 

JPM Russia A (dist) - USD 5,960,202.819 6,606,076.755 4,235,852.011 8,330,427.563 

JPM Russia B (acc) - USD 962,540.079 2,674,262.923 830,508.056 2,806,294.946 

JPM Russia C (acc) - USD - 2,096,074.001 3,450.001 2,092,624.000 

JPM Russia D (acc) - USD 5,081,896.575 6,300,151.534 4,156,088.272 7,225,959.837 


JPMorgan Funds - Sterling Bond Fund 

- 12,196,714.082 - 12,196,714.082 

JPM Sterling Bond A (acc) - GBP 599,456.246 147,927.823 407,881.868 339,502.201 

JPM Sterling Bond A (dist) - GBP 153,538,499.591 2,185,239.673 19,150,637.384 136,573,101.880 

JPM Sterling Bond D (acc) - GBP 1,231,058.596 165,414.969 449,612.607 946,860.958 

JPM Sterling Bond X (acc) - GBP 

JPMorgan Funds - UK Equity Fund 

96,462.929 - 27,912.964 68,549.965 

JPM UK Equity A (acc) - GBP 3,986,802.894 562,332.303 2,932,254.572 1,616,880.625 

JPM UK Equity A (dist) - GBP 28,776,130.087 3,676,083.891 15,078,623.658 17,373,590.320 

JPM UK Equity C (acc) - GBP 2,297,109.382 425,303.223 416,185.257 2,306,227.348 

JPM UK Equity D (acc) - GBP 

JPMorgan Funds - US 130/30 Fund (5) 

5,647,377.766 94,497.944 4,454,028.939 1,287,846.771 

JPM US 130/30 A (acc) - USD - 344,885.579 7,348.872 337,536.707 

JPM US 130/30 A (acc) - EUR (hedged) - 289,282.467 2,861.925 286,420.542 

JPM US 130/30 D (acc) - USD - 269,528.493 149.451 269,379.042 

JPM US 130/30 D (acc) - EUR (hedged) - 264,903.639 1,753.663 263,149.976 

JPM US 130/30 X (acc) - USD 


- 230,425.830 - 230,425.830 

JPM US Aggregate Bond A (acc) - USD 1,820,355.397 11,582,643.023 2,573,336.036 10,829,662.384 


JPM US Aggregate Bond B (acc) - USD 1,759,737.185 24,198.731 - 1,783,935.916 

JPM US Aggregate Bond C (acc) - USD 2,016,264.732 2,316,843.694 1,083,133.604 3,249,974.822 

JPM US Aggregate Bond D (acc) - USD 1,693,954.341 1,903,124.360 1,701,200.750 1,895,877.951 



8,735,947.234 5,744,635.459 3,330,449.827 11,150,132.866 

JPM US Dynamic A (acc) - USD 143,261,125.337 17,282,428.005 80,202,183.027 80,341,370.315 

JPM US Dynamic A (acc) - EUR 12,660,864.667 1,624,568.161 5,400,248.493 8,885,184.335 

JPM US Dynamic A (dist) - USD 149,804,709.411 20,827,752.500 78,521,082.363 92,111,379.548 

JPM US Dynamic B (acc) - USD 8,481,744.694 507,886.488 4,778,164.328 4,211,466.854 



JPM US Dynamic D (acc) - EUR 93,162.319 40,341.775 34,978.665 98,525.429 


JPM US Dynamic I (acc) - EUR 32,407,618.093 3,413,985.490 8,038,585.209 27,783,018.374 


JPMorgan Funds - US Select 130/30 Fund (6) 

24,900,201.909 489,668.399 12,023,139.682 13,366,730.626 

JPM US Select 130/30 A (acc) - USD - 23,803,686.670 1,502,356.497 22,301,330.173 

JPM US Select 130/30 A (acc) - EUR (hedged) - 2,888,031.839 302,716.430 2,585,315.409 

JPM US Select 130/30 A (dist ) - USD - 1,959,574.395 170,447.645 1,789,126.750 

JPM US Select 130/30 C (acc) - USD - 7,378,752.400 421,782.623 6,956,969.777 

JPM US Select 130/30 D (acc) - USD - 346,016.404 259,196.549 86,819.855 

JPM US Select 130/30 D (acc) - EUR (hedged) - 596,065.906 509,349.476 86,716.430 

JPM US Select 130/30 X (acc) - USD - 17,617,589.387 231,705.096 17,385,884.291 

22






of the Period 


at the End 

of the Period 


JPM US Small Cap Growth A (acc) - USD 247,401.752 1,280,142.479 1,276,317.348 251,226.883 

JPM US Small Cap Growth A (dist) - USD 474,191.237 38,723.979 78,910.802 434,004.414 

JPM US Small Cap Growth A (dist) - GBP 150.903 854.644 854.644 150.903 

JPM US Small Cap Growth B (acc) - USD - 77,159.748 - 77,159.748 

JPM US Small Cap Growth D (acc) - USD 


1,986,086.238 103,704.713 966,718.944 1,123,072.007 

JPM US Strategic Growth A (acc) - USD 11,130,631.323 10,467,437.691 9,649,045.437 11,949,023.577 

JPM US Strategic Growth A (acc) - EUR (hedged) 3,375,084.945 5,142,439.600 3,622,042.036 4,895,482.509 

JPM US Strategic Growth A (dist) - USD 31,032,613.212 23,735,195.733 20,454,967.955 34,312,840.990 

JPM US Strategic Growth A (dist) - GBP 3,954.670 21,640.225 3,815.720 21,779.175 

JPM US Strategic Growth B (acc) - USD 1,735,426.034 1,185,907.745 789,496.356 2,131,837.423 

JPM US Strategic Growth C (acc) - USD 2,972,578.845 701,914.148 249,934.514 3,424,558.479 

JPM US Strategic Growth C (acc) - EUR (hedged) - 259,883.373 - 259,883.373 


JPM US Strategic Growth D (acc) - EUR (hedged) 26,490.066 43,309.799 18,936.737 50,863.128 



8,617,309.686 3,072,158.540 383,297.858 11,306,170.368 

JPM US Technology A (acc) - USD 388,244.856 3,733,200.592 2,204,869.410 1,916,576.038 

JPM US Technology A (dist) - GBP 33,371.059 411.890 2,947.885 30,835.064 

JPM US Technology A (dist) - USD 7,506,545.980 12,890,578.081 1,764,032.777 18,633,091.284 

JF US Technology A (dist) - USD 3,935,202.391 7,059,812.337 2,627,938.755 8,367,075.973 


JPM US Technology I (acc) - USD - 900,000.000 - 900,000.000 



- 3,084,498.359 - 3,084,498.359 

JPM US Value A (acc) - USD 27,746,806.522 5,277,182.385 18,347,580.279 14,676,408.628 

JPM US Value A (acc) - EUR (hedged) 1,442,636.034 1,019,046.743 1,208,600.266 1,253,082.511 

JPM US Value A (dist) - USD 54,218,371.671 5,845,777.683 25,896,423.920 34,167,725.434 

JPM US Value A (dist) - GBP 58,596.671 7,306.401 15,081.330 50,821.742 

JF US Value A (dist) - USD 178,063.555 35,866.138 132,843.366 81,086.327 

JPM US Value B (acc) - USD 505,584.866 - 483,476.145 22,108.721 



JPM US Value D (acc) - EUR (hedged) 239,224.571 280,476.828 284,538.358 235,163.041 

JPM US Value X (acc) - USD 7,707,216.974 331,545.000 1,005,920.787 7,032,841.187 








23




31 December 30 June 30 June 30 June 30 June 30 June 

2007 2007 2006 2005 2004 2003 


JPM America Equity A (acc) - USD 12.37 13.02 10.35 10.11 - - 

JPM America Equity A (acc) - EUR (hedged) - 11.28 - - - - 

JPM America Equity A (dist) - USD 94.10 99.09 78.70 77.43 71.71 62.92 

JF America Equity A (dist) - USD 50.49 53.17 42.23 41.53 38.55 33.91 

JPM America Equity B (acc) - USD 13.81 14.50 11.43 11.09 - - 

JPM America Equity C (acc) - USD 14.01 14.67 11.53 11.13 - - 

JPM America Equity D (acc) - USD 11.73 12.39 9.92 9.76 9.12 8.05 

JPM America Equity D (acc) - EUR 7.64 8.78 7.42 - - - 

JPM America Equity D (acc) - EUR (hedged) - 11.26 - - - - 



13.30 13.88 10.83 10.39 - - 

JPM America Large Cap A (acc) - USD 12.70 12.68 10.63 10.05 8.65 7.67 

JPM America Large Cap A (dist) - USD 11.30 11.29 9.47 9.04 - - 

JPM America Large Cap B (acc) - USD 12.05 11.99 10.00 - - - 



10.28 10.30 8.71 8.30 8.02 7.14 

JPM America Micro Cap A (acc) - USD 11.19 12.84 11.64 10.33 - - 

JPM America Micro Cap A (dist) - USD 113.74 130.55 118.35 105.08 92.77 69.23 

JF America Micro Cap A (dist) - USD 16.69 19.15 17.37 15.42 13.42 10.16 

JPM America Micro Cap D (acc) - USD 15.89 18.33 16.78 15.05 13.61 10.07 



- 13.82 12.29 10.72 - - 

JPM Brazil Alpha Plus A (acc) - USD 10.25 - - - - - 

JPM Brazil Alpha Plus D (acc) - USD 10.24 - - - - - 

JPM Brazil Alpha Plus I (acc) - USD 


10.28 - - - - - 

JPM Eastern Europe Equity A (acc) - EUR 26.04 22.69 16.87 10.96 - - 

JPM Eastern Europe Equity A (dist) - EUR 64.36 56.17 42.84 27.93 21.54 16.57 

JF Eastern Europe Equity A (dist) - EUR 43.06 37.55 28.58 18.63 14.37 11.05 

JPM Eastern Europe Equity B (acc) - EUR 16.05 10.72 9.66 - - - 

JPM Eastern Europe Equity C (acc) - EUR 25.15 21.83 16.05 10.33 - - 

JPM Eastern Europe Equity D (acc) - EUR 45.58 39.92 29.96 19.66 15.31 11.85 

JPM Eastern Europe Equity I (acc) - EUR 16.51 14.33 10.56 - - - 



29.30 25.31 18.49 11.80 - - 

JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 26.13 22.14 15.67 10.40 - - 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 76.46 64.84 46.84 31.30 24.37 17.07 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 16.05 13.57 9.57 12.67 - - 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 27.49 23.20 16.27 10.70 - - 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 56.54 48.15 34.42 23.07 18.41 13.01 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 18.13 15.30 10.73 - - - 

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


- - 9.77 10.49 - - 

JPM Emerging Markets Alpha Plus A (acc) - USD 15.92 14.17 - - - - 

JPM Emerging Markets Alpha Plus A (dist) - USD 15.90 14.17 - - - - 



15.81 14.15 - - - - 

JPM Emerging Markets Debt A (acc) - EUR 10.17 10.29 11.59 10.82 - - 

JPM Emerging Markets Debt A (dist) - EUR 9.33 10.21 12.90 13.36 11.43 14.14 

JPM Emerging Markets Debt C (acc) - EUR 12.01 9.99 - - - - 

JPM Emerging Markets Debt D (acc) - EUR 9.92 12.19 13.83 13.01 11.03 13.23 

JPM Emerging Markets Debt I (inc) - EUR 9.89 9.97 - - - - 



9.72 9.77 - - - - 

JPM Emerging Markets Equity A (acc) - USD 25.32 21.35 14.59 10.79 - - 

JPM Emerging Markets Equity A (acc) - EUR 13.74 12.60 9.11 - - - 

JPM Emerging Markets Equity A (dist) - USD 36.45 30.84 21.53 16.11 11.67 8.57 

JPM Emerging Markets Equity A (dist) - GBP 30.45 25.56 19.12 14.88 10.63 8.61 

JPM Emerging Markets Equity B (acc) - USD 26.82 22.56 15.36 11.32 - - 

JPM Emerging Markets Equity C (acc) - USD 26.28 22.06 14.95 10.97 - - 

JPM Emerging Markets Equity D (acc) - USD 40.68 34.47 23.79 17.78 12.92 9.52 

JPM Emerging Markets Equity D (acc) - EUR 10.07 9.28 6.78 - - - 

JPM Emerging Markets Equity I (acc) - USD 17.58 14.76 - - - - 

JPM Emerging Markets Equity I (inc) - EUR 11.71 10.85 7.81 - - - 

JPM Emerging Markets Equity X (acc) - USD 29.44 24.61 16.54 12.02 - - 



12.69 11.75 8.53 - - - 

JPM Emerging Markets Small Cap A (acc) - USD 10.08 - - - - - 

JPM Emerging Markets Small Cap A (acc) - EUR 6.86 - - - - - 

JPM Emerging Markets Small Cap A (dist) - GBP 5.06 - - - - - 

JPM Emerging Markets Small Cap C (acc)- USD* - - - - - - 

JPM Emerging Markets Small Cap D (acc)- USD 


10.06 - - - - - 

JPM Euro Liquid Reserve A (acc) - EUR 102.78 100.98 10.02 - - - 

JPM Euro Liquid Reserve D (acc) - EUR 104.17 102.39 - - - - 


JPM Euroland Equity A (acc) - EUR 15.24 16.66 13.04 10.69 - - 

JPM Euroland Equity A (dist) - EUR 53.06 59.30 47.29 39.46 32.76 27.18 

JPM Euroland Equity A (inc) - EUR 9.42 - - - - - 

JF Euroland Equity A (dist) - USD 13.91 14.29 10.77 8.48 7.11 5.53 

JPM Euroland Equity C (acc) - EUR 18.32 19.92 15.42 12.51 - - 

JPM Euroland Equity D (acc) - EUR 11.95 13.11 10.34 8.54 7.22 6.01 

JPM Euroland Equity I (acc) - EUR 11.89 12.92 - - - - 

JPM Euroland Equity X (acc) - EUR 9.79 - - - - - 

24





2007 2007 2006 2005 2004 2003 


JPM Euroland Select Equity A (acc) - EUR 9.44 - - - - - 

JPM Euroland Select Equity D (acc) - EUR 9.41 - - - - - 



10.06 - - - - - 

JPM Europe 130/30 A (acc) - EUR 9.29 10.09 - - - - 

JPM Europe 130/30 A (acc) - USD 14.95 - - - - - 

JPM Europe 130/30 A (dist) - EUR 9.14 - - - - - 

JPM Europe 130/30 A (dist) - GBP 6.74 - - - - - 

JPM Europe 130/30 D (acc) - EUR 9.24 10.09 - - - - 

JPM Europe 130/30 D (acc) - USD 14.95 - - - - - 



9.96 - - - - - 

JPM Europe Aggregate Plus Bond A (acc) - EUR 10.04 10.13 10.01 10.31 - - 

JPM Europe Aggregate Plus Bond A (inc) - EUR 5.72 6.02 6.23 6.67 6.38 6.53 

JPM Europe Aggregate Plus Bond B (acc) - EUR 10.17 10.24 10.09 10.36 - - 

JPM Europe Aggregate Plus Bond C (acc) - EUR 9.81 9.86 - - - - 

JPM Europe Aggregate Plus Bond D (acc) - EUR 10.36 10.46 10.38 10.73 11.35 11.71 



9.85 9.88 - - - - 

JPM Europe Balanced (EUR) A (acc) - EUR 12.05 12.58 11.37 10.45 - - 

JPM Europe Balanced (EUR) A (dist) - EUR 7.97 8.46 7.88 7.39 6.83 6.42 

JPM Europe Balanced (EUR) B (acc) - EUR 9.90 - - - - - 



11.77 12.32 11.18 10.33 9.55 8.98 

JPM Europe Convergence Equity A (acc) - EUR 19.95 20.45 13.40 10.93 - - 

JPM Europe Convergence Equity A (dist) - EUR 30.31 31.39 20.77 17.03 11.49 8.03 

JPM Europe Convergence Equity C (acc) - EUR 17.15 17.50 11.45 10.83 - - 



36.00 37.09 24.54 20.22 13.78 9.69 

JPM Europe Dynamic A (acc) - EUR 16.55 17.91 13.89 10.76 9.06 7.51 

JPM Europe Dynamic A (dist) - EUR 16.20 17.74 14.02 10.99 - - 

JPM Europe Dynamic A (dist) - GBP 18.07 18.08 14.68 11.27 9.26 8.54 

JF Europe Dynamic A (dist) - EUR 18.42 20.19 15.94 12.49 10.34 - 

JPM Europe Dynamic B (acc) - EUR 19.68 21.24 16.41 12.66 - - 

JPM Europe Dynamic C (acc) - EUR 20.00 21.53 16.55 12.71 - - 

JPM Europe Dynamic D (acc) - EUR 16.18 17.59 13.78 10.78 8.93 7.43 

JPM Europe Dynamic D (acc) - USD 26.49 26.48 19.62 14.52 - - 

JPM Europe Dynamic I (acc) - EUR - 13.24 - - - - 



20.25 21.71 16.55 12.60 - - 

JPM Europe Dynamic Mega Cap A (acc) - EUR 13.16 14.01 11.17 - - - 

JPM Europe Dynamic Mega Cap A (acc) - USD 14.79 - - - - - 

JPM Europe Dynamic Mega Cap A (dist) - EUR 11.00 11.91 9.51 - - - 

JPM Europe Dynamic Mega Cap A (inc) - EUR 11.31 12.20 9.74 - - - 

JPM Europe Dynamic Mega Cap B (acc) - EUR 11.51 12.23 9.71 - - - 

JPM Europe Dynamic Mega Cap C (acc) - EUR 12.50 13.26 10.48 - - - 

JPM Europe Dynamic Mega Cap D (acc) - EUR 11.85 12.69 10.21 - - - 

JPM Europe Dynamic Mega Cap D (acc) - USD 14.27 - - - - - 

JPM Europe Dynamic Mega Cap I (acc) - EUR 11.71 12.41 - - - - 



12.45 13.14 10.30 - - - 

JPM Europe Dynamic Small Cap A (acc) - EUR 20.97 24.82 17.45 12.19 - - 

JPM Europe Dynamic Small Cap A (dist) - EUR 12.90 15.27 10.76 - - - 

JPM Europe Dynamic Small Cap D (acc) - EUR 13.79 16.42 11.65 - - - 



13.35 15.72 10.87 - - - 

JPM Europe Equity A (acc) - EUR 13.76 15.52 12.71 10.54 - - 

JPM Europe Equity A (acc) - USD 19.37 20.08 15.56 12.37 10.72 8.35 

JPM Europe Equity A (dist) - EUR 46.70 53.65 44.85 37.79 32.40 26.83 

JF Europe Equity A (dist) - USD 55.53 58.63 46.30 36.79 31.82 24.71 

JPM Europe Equity B (acc) - EUR 16.08 18.08 14.72 12.14 - - 

JPM Europe Equity C (acc) - EUR 16.34 18.32 14.85 12.18 - - 

JPM Europe Equity D (acc) - EUR 11.27 12.75 10.53 8.79 7.57 6.28 

JPM Europe Equity D (acc) - USD 16.14 16.79 13.11 - - - 

JPM Europe Equity I (acc) - EUR 11.01 12.34 - - - - 

JPM Europe Equity I (inc) - EUR 8.91 10.16 - - - - 



16.38 18.30 14.73 12.00 - - 

JPM Europe Focus A (acc) - EUR 10.99 12.39 9.56 - - - 

JPM Europe Focus A (acc) - USD 14.92 - - - - - 

JPM Europe Focus A (dist) - EUR 10.22 11.61 - - - - 

JPM Europe Focus C (acc) - EUR 10.00 10.48 - - - - 

JPM Europe Focus D (acc) - EUR 10.80 12.23 9.53 - - - 

JPM Europe Focus D (acc) - USD 14.92 - - - - - 



9.49 10.60 - - - - 

JPM Europe High Yield Bond A (acc) - EUR 10.81 11.38 10.56 10.06 - - 

JPM Europe High Yield Bond A (dist) - EUR 2.68 3.00 2.98 3.03 3.05 3.10 

JPM Europe High Yield Bond C (acc) - EUR 10.01 - - - - - 

JPM Europe High Yield Bond D (acc) - EUR 7.19 7.58 7.08 6.78 7.61 7.70 

JPM Europe High Yield Bond X (acc) - EUR 9.59 - - - - - 

25





2007 2007 2006 2005 2004 2003 


JPM Europe Micro Cap A (acc) - EUR 13.46 17.45 11.56 - - - 

JPM Europe Micro Cap A (dist) - EUR 13.54 17.55 11.66 - - - 



12.97 16.90 11.29 - - - 

JPM Europe Select 130/30 A (acc) - EUR 9.00 10.06 - - - - 

JPM Europe Select 130/30 A (acc) - USD 14.88 - - - - - 

JPM Europe Select 130/30 A (dist) - GBP 6.52 - - - - - 

JPM Europe Select 130/30 D (acc) - EUR 8.96 10.06 - - - - 

JPM Europe Select 130/30 D (acc) - USD 14.88 - - - - - 



9.52 - - - - - 

JPM Europe Small Cap A (acc) - EUR 15.82 18.98 14.34 10.97 - - 

JPM Europe Small Cap A (dist) - EUR 45.34 54.43 41.42 31.92 24.31 18.31 

JPM Europe Small Cap A (dist) - GBP 16.52 18.20 14.24 10.73 8.16 6.35 

JF Europe Small Cap A (dist) - EUR 13.36 16.04 12.21 9.41 7.16 5.39 

JPM Europe Small Cap B (acc) - EUR 16.87 20.21 15.20 11.51 - - 

JPM Europe Small Cap C (acc) - EUR 17.15 20.50 15.34 11.63 - - 

JPM Europe Small Cap D (acc) - EUR 12.89 15.55 11.87 9.17 7.01 5.31 

JPM Europe Small Cap I (acc) - EUR 11.18 13.36 - - - - 



19.13 22.76 16.89 12.70 - - 

JPM Europe Strategic Growth A (acc) - EUR 15.54 16.87 13.18 10.68 - - 

JPM Europe Strategic Growth A (dist) - EUR 9.80 10.72 8.48 6.93 5.89 4.86 

JPM Europe Strategic Growth A (dist) - GBP 13.49 13.45 10.94 8.77 7.43 6.33 

JPM Europe Strategic Growth B (acc) - EUR 18.33 19.83 15.40 12.40 - - 

JPM Europe Strategic Growth C (acc) - EUR 15.77 17.03 13.18 10.57 - - 

JPM Europe Strategic Growth D (acc) - EUR 10.52 11.46 9.02 7.36 6.31 5.21 

JPM Europe Strategic Growth I (acc) - EUR 12.55 13.55 - - - - 

JPM Europe Strategic Growth I (inc) - EUR 12.80 13.97 10.81 - - - 



17.82 19.17 14.71 11.72 - - 

JPM Europe Strategic Value A (acc) - EUR 13.62 15.67 12.75 10.58 - - 

JPM Europe Strategic Value A (dist) - EUR 17.01 19.92 16.47 13.91 11.82 9.56 

JPM Europe Strategic Value A (dist) - GBP 19.16 20.48 17.32 14.38 12.33 10.31 

JPM Europe Strategic Value B (acc) - EUR 16.09 18.46 14.93 12.32 - - 

JPM Europe Strategic Value C (acc) - EUR 16.28 18.64 15.02 12.34 - - 

JPM Europe Strategic Value D (acc) - EUR 16.09 18.59 15.24 12.74 10.85 8.79 

JPM Europe Strategic Value I (acc) - EUR 10.84 12.42 - - - - 

JPM Europe Strategic Value I (inc) - EUR 11.23 13.20 10.65 - - - 



15.71 17.92 14.33 11.69 - - 

JPM Europe Technology A (acc) - EUR 14.30 15.62 11.99 10.46 - - 

JPM Europe Technology A (dist) - EUR 9.53 10.42 8.09 7.06 7.21 4.71 

JPM Europe Technology A (dist) - GBP 6.76 6.75 5.39 4.58 4.66 3.15 

JF Europe Technology A (dist) - EUR 5.18 5.66 4.41 3.84 3.92 2.56 

JPM Europe Technology D (acc) - EUR 5.17 5.68 4.40 3.88 4.00 2.63 



9.68 - - - - - 

JPM Germany Equity A (acc) - EUR 18.18 18.59 12.95 10.64 - - 

JPM Germany Equity A (dist) - EUR 10.10 10.48 7.43 6.20 5.43 4.40 

JF Germany Equity A (dist) - EUR 25.60 26.54 18.82 15.69 13.64 11.03 

JPM Germany Equity B (acc) - EUR 10.03 - - - - - 

JPM Germany Equity D (acc) - EUR 3.41 3.50 2.46 2.04 1.79 1.47 



10.21 - - - - - 

JPM Global Aggregate Bond A (acc) - USD 10.76 10.22 9.83 9.90 - - 

JPM Global Aggregate Bond A (dist) - USD 12.60 12.44 13.96 14.50 14.25 14.04 

JPM Global Aggregate Bond B (acc) - USD - - 9.68 9.72 - - 

JPM Global Aggregate Bond C (acc) - USD 10.72 10.15 9.71 9.75 - - 

JPM Global Aggregate Bond D (acc) - USD 13.39 12.75 12.31 12.44 12.20 12.08 



- 10.31 9.81 9.79 - - 

JPM Global Convertibles (EUR) A (acc) - EUR 12.83 12.66 11.28 10.13 - - 

JPM Global Convertibles (EUR) A (dist) - EUR 11.52 11.37 10.13 9.09 9.51 8.82 

JF Global Convertibles (EUR) A (dist) - USD 19.28 17.52 14.80 12.60 13.24 11.43 

JPM Global Convertibles (EUR) B (acc) - EUR 13.13 12.93 11.48 10.24 - - 

JPM Global Convertibles (EUR) C (acc) - EUR 13.35 13.13 11.61 10.35 - - 

JPM Global Convertibles (EUR) D (acc) - EUR 11.35 11.23 10.06 9.07 9.47 8.77 

JPM Global Convertibles (EUR) I (acc) - EUR 10.65 10.47 - - - - 

JPM Global Convertibles (EUR) I (inc) - EUR 10.46 10.55 - - - - 

JPM Global Convertibles (EUR) X (acc) - EUR 13.60 13.32 11.69 10.33 - - 

26





2007 2007 2006 2005 2004 2003 


JPM Global Dynamic A (acc) - USD 15.46 15.38 12.18 10.20 - - 

JPM Global Dynamic A (acc) - EUR 7.87 8.52 - - - - 

JPM Global Dynamic A (acc) - EUR (hedged)* - - - - - - 

JPM Global Dynamic A (dist) - USD 18.47 18.51 14.76 12.47 10.95 8.94 

JPM Global Dynamic A (dist) - GBP 13.30 13.24 11.48 10.05 8.73 7.85 

JPM Global Dynamic A (inc) - EUR 8.24 8.99 7.55 - - - 

JF Global Dynamic A (dist) - USD 17.16 17.19 13.71 11.58 10.18 - 

JPM Global Dynamic B (acc) - USD 18.14 18.01 14.21 11.85 - - 

JPM Global Dynamic C (acc) - USD 18.47 18.29 14.35 11.90 - - 

JPM Global Dynamic C (acc) - EUR 6.82 9.91 - - - - 

JPM Global Dynamic D (acc) - EUR 7.88 8.57 7.25 - - - 

JPM Global Dynamic D (acc) - EUR (hedged)* - - - - - - 

JPM Global Dynamic D (acc) - USD 17.88 17.88 14.31 12.10 10.73 8.82 

JPM Global Dynamic I (acc) - USD 10.29 10.19 - - - - 

JPM Global Dynamic X (acc) - USD 17.14 16.91 13.16 10.82 - - 



7.73 11.20 - - - - 

JPM Global Equity (EUR) A (acc) - EUR 12.91 13.26 11.73 10.42 - - 

JPM Global Equity (EUR) A (dist) - EUR 56.39 58.31 51.57 46.32 44.43 39.56 

JPM Global Equity (EUR) C (acc) - EUR 12.65 12.91 11.29 - - - 



7.79 8.03 7.16 6.41 6.18 5.54 

JPM Global Equity (USD) A (acc) - USD 13.87 13.64 11.77 10.15 - - 

JPM Global Equity (USD) A (dist) - USD 27.30 27.07 23.51 20.43 18.56 15.50 

JF Global Equity (USD) A (dist) - USD 47.65 47.24 41.04 35.64 32.39 27.04 

JPM Global Equity (USD) B (acc) - USD - - 10.30 - - - 

JPM Global Equity (USD) C (acc) - USD 15.76 15.42 13.16 11.23 - - 

JPM Global Equity (USD) D (acc) - USD 12.32 12.16 10.57 9.19 8.41 7.06 



11.95 11.65 9.87 - - - 

JPM Global Focus A (acc) - EUR 15.09 16.84 13.25 11.10 - - 

JPM Global Focus A (acc) - EUR (hedged)* - - - - - - 

JPM Global Focus A (dist) - EUR 20.46 22.95 18.14 15.26 13.35 11.00 

JF Global Focus A (dist) - USD 15.32 15.78 - - - - 

JPM Global Focus C (acc) - EUR 11.56 12.84 10.02 - - - 

JPM Global Focus D (acc) - EUR 19.97 22.39 17.80 15.06 13.26 11.00 

JPM Global Focus D (acc) - EUR (hedged)* - - - - - - 



16.98 18.78 14.53 11.95 - - 

JPM Global Life Sciences A (acc) - USD 12.10 12.19 11.35 10.71 - - 

JPM Global Life Sciences A (dist) - USD 7.90 7.96 7.40 6.99 7.50 6.18 

JPM Global Life Sciences A (dist) - GBP 3.99 3.99 4.03 3.92 4.16 3.78 

JF Global Life Sciences A (dist) - USD 5.43 5.47 - - - - 



5.08 5.14 4.83 4.61 5.00 4.14 

JPM Global Natural Resources A (acc) - EUR 24.12 23.52 16.78 11.32 - - 

JPM Global Natural Resources A (acc) - USD 21.70 19.45 - - - - 

JPM Global Natural Resources A (dist) - EUR 20.77 20.26 14.46 9.75 - - 

JPM Global Natural Resources B (acc) - EUR 14.71 14.31 10.17 - - - 

JPM Global Natural Resources C (acc) - EUR 21.36 20.73 14.65 9.80 - - 

JPM Global Natural Resources C (acc) - USD 17.04 15.20 - - - - 

JPM Global Natural Resources D (acc) - EUR 16.74 16.41 11.82 - - - 

JPM Global Natural Resources D (acc) - USD 15.29 13.78 - - - - 



24.40 23.58 16.53 10.96 - - 

JPM Global Real Estate Securities A (acc) - EUR 9.87 11.43 - - - - 

JPM Global Real Estate Securities A (inc) - EUR 9.72 11.42 - - - - 

JPM Global Real Estate Securities C (acc) - EUR 8.25 9.50 - - - - 

JPM Global Real Estate Securities D (acc) - EUR 9.77 11.35 - - - - 



8.31 9.53 - - - - 

JPM Global Real Estate Securities A (acc) - USD 10.34 11.64 - - - - 

JPM Global Real Estate Securities D (acc) - USD 10.23 11.57 - - - - 



9.93 11.09 - - - - 

JPM Global Socially Responsible A (acc) - USD 13.88 14.03 11.47 10.05 - - 

JPM Global Socially Responsible A (dist) - USD 8.53 8.62 7.05 6.23 5.79 4.99 



9.07 9.21 7.61 6.73 6.32 5.48 

JF Asia Alpha Plus A (acc) - USD 22.69 18.66 12.00 - - - 

JF Asia Alpha Plus A (dist) - USD 


9.43 - - - - - 

JF Asia Equity A (acc) - USD 20.91 18.32 12.48 10.30 - - 

JF Asia Equity A (dist) - USD 55.89 50.37 35.13 29.79 24.73 20.35 

JF Asia Equity A (dist) - GBP 17.47 15.72 11.92 10.52 8.52 7.73 

JF Asia Equity B (acc) - USD - - 10.51 10.64 - - 

JF Asia Equity C (acc) - USD 25.46 22.21 14.92 12.20 - - 

JF Asia Equity D (acc) - USD 23.98 21.08 14.47 12.03 10.40 8.57 

JF Asia Equity D (acc) - EUR 9.84 9.41 6.83 - - - 

JF Asia Equity I (acc) - USD 17.84 15.55 10.50 - - - 

JF Asia Equity X (acc) - USD 23.03 20.00 13.40 10.87 - - 

27





2007 2007 2006 2005 2004 2003 


JF China A (acc) - USD 38.08 27.28 14.96 10.34 - - 

JF China A (dist) - USD 63.20 45.51 25.16 17.47 16.64 11.84 

JF China B (acc) - USD 27.85 19.90 10.87 - - - 

JF China C (acc) - USD 37.58 26.79 14.56 9.97 - - 

JF China D (acc) - USD 47.87 34.45 19.08 13.33 12.80 9.15 

JF China I (acc) - USD 16.90 12.05 - - - - 



15.50 11.01 - - - - 

JF Greater China A (acc) - USD 23.85 18.92 11.97 10.09 - - 

JF Greater China A (dist) - USD 33.24 26.80 17.50 14.96 13.18 9.89 

JF Greater China B (acc) - USD 20.68 16.37 10.30 - - - 

JF Greater China C (acc) - USD 24.88 19.66 12.32 10.29 - - 

JF Greater China D (acc) - USD 36.96 29.46 18.81 16.01 14.16 10.65 



25.39 19.98 12.42 10.30 - - 

JF Hong Kong A (acc) - USD 21.95 16.33 11.52 10.31 - - 

JF Hong Kong A (dist) - USD 59.78 44.79 31.96 28.96 23.59 17.42 

JF Hong Kong B (acc) - USD 19.65 14.57 10.25 - - - 

JF Hong Kong C (acc) - USD 22.83 16.91 11.79 10.46 - - 



35.27 26.36 18.78 16.99 13.94 10.32 

JF India A (acc) - USD 34.43 24.64 15.58 11.16 - - 

JF India A (dist) - USD 102.76 76.86 48.95 35.08 22.46 13.72 

JF India B (acc) - USD 44.77 31.98 20.13 14.37 - - 

JF India C (acc) - USD 35.45 25.25 15.80 11.21 - - 

JF India D (acc) - USD 68.93 49.54 31.57 22.81 14.72 9.03 



38.30 27.17 16.87 11.88 - - 

JF Japan Alpha Plus A (acc) - USD 10.85 12.12 11.71 9.88 - - 

JF Japan Alpha Plus A (dist) - USD 13.99 15.62 15.10 12.74 - - 



13.53 15.17 14.82 12.62 - - 

JF Japan Equity A (acc) - USD 11.09 12.26 12.25 9.65 - - 

JF Japan Equity A (acc) - EUR 6.31 7.60 8.03 - - - 

JF Japan Equity A (acc) - JPY 942.00 1,134.00 1,049.00 - - - 

JF Japan Equity A (dist) - USD 28.10 31.07 31.05 24.44 24.38 17.04 

JF Japan Equity A (dist) - GBP 7.23 7.94 8.63 6.99 6.88 5.30 

JF Japan Equity B (acc) - USD 12.46 13.72 13.63 10.66 - - 

JF Japan Equity C (acc) - USD 12.60 13.86 13.71 10.69 - - 

JF Japan Equity D (acc) - USD 9.35 10.37 10.44 8.28 8.34 5.86 

JF Japan Equity D (acc) - EUR 5.24 6.32 6.73 - - - 

JF Japan Equity J (dist) - USD 15.05 16.64 16.63 13.09 13.08 9.17 

JF Japan Equity I (acc) - USD 9.19 10.11 - - - - 



12.38 13.56 13.32 10.30 - - 

JF Japan Small Cap A (acc) - USD 9.87 11.27 12.75 10.13 - - 

JF Japan Small Cap A (dist) - USD 9.42 10.76 12.17 9.67 10.64 5.74 

JF Japan Small Cap B (acc) - USD 8.94 10.20 11.49 - - - 

JF Japan Small Cap C (acc) - USD 6.74 7.67 8.59 - - - 

JF Japan Small Cap D (acc) - USD 7.64 8.78 10.03 8.05 8.95 4.85 



11.49 13.02 14.47 11.30 - - 

JF Korea Equity A (acc) - USD 10.12 - - - - - 

JF Korea Equity A (acc) - EUR 10.09 - - - - - 

JF Korea Equity D (acc) - USD 


10.12 - - - - - 

JF Pacific Balanced A (acc) - USD 14.87 14.10 11.48 10.02 - - 

JF Pacific Balanced A (dist) - USD 28.50 27.03 22.45 19.89 18.90 15.84 

JF Pacific Balanced B (acc) - USD 10.43 - - - - - 



20.41 19.40 15.86 13.91 13.23 11.10 

JF Pacific Equity A (acc) - USD 15.75 14.76 12.22 9.90 - - 

JF Pacific Equity A (acc) - EUR 9.53 9.72 8.50 - - - 

JF Pacific Equity A (dist) - USD 76.01 71.83 59.82 48.91 43.34 34.02 

JF Pacific Equity A (dist) - GBP 12.26 11.51 10.42 8.85 7.74 6.70 

JF Pacific Equity B (acc) - USD 16.28 15.21 12.43 10.01 - - 

JF Pacific Equity C (acc) - USD 16.02 14.95 12.25 9.83 - - 

JF Pacific Equity D (acc) - USD 16.56 15.59 12.99 10.61 9.42 7.41 

JF Pacific Equity D (acc) - EUR 7.54 7.72 6.80 - - - 



13.09 12.21 - - - - 

JF Pacific Technology A (acc) - USD 17.48 16.33 12.15 9.97 - - 

JF Pacific Technology A (dist) - USD 11.89 11.52 8.72 7.25 6.79 5.51 

JF Pacific Technology A (dist) - GBP 11.13 10.67 8.88 7.68 7.08 6.33 

JF Pacific Technology B (acc) - USD 9.78 - 8.52 - - - 

JF Pacific Technology D (acc) - USD 15.65 14.68 11.03 9.14 8.57 7.00 

28





2007 2007 2006 2005 2004 2003 


JF Singapore A (acc) - USD 27.71 27.70 15.57 11.07 - - 

JF Singapore A (dist) - USD 38.17 38.49 21.83 15.73 11.38 8.14 

JF Singapore B (acc) - USD 19.05 19.01 10.65 - - - 

JF Singapore C (acc) - USD 27.46 27.33 15.28 10.78 - - 

JF Singapore D (acc) - USD 49.78 50.02 28.40 20.42 14.89 10.67 

JF Singapore I (acc) - USD 18.05 17.96 10.34 - - - 



18.87 18.71 - - - - 

JF Taiwan A (acc) - USD 15.97 17.16 12.75 10.67 - - 

JF Taiwan A (dist) - USD 16.33 18.40 14.57 12.99 11.41 10.32 

JF Taiwan B (acc) - USD 12.07 12.95 9.59 - - - 

JF Taiwan C (acc) - USD 18.08 19.35 14.24 11.83 - - 

JF Taiwan D (acc) - USD 14.62 15.78 11.84 10.01 8.82 8.02 

JF Taiwan I (acc) - USD 12.69 13.58 - - - - 



12.40 13.21 9.66 - - - 

JF Tokyo Alpha Plus A (acc) - JPY 730.03 969.95 904.66 - - - 

JF Tokyo Alpha Plus A (dist) - JPY 744.12 987.81 920.98 - - - 

JF Tokyo Alpha Plus X (acc) - JPY 


- - 927.36 - - - 

JPM Latin America Equity A (acc) - USD 32.33 28.71 17.18 11.15 - - 

JPM Latin America Equity A (dist) - USD 61.74 55.03 33.32 22.00 13.90 10.50 

JF Latin America Equity A (dist) - USD 44.66 39.82 24.11 15.93 9.95 8.78 

JPM Latin America Equity B (acc) - USD 19.08 16.90 10.07 - - - 

JPM Latin America Equity C (acc) - USD 35.47 31.36 18.58 11.97 - - 

JPM Latin America Equity D (acc) - USD 50.27 44.86 27.11 17.78 11.28 8.72 

JPM Latin America Equity I (acc) - USD 20.59 18.21 10.80 - - - 



39.83 35.06 20.62 13.15 - - 

JPM Middle East Equity A (acc) - USD 22.03 17.46 11.88 11.02 - - 

JPM Middle East Equity A (dist) - USD 32.40 25.97 18.26 17.09 11.30 8.21 

JPM Middle East Equity B (acc) - USD 22.50 17.79 12.07 11.07 - - 



28.97 23.08 15.87 14.88 9.81 7.14 

JPM Russia A (acc) - USD 22.52 18.40 12.89 - - - 

JPM Russia A (dist) - USD 22.16 18.11 12.99 - - - 

JPM Russia B (acc) - USD 14.72 12.00 8.37 - - - 

JPM Russia C (acc) - USD 10.16 - - - - - 

JPM Russia D (acc) - USD 17.79 14.61 10.34 - - - 



11.09 - - - - - 

JPM Sterling Bond A (acc) - GBP 10.35 10.24 10.54 10.57 - - 

JPM Sterling Bond A (dist) - GBP 0.96 1.00 1.07 1.14 1.64 1.10 

JPM Sterling Bond D (acc) - GBP 10.48 10.40 10.77 10.85 9.91 10.31 



10.61 10.45 10.64 10.56 - - 

JPM UK Equity A (acc) - GBP 12.93 13.59 12.63 10.44 - - 

JPM UK Equity A (dist) - GBP 9.17 9.96 9.61 8.13 7.15 6.32 

JPM UK Equity C (acc) - GBP 14.19 14.84 13.67 11.20 - - 



9.06 9.55 8.94 7.44 8.27 7.31 

JPM US 130/30 A (acc) - USD 10.13 - - - - - 

JPM US 130/30 A (acc) - EUR (hedged) 7.39 - - - - - 

JPM US 130/30 D (acc) - USD 10.10 - - - - - 

JPM US 130/30 D (acc) - EUR (hedged) 7.36 - - - - - 



9.80 - - - - - 

JPM US Aggregate Bond A (acc) - USD 11.19 10.63 10.13 10.27 - - 

JPM US Aggregate Bond A (dist) - USD 11.71 11.53 11.37 11.87 11.41 11.89 

JPM US Aggregate Bond B (acc) - USD 11.06 10.48 9.96 - - - 

JPM US Aggregate Bond C (acc) - USD 11.09 10.50 9.96 - - - 

JPM US Aggregate Bond D (acc) - USD 12.68 12.05 11.52 11.72 11.18 11.63 



11.52 10.88 10.27 10.32 - - 

JPM US Dynamic A (acc) - USD 12.97 14.04 11.74 10.48 - - 

JPM US Dynamic A (acc) - EUR 7.38 8.68 7.68 - - - 

JPM US Dynamic A (dist) - USD 17.87 19.34 16.18 14.43 12.26 - 

JPM US Dynamic B (acc) - USD 14.42 15.58 12.98 11.54 - - 

JPM US Dynamic C (acc) - USD 15.65 16.86 13.97 12.34 - - 

JPM US Dynamic D (acc) - USD 17.16 18.67 15.77 14.21 12.19 - 

JPM US Dynamic D (acc) - EUR 7.09 8.39 7.50 - - - 

JPM US Dynamic I (acc) - USD 11.15 12.01 9.95 - - - 

JPM US Dynamic I (inc) - EUR 6.37 10.09 - - - - 

JPM US Dynamic X (acc) - USD 15.83 16.98 13.96 12.23 - - 

29





2007 2007 2006 2005 2004 2003 

JPMorgan Funds - US Select 130/30 Fund (6) 

JPM US Select 130/30 A (acc) - USD 10.14 - - - - - 

JPM US Select 130/30 A (acc) - EUR (hedged) 7.41 - - - - - 

JPM US Select 130/30 A (dist) - USD 10.32 - - - - - 

JPM US Select 130/30 C (acc) - USD 9.76 - - - - - 

JPM US Select 130/30 D (acc) - USD 10.10 - - - - - 

JPM US Select 130/30 D (acc) - EUR (hedged) 7.38 - - - - - 

JPM US Select 130/30 X (acc) - USD 


10.50 - - - - - 

JPM US Small Cap Growth A (acc) - USD 14.09 13.85 11.89 10.37 - - 

JPM US Small Cap Growth A (dist) - USD 97.08 95.41 81.93 71.48 66.30 52.35 

JPM US Small Cap Growth A (dist) - GBP 7.47 7.30 6.81 6.10 5.58 4.86 

JPM US Small Cap Growth B (acc) - USD 10.05 - - - - - 



9.60 9.47 8.19 7.20 6.74 5.36 

JPM US Strategic Growth A (acc) - USD 13.54 13.56 11.35 10.44 - - 

JPM US Strategic Growth A (acc) - EUR (hedged) 8.13 11.08 - - - - 

JPM US Strategic Growth A (dist) - USD 7.26 7.27 6.08 5.59 5.56 5.11 

JPM US Strategic Growth A (dist) - GBP 5.28 5.25 4.77 4.52 4.43 4.48 

JPM US Strategic Growth B (acc) - USD 12.57 12.54 10.43 - - - 

JPM US Strategic Growth C (acc) - USD 11.96 11.91 9.87 - - - 

JPM US Strategic Growth C (acc) - EUR (hedged) 6.71 - - - - - 

JPM US Strategic Growth D (acc) - USD 6.91 6.94 5.86 5.43 5.44 5.03 

JPM US Strategic Growth D (acc) - EUR (hedged) 8.08 11.06 - - - - 



12.87 12.77 10.50 - - - 

JPM US Technology A (acc) - USD 13.19 12.61 10.80 10.27 - - 

JPM US Technology A (dist) - USD 6.67 6.38 5.46 5.19 5.32 4.06 

JPM US Technology A (dist) - GBP 1.41 2.68 1.24 1.22 1.23 1.04 

JF US Technology A (dist) - USD 1.93 1.85 1.58 1.50 1.54 1.18 

JPM US Technology D (acc) - USD 1.83 1.75 1.52 1.46 1.51 1.16 

JPM US Technology I (acc) - USD 10.14 - - - - - 



9.70 - - - - - 

JPM US Value A (acc) - USD 13.05 13.54 11.29 10.42 - - 

JPM US Value A (acc) - EUR (hedged) 8.14 11.48 - - - - 

JPM US Value A (dist) - USD 16.41 17.03 14.19 13.19 11.53 9.80 

JPM US Value A (dist) - GBP 11.84 12.20 11.05 10.64 9.18 8.60 

JF US Value A (dist) - USD 14.41 14.96 12.46 11.58 10.13 - 

JPM US Value B (acc) - USD 14.41 14.90 12.33 11.30 - - 

JPM US Value C (acc) - USD 14.85 15.32 12.63 11.53 - - 

JPM US Value D (acc) - USD 15.72 16.37 13.75 12.78 11.27 9.65 

JPM US Value D (acc) - EUR (hedged) 8.07 11.42 - - - - 

JPM US Value X (acc) - USD 14.07 14.47 11.85 10.74 - - 







* Share Classes launched and closed during the period. 


30


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 organized under the Luxembourg Law of 20 December 2002 on Undertakings for Collective Investment as amended, Part I, as a Société 

Anonyme qualifying as a “Société d’Investissement à Capital Variable” (SICAV). As at 31 December 2007, it comprises 70 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. 

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 and X 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 “JF”. 

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. 

During the period, the following new Sub-Funds were launched: 

- JPMorgan Funds - US Select 130/30 Fund on 5 July 2007; 

- JPMorgan Funds - Euroland Select Equity Fund on 24 July 2007; 

- JPMorgan Funds - US 130/30 Fund on 2 August 2007; 

- JPMorgan Funds - JF Korea Equity Fund on 28 September 2007; 

- JPMorgan Funds - Brazil Alpha Plus Fund on 18 October 2007; 

- JPMorgan Funds - Emerging Markets Small Cap Fund on 15 November 2007. 

2. Significant Accounting Policies 

The Financial Statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments. 

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. 

In response to a deterioration of the market conditions pertaining to a number of asset classes/debt instruments during the 3rd quarter of 2007, 

widening bid-ask spreads on asset-backed and corporate securities and a sharp decline in market liquidity, the regular pricing basis for the funds - using 

the last available price for securities as supplied by independent price providers - had become an unreliable estimate of the realisable value of those 

instruments. As a result, from 21 December 2007, the Management Company, pursuant to the terms of the prospectus, has adopted other appropriate 

valuation principles to value a certain number of assets and introduced a pricing adjustment (the “Pricing Adjustment”), assessed and validated daily on 

JPMorgan Funds - Global Aggregate Bond Fund. 

As at 31 December 2007, “Investment in Securities at Market Value” includes a pricing adjustment of -1.50% on the portfolio of JPMorgan 

Funds - Global Aggregate Bond Fund. 

The Financial Statements are presented on the basis of the net asset value calculated on 31 December 2007. In accordance with the prospectus, 

the net asset values were calculated using the latest exchange rates known at the time of calculation. 

b) Realised and Unrealised Gains and Losses on Investments 

Realised and unrealised gains and losses on sales and holdings 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 in the 

Combined Statement of Operations and Changes in Net Assets. 

c) Income Recognition 

Interest income is accrued daily and includes the amortisation of premiums and accretion of discounts. 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, except where the 

withholding tax has been received or is receivable. 

d) 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 Changes in Net Assets. 

31


Notes to the Unaudited Financial Statements (continued) 


The reference currency of the Combined Statements is USD. The principal exchange rates applied as at 31 December 2007 are as follows: 

1 USD = 0.50203323 GBP 

1 USD = 0.68071202 EUR 

1 USD = 113.255 JPY 

e) Forward Foreign Exchange Contracts 

Unrealised gains or losses on outstanding forward currency exchange contracts are valued on the basis of forward 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 Net Change in 

Unrealised Gain/(Loss) on Financial Futures Contracts in the Combined Statement of Net Assets. 

f) 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” on a daily basis 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. 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. 

g) Option Contracts 

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. 

The Fund writes options on securities, futures and interest rate swaps (“swaptions ”). These options are settled in cash and subject the Fund to 

unlimited risk of loss. The Fund, 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 2007, the Fund had written options contracts outstanding 

as listed on its Portfolio of Investments. 

h) Total Return Swaps 

The Fund may enter into swap contracts in which the Fund 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 Fund to the counterparty and vice versa are 

calculated by reference to a specific security, 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. 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 “Total Return Swaps at Market Value” in the Combined Statement of Net Assets. 

i) 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 “Interest Rate Swaps at Market Value” in the Combined Statement of Net Assets. 

j) 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 “Credit Default Swaps at Market Value” in the Combined Statement of Net Assets. 

k) 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 Funds may enter into Dollar Rolls, principally using To Be Announced (“TBA”) Securities, in which the 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 Funds account for such Dollar Rolls as purchases and sales and receive compensation as consideration for entering 

into the commitment to repurchase. The 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 Funds are required to purchase may decline below the agreed 

upon repurchase price of those securities. 

The Funds had TBA Dollar Rolls outstanding as of 31 December 2007, which are included in Amounts Receivable on Sale of TBAs and 

Amounts Payable on Purchase of TBAs in the Combined Statement of Net Assets. 

l) Price Lock 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 price difference generated on a security, instrument, basket or index thereof. The payments made by the SICAV to the counterparty and vice 

versa are calculated by the price difference (current asset price and locked price) of a specific security, index, or other 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. 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, and other asset prices. 

The market values are recorded under “Price Lock Swaps at Market Value” in the Combined Statement of Net Assets. 

m) Forward Rate Agreements 

A Forward Rate Agreement is a forward contract in which one party pays a fixed interest rate, and receives a floating interest rate equal to a 

reference rate (the underlying rate). The payments are calculated over a notional amount over a certain period, and netted. The reference rate is 

fixed one or two days before the termination date, dependent on the market convention for the particular currency. 

The market values are recorded under “Forward Rate Agreements at Market Value” in the Combined Statement of Net Assets. 

32




n) Consolidation of Mauritian Subsidiary 

All income, expenses, receivables, payables and investments of Flagship Indian 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 - JF India Fund. Securities owned by the Subsidiary are individually disclosed in the 

Schedule of Investments of JPMorgan Funds - JF 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 30% 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 2007 to 31 December 2007, the SICAV paid dividends as follows: 


JF Eastern Europe Equity A (dist) - EUR EUR 0.02 28.09.07 

JPM Eastern Europe Equity A (dist) - EUR EUR 0.08 28.09.07 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD USD 0.05 28.09.07 

JPM Emerging Markets Alpha Plus A (dist) - USD USD 0.01 28.09.07 

JPM Emerging Markets Debt A (inc) - EUR EUR 0.74 28.09.07 

JPM Emerging Markets Debt I (inc) - EUR EUR 0.01 28.09.07 

JPM Emerging Markets Equity A (dist) - GBP GBP 0.07 28.09.07 

JPM Emerging Markets Equity A (dist) - USD USD 0.11 28.09.07 

JPM Emerging Markets Equity I (inc) - EUR EUR 0.15 28.09.07 

JPM Emerging Markets Equity X (inc) - EUR EUR 0.21 28.09.07 

JF Euroland Equity A (dist) - USD USD 0.29 28.09.07 

JPM Euroland Equity A (dist) - EUR EUR 1.18 28.09.07 

JPM Europe Aggregate Plus Bond A (inc) - EUR EUR 0.25 28.09.07 

JPM Europe Balanced (EUR) A (dist) - EUR EUR 0.14 28.09.07 

JPM Europe Convergence Equity A (dist) - EUR EUR 0.29 28.09.07 

JF Europe Dynamic A (dist) - EUR EUR 0.24 28.09.07 

JPM Europe Dynamic A (dist) - EUR EUR 0.21 28.09.07 

JPM Europe Dynamic A (dist) - GBP GBP 0.22 28.09.07 

JPM Europe Dynamic Mega Cap A (dist) - EUR EUR 0.18 28.09.07 

JPM Europe Dynamic Mega Cap A (inc) - EUR EUR 0.14 28.09.07 

JF Europe Equity A (dist) - USD USD 0.99 28.09.07 

JPM Europe Equity A (dist) - EUR EUR 0.91 28.09.07 

JPM Europe Equity I (inc) - EUR EUR 0.15 28.09.07 

JPM Europe Focus A (dist) - EUR EUR 0.09 28.09.07 

JPM Europe High Yield Bond A (inc) - EUR EUR 0.17 28.09.07 

JPM Europe Small Cap A (dist) - GBP GBP 0.10 28.09.07 

JPM Europe Strategic Growth A (dist) - EUR EUR 0.07 28.09.07 

JPM Europe Strategic Growth A (dist) - GBP GBP 0.08 28.09.07 

JPM Europe Strategic Growth I (inc) - EUR EUR 0.13 28.09.07 

JPM Europe Strategic Value A (dist) - EUR EUR 0.31 28.09.07 

JPM Europe Strategic Value A (dist) - GBP GBP 0.32 28.09.07 

JPM Europe Strategic Value I (inc) - EUR EUR 0.31 28.09.07 

JF Germany Equity A (dist) - EUR EUR 0.34 28.09.07 

JPM Germany Equity A (dist) - EUR EUR 0.14 28.09.07 

JPM Global Aggregate Bond A (inc) - USD USD 0.48 28.09.07 

JPM Global Convertibles (EUR) I (inc) - EUR EUR 0.26 28.09.07 

JF Global Dynamic A (dist) - USD USD 0.12 28.09.07 

JPM Global Dynamic A (dist) - GBP GBP 0.10 28.09.07 

JPM Global Dynamic A (dist) - USD USD 0.13 28.09.07 

JPM Global Dynamic A (inc) - EUR EUR 0.07 28.09.07 

JPM Global Equity (EUR) A (dist) - EUR EUR 0.38 28.09.07 

JF Global Equity (USD) A (dist) - USD USD 0.35 28.09.07 

JPM Global Equity (USD) A (dist) - USD USD 0.20 28.09.07 

JPM Global Focus A (dist) - EUR EUR 0.12 28.09.07 

JF Global Focus A (dist) - USD USD 0.07 28.09.07 

JF Asia Equity A (dist) - GBP GBP 0.55 28.09.07 

JF Asia Equity A (dist) - USD USD 1.48 28.09.07 

JF China A (dist) - USD USD 0.31 28.09.07 

JF Greater China A (dist) - USD USD 0.50 28.09.07 

JF Hong Kong A (dist) - USD USD 0.39 28.09.07 

JF India A (dist) - USD USD 3.49 28.09.07 

JF Latin America Equity A (dist) - USD USD 

33 

0.15 28.09.07





JF Pacific Equity A (dist) - GBP GBP 0.09 28.09.07 

JF Pacific Equity A (dist) - USD USD 0.56 28.09.07 

JF Pacific Technology A (dist) - GBP GBP 0.35 28.09.07 

JF Pacific Technology A (dist) - USD USD 0.42 28.09.07 

JF Singapore A (dist) - USD USD 0.31 28.09.07 

JF Taiwan A (dist) - USD USD 0.87 28.09.07 

JPM Global Real Estate Securities (EUR) A (inc) - EUR EUR 0.12 28.09.07 

JPM Latin America Equity A (dist) - USD USD 0.20 28.09.07 

JPM Middle East Equity A (dist) - USD USD 0.29 28.09.07 

JPM Sterling Bond A (dist) - GBP GBP 0.05 28.09.07 

JPM Sterling Fixed Income Fund C (dist) - GBP GBP 1.11 28.09.07 

JPM UK Equity A (dist) - GBP GBP 0.31 28.09.07 

JPM US Aggregate Bond A (dist) - USD USD 0.43 28.09.07 

JPM US Dynamic I (inc) - EUR EUR 0.01 28.09.07 

It is intended that all those Classes of Shares with the suffix “(dist)” will distribute at least 85% of the net investment income attributable to such 

Classes of Shares, computed broadly in accordance with the definition of net taxable income under United Kingdom corporation tax principles 

(subject to the application of any de minimis threshold) so that these Classes of Shares of the Fund continue to qualify as “distributing” for the 

purposes of United Kingdom tax legislation relating to offshore Sub-Funds. 

Classes of Shares with the suffix “(inc)” may pay dividends but will not qualify as “distributing” for the purposes of United Kingdom tax 

legislation relating to offshore Funds. 

Those Classes of Shares with the suffix “(acc)” will not normally pay dividends. 

5. Taxation 

Under current law and practice in the Grand Duchy of Luxembourg, the SICAV is not liable to any income tax, nor are dividends distributed by 

the SICAV liable to any withholding tax. However, the SICAV, with the exception of those share classes identified in the Appendix, is liable to 

an asset based tax of 0.05% per annum, such tax being payable quarterly and calculated on the total net assets of each Sub-Fund at the end of the 

relevant quarter. For the Sub-Funds’ share classes identified in the Appendix, the rate is 0.01% per annum. No tax is payable on the portion of 

assets invested in other undertakings for collective investment subject to such tax. 

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. 

6. Fees and Expenses 

a) All Sub-Funds - Share Classes A (acc), A (acc) - (hedged), A (dist), A (inc), B (acc), D (acc), D (acc) - (hedged) and J (dist) 

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, extraordinary costs or performance fees, if any. 

No other costs are charged to these Classes of shares, and the Investment Manager 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 Investment Manager and included within “Investment Management Fees”. To the extent that actual 

operating costs exceed the fixed percentage, the amount borne by the Investment Manager will be separately disclosed as a “Fee Waiver’’ in the 

Combined Statement of Net Assets and the Combined Statement of Operations and Changes in Net Assets. 

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 C (acc), C (acc) - (hedged), I (acc) and I (inc) 

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, 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 (acc) and X (inc) 

The Annual Management Fee that would normally be payable in respect of the X (acc) and X (inc) 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 (acc) and X (inc) 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. 

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 Fees”) equal to the given percentage (the 

“Performance Fees Rate”, as set out in the Appendix V to the Prospectus) of the Share Class Return (as defined below) in excess of the Benchmark 

Return and the High Water Mark Return where applicable (the “Excess Return”). On each Valuation Day, an accrual for the previous Valuation Day’s 

Performance Fees is made, when appropriate, and the final Performance Fees are payable annually. Pursuant to the provisions of the relevant 

Investment Management Agreement, the Investment Manager may be entitled to receive the Performance Fees from the Management Company. 

34




Performance Fees Accruals 

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 

Appendix V to the Prospectus), the Performance Fees accrual is increased by the Performance Fees 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 Fees accrual is reduced (but not below zero) by the Performance Fees 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 Fees accrual 

has been reduced to zero, no new Performance Fees are 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 Fees accrued on 

any Valuation Day are reflected in the Net Asset Value per Share on the basis of which subscriptions and redemptions may be accepted. 

The Performance Fees are accrued daily and paid at the end of the financial year. Performance Fees are recorded separately in the Combined 

Statement of Operations and Changes in Net Assets. 

As of 31 December 2007, the Performance Fees rate and the benchmarks are as follows: 

Sub-Fund Performance Benchmark 

Fees Rate 

JPMorgan Funds - 

10% Russell Micro Cap Index (Total Return Net) 

America Micro Cap Fund 


Morgan Stanley Capital International (MSCI) Emerging 

10% 

Emerging Markets Alpha Plus Fund 

Markets (Total Return Net) 


10% HSBC Smaller Pan-European (Total Return Gross) 

Europe Dynamic Small Cap Fund 


Morgan Stanley Capital International (MSCI) Europe (Total 

10% 

Europe 130/30 Fund 

Return Net) 



10% 

Europe Focus Fund 

Return Net) 


10% HSBC Smaller Pan-European Index (Total Return Gross) 

Europe Micro Cap Fund 



10% 

Europe Select 130/30 Fund 

Return Net) 


Morgan Stanley Capital International (MSCI) All Countries Far 

10% 

JF Asia Alpha Plus Fund 

East ex-Japan Index (Total Return Net) 


10% Tokyo Stock Price Index (TOPIX) (Total Return Net) 

JF Japan Alpha Plus Fund 


10% Tokyo Stock Price Index (TOPIX) (Total Return Net) 

JF Tokyo Alpha Plus Fund 


Standard & Poor’s (S&P) rating Group 500 Index (Total 

10% 

US 130/30 Fund 

Return Net) 


US Select 130/30 Fund 

10% 

Standard & Poor’s (S&P) rating Group 500 Index (Total 

Return Net) 

7. 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. 

8. Information for Swiss Registered Shareholders 

J.P. Morgan (Suisse) S.A. was authorised by the Federal Banking Commission as Swiss representative of the SICAV and acts also as paying 

agent. The prospectus, the simplified prospectus, the articles, the annual and semi-annual reports of the SICAV, as well as the 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, J.P. Morgan (Suisse) S.A., 8 rue de la Confédération, P.O. Box 5160, CH-1211 Geneva 11, 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 fund units for the 

economic benefit of third parties. 

9. Information for German Registered Shareholders 

A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period 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. 

10. Securities Lending 

The SICAV may lend portions of its securities portfolio to third parties. Such lending may only be effected via recognised clearing houses, or 

through the intermediary of prime financial institutions that specialise in such activities and in the modus specified by them. Such transactions 

may not be entered into for longer than 30 days. If the loan of securities exceeds 50% of the securities portfolio of the Sub-Fund concerned, it 

may only be effected on condition that it is possible to terminate the loan contract with immediate effect. The Directors will ensure that 

revenues arising from securities lending arrangements and the division thereof are in accordance with usual market practice and that the 

Sub-Fund retains an appropriate share thereof. During the period, 65% of any incremental income earned from securities lending was accrued 

to the applicable Sub-Fund, with the remaining income payable to the relevant parties which arrange the transaction. The income earned from 

the securities lending program is detailed in the Combined Statement of Operations and Changes in Net Assets. 

35




As at 31 December 2007, the SICAV valuation of securities on loan dealt with the Custodian was USD 6,051,769,709, as detailed below and 

received collateral as security with a market value of USD 7,617,911,265. 


JPMorgan Funds - America Equity Fund 81,911,073 

JPMorgan Funds - America Large Cap Fund 852,128 

JPMorgan Funds - America Micro-Cap Fund 3,897,363 

JPMorgan Funds - Eastern Europe Equity Fund 17,391,288 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 6,720,932 

JPMorgan Funds - Emerging Markets Debt Fund 41,831,044 

JPMorgan Funds - Emerging Markets Equity Fund 132,270,016 

JPMorgan Funds - Euroland Equity Fund 979,826,192 

JPMorgan Funds - Europe 130/30 Fund 956,651 

JPMorgan Funds - Europe Aggregate Plus Bond Fund 2,569,794 

JPMorgan Funds - Europe Balanced Fund (EUR) 15,373,788 

JPMorgan Funds - Europe Convergence Equity Fund 1,307,638 

JPMorgan Funds - Europe Dynamic Fund 191,594,489 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 137,873,113 

JPMorgan Funds - Europe Equity Fund 609,727,929 

JPMorgan Funds - Europe High Yield Bond Fund 14,407,119 

JPMorgan Funds - Europe Select 130/30 Fund 1,204,529 

JPMorgan Funds - Europe Small Cap Fund 242,641,837 

JPMorgan Funds - Europe Strategic Growth Fund 521,339,737 

JPMorgan Funds - Europe Strategic Value Fund 923,351,028 

JPMorgan Funds - Europe Technology Fund 42,697,831 

JPMorgan Funds - Germany Equity Fund 291,280,968 

JPMorgan Funds - Global Aggregate Bond Fund 468,525 

JPMorgan Funds - Global Dynamic Fund 177,061,243 

JPMorgan Funds - Global Equity Fund (EUR) 4,105,299 

JPMorgan Funds - Global Equity Fund (USD) 17,817,974 

JPMorgan Funds - Global Focus Fund 106,343,376 

JPMorgan Funds - Global Life Sciences Fund 1,102,741 

JPMorgan Funds - Global Real Estate Securities Fund (EUR) 509,181 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 384,725 

JPMorgan Funds - JF Asia Equity Fund 6,793,568 

JPMorgan Funds - JF Japan Equity Fund 279,275,244 

JPMorgan Funds - JF Pacific Balanced Fund 18,908,289 

JPMorgan Funds - JF Pacific Equity Fund 163,754,972 

JPMorgan Funds - JF Pacific Technology Fund 3,651,882 

JPMorgan Funds - Latin America Equity Fund 271,582,060 

JPMorgan Funds - UK Equity Fund 58,734,837 

JPMorgan Funds - US Dynamic Fund 459,968,887 

JPMorgan Funds - US Small Cap Growth Fund 461,664 

JPMorgan Funds - US Strategic Growth Fund 15,110,767 

JPMorgan Funds - US Technology Fund 3,212,433 

JPMorgan Funds - US Value Fund 201,495,555 

11. Authorization of Sub-Funds in Hong Kong 

The following Sub-Funds are authorized in Hong Kong and available to Hong Kong Residents: 



























36

















12. Statement of Changes in Investments 

A list, specifying for each investment within each Sub-Fund the total purchases and sales which occurred during the period 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 at the registered office of the SICAV. 

13. Subsequent Events 

Subsequent to period-end, the following significant events have occurred: 

For accounting periods from 1 January 2008, the benchmark used for the calculations of the Performance Fees for the Euro hedged Share 

Classes of JPMorgan Funds - US 130/30 Fund and JPMorgan Funds - US Select 130/30 has changed from Standard & Poor’s (S&P) Rating 

Group 500 Index (Total Return Net) to Standard & Poor’s (S&P) Rating Group 500 Index (Total Return Net) hedged to Euro. 

JPMorgan Funds - JF Tokyo Alpha Plus Fund was renamed JPMorgan Funds - Japan Dynamic Fund on 1 January 2008. 

JPMorgan Funds - Europe Strategic Growth Small Cap Fund was launched on 10 January 2008. 

JPMorgan Funds - Europe Strategic Value Small Cap Fund was launched on 10 January 2008. 

JPMorgan Funds - Emerging Markets Local Currency Debt Fund was launched on 24 January 2008. 

JPMorgan Funds - Highbridge Europe STEEP Fund was launched on 7 February 2008. 

From 11 January 2008, the Management Company of the SICAV has decided to Fair Value the following Sub-Funds on a daily basis: 

JPMorgan Funds - Sterling Bond Fund; 

JPMorgan Funds - Europe Aggregate Plus Bond Fund. 

37




Quantity/ 

Nominal 

Value 

Name of Securities Market 

Value 

% of 

Net 

Assets 


CANADA 

Shares 


UNITED STATES OF AMERICA 

17,875,380 1.70 

91,700 3M 

245,400 Aetna 

280,300 Aflac 

7,843,101 

14,309,274 

17,600,037 

0.74 

1.36 

1.67 

MEXICO 

271,900 Cemex ADR Participation Certificates 7,232,540 0.69 


225,753 AMBAC Financial Group 



28,446,840 

6,041,150 

13,244,575 

13,606,497 

2.70 

0.57 

1.26 

1.29 

BERMUDA 

116,900 Lazard - A Shares 

7,232,540 

4,754,323 

0.69 

0.44 


46,800 Apple 

14,042,366 

9,397,440 

1.33 

0.89 

4,754,323 0.44 

55,300 Baker Hughes 

127,600 Ball 

4,596,536 

5,822,388 

0.44 

0.55 

Total Shares 1,028,289,415 97.56 



167,800 Cablevision Systems - A Shares 


26,764,265 

10,800,447 

4,111,100 

7,051,092 

2.54 

1.02 

0.39 

0.67 




1,028,289,415 

1,028,289,415 

97.56 

97.56 

261,800 Cardinal Health 15,184,400 1.44 

157,900 Celanese - A Shares 6,704,434 0.64 

Cash 27,148,571 2.58 

156,136 Chevron 14,762,659 1.40 



18,080,174 

9,912,747 

1.72 

0.94 


154,800 Clorox 

759,700 Comcast Special - A Shares 

10,193,580 

13,917,704 

0.97 

1.32 


224,700 Community Health Systems 8,289,183 0.79 

123,200 ConocoPhillips 11,070,752 1.05 


498,800 Dell 

17,639,448 

12,481,073 

1.67 

1.18 


%of 

Net Assets 

145,850 Devon Energy 13,260,682 1.26 

287,700 Dover 


789,700 El Paso 



197,400 Genworth Financial - A Shares 





771,800 Intel 



13,306,125 

11,912,400 

13,796,059 

7,429,104 

13,837,955 

5,027,778 

8,117,160 

9,936,160 

20,454,944 

11,263,575 

20,938,934 

16,656,810 

8,417,250 

1.26 

1.13 

1.31 

0.70 

1.31 

0.48 

0.77 

0.94 

1.94 

1.07 

1.99 

1.58 

0.80 

Shares 


Financials 


Health Care 

Industrials 


Utilities 

Energy 

Materials 


Total Shares 


19.79 

15.42 

14.62 

11.06 

9.28 

8.14 

6.46 

6.18 

3.62 

2.99 

97.56 

2.44 


121,500 Lexmark International - A Shares 

14,182,189 

4,263,435 

1.35 

0.40 

Total 

100.00 

75,540 Liberty Media - Capital - A Shares 8,915,231 0.85 

87,700 MBIA 1,741,722 0.17 

513,500 Merck & Co. 30,183,530 2.86 

1,343,000 Microsoft 48,388,290 4.59 



14,085,632 

9,802,098 

1.34 

0.93 


%of 

Net Assets 

550,800 News - A Shares 


218,800 Oshkosh Truck 







220,600 Rohm & Haas 

283,200 Royal Caribbean Cruises 



387,200 Spirit Aerosystems Holdings - A Shares 

11,522,736 

21,556,826 

10,432,384 

6,865,944 

6,397,200 

18,978,774 

10,537,410 

8,665,020 

16,054,615 

11,954,314 

12,058,656 

14,049,400 

17,269,200 

13,385,504 

1.09 

2.05 

0.99 

0.65 

0.61 

1.80 

1.00 

0.82 

1.52 

1.13 

1.14 

1.33 

1.64 

1.27 

Shares 


Financials 


Health Care 

Industrials 

Energy 

Utilities 


Materials 


Total Shares 


19.15 

19.08 

18.28 

12.70 

9.93 

4.74 

4.25 

3.22 

2.87 

2.18 

96.40 

3.60 

368,800 Sprint Nextel 


4,967,736 

7,141,272 

0.47 

0.68 

Total 

100.00 

223,800 Travelers 12,232,908 1.16 





130,000 Wachovia 5,002,400 0.47 

638,700 Wal-Mart Stores 30,753,405 2.92 

173,300 Wells Fargo & Co. 5,252,723 0.50 

301,000 Williams Companies 10,917,270 1.04 

151,200 Wyeth 6,714,792 0.64 

400,000 Wyndham Worldwide 9,568,000 0.91 

421,600 Xcel Energy 9,595,616 0.91 

120,000 Xilinx 2,641,200 0.25 

392,200 Yahoo! 9,197,090 0.88 

998,427,172 94.73 

38 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Settlement 

Date 

Currency 

Amount 


39 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-08 EUR 17,573,456 USD 25,844,921 (20,627) 

17-Jan-08 USD 605,344 EUR 419,335 (10,871) 

Total 

(31,498)




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


HUNGARY 

Shares 

830,607 Magyar Telekom Telecommunications ADR 

227,900 OTP Bank 

14,700,508 

7,905,160 

0.83 

0.45 

RUSSIA 


Shares GDR 

763,090 Chelyabinsk Zink Plant 

531,265 Chelyabinsk Zink Plant GDR 

12,360,591 

5,830,765 

4,122,679 

0.69 

0.33 

0.23 

CYPRUS 

902,552 XXI Century Investments Public 

22,605,668 

17,622,425 

1.28 

0.99 

1,613,587 Cherkizovo Group Registered Shares GDR 

4,416,220 Comstar United Telesystems GDR 

1,692,000 DIXY Group 

412,256 Evraz Group Registered Shares GDR 

15,190,707 

36,374,706 

16,815,765 

21,608,326 

0.86 

2.05 

0.95 

1.22 

JERSEY 

849,824 Kazakhgold Registered Shares GDR 

17,622,425 

14,491,060 

0.99 

0.82 

697,344 Fifth Power Generation GDR 

1,930,378 Gazpromneft ADR 

4,186,415 

41,129,186 

0.24 

2.32 

14,491,060 0.82 

2,554,188 Magnitogorsk Iron & Steel Works Registered 

Shares GDR 

1,518,003 Mechel ADR 

728,085 MMC Norilsk Nickel ADR 

29,146,657 

102,469,464 

133,320,761 

1.64 

5.78 

7.52 

NETHERLANDS 

2,712,200 AMTEL Vredestein Registered Shares GDR 

343,571 Efes Breweries International GDR 

5,280,210 

7,483,933 

0.30 

0.42 

505,448 Mobile Telesystems ADR 

221,240 OAO Pharmacy Chain 36.6 

34,839,974 

10,858,312 

1.97 

0.61 

12,764,143 0.72 

335,835 Open Investments 70,894,105 4.00 BERMUDA 

957,251 Polyus Gold ADR 29,974,164 1.69 1,360,430 EastPharma Registered Shares GDR 9,631,034 0.54 



9,631,034 0.54 

4,933,167 RTM 

55,988,540 Sberbank 

215,699 Severstal JSC 

10,301,069 

160,451,824 

3,330,080 

0.58 

9.05 

0.19 

ROMANIA 

553,100 A&D Pharma Holding GDR 8,296,500 0.47 

569,156 Severstal Registered Shares GDR 

781,916 Severstal-Avto 

8,814,063 

28,262,986 

0.50 

1.59 

8,296,500 0.47 

1,559,850 Sistema JSFC Registered Shares GDR 44,595,963 2.52 UNITED STATES OF AMERICA 

1,405,700 Sistema-Hals Registered Shares GDR 9,568,769 0.54 1,740,600 BMB Munai 7,390,604 0.42 



7,390,604 0.42 

946,800 Unified Energy System Registered Shares GDR 83,140,260 4.69 

Total Shares 1,652,417,247 93.21 

TURKEY 

7,056,124 Akbank 

2,281,651 Arcelik 

986,621,252 

35,941,248 

10,692,124 

55.66 

2.04 

0.60 



2,801,443 JPMorgan Russian Securities 27,500,761 1.55 

7,695,946 Is Finansal Kiralama 

7,387,000 KOC Holding 

9,945,666 

26,661,138 

0.56 

1.50 

27,500,761 1.55 

1,321,300 Reysas Logistics 

869,597 Tekfen Holding 

4,807,290 

3,239,790 

0.27 

0.18 


4,867,417 Trakya Cam Sanayii 


5,821,432 Turk Ekonomi Bankasi 

7,933,695 

19,029,969 

9,963,136 

0.45 

1.07 

0.56 



1,679,918,008 94.76 

10,371,837 Turk Sise ve Cam Fabrikalari 

5,965,300 Turkiye Garanti Bankasi 

14,249,072 

37,503,772 

0.80 

2.13 


12,768,100 Turkiye Is Bankasi - C Shares 55,745,067 3.14 Investment Funds 


3,640,700 Yapi ve Kredi Bankasi 

7,904,144 

8,774,131 

252,390,242 

0.45 

0.49 

14.24 

LUXEMBOURG 



POLAND 

24,935,423 1.41 

115,800 Bank Pekao 

279,400 Bank Pekao Registered Shares GDR 

7,424,561 

17,881,796 

0.42 

1.01 


349,120 KGHM Polska Miedz 

513,673 KGHM Polska Miedz GDR 

2,522,200 Powszechna Kasa Oszczednosci Bank Polski 

10,367,615 

30,665,479 

37,099,830 

0.58 

1.74 

2.09 



24,935,423 1.41 

2,280,160 Telekomunikacja Polska 

3,161,384 Telekomunikacja Polska GDR 

14,593,996 

20,874,324 

0.82 

1.18 


Shares 

138,907,601 7.84 

RUSSIA 

AUSTRIA 

267,500 Erste Bank der Oesterreichischen Sparkassen 13,027,250 0.73 

1,623,519 Aeroflot - Russian International Airlines 4,192,641 0.24 

400,059 Raiffeisen International Bank Holding 

182,000 Wiener Staedtische Versicherung 

41,774,161 

10,192,000 

2.37 

0.57 

4,192,641 0.24 

Total Shares 4,192,641 0.24 

64,993,411 3.67 

IRELAND 


11,536,829 Dragon Oil 54,007,130 3.04 


CZECH REPUBLIC 

54,007,130 3.04 

Cash 42,494,411 2.40 

779,880 CEZ 39,881,410 2.24 



39,881,410 2.24 



22,814,767 1.28 

44 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 



Energy 10.25 











Total 

100.00 


Shares 

%of 

Net Assets 



Energy 10.01 











Total 

100.00 

45 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 

Name of Securities Maturity/ 

Coupon 

Market 

Value 

% of 

Net 

Assets 


EGYPT 



228,090 Orascom Construction Industries 

4,888,979 

23,484,501 

0.52 

2.48 

RUSSIA 




18,213,294 

12,565,472 

1.93 

1.33 


475,057 Cherkizovo Group Registered Shares GDR 

402,226 

6,570,038 

0.04 

0.70 

59,152,246 6.26 


582,300 DIXY Group 


355,554 Gazpromneft ADR 

471,707 Magnitogorsk Iron & Steel Works Registered Shares 

GDR 

254,727 Mechel ADR 


13,168,914 

8,501,580 

1,288,705 

11,128,840 

7,907,602 

25,260,003 

37,235,787 

1.39 

0.90 

0.14 

1.18 

0.84 

2.67 

3.94 

POLAND 

39,800 Bank Pekao 

55,820 Bank Pekao Registered Shares GDR 

183,800 KGHM Polska Miedz 

63,101 KGHM Polska Miedz GDR 

314,310 Powszechna Kasa Oszczednosci Bank Polski 

730,350 Telekomunikacja Polska 

3,748,710 

5,248,209 

8,018,373 

5,533,958 

6,791,836 

6,867,150 

0.40 

0.55 

0.85 

0.58 

0.72 

0.73 


75,747 Open Investments 

195,832 Polyus Gold ADR 

109,095 RBC Information Systems ADR 

352,645 Rosbusinessconsulting Information Systems 

1,686,835 RTM 

4,041,926 

23,490,171 

9,008,272 

4,560,171 

3,685,140 

5,174,467 

0.43 

2.48 

0.95 

0.48 

0.39 

0.55 


2,036,600 Arabtec Holding 

7,641,537 DP World 

3,530,290 Emaar Properties 

36,208,236 

5,211,815 

9,093,429 

14,608,627 

3.83 

0.55 

0.96 

1.55 


154,298 Severstal JSC 

52,555,409 

3,499,479 

5.56 

0.37 

28,913,871 3.06 

6,590 Severstal Registered Shares GDR 


332,643 Sistema JSFC Registered Shares GDR 

149,923 

9,114,934 

13,971,006 

0.02 

0.96 

1.48 

IRELAND 

3,984,948 Dragon Oil 27,404,626 2.90 

504,000 Sistema-Hals Registered Shares GDR 

942,156 Sitronics Registered Shares GDR 

144,698 Tatneft Registered Shares GDR 

185,670 Unified Energy System Registered Shares GDR 

5,040,000 

5,370,289 

17,508,458 

23,951,430 

0.53 

0.57 

1.85 

2.53 



1,802,373 European Minerals 

27,404,626 

8,521,339 

2,490,102 

2.90 

0.90 

0.26 

294,871,078 31.19 1,058,310 Hikma Pharmaceuticals 10,355,784 1.10 

SOUTH AFRICA 

2,972,470 African Bank Investments 

174,588 African Rainbow Minerals 

72,910 Anglo Platinum 

117,399 AngloGold Ashanti ADR 

527,920 ArcelorMittal South Africa 

783,300 Aveng 

362,649 Bidvest Group 

259,310 Discovery Holdings 

14,571,103 

3,891,901 

11,449,179 

5,044,635 

10,857,126 

7,134,089 

6,671,737 

1,046,397 

1.54 

0.41 

1.21 

0.53 

1.15 

0.75 

0.71 

0.11 



- Warrants 

91,000 Merrill Lynch - Commercial 

Bank of Qatar - Warrants 


Warrants 

12.01.10 

25.04.10 

07.10.10 

21,367,225 

7,319,760 

4,594,748 

4,653,408 

2.26 

0.77 

0.49 

0.49 

772,068 Distribution and Warehousing Network 

4,619,440 FirstRand 

1,984,780 

14,250,410 

0.21 

1.51 

16,567,916 1.75 

199,660 Freeworld Coatings 310,896 0.03 CAYMAN ISLANDS 

458,110 Impala Platinum Holdings 16,622,083 1.76 434,419 Eurasia Drilling Registered Shares GDR 11,772,755 1.25 

364,800 Lewis Group 2,443,647 0.26 

709,010 Massmart Holdings 7,551,080 0.80 

11,772,755 1.25 

2,436,290 MTN Group 

414,791 Naspers - N Shares 

8,470,000 Network Healthcare Holdings 

48,045,633 

10,398,151 

14,868,599 

5.08 

1.10 

1.57 

AUSTRIA 


1,677,420 Standard Bank Group 

3,981,800 Steinhoff International Holdings 

25,873,182 

11,697,159 

2.74 

1.24 

10,254,670 1.08 

1,510,940 Woolworths Holdings 3,557,947 0.38 CYPRUS 


218,269,734 23.09 

TURKEY 

7,390,641 0.78 

1,219,662 Akbank 9,126,474 0.97 BERMUDA 

1,215,376 Is Finansal Kiralama 2,307,380 0.24 546,859 EastPharma Registered Shares GDR 5,687,334 0.60 

1,901,460 Karsan Otomotiv Sanayi Ve Ticaret 4,390,424 0.46 

1,436,330 KOC Holding 7,615,552 0.81 

5,687,334 0.60 

464,600 Reysas Logistics 

605,573 Tekfen Holding 

2,014,821 Trakya Cam Sanayii 

2,483,217 

3,314,377 

4,824,474 

0.26 

0.35 

0.51 

JERSEY 

159,634 Kazakhgold Registered Shares GDR 3,998,832 0.42 



9,819,832 

13,837,411 

1.04 

1.46 

3,998,832 0.42 

2,853,740 Turkiye Is Bankasi - C Shares 18,303,374 1.94 HUNGARY 

1,182,107 Turkiye Vakiflar Bankasi Tao - D Shares 4,185,165 0.44 78,200 OTP Bank 3,984,829 0.42 

2,328,516 Yapi ve Kredi Bankasi 8,243,944 0.87 

3,984,829 0.42 

88,451,624 9.35 

ISLE OF MAN 

ISRAEL 

326,755 Kazakhstan Kagazy Registered Shares GDR 1,708,929 0.18 

4,446,820 Bezeq Israeli Telecommunication 8,181,779 0.87 

4,644,520 Israel Discount Bank - A Shares 11,689,755 1.24 

1,708,929 0.18 

266,270 Ormat Industries 

1,063,100 Teva Pharmaceutical Industries ADR 

4,085,390 

49,784,973 

0.43 

5.26 


73,741,897 7.80 



909,746,443 96.22 

46 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



LUXEMBOURG 



27,806,864 2.94 




27,806,864 2.94 


Cash 3,044,346 0.32 





%of 

Net Assets 





Energy 8.21 









Total 

100.00 


Shares 

%of 

Net Assets 






Energy 5.96 







Total 

100.00 

47 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


PHILIPPINES 

5,204,000 Philippine Government 

Bonds 

International Bond 15.01.14/8.250% 3,985,229 1.91 

BRAZIL 


1,500,000 Philippine Government 


900,000 Brazil (Republic of) 

3,080,000 Brazil (Republic of) 

14.10.19/8.875% 

04.02.25/8.750% 

761,880 

2,679,236 

0.37 

1.29 

5,172,221 2.48 

1,512,000 Brazil (Republic of) 15.05.27/10.125% 1,490,746 0.71 UNITED STATES OF AMERICA 

9,661,000 Brazil (Republic of) 06.03.30/12.250% 11,400,118 5.47 7,370,000 Citibank (New York) 02.07.10/15.000% 3,130,601 1.50 

7,298,000 Brazil (Republic of) 20.01.37/7.125% 5,646,940 2.71 1,200,000 Citigroup Funding 17.03.08/0.000% 808,122 0.39 


26,170,234 12.56 

ARGENTINA 

4,555,346 2.19 

12,750,000 Argentina Nobac 25.03.10/15.661%* 2,729,010 1.32 COLOMBIA 

4,118,597 Argentina (Republic of) 31.12.33/8.280% 2,691,576 1.29 4,949,000,000 Colombia (Republic of) 22.10.15/12.000% 1,870,658 0.90 

8,015,000 Argentina (Republic of) 31.12.33/5.830%* 2,015,402 0.97 630,000 Colombia (Republic of) 27.01.17/7.375% 476,987 0.23 

21,992,322 Argentina (Republic of) 15.12.35/1.262%* 2,154,092 1.03 6,668,000,000 Santa Fe de Bogota 26.07.28/9.750% 2,149,514 1.03 


23,817,191 Central Bank Argentina 20.01.10/15.394%* 5,231,714 2.51 

4,497,159 2.16 

5,215,000 Central Bank Argentina 

18,862,840 Central Bank Argentina 

30.09.14/2.000%* 

04.02.18/2.000%* 

1,089,271 

5,000,261 

0.52 

2.40 

UKRAINE 

5,085,000 Ukraine (Government of) 21.11.16/6.580% 3,414,691 1.64 

21,918,089 10.52 

1,200,000 Ukraine (Government of) 14.11.17/6.750% 801,457 0.38 

VENEZUELA 

4,216,148 2.02 

3,465,000 Venezuela (Republic of) 



15.08.18/13.625% 

13.01.34/9.375% 

31.03.38/7.000% 

3,016,735 

12,651,703 

1,393,624 

1.45 

6.07 

0.67 

COSTA RICA 

2,181,000 Costa Rica (Republic of) 01.08.20/9.995% 1,939,970 0.93 

17,062,062 8.19 

1,939,970 0.93 

LUXEMBOURG 

2,970,000 ALROSA Finance 17.11.14/8.875% 2,189,510 1.06 

GUATEMALA 

2,275,000 Guatemala (Republic of) 10.06.34/8.125% 1,838,986 0.88 

2,550,000 Gaz Capital for Gazprom 

7,295,000 Gaz Capital for Gazprom 

13.02.18/6.605% 

16.08.37/7.288% 

2,439,818 

5,061,283 

1.17 

2.43 

1,838,986 0.88 

3,681,640 Gazprom International 01.02.20/7.201% 2,568,319 1.23 URUGUAY 

1,855,000 RSHB Capital SA for OJSC 

Russian Agricultural Bank 

3,000,000 VTB Capital for 

Vneshtorgbank 

16.05.13/7.175% 

30.06.35/6.250% 

1,296,965 

1,983,668 

0.62 

0.95 

26,540,000 Uruguay (Republic of) 

20,000,000 Uruguay (Republic of) 

14.09.18/5.000% 

26.06.37/3.700% 

992,695 

582,412 

1,575,107 

0.48 

0.28 

0.76 


2,950,000 Barclays Bank 07.04.10/0.000%* 

15,539,563 

1,964,324 

7.46 

0.94 

TURKEY 

2,000,000 Turkey Government 


9,138,000 CSFB (Exim Ukraine) 

682,000 CSFB International (Exim 

Ukraine) 

1,955,000 CSFB (City of Kiev Ukraine) 

07.09.11/7.650% 

04.10.12/6.800% 

26.11.12/8.250% 

6,250,497 

453,505 

1,341,223 

3.00 

0.22 

0.64 

GABONESE REPUBLIC 

1,640,000 Gabonese (Republic of) 12.12.17/8.200% 

1,343,181 

1,161,022 

0.64 

0.56 

3,520,000 Deutsche Bank 20.07.18/0.000%* 3,491,846 1.68 

1,161,022 0.56 

13,501,395 6.48 GHANA 

IRELAND 

1,100,000 Ghana (Republic of ) 04.10.17/8.500% 788,827 0.38 

64,000,000 Depfa Bank 

120,305,687 Red Arrow International 

Leasing 

7,165,000 TransCapitalInvest Ltd for 

OJSC AK Transneft 

15.06.15/0.000% 

31.03.12/8.375% 

05.03.14/5.670% 

1,989,135 

3,353,413 

4,690,621 

0.95 

1.61 

2.25 


1,065,000 Petrobras International Finance 01.03.18/5.875% 

788,827 

721,729 

0.38 

0.35 

10,033,169 4.81 

721,729 0.35 

RUSSIA 

8,025,000 Russian (Republic of) 24.06.28/12.750% 10,009,604 4.80 

BERMUDA 

1,020,000 BW Group 28.06.17/6.625% 684,762 0.33 

10,009,604 4.80 

684,762 0.33 

BAHAMAS 

17,020,000 Crédit Suisse 19.01.11/0.000%* 9,977,183 4.79 

GERMANY 

987,000 Dresdner (Exim Ukraine) 23.09.09/7.750% 682,851 0.33 

9,977,183 4.79 

682,851 0.33 

MEXICO 


BARBADOS 

955,000 Barbados (Government of) 05.12.35/6.625% 645,631 0.31 


645,631 0.31 

5,997,741 2.88 EGYPT 

NETHERLANDS 

5,000,000 Arab Republic of Egypt 18.07.12/8.750% 641,920 0.31 

14,840,000 Lehman Brothers Treasury 03.01.12/10.000% 5,502,261 2.64 

641,920 0.31 

5,502,261 2.64 

PERU 

2,756,810 IIRSA Norte Finance 30.05.24/8.750% 2,139,317 1.02 

500,000 Peru (Republic of) 21.11.33/8.750% 452,571 0.22 


5,488,045 2.63 

51 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

EL SALVADOR 



593,938 0.28




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

DOMINICAN REPUBLIC 

417,160 Dominican Republic 144A 23.01.18/9.040% 325,851 0.16 

325,851 0.16 


412,000 Trinidad & Tobago (Republic 

of) 17.05.27/5.875% 277,957 0.12 

277,957 0.12 

Total Bonds 172,861,952 82.95 




Bonds 

VENEZUELA 

172,861,952 82.95 

1,095,000 Petroleos de Venezuela 12.04.27/5.375% 461,211 0.22 

7,345,000 Petroleos de Venezuela 12.04.37/5.500% 2,984,228 1.43 

386,000 Venezuela (Republic of) 15.09.27/9.250% 264,055 0.13 

3,709,494 1.78 

ARGENTINA 


1,300,008 0.62 


2,000,000 National Gas Co. of Trinidad 

& Tobago 15.01.36/6.050% 1,214,202 0.58 

1,214,202 0.58 

GUATEMALA 

1,050,000 Guatemala (Republic of) 08.11.11/10.250% 829,107 0.39 

829,107 0.39 


505,000 US Treasury (i) 30.04.08/4.875% 345,586 0.17 

345,586 0.17 

Total Bonds 7,398,397 3.54 




Bonds 


7,398,397 3.54 

4,750,000 Morgan Stanley 144A 04.08.16/14.400% 4,245,431 2.04 

1,700,000 Morgan Stanley 144A 05.01.22/12.150% 1,322,692 0.64 






785,000 Citigroup Funding 20.06.12/0.000%* 505,664 0.24 

15,081,001 7.24 

Total Bonds 15,081,001 7.24 



Cash 6,917,669 3.32 



* Variable coupon rates are those quoted as at 31 December 2007. 

(i) Security partially or totally held as collateral against futures positions by the broker. 

% of 

Net 

Assets 

52 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 

Brazil 12.56 






Ireland 4.81 

Russia 4.80 

Bahamas 4.79 

Mexico 2.88 


Peru 2.63 


Colombia 2.16 

Ukraine 2.02 



Uruguay 0.76 


Turkey 0.64 


Ghana 0.38 


Germany 0.33 

Bermuda 0.33 

Barbados 0.31 

Egypt 0.31 





Total 

100.00 



%of 

Net Assets 


Brazil 12.72 



Russia 6.63 


Peru 5.59 

Ireland 5.35 


Mexico 3.97 

Ukraine 2.56 



Colombia 2.01 



Turkey 1.36 

Uruguay 1.15 


Germany 0.46 

Bermuda 0.30 

Barbados 0.23 




Total 

100.00




Expiration 

Date 

Number of 


53 

Notional 

Value 

Unrealised 

Gain/ 

(Loss) 

Bond Futures 

Mar-08 12 US 10 Year Note Future USD 921,897 (1,170) 

Mar-08 189 US Long Bond Future USD 14,843,521 (83,260) 

Total 


Settlement 

Date 

Currency 

Amount 


Amount 

Sold 

(84,430) 

Unrealised 

Gain/ 

(Loss) 

31-Mar-08 EUR 127,000,000 USD 182,740,300 2,705,768 

Total 

2,705,768




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 



Shares 

11,774,000 Tsingtao Brewery - H Shares * 38,639,157 0.44 

BRAZIL 

384,788,565 4.42 

8,069,828 Banco Itau Holding Financeira Preference Shares 

774,923 Cia de Bebidas das Americas Preference Shares 

ADR 

17,327,792 Cia Vale do Rio Doce ADR 

2,680,170 Gol Linhas Aereas Inteligentes ADR 


214,455,753 

56,662,370 

501,639,578 

68,344,335 

618,836,187 

2.46 

0.65 

5.76 

0.79 

7.10 

TAIWAN 

31,039,453 HON HAI Precision Industry 



7,846,581 Taiwan Semiconductor Manufacturing ADR 

191,477,765 

16,466,776 

83,803,719 

77,053,425 

2.20 

0.19 

0.96 

0.88 

1,459,938,223 16.76 

368,801,685 4.23 

INDIA 

2,556,527 ACC 


65,704,434 

39,453,587 

0.76 

0.45 

EGYPT 

1,022,381 Orascom Construction Industries 

10,775,710 Orascom Telecom Holding 

105,265,938 

176,017,884 

1.21 

2.02 


1,328,259 Hero Honda Motors 

198,864,166 

23,626,255 

2.28 

0.27 

281,283,822 3.23 

4,058,307 Housing Development Finance 302,035,267 3.47 TURKEY 

1,522,900 Indiabulls Real Estate 27,926,934 0.32 7,533,439 Akbank 56,371,139 0.65 

2,017,484 Indiabulls Real Estate Registered Shares GDR 36,835,006 0.42 8,071,147 Anadolu Efes Biracilik Ve Malt Sanayii 93,180,386 1.07 

1,751,410 Infosys Technologies 80,009,415 0.92 4,737,993 Migros Turk 93,191,807 1.07 

1,328,500 Infosys Technologies ADR 61,310,275 0.70 

1,918,600 Reliance Capital 127,597,635 1.47 

242,743,332 2.79 

7,089,300 Zee Entertainment Enterprises Ltd 56,595,404 0.65 


SOUTH AFRICA 

1,019,958,378 11.71 

50,511,533 DP World 

35,664,500 Emaar Properties 

60,108,724 

147,582,598 

0.69 

1.69 


207,691,322 2.38 

1,057,428 Discovery Holdings 

18,837,467 FirstRand 

4,863,672 Impala Platinum Holdings 

1,160,736 Imperial Holdings 

5,976,110 Massmart Holdings 

4,267,055 

58,111,292 

176,473,688 

18,203,745 

63,646,616 

0.05 

0.67 

2.03 

0.21 

0.73 

INDONESIA 

82,502,533 Bank Rakyat Indonesia 

1,944,120 Telekomunikasi Indonesia ADR 

27,860,500 Unilever Indonesia 

65,002,395 

82,372,364 

20,022,718 

0.75 

0.94 

0.23 

11,662,260 MTN Group 

32,516,380 Network Healthcare Holdings 

229,989,313 

57,080,639 

2.64 

0.65 

167,397,477 1.92 

9,506,541 RMB Holdings 43,570,832 0.50 ISRAEL 

4,062,800 Sasol 210,216,687 2.41 3,421,760 Teva Pharmaceutical Industries ADR 160,241,021 1.84 


160,241,021 1.84 

1,009,810,519 11.59 

AUSTRIA 

SOUTH KOREA 


805,740 Hyundai Mobis 75,016,579 0.86 

1,111,040 Hyundai Motor 84,935,366 0.97 

128,558,431 1.48 

1,675,313 Kookmin Bank 

322,840 KT&G 

2,634,477 KT&G 144A GDR 

224,917 POSCO 

493,880 Samsung Electronics Registered Shares GDR 144A 

204,935 Shinsegae 

123,421,521 

27,472,078 

116,575,607 

138,081,652 

145,941,540 

158,854,164 

1.42 

0.32 

1.34 

1.58 

1.68 

1.82 

HUNGARY 

32,200 OTP Bank 

774,279 OTP Bank Registered Shares GDR 

3,700 Richter Gedeon 

177,645 Richter Gedeon GDR 

1,640,812 

78,589,319 

882,712 

41,213,640 

0.02 

0.90 

0.01 

0.47 

870,298,507 9.99 

122,326,483 1.40 

HONG KONG 

21,472,000 China Mobile 371,595,039 4.26 



8,334,700 Esprit Holdings 

30,735,000 GOME Electrical Appliances Holdings 

122,871,583 

78,248,515 

1.41 

0.90 

104,882,931 1.20 

12,152,000 Li & Fung 49,538,006 0.57 CHILE 

11,656,826 Yue Yuen Industrial Holdings 41,467,413 0.48 1,333,744 BSCH Chile ADR 67,740,858 0.78 

663,720,556 7.62 

67,740,858 0.78 

RUSSIA 

LUXEMBOURG 

640,344 Fifth Power Generation GDR 5,647,356 0.06 1,503,940 Tenaris ADR 67,511,867 0.77 

1,256,092 Mechel ADR 124,560,363 1.43 

1,795,132 OAO Gazprom ADR 100,886,418 1.16 

67,511,867 0.77 


264,219 TGK-5 Registered Shares GDR 


156,745,036 

1,074,737 

100,233,000 

1.80 

0.01 

1.15 


1,031,711 Anglo American 63,912,526 0.73 

2,372,200 Vimpel-Communications ADR 101,933,434 1.17 

63,912,526 0.73 

591,080,344 6.78 MALAYSIA 

4,085,600 British American Tobacco Malaysia 50,485,112 0.58 

MEXICO 

5,083,531 America Movil ADR - L Shares 309,942,885 3.56 

1,574,300 Fomento Economico Mexicano ADR 59,540,026 0.68 


29,277,112 Wal-Mart de Mexico - V Shares 104,534,207 1.20 

582,794,474 6.69 

CHINA 

15,360,000 Anhui Conch Cement - H Shares * 132,910,297 1.53 


54 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

50,485,112 0.58 

ARGENTINA 

1,411,100 Banco Macro ADR 33,668,846 0.39 

33,668,846 0.39 

Total Shares 8,649,635,279 99.28 



8,649,635,279 99.28




Quantity/ 

Nominal 

Value 


Value 



LUXEMBOURG 



65,146,621 0.75 




65,146,621 0.75 






% of 

Net 

Assets 


Shares 

%of 

Net Assets 




Energy 10.67 










Total 

100.00 


Shares 

%of 

Net Assets 







Energy 6.67 





Total 

100.00 

55 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


360,294 Siemens 39,221,605 1.07 

Shares 

207,393 Solarworld 

1,374,468 ThyssenKrupp 

8,658,658 

52,710,848 

0.24 

1.45 

FRANCE 

56,302 Vossloh 4,509,790 0.12 

4,928 1000mercis 138,477 0.00 23,627 Wirecard 273,128 0.01 


144,313 Alstom 

226,586 

21,287,611 

0.01 

0.58 

901,619,864 24.72 


5,121 Aubay 

5,465 Audika 



1,178,919 BNP Paribas 



64,065 Carbone Lorraine 

132,442 Carrefour 

178,039 Casino Guichard Perrachon 

256,040 CNP Assurances 


428,137 Compagnie Générale des Etablissements Michelin - 

B Shares 

6,653 DU Pareil AU Même 

708,383 Electricite de France 

75,993 Euler Hermès 


33,791 GameLoft 

10,461,621 

34,823 

187,996 

180,751 

1,736,611 

88,100,617 

40,836,415 

270,572 

3,041,165 

7,020,750 

13,228,298 

22,441,906 

10,571,818 

34,071,142 

229,928 

57,775,717 

6,330,977 

7,228,134 

198,691 

0.29 

0.00 

0.01 

0.00 

0.05 

2.42 

1.12 

0.01 

0.08 

0.19 

0.36 

0.62 

0.29 

0.93 

0.01 

1.58 

0.17 

0.20 

0.01 

SPAIN 

160,112 Acciona 

3,413,575 BBVA 

4,980,817 BSCH 

417,708 Bolsas y Mercados Españoles 

191,819 Campofrio Alimentacion 

53,701 Companhia de Distribucion Integral Logista 


726,782 Gestevision Telecinco 


852,941 Inditex 


107,300 Prosegur Companhia de Seguridad Registered 

Shares 

141,078 Red Electrica de España 





34,568,181 

57,074,974 

73,616,475 

19,444,307 

1,730,207 

2,733,381 

7,426,267 

12,725,953 

13,606,290 

35,908,816 

239,654 

2,578,419 

6,083,283 

12,077,340 

151,809,226 

4,845,788 

3,156,534 

0.95 

1.56 

2.02 

0.53 

0.05 

0.08 

0.20 

0.35 

0.37 

0.98 

0.01 

0.07 

0.17 

0.33 

4.16 

0.13 

0.09 

1,440,987 Gaz de France 

10,428 Ginger 

259,981 Groupe Danone 

149,979 Haulotte 

21,516 Homair 


80,467 Ipsen 


204,832 Nexans 




150,954 PPR 

88,649 Rallye 


38,131 SEB 

120,415 Société BIC 


565,915 Thalès 

3,206,539 Total 

209,932 Unibail-Rodamco 

2,054,568 Vivendi 

123,742 Wendel Investissement 

58,691,400 

213,774 

16,087,624 

3,065,571 

78,533 

927,735 

3,294,319 

144,873 

17,574,586 

118,401 

231,657 

26,958,962 

16,518,896 

4,303,022 

58,779,174 

4,646,262 

5,887,089 

83,642,262 

22,879,943 

181,746,630 

30,897,792 

64,985,986 

12,250,458 

1.61 

0.01 

0.44 

0.08 

0.00 

0.03 

0.09 

0.00 

0.48 

0.00 

0.01 

0.74 

0.45 

0.12 

1.61 

0.13 

0.16 

2.29 

0.63 

4.98 

0.85 

1.78 

0.34 

ITALY 

40,144 Acotel Group 

79,362 Aeffe 


371,214 Assicurazioni Generali 

162,563 Banca Popolare dell’Emilia Romagna 

181,017 Biesse 

15,936 Brembo 

327,996 Cementir 


271,019 Danieli & Co - RNC Shares 

10,527,391 Enel 

3,530,104 ENI 

3,596,618 Fiat 

554,401 Fondiaria-Sai 

490,474 Geox 

36,227 Gruppo Coin 

251,326 IFI-Istituto Finanziario Industriale 

1,767,219 IFIL - Investments 

4,593,978 Intesa Sanpaolo 

739,638 Milano Assicurazioni 


439,625,095 

3,372,096 

213,484 

3,435,363 

11,455,664 

2,601,008 

2,338,740 

173,862 

1,949,936 

181,765 

4,412,189 

85,692,963 

88,782,116 

63,516,274 

15,733,900 

6,734,208 

199,067 

5,785,524 

11,363,218 

24,853,421 

3,960,761 

13,516,498 

12.05 

0.09 

0.01 

0.09 

0.32 

0.07 

0.06 

0.01 

0.05 

0.01 

0.12 

2.35 

2.43 

1.74 

0.43 

0.18 

0.01 

0.16 

0.31 

0.68 

0.11 

0.37 

GERMANY 


350,996 Arques Industries 

1,053,800 BASF 

939,525,555 

128,706,969 

8,248,406 

106,865,858 

25.76 

3.53 

0.23 

2.93 

726,912 RCS MediaGroup 

12,547 Reply 

152,688 Screen Service Broadcasting Technologies 

213,439 Trevi Finanziaria 

4,970,178 UniCredito Italiano 

2,173,467 

276,034 

201,548 

2,599,687 

28,180,909 

0.06 

0.01 

0.01 

0.07 

0.77 


21,878 D+S Europe 

1,336,035 Daimler 


2,507,172 Deutsche Lufthansa 

717,077 E.ON 





172,634 Henkel KGaA 

506,219 Hypo Real Estate Holding 



101,589 Krones 

471 KSB 

227,287 KUKA 

254,574 Leoni 

2,713,127 

269,756 

88,846,327 

36,183,220 

45,680,674 

104,399,240 

2,343,924 

283,515 

5,718,331 

13,534,824 

6,033,558 

18,274,506 

1,920,176 

10,891,045 

5,586,379 

203,472 

5,911,735 

8,553,686 

0.07 

0.01 

2.44 

0.99 

1.25 

2.86 

0.06 

0.01 

0.16 

0.37 

0.17 

0.50 

0.05 

0.30 

0.15 

0.01 

0.16 

0.23 

NETHERLANDS 

1,298,570 ASML Holding 

101,045 Bateman Litwin 

332,103 Boskalis Westminster - CVA 

337,539 Heineken 

62,023 Hunter Douglas 

197,925 Imtech 

3,624,265 ING Groep - CVA 

596,769 Koninklijke BAM Groep 

1,086,269 Koninklijke DSM 

229,203 Nutreco Holding 

654,789 Royal Dutch Shell - A Shares 

73,600 Smit Internationale 

374,854 SNS Reaal 

133,033 TomTom 

113,261 Unilever - CVA 

383,703,702 

28,101,055 

256,205 

13,646,112 

15,050,864 

3,155,110 

3,307,327 

97,057,817 

9,458,789 

35,010,450 

9,058,103 

18,897,211 

5,011,424 

5,769,003 

6,875,145 

2,857,575 

10.52 

0.77 

0.01 

0.37 

0.41 

0.08 

0.09 

2.66 

0.26 

0.96 

0.25 

0.52 

0.14 

0.16 

0.19 

0.08 

602,197 MAN 

78,080 Merck KGaA 

68,530,019 

6,894,464 

1.88 

0.19 

253,512,190 6.95 



20,296 Porsche Preference Shares 

92,249 Q-Cells 

20,309 Roth & Rau 



21,248,280 

34,499,392 

28,128,023 

9,003,502 

5,221,444 

16,280,853 

5,271,130 

0.58 

0.95 

0.77 

0.25 

0.14 

0.45 

0.14 

FINLAND 

18,013 Alma Media 

432,014 Citycon 

101,169 Cramo - B Shares 


1,021,018 Metso 

6,220,550 Nokia 

209,851 

1,516,369 

1,746,177 

10,588,387 

38,216,704 

164,720,164 

0.01 

0.04 

0.05 

0.29 

1.05 

4.52 

60 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

323,705 Outotec 12,145,412 0.33 

395,529 Rautaruukki 11,660,195 0.32 

452,009 YIT 6,771,095 0.18 

61 

Quantity/ 

Nominal 

Value 


Coupon 

38,794 KNOW IT 248,371 0.01 

42,644 Peab 298,968 0.01 

1,220,878 0.03 

247,574,354 6.79 

ISLE OF MAN 

BELGIUM 



1,204,940 Belgacom 40,570,330 1.11 

263,595 0.01 

155,220 Compagnie Maritime Belge 

383,007 Delhaize Group 

102,910 Dexia (Strip) 

9,134,697 

22,639,544 

1,029 

0.25 

0.62 

0.00 

SWITZERLAND 

4,778 Medisize Holding 221,041 0.01 

48,148 EVS Broadcast Equipement 

2,362,276 Fortis (Strip) 

3,842,210 

23,623 

0.11 

0.00 

221,041 0.01 

2 Fortis 


37 

71,207,565 

0.00 

1.95 

Total Shares 3,620,930,477 99.28 

285,422 Solvay - A Shares 

72,664 Tessenderlo Chemie 

27,369,116 

2,442,964 

0.75 

0.07 



3,620,930,477 99.28 

179,646,927 4.93 Transferable Securities Dealt in on Another Regulated Market 

PORTUGAL 

1,033,307 Banco Espirito Santo Registered Shares 

8,951,500 Energias de Portugal 

672,340 Galp Energia - B Shares 

590,552 Jeronimo Martins SGPS 

15,623,602 

39,744,660 

12,767,737 

3,212,603 

0.43 

1.09 

0.35 

0.09 


LUXEMBOURG 



3,884,052 Portugal Telecom Registered Shares 

343,626 Semapa-Sociedade de Investimento e Gestao 

35,111,830 

2,989,546 

0.96 

0.08 

17,304,865 0.47 

109,449,978 3.00 


GREECE 


Pharmaceutical Chemical & Organisation 


4,366,595 

4,945,834 

0.11 

0.14 




17,304,865 

3,638,235,342 

0.47 

99.75 

1,242,064 EFG Eurobank Ergasias 

39,000 Fourlis 

29,859,219 

1,025,700 

0.82 

0.03 

Cash 27,929,501 0.77 

16,916 I Kloukinas-I Lappas 

399,568 Intralot - Integrated Lottery Systems & Services 

145,478 

5,474,082 

0.00 

0.15 


172,602 Marfin Financial Group Holdings 

29,391 Michaniki 

1,014,900 

161,063 

0.03 

0.00 


346,734 National Bank of Greece 16,261,825 0.45 

279,103 Neochimiki LV Lavrentiadis 5,755,104 0.16 


17,110 Sarantis 

21 Sprider Stores 

8,198,288 

239,540 

104 

0.22 

0.01 

0.00 


%of 

Net Assets 

77,447,732 2.12 

Shares 


LUXEMBOURG 


886,150 ArcelorMittal 46,768,133 1.28 Consumer Discretionary 

Utilities 

12.21 

9.66 

IRELAND 

2,098,417 Anglo Irish Bank 

293,710 Paddy Power 

71,340 United Drug 

46,768,133 

22,620,935 

6,725,887 

282,506 

1.28 

0.62 

0.18 

0.01 

Materials 

Energy 




Health Care 

9.30 

8.86 

6.44 

5.90 

2.97 

2.46 


29,629,328 0.81 Total Shares 99.75 

CYPRUS 


800,000 Marfin Popular Bank Public 7,328,000 0.20 

Total 

100.00 


7,328,000 0.20 

33,948 Aero Inventory 299,198 0.02 

27,951 Axon Group 


28,741 Genus 

202,381 

266,602 

316,048 

0.01 

0.01 

0.01 


%of 

Net Assets 




194,041 Jarvis 


119,531 Record 



314,632 

247,448 

266,013 

44,070 

282,206 

258,507 

325,982 

228,631 

0.01 

0.00 

0.00 

0.00 

0.01 

0.00 

0.01 

0.01 


Financials 

Industrials 


Materials 

Energy 

Utilities 


33.82 

11.89 

10.47 

8.70 

8.27 

7.30 

6.69 

7,886 Tradus 192,469 0.01 Information Technology 3.93 

18,965 WSP Group 149,918 0.00 Consumer Staples 

Health Care 

3.86 

1.54 

3,394,105 0.10 Total Shares and Rights 96.47 

SWEDEN 


12,961 Angpanneforeningen - B Shares 

61,866 HIQ International 

230,424 

218,665 

0.00 

0.00 

Total 

100.00 

25,709 KappAhl Holding 224,450 0.01 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


759 Philips Electronics 22,360 0.30 

Shares 

16,026 Royal KPN 200,004 2.69 

GERMANY 

406,144 5.46 


2,625 Bayer 

244 Deutsche Bank Registered Shares 

452 Deutsche Boerse 


2,366 E.ON 

1,880 Epcos 

4,417 Hannover Rueckversicherung 

288,502 

164,141 

21,814 

61,359 

151,773 

344,466 

22,316 

139,356 

3.87 

2.21 

0.29 

0.83 

2.04 

4.63 

0.30 

1.87 

GREECE 


3,800 Corinth Pipeworks 

3,823 EFG Eurobank Ergasias 

2,032 National Bank of Greece 


3,678 Sidenor Steel Products Manufacturing 

51,800 

22,724 

91,905 

95,301 

90,700 

37,663 

0.69 

0.31 

1.24 

1.28 

1.22 

0.51 

4,558 Lanxess 


245 Rheinmetall 

2,950 RWE Non Voting Preference Shares 

375 Siemens 

153,149 

45,520 

13,323 

245,056 

40,822 

2.06 

0.61 

0.18 

3.30 

0.55 

PORTUGAL 

7,529 Banco BPI Registered Shares 

9,909 Galp Energia - B Shares 

390,093 

40,581 

188,172 

5.25 

0.55 

2.53 

7,327 Symrise 


141,265 

57,717 

1.90 

0.78 

228,753 3.08 

8,073 TUI 


1,201 Volkswagen Preference Shares 

154,436 

38,611 

120,100 

2.08 

0.52 

1.62 

BELGIUM 

310 Delhaize Group 

5,427 Fortis 

18,324 

99,531 

0.24 

1.34 

2,203,726 29.64 

378 Mobistar 23,659 0.32 

FRANCE 

141,514 1.90 

1,186 Alstom 

1,402 Arkema 

1,639 AXA 

174,947 

62,417 

44,696 

2.35 

0.84 

0.60 

IRELAND 

3,376 Allied Irish Banks 52,632 0.71 



85,940 

155,851 

1.16 

2.10 

52,632 0.71 

622 Crédit Agricole 

1,635 IPSOS 

14,368 

31,833 

0.19 

0.43 

Total Shares 7,435,063 99.99 

1,573 Lafarge 

582 Neuf Cegetel 

195,603 

20,149 

2.63 

0.27 



7,435,063 99.99 

870 PPR 


95,204 

254,524 

1.28 

3.42 


8,155 SCOR 

86 Société Générale 

141,979 

8,533 

1.91 

0.11 

Cash 9,387 0.13 

3,500 Suez 

5,957 Total 

164,710 

337,643 

2.22 

4.54 


4,665 Vivendi 147,554 1.98 


SPAIN 

1,935,951 26.03 

7,749 BBVA 

18,340 BSCH 

5,132 Telefonica 

129,563 

271,065 

114,084 

1.75 

3.65 

1.53 


%of 

Net Assets 

1,647 Union Fenosa 76,108 1.02 Shares 


590,820 7.95 Consumer Discretionary 11.82 

ITALY 

1,970 Banca Popolare di Milano 

6,087 Banco Popolare 

9,513 Fiat 


120,035 Seat Pagine Gialle 

76,873 Telecom Italia - RNC Shares 

8,216 UniCredito Italiano 

18,193 

91,731 

168,000 

99,977 

32,469 

124,534 

46,585 

0.25 

1.23 

2.26 

1.34 

0.44 

1.67 

0.63 

Utilities 

Materials 

Energy 


Industrials 


Health Care 


Total Shares 

11.55 

10.92 

9.66 

8.60 

7.52 

5.59 

4.06 

3.27 

99.99 

581,489 7.82 


FINLAND 

Total 

100.00 

5,488 Konecranes 129,023 1.73 

6,680 Nokia 176,886 2.38 

22,000 Ruukki Group 61,380 0.83 

7,369 YIT 110,388 1.48 


477,677 6.42 

AUSTRIA 

Not available as this Sub-Fund was launched on 24 July 2007 

1,800 Intercell 47,718 0.64 

3,293 OMV 181,148 2.44 

189 Schoeller-Bleckmann Oilfield Equipment 11,618 0.16 

8,228 Telekom Austria 157,155 2.11 

595 Verbund - Oesterreichische Elektrizitaetswirtschafts 

- A Shares 28,625 0.38 

426,264 5.73 

NETHERLANDS 

586 CSM 13,876 0.18 

411 ING Groep - CVA 11,007 0.15 

16,779 Koninklijke Ahold 158,897 2.14 

62 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


FRANCE 

Shares 

75,831 Alstom 


11,185,831 

12,796,840 

0.98 

1.12 







3,041,465 BP 


543,031 De La Rue 

795,364 Diageo 

5,816,470 

13,272,712 

4,926,856 

9,526,801 

16,743,699 

25,486,034 

14,237,756 

7,363,013 

11,593,254 

0.50 

1.15 

0.43 

0.83 

1.45 

2.21 

1.24 

0.64 

1.01 

143,724 Business Objects 



556,115 Eutelsat Communications 





124,438 Total 

137,464 Vinci 

6,011,975 

3,590,989 

5,968,398 

11,339,185 

15,853,359 

3,503,097 

10,289,940 

5,714,874 

7,053,146 

6,979,047 

0.52 

0.31 

0.52 

0.98 

1.38 

0.30 

0.89 

0.50 

0.61 

0.61 



7,276,721 

6,783,919 

0.63 

0.59 

100,286,681 8.72 


575,374 Imperial Chemical Industries 


761,925 Laird Group 


5,987,933 

5,203,637 

6,788,655 

5,852,522 

6,851,328 

0.52 

0.45 

0.59 

0.51 

0.59 

SPAIN 

1,742,031 BSCH 



25,747,218 

9,064,775 

30,684,380 

2.24 

0.79 

2.66 





2,990,106 Royal & Sun Alliance Insurance Group 


361,009 Shire 

1,040,124 SSL International 

7,492,930 

3,859,765 

5,685,215 

10,959,140 

5,947,681 

3,048,353 

5,590,042 

7,397,101 

0.65 

0.34 

0.49 

0.95 

0.52 

0.26 

0.49 

0.64 

NORWAY 

1,152,727 DnB NOR 

2,329,283 Pronova BioPharma 

281,739 Renewable Energy 

333,314 Tandberg 


65,496,373 

12,016,420 

6,399,028 

9,807,483 

4,745,664 

21,193,262 

5.69 

1.04 

0.56 

0.85 

0.41 

1.84 

1,387,773 Standard Life 


4,755,986 

5,862,699 

0.41 

0.51 

54,161,857 4.70 




29,089,038 

10,104,348 

5,671,054 

2.53 

0.88 

0.49 

ITALY 

1,434,135 Enel 

477,011 ENI 

11,673,859 

11,996,827 

1.02 

1.05 

259,174,662 22.50 

327,597 Fiat 


5,785,363 

5,814,907 

0.50 

0.50 

GERMANY 

144,053 BASF 14,608,415 1.26 


131,938 Saipem 

8,083,267 

3,616,421 

0.70 

0.31 

196,061 Bayer 

79,637 Centrotherm Photovoltaics 

12,259,694 

5,972,775 

1.05 

0.52 

46,970,644 4.08 


259,144 Daimler 



187,387 E.ON 

64,113 Hamburger Hafen und Logistik 

7,261,673 

17,233,076 

8,250,613 

12,678,772 

27,281,673 

3,910,893 

0.63 

1.50 

0.72 

1.10 

2.37 

0.34 

FINLAND 

306,519 Elisa - A Shares 

968,076 Nokia 

132,608 Outotec 

66,546 Wartsila - B Shares 

6,369,465 

25,634,652 

4,975,452 

3,494,330 

0.55 

2.23 

0.43 

0.30 

115,037 MAN 



112,948 Q-Cells 

182,263 RWE 




13,091,211 

3,970,918 

825,570 

11,023,725 

17,497,248 

9,633,011 

9,902,776 

9,997,789 

1.14 

0.34 

0.07 

0.96 

1.52 

0.84 

0.86 

0.87 

GREECE 


280,743 Hellenic Exchanges Holding Clearing Settlement 

and Registry 


266,668 Public Power 

40,473,899 

6,379,422 

6,664,839 

17,772,990 

9,306,713 

3.51 

0.55 

0.58 

1.54 

0.81 

124,148 Solon Fuer Solartechnik 

166,571 Stada Arzneimittel 

8,938,656 

7,004,311 

0.78 

0.61 

40,123,964 3.48 



34,788 Wacker Chemie 

5,816,534 

7,395,238 

6,877,588 

0.51 

0.64 

0.60 

DENMARK 

46,491 D/S Norden 

127,034 FLSmidth & Co. 

3,540,712 

8,840,172 

0.31 

0.77 


221,432,159 19.23 93,694 Vestas Wind Systems 6,834,143 0.59 

NETHERLANDS 

175,565 Akzo Nobel 9,543,713 0.82 

28,234,202 2.45 


294,552 Boskalis Westminster - CVA 

235,328 Fugro - CVA 

261,246 Gemalto 

218,815 ING Groep - CVA 

8,483,767 

12,103,142 

12,307,654 

5,598,502 

5,859,866 

0.74 

1.05 

1.07 

0.49 

0.51 

SWEDEN 

209,963 Hennes & Mauritz - B Shares 

641,835 Nordea Bank 

1,129,842 TeliaSonera 

8,709,818 

7,274,332 

7,173,799 

0.76 

0.63 

0.62 


551,097 Royal KPN 


903,204 Unilever - CVA 

19,132,522 

6,877,691 

15,020,790 

22,787,837 

1.66 

0.60 

1.30 

1.98 

BELGIUM 


25,266 Umicore 

23,157,949 

7,139,989 

4,252,015 

2.01 

0.62 

0.37 

117,715,484 10.22 

11,392,004 0.99 

SWITZERLAND 

554,288 ABB Registered Shares 

142,474 Crédit Suisse Group 


10,931,504 

5,848,806 

24,646,978 

0.94 

0.51 

2.14 

PORTUGAL 

382,121 Banco Espirito Santo Registered Shares 

421,253 Portugal Telecom Registered Shares 

5,777,670 

3,808,127 

0.50 

0.33 



23,570,329 

8,605,099 

2.05 

0.75 

9,585,797 0.83 

58,296 Swatch Group - Bearer Shares 

65,869 Syngenta Registered Shares 

30,606 Zurich Financial Services 

12,035,994 

11,397,428 

6,116,222 

1.05 

0.99 

0.53 

LUXEMBOURG 


9,313,634 0.81 

103,152,360 8.96 

79 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

IRELAND 


6,338,597 0.55 


122,997 Autoliv SDR 4,503,507 0.39 

4,503,507 0.39 

TURKEY 

703,837 TAV Havalimanlari Holding 4,384,043 0.38 

4,384,043 0.38 

HUNGARY 

37,398 MOL Hungarian Oil and Gas 3,596,846 0.31 

3,596,846 0.31 

AUSTRIA 

71,787 Voestalpine 3,557,046 0.31 

3,557,046 0.31 

Total Shares 1,153,051,708 100.12 





LUXEMBOURG 

1,153,051,708 100.12 



21,200,000 1.84 




21,200,000 1.84 






Shares 

%of 

Net Assets 




Energy 11.22 










Total 

100.00 

80 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 




Energy 11.26 









Total 

100.00




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 



Shares 

882,384 Unilever - CVA 22,262,548 2.14 


86,072,513 8.29 





5,245,083 

9,561,528 

5,080,121 

7,005,379 

0.50 

0.92 

0.49 

0.67 

FINLAND 

1,537,096 Nokia 


40,702,302 

8,765,914 

3.92 

0.84 


4,876,219 BP 


1,056,166 Diageo 


1,205,477 GlaxoSmithKline 


799,355 International Power 



24,152,850 

40,860,402 

6,941,576 

15,394,713 

6,632,558 

20,856,458 

10,487,680 

4,953,211 

5,661,248 

22,146,413 

2.33 

3.93 

0.67 

1.48 

0.64 

2.01 

1.01 

0.48 

0.55 

2.13 

ITALY 

657,710 Enel 

438,789 ENI 

249,443 Fiat 




118,985 Saipem 

49,468,216 

5,353,759 

11,035,543 

4,405,163 

15,889,852 

4,890,630 

3,047,521 

3,261,379 

4.76 

0.53 

1.06 

0.42 

1.53 

0.47 

0.29 

0.31 

1,138,596 RBS 


6,885,500 

41,194,804 

0.66 

3.97 

47,883,847 4.61 



8,923,891 

5,446,564 

0.86 

0.52 

NORWAY 

1,105,365 DnB NOR 11,522,702 1.12 

247,429,979 23.82 

246,150 Renewable Energy 


8,568,611 

12,507,822 

0.82 

1.20 

GERMANY 

104,373 BASF 10,584,466 1.01 

32,599,135 3.14 

147,972 Bayer 



1,148,127 Deutsche Telekom 

267,248 E.ON 

9,252,689 

10,187,667 

6,917,413 

17,244,868 

38,908,636 

0.89 

0.98 

0.67 

1.66 

3.75 

SWEDEN 

186,049 Hennes & Mauritz - B Shares 

476,969 Nordea Bank 

1,205,438 TeliaSonera 

7,717,803 

5,405,799 

7,653,787 

0.74 

0.52 

0.74 

53,779 Hamburger Hafen und Logistik 

88,255 MAN 



3,280,519 

10,043,419 

8,473,729 

9,594,568 

0.32 

0.97 

0.82 

0.92 

GREECE 


20,777,389 

13,356,792 

2.00 

1.29 

142,709 RWE 


13,700,064 

11,611,334 

1.32 

1.12 

13,356,792 1.29 



7,422,440 

5,130,227 

0.71 

0.49 

IRELAND 


162,352,039 15.63 

9,173,306 0.88 

SWITZERLAND 


126,743 Crédit Suisse Group 

7,905,918 

5,203,021 

0.76 

0.50 

BELGIUM 

83,900 KBC Groep 8,076,214 0.78 




51,507 Swatch Group - Bearer Shares 

24,891,926 

36,608,380 

15,018,018 

10,634,314 

2.40 

3.52 

1.45 

1.02 

DENMARK 

177,141 Novo Nordisk - B Shares 

8,076,214 

7,909,275 

0.78 

0.76 

55,631 Syngenta Registered Shares 


9,625,929 

3,963,773 

0.93 

0.38 

7,909,275 0.76 


LUXEMBOURG 

122,128,143 11.76 


FRANCE 

6,687,648 0.64 

62,453 Alstom 



9,212,442 

23,641,433 

5,221,390 

0.88 

2.28 

0.50 


123,555 Autoliv SDR 4,523,938 0.44 

462,468 Eutelsat Communications 




9,429,723 

19,591,759 

13,123,966 

12,374,520 

0.91 

1.89 

1.26 

1.19 

PORTUGAL 

349,375 Portugal Telecom Registered Shares 

4,523,938 

3,158,350 

0.44 

0.30 

158,408 Suez 

151,753 Total 

7,454,681 

8,601,360 

0.72 

0.83 

3,158,350 0.30 

102,765 Vinci 5,217,379 0.50 

Total Shares 1,035,134,803 99.66 

SPAIN 

113,868,653 10.96 



1,035,134,803 99.66 

1,275,761 BBVA 

2,523,569 BSCH 

21,330,724 

37,298,350 

2.06 

3.59 


1,846,167 Telefonica 41,040,292 3.95 

Cash 2,943,273 0.28 

NETHERLANDS 

99,669,366 9.60 


72,638 Akzo Nobel 


3,948,602 

4,997,174 

0.38 

0.48 


86,723 Fugro - CVA 4,535,613 0.44 

402,721 ING Groep - CVA 10,784,868 1.04 

961,652 Royal Dutch Shell - B Shares 27,395,230 2.64 

448,619 Royal KPN 5,598,765 0.54 

81 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 



Energy 12.35 










Total 

100.00 


Shares 

%of 

Net Assets 


Energy 17.86 











Total 

100.00 

82 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


44,656 D+S Europe 550,608 0.02 



2,288,704 Deutsche Lufthansa 

44,957,325 

41,700,187 

1.28 

1.18 


238,313 E.ON 34,695,990 0.99 

2,053,896 3i Group 


1,437,396 AstraZeneca 







6,472,069 BP 

15,024,379 BT Group 

1,558,618 Charter 


1,103,333 Cookson Group 

449,667 Dairy Crest Group 

130,131 De La Rue 

1,470,988 DS Smith 

28,071,779 

610,003 

42,292,866 

3,092,729 

3,062,544 

412,857 

21,719,164 

3,704,923 

76,153,657 

54,232,868 

55,818,485 

16,653,168 

541,778 

10,442,223 

3,514,967 

1,764,460 

4,228,399 

0.80 

0.02 

1.20 

0.09 

0.09 

0.01 

0.62 

0.10 

2.16 

1.54 

1.59 

0.47 

0.01 

0.30 

0.10 

0.05 

0.12 




927 KSB 

249,501 KUKA 

222,850 Leoni 

361,233 MAN 




2,498 Porsche Automobil Preference Shares 


20,534 Roth & Rau 



1,155,949 ThyssenKrupp 

48,210 Wirecard 

578,729 

5,327,260 

1,784,388 

400,464 

6,489,521 

7,487,760 

41,108,315 

25,233,756 

21,671,214 

228,962 

3,461,953 

7,362,651 

5,279,291 

17,100,982 

7,428,536 

44,330,644 

557,308 

0.01 

0.15 

0.05 

0.01 

0.18 

0.21 

1.17 

0.72 

0.61 

0.01 

0.10 

0.21 

0.15 

0.49 

0.21 

1.26 

0.02 

1,067,017 Eurasian Natural Resources 

1,603,502 Firstgroup 

9,259,388 

17,567,575 

0.26 

0.50 

475,957,252 13.52 

55,890 Genus 


1,466,493 Great Portland Estates 

1,026,175 Halfords Group 

10,546,967 Hays 

1,228,765 Hiscox 


686,443 IMI 


2,567,089 Inchcape 





391,818 Jarvis 





26,013,925 Legal & General Group 


1,027,244 Michael Page International 

1,112,005 Morgan Crucible 



1,287,337 National Grid 

1,433,770 Next 

267,322 Petrofac 

2,137,912 RAB Capital 


244,138 Record 


614,591 

2,075,841 

9,340,664 

4,250,731 

16,445,852 

4,698,388 

27,978,517 

3,753,270 

642,295 

13,070,188 

505,010 

11,152,770 

535,936 

9,554,632 

88,988 

3,770,674 

15,076,300 

2,978,184 

3,456,943 

45,607,405 

31,239,661 

3,889,536 

3,046,091 

2,330,540 

13,528,340 

14,714,679 

31,202,219 

1,991,743 

2,500,230 

5,627,182 

527,992 

2,892,115 

0.02 

0.06 

0.27 

0.12 

0.47 

0.13 

0.80 

0.11 

0.02 

0.37 

0.01 

0.32 

0.01 

0.27 

0.00 

0.11 

0.43 

0.08 

0.10 

1.30 

0.89 

0.11 

0.09 

0.07 

0.38 

0.42 

0.89 

0.06 

0.07 

0.16 

0.01 

0.08 

FRANCE 

10,901 1000mercis 


90,136 Arkema 

17,643 Aubay 

10,436 Audika 


1,066,763 BNP Paribas 



493,297 Compagnie Générale des Etablissements Michelin - 

B Shares 

13,593 DU Pareil AU Même 


70,796 GameLoft 


20,312 Ginger 


50,434 Homair 


34,276 Ipsen 


202,452 Nexans 





29,204 SEB 


2,028,605 Total 

2,077,152 Vivendi 

306,318 

479,524 

4,012,855 

119,972 

358,998 

368,648 

79,719,199 

552,874 

3,249,132 

39,256,575 

469,774 

43,978,049 

416,280 

13,453,852 

416,396 

2,804,388 

184,084 

1,639,994 

1,403,259 

295,839 

17,370,382 

208,136 

379,765 

14,365,146 

23,990,093 

3,558,507 

13,795,747 

114,981,331 

65,700,318 

0.01 

0.01 

0.11 

0.00 

0.01 

0.01 

2.27 

0.02 

0.09 

1.12 

0.01 

1.25 

0.01 

0.38 

0.01 

0.08 

0.01 

0.05 

0.04 

0.01 

0.49 

0.01 

0.01 

0.41 

0.68 

0.10 

0.39 

3.27 

1.87 

450,082 Rightmove 


274,607 Rotork 

3,540,366 RBS 


159,935 Schroders Non Voting Shares 

1,227,306 Scottish & Southern Energy 



771,583 Smith & Nephew 


1,292,611 SSL International 


2,813,348 

39,657,393 

3,675,020 

21,409,867 

3,903,983 

2,524,221 

27,657,622 

665,576 

472,322 

6,015,635 

5,932,373 

9,192,726 

17,185,186 

0.08 

1.13 

0.10 

0.61 

0.11 

0.07 

0.79 

0.02 

0.01 

0.17 

0.17 

0.26 

0.49 

SPAIN 


5,949,279 BSCH 


782,032 Gas Natural SDG 

40,302 Gestevision Telecinco 



776,958 Repsol 



447,835,435 

32,913,307 

87,930,344 

7,445,100 

31,617,554 

705,688 

15,074,791 

489,053 

18,950,006 

11,745,140 

100,128,233 

12.73 

0.94 

2.50 

0.21 

0.90 

0.02 

0.43 

0.01 

0.54 

0.33 

2.84 

674,143 Sthree 

20,340 Tradus 

2,008,685 

496,426 

0.05 

0.01 

306,999,216 8.72 

2,688,326 Unilever 






69,694,864 

50,738,455 

1,004,362 

10,849,634 

955,403 

2,052,348 

1.98 

1.44 

0.03 

0.31 

0.03 

0.05 

ITALY 

155,154 Aeffe 

852,389 Assicurazioni Generali 

616,518 Azimut Holding 

32,475 Brembo 


417,364 

26,304,725 

5,456,184 

354,302 

1,807,006 

0.01 

0.75 

0.16 

0.01 

0.05 

921,136,789 26.17 


138,517 Danieli & Co - RNC Shares 

371,354 

2,255,057 

0.01 

0.06 

GERMANY 


264,379 Arques Industries 

775,362 BASF 


70,441,510 

6,212,906 

78,629,460 

2,937,532 

2.00 

0.18 

2.23 

0.08 

1,920,220 Enel 

3,434,157 ENI 

2,814,505 Fiat 

415,235 Fondiaria-Sai 

350,845 Geox 

15,630,591 

86,369,049 

49,704,158 

11,784,369 

4,817,102 

0.44 

2.45 

1.41 

0.33 

0.14 

84 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

72,781 Gruppo Coin 399,932 0.01 

314,803 IFI-Istituto Finanziario Industriale preference 

Shares 7,246,765 0.21 


391,237 Prysmian 6,541,483 0.19 

414,546 Recordati 2,528,731 0.07 

25,620 Reply 563,640 0.02 

857,055 Saras 3,391,795 0.10 

305,481 Screen Service Broadcasting Technologies 403,235 0.01 

49,549 Trevi Finanziaria 603,507 0.02 

4,018,203 UniCredito Italiano 22,783,211 0.65 

85 

Quantity/ 

Nominal 

Value 


Coupon 




58,807,696 1.68 

DENMARK 

289,228 D/S Norden 22,027,339 0.63 

174,300 D/S Torm 4,195,031 0.12 

34,561 FLSmidth & Co. 2,405,066 0.07 


265,461 Sydbank 7,777,241 0.22 

295,524,108 8.40 

55,901,417 1.59 

SWITZERLAND 


16,877 Baloise Holding Registered Shares 

21,613 Bucher Industries Registered Shares 

1,385,184 Crédit Suisse Group 

9,982,811 

1,134,554 

3,482,608 

56,864,220 

0.28 

0.03 

0.10 

1.62 

LUXEMBOURG 

430,522 ArcelorMittal 

14,884 Orco Property Group 

256,485 Oriflame Cosmetics SDR 

22,718,646 

1,211,409 

11,399,650 

0.65 

0.03 

0.32 

170 Lindt & Sprüngli Registered Shares 

9,847 Medisize Holding 

4,111,499 

455,545 

0.12 

0.01 

35,329,705 1.00 

30,760 Meyer Burger Technology 



7,708,066 

18,686,475 

24,361,412 

0.22 

0.53 

0.69 

GREECE 



7,467 Sika - Bearer Shares 9,400,657 0.27 38,935 Fourlis 1,023,990 0.03 

185,094 Sonova Holding Registered Shares 14,182,252 0.40 36,571 I Kloukinas-I Lappas 314,511 0.01 

20,046 Swatch Group - Bearer Shares 4,138,767 0.12 251,008 Marfin Financial Group Holdings 1,475,927 0.04 

1,184,768 Swiss Reinsurance Registered Shares 57,272,233 1.63 59,993 Michaniki 328,762 0.01 

42,464 Zurich Financial Services 8,485,894 0.24 312,143 Neochimiki LV Lavrentiadis 6,436,389 0.18 

486,011 Piraeus Bank 12,976,494 0.37 

220,266,993 6.26 34,008 Sarantis 476,112 0.01 

NETHERLANDS 


170,058 Bateman Litwin 

218,968 DSM 

431,191 

7,057,339 

0.01 

0.20 

27,398,810 0.78 

57,095 Fugro - CVA 2,986,068 0.08 AUSTRIA 

217,690 Imtech 3,637,600 0.10 52,204 Schoeller-Bleckmann Oilfield Equipment 3,208,980 0.09 

1,240,645 ING Groep - CVA 33,224,473 0.94 479,581 Voestalpine 23,763,239 0.68 

3,685,463 Royal Dutch Shell - A shares 106,350,736 3.02 

568,836 Royal Dutch Shell - B Shares 16,204,815 0.46 

26,972,219 0.77 

645,508 Royal KPN 


285,478 TomTom 

8,055,940 

3,708,181 

14,753,503 

0.23 

0.12 

0.42 

CYPRUS 

1,129,881 Marfin Popular Bank Public 10,349,710 0.29 

196,409,846 5.58 

10,349,710 0.29 

BELGIUM 


NORWAY 

693,051 DnB NOR 7,224,600 0.21 

25,318 Arseus - Warrants 

43,040 Arseus (Strip) 

28.01.11 20,508 

430 

0.00 

0.00 

7,224,600 0.21 

1,013,423 Belgacom 34,121,952 0.97 IRELAND 

114,824 Compagnie Maritime Belge 6,757,392 0.19 256,271 Paddy Power 5,867,996 0.16 

177,706 Delhaize Group 10,504,202 0.30 145,607 United Drug 576,604 0.02 

85,030 Dexia (Strip) 850 0.00 

9,310 D’ieteren 2,257,861 0.06 

6,444,600 0.18 

1,901,264 Fortis 

799,602 InBev 



19,013 

45,609,298 

59,276,042 

2,425,313 

0.00 

1.30 

1.69 

0.07 

ISLE OF MAN 

98,272 Eros International 

397,903 Lamprell 

532,326 

2,314,544 

0.02 

0.06 

164,200,887 4.67 

2,846,870 0.08 

FINLAND 


36,782 Alma Media 


859,859 Metso 

428,510 

1,869,845 

32,184,522 

0.01 

0.05 

0.91 



3,508,491,254 99.70 

3,989,290 Nokia 

285,000 OKO Bank - A Shares 

105,636,399 

3,762,000 

3.00 

0.11 


260,969 Orion - B Shares 

299,990 Ramirent 

4,243,356 

3,374,887 

0.12 

0.10 


LUXEMBOURG 

SWEDEN 

151,499,519 4.30 24,700,000 JPMorgan Liquidity Funds - Euro Liquidity Fund 



370,216 Betsson 

470,395 

3,271,312 

0.01 

0.10 

24,700,000 0.70 


52,458 KappAhl Holding 

446,742 

457,979 

0.01 

0.01 


728,963 Kinnevik Investment 

73,292 KNOW IT 

11,262,598 

469,237 

0.32 

0.01 



24,700,000 0.70 

87,049 Peab 

2,016,122 SKF - B Shares 

610,281 

23,415,400 

0.02 

0.67 


4,940,014 Volvo - B Shares 56,981,638 1.62 


PORTUGAL 

97,385,582 2.77 


1,587,917 Banco BPI Registered Shares 

932,451 Banco Espirito Santo Registered Shares 

8,558,873 

14,098,659 

0.24 

0.40 


Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 



Energy 12.61 











Total 

100.00 



%of 

Net Assets 





Energy 8.42 








Total 

100.00 

86 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


185,071 Petrofac 1,378,914 0.17 


9,868,300 Pipex Communications 

546,850 Premier Foods 

1,149,387 

1,520,033 

0.14 

0.18 


210,419 Provident Financial 2,380,906 0.29 

397,960 Aga Foodservice Group 


295,163 Amec 

589,758 Amlin 

671,053 Amlin - B Shares 

1,028,754 ARM Holdings 

183,009 Arriva 




780,996 Balfour Beatty 


170,673 Berkeley Group Holdings 


184,146 BlueBay Asset Management 

703,556 Bodycote International 

636,138 Brit Insurance Holdings 

368,469 Britvic 

229,057 BSS Group 

159,975 Burren Energy 

946,929 Carillion 

692,290 Cattles 




249,454 Close Brothers Group 


209,224 Croda International 

274,536 CSR 

452,444 Dairy Crest Group 

1,988,419 

2,376,258 

3,349,796 

2,382,982 

203,815 

1,729,674 

1,976,465 

1,863,169 

1,667,278 

2,783,068 

5,326,571 

3,831,685 

3,087,106 

130 

906,358 

1,783,903 

1,966,605 

1,703,673 

1,215,924 

2,646,323 

4,490,618 

2,773,809 

2,747,623 

2,523,728 

2,262,891 

3,253,842 

3,071,396 

1,629,793 

2,227,893 

3,536,675 

0.24 

0.29 

0.40 

0.29 

0.02 

0.21 

0.24 

0.22 

0.20 

0.33 

0.64 

0.46 

0.37 

0.00 

0.11 

0.21 

0.24 

0.20 

0.15 

0.32 

0.54 

0.33 

0.33 

0.30 

0.27 

0.39 

0.37 

0.20 

0.27 

0.42 

129,276 Punch Taverns 

80,744 Quintain Estates & Development 

2,353,104 RAB Capital 

83,459 Rathbone Brothers 


183,606 Rightmove 

735,959 ROK 

117,140 Rotork 





380,525 SIG 

273,877 Southern Cross Healthcare 


49,788 Speedy Hire 

1,893,057 Spirent Communications 

310,907 SSL International 

674,974 St James’s Place 


599,872 Sthree 

505,693 Taylor Nelson Sofres 

70,710 Tradus 




582,429 WH Smith 

279,880 Wincanton 



1,338,314 

576,968 

2,751,891 

1,207,448 

1,858,121 

1,147,675 

1,307,242 

1,567,665 

1,373,719 

1,225,293 

1,034,199 

1,915,250 

3,830,986 

1,966,312 

1,075,662 

566,055 

1,636,345 

2,211,093 

2,569,436 

5,461,171 

1,787,386 

1,421,060 

1,725,775 

1,876,891 

2,345,623 

1,786,910 

2,562,646 

1,406,967 

3,114,679 

1,163,665 

0.16 

0.07 

0.33 

0.14 

0.22 

0.14 

0.16 

0.19 

0.16 

0.15 

0.12 

0.23 

0.45 

0.24 

0.13 

0.06 

0.20 

0.27 

0.31 

0.66 

0.21 

0.17 

0.21 

0.23 

0.28 

0.21 

0.31 

0.17 

0.37 

0.14 


338,555 Davis Service Group 

2,137,637 

2,400,833 

0.26 

0.29 

238,707,865 28.66 


572,682 DS Smith 

342,275 Erinaceous Group 

128,482 Expro International Group 

241,321 Findel 

142,485 Firstgroup 

1,464,470 FKI 

939,948 Galiform 

2,380,675 Galliford Try 


1,173,877 GKN 

57,061 Go-Ahead Group 

234,252 Greene King 

519,076 Halfords Group 

295,437 Headlam Group 

213,370 Helical Bar 

540,606 Helphire Group 

857,932 Henderson Group 

842,986 Hiscox 

36,971 Homeserve 

519,841 IG Group Holdings 

192,635 IMI 


371,618 Inchcape 

340,052 Informa 


1,064,220 

1,646,191 

13,969 

1,818,753 

1,951,805 

1,561,031 

1,201,342 

1,169,340 

3,211,842 

2,796,666 

4,480,556 

1,920,313 

2,526,704 

2,150,172 

1,743,551 

901,202 

2,695,656 

1,500,630 

3,223,298 

856,209 

2,882,868 

1,053,272 

2,612,893 

1,892,072 

2,097,914 

2,430,485 

0.13 

0.20 

0.00 

0.22 

0.23 

0.19 

0.14 

0.14 

0.39 

0.34 

0.54 

0.23 

0.30 

0.26 

0.21 

0.11 

0.32 

0.18 

0.39 

0.10 

0.35 

0.13 

0.31 

0.23 

0.25 

0.29 

FRANCE 


20,864 Bacou Dalloz 

66,924 Beneteau 

76,205 Bourbon 



25,319 Ciments Français 

47,000 Derichebourg 

111,766 EDF Energies Nouvelles 

39,187 Eramet 

165,161 Etablissements Maurel et Prom 

32,371 Euler Hermès 


33,407 Ipsen 

15,377 LISI 

32,077 Nexans 

32,709 Pierre & Vacances 

75,238 Rallye 

31,036 Rémy Cointreau 


172,452 Saft Groupe 

28,786 SEB 

25,870 Société Foncière Financière et de Participations 

118,592 UBISOFT Entertainment 

7,618,129 

1,628,435 

1,156,447 

3,378,168 

4,288,537 

3,040,264 

2,987,136 

258,970 

5,451,945 

13,833,011 

2,373,364 

2,696,828 

2,173,978 

1,367,683 

982,437 

2,752,207 

2,968,996 

3,652,053 

1,523,557 

3,664,492 

4,999,383 

3,507,574 

2,302,171 

7,897,041 

0.91 

0.20 

0.14 

0.41 

0.51 

0.37 

0.36 

0.03 

0.65 

1.67 

0.28 

0.32 

0.26 

0.16 

0.12 

0.33 

0.36 

0.44 

0.18 

0.44 

0.60 

0.42 

0.28 

0.95 



601,664 Invensys 

319,336 Investec 




1,974,378 Kingston Communications 

121,153 Luminar Group Holdings 

1,009,638 Mecom Group 

826,530 Meggitt 

814,050 Melrose 

422,051 Michael Page International 


430,695 Mitie Group 

1,158,785 Morgan Crucible 


390,172 N Brown Group 


456,251 New Star Asset Management Group 

1,528,598 Northern Foods 

175,151 Northgate 

771,676 Northumbrian Water Group 

332,499 Pennon Group 

3,565,704 

2,001,502 

1,829,437 

2,002,583 

1,473,808 

3,242,537 

3,491,754 

1,499,432 

705,140 

674,222 

3,636,673 

1,724,654 

1,598,045 

1,163,063 

1,668,734 

3,174,234 

936,934 

1,247,208 

1,993,558 

1,170,768 

1,937,920 

1,870,226 

3,586,274 

3,022,874 

0.43 

0.24 

0.22 

0.24 

0.18 

0.39 

0.42 

0.18 

0.08 

0.08 

0.44 

0.21 

0.19 

0.14 

0.20 

0.38 

0.11 

0.15 

0.24 

0.14 

0.23 

0.22 

0.43 

0.36 

ITALY 

55,558 Acotel Group 

272,694 Aeffe 


605,001 ASM 

260,384 Astaldi 

535,040 Azimut Holding 

137,748 Banca Popolare dell’Etruria e del Lazio 

275,639 Banco di Desio e della Brianza 

187,947 Benetton Group 


86,058 Buzzi Unicem - RNC Shares 

299,623 Cementir 

299,015 Cofide 

186,263 Danieli & Co. 

281,894 Davide Campari-Milano 

374,882 De Longhi 

1,803,356 Ducati Motor Holding 

314,387 Geox 

565,110 Impregilo 

384,899 Indesit 

445,526 Interpump Group 

86,502,806 

4,666,872 

733,547 

3,088,346 

2,985,680 

1,314,939 

4,735,104 

1,286,566 

1,958,415 

2,259,123 

3,756,662 

1,089,494 

1,781,259 

328,917 

4,023,281 

1,867,548 

1,387,063 

2,587,816 

4,316,534 

2,600,919 

4,045,288 

3,123,137 

10.39 

0.56 

0.09 

0.37 

0.36 

0.16 

0.57 

0.15 

0.24 

0.27 

0.45 

0.13 

0.21 

0.04 

0.48 

0.22 

0.17 

0.31 

0.52 

0.31 

0.49 

0.38 

98 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

36,003 Italmobiliare 2,260,628 0.27 

543,551 Milano Assicurazioni 2,910,716 0.35 

652,376 Piaggio & C. 1,513,512 0.18 

255,954 Prysmian 4,279,551 0.51 

379,838 Recordati 2,317,012 0.28 

342,413 Snai 1,765,139 0.21 

52,458 Societa Cattolica di Assicurazioni 1,817,670 0.22 

64,921 Societa Iniziative Autostradali e Servizi 670,634 0.08 

346,067 Trevi Finanziaria 4,215,096 0.51 

99 

Quantity/ 

Nominal 

Value 


Coupon 

408,792 Peab Industri - B Shares 2,509,058 0.30 

1,012,012 Securitas Direct - B Shares 2,763,030 0.33 

48,811,214 5.86 

NETHERLANDS 

165,923 Aalberts Indistries 2,231,664 0.27 

29,225 Arcadis 1,351,948 0.16 

77,011 ASM International 1,191,360 0.14 

119,883 Boskalis Westminster - CVA 4,925,992 0.58 

75,686,468 9.09 

63,094 Draka Holding 

80,357 Fugro - CVA 

1,410,782 

4,202,671 

0.17 

0.50 

GERMANY 

63,549 Hunter Douglas 3,232,738 0.39 

247,844 Aixtron 2,356,996 0.28 172,721 Imtech 2,886,168 0.35 

185,496 Arques Industries 4,359,156 0.52 282,395 Koninklijke BAM Groep 4,475,961 0.54 

68,765 Bauer 3,335,103 0.40 66,472 Nutreco Holding 2,626,973 0.32 

46,775 Bechtle 1,282,571 0.15 51,992 OPG Groep - CVA 969,651 0.12 

107,794 D+S Europe 1,329,100 0.16 131,571 Smit Internationale 8,958,669 1.08 

137,651 Deutsche Beteiligungs 2,947,108 0.35 95,219 Vedior - CVA 1,644,432 0.20 

25,802 ElringKlinger 2,193,170 0.26 

59,627 Fuchs Petrolub Preference Shares 3,612,800 0.43 

40,109,009 4.82 

72,653 GEA Group 



9,050 K+S 


29,542 Krones 

45,450 KUKA 

10,356 KWS Saat 

95,732 Leoni 

118,258 Medion 


48,222 MVV Energie 


60,134 Nordex 

153,531 PVA TePla 

11,256 Roth & Rau 



60,853 Tognum 

1,729,141 

1,943,037 

1,778,133 

1,472,888 

1,423,066 

1,624,515 

1,182,155 

1,482,565 

3,216,595 

2,173,582 

4,501,000 

1,508,866 

4,040,158 

1,897,228 

1,810,130 

2,893,918 

3,373,744 

1,386,864 

1,254,180 

0.21 

0.23 

0.21 

0.18 

0.17 

0.20 

0.14 

0.18 

0.39 

0.26 

0.54 

0.18 

0.49 

0.23 

0.22 

0.35 

0.41 

0.17 

0.15 

SPAIN 


265,021 CIE Automotive 

103,793 Duro Felguera 

78,044 General de Alquiler de Maquinaria 


203,741 Indra Sistemas - A Shares 

76,258 Mecalux 

138,756 Papeles y Cartones de Europa 

82,372 Papeles y Cartones de Europa - 

Rights 20.11.07 

126,227 Prosegur Companhia de Seguridad Registered Shares 

71,938 Solaria Energia y Medio Ambiente 




63,189 Vidrala 

118,504 Viscofan 

3,603,203 

1,780,941 

862,520 

1,767,697 

2,646,237 

3,756,984 

1,868,321 

871,388 

59,308 

3,033,235 

1,534,438 

2,600,400 

5,644,012 

2,688,463 

1,554,449 

1,719,493 

0.43 

0.21 

0.10 

0.21 

0.32 

0.46 

0.22 

0.10 

0.01 

0.36 

0.18 

0.31 

0.69 

0.32 

0.19 

0.21 


16,995 Vossloh 

1,567,281 

1,361,300 

0.19 

0.16 

35,991,089 4.32 

135,400 Wirecard 1,565,224 0.19 DENMARK 

68,205 Alm. Brand Skadesforsikring 2,578,925 0.31 

SWITZERLAND 

1,048 Bank Sarasin & Compagnie Registered - B Shares 

11,704 Banque Cantonale Vaudoise Registered Shares 

5,386 Bobst Group Registered Shares 

54,545 Bossard Holding - Bearer Shares 

4,772 Bucher Industries Registered Shares 

2,610 Burckhardt Compression Holding 

66,601,574 

3,342,666 

3,532,139 

258,902 

2,825,655 

768,936 

562,060 

8.00 

0.40 

0.42 

0.03 

0.34 

0.09 

0.07 

176,376 D/S Norden 

146,175 D/S Torm 

97,572 DSV 

49,965 East Asiatic 

61,512 FLSmidth & Co. 

65,133 Jyske Bank Registered Shares 

11,690 SimCorp 

39,037 TrygVesta 

13,432,634 

3,518,122 

1,465,266 

2,649,633 

4,280,560 

3,484,555 

1,568,996 

2,033,484 

1.61 

0.42 

0.18 

0.32 

0.51 

0.42 

0.19 

0.24 

6,148 Galenica Holding Registered Shares 

12,979 Georg Fischer Registered Shares 

13,883 Helvetia Holding 

1,102 Lindt & Sprüngli Preference Shares 

7,895 Meyer Burger Technology 

35,774 Panalpina Welttransport Holding 

23,741 Partners Group Registered Shares 

11,504 PubliGroupe Registered Shares 

12,798 Rieter Holding Registered Shares 

2,944 Sika - Bearer Shares 

81,176 Sonova Holding Registered Shares 

1,875,768 

5,437,561 

3,416,183 

2,600,165 

1,978,387 

4,247,368 

2,173,744 

2,553,596 

3,839,169 

3,706,379 

6,219,859 

0.23 

0.65 

0.41 

0.31 

0.24 

0.51 

0.25 

0.31 

0.46 

0.45 

0.75 

BELGIUM 

42,969 Ackermans & Van Haaren 

24,364 Bekaert 

80,741 Compagnie Maritime Belge 

17,239 D’ieteren 

50,289 EVS Broadcast Equipement 

32,656 Omega Pharma 


22,739 Umicore 

35,012,175 

2,857,438 

2,221,266 

4,751,608 

4,180,802 

4,013,062 

1,523,402 

2,079,599 

3,826,746 

4.20 

0.34 

0.27 

0.57 

0.50 

0.49 

0.18 

0.25 

0.46 

11,126 St. Galler Kantonalbank Registered Shares 

2,313 Sulzer Registered Shares 

3,335,924 

2,322,614 

0.40 

0.28 

25,453,923 3.06 

198,341 Temenos Group Registered Shares 

114,058 Vontobel Holding Registered Shares 

3,237,782 

3,840,638 

0.39 

0.46 

GREECE 

114,394 Folli - Follie Registered Shares 2,887,305 0.35 

SWEDEN 


229,960 Axis Communications 

75,702 Bergman & Beving - B Shares 

380,165 Betsson 

62,075,495 

685,886 

3,796,270 

1,562,148 

3,359,223 

7.45 

0.08 

0.46 

0.19 

0.40 

225,085 GEK Group of Companies 

177,433 Hellenic Exchanges Holding Clearing Settlement 

and Registry 

317,182 Lamda Development 

217,485 Metka 

517,845 Michaniki 


2,250,850 

4,212,259 

4,503,984 

3,336,220 

2,837,791 

5,079,849 

0.27 

0.51 

0.53 

0.40 

0.34 

0.61 

115,595 Bjorn Borg 

126,909 D. Carnegie & Co. 

1,394,518 

1,641,805 

0.17 

0.20 

25,108,258 3.01 

125,761 Getinge - B Shares 

253,012 Hexagon - B Shares 


120,947 Intrum Justitia 

619,883 KappAhl Holding 

360,226 Kinnevik Investment 

136,496 Lindab International 

795,729 PA Resources 

801,143 Peab 

2,315,664 

3,708,268 

511,928 

1,446,285 

5,411,827 

5,565,551 

2,123,330 

4,399,788 

5,616,635 

0.28 

0.45 

0.06 

0.17 

0.65 

0.67 

0.25 

0.53 

0.67 

FINLAND 

128,782 Amer Sports - A Shares 



27,742 Lemminkainen 

142,943 Nokian Renkaat 

329,450 OKO Bank - A Shares 

65,934 Outotec 

83,234 Poyry 

2,343,832 

2,748,845 

2,475,721 

877,202 

3,424,914 

4,348,740 

2,473,844 

1,423,301 

0.28 

0.33 

0.30 

0.11 

0.41 

0.51 

0.30 

0.17 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

43,769 Stockmann - B Shares 1,303,441 0.16 

45,326 Wartsila - B Shares 2,380,068 0.29 

23,799,908 2.86 

AUSTRIA 

82,825 Andritz 3,322,111 0.40 

28,851 Flughafen Wien 2,270,285 0.27 

81,574 Intercell Bearer Shares 2,162,527 0.26 

34,912 Mayr-Melnhof Karton 2,642,838 0.32 

183,788 Polytec Holding 1,617,334 0.19 


90,807 Zumtobel 2,261,094 0.27 

17,277,154 2.07 

NORWAY 

360,422 ABG Sundal Collier 565,157 0.08 

102,155 Blom 941,878 0.11 

203,494 ODIM 2,112,357 0.25 

119,647 Petroleum Geo-Services 2,352,648 0.28 

635,530 Scana Industrier 1,498,793 0.18 

279,268 Tandberg 3,976,167 0.48 

11,447,000 1.38 

IRELAND 

277,319 DCC 5,277,381 0.63 

512,313 Glanbia 2,331,024 0.28 

23,140 Kingspan Group 237,902 0.03 

95,142 Paddy Power 2,178,752 0.26 

10,025,059 1.20 

PORTUGAL 

993,317 Grupo Soares da Costa 2,066,099 0.24 

333,368 Jeronimo Martins 1,813,522 0.22 


1,266,460 Sonae 2,456,932 0.30 

8,946,840 1.07 

BERMUDA 

131,185 Frontline 4,295,090 0.51 

125,595 Golar LNG 1,906,362 0.23 

6,201,452 0.74 

CYPRUS 

1,255,215 Deep Sea Supply 3,889,222 0.47 

3,889,222 0.47 

LUXEMBOURG 


2,377,844 0.29 


133,838 Subsea 7 2,039,874 0.25 

2,039,874 0.25 






LUXEMBOURG 

826,064,229 99.19 



12,952,514 1.56 




12,952,514 1.56 





100 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 






Energy 6.10 








Total 

100.00 


Shares 

%of 

Net Assets 






Energy 4.34 








Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


NORWAY 


206,878 EDB Business Partner 

228,256 Tandberg 

1,043,249 

3,249,868 

0.54 

1.70 

GERMANY 

28,635 Centrotherm Photovoltaics 2,147,625 1.12 

4,293,117 2.24 


77,412 Epcos 

579,519 Infineon Technologies 

1,933,630 

918,880 

4,676,718 

1.01 

0.48 

2.45 

BELGIUM 

43,390 EVS Broadcast Equipement 3,462,522 1.81 

5,895 KSB 


11,131 Roth & Rau 

190,805 SAP 


2,546,640 

2,147,395 

2,861,780 

6,779,302 

15,590,276 

1.33 

1.12 

1.49 

3.54 

8.14 

SWEDEN 

39,169 AddTech - B Shares 

231,170 TeliaSonera 

3,462,522 

579,261 

1,467,787 

1.81 

0.30 

0.77 



2,268,236 

1,912,176 

1.18 

1.00 

2,047,048 1.07 

100,312 Wirecard 1,159,607 0.61 SWITZERLAND 

44,942,265 23.47 


FRANCE 

1,647,433 0.86 

20,893 Alstom 

148,001 Atos Origin 


3,081,926 

5,203,715 

12,694,861 

1.61 

2.72 

6.63 

PORTUGAL 

75,282 Portugal Telecom Registered Shares 680,549 0.36 


175,220 Dassault Systèmes 

6,107,010 

7,029,826 

3.18 

3.67 

680,549 0.36 

15,497 Devoteam 


378,902 

2,641,261 

0.20 

1.38 


133,872 GFI Informatique 

13,234 Neuf Cegetel 

819,297 

458,161 

0.43 

0.24 



187,501,793 97.91 


98,200 Thomson 

892,509 

946,648 

0.47 


24,865 Téléperformance 

40,574 Vivendi 

649,225 

1,283,356 

0.34 

0.67 


LUXEMBOURG 


42,186,697 22.03 243,216 JPMorgan Liquidity Funds - Euro Liquidity Fund 

(JPM Euro Liquidity X (dist.)) 243,216 0.13 


2,368,181 ARM Holdings 

2,833,555 

3,981,691 

1.48 

2.09 

243,216 0.13 



716,128 

1,822,036 

0.37 

0.95 

Total Investment Funds 243,216 0.13 


178,942 British Sky Broadcasting Group 

39 

1,516,433 

0.00 

0.79 



243,216 0.13 

344,881 Cable & Wireless 

526,986 Clean Energy Brazil 

872,126 

650,237 

0.46 

0.34 


142,187 Clean Energy Brazil - Warrants 

3,856 Communisis 

18.12.2011 26,991 

3,830 

0.01 

0.00 

Cash 430,671 0.22 



1,827,746 

2,330,843 

0.95 

1.22 


1,008,519 Kewill Systems 

334,524 Laird Group 

1,117,558 

2,569,556 

0.58 

1.34 


1,678,897 LogicaCMG 2,674,810 1.40 

534,250 M&C Saatchi 905,494 0.47 

1,341,043 Managment Consulting Group 


301,597 Monitise 

627,325 

935,693 

55,207 

0.33 

0.49 

0.03 


%of 

Net Assets 

267,805 Morse 

1,271,677 Pace Micro Technology 

638,889 Sage Group 


2,482,196 Spirent Communications 

1,023 Temple Capital Partners 

739,897 Vislink 

999,686 Vodafone Group 


239,659 

1,573,405 

1,990,269 

692,494 

2,145,592 

0 

476,536 

2,542,889 

905,532 

0.13 

0.82 

1.04 

0.36 

1.12 

0.00 

0.25 

1.33 

0.47 



Industrials 



Energy 

Financials 



62.36 

19.16 

9.10 

4.31 

2.64 

0.35 

0.13 

98.05 

36,033,674 18.82 


NETHERLANDS 

483,435 ASML Holding 10,461,533 5.47 

Total 

100.00 

215,415 Philips Electronics 6,346,126 3.30 

177,341 Royal KPN 2,213,216 1.16 

900,877 STMicroelectronics 8,909,673 4.65 

59,692 Unit 4 Agresso 1,132,954 0.59 

29,063,502 15.17 

FINLAND 

533,775 Nokia 14,134,362 7.38 

245,432 Tietoenator 3,755,110 1.96 

17,889,472 9.34 

SPAIN 

29,779 Solaria Energia y Medio Ambiente 635,186 0.33 

207,842 Telefonica 4,620,328 2.41 

5,255,514 2.74 

109 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 







Energy 0.68 



Total 

100.00 

110 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 



Shares 


GERMANY 

LUXEMBOURG 


159,242 Amadeus Fire 

36,041,656 

2,738,962 

4.66 

0.35 


(JPM Euro Liquidity X (dist)) 13,151,572 1.70 

369,742 BASF 

140,853 Bauer 

37,495,536 

6,831,370 

4.84 

0.88 

13,151,572 1.70 

711,874 Bayer 

152,238 Beiersdorf 

44,513,481 

8,068,614 

5.75 

1.04 


581,341 Commerzbank 


306,648 D+S europe 

15,266,015 

15,797,772 

3,780,970 

1.97 

2.04 

0.49 



13,151,572 1.70 


60,530 Delticom 

57,759,705 

3,008,341 

7.46 

0.39 




28,352,674 

21,943,309 

3.66 

2.83 




2,163,680 

9,115,838 

0.28 

1.18 


50,313 Deutsche Postbank 

2,476,378 Deutsche Telekom 

3,056,515 

37,195,198 

0.39 

4.80 


520,285 E.ON 75,748,293 9.78 

58,236 ElringKlinger 4,950,060 0.64 

63,220 Estavis 

110,962 Fresenius Preference Shares 


880,655 

6,313,738 

6,749,968 

0.11 

0.82 

0.87 


%of 

Net Assets 

237,807 GEA Group 

67,258 Geneart 

87,410 Gerresheimer 

5,659,807 

813,822 

3,339,062 

0.73 

0.11 

0.43 

Shares 

Industrials 

Financials 

17.95 

17.66 

15,243 Hamburger Hafen und Logistik 929,823 0.12 Materials 17.04 

76,186 Hochtief 

133,007 Homag Group 

76,922 K+S 


126,913 KROMI Logistik 

57,808 Krones 

165,439 MAN 


192,241 Münchener Rückversicherungs Registered Shares 

7,009,112 

2,753,245 

12,519,055 

3,559,023 

1,437,924 

3,178,862 

18,826,958 

9,847,039 

25,556,519 

0.91 

0.36 

1.62 

0.46 

0.19 

0.41 

2.43 

1.27 

3.30 

Utilities 




Health Care 



Energy 

Total Shares 

15.96 

14.59 

7.19 

4.80 

2.19 

1.70 

1.04 

0.87 

100.99 

190,733 Nabaltec 1,487,717 0.19 Bank Overdraft and Other Assets/(Liabilities) (0.99) 

70,532 P&I Personal & Informatik 


1,465,655 

3,686,467 

0.19 

0.48 

Total 

100.00 

12,088 Puma Rudolf Dassler Sport 3,300,024 0.43 

497,867 RWE 47,795,232 6.17 

70,460 Salzgitter 7,190,443 0.93 

859,031 SAP 30,521,371 3.94 



2,418,072 

77,336,757 

0.31 

9.99 


%of 

Net Assets 

123,323 Software 7,469,674 0.96 

64,951 Surteco 

223,798 Symrise 



138,021 TUI 



16,071 Volkswagen Preference Shares 

243,773 Wacker Construction Equipment 

69,290 Wincor Nixdorf 

443,807 Wirecard 

1,753,027 

4,314,825 

11,824,225 

2,915,635 

2,640,342 

4,377,019 

20,214,638 

1,607,100 

3,563,961 

4,503,850 

5,130,409 

0.23 

0.56 

1.53 

0.38 

0.34 

0.57 

2.61 

0.21 

0.46 

0.58 

0.66 

Shares 

Financials 

Materials 

Industrials 


Utilities 


Health Care 



Energy 

Total Shares 

20.68 

20.03 

19.68 

15.22 

11.68 

4.76 

3.09 

1.39 

0.67 

0.26 

97.46 

768,719,044 99.29 Cash and Other Assets/(Liabilities) 2.54 

Total Shares 



768,719,044 99.29 

Total 

100.00 

43,900 Deutschland Investment Corporate 0 0.00 

0 0.00 

Total Investment Funds 0 0.00 



768,719,044 99.29 

111 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


3,200,000 Conti-Gummi Finance 19.05.11/1.625% 5,744,234 0.26 

Shares 

17,900,000 Heidelberg International 

Finance 09.02.12/0.875% 19,157,869 0.87 


130,300 AMG Capital Trust II 144A 

301,400 General Motors - C Shares 

6,540 Mylan 

28,179 News Finance Trust II 144A 

3,001 Washington Mutual - R Shares 

3,933,649 

4,074,609 

4,497,933 

20,909,966 

1,756,688 

35,172,845 

0.18 

0.19 

0.20 

0.95 

0.08 

1.60 

28,000,000 Pargesa Netherlands 

10,435,000 Pargesa Netherlands 

31,600,000 Portugal Telecom 

International Finance 

3,100,000 Q-Cells International Finance 

28,500,000 STMicroelectronics 

8,036,000 Suedzucker International 

Finance 

27.04.13/1.700% 

15.06.14/1.750% 

28.08.14/4.125% 

28.02.12/1.375% 

23.02.16/0.000% 

08.12.08/3.000% 

17,372,448 

5,971,478 

33,022,000 

4,797,250 

19,117,126 

8,019,928 

0.79 

0.27 

1.50 

0.22 

0.87 

0.37 

BERMUDA 

134,551,609 6.14 

18,000 Bunge 13,574,123 0.62 

FRANCE 

13,574,123 0.62 

21,822,000 Artemis Conseil 

11,614,300 Cap Gemini 

31.07.11/2.000% 

01.01.10/2.500% 

31,514,110 

6,469,165 

1.43 

0.29 

MALAYSIA 

7,522,905 IOI 11,961,188 0.54 

8,937,300 Compagnie Generale des 

Etablissements Michelin 


01.01.17/0.000% 

01.01.09/1.600% 

10,014,245 

20,932,366 

0.46 

0.95 


228,850 Vale Capital 

11,961,188 

10,196,455 

0.54 

0.46 

5,981,900 Publicis Groupe 

46,828,300 Rhodia 

34,361,800 Société Air France 

46,793,300 Theolia 

18.01.18/1.000% 

01.01.14/0.500% 

01.04.20/2.750% 

01.01.14/2.000% 

2,575,208 

20,651,280 

9,610,996 

10,774,157 

0.12 

0.94 

0.44 

0.49 

10,196,455 0.46 

35,889,100 Valeo 01.01.11/2.375% 16,597,919 0.76 


129,139,446 5.88 

1,225,805 Aldar Properties 2,771,405 0.13 

JERSEY 

2,771,405 0.13 

9,800,000 Aldar Funding 

11,700,000 Dana Gas Sukuk 

10.11.11/5.767% 

31.10.12/7.500% 

13,552,092 

8,322,726 

0.61 

0.38 

Total Shares 73,676,016 3.35 

5,700,000 Figaro Finance 

7,135,000 Lonza Finance 

18.09.09/3.875% 

15.07.09/1.500% 

6,507,763 

6,529,636 

0.30 

0.30 

Bonds 

8,100,000 Premier Oil Finance 

12,571,000 UBS / Jersey 

27.06.14/2.875% 

19.07.10/0.000% 

6,414,717 

12,910,417 

0.29 

0.59 

BELGIUM 

40,500,000 Fortis Bank 07.12.10/8.750% 39,123,000 1.78 

15,072,000 UBS / Jersey 

21,350,000 UBS / Jersey 

25.01.12/1.000% 

31.07.12/3.220% 

14,563,019 

19,815,853 

0.66 

0.90 

8,000,000 Vedanta Finance Jersey 21.02.26/4.600% 8,304,687 0.38 

39,123,000 1.78 


96,920,910 4.41 

12,400,000 Merrill Lynch & Co. 07.10.09/0.000% 8,476,281 0.38 LUXEMBOURG 

8,476,281 0.38 

8,500,000 Acergy 

10,220,000 Actelion Finance 

11.10.13/2.250% 

22.11.11/0.000% 

6,703,575 

7,316,710 

0.31 

0.33 

INDIA 

1,700,000 Jaiprakash Associates 12.09.12/0.000% 1,870,702 0.09 

31,250,000 Fortfinlux 

6,150,000 Fortis Luxembourg Finance 

8,000,000 Swatch Group Finance /Lux 

07.11.49/5.940%* 

28.04.09/0.500% 

15.10.10/2.625% 

28,570,625 

6,188,745 

6,811,638 

1.30 

0.28 

0.31 

1,870,702 0.09 

7,600,000 Weather Capital Finance 27.02.13/4.750% 8,583,440 0.39 

Total Bonds 49,469,983 2.25 

64,174,733 2.92 


TAIWAN 

14,230,000 Asustek Computer 15.01.09/0.000% 13,266,461 0.60 

JAPAN 

6,888,000 AU Optronics 26.11.09/0.000% 4,934,904 0.22 

2,133,000,000 Bank of Kyoto 

536,000,000 Capcom 

1,328,000,000 CSK Holdings 

1,915,000,000 Fujitsu 

31.03.14/0.000% 

31.03.09/0.000% 

30.09.13/0.250% 

27.05.09/0.000% 

16,586,214 

3,753,157 

8,185,398 

11,830,344 

0.77 

0.17 

0.37 

0.54 

11,622,000 Chi Mei 

1,400,000 Chunghwa Picture Tubes 

20,241,000 ProMOS Technologies 

19,610,000 United Microelectronics 

18.12.11/0.000% 

02.10.12/0.000% 

14.02.12/0.000% 

15.02.08/0.000% 

10,065,108 

1,038,475 

13,379,424 

13,332,077 

0.46 

0.05 

0.61 

0.61 

640,000,000 Geo 

1,075,000,000 H2O Retailing 

28.09.12/0.000% 

16.08.11/0.000% 

3,830,035 

7,252,739 

0.17 

0.33 

56,016,449 2.55 

303,000,000 Hitachi Metals 

1,545,000,000 Konica Minolta Holdings 

2,234,000,000 Nidec 

2,033,000,000 Nomura Research Institute 

1,149,000,000 Ricoh 

3,368,000,000 Sharp 

13.09.16/0.000% 

07.12.09/0.000% 

17.10.08/0.000% 

31.03.14/0.000% 

07.12.11/0.000% 

30.09.13/0.000% 

2,027,593 

10,595,032 

17,155,169 

14,207,896 

7,424,632 

21,609,565 

0.09 

0.48 

0.78 

0.65 

0.34 

0.98 

MALAYSIA 

10,700,000 Cherating Capital 

18,100,000 Feringghi Capital 

18,100,000 Rafflesia Capital 

19,300,000 YTL Finance Labuan 

05.07.12/2.000% 

22.12.09/0.000% 

04.10.11/0.000%* 

15.05.12/0.000% 

7,702,427 

14,538,647 

15,498,004 

14,086,287 

0.35 

0.66 

0.71 

0.64 

3,150,000,000 Sony 

3,435,000,000 Suzuki Motor 

1,600,000,000 Tobu Railway 

2,410,000,000 Toray Industries 

18.12.08/0.000% 

29.03.13/0.000% 

31.03.16/0.000% 

12.03.12/0.000% 

22,591,030 

25,410,831 

10,214,377 

15,885,462 

1.03 

1.16 

0.47 

0.72 


33,683,000 Hewlett-Packard 


14.10.17/0.000% 

13.08.10/6.000% 

51,825,365 

19,718,444 

9,507,629 

2.36 

0.91 

0.43 

GERMANY 

198,559,474 9.05 33,110,000 Swiss Re American Holding 

(RGD) 21.11.21/3.250%* 22,060,562 1.00 

40,600,000 Dresdner Bank 


Wiederaufbau 


Wiederaufbau 

3,060,000 Solon Fuer Solartechnik 

22.06.09/0.000% 

08.08.08/0.750% 

03.02.10/0.500% 

06.12.12/1.375% 

29,650,142 

85,742,145 

22,593,953 

2,991,150 

1.35 

3.90 

1.03 

0.14 


11,700,000 China Overseas Finance 

Investment Cayman 

580,000,000 NC International 

7,400,000 Siem Industries 

14.05.14/0.000% 

15.03.11/0.000% 

12.07.17/0.000% 

51,286,635 

9,965,767 

6,622,233 

5,449,637 

2.34 

0.46 

0.30 

0.25 

NETHERLANDS 

9,200,000 Bayer Capital 01.06.09/6.625% 

140,977,390 

15,201,108 

6.42 

0.70 

7,200,000 Subsea 7 

9,600,000 YTL Power Finance Cayman 

686,000,000 Zeus Cayman 

06.06.11/2.800% 

09.05.10/0.000% 

20.08.08/0.000% 

5,548,565 

8,894,035 

4,808,429 

0.25 

0.40 

0.22 

6,199,000 BNP Paribas Arbitrage 

Issuance 16.11.10/0.000% 6,148,168 0.29 

41,288,666 1.88 

120 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

CHINA 

288,130,000 China Petroleum & Chemical 24.04.14/0.000% 34,316,200 1.56 

1,706,000 Datang International Power 

Generation 09.09.08/0.750% 3,091,947 0.14 

121 

Quantity/ 

Nominal 

Value 


Coupon 

LIECHTENSTEIN 

14,678,000 Liechtenstein Landesbank 12.04.11/1.650% 9,316,874 0.42 

9,316,874 0.42 

SOUTH KOREA 

37,408,147 1.70 

AUSTRIA 

9,000,000 Immofinanz 19.11.17/1.250% 8,698,114 0.40 

9,500,000 Hynix Semiconductor 

1,630,000,000 Korea Electric Power 

6,600,000 LG.Philips LCD 

8,600,000 SK Telecom 

29.09.11/0.000% 

23.11.11/0.000% 

18.04.12/0.000% 

27.05.09/0.000% 

6,561,884 

10,409,326 

5,337,322 

8,652,681 

0.31 

0.47 

0.24 

0.39 

FINLAND 

6,200,000 Nokian Renkaat 27.06.14/0.000% 

8,698,114 

6,238,750 

0.40 

0.28 

30,961,213 1.41 

6,238,750 0.28 

SINGAPORE 

11,750,000 CapitaLand 15.11.16/2.100% 6,108,788 0.28 

CANADA 

8,000,000 Addax Petroleum 31.05.12/3.750% 6,179,027 0.28 

1,300,000 Enercoal Resources Pte 

29,200,000 Guocoland 

01.10.12/0.000% 

07.05.12/0.000% 

1,526,497 

14,707,671 

0.07 

0.67 

6,179,027 0.28 

12,500,000 Yanlord Land Group 06.02.12/0.000% 7,314,431 0.33 BELGIUM 

29,657,387 1.35 

5,750,000 Fortis Bank 19.12.49/6.949%* 6,020,250 0.27 

INDIA 

6,020,250 0.27 


6,458,000 Suzlon Energy 

5,126,000 Suzlon Energy 

01.03.12/0.000% 

12.06.12/0.000% 

11.10.12/0.000% 

6,008,815 

5,300,462 

4,056,346 

0.28 

0.24 

0.18 


8,900,000 Nakheel Development 15.01.11/2.750% 6,011,385 0.27 

3,100,000 Tata Motors 

12,700,000 Tata Steel 

12.07.12/0.000% 

05.09.12/1.000% 

2,205,167 

10,734,385 

0.10 

0.49 


6,011,385 0.27 

28,305,175 1.29 

8,930,000 Nobel Biocare Investments 08.11.11/1.000% 5,481,399 0.25 

PORTUGAL 

9,400,000 Parpublica - Participaçes 

Publicas 

15,100,000 Parpublica - Participaçes 

Publicas 

16.12.10/2.690% 

18.12.14/3.250% 

12,036,681 

14,939,940 

0.55 

0.68 

HONG KONG 

25,530,000 Gainlead International 22.02.12/0.000% 

5,481,399 

3,041,536 

3,041,536 

0.25 

0.14 

0.14 


26,976,621 1.23 

Total Convertible Bonds 1,315,191,766 59.90 

37,000,000 Shire 09.05.14/2.750% 25,475,988 1.16 



1,438,337,765 65.50 

BERMUDA 

25,475,988 1.16 


16,685,000 Adecco Financial Service 

Bermuda 

11,500,000 Hongkong Land CB 2005 

3,982,000 Noble Group 

26.08.13/0.000% 

21.12.12/2.750% 

13.06.14/0.000% 

10,505,389 

11,116,027 

3,351,676 

0.48 

0.51 

0.15 



60,320,000 Amgen 

13,708,000 EMC/Massachusetts 

01.02.11/0.125% 

01.12.11/1.750% 

37,775,705 

12,570,853 

1.73 

0.58 


2,400,000 CNOOC Finance 2004 

6,320,000 PB Issuer 

24,590,000 Shanghai Industrial 

Investment Treasury 

104,350,000 Sherson 

15.12.09/0.000% 

01.02.13/3.300% 

16.03.09/0.000% 

04.06.14/0.000% 

24,973,092 

3,626,834 

4,276,287 

2,739,986 

11,098,185 

1.14 

0.17 

0.19 

0.12 

0.51 

6,130,000 Ford Motor 

2,382,000 General Cable 144A 

19,129,000 Gilead Sciences 

29,716,000 Intel 

17,921,000 Liberty Media 

6,089,000 Lockheed Martin 

54,953,000 Lucent Technologies - B 

Shares 

15.12.36/4.250% 

15.10.12/1.000% 

01.05.11/0.500% 

15.12.35/2.950% 

30.03.23/0.750% 

15.08.33/4.619%* 

15.06.25/2.875% 

4,209,276 

1,832,245 

17,269,552 

21,997,992 

12,839,490 

6,238,422 

31,141,467 

0.19 

0.08 

0.79 

1.00 

0.58 

0.28 

1.42 

21,741,292 0.99 

2,523,000 Maxtor 

38,850,000 Medtronic 

30.04.10/6.800% 

15.04.11/1.500% 

1,932,116 

28,362,972 

0.09 

1.29 

ISLE OF MAN 

54,704,000 Merrill Lynch & Co. 13.03.32/0.000% 40,600,232 1.85 

28,650,000 AngloGold Ashanti Holdings 27.02.09/2.375% 19,560,907 0.89 46,029,000 Nabors Industries - B Shares 

16,538,000 Newmont Mining 144A 

15.06.23/0.000% 

15.07.14/1.250% 

31,645,819 

14,029,803 

1.44 

0.64 

GUERNSEY 

18,000,000 Calyon Financial Products 

Guernsey 08.08.11/2.000% 

19,560,907 

17,730,000 

0.89 

0.81 

2,125,000 Newmont Mining 144A 15.07.17/1.625% 

28,327,000 Omnicom Group 31.07.32/0.000% 

81,314,000 Prudential Financial 12.12.36/2.733%* 

15,190,000 Rayonier TRS Holdings 144A 15.10.12/3.750% 

29,909,000 St Jude Medical 15.12.08/1.220% 

1,786,444 

19,716,386 

55,434,444 

10,869,941 

20,563,010 

0.08 

0.90 

2.52 

0.49 

0.94 

17,730,000 0.81 


C Shares 01.02.26/0.250% 39,625,421 1.80 

IRELAND 

11,750,000 Unicredito Italiano Bank / 

Ireland 19.12.08/2.500% 14,499,500 0.66 

25,383,000 Walt Disney 

52,292,000 Wyeth 

10,696,000 Xilinx 

13,738,000 Yahoo! 

15.04.23/2.125% 

15.01.24/4.886%* 

15.03.37/3.125% 

01.04.08/0.000% 

19,848,692 

37,750,762 

6,325,278 

11,080,269 

0.90 

1.72 

0.29 

0.50 

14,499,500 0.66 

AUSTRALIA 

485,446,591 22.10 



Infrastructure Management 24.05.12/2.500% 11,370,329 0.52 3,400,000 Suntech Power Holdings 15.02.12/0.250% 4,278,786 0.20 

750,000 Western Areas 02.07.12/8.000% 456,518 0.02 18,143,000 Transocean - A Shares 15.12.37/1.625% 13,600,612 0.62 

5,966,667 Transocean - B Shares 15.12.37/1.500% 4,498,202 0.20 

11,826,847 0.54 12,212,000 Transocean - C Shares 15.12.37/1.500% 9,185,705 0.42 

HUNGARY 

8,300,000 Allami Privatizacios es 

Vagyonkezelo 28.09.09/1.000% 10,347,585 0.47 PANAMA 

31,563,305 1.44 

10,347,585 0.47 

56,419,000 Carnival 29.04.33/1.132%* 25,731,411 1.17 

25,731,411 1.17 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

SOUTH KOREA 

5,900,000 KCC - A Shares 30.10.12/0.000% 3,991,300 0.18 

6,000,000 KCC - B Shares 30.10.12/0.000% 4,217,011 0.19 

9,000,000 KCC - C Shares 30.10.12/0.000% 6,065,144 0.28 

14,273,455 0.65 

ISRAEL 


D Shares 01.02.26/1.750% 10,257,905 0.47 

10,257,905 0.47 

NORWAY 

11,700,000 Petroleum Geo-Services 03.12.12/2.700% 7,961,842 0.36 

7,961,842 0.36 

INDIA 

7,800,000 JSW Steel 28.06.12/0.000% 7,446,649 0.34 

7,446,649 0.34 

JAPAN 

340,000,000 Asset Managers 18.03.11/0.000% 2,118,046 0.10 

470,000,000 Hitachi Zosen 30.09.10/0.000% 2,912,703 0.13 

300,000,000 Hitachi Zosen 30.09.12/1.500% 1,836,750 0.08 

6,867,499 0.31 

BERMUDA 

23,100,000 China Water Affairs Group 03.08.12/0.000% 2,118,968 0.10 

2,118,968 0.10 



LUXEMBOURG 



66,580,325 3.03 




658,247,950 29.97 


Cash 117,010,166 5.33 




Market 

Value 

% of 

Net 

Assets 

122 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 


Japan 9.36 

Germany 6.42 


France 5.88 

Jersey 4.41 



Taiwan 2.55 

Malaysia 2.36 


Belgium 2.06 

India 1.71 

China 1.70 


Bermuda 1.23 

Portugal 1.23 

Panama 1.17 




Guernsey 0.81 

Ireland 0.66 


Hungary 0.47 

Israel 0.47 


Austria 0.40 

Norway 0.36 

Finland 0.28 

Canada 0.28 





Shares 

89.09 








Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 


Japan 10.21 


Jersey 5.76 

France 5.11 

Germany 5.01 


Taiwan 3.71 

Malaysia 3.32 


China 1.81 



Bermuda 1.19 





Ireland 0.76 

Portugal 0.68 

Hungary 0.60 


Panama 0.59 

South Africa 0.59 


Finland 0.36 

India 0.33 

Belgium 0.30 


Canada 0.25 

Italy 0.08 


Shares 

91.75 

Media 1.87 






Total 

100.00 

123 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Expiration 

Date 


Settlement 

Date 

Currency 

Amount 


124 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

30-Jan-08 AUD 7,921,883 EUR 4,768,238 (45,489) 

30-Jan-08 EUR 12,319,685 AUD 20,500,411 98,060 

30-Jan-08 EUR 61,777,805 CHF 102,466,459 (34,789) 

30-Jan-08 EUR 48,726,828 HKD 558,244,261 (18,418) 

30-Jan-08 EUR 224,352,327 JPY 36,675,884,512 3,304,094 

30-Jan-08 EUR 26,187,902 SGD 55,366,960 87,704 

30-Jan-08 EUR 1,081,238,570 USD 1,586,136,928 2,142,827 

30-Jan-08 USD 21,786,298 EUR 14,988,695 (166,834) 

Total 

Number of 


Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Mar-08 1,009 DJ EURO STOXX 50 Index Future EUR 44,789,510 847,560 

Mar-08 172 FUSD500 Index Future USD 43,736,156 256,867 

Total 

Schedule of Investments - Outstanding Future Option Contracts (Expressed in USD) 

Expiration 

Date 

Number of 


Market 

Value 

1,104,427 

5,367,155 

Unrealised 

Gain/ 

(Loss) 

22-Mar-08 12,000 DOW JONES Industrial Call Option USD 939,383 (4,022,035) 

Total 

939,383 (4,022,035)




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


97,400 Noble Energy 7,899,140 0.30 

Shares 

288,426 Northeast Utilities 


9,016,197 

9,851,263 

0.34 

0.37 


138,017 Occidental Petroleum 10,867,459 0.41 

107,520 Abercrombie & Fitch - A Shares 

165,154 Aetna 


103,398 Amazon.com 


160,268 Anadarko Petroleum 

94,407 Apache 

98,667 Apple 

648,037 AT&T 




172,831 BE Aerospace 


83,496 Bunge 

96,296 Cameron International 

265,864 Chesapeake Energy 


188,027 Chubb 

190,438 Cigna 

174,035 Cimarex Energy 







157,014 CROCS 

8,606,976 

9,630,130 

22,013,189 

9,909,664 

8,465,565 

10,826,103 

10,284,699 

19,812,334 

27,489,730 

18,038,874 

7,455,725 

6,963,616 

9,196,337 

9,573,455 

9,898,451 

9,464,934 

10,480,359 

10,580,996 

10,275,676 

10,426,480 

7,286,845 

15,648,577 

13,866,868 

15,654,962 

10,961,662 

7,913,269 

10,103,924 

6,013,636 

0.33 

0.36 

0.83 

0.37 

0.32 

0.41 

0.39 

0.75 

1.04 

0.68 

0.28 

0.26 

0.35 

0.36 

0.37 

0.36 

0.40 

0.40 

0.39 

0.39 

0.28 

0.59 

0.52 

0.59 

0.41 

0.30 

0.38 

0.23 




203,258 PepsiCo 

87,840 Praxair 

69,549 Precision Castparts 








456,999 Sierra Pacific Resources 

243,402 Southern 








235,964 Verizon Communications 


145,618 Woodward Governor 

401,562 Xcel Energy 

517,434 Xerox 

229,849 Zoran 

10,857,066 

8,996,549 

9,760,514 

15,701,680 

8,032,968 

9,777,894 

9,611,718 

26,838,023 

8,124,256 

8,234,384 

9,580,450 

10,816,167 

10,158,399 

7,869,523 

9,507,282 

7,378,146 

10,495,918 

9,530,291 

10,538,667 

9,248,022 

9,650,655 

7,855,564 

10,564,108 

9,410,492 

10,132,100 

9,139,551 

8,408,302 

5,252,050 

0.41 

0.34 

0.37 

0.59 

0.30 

0.37 

0.36 

1.01 

0.31 

0.31 

0.36 

0.41 

0.38 

0.30 

0.36 

0.28 

0.40 

0.36 

0.40 

0.35 

0.36 

0.30 

0.40 

0.36 

0.38 

0.35 

0.32 

0.20 



8,974,584 

8,167,630 

0.34 

0.31 

1,253,903,340 47.37 

50,017 Deckers Outdoor 

118,794 Deere & Co. 



527,681 EMC/Massachusetts 

32,000 Esc Telecorp 





126,880 GameStop - A Shares 

471,303 Gap 




139,137 Goodrich 

27,096 Google - A Shares 

198,663 Guess ? 


116,501 Hess 


92,350 Humana 

609,030 Intel 

8,201,287 

10,918,357 

6,992,021 

10,527,131 

9,704,054 

0 

5,602,853 

50,685,465 

7,885,270 

10,513,685 

7,973,139 

10,062,319 

8,474,040 

26,277,577 

8,686,775 

10,072,127 

19,075,584 

8,065,718 

9,594,140 

12,048,533 

19,339,638 

7,032,452 

16,522,984 

0.31 

0.41 

0.26 

0.40 

0.37 

0.00 

0.21 

1.91 

0.30 

0.40 

0.30 

0.38 

0.32 

0.99 

0.33 

0.38 

0.72 

0.30 

0.36 

0.46 

0.73 

0.27 

0.62 


416,289 3i Group 


816,437 BAE Systems 



1,198,425 Centrica 



502,400 ICAP 





1,291,897 RBS 

345,406 Schroders 


1,301,810 Taylor Wimpey 

1,092,926 Tesco 




8,358,397 

8,410,321 

8,123,173 

10,074,975 

10,606,620 

8,647,425 

13,364,402 

18,744,447 

7,285,319 

9,622,600 

10,652,227 

9,494,649 

13,221,736 

11,477,050 

9,047,387 

13,511,848 

5,374,149 

10,367,959 

6,999,881 

26,817,181 

7,441,130 

0.32 

0.32 

0.31 

0.38 

0.40 

0.33 

0.51 

0.71 

0.28 

0.36 

0.40 

0.36 

0.50 

0.43 

0.34 

0.51 

0.20 

0.39 

0.26 

1.01 

0.28 


211,394 Janus Capital Group 


274,598 Kraft Foods - A Shares 


150,013 Lehman Brothers Holdings 


150,917 Loews 

107,845 Loews - Carolina Group 

214,605 Manitowoc 


172,933 McDermott International 




339,081 Merck & Co. 


146,074 Metlife 

78,289 Mettler Toledo International 




123,074 Mosaic 




19,965,669 

7,018,281 

26,368,804 

9,094,686 

8,874,687 

9,690,840 

7,956,484 

7,446,245 

9,272,513 

10,597,195 

10,794,732 

10,289,513 

9,527,402 

9,625,516 

6,470,840 

19,931,181 

6,521,669 

9,030,295 

9,008,715 

29,430,025 

9,519,190 

9,665,535 

11,887,718 

9,865,381 

9,951,357 

9,681,842 

0.75 

0.27 

1.00 

0.34 

0.34 

0.37 

0.30 

0.28 

0.35 

0.40 

0.41 

0.39 

0.36 

0.36 

0.24 

0.75 

0.25 

0.34 

0.34 

1.11 

0.36 

0.37 

0.45 

0.37 

0.38 

0.37 

JAPAN 

220,300 Aisin Seiki 

189,000 Astellas Pharma 

810,000 Chuo Mitsui Trust Holdings 


1,743 Japan Tobacco 

131,100 JFE Holdings 

727,000 Kawasaki Kisen Kaisha 


430,000 Konica Minolta Holdings 

214,000 Makita 


651,000 Mitsui OSK Lines 

1,696 Mizuho Financial Group 

284,000 Nikon 


1,146,000 Nippon Steel 

951,900 Nissan Motor 

260,000 Olympus 

139,300 Shin-Etsu Chemical 

638,300 Sumitomo 

1,590 Sumitomo Mitsui Financial Group 

332,700 Suzuki Motor 

239,800 Toyota Motor 

227,642,876 

9,064,483 

8,127,058 

6,129,266 

7,057,914 

10,280,553 

6,551,817 

7,048,219 

8,178,782 

7,513,752 

8,956,426 

13,328,312 

8,196,777 

7,996,680 

9,704,472 

10,514,503 

7,002,181 

10,338,060 

10,606,154 

8,634,374 

8,944,259 

11,750,739 

9,899,775 

12,788,769 

8.60 

0.34 

0.31 

0.23 

0.27 

0.39 

0.25 

0.27 

0.31 

0.28 

0.34 

0.50 

0.31 

0.30 

0.37 

0.40 

0.26 

0.39 

0.40 

0.33 

0.34 

0.44 

0.37 

0.48 

138,607 Nike - B Shares 9,071,828 0.34 

208,613,325 7.88 

125 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

SWITZERLAND 


125,279 Compagnie Financière Richemont - Bearer A 

Shares 8,663,824 0.33 

247,698 Crédit Suisse Group 14,937,940 0.56 

103,070 Julius Baer Holding Registered Shares 8,546,223 0.32 


247,964 Novartis Registered Shares 13,615,474 0.51 


19,459 Swatch Group - Bearer Shares 5,902,015 0.22 

204,153 UBS Registered Shares 9,502,631 0.36 

116,480 Xstrata 8,338,674 0.32 


126 

Quantity/ 

Nominal 

Value 


Value 

ITALY 

288,830 Fiat 7,493,239 0.28 


2,409,633 Parmalat 9,389,509 0.36 

3,377,017 Telecom Italia - RNC Shares 8,036,831 0.30 

1,303,201 UniCredito Italiano 10,855,030 0.41 

46,839,250 1.77 

NORWAY 

519,501 DnB NOR 7,955,576 0.30 

731,658 Norsk Hydro 10,516,880 0.40 

553,374 Orkla 10,707,603 0.40 

422,316 Telenor 10,058,941 0.38 

128,036,138 4.84 

39,239,000 1.48 

FRANCE 

43,824 Alstom 

271,375 AXA 



9,496,642 

10,871,552 

13,108,093 

8,688,619 

0.36 

0.41 

0.50 

0.33 

FINLAND 

160,360 Fortum 

505,279 Nokia 


7,293,460 

19,655,578 

6,551,870 

0.28 

0.74 

0.25 



7,801,441 

8,164,435 

0.29 

0.31 

33,500,908 1.27 





123,865 Suez 

9,756,379 

9,469,127 

9,665,422 

9,647,360 

8,563,220 

0.37 

0.36 

0.37 

0.36 

0.32 

AUSTRALIA 

1,353,446 AXA Asia Pacific Holdings 


116,650 Macquarie Group 

8,850,505 

16,180,545 

7,835,871 

0.33 

0.61 

0.30 

199,479 Vivendi 9,269,002 0.35 

32,866,921 1.24 

GERMANY 


57,977 BASF 

106,826 Bayer 

114,501,292 

8,712,312 

8,637,203 

9,813,004 

4.33 

0.33 

0.33 

0.37 


89,842 Garmin 



91,460 XL Capital - A Shares 

9,033,613 

8,043,391 

7,254,712 

4,623,303 

0.34 

0.30 

0.27 

0.18 



76,443 E.ON 

64,369 Linde 



7,754,972 

7,958,653 

16,349,552 

8,553,068 

5,354,463 

9,800,905 

0.29 

0.30 

0.62 

0.32 

0.20 

0.37 

GREECE 

70,950 DryShips 



28,955,019 

5,619,240 

10,023,415 

10,426,662 

1.09 

0.21 

0.38 

0.39 



7,589,991 

11,786,961 

0.29 

0.45 

26,069,317 0.98 

122,845 ThyssenKrupp 6,920,850 0.26 INDIA 

109,231,934 4.13 

91,192 ICICI Bank ADR 

142,972 Reliance Capital 

5,613,780 

9,508,438 

0.21 

0.36 

HONG KONG 

70,787 Reliance Industries 144A GDR 10,387,992 0.39 


1,556,000 China Everbright 

8,572,714 

4,847,072 

0.32 

0.18 

25,510,210 0.96 


1,500,000 Citic Pacific 



479,000 Sun Hung Kai Properties 

10,063,455 

8,383,809 

8,815,896 

9,232,766 

9,763,292 

0.38 

0.32 

0.33 

0.35 

0.37 

BERMUDA 

161,353 ACE 



10,013,567 

9,189,197 

6,304,683 

0.38 

0.34 

0.24 

664,500 Swire Pacific - A Shares 8,739,890 0.33 

25,507,447 0.96 

CANADA 

187,191 Barrick Gold 

68,418,894 

7,691,469 

2.58 

0.29 

BRAZIL 

310,842 Companhia Vale do Rio Doce ADR 

114,680 Petroleo Brasileiro ADR 

10,518,893 

13,409,532 

0.40 

0.50 

824,451 CGI Group - A Shares 

96,992 EnCana 

202,485 Husky Energy 

80,110 Potash Corp of Saskatchewan 

88,942 Research In Motion 

9,559,464 

6,720,901 

9,125,968 

11,853,968 

10,528,954 

0.36 

0.25 

0.34 

0.45 

0.40 

DENMARK 

131,894 Danske Bank - Bearer Shares 

156,104 Novo Nordisk - B Shares 

23,928,425 

5,195,950 

10,239,251 

0.90 

0.19 

0.39 

125,969 Toronto-Dominion Bank 8,901,560 0.34 

15,435,201 0.58 

64,382,284 2.43 AUSTRIA 

SPAIN 

137,854 OMV 11,140,318 0.42 

433,760 BBVA 

799,044 BSCH 

10,654,237 

17,349,290 

0.40 

0.66 

11,140,318 0.42 

134,023 Inditex 

487,122 Telefonica 

97,754 Union Fenosa 

8,288,921 

15,907,934 

6,636,011 

0.31 

0.60 

0.25 

LUXEMBOURG 


NETHERLANDS 


58,836,393 

9,042,480 

2.22 

0.34 

EGYPT 

43,455 Orascom Construction Industries GDR 

9,807,357 

9,125,550 

0.37 

0.34 



11,136,892 

29,334,547 

0.42 

1.11 

SINGAPORE 

9,125,550 0.34 

49,513,919 1.87 

1,714,000 CapitaLand 7,356,884 0.28 

% of 

Net 

Assets 

7,356,884 0.28




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

SOUTH KOREA 

2,714,000 STX Pan Ocean 6,584,283 0.25 

6,584,283 0.25 

MAURITIUS 


6,019,284 0.24 

SWEDEN 

102,743 Alfa Laval 5,750,049 0.23 

5,750,049 0.23 

RUSSIA 


5,207,571 0.21 

Total Shares 2,641,923,389 99.82 





LUXEMBOURG 

2,641,923,389 99.82 



23,350,000 0.88 




23,350,000 0.88 


Cash 10,176,296 0.38 




Shares 

%of 

Net Assets 




Energy 10.84 










Total 

100.00 

127 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 





Energy 10.53 








Total 

100.00




Settlement 

Date 

Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-08 EUR 10,764 AUD 18,009 26 

17-Jan-08 EUR 17,377 CAD 25,524 (591) 

17-Jan-08 EUR 44,790 CHF 74,229 60 

17-Jan-08 EUR 95,259 GBP 69,189 2,230 

17-Jan-08 EUR 17,274 HKD 197,459 55 

17-Jan-08 EUR 75,999 JPY 12,535,572 793 

17-Jan-08 EUR 12,779 NOK 102,316 (68) 

17-Jan-08 EUR 1,127 SEK 10,625 5 

17-Jan-08 EUR 467,136 USD 684,611 1,848 

17-Jan-08 USD 6,683 DKK 34,197 (55) 

Total 

128 

4,303




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


GERMANY 

Shares 



1,777,991 

3,471,696 

0.74 

1.46 


27,800 Siemens 4,445,798 1.86 



1,936,000 

4,039,987 

0.80 

1.69 

9,695,485 4.06 

57,500 Amgen 

29,900 Apache 

49,264 Autodesk 

26,200 Boeing 


2,712,275 

3,257,306 

2,477,487 

2,313,198 

4,732,637 

1.14 

1.37 

1.04 

0.97 

1.98 

ITALY 


991,100 Telecom Italia - RNC Shares 

402,700 UniCredito Italiano 

3,633,625 

2,358,680 

3,354,295 

1.52 

0.99 

1.41 

148,000 Comcast - A Shares 



317,900 El Paso 

58,200 Hansen Natural 

2,727,640 

4,266,240 

1,992,016 

5,553,713 

2,635,878 

1.14 

1.79 

0.84 

2.33 

1.11 

BRAZIL 

92,444 Companhia Vale do Rio Doce ADR 

35,800 Petroleo Brasileiro ADR 

9,346,600 

3,128,305 

4,186,094 

3.92 

1.31 

1.76 



2,307,240 

3,585,075 

0.97 

1.50 

7,314,399 3.07 

80,300 Merck & Co. 



4,720,034 

2,440,044 

3,831,682 

1.98 

1.02 

1.61 

FINLAND 

131,000 Nokia 5,095,958 2.14 

50,600 NeuStar - A Shares 



75,074 Office Depot 


1,420,342 

3,749,335 

2,629,916 

1,032,268 

4,131,636 

0.60 

1.57 

1.10 

0.43 

1.73 

CANADA 

139,101 Talisman Energy 

128,400 Yamana Gold 

5,095,958 

2,617,886 

1,660,928 

2.14 

1.09 

0.70 



2,996,594 

2,020,494 

1.26 

0.85 

4,278,814 1.79 


50,400 Sepracor 

52,441 Sirf Technology Holdings 

3,589,218 

1,360,800 

1,354,551 

1.50 

0.57 

0.57 

MEXICO 


49,994 United Technologies 

18,900 Weatherford International 

97,800 Yahoo! 

3,859,037 

1,343,979 

2,293,410 

1.62 

0.56 

0.96 NETHERLANDS 


4,051,089 

3,576,111 

1.70 

1.50 




87,310,032 

3,245,417 

4,029,600 

36.60 

1.36 

1.69 

SPAIN 

143,100 BBVA 

3,576,111 

3,514,896 

1.50 

1.47 


269,824 ICAP 

3,036,221 

3,912,726 

1.27 

1.64 

3,514,896 1.47 


368,700 Tesco 


2,809,499 

3,497,644 

1,912,893 

1.18 

1.47 

0.80 

TAIWAN 





4,821,599 

1,355,245 

3,086,724 

2.02 

0.57 

1.29 HONG KONG 

721,000 Hang Lung Properties 

3,141,506 

3,087,062 

1.32 

1.29 

FRANCE 

46,300 Accor 

72,000 AXA 

31,707,568 

3,713,729 

2,884,392 

13.29 

1.57 

1.21 

GREECE 


3,087,062 

3,030,026 

1.29 

1.27 



2,560,216 

2,393,060 

1.07 

1.00 

3,030,026 1.27 

11,812 Pernod-Ricard 


13,300 Schneider Electric 

2,750,705 

2,024,313 

1,801,633 

1.15 

0.85 

0.76 

SOUTH KOREA 

28,500 Hana Financial Group 1,533,632 0.64 

74,180 Total 6,176,654 2.59 

1,533,632 0.64 

24,304,702 10.20 

Total Shares 237,186,555 99.44 

JAPAN 


440 Japan Tobacco 


2,336,444 

2,595,206 

1,156,894 

0.98 

1.09 

0.49 




237,186,555 

237,186,555 

99.44 

99.44 

177,600 Mitsubishi 4,798,517 2.01 

127,000 Mitsui Fudosan 2,724,913 1.14 

Cash 1,078,334 0.45 

29,700 Nidec 2,171,348 0.91 

225,200 Nissan Motor 

405 Sumitomo Mitsui Financial Group 

2,445,773 

2,993,113 

1.03 

1.25 


SWITZERLAND 

21,222,208 8.90 


34,633 Crédit Suisse Group 2,088,615 0.87 

24,042 Holcim Registered Shares 2,574,295 1.08 


61,518 UBS Registered Shares 2,863,454 1.20 


14,976,467 6.28 

132 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 




Energy 10.16 









Total 

100.00 


Shares 

%of 

Net Assets 






Energy 7.48 







Total 

100.00 

133 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


SOUTH KOREA 

Shares 

321,810 Hana Financial Group 

189,812 LG. Philips LCD ADR 

11,787,986 

3,404,613 

1.71 

0.49 


23,474 Samsung Electronics 9,485,745 1.37 

307,439 Abbott Laboratories 


11,924,627 

8,775,119 

1.73 

1.27 

24,678,344 3.57 

90 Apartment Investment & Management - A Shares 

105,814 Bucyrus International - A Shares 



2,160 

7,212,250 

14,374,924 

10,046,821 

0.00 

1.04 

2.08 

1.45 

SWEDEN 

1,480,593 Atlas Copco - B Shares 

636,124 Skanska - B Shares 

13,905,426 

8,212,623 

2.01 

1.19 



17,444 Google - A Shares 

177,854 International Game Technology 

358,522 Merck & Co. 


9,586,981 

9,630,185 

8,359,536 

5,360,862 

14,345,273 

10,401,367 

1.38 

1.39 

1.21 

0.77 

2.07 

1.50 

ITALY 

639,395 Banco Popolare 


1,046,528 Polynt 

22,118,049 

9,635,683 

7,292,988 

3,660,232 

3.20 

1.39 

1.05 

0.53 


114,761 Polo Ralph Lauren 

12,397,994 

4,848,858 

1.79 

0.70 

20,588,903 2.97 



328,082 Sysco 

321,496 Yahoo! 

10,527,092 

7,260,308 

7,115,273 

5,131,943 

1.52 

1.05 

1.03 

0.74 

TAIWAN 

1,174,039 HON HAI Precision Industry Registered Shares 

GDR 

1,485,250 Taiwan Semiconductor Manufacturing ADR 

9,821,952 

9,928,290 

1.42 

1.43 

157,301,573 22.72 

19,750,242 2.85 

JAPAN 

1,147,000 Amada 

901,100 Chugai Pharmaceutical 

1,505,000 Daiwa Securities Group 

6,769,880 

8,665,608 

9,190,439 

0.97 

1.24 

1.33 

SINGAPORE 

4,757,000 CapitaMall Trust 

5,824,000 Singapore Telecommunications 

7,721,598 

10,741,436 

1.12 

1.55 

302,000 Elpida Memory 

2,450,000 Fukuoka Financial Group 

3,052 Japan Tobacco 

1,110,000 Kubota 

3,589,000 Nippon Sheet Glass 

7,042,790 

9,630,523 

12,253,694 

5,050,390 

12,317,303 

1.02 

1.39 

1.77 

0.73 

1.78 

AUSTRALIA 

6,161,622 International Ferro Metals 

4,898,123 Macquarie Infrastructure Group 

18,463,034 

9,461,592 

8,896,876 

2.67 

1.36 

1.29 

2,962 West Japan Railway 

887,300 Yokogawa Electric 

9,880,617 

6,548,999 

1.43 

0.95 

INDIA 

18,358,468 2.65 

87,350,243 12.61 432,301 Bharti Airtel 7,045,476 1.01 


166,109 Reliance Capital 7,519,947 1.09 

1,615,740 BAE Systems 

1,896,050 Biffa 

10,943,038 

8,561,009 

1.57 

1.23 

14,565,423 2.10 

350,676 Greene King 


661,537 Pennon Group 

4,813,408 Premier Foods 

3,782,485 

10,280,692 

6,014,283 

13,379,426 

0.55 

1.49 

0.87 

1.93 

GREECE 

1,009,320 Corinth Pipeworks 


6,035,734 

8,319,457 

0.87 

1.20 

2,024,696 Taylor Wimpey 

2,396,351 TUI Travel 


5,689,647 

9,658,357 

5,736,819 

0.82 

1.40 

0.83 FINLAND 

3,883,029 Ruukki Group 

14,355,191 

10,833,651 

2.07 

1.57 

74,045,756 10.69 

10,833,651 1.57 

FRANCE 

34,504 Cie Générale de Géophysique-Veritas 

125,449 Rémy Cointreau 

6,711,718 

6,158,291 

0.98 

0.89 

ISRAEL 

1,711,708 Makhteshim-Agan Industries 10,431,512 1.51 



11,037,778 

7,782,346 

1.59 

1.12 

10,431,512 1.51 


257,677 Suez 

12,847,758 

12,126,280 

1.86 

1.75 

CYPRUS 

1,079,810 Marfin Popular Bank Public 9,891,060 1.43 

56,664,171 8.19 

9,891,060 1.43 

NETHERLANDS 


664,078 Royal Dutch Shell - A Shares 

13,208,137 

19,165,291 

1.91 

2.77 

HONG KONG 

2,282,000 China Resources Power Holdings 5,257,105 0.76 

732,688 Vimetco Registered Shares GDR 4,713,183 0.68 

5,257,105 0.76 

SPAIN 

37,086,611 5.36 

BRAZIL 

317,279 Cía Energética de Minas Gerais ADR 4,060,342 0.59 


715,220 BSCH 

1,533,712 Iberdrola Renovables 

12,096,229 

10,570,952 

8,496,764 

1.74 

1.53 

1.23 PAKISTAN 

379,747 United Bank Registered Shares GDR 

4,060,342 

3,066,431 

0.59 

0.44 

31,163,945 4.50 

AUSTRIA 

374,038 Intercell 9,915,747 1.43 

208,689 OMV 11,479,982 1.66 

364,725 Telekom Austria 6,966,248 1.01 

28,361,977 4.10 

GERMANY 

105,555 Continental 9,393,339 1.36 

488,389 Lanxess 16,409,870 2.37 

25,803,209 3.73 

134 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

3,066,431 0.44 

Total Shares 694,195,240 100.28 



694,195,240 100.28




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 



LUXEMBOURG 



1,300,000 0.19 




1,300,000 0.19 


Cash 109,244 0.02 




Shares 

%of 

Net Assets 







Energy 7.89 







Total 

100.00 


Shares 

%of 

Net Assets 







Energy 5.11 






Total 

100.00 

135 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Settlement 

Date 

Currency 

Amount 


136 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

08-Jan-08 EUR 45,717 AUD 77,006 (269) 

08-Jan-08 EUR 59,240 CAD 87,669 (1,830) 

08-Jan-08 EUR 56,791 CHF 93,454 477 

08-Jan-08 EUR 182,489 GBP 130,531 5,560 

08-Jan-08 EUR 8,553 HKD 98,154 (14) 

08-Jan-08 EUR 168,770 JPY 27,221,689 5,047 

08-Jan-08 EUR 4,297 NOK 34,833 (71) 

08-Jan-08 EUR 18,744 SEK 176,663 50 

08-Jan-08 EUR 5,551 SGD 11,818 (12) 

08-Jan-08 EUR 764,896 USD 1,128,666 (3,297) 

08-Jan-08 JPY 27,221,689 EUR 167,642 (3,918) 

08-Jan-08 SEK 53,965 USD 8,506 (79) 

08-Jan-08 SGD 5,408 EUR 2,540 5 

09-Jan-08 AUD 44,799,533 EUR 27,822,656 (1,071,606) 

09-Jan-08 CAD 46,713,549 EUR 33,013,807 (473,374) 

09-Jan-08 CHF 49,243,846 EUR 29,852,676 (177,621) 

09-Jan-08 EUR 16,573,372 AUD 26,340,550 844,695 

09-Jan-08 EUR 3,762,376 CAD 5,103,746 207,131 

09-Jan-08 EUR 7,422,516 CHF 12,245,078 43,455 

09-Jan-08 EUR 118,926,378 GBP 84,256,392 4,726,635 

09-Jan-08 EUR 1,111,349 ILS 6,300,070 (3,055) 

09-Jan-08 EUR 87,814,285 JPY 14,281,847,971 1,908,575 

09-Jan-08 EUR 14,925,359 NOK 115,203,873 479,411 

09-Jan-08 EUR 20,456,672 SEK 189,511,873 403,396 

09-Jan-08 EUR 18,162,803 SGD 38,060,435 246,015 

09-Jan-08 EUR 211,955,840 USD 305,123,480 4,286,817 

09-Jan-08 GBP 77,039,483 EUR 108,425,036 (4,006,974) 

09-Jan-08 HKD 64,610,511 EUR 5,860,364 (221,290) 

09-Jan-08 JPY 10,203,795,769 EUR 62,833,813 (1,457,700) 

09-Jan-08 NOK 148,004,715 EUR 18,664,184 (105,186) 

09-Jan-08 SEK 37,304,546 EUR 4,047,725 (100,330) 

09-Jan-08 SGD 3,482,872 EUR 1,665,021 (25,474) 

09-Jan-08 USD 557,773,217 EUR 387,385,077 (7,761,001) 

01-Feb-08 EUR 5,488 AUD 9,126 48 

01-Feb-08 EUR 14,376 CAD 20,591 34 

01-Feb-08 EUR 56,361 CHF 93,454 (20) 

01-Feb-08 EUR 11,101 GBP 8,065 182 

01-Feb-08 EUR 26,720 HKD 301,825 364 

01-Feb-08 EUR 168,034 JPY 27,221,689 3,935 

01-Feb-08 EUR 9,081 NOK 72,844 (44) 

01-Feb-08 EUR 12,978 SEK 122,698 (3) 

01-Feb-08 EUR 85,893 USD 123,661 1,765 

Total 

(2,249,571)




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


ITALY 

Shares 

13,866 DiaSorin 268,882 0.71 


268,882 0.71 

25,500 Abbott Laboratories 

15,800 Adams Respiratory Therapeutics 

9,520 Alexion Pharmaceuticals 

1,452,990 

942,312 

732,659 

3.84 

2.49 

1.94 

SWEDEN 

14,956 Elekta - B Shares 247,618 0.65 

124,200 Barrier Therapeutics 


253,300 Bionovo 

36,600 Celgene 

478,170 

705,654 

438,209 

1,706,658 

1.26 

1.87 

1.16 

4.51 

JAPAN 

12,200 Chugai Pharmaceutical 

247,618 

172,354 

0.65 

0.46 

116,700 Combinatorx 

51,710 Cypress Bioscience 

519,315 

592,080 

1.37 

1.57 

172,354 0.46 

101,600 Cytokinetics 

305,088 Dusa Pharmaceuticals 

530,352 

610,176 

1.40 

1.61 

Total Shares 36,401,010 96.26 



13,900 Genentech 

656,848 

586,968 

931,856 

1.74 

1.55 

2.46 



36,401,010 96.26 


11,100 Hologic 

1,683,704 

779,220 

4.45 

2.06 


58,200 Human Genome Sciences 622,158 1.65 Shares 

36,500 InterMune 

43,590 Keryx Biopharmaceuticals 

116,600 Kosan Biosciences 

492,020 

375,310 

454,740 

1.30 

0.99 

1.20 

BELGIUM 

21,887 Ablynx (when issued)* 225,072 0.60 

364,500 Lev Pharmaceuticals 


714,420 

523,920 

1.89 

1.39 

225,072 0.60 

34,000 Merck & Co. 

61,974 Neurometrix 

1,998,520 

594,950 

5.29 

1.57 

Total Shares 225,072 0.60 

38,700 Northstar Neuroscience 

11,700 Onyx Pharmaceuticals 

361,845 

687,141 

0.96 

1.82 

Total Other Transferable Securities 225,072 0.60 

12,600 Pharmion 

116,700 Protalix BioTherapeutics 

787,752 

385,110 

2.08 

1.02 


32,500 Savient Pharmaceuticals 


756,925 

1,566,000 

2.00 

4.14 

Cash 1,285,653 3.40 

41,527 Sucampo Pharmaceuticals - A Shares 

125,300 Synergetics USA 

768,665 

285,684 

2.03 

0.76 


66,300 Third Wave Technologies 

189,200 Uluru 

619,242 

565,708 

1.64 

1.50 


4,480 United Therapeutics 448,582 1.19 

13,400 Xenoport 757,770 2.00 

* When issued: A security traded before it receives final trading authorisation with the investor 

receiving the certificate only after the final approval is granted. 

27,113,633 71.70 


37,670 Gyrus Group 465,591 1.23 

47,125 Hikma Pharmaceuticals 461,128 1.22 

116,445 Nestor Healthcare Group 75,383 0.20 

336,559 Oxford Biomedica 170,950 0.45 

24,853 Shire 565,344 1.50 

17,200 Shire ADR 1,172,352 3.10 

22,941 SSL International 239,676 0.63 

16,750 Synergy Healthcare 260,242 0.69 

219,438 Vectura Group 234,940 0.62 

3,645,606 9.64 

GERMANY 

10,274 Bayer 943,767 2.50 

11,903 Geneart 211,582 0.56 

19,331 Wilex 193,676 0.51 

1,349,025 3.57 

FRANCE 


15,807 Transgene 344,836 0.91 

1,175,402 3.11 

AUSTRIA 

28,783 Intercell Bearer Shares 1,120,940 2.96 

1,120,940 2.96 

SWITZERLAND 

3,869 Roche Holding - Genussschein 665,233 1.76 

665,233 1.76 

DENMARK 

5,308 Novo Nordisk - B Shares 348,165 0.92 

348,165 0.92 

IRELAND 

13,401 Elan ADR 294,152 0.78 

294,152 0.78 

137 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 





Total 

100.00 


Shares 

%of 

Net Assets 





Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



2,250,000 Petro Rubiales Energy - 

Warrants 

570,600 Petrobank Energy & Resources 

12.07.12 783,709 

22,943,532 

0.04 

1.08 

CANADA 

443,677 Agnico-Eagle Mines 

1,493,870 Alamos Gold 

916,600 Amerigo Resources 

4,198,132 Antrim Energy 

1,759,700 Aquila Resources 

312,500 Aquila Resources - Warrants 15.12.08 

1,465,600 Aquiline Resources 

2,680,000 Aurelian Resources 

744,400 Baffinland Iron Mines 

949,100 Banro 

1,520,734 Barrick Gold 

3,101,400 Bayou Bend Petroleum 

449,500 Bow Valley Energy 

1,300,000 Brazauro Resources - Warrants 22.03.08 

4,502,934 Brazilian Diamonds 

2,797,200 Calvalley Petroleums - A Shares 

84,400 Canadian Natural Resources 

1,861,000 Canadian Royalties 

465,300 Centenario Copper 

515,700 CIC Energy 

1,770,169 Consolidated Puma Minerals 

1,375,200 Consolidated Thompson Iron Mines 

10,468,853 Crowflight Minerals 

1,012,279 Denison Mines 

2,605,400 Diamonds North Resources 

4,067,400 Eastern Platinum 

1,892,178 Eldorado Gold 

15,831,012 

5,744,524 

1,545,245 

14,447,251 

784,550 

0 

9,301,137 

14,786,390 

2,437,286 

6,889,408 

42,534,466 

1,166,685 

1,925,781 

0 

313,688 

11,165,555 

4,216,819 

3,565,178 

2,168,510 

5,076,232 

1,985,376 

6,064,175 

4,229,892 

6,304,344 

1,433,850 

7,367,030 

7,724,347 

0.73 

0.26 

0.08 

0.68 

0.04 

0.00 

0.44 

0.69 

0.11 

0.32 

2.00 

0.05 

0.09 

0.00 

0.01 

0.52 

0.20 

0.17 

0.10 

0.24 

0.09 

0.28 

0.20 

0.30 

0.07 

0.35 

0.36 

295,000 Petro-Canada 

926,200 Petrominerales 

3,228,600 Platinum Group Metals 

375,738 Quadra Mining 

1,224,313 Red Back Mining 

1,750,000 Redox Diamonds 

3,989,647 Scorpio Mining 

3,889,600 SEMAFO 

566,000 Sherwood Copper 

2,132,791 Shore Gold 

580,000 Silver Wheaton 

2,250,000 Silvercorp Metals 

1,366,000 Skye Resources 

100,000 Skye Resources - Warrants 

3,704,300 Stornoway Diamond 

2,000,000 Stream Oil & Gas 

1,000,000 Stream Oil Gas - Warrants 

179,100 Suramina Resources 

732,800 Talisman Energy 

460,000 Thompson Creek Metals 

1,903,700 Tournigan Gold 

299,053 Trivalence Mining 

788,558 Uranium North Resources 

3,020,000 Uranium One 

2,125,660 Victoria Resources 

215,545 Western Canadian - Warrants 

2,438,180 Western Canadian Coal 

1,937,500 Yamana Gold 

26.01.09 

20.08.09 

28.06.12 

10,789,057 

12,814,044 

8,996,559 

4,653,922 

5,458,516 

609,551 

3,474,135 

2,411,555 

2,121,294 

6,344,222 

6,949,581 

14,263,500 

6,618,354 

30,303 

1,625,732 

2,089,890 

0 

162,196 

9,387,920 

5,687,984 

1,724,027 

38,541 

225,227 

18,976,480 

1,910,230 

0 

2,547,764 

17,060,469 

0.51 

0.60 

0.42 

0.22 

0.26 

0.03 

0.16 

0.11 

0.10 

0.30 

0.33 

0.67 

0.31 

0.00 

0.08 

0.10 

0.00 

0.01 

0.44 

0.27 

0.08 

0.00 

0.01 

0.89 

0.09 

0.00 

0.12 

0.80 

3,550,000 Enhanced Oil Resources 

1,775,000 Enhanced Oil Resources - 

Warrants 

6,099,448 Equinox Minerals 

3,208,789 Etruscan Resources 

2,642,888 European Goldfields 

901,400 Exeter Resource 

3,768,600 First Calgary Petroleums CAD 

101,367 First Calgary Petroleums GBP 

312,932 First Quantum Minerals 

1,048,942 Franco-Nevada 

2,000,000 Galantas Gold - Warrants 

4,844,550 Global Alumina 

3,195,209 Globestar Mining 

830,000 Goldcorp 

290,691 Golden Peaks Resources 

309,091 Golden Peaks Resources - 

Warrants 

1,718,944 Great Panther Resources 

133,875 Great Panther Resources - 

Warrants 

2,760,272 Greystar Resources 

215,000 Heritage Oil 

3,396,400 High River Gold Mines 

2,609,400 Ithaca Energy 

1,626,600 Jinshan Gold Mines 

3,686,010 Kinross Gold 

50,000 Kinross Gold - Warrants 

1,901,741 Kirkland Lake Gold 

5,443,500 La Mancha Resources 

455,300 Lundin Mining 

2,140,100 Lundin Mining SDR 

13,288,500 Mano River Resources 

13,500,000 Mart Resources 

3,731,168 Mediterranean Resources 

1,823,784 Mediterranean Resources - 

Warrants 

684,300 Nautilus Minerals CAD 

2,344,300 Nautilus Minerals GBP 

4,771,498 Nevsun Resources 

46,428 Nevsun Resources - Warrants 

105,882 Nevsun Resources - Warrants 

183,370 Niko Resources 

1,029,000 North Atlantic Resources 

1,557,913 Novagold Resources 

3,355,642 Oilexco 

7,050,000 Orezone Resources 

1,214,750 Pacific Stratus Energy 

3,592,200 Peak Gold 

1,768,000 Peregrine Diamonds 

4,069,762 Petaquilla Copper 

452,381 Petaquilla Copper Warrants 

2,316,900 Petaquilla Minerals 

4,500,000 Petro Rubiales Energy 

11.10.09 

26.07.08 

30.03.08 

01.06.08 

07.09.11 

24.05.09 

25.10.08 

31.10.09 

24.12.09 

2,646,149 

0 

23,114,879 

4,805,978 

9,818,842 

3,189,947 

6,957,098 

188,986 

18,484,036 

11,085,090 

13,933 

6,334,573 

3,806,252 

19,294,631 

346,282 

0 

1,532,759 

0 

12,191,112 

7,653,526 

6,601,235 

5,544,248 

3,104,799 

45,963,355 

91,259 

16,692,604 

1,516,842 

2,975,108 

13,984,640 

1,585,585 

4,326,072 

649,811 

0 

1,811,475 

6,166,601 

7,478,930 

9,056 

0 

10,873,318 

297,485 

8,997,046 

30,202,321 

5,902,794 

9,740,122 

1,426,388 

849,833 

9,922,915 

0 

4,955,048 

3,793,151 

0.12 

0.00 

1.09 

0.23 

0.46 

0.15 

0.33 

0.01 

0.87 

0.52 

0.00 

0.30 

0.18 

0.91 

0.02 

0.00 

0.07 

0.00 

0.57 

0.36 

0.31 

0.26 

0.15 

2.16 

0.00 

0.78 

0.07 

0.14 

0.66 

0.07 

0.20 

0.03 

0.00 

0.09 

0.29 

0.35 

0.00 

0.00 

0.51 

0.01 

0.42 

1.42 

0.28 

0.46 

0.07 

0.04 

0.47 

0.00 

0.23 

0.18 

AUSTRALIA 

2,122,200 Aditya Birla Minerals 

4,562,500 Aim Resources - Warrants 

8,960,000 Aim Resources AUD 

31,496,230 Aim Resources GBP 

12,132,600 Allegiance Mining 

1,070,806 Anvil Mining 

1,395,800 Atlas Iron 

6,867,233 Avoca Resources 

4,324,500 Berkeley Resources 


7,746,000 Blina Diamonds 

1,150,000 Cape Lambert Iron Ore - 

Warrants 

4,400,000 Carrick Gold 

1,325,000 Centamin Egypt AUD 

14,264,602 Centamin Egypt GBP 

12,108,602 CopperCo 

1,800,350 Curnamona Energy 

6,500,000 Diamonex 

372,200 Dwyka Diamonds AUD 

5,486,429 Dwyka Diamonds GBP 

10,000,000 Emmerson Resources 

10,588,470 Fortescue Metals Group 

2,082,122 Fusion Resources 

10,421,000 Gindalbie Metals 

275,000 Global Forest 

97,975 Global Iron 

1,610,046 GVM Metals AUD 

3,096,872 GVM Metals GBP 

6,978,800 Herald Resources 

8,736,744 Indophil Resources 

13,651,605 International Ferro Metals 

4,167,922 Jabiru Metals 

2,777,758 Kagara Zinc 

6,774,617 Leyshon Resources 

1,829,469 Lion Selection 

19,500,430 Lynas 

878,900 MacArthur Coal 

2,214,364 Mantra Resources 

347,182 Mantra Resources - Warrants 

1,400,000 Mariana Resources 

1,090,800 Mavuzi Resources 

530,000 Mavuzi Resources - Warrants 

40,000,000 Metals X 

1,372,657 Midwest 

2,050,000 Minara Resources 

1,157,300 Mineral Deposits 

29,500,000 Mintails 

1,734,852 Mirabela Nickel AUD 

234,950 Mirabela Nickel CAD 

6,398,264 Monarch Gold Mining 

28.09.10 

31.10.08 

30.06.09 

30.06.10 

686,633,139 

2,929,089 

0 

669,194 

2,246,339 

7,756,609 

11,428,040 

1,951,521 

9,478,247 

3,100,640 

15,812,378 

740,511 

133,988 

4,995,058 

1,079,951 

11,450,180 

6,619,868 

1,011,158 

1,631,161 

190,141 

2,901,251 

1,433,988 

53,585,943 

1,219,176 

7,471,794 

82,156 

22,245 

1,741,210 

3,212,717 

9,298,649 

5,011,354 

20,962,973 

3,237,406 

10,389,700 

2,328,593 

1,863,733 

10,777,553 

5,225,126 

2,646,143 

350,573 

199,319 

423,636 

131,419 

8,723,427 

3,969,553 

7,839,134 

912,755 

11,456,966 

7,359,614 

978,766 

2,752,510 

32.25 

0.13 

0.00 

0.02 

0.10 

0.35 

0.53 

0.08 

0.44 

0.15 

0.73 

0.03 

0.01 

0.23 

0.05 

0.54 

0.31 

0.05 

0.08 

0.01 

0.14 

0.07 

2.52 

0.06 

0.35 

0.00 

0.00 

0.08 

0.15 

0.44 

0.24 

0.98 

0.15 

0.49 

0.11 

0.09 

0.51 

0.25 

0.12 

0.02 

0.01 

0.02 

0.01 

0.41 

0.19 

0.37 

0.04 

0.54 

0.35 

0.05 

0.13 

138 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

1,325,000 Moto Goldmines 2,510,655 0.12 

5,760,000 Murchison Metals 11,907,836 0.56 

3,475,500 New Hope 4,776,166 0.22 

3,424,198 NGM Resources 347,810 0.02 

23,306,200 Norseman Gold 2,960,393 0.14 

4,820,000 Oilex 4,377,487 0.21 

690,000 Ophir Energy 1,871,156 0.09 

16,792,233 Pan Australian Resources 9,932,942 0.47 

2,875,600 Pluton Resources 3,762,763 0.18 

5,592,205 Riversdale Mining 34,682,843 1.63 

2,840,608 Roc Oil 5,142,665 0.24 

26,978,400 St Barbara 11,686,607 0.55 

4,428,236 Straits Resources 17,356,768 0.81 

7,600,000 Sylvania Resources 12,675,049 0.60 

43,800,486 Tanami Gold 3,402,174 0.16 

4,000,000 Terramin Australia 8,484,429 0.40 

5,000,000 West Wits Mining 1,194,990 0.06 

4,131,300 Windimurra Vanadium 4,813,440 0.23 

139 

Quantity/ 

Nominal 

Value 


Coupon 

5,197,300 ROXI Petroleum 2,713,123 0.13 

5,167,500 Serabi Mining 1,961,867 0.09 

1,890,000 Sibir Energy 14,056,247 0.66 

1,466,071 Sierra Leone Diamond 2,842,641 0.13 

5,619,200 Target Resources 1,447,635 0.07 

779,200 Target Resources - Warrants 12.07.08 31,696 0.00 

1,429,100 Tullow Oil 12,721,207 0.60 

726,764 Valiant Petroleum 6,158,917 0.29 

300,000 Vedanta Resources 8,346,984 0.38 

491,409 Volga Gas 2,232,127 0.10 

1,740,113 Xceldiam 106,175 0.00 

1,358,600 ZincOx Resources 4,844,827 0.23 

335,530,967 15.75 


210,000 Alcoa 5,322,011 0.25 

980,000 Big Sky Energy 37,357 0.00 

3,589,500 Brazauro Resources 1,175,260 0.06 

413,619,628 19.42 



11,933,983 

13,004,483 

0.56 

0.61 


495,000 Denbury Resources 10,037,813 0.47 

4,958,029 Afren 6,873,902 0.32 261,300 Devon Energy 16,171,945 0.76 

4,850,666 African Copper 4,262,598 0.20 321,800 Freeport-McMoRan Copper & Gold 22,954,577 1.08 

10,241,952 African Eagle Resources 1,444,266 0.07 1,276,529 Jaguar Mining 9,559,635 0.45 

3,086,900 Alexander Mining 705,267 0.03 1,706,250 Peak Gold - Warrants 03.04.12 213,952 0.01 

2,199,166 Aminex - Warrants 31.08.09 134,184 0.01 3,489,400 Petroneft Resources 1,562,043 0.07 

5,317,842 Archipelago Resources 1,676,445 0.08 219,900 Quicksilver Resources 8,909,464 0.42 

1,338,462 Ariana Resources 90,742 0.00 476,400 Range Resources 16,717,212 0.78 

21,780,538 Aricom 22,149,342 1.04 213,400 Southern Copper 15,454,631 0.73 

1,333,333 Aricom - Warrants 05.06.10 442,931 0.02 2,600,000 Tasr Emerald 1,327,388 0.06 

5,443,500 Avocet Mining 12,971,928 0.61 404,000 Weatherford International 19,555,794 0.92 

1,116,600 Bezant Resources 1,650,270 0.08 333,250 XTO Energy 11,982,073 0.56 

720,398 BHP Billiton 15,296,611 0.72 

12,347,600 Braemore Resources 3,345,099 0.16 

165,919,621 7.79 

2,166,459 Brinkley Mining 

6,850,000 Cadogan Petroleum 


5,024,700 Caledon Resources 

1,573,250 Cape Diamonds 

4,652,500 Central China Goldfields 

2,473,333 China Goldmines 

3,308,503 Cluff Gold 

139,532 

3,808,074 

18,595,118 

2,486,761 

533,297 

442,217 

3,462,610 

3,967,896 

0.01 

0.18 

0.87 

0.12 

0.03 

0.02 

0.16 

0.19 

SOUTH AFRICA 

478,200 AngloGold Ashanti 

1,431,474 First Uranium 

1,720,724 Gold Fields 

184,500 Impala Platinum Holdings 

6,541,600 Metorex 

1,975,409 Platmin 

14,010,684 

9,473,474 

17,016,056 

4,556,963 

14,188,147 

12,839,285 

0.66 

0.44 

0.80 

0.21 

0.67 

0.60 

812,900 Coal International 

2,178,500 Copper Resources 

231,466 

4,918,161 

0.01 

0.23 

72,084,609 3.38 

5,446,600 Cordillera Resources 44,311 0.00 BRAZIL 

1,600,000 DiamondCorp 2,093,526 0.10 1,915,338 Cia Vale do Rio Doce ADR 37,744,825 1.77 

1,528,000 Emerald Energy 4,102,225 0.19 451,100 Petroleo Brasileiro ADR 35,905,601 1.69 

679,881 Empyrean Energy 322,650 0.02 

4,166,667 Equatorial Biofuels 84,744 0.00 

73,650,426 3.46 

5,125,334 Eurasia Mining 


2,600,000 European Diamonds - 

Warrants 

6,309,900 European Minerals 

17.07.09 

208,485 

4,454,666 

0 

5,934,149 

0.01 

0.21 

0.00 

0.28 

JERSEY 

1,190,000 KazakhGold Group Registered Shares GDR 

2,675,300 Minera IRL 

1,109,220 Randgold Resources ADR 

20,291,685 

1,133,583 

27,937,197 

0.96 

0.05 

1.31 

14,666,155 European Nickel 

1,190,205 Faroe Petroleum 

9,147,556 

2,691,030 

0.43 

0.13 

49,362,465 2.32 

1,425,000 Firestone Diamonds 

3,500,000 Frontier Mining GBP 

6,776,805 Frontier Mining USD 

2,390,000 Galantas Gold 

2,019,120 

433,044 

838,473 

259,250 

0.09 

0.02 

0.04 

0.01 

SWITZERLAND 

960,000 Addax Petroleum 


28,756,887 

17,148,585 

1.35 

0.81 

1,195,000 Galantas Gold - Warrants 

730,600 GCM Resources 

294,559 Gem Diamonds (Britain) 

3,035,500 Gemfields Resources 

11,524,400 Hidefield Gold 

03.09.08 16,203 

973,292 

3,818,222 

1,440,553 

859,433 

0.00 

0.05 

0.18 

0.07 

0.04 

PAPUA NEW GUINEA 

17,577,712 Lihir Gold 

488,078 New Britain Palm Oil 

45,905,472 

37,074,159 

2,488,330 

2.16 

1.74 

0.12 

600,000 Hidefield Gold - Warrants 

2,931,100 Highland Gold Mining 

28.10.08 0 

6,994,783 

0.00 

0.33 

39,562,489 1.86 

825,000 Hunting 

4,065,200 Jubilee Platinum 

3,722,000 KimCor Diamonds 

4,675,000 Kopane Diamond Developments 

700,000 Kopane Diamonds - Warrants 17.07.09 

7,975,803 

4,082,222 

328,035 

998,374 

0 

0.37 

0.19 

0.02 

0.05 

0.00 

NORWAY 

29,011 Det Norske Oljeselskap 

7,418,900 DNO International 

1,913,700 Norsk Hydro 

269,304 

9,464,727 

18,724,752 

0.01 

0.45 

0.88 

10,392,500 Lonrho 

1,000,000 Mantle Diamonds 

2,183,168 Max Petroleum 

548,300 Mediterranean Oil & Gas 

8,339,473 Mwana Africa 

5,403,850 Oriel Resources 

5,753,700 Pangea Diamondfields 

6,531,317 

203,387 

1,938,918 

1,115,168 

5,088,410 

3,993,289 

4,095,788 

0.31 

0.01 

0.09 

0.05 

0.24 

0.19 

0.19 

BERMUDA 

2,640,807 Aquarius Platinum 

76,586 Lithic Metals and Energy 

2,598,200 Tanzanite One 

1,532,904 Zambezi Resources 

28,458,783 

20,409,975 

6,750 

2,101,073 

353,342 

1.34 

0.95 

0.00 

0.10 

0.02 

1,081,237 Peter Hambro Mining 

8,992,200 Petra Diamonds 

17,475,440 

17,640,278 

0.82 

0.83 

22,871,140 1.07 

535,000 R.E.A. Holdings 

19,180 REA Holdings 

2,149,500 Regal Petroleum 

3,685,093 

27,697 

3,934,614 

0.17 

0.00 

0.18 

MALAYSIA 

14,250,000 IOI 22,657,063 1.06 

584,700 Rio Tinto 42,589,256 2.00 

22,657,063 1.06 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

IRELAND 

2,852,000 African Diamonds 3,635,033 0.17 

6,945,833 Aminex 2,477,668 0.12 

6,088,788 Galantas Gold 678,661 0.03 

11,742,000 Glencar Mining 1,102,377 0.05 

6,541,759 Kenmare Resources 4,834,171 0.23 

2,520,000 Maple Energy 3,382,725 0.16 

6,615,859 Ormonde Mining 1,027,124 0.05 

6,169,546 Petroceltic International 744,516 0.03 

38,586,100 Providence Resources 3,302,132 0.16 

1,344,423 West African Diamonds 397,031 0.02 

12,038,346 0.57 

PERU 

5,053,890 Minsur 9,776,687 0.46 

9,776,687 0.46 


10,228,800 Commoditrade 3,843,193 0.18 

2,800,000 Leaf Clean Energy 4,062,307 0.19 

930,500 Niger Uranium 334,344 0.02 

8,239,844 0.39 


1,941,380 Mineral Securities GBP 1,881,147 0.09 

2,061,500 Mineral Securities AUD 2,007,730 0.09 

2,521,000 Titanium Resources Group 2,675,806 0.13 

6,564,683 0.31 

HONG KONG 

5,600,000 CNOOC 6,294,061 0.30 

6,294,061 0.30 

SINGAPORE 


5,837,830 0.27 

FRANCE 

290,000 Recylex 4,335,500 0.20 

4,335,500 0.20 

ISRAEL 

643,100 Metal-Tech (Israel) 959,184 0.05 

959,184 0.05 

140 

Quantity/ 

Nominal 

Value 


Coupon 


583,123 Indago Petroleum 521,837 0.02 

521,837 0.02 

NEW ZEALAND 

30,168 Allied Medical 3,605 0.00 

3,605 0.00 


Bonds 

RUSSIA 


21,581,438 

17,733,253 

1.02 

0.83 


3 Eurasia Mining 31.03.08/0.031% 26,440 0.00 

17,733,253 0.83 

26,440 0.00 

INDONESIA 


13,500,000 Bumi Resources 

1,553,000 International Nickel Indonesia 

5,870,556 

10,833,441 

0.28 

0.51 


CANADA 

16,703,997 0.79 2,000,000 Western Canadian Coal 24.03.11/7.500% 1,029,967 0.05 

INDIA 

901,400 Sterlite Industries India ADR 16,045,478 0.75 

1,029,967 0.05 

16,045,478 0.75 


NETHERLANDS 

81,696 Advanced Metallurgical Group 4,125,648 0.20 



2,097,782,200 98.51 

1,008,983 Bateman Engineering 

771,263 Vimetco Registered Shares GDR 

4,747,274 

4,961,326 

0.22 

0.23 



GUERNSEY 

3,800,000 Central Rand Gold 

486,000 Origo Resource Partners - 

Warrants 

4,033,800 Shanta Gold 

2,336,200 Tethys Petroleum 

14.12.12 

13,834,248 

6,028,377 

214,166 

913,402 

4,882,401 

0.65 

0.28 

0.01 

0.04 

0.23 

LUXEMBOURG 


(JPM Euro Liquidity X (dist.)) 

GUERNSEY 

2,430,000 Origo Resource Partners 

33,650,527 

33,650,527 

3,492,554 

1.58 

1.58 

0.16 

Market 

Value 

% of 

Net 

Assets 

3,492,554 0.16 




37,143,081 1.74 







%of 

Net Assets 

Canada 0.05 




0.05 


Energy 21.55 









Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 

Canada 0.08 



0.08 


Energy 20.36 







Total 

100.00 

141 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


CANADA 


16,000 Artis Real Estate Investment Trust 

6,239 Artis Real Estate Investment Trust 144A 

239,390 

93,313 

1.69 

0.65 

JAPAN 

1 BLife Investment 4,106 0.02 

26,100 Huntingdon Real Estate Investment Trust 

7,089 RioCan Real Estate Investment Trust 

61,434 

152,713 

0.43 

1.07 

19 DA Office Investment 

20 Global One Real Estate Investment 

121,460 

241,932 

0.84 

1.70 

546,850 3.84 

15 Japan Hotel and Resort 

17 Japan Logistics Fund 

32 MID Reit 

31,000 Mitsubishi Estate 


55,494 

121,284 

147,773 

737,672 

729,503 

0.39 

0.85 

1.04 

5.18 

5.12 

FINLAND 

16,049 Sponda 

29,826 Technopolis 

3,162 YIT 

187,200 

247,122 

69,584 

1.32 

1.73 

0.49 

31 Mori Hills REIT Investment 

29 Nippon Building Fund 

6,800 Nomura Real Estate Holdings 

7,000 Sumitomo Realty & Development 

17 Tokyu REIT 

210,763 

402,013 

162,112 

170,898 

157,609 

1.48 

2.82 

1.14 

1.20 

1.11 

SWEDEN 

25,300 Castellum 

2,636 Russian Real Estate Investment 

503,906 

256,636 

122,937 

3.54 

1.80 

0.86 

38 Top REIT 177,829 1.25 

379,573 2.66 

3,440,448 24.14 AUSTRIA 


2,300 Alexandria Real Estate Equities 234,899 1.64 

11,104 Conwert Immobilien Invest 

10,470 Immoeast 

196,564 

112,281 

1.38 

0.79 

2,600 AMB Property 

2,900 Boston Properties 

146,614 

268,917 

1.03 

1.89 

308,845 2.17 

3,400 Camden Property Trust 

1,200 Cedar Shopping Centers 

17,000 Colonial Properties Trust 

161,874 

12,756 

379,440 

1.14 

0.09 

2.66 

NETHERLANDS 

2,800 Corio 219,940 1.54 

7,000 Digital Realty Trust 

3,300 Kilroy Realty 

7,700 Kimco Realty 

6,600 Liberty Property Trust 

15,900 MFA Mortgage Investments 

1,700 Mid-America Apartment Communities 

273,000 

175,461 

281,127 

187,968 

144,372 

73,967 

1.92 

1.23 

1.97 

1.32 

1.01 

0.52 

GERMANY 

9,111 Alstria Office 

519 DIC Asset 

4,381 GWB Immobilien 

219,940 

137,191 

16,583 

63,715 

1.54 

0.96 

0.12 

0.45 

12,089 National Retail Properties 

4,300 Public Storage 

290,015 

320,995 

2.03 

2.25 

217,489 1.53 

11,000 UDR 223,080 1.57 CYPRUS 

3,174,485 22.27 

7,675 Mirland Development 78,350 0.55 

HONG KONG 

78,350 0.55 



79,000 Link REIT 

235,490 

242,477 

169,125 

1.65 

1.70 

1.19 

JERSEY 

3,262 China Real Estate Opportunities 53,280 0.36 

70,000 Sino Land 

19,000 Sun Hung Kai Properties 

241,387 

387,270 

1.69 

2.72 

53,280 0.36 

28,000 Wharf Holdings 

3,375 Wharf Holdings - Rights 14.01.08 

140,884 

3,864 

0.99 

0.03 


1,420,497 9.97 



14,026,337 98.41 

AUSTRALIA 


120,521 CFS Retail Property Trust 247,542 1.75 

155,789 Commonwealth Property Office Fund 212,637 1.49 

Cash 626,688 4.40 

38,919 GPT Group 140,061 0.98 

202,229 ING Office Fund 

54,293 Stockland 

291,111 

392,206 

2.04 

2.75 


87,909 Valad Property Group 97,224 0.68 


1,380,781 9.69 

SINGAPORE 

71,000 Ascendas Real Estate Investment Trust 117,286 0.82 

168,000 Ascott Group 140,503 0.99 

63,000 CapitaLand 270,411 1.90 

260,000 Macquarie MEAG Prime REIT 199,475 1.40 

280,000 Mapletree Logistics Trust 207,078 1.45 

934,753 6.56 

FRANCE 

2,900 Klepierre 150,387 1.06 

2,803 Unibail-Rodamco 606,050 4.25 

756,437 5.31 


13,899 Great Portland Estates 130,052 0.91 

11,029 Land Securities Group 329,310 2.31 

16,517 Segro 151,341 1.06 

610,703 4.28 

145 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 





Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 

Germany 0.05 



0.05 








Total 

100.00 

146 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Settlement 

Date 

Currency 

Amount 


Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-08 AUD 1,612,747 USD 1,404,289 9,999 

17-Jan-08 CAD 103,809 USD 104,174 2,085 

17-Jan-08 EUR 54,129 JPY 8,831,891 1,417 

17-Jan-08 EUR 730,095 USD 1,066,934 5,944 

17-Jan-08 GBP 497,834 USD 1,007,849 (16,677) 

17-Jan-08 HKD 7,265,737 USD 933,910 (1,873) 

17-Jan-08 JPY 9,042,334 CAD 81,024 (2,949) 

17-Jan-08 JPY 11,233,030 HKD 769,834 613 

17-Jan-08 JPY 132,865,601 USD 1,206,897 (31,586) 

17-Jan-08 NOK 291,830 USD 53,052 702 

17-Jan-08 SEK 485,877 USD 73,693 1,853 

17-Jan-08 SGD 356,835 USD 247,092 (115) 

17-Jan-08 USD 881,315 AUD 1,002,527 2,155 

17-Jan-08 USD 98,945 CAD 99,957 (3,371) 

17-Jan-08 USD 1,621,248 EUR 1,105,139 (2,761) 

17-Jan-08 USD 438,376 GBP 213,940 12,427 

17-Jan-08 USD 749,128 HKD 5,828,969 1,397 

17-Jan-08 USD 1,948,849 JPY 215,168,075 45,502 

17-Jan-08 USD 264,491 SEK 1,709,075 (1,245) 

17-Jan-08 USD 795,059 SGD 1,145,778 2,029 

17-Jan-08 USD 391,508 ZAR 2,677,324 (554) 

17-Jan-08 ZAR 3,662,606 USD 536,804 (459) 

Total 

147 

24,533




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 





CHINA 

3,337,319 JF China Pioneer A-Share Fund 140,467,758 2.98 

44,282,000 Air China - H Shares * 

26,784,000 Ajisen China Holdings 

61,648,241 

47,725,872 

1.31 

1.01 

140,467,758 2.98 

35,024,000 Aluminum Corp. of China 

11,380,560 Angang Steel - H Shares * 

74,351,497 

30,782,914 

1.57 

0.65 


2,708,000 Anhui Conch Cement - H Shares * 

31,645,000 China Communications Construction - H Shares * 

23,432,362 

81,538,890 

0.50 

1.73 



4,692,934,254 99.41 



199,490,603 

148,180,002 

4.23 

3.14 Other Transferable Securities 



407,099,913 

225,472,237 

8.62 

4.78 

Shares 

6,481,000 China Molybdenum - H Shares 



11,897,307 

59,626,767 

271,263,917 

0.25 

1.26 

5.75 

HONG KONG 

30,392,000 Euro Asia Agricultural 0 0.00 


12,088,151 China Vanke - B Shares 

337,236,804 

31,379,682 

7.14 

0.65 

0 0.00 

24,187,000 China Yurun Food Group 

698,865 Ctrip.com International ADR 

41,734,067 

39,870,248 

0.88 

0.84 

Total Shares 0 0.00 

974,763 E-House China Holdings ADR 

25,018,000 Golden Eagle Retail Group 

21,552,010 

27,581,297 

0.46 

0.58 

Total Other Transferable Securities 0 0.00 


5,542,000 Guangzhou Shipyard International - H Shares 

78,312,911 

31,224,036 

1.66 

0.66 


194,285,000 Industrial & Commercial Bank of China - H Shares * 

27,769,000 Intime Department Store Group 

138,227,959 

32,002,475 

2.93 

0.68 

Cash 33,860,653 0.72 

10,940,000 Parkson Retail Group 

12,922,000 Ping An Insurance Group Co. of China - H Shares * 

126,148,511 

137,407,288 

2.67 

2.91 


18,314,650 Shanghai Zhenhua Port Machinery - B Shares 

7,575,500 Shimao Property Holdings 

51,244,391 

19,228,266 

1.09 

0.41 



1,211,723 UBS - China State Shipbuilding 

- Warrants 14.06.2010 41,417,327 0.88 


10,889,058 UBS - Citic Securities - 

Warrants 30.05.2008 134,019,131 2.84 

3,184,244 UBS - Sany Heavy Industry - 

Warrants 

3,528,000 Weichai Power - H Shares * 

13.02.2008 24,858,589 

25,733,833 

0.53 

0.55 


%of 

Net Assets 

12,610,000 Xinao Gas Holdings 

6,246,700 Yantai Changyu Pioneer Wine Co. - B Shares 

29,150,000 Zijin Mining Group 

24,247,668 

46,845,746 

43,571,323 

0.51 

0.99 

0.92 


Financials 

Materials 

35.97 

12.30 

3,178,292,872 67.32 


Energy 

10.69 

10.51 

HONG KONG 


59,500,000 Belle International Holdings 


26,236,500 China Mobile 

43,486,000 China Overseas Land & Investment 

45,538,000 China Resources Power Holdings 

22,172,000 China Unicom 

87,410,826 

21,643,457 

454,049,611 

88,524,524 

154,113,797 

50,820,160 

1.85 

0.46 

9.62 

1.88 

3.26 

1.08 

Industrials 

Utilities 





9.32 

3.78 

2.98 

1.88 

1.74 

99.41 

136,184,000 CNOOC 224,856,574 4.76 Cash and Other Assets/(Liabilities) 0.59 

1,991,500 Hong Kong Exchanges & Clearing 

3,978,000 Kerry Properties 

56,165,112 

32,075,916 

1.19 

0.68 

Total 

100.00 

10,461,500 Ports Design 36,812,893 0.78 

1,206,472,870 25.56 


14,678,000 China Dongxiang Group 10,762,832 0.24 

4,386,000 Greentown China Holdings 6,814,514 0.14 

13,356,500 Li Ning 49,225,956 1.04 

47,665,000 Soho China 46,927,180 0.99 

113,730,482 2.41 


1,213,933 UBS - Kweichow Moutai - 

Warrants 14.12.2010 38,213,179 0.81 

38,213,179 0.81 

SWITZERLAND 

2,220,000 UBS - Industrial Bank - 

Warrants 29.09.2008 15,757,093 0.33 

15,757,093 0.33 


154 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 



Energy 12.42 










Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 





HONG KONG 

573,594 JF China Pioneer A-Share Fund 24,142,567 2.87 

2,344,800 Bank of East Asia 


15,901,025 

10,358,550 

1.90 

1.24 

24,142,567 2.87 



16,347,178 

41,029,080 

1.95 

4.88 


4,582,000 China Mobile 


79,296,221 

9,103,740 

9.43 

1.08 



827,919,054 98.48 

15,603,000 CNOOC 


25,762,477 

16,035,061 

3.06 

1.91 




17,503,343 

30,557,318 

2.08 

3.63 

Cash 13,510,777 1.61 



12,402,654 

20,084,764 

1.48 

2.39 


2,710,000 Li Ning 

2,638,500 Lifestyle International Holdings 

9,987,822 

7,102,971 

1.19 

0.84 


1,095,000 Sun Hung Kai Properties 22,319,008 2.65 

333,791,212 39.71 * Hong Kong Registered Shares. 

CHINA 

6,386,000 Air China - H Shares * 8,890,422 1.05 

4,126,000 Ajisen China Holdings 


7,352,037 

8,546,686 

0.86 

1.02 


%of 

Net Assets 

4,496,000 China Communications Construction - H Shares * 11,584,732 1.38 

32,570,000 China Construction Bank - H Shares * 27,389,571 3.26 Shares and Warrants 







110,288 Ctrip.com International ADR 



3,999,000 Intime Department Store Group 

1,029,000 Parkson Retail Group 

2,604,232 Shanghai Zhenhua Port Machinery - B Shares 

16,985,290 

40,698,183 

25,175,413 

10,386,501 

24,621,632 

29,700,910 

6,291,930 

5,129,564 

11,984,212 

4,608,661 

11,865,340 

7,286,641 

2.02 

4.84 

2.99 

1.24 

2.93 

3.53 

0.75 

0.61 

1.43 

0.55 

1.41 

0.87 

Financials 




Materials 

Energy 

Industrials 


Utilities 




37.47 

17.70 

9.43 

8.76 

8.52 

5.99 

5.77 

2.87 

1.08 

0.89 

98.48 

1.52 

2,670,000 Shimao Property Holdings 

4,872,500 Soho China 

6,777,041 

4,797,077 

0.81 

0.57 

Total 

100.00 


999,171 Yantai Changyu Pioneer Wine - B Shares 7,493,062 0.89 

290,644,673 34.57 

TAIWAN 

5,426,000 Acer 10,450,668 1.24 

4,139,680 Asia Cement 6,037,192 0.73 

4,043,000 AU Optronics 7,836,718 0.94 

8,065,388 Cathay Financial Holding 16,874,235 2.02 

2,373,422 Chroma Ate 4,746,552 0.56 

3,631,000 Formosa Chemicals & Fibre 9,071,356 1.08 

1,118,150 Foxconn Technology 9,030,656 1.07 


2,986,000 Nan Ya Plastics 7,900,929 0.94 

941,000 Powertech Technology 3,213,679 0.38 

1,147,000 Realtek Semiconductor 3,899,560 0.46 

561,550 Richtek Technology 4,967,252 0.59 


1,413,258 Topoint Technology 3,391,610 0.40 

1,576,228 Tripod Technology 5,577,079 0.66 

3,369,655 TXC 5,805,817 0.69 

3,352,729 UBS - Innolux Display - 

Warrants 10.03.08 11,331,725 1.35 

5,998,888 Vanguard International Semiconductor 4,429,675 0.53 

4,718,961 Wistron 8,682,354 1.03 

3,185,480 Zyxel Communications 4,067,363 0.48 

170,934,178 20.33 


45,775 New Oriental Education & Technology Group 

ADR 3,758,585 0.45 


8,406,424 1.00 


155 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 







Energy 5.19 







Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 




218,400 Lee & Man Paper Manufacturing 947,709 0.22 

HONG KONG 

947,709 0.22 

121,000 ASM Pacific Technology 

1,965,600 Bank of East Asia 

884,146 

13,329,518 

0.21 

3.06 





730,000 China Merchants Holdings International 

3,969,480 

11,334,410 

28,364,042 

4,477,839 

0.91 

2.61 

6.52 

1.03 




418,246,810 

418,246,810 

96.16 

96.16 

2,467,000 China Mobile 42,693,972 9.82 


Cash 19,809,384 4.55 

2,652,000 China Overseas Land & Investment 5,398,681 1.24 

1,140,000 China Resources Enterprise 

864,000 China Resources Land 

4,902,990 

1,913,908 

1.13 

0.44 



364,800 China State Construction International Holdings 

4,521,411 

561,177 

1.04 

0.13 


3,508,000 China Unicom 8,040,642 1.85 

10,936,000 CNOOC 18,056,684 4.15 * Hong Kong Registered Shares. 

5,888,000 Comba Telecom Systems Holdings 1,939,834 0.45 

708,000 COSCO Pacific 1,846,976 0.42 

418,800 Dah Sing Financial Holdings 4,152,701 0.95 



21,438,067 

8,147,960 

4.93 

1.87 


%of 

Net Assets 

527,900 Hang Seng Bank 


160,800 Hong Kong Aircraft Engineerg 



18,555 Industrial and Commercial Bank 

of China Asia - Warrants 

166,000 Jardine Matheson Holdings 


600,800 Li & Fung 

1,073,500 Li Ning 

2,318,000 Lifestyle International Holdings 

06.11.08 

10,665,262 

6,910,586 

4,328,815 

30,430,407 

31,442,105 

5,947 

4,548,400 

10,971,729 

2,449,180 

3,956,430 

6,240,169 

2.45 

1.59 

1.00 

7.00 

7.23 

0.00 

1.05 

2.52 

0.56 

0.91 

1.43 


Financials 



Industrials 

Energy 

Materials 

Utilities 




56.76 

12.85 

12.10 

5.32 

5.07 

2.04 

1.04 

0.98 

96.16 

3.84 

415,000 Melco International Development 

847,302 MTR 

628,824 

3,046,735 

0.14 

0.70 

Total 

100.00 

661,000 New World Development 2,296,330 0.53 

3,742,000 Pacific Basin Shipping 5,986,624 1.38 

2,372,000 Shun TAK Holdings 3,636,717 0.84 

1,405,000 Sun Hung Kai Properties 28,637,631 6.58 

175,000 Swire Pacific - A Shares 


2,301,702 

4,844,150 

0.53 

1.11 


%of 

Net Assets 

726,000 Texwinca Holdings 640,308 0.15 

Shares 

CHINA 







721,000 China Shenhua Energy - H Shares * 

682,000 Dalian Port PDA - H Shares* 

355,128,272 

3,634,358 

6,453,410 

5,561,850 

9,616,210 

6,459,212 

3,983,617 

4,274,749 

523,691 

81.65 

0.84 

1.48 

1.28 

2.21 

1.48 

0.92 

0.98 

0.12 

Financials 



Industrials 

Energy 


Utilities 

Materials 

Total Shares 


56.23 

16.04 

12.39 

5.48 

4.16 

1.83 

0.56 

0.52 

97.21 

2.79 


648,000 Foxconn International Holdings 

905,847 

1,422,140 

0.21 

0.33 

Total 

100.00 

817,600 Guangzhou R&F Properties - H Shares * 2,913,730 0.67 

3,728,000 Intime Department Store Group 4,296,346 0.99 



819,500 Soho China 806,815 0.18 

60,902,848 14.00 

BERMUDA 

352,000 Shui On Construction and Materials 1,267,981 0.29 

1,267,981 0.29 

156 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


LUXEMBOURG 

780,000 Deutsche Bank - Sun 


INDIA 

Pharmaceutical Industries - 

Warrants 23.06.08 23,878,920 0.44 

2,705,000 ABB 

3,669,589 ACC 

102,324,949 

94,310,864 

1.91 

1.76 

23,878,920 0.44 

550,900 Aditya Birla Nuvo 


27,558,310 

18,038,163 

0.51 

0.34 

Total Shares, Warrants and Rights 5,285,589,630 98.47 

5,563,000 Bharat Heavy Electricals 


36,313,244 Centurion Bank of Punjab 

79,108 Centurion Bank of Punjab GDR 

365,521,075 

252,205,178 

51,625,390 

1,682,061 

6.81 

4.70 

0.96 

0.03 


LUXEMBOURG 

16,836,478 Morgan Stanley Growth Fund 27,404,237 0.51 

1,000,000 Container Corp of India 

950,000 Divi’s Laboratories 

47,021,872 

45,192,650 

0.88 

0.84 

27,404,237 0.51 

4,850,000 DLF 

9,600,000 Exide Industries 

131,463,123 

18,506,612 

2.45 

0.34 


640,000 Exide Industries - Rights 

510,587 Financial Technologies India 

769,231 Financial Technologies India GDR 

3,800,000 Gammon India 

31.12.08 745,473 

33,482,924 

7,185,286 

56,536,114 

0.01 

0.62 

0.13 

1.05 




5,312,993,867 

5,312,993,867 

98.98 

98.98 

618,296 Gammon India GDR 9,107,500 0.17 

1,028,954 GlaxoSmithkline Pharmaceuticals 26,819,011 0.50 

Cash 38,890,730 0.72 

20,000,000 Gujarat Ambuja Cements 75,813,835 1.41 

5,200,000 HDFC Bank 

152,292 HDFC Bank ADR 

228,829,095 

19,907,610 

4.26 

0.37 


4,100,000 Housing Development Finance 

4,971,589 ICICI Bank 

305,138,225 

155,102,956 

5.68 

2.89 


2,500,000 ICICI Bank ADR 153,900,000 2.87 

16,520,020 Indian Hotels 66,445,604 1.24 

5,170,000 Infosys Technologies 

913,000 Infosys Technologies ADR 

236,180,379 

42,134,950 

4.39 

0.78 


%of 

Net Assets 

4,500,000 Infrastructure Development Finance 25,538,530 0.48 

21,975,978 ITC 

5,652,033 Kotak Mahindra Bank 

2,100,000 Kotak Mahindra Bank Registered Shares GDR 

3,180,000 Larsen & Toubro 

4,721,288 Mahindra & Mahindra 

1,600,000 Maruti Udyog 

7,555,000 Nagarjuna Construction 

8,970,000 NTPC 

887,000 Oil & Natural Gas 

6,298,057 Petronet LNG 

5,650,000 PTC India 

5,360,000 Punj Lloyd 

820,000 Reliance Capital 


115,440,953 

185,617,249 

68,764,549 

336,095,753 

100,351,385 

40,146,490 

67,729,845 

55,070,142 

27,648,819 

16,906,407 

23,055,506 

76,508,138 

54,534,588 

148,405,392 

2.15 

3.46 

1.28 

6.26 

1.87 

0.75 

1.26 

1.03 

0.52 

0.31 

0.43 

1.43 

1.02 

2.76 


Financials 

Industrials 

Energy 



Materials 

Utilities 


Health Care 



Total Shares, Warrants and Rights 


32.12 

20.12 

10.88 

8.50 

7.83 

5.67 

4.96 

3.86 

2.39 

2.14 

0.51 

98.98 

1.02 

2,113,079 Reliance Energy 

7,174,000 Reliance Industries 

115,990,948 

528,170,242 

2.16 

9.84 

Total 

100.00 

12,000,000 Satyam Computer Services 137,212,614 2.56 

1,550,000 State Bank of India 96,839,661 1.80 

378,400 State Bank of India GDR 47,583,800 0.89 

11,000,000 Steel Authority Of India 78,345,626 1.46 

1,056,017 Sun Pharmaceuticals Industries 

36,000 Tata Iron & Steel 

32,624,533 

870,447 

0.61 

0.02 


%of 

Net Assets 

27,000 TATA Steel Preference Shares 

1,470,656 Ultra Tech Cement 

5,459,710 Axis Bank 

68,667 

36,648,583 

135,458,293 

5,124,406,369 

0.00 

0.68 

2.52 

95.46 


India 



0.29 

0.29 


9,000,000 Citigroup - NTPC - Warrants 26.06.08 55,093,191 1.03 

Industrials 

Financials 


32.29 

21.36 

18.30 

55,093,191 1.03 



13.50 

8.25 

ISLE OF MAN 

13,200,000 Unitech Corporate Parks 29,579,715 0.55 

Utilities 



3.64 

0.47 

97.81 

29,579,715 0.55 Cash and Other Assets/(Liabilities) 1.90 


900,000 Morgan Stanley - ONGC - 

Warrants 04.06.08 27,997,337 0.52 

Total 

100.00 

27,997,337 0.52 


115,981 Deutsche Bank - HDFC Bank - 

Warrants 13.04.10 5,090,545 0.09 

1,050,000 Deutsche Bank - Reliance 


24,634,098 0.45 

157 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

JAPAN 

318,500 Aeon Credit Service 4,668,315 0.37 

435,600 Aisin Seiki 17,923,235 1.43 

996,700 Alpine Electronics 16,483,326 1.31 

132,800 Asahi Pretec 3,576,354 0.29 

390,700 Canon 17,938,634 1.43 

766,000 Chiba Bank 6,154,783 0.49 

641,500 Citizen Holdings Co. 6,168,324 0.49 

1,122,000 Daicel Chemical Industries 6,637,588 0.53 

1,401,700 Daiichi Sankyo 42,575,145 3.39 

100,000 Daiseki 2,966,756 0.24 

521,300 Denso 21,081,224 1.68 

10,441 SBI E*Trade Securities 9,587,780 0.76 

4,090 East Japan Railway 33,296,367 2.65 

100,500 Fanuc 9,654,673 0.77 

389,400 FCC 6,852,450 0.55 


181,800 Funai Electric 7,801,404 0.62 

205,600 Futaba Industrial 5,682,116 0.45 

527,300 Hitachi Construction Machinery 15,597,148 1.24 

976,000 Hitachi Metals 12,995,523 1.04 

5,129,500 Hitachi Zosen 6,929,615 0.55 

662,600 Honda Motor 21,939,429 1.75 

1,300 Inpex Holdings 13,889,012 1.11 

80,500 Jafco 2,615,690 0.21 

1,203,700 Japan Securities Finance 10,330,638 0.82 

5,775 Japan Tobacco 34,062,072 2.71 

561,000 Juroku Bank 3,046,356 0.24 

3,131 KDDI 23,001,121 1.83 


231,500 Kobayashi Pharmaceutical 8,544,170 0.68 

731,000 Koito Manufacturing 9,849,508 0.78 

960,700 Komatsu 25,787,188 2.06 

206,200 Konami 6,663,653 0.53 

603,000 Makino Milling 4,152,929 0.33 

155,600 Makita 6,512,242 0.52 

814,400 Mitsubishi 22,004,009 1.75 

838,000 Mitsubishi Electric 8,642,303 0.69 

263,000 Mitsubishi Estate 6,258,311 0.50 

3,419,600 Mitsubishi UFJ Financial Group 31,612,920 2.52 

1,400,000 Mitsui & Co. 29,234,912 2.33 

3,107,000 Mitsui Engineering & Shipbuilding 11,961,079 0.95 

1,281,000 Mizuno 8,098,503 0.65 

598,500 Murata Manufacturing 34,243,786 2.73 

370,000 Musashi Seimitsu Industry 10,192,927 0.81 

761,000 Nabtesco 11,947,005 0.95 

310,700 Nichicon 3,113,721 0.25 

133,400 Nidec 9,752,788 0.78 

55,600 Nintendo 32,843,053 2.62 

1,960,000 Nippon Express 9,950,996 0.79 

209,000 Nippon Seiki 4,530,440 0.36 

475,000 Nissin Kogyo 10,988,477 0.88 

168,200 Nitto Denko 8,792,053 0.70 

1,212,500 Nomura Holdings 20,287,736 1.62 

384,600 Nomura Research Institute 12,496,826 1.00 

1,516 NTT Data 6,652,704 0.53 

7,670 NTT DoCoMo 12,596,530 1.00 

7,551 NTT Urban Development 12,067,732 0.96 

900 OAK Capital 397 0.00 

1,274,000 Obayashi 6,321,911 0.50 

765,000 Sankyu 4,140,612 0.33 

257,100 Santen Pharmaceutical 6,276,822 0.50 

221,900 Shin-Etsu Chemical 13,754,254 1.10 

1,087,000 Shionogi & Co. 18,955,675 1.50 

823,000 Shiseido 19,220,653 1.53 

368,200 Sony 20,156,638 1.61 

2,128 Sony Financial Holdings 8,023,098 0.64 

1,578,000 Sumitomo Chemical 13,891,360 1.11 

1,028,000 Sumitomo Heavy Industries 9,349,168 0.75 

340,000 Sumitomo Metal Mining 5,733,963 0.46 


559,000 Suruga Bank 6,011,761 0.48 

881,500 Suzuki Motor 26,229,791 2.09 

2,999,000 Taiyo Nippon Sanso 27,777,590 2.21 

709,500 Takeda Pharmaceutical 42,599,444 3.40 

256,400 Tocalo 3,848,660 0.31 

422,300 Tokyo Electron 25,579,250 2.04 

480,000 Tokyu Livable 5,556,311 0.44 

123,000 Toyo Suisan Kaisha 2,204,671 0.18 

1,733,000 Toyo Tire & Rubber 6,380,831 0.51 

691,000 Toyoda Gosei 24,222,065 1.93 


1,067,300 Toyota Motor 56,920,154 4.54 

159 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

580,100 Toyota Tsusho 15,519,871 1.24 

108,300 TS Tech 4,876,871 0.39 

240,810 USS 14,777,533 1.18 

20,990 Yahoo! Japan 9,266,699 0.74 

1,226,000 Yaskawa Electric 16,497,497 1.31 

1,224,481,400 97.59 

Total Shares 1,224,481,400 97.59 



1,224,481,400 97.59 


Cash 31,183,092 2.49 




Shares 

%of 

Net Assets 









Energy 1.11 



Total 

100.00 


Shares 

%of 

Net Assets 







Energy 2.77 






Total 

100.00




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

JAPAN 

301,400 Aeon Delight 5,442,259 2.98 

907,300 Ai Holdings 6,088,455 3.33 

130,400 Arisawa Manufacturing 1,469,166 0.80 

262,000 Asics 3,724,515 2.04 

95,100 Atrium 1,943,901 1.06 

42,700 Capcom 1,076,407 0.59 

97,000 D&M Holdings 400,830 0.22 

73,000 Daidoh 889,497 0.49 

108,000 Daihatsu Diesel Manufacturing 1,087,104 0.59 

727,000 Dainippon Ink & Chemicals 3,594,720 1.97 

294,400 DTS 4,637,408 2.54 

253,000 Eagle Industry 2,868,324 1.57 

183,600 Foster Electric 5,057,896 2.77 

85,200 Fuji Machine Manufacturing 1,820,529 1.00 

255,600 Furuno Electric 3,629,021 1.99 

156,100 Hudson Soft 2,673,913 1.46 

501,000 Ishihara Sangyo Kaisha 959,931 0.53 

393 J-Rep 1,266,567 0.69 

125,800 Katakura Industries 2,221,535 1.22 

384,000 Keiyo Bank 2,183,533 1.20 


480,000 Kyowa Exeo 3,589,775 1.96 

168,400 Matsuda Sangyo 3,880,835 2.12 

153,300 Matsumotokiyoshi Holdings 3,681,745 2.01 

1,378 MCJ 692,316 0.38 

276,000 Mitsubishi Gas Chemical 2,680,676 1.47 

947,500 Mitsui Mining 2,827,734 1.54 

85,800 Mitsumi Electric 2,878,813 1.58 

72,250 Moshi Moshi Hotline 3,597,987 1.97 

314,700 NEC Networks and System Integration 3,934,618 2.14 

255,600 Neturen 2,979,047 1.63 

240,000 Nichias 885,789 0.48 

7,600 Nichi-iko Pharmaceutical 177,158 0.10 

204,600 Nihon Kohden 4,823,469 2.64 

246,000 Nihon Nohyaku 1,331,491 0.73 

154,000 Nippon Seiki 3,338,219 1.83 

123,400 Nissin Kogyo 2,854,691 1.56 

117,000 Nohmi Bosai 776,866 0.43 

192,390 Optex 2,836,884 1.55 

600 Osaka Securities Exchange 2,770,739 1.52 

40,650 Pal 836,294 0.46 

1,405 Re-plus 1,488,676 0.81 

73,100 Roland DG 3,711,315 2.03 

388,000 Showa Aircraft Industry 3,682,840 2.02 

179,600 Siix 1,847,459 1.01 

187,300 SRA Holdings 2,890,825 1.58 

155,400 Suruga 2,564,501 1.40 

442,000 Taihei Kogyo 2,212,829 1.21 

389,000 Taiyo Nippon Sanso 3,603,029 1.97 

586,000 Takasago International 4,020,326 2.20 

384,800 Tecmo 4,447,514 2.43 

294,300 Towa 2,749,277 1.50 

22,700 Toyo Tanso 1,787,859 0.98 


217,600 Trancom 3,418,042 1.87 

78,400 TS Tech 3,530,440 1.93 

776,000 Ube Industries 2,610,534 1.43 

1,956 United Technology Holdings 3,557,777 1.95 

79,800 Valor 959,672 0.53 

1,391 Vantec Group 2,223,045 1.22 

224,600 Venture Link 366,880 0.20 

1,399 Wacom 2,890,521 1.58 

160 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

48,400 Welcia Kanto 1,581,211 0.87 

693 Works Applications 752,629 0.41 

381 Wowow 740,100 0.41 

127,500 Xebio 3,602,490 1.97 

130,000 Yamaguchi Financial Group 1,493,356 0.82 

173,494,120 94.95 

Total Shares 173,494,120 94.95 



173,494,120 94.95 


Cash 12,086,041 6.61 




Shares 

%of 

Net Assets 










Total 

100.00 


Shares 

%of 

Net Assets 









Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


248,000 China Life Insurance - H Shares ** 1,273,262 0.64 

Shares 

252,000 China Shenhua Energy - H Shares ** 1,494,087 0.76 

HONG KONG 

6,250,563 3.16 

290,000 Bank of East Asia 

1,000,653 C C Land Holdings 


948,000 China Everbright 


2,300,000 China Pharmaceutical Group 

1,966,606 

1,441,828 

1,428,786 

2,953,101 

2,898,760 

790,180 

1.00 

0.73 

0.72 

1.49 

1.47 

0.40 

MALAYSIA 

570,000 Telekom Malaysia 

490,000 Tenaga Nasional Berhad 

1,860,000 Tradewinds 

555,000 Zelan 

1,941,230 

1,417,722 

779,204 

928,345 

0.98 

0.72 

0.39 

0.47 

1,100,582 Chinese Estates Holdings 

2,900,000 Fubon Bank 

5,100,000 Guangzhou Investment 



1,300,000 Heng Tai Consumables Group 

92,163 Jardine Strategic Holdings 

1,949,818 

1,732,398 

1,549,466 

1,327,308 

1,958,466 

223,312 

1,450,646 

0.99 

0.88 

0.78 

0.67 

0.99 

0.11 

0.73 

BERMUDA 

1,700,000 Citic Resources Holdings 

11,000,000 China Power New Energy Development 

2,015,812 Enerchina Holdings 

55,000,000 Yugang International 

5,066,501 

998,109 

1,847,258 

94,321 

1,833,157 

2.56 

0.51 

0.93 

0.05 

0.93 

214,000 Kingboard Chemicals 

1,412,000 Pacific Andes Holdings 

1,224,895 

605,087 

0.62 

0.31 

4,772,845 2.42 

5,438,856 Pacific Andes International Holdings 

4,800,000 Qin Jia Yuan Media Services 

5,000,000 Rexcapital Financial Holdings 

3,101,250 Sinolink Worldwide Holdings 


1,506,000 

2,541,294 

858,892 

695,726 

1,988,270 

0.76 

1.29 

0.43 

0.35 

1.01 

TAIWAN 

130,000 Foxsemicon Integrated Technology 

310,800 HON HAI Precision Industry 

390,179 InnoLux Display 

507,969 

1,917,279 

1,302,517 

0.26 

0.97 

0.66 

JAPAN 


741,000 Haseko 

31,090,839 

1,734,016 

1,262,752 

15.73 

0.88 

0.64 

THAILAND 

1,100,000 Mermaid Maritime 

180,000 PTT (Foreign) 

3,727,765 

1,368,537 

2,004,739 

1.89 

0.69 

1.02 

23,000 Hitachi Construction Machinery 

46,700 Hoya 


50,500 Joint 

680,323 

1,467,944 

1,494,504 

967,595 

0.34 

0.74 

0.75 

0.49 

PHILIPPINES 

3,700,000 Rizal Commercial Banking 

3,373,276 

2,151,163 

1.71 

1.09 


203,000 Kubota 

2,080,261 

1,356,858 

1.05 

0.69 

2,151,163 1.09 

68,000 Mitsui & Co. 


103,000 Sharp 

1,419,981 

1,653,967 

1,827,999 

0.72 

0.84 

0.92 

INDONESIA 

1,600,000 United Tractors 1,856,850 0.94 

55,800 Sodick 

118,000 Tokyo Tatemono 

293,153 

1,102,327 

0.15 

0.56 

1,856,850 0.94 

36,600 Toyota Motor 1,951,914 0.99 

Total Shares 112,042,046 56.70 

19,293,594 9.76 Bonds 

SOUTH KOREA 

8,300 Daelim Industrial 

53,000 Hanwha Chemical 

24,000 Hyundai Motor 

16,000 LG 

13,000 LG Electronics 

1,586,269 

1,046,872 

1,834,721 

1,194,106 

1,387,999 

0.80 

0.53 

0.93 

0.60 

0.70 

SOUTH KOREA 

900,000 Hynix Semiconductor 

2,000,000 Hyundai Capital Services 

3,000,000 Pusan Bank 

2,000,000 Shinhan Bank 

27.06.17/7.875% 

24.01.12/5.625% 

30.10.17/6.000%* 

20.09.36/6.819%* 

815,903 

1,951,880 

2,961,659 

1,829,570 

0.41 

0.99 

1.50 

0.93 

77,000 Woori Investment & Securities 2,166,293 1.10 

7,559,012 3.83 

9,216,260 4.66 


2,000,000 Agile Property Holdings 22.09.13/9.000% 1,895,034 0.96 

AUSTRALIA 

310,000 Qantas Airways 1,485,680 0.75 

2,500,000 Hutchison Whampoa Finance 

06 21.09.16/4.625% 3,359,414 1.70 

52,000 QBE Insurance Group 1,506,219 0.76 2,000,000 Parkson Retail Group 14.11.11/7.875% 2,011,834 1.02 

19,000 Rio Tinto 2,234,752 1.13 

16,250 Southern Cross Airports Corp Holdings 1,449,165 0.73 

7,266,282 3.68 

61,000 Wesfarmers 2,181,867 1.11 

NETHERLANDS 

8,857,683 4.48 

1,500,000 Arpeni Pratama Ocean Line 

Investment 03.05.13/8.750% 1,380,885 0.70 

SINGAPORE 

2,000,000 GT 2005 BONDS 21.07.10/10.250% 1,973,041 1.00 

1,000,000 Ausgroup 

250,000 City Developments 

1,800,000 Rickmers Maritime 

1,154,272 

2,415,676 

1,492,950 

0.59 

1.22 

0.76 

875,000 Majapahit Holding 

1,000,000 Matahari Finance 

1,300,000 Pakuwon Jati Finance 

28.06.17/7.250% 

06.10.09/9.500% 

14.11.11/12.000% 

827,271 

1,003,456 

1,296,750 

0.42 

0.51 

0.65 

520,000 SembCorp Industries 

130,933 Singapore Airlines 

2,055,847 

1,547,522 

1.04 

0.78 

6,481,403 3.28 

8,666,267 4.39 

INDONESIA 

1,000,000 Bank Danamon Indonesia 30.03.14/7.650%* 1,009,052 0.51 

INDIA 

2,000,000 Lippo Karawaci Finance 09.03.11/8.875% 1,915,518 0.97 

55,000 ACC 

51,000 Bharti Airtel 

1,413,536 

1,221,043 

0.71 

0.62 

2,924,570 1.48 

48,000 DLF 

47,000 ICICI Bank 

88,800 Tata Steel 

66,600 Tata Steel Preference Shares 

1,301,078 

1,466,300 

2,147,104 

169,379 

0.66 

0.74 

1.09 

0.09 


1,500,000 Citic Resources Finance 

1,000,000 Wharf Finance 

15.05.14/6.750% 

06.11.17/6.125% 

1,422,646 

991,443 

0.72 

0.50 

CHINA 

988,000 Aluminum Corp. of China 

410,000 China COSCO Holdings - H Shares ** 

7,718,440 

2,097,398 

1,137,903 

3.91 

1.06 

0.58 

BERMUDA 

1,500,000 China Glass Holdings 

1,000,000 Shanghai Zendai Property 

12.07.12/9.625% 

06.06.12/10.000% 

2,414,089 

1,520,765 

878,618 

1.22 

0.77 

0.44 

196,000 China Fishery Group 247,913 0.12 

2,399,383 1.21 

163 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

PAKISTAN 

500,000 Pakistan International Sukuk 27.01.10/7.570%* 504,347 0.26 

1,900,000 Pakistan Mobile 

Communications 13.11.13/8.625% 1,782,303 0.90 

2,087,098 1.06 

THAILAND 

1,500,000 Thoresen Thai Agencies 24.09.12/2.500% 1,608,750 0.81 

1,608,750 0.81 

NETHERLANDS 

1,300,000 Medco CB Finance 12.05.11/0.000% 1,480,440 0.75 

1,480,440 0.75 

AUSTRALIA 



1,335,000 0.68 

INDIA 

1,000,000 Subex 09.03.12/2.000% 943,233 0.48 

943,233 0.48 


164 

Quantity/ 

Nominal 

Value 


Coupon 


SINGAPORE 

40,000 ABF Pan Asia Bond Index Fund 4,534,000 2.29 

2,286,650 1.16 

4,534,000 2.29 

INDIA 

1,600,000 Reliance Industries 15.01.97/10.250% 2,041,360 1.03 


2,041,360 1.03 



179,719,985 90.95 


3,000,000 Standard Chartered 14.06.07/5.088%* 2,160,000 1.09 


Bonds 

2,160,000 1.09 

HONG KONG 

PHILIPPINES 

1,000,000 Development Bank of 

1,700,000 Bangkok Bank 15.03.29/9.025% 1,966,829 1.00 

Philippines 

1,000,000 Rizal Commercial Banking 

15.09.16/8.375%* 

27.10.16/9.875%* 

1,037,324 

1,015,000 

0.52 

0.52 

AUSTRALIA 

1,966,829 1.00 

2,052,324 1.04 

2,000,000 Envestra Victoria 20.05.11/7.708%* 1,760,933 0.89 

CANADA 

1,000,000 Sino-Forest 17.08.11/9.125% 1,050,865 0.53 

INDIA 

1,760,933 0.89 

1,050,865 0.53 

700,000 Reliance Industries 06.08.46/10.500% 958,055 0.48 

MONGOLIA 

800,000 Trade & Development Bank of 

Mongolia 22.01.10/8.625% 823,252 

823,252 

0.42 

0.42 

MALAYSIA 

3,000,000 Bank Pembangunan & 

Infrastruktur 25.04.11/5.000% 

958,055 

925,226 

0.48 

0.47 

Total Bonds 39,459,190 19.97 

925,226 0.47 


Total Bonds 5,611,043 2.84 

BERMUDA 

3,000,000 Celestial Nutrifoods 

2,000,000 Pacific Andes Holding 

6,000,000 Shui On Construction and 

Materials 

12.06.11/0.000% 

18.04.12/4.000% 

31.07.09/0.000% 

2,179,707 

2,100,000 

1,227,728 

1.11 

1.06 

0.62 


MALAYSIA 

6,000,000 Berjaya Land 15.08.11/8.000% 1,820,886 

1,820,886 

0.92 

0.92 

5,507,435 2.79 SOUTH KOREA 

MALAYSIA 

1,800,000 KCC 30.10.12/0.000% 1,782,000 0.90 

2,000,000 AMCORP Capital Labuan 

2,000,000 Cherating Capital 

08.02.10/1.000% 

05.07.12/2.000% 

2,306,000 

2,115,000 

1.17 

1.07 

1,782,000 0.90 

4,421,000 2.24 



15,000,000 China Nickel Resources Holding 12.12.12/0.000% 1,870,013 0.94 



9,213,929 4.66 

8,000,000 HKR International 26.04.10/0.000% 1,359,591 0.69 


3,229,604 1.63 

Bonds 

SINGAPORE 

2,500,000 CapitaLand 

2,000,000 Guocoland 

20.06.22/2.950% 

07.05.12/0.000% 

1,586,151 

1,486,038 

0.80 

0.75 


2,500,000 Shui On Development Holding 12.10.08/8.500% 2,505,000 1.27 

3,072,189 1.55 

2,505,000 1.27 

TAIWAN 

2,000,000 Powerchip Semiconductor 30.06.11/0.000% 2,087,098 1.06 


5,000,000 Asian Development Bank/Pasig 25.04.11/4.265% 1,531,056 0.77 

1,531,056 0.77 

Total Bonds 4,036,056 2.04 



Cash 4,152,804 2.10 




** Hong Kong Registered Shares. 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 




Bermuda 4.00 

Malaysia 3.63 

India 2.00 





Pakistan 1.16 


Taiwan 1.06 



Thailand 0.81 


Canada 0.53 

Mongolia 0.42 


Shares 

38.66 








Energy 1.71 






Total 

100.00 



%of 

Net Assets 



Malaysia 3.48 

Bermuda 3.47 

India 3.02 

Japan 2.84 

Taiwan 2.33 





Peru 1.44 



Pakistan 1.34 



China 0.60 

Mongolia 0.44 



43.48 









Energy 2.53 





Total 

100.00 

165 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Settlement 

Date 

Currency 

Amount 


166 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

16-Jan-08 JPY 1,837,870,000 USD 17,000,000 (744,319) 

Total 

(744,319)




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

JAPAN 

45,000 Asahi Glass 595,603 0.97 

84,000 Canon 3,856,783 6.30 

13,000 FUJIFILM Holdings 542,934 0.89 

17,200 Hitachi Construction Machinery 508,763 0.83 

75 KDDI 550,969 0.90 

15,000 Komatsu 402,631 0.66 

5,800 Kyocera 507,510 0.83 

11,900 Murata Manufacturing 680,871 1.11 

10,300 Nintendo 6,084,235 9.93 

60,000 Nippon Electric Glass 967,374 1.58 

14,000 Nitto Denko 731,800 1.20 

22,000 Sharp 390,446 0.64 

47,000 Sumco 1,336,277 2.18 

7,000 Tokyo Electron 423,999 0.69 

10,000 Toyota Motor 533,310 0.87 

18,113,505 29.58 

TAIWAN 

1,000,968 AU Optronics 1,940,219 3.17 

340,876 Chroma Ate 681,710 1.11 

380,500 Delta Electronics 1,287,767 2.10 

800,000 Fortune Electric 1,294,690 2.11 

38,300 Foxconn Technology 309,327 0.51 

78,000 GeoVision 694,757 1.13 


614,250 InnoLux Display 2,050,524 3.35 

32,375 MediaTek 400,927 0.65 

62,000 Richtek Technology 548,428 0.90 


14,597,279 23.83 

SOUTH KOREA 

23,000 Cheil Industries 1,284,326 2.10 

6,000 Daelim Industrial 1,146,701 1.87 

19,000 LG 1,418,001 2.32 

6,000 NHN 1,448,430 2.37 

17,000 Samsung Electronics 144A GDR 5,023,500 8.20 

47,000 Samsung Heavy Industries 2,017,297 3.29 

15,700 Samsung Techwin 706,550 1.15 

7,200 SK Chemicals 580,397 0.95 

8,200 Taewoong 783,579 1.28 

14,408,781 23.53 

INDIA 

10,000 Bharat Heavy Electricals 657,057 1.07 

116,000 Bharti Airtel 2,777,274 4.53 

17,500 Infosys Technologies 799,450 1.31 

4,233,781 6.91 

MALAYSIA 

377,000 IJM 988,517 1.62 

440,000 KNM Group 1,054,250 1.72 

2,042,767 3.34 

SINGAPORE 

1,290,000 CSE Global 1,052,115 1.72 

420,000 Swiber Holdings 989,909 1.61 

2,042,024 3.33 

CANADA 


62,000 Uranium One 572,317 0.93 

1,756,117 2.87 

CHINA 

26,000 Focus Media Holding ADR 1,493,440 2.44 

1,493,440 2.44 

170 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

HONG KONG 

250,000 China Infrastructure Machinery Holdings 386,501 0.62 

28,000 China Mobile 484,569 0.79 

470,000 Xinyi Glass Holding Co. 451,880 0.74 

1,322,950 2.15 

Total Shares 60,010,644 97.98 



60,010,644 97.98 


Cash 1,003,552 1.64 




Shares 

%of 

Net Assets 





Energy 3.34 





Total 

100.00 


Shares 

%of 

Net Assets 







Total 

100.00




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

SINGAPORE 

22,500,000 Ausgroup 25,971,109 3.22 

5,000,000 CapitaCommercial Trust 8,190,489 1.01 

10,500,000 CapitaLand 45,068,427 5.57 

3,500,000 City Developments 33,819,464 4.18 

6,500,000 Cosco Corp Singapore 26,192,286 3.24 

4,700,000 DBS Group Holdings 67,309,925 8.32 

4,000,000 Guocoland 15,537,738 1.92 

12,100,000 Hong Fok 10,955,903 1.35 

3,900,000 Hong Leong Asia 9,919,823 1.23 

3,800,000 Hotel Properties 10,716,063 1.33 

4,800,000 Keppel 42,399,779 5.24 

9,300,000 Olam International 18,319,740 2.27 

6,500,000 Oversea-Chinese Banking 37,109,483 4.59 

7,900,000 SembCorp Industries 31,233,066 3.86 

8,200,000 SembCorp Marine 22,727,398 2.81 

5,000,000 Singapore Press Holdings 15,413,326 1.91 

5,000,000 Singapore Technologies Engineering 12,786,840 1.58 

13,500,000 Singapore Telecommunications 36,577,274 4.52 


9,500,000 Swiber Holdings 22,390,794 2.77 

27,000,000 Tiong Woon Holding 18,661,875 2.31 

5,765,000 Unisteel Technology 6,773,915 0.84 

5,450,000 United Overseas Bank 74,283,937 9.19 

5,685,000 Wilmar International 20,747,028 2.57 

11,000,000 Yangzijiang Shipbuilding Holdings 15,129,942 1.87 

6,800,000 Yanlord Land Group 14,758,087 1.83 

652,627,385 80.72 

CHINA 

12,000,000 Celestial Nutrifoods 8,377,108 1.03 

38,300,000 China Hongxing Sports 24,751,521 3.06 

9,000,000 China Sky Chemical Fibre 13,560,962 1.68 

11,647,000 FibreChem Technologies 11,109,248 1.37 

14,356,000 Synear Food Holdings 16,868,399 2.09 

74,667,238 9.23 

AUSTRALIA 

250,000 BHP Billiton 8,889,413 1.10 

89,000 Rio Tinto 10,468,046 1.29 

19,357,459 2.39 

MAURITIUS 


14,514,791 1.80 

HONG KONG 

500,000 Cheung Kong Holdings 8,819,665 1.09 

8,819,665 1.09 

INDONESIA 

3,000,000 Indo Tambangraya Megah 6,036,892 0.75 

6,036,892 0.75 

Total Shares 776,023,430 95.98 



776,023,430 95.98 


Cash 34,171,048 4.23 



171 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 







Energy 2.77 



Total 

100.00 



%of 

Net Assets 





Energy 4.41 





Total 

100.00




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 



Shares 

HONG KONG 

TAIWAN 

8,668,000 Acer 16,694,874 2.12 

1,191,500 iShares Asia Trust - iShares FTSE/Xinhua A50 

China Tracker 3,734,535 0.47 

11,158,040 Asia Cement 

11,068,000 AU Optronics 

16,272,571 

21,453,572 

2.06 

2.72 

3,734,535 0.47 

19,900,772 Cathay Financial Holding 

70,500 Cathay Financial Holding Registered Shares GDR 

41,635,976 

1,424,100 

5.28 

0.18 


11,458,000 Chang Hwa Commercial Bank 


6,204,566 

13,202,852 

0.79 

1.67 



772,586,607 98.00 

2,520,000 Chroma ATE 

4,416,900 Delta Electronics 

5,039,690 

14,948,588 

0.64 

1.90 


1,498,000 Depo Auto Parts Industrial 

11,795,190 Far Eastern Textile 

5,254,200 

13,590,852 

0.67 

1.72 

Cash 18,135,818 2.30 

70,600 Far Eastern Textile GDR 

4,404,000 Feng Hsin Iron & Steel 

813,479 

7,316,965 

0.10 

0.93 


6,007,000 Formosa Chemicals & Fibre 

467,895 Formosa International Hotels 

15,007,335 

4,174,806 

1.90 

0.53 


10,067,000 Formosa Petrochemical 29,517,725 3.74 


2,831,707 Foxconn Technology 

26,295,053 

22,870,072 

3.34 

2.90 


551,261 Foxsemicon Integrated Technology 2,154,026 0.27 


17,796,564 InnoLux Display 

1,002,000 Insyde Software 

881,455 Largan Precision 

59,409,488 

2,598,874 

11,634,490 

7.54 

0.33 

1.48 


%of 

Net Assets 

1,375,123 MediaTek 

1,404,528 MJC Probe 

8,945,000 Nan Ya Plastics 


5,564,000 Quanta Computer 

2,206,575 Realtek Semiconductor 

1,368,800 Richtek Technology 

26,739,000 Ruentex Development 

2,640,000 Shih Wei Navigation 

17,029,322 

4,278,145 

23,668,390 

8,285,690 

7,926,072 

7,501,893 

12,107,870 

21,101,943 

4,175,005 

2.16 

0.54 

3.00 

1.05 

1.01 

0.95 

1.54 

2.68 

0.53 

Shares 


Materials 

Financials 

Industrials 


Energy 



47.80 

15.31 

11.99 

10.99 

6.73 

4.03 

0.47 

0.37 

1,451,750 Shin Zu Shing 8,531,298 1.08 Telecommunication Services 0.31 


2,195,500 Simplo Technology 

5,949,000 Sincere Navigation 

3,171,000 Synnex Technology International 

1,738,000 Taiwan Fertilizer 

4,036,240 

11,078,149 

9,700,849 

7,844,083 

4,256,501 

0.51 

1.42 

1.23 

1.00 

0.54 

Total Shares 


Total 

98.00 

2.00 

100.00 

53,680,000 Taiwan High Speed Railway 12,717,248 1.61 

2,954,000 Taiwan Prosperity Chemical 8,543,351 1.08 


1,547,676 Topoint Technology 

2,861,393 Tripod Technology 

4,558,000 Tung Ho Steel Enterprise 

3,714,194 

10,124,306 

7,404,541 

0.47 

1.28 

0.94 


%of 

Net Assets 

6,047,601 TXC 

4,862,000 U-Ming Marine Transport 

7,536,000 Vanguard International Semiconductor 

10,941,000 WEI Chih Steel Industrial 

9,517,610 Wistron 

4,238,275 XinTec 

8,029,304 Yulon Motor 

7,230,420 Zyxel Communications 

10,419,841 

12,864,808 

5,564,704 

2,780,526 

17,511,325 

7,824,026 

7,534,729 

9,232,122 

1.32 

1.63 

0.71 

0.35 

2.22 

0.99 

0.96 

1.17 

Shares 


Industrials 


Financials 

Materials 

Total Shares 

Bank Overdraft and Other Assets/(Liabilities) 

72.27 

12.26 

5.91 

5.43 

4.09 

99.96 

0.04 

CHINA 

726,788,064 92.19 Total 

100.00 

2,404,000 China COSCO Holdings - H Shares * 6,672,000 0.85 

1,707,065 China International Marine Containers - B Shares 3,166,520 0.40 



648,142 Huangshan Tourism Development - B Shares 1,794,705 0.23 

385,924 Yantai Changyu Pioneer Wine Co. - B Shares 2,894,152 0.37 

25,492,157 3.24 

HONG KONG 

140,500 China Mobile 2,431,497 0.31 

1,345,000 CNOOC 2,220,761 0.28 

732,500 Kerry Properties 5,906,387 0.75 

1,716,000 Pacific Basin Shipping 2,745,336 0.35 

3,124,000 TCC International Holdings 3,267,870 0.41 

16,571,851 2.10 

Total Shares 768,852,072 97.53 

172 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


LUXEMBOURG 

Shares 

828,818 Tenaris ADR 

591,330 Ternium ADR 

37,205,640 

23,357,535 

1.63 

1.03 

BRAZIL 

1,702,626 All America Latina Logistica 21,347,247 0.94 

60,563,175 2.66 

731,529 Anhanguera Educacional Participacoes 

2,526,239 Banco Bradesco ADR 

3,391,041 Banco Itau Holding Financeira Preference Shares 

2,673,827 Bradespar Preference Shares 

503,963 Brasil Telecom Participaçes ADR 

697,921 Brasil Telecom Preference Shares 

14,695,147 

80,839,648 

90,116,946 

72,040,308 

37,303,341 

7,226,204 

0.65 

3.55 

3.96 

3.17 

1.64 

0.32 

ARGENTINA 

171,051 Banco Macro ADR 

637,541 BBVA Banco Frances ADR 

157,552 Pampa Holding GDR 

864,966 Telecom Argentina ADR 

4,081,277 

5,100,328 

3,139,034 

19,729,874 

0.18 

0.22 

0.14 

0.87 

613,764 Cia de Bebidas das Americas ADR 

1,182,574 Cia Energetica de Minas Gerais Preference Shares 

5,981,442 Cia Vale do Rio Doce ADR 


225,183 Companhia de Transmissao de Energia Eletrica 

Paulista Preference Shares 

593,790 CPFL Energia 

44,878,424 

22,280,525 

173,162,746 

4,652,451 

5,112,786 

11,674,561 

1.97 

0.98 

7.61 

0.20 

0.22 

0.51 

BERMUDA 

212,725 Credicorp 

2,648,571 Laep Investments BDR 

32,050,513 

15,990,538 

11,658,538 

27,649,076 

1.41 

0.70 

0.51 

1.21 

2,045,826 Cyrela Brazil Realty 

421,079 Cía. Siderúrgica Nacional ADR 

795,139 Duratex Preference Shares 

27,525,385 

37,513,928 

19,587,740 

1.21 

1.65 

0.86 

PANAMA 

550,042 Copa Holdings - A Shares 20,665,078 0.91 

446,603 EDP - Energias do Brasil 

1,081,096 Fertilizantes Heringer 

1,348,684 Gafisa 

539,990 Gerdau ADR 

7,251,977 

12,227,282 

24,265,553 

16,118,701 

0.32 

0.54 

1.07 

0.71 


324,363 NII Holdings 

20,665,078 

15,598,617 

0.91 

0.69 

367,802 GP Investments BDR 

1,221,334 GVT Holding 

16,710,233 

24,544,843 

0.73 

1.08 

15,598,617 0.69 

717,545 Industrias Romi 

4,045,826 Investimentos Itau Preference Shares 

8,683,860 

27,789,373 

0.38 

1.22 

Total Shares 2,219,196,753 97.52 

2,093,840 Localiza Rent A CAR 

1,431,915 Lojas Renner 

724,623 Lupatech 

23,219,477 

29,287,237 

25,090,909 

1.02 

1.29 

1.10 



2,219,196,753 97.52 

88,100 MMX Mineracao e Metalicos 

1,447,871 NET Servicos de Comunicacao ADR 

46,356,615 

18,199,738 

2.04 

0.80 


942,309 Odontoprev 23,938,258 1.05 Investment Funds 

1,052,521 Perdigao 


912,816 Positivo Informatica 

1,210,548 Redecard 

26,297,393 

218,860,189 

22,388,511 

19,184,390 

1.16 

9.62 

0.98 

0.84 

LUXEMBOURG 



617,083 Tam Preference Shares 

338,531 Telemar Norte Leste Preference Shares 

15,065,281 

13,024,475 

0.66 

0.57 

21,429,517 0.94 

262,064 Tim Participaçes ADR 

712,724 Totvs 

9,214,170 

24,013,530 

0.40 

1.06 


465,758 Unibanco - Uniao de Bancos Brasileiros GDR 

748,713 Usinas Siderurgicas de Minas Gerais Preference A 

Shares 

581,466 Votorantim Celulose e Papel Preference Shares 

64,675,156 

34,842,062 

17,709,307 

2.84 

1.53 

0.78 




21,429,517 

2,240,626,270 

0.94 

98.46 

912,398 Weg 12,957,192 0.57 

Cash 17,757,391 0.78 

1,451,873,099 63.80 

MEXICO 


1,859,361 America Movil ADR - L Shares 

33,366,338 America Movil SAB - L Shares 

113,365,240 

101,870,244 

4.98 

4.48 


1,760,306 Banco Compartamos 7,636,060 0.33 


5,230,471 Controladora Comercial Mexicana 

2,533,689 Desarrolladora Homex SAB 

168,600 Desarrolladora Homex SAB ADR 

13,998,172 

21,599,974 

8,554,764 

0.62 

0.95 

0.38 


%of 

Net Assets 

1,281,733 Fomento Economico Mexicano 

888,983 Fomento Economico Mexicano ADR 

2,678,102 Grupo Aeroportuario del Pacifico - B Shares 

222,737 Grupo Aeroportuario del Sureste ADR 

3,167,160 Grupo Famsa - A Shares 

11,182,344 Grupo Financiero Banorte - O Shares 

2,276,680 Grupo Mexico - B Shares 

7,989,522 Urbi Desarrollos Urbanos 

4,824,993 

33,621,337 

12,323,778 

13,520,136 

10,304,156 

47,685,902 

14,751,300 

27,902,529 

0.21 

1.48 

0.54 

0.59 

0.45 

2.09 

0.65 

1.23 

Shares 

Financials 

Materials 


Energy 

Industrials 



21.58 

20.35 

15.48 

9.62 

9.00 

8.28 

8.11 

9,995,391 Wal-Mart de Mexico - V Shares 35,688,639 1.57 Utilities 2.99 


CHILE 

132,214 Cencosud Registered Shares GDR 

5,297,137 Cia de Telecomunicaciones de Chile - A Shares 

535,174,569 

8,061,471 

10,487,692 

23.52 

0.35 

0.46 

Health Care 


Total Shares 


1.05 

0.94 

98.46 

1.54 

786,017 Compania Cervecerias Unidas 

229,324 Distribucion y Servicio D&S ADR 

5,582,777 

7,081,525 

0.24 

0.31 

Total 

100.00 

1,287,167 Embotelladora Andina Preference - B Shares 3,677,620 0.16 

284,288 Empresa Nacional de Electricidad ADR 10,859,802 0.49 

484,758 Enersis ADR 7,838,537 0.34 

3,369,385 La Polar 22,033,202 0.97 

75,622,626 3.32 

174 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 




Energy 8.52 









Total 

100.00 

175 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


QATAR 


172,700 Commercial Bank of Qatar 

83,250 Qatar National Bank 

8,721,120 

4,986,263 

1.31 

0.75 

TURKEY 

94,500 United Development 1,025,565 0.15 

3,353,305 Akbank 

853,500 Arcelik 

25,244,991 

5,663,136 

3.78 

0.85 

14,732,948 2.21 

42,300 BIM Birlesik Magazalar 

711,552 Haci Omer Sabanci Holding 

824,462 Hurriyet Gazetecilik 

3,706,265 

3,843,609 

2,510,803 

0.56 

0.58 

0.38 


1,014,443 Hikma Pharmaceuticals 9,579,174 1.44 

1,699,506 Is Finansal Kiralama 

1,657,653 Karsan Otomotiv Sanayi Ve Ticaret 

3,983,900 KOC Holding 

423,388 Migros Turk 

1,454,348 Reysas Logistics 

3,180,565 

3,807,293 

19,994,905 

8,211,685 

7,484,841 

0.48 

0.57 

3.00 

1.23 

1.12 

JORDAN 

88,900 Arab Bank 

484,231 DAR AL Dawa Development & Investment 

9,579,174 

3,677,927 

3,224,783 

1.44 

0.56 

0.48 

1,266,244 Tekfen Holding 

1,114,300 Tofas Turk Otomobil Fabrikasi 

6,624,474 

5,782,170 

0.99 

0.87 

6,902,710 1.04 


547,300 Turcas Petrolculuk 

984,765 Turk Ekonomi Bankasi 

8,194,207 

4,446,187 

2,462,855 

1.23 

0.67 

0.37 

OMAN 

246,922 Bank Muscat SAOG Registered Shares GDR 4,764,520 0.72 

3,723,640 Turk Sise ve Cam Fabrikalari 

1,746,754 Turkcell Iletisim Hizmet 


4,041,251 Turkiye Is Bankasi - C Shares 

7,412,120 

19,019,566 

33,187,066 

25,611,263 

1.11 

2.86 

4.98 

3.85 

BERMUDA 

307,952 EastPharma Registered Shares GDR 

4,764,520 

3,202,701 

0.72 

0.47 


4,833,327 Yapi ve Kredi Bankasi 

8,647,135 

17,021,797 

1.30 

2.56 

3,202,701 0.47 

222,056,933 33.34 


EGYPT 

2,109,675 Al Arafa Investments and Consulting 3,797,415 0.56 



623,841,982 93.66 

433,300 Commercial International Bank 

1,399,300 Credit Agricole Egypt 

7,202,879 

6,727,258 

1.08 


891,200 EFG-Hermes Holding 


10,283,820 

7,678,550 

1.54 

1.15 


807,680 National Societe General Bank 6,566,504 0.99 LUXEMBOURG 

458,769 Orascom Construction Industries 

639,856 Orascom Hotels & Development 

47,171,565 

9,240,052 

7.08 

1.39 




229,000 Six of October Development & Investment 

27,716,564 

9,371,003 

4.16 

1.41 

19,078,223 2.86 

2,276,606 Talaat Moustafa Group 


4,845,243 

10,160,622 

0.73 

1.53 


150,761,475 22.63 



19,078,223 2.86 

ISRAEL 

72,700 Africa Israel Investments 6,686,674 1.00 


1,790,700 Bank Hapoalim 

1,343,307 Bank Leumi Le-Israel 

8,828,761 

6,369,965 

1.33 

0.96 

Cash 23,907,990 3.59 

5,174,984 Bezeq Israeli Telecommunication 

165,200 Excellence Investments 

9,467,444 

2,901,229 

1.42 

0.44 


8,200 Israel 

546,000 Israel Chemicals 

8,980,650 

7,168,715 

1.35 

1.08 


4,289,700 Israel Discount Bank - A Shares 10,781,800 1.62 

872,400 Makhteshim-Agan Industries 7,753,916 1.16 

606,981 Mizrahi Tefahot Bank 

172,800 Ormat Industries 

1,281,598 Teva Pharmaceutical Industries ADR 

4,683,901 

2,620,533 

59,965,970 

0.70 

0.39 

9.00 


%of 

Net Assets 

136,209,558 20.45 



MOROCCO 


19,800 Attijariwafa Bank 

7,100 Banque Marocaine du Commerce Exterieur 

15,000 Brasseries Maroc 

13,800 Douja Promotion Groupe Addoha 

321,200 Maroc Telecom 

38,500 ONA 

7,701,610 

2,524,712 

3,429,485 

5,862,050 

6,053,064 

7,739,737 

1.16 

0.38 

0.51 

0.88 

0.91 

1.16 


Industrials 




Materials 

Energy 

10.87 

10.60 

6.99 

2.86 

2.30 

2.24 

1.38 

33,310,658 5.00 Total Shares and Warrants 96.52 



2,945,900 Arabtec Holding 

5,096,176 DP World 

7,538,784 

5,809,641 

1.14 

0.87 

Total 

100.00 


26,086,532 3.92 



- Warrants 12.01.10 9,227,381 1.38 

517,000 Merrill Lynch - First Gulf Bank 

- Warrants 07.10.10 3,173,895 0.48 

1,645,000 Merrill Lynch - Sorouh Real 

Estate - Warrants 12.01.10 3,833,497 0.58 

16,234,773 2.44 

176 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 









Energy 0.64 



Total 

100.00 

177 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 



Shares 


2,007,300 Ukrproduct Group 

2,144,595 

3,298,631 

0.25 

0.40 

RUSSIA 


Shares GDR 

390,100 Bank St. Petersburg 

183,680 Chelyabinsk Zink Plant 

23,153,535 

2,086,849 

2,061,808 

2.77 

0.26 

0.26 

NETHERLANDS 

1,588,843 AMTEL Vredestein Registered Shares GDR 

5,443,226 

4,544,091 

0.65 

0.54 


743,841 Cherkizovo Group Registered Shares GDR 


486,900 DIXY Group 

5,761,777 

10,287,321 

27,701,111 

7,108,740 

0.70 

1.23 

3.32 

0.85 


481,708 BMB Munai 

4,544,091 

3,008,514 

0.54 

0.36 


559,821 Gazpromneft ADR 

1,273,262 

17,522,397 

0.15 

2.10 

3,008,514 0.36 

155,389 Lebedyansky 

119,400 Magnit OAO 

13,961,162 

6,029,700 

1.67 

0.72 

Total Shares 770,648,823 92.31 


GDR 

496,991 Mechel ADR 

24,147,030 

49,284,112 

2.89 

5.90 



770,648,823 92.31 



74,147,967 

12,227,367 

8.88 

1.46 


98,659 Open Investments 

152,856 Polyus Gold ADR 

202,981 RBC Information Systems ADR 

448,158 Rosbusinessconsulting Information Systems 

2,216,301 RTM 

30,595,493 

7,031,376 

8,484,606 

4,683,251 

6,798,636 

3.66 

0.84 

1.02 

0.56 

0.81 


LUXEMBOURG 


Fund (JPM US Dollar Liquidity X (dist)) 24,450,448 2.93 


1,414,745 Severstal Registered Shares GDR 

71,294,510 

32,185,449 

8.54 

3.86 

24,450,448 2.93 


467,974 Sistema JSFC Registered Shares GDR 

9,033,903 

19,654,908 

1.08 

2.35 


1,687,430 Sistema-Hals Registered Shares GDR 

2,583,732 Sitronics Registered Shares GDR 

257,630 Tatneft Registered Shares GDR 


16,874,300 

14,727,272 

31,173,230 

53,144,646 

2.02 

1.76 

3.73 

6.37 




24,450,448 

795,099,271 

2.93 

95.24 

137,891 Veropharm 6,934,917 0.83 

Cash 28,037,131 3.36 

589,370,635 70.59 

KAZAKHSTAN 


830,093 Alliance Bank Registered Shares GDR 

292,600 Halyk Savings Bank Kazakhstan Registered Shares 

GDR 

4,399,493 

4,535,300 

0.53 

0.54 


2,134,458 Kazkommertsbank Registered Shares GDR 29,013,411 3.47 

37,948,204 4.54 

IRELAND 

4,124,060 Dragon Oil 28,361,304 3.40 

28,361,304 3.40 


664,274 Eurasia Drilling Registered Shares GDR 18,001,825 2.16 

18,001,825 2.16 



16,754,413 2.01 

ISLE OF MAN 


12,546,859 1.50 

JERSEY 

475,246 Kazakhgold Registered Shares GDR 11,904,912 1.43 

11,904,912 1.43 

MALAYSIA 

2,120,904 Steppe Cement 11,554,360 1.38 

11,554,360 1.38 

AUSTRIA 


10,985,766 1.32 

LUXEMBOURG 


10,581,340 1.27 

CYPRUS 


9,643,374 1.16 

178 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 



Energy 12.00 











Total 

100.00 


Shares 

%of 

Net Assets 




Energy 9.16 









Total 

100.00




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


Bonds 


15,000 Abbey National Capital Trust I 30.06.30/8.963%* 17,378 0.00 

115,000 Alcoa 01.02.17/5.550% 111,644 0.03 

150,000 American Electric Power - C 

Shares 15.03.10/5.375% 151,585 0.04 



75,000 Anheuser-Busch 01.04.36/5.750% 73,003 0.02 

50,000 Appalachian Power 01.05.09/6.600% 51,107 0.01 

25,000 Arizona Public Service 15.05.15/4.650% 22,977 0.01 

280,000 AT&T 15.09.14/5.100% 276,587 0.07 

60,000 AT&T 15.06.16/5.625% 60,297 0.02 

300,000 AT&T 15.01.38/6.300% 300,170 0.07 




100,000 Bear Stearns 25.03.09/3.250% 96,999 0.02 

350,000 Bear Stearns 15.11.14/5.700% 333,872 0.08 

250,000 Bear Stearns 02.10.17/6.400% 241,672 0.06 

200,000 BellSouth 15.09.14/5.200% 198,236 0.05 

75,000 BellSouth 15.11.34/6.000% 72,219 0.02 

60,000 Boeing 15.02.33/6.125% 62,480 0.02 




75,000 Carolina Power & Light 15.09.13/5.125% 76,202 0.02 

70,000 Caterpillar Financial Services 15.03.16/5.500% 70,078 0.02 

75,000 CenterPoint Energy Houston 

Electric 15.01.14/5.750% 75,093 0.02 

40,000 CenterPoint Energy Resources 01.11.17/6.125% 39,996 0.01 

35,000 Centex 15.05.14/5.700% 30,983 0.01 

225,000 CIT Group 30.11.12/7.625% 228,294 0.06 

100,000 CIT Group 08.05.08/4.000% 99,111 0.02 

60,000 Citigroup 01.02.08/3.500% 59,907 0.01 

100,000 Citigroup 29.07.09/4.250% 99,104 0.02 

500,000 Citigroup 27.08.12/5.625% 504,508 0.13 

150,000 Citigroup 15.09.14/5.000% 143,043 0.04 

430,000 Citigroup 15.08.17/6.000% 436,433 0.11 

140,000 Citigroup 21.11.17/6.125% 142,544 0.04 

15,000 Citigroup 15.06.32/6.625% 14,980 0.00 

75,000 Comcast Cable Communications 

Holdings 15.03.13/8.375% 84,904 0.02 

20,000 ConocoPhillips 25.05.10/8.750% 21,952 0.01 

15,000 Consolidated Edison Co. of 

New York 01.09.10/7.500% 16,105 0.00 

55,000 Consolidated Edison Co. of 

New York 01.07.12/5.625% 56,975 0.01 




175,000 Credit Suisse First Boston USA 15.01.12/6.500% 185,025 0.05 




150,000 DaimlerChrysler NA Holding 15.01.08/4.750% 149,949 0.04 

90,000 DaimlerChrysler NA Holding 01.09.09/7.200% 92,810 0.02 

60,000 Devon Financing 30.09.31/7.875% 70,821 0.02 

40,000 Dow Chemical 01.02.11/6.125% 41,226 0.01 

360,000 Dow Chemical 01.10.12/6.000% 372,960 0.09 

65,000 Dow Chemical 01.11.29/7.375% 70,418 0.02 

25,000 DTE Energy 01.06.11/7.050% 26,840 0.01 

100,000 Duke Energy 01.10.08/4.200% 99,171 0.02 



35,000 Florida Power & Light 01.10.33/5.950% 34,899 0.01 










300,000 Golden West Financial 01.10.12/4.750% 294,362 0.07 









186 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 




175,000 Hewlett-Packard 01.03.17/5.400% 176,526 0.04 

150,000 HRPT Properties Trust 15.01.18/6.650% 143,672 0.04 

100,000 HSBC Finance 15.01.08/4.625% 99,973 0.02 

625,000 HSBC Finance 15.10.11/6.375% 644,025 0.16 

500,000 HSBC Finance 15.01.14/5.250% 498,889 0.12 

125,000 International Business Machines 01.08.27/6.220% 128,208 0.03 




25,000 Kinder Morgan Energy Partners 15.11.14/5.125% 24,172 0.01 

175,000 Kraft Foods 01.02.38/6.875% 178,848 0.04 

15,000 Kroger 01.04.11/6.800% 15,818 0.00 






250,000 Marathon Oil 01.10.17/6.000% 253,197 0.06 

200,000 Marshall & Ilsley 01.04.11/5.350% 200,096 0.05 

125,000 May Department Stores 15.08.13/7.625% 133,729 0.03 








300,000 Monsanto 15.08.12/7.375% 327,254 0.09 







15,000 News America Holdings 20.01.24/7.750% 16,657 0.00 

80,000 Nisource Finance 01.03.13/6.150% 83,529 0.02 



100,000 Northrop Grumman 15.02.11/7.125% 107,579 0.03 

25,000 Odyssey Re Holdings 01.11.13/7.650% 27,129 0.01 

100,000 PNC Funding 15.11.15/5.250% 96,204 0.02 

110,000 Progress Energy 15.04.12/6.850% 116,823 0.03 

240,000 Protective Life Secured Trust 07.10.09/4.000% 241,457 0.06 



110,000 Prudential Financial 20.09.14/5.100% 106,535 0.03 

35,000 PSEG Power 15.04.31/8.625% 42,436 0.01 

100,000 Regions Financial 10.12.37/7.375% 98,697 0.02 

65,000 Safeway 01.11.08/4.125% 64,468 0.02 

150,000 SLM 15.01.10/4.000% 139,677 0.03 

20,000 SLM 15.01.13/5.375% 17,919 0.00 




400,000 Sprint Nextel 01.12.16/6.000% 380,656 0.09 

100,000 State Street 15.06.10/7.650% 106,432 0.03 


100,000 Toyota Motor Credit 01.08.08/2.875% 99,084 0.02 

155,000 UBS Preferred Funding Trust I 01.10.10/8.622%* 166,495 0.04 

75,000 Union Pacific 15.01.15/4.875% 71,879 0.02 

50,000 UnitedHealth Group 30.01.08/3.300% 49,943 0.01 

40,000 Valero Energy 15.04.32/7.500% 44,082 0.01 



150,000 Verizon Florida 15.01.13/6.125% 154,678 0.04 

45,000 Verizon Global Funding 01.09.12/7.375% 49,276 0.01 

225,000 Verizon Maryland 01.03.12/6.125% 234,467 0.06 

15,000 Verizon New York 01.04.32/7.375% 16,120 0.00 

200,000 Verizon Virginia 15.03.13/4.625% 195,814 0.05 




380,000 Wachovia 17.02.09/3.625% 375,093 0.09 

100,000 Wachovia 15.02.14/4.875% 97,551 0.02 

250,000 Wachovia Bank NA 15.08.15/5.000% 239,415 0.06 

60,000 Wal-Mart Stores 01.09.35/5.250% 52,206 0.01 






500,000 Wells Fargo & Co. 23.10.12/5.250% 510,591 0.13 

100,000 Wells Fargo & Co. 01.08.11/6.375% 104,407 0.03




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

525,000 Wells Fargo & Co. 15.11.14/5.000% 513,396 0.13 

26,119,707 6.50 

MEXICO 



454,981 0.11 




35,000 RBS 30.09.31/7.648%* 35,589 0.01 

192,899 0.05 

LUXEMBOURG 


160,582 0.04 

FRANCE 



109,405 0.03 

NETHERLANDS 


Finance 22.07.13/5.250% 45,865 0.01 

45,865 0.01 


25,000 XL Capital 15.09.14/5.250% 24,099 0.01 

24,099 0.01 

CANADA 


10,751 0.00 

Total Bonds 27,118,289 6.75 




Bonds 


27,118,289 6.75 

198,017 ABN Amro Mortgage 2003-7 

A3 25.07.18/4.500% 191,991 0.05 


500,000 American Home Mortgage 

Investment Trust 2005-3 2A4 25.09.35/4.848%* 482,021 0.12 

150,000 American Water Capital 144A 15.10.17/6.085% 148,132 0.04 


Receivables Trust 2004-BM A4 07.03.11/2.670% 68,788 0.02 

150,000 ASIF Global Financing XXIII 

144A 22.10.08/3.900% 149,338 0.04 


Mortgage 2003-2 A2 11.03.41/4.342% 79,413 0.02 


Mortgage 2005-6 ASB 10.09.47/5.181%* 446,995 0.11 


2004-2 30PO 20.09.34/0.000% 245,165 0.06 

1,250,000 Banc of America Funding 

2005-6 2A7 25.10.35/5.500% 1,228,795 0.31 


2005-E 4A1 20.03.35/4.106%* 630,957 0.16 


Securities 2003-8 APO 25.11.33/0.000% 49,886 0.01 


Securities 2004-5 2A2 25.06.34/5.500% 524,009 0.13 


Securities 2004-9 XPO 25.11.34/0.000% 98,141 0.02 


Securities 2004-E 2A5 25.06.34/4.111%* 586,441 0.15 


Securities 2004-J 3A1 25.11.34/5.072%* 573,056 0.14 




280,523 Bear Stearns Adjustable Rate 

Mortgage Trust 2003-7 3A 25.10.33/4.950%* 280,061 0.07 

1,247,180 Bear Stearns Adjustable Rate 

Mortgage Trust 2006-1 A1 25.02.36/4.625%* 1,226,827 0.31 

197,659 Bear Stearns Asset Backed 

Securities Trust 2006-SD1 A 25.04.36/5.235%* 167,021 0.04 

187 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


Mortgage Securities 2005-PWR9 

AAB 11.09.42/4.804% 147,249 0.04 



A4 11.03.39/5.457%* 360,716 0.09 



A1 01.12.38/5.044% 270,318 0.07 

380,000 Capital One Prime Auto 

Receivables Trust 2007-2 A2 15.03.10/5.050% 380,736 0.09 

713,173 Chase Mortgage Finance 

2003-S6 A1 25.06.18/5.000% 712,484 0.18 

39,970 CHN Equipment Trust 2003-B 

A4B 15.02.11/3.380% 39,948 0.01 

200,000 Citibank Credit Card Issuance 

Trust 2005-B1 B1 15.09.10/4.400% 199,211 0.05 


2003-10 A1 25.11.18/4.500% 493,959 0.12 


2004-1 3A1 25.01.34/4.750% 1,321,730 0.33 


2004-2 A1 25.03.34/5.000% 2,200,380 0.55 


2004-5 2A5 25.08.34/4.500% 1,632,218 0.41 

292,968 Citigroup Commercial Mortgage 

Trust 2006-C4 A1 15.03.49/5.723%* 297,326 0.07 

39,458 Citigroup Mortgage Loan Trust 

2003-UP3 A3 25.09.33/7.000% 40,288 0.01 

200,000 CNH Equipment Trust 2007-A 

A3 15.10.10/4.990% 200,293 0.05 

60,000 Commercial Mortgage Pass 

Through Certificates 

2004-LB4A A4 15.10.37/4.584% 58,851 0.01 


Trust 25.02.33/5.250% 1,099,534 0.27 


Trust 2004-28CB 3A1 25.01.35/6.000% 167,239 0.04 


Trust 2004-2CB 1A9 25.03.34/5.750% 774,955 0.19 


Trust 2005-26CB A10 25.07.35/4.232%* 211,750 0.05 


Trust 2005-28CB 1A4 25.08.35/5.500% 560,829 0.14 


Trust 2005-54CB 1A11 25.11.35/5.500% 921,194 0.23 


Trust 2005-5R A1 25.12.18/5.250% 231,027 0.06 


Trust 2005-J1 1A4 25.02.35/0.023%* 15,397 0.00 


Trust 2007-21CB 1A5 25.09.37/6.000% 398,140 0.10 

50,788 Countrywide Asset-Backed 

Certificates 2004-AB2 A2 25.05.36/5.135%* 50,950 0.01 


Mortgage Pass Through 2003-26 

1A6 25.08.33/3.500% 204,309 0.05 


Mortgage Pass Through 2003-J7 

4A3 25.08.18/3.516%* 89,437 0.02 


Mortgage Pass Through 2004-7 

2A1 25.06.34/4.038%* 272,835 0.07 


Mortgage Pass Through 2004-J6 

2A1 25.07.14/4.750% 912,053 0.23 



2005-22 2A1 25.11.35/5.256%* 682,999 0.17 



2003-26 1A6 25.08.33/4.000% 46,607 0.01 



2004-J8 1A2 25.11.19/4.750% 747,327 0.19 

682,362 Credit Suisse First Boston 

Mortgage Securities 25.11.33/0.000% 454,972 0.11 


Mortgage Securities 2001-CK1 

A3 16.12.35/6.380% 97,632 0.02 


Mortgage Securities 2003-C5 A4 15.12.36/4.900%* 161,897 0.04 


Mortgage Securities 2005-10 AP 25.11.35/0.000% 191,007 0.05 

395,487 CS First Boston Mortgage 

Securities 1998-C2 A2 15.11.30/6.300% 397,704 0.10 

812,305 CS First Boston Mortgage 

Securities 2003-21 AP 25.09.33/0.000% 571,388 0.14 

1,408,404 CS First Boston Mortgage 

Securities 2003-23 2A5 25.10.18/5.000% 1,352,533 0.34 

94,695 DLJ Commercial Mortgage 10.06.32/7.300%* 97,207 0.02 

50,000 Fannie Mae 15.01.10/7.250% 53,452 0.01




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

441,176 Fannie Mae 01.11.24/4.500% 414,637 0.10 

514,081 Fannie Mae 1992-145 ZB 25.08.22/8.000% 548,275 0.14 

823,310 Fannie Mae 1993-203 PL 25.10.23/6.500% 853,765 0.21 

95,952 Fannie Mae 1993-25 J 25.03.23/7.500% 102,884 0.03 

16 Fannie Mae 1993-8 H 25.01.08/7.000% 16 0.00 

21,610 Fannie Mae 1994-34 DZ 25.03.09/6.000% 21,678 0.01 

815,000 Fannie Mae 1994-63 PK 25.04.24/7.000% 866,713 0.22 

96,005 Fannie Mae 1997-39 PD 20.05.27/7.500% 101,630 0.03 

588,911 Fannie Mae 1997-50 SK 25.05.23/2.125%* 41,264 0.01 

77,836 Fannie Mae 1998-36 ZB 18.07.28/6.000% 77,652 0.02 

46,845 Fannie Mae 2001-44 PD 25.09.31/7.000% 49,380 0.01 

30,025 Fannie Mae 2001-7 PF 25.03.31/7.000% 31,624 0.01 

171,023 Fannie Mae 2001-71 MB 25.12.16/6.000% 175,799 0.04 

418,581 Fannie Mae 2002-3 OG 25.02.17/6.000% 430,421 0.11 

500,000 Fannie Mae 2002-47 PE 25.08.17/5.500% 504,077 0.13 

89,039 Fannie Mae 2002-74 VB 25.11.31/6.000% 89,701 0.02 

48,727 Fannie Mae 2002-8 SR 25.03.09/6.017%* 48,565 0.01 

500,000 Fannie Mae 2002-94 BK 25.01.18/5.500% 507,785 0.13 

1,500,000 Fannie Mae 2003-106 WE 25.11.22/4.500% 1,435,779 0.36 

336,647 Fannie Mae 2003-116 SB 25.11.33/2.735%* 28,696 0.01 

600,000 Fannie Mae 2003-117 JB 25.06.33/3.500% 545,281 0.14 

450,000 Fannie Mae 2003-128 NG 25.01.19/4.000% 419,868 0.10 

400,000 Fannie Mae 2003-32 KC 25.05.18/5.000% 387,176 0.10 

200,000 Fannie Mae 2003-39 LW 25.05.23/5.500% 195,478 0.05 

50,308 Fannie Mae 2003-52 SX 25.10.31/8.355%* 55,041 0.01 

221,418 Fannie Mae 2003-68 QP 25.07.22/3.000% 206,826 0.05 

504,420 Fannie Mae 2003-80 SY 25.06.23/2.785%* 47,673 0.01 

1,650,000 Fannie Mae 2003-81 LC 25.09.18/4.500% 1,600,339 0.40 

250,000 Fannie Mae 2003-83 PG 25.06.23/5.000% 247,149 0.06 

87,059 Fannie Mae 2004-10 SC 25.02.34/9.140%* 98,359 0.02 

126,961 Fannie Mae 2004-25 SA 25.04.34/6.146%* 131,541 0.03 

100,000 Branch Banking & Trust 15.01.13/4.875% 97,385 0.02 

40,000 Capital One Bank 15.09.10/5.750% 41,211 0.01 

80,000 Cisco Systems 22.02.16/5.500% 81,099 0.02 

100,000 Citigroup Global Markets 

Holdings 15.02.08/6.500% 100,177 0.02 

400,000 Comcast 15.03.11/5.500% 404,098 0.10 

125,000 Comcast 15.03.16/5.900% 124,991 0.03 

150,000 Comcast 15.03.16/5.900% 149,989 0.04 

100,000 Comcast Holdings 15.07.12/10.625% 117,935 0.03 


280,000 Exelon Generation 15.06.11/6.950% 293,648 0.07 

1,000,000 Fannie Mae 2004-27 HB 25.05.19/4.000% 913,323 0.23 

1,516,600 Fannie Mae 2004-36 PB 25.05.32/5.500% 1,552,483 0.39 

400,000 Fannie Mae 2004-76 CL 25.10.19/4.000% 374,886 0.09 

400,000 Fannie Mae 2004-81 AC 25.11.19/4.000% 373,450 0.09 

1,000,000 Fannie Mae 2005-109 PC 25.12.35/6.000% 1,011,668 0.25 

2,400,000 Fannie Mae 2005-110 GJ 25.11.30/5.500% 2,420,721 0.60 

2,000,000 Fannie Mae 2005-110 GK 25.08.34/5.500% 1,972,934 0.49 

500,000 Fannie Mae 2005-110 MN 25.06.35/5.500% 501,081 0.12 

400,114 Fannie Mae 2005-40 YA 25.09.20/5.000% 400,679 0.10 

464,711 Fannie Mae 2005-47 AN 25.12.16/5.000% 464,759 0.12 

281,563 Fannie Mae 2005-76 PZ 25.09.35/5.500% 264,309 0.07 

2,358,719 Fannie Mae 2005-84 MB 25.10.35/5.750% 2,394,845 0.60 

1,360,000 Fannie Mae 2005-84 XH 25.10.35/5.750% 1,358,078 0.34 

1,000,000 Fannie Mae 2005-84 XM 25.10.35/5.750% 1,014,575 0.25 

450,514 Fannie Mae 2006-110 PO 25.11.36/0.000% 334,579 0.08 

234,556 Fannie Mae 2006-22 AO 25.04.36/0.000% 167,344 0.04 

265,305 Fannie Mae 2006-44 GO 25.06.36/0.000% 194,367 0.05 

837,482 Fannie Mae 2006-44 P 25.12.33/0.000% 603,292 0.15 

1,000,000 Fannie Mae 2006-53 WE 25.06.36/6.000% 1,005,032 0.25 

461,354 Fannie Mae 2006-58 AP 25.07.36/0.000% 343,136 0.09 

1,000,000 Fannie Mae 2006-77 PC 25.08.36/6.500% 1,047,896 0.26 

50,131 Fannie Mae G93-1 KA 25.01.23/7.900% 54,368 0.01 

29,464 Fannie Mae Interest Strip 340 1 01.09.33/0.000% 20,703 0.01 






















188 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 






















































































3,950,913 Fannie Mae Pool No: 888889 01.12.18/4.500% 3,861,400 0.96




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 





CH 25.07.17/4.000% 310,105 0.08 


HY 25.06.23/5.000% 950,610 0.24 


QO 25.07.36/0.000% 189,740 0.05 


SG 25.08.36/1.635%* 137,403 0.03 


MG 25.02.17/6.000% 315,122 0.08 


KC 25.10.17/5.000% 1,263,990 0.31 


BC 25.05.18/5.000% 2,960,894 0.74 


SP 25.09.33/1.550%* 272,240 0.07 


PW 25.06.15/4.500% 992,853 0.25 


HS 25.05.30/1.135%* 58,052 0.01 


EP 25.03.35/4.500% 1,085,760 0.27 

1,175,042 Fannie Mae REMICS 2005-56 S 25.07.35/1.845%* 69,384 0.02 


PA 25.05.27/5.500% 1,040,074 0.26 


GB 25.10.35/5.000% 758,121 0.19 


HB 25.11.36/6.039%* 1,000,595 0.25 


PA 25.01.26/5.500% 554,643 0.14 


PO 25.05.36/0.000% 627,934 0.16 


PO 25.07.36/0.000% 626,421 0.16 


QO 25.01.33/0.000% 336,465 0.08 


A7 25.10.37/6.250%* 3,418,382 0.85 


PD 25.08.32/6.000% 1,015,466 0.25 


PE 25.05.34/6.000% 1,798,259 0.45 


PG 25.12.36/6.000% 1,992,578 0.50 

165,736 Fannie Mae REMICS G93-17 

SH 25.04.23/9.234%* 195,008 0.05 


2003-W4 2A 25.10.42/6.500% 35,888 0.01 


2004-W2 2A2 25.02.44/7.000% 162,602 0.04 

382,648 Federal Home Loan Bank 

System 00-0606 Y 28.12.12/5.270% 389,314 0.10 


Through Securities T-41 3A 25.07.32/7.500%* 50,762 0.01 





100,000 Fifth Third Bancorp 15.01.17/5.450% 94,608 0.02 


2003-7 2A1 25.09.18/4.500% 464,978 0.12 


2004-AR7 2A1 25.02.35/4.915%* 257,841 0.06 


2004-AR7 2A2 25.02.35/4.915%* 503,966 0.13 


2005-AR1 2A2 25.04.35/5.012%* 365,293 0.09 

426,135 First Union - Chase Commercial 

Mortgage 1999-C2 A2 15.06.31/6.645% 431,937 0.11 

1,200,000 Ford Credit Auto Owner Trust 

2006-B A4 15.09.11/5.250% 1,210,640 0.30 

500,000 Ford Credit Auto Owner Trust 

2007-B A3A 15.11.11/5.150% 503,581 0.13 

50,000 Freddie Mac 15.10.08/5.125% 50,385 0.01 

14,542 Freddie Mac 1512 J 15.05.08/6.500% 14,520 0.00 

246,662 Freddie Mac 1578 K 15.09.23/6.900% 257,422 0.06 

175,788 Freddie Mac 1609 LG 15.11.23/6.365%* 181,446 0.05 

113,687 Freddie Mac 1668 D 15.02.14/6.500% 116,889 0.03 

29,756 Freddie Mac 1807 A 15.11.08/6.000% 29,829 0.01 

383,211 Freddie Mac 1863Z 15.07.26/6.500% 394,902 0.10 

133,309 Freddie Mac 2061 Z 15.06.28/6.500% 136,580 0.03 

162,813 Freddie Mac 2075 PH 15.08.28/6.500% 169,021 0.04 

249,007 Freddie Mac 2102 TC 15.12.13/6.000% 255,039 0.06 

100,000 Freddie Mac 2169 TB 15.06.29/7.000% 104,488 0.03 

500,000 Freddie Mac 2172 QC 15.07.29/7.000% 519,228 0.13 

19,236 Freddie Mac 2189 SA 15.02.28/7.524%* 19,467 0.00 

189 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 

114,488 Freddie Mac 2259 ZM 15.10.30/7.000% 118,014 0.03 

500,000 Freddie Mac 2283 K 15.12.23/6.500% 525,682 0.13 

500,573 Freddie Mac 2344 ZD 15.08.31/6.500% 514,325 0.13 

267,731 Freddie Mac 2345 PQ 15.08.16/6.500% 277,489 0.07 

194,455 Freddie Mac 2355 BP 15.09.16/6.000% 199,659 0.05 

181,525 Freddie Mac 2360 PG 15.09.16/6.000% 185,978 0.05 

264,076 Freddie Mac 2363 PF 15.09.16/6.000% 271,009 0.07 

192,176 Freddie Mac 2366 MD 15.10.16/6.000% 192,871 0.05 

160,733 Freddie Mac 2410 NG 15.02.32/6.500% 167,426 0.04 

122,650 Freddie Mac 2416 SH 17.02.32/5.945%* 126,340 0.03 

187,147 Freddie Mac 2424 OG 15.03.17/6.000% 192,296 0.05 

240,689 Freddie Mac 2425 OB 15.03.17/6.000% 247,762 0.06 

134,894 Freddie Mac 2434 TC 15.04.32/7.000% 142,058 0.04 

365,693 Freddie Mac 2453 BD 15.05.17/6.000% 375,839 0.09 

100,000 Freddie Mac 2466 PG 15.04.32/6.500% 103,988 0.03 

134,279 Freddie Mac 2472 VB 15.11.17/6.000% 134,693 0.03 

211,953 Freddie Mac 2484 LZ 15.07.32/6.500% 221,741 0.06 

384,970 Freddie Mac 2503 BH 15.09.17/5.500% 389,489 0.10 

22,175 Freddie Mac 2519 BT 15.09.31/8.500% 23,930 0.01 

297,730 Freddie Mac 2521 PU 15.05.10/5.500% 299,718 0.07 

91,019 Freddie Mac 2527 VU 15.10.13/5.500% 91,805 0.02 

500,000 Freddie Mac 2537 TE 15.12.17/5.500% 506,260 0.13 

363,324 Freddie Mac 2541 GX 15.02.17/5.500% 366,160 0.09 

415,000 Freddie Mac 2544 HC 15.12.32/6.000% 415,721 0.10 

130,315 Freddie Mac 2565 MB 15.05.30/6.000% 131,914 0.03 

200,000 Freddie Mac 2575 ME 15.02.33/6.000% 198,215 0.05 

197,549 Freddie Mac 2597 DS 15.02.33/2.522%* 13,291 0.00 

213,931 Freddie Mac 2610 DS 15.03.33/2.073%* 15,030 0.00 

217,120 Freddie Mac 2611 SH 15.10.21/2.623%* 15,406 0.00 

166,990 Freddie Mac 2630 KN 15.04.13/2.500% 165,175 0.04 

1,180,000 Freddie Mac 2631 LC 15.06.18/4.500% 1,142,543 0.28 

365,827 Freddie Mac 2636 Z 15.06.18/4.500% 349,674 0.09 

33,843 Freddie Mac 2643 HI 15.12.16/4.500% 2,573 0.00 

227,378 Freddie Mac 2646 AC 15.08.17/3.500% 219,220 0.05 

294,609 Freddie Mac 2650 PO 15.12.32/0.000% 243,543 0.06 

3,146,887 Freddie Mac 2650 QN 15.01.33/4.500% 3,100,035 0.77 

806,864 Freddie Mac 2650 SO 15.12.32/0.000% 656,895 0.16 

139,671 Freddie Mac 2668 SB 15.10.15/2.731%* 130,856 0.03 

200,000 Freddie Mac 2672 ME 15.11.22/5.000% 197,713 0.05 

1,450,000 Freddie Mac 2675 CK 15.09.18/4.000% 1,361,068 0.34 

144,955 Freddie Mac 2683 VA 15.02.21/5.500% 146,209 0.04 

1,500,000 Freddie Mac 2684 PO 15.01.33/0.000% 970,299 0.24 

233,250 Freddie Mac 2686 GB 15.05.20/5.000% 233,828 0.06 

143,073 Freddie Mac 2694 BA 15.06.31/4.000% 136,332 0.03 

500,000 Freddie Mac 2695 DE 15.01.17/4.000% 484,819 0.12 

1,000,000 Freddie Mac 2695 DG 15.10.18/4.000% 943,688 0.23 

500,000 Freddie Mac 2720 PC 15.12.23/5.000% 495,288 0.12 

102,224 Freddie Mac 2722 EG 15.12.33/0.000% 49,710 0.01 

400,000 Freddie Mac 2744 PD 15.08.33/5.500% 405,164 0.10 

563,949 Freddie Mac 2755 PA 15.02.29/0.000% 459,830 0.11 

1,000,000 Freddie Mac 2764 UC 15.05.27/5.000% 1,001,955 0.25 

50,563 Freddie Mac 2766 SX 15.03.34/0.820%* 40,367 0.01 

76,156 Freddie Mac 2776 SK 15.04.34/1.534%* 58,924 0.01 

500,000 Freddie Mac 2783 AT 15.04.19/4.000% 457,945 0.11 

800,000 Freddie Mac 2809 UC 15.06.19/4.000% 742,474 0.18 

225,508 Freddie Mac 2827 SQ 15.01.19/7.500%* 230,810 0.06 

1,000,000 Freddie Mac 2833 NB 15.08.19/4.500% 960,073 0.24 

1,000,000 Freddie Mac 2864 GB 15.09.19/4.000% 934,993 0.23 

500,000 Freddie Mac 2931 QC 15.01.19/4.500% 487,147 0.12 

548,693 Freddie Mac 2945 ZB 15.03.35/5.500% 492,112 0.12 

1,000,000 Freddie Mac 2958 QD 15.04.20/4.500% 972,126 0.24 

573,234 Freddie Mac 2962 WJ 15.06.24/5.500% 581,545 0.14 

800,000 Freddie Mac 2965 GD 15.04.20/4.500% 773,018 0.19 

1,000,000 Freddie Mac 2971 GC 15.07.18/5.000% 996,630 0.25 

100,000 Freddie Mac 2975 KO 15.05.35/0.000% 69,594 0.02 

1,000,000 Freddie Mac 3047 OB 15.12.33/5.500% 1,012,843 0.25 

200,000 Freddie Mac 3047 OD 15.10.35/5.500% 196,244 0.05 

700,000 Freddie Mac 3064 OE 15.11.35/5.500% 677,625 0.17 

1,000,000 Freddie Mac 3074 BH 15.11.35/5.000% 953,971 0.24 

327,504 Freddie Mac 3101 EA 15.06.20/6.000% 326,230 0.08 

254,890 Freddie Mac 3117 EO 15.02.36/0.000% 191,084 0.05 

331,461 Freddie Mac 3117 OK 15.02.36/0.000% 232,280 0.06 

404,054 Freddie Mac 3118 DM 15.02.24/5.000% 376,093 0.09 

448,742 Freddie Mac 3134 PO 15.03.36/0.000% 348,929 0.09 

453,623 Freddie Mac 3138 PO 15.04.36/0.000% 350,278 0.09 

456,994 Freddie Mac 3150 PO 15.05.36/0.000% 353,393 0.09 

1,355,493 Freddie Mac 3152 MO 15.03.36/0.000% 979,948 0.24 

227,984 Freddie Mac 3158 LX 15.05.36/0.000%* 196,888 0.05 

181,495 Freddie Mac 3189 SN 15.11.35/1.791%* 189,712 0.05 


A11312 01.07.33/6.000% 402,908 0.10 


A17537 01.01.34/6.000% 182,752 0.05 


A28796 01.11.34/6.500% 247,279 0.06




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


A46987 01.07.35/5.500% 1,095,036 0.27 


A61376 01.07.32/6.500% 975,746 0.24 


B10294 01.10.18/4.500% 328,484 0.08 


B10492 01.11.18/4.000% 145,660 0.04 


B14730 01.05.14/4.000% 364,922 0.09 


B14857 01.05.19/4.500% 566,748 0.14 


C02660 01.11.36/6.500% 1,271,657 0.32 


C90600 01.12.22/6.000% 94,128 0.02 


C90985 01.08.26/6.500% 853,905 0.21 


E01304 01.01.18/4.500% 951,658 0.24 


E01403 01.04.18/6.000% 51,562 0.01 


E01418 01.07.18/4.000% 1,171,718 0.29 


E01424 01.08.18/4.000% 277,063 0.07 


E01647 01.05.19/4.000% 642,660 0.16 


E99955 01.10.18/5.000% 1,132,512 0.28 


G01448 01.08.32/7.000% 54,560 0.01 


G01907 01.08.34/4.500% 780,157 0.19 


G01919 01.09.35/4.000% 403,514 0.10 


G02272 01.10.35/4.000% 848,181 0.21 


G03029 01.10.29/6.000% 922,657 0.23 


G10706 01.07.12/8.000% 20,379 0.01 


G11435 01.06.18/5.000% 735,797 0.18 


G12906 01.07.21/6.000% 3,002,519 0.75 


G30234 01.11.22/6.500% 53,220 0.01 


P50201 01.01.34/5.500% 306,786 0.08 


P60089 01.12.14/7.000% 117,501 0.03 


P60090 01.03.16/7.000% 105,460 0.03 


P60151 01.05.19/6.000% 526,636 0.13 

419,156 Freddie Mac Non Gold Pool 

No: 1B1665 01.04.34/4.135%* 414,065 0.10 


No: 1B3485 01.07.37/5.359%* 995,091 0.25 


No: 555325 01.06.17/8.750% 11,604 0.00 


No: 972200 01.03.36/5.483%* 780,031 0.19 

811,233 Freddie Mac REMICS 1702 PX 15.09.23/6.500% 830,573 0.21 

421,977 Freddie Mac REMICS 2483 HZ 15.08.32/4.500% 352,618 0.09 

2,354,000 Freddie Mac REMICS 2496 VK 15.02.19/6.000% 2,375,481 0.59 

2,000,000 Freddie Mac REMICS 2543 AN 15.12.17/5.000% 1,988,891 0.50 

1,202,172 Freddie Mac REMICS 2591 QU 15.06.17/3.750% 1,173,713 0.29 

2,174,067 Freddie Mac REMICS 2614 KB 15.04.17/4.500% 2,149,424 0.54 

1,524,901 Freddie Mac REMICS 2632 NH 15.06.13/3.500% 1,472,500 0.37 

1,025,120 Freddie Mac REMICS 2697 LE 15.11.20/4.500% 1,011,614 0.25 


289,256 Freddie Mac REMICS 2762 LO 15.03.34/0.000% 173,358 0.04 

1,849,543 Freddie Mac REMICS 2778 US 15.06.33/2.173%* 113,198 0.03 

214,521 Freddie Mac REMICS 2780 JG 15.04.19/4.500% 204,463 0.05 

525,643 Freddie Mac REMICS 2840 JO 15.06.23/0.000% 391,164 0.10 

1,053,665 Freddie Mac REMICS 2841 YA 15.07.27/5.500% 1,059,451 0.26 

1,000,000 Freddie Mac REMICS 2872 JE 15.02.18/4.500% 981,761 0.24 

681,931 Freddie Mac REMICS 3068 AO 15.01.35/0.000% 571,593 0.14 


647,573 Freddie Mac REMICS 3169 BN 15.06.34/5.000% 625,174 0.16 

1,000,000 Freddie Mac REMICS 3195 PD 15.07.36/6.500% 1,054,547 0.26 

845,457 Freddie Mac REMICS 3260 CS 15.01.37/1.113%* 38,404 0.01 



550,000 Genworth Global Funding 

Trusts 08.10.10/5.200% 556,011 0.14 



190 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 











Trust 2003-J7 A2 25.11.33/4.500% 851,328 0.21 


Trust 2005-AR3 3A4 19.06.35/4.851%* 634,688 0.16 



Association 1994-7 PQ 16.10.24/6.500% 593,757 0.15 


Association 2000-10 ZP 16.02.30/7.500% 399,491 0.10 


Association 2000-6 Z 20.02.30/7.500% 44,786 0.01 


Association 2001-8 Z 20.03.31/6.500% 207,484 0.05 


Association 2002-40 UK 20.06.32/6.500% 351,797 0.09 


Association 2002-41 SY 16.06.32/2.473%* 46,991 0.01 


Association 2002-45 QE 20.06.32/6.500% 325,904 0.08 


Association 2002-47 PG 16.07.32/6.500% 104,244 0.03 


Association 2002-51 SG 20.04.31/11.055%* 6,477 0.00 


Association 2002-54 GB 20.08.32/6.500% 126,813 0.03 


Association 2002-79 KV 20.11.13/6.000% 93,459 0.02 


Association 2003-1 SX 16.06.31/2.073%* 75,200 0.02 


Association 2003-4 NY 20.12.13/5.500% 62,753 0.02 


Association 2003-98 PC 20.02.29/5.000% 291,646 0.07 


Association 2006-38 ZL 20.09.33/6.500% 25,029 0.01 


Association 2006-57 PZ 20.10.36/5.565% 1,032,864 0.26 


Association 2007-49 NO 20.12.35/0.000% 771,452 0.19 


2004-GG2 A6 10.08.38/5.396%* 400,966 0.10 


2007-1F 2A4 25.01.37/5.500% 1,132,312 0.28 


2004-10F 2A1 25.08.19/5.000% 740,671 0.18 


2004-6F 3A4 25.05.34/6.500% 1,163,722 0.29 

100,000 GTE 15.04.08/6.460% 100,305 0.02 

25,000 Historic TW 15.06.18/6.875% 26,104 0.01 

110,000 Household Automotive Trust 

2005-1 A4 18.06.12/4.350% 109,367 0.03 

35,000 HSBC Finance 15.12.08/4.125% 34,812 0.01 

583,000 HSBC Finance 15.05.11/6.750% 603,997 0.15 

200,000 HSBC Finance 15.07.13/4.750% 195,449 0.05 

3,689,476 Indymac Index Mortgage Loan 

Trust 2005-AR11 A7 25.08.35/0.719%* 50,684 0.01 





90,000 iStar Financial 15.12.10/6.000% 83,359 0.02 

100,000 John Hancock Global Funding 

II 144A 30.01.09/3.500% 98,944 0.02 

30,000 Kellogg 03.12.12/5.125% 30,459 0.01 

30,000 Kerr-McGee 01.07.24/6.950% 31,913 0.01 

400,000 Kraft Foods 01.02.18/6.125% 400,066 0.10 


Trust 2004-C2 A2 15.03.29/3.246% 14,728 0.00 


30,000 Lockheed Martin 01.12.29/8.500% 38,970 0.01 

310,000 Manuf & Traders Trust 04.12.17/6.625% 306,698 0.08 

200,000 MassMutual Global Funding II 

144A 15.03.10/3.500% 197,432 0.05 

600,000 Mastr Adjustable Rate 

Mortgages Trust 2004-13 3A6 21.11.34/3.786%* 592,135 0.15 


2004-10 1A1 25.09.19/4.500% 313,851 0.08 


2004-4 10A1 25.05.24/5.000% 556,118 0.14 


2004-6 7A1 25.07.34/6.000% 248,475 0.06




Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


Trust 2003-11 6A2 25.12.33/4.000% 449,194 0.11 

35,000 MBNA Credit Card Master 

Note Trust 2003-C1 C1 15.08.13/7.625% 34,899 0.01 

250,000 Merrill Lynch Mortgage Trust 

2005-MCP1 ASB 12.06.43/4.674%* 244,598 0.06 

400,000 Merrill Lynch/Countrywide 

Commercial Mortgage Trust 

2006-1 A4 12.02.39/5.428%* 400,136 0.10 


Funding I 144A 18.09.13/5.200% 101,160 0.03 

200,000 Monumental Global Funding II 

144A 30.07.09/4.375% 200,381 0.05 





2004-HQ3 A2 13.01.41/4.050% 246,811 0.06 


2004-T13 A4 13.09.45/4.660% 222,593 0.06 


2006-IQ12 A1 15.12.43/5.257% 260,637 0.06 


2006-T23 A1 12.08.41/5.682% 80,021 0.02 

519,172 Morgan Stanley Mortgage Loan 

Trust 2004-3 1A 25.05.19/5.000% 512,948 0.13 

189,152 MortgageIT Trust 2005-1 1A1 25.02.35/5.185%* 184,103 0.05 

30,000 Nationwide Financial Services 01.07.12/5.900% 31,135 0.01 

100,000 NCNB 15.09.09/9.375% 108,550 0.03 


144A 15.01.09/3.875% 99,347 0.02 


2003-A1 A1 25.05.33/5.500% 34,881 0.01 


2003-A1 A2 25.05.33/6.000% 29,501 0.01 


2003-A1 A5 25.04.33/7.000% 3,489 0.00 

58,708 Onyx Acceptance Grantor Trust 

2004-C A4 15.12.11/3.500% 58,392 0.01 

100,000 Oracle and Ozark Holding 15.01.16/5.250% 99,805 0.02 

150,000 Pacific Gas and Electric 30.11.17/5.625% 147,902 0.04 


144A 15.01.09/3.750% 98,751 0.02 

45,000 Pacificorp 15.08.34/5.900% 43,566 0.01 

90,000 Pioneer Natural Resources 15.07.16/5.875% 82,496 0.02 

75,000 Popular North America 01.04.08/4.250% 74,816 0.02 

200,000 Potomac Electric Power 15.11.37/6.500% 198,832 0.05 

150,000 Principal Life Global Funding I 

144A 26.06.08/2.800% 148,073 0.04 

95,158 Procter & Gamble - Esop 01.01.21/9.360% 120,393 0.03 

60,000 PSE&G Transition Funding 

2001-1 A6 15.06.15/6.610% 63,765 0.02 

45,000 PSEG Power 01.04.09/3.750% 44,403 0.01 

55,000 PSEG Power 01.12.15/5.500% 54,493 0.01 

30,000 PSEG Power 15.04.11/7.750% 32,057 0.01 

25,000 RBS Capital Trust I 01.07.13/4.709%* 22,313 0.01 

10,000 RBS Capital Trust II 03.01.34/6.425%* 8,888 0.00 

70,000 RBS Capital Trust III 30.09.14/5.512%* 63,055 0.02 


2001-QS19 A2 25.12.16/6.000% 494,419 0.12 


2003-QR19 CB4 25.10.33/5.750% 597,578 0.15 


2003-QS14 A1 25.07.18/5.000% 753,729 0.19 


2004-QS8 A2 25.06.34/5.000% 195,649 0.05 


2006-QS4 A7 25.04.36/5.030%* 57,053 0.01 

3,255 Residential Asset Securities 

2002-KS4 AIIB 25.07.32/5.365%* 3,041 0.00 

498,170 Residential Asset Securitization 

Trust 2003-A13 A3 25.01.34/5.500% 455,155 0.11 








Securities I 2005-SA4 1A1 25.09.35/4.943%* 328,276 0.08 

32,101 Salomon Brothers Mortgage 

Securities VII 2003-UP2 PO1 25.12.18/0.000% 26,227 0.01 

989,146 Structured Adjustable Rate 

Mortgage Loan Trust 2004- 16 

3A2 25.11.34/5.450%* 971,836 0.24 


2004-20 1A3 25.11.34/5.250% 672,322 0.17 



30,000 TCI Communications 15.02.26/7.875% 33,868 0.01 

191 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 


16,646 Toyota Auto Receivables Owner 

Trust 2003-B A4 15.01.10/2.790% 16,632 0.00 

15,000 Union Pacific 15.01.11/6.650% 15,607 0.00 

6,250,000 US Treasury 15.02.10/6.500% 6,670,898 1.66 

500,000 US Treasury 15.02.19/8.875% 698,125 0.17 

1,000,000 US Treasury 15.02.21/7.875% 1,333,750 0.33 

70,000 US Treasury 15.11.09/3.500% 70,481 0.02 

45,000 US Treasury 15.11.14/4.250% 46,153 0.01 

1,800,000 US Treasury 30.06.11/5.125% 1,905,750 0.47 

2,000,000 US Treasury 30.09.11/4.500% 2,079,062 0.52 

2,200,000 US Treasury 31.01.12/4.750% 2,310,000 0.58 

10,600,000 US Treasury 31.10.11/4.625% 11,070,375 2.76 


















162,067 Vendee Mortgage Trust 1998-1 

2E 15.09.27/7.000% 170,373 0.05 





50,000 Wachovia Bank/Charlotte 18.08.10/7.800% 53,781 0.01 

588,338 Wamu Alternative Mortgage 

Pass-Through Certificates 

2003-S8 A5 25.09.18/4.500% 519,464 0.13 

500,000 Wamu Alternative Mortgage 

Pass-Through Certificates 

2005-4 CB7 25.06.35/5.500% 477,025 0.12 

188,358 Washington Mutual 2003-AR4 

A6 25.05.33/3.423%* 188,320 0.05 

213,316 Washington Mutual 2003-AR8 

A 25.08.33/4.030%* 211,594 0.05 

1,406,124 Washington Mutual 2003-S10 

A5 25.10.18/5.000% 1,383,120 0.34 

829,503 Washington Mutual 2003-S8 A4 25.09.18/4.500% 795,910 0.20 

595,407 Washington Mutual 2004-RS2 

A4 25.11.33/5.000% 463,714 0.12 

181,076 Washington Mutual 2004-S3 

2A3 25.07.34/5.459%* 176,683 0.04 






Securities Trust 2004-BB A4 25.01.35/4.558%* 370,612 0.09 


Securities Trust 2004-EE 3A1 25.12.34/3.999%* 550,725 0.14 


Securities Trust 2004-P 2A1 25.09.34/4.235%* 702,155 0.17 






Securities Trust 2005-AR10 

2A12 25.06.35/4.109%* 296,103 0.07 

500,000 WFS Financial Owner Trust 

2005-1 A4 17.08.12/3.870% 496,411 0.12 

250,000 Wachovia Bank 15.01.38/6.600% 244,003 0.06 



300,000 Washington Mutual Finance 15.05.11/6.875% 315,218 0.08 

20,000 Wells Fargo Financial 15.07.09/6.850% 20,671 0.01 

25,000 Wyeth 01.02.24/6.450% 26,182 0.01 

345,928,096 86.12 


200,000 Barclays Bank 12.09.12/5.450% 204,249 0.04 

300,000 Barclays Bank 144A 04.12.17/6.050% 307,716 0.08 

1,000,000 British Telecommunications 15.01.13/5.150% 1,005,069 0.25 

1,517,034 0.37




Quantity/ 

Nominal 

Value 


Coupon 


1,000,000 TIAA Seasoned Commercial 

Mortgage Trust 2007-C4 A3 15.08.39/6.097%* 1,023,350 0.25 

1,023,350 0.25 

CANADA 

150,000 CIT Group Funding Co. of 

Canada 01.07.10/4.650% 142,221 0.04 

110,000 Conoco Funding 15.10.11/6.350% 116,766 0.03 


Co. 15.04.12/5.300% 102,979 0.03 


Co. 15.10.16/5.625% 152,799 0.04 

240,000 Potash Corp of Saskatchewan 31.05.11/7.750% 263,051 0.06 



996,026 0.25 

MEXICO 


274,601 0.07 


20,000 Corporacion Andina de 

Fomento 21.05.13/5.200% 20,167 0.01 

20,167 0.01 

Total Bonds 349,759,274 87.07 




Bonds 


349,759,274 87.07 


2005-7 30PO 25.11.35/0.000% 215,943 0.05 


Funding 2002-C1 A4 11.01.35/4.948% 342,286 0.09 


Funding 2004-GG1 A3 10.06.36/4.344% 301,437 0.07 


2004-GG2 A3 10.08.38/4.602% 124,524 0.03 

14,433 Impac Secured Assets CMN 

Owner Trust 2004-3 1A4 25.11.34/5.625%* 14,388 0.00 

20,985 Indymac Index Mortgage Loan 

Trust 2004-AR7 A1 25.09.34/5.305%* 20,600 0.01 

250,000 KeyBank 17.09.12/5.500% 251,102 0.06 


Trust 2003-C7 A4 15.09.35/4.931%* 110,443 0.03 


Funding I 144A 19.08.10/4.625% 100,048 0.02 


144A 15.09.13/5.375% 196,484 0.05 

35,000 Pacificorp 15.09.08/4.300% 34,877 0.01 

350,000 Principal Life Income Funding 

Trusts 14.12.12/5.300% 354,397 0.09 

300,000 Pubic Sevices Oklahoma 15.11.37/6.625% 299,233 0.07 






2,744,661 0.68 

CANADA 

40,000 Husky Energy 15.06.19/6.150% 39,917 0.01 

39,917 0.01 

Total Bonds 2,784,578 0.69 



Cash 18,035,965 4.49 




Market 

Value 

% of 

Net 

Assets 

192 

Quantity/ 

Nominal 

Value 


Coupon 

Market 

Value 

% of 

Net 

Assets 



%of 

Net Assets 




Canada 0.26 

Mexico 0.18 


France 0.03 





Total 

100.00 



%of 

Net Assets 


Canada 0.31 

Mexico 0.29 


Italy 0.06 

France 0.04 






Total 

100.00




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

Quantity/ 

Nominal 

Value 


Value 


853,850 Merck & Co. 50,189,303 1.20 

Shares 

217,600 Meredith 


12,028,928 

41,536,858 

0.29 

0.99 


294,000 Mirant 11,495,400 0.27 

682,400 Aetna 


883,700 Allied Waste Industries 


631,400 Ameriprise Financial 

1,027,900 Amkor Technology 


642,900 Arrow Electronics 

1,788,349 AT&T 



948,000 Avnet 

1,470,400 Bank of New York Mellon 

850,400 Big Lots 



1,138,900 Bristol-Myers Squibb 

1,006,800 Cadence Design Systems 

132,200 Carpenter Technology 



239,400 Celanese - A Shares 

425,900 Centerpoint Energy 




751,900 Chubb 


375,600 Cigna 



322,600 Computer Sciences 


455,900 Continental Airlines - B Shares 


290,400 CSX 


224,900 Darden Restaurants 

716,300 Deere & Co. 

158,700 DeVry 

587,400 Discover Financial Services 

532,200 Dollar Tree Stores 

334,600 Dominion Resources 

270,300 Eaton 



660,635 Embarq 



39,790,744 

8,601,792 

9,738,374 

59,684,835 

35,288,946 

9,138,031 

9,686,304 

25,677,426 

75,861,765 

7,939,641 

15,574,624 

33,663,480 

71,887,856 

13,351,280 

16,037,280 

8,862,912 

31,296,972 

17,165,940 

9,991,676 

61,889,136 

15,682,185 

10,164,924 

7,457,509 

33,002,477 

12,645,402 

71,054,325 

41,091,335 

11,693,700 

20,564,100 

9,829,908 

26,588,163 

16,084,836 

76,542,748 

9,961,415 

18,852,768 

12,943,128 

30,398,430 

6,267,963 

65,835,133 

8,373,012 

8,940,228 

13,831,878 

15,886,808 

26,454,261 

35,667,000 

33,727,553 

32,542,880 

23,695,382 

11,062,743 

0.95 

0.21 

0.23 

1.42 

0.84 

0.22 

0.23 

0.61 

1.81 

0.19 

0.37 

0.80 

1.71 

0.32 

0.38 

0.21 

0.75 

0.41 

0.24 

1.48 

0.37 

0.24 

0.18 

0.79 

0.30 

1.69 

0.98 

0.28 

0.49 

0.23 

0.63 

0.38 

1.82 

0.24 

0.45 

0.31 

0.72 

0.15 

1.57 

0.20 

0.21 

0.33 

0.38 

0.63 

0.85 

0.80 

0.78 

0.56 

0.26 

685,600 Nasdaq Stock Market 


328,800 NBTY 

1,803,200 Nvidia 



2,310,300 ON Semiconductor 

3,184,889 Oracle 

204,100 Owens-Illinois 

314,900 Packaging Corp of America 



344,800 PepsiAmericas 


2,279,000 Pfizer 







1,118,900 Schering-Plough 

1,149,200 Sepracor 

287,400 Sherwin-Williams 

273,200 Sotheby’s 


206,700 Stanley Works 




307,000 Synopsys 

424,000 Tempur-Pedic International 


530,400 Tesoro 

224,700 Thor Industries 





601,500 UnitedHealth Group 

1,299,900 US Bancorp 

363,100 UST 

970,800 Valero Energy 


1,225,500 Walt Disney 

294,600 WellPoint 

1,384,600 Wells Fargo & Co. 

1,323,900 Western Digital 

1,469,000 Xerox 

33,587,544 

8,511,240 

9,170,232 

63,003,808 

74,858,118 

27,973,156 

20,885,112 

73,889,425 

10,182,549 

8,993,544 

24,682,700 

26,708,484 

11,864,568 

29,838,208 

52,280,260 

38,675,088 

39,351,141 

22,890,720 

14,593,810 

59,469,408 

11,619,739 

30,210,300 

31,028,400 

16,815,774 

11,201,200 

27,586,927 

10,016,682 

11,238,222 

17,936,973 

16,573,301 

7,982,000 

11,312,320 

11,755,975 

25,512,240 

8,538,600 

46,023,720 

7,880,605 

40,438,673 

9,117,696 

35,446,395 

41,115,837 

19,850,677 

67,616,220 

7,928,002 

39,988,065 

25,986,666 

41,967,226 

39,611,088 

23,871,250 

0.80 

0.20 

0.22 

1.50 

1.78 

0.67 

0.50 

1.76 

0.24 

0.21 

0.59 

0.64 

0.28 

0.71 

1.25 

0.92 

0.94 

0.55 

0.35 

1.42 

0.28 

0.72 

0.74 

0.40 

0.27 

0.66 

0.24 

0.27 

0.43 

0.40 

0.19 

0.27 

0.28 

0.61 

0.20 

1.10 

0.19 

0.96 

0.22 

0.84 

0.98 

0.47 

1.61 

0.19 

0.95 

0.62 

1.00 

0.94 

0.57 

344,200 Energizer Holdings 


39,169,960 

15,355,296 

0.93 

0.37 

3,853,309,014 91.85 


767,900 Federated Investors - B Shares 

266,300 FirstEnergy 


515,200 FPL Group 

184,500 Franklin Resources 


72,872,584 

32,021,430 

19,642,288 

11,372,616 

35,523,040 

21,082,815 

31,011,133 

1.74 

0.76 

0.47 

0.27 

0.85 

0.50 

0.74 

BERMUDA 

1,945,200 Accenture - A Shares 


1,210,200 Invesco 

553,900 Lazard - A Shares 

272,500 XL Capital - A Shares 

72,030,756 

15,326,760 

37,903,464 

22,527,113 

13,774,875 

1.71 

0.37 

0.90 

0.54 

0.33 

775,400 Frontier Oil 

926,800 Global Industries 


397,400 Hasbro 


32,109,314 

20,148,632 

75,379,248 

10,546,996 

10,493,109 

0.77 

0.48 

1.80 

0.25 

0.25 



1,336,600 Seagate Technology 

161,562,968 

33,428,758 

34,564,476 

3.85 

0.80 

0.82 

1,162,300 Hewlett-Packard 


60,067,664 

44,993,880 

1.43 

1.07 

67,993,234 1.62 


268,900 Humana 

14,645,849 

20,476,735 

0.35 

0.49 

Total Shares 4,082,865,216 97.32 

494,410 Idearc 



8,711,504 

60,505,035 

48,895,616 

0.21 

1.44 

1.17 



4,082,865,216 97.32 


276,300 Kinetic Concepts 

8,188,679 

15,041,772 

0.20 

0.36 


2,312,600 Kroger 


62,694,586 

59,514,455 

1.49 

1.42 

Cash 149,691,291 3.57 

757,900 Loews 


37,394,786 

28,033,779 

0.89 

0.67 



1,218,600 Marathon Oil 

29,395,914 

76,101,570 

0.70 

1.81 


139,700 Mastercard - A Shares 29,670,883 0.71 

739,100 McDonald’s 43,924,713 1.05 


333,300 Men’s Wearhouse 9,185,748 0.22 

193 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 





Energy 12.52 








Total 

100.00 


Shares 

%of 

Net Assets 






Energy 10.44 







Total 

100.00 

194 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Expiration 

Date 

Number of 


195 

Notional 

Value 

Unrealised 

Gain/ 

(Loss) 


Mar-08 100 FUSD500 Index Future USD 37,355,000 62,750 

Total 

62,750




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


33,500 Resource Capital 341,365 0.60 

Shares 

9,100 SandRidge Energy 

50,100 Smith & Wesson Holding Corp 

322,140 

296,091 

0.56 

0.52 


30,250 Sonic 677,600 1.18 

9,000 Adams Respiratory Therapeutics 

4,050 Affiliated Managers Group 


31,700 Allscripts Healthcare Solutions 

10,250 American Commercial Lines 

34,750 Anadigics 

25,600 Ansys 

87,927 Art Technology Group 

7,650 Arthrocare 

17,400 Bancorp 

9,600 Bankrate 


17,800 Blackboard 

4,350 Bucyrus International 

11,550 Cabot Oil & Gas 

27,850 California Pizza Kitchen 

16,200 Cbeyond 


48,900 Champion Enterprises 

16,100 Chemed 

10,850 Childrens Place Retail Stores 

536,760 

482,395 

224,400 

625,441 

174,762 

419,293 

1,075,200 

385,111 

374,850 

235,248 

460,704 

703,863 

737,454 

435,565 

463,963 

436,409 

641,844 

696,177 

458,682 

909,811 

281,774 

0.94 

0.84 

0.39 

1.09 

0.32 

0.73 

1.88 

0.67 

0.66 

0.41 

0.81 

1.23 

1.29 

0.76 

0.81 

0.76 

1.12 

1.22 

0.80 

1.59 

0.49 

28,400 Sucampo Pharmaceuticals - A Shares 

31,403 Susser Holdings 

42,500 Switch & Data Facilities Co. 

5,500 Synaptics 

17,750 Syntel 

19,200 Taleo - A Shares 

20,262 TechTarget 

19,500 Tessera Technologies 

12,750 Theravance 

21,750 Thoratec 

28,500 TurboChef Technologies 

4,850 Under Armour - A Shares 

17,050 United Natural Foods 

6,025 Varian Semiconductor Equipment Associates 

23,050 VeriFone Holdings 

22,400 Viasat 

25,950 Viropharma 

5,250 W-H Energy Services 

11,750 WMS Industries 

14,450 World Fuel Services 

6,525 WSFS Financial 

525,684 

653,182 

683,187 

226,765 

684,795 

637,248 

302,917 

820,560 

252,514 

397,590 

467,970 

207,483 

527,414 

223,407 

546,977 

791,168 

223,689 

305,078 

437,100 

428,587 

343,737 

0.92 

1.14 

1.19 

0.40 

1.20 

1.11 

0.53 

1.43 

0.44 

0.69 

0.82 

0.36 

0.92 

0.39 

0.96 

1.38 

0.39 

0.53 

0.76 

0.75 

0.60 

25,500 Cogent Communications Group 

8,600 Comstock Resources 

613,530 

296,700 

1.07 

0.52 

53,812,623 94.03 

15,200 DealerTrack Holdings 

9,800 Digital River 

16,300 Diodes 

505,400 

323,890 

495,846 

0.88 

0.57 

0.87 

IRELAND 

13,600 Icon ADR 867,408 1.52 

13,950 Eagle Materials 

44,650 Endeavor Acquisition 

19,550 EnerSys 


497,876 

647,425 

485,035 

842,596 

0.87 

1.13 

0.85 

1.47 

BERMUDA 

46,550 Castlepoint Holdings 

867,408 

544,635 

1.52 

0.95 


6,950 Exterran Holdings 

237,540 

568,510 

0.42 

0.99 

544,635 0.95 

16,800 Flir Systems 

2,650 Formfactor 

41,250 FTD Group 

544,152 

90,127 

530,475 

0.95 

0.16 

0.93 

CANADA 

41,144 SunOpta 534,049 0.93 



10,250 Gaylord Entertainment 

12,200 General Cable 

638,188 

480,726 

425,478 

915,244 

1.12 

0.84 

0.74 

1.60 


15,500 UTi Worldwide 

534,049 

307,365 

0.93 

0.53 

48,309 Gentiva Health Services 

18,900 Geo Group 

932,847 

534,870 

1.63 

0.93 

307,365 0.53 

13,450 Healthways 

9,500 Heico 

807,404 

525,350 

1.41 

0.92 

Total Shares 56,066,080 97.96 

10,950 Hittite Microwave 

9,900 Hologic 

7,323 Hornbeck Offshore Services 

532,061 

694,980 

340,300 

0.93 

1.21 

0.59 



56,066,080 97.96 

31,550 Iconix Brand Group 


637,941 

521,768 

1.11 

0.91 


16,600 Innospec 

17,650 Interface - A Shares 

305,440 

296,873 

0.53 

0.52 

Cash 1,294,950 2.26 


54,316 INVESTools 

809,710 

982,033 

1.41 

1.72 


13,950 IPG Photonics 

12,650 J Crew Group 

284,441 

622,760 

0.50 

1.09 


8,970 Kaydon 489,762 0.86 

21,550 Keryx Biopharmaceuticals 185,545 0.32 

27,700 LKQ 

20,100 LoopNet 

48,600 Magma Design Automation 

609,954 

282,606 

607,014 

1.07 

0.49 

1.06 


%of 

Net Assets 

26,889 Marlin Business Services 314,601 0.55 Shares 

13,250 Masimo 

20,500 MedAssets 

530,663 

441,775 

0.93 

0.77 


Health Care 

27.19 

18.40 


13,450 Meridian Bioscience 

24,150 Microsemi 

5,200 Morningstar 

18,950 MSCI - A Shares 

8,650 Myriad Genetics 

15,000 National Financial Partners 

25,400 Neurometrix 

30,250 Neutral Tandem 

232,286 

415,605 

554,243 

401,491 

697,550 

413,816 

692,850 

243,840 

559,625 

0.41 

0.73 

0.97 

0.70 

1.22 

0.72 

1.21 

0.43 

0.98 


Industrials 

Financials 

Energy 

Materials 



Total Shares 


16.17 

15.29 

7.07 

6.88 

3.01 

2.10 

1.85 

97.96 

2.04 

18,825 Northstar Neuroscience 

41,900 Nuance Communications 

176,014 

782,273 

0.31 

1.37 

Total 

100.00 

10,000 Oceaneering International 695,000 1.21 

23,800 Omnicell 640,696 1.12 

50,850 Pacific Sunwear of California 721,053 1.26 

21,600 Penn Virginia 948,456 1.66 

9,650 Powell Industries 430,004 0.75 

5,050 ProAssurance 281,285 0.49 

12,600 Psychiatric Solutions 413,532 0.72 

31,000 Quiksilver 266,910 0.47 

22,400 Red Robin Gourmet Burgers 732,704 1.28 

199 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 

%of 

Net Assets 






Energy 5.82 






Total 

100.00 

200 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


49,800 Kinetic Concepts 2,711,112 0.39 

Shares 

90,600 Kirby 

278,100 Kroger 

4,279,038 

7,539,291 

0.62 

1.09 


72,470 Lockheed Martin 7,834,007 1.14 

171,400 Aetna 

51,200 AGCO 

108,500 Allied Waste Industries 


112,200 Amazon.com 


56,600 Apple 

141,500 Arrow Electronics 

72,043 AT&T 



156,100 Avnet 




79,500 Belden 




47,800 Bunge 

209,600 CA 

13,300 Cameron International 

30,900 Celanese - A Shares 

96,500 Centerpoint Energy 





51,850 Cigna 




603,100 Compuware 




107,400 Deere & Co. 

47,200 DeVry 


110,600 EMC/Massachusetts 


49,100 Energizer Holdings 




78,000 Federated Investors - B Shares 

127,800 Flowers Foods 

31,600 Fossil 

293,700 Foundry Networks 

34,100 FPL Group 


97,000 Frontier Oil 



52,100 Global Industries 


30,700 Guess ? 

51,300 Hasbro 

9,994,334 

3,557,376 

1,195,670 

9,528,162 

10,753,248 

1,344,432 

11,365,280 

5,651,510 

3,056,064 

1,206,225 

2,485,184 

5,543,111 

2,887,308 

5,490,347 

8,307,358 

3,639,510 

5,073,796 

1,321,488 

8,070,876 

5,666,690 

5,382,528 

1,307,257 

1,312,014 

1,689,715 

1,342,905 

2,082,906 

8,258,942 

3,046,950 

2,838,787 

1,570,338 

1,969,722 

4,989,894 

5,301,249 

8,941,070 

2,814,823 

4,402,665 

9,871,134 

2,490,272 

1,392,942 

2,033,934 

2,679,309 

5,587,580 

2,632,608 

3,187,296 

8,226,096 

3,252,600 

3,081,258 

1,349,004 

5,374,710 

2,351,195 

5,405,592 

4,016,770 

3,160,852 

8,100,000 

1,132,654 

5,234,670 

1,246,420 

1,361,502 

1.45 

0.52 

0.17 

1.38 

1.56 

0.20 

1.65 

0.82 

0.44 

0.17 

0.36 

0.80 

0.42 

0.80 

1.21 

0.53 

0.74 

0.19 

1.17 

0.82 

0.78 

0.19 

0.19 

0.25 

0.19 

0.30 

1.20 

0.44 

0.41 

0.23 

0.29 

0.72 

0.77 

1.30 

0.41 

0.64 

1.43 

0.36 

0.20 

0.30 

0.39 

0.81 

0.38 

0.46 

1.19 

0.47 

0.45 

0.20 

0.78 

0.34 

0.78 

0.58 

0.46 

1.18 

0.16 

0.76 

0.18 

0.20 


17,200 Lubrizol 



56,100 Mastercard - A Shares 

137,400 McAfee 




45,800 Men’s Wearhouse 

168,350 Merck & Co. 

73,200 Meredith 



69,700 Mirant 

48,000 Mosaic 

122,800 Nasdaq Stock Market 


70,100 NAVTEQ 

60,950 NCR 


772,400 Novell 


337,200 ON Semiconductor 




157,200 PepsiAmericas 







38,900 Republic Services 



33,800 Sherwin-Williams 


69,500 Southern Union 





41,600 Telephone & Data Systems 

43,100 Tempur-Pedic International 


74,200 Tesoro 





99,900 Valero Energy 



74,800 Waters 


60,000 Western Refining 

5,483,375 

965,608 

4,182,486 

8,393,280 

11,915,079 

5,081,052 

8,088,423 

10,304,196 

7,719,650 

1,262,248 

9,895,613 

4,046,496 

1,205,490 

6,649,337 

2,725,270 

4,636,320 

6,015,972 

8,354,454 

5,288,344 

1,522,531 

5,236,000 

5,329,560 

11,173,812 

3,048,288 

11,525,760 

3,857,744 

5,346,528 

5,409,252 

6,357,378 

7,563,742 

2,740,815 

3,528,780 

1,559,315 

5,959,621 

1,239,743 

1,333,850 

8,257,950 

1,977,638 

4,989,691 

2,062,760 

5,772,609 

1,540,773 

3,365,307 

5,364,783 

2,693,600 

1,149,908 

1,930,600 

3,569,020 

9,535,702 

1,366,500 

6,805,876 

1,644,272 

6,958,035 

5,476,088 

4,981,133 

5,923,412 

5,194,112 

1,465,800 

0.80 

0.14 

0.61 

1.22 

1.73 

0.74 

1.17 

1.49 

1.12 

0.18 

1.44 

0.59 

0.17 

0.96 

0.40 

0.67 

0.87 

1.21 

0.77 

0.22 

0.76 

0.77 

1.62 

0.44 

1.67 

0.56 

0.78 

0.78 

0.92 

1.10 

0.40 

0.51 

0.23 

0.86 

0.18 

0.19 

1.20 

0.29 

0.72 

0.30 

0.84 

0.22 

0.49 

0.78 

0.39 

0.17 

0.28 

0.52 

1.38 

0.20 

0.99 

0.24 

1.01 

0.79 

0.72 

0.86 

0.76 

0.22 

49,800 Health Net 


2,413,308 

6,033,825 

0.35 

0.88 

640,529,177 92.92 




36,550 Humana 

21,000 IHS - A Shares 

395,800 Intel 

132,900 Interactive Data 


10,917,400 

7,264,444 

1,256,716 

2,783,283 

1,283,520 

10,738,054 

4,328,553 

11,031,000 

1.58 

1.05 

0.18 

0.40 

0.19 

1.56 

0.63 

1.60 

BERMUDA 


21,700 ACE 

35,500 Axis Capital Holdings 

32,800 Endurance Specialty Holdings 

194,700 Invesco 

296,800 Warner Chilcott - A Shares 

10,227,686 

1,346,702 

1,412,190 

1,377,600 

6,098,004 

5,223,680 

1.49 

0.20 

0.20 

0.20 

0.88 

0.76 

10,300 Intuitive Surgical 

56,900 Invitrogen 

17,200 ITT Educational Services 

156,200 Janus Capital Group 


3,363,465 

5,272,923 

1,492,960 

5,185,840 

2,003,965 

0.49 

0.76 

0.22 

0.75 

0.29 




25,685,862 

5,249,170 

5,138,382 

3.73 

0.76 

0.75 

169,600 Juniper Networks 

102,800 Kansas City Southern 

5,739,264 

3,528,096 

0.83 

0.51 

10,387,552 1.51 

201 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

SWITZERLAND 

29,000 Mettler Toledo International 3,337,030 0.47 

3,337,030 0.47 

Total Shares 679,939,621 98.61 



679,939,621 98.61 


Cash 8,836,900 1.28 




Shares 

%of 

Net Assets 





Energy 8.79 








Total 

100.00 


Shares 

%of 

Net Assets 






Energy 7.64 







Total 

100.00 

202 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Settlement 

Date 

Currency 

Amount 


203 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-08 EUR 43,323,194 USD 63,423,566 240,115 

17-Jan-08 USD 1,728,283 EUR 1,190,974 (21,859) 

Total 

218,256




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


Shares 


117,000 Adobe Systems 5,020,470 2.38 

89,200 Amazon.com 8,548,928 4.06 

116,700 Amphenol - A Shares 5,463,894 2.59 

67,400 Ansys 2,830,800 1.34 

56,500 Apple 11,345,200 5.39 

167,500 Applied Materials 3,009,975 1.43 

234,200 Arris Group 2,330,290 1.11 

84,400 AT&T 3,580,248 1.70 

76,200 Autodesk 3,832,098 1.82 

51,700 Bankrate 2,481,083 1.18 

50,150 Broadcom - A Shares 1,311,924 0.62 

136,400 CA 3,502,752 1.66 

151,000 Cadence Design Systems 2,574,550 1.22 

39,600 Ceradyne 1,878,228 0.89 

211,000 Cisco Systems 5,863,690 2.78 

99,200 Citrix Systems 3,740,832 1.78 

51,300 CommScope 2,524,473 1.20 

184,000 Corning 4,460,160 2.12 

47,200 Digital River 1,559,960 0.74 

64,800 Dolby Laboratories - A Shares 3,331,368 1.58 

67,600 EchoStar Communications - A Shares 2,503,904 1.19 

267,300 EMC/Massachusetts 4,915,647 2.33 

82,794 Flir Systems 2,681,698 1.27 

144,700 Foundry Networks 2,648,010 1.26 

11,500 Google - A Shares 8,096,000 3.84 

74,700 Harris 4,662,027 2.21 

57,600 Hewlett-Packard 2,976,768 1.41 

175,200 Intel 4,753,176 2.26 

27,300 International Business Machines 3,011,463 1.43 

39,300 Kla-Tencor 1,930,809 0.92 

45,000 L-3 Communications Holdings 4,815,000 2.29 

63,600 Lam Research 2,775,504 1.32 

142,700 Magma Design Automation 1,782,323 0.85 


37,700 Micros Systems 2,693,665 1.28 

108,600 Microsoft 3,912,858 1.86 

69,300 Network Appliance 1,753,983 0.83 

113,800 Nuance Communications 2,124,646 1.01 

190,250 Nvidia 6,647,335 3.16 

328,200 Oracle 7,614,240 3.62 

55,300 Qualcomm 2,186,562 1.04 

52,200 SanDisk 1,738,787 0.83 

161,000 Symantec 2,635,570 1.25 

150,100 Teradyne 1,574,549 0.75 

58,200 Tessera Technologies 2,449,056 1.16 

110,000 Texas Instruments 3,698,200 1.76 

66,700 VeriFone Holdings 1,582,791 0.75 

137,600 Xerox 2,236,000 1.06 

176,487,594 83.81 

CANADA 


63,200 Rogers Communications - B Shares 2,907,200 1.38 

12,862,958 6.11 

FINLAND 

185,800 Nokia ADR 7,220,188 3.43 

7,220,188 3.43 


133,300 Seagate Technology 3,447,138 1.63 

3,447,138 1.63 

TAIWAN 


3,125,706 1.48 

BERMUDA 


2,666,160 1.27 

204 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 

GUERNSEY 

67,700 Amdocs 2,301,123 1.09 

2,301,123 1.09 

Total Shares 208,110,867 98.82 



208,110,867 98.82 


Cash 2,576,511 1.22 




Shares 

%of 

Net Assets 







Total 

100.00 


Shares 

%of 

Net Assets 







Total 

100.00




Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets 


61,300 WM Wrigley Jr 3,627,121 0.33 

Shares 

120,200 Wyeth 5,338,082 0.49 


1,034,779,997 95.22 

1 ACCO Brands 

199,900 Aflac 

451,100 Albemarle 




16 

12,551,721 

19,261,970 

18,972,207 

10,096,930 

17,585,514 

0.00 

1.16 

1.77 

1.75 

0.93 

1.62 

BERMUDA 


157,200 IPC Holdings 

449,000 OneBeacon Insurance Group 


6,018,408 

4,648,404 

9,927,390 

8,662,808 

0.56 

0.43 

0.91 

0.80 

334,800 Anheuser-Busch Companies 


844,700 AT&T 

366,668 Autonation 

17,828,100 

32,683,581 

35,832,174 

5,676,021 

1.64 

3.01 

3.30 

0.52 

BAHAMAS 

295,300 Teekay 

29,257,010 

16,014,119 

2.70 

1.47 



7,998,432 

15,352,168 

0.74 

1.41 

16,014,119 1.47 



13,367,993 

5,238,716 

1.23 

0.48 

Total Shares 1,080,051,126 99.40 

209,700 Bed Bath & Beyond 

46 Berkshire Hathaway - A Shares 

502,400 Brookfield Properties 

6,127,434 

6,440,000 

9,972,640 

0.56 

0.59 

0.92 



1,080,051,126 99.40 



6,494,670 

9,565,330 

0.60 

0.88 


810,232 Charles Schwab 


20,417,846 

18,267,060 

1.88 

1.68 

Cash 10,146,896 0.93 

440,500 Chubb 


24,073,325 

17,520,135 

2.22 

1.61 


313,600 Clear Channel Communications 

109,500 Clorox 

10,976,000 

7,210,575 

1.01 

0.66 


252,300 Coca-Cola 15,826,779 1.46 

113,900 Columbia Sportswear 5,085,635 0.47 

494,300 Comcast Special - A Shares 



9,055,576 

21,818,997 

8,630,718 

0.83 

2.01 

0.79 


%of 

Net Assets 

315,600 Coventry Health Care 18,781,356 1.73 Shares 

88,000 Crane 


3,845,600 

44,487,156 

0.35 

4.09 

Financials 


27.47 

13.75 

209,400 Dover 

138,900 Emerson Electric 


182,400 Fortune Brands 



197,400 Genuine Parts 

152,100 Illinois Tool Works 


9,684,750 

7,989,528 

48,199,040 

13,331,616 

4,351,961 

7,625,860 

9,396,240 

8,278,803 

9,475,629 

0.89 

0.74 

4.44 

1.23 

0.40 

0.70 

0.86 

0.76 

0.87 

Energy 

Industrials 



Health Care 

Utilities 

Materials 


Total Shares 

12.22 

8.62 

8.53 

7.91 

6.88 

5.33 

4.73 

3.96 

99.40 

145,500 J.C. Penney 6,329,250 0.58 Cash and Other Assets/(Liabilities) 0.60 


354,844 Liberty Media - Interactive - A Shares 

5,706,704 

6,905,264 

0.53 

0.64 

Total 

100.00 

207,300 Loews 10,228,182 0.94 

157,300 M&T Bank 12,860,848 1.18 

97,200 McDonald’s 5,776,596 0.53 

304,300 Merck & Co. 17,886,754 1.65 



14,132,052 

18,872,514 

1.30 

1.74 


%of 

Net Assets 

284,100 Northeast Utilities 8,880,966 0.82 

754,400 Old Republic International 11,730,920 1.08 Shares 





204,600 Rayonier 




152,500 Sigma-Aldrich 

462,900 Sprint Nextel 

429,400 Staples 

157,500 SunTrust Banks 

11,445,314 

8,458,520 

6,903,990 

5,998,218 

9,677,580 

5,990,436 

7,928,380 

15,074,100 

8,509,500 

6,235,263 

9,893,376 

9,765,000 

1.05 

0.78 

0.64 

0.55 

0.89 

0.55 

0.73 

1.39 

0.78 

0.57 

0.91 

0.90 

Financials 


Industrials 

Energy 



Health Care 

Utilities 

Materials 


Total Shares 


33.84 

15.28 

9.70 

9.02 

7.46 

6.75 

6.03 

3.90 

3.85 

3.70 

99.53 

0.47 

708,300 Synovus Financial 

250,000 Sysco 

17,070,030 

7,965,000 

1.57 

0.73 

Total 

100.00 

188,500 TJX 5,432,570 0.50 

296,500 UGI 8,041,080 0.74 




141,700 VF 9,988,433 0.92 

69,200 Vulcan Materials 5,476,488 0.50 


393,700 Wachovia 15,149,576 1.39 

170,900 Walt Disney 5,576,467 0.51 

17,200 Washington Post - B Shares 13,753,980 1.27 

357,900 Western Union 8,689,812 0.80 

853,100 Williams 30,941,937 2.85 

332,800 Wilmington Trust 11,737,856 1.08 

666,817 Windstream 8,681,957 0.80 

205 

Quantity/ 

Nominal 

Value 


Value 

% of 

Net 

Assets




Settlement 

Date 

Currency 

Amount 


206 

Amount 

Sold 

Unrealised 

Gain/ 

(Loss) 

17-Jan-08 EUR 25,491,812 USD 37,388,128 72,236 

17-Jan-08 USD 19,352,850 EUR 13,254,414 (124,588) 

Total 

(52,352)


Appendix - Unaudited Additional Disclosures 

1. Fund Total Expense Ratios **** 

(continued) 

For the 

period 

ended 

31 Dec 07 

For the 

Capped 

period For the For the For the For the For the Expense 

ended year ended year ended year ended year ended year ended Ratio 

31 Dec 07* 30 Jun 07 30 Jun 06 30 Jun 05 30 Jun 04 30 Jun 03 31 Dec 07 

207 

Inception 

Date 


JPM America Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.50% - - - 31-Mar-05 

JPM America Equity A (acc) - EUR (hedged) 1.90% - 1.90% - - - - - 15-Mar-07 

JPM America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 16-Nov-88 

JF America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM America Equity B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - - 26-Aug-04 

JPM America Equity C (acc) - USD 0.81% - 0.79% 0.79% 0.72% - - 0.85% 26-Aug-04 

JPM America Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM America Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - - 08-May-06 

JPM America Equity D (acc) - EUR (hedged) 2.65% - 2.65% - - - - - 15-Mar-07 



0.11% - 0.10% 0.11% 0.09% - - 0.15% 24-Nov-04 

JPM America Large Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM America Large Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Apr-99 

JPM America Large Cap B (acc) - USD 1.15% - 1.20% 1.20% - - - - 21-Feb-06 



2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM America Micro Cap A (acc) - USD 1.90% 1.90% 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM America Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 16-Nov-88 

JF America Micro Cap A (dist) - USD 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 

JPM America Micro Cap D (acc) - USD 2.90% 2.90% 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JPM America Micro Cap X (acc) - USD** 


- 0.41% 0.11% 0.13% 0.08% - - - 09-Dec-04 

JPM Brazil Alpha Plus A (acc) - USD* 1.90% - - - - - - - 18-Oct-07 

JPM Brazil Alpha Plus D (acc) - USD* 2.90% - - - - - - - 18-Oct-07 

JPM Brazil Alpha Plus I (acc) - USD* 


0.22% - - - - - - 1.06% 18-Oct-07 

JPM Eastern Europe Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - - 31-Mar-05 

JPM Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 04-Jul-94 

JF Eastern Europe Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Jun-01 

JPM Eastern Europe Equity B (acc) - EUR 1.20% - 1.55% 1.55% - - - - 20-Mar-06 

JPM Eastern Europe Equity C (acc) - EUR 1.10% - 1.06% 1.05% 0.45% - - 1.10% 24-Feb-05 

JPM Eastern Europe Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00 

JPM Eastern Europe Equity I (acc) - EUR 1.04% - 1.02% 1.06% - - - 1.06% 26-Jun-06 



0.19% - 0.17% 0.16% 0.13% - - 0.20% 09-Nov-04 

JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 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% 1.95% - 16-Apr-97 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - - 03-Sep-04 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.10% - 1.08% 1.08% 0.45% - - 1.10% 01-Feb-05 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 1.06% - 1.05% 0.01% - - - 1.06% 26-Jun-06 



- - 0.12% 0.20% 0.08% - - 0.20% 08-Feb-05 

JPM Emerging Markets Alpha Plus A (acc) - USD 1.90% - 1.90% - - - - - 30-Aug-06 

JPM Emerging Markets Alpha Plus A (dist) - USD 1.90% - 1.90% - - - - - 30-Aug-06 



2.90% - 2.90% - - - - - 30-Aug-06 

JPM Emerging Markets Debt A (acc) - EUR 1.55% - 1.55% 1.55% 1.55% - - - 01-Apr-05 

JPM Emerging Markets Debt A (dist) - EUR 1.55% - 1.55% 1.55% 1.55% 1.40% 1.40% - 14-Mar-97 

JPM Emerging Markets Debt C (acc) - EUR 0.37% - 0.03% - - - - 0.70% 13-Jun-06 

JPM Emerging Markets Debt D (acc) - EUR 2.25% - 2.25% 2.25% 2.25% 2.25% 2.00% - 13-Oct-00 

JPM Emerging Markets Debt I (inc) - EUR 0.10% - 0.03% - - - - 0.66% 14-Jun-07 



0.38% - 0.02% - - - - 0.15% 21-May-97 

JPM Emerging Markets Equity A (acc) - USD 1.90% - 1.90% 1.90% - - - - 31-Mar-05 

JPM Emerging Markets Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 26-Sep-05 

JPM Emerging Markets Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

JPM Emerging Markets Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Emerging Markets Equity B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - - 21-Dec-04 

JPM Emerging Markets Equity C (acc) - USD 1.08% - 1.07% 1.07% 0.45% - - 1.10% 01-Feb-05 

JPM Emerging Markets Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JPM Emerging Markets Equity D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 08-May-06 

JPM Emerging Markets Equity I (acc) - USD 1.03% - 1.02% - - - - 1.06% 27-Jun-06 

JPM Emerging Markets Equity I (inc) - EUR 1.03% - 1.02% 0.09% - - - 1.06% 30-May-06 

JPM Emerging Markets Equity X (acc) - USD 0.18% - 0.17% 0.18% 0.12% - - 0.20% 23-Nov-04 



0.18% - 0.17% 0.10% - - - 0.20% 19-Dec-05 

JPM Emerging Markets Small Cap A (acc) - USD* 1.90% 4.54% - - - - - - 15-Nov-07 

JPM Emerging Markets Small Cap A (acc) - EUR* 1.90% 4.54% - - - - - - 15-Nov-07 

JPM Emerging Markets Small Cap A (dist) - GBP* 1.90% 4.54% - - - - - - 15-Nov-07 

JPM Emerging Markets Small Cap D (acc) - USD* 


2.90% 5.44% - - - - - - 15-Nov-07 

JPM Euro Liquid Reserve A (acc) - EUR 0.65% - 0.65% 0.65% - - - - 22-May-06 




0.75% - 0.75% - - - - - 30-Aug-06




For the 

period 

ended 

31 Dec 07 

For the 

Capped 




208 

Inception 

Date 


JPM Euroland Equity A (acc) - EUR 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% 1.65% 1.65% - 16-Nov-88 

JPM Euroland Equity A (inc) - EUR* 1.90% - - - - - - - 18-Oct-07 

JF Euroland Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Euroland Equity C (acc) - EUR 0.83% - 0.83% 0.83% 0.54% - - 0.85% 09-Sep-04 

JPM Euroland Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM Euroland Equity I (acc) - EUR 0.78% - 0.78% - - - - 0.81% 28-Jun-06 



0.06% - - - - - - 0.15% 03-Aug-07 

JPM Euroland Equity A (acc) - EUR 1.90% - - - - - - - 24-Jul-07 

JPM Euroland Equity D (acc) - EUR 2.65% - - - - - - - 24-Jul-07 

JPM Euroland Equity X (acc) - EUR* 


0.03% - - - - - - 0.15% 30-Nov-07 

JPM Europe 130/30 A (acc) - EUR 1.90% 1.93% 1.90% - - - - - 25-Jun-07 

JPM Europe 130/30 A (acc) - USD* 1.90% 2.96% - - - - - - 25-Jun-07 

JPM Europe 130/30 A (dist) - EUR 1.90% 1.90% - - - - - - 20-Dec-07 

JPM Europe 130/30 A (dist) - GBP 1.90% 1.90% - - - - - - 20-Jul-07 

JPM Europe 130/30 D (acc) - EUR 2.90% 2.94% 2.90% - - - - - 25-Jun-07 

JPM Europe 130/30 D (acc) - USD* 2.90% 3.90% - - - - - - 20-Dec-07 



0.06% 0.59% - - - - - 0.15% 09-Aug-07 

JPM Europe Aggregate Plus Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% - - - 31-Mar-05 

JPM Europe Aggregate Plus Bond A (inc) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 18-May-95 

JPM Europe Aggregate Plus Bond B (acc) - EUR 0.70% - 0.80% 0.80% 0.80% - - - 23-Dec-04 

JPM Europe Aggregate Plus Bond C (acc) - EUR 0.60% - 0.30% - - - - 0.60% 19-Jun-07 

JPM Europe Aggregate Plus Bond D (acc) - EUR 1.50% - 1.50% 1.50% 1.50% 1.50% 1.35% - 13-Oct-00 



0.57% - 0.02% - - - - 0.10% 21-May-07 

JPM Europe Balanced (EUR) A (acc) - EUR 1.85% - 1.85% 1.85% 1.85% - - - 31-Mar-05 

JPM Europe Balanced (EUR) A (dist) - EUR 1.85% - 1.85% 1.85% 1.85% 1.40% 1.40% - 31-Aug-95 

JPM Europe Balanced (EUR) B (acc) - EUR 1.05% - - - - - - - 10-Dec-07 



2.35% - 2.35% 2.35% 2.35% 2.35% 2.20% - 13-Oct-00 

JPM Europe Convergence Equity A (acc) - EUR 1.95% - 1.95% 1.95% 1.95% - - - 01-Apr-05 

JPM Europe Convergence Equity A (dist) - EUR 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 15-Sep-00 

JPM Europe Convergence Equity C (acc) - EUR 1.11% - 1.10% 1.08% 0.27% - - 1.10% 04-Apr-05 

JPM Europe Convergence Equity D (acc) - EUR 2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00 

JPM Europe Convergence Equity I (acc) - EUR** 


- - 0.12% - - - - - 27-Jun-06 

JPM Europe Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 

JPM Europe Dynamic A (dist) - EUR 1.90% - 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% 1.90% - 08-Dec-00 

JF 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% - 1.50% 1.50% 1.50% - - - 26-Aug-04 

JPM Europe Dynamic C (acc) - EUR 0.98% - 0.97% 0.98% 0.84% - - 1.00% 26-Aug-04 

JPM Europe Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 08-Dec-00 

JPM Europe Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% - - - 01-Oct-04 

JPM Europe Dynamic I (acc) - EUR** 0.87% - 0.91% - - - - 0.96% 12-Jul-06 



0.14% - 0.13% 0.14% 0.10% - - 0.15% 25-Oct-04 

JPM Europe Dynamic Mega Cap A (acc) - EUR 1.90% - 1.90% 1.95% - - - - 20-Sep-05 

JPM Europe Dynamic Mega Cap A (acc) - USD 1.90% - - - - - - - 26-Sep-07 

JPM Europe Dynamic Mega Cap A (dist) - EUR 1.90% - 1.90% 1.95% - - - - 09-May-06 

JPM Europe Dynamic Mega Cap A (inc) - EUR 1.90% - 1.90% 1.90% - - - - 15-May-06 

JPM Europe Dynamic Mega Cap B (acc) - EUR 1.15% - 1.50% 1.50% - - - - 27-Mar-06 

JPM Europe Dynamic Mega Cap C (acc) - EUR 0.98% - 0.99% 1.00% - - - 1.00% 11-Jan-06 

JPM Europe Dynamic Mega Cap D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 03-Feb-06 

JPM Europe Dynamic Mega Cap D (acc) - USD 2.90% - - - - - - - 26-Sep-07 

JPM Europe Dynamic Mega Cap I (acc) - EUR 0.93% - 0.84% - - - - 0.96% 07-Aug-06 



0.14% - 0.14% 0.20% - - - 0.15% 27-Jan-06 

JPM Europe Dynamic Small Cap A (acc) - EUR 1.90% 2.46% 1.90% 1.90% - - - - 27-Jan-05 

JPM Europe Dynamic Small Cap A (dist) - EUR 1.90% 2.43% 1.90% 1.90% - - - - 12-Jan-06 

JPM Europe Dynamic Small Cap D (acc) - EUR 2.90% 3.40% 2.90% 2.90% - - - - 06-Dec-05 



0.15% 0.73% 0.15% 0.15% - - - - 17-Jan-06 

JPM Europe Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JPM Europe Equity A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 

JPM Europe Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 

JF Europe Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Europe Equity B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - - 26-Aug-04 

JPM Europe Equity C (acc) - EUR 0.81% - 0.81% 0.82% 0.72% - - 0.85% 26-Aug-04 

JPM Europe Equity D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM Europe Equity D (acc) - USD 2.65% - 2.65% 2.65% - - - - 27-Jun-06 

JPM Europe Equity I (acc) - EUR 0.77% - 0.78% - - - - 0.81% 28-Jun-06 

JPM Europe Equity I (inc) - EUR 0.55% - 0.16% - - - - 0.81% 16-Apr-07 



0.12% - 0.12% 0.13% 0.10% - - 0.15% 14-Sep-04




For the 

period 

ended 

31 Dec 07 

For the 

Capped 




209 

Inception 

Date 


JPM Europe Focus A (acc) - EUR 1.90% 1.90% 1.90% 1.90% - - - - 13-Mar-06 

JPM Europe Focus A (acc) - USD* 1.90% 1.86% - - - - - - 20-Dec-07 

JPM Europe Focus A (dist) - EUR 1.90% 1.94% 1.90% - - - - - 17-Nov-06 

JPM Europe Focus C (acc) - EUR 0.69% 1.01% 0.22% - - - - 1.00% 12-Apr-07 

JPM Europe Focus D (acc) - EUR 2.90% 2.91% 2.90% 2.90% - - - - 13-Mar-06 

JPM Europe Focus D (acc) - USD* 2.90% 2.90% - - - - - - 20-Dec-07 



0.11% 0.15% 0.04% - - - - 0.15% 30-Mar-07 

JPM Europe High Yield Bond A (acc) - EUR 1.10% - 1.10% 1.10% 1.10% - - - 01-Apr-05 

JPM Europe High Yield Bond A (dist) - EUR 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 05-Oct-98 

JPM Europe High Yield Bond C (acc) - EUR* 0.02% - - - - - - 0.60% 07-Dec-07 

JPM Europe High Yield Bond D (acc) - EUR 1.65% - 1.65% 1.65% 1.65% 1.65% 1.35% - 13-Oct-00 

JPM Europe High Yield Bond X (acc) - EUR 


0.05% - - - - - - 0.10% 06-Jul-07 

JPM Europe Micro Cap A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 23-Nov-05 

JPM Europe Micro Cap A (dist) - EUR 1.90% - 1.90% 1.90% - - - - 18-Nov-05 



1.90% - 2.90% 2.90% - - - - 05-Dec-05 

JPM Europe Select 130/30 A (acc) - EUR 1.90% 1.90% 1.90% - - - - - 25-Jun-07 

JPM Europe Select 130/30 A (acc) - USD* 1.90% 1.87% - - - - - - 20-Dec-07 

JPM Europe Select 130/30 A (dist) - GBP* 1.90% 1.90% - - - - - - 20-Jul-07 

JPM Europe Select 130/30 D (acc) - EUR 2.90% 2.90% 2.90% - - - - - 25-Jun-07 

JPM Europe Select 130/30 D (acc) - USD* 2.90% 2.91% - - - - - - 20-Dec-07 

JPM Europe Select 130/30 X (acc) - EUR* 


0.06% 0.15% - - - - - 0.15% 09-Aug-07 

JPM Europe Small Cap A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 

JPM Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-Apr-94 

JPM Europe Small Cap A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JF Europe Small Cap A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Europe Small Cap B (acc) - EUR 1.15% - 1.50% 1.50% 1.50% - - - 26-Aug-04 

JPM Europe Small Cap C (acc) - EUR 0.98% - 0.99% 1.00% 0.84% - - 1.00% 26-Aug-04 

JPM Europe Small Cap D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JPM Europe Small Cap I (acc) - EUR 0.95% - 0.95% - - - - 0.96% 27-Jun-06 



0.15% - 0.15% 0.15% 0.09% - - 0.15% 24-Nov-04 

JPM Europe Strategic Growth A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 

JPM Europe Strategic Growth A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 14-Feb-00 

JPM Europe Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JPM Europe Strategic Growth B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - - 26-Aug-04 

JPM Europe Strategic Growth C (acc) - EUR 0.92% - 0.93% 0.93% 0.31% - - 0.95% 01-Mar-05 

JPM Europe Strategic Growth D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM Europe Strategic Growth I (inc) - EUR 0.88% - 0.49% 0.04% - - - 0.91% 13-Jun-06 

JPM Europe Strategic Growth I (acc) - EUR 0.88% - 0.44% - - - - 0.91% 29-Jun-06 



0.13% - 0.14% 0.15% 0.10% - - 0.15% 23-Nov-04 

JPM Europe Strategic Value A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 

JPM Europe Strategic Value A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 14-Feb-00 

JPM Europe Strategic Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JPM Europe Strategic Value B (acc) - EUR 1.15% - 1.30% 1.30% 1.30% - - - 26-Aug-04 

JPM Europe Strategic Value C (acc) - EUR 0.91% - 0.91% 0.92% 0.79% - - 0.95% 01-Sep-04 

JPM Europe Strategic Value D (acc) - EUR 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM Europe Strategic Value I (inc) - EUR 0.87% - 0.87% 0.04% - - - 0.91% 13-Jun-06 

JPM Europe Strategic Value I (acc) - EUR 0.87% - 0.87% - - - - 0.91% 27-Jun-06 



0.12% - 0.13% 0.14% 0.09% - - 0.15% 23-Nov-04 

JPM Europe Technology A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 

JPM Europe Technology A (dist) - EUR 1.90% - 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% 1.90% - 13-Oct-00 

JF Europe Technology A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPM Europe Technology D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 



0.07% - - - - - - 0.20% 09-Aug-07 

JPM Germany Equity A (acc) - EUR 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% 1.90% - 02-Jun-00 

JF Germany Equity A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JPM Germany Equity B (acc) - EUR* 1.15% - - - - - - - 10-Dec-07 

JPM Germany Equity D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JPM Germany Equity X (acc) - EUR* 


0.01% - - - - - - 0.15% 30-Nov-07 

JPM Global Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - - 31-Mar-05 

JPM Global Aggregate Bond A (dist) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 16-Nov-88 

JPM Global Aggregate Bond B (acc) - USD** 1.10% - 0.80% 0.80% 0.80% - - - 23-Dec-04 

JPM Global Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.59% 0.28% - - 0.60% 13-Jan-05 

JPM Global Aggregate Bond D (acc) - USD 1.50% - 1.50% 1.50% 1.50% 1.50% 1.35% - 13-Oct-00 

JPM Global Aggregate Bond X (acc) - USD** 0.09% - 0.10% 0.10% 0.04% - - 0.10% 01-Feb-05




For the 

period 

ended 

31 Dec 07 

For the 

Capped 




Inception 

Date 


JPM Global Convertibles (EUR) A (acc) - EUR 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% 1.65% - 04-May-01 

JF Global Convertibles (EUR) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 20-Jun-03 

JPM Global Convertibles (EUR) B (acc) - EUR 1.00% - 1.25% 1.25% 1.25% - - - 01-Dec-04 

JPM Global Convertibles (EUR) C (acc) - EUR 0.90% - 0.90% 0.91% 0.77% - - 0.95% 08-Sep-04 

JPM Global Convertibles (EUR) D (acc) - EUR 2.15% - 2.15% 2.15% 2.15% 2.15% 2.00% - 04-May-01 

JPM Global Convertibles (EUR) I (inc) - EUR 0.89% - 0.43% - - - - 0.91% 09-Jan-07 

JPM Global Convertibles (EUR) I (acc) - EUR 0.74% - 0.30% - - - - 0.91% 01-Mar-07 



0.11% - 0.11% 0.11% 0.09% - - 0.15% 23-Nov-04 

JPM Global Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM Global Dynamic A (acc) - EUR 1.90% - 1.90% - - - - - 21-Nov-06 

JPM Global Dynamic A (acc) - EUR (hedged)* 1.90% - - - - - - - 30-Oct-07 

JPM Global Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JF 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% - - - - 15-May-06 

JPM Global Dynamic A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 08-Dec-00 

JPM Global Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - - 26-Aug-04 

JPM Global Dynamic C (acc) - USD 0.95% - 0.95% 0.96% 0.84% - - 1.00% 26-Aug-04 

JPM Global Dynamic C (acc) - EUR 0.52% - 0.03% - - - - 1.00% 20-Jun-07 

JPM Global Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 08-May-06 

JPM Global Dynamic D (acc) - EUR (hedged)* 2.90% - - - - - - - 30-Oct-07 

JPM Global Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 08-Dec-00 

JPM Global Dynamic I (acc) - USD 0.60% - 0.14% - - - - 0.96% 07-May-07 

JPM Global Dynamic X (acc) - USD 0.12% - 0.11% 0.12% 0.09% - - 0.15% 23-Nov-04 



0.11% - 0.05% - - - - 0.15% 19-Jan-07 

JPM Global Equity (EUR) A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM Global Equity (EUR) A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 

JPM Global Equity (EUR) C (acc) - EUR 0.79% - 0.79% 0.78% - - - 0.80% 06-Jul-05 



2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM Global Equity (USD) A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 16-Nov-88 

JF Global Equity (USD) A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 01-Jun-01 

JPM Global Equity (USD) B (acc) - USD** 1.30% - 1.30% 1.30% - - - - 22-Jun-06 

JPM Global Equity (USD) C (acc) - USD 0.79% - 0.78% 0.79% 0.64% - - 0.80% 09-Sep-04 

JPM Global Equity (USD) D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 



0.14% - 0.14% 0.04% - - - 0.15% 21-Mar-06 

JPM Global Focus A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM Global Focus A (acc) - EUR (hedged)* 1.90% - - 

JPM Global Focus A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 23-May-03 

JF Global Focus A (dist) - USD 1.90% - 1.90% - - - - - 04-Dec-06 

JPM Global Focus B (acc) - EUR** 1.50% - - 

JPM Global Focus C (acc) - EUR 0.99% - 1.00% 0.44% - - - 1.00% 20-Jan-06 

JPM Global Focus D (acc) - EUR 2.90% - 2.90% 2.90% 2.90% 2.50% 2.50% - 23-May-03 

JPM Global Focus D (acc) - EUR (hedged)* 2.90% - - 



0.15% - 0.15% 0.15% 0.09% - - 0.15% 24-Nov-04 

JPM Global Life Sciences A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM Global Life Sciences A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 14-Apr-00 

JPM Global Life Sciences A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JF Global Life Sciences A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 



2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JPM Global Natural Resources A (acc) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 21-Dec-04 

JPM Global Natural Resources A (dist) - EUR 1.90% - 1.90% 1.90% 1.90% - - - 14-Mar-05 

JPM Global Natural Resources A (acc) - USD 1.90% - 1.90% - - - - - 12-Sep-06 

JPM Global Natural Resources B (acc) - EUR 1.15% - 1.50% 1.50% - - - - 25-Apr-05 

JPM Global Natural Resources C (acc) - EUR 0.98% - 0.97% 1.01% 0.31% - - 1.05% 14-Mar-05 

JPM Global Natural Resources C (acc) - USD 0.74% - 0.23% - - - - 1.05% 05-Apr-07 

JPM Global Natural Resources D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 05-Dec-05 

JPM Global Natural Resources D (acc) - USD 2.90% - 2.90% - - - - - 08-Jun-07 



0.13% - 0.13% 0.14% 0.04% - - 0.20% 19-Apr-05 

JPM Global Real Estate Securities A (acc) - EUR 1.90% - 1.90% - - - - - 01-Sep-06 

JPM Global Real Estate Securities A (inc) - EUR 1.90% - 1.90% - - - - - 01-Sep-06 

JPM Global Real Estate Securities C (acc) - EUR 0.48% - 0.09% - - - - 0.80% 22-May-07 

JPM Global Real Estate Securities D (acc) - EUR 2.65% - 2.65% - - - - - 01-Sep-06 



0.10% - 0.02% - - - - 0.15% 21-May-07 

JPM Global Real Estate Securities A (acc) - USD 1.90% - 1.90% - - - - - 01-Sep-06 

JPM Global Real Estate Securities D (acc) - USD 2.65% - 2.65% - - - - - 01-Sep-06 

JPM Global Real Estate Securities X (acc) - USD 0.15% - 0.10% - - - - 0.15% 06-Nov-06 


JPM Global Socially Responsible A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM Global Socially Responsible A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 

JPM Global Socially Responsible D (acc) - USD 2.90% 

210 

- 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00




For the 

period 

ended 

31 Dec 07 

For the 

Capped 




211 

Inception 

Date 


JF Asia Alpha Plus A (acc) - USD 1.90% 2.88% 1.90% 1.90% - - - - 09-Nov-05 

JF Asia Alpha Plus A (dist) - USD* 


1.90% 3.02% - - - - - - 19-Oct-07 

JF Asia Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Asia Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 02-Oct-98 

JF Asia Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JF Asia Equity B (acc) - USD** 1.15% - 1.25% 1.25% 1.25% - - - 23-Dec-04 

JF Asia Equity C (acc) - USD 1.01% - 0.99% 0.99% 0.84% - - 1.00% 26-Aug-04 

JF Asia Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JF Asia Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - - 08-May-06 

JF Asia Equity I (acc) - USD 0.96% - 0.95% 0.01% - - - 0.96% 26-Jun-06 

JF Asia Equity X (acc) - USD 


0.20% - 0.20% 0.20% 0.11% - - 0.20% 16-Dec-04 

JF China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 

JF China B (acc) - USD 1.15% - 1.50% 1.50% - - - - 21-Feb-06 

JF China C (acc) - USD 0.94% - 0.94% 0.97% 0.41% - - 1.00% 01-Feb-05 

JF China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JF China I (acc) - USD 0.76% - 0.30% - - - - 0.96% 26-Feb-07 



0.11% - 0.02% - - - - 0.20% 18-May-07 

JF Greater China A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Greater China A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Greater China B (acc) - USD 1.15% - 1.50% 1.50% - - - - 10-Feb-06 

JF Greater China C (acc) - USD 0.99% - 0.98% 1.00% 0.41% - - 1.00% 01-Feb-05 

JF Greater China D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JF Greater China I (acc) - USD** - - 0.58% 0.20% 0.11% - - - 09-Dec-04 



0.20% - 0.19% - - - - 0.20% 09-Dec-04 

JF Hong Kong A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Hong Kong A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Hong Kong B (acc) - USD 1.15% - 1.50% 1.50% - - - - 10-Feb-06 

JF Hong Kong C (acc) - USD 1.02% - 1.00% 1.00% 0.44% - - 1.00% 20-Jan-05 



2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 25-May-01 

JF India A (acc) - USD 2.10% - 2.10% 2.10% 2.10% - - - 31-Mar-05 

JF India A (dist) - USD 2.10% - 2.10% 2.10% 2.10% 2.10% 2.10% - 31-Aug-95 

JF India B (acc) - USD 1.35% - 1.70% 1.70% 1.70% - - - 03-Sep-04 

JF India C (acc) - USD 1.08% - 1.09% 1.10% 0.58% - - 1.20% 05-Jan-05 

JF India D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.70% - 13-Oct-00 



0.28% - 0.30% 0.34% 0.22% - - 0.40% 09-Dec-04 

JF Japan Alpha Plus A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Japan Alpha Plus A (dist) - USD 1.90% - 1.90% 1.90% 1.90% - - - 18-Aug-04 



2.90% - 2.90% 2.90% 2.90% - - - 18-Aug-04 

JF Japan Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Japan Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 12-Jun-06 

JF Japan Equity A (acc) - JPY 1.90% - 1.90% 1.90% - - - - 10-Jan-06 

JF Japan Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 

JF Japan Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JF Japan Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - - 26-Aug-04 

JF Japan Equity C (acc) - USD 0.90% - 0.89% 0.91% 0.24% - - 0.95% 26-Aug-04 

JF Japan Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JF Japan Equity D (acc) - EUR 2.65% - 2.65% 2.65% - - - - 08-May-06 

JF Japan Equity J (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Apr-02 

JF Japan Equity I (acc) - USD 0.86% - 0.85% - - - - 0.91% 27-Jun-06 



0.12% - 0.11% 0.13% 0.09% - - 0.15% 24-Nov-04 

JF Japan Small Cap A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Japan Small Cap A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 04-Jul-94 

JF Japan Small Cap B (acc) - USD 1.15% - 1.50% 1.50% - - - - 14-Sep-05 

JF Japan Small Cap C (acc) - USD 0.96% - 0.95% 0.50% - - - 1.00% 02-Feb-05 

JF Japan Small Cap D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 



0.16% - 0.15% 0.18% 0.11% - - 0.20% 16-Dec-04 

JF Korea Equity A (acc) - USD 1.90% - - - - - - - 28-Sep-07 

JF Korea Equity A (acc) - EUR 1.90% - - - - - - - 28-Sep-07 

JF Korea Equity D (acc) - USD 


2.90% - - - - - - - 28-Sep-07 

JF Pacific Balanced A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 01-Apr-05 

JF Pacific Balanced A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 15-Jun-01 

JF Pacific Balanced B (acc) - USD 1.15% - - - - - - - 10-Sep-07 

JF Pacific Balanced D (acc) - USD 2.35% - 2.35% 2.35% 2.35% 2.35% 2.20% - 22-Jun-01 

(4) This Sub-Fund was launched on 28 September 2007.




For the 

period 

ended 

31 Dec 07 

For the 

Capped 




212 

Inception 

Date 


JF Pacific Equity A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Pacific Equity A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 20-Sep-05 

JF Pacific Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Dec-88 

JF Pacific Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JF Pacific Equity B (acc) - USD 1.15% - 1.25% 1.25% 1.25% - - - 27-Dec-04 

JF Pacific Equity C (acc) - USD 0.95% - 0.94% 0.94% 0.24% - - 1.00% 31-Mar-05 

JF Pacific Equity D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JF Pacific Equity D (acc) - EUR 2.65% - 2.65% 2.65% 0.24% - - - 08-May-06 



0.91% - 0.90% - - - - 0.96% 28-Jun-06 

JF Pacific Technology A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Pacific Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 02-Jun-00 

JF Pacific Technology A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JF Pacific Technology B (acc) - USD* 1.15% - 1.50% 1.50% - - - - 08-May-06 

JF Pacific Technology D (acc) - USD 


2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JF Singapore A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Singapore A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Singapore B (acc) - USD 1.15% - 1.50% 1.50% - - - - 13-Feb-06 

JF Singapore C (acc) - USD 0.96% - 0.97% 0.92% 0.44% - - 1.00% 20-Jan-05 

JF Singapore D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 25-May-01 

JF Singapore I (acc) - USD 0.92% - 0.92% - - - - 0.96% 29-Jun-06 



0.20% - 0.20% 0.20% - - - - 24-May-06 

JF Taiwan A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JF Taiwan A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 18-May-01 

JF Taiwan B (acc) - USD 1.30% - 1.65% 1.65% 1.65% - - - 03-Nov-04 

JF Taiwan C (acc) - USD 1.06% - 1.06% 1.15% 0.75% - - 1.15% 03-Nov-04 

JF Taiwan D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 25-May-01 

JF Taiwan I (acc) - USD 1.02% - 1.01% - - - - 1.11% 29-Jun-06 



0.27% - 0.27% 0.13% - - - 0.35% 03-Feb-06 

JF Tokyo Alpha Plus A (acc) - JPY 1.90% - 1.90% 1.90% - - - - 01-Feb-06 

JF Tokyo Alpha Plus A (dist) - JPY 1.90% - 1.90% 1.90% - - - - 08-Feb-06 

JF Tokyo Alpha Plus X (acc) - JPY** 


- - 0.07% 0.06% - - - 0.15% 08-Feb-06 

JPM Latin America Equity A (acc) - USD 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% 1.90% - 12-May-92 

JF Latin America Equity A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM Latin America Equity B (acc) - USD 1.15% - 1.50% 1.50% - - - - 08-Mar-06 

JPM Latin America Equity C (acc) - USD 1.06% - 1.05% 1.05% 0.50% - - 1.10% 13-Jan-05 

JPM Latin America Equity D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JPM Latin America Equity I (acc) - USD 1.02% - 1.01% 0.01% - - - 1.06% 26-Jun-06 



0.17% - 0.15% 0.16% 0.13% - - 0.20% 09-Nov-04 

JPM Middle East Equity A (acc) - USD 1.95% - 1.95% 1.95% 1.95% - - - 31-Mar-05 

JPM Middle East Equity A (dist) - USD 1.95% - 1.95% 1.95% 1.95% 1.95% 1.95% - 18-Feb-98 

JPM Middle East Equity B (acc) - USD 1.20% - 1.55% 1.55% 1.55% - - - 22-Mar-05 



2.95% - 2.95% 2.95% 2.95% 2.95% 2.55% - 13-Oct-00 

JPM Russia A (acc) - USD 1.90% - 1.90% 1.90% - - - - 23-Nov-05 

JPM Russia A (dist) - USD 1.90% - 1.90% 1.90% - - - - 18-Nov-05 

JPM Russia B (acc) - USD 1.15% - 1.50% 1.50% - - - - 04-May-06 

JPM Russia C (acc) - USD* 0.15% - - - - - - 1.10% 13-Nov-07 

JPM Russia D (acc) - USD 2.90% - 2.90% 2.90% - - - - 27-Jan-06 



0.59% - 0.35% - - - - 1.06% 25-Aug-06 

JPM Sterling Bond A (acc) - GBP 1.15% - 1.15% 1.15% 1.15% - - - 31-Mar-05 

JPM Sterling Bond A (dist) - GBP 1.15% - 1.15% 1.15% 1.15% 1.10% 1.10% - 01-Feb-92 

JPM Sterling Bond B (dist) - GBP** 0.80% - 0.85% - - - - - 12-Jul-06 

JPM Sterling Bond D (acc) - GBP 1.70% - 1.70% 1.70% 1.70% 1.80% 1.65% - 13-Oct-00 



0.10% - 0.10% 0.10% 0.05% - - 0.10% 13-Dec-04 

JPM UK Equity A (acc) - GBP 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM UK Equity A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 01-Apr-92 

JPM UK Equity C (acc) - GBP 0.92% - 0.91% 0.92% 0.51% - - 0.95% 13-Dec-04 

JPM UK Equity D (acc) - GBP 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM UK Equity I (acc) - GBP** 


- - 0.20% - - - - 0.91% 12-Jul-06 

JPM US 130/30 A (acc) - USD 1.90% 2.17% - - - - - - 02-Aug-07 

JPM US 130/30 A (acc) - EUR (hedged) 1.90% - - - - - - - 02-Aug-07 

JPM US 130/30 D (acc) - USD 2.90% 3.03% - - - - - - 02-Aug-07 

JPM US 130/30 D (acc) - EUR (hedged) 2.90% - - - - - - - 02-Aug-07 

JPM US 130/30 X (acc) - USD* 0.04% 1.07% - - - - - 0.15% 03-Oct-07 

(5) This Sub-Fund was launched on 2 August 2007.




For the 

period 

ended 

31 Dec 07 

For the 

Capped 




213 

Inception 

Date 


JPM US Aggregate Bond A (acc) - USD 1.10% - 1.10% 1.10% 1.10% - - - 31-Mar-05 

JPM US Aggregate Bond A (dist) - USD 1.10% - 1.10% 1.10% 1.10% 1.10% 1.10% - 15-Sep-00 

JPM US Aggregate Bond B (acc) - USD 0.75% - 0.80% 0.80% - - - - 08-Dec-05 

JPM US Aggregate Bond C (acc) - USD 0.60% - 0.60% 0.58% - - - 0.60% 13-Jul-05 

JPM US Aggregate Bond D (acc) - USD 1.35% - 1.35% 1.35% 1.35% 1.50% 1.35% - 13-Oct-00 



0.10% - 0.10% 0.10% 0.03% - - 0.10% 30-Mar-05 

JPM US Dynamic A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM US Dynamic A (acc) - EUR 1.90% - 1.90% 1.90% - - - - 16-Mar-06 

JPM US Dynamic A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 18-Jul-03 

JPM US Dynamic B (acc) - USD 1.15% - 1.50% 1.50% 1.50% - - - 01-Sep-04 

JPM US Dynamic C (acc) - USD 0.93% - 0.93% 0.94% 0.84% - - 1.00% 26-Aug-04 

JPM US Dynamic D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% - - 18-Jul-03 

JPM US Dynamic D (acc) - EUR 2.90% - 2.90% 2.90% - - - - 08-May-06 

JPM US Dynamic I (inc) - EUR 0.46% - 0.01% - - - - 0.96% 25-Jun-07 

JPM US Dynamic I (acc) - USD 0.89% - 0.89% 0.11% - - - 0.96% 17-May-06 


JPMorgan Funds - US Select 130/30 (6) 

0.09% - 0.09% 0.11% 0.10% - - 0.15% 25-Oct-04 

JPM US Select 130/30 A (acc) - USD 1.90% - - - - - - - 05-Jul-07 

JPM US Select 130/30 A (dist) - USD 1.90% - - - - - - - 09-Aug-07 

JPM US Select 130/30 A (acc) - EUR (hedged) 1.90% - - - - - - - 05-Jul-07 

JPM US Select 130/30 C (acc) - USD* 0.17% - - - - - - 1.00% 01-Nov-07 

JPM US Select 130/30 D (acc) - USD 2.90% - - - - - - - 05-Jul-07 

JPM US Select 130/30 D (acc) - EUR (hedged) 2.90% - - - - - - - 05-Jul-07 



0.06% - - - - - - 0.15% 07-Aug-07 

JPM US Small Cap Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM US Small Cap Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 11-Sep-84 

JPM US Small Cap Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 



2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 13-Oct-00 

JPM US Strategic Growth A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM US Strategic Growth A (acc) - EUR (hedged) 1.90% - 1.90% - - - - - 15-Mar-07 

JPM US Strategic Growth A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 20-Oct-00 

JPM US Strategic Growth A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JPM US Strategic Growth B (acc) - USD 1.15% - 1.20% 1.20% - - - - 22-Sep-05 

JPM US Strategic Growth C (acc) - USD 0.83% - 0.82% 0.27% - - - 0.85% 08-Mar-06 

JPM US Strategic Growth C (acc) - EUR (hedged)* 0.05% - - - - - - 0.85% 06-Dec-07 

JPM US Strategic Growth D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 20-Oct-00 

JPM US Strategic Growth D (acc) - EUR (hedged) 2.65% - 2.65% - - - - - 15-Mar-07 



0.13% - 0.13% 0.13% - - - 0.15% 05-Oct-05 

JPM US Technology A (acc) - USD 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% 1.90% - 13-Oct-00 

JPM US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 05-Dec-97 

JF US Technology A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% 1.90% - 13-Oct-00 

JPM US Technology D (acc) - USD 2.90% - 2.90% 2.90% 2.90% 2.90% 2.50% - 13-Oct-00 

JPM US Technology I (acc) - USD 0.28% - - - - - - 1.01% 20-Sep-07 

JPM US Technology X (acc) - USD* 


0.04% - - - - - - 0.20% 08-Oct-07 

JPM US Value A (acc) - USD 1.90% - 1.90% 1.90% 1.90% - - - 31-Mar-05 

JPM US Value A (acc) - EUR (hedged) 1.90% - 1.90% - - - - - 13-Nov-06 

JPM US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 20-Oct-00 

JPM US Value A (dist) - GBP 1.90% - 1.90% 1.90% 1.90% 1.65% 1.65% - 13-Oct-00 

JF US Value A (dist) - USD 1.90% - 1.90% 1.90% 1.90% 1.90% - - 27-May-04 

JPM US Value B (acc) - USD 1.15% - 1.20% 1.20% 1.20% - - - 11-Oct-04 

JPM US Value C (acc) - USD 0.80% - 0.79% 0.79% 0.70% - - 0.85% 01-Sep-04 

JPM US Value D (acc) - USD 2.65% - 2.65% 2.65% 2.65% 2.65% 2.25% - 20-Oct-00 

JPM US Value D (acc) - EUR (hedged) 2.65% - 2.65% - - - - - 13-Nov-06 



0.10% - 0.11% 0.12% 0.09% - - 0.15% 03-Feb-05 

* These figures include the Performance Fees. In case the share class has been opened during the year, the performance fee is extrapolated on a yearly basis. 

** No data is applicable for these Share Classes as they were launched less than 3 months before the period end. 

*** Share Class opened and closed during the period. 

**** The Total Expense Ratio (“TER”) represents the total operating cost 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. Since 1 January 2002, the TER has been in place. 

The Expense Ratio related to the capped share classes C and X that were launched during the year is weighted in accordance with the proportional period of time elapsed since their 

inception date.



2. Summary of Investment Objectives of the Sub-Funds 

JPMorgan Funds – America Equity Fund 

Seeks to provide long-term capital growth by investing primarily in US companies. 

JPMorgan Funds – America Large Cap Fund 

Seeks to provide long-term capital growth by investing primarily in large capitalisation Blue Chip US companies. 

JPMorgan Funds – America Micro Cap Fund 

Seeks to provide long-term capital growth by investing primarily in microcapitalisation US companies. 

JPMorgan Funds – Brazil Alpha Plus Fund 

Seeks to provide superior long-term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. 

JPMorgan Funds – Eastern Europe Equity Fund 

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. The Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Emerging Markets Alpha Plus Fund 

Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio of emerging markets companies. The Russian Trading 

System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Emerging Markets Debt Fund 

Seeks to achieve a return in excess of the bond markets of emerging countries by investing primarily in emerging market bonds and other debt securities. The 

Russian Trading System (RTS) Stock Exchange and the Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Emerging Markets Equity Fund 

Seeks to provide long-term capital growth by investing primarily in emerging markets companies. The Russian Trading System (RTS) Stock Exchange and the 

Moscow Interbank Currency Exchange are now recognized as regulated markets. 

JPMorgan Funds – Emerging Markets Small Cap Fund 

Seeks to provide long-term capital growth by investing primarily in small capitalisation emerging markets companies. 

JPMorgan Funds – Euro Liquid Reserve Fund 

Seeks to achieve a competitive level of return in the reference currency and a high degree of liquidity by investing primarily in EUR denominated short term 

bonds and other debt securities. 

JPMorgan Funds – Euroland Equity Fund 

Seeks to provide long-term capital growth by investing primarily in companies of countries which are or might become part of the Euro zone (the “Euroland 

Countries”). The Sub-Fund may invest up to 10% in companies from other Continental European countries. 

JPMorgan Funds – Euroland Select Equity Fund 

Seeks to achieve a return in excess of Euro-zone equity markets by investing primarily in companiesof countries which are part of the Euro-zone (the “Euroland 

Countries”). 

JPMorgan Funds – Europe 130/30 Fund 

Seeks to provide long term capital growth, through exposure to European companies by direct investments in securities of such companies and through the use 

of financial derivative instruments. 

JPMorgan Funds –Europe Aggregate Plus Bond Fund 

Seeks to achieve a return in excess of the European bond markets by investing primarily in European and non-European bonds and other debt securities 

denominated in European currencies. 

JPMorgan Funds – Europe Balanced Fund (EUR) 

Seeks to provide long-term capital growth and income by investing primarily in European companies and sovereign issuers. A substantial part of the assets of 

the Sub-Fund will be denominated in or hedged into EUR. 

JPMorgan Funds – Europe Convergence Equity Fund 

Seeks to provide long-term capital growth by investing primarily in companies of those countries that joined the EU after 1 January 2004 or are applying or likely 

to apply for membership of the European Union (the “Converging European Countries”). 

JPMorgan Funds – Europe Dynamic Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of European companies. 

JPMorgan Funds – Europe Dynamic Mega Cap Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of mega capitalisation European companies normally 

with a capitalisation in excess of USD 3 billion at the time of purchase. 

214




JPMorgan Funds – Europe Dynamic Small Cap Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of small capitalisation European companies. 

JPMorgan Funds – Europe Equity Fund 

Seeks to provide long-term capital growth by investing primarily in European companies. 

JPMorgan Funds – Europe Focus Fund 

Seeks to provide superior long-term capital growth by investing primarily in an aggressively managed portfolio of large, medium and small European 

companies. 

JPMorgan Funds – Europe High Yield Bond Fund 

Seeks to achieve a return in excess of European bond markets by investing primarily in below investment grade European and non-European bonds 

denominated in European currencies and other debt securities. 

JPMorgan Funds – Europe Micro Cap Fund 

Seeks to provide long-term capital growth by investing primarily in micro capitalisation European companies. A minimum of 67% of the assets of the Sub-Fund 

will be composed of shares of companies listed on an Eligible Market in the European Union with a maximum capitalisation of EUR 5 billion at any time. 

JPMorgan Funds – Europe Select 130/30 Fund 

Seeks to provide long term capital growth, by seeking exposure to European companies by direct investments in securities of such companies and through the 

use of financial derivative instruments. 

JPMorgan Funds – Europe Small Cap Fund 

Seeks to provide long-term capital growth by investing primarily in small capitalisation European companies. 

JPMorgan Funds – Europe Strategic Growth Fund 

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of European companies. 

JPMorgan Funds – Europe Strategic Value Fund 

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of European companies. 

JPMorgan Funds – Europe Technology Fund 

Seeks to provide long-term capital growth by investing primarily in technology (including media and telecommunication) related European companies. 

JPMorgan Funds – Germany Equity Fund 

Seeks to provide long-term capital growth by investing primarily in German companies. 

JPMorgan Funds – Global Aggregate Bond Fund 

Seeks to achieve a return in excess of global bond markets by investing primarily in global bonds and other debt securities. 

JPMorgan Funds – Global Convertibles Fund (EUR) 

Seeks to provide a return by investing primarily in a diversified portfolio of convertible securities and warrants, globally. The Sub-Fund may hold to a limited 

extent straight bonds and equities. Investments in securities denominated in currencies other than EUR may be hedged to EUR although the Investment 

Manager may take currency positions subject to the restrictions set out in the “Investment Restrictions” in Appendix II in the Prospectus. 

JPMorgan Funds – Global Dynamic Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of companies, globally. 

JPMorgan Funds – Global Equity Fund (EUR) 


securities. A substantial part of the assets of the Sub-Fund will be denominated in or hedged into EUR. 

JPMorgan Funds – Global Equity Fund (USD) 


securities. 

JPMorgan Funds – Global Focus Fund 

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 in earnings recovery situations. 

JPMorgan Funds – Global Life Sciences Fund 

Seeks to provide long-term capital growth by investing primarily in companies from the biotechnology, healthcare and life sciences sectors (“Life Sciences 

Companies”), globally. 

JPMorgan Funds – Global Natural Resources Fund 

Seeks to provide long-term capital growth by investing primarily in natural resources companies, globally. The Russian Trading System (RTS) Stock Exchange 

and the Moscow Interbank Currency Exchange are now recognized as regulated markets. 

215




JPMorgan Funds – Global Real Estate Securities Fund (EUR) 




JPMorgan Funds – Global Real Estate Securities Fund (USD) 




JPMorgan Funds – Global Socially Responsible Fund 

Seeks to provide long-term capital growth by investing primarily in companies, globally, that the Investment Manager believes to be socially responsible. Such 

companies would be expected to work towards environmental sustainability, develop positive relationships with their shareholders and uphold or support 

universal human rights. 

JPMorgan Funds – JF Asia Alpha Plus Fund 

Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (generally 25 to 50 companies) of companies in Asia 

(excluding Japan). Subject to the limits in Appendix III of the current prospectus the Sub-Fund will have the ability to hedge against directional risk using index 

futures and/or cash. In this context, exposure to equities could be low. 

JPMorgan Funds – JF Asia Equity Fund 

Seeks to provide long-term capital growth by investing primarily in companies in Asia (excluding Japan). 

JPMorgan Funds – JF China Fund 

Seeks to provide long-term capital growth by investing primarily in companies of the People’s Republic of China. 

JPMorgan Funds – JF Greater China Fund 

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”). 

JPMorgan Funds – JF Hong Kong Fund 

Seeks to provide long-term capital growth by investing primarily in Hong Kong companies. 

JPMorgan Funds – JF India Fund 

Seeks to provide long-term capital growth by investing primarily in Indian companies. A Mauritius subsidiary, wholly owned by JPMorgan Funds, may be used 

to facilitate an efficient means of investing. 

JPMorgan Funds – JF Japan Alpha Plus Fund 

Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (approximately 25 to 50 companies) of Japanese 

companies. Subject to the limits in Appendix III of the current prospectus the Sub-Fund will have the ability to hedge against directional risk using index futures 

and/or cash. In this context, exposure to equities could be low. 

JPMorgan Funds – JF Japan Equity Fund 

Seeks to provide long-term capital growth by investing primarily in Japanese companies. 

JPMorgan Funds – JF Japan Small Cap Fund 

Seeks to provide long-term capital growth by investing primarily in small capitalisation Japanese companies. 

JPMorgan Funds – JF Korea Equity Fund 

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Korean companies, using derivative strategies where 

appropriate. 

JPMorgan Funds – JF Pacific Balanced Fund 

Seeks to provide long-term capital growth and income by investing primarily in companies and sovereign issuers of countries in the Pacific Basin (including 

Japan). 

JPMorgan Funds – JF Pacific Equity Fund 

Seeks to provide long-term capital growth by investing primarily in companies in the Pacific Basin (including Japan, Australia, Hong Kong, New Zealand, 

Singapore, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand and the Indian sub-continent, excluding the United States of America.). 

JPMorgan Funds – JF Pacific Technology Fund 

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related companies in the Pacific Basin (including 

Japan). 

JPMorgan Funds – JF Singapore Fund 

Seeks to provide long-term capital growth by investing primarily in Singaporean companies. 

JPMorgan Funds – JF Taiwan Fund 

Seeks to provide long-term capital growth by investing primarily in Taiwanese companies. 

216




JPMorgan Funds – JF Tokyo Alpha Plus Fund 

Seeks to provide superior long term capital growth by investing primarily in a concentrated portfolio (generally 25 to 50 companies) of Japanese companies. 

Subject to the limits in Appendix III of the current prospectus, the Sub-Fund will have the ability to hedge against directional risk using index futures and/or 

cash, and in this context, exposure to equities could be low. 

JPMorgan Funds – Latin America Equity Fund 

Seeks to provide long-term capital growth by investing primarily in Latin American companies. 

JPMorgan Funds – Middle East Equity Fund 

Seeks to provide long-term capital growth by investing primarily in companies in the Middle East region. Additionally the Fund may invest, to a limited extent, in 

Morocco and Tunisia. 

JPMorgan Funds – Russia Fund 

Seeks to provide long-term capital growth by investing primarily in a concentrated portfolio of Russian companies and the other CIS states through either 

investments in Global Depository Receipts and American Depository Receipts or direct investment in the securities of such companies, including securities 

listed or quoted on stock exchanges outside Russia and the other CIS states. The Sub-Fund will limit any direct investments or unlisted securities in Russia and 

the other CIS states (together with any other securities not dealt in on a Regulated Market) to 10% of its net assets; until such time as Russia and/or any of the 

other CIS states become Regulated Markets. 

JPMorgan Funds – Sterling Bond Fund 

Seeks to achieve a return in excess of sterling bond markets by investing primarily in GBP denominated bonds and other debt securities. 

JPMorgan Funds – UK Equity Fund 

Seeks to provide long-term capital growth by investing primarily in UK companies. 

JPMorgan Funds – US 130/30 Fund 

Seeks to provide long term capital growth, through exposure to US companies by direct investments in securities of such companies and through the use of 

financial derivative instruments. 

JPMorgan Funds – US Aggregate Bond Fund 

Seeks to achieve a return in excess of US bond markets by investing primarily in US bonds and other debt securities. 

JPMorgan Funds – US Dynamic Fund 

Seeks to maximise long-term capital growth by investing primarily in an aggressively managed portfolio of US companies. 

JPMorgan Funds – US Select 130/30 Fund 

Seeks to provide long term capital growth, by seeking exposure to US companies by direct investments in securities of such companies and through the useof 

financial derivative instruments. 

JPMorgan Funds – US Small Cap Growth Fund 

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of small capitalisation US companies. 

JPMorgan Funds – US Strategic Growth Fund 

Seeks to provide long-term capital growth by investing primarily in a growth style biased portfolio of US companies. 

JPMorgan Funds – US Technology Fund 

Seeks to provide long-term capital growth by investing primarily in technology, media and telecommunications related US companies. 

JPMorgan Funds – US Value Fund 

Seeks to provide long-term capital growth by investing primarily in a value style biased portfolio of US companies. 

217



3. Performance and Volatility 

Performance 

Returns for periods greater than one year are annualized. Fund performance includes reinvestment of income and is net of all expenses. 

Volatility 

The standard deviation (D) of the price is calculated on a daily basis throughout each Fund’s financial year. The details below relate to the period 

from 1 July 2007 to 31 December 2007. 

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) - USD -4.53% -5.04% 2.82% 5.40% - - - - Medium 

JPM America Equity A (acc) - EUR (hedged) -1.37% 2.85% 12.56% - - - - - Medium 

JPM America Equity A (dist) - USD -4.53% -5.04% 2.83% 5.40% 9.75% 7.05% 8.80% 13.85% Medium 

JF America Equity A (dist) - USD -4.53% -5.04% 2.82% 5.41% 9.75% 7.02% 8.69% 13.65% Medium 

JPM America Equity B (acc) - USD -4.36% -4.70% 3.37% 6.14% 10.59% 7.93% - - Medium 

JPM America Equity C (acc) - USD -4.26% -4.50% 3.69% 6.58% 11.08% 8.44% - - Medium 

JPM America Equity D (acc) - USD -4.71% -5.39% 2.26% 4.63% 8.87% 6.19% 7.83% 12.67% Medium 

JPM America Equity D (acc) - EUR -4.71% -5.39% 2.25% 4.61% - - - - Medium 

JPM America Equity D (acc) - EUR (hedged) -1.29% 2.74% 12.22% - - - - - Medium 



-4.11% -4.19% 4.22% 7.30% 11.93% 9.30% - - Medium 

JPM America Large Cap A (acc) - USD -1.29% 0.13% 5.51% 6.39% 11.13% - - - Medium 

JPM America Large Cap A (dist) - USD Medium 

JPM America Large Cap B (acc) - USD -1.13% 0.50% 6.02% 7.09% - - - - Medium 



-1.49% -0.23% 4.88% 5.57% 10.19% 7.08% 7.53% 11.63% Medium 

JPM America Micro Cap A (acc) - USD -9.54% -12.85% -7.76% -8.60% -0.03% - - - High 

JPM America Micro Cap A (dist) - USD -9.56% -12.88% -7.79% -8.68% -0.08% 3.00% 7.35% 19.51% High 

JF America Micro Cap A (dist) - USD -9.56% -12.88% -7.79% -8.68% -0.10% 3.00% 7.37% - High 

JPM America Micro Cap D (acc) - USD -9.79% -13.31% -8.48% -9.59% -1.06% 1.92% 6.15% 17.78% High 

JPM America Micro Cap X (acc) - USD** 


- - - - - - - - High 

JPM Brazil Alpha Plus A ( acc ) - USD* - - - - - - - - High 

JPM Brazil Alpha Plus D ( acc ) - USD* - - - - - - - - High 

JPM Brazil Alpha Plus I ( acc ) - USD* 


- - - - - - - - High 

JPM Eastern Europe Equity A (acc) - EUR 7.44% 14.74% 23.67% 29.53% 36.41% - - - High 

JPM Eastern Europe Equity A (dist) - EUR 7.44% 14.72% 23.50% 29.35% 35.59% 61.26% 62.20% 70.50% High 

JF Eastern Europe Equity A (dist) - EUR 7.44% 14.73% 23.61% 29.46% 35.71% 61.41% 62.31% 70.65% High 

JPM Eastern Europe Equity B (acc) - EUR 7.57% 15.00% 24.05% - - - - - High 

JPM Eastern Europe Equity C (acc) - EUR 7.67% 15.23% 24.46% 30.63% 38.17% - - - High 

JPM Eastern Europe Equity D (acc) - EUR 7.18% 14.20% 22.79% 28.31% 34.76% 59.60% 59.92% 67.66% High 

JPM Eastern Europe Equity I (acc) - EUR 7.67% 15.24% 24.49% 30.69% - - - - High 

JPM Eastern Europe Equity X (acc) - EUR 7.91% 15.74% 25.30% 31.81% 39.54% 67.55% - - High 


JPM Emerging Europe, Middle East and Africa Equity A (acc)- USD 9.21% 18.01% 25.19% 32.50% - - - - High 

JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 9.21% 18.00% 25.09% 32.39% 39.88% 57.48% 61.18% 96.79% High 

JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 9.34% 18.26% 25.57% 33.04% - 13.12% - - High 

JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 9.45% 18.53% 26.00% 33.61% - - - - High 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 8.94% 17.42% 24.26% 31.18% 38.84% 55.86% 58.06% 91.80% High 



9.46% 18.53% 26.03% 33.68% - - - - High 

JPM Emerging Markets Alpha Plus A (acc) - USD 7.52% 12.30% 18.64% 25.88% - - - - High 

JPM Emerging Markets Alpha Plus A (dist) - USD 7.53% 12.28% 18.58% 25.73% - - - - High 



7.26% 11.74% 18.56% 25.42% - - - - High 

JPM Emerging Markets Debt A (acc) - EUR -0.06% -1.19% -1.44% 0.34% -6.38% - - - Medium 

JPM Emerging Markets Debt A (dist) - EUR -0.06% -1.38% -8.87% -7.23% -10.26% -1.84% -0.40% 5.48% Medium 

JPM Emerging Markets Debt C (acc) - EUR 0.15% -0.73% - - - - - - Medium 

JPM Emerging Markets Debt D (acc) - EUR -0.24% -1.53% -1.96% -0.35% -6.96% -0.58% 0.81% 1.70% Medium 

JPM Emerging Markets Debt X (acc) - EUR 0.29% -0.49% - - - - - - Medium 

JPM Emerging Markets Debt I (acc) - EUR 0.17% -0.75% - - - - - - Medium 


JPM Emerging Markets Equity A (acc) - USD 5.55% 18.61% 33.36% 36.85% 42.27% - - - High 

JPM Emerging Markets Equity A (acc) - EUR 5.55% 18.61% 33.36% 36.85% 42.29% - - - High 

JPM Emerging Markets Equity A (dist) - USD 5.55% 18.54% 32.89% 36.36% 41.02% 51.32% 58.48% 79.14% High 

JPM Emerging Markets Equity A (dist) - GBP 5.55% 18.42% 32.99% 36.47% 107.59% 128.33% 122.54% 137.73% High 

JPM Emerging Markets Equity B (acc) - USD 5.68% 18.87% 33.79% 37.42% 43.01% 53.90% - - High 

JPM Emerging Markets Equity C (acc) - USD 5.76% 19.09% 34.18% 37.98% 43.82% - - - High 

JPM Emerging Markets Equity D (acc) - USD 5.29% 18.02% 32.37% 35.49% 40.44% 50.27% 57.13% 77.26% High 

JPM Emerging Markets Equity D (acc) - EUR 5.28% 18.02% 32.36% 35.48% - - - - High 

JPM Emerging Markets Equity I (inc) - EUR 5.78% 18.48% 32.34% 36.09% - - - - High 

JPM Emerging Markets Equity X (acc) - USD 6.00% 19.63% 35.08% 39.21% 45.48% 57.29% - - High 

JPM Emerging Markets Equity X (inc) - EUR 6.00% 18.78% 32.64% 36.69% - - - - High 

JPM Emerging Markets Equity I (acc) - USD 5.78% 19.12% 34.22% - - - - - High 

218





JPM Emerging Markets Small Cap A (acc) - USD* - - - - - - - - High 

JPM Emerging Markets Small Cap A (acc) - EUR* - - - - - - - - High 

JPM Emerging Markets Small Cap A (acc) - GBP* - - - - - - - - High 

JPM Emerging Markets Small Cap D (acc) - USD* 


- - - - - - - - High 

JPM Euro Liquid Reserve A (acc) - EUR 0.92% 1.81% 2.64% - - - - - Medium 



0.90% 1.76% 2.57% 3.35% - - - - Medium 

JPM Euroland Equity A (acc) - EUR -3.57% -8.53% -1.53% 1.47% 13.22% - - - Medium 

JPM Euroland Equity A (dist) - EUR -3.57% -8.54% -3.69% -0.75% 11.63% 19.04% 20.36% 22.79% Medium 

JPM Euroland Equity A (inc) - EUR* - - - - - - - - Medium 

JF Euroland Equity A (dist) - USD -3.57% -7.79% -3.69% -0.75% 2.54% 5.41% 11.44% 21.28% Medium 

JPM Euroland Equity C (acc) - EUR -3.31% -8.04% -0.74% 2.57% 14.59% 22.22% - - Medium 

JPM Euroland Equity D (acc) - EUR -3.75% -8.87% -2.08% 0.72% 12.31% 19.29% 20.10% 22.30% Medium 

JPM Euroland Equity I (acc) - EUR -3.30% -8.01% -0.70% 2.62% - - - - Medium 



-3.10% - - - - - - - Medium 

JPM Euroland Select Equity A (acc) - EUR -0.16% - - - - - - - High 

JPM Euroland Select Equity D (acc) - EUR -0.35% - - - - - - - High 

JPM Euroland Select Equity X (acc) - EUR* 


- - - - - - - - High 

JPM Europe 130/30 A (acc) - EUR -2.55% -7.93% - - - - - - High 

JPM Europe 130/30 A (acc) - USD* - - - - - - - - High 

JPM Europe 130/30 A (dist) - EUR -2.55% - - - - - - - High 

JPM Europe 130/30 A (dist) - GBP -2.55% - - - - - - - High 

JPM Europe 130/30 D (acc) - EUR -2.79% -8.35% - - - - - - High 

JPM Europe 130/30 D (acc) - USD* - - - - - - - - High 



-2.23% - - - - - - - High 

JPM Europe Aggregate Plus Bond A (acc) - EUR -1.29% -0.84% -2.52% -2.58% - - - - Medium 

JPM Europe Aggregate Plus Bond A (inc) - EUR -1.29% -0.80% -6.57% -6.61% -3.14% -0.79% 0.82% 1.39% Medium 

JPM Europe Aggregate Plus Bond B (acc) - EUR -1.21% -0.68% -2.29% -2.27% -0.91% 0.74% - - Medium 

JPM Europe Aggregate Plus Bond C (acc) - EUR -1.17% -0.59% -2.16% - - - - - Medium 

JPM Europe Aggregate Plus Bond D (acc) - EUR -1.39% -1.03% -2.80% -2.93% -1.60% 0.06% 1.28% 1.70% Medium 



-1.04% -0.34% - - - - - - Medium 

JPM Europe Balanced (EUR) A (acc) - EUR -2.27% -4.20% -2.33% -1.10% 4.30% - - - Medium 

JPM Europe Balanced (EUR) A (dist) - EUR -2.27% -4.17% -3.98% -2.77% 3.37% 6.20% 6.57% 8.15% Medium 

JPM Europe Balanced (EUR) B (acc) - EUR* - - - - - - - - Medium 



-2.39% -4.43% -2.68% -1.57% 3.79% 6.37% 6.49% 7.89% Medium 

JPM Europe Convergence Equity A (acc) - EUR 0.22% -2.44% 11.92% 13.95% 23.69% - - - High 

JPM Europe Convergence Equity A (dist) - EUR 0.22% -2.51% 10.78% 12.79% 22.77% 39.94% 55.56% 52.96% High 

JPM Europe Convergence Equity C (acc) - EUR 0.43% -2.05% 12.60% 14.83% - - - - High 

JPM Europe Convergence Equity D (acc) - EUR -0.03% -2.94% 11.07% 12.81% 22.23% 38.82% 53.69% 50.81% High 

JPM Europe Convergence Equity I (acc) - EUR** - - - - - - - - High 


JPM Europe Dynamic A (acc) - EUR -3.82% -7.55% 0.18% 2.64% 16.18% - - - Medium 

JPM Europe Dynamic A (dist) - EUR -3.82% -7.54% -1.09% 1.33% 15.20% 25.08% 23.00% 25.52% Medium 

JPM Europe Dynamic A (dist) - GBP -3.82% -7.93% -1.12% 1.30% 44.57% 48.21% 42.41% 45.84% Medium 

JF Europe Dynamic A (dist) - EUR -3.83% -7.54% -1.10% 1.32% 15.20% 25.05% - - Medium 

JPM Europe Dynamic B (acc) - EUR -3.70% -7.34% 0.51% 3.07% 16.75% 26.90% - - Medium 

JPM Europe Dynamic C (acc) - EUR -3.60% -7.12% 0.88% 3.58% 17.39% 27.78% - - Medium 

JPM Europe Dynamic D (acc) - EUR -4.06% -8.01% -0.56% 1.62% 14.87% 24.41% 22.20% 24.50% Medium 

JPM Europe Dynamic D (acc) - USD -4.06% -8.01% -0.56% 1.62% 4.99% 9.12% - - Medium 

JPM Europe Dynamic I (acc) - EUR** - - - - - - - - Medium 



-3.40% -6.73% 1.51% 4.46% 18.55% 29.34% - - Medium 

JPM Europe Dynamic Mega Cap A (acc) - EUR -3.08% -6.11% 1.34% 2.99% - - - - Medium 

JPM Europe Dynamic Mega Cap A (acc) - USD 0.17% - - - - - - - Medium 

JPM Europe Dynamic Mega Cap A (dist) - EUR -3.08% -6.13% -0.31% 1.31% - - - - Medium 

JPM Europe Dynamic Mega Cap A (inc) - EUR -3.08% -6.13% 0.08% 1.71% - - - - Medium 

JPM Europe Dynamic Mega Cap B (acc) - EUR -2.95% -5.89% 1.67% 3.43% - - - - Medium 

JPM Europe Dynamic Mega Cap C (acc) - EUR -2.86% -5.68% 2.04% 3.93% - - - - Medium 

JPM Europe Dynamic Mega Cap D (acc) - EUR -3.32% -6.58% 0.58% 1.98% - - - - Medium 

JPM Europe Dynamic Mega Cap D (acc) - USD -3.32% - - - - - - - Medium 

JPM Europe Dynamic Mega Cap I (acc) - EUR -2.84% -5.66% 2.08% 3.99% - - - - Medium 



-2.65% -5.28% 2.69% 4.83% - - - - Medium 

JPM Europe Dynamic Small Cap A (acc) - EUR -9.15% -15.52% -8.64% -1.19% - - - - High 

JPM Europe Dynamic Small Cap A (dist) - EUR -9.15% -15.52% -8.64% -1.19% - - - - High 

JPM Europe Dynamic Small Cap D (acc) - EUR -9.48% -16.01% -9.39% -2.22% - - - - High 

JPM Europe Dynamic Small Cap X (acc) - EUR -9.03% -15.04% -7.75% 0.18% - - - - High 

219





JPM Europe Equity A (acc) - USD -5.43% -11.31% -7.08% -4.85% -1.31% 2.82% 8.17% 17.08% High 

JPM Europe Equity A (acc) - EUR -5.42% -11.30% -7.08% -4.85% 7.44% - - - High 

JPM Europe Equity A (dist) - EUR -5.42% -11.26% -8.81% -6.62% 6.33% 14.79% 15.57% 17.80% High 

JF Europe Equity A (dist) - USD -5.42% -10.64% -8.77% -6.58% -2.01% 2.31% 7.64% 16.47% High 

JPM Europe Equity B (acc) - EUR -5.27% -11.03% -6.65% -4.27% 8.15% 16.73% - - High 

JPM Europe Equity C (acc) - EUR -5.16% -10.82% -6.31% -3.81% 8.70% 17.44% - - High 

JPM Europe Equity D (acc) - EUR -5.60% -11.64% -7.60% -5.56% 6.57% 14.76% 15.27% 17.37% High 

JPM Europe Equity D (acc) - USD -5.60% -11.63% -7.59% -5.56% - - - - High 

JPM Europe Equity I (acc) - EUR -5.15% -10.79% -6.28% -3.77% - - - - High 

JPM Europe Equity I (inc) - EUR -5.15% -10.77% - - - - - - High 



-5.00% -10.51% -5.83% -3.15% 9.52% 18.52% - - High 

JPM Europe Focus A (acc) - EUR -4.69% -11.27% -6.30% -0.47% - - - - Medium 

JPM Europe Focus A (acc) - USD* - - - - - - - - Medium 

JPM Europe Focus A (dist) - EUR -4.67% -11.21% -7.11% -1.35% - - - - Medium 

JPM Europe Focus C (acc) - EUR 2.31% -4.54% - - - - - - Medium 

JPM Europe Focus D (acc) - EUR -4.91% -11.70% -7.00% -1.44% - - - - Medium 

JPM Europe Focus D (acc) - USD* - - - - - - - - Medium 



-4.25% -10.47% -5.10% - - - - - Medium 

JPM Europe High Yield Bond A (acc) - EUR -3.21% -4.99% -4.90% -3.43% - - - - Medium 

JPM Europe High Yield Bond A (dist) - EUR -3.17% -4.89% -10.48% -9.10% -0.87% 0.77% 2.61% 5.15% Medium 

JPM Europe High Yield Bond C (acc) - EUR* - - - - - - - - Medium 

JPM Europe High Yield Bond D (acc) - EUR -3.33% -5.23% -5.27% -3.91% 1.48% 2.15% 3.37% 5.74% Medium 



-2.95% - - - - - - - Medium 

JPM Europe Micro Cap A (acc) - EUR -14.39% -22.85% -15.66% -4.78% - - - - Medium 

JPM Europe Micro Cap A (dist) - EUR -14.40% -22.87% -15.67% -4.82% - - - - Medium 



-14.60% -23.23% -16.24% -5.64% - - - - Medium 

JPM Europe Select 130/30 A (acc) - EUR -5.57% -10.57% - - - - - - High 

JPM Europe Select 130/30 A (acc) - USD* - - - - - - - - High 

JPM Europe Select 130/30 A (dist) - GBP* -5.57% - - - - - - - High 

JPM Europe Select 130/30 D (acc) - EUR -5.80% -10.98% - - - - - - High 

JPM Europe Select 130/30 D (acc) - USD* - - - - - - - - High 

JPM Europe Select 130/30 X (acc) - EUR* 


-5.15% - - - - - - - High 

JPM Europe Small Cap A (acc) - EUR -8.92% -16.69% -13.07% -7.22% 10.98% - - - High 

JPM Europe Small Cap A (dist) - EUR -8.92% -16.70% -13.07% -7.22% 10.95% 24.39% 27.16% 33.05% High 

JPM Europe Small Cap A (dist) - GBP -8.92% -16.82% -13.59% -7.78% 38.11% 47.19% 48.02% 60.30% High 

JF Europe Small Cap A (dist) - EUR -8.92% -16.70% -13.07% -7.22% 10.95% 24.30% 27.18% 33.09% High 

JPM Europe Small Cap B (acc) - EUR -8.81% -16.51% -12.79% -6.82% 11.51% - - - High 

JPM Europe Small Cap C (acc) - EUR -8.71% -16.31% -12.48% -6.37% 12.12% - - - High 

JPM Europe Small Cap D (acc) - EUR -9.15% -17.12% -13.72% -8.14% 9.80% 22.84% 25.48% 31.06% High 

JPM Europe Small Cap I (acc) - EUR -8.70% -16.29% -12.45% -6.33% - - - - High 



-8.52% -15.97% -11.93% -5.59% 13.16% 27.61% - - High 

JPM Europe Strategic Growth A (acc) - EUR -3.99% -7.87% -3.09% 1.80% 13.01% - - - High 

JPM Europe Strategic Growth A (dist) - EUR -3.99% -7.87% -3.78% 1.08% 12.44% 21.17% 21.10% 22.21% High 

JPM Europe Strategic Growth A (dist) - GBP -3.99% -8.06% -3.71% 1.16% 40.83% 42.97% 39.88% 44.26% High 

JPM Europe Strategic Growth B (acc) - EUR -3.84% -7.58% -2.64% 2.42% 13.76% 22.71% - - High 

JPM Europe Strategic Growth C (acc) - EUR -3.76% -7.42% -2.38% 2.79% 14.25% - - - High 

JPM Europe Strategic Growth D (acc) - EUR -4.17% -8.22% -3.63% 1.04% 12.05% 20.55% 20.12% 21.26% High 

JPM Europe Strategic Growth I (inc) - EUR -3.76% -7.41% -3.34% 1.79% - - - - High 

JPM Europe Strategic Growth I (acc) - EUR -3.74% -7.40% -2.34% 2.85% - - - - High 



-3.57% -7.06% -1.80% 3.61% 15.27% 24.67% - - High 

JPM Europe Strategic Value A (acc) - EUR -6.99% -13.12% -8.53% -7.70% 6.20% - - - High 

JPM Europe Strategic Value A (dist) - EUR -6.99% -13.04% -10.09% -9.28% 4.95% 13.77% 16.46% 20.45% High 

JPM Europe Strategic Value A (dist) - GBP -6.99% -13.54% -10.08% -9.27% 30.25% 32.34% 32.52% 40.44% High 

JPM Europe Strategic Value B (acc) - EUR -6.84% -12.84% -8.10% -7.14% 6.86% 15.51% - - High 

JPM Europe Strategic Value C (acc) - EUR -6.73% -12.65% -7.81% -6.76% 7.33% 16.09% - - High 

JPM Europe Strategic Value D (acc) - EUR -7.17% -13.44% -9.03% -8.39% 5.36% 13.59% 16.06% 19.90% High 

JPM Europe Strategic Value I (inc) - EUR -6.73% -12.55% -10.17% -9.13% - - - - High 

JPM Europe Strategic Value I (acc) - EUR -6.75% -12.67% -7.82% -6.75% - - - - High 



-6.57% -12.34% -7.30% -6.05% 8.19% 17.26% - - High 

JPM Europe Technology A (acc) - EUR -6.42% -8.50% 2.06% 5.37% 9.26% - - - Medium 

JPM Europe Technology A (dist) - EUR -6.41% -8.48% 2.09% 5.42% 9.18% 15.70% 10.52% 24.60% Medium 

JPM Europe Technology A (dist) - GBP -6.41% -8.48% 2.09% 5.42% 36.05% 35.58% 25.34% 48.46% Medium 

JF Europe Technology A (dist) - EUR -6.41% -8.51% 2.03% 5.37% 9.15% 15.60% 10.51% 24.60% Medium 

JPM Europe Technology D (acc) - EUR -6.64% -8.94% 1.33% 4.37% 8.08% 14.40% 9.28% 22.72% Medium 



-6.01% - - - - - - - Medium 

JPM Germany Equity A (acc) - EUR 1.09% -2.19% 10.90% 18.88% 23.77% - - - Medium 

JPM Germany Equity A (dist) - EUR 1.10% -2.27% 9.31% 17.18% 22.37% 27.73% 24.11% 33.95% Medium 

JF Germany Equity A (dist) - EUR 1.10% -2.26% 9.37% 17.25% 22.43% 27.78% 24.40% 34.22% Medium 

JPM Germany Equity B (acc) - EUR* - - - - - - - - Medium 

JPM Germany Equity D (acc) - EUR 0.84% -2.67% 10.07% 17.67% 22.45% 27.36% 23.64% 32.69% Medium 

JPM Germany Equity X (acc) - EUR* - - - - - - - - Medium 

220





JPM Global Aggregate Bond A (acc) - USD 0.50% 5.24% 3.77% 4.85% 5.37% - - - Medium 

JPM Global Aggregate Bond A (dist) - USD 0.49% 5.20% -0.07% 0.96% 3.05% 0.32% 2.07% 3.96% Medium 

JPM Global Aggregate Bond B (acc) - USD** - - - - - - - - Medium 

JPM Global Aggregate Bond C (acc) - USD 0.66% 5.56% 4.28% 5.54% 5.86% - - - Medium 

JPM Global Aggregate Bond D (acc) - USD 0.37% 5.02% 3.45% 4.42% 4.91% 1.41% 2.87% 4.57% Medium 

JPM Global Aggregate Bond X (acc) - USD** 


- - - - - - - - Medium 

JPM Global Convertibles (EUR) A (acc) - EUR 0.70% 1.33% 5.14% 6.89% 8.62% - - - Medium 

JPM Global Convertibles (EUR) A (dist) - EUR 0.70% 1.32% 5.14% 6.88% 8.60% 9.58% 8.08% 8.19% Medium 

JF Global Convertibles (EUR) A (dist) - USD 0.64% 1.20% 4.95% 6.62% -0.58% -2.02% 1.53% - Medium 

JPM Global Convertibles (EUR) B (acc) - EUR 0.82% 1.55% 5.46% 7.31% 17.13% 15.57% 12.41% 11.80% Medium 

JPM Global Convertibles (EUR) C (acc) - EUR 0.88% 1.71% 5.75% 7.70% 9.50% 10.56% - - Medium 

JPM Global Convertibles (EUR) D (acc) - EUR 0.57% 1.07% 4.75% 6.35% 8.05% 8.96% 5.86% - Medium 

JPM Global Convertibles (EUR) I (acc) - EUR 0.91% 1.71% 5.74% - - - - - Medium 

JPM Global Convertibles (EUR) I (inc) - EUR 0.89% 1.62% 3.09% - - - - - Medium 



1.08% 2.11% 6.36% 8.54% 10.46% 11.61% - - Medium 

JPM Global Dynamic A (acc) - USD -1.91% 0.51% 9.02% 11.26% 17.66% - - - Medium 

JPM Global Dynamic A (acc) - EUR -1.91% 0.51% 9.02% 11.23% - - - - Medium 

JPM Global Dynamic A (acc) - EUR (hedged)* - - - - - - - - Medium 

JPM Global Dynamic A (dist) - USD -1.90% 0.48% 8.23% 10.45% 17.08% 17.52% 18.42% 26.90% Medium 

JPM Global Dynamic A (dist) - GBP -1.91% 0.08% 8.15% 10.37% 64.99% 63.32% 51.41% 54.39% Medium 

JPM Global Dynamic A (inc) - EUR -1.91% 0.25% 8.11% 10.34% - - - - Medium 

JF Global Dynamic A (dist) - USD -1.91% 0.48% 8.23% 10.46% 17.10% 17.50% - - Medium 

JPM Global Dynamic B (acc) - USD -1.78% 0.74% 9.38% 11.74% 18.20% 18.71% - - Medium 

JPM Global Dynamic C (acc) - USD -1.68% 0.98% 9.79% 12.32% 18.96% 19.55% - - Medium 

JPM Global Dynamic C (acc) - EUR -1.66% 1.00% - - - - - - Medium 

JPM Global Dynamic D (acc) - USD -2.15% 0.01% 8.21% 10.16% 16.33% 16.55% 17.26% 25.39% Medium 

JPM Global Dynamic D (acc) - EUR -2.15% 0.01% 8.21% 10.16% - - - - Medium 

JPM Global Dynamic D (acc) - EUR (hedged) * - - - - - - - - Medium 

JPM Global Dynamic I (acc) - USD -1.68% 1.00% - - - - - - Medium 

JPM Global Dynamic X (acc) - USD -1.47% 1.41% 10.49% 13.26% 20.09% 20.89% - - Medium 



-1.47% 1.41% 10.49% - - - - - Medium 

JPM Global Equity (EUR) A (acc) - EUR -2.08% -2.63% 1.67% 1.38% 5.27% - - - Medium 

JPM Global Equity (EUR) A (dist) - EUR -2.12% -2.66% 0.97% 0.69% 4.89% 9.36% 8.81% 9.12% Medium 

JPM Global Equity (EUR) C (acc) - EUR -1.83% -2.06% 2.55% 2.55% - - - - Medium 



-2.30% -2.99% 1.11% 0.64% 4.49% 8.83% 8.13% 8.36% Medium 

JPM Global Equity (USD) A (acc) - USD -0.81% 1.65% 6.92% 7.21% 11.72% - - - Medium 

JPM Global Equity (USD) A (dist) - USD -0.81% 1.61% 6.09% 6.38% 11.17% 11.83% 13.25% 19.37% Medium 

JF Global Equity (USD) A (dist) - USD -0.81% 1.61% 6.09% 6.38% 11.17% 11.79% 13.13% 19.19% Medium 

JPM Global Equity (USD) B (acc) - USD** - - - - - - - - Medium 

JPM Global Equity (USD) C (acc) - USD -0.54% 2.22% 7.81% 8.40% 13.10% 13.79% - - Medium 

JPM Global Equity (USD) D (acc) - USD -1.02% 1.24% 6.29% 6.38% 10.73% 11.24% 12.46% 18.34% Medium 



-0.37% 2.54% 8.32% 9.09% - - - - Medium 

JPM Global Focus A (acc) - EUR -5.58% -10.36% -4.99% -0.42% 7.33% - - - Medium 

JPM Global Focus A (acc) - EUR (hedged)* -3.43% - - - - - - - Medium 

JPM Global Focus A (dist) - EUR -5.58% -10.34% -5.53% -0.99% 6.97% 19.43% 15.78% - Medium 

JF Global Focus A (dist) - USD -5.58% -10.18% -5.44% - - - - - Medium 

JPM Global Focus B (acc) - EUR** - - - - - - - - Medium 

JPM Global Focus C (acc) - EUR -5.38% -9.97% -4.37% 0.45% - - - - Medium 

JPM Global Focus D (acc) - EUR -5.81% -10.81% -5.70% -1.42% 6.19% 18.23% 14.56% - Medium 

JPM Global Focus D (acc) - EUR (hedged)* -3.68% - - - - - - - Medium 

JPM Global Focus X (acc) - EUR -5.16% -9.56% -3.73% 1.34% 9.38% 22.66% - - Medium 


JPM Global Life Sciences A (acc) - USD -2.10% -0.75% 2.84% 6.53% - - - - Medium 

JPM Global Life Sciences A (dist) - USD -2.09% -0.75% 2.87% 6.57% 3.93% 0.80% 3.61% 9.91% Medium 

JPM Global Life Sciences A (dist) - GBP -2.09% -0.75% 2.88% 6.57% 42.81% 32.22% 25.93% 28.01% Medium 

JF Global Life Sciences A (dist) - USD -2.10% -0.76% 2.87% 6.56% 3.98% 0.76% 3.58% 9.92% Medium 



-2.34% -1.25% 2.10% 5.50% 2.91% -0.20% 2.54% 8.30% Medium 

JPM Global Natural Resources A (acc) - EUR -0.86% 2.55% 18.90% 30.50% 32.30% 46.81% - - High 

JPM Global Natural Resources A (dist) - EUR -0.85% 2.55% 18.90% 30.50% 32.31% - - - High 

JPM Global Natural Resources A (acc) - USD -0.85% 2.55% 18.90% - - - - - High 

JPM Global Natural Resources B (acc) - EUR -0.73% 2.78% 19.29% 31.07% - - - - High 

JPM Global Natural Resources C (acc) - EUR -0.62% 3.03% 19.74% 31.72% 33.84% - - - High 

JPM Global Natural Resources C (acc) - USD -0.62% 3.05% - - - - - - High 

JPM Global Natural Resources D (acc) - EUR -1.10% 2.04% 18.02% 29.21% 30.68% - - - High 

JPM Global Natural Resources D (acc) - USD -1.09% 2.05% - - - - - - High 



-0.42% 3.46% 20.48% 32.82% 35.25% - - - High 

JPM Global Real Estate Securities (EUR) A (acc) - EUR -12.45% -13.63% -17.07% -12.09% - - - - High 

JPM Global Real Estate Securities (EUR) A (inc) - EUR -12.77% -13.88% -18.31% -13.40% - - - - High 

JPM Global Real Estate Securities (EUR) C (acc) - EUR -12.20% -13.14% - - - - - - High 

JPM Global Real Estate Securities (EUR) D (acc) - EUR -12.61% -13.94% -17.51% -12.72% - - - - High 

JPM Global Real Estate Securities (EUR) X (acc) - EUR 


-12.06% -12.86% - - - - - - High 

JPM Global Real Estate Securities (USD) A (acc) - USD -12.58% -11.19% -14.89% -9.20% - - - - High 

JPM Global Real Estate Securities (USD) D (acc) - USD -12.74% -11.53% -15.37% -9.88% - - - - High 

JPM Global Real Estate Securities (USD) X (acc) - USD -12.20% -10.43% -13.76% -7.59% - - - - High 

221





JPM Global Socially Responsible A (acc) - USD -2.93% -1.07% 5.50% 8.27% 13.78% - - - High 

JPM Global Socially Responsible A (dist) - USD -2.93% -1.06% 5.51% 8.29% 13.72% 12.46% 12.79% 17.41% High 



-3.17% -1.56% 4.72% 7.19% 12.53% 11.24% 11.44% 15.84% High 

JF Asia Alpha Plus A (acc) - USD -1.47% 21.64% 44.71% 49.20% - - - - High 

JF Asia Alpha Plus A (dist) - USD* 


- - - - - - - - High 

JF Asia Equity A (acc) - USD -2.60% 14.16% 33.19% 33.53% 37.21% - - - High 

JF Asia Equity A (dist) - USD -2.60% 13.90% 29.46% 29.80% 34.06% 34.36% 31.75% 41.88% High 

JF Asia Equity A (dist) - GBP -2.59% 12.07% 28.72% 29.07% 92.85% 93.24% 73.52% 76.72% High 

JF Asia Equity B (acc) - USD** - - - - - - - - High 

JF Asia Equity C (acc) - USD -2.38% 14.66% 34.07% 34.74% 39.22% 39.97% - - High 

JF Asia Equity D (acc) - USD -2.78% 13.73% 32.45% 32.54% 35.94% 36.11% 31.71% 41.67% High 

JF Asia Equity D (acc) - EUR -2.78% 13.73% 32.44% 32.53% - - - - High 

JF Asia Equity I (acc) - USD -2.37% 14.70% 34.13% 34.78% - - - - High 



-2.19% 15.13% 34.90% 35.82% 40.24% 41.42% - - High 

JF China A (acc) - USD -2.26% 39.63% 71.93% 66.66% 116.47% - - - High 

JF China A (dist) - USD -2.26% 39.54% 70.97% 65.73% 114.78% 83.78% 55.57% 107.53% High 

JF China B (acc) - USD -2.13% 39.93% 72.47% 67.36% - - - - High 

JF China C (acc) - USD -2.03% 40.27% 73.12% 68.20% 119.54% - - - High 

JF China D (acc) - USD -2.49% 38.97% 70.70% 65.06% 113.27% 81.88% 53.68% 104.01% High 

JF China X (acc) - USD -1.84% 40.82% - - - - - - High 



-2.03% 40.28% 73.16% - - - - - High 

JF Greater China A (acc) - USD -3.67% 26.04% 52.56% 50.46% 59.79% - - - High 

JF Greater China A (dist) - USD -3.67% 25.88% 50.13% 48.07% 56.47% 42.38% 32.11% 65.49% High 

JF Greater China B (acc) - USD -3.55% 26.31% 53.06% 51.19% - - - - High 

JF Greater China C (acc) - USD -3.46% 26.59% 53.57% 51.82% 61.75% - - - High 

JF Greater China D (acc) - USD -3.89% 25.47% 51.53% 49.09% 57.75% 43.09% 32.39% 65.57% High 

JF Greater China I (acc) - USD** - - - - - - - - High 



-3.28% 27.07% 54.46% 52.99% 63.55% 49.40% - - High 

JF Hong Kong A (acc) - USD 2.89% 34.46% 51.13% 51.16% 54.31% - - - High 

JF Hong Kong A (dist) - USD 2.89% 34.33% 49.98% 50.01% 52.99% 36.62% 34.19% 66.15% High 

JF Hong Kong B (acc) - USD 3.03% 34.80% 51.64% 51.66% - - - - High 

JF Hong Kong C (acc) - USD 3.11% 35.03% 52.08% 52.84% 56.43% - - - High 



2.64% 33.81% 50.00% 49.67% 52.22% 35.82% 33.13% 64.35% High 

JF India A (acc) - USD 18.49% 39.70% 69.72% 60.60% 69.76% - - - High 

JF India A (dist) - USD 18.49% 38.24% 62.43% 53.70% 64.20% 75.46% 76.83% 145.35% High 

JF India B (acc) - USD 18.64% 40.02% 70.27% 61.29% 70.74% 82.09% - - High 

JF India C (acc) - USD 18.80% 40.40% 70.98% 62.22% 72.20% - - - High 

JF India D (acc) - USD 18.26% 39.15% 68.71% 59.33% 67.83% 77.98% 78.50% 147.30% High 



19.04% 40.96% 72.01% 63.50% 74.04% 86.89% - - High 

JF Japan Alpha Plus A (acc) - USD -9.75% -10.41% -7.98% -5.92% -12.72% - - - High 

JF Japan Alpha Plus A (dist) - USD -9.75% -10.43% -8.00% -5.93% -12.73% 5.80% - - High 



-9.98% -10.87% -8.71% -6.92% -13.49% 4.64% - - High 

JF Japan Equity A (acc) - USD -9.83% -9.53% -12.53% -10.41% -6.86% - - - High 

JF Japan Equity A (acc) - EUR -9.84% -9.58% -12.59% -10.46% - - - - High 

JF Japan Equity A (acc) - JPY -9.83% -9.53% -12.52% -10.39% - - - - High 

JF Japan Equity A (dist) - USD -9.84% -9.54% -12.54% -10.41% -6.86% 3.99% 6.21% 14.87% High 

JF Japan Equity A (dist) - GBP -9.84% -9.53% -12.54% -10.41% 24.20% 38.36% 30.51% 35.85% High 

JF Japan Equity B (acc) - USD -9.68% -9.23% -12.10% -9.81% -6.29% 4.70% - - High 

JF Japan Equity C (acc) - USD -9.62% -9.08% -11.88% -9.52% -5.98% 5.09% - - High 

JF Japan Equity D (acc) - USD -10.00% -9.87% -13.03% -11.08% -7.48% 3.14% 5.22% 13.56% High 

JF Japan Equity D (acc) - EUR -10.00% -9.86% -13.02% -11.07% - - - - High 

JF Japan Equity I (acc) - USD -9.60% -9.07% -11.85% -9.49% - - - - High 

JF Japan Equity J (dist) - USD -9.83% -9.53% -12.54% -10.41% -6.87% 3.97% 6.10% 14.65% High 



-9.44% -8.74% -11.39% -8.84% -5.32% 6.00% - - High 

JF Japan Small Cap A (acc) - USD -9.46% -12.49% -17.48% -17.64% -16.92% - - - High 

JF Japan Small Cap A (dist) - USD -9.45% -12.52% -17.50% -17.66% -16.92% 1.23% 3.16% 16.08% High 

JF Japan Small Cap B (acc) - USD -9.34% -12.32% -17.23% -17.31% - - - - High 

JF Japan Small Cap C (acc) - USD -9.24% -12.09% -16.90% -16.86% - - - - High 

JF Japan Small Cap D (acc) - USD -9.68% -12.95% -18.11% -18.48% -17.58% 0.24% 2.11% 14.59% High 



-9.06% -11.76% -16.42% -16.22% -15.75% 3.07% - - High 

JPM JF Korea Equity Fund A (acc) - USD 1.19% - - - - - - - High 

JPM JF Korea Equity Fund A (acc) - EUR 1.16% - - - - - - - High 

JPM JF Korea Equity Fund D (acc) - USD 


0.92% - - - - - - - High 

JF Pacific Balanced A (acc) - USD -1.51% 5.45% 11.18% 15.45% 15.43% - - - Medium 

JF Pacific Balanced A (dist) - USD -1.53% 5.44% 11.17% 15.44% 14.69% 16.09% 15.99% 21.80% Medium 

JF Pacific Balanced B (acc) - USD -1.36% - - - - - - - Medium 

JF Pacific Balanced D (acc) - USD -1.63% 5.21% 10.80% 14.93% 14.84% 15.86% 15.71% 21.45% Medium 

222





JF Pacific Equity A (acc) - USD -3.68% 6.66% 18.93% 17.73% 13.96% - - - High 

JF Pacific Equity A (acc) - EUR -3.67% 6.68% 18.95% 17.74% - - - - High 

JF Pacific Equity A (dist) - USD -3.68% 6.61% 18.00% 16.80% 13.37% 18.75% 18.71% 28.46% High 

JF Pacific Equity A (dist) - GBP -3.68% 6.21% 17.99% 16.79% 58.78% 65.61% 51.70% 56.53% High 

JF Pacific Equity B (acc) - USD -3.52% 7.00% 20.25% 19.22% 15.15% 20.70% - - High 

JF Pacific Equity C (acc) - USD -3.44% 7.18% 19.80% 18.86% 15.22% - - - High 

JF Pacific Equity D (acc) - USD -3.86% 6.25% 18.29% 16.86% 13.02% 18.16% 18.01% 27.50% High 

JF Pacific Equity D (acc) - EUR -3.86% 6.27% 18.27% 16.85% - - - - High 



-3.44% 7.19% 19.83% 18.91% - - - - High 

JF Pacific Technology A (acc) - USD -1.56% 7.09% 22.51% 24.21% 20.29% - - - High 

JF Pacific Technology A (dist) - USD -1.55% 6.83% 18.05% 19.74% 17.46% 23.46% 19.45% 27.44% High 

JF Pacific Technology A (dist) - GBP -1.55% 5.16% 18.45% 20.15% 65.02% 73.62% 52.20% 54.33% High 

JF Pacific Technology B (acc) - USD* - - - -1.14% - - - - High 



-1.79% 6.57% 21.63% 23.06% 18.92% 24.42% 19.99% 27.77% High 

JF Singapore A (acc) - USD -5.79% 0.01% 13.99% 31.92% 60.48% - - - High 

JF Singapore A (dist) - USD -5.79% -0.03% 13.02% 30.80% 59.15% 59.61% 61.15% 92.77% High 

JF Singapore B (acc) - USD -5.67% 0.24% 14.36% 32.48% - - - - High 

JF Singapore C (acc) - USD -5.56% 0.50% 14.82% 33.19% 62.08% - - - High 

JF Singapore D (acc) - USD -6.02% -0.48% 13.14% 30.61% 58.31% 58.54% 59.63% 90.42% High 

JF Singapore I (acc) - USD -5.56% 0.50% 14.82% 33.21% - - - - High 



-5.39% 0.86% 15.44% 34.18% - - - - High 

JF Taiwan A (acc) - USD -13.92% -6.92% 7.56% 6.63% 12.05% - - - High 

JF Taiwan A (dist) - USD -13.92% -6.54% 2.55% 1.67% 8.69% 16.70% 14.03% 17.72% High 

JF Taiwan B (acc) - USD -13.85% -6.78% 7.77% 6.91% - 5.83% - - High 

JF Taiwan C (acc) - USD -13.74% -6.53% 8.24% 7.54% 13.10% 21.97% - - High 

JF Taiwan D (acc) - USD -14.14% -7.39% 6.78% 5.60% 10.81% 19.00% 15.57% 18.94% High 

JF Taiwan I (acc) - USD -13.73% -6.51% 8.27% - - - - - High 



-13.57% -6.16% 8.88% 8.38% - - - - High 

JF Tokyo Alpha Plus A (acc) - JPY -19.35% -24.74% -20.43% -21.03% - - - - High 

JF Tokyo Alpha Plus A (dist) - JPY -19.37% -24.67% -20.35% -20.94% - - - - High 

JF Tokyo Alpha Plus X (acc) - JPY** 


- - - - - - - - High 

JPM Latin America Equity A (acc) - USD 2.69% 12.62% 35.19% 44.70% - - - - High 

JPM Latin America Equity A (dist) - USD 2.69% 12.55% 34.67% 44.14% 56.78% 73.36% 86.27% 128.04% High 

JF Latin America Equity A (dist) - USD 2.69% 12.54% 34.65% 44.12% 56.79% 73.33% 87.19% 107.76% High 

JPM Latin America Equity B (acc) - USD 2.82% 12.87% 35.63% 45.32% - - - - High 

JPM Latin America Equity C (acc) - USD 2.90% 13.08% 36.04% 45.92% 59.74% - - - High 

JPM Latin America Equity D (acc) - USD 2.43% 12.05% 34.18% 43.26% 55.65% 72.25% 84.64% 122.87% High 

JPM Latin America Equity I (acc) - USD 2.91% 13.11% 36.08% 45.98% - - - - High 



3.13% 13.59% 36.95% 47.22% 61.56% 81.21% - - High 

JPM Middle East Equity A (acc) - USD 11.08% 26.16% 38.29% 46.14% - - - - High 

JPM Middle East Equity A (dist) - USD 11.07% 25.90% 36.79% 44.55% 25.68% 42.48% 53.44% 84.61% High 

JPM Middle East Equity B (acc) - USD 11.21% 26.43% 38.70% 46.71% - - - - High 



10.80% 25.53% 37.26% 44.68% 25.93% 42.30% 53.20% 84.01% High 

JPM Russia A (acc) - USD 9.78% 22.38% 29.52% 40.72% - - - - High 

JPM Russia A (dist) - USD 9.77% 22.38% 29.50% 40.72% - - - - High 

JPM Russia B (acc) - USD 9.93% 22.69% 29.96% 41.37% - - - - High 

JPM Russia C (acc) - USD* - - - - - - - - High 

JPM Russia D (acc) - USD 9.50% 21.78% 28.55% 39.32% - - - - High 



9.97% - - -5.27% - - - - High 

JPM Sterling Bond A (acc) - GBP 0.84% 1.05% -3.43% -4.64% -3.02% - - - Medium 

JPM Sterling Bond A (dist) - GBP 0.84% 1.01% -8.25% -9.40% -6.84% -0.34% 1.16% 1.75% Medium 

JPM Sterling Bond B (dist) - GBP** - - - - - - - - Medium 

JPM Sterling Bond D (acc) - GBP 0.70% 0.77% -3.82% -5.16% -3.53% 0.50% 1.66% 2.05% Medium 



1.10% 1.58% -2.67% -3.64% -2.03% 2.17% - - Medium 

JPM UK Equity A (acc) - GBP -2.20% -4.81% -4.68% -5.49% - - - - High 

JPM UK Equity A (dist) - GBP -2.20% -4.84% -7.83% -8.60% 2.81% 10.02% 10.52% 14.61% High 

JPM UK Equity C (acc) - GBP -1.97% -4.36% -4.00% -4.59% 5.65% 12.81% - - High 

JPM UK Equity D (acc) - GBP -2.30% -5.07% -5.10% -6.05% 3.94% 10.77% 8.78% 12.83% High 

JPM UK Equity I (acc) - GBP** 


- - - - - - - - High 

JPM US 130/30 A (acc) - USD -2.33% - - - - - - - High 

JPM US 130/30 A (acc) - EUR (hedged) 1.07% - - - - - - - High 

JPM US 130/30 D (acc) - USD -2.53% - - - - - - - High 

JPM US 130/30 D (acc) - EUR (hedged) 0.86% - - - - - - - High 

JPM US 130/30 X (acc) - USD* - - - - - - - - High 

223





JPM US Aggregate Bond A (acc) - USD 1.99% 5.29% 4.07% 5.50% 4.54% - - - Medium 

JPM US Aggregate Bond A (dist) - USD 2.00% 5.25% 0.34% 1.73% 2.50% 2.38% 2.59% 2.57% Medium 

JPM US Aggregate Bond B (acc) - USD 2.08% 5.48% 4.35% 5.87% - - - - Medium 

JPM US Aggregate Bond C (acc) - USD 2.14% 5.59% 4.49% 6.07% - - - - Medium 

JPM US Aggregate Bond D (acc) - USD 1.93% 5.18% 3.90% 5.26% 4.23% 3.51% 3.44% 3.32% Medium 



2.27% 5.85% 4.88% 6.60% 5.63% - - - Medium 

JPM US Dynamic A (acc) - USD -4.61% -7.62% -2.37% 0.30% 7.64% - - - High 

JPM US Dynamic A (acc) - EUR -4.61% -7.62% -2.37% 0.29% - - - - High 

JPM US Dynamic A (dist) - USD -4.61% -7.62% -2.38% 0.29% 7.64% 10.11% 12.70% - High 

JPM US Dynamic B (acc) - USD -4.49% -7.41% -2.06% 0.71% 8.12% 10.62% - - High 

JPM US Dynamic C (acc) - USD -4.38% -7.17% -1.66% 1.26% 8.74% 11.36% - - High 

JPM US Dynamic D (acc) - USD -4.85% -8.08% -3.10% -0.70% 6.51% 8.81% 11.29% - High 

JPM US Dynamic D (acc) - EUR -4.85% -8.08% -3.10% -0.72% - - - - High 

JPM US Dynamic I (acc) - USD -4.36% -7.13% -1.61% 1.32% - - - - High 

JPM US Dynamic I (acc) - EUR -4.37% -7.30% - - - - - - High 


JPMorgan Funds - US Select 130/30 (6) 

-4.17% -6.77% -1.05% 2.11% 9.75% 12.48% - - High 

JPM US Select 130/30 A (acc) - USD -1.70% - - - - - - - High 

JPM US Select 130/30 A (dist) - USD -1.71% - - - - - - - High 

JPM US Select 130/30 A (acc) - EUR (hedged) 1.53% - - - - - - - High 

JPM US Select 130/30 C ( acc ) - USD* - - - - - - - - High 

JPM US Select 130/30 D(acc)-USD -1.90% - - - - - - - High 

JPM US Select 130/30 D (acc) - EUR (hedged) 1.28% - - - - - - - High 



-1.28% - - - - - - - High 

JPM US Small Cap Growth A (acc) - USD -3.81% 1.76% 9.57% 9.63% 13.21% - - - High 

JPM US Small Cap Growth A (dist) - USD -3.82% 1.76% 9.57% 9.62% 13.19% 11.09% 13.44% 23.18% High 

JPM US Small Cap Growth A (dist) - GBP -3.90% 1.68% 9.49% 9.53% 58.96% 52.20% 43.53% 49.39% High 



-4.01% 1.37% 8.95% 8.80% 12.24% 10.07% 12.26% 21.55% High 

JPM US Strategic Growth A (acc) - USD -0.83% -0.12% 6.15% 10.13% 10.43% - - - High 

JPM US Strategic Growth A (acc) - EUR (hedged) 2.44% 7.79% 15.74% - - - - - High 

JPM US Strategic Growth A (dist) - USD -0.82% -0.12% 6.14% 10.14% 10.47% 9.03% 8.04% 10.75% High 

JPM US Strategic Growth A (dist) - GBP -0.84% -0.13% 6.13% 10.12% 54.19% 48.25% 33.99% 29.41% High 

JPM US Strategic Growth B (acc) - USD -0.65% 0.20% 6.68% 10.87% - - - - High 

JPM US Strategic Growth C (acc) - USD -0.56% 0.42% 6.99% 11.33% - - - - High 

JPM US Strategic Growth C (acc) - EUR (hedged)* - - - - - - - - High 

JPM US Strategic Growth D (acc) - USD -1.01% -0.50% 5.55% 9.31% 9.55% 8.01% 7.04% 9.65% High 

JPM US Strategic Growth D (acc) - EUR (hedged) 2.28% 7.33% 15.02% - - - - - High 



-0.39% 0.76% 7.56% 12.09% 12.58% - - - High 

JPM US Technology A (acc) - USD -1.09% 4.59% 12.93% 12.65% 8.71% - - - High 

JPM US Technology A (dist) - USD -1.08% 4.61% 12.97% 12.68% 8.75% 6.68% 7.40% 19.96% High 

JPM US Technology A (dist) - GBP -1.08% 4.61% 12.95% 12.67% 50.99% 43.37% 32.53% 43.81% High 

JF US Technology A (dist) - USD -1.09% 4.58% 12.90% 12.60% 8.89% 6.66% 7.41% 20.24% High 

JPM US Technology D (acc) - USD -1.35% 4.08% 12.06% 11.51% 7.43% 5.44% 6.27% 18.45% High 

JPM US Technology I (acc) - USD -0.86% - - - - - - - High 

JPM US Technology X (acc) - USD* 


- - - - - - - - High 

JPM US Value A (acc) - USD -2.75% -3.63% 1.02% 2.53% 10.78% - - - Medium 

JPM US Value A (acc) - EUR (hedged) 0.49% 4.20% 10.45% - - - - - Medium 

JPM US Value A (dist) - USD -2.75% -3.63% 1.01% 2.53% 10.77% 9.62% 12.25% 17.05% Medium 

JPM US Value A (dist) - GBP -2.75% -3.63% 1.02% 2.53% 54.58% 48.65% 40.92% 39.04% Medium 

JF US Value A (dist) - USD -2.75% -3.63% 1.02% 2.55% 10.82% 9.57% - - Medium 

JPM US Value B (acc) - USD -2.61% -3.30% 1.54% 3.25% 11.68% 10.53% - - Medium 

JPM US Value C (acc) - USD -2.48% -3.10% 1.85% 3.66% 12.13% 11.10% - - Medium 

JPM US Value D (acc) - USD -2.93% -3.99% 0.45% 1.77% 9.86% 8.69% 11.16% 15.73% Medium 

JPM US Value D (acc) - EUR (hedged) 0.31% 3.83% 9.90% - - - - - Medium 

JPM US Value X (acc) - USD -2.32% -2.76% 2.38% 4.38% 12.98% 11.98% - - Medium 







* No data is applicable for these share classes as they were launched less than 3 months before the period end. 

** Share Classes opened and closed during the period. 

224



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 

JF Asia Equity I (acc) - USD 

JF Asia Equity X-USD 



JF Greater China (acc)X-USD 

JF Hong Kong X (acc) - USD 


JF Japan Equity I (acc) - USD 


JF Japan Small Cap (acc)X-USD 


JF Pacific Equity X (acc) - USD 

JF Singapore I (acc) - USD 


JF Taiwan I (acc) - USD 




JPM Brazil Alpha Plus Fund I (acc) - USD 

JPM Eastern Europe Equity I (acc) - EUR 

JPM Eastern Europe EquityX-EUR 



JPM Emerging Markets Debt I (inc) - EUR 


JPM Emerging Markets Equity I (acc) - USD 

JPM Emerging Markets Equity I (inc) - EUR 

JPM Emerging Markets Equity X (acc) - USD 


JPM Euro Liquid Reserve A (acc) - EUR 







JPM Europe Dynamic I (acc) - EUR 

JPM Europe Dynamic Mega Cap I (acc) - EUR 




JPM Europe Equity I (acc) - EUR 

JPM Europe Equity I (inc) - EUR 





JPM Europe Small Cap I (acc) - EUR 


JPM Europe Strategic Growth I (acc) - EUR 

JPM Europe Strategic Growth I (inc) - EUR 

JPM Europe Strategic Growth X (acc)- EUR 

JPM Europe Strategic Value I (acc) - EUR 

JPM Europe Strategic Value I (inc) - EUR 





JPM Global Convertibles (EUR)X-EUR 

JPM Global Dynamic I (acc) - USD 




JPM Global Focus X-EUR 

JPM Global Natural Resources X (Acc) - EUR 

JPM Global Real Estate Securities (EUR) X (acc) - EUR 

JPM Global Real Estate Securities (USD) X (acc) - USD 

JPM Latin America Equity I (acc) - USD 

JPM Latin America EquityX-USD 


JPM Sterling Bond X (Acc) - GBP 

JPM UK Equity I (acc) - GBP 


JPM US Aggregate BondX-USD 

JPM US Dynamic I (acc) - USD 

JPM US Dynamic I (inc) - EUR 

JPM US Dynamic X (Acc) - USD 



JPM US Technology I (acc) - USD 



225



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 rate is disclosed in accordance with the standard method 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 33.19 

JPMorgan Funds - America Large Cap Fund 0.00 

JPMorgan Funds - America Micro-Cap Fund 67.88 

JPMorgan Funds - Brazil Alpha Plus Fund 0.00 

JPMorgan Funds - Eastern Europe Equity Fund 0.00 

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 39.14 

JPMorgan Funds - Emerging Markets Alpha Plus Fund 861.92 

JPMorgan Funds - Emerging Markets Debt Fund 1.32 

JPMorgan Funds - Emerging Markets Equity Fund 0.00 

JPMorgan Funds - Emerging Markets Small Cap Fund 0.00 

JPMorgan Funds - Euro Liquid Reserve Fund 0.00 

JPMorgan Funds - Euroland Equity Fund 136.73 

JPMorgan Funds - Euroland Select Equity Fund 102.41 

JPMorgan Funds - Europe 130/30 Fund 80.93 

JPMorgan Funds - Europe Aggregate Plus Bond Fund 537.22 

JPMorgan Funds - Europe Balanced Fund (EUR) 0.00 

JPMorgan Funds - Europe Convergence Equity Fund 61.32 

JPMorgan Funds - Europe Dynamic Fund 381.38 

JPMorgan Funds - Europe Dynamic Mega Cap Fund 178.76 

JPMorgan Funds - Europe Dynamic Small Cap Fund 530.82 

JPMorgan Funds - Europe Equity Fund 139.55 

JPMorgan Funds - Europe Focus Fund 142.26 

JPMorgan Funds - Europe High Yield Bond Fund 0.00 

JPMorgan Funds - Europe Micro Cap Fund 270.91 

JPMorgan Funds - Europe Select 130/30 Fund 46.83 

JPMorgan Funds - Europe Small Cap Fund 103.68 

JPMorgan Funds - Europe Strategic Growth Fund 183.42 

JPMorgan Funds - Europe Strategic Value Fund 127.38 

JPMorgan Funds - Europe Technology Fund 86.98 

JPMorgan Funds - Germany Equity Fund 0.00 

JPMorgan Funds - Global Aggregate Bond Fund 0.00 

JPMorgan Funds - Global Convertibles Fund (EUR) 87.79 

JPMorgan Funds - Global Dynamic Fund 165.89 

JPMorgan Funds - Global Equity Fund (EUR) 72.77 

JPMorgan Funds - Global Equity Fund (USD) 82.25 

JPMorgan Funds - Global Focus Fund 270.13 

JPMorgan Funds - Global Life Sciences Fund 130.06 

JPMorgan Funds - Global Natural Resources Fund 0.00 

JPMorgan Funds - Global Real Estate Securities Fund (EUR) 350.62 

JPMorgan Funds - Global Real Estate Securities Fund (USD) 412.48 

JPMorgan Funds - Global Socially Responsible Fund 226.90 

JPMorgan Funds - JF Asia Alpha Plus Fund 406.33 

JPMorgan Funds - JF Asia Equity Fund 222.55 

JPMorgan Funds - JF China Fund 0.00 

JPMorgan Funds - JF Greater China Fund 87.13 

JPMorgan Funds - JF Hong Kong Fund 0.00 

JPMorgan Funds - JF India Fund 0.00 

JPMorgan Funds - JF Japan Alpha Plus Fund 490.39 

JPMorgan Funds - JF Japan Equity Fund 163.27 

JPMorgan Funds - JF Japan Small Cap Fund 157.28 

JPMorgan Funds - JF Korea Equity Fund 79.85 

JPMorgan Funds - JF Pacific Balanced Fund 376.47 

JPMorgan Funds - JF Pacific Equity Fund 154.51 

JPMorgan Funds - JF Pacific Technology Fund 96.06 

JPMorgan Funds - JF Singapore Fund 0.00 

JPMorgan Funds - JF Taiwan Fund 324.27 

JPMorgan Funds - JF Tokyo Alpha Plus Fund 680.83 

JPMorgan Funds - Latin America Equity Fund 0.00 

JPMorgan Funds - Middle East Equity Fund 0.00 

JPMorgan Funds - Russia Fund 0.00 

JPMorgan Funds - Sterling Bond Fund 361.96 

JPMorgan Funds - UK Equity Fund 122.30 

JPMorgan Funds - US 130/30 Fund 62.64 

JPMorgan Funds - US Aggregate Bond Fund 0.00 

JPMorgan Funds - US Dynamic Fund 57.27 

JPMorgan Funds - US Select 130/30 Fund 59.24 

JPMorgan Funds - US Small Cap Growth Fund 124.78 

JPMorgan Funds - US Strategic Growth Fund 146.80 

JPMorgan Funds - US Technology Fund 23.46 

JPMorgan Funds - US Value Fund 0.00 

226





of the Year 

227 


at the End 

of the Year 




JPM America Equity A (acc) - EUR (hedged) - 26,946.066 - 26,946.066 



JPM America Equity B (acc) - USD 286,768.822 - 68,021.621 218,747.201 



JPM America Equity D (acc) - EUR 501.365 22,733.143 13,676.637 9,557.871 

JPM America Equity D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 



2,169,929.449 95,039.650 1,270,790.426 994,178.673 

JPM America Large Cap A (acc) - USD 76,763.887 4,237,360.115 3,978,215.723 335,908.279 

JPM America Large Cap A (dist) - USD 3,854,546.322 1,964,657.595 2,869,574.891 2,949,629.026 

JPM America Large Cap B (acc) - USD 26,099.248 218,924.241 132,931.732 112,091.757 



407,615.177 472,097.107 419,979.639 459,732.645 

JPM America Micro Cap A (acc) - USD 5,622,770.721 1,234,931.140 3,149,510.977 3,708,190.884 

JPM America Micro Cap A (dist) - USD 2,472,760.585 539,655.169 1,931,562.444 1,080,853.310 


JPM America Micro Cap D (acc) - USD 1,860,096.713 368,783.926 1,148,804.029 1,080,076.610 



213,916.338 - 198,429.332 15,487.006 

JPM Eastern Europe Equity A (acc) - EUR 2,292,870.062 2,242,226.839 2,544,942.231 1,990,154.670 




JPM Eastern Europe Equity C (acc) - EUR 9,142,193.731 410,509.582 8,887,696.314 665,006.999 




JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund (1) 

4,156,418.049 1,038,465.194 1,914,083.299 3,280,799.944 




JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 8,638,068.671 755,353.205 9,227,208.250 166,213.626 

JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1,812,315.009 769,669.847 1,204,970.683 1,377,014.173 

JPM Emerging Europe, Middle East and Africa Equity I (acc) - USD 3,439,165.440 12,429,510.038 8,828,642.479 7,040,032.999 


JPMorgan Funds - Emerging Markets Alpha Plus Fund (2) 

89,663.735 8,892.234 98,555.969 - 

JPM Emerging Markets Alpha Plus A (acc) - USD - 21,671,097.867 2,177,026.134 19,494,071.733 

JPM Emerging Markets Alpha Plus A (dist) - USD - 7,137,578.873 298,021.152 6,839,557.721 


JPMorgan Funds - Emerging Markets Debt Fund (3) 

- 380,904.002 204,830.370 176,073.632 

JPM Emerging Markets Debt A (acc) - EUR 2,867,573.254 11,277,729.772 7,001,321.726 7,143,981.300 

JPM Emerging Markets Debt A (dist) - EUR 8,661,114.189 15,152,456.055 13,144,027.713 10,669,542.531 

JPM Emerging Markets Debt C (acc) - EUR - 653,748.769 - 653,748.769 


JPM Emerging Markets Debt I (inc) - EUR - 250,000.001 - 250,000.001 



- 5,656.002 - 5,656.002 


JPM Emerging Markets Equity A (acc) - EUR 12,537,814.432 29,008,382.658 12,538,058.782 29,008,138.308 







JPM Emerging Markets Equity I (acc) - USD - 22,231,580.608 458,058.931 21,773,521.677 





10,330,431.042 7,609,910.433 0.102 17,940,341.373 

JPM Euro Liquid Reserve A (acc) - EUR 1,000,000.000 135,864.456 1,027,265.275 108,599.181 



- 2,028,445.658 1,161,834.100 866,611.558 







JPMorgan Funds - Europe 130/30 Fund (4) 

- 21,891,072.110 1,892,547.343 19,998,524.767 

JPM Europe 130/30 A (acc) - EUR - 371,996.101 - 371,996.101 

JPM Europe 130/30 D (acc) - EUR - 371,996.101 - 371,996.101 

(1) Name changed from Emerging Europe Equity Fund on 2 October 2006. 


(3) Name changed from FF Emerging Markets Debt Fund and currency changed from USD to EUR on 1 July 2006. 

(4) This Sub-Fund was launched on 25 June 2007.





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at the End 

of the Year 




JPM Europe Aggregate Plus Bond A (inc) - EUR (5) 17,945,101.045 6,259,582.277 13,589,337.731 10,615,345.591 

JPM Europe Aggregate Plus Bond B (acc) - EUR 35,343.151 6,628.307 23,997.701 17,973.757 

JPM Europe Aggregate Plus Bond C (acc) - EUR - 8,456.381 - 8,456.381 

JPM Europe Aggregate Plus Bond D (acc) - EUR 4,195,491.119 7,342,348.833 7,474,112.826 4,063,727.126 



- 88,171.002 - 88,171.002 

JPM Europe Balanced (EUR) A (acc) - EUR 133,172.657 495,094.283 210,554.598 417,712.342 

JPM Europe Balanced (EUR) A (dist) - EUR 4,719,412.475 4,177,506.086 2,002,457.349 6,894,461.212 



3,501,908.062 7,419,915.849 3,313,434.600 7,608,389.311 

JPM Europe Convergence Equity A (acc) - EUR 1,329,873.074 3,485,090.323 2,665,866.616 2,149,096.781 


JPM Europe Convergence Equity C (acc) - EUR 1,349,728.432 400,328.540 1,527,065.432 222,991.540 

JPM Europe Convergence Equity D (acc) - EUR 3,291,065.758 1,609,654.014 2,030,561.752 2,870,158.020 

JPM Europe Convergence Equity I (acc) - EUR 


- 1,454,693.511 1,454,693.511 - 

JPM Europe Dynamic A (acc) - EUR 14,432,666.893 747,235.039 4,491,751.532 10,688,150.400 

JPM Europe Dynamic A (dist) - EUR 49,003,541.127 1,395,478.591 8,381,869.298 42,017,150.420 

JPM Europe Dynamic A (dist) - GBP 125,938.330 1,662.245 7,136.446 120,464.129 

JF Europe Dynamic A (dist) - EUR 2,234,289.640 195,263.207 698,651.811 1,730,901.036 





JPM Europe Dynamic I (acc) - EUR - 1,071,473.018 - 1,071,473.018 



6,783,515.719 13,174.653 1,273,949.501 5,522,740.871 

JPM Europe Dynamic Mega Cap A (acc) - EUR 18,194,469.431 85,030,986.636 39,563,419.587 63,662,036.480 

JPM Europe Dynamic Mega Cap A (dist) - EUR 102,811.064 19,443,887.920 8,854,115.388 10,692,583.596 

JPM Europe Dynamic Mega Cap A (inc) - EUR 387.177 91,698.847 15,924.239 76,161.785 

JPM Europe Dynamic Mega Cap B (acc) - EUR 735,935.005 1,113,600.904 548,907.703 1,300,628.206 


JPM Europe Dynamic Mega Cap D (acc) - EUR 98,037.919 4,164,274.010 2,070,581.477 2,191,730.452 

JPM Europe Dynamic Mega Cap I (acc) - EUR - 543,017.929 47,244.095 495,773.834 



1,193,798.741 3,516,109.483 1,174,552.938 3,535,355.286 

JPM Europe Dynamic Small Cap A (acc) - EUR 10,366,647.272 17,194.453 4,585,908.737 5,797,932.988 

JPM Europe Dynamic Small Cap A (dist) - EUR 285,049.848 42,080.270 59,609.440 267,520.678 

JPM Europe Dynamic Small Cap D (acc) - EUR 220,214.537 245.298 122,942.185 97,517.650 



2,161,351.764 3,517.255 122,402.356 2,042,466.663 




JF Europe Equity A (dist) - USD 1,788,500.248 1,444,453.732 1,272,674.752 1,960,279.228 

JPM Europe Equity B (acc) - EUR 993,395.772 900,933.925 527,095.712 1,367,233.985 



JPM Europe Equity D (acc) - USD 397.456 410,718.239 134,262.633 276,853.062 

JPM Europe Equity I (acc) - EUR - 2,849,429.208 47,348.001 2,802,081.207 

JPM Europe Equity I (inc) - EUR - 10,000,000.000 - 10,000,000.000 



17,253,104.209 6,944,843.118 3,372,512.821 20,825,434.506 

JPM Europe Focus A (acc) - EUR 1,117,241.241 6,085,539.318 1,580,383.417 5,622,397.142 

JPM Europe Focus A (dist) - EUR - 76,470.471 31,111.909 45,358.562 

JPM Europe Focus C (acc) - EUR - 1,505,000.000 - 1,505,000.000 

JPM Europe Focus D (acc) - EUR 83,899.656 997,268.279 349,758.525 731,409.410 



- 2,548,400.001 151,235.001 2,397,165.000 

JPM Europe High Yield Bond A (acc) - EUR 111,632.046 1,694,665.649 333,682.268 1,472,615.427 


JPM Europe High Yield Bond D (acc) - EUR 


4,971,771.465 13,933,201.046 9,476,887.210 9,428,085.301 

JPM Europe Micro Cap A (acc) - EUR 1,874,565.496 6,668,839.595 4,490,013.437 4,053,391.654 

JPM Europe Micro Cap A (dist) - EUR 12,763,910.657 5,830,482.805 6,347,292.319 12,247,101.143 


JPMorgan Funds - Europe Select 130/30 Fund (6) 

582,482.690 5,079,565.220 1,839,995.838 3,822,052.072 

JPM Europe Select 130/30 A (acc) - EUR - 371,996.101 - 371,996.101 

JPM Europe Select 130/30 D (acc) - EUR - 371,996.101 - 371,996.101 


JPM Europe Small Cap A (acc) - EUR 3,551,608.633 7,815,851.482 6,280,381.464 5,087,078.651 



JF Europe Small Cap A (dist) - EUR 15,185,686.426 10,289,087.338 17,302,643.715 8,172,130.049 




JPM Europe Small Cap I (acc) - EUR - 11,661,953.547 5,622,620.773 6,039,332.774 

JPM Europe Small Cap X (acc) - EUR 1,004,202.777 970,853.698 135,506.351 1,839,550.124 

(5) Share Class name changed from A (dist) on 1 July 2006. 

(6) This Sub-Fund was launched on 25 June 2007.





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229 


at the End 

of the Year 






JPM Europe Strategic Growth B (acc) - EUR 3,230,102.770 1,056,646.034 2,835,179.927 1,451,568.877 


JPM Europe Strategic Growth D (acc) - EUR 16,098,491.713 16,154,690.452 13,813,481.890 18,439,700.275 

JPM Europe Strategic Growth I (inc) - EUR 400,165.000 10,300.000 130,465.000 280,000.000 

JPM Europe Strategic Growth I (acc) - EUR - 3,322,862.971 2,361,909.660 960,953.311 



1,912,562.233 2,209,481.733 450,329.864 3,671,714.102 




JPM Europe Strategic Value B (acc) - EUR 1,087,109.034 525,848.221 471,462.900 1,141,494.355 



JPM Europe Strategic Value I (inc) - EUR 400,165.000 10,000.000 116,165.000 294,000.000 

JPM Europe Strategic Value I (acc) - EUR - 11,282,687.512 1,840,878.069 9,441,809.443 



2,735,882.259 6,109,721.446 1,536,856.049 7,308,747.656 

JPM Europe Technology A (acc) - EUR 1,202,234.138 2,356,378.065 2,640,749.571 917,862.632 


JPM Europe Technology A (dist) - GBP 50,864.596 6,028.134 15,776.618 41,116.112 


JPM Europe Technology D (acc) - EUR 


2,670,426.840 2,429,526.270 2,655,232.780 2,444,720.330 

JPM Germany Equity A (acc) - EUR 4,222,808.750 15,811,078.970 6,749,656.493 13,284,231.227 



JPM Germany Equity D (acc) - EUR 


13,360,361.447 86,855,575.567 30,698,227.139 69,517,709.875 



JPM Global Aggregate Bond B (acc) - USD 117,533.633 - 117,533.633 - 


JPM Global Aggregate Bond D (acc) - USD 1,043,146.288 1,913,201.576 1,771,286.192 1,185,061.672 


JPMorgan Funds - Global Convertibles Fund (EUR) (7) 

156,505.219 - 32,431.234 124,073.985 

JPM Global Convertibles (EUR) A (acc) - EUR 15,332,519.948 32,301,382.644 24,894,128.920 22,739,773.672 

JPM Global Convertibles (EUR) A (dist) - EUR 47,995,864.261 59,712,595.490 36,499,388.318 71,209,071.433 

JF Global Convertibles (EUR) A (dist) - USD 488,127.635 1,170,042.027 341,754.467 1,316,415.195 

JPM Global Convertibles (EUR) B (acc) - EUR 458,789.881 469,296.697 6,286.420 921,800.158 



JPM Global Convertibles (EUR) I (inc) - EUR - 445,121.951 - 445,121.951 

JPM Global Convertibles (EUR) I (acc) - EUR - 3,051,941.001 93,758.001 2,958,183.000 



7,348,586.526 154,004.609 427,370.299 7,075,220.836 


JPM Global Dynamic A (acc) - EUR - 491,084.533 4,450.001 486,634.532 




JPM Global Dynamic A (inc) - EUR 496.381 1,474,075.117 156,023.291 1,318,548.207 



JPM Global Dynamic C (acc) - EUR - 5,527,880.001 - 5,527,880.001 

JPM Global Dynamic D (acc) - EUR 643.365 154,957.802 38,494.008 117,107.159 


JPM Global Dynamic I (acc) - USD - 1,952,030.000 - 1,952,030.000 



JPMorgan Funds - Global Equity Fund (EUR) (8) 

- 17,330,026.813 - 17,330,026.813 

JPM Global Equity (EUR) A (acc) - EUR 827,656.526 1,532,833.372 1,390,570.445 969,919.453 

JPM Global Equity (EUR) A (dist) - EUR 738,315.706 78,022.773 175,879.276 640,459.203 

JPM Global Equity (EUR) C (acc) - EUR 7,066,323.535 3,215,062.741 2,831,545.757 7,449,840.519 


JPMorgan Funds - Global Equity Fund (USD) (9) 

464,171.410 166,556.888 282,766.666 347,961.632 

JPM Global Equity (USD) A (acc) - USD 1,244,050.960 535,086.101 1,283,969.115 495,167.946 

JPM Global Equity (USD) A (dist) - USD 1,398,753.173 143,741.661 548,506.142 993,988.692 

JF Global Equity (USD) A (dist) - USD 1,237,430.880 205,195.619 288,303.076 1,154,323.423 

JPM Global Equity (USD) B (acc) - USD 24,404.580 - 24,404.580 - 


JPM Global Equity (USD) D (acc) - USD 2,887,294.164 117,888.042 277,527.727 2,727,654.479 

JPM Global Equity (USD) X (acc) - USD 1,048,640.488 578,043.574 133,917.137 1,492,766.925 

(7) Name changed from Global Convertible Bond Fund (EUR) on 29 August 2006. 

(8) Name changed from International Equity Fund (EUR) on 29 August 2006. 

(9) Name changed from Global Equity Fund on 29 August 2006.





of the Year 

230 


at the End 

of the Year 


JPMorgan Funds - Global Focus Fund (10) 

JPM Global Focus A (acc) - EUR 570,981.270 9,376,781.810 1,524,909.233 8,422,853.847 

JPM Global Focus A (dist) - EUR 3,069,926.974 7,510,075.831 3,216,028.877 7,363,973.928 

JF Global Focus A (dist) - USD - 884,914.336 75,970.289 808,944.047 

JPM Global Focus C (acc) - EUR 721,984.765 10,847,201.865 1,206,882.031 10,362,304.599 




1,072,576.185 727,160.882 426,399.209 1,373,337.858 


JPM Global Life Sciences A (dist) - USD 4,395,062.472 1,974,930.735 2,657,040.183 3,712,953.024 

JPM Global Life Sciences A (dist) - GBP 18,090.243 408.019 1,089.620 17,408.642 

JF Global Life Sciences A (dist) - USD 4,087,861.939 3,191,109.794 5,006,569.995 2,272,401.738 



1,077,146.537 753,419.178 911,647.873 918,917.842 


JPM Global Natural Resources A (dist) - EUR 2,992,978.432 16,981,607.874 6,326,602.588 13,647,983.718 

JPM Global Natural Resources A (acc) - USD - 1,706,403.250 124,952.200 1,581,451.050 



JPM Global Natural Resources C (acc) - USD - 224,985.925 - 224,985.925 


JPM Global Natural Resources D (acc) - USD - 2,437.992 - 2,437.992 


JPMorgan Funds - Global Real Estate Securities Fund (EUR) (11) 

5,178,017.275 1,682,000.970 206,994.989 6,653,023.256 

JPM Global Real Estate Securities A (acc) - EUR - 2,067,296.974 754,145.762 1,313,151.212 

JPM Global Real Estate Securities A (inc) - EUR - 164,657.887 1,875.715 162,782.172 

JPM Global Real Estate Securities C (acc) - EUR - 48,000.000 - 48,000.000 

JPM Global Real Estate Securities D (acc) - EUR - 433,455.206 67,462.177 365,993.029 


JPMorgan Funds - Global Real Estate Securities Fund (USD) (12) 

- 144,301.002 - 144,301.002 

JPM Global Real Estate Securities A (acc) - USD - 955,818.762 477,188.737 478,630.025 

JPM Global Real Estate Securities D (acc) - USD - 251,368.884 - 251,368.884 



- 1,181,531.621 - 1,181,531.621 

JPM Global Socially Responsible A (acc) - USD 959,167.721 563,482.928 289,081.097 1,233,569.552 

JPM Global Socially Responsible A (dist) - USD 3,102,924.121 1,357,793.005 573,297.796 3,887,419.330 



282,505.275 361,510.993 210,175.200 433,841.068 

JF Asia Alpha Plus A (acc) - USD 


3,872,828.584 3,993,645.384 1,834,421.501 6,032,052.467 




JF Asia Equity B (acc) - USD 11,745.049 - 11,745.049 - 

JF Asia Equity C (acc) - USD 4,261,228.045 364,271.702 4,274,442.923 351,056.824 


JF Asia Equity D (acc) - EUR 501.365 28,337.186 603.136 28,235.415 




529,504.646 172,077.848 25,974.044 675,608.450 




JF China C (acc) - USD 309,143.828 2,385,902.761 1,072,361.908 1,622,684.681 


JF China I (acc) - USD - 1,616,926.699 524,395.051 1,092,531.648 



- 2,086,541.580 98,107.560 1,988,434.020 

JF Greater China A (acc) - USD 2,263,602.362 2,725,767.575 2,919,342.527 2,070,027.410 


JF Greater China B (acc) - USD 1,182,225.820 126,718.228 1,217,773.130 91,170.918 



JF Greater China I (acc) - USD - 2,399,908.437 2,399,908.437 - 



42,727.329 44,491.254 8,515.330 78,703.253 

JF Hong Kong A (acc) - USD 279,424.162 1,396,362.322 1,021,428.415 654,358.069 






441,696.471 537,701.939 512,955.867 466,442.543 






JF India X (acc) - USD 121,009.046 2,109,735.051 297,434.766 1,933,309.331 

(10) Name changed from Global Recovery Fund on 29 August 2006. 


(12) This Sub-Fund was launched on 1 September 2006.





of the Year 


at the End 

of the Year 



JF Japan Alpha Plus A (acc) - USD 4,218,620.744 242,582.205 3,292,886.510 1,168,316.439 

JF Japan Alpha Plus A (dist) - USD 8,725,512.821 62,780.000 6,401,820.114 2,386,472.707 



284,323.053 - 276,238.702 8,084.351 


JF Japan Equity A (acc) - EUR 251,889.169 615,761.485 308,140.785 559,509.869 

JF Japan Equity A (acc) - JPY 4,770,064.290 7,314,846.781 8,900,941.792 3,183,969.279 






JF Japan Equity D (acc) - EUR 622.822 755,530.179 369,404.547 386,748.454 


JF Japan Equity I (acc) - USD 0.001 17,328,088.379 11,280,561.745 6,047,526.635 



3,870,721.921 505,313.050 3,143,365.963 1,232,669.008 

JF Japan Small Cap A (acc) - USD 2,079,520.415 3,966,092.521 2,713,525.633 3,332,087.303 



JF Japan Small Cap C (acc) - USD 2,004,201.932 1,382,231.945 1,009,906.715 2,376,527.162 

JF Japan Small Cap D (acc) - USD 2,994,034.019 1,478,953.367 2,443,063.773 2,029,923.613 



453,392.598 3,375,177.860 681,080.288 3,147,490.170 

JF Pacific Balanced A (acc) - USD 865,121.476 315,962.788 942,158.881 238,925.383 




2,023,374.997 871,349.861 1,116,858.072 1,777,866.786 


JF Pacific Equity A (acc) - EUR 935,475.063 499,958.971 962,913.979 472,520.055 

JF Pacific Equity A (dist) - USD 22,967,504.744 3,517,896.726 11,982,734.454 14,502,667.016 

JF Pacific Equity A (dist) - GBP 51,287.492 657.369 6,743.139 45,201.722 


JF Pacific Equity C (acc) - USD 7,858,622.361 926,533.247 5,063,894.450 3,721,261.158 


JF Pacific Equity D (acc) - EUR 20,352.015 37,404.335 11,130.197 46,626.153 



- 4,428,717.558 1,332,274.893 3,096,442.665 

JF Pacific Technology A (acc) - USD 613,682.762 300,711.866 696,242.574 218,152.054 


JF Pacific Technology A (dist) - GBP 7,159.151 570.551 1,155.340 6,574.362 

JF Pacific Technology B (acc) - USD 129,291.470 - 129,291.470 - 



407,642.516 197,792.245 312,162.595 293,272.166 

JF Singapore A (acc) - USD 995,597.359 8,241,425.543 4,366,007.950 4,871,014.952 


JF Singapore B (acc) - USD 20,259.189 1,068,517.985 76,383.506 1,012,393.668 

JF Singapore C (acc) - USD 998,810.116 1,123,968.421 1,144,098.845 978,679.692 


JF Singapore I (acc) - USD - 4,507,865.883 1,692,284.390 2,815,581.493 



10,000.000 32,841.715 16,194.603 26,647.112 

JF Taiwan A (acc) - USD 6,217,417.582 13,801,551.010 7,887,699.067 12,131,269.525 


JF Taiwan B (acc) - USD 144,587.850 - 114,291.498 30,296.352 

JF Taiwan C (acc) - USD 6,770,226.124 395,504.507 6,515,377.961 650,352.670 


JF Taiwan I (acc) - USD 0.001 17,264,826.976 3,585,523.782 13,679,303.195 



160,061.802 63,985.189 86,200.106 137,846.885 

JF Tokyo Alpha Plus A (acc) - JPY 27,057,754.714 2,346,833.620 23,993,531.991 5,411,056.343 

JF Tokyo Alpha Plus A (dist) - JPY 2,931,910.313 861,548.509 1,835,952.155 1,957,506.667 



17,562.002 - 17,562.002 - 










3,016,255.232 155,346.365 500,813.619 2,670,787.978 



JPM Middle East Equity B (acc) - USD 6,300.000 554,510.234 - 560,810.234 



JPM Russia A (acc) - USD 3,026,166.472 10,882,969.896 8,167,116.884 5,742,019.484 

JPM Russia A (dist) - USD 5,526,749.246 6,713,674.964 6,280,221.391 5,960,202.819 

JPM Russia B (acc) - USD 427,830.018 587,710.061 53,000.000 962,540.079 

JPM Russia D (acc) - USD 326,660.741 7,747,791.764 2,992,555.930 5,081,896.575 

JPM Russia I (acc) - USD - 

231 

1,020,000.001 1,020,000.001 -





of the Year 

232 


at the End 

of the Year 



JPM Sterling Bond A (acc) - GBP 1,566,744.935 567,241.430 1,534,530.119 599,456.246 


JPM Sterling Bond B (dist) - GBP - 521,960.001 521,960.001 - 

JPM Sterling Bond D (acc) - GBP 1,977,875.893 768,375.516 1,515,192.813 1,231,058.596 



1,012,311.148 - 915,848.219 96,462.929 

JPM UK Equity A (acc) - GBP 5,405,756.359 2,369,435.887 3,788,389.352 3,986,802.894 


JPM UK Equity C (acc) - GBP 1,398,464.352 1,734,389.385 835,744.355 2,297,109.382 

JPM UK Equity D (acc) - GBP 1,415,776.418 5,671,697.967 1,440,096.619 5,647,377.766 

JPM UK Equity I (acc) - GBP 


- 551,987.189 551,987.189 - 

JPM US Aggregate Bond A (acc) - USD 178,383.687 2,132,549.946 490,578.236 1,820,355.397 


JPM US Aggregate Bond B (acc) - USD 797,858.600 961,878.585 - 1,759,737.185 

JPM US Aggregate Bond C (acc) - USD 2,240,709.753 65,789.474 290,234.495 2,016,264.732 

JPM US Aggregate Bond D (acc) - USD 602,934.645 2,360,683.451 1,269,663.755 1,693,954.341 



17,615,619.613 902,124.303 9,781,796.682 8,735,947.234 


JPM US Dynamic A (acc) - EUR 1,832,985.998 13,795,807.066 2,967,928.397 12,660,864.667 





JPM US Dynamic D (acc) - EUR 501.365 131,094.112 38,433.158 93,162.319 

JPM US Dynamic I (inc) - EUR - 64,815,236.185 32,407,618.092 32,407,618.093 




22,339,544.970 48,421,902.343 45,861,245.404 24,900,201.909 

JPM US Small Cap Growth A (acc) - USD 337,233.538 1,225,111.846 1,314,943.632 247,401.752 


JPM US Small Cap Growth A (dist) - GBP 215.514 - 64.611 150.903 



384,172.501 1,915,183.855 313,270.118 1,986,086.238 

JPM US Strategic Growth A (acc) - USD 5,554,669.177 10,396,529.332 4,820,567.186 11,130,631.323 

JPM US Strategic Growth A (acc) - EUR (hedged) - 3,376,594.381 1,509.436 3,375,084.945 


JPM US Strategic Growth A (dist) - GBP 28,393.835 635.779 25,074.944 3,954.670 

JPM US Strategic Growth B (acc) - USD 1,143,551.797 941,487.880 349,613.643 1,735,426.034 

JPM US Strategic Growth C (acc) - USD 641,058.058 4,435,630.259 2,104,109.472 2,972,578.845 


JPM US Strategic Growth D (acc) - EUR (hedged) - 26,490.066 - 26,490.066 



3,711,013.447 5,435,332.359 529,036.120 8,617,309.686 

JPM US Technology A (acc) - USD 178,419.945 1,180,352.223 970,527.312 388,244.856 

JPM US Technology A (dist) - GBP 40,163.033 1,753.184 8,545.158 33,371.059 






JPM US Value A (acc) - EUR (hedged) - 3,585,219.422 2,142,583.388 1,442,636.034 







JPM US Value D (acc) - EUR (hedged) - 268,507.456 29,282.885 239,224.571 

JPM US Value X (acc) - USD 3,155,183.098 6,464,554.694 1,912,520.818 7,707,216.974





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of the Year 






JPM America Equity B (acc) - USD 1,540,282.417 271,153.903 1,524,667.498 286,768.822 



JPM America Equity D (acc) - EUR - 501.365 - 501.365 



6,678,025.327 2,108,498.076 6,616,593.954 2,169,929.449 

JPM America Large Cap A (acc) - USD 54,439.787 144,105.223 121,781.123 76,763.887 

JPM America Large Cap A (dist) - USD 6,162,259.122 1,241,000.213 3,548,713.013 3,854,546.322 

JPM America Large Cap B (acc) - USD - 26,099.248 - 26,099.248 



329,406.202 274,416.904 196,207.929 407,615.177 

JPM America Micro Cap A (acc) - USD 1,731,905.361 6,777,944.837 2,887,079.477 5,622,770.721 

JPM America Micro Cap A (dist) - USD 2,805,984.852 2,065,287.201 2,398,511.468 2,472,760.585 

JF America Micro Cap A (dist) - USD 270,720.454 2,650,170.909 1,957,332.399 963,558.964 

JPM America Micro Cap D (acc) - USD 1,118,594.978 1,849,708.854 1,108,207.119 1,860,096.713 



768,402.909 1,426,770.809 1,981,257.380 213,916.338 

JPM Eastern Europe Equity A (acc) - EUR 689,019.697 4,529,265.647 2,925,415.282 2,292,870.062 



JPM Eastern Europe Equity B (acc) - EUR - 6,640.000 - 6,640.000 

JPM Eastern Europe Equity C (acc) - EUR 10,598,114.772 4,068,087.154 5,524,008.195 9,142,193.731 


JPM Eastern Europe Equity I (acc) - EUR - 4,697,055.454 - 4,697,055.454 



4,300,000.000 967,255.898 1,110,837.849 4,156,418.049 

JPM Emerging Europe Equity A (acc)- USD 894,548.178 4,594,117.218 3,249,621.440 2,239,043.956 

JPM Emerging Europe Equity A (dist) - USD 7,262,913.307 6,649,107.023 7,307,110.955 6,604,909.375 

JPM Emerging Europe Equity B (acc) - USD 103,079.328 502,991.273 178,466.946 427,603.655 

JPM Emerging Europe Equity C (acc) - USD 5,478,532.023 5,990,350.028 2,830,813.380 8,638,068.671 

JPM Emerging Europe Equity D (acc) - USD 1,028,886.077 2,530,062.412 1,746,633.480 1,812,315.009 

JPM Emerging Europe Equity I (acc) - USD - 3,439,165.440 - 3,439,165.440 

JPM Emerging Europe Equity X (acc) - USD 


30,066.932 613,756.937 554,160.134 89,663.735 


JPM Emerging Markets Equity A (acc) - EUR - 12,981,076.859 443,262.427 12,537,814.432 



JPM Emerging Markets Equity B (acc) - USD 421,454.886 2,369,090.890 783,091.519 2,007,454.257 



JPM Emerging Markets Equity D (acc) - EUR - 11,685.069 - 11,685.069 

JPM Emerging Markets Equity I (inc) - EUR - 1,400,000.000 - 1,400,000.000 



JPMorgan Funds - Euro Liquid Reserve Fund (1) 

- 10,330,431.052 - 10,330,431.042 

JPM Euro Liquid Reserve A (acc) - EUR 


- 1,000,000.000 - 1,000,000.000 





JPM Euroland Equity D (acc) - EUR 

JPMorgan Funds - Europe Aggregate Plus Bond Fund (2) 

2,102,130.392 13,505,703.244 4,552,740.702 11,055,092.934 


JPM Europe Aggregate Plus Bond A (dist) - EUR 21,254,241.233 8,515,483.303 11,824,623.491 17,945,101.045 

JPM Europe Aggregate Plus Bond B (acc) - EUR 74,930.000 - 39,586.849 35,343.151 

JPM Europe Aggregate Plus Bond D (acc) - EUR 


1,855,551.367 6,675,604.103 4,335,664.351 4,195,491.119 

JPM Europe Balanced (EUR) A (acc) - EUR 772.600 142,941.084 10,541.027 133,172.657 

JPM Europe Balanced (EUR) A (dist) - EUR 3,436,353.471 2,538,181.455 1,255,122.451 4,719,412.475 



1,305,232.880 3,637,683.178 1,441,007.996 3,501,908.062 

JPM Europe Convergence Equity A (acc) - EUR 659,252.511 4,174,777.533 3,504,156.970 1,329,873.074 


JPM Europe Convergence Equity C (acc) - EUR 846,634.741 3,979,775.818 3,476,682.127 1,349,728.432 



3,097,384.672 3,560,940.382 3,367,259.296 3,291,065.758 

JPM Europe Dynamic A (acc) - EUR 3,882,884.678 22,205,763.158 11,655,980.943 14,432,666.893 

JPM Europe Dynamic A (dist) - EUR 64,623,849.353 31,362,229.543 46,982,537.769 49,003,541.127 

JPM Europe Dynamic A (dist) - GBP 104,619.918 86,451.088 65,132.676 125,938.330 

JF Europe Dynamic A (dist) - EUR 1,384,950.061 5,551,488.804 4,702,149.225 2,234,289.640 

JPM Europe Dynamic B (acc) - EUR 680,691.849 1,782,318.962 374,829.314 2,088,181.497 


JPM Europe Dynamic D (acc) - EUR 4,794,274.029 6,443,612.964 5,912,157.037 5,325,729.956 

JPM Europe Dynamic D (acc) - USD 80.580 58,461.670 10,377.590 48,164.660 

JPM Europe Dynamic X (acc) - EUR 5,097,244.347 4,722,887.755 3,036,616.383 6,783,515.719 

(1) This Sub-Fund was launched on 22 May 2006. 

(2) Name changed from Europe Aggregate Bond Fund on 13 September 2005.





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234 


at the End 

of the Year 


JPMorgan Funds - Europe Dynamic Mega Cap Fund (3) 

JPM Europe Dynamic Mega Cap A (acc) - EUR - 22,291,117.955 4,096,648.524 18,194,469.431 

JPM Europe Dynamic Mega Cap A (dist) - EUR - 102,811.064 - 102,811.064 

JPM Europe Dynamic Mega Cap A (inc) - EUR - 387.177 - 387.177 

JPM Europe Dynamic Mega Cap B (acc) - EUR - 735,935.005 - 735,935.005 

JPM Europe Dynamic Mega Cap C (acc) - EUR - 2,400,669.892 31,555.728 2,369,114.164 

JPM Europe Dynamic Mega Cap D (acc) - EUR - 98,452.320 414.401 98,037.919 



- 1,334,938.073 141,139.332 1,193,798.741 

JPM Europe Dynamic Small Cap A (acc) - EUR 807,210.869 12,746,546.443 3,187,110.040 10,366,647.272 

JPM Europe Dynamic Small Cap A (dist) - EUR - 325,466.658 40,416.810 285,049.848 

JPM Europe Dynamic Small Cap D (acc) - EUR - 277,368.844 57,154.307 220,214.537 



- 2,336,683.956 175,332.192 2,161,351.764 





JPM Europe Equity B (acc) - EUR 803,211.008 742,163.871 551,979.107 993,395.772 



JPM Europe Equity D (acc) - USD - 397.456 - 397.456 


JPMorgan Funds - Europe Focus Fund (4) 

12,907,926.968 15,777,243.640 11,432,066.399 17,253,104.209 

JPM Europe Focus A (acc) - EUR - 1,199,935.291 82,694.050 1,117,241.241 

JPM Europe Focus D (acc) - EUR 


- 83,899.656 - 83,899.656 

JPM Europe High Yield Bond A (acc) - EUR 4,920.593 183,651.149 76,939.696 111,632.046 


JPM Europe High Yield Bond D (acc) - EUR 

JPMorgan Funds - Europe Micro Cap Fund (5) 

1,343,572.157 4,960,112.255 1,331,912.947 4,971,771.465 

JPM Europe Micro Cap A (acc) - EUR - 2,785,171.643 910,606.147 1,874,565.496 

JPM Europe Micro Cap A (dist) - EUR - 15,363,797.132 2,599,886.475 12,763,910.657 



- 746,141.688 163,658.998 582,482.690 

JPM Europe Small Cap A (acc) - EUR 440,378.675 7,979,259.005 4,868,029.047 3,551,608.633 



JF Europe Small Cap A (dist) - EUR 919,132.690 24,030,246.621 9,763,692.885 15,185,686.426 






365,368.672 1,168,225.313 529,391.208 1,004,202.777 




JPM Europe Strategic Growth B (acc) - EUR 1,475,256.588 1,838,132.232 83,286.050 3,230,102.770 


JPM Europe Strategic Growth D (acc) - EUR 794,804.710 20,086,648.189 4,782,961.186 16,098,491.713 

JPM Europe Strategic Growth I (inc) - EUR - 400,165.000 - 400,165.000 



432,141.670 2,460,523.374 980,102.811 1,912,562.233 




JPM Europe Strategic Value B (acc) - EUR 329,338.546 941,712.573 183,942.085 1,087,109.034 



JPM Europe Strategic Value I (inc) - EUR - 400,165.000 - 400,165.000 



1,827,094.560 2,846,525.004 1,937,737.305 2,735,882.259 

JPM Europe Technology A (acc) - EUR 383,778.891 2,521,430.003 1,702,974.756 1,202,234.138 


JPM Europe Technology A (dist) - GBP 25,152.662 31,632.996 5,921.062 50,864.596 


JPM Europe Technology D (acc) - EUR 


1,517,151.223 2,629,258.882 1,475,983.265 2,670,426.840 

JPM FF Emerging Markets Debt A (acc) - USD 260,393.826 6,585,473.282 3,978,293.854 2,867,573.254 

JPM FF Emerging Markets Debt A (dist) - USD 9,068,036.255 17,160,941.789 17,567,863.855 8,661,114.189 

JPM FF Emerging Markets Debt D (acc) - USD 


1,040,699.463 3,979,931.881 2,006,542.713 3,014,088.631 

JPM Germany Equity A (acc) - EUR 784,611.459 7,411,035.321 3,972,838.030 4,222,808.750 



JPM Germany Equity D (acc) - EUR 696,006.220 18,312,272.830 5,647,917.603 13,360,361.447 


(4) This Sub-Fund was launched on 13 March 2006. 

(5) This Sub-Fund was launched on 18 November 2005.





of the Year 


at the End 

of the Year 





JPM Global Aggregate Bond B (acc) - USD 218,058.058 67,533.633 168,058.058 117,533.633 


JPM Global Aggregate Bond D (acc) - USD 310,648.700 2,767,911.340 2,035,413.752 1,043,146.288 


JPMorgan Funds - Global Convertible Bond Fund (EUR) 

510,888.792 27,862.209 382,245.782 156,505.219 

JPM Global Convertible Bond (EUR) A (acc) - EUR 3,572,356.508 26,655,191.007 14,895,027.567 15,332,519.948 

JPM Global Convertible Bond (EUR) A (dist) - EUR 40,456,521.379 52,200,668.320 44,661,325.438 47,995,864.261 

JF Global Convertible Bond (EUR) A (dist) - USD 676,240.269 88,434.463 276,547.097 488,127.635 

JPM Global Convertible Bond (EUR) B (acc) - EUR 66,426.910 545,376.634 153,013.663 458,789.881 

JPM Global Convertible Bond (EUR) C (acc) - EUR 3,004,025.826 19,436,898.911 5,203,445.232 17,237,479.505 

JPM Global Convertible Bond (EUR) D (acc) - EUR 2,050,978.199 25,346,411.858 8,176,310.416 19,221,079.641 

JPM Global Convertible Bond (EUR) X (acc) - EUR 


1,366,823.569 6,465,499.731 483,736.774 7,348,586.526 





JPM Global Dynamic A (inc) - EUR - 496.381 - 496.381 

JPM Global Dynamic B (acc) - USD 624,397.496 7,194,398.256 1,178,833.265 6,639,962.487 


JPM Global Dynamic D (acc) - EUR - 643.365 - 643.365 




25,168,404.013 19,970,305.944 28,125,766.643 17,012,943.314 

JPM Global Equity A (acc) - USD 706,268.469 1,587,690.078 1,049,907.587 1,244,050.960 

JPM Global Equity A (dist) - USD 1,294,831.828 1,358,975.414 1,255,054.069 1,398,753.173 

JF Global Equity A (dist) - USD 1,403,959.102 182,464.803 348,993.025 1,237,430.880 

JPM Global Equity B (acc) - USD - 24,404.580 - 24,404.580 

JPM Global Equity C (acc) - USD 10,287,077.703 8,938.500 1,757,322.177 8,538,694.026 

JPM Global Equity D (acc) - USD 42,204.780 2,914,496.515 69,407.131 2,887,294.164 

JPM Global Equity X (acc) - USD 


- 1,048,640.488 - 1,048,640.488 


JPM Global Life Sciences A (dist) - USD 7,142,895.853 4,105,769.970 6,853,603.351 4,395,062.472 

JPM Global Life Sciences A (dist) - GBP 19,110.857 821.792 1,842.406 18,090.243 

JF Global Life Sciences A (dist) - USD 862,517.686 8,373,095.735 5,147,751.482 4,087,861.939 

JPM Global Life Sciences B (acc) - USD - 27,247.540 27,247.540 - 



481,691.724 1,513,429.006 917,974.193 1,077,146.537 


JPM Global Natural Resources A (dist) - EUR 177,419.656 3,673,445.738 857,886.962 2,992,978.432 

JPM Global Natural Resources B (acc) - EUR - 1,088,061.679 - 1,088,061.679 


JPM Global Natural Resources D (acc) - EUR - 12,252,534.194 2,537,785.170 9,714,749.024 



180,191.280 5,095,975.349 98,149.354 5,178,017.275 

JPM Global Recovery A (acc) - EUR 171,958.268 770,445.672 371,422.670 570,981.270 

JPM Global Recovery A (dist) - EUR 1,068,685.011 3,780,171.583 1,778,929.620 3,069,926.974 

JPM Global Recovery C (acc) - EUR - 722,195.718 210.953 721,984.765 

JPM Global Recovery D (acc) - EUR 206,384.911 1,685,549.828 664,449.183 1,227,485.556 

JPM Global Recovery X (acc) - EUR 


190,310.162 987,800.037 105,534.014 1,072,576.185 

JPM Global Socially Responsible A (acc) - USD 1,000.000 1,194,787.933 236,620.212 959,167.721 

JPM Global Socially Responsible A (dist) - USD 4,686,312.544 2,226,727.554 3,810,115.977 3,102,924.121 


JPMorgan Funds - International Equity Fund (EUR) 

289,770.768 301,027.816 308,293.309 282,505.275 

JPM International Equity (EUR) A (acc) - EUR 3,224,355.142 671,930.293 3,068,628.909 827,656.526 

JPM International Equity (EUR) A (dist) - EUR 849,062.045 136,112.045 246,858.384 738,315.706 

JPM International Equity (EUR) C (acc) - EUR - 11,390,814.678 4,324,491.143 7,066,323.535 

JPM International Equity (EUR) D (acc) - EUR 

JPMorgan Funds - JF Asia Alpha Plus Fund (6) 

669,123.475 467,820.833 672,772.898 464,171.410 

JF Asia Alpha Plus A (acc) - USD 

JPMorgan Funds - JF Asia Equity Fund (7) 

- 4,193,919.026 321,090.442 3,872,828.584 




JF Asia Equity B (acc) - USD 13,114.268 11,745.050 13,114.269 11,745.049 

JF Asia Equity C (acc) - USD 5,104,437.303 5,004,342.310 5,847,551.568 4,261,228.045 

JF Asia Equity D (acc) - USD 1,128,828.408 1,553,779.146 762,854.612 1,919,752.942 

JF Asia Equity D (acc) - EUR - 501.365 - 501.365 

JF Asia Equity I (acc) - USD - 3,697,232.304 - 3,697,232.303 


JPMorgan Funds - JF China Fund (8) 

377,661.025 367,843.372 215,999.751 529,504.646 



JF China B (acc) - USD - 1,239,453.749 - 1,239,453.749 

JF China C (acc) - USD 52,183.468 393,872.181 136,911.821 309,143.828 

JF China D (acc) - USD 


(7) Name changed from Asia Equity Fund on 13 September 2005. 

(8) Name changed from China Fund on 13 September 2005. 

3,754,807.797 10,004,967.398 4,348,544.626 9,411,230.569 

235





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236 


at the End 

of the Year 


JPMorgan Funds - JF Greater China Fund (9) 

JF Greater China A (acc) - USD 360,263.440 3,397,341.819 1,494,002.897 2,263,602.362 


JF Greater China B (acc) - USD - 1,182,225.820 - 1,182,225.820 




JPMorgan Funds - JF Hong Kong Fund (10) 

45,823.227 42,722.954 45,818.852 42,727.329 

JF Hong Kong A (acc) - USD 157,208.701 236,887.343 114,671.882 279,424.162 


JF Hong Kong B (acc) - USD - 21,000.000 - 21,000.000 



JF Hong Kong X (acc) - USD 

JPMorgan Funds - JF India Fund (11) 

- 20,000.001 20,000.001 - 



JF India B (acc) - USD 131,921.327 3,140,467.008 690,813.388 2,581,574.947 

JF India C (acc) - USD 773,208.619 5,203,729.626 1,164,905.190 4,812,033.055 



JPMorgan Funds - JF Japan Alpha Plus Fund (12) 

206,202.173 125,730.621 210,923.748 121,009.046 

JF Japan Alpha Plus A (acc) - USD 1,476,098.692 7,973,381.707 5,230,859.655 4,218,620.744 

JF Japan Alpha Plus A (dist) - USD 17,587,881.560 5,322,756.631 14,185,125.370 8,725,512.821 


JPMorgan Funds - JF Japan Equity Fund (13) 

121,070.500 232,954.553 69,702.000 284,323.053 


JF Japan Equity A (acc) - EUR - 503,778.339 251,889.170 251,889.169 

JF Japan Equity A (acc) - JPY - 6,241,922.934 1,471,858.644 4,770,064.290 



JF Japan Equity B (acc) - USD 756,227.854 2,486,404.038 520,079.377 2,722,552.515 



JF Japan Equity D (acc) - EUR - 622.822 - 622.822 



JPMorgan Funds - JF Japan Small Cap Fund (14) 

2,476,098.147 6,432,078.632 5,037,454.858 3,870,721.921 

JF Japan Small Cap A (acc) - USD 118,218.926 5,440,400.281 3,479,098.792 2,079,520.415 


JF Japan Small Cap B (acc) - USD - 440,786.262 110.001 440,676.261 

JF Japan Small Cap C (acc) - USD - 3,683,696.474 1,679,494.542 2,004,201.932 

JF Japan Small Cap D (acc) - USD 980,764.707 5,930,017.044 3,916,747.732 2,994,034.019 


JPMorgan Funds - JF Pacific Balanced Fund (15) 

257,965.072 604,065.859 408,638.333 453,392.598 

JF Pacific Balanced A (acc) - USD 65,825.070 1,142,356.329 343,059.923 865,121.476 



JPMorgan Funds - JF Pacific Equity Fund (16) 

892,513.389 2,462,208.405 1,331,346.797 2,023,374.997 


JF Pacific Equity A (acc) - EUR - 1,021,455.485 85,980.422 935,475.063 


JF Pacific Equity A (dist) - GBP 75,059.051 10,063.966 33,835.525 51,287.492 


JF Pacific Equity C (acc) - USD 4,039,295.789 6,534,580.193 2,715,253.621 7,858,622.361 


JF Pacific Equity D (acc) - EUR - 20,352.015 - 20,352.015 

JF Pacific Equity X (acc) - USD 

JPMorgan Funds - JF Pacific Technology Fund (17) 

- 30,000.001 30,000.001 - 

JF Pacific Technology A (acc) - USD 29,563.363 889,590.542 305,471.143 613,682.762 


JF Pacific Technology A (dist) - GBP 10,507.212 7,902.819 11,250.880 7,159.151 



JPMorgan Funds - JF Singapore Fund (18) 

414,299.637 403,779.546 410,436.667 407,642.516 

JF Singapore A (acc) - USD 10,132.687 1,894,547.388 909,082.716 995,597.359 


JF Singapore B (acc) - USD - 84,934.887 64,675.698 20,259.189 

JF Singapore C (acc) - USD 24,603.414 1,150,808.473 176,601.771 998,810.116 

JF Singapore D (acc) - USD 359,138.031 1,879,369.965 1,027,552.958 1,210,955.038 

JF Singapore X (acc) - USD - 10,000.000 - 10,000.000 

(9) Name changed from Greater China Fund on 13 September 2005. 

(10) Name changed from Hong Kong Fund on 13 September 2005. 

(11) Name changed from India Fund on 13 September 2005. 

(12) Name changed from Japan Alpha Plus Fund on 13 September 2005. 

(13) Name changed from Japan Equity Fund on 13 September 2005. 

(14) Name changed from Japan Small Cap Fund on 13 September 2005. 

(15) Name changed from Pacific Balanced Fund on 13 September 2005. 

(16) Name changed from Pacific Equity Fund on 13 September 2005. 

(17) Name changed from Pacific Technology Fund on 13 September 2005. 

(18) Name changed from Singapore Fund on 13 September 2005.





of the Year 

237 


at the End 

of the Year 


JPMorgan Funds - JF Taiwan Fund (19) 

JF Taiwan A (acc) - USD 66,980.748 13,483,520.712 7,333,083.878 6,217,417.582 


JF Taiwan B (acc) - USD - 144,587.850 - 144,587.850 


JF Taiwan D (acc) - USD 121,449.959 4,858,464.801 2,262,373.321 2,717,541.439 


JPMorgan Funds - JF Tokyo Alpha Plus Fund (20) 

- 160,061.802 - 160,061.802 

JF Tokyo Alpha Plus A (acc) - JPY - 31,286,566.138 4,228,811.424 27,057,754.714 

JF Tokyo Alpha Plus A (dist) - JPY - 3,816,876.251 884,965.938 2,931,910.313 



- 17,562.002 - 17,562.002 

JPM Latin America Equity A (acc) - USD 227,505.630 6,812,211.753 5,121,603.021 1,918,114.362 


JF Latin America Equity A (dist) - USD 338,543.952 8,010,459.154 5,943,522.295 2,405,480.811 

JPM Latin America Equity B (acc) - USD - 3,468,142.098 10,413.899 3,457,728.199 


JPM Latin America Equity D (acc) - USD 832,489.976 5,416,287.683 2,513,294.506 3,735,483.153 

JPM Latin America Equity I (acc) - USD - 5,515,171.024 - 5,515,171.024 


JPMorgan Funds - Middle East Equity Fund (21) 

3,800,000.000 972,223.124 1,755,967.892 3,016,255.232 





JPMorgan Funds - Russia Fund (22) 

2,263,740.907 9,455,542.815 6,279,120.626 5,440,163.096 

JPM Russia A (acc) - USD - 4,519,268.292 1,493,101.820 3,026,166.472 

JPM Russia A (dist) - USD - 11,792,213.242 6,265,463.996 5,526,749.246 

JPM Russia B (acc) - USD - 427,830.018 - 427,830.018 

JPM Russia D (acc) - USD 


- 388,964.537 62,303.796 326,660.741 

JPM Sterling Bond A (acc) - GBP 632,324.029 2,115,021.633 1,180,600.727 1,566,744.935 


JPM Sterling Bond D (acc) - GBP 760,132.969 2,709,408.496 1,491,665.572 1,977,875.893 



527,188.986 1,455,901.048 970,778.886 1,012,311.148 

JPM UK Equity A (acc) - GBP 1,625,849.212 5,684,934.225 1,905,027.078 5,405,756.359 


JPM UK Equity C (acc) - GBP 157,056.877 1,704,429.401 463,021.926 1,398,464.352 



294,027.053 1,730,812.486 609,063.121 1,415,776.418 

JPM US Aggregate Bond A (acc) - USD 29,528.513 957,869.448 809,014.274 178,383.687 


JPM US Aggregate Bond B (acc) - USD - 797,858.610 - 797,858.600 

JPM US Aggregate Bond C (acc) - USD - 2,347,283.183 106,573.430 2,240,709.753 

JPM US Aggregate Bond D (acc) - USD 215,720.387 716,640.327 329,426.069 602,934.645 



14,774,634.252 5,651,342.562 2,810,357.201 17,615,619.613 


JPM US Dynamic A (acc) - EUR - 1,933,416.595 100,430.597 1,832,985.998 




JPM US Dynamic D (acc) - USD 937,090.503 9,059,578.506 1,755,447.731 8,241,221.278 

JPM US Dynamic D (acc) - EUR - 501.365 - 501.365 

JPM US Dynamic I (acc) - USD - 2,500,000.000 - 2,500,000.000 



13,039,404.597 25,594,201.386 16,294,061.013 22,339,544.970 

JPM US Small Cap Growth A (acc) - USD 251,313.150 497,929.523 412,009.135 337,233.538 


JPM US Small Cap Growth A (dist) - GBP 5,655.612 64.598 5,504.696 215.514 



180,557.341 451,609.104 247,993.944 384,172.501 

JPM US Strategic Growth A (acc) - USD 1,000.000 8,098,050.264 2,544,381.087 5,554,669.177 


JPM US Strategic Growth A (dist) - GBP 4,118.814 24,714.967 439.946 28,393.835 

JPM US Strategic Growth B (acc) - USD - 1,272,771.456 129,219.659 1,143,551.797 

JPM US Strategic Growth C (acc) - USD - 641,058.058 - 641,058.058 




- 4,516,098.582 805,085.135 3,711,013.447 

JPM US Technology A (acc) - USD 146,620.958 273,580.858 241,781.871 178,419.945 

JPM US Technology A (dist) - GBP 40,939.962 2,913.377 3,690.306 40,163.033 




(19) Name changed from Taiwan Fund on 13 September 2005. 

(20) This Sub-Fund was launched on 1 February 2006. 

(21) This Sub-Fund’s year end is 29 June 2006. 

(22) This Sub-Fund was launched on 18 November 2005.





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JPMorgan Funds - US Value Fund (23) 









(23) Name changed from US Strategic Value Fund on 1 June 2006.





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JPMorgan Fleming Funds - America Equity Fund 

JPMF America Equity A (acc) - USD - 5,182,263.846 841,281.484 4,340,982.362 

JPMF America Equity A (dist) - USD 23,526,449.710 8,746,135.613 16,756,178.646 15,516,407.677 


JPMF America Equity B (acc) - USD - 2,422,206.009 881,923.592 1,540,282.417 

JPMF America Equity C (acc) - USD - 5,963,937.493 1,974,387.260 3,989,550.233 

JPMF America Equity D (acc) - USD 2,611,664.602 9,207,655.323 2,079,852.451 9,739,467.474 

JPMF America Equity X (acc) - USD 

JPMorgan Fleming Funds - America Large Cap Fund 

- 9,273,650.699 2,595,625.372 6,678,025.327 

JPMF America Large Cap A (acc) - USD - 60,813.624 6,373.837 54,439.787 

JPMF America Large Cap A (dist) - USD 17,501,978.854 1,873,843.382 13,213,563.114 6,162,259.122 

JPMF America Large Cap D (acc) - USD 

JPMorgan Fleming Funds - America Micro Cap Fund 

118,341.621 291,740.100 80,675.519 329,406.202 

JPMF America Micro Cap A (acc) - USD - 1,741,213.945 9,308.584 1,731,905.361 

JPMF America Micro Cap A (dist) - USD 4,561,267.274 1,465,525.560 3,220,807.982 2,805,984.852 


JPMF America Micro Cap D (acc) - USD 700,082.579 817,424.878 398,912.479 1,118,594.978 

JPMF America Micro Cap X (acc) - USD 

JPMorgan Fleming Funds - Asia Equity Fund 

- 1,015,405.024 247,002.115 768,402.909 

JF Asia Equity A (acc) - USD - 1,724,677.763 349,458.924 1,375,218.839 



JF Asia Equity B (acc) - USD - 65,024.175 51,909.907 13,114.268 

JF Asia Equity C (acc) - USD - 5,468,459.692 364,022.389 5,104,437.303 



JPMorgan Fleming Funds - China Fund 

- 406,254.045 28,593.020 377,661.025 

JF China A (acc) - USD - 1,385,713.208 81,601.348 1,304,111.860 


JF China C (acc) - USD - 52,183.526 0.058 52,183.468 

JF China D (acc) - USD 

JPMorgan Fleming Funds - Eastern Europe Equity Fund 

1,263,841.633 3,512,035.071 1,021,068.907 3,754,807.797 

JPMF Eastern Europe Equity A (acc) - EUR - 1,021,163.239 332,143.542 689,019.697 

JPMF Eastern Europe Equity A (dist) - EUR 27,299,669.119 23,001,588.989 20,818,423.867 29,482,834.241 


JPMF Eastern Europe Equity C (acc) - EUR - 10,598,114.772 - 10,598,114.772 

JPMF Eastern Europe Equity D (acc) - EUR 590,684.749 1,360,303.633 494,735.206 1,456,253.176 

JPMF Eastern Europe Equity X (acc) - EUR 

JPMorgan Fleming Funds - Emerging Europe Equity Fund 

7,182,802.036 2,882,802.036 4,300,000.000 

JPMF Emerging Europe Equity A (acc) - USD 916,103.291 21,555.113 894,548.178 

JPMF Emerging Europe Equity A (dist) - USD 10,398,841.365 6,812,049.239 9,947,977.297 7,262,913.307 

JPMF Emerging Europe Equity B (acc) - USD - 103,079.328 - 103,079.328 

JPMF Emerging Europe Equity C (acc) - USD - 5,478,532.023 - 5,478,532.023 

JPMF Emerging Europe Equity D (acc) - USD 404,590.865 909,938.635 285,643.423 1,028,886.077 

JPMF Emerging Europe Equity X (acc) - USD 

JPMorgan Fleming Funds - Emerging Markets Equity Fund 

- 46,999.632 16,932.700 30,066.932 

JPMF Emerging Markets Equity A (acc) - USD - 2,210,996.969 254,349.805 1,956,647.164 

JPMF Emerging Markets Equity A (dist) - USD 42,484,423.172 85,190,265.543 39,415,542.542 88,259,146.173 

JPMF Emerging Markets Equity A (dist) - GBP 41,036.888 38,204.637 55,771.138 23,470.387 

JPMF Emerging Markets Equity B (acc) - USD - 581,604.318 160,149.432 421,454.886 

JPMF Emerging Markets Equity C (acc) - USD - 5,137,715.967 - 5,137,715.967 

JPMF Emerging Markets Equity D (acc) - USD 348,170.103 1,119,301.087 223,934.585 1,243,536.605 

JPMF Emerging Markets Equity X (acc) - USD 

JPMorgan Fleming Funds - Euroland Equity Fund 

- 3,665,989.822 17,664.784 3,648,325.038 

JPMF Euroland Equity A (acc) - EUR - 7,277,020.503 454,973.909 6,822,046.594 

JPMF Euroland Equity A (dist) - EUR 13,406,997.846 37,233,113.750 13,940,174.638 36,699,936.958 


JPMF Euroland Equity C (acc) - EUR - 8,270,591.362 492,810.026 7,777,781.336 

JPMF Euroland Equity D (acc) - EUR 

JPMorgan Fleming Funds - Europe Aggregate Bond Fund 

998,643.589 1,575,828.951 472,342.148 2,102,130.392 

JPMF Europe Aggregate Bond A (acc) - EUR - 6,416,128.623 414,302.545 6,001,826.078 

JPMF Europe Aggregate Bond A (dist) - EUR 26,006,802.466 16,700,062.307 21,452,623.540 21,254,241.233 

JPMF Europe Aggregate Bond B (acc) - EUR - 149,860.001 74,930.001 74,930.000 

JPMF Europe Aggregate Bond D (acc) - EUR 

JPMorgan Fleming Funds - Europe Balanced Fund (EUR) (1) 

437,677.948 2,398,897.855 981,024.436 1,855,551.367 

JPMF Europe Balanced (EUR) A (acc) - EUR - 772.600 - 772.600 

JPMF Europe Balanced (EUR) A (dist) - EUR 3,382,636.578 1,088,179.249 1,034,462.356 3,436,353.471 

JPMF Europe Balanced (EUR) D (acc) - EUR 

JPMorgan Fleming Funds - Europe Convergence Equity Fund 

699,785.005 1,053,498.809 448,050.934 1,305,232.880 

JPMF Europe Convergence Equity A (acc) - EUR - 1,179,178.572 519,926.061 659,252.511 

JPMF Europe Convergence Equity A (dist) - EUR 8,868,718.276 21,527,745.870 15,388,680.595 15,007,783.551 

JPMF Europe Convergence Equity C (acc) - EUR - 876,634.742 30,000.001 846,634.741 

JPMF Europe Convergence Equity D (acc) - EUR 607,768.198 4,241,111.995 1,751,495.521 3,097,384.672 

(1) Name changed from Balanced Fund on 2 May 2005.





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of the Year 


JPMorgan Fleming Funds - Europe Dynamic Fund 

JPMF Europe Dynamic A (acc) - EUR - 3,937,133.875 54,249.197 3,882,884.678 

JPMF Europe Dynamic A (dist) - EUR 80,545,705.170 50,266,433.848 66,188,289.665 64,623,849.353 

JPMF Europe Dynamic A (dist) - GBP 110,911.010 30,519.407 36,810.499 104,619.918 

JF Europe Dynamic A (dist) - EUR 1,000.000 1,604,627.585 220,677.524 1,384,950.061 

JPMF Europe Dynamic B (acc) - EUR - 1,331,760.606 651,068.757 680,691.849 

JPMF Europe Dynamic C (acc) - EUR - 6,824,076.941 2,801,491.676 4,022,585.265 

JPMF Europe Dynamic D (acc) - EUR 3,587,545.978 3,880,203.839 2,673,475.788 4,794,274.029 

JPMF Europe Dynamic D (acc) - USD - 80.580 - 80.580 

JPMF Europe Dynamic X (acc) - EUR 

JPMorgan Fleming Funds - Europe Dynamic Small Cap Fund (2) 

- 5,483,305.666 386,061.319 5,097,244.347 

JPMF Europe Dynamic Small Cap A (acc) - EUR 

JPMorgan Fleming Funds - Europe Equity Fund 

- 821,251.170 14,040.301 807,210.869 

JPMF Europe Equity A (acc) - EUR - 10,982,568.295 958,708.792 10,023,859.503 

JPMF Europe Equity A (dist) - EUR 53,453,144.834 66,395,548.403 41,089,663.328 78,759,029.909 

JPMF Europe Equity A (dist) - USD 6,969,566.391 1,741,238.165 2,375,314.382 6,335,490.174 


JPMF Europe Equity B (acc) - EUR - 1,735,313.789 932,102.781 803,211.008 

JPMF Europe Equity C (acc) - EUR - 13,705,170.749 3,585,829.000 10,119,341.749 

JPMF Europe Equity D (acc) - EUR 6,074,378.742 18,749,633.160 6,295,593.292 18,528,418.610 

JPMF Europe Equity X (acc) - EUR 

JPMorgan Fleming Funds - Europe High Yield Bond Fund 

- 14,018,689.011 1,110,762.043 12,907,926.968 

JPMF Europe High Yield Bond A (acc) - EUR - 6,007.557 1,086.964 4,920.593 

JPMF Europe High Yield Bond A (dist) - EUR 15,402,067.449 6,410,277.250 10,328,198.705 11,484,145.994 

JPMF Europe High Yield Bond D (acc) - EUR 

JPMorgan Fleming Funds - Europe Small Cap Fund 

550,449.099 1,354,728.974 561,605.916 1,343,572.157 

JPMF Europe Small Cap A (dist) - EUR 31,263,231.938 11,760,713.350 23,710,784.513 19,313,160.775 

JPMF Europe Small Cap A (acc) - EUR - 449,060.218 8,681.543 440,378.675 

JPMF Europe Small Cap A (dist) - GBP 9,804.901 27,412.536 7,411.564 29,805.873 

JF Europe Small Cap A (dist) - EUR 283,213.761 3,002,130.351 2,366,211.422 919,132.690 

JPMF Europe Small Cap B (acc) - EUR - 84,138.445 12,564.334 71,574.111 

JPMF Europe Small Cap C (acc) - EUR - 10,585,000.099 1,934,882.247 8,650,117.852 

JPMF Europe Small Cap D (acc) - EUR 722,859.386 2,789,992.239 841,427.816 2,671,423.809 

JPMF Europe Small Cap X (acc) - EUR 

JPMorgan Fleming Funds - Europe Strategic Growth Fund 

- 535,228.761 169,860.089 365,368.672 

JPMF Europe Strategic Growth A (acc) - EUR - 2,809,774.192 177,161.112 2,632,613.080 

JPMF Europe Strategic Growth A (dist) - EUR 47,356,995.057 99,224,635.032 46,638,035.580 99,943,594.509 

JPMF Europe Strategic Growth A (dist) - GBP 24,595.170 1,830.793 4,308.916 22,117.047 

JPMF Europe Strategic Growth B (acc) - EUR - 1,482,138.725 6,882.137 1,475,256.588 

JPMF Europe Strategic Growth C (acc) - EUR - 8,331,305.833 692,934.879 7,638,370.954 

JPMF Europe Strategic Growth D (acc) - EUR 731,406.133 1,564,642.748 1,501,244.171 794,804.710 

JPMF Europe Strategic Growth X (acc) - EUR 

JPMorgan Fleming Funds - Europe Strategic Value Fund 

- 491,894.114 59,752.444 432,141.670 

JPMF Europe Strategic Value A (acc) - EUR - 19,539,773.150 6,396,648.644 13,143,124.506 

JPMF Europe Strategic Value A (dist) - EUR 163,481,831.158 229,203,434.707 143,962,272.671 248,722,993.194 

JPMF Europe Strategic Value A (dist) - GBP 15,981.533 8,571.317 2,961.042 21,591.808 

JPMF Europe Strategic Value B (acc) - EUR - 389,298.659 59,960.113 329,338.546 

JPMF Europe Strategic Value C (acc) - EUR - 18,173,981.988 2,636,238.889 15,537,743.099 

JPMF Europe Strategic Value D (acc) - EUR 19,597,940.636 26,595,949.905 13,075,656.098 33,118,234.443 

JPMF Europe Strategic Value X (acc) - EUR 

JPMorgan Fleming Funds - Europe Technology Fund 

- 2,060,106.613 233,012.053 1,827,094.560 

JPMF Europe Technology A (acc) - EUR - 389,300.997 5,522.106 383,778.891 

JPMF Europe Technology A (dist) - EUR 32,508,541.604 8,733,034.768 17,527,994.545 23,713,581.827 

JPMF Europe Technology A (dist) - GBP 37,069.351 1,077.935 12,994.624 25,152.662 


JPMF Europe Technology D (acc) - EUR 

JPMorgan Fleming Funds - FF Emerging Markets Debt Fund 

1,553,683.430 1,143,921.917 1,180,454.124 1,517,151.223 

JPMF FF Emerging Markets Debt A (acc) - USD - 293,876.057 33,482.231 260,393.826 

JPMF FF Emerging Markets Debt A (dist) - USD 3,355,486.212 10,104,102.649 4,391,552.606 9,068,036.255 

JPMF FF Emerging Markets Debt D (acc) - USD 

JPMorgan Fleming Funds - Germany Equity Fund 

301,891.135 932,250.768 193,442.440 1,040,699.463 

JPMF Germany Equity A (acc) - EUR - 822,138.965 37,527.506 784,611.459 

JPMF Germany Equity A (dist) - EUR 3,134,860.957 4,263,418.098 4,703,026.058 2,695,252.997 


JPMF Germany Equity D (acc) - EUR 

JPMorgan Fleming Funds - Global Aggregate Bond Fund 

481,865.598 549,154.748 335,014.126 696,006.220 

JPMF Global Aggregate Bond A (acc) - USD - 582,981.976 80,330.221 502,651.755 

JPMF Global Aggregate Bond A (dist) - USD 29,677,815.514 17,183,210.733 20,456,535.087 26,404,491.160 

JPMF Global Aggregate Bond B (acc) - USD - 578,508.910 360,450.852 218,058.058 

JPMF Global Aggregate Bond C (acc) - USD - 1,800,000.001 900,000.001 900,000.000 

JPMF Global Aggregate Bond D (acc) - USD 100,450.061 357,984.292 147,785.653 310,648.700 

JPMF Global Aggregate Bond X (acc) - USD - 2,138,565.264 1,627,676.472 510,888.792 

(2) This Sub-Fund was launched on 27 January 2005.





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of the Year 


JPMorgan Fleming Funds - Global Convertible Bond Fund (EUR) (3) 

JPMF Global Convertible Bond (EUR) A (acc) - EUR - 3,836,170.888 263,814.380 3,572,356.508 

JPMF Global Convertible Bond (EUR) A (dist) - EUR 32,906,541.421 35,481,882.204 27,931,902.246 40,456,521.379 

JF Global Convertible Bond (EUR) A (dist) - USD 394,677.554 502,341.953 220,779.238 676,240.269 

JPMF Global Convertible Bond (EUR) B (acc) - EUR - 110,729.896 44,302.986 66,426.910 

JPMF Global Convertible Bond (EUR) C (acc) - EUR - 4,055,823.677 1,051,797.851 3,004,025.826 

JPMF Global Convertible Bond (EUR) D (acc) - EUR 1,131,176.735 5,364,173.194 4,444,371.730 2,050,978.199 

JPMF Global Convertible Bond (EUR) X (acc) - EUR 

JPMorgan Fleming Funds - Global Dynamic Fund 

- 1,435,033.295 68,209.726 1,366,823.569 

JPMF Global Dynamic A (acc) - USD - 2,787,470.957 244,628.999 2,542,841.958 

JPMF Global Dynamic A (dist) - USD 72,660,909.595 28,563,239.358 49,771,860.008 51,452,288.945 


JPMF Global Dynamic A (dist) - GBP 166,499.470 367,279.716 35,586.162 498,193.024 

JPMF Global Dynamic B (acc) - USD - 1,355,019.611 730,622.115 624,397.496 

JPMF Global Dynamic C (acc) - USD - 2,322,758.913 228,067.281 2,094,691.632 

JPMF Global Dynamic D (acc) - USD 1,200,080.183 2,630,981.198 369,585.852 3,461,475.529 

JPMF Global Dynamic X (acc) - USD 

JPMorgan Fleming Funds - Global Equity Fund 

29,693,143.090 4,524,739.077 25,168,404.013 

JPMF Global Equity A (acc) - USD - 829,070.792 122,802.323 706,268.469 

JPMF Global Equity A (dist) - USD 2,548,500.737 6,087,758.852 7,341,427.761 1,294,831.828 

JF Global Equity A (dist) - USD 1,680,417.749 166,153.430 442,612.077 1,403,959.102 

JPMF Global Equity C (acc) - USD - 10,287,077.703 - 10,287,077.703 

JPMF Global Equity D (acc) - USD 

JPMorgan Fleming Funds - Global Life Sciences Fund 

22,643.391 40,440.370 20,878.981 42,204.780 

JPMF Global Life Sciences A (acc) - USD - 9,249.726 0.265 9,249.461 

JPMF Global Life Sciences A (dist) - USD 8,679,080.370 2,025,882.135 3,562,066.652 7,142,895.853 

JF Global Life Sciences A (dist) - USD 732,153.151 4,273,737.751 4,143,373.216 862,517.686 

JPMF Global Life Sciences A (dist) - GBP 20,775.034 551.268 2,215.445 19,110.857 

JPMF Global Life Sciences B (acc) - USD - 15,840.000 15,840.000 - 

JPMF Global Life Sciences D (acc) - USD 

JPMorgan Fleming Funds - Global Natural Resources Fund (4) 

298,915.921 492,850.822 310,075.019 481,691.724 

JPMF Global Natural Resources A (acc) - EUR - 8,336,956.094 2,159,871.937 6,177,084.157 

JPMF Global Natural Resources A (dist) - EUR - 178,931.337 1,511.681 177,419.656 

JPMF Global Natural Resources B (acc) - EUR - 50,000.001 50,000.001 - 

JPMF Global Natural Resources C (acc) - EUR - 3,994,441.680 616,592.570 3,377,849.110 

JPMF Global Natural Resources X (acc) - EUR 

JPMorgan Fleming Funds - Global Recovery Fund 

- 180,191.280 - 180,191.280 

JPMF Global Recovery A (acc) - EUR - 171,958.268 - 171,958.268 

JPMF Global Recovery A (dist) - EUR 2,760,231.286 1,347,243.711 3,038,789.986 1,068,685.011 

JPMF Global Recovery B (acc) - EUR - 72,986.401 72,986.401 - 

JPMF Global Recovery D (acc) - EUR 80,104.632 206,727.133 80,446.854 206,384.911 

JPMF Global Recovery X (acc) - EUR 

JPMorgan Fleming Funds - Global Socially Responsible Fund 

- 208,892.413 18,582.251 190,310.162 

JPMF Global Socially Responsible A (acc) - USD - 1,000.000 - 1,000.000 

JPMF Global Socially Responsible A (dist) - USD 2,667,880.797 2,694,097.195 675,665.448 4,686,312.544 

JPMF Global Socially Responsible D (acc) - USD 

JPMorgan Fleming Funds - Greater China Fund 

43,947.866 267,700.253 21,877.351 289,770.768 

JF Greater China A (acc) - USD - 385,545.179 25,281.739 360,263.440 


JF Greater China C (acc) - USD - 2,183,164.265 - 2,183,164.265 



JPMorgan Fleming Funds - Hong Kong Fund 

- 54,174.898 8,351.671 45,823.227 

JF Hong Kong A (acc) - USD - 160,314.098 3,105.397 157,208.701 


JF Hong Kong C (acc) - USD - 6,882.503 - 6,882.503 


JPMorgan Fleming Funds - India Fund 

125,587.813 256,104.766 123,979.314 257,713.265 

JF India A (acc) - USD - 6,612,772.182 1,032,898.789 5,579,873.393 


JF India B (acc) - USD - 138,346.120 6,424.793 131,921.327 

JF India C (acc) - USD - 860,858.620 87,650.001 773,208.619 



JPMorgan Fleming Funds - International Equity Fund (EUR) (5) 

- 228,729.283 22,527.110 206,202.173 

JPMF International Equity (EUR) A (acc) - EUR - 4,145,352.177 920,997.035 3,224,355.142 

JPMF International Equity (EUR) A (dist) - EUR 5,052,201.443 829,450.642 5,032,590.040 849,062.045 

JPMF International Equity (EUR) D (acc) - EUR 

JPMorgan Fleming Funds - Japan Alpha Plus Fund (6) 

339,797.094 3,293,944.413 2,964,618.032 669,123.475 

JF Japan Alpha Plus A (acc) - USD - 1,519,665.831 43,567.139 1,476,098.692 

JF Japan Alpha Plus A (dist) - USD - 21,393,979.868 3,806,098.308 17,587,881.560 

JF Japan Alpha Plus D (acc) - USD - 135,716.000 14,645.500 121,070.500 

(3) Name changed from Global Convertible Bond Fund on 1 December 2004. 

(4) This Sub-Fund was launched on 21 December 2004. 

(5) Name changed from International Equity Fund on 1 December 2004. 

(6) This Sub-Fund was launched on 18 August 2004.





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242 


at the End 

of the Year 


JPMorgan Fleming Funds - Japan Equity Fund 

JF Japan Equity A (acc) - USD - 7,181,692.811 538,202.038 6,643,490.773 



JF Japan Equity B (acc) - USD - 1,320,556.647 564,328.793 756,227.854 

JF Japan Equity C (acc) - USD - 15,296,580.508 2,667,344.109 12,629,236.399 




JPMorgan Fleming Funds - Japan Small Cap Fund 

- 4,401,362.664 1,925,264.517 2,476,098.147 

JF Japan Small Cap A (acc) - USD - 122,931.568 4,712.642 118,218.926 


JF Japan Small Cap C (acc) - USD - 228,846.154 228,846.154 - 

JF Japan Small Cap D (acc) - USD 544,894.584 1,226,410.430 790,540.307 980,764.707 


JPMorgan Fleming Funds - Latin America Equity Fund 

- 371,898.696 113,933.624 257,965.072 

JPMF Latin America Equity A (acc) - USD - 239,116.706 11,611.076 227,505.630 

JPMF Latin America Equity A (dist) - USD 11,259,865.968 7,859,710.838 10,140,573.468 8,979,003.338 

JF Latin America Equity A (dist) - USD 4,275.364 726,312.403 392,043.815 338,543.952 

JPMF Latin America Equity C (acc) - USD - 3,150,385.720 93,478.053 3,056,907.667 

JPMF Latin America Equity D (acc) - USD 150,426.073 890,206.561 208,142.658 832,489.976 

JPMF Latin America Equity X (acc) - USD 

JPMorgan Fleming Funds - Middle East Equity Fund 

- 6,822,252.156 3,022,252.156 3,800,000.000 

JPMF Middle East Equity A (acc) - USD - 1,691,450.456 604,436.234 1,087,014.222 

JPMF Middle East Equity A (dist) - USD 971,862.068 11,591,546.395 5,102,944.612 7,460,463.851 

JPMF Middle East Equity B (acc) - USD - 552,847.784 - 552,847.784 

JPMF Middle East Equity D (acc) - USD 

JPMorgan Fleming Funds - Pacific Balanced Fund 

28,908.156 2,593,301.732 358,468.981 2,263,740.907 

JF Pacific Balanced A (acc) - USD - 99,818.355 33,993.285 65,825.070 



JPMorgan Fleming Funds - Pacific Equity Fund 

97,842.465 855,774.088 61,103.164 892,513.389 

JF Pacific Equity A (acc) - USD - 2,327,042.054 81,836.812 2,245,205.242 


JF Pacific Equity A (dist) - GBP 85,331.603 5,228.761 15,501.313 75,059.051 

JF Pacific Equity B (acc) - USD - 31,146.453 - 31,146.453 

JF Pacific Equity C (acc) - USD - 4,039,295.789 - 4,039,295.789 

JF Pacific Equity D (acc) - USD 

JPMorgan Fleming Funds - Pacific Technology Fund 

1,092,016.716 1,346,827.043 1,343,957.097 1,094,886.662 

JF Pacific Technology A (acc) - USD - 30,428.160 864.797 29,563.363 

JF Pacific Technology A (dist) - GBP 8,590.725 4,281.808 2,365.321 10,507.212 



JPMorgan Fleming Funds - Singapore Fund 

201,680.188 336,412.215 123,792.766 414,299.637 

JF Singapore A (acc) - USD - 10,132.687 - 10,132.687 

JF Singapore A (dist) - USD 892,622.077 1,775,660.392 1,259,994.869 1,408,287.600 

JF Singapore C (acc) - USD - 24,603.414 - 24,603.414 

JF Singapore D (acc) - USD 

JPMorgan Fleming Funds - Sterling Bond Fund 

46,412.629 397,431.167 84,705.765 359,138.031 

JPMF Sterling Bond A (acc) - GBP - 661,458.177 29,134.148 632,324.029 

JPMF Sterling Bond A (dist) - GBP 80,630,082.557 72,556,924.478 14,897,296.205 138,289,710.830 

JPMF Sterling Bond D (acc) - GBP 11,369.207 992,721.705 243,957.943 760,132.969 

JPMF Sterling Bond X (acc) - GBP 

JPMorgan Fleming Funds - Taiwan Fund 

- 839,400.931 312,211.945 527,188.986 

JF Taiwan A (acc) - USD - 66,980.748 - 66,980.748 


JF Taiwan B (acc) - USD - 42,573.382 42,573.382 - 

JF Taiwan C (acc) - USD - 86,010.797 73,846.504 12,164.293 

JF Taiwan D (acc) - USD 

JPMorgan Fleming Funds - UK Equity Fund 

41,244.714 139,341.180 59,135.935 121,449.959 

JPMF UK Equity A (acc) - GBP - 1,667,927.295 42,078.083 1,625,849.212 

JPMF UK Equity A (dist) - GBP 39,468,003.893 16,860,015.864 24,546,328.384 31,781,691.373 

JPMF UK Equity C (acc) - GBP - 213,456.878 56,400.001 157,056.877 

JPMF UK Equity D (acc) - GBP 

JPMorgan Fleming Funds - US Aggregate Bond Fund (7) 

97,935.033 276,243.747 80,151.727 294,027.053 

JPMF US Aggregate Bond A (acc) - USD - 30,519.219 990.706 29,528.513 

JPMF US Aggregate Bond A (dist) - USD 2,009,555.935 2,484,562.316 708,854.831 3,785,263.420 

JPMF US Aggregate Bond D (acc) - USD 57,528.184 787,034.376 628,842.173 215,720.387 

JPMF US Aggregate Bond X (acc) - USD 

JPMorgan Fleming Funds - US Dynamic Fund 

- 15,075,100.768 300,466.516 14,774,634.252 

JPMF US Dynamic A (acc) - USD - 5,372,028.799 160,239.858 5,211,788.941 

JPMF US Dynamic A (dist) - USD 34,870,201.886 54,701,810.653 29,219,922.692 60,352,089.847 

JPMF US Dynamic B (acc) - USD - 1,898,957.909 215,553.398 1,683,404.511 

JPMF US Dynamic C (acc) - USD - 8,055,223.066 976,986.233 7,078,236.833 

JPMF US Dynamic D (acc) - USD 430,722.733 1,117,935.782 611,568.012 937,090.503 

JPMF US Dynamic X (acc) - USD - 14,344,991.200 1,305,586.603 13,039,404.597 

(7) Name changed from FF USD Bond Fund on 2 May 2005.





of the Year 

243 


at the End 

of the Year 


JPMorgan Fleming Funds - US Small Cap Growth Fund (8) 

JPMF US Small Cap Growth A (acc) - USD - 471,414.119 220,100.969 251,313.150 

JPMF US Small Cap Growth A (dist) - USD 1,069,243.855 543,250.899 799,412.286 813,082.468 

JPMF US Small Cap Growth A (dist) - GBP 7,834.151 942.652 3,121.191 5,655.612 

JPMF US Small Cap Growth B (acc) - USD - 1,274,431.701 1,274,431.701 - 

JPMF US Small Cap Growth D (acc) - USD 

JPMorgan Fleming Funds - US Strategic Growth Fund 

160,536.886 116,908.397 96,887.942 180,557.341 

JPMF US Strategic Growth A (acc) - USD - 1,000.000 - 1,000.000 

JPMF US Strategic Growth A (dist) - USD 816,119.545 2,758,121.357 690,427.081 2,883,813.821 

JPMF US Strategic Growth A (dist) - GBP 7,453.603 1,029.032 4,363.821 4,118.814 

JPMF US Strategic Growth D (acc) - USD 

JPMorgan Fleming Funds - US Strategic Value Fund 

36,331.576 142,474.762 13,114.479 165,691.859 

JPMF US Strategic Value A (acc) - USD - 9,416,447.773 667,698.931 8,748,748.842 

JPMF US Strategic Value A (dist) - USD 35,029,456.715 87,610,584.273 43,772,162.073 78,867,878.915 

JPMF US Strategic Value A (dist) - GBP 23,989.276 54,426.704 6,074.658 72,341.322 

JF US Strategic Value A (dist) - USD 1,000.000 377,324.512 182,518.610 195,805.902 

JPMF US Strategic Value B (acc) - USD - 743,981.213 312,966.112 431,015.101 

JPMF US Strategic Value C (acc) - USD - 5,132,651.902 655,491.652 4,477,160.250 

JPMF US Strategic Value D (acc) - USD 7,054,179.204 8,668,023.535 2,436,812.911 13,285,389.828 

JPMF US Strategic Value X (acc) - USD 

JPMorgan Fleming Funds - US Technology Fund 

- 6,822,900.556 1,214,549.169 5,608,351.387 

JPMF US Technology A (acc) - USD - 262,788.025 116,167.067 146,620.958 

JPMF US Technology A (dist) - GBP 46,709.857 3,365.501 9,135.396 40,939.962 

JPMF US Technology A (dist) - USD 21,786,408.921 15,295,984.342 19,142,773.757 17,939,619.505 


JPMF US Technology D (acc) - USD 

(8) Name changed from America Small Cap Fund on 1 December 2004. 

732,136.987 2,492,196.555 1,658,454.634 1,565,878.908



Shares Outstanding at the 

Beginning of the Year Shares Subscribed Shares Redeemed 

244 


End of the Year 


JPMorgan Funds- America Equity Fund 


JF America Equity A - USD 1,320,200.157 1,444,879.919 1,879,928.336 885,151.740 

JPM America Equity D - USD 

JPMorgan Funds- America Large Cap Fund 

6,036,639.233 2,024,702.876 5,449,677.507 2,611,664.602 

JPM America Large Cap A - USD 36,663,757.897 14,578,288.917 33,740,067.960 17,501,978.854 

JPM America Large Cap D - USD 


4,878,175.875 89,853.678 4,849,687.932 118,341.621 

JPM America Micro Cap A - USD 3,028,624.013 4,398,606.424 2,865,963.163 4,561,267.274 

JF America Micro Cap - A USD 1,000.000 282,502.550 78,204.766 205,297.784 

JPM America Micro Cap D - USD 

JPMorgan Funds - America Small Cap Fund 

22,631.667 764,506.611 87,055.699 700,082.579 

JPM America Small Cap A - USD 1,501,501.556 974,223.249 1,406,480.950 1,069,243.855 

JPM America Small Cap A-GBP 3,272.107 4,562.044 - 7,834.151 

JPM America Small Cap D - USD 

JPMorgan Funds - Asia Equity Fund 

64,405.646 118,317.346 22,186.106 160,536.886 

JF Asia Equity A - USD 36,024,467.917 33,593,176.294 36,422,904.036 33,194,740.175 

JF Asia Equity A-GBP 12,449.466 32,316.940 4,226.300 40,540.106 

JF Asia Equity D - USD 

JPMorgan Funds - Balanced Fund 

746,643.878 4,444,273.353 4,185,699.424 1,005,217.807 

JPM Balanced A - EUR 2,822,390.598 1,086,954.302 526,708.322 3,382,636.578 

JPM Balanced D - EUR 


46,123.407 805,123.938 151,462.340 699,785.005 

JF China A - USD 22,369,834.807 39,469,026.871 26,605,301.763 35,233,559.915 

JF China D - USD 


877,533.307 1,733,031.622 1,346,723.296 1,263,841.633 

JPM Eastern Europe Equity A - EUR 28,182,671.263 19,362,867.250 20,245,869.394 27,299,669.119 

JF Eastern Europe Equity A - EUR 1,088,837.385 3,083,018.022 2,386,837.933 1,785,017.474 

JPM Eastern Europe Equity D - EUR 


90,496.796 719,575.853 219,387.900 590,684.749 

JPM Emerging Europe Equity A - USD 9,105,216.664 12,226,561.928 10,932,937.227 10,398,841.365 

JPM Emerging Europe Equity D - USD 


788,108.685 528,617.998 912,135.818 404,590.865 

JPM Emerging Markets Equity A - USD 39,565,436.288 34,058,606.036 31,139,619.152 42,484,423.172 

JPM Emerging Markets Equity A-GBP 5,624.073 41,503.287 6,090.472 41,036.888 

JPM Emerging Markets Equity D - USD 


33,694.195 481,797.004 167,321.096 348,170.103 

JPM Euroland Equity A - EUR 12,636,853.401 8,535,223.973 7,765,079.528 13,406,997.846 

JF Euroland Equity A - USD 12,223,070.229 2,130,283.838 4,510,900.162 9,842,453.905 

JPM Euroland Equity D - EUR 

JPMorgan Funds - Europe Aggregate Bond Fund 

4,409,553.136 1,076,237.028 4,487,146.575 998,643.589 

JPM Europe Aggregate Bond A - EUR 29,368,761.082 16,249,609.724 19,611,568.340 26,006,802.466 

JPM Europe Aggregate Bond D - EUR 


1,744,429.047 718,446.078 2,025,197.177 437,677.948 

JPM Europe Convergence Equity A - EUR 7,546,641.204 8,490,194.667 7,168,117.595 8,868,718.276 

JPM Europe Convergence Equity D - EUR 


118,210.256 673,694.542 184,136.600 607,768.198 

JPM Europe Dynamic A - EUR 42,375,115.202 85,094,834.073 46,924,244.105 80,545,705.170 

JPM Europe Dynamic A-GBP 51,681.163 140,527.511 81,297.664 110,911.010 

JF Europe Dynamic A - EUR - 11,000.000 10,000.000 1,000.000 

JPM Europe Dynamic D - EUR 


2,144,776.195 3,930,045.104 2,487,275.321 3,587,545.978 

JPM Europe Equity A - EUR 31,380,449.352 46,254,160.375 24,181,464.893 53,453,144.834 

JPM Europe Equity A - USD 8,894,399.254 2,239,604.893 4,164,437.756 6,969,566.391 

JF Europe Equity A - USD 2,205,433.324 329,412.409 669,444.613 1,865,401.120 

JPM Europe Equity D - EUR 2,325,029.103 5,559,455.625 1,810,105.986 6,074,378.742 


JPM Europe High Yield Bond A - EUR 27,417,873.851 20,515,284.764 32,531,091.164 15,402,067.449 

JPM Europe High Yield Bond D - EUR 


963,570.489 1,094,620.545 1,507,741.935 550,449.099 

JPM Europe Small Cap A - EUR 27,956,984.806 16,210,799.960 12,904,552.828 31,263,231.938 

JPM Europe Small Cap A - GBP 9,171.844 717.057 84.000 9,804.901 

JF Europe Small Cap A - EUR 10,562.197 447,278.970 174,627.406 283,213.761 

JPM Europe Small Cap D - EUR 88,742.893 914,859.331 280,742.838 722,859.386





245 





JPM Europe Strategic Growth A - EUR 34,469,288.058 49,537,099.459 36,649,392.460 47,356,995.057 

JPM Europe Strategic Growth A-GBP 22,751.855 3,692.273 1,848.958 24,595.170 

JPM Europe Strategic Growth D - EUR 


375,805.319 797,960.245 442,359.431 731,406.133 

JPM Europe Strategic Value A - EUR 65,219,964.113 143,109,145.390 44,847,278.345 163,481,831.158 

JPM Europe Strategic Value A-GBP 16,404.106 42,492.683 42,915.256 15,981.533 

JPM Europe Strategic Value D - EUR 


3,829,571.547 19,779,099.562 4,010,730.473 19,597,940.636 

JPM Europe Technology A - EUR 40,300,972.331 29,002,299.572 36,794,730.299 32,508,541.604 

JPM Europe Technology A-GBP 35,358.235 5,115.006 3,403.890 37,069.351 

JF Europe Technology A - EUR 3,402,421.121 6,954,174.951 5,649,705.997 4,706,890.075 

JPM Europe Technology D - EUR 


86,561.196 2,504,834.614 1,037,712.380 1,553,683.430 

JPM FF Emerging Markets Debt A - USD 3,767,106.461 5,530,467.470 5,942,087.719 3,355,486.212 

JPM FF Emerging Markets Debt D - USD 


162,292.763 259,366.637 119,768.265 301,891.135 

JPM FF USD Bond A - USD 2,246,441.289 904,512.029 1,141,397.383 2,009,555.935 

JPM FF USD Bond D - USD 


3,045.096 150,780.907 96,297.819 57,528.184 

JPM Germany Equity A - EUR 1,814,310.223 9,419,648.443 8,099,097.709 3,134,860.957 

JF Germany Equity A - EUR 2,779,372.117 232,393.226 749,928.633 2,261,836.710 

JPM Germany Equity D - EUR 


275,790.681 1,064,913.657 858,838.740 481,865.598 

JPM Global Aggregate Bond A - USD 18,375,125.227 22,998,454.746 11,695,764.459 29,677,815.514 

JPM Global Aggregate Bond D - USD 


107,682.847 43,372.189 50,604.975 100,450.061 

JPM Global Convertible Bond A - EUR 15,586,511.929 34,560,229.200 17,240,199.708 32,906,541.421 

JPM Global Convertible Bond D - EUR 284,195.847 1,205,114.090 358,133.202 1,131,176.735 

JF Global Convertible Bond A - USD 


859.110 410,716.930 16,898.483 394,677.557 

JPM Global Dynamic A - USD 40,733,345.576 67,913,022.193 35,985,458.174 72,660,909.595 

JPM Global Dynamic A - GBP 41,419.481 148,443.995 23,364.006 166,499.470 

JF Global Dynamic A- USD - 11,000.001 10,000.001 1,000.000 

JPM Global Dynamic D - USD 


289,067.467 1,120,426.959 209,414.243 1,200,080.183 

JPM Global Equity A - USD 2,238,199.900 1,601,945.791 1,291,644.954 2,548,500.737 

JF Global Equity A - USD 1,857,767.484 284,861.402 462,211.137 1,680,417.749 

JPM Global Equity D - USD 


10,082.737 12,972.058 411.404 22,643.391 

JPM Global Life Sciences A - USD 11,233,310.113 10,579,527.366 13,133,757.109 8,679,080.370 

JPM Global Life Sciences A - GBP 21,937.354 2,637.401 3,799.721 20,775.034 

JF Global Life Sciences A - USD 684,873.911 640,503.387 593,224.147 732,153.151 

JPM Global Life Sciences D - USD 


185,039.411 338,375.009 224,498.498 298,915.921 

JPM Global Recovery A - EUR 505,712.340 3,528,829.541 1,274,310.590 2,760,231.286 

JPM Global Recovery D - EUR 


1,000.000 90,117.684 11,013.052 80,104.632 

JPM Global Socially Responsible A - USD 1,169,588.349 3,015,853.485 1,517,561.037 2,667,880.797 

JPM Global Socially Responsible D - USD 


1,894.797 44,378.335 2,325.266 43,947.866 

JF Greater China A - USD 8,415,080.907 35,462,365.053 17,437,959.580 26,439,486.380 

JF Greater China D - USD 


156,752.340 1,954,927.577 884,043.352 1,227,636.565 

JF Hong Kong A - USD 1,535,951.055 2,992,632.907 2,167,950.816 2,360,633.146 

JF Hong Kong D - USD 


42,260.798 108,258.668 24,931.653 125,587.813 

JF India A - USD 6,851,582.000 28,081,602.249 14,937,827.602 19,995,356.655 

JF India D - USD 

JPMorgan Funds - International Equity Fund 

2,000.000 2,365,957.937 474,071.347 1,893,886.590 

JPM International Equity A - EUR 5,989,264.884 3,611,557.188 4,548,620.629 5,052,201.443 

JPM International Equity D - EUR 67,485.713 311,984.750 39,673.369 339,797.094





246 





JF Japan Equity A - USD 43,040,618.761 99,015,151.118 47,566,281.410 94,489,488.474 

JF Japan Equity A-GBP 15,439.301 160,165.392 11,675.893 163,928.800 

JF Japan Equity D - USD 617,421.165 8,668,292.521 2,775,142.122 6,510,571.564 

JF Japan Equity J - USD 


707,289.345 7,354,960.754 3,016,632.178 5,045,617.921 

JF Japan Small Cap A - USD 11,163,726.009 33,555,054.930 25,122,671.521 19,596,109.418 

JF Japan Small Cap D - USD 


41,393.515 702,037.050 198,535.981 544,894.584 


JF Latin America Equity A - USD 3,182.764 848,756.072 847,663.472 4,275.364 

JPM Latin America Equity D - USD 


5,505.772 159,353.213 14,432.912 150,426.073 

JPM Middle East Equity A - USD 922,375.503 1,321,159.620 1,271,673.055 971,862.068 

JPM Middle East Equity D - USD 


3,052.017 35,264.268 9,408.129 28,908.156 

JF Pacific Balanced A - USD 2,612,329.987 6,297,537.673 3,118,787.472 5,791,080.188 

JF Pacific Balanced D - USD 

JPMorgan Funds - Pacific Equity Fund 

1,742.405 97,635.597 1,535.537 97,842.465 

JF Pacific Equity A - USD 25,495,520.089 17,748,645.791 12,491,394.324 30,752,771.556 

JF Pacific Equity A-GBP 18,480.750 76,034.752 9,183.899 85,331.603 

JF Pacific Equity D - USD 


99,050.935 1,909,532.493 916,566.712 1,092,016.716 

JF Pacific Technology A - USD 3,587,238.241 5,973,653.453 5,496,065.288 4,064,826.406 

JF Pacific Technology A-GBP 8,040.992 1,220.634 670.901 8,590.725 

JF Pacific Technology D - USD 


35,386.595 186,796.685 20,503.092 201,680.188 

JF Singapore A - USD 758,880.749 1,340,740.378 1,206,999.050 892,622.077 

JF Singapore D - USD 


1,115.285 57,624.832 12,327.488 46,412.629 

JPM Sterling Bond A - GBP 78,290,110.382 17,640,514.078 15,300,541.903 80,630,082.557 

JPM Sterling Bond D - GBP 


1,865.250 11,163.165 1,659.208 11,369.207 

JF Taiwan A - USD 5,937,346.617 10,255,404.920 9,634,490.985 6,558,260.552 

JF Taiwan D - USD 


1,533.861 73,991.750 34,280.897 41,244.714 

JPM UK Equity A-GBP 31,414,380.858 24,527,752.321 16,474,129.286 39,468,003.893 

JPM UK Equity D - GBP 


2,178,135.985 63,069.964 2,143,270.916 97,935.033 

JPM US Dynamic A - USD - 44,986,940.651 10,116,738.765 34,870,201.886 

JPM US Dynamic D - USD 


- 448,890.567 18,167.834 430,722.733 

JPM US Strategic Growth A - USD 4,560,137.459 2,832,644.942 6,576,662.856 816,119.545 

JPM US Strategic Growth A-GBP 7,370.395 2,086.707 2,003.499 7,453.603 

JPM US Strategic Growth D - USD 

JPMorgan Funds - US Strategic Value Fund 

209,221.098 33,819.589 206,709.111 36,331.576 

JPM US Strategic Value A - USD 35,444,903.547 30,460,681.602 30,876,128.434 35,029,456.715 

JPM US Strategic Value A-GBP 10,359.319 14,086.852 456.895 23,989.276 

JF US Strategic Value A - USD - 11,000.002 10,000.002 1,000.000 

JPM US Strategic Value D - USD 


4,873,005.171 5,201,774.154 3,020,600.121 7,054,179.204 

JPM US Technology A - USD 29,511,804.905 47,210,879.249 54,936,274.584 21,786,408.921 

JPM US Technology A-GBP 41,706.260 1,979,938.569 1,974,934.983 46,709.857 

JF US Technology A - USD 4,593,729.116 14,725,219.555 11,740,763.103 7,578,185.568 

JPM US Technology D - USD 169,559.032 1,108,965.482 546,387.527 732,136.987





247 




JPMorgan Funds- America Equity Fund 


JF America Equity A - USD 1,089,169.10 5,838,874.66 5,607,843.60 1,320,200.16 

JPM America Equity D - USD 


3,981,796.05 4,878,547.89 2,823,704.71 6,036,639.23 

JPM America Large Cap A - USD 37,405,806 65,056,447.38 65,798,495.48 36,663,757.90 

JPM America Large Cap D - USD 


2,609,000 2,709,213.88 440,038.00 4,878,175.88 

JPM America Micro Cap A - USD 

JF America Micro Cap A-USD 

4,819,856.72 

- 

1,865,607.60 

1,000.00 

3,656,840.31 

- 

3,028,624.01 

1,000.00 

JPM America Micro Cap D - USD 

JPMorgan Funds - America Small Cap Fund 

28,995.02 9,578.78 15,942.14 22,631.66 

JPM America Small Cap A - USD 2,471,977.26 1,280,617.84 2,251,093.55 1,501,501.56 

JPM America Small Cap A-GBP 2,862.70 409.41 - 3,272.11 

JPM America Small Cap D - USD 

JPMorgan Funds - Asia Equity Fund 

4,000.00 93,486.21 33,080.56 64,405.65 

JF Asia Equity A - USD 51,011,491.83 24,549,932.63 39,536,956.55 36,024,467.91 

JF Asia Equity A - GBP 6,433.24 7,262.48 1,246.26 12,449.46 

JF Asia Equity D - USD 

JPMorgan Funds - Balanced Fund 

632,134.71 689,090.86 574,581.70 746,643.87 

JPM Balanced A - EUR 3,190,951.22 320,045.19 688,605.81 2,822,390.60 

JPM Balanced D - EUR 


10,498.82 43,380.12 7,755.53 46,123.41 

JF China A - USD 21,524,329.54 7,868,038.57 7,022,533.31 22,369,834.80 

JF China D - USD 


107,999.67 910,953.64 141,420.01 877,533.30 

JPM Eastern Europe Equity A - EUR 29,356,989.31 7,284,286.52 8,458,604.57 28,182,671.26 

JF Eastern Europe Equity A - EUR 878,519.38 1,777,642.34 1,567,324.34 1,088,837.38 

JPM Eastern Europe Equity D - EUR 


52,197.82 260,186.92 221,887.94 90,496.80 

JPM Emerging Europe Equity A - USD 7,814,321.99 8,658,220.04 7,367,325.37 9,105,216.66 

JPM Emerging Europe Equity D - USD 


70,202.18 739,103.06 21,196.56 788,108.68 

JPM Emerging Markets Equity A - USD 40,991,443.79 23,262,770.69 24,688,778.20 39,565,436.28 

JPM Emerging Markets Equity A - GBP 4,686.99 980.72 43.64 5,624.07 

JPM Emerging Markets Equity D - USD 


29,018.65 17,179.50 12,503.96 33,694.19 

JPM Euroland Equity A - EUR 13,732,733.71 10,803,250.21 11,899,130.52 12,636,853.40 

JF Euroland Equity A - USD 13,156,330.43 5,286,092.46 6,219,352.67 12,223,070.22 

JPM Euroland Equity D - EUR 

JPMorgan Funds - Europe Aggregate Bond Fund 

3,236,767.22 2,929,427.93 1,756,642.02 4,409,553.13 

JPM Europe Aggregate Bond A - EUR 39,483,179.01 29,475,403.83 39,589,821.77 29,368,761.07 

JPM Europe Aggregate Bond D - EUR 


2,722,301.81 349,305.34 1,327,178.10 1,744,429.05 

JPM Europe Convergence Equity A - EUR 3,738,319.19 7,084,154.90 3,275,832.89 7,546,641.20 

JPM Europe Convergence Equity D - EUR 


123,207.12 93,534.57 98,531.44 118,210.25 

JPM Europe Dynamic A - EUR 32,427,276.14 75,182,846.69 65,235,007.64 42,375,115.19 

JPM Europe Dynamic A-GBP 22,069.92 31,368.90 1,757.66 51,681.16 

JPM Europe Dynamic D - EUR 


935,730.88 3,300,625.60 2,091,580.28 2,144,776.20 

JPM Europe Equity A - EUR 15,789,852.96 31,963,899.32 16,373,302.93 31,380,449.35 

JPM Europe Equity A - USD 9,943,525.38 3,078,850.88 4,127,977.01 8,894,399.25 

JF Europe Equity A - USD 2,415,895.98 1,500,098.55 1,710,561.21 2,205,433.32 

JPM Europe Equity D - EUR 202,336.66 2,195,151.45 72,459.01 2,325,029.10 


JPM Europe High Yield Bond A - EUR 33,374,644.51 25,483,271.58 31,440,042.24 27,417,873.85 

JPM Europe High Yield Bond D - EUR 


2,090,631.05 469,325.88 1,596,386.45 963,570.48 

JPM Europe Small Cap A - EUR 23,069,064.09 16,489,345.81 11,601,425.10 27,956,984.80 

JPM Europe Small Cap A-GBP 7,996.81 2,290.79 1,115.76 9,171.84 

JF Europe Small Cap A - EUR 10,562.19 - - 10,562.19 

JPM Europe Small Cap D - EUR 


109,120.30 94,014.91 114,392.32 88,742.89 

JPM Europe Strategic Growth A - EUR 24,382,188.03 57,420,685.66 47,333,585.64 34,469,288.05 

JPM Europe Strategic Growth A-GBP 20,429.82 2,900.01 577.98 22,751.85 

JPM Europe Strategic Growth D - EUR 


452,878.14 364,052.95 441,125.77 375,805.32 

JPM Europe Strategic Value A - EUR 119,845,884.58 125,476,034.66 180,101,955.12 65,219,964.12 

JPM Europe Strategic Value A-GBP 15,343.28 1,675.22 614.39 16,404.11 

JPM Europe Strategic Value D - EUR 2,831,782.31 4,627,276.55 3,629,487.31 3,829,571.55





248 





JPM Europe Technology A - EUR 45,535,617.31 13,997,015.48 19,231,660.46 40,300,972.33 

JPM Europe Technology A-GBP 32,870.12 4,811.47 2,323.36 35,358.23 

JF Europe Technology A - EUR 3,623,074.89 6,482,228.79 6,702,882.57 3,402,421.11 

JPM Europe Technology D - EUR 


3,179,765.29 432,176.02 3,525,380.12 86,561.19 

JPM FF Emerging Markets Debt A - USD 4,688,276.61 2,930,311.64 3,851,481.80 3,767,106.45 

JPM FF Emerging Markets Debt D - USD 


141,132.12 75,261.95 54,101.15 162,292.92 

JPM FF USD Bond A - USD 3,244,003.38 2,009,167.05 3,006,729.14 2,246,441.29 

JPM FF USD Bond D - USD 


1,932.11 1,116.90 3.92 3,045.09 

JPM Germany Equity A - EUR 2,188,030.57 1,083,313.43 1,457,033.78 1,814,310.22 

JF Germany Equity A - EUR 3,858,636.61 317,127.92 1,396,392.42 2,779,372.11 

JPM Germany Equity D - EUR 


27,060.30 297,097.52 48,367.14 275,790.68 

JPM Global Aggregate Bond A - USD 6,152,541.45 15,200,667.43 2,978,083.66 18,375,125.22 

JPM Global Aggregate Bond D - USD 


131,882.42 39,755.09 63,954.67 107,682.84 

JPM Global Convertible Bond A - EUR 10,498,445.20 12,561,224.78 7,473,158.06 15,586,511.92 

JPM Global Convertible Bond D - EUR 

JF Global Convertible Bond A-USD 


159,116.35 

- 

381,815.69 

859.11 

256,736.20 

- 

284,195.84 

859.11 

JPM Global Dynamic A - USD 14,197,612.38 46,372,017.73 19,836,284.53 40,733,345.58 

JPM Global Dynamic A-GBP 20,659.68 43,866.77 23,106.97 41,419.48 

JPM Global Dynamic D - USD 


5,712.12 540,747.93 257,392.59 289,067.46 

JPM Global Equity A - USD 2,317,320.97 1,995,313.09 2,074,434.16 2,238,199.90 

JF Global Equity A - USD 1,799,842.24 998,085.17 940,159.93 1,857,767.48 

JPM Global Equity D - USD 


2,530.25 7,552.49 - 10,082.74 

JPM Global Life Sciences A - USD 10,446,664.19 10,661,790.34 9,875,144.42 11,233,310.11 

JPM Global Life Sciences A-GBP 23,070.83 2,597.18 3,730.66 21,937.35 

JF Global Life Sciences A - USD 580,570.23 1,411,163.47 1,306,859.79 684,873.91 

JPM Global Life Sciences D - USD 107,621.35 1,906,098.18 1,828,680.13 185,039.40 


JPM Global Recovery A-EUR 

JPM Global Recovery D-EUR 


- 

- 

505,712.34 

1,000.00 

- 

- 

505,712.34 

1,000.00 

JPM Global Socially Responsible A - USD 1,413,727.15 241,403.25 485,542.05 1,169,588.35 

JPM Global Socially Responsible D - USD 


69,616.00 894.80 68,616.00 1,894.80 

JF Greater China A - USD 4,776,785.15 6,224,470.93 2,586,175.18 8,415,080.90 

JF Greater China D - USD 


23,958.92 177,762.53 44,969.11 156,752.34 

JF Hong Kong A - USD 1,553,964.95 942,016.84 960,030.74 1,535,951.05 

JF Hong Kong D - USD 


46,971.34 16,262.31 20,972.85 42,260.80 

JF India A - USD 7,114,196.41 2,614,518.55 2,877,132.96 6,851,582.00 

JF India D - USD 

JPMorgan Funds - International Equity Fund 

2,314.34 828.79 1,143.14 1,999.99 

JPM International Equity A - EUR 6,922,101.50 2,888,440.03 3,821,276.65 5,989,264.88 

JPM International Equity D - EUR 


16,119.76 62,457.55 11,091.60 67,485.71 

JF Japan Equity A - USD 

JF Japan Equity A - GBP 

JF Japan Equity D - USD 

51,631,831.61 

15,822.51 

759,588.70 

22,018,431.93 

1,041.47 

2,480,100.83 

30,609,644.78 

1,424.68 

2,622,268.37 

43,040,618.76 

15,439.30 

617,421.16 

JF Japan Equity J - USD 


22,131.12 882,769.03 197,610.81 707,289.34 

JF Japan Small Cap A - USD 13,807,840.24 2,910,351.86 5,554,466.09 11,163,726.01 

JF Japan Small Cap D - USD 


217,683.47 203,762.62 380,052.58 41,393.51 


JF Latin America Equity A - USD 2,015.49 1,167.27 - 3,182.76 

JPM Latin America Equity D - USD 


6,376.89 37,617.38 38,488.51 5,505.76 

JPM Middle East Equity A - USD 845,179.33 1,709,395.49 1,632,199.32 922,375.50 

JPM Middle East Equity D - USD 


1,000.65 2,051.37 - 3,052.02 

JF Pacific Balanced A - USD 2,321,819.96 622,320.04 331,810.02 2,612,329.98 

JF Pacific Balanced D - USD 1,000.00 742.41 - 1,742.41





249 




JPMorgan Funds - Pacific Equity Fund 

JF Pacific Equity A - USD 28,538,865.74 8,682,008.70 11,725,354.36 25,495,520.08 

JF Pacific Equity A-GBP 16,788.93 1,950.28 258.46 18,480.75 

JF Pacific Equity D - USD 


2,859,071.75 170,958.25 2,930,979.07 99,050.93 

JF Pacific Technology A - USD 5,319,991.23 6,709,490.75 8,442,243.74 3,587,238.24 

JF Pacific Technology A-GBP 8,333.46 872.06 1,164.54 8,040.98 

JF Pacific Technology D - USD 


353,055.14 23,541.66 341,210.21 35,386.59 

JF Singapore A - USD 722,650.86 341,076.84 304,846.95 758,880.75 

JF Singapore D - USD 


1,000.00 115.29 - 1,115.29 

JPM Sterling Bond A - GBP 78,145,222.48 12,407,079.34 12,262,191.44 78,290,110.38 

JPM Sterling Bond D - GBP 


1,234.49 1,039.56 408.80 1,865.25 

JF Taiwan A - USD 5,006,485.97 4,110,467.55 3,179,606.91 5,937,346.61 

JF Taiwan D - USD 


1,166.66 3,323.06 2,955.86 1,533.86 

JPM UK Equity A-GBP 26,487,653.65 21,773,318.17 16,846,590.96 31,414,380.86 

JPM UK Equity D - GBP 


191,005.35 2,006,035.35 18,904.72 2,178,135.98 

JPM US Strategic Growth A - USD 2,976,839.44 28,625,583.64 27,042,285.62 4,560,137.46 

JPM US Strategic Growth A-GBP 6,707.88 662.51 - 7,370.39 

JPM US Strategic Growth D - USD 

JPMorgan Funds - US Strategic Value Fund 

5,000.00 257,905.65 53,684.55 209,221.10 

JPM US Strategic Value A - USD 27,789,482.24 48,034,627.71 40,379,206.41 35,444,903.54 

JPM US Strategic Value A-GBP 5,322.72 5,168.89 132.30 10,359.31 

JPM US Strategic Value D - USD 


195,799.01 5,348,175.62 670,969.46 4,873,005.17 

JPM US Technology A - USD 23,264,735.83 160,685,539.86 154,438,470.79 29,511,804.90 

JPM US Technology A-GBP 27,253.53 17,802.19 3,349.46 41,706.26 

JF US Technology A - USD 325,344.33 70,130,481.55 65,862,096.77 4,593,729.11 

JPM US Technology D - USD 525,075.71 784,437.90 1,139,954.58 169,559.03

Jpmorgan Funds - Fundsupermart.com

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