Urevidert Halvårsrapport JPMorgan Funds...JPMorgan Asset Management (Europe) S.à r.l. European...

JPMorgan FundsSociété d’Investissement à Capital Variable, Luxembourg

Urevidert Halvårsrapport

31. desember 2010

NO

JPMorgan FundsUrevidert halvårsbetning

per 31. desember 2010

Innhold

Styret 1Forvaltning og administrasjon 2Regnskap og statistikk

Konsolidert balanse 5Konsolidert driftsregnskap og endringer i netto eiendeler 23Oversikt over endringer i antall aksjer 39Statistisk informasjon 51

Noter til urevidert regnskap 64Investeringsportefølje

JPMorgan Funds - Africa Equity Fund 73 JPMorgan Funds - Global Convertibles Fund (EUR) 221JPMorgan Funds - Aggregate Bond Fund 76 JPMorgan Funds - Global Corporate Bond Fund 225JPMorgan Funds - America Equity Fund 80 JPMorgan Funds - Global Credit Bond Fund 229JPMorgan Funds - America Large Cap Fund 83 JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund 232JPMorgan Funds - Asia Pacific Bond Fund 84 JPMorgan Funds - Global Dynamic Fund 235JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity Fund 87 JPMorgan Funds - Global Equity Fund (USD) 239JPMorgan Funds - Brazil Alpha Plus Fund 89 JPMorgan Funds - Global Focus Fund 242JPMorgan Funds - Corporate Bond Portfolio Fund I 90 JPMorgan Funds - Global Government Bond Fund 246JPMorgan Funds - Eastern Europe Equity Fund 93 JPMorgan Funds - Global Government Short Duration Bond Fund 249JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 95 JPMorgan Funds - Global Healthcare Fund 252JPMorgan Funds - Emerging Markets Alpha Plus Fund 97 JPMorgan Funds - Global Infrastructure Trends Fund 255JPMorgan Funds - Emerging Markets Bond Fund 100 JPMorgan Funds - Global Natural Resources Fund 258JPMorgan Funds - Emerging Markets Corporate Bond Fund 105 JPMorgan Funds - Global Real Estate Securities Fund (USD) 261JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II 108 JPMorgan Funds - Global Research Enhanced Index Equity Fund 264JPMorgan Funds - Emerging Markets Currency Alpha Fund 110 JPMorgan Funds - Global Short Duration Bond Fund 269JPMorgan Funds - Emerging Markets Debt Fund 113 JPMorgan Funds - Global Socially Responsible Fund 274JPMorgan Funds - Emerging Markets Diversified Equity Fund 118 JPMorgan Funds - Global Strategic Bond Fund 276JPMorgan Funds - Emerging Markets Equity Fund 120 JPMorgan Funds - Highbridge Asia Pacific STEEP Fund 280JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 122 JPMorgan Funds - Highbridge Europe STEEP Fund 282JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 124 JPMorgan Funds - Highbridge US STEEP Fund 285JPMorgan Funds - Emerging Markets Local Currency Debt Fund 127 JPMorgan Funds - Japan Dynamic Fund 287JPMorgan Funds - Emerging Markets Small Cap Fund 130 JPMorgan Funds - JF ASEAN Equity Fund 288JPMorgan Funds - Emerging Markets Value Fund 133 JPMorgan Funds - JF Asia Alpha Plus Fund 289JPMorgan Funds - Emerging Middle East Equity Fund 135 JPMorgan Funds - JF Asia Pacific ex-Japan Equity Fund 291JPMorgan Funds - EU Government Bond Fund 136 JPMorgan Funds - JF China Fund 294JPMorgan Funds - Euro Aggregate Bond Fund 139 JPMorgan Funds - JF Greater China Fund 295JPMorgan Funds - Euro Corporate Bond Fund 142 JPMorgan Funds - JF Hong Kong Fund 296JPMorgan Funds - Euro Government Short Duration Bond Fund 145 JPMorgan Funds - JF India Fund 297JPMorgan Funds - Euro Money Market Fund 147 JPMorgan Funds - JF Japan Alpha Plus Fund 299JPMorgan Funds - Euro Short Duration Bond Fund 149 JPMorgan Funds - JF Japan Equity Fund 300JPMorgan Funds - Euroland Equity Fund 152 JPMorgan Funds - JF Japan Small Cap Fund 301JPMorgan Funds - Euroland Select Equity Fund 155 JPMorgan Funds - JF Korea Equity Fund 302JPMorgan Funds - Europe 130/30 Fund 158 JPMorgan Funds - JF Pacific Balanced Fund 304JPMorgan Funds - Europe Aggregate Plus Bond Fund 161 JPMorgan Funds - JF Pacific Equity Fund 308JPMorgan Funds - Europe Balanced Fund (EUR) 166 JPMorgan Funds - JF Pacific Technology Fund 311JPMorgan Funds - Europe Convergence Equity Fund 170 JPMorgan Funds - JF Singapore Fund 312JPMorgan Funds - Europe Dynamic Fund 171 JPMorgan Funds - JF Taiwan Fund 313JPMorgan Funds - Europe Dynamic Mega Cap Fund 174 JPMorgan Funds - Latin America Equity Fund 314JPMorgan Funds - Europe Dynamic Small Cap Fund 175 JPMorgan Funds - Managed Reserves Fund 316JPMorgan Funds - Europe Equity Fund 177 JPMorgan Funds - Russia Fund 320JPMorgan Funds - Europe Focus Fund 181 JPMorgan Funds - Sterling Bond Fund 321JPMorgan Funds - Europe High Yield Bond Fund 184 JPMorgan Funds - Systematic Alpha Fund 324JPMorgan Funds - Europe Micro Cap Fund 187 JPMorgan Funds - UK Equity Fund 327JPMorgan Funds - Europe Select 130/30 Fund 189 JPMorgan Funds - US 130/30 Fund 330JPMorgan Funds - Europe Small Cap Fund 192 JPMorgan Funds - US Aggregate Bond Fund 333JPMorgan Funds - Europe Strategic Growth Fund 195 JPMorgan Funds - US Dynamic Fund 348JPMorgan Funds - Europe Strategic Growth Small Cap Fund 200 JPMorgan Funds - US Growth Alpha Plus Fund 350JPMorgan Funds - Europe Strategic Value Fund 202 JPMorgan Funds - US Select 130/30 Fund 352JPMorgan Funds - Europe Strategic Value Small Cap Fund 205 JPMorgan Funds - US Short Duration Bond Fund 355JPMorgan Funds - Europe Technology Fund 207 JPMorgan Funds - US Small and Micro Cap Fund 356JPMorgan Funds - Germany Equity Fund 209 JPMorgan Funds - US Small Cap Growth Fund 358JPMorgan Funds - Global Absolute Return Bond Fund 210 JPMorgan Funds - US Strategic Growth Fund 360JPMorgan Funds - Global Aggregate Bond Fund 214 JPMorgan Funds - US Technology Fund 362JPMorgan Funds - Global Consumer Trends Fund 219 JPMorgan Funds - US Value Fund 363

Tillegg - Ureviderte tilleggsopplysningerFondenes kostnadsprosent 366Oppsummering av investeringsmål for underfondene 380Resultat og volatilitet 387Rentesats mottatt/(belastet) på bankkonti 400Aksjeklasser i underfond underlagt betaling av “Taxe d’abonnement” på 0,01% 400Porteføljens omløpshastighet 401Historisk oversikt over endringer i antall aksjer 402

Nærmere opplysninger finner du på www.jpmorganassetmanagement.com

Ingen andelstegninger kan mottas kun på bakgrunn av denne rapporten. Andelstegninger er bare gyldige dersom de gjøres på bakgrunn av det aktuelle prospektet, det forenklede prospekt supplertmed den nyeste reviderte årsberetningen, samt den siste ureviderte halvårsrapporten, dersom denne er nyere enn årsberetningen.

Prospektet, det forenklede prospekt, de ureviderte halvårsrapportene, samt den reviderte årsberetningen fås vederlagsfritt ved henvendelse til SICAVs forretningskontor og fra lokalebetalingsenheter.

Etter en gjennomgang av informasjonen fra investeringsforvalteren (-ne) i prospektet og det forenklede prospektet vil opplysningene fra investeringsforvalteren (-ne) om det enkelte underfond nåvære tilgjengelig fra forvaltningsselskapets forretningskontor eller fra www.jpmorganassetmanagement.com.

JPMorgan FundsStyret


StyreformannIain O.S. SaundersBankierDuine, ArdfernArgyll PA31 8QNStorbritannia

StyremedlemmerJacques ElvingerPartnerElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgStorhertugdømmet Luxembourg

Jean FrijnsProfessor i finans og investeringAntigonelaan 2NL-5631 LR EindhovenNederland

Berndt MayAdministrerende direktørJPMorgan Asset Management (Europe) S.à r.l.Austrian BranchFührichgasse 8A-1010 ViennaØsterrike

Registrert adresseEuropean Bank & Business Centre6, route de TrèvesL-2633 SenningerbergStorhertugdømmet Luxembourg

ViseformannPierre JaansØkonom3, rue de KahlerL-8356 GarnichStorhertugdømmet Luxembourg

Andrea L. HazenAdministrerende direktørJPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQStorbritannia

Robert Van der MeerProfessor i finans12 Lange VijverbergNL-2513 AC The HagueNederland

1

JPMorgan FundsForvaltning og administrasjon


Forvaltningsselskap, registerfører og overføringsagent,global forhandler og lokalt ombudJPMorgan Asset Management (Europe) S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergStorhertugdømmet Luxembourg

Rådgiver (avviklet 21. oktober 2010)JPMorgan Asset Management Advisory Company S.à r.l.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergStorhertugdømmet Luxembourg

InvesteringsforvaltereJ.P. Morgan Investment Management Inc.245 Park AvenueNew York, NY 10167USA

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

JPMorgan Asset Management (UK) Limited20 Finsbury StreetLondon EC2Y 9AQStorbritannia

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

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

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

Highbridge Capital Management LLC9 West 57th StreetNew York, NY 10019USA

Depotansvarlig, selskaps-, administrativt ombud ogkursnoteringsombudJ.P. Morgan Bank Luxembourg S.A.European Bank & Business Centre6, route de TrèvesL-2633 SenningerbergStorhertugdømmet Luxembourg

RevisorPricewaterhouseCoopers S.à r.l.400, Route d’EschB.P. 1443L-1014 LuxembourgStorhertugdømmet Luxembourg

Juridiske rådgivereElvinger, Hoss & Prussen2, place Winston ChurchillL-2014 LuxembourgStorhertugdømmet Luxembourg

2

Denne siden er med hensikt tom

3


4

JPMorgan FundsKonsolidert balanse


JPMorgan FundsKonsolidert

USD

AfricaEquity

FundUSD

AggregateBondFundUSD

AmericaEquity

FundUSD

EiendelerInvesteringer i verdipapirer til markedsverdi 57.861.850.313 586.675.790 9.989.786 430.070.184Anskaffelsespris: 46.741.703.913 500.261.751 9.811.366 376.422.366Investering i TBA-verdipapirer til markedsverdi (1) 26.715.449 - 1.667.195 -Bankinnskudd 1.149.347.737 19.963.226 357.051 5.855.300Termininnskudd 94.744.964 - - -Tilgodehavende fra salg av investeringer 127.311.346 - - 229.859Tilgodehavende fra salg av TBA-verdipapirer (1) 19.055.426 - 245.656 -Tilgodehavende fra tegninger 304.241.141 11.477.099 - 3.977.422Tilgodehavende fra renter og utbytte, netto 121.942.507 28.289 95.973 290.148Skatt som kan kreves refundert 1.986.655 - - 19.038Frafalt honorar (2) 1.626.543 66.782 9.758 1.165Andre fordringer 351.603 37.027 - 40Urealisert nettogevinst på valutaterminforretninger 49.662.693 - - 183.148Urealisert nettogevinst på finansielle terminforretninger 5.437.227 - 4.905 -Derivater til markedsverdi 42.837.200 - - -Sum eiendeler 59.807.110.804 618.248.213 12.370.324 440.626.304

GjeldKassakreditt 59.335.893 - - -Åpne korte posisjoner på TBA-verdipapirer (2) 9.904.267 - - -Skyldig beløp fra kjøp av investeringer 180.787.229 9.340.581 - 167.608Skyldig beløp fra kjøp av TBA-verdipapirer (1) 35.901.530 - 1.917.840 -Skyldig beløp fra innløsninger 149.399.883 664.620 - 221.782Godtgjørelse til ledelse og rådgivere 63.993.907 689.130 6.970 513.317Resultatbaserte honorarer 921.580 27.193 - -Annen gjeld 19.331.130 237.819 11.500 103.958Urealisert nettotap på valutaterminforretninger 27.957.158 581 89.383 -Urealisert nettotap på finansielle terminforretninger 898.352 - - -Derivater til markedsverdi 1.769.600 - - -Sum gjeld 550.200.529 10.959.924 2.025.693 1.006.665

Sum netto aktiva 59.256.910.275 607.288.289 10.344.631 439.619.639

Historisk sum netto aktiva30. juni 2010 44.088.150.386 175.314.359 9.722.718 373.415.44630. juni 2009 34.590.007.431 8.958.743 - 337.907.41730. juni 2008 57.591.091.920 4.761.584 - 549.614.35530. juni 2007 89.568.991.703 - - 753.695.19930. juni 2006 63.483.121.497 - - 827.863.368

(1) Se note 2l).

(2) Se note 7a).

Vedlagte noter utgjør en integrert del av denne økonomiske redegjørelse.

5

JPMorgan FundsKonsolidert balanse (forts.)


AmericaLarge Cap

FundUSD

Asia PacificBondFundUSD

Asia Pacific ex-JapanBehavioural Finance

Equity FundUSD

BrazilAlpha Plus

FundUSD

CorporateBond Portfolio

Fund I (3)EUR

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

139.828.301 31.460.959 5.172.443 567.388.307 248.081.971 1.201.048.747 969.237.641117.264.124 31.072.150 4.237.589 492.753.744 247.859.106 977.165.906 783.034.990

- - - - - - -2.200.394 873.770 117.157 14.018.231 478.396 34.086.760 -

- - - - - - -385.195 - - - 586 375.022 142.289

- - - - - - -130.797 - - 8.567.584 - 2.504.739 2.882.991123.039 346.251 10.187 1.133.990 4.022.893 569.307 278.786

4.905 - - - - - -- 13.529 10.321 53.597 6.649 - 40.651- - - 1.488 - - 10.001- 147.941 - - 6.604.614 - -- - - - - - -- - - - - - -

142.672.631 32.842.450 5.310.108 591.163.197 259.195.109 1.238.584.575 972.592.359

- - - - - - 358.079- - - - - - -- - - 260.656 - 577.948 762.691- - - - - - -

19.189 99.696 - 1.955.638 39.175 1.684.989 1.408.642145.582 18.091 5.749 697.410 170.415 1.573.505 1.107.657

- - - - - - -32.699 18.456 13.377 188.064 49.781 336.096 363.867

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

197.470 136.243 19.126 3.101.768 259.371 4.172.538 4.000.936

142.475.161 32.706.207 5.290.982 588.061.429 258.935.738 1.234.412.037 968.591.423

84.456.730 9.675.813 3.228.209 288.795.857 - 941.639.605 619.492.70267.845.478 - - 57.567.211 - 517.438.764 412.101.96029.801.575 - - 54.611.582 - 1.583.655.705 1.093.563.689

43.630.540 - - - - 1.411.797.493 599.428.23541.129.009 - - - - 1.303.458.118 589.240.340

(3) Dette underfondet ble lansert den 1. juli 2010.

6



Emerging MarketsAlpha Plus

FundUSD

Emerging MarketsBondFundUSD

Emerging MarketsCorporate Bond

Fund (4)USD


Portfolio Fund II (5)USD

Emerging MarketsCurrency Alpha

FundEUR

Emerging MarketsDebt Fund

EUR

Emerging MarketsDiversified

Equity Fund (6)USD

247.991.096 217.508.168 62.893.799 896.110 348.280 241.241.709 38.248.089214.515.523 215.236.584 62.580.173 896.017 344.997 238.021.625 37.342.133

- - - - - - -20.059.389 11.345.846 1.782.546 8.773.547 3.443.606 5.721.809 730.880

- - - - - - -- - 5.740 - - - -- - - - - - -

513.300 284.532 2.617.646 598.414 - 732.808 -223.213 4.348.604 982.532 242 700 4.717.050 83.076

- - - - - - -- - 20.136 4.119 10.869 26.243 3.639

1.615 - 3.594 1.487 - 2.934 -43 - 274.219 124.516 - 6.169.336 -

- - - - - - -- - 2.221 - 165 951 -

268.788.656 233.487.150 68.582.433 10.398.435 3.803.620 258.612.840 39.065.684

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

235.786 - 2.896.795 - - - 460.226- - - - - - -

209.713 131.486 - 294.228 - 898.905 -320.296 120.204 46.344 4.790 4.827 245.435 5.512

- - 82.535 - - - -45.131 46.682 41.767 6.849 12.155 105.667 7.256

- 76.162 - - 12.771 - -141.156 6.645 - - - 113.957 -

510.665 - - - - - -

1.462.747 381.179 3.067.441 305.867 29.753 1.363.964 472.994

267.325.909 233.105.971 65.514.992 10.092.568 3.773.867 257.248.876 38.592.690

220.474.010 125.177.410 - - 3.772.465 167.809.729 -136.755.468 - - - 3.746.871 143.731.454 -260.256.515 - - - - 204.005.222 -375.656.648 - - - - 251.870.653 -

- - - - - 186.643.180 -

(4) Dette underfondet ble lansert den 14. juli 2010.(5) Dette underfondet ble lansert den 24. november 2010.(6) Dette underfondet ble lansert den 10. desember 2010.

7



Emerging MarketsEquity Fund

USD

Emerging MarketsInfrastructure

Equity FundUSD

Emerging MarketsInvestment Grade

Bond Fund (7)USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MarketsValueFundUSD

Emerging MiddleEast Equity

FundUSD

9.445.165.974 169.637.465 17.200.780 605.248.353 595.373.397 211.426.063 441.141.6036.488.584.600 146.359.222 17.399.909 592.397.464 516.250.427 175.556.037 363.243.131

- - - - - - -52.836.383 6.275.938 223.145 54.171.683 2.896.940 523.579 -

- - - - - - -- - - - 626.450 - 1.439.562- - - - - - -

14.472.116 1.129.085 - 1.385.007 3.408.992 20.000 2.451.1769.463.485 221.314 323.463 12.488.772 295.374 335.535 986

- - - - - - -- 10.052 - 47.202 5.467 2.852 114.514- 6.125 - 6.288 17.633 - 6.484- - 296.932 507.781 22 - -- - - - - - -- - - 1.095.705 - - -

9.521.937.958 177.279.979 18.044.320 674.950.791 602.624.275 212.308.029 445.154.325

- - - - - - 2.472- - - - - - -- 1.074.617 - - 2.234.693 - -- - - - - - -

18.618.064 135.287 - 1.449.281 422.633 2.046 2.022.6908.787.234 208.044 14.406 353.468 706.795 115.638 572.256

- 116.986 - 20.112 - - -1.805.020 61.062 5.331 203.765 259.047 47.312 261.490

- - - - - - -- - 1.164 - - - -- - - - - - -

29.210.318 1.595.996 20.901 2.026.626 3.623.168 164.996 2.858.908

9.492.727.640 175.683.983 18.023.419 672.924.165 599.001.107 212.143.033 442.295.417

6.562.754.178 66.178.907 - 474.595.650 212.062.695 150.174.353 316.270.6414.671.128.410 10.052.996 - 86.488.839 23.557.296 - 308.246.494

6.604.690.449 4.801.840 - 5.351.918 7.233.814 - 709.594.1806.821.647.444 - - - - - 341.530.5093.782.245.657 - - - - - 265.944.060

(7) Dette underfondet ble lansert den 29. november 2010.

8



EU GovernmentBondFundEUR

Euro AggregateBondFundEUR

Euro CorporateBondFundEUR

Euro GovernmentShort Duration

Bond FundEUR

Euro MoneyMarket

Fund (8)EUR

Euro ShortDuration Bond

FundEUR

EurolandEquity

FundEUR

223.818.636 6.729.091 23.560.724 35.790.402 117.713.645 19.310.496 554.709.643228.169.623 6.696.492 23.704.709 36.207.978 117.713.645 19.512.850 510.577.155

- - - - - - -414.220 126.491 961.013 1.637.456 111.420 - 172.602

- - - - 11.700.000 - -- - 104.875 - - - 97.383- - - - - - -

1.084.651 - 19.905 21.739 1.079.728 87.000 402.1914.609.971 146.377 674.272 499.218 172.153 365.407 14.283

- - - - - - 199.23410.978 5.978 6.323 7.989 9.505 7.201 -

- - - - - - -106.736 - - - - - -24.302 70 5.475 - - 1.155 -

- - - - - - -

230.069.494 7.008.007 25.332.587 37.956.804 130.786.451 19.771.259 555.595.336

- - - - - 2.093 -- - - - - - -- - - - - - 54.555- - - - - - -

223.778 - 34.421 8.076 1.070.355 - 351.73370.139 4.761 21.808 13.710 57.106 10.323 728.721

- - - - - - -43.081 7.169 10.488 12.578 44.306 10.555 97.041

- - - - - 1.889 -- - - 5.420 - - -- - - - - - -

336.998 11.930 66.717 39.784 1.171.767 24.860 1.232.050

229.732.496 6.996.077 25.265.870 37.917.020 129.614.684 19.746.399 554.363.286

233.269.722 6.987.080 26.690.639 64.665.022 166.809.115 18.941.263 594.371.470333.238.481 - 4.174.621 4.170.155 343.070.452 - 413.671.93978.830.308 - - - 461.380.473 - 1.424.908.906

- - - - 99.718.976 - 4.685.250.845- - - - 10.021.587 - 3.202.176.183

(8) Dette underfondet endret navn fra Euro Liquid Reserve Fund den 2. august 2010.

9



EurolandSelect Equity

FundEUR

Europe130/30

FundEUR

EuropeAggregate Plus

Bond FundEUR

EuropeBalanced

Fund (EUR)EUR

EuropeConvergenceEquity Fund

EUR

Europe DynamicFund

EUR

Europe DynamicMega Cap

FundEUR

69.205.832 4.930.106 19.279.759 71.409.655 197.913.532 282.270.706 78.779.54065.051.517 4.368.861 19.670.690 66.539.744 181.521.454 258.556.789 75.328.096

- - - - - - -209.507 154.721 312.375 2.935.494 1.398.130 578.063 43.443

- - - - - - -- - - - 44.504 10.219 106.947- - - - - - -- 8 24.715 21.342 9.923.330 1.162.723 8.607

24 7.889 306.623 849.940 217 503.996 97.91810.427 1.071 22 7.228 58.316 97.507 77.096

- 17.390 9.782 - 9.269 - 4.119- - - 146 - - -- - 89.002 93.567 - - -- - - 50.841 - - -- 119.243 115 - - - -

69.425.790 5.230.428 20.022.393 75.368.213 209.347.298 284.623.214 79.117.670

- - - - - - -- - - - - - -- - - - 37 842.753 -- - - - - - -- - 41.114 206.543 71.768 225.991 172.393

92.722 7.637 16.725 106.949 236.803 299.064 93.320- 6.428 - - - - -

11.420 19.087 13.211 22.299 72.868 65.381 28.843- - - - - - -

4.650 820 15.794 - - 46.013 -- - - - - - -

108.792 33.972 86.844 335.791 381.476 1.479.202 294.556

69.316.998 5.196.456 19.935.549 75.032.422 208.965.822 283.144.012 78.823.114

7.845.016 4.257.676 24.314.585 73.546.292 152.058.601 258.699.413 108.048.7777.416.715 4.158.168 18.415.269 80.377.451 120.176.137 260.364.388 314.110.906

4.902.750 5.672.134 50.055.822 122.347.155 304.064.830 631.881.565 572.249.219- 7.504.635 174.653.253 157.292.381 504.849.268 1.465.060.727 1.202.156.717- - 173.312.859 77.878.440 368.646.238 1.376.855.052 249.542.128

10



Europe DynamicSmall Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeHigh Yield

Bond FundEUR

EuropeMicro Cap

FundEUR

Europe Select130/30

FundEUR

EuropeSmall Cap

FundEUR

17.127.008 460.127.097 15.478.673 52.636.666 86.913.954 4.800.122 295.303.74014.499.402 417.807.414 13.436.845 50.516.560 71.888.528 4.231.476 224.689.718

- - - - - - -196.047 625.229 292.472 2.174.153 303.680 20.190 762.441

- - - - - - -154.339 15.157 179.343 891.438 40.408 - -

- - - - - - -707 153.960 12.239 109.980 2.004 22.500 466.136

4.127 859.309 6.782 1.149.957 19.324 4.661 273.1527.515 126.923 10.504 - 24.232 1.456 72.355

6.204 - - 5.476 - 17.514 -- 653 283 - - - -- - - 6.481 - - -- - - - - - -- - - 105.548 - - -

17.495.947 461.908.328 15.980.296 57.079.699 87.303.602 4.866.443 296.877.824

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

449.149 159.050 - - 566.801 - -- - - - - - -

60.766 502.471 157.722 64.263 30.713 - 403.79719.669 562.417 29.960 46.962 101.727 6.942 377.057

- - 2.288 - - - -11.234 94.615 2.307 21.408 22.885 19.077 76.127

- - - - - - -- 48.527 2.382 - - - -- - - - - 41.768 -

540.818 1.367.080 194.659 132.633 722.126 67.787 856.981

16.955.129 460.541.248 15.785.637 56.947.066 86.581.476 4.798.656 296.020.843

9.562.343 444.504.471 8.022.819 47.009.799 53.206.480 4.177.598 221.762.21413.239.733 529.429.713 5.484.434 35.783.861 51.051.233 4.116.243 227.604.15629.136.348 1.877.322.935 28.400.275 55.847.224 69.672.614 5.720.115 469.101.616181.667.931 6.724.760.335 120.306.237 120.462.285 350.264.462 7.487.132 1.383.590.469

210.032.447 6.201.107.870 11.481.518 56.405.091 177.092.335 - 1.315.922.955

11



Europe StrategicGrowth

FundEUR

Europe StrategicGrowth Small

Cap FundEUR

Europe StrategicValue Fund

EUR

Europe StrategicValue Small

Cap FundEUR

EuropeTechnology

FundEUR

Germany EquityFund

EUR

GlobalAbsolute Return

Bond Fund (9)USD

435.287.780 5.026.027 1.325.228.235 3.922.048 118.876.015 555.085.776 5.538.278332.424.333 3.955.777 1.204.190.992 3.063.443 100.924.641 496.382.307 5.571.706

- - - - - - 10.517.5609.286.507 153.421 - 98.729 532.194 4.773.538 24.433.736

- - - - - - -1.561.147 - 5.846.520 - - - -

- - - - - - 15.823.152460.586 8.083 496.557 - 173.139 3.090.429 -202.465 1.360 1.828.364 7.831 51.268 37 57.363

13.573 1.383 448.942 446 6.877 52.675 -- 8.862 - 5.016 1.421 - 2.402- - - - 89 - -

3.483 - - - - - 160.237- - - - - - 18.662- - - - - - 46.204

446.815.541 5.199.136 1.333.848.618 4.034.070 119.641.003 563.002.455 56.597.594

- - 2.023.611 - - - -- - - - - - 9.904.267- - - - - 3.401.209 -- - - - - - 16.427.504

224.436 800 1.659.925 - 146.607 669.346 -531.994 7.630 1.941.706 6.538 154.482 735.937 23.101

- - - - - - 2.21185.988 10.387 222.005 6.332 40.602 90.838 6.976

- - - - - - -174.397 - - - - - -

- - - - - - -

1.016.815 18.817 5.847.247 12.870 341.691 4.897.330 26.364.059

445.798.726 5.180.319 1.328.001.371 4.021.200 119.299.312 558.105.125 30.233.535

398.966.096 3.021.541 1.390.344.294 3.060.119 94.831.796 286.786.355 -471.164.520 2.345.574 1.479.917.716 2.248.054 70.223.758 318.655.742 -

1.129.640.211 3.679.978 2.794.249.735 3.404.527 113.646.005 550.719.016 -2.862.619.054 - 9.169.138.960 - 203.196.335 754.261.152 -2.173.253.875 - 6.726.029.589 - 192.588.759 181.827.675 -

(9) Dette underfondet ble lansert den 7. oktober 2010.

12



GlobalAggregateBond Fund

USD

GlobalConsumer Trends

FundEUR

GlobalConvertibles

Fund (EUR)EUR

Global CorporateBond Fund

USD

Global CreditBond Fund

USD

GlobalDuration-Hedged

Corporate Bond Fund (10)EUR

GlobalDynamic

FundUSD

23.827.173 112.021.907 2.232.027.022 463.736.360 24.051.864 20.427.418 1.270.994.21223.446.800 106.937.501 2.019.824.296 469.077.393 23.844.253 20.901.339 1.032.482.491

3.750.514 - - - - - -862.830 3.940.101 - 7.889.841 2.132.287 792.645 442.676

- - - - - 2.000.000 -- - - 421.424 - - 6.945.046

1.368.727 - - - - - -48.230 495.558 9.647.851 1.579.309 - 111.047 730.923

269.869 86.320 10.515.486 7.783.358 449.220 321.120 905.46021 92 - - - - 64.513

13.629 2.346 - 55.976 11.963 13.465 163- - 7.126 6.041 - - 11.269

112.112 - - 3.997.160 163.812 176.274 145.29137.750 - - 1.566.260 44.483 252.355 -

95 - - - - - -

30.290.950 116.546.324 2.252.197.485 487.035.729 26.853.629 24.094.324 1.280.239.553

- - 2.295.003 - - - -- - - - - - -- - - 194 - - 10.116.631

5.138.901 - - - - - -96.588 12.646 2.712.763 2.507.380 - - 971.03020.582 113.761 2.159.236 325.008 18.181 17.225 1.036.911

- - - - - - -18.207 33.445 419.808 135.957 16.448 17.271 262.949

- - 15.979.800 - - - -- - - - - - -- - - - - - -

5.274.278 159.852 23.566.610 2.968.539 34.629 34.496 12.387.521

25.016.672 116.386.472 2.228.630.875 484.067.190 26.819.000 24.059.828 1.267.852.032

27.249.553 53.019.318 2.837.744.071 246.698.799 23.684.650 - 1.135.055.21426.313.056 5.996.185 1.939.507.561 21.216.813 - - 1.174.912.54440.709.728 3.634.522 1.742.308.863 - - - 1.872.953.35350.010.254 - 1.697.301.712 - - - 3.346.335.55994.432.324 - 1.149.704.455 - - - 2.325.259.734

(10) Dette underfondet ble lansert den 16. september 2010.

13



GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

GlobalGovernment

Bond FundEUR

Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

GlobalInfrastructure

Trends FundEUR

Global NaturalResources

FundEUR

286.462.158 1.444.193.011 257.863.081 61.298.649 37.290.244 3.514.813 3.433.371.819249.458.610 1.229.446.298 257.814.308 60.916.534 35.263.995 3.145.696 2.395.478.545

- - - - - - -4.721.391 128.091.141 1.125.679 2.770.338 424 150.636 58.613.729

- - - - - - -- 13.457 4.546 - - - 2.281.768- - - - - - -

965.467 8.712.418 1.778.819 434.381 1.944 - 91.627.835252.706 1.123.976 2.330.648 394.657 41.235 6.321 579.948

18.870 57.102 - - 2.873 - -19.186 151 12.435 15.931 11.745 4.897 -

- 1.381 544 - 11 - 136.827168.941 15.541.731 1.802.062 41.412 141.049 - -

- 339.220 293.194 100.979 - - -- - - - - - -

292.608.719 1.598.073.588 265.211.008 65.056.347 37.489.525 3.676.667 3.586.611.926

- - - - - - -- - - - - - -- - 1.144 - 62.930 - 56.792.925- - - - - - -

10.422 1.646.344 4.956.291 7.000 72.458 - 24.092.665168.440 1.980.652 64.548 12.306 46.654 4.665 4.311.719

- - - - - - -77.624 495.079 45.895 22.956 23.139 6.140 1.354.754

- - - - - 1.806 -- - - - - - -- - - - - - -

256.486 4.122.075 5.067.878 42.262 205.181 12.611 86.552.063

292.352.233 1.593.951.513 260.143.130 65.014.085 37.284.344 3.664.056 3.500.059.863

253.598.220 1.027.930.229 280.367.183 42.158.840 36.196.348 3.233.437 1.912.587.338233.869.436 331.436.544 71.690.468 3.713.850 - - 1.018.336.433162.885.287 335.896.837 - - - - 1.871.228.153270.564.769 551.822.932 - - - - 1.778.456.610251.794.930 107.907.690 - - - - 943.442.736

14



Global RealEstate Securities

Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

Global Short DurationBond Fund

USD

Gobal SociallyResponsible

FundUSD

Global StrategicBond Fund

USD

HighbridgeAsia Pacific

STEEP Fund (11)USD

HighbridgeEurope STEEP

FundEUR

44.660.973 5.321.252 428.145.171 94.116.355 42.783.275 12.496.877 98.833.79340.283.688 5.016.307 424.532.672 82.274.617 41.882.103 12.496.877 98.842.143

- - - - 10.780.180 - -689.523 16.830 17.775.927 138.071 6.284.473 2.538.293 4.701.838

- - - - - - 10.000.000- - - - - - -- - - - 1.617.891 - -

191.424 - 1.759.383 34.983 32.789 - 89.165124.658 4.368 4.363.840 87.999 621.225 671 110.779

86 141 - 7.376 - - -15.180 2.592 39.917 - 11.356 2.596 10.248

- - 788 - 666 - -12.822 - - - 656.841 - 7.421

- - 583.770 - 635.455 - -- - - - - 27.166 5.525.105

45.694.666 5.345.183 452.668.796 94.384.784 63.424.151 15.065.603 119.278.349

- - - - - - -- - - - - - -- - - - - - -- - - - 12.417.285 - -

81.922 - 827.698 1.134 - - 285.40349.259 - 161.938 130.091 38.823 11.116 93.140

- 4.346 - - 353.169 - 23.27227.769 3.271 104.038 22.434 19.545 4.773 36.182

- - 5.640.539 - - - -- - - - - - -- - - - - - -

158.950 7.617 6.734.213 153.659 12.828.822 15.889 437.997

45.535.716 5.337.566 445.934.583 94.231.125 50.595.329 15.049.714 118.840.352

27.856.852 4.741.898 217.229.216 72.946.730 25.147.773 - 168.540.33113.710.677 - - 83.519.202 - - 76.358.73012.635.754 - - 75.044.557 - - 48.985.52821.580.292 - - 54.795.054 - - -

- - - 35.025.585 - - -

(11) Dette underfondet ble lansert den 13. desember 2010.

15



HighbridgeUS STEEP

FundUSD

JapanDynamic

FundJPY

JF ASEANEquity

FundUSD

JF AsiaAlpha Plus

FundUSD

JF Asia Pacificex-Japan Equity

FundUSD

JF ChinaFund

USD

JF GreaterChinaFundUSD

502.005.741 505.725.791 171.861.096 115.162.215 502.498.164 3.802.738.048 893.091.532502.005.740 472.922.193 152.130.319 105.864.545 431.947.427 3.075.341.243 704.567.516

- - - - - - -149.456.226 13.885.213 7.424.450 8.021.171 3.340.440 37.948.437 11.190.98663.000.000 - - - - - -

- - 285.075 - - 13.398.309 -- - - - - - -

9.296.093 - 1.401.613 731.318 416.837 5.907.653 8.926.159150.709 332.289 55.130 198.865 437.058 468 130

- - - - - - -- 363.168 35.346 5.026 272 - -

128 - 11.691 2.114 107 3.234 37074.198 - - - 278.871 - -

- - - - - - -26.493.689 - - - - - -

750.476.784 520.306.461 181.074.401 124.120.709 506.971.749 3.859.996.149 913.209.177

- - - - - - -- - - - - - -- - 1.564.171 - - 29.836.507 8.313.453- - - - - - -

415.864 - 316.642 127.713 159.326 5.716.533 775.774752.691 654.854 209.281 148.157 513.762 5.057.533 1.174.977

1.651 - - 208.279 - - -159.223 537.796 83.657 44.645 548.376 3.555.459 303.383

- - - - - - -- - - 182.360 - - -- - - - - - -

1.329.429 1.192.650 2.173.751 711.154 1.221.464 44.166.032 10.567.587

749.147.355 519.113.811 178.900.650 123.409.555 505.750.285 3.815.830.117 902.641.590

706.157.798 490.650.883 50.180.087 34.135.306 466.045.617 3.435.434.476 684.691.268296.227.780 540.273.309 - 57.962.253 324.166.004 3.277.872.788 568.509.936

53.672.320 930.740.901 - 105.923.364 475.593.917 2.680.483.250 622.728.380- 7.182.106.766 - 112.533.474 864.817.828 3.221.787.004 684.910.511- 27.194.449.831 - 46.475.242 738.412.667 1.156.132.290 476.255.116

16



JF Hong KongFund

USD

JF IndiaFund

USD

JF JapanAlpha Plus

FundUSD

JF JapanEquity

FundUSD

JF JapanSmall Cap

FundUSD

JF KoreaEquity

FundUSD

JF PacificBalanced

FundUSD

168.502.764 3.213.299.016 42.570.321 275.995.485 29.643.231 81.451.498 124.235.125148.414.680 1.846.814.054 38.469.811 253.555.955 26.951.150 72.798.023 110.308.984

- - - - - - -362.216 93.046.266 709.629 5.087.161 212.064 19.147.761 2.364.198

- - - - - - -- - 198.403 - 175.902 507.995 346.956- - - - - - -

721.439 5.608.627 - 528.345 66.270 1.035.726 85.942178.779 4.499 23.559 111.862 32.171 754.134 770.396

- - - - - - 16.11051.159 - - - 10.293 14.881 24.939

76 1.227 - 75 - 938 750- - - - - 87.638 -- 117.005 - - - 677.773 -- - - - - - -

169.816.433 3.312.076.640 43.501.912 281.722.928 30.139.931 103.678.344 127.844.416

- - - - - - -- - - - - - -- - 737.092 3.151.525 312.663 2.088.462 291.505- - - - - - -

144.697 3.764.555 - 196.191 52.388 206.911 111.637229.157 4.729.714 56.573 340.798 40.138 91.646 165.756

- - - - - - -108.419 1.259.050 9.764 73.414 20.007 34.472 66.431

- - - - - - 230.548- - - - - - -- - - - - - -

482.273 9.753.319 803.429 3.761.928 425.196 2.421.491 865.877

169.334.160 3.302.323.321 42.698.483 277.961.000 29.714.735 101.256.853 126.978.539

170.855.931 2.637.009.261 12.773.277 253.118.567 33.764.363 32.973.452 108.088.203212.431.721 2.084.541.872 7.046.551 356.735.115 52.721.554 11.522.686 132.125.204257.111.221 2.533.079.738 23.022.771 800.338.469 139.803.462 36.806.282 151.733.601

108.208.759 4.123.155.354 51.558.445 1.948.180.766 241.926.110 - 182.226.85869.447.599 2.682.021.036 185.379.443 3.851.032.031 254.241.348 - 207.569.440

17



JF PacificEquity

FundUSD

JF PacificTechnology

FundUSD

JF SingaporeFund

USD

JF TaiwanFund

USD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

RussiaFund

USD

643.976.730 31.783.364 209.303.772 534.227.629 1.811.625.312 120.315.853 2.863.185.765546.662.833 27.368.878 175.835.575 413.506.359 1.370.613.495 120.853.519 2.286.509.489

- - - - - - -27.071.280 1.168.909 4.071.997 5.653.112 - 10.913.591 -

- - - - - - -- - 1.537.117 - - - 68.405.344- - - - - - -

761.508 212.783 307.391 505.828 8.903.727 293.744 6.022.446556.703 72.093 156.285 - 2.131.240 594.150 2.841.116

- - - - - - 26.262- 13.679 9.174 44.539 26.547 21.694 221.641

1.691 11 - 1.002 635 10.788 -- - - - - 188.481 -

249.125 - - - - - -- - - - - - -

672.617.037 33.250.839 215.385.736 540.432.110 1.822.687.461 132.338.301 2.940.702.574

- - - - 1.170.310 - 47.238.634- - - - - - -

1.356.676 - 68.149 - - - -- - - - - - -

767.104 24.052 377.415 2.350.298 2.635.206 - 7.792.502942.089 49.218 316.892 574.465 2.039.211 32.290 2.936.650

- - - - - - -135.237 25.373 88.665 216.505 453.909 40.017 954.347

484.164 - - - - - -- - - - - - -- - - - - - -

3.685.270 98.643 851.121 3.141.268 6.298.636 72.307 58.922.133

668.931.767 33.152.196 214.534.615 537.290.842 1.816.388.825 132.265.994 2.881.780.441

571.746.822 60.914.568 175.447.667 338.093.161 1.290.637.333 30.021.196 2.035.560.908557.931.669 27.012.528 198.367.313 404.227.084 921.144.836 - 771.414.461

892.048.594 43.863.223 603.489.727 1.080.868.675 2.091.554.855 - 1.630.707.9871.210.682.811 39.446.674 789.840.297 748.278.900 1.748.314.623 - 299.387.847

1.562.304.523 51.718.815 163.904.802 434.243.842 767.332.573 - 117.766.371

18



Sterling BondFund

GBP

SystematicAlphaFundEUR

UK EquityFund

GBP

US 130/30Fund

USD

US AggregateBondFundUSD

US DynamicFund

USD

US GrowthAlpha Plus

FundUSD

69.473.233 2.629.874 30.531.104 135.110.176 1.186.926.417 509.063.029 100.463.40568.557.010 2.538.088 27.063.035 124.765.328 1.151.149.510 465.004.815 82.294.845

- - - - - - -91.408 2.468.260 860.656 5.537.753 - 4.599.108 2.849.525

- - - - - - -- - 82.279 4.476.678 336.357 11.299.608 -- - - - - - -

42.656 - 13.833 277.476 2.956.066 403.750 -1.445.451 564 104.087 60.684 7.914.997 241.087 27.350

- 15.560 - 3.558 - 19.607 -4.306 14.698 904 15.631 136.306 - -

- - - - - - -- 21.722 - 29.390 1.213 - -

14.193 - 4.170 - - - -- 125.098 - 605.391 - - -

71.071.247 5.275.776 31.597.033 146.116.737 1.198.271.356 525.626.189 103.340.280

- - - 75 4.778.952 - -- - - - - - -- 109.056 1.662 6.857.528 3.151 9.838.608 -- - - - - - -

31.619 - 136.407 125.000 28.506.875 416.427 -52.261 6.515 39.090 137.180 737.839 706.153 129.958

- 8.535 - - - - -18.235 16.435 10.979 53.626 324.584 93.537 21.674

6.152 - - - - - -- 11.368 - - - - -- - - - - - 1.202.989

108.267 151.909 188.138 7.173.409 34.351.401 11.054.725 1.354.621

70.962.980 5.123.867 31.408.895 138.943.328 1.163.919.955 514.571.464 101.985.659

66.662.213 4.942.399 31.177.986 125.027.282 959.323.512 694.398.270 34.914.87869.265.691 - 40.485.733 15.822.794 620.305.842 771.329.174 3.971.538

111.700.689 - 97.467.345 12.815.065 384.092.920 2.029.139.806 -173.300.783 - 428.716.683 - 254.010.752 7.549.424.048 -252.728.711 - 432.500.309 - 252.454.960 4.920.977.009 -

19



US Select130/30

FundUSD

US ShortDuration

Bond Fund (12)USD

US Small andMicro Cap

FundUSD

US Small CapGrowth

FundUSD

US StrategicGrowth

FundUSD

US TechnologyFund

USD

US ValueFund

USD

1.375.870.915 10.039.963 132.067.871 100.421.581 38.020.557 111.088.726 784.904.8401.172.486.184 10.042.502 113.111.469 88.513.892 36.413.289 86.625.834 696.519.259

- - - - - - -47.499.602 - 3.307.687 2.988.458 641.105 1.927.697 33.936.085

- - - - - - -- - 250.073 61.186 - - -- - - - - - -

896.136 - 2.571.025 457.231 547.527 538.621 3.259.7321.000.011 21.866 58.857 19.063 16.661 1.640 672.533

28.740 - - - 20.034 8.703 17.162- 3.573 - 5.838 12.550 17.330 -

546 - - - 277 463 1.894381.626 - - - 69.291 - 214.07143.450 - - - - - -

6.323.883 - - - - - -

1.432.044.909 10.065.402 138.255.513 103.953.357 39.328.002 113.583.180 823.006.317

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

1.523.392 61.661 2.747.434 94.683 - - -- - - - - - -

614.681 - 48.892 209.755 41.395 605.216 2.774.2941.186.397 3.286 146.413 113.161 43.813 144.158 679.969

42.517 - - - - - -235.914 4.449 37.229 34.840 24.266 53.822 150.626

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

3.602.901 69.396 2.979.968 452.439 109.474 803.196 3.604.889

1.428.442.008 9.996.006 135.275.545 103.500.918 39.218.528 112.779.984 819.401.428

1.353.126.168 - 145.918.535 46.434.212 59.733.564 52.580.080 571.693.1231.145.061.297 - 75.427.767 29.100.734 93.548.217 34.742.734 634.397.311988.756.085 - 79.442.002 47.282.308 623.683.872 140.291.566 855.159.915

- - 211.101.103 67.473.188 584.352.217 65.053.721 1.776.712.510- - 408.669.979 65.415.360 183.686.288 89.973.113 1.193.279.302


20


21


22

JPMorgan FundsKonsolidert driftsregnskap og endringer i netto eiendeler

for perioden 1. juli 2010 til 31. desember 2010

JPMorgan FundsKonsolidert

USD

AfricaEquity

FundUSD

AggregateBondFundUSD

AmericaEquity

FundUSD

Netto aktiva ved periodens begynnelse * 45.527.984.819 175.314.359 9.722.718 373.415.446

InntektNetto inntekt på utbytte 304.942.891 3.553.205 - 2.772.620Netto renteinntekt 158.260.617 5.419 168.298 32.681Netto inntekter fra lån av verdipapirer 4.678.174 - 351 1.273Bankrente 355.873 5.710 1.095 -Rente på byttetransaksjoner 7.728.526 - - -

Sum inntekter 475.966.081 3.564.334 169.744 2.806.574

UtgifterGodtgjørelse til ledelse og rådgivere 349.004.889 2.617.473 42.563 2.941.415Honorarer til forvalter, selskaps- og administrativ agent og domisiliar 28.742.531 520.940 48.203 143.710Gebyr til registerfører og overføringsagent 19.577.310 245.638 19.489 167.823Taxe d’abonnement 12.286.766 103.859 2.655 104.238Kassakredittrente 270.558 1.009 4.482 -Rente på byttetransaksjoner 5.542.645 - - -Diverse honorarer** 23.033.652 30.778 1.957 95.453

438.458.351 3.519.697 119.349 3.452.639Minus: Frafalt honorar (1) 7.565.592 302.197 61.664 17.719

Sum utgifter før resultatbasert honorar 430.892.759 3.217.500 57.685 3.434.920

Resultatbaserte honorarer 921.580 27.193 - -

Sum utgifter 431.814.339 3.244.693 57.685 3.434.920

Netto investeringsinntekt/(tap) 44.151.742 319.641 112.059 (628.346)

Netto realisert gevinst/(tap) på salg av investeringer 1.356.929.464 5.607.246 86.809 5.266.527Netto realisert gevinst/(tap) på valutaterminforretninger 203.703.432 (150.248) (20.267) 827.089Netto realisert gevinst/(tap) på finansielle terminforretninger 14.754.464 - (70.239) -Netto realisert gevinst/(tap) på valuta (11.818.636) (1.539.521) 2.577 81.679Netto realisert gevinst/(tap) på TBA-verdipapirer 31.580 - 13.376 -Netto realisert gevinst/(tap) på derivater 78.992.151 - - -

Netto realisert gevinst/(tap) for perioden 1.642.592.455 3.917.477 12.256 6.175.295

Netto endring i urealisert verdistigning/(nedskrivning) på investeringer 7.564.124.469 87.981.330 493.205 67.997.092Netto endring i urealisert verdistigning/(nedskrivning) på valutaterminforretninger 23.826.003 (581) (92.947) 161.864Netto endring i urealisert verdistigning/(nedskrivning) på finansielle terminforretninger 10.707.791 - 31.113 -Netto endring i urealisert verdistigning/(nedskrivning) på valuta 1.722.335 (127.808) 4.812 135Netto endring i urealisert verdistigning/(nedskrivning) på TBA-verdipapirer (50.935) - (12.154) -Netto endring i urealisert verdistigning/(nedskrivning) på derivater 92.114.892 - - -

Netto endring i urealisert verdistigning/(nedskrivning) for perioden 7.692.444.555 87.852.941 424.029 68.159.091

Økning/(reduksjon) av netto verdier som resultat av driften 9.379.188.752 92.090.059 548.344 73.706.040

Bevegelser i aksjekapitalAksjetegninger 21.687.466.950 460.258.943 508.413 45.707.019Innløsninger (17.192.401.673) (120.370.710) (434.844) (53.208.866)Økning/(reduksjon) av netto verdier som resultat av bevegelser i aksjekapital 4.495.065.277 339.888.233 73.569 (7.501.847)

Utbetaling av utbytte (145.328.573) (4.362) - -

Netto aktiva ved periodens slutt 59.256.910.275 607.288.289 10.344.631 439.619.639

(1) Se note 7a).

* Åpningsbalansen er utarbeidet ved bruk av valutakursene per 31. desember 2010. Ved bruk av valutakurser per 30. juni 2010 gir de samme netto eiendelene et tall på USD 44.088.150.386.

** Diverse honorarer omfatter hovedsakelig forvalterhonorarer, revisjons- og skatterelaterte omkostninger, omkostninger til registrering, offentliggjøring, utsendelse, trykking samt juridiskeomkostninger og markedsføringsutgifter.

Vedlagte noteopplysninger er en integrert del av regnskapet.

23

JPMorgan FundsKonsolidert driftsregnskap og endringer i netto eiendeler (forts.)


AmericaLarge Cap

FundUSD

Asia PacificBondFundUSD

Asia Pacific ex-JapanBehavioural Finance

Equity FundUSD

BrazilAlpha Plus

FundUSD

CorporateBond Portfolio

Fund I (2)EUR

Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

84.456.730 9.675.813 3.228.209 288.795.857 - 941.639.605 619.492.702

946.188 - 60.902 3.666.457 - 6.545.635 6.827.5101.408 430.469 - 8.302 3.340.698 22.669 2.2631.101 270 - - 2.314 - -

- - 125 - - 2.629 7.872- - - - - - -

948.697 430.739 61.027 3.674.759 3.343.012 6.570.933 6.837.645

824.878 70.564 29.345 3.192.324 628.330 8.320.247 5.964.86672.777 72.098 57.985 315.128 65.312 761.454 631.88371.261 23.961 17.794 190.964 64.343 413.912 323.61732.141 6.598 1.082 108.864 64.060 264.935 203.506

- 140 - - 143 799 255- - - - - - -

11.740 1.801 1.132 3.764.438 152.963 342.475 284.0701.012.797 175.162 107.338 7.571.718 975.151 10.103.822 7.408.197

17.593 85.420 69.333 36.202 267.428 51.944 32.279

995.204 89.742 38.005 7.535.516 707.723 10.051.878 7.375.918

- - - - - - -

995.204 89.742 38.005 7.535.516 707.723 10.051.878 7.375.918

(46.507) 340.997 23.022 (3.860.757) 2.635.289 (3.480.945) (538.273)

2.456.962 240.563 178.338 18.960.588 494.519 13.299.744 11.949.6355.961 (63.109) 68 107.821 (13.840.317) 5.299 61.998

- 19.026 - - (950) - -13.864 (49.288) 4.725 (796.900) 1.364.099 (549.200) (430.353)

- - - - - - -- - - 925.270 - - -

2.476.787 147.192 183.131 19.196.779 (11.982.649) 12.755.843 11.581.280

21.484.455 473.684 852.353 60.871.021 222.865 171.135.803 197.246.568- 503.688 - - 6.604.614 - -- - - - - - -- 6.285 498 37.134 36.958 (138.294) 17.701- - - - - - -- - - (188.177) - - -

21.484.455 983.657 852.851 60.719.978 6.864.437 170.997.509 197.264.269

23.914.735 1.471.846 1.059.004 76.056.000 (2.482.923) 180.272.407 208.307.276

66.719.832 24.168.950 1.003.769 415.059.071 265.444.031 360.648.725 307.168.859(32.616.136) (2.610.402) - (191.849.344) (4.025.370) (248.148.700) (165.546.879)

34.103.696 21.558.548 1.003.769 223.209.727 261.418.661 112.500.025 141.621.980

- - - (155) - - (830.535)

142.475.161 32.706.207 5.290.982 588.061.429 258.935.738 1.234.412.037 968.591.423


24



Emerging MarketsAlpha Plus

FundUSD

Emerging MarketsBondFundUSD


Fund (3)USD


Portfolio Fund II (4)USD

Emerging MarketsCurrency Alpha

FundEUR

Emerging MarketsDebt Fund

EUR

Emerging MarketsDiversified

Equity Fund (5)USD

220.474.010 125.177.410 - - 3.772.465 167.809.729 -

2.235.463 - - - - - 87.1095.722 6.328.359 854.798 283 4.360 8.421.198 131

- 16.667 1.438 - - 25.478 -7.070 - - - 266 6.085 -

- - - - - - -

2.248.255 6.345.026 856.236 283 4.626 8.452.761 87.240

1.642.889 915.410 130.462 4.869 28.582 1.446.485 5.512237.181 118.953 65.881 - 56.042 144.594 -103.121 100.229 28.417 7.421 13.512 145.407 4.15952.990 41.384 10.599 1.261 941 65.830 2.274

- 6.322 - - - 4.929 243- - - - - 59.731 -

274.449 59.994 5.551 230 356 113.831 43.1402.310.630 1.242.292 240.910 13.781 99.433 1.980.807 55.328

61.717 25.453 59.585 8.690 63.230 42.190 3.639

2.248.913 1.216.839 181.325 5.091 36.203 1.938.617 51.689

- - 82.535 - - - -

2.248.913 1.216.839 263.860 5.091 36.203 1.938.617 51.689

(658) 5.128.187 592.376 (4.808) (31.577) 6.514.144 35.551

14.776.710 7.126.125 473.559 - (783) 12.033.061 -8.307 (81.792) 158.278 17.129 113.196 12.388.974 424.739

(898.258) (129.956) 32.013 - - (356.553) -268.590 (72.692) (68.734) (7.464) (343) (4.700.487) 249.690

- - - - - - -2.432.629 (21.764) - - (36.426) 88.597 -

16.587.978 6.819.921 595.116 9.665 75.644 19.453.592 674.429

33.591.023 (2.031) 313.626 93 929 (17.621.140) 905.95643 (76.162) 274.219 124.515 (47.139) 7.062.858 -

476.292 (25.595) - - - 76.351 -124.806 (8.690) (3.567) (813) - (133.522) 3.454

- - - - - - -(664.562) - 7.646 - 3.545 (206.849) -

33.527.602 (112.478) 591.924 123.795 (42.665) (10.822.302) 909.410

50.114.922 11.835.630 1.779.416 128.652 1.402 15.145.434 1.619.390

104.675.140 229.790.497 64.430.800 10.258.144 - 297.661.180 36.973.300(107.918.921) (133.697.566) (695.224) (294.228) - (219.446.584) -

(3.243.781) 96.092.931 63.735.576 9.963.916 - 78.214.596 36.973.300

(19.242) - - - - (3.920.883) -

267.325.909 233.105.971 65.514.992 10.092.568 3.773.867 257.248.876 38.592.690

(3) Dette underfondet ble lansert den 14. juli 2010.(4) Dette underfondet ble lansert den 24. november 2010.(5) Dette underfondet ble lansert den 10. desember 2010.

25



Emerging MarketsEquity Fund

USD

Emerging MarketsInfrastructure

Equity FundUSD

Emerging MarketsInvestment Grade

Bond Fund (6)USD

Emerging MarketsLocal Currency

Debt FundEUR

Emerging MarketsSmall Cap

FundUSD

Emerging MarketsValueFundUSD

Emerging MiddleEast Equity

FundUSD

6.562.754.178 66.178.907 - 474.595.650 212.062.695 150.174.353 316.270.641

68.837.324 919.082 - - 3.066.477 2.049.688 1.480.93763.574 800 70.218 17.912.041 5.639 644 2.191

- - - 5.213 - - -19.251 577 - 40.685 2.562 357 3.877

- - - - - - -

68.920.149 920.459 70.218 17.957.939 3.074.678 2.050.689 1.487.005

45.581.282 831.365 14.104 1.828.420 3.065.192 581.007 3.178.0773.459.915 125.664 - 333.204 331.473 170.011 775.5902.340.671 97.300 6.857 192.871 225.165 59.672 230.1951.681.680 32.906 2.253 106.363 129.220 33.293 108.495

- 397 - 881 445 - 2.131- - - - - - -

2.308.265 248.395 614 157.573 333.372 175.055 173.87955.371.813 1.336.027 23.828 2.619.312 4.084.867 1.019.038 4.468.367

1.992 63.517 3.455 79.900 32.162 58.665 400.557

55.369.821 1.272.510 20.373 2.539.412 4.052.705 960.373 4.067.810

- 116.986 - 20.112 - - -

55.369.821 1.389.496 20.373 2.559.524 4.052.705 960.373 4.067.810

13.550.328 (469.037) 49.845 15.398.415 (978.027) 1.090.316 (2.580.805)

18.871.236 2.838.909 (566) 14.658.521 17.409.863 5.818.063 3.472.5391.073.112 1.404 80.994 4.840.177 252.047 (200) (8.382)

- - - (130.520) - - -595.434 (97.650) (57.674) (2.238.423) 110.188 99.008 (132.268)

- - - - - - -- - - 732.430 - - -

20.539.782 2.742.663 22.754 17.862.185 17.772.098 5.916.871 3.331.889

1.684.486.634 22.306.137 (199.129) (16.188.382) 69.240.909 35.633.846 74.743.429- - 296.932 658.210 22 - -- - (1.171) 121.940 - - -

483.733 20.049 - (432.665) 135.624 17.145 23.133- - - - - - -- - - (433.529) - - -

1.684.970.367 22.326.186 96.632 (16.274.426) 69.376.555 35.650.991 74.766.562

1.719.060.477 24.599.812 169.231 16.986.174 86.170.626 42.658.178 75.517.646

2.547.602.267 105.540.626 17.854.188 509.470.678 534.196.661 34.333.701 290.740.245(1.322.793.249) (20.635.362) - (326.197.101) (233.425.485) (15.023.199) (237.841.818)

1.224.809.018 84.905.264 17.854.188 183.273.577 300.771.176 19.310.502 52.898.427

(13.896.033) - - (1.931.236) (3.390) - (2.391.297)

9.492.727.640 175.683.983 18.023.419 672.924.165 599.001.107 212.143.033 442.295.417

(6) Dette underfondet ble lansert den 29. november 2010.

26



EU GovernmentBondFundEUR

Euro AggregateBondFundEUR

Euro CorporateBondFundEUR

Euro GovernmentShort Duration

Bond FundEUR

Euro MoneyMarket

Fund (7)EUR

Euro ShortDuration Bond

FundEUR

EurolandEquity

FundEUR

233.269.722 6.987.080 26.690.639 64.665.022 166.809.115 18.941.263 594.371.470

- - - - - - 3.347.9864.640.307 131.309 687.442 818.967 492.563 346.067 612

8.067 431 2.623 3.950 1.898 842 547.715- - - - - - -- - - - - - -

4.648.374 131.740 690.065 822.917 494.461 346.909 3.896.313

448.673 28.731 144.421 98.792 374.276 59.710 4.393.67495.826 32.489 35.976 45.871 65.249 40.471 283.028117.137 14.502 33.542 33.956 140.678 20.382 208.95365.507 1.771 7.128 9.479 7.063 4.922 136.262

- - - - 1.051 - 38.809- - - - - - -

24.218 671 2.645 4.905 14.704 3.649 91.539751.361 78.164 223.712 193.003 603.021 129.134 5.152.26586.338 42.247 50.787 56.930 120.983 49.871 19.436

665.023 35.917 172.925 136.073 482.038 79.263 5.132.829

- - - - - - -

665.023 35.917 172.925 136.073 482.038 79.263 5.132.829

3.983.351 95.823 517.140 686.844 12.423 267.646 (1.236.516)

69.263 (40.694) 265.404 (951.581) - (135.890) 14.309.098(217.201) - - - - (1.159) (17.154)235.239 (7.267) (24.787) (4.759) - (5.593) (2.366.572)193.018 55 - - - - 29.295

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

280.319 (47.906) 240.617 (956.340) - (142.642) 11.954.667

(6.559.155) (51.797) (479.607) 373.449 - (54.060) 66.700.223273.968 - - - - (2.494) -

(150.888) 6.658 25.455 (12.703) - 22.533 598.395(22.542) (83) 89 - - - (93)

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

(6.458.617) (45.222) (454.063) 360.746 - (34.021) 67.298.525

(2.194.947) 2.695 303.694 91.250 12.423 90.983 78.016.676

272.593.248 86.775 9.631.516 18.062.731 80.638.712 4.312.739 77.425.123(273.935.527) (80.473) (11.359.979) (44.847.823) (117.845.566) (3.597.051) (188.475.720)

(1.342.279) 6.302 (1.728.463) (26.785.092) (37.206.854) 715.688 (111.050.597)

- - - (54.160) - (1.535) (6.974.263)

229.732.496 6.996.077 25.265.870 37.917.020 129.614.684 19.746.399 554.363.286

(7) Dette underfondet endret navn fra Euro Liquid Reserve Fund den 2. august 2010.

27



EurolandSelect Equity

FundEUR

Europe130/30

FundEUR

EuropeAggregate Plus

Bond FundEUR

EuropeBalanced

Fund (EUR)EUR

EuropeConvergenceEquity Fund

EUR

Europe DynamicFund

EUR

Europe DynamicMega Cap

FundEUR

7.845.016 4.257.676 24.314.585 73.546.292 152.058.601 258.699.413 108.048.777

306.061 33.460 - 310.731 1.667.858 1.740.898 620.077237 145 413.536 543.946 1.424 599 2.288

32.267 2.630 964 25.969 - 130.340 69.360- - - 1.089 1.108 - -- - 317 - - - -

338.565 36.235 414.817 881.735 1.670.390 1.871.837 691.725

348.622 42.376 109.580 615.242 1.309.151 1.709.251 599.81577.474 124.235 48.905 81.444 269.611 177.508 105.36523.939 15.904 29.832 48.308 100.310 98.893 51.75316.902 1.211 5.414 18.793 44.523 64.093 18.555

- 299 - - - 4.309 1.260- - - - - - -

3.931 444 2.079 7.041 17.132 29.182 20.079470.868 184.469 195.810 770.828 1.740.727 2.083.236 796.827

30.675 132.420 63.610 8.576 82.731 38.038 37.455

440.193 52.049 132.200 762.252 1.657.996 2.045.198 759.372

- 6.428 - - - - -

440.193 58.477 132.200 762.252 1.657.996 2.045.198 759.372

(101.628) (22.242) 282.617 119.483 12.394 (173.361) (67.647)

1.107.303 376.238 (424.098) 3.167.363 3.332.128 23.860.476 4.086.56969 (4.975) 116.604 (225.435) 1.216 11.320 1.119

(6.188) 10.413 (52.022) 284.092 - 93.007 84.749(101) 6.016 4.071 (18.671) 70.375 (281.894) (98.702)

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

1.101.083 387.692 (355.445) 3.207.349 3.403.719 23.682.909 4.073.735

4.567.559 487.846 346.238 2.606.624 17.612.756 21.033.635 4.616.086- - 117.319 627.099 - - -

(1.350) (820) (7.399) (331.286) - (46.013) -- (711) (7.272) (2.324) 3.811 152.705 42.975- - - - - - -- 39.344 (336) - - - -

4.566.209 525.659 448.550 2.900.113 17.616.567 21.140.327 4.659.061

5.565.664 891.109 375.722 6.226.945 21.032.680 44.649.875 8.665.149

63.314.615 683.159 10.563.802 4.597.011 106.826.836 20.633.619 3.710.881(7.379.362) (629.585) (15.318.560) (8.913.618) (70.057.132) (40.187.538) (41.276.417)

55.935.253 53.574 (4.754.758) (4.316.607) 36.769.704 (19.553.919) (37.565.536)

(28.935) (5.903) - (424.208) (895.163) (651.357) (325.276)

69.316.998 5.196.456 19.935.549 75.032.422 208.965.822 283.144.012 78.823.114

28



Europe DynamicSmall Cap

FundEUR

Europe EquityFund

EUR

Europe FocusFund

EUR

EuropeHigh Yield

Bond FundEUR

EuropeMicro Cap

FundEUR

Europe Select130/30

FundEUR

EuropeSmall Cap

FundEUR

9.562.343 444.504.471 8.022.819 47.009.799 53.206.480 4.177.598 221.762.214

46.038 3.550.698 93.779 - 230.073 31.149 1.218.017219 576 141 1.924.618 1.037 - 3.679

3.512 250.994 - 17.326 19.058 2.031 126.170- - - - - - -- - - 88.472 - - -

49.769 3.802.268 93.920 2.030.416 250.168 33.180 1.347.866

82.083 3.271.357 154.485 269.736 458.883 38.741 2.018.370101.098 233.833 84.599 52.558 115.375 115.091 145.353

19.921 195.946 21.804 51.516 32.828 14.602 140.8433.196 110.168 3.928 14.456 17.612 1.099 67.352

168 22.659 - - 417 - -- - - - - - -

979 64.405 1.542 5.142 5.525 381 42.270207.445 3.898.368 266.358 393.408 630.640 169.914 2.414.188104.734 17.583 81.628 30.115 54.695 122.485 8.110

102.711 3.880.785 184.730 363.293 575.945 47.429 2.406.078

- - 2.288 - - - -

102.711 3.880.785 187.018 363.293 575.945 47.429 2.406.078

(52.942) (78.517) (93.098) 1.667.123 (325.777) (14.249) (1.058.212)

773.110 17.898.810 203.707 (3.484.516) 2.493.594 156.024 13.938.664(1.617) 583 - 397.904 (17.146) (173) (13.152)

- 85.052 34.820 - - 3.132 -(10.162) (32.586) (11.240) (43.265) 20.514 (1.385) 6.200

- - - - - - -- - - 46.507 - (210.000) -

761.331 17.951.859 227.287 (3.083.370) 2.496.962 (52.402) 13.931.712

2.023.929 57.296.638 2.156.553 5.919.813 12.405.079 558.020 46.682.180- - - 22.234 - - -- 376.141 2.949 - - - -

(318) (21.124) 2.032 (6.636) (652) (314) (6.711)- - - - - - -- - - 182.448 - 115.049 -

2.023.611 57.651.655 2.161.534 6.117.859 12.404.427 672.755 46.675.469

2.732.000 75.524.997 2.295.723 4.701.612 14.575.612 606.104 59.548.969

9.558.376 15.961.495 9.777.121 34.398.545 26.244.770 241.492 53.037.922(4.896.259) (72.244.093) (4.309.822) (28.026.183) (7.349.346) (224.652) (37.321.042)

4.662.117 (56.282.598) 5.467.299 6.372.362 18.895.424 16.840 15.716.880

(1.331) (3.205.622) (204) (1.136.707) (96.040) (1.886) (1.007.220)

16.955.129 460.541.248 15.785.637 56.947.066 86.581.476 4.798.656 296.020.843

29



Europe StrategicGrowth

FundEUR

Europe StrategicGrowth Small

Cap FundEUR

Europe StrategicValue Fund

EUR

Europe StrategicValue Small

Cap FundEUR

EuropeTechnology

FundEUR

Germany EquityFund

EUR

GlobalAbsolute Return

Bond Fund (8)USD

398.966.096 3.021.541 1.390.344.294 3.060.119 94.831.796 286.786.355 -

1.537.180 12.181 14.192.546 23.714 341.045 - 18.9581.771 20 4.475 143 595 507 72.968

110.288 1.317 1.101.593 1.808 98.324 61.761 43- - - - - - 422- - - - - - -

1.649.239 13.518 15.298.614 25.665 439.964 62.268 92.391

2.854.054 35.790 12.158.376 34.939 816.553 2.954.588 64.512214.598 55.789 365.929 66.124 101.522 133.091 -158.446 14.576 478.354 13.829 86.145 180.366 11.584105.049 1.078 340.937 938 27.273 102.835 3.214

8.726 - 58.232 - 748 2.207 1.536- - - - - - -

45.764 263 137.058 329 16.093 154.656 3.3843.386.637 107.496 13.538.886 116.159 1.048.334 3.527.743 84.230

24.316 64.614 151 74.185 26.059 22.315 5.988

3.362.321 42.882 13.538.735 41.974 1.022.275 3.505.428 78.242

- - - - - - 2.211

3.362.321 42.882 13.538.735 41.974 1.022.275 3.505.428 80.453

(1.713.082) (29.364) 1.759.879 (16.309) (582.311) (3.443.160) 11.938

33.036.328 280.192 37.775 213.816 6.867.481 3.198.571 7.6485.931 61 (26.682) 13 835 - (1.461.380)

702.211 - 1.935.619 - - - (5.533)(199.801) (1.006) (495.334) (2.644) (37.416) - 641.954

- - - - - - (65.055)- - - - - - -

33.544.669 279.247 1.451.378 211.185 6.830.900 3.198.571 (882.366)

54.539.064 725.914 166.065.368 646.721 11.389.129 56.400.194 (33.428)3.483 - - - - - 160.237

(174.397) - 74.607 - - - 18.662(17.265) - (83.250) - (7.364) - 354

- - - - - - 35.849- - - - - - 18.767

54.350.885 725.914 166.056.725 646.721 11.381.765 56.400.194 200.441

86.182.472 975.797 169.267.982 841.597 17.630.354 56.155.605 (669.987)

83.932.416 1.325.032 93.273.816 449.773 25.473.393 325.794.939 31.150.922(123.280.262) (142.051) (301.347.137) (330.289) (18.601.510) (109.580.553) (247.400)

(39.347.846) 1.182.981 (208.073.321) 119.484 6.871.883 216.214.386 30.903.522

(1.996) - (23.537.584) - (34.721) (1.051.221) -

445.798.726 5.180.319 1.328.001.371 4.021.200 119.299.312 558.105.125 30.233.535

(8) Dette underfondet ble lansert den 7. oktober 2010.

30



GlobalAggregateBond Fund

USD

GlobalConsumer Trends

FundEUR

GlobalConvertibles

Fund (EUR)EUR

Global CorporateBond Fund

USD

Global CreditBond Fund

USD

GlobalDuration-Hedged

Corporate Bond Fund (9)EUR

GlobalDynamic

FundUSD

27.249.553 53.019.318 2.837.744.071 246.698.799 23.864.650 - 1.135.055.214

- 633.926 1.063.451 39 - - 8.094.895543.878 2.148 29.368.304 9.167.374 859.152 244.999 723

954 - - 9.521 - - 247.526525 241 32.401 3.299 306 - 235

57.162 - - - - - -

602.519 636.315 30.464.156 9.180.233 859.458 244.999 8.343.379

138.212 424.553 13.445.606 1.575.730 104.843 54.737 6.466.87765.625 50.999 494.058 166.890 53.837 11.985 389.09240.971 65.395 669.273 148.376 23.247 11.601 333.600

7.243 22.391 502.928 98.975 6.640 5.410 225.304- - 21.431 - - 100 1.438

57.072 - - - - - -2.809 14.202 737.460 140.672 4.822 2.039 294.228

311.932 577.540 15.870.756 2.130.643 193.389 85.872 7.710.53985.952 34.778 30.195 201.578 62.435 19.256 48.526

225.980 542.762 15.840.561 1.929.065 130.954 66.616 7.662.013

- - - - - - -

225.980 542.762 15.840.561 1.929.065 130.954 66.616 7.662.013

376.539 93.553 14.623.595 7.251.168 728.504 178.383 681.366

(3.303.820) 2.225.686 134.875.336 5.413.028 226.326 (122.148) 41.839.3861.040 (5.458) 135.992.785 7.672.436 661.981 199.531 1.286.286

(150.272) - - (1.642.605) (117.993) 29.046 -19.900 (181.885) 2.281.530 (942.225) 982 57.394 327.03345.718 - - - - - -

- - - - - - -

(3.387.434) 2.038.343 273.149.651 10.500.634 771.296 163.823 43.452.705

4.981.799 5.970.899 (48.019.025) (2.925.898) 626.501 (473.921) 228.618.42897.135 - (9.205.674) 3.124.580 180.421 176.274 283.83463.558 - - 2.204.496 78.529 252.355 -13.941 (53.892) (436.061) 104.964 1.257 (6.095) (16.085)

(45.704) - - - - - -(243) - - - - - -

5.110.486 5.917.007 (57.660.760) 2.508.142 886.708 (51.387) 228.886.177

2.099.591 8.048.903 230.112.486 20.259.944 2.386.508 290.819 273.020.248

15.137.178 63.439.821 602.842.455 353.887.682 1.086.597 24.078.385 126.856.800(19.213.512) (8.121.570) (1.431.986.685) (131.257.141) (518.755) (309.376) (266.380.942)

(4.076.334) 55.318.251 (829.144.230) 222.630.541 567.842 23.769.009 (139.524.142)

(256.138) - (10.081.452) (5.522.094) - - (699.288)

25.016.672 116.386.472 2.228.630.875 484.067.190 26.819.000 24.059.828 1.267.852.032

(9) Dette underfondet ble lansert den 16. september 2010.

31



GlobalEquity

Fund (USD)USD

GlobalFocusFundEUR

GlobalGovernment

Bond FundEUR

Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

GlobalInfrastructure

Trends FundEUR

Global NaturalResources

FundEUR

253.598.220 1.027.930.229 280.367.183 42.158.840 36.196.348 3.233.437 1.912.587.338

2.324.852 10.075.077 - - 177.952 33.520 7.919.759515 1.448 3.902.504 456.408 241 99 124.337

80.311 325.096 10.064 1.843 3.347 - -- 86.241 2.249 1.552 - - 5.425- - - - - - -

2.405.678 10.487.862 3.914.817 459.803 181.540 33.619 8.049.521

988.860 10.072.415 454.935 63.822 281.290 25.779 19.148.227139.596 372.763 115.626 59.894 60.107 26.650 462.958100.715 497.468 105.358 28.364 50.621 13.512 855.77757.913 350.923 70.960 10.637 9.693 877 674.210

(2) 381 392 - - - 330- - - - - - -

81.628 345.231 56.755 13.172 6.687 1.006 646.1561.368.710 11.639.181 804.026 175.889 408.398 67.824 21.787.658

54.356 19.650 103.312 78.995 57.797 34.486 340

1.314.354 11.619.531 700.714 96.894 350.601 33.338 21.787.318

- - - - - - -

1.314.354 11.619.531 700.714 96.894 350.601 33.338 21.787.318

1.091.324 (1.131.669) 3.214.103 362.909 (169.061) 281 (13.737.797)

(1.611.482) 7.455.533 2.705.213 1.384.266 1.625.650 85.135 33.367.4073.097.949 (5.443.968) 3.941.352 (1.083.370) 283.777 (9.386) 1.944.992

- 9.182.592 381.834 5.141 - - -57.552 (1.093.785) 57.575 23.535 7.456 (6.026) (4.237.127)

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

1.544.019 10.100.372 7.085.974 329.572 1.916.883 69.723 31.075.272

50.660.533 165.701.204 (14.452.858) (2.991.948) 4.368.650 299.835 761.624.212327.885 7.769.102 3.133.422 31.298 94.231 (1.662) -

- 1.165.831 211.368 101.569 - - -(9.020) (197.965) (15.444) 7.049 (1.213) 60 313.764

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

50.979.398 174.438.172 (11.123.512) (2.852.032) 4.461.668 298.233 761.937.976

53.614.741 183.406.875 (823.435) (2.159.551) 6.209.490 368.237 779.275.451

8.325.068 796.839.972 136.961.843 41.850.029 4.313.315 64.029 1.869.426.720(22.947.517) (413.633.212) (156.362.461) (16.627.011) (9.433.934) (1.647) (1.061.229.646)

(14.622.449) 383.206.760 (19.400.618) 25.223.018 (5.120.619) 62.382 808.197.074

(238.279) (592.351) - (208.222) (875) - -

292.352.233 1.593.951.513 260.143.130 65.014.085 37.284.344 3.664.056 3.500.059.863

32



Global RealEstate Securities

Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

Global Short DurationBond Fund

USD

Gobal SociallyResponsible Fund

USD

Global StrategicBond Fund

USD

HighbridgeAsia Pacific

STEEP Fund (10)USD

HighbridgeEurope STEEP

FundEUR

27.856.852 4.741.898 217.229.216 72.946.730 25.147.773 - 168.540.331

463.703 42.374 - 673.647 - - -172 32 4.791.895 157 984.537 671 251.302

1.594 525 6.949 - 375 - -668 - 1.193 - - - 1.018

- - - - - - 1.033.414

466.137 42.931 4.800.037 673.804 984.912 671 1.285.734

251.555 - 791.662 696.206 195.007 11.116 645.71591.328 54.377 148.107 50.504 63.470 - 148.84735.228 13.745 109.078 42.434 25.296 3.350 67.7388.547 255 90.799 22.262 9.680 1.881 25.985

- - 6.735 - 436 - 225- - - - - - -

6.298 455 89.785 7.872 10.489 13.621 12.657392.956 68.832 1.236.166 819.278 304.378 29.968 901.167

78.514 65.109 138.531 - 71.876 16.676 80.550

314.442 3.723 1.097.635 819.278 232.502 13.292 820.617

- 4.346 - - 353.169 - 23.272

314.442 8.069 1.097.635 819.278 585.671 13.292 843.889

151.695 34.862 3.702.402 (145.474) 399.241 (12.621) 441.845

1.643.091 (8.697) (295.432) 1.379.220 487.518 62.120 103.684179.872 (14) (158.144) (48) 812.366 - (46.403)

- 3.122 (481.270) - (637.360) - -3.714 (482) (182.569) 22.161 (157.289) (20) 11.313

- - - - 37.541 - -- - - - - - 5.728.028

1.826.677 (6.071) (1.117.415) 1.401.333 542.776 62.100 5.796.622

4.976.190 566.907 8.920.764 13.183.151 617.604 - 1.376(67.769) - (5.610.823) - 611.177 - (1.039)

- - 812.135 - 868.768 - -2.356 (30) 63.344 (4.432) 172 235 (1.064)

- - - - (28.926) - -- - - - - - 15.639.797

4.910.777 566.877 4.185.420 13.178.719 2.068.795 235 15.639.070

6.889.149 595.668 6.770.407 14.434.578 3.010.812 49.714 21.877.537

17.468.991 - 307.267.049 9.347.464 22.744.143 15.000.000 30.453.893(6.678.794) - (84.659.017) (2.380.798) (291.923) - (102.016.309)

10.790.197 - 222.608.032 6.966.666 22.452.220 15.000.000 (71.562.416)

(482) - (673.072) (116.849) (15.476) - (15.100)

45.535.716 5.337.566 445.934.583 94.231.125 50.595.329 15.049.714 118.840.352


33



HighbridgeUS STEEP

FundUSD

JapanDynamic

FundJPY

JF ASEANEquity

FundUSD

JF AsiaAlpha Plus

FundUSD

JF Asia Pacificex-Japan Equity

FundUSD

JF ChinaFund

USD

JF GreaterChinaFundUSD

706.157.798 490.650.883 50.180.087 34.135.306 466.045.617 3.435.434.476 684.691.268

- 4.469.187 965.222 488.703 4.813.791 18.473.999 9.570.188580.963 - 3.305 2.622 1.345 11.527 1.369

- 22.831 - - - - -- - 107 399 20.147 6.525 388

5.771.461 - - - - - -

6.352.424 4.492.018 968.634 491.724 4.835.283 18.492.051 9.571.945

4.434.338 3.712.336 807.269 682.494 3.062.964 31.609.139 6.639.584278.044 3.276.819 191.837 116.676 293.486 1.076.360 411.184266.807 1.539.747 77.655 54.083 196.947 1.042.473 269.498161.535 126.396 34.682 26.067 99.605 915.621 207.141

1.000 - - 740 951 - -- - - - - - -

135.433 46.837 9.540 8.013 355.210 1.620.439 225.8305.277.157 8.702.135 1.120.983 888.073 4.009.163 36.264.032 7.753.237

51.899 3.999.844 106.334 22.231 17.209 3.643 3.220

5.225.258 4.702.291 1.014.649 865.842 3.991.954 36.260.389 7.750.017

1.651 - - 208.279 - - -

5.226.909 4.702.291 1.014.649 1.074.121 3.991.954 36.260.389 7.750.017

1.125.515 (210.273) (46.015) (582.397) 843.329 (17.768.338) 1.821.928

63.146 (12.497.799) 6.280.284 11.202.849 33.300.102 209.138.648 49.422.120338.496 - 118.274 2.092 100.669 (94.897) (15.236)

- - - (658.978) - - -(29.484) 44 (118) (140.957) 464.934 854.216 107.871

- - - - - - -69.035.584 - - (55.183) - - -

69.407.742 (12.497.755) 6.398.440 10.349.823 33.865.705 209.897.967 49.514.755

1 65.834.772 18.007.779 11.112.353 78.141.113 345.728.312 128.752.7116.143 - - - 278.871 - -

- - - (301.692) - - -(260) (545) (12.632) 19.245 177.918 1.054.855 161.941

- - - - - - -67.340.690 - - - - - -

67.346.574 65.834.227 17.995.147 10.829.906 78.597.902 346.783.167 128.914.652

137.879.831 53.126.199 24.347.572 20.597.332 113.306.936 538.912.796 180.251.335

172.664.341 3.580.835 132.877.283 108.082.935 114.301.972 1.019.726.241 271.506.780(267.554.608) (28.244.106) (28.504.292) (39.401.415) (186.486.974) (1.178.243.396) (232.039.286)

(94.890.267) (24.663.271) 104.372.991 68.681.520 (72.185.002) (158.517.155) 39.467.494

(7) - - (4.603) (1.417.266) - (1.768.507)

749.147.355 519.113.811 178.900.650 123.409.555 505.750.285 3.815.830.117 902.641.590

34



JF Hong KongFund

USD

JF IndiaFund

USD

JF JapanAlpha Plus

FundUSD

JF JapanEquity

FundUSD

JF JapanSmall Cap

FundUSD

JF KoreaEquity

FundUSD

JF PacificBalanced

FundUSD

170.855.931 2.637.009.261 12.773.277 253.118.567 33.764.363 32.973.452 108.088.203

1.541.952 14.177.963 337.208 1.984.516 194.449 767.115 659.895- 29.123 1.385 849 31 4.999 1.490.999- - - 18.879 - - -

927 372 - - - - 551- - - - - - -

1.542.879 14.207.458 338.593 2.004.244 194.480 772.114 2.151.445

1.572.203 28.055.248 296.004 2.010.735 241.727 367.101 965.527149.212 3.132.148 39.697 137.294 48.526 113.359 107.97888.004 1.033.099 26.436 147.215 60.907 50.540 73.99246.547 815.217 10.144 63.531 7.279 16.525 31.423

- - - - - 612 643- - - - - - -

147.155 815.580 3.588 36.538 3.377 4.868 68.9302.003.121 33.851.292 375.869 2.395.313 361.816 553.005 1.248.493

48.215 4.431 932 9.469 61.453 90.036 39.668

1.954.906 33.846.861 374.937 2.385.844 300.363 462.969 1.208.825

- - - - - - -

1.954.906 33.846.861 374.937 2.385.844 300.363 462.969 1.208.825

(412.027) (19.639.403) (36.344) (381.600) (105.883) 309.145 942.620

17.041.711 82.282.124 (574.470) 7.973.602 (1.454.981) 4.965.949 5.427.862(2.562) 25.122 (1.447) 76.388 - 160.447 (460.255)

- 1.254.327 (325.347) - - 1.782.560 14.732(20.134) (199.359) 182.996 162.895 34.858 43.239 118.434

- - - - - - -- - - - - (2.362) -

17.019.015 83.362.214 (718.268) 8.212.885 (1.420.123) 6.949.833 5.100.773

15.165.088 484.405.689 4.232.551 33.281.754 2.089.464 10.084.330 13.170.266- - - - - 135.968 (372.226)- 117.005 (193.399) - - 468.636 51.904

(1.456) 15.696 (1.719) (34.173) 1.501 43.655 1.692- - - - - - -- - - - - - -

15.163.632 484.538.390 4.037.433 33.247.581 2.090.965 10.732.589 12.851.636

31.770.620 548.261.201 3.282.821 41.078.866 564.959 17.991.567 18.895.029

103.993.564 754.402.015 35.459.826 82.404.926 3.126.905 70.388.331 37.894.486(136.297.112) (627.145.058) (8.817.441) (98.632.415) (7.741.492) (20.094.596) (35.910.566)

(32.303.548) 127.256.957 26.642.385 (16.227.489) (4.614.587) 50.293.735 1.983.920

(988.843) (10.204.098) - (8.944) - (1.901) (1.988.613)

169.334.160 3.302.323.321 42.698.483 277.961.000 29.714.735 101.256.853 126.978.539

35



JF PacificEquity

FundUSD

JF PacificTechnology

FundUSD

JF SingaporeFund

USD

JF TaiwanFund

USD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

RussiaFund

USD

571.746.822 60.914.568 175.447.667 338.093.161 1.290.637.333 30.021.196 2.035.560.908

5.890.422 766.706 2.519.688 11.475.808 11.946.976 3.793 12.011.9311.907 396 3.842 1.530 6.278 977.672 15.412

- - - - - - -18.868 112 - 1.405 6.485 (51) -

- - - - - - -

5.911.197 767.214 2.523.530 11.478.743 11.959.739 981.414 12.027.343

5.320.353 351.291 1.946.628 2.933.012 11.216.874 157.198 16.134.429265.846 79.313 160.562 428.283 725.267 87.582 2.131.517275.752 53.628 137.279 147.486 538.403 45.468 712.001161.818 10.500 58.141 97.856 368.356 27.516 422.377

- 472 383 2.995 146 231 1.292- - - - - - -

58.212 6.723 57.101 210.614 4.584.674 34.322 820.8846.081.981 501.927 2.360.094 3.820.246 17.433.720 352.317 20.222.500

219 63.097 3.678 106.319 17.780 165.879 481.925

6.081.762 438.830 2.356.416 3.713.927 17.415.940 186.438 19.740.575

- - - - - - -

6.081.762 438.830 2.356.416 3.713.927 17.415.940 186.438 19.740.575

(170.565) 328.384 167.114 7.764.816 (5.456.201) 794.976 (7.713.232)

20.271.385 2.934.701 22.731.026 20.556.172 116.531.539 (107.936) 31.398.841(1.420.134) 2.621 (24.959) (882) (214) 1.536.423 745

1.554.845 - - - - - -1.513.963 87.958 207.602 161.533 (1.478.971) 262.276 (19.763)

- - - - - - -- - - - 1.025.270 - -

21.920.059 3.025.280 22.913.669 20.716.823 116.077.624 1.690.763 31.379.823

111.596.063 6.886.658 23.494.003 115.377.622 236.442.331 (527.382) 682.892.925(484.164) - - - - 217.106 -1.463.214 - - - - - -607.993 2.283 27.184 5.928 76.826 (3.533) 78.580

- - - - - - -- - - - (745.230) - -

113.183.106 6.888.941 23.521.187 115.383.550 235.773.927 (313.809) 682.971.505

134.932.600 10.242.605 46.601.970 143.865.189 346.395.350 2.171.930 706.638.096

52.072.898 12.092.419 141.300.491 202.811.938 569.564.193 132.977.548 1.071.038.539(88.535.879) (50.082.096) (146.697.571) (146.719.266) (387.673.761) (32.904.629) (931.457.102)

(36.462.981) (37.989.677) (5.397.080) 56.092.672 181.890.432 100.072.919 139.581.437

(1.284.674) (15.300) (2.117.942) (760.180) (2.534.290) (51) -

668.931.767 33.152.196 214.534.615 537.290.842 1.816.388.825 132.265.994 2.881.780.441

36



Sterling BondFund

GBP

SystematicAlphaFundEUR

UK EquityFund

GBP

US 130/30Fund

USD

US AggregateBondFundUSD

US DynamicFund

USD

US GrowthAlpha Plus

FundUSD

66.662.213 4.942.399 31.177.986 125.027.282 959.323.512 694.398.270 34.914.878

- 12.272 434.377 851.644 - 4.378.188 186.8201.874.823 3.306 1.238 2.308 28.539.100 4.999 2.756

1.590 - 1.683 - 20.868 38.275 -532 676 - - - - -

- - - - - - 396.768

1.876.945 16.254 437.298 853.952 28.559.968 4.421.462 586.344

314.526 37.951 223.327 821.557 4.057.624 4.687.830 658.16045.325 103.889 27.179 195.445 226.038 161.534 63.69334.817 13.762 32.022 66.228 330.496 215.079 36.19817.351 1.272 7.624 30.864 260.211 133.488 23.483

- - 1.372 266 1.333 - 413- - - - - - 5.009.333

6.237 481 2.966 26.664 391.692 63.866 7.626418.256 157.355 294.490 1.141.024 5.267.394 5.261.797 5.798.90620.070 109.275 10.808 91.016 246.351 - 5.846

398.186 48.080 283.682 1.050.008 5.021.043 5.261.797 5.793.060

- 8.535 - - - - -

398.186 56.615 283.682 1.050.008 5.021.043 5.261.797 5.793.060

1.478.759 (40.361) 153.616 (196.056) 23.538.925 (840.335) (5.206.716)

72.137 (22.215) 2.305.130 5.933.342 635.641 21.584.496 3.814.418116.483 137.380 878 173.899 (7.433) (1.299.198) (315.571)(26.022) 39.185 77.044 - - - -(5.669) 4.201 (1.464) 10.542 - 782.206 81.277

- - - - - - -- 15.394 - (1.771.897) - - (391.093)

156.929 173.945 2.381.588 4.345.886 628.208 21.067.504 3.189.031

1.122.470 (36.970) 3.785.213 18.903.348 (6.843.901) 89.009.897 17.217.310(40.199) 1.042 - 45.586 1.213 - -

41.016 (23.554) 66.593 - - - -278 (2.339) 1.144 42 - 483 (59)

- - - - - - -- 109.705 - 558.775 - - (1.329.897)

1.123.565 47.884 3.852.950 19.507.751 (6.842.688) 89.010.380 15.887.354

2.759.253 181.468 6.388.154 23.657.581 17.324.445 109.237.549 13.869.669

42.085.995 - 3.963.828 77.830.548 864.397.279 35.664.053 98.000.139(38.136.547) - (9.725.793) (87.567.462) (659.862.605) (324.228.173) (44.799.027)

3.949.448 - (5.761.965) (9.736.914) 204.534.674 (288.564.120) 53.201.112

(2.407.934) - (395.280) (4.621) (17.262.676) (500.235) -

70.962.980 5.123.867 31.408.895 138.943.328 1.163.919.955 514.571.464 101.985.659

37



US Select130/30

FundUSD

US ShortDuration

Bond Fund (11)USD

US Small andMicro Cap

FundUSD

US Small CapGrowth

FundUSD

US StrategicGrowth

FundUSD

US TechnologyFund

USD

US ValueFund

USD

1.353.126.168 - 145.918.535 46.434.212 59.733.564 52.580.080 571.693.123

9.408.734 - 968.208 80.651 350.900 121.569 6.504.26516.033 2.707 1.163 691 534 740 11.031

- - 63.951 31.110 908 11.236 108.520- - - - - - 334- - - - - - -

9.424.767 2.707 1.033.322 112.452 352.342 133.545 6.624.150

6.854.737 1.533 773.374 437.071 286.562 688.741 3.546.102365.303 - 66.809 60.671 93.842 79.606 178.163351.940 3.199 72.539 53.873 40.867 162.928 242.138259.852 1.250 27.188 19.237 10.245 24.539 164.673

5.408 - 136 - 141 - -396.233 - - - - - -257.002 1.754 14.461 5.541 8.761 18.130 128.208

8.490.475 7.736 954.507 576.393 440.418 973.944 4.259.28410.750 3.573 13.229 29.144 78.428 112.049 25.048

8.479.725 4.163 941.278 547.249 361.990 861.895 4.234.236

42.517 - - - - - -

8.522.242 4.163 941.278 547.249 361.990 861.895 4.234.236

902.525 (1.456) 92.044 (434.797) (9.648) (728.350) 2.389.914

38.818.618 - 4.187.952 3.725.776 6.084.418 2.428.123 (1.239.618)1.840.915 - - 1.702 732.403 (64.062) 667.4451.461.992 - - - 72.471 - -

129.507 - - (750) (39.763) 484.242 4.919- - - - - - -

(709.272) - - - - - -

41.541.760 - 4.187.952 3.726.728 6.849.529 2.848.303 (567.254)

210.892.516 (2.538) 23.885.290 12.594.202 2.624.323 22.180.357 118.081.525354.239 - - - 41.361 - 202.790

1.256.200 - - - 87.198 - -(5.655) - - - 122 1.721 (1.778)

- - - - - - -6.423.728 - - - - - -

218.921.028 (2.538) 23.885.290 12.594.202 2.753.004 22.182.078 118.282.537

261.365.313 (3.994) 28.165.286 15.886.133 9.592.885 24.302.031 120.105.197

192.860.017 10.000.000 54.144.623 61.182.006 22.101.183 83.418.150 310.003.149(378.909.490) - (92.950.619) (20.001.190) (52.208.929) (47.515.498) (182.232.257)

(186.049.473) 10.000.000 (38.805.996) 41.180.816 (30.107.746) 35.902.652 127.770.892

- - (2.280) (243) (175) (4.779) (167.784)

1.428.442.008 9.996.006 135.275.545 103.500.918 39.218.528 112.779.984 819.401.428


38

JPMorgan FundsOversikt over endringer i antall aksjer (forts.)


Utestående aksjerved periodens

begynnelse

Tegnede aksjer Innløste aksjer Utestående aksjerved periodens

slutt

JPMorgan Funds - Africa Equity FundJPM Africa Equity A (acc) - USD 5.015.795,757 8.565.550,616 1.531.594,584 12.049.751,789JPM Africa Equity A (acc) - EUR 3.189.055,915 4.121.008,649 2.270.011,533 5.040.053,031JPM Africa Equity A (dist) - GBP 176.236,534 247.121,104 43.704,589 379.653,049JPM Africa Equity A (inc) - EUR - 253,000 - 253,000JPM Africa Equity B (acc) - USD 567.248,174 2.025.716,824 1.487.406,435 1.105.558,563JPM Africa Equity C (acc) - USD 811.985,179 7.454.849,535 1.331.609,135 6.935.225,579JPM Africa Equity D (acc) - USD 5.966.506,996 7.880.119,404 1.442.615,977 12.404.010,423JPM Africa Equity D (acc) - EUR 61,192 166.419,464 3.890,601 162.590,055JPM Africa Equity I (acc) - USD - 451.728,290 3.949,000 447.779,290

JPMorgan Funds - Aggregate Bond FundJPM Aggregate Bond A (acc) - USD 515.201,301 45.331,191 37.833,439 522.699,053JPM Aggregate Bond A (acc) - EUR (sikret) 511.692,958 3.159,373 3.190,021 511.662,310

JPMorgan Funds - America Equity FundJPM America Equity A (acc) - USD 1.865.537,792 443.765,194 763.258,086 1.546.044,900JPM America Equity A (acc) - EUR (sikret) 293.772,467 168.677,616 72.212,195 390.237,888JPM America Equity A (dist) - USD 3.214.753,696 150.798,991 280.725,900 3.084.826,787JF America Equity A (dist) - USD 573.582,270 181.167,652 157.632,254 597.117,668JPM America Equity B (acc) - USD 217.877,373 35,090 14.451,314 203.461,149JPM America Equity C (acc) - USD 6.724.698,274 364.494,315 291.165,874 6.798.026,715JPM America Equity C (acc) - EUR (sikret) 928.262,558 1.086.755,552 636.426,035 1.378.592,075JPM America Equity D (acc) - USD 2.020.176,344 433.938,461 551.421,084 1.902.693,721JPM America Equity D (acc) - EUR 338.582,823 124.451,640 114.064,085 348.970,378JPM America Equity D (acc) - EUR (sikret) 728.639,908 234.650,408 308.612,613 654.677,703JPM America Equity X (acc) - USD 303.585,027 3.711,500 - 307.296,527

JPMorgan Funds - America Large Cap FundJPM America Large Cap A (acc) - USD 1.989.969,135 2.039.169,602 1.187.863,510 2.841.275,227JPM America Large Cap A (acc) - EUR 352.927,417 15.967,985 329.802,421 39.092,981JPM America Large Cap A (dist) - USD 3.352.867,721 1.002.279,647 669.120,021 3.686.027,347JPM America Large Cap B (acc) - USD 174.178,979 53.478,712 2.154,756 225.502,935JPM America Large Cap C (acc) - USD 2.229.600,816 2.478.311,475 720.723,047 3.987.189,244JPM America Large Cap D (acc) - USD 1.506.718,445 289.095,951 325.449,043 1.470.365,353JPM America Large Cap X (acc) - USD 5.451,282 1.275.643,186 43.678,000 1.237.416,468

JPMorgan Funds - Asia Pacific Bond FundJPM Asia Pacific Bond A (acc) - USD 1.000.000,000 1.312.239,970 164.385,180 2.147.854,790JPM Asia Pacific Bond C (acc) - USD - 95.819,383 8.069,816 87.749,567

JPMorgan Funds - Asia Pacific ex-Japan Behavioural Finance Equity FundJPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - USD 150.000,000 26.315,064 - 176.315,064JPM Asia Pacific ex-Japan Behavioural Finance Equity A (acc) - EUR 151.080,612 - - 151.080,612JPM Asia Pacific ex-Japan Behavioural Finance Equity X (acc) - USD - 6.527,155 - 6.527,155

JPMorgan Funds - Brazil Alpha Plus FundJPM Brazil Alpha Plus A (acc) - USD 13.839.648,677 23.567.838,013 12.026.231,165 25.381.255,525JPM Brazil Alpha Plus A (acc) - SGD - 3.918,260 49,955 3.868,305JPM Brazil Alpha Plus A (dist) - USD 15.462,999 536.845,127 4.925,557 547.382,569JPM Brazil Alpha Plus B (acc) - USD 837.707,284 1.117.163,664 311.256,188 1.643.614,760JPM Brazil Alpha Plus C (acc) - USD 2.821.030,557 695.627,151 1.074.762,718 2.441.894,990JPM Brazil Alpha Plus D (acc) - USD 7.207.080,285 3.589.070,442 2.197.510,590 8.598.640,137JPM Brazil Alpha Plus D (acc) - EUR - 72.807,911 6.947,675 65.860,236JPM Brazil Alpha Plus I (acc) - USD 680,297 3.562.191,216 - 3.562.871,513JPM Brazil Alpha Plus I (acc) - EUR 268.743,942 126.000,000 - 394.743,942

JPMorgan Funds - Corporate Bond Portfolio Fund I (1)JPM Corporate Bond Portfolio I A (inc) - EUR - 1.680.792,750 28.127,367 1.652.665,383JPM Corporate Bond Portfolio I C (inc) - EUR - 200.010,205 - 200.010,205JPM Corporate Bond Portfolio I D (inc) - EUR - 774.506,400 12.263,151 762.243,249

JPMorgan Funds - Eastern Europe Equity FundJPM Eastern Europe Equity A (acc) - EUR 7.196.215,446 4.595.963,223 2.325.515,541 9.466.663,128JPM Eastern Europe Equity A (dist) - EUR 10.330.900,900 2.035.317,419 1.501.977,548 10.864.240,771JF Eastern Europe Equity A (dist) - EUR 5.694.000,629 2.829.094,642 2.809.705,328 5.713.389,943JPM Eastern Europe Equity B (acc) - EUR 2.088.082,744 1.169.389,148 773.720,760 2.483.751,132JPM Eastern Europe Equity C (acc) - EUR 1.713.371,654 1.846.480,723 352.886,328 3.206.966,049JPM Eastern Europe Equity D (acc) - EUR 2.089.459,737 483.428,560 407.227,387 2.165.660,910JPM Eastern Europe Equity I (acc) - EUR 1.796.727,879 596.899,001 666.503,946 1.727.122,934JPM Eastern Europe Equity X (acc) - EUR 2.620.796,741 - - 2.620.796,741

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity FundJPM Emerging Europe, Middle East and Africa Equity A (acc) - USD 4.230.049,115 3.401.841,221 752.395,954 6.879.494,382JPM Emerging Europe, Middle East and Africa Equity A (acc) - EUR 210.787,683 320.559,009 35.765,660 495.581,032JPM Emerging Europe, Middle East and Africa Equity A (acc) - SGD - 550,690 49,955 500,735JPM Emerging Europe, Middle East and Africa Equity A (dist) - USD 7.849.670,573 2.025.335,674 1.920.206,991 7.954.799,256JPM Emerging Europe, Middle East and Africa Equity B (acc) - USD 754.939,382 349.420,017 274.590,702 829.768,697JPM Emerging Europe, Middle East and Africa Equity C (acc) - USD 1.813.484,930 2.049.042,852 813.614,732 3.048.913,050JPM Emerging Europe, Middle East and Africa Equity D (acc) - USD 1.925.463,268 417.624,544 305.960,465 2.037.127,347JPM Emerging Europe, Middle East and Africa Equity D (acc) - EUR - 20.296,196 4.104,695 16.191,501JPM Emerging Europe, Middle East and Africa Equity X (acc) - USD 5.000.000,000 2.934.629,473 - 7.934.629,473


39

Urevidert Halvårsrapport JPMorgan Funds...JPMorgan Asset Management (Europe) S.à r.l. European...

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