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Unaudited Semi-Annual Report – 31 March 2016

These reports do not constitute an offer of units in any funds forming the subject matter of this document.

Subscriptions are only valid if made on the basis of the current explanatory memoranda (or equivalent),

supplemented by the most recent financial reports, if available.

NNotice to U.K. residents: This document is only directed to persons believed by JPMorgan Asset

Management (U.K.) Limited to be investment professionals as defined in Article 19 of the Financial Services

and Markets Act 2000 (Financial Promotion) Order 2005, high net worth companies, unincorporated

associations and other persons as defined in Article 49 of that Order and to others to whom it can lawfully

be distributed or given, inside the United Kingdom, without approval by an authorised person. Persons who

do not have professional experience in matters relating to investments should not rely on it and any other

person should not act on such information.

This document is issued in the U.K. by JPMorgan Asset Management (U.K.) Limited and has been approved

solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 by JPMorgan Asset

Management (U.K.) Limited which is authorised and regulated in the U.K. by the Financial Conduct Authority.

Registered in England No. 01161446. Registered address: 25 Bank Street, Canary Wharf, London, UK, E14 5JP.

Although JPMorgan Asset Management (Europe) S.à r.l., under certain administrative services agreements,

provides services to the funds covered in this document, the funds are not subject to the laws of

Luxembourg nor are they subject to supervision by any supervisory authority in Luxembourg.

JPMORGAN FUNDSJPMORGAN FUNDSJPMORGAN FUNDSJPMORGAN FUNDS SemiSemiSemiSemi----aaaannual report for thennual report for thennual report for thennual report for the

periodperiodperiodperiod ended 3ended 3ended 3ended 31111 March 2016March 2016March 2016March 2016

ContentsContentsContentsContents PagePagePagePage

JPMorgan ASEAN Fund ................................................................................................................................................ 1

JPMorgan Asia Equity Dividend Fund .......................................................................................................................... 8

JPMorgan Asia Growth Fund ........................................................................................................................................ 21

JPMorgan Asian Total Return Bond Fund .................................................................................................................... 29

JPMorgan AsiaOne Fund .............................................................................................................................................. 43

JPMorgan Australia Fund ............................................................................................................................................. 49

JPMorgan China A-Share Opportunities Fund ............................................................................................................. 56

JPMorgan China New Generation Fund ....................................................................................................................... 65

JPMorgan China Pioneer A-Share Fund ...................................................................................................................... 73

JPMorgan Eastern Fund ............................................................................................................................................... 81

JPMorgan Eastern Smaller Companies Fund .............................................................................................................. 88

JPMorgan Evergreen Fund ........................................................................................................................................... 96

JPMorgan Global Bond Fund ........................................................................................................................................ 102

JPMorgan Global Property Income Fund ..................................................................................................................... 118

JPMorgan Greater China Smaller Companies Fund .................................................................................................... 126

JPMorgan India Fund ................................................................................................................................................... 133

JPMorgan India Smaller Companies Fund ................................................................................................................... 140

JPMorgan Indonesia Fund ............................................................................................................................................ 147

JPMorgan Japan (Yen) Fund ........................................................................................................................................ 154

JPMorgan Japan Smaller Company (Yen) Fund ........................................................................................................... 161

JPMorgan Korea Fund .................................................................................................................................................. 168

JPMorgan Malaysia Fund ............................................................................................................................................. 175

JPMorgan Money Fund ................................................................................................................................................. 182

JPMorgan Multi Income Fund ...................................................................................................................................... 188

JPMorgan Pacific Securities Fund ................................................................................................................................ 230

JPMorgan Pacific Technology Fund ............................................................................................................................. 237

JPMorgan Philippine Fund ........................................................................................................................................... 244

JPMorgan Thailand Fund ............................................................................................................................................. 251

JPMorgan Vietnam Opportunities Fund ...................................................................................................................... 258

JPMORGAN JPMORGAN JPMORGAN JPMORGAN ASEAN FUNDASEAN FUNDASEAN FUNDASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the

period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016

- 1 -

Distributor StatusDistributor StatusDistributor StatusDistributor Status

The Fund has been certified by HMRC in the UK as a

distributing fund in respect of the period from 1 January

1984 to 30 September 2010. The principal effect of this

certification is that for unitholders resident in the UK for

taxation purposes any gains accruing on the sale,

redemption or other disposal of units during the period will

be taxed in the UK as a capital gain and not as income. This

treatment will continue under the UK reporting fund regime

provided the Fund does not invest more than 5% of its

assets in other offshore funds which are not themselves

reporting funds. There will be no need to formally apply for

reporting fund status as the Fund is transparent for UK tax

purposes and therefore considered out of scope of the

requirements of this regime. These are now known as

"special category transparent offshore funds".

As noted, the Fund is transparent for UK income tax

purposes and UK investors are subject to UK capital gains

tax on disposal of their units. UK investors are subject to tax

on their share of income of the Fund on an arising basis.

Information has been provided to UK investors of the

amount of their share of the underlying income, expenses

and overseas tax suffered.

Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio

As at 31 March 2016As at 31 March 2016As at 31 March 2016As at 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

HoldingHoldingHoldingHolding

FairFairFairFair

valuevaluevaluevalue

US$US$US$US$

% of% of% of% of

netnetnetnet

assetsassetsassetsassets

Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments (94.4%)

(I) Equities(I) Equities(I) Equities(I) Equities (93.8%)

IndonesiaIndonesiaIndonesiaIndonesia (22.7%)

Astra Intl 59,540,700 32,554,303 2.0

Bank Central Asia 65,734,900 65,933,193 4.0

Bank Mandiri (Persero) 24,786,613 19,253,552 1.2

Bank Rakyat Indonesia

Persero 37,199,500 32,051,604 1.9

Bumi Serpong Damai 83,411,600 11,543,008 0.7

Gudang Garam 1,779,600 8,763,792 0.5

Jasa Marga (Persero) 54,569,500 22,222,872 1.4

Kalbe Farma 49,656,700 5,411,307 0.3

Matahari Department Store 13,179,900 18,239,152 1.1

Mitra Keluarga Karyasehat 114,167,000 20,878,957 1.3

Pakuwon Jati 296,747,800 10,831,518 0.7

Summarecon Agung 132,332,100 15,817,977 1.0

Surya Citra Media 67,142,550 15,899,517 1.0

Telekomunikasi Indonesia 'B' 296,256,000 74,287,419 4.5

XL Axiata 61,693,300 18,610,346 1.1

MalaysiaMalaysiaMalaysiaMalaysia (15.9%)

Axiata Group 7,627,000 11,514,297 0.7

British American Tobacco (M)

Bhd (CDS) 686,100 9,503,228 0.6

CIMB Group Hldgs 6,188,950 7,693,556 0.5

Dialog Group 18,936,372 7,765,781 0.5

Genting Bhd 12,800,900 32,153,997 1.9

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Genting Malaysia 9,688,300 11,273,839 0.7

IOI Corp (CDS) 8,278,900 9,697,443 0.6

Malayan Banking 13,697,284 31,667,180 1.9

Malaysia Airports Hldgs 6,394,236 11,144,638 0.7

Petronas Gas 3,891,100 21,941,356 1.3

Public Bank (L) 7,689,380 37,013,086 2.2

Sime Darby 7,138,774 14,546,521 0.9

Telekom Malaysia 5,666,126 9,585,142 0.6

Tenaga Nasional 12,774,000 45,641,307 2.8

PhilippinesPhilippinesPhilippinesPhilippines (7.6%)

Ayala Corp 1,144,680 18,645,021 1.1

Ayala Land 16,158,200 12,369,998 0.8

Century Pacific Food 23,017,300 9,497,854 0.6

Globe Telecom 212,000 10,221,305 0.6

GT Capital Hldgs 475,555 14,355,988 0.9

Jollibee Food 3,214,090 15,845,335 1.0

Puregold Price Club 8,710,500 6,885,920 0.4

Robinsons Retail Hldgs 8,524,460 13,699,860 0.8

SM Prime Hldgs 49,722,800 23,703,235 1.4

SingaporeSingaporeSingaporeSingapore (27.4%)

Ascendas Real Estate Inv Trust 11,543,239 20,487,406 1.3

CapitaLand Ltd 6,092,900 13,890,690 0.8

City Developments 1,631,000 9,895,492 0.6

ComfortDelgro Corp 12,317,900 26,710,432 1.6

DBS Group Hldgs 6,273,077 71,647,056 4.4

Fibrechem Technologies 27,671,000 0 0.0

First Resources 5,542,900 8,314,762 0.5

Global Logistics Properties 4,164,000 5,952,547 0.4

Jardine Cycle & Carriage 1,009,700 30,015,068 1.8

Keppel Corp 2,128,000 9,213,011 0.6

Oversea-Chinese Bkg (CDP) 6,822,822 44,789,653 2.7

Singapore Exchange 2,689,200 15,876,385 1.0

Singapore Telecom 32,936,000 93,431,993 5.7

SMRT Corp 9,479,200 10,629,431 0.6

United Overseas Bank 3,827,300 53,632,223 3.3

UOL Group (CDP) 2,170,000 9,668,795 0.6

Wilmar Intl 10,156,000 25,340,977 1.5

ThailandThailandThailandThailand (19.3%)

Airports of Thailand (F) 3,170,700 36,231,421 2.2

CP ALL NVDR 6,500,000 8,452,956 0.5

Home Product Center (F) 41,001,200 9,615,119 0.6

IRPC Public Co (F) 180,166,500 25,862,445 1.6

Kasikornbank Public Co (F) 6,859,697 34,122,995 2.1

Kiatnakin Bank (F) 9,733,800 11,620,796 0.7

Kiatnakin Bank NVDR 883,900 1,055,253 0.1

Major Cineplex Group (F) 14,247,200 12,250,648 0.7

Namyong Terminal (F) 23,066,200 9,179,272 0.6

PTT Public Co (F) 8,129,500 64,703,240 3.9

Siam City Cement (F) 1,037,300 9,081,535 0.6

Sino Thai Engineering &

Construction (F) 37,540,200 24,222,926 1.5

Srisawad Power 1979 (F) 14,947,870 17,951,890 1.1

Star Petroleum Refining (F) 87,215,300 27,022,364 1.6

Supalai Public Co (F) 22,861,100 12,151,864 0.7

TISCO Financial Group (F) 3,222,160 4,167,376 0.3

TISCO Financial Group NVDR 6,173,640 7,984,668 0.5



- 2 -

Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


VietnamVietnamVietnamVietnam (0.9%)

Vietnam Dairy Products 2,434,011 14,630,489 0.9

1,538,467,582 93.8

(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes (0.6%)


JPM Vietnam Opportunities-

USD (acc)* 951,566 9,981,930 0.6

(III) Derivatives(III) Derivatives(III) Derivatives(III) Derivatives (0.0%)

Forward foreign exchangeForward foreign exchangeForward foreign exchangeForward foreign exchange

contracts contracts contracts contracts (0.0%) 667,897 0.0

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 1,549,117,409 94.4

Other net assetsOther net assetsOther net assetsOther net assets 91,747,613 5.6

Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of

redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 1,640,865,022 100.0

Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 1,519,606,126

* Issued and managed by the Manager

Statement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio HoldingsStatement of Movements in Portfolio Holdings

For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016For the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

% holdings% holdings% holdings% holdings

of net assetsof net assetsof net assetsof net assets

31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments

EquitiesEquitiesEquitiesEquities

Singapore 27.4 31.2

Indonesia 22.7 15.8

Thailand 19.3 21.8

Malaysia 15.9 14.3

Philippines 7.6 9.7

Vietnam 0.9 0.7

Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes

Vietnam 0.6 0.7

DerivativesDerivativesDerivativesDerivatives

Forward foreign exchange contracts 0.0 0.0

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 94.4 94.2

Other net assetsOther net assetsOther net assetsOther net assets 5.6 5.8


redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0



The notes on pages 5 to 7 form part of these financial statements.

- 3 -

Statement of Financial PositionStatement of Financial PositionStatement of Financial PositionStatement of Financial Position


31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

US$US$US$US$ US$US$US$US$

AssetsAssetsAssetsAssets

Cash at banks 82,186,305 79,956,606

Amounts due from brokers 25,307,285 2,761,187

Amounts receivable on allotment 7,387,671 4,645,320

Derivatives 750,311 134,451

Investments 1,548,449,512 1,332,053,478

Dividend and other accounts

receivable 3,630,242 1,036,712

Total assetsTotal assetsTotal assetsTotal assets 1,667,711,326 1,420,587,754

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

LiabilitiesLiabilitiesLiabilitiesLiabilities

Amounts due to brokers 20,041,164 -

Amounts payable on redemption 4,481,375 3,800,390


Other accounts payable 2,241,351 2,087,253

Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets Liabilities (excluding net assets

attributable to holders of attributable to holders of attributable to holders of attributable to holders of

redeemable units)redeemable units)redeemable units)redeemable units) 26,846,304 5,959,118

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

Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders Net assets attributable to holders

of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 1,640,865,022 1,414,628,636

Statement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive IncomeStatement of Comprehensive Income


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015


IncomeIncomeIncomeIncome

Net gains/(losses) on investments

and derivatives [Note 4] 209,836,841 (43,609,363)

Dividend income 12,123,456 13,789,226

Interest on deposits 116,827 144,305

Net foreign currency exchange

losses (362,318) (1,103,505)

221,714,806 (30,779,337)

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

ExpensesExpensesExpensesExpenses

Management fee 11,400,131 15,120,793

Transaction costs 2,004,946 2,565,075

Safe custody and bank charges 181,771 221,255

Registrar's fee 145,141 194,342

Trustee's fee 137,780 181,743

Legal and professional expenses 64,803 13,182

Auditor's fee 27,769 26,234

Printing and publication expenses 4,986 18,551

Other operating expenses 12,002 8,798

13,979,329 18,349,973

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

Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 207,735,477 (49,129,310)

Taxation (662,962) (885,637)

Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net Increase/(decrease) in net

assets attributable to holdersassets attributable to holders assets attributable to holdersassets attributable to holders

of redeemable units and of redeemable units and of redeemable units and of redeemable units and

total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 207,072,515 (50,014,947)




- 4 -

Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders Statement of Changes in Net Assets Attributable to Holders

of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015


Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders holders holders holders

of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the

beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 1,414,628,636 2,113,072,500

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

Allotment of redeemable units 231,043,277 304,583,652

Redemption of redeemable units (211,879,406) (406,282,562)

Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 19,163,871 (101,698,910)

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

1,433,792,507 2,011,373,590

Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets Increase/(decrease) in net assets


redeemable units and total redeemable units and total redeemable units and total redeemable units and total

comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 207,072,515 (50,014,947)


of redeemable units at the end of redeemable units at the end of redeemable units at the end of redeemable units at the end

of the periodof the periodof the periodof the period 1,640,865,022 1,961,358,643

Statement of Cash FlowsStatement of Cash FlowsStatement of Cash FlowsStatement of Cash Flows


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015


Operating activitiesOperating activitiesOperating activitiesOperating activities

Purchase of investments and

derivatives (374,722,019) (549,396,275)

Proceeds from disposal of

investments and derivatives 364,966,425 628,977,771

Dividend received 9,562,556 12,903,217

Interest received 116,827 144,462

Trustee's fee paid (134,593) (184,713)

Registrar's fee paid (298,393) (381,870)

Tax paid (656,353) (906,221)

Transaction costs paid (1,923,547) (2,635,177)

Management fee paid (11,134,212) (15,375,461)

Others (708,039) (6,311,970)

Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from Net cash (outflow)/inflow from

operating activitiesoperating activitiesoperating activitiesoperating activities (14,931,348) 66,833,763

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

Financing activitiesFinancing activitiesFinancing activitiesFinancing activities

Receipts on allotment of

redeemable units 228,300,926 309,125,250

Payments on redemption of

redeemable units (211,198,421) (408,350,721)

Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from Net cash inflow/(outflow) from

financing activitiesfinancing activitiesfinancing activitiesfinancing activities 17,102,505 (99,225,471)

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

Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and Increase/(decrease) in cash and

cash cash cash cash equivalentsequivalentsequivalentsequivalents 2,171,157 (32,391,708)

Cash and cash equivalents at the

beginning of the period 79,956,606 120,279,166

Exchange gains/(losses) on cash

and cash equivalents 58,542 (259,381)

Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at Cash and cash equivalents at

the end of the the end of the the end of the the end of the periodperiodperiodperiod 82,186,305 87,628,077

Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:Analysis of balances of cash and cash equivalents:

Cash at banks 82,186,305 87,628,077

JPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUNDJPMORGAN ASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 5 -

Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements

1111 The FundThe FundThe FundThe Fund

JPMorgan ASEAN Fund (the "Fund") was established under a Trust Deed dated 7 July 1983, as amended, and is governed by the laws of Hong

Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to enable investors to participate in a managed portfolio consisting primarily of securities with

significant assets in, or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations.

Pursuant to the Supplemental Trust Deed dated 5 September 2012, the Manager may decide to issue separate classes (each a “Class”) whose

assets will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a

different charging structure with the result that the net asset value attributable to each Class may differ.

All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same.

2222 Summary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policiesSummary of principal accounting policies

(a)(a)(a)(a) Accounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statementsAccounting policies of interim financial statements

The accounting policies and methods of computation used in the preparation of these unaudited condensed interim financial statements

are consistent with those used in the annual financial statements for the year ended 30 September 2015.

(b)(b)(b)(b) Investments and derivativesInvestments and derivativesInvestments and derivativesInvestments and derivatives

Classification

The Fund classifies its investments and derivatives as financial assets or financial liabilities at fair value through profit or loss. These

financial assets or financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or

repurchasing in the near term or short-term profit taking.

All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund.

The Fund makes short sales in which a borrowed security is sold in anticipation of a decline in the market value of that security, or it may

use short sales for various arbitrage transactions. Short sales are classified as financial liabilities at fair value through profit or loss.

Recognition, derecognition and measurement

Purchases and sales of investments and derivatives are accounted for on the trade date basis. Investments and derivatives are initially

recognized at fair value and are subsequently re-measured at fair value. Realized and unrealized gains and losses on investments and

derivatives are recognized in the Statement of Comprehensive Income. Investments and derivatives are derecognized when the rights to

receive cash flows from the investments and derivatives have expired or the Fund has transferred substantially all risks and rewards of

ownership.

Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market

participants at the measurement date. The fair value of financial assets and liabilities traded in active markets are based on last traded

prices. When trading in the securities of an investee company is suspended, the investment is valued at the Manager's estimate of its fair

value.

Debt securities are fair valued based on quoted prices inclusive of accrued interest.

Investments in collective investment schemes are stated at fair value based on the net asset value per unit of the respective funds as

determined by the administrators of the relevant funds or stated at last traded prices if the collective investment schemes are listed or

traded on an exchange.

Open future and swap contracts are valued at last traded prices for both long and short positions at the valuation date. The differences

between the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.

Open option contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between

the last traded prices and the premium amounts/contract prices are recognized in the Statement of Comprehensive Income.

Forward foreign exchange contracts are valued at the forward rates ruling at the valuation date. The differences between the forward

rates and the contract rates are recognized in the Statement of Comprehensive Income.



- 6 -

(c)(c)(c)(c) Securities borrowingSecurities borrowingSecurities borrowingSecurities borrowing

The Fund may enter into securities borrowing arrangements for short sale purposes. Short positions represent obligations to deliver

securities sold but not yet purchased, and are accounted for as investments and valued at their fair value. Securities borrowed during the

period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral placed

for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position

separately.

(d)(d)(d)(d) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation

Functional and presentation currency

The Fund has adopted United States dollar as its functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the

transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of assets and liabilities

denominated in foreign currencies at period/year end exchange rates are recognized in the Statement of Comprehensive Income.

Foreign exchange gains and losses relating to cash and cash equivalents are presented in the Statement of Comprehensive Income

within "Net foreign currency exchange gains/losses". Foreign exchange gains and losses relating to the financial assets and liabilities

carried at fair value through profit or loss are presented in the Statement of Comprehensive Income within "Net gains/losses on

investments and derivatives".

(e)(e)(e)(e) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units

The net asset value per unit is computed for each dealing day. The price at which units are allotted or redeemed is calculated by

reference to the net asset value per unit as at the close of business on the relevant dealing day in accordance with the provisions of the

Fund's Trust Deed dated 7 July 1983, as amended, which may be different from the accounting policies stated in the financial statements.

Units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial liability in the

Statement of Financial Position which represents the net assets attributable to holders of redeemable units (or "net asset value" or "net

assets" or "NAV") and is carried at the redemption amount that would be payable at the Statement of Financial Position date if the

holders of redeemable units exercised the right to redeem units of the Fund.

3333 Number of units in issue and net asNumber of units in issue and net asNumber of units in issue and net asNumber of units in issue and net assets attributable to holders of redeemable units (per unit)sets attributable to holders of redeemable units (per unit)sets attributable to holders of redeemable units (per unit)sets attributable to holders of redeemable units (per unit)

31.3.2016

AUD Hedged

Class (acc) HKD Class (acc)

RMB Hedged

Class (acc) USD Class (acc)

Units Units Units Units

Number of units in issue: 1,259,673.879 5,740,101.950 1,401,989.013 14,988,042.200

A$ HK$ CNY US$

Net assets attributable to

holders of redeemable

units 12,464,824 52,036,685 12,722,967 1,622,597,575



units (per unit) 9.90 9.07 9.07 108.26



- 7 -

30.9.2015

AUD Hedged

Class (acc) HKD Class (acc)

RMB Hedged

Class (acc) USD Class (acc)



A$ HK$ CNY US$



units 9,956,457 43,370,450 13,273,029 1,399,955,330



units (per unit) 8.63 7.90 7.77 94.40

4444 Net gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 250,797,059 (3,281,638)

Realized losses on sale of investments and derivatives (40,960,218) (40,327,725)

209,836,841 (43,609,363)

5555 Soft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangementsSoft dollar arrangements/Commission sharing arrangements

The Investment Manager has entered into soft dollar arrangements/commission sharing arrangements with brokers under which certain

goods and services used to support investment decision making are received by the Investment Manager. The Investment Manager does not

make direct payment for these services but transacts an agreed amount of business with the brokers on behalf of the Fund. Commission is

paid from the Fund on these transactions.

The goods and services must be of demonstrable benefit to the Fund and may include research and advisory services; economic and political

analysis; portfolio analysis, including valuation and performance measurement; market analysis, data and quotation services, computer

hardware and software incidental to the above goods and services; clearing and custodian services and investment-related publications.

6666 DistributionDistributionDistributionDistribution

No distribution was made during the period (31 March 2015: nil).

JPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUNDJPMORGAN ASIA EQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 8 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




AustraliaAustraliaAustraliaAustralia (20.9%)

Amcor Ltd 2,232,131 24,639,908 1.2

AMP Ltd-AU List 9,080,105 40,442,402 2.0

Australia & NZ Bkg Group-AU

List 1,571,422 28,358,832 1.4

Goodman Group Stapled Sec 3,805,150 19,523,835 0.9

Macquarie Group 564,101 28,678,744 1.4

Medibank Private 16,472,518 37,127,450 1.8

Mirvac Group Stapled Sec 20,941,194 31,170,941 1.5

QBE Insurance Group 6,578,660 55,211,519 2.7

Spotless Group 38,512,340 37,328,278 1.8

Vicinity Centres Stapled Secs 16,225,553 39,816,006 1.9

Westfield Corp Stapled Sec 5,750,066 44,188,150 2.1

Westpac Banking 1,970,980 46,015,953 2.2

ChinaChinaChinaChina (19.7%)

China Construction Bank 'H' 66,791,000 42,624,034 2.1

China Mobile 8,627,000 96,151,529 4.6

China Resources Land 12,670,000 32,505,818 1.6

CNOOC Ltd 23,902,000 28,226,766 1.4

Datang Intl Power Generation

'H' 57,678,000 17,772,131 0.9

Huadian Power Intl 'H' 26,774,000 17,051,854 0.8

Huaneng Power Intl 'H' 84,736,000 75,815,644 3.7

Jiangsu Expressway 'H' 2,292,000 3,084,939 0.1

KWG Property Hldg 19,416,000 12,766,191 0.6

Longfor Properties 6,070,500 8,655,875 0.4

Sunac China Hldgs 6,809,000 4,582,318 0.2

Yuexiu Transport

Infrastructure 50,518,000 33,997,584 1.6

Zhejiang Expressway 'H' 32,190,000 34,528,341 1.7

Hong KongHong KongHong KongHong Kong (14.8%)

BOC Hong Kong (Hldgs) 21,068,000 62,879,012 3.0

CK Hutchison Hldgs 3,733,500 48,470,448 2.3

HKBN Ltd 19,465,500 24,041,551 1.2

HKT Trust & HKT Stapled Uts 18,358,000 25,277,145 1.2

HSBC Hldgs-HK List 15,432,590 96,297,626 4.6

Lifestyle Intl Hldgs 6,673,500 8,999,466 0.4

New World Development 8,417,184 8,019,415 0.4

NWS Hldgs 15,345,576 24,492,620 1.2

Swire Properties 3,486,800 9,417,648 0.5

KoreaKoreaKoreaKorea (15.2%)

Dongbu Insurance 188,965 12,541,486 0.6

GS Hldgs 250,391 12,918,039 0.6

Hyundai Marine & Fire

Insurance 440,173 12,778,720 0.6

Korea Electric Power 1,982,422 104,356,247 5.1

LG Uplus 6,359,961 61,452,929 3.0

Macquarie Korea

Infrastructure Fd 5,094,433 37,286,118 1.8

SK Innovation 485,326 72,994,117 3.5

New ZealandNew ZealandNew ZealandNew Zealand (0.7%)

Z Energy 3,283,326 15,387,389 0.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



AIMS AMP Capital Ind REIT 6,784,866 6,726,419 0.3

Ascendas India Trust 26,322,300 17,103,826 0.8

Ascendas Real Estate Inv Trust 29,699,336 52,711,580 2.6

CapitaLand Mall Trust 6,411,800 9,951,479 0.5

DBS Group Hldgs 6,431,086 73,451,732 3.5

Mapletree Commercial Trust 10,599,773 11,098,827 0.5

Sheng Siong Group 2,423,000 1,511,451 0.1

Singapore Exchange 2,620,400 15,470,206 0.8

TaiwanTaiwanTaiwanTaiwan (6.4%)

Chipbond Technology 2,785,000 4,499,751 0.2

CTCI Corp 6,655,000 8,746,784 0.4

Pegatron Corp 3,411,000 7,959,424 0.4

Sercomm Corp 2,375,000 6,043,764 0.3

Taiwan Semiconductor Mfg 10,923,000 54,981,544 2.6

Yuanta Financial Hldg 104,148,639 37,214,434 1.8

Zhen Ding Technology Hldg 6,380,000 14,272,931 0.7


Bangkok Bank (F) 340,300 1,760,506 0.1

Bangkok Bank NVDR 12,330,100 63,087,493 3.0

Digital Telecom Infra Fd (F) 29,965,500 12,095,227 0.6

Land & Houses (F) 7,896,226 2,020,069 0.1

Land & Houses NVDR 51,561,974 13,117,671 0.6

LPN Development (F) 2,635,200 1,048,687 0.1

PTT Global Chemical (F) 3,353,700 5,767,449 0.3

PTT Public Co (F) 7,050,700 56,116,998 2.7


Ticon Industrial Connection (F) 11,047,510 3,768,338 0.2


1,997,268,925 96.3

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (0.9%)


contracts contracts contracts contracts (0.9%) 19,291,701 0.9








- 9 -

Statement Statement Statement Statement of Movements in Portfolio Holdingsof Movements in Portfolio Holdingsof Movements in Portfolio Holdingsof Movements in Portfolio Holdings




31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Australia 20.9 26.7

China 19.7 17.5

Korea 15.2 13.3

Hong Kong 14.8 14.6

Thailand 9.5 10.0

Singapore 9.1 7.8

Taiwan 6.4 7.8

New Zealand 0.7 0.3










- 10 -

Statement of Financial Statement of Financial Statement of Financial Statement of Financial PositionPositionPositionPosition


31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 62,119,424 25,964,915



Derivatives 49,550,114 46,815,606

Investments 1,997,268,925 2,433,410,947


receivable 19,346,024 8,320,734


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


Amounts due to brokers 7,052,931 5,116,166


Distribution payable [Note 5] 10,307,195 14,146,058

Derivatives 30,258,413 15,165,811





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



Statement of Statement of Statement of Statement of Comprehensive IncomeComprehensive IncomeComprehensive IncomeComprehensive Income


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



Net gains on investments and

derivatives [Note 4] 150,973,486 25,794,819

Dividend income 39,341,598 17,269,357


gains/(losses) 1,512,483 (577,198)


Other income - 104,743

191,850,214 42,654,865

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


Management fee 17,147,030 9,704,036


Trustee's fee 294,532 172,703


Registrar's fee 174,465 -


Valuation fee 8,540 8,610




20,868,495 12,666,565

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

Net operating profitNet operating profitNet operating profitNet operating profit 170,981,719 29,988,300

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

Finance costsFinance costsFinance costsFinance costs

Distribution [Note 0] (74,917,479) (46,923,993)

Interest paid (11,021) (12,114)

(74,928,500) (46,936,107)

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


Taxation (4,157,532) (1,338,481)








- 11 -

Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Statement of Changes in Net Assets Attributable to Holders Attributable to Holders Attributable to Holders Attributable to Holders



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 2,482,849,827 738,968,058

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

Allotment of redeemable units 445,137,133 1,938,846,680


Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (500,273,417) 1,251,794,708

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

1,982,576,410 1,990,762,766






of of of of redeemable units at the end redeemable units at the end redeemable units at the end redeemable units at the end




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



Purchase of investments (389,324,073) (1,460,248,054)


investments 994,216,965 340,753,358



Registrar's fee paid (268,581) -



Tax paid (4,157,532) (1,354,993)


Others 133,763 1,943,221


operating activitiesoperating activitiesoperating activitiesoperating activities 608,156,063 (1,118,104,858)

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


Interest paid (11,021) (12,114)


redeemable units 448,674,793 1,911,895,150



Distribution paid (78,756,342) (40,057,416)


financing activitiesfinancing activitiesfinancing activitiesfinancing activities (572,955,361) 1,204,222,275

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

Increase in cash and cash Increase in cash and cash Increase in cash and cash Increase in cash and cash

equivalentsequivalentsequivalentsequivalents 35,200,702 86,117,417




and cash equivalents 953,807 (2,633,018)


the end of the periodthe end of the periodthe end of the periodthe end of the period 62,119,424 113,703,894


Cash at banks 62,119,424 113,703,894

JPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EJPMORGAN ASIA EQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUNDQUITY DIVIDEND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 12 -



JPMorgan Asia Equity Dividend Fund (the "Fund") was established under a Trust Deed dated 6 May 2011, as amended, and is governed by the

laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to aim to provide income and long term capital growth by investing primarily in equity securities of

companies in the Asia Pacific region (excluding Japan) that the investment Manager expects to pay dividends. The Fund's holding of these

equity securities will be selected based on historical records and company announcements on dividends, in addition to their potential for long

term capital appreciation.

Pursuant to the Trust Deed, the Manager may decide to issue separate classes (each a "Class") whose assets will be commonly invested but

where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different charging structure with the

result that the net asset value attributable to each Class may differ. All unitholders' rights with regard to the convening, voting or otherwise

acting at any meeting of unitholders are the same.






Classification












ownership.





value.













- 13 -






separately.






transactions.










Fund's Trust Deed dated 6 May 2011, as amended, which may be different from the accounting policies stated in the financial statements.





3333 Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)Number of units in issue and net assets attributable to holders of redeemable units (per unit)

31.3.2016

AUD Hedged Class

(mth)

CAD Hedged Class

(mth)

EUR Hedged Class

(mth)

GBP Hedged Class

(mth) HKD Class (acc)

Units Units Units Units Units

Number of units in issue: 46,394,598.470 12,956,861.335 2,461,176.792 9,022,076.664 1,444,836.594

A$ C$ EUR GBP HK$



units 413,216,926 116,523,577 22,603,360 82,526,420 15,183,501



units (per unit) 8.91 8.99 9.18 9.15 10.51



- 14 -

HKD Class (mth)

NZD Hedged Class

(mth)

RMB Hedged Class

(acc)

RMB Hedged Class

(mth)

SGD Hedged Class

(mth)



HK$ NZ$ CNY CNY S$



units 2,867,638,226 134,769,942 65,828,629 3,370,791,477 15,511,757



units (per unit) 9.14 8.99 11.46 9.61 9.02

USD Class (acc) USD Class (mth)

Units Units

Number of units in issue: 706,889.537 55,276,121.836

US$ US$



units 7,434,634 505,799,653



units (per unit) 10.52 9.15

30.9.2015

AUD Hedged Class

(mth)

CAD Hedged Class

(mth)

EUR Hedged Class

(mth)

GBP Hedged Class

(mth) HKD Class (acc)



A$ C$ EUR GBP HK$



units 503,815,184 139,668,858 26,079,280 90,262,855 15,369,667



units (per unit) 8.63 8.71 8.81 8.78 9.81



- 15 -

HKD Class (mth)

NZD Hedged Class

(mth)

RMB Hedged Class

(acc)

RMB Hedged Class

(mth)

SGD Hedged Class

(mth)



HK$ NZ$ CNY CNY S$



units 3,238,250,062 202,151,845 65,307,790 4,424,507,299 18,325,542



units (per unit) 8.75 8.67 10.54 9.30 8.68

USD Class (acc) USD Class (mth)

Units Units


US$ US$



units 7,605,387 584,040,196




4444 Net gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivativesNet gains on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Change in unrealized gains/losses in value of investments 282,885,478 47,740,974

Realized losses on sale of investments (131,911,992) (21,946,155)

150,973,486 25,794,819



- 16 -


It is the intention of the manager of the Fund to have at least 85% of the income attributable to the distribution class(es) respectively in

respect of each accounting period, after charging the expenses attributable to these distribution class(es) respectively, to be distributed to

unitholders of these distribution class(es) respectively.

1.10.2015 1.10.2014

to to

31.3.2016 31.3.2015

US$ US$

Net operating gains 170,981,719 29,988,300

Adjustments:

Net gains on investments and derivatives (150,973,486) (25,794,819)

Net foreign currency exchange (gains)/losses (1,512,483) 577,198


Interest paid (11,021) (12,114)

Taxation (4,157,532) (1,338,481)

Amount available for distribution 17,188,539 6,038,611

Distribution of

A$0.0527 per unit on 59,949,965.467 units of AUD Hedged Class (mth)

ex on 30 October 2015 and pay on 9 November 2015 (2,254,047)

C$0.0390 per unit on 15,714,814.884 units of CAD Hedged Class (mth)

ex on 30 October 2015 and pay on 9 November 2015 (468,436)

EUR0.0327 per unit on 2,896,942.890 units of EUR Hedged Class (mth)


GBP0.0387 per unit on 10,239,424.307 units of GBP Hedged Class (mth)


HK$0.0370 per unit on 366,643,415.953 units of HKD Class (mth)


NZ$0.0587 per unit on 19,446,100.354 units of NZD Hedged Class (mth)


CNY0.0720 per unit on 471,356,800.506 units of RMB Hedged Class (mth)


S$0.0450 per unit on 2,141,974.889 units of SGD Hedged Class (mth)


US$0.0370 per unit on 65,471,391.605 units of USD Class (mth)


(2015: A$0.0653 per unit on 26,830,079.889 units of AUD Hedged Class (mth)

ex on 31 October 2014 and pay on 10 November 2014) (1,540,012)

(2015: C$0.0510 per unit on 3,101,489.470 units of CAD Hedged Class (mth)

ex on 31 October 2014 and pay on 10 November 2014) (140,295)

(2015: EUR0.0408 per unit on 1,161,919.196 units of EUR Hedged Class (mth)


(2015: GBP0.0455 per unit on 2,025,856.215 units of GBP Hedged Class (mth)


(2015: HK$0.0430 per unit on 131,292,578.380 units of HKD Class (mth)


(2015: NZ$0.0739 per unit on 9,452,393.452 units of NZD Hedged Class (mth)


(2015: CNY0.0729 per unit on 90,389,577.460 units of RMB Hedged Class (mth)


(2015: S$0.0434 per unit on 691,312.009 units of SGD Hedged Class (mth)


(2015: US$0.0430 per unit on 22,251,448.850 units of USD Class (mth)



ex on 30 November 2015 and pay on 8 December 2015 (2,179,514)


ex on 30 November 2015 and pay on 8 December 2015 (439,741)







- 17 -

1.10.2015 1.10.2014

to to

31.3.2016 31.3.2015

US$ US$












ex on 28 November 2014 and pay on 8 December 2014) (1,814,090)


ex on 28 November 2014 and pay on 8 December 2014) (171,226)











(2015: S$0.0446 per unit on 935,983.013 units of SGD Hedged Class (mth)





ex on 31 December 2015 and pay on 11 January 2016 (2,074,852)


ex on 31 December 2015 and pay on 11 January 2016 (394,743)
















ex on 31 December 2014 and pay on 9 January 2015) (1,741,337)


ex on 31 December 2014 and pay on 9 January 2015) (185,145)











(2015: S$0.0491 per unit on 1,084,735.633 units of SGD Hedged Class (mth)




- 18 -

1.10.2015 1.10.2014

to to

31.3.2016 31.3.2015

US$ US$




ex on 29 January 2016 and pay on 11 February 2016 (1,791,102)


ex on 29 January 2016 and pay on 11 February 2016 (360,001)
















ex on 30 January 2015 and pay on 9 February 2015) (1,670,786)


ex on 30 January 2015 and pay on 9 February 2015) (200,299)
















ex on 29 February 2016 and pay on 8 March 2016 (1,760,877)


ex on 29 February 2016 and pay on 8 March 2016 (368,224)
















ex on 27 February 2015 and pay on 9 March 2015) (1,798,359)


ex on 27 February 2015 and pay on 9 March 2015) (240,523)





- 19 -

1.10.2015 1.10.2014

to to

31.3.2016 31.3.2015

US$ US$



2015: HK$0.0410 per unit on 187,130,854.935 units of HKD Class (mth)











ex on 31 March 2016 and pay on 11 April 2016 (1,788,325)


ex on 31 March 2016 and pay on 11 April 2016 (371,030)
















ex on 31 March 2015 and pay on 13 April 2015) (2,238,347)


ex on 31 March 2015 and pay on 13 April 2015) (341,821)















Total distribution to holders of redeemable units (74,917,479) (46,923,993)

In the event that the amount available for distribution is insufficient to pay distributions as the Fund declares, the Manager may in its

discretion determine that such distributions be paid from capital.



- 20 -









JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan (Formerly known as JPMorgan Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)Asia Domestic Opportunities Fund)

SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 21 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Listed/Quoted Listed/Quoted Listed/Quoted Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments (99.4%)

EquitiesEquitiesEquitiesEquities (99.4%)



China Merchants Bank 'H' 1,261,000 2,649,928 1.9

China Mobile 340,000 3,789,442 2.8

China Resources Gas Group 418,000 1,193,662 0.9

China Resources Land 858,000 2,201,262 1.6

China Shipping Development

'H' 3,266,000 2,160,056 1.6

China Taiping Insurance Hldgs 739,678 1,624,964 1.2

China Vanke 'H' 910,209 2,231,943 1.6

IMAX China Hldg 108,600 657,350 0.5

IMAX China Hldg (Placing

03/16) 99,900 604,690 0.5

Netease Inc ADR 9,700 1,392,726 1.0

Nexteer Automotive Group 989,000 1,017,491 0.8

Ping An Insurance (Group) 'H' 937,500 4,484,113 3.3

Sunny Optical Technology

Group 385,000 1,082,053 0.8

Tencent Hldgs 530,200 10,827,454 7.9


AIA Group 1,406,400 7,968,914 5.9

Cheung Kong Property Hldgs 384,000 2,472,852 1.8

CK Hutchison Hldgs 328,000 4,258,285 3.1

Hong Kong Exchanges &

Clearing 83,500 2,010,920 1.5

Techtronic Industries 483,000 1,908,574 1.4

IndiaIndiaIndiaIndia (13.2%)

Housing Development Finance 80,750 1,348,140 1.0

IndusInd Bank 347,533 5,077,926 3.7

ITC Ltd 390,930 1,937,752 1.4

Maruti Suzuki India 24,720 1,387,247 1.0

Sun Pharmaceutical Industries 167,820 2,078,031 1.6

Tata Consultancy Services 31,700 1,206,441 0.9

Tata Motors 300,270 1,752,945 1.3

Ultratech Cement 64,721 3,155,543 2.3



Berlian Laju Tanker-SG List 100,000,000 0 0.0

Mitra Keluarga Karyasehat 4,551,500 832,382 0.6

Surya Citra Media 3,980,300 942,545 0.7



GS Retail 21,318 878,929 0.6


Insurance 80,132 2,326,323 1.7

Korea Electric Power 73,816 3,885,732 2.8

LG Chem 7,060 2,021,817 1.5

LG Household & Healthcare 2,230 1,842,733 1.4

Samsung Electronics 7,510 8,615,880 6.3

S-Oil Corp 14,076 1,205,002 0.9

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Globe Telecom 17,390 838,436 0.6

SM Prime Hldgs 2,583,100 1,231,383 0.9

Universal Robina 369,360 1,739,108 1.3


ComfortDelgro Corp 874,800 1,896,937 1.4

DBS Group Hldgs 161,900 1,849,118 1.3

Jardine Cycle & Carriage 39,400 1,171,233 0.9


Catcher Technology 144,000 1,181,208 0.9

Eclat Textile 149,758 1,970,622 1.4


Uni-President Enterprises 1,398,700 2,455,461 1.8


Airports of Thailand (F) 262,300 2,997,288 2.2

Kasikornbank Public Co NVDR 381,300 1,875,068 1.4

PTT Public Co (F) 268,900 2,140,193 1.5

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 135,604,312 99.4

Other net assetsOther net assetsOther net assetsOther net assets 843,594 0.6

Net assets Net assets Net assets Net assets attributable to holders of attributable to holders of attributable to holders of attributable to holders of

redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 136,447,906 100.0

Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 123,236,248




- 22 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



China 28.4 33.0

Korea 15.2 17.2

Hong Kong 13.7 11.0

India 13.2 14.9

Taiwan 11.8 11.6

Indonesia 5.6 1.2

Thailand 5.1 3.4

Singapore 3.6 3.0

Philippines 2.8 2.7









- 23 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 815,256 3,254,511

Amounts due from brokers 359,745 332,997

Amounts receivable on allotment 209,380 23,406

Investments 135,604,312 137,836,387


receivable 673,519 3,985

Total Total Total Total assetsassetsassetsassets 137,662,212 141,451,286

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


Amounts due to brokers - 580,586

Amounts payable on redemption 792,484 43,898

Other accounts payable 421,822 147,040

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,214,306 771,524

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


of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 136,447,906 140,679,762

EquityEquityEquityEquity 136,447,906 140,679,762

Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive IncomeIncomeIncomeIncome


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





Dividend income 683,965 1,051,584



losses (59,711) (117,653)

8,319,051 20,335,924

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


Management fee 1,038,266 1,606,969

Transaction costs 240,369 396,161


Trustee's fee 26,590 36,023







1,394,113 2,152,275

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



Interest paid (294) -

Profit before Profit before Profit before Profit before taxationtaxationtaxationtaxation 6,924,644 18,183,649

Taxation (128,914) (267,812)

Increase in net assets Increase in net assets Increase in net assets Increase in net assets



comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 6,795,730 17,915,837





- 24 -

Statement of ChangesStatement of ChangesStatement of ChangesStatement of Changes in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 140,679,762 222,660,214

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



Net redemptionNet redemptionNet redemptionNet redemption (11,027,586) (35,370,979)

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

129,652,176 187,289,235







of theof theof theof the periodperiodperiodperiod 136,447,906 205,205,072



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (46,662,128) (70,536,599)



Dividend received 340,927 499,423




Tax paid (127,178) (177,896)

Transaction costs paid (242,148) (394,834)


Others (143,512) (138,500)

Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating Net cash inflow from operating

activitiesactivitiesactivitiesactivities 8,020,832 32,736,895

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







Net cash outflow from Net cash outflow from Net cash outflow from Net cash outflow from

financing financing financing financing activitiesactivitiesactivitiesactivities (10,465,268) (34,812,906)

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

Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash Decrease in cash and cash

equivalentsequivalentsequivalentsequivalents (2,444,436) (2,076,011)






the end of the periodthe end of the periodthe end of the periodthe end of the period 815,256 5,522,485


Cash at banks 815,256 5,522,485

JPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUNDJPMORGAN ASIA GROWTH FUND (Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)(Formerly known as JPMorgan Asia Domestic Opportunities Fund)



- 25 -



JPMorgan Asia Growth Fund (the "Fund") was established under a Trust Deed dated 11 May 2007, as amended, and is governed by the laws of

Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

Prior to 7 April 2016, the investment objective of the Fund was to provide investors with long-term capital appreciation by investing primarily

in securities of companies whose predominant business will benefit from, or is related to, the domestic growth in Asian economies excluding

Japan but including Australia and New Zealand. This may include, but is not limited to, companies predominantly engaged in the production,

distribution, marketing or retail sale of staple goods, such as food, beverages, household products, cosmetics, tobacco, automobiles, also

companies primarily engaged in the development of properties and infrastructure projects including building materials, building services,

property developers, ports/railways/roads builders and operators as well as insurance companies and financial companies.

With effect from 7 April 2016, the name of the Fund was changed from JPMorgan Asia Domestic Opportunities Fund to JPMorgan Asia Growth

Fund and the investment objective of the Fund was changed to provide investors with long-term capital appreciation by investing at least 70%

of its non-cash assets in equity securities of companies whose predominant business will benefit from, or is related to, the growth in Asian

economies. The Fund may invest up to 30% of its non-cash assets in equity securities of companies in non-Asian countries. The Fund may also

invest up to 10% of its non-cash assets in non-equity securities in any countries.

Pursuant to the Supplemental Trust Deed dated 31 August 2012, the Manager may decide to issue separate classes (each a “Class”) whose








(b)(b)(b)(b) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives

Classification












ownership.





value.





- 26 -










(c)(c)(c)(c) Securities borrowing Securities borrowing Securities borrowing Securities borrowing





separately.






transactions.










Fund's Trust Deed dated 11 May 2007, as amended, which may be different from the accounting policies stated in the financial

statements.




- 27 -

3333 Number of uniNumber of uniNumber of uniNumber of units in issue and net assets attributable to holders of redeemable units (per unit)ts in issue and net assets attributable to holders of redeemable units (per unit)ts in issue and net assets attributable to holders of redeemable units (per unit)ts in issue and net assets attributable to holders of redeemable units (per unit)

31.3.2016

USD Class (acc)

Units

Number of units in issue: 13,586,091.287

US$



units 136,447,906



units (per unit) 10.04

30.9.2015

USD Class (acc)

Units


US$



units 140,679,762




4444 Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives Net gains on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Change in unrealized gains in value of investments and derivatives 11,471,848 9,941,711

Realized (losses)/gains on sale of investments and derivatives (3,778,112) 9,454,485

7,693,736 19,396,196




- 28 -









6666 Distribution Distribution Distribution Distribution


JPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUNDJPMORGAN ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 29 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Convertibles(I) Convertibles(I) Convertibles(I) Convertibles (2.3%)


Franshion Cap

EB(FPC)6.8% Perp-

RegS USD1,000,000 1,102,781 0.0

Hengan Intl Grp CB

0% 27/6/18-RegS HKD96,000,000 13,004,132 0.6


China Daye Non-Fer

CB 0.5% 30/05/18 CNY10,000,000 1,546,856 0.1

PB Issuer CB (Pac

Basin)1.75% 04/16 USD5,000,000 5,016,069 0.2

Shine Power EB(BJ

Enter)0%7/19-RegS HKD26,000,000 3,269,044 0.1


Cahaya Capit

EB(Tenaga)

0%9/21-RegS USD8,000,000 7,820,000 0.4


CapitaLand Ltd CB

1.85%19/6/20-RegS SGD6,000,000 4,246,901 0.2

CapitaLand Ltd CB

2.8% 8/06/25-RegS SGD13,000,000 9,292,615 0.4


Asia Cement CB 0%

13/05/18 USD6,000,000 5,947,500 0.3

51,245,898 2.3

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

(II) Debt (II) Debt (II) Debt (II) Debt SecuritiesSecuritiesSecuritiesSecurities (86.0%)


China Const Bk

Sydney3.8% 9/17-

RegS CNH26,000,000 3,987,073 0.2

CNOOC Fin (2015)

2.625% 05/05/20 USD32,100,000 32,355,796 1.4

NSW Treasury 4%

20/04/23 AUD37,700,000 32,316,188 1.4

Queensland Try No24

5.75% 7/24-RegS AUD18,000,000 16,969,685 0.8

BermudaBermudaBermudaBermuda (0.6%)

China Electronics

4.7% 16/1/17-RegS CNH4,800,000 745,713 0.0

Kunlun Energy 2.875%

13/05/20-RegS USD12,200,000 12,515,988 0.6

Cayman IslandsCayman IslandsCayman IslandsCayman Islands (11.0%)

Agile Property 9%

21/05/20-RegS USD7,700,000 8,423,415 0.4

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Agile Property 9.875%

20/03/17-RegS USD13,800,000 14,464,355 0.6

Alibaba Group Hldg

3.6% 28/11/24 USD10,000,000 10,267,500 0.5

CAR Inc 6% 11/02/21-

RegS USD7,900,000 8,124,755 0.4

CAR Inc 6.125%

04/02/20-RegS USD14,700,000 15,286,060 0.7

China Overs Fin V

3.95% 15/11/22 USD3,500,000 3,644,837 0.2

China Overs Fin VI

5.95% 5/24-RegS USD9,000,000 10,539,900 0.5

CIFI Hldgs Group

7.75% 05/06/20 USD6,000,000 6,398,325 0.3

Country Garden 7.5%

09/03/20-RegS USD4,500,000 4,743,638 0.2

Country Garden 7.5%

10/01/23-RegS USD600,000 626,540 0.0

Country Garden

7.875% 27/05/19-

RegS USD7,200,000 7,862,355 0.4

ENN Energy Hldgs

3.25% 10/19-RegS USD6,000,000 6,102,925 0.3

ENN Energy Hldgs 6%

13/05/21-RegS USD2,000,000 2,287,133 0.1

Formosa Group

3.375% 22/04/25-

RegS USD24,550,000 24,968,578 1.1

FWD Ltd 5%

24/09/24-RegS USD16,800,000 17,935,867 0.8

Greenland HK Hldgs

4.375% 8/17-RegS USD8,300,000 8,425,197 0.4

Hutch Wham Intl 12

VRN 6% Perp-RegS USD1,650,000 1,750,513 0.1

Hutch Wham Intl 14

3.625%10/24-RegS USD6,700,000 7,078,243 0.3

KWG Property 13.25%

22/03/17 USD400,000 434,992 0.0

KWG Property 8.25%

05/08/19-RegS USD10,500,000 11,352,206 0.5

Lai Fung Hldgs

6.875% 25/04/18-

RegS CNH5,000,000 764,382 0.0

Longfor Prop 6.75%

28/05/18-RegS CNH4,000,000 639,909 0.0

MCE Finance 5%

15/02/21-RegS USD3,200,000 3,097,849 0.1

New World China

5.375% 6/11/19-

RegS USD22,700,000 24,400,198 1.1

Semiconductor Manu

4.125%10/19-RegS USD11,600,000 12,105,204 0.5

Shimao Property

8.375% 10/2/22-

RegS USD17,906,000 19,833,531 0.9

Sinostrong Intl 4%

28/05/18 CNH27,300,000 4,189,247 0.2

Tencent Hldgs 3.8%

11/02/25-RegS USD7,900,000 8,188,218 0.4



- 30 -

Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio (Continued)



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Bank of China 5%

13/11/24-RegS USD28,800,000 30,492,159 1.4

Bank of Comm VRN

5% Perp-RegS USD9,155,000 9,481,834 0.4

Beijing Capital (HK)

4.7% 6/17-RegS CNH4,000,000 626,757 0.0

China Const Bk

3.875% 13/5/25-

RegS USD25,200,000 25,763,518 1.2

China Const Bk VRN

4.9% 11/24-RegS CNH9,400,000 1,424,911 0.1

China Govt Bond

3.48% 29/06/27-

RegS CNH9,500,000 1,481,750 0.1

China Govt Bond

4.29% 22/05/29-

RegS CNH5,500,000 925,961 0.0

China Govt Bond 4.5%

22/05/34-RegS CNH4,500,000 762,272 0.0

China New Town Fin

5.5% 6/5/18-RegS CNH51,000,000 7,914,289 0.4

ICBC Macau VRN

3.875% 10/09/24-

RegS USD12,100,000 12,275,063 0.5

Lenovo Group 4.95%

10/06/20 CNH50,000,000 7,793,359 0.3

People's Bk of CN 3.1%

10/16-RegS CNH148,870,000 23,409,682 1.1

Shenzhen Qianhai

4.55% 10/17-RegS CNH25,500,000 4,025,440 0.2


Bank of East VRN

4.25% 11/24-RegS USD21,200,000 21,580,187 1.0

China CITIC Bk 6.875%

24/6/20-RegS USD2,000,000 2,273,131 0.1

China CITIC Bk VRN

3.875% 28/9/22 USD1,400,000 1,410,403 0.1

China CITIC Bk VRN

6% 05/24-RegS USD4,500,000 4,838,340 0.2

China CITIC Bk VRN

7.25%Perp-RegS USD9,200,000 10,015,784 0.5

China Const Bk VRN

4.25% 08/24-RegS USD13,100,000 13,428,919 0.6

CITIC Ltd 6.875%

21/01/18 USD2,400,000 2,627,902 0.1

CITIC Ltd VRN 8.625%

Perp-RegS USD10,600,000 12,214,866 0.5

CRCC Yupeng VRN

3.95% Perp-RegS USD16,500,000 17,019,475 0.8

Dah Sing Bank VRN

4.875% 02/22-RegS SGD1,750,000 1,325,790 0.1

Hero Asia Inv 2.875%

03/10/17-RegS USD13,100,000 13,399,926 0.6

HNA Group Intl 8%

13/11/17-RegS CNH34,200,000 5,195,350 0.2

ICBCIL Finance 3.25%

17/03/20-RegS USD16,000,000 16,236,067 0.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


MCC Hldgs HK 2.5%

28/08/17-RegS USD12,100,000 12,188,464 0.5

Poly Property 4.75%

16/05/18-RegS USD9,980,000 10,323,756 0.5

Wheelock Finance

2.75% 2/07/17-

RegS USD12,700,000 12,923,838 0.6

Wheelock Finance 3%

19/03/18-RegS USD1,600,000 1,621,893 0.1

Wing Lung Bank VRN

3.5% 11/22-RegS USD1,000,000 1,013,947 0.0

Zhejiang Prov Energy

2.3% 9/17-RegS USD9,600,000 9,606,987 0.4


Bharat Petroleum 4%

08/05/25-RegS USD15,700,000 16,076,800 0.7

Export-Imp Bk IN

9.45% 22/01/19 INR950,000,000 15,157,584 0.7

Export-Imp Bk IN

NoQ17 9.28% 10/18 INR650,000,000 10,511,172 0.5

Export-Imp Bk IN

NoQ20

9.7%21/11/18 INR250,000,000 4,057,332 0.2

Export-Imp Bk IN

NoQ21 9.63% 11/18 INR250,000,000 4,052,199 0.2

Housing Dev Fin

9.75% 10/16 SerL-

02 INR750,000,000 11,880,488 0.5

Housing Dev Fin

9.75% 12/16 SerI-25 INR500,000,000 7,848,682 0.4

ICICI Bank 4%

24/11/17-RegS CNH31,000,000 4,822,581 0.2

India Govt Bond 8.19%

16/01/20 INR220,000,000 3,456,049 0.2


09/06/20 INR752,000,000 11,988,833 0.5


28/07/24 INR1,140,000,000 18,137,974 0.8

NTPC Ltd 4.375%

26/11/24-RegS USD9,100,000 9,691,159 0.4

Oil India 3.875%

17/04/19-RegS USD8,500,000 8,943,789 0.4

Oil India 5.375%

17/04/24-RegS USD2,000,000 2,233,971 0.1

ONGC Videsh 3.25%

15/07/19-RegS USD8,400,000 8,614,212 0.4

Power Finance 9.32%

17/09/19 INR250,000,000 4,092,839 0.2

Power Finance No123A

8.5% 28/11/17 INR600,000,000 9,367,933 0.4

Tata Motors 4.625%

30/04/20-RegS USD14,900,000 15,837,624 0.7


Indonesia Eximbank

NoOB 9% 13/03/18 IDR130,000,000,000 9,943,627 0.5

Indonesia Govt

NoFR53 8.25%

15/7/21 IDR73,500,000,000 5,849,247 0.3



- 31 -


As at 31 As at 31 As at 31 As at 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


IndonesiaIndonesiaIndonesiaIndonesia (Continued)

Indonesia Govt

NoFR54 9.5%

15/07/31 IDR87,500,000,000 7,430,876 0.3

Indonesia Govt

NoFR69

7.875%15/4/19 IDR364,900,000,000 28,813,963 1.3

Indonesia Govt

NoFR71 9%

15/03/29 IDR119,000,000,000 9,590,517 0.4

Indonesia Retail 8.5%

15/10/17 IDR504,000,000,000 38,866,079 1.7

Indonesia Retail 9%

15/10/18 IDR100,000,000,000 7,818,102 0.4

Indosat Tbk NoOB 10%

12/12/17 IDR35,000,000,000 2,697,997 0.1

Indosat Tbk NoOB

8.55% 14/06/16 IDR80,000,000,000 6,093,212 0.3

Indosat Tbk NoOB

9.25% 04/06/18 IDR100,000,000,000 7,595,735 0.3

MPM Global Pte 6.75%

19/9/19-RegS USD8,800,000 8,700,450 0.4

Pelabuhan Indonesia

4.25% 5/25-RegS USD9,600,000 9,364,840 0.4

Pertamina Persero

4.3% 20/5/23-RegS USD45,000,000 44,732,999 2.0

Pertamina Persero

4.875% 05/22-RegS USD8,000,000 8,311,017 0.4

Pertamina Persero

5.625% 05/43-RegS USD1,800,000 1,631,745 0.1

Pertamina Persero 6%

03/05/42-RegS USD800,000 754,387 0.0

Pertamina Persero

6.45%30/5/44-

RegS USD25,000,000 24,962,708 1.1

Perusahaan Penerb

4.325% 5/25-RegS USD6,300,000 6,378,103 0.3

Perusahaan Penerb

4.35% 09/24-RegS USD14,300,000 14,345,164 0.6

Perusahaan Penerb

NoSR07 8.25% 3/18 IDR153,000,000,000 11,747,695 0.5

Rep of Indonesia

4.75% 8/1/26-RegS USD50,000,000 53,282,082 2.4

Rep of Indonesia

5.125%15/1/45-

RegS USD6,000,000 6,045,071 0.3

Rep of Indonesia

5.875% 01/24-RegS USD5,000,000 5,706,330 0.3

Theta Cap 6.125%

14/11/20-RegS USD893,000 883,248 0.0

Jersey C.I.Jersey C.I.Jersey C.I.Jersey C.I. (0.6%)

West China Cement

6.5% 11/9/19-RegS USD12,700,000 13,378,709 0.6


KEB Hana Bank 4.25%

10/24-RegS USD7,500,000 7,945,750 0.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


KEB Hana Bank

4.375% 30/09/24-

RegS USD7,400,000 7,771,429 0.3

Korea Land No42

3.5% 27/08/20 KRW5,000,000,000 5,378,192 0.2

Korea Try No2106 ILB

1.5% 10/06/21 KRW6,850,000,000 6,582,179 0.3

Korea Try No2306 ILB

1.125% 10/6/23 KRW7,000,000,000 6,292,604 0.3

Korea Western Power

2.625%9/19-RegS USD10,200,000 10,414,498 0.5

Shinhan Bank 3.875%

24/03/26-RegS USD8,000,000 8,094,889 0.4

Woori Bank 4.75%

30/04/24-RegS USD15,800,000 16,951,118 0.8

Woori Bank 5%

10/06/45-RegS USD13,000,000 13,140,472 0.6

Woori Bank VRN

6.208% 02/05/37-

RegS USD1,500,000 1,596,925 0.1


AmBank M 3.125%

03/07/19-RegS USD10,600,000 10,879,582 0.5

Cagamas Bhd 4.1%

18/11/20 MYR15,000,000 3,900,863 0.2

Cagamas Bhd NoP8

6.35% 08/08/23 MYR55,000,000 16,005,509 0.7

Cagamas Global 3.7%

22/09/17-RegS CNH54,400,000 8,263,854 0.4

Danainfra Nasional

4.41% 24/07/24 MYR15,000,000 3,909,282 0.2

Malayan Bkg VRN

3.8% 28/04/21 SGD1,500,000 1,132,280 0.0

Malaysia Govt Inv

No0116 4.39% 7/23 MYR30,000,000 8,001,933 0.4

Malaysia Govt Inv

No0613 3.716%3/21 MYR42,000,000 10,779,180 0.5

Malaysian Govt

No0315 3.659%

10/20 MYR60,000,000 15,806,926 0.7

Putrajaya Hldgs 4.55%

19/09/23 MYR20,000,000 5,185,211 0.2

Telekom Malaysia

4.82% 21/03/24 MYR10,000,000 2,634,301 0.1

MongoliaMongoliaMongoliaMongolia (0.2%)

Mongolia 7.5%

30/06/18-RegS CNH40,000,000 5,321,294 0.2

NetherlandsNetherlandsNetherlandsNetherlands (1.4%)

Bharti Airtel 5.125%

11/03/23-RegS USD21,000,000 22,514,931 1.0

Indo Energy Fin II

6.375% 1/23-RegS USD6,000,000 2,907,250 0.1

Royal Capital VRN

5.5% Perp-RegS USD6,000,000 6,076,250 0.3



- 32 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



New Zealand Govt

No319 5% 15/03/19 NZD25,000,000 18,859,961 0.9

New Zealand Govt

No521 6% 15/05/21 NZD30,000,000 25,038,484 1.1

PakistanPakistanPakistanPakistan (0.2%)

Islamic Rep Pakistan

8.25%9/25-RegS USD5,000,000 5,328,792 0.2


Philippines Rep of

3.9% 26/11/22 PHP134,000,000 2,917,676 0.1

Philippines Rep of

6.25% 14/01/36 PHP467,000,000 11,494,840 0.5


Alam Synergy Pte 9%

29/01/19-RegS USD7,350,000 7,334,565 0.3

BOC Aviation Pte 3%

30/03/20-RegS USD10,700,000 10,802,898 0.5

BOC Aviation Pte

3.875% 9/5/19-

RegS USD10,721,000 11,259,112 0.5

BOC Aviation Pte 4.2%

05/11/18-RegS CNH44,000,000 6,827,192 0.3

CapitaLand Try

4.076% 20/09/22 USD2,000,000 2,125,617 0.1

Housing & Dev

3.008% 26/03/21-

RegS SGD10,000,000 7,860,838 0.3

Housing & Dev Board

3.1% 07/24-RegS SGD4,000,000 3,181,379 0.1

OCBC 4.25%

19/06/24-RegS USD1,600,000 1,702,896 0.1

OCBC VRN 4%

15/10/24-RegS USD14,400,000 15,224,480 0.7

Public Utilities Board

3.52% 10/20 SGD10,000,000 8,097,782 0.4

RH Intl Singapore

3.5% 2/5/19-RegS USD10,600,000 11,054,563 0.5

Theta Cap 7%

11/04/22-RegS USD7,800,000 7,796,100 0.3

United Over Bk VRN

3.45% 01/04/21 SGD2,250,000 1,699,856 0.1

United Over Bk VRN

3.75% 09/24-RegS USD8,000,000 8,257,633 0.4

Sri LankaSri LankaSri LankaSri Lanka (1.1%)

Natl Savings Bk 5.15%

10/09/19-RegS USD5,500,000 5,183,735 0.2

Natl Savings Bk

8.875% 18/9/18-

RegS USD3,200,000 3,355,844 0.2

Rep of Sri Lanka

6.125% 3/6/25-

RegS USD11,500,000 10,784,085 0.5

SriLankan Airlines

5.3% 06/19-RegS USD4,400,000 4,247,039 0.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


SupranationalSupranationalSupranationalSupranational (0.4%)

Asian Dev Bank 3.25%

20/07/17 NZD12,000,000 8,462,897 0.4


Krung Thai Bk VRN

5.2% 12/24-RegS USD26,000,000 27,153,533 1.2

Thailand Govt 3.625%

16/06/23 THB110,000,000 3,595,629 0.2

Thailand Govt 3.65%

17/12/21 THB337,000,000 10,821,339 0.5

Thailand Govt 3.65%

20/06/31 THB120,320,000 4,110,446 0.2

Thailand Govt 3.875%

13/06/19 THB720,000,000 22,312,858 1.0

United StatesUnited StatesUnited StatesUnited States (0.7%)

China Merchant

2.375% 14/05/18-

RegS USD15,000,000 15,204,813 0.7

Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (12.8%)

Beijing Cap Polar

2.875% 04/18-RegS USD17,000,000 17,287,725 0.8

Bestgain Real Est

4.05% 12/16-RegS CNH3,900,000 609,572 0.0

CCCI Treasure VRN

3.5% Perp-RegS USD10,400,000 10,549,789 0.5

Central Plaza VRN

7.125% Perp-RegS USD22,700,000 24,323,050 1.1

Chalco HK Inv VRN

6.25% Perp-RegS USD16,100,000 16,763,521 0.8

Chinalco Fin 3.625%

11/12/19-RegS USD8,675,000 9,053,465 0.4

Dianjian Haixing VRN

4.05%Perp-RegS USD17,100,000 17,868,859 0.8

Double Rosy 3.625%

18/11/19-RegS USD22,400,000 23,087,524 1.0

Eastern Creation II

2.625% 20/11/17 USD9,600,000 9,766,800 0.5

Franshion Brill 5.375%

10/18-RegS USD400,000 429,854 0.0

Franshion Brill 5.75%

19/03/19-RegS USD23,000,000 24,526,657 1.1

HKT Capital No2

3.625% 2/04/25-

RegS USD10,997,000 11,404,164 0.5

HLP Finance 4.45%

16/04/21-RegS USD11,000,000 11,785,064 0.5

King Power Cap

5.625% 03/11/24-

RegS USD11,400,000 12,502,166 0.6

NWD (MTN) 5.25%

26/02/21-RegS USD16,725,000 17,932,545 0.8

Proven Honour Cap

4.125% 19/05/25 USD12,400,000 12,797,291 0.6

SDSC Intl Finance

3.625% 11/19-RegS USD12,600,000 13,118,455 0.6

Shanghai Electric Grp

3% 8/19-RegS USD9,000,000 9,204,750 0.4



- 33 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (Continued)

Sino-Ocean Land

4.45% 04/02/20-

RegS USD10,000,000 10,231,194 0.5

Sino-Ocean Land 6%

30/07/24-RegS USD800,000 833,707 0.0

Sinopec Group Over

2.5%28/4/20-RegS USD20,300,000 20,576,982 0.9

Studio City Fin 8.5%

01/12/20-RegS USD5,000,000 5,169,667 0.2

Value Success Intl 4%

21/11/16-RegS CNH3,000,000 470,585 0.0

Value Success Intl

4.75% 11/18-RegS CNH1,000,000 157,465 0.0

Yunnan Energy Invest

5.5%10/17-RegS CNH30,000,000 4,619,509 0.2

1,914,797,403 86.0

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




FuturesFuturesFuturesFutures (-0.1%)

US 10Yr Note (CBT)

Fut 06/16 (1,100) (1,973,438) (0.1)

19,426,692 0.9

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










31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015


ConvertiblesConvertiblesConvertiblesConvertibles

China 0.6 1.6

Singapore 0.6 0.9

Hong Kong 0.4 0.4

Malaysia 0.4 0.3

Taiwan 0.3 0.3

Korea - 0.1

Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities

Indonesia 14.4 9.3

Virgin Islands 12.8 14.8

Cayman Islands 11.0 12.6

Hong Kong 7.6 8.1

India 7.5 7.0

China 5.7 4.6

Singapore 4.6 5.1

Malaysia 3.9 2.7

Australia 3.8 3.7

Korea 3.8 4.8

Thailand 3.1 1.7

New Zealand 2.0 1.1

Netherlands 1.4 1.8

Sri Lanka 1.1 1.7

United States 0.7 0.7

Philippines 0.6 0.6

Jersey C.I. 0.6 0.6

Bermuda 0.6 0.9

Supranational 0.4 0.3

Pakistan 0.2 0.2

Mongolia 0.2 0.3

United Kingdom - 0.5

Mexico - 0.4

Peru - 0.1



Futures (0.1) (0.0)








- 34 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 279,151,886 258,463,022

Amounts due from brokers - 16,425,191


Margin deposits 3,268,121 1,314,345

Derivatives 38,859,277 33,315,219

Investments 1,966,043,301 1,943,564,543

Interest and other accounts



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


Amounts due to brokers 59,078,070 -



Derivatives 19,432,585 13,484,437





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





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015






gains/(losses) 2,614,134 (275,254)


Other income 117,049 1,500

117,118,267 22,547,355

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


Management fee 10,937,459 8,230,334

Trustee's fee 282,257 216,112









11,832,835 8,787,968

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


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



Interest paid (12) (5,454)

(68,466,253) (59,423,381)

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


Taxation (1,885,317) (1,574,435)








- 35 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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

Allotment of redeemable units 891,886,975 2,050,864,685


Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (37,127,817) 1,552,630,985

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

2,191,987,583 2,454,861,966










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (225,221,908) (1,242,956,610)







Tax paid (1,761,068) (392,080)

Increase in margin deposits (1,953,776) (859,514)


Others (1,120,582) (62,743)


operating activitiesoperating activitiesoperating activitiesoperating activities 151,383,925 (1,212,539,148)

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




redeemable units 862,743,496 1,943,909,723





financing financing financing financing activitiesactivitiesactivitiesactivities (134,372,779) 1,399,168,516

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






and cash equivalents 3,677,718 (87,330)




Cash at banks 279,151,886 285,602,652

Short term deposits - 53,001,202

279,151,886 338,603,854

JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN JPMORGAN ASIAN TOTAL RETURN BOND FUNDBOND FUNDBOND FUNDBOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 36 -



JPMorgan Asian Total Return Bond Fund (the "Fund") was established under a Trust Deed dated 30 November 2004, as amended, and is

governed by the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to achieve a competitive total return, consisting of capital growth and regular dividend income,

through an actively managed portfolio investing primarily in Asian bonds and other debt securities.

Pursuant to the Supplemental Trust Deed dated 27 February 2012, the Manager may decide to issue separate classes (each a “Class”) whose









Classification










ownership.





value.









Credit default swaps are marked to market daily based upon quotations from the market makers and the change in value, if any, is

recorded as an unrealized gain or loss in the Statement of Comprehensive Income.





- 37 -

(c)(c)(c)(c) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation





transactions.







(d)(d)(d)(d) Proceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of unitsProceeds and payments on allotment and redemption of units



Fund's Trust Deed dated 30 November 2004, as amended, which may be different from the accounting policies stated in the financial

statements.






31.3.2016

AUD Hedged Class

(mth)

CAD Hedged Class

(mth)

GBP Hedged Class

(mth) HKD Class (mth)

NZD Hedged Class

(mth)


Number of units in issue: 25,522,176.189 14,613,074.661 153,867.797 298,664,339.357 8,940,965.565

A$ C$ GBP HK$ NZ$



units 233,897,087 134,326,307 1,474,978 2,890,398,232 81,367,341



units (per unit) 9.16 9.19 9.59 9.68 9.10



- 38 -

RMB Hedged Class

(acc)

RMB Hedged Class

(mth) USD Class (acc) USD Class (mth)

PRC RMB Hedged

Class (acc)



CNY CNY US$ US$ CNY



units 18,674,255 4,576,756,469 30,539,494 653,985,795 372,458,057



units (per unit) 10.97 9.44 11.47 11.13 10.44

PRC RMB Hedged

Class (mth)

PRC USD Class

(acc)

PRC USD Class

(mth)

Units Units Units

Number of units in issue: 32,478,359.860 667,121.990 201.460

CNY US$ US$



units 330,976,185 6,840,131 2,043



units (per unit) 10.19 10.25 10.14

30.9.2015

AUD Hedged Class

(mth)

CAD Hedged Class

(mth)

GBP Hedged Class


NZD Hedged Class

(mth)


Number of units in issue: 24,150,892.841 15,771,899.487 93,571.235 259,609,204.830 10,791,750.092

A$ C$ GBP HK$ NZ$



units 218,503,411 143,065,587 883,883 2,473,838,161 96,923,455



units (per unit) 9.05 9.07 9.45 9.53 8.98



- 39 -

RMB Hedged Class

(acc)

RMB Hedged Class

(mth) USD Class (acc) USD Class (mth)



CNY CNY US$ US$



units 29,073,814 6,075,057,512 31,831,272 595,609,359



units (per unit) 10.33 9.32 11.06 10.97


1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 83,111,509 42,574,233

Realized gains/(losses) on sale of investments and derivatives 31,003,356 (20,017,203)

114,114,865 22,557,030





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Net operating profit 105,285,432 13,759,387

Adjustments:


Interest income included in net gains on investments and derivatives (at coupon rate) 47,765,348 33,132,088

Net foreign currency exchange (gains)/losses (2,614,134) 275,254



Taxation (1,885,317) (1,574,435)

Capital gain tax 462,368 764,681


Distribution of







GBP0.0361 per unit on 95,671.350 units of GBP Hedged Class (mth)




- 40 -

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$







































(2015: GBP0.0391 per unit on 12,743.662 units of GBP Hedged Class (mth)

ex on 28 November 2014 and pay on 8 December 2014) (780)



























- 41 -

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$




ex on 31 December 2014 and pay on 9 January 2015) (766)













CNY0.1063 per unit on 1,897,453.890 units of PRC RMB Hedged Class (mth)










US$0.0365 per unit on 200.000 units of PRC USD Class (mth)

ex on 29 January 2016 and pay on 15 February 2016 (7)








ex on 30 January 2015 and pay on 9 February 2015) (818)
























ex on 29 February 2016 and pay on 8 March 2016 (7)







- 42 -

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$




























ex on 31 March 2016 and pay on 11 April 2016 (7)


























JPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUNDJPMORGAN ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 43 -



Place ofPlace ofPlace ofPlace of

establishmentestablishmentestablishmentestablishment HoldingHoldingHoldingHolding

FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (100.2%)


JPMF-JPM China Fd 'A' (dist)-USD * Luxembourg 88,432 3,746,853 9.1

JPMF-JPM Greater China'A'(dist)-USD * Luxembourg 129,433 3,762,617 9.2


JPMF-JPM Hong Kong 'A' (dist)-USD * Luxembourg 150,787 6,863,807 16.8


JPM India Fd-USD (acc) * Mauritius 7,761 1,787,212 4.4

JPM India Smaller Co Fund-USD (acc) ** Mauritius 152,774 2,285,499 5.6

JapanJapanJapanJapan (25.0%)

JPM Japan (Yen)(acc)-JPY ** Hong Kong 43,039 10,211,415 25.0


JPM Korea Fd (acc)-USD ** Hong Kong 165,560 7,460,148 18.2

South East AsiaSouth East AsiaSouth East AsiaSouth East Asia (5.7%)

JPM Eastern Smaller Cos-USD(acc) ** Hong Kong 14,387 2,348,570 5.7


JPMF-JPM Taiwan 'A' (dist)-USD * Luxembourg 170,311 2,532,527 6.2


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (63,010) (0.2)

Net assets Net assets Net assets Net assets attributable to holders of redeemable units at 31 March 2016attributable to holders of redeemable units at 31 March 2016attributable to holders of redeemable units at 31 March 2016attributable to holders of redeemable units at 31 March 2016 40,935,638 100.0


* Issued and managed by a Connected Person of the Manager

** Issued and managed by the Manager



- 44 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Japan 25.0 29.0

China 18.3 17.0

Korea 18.2 16.4

Hong Kong 16.8 17.4

India 10.0 9.5

Taiwan 6.2 7.4

South East Asia 5.7 5.0


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (0.2) (1.7)

Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of Net assets attributable to holders of redeemable unitsredeemable unitsredeemable unitsredeemable units 100.0 100.0




- 45 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 144,767 84,798


Amounts receivable on allotment 510 4,308

Margin deposits 2 2

Investments 40,998,648 44,809,746

Interest receivable 5 2

Total assetsTotal assetsTotal assetsTotal assets 41,327,889 45,080,559

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


Short term bank loans - unsecured - 950,173



Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 392,251 1,031,313

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




Statement ofStatement ofStatement ofStatement of Comprehensive IncomeComprehensive IncomeComprehensive IncomeComprehensive Income


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





Interest on deposits 27 10


losses (34,674) (30,060)

2,006,060 6,497,963

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


Management fee 106,326 140,508






Safe custody and bank charges 894 538

Printing and publication expenses 850 2,993

Transaction costs 180 700


159,856 196,221

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



Interest paid (6,309) (2,947)

Increase Increase Increase Increase in net assets in net assets in net assets in net assets


redeemable units redeemable units redeemable units redeemable units and total and total and total and total





- 46 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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

Allotment of redeemable units 520,146 2,355,713



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

39,095,743 49,986,161







of the periodof the periodof the periodof the period 40,935,638 56,284,956



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives - (4,660,877)



Interest received 24 9

Transaction costs paid (280) (760)



Management fee paid (107,578) (142,325)

Others (53,047) (77,604)



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




redeemable units 523,944 2,362,413




financing activitiesfinancing activitiesfinancing activitiesfinancing activities (4,644,006) (7,700,344)

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




beginning of the period (865,375) (2,961,039)

Exchange (losses)/gains on cash

and cash equivalents (3) 2


the end of the periodthe end of the periodthe end of the periodthe end of the period 144,767 (381,990)


Cash at banks 144,767 38,022

Short term bank loans -

unsecured - (420,012)

144,767 (381,990)



- 47 -



JPMorgan AsiaOne Fund (the "Fund") was established under a Trust Deed dated 22 August 2006, as amended, and is governed by the laws of

Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong ("SFC").

The investment objective of the Fund is to seek to produce a competitive total return in different market conditions. The Fund seeks to

achieve this primarily through an actively managed portfolio of collective investment schemes managed by the Manager or its connected

persons (as defined in the SFC Code) which are linked to the economies of Asian countries (including Australia) ("Underlying Funds"). The

allocation to the Underlying Funds will be continually monitored and reviewed and changes will be made as considered appropriate to better

achieve the Fund's objective. In other words, the Fund may invest up to all of its assets in equity funds when the Investment Manager believes

market conditions and opportunities favour equities. When the Investment Manager believes market conditions and opportunities do not

favour equities the Fund may invest up to all of its assets in fixed income and money market funds and other funds with a low correlation to

equities. The Investment Manager may invest in a range of funds whose underlying assets embrace the full spectrum of the risk return trade

off from low to high risk. The Investment Manager may carry out hedging activities via financial futures.







Classification










ownership.





value.











- 48 -



transactions.










Fund's Trust Deed dated 22 August 2006, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2016 30.9.2015

Units Units

Number of units in issue 2,743,058.810 3,086,137.316

US$ US$

Net assets attributable to holders of redeemable units 40,935,638 44,049,246

Net assets attributable to holders of redeemable units (per unit) 14.92 14.27


1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$


Realized gains on sale of investments and derivatives 934,766 1,528,557

2,040,707 6,528,013


During the period, the Investment Manager and its associates did not enter into any soft dollar arrangements/commission sharing

arrangements in connection with directing transactions of the Fund through a broker or dealer (31 March 2015: nil).



JPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUNDJPMORGAN AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 49 -



























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





BanksBanksBanksBanks (23.6%)

Australia & NZ Bkg Group-AU

List 93,500 1,687,358 4.7

Commonwealth Bank of

Australia 52,800 3,042,980 8.4

National Australia Bank 76,016 1,534,392 4.3

Westpac Banking 96,313 2,248,594 6.2

Commercial Services & SuppliesCommercial Services & SuppliesCommercial Services & SuppliesCommercial Services & Supplies (5.5%)

Brambles Ltd 120,000 1,118,797 3.1

Computershare Ltd 68,000 511,582 1.4

Spotless Group 369,466 358,107 1.0

Communications EquipmentCommunications EquipmentCommunications EquipmentCommunications Equipment (1.2%)

IVE Group 280,000 431,857 1.2

Containers & PackagingContainers & PackagingContainers & PackagingContainers & Packaging (7.2%)

Amcor Ltd 145,000 1,600,617 4.4

Orora Ltd 525,000 1,009,641 2.8

Diversified FinancialsDiversified FinancialsDiversified FinancialsDiversified Financials (5.3%)

Eclipx Group 175,849 412,579 1.1

Macquarie Group 29,500 1,499,772 4.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services (5.1%)

Telstra Corp 445,000 1,824,546 5.1

Food ProductsFood ProductsFood ProductsFood Products (0.6%)

Wellard Ltd 360,000 213,236 0.6

Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (3.1%)

Aristocrat Leisure 143,146 1,134,185 3.1

InsuranceInsuranceInsuranceInsurance (10.9%)

AMP Ltd-AU List 348,200 1,550,868 4.3

Medibank Private 453,274 1,021,635 2.8

QBE Insurance Group 161,390 1,354,468 3.8

MediaMediaMediaMedia (1.9%)

Isentia Group 130,000 347,009 0.9

oOh Media 102,000 347,593 1.0

Metals & MiningMetals & MiningMetals & MiningMetals & Mining (4.2%)

BHP Billiton Ltd 74,185 962,146 2.7

Syrah Resources 171,158 534,553 1.5

Oil & GasOil & GasOil & GasOil & Gas (5.6%)

Caltex Australia 43,000 1,125,305 3.1

Oil Search 174,575 907,813 2.5

PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (6.2%)

Blackmores Ltd 2,819 384,153 1.1

CSL Ltd 23,767 1,854,604 5.1

Real Real Real Real EstateEstateEstateEstate (9.4%)

AVEO Group Stapled Sec 317,220 817,472 2.3

Ingenia Communities Stapled

Sec 197,786 429,054 1.2

Lend Lease Group Stapled Sec 102,200 1,090,423 3.0

Stockland Stapled Sec 325,300 1,068,512 2.9

Road & RailRoad & RailRoad & RailRoad & Rail (3.0%)

Aurizon Hldgs 360,000 1,096,643 3.0


OilsOilsOilsOils (2.1%)

Z Energy 160,892 754,024 2.1



Net assets attributableNet assets attributableNet assets attributableNet assets attributable to holders of to holders of to holders of to holders of





- 50 -




of of of of net assetsnet assetsnet assetsnet assets

31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



AustraliaAustraliaAustraliaAustralia

Banks 23.6 23.6

Insurance 10.9 12.0

Real Estate 9.4 8.1

Containers & Packaging 7.2 4.2

Pharmaceuticals 6.2 5.5

Oil & Gas 5.6 6.5

Commercial Services & Supplies 5.5 5.4

Diversified Financials 5.3 5.0

Diversified Telecommunication Services 5.1 -

Metals & Mining 4.2 4.4

Hotels Restaurants & Leisure 3.1 3.8

Road & Rail 3.0 3.9

Media 1.9 1.3

Communications Equipment 1.2 -

Food Products 0.6 -

Transportation Infrastructure - 4.4

Health Care Providers & Services - 1.6

Textiles & Apparel - 0.7

New ZealandNew ZealandNew ZealandNew Zealand

Oils 2.1 2.8

Healthcare - 1.0








- 51 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 1,750,656 640,388



Investments 34,274,518 30,411,598

Dividend and interest receivable 152,577 169,369


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




Liabilities Liabilities Liabilities Liabilities (excluding net assets (excluding net assets (excluding net assets (excluding net assets


redeemable units)redeemable units)redeemable units)redeemable units) 128,320 147,076

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





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




and derivatives [Note 4] 3,285,430 (232,512)

Dividend income 615,540 687,896


gains/(losses) 106,677 (181,248)



4,025,064 305,126

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









Legal and professional expenses 1,208 154



314,762 382,656

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

Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 3,710,302 (77,530)


Interest paid - (7)

Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 3,710,302 (77,537)

Taxation (16,489) (23,286)




total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 3,693,813 (100,823)




- 52 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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



Net Net Net Net allotment/(redemption)allotment/(redemption)allotment/(redemption)allotment/(redemption) 130,670 (2,040,445)

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

32,423,286 40,282,997




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 3,693,813 (100,823)






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (6,292,679) (4,172,715)







Tax paid (16,144) (23,464)



Others 6,000 119,644


operating activitiesoperating activitiesoperating activitiesoperating activities (234,231) 4,229,330

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


Interest paid - (7)






financing activitiesfinancing activitiesfinancing activitiesfinancing activities 203,104 (2,409,617)

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

(Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash (Decrease)/increase in cash

and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (31,127) 1,819,713







Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash equivalents:equivalents:equivalents:equivalents:

Cash at banks 1,750,656 848,143


1,750,656 2,845,355



- 53 -



JPMorgan Australia Fund (the "Fund") was established under a Trust Deed dated 5 June 1981, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in Australian securities.






(a)(a)(a)(a) Accounting policies of interim fAccounting policies of interim fAccounting policies of interim fAccounting policies of interim financial statementsinancial statementsinancial statementsinancial statements




Classification












ownership.





value.













- 54 -

(c)(c)(c)(c) Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing Securities lending and borrowing

Securities lenders' agreements are entered into with institutions of appropriate financial standing who engage in such arrangements

acceptable to the Trustee and on arm's length commercial terms. Securities lent are included in the investment portfolio of the Fund.

Relevant securities lending income entitled by the Fund is accounted for in the Statement of Comprehensive Income. Collateral received

for the purpose of securities lent generally consist of non-cash collateral which are off-balance sheet transactions and are therefore not

included in the financial statements.





separately.






transactions.







(e)(e)(e)(e) PrPrPrProceeds and payments on allotment and redemption of unitsoceeds and payments on allotment and redemption of unitsoceeds and payments on allotment and redemption of unitsoceeds and payments on allotment and redemption of units



Fund's Trust Deed dated 5 June 1981, as amended, which may be different from the accounting policies stated in the financial statements.





3333 Number of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable units (per unit)s (per unit)s (per unit)s (per unit)

31.3.2016

AUD Class (acc) USD Class (acc)

Units Units


A$ US$



units 2,244,596 34,390,443






- 55 -

30.9.2015

AUD Class (acc) USD Class (acc)

Units Units


A$ US$



units 2,376,204 30,621,522




4444 Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives Net gains/(losses) on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 2,458,392 (92,041)

Realized gains/(losses) on sale of investments and derivatives 827,038 (140,471)

3,285,430 (232,512)











JPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA AJPMORGAN CHINA A----SHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUNDSHARE OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 56 -




FairFairFairFair


CNYCNYCNYCNY

% of% of% of% of

netnetnetnet





Aier Eye Hospital Group 'A' 97,220 2,901,045 0.6

Aisino Corp 'A' 41,300 2,181,053 0.5

Anhui Conch Cement 'A' 348,900 5,892,921 1.2

Avic Aviation Engine Corp 'A' 148,300 5,856,367 1.2

Bank of Nanjing 'A' 534,700 8,608,670 1.8

Bank of Nanjing Co 'A' (C1) 121,000 1,948,100 0.4

Bank of Ningbo 'A' 917,010 12,352,125 2.6

Beijing GeoEnviron Engin &

Tech 'A' 38,200 2,314,920 0.5

Beijing Homyear Capital 'A' 266,193 2,882,870 0.6

Beijing Homyear Capital 'A'-C1 109,500 1,185,885 0.3

Beijing Originwater

Technology 'A' 109,877 4,284,104 0.9

Boai NKY Pharmaceuticals 'A' 73,100 3,763,188 0.8

Cachet Pharmaceutical 'A' 69,450 2,567,567 0.5

China Coal Energy 'A' (C1) 309,300 1,583,616 0.3

China Commun Construction

'A' 513,900 6,269,580 1.3

China CYTS Tours Hldg Co 'A' 251,044 5,244,309 1.1

China Fortune Land

Developement 'A' 418,925 10,171,499 2.1

China Merchants Bank 'A' 997,069 16,042,840 3.4

China Merchants Bank 'A' (C1) 106,000 1,705,540 0.4

China Merchants Shekou Ind

Zone-A 150,300 2,262,015 0.5

China South Publishing &

Media 'A' 262,558 4,978,100 1.0

China Yangtze Power 'A' 583,449 7,164,754 1.5

China Yangtze Power 'A' (C1) 163,400 2,006,552 0.4

Chongqing Changan

Automobile 'A' 313,584 4,945,220 1.0

Dr Peng Telecom & Media

Group 'A' 277,600 5,893,448 1.2

Fujian Sunner Development 'A' 180,800 4,861,712 1.0

GD Power Development 'A' 1,297,900 3,997,532 0.8

GF Securities 'A' 1,405,439 23,498,940 5.0

Gosun Hldg 'A' 129,400 3,568,852 0.8

Gosuncn Technology Group 'A' 291,600 4,298,184 0.9

Guangdong Alpha Animation &

Cul 'A' 133,200 5,422,572 1.1

Guangdong Chj Industry Co-A 185,600 2,006,336 0.4

Guangdong Qtone Education

'A' 33,700 2,475,602 0.5

Guangdong Sky Dragon

Printing 'A' 100,900 3,093,594 0.7

Guangxi Bossco Environ Prot

Tech-A 119,500 3,674,625 0.8

Hangzhou Hik-Vision Digital 'A' 123,937 3,819,738 0.8

Hangzhou Liaison Inter Info

Tech'A' 172,700 4,369,310 0.9

Hangzhou Robam Appliances

'A' 98,285 4,520,127 1.0

Hangzhou Shunwang

Technology 'A' 51,700 4,585,790 1.0

Huatai Securities 'A' 1,116,243 19,098,918 4.0

(Continued)


FairFairFairFair


CNYCNYCNYCNY

% of% of% of% of

netnetnetnet


Huatai Securities 'A' (C1) 139,497 2,386,794 0.5

Huawei Technology 'A' 170,100 4,662,441 1.0

Huaxin Cement 'A' 716,300 6,446,700 1.4

Hubei Xinyangfeng Fertilizer

'A' 359,034 9,439,004 2.0

Iflytek Co 'A' 122,900 3,432,597 0.7

Industrial Bank 'A' 789,663 12,263,466 2.6

Industrial Bank 'A' (C1) 141,311 2,194,560 0.5

Jiangsu Hengrui Medicine 'A' 276,436 13,056,072 2.8

Jiangsu Kangde Xin Composite

'A' 315,702 10,415,009 2.2

JSTI Group 'A' 268,300 5,162,092 1.1

Kweichow Moutai 'A' 63,340 15,685,518 3.3

Kweichow Moutai 'A' (C1) 11,560 2,862,718 0.6

Luxin Venture Capital Group

'A' 166,100 4,096,026 0.9

Luxshare Precision Industry 'A' 100,131 2,928,832 0.6

MIG Unmobi Technology 'A' 173,017 5,373,908 1.1

Navinfo Co 'A' 106,400 2,818,536 0.6

Netposa Technologies 'A' 105,350 3,216,336 0.7

New China Life Insurance 'A' 145,400 5,898,878 1.2

ORG Packaging 'A' 108,100 2,637,640 0.6

Ping An Insurance (Group) 'A' 703,300 22,371,973 4.7

Poly Real Estate Group 'A' 2,037,500 18,908,000 4.0

Poly Real Estate Group 'A' (C1) 195,164 1,811,122 0.4

Sanlux Co 'A' 113,200 2,060,240 0.4

Shandong Gettop Acoustic 'A' 183,500 3,279,145 0.7

Shanghai Intl Airport 'A' 269,115 8,097,670 1.7

Shenzhen AOTO Electronics 'A' 170,100 2,719,899 0.6

Shenzhen Tempus Global

Travel 'A' 105,260 2,294,668 0.5

Shinva Medical Instrument 'A' 247,200 6,380,232 1.3

Songcheng Performance

Develop 'A' 195,563 5,722,173 1.2

Spring Airlines 'A' 110,336 5,121,797 1.1

Stellar Megaunion Corporation

'A' 272,393 4,636,129 1.0

Suofeiya Home Collection 'A' 59,580 2,572,664 0.5

Tangshan Jidong Cement Co

'A' 435,200 4,748,032 1.0

Tasly Pharmaceutical Group

'A' 116,900 4,539,227 1.0

Wangsu Science & Technology

'A' 297,245 17,362,080 3.7

Wuhan Double 'A' 30,546 1,843,757 0.4

Wuxi Hodgen Technology 'A' 101,700 3,295,080 0.7

Xiamen C&D 'A' 165,099 1,936,611 0.4

Xiamen Tungsten 'A' 101,300 1,934,830 0.4

Zhejiang Dahua Technology 'A' 284,400 10,249,776 2.2

Zhejiang Huace Film & TV 'A' 345,348 9,186,257 1.9







- 57 -




FairFairFairFair


CNYCNYCNYCNY

% of% of% of% of

netnetnetnet



Statement ofStatement ofStatement ofStatement of Movements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio Holdings




31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



China 100.0 94.3








- 58 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

CNYCNYCNYCNY CNYCNYCNYCNY


Cash at banks 14,959,567 29,392,728

Amounts due from brokers 587,219 10,186,061


Investments 474,346,609 460,097,917


receivable 2,536,236 27


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


Short term bank loans - unsecured 6,245,388 1,231,976

Amounts due to brokers 563,931 8,033,418


Provision for taxation [Note 5] - 147,261





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


of redeemable units of redeemable units of redeemable units of redeemable units

((((in accordance with HKFRSin accordance with HKFRSin accordance with HKFRSin accordance with HKFRS) ) ) )

[Note 3] 474,309,913 487,706,751

Fair value adjustment of units of the

Fund [Note 3] 183,946 245,074


of redeemable unitsof redeemable unitsof redeemable unitsof redeemable units

((((in accordance in accordance in accordance in accordance with the Fundwith the Fundwith the Fundwith the Fund''''s s s s

Trust DeedTrust DeedTrust DeedTrust Deed) ) ) ) [Note 3] 474,493,859 487,951,825



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

2.7.20142.7.20142.7.20142.7.2014

(Date of(Date of(Date of(Date of

Trust Deed)Trust Deed)Trust Deed)Trust Deed)

totototo

31.3.201531.3.201531.3.201531.3.2015






gains/(losses) 107,960 (63,984)



20,967,520 142,179,894

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


Management fee 4,536,631 2,970,447



Trustee's fee 126,929 89,360






Formation expenses [Note 2(d)] - 376,792


6,919,177 6,571,819

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



Interest paid (10,592) (15,523)

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 14,037,751 135,592,552

Taxation [Note 5] 134,843 (160,531)

14,172,594 135,432,021

Change in cumulative difference

arising from the fair value

adjustment of units of the

Fund (61,128) 300,825








- 59 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

2.7.20142.7.20142.7.20142.7.2014



totototo

31.3.201531.3.201531.3.201531.3.2015




beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 487,951,825 -

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



Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (27,569,432) 325,895,311

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

460,382,393 325,895,311










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

2.7.20142.7.20142.7.20142.7.2014



totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (369,050,358) (745,845,511)





Tax paid (12,418) (13,270)





Others (496,072) (983,715)

Net cash inflow/(outflow) Net cash inflow/(outflow) Net cash inflow/(outflow) Net cash inflow/(outflow)

from operating activitiesfrom operating activitiesfrom operating activitiesfrom operating activities 1,819,734 (345,284,363)

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


Interest paid (10,492) (15,523)





Net Net Net Net cash (outflow)/inflow cash (outflow)/inflow cash (outflow)/inflow cash (outflow)/inflow

from financing activitiesfrom financing activitiesfrom financing activitiesfrom financing activities (21,161,622) 361,622,107

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


and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (19,341,888) 16,337,744

Cash and cash equivalents at

the beginning of the period 28,160,752 -

Exchange losses on cash and

cash equivalents (104,685) -



Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash

and cash equivalents:and cash equivalents:and cash equivalents:and cash equivalents:

Cash at banks 14,959,567 16,337,744


unsecured (6,245,388) -

8,714,179 16,337,744



- 60 -



JPMorgan China A-Share Opportunities Fund (the "Fund") was established under a Trust Deed dated 2 July 2014 and is governed by the laws of


The investment objective and policy of the Fund is to aim to achieve long-term capital growth by investing primarily in securities issued in the

PRC including but not limited to China A-Shares listed on the PRC stock exchanges. The Fund will invest in PRC securities via the Renminbi

Qualified Foreign Institutional Investor ("RQFII") quota of the Investment Manager. The Fund may also invest and have direct access to certain

eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or other similar programs as approved by the relevant regulators

from time to time.

Pursuant to the Trust Deed dated 2 July 2014, the Manager may decide to issue separate classes (each a "Class") whose assets will be

commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different

charging structure with the result that the net asset value attributable to each Class may differ.





are consistent with those used in the annual financial statements for the period ended 30 September 2015.


Classification










ownership.





value.












- 61 -



The Fund has adopted Renminbi as its functional and presentation currency.



transactions.







(d)(d)(d)(d) Formation expenses Formation expenses Formation expenses Formation expenses

Formation expenses are recognized as an expense in the period in which they are incurred.









(f)(f)(f)(f) TaxationTaxationTaxationTaxation

Tax provision made predominantly relates to enterprise income tax arising from investment income realized from trading PRC securities.

Deferred income tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and

liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from

initial recognition of an asset or liability in a transaction that at the time of the transaction affects neither accounting nor taxable profit

or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the statement

of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax

liability is settled.

Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the

temporary differences can be utilized.

3333 Net assets attributable to holders of redeemable units and nNet assets attributable to holders of redeemable units and nNet assets attributable to holders of redeemable units and nNet assets attributable to holders of redeemable units and number of units in issueumber of units in issueumber of units in issueumber of units in issue

Fair value adjustment of units of the Fund

As stated in Note 2(e), units of the Fund are redeemable at the option of the holders of redeemable units and are classified as a financial

liability in the Statement of Financial Position which represents the net assets attributable to the holders of redeemable units and is carried at

the redemption amount that would be payable at the Statement of Financial Position date, if the holders of redeemable units exercised the

right to redeem units of the Fund. The redemption amount is determined based on the net assets attributable to holders of redeemable units

calculated in accordance with the provisions of the Fund's Trust Deed dated 2 July 2014, as amended ("Trust Deed NAV").



- 62 -

31.3.2016 30.9.2015

CNY CNY

Net assets attributable to holders of redeemable units (in accordance with HKFRS) 474,309,913 487,706,751

Fair value adjustment of units of the Fund:

Unamortized formation expenses as at the end of the period [Note 3(a)] 183,946 245,074

Net assets attributable to holders of redeemable units (in accordance with the Fund's Trust Deed) 474,493,859 487,951,825

Note:

(a) In accordance with the provisions of the Fund's Trust Deed, the formation expenses (including legal, accounting, and other professional

fees and expenses) or costs incidental to the establishment of the Fund will be paid out of the assets of the Fund and amortized over the

first three financial years. However, as stated in Note 2(d), the accounting policy of the Fund for the purpose of compliance with Hong

Kong Accounting Standard 38 "Intangible Assets" and for reporting purposes is to expense the expenditure incurred in the formation of

the Fund in the period in which they arose.

Number of units in issue

31.3.2016

HKD Class (acc) RMB Class (acc) USD Class (acc)

Units Units Units

Number of units in issue: 18,419,650.677 7,552,569.622 3,214,119.263

HK$ CNY US$



units (in accordance with

the Fund's Trust Deed) 220,770,426 95,147,499 30,278,991



units (per unit) 11.99 12.60 9.42

30.9.2015

HKD Class (acc) RMB Class (acc) USD Class (acc)

Units Units Units

Number of units in issue: 19,208,715.691 9,477,289.957 3,123,084.716

HK$ CNY US$



units (in accordance

with the Fund's Trust

Deed) 227,268,341 116,270,119 29,067,561



units (per unit) 11.83 12.27 9.31



- 63 -


1.10.2015

to

31.3.2016

2.7.2014

(Date of

Trust Deed)

to

31.3.2015

CNY CNY



20,790,652 142,110,364

5555 TaxationTaxationTaxationTaxation


The amount of taxation reversed/(charged) to the Statement of Comprehensive Income represents:

1.10.2015

to

31.3.2016

2.7.2014

(Date of

Trust Deed)

to

31.3.2015

CNY CNY

Withholding tax

- Dividend and interest income (6,727) (13,270)

Capital gains tax 141,570 (147,261)

Taxation 134,843 (160,531)

The movement in provision for taxation is as follows:

1.10.2015

to

31.3.2016

2.7.2014

(Date of

Trust Deed)

to

30.9.2015

CNY CNY

At the beginning of the period 147,261 -

Taxation (reversed)/charged to the Statement of Comprehensive Income (134,843) 1,138,440

Tax paid (12,418) (991,179)

At the end of the period - 147,261

Provisioning Policy of the Fund

The Fund held A-shares of PRC listed companies through the RQFII quota of the Investment Manager and certain investment in other PRC

securities. Under PRC tax law, enterprise income tax of 10% is payable on dividends and interest (except for Government bond interest which

is tax exempt) derived by foreign investors from China. The tax should be withheld by the payors upon dividend and interest payments. The

10% tax is provided for taxable PRC sourced dividends and interest where tax is not deducted by the payors.

Under PRC tax law, enterprise income tax of 10% would normally be payable on gains realized from the sale of PRC securities by foreign

investors. However, on 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory

Commission jointly promulgated; (I) Circular Concerning the Temporary Exemption of the Enterprise Income Tax for Gains Earned by Qualified

Foreign Institutional Investor ("QFII") and Renminbi Qualified Foreign Institutional Investor ("RQFII") from Transfer of Domestic Shares and

Other Equity Interest Investment in China; and (II) Circular on the Taxation Policy of the Pilot Programme for the Mutual Stock Market Access

between Shanghai and Hong Kong Stock Markets (each a "Circular"), clarifying the tax treatment on gains realized by foreign investors from

sale of PRC securities.



- 64 -

According to Circular (I), amongst other things:

(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by QFIIs and RQFIIs from the sale of domestic shares

and other equity interest investment in the PRC with effect from 17 November 2014; and

(ii) enterprise income tax shall be imposed on such gains realized by QFIIs and RQFIIs before 17 November 2014 in accordance with the tax

laws.

According to Circular (II), amongst other things:

(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by Hong Kong market investors (including corporate

and individual investors) from the sale of China A-Shares listed on the Shanghai Stock Exchange.

Pursuant to Circular I, the Fund has ceased to provide PRC enterprise income tax for gains on its investment in China A-Shares from 17

November 2014 on the basis that any gains realized from 17 November 2014 will be temporarily exempt from enterprise income tax.

Current Development

With respect to gains from PRC securities disposed of prior to 17 November 2014, the Fund had submitted the tax reporting package from 2

July 2014 to 16 November 2014 as requested by the Beijing Tax Bureau and in March 2016, the Beijing Tax Bureau accepted the tax settlement

made by the Fund. After settlement of the pre-17 November 2014 tax liability, the Fund had released the surplus tax provision of CNY141,570

relating to pre-17 November 2014 China A-Share gains during the period ended 31 March 2016.

Hong Kong Taxation

No provision for Hong Kong profits tax has been made as the Fund was authorized as a collective investment scheme under Section 104 of the

Securities and Futures Ordinance and is therefore exempt from profits tax under Section 26A(1A) of the Inland Revenue Ordinance.











JPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUNDJPMORGAN CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 65 -


As at 31 March As at 31 March As at 31 March As at 31 March 2016201620162016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Auto ComponentsAuto ComponentsAuto ComponentsAuto Components (5.3%)

Fuyao Group Glass

Industries 'A' 501,918 1,155,538 3.3

Huayu Automotive

Systems 'A' 297,356 699,759 2.0

AutomobilesAutomobilesAutomobilesAutomobiles (5.7%)

Chongqing Changan

Automobile 'A' 168,734 411,425 1.2

Jiangling Motors 'A' 121,700 496,201 1.4

SAIC Motor Corp 'A' 354,678 1,100,074 3.1

BeveragesBeveragesBeveragesBeverages (3.6%)

Kweichow Moutai 'A' 11,280 431,904 1.2

Wuliangye Yibin 'A' 192,500 836,659 2.4

Capital MarketsCapital MarketsCapital MarketsCapital Markets (6.8%)

GF Securities 'A' 638,500 1,650,645 4.7

Huatai Securities 'A' 281,700 745,236 2.1

Commercial BanksCommercial BanksCommercial BanksCommercial Banks (16.3%)

Bank of Nanjing 'A' 295,494 735,583 2.1

China Merchants Bank 'A' 565,092 1,405,828 4.0

Ind & Comm Bank of China

'A' 1,694,500 1,123,973 3.2

Industrial Bank 'A' 607,488 1,458,699 4.1

Shanghai Pudong Dev

Bank 'A' * 370,849 1,028,097 2.9

Construction & EngineeringConstruction & EngineeringConstruction & EngineeringConstruction & Engineering (2.4%)

China State Construction

Eng 'A' 968,100 853,202 2.4

Construction MaterialsConstruction MaterialsConstruction MaterialsConstruction Materials (2.7%)

Anhui Conch Cement 'A' 372,300 972,254 2.7


Henan Shuanghui Inv 'A' 373,725 1,219,824 3.5

Household DurablesHousehold DurablesHousehold DurablesHousehold Durables (5.8%)

Gree Electric Appliances

'A' 232,800 691,820 2.0

Joyoung Co 'A' 101,700 286,344 0.8

Midea Group 'A' 226,287 1,079,373 3.0

Independent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy Traders (6.8%)

China Yangtze Power 'A' 532,700 1,011,435 2.9

Guangxi Guiguan Electric

Power 'A' 475,000 440,658 1.2

Huaneng Power Intl 'A' 778,600 959,466 2.7

MachineryMachineryMachineryMachinery (2.3%)

Zhengzhou Yutong Bus 'A' 269,566 807,748 2.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Metals & MiningMetals & MiningMetals & MiningMetals & Mining (1.5%)

Baoshan Iron & Steel 'A' 634,755 515,255 1.5

Oil & Gas & Oil & Gas & Oil & Gas & Oil & Gas & Consumable FuelsConsumable FuelsConsumable FuelsConsumable Fuels (2.3%)

China Petroleum &

Chemical 'A' 576,800 424,511 1.2

China Shenhua Energy 'A' 185,400 403,043 1.1

Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development (5.8%)

Beijing Capital

Development 'A' 150,600 234,250 0.6

China Fortune Land

Developement 'A' 63,208 237,289 0.7

China Vanke 'A' 269,433 771,523 2.2

Poly Real Estate Group 'A' 570,050 817,933 2.3


Daqin Railway 'A' 138,300 146,905 0.4

SoftwareSoftwareSoftwareSoftware (1.4%)

Aisino Corp 'A' 60,700 495,635 1.4

Textiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury GoodsTextiles & Apparel & Luxury Goods (2.9%)

Joeone Co 'A' 108,600 264,800 0.8

Youngor Group 'A' 320,900 750,202 2.1

Transportation InfrastructureTransportation InfrastructureTransportation InfrastructureTransportation Infrastructure (3.1%)

Jiangsu Expressway 'A' 845,000 1,092,244 3.1

27,755,335 78.6

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

(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (16.9%)


Air China 5.1% 18/01/23

(SS) CNY706,000 120,031 0.3

Anhui Conch Cement

5.08% 23/5/16-SS CNY600,000 97,073 0.3

China Dev Bank 5.84%

03/01/19 (SS) CNY2,200,000 375,725 1.1

China Govt Bond No1107

4.26%7/21-SS CNY4,800,000 813,784 2.3


2.6% 9/17-SS CNY8,000,000 1,244,683 3.5


3.4% 4/23-SS CNY10,378,000 1,690,212 4.8

China Guodian 5.6%

22/09/19 (SS) CNY117,000 20,046 0.1

China Petro & Chem NoA

4.26%6/17-SS CNY1,500,000 244,489 0.7

China Three Gorges

4.15%11/5/26(SS) CNY1,996,000 331,147 0.9

China Yangtze Pwr 5.35%

24/9/17(SS) CNY600,000 99,044 0.3

Chongqing Land 7.35%

25/04/19 (SS) CNY1,000,000 140,352 0.4

GD Power Dev 4.35%

15/06/17 (SS) CNY800,000 130,410 0.4



- 66 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ChinaChinaChinaChina (Continued)

GD Power Dev 4.75%

15/06/19 (SS) CNY1,000,000 168,577 0.5

Jiangxi Copper 1%

22/9/16-SerWW(SS) CNY1,000,000 154,208 0.4

Jinan City Const 6.98%

26/03/18(SS) CNY1,000,000 81,827 0.2

Shanghai Intl VRN 5.05%

07/16 (SS) CNY1,500,000 241,869 0.7

5,953,477 16.9

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






* An affiliate of the investment advisor of the Fund





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



ChinaChinaChinaChina

Commercial Banks 16.3 24.8

Independent Power Producers & Energy

Traders 6.8 -

Capital Markets 6.8 2.4

Real Estate Management & Development 5.8 3.9

Household Durables 5.8 2.6

Automobiles 5.7 2.1

Auto Components 5.3 1.7

Beverages 3.6 3.0

Food Products 3.5 4.0

Transportation Infrastructure 3.1 -

Textiles & Apparel & Luxury Goods 2.9 -

Construction Materials 2.7 -

Construction & Engineering 2.4 -

Oil & Gas & Consumable Fuels 2.3 -

Machinery 2.3 1.7

Metals & Mining 1.5 -

Software 1.4 1.1

Road & Rail 0.4 -

Insurance - 8.2

Elect Equipment Instts & Components - 5.5

Pharmaceuticals - 3.8

Media - 3.3

Internet Software & Services - 3.1

Hotels Restaurants & Leisure - 2.2

Food & Staples Retailing - 1.6

IT Services - 1.2

Wireless Telecommunication Services - 1.1

Specialty Retail - 1.1

Commercial Services & Supplies - 1.0

Communications Equipment - 1.0

Health Care Providers & Services - 0.9

Personal Products - 0.5

Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities 16.9 12.3








- 67 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 2,177,617 5,321,855


Margin deposits 322,258 1,554,833

Investments 33,708,812 44,745,238


receivable 10 10


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



Provision for taxation [Note 5] 439,273 3,874,617


Deferred tax liabilities [Note 5] 37,756 30,502

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 916,899 4,088,292

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




Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive Statement of Comprehensive IncomeIncomeIncomeIncome


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015






Dividend income - 58,384


losses (166,281) (65,115)

Other income 1,806 -

3,798,442 45,473,604

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











Other operating expenses 2,574 60

626,032 1,448,889

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


Taxation [Note 5] 3,067,551 340,419

Increase in net Increase in net Increase in net Increase in net assets assets assets assets







- 68 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

29,054,601 63,158,159



redeemable units and redeemable units and redeemable units and redeemable units and total total total total






For the period ended 31 For the period ended 31 For the period ended 31 For the period ended 31 March 2016March 2016March 2016March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (35,045,353) (90,961,215)



Decrease in margin deposits 1,232,575 54,324


Dividend received - 58,384




Tax paid (360,539) (9,358)


Others (212,856) (131,797)



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








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


and cash and cash and cash and cash equivalentsequivalentsequivalentsequivalents (3,111,146) 8,965,696



Exchange losses on cash and cash

equivalents (33,092) (18,945)




Cash at banks 2,177,617 13,703,262



- 69 -



JPMorgan China New Generation Fund (the "Fund") was established under a Trust Deed dated 21 May 2009, as amended, and is governed by

the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the People's Republic of

China ("PRC") securities, including but not limited to A-Shares, of companies whose predominant business will benefit from, or is related to,

growth of the domestic consumption sector in the PRC. The Fund may also invest in fixed income instruments denominated in Renminbi

issued or listed in or outside the PRC, including debt securities issued by the central government of the PRC, any public or local authorities in

the PRC, any quasi-governmental organizations or any corporates. The Fund will invest in PRC securities via the Qualified Foreign Institutional

Investor (“QFII”) quota of the Investment Manager. For the investment in China A-Shares, the Fund may also invest and have direct access to

certain eligible China A-Shares via the Shanghai-Hong Kong Stock Connect (as further described in the sub-section entitled “Shanghai-Hong

Kong Stock Connect” below) and/or other similar programs as approved by the relevant regulators from time to time.







Classification










ownership.





value.













- 70 -






transactions.


denominated in foreign currencies at year end exchange rates are recognized in the Statement of Comprehensive Income.








Fund's Trust Deed dated 21 May 2009, as amended, which may be different from the accounting policies stated in the financial

statements.

(e)(e)(e)(e) Taxation Taxation Taxation Taxation










3333 Number Number Number Number of units in issue and net assets attributable to holders of redeemable units (per unit)of units in issue and net assets attributable to holders of redeemable units (per unit)of units in issue and net assets attributable to holders of redeemable units (per unit)of units in issue and net assets attributable to holders of redeemable units (per unit)

31.3.2016 30.9.2015

Units Units


US$ US$





- 71 -


1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Change in unrealized gains/losses in value of investments and derivatives (2,756,092) 26,210,863

Realized gains on sale of investments and derivatives 6,713,129 19,262,390

3,957,037 45,473,253

5555 Taxation Taxation Taxation Taxation



1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Withholding tax

- Dividend and interest income (5,839) (11,257)

Capital gains tax 3,080,644 (123,948)

3,074,805 (135,205)

Deferred tax liabilities (7,254) 475,624

Taxation 3,067,551 340,419

The movement in deferred tax liabilities is as follows:

1.10.2015

to

31.3.2016

1.10.2014

to

30.9.2015

US$ US$

At the beginning of the period/year 30,502 497,237

Deferred tax liabilities charged/(reversed) to the Statement of Comprehensive Income 7,254 (465,735)

At the end of the period/year 37,756 30,502


1.10.2015

to

31.3.2016

1.10.2014

to

30.9.2015

US$ US$

At the beginning of the period/year 3,874,617 3,837,282

Taxation (reversed)/charged to the Statement of Comprehensive Income (3,074,805) 173,151

Tax paid (360,539) (135,816)

At the end of the period/year 439,273 3,874,617



- 72 -


The Fund held A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain investment in other PRC

securities. Under PRC tax law, enterprise income tax of 10% is payable on dividends and interests (except for Government bond interest which


10% tax is provided for taxable PRC sourced dividends and interests where tax is not deducted by the payors.


investors. However on 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory







(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by QFIIs and RQFIIs from the sale of domestic shares

and other equity interest investment in the PRC with effect from 17 November 2014; and


laws.


(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by Hong Kong market investors (including corporate

and individual investors) from the sale of China A-Shares listed on the Shanghai Stock Exchange.



Current Development

With respect to gains from PRC securities disposed of prior to 17 November 2014, the Fund had submitted the tax reporting package for five

years from 17 November 2009 to 16 November 2014 as requested by the Beijing Tax Bureau and in March 2016, the Beijing Tax Bureau

accepted the tax settlement made by the Fund. After settlement of the pre-17 November 2014 tax liability, the Fund had released the surplus

tax provision of USD3,001,656 relating to pre-17 November 2014 China A-Share gains during the period ended 31 March 2016.

Hong Kong Taxation











7777 DiDiDiDistribution stribution stribution stribution

No distribution was made during the year/period (31 March 2015: nil).

JPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER AJPMORGAN CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 73 -



distributing fund in respect of the period from 14 June 2006

to 30 September 2010. The principal effect of this























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Aier Eye Hospital Group 'A' 1,013,821 4,677,534 0.7

Aisino Corp 'A' 343,676 2,806,223 0.4

Anhui Conch Cement 'A' 2,729,275 7,127,444 1.1

Anhui Conch Cement 'A' (C1) 625,200 1,635,149 0.2

Avic Aviation Engine Corp 'A' 1,303,300 7,957,715 1.2

Bank of Nanjing 'A' 5,392,780 13,424,417 2.1

Bank of Nanjing Co 'A' (C1) 73,304 182,752 0.0

Bank of Ningbo 'A' 7,748,037 16,136,752 2.5

Beijing GeoEnviron Engin &

Tech 'A' 340,001 3,185,735 0.5

Beijing Homyear Capital 'A' 2,306,000 3,861,398 0.6

Beijing Homyear Capital 'A'-C1 1,491,583 2,501,408 0.4

Beijing Originwater

Technology 'A' 1,524,659 9,191,424 1.4

Boai NKY Pharmaceuticals 'A' 598,725 4,765,657 0.7

Cachet Pharmaceutical 'A' 604,267 3,454,102 0.5

China Coal Energy 'A' (C1) 3,923,090 3,110,333 0.5

China Commun Construction

'A' 2,944,580 5,554,437 0.9

China Communications Const

'A' (C1) 205,900 388,978 0.1

China CYTS Tours Hldg Co 'A' 2,218,406 7,165,332 1.1

China Fortune Land

Developement 'A' 3,712,226 13,936,058 2.1

China Merchants Bank 'A' 8,582,002 21,350,178 3.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


China Merchants Shekou Ind

Zone-A 1,330,996 3,097,206 0.5

China South Publishing &

Media 'A' 2,273,289 6,664,228 1.0

China Yangtze Power 'A' 5,137,061 9,753,712 1.5

Chongqing Changan

Automobile 'A' 2,764,017 6,739,524 1.0

Dr Peng Telecom & Media

Group 'A' 2,187,865 7,181,702 1.1

Dr Peng Telecom & Media Grp

'A'-C1 718,000 2,360,387 0.4

East Money Information 'A' 184,360 1,262,779 0.2

Fujian Sunner Development 'A' 1,599,161 6,648,747 1.0

GD Power Development 'A' 8,942,435 4,258,566 0.7

GF Securities 'A' 12,981,481 33,559,644 5.2

Gosun Hldg 'A' 818,900 3,492,062 0.5

Gosuncn Technology Group 'A' 2,471,900 5,633,590 0.9

Guangdong Alpha Animation &

Cul 'A' 1,160,786 7,306,512 1.1

Guangdong Chj Industry Co-A 1,617,000 2,702,667 0.4

Guangdong Qtone Education

'A' 294,025 3,339,581 0.5

Guangdong Sky Dragon

Printing 'A' 534,317 2,532,958 0.4

Guangxi Bossco Environ Prot

Tech-A 784,981 3,732,167 0.6

Hangzhou Hik-Vision Digital 'A' 1,089,556 5,192,052 0.8

Hangzhou Liaison Inter Info

Tech'A' 1,580,460 6,182,454 1.0

Hangzhou Robam Appliances

'A' 748,570 5,322,954 0.8

Hangzhou Shunwang

Technology 'A' 457,350 6,272,334 1.0

Han's Laser Technology 'A' 1,866,270 6,420,389 1.0

Hebei Hengshui Laobaigan

Liquor-A 619,164 4,944,619 0.8

Huatai Securities 'A' 8,745,045 23,134,968 3.6

Huatai Securities 'A' (C1) 4,044,500 10,715,774 1.6

Huawei Technology 'A' 1,210,800 5,131,429 0.8

Huaxin Cement 'A' 5,743,168 7,991,915 1.2

Hubei Xinyangfeng Fertilizer

'A' 3,155,476 12,826,623 2.0

Iflytek Co 'A' 804,971 3,476,226 0.5

Industrial Bank 'A' 8,606,511 20,665,953 3.2

Industrial Bank 'A' (C1) 826,400 1,987,332 0.3

Jiangsu Hengrui Medicine 'A' 2,477,099 18,089,150 2.8

Jiangsu Kangde Xin Composite

'A' 2,749,664 14,025,514 2.2

JSTI Group 'A' 2,101,235 6,250,814 1.0

Kweichow Moutai 'A' 513,049 19,644,297 3.0

Loncin Motor 'A' 1,109,305 3,164,493 0.5

Luxin Venture Capital Group

'A' 1,449,527 5,526,832 0.8

Luxshare Precision Industry 'A' 873,990 3,952,657 0.6

MIG Unmobi Technology 'A' 1,431,501 6,874,640 1.1

Nanjing Iron & Steel 'A' 6,098,000 2,470,276 0.4

Navinfo Co 'A' 873,553 3,577,899 0.5

Netposa Technologies 'A' 933,250 4,405,363 0.7

New China Life Insurance 'A' 1,267,178 7,948,762 1.2

ORG Packaging 'A' 951,600 3,590,055 0.6



- 74 -


As at 31 March As at 31 March As at 31 March As at 31 March 2016201620162016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ChinaChinaChinaChina (Continued)

Ping An Insurance (Group) 'A' 6,231,259 30,647,589 4.7

Poly Real Estate Group 'A' 17,911,714 25,700,524 4.0

Poly Real Estate Group 'A' (C1) 660,294 948,842 0.1

Sanlux Co 'A' 986,000 2,774,630 0.4

Shandong Gettop Acoustic 'A' 1,290,000 3,564,274 0.5

Shanghai Intl Airport 'A' 2,350,381 10,934,963 1.7

Shenzhen AOTO Electronics 'A' 1,526,544 3,774,111 0.6

Shinva Medical Instrument 'A' 1,650,070 6,584,870 1.0

Songcheng Performance

Develop 'A' 1,621,446 7,335,567 1.1

Spring Airlines 'A' 976,724 7,010,255 1.1

Stellar Megaunion Corporation

'A' 2,465,068 6,487,021 1.0

Suofeiya Home Collection 'A' 580,950 3,878,629 0.6

Tangshan Jidong Cement Co

'A' 2,699,689 4,554,024 0.7

Tasly Pharmaceutical Group

'A' 1,035,741 6,218,353 1.0

Wangsu Science & Technology

'A' 2,093,356 18,905,456 2.9

Wuhan Double 'A' 273,606 2,553,476 0.4

Wuxi Hodgen Technology 'A' 886,651 4,441,755 0.7

Xiamen C&D 'A' 894,852 1,622,953 0.2

Xiamen Tungsten 'A' 843,248 2,490,265 0.4

Zhejiang Dahua Technology 'A' 2,499,689 13,929,246 2.1

Zhejiang Huace Film & TV 'A' 3,124,912 12,852,165 2.0







For the For the For the For the period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



China 98.5 93.1


China - 2.0

Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments 98.5 95.1







- 75 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 28,770,411 90,748,196




Investments 639,673,800 610,612,340


receivable 1,092 263


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




Provision for taxation [Note 5] 5,590,005 65,926,061


Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 28,211,201 88,741,963

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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015








losses (1,239,429) (778,760)

11,031,034 421,422,010

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


Management fee 5,757,128 7,456,442



Trustee's fee 92,239 119,437







8,091,580 12,145,909

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


Taxation [Note 5] 58,415,012 3,319,844








- 76 -

Statement of Statement of Statement of Statement of Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




beginning of the beginning of the beginning of the beginning of the periodperiodperiodperiod 642,307,811 776,480,328

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




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

588,130,928 540,191,158






of redeemable of redeemable of redeemable of redeemable units at the end units at the end units at the end units at the end




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (477,699,306) (922,448,996)


investments and derivatives 465,970,620 1,163,110,911

Decrease in margin deposits 130,275 463,941





Tax paid (1,921,044) (51,155)



Others (1,368,307) (886,578)



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








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






equivalents (177,612) (285,238)



Analysis of balances of Analysis of balances of Analysis of balances of Analysis of balances of cash and cash equivalents:cash and cash equivalents:cash and cash equivalents:cash and cash equivalents:

Cash at banks 28,770,411 148,206,085



- 77 -



JPMorgan China Pioneer A-Share Fund (the "Fund") was established under a Trust Deed dated 14 June 2006, as amended, and is governed by


The investment objective and policy of the Fund is to achieve long-term capital growth by investing primarily in the People's Republic of China

("PRC") securities, including but not limited to A-Shares. The Fund will invest in PRC securities via the Qualified Foreign Institutional Investor

(“QFII”) quota of the Investment Manager. For the investment in China A-Shares, the Fund may also invest and have direct access to certain

eligible China A-Shares via the Shanghai-Hong Kong Stock Connect and/or other similar programs as approved by the relevant regulators

from time to time.







Classification










ownership.





value.













- 78 -






transactions.










Fund's Trust Deed dated 14 June 2006, as amended, which may be different from the accounting policies stated in the financial

statements.

(e)(e)(e)(e) Taxation Taxation Taxation Taxation











31.3.2016 30.9.2015

Units Units


US$ US$





- 79 -


1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



12,103,616 421,678,278

5555 Taxation Taxation Taxation Taxation



1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Withholding tax

- Dividend and interest income 55,041 (50,442)

Capital gains tax 58,359,971 (523,545)

Deferred tax liabilities - 3,893,831

Taxation 58,415,012 3,319,844

The movement in deferred tax liabilities is as follows:

1.10.2015

to

31.3.2016

1.10.2014

to

30.9.2015

US$ US$

At the beginning of the period/year - 3,893,831

Deferred tax liabilities (reversed)/charged to the Statement of Comprehensive Income - (3,893,831)

At the end of the period/year - -


1.10.2015

to

31.3.2016

1.10.2014

to

30.9.2015

US$ US$

At the beginning of the period/year 65,926,061 66,935,791

Taxation (reversed)/charged to the Statement of Comprehensive Income (58,415,012) 423,505

Tax paid (1,921,044) (1,433,235)

At the end of the period/year 5,590,005 65,926,061



- 80 -


The Fund held A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain investment in other PRC

securities. Under PRC tax law, enterprise income tax of 10% is payable on dividends and interest (except for Government bond interest which


10% tax is provided for taxable PRC sourced dividends and interest where tax is not deducted by the payors.


investors. However, on 14 November 2014, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory







(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by QFIIs and RQFIIs from the sale of domestic shares and

other equity interest investment in the PRC with effect from 17 November 2014; and


laws.


(i) enterprise income tax shall be exempt on a temporary basis on the gains realized by Hong Kong market investors (including corporate and

individual investors) from the sale of China A-Shares listed on the Shanghai Stock Exchange.



Current Development

With respect to gains from PRC securities disposed of prior to 17 November 2014, the Fund had submitted the tax reporting package for five

years from 17 November 2009 to 16 November 2014 as requested by the Beijing Tax Bureau and in March 2016, the Beijing Tax Bureau

accepted the tax settlement made by the Fund. After settlement of the pre-17 November 2014 tax liability, the Fund had released the surplus

tax provision of US$56,912,533 relating to pre-17 November 2014 China A-Share gains during the period ended 31 March 2016.

Hong Kong Taxation













JPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUNDJPMORGAN EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 81 -
























Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants (97.2%)


AAC Technologies Hldgs 542,000 4,143,672 2.0

China Auto Rental 1,652,000 1,938,130 0.9


China Everbright Intl 2,358,000 2,632,650 1.2


China Resources Gas Group 1,292,000 3,689,501 1.7

China Resources Land 1,592,000 4,084,393 1.9

China Shipping Development

'H' 4,442,000 2,937,834 1.4

China Taiping Insurance Hldgs 1,449,200 3,183,679 1.5

China Vanke 'H' 1,717,600 4,211,763 2.0

Chongqing Changan

Automobile 'B' 1,323,334 2,478,943 1.2

CSPC Pharmaceutical Group 3,572,000 3,232,808 1.5

IMAX China Hldg 219,900 1,331,043 0.6


03/16) 79,900 483,631 0.2

Phoenix Healthcare Group 1,756,500 1,945,238 0.9

Ping An Insurance (Group) 'H' 1,586,500 7,588,316 3.6

Sino Biopharmaceutical 1,926,000 1,445,142 0.7

Tencent Hldgs 779,700 15,922,606 7.5

Vipshop Hldgs ADR 128,465 1,654,629 0.8


AIA Group 2,159,600 12,236,681 5.8

BOC Hong Kong (Hldgs) 1,520,500 4,538,045 2.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





HDFC Bank 398,000 7,541,908 3.5

IndusInd Bank 100,895 1,474,212 0.7

IndusInd Bank Wts 11/12/17

(BNP) 289,639 4,232,016 2.0

Lupin Ltd U-Wts 08/12/17-UBS 18,036 402,880 0.2

Lupin Ltd U-Wts 20/07/18

(UBS)-New 45,089 1,007,179 0.5


Ultratech Cement 75,600 3,685,960 1.7


E-MART Co 11,519 1,767,737 0.8


Insurance 106,679 3,097,012 1.4

KIWOOM Securities 55,284 3,229,251 1.5


LG Chem 13,500 3,866,081 1.8


Samsung Electronics Pref 1,260 1,219,675 0.6

Samsung Life Insurance 15,914 1,635,095 0.8

SK Hynix 118,905 2,926,876 1.4


GT Capital Hldgs 69,450 2,096,547 1.0


DBS Group Hldgs 428,700 4,896,336 2.3


Advanced Semiconductor Eng 3,167,000 3,685,190 1.7

Catcher Technology 247,000 2,026,100 0.9

E Sun Financial Hldg 4,116,000 2,302,013 1.1

Largan Precision 43,000 3,333,489 1.6

President Chain Store 399,000 2,907,205 1.4





PTT Public Co (F) 567,600 4,517,567 2.1

Sino Thai Eng & Construction

(F) 3,114,600 2,009,705 1.0

206,749,203 97.2

(II)(II)(II)(II) Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (2.1%)


JPM Vietnam Opportunities-

USD (acc)* 429,214 4,502,453 2.1





- 82 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet










31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

Listed/Quoted Listed/Quoted Listed/Quoted Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments

Equities and WarrantsEquities and WarrantsEquities and WarrantsEquities and Warrants

China 34.8 32.9

Korea 17.9 16.4

Taiwan 14.2 14.0

Hong Kong 11.4 11.6

India 10.4 15.0

Thailand 5.2 4.3

Singapore 2.3 2.1

Philippines 1.0 2.0


Vietnam 2.1 -








- 83 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 486,297 3,275,786

Amounts due from brokers 2,675,557 523,135

Amounts receivable on allotment 3,026,775 382,428

Investments 211,251,656 206,713,943


receivable 741,559 188,786


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


Short term bank loans - unsecured 3,939,513 -

Amounts payable on redemption 1,284,871 443,585



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





For the period ended For the period ended For the period ended For the period ended 31 March 201631 March 201631 March 201631 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





Dividend income 1,024,491 1,112,601



(losses)/gains (36,342) 321,299

7,130,262 13,527,696

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


Management fee 1,546,780 2,034,012

Transaction costs 168,982 1,508,844









1,864,696 3,725,772

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



Interest paid (19,738) (32,351)


Taxation (193,005) (170,096)








- 84 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

207,632,162 261,316,883










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (37,990,191) (370,371,283)







Transaction costs paid (169,766) (1,497,197)

Tax paid (193,005) (170,096)


Others (127,467) 365,744



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


Interest paid (19,634) (32,832)





Net cash Net cash Net cash Net cash outflow from outflow from outflow from outflow from


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




beginning of the period 3,275,786 (21,334,745)




the end of the periodthe end of the periodthe end of the periodthe end of the period (3,453,216) 14,667,447


Cash at banks 486,297 14,667,447


unsecured (3,939,513) -

(3,453,216) 14,667,447



- 85 -



JPMorgan Eastern Fund (the "Fund") was established under a Trust Deed dated 20 January 1971, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of

companies in the Asia-Pacific region, excluding Japan and Australia except the Manager may, from time to time, invest in Japan and Australia

when appropriate investment opportunities arise.

Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a “Class”) whose









Classification












ownership.





value.













- 86 -

(c)(c)(c)(c) SecuriSecuriSecuriSecurities borrowingties borrowingties borrowingties borrowing



year period/year are off-balance sheet transactions and are therefore not included in the investment portfolio of the Fund. Collateral

placed for the purpose of securities borrowed generally consist of cash collateral and are included in the Statement of Financial Position

separately.






transactions.










Fund's Trust Deed dated 20 January 1971, as amended, which may be different from the accounting policies stated in the financial

statements.

3333 NNNNumber of units in issue and net assets attributable to holders of redeemable units (per unit)umber of units in issue and net assets attributable to holders of redeemable units (per unit)umber of units in issue and net assets attributable to holders of redeemable units (per unit)umber of units in issue and net assets attributable to holders of redeemable units (per unit)

31.3.2016

USD Class (acc)

Units

Number of units in issue: 852,987.902

US$



units 212,684,985






- 87 -

30.9.2015

USD Class (acc)

Units

Number of units in issue: 864,371.782

US$



units 210,305,690





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



6,141,951 12,093,246









6666 DisDisDisDistribution tribution tribution tribution


JPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUNDJPMORGAN EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 88 -



distributing fund in respect of the period from 2 December
























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Best Pacific Intl Holdings 2,172,000 1,198,492 0.7

China Resources Land 768,000 1,970,361 1.2


CITIC Telecom Intl Hldgs 6,526,500 2,456,940 1.4

Clear Media 1,851,000 1,598,868 0.9

EVA Precision Industrial Hldgs 3,356,000 497,567 0.3

Guangdong Investment 898,000 1,135,734 0.7

Haier Electronics Group 1,168,000 2,035,874 1.2

IMAX China Hldg 134,900 816,543 0.5


03/16) 25,700 155,561 0.1

Kingboard Laminates Hldgs 4,261,000 1,983,125 1.2

Minth Group 3,076,000 7,162,020 4.2

Nexteer Automotive Group 2,934,000 3,018,522 1.8

Pou Sheng Intl (Hldgs) 6,811,000 1,475,202 0.9

Shenzhou Intl Grp 349,000 1,898,757 1.1

Stella Intl Hldgs 106,000 249,265 0.1


Group 704,000 1,978,612 1.2

Tongda Group Hldgs 4,740,000 947,199 0.5

Towngas China 1,597,000 823,562 0.5

Yuexiu Transport

Infrastructure 1,746,000 1,175,022 0.7


Dah Sing Banking Group 715,760 1,256,828 0.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Dah Sing Financial Hldgs 210,372 1,293,712 0.8

Intl Housewares Retail 2,471,000 315,384 0.2

Lifestyle Intl Hldgs 717,500 967,576 0.6

Man Wah Hldgs 444,800 563,129 0.3

Pacific Textile Hldgs 1,709,000 2,467,695 1.5

Regina Miracle Intl (Hldgs) 1,206,000 1,760,051 1.0

Samsonite Intl 197,400 661,686 0.4

SCMP Group 6,454,000 324,508 0.2

Sun Hung Kai & Co 1,528,000 919,966 0.5

Techtronic Industries 1,787,000 7,061,330 4.2

Xinyi Glass Hldgs 2,306,000 1,537,026 0.9


Ashok Leyland 930,259 1,525,556 0.9

Castrol India 206,720 1,167,946 0.7

Cummins India 94,280 1,198,458 0.7

Divi's Laboratories 37,000 551,599 0.3

Eicher Motors 6,000 1,737,832 1.0

EIH Ltd (DEMAT) 1,083,538 1,706,565 1.0

Godrej Industries 353,140 1,893,083 1.1

Gujarat Pipavav Port 1,057,031 2,817,260 1.7

HeidelbergCement India 598,062 733,325 0.4

IndusInd Bank 279,839 4,088,825 2.4

Jubilant Foodworks 58,400 1,126,023 0.7

Persistent Systems 78,894 907,985 0.5

Shree Cement 10,076 1,889,825 1.1

Shriram Transport Finance 89,840 1,293,080 0.8

Suzlon Energy 1,300,000 278,757 0.2



Midi Utama Indonesia 10,538,000 586,107 0.4


Pakuwon Jati 10,812,900 394,679 0.2

Summarecon Agung 3,200,200 382,528 0.2


XL Axiata 3,131,600 944,676 0.6


AJ Rent A Car 112,721 1,103,948 0.6

CJ CheilJedang 1,600 486,184 0.3

DGB Financial Group 213,023 1,657,839 1.0

E-MART Co 5,620 862,461 0.5

Farmsco 151,714 1,538,897 0.9

GS Home Shopping 5,940 964,549 0.6

GS Retail 24,789 1,022,037 0.6

Hankook Tire Worldwide 64,380 1,291,991 0.8


Insurance 70,390 2,043,501 1.2

KCC Corp 4,050 1,473,242 0.9


Kolon Industries 24,477 1,549,611 0.9

Korea Investment Hldgs 4,373 168,060 0.1

Loen Entertainment 9,220 629,662 0.4

Meritz Fire & Marine Insurance 94,160 1,317,384 0.8

Modetour Network 49,930 1,314,177 0.8

NCsoft Corp 4,592 1,017,901 0.6

Nong Shim Co 8,000 2,798,181 1.6

NS Shopping 2,540 417,559 0.2

Seegene Inc 44,578 1,309,742 0.8



- 89 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


KoreaKoreaKoreaKorea (Continued)

Yuhan Corp 4,528 1,110,619 0.6


Carlsberg Brewery Malaysia 356,400 1,277,066 0.8

Karex Bhd 1,133,500 1,104,011 0.6



Robinsons Retail Hldgs 470,250 755,750 0.5


ComfortDelgro Corp 898,900 1,949,196 1.1



Aspeed Technology 126,563 1,344,909 0.8

Axiomtek Co 458,000 1,055,916 0.6

China Life Insurance 2,131,178 1,638,909 1.0

Chipbond Technology 267,000 431,394 0.3

Chunghwa Precision Test Tech 38,300 774,711 0.5

Eclat Textile 177,149 2,331,053 1.4

Ennoconn Corp 92,000 1,106,264 0.6

Glory Science 1,018,000 1,783,967 1.0

Hota Industrial Mfg 475,000 2,066,244 1.2

King Slide Works 55,000 634,865 0.4

Macauto Industrial Co 248,000 1,302,262 0.8

Pegatron Corp 365,000 851,712 0.5

Phison Electronics 102,000 830,350 0.5

Poya Intl 68,490 727,802 0.4

Realtek Semiconductor 847,000 2,329,092 1.4

Silergy Corp 112,000 1,527,716 0.9

Silicon Motion Tech ADR 31,000 1,203,110 0.7

Sumeeko Industries 297,850 994,869 0.6

Systex Corp 269,000 499,820 0.3

Taiwan FamilyMart 118,000 815,778 0.5

Toung Loong Textile Mfg 111,000 309,023 0.2

TSC Auto ID Technology Co 103,100 903,374 0.5

Tung Thih Electronic Co 175,000 2,881,867 1.7

Voltronic Power Technology 174,203 2,744,249 1.6

Wistron NeWeb 1,024,728 2,744,580 1.6

Yeong Guan Energy

Technology Group 339,000 2,406,833 1.4


AEON Thana Sinsap (Thailand)

NVDR 290,700 789,137 0.5


Chularat Hospital (F) 19,569,800 1,490,820 0.9

Home Product Center (F) 2,255,500 528,933 0.3

Home Product Center NVDR 719,600 168,752 0.1

IRPC Public Co (F) 6,912,000 992,200 0.6

Siam City Cement (F) 64,500 564,696 0.3

Sino Thai Eng & Construction

(F) 2,236,600 1,443,173 0.8

Somboon Advance Technology

(F) 1,254,100 513,333 0.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet










- 90 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Taiwan 21.4 15.3

China 20.3 23.2

Korea 14.9 17.4

India 13.5 14.8

Hong Kong 11.3 13.1

Thailand 5.8 5.1

Indonesia 3.6 3.2

Singapore 2.5 1.7

Philippines 1.6 1.0

Malaysia 1.4 0.7



Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders of holders of holders of holders of





- 91 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 4,974,765 6,690,029



Investments 163,268,667 154,340,637


receivable 1,645,839 325,823


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


Amounts due to brokers 569,429 479,579




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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





Dividend income 2,088,285 843,508


gains/(losses) 31,771 (223,139)


12,031,771 10,020,076

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


Management fee 1,223,132 1,414,630










1,603,680 2,067,660

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

Profit Profit Profit Profit before taxationbefore taxationbefore taxationbefore taxation 10,428,091 7,952,416

Taxation (87,387) (259,273)








- 92 -

Statement of Statement of Statement of Statement of Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders Changes in Net Assets Attributable to Holders



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

159,155,170 179,182,249






of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the end end end end




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (48,180,712) (82,872,557)







Tax paid (87,825) (260,124)



Others (49,423) (94,747)


activitiesactivitiesactivitiesactivities 323,781 14,215,892

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








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










Cash at banks 4,974,765 5,788,782



- 93 -



JPMorgan Eastern Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 2 December 1991, as amended, and is


The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of small to

medium sized companies in the Asia-Pacific region, excluding Japan and Australia except the Manager may, from time to time, invest in Japan

and Australia when appropriate investment opportunities arise.

Pursuant to the Supplemental Trust Deed dated 4 January 2013, the Manager may decide to issue separate classes (each a "Class") whose





(a)(a)(a)(a) Accounting policies of interim financial Accounting policies of interim financial Accounting policies of interim financial Accounting policies of interim financial statementsstatementsstatementsstatements



(b)(b)(b)(b) InvestmeInvestmeInvestmeInvestments and derivatives nts and derivatives nts and derivatives nts and derivatives

Classification












ownership.





value.













- 94 -






separately.






transactions.


denominated in foreign currencies at year end exchange rates are recognized in the Statement of Comprehensive Income.








Fund's Trust Deed dated 2 December 1991, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2016

USD Class (acc)

Units


US$



units 169,495,874






- 95 -

30.9.2015

USD Class (acc)

Units


US$



units 161,584,219





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$


Realized (losses)/gains on sale of investments and derivatives (453,061) 10,335,402

9,910,994 9,399,479

5555 Soft dollar Soft dollar Soft dollar Soft dollar arrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangements










JPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUNDJPMORGAN EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 96 -



Place ofPlace ofPlace ofPlace of

establishmentestablishmentestablishmentestablishment HoldingHoldingHoldingHolding

FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes (92.2%)


JPM China A-Shs Opp (acc)-HKD** Hong Kong 340,000 525,130 1.6

JPMF-JPM Greater China 'A'(acc)-USD* Luxembourg 33,600 820,176 2.4

EuropeEuropeEuropeEurope (11.3%)

JPMF-Europe Dynamic 'A' (dist)-EUR* Luxembourg 96,000 1,926,478 5.8

JPMIF-Europe Strat Div 'A'(acc)-EUR*# Luxembourg 8,658 1,854,159 5.5

GermanyGermanyGermanyGermany (2.4%)

JPMF-Germany Equity 'A'(acc)-EUR*# Luxembourg 30,500 806,693 2.4

InternationalInternationalInternationalInternational (20.8%)

JPMF-Global Corp Bond 'A'(acc)-USD*# Luxembourg 278,816 4,433,175 13.3

JPMIF-Global High Yield'A'(acc)-USD* Luxembourg 17,400 2,506,644 7.5


JPMIF-Japan Adv Equity'A' (acc)-JPY*# Luxembourg 16,200 1,648,034 4.9

JPMIF-Japan Stra Value 'A'(acc)-JPY*# Luxembourg 34,386 3,211,746 9.6

LuxembourgLuxembourgLuxembourgLuxembourg (10.5%)

JPMF-US Res Enh Ind Eqy'C'(acc)-USD*# Luxembourg 21,300 3,516,843 10.5


iShares Barclays 7-10Yr Tsy Bond Fd United States 25,100 2,769,534 8.3

JPMF-America Equity 'A' (dist)-USD* Luxembourg 10,600 1,479,972 4.4

JPMF-US Aggregate Bd 'A' (acc)-USD* Luxembourg 100,000 1,621,000 4.8

JPMF-US Select Eq Plus 'A'(acc)-USD*# Luxembourg 236,306 3,747,814 11.2

Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 30,867,398 92.2


Net assets attributable to holders of redeemable units at 31 March 2016Net assets attributable to holders of redeemable units at 31 March 2016Net assets attributable to holders of redeemable units at 31 March 2016Net assets attributable to holders of redeemable units at 31 March 2016 33,488,688 100.0



** Issued and managed by the Manager

# Not authorized in Hong Kong and not available to Hong Kong Residents



- 97 -


For the periodFor the periodFor the periodFor the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015




International 20.8 20.0

Japan 14.5 14.2

Europe 11.3 10.6

Luxembourg 10.5 10.4

China 4.0 4.3

Germany 2.4 2.5



Net assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable units 100.0 100.0




- 98 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 2,629,124 917,141

Amounts due from brokers - 2,419,546


Investments 30,867,398 28,191,337


receivable 61 43,084


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




Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 118,609 427,999

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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives [Note 4] 520,263 1,585,299




(losses)/gains (18,227) 162

530,096 1,614,285

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










Transaction costs 132 184


119,839 125,774

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

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 410,257 1,488,511

Taxation (7,322) (7,959)




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 402,935 1,480,552




- 99 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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



Net Net Net Net allotment/(redemption)allotment/(redemption)allotment/(redemption)allotment/(redemption) 1,795,531 (183,653)

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

33,085,753 35,961,360





Net assets Net assets Net assets Net assets attributable to holders attributable to holders attributable to holders attributable to holders





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (2,155,799) (5,580,390)





Transaction costs paid (132) (284)


Tax paid (7,322) (7,959)



Others (48,014) (29,492)


operating activitiesoperating activitiesoperating activitiesoperating activities 175,645 (1,415,110)

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






Net cash inflow from Net cash inflow from Net cash inflow from Net cash inflow from financing financing financing financing

activitiesactivitiesactivitiesactivities 1,536,353 54,219

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


cash equivalentscash equivalentscash equivalentscash equivalents 1,711,998 (1,360,891)


beginning of the period 917,141 3,041,254






Cash at banks 2,629,124 1,680,364



- 100 -



JPMorgan Evergreen Fund (the "Fund") was established under a Trust Deed dated 19 January 2004, as amended, and is governed by the laws

of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to seek to produce a competitive total return in different market conditions. The Fund seeks to

achieve this through an actively managed portfolio of collective investment schemes managed by the Manager, its connected parties or

external parties.







Classification










ownership.





value.




Open future contracts are valued at last traded prices for both long and short positions at the valuation date. The differences between

the last traded prices and the contract prices are recognized in the Statement of Comprehensive Income.






transactions.





- 101 -








Fund's Trust Deed dated 19 January 2004, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2016 30.9.2015

Units Units


US$ US$




1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 520,262 1,757,275

Realized gains/(losses) on sale of investments and derivatives 1 (171,976)

520,263 1,585,299






JPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUNDJPMORGAN GLOBAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 102 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Debt Securities(I) Debt Securities(I) Debt Securities(I) Debt Securities (90.3%)


Australian Gov No139

3.25%4/25-RegS AUD8,565,000 7,101,050 0.8


4.25%4/26-RegS AUD10,300,000 9,296,597 1.1


4.5%4/33-RegS AUD2,670,000 2,530,589 0.3

Commonwealth Bk

Aus 0.375%2/21-

RegS EUR607,000 698,648 0.1

Commonwealth Bk

Aus 0.75%11/21-

RegS EUR100,000 117,192 0.0

Queensland No23

4.25%7/23-

RegS/144A AUD1,200,000 1,022,508 0.1

Westpac Banking

0.625% 14/1/22-

RegS EUR100,000 115,993 0.0

AustriaAustriaAustriaAustria (0.4%)

Austria Rep Of 4.15%

15/03/37-RegS EUR790,000 1,429,528 0.2

Austria Rep Of 6.25%

15/07/27 EUR990,000 1,890,132 0.2

BelgiumBelgiumBelgiumBelgium (1.1%)

Anheuser-Busch

0.625% 17/3/20-

RegS EUR531,000 610,336 0.1

Anheuser-Busch 2%

17/03/28-RegS EUR1,400,000 1,666,546 0.2

Belgium Kingdom

No71 3.75%6/45-

RegS EUR185,000 336,421 0.0

Belgium Kingdom of

No31 5.5%28/3/28 EUR1,765,000 3,137,441 0.4

Belgium Kingdom of

No66 4% 28/03/32 EUR1,960,000 3,245,946 0.4

CanadaCanadaCanadaCanada (2.6%)

Canada Govt Of 1.5%

01/03/17 CAD90,000 70,275 0.0

Canada Govt Of 2.75%

01/06/22 CAD6,955,000 6,034,531 0.7

Canada Govt Of 4%

01/06/41 CAD1,715,000 1,858,044 0.2

Canada Govt Of 5%

01/06/37 CAD1,645,000 1,950,760 0.2

Canada Govt Of 5.75%

01/06/29 CAD2,410,000 2,807,366 0.3

Hydro-Quebec No19

6.5% 15/02/35 CAD450,000 522,076 0.1

National Bk Canada

0.5% 01/22-RegS EUR100,000 115,522 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Ontario Prov Of 2.6%

02/06/25 CAD4,550,000 3,667,739 0.5

Ontario Prov Of 4.2%

02/06/20 CAD3,500,000 3,064,033 0.4

Quebec Prov Of5%

01/12/41 CAD1,850,000 1,916,460 0.2

Royal Bank of Canada

0.875% 6/22-RegS EUR150,000 178,096 0.0

Royal Bank of Canada

2.5% 19/01/21 USD120,000 123,091 0.0

DenmarkDenmarkDenmarkDenmark (0.2%)

Danske Bank 2.8%

10/03/21-144A USD1,520,000 1,543,425 0.2

Danske Bank VRN

3.875% 4/10/23-

RegS EUR100,000 123,380 0.0

Denmark Kingdom Of

4.5% 15/11/39 DKK270,000 72,918 0.0

FinlandFinlandFinlandFinland (0.0%)

Finnish Govt Of

0.875% 15/9/25-

RegS EUR300,000 360,032 0.0

FranceFranceFranceFrance (4.4%)

Arkema SA 1.5%

20/01/25-RegS EUR1,000,000 1,156,027 0.1

Autoroutes Sud

Fran4.125% 4/20-

RegS EUR1,100,000 1,496,118 0.2

BPCE SA 2.65%

03/02/21 USD780,000 790,057 0.1

BPCE SA 5.15%

01/04/26-144A USD1,530,000 1,517,821 0.2

Cie de Saint-Gobain

4.5% 30/9/19 EUR400,000 533,274 0.1

France OAT 0.5%

25/05/25 EUR5,260,000 6,113,688 0.7

France OAT 1.75%

25/11/24 EUR5,010,000 6,476,856 0.8

France OAT 3.25%

25/10/21 EUR3,600,000 4,934,010 0.6

France OAT 4%

25/04/55 EUR590,000 1,188,706 0.1

France OAT 4.5%

25/04/41 EUR1,470,000 2,910,133 0.3

France OAT 5.75%

25/10/32 EUR2,278,000 4,579,754 0.5

Holding D'infras

4.875% 10/21-RegS EUR950,000 1,347,491 0.2

Imerys SA 1.875%

31/03/28-RegS EUR1,200,000 1,383,870 0.2

Imerys SA 2.5%

26/11/20-RegS EUR500,000 621,297 0.1

Orange SA NoEMTN

3.375% 16/09/22 EUR1,500,000 2,028,812 0.2

UNEDIC 0.3%

04/11/21-RegS EUR200,000 231,755 0.0



- 103 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Bundesrep Deut 0.5%

15/02/26-RegS EUR4,651,000 5,480,804 0.7

Bundesrep Deut 1.75%

15/02/24 EUR2,595,000 3,396,726 0.4

Bundesrep Deut 2.5%

04/07/44 EUR110,000 181,235 0.0

Bundesrep Deut No08

4.75% 04/07/40 EUR2,954,000 6,474,105 0.8

CRH Fin Germany

1.75% 16/07/21-

RegS EUR100,000 121,388 0.0

Kredit fuer Wied 2%

02/05/25 USD2,900,000 2,921,702 0.3

Volkswagen Lea

2.625% 15/01/24-

RegS EUR9,000 11,066 0.0


Rep of Indonesia

4.75% 8/1/26-RegS USD800,000 852,513 0.1


Euro Stability 0.5%

02/03/26-RegS EUR600,000 689,720 0.1

European Inv Bk

2.875% 15/09/20 USD6,900,000 7,329,578 0.8

IrelandIrelandIrelandIreland (1.2%)

Bank Of Ireland 3.25%

15/01/19-RegS EUR110,000 134,571 0.0

CRH Finance 3.125%

03/04/23 EUR800,000 1,072,662 0.1

FCA Capital Ireland

1.25% 9/20-RegS EUR456,000 519,976 0.1

GE Capital Euro 6%

15/01/19 EUR200,000 267,921 0.0

Ireland Treasury 1%

15/05/26-RegS EUR6,309,000 7,394,903 0.9

Ireland Treasury 2.4%

15/05/30-RegS EUR65,000 88,008 0.0

Kerry Group Fin

2.375% 09/25-RegS EUR850,000 1,072,199 0.1

ItalyItalyItalyItaly (5.2%)

Atlantia SpA 5.875%

09/06/24 EUR900,000 1,474,882 0.2

Italy Rep Of (BTP) 2%

01/12/25 EUR6,560,000 8,054,546 0.9

Italy Rep Of (BTP)

3.7% 11/16-RegS JPY15,000,000 138,193 0.0

Italy Rep Of (BTP)

3.75% 01/05/21 EUR3,500,000 4,724,127 0.6

Italy Rep Of (BTP)

3.75% 01/08/21 EUR3,370,000 4,539,143 0.5

Italy Rep Of (BTP)

3.75% 01/09/24 EUR5,225,000 7,256,077 0.8


01/02/37 EUR1,765,000 2,669,191 0.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Italy Rep Of (BTP)

4.75% 01/08/23 EUR5,235,000 7,685,588 0.9


01/08/34 EUR1,355,000 2,282,693 0.3


01/09/40 EUR1,780,000 3,075,280 0.4

SNAM SpA 1.5%

24/04/19-RegS EUR100,000 120,246 0.0

SNAM SpA 3.5%

13/02/20-RegS EUR1,800,000 2,309,133 0.3


JGB No105 (20Yr) 2.1%

20/09/28 JPY974,600,000 10,880,544 1.3

JGB No127 (5Yr) 0.1%

20/03/21 JPY1,500,000,000 13,539,742 1.6

JGB No132 (20Yr) 1.7%

20/12/31 JPY1,000,800,000 10,999,471 1.3

JGB No151 (20Yr) 1.2%

20/12/34 JPY1,106,000,000 11,323,093 1.3

JGB No20 (30Yr) 2.5%

20/09/35 JPY1,223,250,000 15,116,320 1.8

JGB No325 (10Yr)

0.8% 20/09/22 JPY2,484,000,000 23,538,560 2.7

JGB No338 (10Yr)

0.4% 20/03/25 JPY1,648,000,000 15,333,116 1.8

JGB No37 (30Yr) 1.9%

20/09/42 JPY608,100,000 7,243,554 0.8

JGB No4 (40Yr) 2.2%

20/03/51 JPY547,950,000 7,356,328 0.9

JGB No78 (20Yr) 1.9%

20/06/25 JPY1,821,850,000 19,288,506 2.3


Heathrow Funding 6%

20/03/20-RegS GBP200,000 325,886 0.0

Porterbrook Rail Fin

5.5% 20/04/19 GBP500,000 810,705 0.1

UBS Group Fund

4.125% 15/04/26-

144A USD1,430,000 1,425,853 0.2


Actavis Funding 3.8%

15/03/25 USD2,320,000 2,431,370 0.3


15/03/45 USD20,000 21,234 0.0

European Fin 2.35%

29/07/44-RegS EUR470,000 693,244 0.1

European Inv 1.75%

12/11/26-RegS SEK1,100,000 138,323 0.0

MexicoMexicoMexicoMexico (0.8%)

Mexican Bds Desarr

10% 05/12/24 MXN626,900 4,806,490 0.6

Petroleos Mexi

6.875% 04/08/26-

RegS USD800,000 873,845 0.1

United Mexican States

1.625% 6/3/24 EUR1,250,000 1,390,475 0.1



- 104 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Airbus Group 2.375%

02/04/24-RegS EUR2,000,000 2,624,578 0.3

BAT Netherlands

4.875% 24/02/21 EUR950,000 1,316,129 0.1

Cooperatieve Rabo

1.25% 3/26-RegS EUR600,000 688,282 0.1

CRH Funding 1.875%

09/01/24-RegS EUR600,000 727,226 0.1

Deutsche Telekom

6.5% 08/04/22 GBP70,000 131,716 0.0

Enel Fin Intl 4.875%

17/04/23-RegS EUR2,525,000 3,827,811 0.4

GAS Natural Fenosa

3.875% 4/22-RegS EUR1,100,000 1,528,576 0.2

ING Bank 2.75%

22/03/21-144A USD1,070,000 1,084,032 0.1

Linde Finance 1.75%

11/06/19 EUR500,000 608,523 0.1

LYB Intl Fin 4.875%

15/03/44 USD850,000 852,764 0.1

Netherlands Govt

2.5% 15/01/33 EUR155,000 227,901 0.0

Netherlands Govt

3.75% 15/01/42 EUR625,000 1,192,761 0.1

Netherlands Govt

5.5% 15/01/28 EUR2,333,000 4,239,629 0.5

Red Electrica 3.875%

25/01/22-RegS EUR1,000,000 1,364,626 0.2

Shell Intl Fin 3.25%

11/05/25 USD1,340,000 1,372,440 0.2


ANZ NZ Intl Ldn

0.625% 01/22-RegS EUR100,000 115,860 0.0

PolandPolandPolandPoland (0.1%)

Poland Govt No0725

3.25% 25/07/25 PLN1,700,000 487,079 0.1

South AfricaSouth AfricaSouth AfricaSouth Africa (0.1%)

Rep Of South Africa

R186 10.5%12/26 ZAR8,650,000 660,361 0.1

SpainSpainSpainSpain (3.7%)

Iberdrola Finanzas

4.125% 23/03/20 EUR3,150,000 4,144,414 0.5

Spain Kingdom Of

2.9% 10/46-RegS-

144A EUR397,000 477,146 0.0

Spain Kingdom Of

2.15% 10/25-RegS EUR5,960,000 7,324,784 0.9

Spain Kingdom Of

4.2% 31/01/37 EUR1,690,000 2,529,242 0.3

Spain Kingdom Of

4.65% 30/07/25 EUR3,175,000 4,778,221 0.6

Spain Kingdom Of

5.15%31/10/44-

RegS EUR134,000 235,422 0.0

Spain Kingdom Of

5.5% 30/04/21 EUR3,130,000 4,649,819 0.5

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Spain Kingdom Of

5.85% 31/01/22 EUR4,690,000 7,001,424 0.8

Telefonica Emis 4.71%

20/01/20-RegS EUR500,000 668,028 0.1

SupranationalSupranationalSupranationalSupranational (0.2%)

European Inv Bk

1.25% 12/05/25-

RegS SEK7,750,000 966,144 0.1

European Union

3.75% 04/04/42 EUR360,000 668,008 0.1

SwedenSwedenSwedenSweden (0.7%)

Skandinaviska Ensk

0.75% 08/21-RegS EUR1,000,000 1,152,550 0.2

Skandinaviska Ensk

VRN 2.5% 28/5/26 EUR1,600,000 1,897,682 0.2

Svenska

Handelsbanken

2.45% 30/3/21 USD1,930,000 1,950,207 0.2

Swedbank AB 2.65%

10/03/21-144A USD660,000 669,121 0.1

Sweden Kingdom Of

No1053 3.5% 03/39 SEK50,000 8,414 0.0

Sweden Kingdom Of

No1057 1.5% 11/23 SEK270,000 36,383 0.0

SwitzerlandSwitzerlandSwitzerlandSwitzerland (0.3%)

Credit Suisse 0.75%

17/09/21-RegS EUR100,000 117,498 0.0

Credit Suisse NY

4.375% 05/08/20 USD1,130,000 1,232,502 0.1

UBS AG London

1.375% 16/04/21-

RegS EUR100,000 122,352 0.0

UBS AG Stamford

2.35% 26/03/20 USD1,500,000 1,521,243 0.2

TurkeyTurkeyTurkeyTurkey (0.2%)

Rep of Turkey 7.375%

05/02/25 USD800,000 970,622 0.1

Turkey Govt Bond 8%

12/03/25 TRY2,100,000 672,339 0.1

United KingdomUnited KingdomUnited KingdomUnited Kingdom (6.8%)

Abbey Natl Tsy 1.875%

17/02/20-RegS GBP400,000 573,776 0.1

Abbey Natl Tsy 3.05%

23/08/18 USD1,100,000 1,134,314 0.1

BAT Intl Fin 3.95%

15/06/25-144A USD500,000 551,645 0.1

CRH Fin UK 4.125%

02/12/29-RegS GBP650,000 1,014,391 0.1

Eversholt Funding

6.359% 02/12/25 GBP650,000 1,198,611 0.1

FCE Bank 1.875%

24/06/21-RegS EUR200,000 238,667 0.0

Hammerson PLC

1.75% 15/03/23-

RegS EUR1,400,000 1,615,974 0.2



- 105 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


United KingdomUnited KingdomUnited KingdomUnited Kingdom (Continued)

Hammerson PLC 2%

01/07/22-RegS EUR400,000 481,358 0.1

Hammerson PLC 6%

23/02/26 GBP200,000 356,306 0.0

HSBC Hldgs 4.3%

08/03/26 USD370,000 382,919 0.1

InterContinental Hot

3.75%8/25-RegS GBP700,000 1,059,754 0.1

Lloyds Bank 6.5%

24/03/20-RegS EUR100,000 134,327 0.0

Lloyds Bank Group

4.65% 24/03/26 USD1,245,000 1,235,106 0.2

Manchester Airport

4.125% 4/24-RegS GBP500,000 791,243 0.1

Prudential PLC VRN

11.375% 29/05/39 GBP150,000 275,229 0.0

Royal Bk Scotland

5.375% 30/09/19 EUR100,000 135,808 0.0

UK Treasury 1.25%

22/07/18-RegS GBP5,800,000 8,512,686 1.0

UK Treasury 2%

07/09/25-RegS GBP9,465,000 14,334,020 1.7

UK Treasury 3.5%

22/07/68-RegS GBP1,540,000 3,178,571 0.4

UK Treasury 3.75%

22/07/52-RegS GBP955,000 1,919,627 0.2

UK Treasury 4.75%

07/12/30 GBP4,542,000 9,056,299 1.1

UK Treasury 4.75%

07/12/38 GBP4,600,000 9,706,161 1.1


21st Century Fox Amer

4.95%15/10/45 USD5,000 5,458 0.0

Abbvie Inc 3.6%

14/05/25 USD1,025,000 1,090,754 0.1

Actavis Inc 3.25%

01/10/22 USD290,000 294,336 0.0

Altria Group 5.375%

31/01/44 USD665,000 822,220 0.1

American Express

3.625% 05/12/24 USD500,000 511,851 0.1

American Honda Fin

1.7% 22/02/19 USD940,000 949,508 0.1

American Int Group

4.5% 16/07/44 USD40,000 38,353 0.0

American Intl Group

3.75% 10/07/25 USD755,000 768,478 0.1

American Intl Group

4.8% 10/07/45 USD865,000 869,951 0.1

American Intl Group

4.875% 01/06/22 USD250,000 279,350 0.0

American Tower 4%

01/06/25 USD5,000 5,238 0.0

American Tower 4.4%

15/02/26 USD2,275,000 2,438,749 0.3

Anheuser-Busch

2.65% 01/02/21 USD60,000 61,886 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Anheuser-Busch

3.65% 01/02/26 USD2,120,000 2,236,585 0.3

Anheuser-Busch 4.9%

01/02/46 USD1,160,000 1,296,091 0.2

Anthem Inc 5.1%

15/01/44 USD165,000 175,653 0.0

Apple Inc 3.45%

09/02/45 USD395,000 361,018 0.0

Apple Inc 4.375%

13/05/45 USD260,000 277,972 0.0

Apple Inc 4.65%

23/02/46 USD625,000 686,636 0.1

AT&T Inc 3.4%

15/05/25 USD345,000 351,148 0.0

AT&T Inc 3.6%

17/02/23 USD290,000 304,787 0.0

AT&T Inc 4.8%

15/06/44 USD345,000 343,477 0.0

AT&T Inc 5.15%

15/03/42 USD375,000 380,719 0.0

AT&T Inc 5.65%

15/02/47 USD1,565,000 1,747,194 0.2

AT&T Inc 6.55%

15/02/39 USD60,000 71,529 0.0

Bank of America

2.625% 19/10/20 USD1,270,000 1,288,396 0.2

Bank of America

3.875% 01/08/25 USD1,475,000 1,539,691 0.2

Bank of America

4.25% 22/10/26 USD710,000 736,894 0.1

Bank of America

4.45% 03/03/26 USD945,000 985,894 0.1

Bank of America

6.125%15/09/21-

RegS GBP200,000 341,180 0.0

Bank of New York

2.5% 15/04/21 USD630,000 645,817 0.1

Berkshire Hathaway

2.75% 15/03/23 USD515,000 527,668 0.1

Berkshire Hathaway

3.125% 15/03/26 USD1,765,000 1,823,555 0.2

Biogen Inc 2.9%

15/09/20 USD295,000 304,254 0.0

Biogen Inc 5.2%

15/09/45 USD255,000 283,666 0.0

Branch Banking&Trust

3.8% 30/10/26 USD500,000 539,150 0.1

Burlington North SF

4.55% 01/09/44 USD1,225,000 1,348,681 0.2

Burlington North SF

5.75% 01/05/40 USD40,000 50,363 0.0

Capital One Fin 4.2%

29/10/25 USD55,000 56,967 0.0

Celgene Corp 5%

15/08/45 USD1,335,000 1,461,862 0.2

Chevron Corp 3.191%

24/06/23 USD750,000 776,330 0.1

Chubb INA Hldgs

2.875% 03/11/22 USD210,000 219,649 0.0



- 106 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


United StatesUnited StatesUnited StatesUnited States (Continued)

Chubb INA Hldgs

4.35% 03/11/45 USD10,000 10,986 0.0

Cisco Systems 2.2%

28/02/21 USD435,000 446,030 0.1

Citigroup Inc 2.65%

26/10/20 USD2,095,000 2,140,070 0.3

Citigroup Inc 2.7%

30/03/21 USD1,545,000 1,558,472 0.2

Citigroup Inc 3.7%

12/01/26 USD440,000 457,790 0.1

Citigroup Inc 4.3%

20/11/26 USD275,000 280,337 0.0

Citigroup Inc 4.6%

09/03/26 USD870,000 895,490 0.1

Citigroup Inc 7.375%

04/09/19 EUR200,000 290,794 0.0

Comcast Corp 3.15%

01/03/26 USD1,115,000 1,166,605 0.1

Comcast Corp 4.6%

15/08/45 USD860,000 964,538 0.1

Commonwealth Edison

4.35% 15/11/45 USD10,000 10,960 0.0

Consolidated Edison

4.5% 01/12/45 USD170,000 187,844 0.0

Consolidated Edison

4.625% 01/12/54 USD150,000 164,752 0.0

Crown Castle Intl

4.45% 15/02/26 USD400,000 420,058 0.1

CVS Health 3.875%

20/07/25 USD345,000 377,144 0.0

CVS Health 5.125%

20/07/45 USD145,000 170,049 0.0

CVS Health 6.125%

15/09/39 USD40,000 50,693 0.0

Dominion Gas Hldgs

4.6% 15/12/44 USD20,000 19,929 0.0

Dominion Resources

4.7% 01/12/44 USD490,000 499,209 0.1

Duke Energy 3.75%

15/04/24 USD525,000 557,102 0.1

Duke Energy Carolin

3.875% 15/03/46 USD410,000 416,704 0.1

Enterprise Products

4.9% 15/05/46 USD30,000 29,571 0.0

Express Scripts 4.5%

25/02/26 USD410,000 429,567 0.1

Exxon Mobil 3.043%

01/03/26 USD615,000 631,858 0.1

Exxon Mobil 4.114%

01/03/46 USD325,000 346,676 0.0

Fedex Corp 4.55%

01/04/46 USD285,000 293,835 0.0

Ford Motor Credit

2.943% 08/01/19 USD1,400,000 1,435,430 0.2

Ford Motor Credit

3.336% 18/03/21 USD635,000 656,690 0.1

Ford Motor Credit

4.134% 04/08/25 USD1,920,000 2,016,289 0.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


General Electric Co

4.375% 16/09/20 USD60,000 66,555 0.0

General Electric Co

4.5% 11/03/44 USD450,000 505,519 0.1

General Motors 6.25%

02/10/43 USD50,000 54,813 0.0

General Motors Fin

4.25% 15/05/23 USD460,000 471,161 0.1

General Motors Fin

5.25% 01/03/26 USD645,000 680,299 0.1

Gilead Sciences 4.5%

01/02/45 USD15,000 16,028 0.0


01/03/46 USD185,000 203,079 0.0

Goldman Sachs Group

6.75% 01/10/37 USD130,000 159,365 0.0

Goldman Sachs Group

2.375% 22/01/18 USD90,000 91,602 0.0

Goldman Sachs Group

2.75% 15/09/20 USD10,000 10,173 0.0

Goldman Sachs Group

3.5% 23/01/25 USD40,000 40,592 0.0

Goldman Sachs Group

3.75% 22/05/25 USD885,000 922,021 0.1

Goldman Sachs Group

3.75% 25/02/26 USD1,260,000 1,302,732 0.2

Goldman Sachs Group

4.25% 21/10/25 USD490,000 508,623 0.1

Goldman Sachs Group

5.15% 22/05/45 USD5,000 5,220 0.0

Goldman Sachs Group

2% 27/07/23-RegS EUR1,800,000 2,147,815 0.3

Harris Corp 5.054%

27/04/45 USD920,000 1,002,892 0.1

Home Depot 2%

01/04/21 USD445,000 452,208 0.1

Home Depot 3%

01/04/26 USD185,000 195,025 0.0

Home Depot 4.25%

01/04/46 USD5,000 5,615 0.0

Honeywell Int 1.3%

22/02/23 EUR2,600,000 3,029,906 0.4

HSBC USA 2.75%

07/08/20 USD850,000 857,277 0.1

Huntington Bancshare

3.15% 14/03/21 USD1,070,000 1,089,950 0.1

Intel Corp 4.9%

29/07/45 USD15,000 17,041 0.0

Intl Bk Rec & Dev 2.5%

29/07/25 USD510,000 532,937 0.1

John Deere Capital

2.45% 11/09/20 USD15,000 15,355 0.0

John Deere Capital

2.55% 08/01/21 USD80,000 82,136 0.0

John Deere Capital

2.8% 06/03/23 USD1,300,000 1,331,327 0.2

Kimco Realty 3.125%

01/06/23 USD25,000 24,974 0.0

Kimco Realty 3.4%

01/11/22 USD10,000 10,373 0.0



- 107 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Kohl's Corp 5.55%

17/07/45 USD10,000 9,143 0.0

Kraft Heinz Foods 2%

06/23-RegS EUR1,100,000 1,328,624 0.2

Lockheed Martin 4.7%

15/05/46 USD885,000 996,812 0.1

Lowe's Co 3.375%

15/09/25 USD15,000 15,887 0.0

Mcdonald's Corp 3.7%

30/01/26 USD25,000 26,853 0.0

McKesson Corp 2.85%

15/03/23 USD500,000 495,373 0.1

Medtronic Inc 4.625%

15/03/45 USD310,000 349,731 0.0

Metlife Inc 4.125%

13/08/42 USD400,000 386,266 0.0

Metropolitan Life

0.875% 1/22-RegS EUR100,000 113,006 0.0

Microsoft Corp 3.75%

12/02/45 USD20,000 19,910 0.0


03/11/45 USD345,000 389,439 0.0

Mississippi Power

No12-A 4.25% 3/42 USD13,000 10,038 0.0

Morgan Stanley

3.875% 27/01/26 USD1,585,000 1,671,884 0.2

Morgan Stanley

3.875% 29/04/24 USD305,000 326,164 0.0

Morgan Stanley 4.3%

27/01/45 USD35,000 35,887 0.0

Morgan Stanley 4.35%

08/09/26 USD860,000 879,049 0.1

Natl Rural Utilties

2.7% 15/02/23 USD620,000 632,508 0.1

Natl Rural Utilties

3.25% 01/11/25 USD20,000 21,240 0.0

Newell Rubberm 5.5%

01/04/46 USD15,000 16,319 0.0

Nisource Finance

5.65% 01/02/45 USD465,000 562,931 0.1

Oracle Corp 6.125%

08/07/39 USD120,000 155,189 0.0

Oracle Corp 2.95%

15/05/25 USD195,000 202,296 0.0

Oracle Corp 4.125%

15/05/45 USD825,000 857,677 0.1

Pacific Gas & Electric

4.75%15/2/44 USD160,000 183,090 0.0

Pepsico Inc 4.45%

14/04/46 USD620,000 708,887 0.1

Philip Morris Intl

4.875% 15/11/43 USD340,000 399,569 0.0

Phillips 66 4.875%

15/11/44 USD20,000 20,703 0.0

Prudential Fin 5.8%

16/11/41 USD30,000 34,289 0.0

Qualcomm Inc 4.8%

20/05/45 USD244,000 244,634 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Reynolds American

4.45% 12/06/25 USD150,000 167,332 0.0

Reynolds American

5.7% 15/08/35 USD5,000 5,923 0.0

Reynolds American

5.85% 12/08/45 USD675,000 832,597 0.1

Roche Hldgs 2.625%

15/05/26-144A USD665,000 661,464 0.1

Simon Property Group

3.3% 15/01/26 USD765,000 800,245 0.1

Sunoco Logistics

5.35% 15/05/45 USD240,000 205,445 0.0

Synchrony Financial

4.25% 15/08/24 USD500,000 513,799 0.1

Sysco Corp 3.3%

15/07/26 USD675,000 685,955 0.1

Time Warner 3.6%

15/07/25 USD40,000 41,706 0.0

Trans-Allegheny

3.85% 01/06/25-

144A USD1,100,000 1,148,861 0.1

Unitedhealth Group

3.1% 15/03/26 USD1,015,000 1,045,984 0.1

Unitedhealth Group

3.75% 15/07/25 USD45,000 49,153 0.0

Unitedhealth Group

4.75% 15/07/45 USD10,000 11,571 0.0

US Treasury 0.75%

15/04/18 USD15,320,000 15,372,456 1.8

US Treasury 0.75%

28/02/18 USD18,000,000 18,019,474 2.1

US Treasury 1%

31/12/17 USD5,300,000 5,338,446 0.6

US Treasury 1.125%

28/02/21 USD27,800,000 27,740,320 3.3

US Treasury 1.25%

30/11/18 USD19,375,000 19,678,144 2.3

US Treasury 1.75%

15/05/22 USD17,885,000 18,312,456 2.1

US Treasury 1.75%

31/12/20 USD25,280,000 26,033,689 3.1

US Treasury 2.125%

15/05/25 USD14,190,000 14,767,711 1.7

US Treasury 2.25%

15/11/25 USD13,215,000 13,885,235 1.6

US Treasury 2.5%

15/05/24 USD14,050,000 15,093,123 1.8

US Treasury 2.875%

15/08/45 USD5,370,000 5,678,148 0.7

US Treasury 3%

15/11/45 USD4,190,000 4,579,730 0.5

US Treasury 3.125%

15/02/42 USD10,414,000 11,641,346 1.4

US Treasury 4.5%

15/02/36 USD10,868,000 14,996,814 1.8

US Treasury 4.625%

15/02/40 USD8,038,000 11,258,420 1.3

US Treasury 5.375%

15/02/31 USD8,510,000 12,278,298 1.4



- 108 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Verizon Commun

6.9%15/04/38 USD670,000 868,071 0.1

Verizon Commun

3.85% 01/11/42 USD176,000 161,702 0.0

Verizon Commun

4.5% 15/09/20 USD785,000 869,690 0.1

Verizon Commun

4.862% 21/08/46 USD2,039,000 2,168,981 0.3

Visa Inc 2.8% 14/12/22 USD550,000 578,358 0.1

Visa Inc 4.3%

14/12/45 USD620,000 684,325 0.1

Walgreens Boots

Alliance 3.8% 11/24 USD20,000 20,939 0.0

Wal-Mart Stores 6.2%

15/04/38 USD60,000 82,831 0.0

Wells Fargo & Co 4.3%

22/07/27 USD1,500,000 1,598,942 0.2

Wells Fargo & Co

5.375% 02/11/43 USD170,000 196,611 0.0

770,746,566 90.3

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

(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes (8.0%)

EuropeEuropeEuropeEurope (3.9%)

JPMF-Europe High

Yield 'X' (acc)-EUR*# 265,345 33,388,147 3.9


JPMIF-Global High

Yield'X'(acc)-USD* 220,253 29,104,270 3.4

JPMLIQ-USD Liquidity

'X' (acc) *# 380 5,417,957 0.7

67,910,374 8.0

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




FuturesFuturesFuturesFutures (-0.0%)

Euro BUXL 30Yr Bd

(EUX) Fut 06/16 (2) (10,324) (0.0)

Euro-BOBL (EUX) Fut

06/16 (99) 26,324 0.0

Euro-Bund (EUX) Fut

06/16 (94) (103,015) (0.0)

Euro-Schatz (EUX) Fut

06/16 (65) 7,128 0.0

Long Gilt (LIF) Fut

06/15 (25) 14,804 0.0

US 10Yr Note (CBT)

Fut 06/16 (342) (204,687) (0.0)

US 2Yr Note (CBT) Fut

06/16 (26) (21,125) (0.0)

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



06/16 (120) (124,953) (0.0)

US Ultra Bond (CBT)

Fut 06/16 (96) (108,563) (0.0)

2,993,211 0.4

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






* Issued and managed by a Connected Person of the Manager # Not authorized in Hong Kong and not available to Hong Kong residents



- 109 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

Listed/QuotedListed/QuotedListed/QuotedListed/Quoted InvestmentsInvestmentsInvestmentsInvestments



Japan 15.8 14.8

United Kingdom 6.8 6.0

Italy 5.2 6.8

France 4.4 3.4

Spain 3.7 3.4

Canada 2.6 2.7

Netherlands 2.5 2.4

Australia 2.4 3.7

Germany 2.2 4.7

Ireland 1.2 0.1

Belgium 1.1 0.6


Mexico 0.8 1.2

Sweden 0.7 0.8

Austria 0.4 0.5

Luxembourg 0.4 0.5

Switzerland 0.3 1.1

Jersey C.I. 0.3 1.7

Denmark 0.2 0.9

Turkey 0.2 -

Supranational 0.2 0.1

Indonesia 0.1 -

South Africa 0.1 0.5

Poland 0.1 -

Finland 0.0 -

New Zealand 0.0 0.5



Europe 3.9 2.9



Futures (0.0) (0.1)








- 110 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 38,632,787 2,316,340



Margin deposits 1,902,743 75,970

Derivatives 10,708,165 74,034

Investments 838,656,940 19,987,070


receivable 29,239 328


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




Distribution payable [Note 5] 2,893,524 257,665

Derivatives 7,714,954 101,477





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





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




and derivatives [Note 4] 26,753,590 (310,910)

Interest on deposits 5,048 383


losses (870,471) (80,532)

Other income 376 -

25,888,543 (391,059)

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









Legal and professional expenses 949 68


961,755 115,139

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

Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 24,926,788 (506,198)

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


Distribution [Note 5] (5,172,508) (62,590)

Interest paid (3,744) (19)

(5,176,252) (62,609)

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

Profit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxationProfit/(loss) before taxation 19,750,536 (568,807)

Taxation (13,155) (5,143)




total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income 19,737,381 (573,950)




- 111 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

832,986,350 16,520,910




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 19,737,381 (573,950)


of redeemable units at the of redeemable units at the of redeemable units at the of redeemable units at the end end end end




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (843,469,131) (12,906,895)



Tax received/(paid) 31,275 (4,408)

Interest received 3,954 383





Increase in margin deposits (1,826,773) -

Others (811,613) 35,412



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







Distribution paid (2,536,649) (74,103)



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


cash equivalentscash equivalentscash equivalentscash equivalents 36,176,931 (547,931)







Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash Analysis of balances of cash and cash equivalents:and cash equivalents:and cash equivalents:and cash equivalents:

Cash at banks 38,632,787 1,173,432

JPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBJPMORGAN GLOBAL BOND FUNDAL BOND FUNDAL BOND FUNDAL BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 112 -



JPMorgan Global Bond Fund (the "Fund") was established under a Trust Deed dated 30 April 1979, as amended, and is governed by the laws of


Prior to 13 May 2015, the investment objective of the Fund was to provide a stable income primarily from a portfolio of international interest

bearing securities together with long-term capital appreciation through diversification of exposure to the major international currencies.

With effect from 13 May 2015, the name of the Fund was changed from JPMorgan Global Bond and Currency Fund to JPMorgan Global Bond

Fund and the investment objective of the Fund was changed to achieve a return in excess of global bond markets by investing primarily in

global investment grade debt securities.










Classification












ownership.





value.











- 113 -








separately.






transactions.










Fund's Trust Deed dated 30 April 1979, as amended, which may be different from the accounting policies stated in the financial

statements.





3333 Number of units in issue and net assets attributable Number of units in issue and net assets attributable Number of units in issue and net assets attributable Number of units in issue and net assets attributable to holders of redeemable units (per unit)to holders of redeemable units (per unit)to holders of redeemable units (per unit)to holders of redeemable units (per unit)

31.3.2016

AUD Hedged Class

(mth)

CAD Hedged Class


NZD Hedged Class

(mth)

RMB Hedged Class

(acc)


Number of units in issue: 12,488,881.505 4,373,107.803 155,867,386.811 2,793,357.394 335,836.773

A$ C$ HK$ NZ$ CNY



units 125,537,654 43,987,791 1,571,362,047 28,132,166 3,577,308



units (per unit) 10.05 10.06 10.08 10.07 10.65



- 114 -

RMB Hedged Class

(mth) USD Class (mth) USD Class (san)

Units Units Units

Number of units in issue: 99,891,025.928 32,314,355.989 845,664.941

CNY US$ US$



units 999,301,820 325,470,876 19,262,636



units (per unit) 10.00 10.07 22.78

30.9.2015

AUD Hedged Class

(mth)

CAD Hedged Class


NZD Hedged Class

(mth)

RMB Hedged Class

(acc)


Number of units in issue: 117,251.818 27,640.263 281,620.476 101,096.813 162,313.940

A$ C$ HK$ NZ$ CNY



units

1,158,256

273,251

2,786,871

1,000,610

1,636,646



units (per unit)

9.88

9.89

9.90

9.90

10.08

RMB Hedged Class

(mth) USD Class (mth) USD Class (san)

Units Units Units

Number of units in issue: 545,093.056 170,741.278 702,259.261

CNY US$ US$



units

5,377,548

1,688,965

15,714,594



units (per unit)

9.87

9.89

22.38



- 115 -


1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$


Realized losses on sale of investments and derivatives (1,997,899) (148,577)

26,753,590 (310,910)





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Net operating profit/(loss) 24,926,788 (506,198)

Adjustments:

Net (gains)/losses on investments and derivatives (26,753,590) 310,910

Net foreign currency exchange losses 870,471 80,532

Interest income included in net gains/losses on investments and derivatives (at coupon rate) 1,946,556 183,116



Taxation (13,155) (5,143)

Amount available for distribution 985,025 64,592

Interim distribution of

A$0.0418 per unit on 158,069.404 units of AUD Hedged Class (mth) ex on

30 October 2015 and pay on 9 November 2015 (4,714)

C$0.0271 per unit on 29,235.936 units of CAD Hedged Class (mth) ex on

30 October 2015 and pay on 9 November 2015 (606)

HK$0.0250 per unit on 479,064.241 units of HKD Class (mth) ex on


NZ$0.0482 per unit on 127,536.087 units of NZD Hedged Class (mth) ex on


CNY0.0574 per unit on 1,633,196.101 units of RMB Hedged Class (mth) ex on


US$0.025 per unit on 154,287.097 units of USD Class (mth) ex on



30 November 2015 and pay on 8 December 2015 (6,057)


30 November 2015 and pay on 8 December 2015 (631)

HK$0.0250 per unit on 551,151.034 units of HKD Class (mth) ex on









31 December 2015 and pay on 11 January 2016 (6,767)


31 December 2015 and pay on 11 January 2016 (797)



- 116 -

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

HK$0.0250 per unit on 1,122,085.452 units of HKD Class (mth) ex on








A$0.0402 per unit on 3,365,384.423 units of AUD Hedged Class (mth) ex on

29 January 2016 and pay on 11 February 2016 (95,696)

C$0.0244 per unit on 1,179,263.719 units of CAD Hedged Class (mth) ex on




NZ$0.0443 per unit on 1,254,782.419 units of NZD Hedged Class (mth) ex on




US$0.0250 per unit on 7,543,603.152 units of USD Class (mth) ex on



29 February 2016 and pay on 8 March 2016 (222,371)












31 March 2016 and pay on 11 April 2016 (379,732)











US$0.3481 per unit on 845,963.001 units of USD Class (san) ex on


(US$0.0902 per unit on 693,898.778 units of USD Class (san) ex on

31 March 2015 and pay on 13 April 2015) (62,590)

Total distribution to holders of redeemable units (5,172,508) (62,590)





- 117 -









JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 118 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Dexus Property Group Stapled

Sec 35,737 218,276 0.9

Goodman Group Stapled Sec 56,607 290,445 1.2

Mirvac Group Stapled Sec 282,077 419,871 1.8

Scentre Group Stapled Secs 150,865 515,275 2.2

Westfield Corp Stapled Sec 62,682 481,699 2.0


Warehouses De Pauw 888 84,546 0.3


Allied Properties REIT 10,879 294,127 1.2

Canadian Apartment

Properties REIT 10,600 236,676 1.0

RioCan Real Estate Inv Trust 6,316 129,890 0.6


Klepierre 8,075 387,399 1.6


Alstria Office REIT 18,876 272,749 1.2

Deutsche Wohnen (Br) 7,103 221,215 0.9


Hongkong Land Hldgs (CDP) 34,900 209,051 0.9

Link REIT 20,000 118,609 0.5

New World Development 43,000 40,968 0.2


GLP J-REIT 129 147,255 0.6

Japan Logistics Fd 38 79,486 0.3

Japan Real Estate Inv 34 196,628 0.8

Japan Retail Fund Investment 69 165,877 0.7

Nippon Prologis REIT 75 168,090 0.7

Nippon Prologis REIT-RegS 78 174,814 0.8

ORIX JREIT 158 245,305 1.1


Eurocommercial Properties

CVA 2,262 106,019 0.4

Unibail-Rodamco SE-NL List 3,306 910,945 3.9

Vastned Retail 8,572 384,233 1.6


Ascendas Real Estate Inv Trust 37,814 67,114 0.3

CapitaLand Commercial Trust 16,900 18,449 0.1


British Land 54,809 551,833 2.4

Safestore Hldgs 59,974 289,376 1.2

Segro plc 32,618 192,356 0.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



American Campus

Communities 2,596 122,246 0.5

Apartment Inv & Mgmt 'A' REIT 16,723 699,356 3.0

Avalonbay Communities 6,841 1,301,157 5.5

Boston Properties REIT 6,370 809,499 3.4

Brandywine Realty Trust 7,700 108,031 0.5

Camden Property Trust 3,158 265,556 1.1

CBL & Associates Prop Dep

Pref 'D' 15,250 377,438 1.6

DDR Corp 6,943 123,516 0.5

Diamondrock Hospitality 21,500 217,580 0.9

Douglas Emmett 8,850 266,474 1.1

Duke Realty 10,301 232,185 1.0

Equity One 15,027 430,674 1.8

Extra Space Storage 3,529 329,820 1.4

General Growth Properties

REIT 15,935 473,748 2.0

HCP Inc 26,773 872,263 3.7

Highwoods Properties 7,492 358,193 1.5

Kilroy Realty 3,211 198,665 0.8

Kimco Realty 37,223 1,071,277 4.5

Lasalle Hotel Properties 21,964 555,909 2.4

Liberty Property Trust 17,000 568,820 2.4

Macerich Co (REIT) 7,634 604,918 2.6

National Retail Properties 6,801 314,206 1.3

Natl Health Investors 2,900 192,908 0.8

Omega Healthcare Investors 7,760 273,928 1.2

Parkway Properties 9,300 145,638 0.6

Pebblebrook Hotel Trust 4,550 132,269 0.6

Prologis Inc 24,663 1,089,610 4.6

Public Storage 2,119 584,484 2.5

Regency Centers 9,500 711,075 3.0

Simon Property Group 3,750 778,837 3.3

SL Green Realty REIT 6,011 582,346 2.5

Spirit Realty Capital 54,160 609,300 2.6

Store Capital 3,743 96,869 0.4

Vornado Realty Trust REIT 3,316 313,130 1.3

Welltower Inc 6,400 443,776 1.9

23,874,277 101.0

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (-1.0%)


contracts contracts contracts contracts (-1.0%) (243,219) (1.0)


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



- 119 -


As at 31 MarchAs at 31 MarchAs at 31 MarchAs at 31 March 2016201620162016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


UnlistedUnlistedUnlistedUnlisted/Unquoted Investments /Unquoted Investments /Unquoted Investments /Unquoted Investments (0.0%)

Equities Equities Equities Equities (0.0%)

MaltaMaltaMaltaMalta (0.0%)

BGP Hldgs 193,047 0 0.0

Total Unlisted/Unquoted Total Unlisted/Unquoted Total Unlisted/Unquoted Total Unlisted/Unquoted

InvestmentsInvestmentsInvestmentsInvestments 0 0.0

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

Total InvestmentsTotal InvestmentsTotal InvestmentsTotal Investments 23,631,058 100.0









31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015




Australia 8.1 7.2

Netherlands 5.9 6.5

Japan 5.0 2.8


Canada 2.8 4.0

Germany 2.1 3.4

France 1.6 1.6

Hong Kong 1.6 1.5

Singapore 0.4 0.6

Belgium 0.3 0.4


Forward foreign exchange contracts (1.0) 0.5


---- ----

Unlisted/Unquoted InvestmentsUnlisted/Unquoted InvestmentsUnlisted/Unquoted InvestmentsUnlisted/Unquoted Investments


Malta 0.0 0.0

Total Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted Investments 0.0 0.0

---- ----

Total Total Total Total investmentsinvestmentsinvestmentsinvestments 100.0 99.5







- 120 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 322,703 191,002




Investments 23,874,277 22,756,507




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


Amounts due to brokers 434,177 -


Distribution payable [Note 5] 59,818 121,905





redeemable units)redeemable units)redeemable units)redeemable units) 1,139,696 291,255

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





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015







gains/(losses) 2,967 (11,463)


Other income - 340

2,048,912 3,461,427

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











Other operating expenses 2,569 902

235,273 286,827

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


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


Distribution [Note 5] (71,161) (82,700)


(71,181) (82,700)

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


Taxation (124,813) (124,240)

Increase inIncrease inIncrease inIncrease in net assets net assets net assets net assets







- 121 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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



Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (977,192) 20,600,058

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

22,014,757 38,777,135









For For For For the period ended 31 March 2016the period ended 31 March 2016the period ended 31 March 2016the period ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (6,682,753) (24,531,453)








Tax paid (124,813) (124,240)


Others (27,761) (30,863)


operating activitiesoperating activitiesoperating activitiesoperating activities 990,639 (18,593,366)

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







Distribution paid (133,248) (103,196)


financing activitiesfinancing activitiesfinancing activitiesfinancing activities (860,208) 20,128,286

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


equivalentsequivalentsequivalentsequivalents 130,431 1,534,920


beginning of the period 191,002 221,343




the end of the periodthe end of the periodthe end of the periodthe end of the period 322,703 1,748,972


Cash at banks 322,703 1,748,972

JPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUNDJPMORGAN GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the


- 122 -



JPMorgan Global Property Income Fund (the "Fund") was established under a Trust Deed dated 6 July 2005, as amended, and is governed by


The investment objective of the Fund is to achieve a high level of current income and long-term capital appreciation primarily through

investing in securities that are listed on any stock exchange and are principally engaged in or related to the property industry or which own

significant property assets. The Fund does not invest in real estate directly.










Classification












ownership.





value.













- 123 -






separately.






transactions.

















- 124 -


31.3.2016

USD Class (div)

Units


US$



units 23,632,402




30.9.2015

USD Class (div)

Units


US$



units 22,991,949




4444 Net Net Net Net gains on investments and derivativesgains on investments and derivativesgains on investments and derivativesgains on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$


Realized gains on sale of investments and derivatives 125,299 1,391,685

1,573,332 2,948,083



- 125 -





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Net operating profit 1,813,639 3,174,600

Adjustments:


Net foreign currency exchange (gains)/losses (2,967) 11,463



Taxation (124,813) (124,240)

Amount available for distribution 126,594 148,369

Distribution of

US$0.0048 per unit on 2,363,114.703 units of USD Class (div) ex on 31 December 2015

and pay on 11 January 2016 (11,343)

(US$0.005 per unit on 2,213,798.630 units of USD Class (div) ex on 31 December 2014

and pay on 9 January 2015)

(11,069)

US$0.0263 per unit on 2,274,451.983 units of USD Class (div) ex on 31 March 2016

and pay on 11 April 2016 (59,818)

(US$0.0186 per unit on 3,851,149.894 units of USD Class (div) ex on 31 March 2015

and pay on 13 April 2015)

(71,631)

Total distribution to holders of redeemable units (71,161) (82,700)











JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES JPMORGAN GREATER CHINA SMALLER COMPANIES

FUNDFUNDFUNDFUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 126 -




FairFairFairFair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet





Asia Cement China Hldgs 193,000 301,080 0.1

China Harmony New Energy

Auto Hldgs 936,000 3,846,960 1.4

China Maple Leaf Educational 1,042,000 5,126,640 1.9

China National Materials 'H' 1,701,000 2,585,520 0.9

China Shengmu Organic Milk 1,821,000 2,931,810 1.1

China Singyes Solar

Technologies 432,000 1,412,640 0.5


CITIC Telecom Intl Hldgs 2,410,000 7,037,200 2.5

Dah Chong Hong Hldgs 855,000 2,701,800 1.0

EVA Precision Industrial Hldgs 1,890,000 2,173,500 0.8

First Tractor Co 'H' 452,000 1,939,080 0.7

Haichang Ocean Park Hldgs 6,285,000 10,370,250 3.7

Haier Electronics Group 457,000 6,178,640 2.2

Haitian Intl Hldgs 383,000 5,093,900 1.8

Hopefluent Group Hldgs 1,604,487 3,016,436 1.1

Huaneng Renewables 'H' 1,708,000 4,116,280 1.5

IMAX China Hldg 99,400 4,666,830 1.7


03/16) 13,900 652,605 0.2

Kingboard Laminates Hldgs 2,376,500 8,579,165 3.1

KWG Property Hldg 790,000 4,029,000 1.5

Minth Group 524,000 9,463,440 3.4

Nexteer Automotive Group 567,000 4,524,660 1.6

Phoenix Healthcare Group 1,009,000 8,667,310 3.1

Phoenix Satellite TV Hldgs 2,870,000 5,108,600 1.9

Sinotrans Ltd 'H' 1,579,000 5,352,810 1.9

Skyworth Digital Hldgs 1,222,948 5,870,150 2.1

Stella Intl Hldgs 316,500 5,772,960 2.1

Towngas China 987,000 3,948,000 1.4

Yuexiu REIT 1,381,000 5,952,110 2.2


Dah Sing Banking Group 396,684 5,402,836 1.9

Dah Sing Financial Hldgs 129,660 6,184,782 2.2

Fortune REIT-HK List 380,000 3,157,800 1.1

Intl Housewares Retail 2,458,000 2,433,420 0.9

Lifestyle Intl Hldgs 713,500 7,463,210 2.7

Man Wah Hldgs 983,600 9,658,952 3.5

Orient Overseas (Intl) 212,000 6,349,400 2.3

Pacific Textile Hldgs 470,000 5,264,000 1.9

Prosperity REIT 1,138,000 3,288,820 1.2

Regina Miracle Intl (Hldgs) 430,000 4,867,600 1.8

Shun Tak Hldgs 3,084,750 7,927,808 2.9

Singamas Container Hldgs 3,214,000 2,699,760 1.0

Techtronic Industries 384,000 11,769,600 4.2

Television Broadcasts 76,600 2,137,140 0.8

TK Group Hldgs 1,352,000 2,704,000 1.0

VTech Hldgs 45,900 4,227,390 1.5

Xinyi Glass Hldgs 612,000 3,164,040 1.1


SIIC Environment Hldgs 609,380 2,404,411 0.9

(Continued)


FairFairFairFair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet



CTCI Corp 405,000 4,128,801 1.5

Eclat Textile 56,287 5,745,001 2.1

Epistar Corp 248,000 1,389,643 0.5

Huaku Development 183,227 2,627,453 0.9

Inventec Corp 224,000 1,101,303 0.4

Johnson Health Tech 358,050 4,564,865 1.6

PCHome Online 105,444 9,008,795 3.3

Ruentex Development 537,812 5,281,857 1.9

Silicon Motion Tech ADR 28,998 8,729,317 3.1









- 127 -


For the period For the period For the period For the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015


Equities and ConvertiblesEquities and ConvertiblesEquities and ConvertiblesEquities and Convertibles

China 50.7 48.9

Hong Kong 32.0 35.4

Taiwan 15.3 14.7

Singapore 0.9 1.0

Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 98.9 100.0

Other net assetsOther net assetsOther net assetsOther net assets 1.1 (0.0)







- 128 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

HK$HK$HK$HK$ HK$HK$HK$HK$


Cash at banks 4,988,347 1,922,185


Investments 274,342,956 333,460,152


receivable 102,080 1,329,988


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






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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015






Interest on deposits - 1,102


losses (25,281) (127,357)

3,665,187 (1,881,497)

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


Management fee 2,841,665 3,836,571


Trustee's fee 94,579 118,669








3,771,090 5,153,628

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

Net operating lossNet operating lossNet operating lossNet operating loss (105,903) (7,035,125)



Loss before taxationLoss before taxationLoss before taxationLoss before taxation (108,854) (7,038,147)

Taxation - (3,074)

Decrease in net assets Decrease in net assets Decrease in net assets Decrease in net assets



comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (108,854) (7,041,221)





- 129 -

Statement of Changes in Net Assets AttributableStatement of Changes in Net Assets AttributableStatement of Changes in Net Assets AttributableStatement of Changes in Net Assets Attributable to Holders to Holders to Holders to Holders



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

277,391,937 390,197,936










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (72,959,621) (98,986,658)




Interest received - 1,102

Tax paid (1,175) (3,074)





Others (362,361) (486,332)



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








financing financing financing financing activitiesactivitiesactivitiesactivities (56,348,540) (84,236,419)

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








the end of the periodthe end of the periodthe end of the periodthe end of the period 4,988,347 (2,156,043)


Cash at banks 4,988,347 1,444,317


unsecured - (3,600,360)

4,988,347 (2,156,043)

JPMORGAN JPMORGAN JPMORGAN JPMORGAN GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES GREATER CHINA SMALLER COMPANIES



- 130 -



JPMorgan Greater China Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 26 August 2009 as amended, and is


The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of small to

medium-sized companies in the People's Republic of China, Hong Kong and Taiwan ("Greater China").





2222 Summary of principal accouSummary of principal accouSummary of principal accouSummary of principal accounting policiesnting policiesnting policiesnting policies

(a)(a)(a)(a) Accounting policies of interim financial statements Accounting policies of interim financial statements Accounting policies of interim financial statements Accounting policies of interim financial statements




Classification












ownership.





value.














- 131 -






separately.

(d)(d)(d)(d) Foreign currencyForeign currencyForeign currencyForeign currency translationtranslationtranslationtranslation


The Fund has adopted Hong Kong dollar as its functional and presentation currency.



transactions.







(e)(e)(e)(e) Proceeds and payments on allotment andProceeds and payments on allotment andProceeds and payments on allotment andProceeds and payments on allotment and redemption of unitsredemption of unitsredemption of unitsredemption of units




statements.

3333 Number of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable unitNumber of units in issue and net assets attributable to holders of redeemable units (per unit)s (per unit)s (per unit)s (per unit)

31.3.2016

HKD Class (acc)

Units


HK$



units 277,283,083







- 132 -

30.9.2015

HKD Class (acc)

Units


HK$



units 333,420,127





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

HK$ HK$



2,069,927 (4,249,089)











JPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUNDJPMORGAN INDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 133 -



distributing fund in respect of the period from 23 November
























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Bajaj Auto 831,814 30,220,890 3.1

Hero Motocorp (DEMAT) 228,871 10,180,608 1.0


Tata Motors 5,797,406 33,844,647 3.4

BeveragesBeveragesBeveragesBeverages (1.0%)

United Spirits 270,871 10,223,338 1.0

ChemicalsChemicalsChemicalsChemicals (1.6%)

Godrej Industries 3,009,687 16,134,077 1.6


Bank of Baroda 3,876,352 8,604,685 0.9

HDFC Bank 4,300,183 81,486,389 8.3

IDFC Bank 9,783,009 7,120,556 0.7

IndusInd Bank 2,443,812 35,707,388 3.6

Kotak Mahindra Bank 4,630,172 47,589,967 4.8

State Bank of India 1,047,355 3,072,199 0.3


ACC Ltd 2,115,988 44,155,443 4.5

Ambuja Cements 14,291,135 50,185,412 5.1

Ultratech Cement 1,002,696 48,887,534 4.9

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Consumer FinanceConsumer FinanceConsumer FinanceConsumer Finance (4.2%)

Mahindra & Mahindra Fin

Services 4,714,409 17,374,027 1.8

Shriram Transport Finance 1,643,858 23,660,285 2.4

Diversified Diversified Diversified Diversified Financial ServicesFinancial ServicesFinancial ServicesFinancial Services (0.6%)

IDFC Ltd 9,783,009 6,266,130 0.6

Electrical EquipmentElectrical EquipmentElectrical EquipmentElectrical Equipment (0.7%)

Bharat Heavy Electricals 3,902,889 6,709,863 0.7



Independent Power Independent Power Independent Power Independent Power Producers & Energy TradersProducers & Energy TradersProducers & Energy TradersProducers & Energy Traders (0.2%)

JSW Energy 1,799,501 1,889,921 0.2

IT ServicesIT ServicesIT ServicesIT Services (12.6%)

Infosys Ltd 5,199,772 95,660,571 9.7


Life Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & Services (1.3%)

Divi's Laboratories 843,174 12,570,101 1.3


Ashok Leyland 27,721,933 45,461,919 4.6

Cummins India 1,626,814 20,679,558 2.1

Oil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable Fuels (2.0%)

Reliance Industries 1,274,757 20,119,688 2.0


DR Reddy's Laboratories 90,145 4,131,649 0.4

Lupin Ltd 823,312 18,390,793 1.9

Sun Pharma Adv Res Rts(28/3-

5/4/16) 118,429 75,111 0.0

Sun Pharma Advanced

Research 2,747,568 11,907,615 1.2

Sun Pharmaceutical Industries 4,653,736 57,624,879 5.9

Real Real Real Real Estate Management & DevelopmentEstate Management & DevelopmentEstate Management & DevelopmentEstate Management & Development (1.4%)

Godrej Properties 1,948,786 8,706,230 0.9

Oberoi Realty 1,256,734 4,583,054 0.5

Thrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage Finance (8.8%)

Housing Development Finance 5,189,307 86,636,684 8.8


Gujarat Pipavav Port 6,267,509 16,704,524 1.7




- 134 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016redeemable units at 31 March 2016 985,982,009

100.0






31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



IndiaIndiaIndiaIndia


Construction Materials 14.5 11.8

IT Services 12.6 12.6

Automobiles 11.2 10.2


Thrifts & Mortgage Finance 8.8 9.8

Machinery 6.7 6.8

Consumer Finance 4.2 4.1

Oil & Gas & Consumable Fuels 2.0 2.5

Transportation Infrastructure 1.7 1.3

Chemicals 1.6 1.6


Real Estate Management & Development 1.4 -

Life Sciences Tools & Services 1.3 1.4

Beverages 1.0 1.1

Electrical Equipment 0.7 1.6

Diversified Financial Services 0.6 2.1


Traders 0.2 -

Real Estate Mgnt & Development - 1.6

Independent Pwr Prodrs & Energy Tdr - 0.3








- 135 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 21,072,331 16,592,173



Investments 967,423,245 1,003,503,479


Total assetsTotal assetsTotal assetsTotal assets 998,682,289 1,028,585,336

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






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


of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 985,982,009 1,016,317,133

EquityEquityEquityEquity 985,982,009 1,016,317,133



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



Net (losses)/gains on investments

and derivatives [Note 4] (32,539,953) 174,306,307




gains/(losses) 12,485 (451,727)

Other income 1,498 -

(29,221,065) 176,145,794

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


Management fee 7,320,847 7,842,869


Trustee's fee 131,360 140,014








8,145,590 9,054,712

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

Net operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profit (37,366,655) 167,091,082


Interest paid - (104,595)

(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation (37,366,655) 166,986,487

Taxation (22,797) 45,761

(Decrease)/increase (Decrease)/increase (Decrease)/increase (Decrease)/increase in net in net in net in net



total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income (37,389,452) 167,032,248




- 136 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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



Net allotmentNet allotmentNet allotmentNet allotment 7,054,328 48,241,313

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

1,023,371,461 1,026,192,139

(Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets



comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (37,389,452) 167,032,248



of the periodof the periodof the periodof the period 985,982,009 1,193,224,387



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (53,868,307) (88,943,637)





Tax paid (22,797) 45,761


Tax paid (187,341) (413,031)




Others (271,740) (701,346)


operating activitiesoperating activitiesoperating activitiesoperating activities (197,063) 89,740,317

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







Net cash inflow from Net cash inflow from Net cash inflow from Net cash inflow from financing financing financing financing


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




beginning of the period 16,592,173 (10,852,260)


equivalents (4,397) (3,160)




Cash at banks 21,072,331 95,622,149

JPMORGAN JPMORGAN JPMORGAN JPMORGAN INDIA FUNDINDIA FUNDINDIA FUNDINDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 137 -



JPMorgan India Fund (the "Fund") was established under a Trust Deed dated 23 November 1989, as amended, and is governed by the laws of

the Republic of Mauritius. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to provide long-term capital growth through a portfolio consisting primarily of securities linked to the

Indian economy. These include, but are not restricted to, securities traded on the stock exchanges of India and the rest of the Indian sub-

continent including Pakistan, Bangladesh and Sri Lanka.






(a)(a)(a)(a) AccountAccountAccountAccounting policies of interim financial statementsing policies of interim financial statementsing policies of interim financial statementsing policies of interim financial statements




Classification












ownership.





value.













- 138 -






separately.






transactions.










Fund's Trust Deed dated 23 November 1989, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2016

USD Class (acc)

Units


US$



units 985,982,009






- 139 -

30.9.2015

USD Class (acc)

Units


US$



units 1,016,317,133




4444 Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



(32,539,953) 174,306,307











JPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUNDJPMORGAN INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 140 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Air Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers Fuels (1.5%)

Transport Corp of India 260,998 1,109,653 1.5


Balkrishna Industries 155,762 1,485,116 2.0

BOSCH Ltd 4,581 1,437,786 2.0


Motilal Oswal Financial

Services 418,802 1,728,078 2.3


Castrol India 389,728 2,201,921 3.0

Godrej Industries 396,738 2,126,800 2.9


IndusInd Bank 149,212 2,180,188 2.9

Union Bank of India (DEMAT) 31,695 62,603 0.1


HeidelbergCement India 653,398 801,177 1.1

JK Cement 126,065 1,285,921 1.7

JK Lakshmi Cement 433,321 2,222,797 3.0

Shree Cement 9,855 1,848,375 2.5

Consumer Consumer Consumer Consumer FinanceFinanceFinanceFinance (6.2%)

Mahindra & Mahindra Fin

Services 603,012 2,222,282 3.0

Shriram Transport Finance 161,499 2,324,478 3.2

Diversified Financial ServicesDiversified Financial ServicesDiversified Financial ServicesDiversified Financial Services (3.4%)

Bajaj Hldgs & Inv 41,621 922,956 1.2

IDFC Ltd 1,865,000 1,194,554 1.6

Multi Commodity Exchange of

India 30,000 429,924 0.6

Electrical EquipmentElectrical EquipmentElectrical EquipmentElectrical Equipment (3.2%)

ABB India 110,119 2,132,041 2.9

Suzlon Energy 1,097,523 235,340 0.3

Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services (1.9%)

DR Lal Pathlabs 102,640 1,431,047 1.9

Hotels Restaurants & Hotels Restaurants & Hotels Restaurants & Hotels Restaurants & LeisureLeisureLeisureLeisure (6.0%)

EIH Ltd (DEMAT) 1,133,522 1,785,290 2.4


Thomas Cook (India) (DEMAT) 229,194 651,700 0.9

Household DurablesHousehold DurablesHousehold DurablesHousehold Durables (3.0%)

Hitachi Home & Life Solutions 32,950 604,119 0.8

Whirlpool Of India 151,181 1,604,097 2.2

Independent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy TradersIndependent Power Producers & Energy Traders (1.5%)

JSW Energy 1,027,599 1,079,233 1.5

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


IT ServicesIT ServicesIT ServicesIT Services (2.6%)

Persistent Systems 166,679 1,918,297 2.6

Life Life Life Life Sciences Tools & ServicesSciences Tools & ServicesSciences Tools & ServicesSciences Tools & Services (2.4%)

Divi's Laboratories 119,666 1,783,990 2.4


Ashok Leyland 1,566,425 2,568,820 3.5

Cummins India 138,304 1,758,078 2.4

Eicher Motors 5,230 1,514,810 2.0

Greaves Cotton 770,938 1,433,085 1.9

NRB Bearings (DEMAT) 691,680 1,299,854 1.8

SKF India (DEMAT) 133,662 2,551,633 3.5

Thermax Ltd (DEMAT) 128,993 1,477,461 2.0


Navneet Education 1,270,627 1,619,403 2.2


Great Eastern Shipping 159,540 751,173 1.0


Torrent Pharmaceuticals 31,655 640,653 0.9


Godrej Properties 291,916 1,304,139 1.8

Nesco Ltd 41,330 943,090 1.3

Oberoi Realty 438,598 1,599,478 2.2

Sobha Ltd 310,472 1,284,364 1.7


VRL Logistics 100,000 556,910 0.8


KPIT Technologies 308,065 687,794 0.9

Thrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage Finance (2.6%)

GRUH Finance 522,054 1,886,087 2.6

Transportation Transportation Transportation Transportation InfrastructureInfrastructureInfrastructureInfrastructure (2.8%)

Gujarat Pipavav Port 767,880 2,046,598 2.8



Ascendas India Trust 3,920,800 2,547,676 3.5








- 141 -

Statement of Statement of Statement of Statement of Movements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio Holdings




31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



IndiaIndiaIndiaIndia

Machinery 17.1 15.0

Construction Materials 8.3 9.6


Consumer Finance 6.2 5.6


Chemicals 5.9 6.3



Electrical Equipment 3.2 2.6


Household Durables 3.0 2.7


IT Services 2.6 2.1

Thrifts & Mortgage Finance 2.6 2.9

Life Sciences Tools & Services 2.4 3.1


Media 2.2 2.5

Health Care Providers & Services 1.9 -

Air Freight & Couriers Fuels 1.5 1.2


Traders 1.5 2.0


Software 0.9 1.1


Road & Rail 0.8 -

Electric Utilities - 2.1

Paper & Forest Products - 0.0

SingaporeSingaporeSingaporeSingapore









- 142 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 3,040,606 2,867,130



Investments 69,280,273 77,954,905

Dividend and interest receivable 27 59,150


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





Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 204,421 400,790

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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



Net (losses)/gains on investments

and derivatives [Note 4] (1,711,842) 16,264,963


Interest on deposits 326 5,678


losses (9,112) (18,958)

(1,310,851) 16,332,563

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












701,100 964,469

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

Net operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profit (2,011,951) 15,368,094



(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation (2,012,109) 15,368,094

Taxation (2,093) 570

(Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net



total comprehensive incometotal comprehensive incometotal comprehensive incometotal comprehensive income (2,014,202) 15,368,664




- 143 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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



Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (5,631,528) 9,769,809

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

75,750,241 93,240,801

(Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets



comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income (2,014,202) 15,368,664


of redeemable units at the endof redeemable units at the endof redeemable units at the endof redeemable units at the end




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (5,352,309) (17,993,294)




Interest received 308 5,776

Tax paid (20,436) (2,870)





Others (73,696) (98,538)


operating activitiesoperating activitiesoperating activitiesoperating activities 7,350,804 (7,315,008)

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








financing activitiesfinancing activitiesfinancing activitiesfinancing activities (7,177,297) 12,554,861

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


equivalentsequivalentsequivalentsequivalents 173,507 5,239,853




equivalents (31) (830)




Cash at banks 3,040,606 7,700,439



- 144 -



JPMorgan India Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 13 April 2006, as amended, and is governed

by the laws of the Republic of Mauritius. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in securities of small to

medium-sized companies in India.

Pursuant to the Supplemental Trust Deed dated 31 August 2012, the Manager may decide to issue separate classes (each a "Class") whose









Classification












ownership.





value.













- 145 -






separately.






transactions.










Fund's Trust Deed dated 13 April 2006, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2016

USD Class (acc)

Units


US$



units 73,736,039






- 146 -

30.9.2015

USD Class (acc)

Units


US$



units 81,381,769




4444 Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives Net (losses)/gains on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



(1,711,842) 16,264,963









6666 DisDisDisDistribution tribution tribution tribution


JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 147 -



distributing fund in respect of the period from 19

September 2006 to 30 September 2010. The principal effect

of this certification is that for unitholders resident in the UK

for taxation purposes any gains accruing on the sale,





















FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Astra Intl 12,710,900 6,949,775 9.3



Bank Mandiri (Persero) 4,262,962 3,311,350 4.4

Bank Negara Indonesia

(Persero) 8,792,800 3,448,157 4.6

Bank Rakyat Indonesia

Persero 8,498,700 7,322,597 9.8

Bank Tabungan Negara 7,245,300 953,473 1.3


Acset Indonusa 1,565,000 439,640 0.6

Adhi Karya Persero 5,218,788 1,058,713 1.4

Waskita Karya Persero 7,036,856 1,064,019 1.4


Semen Indonesia Persero 1,858,700 1,426,265 1.9

Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services (14.1%)


XL Axiata 11,314,600 3,413,152 4.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Health Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & ServicesHealth Care Providers & Services (3.0%)


Household ProductsHousehold ProductsHousehold ProductsHousehold Products (2.1%)

Unilever Indonesia 473,300 1,532,157 2.1


United Tractors 327,700 378,115 0.5



Multiline RetailMultiline RetailMultiline RetailMultiline Retail (4.9%)

Matahari Department Store 2,618,300 3,623,364 4.9

Personal ProductsPersonal ProductsPersonal ProductsPersonal Products (1.5%)

Industri Jamu Dan

Farmasi Sido 30,468,600 1,148,891 1.5


Kalbe Farma 10,003,900 1,090,169 1.5



Ciputra Development 9,376,700 922,820 1.2

Ciputra Surya 3,536,000 532,000 0.7

Pakuwon Jati 55,040,200 2,009,009 2.7

Summarecon Agung 14,242,000 1,702,381 2.3

TobaccoTobaccoTobaccoTobacco (5.2%)

Gudang Garam 780,100 3,841,669 5.2



Wireless Telecommunication ServicesWireless Telecommunication ServicesWireless Telecommunication ServicesWireless Telecommunication Services (1.1%)

Indosat Tbk 1,733,500 807,267 1.1


DistributorsDistributorsDistributorsDistributors (3.9%)









- 148 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



IndonesiaIndonesiaIndonesiaIndonesia


Diversified Telecommunication Services 14.1 9.7


Automobiles 9.3 4.7

Tobacco 5.2 1.3

Multiline Retail 4.9 5.3

Media 3.6 5.0

Construction & Engineering 3.4 8.0

Health Care Providers & Services 3.0 4.9


Household Products 2.1 2.5

Construction Materials 1.9 -

Personal Products 1.5 -


Wireless Telecommunication Services 1.1 2.5

Machinery 0.5 4.5

Oil & Gas & Consumable Fuels - 2.6

Insurance - 1.7

Gas Utilities - 0.7

Food Products - 0.7


Distributors 3.9 -

Food Products - 1.0








- 149 -

Statement of Statement of Statement of Statement of Financial PositionFinancial PositionFinancial PositionFinancial Position


31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 3,016,927 2,497,399



Investments 72,792,606 51,171,205




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


Amounts due to brokers 1,247,345 279,933




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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015







gains/(losses) 50,277 (94,012)


17,071,204 1,562,871

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












702,241 837,846

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

Net operating Net operating Net operating Net operating profitprofitprofitprofit 16,368,963 725,025


Interest paid - (78)

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 16,368,963 724,947

Taxation (74,286) (112,084)



redeemable redeemable redeemable redeemable units and total units and total units and total units and total

comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 16,294,677 612,863




- 150 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

58,170,438 80,154,923




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 16,294,677 612,863






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (31,189,412) (33,700,167)







Tax paid (74,286) (112,084)



Others 3,156 (100,401)



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









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


cash equivalentscash equivalentscash equivalentscash equivalents 519,519 (2,337,083)




and cash equivalents 9 (44,235)


the end of the periodthe end of the periodthe end of the periodthe end of the period 3,016,927 7,328


Cash at banks 3,016,927 622,345



3,016,927 7,328

JPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUNDJPMORGAN INDONESIA FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the


- 151 -



JPMorgan Indonesia Fund (the "Fund") was established under a Trust Deed dated 19 September 2006, as amended, and is governed by the


The investment objective of the Fund is to provide investors with long-term capital appreciation through a portfolio consisting primarily of

securities linked to the Indonesian economy. These include, but are not restricted to, securities traded on the stock exchanges of Indonesia.






(a)(a)(a)(a) AccouAccouAccouAccounting policies of interim financial statementsnting policies of interim financial statementsnting policies of interim financial statementsnting policies of interim financial statements




Classification












ownership.





value.













- 152 -






separately.






transactions.










Fund's Trust Deed dated 19 September 2006, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2016

USD Class (acc)

Units


US$



units 74,465,115






- 153 -

30.9.2015

USD Class (acc)

Units


US$



units 54,031,528





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$


Realized losses on sale of investments and derivatives (5,233,388) (477,868)

16,647,662 1,094,091











JPMORGAN JPMORGAN JPMORGAN JPMORGAN JAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUNDJAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 154 -



























FairFairFairFair


JPY'000JPY'000JPY'000JPY'000

% of% of% of% of

netnetnetnet






Suruga Bank 313,500 620,103 1.2


Kose Corp 105,600 1,156,320 2.3

Lion Corp 1,207,000 1,531,683 3.0

Nifco Inc 137,200 742,252 1.5

Pola Orbis Hldgs 170,200 1,587,966 3.1

Unicharm Corp 93,100 228,002 0.4

Electric AppliancesElectric AppliancesElectric AppliancesElectric Appliances (12.9%)

Casio Computer 251,300 570,702 1.1

Fanuc Corp 31,100 543,784 1.1

Keyence Corp 39,900 2,449,461 4.8

Mabuchi Motor 142,700 747,748 1.5

Murata Mfg 36,100 489,877 1.0

Sysmex Corp 249,400 1,755,776 3.4

FoodsFoodsFoodsFoods (6.5%)

Japan Tobacco 353,300 1,656,977 3.3

Kewpie Corp 227,600 580,835 1.1

Megmilk Snow Brand 377,500 1,067,948 2.1

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


Information & CommunicationInformation & CommunicationInformation & CommunicationInformation & Communication (12.2%)

GMO Payment Gateway 102,900 784,098 1.5

KDDI Corp 590,200 1,774,141 3.5

Nippon Telegraph &

Telephone 499,400 2,421,091 4.7

Otsuka Corp 148,300 880,902 1.7

Trend Micro 92,400 380,688 0.8


Hoshizaki Electric 105,300 988,767 1.9

Kubota Corp 181,600 279,028 0.6

Miura Co 584,900 1,228,875 2.4

SMC Corp 30,000 784,200 1.5

Metal ProductsMetal ProductsMetal ProductsMetal Products (2.5%)

Rinnai Corp 52,900 525,826 1.0

Sanwa Hldgs 904,600 757,150 1.5

Other Financing BusinessOther Financing BusinessOther Financing BusinessOther Financing Business (3.8%)

Acom Co 1,416,700 803,269 1.6

Japan Exchange Group 654,500 1,128,358 2.2

Other ProductsOther ProductsOther ProductsOther Products (1.7%)

Pigeon Corp 302,200 887,561 1.7


Nippon Shinyaku 124,300 546,920 1.1

Ono Pharmaceutical 370,000 1,763,050 3.5

Santen Pharmaceutical 644,100 1,090,461 2.1

Sosei Group 63,800 1,035,474 2.0

Precision InstrumentsPrecision InstrumentsPrecision InstrumentsPrecision Instruments (3.8%)

Asahi Intecc 306,900 1,617,363 3.2

Nakanishi Inc 93,900 335,692 0.6

Real EstateReal EstateReal EstateReal Estate (2.8%)

Apamanshop Hldgs 37,800 67,360 0.1

Industrial & Infrastructure

Fund 594 310,662 0.6

Nippon Prologis REIT 2,120 534,028 1.1

Park24 Co 168,400 530,460 1.0

Retail TradeRetail TradeRetail TradeRetail Trade (15.2%)

ABC-Mart Inc 78,100 563,101 1.1

Cosmos Pharmaceutical 59,200 1,107,632 2.2

Don Quijote 400,900 1,567,519 3.1

Marui Group Co 319,000 514,547 1.0

MonotaRO Co 605,600 2,025,732 3.9

Seria Co 110,800 752,332 1.5

Start Today Co 123,900 562,506 1.1

Sundrug Co 81,000 682,020 1.3

ServicesServicesServicesServices (22.4%)

H I S Co 172,300 541,884 1.1

Infomart Corp 456,900 462,383 0.9

Kakaku.com Inc 250,200 522,918 1.0

Kyoritsu Maintenance 80,900 785,539 1.5



- 155 -




FairFairFairFair



% of% of% of% of

netnetnetnet


ServicesServicesServicesServices (Continued)

M3 Inc 886,300 2,510,002 4.9

NEXT Co 615,900 850,558 1.7

Nihon M&A Center 308,600 2,021,330 4.0

Oriental Land 239,800 1,911,206 3.7

Rakuten Inc 256,600 278,539 0.6

Resorttrust Inc 302,600 765,275 1.5

Sohgo Security Services 128,700 785,070 1.5

Transportation EquipmentTransportation EquipmentTransportation EquipmentTransportation Equipment (4.8%)

Fuji Heavy Industries 330,900 1,315,328 2.6

Shimano Inc 65,000 1,146,600 2.2

Wholesale TradeWholesale TradeWholesale TradeWholesale Trade (0.9%)

Daiichikosho Co 95,600 468,440 0.9

59,325,319 116.1

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (-0.5%)


contracts contracts contracts contracts (-0.5%) (272,413) (0.5)


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (7,973,808) (15.6)








31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



JapanJapanJapanJapan

Services 22.4 19.9

Retail Trade 15.2 12.6

Electric Appliances 12.9 19.4

Information & Communication 12.2 6.7

Chemicals 10.3 5.6


Foods 6.5 0.7

Machinery 6.4 3.5

Transportation Equipment 4.8 5.3

Precision Instruments 3.8 3.3

Other Financing Business 3.8 3.7

Real Estate 2.8 2.1

Metal Products 2.5 1.4

Other Products 1.7 2.6

Banks 1.2 3.4

Wholesale Trade 0.9 0.8

Rubber Products - 1.1

Construction - 0.4

Textiles & Apparel - 0.3


Forward foreign exchange contracts (0.5) (0.0)


Other net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assets (15.6) 1.0






- 156 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000


Cash at banks 111,356 1,535,509


Amounts receivable on allotment 392,017 1,522,317


Investments 59,325,319 51,857,454


receivable 225,072 186,829


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










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





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015








losses (590) (1,765)


1,098,001 10,391,156

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








Auditor's fee 1,040 791

Valuation fee 946 948

Printing and publication expenses 644 819

Other operating expenses 725 73

469,730 274,767

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

Net operating profitNet operating profitNet operating profitNet operating profit 628,271 10,116,389


Interest paid (17,908) (21,714)

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 610,363 10,094,675

Taxation (37,416) (25,312)








- 157 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

50,506,151 29,820,481









For the period For the period For the period For the period ended 31 March 2016ended 31 March 2016ended 31 March 2016ended 31 March 2016 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (25,454,247) (15,973,060)








Tax paid (37,416) (25,312)


Others (17,893) 269,228



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


Interest paid (17,821) (21,674)







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




beginning of the period (1,111,078) (5,941,818)


and cash equivalents (2,217) 53,832


the end of the periodthe end of the periodthe end of the periodthe end of the period (6,997,010) (6,982,765)


Cash at banks 111,356 1,054,791


unsecured (7,108,366) (8,037,556)

(6,997,010) (6,982,765)

JPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUNDJPMORGAN JAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 158 -



JPMorgan Japan (Yen) Fund (the "Fund") was established under a Trust Deed dated 1 August 1969, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in Japanese

securities and other securities whose performance is linked to the Japanese economy.

Pursuant to the Supplemental Trust Deed dated 20 June 2013, the Manager may decide to issue separate classes (each a "Class") whose assets

will be commonly invested but where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different

charging structure with the result that the net asset value attributable to each Class may differ.







Classification












ownership.





value.













- 159 -











separately.



The Fund has adopted Japanese Yen as its functional and presentation currency.



transactions.











statements.





3333 Number of units in issue and net assets attributable to holdersNumber of units in issue and net assets attributable to holdersNumber of units in issue and net assets attributable to holdersNumber of units in issue and net assets attributable to holders of redeemable units (per unit)of redeemable units (per unit)of redeemable units (per unit)of redeemable units (per unit)

31.3.2016

HKD Hedged Class

(acc) JPY Class (acc)

USD Hedged Class

(acc)

RMB Hedged Class

(acc)


Number of units in issue: 10,738,572.637 1,043,588.921 12,536,217.245 700,336.053

HK$ JPY'000 US$ CNY



units 157,709,808 27,829,873 185,419,997 7,106,150



units (per unit) 14.69 26.667 14.79 10.15



- 160 -

30.9.2015

HKD Hedged Class

(acc) JPY Class (acc)

USD Hedged Class

(acc)

RMB Hedged Class

(acc)



HK$ JPY'000 US$ CNY



units 139,455,965 28,851,668 176,496,708 10,707,579



units (per unit) 13.97 25.241 14.05 9.51


1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

JPY'000 JPY'000

Change in unrealized gains in value of investments and derivatives 2,956,404 6,491,701


724,323 10,138,589











JPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJPMORGAN JAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 161 -



























FairFairFairFair



% of% of% of% of

netnetnetnet






Suruga Bank 65,200 128,966 1.0


Daicel Corp 102,600 157,799 1.3

FP Corp 29,300 141,080 1.1

Mitsui Chemicals 392,000 147,000 1.2

Nifco Inc 27,200 147,152 1.2

Pola Orbis Hldgs 13,400 125,022 1.0

Unicharm Corp 38,800 95,021 0.7

ConstructionConstructionConstructionConstruction (5.1%)

Kumagai Gumi 733,000 209,638 1.7

SHO-BOND Hldgs 37,400 160,072 1.3

Taisei Corp 358,000 266,352 2.1

Electric AppliancesElectric AppliancesElectric AppliancesElectric Appliances (6.8%)

Casio Computer 92,000 208,932 1.7

Iriso Electronics 24,800 138,384 1.1

Mabuchi Motor 19,900 104,276 0.9

Nidec Corp 29,700 228,720 1.8

Sysmex Corp 23,200 163,328 1.3

FoodsFoodsFoodsFoods (1.0%)

Kewpie Corp 48,800 124,538 1.0

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


Glass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics Products (1.0%)

Taiheiyo Cement 474,000 122,766 1.0

Information & CommunicationInformation & CommunicationInformation & CommunicationInformation & Communication (6.0%)

Digital Garage 56,100 115,061 0.9

GMO Payment Gateway 39,500 300,990 2.4

Otsuka Corp 31,800 188,892 1.5

Square Enix Hldgs 47,700 145,008 1.2


Anicom Hldgs 119,900 370,491 3.0


Disco Corp 22,200 211,788 1.7

Hoshizaki Electric 14,900 139,911 1.1

Miura Co 78,500 164,928 1.3

Nittoku Engineering 42,100 41,468 0.3

Shibuya Corp 15,500 20,476 0.2

Metal ProductsMetal ProductsMetal ProductsMetal Products (1.3%)

Rinnai Corp 17,000 168,980 1.3

Other Financing BusinessOther Financing BusinessOther Financing BusinessOther Financing Business (5.0%)

Acom Co 446,700 253,279 2.0

Hitachi Capital 44,600 109,270 0.9

Japan Exchange Group 72,600 125,162 1.0

Mitsubishi UFJ Lease &

Finance Co 270,500 133,627 1.1

Other ProductsOther ProductsOther ProductsOther Products (2.8%)

Bandai Namco Hldgs 90,300 221,596 1.8

Fuji Seal Intl 31,100 124,089 1.0


Nippon Shinyaku 29,700 130,680 1.1

PeptiDream Inc 80,800 553,481 4.4

Sosei Group 8,300 134,709 1.1

Precision InstrumentsPrecision InstrumentsPrecision InstrumentsPrecision Instruments (4.8%)

Asahi Intecc 79,900 421,073 3.4

Shimadzu Corp 73,000 128,845 1.0

Topcon Corp 31,600 46,894 0.4

Real EstateReal EstateReal EstateReal Estate (10.8%)

Arealink Co 464,600 56,217 0.5

GLP J-REIT 1,366 175,258 1.4

Hulic Reit 638 116,754 0.9

Industrial & Infrastructure

Fund 330 172,590 1.4

Invincible Investment 6,131 517,456 4.1

Kenedix Retail REIT 350 95,515 0.8

Nippon Prologis REIT 360 90,684 0.7

Park24 Co 40,600 127,890 1.0

Retail TradeRetail TradeRetail TradeRetail Trade (15.0%)

Adastria Hldgs 29,000 99,035 0.8

Cosmos Pharmaceutical 7,200 134,712 1.1

Don Quijote 58,500 228,735 1.8

Isetan Mitsukoshi Hldgs 105,700 138,996 1.1

Marui Group Co 81,700 131,782 1.1



- 162 -




FairFairFairFair



% of% of% of% of

netnetnetnet


Retail TradeRetail TradeRetail TradeRetail Trade (Continued)

MonotaRO Co 45,200 151,194 1.2

Nitori Co 19,900 205,169 1.6

San-A Co 28,000 148,960 1.2

Seria Co 32,100 217,959 1.8

Shimamura Co 13,700 192,485 1.5

Start Today Co 49,600 225,184 1.8

ServicesServicesServicesServices (20.0%)

AEON Fantasy 34,000 76,670 0.6

Benefit One 53,900 136,852 1.1

Cyber Agent 20,900 109,307 0.9

Firstlogic Inc 21,000 66,360 0.5

H I S Co 60,100 189,014 1.5

Infomart Corp 71,500 72,358 0.6

Kakaku.com Inc 57,600 120,384 1.0

Litalico Inc 24,400 58,511 0.5

M3 Inc 97,600 276,403 2.2

N Field Co 65,800 111,794 0.9

NEXT Co 89,700 123,876 1.0

Nihon M&A Center 17,100 112,005 0.9

Oriental Land 33,100 263,807 2.1

Rakuten Inc 188,600 204,725 1.6

Resorttrust Inc 47,800 120,886 1.0

SMS Co 64,100 137,879 1.1

Sohgo Security Services 51,500 314,150 2.5

Transportation EquipmentTransportation EquipmentTransportation EquipmentTransportation Equipment (2.7%)

Shimano Inc 12,500 220,500 1.8

ShinMaywa Industries 145,000 115,710 0.9

Wholesale Wholesale Wholesale Wholesale TradeTradeTradeTrade (3.7%)

Daiichikosho Co 36,600 179,340 1.4

Misumi Group 86,800 139,835 1.1

Yokohama Reito 136,700 145,722 1.2


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (963,440) (7.7)








31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



JapanJapanJapanJapan

Services 20.0 16.7

Retail Trade 15.0 9.9

Real Estate 10.8 9.3

Electric Appliances 6.8 12.0


Chemicals 6.5 5.0

Information & Communication 6.0 5.1

Construction 5.1 5.8

Other Financing Business 5.0 7.2

Precision Instruments 4.8 3.4

Machinery 4.6 3.9

Wholesale Trade 3.7 3.5

Insurance 3.0 2.8

Other Products 2.8 5.4

Transportation Equipment 2.7 3.0

Metal Products 1.3 2.3

Banks 1.0 3.2

Foods 1.0 1.1

Glass & Ceramics Products 1.0 1.8

Rubber Products - 1.5

Iron & Steel - 0.6


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (7.7) (9.6)

NetNetNetNet assets attributable to holders of assets attributable to holders of assets attributable to holders of assets attributable to holders of





- 163 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 50,748 21,765

Amounts due from brokers 8,227 399

Amounts receivable on allotment 738 4,539

Investments 13,442,407 13,852,449




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






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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015







(losses)/gains (359) 186

683,102 3,085,228

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






Auditor's fee 968 661

Safe custody and bank charges 890 879


Printing and publication expenses 227 483

Other operating expenses 311 48

105,600 117,741

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

Net operating profitNet operating profitNet operating profitNet operating profit 577,502 2,967,487



Profit Profit Profit Profit before taxationbefore taxationbefore taxationbefore taxation 572,945 2,959,134

Taxation (9,233) (10,927)








- 164 -

Statement of Changes Statement of Changes Statement of Changes Statement of Changes in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders in Net Assets Attributable to Holders



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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



Net redemptionNet redemptionNet redemptionNet redemption (720,458) (1,496,831)

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

11,915,255 12,452,968










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (3,058,089) (3,273,828)







Tax paid (9,233) (10,927)


Others (2,524) (3,849)



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








financing activitiesfinancing activitiesfinancing activitiesfinancing activities (711,345) (1,568,340)

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


cash equivalentscash equivalentscash equivalentscash equivalents 254,977 (415,505)


beginning of the period (1,236,570) (1,829,876)



Cash and cash Cash and cash Cash and cash Cash and cash equivalents at equivalents at equivalents at equivalents at

the end of the periodthe end of the periodthe end of the periodthe end of the period (981,835) (2,244,773)


Cash at banks 50,748 34,791


unsecured (1,032,583) (2,279,564)

(981,835) (2,244,773)

JPMORGANJPMORGANJPMORGANJPMORGAN JAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUNDJAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 165 -



JPMorgan Japan Smaller Company (Yen) Fund (the "Fund") was established under a Trust Deed dated 5 June 1980, as amended, and is


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in the shares of small

to medium sized Japanese companies.



(a)(a)(a)(a) Accounting Accounting Accounting Accounting policies of interim financial statementspolicies of interim financial statementspolicies of interim financial statementspolicies of interim financial statements




Classification












ownership.





value.













- 166 -






separately.



The Fund has adopted Japanese Yen as its functional and presentation currency.



transactions.










Fund's Trust Deed dated 5 June 1980, as amended, which may be different from the accounting policies stated in the financial statements.

3333 Number of units in issue and netNumber of units in issue and netNumber of units in issue and netNumber of units in issue and net assets attributable to holders of redeemable units (per unit)assets attributable to holders of redeemable units (per unit)assets attributable to holders of redeemable units (per unit)assets attributable to holders of redeemable units (per unit)

31.3.2016 30.9.2015

Units Units

Number of units in issue 237,419.721 251,616.375

JPY'000 JPY'000




1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

JPY'000 JPY'000

Change in unrealized gains/losses in value of investments and derivatives 217,970 2,435,620

Realized gains on sale of investments and derivatives 373,162 540,151

591,132 2,975,771



- 167 -











JPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUNDJPMORGAN KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 168 -



























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Aerospace & Defense ServicesAerospace & Defense ServicesAerospace & Defense ServicesAerospace & Defense Services (1.1%)

Korea Aerospace Industries 56,300 3,209,829 1.1

Air Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers FuelsAir Freight & Couriers Fuels (4.9%)

Hanjin Transportation 97,200 3,374,292 1.1

Hyundai Glovis 70,000 11,538,125 3.8

AirlinesAirlinesAirlinesAirlines (1.7%)

Korean Air Lines 188,000 5,096,187 1.7


Hankook Tire Worldwide 373,000 7,485,441 2.5


Hyundai Motor Pref 2 39,600 3,670,514 1.2

BiotechnologyBiotechnologyBiotechnologyBiotechnology (1.4%)

Seegene Inc 148,000 4,348,374 1.4

Building ProductsBuilding ProductsBuilding ProductsBuilding Products (6.0%)

KCC Corp 33,000 12,004,197 4.0

LG Hausys 50,400 6,103,883 2.0



(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Korea Investment Hldgs 199,500 7,667,038 2.5

NH Investment & Securities

Pref 368,939 2,080,847 0.7


Kolon Industries 98,200 6,216,929 2.1

Kumho Petro Chemical 97,500 4,961,962 1.6


DGB Financial Group 341,000 2,653,813 0.9

KB Financial Group 233,000 6,489,201 2.1

Shinhan Financial Group 208,000 7,366,212 2.4

Computers & PeripheralsComputers & PeripheralsComputers & PeripheralsComputers & Peripherals (9.8%)


Samsung Electronics GDR-

RegS 28,700 16,344,649 5.4


Hyundai Eng & Construction 65,000 2,395,724 0.8

Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services (0.1%)

CMS Edu 18,480 374,900 0.1

Diversified Financial ServicesDiversified Financial ServicesDiversified Financial ServicesDiversified Financial Services (0.3%)

Korea Ratings Corp 26,119 977,521 0.3

Diversified Telecommunication ServiDiversified Telecommunication ServiDiversified Telecommunication ServiDiversified Telecommunication Servi (0.8%)

LG Uplus 250,000 2,415,617 0.8

Electric UtilitiesElectric UtilitiesElectric UtilitiesElectric Utilities (4.2%)


Food & Staples RetailingFood & Staples RetailingFood & Staples RetailingFood & Staples Retailing (4.7%)

E-MART Co 57,100 8,762,723 2.9

GS Retail 106,000 4,370,322 1.4

Hyundai C&F 48,201 1,034,745 0.4


CJ CheilJedang 12,050 3,661,573 1.2

Easy Bio 803,200 3,883,959 1.3

Farmsco 526,000 5,335,432 1.7

Nong Shim Co 16,300 5,701,294 1.9

Nong Shim Hldgs 20,798 2,755,244 0.9

Gas Gas Gas Gas UtilitiesUtilitiesUtilitiesUtilities (1.3%)

Korea Gas 119,600 4,010,721 1.3

Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies (0.8%)

Suheung Co 58,700 2,358,574 0.8


Grand Korea Leisure 212,700 4,249,908 1.4

Modetour Network 231,300 6,087,907 2.0

Industrial ConglomeratesIndustrial ConglomeratesIndustrial ConglomeratesIndustrial Conglomerates (1.7%)

SK Holdings Co 27,200 5,303,952 1.7


Dongbu Insurance 47,800 3,172,455 1.0



- 169 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


KoreaKoreaKoreaKorea (Continued)


Insurance 145,000 4,209,514 1.4

Meritz Fire & Marine Insurance 340,000 4,756,908 1.6

Samsung Life Insurance 31,082 3,193,542 1.0

Internet & Catalog RetailInternet & Catalog RetailInternet & Catalog RetailInternet & Catalog Retail (3.6%)

GS Home Shopping 38,300 6,219,229 2.0

NS Shopping 28,700 4,718,083 1.6

Internet Software & ServicesInternet Software & ServicesInternet Software & ServicesInternet Software & Services (1.6%)

NAVER Corp 8,800 4,901,714 1.6


YG Entertainment 52,500 1,794,990 0.6


SK Innovation 68,900 10,362,714 3.4

S-Oil Corp 97,300 8,329,547 2.7

Personal ProductsPersonal ProductsPersonal ProductsPersonal Products (0.7%)

Nutribiotech 40,700 2,021,476 0.7


AJ Rent A Car 571,000 5,592,165 1.8

Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment (3.2%)

SK Hynix 394,000 9,698,409 3.2


DoubleUGames 105,100 3,207,406 1.0

NCsoft Corp 9,000 1,995,016 0.7

Specialty RetailSpecialty RetailSpecialty RetailSpecialty Retail (1.4%)

LOTTE Himart 94,100 4,212,942 1.4

Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors (0.5%)

Hyundai Corp 70,064 1,409,122 0.5

Wireless Wireless Wireless Wireless Telecommunication ServicesTelecommunication ServicesTelecommunication ServicesTelecommunication Services (2.0%)

SK Telecom 33,000 6,016,527 2.0




redeemable redeemable redeemable redeemable units at 31 March 2016units at 31 March 2016units at 31 March 2016units at 31 March 2016 303,861,849 100.0






31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



KoreaKoreaKoreaKorea

Computers & Peripherals 9.8 9.3

Food Products 7.0 5.2


Building Products 6.0 4.4


Insurance 5.0 6.2


Air Freight & Couriers Fuels 4.9 4.0

Food & Staples Retailing 4.7 3.9

Electric Utilities 4.2 3.6

Chemicals 3.7 6.4

Internet & Catalog Retail 3.6 4.3


Semiconductors & Semiconductor

Equipment 3.2 -


Wireless Telecommunication Services 2.0 2.2

Road & Rail 1.8 1.4

Industrial Conglomerates 1.7 -

Software 1.7 1.2

Airlines 1.7 2.7

Internet Software & Services 1.6 1.8

Biotechnology 1.4 1.1

Specialty Retail 1.4 1.9

Gas Utilities 1.3 2.4

Automobiles 1.2 0.8

Aerospace & Defense Services 1.1 2.2

Diversified Telecommunication Servi 0.8 -

Construction & Engineering 0.8 -

Health Care Equipment & Supplies 0.8 -

Personal Products 0.7 -

Media 0.6 1.0

Trading Companies & Distributors 0.5 2.6


Diversified Consumer Services 0.1 -

Semiconductors & Semicond.Equipment - 2.5


Futures - 0.0








- 170 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 3,415,925 10,982,129




Derivatives - 39,652

Investments 291,315,018 294,867,241


receivable 3,735,335 7,014


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






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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015







gains/(losses) 246,021 (418,374)


Other income - 75

22,254,938 (7,759,767)

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


Management fee 2,221,364 3,102,433










3,228,696 5,293,379

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

Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 19,026,242 (13,053,146)




Taxation (1,125,795) (1,247,281)

Income tax expenses (14) -








- 171 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



of of of of redeemable units at the redeemable units at the redeemable units at the redeemable units at the


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




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

285,961,769 410,552,572





Net Net Net Net assets attributable to holders assets attributable to holders assets attributable to holders assets attributable to holders





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (139,009,704) (356,219,675)





Tax paid (14) -



(Increase)/decrease in margin

deposits (348,324) 2,431,027


Tax paid (1,125,795) (1,247,281)


Others 130,212 (560,209)



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









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







Cash and cash Cash and cash Cash and cash Cash and cash equivalents at equivalents at equivalents at equivalents at



Cash at banks 3,415,925 34,205,717



- 172 -



JPMorgan Korea Fund (the "Fund") was established under a Trust Deed dated 11 December 1991, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital appreciation through investment primarily in companies

whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market.










Classification












ownership.





value.













- 173 -

(c)(c)(c)(c) Securities lending and borrowSecurities lending and borrowSecurities lending and borrowSecurities lending and borrowing ing ing ing










separately.






transactions.











statements.


31.3.2016

USD Class (acc)

Units


US$



units 303,861,849






- 174 -

30.9.2015

USD Class (acc)

Units


US$



units 304,917,054





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$


Realized gains/(losses) on sale of investments and derivatives 972,168 (32,711,126)

16,840,591 (13,401,349)











JPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUNDJPMORGAN MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 175 -
























Investment PorInvestment PorInvestment PorInvestment Portfoliotfoliotfoliotfolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Petronas Chemicals 2,077,000 3,572,131 3.3

ConstructionConstructionConstructionConstruction (5.8%)

Econpile Sdn 2,441,000 763,301 0.7

Gamuda Bhd 974,500 1,228,897 1.2

IJM Corp 2,276,400 2,059,642 1.9

SapuraKencana Petroleum 2,702,363 1,288,324 1.2

WCT Hldgs 1,980,000 857,670 0.8

Consumer ProductsConsumer ProductsConsumer ProductsConsumer Products (12.3%)

Astro Malaysia Hldgs 506,800 388,397 0.4

Axiata Group 2,291,248 3,459,042 3.2

Bioalpha Hldgs 8,101,000 851,316 0.8

Bison Consolidated 4,600,000 1,462,002 1.4

British American Tobacco (M)

Bhd (CDS) 100,500 1,392,034 1.3

Hartalega Hldgs 400,000 497,245 0.5

IHH Healthcare-MY List 1,788,000 3,006,351 2.8

Padini Hldgs 530,000 281,200 0.2

PPB Group 171,300 733,233 0.7

Prestariang Bhd 975,000 737,216 0.7

UMW Hldgs 204,900 360,800 0.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


FinanceFinanceFinanceFinance (26.0%)

Alliance Financial Group 732,000 778,624 0.7

AMMB Hldgs 487,500 574,779 0.6

Bursa Malaysia 317,700 724,729 0.7

CIMB Group Hldgs 3,685,512 4,581,503 4.3

Hong Leong Bank (CDS) 274,000 948,097 0.9

Hong Leong Financial Group 277,644 1,104,456 1.0

Malayan Banking 3,853,581 8,909,214 8.3

Public Bank (L) 2,050,010 9,867,790 9.2

RHB Capital 238,206 360,224 0.3

Industrial ProductsIndustrial ProductsIndustrial ProductsIndustrial Products (9.4%)

Century Bond 702,300 277,212 0.2

Karex Bhd 2,761,300 2,689,463 2.5

Maxis Bhd 327,800 533,520 0.5

Petronas Gas 601,600 3,392,336 3.2

Scientex Bhd (CDS) 667,000 2,215,640 2.1

SKP Resources 1,820,000 601,769 0.6

TEK Seng Hldgs 1,100,000 315,776 0.3

PlantationsPlantationsPlantationsPlantations (3.8%)

Genting Plantations (CDS) 193,400 555,192 0.5

IOI Corp (CDS) 2,042,100 2,392,002 2.3

Kuala Lumpur Kepong 174,000 1,070,358 1.0

PropertyPropertyPropertyProperty (1.4%)

Eastern & Oriental (CDS) 1,100,000 465,206 0.4

IJM Plantations (CDS) 436,000 400,072 0.4

Only World Group Holdings 1,028,000 632,372 0.6

Trading ServicesTrading ServicesTrading ServicesTrading Services (34.2%)

AirAsia Bhd 1,126,000 528,151 0.5

Dialog Group 3,304,306 1,355,092 1.3

Digi.com Bhd 2,121,100 2,685,694 2.5

Genting Bhd 2,642,100 6,636,571 6.2

Genting Malaysia 2,248,900 2,616,944 2.4

Hap Seng Consolidated (CDS) 330,000 636,909 0.6

Malaysia Airports Hldgs 897,298 1,563,918 1.5

MISC Bhd 743,000 1,694,912 1.6

Petronas Dagangan (CDS) 160,000 988,338 0.9

Sime Darby 2,137,567 4,355,673 4.1

Telekom Malaysia 1,254,804 2,122,698 2.0

Tenaga Nasional 2,880,400 10,291,624 9.6

Westports Hldgs 344,000 364,147 0.3

Yinson Hldgs 1,125,100 801,686 0.7


HealthcareHealthcareHealthcareHealthcare (1.5%)

ISEC Healthcare 7,862,400 1,547,257 1.5








- 176 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



MalaysiaMalaysiaMalaysiaMalaysia

Trading Services 34.2 31.6

Finance 26.0 26.6

Consumer Products 12.3 11.5

Industrial Products 9.4 9.3

Construction 5.8 5.1

Plantations 3.8 4.3

Chemicals 3.3 2.5

Property 1.4 0.4

Technology - 0.3


Healthcare 1.5 1.7

Business & Public - 1.3








- 177 -

Statement of Financial Statement of Financial Statement of Financial Statement of Financial PositionPositionPositionPosition


31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 2,386,854 3,998,808



Investments 104,518,749 68,673,922




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







redeemable units)redeemable units)redeemable units)redeemable units) 2,064,886 740,700

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





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015








losses (110,151) (56,250)

Other income 1,799 965

18,974,192 (16,368,192)

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












775,617 1,058,184

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

Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss)Net operating profit/(loss) 18,198,575 (17,426,376)



18,198,575 (17,426,498)




- 178 -


of of of of Redeemable UnitsRedeemable UnitsRedeemable UnitsRedeemable Units


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

88,813,075 123,009,064







of the of the of the of the periodperiodperiodperiod 107,011,650 105,582,566



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (30,792,961) (26,088,297)









Others (194,787) 3,629



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









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










Cash at banks 2,386,854 2,322,449



- 179 -



JPMorgan Malaysia Fund (the "Fund") was established under a Trust Deed dated 12 December 1989, as amended, and is governed by the laws

of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to provide long-term capital growth by investing primarily in securities linked to the Malaysian

economy. These include, but are not restricted to, securities listed on the Kuala Lumpur Stock Exchange.






(a)(a)(a)(a) Accounting policies of interim financial statemenAccounting policies of interim financial statemenAccounting policies of interim financial statemenAccounting policies of interim financial statementstststs



(b)(b)(b)(b) Investments and Investments and Investments and Investments and derivativesderivativesderivativesderivatives

Classification












ownership.





value.













- 180 -






separately.






transactions.











statements.






31.3.2016

USD Class (acc) USD C Class (acc)

Units Units

Number of units in issue: 1,658,128.514 2,286,638.000

US$ US$



units 87,870,935 19,140,715






- 181 -

30.9.2015


Units Units

Number of units in issue: 1,606,572.808 411,001.000

US$ US$



units 69,799,806 2,811,715




4444 Net Net Net Net gains/(losses) on investments and derivativesgains/(losses) on investments and derivativesgains/(losses) on investments and derivativesgains/(losses) on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$


Realized losses on sale of investments and derivatives (762,908) (2,569,452)

17,983,432 (17,644,244)











JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND JPMORGAN MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 182 -




HK$HK$HK$HK$

portfolioportfolioportfolioportfolio

fairfairfairfair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet



(I) Debt Securities(I) Debt Securities(I) Debt Securities(I) Debt Securities (11.6%)


CK Bond Finance 5.1%

07/04/16 HKD6,000,000 6,075,515 0.6

Sun Hung Kai Prop 2.25%

15/09/16 HKD18,000,000 18,116,849 1.6


HK Airport Auth 5.1%

13/04/16 HKD30,000,000 31,530,380 2.9


Korea Dev Bank 3.3%

20/10/16 HKD20,000,000 20,582,065 1.9


OCBC 2.2% 19/01/17 HKD30,000,000 30,420,236 2.7


CLP Power HK Fin 4.38%

11/01/17 HKD20,000,000 20,719,447 1.9

127,444,492 11.6

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

(II) Money Market(II) Money Market(II) Money Market(II) Money Market (62.9%)


Bank of China Syd ECD 0%

20/04/16-HKD HKD40,000,000 39,992,303 3.6

Bk Tky-Mit UFJ ECD 0%

16/05/16-HKD HKD40,000,000 39,974,881 3.6

Tasmanian Public ECP 0%

19/04/16-HKD HKD40,000,000 39,993,890 3.7

UOB Australia ECD 0%

15/06/16-HKD HKD40,000,000 39,971,258 3.6


Agricult Bk CN HK CD

0.9% 24/06/16-RegS HKD22,000,000 22,075,398 2.0

China Const Bank HK CD

0.85% 04/10/16 HKD40,000,000 40,000,000 3.6

China Merchant HK CD

0.85% 27/05/16-RegS HKD10,000,000 10,071,262 0.9


Banque Feder Cr ECP 0%

12/05/16-HKD HKD40,000,000 39,975,321 3.6

Bred Banque Popul ECD

0% 31/05/16-HKD HKD40,000,000 39,963,886 3.6

Regie Autonome ECP 0%

08/04/16-HKD HKD40,000,000 39,996,858 3.7

(Continued)


HK$HK$HK$HK$


fairfairfairfair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet



Bank of East Asia CD

0.95% 08/04/16 HKD20,000,000 20,186,861 1.8

China Const Bk HK CD

3.1% 06/04/16 HKD40,000,000 41,232,627 3.8

China Dev Bank HK CD

FRN 09/01/17-RegS HKD40,000,000 40,079,644 3.6

Fubon Bank HK CD 0%

10/06/16-RegS HKD20,000,000 19,980,081 1.8

ICBC Asia CD 0.7%

22/04/16-RegS HKD40,000,000 40,122,227 3.7

Mizuho Bank CD 0%

19/05/16 HKD40,000,000 39,977,405 3.6


Malayan Banking HK CD

1.75% 12/07/16 HKD20,000,000 20,114,443 1.8


ING Bank ECP 0%

24/05/16-HKD HKD40,000,000 39,969,836 3.6


DBS Bank ECP 0%

12/04/16-HKD HKD40,000,000 39,996,025 3.7

Sumitomo Mitsui SG ECD

0% 06/06/16-HKD HKD40,000,000 39,966,047 3.6

693,640,253 62.9

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




redeemable units at 31 redeemable units at 31 redeemable units at 31 redeemable units at 31 March 2016March 2016March 2016March 2016 1,101,888,918 100.0




- 183 -



HK$HK$HK$HK$




31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Hong Kong 2.9 8.6

Singapore 2.7 -



Korea 1.9 5.6

Australia - 1.5

France - 1.0

Money MarketMoney MarketMoney MarketMoney Market

Hong Kong 18.3 22.4

Australia 14.5 11.3

France 10.9 -

Singapore 7.3 7.5

China 6.5 1.9

Netherlands 3.6 3.8

Malaysia 1.8 1.9

Norway - 3.8



Net assets attributable to Net assets attributable to Net assets attributable to Net assets attributable to holders of holders of holders of holders of





- 184 -



HK$HK$HK$HK$


31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 129,433,697 172,485,149

Short term deposits 190,042,777 190,322,689


Investments 821,084,745 797,222,551




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






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



EquityEquityEquityEquity 1,101,888,918 1,062,040,508



HK$HK$HK$HK$


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



Net gains on investments [Note 4] 2,255,792 2,472,725



gains/(losses) 12 (15)

2,368,397 2,890,167

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


Management fee 1,309,116 1,231,517







Legal and professional expenses 478 3,865


1,932,000 1,810,826

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








- 185 -




HK$HK$HK$HK$


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

1,101,452,521 967,865,600




comprehensive comprehensive comprehensive comprehensive incomeincomeincomeincome 436,397 1,079,341



of the periodof the periodof the periodof the period 1,101,888,918 968,944,941



HK$HK$HK$HK$


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



Purchase of investments (1,479,106,995) (703,960,883)


investments 1,400,277,227 666,005,325






Others (77,406) (86,601)


operating activitiesoperating activitiesoperating activitiesoperating activities (80,560,724) (39,347,385)

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








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






and cash equivalents 108 (24)




Cash at banks 129,433,697 63,668,760


319,476,474 365,861,699



- 186 -



JPMorgan Money Fund (the "Fund") was established under a Trust Deed dated 13 June 1983, as amended, and is governed by the laws of Hong

Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The Fund currently comprises the HK$ portfolio ("Portfolio").

The investment objective of the Portfolio is to provide an efficient vehicle for holding liquid assets currently denominated in the currency of

Hong Kong.






(b)(b)(b)(b) Investments Investments Investments Investments

Classification

The Fund classifies its investments as financial assets or financial liabilities at fair value through profit or loss. These financial assets or

financial liabilities are held-for-trading as they are acquired or incurred principally for the purpose of selling or repurchasing in the near

term or short-term profit taking.


Purchases and sales of investments are accounted for on the trade date basis. Investments are initially recognized at fair value and are

subsequently re-measured at fair value. Realized and unrealized gains and losses on investments are recognized in the Statement of

Comprehensive Income. Investments are derecognized when the rights to receive cash flows from the investments have expired or the

Fund has transferred substantially all risks and rewards of ownership.





value.




The Fund has adopted Hong Kong dollar as its functional and presentation currency.



transactions.






investments".



- 187 -





statements.

3333 Number of units in issue anNumber of units in issue anNumber of units in issue anNumber of units in issue and net assets attributable to holders of redeemable units (per unit)d net assets attributable to holders of redeemable units (per unit)d net assets attributable to holders of redeemable units (per unit)d net assets attributable to holders of redeemable units (per unit)

31.3.2016 30.9.2015

Units Units


HK$ HK$

Net assets attributable to holders of redeemable units 1,101,888,918 1,062,040,508


4444 Net gains on investments Net gains on investments Net gains on investments Net gains on investments

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

HK$ HK$

Change in unrealized gains/losses in value of investments (466,517) 215,066

Realized gains on sale of investments 2,722,309 2,257,659

2,255,792 2,472,725

5555 Soft dollar Soft dollar Soft dollar Soft dollar arrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangementsarrangements/Commission sharing arrangements





JPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUNDJPMORGAN MULTI INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 188 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Equities and Convertibles(I) Equities and Convertibles(I) Equities and Convertibles(I) Equities and Convertibles (41.5%)


Dexus Property Group

Stapled Sec 398,702 2,435,210 0.1

Goodman Group Stapled

Sec 468,634 2,404,513 0.0

Mirvac Group Stapled Sec 2,245,443 3,342,339 0.1

Scentre Group Stapled

Secs 1,327,325 4,533,439 0.1

Suncorp Group 1,187,830 10,882,622 0.2

Transurban Group Stapled

Sec 1,429,038 12,476,912 0.3

Westfield Corp Stapled Sec 1,683,011 12,933,615 0.3

AustriaAustriaAustriaAustria (0.0%)

Immofinanz CB 4.25%

8/3/18-Uts-RegS EUR53,300 258,137 0.0

Steinhoff F NoSHF CB

1.25% 11/08/22 EUR500,000 608,745 0.0


Ageas NV 76,130 3,025,110 0.1

Anheuser-Busch InBev 71,410 8,890,248 0.2

Bekaert SA CB 0.75%

18/06/18-RegS EUR100,000 124,480 0.0

KBC Groep 56,413 2,914,380 0.0

Proximus 97,984 3,353,638 0.1

Warehouses De Pauw 6,270 596,963 0.0


Jazz Inv I CB 1.875%

15/08/21-144A USD200,000 207,347 0.0

BrazilBrazilBrazilBrazil (0.3%)

Ambev SA ADR 667,406 3,457,163 0.1

Banco Bradesco Pref 103,793 792,798 0.0

Banco do Brasil 124,076 692,151 0.0

BB Seguridade

Participacoes 419,590 3,516,316 0.1

Tractebel Energia 244,476 2,530,299 0.1


Allied Properties REIT 165,900 4,485,309 0.1

Canadian Apartment

Properties REIT 158,700 3,543,435 0.1

RioCan Real Estate Inv

Trust 90,453 1,860,180 0.0


Soufun Hldgs CB 2%

15/12/18-144A USD336,000 326,758 0.0

Vipshop Hldg CB 1.5%

15/03/19 USD342,000 343,915 0.0

XL Group Pref 'D' 2,475 1,962,984 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ChileChileChileChile (0.1%)

Banco Santander-Chile

ADR 174,030 3,367,481 0.1


China Construction Bank

'H' 3,711,000 2,368,250 0.1

China Mobile 181,000 2,017,321 0.0

China Resources Power

Hldgs 1,276,000 2,385,339 0.1

Ctrip.com Intl CB 1%

01/07/20-144A USD151,000 166,832 0.0

Fuyao Glass Industry

Group 'H' 304,400 736,222 0.0

Fuyao Grp 'A' PN 09/18

(BNP) (RegS) 1,009,220 2,323,472 0.1

Kingsoft Corp CB 1.25%

11/4/19-RegS HKD2,000,000 251,212 0.0

Midea Group 'A' PN

11/18(BNP)-RegS 8,800 41,975 0.0

Midea Group 'A' PN

17/02/17-UBS 343,313 1,637,579 0.0

Qihoo 360 Tech CB 1.75%

15/08/21 USD600,000 593,271 0.0

Qihoo 360 Tech CB 2.5%

15/9/18-144A USD200,000 198,848 0.0

Sina Corp CB 1% 01/12/18-

144A USD459,000 451,313 0.0

Czech RepublicCzech RepublicCzech RepublicCzech Republic (0.1%)

Komercni Banka 18,420 4,074,165 0.1

DenmarkDenmarkDenmarkDenmark (0.5%)

Danske Bank 615,316 17,411,184 0.4

Pandora A/S 32,900 4,315,076 0.1


Elisa Oyj 98,878 3,850,153 0.1

Kone Oyj 'B' 90,932 4,389,409 0.1

Nokia Oyj 797,860 4,750,577 0.1

Nokian Renkaat 96,625 3,415,582 0.1

Orion Oyj 'B' 97,806 3,237,763 0.1

Sampo Oyj 'A' 82,966 3,946,263 0.1

Stora Enso 'R' 388,438 3,481,399 0.1

UPM-Kymmene Oyj 1,062,376 19,273,238 0.4


Air France-KLM CB 2.03%

15/2/23-Uts EUR32,101 421,849 0.0

Airbus Group-FR List 123,577 8,216,974 0.2

AXA SA 252,627 5,956,260 0.1

BNP Paribas 118,868 5,991,220 0.1

Bouygues SA 95,248 3,891,154 0.1

CNP Assurances 184,295 2,878,233 0.1

Credit Agricole 348,817 3,783,352 0.1

Eutelsat Communications 118,936 3,847,797 0.1

Gecina SA 24,328 3,354,480 0.1

Klepierre 147,284 7,065,958 0.1

Lagardere SCA 107,089 2,849,477 0.1

Michelin-Regd 86,893 8,904,771 0.2



- 189 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


FranceFranceFranceFrance (Continued)

Natixis 478,320 2,358,516 0.0

Orange 285,627 5,010,861 0.1

SCOR SE 97,285 3,458,867 0.1

Societe Generale 116,956 4,328,844 0.1

Suez Environnement-FR

List 174,693 3,209,031 0.1

Technip SA 56,381 3,129,567 0.1

Total SA CB 0.5%

02/12/22-RegS USD200,000 199,271 0.0

Unibail-Rodamco SE-NL

List 117,889 32,483,510 0.7

Veolia Environnement 163,361 3,940,965 0.1

Vivendi 193,845 4,082,159 0.1


Allianz SE-Regd 101,885 16,596,930 0.4

Alstria Office REIT 185,598 2,681,797 0.0

Bayer AG 142,728 16,801,299 0.4

Daimler AG-Regd 305,561 23,458,370 0.5

Deutsche Telekom-Regd 995,133 17,888,909 0.4

Deutsche Wohnen (Br) 62,006 1,931,109 0.0

Hannover

Rueckversicherung-

Regd 26,643 3,108,970 0.1

Muenchener Rueck-Regd 26,452 5,388,129 0.1

ProSieben Sat.1 Media-

Regd 64,563 3,324,385 0.1

Rocket Internet CB 3%

22/07/22-RegS EUR200,000 187,499 0.0

RTL Group 38,223 3,242,385 0.1

Siemens AG-Regd 72,926 7,741,028 0.2


Baosteel Hong Kong CB

0% 12/18-RegS USD200,000 187,500 0.0

China Overseas Fin CB

0%5/1/23-RegS USD800,000 799,440 0.0

Hang Seng Bank 141,100 2,493,997 0.1

HKT Trust & HKT Stapled

Uts 1,256,000 1,729,387 0.0

Hongkong Land Hldgs

(CDP) 397,200 2,379,228 0.1

Link REIT 279,000 1,654,602 0.0

New World Development 917,000 873,665 0.0

Sands China 752,800 3,066,889 0.1

Shine Power EB(BJ

Enter)0%7/19-RegS HKD4,000,000 502,930 0.0

VTech Hldgs 100,500 1,193,320 0.0

HungaryHungaryHungaryHungary (0.1%)

OTP Bank 92,520 2,324,197 0.1


Coal India 488,438 2,153,339 0.0

ITC Ltd 521,470 2,584,809 0.1


Telekomunikasi Indonesia

'B' 4,430,000 1,110,841 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Allergan PLC Cnv Prf NoA

5.5%1/3/18 1,975 1,815,302 0.0

Paddy Power Betfair-IE

List 24,603 3,437,256 0.1

IsraelIsraelIsraelIsrael (0.0%)

Teva Pharm Ind Cnv Pref

7% 15/12/18 1,399 1,236,632 0.0

ItalyItalyItalyItaly (0.8%)

Assicurazioni Generali 223,174 3,313,763 0.1

Atlantia SpA 615,160 17,083,505 0.4

Intesa Sanpaolo 1,704,936 4,728,921 0.1

Snam SpA 690,463 4,331,428 0.1

Telefonica CB 6%

24/07/17-RegS EUR1,200,000 1,501,186 0.0

Terna-Rete Elettrica

Nationale 560,249 3,201,735 0.1

Unicredit SpA 842,654 3,043,981 0.0


GLP J-REIT 1,038 1,184,887 0.0

Japan Airlines 454,800 16,679,438 0.4

Japan Logistics Fd 872 1,823,989 0.0

Japan Real Estate Inv 352 2,035,678 0.1

Japan Retail Fund

Investment 546 1,312,596 0.0

Japan Tobacco 617,700 25,775,283 0.6

Kawasaki Kisen CB 0%

26/09/18-RegS JPY20,000,000 171,077 0.0

Nippon Prologis REIT 486 1,089,225 0.0

Nippon Prologis REIT-RegS 535 1,199,044 0.0

Nippon Telegraph &

Telephone 576,900 24,883,768 0.6

ORIX JREIT 1,184 1,838,231 0.0

Toyota Motor 156,100 8,266,446 0.2


Kangwon Land 30,159 1,078,614 0.0

KT & G 32,800 3,154,949 0.1


SK Telecom ADR 97,634 1,969,278 0.0


Cahaya Capit EB(Tenaga)

0%9/21-RegS USD400,000 391,000 0.0


America Movil CB 5.5%

17/09/18 EUR500,000 613,622 0.0

Bolsa Mexicana de Valores 177,649 306,625 0.0

Cemex SAB CB 3.75%

15/03/18-144A USD100,000 104,358 0.0

Kimberly-Clark de Mexico

'A' 1,424,340 3,454,935 0.1


Aegon NV 584,788 3,221,354 0.1

Ahold 187,436 4,222,728 0.1



- 190 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


NetherlandsNetherlandsNetherlandsNetherlands (Continued)

Amorim Ener

EB(Galp)3.375%6/18-

RegS EUR200,000 230,660 0.0

Brenntag Finance CB

1.875% 02/12/22 USD250,000 271,188 0.0

Eurocommercial

Properties CVA 21,276 997,200 0.0

Fiat Chry Auto CB 7.875%

12/16-Uts USD12,500 903,205 0.0

ING Groep CVA 1,209,362 14,649,505 0.3

KPN (Koninklijke) 848,480 3,561,039 0.1

NN Group 502,028 16,450,332 0.4

Royal Dutch Shell 'A'-NL

List 1,089,597 26,496,816 0.6

STMicroelectronics CB 1%

07/21-RegS USD400,000 360,337 0.0

Vastned Retail 68,726 3,080,588 0.1

Yandex NV CB 1.125%

15/12/18-144A USD504,000 448,234 0.0

NorwayNorwayNorwayNorway (0.4%)

DNB ASA 292,862 3,464,597 0.1

Gjensidige Forsikring 219,639 3,746,842 0.1

Orkla ASA 432,459 3,918,731 0.1

Subsea 7 CB 1% 05/10/17-

RegS USD1,000,000 937,604 0.0

Telenor ASA 241,970 3,917,157 0.1

Yara Intl 80,032 3,013,083 0.0


Powszechny Zaklad

Ubezpiecze 263,670 2,522,005 0.1

PortugalPortugalPortugalPortugal (0.2%)

EDP-Energias de Portugal 1,136,897 4,049,892 0.1

Galp Energia SGPS 241,014 3,034,855 0.1

Parpublica EB(Galp) 5.25%

28/09/17 EUR300,000 369,447 0.0

RussiaRussiaRussiaRussia (0.2%)

Lukoil Sponsored ADR-LI

List 64,799 2,489,254 0.1

MegaFon OJSC GDR-RegS 80,870 889,570 0.0

MMC Norilsk Nickel ADR

(London) 88,354 1,140,650 0.0

Mobile Telesystems ADR 136,002 1,100,256 0.0

Moscow Exchange MICEX-

RTS 1,607,390 2,525,521 0.1

Severstal Cherepovets

GDR-RegS 106,913 1,131,140 0.0

Surgutneftegas Preference 2,221,760 1,494,022 0.0

Saudi ArabiaSaudi ArabiaSaudi ArabiaSaudi Arabia (0.0%)

Al Rajhi Bank PN

22/08/16-HSBC 34,900 482,746 0.0

Yanbu Natl Petro PN

03/08/16 (ML) 88,271 917,624 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Ascendas Real Estate Inv

Trust 155,923 276,738 0.0

CapitaLand Commercial

Trust 408,100 445,498 0.0

CapitaLand Ltd CB

1.85%19/6/20-RegS SGD2,000,000 1,415,634 0.0

Hutchison Port Hldgs

Trust-USD 3,350,100 1,675,050 0.1

South South South South AfricaAfricaAfricaAfrica (0.5%)

AVI Ltd 377,250 2,228,412 0.0

Barclays Africa Group 275,192 2,798,883 0.1

Bidvest Group 135,495 3,436,200 0.1

Firstrand Ltd 878,270 2,888,355 0.1

Imperial Hldgs 166,624 1,703,852 0.0

Life Healthcare Group

Hldgs Pte 1,021,472 2,477,979 0.1

MMI Hldgs 1,506,814 2,550,970 0.1

Shoprite EB (SHP

SJ)6.5%17-RegS-Uts ZAR220 163,041 0.0

Vodacom Group 169,220 1,846,946 0.0


Abertis Infraestructuras 180,910 2,978,954 0.1

ACS Actividades de

Construction 118,336 3,531,716 0.1

Banco de Sabadell 1,609,800 2,902,096 0.1

Banco Popular Espanol 969,751 2,527,317 0.0

Enagas SA 125,912 3,790,104 0.1

Endesa SA 182,483 3,508,091 0.1

Ferrovial SA 122,187 2,629,513 0.0

Gas Natural SDG 163,333 3,307,461 0.1

Iberdrola SA 825,544 5,513,728 0.1

OHL Investment CB 4%

25/04/18-RegS EUR200,000 202,162 0.0

Red Electrica Corp 45,741 3,977,073 0.1

Telefonica Part CB 4.9%

09/17-RegS EUR700,000 739,300 0.0

Telefonica SA 506,039 5,681,222 0.1


Electrolux AB 'B' 260,255 6,857,349 0.1

ICA Gruppen 84,141 2,787,851 0.1

Skanska AB 'B' 141,101 3,225,235 0.1


Baloise Hldg-Regd 37,368 4,768,307 0.1

Banque Cantonale

Vaudoise-Regd 1,344 940,302 0.0

Cembra Money Bank 10,944 767,960 0.0

Novartis AG-Regd 111,457 8,112,100 0.2

Roche Hldg (Genusschein) 34,011 8,406,415 0.2

Swiss Prime Site 55,556 4,919,489 0.1

Swiss Re 198,025 18,382,939 0.4


Asustek Computer 130,000 1,167,350 0.0

Cheng Shin Rubber

Industry 1,137,000 2,285,729 0.1



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TaiwanTaiwanTaiwanTaiwan (Continued)

Chicony Electronics 322,390 829,415 0.0

Delta Electronics 616,886 2,721,781 0.1

Far EasTone Telecom 599,000 1,341,906 0.0

MediaTek Inc 204,000 1,565,623 0.0

Novatek Microelectronics 503,000 2,023,940 0.0

President Chain Store 406,000 2,958,209 0.1

Quanta Computer 1,330,000 2,322,458 0.1

Siliconware Precision 3,320,314 5,364,663 0.1

Simplo Technology 179,000 642,384 0.0

Taiwan Mobile 907,300 2,945,962 0.1

Taiwan Semiconductor

Mfg ADR 199,758 5,233,660 0.1

TPK Hldg CB 0%

08/04/20-RegS USD250,000 214,375 0.0

Vanguard Intl

Semiconductor 2,133,000 3,333,641 0.1


Siam Cement (F) 157,600 2,096,555 0.1


Eregli Demir ve Celik

Fabrikalari 362,650 546,094 0.0

Tofas Turk Otomobil

Fabrikasi 355,880 2,889,305 0.1

United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab Emirates (0.1%)

Aabar Inv PJSC CB 0.5%

03/20-RegS EUR700,000 623,285 0.0

Aabar Inv PJSC CB 1%

27/03/22-RegS EUR300,000 255,591 0.0

DP World CB 1.75%

19/06/24-RegS USD800,000 811,254 0.0

First Gulf Bank 622,192 1,990,405 0.1

National Bk of Abu CB 1%

3/18-RegS USD400,000 387,594 0.0


Admiral Group 112,834 3,215,956 0.1

Amec Foster Wheeler 294,083 1,902,085 0.0

AstraZeneca plc 121,023 6,788,257 0.1

Aviva plc 1,496,873 9,812,789 0.2

BAE Systems 3,549,434 25,967,151 0.6

Balfour EB (BBY) 1.875%

12/18-RegS GBP200,000 277,528 0.0

Barratt Developments 403,347 3,249,390 0.1

BP plc 1,636,336 8,235,198 0.2

British American Tobacco-

UK List 160,441 9,431,616 0.2

British Land 611,879 6,160,573 0.1

British Land Whi NoBLND

CB 09/06/20 GBP200,000 273,144 0.0

BT Group 658,115 4,166,728 0.1

Direct Line Insurance

Group 3,040,266 16,176,904 0.3

Easyjet plc 123,268 2,691,259 0.0

GlaxoSmithKline plc 1,675,729 34,008,376 0.8

Imperial Brands 107,899 5,990,865 0.1

Inmarsat plc 206,097 2,916,318 0.1

(Continued)


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Intl Consolid CB 0.625%

11/22-RegS EUR500,000 541,185 0.0

Intu Properties-UK List 705,454 3,173,660 0.1

ITV plc 1,060,425 3,676,247 0.1

Lloyds Banking Group 15,926,647 15,570,709 0.3

Marks & Spencer Group 559,917 3,268,970 0.1

National Grid 416,629 5,911,560 0.1

Next plc 38,648 2,999,634 0.1

Persimmon plc 658,195 19,724,593 0.4

Petrofac Ltd 221,966 2,938,282 0.1

Provident Financial 71,244 3,036,130 0.1

Rio Tinto-UK List 158,439 4,453,150 0.1

Royal Dutch Shell 'B'-UK

List 581,700 14,213,315 0.3

Royal Mail 470,801 3,252,812 0.1

Safestore Hldgs 734,032 3,541,716 0.1

Sainsbury (J) 793,086 3,149,551 0.1

Segro plc 920,519 5,428,523 0.1

Severn Trent 116,654 3,643,399 0.1

Sky PLC 238,076 3,503,991 0.1

SSE PLC 183,600 3,937,213 0.1

Standard Life 607,990 3,111,830 0.1

Tate & Lyle 362,096 3,008,147 0.1

Taylor Wimpey 1,292,584 3,535,452 0.1

TUI AG-UK List 214,585 3,327,884 0.1

Unilever plc 230,921 10,463,234 0.2

United Utilities Group 274,750 3,644,910 0.1

Vodafone Group CB 0%

26/11/20-RegS GBP200,000 286,626 0.0

Vodafone Group NoVOD

CB 2% 25/02/19 GBP700,000 1,048,736 0.0

Vodafone Group-UK List 5,141,830 16,347,458 0.4


Accenture PLC 'A' 156,140 18,018,555 0.4

Akamai Tech CB 0%

15/02/19-144A USD457,000 445,552 0.0

Alcoa No1 Cnv Pref 5.375%

01/10/17 6,376 210,344 0.0

Allstate Corp Pref 'C' 106,000 2,941,500 0.1

Allstate Corp Pref 'E' 16,000 439,200 0.0

Altria Group 408,597 25,602,687 0.6

American Campus

Communities 30,761 1,448,535 0.0

American Tower Cnv Prf

5.5% 15/2/18 6,832 704,721 0.0

American Tower Cv Prf

5.25% 5/17-A 2,178 229,126 0.0

Anthem Cnv Pref 5.25%

01/05/18 12,177 568,544 0.0

Apartment Inv & Mgmt 'A'

REIT 192,559 8,052,817 0.2

Apple Inc 155,700 16,969,742 0.4

Ares Capital CB 4.75%

15/01/18-144A USD642,000 657,896 0.0

AT&T Inc 458,257 17,949,926 0.4

Avalonbay Communities 80,700 15,349,139 0.3

Bank Of America Conv

Pref 7.25%Perp 1,216 1,383,808 0.0



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Bank of New York Mellon

Pref 'C' 92,200 2,364,930 0.1

BB&T Corp Deposit Pref 'F' 146,150 3,682,980 0.1

Boston Properties Pref 39,000 1,015,170 0.0

Boston Properties REIT 77,264 9,818,709 0.2

Brandywine Realty Trust 93,200 1,307,596 0.0

Bristol Myers Squibb 126,369 8,072,452 0.2

Brocade Comm CB 1.375%

1/1/20-144A USD326,000 324,513 0.0

Bunge Ltd Conv Pref

4.875% Perp 3,100 265,825 0.0

California Resources 43,486 44,791 0.0

Camden Property Trust 39,894 3,354,686 0.1

Capital One Financial Pref

'B' 30,000 773,700 0.0

Capital One Financial Pref

'D' 255,000 6,925,800 0.2

Centerpoint Energy EB

(AOL)FRN 9/29 USD5,646 361,061 0.0

Cheniere Energy CB 4.25%

15/03/45 USD213,000 111,515 0.0

CME Group 'A' 260,353 25,006,905 0.6

Cobalt Intl CB 3.125%

15/05/24 USD260,000 108,257 0.0

Colony Financial CB

3.875% 15/01/21 USD327,000 296,159 0.0

Crown Castle Con Prf NoA

4.5% 11/16 4,142 444,022 0.0

DDR Corp 82,297 1,464,064 0.0

Diamondrock Hospitality 320,700 3,245,484 0.1

Discover Fin Serv Dep Pref

'B' 75,200 2,004,080 0.0

Dominion Conv Pref 6%

01/07/16 'B' 1,371 79,833 0.0

Dominion Res Conv Prf

6.375% 1/7/17 11,150 560,845 0.0

Douglas Emmett 76,300 2,297,393 0.1

Du Pont (EI) de Nemours 133,803 8,472,406 0.2

Duke Energy Pref 130,200 3,387,804 0.1

Duke Realty 130,203 2,934,776 0.1

Dycom Indust CB 0.75%

15/09/21-144A USD164,000 160,224 0.0

Equity One 191,986 5,502,319 0.1

Exelon Corp Conv Pref

6.5% 01/06/17 8,010 394,332 0.0

Extra Space CB 3.125%

01/10/35-144A USD424,000 489,330 0.0

Extra Space Storage 61,692 5,765,734 0.1

Fireeye NoB CB 1.625%

01/06/35-144A USD466,000 382,762 0.0

Front Conv Pref 11.125%

29/06/18-A 7,432 775,901 0.0

General Growth Properties

REIT 190,570 5,665,646 0.1

General Motors 557,034 17,507,578 0.4

Goldman Sachs Group Pref

'J' 323,000 8,075,000 0.2

Goldman Sachs Group Pref

'K' 255,000 7,094,100 0.2

(Continued)


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HCP Inc 383,424 12,491,953 0.3

Highwoods Properties 81,358 3,889,726 0.1

Hologic Inc CB Step Cpn

2% 01/03/42 USD161,000 206,682 0.0

Home Depot 231,848 30,935,478 0.7

HP Inc 688,581 8,483,318 0.2

IAS Operating EB (IVR) 5%

3/18-144A USD169,000 159,682 0.0

Impax Laboratories

CB2%15/6/22-144A USD274,000 245,160 0.0

Intel Corp CB 3.25%

01/08/39-144A USD373,000 598,261 0.0

Intel Corp CB Stp Cpn

2.95% 12/35 USD1,580,000 2,004,654 0.0

Ionis Pharm CB 1%

15/11/21-144A USD121,000 110,603 0.0

Johnson & Johnson 116,057 12,557,366 0.3

Kilroy Realty 33,800 2,091,206 0.0

Kimco Realty 465,018 13,383,217 0.3

KLA-Tencor Corp 211,911 15,429,239 0.4

Lasalle Hotel Properties 305,100 7,722,081 0.2

Liberty Inter EB 4%

15/11/29-Regd USD519,000 297,850 0.0

Liberty Media CB 1.375%

10/23-144A USD501,000 500,664 0.0

Liberty Property Trust 202,600 6,778,996 0.2

Linkedin Corp CB 0.5%

01/11/19-144A USD280,000 254,085 0.0

Macerich Co (REIT) 95,991 7,606,327 0.2

Medicines Co CB 2.5%

15/01/22-144A USD95,000 108,924 0.0

Microchip Tech CB 1.625%

02/25-144A USD813,000 832,204 0.0

Micron Tech CB 3%

15/11/43 USD604,000 419,359 0.0

Microsoft Corp 618,725 34,172,181 0.8

Morgan Stanley 341,828 8,549,118 0.2

Morgan Stanley Pref 'E' 236,000 6,714,200 0.2

Morgan Stanley Pref 'F' 115,000 3,121,100 0.1

Morgan Stanley Pref 'I' 280,000 7,299,600 0.2

National Gr NoNGLN CB

0.9% 02/11/20 GBP400,000 592,277 0.0

National Retail Properties 74,954 3,462,875 0.1

Natl Health Investors 34,500 2,294,940 0.1

NextEra Energy 141,038 16,690,436 0.4

Nextera Energy Cnv Prf

5.799% 09/16 10,944 666,490 0.0

NII Hldgs 113,798 629,303 0.0

NRG Yield CB 3.25%

01/06/20-144A USD400,000 351,493 0.0

Nuance Commun CB

2.75% 11/31-144A USD417,000 421,778 0.0

Nuvasive Inc CB 2.25%

15/03/21-144A USD252,000 264,373 0.0

Occidental Petroleum 450,451 30,824,361 0.7

Omega Healthcare

Investors 90,720 3,202,416 0.1

ON Semiconductor CB 1%

1/12/20-144A USD553,000 497,630 0.0

Parkway Properties 157,300 2,463,318 0.1



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Pebblebrook Hotel Trust 57,350 1,667,165 0.0

Pfizer Inc 676,941 20,064,530 0.5

Philip Morris Intl 104,388 10,241,507 0.2

PPL Corp 189,936 7,230,864 0.2

Priceline Grp CB 0.9%

15/09/21-144A USD630,000 638,143 0.0

Prologis Inc 508,991 22,487,221 0.5

Public Storage 39,800 10,978,034 0.2

Redwood Trust CB 4.625%

15/04/18 USD276,000 264,000 0.0

Regency Centers 107,900 8,076,315 0.2

Sandisk Corp CB 0.5%

15/10/20-144A USD155,000 158,894 0.0

SCE Trust II Preferred Secs 120,800 3,058,656 0.1

Simon Property Group 68,657 14,259,371 0.3

SL Green Realty REIT 83,428 8,082,505 0.2

SolarCity Corp

CB1.625%1/11/19-144A USD145,000 85,919 0.0

Southwestern Ene Cnv Prf

6.25% 1/18 14,647 287,228 0.0

Spirit Realty Cap CB

2.875% 15/5/19 USD342,000 344,870 0.0

Spirit Realty Cap CB 3.75%

15/05/21 USD279,000 283,679 0.0

Spirit Realty Capital 639,573 7,195,196 0.2

Stanley Black Conv Pref

6.25% 11/16 1,873 211,218 0.0

Starwood Property CB

3.75% 15/10/17 USD793,000 795,891 0.0

State Street Pref 'C' 25,000 646,250 0.0

State Street Pref 'D' 93,500 2,553,485 0.1

State Street Pref 'E' 180,000 4,780,800 0.1

Stericycle Inc Conv Pref

5.25% 9/18 2,580 241,204 0.0

Store Capital 44,414 1,149,434 0.0

SunPower Corp CB 0.875%

1/6/21-144A USD165,000 128,323 0.0

Tesla Motors CB 1.25%

01/03/21 USD1,092,000 937,882 0.0

T-Mobile US Cnv Pref 5.5%

15/12/17 8,521 564,090 0.0

Trinity Industries CB

3.875% 1/6/36 USD290,000 311,549 0.0

Twitter Inc CB 0.25%

15/09/19-144A USD512,000 450,434 0.0

Twitter Inc CB 1%

15/09/21-144A USD511,000 428,204 0.0

Tyson Foods Cnv Pref

4.75% 15/07/17 11,662 868,586 0.0

United Technologies 89,837 8,992,684 0.2

Unitedhealth Group 97,346 12,547,898 0.3

Vereit Inc CB 3% 01/08/18 USD105,000 102,239 0.0

VEREIT Inc CB 3.75%

15/12/20 USD567,000 551,320 0.0

Verint Systems CB 1.5%

01/06/21 USD181,000 157,470 0.0

Viavi Solut CB 0.625%

15/08/33-144A USD453,000 443,671 0.0

Vornado Realty Trust REIT 37,200 3,512,796 0.1

(Continued)


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Wells Fargo & Co 508,408 24,586,610 0.6

Wells Fargo Conv Pref

7.5% Perp-L 1,684 2,029,237 0.0

Welltower Inc 83,900 5,817,626 0.1

Welltower Inc Conv Prf

6.5% Perp 8,350 518,535 0.0

Weyerhaeu Co Conv Pref

6.375% 7/16 7,212 368,677 0.0

Wright Medical CB 2%

15/02/20-144A USD432,000 385,848 0.0

Yahoo CB 0% 01/12/18-

144A USD919,000 904,020 0.0


New Cotai 'B'-144A 2 66,527 0.0

1,837,314,715 41.5

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

(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (54.6%)

AngolaAngolaAngolaAngola (0.0%)

Angola Rep Of 7%

16/08/19-RegS USD900,000 776,116 0.0

Angola Rep Of 9.5%

12/11/25-RegS USD828,000 789,204 0.0

ArgentinaArgentinaArgentinaArgentina (0.2%)

Argentina Rep Of

8.28%12/33-Default USD500,000 840,767 0.0

Argentina Rep Of NoX 7%

17/04/17 USD775,000 806,659 0.0

Prov Buenos Aires

10.875% 1/21-RegS USD2,492,000 2,761,229 0.1

Prov Buenos Aires 9.125%

3/24-RegS USD520,000 535,525 0.0


04/28-RegS USD772,000 848,310 0.0


9/6/21-RegS USD1,150,000 1,249,167 0.1

YPF SA 8.5% 28/07/25-

RegS USD610,000 600,155 0.0

YPF SA 8.75% 04/04/24-

RegS USD500,000 516,007 0.0

ArubaArubaArubaAruba (0.0%)

Aruba Govt Of 4.625%

14/09/23-RegS USD1,250,000 1,227,891 0.0


BHP Billiton Fin USA 5%

30/09/43 USD2,515,000 2,564,163 0.1

Nufarm Aust 6.375%

15/10/19-144A USD500,000 504,786 0.0

Nufarm Aust 6.375%

15/10/19-RegS USD79,000 79,756 0.0

AzerbaijanAzerbaijanAzerbaijanAzerbaijan (0.0%)

State Oil Co Azerb 6.95%

3/30-RegS USD1,620,000 1,466,429 0.0



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BahamasBahamasBahamasBahamas (0.0%)

Ultrapetrol Bahamas

8.875% 15/06/21 USD1,945,000 397,519 0.0

BelarusBelarusBelarusBelarus (0.1%)

Rep of Belarus 8.95%

26/01/18-RegS USD2,800,000 2,971,943 0.1


KBC Groep VRN 5.625%

Perp-RegS EUR4,050,000 4,509,019 0.1


Aircastle Ltd 5.125%

15/03/21 USD187,000 194,703 0.0

Aircastle Ltd 6.25%

01/12/19 USD555,000 615,336 0.0

Aircastle Ltd 7.625%

15/04/20 USD2,746,000 3,210,270 0.1

Digicel Grp 7.125%

01/04/22-RegS USD1,440,000 1,168,654 0.0

Seadrill Stp Cpn

6.125%15/9/17-RegS USD200,000 80,578 0.0

Seadrill Stp Cpn

6.625%15/9/20-144A USD200,000 64,626 0.0

Weatherford Intl 4.5%

15/04/22 USD416,000 345,644 0.0

Weatherford Intl 9.625%

01/03/19 USD496,000 502,724 0.0

BrazilBrazilBrazilBrazil (0.3%)

Banco Daycoval 5.75%

19/03/19-RegS USD1,714,000 1,694,077 0.0

Fed Rep of Brazil 2.625%

05/01/23 USD800,000 691,515 0.0


07/01/25 USD2,700,000 2,510,824 0.1


22/01/21 USD2,700,000 2,759,344 0.1

Fed Rep of Brazil 5%

27/01/45 USD4,432,000 3,607,771 0.1


20/01/37 USD2,150,000 2,215,898 0.0

Votorantim Cimentos

7.25% 4/41-RegS USD1,770,000 1,485,731 0.0


1011778 BC/New Red

4.625% 1/22-144A USD908,000 933,962 0.0

1011778 BC/New Red 6%

01/04/22-144A USD4,596,000 4,842,346 0.1

Automation Tool 6.5%

15/06/23-144A USD835,000 874,094 0.0

Baytex Energy 5.125%

01/06/21-144A USD108,000 78,525 0.0

Baytex Energy 5.625%

01/06/24-144A USD108,000 76,005 0.0

Bombardier Inc 4.75%

15/04/19-144A USD455,000 404,738 0.0

(Continued)


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Bombardier Inc 5.5%

15/09/18-144A USD271,000 250,024 0.0


15/01/23-144A USD274,000 211,145 0.0

Bombardier Inc 7.5%

15/03/25-144A USD1,000,000 771,042 0.0


15/03/20-144A USD2,195,000 1,906,708 0.1

Cascades Inc 5.5%

15/07/22-144A USD430,000 417,858 0.0

Cascades Inc 5.75%

15/07/23-144A USD535,000 510,817 0.0

Cenovus Energy 5.7%

15/10/19 USD131,000 134,569 0.0

Cenovus Energy 6.75%

15/11/39 USD408,000 402,161 0.0

Concordia Health 7%

15/04/23-144A USD2,985,000 2,656,567 0.1

Encana Corp 3.9%

15/11/21 USD78,000 69,310 0.0

Encana Corp 6.5%

01/02/38 USD194,000 165,487 0.0

First Quantum 6.75%

15/02/20-144A USD744,000 516,197 0.0

First Quantum 7%

15/02/21-144A USD769,000 529,948 0.0

Garda World Sec 7.25%

15/11/21-144A USD1,700,000 1,337,849 0.1

HudBay Minerals 9.5%

01/10/20 USD430,000 327,875 0.0

Jupiter Resource 8.5%

01/10/22-144A USD875,000 500,938 0.0

Lundin Mining 7.5%

01/11/20-144A USD1,037,000 1,022,741 0.0

Lundin Mining 7.875%

01/11/22-144A USD612,000 592,301 0.0

Masonite Intl 5.625%

15/03/23-144A USD788,000 823,583 0.0

Mattamy Group 6.5%

15/11/20-144A USD926,000 858,621 0.0

MEG Energy 6.375%

30/01/23-144A USD3,030,000 1,820,967 0.1

MEG Energy 6.375%

30/01/23-RegS USD99,000 59,497 0.0

MEG Energy 6.5%

15/03/21-144A USD544,000 328,070 0.0

MEG Energy 7% 31/03/24-

144A USD770,000 454,300 0.0

New Gold 6.25% 15/11/22-

144A USD923,000 804,196 0.0

New Gold 7% 15/04/20-

144A USD540,000 538,635 0.0

New Gold 7% 15/04/20-

RegS USD24,000 23,939 0.0

Nova Chemicals 5%

01/05/25-144A USD384,000 383,360 0.0

Nova Chemicals 5.25%

01/08/23-144A USD370,000 365,357 0.0

Novelis Inc 8.75%

15/12/20 USD2,393,000 2,489,455 0.1



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CanadaCanadaCanadaCanada (Continued)

Open Text 5.625%

15/01/23-144A USD805,000 832,798 0.0

Pacific Explor 5.125%

28/03/23-RegS USD750,000 148,999 0.0


26/01/19-RegS USD2,280,000 381,900 0.0


19/01/25-RegS USD305,000 51,088 0.0

Precision Drilling 5.25%

15/11/24 USD784,000 564,464 0.0

Precision Drilling 6.5%

15/12/21 USD375,000 292,245 0.0

Quebecor Media 5.75%

15/01/23 USD2,632,000 2,777,261 0.1

Taseko Mines 7.75%

15/04/19 USD490,000 267,516 0.0

Transcanada Trust VRN

5.625% 05/75 USD3,635,000 3,278,316 0.1

Trinidad Drill 7.875%

15/01/19-144A USD1,325,000 1,070,724 0.0

Trinidad Drill 7.875%

15/01/19-RegS USD425,000 343,440 0.0

Ultra Petroleum 5.75%

15/12/18-144A USD1,240,000 107,992 0.0

Ultra Petroleum 6.125%

1/10/24-144A USD804,000 80,903 0.0

Valeant Pharm 5.5%

01/03/23-144A USD1,669,000 1,318,325 0.0

Valeant Pharm 5.625%

01/12/21-144A USD1,187,000 957,019 0.0

Videotron Ltd 5%

15/07/22 USD1,150,000 1,204,676 0.0

Videotron Ltd 5.375%

15/06/24-144A USD3,826,000 4,030,598 0.1

VPII Escrow 7.5%

15/07/21-144A USD5,519,000 4,696,899 0.1

VRX Escrow 5.375%

15/03/20-144A USD1,840,000 1,508,870 0.1

VRX Escrow 5.875%

15/05/23-144A USD13,011,000 10,439,475 0.3

VRX Escrow 6.125%

15/04/25-144A USD6,788,000 5,436,599 0.1


Comcel Trust 6.875%

06/02/24-RegS USD730,000 677,582 0.0

Odebrecht Offshore 6.75%

10/22-RegS USD3,590,000 725,331 0.0

Shelf Drilling 8.625%

01/11/18-144A USD450,000 324,705 0.0

Transocean Stp Cpn

6.875% 15/12/21 USD1,031,000 702,294 0.0

UPCB Finance IV 5.375%

15/1/25-144A USD2,035,000 2,086,275 0.1

UPCB Finance V 7.25%

15/11/21-144A USD2,630,000 2,597,996 0.1

UPCB Finance VI 6.875%

01/22-144A USD2,115,000 2,048,080 0.0

(Continued)


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Vale Overseas 6.875%

21/11/36 USD1,200,000 978,021 0.0

ChileChileChileChile (0.1%)

Cencosud SA 5.5%

20/01/21-RegS USD3,360,000 3,629,472 0.1

Empresa Elec Angam

4.875% 5/29-RegS USD700,000 660,064 0.0

ColombiaColombiaColombiaColombia (0.1%)

Ecopetrol SA 7.375%

18/09/43 USD5,097,000 4,757,377 0.1

Costa RicaCosta RicaCosta RicaCosta Rica (0.1%)

Banco Costa Rica 9.995%

1/8/20-RegS USD3,665,000 4,504,865 0.1

Costa Rica Rep Of 7.158%

03/45-RegS USD640,000 593,521 0.0

Instituto Costarr 6.95%

11/21-RegS USD1,240,000 1,252,293 0.0

CroatiaCroatiaCroatiaCroatia (0.2%)

Hrvatska Elekt 5.875%

23/10/22-RegS USD1,320,000 1,394,643 0.0

Rep of Croatia 6%

26/01/24-RegS USD2,290,000 2,526,099 0.1

Rep of Croatia 6.75%

05/11/19-RegS USD2,680,000 3,022,002 0.1

Dominican RepublicDominican RepublicDominican RepublicDominican Republic (0.2%)

Dominican Republic

6.875% 1/26-RegS USD730,000 780,758 0.0

Dominican Republic 7.45%

04/44-RegS USD1,170,000 1,255,066 0.0

Dominican Republic 7.5%

6/5/21-RegS USD3,000,000 3,357,500 0.1

Dominican Republic

9.04% 01/18-RegS USD7,608,333 3,587,329 0.1

EcuadorEcuadorEcuadorEcuador (0.0%)

Ecuador Rep Of 10.5%

24/03/20-RegS USD1,350,000 1,225,373 0.0

EgyptEgyptEgyptEgypt (0.0%)

Egypt Rep Of 5.875%

11/06/25-RegS USD1,182,000 1,074,869 0.0

El SalvadorEl SalvadorEl SalvadorEl Salvador (0.1%)

Rep of El Salvador 7.75%

01/23-RegS USD3,940,000 3,918,877 0.1

EthiopiaEthiopiaEthiopiaEthiopia (0.0%)

Rep Of Ethiopia 6.625%

12/24-RegS USD1,200,000 1,134,513 0.0


Nokia OYJ 5.375%

15/05/19 USD317,000 344,203 0.0

Nokia OYJ 6.625%

15/05/39 USD636,000 685,959 0.0



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BNP Paribas 7.375%

19/08/25-144A USD2,320,000 2,268,517 0.1

Credit Agri 8.125% Perp-

144A USD2,360,000 2,379,072 0.1

Credit Agri VRN6.625%

Perp-144A USD2,885,000 2,725,622 0.1

Electric France

VRN5.625% Perp-144A USD2,345,000 2,171,910 0.0

Numericable-SFR 4.875%

15/5/19-144A USD1,065,000 1,063,738 0.0

Numericable-SFR 6%

15/05/22-144A USD7,966,000 7,824,072 0.2

Numericable-SFR 6.25%

15/05/24-144A USD1,547,000 1,501,611 0.0

Orange SA 5.5% 06/02/44 USD1,692,000 2,023,049 0.0

Orange SA VRN 5.875%

Perp-RegS GBP1,400,000 2,050,838 0.0

GeorgiaGeorgiaGeorgiaGeorgia (0.1%)

Georgian Railway 7.75%

11/7/22-RegS USD2,602,000 2,816,502 0.1


Unitymedia Hes/NRW

5.5% 01/23-144A USD1,899,000 1,979,506 0.1

Unitymedia Kab 6.125%

15/01/25-144A USD984,000 1,036,448 0.0

GhanaGhanaGhanaGhana (0.1%)

Ghana Rep 10.75%

14/10/30-RegS USD3,250,000 3,358,117 0.1

HondurasHondurasHondurasHonduras (0.1%)

Rep of Honduras 8.75%

16/12/20-RegS USD2,270,000 2,603,381 0.1

HungaryHungaryHungaryHungary (0.5%)

Hungarian Dev Bk

6.25%21/10/20-RegS USD1,480,000 1,679,802 0.0

Rep of Hungary 5.375%

25/03/24 USD4,320,000 4,843,779 0.1


22/11/23 USD3,450,000 4,007,223 0.1


29/03/21 USD2,372,000 2,700,952 0.1


29/03/41 USD5,380,000 7,649,475 0.2


Pertamina Persero

4.875% 05/22-RegS USD650,000 675,270 0.0

Pertamina Persero 5.25%

05/21-RegS USD3,060,000 3,264,905 0.1

Pertamina Persero 6%

03/05/42-RegS USD1,650,000 1,555,923 0.0

Pertamina Persero

6.45%30/5/44-RegS USD3,830,000 3,824,287 0.1

Rep of Indonesia 11.625%

03/19-RegS USD4,273,000 5,406,805 0.1

(Continued)


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10/23-RegS USD1,050,000 1,179,502 0.0


01/24-RegS USD3,010,000 3,435,211 0.1


15/1/44-RegS USD3,290,000 4,024,945 0.1

IraqIraqIraqIraq (0.1%)

Rep of Iraq 5.8%

15/01/28-RegS USD6,440,000 4,537,660 0.1


AerCap Ireland Cap

4.625% 30/10/20 USD265,000 276,444 0.0

AerCap Ireland/Global

3.75% 15/5/19 USD500,000 507,635 0.0


4.25% 1/07/20 USD410,000 419,375 0.0


4.5%5/21-144A USD1,330,000 1,384,071 0.1


4.625% 1/7/22 USD1,574,000 1,630,448 0.1

Ardagh Packaging 9.125%

10/20-144A USD4,400,000 4,756,751 0.1

Ardagh Packaging 9.125%

10/20-RegS USD225,000 241,274 0.0

Ardagh Pkg/Hldgs 6.25%

31/1/19-144A USD300,000 300,125 0.0


31/1/21-144A USD1,000,000 981,250 0.0

Ardagh Pkg/Hldgs 7%

15/11/20-144A USD850,000 145,746 0.0


10/20-RegS USD200,000 214,466 0.0

Ardagh Pkg/Hldgs FRN

15/12/19-144A USD910,000 902,780 0.0

Bank of Ireland

VRN7.375% Perp-RegS EUR500,000 583,582 0.0

Grifols Worldwide 5.25%

01/04/22 USD600,000 633,990 0.0

James Hardie 5.875%

15/02/23-144A USD1,300,000 1,326,221 0.0

RZD Capital 5.7%

05/04/22-RegS USD1,770,000 1,856,420 0.1

Vnesheconombank

5.942%21/11/23-RegS USD1,160,000 1,156,024 0.0

IsraelIsraelIsraelIsrael (0.1%)

Israel Electric 5% 12/11/24 USD2,920,000 3,163,658 0.1

Ivory CoastIvory CoastIvory CoastIvory Coast (0.0%)

Ivory Coast 6.375%

03/03/28-RegS USD1,800,000 1,714,114 0.0

JamaicaJamaicaJamaicaJamaica (0.1%)

Jamaica Govt Of 7.875%

28/07/45 USD600,000 620,400 0.0

Jamaica Govt Of 8%

24/06/19 USD3,000,000 3,324,083 0.1



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Softbank Group 4.5%

15/04/20-144A USD1,850,000 1,922,862 0.1


International Game

6.5%15/2/25-144A USD3,250,000 3,249,142 0.1

Intl Game Tech 6.25%

15/02/22-144A USD2,550,000 2,615,432 0.0

KazakhstanKazakhstanKazakhstanKazakhstan (0.2%)

Kazakhstan Rep Of 5.125%

7/25-RegS USD1,290,000 1,342,900 0.0

KazMunaiGaz Fin 9.125%

2/7/18-RegS USD1,500,000 1,676,494 0.0

KazMunaiGaz Natl 6.375%

9/4/21-RegS USD5,862,000 6,215,979 0.2

KenyaKenyaKenyaKenya (0.0%)

Kenya Rep Of 6.875%

24/06/24-RegS USD1,364,000 1,323,033 0.0

LebanonLebanonLebanonLebanon (0.2%)

Lebanese Rep Of 4.5%

22/04/16 USD1,150,000 1,172,109 0.0


27/11/26-RegS USD1,150,000 1,158,893 0.0


26/2/30-RegS USD1,790,000 1,768,252 0.1


12/04/21-RegS USD2,600,000 2,938,412 0.1

LiberiaLiberiaLiberiaLiberia (0.0%)

Royal Caribbean 7.5%

15/10/27 USD73,000 85,694 0.0



15/03/45 USD2,605,000 2,765,789 0.1


15/06/44 USD3,420,000 3,686,368 0.1

Albea Beauty 8.375%

01/11/19-144A USD1,950,000 2,125,297 0.1

Altice Financing 6.5%

15/01/22-144A USD1,716,000 1,765,597 0.1

Altice Financing

6.625%15/2/23-144A USD3,105,000 3,190,310 0.1

Altice Financing 7.875%

12/19-144A USD200,000 213,671 0.0

Altice Finco 7.625%

15/02/25-144A USD200,000 198,625 0.0

Altice Finco 8.125%

15/01/24-144A USD200,000 201,476 0.0

Altice Lux 7.625%

15/02/25-144A USD1,435,000 1,428,722 0.0

Altice Lux 7.75%

15/05/22-144A USD3,637,000 3,596,513 0.1

ArcelorMittal 6.125%

01/06/25 USD294,000 280,893 0.0

(Continued)


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ArcelorMittal Stp Cpn

10.6% 1/6/19 USD214,000 245,932 0.0

Arcelormittal Stp Cpn

6.25% 1/03/21 USD158,000 154,963 0.0

ArcelorMittal Stp Cpn

7.25% 25/2/22 USD9,002,000 8,889,758 0.2

ArcelorMittal Stp Cpn 8%

15/10/39 USD1,012,000 923,056 0.0

Capsugel SA 7% 15/05/19-

144A USD400,000 412,656 0.0

Convatec Health 10.5%

15/12/18-144A USD2,363,000 2,510,589 0.1

Gaz Capital 9.25%

23/04/19-RegS USD1,850,000 2,176,440 0.1

INEOS Group 5.875%

15/02/19-144A USD6,982,000 7,087,918 0.2

INEOS Group 6.125%

15/08/18-144A USD313,000 320,198 0.0

Intelsat Jackson 5.5%

01/08/23-144A USD6,080,000 3,688,533 0.1


15/12/22 USD5,225,000 2,898,260 0.1


15/10/20 USD7,150,000 4,852,218 0.1


01/04/21 USD1,300,000 880,750 0.0

Intelsat Jackson 8%

15/02/24-144A USD1,064,000 1,075,349 0.0

Intelsat Jackson Hld 7.25%

01/04/19 USD775,000 599,656 0.0

Intelsat Lux 7.75%

01/06/21-144A USD1,607,000 519,597 0.0

Mallinckrodt Intl 3.5%

15/04/18 USD120,000 115,348 0.0


15/04/23 USD299,000 249,541 0.0


04/20-144A USD820,000 785,244 0.0


15/4/25-144A USD1,885,000 1,706,894 0.1


10/23-144A USD3,946,000 3,706,774 0.1


1/8/22-144A USD1,252,000 1,165,403 0.0

Millicom Intl 6.625%

15/10/21-RegS USD1,400,000 1,436,026 0.0

MOL Group Fin 6.25%

26/09/19-RegS USD1,430,000 1,541,886 0.0

Nielsen Co Lux 5.5%

01/10/21-144A USD1,235,000 1,316,016 0.0

RSHB Capital 5.298%

27/12/17-RegS USD1,150,000 1,187,180 0.0

RSHB Capital 7.75%

29/05/18-RegS USD900,000 987,326 0.0

Sberbank 4.95%

07/02/17-RegS USD1,000,000 1,026,013 0.0

Trinseo Materialls 6.75%

05/22-144A USD900,000 947,813 0.0

VTB Bank 6.95% 17/10/22-

RegS USD1,206,000 1,220,055 0.0



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LuxembourgLuxembourgLuxembourgLuxembourg (Continued)

Wind Acquisition

7.375%23/4/21-144A USD1,445,000 1,358,405 0.0

Wind Acquisition4.75%

15/07/20-144A USD2,344,000 2,271,124 0.1


Petronas Capital 4.5%

18/03/45-RegS USD650,000 676,748 0.0

Marshall IslandMarshall IslandMarshall IslandMarshall Island (0.0%)

Navios Maritim 7.375%

15/01/22-144A USD1,430,000 544,507 0.0

Navios Maritim 8.125%

15/11/21-144A USD225,000 156,582 0.0

Navios S A Log/Fin 7.25%

05/22-144A USD953,000 631,561 0.0


Alfa SAB 5.25% 25/03/24-

RegS USD2,670,000 2,816,238 0.1

Alfa SAB 6.875%

25/03/44-RegS USD2,406,000 2,403,201 0.1

BBVA Bancomer 6.75%

30/09/22-RegS USD1,350,000 1,494,754 0.0

Cemex SAB 6.125%

05/05/25-144A USD1,586,000 1,516,629 0.0

Cemex SAB 7.25%

15/01/21-144A USD200,000 210,501 0.0

Cemex SAB de CV 5.7%

11/01/25-144A USD525,000 488,421 0.0

Grupo KUO SAB 6.25%

04/12/22-RegS USD850,000 852,538 0.0

Mexichem SAB 6.75%

19/09/42-RegS USD1,153,000 1,141,928 0.0

Nemak SAB de CV 5.5%

28/02/23-RegS USD1,897,000 1,960,767 0.1

Pemex Project Funding

6.625% 06/35 USD3,930,000 3,869,050 0.1

Petroleos Mexi 6.875%

04/08/26-RegS USD1,540,000 1,682,152 0.0

Petroleos Mexicanos

5.625% 23/01/46 USD3,059,000 2,622,852 0.1

Petroleos Mexicanos 6.5%

6/41-RegS USD1,800,000 1,732,620 0.0


3.6% 30/01/25 USD340,000 348,347 0.0


4.6% 23/01/46 USD3,800,000 3,757,503 0.1

MoroccoMoroccoMoroccoMorocco (0.3%)

Morocco Kingdom Of

4.25% 12/22-RegS USD770,000 799,226 0.0

Morocco Kingdom Of 5.5%

12/42-RegS USD1,100,000 1,167,904 0.0

OCP SA 5.625% 25/04/24-

RegS USD6,170,000 6,586,359 0.2

OCP SA 6.875% 25/04/44-

RegS USD3,810,000 4,082,730 0.1

(Continued)


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Bharti Airtel 5.125%

11/03/23-RegS USD1,500,000 1,608,209 0.1

Bluewater Hldgs 10%

10/12/19-RegS USD2,100,000 894,514 0.0

Cooperatieve Rabo

VRN5.5% Perp-RegS EUR621,000 695,507 0.0

Fiat Chry Auto 4.5%

15/04/20 USD1,257,000 1,305,237 0.0

Fiat Chry Auto 5.25%

15/04/23 USD7,095,000 7,232,318 0.2

InterGen NV 7%

30/06/23-144A USD450,000 314,050 0.0

Kazakhstan Temir 6.95%

10/7/42-RegS USD1,580,000 1,425,208 0.0

LYB Intl Fin 4.875%

15/03/44 USD1,535,000 1,539,992 0.0

Lyondellbasell Ind 5%

15/04/19 USD650,000 709,316 0.0

Lyondellbasell Ind 5.75%

15/04/24 USD200,000 236,543 0.0

Majapahit Hldg 7.75%

20/01/20-RegS USD1,930,000 2,242,178 0.1

Montell Fin 8.1%

15/03/27-144A USD355,000 460,670 0.0

NXP BV/NXP Fdg 3.75%

01/06/18-144A USD965,000 991,538 0.0


15/06/20-144A USD1,111,000 1,137,120 0.0


15/06/22-144A USD1,299,000 1,355,021 0.0


15/02/21-144A USD1,910,000 2,023,372 0.1


15/03/23-144A USD3,000,000 3,169,396 0.1

Schaeffler Fin 4.75%

15/05/21-144A USD325,000 339,812 0.0

Schaeffler Fin 4.75%

15/05/23-144A USD2,475,000 2,508,911 0.1

Sensata Tech 4.875%

15/10/23-144A USD1,220,000 1,253,690 0.0

Sensata Tech 5%

01/10/25-144A USD1,679,000 1,739,612 0.1

Sensata Tech 5.625%

01/11/24-144A USD268,000 286,341 0.0

Ziggo Bond Fin 5.875%

15/01/25-144A USD510,000 511,283 0.0

NigeriaNigeriaNigeriaNigeria (0.0%)

SEA Trucks 9% 26/03/18-

144A/RegS USD1,266,390 457,774 0.0

PakistanPakistanPakistanPakistan (0.1%)

Islamic Rep Pakistan

8.25%4/24-RegS USD3,150,000 3,478,138 0.1

Islamic Rep

Pakistan6.75%12/19-

RegS USD1,600,000 1,712,180 0.0



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PakistanPakistanPakistanPakistan (Continued)

Islamic Rep

Pakistan6.875%6/17-

RegS USD686,000 727,960 0.0

PanamaPanamaPanamaPanama (0.2%)

Rep of Panama 3.75%

16/03/25 USD2,410,000 2,486,799 0.1

Rep of Panama 4.3%

29/04/53 USD1,440,000 1,395,770 0.0

Rep of Panama 6.7%

26/01/36 USD1,250,000 1,621,479 0.1

Rep of Panama of 3.875%

17/03/28 USD840,000 847,656 0.0

ParaguayParaguayParaguayParaguay (0.0%)

Paraguay Rep of 5%

15/04/26-RegS USD370,000 369,279 0.0

PeruPeruPeruPeru (0.1%)

Banco de Cred 4.25%

01/04/23-RegS USD1,500,000 1,578,525 0.1

BBVA Banco Contin 5%

26/08/22-RegS USD1,450,000 1,556,938 0.0

Consorcio Tran 4.375%

07/05/23-RegS USD1,057,000 1,053,450 0.0

Rep of Peru 5.625%

18/11/50 USD960,000 1,100,100 0.0

Rep of Peru 6.55%

14/03/37 USD750,000 937,969 0.0


Philippines Rep of

10.625% 16/03/25 USD4,050,000 6,660,923 0.2

Philippines Rep of 3.7%

01/03/41 USD510,000 540,824 0.0


Rep of Poland 5%

23/03/22 USD1,860,000 2,081,433 0.1

RomaniaRomaniaRomaniaRomania (0.2%)

Romania 6.125%

22/01/44-RegS USD4,936,000 6,096,748 0.1

Romania 6.75% 07/02/22-

RegS USD2,912,000 3,485,992 0.1

RussiaRussiaRussiaRussia (0.4%)

Russia Step-up 7.5%

31/03/30-RegS USD3,100,000 2,140,333 0.0

Russian Feder 12.75%

24/06/28-RegS USD4,141,000 7,038,906 0.2


16/09/23-RegS USD3,800,000 3,987,973 0.1


16/09/43-RegS USD3,600,000 3,731,440 0.1

SerbiaSerbiaSerbiaSerbia (0.1%)

Rep of Serbia 7.25%

28/09/21-RegS USD4,690,000 5,263,613 0.1

(Continued)


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Flextronics Intl 5%

15/02/23 USD300,000 304,568 0.0

SloveniaSloveniaSloveniaSlovenia (0.1%)

Rep of Slovenia 5.25%

18/02/24-RegS USD940,000 1,059,396 0.0

Rep of Slovenia 5.85%

10/05/23-RegS USD2,245,000 2,643,880 0.1

South AfricaSouth AfricaSouth AfricaSouth Africa (0.1%)

Rep of South Africa

5.875% 16/09/25 USD2,960,000 3,220,661 0.1

Rep of South Africa

5.875% 30/05/22 USD2,300,000 2,542,557 0.0


Banco Bilbao Viz VRN

6.75%Perp-RegS EUR2,000,000 2,100,169 0.1

Banco Bilbao Viz VRN 7%

Perp-RegS EUR1,400,000 1,495,153 0.0

Banco Bilbao Viz VRN 9%

Perp-RegS USD800,000 836,400 0.0

Sri LankaSri LankaSri LankaSri Lanka (0.1%)

Rep of Sri Lanka

5.875%25/7/22-RegS USD1,630,000 1,558,091 0.0

Rep of Sri Lanka 6.25%

4/10/20-RegS USD1,990,000 2,040,552 0.1


Skandinaviska Ens

VRN5.75%Perp-RegS USD700,000 697,341 0.0

Svenska Handelsbk

VRN5.25%Perp-RegS USD3,725,000 3,613,871 0.1

Swedbank AB VRN 5.5%

Perp-RegS USD3,000,000 2,960,225 0.1


Credit Suisse VRN 6.25%

Perp-144A USD1,760,000 1,664,178 0.0

Credit Suisse VRN 7.5%

Perp-144A USD4,370,000 4,449,862 0.1

UBS Group AG VRN 7%

Perp-RegS USD1,746,000 1,807,479 0.1


Rep of Turkey 6%

14/01/41 USD4,070,000 4,455,633 0.1

Rep of Turkey 6.25%

26/09/22 USD4,520,000 5,038,406 0.1

Rep of Turkey 7.375%

05/02/25 USD6,460,000 7,837,770 0.2

UkraineUkraineUkraineUkraine (0.1%)

Ukraine Govt 7.75%

01/09/20-RegS USD625,000 591,806 0.0

Ukraine Govt 7.75%

01/09/21-RegS USD490,000 459,076 0.0



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UkraineUkraineUkraineUkraine (Continued)

Ukraine Govt 7.75%

01/09/22-RegS USD1,590,000 1,472,720 0.1

Ukraine Govt 7.75%

01/09/23-RegS USD1,590,000 1,457,853 0.0

Ukraine Govt 7.75%

01/09/24-RegS USD490,000 445,601 0.0

Ukraine Govt 7.75%

01/09/25-RegS USD490,000 440,407 0.0

Ukraine Govt VRN

31/05/40-RegS USD992,000 329,592 0.0

United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab Emirates (0.0%)

DP World 6.85%

02/07/37-RegS USD1,750,000 1,817,856 0.0


Afren plc 6.625%

09/12/20-RegS USD1,893,000 4,618 0.0

Anglo American 4.875%

14/05/25-144A USD495,000 415,150 0.0

HSBC Hldgs VRN 6.375%

Perp USD4,690,000 4,407,784 0.2

Jaguar Land Rover 4.125%

12/18-144A USD1,432,000 1,480,846 0.1


11/19-144A USD680,000 708,209 0.0


02/23-144A USD300,000 312,713 0.0

Lloyds Banking Group VRN

7.5% Perp USD5,320,000 5,384,860 0.1

Nationwide Bldg

VRN6.875% Perp-RegS GBP1,606,000 2,202,924 0.1

Royal Bk Scotland 6%

19/12/23 USD1,250,000 1,296,171 0.0

Royal Bk Scotland Grp

5.125%28/5/24 USD1,265,000 1,243,461 0.0


6.1% 10/06/23 USD3,700,000 3,861,682 0.1


6.125% 12/22 USD4,723,000 5,124,006 0.1

Royal Bk Scotland VRN

9.5% 16/03/22 USD33,000 35,172 0.0

Santander UK VRN 7.375%

Perp-RegS GBP500,000 664,077 0.0

Sensata Tech UK 6.25%

15/02/26-144A USD3,502,000 3,749,450 0.1

Virgin Media Fin 5.75%

15/1/25-144A USD227,000 229,792 0.0

Virgin Media Fin

6.375%15/4/23-144A USD1,060,000 1,129,772 0.0

Virgin Media Secured

5.5%1/25-144A USD750,000 781,323 0.0



4.75%09/44 USD2,295,000 2,361,890 0.1


4.95%15/10/45 USD1,685,000 1,839,342 0.1

Abbvie Inc 4.7% 14/05/45 USD4,924,000 5,345,921 0.1

(Continued)


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Acadia Health 5.625%

15/02/23 USD350,000 360,445 0.0

Acadia Health 6.125%

15/03/21 USD416,000 432,803 0.0

Acadia Health 6.5%

01/03/24-144A USD435,000 458,188 0.0

Access Midstream 6.125%

15/07/22 USD4,423,000 4,149,219 0.1

ACCO Brands 6.75%

30/04/20 USD3,595,000 3,899,497 0.1

ACE Cash Express 11%

01/02/19-144A USD1,602,000 654,150 0.0

ACI Worldwide 6.375%

15/08/20-144A USD941,000 970,004 0.0

Activision Blizzard

6.125%9/23-144A USD180,000 194,300 0.0

ADT Corp 3.5% 15/07/22 USD3,270,000 2,848,975 0.1

ADT Corp 4.125%

15/06/23 USD3,415,000 3,012,919 0.1

ADT Corp 6.25% 15/10/21 USD610,000 630,339 0.0

Advanced Micro 6.75%

01/03/19 USD1,085,000 869,085 0.0

Advanced Micro 7%

01/07/24 USD1,262,000 861,315 0.0

Advanced Micro 7.5%

15/08/22 USD59,000 41,140 0.0

Advanced Micro 7.75%

01/08/20 USD748,000 533,860 0.0

AECOM 5.75% 15/10/22 USD1,160,000 1,237,341 0.0

AECOM 5.875% 15/10/24 USD4,241,000 4,514,903 0.1

Aerojet Rocketdyne

7.125% 15/03/21 USD131,000 136,353 0.0

AES Corp 4.875%

15/05/23 USD4,155,000 4,097,046 0.1

AES Corp 5.5% 15/03/24 USD1,110,000 1,088,130 0.0

AES Corp 5.5% 15/04/25 USD805,000 797,364 0.0

AES Corp 7.375% 01/07/21 USD1,750,000 1,992,266 0.1

Ahern Rentals 7.375%

15/05/23-144A USD835,000 599,585 0.0

AIR Medical Me 6.375%

15/05/23-144A USD2,060,000 1,960,626 0.1

Aircastle Ltd 5.5%

15/02/22 USD790,000 828,853 0.0

AK Steel 8.75% 01/12/18 USD1,070,000 1,069,108 0.0

Albertson's Hldgs 7.75%

10/22-144A USD4,601,000 5,140,244 0.1

Alcatel-Lucent USA 6.45%

15/03/29 USD1,225,000 1,305,294 0.0

Alcoa Inc 5.125% 01/10/24 USD3,972,000 3,903,741 0.1

Alcoa Inc 5.4% 15/04/21 USD1,114,000 1,163,852 0.0

Alcoa Inc 5.87% 23/02/22 USD365,000 369,146 0.0

Alcoa Inc 5.9% 01/02/27 USD585,000 567,633 0.0

Alcoa Inc 5.95% 01/02/37 USD14,000 12,319 0.0

Alcoa Inc 6.15% 15/08/20 USD555,000 584,431 0.0

Alere Inc 6.375%

01/07/23-144A USD828,000 890,876 0.0

Alere Inc 6.5% 15/06/20 USD1,303,000 1,355,015 0.0

Alere Inc 7.25% 01/07/18 USD275,000 292,613 0.0

Aleris Intl 7.625%

15/02/18 USD395,000 406,832 0.0



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Aleris Intl 7.875%

01/11/20 USD3,000 2,648 0.0

Aleris Intl 9.5% 01/04/21-

144A USD532,000 543,970 0.0

Allegheny Tech Stp Cpn

6.625% 08/23 USD590,000 500,191 0.0

Alliance Data 5.375%

01/08/22-144A USD925,000 880,099 0.0

Allstate Corp VRN 5.75%

15/08/53 USD4,850,000 4,959,159 0.1

Ally Financial 3.5%

27/01/19 USD3,950,000 3,950,472 0.1

Ally Financial 3.6%

21/05/18 USD831,000 837,731 0.0

Ally Financial 4.125%

30/03/20 USD6,240,000 6,249,230 0.2


19/05/22 USD3,957,000 4,044,397 0.1


30/03/25 USD5,500,000 5,405,163 0.1


10/09/18 USD420,000 429,300 0.0


20/11/25 USD2,900,000 2,903,142 0.1


01/12/17 USD335,000 356,585 0.0

Ally Financial 8% 01/11/31 USD1,535,000 1,801,067 0.1

Altria Group 5.375%

31/01/44 USD4,010,000 4,958,046 0.1

Amazon.com Inc 4.95%

05/12/44 USD685,000 799,592 0.0

AMC Entertainment 5.75%

15/06/25 USD1,700,000 1,763,053 0.1

AMC Entertainment

5.875% 15/02/22 USD1,506,000 1,558,966 0.0

AMC Networks 5%

01/04/24 USD2,805,000 2,798,626 0.1

American Axle & Mfg

6.25% 15/03/21 USD2,025,000 2,106,914 0.1

American Axle & Mfg

6.625% 15/10/22 USD3,171,000 3,381,024 0.1

American Axle & Mfg

7.75% 15/11/19 USD500,000 561,597 0.0

American Express VRN

4.9% Perp USD7,995,000 7,210,722 0.2

American Express VRN

5.2% Perpetual USD4,015,000 3,880,854 0.1

American Int Group 4.5%

16/07/44 USD1,540,000 1,476,598 0.0

American Intl Group 4.8%

10/07/45 USD3,015,000 3,032,256 0.1

Amerigas Finance 7%

20/05/22 USD1,447,000 1,522,123 0.0

Amgen Inc 4.4% 01/05/45 USD3,695,000 3,864,982 0.1

Amkor Tech 6.375%

01/10/22 USD2,266,000 2,222,028 0.1

Amkor Tech 6.625%

01/06/21 USD3,175,000 3,155,103 0.1

(Continued)


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Amsurg Corp 5.625%

15/07/22 USD730,000 762,508 0.0

Amsurg Corp 5.625%

30/11/20 USD620,000 652,297 0.0

Anadarko Petroleum 4.5%

15/07/44 USD1,535,000 1,215,550 0.0

Anadarko Petroleum

4.85% 15/03/21 USD372,000 378,968 0.0

Anadarko Petroleum

5.55% 15/03/26 USD260,000 263,659 0.0

Anadarko Petroleum 6.6%

15/03/46 USD260,000 266,721 0.0

Anheuser-Busch 4.9%

01/02/46 USD6,890,000 7,698,331 0.2

Anixter Inc 5.5%

01/03/23-144A USD2,844,000 2,893,454 0.1

Anixter Inc 5.625%

01/05/19 USD826,000 889,757 0.0

Antero Res 5.125%

01/12/22 USD1,013,000 934,952 0.0

Antero Resources 5.375%

01/11/21 USD370,000 347,761 0.0

Antero Resources 5.625%

01/06/23 USD1,280,000 1,201,600 0.0

Antero Resources 6%

01/12/20 USD1,331,000 1,291,070 0.0

Anthem Inc 5.1% 15/01/44 USD1,720,000 1,831,054 0.1

Apache Corp 3.25%

15/04/22 USD320,000 313,960 0.0

Apache Corp 4.75%

15/04/43 USD512,000 473,423 0.0

Apache Corp 5.1%

01/09/40 USD90,000 83,600 0.0

Apache Corp 6% 15/01/37 USD256,000 257,749 0.0

Apple Inc 4.65% 23/02/46 USD3,810,000 4,185,733 0.1

Aramark Servic 5.125%

15/01/24-144A USD653,000 700,276 0.0

Argos Merger 7.125%

15/03/23-144A USD7,725,000 8,158,871 0.2

Ashland Inc 4.75%

15/08/22 USD6,529,000 6,683,746 0.2

Ashtead Capital 5.625%

1/10/24-144A USD930,000 988,706 0.0

Ashtead Capital 6.5%

15/07/22-144A USD3,217,000 3,458,766 0.1

AT&T Inc 4.3% 15/12/42 USD595,000 554,729 0.0

AT&T Inc 4.35% 15/06/45 USD1,620,000 1,513,403 0.0

AT&T Inc 4.75% 15/05/46 USD2,820,000 2,801,575 0.1

AT&T Inc 5.15% 15/03/42 USD1,300,000 1,319,828 0.0

AT&T Inc 5.65% 15/02/47 USD1,315,000 1,468,090 0.0

Atwood Oceanics 6.5%

01/02/20 USD1,175,000 584,743 0.0

Avaya Inc 10.5% 01/03/21-

144A USD1,237,000 395,015 0.0

Avaya Inc 7% 01/04/19-

144A USD2,578,000 1,830,380 0.1

Avaya Inc 7% 01/04/19-

RegS USD400,000 284,000 0.0

Avaya Inc 9% 01/04/19-

144A USD1,705,000 1,236,125 0.0



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Avis Budget Car 6.375%

01/4/24-RegS USD267,000 267,796 0.0

Avis Budget Car/Fin 5.5%

01/04/23 USD3,040,000 3,033,160 0.1

Avis Budget

Car/Fin5.125% 6/22-

144A USD1,150,000 1,109,271 0.0

Axalta Coating Sys

7.375%05/21-144A USD1,590,000 1,704,944 0.1

Axiall Corp 4.875%

15/05/23 USD825,000 817,618 0.0

B&G Foods 4.625%

01/06/21 USD2,326,000 2,379,304 0.1

Ball Corp 4% 15/11/23 USD425,000 425,647 0.0

Ball Corp 4.375% 15/12/20 USD400,000 421,250 0.0

Ball Corp 5% 15/03/22 USD525,000 552,490 0.0

Ball Corp 5.25% 01/07/25 USD1,220,000 1,292,438 0.0

Bank of America NoAA

VRN 6.1% Perp USD8,950,000 8,852,102 0.2

Bank of America NoK VRN

8% Perp USD4,850,000 4,844,072 0.1

Bank of America NoM VRN

8.125% Perp USD3,795,000 3,874,354 0.1

Bank of America NoU VRN

5.2% Perp USD4,620,000 4,339,350 0.1

Bank of America NoX VRN

6.25% Perp USD4,040,000 4,003,388 0.1

Bank of America NoZ VRN

6.5% Perp USD5,030,000 5,337,677 0.1

Bank of America VRN

5.125% Perp USD11,415,000 10,943,537 0.3

Bank of America VRN

6.3% Perp USD2,640,000 2,732,664 0.1

Bank of New York NoD

VRN4.5% 06/23 USD2,186,000 2,010,901 0.1

Bank of New York VRN

4.95% 20/06/20 USD7,530,000 7,616,783 0.2

Basic Energy 7.75%

15/10/22 USD598,000 194,919 0.0

Baxalta Inc 5.25%

23/06/45-144A USD1,915,000 2,052,291 0.1

Becton Dickinson 4.685%

15/12/44 USD650,000 715,910 0.0

Belden Inc 5.25%

15/07/24-144A USD253,000 244,772 0.0

Belden Inc 5.5% 01/09/22-

144A USD2,209,000 2,230,845 0.1

Berry Plastics 5.125%

15/07/23 USD1,775,000 1,821,082 0.1

Berry Plastics 5.5%

15/05/22 USD755,000 795,808 0.0

Biogen Inc 5.2% 15/09/45 USD1,655,000 1,841,048 0.1

Blackboard Inc 7.75%

15/11/19-144A USD775,000 648,670 0.0

Blue Cube Spinco 10%

15/10/25-144A USD2,362,000 2,816,685 0.1

Blue Cube Spinco

9.75%15/10/23-144A USD2,996,000 3,576,475 0.1

(Continued)


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Blue Racer Mid 6.125%

15/11/22-144A USD2,475,000 2,118,127 0.1

Blueline Rental Fin 7%

1/2/19-144A USD1,445,000 1,346,258 0.0

Boyd Gaming 6.375%

01/04/26-144A USD435,000 448,336 0.0

Boyd Gaming 6.875%

15/05/23 USD1,628,000 1,772,344 0.1

BreitBurn Ener/Fin

7.875% 15/04/22 USD745,000 104,048 0.0

BreitBurn Ener/Fin

8.625% 15/10/20 USD585,000 81,906 0.0

Briggs & Stratton 6.875%

15/12/20 USD800,000 884,347 0.0

Buckeye Partners 5.6%

15/10/44 USD1,000,000 862,888 0.0

Bumble Bee Acq 9%

15/12/17-144A USD3,495,000 3,614,704 0.1

Burlington North SF 4.7%

1/9/45 USD3,080,000 3,420,118 0.1

Cablevision Systems

7.75% 15/04/18 USD550,000 593,148 0.0

Cablevision Systems 8%

15/04/20 USD2,525,000 2,549,268 0.1

Cablevision Systems

8.625% 15/09/17 USD3,010,000 3,207,164 0.1

Caesars Entertain 8.5%

15/02/20 USD3,430,000 2,915,500 0.1

Caesars Entertain 9%

15/02/20 USD6,075,000 5,163,750 0.1

CalAtlantic Group 5.375%

01/10/22 USD138,000 145,280 0.0


15/11/24 USD1,092,000 1,176,475 0.0


15/01/21 USD660,000 780,723 0.0

Caleres Inc 6.25%

15/08/23 USD983,000 998,394 0.0

California Res 8%

15/12/22-144A USD1,050,000 426,592 0.0

California Resources 5%

15/01/20 USD153,000 36,061 0.0

California Resources 5.5%

15/09/21 USD159,000 35,393 0.0

California Resources 6%

15/11/24 USD82,000 20,732 0.0

Calpine Corp 5.375%

15/01/23 USD601,000 600,960 0.0

Calpine Corp 5.5%

01/02/24 USD725,000 702,646 0.0

Calpine Corp 5.75%

15/01/25 USD599,000 593,653 0.0

Calpine Corp 5.875%

15/01/24-144A USD2,897,000 3,085,496 0.1

Calpine Corp 6% 15/01/22-

144A USD1,617,000 1,718,602 0.1

Capital One Fin NoE VRN

5.55% Perp USD4,970,000 5,064,877 0.1

Case New Holland 7.875%

01/12/17 USD920,000 1,020,970 0.0



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Casella Waste 7.75%

15/02/19 USD2,015,000 2,070,650 0.1

CBS Outdoor Amer 5.25%

15/02/22 USD438,000 459,321 0.0


15/02/24 USD3,095,000 3,285,052 0.1


15/03/25 USD340,000 357,093 0.0

CCM Merger 9.125%

01/05/19-144A USD402,000 431,354 0.0

CCO Hldgs LLC/Cap 5.125%

05/23-144A USD2,810,000 2,919,180 0.1


15/02/23 USD167,000 171,125 0.0

CCO Hldgs LLC/Cap

5.375% 05/25-144A USD3,250,000 3,363,411 0.1


01/09/23 USD103,000 107,646 0.0


2/26-144A USD5,635,000 5,874,527 0.1

CCO Hldgs LLC/Cap

5.875% 4/24-144A USD4,535,000 4,762,282 0.1


30/04/21 USD1,750,000 1,860,695 0.1

CCO Hldgs LLC/Cap

6.625% 31/01/22 USD1,734,000 1,850,143 0.1

CCO Hldgs LLC/Cap 7%

15/01/19 USD644,000 667,694 0.0

CCO Hldgs LLC/Cap

7.375% 01/06/20 USD3,730,000 3,974,887 0.1

CDW LLC/CDW Fin 5%

01/09/23 USD1,055,000 1,073,931 0.0

CDW LLC/CDW Fin 6%

15/08/22 USD100,000 106,283 0.0

CEB Inc 5.625% 15/06/23-

144A USD426,000 440,577 0.0

Cedar Fair/Maguum

5.375% 01/06/24 USD335,000 354,402 0.0

Celgene Corp 5%

15/08/45 USD2,330,000 2,551,415 0.1

Cemex Finance 6%

01/04/24-144A USD1,890,000 1,835,663 0.1

Cemex Finance 9.375%

12/10/22-144A USD6,270,000 7,190,253 0.2

Centene Corp 4.75%

15/05/22 USD558,000 576,457 0.0

Centene Escrow 5.625%

15/02/21-144A USD1,130,000 1,184,883 0.0

Centene Escrow 6.125%

15/02/24-144A USD760,000 803,645 0.0

Central Garden & Pet

6.125%15/11/23 USD509,000 543,042 0.0

CenturyLink Inc 5.8%

15/03/22 USD5,350,000 5,160,283 0.1

CenturyLink Inc NoW

6.75% 01/12/23 USD2,575,000 2,571,189 0.1

Cenveo Corp 8.5%

15/09/22-144A USD680,000 235,629 0.0

(Continued)


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Cequel Comm 5.125%

15/12/21-144A USD1,392,000 1,308,804 0.0

Cequel Commun/Cap

5.125% 12/21-144A USD880,000 831,805 0.0

CF Industries 4.95%

01/06/43 USD475,000 423,844 0.0

CF Industries 5.375%

15/03/44 USD1,770,000 1,641,196 0.0

Charter Com 4.464%

23/07/22-144A USD567,000 599,090 0.0

Charter Com 6.484%

10/45-144A USD6,105,000 6,969,460 0.2

Chemours Co 6.625%

15/05/23-144A USD425,000 354,965 0.0

Chemours Co 7%

15/05/25-144A USD425,000 351,322 0.0

Chesapeake Energy 8%

15/12/22-144A USD5,041,000 2,555,787 0.1

Choice Hotels Intl 5.75%

01/07/22 USD414,000 449,051 0.0

CHS/Community 5.125%

01/08/21 USD1,340,000 1,371,546 0.0


15/08/18 USD719,000 732,245 0.0


01/02/22 USD2,425,000 2,228,474 0.1


15/07/20 USD623,000 597,388 0.0

CHS/Community 8%

15/11/19 USD2,000,000 2,007,169 0.1

Cimarex Energy 4.375%

01/06/24 USD575,000 575,025 0.0

Cimarex Energy 5.875%

01/05/22 USD675,000 715,148 0.0

Cincinnati Bell 8.375%

15/10/20 USD2,181,000 2,304,424 0.1

Cinemark USA 4.875%

01/06/23 USD2,500,000 2,555,725 0.1

Cinemark USA 5.125%

15/12/22 USD840,000 883,464 0.0

CIT Group 4.25% 15/08/17 USD248,000 253,964 0.0

CIT Group 5% 15/08/22 USD4,308,000 4,411,512 0.1

CIT Group 5.25% 15/03/18 USD805,000 835,171 0.0

CIT Group 5.375%

15/05/20 USD3,025,000 3,211,203 0.1

CIT Group 5.5% 15/02/19-

144A USD7,110,000 7,401,016 0.2

CIT Group 6.625%

01/04/18-144A USD1,035,000 1,126,779 0.0

CIT Group 6.625%

01/04/18-RegS USD125,000 135,391 0.0

Citgo Hldg 10.75%

15/02/20-144A USD756,000 737,100 0.0

Citgo Petroleum 6.25%

15/08/22-144A USD968,000 942,019 0.0

Citigroup Inc 5.95%

15/08/20 USD1,770,000 1,721,658 0.1

Citigroup Inc CLN 03/01/17

(1) USD1,650,000 811,731 0.0



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Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio (Continued)



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Citigroup Inc NoD VRN

5.35% Perp USD3,910,000 3,704,450 0.1

Citigroup Inc NoN VRN

5.8% Perp USD5,045,000 4,929,329 0.1

Citigroup Inc NoO VRN

5.875% Perp USD7,985,000 7,672,116 0.2

Citigroup Inc VRN 5.95%

Perp USD13,305,000 13,041,684 0.3


Perp USD2,625,000 2,713,329 0.1


Perp USD7,650,000 7,565,659 0.2

Claire's Stores 6.125%

15/3/20-144A USD754,000 477,201 0.0

Claire's Stores 8.875%

15/03/19 USD2,321,000 662,509 0.0

Claire's Stores 9%

15/03/19-144A USD4,870,000 3,478,398 0.1

Claire's Stores 9%

15/03/19-RegS USD640,000 461,523 0.0

Claire's Stores 9%

15/03/19-SEPT USD1,100,000 793,243 0.0

Clean Harbors 5.25%

01/08/20 USD2,500,000 2,596,625 0.1

Clear Channel 6.5%

15/11/22-Ser A USD1,666,000 1,632,240 0.0

Clear Channel 6.5%

15/11/22-Ser B USD12,020,000 12,347,378 0.3

Clear Channel 7.625%

15/03/20-SerA USD485,000 422,484 0.0

Clear Channel 7.625%

15/03/20-SerB USD9,123,000 8,384,956 0.2

Clearwater Pap 4.5%

01/02/23 USD550,000 528,000 0.0

Clearwater Pap 5.375%

01/02/25-144A USD525,000 520,516 0.0

Cloud Peak Energy 6.375%

15/03/24 USD169,000 55,011 0.0

Cloud Peak Energy 8.5%

15/12/19 USD84,000 39,502 0.0

CNG Hldgs 9.375%

15/05/20-144A USD1,380,000 659,884 0.0

CNG Hldgs 9.375%

15/05/20-RegS USD349,000 166,884 0.0

CNH Industrial Cap 4.375%

11/20 USD1,750,000 1,766,455 0.1

CNH Industrial Cap

4.875% 01/04/21 USD880,000 880,344 0.0

CNO Financial 4.5%

30/05/20 USD293,000 302,596 0.0

CNO Financial 5.25%

30/05/25 USD1,346,000 1,400,233 0.0

Coeur Mining 7.875%

01/02/21 USD1,185,000 963,553 0.0

Cogent Comm 5.375%

01/03/22-144A USD2,845,000 2,815,918 0.1

Cogent Comm Fin 5.625%

15/4/21-144A USD500,000 501,472 0.0

(Continued)


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US$US$US$US$

% of% of% of% of

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Commercial Metals

4.875% 15/05/23 USD1,978,000 1,813,672 0.1

Commscope Inc 4.375%

15/06/20-144A USD176,000 184,009 0.0

Commscope Inc 5%

15/06/21-144A USD286,000 291,680 0.0

Commscope Inc 5.5%

15/06/24-144A USD2,534,000 2,594,429 0.1

Commscope Tech Fin 6%

15/06/25-144A USD4,097,000 4,231,518 0.1

Communications S&L

6.0% 04/23-144A USD1,302,000 1,296,901 0.0

Communications S&L

8.25% 15/10/23 USD2,850,000 2,755,867 0.1

Comstock Resources 10%

15/3/20-144A USD750,000 372,917 0.0

Comstock Resources

7.75% 01/04/19 USD200,000 33,750 0.0

Comstock Resources 9.5%

15/06/20 USD429,000 67,883 0.0

Concho Resources 5.5%

01/04/23 USD885,000 893,850 0.0


01/10/22 USD375,000 377,963 0.0


15/01/22 USD1,219,000 1,240,519 0.0

ConocoPhillips Co 4.3%

15/11/44 USD937,000 821,265 0.0

Consol Energy 5.875%

15/04/22 USD665,000 500,322 0.0

Consolidated Comm 6.5%

01/10/22 USD964,000 870,010 0.0

Consolidated Edison

4.625% 01/12/54 USD925,000 1,015,971 0.0

Constellation Brands

3.75% 01/05/21 USD216,000 224,235 0.0


4.25% 01/05/23 USD397,000 414,948 0.0


4.75% 01/12/25 USD18,000 19,034 0.0


4.75% 15/11/24 USD775,000 827,108 0.0

Constellation Brands 6%

01/05/22 USD875,000 1,010,258 0.0


7.25% 15/05/17 USD100,000 109,009 0.0

Continental Air 5.5%

29/10/20 USD300,000 254,729 0.0


29/4/18 USD29,000 31,205 0.0


02/07/18 USD1,425,000 305,120 0.0


01/04/21 USD950,000 467,326 0.0

Continental Air NoB 6.25%

11/04/20 USD100,000 79,678 0.0

Continental Res 5%

15/09/22 USD3,151,000 2,714,275 0.1

Corrections Corp 4.125%

01/04/20 USD3,400,000 3,529,625 0.1



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Corrections Corp of

4.625% 01/05/23 USD1,450,000 1,497,880 0.0

Cott Beverages 5.375%

01/07/22 USD2,043,000 2,121,528 0.1

Cott Beverages 6.75%

01/01/20 USD1,250,000 1,340,594 0.0

Covanta Hldg 5.875%

01/03/24 USD250,000 244,858 0.0

Covanta Hldg 6.375%

01/10/22 USD347,000 358,928 0.0

Crestview DS Merger 10%

01/09/21 USD1,794,000 2,045,409 0.1

Crestwood Mids/Fin 6.25%

04/23-144A USD682,000 525,993 0.0

Crestwood Midstream

6.125% 01/03/22 USD1,507,000 1,138,455 0.0

Crimson Merger 6.625%

15/05/22-144A USD746,000 582,038 0.0

Crown Amer LLC/Cap

4.5% 15/01/23 USD583,000 600,679 0.0

Crown Castle 4.875%

15/04/22 USD1,005,000 1,100,650 0.0

Crown Castle 5.25%

15/01/23 USD2,216,000 2,407,084 0.1

CSI Compressco Partners

7.25% 08/22 USD840,000 593,851 0.0

CST Brands 5% 01/05/23 USD1,385,000 1,434,629 0.0

CVS Health 5.125%

20/07/45 USD3,705,000 4,345,039 0.1

D.R. Horton 5.75%

15/08/23 USD480,000 527,115 0.0

Dana Hldg 5.5% 15/12/24 USD3,693,000 3,568,720 0.1

Dana Hldg 6% 15/09/23 USD1,175,000 1,166,579 0.0

Dana Hldg 6.75% 15/02/21 USD1,150,000 1,196,762 0.0

Darling Ingred 5.375%

15/01/22 USD1,817,000 1,872,049 0.1

Davita Healthcare Part 5%

01/05/25 USD2,935,000 2,981,471 0.1

DaVita HealthCare Part

5.125% 07/24 USD1,820,000 1,868,388 0.1

DaVita HealthCare Part

5.75% 08/22 USD725,000 765,685 0.0

Dean Foods 6.5%

15/03/23-144A USD1,850,000 1,904,241 0.1

Delta Air Lines 4.75%

07/05/20 USD80,000 67,062 0.0

Delta Air Lines 6.875%

7/05/19-144A USD394,000 297,633 0.0

Denali Intl/Fin 5.625%

10/20-144A USD2,200,000 2,372,906 0.1

Denbury Resources

4.625% 15/07/23 USD1,384,000 614,693 0.0

Denbury Resources 5.5%

01/05/22 USD1,500,000 689,695 0.0

Devon Energy 5%

15/06/45 USD2,795,000 2,176,526 0.1

Diamondback Energy

7.625% 01/10/21 USD231,000 249,047 0.0

Dish DBS 5% 15/03/23 USD7,350,000 6,512,549 0.2

(Continued)


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% of% of% of% of

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Dish DBS 5.875% 15/07/22 USD3,525,000 3,390,860 0.1

Dish DBS 5.875% 15/11/24 USD6,503,000 6,111,894 0.1

Dish DBS 6.75% 01/06/21 USD9,915,000 10,420,665 0.2

Dish DBS 7.875%

01/09/19 USD230,000 254,610 0.0

DJO Fin 8.125% 15/06/21-

144A USD2,800,000 2,552,618 0.1

Dollar Tree 5.75%

01/03/23-144A USD3,003,000 3,206,036 0.1

Dominion Gas Hldgs 4.6%

15/12/44 USD626,000 623,773 0.0

Dominion Resources 4.7%

01/12/44 USD1,765,000 1,798,173 0.1

Dominion Resources VRN

5.75%1/10/54 USD6,485,000 6,404,969 0.2

DR Horton 4.375%

15/09/22 USD236,000 237,668 0.0

DR Horton 4.75%

15/02/23 USD322,000 326,412 0.0

Dreamworks Ani 6.875%

15/08/20-144A USD2,500,000 2,541,189 0.1

DuPont Fabros 5.875%

15/09/21 USD822,000 864,353 0.0

Dynegy Inc 5.875%

01/06/23 USD2,441,000 2,098,243 0.1

Dynegy Inc 7.375%

01/11/22 USD1,675,000 1,592,471 0.0

Dynegy Inc 7.625%

01/11/24 USD755,000 712,924 0.0

E*trade Financial 4.625%

15/09/23 USD1,093,000 1,100,852 0.0

E*trade Financial 5.375%

15/11/22 USD940,000 1,018,918 0.0

Eldorado Resorts 7%

01/08/23 USD220,000 230,542 0.0

Embarq Corp 7.995%

01/06/36 USD8,496,000 8,494,088 0.2

Emdeon Inc 11% 31/12/19 USD1,365,000 1,481,025 0.0

Emdeon Inc 6% 15/02/21-

144A USD1,050,000 1,061,375 0.0

Enable Midstream Stp Cpn

5% 15/05/44 USD166,000 120,189 0.0

Endo Fin/Fin Stp Cpn

7.75%1/22-144A USD571,000 593,313 0.0

Endo Fin/Finco 6%

01/02/25-144A USD1,040,000 985,400 0.0

Endo Fin/Finco 6%

15/07/23-144A USD3,615,000 3,458,049 0.1

Endo Finance 5.75%

15/01/22-144A USD1,264,000 1,216,345 0.0

Energizer Hldgs 5.5%

15/06/25-144A USD3,504,000 3,583,005 0.1

Energy Transfer 5.875%

15/01/24 USD1,250,000 1,084,457 0.0

Energy Transfer 7.5%

15/10/20 USD625,000 627,214 0.0

Energy Transfer Part

5.15% 01/02/43 USD1,070,000 845,259 0.0

Energy Transfer

Part6.125% 15/12/45 USD1,515,000 1,381,354 0.0



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% of% of% of% of

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EnerSys Inc 5% 30/04/23-

144A USD1,200,000 1,177,333 0.0

Entegris Inc 6% 01/04/22-

144A USD1,540,000 1,613,150 0.0

Enterprise Products 4.85%

15/03/44 USD1,050,000 988,817 0.0

Enterprise Products 4.9%

15/05/46 USD2,440,000 2,405,101 0.1

Envision Healthcare

5.125%7/22-144A USD860,000 884,478 0.0

EP Energy/Everest 6.375%

15/06/23 USD528,000 250,245 0.0

EP Energy/Everest 7.75%

01/09/22 USD1,535,000 724,349 0.0

EP Energy/Everest9.375%

01/05/20 USD4,800,000 2,629,500 0.1

Equinix Inc 4.875%

01/04/20 USD370,000 393,578 0.0

Equinix Inc 5.375%

01/01/22 USD1,250,000 1,322,234 0.0

Equinix Inc 5.375%

01/04/23 USD550,000 585,736 0.0

Equinix Inc 5.75%

01/01/25 USD553,000 590,673 0.0

Equinix Inc 5.875%

15/01/26 USD928,000 999,230 0.0

ESH Hospitality 5.25%

01/05/25-144A USD1,440,000 1,422,900 0.0

EV Energy Partners 8%

15/04/19 USD1,100,000 337,822 0.0

Exelon Corp 5.1%

15/06/45-144A USD1,270,000 1,402,345 0.0

Express Scripts 6.125%

15/11/41 USD2,281,000 2,616,937 0.1

Exterran Part/Expl Fin 6%

01/10/22 USD580,000 435,000 0.0

Fedex Corp 4.55%

01/04/46 USD1,355,000 1,397,007 0.0

Fedex Corp 4.75%

15/11/45 USD785,000 848,679 0.0

Felcor Lodging 6%

01/06/25 USD360,000 381,600 0.0

Ferrellgas LP/Fin

6.75%15/6/23-144A USD898,000 817,236 0.0

Fidelity & Guaranty

6.375%4/21-144A USD749,000 778,492 0.0

Fifth Third Bancorp VRN

4.9% Perp USD3,965,000 3,459,463 0.1

Fifth Third Bancorp VRN

5.1% Perp USD3,020,000 2,756,505 0.1

First Data 5% 15/01/24-

144A USD2,270,000 2,310,040 0.1

First Data 5.375%

15/08/23 USD2,345,000 2,418,556 0.1

First Data 5.75% 15/01/24-

144A USD12,070,000 12,314,837 0.3

First Data 6.75% 01/11/20-

144A USD4,590,000 4,965,577 0.1

(Continued)


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% of% of% of% of

netnetnetnet


First Data 7% 01/12/23-

144A USD5,660,000 5,838,887 0.1

Ford Motor 4.75%

15/01/43 USD5,620,000 5,698,903 0.1

Freeport-Mcmoran 3.1%

15/03/20 USD1,035,000 770,650 0.0

Freeport-Mcmoran

3.875% 15/3/23 USD2,975,000 2,058,194 0.1

Freeport-McMoRan 5.4%

14/11/34 USD164,000 104,665 0.0

Freeport-Mcmoran 5.45%

15/03/43 USD3,151,000 1,914,464 0.1

Freescale Semicon 6%

15/01/22-144A USD421,000 456,378 0.0

Fresenius Medi 4.125%

15/10/20-144A USD445,000 463,506 0.0


15/10/24-144A USD270,000 282,902 0.0


31/07/19-144A USD1,325,000 1,454,088 0.0


15/02/21-144A USD550,000 601,511 0.0


15/02/21-RegS USD290,000 316,798 0.0


31/01/22-144A USD1,380,000 1,521,439 0.0


31/01/22-RegS USD12,000 13,288 0.0

Fresenius Medi 6.5%

15/09/18-144A USD275,000 303,330 0.0

Frontier Comm 10.5%

15/09/22-144A USD3,561,000 3,681,854 0.1

Frontier Comm 11%

15/09/25-144A USD10,475,000 10,597,395 0.3

Frontier Comm 6.25%

15/09/21 USD285,000 263,754 0.0

Frontier Comm 7.125%

15/03/19 USD250,000 260,681 0.0

Frontier Comm 8.5%

15/04/20 USD2,513,000 2,688,761 0.1

Frontier Comm 8.875%

15/09/20-144A USD277,000 289,241 0.0

Frontier Comm 9.25%

01/07/21 USD3,078,000 3,218,434 0.1

Gardner Denver 6.875%

15/8/21-144A USD545,000 449,748 0.0

GCI Inc 6.75% 01/06/21 USD1,100,000 1,149,500 0.0

GCP Applied Tech 9.5%

01/02/23-144A USD1,183,000 1,311,181 0.0

General Cable Stp Cpn

5.75% 1/10/22 USD1,850,000 1,514,688 0.0

General Elec Cap NoD VRN

5% Perp USD19,627,000 20,506,682 0.5


02/10/43 USD3,440,000 3,771,100 0.1


01/04/46 USD1,320,000 1,516,419 0.0

General Motors Fin 3.25%

15/05/18 USD1,835,000 1,890,725 0.1



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General Motors Fin 4.25%

15/05/23 USD101,000 103,451 0.0

General Motors Fin

4.875% 02/10/23 USD5,440,000 5,822,894 0.1

Genesis Energy/Fin

5.625% 15/06/24 USD553,000 473,765 0.0

Genesis Energy/Fin 5.75%

15/02/21 USD325,000 296,565 0.0

Genesis Energy/Fin 6%

15/05/23 USD423,000 380,841 0.0

Genesis Energy/Fin 6.75%

01/08/22 USD350,000 328,563 0.0

GenOn Energy 9.5%

15/10/18 USD500,000 387,035 0.0

GenOn Energy 9.875%

15/10/20 USD1,565,000 1,085,029 0.0

GEO Group 5.875%

15/01/22 USD1,900,000 1,961,875 0.1

GEO Group 6.625%

15/02/21 USD3,085,000 3,208,089 0.1


01/03/46 USD2,655,000 2,914,453 0.1

Global Part/GLP 6.25%

15/07/22 USD262,000 198,692 0.0

Global Part/GLP 7%

15/06/23 USD200,000 153,161 0.0

GLP Capital/Fin 5.375%

01/11/23 USD1,242,000 1,274,411 0.0

Golden Nugget 8.5%

01/12/21-144A USD855,000 879,225 0.0

Goldman Sachs NoL VRN

5.7% Perp USD6,080,000 6,011,499 0.1

Goldman Sachs VRN

5.375% Perp USD7,970,000 7,883,855 0.2

Goodman Net Stp Cpn

12.125% 1/7/18 USD1,200,000 456,375 0.0

Goodyear Tire 5.125%

15/11/23 USD686,000 716,031 0.0

Goodyear Tire 6.5%

01/03/21 USD482,000 510,692 0.0

Goodyear Tire 7%

15/05/22 USD3,054,000 3,387,310 0.1

Goodyear Tire 8.75%

15/08/20 USD2,500,000 2,975,559 0.1

Graphic Packaging 4.75%

15/04/21 USD321,000 339,308 0.0

Graphic Packaging 4.875%

15/11/22 USD370,000 383,783 0.0

Gray Television 7.5%

01/10/20 USD1,660,000 1,815,625 0.1

Great Lakes Dredge

7.375% 01/02/19 USD800,000 770,833 0.0

Group 1 Auto 5.25%

15/12/23-144A USD1,335,000 1,348,784 0.0

Guitar Center 6.5%

15/04/19-144A USD615,000 570,506 0.0

H&E Equipment Serv 7%

01/09/22 USD3,983,000 4,062,549 0.1

(Continued)


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US$US$US$US$

% of% of% of% of

netnetnetnet


Halcon Resources 13%

15/02/22-144A USD2,021,000 640,601 0.0

Halliburton Co 5%

15/11/45 USD3,855,000 3,836,672 0.1

Halyard Health 6.25%

15/10/22 USD270,000 276,478 0.0

Hanesbrands Inc 6.375%

15/12/20 USD800,000 840,158 0.0

Hardwoods Acq 7.5%

01/08/21-144A USD925,000 640,563 0.0

Harland Clarke 6.875%

01/03/20-144A USD900,000 802,000 0.0

Harland Clarke 9.75%

01/08/18-144A USD152,000 152,950 0.0

Harris Corp 5.054%

27/04/45 USD670,000 730,367 0.0

Hartford Fin VRN 8.125%

15/06/38 USD630,000 689,314 0.0

HCA Hldgs 6.25% 15/02/21 USD1,655,000 1,803,056 0.1

HCA Inc 3.75% 15/03/19 USD827,000 848,147 0.0

HCA Inc 4.25% 15/10/19 USD735,000 777,274 0.0

HCA Inc 5% 15/03/24 USD1,234,000 1,274,686 0.0

HCA Inc 5.25% 15/04/25 USD820,000 867,133 0.0

HCA Inc 5.25% 15/06/26 USD1,630,000 1,679,681 0.0

HCA Inc 5.375% 01/02/25 USD15,957,000 16,253,774 0.4

HCA Inc 5.875% 15/02/26 USD3,408,000 3,600,770 0.1

HCA Inc 5.875% 15/03/22 USD1,235,000 1,339,696 0.0

HCA Inc 6.5% 15/02/20 USD7,450,000 8,275,804 0.2

HCA Inc 7.5% 15/02/22 USD7,177,000 8,209,481 0.2

HCA Inc No1 5.875%

01/05/23 USD2,045,000 2,199,355 0.1

HD Supply 5.25% 15/12/21-

144A USD4,020,000 4,273,478 0.1

HD Supply 5.75%

15/04/24-144A USD531,000 545,603 0.0

HD Supply 7.5% 15/07/20 USD1,800,000 1,972,875 0.1

Headwaters Inc 7.25%

15/01/19 USD722,000 754,856 0.0

Healthsouth 5.75%

01/11/24 USD600,000 623,375 0.0

Healthsouth 5.75%

15/09/25 USD3,300,000 3,432,018 0.1

Healthsouth 7.75%

15/09/22 USD315,000 329,540 0.0

Hecla Mining 6.875%

01/05/21 USD1,172,000 977,033 0.0

Hertz Corp 5.875%

15/10/20 USD3,335,000 3,484,253 0.1

Hertz Corp 6.25%

15/10/22 USD2,075,000 2,161,098 0.1

Hertz Corp 7.375%

15/01/21 USD1,250,000 1,300,968 0.0

Hexion Inc 10% 15/04/20 USD472,000 445,516 0.0

Hexion Inc 6.625%

15/04/20 USD10,844,000 9,225,345 0.2

Hexion Inc 8.875%

01/02/18 USD200,000 140,458 0.0

Hiland Part/Fin 5.5%

15/05/22-144A USD266,000 272,753 0.0



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01/10/20-144A USD1,809,000 1,942,414 0.1


01/10/20-RegS USD66,000 70,868 0.0

Hilcorp Energy/Fin 5%

01/12/24-144A USD450,000 394,500 0.0

Hilcorp Energy/Fin 5.75%

10/25-144A USD1,150,000 1,022,063 0.0

Hilcorp Energy/Fin 7.625%

4/21-144A USD1,500,000 1,470,557 0.0

Hillman Group 6.375%

15/07/22-144A USD225,000 198,677 0.0

Hill-Rom Hldgs 5.75%

01/09/23-144A USD2,995,000 3,100,158 0.1

Hilton Worldwide 5.625%

15/10/21 USD1,375,000 1,461,548 0.0

Holly Energy 6.5%

01/03/20 USD105,000 104,163 0.0

Hologic Inc 5.25%

15/07/22-144A USD2,895,000 3,050,546 0.1

Huntsman Intl 4.875%

15/11/20 USD3,775,000 3,816,722 0.1

Huntsman Intl 5.125%

15/11/22-144A USD1,675,000 1,665,793 0.0

IAC/InterActive 4.875%

30/11/18 USD165,000 172,618 0.0

Iasis Healthcare/Cap

8.375% 15/5/19 USD2,884,000 2,943,472 0.1

Icahn Enterprises/Finance

6% 1/8/20 USD420,000 413,860 0.0

Icahn Entp/Fin 4.875%

15/03/19 USD1,115,000 1,075,933 0.0

Icahn Entp/Fin 5.875%

01/02/22 USD1,295,000 1,250,001 0.0

iHeartCommunications 9%

01/03/21 USD695,000 492,060 0.0

iHeartCommunications 9%

15/12/19 USD4,525,000 3,486,603 0.1

IHS Inc 5% 01/11/22 USD1,000,000 1,063,333 0.0

ILFC E-Capital FRN

21/12/65-144A USD5,466,000 4,448,207 0.1

ILFC E-Capital FRN

21/12/65-RegS USD1,185,000 964,348 0.0

IMS Health 6% 01/11/20-

144A USD3,167,000 3,343,085 0.1

Indiana Michigan Pow

4.55% 15/03/46 USD945,000 983,230 0.0

Infor Software 7.125%

01/05/21-144A USD2,350,000 1,826,391 0.1

Infor US 5.75% 15/08/20-

144A USD1,034,000 1,072,782 0.0

Infor US 6.5% 15/05/22 USD400,000 373,126 0.0

Infor US 6.5% 15/05/22-

144A USD5,995,000 5,566,274 0.1

Ingles Markets 5.75%

15/06/23 USD830,000 861,781 0.0

Intel Corp 4.9% 29/07/45 USD1,620,000 1,840,474 0.1

Interval Acq 5.625%

15/4/23-144A USD890,000 917,673 0.0

(Continued)


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% of% of% of% of

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Intl Lease Fin 4.625%

15/04/21 USD727,000 762,590 0.0


01/04/19 USD3,250,000 3,562,406 0.1


15/05/19 USD4,160,000 4,534,544 0.1


15/12/20 USD1,950,000 2,324,441 0.1


15/01/22 USD1,860,000 2,281,602 0.1


15/03/17 USD350,000 373,437 0.0

Intl Wire Group 8.5%

15/10/17-144A USD710,000 734,446 0.0

Intl Wire Group 8.5%

15/10/17-RegS USD91,000 93,906 0.0

inVentiv Health 9%

15/01/18-144A USD2,660,000 2,860,830 0.1

Iron Mountain 5.75%

15/08/24 USD825,000 859,037 0.0

Iron Mountain 6%

01/10/20-144A USD1,416,000 1,538,838 0.0

Iron Mountain 6%

15/08/23 USD1,000,000 1,062,783 0.0

Isle of Capri 5.875%

15/03/21 USD1,818,000 1,873,039 0.1

Ithaca Merger 7.125%

15/07/23-144A USD2,604,000 2,546,034 0.1

Jack Cooper Step

Cpn10.25%6/20-144A USD250,000 187,292 0.0

Jaguar Hl / Pp 6.375%

01/08/23-144A USD1,580,000 1,640,238 0.0

Jarden Corp 6.125%

15/11/22 USD3,075,000 3,245,383 0.1

Jarden Corp 7.5%

01/05/17 USD1,220,000 1,258,125 0.0

JB Poindexter 9%

01/04/22-144A USD250,000 271,875 0.0

JB Poindexter 9%

01/04/22-RegS USD350,000 380,625 0.0

JBS USA LLC/Fin 5.75%

15/06/25-144A USD986,000 885,320 0.0


15/7/24-144A USD2,163,000 1,984,695 0.1


01/06/21 USD50,000 50,458 0.0


01/06/21-144A USD3,440,000 3,471,533 0.1


01/02/20-144A USD1,410,000 1,471,688 0.0


01/02/20-RegS USD150,000 156,188 0.0

JC Penney 8.125%

01/10/19 USD229,000 245,459 0.0

Jo-Ann Stores 8.125%

15/03/19-144A USD405,000 374,154 0.0

Kaiser Aluminum 8.25%

01/06/20 USD401,000 428,569 0.0

Kennedy-Wilson 5.875%

01/04/24 USD508,000 511,493 0.0



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Kinder Morgan 5.625%

15/11/23-144A USD524,000 538,308 0.0

Kinder Morgan/Delawa

5.05% 15/02/46 USD2,035,000 1,741,386 0.1

Kinder Morgan/Delawa

7.25% 01/06/18 USD400,000 438,088 0.0

Kindred Healthcare 8%

15/01/20 USD1,650,000 1,669,983 0.0

Kindred Healthcare 8.75%

15/01/23 USD1,225,000 1,198,161 0.0

Kinetic Concept 7.875%

15/2/21-144A USD435,000 463,403 0.0

Kinetics Concept 10.5%

01/11/18 USD4,450,000 4,666,938 0.1

KLX Inc 5.875% 01/12/22-

144A USD2,500,000 2,527,083 0.1

Kohl's Corp 5.55%

17/07/45 USD700,000 639,984 0.0

Kraft Heinz 5.2%

15/07/45-144A USD5,680,000 6,455,446 0.2

Kraft Heinz Foods 4.875%

02/25-144A USD299,000 330,803 0.0

Kratos Defense & Sec Sol

7% 15/5/19 USD1,586,000 1,295,189 0.0

Kroger Co 5.15% 01/08/43 USD1,570,000 1,841,465 0.1

L Brands 5.625% 15/02/22 USD665,000 730,232 0.0

L Brands 5.625% 15/10/23 USD1,925,000 2,162,032 0.1

L Brands 6.625% 01/04/21 USD2,160,000 2,506,734 0.1

Landry's Inc 9.375%

01/05/20-144A USD843,000 921,241 0.0

Laredo Petroleum 7.375%

01/05/22 USD400,000 354,292 0.0

Lear Corp 5.375%

15/03/24 USD1,850,000 1,948,306 0.1

Lender Processing 5.75%

15/04/23 USD200,000 213,335 0.0

Lennar Corp 12.25%

01/06/17 USD400,000 459,333 0.0

Lennar Corp 4.5%

15/06/19 USD602,000 628,864 0.0

Lennar Corp 4.5%

15/11/19 USD286,000 299,120 0.0

Lennar Corp 4.75%

30/05/25 USD1,105,000 1,113,063 0.0

Lennar Corp 4.875%

15/12/23 USD494,000 503,216 0.0

Level 3 Comm 5.75%

01/12/22 USD1,598,000 1,660,979 0.0

Level 3 Fin 5.125%

01/05/23 USD1,361,000 1,397,129 0.0

Level 3 Fin 5.25%

15/03/26-144A USD715,000 718,724 0.0

Level 3 Fin 5.375%

01/05/25 USD4,409,000 4,460,531 0.1

Level 3 Fin 5.375%

15/01/24-144A USD800,000 823,557 0.0

Level 3 Fin 5.625%

01/02/23 USD596,000 619,374 0.0

(Continued)


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US$US$US$US$

% of% of% of% of

netnetnetnet


Level 3 Fin 6.125%

15/01/21 USD250,000 269,291 0.0

Level 3 Fin 7% 01/06/20 USD660,000 704,110 0.0

Levi Strauss 5% 01/05/25 USD580,000 598,163 0.0

Liberty Inter 8.25%

01/02/30 USD360,000 373,950 0.0

Liberty Mutual 7.8%

15/03/37-144A USD1,163,000 1,274,861 0.0

Liberty Mutual 7.8%

15/03/37-RegS USD750,000 822,138 0.0

LifePoint Health 5.5%

01/12/21 USD720,000 764,362 0.0

LifePoint Health 6.625%

01/10/20 USD500,000 536,238 0.0

LIN Television 5.875%

15/11/22 USD1,640,000 1,695,117 0.1

LIN Television 6.375%

15/01/21 USD630,000 663,790 0.0

Live Nation Ent 5.375%

15/6/22-144A USD290,000 299,708 0.0

Live Nation Ent 7%

01/09/20-144A USD305,000 321,385 0.0

LSB Industries 7.75%

01/08/19 USD1,468,000 1,376,862 0.0

LTF Merger Sub 8.5%

15/06/23-144A USD1,505,000 1,512,922 0.0

Lynx I 5.375% 15/04/21-

144A USD2,881,000 2,762,823 0.1

M/I Homes 6.75%

15/01/21 USD946,000 955,460 0.0

MagnaChip Semi Stp Cpn

6.625% 07/21 USD995,000 730,499 0.0

Mariposa Bor/Merger

8%15/10/21-144A USD1,474,000 1,326,027 0.0

Markel Corp 5% 05/04/46 USD1,625,000 1,630,038 0.0

Martin Midst/Fin 7.25%

15/02/21 USD644,000 566,376 0.0

Masco Corp 4.45%

01/04/25 USD1,388,000 1,470,933 0.0

Masco Corp 5.95%

15/03/22 USD75,000 83,461 0.0

Masco Corp 7.125%

15/03/20 USD10,000 11,571 0.0

Mastec Inc 4.875%

15/03/23 USD1,917,000 1,662,618 0.0

Mcdonald's Corp 4.875%

09/12/45 USD2,575,000 2,866,804 0.1

McKesson Corp 4.883%

15/03/44 USD1,270,000 1,355,364 0.0

Mediacom Broadband

5.5% 15/04/21 USD2,000 2,062 0.0

Mediacom LLC/Cap 7.25%

15/02/22 USD304,000 323,597 0.0

Meritage Homes 7%

01/04/22 USD625,000 681,250 0.0

Meritage Homes 7.15%

15/04/20 USD175,000 191,304 0.0

Metlife Inc 6.4% 15/12/36 USD4,285,000 4,513,143 0.1

Metlife Inc VRN 5.25%

Perpetual USD6,516,000 6,340,747 0.2



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MGM Resorts Intl 11.375%

01/03/18 USD1,000,000 1,163,811 0.0


31/03/20 USD1,056,000 1,085,969 0.0

MGM Resorts Intl 6%

15/03/23 USD5,958,000 6,175,308 0.2


15/12/21 USD763,000 833,342 0.0


01/10/20 USD4,068,000 4,530,735 0.1


15/03/22 USD8,571,000 9,652,315 0.2


1/2/19-144A USD780,000 898,463 0.0

Michaels Store 5.875%

15/12/20-144A USD860,000 916,942 0.0

Micron Tech 5.25%

1/8/23-144A USD695,000 588,144 0.0

Micron Tech 5.25%

15/01/24-144A USD3,686,000 3,008,621 0.1

Micron Tech 5.5% 1/2/25 USD2,272,000 1,872,507 0.1

Micron Tech 5.625%

15/01/26-144A USD413,000 339,499 0.0

Micron Tech 5.875%

15/02/22 USD320,000 280,854 0.0

Microsemi 9.125%

15/04/23-144A USD756,000 846,355 0.0


03/11/55 USD5,545,000 6,241,783 0.2

Milacron/Mcron Fin 7.75%

02/21-144A USD1,510,000 1,412,028 0.0

MMC Energy 8.875%

15/10/20 USD700,000 0 0.0

Momentive Perf 3.88%

24/10/21 USD700,000 514,849 0.0

Morgan Stanley NoH VRN

5.45% Perp USD2,910,000 2,816,609 0.1

Morgan Stanley VRN

5.55% Perp USD6,830,000 6,825,703 0.2

MPG Holdco I Inc 7.375%

15/10/22 USD3,515,000 3,591,317 0.1

MPH Acquisition 6.625%

1/4/22-144A USD2,900,000 3,119,313 0.1

MPLX LP 4.5% 15/07/23-

144A USD220,000 204,518 0.0

MPLX LP 4.875%

01/06/25-144A USD3,389,000 3,139,061 0.1

MPLX LP 4.875%

01/12/24-144A USD4,735,000 4,433,144 0.1

MPLX LP 5.5% 15/02/23-

144A USD500,000 486,090 0.0

MSCI Inc 5.25% 15/11/24-

144A USD791,000 836,426 0.0

Murphy Oil USA 6%

15/08/23 USD245,000 255,494 0.0

Mustang Merger 8.5%

15/08/21-144A USD33,000 34,274 0.0

Nationstar Mort/Cap 6.5%

01/06/22 USD313,000 273,614 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Nationstar Mort/Cap 6.5%

01/07/21 USD455,000 410,638 0.0

Nationstar Mort/Cap

7.875% 01/10/20 USD1,107,000 1,117,256 0.0

Nationstar Mort/Cap

9.625% 01/05/19 USD150,000 161,641 0.0

Natl Financial Part 9%

15/7/21-144A USD1,350,000 1,321,988 0.0

NCI Building Sys 8.25%

15/1/23-144A USD770,000 825,937 0.0

NCL Corp 5.25% 15/11/19-

144A USD534,000 556,684 0.0

NCR Corp 5% 15/07/22 USD166,000 166,115 0.0

NCR Corp 5.875% 15/12/21 USD80,000 83,597 0.0

NCR Corp 6.375% 15/12/23 USD205,000 215,034 0.0

Neiman Marcus 8.75%

15/10/21-144A USD1,900,000 1,544,872 0.0

Neptune Finco 10.125%

15/01/23-144A USD2,550,000 2,849,386 0.1


15/10/25-144A USD600,000 680,106 0.0


15/10/25-144A USD1,050,000 1,158,241 0.0

Netflix Inc 5.375%

01/02/21 USD457,000 485,804 0.0

Netflix Inc 5.5% 15/02/22-

144A USD350,000 378,075 0.0

Netflix Inc 5.75% 01/03/24 USD1,090,000 1,160,524 0.0

Netflix Inc 5.875%

15/02/25-144A USD350,000 380,602 0.0

New Albertsons 6.625%

01/06/28 USD178,000 150,781 0.0


01/08/29 USD797,000 736,162 0.0


15/06/26 USD200,000 193,607 0.0

New Albertsons 8%

01/05/31 USD1,223,000 1,199,559 0.0

New Albertsons 8.7%

01/05/30 USD60,000 59,475 0.0

Newell Rubberm 5.5%

01/04/46 USD1,015,000 1,104,244 0.0

Newfield Exploration

5.375% 1/1/26 USD412,000 384,782 0.0


5.625% 1/07/24 USD1,942,000 1,862,499 0.1


5.75% 30/01/22 USD1,002,000 988,125 0.0

Nexstar Broad 6.125%

15/02/22-144A USD1,885,000 1,885,936 0.1

Nexstar Broad 6.875%

15/11/20 USD3,183,000 3,377,682 0.1

NGL Energy Part/Fin

5.125% 15/07/19 USD239,000 147,215 0.0

NGL Energy Part/Fin

6.875% 15/10/21 USD563,000 358,570 0.0

NGPL Pipe 9.625%

01/06/19-144A USD1,000,000 1,014,583 0.0

Nielsen Finance 4.5%

01/10/20 USD655,000 685,261 0.0



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US$US$US$US$

% of% of% of% of

netnetnetnet



Nielsen Finance 5%

15/04/22-144A USD5,403,000 5,578,838 0.1

Noble Energy 5.05%

15/11/44 USD690,000 611,208 0.0

Noble Energy 5.25%

15/11/43 USD1,100,000 971,675 0.0

Noble Energy 5.625%

01/05/21 USD634,000 657,894 0.0

Northwest Air No07-1

7.027% 1/11/19 USD1,560,000 1,312,810 0.0

NRG Energy 6.25%

01/05/24 USD900,000 851,015 0.0

NRG Energy 6.25%

15/07/22 USD425,000 401,994 0.0

NRG Energy 6.625%

15/03/23 USD2,000,000 1,874,017 0.1

NRG Energy 7.625%

15/01/18 USD1,260,000 1,355,847 0.0

NRG Energy 7.875%

15/05/21 USD1,017,000 1,036,861 0.0

NRG Yield Operating

5.375% 15/08/24 USD1,075,000 1,005,896 0.0

Nuance Commun 5.375%

15/08/20-144A USD1,280,000 1,306,582 0.0

Nuance Commun 5.375%

15/08/20-RegS USD59,000 59,857 0.0

Nucor Corp 5.2%

01/08/43 USD520,000 534,430 0.0

Nucor Corp 6.4% 01/12/37 USD1,220,000 1,380,644 0.0

NWH Escrow 7.5%

01/08/21-144A USD685,000 454,669 0.0

Oasis Petroleum 6.875%

15/03/22 USD2,675,000 1,988,184 0.1

Oasis Petroleum 7.25%

01/02/19 USD128,000 103,243 0.0

Omega Healthcare 5.875%

15/03/24 USD94,000 98,961 0.0

Oneok Partners 6.2%

15/09/43 USD1,215,000 1,110,281 0.0

Onex USI Acq 7.75%

15/01/21-144A USD1,772,000 1,796,943 0.1

Oracle Corp 4.375%

15/05/55 USD4,240,000 4,362,024 0.1

Orbital ATK 5.25%

01/10/21 USD507,000 541,856 0.0

Orbital ATK 5.5%

01/10/23-144A USD1,105,000 1,182,856 0.0

Oshkosh Corp 5.375%

01/03/22 USD500,000 511,139 0.0

Oshkosh Corp 5.375%

01/03/25 USD1,607,000 1,626,730 0.0

Owens-Brockway 5%

15/01/22-144A USD900,000 929,875 0.0

Owens-Brockway 5.375%

15/01/25-144A USD1,280,000 1,311,916 0.0


15/08/23-144A USD234,000 245,155 0.0


15/08/25-144A USD134,000 142,235 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Parker Drilling 6.75%

15/07/22 USD270,000 195,598 0.0

Parker Drilling 7.5%

01/08/20 USD335,000 265,488 0.0

Party City 6.125%

15/08/23-144A USD990,000 1,026,379 0.0

PBF Hldg 7% 15/11/23

(144A) USD608,000 591,212 0.0

PBF Logistics 6.875%

15/05/23 USD425,000 407,432 0.0

Penn Virginia 8.5%

01/05/20 USD705,000 114,856 0.0

Phillips 66 4.875%

15/11/44 USD2,100,000 2,173,777 0.1

Pilgrim's Pride 5.75%

15/03/25-144A USD610,000 615,469 0.0

Pinnacle Foods 5.875%

15/01/24-144A USD317,000 334,456 0.0

Plains All America 4.7%

15/06/44 USD490,000 373,856 0.0

Plains All America 4.9%

15/02/45 USD465,000 360,708 0.0

Plantronics Inc 5.5%

31/05/23-144A USD2,524,000 2,533,572 0.1

PNC Financial NoR VRN

4.85% Perp USD2,410,000 2,292,312 0.1

PNC Financial VRN 6.75%

Perp USD2,104,000 2,332,305 0.1

PolyOne Corp 5.25%

15/03/23 USD2,083,000 2,077,749 0.1

Post Hldgs 6% 15/12/22-

144A USD1,000,000 1,057,183 0.0

Post Hldgs 6.75%

01/12/21-144A USD1,868,000 2,017,440 0.1

Post Hldgs 7.375%

15/02/22 USD5,958,000 6,354,377 0.2

Post Hldgs Inc 7.75%

15/03/24-144A USD3,138,000 3,459,362 0.1

Post Hldgs Inc 8%

15/07/25-144A USD133,000 150,318 0.0

PPL Cap Fdg NoA VRN

6.7% 30/03/67 USD3,125,000 2,376,163 0.1

Prestige Brand 6.375%

01/03/24-144A USD355,000 373,660 0.0

Prestige Brands 5.375%

12/21-144A USD751,000 774,263 0.0

Prince Min Stp

Cp11.5%15/12/19-144A USD465,000 421,606 0.0

Provident Fdg/PFG 6.75%

06/21-144A USD385,000 370,086 0.0

Prudential Fin VRN 5.2%

15/03/44 USD7,587,000 7,331,967 0.2

Prudential Fin VRN

5.625% 15/06/43 USD6,156,000 6,351,261 0.2

Prudential Fin VRN

5.875% 15/09/42 USD6,365,000 6,661,127 0.2

Pulte Group 5.5%

01/03/26 USD709,000 730,191 0.0

QEP Resources 5.25%

01/05/23 USD1,007,000 907,181 0.0



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US$US$US$US$

% of% of% of% of

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QEP Resources 5.375%

01/10/22 USD2,250,000 2,046,094 0.1

QEP Resources 6.875%

01/03/21 USD275,000 256,056 0.0

Qorvo Inc 6.75% 01/12/23-

144A USD870,000 919,971 0.0

Quad Graphics 7%

01/05/22 USD700,000 601,417 0.0

Qualcomm Inc 4.8%

20/05/45 USD4,990,000 5,002,974 0.1

Quapaw Downstream

10.5% 1/7/19-144A USD852,000 836,025 0.0

Quicken Loans 5.75%

01/05/25-144A USD1,689,000 1,678,796 0.0

Quintiles Tran 4.875%

15/05/23-144A USD245,000 255,670 0.0

Qwest Capital Fdg 6.875%

15/07/28 USD196,000 167,702 0.0

Qwest Capital Fdg 7.75%

15/02/31 USD1,683,000 1,457,741 0.0

Qwest Corp 7.25%

15/09/25 USD210,000 226,225 0.0

Radian Group 7% 15/03/21 USD473,000 491,079 0.0

Radio Systems 8.375%

01/11/19-144A USD1,885,000 2,021,466 0.1

Rain CII Carbon 8%

01/12/18-144A USD1,002,000 863,390 0.0

Rain CII Carbon 8.25%

15/01/21-144A USD400,000 291,058 0.0

Range Resources 4.875%

15/5/25-144A USD1,900,000 1,678,749 0.0

Range Resources 5%

15/03/23 USD277,000 238,182 0.0

RCN Telecom/Cap 8.5%

15/08/20-144A USD837,000 846,288 0.0

Realogy Group 5.25%

01/12/21-144A USD400,000 419,000 0.0

Regal Entertainment

5.75% 01/02/25 USD1,354,000 1,365,283 0.0

Regal Entertainment

5.75% 15/03/22 USD3,319,000 3,435,880 0.1

Regency Energy/Fin 4.5%

01/11/23 USD333,000 300,942 0.0

Regency Energy/Fin 5%

01/10/22 USD360,000 348,685 0.0


15/04/23 USD2,090,000 1,934,324 0.1

Regency Energy/Fin

5.875% 01/03/22 USD739,000 726,239 0.0


15/07/21 USD1,370,000 1,387,266 0.0

Reliance Hldgs USA 5.4%

02/22-RegS USD1,160,000 1,300,186 0.0

Revlon Consumer 5.75%

15/02/21 USD688,000 713,805 0.0

Reynolds American 5.85%

12/08/45 USD4,740,000 5,846,683 0.1

Reynolds Grp 5.75%

15/10/20 USD6,906,000 7,318,969 0.2

(Continued)


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US$US$US$US$

% of% of% of% of

netnetnetnet


Reynolds Grp 6.875%

15/02/21 USD900,000 940,658 0.0

Reynolds Grp 7.125%

15/04/19 USD406,000 427,539 0.0

Reynolds Grp 8.25%

15/02/21 USD1,200,000 1,239,925 0.0

Reynolds Grp 9.875%

15/08/19 USD2,761,000 2,893,231 0.1

Reynolds Grp Iss 9%

15/04/19 USD3,859,000 4,057,198 0.1

RHP Hotel Prop/Fin 5%

15/04/21 USD1,450,000 1,519,882 0.0

RHP Hotel Prop/Fin 5%

15/04/23 USD1,802,000 1,888,846 0.1

Rice Energy 7.25%

01/05/23 USD540,000 491,513 0.0

Rite Aid 6.125% 01/04/23-

144A USD3,617,000 3,879,986 0.1

Rite Aid 6.75% 15/06/21 USD1,380,000 1,488,761 0.0

Riverbed Tech 8.875%

01/03/23-144A USD2,225,000 2,231,428 0.1

Rivers Pittsburgh 9.5%

15/6/19-144A USD500,000 529,118 0.0

Rivers Pittsburgh 9.5%

15/6/19-RegS USD61,000 64,095 0.0

RJS Power Stp Cpn

4.625% 7/19-144A USD469,000 411,497 0.0

Rockies Express 6%

15/01/19-144A USD1,400,000 1,382,967 0.0

Rockies Express 6.85%

15/07/18-144A USD750,000 760,989 0.0

Rock-Tenn Co 4.9%

01/03/22 USD30,000 32,386 0.0

Rose Rock Mid 5.625%

15/11/23-144A USD591 397 0.0

Rose Rock Midstream

5.625% 15/07/22 USD352,000 240,075 0.0

Rose Rock Midstream

5.625% 15/11/23 USD521,000 349,803 0.0

RR Donnelley 7% 15/02/22 USD490,000 456,503 0.0

RR Donnelley 7.625%

15/06/20 USD187,000 192,459 0.0

RSI Home Prods 6.5%

15/03/23-144A USD2,375,000 2,498,071 0.1

RSP Permian 6.625%

01/10/22 USD1,028,000 1,051,773 0.0

Ruby Tuesday 7.625%

15/05/20 USD175,000 175,703 0.0

Sabine Oil & Gas 9.75%

15/02/17 USD114,000 3,990 0.0

Sabine Pass 5.625%

01/03/25 USD2,218,000 2,129,280 0.1

Sabine Pass 5.625%

15/04/23 USD4,990,000 4,860,229 0.1

Sabine Pass 5.75%

15/05/24 USD575,000 561,707 0.0

Sabine Pass 6.25%

15/03/22 USD823,000 806,911 0.0

Sabre Global 5.25%

15/11/23-144A USD1,250,000 1,296,380 0.0



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US$US$US$US$

% of% of% of% of

netnetnetnet



Sabre Global 5.375%

15/04/23-144A USD3,077,000 3,236,339 0.1

Safeway Inc 5% 15/08/19 USD40,000 38,971 0.0

Sally Hldgs/Cap 5.5%

01/11/23 USD325,000 349,510 0.0


01/12/25 USD1,893,000 2,046,510 0.1


01/06/22 USD867,000 929,135 0.0

Sanchez Energy 6.125%

15/01/23 USD1,000,000 568,051 0.0

SBA Communs 4.875%

15/07/22 USD821,000 839,823 0.0

SBA Telecom 5.75%

15/07/20 USD1,501,000 1,573,871 0.0

Scientific Games Intl 10%

01/12/22 USD1,530,000 1,280,156 0.0

Scotts Miracle-Gro 6%

15/10/23-144A USD1,966,000 2,131,767 0.1

Sealed Air 4.875%

01/12/22-144A USD215,000 227,621 0.0

Sealed Air 5.125%

01/12/24-144A USD1,415,000 1,501,645 0.0

Sealed Air 5.25%

01/04/23-144A USD392,000 424,340 0.0

Sealed Air 5.5% 15/09/25-

144A USD800,000 845,078 0.0

Sealed Air 6.5% 01/12/20-

144A USD535,000 614,804 0.0

Semgroup Corp 7.5%

15/06/21 USD1,875,000 1,541,797 0.0

Seminole Hard 5.875%

15/05/21-144A USD1,679,000 1,724,933 0.1

Serta Simmons 8.125%

01/10/20-144A USD5,925,000 6,387,891 0.2

Serta Simmons 8.125%

01/10/20-RegS USD216,000 232,875 0.0

Service Corp 5.375%

15/01/22 USD2,245,000 2,374,641 0.1

Service Corp 5.375%

15/05/24 USD1,625,000 1,757,689 0.1

Service Corp 7.5%

01/04/27 USD200,000 236,000 0.0

Service Corp 7.625%

01/10/18 USD100,000 116,563 0.0

Service Corp 8% 15/11/21 USD960,000 1,154,827 0.0

SESI LLC 7.125% 15/12/21 USD500,000 388,089 0.0

SGMS Escrow 7%

01/01/22-144A USD856,000 888,100 0.0

Shearers Foods/Chip 9%

1/11/19-144A USD993,000 1,079,888 0.0

Shingle Springs 9.75%

01/09/21-144A USD1,149,000 1,268,113 0.0

Signode Ind 6.375%

01/05/22-144A USD565,000 529,158 0.0

Sinclair TV 5.375%

01/04/21 USD2,450,000 2,569,989 0.1

Sinclair TV 5.625%

01/08/24-144A USD3,064,000 3,138,685 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Sinclair TV 6.125%

01/10/22 USD2,252,000 2,439,198 0.1

Sirius XM Radio 4.625%

15/5/23-144A USD965,000 971,128 0.0

Sirius XM Radio 5.75%

01/08/21-144A USD1,970,000 2,084,917 0.1

Sirius XM Radio 6%

15/07/24-144A USD3,835,000 4,071,172 0.1

Sirius XM Radio5.375%

15/04/25-144A USD3,715,000 3,867,999 0.1

Six Flags Ent 5.25%

15/01/21-144A USD1,710,000 1,776,227 0.1

SM Energy 5% 15/01/24 USD920,000 642,339 0.0

SM Energy 5.625%

01/06/25 USD2,395,000 1,685,481 0.0

SM Energy 6.5% 01/01/23 USD1,625,000 1,188,281 0.0

SM Energy 6.5% 15/11/21 USD118,000 89,944 0.0

Smithfield Foods 5.25%

1/8/18-144A USD2,214,000 2,269,350 0.1


1/8/21-144A USD2,582,000 2,707,335 0.1


01/07/17 USD379,000 410,504 0.0

Solera LLC/Fin 10.5%

1/3/24-144A USD1,090,000 1,093,061 0.0

Southern Copper 5.875%

23/04/45 USD2,000,000 1,816,896 0.1

Southern Power 5.15%

15/09/41 USD450,000 448,573 0.0

Southern Power 5.25%

15/07/43 USD514,000 526,484 0.0

Spectrum Brands 5.75%

15/07/25 USD1,098,000 1,180,129 0.0


15/12/24 USD589,000 639,480 0.0


15/11/20 USD325,000 350,890 0.0


15/11/22 USD3,082,000 3,389,928 0.1

Speedway Motor 5.125%

01/02/23 USD525,000 541,297 0.0

Sprint Capital 6.875%

15/11/28 USD1,323,000 1,006,887 0.0

Sprint Capital 8.75%

15/03/32 USD6,818,000 5,251,850 0.1

Sprint Commun 11.5%

15/11/21 USD510,000 473,670 0.0

Sprint Commun 6%

01/12/16 USD909,000 930,807 0.0

Sprint Commun 6%

15/11/22 USD1,675,000 1,269,371 0.0

Sprint Commun 7%

01/03/20-144A USD3,240,000 3,260,160 0.1

Sprint Commun 7%

01/03/20-RegS USD450,000 453,925 0.0

Sprint Commun 7%

15/08/20 USD2,055,000 1,658,301 0.0

Sprint Commun 8.375%

15/08/17 USD1,000,000 1,009,184 0.0



- 214 -




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US$US$US$US$

% of% of% of% of

netnetnetnet



Sprint Commun 9%

15/11/18-144A USD5,750,000 6,245,880 0.2

Sprint Commun 9%

15/11/18-RegS USD215,000 232,845 0.0

Sprint Commun 9.125%

01/03/17 USD850,000 875,212 0.0

Sprint Corp 7.125%

15/06/24 USD801,000 614,709 0.0

Sprint Corp 7.25%

15/09/21 USD5,870,000 4,591,359 0.1

Sprint Corp 7.625%

15/02/25 USD10,810,000 8,147,550 0.2

Sprint Corp 7.875%

15/09/23 USD11,873,000 9,126,998 0.2

SS&C Tech 5.875%

15/07/23-144A USD480,000 504,032 0.0

Standard Ind 5.125%

15/02/21-144A USD361,000 371,127 0.0

Standard Ind

5.375%11/24-144A USD1,157,000 1,209,591 0.0

Standard Ind 5.5%

15/02/23-144A USD604,000 618,924 0.0

Standard Ind 6%

15/10/25-144A USD990,000 1,074,893 0.0

State Street NoF VRN

5.25% 15/09/20 USD3,150,000 3,173,559 0.1

Station Casinos 7.5%

01/03/21 USD1,585,000 1,690,667 0.1

Steel Dynamics 5.125%

01/10/21 USD1,561,000 1,627,616 0.0


15/04/23 USD15,000 15,496 0.0

Steel Dynamics 5.5%

01/10/24 USD879,000 917,456 0.0


15/08/22 USD784,000 812,085 0.0

Sterigenics-Nord 6.5%

15/05/23-144A USD750,000 772,302 0.0

Stone Energy 7.5%

15/11/22 USD792,000 240,405 0.0

Stryker Corp 4.625%

15/03/46 USD930,000 994,939 0.0

Summit Materials 6.125%

07/23 USD2,707,000 2,613,881 0.1

Summit Mid Hldgs 5.5%

15/08/22 USD265,000 190,053 0.0

Summit Mid Hldgs 7.5%

01/07/21 USD600,000 479,250 0.0

Sunoco Logistics 5.3%

01/04/44 USD1,780,000 1,512,149 0.0

Sunoco Logistics 5.35%

15/05/45 USD1,525,000 1,305,430 0.0

Sunoco LP/Fin 6.375%

01/04/23-144A USD1,130,000 1,166,019 0.0

Suntrust Banks VRN

5.625% Perp USD4,740,000 4,770,188 0.1

Supervalu Inc 7.75%

15/11/22 USD3,210,000 2,839,223 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Sysco Corp 4.5%

01/04/46 USD2,025,000 2,083,725 0.1

Talen Energy Supply 6.5%

01/06/25 USD1,150,000 990,917 0.0

Targa Res 4.25% 15/11/23-

144A USD2,350,000 2,106,008 0.1

Targa Res 5.25%

01/05/23-144A USD425,000 403,909 0.0

Targa Res 6.75%

15/03/24-144A USD1,000,000 978,188 0.0

Targa Res 6.875%

01/02/21 USD75,000 74,781 0.0

Taylor Morr/Mon 5.625%

01/03/24-144 USD75,000 71,813 0.0

Taylor Morr/Mon 5.875%

15/4/23-144A USD747,000 752,418 0.0

Teamhealth Inc 7.25%

15/12/23-144A USD805,000 886,288 0.0

Tegna Inc 4.875%

15/09/21-144A USD885,000 925,756 0.0

Tegna Inc 5.5% 15/09/24-

144A USD880,000 927,019 0.0

Tegna Inc 6.375%

15/10/23-144A USD2,913,000 3,239,614 0.1

Teleflex Inc 5.25%

15/06/24 USD525,000 546,317 0.0

Tempur Sealy 5.625%

15/10/23-144A USD1,819,000 1,933,733 0.1

Tempur Sealy Intl 6.875%

15/12/20 USD1,575,000 1,691,840 0.1

Tenet Healthcare 4.375%

01/10/21 USD1,374,000 1,384,700 0.0


01/04/21-144A USD1,375,000 1,420,141 0.0


1/6/20-144A USD1,960,000 2,033,546 0.1

Tenet Healthcare 5%

01/03/19 USD610,000 603,866 0.0


01/03/19 USD1,000,000 998,589 0.0

Tenet Healthcare 6%

01/10/20-144A USD5,596,000 6,176,585 0.2


01/11/18 USD150,000 164,024 0.0


01/02/20 USD2,150,000 2,168,168 0.1


15/06/23 USD4,620,000 4,550,989 0.1

Tenet Healthcare 8%

01/08/20 USD2,723,000 2,846,034 0.1


01/04/22 USD6,225,000 6,680,203 0.2

Tenneco Inc 5.375%

15/12/24 USD279,000 294,617 0.0

Terex Corp 6% 15/05/21 USD4,025,000 4,023,685 0.1

Terex Corp 6.5% 01/04/20 USD650,000 648,375 0.0

Terraform Global 9.75%

15/8/22-144A USD616,000 469,841 0.0

Terraform Power 5.875%

1/2/23-144A USD767,000 636,450 0.0



- 215 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Terraform Power 6.125%

15/6/25-144A USD555,000 448,554 0.0

Tesoro Corp 5.125%

01/04/24 USD332,000 333,652 0.0

Tesoro Corp 5.375%

01/10/22 USD112,000 114,170 0.0

Tesoro Logist/Fin 5.5%

10/19-144A USD469,000 477,449 0.0


01/10/20 USD1,747,000 1,785,216 0.1


15/10/21 USD2,675,000 2,744,318 0.1


10/22-144A USD2,125,000 2,173,223 0.1

Texas Competitive

11.5%1/10/20-144A USD12,173,000 3,651,900 0.1

TI Grp Automotiv 8.75%

07/23-144A USD1,550,000 1,482,134 0.0

Time Inc 5.75% 15/04/22-

144A USD1,900,000 1,736,930 0.1

Time Warner 4.85%

15/07/45 USD4,075,000 4,240,989 0.1

Time Warner Cable 7.3%

01/07/38 USD1,140,000 1,377,302 0.0

T-Mobile USA 6%

15/04/24 USD343,000 348,574 0.0

T-Mobile USA 6.125%

15/01/22 USD1,879,000 1,976,521 0.1

T-Mobile USA 6.25%

01/04/21 USD1,990,000 2,137,777 0.1

T-Mobile USA 6.5%

15/01/24 USD370,000 390,869 0.0

T-Mobile USA 6.5%

15/01/26 USD3,797,000 3,962,939 0.1

T-Mobile USA 6.625%

01/04/23 USD1,920,000 2,092,502 0.1

T-Mobile USA 6.625%

15/11/20 USD1,021,000 1,079,924 0.0

T-Mobile USA 6.633%

28/04/21 USD3,003,000 3,181,054 0.1

T-Mobile USA 6.731%

28/04/22 USD7,559,000 8,006,993 0.2

T-Mobile USA 6.836%

28/04/23 USD1,677,000 1,786,865 0.1

T-Mobile USA Inc 6%

01/03/23 USD1,133,000 1,170,200 0.0

T-Mobile USA Inc 6.375%

01/03/25 USD483,000 502,038 0.0

Toll Brothers Fin 4.875%

15/11/25 USD768,000 776,581 0.0

Toll Brothers Fin 5.625%

15/01/24 USD490,000 513,045 0.0

Tops Hldg/Mkts II 8%

15/06/22-144A USD505,000 481,658 0.0

Transcontinental Gas

7.85%2/26-144A USD800,000 935,244 0.0

Transdigm 6% 15/07/22 USD1,792,000 1,797,077 0.1

Transdigm Inc 5.5%

15/10/20 USD620,000 639,756 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Transdigm Inc 6.5%

15/05/25 USD1,570,000 1,583,245 0.0

Transdigm Inc 6.5%

15/07/24 USD1,013,000 1,025,179 0.0

Treehouse Foods 4.875%

15/03/22 USD250,000 259,076 0.0

Treehouse Foods 6%

15/02/24-144A USD630,000 672,021 0.0

Triumph Group 4.875%

01/04/21 USD1,115,000 1,036,253 0.0

Triumph Group 5.25%

01/06/22 USD1,435,000 1,316,613 0.0

Tronox Fin 6.375%

15/08/20 USD413,000 325,835 0.0

Tronox Finance 7.5%

15/03/22-144A USD1,470,000 1,115,056 0.0

Tutor Perini 7.625%

01/11/18 USD1,617,000 1,648,161 0.0

UAL 2007 Pass Trust

6.636% 02/07/22 USD1,275,000 803,729 0.0

UCI Intl 8.625% 15/02/19 USD1,100,000 159,500 0.0

Unifrax I/Hldgs 7.5%

15/02/19-144A USD750,000 464,844 0.0

Unit Corp 6.625%

15/05/21 USD1,669,000 876,579 0.0

United Rentals NA 5.75%

15/11/24 USD695,000 717,158 0.0


15/06/23 USD4,895,000 5,155,438 0.1


15/05/20 USD530,000 568,725 0.0


15/04/22 USD4,493,000 4,974,859 0.1


01/02/21 USD1,035,000 1,098,394 0.0

Univar USA Inc 6.75%

15/07/23-144A USD765,000 761,701 0.0

Universal Health3.75%

01/08/19-144A USD150,000 155,438 0.0

Universal Health4.75%

01/08/22-144A USD219,000 223,756 0.0

Univision Com 5.125%

15/02/25-144A USD370,000 366,926 0.0

Univision Comm 5.125%

15/05/23-144A USD2,500,000 2,530,009 0.1


15/09/22-144A USD4,564,000 4,840,978 0.1


15/09/22-RegS USD228,000 241,837 0.0

Univision Comm 8.5%

15/05/21-144A USD850,000 895,558 0.0

Univision Comm 8.5%

15/05/21-RegS USD25,000 26,277 0.0

US Airways 2013-1B

5.375% 15/11/21 USD1,778,000 1,739,271 0.1

US Bancorp VRN 5.125%

Perp USD4,170,000 4,267,836 0.1

US Concrete 8.5%

01/12/18 USD679,000 722,003 0.0



- 216 -




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US$US$US$US$

% of% of% of% of

netnetnetnet


United United United United StatesStatesStatesStates (Continued)

US Treasury N/B 0.5%

31/01/17 USD3,755,000 3,755,946 0.1

US Treasury N/B 0.5%

31/01/17* USD5,415,000 5,416,365 0.1

Valeant Pharm 6.75%

15/08/21-144A USD3,585,000 2,971,293 0.1

Valeant Pharm 7%

01/10/20-144A USD1,850,000 1,618,750 0.0

Valeant Pharm 7%

01/10/20-RegS USD800,000 700,000 0.0

Valeant Pharm 7.25%

15/07/22-144A USD3,775,000 3,116,289 0.1

Verisign Inc 4.625%

01/05/23 USD600,000 622,531 0.0

Verisign Inc 5.25%

01/04/25 USD203,000 210,602 0.0

Verizon Commun 4.522%

15/09/48 USD3,885,000 3,891,936 0.1

Verizon Commun 4.862%

21/08/46 USD4,075,000 4,334,770 0.1

Viacom Inc 4.375%

15/03/43 USD375,000 290,736 0.0

Viking Cruises 6.25%

15/05/25-144A USD200,000 164,757 0.0

Vista Outdoor 5.875%

01/10/23-144A USD500,000 540,099 0.0

Voya Financial VRN 5.65%

15/05/53 USD7,245,000 6,938,909 0.2

VPI Escrow 6.375%

15/10/20-144A USD1,960,000 1,674,963 0.0

VPI Escrow 6.375%

15/10/20-RegS USD38,000 32,284 0.0

Vulcan Materials 4.5%

01/04/25 USD1,152,000 1,215,360 0.0

Vulcan Materials 7.5%

15/06/21 USD1,155,000 1,397,309 0.0

W&T Offshore 8.5%

15/06/19 USD668,000 97,036 0.0

Wachovia Cap Trust FRN

Perp USD4,500,000 4,462,561 0.1

Walgreens Boots Alliance

4.8% 11/44 USD3,135,000 3,200,954 0.1

WCI Communities 6.875%

15/08/21 USD232,000 232,342 0.0

Wells Enterprises 6.75%

02/20-144A USD258,000 267,998 0.0

Wells Fargo VRN 5.875%

31/12/49 USD6,603,000 7,157,400 0.2


Perp-Ser S USD8,526,000 8,803,403 0.2


Perp-Ser K USD5,070,000 5,287,495 0.1

West Corp 5.375%

15/07/22-144A USD1,055,000 982,729 0.0

Western Digital 10.5%

01/04/24-144A USD5,341,000 5,361,029 0.1

Western Digital 7.375%

01/4/23-144A USD2,363,000 2,413,214 0.1

Western Refin/WNRL

Fin7.5% 15/02/23 USD536,000 482,288 0.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Western Refining 6.25%

01/04/21 USD434,000 399,823 0.0

Whiting Petroleum 5%

15/03/19 USD1,411,000 976,922 0.0

Whiting Petroleum 5.75%

15/03/21 USD1,200,000 806,058 0.0

Whiting Petroleum 6.25%

01/04/23 USD2,300,000 1,618,625 0.0

Williams Partners 4.875%

15/05/23 USD500,000 444,276 0.0

Williams Partners 5.1%

15/09/45 USD1,255,000 909,760 0.0

Windstream Hldgs 6.375%

01/08/23 USD500,000 365,698 0.0


01/04/23 USD2,001,000 1,590,795 0.0


01/06/22 USD1,501,000 1,208,305 0.0


01/10/21 USD7,541,000 6,419,276 0.2

Wise Metals Grp 8.75%

15/12/18-144A USD365,000 331,605 0.0

WMG Acquisition 5.625%

15/4/22-144A USD1,500,000 1,576,641 0.0

WMG Acquisition 6%

15/01/21-144A USD2,090,000 2,163,742 0.1

WMG Acquisition 6.75%

15/04/22-144A USD1,309,000 1,340,171 0.0

WPX Energy 5.25%

15/09/24 USD1,473,000 1,020,022 0.0

WPX Energy 6% 15/01/22 USD3,413,000 2,543,823 0.1

WR Grace & Co-Conn

5.625%10/24-144A USD167,000 180,882 0.0

Wynn Las Vegas 5.375%

15/03/22 USD175,000 177,523 0.0

Wynn Las Vegas/Cap 5.5%

1/3/25-144A USD5,369,000 5,032,841 0.1

XPO Logistics 6.5%

15/06/22-144A USD2,480,000 2,472,112 0.1

Yum Brands 3.75%

01/11/21 USD1,050,000 1,008,656 0.0

Yum! Brands 3.875%

01/11/20 USD520,000 525,307 0.0

Zayo Group L No144a

6.375% 15/05/25 USD605,000 606,126 0.0

Zayo Group LLC/Zayo Cap

6% 01/04/23 USD5,310,000 5,472,592 0.1

Zayo Group/Cap 10.125%

01/07/20 USD259,000 284,010 0.0

Zebra Technologies 7.25%

10/22-144A USD5,521,000 6,217,374 0.2

ZF North Amer 4%

29/04/20-144A USD937,000 971,913 0.0

ZF North Amer 4.5%

29/04/22-144A USD4,860,000 5,050,148 0.1

ZF North Amer 4.75%

29/04/25-144A USD3,395,000 3,459,293 0.1



- 217 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


UruguayUruguayUruguayUruguay (0.1%)

Rep of Uruguay 8%

18/11/22 USD860,000 1,101,641 0.0

Rep Orient Uruguay 5.1%

18/06/50 USD1,690,000 1,597,106 0.1

Rep Orient Uruguay

7.625% 21/03/36 USD680,000 873,718 0.0

VenezuelaVenezuelaVenezuelaVenezuela (0.2%)

Petroleos de Venez

5.375% 4/27-RegS USD3,550,000 1,208,462 0.0

Petroleos de Venez 6%

15/11/26-RegS USD5,551,433 1,853,253 0.0

Rep of Venezuela 7.65%

21/04/25 USD7,630,000 2,807,554 0.1

Rep of Venezuela 9%

07/05/23-RegS USD6,440,000 2,518,362 0.1

Rep of Venezuela7.75%

13/10/19-RegS USD2,000,000 833,764 0.0


Star Energy 6.125%

27/03/20-RegS USD670,000 677,156 0.0

ZambiaZambiaZambiaZambia (0.0%)

Rep of Zambia 8.5%

14/04/24-RegS USD1,110,000 970,103 0.0

Rep of Zambia 8.97%

30/07/27-RegS USD700,000 581,314 0.0

2,422,784,032 54.6

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




FuturesFuturesFuturesFutures (0.0%)

Euro Stoxx 50 (EUX) Fut

06/16 (395) 388,074 0.0

FTSE 100 Idx (LIF) Fut

06/16 26 3,507 0.0


06/16 (5,378) (336,125) (0.0)

81,304,833 1.8

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






*Security pledged as collateral with broker for derivative contracts





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015


Equities and ConvertiblesEquities and ConvertiblesEquities and ConvertiblesEquities and Convertibles



France 2.7 3.2

Germany 2.3 2.0

Japan 1.9 2.6

Netherlands 1.7 1.2

Australia 1.1 1.3

Finland 1.1 0.8

Switzerland 1.0 2.0

Spain 0.9 0.9

Italy 0.8 0.9

Taiwan 0.8 0.9

Denmark 0.5 0.7


Norway 0.4 0.5

Belgium 0.4 0.2

Hong Kong 0.3 0.3

China 0.3 0.4

Sweden 0.3 0.8

Brazil 0.3 0.2

Russia 0.2 0.3

Canada 0.2 0.7

Korea 0.2 0.2

Portugal 0.2 0.2

Ireland 0.1 0.0

India 0.1 0.1

Mexico 0.1 0.1

Czech Republic 0.1 -

United Arab Emirates 0.1 0.1

Singapore 0.1 0.1

Turkey 0.1 0.1

Chile 0.1 0.1


Poland 0.1 0.1

Hungary 0.1 0.1

Thailand 0.1 0.1

Saudi Arabia 0.0 0.0

Israel 0.0 -

Indonesia 0.0 0.0

Austria 0.0 0.1

Malaysia 0.0 0.0

Bermuda 0.0 -




Luxembourg 1.8 1.6

Canada 1.5 1.5

Netherlands 0.8 0.6


Mexico 0.6 0.5

France 0.5 0.6

Indonesia 0.5 0.7



- 218 -

Statement of Movements inStatement of Movements inStatement of Movements inStatement of Movements in Portfolio HoldingsPortfolio HoldingsPortfolio HoldingsPortfolio Holdings (Continued)




31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

Hungary 0.5 0.7

Turkey 0.4 0.5

Ireland 0.4 0.3

Russia 0.4 0.6

Brazil 0.3 0.3

Morocco 0.3 0.4


Romania 0.2 0.3

Kazakhstan 0.2 0.4

Venezuela 0.2 0.3

Dominican Republic 0.2 0.3

Argentina 0.2 0.2

Switzerland 0.2 0.2

Sweden 0.2 0.2

Philippines 0.2 0.3

Lebanon 0.2 0.2

Croatia 0.2 0.3

Panama 0.2 0.1

Costa Rica 0.1 0.2

Peru 0.1 0.1

Bermuda 0.1 0.1

Pakistan 0.1 0.2

Jersey C.I. 0.1 0.1


Serbia 0.1 0.2

Ukraine 0.1 0.1

Colombia 0.1 0.1

Iraq 0.1 0.2

Belgium 0.1 0.1

Spain 0.1 0.4

Chile 0.1 0.1

Jamaica 0.1 0.1

El Salvador 0.1 0.1

Slovenia 0.1 0.2

Sri Lanka 0.1 0.2

Uruguay 0.1 0.1

Ghana 0.1 -

Israel 0.1 0.1

Australia 0.1 0.1

Germany 0.1 0.0

Belarus 0.1 0.0

Georgia 0.1 0.1

Honduras 0.1 0.1

Poland 0.1 0.1

Japan 0.1 0.0

United Arab Emirates 0.0 0.1

Ivory Coast 0.0 0.1

Angola 0.0 -

Zambia 0.0 0.1

Azerbaijan 0.0 0.1

Marshall Island 0.0 0.1

Kenya 0.0 0.0

Aruba 0.0 0.1

Ecuador 0.0 0.0

Ethiopia 0.0 0.0

Egypt 0.0 0.0

Finland 0.0 0.0


(Continued)



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015

Malaysia 0.0 -

Nigeria 0.0 0.0

Bahamas 0.0 0.0

Paraguay 0.0 -

Singapore 0.0 0.0

Liberia 0.0 0.0

Italy - 0.2

Bahrain - 0.1

Portugal - 0.1

Denmark - 0.0

Gabon - 0.0

Vietnam - 0.0



Futures 0.0 (0.0)








- 219 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 11,749,963 127,389,092

Short term deposits 122,164,009 -



Derivatives 111,194,164 42,811,866

Investments 4,260,098,747 3,954,753,802


receivable 7,298,377 3,650,853


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


Bank overdraft - 534

Margin deposits 934,007 2,284,634




Derivatives 29,889,331 19,636,184


Liabilities (excluding Liabilities (excluding Liabilities (excluding Liabilities (excluding net assets net assets net assets net assets



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

Net assets attributable toNet assets attributable toNet assets attributable toNet assets attributable to hhhholders olders olders olders




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





Dividend income 32,215,192 42,969,922



losses (640,527) (1,315,169)

Other income 949,272 655,020

223,461,011 (12,222,742)

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


Management fee 27,262,242 28,023,719


Trustee's fee 553,275 578,197








31,246,198 31,220,970

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

Net operating Net operating Net operating Net operating profit/(loss)profit/(loss)profit/(loss)profit/(loss) 192,214,813 (43,443,712)

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




(126,971,006) (131,874,412)

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


Taxation (7,575,924) (9,683,674)








- 220 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015


Net assets Net assets Net assets Net assets attributable to holders attributable to holders attributable to holders attributable to holders



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

Allotment of redeemable units 1,361,820,437 1,827,536,099

Redemption of redeemable units (1,071,862,897) (1,487,641,603)


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

4,378,663,955 4,669,209,640










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (1,412,304,653) (1,263,943,399)


investments and derivatives 1,236,745,320 968,783,842



(Increase)/Decrease in margin

deposits (1,350,627) 3,932




Tax paid (7,591,902) (9,959,194)


Others (383,902) (338,386)


operating activitiesoperating activitiesoperating activitiesoperating activities (186,316,176) (296,173,796)

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

Financing Financing Financing Financing activitiesactivitiesactivitiesactivities



redeemable units 1,381,586,110 1,841,167,435


redeemable units (1,062,304,029) (1,463,995,327)


Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing


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









Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash Analysis of balances of cash and cash equivalents:equivalents:equivalents:equivalents:

Cash at banks 11,749,963 17,049,339




133,913,972 92,808,896



- 221 -



JPMorgan Multi Income Fund (the "Fund") was established under a Trust Deed dated 24 June 2011, as amended, and is governed by the laws of


The investment objective of the Fund is to maximize the income return primarily through investing in a diversified portfolio of income

producing equities, bonds and other securities. In addition, the Fund aims to provide medium to long term moderate capital growth.

Pursuant to the Trust Deed, the Manager may decide to issue separate classes (each a "Class") whose assets will be commonly invested but

where a specific fee structure, currency or distribution policy may be applied. Each Class may have a different charging structure with the

result that the net asset value attributable to each Class may differ.






(b)(b)(b)(b) Investments and derivatInvestments and derivatInvestments and derivatInvestments and derivativesivesivesives

Classification












ownership.





value.













- 222 -






separately.






transactions.











statements.






31.3.2016

AUD Hedged Class

(mth)

CAD Hedged Class

(mth)

EUR Hedged Class

(mth)

GBP Hedged Class




A$ C$ EUR GBP HK$



units 1,008,948,801 480,677,898 84,075,332 182,918,600 6,110,664,805



units (per unit) 9.79 9.89 9.61 9.60 10.47



- 223 -

NZD Hedged Class

(mth)

SGD Hedged Class

(mth)

RMB Hedged Class

(acc)

RMB Hedged Class

(mth) USD Class (acc)



NZ$ S$ CNY CNY US$



units 275,608,424 75,045,477 27,647,378 3,169,777,303 94,268,859



units (per unit) 9.78 9.54 10.73 9.11 12.07

USD Class (mth)

Units


US$



units 1,305,577,609




30.9.2015

AUD Hedged Class

(mth)

CAD Hedged Class

(mth)

EUR Hedged Class

(mth)

GBP Hedged Class




A$ C$ EUR GBP HK$



units 1,019,737,239 460,195,315 83,423,060 148,112,664 5,365,871,669



units (per unit) 9.87 9.97 9.61 9.62 10.48



- 224 -

NZD Hedged Class

(mth)

SGD Hedged Class

(mth)

RMB Hedged Class

(acc)

RMB Hedged Class

(mth) USD Class (acc)



NZ$ S$ CNY CNY US$



units 288,132,882 81,377,211 40,333,198 3,291,011,862 98,160,759



units (per unit) 9.85 9.57 10.26 9.16 11.80

USD Class (mth)

Units


US$



units 1,156,430,138





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



190,865,365 (54,556,976)



- 225 -





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

Net operating profit/(loss) 192,214,813 (43,443,712)

Adjustments:

Net (gains)/losses on investments and derivatives (190,865,365) 54,556,976

Interest income included in net gains on investments and derivatives (at coupon rate) 74,124,158 64,905,323

Net foreign currency exchange losses 640,527 1,315,169



Taxation (7,575,924) (9,683,674)


Distribution of

A$0.0582 per unit on 105,111,943.032 units of AUD Hedged Class (mth) ex on 30 October

2015 and pay on 9 November 2015 (4,364,541)

C$0.0430 per unit on 46,986,929.086 units of CAD Hedged Class (mth) ex on 30 October


CNY0.0692 per unit on 369,774,387.163 units of RMB Hedged Class (mth) ex on 30 October 2015

and pay on 9 November 2015 (4,047,035)

EUR0.0346 per unit on 8,786,656.355 units of EUR Hedged Class (mth) ex on 30 October

2015 and pay on 9 November 2015 (335,834)

GBP0.0411 per unit on 15,944,562.026 units of GBP Hedged Class (mth) ex on 30 October


HK$0.0430 per unit on 534,834,664.151 units of HKD Class (mth) ex on 30 October 2015


NZ$0.0648 per unit on 29,104,372.717 units of NZD Hedged Class (mth) ex on 30 October


S$0.0478 per unit on 8,818,116.324 units of SGD Hedged Class (mth) ex on 30 October

2015 and pay on 9 November 2015 (300,968)

US$0.0430 per unit on 114,878,788.071 units of USD Class (mth) ex on 30 October 2015


(2015: A$0.0650 per unit on 116,132,113.364 units of AUD Hedged Class (mth) ex on 31 October

2014 and pay on 10 November 2014) (6,635,208)

(2015: C$0.0495 per unit on 38,759,118.931 units of CAD Hedged Class (mth) ex on 31 October


(2015: CNY0.0628 per unit on 234,155,219.180 units of RMB Hedged Class (mth) ex on 31 October


(2015: EUR0.0369 per unit on 8,509,581.134 units of EUR Hedged Class (mth) ex on 31 October

2014 and pay on 10 November 2014) (393,415)

(2015: GBP0.0419 per unit on 12,150,185.942 units of GBP Hedged Class (mth) ex on 31 October

2014 and pay on 10 November 2014) (814,472)

(2015: HK$0.0430 per unit on 536,364,063.716 units of HKD Class (mth) ex on 31 October 2014

and pay on 10 November 2014) (2,973,960)

(2015: NZ$0.0740 per unit on 38,416,556.300 units of NZD Hedged Class (mth) ex on 31 October


(2015: S$0.0397 per unit on 7,401,851.153 units of SGD Hedged Class (mth) ex on 31 October 2014

and pay on 10 November 2014) (228,591)

(2015: US$0.0430 per unit on 100,249,564.151 units of USD Class (mth) ex on 31 October 2014

and pay on 10 November 2014) (4,310,732)

A$0.0578 per unit on 105,095,619.880 units of AUD Hedged Class (mth) ex on 30

November 2015 and pay on 8 December 2015 (4,401,602)

C$0.0429 per unit on 48,098,371.566 units of CAD Hedged Class (mth) ex on 30 November

2015 and pay on 8 December 2015 (1,549,521)



- 226 -

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

CNY0.0650 per unit on 380,193,076.409 units of RMB Hedged Class (mth) ex on 30 November


EUR0.0349 per unit on 8,579,256.159 units of EUR Hedged Class (mth) ex on 30 November

2015 and pay on 8 December 2015 (316,228)

GBP0.0412 per unit on 16,590,991.063 units of GBP Hedged Class (mth) ex on 30 November


HK$0.0430 per unit on 559,636,593.208 units of HKD Class (mth) ex on 30 November


NZ$0.0639 per unit on 29,332,968.681 units of NZD Hedged Class (mth) ex on 30

November 2015 and pay on 8 December 2015 (1,235,121)

S$0.0491 per unit on 8,738,619.068 units of SGD Hedged Class (mth) ex on 30 November

2015 and pay on 8 December 2015 (304,529)

US$0.0430 per unit on 120,284,195.263 units of USD Class (mth) ex on 30 November


(2015: A$0.0646 per unit on 117,591,963.553 units of AUD Hedged Class (mth) ex on 28

November 2014 and pay on 8 December 2014) (6,483,562)

(2015: C$0.0487 per unit on 39,355,552.312 units of CAD Hedged Class (mth) ex on 28


(2015: CNY0.0652 per unit on 259,953,561.651 units of RMB Hedged Class (mth) ex on 28


(2015: EUR0.0368 per unit on 8,942,469.233 units of EUR Hedged Class (mth) ex on 28

November 2014 and pay on 8 December 2014) (410,251)

(2015: GBP0.0420 per unit on 13,050,488.119 units of GBP Hedged Class (mth) ex on 28

November 2014 and pay on 8 December 2014) (858,384)

(2015: HK$0.0430 per unit on 525,939,441.860 units of HKD Class (mth) ex on 28 November

2014 and pay on 8 December 2014) (2,916,234)

(2015: NZ$0.0734 per unit on 39,360,070.078 units of NZD Hedged Class (mth) ex on 28


(2015: S$0.0410 per unit on 7,274,034.626 units of SGD Hedged Class (mth) ex on 28 November

2014 and pay on 8 December 2014) (228,796)

(2015: US$0.0430 per unit on 101,412,767.520 units of USD Class (mth) ex on 28 November 2014

and pay on 8 December 2014) (4,360,749)

A$0.0570 per unit on 105,198,864.661 units of AUD Hedged Class (mth) ex on 31

December 2015 and pay on 11 January 2016 (4,362,634)

C$0.0409 per unit on 48,311,378.279 units of CAD Hedged Class (mth) ex on 31 December

2015 and pay on 11 January 2016 (1,422,457)

CNY0.0761 per unit on 379,573,185.110 units of RMB Hedged Class (mth) ex on 31 December


EUR0.0296 per unit on 8,274,323.702 units of EUR Hedged Class (mth) ex on 31 December

2015 and pay on 11 January 2016 (266,057)

GBP0.0379 per unit on 16,659,909.160 units of GBP Hedged Class (mth) ex on 31 December


HK$0.0430 per unit on 576,789,759.800 units of HKD Class (mth) ex on 31 December


NZ$0.0618 per unit on 28,856,781.623 units of NZD Hedged Class (mth) ex on 31

December 2015 and pay on 11 January 2016 (1,220,881)

S$0.0489 per unit on 8,457,343.557 units of SGD Hedged Class (mth) ex on 31 December


US$0.0430 per unit on 121,154,750.939 units of USD Class (mth) ex on 31 December


(2015: A$0.0653 per unit on 118,662,325.629 units of AUD Hedged Class (mth) ex on 31 December

2014 and pay on 9 January 2015) (6,341,107)

(2015: C$0.0486 per unit on 39,445,684.846 units of CAD Hedged Class (mth) ex on 31 December

2014 and pay on 9 January 2015) (1,655,135)


December 2014 and pay on 9 January 2015) (3,405,451)



- 227 -

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

(2015: EUR0.0369 per unit on 9,065,421.995 units of EUR Hedged Class (mth) ex on 31 December

2014 and pay on 9 January 2015) (404,779)

(2015: GBP0.0412 per unit on 13,364,061.279 units of GBP Hedged Class (mth) ex on 31

December 2014 and pay on 9 January 2015) (858,522)

(2015: HK$0.0430 per unit on 523,100,121.482 units of HKD Class (mth) ex on 31 December 2014

and pay on 9 January 2015) (2,900,547)

(2015: NZ$0.0752 per unit on 39,194,646.683 units of NZD Hedged Class (mth) ex on 31

December 2014 and pay on 9 January 2015) (2,303,717)

(2015: S$0.0456 per unit on 7,482,690.926 units of SGD Hedged Class (mth) ex on 31 December

2014 and pay on 9 January 2015) (257,498)

(2015: US$0.0430 per unit on 101,864,535.040 units of USD Class (mth) ex on 31 December 2014

and pay on 9 January 2015) (4,380,175)

A$0.0552 per unit on 108,447,265.551 units of AUD Hedged Class (mth) ex on 29 January

2016 and pay on 11 February 2016 (4,234,402)

C$0.0402 per unit on 49,887,678.774 units of CAD Hedged Class (mth) ex on 29 January


CNY0.0987 per unit on 357,900,199.326 units of RMB Hedged Class (mth) ex on 29 January


EUR0.0317 per unit on 8,740,308.350 units of EUR Hedged Class (mth) ex on 29 January

2016 and pay on 11 February 2016 (299,801)

GBP0.0387 per unit on 17,471,961.304 units of GBP Hedged Class (mth) ex on 29 January


HK$0.0430 per unit on 595,443,448.938 units of HKD Class (mth) ex on 29 January


NZ$0.0591 per unit on 29,312,962.892 units of NZD Hedged Class (mth) ex on 29 January


S$0.0490 per unit on 8,239,873.279 units of SGD Hedged Class (mth) ex on 29 January


US$0.0430 per unit on 124,816,623.828 units of USD Class (mth) ex on 29 January


(2015: A$0.0658 per unit on 114,331,268.745 units of AUD Hedged Class (mth) ex on 30 January

2015 and pay on 9 February 2015) (5,858,534)

(2015: C$0.0481 per unit on 40,839,238.430 units of CAD Hedged Class (mth) ex on 30 January



January 2015 and pay on 9 February 2015) (3,702,169)

(2015: EUR0.0358 per unit on 8,942,508.762 units of EUR Hedged Class (mth) ex on 30 January

2015 and pay on 9 February 2015) (361,264)

(2015: GBP0.0418 per unit on 14,075,790.702 units of GBP Hedged Class (mth) ex on 30 January


(2015: HK$0.0430 per unit on 516,645,572.597 units of HKD Class (mth) ex on 30 January 2015

and pay on 9 February 2015) (2,865,311)

(2015: NZ$0.0748 per unit on 40,193,056.295 units of NZD Hedged Class (mth) ex on 30 January


(2015: S$0.0453 per unit on 7,860,867.542 units of SGD Hedged Class (mth) ex on 30 January


(2015: US$0.0430 per unit on 102,609,875.466 units of USD Class (mth) ex on 30 January 2015

and pay on 9 February 2015) (4,412,225)

A$0.0544 per unit on 106,184,621.264 units of AUD Hedged Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (4,125,825)

C$0.0408 per unit on 50,152,135.768 units of CAD Hedged Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (1,510,562)

CNY0.0773 per unit on 351,178,010.591 units of RMB Hedged Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (4,143,298)

EUR0.0325 per unit on 8,600,004.929 units of EUR Hedged Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (303,691)



- 228 -

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

GBP0.0392 per unit on 18,309,266.838 units of GBP Hedged Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (1,000,219)

HK$0.0430 per unit on 589,740,262.177 units of HKD Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (3,261,104)

NZ$0.0583 per unit on 28,635,161.611 units of NZD Hedged Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (1,100,739)

S$0.0447 per unit on 8,038,643.579 units of SGD Hedged Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (255,467)

US$0.0430 per unit on 125,020,547.924 units of USD Class (mth) ex on 29 February

2016 and pay on 8 March 2016 (5,375,884)

(2015: A$0.0602 per unit on 112,035,589.039 units of AUD Hedged Class (mth) ex on 27 February

2015 and pay on 9 March 2015) (5,279,291)

(2015: C$0.0456 per unit on 41,280,421.077 units of CAD Hedged Class (mth) ex on 27 February

2015 and pay on 9 March 2015) (1,507,538)


February 2015 and pay on 9 March 2015) (4,319,631)

(2015: EUR0.0363 per unit on 9,235,507.058 units of EUR Hedged Class (mth) ex on 27 February

2015 and pay on 9 March 2015) (376,032)

(2015: GBP0.0414 per unit on 14,071,624.184 units of GBP Hedged Class (mth) ex on 27 February

2015 and pay on 9 March 2015) (900,296)

(2015: HK$0.0430 per unit on 509,073,879.208 units of HKD Class (mth) ex on 27 February 2015

and pay on 9 March 2015) (2,822,554)

(2015: NZ$0.0710 per unit on 35,321,643.475 units of NZD Hedged Class (mth) ex on 27 February

2015 and pay on 9 March 2015) (1,897,805)

(2015: S$0.0449 per unit on 7,886,422.427 units of SGD Hedged Class (mth) ex on 27 February

2015 and pay on 9 March 2015) (260,349)

(2015: US$0.0430 per unit on 103,942,577.916 units of USD Class (mth) ex on 27 February 2015

and pay on 9 March 2015) (4,469,531)

A$0.0552 per unit on 103,004,157.377 units of AUD Hedged Class (mth) ex on 31 March

2016 and pay on 11 April 2016 (4,373,824)

C$0.0408 per unit on 48,625,199.218 units of CAD Hedged Class (mth) ex on 31 March 2016

and pay on 11 April 2016 (1,533,811)

CNY0.0606 per unit on 347,754,607.399 units of RMB Hedged Class (mth) ex on 31 March

2016 and pay on 11 April 2016 (3,263,279)

EUR0.0303 per unit on 8,715,087.172 units of EUR Hedged Class (mth) ex on 31 March

2016 and pay on 11 April 2016 (300,918)

GBP0.0382 per unit on 19,064,570.607 units of GBP Hedged Class (mth) ex on 31 March

2016 and pay on 11 April 2016 (1,046,738)

HK$0.0430 per unit on 584,205,471.330 units of HKD Class (mth) ex on 31 March

2016 and pay on 11 April 2016 (3,238,661)

NZ$0.0588 per unit on 28,271,693.762 units of NZD Hedged Class (mth) ex on 31 March

2016 and pay on 11 April 2016 (1,154,187)

S$0.0441 per unit on 7,878,680.614 units of SGD Hedged Class (mth) ex on 31 March 2016

and pay on 11 April 2016 (258,020)

US$0.0430 per unit on 124,046,882.543 units of USD Class (mth) ex on 31 March

2016 and pay on 11 April 2016 (5,334,016)

(2015: A$0.0618 per unit on 110,336,396.659 units of AUD Hedged Class (mth) ex on 31 March

2015 and pay on 13 April 2015) (5,209,215)

(2015: C$0.0458 per unit on 41,898,731.454 units of CAD Hedged Class (mth) ex on 31 March

2015 and pay on 13 April 2015) (1,515,169)

(2015: CNY0.0779 per unit on 362,575,208.556 units of RMB Hedged Class (mth) ex on 31 March

2015 and pay on 13 April 2015) (4,551,544)

(2015: EUR0.0352 per unit on 9,308,204.631 units of EUR Hedged Class (mth) ex on 31 March

2015 and pay on 13 April 2015) (351,895)

(2015: GBP0.0415 per unit on 14,805,449.537 units of GBP Hedged Class (mth) ex on 31 March

2015 and pay on 13 April 2015) (912,116)



- 229 -











1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$

(2015: HK$0.0430 per unit on 497,332,951.544 units of HKD Class (mth) ex on 31 March 2015

and pay on 13 April 2015) (2,758,310)

(2015: NZ$0.0742 per unit on 32,710,730.327 units of NZD Hedged Class (mth) ex on 31 March

2015 and pay on 13 April 2015) (1,820,109)

(2015: S$0.0496 per unit on 8,057,313.841 units of SGD Hedged Class (mth) ex on 31 March 2015

and pay on 13 April 2015) (291,349)

(2015: US$0.0430 per unit on 102,420,636.221 units of USD Class (mth) ex on 31 March 2015

and pay on 13 April 2015) (4,404,087)


JPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUNDJPMORGAN PACIFIC SECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 230 -



























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





AMP Ltd-AU List 795,000 3,540,896 1.0

Aristocrat Leisure 531,000 4,207,259 1.2

Caltex Australia 215,000 5,626,525 1.7

Commonwealth Bank of

Australia 88,070 5,075,669 1.5

CSL Ltd 165,700 12,930,022 3.8

Macquarie Group 68,200 3,467,270 1.0

Oil Search 598,200 3,110,718 0.9

QBE Insurance Group 344,000 2,887,026 0.9

Westpac Banking 175,000 4,085,679 1.2



China Overseas Land &

Investment 514,000 1,626,844 0.5

China Taiping Insurance Hldgs 1,308,000 2,873,484 0.8

IMAX China Hldg 350,700 2,122,769 0.6

Ping An Insurance (Group) 'H' 1,646,000 7,872,907 2.3

Shenzhou Intl Grp 1,210,000 6,583,081 1.9


Group 1,426,000 4,007,813 1.2

Tencent Hldgs 867,400 17,713,565 5.2


AIA Group 2,887,200 16,359,391 4.8


(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




HDFC Bank 100,000 1,894,952 0.6

HDFC Bank ADR 146,000 8,997,980 2.6




ACE Hardware Indonesia 18,633,200 1,257,671 0.4







Alps Electric 98,100 1,712,462 0.5

Bandai Namco Hldgs 231,500 5,054,504 1.5

Casio Computer 183,000 3,697,611 1.1

Fuji Heavy Industries 93,100 3,292,606 1.0

FUJIFILM Hldgs 127,800 5,061,060 1.5

H I S Co 174,100 4,871,609 1.4

Hino Motors 500,600 5,420,439 1.6

Japan Exchange Group 300,000 4,601,628 1.3

Japan Tobacco 78,200 3,263,117 1.0

JX Hldgs 1,018,400 3,930,619 1.1

Keyence Corp 23,600 12,890,289 3.8

LIXIL Group 149,800 3,058,775 0.9

M3 Inc 103,000 2,595,276 0.8

Nippon Telegraph &

Telephone 152,700 6,586,499 1.9

Nitori Co 62,600 5,742,302 1.7

Nitto Denko 171,300 9,536,226 2.8

Ono Pharmaceutical 115,500 4,896,637 1.4

Orix Corp 1,030,300 14,717,262 4.3

Otsuka Corp 93,300 4,930,842 1.4

Ryohin Keikaku 55,200 11,688,776 3.4

Shimano Inc 10,500 1,647,938 0.5

Sony Corp 153,300 3,945,877 1.2

Tokyo Electron 95,500 6,233,267 1.8

Unicharm Corp 323,400 7,046,636 2.1

Yamaha Motor 238,500 3,972,348 1.2



Insurance 200,000 5,806,226 1.7



Shinhan Financial Group 41,800 1,480,325 0.4




Eclat Textile 464,011 6,105,787 1.8

Largan Precision 63,000 4,883,949 1.4


336,054,036 98.6



- 231 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (0.0%)


contracts contracts contracts contracts (0.0%) 2,135 0.0



Net Net Net Net assets attributable to holders of assets attributable to holders of assets attributable to holders of assets attributable to holders of







31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Japan 41.2 39.5

China 13.6 16.6

Australia 13.2 12.9

Taiwan 7.7 8.4

Hong Kong 7.1 7.9

Korea 5.4 6.2

India 4.9 7.0

Indonesia 4.5 0.9

Singapore 1.0 -


Forward foreign exchange contracts 0.0 -








- 232 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 3,950,747 983,566

Amounts due from brokers 339,994 -


Derivatives 2,135 -

Investments 336,054,036 325,532,337


receivable 1,708,891 1,325,706


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






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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015







gains/(losses) 132,900 (718,094)


25,724,184 28,957,794

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


Management fee 2,516,306 2,876,546










2,966,073 4,267,016

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





Taxation (214,805) (308,112)








- 233 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



of redeemable of redeemable of redeemable of redeemable units at the units at the units at the units at the


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




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

318,436,309 365,558,674





Net assets attributableNet assets attributableNet assets attributableNet assets attributable to holders to holders to holders to holders





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015


Operating Operating Operating Operating activitiesactivitiesactivitiesactivities


derivatives (87,585,496) (443,464,688)







Tax paid (240,846) (300,727)



Others (51,858) (812,436)



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









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




beginning of the period 983,566 (15,453,540)




the end of the periodthe end of the periodthe end of the periodthe end of the period 3,950,747 (14,476,359)


Cash at banks 3,950,747 557,536


unsecured - (15,033,895)

3,950,747 (14,476,359)

JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC JPMORGAN PACIFIC SECURITIES FUNDSECURITIES FUNDSECURITIES FUNDSECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 234 -



JPMorgan Pacific Securities Fund (the "Fund") was established under a Trust Deed dated 7 April 1978, as amended, and is governed by the


The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in the securities of

companies in the Asia-Pacific region, including Japan, Australia and New Zealand.










Classification












ownership.





value.













- 235 -











separately.






transactions.










Fund's Trust Deed dated 7 April 1978, as amended, which may be different from the accounting policies stated in the financial statements.

3333 Number of units in issNumber of units in issNumber of units in issNumber of units in issue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)

31.3.2016

USD Class (acc)

PRC RMB Hedged

Class (acc)

PRC USD

Class (acc)

Units Units Units

Number of units in issue: 1,320,318.813 132,506.960 200.000

US$ CNY US$



units 340,762,195 1,390,547 2,095



units (per unit) 258.09 10.49 10.48



- 236 -

30.9.2015

USD Class (acc)

Units


US$



units 327,547,255





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



22,990,234 26,634,396











JPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUNDJPMORGAN PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 237 -



distributing fund in respect of the period from 14 August
























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Computershare Ltd 22,520 169,424 0.2


58.com Inc ADR 11,546 642,535 0.8

AAC Technologies Hldgs 129,000 986,225 1.3


03/16) 29,000 175,536 0.2

JD.com Inc ADR 27,381 725,597 1.0

Jiangsu Changjiang Elect 'A'

(C1) 127,453 380,115 0.5

Kingsoft Corp 82,000 192,194 0.3

Lenovo Group 574,000 446,972 0.6

Netease Inc ADR 5,592 802,899 1.1

Q Technology (Group) Co 1,415,000 235,330 0.3

Semiconductor Mfg Intl 2,739,000 243,653 0.3

Tencent Hldgs 369,600 7,547,768 10.0

Universal Scientific Ind 'A' (C1) 153,700 236,813 0.3

Vipshop Hldgs ADR 21,594 278,131 0.4


ASM Pacific Technology 21,000 164,880 0.2


Aisan Technology 7,400 474,042 0.6

Alps Electric 19,500 340,398 0.5

Canon Inc 56,100 1,674,590 2.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


FUJIFILM Hldgs 40,700 1,611,777 2.1

Hamamatsu Photonics 13,400 370,186 0.5

Hirata Corp 15,000 367,276 0.5

Hitachi Ltd 306,000 1,433,690 1.9

Keyence Corp 4,120 2,250,339 3.0

Konica Minolta Hldgs 40,800 347,033 0.5

Kyocera Corp 30,500 1,345,153 1.8

Murata Mfg 19,400 2,342,257 3.1

NEC Corp 97,000 244,237 0.3

Nexon Co 24,400 416,599 0.6

Nintendo Co 8,200 1,167,312 1.5

Nissin Electric 21,700 237,089 0.3

Nomura Research Institute 9,240 311,576 0.4

NTT Data 9,800 492,638 0.7

Oracle Corp Japan 3,400 191,183 0.3

Renesas Electronics 50,500 325,299 0.4

Ricoh Co 64,600 658,673 0.9

Seiko Epson 25,200 407,612 0.5

Shimadzu Corp 23,000 361,182 0.5

Sony Corp 23,600 607,454 0.8

TDK Corp 11,800 656,168 0.9

Tokyo Electron 13,700 894,196 1.2

Toshiba Corp 158,000 307,861 0.4

Trend Micro 40,000 1,466,257 1.9

Yahoo Japan 123,400 525,901 0.7


LG Display 9,045 210,386 0.3

LG Electronics 3,520 189,605 0.3

LG Innotek Co 1,181 81,893 0.1

NAVER Corp 4,732 2,635,785 3.5

NCsoft Corp 4,990 1,106,125 1.5

Samsung Electro-Mechanics 4,432 227,878 0.3



Samsung SDS 1,175 179,805 0.2


Addcn Technology Co 31,200 252,051 0.3

Advanced Power Electronics 688,314 541,087 0.7

Advanced Semiconductor Eng 544,463 633,549 0.8

Catcher Technology 77,000 631,618 0.8

Chunghwa Precision Test Tech 39,000 788,870 1.1

Clevo Co 204,000 184,135 0.3

DFI Inc 475,000 727,613 1.0

Elan Microelectronics 81,000 96,896 0.1

Epistar Corp 349,000 252,121 0.3

Flexium Interconnect 125,000 322,365 0.4

GCS Hldgs 366,000 1,042,823 1.4

Glory Science 892,000 1,563,162 2.1

Hermes Microvision 3,000 85,757 0.1

Hon Hai Precision Ind 77,070 203,068 0.3

Kinsus Interconnect

Technology 97,000 215,495 0.3

Largan Precision 10,000 775,230 1.0

MediaTek Inc 162,348 1,245,959 1.7

Pegatron Corp 210,000 490,026 0.7

Phison Electronics 45,000 366,331 0.5

Realtek Semiconductor 252,000 692,953 0.9

Silergy Corp 19,000 259,166 0.3



- 238 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


TaiwanTaiwanTaiwanTaiwan (Continued)

Silicon Motion Tech ADR 16,393 636,212 0.9

Siliconware Precision 650,355 1,050,785 1.4

Swancor Ind Co 54,000 247,483 0.3


Taiwan Surface Mounting Tech 444,600 395,089 0.5

Tong Hsing Electronics Ind 33,000 95,255 0.1

UDE Corp 570,000 579,139 0.8

Vanguard Intl Semiconductor 298,000 465,741 0.6

Visual Photonics Epitaxy 87,000 150,028 0.2

Wistron Corp 258,000 159,526 0.2

Wistron NeWeb 869,686 2,329,323 3.1










31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Taiwan 33.4 32.0

Japan 29.0 32.1

China 17.1 13.2

Korea 14.5 17.9

Australia 0.2 0.2

Hong Kong 0.2 0.2








- 239 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 5,647,352 2,791,554



Investments 71,059,185 66,433,497


receivable 260,589 136,925


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






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




Statement of Statement of Statement of Statement of Comprehensive IncomeComprehensive IncomeComprehensive IncomeComprehensive Income


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015






Interest on deposits 368 4,515


losses (15,871) (212,120)

7,908,901 8,093,255

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












751,589 1,128,224

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



Interest paid - (5)


Taxation (58,195) (66,634)








- 240 -

Statement of Changes in Net Statement of Changes in Net Statement of Changes in Net Statement of Changes in Net Assets Attributable to Holders Assets Attributable to Holders Assets Attributable to Holders Assets Attributable to Holders



1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

68,168,774 83,793,221










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (26,366,501) (73,108,447)




Interest received 193 4,520



Tax paid (58,195) (76,135)



Others (71,093) (255,850)



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

Financing Financing Financing Financing activitiesactivitiesactivitiesactivities

Interest paid - (5)






financing activitiesfinancing activitiesfinancing activitiesfinancing activities 32,922 (10,847,338)

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










Cash at banks 5,647,352 1,164,987



- 241 -



JPMorgan Pacific Technology Fund (the "Fund") was established under a Trust Deed dated 14 August 1997, as amended, and is governed by


The investment objective of the Fund is to provide long-term capital growth through a portfolio consisting primarily of securities of technology

companies in the Pacific region, including Japan.










Classification












ownership.





value.













- 242 -

(c)(c)(c)(c) Securities borrSecurities borrSecurities borrSecurities borrowing owing owing owing





separately.






transactions.











statements.

3333 Number of unitNumber of unitNumber of unitNumber of units in issue and net assets attributable to holders of redeemable units (per unit)s in issue and net assets attributable to holders of redeemable units (per unit)s in issue and net assets attributable to holders of redeemable units (per unit)s in issue and net assets attributable to holders of redeemable units (per unit)

31.3.2016

USD Class (acc)

Units


US$



units 75,267,891






- 243 -

30.9.2015

USD Class (acc)

Units


US$



units 69,470,420





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



7,511,397 7,877,133









6666 DisDisDisDistributiontributiontributiontribution


JPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUNDJPMORGAN PHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 244 -



distributing fund in respect of the period from 30 June 1987

to 30 September 2010. The principal effect of this























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Bank of Philippine Islands 917,485 1,733,548 1.6

BDO Unibank 2,017,747 4,482,908 4.1

Security Bank 471,050 1,790,287 1.6

CommunicationsCommunicationsCommunicationsCommunications (9.0%)

Globe Telecom 110,515 5,328,338 4.8

Philippine Long Distance

Telephone 106,595 4,583,735 4.2

Diversified IndustrialsDiversified IndustrialsDiversified IndustrialsDiversified Industrials (1.4%)

Alliance Global Group 4,264,500 1,528,163 1.4

EnergyEnergyEnergyEnergy (3.2%)

Energy Development-PH List 27,742,400 3,542,737 3.2

Financial ServicesFinancial ServicesFinancial ServicesFinancial Services (6.9%)

GT Capital Hldgs 253,120 7,641,151 6.9

Food, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & Tobacco (17.6%)


Jollibee Food 1,686,200 8,312,898 7.6

Universal Robina 1,370,340 6,452,160 5.9

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Holding FirmsHolding FirmsHolding FirmsHolding Firms (24.7%)

Aboitiz Equity Ventures 2,346,090 3,311,887 3.0

Ayala Corp 620,410 10,105,494 9.2

JG Summit Hldgs 5,273,560 9,088,000 8.2

SM Investments 229,677 4,736,200 4.3

Investment TrustsInvestment TrustsInvestment TrustsInvestment Trusts (1.1%)

Metro Pacific Investments 9,834,200 1,253,703 1.1

Manufacturing, Distribution & TradingManufacturing, Distribution & TradingManufacturing, Distribution & TradingManufacturing, Distribution & Trading (1.6%)

Robinsons Retail Hldgs 1,087,530 1,747,795 1.6

OthersOthersOthersOthers (1.5%)

Puregold Price Club 2,022,400 1,598,770 1.5

Power & EnergyPower & EnergyPower & EnergyPower & Energy (4.0%)

Aboitiz Power 4,607,200 4,397,577 4.0

PropertyPropertyPropertyProperty (19.2%)

Ayala Land 11,447,660 8,763,818 8.0

Robinsons Land 5,856,600 3,548,684 3.2

SM Prime Hldgs 18,426,686 8,784,141 8.0

Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 107,294,346 97.5







- 245 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



PhilippinesPhilippinesPhilippinesPhilippines

Holding Firms 24.7 24.4

Property 19.2 20.9

Food, Beverages & Tobacco 17.6 15.2

Communications 9.0 8.9

Banks 7.3 11.1

Financial Services 6.9 5.9

Power & Energy 4.0 2.1

Energy 3.2 -

Manufacturing, Distribution & Trading 1.6 -

Others 1.5 -

Diversified Industrials 1.4 1.3

Investment Trusts 1.1 5.2

Construction & Related Products - 1.2

Mining - 1.0








- 246 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 2,024,728 3,278,443



Investments 107,294,346 98,521,733



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





Liabilities Liabilities Liabilities Liabilities (excluding net assets (excluding net assets (excluding net assets (excluding net assets



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





1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





Dividend income 837,636 1,102,448



(losses)/gains (2,797) 1,887

7,912,085 15,351,831

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












1,109,281 1,565,462

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


Taxation (125,645) (165,368)

IncreaseIncreaseIncreaseIncrease in net assets in net assets in net assets in net assets







- 247 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

103,393,273 152,869,314










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (34,746,440) (50,123,428)







Tax paid (125,645) (188,144)



Others (67,928) (83,863)



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








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


and cash and cash and cash and cash equivalentsequivalentsequivalentsequivalents (1,255,064) 574,811



Exchange gains on cash and cash

equivalents 1,349 9,940




Cash at banks 2,024,728 5,626,623

JPMORGAN JPMORGAN JPMORGAN JPMORGAN PHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUNDPHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 248 -



JPMorgan Philippine Fund (the "Fund") was established under a Trust Deed dated 29 July 1974, as amended, and is governed by the laws of


The investment objective of the Fund is to provide long-term capital growth through investment primarily in the securities of companies

based or operating in the Philippines.










Classification












ownership.





value.











- 249 -








separately.






transactions.










Fund's Trust Deed dated 29 July 1974, as amended, which may be different from the accounting policies stated in the financial

statements.






31.3.2016


Units Units


US$ US$



units 95,660,454 14,409,978






- 250 -

30.9.2015


Units Units


US$ US$



units 86,226,165 15,179,034





1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



7,075,124 14,242,167











JPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUNDJPMORGAN THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 251 -



distributing fund in respect of the period from 8 August
























FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





BankingBankingBankingBanking (15.3%)

Kasikornbank Public Co (F) 5,350,800 26,617,112 8.0


Siam Commercial Bank (F) 3,601,000 14,432,661 4.4

TMB Bank (F) 78,031,600 5,589,529 1.7

Building & Building & Building & Building & Furnishing MaterialsFurnishing MaterialsFurnishing MaterialsFurnishing Materials (8.3%)

Home Product Center (F) 30,706,300 7,200,880 2.2

Siam Cement (F) 1,000,100 13,304,343 4.0

Siam City Cement (F) 820,900 7,186,959 2.1

Chemicals & PlasticsChemicals & PlasticsChemicals & PlasticsChemicals & Plastics (9.8%)

IRPC Public Co (F) 122,732,600 17,617,954 5.3

PTT Global Chemical (F) 8,660,000 14,892,837 4.5

CommunicationsCommunicationsCommunicationsCommunications (5.9%)

Advanced Information (F) 1,871,600 9,682,524 2.9

Digital Telecom

Infrastructure Fd (F) 17,379,000 7,014,832 2.1

True Corp (F) 9,750,000 2,106,310 0.6

True Corp NVDR 3,950,000 853,326 0.3

EnergyEnergyEnergyEnergy (14.9%)

PTT Public Co (F) 3,965,300 31,560,090 9.5


Thai Oil (F) 1,931,800 3,802,648 1.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Entertainment & Entertainment & Entertainment & Entertainment & RecreationRecreationRecreationRecreation (3.1%)

Major Cineplex Group (F) 11,800,300 10,146,648 3.1

Finance & SecuritiesFinance & SecuritiesFinance & SecuritiesFinance & Securities (8.7%)

AEON Thana Sinsap

(Thailand) (F) 471,179 1,279,068 0.4

AEON Thana Sinsap

(Thailand) NVDR 596,921 1,620,408 0.5

Kiatnakin Bank (F) 6,971,900 8,323,474 2.5

Kiatnakin Bank NVDR 273,800 326,879 0.1

Srisawad Power 1979 (F) 7,396,858 8,883,378 2.7


TISCO Financial Group NVDR 4,917,200 6,359,653 1.9

Food & BeveragesFood & BeveragesFood & BeveragesFood & Beverages (6.2%)

CP ALL (F) 14,408,000 18,736,953 5.7

CP ALL NVDR 1,340,000 1,742,609 0.5

Health Care ServicesHealth Care ServicesHealth Care ServicesHealth Care Services (3.6%)

Bumrungrad Hospital (F) 741,400 4,467,789 1.3

Chularat Hospital (F) 99,962,400 7,615,100 2.3

Hotel & Travel ServicesHotel & Travel ServicesHotel & Travel ServicesHotel & Travel Services (4.8%)

Asia Aviation NVDR 14,867,800 2,451,201 0.7

Central Plaza Hotel (F) 2,998,600 3,643,836 1.1

Minor Intl (F) 9,338,400 9,821,512 3.0

Machinery & EquipmentMachinery & EquipmentMachinery & EquipmentMachinery & Equipment (0.8%)

Somboon Advance

Technology (F) 6,832,700 2,796,785 0.8

Property DevelopmentProperty DevelopmentProperty DevelopmentProperty Development (5.0%)

Sino Thai Engineering &

Construction (F) 16,533,800 10,668,484 3.2


Supalai Public Co NVDR 531,100 282,307 0.1

TransportationTransportationTransportationTransportation (9.5%)

Airports of Thailand (F) 2,223,200 25,404,389 7.6

Namyong Terminal (F) 15,662,900 6,233,104 1.9








- 252 -





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



ThailandThailandThailandThailand

Banking 15.3 17.2

Energy 14.9 12.3

Chemicals & Plastics 9.8 6.2

Transportation 9.5 10.0

Finance & Securities 8.7 3.4

Building & Furnishing Materials 8.3 9.3

Food & Beverages 6.2 8.2

Communications 5.9 5.8

Property Development 5.0 7.7

Hotel & Travel Services 4.8 7.1

Health Care Services 3.6 7.7

Entertainment & Recreation 3.1 2.6

Machinery & Equipment 0.8 0.5

Commerce - 0.6








- 253 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 13,507,842 3,561,547


Amounts receivable on allotment 980,484 1,215,812

Investments 318,250,564 281,349,594


receivable 2,602,216 149,524


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






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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015







gains/(losses) 41,608 (30,091)


Other income - 642

41,767,327 (6,575,983)

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


Management fee 2,258,589 3,072,839










2,733,385 3,768,727

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


Taxation (245,214) (246,601)




total comprehensive total comprehensive total comprehensive total comprehensive incomeincomeincomeincome 38,788,728 (10,591,311)




- 254 -




1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015


Net Net Net Net assets attributable to holders assets attributable to holders assets attributable to holders assets attributable to holders



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




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

293,118,414 405,348,115










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (80,851,149) (135,206,165)



Dividend received 832,671 1,651,530




Tax paid (245,214) (246,601)



Others (77,333) (183,680)



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








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










Cash at banks 13,507,842 9,227,512



- 255 -



JPMorgan Thailand Fund (the "Fund") was established under a Trust Deed dated 20 July 1989, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital appreciation through a portfolio consisting primarily of

securities of companies based, or operating principally, in Thailand.





2222 Summary ofSummary ofSummary ofSummary of principal accounting policiesprincipal accounting policiesprincipal accounting policiesprincipal accounting policies





Classification












ownership.





value.









- 256 -










separately.

(d)(d)(d)(d) FFFForeign currency translationoreign currency translationoreign currency translationoreign currency translation





transactions.







(e)(e)(e)(e) Proceeds and paymentProceeds and paymentProceeds and paymentProceeds and payments on allotment and redemption of unitss on allotment and redemption of unitss on allotment and redemption of unitss on allotment and redemption of units



Fund's Trust Deed dated 20 July 1989, as amended, which may be different from the accounting policies stated in the financial

statements.

3333 Number of units in issue and net assets attributable to holders ofNumber of units in issue and net assets attributable to holders ofNumber of units in issue and net assets attributable to holders ofNumber of units in issue and net assets attributable to holders of redeemable units (per unit)redeemable units (per unit)redeemable units (per unit)redeemable units (per unit)

31.3.2016

USD Class (acc)

Units


US$



units 331,907,142






- 257 -

30.9.2015

USD Class (acc)

Units


US$



units 285,233,572




4444 Net gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivativesNet gains/(losses) on investments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



38,428,280 (10,142,948)











JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report annual report annual report annual report for thefor thefor thefor the


- 258 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Bank for Inv and Development

of Vietnam 8,119,696 6,082,579 4.4

Cotec Construction 879,660 7,418,297 5.3

DHG Pharmaceutical 616,367 2,322,470 1.7

FPT Corp 3,737,575 7,896,640 5.7

Hatien 1 Cement 5,812,660 6,727,073 4.8

Ho Chi Minh City Securities 1,330,167 1,730,357 1.2

Hoa Phat Group 5,008,968 6,628,294 4.8

Hoa Sen Group 3,333,991 5,159,588 3.7

JSC Bank for Foreign Trade 7,013,005 12,897,915 9.3

Khang Dien House Trading &

Investment 1,589,800 1,633,088 1.2

Kinh Bac City Development

Share Hldg 7,156,340 4,076,864 2.9

Lix Detergent 175,900 579,942 0.4

Masan Group 4,148,560 13,305,614 9.5

Military Commercial JS Bank 14,002,050 8,981,713 6.4

Military Commercial JS Bank-

Await Cert 34,005 21,813 0.0

Mobile World Investment 693,280 2,347,941 1.7

Petrovietnam Drilling & Well

Services 2 2 0.0

Petrovietnam Fertilizer &

Chemical 4,577,960 5,934,735 4.3

PetroVietnam Gas 2,000,170 3,678,598 2.6

Refrigeration Electrical

Engineer 6,255,000 6,846,185 4.9

Saigon General Service 307,000 414,511 0.3

Thien Long Group 864,558 2,617,758 1.9

Thien Long Group Await Cert 259,367 785,326 0.6

Vietnam Container Shipping 681,650 1,834,612 1.3

Vietnam Dairy Products 2,274,581 13,672,180 9.8

VietNam JS Comm Bank for

Industry & Trade 727,743 535,369 0.4

Vietnam Sun 2 2 0.0

Vingroup Joint Stock 3,536,502 7,487,683 5.4

Vinh Hoan 1,622,820 2,001,864 1.4

VNDIRECT Securities 6,001,200 2,988,083 2.1





Total Total Total Total investments, at costinvestments, at costinvestments, at costinvestments, at cost 132,808,705





31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Vietnam 98.0 96.9








- 259 -



31.3.201631.3.201631.3.201631.3.2016 30.9.201530.9.201530.9.201530.9.2015



Cash at banks 3,164,201 4,980,974



Investments 136,607,096 130,437,123




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






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






1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015



Net losses on investments and

derivatives [Note 4] (464,400) (11,414,593)



gains/(losses) 12,050 (78,496)


964,188 (10,445,207)

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


Management fee 1,112,070 1,001,009










1,490,170 1,333,492

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

Net operating lossNet operating lossNet operating lossNet operating loss (525,982) (11,778,699)


Interest paid (4) -

Loss before taxationLoss before taxationLoss before taxationLoss before taxation (525,986) (11,778,699)

Taxation - (630)








- 260 -


of of of of Redeemable UnitsRedeemable UnitsRedeemable UnitsRedeemable Units


1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015





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




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

139,874,191 139,043,422










1.10.20151.10.20151.10.20151.10.2015

totototo

31.3.201631.3.201631.3.201631.3.2016

1.10.20141.10.20141.10.20141.10.2014

totototo

31.3.201531.3.201531.3.201531.3.2015




derivatives (40,874,025) (31,414,140)





Tax paid - (630)





Others (150,933) (169,338)



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


Interest paid (4) -






financing financing financing financing activitiesactivitiesactivitiesactivities 5,608,241 (7,731,464)

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










Cash at banks 3,164,201 7,396,627

JPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUNDJPMORGAN VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 261 -



JPMorgan Vietnam Opportunities Fund (the "Fund") was established under a Trust Deed dated 15 August 2006, as amended, and is governed

by the laws of Hong Kong. The Fund is authorized by the Securities and Futures Commission of Hong Kong.

The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in securities of companies

either (i) domiciled or listed on a stock exchange in Vietnam, or (ii) with actual or prospective operations, assets or investments, direct or

indirect, in Vietnam in an aggregate amount of not less than either US$50 million or 10 per cent. Of the gross assets of the investing company

(albeit such operations, assets or investments may at the time of investment be immaterial to the financial results of such company).










Classification












ownership.





value.









- 262 -










separately.






transactions.











statements.

3333 Number of units in issNumber of units in issNumber of units in issNumber of units in issue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)ue and net assets attributable to holders of redeemable units (per unit)

31.3.2016

USD Class (acc)

Units


US$



units 139,348,205






- 263 -

30.9.2015

USD Class (acc)

Units


US$



units 134,547,015




4444 Net losses on Net losses on Net losses on Net losses on investments and derivativesinvestments and derivativesinvestments and derivativesinvestments and derivatives

1.10.2015

to

31.3.2016

1.10.2014

to

31.3.2015

US$ US$



(464,400) (11,414,593)









6666 DisDisDisDistributiontributiontributiontribution


FR/DP/0516

www.jpmorganam.com.hk

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