Print Account Mar11 Condensedx · Indika Energy 57,703,000 26,010,252 1.2 Indo Tambangraya Megah...

www.jpmorganam.com.hk

JF FundsUnaudited Semi-Annual Report31 March 2011

JF Funds(306.5x210)Co.ai 1 14/05/2011 4:24 PMJF Funds(306.5x210)Co.ai 1 14/05/2011 4:24 PM

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.

Approved for issue in the UK to Professional Investors only by JPMorgan Asset Management Marketing Limited, Registered in England No. 288553, Registered Office 125 London Wall, London EC2Y 5AJ, which is authorised and regulated by the Financial Services Authority. JPMorgan Asset Management Marketing Limited also provides information on JF Funds. UK Investors should note that these products are unregulated collective investment schemes within the meaning of the UK Financial Services and Markets Act 2000. The normal protections provided by the UK regulatory system do not apply and compensation under the Financial Services Compensation Scheme is not available. There is no right to cancel an agreement to purchase units in the funds under the Rules of the Financial Services Authority.

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.

CONTENTSCONTENTS PagePage

Asia Pacifi c Regional Equity Funds

JF ASEAN Fund .............................................................................................................................................................................. 1

JF Asia Domestic Opportunities Fund .......................................................................................................................................... 8

JF Asia New Frontiers Fund .......................................................................................................................................................... 15

JF Asia Property Fund ................................................................................................................................................................... 22

JF AsiaOne Fund ............................................................................................................................................................................ 29

JF Eastern Fund ............................................................................................................................................................................. 35

JF Eastern Smaller Companies Fund ............................................................................................................................................ 42

JF Five Elements Fund .................................................................................................................................................................. 49

JF Greater China Smaller Companies Fund ................................................................................................................................. 56

JF Pacifi c Securities Fund.............................................................................................................................................................. 63

JF Pacifi c Smaller Companies Fund .............................................................................................................................................. 71

JF Pacifi c Technology Fund ........................................................................................................................................................... 79

Asia Pacifi c Single Country Equity Funds

JF Australia Fund ........................................................................................................................................................................... 86

JF China New Generation Fund .................................................................................................................................................... 93

JF China Pioneer A-Share Fund ................................................................................................................................................... 101

JF India Fund ................................................................................................................................................................................. 110

JF India Smaller Companies Fund ................................................................................................................................................ 117

JF Indonesia Fund ........................................................................................................................................................................ 124

JF Korea Fund ................................................................................................................................................................................ 131

JF Malaysia Fund ........................................................................................................................................................................... 139

JF Philippine Fund ......................................................................................................................................................................... 146

JF Thailand Fund ........................................................................................................................................................................... 153

JF Vietnam Opportunities Fund ................................................................................................................................................... 160

Japan Equity Funds

JF Japan (Yen) Fund....................................................................................................................................................................... 167

JF Japan OTC Fund ......................................................................................................................................................................... 174

JF Japan Smaller Company (Yen) Fund ........................................................................................................................................ 182

JF Japan Technology Fund ............................................................................................................................................................ 189

Global Equity Funds

JPM Evergreen Fund ...................................................................................................................................................................... 196

JPM Global Property Income Fund ............................................................................................................................................... 202

Bond and Currency Funds

JF Asian Total Return Bond Fund ................................................................................................................................................. 210

JF Money Fund - HK$ .................................................................................................................................................................... 219

JPM Global Bond and Currency Fund ........................................................................................................................................... 225

JF ASEAN FUNDJF ASEAN FUNDJF ASEAN FUNDJF ASEAN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the

period ended 31 March 2011period ended 31 March 2011period ended 31 March 2011period ended 31 March 2011

- 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 2009 (a final application has been

made for distributing fund certification for the period from 1

October 2009 to 30 September 2010). The principal effect

of this certification is that for unitholders resident or

ordinarily 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

new UK reporting fund regime provided the Fund does not

invest more than 5% of its assets in other offshore 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 new regime.

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 2011As at 31 March 2011As at 31 March 2011As at 31 March 2011 (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 (94.1%)

EquitiesEquitiesEquitiesEquities (94.1%)

IndonesiaIndonesiaIndonesiaIndonesia (14.6%)

Aneka Tambang 40,000,000 10,450,761 0.5

Astra Intl 3,974,000 25,968,487 1.2

Bank Danamon Indonesia 21,900,000 16,347,976 0.8

Bank Mandiri 77,024,113 59,708,614 2.8

Bank Negara Indonesia 91,092,161 41,322,312 1.9

Bank Rakyat Indonesia

Persero 21,000,000 13,867,356 0.6

Charoen Pokphand Indonesia 30,000,000 6,890,611 0.3

Indika Energy 57,703,000 26,010,252 1.2

Indo Tambangraya Megah 7,138,500 37,875,245 1.7

Medco Energi Intl 58,016,000 18,988,871 0.9

Telekomunikasi Indonesia 'B' 25,476,000 21,211,714 1.0

United Tractors 15,250,000 37,917,025 1.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


MalaysiaMalaysiaMalaysiaMalaysia (16.0%)

CIMB Group Hldgs 21,550,000 58,273,050 2.7

Gamuda Bhd (CDS) 17,600,000 22,430,376 1.0

Genting Bhd (CDS) 18,283,700 66,524,597 3.1

Genting Malaysia (CDS) 31,461,100 38,225,951 1.8

IJM Corp (CDS) 10,420,000 21,777,499 1.0

IOI Corp (CDS) 6,388,400 12,128,205 0.5

Kuala Lumpur Kepong (CDS) 3,400,000 23,731,242 1.1

Lafarge Malayan Cement (CDS) 2,561,900 6,242,451 0.3

Malayan Banking (CDS) 7,823,792 23,119,418 1.1

Petronas Chemicals Group 22,004,800 52,528,173 2.4

Tenaga Nasional (CDS) 285,625 586,574 0.0

UEM Land Hldgs 22,797,200 21,301,222 1.0

PhilippinesPhilippinesPhilippinesPhilippines (1.2%)

Alliance Global Group 34,400,000 9,432,258 0.4

Banco de Oro Unibank 7,440,000 8,880,000 0.4

Megaworld Corp 160,000,000 7,741,935 0.4

SingaporeSingaporeSingaporeSingapore (41.1%)

Cache Logistics 28,038,000 20,908,941 1.0

CapitaLand Ltd 17,020,000 44,423,483 2.1

City Developments 3,470,000 31,603,015 1.5

DBS Group Hldgs (CDP) 5,949,491 68,911,201 3.2

Fibrechem Technologies 27,671,000 0 0.0

Fraser & Neave (CDP) 4,800,000 22,848,076 1.1

Genting Singapore 44,807,000 72,871,361 3.4

Guocoland Ltd (CDP) 7,653,000 14,753,503 0.7

Hotel Properties 4,600,000 9,050,377 0.4

Indofood Agri Resources 10,100,000 17,868,306 0.8

Keppel Corp (CDP) 10,710,000 103,828,797 4.8

Keppel Land 9,344,658 33,286,406 1.5

Mapletree Industrial Trust 12,753,000 10,623,284 0.5

Neptune Orient Lines (CDP) 15,781,000 24,288,092 1.1

Noble Group (CDP) 24,070,090 40,864,730 1.9

Oversea-Chinese Banking

Corp (CDP) 10,035,290 76,110,569 3.5

Overseas Union

Enterprise (CDP) 11,454,000 28,351,035 1.3

Sembcorp Industries (CDP) 2,500,000 10,313,368 0.5

Sembcorp Marine (CDP) 3,493,000 16,127,933 0.8

Singapore Airlines (CDP) 2,400,000 26,008,727 1.2

Singapore Exchange 2,238,000 13,919,810 0.6

Singapore

Telecommunication (CDP) 31,400,000 75,230,464 3.5

Straits Asia Resources 5,500,000 10,908,370 0.5

United Overseas Bank (CDP) 5,864,175 87,369,462 4.0

Wilmar Intl 6,200,000 26,856,010 1.2



- 2 -

Investment PortfolioInvestment PortfolioInvestment PortfolioInvestment Portfolio (Continued)

As at 31 As at 31 As at 31 As at 31 March 2011March 2011March 2011March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ThailandThailandThailandThailand (21.2%)

Amata Corp (F) 7,607,600 3,873,600 0.2

Bangkok Bank NVDR 11,812,000 66,978,277 3.1

Banpu Public Co (F) 1,563,000 39,378,608 1.8

Charoen Pokphand Foods (F) 45,880,300 38,682,349 1.8

Indorama Ventures (F) 7,380,000 12,749,380 0.6

Kasikornbank Public Co NVDR 6,925,000 29,078,360 1.4

Krung Thai Bank (F) 72,100,000 43,624,731 2.0

PTT Aromatics & Refining (F) 19,610,000 24,151,843 1.1

PTT Chemical (F) 3,107,000 15,203,703 0.7

PTT Exploration &

Production (F) 3,430,000 20,413,291 0.9

PTT Public Co (F) 3,992,600 46,599,035 2.2

Siam Cement (F) 400,500 5,005,422 0.2

Siam Cement NVDR 3,362,500 39,022,566 1.8

Somboon Advance

Technology (F) 11,403,100 8,558,452 0.4

Sri Trang Agro-Industry (F) 7,276,000 6,735,923 0.3

Supalai Public Co (F) 33,000,000 12,547,529 0.6

Thai Airways Intl (F) 16,359,184 20,418,555 0.9

Thai Oil (F) 9,120,000 25,102,992 1.2

Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments 2,034,932,111 94.1

Other net assetsOther net assetsOther net assetsOther net assets 126,655,977 5.9

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 2011redeemable units at 31 March 2011redeemable units at 31 March 2011redeemable units at 31 March 2011 2,161,588,088 100.0

Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 1,668,130,114

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 2011For the period ended 31 March 2011For the period ended 31 March 2011For the period ended 31 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

% holdings% holdings% holdings% holdings

of net assetsof net assetsof net assetsof net assets

31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010

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

EquitiesEquitiesEquitiesEquities

Singapore 41.1 38.8

Thailand 21.2 20.4

Malaysia 16.0 16.8

Indonesia 14.6 17.0

Philippines 1.2 1.0

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 94.1 94.0

Other net assetsOther net assetsOther net assetsOther net assets 5.9 6.0


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


31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010

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

AssetsAssetsAssetsAssets

Cash at banks 18,802,710 15,673,226

Short term deposits 92,500,000 18,500,000

Amounts due from brokers 27,482,915 80,488,390

Amounts receivable on allotment 23,301,677 47,724,171

Investments 2,034,932,111 1,991,719,104

Dividend and other accounts

receivable 8,209,613 11,377,918

Total assetsTotal assetsTotal assetsTotal assets 2,205,229,026 2,165,482,809

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

LiabilitiesLiabilitiesLiabilitiesLiabilities

Amounts due to brokers 28,965,059 18,998,638

Amounts payable on redemption 11,921,000 24,702,303

Other accounts payable 2,754,879 2,946,165

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 43,640,938 46,647,106

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

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] 2,161,588,088 2,118,835,703

EquityEquityEquityEquity 2,161,588,088 2,118,835,703

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


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010


IncomeIncomeIncomeIncome

Net gains on investments and

derivatives [Note 4] 181,071,111 214,043,892

Dividend income 14,481,888 12,372,901

Interest on deposits 42,865 8,269

Net foreign currency exchange

losses (1,659,852) (375,120)

Other income - 3,925

193,936,012 226,053,867

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

ExpensesExpensesExpensesExpenses

Management fee 15,925,558 13,558,769

Transaction costs 5,293,312 4,470,576

Safe custody and bank charges 262,103 210,764

Registrar's fee 208,063 173,225

Trustee's fee 191,107 162,705

Printing and publication expenses 36,137 48,551

Auditor's fee 20,095 19,148

Legal and professional expenses 4,751 1,233

Other operating expenses 389 3,708

21,941,515 18,648,679

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

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 171,994,497 207,405,188

Taxation (1,222,906) (616,809)

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

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

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

comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 170,771,591 206,788,379




- 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 Redeemableof Redeemableof Redeemableof Redeemable UnitsUnitsUnitsUnits


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



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 2,118,835,703 1,775,364,448

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

Allotment of redeemable units 732,430,593 307,323,533

Redemption of redeemable units (860,449,799) (413,269,583)

Net redemptionNet redemptionNet redemptionNet redemption (128,019,206) (105,946,050)

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

1,990,816,497 1,669,418,398






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 2,161,588,088 1,876,206,777

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


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010


Operating activitiesOperating activitiesOperating activitiesOperating activities

Purchase of investments and

derivatives (1,082,879,904) (793,485,276)

Proceeds from disposal of

investments and derivatives 1,284,491,084 873,097,948

Dividend received 17,068,946 11,016,623

Interest received 42,721 7,977

Trustee's fee paid (189,780) (158,243)

Registrar's fee paid (375,048) (321,074)

Tax paid (1,222,906) (616,809)

Transaction costs paid (5,504,094) (4,194,214)

Management fee paid (15,815,001) (13,187,007)

Others (2,582,991) (763,619)

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

activitiesactivitiesactivitiesactivities 193,033,027 71,396,306

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

Financing activitiesFinancing activitiesFinancing activitiesFinancing activities

Receipts on allotment of

redeemable units 756,853,087 310,134,527

Payments on redemption of

redeemable units (873,231,102) (407,103,091)

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

financing activitiesfinancing activitiesfinancing activitiesfinancing activities (116,378,015) (96,968,564)

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

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

cash equivalentscash equivalentscash equivalentscash equivalents 76,655,012 (25,572,258)

Cash and cash equivalents at the

beginning of the period 34,173,226 149,121,298

Exchange gains on cash and cash

equivalents 474,472 102,443

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

the end of the periodthe end of the periodthe end of the periodthe end of the period 111,302,710 123,651,483

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 18,802,710 18,651,483


111,302,710 123,651,483



- 5 -

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

1111 The FundThe FundThe FundThe Fund

JF 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.

All unitholders' rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same. Refer to Note 3.

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

(a)(a)(a)(a) Basis of preparaBasis of preparaBasis of preparaBasis of preparation of interim financial statementstion of interim financial statementstion of interim financial statementstion 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 2010.

(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

Investments that are listed or traded on an exchange and investments with prices quoted in over-the-counter markets or by market

makers, are fair valued based on quoted "bid" prices on long investments and quoted "ask" prices on investments sold short. 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 "bid" prices if the collective investment schemes are listed or traded

on an exchange.

Open futures and swap contracts are valued at "bid" prices for long positions and "ask" prices for short positions at the valuation date.

The differences between the bid/ask prices and the contract prices are recognized in the Statement of Comprehensive Income.

Open options contracts are valued at "bid" prices for long positions and "ask" prices for short positions at the valuation date. The

differences between the bid/ask 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.

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)

31.3.2011 30.9.2010

Units Units

Number of units in issue 21,022,850.387 22,329,064.653

US$ US$

Net assets attributable to holders of redeemable units 2,161,588,088 2,118,835,703

Net assets attributable to holders of redeemable units (per unit) 102.82 94.89

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

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives (88,186,625) 80,382,834

Realized gains on sale of investments and derivatives 269,257,736 133,661,058

181,071,111 214,043,892



- 7 -

5555 Soft commission arrangementsSoft commission arrangementsSoft commission arrangementsSoft commission arrangements

The Investment Manager has entered into soft commission 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 2010: nil).

JF ASIA DOMESTIC OPPORTUNITIES FUNDJF ASIA DOMESTIC OPPORTUNITIES FUNDJF ASIA DOMESTIC OPPORTUNITIES FUNDJF ASIA DOMESTIC OPPORTUNITIES 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




ChinaChinaChinaChina (34.4%)

Agile Property Hldgs 10,164,000 15,915,960 2.6

Anta Sports Products 4,138,000 6,415,916 1.0

BBMG Corp 'H' 6,729,000 10,986,899 1.8

Beijing Jingkelong Co 'H' 3,948,000 4,806,711 0.8

Belle Intl Hldgs 3,363,000 6,148,191 1.0

China Merchants Property

Development 'B' 3,168,500 5,886,301 1.0

China National Bldg

Material 'H' 4,474,000 16,393,124 2.7

China Resources Gas Group 4,994,000 6,818,580 1.1

China Shineway

Pharmaceutical 4,034,000 9,656,872 1.6

China Vanke 'B' 13,307,109 17,450,377 2.8

China Yurun Food Group 4,542,000 15,240,827 2.5

Greatview Aseptic Packaging 13,966,000 8,941,745 1.5

Hengdeli Hldgs 18,260,000 9,554,678 1.5

Intime Department

Store (Group) 10,224,000 13,801,651 2.2

Intl Mining Machinery 13,976,500 12,218,791 2.0

Lianhua Supermarket Hldgs 'H' 3,021,000 11,884,832 1.9

Maoye Intl Hldgs 32,680,000 14,074,979 2.3

Sihuan Pharmaceutical Hldgs 10,027,000 6,084,626 1.0

Springland Intl Hldgs 11,797,000 8,902,881 1.4

Tencent Hldgs 426,300 10,353,047 1.7

Hong KongHong KongHong KongHong Kong (8.8%)

Hang Lung Properties 2,831,000 12,356,644 2.0

Kerry Properties 1,910,000 9,490,821 1.5

Sands China 5,230,400 11,633,272 1.9

Wharf (Hldgs) 2,044,900 14,104,662 2.3

Wing Hang Bank 574,000 6,759,713 1.1

IndiaIndiaIndiaIndia (11.7%)

Ambuja Cements (DEMAT) 2,300,000 7,555,780 1.3

Exide Industries (DEMAT) 2,500,000 8,013,791 1.3

Housing Development

Finance (DEMAT) 600,000 9,381,097 1.5

Infrastructure Development

Finance 3,000,000 10,400,269 1.7

Maruti Suzuki India (DEMAT) 350,000 9,965,211 1.6

Mundra Port & Special

Economic Zone 5,000,000 15,304,406 2.5

Tata Motors (DEMAT) 400,000 11,156,408 1.8


Astra Intl 1,500,000 9,801,895 1.6

Berlian Laju

Tanker (SG Listing) 100,000,000 3,966,680 0.7

United Tractors 7,000,000 17,404,537 2.8

KoreaKoreaKoreaKorea (11.7%)

Amorepacific Corp 14,200 13,514,563 2.2

Daelim Industrial 75,000 7,281,553 1.2

Korea Kumho Petrochemical 51,196 6,977,348 1.2

Lock & Lock 444,620 15,483,371 2.5

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Lotte Shopping 30,000 12,265,828 2.0

Samsung Engineering 85,000 16,156,160 2.6


Fraser & Neave (CDP) 2,300,000 10,948,036 1.8


Guocoland Ltd (CDP) 8,834,666 17,031,526 2.8

Midas Hldgs (SG Listing) 12,500,000 7,437,525 1.2

Otto Marine 30,562,000 5,940,254 0.9

TaiwanTaiwanTaiwanTaiwan (11.5%)

China Life Insurance 11,387,000 11,481,290 1.9

Formosa Chemicals & Fibre 1,828,000 6,900,107 1.1

Huaku Development 3,351,606 9,288,963 1.5

Hung Poo Real Estate

Development 4,247,000 5,033,171 0.8

Polaris Securities 10,983,000 7,413,754 1.2

President Chain Store 2,627,000 11,613,419 1.9

Taishin Financial Hldgs 17,366,142 9,803,205 1.6

Taiwan Cement 7,702,345 9,285,298 1.5


LPN Development NVDR 18,000,000 6,248,967 1.0

Siam Cement NVDR 1,185,000 13,752,190 2.2


Thai Airways Intl NVDR 6,000,000 7,488,841 1.2

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 599,668,663 97.5



redeemable units at 31 March 2011redeemable units at 31 March 2011redeemable units at 31 March 2011redeemable units at 31 March 2011 614,800,643 100.0

Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 509,065,220



- 9 -

Statement of Statement of Statement of Statement of Movements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio HoldingsMovements in Portfolio Holdings




31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



China 34.4 40.6

India 11.7 19.0

Korea 11.7 12.7

Taiwan 11.5 5.9

Singapore 8.8 8.2

Hong Kong 8.8 6.8

Thailand 5.5 3.1

Indonesia 5.1 5.5


Other net assets/(liabilities)Other net assets/(liabilities)Other net assets/(liabilities)Other net assets/(liabilities) 2.5 (1.8)






- 10 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 22,847,565 363,897



Investments 599,668,663 787,446,946


receivable 2,690,074 2,341,844

Total assetsTotal assetsTotal assetsTotal assets 627,615,796 811,795,623

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


Short term bank loans - unsecured - 5,300,000





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


of redeemable units of redeemable units of redeemable units of redeemable units [Note 3] 614,800,643 773,561,164

EquityEquityEquityEquity 614,800,643 773,561,164



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



Net (losses)/gains on investments

and derivatives [Note 4] (14,979,547) 45,438,171

Dividend income 2,144,659 2,216,921

Interest on deposits 50 161


losses (113,174) (495,588)


(12,948,012) 47,161,149

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


Management fee 5,168,630 5,559,603


Trustee's fee 129,800 137,619






Valuation fee 8,820 8,680

Other operating expenses 3,264 10,735

7,684,723 8,512,337

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

Net operating Net operating Net operating Net operating (loss)/profit(loss)/profit(loss)/profit(loss)/profit (20,632,735) 38,648,812

Finance costsFinance costsFinance costsFinance costs

Interest paid (110,992) (8,170)

(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation(Loss)/profit before taxation (20,743,727) 38,640,642

Taxation 1,929,803 1,338,329

(Decrease)/increase in (Decrease)/increase in (Decrease)/increase in (Decrease)/increase in net net net 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 total comprehensive total comprehensive total comprehensive

(loss)/income(loss)/income(loss)/income(loss)/income (18,813,924) 39,978,971




- 11 -


of Redeemable Unitsof Redeemable Unitsof Redeemable Unitsof Redeemable Units

For the period ended 31 March For the period ended 31 March For the period ended 31 March For the period ended 31 March 2011201120112011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 773,561,164 744,359,383

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




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

633,614,567 707,087,864

(Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets (Decrease)/increase in net assets



comprehensive (loss)/incomecomprehensive (loss)/incomecomprehensive (loss)/incomecomprehensive (loss)/income (18,813,924) 39,978,971



of the periodof the periodof the periodof the period 614,800,643 747,066,835



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (287,800,599) (411,944,318)


investments and derivatives 461,608,541 428,464,533


Interest received 50 161



Tax paid (376,661) (668,939)



Others (516,899) (868,147)



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


Interest paid (111,114) (8,105)







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




beginning of the period (4,936,103) 28,066,402




the end of the periodthe end of the periodthe end of the periodthe end of the period 22,847,565 276,997


Cash at banks 22,847,565 2,858,186

Short term bank loans -

unsecured - (2,581,189)

22,847,565 276,997



- 12 -



JF Asia Domestic Opportunities 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.

The investment objective of the Fund is 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.

Units of the Fund are issued in classes and the first class of units in issue is Class A. Subsequent classes of units are created at the Manager's

discretion. A merging of separate unit classes will normally occur where, as at a year-end date, a management performance fee becomes

payable by each of such unit classes. For unit classes to be merged, all units from respective unit classes will be redeemed and subsequently

subscribed into a merged unit class. The total value of any unitholders' units is not affected by the merger. On 4 October 2010, there was no

merging of unit classes in respect of the financial year ended 30 September 2010.



(a)(a)(a)(a) Basis of preparation of interim financial statementsBasis of preparation of interim financial statementsBasis of preparation of interim financial statementsBasis of preparation of interim financial statements




Classification












ownership.








on an exchange.





- 13 -



Income.








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.


31.3.2011 30.9.2010

Class A Class A

Units Units


US$ US$

Net assets attributable to holders of redeemable units 614,800,643 773,561,164




- 14 -

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

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives (67,080,691) (14,911,557)


(14,979,547) 45,438,171





transactions.






JF ASIA NEW FRONTIERS FUNDJF ASIA NEW FRONTIERS FUNDJF ASIA NEW FRONTIERS FUNDJF ASIA NEW FRONTIERS FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 15 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




AustraliaAustraliaAustraliaAustralia (9.4%)

Boart Longyear 92,934 446,901 2.2

Highlands Pacific 547,390 195,299 1.0

Newcrest Mining 21,679 891,169 4.5

Oil Search 45,625 335,472 1.7

CanadaCanadaCanadaCanada (12.7%)

Ivanhoe Mines (CA Listing) 32,121 874,721 4.4

Niko Resources 4,545 431,255 2.2

Tethys Petroleum 553,570 836,544 4.2

Uranium One 100,000 390,645 1.9


Mongolian Mining 353,000 451,110 2.3


NagaCorp Ltd 1,533,313 313,436 1.6

SouthGobi Resources 59,900 872,524 4.3


Bharti Airtel 78,373 627,582 3.1

KazakhstanKazakhstanKazakhstanKazakhstan (15.5%)

Chagala Group GDR-RegS 137,466 446,765 2.3

Halyk Savings Bank GDR-RegS 65,857 663,180 3.3

Kazkommertsbank GDR-

Oct2006 RegS 27,872 187,021 0.9

KazMunaiGas Exploration GDR 80,630 1,801,275 9.0


Orion Corp 642 230,592 1.2

Youngone Corp 45,440 428,738 2.1

PakistanPakistanPakistanPakistan (5.3%)

Engro Corp (CDC) 86,054 207,356 1.0

Engro Corp Await Cert 29,210 70,384 0.3

Fauji Fertilizer (CDS) 131,962 212,777 1.1

MCB Bank 171,815 416,480 2.1

MCB Bank Await Cert 21,681 52,555 0.3

Oil & Gas Development 61,410 97,372 0.5


Alliance Global Group 2,507,100 687,431 3.4

Banco de Oro Unibank 170,000 202,903 1.0

DMCI Hldgs 545,000 468,399 2.4

Energy Development (PH

Listing) 5,014,250 694,370 3.5

Manila Water 542,100 226,583 1.1

Megaworld Corp 12,131,000 586,984 2.9

Security Bank 228,013 448,145 2.3

Sri LankaSri LankaSri LankaSri Lanka (8.8%)

Aitken Spence & Co (CDS) 132,000 191,552 1.0

Commercial Bank of Ceylon 193,700 464,971 2.3

Commercial Bank of Ceylon-AC 1,244 2,986 0.0

Dialog Axiata 1,651,100 155,545 0.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


John Keells Hldgs (CDS) 122,500 316,251 1.6

National Development Bank 160,600 465,528 2.3

Sri Lanka Telecom 314,200 155,399 0.8


PTT Public Co NVDR 25,100 292,951 1.4

Siam Cement NVDR 23,600 273,883 1.4

United KingdomUnited KingdomUnited KingdomUnited Kingdom (9.6%)

Dragon Oil 57,111 545,615 2.7

Eurasian Natural Resources 60,489 908,038 4.6

Max Petroleum 1,000,000 256,472 1.3

Steppe Cement 288,866 203,737 1.0

VietnamVietnamVietnamVietnam (5.9%)

HAGL Joint Stock 60,000 129,505 0.7

Hoa Phat Group 109,985 184,229 0.9

Masan Group 12,700 48,928 0.2

Petrovietnam Drilling & Well

Serv 85,676 203,375 1.0

Petrovietnam Fertilizer &

Chemical 131,130 219,648 1.1

Tan Tao Investment Industry 113,471 74,941 0.4

Tan Tien Plastic Packaging 56,380 67,996 0.3

Vietnam Export-Import Comm

JS Bank 360,000 251,543 1.3


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (237,837) (1.2)


redeemable units atredeemable units atredeemable units atredeemable units at 31 March 201131 March 201131 March 201131 March 2011 19,971,224 100.0




- 16 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Philippines 16.6 14.2

Kazakhstan 15.5 14.5

Canada 12.7 8.2

United Kingdom 9.6 7.6

Australia 9.4 6.9

Sri Lanka 8.8 10.6

Hong Kong 5.9 5.8

Vietnam 5.9 4.7

Pakistan 5.3 7.2

Korea 3.3 1.9

India 3.1 2.3

Thailand 2.8 2.4

China 2.3 -

Bangladesh - 4.9


Other net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assets (1.2) 8.8






- 17 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 858,229 1,879,408

Amounts due from brokers 13,788 -

Amounts receivable on allotment 1,253 256

Investments 20,209,061 19,116,924


receivable 207,642 164,321


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


Short term bank loans - unsecured 1,100,318 -

Amounts payable on redemption 112,139 99,644

Performance fee payable 61,081 -

Other accounts payable 45,211 98,859

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 1,318,749 198,503

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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





Dividend income 291,313 95,772


losses (51,702) (81,723)

2,698,337 3,094,055

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


Management fee 163,811 146,063

Performance fee 61,081 -

Transaction costs 49,347 66,369

Trustee's fee 13,651 12,172

Legal and professional expenses 12,774 725





Printing and publication expenses 999 3,892


334,691 258,300

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

Net operating profitNet operating profitNet operating profitNet operating profit 2,363,646 2,835,755


Interest paid (342) -


Taxation (58,315) (12,049)




comprehensive comprehensive comprehensive comprehensive incomeincomeincomeincome 2,304,989 2,823,706




- 18 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010


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



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

Allotment of redeemable units 921,663 685,069

Redemption of redeemable units (4,217,834) (875,058)

Net redemptionNet redemptionNet redemptionNet redemption (3,296,171) (189,989)

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

17,666,235 17,870,503










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (4,399,950) (5,030,469)



Dividend received 253,470 88,583



Transaction costs paid (52,278) (67,848)

Tax paid (96,045) (12,049)

Management fee paid (162,628) (141,704)

Others (95,119) (94,542)



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




redeemable units 920,666 824,496


redeemable units (4,205,339) (834,459)


financing activitiesfinancing activitiesfinancing activitiesfinancing activities (3,284,991) (9,963)

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

(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 (2,112,841) 1,858,964



Exchange losses on cash and cash

equivalents (8,656) (27,418)


the end of the periodthe end of the periodthe end of the periodthe end of the period (242,089) 3,681,340


Cash at banks 858,229 3,681,340


unsecured (1,100,318) -

(242,089) 3,681,340



- 19 -



JF Asia New Frontiers Fund (the "Fund") was established under a Trust Deed dated 9 August 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.

The investment objective of the Fund is to provide investors with long-term capital growth by investing primarily in securities of companies (i)

domiciled or listed on a stock exchange in developing countries in Asia ("Asia New Frontiers"), or (ii) with actual or prospective operations,

assets or investments, direct or indirect, in Asia New Frontiers 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), or (iii) whose performance is linked to the economies of Asia New Frontiers.







2222 Summary of princSummary of princSummary of princSummary of principal accounting policiesipal accounting policiesipal accounting policiesipal accounting policies




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

Classification












ownership.








on an exchange.





- 20 -



Income.



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





separately.

(d)(d)(d)(d) Foreign currency Foreign currency Foreign currency Foreign currency translationtranslationtranslationtranslation





transactions.







(e)(e)(e)(e) Proceeds and payments on allotmentProceeds and payments on allotmentProceeds and payments on allotmentProceeds and payments on allotment and redemption of unitsand redemption of unitsand redemption of unitsand redemption of units



Fund's Trust Deed dated 9 August 2007, 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 uNumber of units in issue and net assets attributable to holders of redeemable uNumber of units in issue and net assets attributable to holders of redeemable uNumber of units in issue and net assets attributable to holders of redeemable units (per unit) nits (per unit) nits (per unit) nits (per unit)

31.3.2011 30.9.2010

Class A Class A

Units Units


US$ US$





- 21 -

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

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 1,667,476 2,525,752

Realized gains on sale of investments and derivatives 791,250 554,254

2,458,726 3,080,006

5555 Soft Soft Soft Soft commission arrangementscommission arrangementscommission arrangementscommission arrangements




transactions.




6666 Distribution Distribution Distribution Distribution


JF ASIA PROPERTY FUNDJF ASIA PROPERTY FUNDJF ASIA PROPERTY FUNDJF ASIA PROPERTY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 22 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





CFS Retail Property Trust 17,575 33,351 1.3

Commonwealth Property

Office Fd 59,733 53,125 2.1

Dexus Property Group Stapled

Sec 70,000 61,170 2.4

Lend Lease Group Stapled Sec 8,400 77,574 3.1

Mirvac Group Stapled Sec 40,000 51,294 2.0

Peet & Co 20,000 38,264 1.5

Westfield Group Stapled Sec 18,955 182,889 7.2


Agile Property Hldgs 20,000 31,318 1.3

China Resources Land 22,000 41,182 1.6

Glorious Property Hldgs 140,000 38,338 1.5

KWG Property Hldg 60,000 48,212 1.9

Poly Hong Kong Investment 36,000 33,602 1.3

Shanghai Industrial Hldgs 10,000 38,248 1.5

Yuexiu Property 130,000 28,747 1.1


Champion REIT 51,870 29,942 1.2

Cheung Kong (Hldgs) 4,000 65,208 2.6

Hang Lung Properties 13,000 56,742 2.2

Hongkong Land Hldgs (CDP) 15,000 104,999 4.1

Hysan Development 10,000 41,012 1.6

Jardine Matheson Hldgs (CDP) 1,200 53,280 2.1

Kerry Properties 9,000 44,721 1.8

Link REIT 16,000 49,986 2.0

Midland Hldgs 30,000 23,296 0.9

New World Dev 32,000 56,445 2.2

Shun Tak Hldgs 40,000 21,959 0.9

Sun Hung Kai Properties 14,000 221,387 8.7

Wharf (Hldgs) 7,700 53,111 2.1

JapanJapanJapanJapan (18.1%)

Kenedix Inc 200 40,589 1.6

Kenedix Realty Investment 8 33,012 1.3

Mitsubishi Estate 5,000 84,339 3.3

Nomura Real Estate Hldgs 3,800 57,541 2.3

NTT Urban Development 35 29,350 1.2

Sumitomo Realty &

Development 7,000 140,117 5.5

Tokyu REIT 7 43,243 1.7

United Urban Investment 24 30,405 1.2


Hyundai Development 1,800 52,181 2.0


CapitaMalls Malaysia Trust 125,000 44,573 1.8


AIMS AMP Capital Industrial

REIT 200,000 31,733 1.2

CapitaLand Ltd 20,000 52,202 2.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


CapitaMalls Asia 35,000 49,147 1.9

CDL Hospitality Trusts Stapled

Sec 23,000 36,676 1.4

Fortune Real Estate Inv Trust 75,000 37,027 1.5

Global Logistics Properties 42,000 62,309 2.5

Mapletree Industrial Trust 46,000 38,318 1.5


Land & Houses NVDR 150,000 34,221 1.3


Other net assetsOther net assetsOther net assetsOther net assets 62,470 2.5



Total investments, at Total investments, at Total investments, at Total investments, at costcostcostcost 2,229,938



- 23 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010


Equities and WarrantsEquities and WarrantsEquities and WarrantsEquities and Warrants

Hong Kong 32.4 34.0

Australia 19.6 18.2

Japan 18.1 20.3

Singapore 12.1 7.1

China 10.2 8.5

Korea 2.0 1.8

Malaysia 1.8 1.8

Thailand 1.3 1.4

New Zealand - 1.6








- 24 -


As As As As at 31 March 2011at 31 March 2011at 31 March 2011at 31 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 39,334 62,219

Amounts due from brokers 23,525 31,218

Amounts receivable on allotment 1,413 49,020

Investments 2,476,385 2,382,537


receivable 17,919 13,257


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


Amounts due to brokers - 2,616

Amounts payable on redemption 11,270 704


Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 19,721 22,638

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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives [Note 4] 50,593 65,867



losses (1,995) (862)

83,823 100,141

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









Safe custody and bank charges 360 343


40,667 37,530

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

Net operating profitNet operating profitNet operating profitNet operating profit 43,156 62,611


Interest paid (5) (8)

Profit before taxationProfit before taxationProfit before taxationProfit before taxation 43,151 62,603

Taxation (2,228) (1,930)

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



comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 40,923 60,673




- 25 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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


Redemption of redeemable units (151,880) (249,519)

Net redemptionNet redemptionNet redemptionNet redemption (17,681) (93,023)

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

2,497,932 2,255,106




comprehensive comprehensive comprehensive comprehensive incomeincomeincomeincome 40,923 60,673






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (809,243) (714,956)


investments and derivatives 767,448 784,100


Tax paid (2,228) (1,930)





Others (20,345) (18,230)

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 (63,477) 49,044

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






redeemable units (141,314) (249,519)

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 40,487 (68,031)

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

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

equivalentsequivalentsequivalentsequivalents (22,990) (18,987)


beginning of the period 62,219 113,855


equivalents 105 294


the end of the periodthe end of the periodthe end of the periodthe end of the period 39,334 95,162





- 26 -



JF Asia Property Fund (the "Fund") was established under a Trust Deed dated 29 January 2008, as amended, and is governed by the laws of


The investment objective of the Fund is to provide investors with long-term capital appreciation by investing primarily in securities of

companies that are listed on Asia (including Japan, Australia and New Zealand) stock exchanges that are principally engaged in or related to

the property industry.


2222 Summary of principal accounSummary of principal accounSummary of principal accounSummary of principal accounting policiesting policiesting policiesting policies





Classification












ownership.








on an exchange.





Income.





- 27 -






separately.






transactions.







(e)(e)(e)(e) ProProProProceeds and payments on allotment and redemption of unitsceeds and payments on allotment and redemption of unitsceeds and payments on allotment and redemption of unitsceeds and payments on allotment and redemption of units



Fund's Trust Deed dated 29 January 2008, as amended, which may be different from the accounting policies stated in the financial

statements.

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

31.3.2011 30.9.2010

Units Units

Number of units in issue 281,589.729 283,228.592

US$ US$




1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives (73,851) (1,958)

Realized gains on sale of investments and derivatives 124,444 67,825

50,593 65,867



- 28 -





transactions.






JF ASIAONE FUNDJF ASIAONE FUNDJF ASIAONE FUNDJF ASIAONE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 29 -



Place ofPlace ofPlace ofPlace of

establishmentestablishmentestablishmentestablishment HoldingHoldingHoldingHolding

FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Collective Investment Schemes(I) Collective Investment Schemes(I) Collective Investment Schemes(I) Collective Investment Schemes (96.6%)


JF China Pioneer A-Share Fd ** Hong Kong 669,377 20,114,780 14.1

JPMF-JF China Fd 'A' (dist)-USD * Luxembourg 803,226 41,221,573 29.0


JPMF-JF Hong Kong 'A' (dist)-USD * Luxembourg 427,328 21,742,431 15.3


JF India Fd * Mauritius 109,446 24,596,817 17.3

JF India Smaller Co Fd 'A' ** Mauritius 621,112 6,577,581 4.6


JPMIF-Japan 50 Equity 'A' (acc)-JPY * Luxembourg 34,409 3,425,127 2.4


JF Korea Fd ** Hong Kong 61,380 3,337,821 2.3


JF Thailand Fd ** Hong Kong 152,736 13,442,313 9.5


JF Vietnam Opportunities Fd 'A' ** Hong Kong 435,490 2,922,136 2.1

137,380,579 96.6

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

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (-0.3%)

FuturesFuturesFuturesFutures (-0.3%)

HSCEI (HFE) Fut 04/11 (69) (176,403) (0.1)

HSI (HFE) Fut 04/11 (52) (153,358) (0.1)

SGX CNX Nifty Idx (SGX) Fut 04/11 (686) (73,941) (0.1)

(403,702) (0.3)

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



Net assets attributable to holders of redeemable units at 31 March 2011Net assets attributable to holders of redeemable units at 31 March 2011Net assets attributable to holders of redeemable units at 31 March 2011Net assets attributable to holders of redeemable units at 31 March 2011 142,189,932 100.0


* * * * Issued and managed by a Connected Person of the Manager Issued and managed by a Connected Person of the Manager Issued and managed by a Connected Person of the Manager Issued and managed by a Connected Person of the Manager

** Issued and managed by the Manager** Issued and managed by the Manager** Issued and managed by the Manager** Issued and managed by the Manager



- 30 -


For the period ended 31For the period ended 31For the period ended 31For the period ended 31 March 2011March 2011March 2011March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010


Collective Investment SchemesCollective Investment SchemesCollective Investment SchemesCollective Investment Schemes

China 43.1 40.2

India 21.9 23.3

Hong Kong 15.3 21.2

Thailand 9.5 5.3

Japan 2.4 4.0

Korea 2.3 4.5

Vietnam 2.1 -

DerivativesDerivativesDerivativesDerivatives

Futures (0.3) (0.2)



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




- 31 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 4,871,358 900,152

Amounts due from brokers - 1,926,558


Margin deposits 1,543,398 1,646,631

Investments 137,380,579 158,857,583




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



Derivatives 403,702 266,347



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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







(losses)/gains (45,858) 19,397

3,874,479 13,037,343

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










Legal and professional expenses - 755


514,069 574,888

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





Taxation (73) (34)








- 32 -

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



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




beginning of the beginning of the beginning of the beginning of the periodperiodperiodperiod 161,344,817 180,256,957

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




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

138,829,623 158,385,588






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




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (13,326,253) (7,231,728)



Dividend received 214,481 -

Decrease in margin deposits 103,233 1,099,180


Tax paid (90) (34)





Others (95,001) (33,652)



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







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


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




beginning of the period 900,152 1,680,132


equivalents - (1)


the end of the periodthe end of the periodthe end of the periodthe end of the period 4,871,358 366,889


Cash at banks 4,871,358 366,889



- 33 -



JF 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.

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.







on an exchange.



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





- 34 -



transactions.







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




statements.


31.3.2011 30.9.2010

Units Units


US$ US$




1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 209,469 11,464,355


3,920,027 13,017,924


During the period, the Investment Manager and its associates did not enter into any soft commission arrangements in connection with

directing transactions of the Fund through a broker or dealer (31 March 2010: nil).



JF JF JF JF EASTERN FUNDEASTERN FUNDEASTERN FUNDEASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 35 -

















this new regime.



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

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




Investment PortfoInvestment PortfoInvestment PortfoInvestment Portfoliolioliolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Agile Property Hldgs 2,612,000 4,090,170 1.0

Agricultural Bank of China 'H' 15,261,000 8,613,277 2.1

Anhui Conch Cement 'H' 352,000 2,201,640 0.5

China Construction Bank 'H' 24,634,270 23,056,425 5.5

China National Bldg Material 'H' 870,000 3,187,756 0.8

China Petroleum & Chemical 'H' 3,180,000 3,180,736 0.8

China Resources Land 1,748,000 3,272,078 0.8

China Shineway

Pharmaceutical 1,025,000 2,453,717 0.6


CNOOC Ltd 5,242,000 13,209,123 3.2

Glorious Property Hldgs 7,780,000 2,130,493 0.5

Hidili Industry Intl

Development 5,979,000 5,280,879 1.3

Intime Department Store

(Group) 581,000 784,307 0.2

Lianhua Supermarket Hldgs 'H' 515,000 2,026,047 0.5

Parkson Retail Group 1,390,000 1,901,417 0.4

PetroChina Co 'H' 1,464,000 2,217,212 0.5

Ping An Insurance (Group) 'H' 1,183,000 11,969,620 2.9

Sihuan Pharmaceutical Hldgs 2,097,000 1,272,510 0.3

Springland Intl Hldgs 2,393,000 1,805,933 0.4

Tencent Hldgs 216,200 5,250,595 1.2

Yanzhou Coal Mining 'H' 1,682,000 6,087,308 1.4

Zijin Mining Group 'H' 5,436,000 4,312,067 1.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Cheung Kong (Hldgs) 475,000 7,743,437 1.9

Hang Lung Properties 1,174,000 5,124,232 1.2

HSBC Hldgs (HK Listing) 1,000,000 10,510,144 2.5

Hutchison Whampoa 715,000 8,461,566 2.0

Jardine Matheson Hldgs (CDP) 230,000 10,212,000 2.4

Kerry Properties 790,000 3,925,523 0.9

Orient Overseas (Intl) 475,000 4,983,158 1.2

Sands China 904,800 2,012,424 0.5

Wharf (Hldgs) 1,313,400 9,059,154 2.2


Astra Intl 323,000 2,110,675 0.5


Indo Tambangraya Megah 730,000 3,873,213 0.9

United Tractors 1,581,333 3,931,767 1.0



Dongsuh Co 39,000 1,292,356 0.3

GS Engineering & Construction 37,200 3,882,948 0.9

Hana Financial Group 134,000 5,790,237 1.4

Hanjin Heavy Ind &

Construction 159,000 4,718,036 1.1

Hanjin Heavy Ind &

Construction-AC 1,350 40,059 0.0

Hyundai Development 91,000 2,638,042 0.6

Hyundai Heavy Industries 31,700 14,940,426 3.6

KB Financial Group 297,000 15,541,091 3.7

KCC Corp 6,400 2,117,872 0.5

Korea Electric Power 166,000 4,063,175 1.0

Korea Kumho Petrochemical 16,031 2,184,817 0.5

LG Electronics 33,600 3,200,875 0.8

Lotte Shopping 5,600 2,289,621 0.6

OCI Co 12,600 5,668,535 1.4

POSCO 9,900 4,548,612 1.1

Samsung Electronics 24,300 20,645,973 4.9


Shinsegae Co 16,100 3,816,035 0.9


CIMB Group Hldgs 530,000 1,433,166 0.3

Genting Bhd (CDS) 307,900 1,120,283 0.3

Petronas Chemicals 1,172,100 2,797,947 0.7



Banco de Oro Unibank 357,700 426,932 0.1

JG Summit Hldgs 1,421,600 792,689 0.2

Megaworld Corp 16,421,000 794,565 0.2


DBS Group Hldgs (CDP) 538,426 6,236,430 1.5


Keppel Corp (CDP) 476,000 4,614,613 1.1

Keppel Land 826,000 2,942,277 0.7

Mapletree Industrial Trust 5,322,000 4,433,241 1.1

Neptune Orient Lines (CDP) 2,485,000 3,824,593 0.9

United Overseas Bank (CDP) 90,000 1,340,896 0.3



- 36 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Advanced Semiconductor Eng 5,669,409 6,130,862 1.5

Asustek Computer 228,000 1,961,607 0.5

Coretronic Corp 1,283,000 2,070,234 0.5

Evergreen Marine 2,028,000 1,682,730 0.4

Formosa Chemicals & Fibre 1,170,000 4,416,371 1.0

Fubon Financial Hldg 3,448,892 4,574,050 1.1

Hon Hai Precision Ind 2,072,321 7,223,332 1.7

Huaku Development 763,000 2,114,652 0.5

Kinsus Interconnect

Technology 1,084,000 3,347,124 0.8


Taishin Financial Hldgs 12,416,187 7,008,951 1.7

Taiwan Cement 2,045,181 2,465,498 0.6

Taiwan Fertilizer 869,000 2,556,187 0.6

Taiwan Semiconductor Mfg 2,144,000 5,140,088 1.2

Unimicron Technology 1,054,000 1,792,121 0.4

Yuanta Financial Hldg 3,298,000 2,355,194 0.6


Bangkok Bank NVDR 930,000 5,273,434 1.3

Banpu Public Co (F) 115,000 2,897,338 0.7

Krung Thai Bank (F) 6,591,000 3,987,942 0.9

Siam Cement NVDR 417,000 4,839,378 1.2






Statement of Movements in Portfolio Statement of Movements in Portfolio Statement of Movements in Portfolio Statement of Movements in Portfolio HoldingsHoldingsHoldingsHoldings




31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



China 26.9 32.8

Korea 25.1 22.9

Hong Kong 14.8 15.0

Taiwan 13.9 11.0

Singapore 6.4 4.4

Thailand 4.1 7.4

Indonesia 3.9 2.5

Malaysia 1.3 -

Philippines 0.7 -








- 37 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 8,184,882 9,397,548



Investments 406,351,484 373,272,144


receivable 1,725,961 959,620


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


Amounts due to brokers 2,714,642 605,284




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




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


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010








losses (87,841) (291,639)

Other income 332 2,021

54,372,689 32,448,822

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


Management fee 3,062,188 2,973,616










4,305,669 4,017,103

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



Interest paid (2,686) (15,062)


Taxation (198,835) (212,021)








- 38 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



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


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




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

368,640,297 365,579,681










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (172,934,248) (120,256,620)







Tax paid (223,365) (212,021)



Others (276,673) (556,374)

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


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









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


equivalentsequivalentsequivalentsequivalents (1,249,152) (4,661,674)






the end of the periodthe end of the periodthe end of the periodthe end of the period 8,184,882 (2,287,208)

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 8,184,882 2,412,826


unsecured - (4,700,034)

8,184,882 (2,287,208)

JF EASTERN FUNDJF EASTERN FUNDJF EASTERN FUNDJF EASTERN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 39 -



JF Eastern Fund (the "Fund") was established under a Trust Deed dated 20 January 1971, as amended, and is governed by the laws of Hong


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.

With effect from 1 January 2011, the investment policy 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.


2222 Summary of principal accountinSummary of principal accountinSummary of principal accountinSummary of principal accounting policiesg policiesg policiesg policies





Classification












ownership.








on an exchange.





Income.





- 40 -

(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. There were no securities lending activities since 8 April 2009.





separately.






transactions.











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)

31.3.2011 30.9.2010

Units Units


US$ US$





- 41 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 6,225,662 46,099


53,053,759 31,101,891





transactions.






JF EASTERN SMALLER COMPANIES FUNDJF EASTERN SMALLER COMPANIES FUNDJF EASTERN SMALLER COMPANIES FUNDJF EASTERN SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 42 -



distributing fund in respect of the period from 2 December














this new regime.








Investment PortfInvestment PortfInvestment PortfInvestment Portfolioolioolioolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Equities and WarrantsEquities and WarrantsEquities and WarrantsEquities and Warrants (96.2%)


AMVIG Hldgs 10,978,000 8,411,829 2.9

Bosideng Intl Hldgs 7,572,000 2,229,292 0.8

Changfeng Axle (China) 6,929,000 3,625,650 1.2

China National Bldg Material 'H' 1,016,000 3,722,712 1.3

China Shanshui Cement Group 2,848,000 2,654,599 0.9

China State Construction Intl 3,116,000 2,844,308 1.0

China Suntien Green Energy 'H' 11,635,000 3,739,618 1.3

China Vanadium Titano-

Magnetite 4,022,000 1,727,068 0.6

China Xiniya Fashion ADR 181,290 926,392 0.3

Daphne Intl Hldgs 7,012,000 5,219,650 1.8


Huiyin Household Appliances

Hldgs 14,792,000 2,719,467 0.9

Minth Group 2,178,000 3,640,174 1.3

PCD Stores Group 23,766,000 6,477,581 2.2

Ports Design 1,323,500 3,028,760 1.0

ShangPharma Corp ADR 47,077 570,102 0.2

Shirble Department Stores 29,812,000 5,250,886 1.8

Sitc Intl Hldgs 2,155,000 1,329,871 0.5

SPG Land (Hldgs) 4,173,600 1,958,505 0.7

Sunac China Hldgs 4,166,000 1,301,507 0.4

Towngas China 15,371,000 7,983,704 2.8

Xingda Intl Hldgs 2,313,000 2,158,903 0.7

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



SCMP Group 11,712,000 2,514,597 0.9

Techtronic Industries 5,140,000 7,110,437 2.4


Commercial Eng & Body PN

15/10/13(DB) 944,122 930,467 0.3

Commercial Eng & Body PN

14/10/15(JPM)* 1,400,731 1,380,472 0.5

Commercial Engineers & Body

Builder 868,843 856,276 0.3

Cox & Kings 200,480 1,859,368 0.6

Cox & Kings India Wts

30/11/12(UBS) 121,713 1,128,837 0.4

Dhanlaxmi Bank Wts 07/06/13

(UBS) 2,303,761 5,840,121 2.0

Eicher Motors PN 14/03/16 (JPM)* 53,455 1,606,227 0.6

Eros Intl Media PN 01/10/15

(JPM)* 424,989 1,300,364 0.5

Everonn Education 447,804 5,810,055 2.0

Il&FS Transport PN 26/03/15

(JPM)* 773,139 4,030,829 1.4

IL&FS Transportation Networks 191,117 996,405 0.3

IndusInd Bank (DEMAT) 1,217,865 7,353,239 2.5

McNally Bharat Eng PN

15/10/14(JPM)* 261,317 1,282,999 0.4

Oberoi Realty PN 29/10/13 (CS) 283,897 1,611,264 0.6

Parabolic Drugs Wts 12/11/13

(UBS) 1,907,679 1,826,615 0.6


Bank Pembangunan Daerah

Jawa Barat 10,523,500 1,522,780 0.5

Borneo Lumbung Energi &

Metal 11,963,500 2,253,246 0.8

Hexindo Adiperkasa 1,577,500 1,114,169 0.4

PP London Sumatra Indonesia 4,231,000 1,093,282 0.4


CJ O Shopping Co 22,514 4,853,969 1.7

CJ O Shopping Co -Await Cert 185 39,886 0.0

Dongsuh Co 170,071 5,635,700 1.9

Halla Climate Control 254,880 4,856,185 1.7

Hanjin Heavy Ind & Const Hldgs 197,480 2,268,333 0.8

Hanjin Heavy Ind & Construction 71,520 2,122,226 0.7

Hanjin Heavy Ind &

Construction -Await Cert 554 16,439 0.0


Hyundai Mipo Dockyard 12,418 2,116,930 0.7

MegaStudy Co 15,579 2,397,315 0.8

Melfas Inc 67,373 2,760,761 0.9

Neowiz Games 110,251 5,045,444 1.7

Orion Corp 4,023 1,444,972 0.5

Pulmuone Hldgs 3 109 0.0

S&T Dynamics 159,430 2,565,240 0.9

Shinsegae Food 77,134 6,012,085 2.1

STX Corp 78,980 1,943,990 0.7

STX Engine Co 54,170 1,330,855 0.5

STX Offshore & Shipbuilding Co 92,450 2,035,341 0.7

STX Pan Ocean (KR Listing) 209,890 1,894,262 0.7



- 43 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



CB Industrial Product Hldgs 1,228,400 1,666,933 0.6

Masterskill Education Group 3,261,900 2,057,030 0.7

Supermax Corp 641,000 910,045 0.3



Megaworld Corp 35,195,000 1,702,984 0.6


China Minzhong Food 4,211,000 5,411,995 1.9

CSE Global 5,328,000 5,325,887 1.8

Jardine Cycle & Carriage (CDP) 57,000 1,653,249 0.6

Osim Intl 5,597,000 7,148,885 2.5

STX OSV Hldgs 4,141,000 3,909,393 1.3


Changs Ascending Enterprise 234,914 1,453,908 0.5

Coretronic Corp 2,789,000 4,500,299 1.6

Dynapack Intl Technology 1,072,000 3,379,335 1.2

Edison Opto 598,847 3,492,502 1.2

G Tech Optoelectronics 784,564 3,281,634 1.1

Giga Solar Materials 66,092 1,746,331 0.6

Goldsun Development &

Construction 2,635,000 1,160,398 0.4

Highwealth Construction 594,000 1,242,276 0.4

Huaku Development 350,251 970,719 0.3

Hung Poo Real Estate Dev 906,000 1,073,712 0.4

Kinsus Interconnect

Technology 1,706,000 5,267,706 1.8

Prince Housing & Development 1,869,000 1,128,143 0.4

Taiwan Hon Chuan Enterprise 2,894,884 7,265,143 2.5

Teco Electric & Machinery 3,149,000 2,205,954 0.8

Tripod Technology 1,203,000 5,236,393 1.8

TXC Corp 1,938,000 3,598,347 1.2

Wistron NeWeb 688,000 2,285,808 0.8


GFPT Public Co (F) 15,992,700 4,944,015 1.7

Home Product Center (F) 11,350,000 3,414,945 1.2

Quality Houses (F) 32,060,100 2,374,430 0.8


TISCO Financial Group (F) 2,714,000 3,477,186 1.2

TISCO Financial Group NVDR 449,700 576,157 0.2

Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 279,381,991 96.2





* Issued by a Connected Person of the Manager* Issued by a Connected Person of the Manager* Issued by a Connected Person of the Manager* Issued by a Connected Person of the Manager





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



China 25.2 31.3

Korea 18.1 16.8

Taiwan 17.0 13.8

India 13.0 16.5

Singapore 8.1 7.2

Thailand 6.5 1.8

Hong Kong 3.3 5.2

Indonesia 2.1 2.8

Malaysia 1.6 2.4

Philippines 1.3 0.6

United Kingdom - 0.0

Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 96.2 98.4







- 44 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 14,416,510 6,740,533


Amounts receivable on allotment 909,890 1,906,753

Investments 279,381,991 331,545,383


receivable 1,250,745 1,602,713


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




Amounts payable on redemption 816,680 4,567,143

Other accounts payable 380,091 1,506,545


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




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


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010








(losses)/gains (76,059) 20,409

Other income - 12

(1,806,161) 45,384,298

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


Management fee 2,283,011 2,780,694










3,724,757 4,527,241

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

Net operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profitNet operating (loss)/profit (5,530,918) 40,857,057


Interest paid (651) (2,597)


Taxation 779,863 (360,570)

(Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net








- 45 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

295,100,454 327,414,479










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (209,644,896) (245,429,323)





Decrease in margin deposits - 323,120



Tax paid (177,872) (1,474,535)



Others (420,294) (329,846)



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









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







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



Cash at banks 14,416,510 8,805,653



- 46 -



JF Eastern Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 2 December 1991, 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 securities of small to

medium sized companies in the Asia-Pacific region, excluding Japan and Australia.

With effect from 1 January 2011, the investment policy 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.







Classification












ownership.








on an exchange.





Income.





- 47 -











separately.






transactions.










Fund's Trust Deed dated 2 December 1991, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2011 30.9.2010

Units Units


US$ US$





- 48 -

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

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



(2,954,426) 43,467,508





transactions.






JF FIVE ELEMENTS FUNDJF FIVE ELEMENTS FUNDJF FIVE ELEMENTS FUNDJF FIVE ELEMENTS 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



(I) Equities(I) Equities(I) Equities(I) Equities (98.9%)


Alumina Ltd 302,000 758,921 1.4

Aquarius Platinum (AU Listing) 109,760 607,269 1.1

Asciano Ltd 749,610 1,344,988 2.5

Aston Resources 119,000 1,132,187 2.1

Ausenco Ltd 240,000 831,457 1.6

Australian Agricultural 236,575 392,670 0.7

Bandanna Energy 296,900 541,924 1.0

Bathurst Resources 901,000 1,150,735 2.2

BHP Billiton 15,000 722,095 1.4

Boart Longyear 251,670 1,210,230 2.3

Catalpa Resources 518,000 934,779 1.7

Cockatoo Coal 1,557,353 781,110 1.5

Extract Resources 57,200 460,213 0.9

Fortescue Metals Group 205,155 1,357,831 2.5

Gindalbie Metals 1,033,300 1,207,504 2.3

Gloucester Coal 46,000 507,582 0.9

GrainCorp Ltd 'A' 78,073 605,544 1.1

Gujarat NRE Coking Coal 757,679 438,790 0.8

Highlands Pacific 720,000 256,883 0.5

Incitec Pivot 241,821 1,080,342 2.0

Intrepid Mines 135,700 283,475 0.5

Mineral Resources 73,000 927,808 1.7

Newcrest Mining 31,930 1,312,561 2.5

Oil Search 162,407 1,194,147 2.2

OneSteel Ltd 209,000 527,375 1.0

Paladin Energy 76,100 282,529 0.5

PanAust Ltd 333,000 268,610 0.5

Rio Tinto (AU Listing) 18,999 1,664,171 3.1

Sandfire Resources 76,000 538,378 1.0

Saracen Mineral Hldgs 751,999 567,706 1.1

WorleyParsons Ltd 15,577 496,156 0.9


Equinox Minerals CDI 197,832 1,147,738 2.1


Beijing Enterprises Water

Group 3,480,000 1,216,940 2.3

China BlueChemical 'H' 1,366,000 1,115,181 2.1

China Merchants Hldgs 150,000 630,609 1.2

China Qinfa Group 824,000 472,479 0.9

China Resources Cement Hldgs 1,936,000 1,909,070 3.5

China Resources Power Hldgs 522,000 1,005,317 1.9

Cosco Pacific 600,000 1,132,396 2.1

CSR Corp Ltd 'H' 829,000 844,113 1.6


Development 540,000 476,948 0.9

Intl Mining Machinery 1,080,000 944,177 1.7

Sany Heavy Equipment Intl 712,000 1,168,023 2.2

Yanzhou Coal Mining 'H' 178,000 644,198 1.2


Shui On Construction &

Materials 510,000 683,217 1.3

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Ambuja Cements (DEMAT) 409,961 1,346,772 2.5

Cairn India 65,000 510,001 0.9

IRB Infrastructure Developers 102,847 489,039 0.9


Economic Zone 273,930 838,467 1.6


Adaro Energy 3,874,000 978,788 1.8


Metal 4,790,500 902,259 1.7

Indo Tambangraya Megah 112,000 594,246 1.1

United Tractors 255,500 635,266 1.2


JGC Corp 25,000 586,088 1.1

Kubota Corp 93,000 877,486 1.6


Hyundai Mipo Dockyard 3,460 589,835 1.1

Korea Electric Power 23,500 575,209 1.1

POSCO 1,290 592,698 1.1


Lafarge Malayan Cement (CDS) 220,100 536,306 1.0

Tenaga Nasional (CDS) 186,900 383,828 0.7

New ZealandNew ZealandNew ZealandNew Zealand (1.2%)

Fletcher Building (NZ) 88,803 632,640 1.2


Manila Water 2,517,200 1,052,120 2.0


Indofood Agri Resources 569,000 1,006,640 1.9


PTT Exploration & Production

NVDR 230,400 1,371,203 2.6

Thai Tap Water Supply (F) 3,500,000 688,544 1.3

52,963,811 98.9

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



- 50 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (0.1%)

FuturesFuturesFuturesFutures (0.1%)

Corn (CBT) Fut 05/11 17 (23,163) (0.1)

Cotton No2 (NYB-ICE) Fut

05/11 7 123,575 0.2

Platinum (NYM) Fut 07/11 14 22,050 0.1

Wheat (CBT) Fut 05/11 14 (65,100) (0.1)

57,362 0.1

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










31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Australia 45.5 39.2

China 21.6 24.5

India 5.9 6.5

Indonesia 5.8 -

Thailand 3.9 3.1

Korea 3.3 4.3

Japan 2.7 2.8

Canada 2.1 1.3

Philippines 2.0 1.4

Singapore 1.9 1.9

Malaysia 1.7 2.0

Hong Kong 1.3 3.5

New Zealand 1.2 1.4


Futures 0.1 0.5

Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments 99.0 92.4







- 51 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 514,817 5,148,735


Margin deposits 187,523 7,380


Investments 52,963,811 53,207,529


receivable 398,660 310,278


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



Performance fee payable 498,498 -



Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 982,636 1,175,521

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





For the period ended 31 For the period ended 31 For the period ended 31 For the period ended 31 March 2011March 2011March 2011March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains/(losses) 1,725 (28,454)

Interest on deposits - 30

8,877,767 7,142,073

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













1,130,512 724,497

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





Taxation 26,752 (36,553)








- 52 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

45,777,395 53,342,617










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (25,613,841) (41,444,712)




Interest received - 30


Tax paid (29,324) (57,962)



(Increase)/decrease in margin

deposits (180,143) 57,579


Others (47,593) (79,018)


activitiesactivitiesactivitiesactivities 8,375,775 913,301

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








financing financing financing financing activitiesactivitiesactivitiesactivities (13,011,835) (2,109,950)

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






equivalents 2,142 150


the end of the periodthe end of the periodthe end of the periodthe end of the period 514,817 8,205,741


Cash at banks 514,817 8,205,741



- 53 -



JF Five Elements Fund (the "Fund") was established under a Trust Deed dated 28 February 2008, 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 securities of companies in

natural resources and commodities sectors in Asia (including Australia and New Zealand). This may include, but is not limited to, companies

predominantly engaged in the extraction, refinement, development, production, distribution, marketing or retail sale of natural resources,

commodities and their secondary products such as agriculture, energy, forestry, timber, paper, water, metals, basic materials, mining,

construction and infrastructure.








(a)(a)(a)(a) Basis of preparation of iBasis of preparation of iBasis of preparation of iBasis of preparation of interim financial statementsnterim financial statementsnterim financial statementsnterim financial statements




Classification












ownership.








on an exchange.





- 54 -



Income.








separately.






transactions.










Fund's Trust Deed dated 28 February 2008, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2011 30.9.2010

Class A Class A

Units Units


US$ US$





- 55 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives (18,448) 2,088,857


8,571,759 6,801,044





transactions.






JF GREATER CHINA SMALLER COMPANIES FUNDJF GREATER CHINA SMALLER COMPANIES FUNDJF GREATER CHINA SMALLER COMPANIES FUNDJF GREATER CHINA SMALLER COMPANIES FUND (Formerly known as JPM Brazil Fund)(Formerly known as JPM Brazil Fund)(Formerly known as JPM Brazil Fund)(Formerly known as JPM Brazil Fund)

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


- 56 -

InvestmentInvestmentInvestmentInvestment PortfolioPortfolioPortfolioPortfolio



FairFairFairFair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet





AMVIG Hldgs 1,822,000 10,859,120 2.8

Autonavi Hldgs ADR 46,358 6,371,480 1.6

Bona Film Group ADR 82,096 4,067,622 1.0

Bosideng Intl Hldgs 1,884,000 4,314,360 1.1

Changfeng Axle (China) 2,774,000 11,290,180 2.9

China Haidian Hldgs 5,406,000 5,892,540 1.5

China Kanghui Hldgs ADR 52,631 7,168,147 1.8

China Suntien Green Energy

‘H' 3,565,000 8,912,500 2.3

China Vanadium Titano-

Magnetite 3,093,000 10,330,620 2.6

Daphne Intl Hldgs 650,000 3,763,500 1.0


Greatview Aseptic Packaging 1,816,000 9,043,680 2.3

Hengdeli Hldgs 2,160,000 8,791,200 2.2


Development 1,203,000 8,264,610 2.1

Hopefluent Group Hldgs 1,954,000 9,027,480 2.3


Hldgs 3,266,000 4,670,380 1.2

KWG Property Hldg 1,547,500 9,671,875 2.5

Maoye Intl Hldgs 3,158,000 10,579,300 2.7

Microport Scientific 1,026,000 5,601,960 1.4

Minth Group 716,000 9,308,000 2.4

Ports Design 173,000 3,079,400 0.8

REXLot Hldgs 11,900,000 10,115,000 2.6

Ruinian Intl 1,480,000 8,051,200 2.0

Shirble Department Stores 1,546,000 2,118,020 0.5

Towngas China 1,432,000 5,785,280 1.5


Chong Hing Bank 396,000 7,920,000 2.0

Dah Chong Hong Hldgs 1,508,000 13,149,760 3.4

Dah Sing Banking Group 400,800 4,793,568 1.2

Guotai Junan Intl Hldgs 2,186,000 8,022,620 2.0

Hong Kong Resources Hldgs 2,548,000 1,732,640 0.4

Johnson Electric Hldgs 1,849,000 8,431,440 2.2

K Wah Intl Hldgs 3,886,000 12,046,600 3.1

Midland Hldgs 1,142,000 6,897,680 1.8

Pacific Textile Hldgs 367,000 1,651,500 0.4

Public Financial Hldgs 1,634,000 8,202,680 2.1

Sa Sa Intl Hldgs 2,032,000 8,067,040 2.1

Samson Hldg 1,375,000 2,131,250 0.5

Shun Tak Hldgs 2,384,000 10,179,680 2.6

Singamas Container Hldgs 1,330,000 4,295,900 1.1

Techtronic Industries 1,199,000 12,901,240 3.3

Television Broadcasts 200,000 9,070,000 2.3


China Petrochemical

Development 218,000 2,159,455 0.5

Coretronic Corp 779,000 9,777,086 2.5

Huaku Development 460,000 9,916,335 2.5

Hung Poo Real Estate Dev 351,000 3,235,532 0.8

KGI Securities 2,197,000 8,135,680 2.1

(Continued)


FairFairFairFair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet


Kinsus Interconnect

Technology 235,000 5,644,032 1.4

Largan Precision 22,000 4,626,213 1.2

Macronix Intl 1,117,000 5,746,568 1.5


Prince Housing &

Development 790,000 3,709,037 0.9

Wintek Corp 417,950 5,748,618 1.5

WPG Hldgs 606,000 7,926,376 2.0









- 57 -


For the period from 26 August 2009 For the period from 26 August 2009 For the period from 26 August 2009 For the period from 26 August 2009 (Date of Trust Deed) to (Date of Trust Deed) to (Date of Trust Deed) to (Date of Trust Deed) to

31 March 201131 March 201131 March 201131 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201131.3.201131.3.201131.3.2011



China 46.7

Hong Kong 30.5

Taiwan 20.0

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 97.2

Other net assetsOther net assetsOther net assetsOther net assets 2.8

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

unitsunitsunitsunits 100.0





- 58 -



31.3.201131.3.201131.3.201131.3.2011

HK$HK$HK$HK$


Cash at banks 6,405,232

Amounts due from brokers 10,712,363

Amounts receivable on allotment 4,642,668

Investments 381,358,913

Other accounts receivable 1,680,732

Total assetsTotal assetsTotal assetsTotal assets 404,799,908

----------


Amounts due to brokers 11,714,752

Amounts payable on redemption 185,066

Other accounts payable 618,562

Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 12,518,380

----------


units units units units [Note 3] 392,281,528

EquityEquityEquityEquity 392,281,528


For the period from 26 August 2009 (Date of Trust For the period from 26 August 2009 (Date of Trust For the period from 26 August 2009 (Date of Trust For the period from 26 August 2009 (Date of Trust Deed) to Deed) to Deed) to Deed) to


26262626....8888.20.20.20.2009090909

(Date of(Date of(Date of(Date of

Trust Deed)Trust Deed)Trust Deed)Trust Deed)

totototo

31.3.201131.3.201131.3.201131.3.2011

HK$HK$HK$HK$


Net losses on investments and derivatives [Note

4] (18,205,086)

Dividend income 664,938

Interest on deposits 56

Net foreign currency exchange losses (670,361)

(18,210,453)

----------


Management fee 2,712,784

Transaction costs 1,311,723

Registrar's fee 200,795

Trustee's fee 159,609

Valuation fee 57,728

Safe custody and bank charges 37,182

Formation expenses [Note 2c] 36,865

Legal and professional expenses 17,152

Printing and publication expenses 7,172

Auditor's fee 4,114

Other operating expenses 1,535

4,546,659

----------

Decrease in net assets attributable to Decrease in net assets attributable to Decrease in net assets attributable to Decrease in net assets attributable to holders holders holders holders

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

comprehensive losscomprehensive losscomprehensive losscomprehensive loss (22,757,112)





- 59 -



For the period from 26 August 2009 (Date of Trust Deed) to For the period from 26 August 2009 (Date of Trust Deed) to For the period from 26 August 2009 (Date of Trust Deed) to For the period from 26 August 2009 (Date of Trust Deed) to


26262626....8888.20.20.20.2009090909



totototo

31.3.201131.3.201131.3.201131.3.2011

HK$HK$HK$HK$

Allotment of redeemable units 446,490,514

Redemption of redeemable units (31,451,874)

Net allotmentNet allotmentNet allotmentNet allotment 415,038,640

Decrease in net assets attributable to holders of Decrease in net assets attributable to holders of Decrease in net assets attributable to holders of Decrease in net assets attributable to holders of

redeemable units andredeemable units andredeemable units andredeemable units and total comprehensive losstotal comprehensive losstotal comprehensive losstotal comprehensive loss (22,757,112)


units at the end of the periodunits at the end of the periodunits at the end of the periodunits at the end of the period 392,281,528


For the period from 26 August 2009 (Date of Trust Deed) to For the period from 26 August 2009 (Date of Trust Deed) to For the period from 26 August 2009 (Date of Trust Deed) to For the period from 26 August 2009 (Date of Trust Deed) to


26262626....8888.20.20.20.2009090909



totototo

31.3.201131.3.201131.3.201131.3.2011

HK$HK$HK$HK$


Purchase of investments and derivatives (467,561,085)

Proceeds from disposal of investments and

derivatives 67,278,472

Dividend received 664,938

Interest received 56

Trustee's fee paid (126,332)

Registrar's fee paid (200,795)

Transaction costs paid (1,267,396)

Management fee paid (2,144,136)

Others (819,528)

Net cash outflow from operating activitiesNet cash outflow from operating activitiesNet cash outflow from operating activitiesNet cash outflow from operating activities (404,175,806)

----------


Receipts on allotment of redeemable units 441,847,846

Payments on redemption of redeemable units (31,266,808)

Net cash inflow from financing activitiesNet cash inflow from financing activitiesNet cash inflow from financing activitiesNet cash inflow from financing activities 410,581,038

----------

Cash and cash equivalents at theCash and cash equivalents at theCash and cash equivalents at theCash and cash equivalents at the end of the end of the end of the end of the

periodperiodperiodperiod 6,405,232


Cash at banks 6,405,232




- 60 -



JF Greater China Smaller Companies Fund (the “Fund”) was established under a Trust Deed dated 26 August 2009, as amended, and is

governed by the laws of Hong Kong. The Fund commenced operations on 4 October 2010. The Fund is authorized by the Securities and

Futures Commission of Hong Kong.

With effect from 27 August 2010, the name of the Fund was changed from JPM Brazil Fund to JF Greater China Smaller Companies Fund.


medium-sized companies in the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).

All unitholders’ rights with regard to the convening, voting or otherwise acting at any meeting of unitholders are the same. Refer to Note 3.


The principal accounting policies adopted in the preparation of these unaudited condensed interim financial statements are set out below.

(a)(a)(a)(a) Investments and derivatives Investments and derivatives Investments and derivatives Investments and derivatives

Classification












ownership.








on an exchange.





Income.






- 61 -

(b)(b)(b)(b) Foreign currency translationForeign currency translationForeign currency translationForeign currency translation


The Fund has adopted Hong Kong dollar as its functional and presentation currency.



transactions.


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





(c)(c)(c)(c) Formation expensesFormation expensesFormation expensesFormation expenses

Formation expenses are recognized as an expense in the period in which they are incurred.

(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




statements.

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

31.3.2011

Units

Number of units in issue 41,367,381.684

HK$

Net assets attributable to holders of redeemable units 392,281,528

Net assets attributable to holders of redeemable units (per unit) 9.48




- 62 -

4444 Net losses on investments and derivativesNet losses on investments and derivativesNet losses on investments and derivativesNet losses on investments and derivatives

26.8.2009

(Date of

Trust Deed)

to

31.3.2011

HK$

Change in unrealized gains/losses in value of investments and derivatives (22,171,024)

Realized gains on sale of investments and derivatives 3,965,938

(18,205,086)





transactions.





No distribution was made during the period.

JF PACIFIC SECURITIES FUNDJF PACIFIC SECURITIES FUNDJF PACIFIC SECURITIES FUNDJF PACIFIC SECURITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 63 -

















this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Asciano Ltd 1,200,000 2,153,100 0.5

Australia & NZ Bkg Group

(AU List) 200,000 4,918,417 1.1

BHP Billiton 210,000 10,109,333 2.2

Brambles Ltd 320,000 2,342,970 0.5

Commonwealth Bank of

Australia 45,000 2,438,060 0.5


Foster's Group 450,000 2,638,634 0.6

Macquarie Group 70,000 2,645,873 0.6

National Australia Bank 250,000 6,675,438 1.5

QBE Insurance Group 150,000 2,739,463 0.6


Westpac Banking 300,000 7,545,158 1.7

Woolworths Ltd 100,000 2,774,624 0.6


Air China 'H' 3,000,000 2,769,278 0.6

Bank of China 'H' 15,000,030 8,330,993 1.9

Bank of Communications 'H' 2,000,000 2,193,310 0.5

China CITIC Bank 'H' 3,700,000 2,682,883 0.6

China Coal Energy 'H' 1,500,000 2,040,318 0.5

China Construction Bank 'H' 6,000,588 5,616,245 1.3

China COSCO Hldgs 'H' 2,500,000 2,552,004 0.6

China Life Insurance 'H' 700,000 2,627,857 0.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


China Mobile 350,000 3,221,825 0.7

China Resources Land 2,482,000 4,646,052 1.0

China Resources Power Hldgs 1,500,000 2,888,843 0.6

China Shipping

Development 'H' 2,000,000 2,242,164 0.5

CNOOC Ltd 4,500,000 11,339,384 2.5

Cosco Pacific 1,542,000 2,910,257 0.7

Ind & Comm Bank of China 'H' 3,500,578 2,902,822 0.6

Nine Dragons Paper Hldgs 2,000,000 2,381,014 0.5

Ping An Insurance (Group) 'H' 500,000 5,059,011 1.1

Poly Hong Kong Investment 3,500,000 3,266,823 0.7

Tencent Hldgs 100,000 2,428,582 0.5



Cheung Kong (Hldgs) 400,000 6,520,789 1.4

Hang Lung Properties 800,000 3,491,810 0.8

Henderson Land

Development 600,947 4,152,748 0.9

HSBC Hldgs (HK Listing) 400,000 4,204,057 0.9

Jardine Matheson Hldgs

(CDP) 80,000 3,552,000 0.8

Kerry Properties 500,000 2,484,508 0.5

Power Assets Hldgs 400,000 2,661,284 0.6

SJM Hldgs 1,800,000 3,133,373 0.7

Standard Chartered (HK) 200,000 5,286,570 1.2

Sun Hung Kai Properties 300,000 4,744,028 1.1

Wharf (Hldgs) 905,315 6,244,395 1.4


Larsen & Toubro GDR-RegS 50,000 1,862,000 0.4

Tata Motors ADR 100,000 2,777,000 0.6


Bank Mandiri 4,000,335 3,101,035 0.7


Aeon Co 250,000 2,895,753 0.6

AEON Mall 130,000 2,787,283 0.6

Canon Inc 210,000 9,146,959 2.0

Daikin Industries 130,000 3,894,667 0.9

Denso Corp 70,000 2,320,101 0.5

East Japan Railway 60,000 3,337,355 0.7

Fuji Heavy Industries 300,000 1,936,535 0.4

FUJIFILM Hldgs 250,000 7,740,106 1.7

Fujitsu Ltd 1,000,000 5,646,718 1.3

Honda Motor 160,000 6,013,514 1.3

Hoya Corp 100,000 2,280,405 0.5

Isuzu Motors 1,200,000 4,734,556 1.1

JFE Hldgs 110,000 3,218,509 0.7

Kawasaki Kisen Kaisha 550,000 2,030,647 0.5

Keyence Corp 7,000 1,788,851 0.4

Kubota Corp 350,000 3,302,365 0.7

Kyocera Corp 20,000 2,029,440 0.5

Mitsubishi Corp 250,000 6,940,758 1.5

Mitsubishi Estate 250,000 4,216,940 0.9

Mitsubishi UFJ Financial Group 1,400,000 6,452,703 1.4

Mitsui & Co 300,000 5,378,861 1.2



- 64 -


As at 31 March As at 31 March As at 31 March As at 31 March 2011201120112011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


JapanJapanJapanJapan (Continued)

Mitsui Fudosan 250,000 4,123,431 0.9

Nintendo Co 13,000 3,513,514 0.8

Nippon Telegraph &

Telephone 70,000 3,146,115 0.7

Nippon Yusen 500,000 1,954,633 0.4

Nissan Motor 450,000 3,996,139 0.9

Panasonic Corp 500,000 6,370,656 1.4

Ricoh Co 500,000 5,881,998 1.3

Shin-Etsu Chemical 130,000 6,454,513 1.4

Shionogi & Co 180,000 3,070,946 0.7

Shiseido Co 150,000 2,600,748 0.6

Softbank Corp 55,000 2,196,549 0.5

Sony Corp 100,000 3,199,807 0.7

Stanley Electric 150,000 2,479,488 0.6

Sumitomo Corp 230,000 3,294,040 0.7

Sumitomo Heavy

Industries 700,000 4,569,257 1.0

Sumitomo Mitsui Financial

Grp 140,000 4,354,730 1.0

Sumitomo Realty &

Development 150,000 3,002,534 0.7

Suzuki Motor 100,000 2,234,556 0.5

TDK Corp 50,000 2,962,114 0.7

Tokyo Electron 14,100 778,324 0.2

Toyota Boshoku 7,300 105,167 0.0

Toyota Motor 230,000 9,268,822 2.1

Unicharm Corp 70,000 2,546,453 0.6

Yamada Denki 40,000 2,697,876 0.6



Doosan Infracore 100,000 2,780,437 0.6

GS Engineering &

Construction 27,000 2,818,269 0.6

Hyundai Mobis 12,000 3,566,252 0.8

Hyundai Motor 13,000 2,399,836 0.5

KB Financial Group 120,000 6,279,229 1.4

Korea Electric Power 150,000 3,671,544 0.8

Korea Exchange Bank 300,000 2,644,605 0.6

LG Display 70,000 2,195,178 0.5

Lotte Shopping 6,000 2,453,166 0.6

OCI Co 5,000 2,249,419 0.5

POSCO 10,000 4,594,558 1.0

Samsung C&T 56,545 3,695,954 0.8


Samsung Techwin 1,104 80,313 0.0

Shinsegae Co 6,717 1,592,069 0.4


PLUS Expressways 1,501,826 2,216,479 0.5


CapitaLand Ltd 1,500,000 3,915,113 0.8

DBS Group Hldgs (CDP) 300,000 3,474,812 0.8

Singapore Airlines (CDP) 300,000 3,251,091 0.7

United Overseas Bank

(CDP) 300,000 4,469,655 1.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Chimei Innolux 1,500,000 1,537,925 0.3



Krung Thai Bank (F) 5,000,000 3,025,293 0.7

PTT Chemical (F) 700,000 3,425,360 0.8

PTT Public Co (F) 250,000 2,917,838 0.6

Siam Cement NVDR 350,000 4,061,828 0.9

454,566,034 100.9

(II) Debt Securities(II) Debt Securities(II) Debt Securities(II) Debt Securities (1.1%)


Parkson Retail 7.875%

14/11/11 USD5,000,000 5,300,938 1.1

(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%) (40,329) (0.0)


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (9,232,456) (2.0)



Total investments, Total investments, Total investments, Total investments, at costat costat costat cost 453,946,105



- 65 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010


Equities Equities Equities Equities and Convertiblesand Convertiblesand Convertiblesand Convertibles

Japan 38.4 41.4

China 16.5 17.6

Korea 13.0 10.3

Australia 12.3 14.1

Hong Kong 10.3 4.0

Singapore 3.3 2.4

Thailand 3.0 1.2

Taiwan 1.9 4.7

India 1.0 1.9

Indonesia 0.7 0.1

Malaysia 0.5 0.5

Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities

China 1.1 1.2

Indonesia - 0.7


Forward foreign exchange contracts (0.0) (0.0)

Futures - (0.0)


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (2.0) (0.1)






- 66 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 871,155 2,604,907



Margin deposits 1,197,923 347,548

Investments 459,866,972 432,453,020


receivable 3,756,148 2,740,992


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


Short term bank loans - unsecured 9,456,962 5,711,512






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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010








losses (86,256) (1,060,573)


50,646,432 46,247,898

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


Management fee 3,371,203 3,244,862










5,029,804 4,914,491

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



Interest paid (88,329) (17,340)


Taxation (256,571) (186,506)








- 67 -


of Redeemable of Redeemable of Redeemable of Redeemable UnitsUnitsUnitsUnits


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

405,322,459 399,830,592

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









1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (538,321,543) (525,175,891)







Tax paid (265,790) (186,506)


deposits (850,375) 2,166,864



Others (227,802) (941,743)



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


Interest paid (88,253) (17,340)







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





Exchange gains/(losses) on cash

and cash equivalents 25,989 (228,018)


the end of the periodthe end of the periodthe end of the periodthe end of the period (8,585,807) 9,571,198


Cash at banks 871,155 9,571,198


unsecured (9,456,962) -

(8,585,807) 9,571,198



- 68 -



JF Pacific Securities Fund (the "Fund") was established under a Trust Deed dated 7 April 1978, 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, including Japan, Australia and New Zealand.







Classification












ownership.








on an exchange.





Income.





- 69 -

(c)(c)(c)(c) Securities lending and Securities lending and Securities lending and Securities lending and borrowingborrowingborrowingborrowing










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.


31.3.2011 30.9.2010

Units Units


US$ US$





- 70 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



46,765,144 44,792,448





transactions.






JF PACIFIC SMALLER COMPANIES FUNDJF PACIFIC SMALLER COMPANIES FUNDJF PACIFIC SMALLER COMPANIES FUNDJF PACIFIC SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 71 -


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

distributing fund in respect of the period from 22 May 1993

to 30 September 2009 (a final application has been made

for distributing fund certification for the period from 1












this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Equities and WarrantsEquities and WarrantsEquities and WarrantsEquities and Warrants (98.1%)


Adamus Resources 288,686 211,967 0.5

Asciano Ltd 244,683 439,023 1.0

Aston Resources 19,729 187,705 0.4

Ausenco Ltd 86,500 299,671 0.7

Bathurst Resources 130,000 166,033 0.4

Boart Longyear 79,483 382,218 0.8

Carsales.com Ltd 25,000 133,664 0.3

Cockatoo Coal 236,729 118,734 0.3

Emeco Hldgs 85,200 106,613 0.2

Fleetwood Corp 17,850 222,438 0.5

Gindalbie Metals 179,214 209,428 0.5

IOOF Hldgs 54,510 405,875 0.9

JB Hi-Fi 6,405 133,203 0.3

Mermaid Marine Australia 92,003 304,464 0.7

Mineral Resources 9,031 114,781 0.2

NRW Hldgs 74,810 220,490 0.5

Oil Search 30,000 220,584 0.5

SAI Global 57,024 295,447 0.7

Sandfire Resources 32,000 226,686 0.5

SMS Management & Technology 38,300 252,699 0.6


AMVIG Hldgs 1,490,000 1,141,703 2.6

Changfeng Axle (China) 885,000 463,083 1.0

China Shanshui Cement Group 310,000 288,949 0.6

China State Construction Intl 234,000 213,597 0.5

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


China Suntien Green Energy 'H' 1,711,000 549,934 1.2

Daphne Intl Hldgs 930,000 692,281 1.6

Glorious Property Hldgs 966,000 264,532 0.6


Hldgs 2,084,000 383,137 0.9

Minth Group 278,000 464,632 1.0

PCD Stores Group 2,354,000 641,598 1.4

Ports Design 212,000 485,151 1.1

Shirble Department Stores 3,474,000 611,887 1.4

Sitc Intl Hldgs 334,000 206,115 0.5

Sunac China Hldgs 465,000 145,271 0.3

Towngas China 1,788,000 928,687 2.1

Xingda Intl Hldgs 359,000 335,083 0.8


SCMP Group 1,332,000 285,984 0.7

Techtronic Industries 266,500 368,664 0.8


Commercial Eng & Body

PN14/10/15(JPM)* 345,769 340,768 0.8

Dhanlaxmi Bank Wts 07/06/13

(UBS) 161,637 409,756 0.9

Eros Intl Media PN 01/10/15 (JPM)* 43,546 133,240 0.3

Everonn Education 32,365 419,921 0.9

Il&FS Transport PN 26/03/15

(JPM)* 50,230 261,879 0.6

IndusInd Bank (DEMAT) 133,979 808,939 1.8

Parabolic Drugs Wts 12/11/13 (UBS) 258,651 247,660 0.6


Borneo Lumbung Energi & Metal 1,536,000 289,295 0.6

Hexindo Adiperkasa 175,500 123,953 0.3


BALS Corp 500 474,180 1.1

Benesse Hldgs 8,500 347,671 0.8

Ebara Corp 266,000 1,421,790 3.2

Ferrotec Corp 5,800 130,164 0.3

Global One REIT 50 406,009 0.9

Hikari Tsushin 12,000 234,556 0.5

Hosiden Corp 50,000 506,757 1.1

Kaneka Corp 200,000 1,397,200 3.1

Kansai Paint Co 14,000 121,622 0.3

Kenedix Inc 1,650 334,858 0.7

Kureha Corp 100,000 471,766 1.1

Makino Milling Machine 30,000 254,826 0.6

Mandom Corp 25,800 628,813 1.4

Nippon Sheet Glass 280,000 807,431 1.8

Nippon Shokubai 20,000 250,724 0.6

NS United Kaiun Kaisha 155,000 329,151 0.7

ORIX JREIT 60 330,478 0.7

Pigeon Corp 14,000 439,020 1.0

Premier Investment 55 249,517 0.6

Ryohin Keikaku 10,000 412,042 0.9

Seino Hldgs 65,000 490,167 1.1

Shimachu Co 10,000 215,613 0.5

Shinko Electric Industries 47,000 482,022 1.1

Tekken Corp 200,000 304,054 0.7

Tokyo Tatemono 140,000 523,649 1.2



- 72 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


JapanJapanJapanJapan (Continued)

Toyo Suisan Kaisha 20,000 434,604 1.0

Toyo Tire & Rubber 165,000 404,139 0.9

United Urban Investment 300 380,068 0.9

Zojirushi Corp 165,000 432,010 1.0


CJ O Shopping Co 2,099 452,540 1.0

CJ O Shopping Co Await Cert 21 4,528 0.0

Halla Climate Control 37,760 719,435 1.6

Hanjin Heavy Ind & Const

Hldgs 22,490 258,329 0.6

Hyundai Development 15,430 447,308 1.0

Hyundai Mipo Dockyard 2,004 341,627 0.8

Jeonbuk Bank 16,860 102,671 0.2

MegaStudy Co 2,104 323,766 0.7

Melfas Inc 10,678 437,555 1.0

Neowiz Games 16,882 772,574 1.8

Orion Corp 617 221,613 0.5

Pulmuone Hldgs 9 326 0.0

Shinsegae Food 10,660 830,876 1.9

STX Corp 11,280 277,643 0.6

STX Engine Co 6,710 164,852 0.4

STX Offshore & Shipbuilding

Co 13,520 297,651 0.7

STX Pan Ocean (KR Listing) 30,140 272,014 0.6

Woori Investment & Securities

Pref 23,720 167,799 0.4


Masterskill Education Group 241,400 152,232 0.4


Alliance Global Group 1,003,100 275,044 0.6

Megaworld Corp 3,582,000 173,323 0.4


China Minzhong Food 381,000 489,663 1.1

CSE Global 713,500 713,217 1.6

Jardine Cycle & Carriage (CDP) 9,000 261,039 0.6

STX OSV Hldgs 662,000 624,974 1.4


Changs Ascending Enterprise 36,953 228,706 0.5

Edison Opto 72,834 424,771 1.0

G Tech Optoelectronics 86,083 360,064 0.8

Giga Solar Materials 5,068 133,910 0.3

Goldsun Development &

Construction 402,000 177,032 0.4

Highwealth Construction 96,000 200,772 0.5

Huaku Development 48,392 134,118 0.3

Prince Housing &

Development 301,000 181,686 0.4

Taiwan Hon Chuan Enterprise 235,622 591,329 1.3

Teco Electric & Machinery 389,000 272,504 0.6

Tripod Technology 133,000 578,920 1.3

TXC Corp 150,000 278,510 0.6

Wistron NeWeb 79,000 262,469 0.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



GFPT Public Co (F) 739,300 228,549 0.5

Home Product Center (F) 1,114,400 335,296 0.8

Supalai Public Co (F) 1,111,400 422,586 1.0

TISCO Financial Group (F) 393,400 504,025 1.1






* Issued by a Connected Person of the Manager



- 73 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Japan 29.8 31.1

China 17.6 21.5

Korea 13.8 11.0

Australia 10.5 9.3

Taiwan 8.6 5.0

India 5.9 6.1

Singapore 4.7 4.1

Thailand 3.4 0.7

Hong Kong 1.5 3.3

Philippines 1.0 0.5

Indonesia 0.9 1.3

Malaysia 0.4 1.6



Futures - 0.0








- 74 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 447,970 1,635,487



Margin deposits - 121,324

Derivatives - 20,146

Investments 43,470,169 44,031,025


receivable 367,870 306,485


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


Amounts due to brokers 851,571 1,376,609




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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010








losses (12,709) (5,882)

Other income 176 508

2,241,695 4,073,746

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












603,283 555,887

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

NetNetNetNet operating profitoperating profitoperating profitoperating profit 1,638,412 3,517,859




Taxation 3,062 (41,559)








- 75 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

42,676,522 42,595,676










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (36,249,559) (22,585,585)




Decrease in margin deposits 121,324 185,495



Tax paid (33,618) (107,804)




Others (81,833) (78,176)



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









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


equivalentsequivalentsequivalentsequivalents (1,196,631) (344,412)








Cash at banks 447,970 2,596,528



- 76 -



JF Pacific Smaller Companies Fund (the "Fund") was established under a Trust Deed dated 22 May 1993, as amended, and is governed by the



medium sized companies in the Asia-Pacific region, including Japan, Australia and New Zealand.







Classification












ownership.








on an exchange.





Income.





- 77 -











separately.






transactions.











statements.


31.3.2011 30.9.2010

Units Units


US$ US$





- 78 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives (2,602,489) (346,105)


1,886,645 3,667,968





transactions.






JF PACIFIC TECHNOLOGY FUNDJF PACIFIC TECHNOLOGY FUNDJF PACIFIC TECHNOLOGY FUNDJF PACIFIC TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 79 -



distributing fund in respect of the period from 14 August














this new regime.








Investment PortfolInvestment PortfolInvestment PortfolInvestment Portfolioioioio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Tencent Hldgs 90,900 2,207,581 3.0

ZTE Corp 'H' 377,800 1,758,294 2.3


Infosys Technologies ADR 21,000 1,505,490 2.0


Canon Inc 123,800 5,392,350 7.2

Hitachi Ltd 403,000 2,100,579 2.8

Ibiden Co 24,600 777,951 1.0

Keyence Corp 6,400 1,635,521 2.2

Konica Minolta Hldgs 140,000 1,175,676 1.6

Kyocera Corp 22,600 2,293,267 3.1

Murata Mfg 32,500 2,329,271 3.1

NEC Corp 262,000 569,015 0.8

Nintendo Co 9,800 2,648,649 3.5

Nippon Electric Glass 95,000 1,346,827 1.8

Omron Corp 65,700 1,849,398 2.5

Softbank Corp 48,100 1,920,982 2.6

Sony Corp 48,700 1,558,306 2.1

Tokyo Electron 30,000 1,656,009 2.2

Toshiba Corp 590,000 2,883,084 3.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Duksan Hi-Metal Co 34,000 782,625 1.1

Hynix Semiconductor 79,200 2,256,256 3.0

KT Corp 19,490 691,154 0.9

Melfas Inc 18,890 774,060 1.0

OCI Co 1,981 891,220 1.2

Samsung C&T 23,549 1,539,235 2.1


Samsung Electronics GDR-

RegS&144A 6,935 2,941,827 3.9

Samsung Techwin 15,810 1,150,133 1.5


Advanced Semiconductor Eng 1,572,820 1,700,837 2.3

AU Optronics 785,400 682,399 0.9

Catcher Technology 130,000 641,015 0.9

Delta Electronics 267,000 1,057,776 1.4


HTC Corp 74,000 2,881,336 3.8

Orise Technology Co 194,000 378,678 0.5

Powertech Technology 338,650 1,060,638 1.4

Silitech Technology 210,140 530,236 0.7

Taiwan Semiconductor Mfg 2,851,788 6,836,961 9.1

Wistron Corp 789,000 1,250,315 1.7








- 80 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Japan 40.3 35.9

Taiwan 29.2 33.7

Korea 20.5 17.5

China 5.3 4.4

India 2.0 1.8

Hong Kong - 1.2

Australia - 0.9








- 81 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 1,457,406 3,875,568

Amounts due from brokers 3,010,667 -


Investments 72,838,475 73,675,139


receivable 472,426 312,372

Total Total Total Total assetsassetsassetsassets 77,939,822 78,105,320

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


Amounts due to brokers 2,445,480 -



Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 3,067,675 902,458

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




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


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains 57,210 13,559


Other income 42 -

7,105,769 8,515,631

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












937,901 987,577

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





Taxation (49,330) (70,199)








- 82 -

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



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

68,753,749 81,265,179










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (43,100,284) (34,174,888)







Tax paid (59,133) (70,199)



Others (52,349) (43,195)



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

Financing Financing Financing Financing activitiesactivitiesactivitiesactivities








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


and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (2,475,182) 7,415








Cash at banks 1,457,406 3,297,728



- 83 -



JF Pacific Technology Fund (the "Fund") was established under a Trust Deed dated 14 August 1997, 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 through a portfolio consisting primarily of securities of technology

companies in the Pacific region, including Japan.







Classification












ownership.








on an exchange.





Income.





- 84 -

(c)(c)(c)(c) Securities lending and borrowingSecurities lending and borrowingSecurities lending and borrowingSecurities lending and borrowing










separately.






transactions.











statements.


31.3.2011 30.9.2010

Units Units


US$ US$





- 85 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



6,613,134 8,029,513





transactions.






JF AUSTRALIA FUNDJF AUSTRALIA FUNDJF AUSTRALIA FUNDJF AUSTRALIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 86 -

















this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





BanksBanksBanksBanks (23.7%)

Australia & NZ Bkg Group (AU

List) 259,592 6,383,909 5.6

Commonwealth Bank of

Australia 149,713 8,111,318 7.1

National Australia Bank 189,717 5,065,776 4.4

Westpac Banking 300,559 7,559,218 6.6

BeveragesBeveragesBeveragesBeverages (3.2%)

Foster's Group 614,966 3,605,933 3.2

ChemicalsChemicalsChemicalsChemicals (4.7%)

Incitec Pivot 687,200 3,070,085 2.7

Orica Ltd 83,698 2,254,791 2.0

Commercial Services & SuppliesCommercial Services & SuppliesCommercial Services & SuppliesCommercial Services & Supplies (2.8%)

Brambles Ltd 437,423 3,202,716 2.8

Containers & PackagingContainers & PackagingContainers & PackagingContainers & Packaging (2.9%)

Amcor Ltd 460,800 3,354,816 2.9

Diversified FinancialsDiversified FinancialsDiversified FinancialsDiversified Financials (1.6%)

Suncorp Group 207,600 1,816,274 1.6

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Energy Equipment & ServicesEnergy Equipment & ServicesEnergy Equipment & ServicesEnergy Equipment & Services (1.3%)

WorleyParsons Ltd 47,000 1,497,036 1.3

Industrial ConglomeratesIndustrial ConglomeratesIndustrial ConglomeratesIndustrial Conglomerates (5.3%)

Wesfarmers Ltd 185,717 6,088,278 5.3

InsuranceInsuranceInsuranceInsurance (5.0%)

AMP Ltd (AU Listing) 499,101 2,792,346 2.4

QBE Insurance Group 162,719 2,971,752 2.6

MachineryMachineryMachineryMachinery (2.6%)

Boart Longyear 625,400 3,007,422 2.6

Metals & MiningMetals & MiningMetals & MiningMetals & Mining (30.8%)

Alumina Ltd 725,400 1,822,919 1.6

Bathurst Resources 1,177,000 1,503,235 1.3

BHP Billiton 235,029 11,314,220 9.9


Mineral Resources 108,000 1,372,648 1.2

Newcrest Mining 109,561 4,503,775 3.9


Oil & GasOil & GasOil & GasOil & Gas (5.2%)

Oil Search 500,742 3,681,859 3.2

Santos Ltd 90,996 1,460,487 1.3

Woodside Petroleum 15,333 742,090 0.7

PharmaceuticalsPharmaceuticalsPharmaceuticalsPharmaceuticals (3.6%)

CSL Ltd 110,087 4,064,319 3.6

Transportation InfrastructureTransportation InfrastructureTransportation InfrastructureTransportation Infrastructure (4.6%)

Asciano Ltd 1,766,021 3,168,684 2.7

Transurban Group Stapled Sec 386,066 2,139,981 1.9



Equinox Minerals CDI 218,806 1,269,421 1.1








- 87 -


For the period For the period For the period For the period ended 31 March 2011ended 31 March 2011ended 31 March 2011ended 31 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



AustraliaAustraliaAustraliaAustralia

Metals & Mining 30.8 25.6

Banks 23.7 22.9

Industrial Conglomerates 5.3 4.4

Oil & Gas 5.2 6.2

Insurance 5.0 6.4

Chemicals 4.7 2.9

Transportation Infrastructure 4.6 5.9

Pharmaceuticals 3.6 4.2

Beverages 3.2 3.9

Containers & Packaging 2.9 2.4

Commercial Services & Supplies 2.8 2.6

Machinery 2.6 -

Diversified Financials 1.6 4.0

Energy Equipment & Services 1.3 -

Construction & Engineering - 2.7

Specialty Retail - 2.4

Food & Drug Retailing - 1.8

Media - 1.2

CanadaCanadaCanadaCanada

Metals & Mining 1.1 -

New ZealandNew ZealandNew ZealandNew Zealand

Building Products - 1.0








- 88 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 890,471 1,189,968



Investments 112,552,462 139,574,775


receivable 901,484 1,242,908


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





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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains 60,590 47,270



17,772,942 15,781,765

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


Management fee 907,987 1,021,191








Legal and professional expenses 299 756


1,223,012 1,351,971

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





Taxation (27,327) (13,753)



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





- 89 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

97,869,606 122,988,425










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (40,194,984) (62,384,428)





Tax paid (27,327) (13,753)





Others (33,316) (10,138)


operating activitiesoperating activitiesoperating activitiesoperating activities 43,070,986 (1,457,636)

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









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


equivalentsequivalentsequivalentsequivalents (337,117) (5,237,348)







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

Cash at banks 890,471 781,666



- 90 -



JF Australia Fund (the "Fund") was established under a Trust Deed dated 5 June 1981, as amended, and is governed by the laws of Hong Kong.


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) Basis oBasis oBasis oBasis of preparation of interim financial statementsf preparation of interim financial statementsf preparation of interim financial statementsf preparation of interim financial statements




Classification












ownership.








on an exchange.





Income.





- 91 -











separately.






transactions.










Fund's Trust Deed dated 5 June 1981, as amended, which may be different from the accounting policies stated in the financial statements.


31.3.2011 30.9.2010

Units Units


US$ US$





- 92 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



15,756,961 13,666,199





transactions.






JF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the


- 93 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Listed/QuotedListed/QuotedListed/QuotedListed/Quoted InvestmentsInvestmentsInvestmentsInvestments (94.7%)

(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants(I) Equities and Warrants (78.2%)


Autonavi Hldgs ADR 53,763 949,992 1.0

China CITIC Bank 'H' 1,600,000 1,160,166 1.2

China National Bldg

Material 'H' 100,000 366,409 0.4

China Pacific Insurance

(Group) 'A' 969,970 3,276,435 3.5

China Shineway

Pharmaceutical 375,000 897,701 0.9

China Vanke 'A' 4,770,000 6,329,893 6.7

China Yurun Food Group 836,000 2,805,225 3.0

China ZhengTong Auto

Services Hldgs 668,500 680,687 0.7

Franshion Properties

China 1,828,000 521,735 0.5

Fuyao Group Glass 'A'Wts

05/14(BNP) 249,919 452,629 0.5

Glorious Property Hldgs 2,050,000 561,377 0.6

Guangzhou Friendship

Group 'A' 641,608 2,294,641 2.4

Haier Electronics Group 1,921,000 2,156,068 2.3

Hengdeli Hldgs 1,000,000 523,257 0.6

Hualan Biological

Engineering 'A' 154,055 952,302 1.0

Huayu Automotive

Systems 'A' 392,300 767,407 0.8

Industrial Bank 'A' 1,246,216 5,461,771 5.8


(Group) 350,000 472,474 0.5

Kangmei Pharm 'A' Wts

5/5/14 (BNP) 790,146 1,731,480 1.8

Kangmei Pharm 'A' Wts

9/9/13 (UBS) 200,000 438,268 0.5

Kangmei Pharmaceutical

'A' 1,275,000 2,793,960 3.0

Kingsoft Corp 825,000 495,327 0.5

KWG Property Hldg 520,000 417,834 0.4

Luzhou Laojiao 'A' 464,970 3,164,650 3.3

Maoye Intl Hldgs 1,050,000 452,225 0.5

New Oriental Education

ADR 10,000 1,000,700 1.1

Noah Hldgs ADR 39,305 575,032 0.6

Parkson Retail Group 155,000 212,028 0.2

Poly Real Estate Group 'A' 1,589,750 3,255,486 3.4

Ports Design 439,500 1,005,773 1.1

Qingdao Haier Co 'A' 987,902 4,249,707 4.5

SAIC Motor Corp 'A' 427,308 1,203,914 1.3

Sany Heavy Industry 'A' 300,000 1,279,072 1.3

Shandong Dong-E E-Jiao

'A' 619,845 4,077,716 4.3

Shanghai Pharmaceutical

'A' 192,084 573,157 0.6

Shanghai Pudong Dev

Bank 'A' * 2,585,400 5,373,337 5.7

SPG Land (Hldgs) 1,562,125 733,043 0.8

Springland Intl Hldgs 474,000 357,715 0.4

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Suning Appliance 'A' 1,051,723 2,060,564 2.2

Tencent Hldgs 45,000 1,092,862 1.2

Tianjin Tasly

Pharmaceutical 'A' 539,788 2,970,750 3.1

Tsingtao Brewery 'H' 190,000 903,808 1.0

Wuliangye Yibin 'A' 494,500 2,408,125 2.5


Guotai Junan Intl Hldgs 1,111,000 524,205 0.5

73,980,907 78.2

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



Beijing Capital 6.5%

24/09/14 CNY3,000,000 491,406 0.5

China Govt Bond No1110

2.95% 09/11 CNY15,506,000 2,404,560 2.5


3.05% 10/11 CNY15,958,000 2,469,755 2.6


2.54% 04/12 CNY32,627,000 5,073,126 5.4


2.6% 09/17 CNY1,000,000 143,110 0.2


3.4% 04/23 CNY787,000 116,426 0.1


3.02% 09/13 CNY19,355,000 2,984,359 3.2


4.71% 08/11 CNY14,000 2,212 0.0


4.86% 11/11 CNY83,000 13,037 0.0


4.44% 02/15 CNY640,000 101,357 0.1


3.37% 05/12 CNY351,000 54,673 0.1

China Petro & Chem 4.61%

24/02/14 CNY266,000 40,439 0.0

China Petro & Chem0.8%

02/14-SerWW CNY1,225,000 168,879 0.2

Cosco Shipping 0.8%

28/01/14-SerWW CNY1,000,000 136,486 0.1

Guangdong Mobile Comm

FRN 18/06/11 CNY1,510,000 238,024 0.3

Jiangxi Copper 1%

22/09/16-SerWW CNY2,000,000 243,913 0.3

Sinochem Intl 1.8%

01/12/12-SerWW CNY823,000 120,709 0.1

Tsingtao Brewery 0.8%

2/4/14-SerWW CNY965,000 132,033 0.1


Towngas China 8.25%

23/09/11 USD70,000 72,020 0.1

15,006,524 15.9

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



- 94 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


(III) Collective Investment Schemes(III) Collective Investment Schemes(III) Collective Investment Schemes(III) Collective Investment Schemes (0.6%)


China SME ETF # 1,268,900 576,658 0.6

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






* An affiliate of the investment adviser of the Fund

# Not authorized in Hong Kong and not available to Hong Kong Residents



% % % % holdingsholdingsholdingsholdings


31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



China 77.7 76.2

Hong Kong 0.5 0.6


China 15.8 15.1

Hong Kong 0.1 0.1

Korea - 0.1

Collective Investment Collective Investment Collective Investment Collective Investment SchemesSchemesSchemesSchemes

China 0.6 1.4








- 95 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 3,702,277 4,695,517

Amounts due from brokers 2,875,460 777,487


Investments 89,564,089 89,554,681


receivable 132,143 156,346


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


Amounts due to brokers 3,779,357 758,751


Provision for taxation [Note 5] 509,481 168,788


Deferred tax liabilities [Note 5] 123,695 462,780


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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

21.5.200921.5.200921.5.200921.5.2009



totototo

31.3.201031.3.201031.3.201031.3.2010




and derivatives [Note 4] (748,342) 4,740,046


gains/(losses) 67,471 (32,793)



(626,468) 4,960,304

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


Management fee 830,287 1,214,806







Valuation fee 420 560


Formation expenses [Note 2(d)] - 44,733


1,267,250 1,866,900

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





Taxation [Note 5] (5,089) (263,697)









- 96 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

21.5.200921.5.200921.5.200921.5.2009



totototo

31.3.201031.3.201031.3.201031.3.2010


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


beginning of the periodbeginning of the periodbeginning of the periodbeginning of the period 95,740,403 -

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



Net allotmentNet allotmentNet allotmentNet allotment 740,825 99,215,380

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

96,481,228 99,215,380










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

21.5.200921.5.200921.5.200921.5.2009



totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (81,054,288) (164,025,800)





Tax paid (3,481) (7,063)




Management fee paid (828,651) (1,049,530)

Others (11,722) (125,258)

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

operating activitiesoperating activitiesoperating activitiesoperating activities (1,022,023) (95,954,261)

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








financing activitiesfinancing activitiesfinancing activitiesfinancing activities (19,584) 101,414,804

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




beginning of the period 4,695,517 -


equivalents 48,367 -




Cash at banks 3,702,277 5,460,543

JF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUNDJF CHINA NEW GENERATION FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 97 -



JF China New Generation Fund (the "Fund") was established under a Trust Deed dated 21 May 2009, as amended, and is governed by the laws


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.







Classification










ownership.








on an exchange.





Income.





- 98 -






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.





statements.

(f)(f)(f)(f) TaxationTaxationTaxationTaxation

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.


31.3.2011 30.9.2010

Units Units


US$ US$





- 99 -


1.10.2010

to

31.3.2011

21.5.2009

(Date of

Trust Deed)

to

31.3.2010

US$ US$


Realized gains/(losses) on sale of investments and derivatives 6,089,387 (733,462)

(748,342) 4,740,046

5555 Taxation Taxation Taxation Taxation

The amount of taxation (charged)/reversed to the Statement of Comprehensive Income represents:

1.10.2010

to

31.3.2011

21.5.2009

(Date of

Trust Deed)

to

31.3.2010

US$ US$

Withholding tax

- Dividend and interest income (5,350) (9,707)

Capital gains tax (338,824) (66,715)

Deferred tax liabilities 339,085 (187,275)

Taxation [Note 5(a)] (5,089) (263,697)

The movement in deferred tax liabilities during the period/year is as follows:

1.10.2010

to

31.3.2011

21.5.2009

(Date of

Trust Deed)

to

30.9.2010

US$ US$

At the beginning of the period/year 462,780 -

Deferred tax liabilities (reversed)/charged to the Statement of Comprehensive Income (339,085) 462,780

At the end of the period/year 123,695 462,780

The movement in provision for taxation during the period/year is as follows:

1.10.2010

to

31.3.2011

21.5.2009

(Date of

Trust Deed)

to

30.9.2010

US$ US$

At the beginning of the period/year 168,788 -

Taxation charged to the Statement of Comprehensive Income 344,174 257,046

Tax paid (3,481) (88,258)

At the end of the period/year 509,481 168,788



- 100 -

(a)(a)(a)(a) The Fund held certain investment in the A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain

investment in other PRC securities. Tax provisioning of 10% is made for PRC sourced dividends and interest (except for Government bond

interest which is tax exempt). The PRC taxation of gains on PRC securities is however presently unclear. Under current PRC tax law, a

10% tax may be payable on gains derived from the sale of PRC securities by foreign investors. However, up to the issuance date of these

financial statements, it is uncertain as to whether the State Administration of Taxation ("SAT") will collect this tax in respect of the gains

on PRC securities. Until further clarification is issued by the SAT, the Manager considers that there is a significant uncertainty in respect

of whether the Fund will have to pay the relevant potential taxation liability. The Manager has assessed the likelihood of such exposure

and has made a provision in the amount of US$630,277 as at 31 March 2011 (30 September 2010: US$630,538) based on its best estimate

of the potential taxation liability and the probability of such gains crystallizing. The Manager estimates that the potential taxation

liability ranges from nil to US$1,260,554 as at 31 March 2011 (30 September 2010: US$1,261,076). However the Manager would like to

highlight that there is a possibility that some or all of the tax provided as at 31 March 2011 for gains on PRC securities in the amount of

US$630,277 (30 September 2010: US$630,538) will not be payable and may be released. Equally, there is the possibility that additional

provision of US$630,277 (30 September 2010: US$630,538) may be required in relation to the position as at 31 March 2011. The

Manager is regularly monitoring the position.

(b)(b)(b)(b) 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.

Overseas withholding tax was charged on certain dividend income received and capital gains derived during the period.





transactions.






JF CHINA PIONEER AJF CHINA PIONEER AJF CHINA PIONEER AJF CHINA PIONEER A----SHARE FUNDSHARE FUNDSHARE FUNDSHARE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 101 -



distributing fund in respect of the period from 14 June 2006














this new regime.








Investment PortfoliInvestment PortfoliInvestment PortfoliInvestment Portfolioooo



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Agricultural Bank of China 'A' 12,861,600 5,401,145 0.7

Anhui Conch Cement 'A' 3,818,591 23,628,205 3.1

Anhui Jianghuai Automobile 'A' 1,699,971 3,398,125 0.4

Autonavi Hldgs ADR 99,806 1,763,572 0.2

Bank of Beijing 'A' 6,784,734 12,391,451 1.6

Bank of Communications 'A' 9,218,579 8,010,035 1.0

Baoshan Iron & Steel 'A' 7,000,000 7,557,456 1.0

BBMG Corp 'H' 3,338,000 5,450,181 0.7

Belle Intl Hldgs 1,207,000 2,206,621 0.3

Bona Film Group ADR 80,463 512,549 0.1

China Agri-Industries Hldgs 693,000 776,910 0.1

China Coal Energy Co 'A' 100,089 164,917 0.0

China Commun Construction 'H' 3,657,000 3,479,185 0.4

China Merchants Bank 'A' 5,310,674 11,418,537 1.5

China Merchants Property Dev 'A' 999,901 2,704,168 0.3

China Merchants Securities 'A' 1,000,000 2,835,764 0.4

China National Bldg Material 'H' 1,180,000 4,323,622 0.6

China Oilfield Services 'H' 4,192,000 9,409,930 1.2

China Pacific Insurance

(Group) 'A' 3,174,746 10,723,888 1.4

China Resources Gas Group 1,532,000 2,091,723 0.3

China Shenhua Energy 'A' 2,899,905 12,864,357 1.7

China Taiping Insurance Hldgs 475,800 1,397,757 0.2

China Vanadium Titano-Magnetite 1,231,000 528,598 0.1

China Vanke 'A' 7,996,077 10,610,966 1.4

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


China Vanke 'A' Wts 05/05/14

(BNP) 4,210,000 5,586,761 0.7

China XD Electric 'A' 2,200,000 2,462,549 0.3


CITIC Securities Co 'A' 5,145,720 10,961,716 1.4

CNOOC Ltd 1,200,000 3,023,836 0.4

Cosco Pacific 686,000 1,294,706 0.2

Daqin Railway 'A' 6,254,270 8,175,391 1.1

Daqin Railway 'A' Wts 18/2/14

(UBS) 1,555,000 2,032,649 0.3

Daye Special Steel 'A' 1,216,538 3,230,602 0.4

Dongfang Electric 'H' 2,110,000 7,161,554 0.9

Dongfeng Motor 'H' 950,000 1,617,084 0.2

Franshion Properties China 10,906,000 3,112,715 0.4


05/14(BNP) 1,904,538 3,449,312 0.4


09/13(UBS) 2,778,101 5,031,424 0.6

Fuyao Group Glass Industries 'A' 705,548 1,277,819 0.2

Gansu Qilianshan Cement

Group 'A' 549,964 1,884,583 0.2

GD Midea Hldg 'A' 4,920,000 14,064,656 1.8

Gemdale Corp 'A' 4,000,000 4,147,515 0.5

Gemdale Corp 'A' Wts 27/01/14

(UBS) 1,700,000 1,762,694 0.2


Gree Electric 'A' Wts

04/03/13(UBS) 4,169,700 14,422,189 1.9

Gree Electric Appliances 'A' 873,847 3,022,468 0.4

Guangxi Liugong 'A' 2,863,750 17,287,018 2.2

Haier Electronics Group 7,981,000 8,957,616 1.2

Hangzhou Boiler Group 'A' 1,329,840 5,848,575 0.8


Development 8,000,000 7,065,902 0.9

Hualan Biological Engineering 'A' 2,447,688 15,130,551 2.0

Huaxin Cement 'B' 1,299,892 5,337,357 0.7

Huayu Automotive Systems 'A' 1,498,053 2,930,451 0.4

Industrial Bank 'A' 7,044,515 30,873,876 4.0

Inner Mongolia Yitai Coal 'B' 958,902 6,731,492 0.9


(Group) 7,019,000 9,475,136 1.2

Jiangxi Copper 'H' 1,954,000 6,506,467 0.8

Kangmei Pharm 'A' Wts 5/5/14

(BNP) 8,318,741 18,229,202 2.4

Kangmei Pharm 'A' Wts 9/9/13

(UBS) 5,278,370 11,566,711 1.5

Kweichow Moutai 'A' 125,938 3,457,838 0.4

Kweichow Moutai 'A' Wts

3/2/14(UBS) 177,050 4,861,203 0.6

Kweichow Moutai 'A' Wts

4/3/16 (ML) 186,000 5,106,941 0.7

KWG Property Hldg 4,072,000 3,271,965 0.4

Lee & Man Paper Mfg 4,220,000 2,870,047 0.4

Maoye Intl Hldgs 8,493,000 3,657,858 0.5

Parkson Retail Group 4,688,000 6,412,836 0.8

Ping An Insurance (Group) 'A' 1,754,929 13,254,759 1.7

Poly Real Estate Group 'A' 3,701,843 7,580,624 1.0

Ports Design 2,043,000 4,675,298 0.6

Qingdao Haier 'A' Wts 6/01/14

(UBS) 1,160,000 4,990,028 0.6



- 102 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ChinaChinaChinaChina (Continued)

Qingdao Haier Co 'A' 3,576,295 15,384,322 2.0

Qinghai Salt Lake Potash 'A' 1,439,530 11,452,930 1.5

SAIC Motor 'A' Wts 05/05/14

(BNP) 754,930 2,126,969 0.3

SAIC Motor Corp 'A' 4,383,878 12,351,309 1.6

Sany Heavy Industry 'A' 4,761,447 20,300,771 2.6

Shandong Dong-E E-Jiao 'A' 883,487 5,812,113 0.8

Shandong Gold Mining 'A' 1,649,804 13,226,649 1.7

Shanghai Bailian Group 'A' 680,235 1,489,588 0.2

Shanghai Mechanical &

Electrical 'A' 2,519,912 5,183,357 0.7

Shanghai Pharmaceutical 'A' 4,361,891 13,015,401 1.7

Shanghai Pudong Dev

Bank 'A' ** 10,017,821 20,820,424 2.7

Shanghai Zhenhua Heavy Ind 'B' 1,929,911 1,302,690 0.2

Shantui Construction

Machinery 'A' 2,999,805 10,256,644 1.3

Shanxi Lanhua Sci-Tech 'A' 555,004 3,287,563 0.4

Shanxi Xishan Coal & Ele 'A' 1,100,000 4,454,761 0.6

Sinoma Intl Engineering 'A' 1,399,997 9,308,371 1.2

Sinotruk (Hong Kong) 2,370,000 2,026,240 0.3

SPG Land (Hldgs) 5,500,150 2,581,002 0.3

Suning Appliance 'A' 8,923,449 17,483,065 2.3

Suning Appliance 'A'

Wts6/9/13(UBS) 4,019,946 7,875,988 1.0

TBEA Co 'A' 2,150,000 6,645,186 0.9

Tencent Hldgs 300,000 7,285,747 0.9

Tian Di Science & Technology 'A' 2,057,143 7,526,784 1.0

Weichai Power 'A' 913,146 7,415,607 1.0

Weichai Power 'H' 1,500,000 9,044,509 1.2

Wuhan Department Store

Group 'A' 2,616,721 7,220,608 0.9

Wuliangye Yibin 'A' 1,041,707 5,072,923 0.7

Wuliangye Yibin 'A' Wts 08/13

(UBS) 1,510,000 7,353,424 1.0

Xinxing Ductile Iron Pipes 'A' 3,629,922 5,981,043 0.8

Yantai Wanhua Polyurethane 'A' 5,589,853 21,220,699 2.8

Zhongsheng Group Hldgs 500,000 932,092 0.1



Guotai Junan Intl Hldgs 5,721,000 2,699,348 0.3


Yanlord Land Group 3,170,000 3,797,461 0.5

732,489,932 95.1

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

(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes(II) Collective Investment Schemes (2.9%)


China Intl Money Mkt Fd 'B' *# 56,437,975 8,618,458 1.1

China SME ETF # 11,799,998 5,362,571 0.7

db x-Trackers CSI300 Banks

ETF (1D) 840,000 1,116,659 0.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


db x-Trackers CSI300 Index

ETF (2D) 4,188,600 4,647,299 0.6

db x-Trackers CSI300

Materials ETF (1D) 2,000,100 2,414,561 0.3

22,159,548 2.9

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







** An affiliate of the investment adviser of the Fund

# Not authorized in Hong Kong and not available to Hong Kong

Residents



- 103 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



China 94.3 93.7

Singapore 0.5 0.7

Hong Kong 0.3 1.1


China 2.9 3.4


Other netOther netOther netOther net assetsassetsassetsassets 2.0 1.1






- 104 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 54,036,598 45,675,551

Short term deposits 16,000,000 -



Investments 754,649,480 703,350,997


receivable 1,194,145 1,031,266


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


Amounts due to brokers - 2,241,235


Provision for taxation [Note 5] 24,494,780 19,724,623


Deferred tax liabilities [Note 5] 3,754,797 4,297,650


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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains/(losses) 743,002 (5,565)


71,827,000 60,038,554

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


Management fee 6,582,953 5,382,255



Trustee's fee 139,517 118,923





Legal and professional expenses 299 4,491


9,179,316 6,843,760

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


Taxation [Note 5] (4,377,185) (2,065,501)



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





- 105 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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



Net allotmentNet allotmentNet allotmentNet allotment 762,255 52,221,926

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

711,653,730 595,606,614










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (497,078,916) (294,508,274)







Tax paid (149,881) (5,393)



Others (285,795) (198,044)



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






Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing


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

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

equivalentsequivalentsequivalentsequivalents 23,570,567 18,590,139








Cash at banks 54,036,598 62,665,496


70,036,598 62,665,496



- 106 -



JF China Pioneer A-Share Fund (the "Fund") was established under a Trust Deed dated 14 June 2006, as amended, and is governed by the laws


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.






(b)(b)(b)(b) Investments and deInvestments and deInvestments and deInvestments and derivativesrivativesrivativesrivatives

Classification










ownership.








on an exchange.





Income.





- 107 -






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) TaxationTaxationTaxationTaxation

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.


31.3.2011 30.9.2010

Units Units


US$ US$





- 108 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



70,142,339 59,616,610

5555 TaxationTaxationTaxationTaxation

The amount of taxation (charged)/reversed to the Statement of Comprehensive Income represents:

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Withholding tax

- Dividend and interest income (151,348) (28,588)

Capital gains tax (4,768,690) (794,456)

Deferred tax liabilities 542,853 (1,242,457)

Taxation [Note 5(a)] (4,377,185) (2,065,501)

The movement in deferred tax liabilities during the period/year is as follows:

1.10.2010

to

31.3.2011

1.10.2009

to

30.9.2010

US$ US$

At the beginning of the period/year 4,297,650 3,431,556

Deferred tax liabilities (reversed)/charged to the Statement of Comprehensive Income (542,853) 866,094

At the end of the period/year 3,754,797 4,297,650

The movement in provision for taxation during the period/year is as follows:

1.10.2010

to

31.3.2011

1.10.2009

to

30.9.2010

US$ US$

At the beginning of the period/year 19,724,623 17,962,159

Taxation charged to the Statement of Comprehensive Income 4,920,038 2,415,612

Tax paid (149,881) (653,148)

At the end of the period/year 24,494,780 19,724,623



- 109 -

(a)(a)(a)(a) The Fund held certain investment in the A-shares of PRC listed companies through the QFII quota of the Investment Manager and certain

investment in other PRC securities. Tax provisioning of 10% is made for PRC sourced dividends and interest. The PRC taxation of gains

on PRC securities is however presently unclear. Under current PRC tax law, a 10% tax may be payable on gains derived from the sale of

PRC securities by foreign investors. However, up to the issuance date of these financial statements, it is uncertain as to whether the

State Administration of Taxation ("SAT") will collect this tax in respect of the gains on PRC securities. Until further clarification is issued

by the SAT, the Manager considers that there is a significant uncertainty in respect of whether the Fund will have to pay the relevant

potential taxation liability. The Manager has assessed the likelihood of such exposure and has made a provision in the amount of

US$28,180,741 as at 31 March 2011 (30 September 2010: US$23,954,904) based on its best estimate of the potential taxation liability and

the probability of such gains crystallizing. The Manager estimates that the potential taxation liability ranges from nil to US$55,603,637

as at 31 March 2011 (30 September 2010: from nil to US$47,168,126). However the Manager would like to highlight that there is a

possibility that some or all of the tax provided as at 31 March 2011 for gains on PRC securities in the amount of US$28,180,741 (30

September 2010: US$23,954,904) will not be payable and may be released. Equally, there is the possibility that additional provision of

US$27,422,896 (30 September 2010: US$23,213,222) may be required in relation to the position as at 31 March 2011. The Manager is

regularly monitoring the position.

(b)(b)(b)(b) 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.

Overseas withholding tax was charged on certain dividend and interest income received and capital gains derived during the period.





transactions.






JF INDIA FUNDJF INDIA FUNDJF INDIA FUNDJF INDIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 110 -



distributing fund in respect of the period from 23 November














this new regime.











FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Auto ComponentsAuto ComponentsAuto ComponentsAuto Components (0.5%)

Exide Industries (DEMAT) 2,997,698 9,609,170 0.5

AutomobilesAutomobilesAutomobilesAutomobiles (4.8%)

Bajaj Auto 971,542 31,833,550 1.6

Hero Honda Motors (DEMAT) 569,436 20,295,774 1.0

Mahindra & Mahindra (DEMAT) 1,280,000 20,008,701 1.0

Maruti Suzuki India (DEMAT) 835,040 23,775,286 1.2

BiotechnologyBiotechnologyBiotechnologyBiotechnology (0.3%)

Biocon Ltd 877,606 6,769,738 0.3

Building ProductsBuilding ProductsBuilding ProductsBuilding Products (0.2%)

Sintex Industries 1,022,328 3,482,265 0.2


Grasim Industries (DEMAT) 33,510 1,901,388 0.1

Grasim Industries Wts

08/07/15 (MS) 354,000 20,086,285 1.0

Commercial BanksCommercial BanksCommercial BanksCommercial Banks (16.0%)

Axis Bank (DEMAT) 829,395 26,103,764 1.3

HDFC Bank (DEMAT) 2,494,000 131,192,957 6.6

ICICI Bank (DEMAT) 2,225,077 55,513,413 2.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ICICI Bank ADR 1,228,981 61,240,123 3.1

IndusInd Bank (DEMAT) 3,438,224 20,759,348 1.1

Power Finance 1,989,214 11,149,323 0.6

Union Bank of India

(DEMAT) 1,321,774 10,294,688 0.5

Construction & EngineeringConstruction & EngineeringConstruction & EngineeringConstruction & Engineering (4.3%)

IL&FS Transportation

Networks 575,777 3,001,865 0.2

Larsen & Toubro (DEMAT) 1,976,847 73,226,899 3.7

Voltas Ltd (DEMAT) 2,000,000 8,191,501 0.4

Construction MaterialsConstruction MaterialsConstruction MaterialsConstruction Materials (2.6%)

ACC Ltd 1,040,774 25,078,231 1.3

Ambuja Cements (DEMAT) 7,291,474 23,953,379 1.2

Ultra Tech Cement 95,000 2,392,309 0.1

Consumer FinanceConsumer FinanceConsumer FinanceConsumer Finance (0.4%)

Shriram Transport Finance 445,254 7,947,577 0.4

Diversified Financial ServicesDiversified Financial ServicesDiversified Financial ServicesDiversified Financial Services (4.7%)

Infrastructure

Development Finance 14,001,000 48,538,056 2.4

Kotak Mahindra Bank

(DEMAT) 2,830,054 29,039,863 1.5

Rural Electrification Corp 2,759,000 15,652,584 0.8

Electric UtilitiesElectric UtilitiesElectric UtilitiesElectric Utilities (1.5%)

Tata Power (DEMAT) 972,000 28,967,104 1.5

Electrical EquipmentElectrical EquipmentElectrical EquipmentElectrical Equipment (2.4%)

Bharat Heavy Electricals

(DEMAT) 1,038,200 47,958,112 2.4

Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies (0.4%)

Opto Circuits India 1,393,250 8,607,251 0.4

Industrial Industrial Industrial Industrial ConglomeratesConglomeratesConglomeratesConglomerates (0.3%)

Jaiprakash Associates 2,872,547 5,977,629 0.3

IT ServicesIT ServicesIT ServicesIT Services (16.5%)

Infosys Technologies (DEMAT) 2,551,000 185,062,621 9.3

Infosys Technologies ADR 75,671 5,424,854 0.3

Tata Consultancy Services 3,795,000 100,502,186 5.1

Wipro Ltd (DEMAT) 3,408,000 36,376,455 1.8

Life Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & Services (0.6%)

Divi's Laboratories (DEMAT) 724,388 10,940,135 0.6


Cummins India (DEMAT) 883,497 13,826,495 0.7

Tata Motors (DEMAT) 2,009,270 56,040,588 2.8

Tata Motors 'A' 505,800 7,892,953 0.4


Hindalco Industries (DEMAT) 10,010,277 46,948,076 2.4

Jindal Steel & Power 2,158,000 33,561,630 1.7

JSW Steel 600,000 12,328,288 0.6

Sterlite Industries (DEMAT) 6,342,756 24,705,387 1.2



- 111 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Oil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable FuelsOil & Gas & Consumable Fuels (9.9%)

Bharat Petroleum (DEMAT) 533,896 7,307,174 0.4

Cairn India 2,760,000 21,655,432 1.1

Hindustan Petroleum (DEMAT) 791,013 6,311,076 0.3

Reliance Ind (DEMAT) 6,866,015 161,523,406 8.1


Cadila Healthcare (DEMAT) 740,000 13,076,735 0.7

DR Reddy's Laboratories (DEMAT) 672,949 24,733,649 1.2

Glaxosmithkline Pharm (DEMAT) 100,000 4,516,201 0.2

Sun Pharma Advanced Research 2,859,122 4,596,907 0.2

Sun Pharmaceutical Ind (DEMAT) 2,155,460 21,177,594 1.1

Real Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & DevelopmentReal Estate Management & Development (0.6%)

Godrej Properties 500,384 7,474,062 0.4

Oberoi Realty 725,701 4,118,734 0.2

Sobha Developers 176,897 1,164,240 0.0

Thrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage FinanceThrifts & Mortgage Finance (6.2%)

Housing Development Fin

(DEMAT) 7,809,476 122,102,414 6.2

TobaccoTobaccoTobaccoTobacco (5.2%)

ITC Ltd 25,181,024 102,824,632 5.2

Transportation InfrastructureTransportation InfrastructureTransportation InfrastructureTransportation Infrastructure (0.9%)


Economic Zone 5,853,370 17,916,471 0.9

Wireless Telecommunication ServicesWireless Telecommunication ServicesWireless Telecommunication ServicesWireless Telecommunication Services (3.1%)

Bharti Airtel 5,021,024 40,206,473 2.0

Idea Cellular 13,928,925 21,067,519 1.1

1,897,930,520 95.7

(II) Debt (II) Debt (II) Debt (II) Debt SecuritiesSecuritiesSecuritiesSecurities (0.0%)


DR Reddy's Lab NCD

9.25% 24/3/14-AC INR4,037,694 448,542 0.0

Total Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted InvestmentsTotal Listed/Quoted Investments 1,898,379,062 95.7


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


Total investments, at costTotal investments, at costTotal investments, at costTotal investments, at cost 1,327,431,774





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



IndiaIndiaIndiaIndia

IT Services 16.5 14.5

Commercial Banks 16.0 20.3

Oil & Gas & Consumable Fuels 9.9 8.9

Thrifts & Mortgage Finance 6.2 7.4


Tobacco 5.2 3.6

Automobiles 4.8 4.5

Diversified Financial Services 4.7 6.9

Construction & Engineering 4.3 4.0

Machinery 3.9 4.6


Wireless Telecommunication Services 3.1 1.3

Construction Materials 2.6 2.2

Electrical Equipment 2.4 4.2

Electric Utilities 1.5 2.2

Chemicals 1.1 1.1

Transportation Infrastructure 0.9 1.3

Real Estate Management & Development 0.6 1.5

Life Sciences Tools & Services 0.6 0.7

Auto Components 0.5 0.5

Health Care Equipment & Supplies 0.4 0.0

Consumer Finance 0.4 0.5

Biotechnology 0.3 0.4


Building Products 0.2 0.3

Debt SecuritiesDebt SecuritiesDebt SecuritiesDebt Securities 0.0 -


Futures - 0.0


Other Other Other Other net assets/(liabilities)net assets/(liabilities)net assets/(liabilities)net assets/(liabilities) 4.3 (1.3)






- 112 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 14,946,260 9,359,057


Amounts due from brokers - 19,165,428


Margin deposits 12,064,831 7,955,661

Derivatives - 124,542

Investments 1,898,379,062 1,717,813,963


receivable 4,150,436 3,993,967


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







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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010






Interest on deposits 2,462 -


(losses)/gains (734,835) 163,361

Other income - 126

(15,511,883) 222,965,280

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


Management fee 13,248,614 12,195,698


Trustee's fee 291,400 270,341








15,743,454 14,906,310

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






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






- 113 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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



Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption)Net allotment/(redemption) 319,033,357 (145,346,814)

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

2,014,481,152 1,474,410,932


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








1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (343,640,050) (242,175,575)




Interest received 1,642 -




Increase in margin deposits (4,109,170) (5,181,492)


Others (1,097,060) (945,287)


operating activitiesoperating activitiesoperating activitiesoperating activities (198,537,198) 119,850,651

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







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

financing activitiesfinancing activitiesfinancing activitiesfinancing activities 299,460,229 (126,612,593)

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










Cash at banks 14,946,260 14,894,933


86,947,900 14,894,933



- 114 -



JF 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.







Classification












ownership.








on an exchange.





Income.





- 115 -






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.

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

31.3.2011 30.9.2010

Units Units


US$ US$




1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



(19,376,517) 218,978,186



- 116 -





transactions.






JF INDIA SMALLER COMPANIES FUNDJF INDIA SMALLER COMPANIES FUNDJF INDIA SMALLER COMPANIES FUNDJF INDIA SMALLER COMPANIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 117 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





Aerospace & Defense ServicesAerospace & Defense ServicesAerospace & Defense ServicesAerospace & Defense Services (0.9%)

Bharat Electronics (DEMAT) 9,621 363,158 0.9

AirlinesAirlinesAirlinesAirlines (1.7%)

SpiceJet Ltd (DEMAT) 795,000 682,778 1.7


Balkrishna Industries 297,405 889,314 2.3

BOSCH Ltd (DEMAT) 1,393 208,694 0.5

Exide Industries (DEMAT) 379,703 1,217,144 3.1


Sintex Industries 207,910 708,185 1.8


Castrol India (DEMAT) 127,780 1,255,737 3.2


Development Credit Bank 170,000 174,784 0.4

IndusInd Bank (DEMAT) 237,000 1,430,961 3.7

Union Bank of India (DEMAT) 53,060 413,260 1.1


Ahluwalia Contracts 238,646 593,471 1.5

Consolidated Construction

Consort 578,115 655,314 1.7

IRB Infrastructure Developers 144,000 684,723 1.8

Kalpataru Power Transmission 330,000 997,881 2.5

Praj Industries 728,672 1,173,195 3.0

Simplex Infrastructures 81,269 593,367 1.5

Voltas Ltd (DEMAT) 317,727 1,301,331 3.3


HeidelbergCement India 960,000 942,886 2.4

Consumer FinanceConsumer FinanceConsumer FinanceConsumer Finance (2.3%)

Shriram Transport Finance 49,979 892,102 2.3


Ess Dee Aluminium 82,000 770,445 2.0

Time Technoplast 350,000 438,334 1.1

Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services (1.0%)

Everonn Education 29,838 387,135 1.0


Bajaj Hldgs & Inv 49,400 875,785 2.2

Rural Electrification Corp 156,490 887,812 2.3

Diversified Diversified Diversified Diversified Telecommunication ServicesTelecommunication ServicesTelecommunication ServicesTelecommunication Services (1.9%)

Tulip Telecom 236,000 742,478 1.9


Jyoti Structures 427,752 801,885 2.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Electronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & ComponentsElectronic Equipment, Instruments & Components (1.0%)

Redington (India) 226,500 406,324 1.0

Gas UtilitiesGas UtilitiesGas UtilitiesGas Utilities (2.5%)

Gujarat Gas (DEMAT) 116,620 998,965 2.5

Health Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & SuppliesHealth Care Equipment & Supplies (3.6%)

Opto Circuits India 226,183 1,397,318 3.6

Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (1.2%)

EIH Ltd (DEMAT) 175,000 316,487 0.8

EIH Ltd Await Cert 79,545 143,857 0.4

Household DurablesHousehold DurablesHousehold DurablesHousehold Durables (1.8%)

Bajaj Electricals 133,000 699,372 1.8

Life Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & ServicesLife Sciences Tools & Services (1.2%)

Divi's Laboratories (DEMAT) 31,053 468,981 1.2


Ashok Leyland (DEMAT) 306,268 390,432 1.0

BEML Ltd (DEMAT) 22,903 350,234 0.9

BGR Energy Systems 69,200 740,026 1.9

Cummins India (DEMAT) 25,422 397,848 1.0

Eicher Motors 16,000 480,771 1.2

McNally Bharat Engineering 120,888 593,529 1.5

Thermax Ltd (DEMAT) 59,583 805,530 2.1

MediaMediaMediaMedia (4.9%)

DB Corp 131,000 734,387 1.9

Hathway Cables & Datacom 273,466 594,825 1.5

Navneet Publications India

(DEMAT) 478,556 586,458 1.5


Shiv-Vani Oil & Gas

Exploration 45,519 299,071 0.8


Glaxosmithkline Pharm

(DEMAT) 29,009 1,310,105 3.3

IPCA Laboratories 35,575 234,534 0.6

Lupin Ltd (DEMAT) 86,565 808,775 2.1

Parabolic Drugs 350,000 335,127 0.8

Piramal Healthcare (Offer

03/11) 62,020 578,547 1.5


Godrej Properties 29,638 442,692 1.1

Oberoi Realty 145,000 822,951 2.1

Sobha Developers 190,000 1,250,477 3.2


Real Estate Investment TrustsReal Estate Investment TrustsReal Estate Investment TrustsReal Estate Investment Trusts (3.4%)

Ascendas India Trust 1,764,000 1,329,472 3.4




- 118 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Other net Other net Other net Other net assetsassetsassetsassets 1,591,662 4.1




Statement of Movements in Portfolio Statement of Movements in Portfolio Statement of Movements in Portfolio Statement of Movements in Portfolio HoldingsHoldingsHoldingsHoldings




31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



CanadaCanadaCanadaCanada

Oil & Gas & Consumable Fuels ---- 0.9

IndiaIndiaIndiaIndia


Machinery 9.6 13.5





Media 4.9 5.3


Health Care Equipment & Supplies 3.6 2.2

Chemicals 3.2 1.6

Containers & Packaging 3.1 -

Gas Utilities 2.5 2.5

Construction Materials 2.4 -

Consumer Finance 2.3 2.5


Diversified Telecommunication Services 1.9 0.9

Building Products 1.8 4.1

Household Durables 1.8 -

Airlines 1.7 1.0

Life Sciences Tools & Services 1.2 1.5

Hotels Restaurants & Leisure 1.2 -

Electronic Equipment, Instruments &

Components 1.0 1.1

Diversified Consumer Services 1.0 -

Aerospace & Defense Services 0.9 2.0


Software - 3.0

Textiles & Apparel & Luxury Goods - 1.9

Food Products - 0.4

Transportation Infrastructure - 0.2

SingaporeSingaporeSingaporeSingapore

Real Estate Investment Trusts 3.4 2.9








- 119 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 1,306,894 1,959,798



Margin deposits 36,755 36,477

Investments 37,599,254 38,779,391


receivable 420,798 112,044


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


Amounts due to brokers 94,569 -


Performance fee payable 4,276 107,226



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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010






Interest on deposits 1 -


losses (36,312) (10,008)

(6,574,898) 5,222,137

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













488,242 333,458

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





Taxation (57) (818)









- 120 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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



Net allotmentNet allotmentNet allotmentNet allotment 4,220,493 6,033,831

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

46,254,370 28,931,884

(Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net (Decrease)/increase in net assets assets assets assets









1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (16,508,971) (13,113,115)




Interest received 1 -

Tax paid (57) (818)

Increase in margin deposits (278) (2,437)



Performance fee paid (107,226) -



Others (375,614) (112,815)



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







Net cash inflow from Net cash inflow from Net cash inflow from Net cash inflow from financing financing financing financing


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


and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (653,478) 1,202,508


beginning of the period 1,959,798 154,901


equivalents 574 57,941




Cash at banks 1,306,894 1,415,350



- 121 -



JF 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.












Classification












ownership.








on an exchange.





Income.



- 122 -








separately.






transactions.


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





(e)(e)(e)(e) Proceeds and paymenProceeds and paymenProceeds and paymenProceeds and payments on allotment and redemption of unitsts on allotment and redemption of unitsts on allotment and redemption of unitsts on allotment and redemption of units



Fund's Trust Deed dated 13 April 2006, 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 Number of units in issue and net assets attributable to holders Number of units in issue and net assets attributable to holders Number 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)

31.3.2011 30.9.2010

Class A Class A

Units Units


US$ US$





- 123 -

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

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$


Realized gains on sale of investments and derivatives 1,508,251 796,137

(6,674,625) 5,114,027





transactions.






JF INDONESIA FUNDJF INDONESIA FUNDJF INDONESIA FUNDJF INDONESIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 124 -



distributing fund in respect of the period from 19

September 2006 to 30 September 2009 (a final application

has been made for distributing fund certification for the

period from 1 October 2009 to 30 September 2010). The

principal effect of this certification is that for unitholders

resident or ordinarily 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 new UK reporting fund regime provided

the Fund does not invest more than 5% of its assets in other

offshore 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 new regime.








Investment PortInvestment PortInvestment PortInvestment Portfoliofoliofoliofolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Gajah Tunggal 7,318,000 1,848,935 2.3

AutomobilesAutomobilesAutomobilesAutomobiles (8.6%)

Astra Intl 1,050,000 6,861,326 8.6


Asahimas Flat Glass 1,400,000 884,295 1.1


Bank Central Asia 7,349,000 5,865,696 7.3

Bank Danamon Indonesia 4,932,813 3,682,261 4.6

Bank Mandiri 10,044,062 7,786,095 9.7


Bank Rakyat Indonesia

Persero 5,224,000 3,449,670 4.3

Commercial Services & SuppliesCommercial Services & SuppliesCommercial Services & SuppliesCommercial Services & Supplies (2.3%)


Metal 10,025,000 1,888,142 2.3

Diversified Diversified Diversified Diversified Telecommunication ServicesTelecommunication ServicesTelecommunication ServicesTelecommunication Services (8.8%)

Telekomunikasi Indonesia 'B' 8,435,000 7,023,113 8.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Food ProductsFood ProductsFood ProductsFood Products (8.8%)

Charoen Pokphand Indonesia 14,222,000 3,266,609 4.1

Indofood Sukses Makmur 2,945,500 1,809,753 2.3

PP London Sumatra Indonesia 7,527,500 1,945,090 2.4


Perusahaan Gas Negara 4,977,000 2,214,858 2.8


United Tractors 1,725,500 4,290,218 5.4


Aneka Tambang 6,382,000 1,667,419 2.1

Timah Tbk 5,567,000 1,758,168 2.2

Multiline RetailMultiline RetailMultiline RetailMultiline Retail (2.0%)

Mitra Adiperkasa 5,000,000 1,579,098 2.0


Harum Energy 1,260,000 1,287,855 1.6

Indika Energy 2,632,000 1,186,403 1.5

Indo Tambangraya Megah 645,000 3,422,222 4.3

Medco Energi Intl 4,629,000 1,515,090 1.9

Tambang Batubara Bukit

Asam 'B' 440,000 1,058,628 1.3


Alam Sutera Realty 43,800,000 1,408,441 1.7


Gudang Garam 197,000 945,690 1.2

Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors (0.4%)

Hexindo Adiperkasa 415,000 293,109 0.4


Indosat Tbk 1,735,000 1,056,044 1.3

XL Axiata 2,162,000 1,353,190 1.7



Sri Trang Agro-Industry (F) 710,000 657,299 0.8



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





- 125 -



% % % % holdingsholdingsholdingsholdings


31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



IndonesiaIndonesiaIndonesiaIndonesia




Food Products 8.8 9.1

Automobiles 8.6 9.6

Machinery 5.4 4.8




Commercial Services & Supplies 2.3 -


Multiline Retail 2.0 2.6


Tobacco 1.2 5.6

Building Products 1.1 -

Trading Companies & Distributors 0.4 1.7

Paper & Forest Products - 4.1

Pharmaceuticals - 1.6

Food & Staples Retailing - 0.5

ThailandThailandThailandThailand


Total Total Total Total Listed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted InvestmentsListed/Quoted Investments 97.1 100.3







- 126 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 1,702,391 1,161,273

Amounts due from brokers 422,891 3,428,893


Investments 77,643,115 82,494,953


receivable 460,485 599,543


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







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





For the For the For the For the period ended 31 March 2011period ended 31 March 2011period ended 31 March 2011period ended 31 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains/(losses) 6,809 (50,309)

5,048,014 10,309,103

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












1,021,133 773,574

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





Taxation (47,455) (39,878)








- 127 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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



Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (6,278,261) 7,106,784

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

75,985,842 55,453,455

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









1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (47,381,050) (36,473,617)





Tax paid (47,455) (39,878)




Others (61,210) (138,796)



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








financing activitiesfinancing activitiesfinancing activitiesfinancing activities (7,201,397) 6,294,298

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

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

equivalentsequivalentsequivalentsequivalents 2,892,650 582,327


beginning of the period (1,198,727) 551,733






Cash at banks 1,702,391 1,174,413



- 128 -



JF Indonesia Fund (the "Fund") was established under a Trust Deed dated 19 September 2006, 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 linked to the Indonesian economy. These include, but are not restricted to, securities traded on the stock exchanges of Indonesia.



(a)(a)(a)(a) Basis Basis Basis Basis of preparation of interim financial statementsof preparation of interim financial statementsof preparation of interim financial statementsof preparation of interim financial statements




Classification












ownership.








on an exchange.





Income.





- 129 -






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.


31.3.2011 30.9.2010

Units Units


US$ US$





- 130 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



4,800,811 10,147,419





transactions.






JF KOREA FUNDJF KOREA FUNDJF KOREA FUNDJF KOREA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 131 -

















this new regime.








Investment PortInvestment PortInvestment PortInvestment Portfoliofoliofoliofolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






One Media Group 1,000,000 53,354 0.0



Halla Climate Control 830,001 15,813,866 1.7

Hyundai Mobis 85,000 25,260,951 2.7

BeveragesBeveragesBeveragesBeverages (1.7%)

Hite Brewery 68,000 6,694,927 0.7

Lotte Chilsung Beverage 5,906 5,760,901 0.6

Pungkuk Alcohol Ind 712,723 3,372,107 0.4

Capital MarketsCapital MarketsCapital MarketsCapital Markets (1.4%)

Hanyang Securities 1,100,000 8,633,940 0.9

Hyundai Securities 91,660 1,098,800 0.1

Shin Young Sec 98,170 3,257,567 0.4


KPX Green Chemical 500,000 1,779,935 0.2

OCI Co 8,200 3,689,047 0.4

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Hana Financial Group 280,000 12,099,002 1.3

Jeonbuk Bank 1,200,000 7,307,535 0.8

KB Financial Group 1,256,003 65,722,750 7.0

Korea Exchange Bank 2,507,750 22,106,698 2.4

Shinhan Financial Group 455,000 20,656,365 2.2







Asia Cement Co 78,360 3,300,271 0.3

Hanil Cement 144,263 7,391,021 0.8


Youl Chon Chemical 700,000 5,494,325 0.6

DistributorsDistributorsDistributorsDistributors (2.0%)

Dongsuh Co 554,007 18,358,316 2.0

Diversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer ServicesDiversified Consumer Services (1.0%)

MegaStudy Co 63,004 9,695,132 1.0


Korea Ratings Corp 396,000 6,840,968 0.7

NICE Hldgs Co 160,000 8,897,397 1.0

NICE Information Service 190,667 5,101,487 0.5

Diversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication ServicesDiversified Telecommunication Services (2.0%)

LG Uplus 3,256,450 18,346,197 2.0

Electric UtilitiesElectric UtilitiesElectric UtilitiesElectric Utilities (3.6%)

Korea Electric Power 1,310,000 32,064,816 3.4

Korea Electric Power ADR 115,000 1,407,600 0.2


Gaon Cable 320,550 5,873,609 0.6

Gaon Cable Await Cert 4,636 84,948 0.0


LG Display 605,000 18,972,606 2.0

Nice Information & Telecom 940,000 3,363,417 0.4

Samsung Electro-Mechanics 7,500 799,945 0.1

Food & Staples RetailingFood & Staples RetailingFood & Staples RetailingFood & Staples Retailing (1.9%)

Shinsegae Co 75,889 17,987,274 1.9

Food ProductsFood ProductsFood ProductsFood Products (1.7%)

Daesang Corp 680,980 4,885,649 0.5

Lotte Confectionery 2,844 3,883,780 0.4

Orion Corp 2,267 814,256 0.1

Pulmuone Hldgs 167,987 6,079,661 0.7


Samchully Co 44,456 4,052,692 0.4

Hotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & LeisureHotels Restaurants & Leisure (1.8%)

Shinsegae Food 213,000 16,601,942 1.8



- 132 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Industrial ConglomeratesIndustrial ConglomeratesIndustrial ConglomeratesIndustrial Conglomerates (5.5%)

LG Corp 378,000 28,153,152 3.0

Samsung Techwin 312,881 22,761,205 2.5

Internet & Catalog RetailInternet & Catalog RetailInternet & Catalog RetailInternet & Catalog Retail (1.3%)

CJ O Shopping Co 55,939 12,060,325 1.3

CJ O Shopping Co Await Cert 844 181,965 0.0


Hanjin Heavy Ind & Const

Hldgs 727,930 8,361,291 0.9

Hanjin Heavy Ind &

Construction 406,482 12,061,615 1.3

Hanjin Heavy Ind &

Construction-AC 3,350 99,405 0.0

Hyundai Heavy Industries 102,500 48,308,947 5.2


STX Corp 287,620 7,079,393 0.8

STX Engine Co 385,000 9,458,726 1.0

STX Offshore & Shipbuilding

Co 368,050 8,102,837 0.9

Young Poong Precision 435,521 4,645,240 0.5

MarineMarineMarineMarine (1.1%)

STX Pan Ocean (KR Listing) 1,100,000 9,927,526 1.1


GIIR Inc 29,160 279,119 0.0


POSCO 74,000 33,999,726 3.7

POSCO ADR (US Listing) 17,234 1,969,674 0.2

Multiline RetailMultiline RetailMultiline RetailMultiline Retail (1.1%)

Daegu Department Store 500,000 5,446,921 0.6

Hyundai Department Store 38,635 5,001,294 0.5


GS Hldgs Pref 84,960 2,075,690 0.2

S-Oil Corp 3,400 471,124 0.0

S-Oil Corp Pref 64,224 4,391,084 0.5


Pacific Pharmaceutical 172,940 4,020,211 0.4

Yuhan Corp 80,246 10,790,177 1.2

Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment (10.7%)

Hynix Semiconductor 495,000 14,101,600 1.5


Samsung Electronics GDR-

RegS & 144A 113,000 47,934,600 5.1


KT & G 390,000 20,265,281 2.2

Trading Companies & DistributorsTrading Companies & DistributorsTrading Companies & DistributorsTrading Companies & Distributors (2.7%)

Samsung C & T 380,000 24,837,960 2.7


SK Telecom 113,800 16,909,978 1.8

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




UOB-Kay Hian Hldgs 4,300,000 6,003,967 0.7



UOB Kay Hian Securities (F) 3,634,500 398,960 0.1

897,363,465 96.3

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

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (0.0%)


contracts contracts contracts contracts (0.0%) 188,648 0.0


KOSPI 200 (KFE) Fut 06/11 30 197,593 0.0

386,241 0.0

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

Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted Total Listed/Quoted InvestmentsInvestmentsInvestmentsInvestments 897,749,706 96.3







- 133 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



AustraliaAustraliaAustraliaAustralia

Insurance ---- 0.9

Hong Hong Hong Hong KongKongKongKong

Media 0.0 0.0

KoreaKoreaKoreaKorea

Machinery 14.4 12.5


Semiconductors & Semiconductor

Equipment 10.7 10.9





Electric Utilities 3.6 3.6

Trading Companies & Distributors 2.7 2.3


Components 2.5 3.2


Tobacco 2.2 1.9

Distributors 2.0 1.9


Food & Staples Retailing 1.9 3.0


Hotels Restaurants & Leisure 1.8 0.2

Beverages 1.7 1.5

Food Products 1.7 2.9


Capital Markets 1.4 2.0

Internet & Catalog Retail 1.3 0.6

Construction Materials 1.1 1.7

Multiline Retail 1.1 2.0

Marine 1.1 1.3

Diversified Consumer Services 1.0 -



Containers & Packaging 0.6 0.5

Chemicals 0.6 0.5


Media 0.0 0.1

Consumer Finance - 1.0

Household Durables - 0.9

Specialty Retail - 0.7

Insurance - 0.6

Personal Products - 0.3





(Continued)



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010


Futures 0.0 0.1

Forward foreign exchange contracts 0.0 0.1








- 134 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 4,165,780 11,294,488




Margin deposits 2,568,713 10,096,993

Derivatives 386,241 2,040,576

Investments 897,363,465 785,789,750


receivable 9,933,758 1,283,821


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






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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





Dividend income 12,147,324 10,327,003



(losses)/gains (728,315) 485,897

Other income 3,694 -

158,142,583 63,037,814

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


Management fee 6,514,920 5,623,722



Trustee's fee 156,726 138,902







10,733,420 8,544,275

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



Interest paid (5,759) -


Taxation (2,671,615) (2,214,933)








- 135 -

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



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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



Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (48,832,127) 48,208,567

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

787,961,924 761,242,029







of the of the of the of the periodperiodperiodperiod 932,693,713 813,520,635



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (703,993,065) (468,381,921)



Decrease in margin deposits 7,528,280 1,793,238





Tax paid (2,671,615) (2,214,933)



Others (977,654) 249,878

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


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


Interest paid (5,759) -







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










Cash at banks 4,165,780 55,574,024


13,165,780 55,574,024



- 136 -



JF Korea Fund (the "Fund") was established under a Trust Deed dated 11 December 1991, as amended, and is governed by the laws of Hong


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.






(b)(b)(b)(b) Investments and derInvestments and derInvestments and derInvestments and derivatives ivatives ivatives ivatives

Classification












ownership.








on an exchange.





Income.





- 137 -






included in the financial statements.





separately.






transactions.











statements.


31.3.2011 30.9.2010

Units Units


US$ US$





- 138 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 8,560,187 (4,031,689)


146,711,175 52,216,130





transactions.






JF MALAYSIA FUNDJF MALAYSIA FUNDJF MALAYSIA FUNDJF MALAYSIA FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the


- 139 -

















this new regime.








Investment PortfInvestment PortfInvestment PortfInvestment Portfolioolioolioolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet






Petronas Chemicals 4,680,100 11,171,976 6.1

ConstructionConstructionConstructionConstruction (5.9%)

Gamuda Bhd (CDS) 3,385,900 4,315,171 2.4

IJM Corp (CDS) 1,300,000 2,716,962 1.5

Mudajaya Group 800,000 1,273,132 0.7

S P Setia (CDS) 450,000 933,058 0.5

WCT Bhd 1,500,000 1,500,619 0.8

Consumer ProductsConsumer ProductsConsumer ProductsConsumer Products (7.3%)

Axiata Group 7,100,600 11,229,674 6.1

Hartalega Hldgs 500,500 900,611 0.5

Kencana Petroleum 1,450,000 1,254,313 0.7

FinanceFinanceFinanceFinance (33.0%)

Alliance Financial Group (CDS) 2,100,000 2,197,936 1.2

AMMB Hldgs (CDS) 3,000,000 6,418,489 3.5

CIMB Group Hldgs 6,200,000 16,765,332 9.2

Malayan Banking (CDS) 5,702,010 16,849,521 9.2

Public Bank (L) (CDS) 3,700,373 16,029,350 8.7

RHB Capital (CDS) 770,000 2,173,669 1.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Industrial ProductsIndustrial ProductsIndustrial ProductsIndustrial Products (4.1%)

Lafarge Malayan Cement (CDS) 400,000 974,660 0.5

Latexx Partners (CDS) 3,000,000 2,713,991 1.5

Mah Sing Group (CDS) 2,266,300 1,863,174 1.0

Parkson Hldgs (CDS) 559,539 1,053,033 0.6

WTK Hldgs (CDS) 1,500,000 945,935 0.5

PlantationsPlantationsPlantationsPlantations (8.2%)

IOI Corp (CDS) 4,247,100 8,063,005 4.4

Kuala Lumpur Kepong (CDS) 1,001,000 6,986,757 3.8

PropertyPropertyPropertyProperty (3.9%)

CapitaMalls Malaysia Trust 5,000,000 1,782,914 1.0

IJM Land (CDS) 1,620,000 1,465,555 0.8

UEM Land Hldgs 4,239,433 3,961,237 2.1

Trading ServicesTrading ServicesTrading ServicesTrading Services (25.1%)

Dialog Group 3,899,300 2,973,961 1.6

Digi.com Bhd 350,000 3,270,326 1.8

Genting Bhd (CDS) 4,590,000 16,700,553 9.1

Genting Malaysia (CDS) 7,237,200 8,793,362 4.8

Malaysian Resources

Corp (CDS) 2,000,000 1,452,745 0.8

MMC Corp (CDS) 1,000,000 911,267 0.5

Sime Darby 2,705,090 8,225,796 4.5

Tenaga Nasional (CDS) 1,827,000 3,752,023 2.0


Food & House ProductsFood & House ProductsFood & House ProductsFood & House Products (0.4%)

Golden Agri-Resources 1,500,000 821,103 0.4

HealthcareHealthcareHealthcareHealthcare (0.5%)

Wilmar Intl 230,000 996,271 0.5

Real EstateReal EstateReal EstateReal Estate (1.7%)

CapitaLand Ltd 350,000 913,526 0.5









- 140 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010




Food & House Products ---- 0.5

MalaysiaMalaysiaMalaysiaMalaysia

Finance 33.0 31.7

Trading Services 25.1 26.8

Plantations 8.2 8.0

Consumer Products 7.3 9.1

Chemicals 6.1 -

Construction 5.9 7.5

Industrial Products 4.1 4.7

Property 3.9 2.9

Leisure & Tourism - 0.9


Real Estate 1.7 1.2

Healthcare 0.5 0.5

Food & House Products 0.4 -

Airlines - 0.9

Shipping - 0.9


Tyres & Rubber - 0.6








- 141 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 4,875,942 3,068,607



Investments 176,465,247 199,550,391


receivable 335,363 774,796


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






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





For the period ended 31 March For the period ended 31 March For the period ended 31 March For the period ended 31 March 2011201120112011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







losses (59,513) (13,229)

Other income 77 59

25,047,620 35,273,592

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


Management fee 1,428,123 1,240,523










2,082,841 1,741,606

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



Interest paid (7,013) (49)


Taxation (382,795) (223,426)








- 142 -



For the period For the period For the period For the period ended 31 March 2011ended 31 March 2011ended 31 March 2011ended 31 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

160,848,847 149,088,571

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









1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (73,384,659) (58,539,546)






Tax paid (382,795) (223,426)



Others (196,769) (160,455)



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


Interest paid (7,013) (49)







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










Cash at banks 4,875,942 5,180,326

JF MALAYSIA FUNDJF MALAYSIA FUNDJF MALAYSIA FUNDJF MALAYSIA FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 143 -



JF Malaysia Fund (the "Fund") was established under a Trust Deed dated 12 December 1989, as amended, and is governed by the laws of Hong


The investment objective of the Fund is to provide investors with 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.







Classification












ownership.








on an exchange.





Income.





- 144 -











separately.






transactions.











statements.


31.3.2011 30.9.2010

Units Units


US$ US$





- 145 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



22,210,581 33,102,625





transactions.






JF PHILIPPINE FUNDJF PHILIPPINE FUNDJF PHILIPPINE FUNDJF PHILIPPINE FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 146 -

















this new regime.








Investment PortfoliInvestment PortfoliInvestment PortfoliInvestment Portfolioooo



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





AirlinesAirlinesAirlinesAirlines (1.4%)

Cebu Air 750,000 1,373,848 1.4


Banco de Oro Unibank 6,308,600 7,529,619 7.7

Metropolitan Bank & Trust 2,195,780 3,240,546 3.3

CommunicationsCommunicationsCommunicationsCommunications (16.8%)

Globe Telecom 341,080 7,002,357 7.1

Philippine Long Distance

Telephone 176,850 9,453,734 9.7

Construction & Related ProductsConstruction & Related ProductsConstruction & Related ProductsConstruction & Related Products (0.9%)

AGP Industrial 'B' 279,000 643 0.0

EEI Corp 4,355,206 361,261 0.4

Southeast Asia Cement 13,486,000 490,965 0.5

Diversified IndustrialsDiversified IndustrialsDiversified IndustrialsDiversified Industrials (7.1%)


EnergyEnergyEnergyEnergy (7.0%)

Energy Development (PH

Listing) 49,640,400 6,874,166 7.0

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Food, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & TobaccoFood, Beverages & Tobacco (2.3%)

Jollibee Food 1,128,700 2,262,601 2.3

Holding FirmsHolding FirmsHolding FirmsHolding Firms (13.7%)

Ayala Corp 536,318 4,755,188 4.8

DMCI Hldgs 3,894,000 3,346,687 3.4

First Philippine Hldgs 724,400 958,077 1.0

SM Investments 367,231 4,387,310 4.5


GMA Network PDR 9,893,500 1,593,446 1.6

MiningMiningMiningMining (4.6%)

Lepanto Consolidated Mining

'B' 1,061,212 12,960 0.0

Philex Mining 1,615,900 557,001 0.6

Semirara Mining 761,080 3,966,735 4.0

Power & EnergyPower & EnergyPower & EnergyPower & Energy (11.6%)

Aboitiz Power 2,051,000 1,413,016 1.5

Manila Electric 744,420 4,421,923 4.5

Manila Water 13,225,801 5,528,019 5.6

PropertyPropertyPropertyProperty (20.7%)

Ayala Land 10,599,960 3,775,930 3.8

Cebu Hldgs 14,861,000 770,444 0.8

Megaworld Corp 117,116,000 5,666,903 5.8

SM Development 8,068,366 1,450,075 1.5

SM Prime Hldgs 33,425,300 8,625,885 8.8

Transportation ServicesTransportation ServicesTransportation ServicesTransportation Services (3.6%)

Intl Container Terminal

Services 3,642,100 3,495,241 3.6


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (2,236,976) (2.3)






- 147 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



PhilippinesPhilippinesPhilippinesPhilippines

Property 20.7 18.5

Communications 16.8 10.0

Holding Firms 13.7 10.8

Power & Energy 11.6 13.8

Banks 11.0 11.9

Diversified Industrials 7.1 7.1

Energy 7.0 4.7

Mining 4.6 1.4

Transportation Services 3.6 3.6

Food, Beverages & Tobacco 2.3 2.7

Media 1.6 2.4

Airlines 1.4 -

Construction & Related Products 0.9 2.6

Financial Services - 0.4

Hotel, Recreation & Other Services - 0.2


Other net Other net Other net Other net (liabilities)/assets(liabilities)/assets(liabilities)/assets(liabilities)/assets (2.3) 9.9






- 148 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 3,249,258 12,557,800



Investments 100,288,446 97,825,365


receivable 757,700 908,777


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






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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





Dividend income 1,235,720 804,210


losses (90,512) (64,592)

2,374,053 15,131,382

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












1,567,887 746,122

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

Net operating Net operating Net operating Net operating profitprofitprofitprofit 806,166 14,385,260



Profit before taxationProfit before taxationProfit before taxationProfit before taxation 806,096 14,385,110

Taxation (370,716) (129,800)




comprehensive incomecomprehensive incomecomprehensive incomecomprehensive income 435,380 14,255,310




- 149 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

97,616,090 48,586,234










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (54,456,692) (10,325,401)






Tax paid (370,716) (129,800)



Others (167,400) (119,967)

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


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









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






equivalents (20) (2)



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 3,249,258 3,279,552



- 150 -



JF Philippine Fund (the "Fund") was established under a Trust Deed dated 29 July 1974, as amended, and is governed by the laws of Hong


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in the securities of

companies based or operating in the Philippines.







Classification












ownership.








on an exchange.





Income.





- 151 -











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.


31.3.2011 30.9.2010

Units Units


US$ US$





- 152 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



1,228,845 14,391,764





transactions.






JF THAILAND FUNDJF THAILAND FUNDJF THAILAND FUNDJF THAILAND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 153 -

Distributor Distributor Distributor Distributor StatusStatusStatusStatus


distributing fund in respect of the period from 8 August














this new regime.








Investment Investment Investment Investment PortfolioPortfolioPortfolioPortfolio



FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





AgribusinessAgribusinessAgribusinessAgribusiness (7.6%)

Charoen Pokphand Foods (F) 23,300,500 19,644,991 4.8

GFPT Public Co (F) 23,110,000 7,144,272 1.8


BankingBankingBankingBanking (21.6%)

Bangkok Bank NVDR 4,621,100 26,203,295 6.4

Kasikornbank Public Co (F) 2,269,900 9,756,555 2.4

Kasikornbank Public Co NVDR 2,066,400 8,676,899 2.1

Krung Thai Bank (F) 43,430,000 26,277,698 6.4

Siam Commercial Bank (F) 2,636,600 9,414,872 2.3

TMB Bank (F) 82,500,000 6,437,428 1.6

TMB Bank NVDR 24,000,000 1,872,706 0.4

Building & Furnishing MaterialsBuilding & Furnishing MaterialsBuilding & Furnishing MaterialsBuilding & Furnishing Materials (11.1%)

Asian Property

Development (F) 10,785,000 2,228,674 0.6

Dynasty Ceramic (F) 2,538,500 4,469,338 1.1

Home Product Center (F) 26,695,300 8,031,980 2.0

Siam Cement (F) 12,082 151,000 0.0

Siam Cement NVDR 2,627,218 30,489,452 7.4

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Chemicals & PlasticsChemicals & PlasticsChemicals & PlasticsChemicals & Plastics (11.3%)

Esso Thailand (F) 18,324,700 6,604,041 1.6

Indorama Ventures (F) 8,875,000 15,332,080 3.8

PTT Aromatics & Refining (F) 11,485,000 14,145,024 3.5

PTT Aromatics &

Refining NVDR 780,000 960,655 0.2

PTT Chemical (F) 1,870,000 9,150,603 2.2

CommunicationsCommunicationsCommunicationsCommunications (1.7%)

Advanced Information (F) 2,425,000 7,196,024 1.7

EnergyEnergyEnergyEnergy (25.3%)

Banpu Public Co (F) 575,200 14,491,731 3.5

Electricity Generating (F) 2,035,500 6,275,760 1.5

PTT Exploration &

Production (F) 4,140,000 24,638,783 6.0

PTT Public Co (F) 3,323,500 38,789,733 9.5

Ratchaburi Electricity (F) 3,000,000 3,769,218 0.9

Thai Oil (F) 5,720,000 15,744,421 3.9

Finance & SecuritiesFinance & SecuritiesFinance & SecuritiesFinance & Securities (1.7%)

TISCO Financial Group (F) 4,964,600 6,360,663 1.5

TISCO Financial Group NVDR 500,000 640,602 0.2

Food & BeveragesFood & BeveragesFood & BeveragesFood & Beverages (1.5%)

Thai Union Frozen Products (F) 4,104,690 6,242,875 1.5

Health Care ServicesHealth Care ServicesHealth Care ServicesHealth Care Services (1.3%)

Bumrungrad Hospital (F) 3,295,000 4,112,622 1.0

Bumrungrad Hospital NVDR 1,070,000 1,335,510 0.3

Machinery & EquipmentMachinery & EquipmentMachinery & EquipmentMachinery & Equipment (1.5%)

Somboon Advance

Technology (F) 8,140,708 6,109,905 1.5

Property DevelopmentProperty DevelopmentProperty DevelopmentProperty Development (8.6%)

Hemaraj Land &

Development (F) 81,460,800 5,709,932 1.4

LPN Development (F) 24,770,000 8,681,170 2.1

Sino Thai Eng &

Construction (F) 21,052,900 9,257,847 2.3


TransportationTransportationTransportationTransportation (2.9%)

Thai Airways Intl (F) 9,582,316 11,960,074 2.9








- 154 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010




Forest Products ---- 1.8

Energy ---- 1.1


Energy 25.3 22.2

Banking 21.6 14.2

Chemicals & Plastics 11.3 5.0

Building & Furnishing Materials 11.1 13.5

Property Development 8.6 8.2

Agribusiness 7.6 8.2

Transportation 2.9 5.2

Communications 1.7 5.7

Finance & Securities 1.7 3.4

Food & Beverages 1.5 4.3

Machinery & Equipment 1.5 2.0

Health Care Services 1.3 0.8



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





- 155 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 8,145,471 6,334,113



Investments 394,281,735 383,082,140


receivable 3,932,593 2,041,110


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






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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010






Interest on deposits 1 -


losses (216,124) (109,334)

Other income 419 1,466

35,228,323 50,077,332

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


Management fee 2,916,416 2,585,667


Trustee's fee 194,428 172,378








4,209,281 3,849,821

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





Taxation (367,841) (335,725)








- 156 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010


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



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




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

379,478,327 288,386,487





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





1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (211,013,326) (152,877,059)



Dividend received 1,656,045 719,915

Interest received 1 -



Tax paid (367,841) (335,725)



Others (364,803) (250,334)

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


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









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






equivalents (7) (6)


the end of the periodthe end of the periodthe end of the periodthe end of the period 8,145,471 (4,681,997)


Cash at banks 8,145,471 45,025


unsecured - (4,727,022)

8,145,471 (4,681,997)



- 157 -



JF Thailand Fund (the "Fund") was established under a Trust Deed dated 20 July 1989, as amended, and is governed by the laws of Hong Kong.


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.







Classification












ownership.








on an exchange.





Income.





- 158 -











separately.






transactions.










Fund's Trust Deed dated 20 July 1989, as amended, which may be different from the accounting policies stated in the financial

statements.


31.3.2011 30.9.2010

Units Units


US$ US$





- 159 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



31,307,396 46,546,108





transactions.






JF VIETNAM OPPORTUNITIES FUNDJF VIETNAM OPPORTUNITIES FUNDJF VIETNAM OPPORTUNITIES FUNDJF VIETNAM OPPORTUNITIES FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 160 -


As at As at As at As at 31 March 201131 March 201131 March 201131 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





HKR Intl 5,470,400 3,080,449 2.2

NagaCorp Ltd 8,436,384 1,724,544 1.2

Yue Yuen Industrial (Hldgs) 516,500 1,633,527 1.2


Doosan Heavy Ind &

Construction 25,000 1,597,612 1.1



Orion Corp 6,012 2,159,376 1.5

Suheung Capsule 266,420 1,925,986 1.4


Gamuda Bhd (CDS) 1,800,000 2,294,016 1.6


Ascott Residence Trust 1,576,850 1,488,656 1.0

Fraser & Neave (CDP) 1,000,000 4,760,016 3.4

Keppel Land 800,000 2,849,663 2.0


Amata Corp (F) 6,118,300 3,115,286 2.2

Charoen Pokphand Foods

NVDR 2,900,000 2,445,032 1.7

PTT Public Co NVDR 178,900 2,088,005 1.5

Siam Cement NVDR 200,000 2,321,045 1.7


Toyo-Thai Corp (F) 5,941,000 1,718,755 1.2


Bao Viet Securities 1,130,960 887,664 0.6

Baoviet Hldgs 1,246,380 4,414,076 3.1

Binh Minh Plastics 943,920 1,901,844 1.4

Binh Thanh Import Export

Production 7 7 0.0

DHG Pharmaceutical 440,962 2,448,030 1.7

Dong Phu Rubber 600,000 1,694,185 1.2

FPT Corp 836,880 2,022,610 1.4

GEMADEPT Corp 2,241,766 3,111,328 2.2

HAGL Joint Stock 1,850,000 3,993,060 2.8

Ho Chi Minh City Infrastructure

Inv 1,101,915 1,872,122 1.3

Ho Chi Minh City Securities 1,527,160 1,681,009 1.2

Hoa Phat Group 2,165,745 3,627,713 2.6

Imexpharm Pharmaceutical 433,500 923,223 0.7

Imexpharm Pharmaceutical

Await Cert 86,700 184,645 0.1

JSC Bank for Foreign Trade 1,203,795 1,785,960 1.3

JSC Bank for Foreign Trade-AC 397,252 589,366 0.4

Kinh Do 2,260,093 4,596,982 3.3

Masan Group 1,754,960 6,761,152 4.8

Minh Phu Seafood 259,370 291,706 0.2

Petrolimex Gas 592,720 277,993 0.2

Petrolimex Gas Await Cert 177,816 83,398 0.1

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Petrovietnam Drilling & Well

Serv 3,209,286 7,618,118 5.4

Petrovietnam Fertilizer &

Chemical 2,727,300 4,568,341 3.2

Phu Nhuan Jewelry 180,580 243,712 0.2

Phuoc Hoa Rubber 1,000,000 1,612,826 1.1

Saigon Securities 2,522,660 2,716,432 1.9

Songda Urban & Ind Zone Inv

& Dev 686,100 1,641,780 1.2

Southern Seed 645,482 599,299 0.4

Tan Tao Inv PN 30/05/12

(JPM)* 546,933 361,219 0.3

Tan Tao Investment Industry 1 1 0.0

Tan Tien Plastic Packaging 648,198 781,746 0.6

Tan Tien Plastic PN 19/07/12

(JPM)* 248,000 299,095 0.2

Thu Duc Housing Development 500,000 612,587 0.4

Vietnam Dairy Products 2,195,320 9,665,922 6.8

Vietnam Export-Import Comm

JS Bank 8,942,748 6,248,581 4.4

Vincom Joint Stock 1,324,410 8,239,928 5.8









- 161 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Vietnam 62.5 60.8

Thailand 9.1 5.3

Korea 7.6 4.2

Singapore 6.4 7.6

Hong Kong 4.6 5.4

Malaysia 1.6 1.2




NetNetNetNet assets attributable to holders of assets attributable to holders of assets attributable to holders of assets attributable to holders of





- 162 -

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


31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 11,547,545 21,013,937

Amounts due from brokers 4,565 1,075,302


Investments 129,756,349 114,550,467


receivable 977,517 609,575


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






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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



Net losses on investments and

derivatives [Note 4] (4,096,106) (15,875,237)



gains/(losses) 854,844 (1,261,542)


Other income 167 -

(804,993) (15,384,532)

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


Management fee 1,121,904 1,175,431










1,438,842 1,501,197

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

Loss before taxationLoss before taxationLoss before taxationLoss before taxation (2,243,835) (16,885,729)

Taxation (50,273) (37,088)

Decrease in net assets Decrease in net assets Decrease in net assets Decrease in net assets



comprehensive losscomprehensive losscomprehensive losscomprehensive loss (2,294,108) (16,922,817)




- 163 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



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


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



Net Net Net Net allotment/(redemption)allotment/(redemption)allotment/(redemption)allotment/(redemption) 8,800,465 (5,837,849)

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

143,572,332 165,072,047




comprehensive losscomprehensive losscomprehensive losscomprehensive loss (2,294,108) (16,922,817)






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (33,072,093) (20,673,786)






Tax paid (50,273) (37,088)




Others 1,115,163 (883,314)

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


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







financing activitiesfinancing activitiesfinancing activitiesfinancing activities 9,305,994 (5,226,055)

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






equivalents (412,873) (534,180)




Cash at banks 11,547,545 25,898,392



- 164 -



JF Vietnam Opportunities Fund (the "Fund") was established under a Trust Deed dated 15 August 2006, 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 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).



payable by each of such unit classes. For unit classes to be merged, all units from respective unit class will be redeemed and subsequently









Classification












ownership.








on an exchange.





Income.



- 165 -








separately.






transactions.











statements.


31.3.2011 30.9.2010

Class A Class A

Units Units


US$ US$





- 166 -

4444 Net losses on investments and derivativesNet losses on investments and derivativesNet losses on investments and derivativesNet losses on investments and derivatives

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Change in unrealized gains/losses in value of investments and derivatives 3,135,780 (6,914,425)

Realized losses on sale of investments and derivatives (7,231,886) (8,960,812)

(4,096,106) (15,875,237)





transactions.






JF JAPAN JF JAPAN JF JAPAN JF JAPAN (YEN) FUND(YEN) FUND(YEN) FUND(YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 167 -

















this new regime.











FairFairFairFair


JPY'000JPY'000JPY'000JPY'000

% of% of% of% of

netnetnetnet






Mitsubishi UFJ Financial Group 1,223,100 467,225 4.1

Sumitomo Mitsui Financial Grp 155,200 400,106 3.5


FUJIFILM Hldgs 69,000 177,054 1.5

Hitachi Chemical 77,300 130,250 1.1

Kansai Paint Co 286,000 205,920 1.8

Nippon Paint 188,000 104,904 0.9

Shin-Etsu Chemical 41,700 171,596 1.5

Electric AppliancesElectric AppliancesElectric AppliancesElectric Appliances (16.4%)

Canon Inc 118,000 425,980 3.7

Fanuc Corp 9,500 119,225 1.0

Ibiden Co 49,800 130,526 1.1

Kyocera Corp 26,900 226,229 2.0

Mitsubishi Electric 318,000 311,322 2.7

Murata Mfg 25,100 149,094 1.3

Omron Corp 132,900 310,056 2.7

Shinko Electric Industries 85,200 72,420 0.6

Tokyo Electron 24,000 109,800 1.0

Yokogawa Electric 54,600 34,507 0.3

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


FoodsFoodsFoodsFoods (2.9%)

Asahi Breweries 121,100 166,997 1.5

Japan Tobacco 525 157,238 1.4

Glass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics ProductsGlass & Ceramics Products (5.7%)

Asahi Glass 282,000 294,126 2.6

Nippon Electric Glass 143,000 168,025 1.5


Information & CommunicationInformation & CommunicationInformation & CommunicationInformation & Communication (7.2%)

DTS Corp 47,600 39,080 0.3

Nippon Telegraph &

Telephone 104,400 388,890 3.4

NTT DoCoMo 1,612 234,868 2.1

Softbank Corp 50,400 166,824 1.4


Amada Co 156,000 107,796 0.9

Komatsu Ltd 74,100 209,110 1.8

Kubota Corp 203,000 158,746 1.4

Makita Corp 34,600 133,210 1.2

NSK Ltd 152,000 108,680 1.0

Sumitomo Heavy Industries 442,000 239,122 2.1

THK Co 79,500 165,440 1.4

Metal ProductsMetal ProductsMetal ProductsMetal Products (2.2%)

JS Group 119,400 256,829 2.2

Non Ferrous MetalsNon Ferrous MetalsNon Ferrous MetalsNon Ferrous Metals (3.7%)

Furukawa Electric 259,000 86,506 0.8

Sumitomo Electric Industries 288,900 331,079 2.9

Oil & Coal ProductsOil & Coal ProductsOil & Coal ProductsOil & Coal Products (1.0%)

JX Hldgs 202,200 112,828 1.0

Other Financing BusinessOther Financing BusinessOther Financing BusinessOther Financing Business (3.5%)

Orix Corp 37,310 289,526 2.5

Osaka Securities Exchange 266 111,055 1.0


Astellas Pharma 16,300 50,041 0.4

Shionogi & Co 38,000 53,732 0.5


Goldcrest Co 27,780 45,170 0.4

Nihon Eslead 110,500 82,322 0.7

Sumitomo Realty &

Development 146,000 242,214 2.1

Retail TradeRetail TradeRetail TradeRetail Trade (3.1%)

Don Quijote 85,100 223,047 2.0

FamilyMart Co 41,100 128,026 1.1

SecuritiesSecuritiesSecuritiesSecurities (1.0%)

Daiwa Securities Group 162,000 61,560 0.6

Nomura Hldgs 111,100 48,106 0.4

ServicesServicesServicesServices (2.8%)

Cyber Agent 416 121,888 1.1

Rakuten Inc 2,588 192,547 1.7



- 168 -




FairFairFairFair



% of% of% of% of

netnetnetnet


Transportation EquipmentTransportation EquipmentTransportation EquipmentTransportation Equipment (14.0%)

Daido Metal Co 111,000 74,703 0.7

FCC Co 31,800 63,377 0.6

Honda Motor 186,300 580,325 5.1

Isuzu Motors 302,000 98,754 0.9

Mazda Motor 498,000 90,636 0.8

Musashi Seimitsu Industry 23,300 45,691 0.4

Nissan Motor 189,200 139,251 1.2

Nissin Kogyo 96,900 138,179 1.2

NOK Corp 25,900 38,021 0.3

Press Kogyo Co 145,000 51,040 0.4

Suzuki Motor 149,400 276,689 2.4

Wholesale TradeWholesale TradeWholesale TradeWholesale Trade (12.5%)

Canon Marketing Japan 50,500 51,964 0.4

Itochu Corp 299,000 259,532 2.3

Marubeni Corp 378,000 225,666 2.0

Mitsubishi Corp 146,900 338,017 2.9

Mitsui & Co 214,300 318,450 2.8

Sumitomo Corp 199,000 236,213 2.1





Total Total Total Total investments, at costinvestments, at costinvestments, at costinvestments, at cost 11,689,315





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



JapanJapanJapanJapan

Electric Appliances 16.4 19.6

Transportation Equipment 14.0 14.2

Wholesale Trade 12.5 10.9

Machinery 9.8 5.8

Banks 7.6 3.6

Information & Communication 7.2 6.8

Chemicals 6.8 8.0

Glass & Ceramics Products 5.7 3.9

Non Ferrous Metals 3.7 4.2

Other Financing Business 3.5 1.9

Real Estate 3.2 1.4

Retail Trade 3.1 2.0

Foods 2.9 2.4

Services 2.8 1.4

Metal Products 2.2 2.5

Oil & Coal Products 1.0 -

Securities 1.0 0.9


Land Transportation - 2.5

Iron & Steel - 0.9

Precision Instruments - 0.6

Textiles & Apparel - 0.4


Other net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assetsOther net (liabilities)/assets (4.3) 5.1






- 169 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010

JPY'000JPY'000JPY'000JPY'000 JPY'000JPY'000JPY'000JPY'000


Cash at banks 63,351 612,319



Investments 11,925,166 10,956,899




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


Short term bank loans - unsecured 732,353 -

Amounts due to brokers 12,390 117,898



Total Total Total Total liabilitiesliabilitiesliabilitiesliabilities 805,744 188,340

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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives [Note 4] 891,630 1,967,897



(losses)/gains (98) 380

Other income - 65

1,021,571 2,058,184

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








Auditor's fee 553 683

Printing and publication expenses 116 772


Other operating expenses 470 275

102,471 124,884

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

Net operating profitNet operating profitNet operating profitNet operating profit 919,100 1,933,300




Taxation (9,103) (6,289)








- 170 -


of Redeemableof Redeemableof Redeemableof Redeemable UnitsUnitsUnitsUnits


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

10,527,761 13,007,640

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









1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (3,409,105) (4,774,593)







Tax paid (9,103) (6,289)


Others (4,616) (5,582)


operating activitiesoperating activitiesoperating activitiesoperating activities (226,937) 3,151,604

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









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

(Decrease)/increase(Decrease)/increase(Decrease)/increase(Decrease)/increase in cash in cash in cash in cash



beginning of the period 612,319 (2,486,681)

Exchange (losses)/gains on cash

and cash equivalents (38) 194


the end the end the end the end of the periodof the periodof the periodof the period (669,002) (831,928)




unsecured (732,353) (854,485)

(669,002) (831,928)

JF JAPAN (YEN) FUNDJF JAPAN (YEN) FUNDJF JAPAN (YEN) FUNDJF JAPAN (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 171 -



JF Japan (Yen) Fund (the "Fund") was established under a Trust Deed dated 1 August 1969, as amended, and is governed by the laws of Hong


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.







Classification












ownership.








on an exchange.





Income.





- 172 -











separately.



The Fund has adopted Japanese Yen as its functional and presentation currency.



transactions.







(e)(e)(e)(e) ProProProProceeds and payments on allotment and redemption of unitsceeds and payments on allotment and redemption of unitsceeds and payments on allotment and redemption of unitsceeds and payments on allotment and redemption of units




statements.

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

31.3.2011 30.9.2010

Units Units


JPY'000 JPY'000





- 173 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

JPY'000 JPY'000


Realized losses on sale of investments and derivatives (120,718) (49,677)

891,630 1,967,897





transactions.






JF JAPAN OTC FUNDJF JAPAN OTC FUNDJF JAPAN OTC FUNDJF JAPAN OTC FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 174 -

















this new regime.











FairFairFairFair



% of% of% of% of

netnetnetnet






Higo Bank 30,000 13,920 0.3

Seven Bank 400 66,800 1.4

Sumitomo Mitsui Trust Hldgs 45,000 13,230 0.3

Suruga Bank 25,000 18,375 0.4


Chugoku Marine Paints 20,000 13,920 0.3

Fuso Chemical 15,000 32,445 0.7

Takara Bio 300 165 0.0

Takara Bio Await Cert 119,700 65,835 1.4

Toda Kogyo 20,000 14,740 0.3

Toyo Gosei 30,000 16,020 0.3

Unicharm Corp 3,500 10,552 0.2

Zeon Corp 15,000 11,445 0.3


Hajime Construction 15,000 29,100 0.6

Kandenko Co 20,000 9,340 0.2


Aval Data 100,000 67,000 1.4

Dai-ichi Seiko 8,000 33,360 0.7

Ferrotec Corp 155,000 288,300 6.1

Geomatec Co 45,000 58,500 1.2

(Continued)


FairFairFairFair



%%%% ofofofof

netnetnetnet


Koha Co 70,000 55,720 1.2

Melco Hldgs 5,000 13,390 0.3

Nichicon Corp 20,000 23,520 0.5

Odelic Co 8,500 9,358 0.2

Oi Electric Co 200,000 30,600 0.7

Omron Corp 5,000 11,665 0.3

Sanyo Denki Co 64,000 41,344 0.9

Taiyo Yuden Co 10,000 11,150 0.2




Asahi Glass 15,000 15,645 0.3

Kuramoto Co 950,000 239,400 5.1


Noritake Co 250,000 88,000 1.9


Aplix Corp 300 25,680 0.5

Bit-isle Inc 350 47,250 1.0

Digital Garage 100 36,800 0.8

Fujitsu Broad Solution &

Consulting 40,000 30,800 0.6

Gree Inc 10,000 13,920 0.3

Jupiter Telecommunications 2,375 194,038 4.1

Net One Systems 100 12,410 0.3

Okinawa Cellular Telephone 200 35,820 0.8

Proto Corp 11,000 33,220 0.7

Yahoo Japan 11,800 349,989 7.5

InsuranceInsuranceInsuranceInsurance (0.8%)

Anicom Hldgs 12,500 36,538 0.8

Land TransportationLand TransportationLand TransportationLand Transportation (0.5%)

Hitachi Transport System 18,500 21,571 0.5


Asahi Diamond Industrial 10,000 15,940 0.3

Harmonic Drive Systems 900 1,916 0.0

Makita Corp 5,000 19,250 0.4

Nabtesco Corp 7,500 15,652 0.3

Nittoku Engineering 57,500 52,382 1.1

NPC Inc 35,000 75,075 1.6

NSK Ltd 20,000 14,300 0.3

Okuma Corp 20,000 13,600 0.3

OSAKI Engineering 415 36,686 0.8

Rorze Corp 45,000 11,835 0.3

Samco Inc 35,000 33,740 0.7


Takatori Corp 52,500 39,952 0.9

TAZMO Co 11,000 12,430 0.3

Tesec Corp 117,500 142,175 3.0

THK Co 10,000 20,810 0.5

Metal ProductsMetal ProductsMetal ProductsMetal Products (0.6%)

JS Group 13,500 29,038 0.6

Non Ferrous MetalsNon Ferrous MetalsNon Ferrous MetalsNon Ferrous Metals (0.3%)

Sumitomo Electric Industries 10,000 11,460 0.3



- 175 -




FairFairFairFair



% of% of% of% of

netnetnetnet



JX Hldgs 27,500 15,345 0.3


Mitsubishi UFJ Lease &

Finance Co 8,500 28,348 0.6

Orix Corp 2,850 22,116 0.5


Other ProductsOther ProductsOther ProductsOther Products (1.9%)

Furuya Metal Co 10,500 50,242 1.1

Hagihara Industries 40,000 40,160 0.8


Fuji Pharma 20,000 29,600 0.6

Tsumura & Co 5,500 14,316 0.3

Precision InstrumentsPrecision InstrumentsPrecision InstrumentsPrecision Instruments (0.5%)

Asahi Intecc 12,000 20,760 0.5

Pulp & PaperPulp & PaperPulp & PaperPulp & Paper (4.1%)

Nippon Kodoshi 93,500 193,545 4.1


Goldcrest Co 6,000 9,756 0.2

Sumitomo Realty &

Development 10,000 16,590 0.4

Tokyu Livable 15,000 10,875 0.2


BROCCOLI Co 1,600,000 88,000 1.9

Don Quijote 6,500 17,036 0.3

FamilyMart Co 8,500 26,478 0.6

Honeys Co 10,000 8,830 0.2

McDonald's Hldgs Co (Japan) 50,000 100,100 2.1

Nitori Co 2,000 14,600 0.3

Start Today Co 50,000 64,000 1.4


Aeon Delight Co 8,500 11,772 0.3

Cyber Agent 375 109,875 2.3

DeNA Co 4,500 13,500 0.3

EPCO Co 30,000 41,130 0.9

Kenedix Inc 600 10,092 0.2

M3 Inc 45 22,590 0.5

OPT Inc 400 47,800 1.0

Rakuten Inc 4,650 345,961 7.4

Transportation Transportation Transportation Transportation EquipmentEquipmentEquipmentEquipment (4.0%)

Isuzu Motors 50,000 16,350 0.4


NOK Corp 10,000 14,680 0.3

Press Kogyo Co 50,000 17,600 0.4

Shimano Inc 3,500 14,455 0.3

Suzuki Motor 6,500 12,038 0.3

Takata Corp 6,500 15,398 0.3

TS Tech Co 7,500 10,898 0.2

Yasunaga Corp 77,500 72,462 1.5


Autobacs Seven 7,500 23,588 0.5

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


Daiichikosho Co 25,000 35,175 0.8

Marubeni Corp 55,000 32,835 0.7

Misumi Group 9,500 19,542 0.4

Sanrio Co 6,500 15,964 0.3








- 176 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010






Services 12.9 19.6

Machinery 11.2 5.3

Glass & Ceramics Products 7.6 3.4


Pulp & Paper 4.1 3.2


Chemicals 3.5 5.1


Banks 2.4 2.7


Other Products 1.9 1.0



Real Estate 0.8 0.6

Insurance 0.8 1.5

Metal Products 0.6 0.6

Land Transportation 0.5 0.5

Precision Instruments 0.5 1.8


Foods 0.3 2.9

Non Ferrous Metals 0.3 0.3

Iron & Steel - 0.3

Mining - 0.3

Textiles & Apparel - 0.1








- 177 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 263,117 27,061



Investments 4,468,021 4,480,186




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






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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains 4 176

Other income 39 -

592,552 145,950

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












51,891 63,223

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



Interest paid - (88)


Taxation (2,931) (3,557)








- 178 -

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



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

4,152,038 5,796,519










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (2,266,916) (2,660,123)





Tax paid (2,931) (3,557)




Others (3,337) (3,757)


activitiesactivitiesactivitiesactivities 588,393 573,013

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


Interest paid - (88)






financing activitiesfinancing activitiesfinancing activitiesfinancing activities (352,325) (643,439)

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


cash equivalentscash equivalentscash equivalentscash equivalents 236,068 (70,426)


beginning of the period 27,061 162,245






Cash at banks 263,117 91,850



- 179 -



JF Japan OTC Fund (the "Fund") was established under a Trust Deed dated 10 June 1991, as amended, and is governed by the laws of Hong


The investment objective of the Fund is to provide investors with long-term capital growth through investment primarily in the securities of

companies traded on the over-the-counter ("OTC") markets and Japan Association of Securities Dealers Automated Quotations ("JASDAQ") in

Japan. The Fund may also invest in securities listed on the Market of the High Growth & Emerging Stocks of the Tokyo Stock Exchange (the

"Mothers market") and/or the Osaka Securities Exchange Nippon New Market (the "Hercules market") in Japan.



(a)(a)(a)(a) Basis of preparation of interBasis of preparation of interBasis of preparation of interBasis of preparation of interim financial statementsim financial statementsim financial statementsim financial statements




Classification












ownership.








on an exchange.





Income.





- 180 -











separately






transactions.







(e)(e)(e)(e) Proceeds andProceeds andProceeds andProceeds and payments on allotment and redemption of unitspayments on allotment and redemption of unitspayments on allotment and redemption of unitspayments on allotment and redemption of units




statements.

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

31.3.2011 30.9.2010

Units Units


JPY'000 JPY'000





- 181 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

JPY'000 JPY'000

Change in unrealized gains/losses in value of investments and derivatives 592,658 1,058,458

Realized losses on sale of investments and derivatives (42,015) (963,718)

550,643 94,740





transactions.






JF JAPAN SMALLER COMPANY (YEN) FUNDJF JAPAN SMALLER COMPANY (YEN) FUNDJF JAPAN SMALLER COMPANY (YEN) FUNDJF JAPAN SMALLER COMPANY (YEN) FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 182 -

















this new regime.











FairFairFairFair



% of% of% of% of

netnetnetnet





Air TransportationAir TransportationAir TransportationAir Transportation (2.7%)

Skymark Airlines 217,600 215,424 2.7


Sumitomo Mitsui Trust Hldgs 282,000 82,908 1.0


Chugoku Marine Paints 241,000 167,736 2.1

Dr Ci:Labo 382 117,083 1.4

Mitsui Chemicals 925,000 271,025 3.3

Sakai Chemical Industry 212,000 85,648 1.1

Zeon Corp 222,000 169,386 2.1


JGC Corp 50,000 97,150 1.2


Dai-ichi Seiko 20,500 85,485 1.1

Hitachi Ltd 427,000 184,464 2.3

Melco Hldgs 31,000 83,018 1.0

Nichicon Corp 77,700 91,375 1.1

Nippon Chem-Con 183,000 75,579 0.9

Nissin Electric 65,000 44,265 0.6

Omron Corp 40,700 94,953 1.2

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet







Gree Inc 116,800 162,586 2.0

Net One Systems 120 14,892 0.2

Iron & SteelIron & SteelIron & SteelIron & Steel (2.4%)

Yamato Kogyo 71,400 197,064 2.4

Land TransportationLand TransportationLand TransportationLand Transportation (1.0%)

Hitachi Transport System 70,300 81,970 1.0


Amada Co 264,000 182,424 2.3

Asahi Diamond Industrial 103,000 164,182 2.0

CKD Corp 228,100 189,551 2.3

Disco Corp 32,400 183,384 2.3

Makita Corp 27,100 104,335 1.3

NSK Ltd 109,000 77,935 1.0

Okuma Corp 148,000 100,640 1.2


THK Co 91,700 190,828 2.4


JX Hldgs 461,300 257,405 3.2


Mitsubishi UFJ Lease &

Finance Co 27,380 91,312 1.1

Orix Corp 27,200 211,072 2.6


Precision InstrumentsPrecision InstrumentsPrecision InstrumentsPrecision Instruments (1.1%)

V Technology 123 92,619 1.1


Arealink Co 5,326 20,532 0.2

Goldcrest Co 19,440 31,609 0.4


Don Quijote 108,600 284,641 3.5

FamilyMart Co 9,200 28,658 0.4

Honeys Co 46,780 41,307 0.5

SecuritiesSecuritiesSecuritiesSecurities (1.1%)

Sawada Hldgs Co 10,100 8,141 0.1

SBI Hldgs 7,881 81,884 1.0


Aeon Delight Co 75,900 105,122 1.3

Cyber Agent 553 162,029 2.0

DeNA Co 58,700 176,100 2.2

Kenedix Inc 9,371 157,620 1.9

M3 Inc 312 156,624 1.9

NEXT Co 718 40,926 0.5

Nishio Rent All 204,300 159,967 2.0

Rakuten Inc 1,357 100,961 1.2

Septeni Hldgs Co 2,020 96,152 1.2



- 183 -


As at 31 March As at 31 March As at 31 March As at 31 March 2011201120112011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)


FairFairFairFair



% of% of% of% of

netnetnetnet


ServicesServicesServicesServices (Continued)

UT Hldgs 2,514 118,032 1.5

Transportation EquipmentTransportation EquipmentTransportation EquipmentTransportation Equipment (18.3%)

FCC Co 119,000 237,167 2.9

Kayaba Industry 371,000 247,828 3.1


Nippon Seiki 91,000 90,818 1.1

Nissin Kogyo 181,500 258,819 3.2

Press Kogyo Co 678,000 238,656 3.0

TS Tech Co 96,100 139,633 1.7

Unipres Corp 28,000 46,172 0.6


Marubeni Corp 541,000 322,976 4.0

Sanrio Co 45,700 112,239 1.4

Ship Healthcard Hldgs 132,600 138,302 1.7




redeemable redeemable redeemable redeemable units at 31 March 2011units at 31 March 2011units at 31 March 2011units at 31 March 2011 8,087,768 100.0






31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010





Machinery 15.9 2.3

Services 15.7 19.0

Chemicals 10.0 13.5






Air Transportation 2.7 -

Iron & Steel 2.4 -


Glass & Ceramics Products 2.1 -


Precision Instruments 1.1 -

Securities 1.1 -

Banks 1.0 -

Land Transportation 1.0 -

Foods 0.9 1.3

Real Estate 0.6 1.8

Mining - 3.1

Pharmaceuticals - 3.0

Other Products - 2.4

Metal Products - 2.1


Futures - 0.0


Other net liabilitiesOther net liabilitiesOther net liabilitiesOther net liabilities (6.2) (7.5)






- 184 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010







Derivatives - 1,930

Investments 8,590,442 9,734,208




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


Short term bank loans - unsecured 1,312,191 938,059

Amounts due to brokers 31,502 -




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





For the period ended 31 MarchFor the period ended 31 MarchFor the period ended 31 MarchFor the period ended 31 March 2011201120112011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives [Note 4] 292,728 1,218,928



gains 27 312

Interest on deposits - 1

377,387 1,348,487

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





Safe custody and bank charges 853 1,017

Trustee's fee 782 1,153





84,343 119,014

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

Net operating Net operating Net operating Net operating profitprofitprofitprofit 293,044 1,229,473




Taxation (5,924) (9,047)








- 185 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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

Allotment of redeemable units 661,540 2,597,825


Net redemptionNet redemptionNet redemptionNet redemption (1,248,363) (668,208)

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

7,804,480 12,980,496










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (8,573,301) (10,782,273)



Decrease in margin deposits 180,948 -


Interest received - 1

Trustee's fee paid (793) (1,156)


Tax paid (5,924) (9,047)



Others (2,477) (3,407)


activitiesactivitiesactivitiesactivities 855,363 1,603,384

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




redeemable units 693,233 2,558,533





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


and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (343,336) 87,324


beginning of the period (928,631) (3,112,694)




the end of the periodthe end of the periodthe end of the periodthe end of the period (1,271,976) (3,025,148)




unsecured (1,312,191) (3,031,725)

(1,271,976) (3,025,148)



- 186 -



JF Japan Smaller Company (Yen) Fund (the "Fund") was established under a Trust Deed dated 5 June 1980, as amended, and is governed by


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.







Classification












ownership.








on an exchange.





Income.





- 187 -






separately.






transactions.










Fund's Trust Deed dated 5 June 1980, as amended, which may be different from the accounting policies stated in the financial statements.


31.3.2011 30.9.2010

Units Units


JPY'000 JPY'000




1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

JPY'000 JPY'000

Change in unrealized gains/losses in value of investments and derivatives 388,380 482,038

Realized (losses)/gains on sale of investments and derivatives (95,652) 736,890

292,728 1,218,928



- 188 -





transactions.






JF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUNDJF JAPAN TECHNOLOGY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 189 -

















this new regime.











FairFairFairFair



% of% of% of% of

netnetnetnet






Asahi Glass 62,000 64,666 1.1


Kuraray Co 101,100 107,975 1.8

Mitsubishi Gas Chemical 68,000 40,460 0.7

Nitto Denko 29,700 130,532 2.2

Shin-Etsu Chemical 29,100 119,746 2.1

Zeon Corp 158,000 120,554 2.1

Computers & PeripheralsComputers & PeripheralsComputers & PeripheralsComputers & Peripherals (9.1%)

Fujitsu Ltd 602,000 281,736 4.9

Toshiba Corp 609,000 246,645 4.2


FUJIFILM Hldgs 108,600 278,668 4.8

Hamamatsu Photonics 57,800 189,873 3.3

Hitachi High-Technologies 24,800 41,019 0.7

Hitachi Ltd 1,161,000 501,552 8.6

Hoya Corp 59,900 113,211 1.9

Ibiden Co 32,500 85,182 1.5

Keyence Corp 2,700 57,186 1.0

Kyocera Corp 56,800 477,688 8.2

Murata Mfg 51,700 307,098 5.3

(Continued)


FairFairFairFair



% of% of% of% of

netnetnetnet


Nippon Electric Glass 156,000 183,300 3.2

Shimadzu Corp 63,000 46,368 0.8

TDK Corp 29,200 143,372 2.5

Internet Software & ServicesInternet Software & ServicesInternet Software & ServicesInternet Software & Services (1.4%)

Gree Inc 57,300 79,762 1.4


NGK Insulators 51,000 75,633 1.3

Office ElectronicsOffice ElectronicsOffice ElectronicsOffice Electronics (16.1%)

Brother Industries 112,200 136,435 2.4

Canon Inc 109,900 396,739 6.8

Konica Minolta Hldgs 175,500 122,148 2.1

Ricoh Co 285,000 277,875 4.8

Semiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor EquipmentSemiconductors & Semiconductor Equipment (9.0%)

Elpida Memory 53,800 57,512 1.0

Rohm Co 37,600 195,520 3.3

Tokyo Electron 59,400 271,755 4.7

SoftwareSoftwareSoftwareSoftware (7.0%)

Nintendo Co 15,500 347,200 6.0

Square Enix Hldgs 39,800 57,232 1.0


Softbank Corp 24,300 80,433 1.4








- 190 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010





Components 41.8 41.5

Office Electronics 16.1 13.4

Computers & Peripherals 9.1 11.1

Semiconductors & Semiconductor

Equipment 9.0 4.7

Chemicals 8.9 6.5

Software 7.0 11.2


Internet Software & Services 1.4 1.5

Machinery 1.3 1.6

Building Products 1.1 -

IT Services - 3.1

Internet & Catalog Retail - 1.5

Electrical Equipment - 1.3




redeemable redeemable redeemable redeemable unitsunitsunitsunits 100.0 100.0




- 191 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010






Investments 5,635,075 6,228,869




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





Total Total Total Total liabilitiesliabilitiesliabilitiesliabilities 67,647 243,451

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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







(losses)/gains (11) 363

299,081 439,996

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












60,763 89,043

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





Taxation (4,558) (3,969)








- 192 -



For the period ended 31 For the period ended 31 For the period ended 31 For the period ended 31 March 2011March 2011March 2011March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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


Redemption of redeemable units (889,682) (1,630,445)


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

5,567,087 8,225,042


attributableattributableattributableattributable to holders of to holders of to holders of to holders of






Statement of Cash Statement of Cash Statement of Cash Statement of Cash FlowsFlowsFlowsFlows


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (4,861,028) (11,390,686)






Tax paid (4,558) (3,969)



Others (3,191) (4,378)


activitiesactivitiesactivitiesactivities 790,148 2,504,156

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






redeemable units (912,551) (1,636,428)


financing activitiesfinancing activitiesfinancing activitiesfinancing activities (810,264) (932,294)

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


and cash equivalentsand cash equivalentsand cash equivalentsand cash equivalents (20,116) 1,571,862


beginning of the period 49,276 (1,613,425)




the end of the periodthe end of the periodthe end of the periodthe end of the period 29,126 (41,372)




unsecured - (50,072)

29,126 (41,372)



- 193 -



JF Japan Technology Fund (the "Fund") was established under a Trust Deed dated 5 March 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 through a portfolio primarily of shares in Japanese

companies involved in technology industries.







Classification












ownership.








on an exchange.





Income.





- 194 -











separately.






transactions.







(e)(e)(e)(e) Proceeds and payments oProceeds and payments oProceeds and payments oProceeds and payments on allotment and redemption of unitsn allotment and redemption of unitsn allotment and redemption of unitsn allotment and redemption of units



Fund's Trust Deed dated 5 March 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 reNumber of units in issue and net assets attributable to holders of reNumber of units in issue and net assets attributable to holders of reNumber of units in issue and net assets attributable to holders of redeemable units (per unit)deemable units (per unit)deemable units (per unit)deemable units (per unit)

31.3.2011 30.9.2010

Units Units


JPY'000 JPY'000





- 195 -


1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

JPY'000 JPY'000

Change in unrealized gains/losses in value of investments and derivatives 287,324 (313,446)

Realized (losses)/gains on sale of investments and derivatives (53,339) 696,373

233,985 382,927





transactions.






JPM EVERGREEN FUNDJPM EVERGREEN FUNDJPM EVERGREEN FUNDJPM EVERGREEN FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 196 -



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 (85.6%)


JPMF-JF China Fd 'A' (dist)-USD* Luxembourg 38,740 1,988,129 5.2

EuropeEuropeEuropeEurope (6.3%)

JPMF-Highbr Euro STEEP 'A'(acc)-EUR*# Luxembourg 140,000 2,386,075 6.3

GermanyGermanyGermanyGermany (5.9%)

JPMF-Germany Equity 'A'(acc)-EUR* Luxembourg 98,247 2,218,209 5.9

InternationalInternationalInternationalInternational (13.0%)

JPM Global Property Income Fd** Hong Kong 266,630 2,106,375 5.5

JPMF-Global Natural Res'A'(acc)-USD* Luxembourg 50,712 1,086,758 2.9

JPMIF-Global High Yield'A'(acc)-USD* Luxembourg 14,750 1,741,533 4.6


JPMF-Japan Strat Value 'A'(acc)-JPY*# Luxembourg 16,200 1,292,403 3.4

JPMF-JF Japan Small Cap'A'(acc)-USD* Luxembourg 130,000 855,400 2.3

JPMIF-Japan 50 Equity 'A' (acc)-JPY* Luxembourg 23,971 2,386,109 6.3

Middle EastMiddle EastMiddle EastMiddle East (2.4%)

JPMF-Emerging Mid East'A'(dist)-USD* Luxembourg 40,384 920,341 2.4

United StatesUnited StatesUnited StatesUnited States (40.8%)

iShares Barclays 7-10Yr Tsy Bond Fd# United States 25,100 2,334,551 6.2

iShares DJ US Oil & Gas Expl & Prod# United States 15,300 1,134,189 3.0

iShares Lehman Treasury Inflat Fd# United States 13,400 1,459,930 3.8

JPMF-US Aggregate Bd 'A' (acc)-USD* Luxembourg 100,000 1,383,000 3.6

JPMF-US Select 130/30 'A'(acc)-USD*# Luxembourg 282,000 2,836,920 7.5

JPMF-US Technology 'A' (acc)-USD* Luxembourg 175,000 2,654,750 7.0

JPMIF-Highbr Stat'A'(acc)-USD Hedge* Luxembourg 9,350 1,450,840 3.8

SPDR Gold Trust (US Listing) United States 15,900 2,221,389 5.9



Net assets attributable to holders of redeemable units at 31 March 2011Net assets attributable to holders of redeemable units at 31 March 2011Net assets attributable to holders of redeemable units at 31 March 2011Net assets attributable to holders of redeemable units at 31 March 2011 37,913,054 100.0


* Issued and managed by a Connected Person of the Manager

** Issued and managed by the Manager

# Not authorized in Hong Kong and not available to Hong Kong Residents



- 197 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



United States 40.8 40.6

International 13.0 19.5

Japan 12.0 7.6

Europe 6.3 6.5

Germany 5.9 5.1

China 5.2 6.4

Middle East 2.4 3.2

India - 3.2



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




- 198 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 4,268,629 2,471,881

Amounts receivable on allotment 1,220,146 39,886

Investments 32,456,901 29,037,101




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





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






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains/(losses) 16,769 (2,878)

1,928,334 1,471,413

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









Transaction costs 865 1,986



126,565 112,530

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


Taxation (16,394) (18,864)








- 199 -

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



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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



Net allotmentNet allotmentNet allotmentNet allotment 4,596,743 518,046

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

36,127,679 27,921,169










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (5,662,006) (9,024,774)




Transaction costs paid (885) (2,006)


Tax paid (16,394) (18,864)



Others (11,027) (26,628)


operating activitiesoperating activitiesoperating activitiesoperating activities (1,613,490) 233,906

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






Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing Net cash inflow from financing

activitiesactivitiesactivitiesactivities 3,409,776 488,749

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

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

equivalentsequivalentsequivalentsequivalents 1,796,286 722,655




and cash equivalents 462 (4,387)


the end of the end of the end of the end of the periodthe periodthe periodthe period 4,268,629 2,837,561


Cash at banks 4,268,629 2,837,561



- 200 -



JPM Evergreen Fund (the "Fund") was established under a Trust Deed dated 19 January 2004, as amended, and is governed by the laws of


The investment policy 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.







on an exchange.

Open futures contracts are valued at "bid" prices for long positions and "ask" prices for short positions at the valuation date. The

differences between the bid/ask prices and the contract prices are recognized in the Statement of Comprehensive Income.






transactions.





- 201 -





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




statements.

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

31.3.2011 30.9.2010

Units Units


US$ US$




1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$


Realized gains on sale of investments and derivatives 684,570 1,312,834

1,820,595 1,398,184






JPM GLOBAL PROPERTY INCOME FUNDJPM GLOBAL PROPERTY INCOME FUNDJPM GLOBAL PROPERTY INCOME FUNDJPM GLOBAL PROPERTY INCOME FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 202 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet





CFS Retail Property Trust 104,403 198,122 0.8

Commonwealth Property

Office Fd 688,302 612,154 2.4

Dexus Property Group Stapled

Sec 1,061,310 927,433 3.6

Stockland Stapled Sec 178,780 685,925 2.6

Westfield Group Stapled Sec 109,344 1,055,019 4.0

Westfield Retail Trust Stapled

Sec 243,529 657,317 2.5

BelgiumBelgiumBelgiumBelgium (3.3%)

Befimmo S.C.A. 5,104 445,377 1.7

Cofinimmo SA 2,330 341,231 1.3

Warehouses De Pauw 1,270 72,036 0.3


Artis Real Estate Inv Trust 17,625 257,648 1.0

First Capital Realty 19,170 315,509 1.2

RioCan Real Estate Investment

Trust 25,275 657,891 2.5

FranceFranceFranceFrance (5.3%)

Unibail-Rodamco 6,370 1,381,713 5.3


Advance Residence

Investment 216 424,025 1.6

Japan Retail Fund Investment 322 505,456 1.9

Kenedix Realty Investment 151 623,094 2.4

Nomura Real Estate

Residential Fd 80 446,429 1.7

ORIX JREIT 73 402,081 1.5

Premier Investment 66 299,421 1.2

Tokyu REIT 32 197,683 0.8

NetherlandsNetherlandsNetherlandsNetherlands (10.6%)

Corio NV 8,669 607,236 2.3

Eurocommercial Properties

CVA 7,444 368,676 1.4

Nieuwe Steen Investment 36,756 764,150 2.9

VastNed Retail 8,422 616,945 2.4

Wereldhave NV 3,758 401,893 1.6


Ascendas Real Estate Inv Trust 155,415 251,524 1.0

Ascott Residence Trust 292,193 275,851 1.1

Parkway Life REIT 279,000 376,279 1.4

Starhill Global REIT 626,000 307,910 1.2


British Land 66,320 586,818 2.2

Land Securities Group 59,823 703,377 2.7

Segro plc 58,927 303,490 1.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Apartment Inv & Mgmt 'A' 8,470 215,731 0.8

Apartment Inv & Mgmt Pref 'U' 3,750 93,638 0.4

Biomed Realty Trust Pref 'A' 14,675 374,213 1.4

Brandywine Realty Trust 17,900 216,769 0.8

CBL & Associates Prop Dep Pref

'D' 15,225 369,815 1.4

DCT Industrial Trust 59,500 329,630 1.3

Duke Realty 27,200 380,800 1.5

Duke Realty Dep Pref 'O' 12,900 344,301 1.3

Eastgroup Properties 7,100 312,187 1.2

Equity Residential 13,500 761,130 2.9

Health Care REIT 14,000 733,600 2.8

Kilroy Realty Pref 'F' 3,900 97,773 0.4

Liberty Property Trust 15,400 506,352 2.0

Mack-Cali Realty 14,800 501,276 1.9

National Retail Properties 15,500 405,015 1.6

Omega Healthcare Investors 10,400 232,128 0.9

Pennsylvania Real Estate Inv Trt 14,200 202,634 0.8

Public Storage 6,810 755,297 2.9

Public Storage Dep Pref 'M' 12,500 315,000 1.2

Realty Income 12,700 443,738 1.7

Regency Centers 20,000 868,800 3.3

Regency Centers Dep Pref 'C' 17,472 437,674 1.7

Senior Housing Properties 13,900 319,839 1.2

Taubman Centers Pref 'G' 3,725 94,056 0.4

Weingarten Realty Investors 10,800 270,432 1.0

25,651,541 98.5

(II) Derivatives(II) Derivatives(II) Derivatives(II) Derivatives (-1.3%)




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

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 25,312,680 97.2







- 203 -


For For For For the period ended 31 March 2011the period ended 31 March 2011the period ended 31 March 2011the period ended 31 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010




Australia 15.9 15.5

Japan 11.1 11.6

Netherlands 10.6 8.2


France 5.3 6.2

Canada 4.7 5.9

Singapore 4.7 4.1

Belgium 3.3 2.2




---- ----

UnlistedUnlistedUnlistedUnlisted/Unquoted Investments/Unquoted Investments/Unquoted Investments/Unquoted Investments

Equities Equities Equities Equities

Malta 0.0 0.0

Total Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted InvestmentsTotal Unlisted/Unquoted Investments 0.0 0.0

---- ----

Total investmentsTotal investmentsTotal investmentsTotal investments 97.2 93.0







- 204 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 472,205 1,242,217



Investments [Note 3] 25,651,541 26,354,746




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




Distribution payable [Note 5] 66,677 35,294

Derivatives [Note 3] 338,861 700,533


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


redeemable units)redeemable units)redeemable units)redeemable units) 1,595,352 1,351,059

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


of redeemable units of redeemable units of redeemable units of redeemable units

(before fair value adjustment) (before fair value adjustment) (before fair value adjustment) (before fair value adjustment)

[Note 3] 26,016,449 27,544,595

Fair value adjustment of units of

the Fund [Note 3] 37,544 48,310


of redeemable unitsof redeemable unitsof redeemable unitsof redeemable units

(after fair value adjustment) (after fair value adjustment) (after fair value adjustment) (after fair value adjustment)

[Note 3] 26,053,993 27,592,905

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


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





Dividend income 803,750 1,064,978


(losses)/gains (15,362) 18,449

Other income 14,564 6

2,155,473 2,649,435

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












259,718 501,277

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


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


Distribution [Note 5] (425,216) (427,011)


(425,986) (427,038)

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


Taxation (125,108) (214,753)

1,344,661 1,506,367

Change in cumulative difference

arising from the fair value

adjustment of units of the

Fund (10,766) (78,669)








- 205 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



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


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




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

24,720,098 29,341,057






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




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (4,625,909) (20,765,989)



Dividend received 808,873 1,052,524




Tax paid (125,108) (214,753)


Others (42,111) (1,834)



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







Distribution paid (393,833) (391,341)



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


equivalentsequivalentsequivalentsequivalents (771,109) (13,440,365)




equivalents 1,097 434




Cash at banks 472,205 476,095



- 206 -



JPM Global Property Income Fund (the "Fund") was established under a Trust Deed dated 6 July 2005, as amended, and is governed by the


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.








on an exchange.





Income.





- 207 -






separately.






transactions.










Fund's Trust Deed dated 6 July 2005, 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", "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 Net assets attributable to holders of redeemable units anNet assets attributable to holders of redeemable units anNet assets attributable to holders of redeemable units anNet assets attributable to holders of redeemable units and number of units in issue d number of units in issue d number of units in issue d number 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 6 July 2005, as amended ("Trust Deed NAV").

31.3.2011 30.9.2010

US$ US$

Net assets attributable to holders of redeemable units (before fair value adjustment) 26,016,449 27,544,595

Fair value adjustment of units of the Fund:

Difference between bid/ask prices and last traded prices basis in valuing investments and

derivatives as at the end of the period [Note 3(a)] 37,544 48,310

Net assets attributable to holders of redeemable units (after fair value adjustment) 26,053,993 27,592,905



- 208 -

Note:

(a) Listed investments, investments and derivatives with prices quoted in over-the-counter markets or by market makers are stated at the

last traded prices for the purpose of the Trust Deed NAV. As stated in Note 2(b), the accounting policy of the Fund for the purpose of

compliance with Hong Kong Accounting Standards 39 "Financial Instruments: Recognition and Measurement" and for reporting purposes

is to value its investments and derivatives at fair value based on the relevant bid/ask market prices on the Statement of Financial

Position date.

Number of units in issue

31.3.2011 30.9.2010

Units Units


US$ US$

Net assets attributable to holders of redeemable units

(after fair value adjustment) 26,053,993 27,592,905



1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$


Realized gains on sale of investments and derivatives 78,572 1,044,444

1,352,521 1,566,002



- 209 -


In accordance with the Explanatory Memorandum of the Fund, in respect of each accounting period, the Fund will distribute at least 85% of

the net operating profit of the Fund after making certain adjustments to the holders of redeemable units. The distribution is included under

finance costs in the Statement of Comprehensive Income.

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Net operating profit 1,895,755 2,148,158

Adjustments:

Net gains on investments and derivatives (1,352,521) (1,566,002)

Net foreign currency exchange losses/(gains) 15,362 (18,449)


Taxation (125,108) (214,753)


Amount available for distribution 448,610 443,556

Distribution of

US$0.1178 per unit on 3,043,630.112 units ex on 31 December 2010

and pay on 13 January 2011 (358,539)

(2010 : US$0.0402 per unit on 6,235,027.486 units ex on 31 December 2009

and pay on 12 January 2010)

(250,648)

US$0.0202 per unit on 3,300,830.102 units ex on 31 March 2011

and pay on 11 April 2011 (66,677)

(2010 : US$0.0403 per unit on 4,376,246.047 units ex on 31 March 2010

and pay on 13 April 2010)

(176,363)

Total distribution to holders of redeemable units (425,216) (427,011)

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.





transactions.




JF ASIAN TOTAL RETURN BOND FUNDJF ASIAN TOTAL RETURN BOND FUNDJF ASIAN TOTAL RETURN BOND FUNDJF ASIAN TOTAL RETURN BOND FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 210 -




FairFairFairFair


US$US$US$US$

%%%% ofofofof

netnetnetnet



(I) Convertibles(I) Convertibles(I) Convertibles(I) Convertibles (21.9%)


China High Speed CB

0% 14/05/11 CNY13,500,000 2,234,360 1.1

Country Garden CB

2.5% 22/02/13 CNY12,000,000 2,069,673 1.0

Glory River EB(Ch

Agri) 1% 29/07/15 HKD14,000,000 1,978,543 1.0

Gome Elec App CB 3%

25/09/14 CNY11,000,000 2,008,814 1.0

Intime Dept Store CB

1.75% 27/10/13 HKD20,000,000 2,816,448 1.4

Kaisa Group No1638

CB 8% 20/12/15 CNY10,000,000 1,680,410 0.9

Shui On Land CB 4.5%

29/09/15 CNY10,000,000 1,599,076 0.8


Joyous King EB(Shun T)

3.3% 22/10/14 HKD17,000,000 2,241,714 1.1

PB Issuer CB (Pac

Basin)1.75% 12/04/16 USD2,000,000 1,984,028 1.0


LG Uplus CB Step Cpn

5% 29/09/12 USD2,000,000 2,040,833 1.0


Berjaya Land EB (BST)

8% 15/08/11 MYR8,000,000 2,739,464 1.4

YTL Corp Fin EB (YTL)

0% 15/05/12 USD1,500,000 1,638,255 0.8


CapitaLand Ltd CB

2.875% 03/09/16 SGD3,000,000 2,398,535 1.2

CapitaMall Trust CB

2.125% 19/04/14 SGD2,750,000 2,213,308 1.1

Keppel Land CB

1.875% 29/11/15 SGD2,600,000 2,028,265 1.0

Suntec REIT CB 3.25%

20/03/13 SGD2,000,000 1,730,001 0.9

Wilmar Intl CB 0% 18/12/12 USD1,500,000 1,928,070 1.0

Yanlord Land CB

5.85% 13/07/14 SGD2,250,000 1,865,934 0.9


Hon Hai Prec CB 0% 12/10/13 USD2,800,000 2,891,000 1.5

Tatung Co CB 0% 25/03/14 USD1,000,000 1,066,592 0.5


Thoresen Thai Agen

CB 2.5% 24/09/12 USD2,200,000 2,470,722 1.3

43,624,045 21.9

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

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet




Leighton Finance

7.875% 16/05/11 USD2,330,000 2,443,493 1.2

Macquarie Bank

6.625% 07/04/21-

RegS USD1,950,000 1,946,198 1.0

BermudaBermudaBermudaBermuda (1.8%)

China Oriental 7%

17/11/17-RegS USD3,500,000 3,563,175 1.8

Cayman IslandsCayman IslandsCayman IslandsCayman Islands (10.6%)

Central China 12.25%

20/10/15-RegS USD2,000,000 2,150,250 1.1

China Forestry 7.75%

17/11/15-RegS USD2,300,000 1,619,344 0.8

China Overseas Fin 5.5%

10/11/20-RegS USD1,550,000 1,541,621 0.8

Country Garden 11.125%

23/02/18-RegS USD1,200,000 1,232,343 0.6

Country Garden 11.25%

22/04/17-RegS USD600,000 651,540 0.3

Hidili Ind Intl 8.625%

04/11/15-RegS USD2,000,000 2,076,717 1.0

KWG Property 12.75%

30/03/16-RegS USD4,000,000 4,072,833 2.0

Longfor Prop 9.5%

07/04/16-RegS USD3,200,000 3,200,000 1.6

PHBS Ltd 6.625%

Perpetual USD1,000,000 923,852 0.5

Shui On Dev 6.875%

23/12/13 CNY6,800,000 1,102,170 0.6

Texhong Textile

7.625% 19/01/16-

RegS USD2,450,000 2,519,486 1.3


China Dev Bank 2.7%

11/11/13 CNY2,800,000 443,327 0.2

ENN Energy Hldgs

7.375% 05/08/12 USD1,700,000 1,797,371 0.9

Export-Imp Bk CN

1.95% 02/12/12 CNY6,000,000 935,675 0.5

Parkson Retail 7.875%

14/11/11 USD2,300,000 2,438,431 1.2

CyprusCyprusCyprusCyprus (0.5%)

Alfa MTN Issuance 8%

18/03/15 USD1,000,000 1,081,111 0.5


Bank of East Asia

6.125% 16/07/20 USD2,100,000 2,194,354 1.1



- 211 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Hong KongHong KongHong KongHong Kong (Continued)

Chinatrust C Bk

VRN5.625% Perp-

RegS USD1,500,000 1,492,266 0.7

Chong Hing Bank 6%

04/11/20 USD2,600,000 2,658,933 1.3

CITIC Bank Intl 6.875%

24/06/20 USD100,000 105,052 0.1

Fita Intl 7% 10/02/20 USD2,800,000 2,913,711 1.5

ICBC Asia 2.25%

24/09/12 CNY10,000,000 1,542,480 0.8


Axis Bank Dubai 4.75%

02/05/16-RegS USD650,000 658,705 0.3

Rural Electrification 4.25%

25/01/16 USD2,000,000 1,987,419 1.0


Berau Capital 12.5%

08/07/15-RegS USD900,000 1,077,180 0.5

Fajar Paper Fin 10.75%

31/10/11-RegS USD1,500,000 1,625,809 0.8

Indonesia Govt NoFR34

12.8% 15/06/21 IDR50,600,000,000 7,917,246 4.0


9% 15/09/13 IDR20,000,000,000 2,410,330 1.2


10.5% 15/08/30 IDR18,000,000,000 2,313,272 1.2

Republic Of Indon

5.875% 13/03/20-

RegS USD3,700,000 3,949,753 2.0


Export-Import Bk Kor

5.1%29/10/13-RegS INR120,000,000 2,606,202 1.3


6.6%04/11/13-RegS IDR30,000,000,000 3,420,957 1.7

Korea Housing 4.125%

15/12/15-RegS USD400,000 410,904 0.2

Korea Land & Housing

3.5% 27/08/20 KRW5,000,000,000 4,717,088 2.4

Korea Natl Oil 3.15%

16/02/16 SGD2,000,000 1,577,368 0.8

Korea Try No1409

4.25% 10/09/14 KRW5,000,000,000 4,585,870 2.3

Korea Try No1503

4.5% 10/03/15 KRW1,550,120,000 1,436,129 0.7

Korea Try No2006 ILB

2.75% 10/06/20 KRW3,000,000,000 3,183,886 1.6

SC First Bk KR

VRN7.267%

03/03/34-RegS USD1,000,000 1,063,354 0.5

Shinhan Bank VRN

6.819% 20/09/36 USD1,500,000 1,560,710 0.8

Woori Bank 7%

02/02/15-RegS USD300,000 337,670 0.2

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


Woori Bank VRN 6.208%

02/05/37-RegS USD1,500,000 1,508,950 0.8


AMBB Capital VRN 6.77%

Perpetual USD1,800,000 1,834,984 0.9

Bank Pembangunan 5%

25/04/11 MYR2,000,000 675,258 0.3

Malaysian Govt No0902

4.378% 29/11/19 MYR1,140,000 390,786 0.2

Malaysian Govt No2/04

5.094% 30/04/14 MYR7,000,000 2,472,467 1.3


Indo Integrated 9.75%

05/11/16-RegS USD2,000,000 2,344,625 1.2

Majapahit Hldg 7.75%

20/01/20-RegS USD1,700,000 1,937,490 0.9

PakistanPakistanPakistanPakistan (2.5%)

Islamic Rep Pakistan 7.125%

31/03/16-RegS USD5,850,000 5,076,021 2.5

PeruPeruPeruPeru (1.2%)

CFG Investment 9.25%

19/12/13-RegS USD2,200,000 2,366,904 1.2


Dev Bank Of Philip

VRN8.375% Perp USD600,000 655,653 0.3

Intl Container 7.375%

17/03/20 USD2,200,000 2,331,940 1.2

Philippines Rep Of

4.95% 15/01/21 PHP185,000,000 4,222,977 2.1

Travel Intl Hotel 6.9%

03/11/17 USD2,000,000 2,077,117 1.1


OCBC VRN 4.25%

18/11/19 USD2,000,000 2,095,039 1.1

United Overseas Bk VRN

3.45% 01/04/21 SGD2,250,000 1,799,286 0.9

Yanlord Land 10.625%

29/03/18-RegS USD2,000,000 2,008,371 1.0

SupranationalSupranationalSupranationalSupranational (0.5%)

Asian Dev Bank 4.265%

25/04/11 MYR3,000,000 1,009,615 0.5


CIMB Thai Bank FRN

17/07/16 USD2,000,000 2,011,805 1.0

Thailand Govt 5.85%

31/03/21 THB49,000,000 1,905,976 1.0

True Move 10.375%

01/08/14-RegS USD1,000,000 1,097,292 0.6



- 212 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ThailandThailandThailandThailand (Continued)

True Move 10.75%

16/12/13-RegS USD800,000 889,322 0.4


Standard Chart Bk

5.875% 24/06/20 USD2,000,000 2,105,986 1.1


Westpac Cap VRN

5.819% Perp-RegS USD2,000,000 2,010,000 1.0

Virgin IslandsVirgin IslandsVirgin IslandsVirgin Islands (3.0%)

Road King Infra2004

6.25% 15/07/11 USD2,000,000 2,045,736 1.0

Road King Infra2011

6% 25/02/14 CNY13,500,000 2,089,894 1.1

Star Energy Geo 11.5%

12/02/15-RegS USD1,500,000 1,746,108 0.9

144,195,187 72.5

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



ABF Pan Asia Bond

Index Fd 21,990 2,664,089 1.3

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

(IV) Derivatives(IV) Derivatives(IV) Derivatives(IV) Derivatives (-0.8%)

Credit default swapsCredit default swapsCredit default swapsCredit default swaps (-0.0%)

ITRAXX Asia ex-JP CDS

1% 20/12/15(BNP) (USD5,000,000) 1,194 0.0

Korea Rep Of CDS 1%

20/12/15 (BNP) (USD5,000,000) (19,532) (0.0)


contracts contracts contracts contracts (-0.8%) (1,533,639) (0.8)


US 10Yr Note (CBT)

Fut 06/11 (50) 1,563 0.0

(1,550,414) (0.8)

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




redeemable units at 31 Marchredeemable units at 31 Marchredeemable units at 31 Marchredeemable units at 31 March 2011201120112011 199,093,614 100.0






31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010


ConvertiblesConvertiblesConvertiblesConvertibles

China 7.2 9.9

Singapore 6.1 2.8

Malaysia 2.2 2.5

Hong Kong 2.1 3.3

Taiwan 2.0 0.9

Thailand 1.3 1.2

Korea 1.0 4.3

Australia - 3.8

India - 1.9

Japan - 1.2


Korea 13.3 15.7

Cayman Islands 10.6 1.7

Indonesia 9.7 6.7

Hong Kong 5.5 7.4

Philippines 4.7 5.6

Thailand 3.0 3.4

Singapore 3.0 -

Virgin Islands 3.0 2.5

China 2.8 2.9

Malaysia 2.7 4.3

Pakistan 2.5 -

Australia 2.2 1.2

Netherlands 2.1 5.6

Bermuda 1.8 -

India 1.3 0.8

Peru 1.2 -



Cyprus 0.5 0.5

Supranational 0.5 0.5

Sri Lanka - 1.5

Canada - 1.4

Turkey - 0.6

Luxembourg - 0.5


Hong Kong 1.3 1.3


Futures 0.0 -

Credit default swaps (0.0) (0.0)









- 213 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 10,229,618 13,669,795



Margin deposits 368,565 -



Interest and other accounts



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



Amounts payable on redemption 2,201,171 396,417


Derivatives [Note 3] 1,553,171 1,829,153




redeemable units)redeemable units)redeemable units)redeemable units) 23,570,990 21,709,014

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




[Note 3] 198,788,848 200,672,032


the Fund [Note 3] 304,766 231,695




[Note 3] 199,093,614 200,903,727



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010







gains 20,014 12,964


Net expense on credit default

swaps (50,556) (5,056)

Other income 13,803 72,988

3,836,754 9,662,221

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


Management fee 1,016,379 590,361










1,186,964 695,028

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



Distribution [Note 5] (4,180,718) (1,928,266)

(Loss)/profit before (Loss)/profit before (Loss)/profit before (Loss)/profit before taxationtaxationtaxationtaxation (1,530,928) 7,038,927

Taxation (202,143) (140,634)

(1,733,071) 6,898,293




Fund 73,071 12,973









- 214 -




1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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



Net (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotmentNet (redemption)/allotment (150,113) 34,542,617

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

200,753,614 138,081,211










1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (222,072,195) (118,438,900)






Expense paid on credit default

swaps (50,556) (5,056)



Tax paid (356,554) (101,434)


deposits (368,565) 1,060,753

Management fee paid (1,009,797) (547,722)

Others 486 23,822



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






Distribution paid (4,337,420) (2,422,279)



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






and cash equivalents 49,611 (15)




Cash at banks 10,229,618 7,866,067



- 215 -



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


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.



(a)(a)(a)(a) Basis of preparation of interim financiBasis of preparation of interim financiBasis of preparation of interim financiBasis of preparation of interim financial statementsal statementsal statementsal statements



(b)(b)(b)(b) InvesInvesInvesInvestments and derivatives tments and derivatives tments and derivatives tments and derivatives

Classification












ownership.








on an exchange.





Income.

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.





- 216 -






separately.






transactions.










Fund's Trust Deed dated 30 November 2004, as amended, which may be different from the accounting policies stated in the financial

statements.





3333 Net assets attributable to holders of redeemable units and number of units in issue Net assets attributable to holders of redeemable units and number of units in issue Net assets attributable to holders of redeemable units and number of units in issue Net assets attributable to holders of redeemable units and number of units in issue






calculated in accordance with the provisions of the Fund's Trust Deed dated 30 November 2004, as amended ("Trust Deed NAV").

31.3.2011 30.9.2010

US$ US$




derivatives as at the end of the period (Note a) 304,766 231,695




- 217 -

Note:





Position date.


31.3.2011 30.9.2010

Units Units


US$ US$





1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



3,811,681 9,538,234





1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Net operating profit 2,649,790 8,967,193

Adjustments:

Net gains on investments and derivatives (3,811,681) (9,538,234)

Net foreign currency exchange gains (20,014) (12,964)

Interest income included in net gains on investments and derivatives (at coupon rate) 4,950,106 2,587,959

Taxation (202,143) (140,634)


Capital gains tax (40,753) 66,000

Amount available for distribution 3,535,385 1,937,523



- 218 -

Distribution of

US$0.0400 per unit on 18,409,612.110 units ex on 29 October 2010 and pay

on 12 November 2010 (736,384)

US$0.0400 per unit on 18,509,881.172 units ex on 30 November 2010 and pay

on 13 December 2010 (740,395)

US$0.0400 per unit on 17,586,111.489 units ex on 31 December 2010 and pay

on 13 January 2011 (703,444)

(2010: US$ 0.0832 per unit on 11,015,639.067 units ex on 31 December 2009 and pay

on 12 January 2010)

(916,501)

US$0.0400 per unit on 17,452,841.437 units ex on 31 January 2011 and pay

on 10 February 2011 (698,114)

US$0.0400 per unit on 17,221,688.870 units ex on 28 February 2011 and pay

on 8 March 2011 (688,868)

(2010: US$ 0.0499 per unit on 11,580,771.103 units ex on 26 February 2010 and pay

on 11 March 2010)

(577,881)

US$0.0350 per unit on 17,528,934.988 units ex on 31 March 2011 and pay

on 11 April 2011 (613,513)

(2010: US$ 0.0332 per unit on 13,068,806.262 units ex on 31 March 2010 and pay

on 13 April 2010)

(433,884)

Total distribution to holders of redeemable units (4,180,718) (1,928,266)







transactions.




JF MONEY FUNDJF MONEY FUNDJF MONEY FUNDJF MONEY FUND SemiSemiSemiSemi----annualannualannualannual report for thereport for thereport for thereport for the


- 219 -




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 (70.7%)


ANZ Banking Grp FRN

09/06/11 HKD25,000,000 24,984,709 2.2

ANZ Banking Grp FRN

21/05/12 HKD15,000,000 15,072,689 1.4

Commonwealth Bk Aust

FRN 15/05/12 HKD25,000,000 25,135,444 2.2

National Aust Bk FRN

23/11/11 HKD35,000,000 34,932,232 3.1

Westpac Banking Sydney

FRN 28/06/11 HKD45,000,000 44,951,784 4.0


Canadian Imperial Bank

FRN 25/05/12 HKD10,000,000 10,001,476 0.9

Cayman IslandsCayman IslandsCayman IslandsCayman Islands (7.5%)

CK Bond Finance 3.18%

03/05/11 HKD35,000,000 35,189,110 3.2

Sun Hung Kai Prop 3.01%

17/11/11 HKD20,000,000 20,457,858 1.8

Swire Pacific MTN 4.08%

28/07/11 HKD18,000,000 18,290,379 1.6

Swire Pacific MTN FRN

10/06/13 HKD10,000,000 10,089,619 0.9


Agricultural Bk China HK

FRN 02/12 HKD30,000,000 30,002,507 2.7

Bank of China HK 0.53%

03/05/11 HKD10,000,000 9,998,167 0.9

Bank of China HK FRN

27/06/11 HKD30,000,000 29,997,164 2.7

China Dev Bank 1.25%

23/12/11 HKD10,000,000 10,023,882 0.9

China Dev Bank HK FRN

26/11/12 HKD30,000,000 29,947,930 2.6

China Merchants Bk HK

FRN 14/07/11 HKD10,000,000 10,020,659 0.9


BNP Paribas 0.75%

10/08/11 HKD10,000,000 10,041,682 0.9

BNP Paribas 2.275%

06/05/11 HKD4,000,000 4,083,434 0.4

Credit Agricole Corp

2.48% 11/6/11 HKD10,000,000 10,214,159 0.9


Bank of East Asia FRN

21/07/11 HKD25,000,000 25,021,267 2.2

CITIC Bank Intl FRN

15/06/11 HKD25,000,000 25,012,048 2.2

(Continued)


HK$HK$HK$HK$


fairfairfairfair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet


Dah Sing Bank 0.95%

17/02/12 HKD10,000,000 10,003,292 0.9

Dah Sing Bank 1%

18/10/11 HKD10,000,000 10,043,605 0.9

Fubon Bank (HK) FRN

13/10/11 HKD20,000,000 20,015,246 1.8

Fubon Bank (HK) FRN

25/11/11 HKD10,000,000 9,996,997 0.9

HK Mortgage 3.123%

02/05/11 HKD10,000,000 10,061,326 0.9

HK Mortgage 3.8%

06/04/11 HKD18,000,000 18,659,256 1.6

HK Mortgage 3.8%

06/04/11-Quarter HKD8,500,000 8,568,844 0.8

ICBC Asia FRN 30/01/12 HKD25,000,000 24,995,404 2.2

Standard Chart Bk HK FRN

27/02/12 HKD35,000,000 35,000,276 3.1

Wing Hang Bank FRN

11/04/11 HKD15,000,000 15,016,275 1.3

Wing Hang Bank FRN

28/09/11 HKD20,000,000 19,991,227 1.8



0.95% 27/1/12 HKD10,000,000 9,998,097 0.9


1.145% 20/9/11 HKD15,000,000 15,087,516 1.3


4.6% 27/06/11 HKD5,000,000 5,037,671 0.5

Export-Import Bk Kor FRN

22/09/11 HKD10,000,000 10,022,274 0.9


Malayan Banking HK FRN

06/12/11 HKD20,000,000 20,003,437 1.7

Malayan Banking HK FRN

17/11/11 HKD20,000,000 20,013,837 1.8

NorwayNorwayNorwayNorway (1.2%)

DNB Nor Bank 5.15%

02/05/11 HKD13,000,000 13,631,330 1.2


OCBC/HK FRN 04/11/11 HKD15,000,000 15,005,091 1.3

OCBC/HK FRN 27/05/11 HKD20,000,000 20,006,410 1.8


Abbey Natl Tsy 5.17%

17/05/11 HKD10,000,000 10,489,044 0.9

Barclays Bank FRN

27/08/13 HKD10,000,000 9,998,342 0.9



- 220 -




HK$HK$HK$HK$


fairfairfairfair


HK$HK$HK$HK$

% of% of% of% of

netnetnetnet



Citigroup Inc FRN

07/06/11 HKD15,000,000 14,969,393 1.4

General Elec Cap FRN

30/08/11 HKD15,000,000 14,934,361 1.3

795,016,750 70.7

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

(II) Money Market(II) Money Market(II) Money Market(II) Money Market (6.2%)


HK Exchange Fd Bill

11/05/11-Q1106 HKD30,000,000 29,995,728 2.7


Korea Dev Bk ECP 0%

19/04/11-HKD HKD40,000,000 39,992,001 3.5

69,987,729 6.2

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








HK$HK$HK$HK$




31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Hong Kong 20.6 23.6

Australia 12.9 15.6

China 10.7 7.5

Cayman Islands 7.5 0.8

Korea 3.6 5.0

Malaysia 3.5 -

Singapore 3.1 1.7


France 2.2 2.5


Norway 1.2 -

Canada 0.9 0.8

Italy - 3.0

Germany - 1.7

Money MarketMoney MarketMoney MarketMoney Market

Korea 3.5 2.5

Hong Kong 2.7 8.7

Australia - 6.7









- 221 -



HK$HK$HK$HK$


31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010

HK$HK$HK$HK$ HK$HK$HK$HK$


Cash at banks 627,198 790,368



Investments 865,004,479 1,075,307,670

Interest and other accounts

receivable 944,442 1,274,518


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




Total liabilitiesTotal liabilitiesTotal liabilitiesTotal liabilities 921,979 2,599,226

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






HK$HK$HK$HK$


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



Net gains on investments [Note 4] 2,649,887 2,802,587



losses (440) (14)

2,659,636 2,812,349

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


Management fee 1,430,080 1,547,822


Trustee's fee 102,966 123,325







2,154,069 2,355,264

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








- 222 -




HK$HK$HK$HK$


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

1,124,565,467 1,336,884,199










HK$HK$HK$HK$


1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



Purchase of investments (721,277,255) (1,647,764,798)


investments 934,576,978 1,713,240,590






Others (239,494) (229,649)



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








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






equivalents 3 28




Cash at banks 627,198 65,093,935


259,327,198 256,093,935

JF MONEY FUNDJF MONEY FUNDJF MONEY FUNDJF MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 223 -



JF 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 investment objective of the Fund is to provide an efficient vehicle for holding liquid assets currently denominated in the currency of Hong

Kong.






(b)(b)(b)(b) InvestmentsInvestmentsInvestmentsInvestments

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.








The Fund has adopted Hong Kong dollar as its functional and presentation currency.



transactions.






investments".

JF MONEY FUNDJF MONEY FUNDJF MONEY FUNDJF MONEY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 224 -





statements.


31.3.2011 30.9.2010

Units Units


HK$ HK$



4444 Net gains on investmentsNet gains on investmentsNet gains on investmentsNet gains on investments

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

HK$ HK$

Change in unrealized gains/losses in value of investments 462,343 2,945,319

Realized gains/(losses) on sale of investments 2,187,544 (142,732)

2,649,887 2,802,587






JPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUND SemiSemiSemiSemi----annual report for theannual report for theannual report for theannual report for the


- 225 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



(I) Debt Securities(I) Debt Securities(I) Debt Securities(I) Debt Securities (93.0%)


Australian Govt No120

6% 15/02/17 AUD200,000 215,033 0.7

BelgiumBelgiumBelgiumBelgium (2.3%)

Belgium Kingdom Of

No63 3.5%28/6/17 EUR500,000 695,915 2.3


Canada Govt Of 3.5%

01/06/20 CAD100,000 105,485 0.4

Canada Govt Of 4.5%

01/06/15 CAD200,000 224,830 0.7

Canada Govt Of 5.75%

01/06/29 CAD130,000 171,885 0.6


Export-Imp Bk CN

4.875% 21/07/15-

RegS USD60,000 64,663 0.2

DenmarkDenmarkDenmarkDenmark (1.5%)

Denmark Kingdom Of

4% 15/11/19 DKK835,000 168,223 0.5

Spar Nord Bank 2.5%

10/07/12 EUR200,000 290,674 1.0


France OAT 3.5%

25/04/20 EUR580,000 841,761 2.8

France OAT 4%

25/04/60 EUR85,000 120,282 0.4

France OAT 4.75%

25/04/35 EUR150,000 240,362 0.8

SFEF 3.375%

05/05/14-RegS USD600,000 637,729 2.1

GermanyGermanyGermanyGermany (10.6%)

Bundesrep Deut 2.5%

04/01/21 EUR130,000 173,106 0.6

Bundesrep Deut 3%

04/07/20 EUR1,400,000 1,991,341 6.6

Bundesrep Deut

4.75% 04/07/34 EUR630,000 1,040,983 3.4

GreeceGreeceGreeceGreece (0.3%)

Hellenic Republic Of

4.3% 20/3/12 EUR60,000 82,584 0.3


Hut Wham Int09/16

4.625% 11/09/15-

RegS USD350,000 371,629 1.2

HungaryHungaryHungaryHungary (0.5%)

Republic of Hungary

4.5% 29/01/14 EUR100,000 140,852 0.5

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


ItalyItalyItalyItaly (9.2%)

Italy Rep Of (BTP)

3.7% 14/11/16 JPY80,000,000 1,065,331 3.5

Italy Rep Of (BTP)

3.75% 15/12/13 EUR150,000 218,426 0.7

Italy Rep Of (BTP) 4%

01/02/37 EUR190,000 218,135 0.7

Italy Rep Of (BTP)

4.5% 08/06/15 JPY75,000,000 1,033,648 3.4


01/03/25 EUR140,000 196,650 0.7


01/09/40 EUR30,000 39,151 0.2


JGB No105 (20Yr) 2.1%

20/09/28 JPY56,500,000 697,313 2.3

JGB No20 (30Yr) 2.5%

20/09/35 JPY15,000,000 193,422 0.6

JGB No250 (10Yr)

0.5% 20/06/13 JPY49,100,000 597,042 2.0

JGB No305 (10Yr) 1.3%

20/12/19 JPY85,000,000 1,048,894 3.5

JGB No309 (10Yr) 1.1%

20/06/20 JPY120,000,000 1,446,245 4.8

JGB No31 (30Yr) 2.2%

20/09/39 JPY26,100,000 316,841 1.0

JGB No311 (10Yr) 0.8%

20/09/20 JPY15,800,000 184,186 0.6

JGB No73 (20Yr) 2%

20/12/24 JPY68,000,000 862,872 2.9

JGB No78 (20Yr) 1.9%

20/06/25 JPY35,000,000 435,942 1.4


Korea Natl Oil 5.375%

30/07/14-RegS USD500,000 540,978 1.8

Shinsegae Co 6.125%

27/06/11 USD200,000 201,232 0.7


Petronas Cap 5.25%

12/08/19-RegS USD600,000 642,835 2.1

MexicoMexicoMexicoMexico (1.0%)

Mexican Bds Desarr

Fix 8% 19/12/13 MXN35,000 313,841 1.0


ABN Amro Bank 3%

17/04/12 EUR500,000 739,340 2.5

Majapahit Hldg 7.75%

20/01/20-RegS USD300,000 341,910 1.1

PeruPeruPeruPeru (1.1%)

CFG Investment 9.25%

19/12/13-RegS USD300,000 322,760 1.1



- 226 -




FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet



Dev Bank Of Philip

VRN8.375% Perp USD400,000 437,102 1.4

RussiaRussiaRussiaRussia (1.0%)

Russia Step-up 7.5%

31/03/30-RegS USD290,000 292,918 1.0

SpainSpainSpainSpain (3.6%)

Spain Kingdom Of

4.2% 30/07/13 EUR470,000 698,653 2.3

Spain Kingdom Of

4.7% 30/07/41 EUR70,000 84,620 0.3

Spain Kingdom Of

5.5% 30/04/21 EUR107,000 156,490 0.5

Spain Kingdom Of

5.9% 30/07/26 EUR110,000 157,958 0.5

SwedenSwedenSwedenSweden (1.0%)

Sweden Kingdom Of

No1041 6.75%

05/05/14 SEK1,660,000 309,484 1.0


UK Treasury 2.25%

07/03/14 GBP350,000 568,118 1.9

UK Treasury 3.75%

07/09/19 GBP220,000 358,202 1.2

UK Treasury 4.25%

07/03/36 GBP100,000 157,344 0.5

UK Treasury 4.25%

07/12/40 GBP285,000 453,929 1.5

UK Treasury 4.5%

07/03/13 GBP50,000 85,113 0.3

UK Treasury 4.75%

07/03/20 GBP260,000 453,912 1.5

UK Treasury IL No8MO

2.5% 16/08/13 GBP230,000 1,045,012 3.4


Cargill Inc 4.375%

01/06/13-RegS USD300,000 322,337 1.1

US Treasury 1.875%

30/06/15 USD1,350,000 1,352,988 4.5

US Treasury 2.5%

30/06/17 USD200,000 198,726 0.6

US Treasury 3.375%

15/11/19 USD120,000 122,676 0.4

US Treasury 3.5%

15/05/20 USD476,000 488,106 1.6

US Treasury 4.625%

15/02/40 USD650,000 666,534 2.2

US Treasury 5.25%

15/11/28 USD420,000 481,042 1.6

28,125,595 93.0

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

(Continued)


FairFairFairFair


US$US$US$US$

% of% of% of% of

netnetnetnet


(II) Money Market(II) Money Market(II) Money Market(II) Money Market (0.5%)


US Treasury Bill 0%

21/07/11* USD140,000 139,955 0.5

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


InternationalInternationalInternationalInternational (5.8%)

JPMF-Emer Mk L Ccy

Debt'X'(acc)-USD** 35,568 699,267 2.3

JPMIF-Gl H Yld

'X'(acc)-EUR

hedged** 5,250 864,232 2.8

JPMLIQ-USD Liquidity

'X' (dist)**# 200,000 200,000 0.7

1,763,499 5.8

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

(IV) Derivatives(IV) Derivatives(IV) Derivatives(IV) Derivatives (0.0%)




Euro-BOBL (EUX) Fut

06/11 (6) 596 0.0

Euro-Bund (EUX) Fut

06/11 2 (3,505) (0.0)

Euro-Schatz (EUX) Fut

06/11 (30) 13,283 0.1

Long Gilt (LIF) Fut

06/11 3 6,508 0.0

US 10Yr Note (CBT)

Fut 06/11 (9) 1,039 0.0

US 2Yr Note (CBT) Fut

06/11 (18) (6,125) (0.1)

US 5Yr Note (CBT) Fut

06/11 (11) (3,180) (0.0)

5,338 0.0

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






* Security pledged as collateral with broker for derivative contracts

**Issued and managed by a Connected Person of the Manager

# Not authorized in Hong Kong and not available to Hong Kong

Residents



- 227 -





31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Japan 19.1 19.5


Germany 10.6 10.0


Italy 9.2 12.8

France 6.1 5.8

Spain 3.6 -

Netherlands 3.6 4.2

Korea 2.5 6.6

Belgium 2.3 1.2

Malaysia 2.1 1.6

Canada 1.7 2.1

Denmark 1.5 1.6

Philippines 1.4 1.1

Hong Kong 1.2 0.9

Peru 1.1 -

Mexico 1.0 0.9

Sweden 1.0 1.0

Russia 1.0 0.9

Australia 0.7 0.5

Hungary 0.5 -

Greece 0.3 -

China 0.2 0.9

Austria - 1.4

Money MarketMoney MarketMoney MarketMoney Market

United States 0.5 -


International 5.8 3.3


Futures 0.0 0.0

Forward foreign exchange contracts (0.0) 0.2








- 228 -



31.3.201131.3.201131.3.201131.3.2011 30.9.201030.9.201030.9.201030.9.2010



Cash at banks 833,995 2,595,651

Amounts due from brokers - 427,610





Other accounts receivable - 98


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









redeemable units)redeemable units)redeemable units)redeemable units) 789,336 2,215,917

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




[Note 3] 30,219,230 41,243,067


the Fund [Note 3] 39,581 48,620




[Note 3] 30,258,811 41,291,687



1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010



Net losses on investments and

derivatives [Note 4] (365,452) (696,801)


gains 1,389 72,008


Other income 3 -

(363,870) (624,622)

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








Transaction costs 2,080 394

Legal and professional expenses - 4,756

Other operating expenses 12 2,454

236,383 343,934

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

Net operating lossNet operating lossNet operating lossNet operating loss (600,253) (968,556)


Distribution [Note 5] (301,303) (554,299)

Loss before taxationLoss before taxationLoss before taxationLoss before taxation (901,556) (1,522,855)

Taxation (4,085) (6,830)

(905,641) (1,529,685)




Fund (9,039) (87,919)




comprehensive losscomprehensive losscomprehensive losscomprehensive loss (914,680) (1,617,604)




- 229 -



For For For For the period ended 31 March 2011the period ended 31 March 2011the period ended 31 March 2011the period ended 31 March 2011 (Unaudited)(Unaudited)(Unaudited)(Unaudited)

1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010





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




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

31,173,491 50,780,706

Decrease in net Decrease in net Decrease in net Decrease in net assets assets assets assets



comprehensive losscomprehensive losscomprehensive losscomprehensive loss (914,680) (1,617,604)






1.10.20101.10.20101.10.20101.10.2010

totototo

31.3.201131.3.201131.3.201131.3.2011

1.10.20091.10.20091.10.20091.10.2009

totototo

31.3.201031.3.201031.3.201031.3.2010




derivatives (11,504,528) (34,821,037)



Decrease in margin deposits 1,267 -


Transaction costs paid (2,370) (579)


Tax paid (6,459) (7,319)



Others (16,763) 46,924



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






Distribution paid (352,494) (686,883)



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










Cash at banks 833,995 1,391,944

JPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUNDJPM GLOBAL BOND AND CURRENCY FUND SemiSemiSemiSemi----annual annual annual annual report for thereport for thereport for thereport for the


- 230 -



JPM Global Bond and Currency Fund (the "Fund") was established under a Trust Deed dated 30 April 1979, as amended, and is governed by


The investment objective of the Fund is 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.



(a)(a)(a)(a) Basis of preparatiBasis of preparatiBasis of preparatiBasis of preparation of interim financial statementson of interim financial statementson of interim financial statementson of interim financial statements




Classification












ownership.








on an exchange.





Income.





- 231 -






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 Net assets attributable to holders of redeemable units andNet assets attributable to holders of redeemable units andNet assets attributable to holders of redeemable units andNet assets attributable to holders of redeemable units and number of units in issue number of units in issue number of units in issue number of units in issue






calculated in accordance with the provisions of the Fund's Trust Deed dated 30 April 1979, as amended ("Trust Deed NAV").

31.3.2011 30.9.2010

US$ US$




derivatives as at the end of the period [Note 3(a)] 39,581 48,620




- 232 -

Note:





Position date.


31.3.2011 30.9.2010

Units Units


US$ US$




4444 Net losses on investments and derivatives Net losses on investments and derivatives Net losses on investments and derivatives Net losses on investments and derivatives

1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$



(365,452) (696,801)



- 233 -





1.10.2010

to

31.3.2011

1.10.2009

to

31.3.2010

US$ US$

Net operating loss (600,253) (968,556)

Adjustments:

Net losses on investments and derivatives 365,452 696,801

Net foreign currency exchange gains (1,389) (72,008)

Interest income included in net losses on investments and derivatives (at coupon rate) 551,241 908,817

Transaction costs 2,080 394

Taxation (4,085) (6,767)

Capital gains tax - (63)

Amount available for distribution 313,046 558,618

Interim distribution of

US$0.2361 per unit on 1,276,168.614 units ex on 31 March 2011 and pay

on 11 April 2011

(2010: US$0.2528 per unit on 2,192,637.816 units ex on 31 March 2010 and pay

on 13 April 2010)

(301,303) (554,299)







transactions.




www.jpmorganam.com.hk

JF Asia Absolute Return Fund(148x210)Co.ai 2 14/05/2011 4:27 PMJF Asia Absolute Return Fund(148x210)Co.ai 2 14/05/2011 4:27 PM

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