Relatório De Contas Semestral Nao Auditado Porgan...

JPMorgan FundsSocit dInvestissement Capital Variable, Luxembourg

Relatrio De Contas Semestral Nao Auditado

31 de Dezembro de 2014

PT

JPMorgan Funds

Relatrio de contas semestral no auditado

Em 31 de dezembro de 2014

ndice (continuao)

Conselho de Administrao 1Gesto e Administrao 2Demonstraes Financeiras No Auditadas e Informaes Estatsticas

Demonstrao Combinada de Ativos Lquidos 4

Demonstrao Combinada de Operaes e Alteraes nos Ativos Lquidos 28

Demonstrao de Alteraes no Nmero de Aes 51

Informaes Estatsticas 74

Notas s Demonstraes Financeiras No Auditadas 99

Lista de InvestimentosJPMorgan Funds - Africa Equity Fund 121

JPMorgan Funds - Aggregate Bond Fund 122

JPMorgan Funds - America Equity Fund 130

JPMorgan Funds - ASEAN Equity Fund 132

JPMorgan Funds - Asia Equity Fund 134

JPMorgan Funds - Asia Local Currency Debt Fund 137

JPMorgan Funds - Asia Pacific Income Fund 140

JPMorgan Funds - Asia Pacific Strategic Equity Fund 147

JPMorgan Funds - Brazil Equity Fund 149

JPMorgan Funds - China Fund 150

JPMorgan Funds - Corporate Bond Portfolio Fund I 152

JPMorgan Funds - Corporate Bond Portfolio Fund II 154

JPMorgan Funds - Diversified Risk Fund 157

JPMorgan Funds - Eastern Europe Equity Fund 163

JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 166

JPMorgan Funds - Emerging Markets Bond Fund 168

JPMorgan Funds - Emerging Markets Corporate Bond Fund 173

JPMorgan Funds - Emerging Markets Debt Fund 178

JPMorgan Funds - Emerging Markets Diversified Equity Fund 186

JPMorgan Funds - Emerging Markets Dividend Fund 188

JPMorgan Funds - Emerging Markets Equity Fund 191

JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 194

JPMorgan Funds - Emerging Markets Local Currency Debt Fund 199

JPMorgan Funds - Emerging Markets Opportunities Fund 204

JPMorgan Funds - Emerging Markets Small Cap Fund 207

JPMorgan Funds - Emerging Markets Strategic Bond Fund 209

JPMorgan Funds - Emerging Markets Ultra Diversified Equity Fund 217

JPMorgan Funds - Emerging Middle East Equity Fund 223

JPMorgan Funds - EU Government Bond Fund 224

JPMorgan Funds - Euro Aggregate Bond Fund 227

JPMorgan Funds - Euro Bond Portfolio Fund I 230

JPMorgan Funds - Euro Corporate Bond Fund 231

JPMorgan Funds - Euro Government Short Duration Bond Fund 235

JPMorgan Funds - Euro Inflation-Linked Bond Fund 237

JPMorgan Funds - Euro Money Market Fund 238

JPMorgan Funds - Euro Short Duration Bond Fund 240

JPMorgan Funds - Euroland Dynamic Fund 243

JPMorgan Funds - Euroland Equity Fund 245

JPMorgan Funds - Euroland Focus Fund 248

JPMorgan Funds - Euroland Select Equity Fund 249

JPMorgan Funds - Europe Aggregate Plus Bond Fund 252

JPMorgan Funds - Europe Dividend Alpha Fund 257

JPMorgan Funds - Europe Dynamic Fund 261

JPMorgan Funds - Europe Dynamic Small Cap Fund 264

JPMorgan Funds - Europe Equity Absolute Alpha Fund 266

JPMorgan Funds - Europe Equity Fund 270

JPMorgan Funds - Europe Equity Plus Fund 273

JPMorgan Funds - Europe Focus Fund 278

JPMorgan Funds - Europe High Yield Bond Fund 280

JPMorgan Funds - Europe Research Enhanced Index Equity Fund 283

JPMorgan Funds - Europe Select Equity Plus Fund 286

JPMorgan Funds - Europe Small Cap Fund 289

JPMorgan Funds - Europe Strategic Growth Fund 291

JPMorgan Funds - Europe Strategic Value Fund 295

JPMorgan Funds - Europe Technology Fund 299

JPMorgan Funds - Financials Bond Fund 302

JPMorgan Funds - France Equity Fund 306

JPMorgan Funds - Germany Equity Fund 307

JPMorgan Funds - Global Absolute Return Bond Fund 308

JPMorgan Funds - Global Aggregate Bond Fund 314

JPMorgan Funds - Global Allocation Fund 320

JPMorgan Funds - Global Bond Opportunities Fund 327

JPMorgan Funds - Global Consumer Trends Fund 339

JPMorgan Funds - Global Convertibles Fund (EUR) 342

JPMorgan Funds

Relatrio de contas semestral no auditado


ndice (continuao)

JPMorgan Funds - Global Corporate Bond Fund 346

JPMorgan Funds - Global Credit Bond Fund 353

JPMorgan Funds - Global Developing Trends Fund 359

JPMorgan Funds - Global Dynamic Fund 360

JPMorgan Funds - Global Focus Fund 364

JPMorgan Funds - Global Government Bond Fund 367

JPMorgan Funds - Global Government Short Duration Bond Fund 371

JPMorgan Funds - Global Healthcare Fund 375

JPMorgan Funds - Global Merger Arbitrage Fund 378

JPMorgan Funds - Global Multi Strategy Income Fund 382

JPMorgan Funds - Global Natural Resources Fund 384

JPMorgan Funds - Global Real Estate Securities Fund (USD) 386

JPMorgan Funds - Global Research Enhanced Index Equity Fund 389

JPMorgan Funds - Global Short Duration Bond Fund 395

JPMorgan Funds - Global Socially Responsible Fund 401

JPMorgan Funds - Global Strategic Bond Fund 403

JPMorgan Funds - Global Unconstrained Equity Fund 412

JPMorgan Funds - Greater China Fund 415

JPMorgan Funds - Highbridge Europe STEEP Fund 416

JPMorgan Funds - Highbridge US STEEP Fund 419

JPMorgan Funds - Hong Kong Fund 423

JPMorgan Funds - Income Fund 424

JPMorgan Funds - Income Opportunity Plus Fund 428

JPMorgan Funds - India Fund 439

JPMorgan Funds - Indonesia Equity Fund 440

JPMorgan Funds - Italy Flexible Bond Fund 441

JPMorgan Funds - Japan Equity Fund 444

JPMorgan Funds - Japan Market Neutral Fund 446

JPMorgan Funds - Korea Equity Fund 448

JPMorgan Funds - Latin America Equity Fund 450

JPMorgan Funds - Managed Reserves Fund 452

JPMorgan Funds - Pacific Equity Fund 457

JPMorgan Funds - Renminbi Bond Fund 459

JPMorgan Funds - Russia Fund 461

JPMorgan Funds - Singapore Fund 462

JPMorgan Funds - Sterling Bond Fund 463

JPMorgan Funds - Systematic Alpha Fund 467

JPMorgan Funds - Taiwan Fund 473

JPMorgan Funds - Total Emerging Markets Income Fund 474

JPMorgan Funds - Turkey Equity Fund 480

JPMorgan Funds - US Aggregate Bond Fund 481

JPMorgan Funds - US Dollar Money Market Fund 497

JPMorgan Funds - US Equity All Cap Fund 499

JPMorgan Funds - US Equity Plus Fund 502

JPMorgan Funds - US Growth Fund 505

JPMorgan Funds - US High Yield Plus Bond Fund 507

JPMorgan Funds - US Research Enhanced Index Equity Fund 515

JPMorgan Funds - US Select Equity Plus Fund 518

JPMorgan Funds - US Select Long-Short Equity Fund 522

JPMorgan Funds - US Short Duration Bond Fund 525

JPMorgan Funds - US Small Cap Growth Fund 536

JPMorgan Funds - US Smaller Companies Fund 538

JPMorgan Funds - US Technology Fund 540

JPMorgan Funds - US Value Fund 541

Anexo: Informaes Adicionais No AuditadasQuociente de Despesa Total do Fundo 544

Resumo dos Objetivos de Investimento dos Subfundos 571

Rendimento e Volatilidade 578

Taxa de Juros Recebida/(Cobrada) sobre as Contas Bancrias 605

Classes de Aes dos Subfundos sujeitas a uma taxa de subscrio de 0,01% 605

ndice de Movimentao da Carteira de Investimento 607

Mtodo de clculo da exposio ao risco 609

Demonstrao Histrica de Alteraes no Nmero de Aes 613

Para obter informaes adicionais consulte www.jpmorganassetmanagement.com

No podem ser aceites subscries exclusivamente com base neste relatrio. As subscries apenas so vlidas quando efetuadas com base no prospeto em vigor, nos atuais documentos de informaodo(s) investidor(es)-chave (KIID), complementados pelo ltimo relatrio anual auditado e pelo ltimo relatrio semestral no auditado, caso este tenha sido publicado posteriormente.

O atual prospeto, os atuais documentos de informao do(s) investidor(es) chave (KIID), os relatrios semestrais no auditados, bem como o relatrio anual auditado, podem ser obtidos gratuitamentena sede social da SICAV e no agente pagador local.

Na sequncia de uma reviso da divulgao do(s) gestor(es) de investimento dentro do Prospeto e os atuais documentos de informao do(s) investidor(es)-chave (KIID), os detalhes do(s) gestor(es) deinvestimento referentes aos Subfundos individuais estaro agora disponveis na sede social da Empresa Gestora ou em www.jpmorganassetmanagement.com.

JPMorgan FundsConselho de Administrao

Presidente

Iain O.S. SaundersDuine, ArdfernArgyll PA31 8QNReino Unido

Diretores

Jacques ElvingerElvinger, Hoss & Prussen2, place Winston ChurchillB.P. 425L-2014 LuxembourgGro-Ducado do Luxemburgo

Jean FrijnsAntigonelaan 2NL-5631 LR EindhovenPases Baixos

Berndt May (at 12 de dezembro de 2014)JPMorgan Asset Management (Europe) S. r.l.Austrian BranchFhrichgasse 8A-1010 Viennaustria

Sede Social

6, route de TrvesL-2633 SenningerbergGro-Ducado do Luxemburgo

John Li How CheongThe Directors Office19, rue de BitbourgL-1273 LuxembourgGro-Ducado do Luxemburgo

Peter Thomas SchwichtBirkenweg 761118 Bad VilbelAlemanha

Daniel Watkins (a partir de 13 de dezembro de 2014)JPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondon EC4Y 0JPReino Unido

1

JPMorgan FundsGesto e Administrao

Empresa Gestora, Agente de Registo e Transferncias,Distribuidor Mundial e Agente Domicilirio:

JPMorgan Asset Management (Europe) S. r.l.6, route de TrvesL-2633 SenningerbergGro-Ducado do Luxemburgo

Gestores de Investimento

J.P. Morgan Investment Management Inc.245 Park AvenueNew York, NY 10167Estados Unidos da Amrica

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

JPMorgan Asset Management (UK) Limited60 Victoria EmbankmentLondonEC4Y 0JPReino Unido

JPMorgan Asset Management (Taiwan) Limited20F, 1, Songzhi Rd, Xinyi DistTaipei City 110Taiwan (R.O.C.)

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

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

Highbridge Capital Management, LLC9 West 57th StreetNew York, NY 10019Estados Unidos da Amrica

Agente Depositrio, Empresarial, Administrativo e Pagador

J.P. Morgan Bank Luxembourg S.A.6, route de TrvesL-2633 SenningerbergGro-Ducado do Luxemburgo

Auditores

PricewaterhouseCoopers, Socit cooprative2, rue Gerhard MercatorB.P. 1443L-1014 LuxembourgGro-Ducado do Luxemburgo

Consultores Jurdicos

Elvinger, Hoss & Prussen2, place Winston ChurchillB.P. 425L-2014 LuxembourgGro-Ducado do Luxemburgo

2

Esta pgina ficou em branco intencionalmente

3

JPMorgan FundsDemonstrao Combinada de Ativos Lquidos


JPMorgan FundsCombinado

USD

AfricaEquity

FundUSD

AggregateBondFundUSD

AtivosInvestimentos em Ttulos ao Valor do Mercado 92.312.295.599 368.347.987 1.447.724.161Custo de aquisio: 86.994.499.667 320.403.532 1.616.465.897Investimento em TBAs ao Valor do Mercado * 299.438.979 - 136.095.060Numerrio no Banco e junto aos Corretores 1.421.664.158 1.022.546 128.883.258Depsitos a prazo e Equivalentes de Numerrio 343.965.829 - 131.000.000Valores a receber da venda de investimentos 203.203.424 37.924 -Valores a receber da venda de TBAs * 105.530.778 - 12.155.761Valores a receber de subscries 481.174.098 678.248 9.233.522Juros e dividendos a receber, valor liquido 352.676.570 141.878 10.162.626Restituio de imposto a receber 14.318.554 - -Renncia da taxa** 969.673 - 84Outros valores a receber 3.274.271 677 -Ganhos lquidos no realizados em contratos de cmbio a termo 26.886.202 - -Ganhos lquidos no realizados em contratos de futuros sobre instrumentos financeiros 3.698.347 - 100.467Instrumentos Derivados ao Valor do Mercado 10.259.022 - -

Total dos Ativos 95.579.355.504 370.229.260 1.875.354.939

PassivosPosies Curtas a Descoberto em aberto sobre TBAs * 24.548.921 - 3.543.969Valores a pagar da compra de investimentos 285.177.250 - 7.810.203Valores a pagar da Compra de TBAs * 379.612.361 - 144.311.844Valores a pagar de resgates 411.647.727 1.155.250 3.503.009Comisses de Gesto e Consultoria a Pagar 88.921.860 499.350 443.733Taxas de Incentivo 19.237.382 - -Outras Contas a Pagar*** 34.987.815 89.629 145.480Perda lquida no realizada em contratos de cmbio a termo 193.937.888 - 3.498.242Perda lquida no realizada em contratos de futuros sobre instrumentos financeiros 9.426.973 - -Instrumentos Derivados ao Valor do Mercado 13.701.006 - -

Total do Passivo 1.461.199.183 1.744.229 163.256.480

Total dos Ativos Lquidos 94.118.156.321 368.485.031 1.712.098.459

Total Histrico dos Ativos Lquidos30 de junho de 2014 92.246.058.400 435.451.574 1.089.214.81930 de junho de 2013 69.768.444.706 416.139.538 24.546.560

* Ver Nota 2l).** Ver Nota 7a).*** Outras Contas a Pagar composta principalmente de honorrios dos Diretores, despesas de auditoria e taxas relativas a impostos, registo, publicao, envio postal, impresso, despesaslegais e de marketing.

As notas complementares so parte integrante das presentes Demonstraes Financeiras.

4

JPMorgan FundsDemonstrao Combinada de Ativos Lquidos (Continuao)


AmericaEquity

FundUSD

ASEANEquity

FundUSD

AsiaEquity

FundUSD

AsiaLocal Currency

Debt FundUSD

Asia PacificIncome

FundUSD

Asia PacificStrategic Equity

FundUSD

1.347.450.535 901.796.609 107.406.039 25.902.791 2.891.329.884 353.152.4251.117.254.019 898.945.849 104.277.073 27.395.438 2.905.766.003 326.160.521

- - - - - -105.714 3.157.083 1.721.863 700.890 39.853.254 2.337.429

- 27.296.462 - - - -- 1.308.740 202.730 - 20.101.971 225.701- - - - - -

5.693.304 1.742.578 93.817 32.826 9.499.472 669.398348.240 1.619.178 143.791 251.661 16.892.188 501.154

13.085 - - - - -- - 17.202 12.723 96 -

64.118 - - - 898 -- - 60.544 - 9.294.592 -- - - - - -- - - - - -

1.353.674.996 936.920.650 109.645.986 26.900.891 2.986.972.355 356.886.107

- - - - - -- 519.067 186.250 - 957.854 -- - - - - -

6.490.501 1.792.545 206.247 - 26.128.201 1.263.9091.928.032 1.098.728 143.161 13.207 4.035.396 329.762

- - - - - -- 93.199 478.205 16.551 777.417 719.511

992.102 - - 5.975 - -- - - - 196.875 -- - - - - -

9.410.635 3.503.539 1.013.863 35.733 32.095.743 2.313.182

1.344.264.361 933.417.111 108.632.123 26.865.158 2.954.876.612 354.572.925

1.398.665.024 865.725.798 150.073.225 28.948.337 2.730.229.338 425.344.145763.368.811 1.128.571.767 70.921.643 46.989.118 4.549.560.393 172.037.953

5



BrazilEquity

FundUSD

ChinaFundUSD

CorporateBond Portfolio

Fund IEUR


Fund IIEUR

DiversifiedRisk

FundUSD

227.679.968 1.827.086.666 111.026.646 53.731.734 10.656.330273.528.294 1.612.947.590 105.219.148 50.946.625 16.826.970

- - - - -2.387.815 25.787.508 305.244 130.410 2.849.265

- - - - 6.300.00022.521 15.319.626 64 - 10.473

- - - - -1.080.538 13.427.152 - - 177.028

886.440 1.171.633 1.900.066 1.353.554 9.671- - - - 903- - - 3.147 23.917- - 41.515 13.945 133- - - - -- - - - 15.764- - - - -

232.057.282 1.882.792.585 113.273.535 55.232.790 20.043.484

- - - - -- 10.601.717 - - -- - - - -

4.443.497 17.368.545 21.484 - 60.917318.691 2.687.391 69.208 38.152 24.290

- - - - -55.170 15.164.758 16.750 12.614 30.069

- - 2.160.923 384.970 73.174- - - - -- - - - 41.717

4.817.358 45.822.411 2.268.365 435.736 230.167

227.239.924 1.836.970.174 111.005.170 54.797.054 19.813.317

307.451.003 1.749.831.838 131.730.786 63.697.482 17.165.299409.868.248 2.082.791.008 173.944.190 79.503.446 10.105.755

6



EasternEurope

Equity FundEUR

Emerging Europe,Middle East and

Africa Equity FundUSD

Emerging MarketsBondFundUSD

Emerging MarketsCorporate Bond

FundUSD

Emerging MarketsDebtFundUSD

Emerging MarketsDiversified Equity

FundUSD

400.818.715 361.534.601 393.651.696 2.342.238.499 1.884.091.702 506.497.695507.136.466 402.637.243 393.441.697 2.372.374.542 1.907.991.757 521.114.700

- - - - - -816.974 1.489.317 38.148.727 9.323.288 - 4.674.867

- - - - - -214.191 354.407 - - - -

- - - - - -652.649 602.845 160.146 8.431.911 2.608.675 29

3.940.226 1.843.856 6.333.314 27.465.601 25.335.326 2.143.3351.108 112 - - - 823

- - - 2.539 6.218 5.97313.326 147 - 40 260 1.804

26 - - - - -- - - - - -- - - - 360.746 -

406.457.215 365.825.285 438.293.883 2.387.461.878 1.912.402.927 513.324.526

- - - - - -385.117 68.124 777.000 7.646.395 - 720.958

- - - - - -952.368 1.364.606 609.096 2.383.169 6.959.786 -587.034 418.157 195.186 1.863.093 1.432.618 19.800

- - - - - -- 49.994 53.563 265.307 331.823 483.542- - 3.273.211 15.394.890 10.471.494 -- - 54.594 109.738 233.641 -- - - - - -

1.924.519 1.900.881 4.962.650 27.662.592 19.429.362 1.224.300

404.532.696 363.924.404 433.331.233 2.359.799.286 1.892.973.565 512.100.226

570.169.839 514.845.417 477.829.524 2.144.425.070 1.937.999.335 576.488.312627.552.460 537.872.234 340.401.910 1.463.352.576 1.534.463.913 194.943.032

7



Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

Emerging MarketsOpportunities

FundUSD

175.306.383 4.264.258.009 357.698.032 3.301.466.433 2.737.014.688182.805.564 3.540.534.517 358.872.131 3.789.171.134 2.763.372.365

- - - - -1.649.465 5.231.927 16.432.754 52.527.434 3.430.305

- - - - -- 3.585.463 - 17.765.185 4.362.251- - - - -

277.140 1.869.820 109.032 9.844.416 22.706.109745.998 5.705.082 5.198.272 49.704.413 6.873.911

- - - - -18.126 21.889 - - -

4 83.583 99 2.002 -- - - - -- - - - -- - - 163.234 -

177.997.116 4.280.755.773 379.438.189 3.431.473.117 2.774.387.264

- - - - -- 4.438.669 247.050 27.729.139 3.151.337- - - - -

182.581 3.855.577 588.766 26.787.146 6.468.108126.131 3.842.130 180.181 2.396.795 2.228.494

- - - - -61.652 - 47.949 529.077 2.880.505

223.260 689.560 2.342.743 19.097.417 318.260- - 63.324 - -- - - - -

593.624 12.825.936 3.470.013 76.539.574 15.046.704

177.403.492 4.267.929.837 375.968.176 3.354.933.543 2.759.340.560

134.724.845 5.150.075.527 437.814.913 3.422.593.288 2.779.326.593102.908.453 5.175.815.410 413.856.852 3.965.144.539 1.683.905.683

8



Emerging MarketsSmall Cap

FundUSD

Emerging MarketsStrategic Bond

FundUSD

Emerging MarketsUltra Diversified

Equity Fund (1)USD

EmergingMiddle EastEquity Fund

USD

EUGovernment Bond

FundEUR

EuroAggregate Bond

FundEUR

386.335.420 276.137.077 11.526.428 220.023.826 1.445.210.823 24.439.402371.670.821 286.485.531 12.370.010 205.057.295 1.372.023.404 22.549.215

- - - - - -2.602.335 10.717.706 152.855 1.451.279 11.967.651 396.789

- - - - - -256.847 - 1.854 1.386.160 - -

- - - - - -743.443 1.004.376 - 421.622 18.000.392 9.000213.459 3.953.669 28.437 20 15.801.550 316.191

- - - - - -- 1.721 54.983 - - 9.487- 14 - 1.374 - -- 744.710 - - - -- - 263 - 75.220 3.023- 644.986 - - - -

390.151.504 293.204.259 11.764.820 223.284.281 1.491.055.636 25.173.892

- - - - - -- 430.000 - 135.177 21.226.797 -- - - - - -

1.656.507 365.056 - 2.594.234 1.135.782 60.659491.696 167.107 1.263 285.968 478.474 16.025

3.031.875 - - - - -245.642 68.546 56.635 62.935 100.202 13.041

- - - - - -- 45.775 - - - -- - - - - -

5.425.720 1.076.484 57.898 3.078.314 22.941.255 89.725

384.725.784 292.127.775 11.706.922 220.205.967 1.468.114.381 25.084.167

451.421.563 176.359.274 - 299.710.799 720.049.046 24.225.267434.944.428 36.723.306 - 277.587.342 780.345.839 8.742.554

(1) Este Subfundo foi lanado em 25 de setembro de 2014.

9



Euro BondPortfolio

Fund IEUR

EuroCorporate

Bond FundEUR

Euro GovernmentShort Duration

Bond FundEUR

EuroInflation-Linked

Bond FundEUR

EuroMoney Market

FundEUR

24.007.654 26.820.394 93.614.425 6.660.764 104.525.80222.296.119 25.737.877 93.739.255 6.615.953 124.725.801

- - - - -166.511 795.835 2.089.870 21.980 445.990

- - - - 20.200.000428 - - - -

- - - - -- 217.293 888.087 - 14.466.231

576.065 464.704 702.161 35.289 188.164- - - - -

6.280 8.744 5.317 8.446 62.355- - - - -- - - - -- - 278 - -- - - - -

24.756.938 28.306.970 97.300.138 6.726.479 139.888.542

- - - - -- - 898.053 - 7.999.415- - - - -

208.953 74.886 211.303 - 156.66711.222 22.574 27.748 5.122 37.924

- - - - -10.144 12.375 16.598 9.581 32.997

- - - - -- 11 - - -- - - - -

230.319 109.846 1.153.702 14.703 8.227.003

24.526.619 28.197.124 96.146.436 6.711.776 131.661.539

28.520.369 22.715.119 96.547.447 4.819.204 112.980.12836.634.154 25.198.607 60.716.338 4.402.433 58.900.828

10



EuroShort Duration

Bond FundEUR

EurolandDynamic

FundEUR

EurolandEquity

FundEUR

EurolandFocusFundEUR

EurolandSelect Equity

FundEUR

EuropeAggregate Plus

Bond FundEUR

26.469.635 237.593.655 272.871.863 5.893.015 28.007.183 42.942.75726.210.452 222.447.983 243.410.150 4.386.873 25.354.410 40.400.957

- - - - - -1.078.274 3.382.865 2.267.452 38.267 344.959 4.382.161

- - - - - -- - - 662 - -- - - - - -

31.199 192.772 14.767.197 - 17.641 118.884272.248 - 8 - - 481.395

- 150.850 688.768 6.025 105.925 -13.159 - 131 7.235 10.477 9.428

- - - - - -28.822 - 89.057 - - -

- - - - - 5.763- - - - - -

27.893.337 241.320.142 290.684.476 5.945.204 28.486.185 47.940.388

- - - - - -- 342.118 - - - 71.271- - - - - -

137.084 425.503 15.735.091 - 84.248 2.62615.407 288.573 329.564 9.400 17.096 33.496

- 33.717 - - - -16.611 32.711 41.572 9.239 16.074 17.199

- - - - - 77.0931.163 - 8.470 - - -

- - - - - -

170.265 1.122.622 16.114.697 18.639 117.418 201.685

27.723.072 240.197.520 274.569.779 5.926.565 28.368.767 47.738.703

77.024.863 131.099.695 294.493.947 6.874.469 76.053.924 28.489.41945.245.452 48.265.963 181.198.844 4.864.535 61.111.168 24.008.880

11



EuropeDividend Alpha

FundEUR

EuropeDynamic

FundEUR

Europe DynamicSmall Cap

FundEUR

Europe EquityAbsolute Alpha

FundEUR

EuropeEquity

FundEUR

34.252.910 1.127.506.144 170.588.217 227.011.847 392.057.77133.160.707 1.065.854.293 153.339.223 296.369.177 343.893.148

- - - - -3.253.133 5.138.244 1.696.818 75.375.712 3.023.964

- - - 78.000.000 -309.879 - 66.452 80.946 -

- - - - -- 5.581.698 88.499 12.506.440 785.473

20.592 705.337 21.279 991 238.94622.206 975.361 239.841 23.763 621.13912.759 - - 9.172 -

- - - - -88.709 3.990.397 - 873.457 78.162

- 51.373 - - -- - - 254.467 -

37.960.188 1.143.948.554 172.701.106 394.136.795 396.805.455

- - - - -- - 353.958 33 -- - - - -- 6.279.812 496.726 50.418 780.806

1.971 1.450.376 184.629 333.012 579.718- - 120.507 1.375.516 -

17.561 6.286 44.929 66.665 311- - - - -

183.240 - - - 56.973186.858 - - - -

389.630 7.736.474 1.200.749 1.825.644 1.417.808

37.570.558 1.136.212.080 171.500.357 392.311.151 395.387.647

38.622.334 1.524.495.249 315.981.754 10.873.388 373.244.1728.049.656 152.920.231 15.427.976 - 273.527.627

12



EuropeEquity Plus

FundEUR

EuropeFocusFundEUR

EuropeHigh Yield

Bond FundEUR

Europe ResearchEnhanced Index

Equity FundEUR

Europe SelectEquity Plus

FundEUR

EuropeSmall Cap

FundEUR

4.605.300.232 78.544.303 206.584.933 52.672.729 14.734.149 406.103.7034.314.038.685 77.602.730 205.368.642 47.641.149 13.594.271 355.290.229

- - - - - -32.494.550 276.128 160.753 467.253 937.631 2.236.792

- - - - - -3.131 7.943 - - 1.119 264.812

- - - - - -23.669.185 12.356 78.439 4.259 111.990 1.510.364

1.297.507 29.145 3.685.463 29.713 8.819 211.7052.176.535 53.849 - 36.592 8.121 854.793

- - 110 5.683 14.590 -1.261 - - - - 1.067

4.288.214 - - - - -- - - 2.515 719 -

1.375.738 - - - 99.276 -

4.670.606.353 78.923.724 210.509.698 53.218.744 15.916.414 411.183.236

- - - - - -- - - - - 308.792- - - - - -

10.898.319 131.471 120.048 - 476.113 2.770.5335.655.309 120.570 109.047 1.767 23.693 562.0967.867.013 - - 11.437 12.324 -

182.102 18.167 30.344 12.604 19.738 53.441- - 115.135 - - -

4.799.862 - - - - -- - - - - -

29.402.605 270.208 374.574 25.808 531.868 3.694.862

4.641.203.748 78.653.516 210.135.124 53.192.936 15.384.546 407.488.374

2.770.220.854 108.887.611 202.908.046 46.144.669 11.197.085 587.663.792283.774.434 28.545.795 89.130.204 6.616.053 6.928.932 192.163.852

13



EuropeStrategic Growth

FundEUR

EuropeStrategic Value

FundEUR

EuropeTechnology

FundEUR

FinancialsBondFundEUR

FranceEquity

FundEUR

273.225.395 1.862.254.056 146.772.134 46.188.704 51.468.263242.067.211 1.631.349.193 122.310.605 42.683.890 48.297.657

- - - - -2.683.507 1.454.518 1.499.032 809.764 626.149

- - - - -26.796 15.233 - - -

- - - - -985.186 21.728.954 192.340 508.864 1.330

83.518 716.692 56.271 652.096 -262.332 2.163.717 264.062 - -

- - 57 7.183 -- 58.681 - 90.876 -- - 24.268 - -- 20.478 - - -- - - - -

277.266.734 1.888.412.329 148.808.164 48.257.487 52.095.742

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

971.618 24.111.939 543.436 66.208 145.822379.040 2.504.539 209.098 43.169 77.793

- - - - -25.810 - 19.753 15.177 11.012

- - - 888.165 -139.297 - - 4.739 -

- - - - -

1.515.765 26.616.478 772.287 1.017.458 234.627

275.750.969 1.861.795.851 148.035.877 47.240.029 51.861.115

231.874.406 2.134.010.575 158.849.131 36.336.206 73.970.974193.166.791 1.151.965.867 93.016.121 29.960.370 71.199.166

14



GermanyEquity

FundEUR

GlobalAbsolute Return

Bond FundUSD

GlobalAggregateBond Fund

USD

GlobalAllocation

FundEUR

GlobalBond Opportunities

FundUSD

GlobalConsumer Trends

FundEUR

217.556.670 23.962.472 28.850.624 15.864.193 399.316.365 90.814.043167.427.106 25.324.120 29.326.044 14.822.850 410.317.285 82.097.414

- 5.864.453 2.069.851 - 12.153.281 -90.585 1.843.639 3.153.648 1.294.860 4.044.513 2.558.572

- - - - - -- 20.163 168.038 - 147.465 650.705- 7.040.250 462.134 - - -

177.947 911 45.182 - 1.643.278 365.72826 145.096 223.828 67.738 5.042.702 105.600

250.515 - - 3.361 - 6.752- 17.931 12.493 10.873 19.017 88- - - - 68 -- - 86.505 - - -- - - - - -- - - 65.600 - -

218.075.743 38.894.915 35.072.303 17.306.625 422.366.689 94.501.488

- 7.055.070 302.280 - - -- - - - - -- 5.853.846 2.223.758 - 12.171.621 -

644.968 - 669.381 - 1.011.092 529.962369.383 25.103 25.751 17.989 259.419 129.396

- - - - - -19.991 21.384 17.969 13.751 73.135 24.162

- 56.846 - 221.071 1.659.724 2.489- 26.972 14.540 376 56.532 -- 127.703 - - - -

1.034.342 13.166.924 3.253.679 253.187 15.231.523 686.009

217.041.401 25.727.991 31.818.624 17.053.438 407.135.166 93.815.479

271.451.400 28.034.410 31.747.211 16.143.213 65.517.437 89.730.911325.771.628 27.857.258 30.186.278 - 25.071.103 132.915.856

15



GlobalConvertibles

Fund (EUR)EUR

GlobalCorporate Bond

FundUSD

GlobalCredit Bond

FundUSD

GlobalDeveloping Trends

FundUSD

GlobalDynamic

FundUSD

2.120.199.374 3.899.546.012 177.023.385 170.850.856 630.209.2361.929.273.799 3.925.403.036 179.741.902 172.801.487 545.783.649

- - - - -5.874.676 36.148.932 12.236.764 84.219 184.931

- - - - -- 7.754.211 - - 1.153.395- - - - -

6.901.757 26.281.699 642.814 116.126 887.0985.410.867 46.901.292 2.505.170 134.759 552.303

- - - 793 402.393- 3.416 2.942 48.279 -

442.296 - 45 - 165.288- - - - -- - 23.778 - -- - - - -

2.138.828.970 4.016.635.562 192.434.898 171.235.032 633.554.644

- - - - -- - - - 3.265.534- - - - -

4.245.511 19.119.462 426.857 212.928 842.6772.631.012 1.674.063 185.546 110.033 947.094

- - - - -- 4.795.147 35.984 77.907 -

30.566.348 9.918.857 1.521.443 - 733.965118.996 655.416 - - -

- - - - -

37.561.867 36.162.945 2.169.830 400.868 5.789.270

2.101.267.103 3.980.472.617 190.265.068 170.834.164 627.765.374

2.376.568.790 3.046.849.191 207.429.235 12.961.170 1.237.322.9331.474.704.995 2.772.231.413 162.285.137 6.137.420 1.048.266.705

16



GlobalFocusFundEUR

GlobalGovernment Bond

FundEUR

Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

GlobalMerger Arbitrage

FundUSD

GlobalMulti Strategy

Income FundEUR

1.704.565.590 337.217.803 56.050.939 3.131.207.062 17.901.473 1.038.423.1651.375.692.537 323.245.135 56.587.977 2.733.654.347 23.306.510 933.600.956

- - - - - -260.595 6.825.903 173.971 6.313.055 5.813.704 6.626.034

- - - - 5.250.000 -- - - 5.679.158 84.322 -- - - - - -

8.581.548 7.177.656 211.356 40.734.853 49.960 3.284.0661.375.254 2.615.736 452.973 1.263.497 3.041 -1.945.769 - - 205.818 25.023 -

- 6.170 14.603 336 20.981 99.3074.488 484.277 91.387 14.271 - 3.010

886.025 - 88.794 - - -- 94.883 1.234 - - -- - - - 97.720 -

1.717.619.269 354.422.428 57.085.257 3.185.418.050 29.246.224 1.048.435.582

- - - - - -- 4.460.522 - 22.543.200 - -- - - - - -

2.019.129 1.183.357 185.351 14.514.746 17.064 1.347.1931.889.141 76.150 11.358 4.145.337 20.491 2.287.604

- - - - - -58.140 38.903 20.995 277.761 26.247 78.369

- 2.426.785 - 3.078.798 198.035 6.168.701- - - - 933 108.832- - - - - -

3.966.410 8.185.717 217.704 44.559.842 262.770 9.990.699

1.713.652.859 346.236.711 56.867.553 3.140.858.208 28.983.454 1.038.444.883

1.363.726.217 279.435.707 68.907.735 2.368.406.670 46.537.827 944.381.9381.304.518.654 174.419.290 137.600.057 620.863.475 51.093.868 471.962.345

17



GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

Global ResearchEnhanced Index

Equity FundEUR

GlobalShort Duration

Bond FundUSD

GlobalSocially Responsible

FundUSD

628.258.912 187.452.209 729.388.202 1.132.659.658 82.949.587815.505.798 168.117.940 650.651.054 1.184.245.951 70.288.459

- - - - -502.136 69.967 4.140.715 11.749.903 97.151

- - - - -21.968 - 872.239 8.262.792 -

- - - - -2.146.579 429.247 2.825.989 5.763.859 12.1661.130.105 591.689 557.611 5.672.638 81.952

- 7.142 78.847 - 60.327- - 417 - 3.621

245.149 - 4.154 449 -- - - 3.982.305 -- - - - -- - - - -

632.304.849 188.550.254 737.868.174 1.168.091.604 83.204.804

- - - - -126.851 - 1.250.770 8.437.573 -

- - - - -2.425.721 97.394 3.830.631 6.543.745 6.0851.258.477 124.528 104.193 301.038 39.411

- - 173.416 - -- 30.610 81.818 104.899 11.297- 1.520.827 1.386.321 - -- - 45.782 154.508 -- - - - -

3.811.049 1.773.359 6.872.931 15.541.763 56.793

628.493.800 186.776.895 730.995.243 1.152.549.841 83.148.011

822.907.406 163.652.144 279.135.275 1.379.529.025 133.602.060817.799.921 138.555.388 123.755.855 630.282.959 205.893.418

18



GlobalStrategic Bond

FundUSD

GlobalUnconstrained Equity

FundUSD

GreaterChinaFundUSD

HighbridgeEurope STEEP

FundEUR

HighbridgeUS STEEP

FundUSD

HongKongFundUSD

1.149.234.930 375.433.449 1.574.316.424 47.815.438 4.276.333.268 131.313.7031.173.363.431 352.214.872 1.373.377.805 49.575.484 4.278.675.834 116.815.324

115.517.020 - - - - -98.143.279 505.109 14.588.774 6.123.278 47.980.460 940.771

- - - 2.300.000 - -972.417 2.122.749 4.527.869 - 72.655.739 2.789.578

71.339.906 - - - - -1.536.144 307.293 1.479.348 88.821 22.030.554 143.650

13.532.437 280.187 42.722 43.590 2.702.874 49.445- 34.899 - - - -

1.321 - - 8.434 - -398 13.165 6.918 - - -

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

1.450.277.852 378.696.851 1.594.962.055 56.379.561 4.421.702.895 135.237.147

- - - - - -- - 5.411.844 - 91.919.931 40.313

186.410.909 - - - - -3.656.873 265.063 7.793.620 153.003 4.069.775 2.965.234

895.751 304.498 1.695.642 66.695 5.146.426 180.679- - - 72.398 4.109 -

145.204 - 169.902 23.953 359.456 39.76811.846.641 904.408 - 875 7.340.975 -

1.037.261 - - - - -598.545 - - 272.817 - -

204.591.184 1.473.969 15.071.008 589.741 108.840.672 3.225.994

1.245.686.668 377.222.882 1.579.891.047 55.789.820 4.312.862.223 132.011.153

1.722.094.349 364.322.401 1.461.829.033 65.666.089 3.680.992.193 129.915.3171.506.155.387 290.701.432 1.118.025.372 66.398.999 2.553.787.531 129.901.783

19



IncomeFund

USD

IncomeOpportunity Plus

FundUSD

IndiaFund

USD

IndonesiaEquity

FundUSD

ItalyFlexible Bond

FundEUR

24.246.778 362.594.451 1.360.324.560 141.163.712 72.127.94424.698.491 364.194.987 806.712.709 138.435.062 72.275.332

- 21.400.582 - - 5.226.484341.577 6.824.846 11.269.039 4.378.792 30.416

- - - - -- - - - 716.618- 14.532.727 - - -- 38.252 2.119.450 52.343 497.683

265.081 2.606.932 - - 640.159- 1.987 - - -

15.169 22.310 - 11.211 5.249- 257 67.054 - -- - - - -- 2.017 - - 9.457- 39.284 - - 1.494.243

24.868.605 408.063.645 1.373.780.103 145.606.058 80.748.253

- 13.647.602 - - -- 101.058 - - 2.158.780- 22.314.643 - - 5.215.772- 317.836 3.467.221 2.579 300.426

21.008 212.381 - 19.723 93.459- 207 - - 12.366

19.370 69.837 2.661.766 31.636 14.0598.994 1.946.719 - - 12.144

10.047 - - - -- - - - -

59.419 38.610.283 6.128.987 53.938 7.807.006

24.809.186 369.453.362 1.367.651.116 145.552.120 72.941.247

25.186.996 304.588.395 1.514.337.967 351.951.845 56.230.861- 127.920.985 1.602.620.888 511.489.523 19.468.349

20



JapanEquity

FundJPY

JapanMarket Neutral

FundJPY

KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

PacificEquity

FundUSD

79.105.752.790 12.673.661.775 171.208.470 1.103.684.539 3.080.554.202 503.378.34963.671.444.551 11.331.815.401 210.133.868 1.152.621.845 3.092.601.250 469.824.061

- - - - - -305.829.615 1.482.330.206 1.845.820 4.498.140 91.972.928 3.340.461

- - 25.236.250 - - -2.132.234.962 27.753.444 4.312 1.163.254 - -

- - - - - -217.412.194 - 233.509 4.864.960 328.366 151.222

106.945.738 8.587.512 1.688.171 2.547.695 10.673.053 740.696- - - - - -

3.083 30.244 9.885 - 64.556 -183.542 - - 18.895 - -

4.418.458 - - - - -- - - - - -- 137.626.487 - - - -

81.872.780.382 14.329.989.668 200.226.417 1.116.777.483 3.183.593.105 507.610.728

- - - - - -1.462.334.252 30.420.898 1.460.627 - 14.110.560 -

- - - - - -300.205.392 - 518.073 5.231.876 33.422.773 176.490

83.982.461 5.757.286 177.559 1.333.680 603.955 717.074- - - - - -

8.369.924 1.419.383 54.177 101.820 202.467 43.785- 96.601.071 - - 16.812.886 -- - 123.283 - - -- - - - - -

1.854.892.029 134.198.638 2.333.719 6.667.376 65.152.641 937.349

80.017.888.353 14.195.791.030 197.892.698 1.110.110.107 3.118.440.464 506.673.379

86.629.515.275 2.320.266.012 249.893.537 1.488.223.299 2.221.987.859 573.919.830245.691.640 1.667.744.530 159.915.662 1.463.869.711 1.604.983.308 520.917.666

21



RenminbiBondFundUSD

RussiaFund

USD

SingaporeFund

USD

SterlingBondFundGBP

SystematicAlphaFundEUR

15.321.723 382.281.734 82.175.101 111.194.435 1.493.404.59416.404.427 594.078.382 82.967.562 102.298.759 1.435.229.164

- - - - -244.868 6.911.430 2.541.258 471.886 239.252.379973.716 - - - -

- - 139.991 - 597.791- - - - -- 8.716.158 39.437 75.024 5.272.905

112.514 4.522.072 111.785 2.112.563 1.837.794- - - - 102.542

9.980 - - - -- - - - 573- - - 11.009 -- - - - 1.714.283- - - - -

16.662.801 402.431.394 85.007.572 113.864.917 1.742.182.861

- - - - -486.877 4.672.813 188.277 - 1.383

- - - - -- 4.943.024 80.682 59.528 5.904.457

12.458 632.054 125.248 96.391 1.417.562- - - - -

12.736 23.179 28.919 19.112 119.419- - - - 5.486.583- - - 740 -- - - - 9.085.911

512.071 10.271.070 423.126 175.771 22.015.315

16.150.730 392.160.324 84.584.446 113.689.146 1.720.167.546

14.427.431 492.455.583 112.723.174 78.958.257 1.499.865.67117.860.694 917.561.995 134.252.660 75.746.138 342.157.871

22



TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

TurkeyEquity

FundEUR

USAggregate Bond

FundUSD

US DollarMoney Market

FundUSD

US EquityAll Cap

FundUSD

231.013.210 46.948.996 82.345.238 1.484.787.942 224.271.867 208.328.905216.966.146 49.233.088 77.662.755 1.454.378.503 245.293.867 195.025.683

- - - - - -3.382.652 2.053.887 682.603 49 94.923.990 43.279

- - - - 21.022.000 -- 8.172 26.465 187.787 - -- - - - - -

204.241 123.166 37.161 12.087.672 8.513.122 -23 387.338 249 3.964.652 65.319 84.717

- - 5.346 - - -6.575 10.578 - 875 97.096 135

201 - - 6 - -- 6.639 - - - -- - - - - -- 3.602 - - - -

234.606.902 49.542.378 83.097.062 1.501.028.983 348.893.394 208.457.036

- - - - - -- - - 1.124.635 - 2.633- - - - - -

243.050 42.881 295.025 7.493.134 13.819.403 -256.794 52.743 124.185 917.972 73.424 63.983

- - - - - -87.185 28.072 24.401 184.409 80.614 26.176

- - - 2.072.211 - 11.236- 289 - - - -- - - - - -

587.029 123.985 443.611 11.792.361 13.973.441 104.028

234.019.873 49.418.393 82.653.451 1.489.236.622 334.919.953 208.353.008

303.279.483 44.923.769 87.088.090 1.009.131.738 352.183.350 121.403.772256.132.355 - 103.055.685 2.209.832.008 - -

23



USEquity Plus

FundUSD

USGrowth

FundUSD

USHigh Yield Plus

Bond FundUSD

US ResearchEnhanced Index

Equity FundUSD

US SelectEquity Plus

FundUSD

160.955.950 845.148.837 256.745.038 539.869.481 3.755.086.494133.284.813 584.540.343 264.745.007 475.677.411 3.140.042.950

- - - - -3.757.308 28 1.488.698 2.577.178 1.019.599

- - - - -- 9.020 - - 340.839- - - - -

563.544 11.660.715 85.134 5.262.899 7.925.358107.062 50.439 4.022.935 497.036 3.239.657

9.677 40.920 13.708 380 8.763159 - - 121 965

- 100.384 - - -- - - - -

57.639 - - - 1.097.994- - - - 3.808.439

165.451.339 857.010.343 262.355.513 548.207.095 3.772.528.108

- - - - -- - - - 1.749.503- - - - -

192.120 3.848.618 26.505 - 15.212.622232.614 771.335 88.450 124.357 3.376.464

6.158 - - 1.032.700 2.451.37841.537 79.358 46.676 52.521 141.71461.971 1.950.546 1.751.717 15.921 2.986.604

- - - 10.763 -432.896 - - - -

967.296 6.649.857 1.913.348 1.236.262 25.918.285

164.484.043 850.360.486 260.442.165 546.970.833 3.746.609.823

141.413.577 1.492.211.371 268.384.931 356.688.714 3.189.011.130138.987.587 1.496.668.964 112.578.251 236.332.698 1.703.354.621

24



US SelectLong-Short

Equity FundUSD

USShort Duration

Bond FundUSD

USSmall Cap

Growth FundUSD

USSmaller Companies

FundUSD

USTechnology

FundUSD

USValueFundUSD

126.498.997 827.711.893 123.911.807 540.760.594 462.366.768 4.442.298.162116.871.243 837.313.661 109.596.022 428.165.553 394.512.708 3.420.541.370

- - - - - -7.500.073 1.025.630 4.466.080 15.585.542 5.618.120 -

5.000.000 - - - - -385.289 - 918.612 68.565 5.920.017 -

- - - - - -145.172 2.443.287 500.348 6.693.641 4.755.341 20.902.289153.834 3.537.312 31.267 793.455 76.673 2.495.798

760 - - - 26.456 65.31612.857 - - 92 - -

67 201 - 102 357 915.086- - - - - -- - - - - -- - - - - -

139.697.049 834.718.323 129.828.114 563.901.991 478.763.732 4.466.676.651

- - - - - -153.281 191.194 - - - 3.399.083

- - - - - -5.911 4.833.695 3.769.510 5.296.526 8.191.311 10.175.874

46.176 267.747 163.009 556.270 621.971 5.345.548639.118 - - 333.421 - -36.425 70.769 27.371 64.718 67.679 -

703.802 3.329.340 - 14.583 - 5.785.824- - - - - -

923.163 - - - - -

2.507.876 8.692.745 3.959.890 6.265.518 8.880.961 24.706.329

137.189.173 826.025.578 125.868.224 557.636.473 469.882.771 4.441.970.322

113.935.064 694.772.596 187.505.604 709.522.220 511.577.388 3.981.989.99725.520.939 633.904.072 232.079.202 481.221.061 197.225.870 2.604.696.046

25


26


27

JPMorgan FundsDemonstrao Combinada de Operaes e Alteraes nos Ativos Lquidos

Para o perodo de 1 de julho de 2014 a 31 de dezembro de 2014

JPMorganFunds

CombinadoUSD

AfricaEquity

FundUSD

AggregateBondFundUSD

Ativos Lquidos no incio do perodo * 89.119.770.856 435.451.574 1.089.214.819

ReceitasReceitas de dividendos, valor lquido 540.654.863 4.039.118 -Receitas de juros, valor lquido 545.542.373 4.346 17.132.972Receitas de emprstimos de ttulos 2.487.787 - -Juros bancrios 631.973 3.581 67.696Juros sobre Transaes de Swaps 2.272.859 - -

Total das Receitas 1.091.589.855 4.047.045 17.200.668

DespesasComisses de Gesto e Consultoria 488.905.977 3.435.339 2.189.063Taxas do Depositrio, Agente Empresarial, Agente Administrativo e Agente Domicilirio 29.242.059 377.020 422.097Taxas de Agente de Registo e Transferncias 4.240.475 70.462 78.371Taxa de subscrio 17.357.628 93.502 129.015Juro sobre Saques a Descoberto 3.531.445 2.122 105.645Juros sobre Transaes de Swaps 3.411.119 - -Taxas diversas** 39.808.916 52.948 68.814

586.497.619 4.031.393 2.993.005

Menos: Renncia da taxa *** 5.639.057 32.864 38.688

Total das Despesas antes das Taxas de Incentivo 580.858.562 3.998.529 2.954.317

Taxas de Incentivo 19.237.382 - -

Total das Despesas 600.095.944 3.998.529 2.954.317

Rendimento/(Perda) dos Investimentos, valor lquido 491.493.911 48.516 14.246.351

Ganhos/(Perdas) realizados na venda de investimentos, valor lquido 1.643.683.072 2.328.187 (5.837.054)Ganhos/(Perdas) realizados em contratos de cmbio a termo, valor lquido (716.194.837) 88.619 44.129.521Ganhos/(Perdas) realizados em contratos de futuros sobre instrumentos financeiros, valor lquido (70.735.287) - (1.159.563)Ganhos/(Perdas) realizados em divisas, valor lquido (21.447.671) (127.021) (2.115.961)Ganhos/(Perdas) realizados em contratos sobre TBAs, valor lquido 7.449.998 - 2.662.603Ganhos/(Perdas) realizados em contratos sobre Instrumentos Derivados, valor lquido (17.246.059) - -

Ganhos/(Perdas) realizados no perodo, valor lquido 825.509.216 2.289.785 37.679.546

Variao lquida dos Ganhos/(Perdas) no realizados em investimentos (1.954.014.886) (43.812.043) (63.142.643)Variao lquida dos Ganhos/(Perdas) no realizados em contratos de cmbio a termo (221.097.543) - (2.586.023)Variao lquida dos Ganhos/(Perdas) no realizados em contratos de futuros sobre instrumentos financeiros (9.960.152) - 70.820Variao lquida dos Ganhos/(Perdas) no realizados em divisas (6.851.444) (6.230) (392.433)Variao lquida dos Ganhos/(Perdas) no realizados em TBAs (355.497) - (219.866)Variao lquida dos Ganhos/(Perdas) no realizados em Instrumentos Derivados (2.308.720) - -

Variao lquida dos Ganhos/(Perdas) no realizados no perodo (2.194.588.242) (43.818.273) (66.270.145)

Variao de Ativos Lquidos em resultado das Operaes (877.585.115) (41.479.972) (14.344.248)

Movimento no capital da empresaSubscries 36.210.705.428 70.141.112 1.007.084.318Resgates (29.900.708.326) (95.355.487) (367.955.447)

Variao dos Ativos Lquidos em resultado dos movimentos no capital da empresa 6.309.997.102 (25.214.375) 639.128.871

Distribuio de Dividendos (434.026.522) (272.196) (1.900.983)

Ativos Lquidos no final do perodo 94.118.156.321 368.485.031 1.712.098.459

* O saldo inicial foi combinado taxa de cmbio vigente em 31 de dezembro de 2014. Quando combinada com base na taxa de cmbio vigente em 30 de junho de 2014 a mesma situao lquida refletiu omontante de USD 92.246.058.400.** Taxas diversas compostas principalmente de honorrios dos Diretores, taxas de auditoria e taxas relativas a impostos, registo, publicao, envio postal, impresso, bem como despesas legais e demarketing.*** Ver Nota 7a).

As notas complementares so parte integrante das presentes Demonstraes Financeiras.

28

JPMorgan FundsDemonstrao Combinada de Operaes e Alteraes nos Ativos Lquidos (Continuao)


AmericaEquity

FundUSD

ASEANEquity

FundUSD

AsiaEquity

FundUSD

AsiaLocal Currency

Debt FundUSD

Asia PacificIncome

FundUSD

1.398.665.024 865.725.798 150.073.225 28.948.337 2.730.229.338

5.749.882 9.360.735 1.387.132 189 34.859.19331.016 - - 512.701 26.633.397

- - - - -809 30.376 175 2.096 14.826

- - - - -

5.781.707 9.391.111 1.387.307 514.986 61.507.416

10.141.475 5.934.029 1.153.720 77.803 23.871.785234.850 492.559 119.622 38.731 950.14963.868 67.688 19.806 7.019 44.253

313.850 182.520 30.667 4.963 723.634- - 1.916 - 121- - - - -

309.275 59.147 434.363 43.559 2.868.01011.063.318 6.735.943 1.760.094 172.075 28.457.952

- 7.785 12.619 66.545 2.481

11.063.318 6.728.158 1.747.475 105.530 28.455.471

- - - - -

11.063.318 6.728.158 1.747.475 105.530 28.455.471

(5.281.611) 2.662.953 (360.168) 409.456 33.051.945

48.953.159 (14.350.792) (6.127.531) (266.092) 37.839.307(5.489.418) (258.201) 4.727 80.959 (498.088)

- - - - (2.310.473)(44.715) 78.941 (183.286) (4.031) (1.127.434)

- - - - -- - - - -

43.419.026 (14.530.052) (6.306.090) (189.164) 33.903.312

12.931.146 (8.308.444) (433.827) (409.234) (86.897.574)(1.511.505) - 60.544 (29.611) 12.228.481

- - - - (411.719)(114) (49.957) (1.013) 12.778 (67.387)

- - - - -- - - - -

11.419.527 (8.358.401) (374.296) (426.067) (75.148.199)

49.556.942 (20.225.500) (7.040.554) (205.775) (8.192.942)

309.429.293 344.208.410 23.657.777 2.398.870 1.362.556.628(413.014.845) (256.252.440) (58.057.661) (4.239.553) (1.060.404.222)

(103.585.552) 87.955.970 (34.399.884) (1.840.683) 302.152.406

(372.053) (39.157) (664) (36.721) (69.312.190)

1.344.264.361 933.417.111 108.632.123 26.865.158 2.954.876.612

29



Asia PacificStrategic

Equity FundUSD

BrazilEquity

FundUSD

ChinaFund

USD


Fund IEUR


Fund IIEUR

DiversifiedRisk

FundUSD

425.344.145 307.451.003 1.749.831.838 131.730.786 63.697.482 17.165.299

5.877.996 2.831.132 21.064.247 - - 60.142- 3.222 14.185 3.298.060 1.521.470 12.921- - 244.302 - - -

2.009 - 3.468 - - 3.838- - - - - -

5.880.005 2.834.354 21.326.202 3.298.060 1.521.470 76.901

2.271.195 2.283.466 15.900.408 460.163 243.718 129.367254.858 172.992 576.632 32.343 20.081 135.230

32.491 38.468 75.644 2.724 1.771 5.45775.052 59.199 452.223 29.176 14.418 4.236

- 1.891 - - 913 231- - - - - -

468.039 181.631 982.742 34.035 33.181 41.7793.101.635 2.737.647 17.987.649 558.441 314.082 316.300

17.898 2.029 7.440 1.579 9.084 153.347

3.083.737 2.735.618 17.980.209 556.862 304.998 162.953

- - - - - -

3.083.737 2.735.618 17.980.209 556.862 304.998 162.953

2.796.268 98.736 3.345.993 2.741.198 1.216.472 (86.052)

15.006.915 (17.506.617) 121.166.685 386.563 363.619 186.659(92.724) 28.891 5.607 (8.282.222) (1.201.482) (618.367)

- - - - - 512.519(463.737) (436.536) (32.852) 118.183 27.945 (27.707)

- - - - - -- - - - - (150.140)

14.450.454 (17.914.262) 121.139.440 (7.777.476) (809.918) (97.036)

(26.349.632) (44.030.543) 73.425.250 7.950.524 30.094 (122.370)- - - (3.034.520) (540.104) (12.261)- - - - - 12.876

(31.690) (30.285) (11.556) 47.372 5.419 (5.297)- - - - - -- - - - - (9.716)

(26.381.322) (44.060.828) 73.413.694 4.963.376 (504.591) (136.768)

(9.134.600) (61.876.354) 197.899.127 (72.902) (98.037) (319.856)

117.711.876 164.068.098 553.354.089 - - 3.360.573(178.145.843) (182.367.235) (663.182.918) (20.364.320) (8.637.524) (392.699)

(60.433.967) (18.299.137) (109.828.829) (20.364.320) (8.637.524) 2.967.874

(1.202.653) (35.588) (931.962) (288.394) (164.867) -

354.572.925 227.239.924 1.836.970.174 111.005.170 54.797.054 19.813.317

30



Eastern EuropeEquity

FundEUR

Emerging Europe,Middle East and Africa

Equity FundUSD

Emerging MarketsBondFundUSD


FundUSD


Portfolio Fund II (1)USD

570.169.839 514.845.417 477.829.524 2.144.425.070 73.076.657

12.378.901 7.847.364 - - -15.063 15.300 11.291.652 56.066.379 422.896

- - - - -3.127 5.819 13.347 3.188 2.566

- - - - -

12.397.091 7.868.483 11.304.999 56.069.567 425.462

3.470.597 2.789.964 1.129.159 10.679.427 94.892260.216 243.789 182.667 612.283 22.08233.025 35.745 24.404 115.298 7.10992.405 70.309 46.866 516.564 -

- 598 154.982 195.894 2.953- - - 63.889 -

181.074 190.873 66.621 258.483 12.4084.037.317 3.331.278 1.604.699 12.441.838 139.444

2.735 1.068 1.391 24.290 4.425

4.034.582 3.330.210 1.603.308 12.417.548 135.019

- - - - -

4.034.582 3.330.210 1.603.308 12.417.548 135.019

8.362.509 4.538.273 9.701.691 43.652.019 290.443

(28.381.126) (14.441.144) (2.770.536) 5.261.329 (657.713)(46.131) 36.105 (15.812.004) (109.203.830) (2.396.591)

- - (937.834) (6.137.645) -702.605 (215.444) (171.801) (109.014) (1.265)

- - - - -- - - (540.424) -

(27.724.652) (14.620.483) (19.692.175) (110.729.584) (3.055.569)

(91.029.613) (69.264.777) (15.690.635) (75.606.738) (316.830)26 - (4.733.270) (24.349.481) (565.470)

- - 68.836 (21.621) -24.448 (29.653) (8.145) (52.105) (10)

- - - - -- - - - -

(91.005.139) (69.294.430) (20.363.214) (100.029.945) (882.310)

(110.367.282) (79.376.640) (30.353.698) (167.107.510) (3.647.436)

64.238.609 31.406.694 112.018.332 939.943.065 -(117.475.094) (102.137.772) (125.979.319) (544.748.782) (69.429.221)

(53.236.485) (70.731.078) (13.960.987) 395.194.283 (69.429.221)

(2.033.376) (813.295) (183.606) (12.712.557) -

404.532.696 363.924.404 433.331.233 2.359.799.286 -

(1) Este Subfundo foi liquidado em 19 de setembro de 2014.

31




Portfolio Fund III (2)USD

Emerging MarketsCurrency Alpha

Fund (3)EUR

Emerging MarketsDebtFundUSD

Emerging MarketsDiversified Equity

FundUSD

Emerging MarketsDividend

FundUSD

Emerging MarketsEquity

FundUSD

23.806.526 2.704.100 1.937.999.335 576.488.312 134.724.845 5.150.075.527

- - - 9.700.508 3.481.083 59.792.149127.553 324 56.811.282 4.667 2.231 61.975

- - - - - -1.048 - 28.655 1.883 1.313 6.745

- - - - - -

128.601 324 56.839.937 9.707.058 3.484.627 59.860.869

31.231 4.086 8.612.220 194.997 642.763 21.936.81125.202 - 570.980 323.159 207.390 1.758.551

6.341 13 100.808 5.777 31.888 127.775- - 337.744 28.645 26.308 691.582

1.747 - 612.911 - - 14.143- - - - - -

12.458 - 1.078.362 453.238 85.863 830.36076.979 4.099 11.313.025 1.005.816 994.212 25.359.222

30.581 - 42.459 72.542 130.100 24.475

46.398 4.099 11.270.566 933.274 864.112 25.334.747

- - - - - -

46.398 4.099 11.270.566 933.274 864.112 25.334.747

82.203 (3.775) 45.569.371 8.773.784 2.620.515 34.526.122

1.033.486 1.586 (32.789.851) (11.914.271) (2.400.089) 129.760.664(540.475) (58.522) (78.873.891) (14.099) (1.556.509) (3.057.308)

- - (5.110.731) - - -(33.895) 91 (856.899) (297.787) 132.366 (1.165.611)

- - - - - -- - 151.404 - - -

459.116 (56.845) (117.479.968) (12.226.157) (3.824.232) 125.537.745

(1.131.577) (1.268) (67.977.532) (44.849.361) (13.741.747) (515.504.784)(173.480) 34.453 (16.248.262) - (275.791) (1.060.819)

- - 194.699 - - -(2.976) 123 (44.725) (83.853) (10.479) (137.120)

- - - - - -- - 244.530 - - -

(1.308.033) 33.308 (83.831.290) (44.933.214) (14.028.017) (516.702.723)

(766.714) (27.312) (155.741.887) (48.385.587) (15.231.734) (356.638.856)

17 - 680.390.247 9.272.653 93.854.678 665.921.773(23.039.829) (2.676.788) (515.102.646) (25.275.152) (34.004.848) (1.175.892.862)

(23.039.812) (2.676.788) 165.287.601 (16.002.499) 59.849.830 (509.971.089)

- - (54.571.484) - (1.939.449) (15.535.745)

- - 1.892.973.565 512.100.226 177.403.492 4.267.929.837

(2) Este Subfundo foi liquidado em 19 de setembro de 2014.(3) Subfundo foi liquidado em 29 de julho de 2014.

32



Emerging MarketsInvestment Grade

Bond FundUSD

Emerging MarketsLocal Currency

Debt FundUSD

Emerging MarketsOpportunities

FundUSD

Emerging MarketsSmall Cap

FundUSD

Emerging MarketsStrategic Bond

FundUSD

437.814.913 3.422.593.288 2.779.326.593 451.421.563 176.359.274

- - 41.867.411 3.987.912 -9.992.009 99.223.752 25.155 4.022 6.859.175

- - - - -6.595 101.289 11.594 1.110 5.867

- 20.015 - - -

9.998.604 99.345.056 41.904.160 3.993.044 6.865.042

1.114.758 14.374.596 14.273.843 3.167.100 910.891202.838 1.752.846 1.225.367 296.327 216.559

20.753 118.229 103.540 39.523 27.18555.606 608.524 510.704 99.744 45.543

4.136 558.414 1.385 246 24.488- 1.488.399 - - 146.999

65.190 1.201.844 2.625.802 249.073 54.0071.463.281 20.102.852 18.740.641 3.852.013 1.425.672

3.720 27.652 4.205 5.279 74.154

1.459.561 20.075.200 18.736.436 3.846.734 1.351.518

- - - 3.031.875 -

1.459.561 20.075.200 18.736.436 6.878.609 1.351.518

8.539.043 79.269.856 23.167.724 (2.885.565) 5.513.524

720.516 (102.065.123) 23.762.060 13.058.655 (2.553.562)(31.708.221) (8.775.981) (1.718.937) (4.398) (10.524.882)(1.495.063) (95.979) - - (673.968)

(68.121) (5.992.741) (2.005.976) (110.740) (152.823)- - - - -- (5.226.924) - - 738.118

(32.550.889) (122.156.748) 20.037.147 12.943.517 (13.167.117)

(4.283.588) (374.575.273) (180.587.114) (16.067.326) (12.975.597)(5.337.471) (15.078.134) (367.783) - 547.562

(4.414) - - - (51.621)(2.605) (3.534.129) (33.103) 341 (67.641)

- - - - -- 3.997.955 - - 284.904

(9.628.078) (389.189.581) (180.988.000) (16.066.985) (12.262.393)

(33.639.924) (432.076.473) (137.783.129) (6.009.033) (19.915.986)

69.751.875 1.160.265.666 1.004.717.236 131.289.777 176.112.664(89.678.542) (701.111.387) (881.236.671) (191.945.777) (40.230.482)

(19.926.667) 459.154.279 123.480.565 (60.656.000) 135.882.182

(8.280.146) (94.737.551) (5.683.469) (30.746) (197.695)

375.968.176 3.354.933.543 2.759.340.560 384.725.784 292.127.775

33



Emerging MarketsUltra DiversifiedEquity Fund (4)

USD

EmergingMiddle EastEquity Fund

USD

EUGovernment Bond

FundEUR

EuroAggregate Bond

FundEUR

EuroBond

Portfolio Fund IEUR

EuroCorporate Bond

FundEUR

- 299.710.799 720.049.046 24.225.267 28.520.369 22.715.119

55.564 1.394.787 - - - -- 1.328 14.641.508 333.148 484.811 401.017- - - - - -

104 595 - - - -- - - - - -

55.668 1.396.710 14.641.508 333.148 484.811 401.017

4.068 1.884.207 2.214.573 93.102 69.514 120.46497.638 298.137 260.732 26.231 15.544 23.981

8.152 34.264 34.220 6.887 1.443 4.4161.664 58.563 274.549 5.793 6.412 6.582

- 4.855 137.330 - - -- - - - - -

28.722 123.691 20.788 32.738 32.730 32.790140.244 2.403.717 2.942.192 164.751 125.643 188.233

130.999 24.140 1.223 46.895 28.989 43.786

9.245 2.379.577 2.940.969 117.856 96.654 144.447

- - - - - -

9.245 2.379.577 2.940.969 117.856 96.654 144.447

46.423 (982.867) 11.700.539 215.292 388.157 256.570

(63.363) 22.563.530 7.580.763 161.644 216.342 262.390(11.221) 9.906 - - - -

144 - 3.189.410 (7.604) - (66.618)21.636 (58.081) 16.191 - - -

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

(52.804) 22.515.355 10.786.364 154.040 216.342 195.772

(843.582) (24.144.663) 40.477.904 671.408 (454.969) 252.914- 1.134 - - - -

263 - (26.909) 44 - (165)(315) (2.354) (2.369) 164 - -

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

(843.634) (24.145.883) 40.448.626 671.616 (454.969) 252.749

(850.015) (2.613.395) 62.935.529 1.040.948 149.530 705.091

12.556.937 48.235.609 948.616.310 1.451.966 - 9.393.873- (121.814.695) (263.437.687) (1.596.613) (3.806.190) (4.616.959)

12.556.937 (73.579.086) 685.178.623 (144.647) (3.806.190) 4.776.914

- (3.312.351) (48.817) (37.401) (337.090) -

11.706.922 220.205.967 1.468.114.381 25.084.167 24.526.619 28.197.124

(4) Este Subfundo foi lanado em 25 de setembro de 2014.

34



Euro GovernmentShort Duration

Bond FundEUR

EuroInflation-Linked

Bond FundEUR

EuroMoney Market

FundEUR

EuroShort Duration

Bond FundEUR

EurolandDynamic

FundEUR

96.547.447 4.819.204 112.980.128 77.024.863 131.099.695

- - - - 592.5421.093.179 33.250 81.145 713.414 3.725

- - - - -- 123 312 - -- - - - -

1.093.179 33.373 81.457 713.414 596.267

167.153 26.542 276.915 137.521 1.541.53440.065 11.435 35.587 50.438 87.016

7.715 1.619 9.585 9.986 9.45225.218 1.517 5.904 6.789 57.52924.161 - 3.534 121 1.148

- - - - -33.917 32.437 38.618 34.833 37.447

298.229 73.550 370.143 239.688 1.734.126

29.537 41.208 286.619 58.857 519

268.692 32.342 83.524 180.831 1.733.607

- - - - 33.717

268.692 32.342 83.524 180.831 1.767.324

824.487 1.031 (2.067) 532.583 (1.171.057)

(5.620) 31.070 (1) 646.707 (9.552.133)- - - 1.657.634 -

(20.145) (1.932) - (332.363) 774.365(27) 1 - 19 (1.969)

- - - - -- - - - -

(25.792) 29.139 (1) 1.971.997 (8.779.737)

(458.407) (82.306) 1 (331.508) 8.443.991- - - 59.140 -

3.519 243 - 5.440 -27 (1) - - 1.104

- - - - -- - - - -

(454.861) (82.064) 1 (266.928) 8.445.095

343.834 (51.894) (2.067) 2.237.652 (1.505.699)

41.734.899 2.075.231 55.294.145 42.874.997 165.800.831(42.404.620) (130.765) (36.610.667) (94.357.323) (54.951.712)

(669.721) 1.944.466 18.683.478 (51.482.326) 110.849.119

(75.124) - - (57.117) (245.595)

96.146.436 6.711.776 131.661.539 27.723.072 240.197.520

35



EurolandEquity

FundEUR

EurolandFocusFundEUR

EurolandSelect Equity

FundEUR

EuropeAggregate Plus

Bond FundEUR

EuropeDividend Alpha

FundEUR

EuropeDynamic

FundEUR

294.493.947 6.874.469 76.053.924 28.489.419 38.622.334 1.524.495.249

1.736.020 24.922 163.503 - 295.079 9.525.4713.248 - 748 444.027 1.735 29.885

57.704 6.735 14.503 - 6.489 276.524- - - - - 255- - - - - -

1.796.972 31.657 178.754 444.027 303.303 9.832.135

2.005.357 59.492 161.368 160.124 11.676 8.562.423104.360 12.214 37.499 31.192 68.466 332.743

27.550 1.534 6.637 6.849 2.454 78.90266.130 1.536 6.804 9.745 1.700 232.113

106 - 127 - - 188- - - - - -

127.317 32.438 33.697 33.056 32.877 479.5522.330.820 107.214 246.132 240.966 117.173 9.685.921

2.928 35.146 38.441 44.722 76.689 10.874

2.327.892 72.068 207.691 196.244 40.484 9.675.047

- - - - - -

2.327.892 72.068 207.691 196.244 40.484 9.675.047

(530.920) (40.411) (28.937) 247.783 262.819 157.088

3.907.450 122.826 7.059.616 211.867 (86.069) 21.338.946199.173 23 - (23.832) 213.179 15.251.648

(705.253) (11.621) (275.823) 43.654 (492.055) (149.072)2.798 589 - 6.348 (1.899) (117.480)

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

3.404.168 111.817 6.783.793 238.037 (366.844) 36.324.042

(6.632.232) (462.986) (9.161.147) 1.542.918 553.242 (9.079.315)91.583 - - 30.503 86.258 5.366.971

(13.970) (150) (4.785) 4.767 (210.525) 36.021(207) 5 - 1.652 (249) (23.053)

- - - - - -- - - - (92.469) -

(6.554.826) (463.131) (9.165.932) 1.579.840 336.257 (3.699.376)

(3.681.578) (391.725) (2.411.076) 2.065.660 232.232 32.781.754

94.846.203 86.425 28.325.223 31.418.830 - 370.609.307(108.443.416) (642.604) (73.596.072) (13.884.558) - (788.112.743)

(13.597.213) (556.179) (45.270.849) 17.534.272 - (417.503.436)

(2.645.377) - (3.232) (350.648) (1.284.008) (3.561.487)

274.569.779 5.926.565 28.368.767 47.738.703 37.570.558 1.136.212.080

36



Europe DynamicSmall Cap

FundEUR

Europe EquityAbsolute Alpha

FundEUR

EuropeEquity

FundEUR

EuropeEquity Plus

FundEUR

EuropeFocusFundEUR

315.981.754 10.873.388 373.244.172 2.770.220.854 108.887.611

1.179.064 281.629 2.945.825 27.129.134 670.7962.033 3.094 2.534 172.870 753

27.999 - 50.622 529.760 97.516- 215 - 3.666 -- - - - -

1.209.096 284.938 2.998.981 27.835.430 769.065

1.611.593 605.036 3.040.350 26.828.156 859.438104.344 182.618 124.147 608.114 39.228

17.032 16.659 36.674 126.036 12.30740.642 49.835 93.135 971.685 21.122

906 6.663 - 1.509 -- - - - -

48.475 43.313 107.932 217.395 40.8311.822.992 904.124 3.402.238 28.752.895 972.926

2.809 129.396 3.104 1.523 3.974

1.820.183 774.728 3.399.134 28.751.372 968.952

120.507 1.375.516 - 7.867.013 -

1.940.690 2.150.244 3.399.134 36.618.385 968.952

(731.594) (1.865.306) (400.153) (8.782.955) (199.887)

(14.098.426) 873.487 11.564.590 21.033.712 2.653.167(5.762) (260.657) (30.136) 15.292.460 (4.356)

- - (332.967) (3.416.873) (141.500)(6.187) (1.277) 103.319 784.860 8.667

- - - - -- - - - -

(14.110.375) 611.553 11.304.806 33.694.159 2.515.978

11.111.702 8.445.646 (9.589.647) 132.850.704 (9.967.197)- 852.259 79.515 4.622.486 -- - (55.717) (4.750.706) (2.232)

(2.449) 1.010 19.528 (24.329) (624)- - - - -- 263.088 - 982.802 -

11.109.253 9.562.003 (9.546.321) 133.680.957 (9.970.053)

(3.732.716) 8.308.250 1.358.332 158.592.161 (7.653.962)

60.493.148 381.953.782 107.658.198 2.661.158.137 12.085.889(200.541.553) (8.811.279) (83.477.133) (948.193.681) (34.659.558)

(140.048.405) 373.142.503 24.181.065 1.712.964.456 (22.573.669)

(700.276) (12.990) (3.395.922) (573.723) (6.464)

171.500.357 392.311.151 395.387.647 4.641.203.748 78.653.516

37



EuropeHigh Yield

Bond FundEUR

Europe ResearchEnhanced Index

Equity FundEUR

EuropeSelect Equity

Plus FundEUR

EuropeSmall Cap

FundEUR

EuropeStrategic Growth

FundEUR

EuropeStrategic Value

FundEUR

202.908.046 46.144.669 11.197.085 587.663.792 231.874.406 2.134.010.575

- 327.067 74.248 2.592.398 1.050.734 18.834.7295.893.858 523 - 1.141 2.734 47.900

- - 1.443 91.328 39.204 289.844- - - - - 981- - - - - -

5.893.858 327.590 75.691 2.684.867 1.092.672 19.173.454

706.409 7.468 117.378 3.694.882 1.843.483 14.604.89384.958 24.026 63.634 159.450 114.626 429.38717.234 4.300 4.593 33.789 23.984 48.38833.427 2.901 3.566 103.503 61.870 478.603

824 135 1.850 689 230 101- - - - - -

38.526 33.033 32.658 228.541 43.667 88.218881.378 71.863 223.679 4.220.854 2.087.860 15.649.590

18.091 28.808 79.059 727 211 2

863.287 43.055 144.620 4.220.127 2.087.649 15.649.588

- 11.437 12.324 - - -

863.287 54.492 156.944 4.220.127 2.087.649 15.649.588

5.030.571 273.098 (81.253) (1.535.260) (994.977) 3.523.866

551.879 494.738 526.399 (900.596) 11.390.292 65.559.841(545.596) - (951) (109.756) 1.816 (1.202)

- (54.826) (33.183) - (1.093.278) 2.735.024(25.686) (8.594) 2.337 28.102 6.687 245.207

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

(19.403) 431.318 494.602 (982.250) 10.305.517 68.538.870

(4.433.882) (267.966) (152.865) 4.925.440 (861.359) (89.695.577)109.137 - - - - -

- 2.051 625 - (133.095) 20.478(1.109) 459 272 (17.808) (2.409) 728

- - - - - -- - (104.899) - - -

(4.325.854) (265.456) (256.867) 4.907.632 (996.863) (89.674.371)

685.314 438.960 156.482 2.390.122 8.313.677 (17.611.635)

56.584.546 7.680.311 6.731.130 72.058.960 91.433.925 330.549.613(48.975.668) (1.071.004) (2.694.667) (253.516.522) (55.053.909) (554.256.579)

7.608.878 6.609.307 4.036.463 (181.457.562) 36.380.016 (223.706.966)

(1.067.114) - (5.484) (1.107.978) (817.130) (30.896.123)

210.135.124 53.192.936 15.384.546 407.488.374 275.750.969 1.861.795.851

38



EuropeTechnology

FundEUR

FinancialsBondFundEUR

FranceEquity

FundEUR

GermanyEquity

FundEUR

GlobalAbsolute Return

Bond FundUSD

158.849.131 36.336.206 73.970.974 271.451.400 28.034.410

620.462 - 397.854 55.720 -826 843.529 154 1.092 659.828

41.267 - - 11.340 -649 - - - 9.011

- - - - 14.544

663.204 843.529 398.008 68.152 683.383

1.217.549 231.132 571.028 2.342.801 152.66371.901 29.718 23.163 71.205 56.363

25.066 11.469 2.466 27.528 6.54436.943 11.044 15.428 54.900 6.520

- 143 - - 257- - - - 46.677

53.478 32.960 33.342 47.562 42.0831.404.937 316.466 645.427 2.543.996 311.107

2.484 42.591 619 612 84.591

1.402.453 273.875 644.808 2.543.384 226.516

- - - - -

1.402.453 273.875 644.808 2.543.384 226.516

(739.249) 569.654 (246.800) (2.475.232) 456.867

7.377.232 536.521 1.417.907 12.305.962 231.30572.737 (1.822.581) - - (1.470.282)47.614 (245.208) - - (84.053)

(12.835) 51.097 - - (34.425)- - - - (29.002)- - - - 159.704

7.484.748 (1.480.171) 1.417.907 12.305.962 (1.226.753)

4.461.301 2.494.031 (3.291.577) (12.443.659) (1.566.185)28.631 (885.573) - - 94.960

- (7.743) - - (22.318)7.695 2.508 - - (3.510)

- - - - 13.918- - - - (117.018)

4.497.627 1.603.223 (3.291.577) (12.443.659) (1.600.153)

11.243.126 692.706 (2.120.470) (2.612.929) (2.370.039)

24.109.131 14.757.487 775.577 32.111.359 703.066(45.060.598) (3.739.160) (20.764.966) (82.777.277) (639.435)

(20.951.467) 11.018.327 (19.989.389) (50.665.918) 63.631

(1.104.913) (807.210) - (1.131.152) (11)

148.035.877 47.240.029 51.861.115 217.041.401 25.727.991

39



GlobalAggregate Bond

FundUSD

GlobalAllocation

FundEUR

GlobalBond Opportunities

FundUSD

GlobalConsumer Trends

FundEUR

GlobalConvertibles

Fund (EUR)EUR

GlobalCorporate Bond

FundUSD

31.747.211 16.143.213 65.517.437 89.730.911 2.376.568.790 3.046.849.191

- 38.185 - 724.526 193.977 -486.154 132.544 6.393.885 - 12.339.130 63.131.780

- - - - - -1.327 714 8.719 1.139 - 9.851

- - - - - -

487.481 171.443 6.402.604 725.665 12.533.107 63.141.631

151.379 104.163 999.384 799.116 12.051.556 8.927.88339.083 34.216 179.168 52.657 460.790 823.340

6.335 3.071 40.091 15.839 66.519 112.9247.100 3.863 62.792 24.024 464.973 583.1316.855 368 34.146 - 32.883 182.704

- - - - - 175.55741.449 32.821 58.076 36.382 292.641 670.408

252.201 178.502 1.373.657 928.018 13.369.362 11.475.947

61.699 57.303 139.579 6.453 3.241 66.029

190.502 121.199 1.234.078 921.565 13.366.121 11.409.918

- - - - - -

190.502 121.199 1.234.078 921.565 13.366.121 11.409.918

296.979 50.244 5.168.526 (195.900) (833.014) 51.731.713

(223.560) 388.611 (16.814.884) 2.978.006 70.719.551 7.957.915(7.984) (513.744) 787.919 (24.342) (81.686.389) (100.839.995)

(37.330) 150.618 (967.986) - (3.947.148) (36.461.946)(47.865) 22.208 (225.199) 247.887 1.161.303 (1.258.353)

42.350 - 203.428 - - -- 9.570 - - - (1.264.072)

(274.389) 57.263 (17.016.722) 3.201.551 (13.752.683) (131.866.451)

(1.366.900) 631.896 5.322.951 6.525.671 71.313.213 (125.161.561)140.359 (201.612) (1.530.138) (3.537) (43.685.508) (15.801.040)(13.636) (4.892) (57.462) - (118.996) (6.440.431)(19.084) 12.071 (88.549) 34.337 (73.790) (1.539.076)(6.460) - (27.493) - - -

- 34.448 - - - 1.376.645

(1.265.721) 471.911 3.619.309 6.556.471 27.434.919 (147.565.463)

(1.243.131) 579.418 (8.228.887) 9.562.122 12.849.222 (227.700.201)

5.009.551 330.814 415.158.324 15.892.216 659.541.554 1.901.074.844(3.247.865) - (64.789.198) (21.369.770) (944.641.256) (721.820.684)

1.761.686 330.814 350.369.126 (5.477.554) (285.099.702) 1.179.254.160

(447.142) (7) (522.510) - (3.051.207) (17.930.533)

31.818.624 17.053.438 407.135.166 93.815.479 2.101.267.103 3.980.472.617

40



GlobalCredit Bond

FundUSD

GlobalDeveloping Trends

FundUSD

GlobalDynamic

FundUSD

GlobalFocusFundEUR

GlobalGovernment Bond

FundEUR

207.429.235 12.961.170 1.237.322.933 1.363.726.217 279.435.707

- 568.640 6.422.379 9.101.755 -4.573.476 1.716 6.696 23.196 3.278.322

- - 72.880 - -3.225 168 2.390 650 579

- - - - -

4.576.701 570.524 6.504.345 9.125.601 3.278.901

1.121.841 267.288 4.112.479 9.964.560 397.918104.561 31.649 314.413 284.304 118.06322.706 2.605 44.486 63.120 13.92042.981 22.665 143.367 330.353 38.87421.538 - - 358 34.51827.659 - - - -46.783 100.990 118.913 232.310 46.404

1.388.069 425.197 4.733.658 10.875.005 649.697

16.862 86.506 3.650 1.512 29.115

1.371.207 338.691 4.730.008 10.873.493 620.582

- - - - -

1.371.207 338.691 4.730.008 10.873.493 620.582

3.205.494 231.833 1.774.337 (1.747.892) 2.658.319

2.036.889 616.599 112.892.309 58.426.386 718.925(15.376.477) (597.661) (2.630.573) 5.353.882 (1.757.923)

262.679 - - 3.883.567 151.781(116.443) 704.026 (267.332) (423.558) 122.911

- - - - -(250.343) - - - -

(13.443.695) 722.964 109.994.404 67.240.277 (764.306)

(10.774.286) (3.503.754) (124.030.403) 75.980.776 14.525.696(2.074.812) - (958.310) (1.371.312) (2.187.592)

136.718 - - - 92.172(60.168) (1.814) (62.411) 20.525 4.413

- - - - -213.171 - - - -

(12.559.377) (3.505.568) (125.051.124) 74.629.989 12.434.689

(22.797.578) (2.550.771) (13.282.383) 140.122.374 14.328.702

68.935.139 173.819.036 63.814.574 524.133.658 108.790.117(59.758.373) (13.395.271) (659.364.027) (312.985.847) (56.317.815)

9.176.766 160.423.765 (595.549.453) 211.147.811 52.472.302

(3.543.355) - (725.723) (1.343.543) -

190.265.068 170.834.164 627.765.374 1.713.652.859 346.236.711

41



Global GovernmentShort Duration

Bond FundEUR

GlobalHealthcare

FundUSD

GlobalMerger Arbitrage

FundUSD

GlobalMulti Strategy

Income FundEUR

GlobalNatural Resources

FundEUR

GlobalReal Estate

Securities Fund (USD)USD

68.907.735 2.368.406.670 46.537.827 944.381.938 822.907.406 163.652.144

- 7.766.115 133.907 4.871.542 5.237.039 2.118.172658.731 100.560 4.870 - 6.926 2.108

- - - - - -159 - 6.635 - 702 323

- - - - - -

658.890 7.866.675 145.412 4.871.542 5.244.667 2.120.603

75.146 19.330.381 171.064 13.394.035 6.703.477 708.11261.085 360.786 103.979 132.285 158.239 87.49012.008 126.161 9.007 17.568 66.698 19.74712.760 611.178 6.837 83.352 172.644 30.70321.537 119 - 355 148 137

- - - - - -37.377 188.849 43.178 31.671 350.858 46.950

219.913 20.617.474 334.065 13.659.266 7.452.064 893.139

78.398 2.718 118.350 522.142 4.067 16.563

141.515 20.614.756 215.715 13.137.124 7.447.997 876.576

- - - - - -

141.515 20.614.756 215.715 13.137.124 7.447.997 876.576

517.375 (12.748.081) (70.303) (8.265.582) (2.203.330) 1.244.027

(882.535) 155.008.340 3.245.294 7.187.569 (75.755.097) 2.316.8281.181.026 (1.576.396) (2.098.297) (11.397.390) (67.259) (3.530.092)(51.244) - (41.086) (1.288.296) - -49.449 1.180.912 (21.184) (55.792) 40.773 (36.516)

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

296.696 154.612.856 1.084.727 (5.553.909) (75.781.583) (1.249.780)

2.156.512 131.392.719 (585.151) 18.640.086 (90.492.325) 4.552.366(139.598) (3.156.243) (284.896) (8.389.385) - (1.686.253)

4.232 - 4.632 (42.983) - -(7.410) (155.786) (6.662) 6.642 14.263 16.199

- - - - - -- - (3.477.196) - - -

2.013.736 128.080.690 (4.349.273) 10.214.360 (90.478.062) 2.882.312

2.827.807 269.945.465 (3.334.849) (3.605.131) (168.462.975) 2.876.559

5.487.365 1.505.393.127 11.514.433 214.118.633 182.488.990 39.100.162(19.825.306) (1.002.752.862) (25.718.601) (95.039.520) (208.276.393) (18.836.862)

(14.337.941) 502.640.265 (14.204.168) 119.079.113 (25.787.403) 20.263.300

(530.048) (134.192) (15.356) (21.411.037) (163.228) (15.108)

56.867.553 3.140.858.208 28.983.454 1.038.444.883 628.493.800 186.776.895

42



Global ResearchEnhanced Index

Equity FundEUR

GlobalShort Duration

Bond FundUSD

GlobalSocially Responsible

FundUSD

GlobalStrategic Bond

FundUSD

GlobalUnconstrained Equity

FundUSD

279.135.275 1.379.529.025 133.602.060 1.722.094.349 364.322.401

3.756.663 - 782.579 361.060 1.985.7815.627 15.545.255 938 36.973.004 15.240

- - - - -640 6.363 223 75.553 470

- - - - -

3.762.930 15.551.618 783.740 37.409.617 2.001.491

493.030 1.727.766 500.099 6.527.932 1.348.579194.768 367.036 33.722 462.801 126.804

31.302 43.788 5.310 124.391 20.87144.790 109.816 14.732 180.448 66.442

- 141.184 - 175.863 -- - - 142.604 -

46.550 65.953 42.495 189.494 95.912810.440 2.455.543 596.358 7.803.533 1.658.608

7.172 4.453 6.911 34.203 2.362

803.268 2.451.090 589.447 7.769.330 1.656.246

173.416 - - - -

976.684 2.451.090 589.447 7.769.330 1.656.246

2.786.246 13.100.528 194.293 29.640.287 345.245

17.771.625 (32.906.744) 11.276.874 2.905.746 23.448.8811.091.040 26.829.335 (2.687) (64.747.831) (6.010.282)1.193.743 (3.835.223) - (14.999.743) -

(2.503.650) (1.856.544) (125.830) (512.972) 32.104- - - 4.040.835 -- - - - -

17.552.758 (11.769.176) 11.148.357 (73.313.965) 17.470.703

47.771.921 (52.209.154) (12.139.558) (67.353.960) (22.100.205)(1.388.909) 2.774.381 - (23.171.483) (1.100.828)

(60.908) (155.455) - (279.932) -(6.892) (124.171) (14.511) (306.884) (7.103)

- - - (287.196) -- - - (56.349) -

46.315.212 (49.714.399) (12.154.069) (91.455.804) (23.208.136)

66.654.216 (48.383.047) (811.419) (135.129.482) (5.392.188)

607.190.513 505.744.723 1.320.557 374.156.132 76.156.505(221.984.761) (683.602.389) (50.828.464) (707.778.291) (57.715.930)

385.205.752 (177.857.666) (49.507.907) (333.622.159) 18.440.575

- (738.471) (134.723) (7.656.040) (147.906)

730.995.243 1.152.549.841 83.148.011 1.245.686.668 377.222.882

43



GreaterChinaFundUSD

High YieldBond Portfolio

Fund I (5)EUR

High YieldBond Portfolio

Fund II (6)EUR

HighbridgeEurope STEEP

FundEUR

HighbridgeUS STEEP

FundUSD

HongKongFundUSD

1.461.829.033 76.176.337 99.183.651 65.666.089 3.680.992.193 129.915.317

18.139.699 - - - 26.053.604 1.521.574- 773.175 1.008.156 26.948 3.225 -

281.853 - - - - 18.262- 172 - - 281 200- - - 428.948 - -

18.421.552 773.347 1.008.156 455.896 26.057.110 1.540.036

9.598.577 132.606 203.095 391.279 28.646.928 1.065.735703.716 21.355 15.709 74.674 641.196 89.68945.756 6.805 3.959 12.258 111.485 10.860

235.304 - - 12.798 1.018.438 32.3821.758 1.346 1.439 1.815 5.129 -

- - - - - -278.289 9.889 9.996 33.898 457.302 150.366

10.863.400 172.001 234.198 526.722 30.880.478 1.349.032

3.883 1.399 499 41.892 3.319 18.141

10.859.517 170.602 233.699 484.830 30.877.159 1.330.891

- - - 72.398 4.109 -

10.859.517 170.602 233.699 557.228 30.881.268 1.330.891

7.562.035 602.745 774.457 (101.332) (4.824.158) 209.145

60.808.111 443.260 (188.038) 2.581.861 322.682.179 4.934.138(8.210) (1.134.403) (1.432.795) (2.837.615) (30.710.976) (2.315)

- - - - - -(361.046) (29.685) 2.476 445.956 (454.104) (2.115)

- - - - - -- - - 171.942 - -

60.438.855 (720.828) (1.618.357) 362.144 291.517.099 4.929.708

(22.487.638) 6.755 556.360 391.162 (116.199.820) (1.483.916)- 163.931 119.047 (145.358) (8.014.315) -- - - - - -

(57.692) (4.903) (5.816) 110.405 (535) (405)- - - - - -- - - 39.615 - -

(22.545.330) 165.783 669.591 395.824 (124.214.670) (1.484.321)

45.455.560 47.700 (174.309) 656.636 162.478.271 3.654.532

535.550.380 12 - 11.684.085 2.337.444.574 58.298.430(461.272.776) (76.224.049) (99.009.342) (22.216.517) (1.867.160.705) (58.553.924)

74.277.604 (76.224.037) (99.009.342) (10.532.432) 470.283.869 (255.494)

(1.671.150) - - (473) (892.110) (1.303.202)

1.579.891.047 - - 55.789.820 4.312.862.223 132.011.153

(5) Este Subfundo foi liquidado em 19 de setembro de 2014.(6) Este Subfundo foi liquidado em 19 de setembro de 2014.

44



IncomeFund

USD

IncomeOpportunity Plus

FundUSD

IndiaFund

USD

IndonesiaEquity

FundUSD

ItalyFlexible Bond

FundEUR

25.186.996 304.588.395 1.514.337.967 351.951.845 56.230.861

- 96.998 9.756.879 855.949 -868.717 4.430.295 22.221 - 1.076.830

- - - - -1.108 586 - 5.812 -

- 330.577 - - 353.899

869.825 4.858.456 9.779.100 861.761 1.430.729

126.216 1.205.165 - 121.375 499.97252.941 183.708 - 198.473 45.7616.995 18.501 - 8.971 10.0936.218 73.379 - 13.620 16.8937.127 38.529 - - 1.325

- 383.965 - - -42.014 67.180 16.384.022 45.606 33.307241.511 1.970.427 16.384.022 388.045 607.351

82.945 77.083 - 40.085 41.254

158.566 1.893.344 16.384.022 347.960 566.097

- 207 - - 12.366

158.566 1.893.551 16.384.022 347.960 578.463

711.259 2.964.905 (6.604.922) 513.801 852.266

(194.061) (816.720) 73.618.007 (3.651.911) 164.853(42.239) (23.283.863) (20.656) 1.420.717 (75.396)(18.117) (2.627.054) (990) - 80.253

(629) 5.693 (303.076) (1.086.226) (383.640)- (36.757) - - 467.131- 212.419 - - (314.642)

(255.046) (26.546.282) 73.293.285 (3.317.420) (61.441)

(561.088) (4.421.191) 55.830.513 22.677.868 (727.106)(7.838) (4.268.053) (698) - (15.576)

(10.047) (94.495) - - 9.917(43) 11.327 28.815 34.955 (95.668)

- 113.949 - - 47.535- 478.047 - - 316.999

(579.016) (8.180.416) 55.858.630 22.712.823 (463.899)

(122.803) (31.761.793) 122.546.993 19.909.204 326.926

35.398 153.154.195 213.391.471 38.326.589 25.762.992(1.968) (53.661.585) (482.436.838) (264.635.518) (8.284.269)

33.430 99.492.610 (269.045.367) (226.308.929) 17.478.723

(288.437) (2.865.850) (188.477) - (1.095.263)

24.809.186 369.453.362 1.367.651.116 145.552.120 72.941.247

45



JapanEquity

FundJPY

JapanMarket Neutral

FundJPY

KoreaEquity

FundUSD

Latin AmericaEquity

FundUSD

ManagedReserves

FundUSD

PacificEquity

FundUSD

86.629.515.275 2.320.266.012 249.893.537 1.488.223.299 2.221.987.859 573.919.830

406.320.536 82.630.316 1.671.207 12.670.268 114.834 4.826.727- - - 37.054 19.932.192 -- - - - - -

19.334 472.669 27.670 126 164 3.862- - - - - -

406.339.870 83.102.985 1.698.877 12.707.448 20.047.190 4.830.589

478.996.870 31.675.476 1.334.125 9.057.644 3.175.551 4.489.75125.522.486 9.174.387 203.977 655.035 528.698 207.8135.495.974 794.741 18.794 62.397 38.626 40.251

15.148.304 695.586 57.408 206.495 417.262 130.28097.204 - 143 482 84.322 -

- 109.161.110 - - - -16.457.334 5.143.883 67.082 267.844 223.490 61.093541.718.172 156.645.183 1.681.529 10.249.897 4.467.949 4.929.188

519.146 5.485.201 19.352 3.223 421.018 1.170

541.199.026 151.159.982 1.662.177 10.246.674 4.046.931 4.928.018

- - - - - -

541.199.026 151.159.982 1.662.177 10.246.674 4.046.931 4.928.018

(134.859.156) (68.056.997) 36.700 2.460.774 16.000.259 (97.429)

(12.691.209) 233.725.473 (11.722.305) (56.292.956) (11.012.666) 17.282.7341.037.023.904 837.473.287 (27.663) 1.043.206 (71.300.000) 45.728

- - (1.404.863) - 423.862 -144.371.940 (156.900) (581.936) (2.035.116) 995 (506.784)

- - - - - -- (1.470.617.796) (413.593) - - -

1.168.704.635 (399.575.936) (14.150.360) (57.284.866) (81.887.809) 16.821.678

10.705.397.218 1.098.313.086 (20.389.808) (218.095.510) (3.387.789) (33.841.466)45.378.390 (88.294.326) (9) (24) (22.057.979) -

- - 41.094 - - -(238.628) 3.739 (102.678) (45.373) - (40.343)

- - - - - -- 160.539.338 190.364 - - -

10.750.536.980 1.170.561.837 (20.261.037) (218.140.907) (25.445.768) (33.881.809)

11.784.382.459 702.928.904 (34.374.697) (272.964.999) (91.333.318) (17.157.560)

25.194.655.360 12.268.565.978 78.013.824 460.536.897 1.893.171.424 107.816.513(43.577.285.034) (1.095.969.864) (95.639.290) (564.275.133) (904.600.784) (157.433.528)

(18.382.629.674) 11.172.596.114 (17.625.466) (103.738.236) 988.570.640 (49.617.015)

(13.379.707) - (676) (1.409.957) (784.717) (471.876)

80.017.888.353 14.195.791.030 197.892.698 1.110.110.107 3.118.440.464 506.673.379

46



RenminbiBondFundUSD

RussiaFund

USD

SingaporeFund

USD

SterlingBondFundGBP

SystematicAlphaFundEUR

14.427.431 492.455.583 112.723.174 78.958.257 1.499.865.671

295 16.230.715 1.558.035 - 1.830.065280.375 26.909 - 2.208.313 2.602.267

- - - - -4.507 1.938 1.021 - 28.071

- - - - -

285.177 16.259.562 1.559.056 2.208.313 4.460.403

69.219 3.979.282 832.806 506.283 7.737.53819.601 308.859 68.696 40.197 558.7212.430 36.923 25.917 6.493 48.3173.881 105.300 21.794 25.693 288.1963.064 - - - 10.821

- - - - -41.184 361.986 64.055 27.071 195.131

139.379 4.792.350 1.013.268 605.737 8.838.724

51.751 1.775 8.295 - 3.052

87.628 4.790.575 1.004.973 605.737 8.835.672

- - - - -

87.628 4.790.575 1.004.973 605.737 8.835.672

197.549 11.468.987 554.083 1.602.576 (4.375.269)

41.555 (87.704.687) 853.607 1.113.037 57.416.61564 9.903 4.583 11.328 (32.343.096)

- - - 1.344.927 1.374.8817.014 (162.970) (172.833) 27.306 901.977

- - - - -- - - - (5.125.479)

48.633 (87.857.754) 685.357 2.496.598 22.224.898

(96.742) (157.311.025) (5.111.532) 5.928.209 33.105.007- - - 10.656 4.485.945- - - 5.702 2.068.000

(42) 7.690 (11.467) 7.317 208.537- - - - -- - - - (8.693.900)

(96.784) (157.303.335) (5.122.999) 5.951.884 31.173.589

149.398 (233.692.102) (3.883.559) 10.051.058 49.023.218

2.283.073 394.672.412 13.263.342 50.870.074 519.813.596(709.172) (260.535.136) (36.945.283) (23.763.902) (348.490.490)

1.573.901 134.137.276 (23.681.941) 27.106.172 171.323.106

- (740.433) (573.228) (2.426.341) (44.449)

16.150.730 392.160.324 84.584.446 113.689.146 1.720.167.546

47



TaiwanFund

USD

TotalEmerging Markets

Income FundUSD

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