Informe Semestral Sin Auditar JPMorgan Funds Société d Investissement à Capital Variable, Luxembourg 31 de diciembre de 2010
JPMorgan Funds Informe Semestral sin auditar Índice Consejo de Administración 1 Gestión y Administración 2 Estados Financieros e Información Estadística sin auditar Estado Consolidado Activo Neto 5 Estado Consolidado de las Operaciones y Cambios en el Activo Neto 23 Variaciones de la Cantidad de Acciones 39 Información estadística 51 Memoria de los Estados Financieros sin auditar 64 Composición de la Cartera de es JPMorgan Funds - Africa Equity Fund 73JPMorgan Funds - Global Convertibles Fund (EUR) 221 JPMorgan Funds - Aggregate Bond Fund 76 JPMorgan Funds - Global Corporate Bond Fund 225 JPMorgan Funds - America Equity Fund 80 JPMorgan Funds - Global Credit Bond Fund 229 JPMorgan Funds - America Large Cap Fund 83JPMorgan Funds - Global Duration-Hedged Corporate Bond Fund 232 JPMorgan Funds - Asia Pacific Bond Fund 84 JPMorgan Funds - Global Dynamic Fund 235 JPMorgan Funds - Asia Pacific ex-japan Behavioural Finance Equity Fund 87 JPMorgan Funds - Global Equity Fund (USD) 239 JPMorgan Funds - Brazil Alpha Plus Fund 89 JPMorgan Funds - Global Focus Fund 242 JPMorgan Funds - Corporate Bond Portfolio Fund I 90 JPMorgan Funds - Global Government Bond Fund 246 JPMorgan Funds - Eastern Europe Equity Fund 93JPMorgan Funds - Global Government Short Duration Bond Fund 249 JPMorgan Funds - Emerging Europe, Middle East and Africa Equity Fund 95 JPMorgan Funds - Global Healthcare Fund 252 JPMorgan Funds - Emerging Markets Alpha Plus Fund 97 JPMorgan Funds - Global Infrastructure Trends Fund 255 JPMorgan Funds - Emerging Markets Bond Fund 100 JPMorgan Funds - Global Natural Resources Fund 258 JPMorgan Funds - Emerging Markets Corporate Bond Fund 105 JPMorgan Funds - Global Real Estate Securities Fund (USD) 261 JPMorgan Funds - Emerging Markets Corporate Bond Portfolio Fund II 108 JPMorgan Funds - Global Research Enhanced Index Equity Fund 264 JPMorgan Funds - Emerging Markets Currency Alpha Fund 110 JPMorgan Funds - Global Short Duration Bond Fund 269 JPMorgan Funds - Emerging Markets Debt Fund 113JPMorgan Funds - Global Socially Responsible Fund 274 JPMorgan Funds - Emerging Markets Diversified Equity Fund 118 JPMorgan Funds - Global Strategic Bond Fund 276 JPMorgan Funds - Emerging Markets Equity Fund 120 JPMorgan Funds - Highbridge Asia Pacific STEEP Fund 280 JPMorgan Funds - Emerging Markets Infrastructure Equity Fund 122 JPMorgan Funds - Highbridge Europe STEEP Fund 282 JPMorgan Funds - Emerging Markets Investment Grade Bond Fund 124 JPMorgan Funds - Highbridge US STEEP Fund 285 JPMorgan Funds - Emerging Markets Local Currency Debt Fund 127 JPMorgan Funds - Japan Dynamic Fund 287 JPMorgan Funds - Emerging Markets Small Cap Fund 130 JPMorgan Funds - JF ASEAN Equity Fund 288 JPMorgan Funds - Emerging Markets Value Fund 133 JPMorgan Funds - JF Asia Alpha Plus Fund 289 JPMorgan Funds - Emerging Middle East Equity Fund 135 JPMorgan Funds - JF Asia Pacific ex-japan Equity Fund 291 JPMorgan Funds - EU Government Bond Fund 136 JPMorgan Funds - JF China Fund 294 JPMorgan Funds - Euro Aggregate Bond Fund 139 JPMorgan Funds - JF Greater China Fund 295 JPMorgan Funds - Euro Corporate Bond Fund 142 JPMorgan Funds - JF Hong Kong Fund 296 JPMorgan Funds - Euro Government Short Duration Bond Fund 145 JPMorgan Funds - JF India Fund 297 JPMorgan Funds - Euro Money Market Fund 147 JPMorgan Funds - JF Japan Alpha Plus Fund 299 JPMorgan Funds - Euro Short Duration Bond Fund 149 JPMorgan Funds - JF Japan Equity Fund 300 JPMorgan Funds - Euroland Equity Fund 152 JPMorgan Funds - JF Japan Small Cap Fund 301 JPMorgan Funds - Euroland Select Equity Fund 155 JPMorgan Funds - JF Korea Equity Fund 302 JPMorgan Funds - Europe 130/30 Fund 158 JPMorgan Funds - JF Pacific Balanced Fund 304 JPMorgan Funds - Europe Aggregate Plus Bond Fund 161 JPMorgan Funds - JF Pacific Equity Fund 308 JPMorgan Funds - Europe Balanced Fund (EUR) 166 JPMorgan Funds - JF Pacific Technology Fund 311 JPMorgan Funds - Europe Convergence Equity Fund 170 JPMorgan Funds - JF Singapore Fund 312 JPMorgan Funds - Europe Dynamic Fund 171 JPMorgan Funds - JF Taiwan Fund 313 JPMorgan Funds - Europe Dynamic Mega Cap Fund 174 JPMorgan Funds - Latin America Equity Fund 314 JPMorgan Funds - Europe Dynamic Small Cap Fund 175 JPMorgan Funds - Managed Reserves Fund 316 JPMorgan Funds - Europe Equity Fund 177 JPMorgan Funds - Russia Fund 320 JPMorgan Funds - Europe Focus Fund 181 JPMorgan Funds - Sterling Bond Fund 321 JPMorgan Funds - Europe High Yield Bond Fund 184 JPMorgan Funds - Systematic Alpha Fund 324 JPMorgan Funds - Europe Micro Cap Fund 187 JPMorgan Funds - UK Equity Fund 327 JPMorgan Funds - Europe Select 130/30 Fund 189 JPMorgan Funds - US 130/30 Fund 330 JPMorgan Funds - Europe Small Cap Fund 192 JPMorgan Funds - US Aggregate Bond Fund 333 JPMorgan Funds - Europe Strategic Growth Fund 195 JPMorgan Funds - US Dynamic Fund 348 JPMorgan Funds - Europe Strategic Growth Small Cap Fund 200 JPMorgan Funds - US Growth Alpha Plus Fund 350 JPMorgan Funds - Europe Strategic Value Fund 202 JPMorgan Funds - US Select 130/30 Fund 352 JPMorgan Funds - Europe Strategic Value Small Cap Fund 205 JPMorgan Funds - US Short Duration Bond Fund 355 JPMorgan Funds - Europe Technology Fund 207 JPMorgan Funds - US Small and Micro Cap Fund 356 JPMorgan Funds - Germany Equity Fund 209 JPMorgan Funds - US Small Cap Growth Fund 358 JPMorgan Funds - Global Absolute Return Bond Fund 210 JPMorgan Funds - US Strategic Growth Fund 360 JPMorgan Funds - Global Aggregate Bond Fund 214 JPMorgan Funds - US Technology Fund 362 JPMorgan Funds - Global Consumer Trends Fund 219 JPMorgan Funds - US Value Fund 363 Apéndice: Información Adicional sin auditar Coeficiente de gastos totales Fondo 366 Resumen de los Objetivos de Inversión de los Subfondos 380 Rendimiento y Volatilidad 387 Tipos de Interés Abonados/(Adeudados) en Cuentas Bancarias 400 Clases de acciones subfondo sujetas a la Taxe d abonnement con un tipo 0,01 400 Índice de rotación de la cartera 401 Variación histórica de la cantidad de acciones 402 Para obtener información adicional, consulte www.jpmorganassetmanagement.com No se admitirán suscripciones que se efectúen basándose únicamente en el contenido presente informe. Las suscripciones solamente serán válidas si se realizan sobre la base folleto en vigor, folleto simplificado en vigor, acompañado último informe anual auditado y, en caso de haberse publicado en fecha posterior, último informe semestral sin auditar. El folleto y el folleto simplificado vigentes, los informes semestrales sin auditar y el informe anual auditado pueden obtenerse gratuitamente solicitándolos al domicilio social de la SICAV o al agente de pagos local. Tras una evaluación de la información Gestor o Gestores de inversiones Folleto y el Folleto Simplificado, los datos Gestor o Gestores de inversiones con respecto a los Subfondos individuales estarán disponibles en el domicilio social de la Sociedad Gestora o en www.jpmorganassetmanagement.com.
JPMorgan Funds Consejo de Administración Presidente Iain O.S. Saunders Banquero Duine, Ardfern Argyll PA31 8QN Reino Unido Administradores Jacques Elvinger Asociado Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Gran Ducado de Luxemburgo Jean Frijns Catedrático, Finanzas e Inversiones Antigonelaan 2 NL-5631 LR Eindhoven Países Bajos Vicepresidente Pierre Jaans Economista 3, rue de Kahler L-8356 Garnich Gran Ducado de Luxemburgo Andrea L. Hazen Director GerenteF JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ Reino Unido Robert Van der Meer Catedrático de Finanzas 12 Lange Vijverberg NL-2513 AC The Hague Países Bajos Berndt May Director Gerente JPMorgan Asset Management (Europe) S.à r.l. Austrian Branch Führichgasse 8 A-1010 Vienna Austria Domicilio Social European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Gran Ducado de Luxemburgo 1
JPMorgan Funds Gestión y Administración Sociedad Gestora, Tenedor de Registro y Agente de Transferencias, Distribuidor Global y Agente de Domiciliaciones JPMorgan Asset Management (Europe) S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Gran Ducado de Luxemburgo Sociedad Asesora (liquidado el 21 de octubre de 2010) JPMorgan Asset Management Advisory Company S.à r.l. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Gran Ducado de Luxemburgo Gestores de Inversiones J.P. Morgan Investment Management Inc. 245 Park Avenue New York, NY 10167 Estados Unidos de América JPMorgan Asset Management (Japan) Limited Tokyo Building 7-3, Marunouchi 2 - Chome Chiyoda-ku Tokyo 100-6432 Japón JPMorgan Asset Management (UK) Limited 20 Finsbury Street London EC2Y 9AQ Reino Unido JPMorgan Asset Management (Taiwan) Limited 17th Floor, 65 Tun Hwa South Road Section 2, Taipei Taiwán JF Asset Management Limited 21st Floor, Chater House 8 Connaught Road, Central Hong Kong JPMorgan Asset Management (Singapore) Limited 168 Robinson Road 17th Floor, Capital Tower Singapur 068912 Highbridge Capital Management LLC 9 West 57th Street New York, NY 10019 Estados Unidos de América Depositario, Agente Corporativo y Administrativo y Agente de Pagos J.P. Morgan Bank Luxembourg S.A. European Bank & Business Centre 6, route de Trèves L-2633 Senningerberg Gran Ducado de Luxemburgo Auditores PricewaterhouseCoopers S.à r.l. 400, Route d Esch B.P. 1443 L-1014 Luxembourg Gran Ducado de Luxemburgo Asesores Jurídicos Elvinger, Hoss & Prussen 2, place Winston Churchill L-2014 Luxembourg Gran Ducado de Luxemburgo 2
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JPMorgan Funds Estado Consolidado Activo Neto JPMorgan Funds Consolidado USD Africa Equity Fund USD Aggregate Bond Fund USD America Equity Fund USD Activo Inversiones en es al valor de 57.861.850.313 586.675.790 9.989.786 430.070.184 Coste de Adquisición: 46.741.703.913 500.261.751 9.811.366 376.422.366 Inversiones en TBA al valor de (1) 26.715.449-1.667.195 - Efectivo en Banco 1.149.347.737 19.963.226 357.051 5.855.300 Depósitos a Plazo y Equivalentes de Caja 94.744.964 - - - Importes a Cobrar por Venta de Inversiones 127.311.346 - - 229.859 Importes a Cobrar por Venta de TBA (1) 19.055.426-245.656 - Importes a Cobrar por Suscripciones 304.241.141 11.477.099-3.977.422 Intereses y Dividendos a Cobrar, Netos 121.942.507 28.289 95.973290.148 Reembolsos de Impuestos a Cobrar 1.986.655 - - 19.038 Renuncia a la Comisión (2) 1.626.54366.782 9.758 1.165 Otros efectos a Cobrar 351.603 37.027-40 Ganancias Netas no Realizadas sobre Contratos de Divisas a Plazo 49.662.693- - 183.148 Ganancias Netas no Realizadas sobre Contratos de Futuros Financieros 5.437.227-4.905 - Instrumentos derivados al valor de 42.837.200 - - - Total Activo 59.807.110.804 618.248.213 12.370.324 440.626.304 Pasivo Descubierto Bancario 59.335.893 - - - Posiciones cortas sobre TBA sin ejercer (2) 9.904.267 - - - Importes a Pagar por Compra de Inversiones 180.787.229 9.340.581-167.608 Importes a Pagar por Compra de TBA (1) 35.901.530-1.917.840 - Importes a Pagar por Rescates 149.399.883 664.620-221.782 Comisiones de Gestión y Asesoramiento a Pagar 63.993.907 689.130 6.970 513.317 Comisión por Resultados 921.580 27.193- - Otros efectos a Pagar 19.331.130 237.819 11.500 103.958 Pérdidas Netas no Realizadas sobre Contratos de Divisas a Plazo 27.957.158 581 89.383 - Pérdidas Netas no Realizadas sobre Contratos de Futuros Financieros 898.352 - - - Instrumentos derivados al valor de 1.769.600 - - - Total Pasivo 550.200.529 10.959.924 2.025.693 1.006.665 Total Activo Neto 59.256.910.275 607.288.289 10.344.631 439.619.639 Total Activo Neto Histórico 30 de junio de 2010 44.088.150.386 175.314.359 9.722.718 373.415.446 30 de junio de 2009 34.590.007.431 8.958.743-337.907.417 30 de junio de 2008 57.591.091.920 4.761.584-549.614.355 30 de junio de 2007 89.568.991.703 - - 753.695.199 30 de junio de 2006 63.483.121.497 - - 827.863.368 (1) Véase el apartado 2l) de la Memoria. (2) Véase el apartado 7a) de la Memoria. La Memoria adjunta forma parte integrante de estos Estados Financieros. 5
JPMorgan Funds Estado Consolidado Activo Neto (continuación) America Large Cap Fund USD Asia Pacific Bond Fund USD Asia Pacific ex-japan Behavioural Finance Equity Fund USD Brazil Alpha Plus Fund USD Corporate Bond Portfolio Fund I (3) EUR Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD 139.828.301 31.460.959 5.172.443 567.388.307 248.081.971 1.201.048.747 969.237.641 117.264.124 31.072.150 4.237.589 492.753.744 247.859.106 977.165.906 783.034.990 - - - - - - - 2.200.394 873.770 117.157 14.018.231 478.396 34.086.760 - - - - - - - - 385.195 - - - 586 375.022 142.289 - - - - - - - 130.797 - - 8.567.584-2.504.739 2.882.991 123.039 346.251 10.187 1.133.990 4.022.893 569.307 278.786 4.905 - - - - - - - 13.529 10.321 53.597 6.649-40.651 - - - 1.488 - - 10.001-147.941 - - 6.604.614 - - - - - - - - - - - - - - - - 142.672.631 32.842.450 5.310.108 591.163.197 259.195.109 1.238.584.575 972.592.359 - - - - - - 358.079 - - - - - - - - - - 260.656-577.948 762.691 - - - - - - - 19.189 99.696-1.955.638 39.175 1.684.989 1.408.642 145.582 18.091 5.749 697.410 170.415 1.573.505 1.107.657 - - - - - - - 32.699 18.456 13.377 188.064 49.781 336.096 363.867 - - - - - - - - - - - - - - - - - - - - - 197.470 136.243 19.126 3.101.768 259.371 4.172.538 4.000.936 142.475.161 32.706.207 5.290.982 588.061.429 258.935.738 1.234.412.037 968.591.423 84.456.730 9.675.813 3.228.209 288.795.857-941.639.605 619.492.702 67.845.478 - - 57.567.211-517.438.764 412.101.960 29.801.575 - - 54.611.582-1.583.655.705 1.093.563.689 43.630.540 - - - - 1.411.797.493599.428.235 41.129.009 - - - - 1.3 03.458.118 589.240.340 (3) Este subfondo se lanzó el 1 de julio de 2010. 6
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Emerging Markets Alpha Plus Fund USD Emerging Markets Bond Fund USD Emerging Markets Corporate Bond Fund (4) USD Emerging Markets Corporate Bond Portfolio Fund II (5) USD Emerging Markets Currency Alpha Fund EUR Emerging Markets Debt Fund EUR Emerging Markets Diversified Equity Fund (6) USD 247.991.096 217.508.168 62.893.799 896.110 348.280 241.241.709 38.248.089 214.515.523 215.236.584 62.580.173 896.017 344.997 238.021.625 37.342.133 - - - - - - - 20.059.389 11.345.846 1.782.546 8.773.547 3.443.606 5.721.809 730.880 - - - - - - - - - 5.740 - - - - - - - - - - - 513.300 284.532 2.617.646 598.414-732.808-223.213 4.348.604 982.532 242 700 4.717.050 83.076 - - - - - - - - - 20.136 4.119 10.869 26.243 3.639 1.615-3.594 1.487-2.934-43 - 274.219 124.516-6.169.336 - - - - - - - - - - 2.221-165 951-268.788.656 233.487.150 68.582.433 10.398.435 3.803.620 258.612.840 39.065.684 - - - - - - - - - - - - - - 235.786-2.896.795 - - - 460.226 - - - - - - - 209.713131.486-294.228-898.905-320.296 120.204 46.344 4.790 4.827 245.435 5.512 - - 82.535 - - - - 45.131 46.682 41.767 6.849 12.155 105.667 7.256-76.162 - - 12.771 - - 141.156 6.645 - - - 113.957-510.665 - - - - - - 1.462.747 381.179 3.067.441 305.867 29.753 1.363.964 472.994 267.325.909 233.105.971 65.514.992 10.092.568 3.773.867 257.248.876 38.592.690 220.474.010 125.177.410 - - 3.772.465 167.809.729-136.755.468 - - - 3.746.871 143.731.454-260.256.515 - - - - 204.005.222-375.656.648 - - - - 251.870.653- - - - - - 186.643.180 - (4) Este subfondo se lanzó el 14 de julio de 2010. (5) Este subfondo se lanzó el 24 de noviembre de 2010. (6) Este subfondo se lanzó el 10 de diciembre de 2010. 7
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Emerging Markets Equity Fund USD Emerging Markets Infrastructure Equity Fund USD Emerging Markets Investment Grade Bond Fund (7) USD Emerging Markets Local Currency Debt Fund EUR Emerging Markets Small Cap Fund USD Emerging Markets Value Fund USD Emerging Middle East Equity Fund USD 9.445.165.974 169.637.465 17.200.780 605.248.353 595.373.397 211.426.063 441.141.603 6.488.584.600 146.359.222 17.399.909 592.397.464 516.250.427 175.556.037 363.243.131 - - - - - - - 52.836.383 6.275.938 223.145 54.171.683 2.896.940 523.579 - - - - - - - - - - - - 626.450-1.439.562 - - - - - - - 14.472.116 1.129.085-1.385.007 3.408.992 20.000 2.451.176 9.463.485 221.314 323.463 12.488.772 295.374 335.535 986 - - - - - - - - 10.052-47.202 5.467 2.852 114.514-6.125-6.288 17.633-6.484 - - 296.932 507.781 22 - - - - - - - - - - - - 1.095.705 - - - 9.521.937.958 177.279.979 18.044.320 674.950.791 602.624.275 212.308.029 445.154.325 - - - - - - 2.472 - - - - - - - - 1.074.617 - - 2.234.693 - - - - - - - - - 18.618.064 135.287-1.449.281 422.633 2.046 2.022.690 8.787.234 208.044 14.406 353.468 706.795 115.638 572.256-116.986-20.112 - - - 1.805.020 61.062 5.331 203.765 259.047 47.312 261.490 - - - - - - - - - 1.164 - - - - - - - - - - - 29.210.318 1.595.996 20.901 2.026.626 3.623.168 164.996 2.858.908 9.492.727.640 175.683.983 18.023.419 672.924.165 599.001.107 212.143.033 442.295.417 6.562.754.178 66.178.907-474.595.650 212.062.695 150.174.353 316.270.641 4.671.128.410 10.052.996-86.488.839 23.557.296-308.246.494 6.604.690.449 4.801.840-5.351.918 7.233.814-709.594.180 6.821.647.444 - - - - - 341.530.509 3.782.245.657 - - - - - 265.944.060 (7) Este subfondo se lanzó el 29 de noviembre de 2010. 8
JPMorgan Funds Estado Consolidado Activo Neto (continuación) EU Government Bond Fund EUR Euro Aggregate Bond Fund EUR Euro Corporate Bond Fund EUR Euro Government Short Duration Bond Fund EUR Euro Money Market Fund (8) EUR Euro Short Duration Bond Fund EUR Euroland Equity Fund EUR 223.818.636 6.729.091 23.560.724 35.790.402 117.713.645 19.310.496 554.709.643 228.169.623 6.696.492 23.704.709 36.207.978 117.713.645 19.512.850 510.577.155 - - - - - - - 414.220 126.491 961.0131.637.456 111.420-172.602 - - - - 11.700.000 - - - - 104.875 - - - 97.383 - - - - - - - 1.084.651-19.905 21.739 1.079.728 87.000 402.191 4.609.971 146.377 674.272 499.218 172.153 365.407 14.283 - - - - - - 199.234 10.978 5.978 6.323 7.989 9.505 7.201 - - - - - - - - 106.736 - - - - - - 24.302 70 5.475 - - 1.155 - - - - - - - - 230.069.494 7.008.007 25.332.587 37.956.804 130.786.451 19.771.259 555.595.336 - - - - - 2.093- - - - - - - - - - - - - - 54.555 - - - - - - - 223.778-34.421 8.076 1.070.355-351.733 70.139 4.761 21.808 13.710 57.106 10.323 728.721 - - - - - - - 43.081 7.169 10.488 12.578 44.306 10.555 97.041 - - - - - 1.889 - - - - 5.420 - - - - - - - - - - 336.998 11.930 66.717 39.784 1.171.767 24.860 1.232.050 229.732.496 6.996.077 25.265.870 37.917.020 129.614.684 19.746.399 554.363.286 233.269.722 6.987.080 26.690.639 64.665.022 166.809.115 18.941.263 594.371.470 333.238.481-4.174.621 4.170.155 343.070.452-413.671.939 78.830.308 - - - 461.380.473-1.424.908.906 - - - - 99.718.976-4.685.250.845 - - - - 10.021.587-3.202.176.183 (8) Este subfondo dejó de denominarse Euro Liquid Reserve Fund el 2 de agosto de 2010. 9
- - - - - - - - - - - - - - - - - - 3 7 842.753- - - - - - - - - - 41.114 206.54371.768 225.991 172.393 92.722 7.637 16.725 106.949 236.803 299.064 93.320-6.428 - - - - - 11.420 19.087 13.211 22.299 72.868 65.381 28.843 - - - - - - - 4.650 820 15.794 - - 46.013- - - - - - - - 108.792 33.972 86.844 335.791 381.476 1.479.202 294.556 JPMorgan Funds Estado Consolidado Activo Neto (continuación) Euroland Select Equity Fund EUR Europe 130/30 Fund EUR Europe Aggregate Plus Bond Fund EUR Europe Balanced Fund (EUR) EUR Europe Convergence Equity Fund EUR Europe Dynamic Fund EUR Europe Dynamic Mega Cap Fund EUR 69.205.832 4.930.106 19.279.759 71.409.655 197.913.532 282.270.706 78.779.540 65.051.517 4.368.861 19.670.690 66.539.744 181.521.454 258.556.789 75.328.096 - - - - - - - 209.507 154.721 312.375 2.935.494 1.398.130 578.063 43.443 - - - - - - - - - - - 44.504 10.219 106.947 - - - - - - - - 8 24.715 21.342 9.923.330 1.162.723 8.607 24 7.889 306.623 849.940 217 503.996 97.918 10.427 1.071 22 7.228 58.316 97.507 77.096-17.390 9.782-9.269-4.119 - - - 146 - - - - - 89.002 93.567 - - - - - - 50.841 - - - - 119.243115 - - - - 69.425.790 5.230.428 20.022.393 75.368.213 209.347.298 284.623.214 79.117.670 69.316.998 5.196.456 19.935.549 75.032.422 208.965.822 283.144.012 78.823.114 7.845.016 4.257.676 24.314.585 73.546.292 152.058.601 258.699.413 108.048.777 7.416.715 4.158.168 18.415.269 80.377.451 120.176.137 260.364.388 314.110.906 4.902.750 5.672.134 50.055.822 122.347.155 304.064.830 631.881.565 572.249.219-7.504.635 174.653.253 157.292.381 504.849.268 1.465.060.727 1.202.156.717 - - 173.312.859 77.878.440 368.646.238 1.376.855.052 249.542.128 10
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Europe Dynamic Small Cap Fund EUR Europe Equity Fund EUR Europe Focus Fund EUR Europe High Yield Bond Fund EUR Europe Micro Cap Fund EUR Europe Select 130/30 Fund EUR Europe Small Cap Fund EUR 17.127.008 460.127.097 15.478.673 52.636.666 86.913.954 4.800.122 295.303.740 14.499.402 417.807.414 13.436.845 50.516.560 71.888.528 4.231.476 224.689.718 - - - - - - - 196.047 625.229 292.472 2.174.153 303.680 20.190 762.441 - - - - - - - 154.339 15.157 179.343 891.438 40.408 - - - - - - - - - 707 153.960 12.239 109.980 2.004 22.500 466.136 4.127 859.309 6.782 1.149.957 19.324 4.661 273.152 7.515 126.923 10.504-24.232 1.456 72.355 6.204 - - 5.476-17.514 - - 653 283 - - - - - - - 6.481 - - - - - - - - - - - - - 105.548 - - - 17.495.947 461.908.328 15.980.296 57.079.699 87.303.602 4.866.443 296.877.824 - - - - - - - - - - - - - - 449.149 159.050 - - 566.801 - - - - - - - - - 60.766 502.471 157.722 64.263 30.713-403.797 19.669 562.417 29.960 46.962 101.727 6.942 377.057 - - 2.288 - - - - 11.234 94.615 2.307 21.408 22.885 19.077 76.127 - - - - - - - - 48.527 2.382 - - - - - - - - - 41.768-540.818 1.367.080 194.659 132.633 722.126 67.787 856.981 16.955.129 460.541.248 15.785.637 56.947.066 86.581.476 4.798.656 296.020.843 9.562.343 444.504.471 8.022.819 47.009.799 53.206.480 4.177.598 221.762.214 13.239.733 529.429.713 5.484.434 35.783.861 51.051.233 4.116.243 227.604.156 29.136.348 1.877.322.935 28.400.275 55.847.224 69.672.614 5.720.115 469.101.616 181.667.931 6.724.760.335 120.306.237 120.462.285 350.264.462 7.487.132 1.383.590.469 210.032.447 6.201.107.870 11.481.518 56.405.091 177.092.335-1.315.922.955 11
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Europe Strategic Growth Fund EUR Europe Strategic Growth Small Cap Fund EUR Europe Strategic Value Fund EUR Europe Strategic Value Small Cap Fund EUR Europe Technology Fund EUR Germany Equity Fund EUR Global Absolute Return Bond Fund (9) USD 435.287.780 5.026.027 1.325.228.235 3.922.048 118.876.015 555.085.776 5.538.278 332.424.333 3.955.777 1.204.190.992 3.063.443 100.924.641 496.382.307 5.571.706 - - - - - - 10.517.560 9.286.507 153.421-98.729 532.194 4.773.538 24.433.736 - - - - - - - 1.561.147-5.846.520 - - - - - - - - - - 15.823.152 460.586 8.083 496.557-173.139 3.090.429-202.465 1.360 1.828.364 7.831 51.268 37 57.363 13.573 1.383 448.942 446 6.877 52.675 - - 8.862-5.016 1.421-2.402 - - - - 89 - - 3.483 - - - - - 160.237 - - - - - - 18.662 - - - - - - 46.204 446.815.541 5.199.136 1.333.848.618 4.034.070 119.641.003 563.002.455 56.597.594 - - 2.023.611 - - - - - - - - - - 9.904.267 - - - - - 3.401.209 - - - - - - - 16.427.504 224.436 800 1.659.925-146.607 669.346-531.994 7.630 1.941.706 6.538 154.482 735.937 23.101 - - - - - - 2.211 85.988 10.387 222.005 6.332 40.602 90.838 6.976 - - - - - - - 174.397 - - - - - - - - - - - - - 1.016.815 18.817 5.847.247 12.870 341.691 4.897.330 26.364.059 445.798.726 5.180.319 1.328.001.371 4.021.200 119.299.312 558.105.125 30.233.535 398.966.096 3.021.541 1.390.344.294 3.060.119 94.831.796 286.786.355-471.164.520 2.345.574 1.479.917.716 2.248.054 70.223.758 318.655.742-1.129.640.211 3.679.978 2.794.249.735 3.404.527 113.646.005 550.719.016-2.862.619.054-9.169.138.960-203.196.335 754.261.152-2.173.253.875-6.726.029.589-192.588.759 181.827.675 - (9) Este subfondo se lanzó el 7 de octubre de 2010. 12
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Global Aggregate Bond Fund USD Global Consumer Trends Fund EUR Global Convertibles Fund (EUR) EUR Global Corporate Bond Fund USD Global Credit Bond Fund USD Global Duration-Hedged Corporate Bond Fund (10) EUR Global Dynamic Fund USD 23.827.173 112.021.907 2.232.027.022 463.736.360 24.051.864 20.427.418 1.270.994.212 23.446.800 106.937.501 2.019.824.296 469.077.393 23.844.253 20.901.339 1.032.482.491 3.750.514 - - - - - - 862.830 3.940.101-7.889.841 2.132.287 792.645 442.676 - - - - - 2.000.000 - - - - 421.424 - - 6.945.046 1.368.727 - - - - - - 48.230 495.558 9.647.851 1.579.309-111.047 730.923 269.869 86.320 10.515.486 7.783.358 449.220 321.120 905.460 21 92 - - - - 64.513 13.629 2.346-55.976 11.963 13.465 163 - - 7.126 6.041 - - 11.269 112.112 - - 3.997.160 163.812 176.274 145.291 37.750 - - 1.566.260 44.483 252.355-95 - - - - - - 30.290.950 116.546.324 2.252.197.485 487.035.729 26.853.629 24.094.324 1.280.239.553 - - 2.295.003 - - - - - - - - - - - - - - 194 - - 10.116.631 5.138.901 - - - - - - 96.588 12.646 2.712.763 2.507.380 - - 971.030 20.582 113.761 2.159.236 325.008 18.181 17.225 1.036.911 - - - - - - - 18.207 33.445 419.808 135.957 16.448 17.271 262.949 - - 15.979.800 - - - - - - - - - - - - - - - - - - 5.274.278 159.852 23.566.610 2.968.539 34.629 34.496 12.387.521 25.016.672 116.386.472 2.228.630.875 484.067.190 26.819.000 24.059.828 1.267.852.032 27.249.553 53.019.318 2.837.744.071 246.698.799 23.684.650-1.135.055.214 26.313.056 5.996.185 1.939.507.561 21.216.813 - - 1.174.912.544 40.709.728 3.634.522 1.742.308.863 - - - 1.872.953.353 50.010.254-1.697.301.712 - - - 3.346.335.559 94.432.324-1.149.704.455 - - - 2.325.259.734 (10) Este subfondo se lanzó el 16 de septiembre de 2010. 13
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Global Equity Fund (USD) USD Global Focus Fund EUR Global Government Bond Fund EUR Global Government Short Duration Bond Fund EUR Global Healthcare Fund USD Global Infrastructure Trends Fund EUR Global Natural Resources Fund EUR 286.462.158 1.444.193.011 257.863.081 61.298.649 37.290.244 3.514.813 3.433.371.819 249.458.610 1.229.446.298 257.814.308 60.916.534 35.263.995 3.145.696 2.395.478.545 - - - - - - - 4.721.391 128.091.141 1.125.679 2.770.338 424 150.636 58.613.729 - - - - - - - - 13.457 4.546 - - - 2.281.768 - - - - - - - 965.467 8.712.418 1.778.819 434.381 1.944-91.627.835 252.706 1.123.976 2.330.648 394.657 41.235 6.321 579.948 18.870 57.102 - - 2.873- - 19.186 151 12.435 15.931 11.745 4.897 - - 1.381 544-11 - 136.827 168.941 15.541.731 1.802.062 41.412 141.049 - - - 339.220 293.194 100.979 - - - - - - - - - - 292.608.719 1.598.073.588 265.211.008 65.056.347 37.489.525 3.676.667 3.586.611.926 - - - - - - - - - - - - - - - - 1.144-62.930-56.792.925 - - - - - - - 10.422 1.646.344 4.956.291 7.000 72.458-24.092.665 168.440 1.980.652 64.548 12.306 46.654 4.665 4.311.719 - - - - - - - 77.624 495.079 45.895 22.956 23.139 6.140 1.354.754 - - - - - 1.806 - - - - - - - - - - - - - - - 256.486 4.122.075 5.067.878 42.262 205.181 12.611 86.552.063 292.352.233 1.593.951.513 260.143.130 65.014.085 37.284.344 3.664.056 3.500.059.863 253.598.220 1.027.930.229 280.367.183 42.158.840 36.196.348 3.233.437 1.912.587.338 233.869.436 331.436.544 71.690.468 3.713.850 - - 1.018.336.433 162.885.287 335.896.837 - - - - 1.871.228.153 270.564.769 551.822.932 - - - - 1.778.456.610 251.794.930 107.907.690 - - - - 943.442.736 14
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Global Real Estate Securities Fund (USD) USD Global Research Enhanced Index Equity Fund EUR Global Short Duration Bond Fund USD Gobal Socially Responsible Fund USD Global Strategic Bond Fund USD Highbridge Asia Pacific STEEP Fund (11) USD Highbridge Europe STEEP Fund EUR 44.660.973 5.321.252 428.145.171 94.116.355 42.783.275 12.496.877 98.833.793 40.283.688 5.016.307 424.532.672 82.274.617 41.882.103 12.496.877 98.842.143 - - - - 10.780.180 - - 689.523 16.830 17.775.927 138.071 6.284.473 2.538.293 4.701.838 - - - - - - 10.000.000 - - - - - - - - - - - 1.617.891 - - 191.424-1.759.383 34.983 32.789-89.165 124.658 4.368 4.363.840 87.999 621.225 671 110.779 86 141-7.376 - - - 15.180 2.592 39.917-11.356 2.596 10.248 - - 788-666 - - 12.822 - - - 656.841-7.421 - - 583.770-635.455 - - - - - - - 27.166 5.525.105 45.694.666 5.345.183 452.668.796 94.384.784 63.424.151 15.065.603 119.278.349 - - - - - - - - - - - - - - - - - - - - - - - - - 12.417.285 - - 81.922-827.698 1.134 - - 285.403 49.259-161.938 130.091 38.823 11.116 93.140-4.346 - - 353.169-23.272 27.769 3.271 104.038 22.434 19.545 4.773 36.182 - - 5.640.539 - - - - - - - - - - - - - - - - - - 158.950 7.617 6.734.213 153.659 12.828.822 15.889 437.997 45.535.716 5.337.566 445.934.583 94.231.125 50.595.329 15.049.714 118.840.352 27.856.852 4.741.898 217.229.216 72.946.730 25.147.773-168.540.331 13.710.677 - - 83.519.202 - - 76.358.730 12.635.754 - - 75.044.557 - - 48.985.528 21.580.292 - - 54.795.054 - - - - - - 35.025.585 - - - (11) Este subfondo se lanzó el 13 de diciembre de 2010. 15
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Highbridge US STEEP Fund USD Japan Dynamic Fund JPY JF ASEAN Equity Fund USD JF Asia Alpha Plus Fund USD JF Asia Pacific ex-japan Equity Fund USD JF China Fund USD JF Greater China Fund USD 502.005.741 505.725.791 171.861.096 115.162.215 502.498.164 3.802.738.048 893.091.532 502.005.740 472.922.193 152.130.319 105.864.545 431.947.427 3.075.341.243 704.567.516 - - - - - - - 149.456.226 13.885.213 7.424.450 8.021.171 3.340.440 37.948.437 11.190.986 63.000.000 - - - - - - - - 285.075 - - 13.398.309 - - - - - - - - 9.296.093-1.401.613 731.318 416.837 5.907.653 8.926.159 150.709 332.289 55.130 198.865 437.058 468 130 - - - - - - - - 363.168 35.346 5.026 272 - - 128-11.691 2.114 107 3.234 370 74.198 - - - 278.871 - - - - - - - - - 26.493.689 - - - - - - 750.476.784 520.306.461 181.074.401 124.120.709 506.971.749 3.859.996.149 913.209.177 - - - - - - - - - - - - - - - - 1.564.171 - - 29.836.507 8.313.453 - - - - - - - 415.864-316.642 127.713 159.326 5.716.533 775.774 752.691 654.854 209.281 148.157 513.762 5.057.533 1.174.977 1.651 - - 208.279 - - - 159.223 537.796 83.657 44.645 548.376 3.555.459 303.383 - - - - - - - - - - 182.360 - - - - - - - - - - 1.329.429 1.192.650 2.173.751 711.154 1.221.464 44.166.032 10.567.587 749.147.355 519.113.811 178.900.650 123.409.555 505.750.285 3.815.830.117 902.641.590 706.157.798 490.650.883 50.180.087 34.135.306 466.045.617 3.435.434.476 684.691.268 296.227.780 540.273.309-57.962.253 324.166.004 3.277.872.788 568.509.936 53.672.320 930.740.901-105.923.364 475.593.917 2.680.483.250 622.728.380-7.182.106.766-112.533.474 864.817.828 3.221.787.004 684.910.511-27.194.449.831-46.475.242 738.412.667 1.156.132.290 476.255.116 16
JPMorgan Funds Estado Consolidado Activo Neto (continuación) JF Hong Kong Fund USD JF India Fund USD JF Japan Alpha Plus Fund USD JF Japan Equity Fund USD JF Japan Small Cap Fund USD JF Korea Equity Fund USD JF Pacific Balanced Fund USD 168.502.764 3.213.299.016 42.570.321 275.995.485 29.643.231 81.451.498 124.235.125 148.414.680 1.846.814.054 38.469.811 253.555.955 26.951.150 72.798.023 110.308.984 - - - - - - - 362.216 93.046.266 709.629 5.087.161 212.064 19.147.761 2.364.198 - - - - - - - - - 198.403-175.902 507.995 346.956 - - - - - - - 721.439 5.608.627-528.345 66.270 1.035.726 85.942 178.779 4.499 23.559 111.862 32.171 754.134 770.396 - - - - - - 16.110 51.159 - - - 10.29314.881 24.939 76 1.227-75 - 938 750 - - - - - 87.638 - - 117.005 - - - 677.773- - - - - - - - 169.816.433 3.312.076.640 43.501.912 281.722.928 30.139.931 103.678.344 127.844.416 - - - - - - - - - - - - - - - - 737.092 3.151.525 312.663 2.088.462 291.505 - - - - - - - 144.697 3.764.555-196.191 52.388 206.911 111.637 229.157 4.729.714 56.573 340.798 40.138 91.646 165.756 - - - - - - - 108.419 1.259.050 9.764 73.414 20.007 34.472 66.431 - - - - - - 230.548 - - - - - - - - - - - - - - 482.273 9.753.319 803.429 3.761.928 425.196 2.421.491 865.877 169.334.160 3.302.323.321 42.698.483 277.961.000 29.714.735 101.256.853 126.978.539 170.855.931 2.637.009.261 12.773.277 253.118.567 33.764.363 32.973.452 108.088.203 212.431.721 2.084.541.872 7.046.551 356.735.115 52.721.554 11.522.686 132.125.204 257.111.221 2.533.079.738 23.022.771 800.338.469 139.803.462 36.806.282 151.733.601 108.208.759 4.123.155.354 51.558.445 1.948.180.766 241.926.110-182.226.858 69.447.599 2.682.021.036 185.379.443 3.851.032.031 254.241.348-207.569.440 17
JPMorgan Funds Estado Consolidado Activo Neto (continuación) JF Pacific Equity Fund USD JF Pacific Technology Fund USD JF Singapore Fund USD JF Taiwan Fund USD Latin America Equity Fund USD Managed Reserves Fund USD Russia Fund USD 643.976.730 31.783.364 209.303.772 534.227.629 1.811.625.312 120.315.853 2.863.185.765 546.662.833 27.368.878 175.835.575 413.506.359 1.370.613.495 120.853.519 2.286.509.489 - - - - - - - 27.071.280 1.168.909 4.071.997 5.653.112-10.913.591 - - - - - - - - - - 1.537.117 - - - 68.405.344 - - - - - - - 761.508 212.783 307.391 505.828 8.903.727 293.744 6.022.446 556.70372.093156.285-2.131.240 594.150 2.841.116 - - - - - - 26.262-13.679 9.174 44.539 26.547 21.694 221.641 1.691 11-1.002 635 10.788 - - - - - - 188.481-249.125 - - - - - - - - - - - - - 672.617.037 33.250.839 215.385.736 540.432.110 1.822.687.461 132.338.301 2.940.702.574 - - - - 1.170.310-47.238.634 - - - - - - - 1.356.676-68.149 - - - - - - - - - - - 767.104 24.052 377.415 2.350.298 2.635.206-7.792.502 942.089 49.218 316.892 574.465 2.039.211 32.290 2.936.650 - - - - - - - 135.237 25.373 88.665 216.505 453.909 40.017 954.347 484.164 - - - - - - - - - - - - - - - - - - - - 3.685.270 98.643 851.121 3.141.268 6.298.636 72.307 58.922.133 668.931.767 33.152.196 214.534.615 537.290.842 1.816.388.825 132.265.994 2.881.780.441 571.746.822 60.914.568 175.447.667 338.093.161 1.290.637.333 30.021.196 2.035.560.908 557.931.669 27.012.528 198.367.313 404.227.084 921.144.836-771.414.461 892.048.594 43.863.223 603.489.727 1.080.868.675 2.091.554.855-1.630.707.987 1.210.682.811 39.446.674 789.840.297 748.278.900 1.748.314.623-299.387.847 1.562.304.523 51.718.815 163.904.802 434.243.842 767.332.573-117.766.371 18
JPMorgan Funds Estado Consolidado Activo Neto (continuación) Sterling Bond Fund GBP Systematic Alpha Fund EUR UK Equity Fund GBP US 130/30 Fund USD US Aggregate Bond Fund USD US Dynamic Fund USD US Growth Alpha Plus Fund USD 69.473.233 2.629.874 30.531.104 135.110.176 1.186.926.417 509.063.029 100.463.405 68.557.010 2.538.088 27.063.035 124.765.328 1.151.149.510 465.004.815 82.294.845 - - - - - - - 91.408 2.468.260 860.656 5.537.753-4.599.108 2.849.525 - - - - - - - - - 82.279 4.476.678 336.357 11.299.608 - - - - - - - - 42.656-13.833 277.476 2.956.066 403.750-1.445.451 564 104.087 60.684 7.914.997 241.087 27.350-15.560-3.558-19.607-4.306 14.698 904 15.631 136.306 - - - - - - - - - - 21.722-29.390 1.213 - - 14.193-4.170 - - - - - 125.098-605.391 - - - 71.071.247 5.275.776 31.597.033 146.116.737 1.198.271.356 525.626.189 103.340.280 - - - 75 4.778.952 - - - - - - - - - - 109.056 1.662 6.857.528 3.151 9.838.608 - - - - - - - - 31.619-136.407 125.000 28.506.875 416.427-52.261 6.515 39.090 137.180 737.839 706.153 129.958-8.535 - - - - - 18.235 16.435 10.979 53.626 324.584 93.537 21.674 6.152 - - - - - - - 11.368 - - - - - - - - - - - 1.202.989 108.267 151.909 188.138 7.173.409 34.351.401 11.054.725 1.354.621 70.962.980 5.123.867 31.408.895 138.943.328 1.163.919.955 514.571.464 101.985.659 66.662.213 4.942.399 31.177.986 125.027.282 959.323.512 694.398.270 34.914.878 69.265.691-40.485.733 15.822.794 620.305.842 771.329.174 3.971.538 111.700.689-97.467.345 12.815.065 384.092.920 2.029.139.806-173.300.783-428.716.683-254.010.752 7.549.424.048-252.728.711-432.500.309-252.454.960 4.920.977.009-19
1.375.870.915 10.039.963 132.067.871 100.421.581 38.020.557 111.088.726 784.904.840 1.172.486.184 10.042.502 113.111.469 88.513.892 36.413.289 86.625.834 696.519.259 - - - - - - - 47.499.602-3.307.687 2.988.458 641.105 1.927.697 33.936.085 - - - - - - - - - 250.07361.186 - - - - - - - - - - 896.136-2.571.025 457.231 547.527 538.621 3.259.732 1.000.011 21.866 58.857 19.06316.661 1.640 672.5 3 28.740 - - - 20.034 8.703 17.162-3.573-5.838 12.550 17.330-546 - - - 277 463 1.894 381.626 - - - 69.291-214.071 43.450 - - - - - - 6.323.883 - - - - - - 1.432.044.909 10.065.402 138.255.513 103.953.357 39.328.002 113.583.180 823.006.317 JPMorgan Funds Estado Consolidado Activo Neto (continuación) US Select 130/30 Fund USD US Short Duration Bond Fund (12) USD US Small and Micro Cap Fund USD US Small Cap Growth Fund USD US Strategic Growth Fund USD US Technology Fund USD US Value Fund USD - - - - - - - - - - - - - - 1.523.392 61.661 2.747.434 94.683 - - - - - - - - - - 614.681-48.892 209.755 41.395 605.216 2.774.294 1.186.397 3.286 146.413 113.161 43.813 144.158 679.969 42.517 - - - - - - 235.914 4.449 37.229 34.840 24.266 53.822 150.626 - - - - - - - - - - - - - - - - - - - - - 3.602.901 69.396 2.979.968 452.439 109.474 803.196 3.604.889 1.428.442.008 9.996.006 135.275.545 103.500.918 39.218.528 112.779.984 819.401.428 1.353.126.168-145.918.535 46.434.212 59.733.564 52.580.080 571.693.123 1.145.061.297-75.427.767 29.100.734 93.548.217 34.742.734 634.397.311 988.756.085-79.442.002 47.282.308 623.683.872 140.291.566 855.159.915 - - 211.101.103 67.473.188 584.352.217 65.053.721 1.776.712.510 - - 408.669.979 65.415.360 183.686.288 89.973.113 1.193.279.302 (12) Este subfondo se lanzó el 15 de diciembre de 2010. 20
Página expresamente dejada en blanco 21
Página expresamente dejada en blanco 22
JPMorgan Funds Estado Consolidado de las Operaciones y Cambios en el Activo Neto Correspondiente al período comprendido entre el 1 de julio de 2010 y el 31 de diciembre de 2010 JPMorgan Funds Consolidado USD Africa Equity Fund USD Aggregate Bond Fund USD America Equity Fund USD Activo al inicio período * 45.527.984.819 175.314.359 9.722.718 373.415.446 Ingresos Ingresos por Dividendos, Netos 304.942.891 3.553.205-2.772.620 Ingresos por Intereses, Netos 158.260.617 5.419 168.298 32.681 Ingresos por Préstamos de es 4.678.174-351 1.273 Intereses Bancarios 355.873 5.710 1.095 - Intereses sobre operaciones de swap 7.728.526 - - - Total Ingresos 475.966.081 3.564.334 169.744 2.806.574 Gastos Comisiones de Gestión y Asesoramiento 349.004.889 2.617.473 42.563 2.941.415 Comisiones de Banco Depositario y Agente Corporativo, Administrativo y Domiciliatario 28.742.531 520.940 48.203 143.710 Comisiones de Tenedor de Registro y de Agente de Transferencias 19.577.310 245.638 19.489 167.823 Taxe d abonnement 12.286.766 103.859 2.655 104.238 Intereses por descubiertos 270.558 1.009 4.482 - Intereses sobre operaciones de swap 5.542.645 - - - Gastos varios** 23.033.652 30.778 1.957 95.453 438.458.351 3.519.697 119.349 3.452.639 Menos: Renuncia a la Comisión (1) 7.565.592 302.197 61.664 17.719 Total Gastos antes de Comisión por Resultados 430.892.759 3.217.500 57.685 3.434.920 Comisión por Resultados 921.580 27.193- - Total Gastos 431.814.339 3.244.693 57.685 3.434.920 Ingresos/(Pérdidas) Netos por Inversiones 44.151.742 319.641 112.059 (628.346) Ganancias/(Pérdidas) Netas Realizadas sobre la venta de Inversiones 1.356.929.464 5.607.246 86.809 5.266.527 Ganancias/(Pérdidas) Netas Realizadas sobre Contratos de Divisas a Plazo 203.703.432 (150.248) (20.267) 827.089 Ganancias/(Pérdidas) Netas Realizadas sobre Contratos de Futuros Financieros 14.754.464 - (70.239) - Ganancias/(Pérdidas) Netas Realizadas sobre Cambio de Divisas (11.818.636) (1.539.521) 2.577 81.679 Ganancias/(Pérdidas) Netas Realizadas sobre TBA 31.580-13.376 - Ganancias/(Pérdidas) Netas Realizadas sobre Instrumentos Derivados 78.992.151 - - - Ganancias/(Pérdidas) Netas Realizadas en el período 1.642.592.455 3.917.477 12.256 6.175.295 Variación Neta en las Ganancias/(Pérdidas) no Realizadas sobre Inversiones 7.564.124.469 87.981.330 493.205 67.997.092 Variación Neta en las Ganancias/(Pérdidas) no Realizadas sobre Contratos de Divisas a Plazo 23.826.003 (581) (92.947) 161.864 Variación Neta en las Ganancias/(Pérdidas) no Realizadas sobre Contratos de Futuros Financieros 10.707.791-31.113 - Variación Neta en las Ganancias/(Pérdidas) no Realizadas sobre Cambio de Divisas 1.722.335 (127.808) 4.812 135 Variación Neta en las Ganancias/(Pérdidas) no Realizadas sobre TBA (50.935) - (12.154) - Variación Neta en las Ganancias/(Pérdidas) no Realizadas sobre Instrumentos Derivados 92.114.892 - - - Variación Neta en las Ganancias/(Pérdidas) no Realizadas en el período 7.692.444.555 87.852.941 424.029 68.159.091 Aumento/(Disminución) Activo Neto como Resultado de las Operaciones 9.379.188.752 92.090.059 548.344 73.706.040 Movimientos en el Capital Social Suscripciones 21.687.466.950 460.258.943508.41345.707.019 Rescates (17.192.401.673) (120.370.710) (434.844) (53.208.866) Aumento/(Disminución) Activo Neto como Resultado de Movimientos en el Capital Social 4.495.065.277 339.888.233 73.569 (7.501.847) Reparto de Dividendos (145.328.573) (4.362) - - Activo al cierre período 59.256.910.275 607.288.289 10.344.631 439.619.639 (1) Véase el apartado 7a) de la Memoria. * El balance de apertura ha sido consolidado utilizando los tipos de cambio vigentes a 31 de diciembre de 2010. Ese mismo, consolidado utilizando los tipos de cambio vigentes a 30 de junio de 2010 reflejó una cifra de 44.088.150.386 USD. ** Los gastos varios incluyen principalmente la remuneración de los administradores, los gastos de auditoría y los relacionados con impuestos, los gastos de registro, publicación, envío impresión, además de los gastos legales y de marketing. La Memoria adjunta forma parte integrante de estos Estados Financieros. 23
JPMorgan Funds Estado Consolidado de las Operaciones y Cambios en el Activo Neto (continuación) Correspondiente al período comprendido entre el 1 de julio de 2010 y el 31 de diciembre de 2010 America Large Cap Fund USD Asia Pacific Bond Fund USD Asia Pacific ex-japan Behavioural Finance Equity Fund USD Brazil Alpha Plus Fund USD Corporate Bond Portfolio Fund I (2) EUR Eastern Europe Equity Fund EUR Emerging Europe, Middle East and Africa Equity Fund USD 84.456.730 9.675.813 3.228.209 288.795.857-941.639.605 619.492.702 946.188-60.902 3.666.457-6.545.635 6.827.510 1.408 430.469-8.302 3.340.698 22.669 2.263 1.101 270 - - 2.314 - - - - 125 - - 2.629 7.872 - - - - - - - 948.697 430.739 61.027 3.674.759 3.343.012 6.570.933 6.837.645 824.878 70.564 29.345 3.192.324 628.330 8.320.247 5.964.866 72.777 72.098 57.985 315.128 65.312 761.454 631.883 71.261 23.961 17.794 190.964 64.343 413.912 323.617 32.141 6.598 1.082 108.864 64.060 264.935 203.506-140 - - 143799 255 - - - - - - - 11.740 1.801 1.132 3.764.438 152.963 342.475 284.070 1.012.797 175.162 107.338 7.571.718 975.151 10.103.822 7.408.197 17.593 85.420 69.333 36.202 267.428 51.944 32.279 995.204 89.742 38.005 7.535.516 707.723 10.051.878 7.375.918 - - - - - - - 995.204 89.742 38.005 7.535.516 707.723 10.051.878 7.375.918 (46.507) 340.997 23.022 (3.860.757) 2.635.289 (3.480.945) (538.273) 2.456.962 240.563 178.338 18.960.588 494.519 13.299.744 11.949.635 5.961 (63.109) 68 107.821 (13.840.317) 5.299 61.998-19.026 - - (950) - - 13.864 (49.288) 4.725 (796.900) 1.364.099 (549.200) (430.353) - - - - - - - - - - 925.270 - - - 2.476.787 147.192 183.131 19.196.779 (11.982.649) 12.755.843 11.581.280 21.484.455 473.684 852.353 60.871.021 222.865 171.135.803 197.246.568-503.688 - - 6.604.614 - - - - - - - - - - 6.285 498 37.134 36.958 (138.294) 17.701 - - - - - - - - - - (188.177) - - - 21.484.455 983.657 852.851 60.719.978 6.864.437 170.997.509 197.264.269 23.914.735 1.471.846 1.059.004 76.056.000 (2.482.923) 180.272.407 208.307.276 66.719.832 24.168.950 1.003.769 415.059.071 265.444.031 360.648.725 307.168.859 (32.616.136) (2.610.402) - (191.849.344) (4.025.370) (248.148.700) (165.546.879) 34.103.696 21.558.548 1.003.769 223.209.727 261.418.661 112.500.025 141.621.980 - - - (155) - - (830.535) 142.475.161 32.706.207 5.290.982 588.061.429 258.935.738 1.234.412.037 968.591.423 (2) Este subfondo se lanzó el 1 de julio de 2010. 24
JPMorgan Funds Estado Consolidado de las Operaciones y Cambios en el Activo Neto (continuación) Correspondiente al período comprendido entre el 1 de julio de 2010 y el 31 de diciembre de 2010 Emerging Markets Alpha Plus Fund USD Emerging Markets Bond Fund USD Emerging Markets Corporate Bond Fund (3) USD Emerging Markets Corporate Bond Portfolio Fund II (4) USD Emerging Markets Currency Alpha Fund EUR Emerging Markets Debt Fund EUR Emerging Markets Diversified Equity Fund (5) USD 220.474.010 125.177.410 - - 3.772.465 167.809.729-2.235.463 - - - - - 87.109 5.722 6.328.359 854.798 283 4.360 8.421.198 131-16.667 1.438 - - 25.478-7.070 - - - 266 6.085 - - - - - - - - 2.248.255 6.345.026 856.236 283 4.626 8.452.761 87.240 1.642.889 915.410 130.462 4.869 28.582 1.446.485 5.512 237.181 118.953 65.881-56.042 144.594-103.121 100.229 28.417 7.421 13.512 145.407 4.159 52.990 41.384 10.599 1.261 941 65.830 2.274-6.3 22 - - - 4.929 243 - - - - - 59.731-274.449 59.994 5.551 230 356 113.831 43.140 2.310.630 1.242.292 240.910 13.781 99.433 1.980.807 55.328 61.717 25.453 59.585 8.690 63.230 42.190 3.639 2.248.913 1.216.839 181.325 5.091 36.203 1.938.617 51.689 - - 82.535 - - - - 2.248.913 1.216.839 263.860 5.091 36.203 1.938.617 51.689 (658) 5.128.187 592.376 (4.808) (31.577) 6.514.144 35.551 14.776.710 7.126.125 473.559 - (783) 12.033.061-8.307 (81.792) 158.278 17.129 113.196 12.388.974 424.739 (898.258) (129.956) 32.013 - - (356.553) - 268.590 (72.692) (68.734) (7.464) (343) (4.700.487) 249.690 - - - - - - - 2.432.629 (21.764) - - (36.426) 88.597-16.587.978 6.819.921 595.116 9.665 75.644 19.453.592 674.429 33.591.023 (2.031) 313.626 93 929 (17.621.140) 905.956 43(76.162) 274.219 124.515 (47.139) 7.062.858-476.292 (25.595) - - - 76.351-124.806 (8.690) (3.567) (813) - (133.522) 3.454 - - - - - - - (664.562) - 7.646-3.545 (206.849) - 33.527.602 (112.478) 591.924 123.795 (42.665) (10.822.302) 909.410 50.114.922 11.835.630 1.779.416 128.652 1.402 15.145.434 1.619.390 104.675.140 229.790.497 64.430.800 10.258.144-297.661.180 36.973.300 (107.918.921) (133.697.566) (695.224) (294.228) - (219.446.584) - (3.243.781) 96.092.931 63.735.576 9.963.916-78.214.596 36.973.300 (19.242) - - - - (3.920.883) - 267.325.909 233.105.971 65.514.992 10.092.568 3.773.867 257.248.876 38.592.690 (3) Este subfondo se lanzó el 14 de julio de 2010. (4) Este subfondo se lanzó el 24 de noviembre de 2010. (5) Este subfondo se lanzó el 10 de diciembre de 2010. 25
JPMorgan Funds Estado Consolidado de las Operaciones y Cambios en el Activo Neto (continuación) Correspondiente al período comprendido entre el 1 de julio de 2010 y el 31 de diciembre de 2010 Emerging Markets Equity Fund USD Emerging Markets Infrastructure Equity Fund USD Emerging Markets Investment Grade Bond Fund (6) USD Emerging Markets Local Currency Debt Fund EUR Emerging Markets Small Cap Fund USD Emerging Markets Value Fund USD Emerging Middle East Equity Fund USD 6.562.754.178 66.178.907-474.595.650 212.062.695 150.174.353 316.270.641 68.837.324 919.082 - - 3.066.477 2.049.688 1.480.937 63.574 800 70.218 17.912.041 5.639 644 2.191 - - - 5.213- - - 19.251 577-40.685 2.562 357 3.877 - - - - - - - 68.920.149 920.459 70.218 17.957.939 3.074.678 2.050.689 1.487.005 45.581.282 831.365 14.104 1.828.420 3.065.192 581.007 3.178.077 3.459.915 125.664-333.204 331.473 170.011 775.590 2.340.671 97.300 6.857 192.871 225.165 59.672 230.195 1.681.680 32.906 2.253 106.363 129.220 33.293 108.495-397 - 881 445-2.131 - - - - - - - 2.308.265 248.395 614 157.573 333.372 175.055 173.879 55.371.813 1.336.027 23.828 2.619.312 4.084.867 1.019.038 4.468.367 1.992 63.517 3.455 79.900 32.162 58.665 400.557 55.369.821 1.272.510 20.373 2.539.412 4.052.705 960.373 4.067.810-116.986-20.112 - - - 55.369.821 1.389.496 20.373 2.559.524 4.052.705 960.373 4.067.810 13.550.328 (469.037) 49.845 15.398.415 (978.027) 1.090.316 (2.580.805) 18.871.236 2.838.909 (566) 14.658.521 17.409.863 5.818.063 3.472.539 1.073.112 1.404 80.994 4.840.177 252.047 (200) (8.382) - - - (130.520) - - - 595.434 (97.650) (57.674) (2.238.423) 110.188 99.008 (132.268) - - - - - - - - - - 732.430 - - - 20.539.782 2.742.663 22.754 17.862.185 17.772.098 5.916.871 3.331.889 1.684.486.634 22.306.137 (199.129) (16.188.382) 69.240.909 35.633.846 74.743.429 - - 296.932 658.210 22 - - - - (1.171) 121.940 - - - 483.733 20.049 - (432.665) 135.624 17.145 23.133 - - - - - - - - - - (433.529) - - - 1.684.970.367 22.326.186 96.632 (16.274.426) 69.376.555 35.650.991 74.766.562 1.719.060.477 24.599.812 169.231 16.986.174 86.170.626 42.658.178 75.517.646 2.547.602.267 105.540.626 17.854.188 509.470.678 534.196.661 34.333.701 290.740.245 (1.322.793.249) (20.635.362) - (326.197.101) (233.425.485) (15.023.199) (237.841.818) 1.224.809.018 84.905.264 17.854.188 183.273.577 300.771.176 19.310.502 52.898.427 (13.896.033) - - (1.931.236) (3.390) - (2.391.297) 9.492.727.640 175.683.983 18.023.419 672.924.165 599.001.107 212.143.033 442.295.417 (6) Este subfondo se lanzó el 29 de noviembre de 2010. 26
JPMorgan Funds Estado Consolidado de las Operaciones y Cambios en el Activo Neto (continuación) Correspondiente al período comprendido entre el 1 de julio de 2010 y el 31 de diciembre de 2010 EU Government Bond Fund EUR Euro Aggregate Bond Fund EUR Euro Corporate Bond Fund EUR Euro Government Short Duration Bond Fund EUR Euro Money Market Fund (7) EUR Euro Short Duration Bond Fund EUR Euroland Equity Fund EUR 233.269.722 6.987.080 26.690.639 64.665.022 166.809.115 18.941.263 594.371.470 - - - - - - 3.3 47.986 4.640.307 131.309 687.442 818.967 492.563 346.067 612 8.067 431 2.623 3.950 1.898 842 547.715 - - - - - - - - - - - - - - 4.648.374 131.740 690.065 822.917 494.461 346.909 3.896.313 448.673 28.731 144.421 98.792 374.276 59.710 4.393.674 95.826 32.489 35.976 45.871 65.249 40.471 283.028 117.137 14.502 33.542 33.956 140.678 20.382 208.953 65.507 1.771 7.128 9.479 7.0634.922 136.262 - - - - 1.051-38.809 - - - - - - - 24.218 671 2.645 4.905 14.704 3.649 91.539 751.361 78.164 223.712 193.003 603.021 129.134 5.152.265 86.338 42.247 50.787 56.930 120.983 49.871 19.436 665.023 35.917 172.925 136.073 482.038 79.263 5.132.829 - - - - - - - 665.023 35.917 172.925 136.073 482.038 79.263 5.132.829 3.983.351 95.823 517.140 686.844 12.423 267.646 (1.236.516) 69.263 (40.694) 265.404 (951.581) - (135.890) 14.309.098 (217.201) - - - - (1.159) (17.154) 235.239 (7.267) (24.787) (4.759) - (5.593) (2.366.572) 193.018 55 - - - - 29.295 - - - - - - - - - - - - - - 280.319 (47.906) 240.617 (956.340) - (142.642) 11.954.667 (6.559.155) (51.797) (479.607) 373.449 - (54.060) 66.700.223 273.968 - - - - (2.494) - (150.888) 6.658 25.455 (12.703) - 22.533 598.395 (22.542) (83) 89 - - - (93 ) - - - - - - - - - - - - - - (6.458.617) (45.222) (454.063) 360.746 - (34.021) 67.298.525 (2.194.947) 2.695 303.694 91.250 12.423 90.983 78.016.676 272.593.248 86.775 9.631.516 18.062.731 80.638.712 4.312.739 77.425.123 (273.935.527) (80.473) (11.359.979) (44.847.823) (117.845.566) (3.597.051) (188.475.720) (1.342.279) 6.302 (1.728.463) (26.785.092) (37.206.854) 715.688 (111.050.597) - - - (54.160) - (1.535) (6.974.263) 229.732.496 6.996.077 25.265.870 37.917.020 129.614.684 19.746.399 554.363.286 (7) Este subfondo dejó de denominarse Euro Liquid Reserve Fund el 2 de agosto de 2010. 27